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I financial The. 011inifft"tat VOL. 101 JULY 10 1915 bto NO. 26111 trie 4 Published every Saturday morning by WILLIAM B. DANA COMPANY. Jacob Seibert Jr.. President and Treas.; George S. Dana and Arnold 0 Dana. Vice-Presidents; Arnold G. Dana. See Addresses of all. Office of the Company. CLEARINGS -FOR JUNE SINCE JANUARY 1, AND FOR WEEK ENDING JULY 3. Six Months. June. Cleartros at 1915. 1914. Inc. or I Dec. 1915. 1914. Week ending July 3. Inc. or Dec. 1915. 1914. Inc. or Dec. 1913. I 1912. $ 8,025,481,549 7,844,202,767 +2.3 46,806,934,915 48,090,217,566 -2.7 2,312,209,213 1,996293,650 +15.8 1,891,122,775 1,994,736,367 New York 703,069,959 +3.2 3,945,562,048 4,152,958,187 -5.0 198,974,737 178.089,053 +11.7 175,479,741 175,778,377 725,628,367 Philadelpha 60,592,392 54,301,760 57,259,788 49,413,575 +15.9 214,841,179 230,571,367 -6.8 1,243,235,582 1,351,917,484 -8.0 Pittsburgh 869,572,415 32,648,400 925,089,684 -6.0 45,353,774 45,110,212 +0.5 140,284,349 156,132,985 -10.2 Baltimore 283,124,696 11, ;153 510 295,082,431 -4.1 15,410,826 14,719,811 -12.6 51,102,668 -4.0 12,876,538 49,035,439 Buffalo 7,784,560 202,784,186 200,032,977 +1.4 7,261,125 +15.7 7,891,343 8,404,791 36,505,913 36,592,307 -0.2 Washington 4,765,976 6,166,292 139,368,908 161,742,123 -13.8 8,266,864 4,902,911 +68.6 23,103,763 26,998,388 -14.4 Albany 6,634,684 121;739,088 131,860,344 -7.7 6,431,259 24,533,481 -7.0 6,623,223 7,035,404 -5.9 22,804,865 Rochester 83,168,763 87,376,362 -4.8 2,500,000 3,804,459 3,448,256 3,789,521 -9.0 14,532,134 14,533,880 -0.01 Scranton 3,744,833 79,215,610 -4.7 4,096,591 75 507,316 , 4,380,509 3,923,071 +11.6 13,980,112 -7.5 12,930,506 Syracuse 45,691,171 46,522,387 -1.8 1,703,713 1,935,864 2,092,079 1,621,561 +29.0 7,749,348 +8.7 8,427,936 Trenton 48,077,913 2,254,056 57,380,981 -16.2 2,501,629 2,426,005 2,326,258 +4.3 10,742,335 -18.8 8,717,978 Wheeling 2,358,181 45,639,550 49,037,057 -6.9 2,005,846 2,002,763 +0.15 1,967,037 8,489,623 -2.8 8,253,456 Reading 45,347,042 -10.2 50,508,421 1,669,393 2,650,973 1,919,326 1,907,413 +39.0 9,073,112 8,742,973 +3.8 Wilmington 1,767,401 41,174,887 39,768,648 +3.5 1,774,403 -14.4 1,519,669 1,955,690 7,281,674 7,100,928 Wilkes-Barre 39,694,400 +2.8 ,, 40 797 001 6,732,229 +1.9 6,862,436 Harrisburg 857,325 18,851,091 -5.3 693,633 679,999 612,263 +13.1 981,241 17, 3,553,751 3,228,628 Greensburg 381 24,265,691 -3.5 ,, 931,786 788,672 +18.1 966,660 923,224 23 408 4,000,311 --2.6 3,897,597 York 27,569,021 -10.9 1,259,847 559,116 1,123,616 1,024,003 +9.7 1,083,815 24, 4,778,138 4,365,599 Erie 780,743 17,755,937 -8.5 1,014,897 814,964 +24.5 240,462 16, 810,518 3,188,222 +2.1 3,256,849 Chester 14,636,070 -7.0 621,410 525,000 +18.4 13,606,086 475,571 549,995 2,594,139 -7.7 2,395,299 Altoona 17,196,100 17,844,600 -3.6 794,700 747,300 +6.3 701,300 703,600 2,802,400 +9.6 3,070,600 Binghamton 1,692,216 1,556,508 +8.7 44,687,977 45,466,742 -1.7 1,481,306 1,435,787 7,365,758 +6.5 7,843,648 Lancaster 14,239,766 -5.9 13,391,872 2,500,038 -1.8 2,458,598 Beaver County, Pa 425,373 12,406,731 +0.2 12, 2,278,826 2,355,975 -3.3 Norristown 688 8,168,468 +9.2 8 918, , 1,376,962 1,329,339 +3.5 Frederick 8,200,322 -27.3 5,959,372 1,236,237 -14.8 1,053,391 Franklin 405,274 +14.3 434,242 10,980,685 463,267 11,076,495 -0.9 2,059,062 1,916,504 +7.5 Montclair 4,392,354 21,222,659 3,900,000 -6.7 3,638,999 Oranges* 9,350,866,769 ir,T$9,076,908 +178 54,246,956,917 55,978,885,596 -3.1 2,675,827,790 1c327,046615 +15.6 2,220,145,730 2,320,659,836 Total Middle 175,535,970 157,147,269 +11.7 157,938,357 179,258,450 645,251,960 -0.3 3,886,260,293 4,081,431,174 -4.8 643,050,105 Boston 9,538,900 +31.4 9,342,500 194,347,500 12,538,800 10,326,500 206,363,100 -5.8 33,126,800 +6.8 Providence 35,373,500 6,386,788 +19.9 163,925,287 7,658,589 5,426,021 6,101,848 23,131,912 +14.2 137,796,856 +19.0 26,322,517 Hartford 4,176,719 +16.2 94,106,708 4,853,090 3,375,250 3,529,330 15,225,082 +11.3 84,427,619 +11.5 16,945,118 New Haven 3,165,275 -0.6 2,907,451 72,325,137 3,145,242 2,925,013 75,470,908 -4.2 13,360,246 +6.1 Springfield 14,180,792 2,346,339 +11.8 48,335,546 2,488,215 2,622,073 2,328,757 8,220,307 +6.3 50,370,805 -4.0 Portland 8,735,486 66,233,964 2,561,868 +27.7 2,498,469 2,570,692 3,271,372 11,431,600 +1.5 69,098,172 -4.1 11,602,204 Worcester 1,100,000 -2.3 31,868,530 1,059,072 1,075,000 1,213,707 5,704,879 -13.8 33,727,684 -5.5 4,919,171 Fall River 928,943 +30.6 863,869 26,867,380 1,212,876 841,790 4,700,640 +4.2 29,381,810 -8.5 4,898,489 New Bedford 749,829 +24.7 18,910,670 777,741 769,971 934,600 3,167,063 -0.3 18,478,422 +0.9 3,157,058 Holyoke 20,482,003 645,095 +28.8 545,056 830,640 450,868 3,682,862 +3.4 19,907,331 +2.9 3,808,835 Lowell 522,790 -23.5 573,905 10,021,598 2,191,045 -30.7 638,347 11,279,217 -11.2 400,000 1,518,160 Bangor 4,907,400 +25.0 30 174,600 26,595,700 +13.5 6,145,700 Waterbury 211:148,994 780,657,225 - 774,101,796 4,66 ,859,216 4J44,598,798 =377 214,078,252 189,269,815 +13.1 187,602,185 Total New England 1,301,185,219 1,361,553,666 -3.7 7,798,670,439 8,263,503,537 -5.6 327,866,870 311,444,365 +5.3 303,065,129 303,112,784 Chicago 24,520,250 26,978,000 110,380,550 -2.3 26,622,350 +6.6 107,107,650 642,016,900 28,392,800 682,921,750 -6.0 Cincinnati 25,860,361 121,711,011 106,004,935 +14.8 30,347,916 +11.7 29,573,686 686,356,637 33,893,133 637,344,180 +7.7 Cleveland 21,028,618 25,042,297 114,851,064 +8.6 22,810,864 +32.8 124,679,446 642,424,598 699,272,054 -8.1 30,285,046 Detroit 14,475,403 66,736,442 69,814,688 -4.4 15,456,955 16,81',505 +3.5 414,760,042 17,403,485 421,711,888 -1.7 Milwaukee 8,467,516 38,168,431 8,343,012 37,468,562 +1.9 7,606,897 +25.2 207,308,275 202,797,848 +2.2 9,514,704 Indianapolis 5,723,700 28,211,000 30,928,500 -8.8 7,023,100 163,101,860 6,025,900 +14.1 6,873,000 177,807,700 -8.3 Columbus 4,487,098 26,276,233 27,256,470 --3.7 151,238,460 4,995,010 6,092,923 -3.9 5,857,779 155,118,252 -2.5 Toledo 12,344,249 14,540,236 --15.1 3,059,357 77,499,564 2,800,000 2,718,807 +8.4 2,948,268 92,461,630 -16.2 Peoria 3,037,414 14,196,591 14,353,922 -1.1 83,157,085 3,141,810 3,216,593 +9.7 3,528,202 86,367,461 -3.7 Grand Rapids 2,912,116 9,573,518 -28.4 9,301,777 53,567,577 3,100,418 1,905,278 2,349,148 -18.9 64,289,932 -16.7 Dayton 1,512,472 5,329,729 5,357,558 -0.5 30,482,092 1,251,133 +27.7 1,388,945 1,598,290 32,706,132 -6.8 Evansville 701,246 2,389,340 2,589,566 -7.7 873,135 14,641,877 482.916 565,809 -14.7 15,697,572 -6.7 Kalamazoo 5,265,205 5,599,283 -6.0 1,232,872 33,238,755 1,200,000 1,247,138 1,271,350 +1.8 32,658,541 Fort Wayne 1,186,329 4,714,795 5,328,007 -11.5 -18.0 951,087 1,160,148 1,173,350 29,907,570 3 : 8 :338 -1.2 0 29 654 94 6 0 Springfield, Ill 6,773,380 6,743,129 +0.5 1,671,644 1,941,163 -20.9 1,535,926 1,977,861 36,030,378 -8.8 Youngstown 9,200,000 9,127,000 +0.8 2,238,300 1,579,000 +40.5 2,219,000 1,980,000 46,548,000 Akron 46,109,000 +0.9 4,098,129 3,879,085 +5.4 688,523 804,214 822,351 -2.2 852,572 24,735,693 24,762,064 -0.1 Rockford 2,860,135 828,939 2,595,048 +10.2 737,070 562,093 +31.1 731,895 21,186,485 20,342,119 +4.1 Lexington 7,697,278 7,003,233 +9.9 1,265,844 1,925,000 1,455,817 +32.3 1,637,982 47,348,849 Canton 40,837,589 +15.9 3,233,711 2,861,356 +13.0 736,578 700,661 +15.5 809,373 739,296 17,551,640 South Bend 15,994,774 +9.7 2,197,284 2,084,496 +5.4 489,931 482,240 382,475 +DLL 426,979 11,915,523 -4.4 12,461,68 Decatur 3,139,194 3,233,175 700,561 +2.1 799,858 719,661 715,231 21,223,083 22,947,029 -7.7 Quincy 3,250,440 -11.3 2,883,899 -14.2 652,540 20,064,648 972,485 714,820 834,869 Springfield, Ohio 20,020,110 +0.2 3,108,313 3,486,969 -10.8 629,926 19,465,3013 611,382 +32.5 604,727 810,727 18,913,110 +2.9 Bloomington 2,354,229 +4.9 2,469,505 313,240 13,962,286 488,274 +6.6 504,690 520,093 13,472,425 +3.6 Mansfield 2,197,168 +0.2 2,202,509 506,431 13,512,206 500,000 +10.1 520,000 550,575 13,160,232 +2.7 Danville 2,374,448 +18.4 2,847,438 +14.6 475,753 14,515,452 480,000 509,000 550,000 13,303,024 +9.1 Jackson 1,100,354 -3.2 1,074,623 7,670,076 337,530 228,133 +5.9 278,061 7,826,332 -2.0 241,665 Jacksonville, Ill 3,227,703 -5.4 3,054,786 20,360,298 21,877,703 -6.9 Paducah 2,087,494 +10.2 2,300,000 13,906,785 436,977 500,000 425,000 +17.7 433,877 21,497,850 +11.3 Lansing 2,197,550 +6.3 2,335,447 11,811,596 +5.5 436,150 12,640,673 -6.6 458,340 450,000 475,000 Lima 1,611,143 -23.5 1,233,101 9,523,466 11,226,120 -15.2 396,550 362,373 -8.7 375,308 330,776 Owensboro 1,981,359 +38.7 2,747,105 13,485,038 11,732,350 +14.9 Flint 443,046 543,585 -18.4 2,657,963 3,260,162 -18.5 Lorain 1,009,053 +1.2 1,021,389 6,011,614 286,997 6,125,685 -1.9 225,000 +12.5 253,201 232,607 Ann Arbor 258,876 +0.4 259,835 1,530,298 30,079 1,708,824 -10.4 33,016 69,696 33,103 +110.5 Adrian 1,452,745 1,574,005 -7.8 7,259,036 8,674,644 -16.3 Gary 643j38 -6.7 600,553 3,345 618 3,763,866 -11.1 New Albany 1,936,850,533 1,983,033,859 -2.3 11,433,99 ,008 11,998,092,838 -4.7 487,069,938 453:21T5-9 7 445,38i7494 436,997;076 Total Mid. West _ _ Details of Pacific and Other Western on page 493,327,634 2,949,437,619 3,129,100,819 -5.8 118,881,787 109,516,009 +8.6 105,447,309 123,869,322 Total Pacific 730,030,120 634,384,984 +15.1 4,445,560,276 3,858,629,490 +15.2 161,040,025 130,796,954 +23.1 135,759,355 124,326,339 Total Other Weat 340,767,214 336,068,499 +1.4 2,002,015,515 2,052,376,073 -2.5 76,210,403 +2.3 70,820,185 77,927,106 72,401,598 St. Louis 68,619,818 69,551,315 463,414,830 18,374,572 15,501,269 +17.0 17,496,033 484,186,205 -4.3 18,130,329 New Orleans 61,893,148 54,116,411 +14.4 336,718,798 12,706,016 14,719,250 +11.1 13,402,269 Louisville 366,138,149 -8.0 16,352,989 28,114,510 32,109,005 -12.4 205,309,877 Houston 7,234,885 5,886,895 +22.9 6,851,826 227,028,050 -9.6 17,424,639 15,133,000 +15.1 111,818,062 2,338,000 Galveston 2,966,000 +38.2 2,425,500 91,377,500 +22.4 4,100,000 39,799,508 34,108,240 +16.7 8,632,541 233,661,734 Richmond 10,107,929 7,474,172 +35.2 7,967,349 207,538,396 +12.6 47,316,576 328,761,972 53,965,388 -12.4 9,841,042 Atlanta 12,303,009 10,134,433 +21.4 9,809,807 385,458,976 -14.7 32,665,984 203,582,542 5,594,912 29,404,088 +11.1 Worth +29.6 Fort 5,852,397 6,252,595 7,583,294 193,303,088 +5.3 20,080,824 25,211,278 -20.4 Memphis 174,325,100 6,660,463 4,790,255 -10.7 6,017,651 199,183,173 -12.5 4,276,392 13,568,539 16,702,097 -18.8 4,351,623 119,868,027 3,840,388 Savannah 3,570,146 +3.0 113,694,605 +5.4 3,678,623 22,930,494 24,671,545 -7.1 4,720,407 150,916,804 4,868,349 +8.9 5,506,690 Nashville 177,850,279 -15.1 5,303,964 16,041,537 17,343,799 -7.5 100,070,046 2,942,435 3,753.360 -8.0 106,421,246 -6.0 3,453,281 4,048,390 Norfolk 8,976,210 12,027,884 -25.4 63,170,738 2,860,092 2,643,300 -16.2 2,983,083 Birmingham 86,806,863 -27.2 2,214,485 11,047,247 14,723,186 -25.0 72,403,814 3,000,000 2,585,645 -4.1 3,168,847 Jacksonville 87,926,185 -17.7 2,478,273 5,138,226 6,263, 41,154,147 848 -18.0 1,194,596 -12.1 1,326,567 1,492,070 50,786,710 -19.0 1,050,000 Augusta 7,344,656 8,079,466 -9.1 42,130,290 2,059,281 1,548,622 +21.1 1,518.627 Knoxville 47,883,151 -12.0 1,875,744 9,219,000 11,431,129 -19.3 57,960,719 1,744,449 2,474,034 -29.5 2,681,011 1,901,379 62,996,138 -8.0 Chattanooga 7,198,175 8,890,425 -19.0 51,897,243 1,740,082 1,865,655 62,085,277 -16.4 1,763,388 2,072,977 -14.9 Little Rock 4,341,997 5,388, 367 -19.4 27,989,649 1,439,170 1,300,000 -15.1 Mobile 35,159,257 -20.4 1,104,520 1,400,000 8,971,377 8,704, 000 +3.1 61,832,981 1,048,106 52,554,423 +17.7 1,695,857 1,943,838 -12.8 1,442,255 Oklahoma 6,383,807 6,508,832 -1.9 50,354,524 52,028,074 -3.2 1,613,520 -18.8 1,675,636 1,526,396 Charleston 1,309,146 2,859,961 3,544,095 -19.3 22,318,462 25,466,780 -12.4 Columbia 9,170,535 13,069,959 -29.8 70,465,866 2,255,246 2,844,940 -33.7 Macon 95,076,318 -25.9 1,884,708 2,200,000 8,002,110 7 823 8 +2.3 308 20 :2 :097 84,008,799 788,363 Austin 87,904,760 -4.4 1,442,689 +22.9 1,773,791 1,738,754 2,707,039 -15.6 18,446,630 Beaumont 18,786,303 -1.8 9,506,127 7,789,450 +23.2 52,749,446 El Paso 42,635,675 +23.7 1,391,133 1,617,905 -13.4 10,485,077 Columbus, Ga 12,088,299 -12.7 1,715,807 2,011,847 -14.7 10,650,579 Wilmington, N. C.-12,847,980 -17.1 928,285 1,033,000 -7.3 7,027,172 259,157 203,228 -8.5 Vicksburg 7,920,290 -11.3 241,961 190,049 1,539,971 1,423,555 +8.1 10,852,638 315,278 Jackson 10,848,542 +0.04 250,444 +9.5 361,059 274,215 6,350,422 7 ,381,660 -14.0 33,509,624 1,096,497 575,980 Tulsa 42,828,007 -21.8 1,528,419 -6.7 1,426,462 3,571,633 3,749,688 -4.7 18,707,496 534,346 Muskogee 608,110 23,107,597 -19.0 768,835 -1.5 757,182 825,676,509 843,054,266 -2.0 37238 - 79,201 5,512,212,369 - -1T1 -- 0f994,070 180;157,012 Southern.. 8 168,776,142 Total 18T325,628 = 14,117,408,790 13,948,023,685 +1.2 82,978,387,237 85,331,519,010 -2.8 3,848,891,862 3,388,984,985 +13.6 3,1_74,661,724 3,385,777,709 Total all -820,918 36,171,452,322 Outside New York_ 6,091,927,241 6,103 37,241,302,344 ---- 2.9 1,536,682,649 1:3937291335 +10.3 1,382,838,949 1,397,041,342 Clearings by Telegraph and Canadian Clearings on page 105. * Not included in total; comparison incomplete. 70 THE CHRONICLE [VOL. 101. York bank alone had issued at the time when Governor Strong spoke $34,920,000 of notes "against a like amount of gold deposited with the Federal Reserve agent," the figures being of. date June 4 1915; and the total in the four weeks si4e then has been increased to $40,320,000, the sitiAation thus being that the New York Federal Reserlie\ bank though having discounted an aggregate ol blq \ $5,343,000 of paper, had last Saturday over- ------THE FINANCIAL SITUATION. $40,000,000 of reserve notes outstanding. For all To the uninitiated it has for some time been a twelve of the Reserve banks Governor Strong remystery how and why the volume of Federal Re- ported $58,291,000 of gold held against outstanding serve bank notes outstanding should be increasing notes and the amount has since been raised to no week by week while at the same time the aggregate less than $70,601,000. In brief, then, the Federal of re-discounts which the Federal Reserve banks Reserve notes under present management of the have been called upon to make and which are sup- Federal Reserve banks are becoming certificates of posed to furnish the ground and the basis for the deposit for gold. At no point has the practice been issuance of Federal Reserve notes, should reriiain carried to such extremes as at New York where,as practically stationary. Thus the total of bills dis- will be noted,the scheme is responsible for one-half counted by the whole twelve banks stood last Sat- the outstanding notes of the whole twelve Reserve urday at $36,187,000. This is barely a million more banks. than it was three months before on April 9, when the It is no doubt commendable to add to the gold aggregate was reported $35,351,000. Yet in the holdings of the Federal Reserve banks and it is meantime the gross amount of notes outstanding certainly carrying out the theory of the "mobilizahas run up from $44,828,000 to $83,413,000. The tion of reserves," on which the Federal Reserve net liability of the Reserve banks upon outstanding banking system is founded, to concentrate a large notes has during the whole time remained very volume of gold in the vaults of these institutions. small, having been on April 9 only $10,449,000 and But is not the operation ultra vires—and if so should on July 2d no more than $12,797,000, indicating, it be encouraged even though the intent be good. what is clearly the truth, that the demand for the Apparently all the legal technicalities are being reserve notes in the ordinary course has not been complied with, but can it be affirmed that it was urgent or pressing. ever contemplated that these Federal Reserve notes It has been difficult to understand how, with only which constitute one of the chief features of the new $36,187,000 of discounts, it should be possible to banking system and the issuance of which is authorkeep afloat $83,413,000 of Federal Reserve notes, all ized so as to facilitate re-discounting, should be put the more so as our New York Clearing-House insti- to a totally different use and made simple certiftutions have been glutted with funds and at one icates of deposit for gold. time last month held excess reserves of over $200,The language of the statute, as we read it, is clearly 000,000. On its face, at least, such an anomalous against the idea. Section 16 of the Act says: "Fedsituation appears to furnish warrant for the obser- eral Reserve notes, to be issued at the discretion of vation made by Frederick E. Farnsworth, the Secre- the Federal Reserve Board for the purpose of making tary of the American Bankers' Association, before advances to Federal Reserve banks through the the Maine Bankers' Association at Augusta on Federal Reserve agents as hereinafter set forth, June 12, and printed by us in our issue of June 19 and for no other purpose, are hereby authorized." (page 2055), namely that "in its practical application What are the requirements under which the issuance the Federal Reserve Act, instead of providing an of notes may be made? The next paragraph in the elastic currency system, has added only to the sum same section tells us that "Any Federal Reserve of the circulating medium the amount of Federal bank may make application to the local Federal ReReserve notes outstanding. The elasticity has been serve agent for such amount of the Federal Reserve all in one direction." notes hereinbefore provided for as it may require." The mystery referred to has now been cleared up. It is added that "Such application shall be accomBenjamin Strong Jr., Governor of the New York panied with a tender to the local Federal Reserve Federal Reserve Bank, in a speech made at the an- agent of collateral in amount equal to the sum of nual convention of the New York State Bankers' the Federal Reserve notes thus applied for and issued Association at Saratoga Springs on June 24, and pith- pursuant to such application." It is also provided lished in our issue of June 26 (page 2124), furnished that "The collateral security thus offered shall be the explanation. The address contained the fol- notes and bills, accepted for re-discount under the lowing significant paragraph: provision of Section 13 of this Act," Sm. Thus it is made plain that the intent was to issue "Of course the ability of the Reserve banks to increase their gold reserves beyond the amount of the notes for the simple purpose of conducting the remember banks' deposits is dependent upon their discounting operations of the Reserve banks. Nor ability to issue notes against deposits of gold. This was it contemplated that the notes once issued should process is now in successful operation, the New York remain outstanding, as must be the case when they bank alone having issued, as stated, $34,920,000 of notes against a like amount of gold deposited with are utilized as certificates of deposit for gold,for after the Federal Reserve Agent, and all twelve of the providing for a gold reserve of not less than 40% a Reserve Banks show $58,291,000 of gold so held." clause has been inserted whose design it is to sendithe notes back home without the least delay. This In other words, Yederal Reserve notes are now clause reads: "Whenever Federal Reserve notes isbeing issued "against deposits of gold" and "this sued through one Federal Reserve bank shall be reprocess is now in successful operation." The New ceived by another Federal Rese.rve bank, they shall CHRONICLE INDEX. The index to Volume 100 of the "Chronicle"— which volume ended with the issue of June 26—is mailed with this issue. As has been the practice for some years, the index is issued as a separate pamphlet for convenience in binding. JULY 10 1915.] THE CHRONICLE be promptly returned for credit or redemption to the Federal Reserve bank through which they were originally issued. No Federal Reserve bank shall pay out notes issued through another under penalty of a tax of 10% upon the face value of notes so paid out." To be sure, it is provided in a subsequent paragraph that "Any Federal Reserve bank may at any time reduce its liability for outstanding Federal Reserve notes by depositing, with the -Federal Reserve agent, its Federal Reserve notes, gold, gold certificates, or lawful moneys of the United States," but even this privilege is circumscribed so as to keep it in harmony with the general purpose of the Act as already outlined, and therefore an additional sentence is added saying that "The Federal Reserve agent shall hold such gold, gold certificates, or lawful money available exclusively for exchange for the outstanding Federal Reserve notes when offered by the Reserve Bank of which he is a director." All the different parts of the law here fit well together and the intent is not to keep the notes out a moment longer than is absolutely necessary. On the other hand, to use them to secure deposits of gold is to keep them out indefinitely. Not alone that, but the effect of the operation is to force them into circulation as substitutes for gold, the Reserve Bank retaining the gold and the certificate remaining in circulation as the token of the gold so held. The modus operandi is evidently this: A member bank presents its notes and bills for re-discount; the Reserve Bank issues Federal Reserve notes for the'same, gold is then deposited with the Federal Reserve Agent for the retirement of these notes, and the Reserve bank holds this gold while the notes are kept in circulation. What advantage is to be derived from the scheme is not altogether clear except that the extra gold holdings may serve to make its gold position appear stronger. As the reserve banks are required to hold a gold reserve of 40% against all note issues outstanding, perhaps it may be thought that the extra gold obtained through the adoption of the certificate plan might be used as a basis for further issues of notes to the amount of 23' times the gold held. But the language of the statute militates against the idea, since it expressly says (as already quoted) that "the Federal Reserve Agent shall hold such gold * * * available exclusively for exchange for the outstanding Federal Reserve notes." As the new banking system is in its infancy, the aim will be to interpret the language of the Act so as to give to the Federal Reserve banks their fullest measure of utility without undermining the security and stability of the system. The task will not always be easy, but experience teaches that it is better to err by keeping well within the language of the statute rather than going clearly outside of it, even with the best of intentions for the purpose of extending its functions. Additional emphasis for the need of caution in this respect is suggested when contemplating the circular issued last month by the Federal Reserve Bank of this district, in defining the eligibility of paper that may be offered for discount. The circular, on the whole, furnishes a well-matured definition of eligible paper, and yet it is a surprise to find the following statement in it, namely, that "The notes of farmers are eligible if their proceeds are used for seed, fertilizer, live stock, feed, tools, seasonable operating expenses, Sm." We are obliged 71 to confess that we have our doubts as to the eligibility of paper of this class under the language of the statute, and it has certainly never previously been suggested that notes of indigent farmers given for "seasonable operating expenses" furnished desirable paper for re-discounting by the Federal Reserve banks. Mingled with rejoicing that Mr. J. P. Morgan sustained no serious injury in the attack upon him last Saturday morning must be a passing note of the quality of his personal bearing in it. Suddenly faced by the sharpest of emergencies he brought decision and action into one flash of time and sprang upon his insane assailant, doing this as the most effective way of screening his wife and children, involved with himself in danger, and also of accomplishing self-defense. The assault being over, his first thought was of others and he bore himself as any large American might, glad of his own escape but treating the affair as one of the undesirable haps of life and wishing to give it no unnecessary importance. The conduct of the assailant illustrates once more the method in details, combined with a chaotic lack of directing means towards an end, which is characteristic of madness. According to his own version of it this man's plan of action when he reached the spot was little more possible to carry out than if he had intended to seize his victim and fly away through the air; then, as he said, he lost self-control and bungled his movements as soon as the crucial moment arrived. Yet neither the killing of Mr. Morgan nor a promise of intervention (if that could have been exacted) would have availed to stop the purchase of war materials here. The great banking-house would not have changed its relation to that, nor could Mr. Morgan himself put an end to all buying if he desired to. The attack on him, the bomb in Washington, and the Minnehaha affair are a part of efforts which are futile towards the desired end, while appallingly destructive as incidents of a war that is itself an outbreak of madness on such a scale as the world has not seen before now. Of course we must expect that this Holt affair will set off other unbalanced persons and that any important and prominent man and plant may attract their attention. The one who has just sought to deliver a birthday cake to Mr. Rockefeller in person has given another reminder that we are too slow in recognizing the magnitude of the exposure. To round up persons of uncertain mentality in advance of an outbreak is a plan excellent in design but quite impossible to carry out. Possibly every man contains a potential insanity; at least, the dangerous influence of suggestion has been plainly shown, the suicide mania by bichloride of mercury after the great publicity given to one accidental poisoning by it having been one example of this. So we must expect that the stress of the present war situation will tend to set off many unstable minds on an imaginary "mission" for ending it by stopping the inevitable process of buying and shipping materials. Assassination and anarchy are distinctly un-American, yet these foreign hybrids have forced their way in and we have had cumulative warnings. Distasteful though it is, we must recognize the presence of inflammable material and the imminence of the explosive touch and must add guards to guards at all danger points. 72 THE CHRONICLE [vol.. fol. Bank clearings for June 1915 furnish in the aggre- but 4,002,748 shares last year, 9,588,174 shares in gate a new high record for the period covered, and 1913 and 7,219,721 shares three years ago. For consequently are apt to be taken as indicating a the six months the sales were 61,992,979 shares, greater degree of activity in the general mercantile against 38,069,651 shares a year ago, 46,257,298 and industrial affairs of the United States than has shares in 1913 and 176,055,746 shares in 1906. Bonds recently been in evidence. But any such interpre- were more • actively' dealt in in June than in either tation of the month's result is as erroneous and fal- 1914 or 1913, an,d for the six months the transactions lacious as the citing of the immense favorable bal- in all classes reached 396% million dollars, par value, ance in our foreign trade as proof of prosperity in against 373 millions last year, 284 millions in 1913 the country as a whole. In this latter case we have and over 700 millions in 1909. At Boston the dealpointed out from time to time in late months that ings in stocks were likewise much heavier than in rewar materials and supplies have solely gone to in- cent years, covering for the month a total of 1,198,909 ordinately swell our exports, other leading commodi- shares, against only 293,406 shares last year and 514,ties showing a greater or less shrinkage compared with 104 shares in 1913, with the six months' aggregate the previous year. So it is with bank clearings; spe- 6,416,152 shares, or more than double that of last cial causes or circumstances have served to augment year and close to the total of two years ago. Philathem in some localities, while elsewhere, these being delphia, too, reports a much greater business in both absent, decreases are quite the rule. To be more stocks and bonds than in either 1914 or 1913. Canadian bank clearings furnish no feature so esspecific, the better showing made at New York of late can be clearly ascribed to the greater volume of sentially different from recent preceding months . transactions on the Stock Exchange and the same is calling for more than passing comment. For June, largely true of Boston and Philadelphia. Further- Halifax and London alone report increases over a more, the large orders for ammunition, &c., in hand year ago; at a number of important points decreases and in process of filling find reflection in the returns are of radical proportions, and in the aggregate for 'from such cities as Hartford, New Haven, Water- 22 cities the falling off is 19.8%. For the period bury, &c. On the other hand, no less than 104 of the since Jan. 1, the 1915 aggregate falls 17.0% below 160 cities included in our compilation on the first last year. page of this issue exhibit losses from a year ago. The grain-crop report of the Department of AgriThe aggregate of clearings for June 1915 at the 160 cities from which we have comparative returns is culture for July 1, issued on Thursday, while not 814,117,408,790, an improvement of 1.2% over the quite as favorable in some respects as might have month of 1914, but for the six months of the current been desired, was nevertheless satisfactory in most calendar year there is a falling off of 2.8%. Con- particulars and in line with what was expected by trasted with June of 1913, the increase is somewhat those who had kept in touch with developments durheavier (2.8%), although very moderate withal, but ing June. In other words, rainy and cold weather for the half-year a decrease of 3.8% is disclosed. At had hampered the planting of corn, presumably reNew York the gain for the month is 2.3% as compared ducing to some extent the area intended to be dewith 1914 and 3.5% with 1913, with the six months' voted to that cereal, and had, moreover, interfered total showing a decline of 2.7% and 4.1%, respec- with the harvesting of winter wheat and oats in tively, and in comparison with 1912 there is a loss earlier sections. But notwithstanding adverse weaof close to 7%, with stock dealings only moderately ther, winter wheat apparently deteriorated to only a greater. Outside of this city, the June aggregate is moderate extent, leaving the condition of the crop nominally lower (0.2%) than the high-water mark on July 1 only a little below the 10-year average; for the period, made last year, and for the half-year spring wheat was better situated than last year,and there is a decline of 2.9%. As regards the individual much above the average of recent years, and oats cities, there is little to be said except that for the first continued to promise a bountiful yield. Corn area, confirming earlier official investigations half of 1915 the most conspicuous gains over last year are to be found at Kansas City, Galveston and El as well as private reports from the South current some Paso, and the most striking losses at such Southern months ago, shows an important increase this year, points as Augusta, Macon, Birmingham, Mobile, despite the adverse weather conditions at time of Muskogee and Tulsa—all in the cotton belt. Ana- planting over rather a large territory. The Departlyzed by groups,the totals for the six months are less ment of Agriculture makes the area devoted to that than a year ago in all divisions except the "Other crop this year 109,273,000 acres, against 105,067,000 Western," where an augmentation of 15.2% is re- acres in 1914, or an increase of 5.6%, the South, howvealed. The Middle Section, exclusive of New York, ever, contributing about all of the gain. All of the exhibits a loss of 5.7%; New England 3.7% (outside Southern States , moreover, exhibit more or less of Boston there is a gain of 1.8%); the Middle West marked improvement in condition as compared with 4.7%, the Pacific Slope 5.8% and the South 5.1%. last year, or the average for the ten preceding years. Finally, the showing for the second quarter of the Elsewhere, however, deterioration is quite the rule, year in the country as a whole, both as regards total and most conspicuously so in such States of large proand by comparison with a year ago, is much better duction as Iowa, Missouri, Nebraska and Kansas. Still, as things now stand, the increase in area planted than for the first three months. Stock transactions at New York in June were a to this cereal about counterbalances its lower status little less than in May, but very much in excess of at this time, so that, with weather conditions hereJune in 1914. In fact, the sales were greater than after no better than last year, an identical crop could for the corresponding period in any year since 1910. reasonably be looked for. But it is fair to presume, From the level of values ruling at the opening of the from past experience, that such will not be the case, month there was it, quite general advance in the first so the Department, basing its conclusions upon avertwo weeks, but later on quotations eased off. The age data, interprets the promise July 1 to be for an June dealings totaled 11,004,042 shares, against ultimate yield of 25.8 bushels per acre, or the same JULY 10 1915.] THE CHRONICLE as last year's final figures. This would give a total production on the acreage as above stated, of 2,814,000,000 bushels, or 141 million bushels more than for 1914 and 311 million bushels below the record yield of 1912. Spring wheat condition apparently fell off 1.6 points during June,but at 93.3 contrasts with 92.1 last year and a ten-year average of 84.2. This cereal is planted practically in only four States, and of these South Dakota maintained its condition during June, while North Dakota showed a drop from 94 to 93, Minnesota from 94 to 91 and Washington from 99 to 96. The indicated yield per acre at this time is given as 15.3 bushels, which, upon the area under cultivation, points to a crop of 295,000,000 bushels, against 206,000,000 bushels in 1914 and the record product of 330 mullion bushels in 1912. Winter wheat, as already intimated, showed a moderate depreciation in condition during the month, and the average for July 1 1915 of 84.4 compares with 94.1 a year ago, 81.6 in 1913 and a ten-year mean of 81.7. The decline noted has caused the Department to reduce its estimate of average product per acre from 16.9 bushels on June 1 to 16.6 bushels July 1, giving an aggregate yield of 668,000,000 bushels, or a total in excess of any former year except 1914, below which it falls only 17 million bushels. Combining spring and winter wheat, the outlook, as officially promulgated,is now for 963,000,000 bushels -(a billion bushels is not improbable), against the previous record of 891 million bushels in 1914. An improvement of 1.7 points in the condition of oats during June is indicated by the July 1 report. Condition, moreover, on July 1 was much better than a year ago, or the ten-year average, being stated as 93.3 against 84.7 and 83.2, respectively. Officially, the promise is announced to be at this time for a yield of 34.8 bushels per acre, equivalent to 1,399,000,000 bushels for the area to be harvested, this exceeding last year by more than 258 million bushels and falling only nominally below the record crop of 1912. Barley and rye both continue of high condition and the outlook, therefore, is for excellent crops. The former on the July 1 condition of 94.1, against 92.6 a year ago and the ten-year mean of 84.8, points to a product of 208 million bushels, or not far from the high-water mark of 1912, and rye indications are seemingly as good. The German reply to President Wilson's second note was handed to James W. Gerard, the American Ambassador in Berlin,late on Thursday night, and is understood to be already in the hands of the State Department. A preliminary draft was forwarded by Ambassador Gerard early in the week. Hence the German position already is well known, and the main interest attached to the note is whether itin its official form will permit a different construction than the advance statements suggested. It is quite clear that it has been the plan of the German Foreign Office to continue the evasive policy that was so evident in its first responce. A number of counter proposals were contained in the advance draft. The President, however, promptly intimated that he would not discuss these proposals, and he refused to comment upon the piece-meal statements. One of the counter proposals made by Germany, it is reported, is that the United States shall undertake to certify every ship leaving American ports and indicate to Germany whether or not she carries contra 73 band or munitions. This our State Department holds would be a violation of our neutrality laws. On the other hand, the manifests of all vessels departing are open for inspection, and in this way the Germans as well as other belligerents are able to inform themselves. The United States has been informing Germany and other nations of the sailing of each American vessel, but to send information of the sailing date of a merchant vessel of a belligerent nation would be a violation of neutrality. Secretary Daniels of our Navy Department assumed on Thursday full charge of and responsibility for the powerful wireless plant of the Atlantic Communication Company, located at Sayville, Long Island. The plant will now be operated by the Department until the close of the European war, to insure against violations of neutrality. This is one of the two stations in the United States maintaining direct communication with Germany; the other, at Tuckerton, New Jersey, has been under control of the Navy Department since last fall. There have recently been a number of charges of unneutral use being made of the plant. Government officials, however, have denied that there has been any evidence to prove that the station had been used in transmitting messages of value to the German War Office. The various war loans and the statement by the Finance Ministers of the different belligerept nations afford some measure of basis for estimating the cost of conducting the horrible carnage that is in progress in Europe at the present time. The value of the property destroyed is not so easily estimated, though it is known to be enormous. Neither is there any approximately accurate information available as to the loss of life which means so much in connection with the future efficiency Of the different countries. According to an official appeal issued on Wednesday by the French Relief Society the French casualties from the beginning of the war up to June 1 1915 aggregate 1,400,000,including 400,000 killed, 700,000 wounded and 300,000 prisoners. Press dispatches from London report the following computation, "from official sources, giving the latest estimate of the total casualties of all the Powers engaged in the great war." The figures do not include Italian losses, and even their approximate accuracy cannot be guaranteed: France Great Britain Ituasia Germany Austria Belgium Servia Turkey Japan Grand Total Killed. 400,000 116,000 733,000 482,000 341,000 47,000 64,000 45,000 300 2,228,300 Wounded. 700,000 229,000 1,982,000 852,000 711,000 160,000 112,600 90,000 910 4,837,510 Prisoners and Missing. 300,000 83,000 770,000 233,000 183,000 40,000 50,000 46,000 Casualties Total. 1,400,000 428,000 3,485,000 1,567,900 1,235,000 247,000 226,600 181,000 1,210 1,705,000 8,770,810 There is cumulative evidence of a disposition throughout the United Kingdom to take a much more serious and sober view of the war situation. In the House of Lords on Monday Viscount Middleton called attention to the growth of civil expenditure. He moved "that in view of the necessary expenditure of the war, it is, in the opinion of this House, incumbent upon the Government to take immediate steps to reduce the civil expenditure of the country." The speaker said that, assuming peace conditions from March 31 1916, the total amount of national debt incurred by that date would reach the enormous sum 74 THE CHRONICLE of £1,293,200,000 ($6,460,000,000). If taxation continued as at present, there would be a deficit of £14,000,000 ($70,000,000) a year in interest alone to make up in time of peace. Lord Haldane agreed to the need of economy. Money, he said, had been and was being wasted right and left. The Treasury was the greatest offender. It exercised about as little intelligent restraint over things as any Department of State. He thought they were not looking in the face the most formidable fact that they had to meet. Things were discussed as if the war were coming to an end, and as if all that was desired was to make some adjustment to meet the tremendous burden of debt to raise new taxes and to go on as before. England, said Lord Haldane, would have to'face a state of things where her manufacturers and merchants would be thrown on their own resources and when they would have to rely on their skill and ingenuity and enterprise to make up what they had lost against a great current of difficulties. If ever there were a time when it behooved Englishmen to apply their minds to prepare for that situation it was now, and there were some ways in which preparation was vital. Lord Loreburn said if wisdom did not come to the councils of Europe, they were going straight to European bankruptcy in a comparatively short time. He believed .his country was more likely to last out than other countries, and he knew that the resolution of the people was as strong or stronger perhaps than when the war began. At the same time, when one considered the figures quoted and considered that similar figures applied to other nations of Europe, what it meant was bankruptcy, and bankruptcy, he feared, in many places would lead to revolution. How the British Government is apparently bound hand and foot by Labor is suggested by a controversy that has arisen between Lloyd George, British Minister of Munitions, and Viscount Haldane. In a speech before the National Liberal Club on July 5 Viscount Haldane said that in October a committee, presided over by Lord Kitchener, assembled in the war office. David Lloyd George and other ministers were in attendance. It was decided, said Haldane, that it would be necessary to increase the output of munitions ten fold. Every one was consulted and the necessary orders were given to manufacturers, who undertook to execute them. If these orders had been executed, said Viscount Haldane, the country would have been fully supplied, but labor difficulties confounded all the calculations. Lloyd George in an authorized statement on Wednesday night takes issue with Viscount Haldane on the latter's version of what took place at the meeting of the Committee of the Cabinet in October declaring that Haldane's version was "incomplete and in some respects inaccurate" and adds "the very fact of this conflict of memory having arisen shows the unwisdom of these partial and unauthorized disclosures of decisions of highly confidential committees of the Cabinet." Suggestions are becoming frequent in the press dispatches from London of further important changes in the British Cabinet, some of these intimating the retirement of Premier Asquith. The London "Chronicle" yesterday suggests vital differences between Lloyd George and Lord Kitchener. The newspaper states that if General von Donop who is in charge of important Administrative duties in the Munitions Department does not resign Lloyd George will step [voL. 101. out. If General von Donop goes it is reported that Lord Kitchener who is responsible for his appointment will also leave the war office. The military operations in Europe suggest the usual Russian recovery after serious retreat. By the employment of strong reenforcements the Russians (quoting press dispatches from London) have temporarily at least checked the AustroGerman advance toward the Lublin Railway which if successful would have seriously imperilled Warsaw. The Austrians admit that before superior Russian forces they have withdrawn to the hills north of Krasnik. Further heavy fighting is expected in this region but the Russian military writers expressed confidence now that any effort of the Germanic Allies to deliver a lightning blow has been discounted that the Grand Duke's army may be able to hold its position and perhaps drive the invaders back. It is hardly probable under these conditions that the Germans will attempt to detach any part of their Eastern armies for a renewed offensive in the West. The latter move has until now been expected to promptly follow the Teutonic successes on their Eastern frontier. There has been some very heavy fighting this week at several distinct points in the West, notably in Woevre district where the French have regained some of the ground which they had lost to the Southeast of St. Mihiel and at Souchez where the French have made a further advance toward the village. But there is no evidence as yet of the arrival of new troops German from the West such as Dutch reports persistently repeat are being moved through Belgium. Some progress is reported to have been made in • the Dardanelles by the Allies though specific details seem to be absent. Advices from Rome claim authority for a statement that conditions in Constantinople are horrible in the extreme. The dispatch says,"Awed by the feats of British submarines in the Sea of Marmora and convinced that the forceing of the Dardanelles is inevitable, Turkish soldiers are reported as unwilling to fight, holding resistance to be useless. The latest reenforcements from Smyrna have gone to the fighting line on the Peninsula weeping and ready to turn upon their German commanders. More than a hundred German officers have been murdered in cold blood, including Col. von Leipzing, military attache at Constantinople." General Botha, commander the British forces in South Africa, has according to advices cabled from Pretoria,accepted the surrender of the entire German forces in Southwest Africa and hostilities have ceased. The Italian Navy has suffered its first severe loss this week, an Austrian submarine having successfully torpedoed the cruiser Amalfi in the narrows of the Adriatic. Closing of the Adriatic Sea to merchant vessels of all nations, except when bound for Montenegrin or Italian ports under convoy furnished by the Italian Ministry of War, is announced in a telegram from Ambassador Thomas Nelson Page at Rome, dated Thursday and given out by the State Department. The lists for the new British War Loan will be closed at the Bank of England to-day (Saturday). Subscribers have until July 20 to decide whether they will take advantage of the option to pay in installments or whether they will elect to pay in full. In the event of adopting the latter course they will JULY 10 1915.] THE CHRONICLE 75 receive a discount at the rate of 432% per annum. Britain of funds for subscriptions to the loan. One There has been no official announcement as to the indication has been the sudden increase, especially volume of the subscriptions. But London corres- during the last fortnight, in the volume of English pondents agree that the loan will prove to be a popular selling of American securities. On the London marsuccess. Unofficial estimates place the subscriptions ket there has been quite general _liquidation of giltat between £600,000,000 and £650,000,000, excluding edge securities that at their recent market values all forms of Government obligations that are per- have not been affording a return on the investment mitted to be converted into the new loan. The equal to that obtainable through full-paid subscripBritish banks have, it is understood, held back their tions to the new loan. In the case of American seown subscriptions with a view of first estimating curities, the selling may hardly be considered to have those to be turned in by theii41 clients. This they resulted from this condition, as at the present market could very readily do by watching their deposits value the income return has undoubtedly been. enlines. Hence, it is evident that if there should be tirely satisfactory. Thus the selling of American seany lagging in the popular subscriptions, the banks curities has in large measure resulted from patriotic stand ready to lend their support without stint to impulse which has led to a movement for financial the Government. Evidence of this is contained in mobilization for war purposes. press dispatches received last evening from London, that three leading banks have themselves announced The effect of the large accumulation of funds for subscriptions of about £20,000,000 each to the bonds. war-loan subscriptions upon the London money marThese banks are Lloyds, the London City & Midland ket is a subject of more than routine interest. Dayand the London County & Westminster. to-day funds and week-to-week funds are in abundant Only now is it becoming generally known that the supply at comparatively low rates, namely,at about £350,000,000 332% offering last November at 95 13/2%. But discounts in Lombard Street are a much was not the popular success that was as first sup- better index of actual conditions. Bills are quoted posed. The public subscriptions, it is understood, at 431@4%% as to maturity and London bankers, did not exceed £80,000,000. The British banks took according to cable correspondents, agree that for £100,000,000 at the outset, and after that, they took some time to come they will find full use for all their another £50,000,000, while insurance companies and available reserves. While it is expected that a conother financial institutions subscribed the remaining siderable amount of the loan subscribers will take £120,000,000. It is not difficult, under these cir- advantage of the 432% discount by paying their subcumstances, to realize the situation that confronted scriptions in full by July 20, the dates of installments the Government when it was found that the time for those who choose this method will necessarily had arrived when the system of selling Treasury bills cause a steady drain upon the London money supply for war expenditures could, obviously, not continue until the last installment is paid on Oct. 26. A paymuch longer without strain. Here was £270,000,000 ment of 5% accompanied the loan subscriptions. The in round numbers, locked up in the vaults of institu- dates and amounts when installments become due tions, to whom the Government must look for a are the following: £10 per cent on Tuesday, July 20; guarantee of the success of a new national offering. £15 per cent on Tuesday, Aug. 3 £15 per cent on It was equally obvious that it would be financial Tuesday, Aug. 17; £15 per cent on Tuesday, Aug. 31; suicide to attempt to float the new popular loan on £10 per cent on Tuesday, Sept. 14; £10 per cent on terms that had already proven unattractive. On Tuesday, Sept. 28; £10 per cent on Tuesday, Oct. 12; the other hand, if better terms were offered for the £10 per cent on Tuesday, Oct. 26. The Governnew issue, this would immediately force important ment's guaranty of the future interest rate is condepreciation in all of the Government's obligations tained in the following paragraph: "In the event of that were outstanding, thus materially restricting future issues (other than issues made abroad or issues new subscriptions. The matter was presented in its of Exchequer bonds, Treasury bills or similar shortproper light by the bankers to Mr. Reginald McKen- dated securities) being made by His Majesty's Govna, the new Chancellor of the Exchequer, and he ernment, for the purpose of carrying on the war, agreed that urgent necessity existed for protecting stock and bonds of this issue will be accepted at par, the holders of all outstanding issues. Hence, his plus accrued interest, as the equivalent of cash for proposal for a blanket loan that should place all the purpose of subscriptions to such issues." A comholders on an equal footing and guarantee them mission of one-eighth per cent is allowed to bankers, against discrimination either in the immediate or brokers and financial houses on allotments made in distant future. respect of cash applications for this issue bearing their stamp; but no commission will be allowed in The terms of the new loan, it will be recalled, pro- respect of applications for conversion. vide that in the event of it being found necessary for the Government in its future financial operations to On the London Stock Exchange there is to be no pay a more attractive rate of interest for funds than trading in the new loan until all allotments have been the higher rate shall automatically and imme- made to subscribers. The object of this delay obvi4 diately become applicable, not alone to the issue that ously is to protect as far as possible the conversion is now being distributed, but to all earlier obligations privilege. That is to say, it is the Government's that have been converted into the current transac- intention that in order to secure conversion of the tion. This, not unnaturally, is a provision that ap- older loans into the new, holders of the former must peals to the popular mind in much the same way as subscribe an amount of cash to the new issue equal convertible bonds in our own corporation affairs to the amount of old bonds they wish to convert. appeal to investors who desire a flavor of speculation So long as dealings cannot be conducted in the new combined with safety in the investment of their sav- issues until the allotments have been made, it will be ings. There have been many evidences of the ac- difficult to dispose of any new stock purchased for cumulation by individuals as well as institutions in the distinct purpose of providing an avenue for the THE CHRONICLE 76 conversion of the older securities. Toward the close of the week the London market showed a somewhat firmer tendency; one influence being Premier Asquith's statement in the House of Commons that the Government did not contemplate forced labor or conscription under the national Register. The November war loan closed last evening at 95 5-16 or 5-16 above the issue price. Consols have not sold, so far as the cables have reported, above the minimum price of 65 this week. The monthly report of foreign commerce by the British Board of Trade showed conditions quite natural to war times. The imports into the United Kingdom increased in June £17,835,347 compared with the corresponding month a year ago, while the exports during the same month showed a contraction of £6,639,976. The official figures of imports and exports for June.and for the calendar year to June 30, with comparisons with the figures of preceding months are appended: 'Imports Exports —Month of June— —January 1 to June 301914. 1915. 1914. 1915. E76,117,000 £58,281,653 £429,660,426 £376,013.748 189,821,328 255.457,611 33.233,000 39,872,976 Excess of imports_ £42,884,000 £18,408,677 £239,839,098 £120.556.137 For the year to date by months compared with the corresponding months of last year the figures are: January February March Aprll May June July August September October November December Exports Imports 1914. 1915. 1914. 1915. £67,401,006 /68,005,009 £28,247,592 £47.806,165 65,268.814 62,053,651 26,176,937 41,261,797 75,590,918 66,947,315 30,176,066 44,518,661 73,678,288 61,626,830 32,169,733 39,946,822 71,604,400 59,099,290 39.618,000 42,051,190 76,117,000 68,281.652 33,233,000 39,872.976 59,383,792 44,405,380 24,211,271 42,362,034 26.674,101 45,051,937 28,601,815 51,559,289 24,601,619 55.987,058 26,278,928 67,554,960 show elsewhere, indicates an increase in the institution's gold holdings for the week of 13,437,000 francs. This certainly is not an abnormal increase. The Bank of France, to quote one press dispatch, has been compelled to designate six receiving tellers, to take the gold offered in exchange for notes. Long lines of persons have been waiting in front of the institution during the week. The largest sum exchanged was 85,000 francs ($17,000) and the smallest that of 10 francs ($2), the usual amounts were 1,000 to 2,000 francs. An official decree was published in Thursday in Paris prohibiting the export of gold except by the Bank of France—a precautionary measure that has been taken at the suggestion of the Minister of Finance, who has found that gold that has been exported in settlement of accounts has not been destined always for a neutral country. A free outflow might result in a dangerous traffic, according to M. Ribot. The latter, as well as M. Gaston Thomson, Minister of Commerce, appeared before the Commerce Committee in the Chamber of Deputies on Thursday. That committee is considering the question of continuing the moratorium for commercial bills of exchange that are falling due. Both Ministers declared it was the intention of the Government to continue the moratorium. M. Ribot, speaking in favor of a bill designed to create a commercial industrial loan bank, told the Committee that while he favored every measure looking to the resumption of business, it seemed to him that it would be difficult to create such a bank before the end of hostilities. French rentes closed at 69.40 francs, which compares with 70.00 francs a week ago. Imports of food, cotton and raw materials were heavier, while the principal decrease in exports was of manufactured articles, as well as articles whose exportation is forbidden on the ground that they inure to the benefit of the enemy. The exports of cotton goods are still restricted with the exception of France and Egypt, to which there have been heavy increases. The London correspondent of the "Journal of Commerce" of this city reports the month's exports to Britain's chief markets as follows: To— United States India China Netherlands France Egypt Central and South America 1915. Yards. 3,954,000 180,789.000 29,316,000 4,670,000 22,933,000 26,836,000 23,228,000 1914. Yards. 4,511,000 207,712,000 53.889,000 4,719,000 674,000 17,086,000 32,135.000 In furtherance of a decision by the French Government to invite its citizens to exchange their gold for notes, the Minister of Finance, M. Ribot, on Saturday of last week addressed a letter to the Bank of France suggesting that special counters be set aside in that institution and its branches throughout the country for receiving gold from those who desired in this way spontaneously to render service to the national defense. In addition to the bank note given in exchange for this gold, each depositor is to be handed a certificate setting forth his service to the country. The private stock of gold in Frante has been unofficially estimated at various times at between five and seven billion francs. Dispatches that have been received from Paris report a degree of enthusiastic popular response to the Government's invitation, but this does not appear to be fully borne out by the Bank of France statement which, as we 101. Advices from Berlin state that Dr. Karl Helfferich, Secretary of the Imperial Treasury, has invited the Finance Ministers of the several German States to attend a conference in Berlin to-day (Saturday). The object of the meeting is not stated. The second Austrian war loan, the lists of which were extended until July 5, showed a total subscription, according to German accounts, of 2,630,000,000 kronen—about $525,000,000. The "Official Journal" of Petrograd on July 3 published an Imperial edict authorizing the Russian Minister of Finance to make two issues of Treasury obligations of $250,000,000 each in the form of 5% short-term notes free of income tax. The issue will be in denominations of $50 and upwards. This low denomination is expected in Petrograd to give the loan a popularity and to appeal to foreign as well as Russian investors. The,issue is to mature in six months. Official bank rates at London and all European centres remain without change from 5% in London, Paris, Berlin, Amsterdam and Vienna, 6% in Italy and Russia, 53/2% in Norway, Sweden, Denmark and Portugal and 432% in Spain and Switzerland. In London the private bank rate at the close yesterday /% for was 43'1@49/8% for sixty days and 43/2@4 three months' bills. A week ago the rate was 43.i% for both maturities. Money in London is 13/2% for 4% a week ago. There day-to-day funds, against 13 have been no private bank rates received this week by cable from any of the Continental centres, so far as we have been able to learn. An addition of £1,172,253 to its gold stock is reported by the Bank of England in this week's return. Note circulation showed an increase of £437,000, so THE CHRONICLE JULY 10 1915.] that the reserve is only £735,000 higher. This brings the proportion of reserve to liabilities up to 17.63%, against 16.16% last week and 50.58% a year ago. Public deposits showed a decrease of £13,615,000 and other deposits a contraction of £795,000. Bills ran off to the amount of £14,996,000,net, bringing the total loan item (other securities) down to £137,918,000, which compares with £34,832,469 a year ago. The Bank's gold holdings now aggregate £53,264,147, against £39,599,970 at this date a year ago. The reserve is £36,641,000, against £28,518,780. The Bank reports as of July 3 the amount of currency notes outstanding at £46,570,801, against £45,897,040 a week ago. The amount of gold held for the redemption of such notes remains without change from £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, £1,978,000 (of which £1,253,000 bought in the open market, £225,000 released by Egypt and £500,000 from miscellaneous accounts); outflow, £806,000 (of which £28,000 bar gold sold in the open market, and £778,000 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: BANK OF ENGLAND'S COMPARATIVE STATEMENT. 1911. 1912. 1913. 1914. 1915. July 12.• July 10. July 9. July 8. July 7. 35,073,000 Circulation Public deposits__ _ 67,898,000 139,859,000 Other deposits Government securs_ 51,043,000 Other securities_ _ 137,918,000 Reserve notes & coin 36,641,000 Coln and bullion _ 53,264,147 Proportion of reserve 17.63% to liabilities 5% Bank rate 29,531,190 12,580,196 43,788,365 11,005,126 34,832,469 28418,780 39,599,970 29,621,475 10,733,749 41,067,483 12,756,505 30,853,114 26,219,751 37,391,226 29,566,270 17,891,765 40,355,438 13,983,707 33,003,853 29,272,207 40,388,477 29,285,030 0,278,015 47,908,925 14,967,289 30,382,639 29,821,6116 40,656,696 50.58% 3% 50.39% 4%% 50.23% 3% 52.13% 3% The Bank of France reports an increase of 13,437,000 francs in gold and a decrease of 2,412,000 francs in silver. There was an expansion of 112,393,000 francs in note circulation and of 18,666,000 francs in general deposits, while discounts were reduced 9,446,000 francs, Treasury deposits were curtailed 14,913,000 francs, and the Bank's advances decreased 9,356,000 francs. The Bank's gold holdings are 3,944,990,000 francs, against 4,092,600,000 francs at this date one year ago, and 3,313,725,000 francs in 1913. The stock of silver stands at 369,154,000 francs, against 662,450,000 francs one year ago, and 622,172,000 francs in 1913. Circulation has reached a new high level of 12,328,239,000 francs, or more than double the total at this date last year of 6,039,945,530 francs. General deposits are 2,373,809,000 francs, against 2,689,279,501 francs, while discounts are only 243,697,000 francs, against 3,060,036,969 francs. The weekly statement of the Imperial Bank of Germany, published on Saturday last, showed an increase of 3,035,000 marks in gold. The cash item which includes Imperial and Loan Bank notes and notes of other banks in addition to coin and bullion, indicated an increase of 153,746,000 marks. Note circulation showed an expansion of 615,424,000 marks; deposits an increase of 185,452,000 marks; loans an increase of 633,000 marks, and discounts an increase of 697,636,000 marks. The gold in the Reichsbank amounts now to the unexampled total of 2,385,672,000 marks. One year ago the amount was only 1,307,154,000 marks, and in 1913 at this date it was 1,080,964,000 marks. Combining loans and '77 discounts, we have a total of 4,757,647,000 marks, against 1,284,380,000 marks and 1,633,260,000 marks one and two years ago, respectively. The item of circulation is 5,739,923,000 marks, against 2,406,580,000 marks last year and 2,216,760,000 marks the year preceding. The local money market financed its semi-annual payments without appreciable indication of rising from the dull rut in which it has been running for so protracted a period. Probably no clearer suggestion of the overwhelming redundance of loanable funds could be obtained. The weekly statement of the New York Clearing House on Saturday last as a result of the large income tax payments and of the semi-annual disbursements and also to some extent in consequence of the financing of the recent New York City loan showed a decrease in the surplus above reserve requirements of $29,310,930. The loan item registered the large increase of $80,061,000. There was an increase, too, in net demand deposits of $69,230,000, while net time deposits were reduced $717,000. Reserve in "own vaults" decreased $21,595,000 to $433,956,000 (of which $363,067,000 is specie), reserve in Federal Reserve banks showed a contraction of $4,643,000 to $127,244,000, while reserve in other depositaries increased $8,528,000 to $37,234,000. Thus the aggregate reserve showed a reduction of $17,710,000, while reserve requirements increased $11,600,930, owing to the deposit expansion, bringing, as already noted, the surplus down $29,310,930. The surplus now stands at $163,942,100, which compares with $10,589,450 at the corresponding date a year ago. The funds thus dispersed will return in due course to the banks, and there appears to be no unusual demand in sight until the crop requirements become insistent. It is possible, however, that now that the new British war loan is virtually out of the way more active attention may be given to the negotiation of a large loan either for the English Government direct or through London bankers in this market. Reports have been current that syndicate of banks has been considering a large loan, the proceeds of which shall be devoted to the payment of supplies purchased by the British Government in this country. One proposal was that a considerable block of the new war loan be accepted as collateral for such a loan rather than resorting to an out-and-out subscription to the new bonds. This would be one way of avoiding the income tax provision which is apparently operating as an almost complete barrier against American subscriptions. The income tax on its lowest basis of 2s. 6d. in the pound means a severe reduction in interest rates. It is understood, however, that the present negotiations do not contemplate either subscriptions to the new bonds or their use as collateral. A more available and satisfactory form of collateral is expected to be found in an issue of special Treasury bills with fixed short-term maturities, possibly about one year. These will not be subject to the income tax. There have also been reports that some large loans may be arranged here on London account based on American securities owned in the United Kingdom as collateral by interests who do not wish to sell outright. It is conceded in financial circles generally that some definite form of establishing a British credit in this country must be negotiated in the near future. This prospect not unnaturally becomes a factor in the local money 78 THE CHRONICLE situation. Meanwhile the iron and steel industry is showing encouraging increase in activity and there seems, too, more or less improvement of a spotted character in the business outlook. The Government's monthly report on the cereal crops which was published on Thursday is an encouraging factor in connection with prospective activities in the West. Referring to money rates in detail, the range for demand loans during the week was 13/2@2%, comparing with 13@2% the preceding week. Monday was a holiday; on Tuesday 1y 2@1%% was the range, 13/2% the ruling figure; on Wednesday 11 4% continued the lowest and renewal rate and 2% was the highest; on Thursday 17 4% was the lowest and 2% the highest and ruling rate; Friday's lowest and highest, respectively, was 1% and 2%, with.2% the ruling figure. Time money closed without net change for the week in any maturity, namely at 2 3@23/2% for sixty days, 2%% for ninety days, 2%@3V for"four and five months, and 3@33% for six months. While an active demand has developed foircommercial paper for choice names, the supply:is comparatively light. Closing discounts are 3@33/2%for sixty and ninety days endorsed bills receivable:and:up to 4% for names not so well known. During:the:summer the Federal Reserve Bank directors:of New York will hold fortnightly instead of weekly meetings. At Wednesday's meeting no change was made in discount rate. The discount rate for:banker<acceptances in Boston, New York, Philadelphia, Cleveland, Chicago, Minneapolis and San Francisco, as announced by the Federal Reserve Board,r_are:2%!minimum and 4% maximum. Below are the current:discount rates of all Reserve banks: Maturities Maturities Maturities of Maturities of Agricultural Federal Reserve of of over 30 days over 60 days and Use stock Bank—L., , 10 days and 30 days and to 60 days, to 90 days, pager over 1 i': less, less. inclusive. inclusive. 90 days. Boston 3 , 4 New York 3 L 4 Philadelphia_ _ _ _ 3 4 Cleveland ' 4 Richmond ___ • 4 Atlanta 4 ___ Chicago -4 St. L01113 5- 1 4 Minneapolis_ 4 - -- _ Kansas City_ 4 Dallas4 _ San Francisco__ _ 314 3 4 4 4 4 4 4 4 4 4 4 4 4 414 4 414 414 414 414 4% 41i 5 414 414 41% 5 5 5 5 5 5 5 5 5 5 5 a [voL. Dm. undoubtedly be arranged through Brown Bros. & Co. The bankers in question have, we may state on authority, been requested by a number of French institutions of undoubted standing to arrange a commercial export credit. They are not in a position to make any announcement at the present time, except to say that negotiations are in progress and that the proposed credit is a commercial one with the double object of supplying the necessities of the French merchants and facilitating the export of American merchandise. It is not for the purpose of financing the sale of war material to the French Government. J. P. Morgan & Co. have received $1,179,000 additional gold from Ottawa this week, and various other amounts aggregating $1,700,000—a total influx of $2,879,000 for the week—have arrived and been deposited at the Assay Office. The weekly report by the Department of Commerce of imports and exports at the leading customs districts show for the week ending July 3 an export balance of $20,545,778. This compares with $9,049,000 for the week preceding and $19,115,088 for the week before that. Compared with Friday of last week, sterling exchange on Saturday showed little change, demand 2 ranging at 4 76 5-16@4 763/, cable transfers at 2 4 77 5-16@4 77% and sixty days at 4 723/@4 729. Monday was a holiday. On Tuesday the opening was firm and quotations advanced to 4 763/2@ 4 76 13-16 for demand, 4 779g@4 7734 for cable transfers and 4 729'@4 73 for sixty days; the chief influences in the upward movement were higher discounts at London, fresh selling of American stocks on European account and renewed expectations of the actual establishment of the long-awaited British credits in the not distant future. Additional advances were recorded in the initial transactions on Wednesday, and the market ruled firm until the late afternoon when a partial reaction took place ; demand was quoted at 4 76%@4 7738, cable transfers at 4 77 7-16@4 77% and sixty days at 4 733@4 7332; the same general factors were still in evidence, while the closing weakness was caused by fears of another marine tragedy in the war zone. On Thursday moderate offerings of bills, ocupled with an almost complete absence of inquiry, brought about a decidedly easier tendency, and demand declined to 4 76 7-16@4 764, cable transfers to 4 773s@4 77% and sixty days to 4 72%@4 73. On Friday the market ruled firmer. Closing quotations were 4 73® 4 733 for sixty days,4 76%@4 76% for demand and 4 77 7-16@4 773/ for cable transfers. Commercial on banks, nominal; documents for payment, nominal. Seven-day grain bills at 4 75%@4 75%. Cotton for payment, nominal; grain for payment, nominal. Sterling exchange is necessarily on a more or less nominal basis under current conditions. Rates are so well below the gold import point that artificial measures are necessary to prevent an influx of the precious metal on a large scale. The exports from day tolday,r,while in the aggregate large in volume, are nevertheless in considerable measure being financed quite aside from the usual routine sterlingexchange channels. This applies, of course, to the war supplies that are going forward by almost every steamer to the British Allies. With this explanation, it may be stated that the market this week has been somewhat firmer, reflecting a reaction from previous The Continental exchanges have likewise been quite heavy offerings of bills that has taken place in rather steadier during the week, viewed as a whole. anticipation of the active selling by foreign holders Sterling exchange in Paris closed at 27.023/ francs, 2 of American securities, which began immediately against 27.2234 francs a week ago. In New York, after the huge British war loan was announced. checks on Paris at the close of business yesterday were There have been reports current of negotiations for 5 64, against 5 68 the week preceding, while cable a:large British credit in this city,the amount ranging, transfers finished at 5 633, against 5 70. Bankers' according to the various rumors, between $100,000,- checks on Berlin are quoted at 814,against 8134, and 000 and $300,000,000. It may be stated that here cable transfers at 81%, against 81 3-16. Swiss exthere is some measure of practical basis for these re- change finished at 5 38% for sight and 537% for caports, which we discuss more in detail in our remarks bles, against 5 44 and 5 4334, respectively, a week on the local money situation in a preceding paragraph. ago. Italian lire are 6.13 for checks, against 6.16, Aside from the English credit, a further French credit ,and 6.12 for cables, against 6.15. Bankers' checks is in course of negotiation, and will, it is expected, on Amsterdam are 39 15-16 plus 1-16 and cables are JuLy 10 1015.] THE CHRONICLE 79 versation with the German or Austrian Ambassador, to assurances that the original note on the Lusitania episode was not intended to be pressed to the limit, drew from the ex-Secretary, two weeks ago, the public statement that, although the Austrian Ambassador had evidently misunderstood Bryan's position, in an interview between the two officials, York Clearing-House banks, in their op- nevertheless he (Bryan) had never stated that the The New erations with interior banking institutions, have President was not serious in his demands. But Mr. Bryan did not say what had actually gained $2,208,000 net in cash as a result of the curpassed in that interview, and, allowing for the rency movements for the week ending July 9. Their receipts from the interior have aggregated $6,832,000, known flightiness and lack of official responsibility while the shipments have reached $4,624,000. Add- on the part of our former Secretary of State, people ing the Sub-Treasury operations and the gold im- have drawn their own conclusions. It might be ports, which together occasioned a loss of $24,196,- merely that Bryan had delivered himself, in the 000, the combined result of the flow of money into presence of the Austrian Ambassador, of an emotionand out of the New York banks for the week appears al declaration that war was inconceivable. However this may be, the Austrian and German Embassies to have been a loss of $21,988,000, as follows: seem certainly to have understood that some personal Net Change in Out of Into Week ending July 9. and quasi-official assurance had been given. They Bank Holdings. Banks. Banks. $4,624,000 Gain 82,208,000 had apparently advised their own governments to $6,832,000 Banks interior movement 44,831,000 Loss 24,106,000 20,635,000 Sub-Treas. oper. and gold imports that effect, and it is certain that, after a lapse of 827,467,000 849,455,000 Loss $21,988,000 Total time, they were set right by the President himself. The following table indicates the amount of bullion If all this happened, it would explain the otherwise inexplicable move of sending personally to Berlin an in the principal European banks: important attache of the German Embassy. Such July 9 1914 July 8 1915. a recourse, under the circumstances, would have been Banks of Total. Silver. Gold. Silver. Total. Gold. necessary in order to explain why previous intima.£ 39,599,970 tions of the Washington Embassy to the home for53,264,147 39,599,970 England__ 53,264,147 France ___ 157,799,480 14,766,360 172,565$40 163,704,200 25,497,9201189,202,120 Germany_ 110,380,300 2,500,000 121,880,300 65,554,700 15,737,250 81,201,950 eign office in regard to the American Government's Russia ___ 168,203,000 5,613,000 173,816,000 176,498,000 7,322,000 183,820,000 Aus.-Hune 51,578,000 12,140,000 63,718,000 52,295,000 12,249,000 64,544,000 position were mistaken. Spain ____ 27,596,000 20,686,000 57,232,000 21,334,000 20,055,000 50,389,000 45,522,090 4,849,000 50,371,000 45,737,000 3,050,000 48,787,000 Italy Whether all this happened or not—and we are 674,400 14,058,400 198,300 29,126,300 13,384,000 Netherl ds 28,928,000 600,000 15,980,000 9,012,000 4,506,000 13,518,000 bound to say that neither Bryan's past career nor Nat.Belgh 15,380,000 7,033,700 9,608,700 7,033,700 Switz land 9,608,700 5,823,000 his previous conduct in the State Department 6,302,000 5,823,000 Sweden __ 6,302,000 310,000 4,565,000 316,600 6,266,000 4,255,000 -5,050,000 Denmark 3,411,000 2,707,000 2,707,000 renders it wholly incredible—the incident has been Norway_ _ 3,411,000 Tot. week 692,922,627 70,668,660 763,591,287 606,937,570 98,401,570 705,339,14 followed by a noteworthy change in the attitude of Prey .week 692,677,244 70,931,840 763,609,084 606,800,190 99,404,847706,295,030 the German press and people toward the American c July 30 1014. h Sept. 211914. controversy. This change is of a kind which would have been expected if Bryan's resignation, and the THE DIPLOMATIC CORRESPONDENCE WITH official explanations of it, by the Ambassadors at GERMANY. Washington, had removed a misconception. In The long delay of the German Foreign Office in particular, the German press has lately and for the answering our State Department's note of June 9, first time openly divided on the question of relations n which the position of our Government regarding with America. Up to a very short time ago Count submarine warfare was reiterated, has in some ways Reventlow writing in the Berlin "Tageszeitung" as been more reassuring than otherwise. What is of an expert on war topics and regarded as voicing the the greatest importance, it has brought to light the opinion not only of the Admiralty but of the general fact that not only is the attitude of the Berlin For- Government had seemed to be setting forth both the eign Office more conciliatory than that of the German official German opinion and the opinion of the Admiralty (which had been suspected already to be German people. His view of the matter was uncomthe case) but that a distinct division of opinion on promising. He went so far as to intimate that a the American demands exists in other influential breach with America would not necessarily be a quarters in Germany and among the German people. calamity and that it certainly would be preferable How far this condition of mind existed before our to modifying the rules of the German submarine Government's second note, is a matter of con- campaign. Within the past few weeks, however, jecture. Editorial utterances of the German press the powerful "Lokal Anzeiger" of Berlin took disare under strict supervision by the Government, and tinctly opposite ground, laying stress editorially on it is easy to make sure that only one side of the the necessity of preserving American friendship. controverted question shall be presented to the An angry retort by Reventlow,referring openly to public. "incompetent statesmen" (presumably in the GerBut certain incidents have occurred which suggest man Foreign Office), was followed by the temporary the possibility that the German Government itself suspension of his newspaper—an incident which was for a long time misled regarding the real nature plainly showed, first, that the Foreign Office was of our own Government's attitude. One of the many standing against the jingo leaders of the Admiralty, mysterious circumstances surrounding Bryan's resig- and second, that the Foreign Office had power of its nation has been brought to public attention by his own. These incidents were followed during the own statements on a matter, concerning which some present week by a remarkable statement in "Der very perplexing rumors had circulated ever since his Tag" by Admiral von Truppel, himself a distinresignation. This vague report that he, as Secretary guished German naval commander, who has had of State, had somehow committed himself, in con- important responsibilities in the active service. His 40 plus 1-16,quotations in each instance being 1-16 higher for the week. Greek exchange remains at 5 26 and 5 25 for checks and cables, respectively. Copenhagen checks are without change from 26.35; Norway and Sweden both remain at 26.40 and Russian roubles remain at 37%@38 for sight. 80 THE CHRONICLE statement frankly disputes the assertion that a break between Germany and the United States would do no harm to Germany. On the contrary he urges that such an event would be extremely serious to the German cause. More than this, taking up the American protest against the character of the German submarine campaign, the Admiral plainly intimated his own opinion that the depredations. on English commerce as conducted during recent months were of a futile character and he concluded by asking, "Can we hope, so far as we are able to foresee, that we shall force England to..her knees through submarine warfare against her commerce?" The really remarkable fact about this utterance is that it should have been made at all, when its author was a German naval officer in high standing, subject in all respects to his Government's orders. It is difficult to draw any other inference from the incident than that the German Government is willing to have both sides in the controversy presented publicly. We are far from assuming that this change in attitude means a complete reversal of their position by official Germany and the German people. At best it seems to be little more than an effort to fix on compromise. Semi-official inquiries have been made of Ambassador Gerard by the German Foreign Office, and have been forwarded to Washington this week. Vaguely reported, they appear to amount to the sounding of our Government on the possible terms of such a compromise. Suggestions have apparently been made, for instance, in regard to the designating of ships with American passengers on board in such a way as to protect them from German submarine attacks. There have been other intimations, not supported by any authentic information, that the alternative of suspension of Germany's submarine campaign, in case Great Britain were to lift her food embargo on Germany, would be considered. In a similarly vague way, President Wilson has been reported as unwilling to accept any minor compromise of the sort. Such attitude would, in fact, be no illogical sequel to the attitude taken •in the two notes to Germany. It shows, however, to what extent, even with the more conciliatory tone of German opinion, the controversy is surrounded with difficulties. The trouble arises, as is usual in such disputes, from the wholly opposite point of view taken by the two parties to the discussions. The fundamental basis of the German argument is that the submarine, being, at its present stage of development, an innovation in ocean warfare, cannot be bound by rules and limitations of conduct such as were framed for powerful ships which fought and made their captures on the surface of the water. On the other hand, our own Government is doing more than merely 'demanding safety for American travelers at sea, and indemnity when such travelers are interfered with. Principles of the highest importance to international law are at stake in this controversy, as they were in our own dispute with European belligerent States before the war of 1812. The United States, now as then, is almost the only nation in a position to insist on observance of those principles. What we, as the leading neutral State, assert or concede in the present instance is a matter of much greater importance than the momentary protection of American citizens. Inevitably, the official attitude of our Government in this matter will be cited hereafter as a precedent of high im [voL. 101. portance in international law, precisely as the decisions of a responsible court are cited as precedents in civil law. It is undoubtedly on this conception of the controversy that the President's last note declared that "the Government of the United States is contending for something much greater than mere rights of property or privileges of commerce; it is contending for nothing less high and sacred than the rights of humanity"; and, further, that our Government "cannot admit that the proclamation of a war zone from which neutral ships have been warned to keep away may be made to operate as in any degree an abbreviation of the rights either of American shipmasters or of American citizens bound on lawful errands." We shall soon know exActly how far the German Government is willing to go in meeting these representations; for the formal reply of that Government to our President's latest note is reported at this writing to have been prepared and to be virtually on its way to Washington. It will be time to comment on its definite proposals when the exact text is before us. But it is not too early to point out that something of real importance has been gained, now that the real purpose and meaning of the American Government's attitude has been set forth publicly in Germany. In nine cases out of ten, war results from such international controversies because of the fact that each side misunderstands the position of the other—and of no conflict in history is that fact more evident than of the present war in Europe. In the present situation there are three facts of the highest importance, in view of that well-known principle of history. They are that neither party to the existing dispute wishes to fight the other; that neither has anything whatever to gain by such a conflict; and, finally, that the later correspondence in the matter has at least removed the probability of a war caused by mutual misunderstanding. ELLIOTT AND THE RAILROAD LABOR PROBLEM. In the local celebration of the Fourth in Peterboro, N. H., Mr. Howard Elliott of the N. Y. & New Haven road returned to his temporarily interrupted subject (that of transportation) which is really, when all things are considered, the most important yet almost the least appreciated single subject among all our national problems. This is so because the country must either develop further and indefinitely or retrograde and decay; because a transportation system not merely maintained but expanding is indispensable to that development; and because there is not, as yet, any alert and appreciative public opinion on the subject. In the United States, said Mr. Elliott, there were in 1914 252,959 miles of railroad, being 83/ miles per each hundred square miles of territory and one mile per each 391 of population; of the total revenues of 4 3,047 millions the net 8501 millions over expenses was returned to the people in the form of taxes, interest and a limited amount of dividends. The transportation furnished in 1914 was equivalent to carrying the total population 350 miles and the freight transportation was equivalent to hauling one ton 2,887 miles per head of population; the equivalent haul of a ton per head is only 286 miles in the United Kingdom, 318 miles in Austria-Hungary, 365 miles in France, and 582 miles in Germany. American roads do more work in hauling, and,for less money, HOWARD JULY 10 1915.] THE CHRONICLE 81 than do those of any other country, said Mr. Elliott. * * the time will come when the great unregulated The average rate for hauling one ton one mile ranges powers exercised by the leaders of the great labor from 2.39 cents in the United Kingdom down to organizations will be regulated in the same way." 1.17 cents in Russia, but in the United States it is More specifically: 0.729 cents. Yet now, for one or another reason, "I believe the majority of our people feel that when more than 30,000 miles of our roads, with outstand- a man earns his living by working for a public service ing securities of 1,816 millions, are in receivership, corporation he enters into a moral contract to do with several other great roads on the ragged edge. that work, upon which the whole people depend, Mr. Elliott might have added that the average until he is mustered out of his place in some orderly American realizes the indispensableness and the manner; that he owes that duty to society just as much as personal relation of the railroad to himself about as until he a soldier owes a duty to remain in the army is released in a lawful manner." the average small boy realizes the indispensableness This is the notion of military or semi-military of his father; road and father are regarded as a sort allegiance which has hardly begun yet to be taken up of natural gift or thing of course, to be accepted and utilized, but entirely open to complaint and criticism. in public consideration; on the contrary, the striking Not very long ago the Federal Supreme Court employee who interrupts or threatens an indisaffirmed the power of a State to regulate fire insur- pensable public service is not regarded as a deserter ance rates, on the strange and dangerous ground that from duty but as a freeman standing for his rights insurance is an indispensable commodity, which and as entitled to passive acquiescence if not to means that it is somebody's affair to furnish it, at active sympathy. This public attitude, utterly his own cost and risk, if need be; transportation is wrong in every aspect of it, must be changed and Mr. similarly (and with somewhat more excuse) held to Elliott seems to imply a faith that it will be, although be due from somebody, and the old unexpressed yet we think him premature in ascribing this feeling to potent notion still persists that railroads belong to even a considerable minority of Americans. some dimly-perceived third party (government and the people being the other two) and that everything GOVERNMENT FINANCES FOR THE FISCAL is owed by and nothing in particular is owed to this YEAR. third party. The notion of "Wall Street" ownerThe account of Government revenues and disship survives all disproof as to railroads, as also bursements for the fiscal year ending June 30 1915 concerning banks. The stockholders of the Penn- is an unfavorable one, by which we mean that the sylvania, for example, now exceed 93,000, being disbursements have considerably exceeded the ordiover 3,100 more than a year ago. About one-half nary revenues. As such a result was expected, the the stock is owned in this State and about 28% in matter creates no surprise and will probably attract Pennsylvania, but there are more than 16,000 stock- little attention, especially as the excess of disburseholders in New England, more than 16,000 scattered ments is not quite as large as was at one time feared. in other parts of this country and nearly 12,000 Nevertheless, the subject is one that should receive abroad. There are nearly 49,000 women holders, careful '--, inasmuch as a balance on the wrong an increase of over 1,500 in the past year; their side of the account is never pleasing to contemplate holdings average 63 shares, they are 48.22% of the and the cause of it should be clearly understood. • total number of shareholders, and they own altoThe deficiency for the twelve months will be quite gether 28.09% of the whole. To say that the dis- generally ascribed to the European war, and the tribution of railroad ownership, through the secur- check thereby imposed upon imports of merchandise ities in the financial foundations of a great number from abroad. In a certain measure, the explanation of public institutions, runs through the number of must be considered sound, and yet it is nevertheless persons interested in those institutions to an almost superficial, for did not Congress last October pass a endless expansion, would only repeat what has been war revenue measure, levying extra taxes the reoften pointed out; yet still there is little public con- ceipts from which it was supposed would offset the cern felt about railroad prosperity and still less loss in customs arising from the diminution in imsympathy felt in railroad troubles. portations? It appears now that the shrinkage in Returning more to the text of Mr. Elliott's ad- customs duty has been of prodigious proportions, and dress he pronounced it not only a material but a far in excess of what could be attributed to a falling social and moral question "whether, under present off in importations. conditions, the railroads can be ready to serve the Internal revenue receipts have been in every way people when the next great uplift in business comes." satisfactory, and with the aid of the new war taxes Still he puts faith in the slowly-awakening yet very have yielded considerably in excess of the income for firm sense of expediency and justice to which he has the preceding fiscal year, the total for the latest perso constantly appealed on behalf of the New Haven iod of twelve months having been $335,828,377, road. "There are signs now," he said, "that we are against $308,613,843 in the previous twelve months. approaching the time when the country will obtain This has reference to the ordinary internal revenue the full benefit of the corporate form of doing busi- taxes. The yield of the corporation and income tax ness, without the evils." Admitting that errors have has surpassed expectation, it having amounted for been made in corporate conduct he perceived quite 1914-15 to $79,828,675, against $71,386,156 for as clearly that there has been great mischief wrought 1913-14. The original estimate of the revenue to be by the professional agitator to whom agitation has derived from this tax was only $75,000,000, and telebecome his living. graphic dispatches from Washington say that "the But Mr. Elliott is interestingly hopeful about the results of the income tax are regarded as a remarkable menace of organized labor. Just as the people took vindication of the judgment of the framers of this notice of trusts and undertook to regulate them, "so revenue-producing law." Of the total yield of will the country in time consider the problem of the $79,828,675 from that source, the individual income labor organizations and correct any errors in them * tax produced $41,011,402, as against $23,253,535 in 82 THE CHRONICLE the previous year, when it applied for only ten of the twelve months; and the corporation tax produced 838,817,273, against $43,127,740 for the full twelve months of the preceding year. The receipts of the Government from miscellaneous sources also ran well ahead of the preceding year, amounting to $70,738,030, against $62,215,172. Altogether, the Government derived from ordinary internal revenue,from the corporation and income tax, and from miscellaneous sources, no less than 86,395,082, against only $442,215,171 in 1913-14, showing a gain of over $44,000,000 in this way. Unfortunately, however, the customs revenues suffered not merely a heavy falling off, but what amounted to a virtual collapse, reaching .only $209,268,107 in 1914-15, against $292,128,527 in 1913-14 and $318,142,344 in 1912-13. We have stated that the falling off in merchandise imports is not sufficient to account for this great shrinkage in customs dues. As compared with some earlier years, the loss in customs has been even larger than as compared with the two years immediately preceding, the customs revenues, for instance, in the fiscal year 1910 having been $333,683,445, as against only $209,268,107 now. As a matter of fact, the customs dues for 1914-15 were the smallest of any year since away back in 1899. On the other hand, the merchandise imports will probably prove to be the largest on record for any fiscal year except the two fiscal years immediately preceding. The exact figures for the full twelve months are not yet available, but for the eleven months to May 31 the merchandise imports in 1915 were $1,516,474,600, as against $1,736,396,207 in 1914 and $1,681,762,357 in 1913, but comparing with $1,522,234,137 in 1912 and $1,404,418,921 in 1911. Hence, the great shrinkage in the duties from merchandise importations cannot be charged alone to a contraction in the volume of the imports,but must have followed also, perhaps in largest degree, from a lowering in the rates of duties. It is known, of course, that very drastic cuts in some of these duties were made under the tariff law of October 1913, and no doubt if a great expansion in the volume of the imports had occurred, as counted upon, the effect of the cuts in the rates of duties would have been in considerable measure hidden. That instead of an expansion there has been a decrease in the importations should not blind us to the fact that the falling off in duties has resulted in no small measure from the lowering of tariff schedules which was the avowed object of tariff revision. We ourselves were deceived as to the effect of this lowering of tariff schedules when considering the revenue account for the preceding year, for up to that time customs revenues had on the whole been well maintained, but now the true character of the cuts is becoming apparent. Owing to the smaller customs receipts, total Government revenue for the twelve months reached no more than $695,663,190, as against $734,343,700 in the previous fiscal year. The expenditures, on the other hand, aggregated no less than $760,762,147, leaving, therefore, a deficiency of $65,098,957. This includes, it is proper to say, $29,187,042 expenditures on account of the Panama Canal (as against $34,826,941 so appropriated in the preceding fiscal year). But even without the Panama expenditures, there would be a deficiency for the twelve months in the sum of $35,911,915. It is proper to point out that even under the loss of revenue noted, there would have been no very lin. great deficiency except for the concurrent increase in expenditures. These expenditures keep rising higher and still higher with each succeeding year. Including the outlays on Panama Canal account, they were in the latest year $760,762,147, against $735,495,316 in 1914, notwithstanding the Panama payments were only $29,187,042 against $34,826,941. Without the Panama outlays, they were $733,234,730 against $701,325,829. Here is an increase of roughly $32,000,000, notwithstanding pension payments were only $164,388,958 against $173,092,064. But expenditures are increasing in all directions, the outlays of the War Department and the Navy Department being especially heavy. At $733,234,730 for the twelve months, the ordinary expenditures now average almost exactly $2,000,000 a day. The magnitude of these outlays will be realized when we point out that in 1898-99, at the time of the Spanish-American War, aggregate expenditures were no more than $605,072,180, and two years before, in 1896-97, at the time when normal conditions still prevailed, they were only $365,774,159. This latter, it will be seen, was an average of $1,000,000 per day, while now, as already shown, the expenditures average $2,000,000 per day. While aggregate disbursements for the twelve months, including those on account of the Panama Canal, exceeded the revenues in the sum of $65,098,957, the net debt during the fiscal year appears to have increased in amount of $62,590,997. The net debt is arrived at by taking the gross debt and deducting from it the cash balance in the treasury. This cash balance, however, is affected by a variety of other items aside from those appertaining to the general receipts and disbursements, and certain adjustments of accounts are also necessary in any attempt at a reconciliation of the results. For June 30 1915 the net debt, less cash in the Treasury, was $1,089,848,006, which compares with $1,027,257,009 on June 30 1914. In the interest-bearing debt there was no change during the year except in the postal savings bonds. No Panama Canal bonds were put out during the twelve months, and it is worth noting that while altogether no less than $382,252,644 had been expended up to June 30 1915 on account of the purchase and construction of the Canal, only $138,600,869 of the amount was derived from the proceeds of the sales of bonds, including premiums. The remaining $219,471,636 was paid out of current revenue and Treasury cash. A total of $375,200,980 of Panama Canal bonds has been authorized, while only $134,631,980 (par value) have been issued, leaving $240,569,000 which can be issued in the future should occasion arise for so doing. The amount of postal savings bonds (paying 23/2% interest) outstanding June 30 1915 was $6,441,600, against $4,635,820 on June 30 1914. The debt bearing no interest was increased from $368,729,529 to $372,974,753, due almost entirely to the fact that the redemption fund for the retirement of national bank notes on June 30 1915 stood at $19,390,345, as against only $15,142,888 on June 30 the previous year. It appears that the lawful money deposited to retire national bank notes during the twelve months aggregated $21,453,415, while the lawful money paid out for national bank notes retired aggregated only $17,205,958. These figures have to do simply with the changes in the funds on deposit with the Treasurer for taking care of bank notes in process of re- JULY 10 1915.1 THE CHRONICLE 83 tirement. They do not indicate the change in the the gross results, and here the tendency remains volume of what might be called the "live" cireulation unchanged, with the totals continuing to fall away. of bank notes, or in other words, the circulation out- Evidence of this is contained in the preliminary statestanding secured by the deposit of Government ment which we furnish to-day for the month of June. bonds. This was reduced somewhat over 93/ million. As less than ten days have elapsed since the close of dollars during the twelve months, being reported at the month, this statement comprises merely the roads 8726,032,702 June 30 1915, against $735,528,960 which make it a practice to furnish early estimates of June 30 1914. Nor do any of these figures take ac- the gross soon after the end of the month. The roads count of the emergency currency issues made under represented in these early statements consist mainly the Aldrich-Vreeland Law to such a large amount of Western grain-carrying and Southern cotton-carrylast summer and autumn, after the outbreak of the ing lines, together with the large Canadian systems; European war. The Aldrich-Vreeland Law expired except that these latter are doing more poorly than on June 30 1915 and accordingly there remained out- the railroad systems of the United States, because of standing of this emergency currency at that date the Dominion's connection with the European war less than a million dollars. But on Oct. 24 1914, through Great Britain, the character of these early when the maximum amount of these emergency is- returns may be accepted as reflecting pretty accusues was outstanding, there was an aggregate out of rately the general course of railroad revenues in this no less than $363,632,080. Including these emer- country. Stated in brief, our tables, covering 88,031 gency issues, the total of the "live" bank note issues miles of road, register a loss in gross as compared with on Oct. 31 1914 was $1,100,836,633, as against the the corresponding month of 1914 of $5,866,524, or $726,032,702 reported for June 30 1915. 8.91%. Unfortunately, too, the comparison is with It is proper to say, too, that in stating the re- earnings last year which had themselves shown a dedemption fund for the retirement of national bank crease as contrasted with the year preceding. In notes on June 30 1915 at $19,390,345, the funds held reviewing our early statement for June 1914, we for the retirement of the emergency currency issues pointed out that losses had been the rule, there being are altogether ignored. The monthly statement of only 10 roads with gains out of the 45 roads then conthe Comptroller of the Currency shows that the ag- tributing returns, and that the total falling off gregate of bank note issues outstanding June 30 1915, reached $4,739,136, or 7.15%. The present year'a secured by lawful money—that is in process of re- decrease of $5,866,524 is, therefore, additional to tirement—reached the large figure of $93,240,891, this falling off last year. as against only $15,142,939 on June 30 1914. As far as the separate roads are concerned, the The large deposits of money with the Treasury for Canadian Pacific, for the reason already mentioned, the retirement of emergency currency issues had their has suffered beyond all others for amount of decrease, effect in swelling Government cash,so that the Gov- its loss being $2,571,000, and yet many of the roads ernment money holdings June 30 1915 were larger in the United States have not, after all, fared so very than twelve months before, notwithstanding the much better. Mr. Hill's Great Northern Railway, heavy excess of disbursements over receipts. For the for instance, reports a decrease this time of $1,197,present year these money holdings are in fact $344, 722, which is additional to $534,755 decrease last 997,684, against $324,852,056 last year. Govern- year, so that its gross of $5,065,223 for June 1915 ment deposits with the banks, are somewhat compares with $6,797,700 in June 1913. Southern smaller, being $93,330,527 as against $99,954,725. roads have likewise suffered severely,and in some inThe extent of the bank deposits, however, on June stances this year's decrease also comes on top of a 30 is now always more or less abnormal, being due decrease last year. The Southern Rairway falls beto the heavy collections of income tax late in the hind $541,031, but in this instance there was $85,302 month, and the amount is always greatly reduced in gain in 1914. The Louisville & Nashville loses the early days of July. The available cash balance— $331,501 in addition to $210,242 decrease in 1914, and that is, the balance of cash after allowing for current the Mobile & Ohio reports $208,045 shrinkage for liabilities—was only $82,025,716 June 30 1915, as 1915, after $12,662 gain last year. There are a few against $145,835,502 twelve months ago, and in this exceptions to the rule where improvement is recorded, we see reflected the year's deficit of receipts. but the only roads prominently distinguished in this way are the Chesapeake & Ohio and the Western Maryland. The Chesapeake & Ohio continues its RAILROAD GROSS EARNINGS FOR JUNE. steady record of growth,due to the special facilities Except in the case of a few separate roads, which it has provided for handling traffic. It reports an were favored by conditions peculiar to themselves, increase for the month of $323,908. In the followthere is as yet no indication of any improvement in ing we show all changes for the separate roads for the course of railroad earnings—at least as far as the amounts in excess of $30,000, whether increases or gross revenues are concerned. In the case of the net, decreases: the totals in not a few instances are recording inPRINCIPAL CHANGES IN GROSS EARNINGS IN JUNE. creases, but the results in that respect are as a rule Increases. Decreases. being due to the fact that under the con- Chesapeake & Ohio misleading, $323,908 Canadian Northern 454,000 Western Maryland 110,701 Louisville & Nashville_ _ _ _ 331,501 stant decline in the gross revenues, a point has been Chicago & Alton a64,794 Mobile & Ohio 208,045 Buffalo Rochester & Pittsb 57,267 Missouri Pacific 207,000 reached where the managers have had to cut expenses Yazoo & Miss Valley_ _ _ _ 41,293 Grand Trunk 140,078 Minneapolis St.P&SSM 101,198 Cinc New On & Tex Pac in a most drastic fashion in order to avoid financial Representing 5 roads in a66,394 our compilation $597,963 Missouri Kansas & Texas.. 59,198 Decreases. St Louis Southwestern difficulties. In accordance with this policy, all out- Canadian Pacific 51.000 $2,571,000 Georgia Southern & Fla.._ a30,994 Great Northern 1,197,722 lays that can be deferred for the time being without Southern Railway Representing 14 roads in 541,031 511,228 our compilation $6.470,384 jeopardy to life or property are being eliminated, in Illinois Central the hope that more auspicious times may make them a These figures are for three weeks only. possible later on. It happens that in addition to the inactivity of genThe test or criterion, therefore, is in the course of eral trade (aside from the few special industries which are profiting by the war in Europe), there was a falling off both in the cotton movement in the South and in the grain movement in the West. The smaller grain movement at the Western primary markets is the more noteworthy, inasmuch as comparison is with small figures in 1914, there having been a loss in the grain receipts last year, too. The explanation is doubtless found in the circumstance that the high prices for grain and the large European demand for the same have reduced unsold supplies from the old crops to a small figure. Wheat receipts, however, standing by themselves, ran heavier the present year than those of last year, the deliveries at the Western primary markets for the four weeks ending June 26 in 1915 having been 13,594,000 bushels, as against only 9,455,000 bushels in the corresponding four weeks of 1914, but comparing with 15,093,000 bushels in the four weeks of 1913. The corn receipts for the four weeks this year were 12,203,000 bushels, against 21,037,000 bushels in 1914 and 25,697,000 bushels in 1913; the oats receipts 10,403,000 bushels against 17,133,000 bushels and 24,770,000 bushels, respectively, and the barley receipts 3,734,000 bushels, against 4,265,000 and 6,266,000. Adding rye, the aggregate of the deliveries for the five cereals this year was only 40,302,000 bushels, against 52,584,000 bushels in 1914 and no less than 72,539,000 bushels in 1913. The details of the Western grain movement in our usual form are set out in the table which we now insert. RECEIPTS AT WESTERN PRIMARY MARKETS. Barley. Oats. Corn. Wheat. Flour. Four weeks (bush.) (bush.) (bush.) (bush.) ead.June 26. (bbls.) Chicago 5,375,000 1,256,000 4,234,000 2,677,000 621,000 1915____ 2,001,000 9,253,000 8,436,000 1,480,000 507,000 1914_ ___ Milwaukee 783,000 1,460,000 1,152,000 326,000 195,000 1915____ 995,000 2,108,000 324,000 1,691,000 263,000 1914____ St. Louis 17,000 954,000 1,473,000 1,020,000 283,000 1915_ __ 91,000 1,857,000 871,000 1,551,000 215,000 1914_ _ Toledo 146,000 180,000 214,000 1915_ 8,000 188,000 387,000 67,000 1914_ Detroit 57,000 247,000 52,000 22,000 1915_ ___ 368,000 262,000 49,000 36,000 1914____ Cleveland 231,000 38,000 158,000 48,000 1915____ 3,000 155,000 279,000 68,000 45,000 1914._ Peoria 602,000 151,000 1,451,000 132,000 148,000 1915_ _ 869,000 131,000 1,090,000 44,000 131,000 1914____ Duluth 393,000 89,000 430,000 494,000 191&___ 425,000 563,000 314,000 1,705,000 1914_ Minneapolis 647,000 1,134,000 860,000 5,364,000 1915____ 988,000 815,000 1,113,000 3,187,000 1914_ ICansas City 218,000 713,000 2,719,000 1915_ ___ 678,000 2,722,000 869,000 1914_ Omaha 434,000 1,495,000 558,000 1915_ 1,110,000 2,490,000 270,000 • 1914_ 935, or 7.44%. In June 1912, too, there was a fair amount of improvement, our early statement at that time having shown an increase of $4,152,922, or 6.38%. In Jung 1911, on the other hand, the increase amounted to only $357,396, and more than the whole of this was contributed by the Canadian lines. In 1910, again, we had a strikingly large increase, namely $8,356,824, or 15.14%, and this followed $4,737,537 gain in 1909, or 10.45%. Of course in 1908 (the year after the 1907 panic) there was a very heavy loss-$12,284,972, or 20.89%. In the following we show the June comparisons as disclosed by our early compilations for each year back to 1897, the Canadian roads being included in all the years: Rye. (bush.) 80,000 99,000 4,000 13,000 4,000 4,000 10.000 12,000 22,000 34,000 144,000 90,000 227,000 Year. Roads 115 1897 _ _ 1898-- 125 117 1899 107 1900 97 1901 81 1902... 71 1903 1904 _ _ 69 58 1005.. 67 1906 1907 _ -- 66 1908..... 51 50 1909.. 1910...... 53 49 49 1912 _ _ 1913....... 44 1914_ -- - 45 41 1915_ _ Miles. 90,703 97,221 98,375 95,337 97,010 85,554 95,013 86,085 81,192 92,655 93,854 78,614 77,478 87,924 88,198 89,764 90,012 84,518 88,034 90,139 96,213 92,266 93,004 94,048 83,996 93,013 83,568 79,345 90,469 92,803 77,214 76,232 85,487 86,262 88,193 87,715 83,210 86,468 0.62 1.05 6.60 2.51 3.15 1.85 2.15 3.01 2.32 2.41 1.13 1.81 1.63 2.85 2.25 1.79 2.62 1.57 1.81 Year Given. 36,558,554 42,217,558 46,170,085 50,104,955 51,573,897 50,238,273 61,930,417 54,682,684 54,139,005 72,708,902 82,467,706 40,515,462 50,036,163 63,572,503 64,144,486 68,820,679 73,194,701 62,286,987 50.055,244 Year Preceding. (-). Decrease 36,251,840 +306,714 0.84 39,635,817 +2,581,741 7.51 40,480,015 +5,690,070 14.05' 46,051,607 +4,053,348 8.80 47,975,122 +3,598,775 7.50 46,882,292 +3,355,981 7.16 54,315,982 +7.614,435 14.02 55,193,667 -510,983 0.92 50,961,404 +3,177,541 6.23 64,205,232 +8,503,670 13.24 72,923,683 +9,544,023 13.08 58,800,434 --12,284,972 20.89 45,298,626 +4,737,537 10.45 55,215,679 +8,356,824 15.14 63,787,090 +357,396 0.56 64,667,757 +4,152,922 6.38 68,119,766 +5,074,935 7.44 67,026,123 -4,739,136 7.15 65,821,768 -5,866,524 8.01 -Neither the earnings of the Mexican roads nor the mining operations of Note. the anthracite coal roads are included in this table. To complete our analysis, we furnish the following six-year comparisons of the earnings of leading roads, arranged in groups. EARNINGS OF SOUTHERN GROUP. June. 1915. 1914. 1913. 1912. 1 1911. 1910. 8 346,246 427,687 426,793 370,951 377,035 Alabama Gt So d414,149 Ala N 0& TP319,613 340,393 311,240 263,211 283,159 & N E.. a319,613 NO 142,597 144,869 124,866 123,346 140,462 Ala dc Vicks_ a142,597 110,994 124,386 106,992 102,274 119,601 Vick Sh & P al10,994 & Ohlo_c 3,550,992 3,227,084 3,060,497 2,911,278 2,694,548 2,515,560 Ches 867,262 835,368 819,897 762,841 798,921 CinNO&TP d807,975 Lou & Nash_b 4,126,280 4,457,781 4,668,023 4,328,964 4,114,407 4,233,808 942,140 874,300 1,082,345 1,070,683 916,327 922,624 Mobile Sr Ohio Southern Ry_ _ 4,691,369 5,232,400 5,147,098 4,888,598 4,520,126 4,525,554 850,422 746,362 818,350 730,541 891,715 726,336 Yazoo & M V.. Total 15,929,984 16,718,185 16,636,460 15,558,322 14,573,957 14,636,976 a Month not yet reported; taken same as last year. b Includes the Louisville & Atlantic and the Frankfort & Cincinnati. c Includes Chesapeake & Ohio of Indiana beginning July 1 1910. d Fourth week not yet reported; taken same as last year. EARNINGS OF SOUTHWESTERN GROUP. 368,000 694,000 1915. 1914. 1913. 1912. 1911. 1910. Colo & SouthDeny & R G__ Mo Kan & T_a Mo Pacific__ St Louis S W.. Texas&Pacifle 3 982,073 1,831,600 2,276,263 4,496,000 810,000 1,295,711 $ 986,107 1,815,300 2,335,461 4,703,000 861,000 1,280,812 $ 1,104,045 1,873,090 2,351,588 4,724,823 960,049 1,203,513 $ 938,959 1,928,103 2,097,923 4,320,129 949,187 1,097,906 $ 1,060,359 1,897,633 2,186,168 4,124,780 847,052 1,072,711 $ 1,353,238 2,002,786 1,966,151 4,224,012 866,915 1,169,282 Total FROM 1913. 918,855 262,871 463,602 68,853 41,072 287,724 43,929 49,132 110 47,540 159,776 59,195 136,768 217,454 131,676 5,605,173 3,365,164 2,402,659 Prior to last year, our early June statement of earnings had on the whole shown satisfactory rebults. For instance, for June 1913 the compari son registered a gain in the aggregate of $5,074, Increase(+) Or Year Yr.pre- InGiven. ceding. cr'se. June. As regards the Southern cotton movement, the shipments overland were 99,121 bales for the even month in 1915,against 49,534 bales in 1914, and 39,517 bales in 1913. At the Southern outports, however, the receipts were only 136,768 bales, against 217,454 bales in 1914 and 131,676 bales in 1913, as -will be seen by the following: RECEIPTS OF COTTON AT SOUTHERN PORTS IN JUNE AND JANUARY 1 TO JUNE 30 1915, 1914 AND 1913. Since Jan. 1 June 1914. 1913. 1915 1914. 1915. Pam-bales.. 54,357 72,663 32,356 2,013,802 1,228,673 Galveston 396,449 217,969 4,019 3,873 Texas City, &c 35,705 50,103 36,290 1,164,757 828,560 New Orleans 76,117 129,516 1,052 12,367 4,599 Mobile 54,885 941 85,550 7,836 5,050 Pensacola, &c 912,561 422,287 16,333 31,958 24,194 Savannah 67,900 154,700 700 1,560 Brunswick 41,137 182,330 2,557 1,494 1,457 Charleston 1,857 Georgetown 69,971 164,300 390 2,437 3,367 Wilmington 371,079 206,726 9,848 32,494 17,737 Norfolk 97,540 81,671 6,232 994 10,935 Newport News, &o Gross Earnings. Mileage. June. 144,000 175,000 Total of All__ 1,317,000 13,594,000 12,203,000 10,403,000 3,734,000 1914__ 1,197,000 9,455,000 21,037,000 17,133,000 4,265,000 Total [VOL. 101. THE CHRONICLE 84 11,691,647 11,4181,680 12,218,008 11,332,207 11.188.703 11.573.384 a Includes Texas Centra in all the years and W chlta Falls Inc from Nov. 1 1912. EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP. June. 1915. Canadian Pac_ Chic Gt West* Dui S S & Atl_ Great North n Minn & St L_a M SIP & S S M $ 6,990,000 1,171,221 290,136 5,065,223 796,296 2,091,217 Total 1914. 1913. 1912. $ $ $ 9,561,000 11,674,430 11,311,397 1,165,829 1,224,843 1,082,139 295,104 342,642 297,199 6,262,945 6,797,700 5,830,534 786,906 770,024 701,842 2,192,415 2,342,655 2,119,725 1911. 1910. 3 9,479,650 1,037,937 295,698 5,537,324 659,034 1,813,013 $ 8,807,817 1,003,040 302,980 6,039,486 696,960 1,926,870 16,404,093 20,264,199 23,152,294 21.342,836 18.822,656 18.777.153 • Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific. a Includes Iowa Central. EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP. June. 1915. $ 925,432 Buff Roch & P Chic & Alton__ 61,146,546 550,367 Chic Ind & Lou Grand Trunk Grd Trk W 4,403,613 DGI1Sc M Canada Atl Illinois Cent_c 4,770,265 92,736 Tol Peo & NV.. 383,679 Tol StL & W_ 2,338,352 Wabash 821,849 Western Md rrntstl 15 A32.839 1914. 1913. 1912. 1911. 1910. $ $ 3 $ $ 838,817 762,152 868,165 1,015,458 904,938 1,067,558 1,253,247 1,144,804 1,287,023 1,098,816 522,151 526,493 571,614 562,638 535,987 4,543,680 5,048,541 4,653,475 4,437,438 3,965,002 5,281,493 5,350,214 5,263,768 4,901,492 4,046,852 96,149 111,224 107,055 103,194 131,209 317,765 306,306 396,220 293,967 369,976 2,337,655 2,598,496 2,401,377 2,502,647 2,457,343 612,814 606,952 589,676 711,148 718,044 15.880.733 17.047.823 15.918.185 15.413.186 14.521.172 b Fourth week not yet reported; taken same as last year. C Includes earnings of Indianapolis Southern beginning with July 1910 JULY 10 1915.] THE CHRONICLE We now add our detailed statement for the month of June, comprising all the roads for which it has been possible to procure returns for that period up to the present time. GROSS EARNING S AND MILEAGE IN JUNE. Gross Earnings. Name of Road. 1915. Alabama Great South Ann Arbor Buffalo Roch & Pitts_ Canadian Northern_.. Canadian Pacific_ _ Chesapeake & Ohio.._ Chicago & Alton Chicago Great West.._ Chicago Ind & Louisv Chic N 0& Tex PacColorado & Southern_ Denver & Rio Grande Denver & Salt Lake.... Detroit & Mackinac Duluth So Sh & Ad_ Georgia Sou & FlaGrand Trunk of Can Grand Trunk West ff Det Or Hay & Mil Canada Atlantic-_ Great Northern Illinois Central Louisville & Nashv Mineral Range Minneap & St Louis..} Iowa Central Minn St P & S S M__ Mo Kan & Texas a.._ _ Missouri Pacific Mobile & Ohio Nevada-Cal-Oregon_ _ Rio Grande Southern_ St Louis Southwest Southern Railway_ __ _ Tenn Ala & Georgia.. _ Texas & Pacific Toledo Peor & west Toledo St L & West Wabash Western Maryland_ _ _ Yazoo & Miss Valley.. 1914. Mileage. Inc. (-I-) or Dec. (-). 1915. 1914. $ y265,696 y128,179 925,432 1,201,300 6,990,000 3,550,992 y815,043 1,171,221 550,367 y520,244 982,073 1,831,600 151,700 84,109 290,136 y109,856 $ $ 309 309 -12,687 y278,383 294 294 +5,427 y122,752 581 +57,267 586 868,165 -454,000 4,965 4,670 1,655,300 9,561,000 -2,571,000 12,921 12,039 +323,908 2,372 2,367 3,227,084 +64,794 1,033 1,033 y750,249 +5,392 1,429 1,496 1,165,829 -21,247 618 617 571,614 336 336 -66,394 y586,638 -4,034 1,828 1,867 986,107 +16,300 2,585 2,585 1.815,300 +20,644 255 255 131,056 411 -10,251 400 94,360 627 627 -4,968 295,104 y140,850 395 -30,994 395 4,403,613 4,543,686 5,065,223 4,770,265 4,126,280 86,304 796,296 6,262,945 -1,197,722 8,077 7,803 5,281.493 -511,228 4,767 4,769 -331,501 5,034 4,941 4,457,781 122 77,251 120 +9,053 +9,390 1,646 1,646 786,906 • 2,091,217 2,276,263 4,496,000 874,300 y23,627 46,819 810,000 4,691,369 5,678 1,295,711 92,736 383,679 2,338,352 821,849 891,715 2,192,415 2,335,461 4,703,000 1,082,345 y24,028 45,472 861,000 5,232,400 6,343 1.280,812 103,194 396,220 2,337,655 711,148 850.422 -140,073 4,533 4,533 -101,198 -59,198 -207,000 -208,045 -401 +1,347 -51,000 -541,031 -665 +14,899 -10,458 -12,541 +697 +110.701 +41,293 4,103 3,865 7,284 1,122 274 180 1,753 7,022 97 1,944 248 451 2,518 661 1,382 4,090 3,865 7,285 1,122 239 180 1.753 7,010 97 1,884 248 451 2,515 661 1,372 Total (41 roads) 59,955,244 65,821,768 -5,866,524 88,034 86,468 Net decrease (8.91°A) a Includes Texas Central in both years. y These figures are for 3 weeks only. 85 After discussing briefly the extent of utunined deposits the Court takes up the Reading group, declining to go into any charges before the reorganization in 1896. In considering the question of unlawful combination under the antitrust Act of 1890 with special reference to the mining and transportation of coal, the Court holds that a miner must in common prudence look to the future, and may acquire surplus coal lands, even in large amounts, saying on this point: "it is elementary prudence to look ahead. * * * Since coal is a much desired article, he (the miner) is not only serving himself, but is serving the consumer also when he takes the necessary measures to prevent the supply from being exhausted or interrupted. And we are not aware of any Federal statute which has declared it unlawful to lay in a large supply of raw material. * * * The mere size of his stock does not make a merchant an offender against the law." Regarding injury to rival producers and the public, the Court says: Except as stated, no discrimination or oppression against other producers and sellers has been proved against the three Reading companies. No deal er has been prevented from going into business, and no shipper has been prevented from shipping all he produced. The coal company meets competition in all the markets it reaches. Everywhere along the Reading Ry. the coal of other shippers over that route meets its own coal, while at many points the Pennsylvania RR. and the Lehigh Valley RR. bring the product of other mines. In more distant markets it faces the competition of all its great rivals. Neither is there any proof that the price of coal has been extortionate or unreasonable. Even in times of scarcity there has been no exaction of higher prices, although in such a situation some of the independent producers have taken advantage of the public need. The rates of freight have remained for years substantially as they now are, and (except in the case of certain shippers over two other roads, not defendants, that reach the anthracite field), the Inter-State Commerce Commission, with full power of regulating the subject, has not interfered with these rates. Indeed, the Commission heard and dismissed a complaint against the reasonableness of the rates charged by the Reading Ry. and other carriers at the suit of William R. Hearst several years ago. Neither does the evidence support the charge of the bill that "the transportation of anthracite by railroad at the rates now and and for a long time past in force has been and is enormously profitable"; and this charge is not pressed in the Government's brief. And the mining of coal during the years from 1898 to 1913, inclusive, has resulted in a profit to the Coal & Iron Co. of no more than 18% cents per ton, while its miscellaneous receipts increase its income to about 20 cents. As to the united control of the Philadelphia & Reading Coal & Iron Co. and the Lehigh & Wilkes-Bane Coal DECISION FOR COMPANY IN GOVERNMENT SUIT Co., Judge McPherson says: Upon the facts thus stated we think the union of these interests in the AGAINST THE READING. Holding Co. is condemned by the rules laid down in the Northern Securities The United States District Court at Philadelphia on case, 193 U. S.. 197. and in U. S. vs. Union Pac. RR. Co., 226 U. S., 61. Saturday last held in the suit brought by the Government It must not be overlooked that the sole subject of the present suit is the Inter-State and foreign trade in anthracite coal, while the Reading Ry. on Sept.2 1913 (see "Chronicle" of Sept.6 1913, pages 666-7, and the Central RR.interchange a vast amount of other traffic which is of and Sept. 19 1914, page 821) against the company and others very great value to both systems. This traffic is not complained of in any particular; its importance was pointed out by Judge Lanning in that the Reading Co. and its allied companies, the Phila- suit, and unless the friendly and mutually advantageous alliancethe former of the two Reading By. and the Reading Coal & Iron Co., railroads in this particular must be destroyed in order to reach an unlawful delphia & have not been guilty of violation of either the Sherman anti- combination in another particular that would otherwise escape, we are not disposed to ownership of the Central RR.'s trust law or the commodities clause of the Inter-State Com- stock. Thedisturb thethat were affectedHolding Co. in theSecurities case railroads by the Northern Act. Judge McPherson wrote the opinion, which is and by the Union Pacific case differ in many respects from the roads that merce 101 typewritten pages in length • and is concurred in by serve the anthracite field; and (if the Reading Ry. and the Central RR. alone were concerned) the argument of counsel that lays stress on these Judges Buffington and Hunt. The Government announces differences would require careful attention. But, since the real competiwill take an appeal to the United States Supreme tion with which we are now concerned is in the markets and not between that it the carriers, we cannot consider these two railroads alone. The two coal Court. companies also be taken into account, and in our opinion it The Court states that it delayed its decision until that in union that lendsmust force to the Government's complaint. As weis their most underLackawanna & Western case (which was given stand the facts, if the Central RR. were divorced from the 'Wilkes-Barre the Delaware Coal Co., the object of the bill would in this respect be substantially at length in the "Chronicle" last week on page 17) had been attained, and (as this particular matter was not argued by counsel) we sughanded down by the Supreme Court. gest it for their consideration when the scope of the decree comes to be The decision in the Lackawanna case, the Court points determined. The remaining question is under the commodities clause. out, was based upon the fact that the Supreme Court held that the Lackawanna RR., originally the owner of coal, As to this, the Court finds that the facts presented in the retained an interest therein, and was therefore prohibited Reading case do not bring it within the recent decision in from also carrying the coal, while in the case of the Read- the Lackawanna case, which rests entirely on the construcing the railway company never owned coal at all or had any tion of a certain agreement that was there attacked. Under interest in it. Upon the evidence the Court, therefore, the agreement in that case the Supreme Court held that the holds the Philadelphia & Reading Ry. and the Reading Coal Lackawanna RR.,which was originally the owner of the coal, & Iron Co. are distinct and separate corporations. still retained an interest therein, and was therefore proThe decision is favorable to the Government in three hibited from being the carrier as long as the agreement was minor respects only, the most important of these being in in force; whereas, the Reading Ry. never owned coal at all regard to the ownership of nearly all of the stock of the or had any interest in it. The questions are stated to be Lehigh & Wilkes-Barre Coal Co. by the Central RR. of whether the coal is in substance and reality mined or proNew Jersey. Further reference to this matter is made below. duced by the Reading Ry. and whether the railway, while After giving a summary of the bill and answers in order transporting the coal, has any other interest therein, direct to explain the issues presented, the Court divides the de- or indirect. fendants into two groups, one headed by the Reading The Philadelphia & Reading Ry. and the Coal & Iron Co. (Holding) Co.and the other by the Lehigh Coal & Navigation are on the evidence held to be distinct and separate corCo. The only connection between the two groups,it is stated porations. On this point the opinion says: is by reason of a certain agreement made in March 1871. But even a lawful right, originally used for a lawful purpose, may afterThis agreement, the Court says, does not violate the laws wards be used to attain an unlawful object. Although the organization of their of the United States, and therefore the Lehigh Navigation the companies may have been lawful, and although since alliance may also have been lawful, the question remains, have they offended? And, group need not be further considered. The Government is, especially, have they offended against the commodities clause? To be however, allowed to proceed against this group if it desires exact: Has the Reading Ry. since May 1908 carried coal that had in been mined or produced by it, or to do so. The bill is dismissed against the canals and the substance and realitywhole or in part, or in which it hadunder its authority, or which it owned in any interest, direct Wilmington & Northern RR. as negligible features. or indirect? In our opinion, these questions must be answered in the 86 THE CHRONICLE negative, unless the long-established legal conceptions concerning corporate organization ought not to prevail in the present case. These conceptions are so deeply rooted in the theory and practice of the law that an immense readjustment of legal rules would be necessary if the legal separateness of a corporation were to disappear and be replaced by the rights and liabilities of the individual stockholders. The theory of separate corporate entity has been of enormous value, and while it has been sometimes abused, there is no doubt that industrial society is largely based upon its conspicuous features of distinct and separate existence and of limited liability. The abuses have been exceptional, and the law has not overlooked them. Where a corporation is a mere screen for an individual, or where one corporation performs a similar office for another, the device has not been allowed to stand in the way of justice and fair dealing. But we may safely say that in practically all such instances the element of fraud or bad faith is to be found, and it is certainly rare to find a situation where such an element is secure from successful attack. The cases already decided by the Supremo Court make the distinction between good faith and bad faith. * * * If, then, the Government can succeed in the present case, it must offer evidence to satisfy the rules laid down by these decisions; and this brings us to consider what facts have been proved. That the law has been consciously and deliberately violated we do not believe, and decline to find. But as the commodities clause does not make the carrier's state of mind an essential element in the offense, the question is still open whether the Reading By. and the Coal & Iron Co., whatever their intention may have been, have in fact so conducted their affairs as to violate the law. After reviewing at length the evidence on this subject, the Court decides that the commodities clause has not been violated by the Reading companies, saying: The constitutional questions referred to by the Chief Justice in United States vs. Delaware & Hudson Co., 213 U. S., 367, were not discussed and we can only suppose that they wore regarded as not presented by the Lackawanna record. Of course, these questions are not presented by this record, either, if the conclusion we have reached is correct; whether they are presented in case that conclusion should be wrong must be decided not by us, but by the ultimate tribunal. The essential difference between the Lackawanna case and this, as we have pointed out before, is that here there has been no change or attempted change of ownership or interest in the coal—the railway has never owned it, or had any legal interest therein, and the questions presented appear to be those already referred to at the beginning of the discussion on this branch of the case. In our opinion, the commodities clause has not been violated by the Reading companies. HOWARD ELLIOTT ON THE TRANSPORTATION PROBLEM AND RELATIONS OF CAPITAL AND LABOR. The relations between capital and labor were dealt with in an address on the transportation problem delivered by Howard Elliott, Chairman of the Board of Directors and President of the New York New Haven & Hartford RR., at Independence Day exercises on the estate of Prof. W. H. Schofield of Harvard University at Peterboro, N. H.,on the 5th inst. Mr. Elliott predicted that as capital organizations have been compelled to submit to legal restraints, so in the future must the labor organizations do likewise if the nation is to go forward and accomplish its high purpose. The nation's development, Mr. Elliott averred, has in the last few years been hampered by a flood of unwise legislation. In part his remarks were as follows: Among the problems of national importance to be solved, if we are to continue to advance, is one of particular interest to New England and one In which I am engaged—namely the transportation problem. This country could not have grown from its four millions to its one hundred millions, without transportation facilities. Their proper relations to the nation. State and individual require the thoughtful consideration of all. Most people, however, do not realize the magnitude, complexity and enormous energy of a railroad. They expect it to do its work well and they complain when it does not. It looks simple and easy to see a train passing through the landscape. The railroad is really a very delicately adjusted piece of machinery that quickly can become inadequate and unsatisfactory, and when out of gear it takes a long time to readjust it. In the United States there were in 1914, 252,959 miles of railroad, or 8.51 miles for every 100 square miles of territory and one mile of railroad for every 391 people. The total revenues of the roads for that year were $3,047,019,908 and the expenses $2,196,754,000, and the balance, $850,265,908, was returned to the people in the shape of taxes, interest and a limited amount of dividends There are possibly 1,500,000 individuals holding the securities, in one form or another, of the American railroads. They and the employees and their families represent at least 12,000,000 people whose daily bread and butter is involved in the success or failure of this great American transportation machine, or about one-eighth of the population. The par of the outstanding capital is $20,247,301,257, or between one-ninth and one-tenth of the estimated national wealth. In New England the owners and employees of its transportation lines with their families represent at least 700,000 people, or more than one-tenth of the total population. These people are your neighbors and Mends and their rights, comforts and feelings must be carefully considered in any discussion as to the best method of solving the New England transportation problem. A very grave question to-day is whether under present conditions the railroads can ho ready to serve the people when the next great uplift in business comes. It is not only a material question but a social and moral one. Speaking recently of the railroad problem of to-day, Professor Seligman of Columbia University said: "To combine the maintenance of reasonable private profits with the legitimate demands of social progress is the railway problem of to-day." To-day, from one cause or another, more than 30,000 miles of railroads with securities of $1,815,900,000 are in the hands of receivers, and several other great railroads are on the ragged edge: In 1896, when times were so very bad, there were about the same number of miles and the same amount of capitalization in the hands of receivers. This, it is needless to say, is not a healthy condition for the country. Notwithstanding all the complaints made against our railroads, the fact remains that they pay the highest wages and sell their transportation at the lowest FRASER prices and furnish more per dollar invested than any railroads of Digitized for [VOL. 101. any country in the world. We should compliment the railroads for this and be proud of them. Instead, of late years, we have attacked them and have criticised this wonderful transportation machinery, while those in other lands have realized that the work of the American railroad builder, owner and employee has been marvelous; and this in spite of the mistakes incident to the great task of building and re-building 250,000 miles of railroad since the Civil War. The Comptroller of the Currency said in his recent annual report that there were 11,000,000 depositors in savings banks with $5,000,000,000 to their credit. Much of this large sum is invested by these banks in railroad securities, so that those 11,000,000 people have a very vital interest in having the railroad industry sound and profitable. The conservation of this industry is vital to the country, and owners and managers should be helped rather than hindered in their honest efforts to make it more useful and efficient. The time at our disposal in which to prepare for the additional growth of the country is short, for can anyone believe that the United States, with 100,000,000 people, with $10,000,000,000 of new agricultural wealth produced each year, and nearly $18,000,000,000 in banks and savings instituOf course it is not. It is going ahead again tions, is to stand still? and people will want coal, iron,steel, lumber and merchandise and manufacarticles moved in greater quantities in the next ten years than ever tured before. To do this, transportation must be available and the machinery for producing it cannot be created over-night but must be prepared ahead of time. Why is it that this piece of machinery which all admit is so necessary to the welfare of the country—which impartial critics think is such a wonderful work—which represents so large a part of the wealth and population of the country and is so closely interwoven with all of our activities, has been looked upon with suspicion and disfavor? Whenever.a new railroad has been projected the people have welcomed the promoters and offered all kinds of inducements—but when the road is built they forget that it must be nourished in order to live. One reason for this suspicion and disfavor, perhaps, is a lack of understanding on the part of the public as to the magnitude of the enterprise and the difficulties of successful administration. Much has been written and said by many to try and explain it. In the last ten years I have sent out over 1,000,000 pamphlets pointing out the facts, and others have done similar work. The railroad is a great manufacturing plant, turning out its product, transportation, for the benefit of all other manufacturers and people. The transportation business of New England represents in round figures a billion dollars in capital, while the manufacturing business represents $2,670,000,000, and they are absolutely inter-dependent. One cannot succeed without the success of the other. Another reason for the suspicion and disfavor is that in the struggle to build railroads and to make fortunes in the process, a few men—and only a very few of the thousands of high-minded men in the business—did things that are not now considered right and proper—and were not right and proper then—but were n accord w th the accepted spirit of the times. Similar practices were in vogue in other fields of human endeavor. Railroad men are not more perfect than other business men. They are drawn from all ranks of society and are influenced by the trend of public opinion. In spite of all, however, a great work was done and the railroads, as a whole, are worth to-day to themselves and to the public, all their capitalization. I believe a fair valuation of the properties, following the principles laid down in various decisions of the Supreme Court of the United States, will show this to be the case. This wonderful machine that serves the country should not be condemned, crippled and rendered unable to prepare for the future because of a limited amount of unwise financing and unsuccessful management in the past. Another of our problems is that of the proper treatment of capital organizations, or corporations. The great railroads that are such efficient servants of the nation could not have been constructed without them. In 1800 the total number of corporations in this country was 225, and to-day there are 350,000. They are necessary to carry on the great business of the United States. Because they were a new and untried method of doing the business of the country some errors wore made. Men obtained great power, and in their intense desire to be successful some of the owners and managers demanded efficiency without enough consideration of the human unit and profits regardless of the public weal. This policy created trouble, but owners and managers are awake to the situation to-day and realize that they must pay close attention to their duty to the public. Large and strong corporations, wisely managed, are absolutely necessary, and bad ones are gradually being eliminated. A few strong and ambitious men used the great powers of corporations unwisely, and as a result the country was aroused against them and all sorts of laws were passed in an effort to correct evils, and, as is often tho case, some of the remedies were worse than the disease. There are signs now that we are approaching the time when the country will obtain the full benefit of the corporate form of doing business, without the evils. Another present-day problem is that of legislation. Because of some mistakes by railroad owners and managers, and by those engaged in other forms of corporate business, the suspicion and disfavor, of which I have spoken, developed, and a class of critics has grown up in this country who have made a living by agitation and by advocating unnecessary legislation. Probably a large number of the alleged evils would have gradually corrected themselves and the country would be far better off with less instead of more laws. For example, in 1913, 1,395 bills were introduced into the Legislatures of the various States, and 230 became laws, all relating to the details of practical railroad operation, most of which would be better left to the men trained in the business. There are about 4,000 legislators, national and State, and during the last sessions of the national and State legislatures 43,403 pages of laws were enacted, covering 20,510 chapters and 151,083 heads or sub-heads. During this same period there were 28,000 decisions by courts of appeal, and these decisions have the force of statutory law. With this deluge of legislation affecting all kinds of business, it is not surprising that the country staggers and cannot go ahead with constructive work. Another great problem before the country is that of the labor organizations. They are a part of our complex social machinery, but they have not yet found their place. In the struggle to create the great railroads and the great corporations the relation of labor to them was not, at times, carefully enough considered. As a result, laboring men united, and, little by little, the great labor organizations were developed and they now have very large powers. But just as the people took notice of the errors of the capital organizations, or so-called trusts, when they believed that they were ignoring the public welfare and passed the various regulatory measures in an effort to eliminate the bad and retain the good, so will the country in time consider the problem of the labor organizations and correct any errors in them. JULY 10 1915.1 THE CHRONICLE 87 The groat leaders of capital, :ts 1 ,,iy, obtained tremendous power which advertising, rents, royalties, insurance, traveling, and the like, as well as his payroll or labor cost before he can figure upon a share for himself. has been curtailed and regulated by law. The time will come when the great unregulated powers now exercised by the leaders of the great labor Deducting the miscellaneous expenses there remained in 1909 a fund of organizations will be regulated in the same way. I believe the majority $889 per employee to be divided between labor and capital. Of this sum of our people feel that when a man earns his living by working for a public $590 or 66.4% went to labor and $299 or 33.6% went to capital. But service corporation, he enters into a moral contract to do that work upon a part of capital's share must be used for the replenishment of capital and which the whole people depend until he is mustered out of his place in some is neither interest nor profits. If this depreciation allowance be estimated orderly manner: that he owes that duty to soelety just as much as a soldier at 5% of the capital invested, it is found to be $124 per employee, which owes a duty to remain in the army until he is released in a lawful manner. leaves $175 for interest and profits. With no allowance for depreciation. I further believe that, sooner or later, some plan will be evolved by public the share of capital appears to be practically half that of labor. With due opinion that will bring about a satisfactory adjustment of this great and allowance for depreciation, the share of interest and profits appears as practically three-tenths that of labor. Similar calculations applied to the complicated labor problem. census figures for 1899 and 1904 show that not only are payments for services higher at each successive census, but that they bear a larger proLABOR RETURNS PROPORTIONATELY GREATER THAN portion to the total which is divisible between capital and labor. They show that the aggregate return of capital is a smaller proportion of this THAT OF CAPITAL. total, and that after proper allowance is made for depreciation, The often current assertion that in the division of the interest combined have declined to an even greater extent. profits and share goes to capital product of modern industry the larger If it is not true, as many have claimed, that the worker gets only oneand that labor is allotted only a meagre pittance is refuted fifth of product, neither is it true, as the Socialist leaders contend, that he gets only one-half. Such a proportion is figured out by the Socialist Conby a committee of the National Civic Federation which was gressional Handbook before quoted by disregarding all miscellaneous excharged with an investigation of the matter. The inquiry penses. But it cannot seriously be maintained that miscellaneous expenses was conducted by the Federation's Committee on the Div- incurred by the manufacturer are in the nature of a return to capital. Nor, as the is it possible, as other Socialist authorities attempt to ision of the People's Income, which finds that capital, do, to report shows, miscellaneous expenses between capital and labor, apportion such times as much of the product as nor to eliminate any considerable fraction from the payments for salaries instead of receiving four does labor, as is not infrequently claimed, receives only on the ground that it represents disguised profits. The report attempts to answer the anticipated objection that some big half as much. The committee making the investigation manufacturing industries are notoriously profitable, and says: Pape of Waterbury, Conn., Chairman; "How," it will be asked, "does Henry Ford pay such big wages out of consists of W. J. But the Ford factory does not and could not meet such Prof. John B. Clark of Columbia University and Rev. its returns as this?" of such returns as this. The figures above do not present payroll out John A. Ryan of St. Paul Seminary, St.Paul,Minn. In an present the earnings and expenses per worker of the Ford factoty or any announcement dealing with the results of the investigation other conspicuous success. They are general averages for between 200,000 and 360,000 plants, big and little, efficient and non-efficient. The autothe Federation says: mobile factory that was in the hands of the receiver in 1909 had the same The committee was charged with an investigation of the oft-repeated relative influence on the census figures as Henry Ford's factory. Henry assertion that in the division of the product of modern industry the lion's Ford did not begin his present system of paying labor, usually described share goes to capital and that labor is allotted only a meagre pittance. as a minimum wage of $5 a day until 1914, but in 1909 his business was The committee not only finds that this view is widespread, but that the prospering magnificently. The fact that it was prosperous and that it is figures of the Census are cited in its support. Not infrequently it is stated increasingly prosperous now no more proves all other automobile factories that of the annual product as little as ono-fifth goes to labor and that and all other manufacturing plants to be equally profitable than the Calucapital absorbs as much as four-fifths. In this extreme form it finds freHocla proves one copper mine to be as good as another. quent expression in the verbal and printed utterances of the rank and file met and If several of the pioneer automobile manufacturers had been Henry of the Socialist Party. The assertion is based upon a statement set afloat to lower,the price of the Ford automobile soon after the results of the 1900 Census were announced. This was to Fords, the result would have been raise the Ford wage schedule. The meaning the effect that the census proved the average annual product per worker to the consumer instead of to of this profit-sharing system must not be underestimated. It has made In manufacturing industries to be $2,420 (sometimes stated as $2,471), of big profits seem criminal unless accompanied by high wages. But that the which he received only $437 in wages, which is 18%. It is believed to have all other industries would mean been originated by "The Appeal to Reason," a Socialist weekly which has extension of the same pay schedules to evident to any man who understands how small often repeated it in different forms. The report of the committee contains widespread bankruptcy is is the average margin of profit. . . . letters from many Socialist writers, some of whom approve this view, It is impossible, says the report, to show similar comparisons for each while others take a more moderate position. The report also shows that census for the last sixty years, because the basis on which the census has this is not an official doctrine of the Socialist Party, which has never enbeen taken has been altered. The figures available are compared as far as dorsed it in its platform. In fact, the Socialist Congressional Campaign possible. The committee reaches the following conclusions: Handbook for 1914 states the "percentage of wealth produced received by "While the average annual wage in manufacturing industries has inthe worker" as 51.17%. Nevertheless, the 18% proportion has been repeatcreased from $247 to $518 in sixty years, the normal rate of interest has ed so often and denied so seldom that it is frequently assumed to be true. decreased one-fourth. Though it is a statistical error of the first magnitude, it has become one of "Wages and salaries aro both still increasing, and the increase was esthe common-places of popular economic thought and is not infrequently pecially large from 1899 to 1909. repeated by those in high places. "While early statistics are unsatisfactory on the point, there is no eviFor instance, about a year ago the Vice-President of the United States, dence that the worker's share of the product is lessening. In fact, during as reported in the newspapers, said in a commencement-day address: ten years covered by the three manufacturing censuses that are exactly "In 1850 the proportion of the annual wealth created in the country by comparable, the trend of the percentages has been distinctly upward. If the joint efforts of labor and capital was one-fourth to labor and three- the average wage and the average wage-salary are discouragingly small, fourths to capital. Sixty years later the proportion had changed to less t is because the average product and the average net earnings of industry than one-fifth to labor and more than four-fifths to capital. This disper worker are discouragingly small. proportion, to my mind, has much to do with our present discontent." "All our capital, our wealth of invention, our energy, industry and orIn view of the currency thus given by so many present-day writers and ganization have so far enabled us to produce little more than $1,000 per speakers to the belief that labor receives but one-fifth of the product or worker in the most highly developed industries which are most effective industry, the committee has undertaken an extended investigation of n producing wealth. It is not improbable that, could the entire field of available statistics bearing upon this point. The conclusion reached is production, agriculture as well as manufactures, and all enterprises, great that, in general, after miscellaneous expenses and the cost of materials and small, be compressed into the tables, this average would be consideror supplies are deducted, the net earnings in industry are divided twoably diminished. thirds for wages and salaries and one-third for interest, profits and the "All that the people of the country need, and want, and hope to do, must upkeep of capital, since out of this share the capitalist must sooner or later for the present be paid out of these relatively small returns. If in the provide for depreciation. Instead of receiving four times as much of the future an increased output per worker should result from betterments in product as does labor, capital receives only half as much. So far as the the application of capital or labor, or both, to industry, experience seems division between labor and capital differs in different branches of industry to show that the worker would secure the major part of such increase. it appears to be due mainly to the need for different allowances for the But whatever the sum to be divided is or may be, to see that this income upkeep of capital. is fairly apportioned without being lessened by high charges, negligence, Before reaching its conclusions the committee examined and analyzed idleness or waste by employer or wage-earner, or dissipated in labor wars, census figures on manufacturing, mines and quarries, the Interstate is the proper the function of our leaders in business, in labor organizations and Commerce Commission's figures on steam railroads, and express companies in politics. and the financial statement of the American Telephone and Telegraph Company (Bell system). It states that these statistics cover the labors of more than ten million wage and salary earners, or more than 25% of the RATE ARGUMENTS CONCLUDED. "gainfully employed" reported by the census, and certainly the majority WESTERN FREIGHT of those who work for wages and salaries. There are no further statistics Oral arguments in the Western freight rate advance case, available, national or State, and no important addition could be made unless it were possible to carry out the same investigation in agriculture. which were begun before the Interstate Commerce CommisIn this field, which in 1910 employed 6,143,799 farm laborers, definite sion in Washington on June 22, were concluded on June 26, wage statistics are wanting. The more than 6,000,000 farmers are small the five days being devoted to a discussion by attorneys for capitalists as well as manual workers, and consequently the relation of inter-state railroads and shippers as to the reasonableness wages to product in agriculture is difficult to ascertain. The trap into which so many who undertake to reason from the census of the proposed advances in Western territory. With the have fallen lies in the hasty assumption that the "gross product" of manuconclusion of the arguments, the case was referred to the facturing industries is the measure of the wealth produced. The committee shows that the wage-earner does not produce the $2,420 at which the per Commission, which is expected to make known its decision capita product was valued when completed. His materials, which cost at an early date. According to an announcement by $1,395, must be charged up to him and consequently deducted from the Chairman McChord of the Commission the hearings schedgross product. "In 1899 the materials used," the report continues, "were equivalent to uled for this month in Chicago on commodities other than $1,395 per worker, and since the products were valued at $2,420 per worker, those on which argument was presented at Washington will the difference, $1,025, represents the value per worker which manufacbe cancelled, since the carriers have agreed to suspend these turing has produced." This is the Added Value which, the report says, is the true product in proposed advances until September. Testimony covering manufacturing industry. It was the amount of new wealth produced per the application for increased freight rates in Western Trunk wage-earner. The census publications explicitly point out that this is the Tarriff Committee territories was • figure which best represents the net wealth created by manufacturing Line and Southwestern industry, and warn their readers against the error caused by using the gross taken in Chicago before Commissioner Daniels during product which includes the value of materials used. March, April and May, and with the termination of the Out of this Added Value the manufacturer must meet the miscellaneous that final arguexpenses of conducting his business which consist of payment for taxes, proceedings in the West, it was announced 88 THE CHRONICLE ments would be heard by the Commission in June. Briefs for and against the increases were required to be filed by June 10. The railroads submitted a general brief supporting their contention that the proposed increases are necessary to enable them to earn a fair return for their properties and at the same time maintain efficient service. A committee of Western State Railroad Commissions, headed by Clifford Thorne, filed an argiment against the proposed increases on grain and grain products, declaring that the carriers based their claim for advanced rates on the needs of "weak and bankrupt roads." Swift & Company and Armour & Company filed briefs opposing increases on fresh meats and packing house products and on fertilizers. In their general brief the railroads reviewed at some length the testimony presented to the Commission at the hearing which was concluded in Chicago on May 13 and argued that additional revenues for the railroads involved were imperative. The Thorne committee in its brief on grain rates touched on this general question, and contended that the roads generally were not entitled to additional revenue. The carriers argued from the testimony that the Commission should find that "the time mentioned in the 1910 advance rate case has come, when 'from a survey of the whole field of operations there is evidence of a movement which makes against the security and lasting value of legitimate investment and an adequate return upon the investment of these properties,' and that the increase in rates for the purpose of an increase in revenue is justified." They also rgued "That notwithstanding the investment of large amounts in additions and betterments of roadway and equipment for the purpose of greater efficiency, the carriers have not been able to overcome the steadily increasing cost of service, but are facing a constantly declining net rate of return from operating revenue. "That the operating expenses, including taxes and hire of eqipment, have increased more rapidly than the operating revenues and that said Increase in operating expense is due to causes beyond the control of the carriers. "That the question of the necessity for additional revenue and of the general level of the rates should be determined by a composite showing of financial and operating conditions and the rate of return of all of the lines within the territory and not by individual or selected lines. "That the revenues of the carriers principally involved in this proceeding are not sufficient to allow them to earn a fair return upon the value of their properties, and at the same time maintain the service rightfully demanded of them by the public." The State Commissions' committee took direct issue with the reasoning of the roads. After declaring the carriers had failed to show that the proposed increases were just and reasonable the committee's brief said: "We believe that a full consideration of the record will show that there Is but one real reason which the carriers have suggested as a justification for the proposed increase on rates on grain or grain products in the Western territory, and that reason has been more or less frankly admitted by the representatives of the carriers, and the reason is that some of the Western roads are in need of additional money, and it is claimed that the need of the weak and bankrupt roads is a justification for the advance of freight rates upon transportation on all the lines in the West. This Commission has repeatedly held that such a reason is not legal justification for an advance in freight rates. "It certainly is a novel suggestion that every time the officials of some one or more of our large railroad systems shall fail in the management of the properties entrusted to their care and bring failure and bankruptcy upon the roads as a result of unwise investments or even corrupt and criminal practices, that such roads may join with all of the prosperous roads in the country and ask them to unitedly go to this Commission and ask for an increase in freight rates upon all of the business of the country to a basis that will make it possible for the bankrupt roads to restore their shattered credit and to give full value to what would otherwise be worthless securities, and that at a time when the railroads as a whole are being paid more money for their services than at any time in this country." C. C. Wright, representing many interested roads, maintained that conditions would be fairly shown by using forty-one western roads to give a composite picture. In his brief (printed in the "Railway Ago Gazette") he said: The question naturally divides itself into three interrogatories, viz.: (1) What is the revenue of the carriers and what return are they receiving upon their property? (2) What is the cause of the low returns? (3) What ought the carriers to earn? We submit that the showing as to the 41 roads, which has been presented by the carriers, is the fairest way possible in which to determine the actual revenues of the roads in the territory, throughout which the advance in rates is proposed. It is true that there are some small lines which are omitted and that there has not been included in this group some which are known as transcontinental lines, and which will receive an incidental, small advantage by the advance. It is true, some of the lines extend into territory outside of that involved, but sub-groupings make it plain that the 41 roads reflect the condition in the territory. Attention is particularly directed to the exhibit in relation to the net operating income of the various years. It is shown that the operating revenues for the period 1908-1914 increased $1,348.42 per mile of road, as compared with 1901-1907, but at the same time, the operating expenses, hire of equipment and joint facilities increased $1,407.34 per mile of operated road. The taxes in the second period, over those in the first, increased $115.17 a mile, while the rental and net lease of road decreased $20.95. As a result, the net operating income of these roads, on an average for the last seven years, has been $153.14 less than the average of the seven years immediately preceding. If the last six years are taken, as against the six years prior to that period, the results will not be materially different. It will be noted that in only four of the years in the last seven, has the net operating income per mile operated, equaled the lowest net operating [VOL. 101. income during the prior period of seven years. In no year in the last seven has it equaled the highest yield in the prior seven years. The average for the second period was $2,045.34, as against $2,198.48 for the first. It will be noted also that in 1909 and 1910 the return was much greater than in 1914. In three of the last seven years, the net operating income per mile has been less than $2,000, while it was less than $2,000 in only one year in the first period, which was the year 1904, when all business was paralyzed. If one compares the year 1913, one of large volume of business, with the year 1907, it is readily seen that the operating income per mile for 1907 was $260 in excess of that most propserous year in the latter period. If a comparison is made of the last five years, that is, 1910 to 1914, inclusive, with the five years immediately preceding, it will be seen the decrease is even greater than in the preceding seven-year period,so that any grouping of the years which may be selected indicates a declining not operating income per mile of road. Comparing the lowest year in the latter period with the lowest year in the first, shows a decline of $159.93. Comparing the highest year in the second period with the highest year in the first period, shows a decline of $285.63. A like comparison might be made by taking the two and three lowest in each period, or the two and three highest in each period. It would seem that these exhibits lead irresistibly to the conclusion that the net operating income per mile of road of the carriers is declining. It is shown that in 1914 It was only $1,963.36 per mile of road and that for the average of the last seven years it was only $2,045 34. If the road and equipment cost, as shown in the exhibits and from the books of the carriers, represents the value of the property, it will be seen that the earnings for the last seven years yielded a net return of 4.19%. In the year 1914, the earnings returned only 3.81%. A comparison of different years in the same period demonstrates the decreasing rate of return, as well as the insufficiency of the revenues. The highest year in the first period was 1907, when it was 5.64%, and the highest year in the second period was 1909, when the return was 4.61%. During the first period, in no year did the return fall below 4.55%. In only one year in the last period d d it reach that figure; that is, there is only one year in the last period when the rate of return was as high as the lowest year in the first period. If comparison is made with the earnings in 1914 and the year immediately preceding, it will be seen that the returns had fallen from 4.44 to 3.81. The reports of the fiscal year 1915,so far as yet received, would indicate that 1915 was no better than 1914. The last five years of this period may be compared with any other five years that may be selected, but still the rate of return is less in the last five years. Even the panic year of 1904 was better than any year since 1909. This showing of the carriers is not met by any counter evidence, because It cannot be. By grouping of strong roads protestants were able to show an earning above 6% on the group selected, but they were not able to show a return of 7%,even after making deductions from road and equipment of amounts which they had pointed out as, in their opinion improperly included, and without adding anything for working capital, during any of the periods. Even under the showing of selected groups by the protestants, the same downward trend was apparent. That the labor costs have been a material element in the increased expenses of the carriers is not only apparent from the special study of operating ratios, which was made by the commission, but appears conclusively from exhibit 15. This exhibit shows the increase in wages paid. year by year, on account of the increase in rate of pay. The exhibit was prepared to Include general officers and also excluding general officers. It will be noted that the increase has been greater when the general officers are excluded than when they have been included. That is particularly noticeable in the last seven years. The increase in labor costs has not been uniform. From 1902 to 1903 there was a very large increase, being a little over six and onehalf million. The increase for 1903 to 1904 was over four and one-half million. There was a material increase from 1907 to 1908, being nearly six million, but in 1909 there was a decrease of nearly two and one-half million over 1908. In 1910 the increase was over fourteen million, and in 1911 over twelve million. It will be noted that this increase came at about the time of the decision of the commission in 1910. This exhibit shows that the increase in expenses, due to increase in the rate of pay for employees, was in the year 1914 over 1900, $85,167,085.95. On exhibit 17 is shown the increase in taxes and the increase due to the advance in the rate of taxation. It shows that taxes in 1914 were $17,628,142.61 more than they would have been, if computed on the rate of taxation in 1901, or $179.06 per mile of road operated The increased labor costs, due to the increase in rate of pay, was $865.11 more per mile of road operated in 1914 than it would have been under the 1900 wage scale. This makes a total increased operating expense per mile of road operated, due to increases in the rate of pay for employees and the rate of taxation by states and municipalities of $1.044.17 per mile, which would be equivalent to a return of 2.02% upon the cost of road and equipment. In other words, if the same wage scale and the same rate of taxation had been applied in 1914 as in 1900 and 1901, the carriers would have been able to have earned a return of 5.83 % upon the cost of road and equipment,instead of 3.81 %. This very definitely locates a large element of the increased cost. Exhibit 18 shows in detail the increase in cost of material and other Items. Attention is directed to the fact that since 1909 the cost per mile of road for material and other items has increased more than $400. A study was made to determine as far as possible the relation of the maintenance costs. It was a recognized fact that maintenance costs, par- • ticularly of equipment, has increased in the last few years. The ratio of maintenance of way and structures to the revenue has decreased in the last seven years over what it was in the preceding seven years and there is only a small increase in the ratio of maintenance of way and structures expenses to the cost of road and equipment. On.the other hand, maintenance of equipment shows that it has increased faster than the revenue and faster than the cost of road and equipment. For the first period the total maintenance costs were 26.69 % of the revenue, and in the second period 29.24 % of the revenue. In the first period the maintenance expenses averaged 4% % of the value of road and equipment, and in the second 5.29 %• An examination of this exhibit, however, will disclose a rather uniform advance. It does not indicate an abrupt advance, due to change in accounting methods, in 1908. The increase, 1901 to 1907, in maintenance of equipment, amounted on these roads, to approximately $54,000.000. From 1908 to 1914 the increase was approximately $52,000,000. The gradual increase of this cost of maintenance of equipment would indicate that it was not due to the latter period to the depreciation account, but was the result of far-reaching causes. Maintenance of equipment shows a much more radical increase. It will be observed, however, that maintenance of equipment per mile of road shows a steady advance. There was no sudden advance from 1907 to 1908. In 1906 maintenance of equipment per mile of all tracks operated was $809.22, in 1907 $894.01, in 1908 $849.08 and in 1909 $887.10. In Wettling's Exhibit 29 the carriers assembled the amount of maturing obligations for the next seven years. This was for the purpose of indicating that the carriers involved in this case must renew a large amount of obliga- JULY 10 1915.1 THE CHRONICLE tions or place new securities beyond the amount necessary for additions and betterments each year. It is true that the building of new roads in this territory has almost entirely ceased. It is not believed that the public is going to be satisfied unless additional lines are constructed. Every indication is that it will require as much for additions and betterments annually in the future as it has for the last seven years, therefore these various carriers must raise at least 8100.000,000 a year from some source, n addition to the amount necessary to refund or re-finance theirmaturing obligations. For 1915 they would require over $155,000,000 for additions and betterments and to take care of maturing obligations. A noticeable fact in this connection is that the increase in capital liability has been largely made by the increase of interest-bearing obligations, rather than by the increase of stock. Exhibit 28 shows that in 1910 the capital liabilities represented by stocks were 46.33 %, by bonds 53.77 %. In 1914 this had changed so that the ratio of stock to total capital liabilities was only 37.74 % and the ratio of bonds and funded debts had risen to 62.26 %• The facts disclosed cannot help having an unfavorable effect on the borrowing ability of these carriers. What we mean,'however, is that for new money and for money which is needed for additions and betterments aard the development of the property, the carriers are not now able to borrow on as advantageous terms as formerly; that they have about reached the limit of their borrowing capacity on top of their present debt; and that they are not able to float their stocks, because of insufficient revenues to guarantee dividends commensurate with the risk. The only authoritative statement of the rate of return to which a carrier is entitled is found in the decisions of the courts in cases where the court has been asked to enjoin the enforcement of legislative acts or the orders of commissions, reducing rates or curtailing the revenues of the carrier. These cases must, of course, be based upon individual conditions, i. e., the court can consider only the rate of return to be received by the particular line asking tho injunction. The question before the Commission, in considering an application of this kind, is, of course, much broader. This undoubtedly has been recognized by the commission, but we desire to suggest, in this connection, that when they are considering the reasonableness of rates, the rate of return upon a single line, or upon two or three lines, operating in a territory, can form no criterion as to whether or not the rates are reasonable. This is apparent from the fact that one line, under the same rates, may earn 8, 10 or 12 % upon the value of its property, while another.line may earn only 4 or 5 % upon the value of its property. It is in recognition of this fact that we have presented the matter as though all the lines in the territory wore operated as one line. This must rest upon the assumption that the maintenance of these lines is all necessary and proper. The-carriers in this case have based their contention upon the right to earn at least 7 % upon the value of their property. In the Minnesota Rate Case, the circuit court held that the carriers in question in that case were entitled to earn at least 7 % upon the value of their property. While the case was reversed by the Supreme Court of the United States, the position of the circuit court as to the rate of return to which the companies were entitled was not reversed nor criticized. In a case, not yet reported, which has been decided, pending this present hearing, by the district court of Arkansas, it was held that the carriers in that section had the right to earn not less than 734 % upon the value of their property. These and other cases indicate very clearly that the carriers in the territory in question, as a minimum, are entitled to 7 % upon the value of their property. The advances in this case were expected to increase the revenues of the carriers by about $10,000,000 per year, as stated in the opening. The evidence and a more careful analysis of it discloses the fact that the estimate was too large. If the increase were $10,000,000 a year, it would make the full net operating income of these roads only $203,286,463.22,and would increase the rate of return by only a small fraction of one per cent. In round figures, the rate of return in 1914, if the proposed rates had been applied, would have been 4 % and such rate of return must be considered to be below anything that oven the most radical could claim to be reasonable. It would not pay the interest on the bonds, assuming that 100 % value of the property could be bonded at the rate of interest accruing on the underlying mortgages. In this connection, and to meet what appears to be the opinion of the Supreme Court in recent cases, the carriers have attempted to separate the costs of the freight and passenger business and ascertain the rate of return upon each class of business. There being no authoritative method for the separation of expenses the carriers used various methods and any or all of them are only approximate. We believe them to be such reasonable approximations that they may justly and rightly be used as the foundation for an opinion. Under these bases, as shown by Exhibit 30, the ratio of expenses, including taxes, hire of equipment, etc., to revenue on the freight business, runs from 75.14 to 76.98, and the rate of return under these different bases, on the freight business, varies from 4.23 to 4.68 %,so that on any of the bases used there is such a margin of insufficiency of return as to render negligible any possible errors in the bases used. From this evidence, it seems that but one conclusion can be drawn, and that is, the increase in rates for the purpose of increase in revenues has been justified. If this conclusion is correct, it remains only to determine in what place and upon what commodities the advance shall be applied. It would be impracticable to make the advance of rates in either of the sections of the territory involved upon such commodities as grain, live stock and packinghouse products, without making a corresponding advance in the other portions of the territory. Clifford Thorne, representing the State Railway Commissions, in opposing Mr. Wright's argument as to the showing of the 41 roads for which he is spokesman, asserted that, "Some folks have different ideas on these issues. These gentlemen have taken a selected list of a half dozen of the subsidiary companies of the Southern Pacific Railroad and put them in their forty-one roads and left the Southern Pacific out. These subsidiaries are earning deficits and the Southern Pacific is one of the best properties in the West." Mr. Thorne also said the carriers had failed to include in their composite list the Great Northern, Northern Pacific and Union Pacific on the ground that these were transcontinental lines, although the Sqnta Fe, a transcontinental road, had been included. He asserted that the present request for an increase was but an entering wedge, and that if the contention that the book cost was the real value of a road and that 7% was the fair return on such value was hold 89 to be sound doctrine, the people of the country would find themselves in a few years paying increased rates amounting to $500,000,000 annually. In the statement filed by Mr.Thorne and other representatives of state and public service commissions it is claimed the level of freight rates on the western railroads are from 20 to 60 % higher than those on the railroads in the eastern territory and that in 1913 the net revenues of the railroads in western territory as a whole above all operating expenses amounted to $420,000,000, being the largest, with the exception of 1910, in their history. These railroads, it is said, are making additions and betterments which they have charged to operating expenses and they are now seeking to secure more money so they can have a surplus with which they can build additions. "Tersely stated," said Mr. Thorne's statement, "the issues in this case center around the one question, Who shall pay for additions and betterments to railroad property? The public interests demand better service, safer transportation and improved facilities; but it also demands that the railroads themselves shall build these improvements and the public will then pay a reasonable return on their values." In his argument on the concluding day of the hearing Mr. Thorne declared that the carriers had failed to show need of increased revenue, and that many of the roads concerned are making far more than 4 % on their investment. He said grain and livestock shippers would suffer most if the increases were allowed; that the farmer, who makes under 4 % on his investment, would be forced to contribute to the railroad's pockets. T. J. Norton of the Atchison,Topeka & Santa Fe Railroad also argued on behalf of forty-one of the petitioning lines, and A. E. Helm, commerce counsel of the Kansas Railroad Commission opposed the proposed increases on grain and grain products. Mr. Norton said the farmer did not pay the freight, that it was paid by the consumer, but that the farmers' organizations were fighting the proposed rate increases in a systematic fashion. Mr. Helm insisted that farmers did pay the freight on grain and said that every increase in rates was reflected in the price the farmer got for his grain at the farm. He argued that the increase on grain and grain products alone would bring the carriers more than $10,000,000, the sum mentioned in some of their briefs as the added revenue to be expected from all increases. Mr. Helm declared that the revenue of all the principal grain roads in the western territory enabled them now to pay 7 % dividends. He argued that the burden of proof that an Increase was necessary was on the carrier. Poor management, bad securities or financial blunders, he argued, had nothing to do with increasing freight rates. Such an increase in grain rates, he contended, could be justified only if the carriers showed that cost of transporting grain had increased. CASE INVOLVING 5% REBATE ON IMPORTS TO GO BEFORE SUPREME COURT. The petition asking the U. S. Supreme Court to review the so-called "5% discount case," was granted by the Court on June 21. An application for a review of the case had been filed at Washington by Solicitor-General Davis on June 11. The Supreme Court's decision to pass upon the rebate case was handed down on the day of its adjournment for the summer recess. The case is to be argued before the Court during its next term, beginning in October. As noted in our issue of May 29th, the Court of Customs Appeals at Washington on May 26th upheld the clause in the Tariff Act of 1913, granting a discount of 5% on duties imposed on goods imported into the United States in American vessels, and at the same time decided that all merchandise imported in vessels of nations with which the United States has so-called "favored nation" treaties is entitled to a similar discount. The Government argues that "neither in the language of the Act nor in its legislaiive history is there any indication of a desire on the part of Congress to grant this discount to goods entering in vessels of any other than American registry." The petition filed on the 11th ult. further said: "The Board of General Appraisers and,the minority of the Court of Customs Appeals so considered; but, holding that these treaties of commerce and navigation were promissory only, executory and not self-executing, they found the grant to American bottoms unimpeded by the existence of the treaties. The majority of the Court of Customs Appeals, on the other hand, held the treaties to be self-executing, and a legislative declaration against abrogating, impairing or affecting them to be tantamount to an express grant of 5% discount to treaty bottoms. "But Congress, in what seems unmistakable terms, and for a definite purpose, confined the discount to American bottoms. It cannot be supposed that it intended at the next moment to destroy the entire economic 90 THE CHRONICLE and maritime effect of this discrimination by granting a like privilege to practically all the great trading nations of the world. "If the initial clause and the proviso of this section are irreconcilable and mutually destructive, the statute is void. "Notwithstanding the customary presumptions in favor of the validity of a legislative Act, it will not do to abandon the legislative intent in order that a forced meaning may be substituted. Better that the words used should be declared inadequate for the purpose intended than that interpretation should usurp the function of legislation. "The cases at bar are believed to have had much to do with the passage of the Act amending Section 195 of the Judicial Code, approved Aug. 22 1914. "In accoreance with that Act the Attorney-General, before the decision of the Court of Customs Appeals was rendered, filed in each case a certificate to the effect that the case was of such importance as to render expedient its review by the Supreme Court. It is manifest, moreover, that there are drawn in question sundry treaties made pursuant to the Constitution of the United States. The cases are class cases, representative of a multitude of similar claims. The questions involved are of general importance and of great consequence to the public revenues. "It is respectfully submitted that writs of certiorari should issue as prayed." A brief in opposition to the petition of the SolicitorGeneral was filed on June 15 by counsel for various importing establishments. It was contended that the Customs Court was right in holding that not only imports in American bottoms should receive the discount, but also those in vessels of countries having "most favored nation" clauses in commercial treaties with the United States. Collectors of customs wore notified on June 22 that inasmuch as the Supreme Court had agreed to review the case, they were to continue to collect the full tariff duty on all goods no Matter whether imported in American bottoms or in bottoms of treaty nations, and suspend liquidations pending the decision. The notice was as follows: (T. D. 35540.) FIVE PER CENT DISCOUNT. Collectors informed of appeal to the United States Supreme Court of the "Five per cent cases" and instructed to continue to collec duties in full and suspend liquidations pending the decision of the United States Supreme Court. Treasury Department, June 22 1915. To Collectors and Other Officers of the Customs: The United States Supreme Court has granted the petition of the United States for a writ of certiorari for the purpose of reviewing the decision of the United States Court of Customs Appeals, dated May 26 1915, in the "Five Der cent cases" (T. D. 35508), involving the allowance of 5% discount on duties under sub-section 7, paragraph J, section 4, of the Tariff Act of October 3 1913. Collectors of customs will therefore continue to collect duties in full with out making the 5% allowance in question and suspend liquidations pending the decision of the United States Supreme Court. WM.P. MALBURN,Assistant Secretary* Subsequently, on June 25, a modification of the above was issued to collectors of customs, as follows: Referring to T. D. 35540 of the 22d inst., relative to the "Five per cent cases," collectors of customs will continue to collect duties in full without making the 5% allowance, and will not suspend liquidations pending the decision of the United States Supreme Court. T. D. 35540 is hereby amended accordingly. GERMAN FINANCES AS SEEN THROUGH GERMAN EYES. Mr. R. Diamant writes us: There was published the other day in one of the European newspapers an interesting review of stock and money market conditions in Germany. This review made, as it is, in Germany, gives of course, the German view of things. As a contemporary contribution to the financial literature regarding the war, the statement, although partisan in many respects, is interesting. Its tenor is about as follows: In contradistinction to other countries, no official dealings have as yet been permitted on the German Stock Exchange. This should not in any way be adversely construed in regard to conditions in Germany especially. It is a fact that whatever official trade takes place on the Paris and London stock exchanges is also subject to various restrictions, so that the transactions on these stock exchanges cannot be considered to reflect the real economical and financial conditions of these countries, in so far as the latter are translated into stock exchange quotations. The small number of securities in which transactions are permitted and the minimum prices imposed on them give sufficient testimony of this artificial condition. In Germany, it has been considered from the very beginning that an absolute absence of official trade under such restrictions would be in the public interest. All efforts were bent, however, to fortify the money market and to place it at the service of the financial requirements of the German Empire. The advantages of this cautious policy have demonstrated themselves in the diversion of the savings of the nation towards the investing in the general war loans, and that on a scale as -never was expected nor thought possible. As the German public, whom the course of the war has inspired with confidence, was familiar with the tremendously increased production of a large number of German industries, engaged in the manufacture of war materials, It was quite natural that a demand should spring up for the shares of these enterprises. No official trading on the stock exchanges being permitted, an active outside market for these securities was originated. This trade has expanded very much of late, and was marked by an increased participation of the capitalistic classes of the country. This has recently induced the big banks of Germany, which had kept away from dealings in Stock Exchange securities, to take part in these non-official transactions, thus far conducted by the smaller fry of the financial community. We consider this a new step in the direction of the re-opening of a free and untrammeled trade in German securities. The reason why the big banks did not engage In this trade at an earlier date was, that they preferred to adhere to a cau- EvoL. 101. tious attitude, made imperative by the accumulation and the application of capital in the conduct and for the facilitation of the war. The conditions on which the big banks commenced to embark again upon the trade in securities have been seriously discussed during the past month. It was feared that the entrance of the big institutions, and the larger scope given thereby to the dealings in securities, would result in a recession in prices, after the rise which had been recorded so far. This fear has been found unjustified. It is true that the market hasmot since expanded in a degree that could have been expected from the extrance of the big banks in the field of non-official trade, but this is likely due to the fact that the clients of the banks do not show any desire to sell their securities. As a matter of fact, a buoyant feeling is in evidence, expressing itself plainly in the trend of the quotations. Notwithstanding that the two German war loans, aggregating about 14 billion marks, have been almost entirely subscribed for and are held in Germany, the larger scope given to dealings in securities has not in any way affected the price of these new issues. The first war loan, which was issued at 97%, less 0.35% commission, is now quoted at 99%. The second war loan, which was issued at 983, less the same commission, is now quoted , 99.40. Although the subscriptions on the second war loan amounted to 9 billion marks, the demand for this loan has continued, and the daily sales foot up many millions. The floating supply of those securities has become so small that the other bond issues of the German Empire and its Federal States of the 4,3% and 3% interest types, have experienced a rise, owing to the existing demand for this class of securities. This is an indication of an extraordinary increase in savings, which latter is also evidenced by the statistical returns of the savings banks. According to these statements, the net increase of deposits during the months of January and February amounted to respectively 390 million marks and 290 million marks, which compares with increases of respectively 128 million marks and 74 million marks in the same months of last year. (The results for March were less favorable, however.—R. D.) The investment demand in Germany is so insistent that the quotations on the bonds of well-established industrial enterprises show increases all around. That the securities of those corporations which are actively engaged in selling their products to the army have registered a considerable rise, follows as a matter of course. Aside from the particular incentives, therefore, this also illustrates the generally strong attitude of the market. The following comparative quotations of securities now being actively traded in, also giving the dividends paid since the outbreak of the war, can be submitted: —Quotations— End of Begin. of Divs. July 1914.July 1915. Paid. General Electric Co.(A. E G.) 210 208 10% 192 Siemens & Halske Elec. Co 192 10% Bergmann Electrical Co 90 130 5% Adler Bicycle Factories 250M, 305 17% Daimler Automobile Co 32831, 500 16% 280 Deutsche Arms & Munition Co 430 20% 375 280U Ludwig,Lowe & Co.(Arms) 30% 296 Assoc. Coln-Rottweiler Powder Factories 415 25% 1893i Bochum Steel Association 200 10% 154.90 Gelsenkirchener Mine Co 6% 163% 204 Phoenix Steel Co 10% 2193-i 127% 206 Bismarck Steel Co 9% 115 206 Hirsch Copper & Brass Co 8% Factories 365 440 Baden Aniline 19% 370 432 Elberfelder Paint Factories 19% All of the above companies have received large war orders from the Government. The following quotations of German bank stocks, which are an indication of the economic condition in general, may also be given: End of Begin'g Divs. July 1914. July 1915. Paid. 130 Reichsbank 145 10.24% 218 220 Deutsche Bank 10% Disconto-Gesellschaft 170 167 8% Bank 138 Dresdner 134 6% The above quotations of the shares of the leading banks of the country give an idea of the continued strong attitude of the market. This is also stimulated by the fact that the balance sheets of these institutions, covering the year 1914, have been made up along very safe lines. This latter fact has increased the confidence of the public in the efficient leadership given to business. The above is the statement from German sources as published abroad. In regard to the remarks made pertaining to bank management, the following observations of the "neutral correspondent," who hasjcontributed a number of most interesting letters about German conditions to the London "Times," are worth quoting: Besides the German Imperial Loan fund and the War Credit banks, there are large numbers of war credit banks in which municipalities and local districts are interested. Their chief object is to support the middle classes and the smaller trades during the war. Other specialized institutions do a class of business more strictly defined. Thus there is a Life Insurance Mortgage Bank, which grants loans not only to holders of life policies, but also to the insurance companies, whose resources have been strained by the numerous claims arising out of the war and are not in a position to realize their assets. There are special loan banks which lend money on second and third-class mortgages, provided the owners of the mortgages can prove that their wants are due to the war. These loans are granted up to one-fifth of the amount of the mortgage. There are further special institutes of credit for theatrical enterprises, and for other professions whose members are suffering from the war. In short, the country is covered with a network of institutions organized on a large scale to meet the needs of the population, except, perhaps, those of the working classes, who, however, have credit arrangements of their own. Nothing has been overlooked, and no means neglected of upholding the credit within the country. Yet inside and outside Parliament pressure has lately been put upon the Government to widen the sphere of credit for the trading lower classes, and it appears that the larger manufacturing and trading concerns are in straits. They are relying more and more on advances from Government departments. Not only are the banks overloaded with paper securities, but business, large and small, is burdened with heavy amounts of war loan and other paper. It may seem strange that these difficulties have not yet had any real influence upon public confidence. The explanation is that, though the people may have lost faith in a really overwhelming victory, they not only hope, but believe, that the enemies of Germany will have to pay for her losses. To my surprise I found this view expressed even in the banking world. One well-known banker admitted that the German war loans already amounted to £725,000,000 sterling, carrying an annual interest of E33,000,000. "There will," he said, be more war loans, but our enemies will pay it all back." This optimism is not shared by the highest financial authorities. Their confidence is less marked. The President of the Berlin Handelsgesellschaft, one of the strongest German banks, made a significant remark when referring to a special reserve called "War Burden and war damages reserve," which his bank had put aside. He explained that it had been created, not for the war, but for the peace," "Because it is impossible to know what peace will bring." Another leading financier said that the value of securities and other assets had been so written down that further losses seemed inconceivable. "But," he added, "It is better not to prophesy until peace has actually been signed." Otto Johlinger, writing on the economic condition -of Germany, in one of the German newspapers, calls the attention to the remarkable degree of JULY 10 1915.1 THE CHRONICLE adaptation to changed conditions that has been shown by the German inin dustry. He says that the well-known department store of Wertheim Berlin has founded a factory for the manufacture of shells in one of the Berlin suburbs, the restaurant Kempkinski established a factory for canned meats, the silk factory of Girmes at CreteId was remodeled into an estabfactory lishment for the production of ammunition, while an artificial silk manuat Frankfurt is now engaged in drying and canning vegetables. The out. facture of felt hats at Guben was brought to a practical standstill at the break of the war. It was immediately suggested to the army authorities helmet coverings. This that the soldiers be equipped with felt hats and felt Guben was tried out, and proved so successful that the felt hat factories at war now have more orders than they can comfortably execute. The large industrial orders received by industrial establishments have enabled the the war loans. corporations to subscribe for large amounts to 91 A commission of one-eighth per cent will be allowed to bankers, brokers and financial houses on allotments made in respect of cash applications for this issue bearing their stamp; but no commission will be allowed in respect of applications for conversion. Application forms for cash subscriptions may be obtained at the Bank of England and the Bank of Ireland; at any bank or money order office in the United Kingdom; of Messrs. Mullen, Marshall & Co., 13 George St., Mansion House, E. C., and of the principal stock brokers. Application forms for conversion will be forwarded with each letter of allotment. The list of applications will be closed on or before Saturday,July 10 1915. .1. P. MORGAN & CO.'S PURCHASES OF WAR SUPPLIES. We present these statements with no other comment than that they form an interesting contribution to our knowledge D.A.Thomas,M.P., who was appointed by David Lloyd of the manner in which the present conditions in Germany are George last month to come to the United States to coviewed by German writers. operate with J. P. Morgan & Co. in the purchase of Great Britain's war supplies, arrived here on the 5th inst. Speaking of his mission, Mr. Thomas is quoted as saying: PROSPECTUS OF BRITISH WAR LOANS. "My business in the United States is to co-operate with J. P. Morgan & In this connection Co. in the purchase of munitions of The prospectus of the new British war loan has been made I wish to say that there has been no war for England. criticism of the manner in which Mr. public as follows by the Bank of England: his contracts. What criticism there has been was Morgan has fulfilled % The issue will take the form of stock or bonds, bearing interest at 434 chiefly in Canada and was to the effect that Canada had not been favored -yearly on June 1 and Dec. 1, price of issue fixed in the matter of contracts as much as the Milted States. I know nothing per annum, payable half -year's dividend will be his Majesty's Treasury at £100%. A full half by know that American business men and Canadians are by "The about it, but I do paid on Dec. 1 1915. The stock is an investment authorized quitedifferent and that may be the trouble. I shall investigate the reports therein notwithstanding that regarding the unfair treatment of the Canadian firms in the giving out of Trustee Act, 1893." and trustees may invest value of the price may at the time of investment exceed the redemption the Government when I go to Canada, which will be very £5%, contracts by £100%. Applications, which must be accompanied by a deposit of London, E. C., soon." will be received at the Bank of England, Threadneedle St., As indicating the part J. P. Morgan & Co. have taken in of any banker and may be forwarded either direct or through the medium for even furnishing war munitions and supplies for the European naor stockbroker in the United Kingdom. Applications must be hundreds of pounds. the firm has smaller tions at war, it was stated on the 4th inst. that Arrangements are being made for the receipt of applications for handled contracts amounting to more than $500,000,000 the Post Office. amounts than £100 through Further payments will be required as follows: for the account of foreign Governments since the war began. £10% on Tuesday, Sept. 14. . 40% on Tuesday, July 20, Of this amount about $400,000,000 worth has been purTuesday, Sept. 28, £10% on £15% on Tuesday, Aug. 3, £10% on Tuesday, Oct. 12, chased for the British Government since the Morgan firm £15% on Tuesday, Aug. 17, £10% on Tuesday, Oct. 26. £15% on Tuesday, Aug. 31, was appointed agents for that Government in this country in The Governor and Company of the Bank of England are authorized to Government applications for this loan, which will take the form either of inscribed January, and $50,000,000 worth for the French receive stock or bonds to bearer, at the option of the subscribers,. has been contracted for within the last month,since the MorIf not previously redeemed the loan will be repaid at par on Dec. 11945, gan firm was appointed by the French Government to act in but his Majesty's Government reserve to themselves the right to redeem the British Government. loan at par at any time on or after Dec. 1 1925, on giving three calendar the same capacity as it does for the months' notice in the "London Gazette." Both capital and interest will About $150,000,000 worth of war supplies, it is stated, was be a charge on the Consolidated Fund of the United Kingdom. purchased by the British Government in this country during The books of the loan will be kept at the Bank of England and at the 1. the early months of the war, part of which the Morgan firm Bank of Ireland. Dividends will be paid half-yearly on Juno 1 and Dec. post. Dividends on stock will be paid by warrant, which will be sent by had placed. All of the contfacts, it was understood, had Dividends on bonds will be paid by coupon. placed with firms in the United States. The Morgan Inscribed stock will be convertible into bonds to bearer at any time been in without payment of any foe, and bonds to bearer will be exchangeable firm, it was said, had not given any contracts to firms for inscribed stock on payment of a fee of 1 shilling per bond. which it was interested. It is explained that of the total of The installments may be paid in full on or after July 20 1915, under dis50,000,000 worth of war supplies contracted for by the count at the rate of 4%% per annum. In case of default in the payment of any installment by its proper date, the deposit and the installments Morgan firm, only a small proportion had been paid,although previously paid will be liable to forfeiture. firms. This explanation pay- advances have been made to some Scrip certificates to bearer, with coupon attached for the dividend the impression that the large purchases able on Dec. 1 1915, will be issued in exchange for the provisional receipts. was given to correct As soon as these scrip certificates have been paid in full they can be inscribed of war supplies had ben responsible for the fall in foreign to (i.e., can be converted into stock); or, they can be exchanged for bonds exchange. The low quotations were due, it was said, to the bearer (as soon as these can be prepared) in denominations of £100, E200. in this country of grain and foodstuffs. £500. £1,000, £5,000 and £10,000. Inscribed stock will be transferable enormous purchases in any sums which are multiples of a penny. In London, on the 3d inst., Lord Curzon, replying to a Holders of £4 10s.% War Loan, 1925-1945, will have the additional speech of Lord Grinthorpe said that the latter erred in right, in respect of each £100 stock (or bonds) held by them, and fully-paid commission for financing purin cash, to exercise one or other of the four following options of conversion, previously stating that the provided application for conversion is made not later than Oct. 30 1915. chases of the British Government in the United States, was Option 1. Conversion of £3 10s.% War Loan, 1925-1928: was really 1925-1928, to an 2%; the commission, according to Lord Curzon, To exchange stock (or bonds) of £3 10s.% War Loan, (or bonds) of only 1%. amount not exceeding £100 nominal, for fully-paid stock of the forzner, with a £4 10s.% War Loan, 1925-1945, at the rate of £100 cash payment of £5% thereon, for £100 of the latter. Sir Thomas Shaughnessy, President of the Canadian Paci10s. 11d.% Persons who exercise this option will receive the dividend of £1 respect of tho £3 10s.% War Loan, 1925-1928, fic Ry., is another of the arrivals from Europe the past week, payable on Sept. 1 1915, in on Dec. 1 surrendered, and a full half-year's dividend of £2 5s.%, payable interested in England's war supplies. Sir Thomas was a in lieu thereof. 1915,in respect of the £4 10s.% War Loan, 1925-1945,issued passenger on the Lapland, which reached here on the 2d Option 2. Conversion of £2 10s.% Consols: stock certificates) of a 10s.% Consols to an amount inst. Referring to the interest of his road in the matter, he To exchange stock (or £4 10s.% not exceeding £75 nominal, for fully-paid stock (or bonds) of said: the latter. War Loan, 1925-1945,at the rate of £75 of the former for £50 of "The Canadian Pacific fly. will have entire charge of shipments of all receive the usual quarter's dividend Persons who exercise this option will supplies sent from Canada to England. The Canadian Pacific has been payable on Oct. 5 1915, in respect of the £2 10s.% Consols placed at the disposal of the Government. I myself have no official position, of 12s. 6d.%, -year's dividend of £2 5s.%,payable on Dec. 1 in surrendered, and a full half but we hold a place almost identical with that of J. P. Morgan & Co. 1015,In respect of the £4 10s.% War Loan, 1925-1945,issued in lieu thereof. the United States, except that we will have nothing to do with the manufac£2 15s.% Annuities: Option 3. Conversion of ture of shells and ammunition. That work will be attended to by the To exchange stock (or stock certificates) of £2 15s.% Annuities, to an Canadian Shell Commission, which is headed by D. A. Thomas, the Welsh amount not exceeding 167 nominal, for fully-paid stock (or bonds) of coal owner, who will arrive here on Sunday on the American liner St. Louis. £4 10s.% War Loan, 1925-1945, at the rate of £67 of the former for £50 "There is no feeling against J. P. Morgan & Co. because it was underStates of the latter. stood from the first that that firm was to purchase in the United Persons who exercise this option will receive the usual quarter's dividend only. It was reasonable to suppose that large purchases would be made in of 13s. 9d.%, payable on Oct. 5 1915, in respect of the .C2 15s.% Annuities the United States because she has more factories and her facilities could -year's dividend of £2 5s.% payable on Dec. 1 surrendered, and a full half take care of all the war orders placed in the country." 1915,in respect of the £4 10s.% War Loan, 1925-1945,issued in lieu thereof. Option 4. Conversion of £2 10s.% Annuities: an ATTACK ON J. P. MORGAN AND THE ASSAILANT'S To exchange stock (or stock certificates) of £2 Ms.% Annuities, to bonds) of amount not exceeding £78 nominal, for fully-paid stock (or OTHER ACTS. for £50 £4 10s.% War Loan, 1925-1045, at the rate of £78 of the former The attack last Saturday on the life of J. P. Morgan at of the latter. Persons who exercise this option will receive the usual quarter's dividend his country home on East Island near Glen Cove, Long Annuities of 12s. 6d.%, payable on Oct. 5 1915, in respect of the £2 10s.% of moment during the -year's dividend of £2 5s.%, payable on Dec. 1 Island, has been one of the incidents surrendered, and a full half issued in lieu week. Mr. Morgan's assailant, who as a German instructor 1915, in respect of the £4 10s.% War Loan, 1925-1945, thereof. known as Frank Holt, but who of at Cornell University was In the event of future issues (other,than issues made abroad or issues being was this week identified as Erich Muenter (a Harvard Exchequer Bonds, Treasury Bills, or similar short-dated securities) war, instructor who disappeared after having been indicted for made by his Majesty's Government,for the purpose of carrying on the stock and bonds of this issue will be accepted at par, plus accrued interest, the murder of his wife in 1906),killed himself in the Nassau as the equivalent of cash for the purpose of subscriptions to such issues. 92 THE CHRONICLE [VoL. 101. County Jail at Mineola on the 6th inst. Besides his attack inst. by Messrs. Ribot and Gaston Thomson, Ministers of upon Mr. Morgan,Holt was responsible for the wrecking of Finance and Commerce during their appearance before the the Senate reception room in the Capitol at Washington by Committe e of the Chamber of Deputies which is considering a bomb on the 2nd inst. It also developed during the week the moratorium for commercial bills of exchange which are that Holt was a large purchaser of dynamite, and feats that falling due. other disasters might be brought about through his movements were engendered when it became known on Tuesday That there has been taken up voluntarily paper due the that in a letter to his present wife in Texas he said "a steamer Bank of France to the amount of 2,233,000,000 francs leaving New York for Liverpool should sink,God willing,on ($446,600 ,000), notwithstanding that debtors were not the 7th. I think it is the Philadelphia or the Saxonia, but compelled to meet the same in view of the moratorium was am not quite sure as according to schedule these two left on made known in the Chamber of Deputies during the course of the 3rd." Wireless warnings sent to the two vessels by the the debate on the 8th inst. on the bill relating to the continuNavy Department brought assurances from their captains ance of the moratorium. M.Ribot announced that 33,000,that a search revealed no bomb concealments; the discovery 000 francs ($6,600,000) were paid last week. at sea of a fire on board the steamship Minnehaha of the Atlantic Transport Line on the very day Holt predicted the sinking of a vessel and advices from its captain that,the fire MORATORIA AND FINANCIAL MEASURES ABROAD. The London "Economist" in its issue of Juno 19 prints was caused by an explosion led to the assumption that the dynamiter had had a hand in the disabling of that steamer. the following regarding the moratorium in Portugal and The Minnehaha was to have sailed from New York on the Sweden: 3rd but her departure .was delayed until Sunday the 4th. in The "Board of Trade Journal" announced in March that the moratorium Portugal had been extended and She carried no passengers and had a crew of 158 men. Capt. dated June 5, conceding a further in the current issue it quotes a Decree. extension in respect of the liquidation Claret late Thursday reported the fire as under control; of all bill business transacted on the Lisbon and Oporto markets prior to August 3 1914. Article 1 of the Law stipulates that 10% of the amount with its discovery the vessel was headed for Halifax, reach- due will have to be paid by September 6 1015; a further 15% by October ing that port on yesterday. The steamer has a large cargo 6 1915 and three other payments of 25% each by January 6, April 6 and July 6 1916, respectively. of ammunitions. In Sweden ailloyal Decree. dated May 25, extends the operation of the bolt's acts were those of a fanatic. In a statement con- moratorium as regards creditors domiciled abroad to October 1. This cerning his attack on Mr. Morgan last Saturday he said extension, that States, thehowever, does not apply to creditors domiciled in the United Netherlands, Norway, Switzerland or Spain. his motive was "to try to influence Mr. Morgan to use his influence in the manufacture of ammunition in the United States and among millionaires who are financing the war NEW BLANKS FOR REPORTS OF NATIONAL BANKS. loans to have an embargo put on shipments of ammuniti Some modification is noted in the blank forms on which on so as to relieve the American people from complicity in the the National Banks reported under last week's call (June 23). deaths of the thousands of our European brothers." The new blanks were sent to the banks by Comptroller • Apparently Holt visited Washington on the 2nd and after Williams under date of June 19. One of the items setting the bomb at the Capitol left on a late train for old forms, but which is missing in the now blank, on the called for New York reaching here early in the morning of Saturday; a statement of overdrafts during each of the years since 1910. as to whether he had time to go aboard any steamer before It is also observed that the banks are not required in the journeying to Mr. Morgan's country estate is questioned; latest blank to supply particulars concerning bank buildhe arrived at Glen Cove at 8:50 a. m. Saturday and went ings—gross revenue, net revenue, rent and assessed valuimmediately to Mr. Morgan's house where he forced an ation—which had heretofore been asked, and the fees paid entrance. He carried two revolvers and sticks of dynamite; to directors is another item which has been dropped from with Mr. Morgan's attempt to disarm him he fired two shots the blanks. A new feature in the blank appearing under at the banker, one of the bullets entering the groin and lodg- the head "outside checks and cash items" calls for a report ing near the base of the spinal column, the other piercing of the holdings of internal revenue stamps. the right • groin and passing out through the thigh. Encouraging bulletins came from Mr. Morgan's physicians TRADE COMMISS ION AND FEDERAL RESERVE and family up to Thursday, when the discontinuance of POWERS CRITICISED. the formal statements was taken as an indication that he That the Federal Reserve Act confers on the Secretary of was so completely out of danger that no further announce- the Treasury powers dangerous alike to public and private ments were necessary. interests was the assertion made by U. S. Senator Lawrence While in jail Holt told of his plans to hold Mr. Morgan's Y. Sherman of Illinois at the convention of the Iowa State family at bay with his revolvers and dynamite until he had Bankers Association at Davenport succeeded in getting Mr. Morgan to carry out the objects he Sherman addressed the conventio on June 23. Senator n on the subject of "The sought. He also Admitted that he had planned to throw a Basis of Law Making," and we take from his remarks the dynamite bag into Mr. Morgan's automobile. Before suc- following: ceeding in his attempt to kill himself on Tuesday night Extending governmental regulation by analogy, with something else Holt had unsuccessfully tried to kill himself that day by government is doing, is unsafe unless the nature of the occupation is analyzed. Because the Interstate Commerce Commission has remedied certain opening a vein in his left wrist. He finally made away with abuses it is argued that a like regulation may be extended to himself during the temporary absence of his attendant by interstate business of the country. The two great evils charged the general to common jumping from the top of a cell to the concrete floor a distance carriers were discriminations between shippers and rate making more than traffic would stand. It must be remembered that common carriers have of some fifteen or twenty feet, fracturing hisskull and dying from an early day been impressed with a public interest and subject shortly after. It is reported that Holt besides wrecking the regulation in charges and equality of service to all. Private business to in Capitol had also planned the destruction of various other which no franchise is used and no favors from government asked save the simple right to be a corporation cannot be subjected to the same inquisipublic buildings. The British Ambassador, Sir Cecil Spring- torial processes. To do so will inevitably result in injuring business with Rice, who happened to be a week-end visitor at Mr. Morgan's no corresponding gain. The Federal Trade Commission bill is treated by some as an attempt by home, was at the house at the time of the attack. national law to equalize human ability, not to restrain EXPORTS OF GOLD FROM FRANCE RESTRICTED— MORATORIUM TO BE EXTENDED. Announcement of the publication of a decree prohibiting the export of gold from France except by the Bank of France was made on the 8th inst. This, it is stated, has been done at the suggestion of Minister of Finance Ribot. It has been found that gold which has been exported has not been destined always for a neutral country in settlement of accounts. According to M. Ribot, a free outflow might result in a dangerous traffic. The amount of gold in the Bank of France has been increitsed 13,500,000 francs ($2,700,000) this week as the result of the appeal made by the Government that the gold held by the people be exchanged for bank notes. The declaration that it is the intention of the Government to continue the moratorium, was made on the 8th unfair and unjust practices. It is to be regretted that the primary motive that permeates the act is a spirit of hostility to the large enterprise. It breathes the breath of levelling, not of mere regulation. In hands that seek to destroy, to equalize, to divide, to execute the schemes of socialism, it might become a potent instrument of destruction. Coupled with the amendment to the anti-trust act passed by the same congress, business may well halt its development. The private business, either corporate or individual, willingly submits to regulation. They do not desire however the government to take over the management of their affairs. There is a distinctionjbetween regulation and management. No trade commission can ever successfully usurp the powers of a board of directors. The government is unequal to and incapable of such a task. Business is now enmeshed in a wilderness of statutes made by men who confess they know nothing of actual business. The result is that every person engaged in an interstate business finds every attempt to extend his business involves him in now risks, surrounds him with new difficulties and exposes him to new and unknown penalties. The two acts named prohibit unfair competition, price discriminations, common share-holding in several corporations by the same person and interlocking directorates. No lawyer or business man can tell now what unfair competition is. Competition in private business not impressed with a public interest will continue. It assumes protean forms. Little now territory, few inventions, no improvements, no increased volume of business can be_had_without creating competition. JULY 113 1915.] THE CHRONICLE business methods No board of directors or managerial officer can devise the report of an without imminent danger of having them set aside on Much depends upon Investigator from the Federal Trade Commission. held over every enterthis board. Momentous powers in their hands are mgthods:are decided prise in commerce crossing state lines. If competitive of business aton, contracts made, money invested and an expansion e at its inception. tempted, an order may set aside and blast the enterprisactually occurred, power has It is not that any such specific exercise of that that business men It is the tremendous engine which makes it possible dislike. board of directors Such power substitutes the trade commission for the management, not posof every business enterprise. It is the potential endure weary sible regulation that constitutes the danger. They must interpret and apply years of unprofitable waiting. Courts must construe, volume of private new phrases and principles. To turn the immense provisions in the business suddenly from the duty of observing gondal or lowered by anti-trust law so as to flow under the floodgate to be raised the Trade Commission is a perpetual menace. and vicious in its incepIt is a basis of law making that is unwholesorte on if it does tion. The American people will be fortunate in its applicati is lodged in not become equally vicious in its operation. Where large power tumultuous days few hands, public opinion in the stress and excitement of emerging from a remarkable may work abuse. The American people are excesses has obsessed a era of agitation. A nightmare of governmental for impossible things certain portion of our population. A vast clamor smote the skies. the Secretary of the In the Federal Reserve Act powers are vested in interests. However justly Treasury dangerous alike to public and private tomorrow. It is the most one man may use it today another will abuse it States. Directed long enormous centralization of power in the United Government deposits are against any bank in the system it must yield. criticism that in his hands. He may place or withhold. The often heard by centering the certain bankers once wielded too much power is not met trust the laws of business power in a governmental official. I would rather susceptible to than the unbridled will of a public officer. He is too often just recovering the mere political influence. In an era from which we are be perverted. potential damage is incalculable if the vast power should and misguided • The indiscriminate assault by perverted public opinion and in some official power for several years has impaired market values it avowed that Instances permanently. It has blazed the way. I have heard pointed out tho continued agitation and unfriendly governmental action certain utilities. easy method for government ownership and operation of cheap and easy The shares would be depressed and public ownership made ly Mexicanize This is an open acknowledgment of a purpose to industrial basis of certain certain forms of property. It is a spirit that haunts the be reckoned with in measures kinds of law making. It must in the future of a few seeking to place great governmental powers unsafoguarded in one and dissoluhands. If another era shall again assemble its forces of thaw officials vested tion and suddenly belch their corrosive influences upon to preserve with unrestrained power it would strain popular government private right. INSURANCE NOT SUBJECT TO SHERMAN LAW. A motion for an injunction against the Home Insurance Company of New York to restrain an increase in fire insurance rates in the District of Columbia was denied by Justice McCoy of the District Supreme Court on June 24. The injunction was sought by Jesse W. Lown, who suffered an advance in his premium, and who alleged that the company had "conspired to restrain trade," in violation of the Sherman Anti-Trust Law, in forming, with other insurance companies, the Underwriters' Association of Washington to control fire insurance rates in the District. Justice McCoy dismissed the motion on the ground that the operations of the Sherman Law do not cover insurance policy transactions. The Court said: e transaction of commerc Tjie issuing of a policy of insurance is not a by which Congress within the meaning of the clause of the Constitution nations and among shall have the power to regulatosommerce with foreign the several States. thereto, approved There is nothing in the Sherman Act or tho supplement or "commerce" were Oct. 15 1914, which indicates that the words "trade" Congress has power used as applying to transactions other than those which above referred to. to regulate under the provisions of the Constitution business of fire Consequently, those Acts cannot be held to apply to the insurance in the District of Columbia. DISMISSAL OF CASE BEFORE TRADE COMMISSION INVOLVING USE OF NAME. A case brought before the Federal Trade Commission involving the right of a corporation to use the name of a former member of the firm who withdrew to form a competing organization, has been dismissed by the Board because of lack of jurisdiction, since the question was one in which interState commerce did not enter. The complaint was brought on behalf of J. L. Whitmore, of Washington, D. C. Mr. Whitmore had been a member of the Washington firm of Berry & Whitmore, retail jewelers, but withdrew upon the death of Mr. Berry and established the jewelry firm of Whitmore, Lynn & Alden Co. With the continuation of the old business by a corporation known as the Berry & Whitmore Co., Mr. Whitmore sought to restrain the use of his name by the concern with which he has no connection; he the Berry & Whitmore Co. to concharged that to permit, tinue to make use of the name of Whitmore was an unfair trade practice which the Commission had it in its power to forbid and should forbid. The Commission however, as indicated above, declined to act in the matter on the ground that it lacked jurisdiction. WESTERN HEARINGS OF FEDERAL TRADE COMMISSION. Plans for a series of hearings to be held by the Federal Trade Commission in the West were made known on the 7th inst. The hearings will open in Chicago on July 20; a hearing in Detroit is scheduled for July 21 and in Cincinnati on July 22. After a visit to Indianapolis, the Commission will return to Chicago and from there will go to Minneapolis, Seattle, Portland, Spokane, San Francisco, Los Angeles and San Diego, returning probably by way of New Orleans. Acthreecording to Chairman Davies, the purpose of the trip is fold. First, the Commission desires to give exporters an intimate understanding of foreign trade problems and to obtain from them suggestions as to how these problems may be solved; second, the Commission has received requests from organizations and associations of business men in various lines of trade seeking information as to the legality of certain trade practices, and there will be a frank discussion of these questions; third, the Commission will give informal hearings in connection with a number of complaints filed by persons alleging unfair methods of treatment. Business men will be advised that the Commission has authority to require corporations to make reports to it; to make written answers to specific questions regarding the organization and manageof ment of their business, that the Commission has power investigation over corporations and their relations to other corporations; that it is authorized to investigate and report concerning any violations of the Anti-Trust acts; and that the Commission has quasi-judicial functions to enforce compliance with the Anti-Trust laws. It is alleged that an increase of from 10% to 75% in fire insurance rates has been witnessed in Washington since the l formation of the Underwriters' Association, the principa n increase being in the residential district. While the questio has not yet been definitely determined, it is stated that the case is unlikely to ,be appealed. H. L. B. Atkisson, one of the counsel representing Mr. Lown is quoted in the "Journal of Commerce" as saying: the Homo InIt is hardly probable that the case of Mr. Lown against I believe that the surance Company will be carried to the higher courts, as already been dedecision of Justice McCoy would be sustained. It has insurance is not comcided by the Supremo Court of the United States that it could be classed as mercial; but we considered it debatable as to whether s of the Sherman part trade, thus bringing the question within the provision of the District of and Clayton Anti-Trust Acts. The peculiar situation seemed to require nt Columbia in its relation to the Federal Governme States are protected some such definite adjudication of the question. The Legislatures from such combinations as this underwriters' byjtheir State re of the District of association; and the fact that Congress, the Legislatu protection of its citiColumbia, failed to make some such provision for the s of these Acts is apparzens as to fail to include insurance in the provision to be called to the atently,lan oversight, and one of sufficient importance of Columbia. tention both of Congress and of the citizens of the District object than by having the We know of no better way of effecting this the judicial opinion of a question judicially determined. We now have was a member of the House Justice who, when the Clayton bill was framed, e. His decision is, of Representatives, and of the Judiciary Committe tion than is usually actherefore, entitled to even more weighty considera corded to_the decisions of this lower_Court. 93 WIRELESS STATION AT SAYVILLE TAKEN OVER BY UNITED STATES GOVERNMENT. The wireless station at Sayville, Long Island, the only remaining privately owned and privately operated agency in the United States having direct communication with Germany, was taken over by the Navy Department on July 8, and will be operated by the United States Government until the close of the war. The Government took over the wireless station at Tuckerton, N. J., last September, and has since operated it. An application by the Sayville station private for a license to operate "a new sending set" as a Gercommercial station in the transmission of messages to was refused by the Federal authorities on the ground many t that,inasmuch as the Sayville station was unable to transmi messages to Germany at the start of the war and the addive tions made to the station since then had been so extensi plant to begin such transmissions, it was that it enabled the ng to be regarded as a station constructed since the beginni the war. of The following memorandum made public by Secretary of Commerce William C. Redfield on Thursday, concerning the action of the Government, which was approved by Presi published in the "Herald": dent Wilson, is ion the reported erect I beg respectfully to advise as follows concerning radio apparatus at Sayby the Atlantic Communication Company of new ion of messages to and from ville, Long Island, N. Y., for the transmiss Nauen and Eilvese, Germany: Metz, President, and The Atlantic Communication Company, per II. A. for a license for the Dr. K. G. Frank, Secretary and Treasurer, has applied on of June 17 1915 "the new sendoperation of what it calls in its applicati on for a license was ing set of the Sayville station." The formal applicati 94 THE CHRONICLE [voL. 101. dated April 27 1915, and action thereunder has been deferred pending the chairman; Carl W. Stern, M. B. Schmidt, Emil Strobel, completion of the station, which is now substantially ready for operation. There are features in connection with this application which make it Ainslie Walter, J. M. Klaess, J. Bernard, E. Piffering, seem to me inadvisable to grant the desired license. These are as follows: H. W. Braun, L. A. Repp, Theodore Bach, William G. The Atlantic Communication Company is owned by the Telefunkon Company of Germany, which is itself owned by the Siemens & Halska Company, Whittemore, George J. Kunken, Carl Amend and Philip and the Allegemeine Electrizitats Gesellschaft of Germany. The Siemens J. Cunningham. & Halske interests, together with the Allegemeine group, are the controlling At the instance of Secretary Lansing the conference was German electrical Interests. Dr. Karl Georg Frank, who signs the communication from the Atlantic Communication Company as Secretary and Treas- attended by Cone Johnson, Solicitor of the State Departurer,is the representative in New York of the Siemens Electrical Companies. ment, .and Robert F. Rose, Chief Foreign Trade Adviser. These German interests own the entire stock of the Atlantic CommunicaThe last named has had charge of active negotiations with tion Company,save a few shares sufficient to qualify Mr. Herman A. Metz, Its President, to act as such officer. Mr. Metz is the representative in this Great Britain since the adoption of the British Order in country of prominent'German dyestuffs interests. Council. Secretary Lansing declined to make any anThe German stations appear now to have a duplex management, the milinouncement as to the course which would be pursued as a tary features controlled by the military authorities and the commercial features by tho Imperial Post Office. These stations, tinth controlled, are result of the protest of the importers, nor would he vouchsafe those with which the'Sayville apparatus directly communicates. any information as to the deliberations; on behalf of the The Department is further advised that Professor J. Zenneek, who is Captain of Marines in the German army and who haslbeen during the present delegates, however, the following statement was given out war serving in the trenches in Belgium, was brought to this country as a wit- by Mr. Sharretts at the conclusion of the conference: ness in a wireless patent suit pending in our courts between the Telefunken The importers of the United States, represented by a committee of Company and the Marconi Company. This suit has been put over until merchants, met Secretary Lansing by appointment shortly after 11 o'clock autumn, and on the ground that it is impossible for Captain and Professor in the morning. Mr. Lee Kohns of L. Straus & Sons of New York acted as Zennick to return to Germany, the Atlantic Communication Company is Chairman, and presented the members of the delegation to the Secretary, retaining him at Sayville to make experiments with a view to overcoming after which ho outlined the commercial conditions that prevailed throughdifficulties of static atmospheric conditions experienced in receiving mes- out this country, and asked that the President and Secretary of State sages from Germany at Sayville. In a written statement, copy of which is would secure to them their constitutional and international rights, under attached, dated June 17 1915, Captain and Professor ZannIck states the which they demand the undisputed right to import into the United States duties he will thus assume. non-contraband merchandise from neutral ports, irrespective of its origin, It is an unquestioned fact that the station for which the license is without restriction of any kind. now asked is in all its parts now since the war began; that the machinery has The Secretary of State asked many questions, evincing a study and been manufactured in Germany and shipped hither, and the towers and aerials thorough knowledge of the conditions that have seriously interfered with other apparatus are new; that, in short, what is now asked is not a the business of American merchants by reason of the unwarranted delay license for the continuance of a station heretofore existing, but one for the operation of the shipments and over-sea transportation of American-owned merchanof a station just coming into service. dise. The Secretary expressed a determination on the part of the President It is the opinion of this Department that to grant a license for a new everything in their power to aid the importers of our sta- and himself to ,do tion erected since the war began with German apparatus, avowedly country in securing all the rights to which they are entitled under the laws under German ownership and control, communicating avowedly with sta- of nations and by treaty obligations. He expressed his full sympathy tions known to be under the control of the Imperial German Government , with the importers in their present unfortunate state, and without comand having at least the semblance of acting in a measure under the instruc- mitting himself gave the committee to understand that they might expect tions of the German Post Office Department, having as scientific assist- some favorable action on the part of foreign nations in response to the ants, if no more, an officer of the German marine corps and the representa- State Department's representations. tive in this country of prominent German manufacturing and scientific According to the advices conveyed to Secretary Lansing interests, would be an unneutral act. This Department therefore purposes to decline to grant the license asked under existing conditions. by the committee goods valued at more than $50,000,000 It is noteworthy in this connection that the Marconi Company, which are involved in the cases in which they are concerned. A connects with stations in Poldhu, in Cornwall, and Clifden, Ireland, is not undertaking to operate its trans-Atlantic stations, and has asked no licenses lengthy petition adopted at the meeting of importers held for them, stating in this connection to this Department that its European at the Hotel Biltmore in New York on June 21 and 22 setting stations named, being under the control of the English Government , it out the urgency of the situation was submitted to the Secdoes not think it best to attempt communication with them. This Department, however, deems it important for commercial reasons retary during the conference. In part it recites: that opportunity be extended for the assured neutral use of the Sayville We are engaged in the business of importing non-contraband merchandise station for communication with Germany and Austria, which the Atlantic from Europe, particularly from Germany and Austria. Our trade has been Communication Company say in their application of the 18th of Juno well-nigh destroyed because of our inability to procure goods purchased 'depends largely on the efficient operation of the Sayville station." by us in Germany and Austria. It therefore respectfully suggests for consideration whether equity to all Great Britain has declared its present maritime policy to include "the stopping of cargoes destined for or coming from the enemy's territory." concerned would not best be secured by having the Navy Department of the United States operate the Sayville station, turning over the fiscal pro- (Note of Sir Edward Grey, March 15 1915.) Notwithstanding that this declaration of the British Government ceeds of such operation to its owners and securing them and the does Government of the United States alike against all question of improper use, any declared and maintained blockade of German territory, while not follow from providing for both the valuable service which this station is fitted to we have been unable to induce any steamship companies to carry our render. property, A statement issued on behalf of the Atlantic Communica- goods, American which the either from unblockaded German ports or from goods have been shipped by means of internal neutral ports to tion Co. by President Metz said: land communication. The more fact that Groat Britain does not threaten By order of the President, the Navy Department of the United States has confiscation of our goods if they are shipped does not concern us, because, this day taken over the control and operation of the Sayville radio station first, we cannot get them shipped, and secondly, because we are interested belonging to the Atlantic Communication Company. The new and more In the much greater question of lawfully obtaining an uninterrupted supply powerful transmitting set recently installed by the company, and not here- of our American-owned merchandise, whether the same has been paid for, tofore used, by means of which more efficient service is insured, can now contracted for or may be contracted for in the future. be put into operation. We are not compensated by a payment for a particular cargo after legal Simply for the purpose of protecting its legal and financial and commercial proceedings in the British courts, for we are concerned in maintaining the rights, the company has formally filed protests against the Navy Depart- long-established trade of this country and preventing a sacrifice of American ment's action with the President, and with the State, Navy and Commerce capital invested in our commerce. departments. During 1914 and the early part of this year, we placed large contracts The company is now able to silence the irresponsible criticism which has for merchandise to be manufactured by German and Austrian concerns. been directed against it by loyally co-operating with the officers of the We have obligated ourselves to take this merchandise and now that a United States Navy in maintaining that strict neutrality enjoined by Pres- considerable portion of such merchandise is finished and ready for shipident Wilson's recent proclamation, and which, in all respects, it has here- ment the manufacturers are demanding payment for the same. We are in tofore strictly observed. the quandary of having to pay for our merchandise and at the same time This company has committed no improper or unnoutral act. No charge being unable to got our merchandise. In addition we have sold much of of any such act has been brought to the attention of its officers this merchandise to American business houses to whom we are now by any responsofficial of the United States. The Government censors on duty at the ible for the delivery of such goods. station have carefully supervised all messages sent, and have retained The concession of the British Government that we may receive such copies of the same. The company, being a public service corporation, goods as have been paid for prior to March 1 is of no avail to us. The had no discretion in refusing or accepting messages. As a matter undersigned are responsible American houses enjoying a good of credit, who fact, the station, on account of static conditions, and also on account of in general do not have to pay for their merchandise before it is delivered. lack of power, was unable during the summer months to communicat With all deference to your Excellency, who we know has at heart e with the Germany for more than one or two hours during the night. This diffi- protection of American commerce, we respectfully call attention to the culty will now be overcome by the operation of the new transmitter. Com- urgency of the situation and the pressing necessity of our knowing very munication has been possible for the past few months only when it was soon whether we will be able to conduct our lawful business under the night in Germany and night in the United States, which has been, as here- protection of well-established principles of law upon which we have already toter° stated, only for one or two hours each night. relied, and which have been so ably and aptly pointed out by the State Articles recently published in the newspapers of this and other cities Department in its diplomatic correspondence with Great Britain. attributing unneutral or improper actions to this company, Without wishing to burden you with any unnecossai y statement, were absomay we lutely unqualified and false. This company is prepared to meet every state our understanding of the principles of international law involved in such accusation, if brought to the attention of the officers by any official this matter: of the United States Government. Anonymous or irresponsible 1. A blockade, to be valid, must be declared, maintained, and made attacks have been, and will continue to be, disregarded. effective. Great Britain has declared its blockade and has included in its declaration the entire German Empire. Irrespective of whether in these times a nation may maintain a "long-distance" blockade, IMPORTERS PROTEST AGAINST GREAT BRITAIN'S maintain an effective blockade it surely must of the enemy's ports as against all other BLOCKADE. nations. None of the Allies has even attempted a blockade of the German Baltic A hearing was given on June 26 by Secretary of State ports as against the Scandinavian neutral Lansing to a delegation of fifteen representatives of import- shipments are uninterruptedly flowing from countries. It is notorious that Sweden to Gorman Baltic ports. ing firms in the United States who have suffered consideraWe maintain that since a Swedish merchant can ship to a German port, we also, as citizens of this country, have the same right, and bly as a result of Great Britain's interference with shipments that these facts convincingly prove that there is no effective blockade of nearly the between the United States and neutral countries. The entire German coast. 2. A blockade is a marine measure, and is not violated by sending committee, for which Thaddeus J. Sharretts is counsel, goods consists of Lee Kohns of L. Straus & Sons of New York, to the blockaded port or by bringing them over from such port through nterior communication. JULY 10 1915.1 THE CHRONICLE It has always been understood that a blockade must bo of an enemy's port as against a neutral, and cannot be of the port of one neutral as against another neutral port. Under date of the 2d inst. a letter was forwarded to President Wilson by a joint committee of the Georgia House and Senate advising him of a resolution passed by the Lesiglature which requests the President "to take such steps as he may deem necessary and proper to induce Great Britain to withdraw her blockade of neutral ports." In accordance with the resolution, the committee calls attention to the urgency of prompt action by our Government, saying: Our cotton market has been greatly demoralized by the operation of the British Orders-in-Council. Our new crop of cotton will begin to seek a market within sixty days, and we greatly fear that the present blockading policy of Great Britain, as to neutral ports, will force a tremendous loss and hardship upon all our people, as we believe that the logic of the present situation would certainly result in a ruinously low price for our new crop of cotton. 95 sinking of the vessel admitted that he made every effort to escape and that he was forced to surrender when the ship caught fire in three places and some of his crew had been killed by the shells from the submarine. The captain also said that the Germans acted fairly toward him after the surrender and gave ample time for all on board to leave the ship. It is generally understood that in view of the apparent refusal of the captain to halt at the warning given and his attempts to escape—such action justifying its sinking under international law—the United States is likely to have no concern in the matter. GREAT BRITAIN TO PAY FIRST INSTALLMENT ON WILHELMINA. The British Government announced on June 29 its intention to pay $100,000 as the first installment in settlement of the claims of the owners of the American steamship Wilhelmina. The vessel sailed from New York for Hamburg on January 22 with a cargo of foodstuffs for Germany and was forced to put into Falmouth on February 9 because of damage inflicted by heavy storms encountered on her voyage. The British authorities detained the vessel' cargo and the case was taken before a Prize Court. Great Britain subsequently agreed to purchase the cargo and to reimburse the owners of the ship and cargo for the delay occasioned by the Prize Court proceedings. On June 27 it was reported that Great Britain had filed a note with Ambassador Page in London offering to arbitrate with shippers of detained cotton cargoes the question as to whether the cotton thus held up shall be paid for at the price which would have been received at the port of ultimate destination. The New York "Commercial" in referring to this states that it is the opinion of persons close to the cotton owners that the proposal of Great Britain will be rejected on the ground that the destination price of cotton is a matter of principle which cannot be arbitrated. The cotton-owners, it is understood, are willing to arbitrate only the figures in the final settlement. Up to this time SWEDEN MAY IMPORT COTTON. such advance payments as have been made by Great Britain without prejudice to each side in the controversy have been An agreement has been reached between Great Britain made at the minimum rate of 10 cents per pound. and the Swedish Cotton Spinners' Association permitting the unrestricted importation into Sweden of 10,000 bales The Merchants Association in its Bulletin—Greater New of cotton each month, according to an announcement made York—issued June 28 last prints the following concerning on June 29 by the British Government through its Embassy the latest date for shipments from neutral ports allowed by in Washington. The cotton must be consigned to the England: Spinners' Association. It is reported that the amount In viow of rumors to the effect that the date had been extended upon is more than which German and Austelan goods, paid for prior to March 1, could be designated by Great Britain for importation shipped nom neutral ports, The Merchants' Association sent the following twice the normal consumption of the Swedish cotton mills telegram to the Department of State: and is entirely acceptable to these importers. The placing "Has the date upon which American goods of German or Austrian origin, on the exportapaid for prior to March 1 1915, been extended so that such goods may be by the Swedish Government of an embargo shipped from neutral ports later than June 15? If there has been no ex- tion of cotton was reported in these columns June 26. tension, is there a possibility of such an extension in the future? Would be glad t3 have all proper information regarding developments." A reply was received from the Department of State to the effect that the British Embassy fixed June 15 as the latest date under which goods of enemy origin could be shipped through neutral ports, and that goods shipped after June 15 would come under the procedure laid down in Article IV of the British Order in Council. The letter continues: "Prom information received from Sir Richard Crawford, Commercial Adviser to the British Embassy, this office understands that goods of German and Austrian origin owned by Americans and bought and paid for prior to March 1 1915, accompanied by clear proofs of payment, may come forward without being taken into the Prize Court. The proofs would probably be examined by the British authorities and upon being found satisfactory, according to Sir Richard, the goods would probably be released. "There has been no extension of time for the submission of proof through this offIce,for the consideration of the British Embassy, although informal inquiry has been made of the British authorities as to whether, in view of the hardships imposed and the physical impossibility of getting many of the goods bought and paid for prior to March 1 1915, delivered to any of the transportation companies within the limitation, the time limit would be adhered to." THE SINKING OF THE ARMENIAN. While complete reports regarding the sinking by a German submarine of the freight liner Armenian flying the British flag and carrying mules (contraband of war) from Newport News, Va. to England are said to be lacking at the State Department, cable advices have been received by it from Ambassador Page at London to the effect that the steamer had been requisitioned by the British Government but that tho requisition had been cancelled before she sailad from Newport News. Previously the British Government had informed Ambassador Page that the ship was engaged "in Admiralty business." The steamer was torpedoed and sunk off Cornwall, England on June 28 and several Americans lost their lives. According to messages received at the State Department on June 30 from Consul Armstrong at Bristol, twenty-nine men wore reported lost and ten injured. The Americans missing are said to be negro muleteers. The steamer carried no passengers and all the Americans on board were members of the crow. At the time of the vessel's departure from Newport News, Va. for Avonmouth, England on Juno 17, she was in charge of representatives of the Leyland and Dominion lines. Official advices to the State Department on the 3rd inst. establish, it is stated, the fact that the steamer had attempted to escape capture, and that as a result she was sunk by the German submarine. Capt. Trickey of the Armenian on the 1st inst. in describing the GREAT BRITAIN PROHIBITS EXPORTS OF MUNITION METALS. Great Britain has taken steps to prevent the further exportation from that country of lead, spelter, antimony, nickel or any other metal necessary in the manufacture of munitions of war. Announcement to this effect was made on the 7th inst. by David Lloyd George, Minister of Munitions, in the House of Commons. FRENCH GOVERNMENT WILL ISSUE NO PASSPORTS TO GERMAN-AMERICANS. Announcement was made on June 23 that the French Government has decided that hereafter no passports will be issued by it to Americans of German origin. Advices to this effect have been conveyed to the United States Government. The edict, it is stated, will affect persons born in Germany who have become naturalized American citizens. The danger of such Americans being German spies,is said to have been assigned as the reason for the French Government's action. Entrance to France without French passports is impossible. Americans in London desiring to go to France must visit the French authorities at London and obtain a vise for their American passports, and a French passport as well. AMERICANS BOUND FOR GREAT BRITAIN WARNED AGAINST TRAVELING WITHOUT PASSPORTS. Americans traveling abroad are warned against traveling without passports in a report received from Ambassador Page at London by the State Department on June 23. Mr. Page says: Notwithstanding the warning which the Department has conveyed to steamship agencies, I regret to report that there is no improvement in respect of the arrival of Americans from the United States. The Consul at Liverpool informs the Embassy that they continue to arrive in increasing numbers, with no means of identification, and that the aliens' officers at port, who at first showed a disposition to treat as leniently as possible infractions of the regulations which were duo to ignorance, have now been obliged to deal more severely with such persons. Much inconvenience and delay is caused to travelers as a result of the aliens' officers at the port having to refer such cases to the Home Office in London before permission to land and proceed to their destination can be given to persons without passports, and the fault would appear to lie almost entirely with steamship companies who sell tickets to Americans unprovicied with the necessary documents. 96 THE CHRONICLE PAPER ELIGIBLE FOR RE -DISCOUNT WITH FEDERAL RESERVE BANKS. In a recent circular with regard to paper eligible for rediscount, Governor Strong of the New York Federal Reserve Bank pointed out the volume of eligible paper reported by the national banks in the State of New York to the Comptroller of the Currency on May 1 was $347,482,532, of which 32 banks in New York City held $270,078,652 and 363 banks outside of the city held $77,403,880. Many of the member banks, Mr. Strong states, which have been accustomed to carry bonds, largely to use as security for occasional loans, do not yet fully appreciate the complete availability of their commercial paper for re-discount. Their commercial loans taken in the course of their daily business, he sets out, are available at any time, with their endorsement, and within reasonable limits, for conversioh into bank credit or currency at the Federal Reserve Bank. The following is his circular in the matter: [Circular No. 25.1 FEDERAL RESERVE BANK OF NEW YORK. 62 Cedar Street. June 19 1915. To the Cashier: Sir'— Eligible Paper. The regulation of the Federal Reserve Board which defines the kind of paper eligible for re-discount is attached to Circular No. 3 of the Series of 1915, and is now effective, except that until July 15 1915 member banks in applying for re-discounts are not required to specify whether statements of the borrowers are on file. As this provision will become effective a month hence, it seems desirable to call it to the attention of member banks, to ask them to read over carefully the regulation, and to explain to them briefly the meaning of the expression "paper eligible for re-discount at a Federal Reserve Bank," as used therein. Meaning of Eligibility. The regulation makes the following definition of eligible paper: "A bill the proceeds of which have been used or are to be used in producing, purchasing, carrying or marketing goods in one or more of the steps of the process of production, manufacture and distribution." The Act contemplates that the resources of the Federal Reserve Banks, through the medium of their member banks,shall be available, when needed, to the commerce, industry and agriculture of the country for the facilitation of production, manufacture and distribution. But it provides that these resources shall be available only through the discount of paper containing the element of self -liquidation, and not through paper representing permanent loans or fixed or speculative investments. It establishes a new classification for commercial paper, and compliance with the standard is determined primarily by means of a statement furnished by the borrower. If this shows a liquid condition, according to good banking practice, or if the proceeds of the note have been or are to be used in accordance with the definition above quoted, the paper is eligible for re-discount with Federal Reserve banks; otherwise it is not eligible. The paper giving most satisfactory evidence of a self-liquidating nature Is a note, bill or accepted draft representing the obligation of the purchaser to the seller for goods purchased. Such paper, with its two names, represents an actual commercial transaction. But the system of open credits and cash discounts which has been developed has greatly decreased the volume of such double-name paper and has led merchants and manufacturers to borrow, instead, on their single-name paper, with or without endorsements, to obtain working capital to carry their open credits and merchandise. Single-name paper of proper credit• standing, as well as double-name paper, is eligible for re-discount. The "eligibility" and the "goodness" of a note should not be confused. The notes discounted by member banks are presumably "good," but some are eligible and others not, according to the purposes for which their proceeds are used. Similarly, the signature of an "accommodation" maker or endorser upon a note does not affect its eligibility, which depends on the purpose for which its proceeds are used; nor do "renewals" necessarily affect the eligibility of a note, although evidence that a loan is of a permanent nature must, on grounds of sound practice, if not technically, render it ineligible for re-discount with Federal Reserve banks, the assets of which must necessarily be of the most liquid nature. Determination of Eligibility. A note bearing the signatures of both the purchaser and the seller of goods, representing a complete commercial transaction, is, from its nature, eligible for re-discount. The following suggestions are offered as to methods of determining the eligibility of the ordinary promissory note, with or without endorsements: By a Statement of Condition. In the case of a note made or discounted by a person,firm or corporation engaged in commerce,industry or agriculture, eligibility may be determined from the statement of condition furnished. If the statement shows a reasonable excess of quick assets over current liabilities, it is sufficient evidence that its proceeds have been used in the manner described in the definition, and not for land, buildings, or machinery, and the note is eligible. If the statement does not show such reasonable excess, the note is not eligible; such a borrower might not be entitled to bank credit without adequate security or endorsements, but, while these might make the note "good," they would not make it "eligible." The eligibility of "purchased" paper may be determined by the statement of the person,firm or corporation on the strength of whose credit the paper is purchased. By the Use of the Proceeds. In the case of a note made by a person, firm or corporation not engaged in commerce, industry or agriculture, or which, being so engaged, does not make a statement, the eligibility of the note may be determined by the purpose for which its proceeds are used. If they are used for seasonal or temporary advances to carry the turnover of merchandise, or the open credits, or the operating costs, of an agricultural, industrial or commercial enterprise in which the discounter is interested, the note is eligible. If they are used for land, buildings or machinery, or for permanent investment repesenting the proprietorship of the enterprise, or for purposes not in conormity with the definition, the note is not eligible. The notes of professional men or persons not engaged in business are not ble unless their proceeds are used for advances of the nature above deto commercial, industrial or agricultural enterprises in which they ested. [vol.. 101. The notes of farmers are eligible if their proceeds are used for seed, fertilizer, live stock, feed, tools, seasonal operating expenses, &c., but are not eligible if their proceeds are used for land, buildings, or machinery. Amount of Eligible Paper Held. Many of the member banks which have been accustomed to carry bonds, largely to use as security for occasional loans, do not yet fully appreciate the complete availability of their commercial paper for re-discount under the Federal Reserve Act. Their commercial loans, taken in the course of their daily business, are available at any time, with their endorsement, and within reasonable limits, for conversion into bank credit or currency at the Federal Reserve Bank. Nor do they understand that this conversion may be effected promptly and without red tape, for only such information is called for on the application blank as prudent banking should require and as should be available at all times in any well-managed bank. The volume of eligible paper reported by the national banks in the State of New York to the Comptroller of the Currency on May 1 1915 was as follows: 32 banks in New York City $270,078,651 82 363 banks outside of New York City $77,403,880 12 Eighty-three banks reported no eligible paper, but discussions with the number of these banks have resulted, in almost every case, in officers of a establishing the eligibility for re-discount of a largo proportion of their discounts. Maturities. Industrial and commercial paper must have a maturity of not more than ninety days from date of re-discount. Agricultural paper must have a maturity of not more than six months from date of re-discount. Many member banks have been accustomed to borrow on demand. The Federal Reserve Act makes no provision for demand loans, but banks desiring short accommodation may re-discount paper with short maturities. Secured Loans. Notes secured by United States bonds or notes, or by staple agricultural products or other goods, wares or merchandise, are eligible. Notes secured by stocks, or other bonds or investment securities are not eligible; nor may a member bank borrow from a Federal Reserve Bank on its own note, with or without collateral. Re-Discounting. The Federal Reserve Bank of New York has among its members several of the largest as well as of the smallest national banks in the country. Its facilities are open on equal terms to all, and it is prepared to re-discount small as well as large notes. It has thus far made re-discounts for thirtythree banks aggregating $8,286,718 92. Of these banks, four are located in New York City and twenty-nine elsewhere. The largest amount rediscounted on a single application has been $2,182,500, and the smallest $1,700. The largest single note re-discounted has been $300,000 and the smallest $25 40. Applications for re-discount are acted upon on the day of receipt, and the proceeds credited immediately upon approval. The practice is to r& turn the paper for collodion, from five to ten days before its maturity, to -discounted it, and charge the amount to the account of the bank which re such bank at maturity. A new form of application blank has been prepared and throe copies are enclosed herewith. The form contains the usual certificate of the member bank that the paper offered for re-discount is eligible. On the back of the blank are instructions for filling it out and a specimen arrangement of the information desired. Member banks applying for ro-discounts are requested to use only this form, a supply of which, on request, will be furnished without charge. Member banks offering notes for re-discount are requested to examine them carefully to see that they are in good order. Notes cannot be accepted which contain any informalities or discrepancies, such as pencil fillings, pencil or stamped signatures or endorsements, irregular enders& ments, discrepancies between figures and filling, incomplete dates or alterations of any kind. Such conditions raise doubt as to the validity of the note and are possible causes of loss through litigation. Indorsements. Member banks are requested to use only the following form of indorsement: BANK OF This indorsement includes a waiver of demand, notice and portest. (Signature of authorized officer.) (Title.) Credit Files and Statements. The Federal Reserve Board, in its regulation, recommends that every member bank maintain credit files containing all information essential to a clear and correct knowledge of the credit to which borrowers are entitled. The maintenance of such files is in accordance with sound banking practice. This bank is in thorough accord with the recommendation and urges the member banks to co-operate in carrying it out. A standard form of statement is under preparation upon which member banks may,if they so desire, require borrowers to furnish their statements. A copy of this form will soon be sent to each member bank in District No.2, and until further notice a supply of such forms will, when requested, be furnished without charge. The Federal Reserve Bank of New York deems the maintenance of adequate credit files by its member banks a matter of prime importance, and is ready, if desired, to advise with or assist them in assembling and arranging their credit information so that it may be effectively utilized. On and after July 15th, the regulation requires member banks, in applying for re-discounts, to certify whether statements of borrowers are on file. Statements must be on file with respect to all purchased paper. Recognizing, however, that especially in the smaller banks many of the notes are discounted by persons, firms or corporations not accustomed to making statements, the regulation provides that, at the option of the member bank, a statement need not be required from its depositors the aggregate of whose paper actually re-discounted and offered for re-discount by It does not exceed 15.000. or 10% of its paid-in capital. But the advisability of maintaining a file of credit information concerning every borrower, whether or not it contains an actual statement of condition, is appreciated by every careful banker. The regulation also provides that statements need not be required in the case of depositors whose notes discounted (a) either have the signature of both the purchaser and the seller of the goods, or (b) are secured by war& house receipts covering readily marketable staples. The Federal Reserve Bank, whenever the circumstances seem to require it, will ask for copies of the filed statements of borrowers whose paper is offered for re-discount. The information and suggestions contained in this circular relate to matters about which inquiries have been made. The officers of the Federal Reserve Bank are glad, at all times, to answer inquiries made by officers of member banks, either in person or by letter, concerning its functions and operation. Respectfully, BENJ. STRONG JR., Governor. JULY 10 1915.] THE CHRONICLE THE GOLD SETTLEMENT FUND. The deposits in the gold settlement fund established in May amounted on July 2 to $31,840,000. In the Federal Reserve Bulletin for July the following statement concerning the operation of the fund is made by the Board: This (fund) is held in gold certificates issued by the Treasurer of the United States in denominations ,of $10,000_ payable to the Federal Reserve Board and perforated with the words "Payable only to the Treasurer of the United States or a Federal Reserve bank." These certificates are kept in a safe with two combinations, which safe is placed in one of the larger vaults of the Treasury Department, access to which can only be had by two officers of the board acting together. In this issue of the Bulletin is given a summary of the transactions through the fund from May 19 to June 21, inclusive. A total of $18,450,000 had been deposited up to the time of the second settlement made on the morning of May 27. As a result of this settlement the balances of several Federal reserve banks fell below the required amount of $1,000,000 each and additional gold deposits were made to the amount of $4,400,000, increasing the gold in the fund to $22,850,000. After the settlements of June 10 and 17 additional gold deposits were required, and the amount of gold held in the fund has thus been increased to $30,540,000, at which figure it stood at close of business on June 24. On Wednesday evening each Federal reserve bank telegraphs to the Federal Reserve Board the amount due from it to each other Federal reserve bank. These telegrams are all in the hands of the board early Thursday morning and the figures given are then assembled on a sheet known as the "checkerboard," which has the names of the Federal reserve banks at the head of twelve columns and also at the left hand margin. From the telegram of each bank the amounts which it reports due to other Federal reserve banks are listed in the proper columns under the names of the other banks, the total being entered at the right hand margin, and each horizontal column thus shows amounts and total which the Federal reserve bank ewes to all the ether reserve banks. When the figures from the twelve telegrams have been entered the vertical columns show the amounts and total due from other Federal reserve banks to the reserve bank named at the head of each column. Each bank is then charged with the amount due to other Federal reserve banks and credited with the amounts due to it from them, the net amount to its debit or credit being carried to its account on the books of the gold settlement fund. A telegram is sent to each bank, giving the amounts which other Federal reserve banks report due it and the net amount by which it is debtor or creditor at the clearing. Upon receipt of tills telegram it charges the accounts of other Federal reserve banks for the amounts it has reported due to them and credits their accounts with the amounts which they have reported duo to it, the obligations in each case having been extinguished by the operation of settling and the transfer of title to gold held in the gold settlement fund. In response to a request from a Federal reserve bank the Federal Reserve Board has agreed to pay to the Treasurer of the United States from the gold settlement fund sums in multiples of $10,000 for the credit of any reserve bank's gold redemption fund with the Treasurer of the United States. This information has been transmitted to the other eleven banks. No request from a Federal reserve bank for the transfer of funds ether than the weekly settlement had before been received. KANSAS STATE BANKERS ASSOCIATION OPPOSED TO STATE BANKS JOINING FEDERAL SYSTEM. The attitude of the Kansas State Bankers Association toward the Federal Reserve system was indicated at their annual meeting at Topeka on June 25 in the adoption of a resolution which said: "In our opinion the time has not yet arrived when the state banks can profitable enter the Federal Reserve System for many reasons, chiefly because our state charters are in very many respects preferable for the banking business, also because the limitations thrown around national banks are not so well suited to the needs of the customers of our banks." William Macferran of Topeka, one of those opposed to the State banks joining the system is quoted as saying: The law is unfair to the state banks. It is drawn only for the benefit of the national banks, a minority in the country's banking interests. Now all the Federal Reserve Bank is, is a bank of rediscount. The law should have been drawn to give relief to national banks, state banks, savings banks and trust companies. Instead it was drawn for the national banks alone, although the state banks hold 60% of the bank deposits of the country. The state banks cannot afford to become members of the Federal Reserve System. To be sure,the board has passed a rule that will allow us to become members—on sufferance. But there is nothing to prevent them passing another rule, under the same law, that will leave us out in the cold, again. REPORT OF NATIONAL CURRENCY ASSOCIATION OF LOUISVILLE. Following the retirement of the emergency currency issued by the National Currency Association of Louisville, the executive committee of the organization has published its report. The total additional circulation issued by the Louisville Association amounted to $7,800,000, of which $4,646,400 went to 33 banks located in Kentucky,$3,003,600 to 25 banks in Tennessee and $150,000 to 2 banks in Indiana. The first application for additional circulation was made Aug. 14 1914, the last Dec. 18 1914. The first retirement occurred Nov. 23 1914, the last June 5 1915. The total amount of securities approved aggregated $20,955,182. The territory assigned by the Treasury Department to the Association embraced all that part of Kentucky in the Eighth and a portion located in the Fourth Federal Reserve District; all of Tennessee belonging to the Sixth Federal District; and three counties in Southern Indiana. This additional territory, the:reporqsays,rgave:a total membership/of 81 banks, I 97 as compared with 13 in the National Currency Association of Chicago, 43 in the St. Louis Association and 70 in Boston. Sixty members of the Association availed themselves of the privilege of issuing additional circulation. The total expenses of the Association were $),,891, of which $1,850 was met by membership fees paid in advance. The balance 0 $2,041 was assumed by the Louisville Clearing-House Association, thus making any assessment of the members unnecessary. The net cost to operate the Association was 9.1 cents per thousand per month, or less than 1-20 of 1% on the total issued. The executive committee was made up of Oscar Fenley, President of the National Bank of Kentucky of Louisville; H. C. Rodes, President of the Citizens' National Bank, of Louisville; John H._ Leathers, President of the Louisville National Banking Co.; F. M.Gettys, VicePresident of the Union National Bank of Louisville; Embry L. Swearingen, President of the First National Bank Of Louisville; Earl S. Gwin,President of the American National Bank of Louisville; and H. E. Jewett, President of the Second National Bank of New Albany, Ind. EFFORTS TO PREVENT USE OF FEDERAL RESERVE NOTES FOR MUNITION PURCHASES. An endeavor to have restrictions placed around Federal Reserve notes to the end that they shall not be issued to a bank which may use them in connection with any transaction involved with the sale of munitions of war,is being made by ex-Representative H. Robert Fowler of Illinois, acting as general counsel for the newly-organized Labor's National Peace Council. Mr. Fowler had a conference -with Gov. Charles S. Hamlin of the Federal Reserve Board at Washington in the matter on June 29; Governor Benjamin Strong Jr. of the New York Federal Reserve Bank was present at the conference, and it is understood that the question was later discussed between Governor Strong, Secretary of the Treasury McAdoo and Governor Hamlin. The question comes up in connection with the contemplated placing here of war loans on British and French account. Mr. Fowler holds that, as international law forbids a neutral nation to issue a war loan to any belligerent or to supply munitions and instruments of war, the Federal Reserve banks, as branches of the United States Government, would involve the United States in a breach of neutrality should their notes be used in financing war loans or contracts for military supplies. Mr. Fowler, who was asked by Governor Hamlin to submit in writing the questions raised by him, gave the following statement to the New York "Times" on the 29th ult.: Having been informed that rumor has it that I had a stormy interview with the Governor of the Federal Reserve Board, I desir'e to state that I met the Governor yesterday at his office and was received by him most courteously. The object of my visit was to discuss with him he danger to the United States which might result from the use of Federal Reserve money for the purpose of supplying belligerents with munitions and instruments of war or to aid and assist in floating loans of belligerents. The Governor manifested a high degree of interest in the subject matter, and requested me to submit in writing the questions which I raised so that he might be able to submit them to the Federal Reserve Board. My visit was prompted by information which I received in New York a few days ago, to the effect that certain financial interests in America were acting as agents for some of the belligerent countries and were contemplating the use of Federal Reserve notes to supply belligerent countries with munitions and instruments of war and also for the purpose of floating some of the loans for belligerents. My conception of the Federal Reserve Act is that it was not only intended by Congress to create a new banking and currency system, but to provide for an emergency currency to be used for the benefit of the people of the United States in time of distress and not to be used for speculative or unlawful purposes. The power in this Act which controls the issue of Federal Reserve notes is lodged in the discretion of the Federal Reserve Board. This Board may. in its discretion, on receiving an application for the issue of Federal Reserve notes, grant the requested issue of the whole amount when the property security is put up, or grant the issue of any part thereof; or it may deny the request in toto. This being the case,the responsibility rests upon the Federal Reserve Board to use that degree of caution contemplated by the Act to satisfy itself that the Federal Reserve money sought shall not be used for an unlawful purpose. Great care and caution should be used to ascertain the object of the use of Federal Reserve notes when application is made for their issue in order to safeguard the interests of the United States, because the Act of the Federal Reserve Board is the act of this Government. I only seek to aid and assist the Administration in preventing the wrong use of Federal Reserve notes. I will submit to the Governor of the Federal Reserve Board to-morrow a statement of the questions which I raised, as requested by him. On May 22 we printed some remarks credited to Professor Jastrow of Germany to the effect that "the acceptance and endorsement by Federal Reserve banks in the United States of notes in payment for arms and ammunition purchased by agents of belligerent nations constitute a violation of neutrality, as such notes are legal obligations of the United States Government." In response Governor Strong stated at the time that so far as he was able to ascertain "notla dollar of the drafts against export of war munitions has been discounted at this bank." Simultaneously it was officially announced by the Federal Reserve Board that from statis- 98 THE CHRONICLE tics available at Washington, showing details of every 'acceptance bought by the Federal Reserve banks, it had been impossible to discover any single bill drawn against purchases of war munitions for belligerent foreign nations. 8AN FRANCISCO RESERVE BANK AND ADVERTISING OF SAVINGS DEPOSITS. A circular calling the attention of member banks to the opinion of counsel of the Federal Reserve Board that banks in the Federal Reserve System have the right to receive savings accounts and pay interest on the same, and that the right to advertise for such accounts is a necessary incident to the exercise of the right to receive them has been issued by the Federal Reserve Bank of San Francisco. An expression of opinion in the matter, as noted in our issue of June 26, was occasioned by a provision in the California Bank Act which provides that "no banking association shall advertise savings or in any way solicit or receive deposits in the manner of a savings bank unless it is chartered as a savings bank under the California law." In his circular Governor Kains of the San Francisco Reserve Bank says: It is desirable that member banks limit such advertisement to the exact wording of the statute, so that no reasonable complaint may lie against them for giving to the public the impression that the savings accounts authorized under the Federal Reserve Act are to be segregated and invested differently from other funds of the bank. Advertisements might be to the effect that a bank is authorized to accept interest-bearing time deposits, including "savings accounts", and invest the same subject to the National Bank Act and the Federal Reserve Act. NATIONAL BANKS IN CALIFORNIA PROHIBITED FROM EXERCISING TRUST POWERS. National banks in California are barred from officiating as trustee, executor, administrator or registrar of stock, according to an interpretation of the State law rendered by State Superintendent of Banks W. R. Williams. The Superintendent maintains that the California law restricts the powers in question to a corporation organized under the State laws. FEDERAL RESERVE BOARD'S EFFORTS TO FINANCE COTTON CROP. Advices to the effect that every possible precaution will be taken by the Federal Reserve Board to prevent a repetition of the difficulties experienced in financing the cotton crop of last year came from the Board on the 2d inst. To that end it has appointed a committee under the chairmanship of W. G.P. Harding to examine into conditions and determine the best way in which the coming crop may be taken care of. In a letter written to the Federal Reserve Agent of each of the four Southern Federal Reserve banks,asking for information, Mr. Harding says: The Board feels that in view of the large surplus reserves now held by the banks throughout the country there should be no difficulty as far as the financial ability of the country is concerned in providing for necessary advances on that part of the crop which will eventually be shipped abroad. TRANSFER OF OKLAHOMA BANKS TO KANSAS CITY DISTRICT EFFECTED. The transfer of the banks in Southern Oklahoma from the Dallas to the Kansas City Federal Reserve District was effected on the 1st inst. Altogether 121 banks with aggregate capital approximately $6,000,000 are concerned in the change which was approved by the Federal Reserve Board in May. The entire State of Oklahoma with the exception of five counties, Marshall, Bryan, Choctaw, Pushmatoha and McCurtain, is now in the Kansas district. WORK OF PAN-AMERICAN CONFERENCE—VALUE OF FEDERAL RESERVE SYSTEM. In a paper especially prepared for delivery before the Homo Industry League of San Francisco on June 24 John Clausen, Manager of the Foreign Department of the Crocker National Bank of San Francisco, reviewed the proceedings of the recent Pan-American Financial Conference at Washington. Mr. Clausen was invited to participate in the deliberations of the conference as the only Pacific Coast delegate. He ,expresses the belief that the conference in Washingtom and its results constitute one of the most important achievements in the history of the Pan-American idea. In speaking on the subject ho said in part: [VOL. 101. far considered the most important epoch, both from a national and international viewpoint. It is to be hoped that the matter discussed at these meetings will find its way before Congress in the shape of recommendation of legislation when the Secretary of the Treasury will submit his report of concrete proposals. When the European war is over the nations that will thank us most for keeping out of the embroglio will be those which are most deeply involved, and in my opinion America will be the world's factory when peace comes. The United States will presently take a foremost place among the international banking nations of the world, as the result of the liberal construction of the Federal Reserve Act, more particularly with reference to acceptances of bills of exchange drawn for imports and exports of commodities. The announcement by the Federal Reserve Board that the Act has been construed as permitting the discounting of acceptances arising out of import and export trade, even when the United States is not a party to the transaction, means that the United States henceforth can meet the great financial nations of Europe on an equal basis. Probably the pre-eminent reason for the success of our financial and commercial European contemporaries in the markets of Pan-America has been their ability to finance the trade of those countries on a broad and generous basis, whereas, the exporters of the United States have been greatly handicapped, in that they not only lacked the power to compete with European sellers on the broad plane of international banking, but they actually had no United States bank to which they cr their customers could go for accommodations. The Federal Reserve Act, however, has now provided for this country a real factor in the development of American finance and commerce in South and Central America. The financiers of the United States and the bond-buying part of our population, should overcome the mistaken idea that all South and Central American securities are doubtful and risky. These countries want a market in the United States for their responsible national, State and industrial bonds, and it is estimated that the United States at this time could loan South and Central American countries half a billion of dollars, which, if so invested, would tend to create a corresponding increase in our trade with them. Latin-America is keenly alive to the possibility of opening new financial connections necessary to the exploitation of their vast natural resources. Hitherto developments have been kept alive mainly through European banking connections, but the war has materially changed that aspect. The keen eyes of our European friends are centred upon the outcome of the Conference, and bankers of the Old World, especially, are no doubt anxious to find out whether a financial coalition will be effected to their detriment. The question of the establishment of branch banks of the United States in the various South and Central American countries and the opening by those countries of branch banks in the United States, deserves the thoughtful introspection of our progressive bankers, was signally uttered by the Secretary of the Treasury—in that commercial credits, direct exchange and the facilitation of commercial transactions depend so largely upon an adequate financial organization to foster our international trade. Among the financial delegates talk was revived of the possibility for a change in the Federal Reserve law, permitting a combination of member banks of the Federal Reserve system, to establish a large banking corporation in the Southern Hemisphere with branches in South and Central America. Such a bank might prove a powerful incentive to the advancement of trade and finance between our respective countries. "The question of ocean transportation and means of communication are particularly interesting at this time," and the Secretary of the Treasury urged the delegates for a "full expression of opinion upon these important phases," and he further stated that "remedies cannot readily be applied, nor the fullest measure of co-operation secured unless complete and authentic information is supplied." All men in public or private life are convinced that better shipping facilities between the United States and South and Central America are the first essential steps to be taken for better trade relations between the Americas. That being the case, all will depend upon what recommendation will be submitted and favorably considered by Congress at its coming session. While delegates to the Conference were known to feel that American capital will not go into shipping enterprises, until it is assured of certain modifications in existing laws, it has nevertheless become apparent that as a consequence of tho Conference, a serious effort will be made to reverse this state of affairs, in that private capital or Government aid may be elicited for the organization of steamship companies. Our trade problems with Central and South America depend greatly on transportation. We need a merchant fleet of the largest size and of the latest appointments, and the sentiment of our President was roundly applauded when in his address at the opening session of the Pan-American Financial Conference, in referring to this matter, he stated: "If private capital cannot soon enter upon the venture of establishing these physical means of communication, the Government must undertake to do so." The Pan-American Financial Conference was a happy conception and the result promises to be really substantial and extremely helpful in giving impetus to the movement for closer trade relations and in removing obstacles that now stand in the way. GENERAL ATTITUDE OF TRUST COMPANIES TOWARD FEDERAL RESERVE SYSTEM. That trust companies as a class will not take any affirmative action in the way of joining the Federal Reserve System, but that they will be inclined to wait until an opportunity is had to watch and study the system is the view taken by Uzal H. McCarter, President of the Fidelity Trust Co. of Newark. Mr. McCarter is quoted in the Newark "News" as saying: Those new regulations are not a part of the Act. They simply represent the view of the present members of the Board. In these rulings there is nothing to assure anyone that, for any reason that may seem sufficient to it, the Reserve Board, or any succeeding board, may not at any time rescind those now regulations, leaving the State institutions without the protection that they insist upon having and that the recent rules give to them. What was accomplished by this body will be of wide moment, and while You will recall that soon after the passage of the Reserve Act the Trust Europe to-day has not time for its consideration, later in adjusting her Companies' Committee, of which I was Chairman, appeared before the affairs she will be obliged to take into account what was accomplished Reserve Board at Washington and discussed the new law at considerable there in the interest of a broad and lasting Western development. length. In the course of that hearing the committee advocated, as strongly The ultimate results, however, may not be apparent for some time to as it could, three changes in the Act. It was pointed out, in the first come, but none of the representatives of the United States or the Latin- , place, that as the law stood no State institution that joined the reserve American republics have overlooked its fundamental value, and it is by system could withdraw from it—except by liquidation. JULY 10 1915.] 99 THE CHRONICLE The second point was that the State banks, or trust companies, should be roller against the institution's note circulation. This money permitted to retain the rights and privileges that they had under their State was retained as penalty for failure of the bank to make charters, and the third suggestion was that the State institutions should be governed by the regulations as they stood when they joined the system and certain reports. An answer to the Government's supplenot be subjected to subsequent rulings that might be promulgated by the mental brief was filed by the bank on June 13. present, or some succeeding, Reserve Board. In its bill the Government asked for a dismissal of the Now the Reserve Board has adopted the regulation regarding withdrawals; it has partially recognized our second point concerning the reten- injunction proceedings on the ground that the act which tion of powers granted by State charters, and it has declined, in effect, the bank sought to enjoin had already been performed, and to allow our third recommendation. reverted to the Treasury, That recommendation is one upon which we put considerable stress. It that the $5,000 had automatically was regarded as important by us for the reason that, while the present subject to removal by an act of Congress. This the bank regulations might not seriously hamper us, or might, in reality, aid us denied, contending that inasmuch as the penalty was unthere was no certainty that a succeeding Board might not rescind them and adopt rules that would be onerous, if not positively objectionable to lawfully assessed, it is being unlawfully held, and that the and impracticable for, trust companies. It seems, however, that the money may not be unlawfully returned to the Treasury Reserve Board cannot see its way clear to the adoption of this particular any more than it may be unlawfully taken out of the Treasury. suggestion, and so the situation in that respect remains unchanged. As for our second recommendation, regarding the retention of the powers Therefore, the bank's counsel insisted that the injunction be that are given under State charters, the Board has decided, in effect,that granted. these rights may be retained by trust companies joining the system provided—and there is tho point—that these powers meet with the approval NEW REGULATIONS OF RESERVE BOARD CONCERNof the Reserve officials. The right of withdrawal from the system is granted by these regulations ING CAPITAL CHANGES OF RESERVE BANKS. and so far as I to any State institution that may join it. That is important, New regulations relating to increases and decreases in the satisfactory on that phase of the matter,assuming am concerned,it would be that there was some way of establishing the regulation beyond change by capital of Federal Reserve banks, were issued under date seine subsequent Board. As it stands, however, there is no certainty that of June 17 by the Federal Reserve Board. The latest reguthis, or any other regulations that are now adopted, or that may be promulgated, won't be changed by a new Reserve Board. It has been suggested lations, designated Regulation N, and which supersede that that possibility might be obviated by having these regulations in- Regulation G, issued under date of Jan. 28 last, have been corporated in the Act, but in view of the diverse interests that are repremade necessary by the adoption of new application blanks sented in this whole matter, I have little hope that any such changes in to be filed by liquidating or insolvent member banks. The the Act can, or will, be made. With that thought and other important considerations in mind, my following are the new regulations: judgment is that the trust companies, as a class, will not take, even under REGULATION N—SERIES OF 1916. these new regulations, any affirmative action in the way of joining the (Superseding Regulation G of 1915.) system. They, I think, will be inclined to wait until time has given them FEDERAL RESERVE BOARD. an opportunity to watch and study the system and to determine, in so far Washington, June 17 1915. as they can, whether or not the Reserve Act, in its actual operations, is a Increase of Capital Stock of Federal Reserve Banks. success. That, I am sure, is at least the present attitude of the great Whenever the capital stock of any Federal Reserve Bank shall be inmajority of the New Jersey trust companies, and my opinion is that what Is true of them may be properly regarded as being true of the trust com- creased by new banks becoming members, or by the increase of capital or surplus of any member bank and the allotment of additional capital stock panies throughout the country. to such bank, the board of directors of such Federal Reserve Bank shal certify such increase to the Comptroller of the Currency on Form 58 which is made a part of this regulation. COMPARATIVE FIGURES OF CONDITION OF Decrease of Capital Stock of Federal Reserve Banks. CANADIAN BANKS. I. Whenever a member bank reduces its capital stock or surplus, and, in the case of reduction of its capital, such reduction has boon approved As much interest attaches to the condition of the Canadian by the Federal Reserve Board in accordance with the provisions of Secbanks, we have prepared the following, which compares the tion 2 of the Federal Reserve Act, it shall file with the Federal Reserve monthly statements with Bank of which it is a member an application on Form 60, which is made leading items under the last two a part of this regulation. When this application has been approved, the the return for Juno 30 1914. Federal Reserve Bank shall take up and cancel the receipt issued to such ASSETS. bank for cash payments made on its subscription and shall issue in lieu May 311915. Apr. 30 1915. June 30 1914. thereof a new receipt after refunding to the member bank the proportionate Gold and subsidiary coin— 28.948,841 amount due such bank on account of the subscription canceled. The 39,768,183 39,681,134 In Canada 17,160,111 receipt so issued shall show the date of original issue, so that dividends 24,368,530 24,431,627 Elsewhere may be calculated thereon. 46,108,952 64,136,713 64,112,761 Total II. Whenever a member bank shall be declared insolvent and a receiver 92,114,482 131,064,697 136,717,633 Dominion notes appointed by the proper authorities, such receiver shall file with the Deposit with Minister of Finance for security of note Federal Reserve Bank of which the insolvent bank is a member an appli6,667,568 cation on Form 87, which is made a part of this regulation,for the surrender 6,741,752 6,741,752 circulation 3,050,000 5,800,000 5,900,000 Deposit in central gold rederves 123,608,936 and cancellation of the stock held by, and for the refund of all balances 113,370,189 113,679,748 Due from banks 852,311,518 859,958,643 925,681,966 due to such insolvent member bank. Upon approval of this application Loans and discounts 102,344,120 by the Federal Reserve Board the Federal Reserve Bank shall accept and Bonds, securities, &c 115,715,698 113,861,441 67,401,484 68,599,095 Call and short loans in Canada._ 71,516,953 cancel the stock surrendered, and shall adjust accounts between the member Call and short loans elsewhere than in Canada 136,098,835 121,522,971 137,120,167 bank and the Federal Reserve Bank by applying to the indebtedness of 71.209,738 the insolvent member bank to such Federal Reserve Bank all cash-paid 73,085,553 Other assets 71,959,820 subscriptions made by it on the stock canceled with one-half of one per Total 1,568,792,123 1,564,103,549 1,575,307,413 centum per month from the period of last dividend, if earned, not to exceed LIABILITIES. the book value thereof, and the balance, if any, shall be paid to the duly $ authorized receiver of such insolvent member bank. 188,866,666 188,866,666 192,866,666 Capital authorized III. Whenever a member bank goes into voluntary liquidation and a 114,422,366 115,434,666 114,422,366 Capital subscribed 113,982,653 113,980,036 114,811,775 liquidating agent is appointed, such agent shall file with the Fedora Capital paid up 113,060,988 113,327,654 113,368,898 Reserve Bank of which it is a member an application on Form 86, which is Reserve fund 99,138,029 made a part of this regulation, for the surrender and cancellation of the 96,288,398 90,125,136 Circulation 44,453,738 stock held by and for the refund of all balances due to such liquidating 36,208,265 41,216,160 Government deposits 444,258,166 451,536,557 458,067,832 member bank. Upon approval of this application by the Federal Reserve Demand deposits 691,891,287 686,075,124 663,650,230 Board the Federal Reserve Bank shall accept and cancel the stock surTime deposits 32,426,404 32,791,979 31,350,248 Due to banks 20,096,365 rendered, and shall adjust accounts between the liquidating member bank 6,744,348 6,906,395 rBills payable 12,656,085 and the Federal Reserve Bank by applying to the indebtedness of the 11,993,801 12,706,098 Other liabilities liquidating member bank to such Federal Reserve Bank all cash-paid Total, not including capital stock canceled with one-half of one per 1,327,453,490 1,321,638,472 1,330,488,683 subscriptions made by it on the or reserve fund centum per month from the period of last dividend, if earned, not to Note.—Owing to the omission of' the cents in the official reports, the exceed the book value thereof, and the balance, if any, shall be paid to exactly agree with the totals given. footings in the above do not the duly authorized liquidating agent of such liquidating member bank. IV. Whenever the stock of a Federal Reserve Bank shall be reduced in NO DECISION IN RIGGS BANK CASE BEFORE the manner provided in Paragraphs I, H or HI of this regulation the board of directors of such Federal Reserve Bank shall, in accordance with the OCTOBER. provisions of Section 6, file with the Comptroller of the Currency a certifiAnnouncement that final decision in the proceedings cate of such reduction on Form 59, which is made a part of this regulation. CHARLES S. HAMLIN, National Bank of Washington, D. C. brought by the Riggs Governor. H. PARKER WILLIS. against the Treasury officials would not be handed down Secretary. .••=11•1•111•11... by him before the October term of the Court was made by The differences between the above and Regulation G, Justice McCoy of the Supremo Court of the District of which the present regulations displace, are contained in Columbia on June 29. On May 21 the temporary order paragraphs II and III; under Regulation G, these had read obtained by the bank in April, restraining John Burke, as follows Treasurer of the United States,from paying into the Treasury II. Whenever a member bank shall be declared insolvent and a receiver by the proper authorities, the Federal Reserve Bank, upon being the 85,000 held as penalty was continued in force pending appointedby copy of the commission issued by the Comptroller of the satisfied final ruling of the Court; another question pending Currency, or order of court appointing such receiver, of his right to act as the before the Court concerns the petition of the Government such, shall adjust accounts between such receiver and such Federal Reserve any cash Bank by to dismiss the bill of complaint filed by the bank. Sup- paymentsapplying to the indebtedness due by the failed bank dividends made by it on its stock subscription and accrued plementing the earlier brief of the Government the Depart- thereon, and by paying to such receiver any balance that may be due ment of Justice on June 5 filed another one in support of after making such deductions, taking up and canceling th receipts for payments. its contention that the Court is without authority to enjoin such cash case of voluntary liquidation of a member bank, the Fedora HI. In the withholding of the $5,000 declared to ho due the bank Reserve Bank shall require copies of all necessary resolutions of the board as interest on Government bonds deposited with the Compt- of directors and stockholders and such other papers as may be necessary,. 100 THE CHRONICLE to establish the right of the liquidating agent to receive and receipt for balances due the liquidating bank, and shall adjust with such liquidating bank the accounts between it and the Federal Rasorve Bank b y applying the cash-paid subscriptions and accrued dividends to any indebtedness due to said Federal Reserve Bank and shall take up and cancel any receipts issued for such payments, paying to the liquidating agent all balance due such bank. RESERVE ACT PROVISION RELATING TO TRANSACTIONS BETWEEN BANKS AND DIRECTORS. An interpretation of that part of Section 22 of the Federal Reserve Act which relates to transactions between a member bank and the officers, directors or employees of such bank, has recently been furnished by M. C. Elliott, Counsel of the Federal Reserve Board, in response to a number of inquiries in the matter. Under the terms of the provision in question, says Mr. Elliott, "any transaction engaged in between a member bank and its directors, officers or employees, which is excluded from its operation, will constitute a crime, and no ruling or interpretation of the Federal Reserve Board which it might attempt to apply to any concrete case would afford any protection to a person subsequently indicted by a Federal grand jury for any violation of the provision in question." In setting out his conclusions Mr. Elliott says: To summarize transactions permitted under the views herein expressed, a director, officer or employee of a member bank may receive compensation from such bank where services are rendered in his official capacity, or where bona fide services are rendered or an adequate consideration is furnished to the bank by such director, officer or employee acting in his individual capacity, provided the transaction engaged in is not one in which the use of his official position could in any way be instrumental in causing the payment of the fee, commission, gift or other consideration received. In no case should compensation be received by such director, officer or employee from a third party for services rendered in his official capacity, where such compensation results from a transaction between such third party and a member bank. We give below in full his analysis of the provision in ques• tion: April 9 1915. Sir—As requested by the Board, I have carefully examined and considered that part of Section 22 of the Federal Reserve Act which relates to transactions between a member bank and the officers, directors or employees of such bank. The language which has been made the basis of a number of inquiries, and which the Board is asked to interpret, is contained in that paragraph of the section which reads as follows: Other than the usual salary or directors' fee paid to any officer, director or employee of a member bank and other than a reasonable fee paid by aald bank to such officer, director or employee for services rendered to such bank, no officer, director, employee or attorney of a member bank shall be a beneficiary of or receive directly or indirectly, any fee, commission, gift or other consideration for or in connection with any transaction or business of the bank * * * Any person violating any provision of this sect on -shall be punished by a fine of not exceeding $5,000 or by imprisonment not -exceeding one year, or both. Under the terms of this provision any transaction engaged In between a member bank and its directors, officers or employees, which is not excluded from its operation, will constitute a crime,and no ruling or interpretation of the Federal Reserve Board which it might attempt to apply to any concrete case would afford any protection to a person subsequently indicted by a Fedeial grand jury for any violation of the provision in question. For this reason it does not seem advisable to attempt to express any opinion on the various hypothetical and concrete cases presented for consideration. Inasmuch, however, as there appears to be a wide diversity of opinion as to the proper interpretation and significance of this section, it may be advisable to analyze, for the benefit of those making inquiries, the provision above quoted in order that the elements necessary to constitute a crime within the meaning of this section may be made a little more clear. The question for determination appears to be, What class and character of transactions did Congress intend to prohibit as between member banks and their officers, directors and employees. It will be observed that directors, officers and employees are expressly prohibited from receiving any compensation on account of any transaction except (a) the usual salary or directors' fee paid to any officer, director, or employee of a member bank, and (h) a reasonable fee paid to such officer, director or employee for services rendered to such bank. Under this Ian guage it would seem that for servicesrendered by directors, officers and employees in their respective capacities of directors,officers and employees proper compensation may be paid, and that in addition, where services are rendered in some other capacity, a reasonable fee may in certain cases be paid for such services. It is, therefore, necessary to interpret the language "for services rendered," in order to determine under what circumstances directors, officers or employees may render services in any other than an official capacity and receive compensation therefor without violating the spirit and intent of the Act. The Standard Dictionary defines "services" as: "Any work done fcw the benefit of another; the act of helping another 9r promoting his interest in any way; hence also a benefit conferred; or use and advantage in general.' In 35 Cyc., page 1434,"service" is defined as "an advantage conferred; that which promotes interest or happiness; benefit." Wobster's Dictionary, quoted in Dayton vs. Ewart, 28 Montana, 157. In this connection it must be noted that the courts, in construing pena, statutes, generally give the defendant the benefit of the doubt in cases co: ambiguity, and in consequence, the language "for services rendered" would probably be given a liberal rather than a restricted meaning. The Court, however, would necessarily consider all the circumstances in each case in order to determine whether the transaction involving such services was intended to be prohibited by the terms of the Act. The rule is clearly stated in the case of the United States vs. Stern, 17 Fed. Rep., 435, where the Court says: It is a fundamental rule in the administration of criminal law that penal statutes are to be construed strictly, and that cases within the like mischief are not to be drawn within a clause imposing a forfeiture or a penalty, unless the words clearly comprehend the case. In construing a statute we ought undoubtedly to look at the public mischiefs which are sought to be suppressed, as well as the obvious object and intent of the legislature in enacting it; and in doubtful cases these have great influence on the judgment In arriving at its meaning. And again in Bolles vs. outing Company, 175 U.S., 262, where the Court says: The statute, then, being penal, must be construed with such strictness as to carefully safeguard the rights of the defendant and at the same time pre- [VOL. 101. be lain, it serve the obvious intention of the legislature. If the languo will be construed as it reads, and the words of the statute given their full moaning; if ambiguous, the Court will lean more strongly in aver of the det fendan than it would if the statute were remedial. In both cases it will endeavor to effect substantial justice. See to the same effect U. S. vs. Wiltberger, 5 Wheat., 76; U. S. vs. Morris, 14 Peters, 464; U. S. vs. Buchanan,9 Fob. Rep.,689. Following the rule laid down in these and other cases, it is proper to construe liberally that part of the Act which excepts certain transactions from its operation, but the true test in each case would seem to be whether or not compensation has been received in a transaction which may be said to come within what the Court describes as "the public mischiefs which are sought to be suppressed." Giving a liberal interpretation to the language "for services rendered." It would seem that a director of a member bank may receive, in addition to the usual salary or fee for services rendered as a director, reasonable compensation in those transactions where a bona fide consideration moves from such director to the bank, provided the transaction is one in which it is proper for him to render such services or to furnish such consideration. Congress clearly intended to prohibit the receipt of any compensation, commission, or benefit, either from the bank or from a third party, where the director furnishes no consideration to the bank. A consideration of the law prior to the passage of this Act, and of the "public mischiefs sought to be suppressed," clearly indicates, however, that the sufficiency of the consideration is not the only element involved; and that Congress intended to prohibit not only the payment of foes when no consideration is furnished, but also another class of transactions, namely, those in which the director, by reason of his control of the a.ssets, undertakes to use such assets for his own purposes. In such case the director may furnish a consideration; but inasmuch as he occupies at least a quasifiduciary relation as custodian of the funds of others, it may be inferred that Congress deemed it against public policy to permit him to use such funds directly or indirectly for his benefit. It is unquestionably true that in conservatively managed bank transactions engaged in as between the bank and the directors acting as individuals have resulted in great benefit to the bank. A director connected with other successfully managed corporations may very frequently be the agency through which the bank makes profitable investments, and directors having large interests in their banks have in many cases materially added to the earnings of such banks through the agency of other firms or corporations in which they were likewise interested. Consequently, transactions betweon a national bank and its directors were, prior to the passage of this Act, not made criminal by statute, and, as a matter of fact, were not restricted. On the other hand, to incur a criminal penalty it has heretofore been necessary for the transaction to be of such a fraudulent nature as to constitute misapplication of funds or embezzlement. It is true that under the provisions of the National Bank Act, a director may be punished by fine or imprisonment for making a false entry or a false report with intent to deceive the office of the Comptroller or the public, but in such cases the penalty is based not upon the ground that a prohibited transaction has been engaged in, but rather upon the ground that the true status of the bank has been concealed by such false entry or false report. Under the National Bank Act, the only penalties prescribed for the use of funds of the bank by directors, whore such use does not amount' to misapplication or embezzlement, are of a civil nature. For example, the di; rectors may be held liable, civilly •where excess loans or loans upon real estate are made and loss resutls thereby, or for the violation of any of the the Act the Comptroller may institute a suit for the forfeiture provisions of of the charter of the bank. While "directors" have been specifically referred to in the foregoing discussion, analogous principles apply with equal force to transactions involving officers or employees. It may be assumed, therefore, that Congress intended to restrict transactions between member banks and the officers, directors and employees of such banks, since experience has demonstrated the fact that although the bank may be the beneficiary in many or most instances of such unrestricted transactions, this lack of restriction has afforded a wide field for dishonesty and fraud not punishable by statute or under the common law. To summarize, transactions permitted under the views herein expressed a director, officer or employee of a member bank may receive compensation from such bank where services are rendered in his official capacity, of where bona fide services are rendered, or an adequate consideration is furnished to the bank by such director, officer or employee acting in his individual capacity, provided the transaction engaged in is not one in which the use of his official position could in any way be instrumental in causing the payment of the fee, commission, gift or other consideration received. In no case should compensation be received by such director, officer, or employee from a third party for services rendered in his official capacity when such compensation results from a transaction between such third party and a member bank. As above suggested, it is not within the province of the Federal Reserve Board to make an official ruling on the subject under consideration, and the foregoing analysis is intended merely as an expression of individual opinion prohibit by that part of Secas to what transactions Congress Intended to tion 22 which is under consideration. Respectfully, M. 0. ELLIOTT, Counsel. EXPIRATION OF ALDRICH-VREELAND CURRENCY ACT—EMERGENCY CURRENCY RETIRED. With the expiration on June 30 of the Aldrich-Vreeland Law, the only outstanding issue of emergency currency issued under the Act is $200,000, held by a failed bank in Pennsylvania. Altogether, the amount of emergency currency issued as a result of the crisis developed by the European war was $382,502,645, while the amount authorized to be issued was $386,444,215. The law was enacted in May 1908 as a measure of safeguarding against conditions witnessed in the depression of 1907, and June 30 1914 was fixed as the date of its expiration. A provision, however, extending its life another year, to June 30 1915, was carried in the Federal Reserve Act of Dec. 23 1913. Although a number of currency associations had been formed throughout the country up to Jan. 1 1914, there were no applications for the currency during the term originally fixed for the operation of the Act, and it was not until Aug. 4 1914 that the first issue of currency was madelunder it.lkAistatement setting out the es- JULY 10 1915.] THE CHRONICLE 101 sential facts regarding the total issue, its redemption, &c., the character and extent of service the railroads would be was given out by Comptroller Williams as follows on the required to render. The railroads would be compelled to 1st inst.: perform such service as the Postmaster General might July 1, 1915. demand, at such rates as he might choose to pay, under The Comptroller of the Currency announced to-day that the $382,502,645 of emergency currency, issued under the provisions of the Aldrich penalty of $5,000 per day for each refusal. Vreeland Act after the outbreak of the European war, had all been redeemed In the opinion of the Committee on Railway Mail Pay, with the exception of $200,000 still outstanding, issued to a failed bank in as set forth in the booklet, the defects of the present practice Pennsylvania. The first issue of this emergency currency was made on Aug. 4 1914 to respecting the payment to the railroads for carrying the mails banks in New York City. can best be remedied by providing the following reforms: The largest amount issued in any one week was for the week ending Aug. 15, $67,978,770. The maximum amount outstanding at any one time appears to be $363,632,080,on Oct.24 1914. The largest amount retired in any one week was $45,144,798, which was redeemed in the week ending Dec. 12 1914. This emergency currency was issued to 1,363 banks in 41 States. The only States in which emergency currency was not issued were the States of Maine, Vermont, Rhode Island, Delaware, South Dakota, Montana, Wyoming, Idaho and Nevada. The States in which the largest amount of emergency currency was approved for issue was New York, which received $156,539,960. The next largest amount was in Massachusetts, $28,674,500. Illinois came next to Massachusetts with $27,825,000. The next largest amount was to Pennsylvania, $24,451,750. The only other States to whose banks as much as ten million dollars emergency currency was approved for issue were Texas, $18,136,30C, Missouri, $13,173,000, California, $13,110,250, and Minnesota, $12,416,500. By sections, the New England States received $30,277,500,issued to 63 banks; the Eastern States, $191,777,71C, issued to 162 banks; the Southern States, $61,030,255, issued to 779 banks; the Middle States, $81,414,900, issue4 to 207 banks; the Western States, $6,081,200, issued to 90 banks, and the Pacific States,$15,862,650. issued to 62 banks. Of the $386,444,215 emergency currency authorized to be issued, 51%% was secured by commetcial paper, 14% by State and municipal bonds, by warehouse 28% by miscellaneous securities, and approximately % % receipts. There were 45 national currency associations organized throughout the country, and 41 of these made application for emergency currency. The total value of all securities deposited as collateral for the emergency, currency originally issued and the total value of the collateral subsequently substituted for securities withdrawn from time to time aggregated $907,883,168, of which $651,146,090 is represented by commercial paper, $79.342,121 by State and municipal bonds, $171,375,863 by other securities and $6,009,094 by warehouse receipts. 1. That the mails be weighed and the pay be readjusted at least once a year on every railway mail route instead of once in four years as at present. 2. That the railroads be paid for the use and operation of apartment post-office cars—for which the present law allows no pay—on a pro rata basis with the compensation allowed for full railway post-office cars. 3. That the railroads be paid for or releived from the duty of carrying the mails between railroad stations and post-offices. The booklet contains the resolutions unanimously adopted at the meeting of railroad executives in New York City on May 20 last at which 90% of the mileage of the country was represented. These resolutions completely sustained the the position of the Committee on Railway Mail Pay and indorsed the remedies it has suggested. The resolutions also approved the suggestion of the Committee on Railway Mail Pay that in its opinion the ultimate solution of the railway mail pay problem would lie in reference of the matter to the Interstate Commerce Commission with full power. PEACE AND PREPARATION CONFERENCE OF NATIONAL SECURITY LEAGUE. A Peace and Preparation Conference held in New York on June 14 and 15 under the auspices of the National Security League, Inc. was attended by delegates from a majority of the States, as well as from many national associations, commercial organizations and patriotic societies. At this conference final action was taken in the form of the following Up to Oct. 31 1914, for the three months from August, the resolution: events of the past Whereas, The year have demonstrated the fact that tax on the notes was 3%; on Nov. 1 1914 the rate advanced war, no matter how greatly it may be deplored, may suddenly and unexand continued to increase to the extent of one-half pectedly occur, notwithstanding the treaties of peace and amity and have to 33/%, shown of 1% per annum per month until a maximum of 6% was also price ofthat nations who were unprepared have paid and are paying the their delinquency; and, reached. The volume of notes outstanding at the end of Whereas, The reports of our military and naval experts have made clear Oct. 31, with the current tax rate, is shown that the defensive forces of the country are inadequate for the proper each month since protection of our coasts and to enable our government to maintain its below: accepted policies and to fulfill its obligations to other states and to exert Date— Oct. 31 1914 Nov.30 1914 Dec. 31 1914 Jan. 31 1915 Feb. 27 1915 Mar. 31 1915 April 30 1915 May 31 1915 Outstanding. $368,551,065 242,000,000 150,836,692 65,000,000 31,000,000 13,000,000 3,568,000 2,508,900 Tax. in the adjustment of international questions the influence to which the 3% Republic is entitled; 3%% Therefore, be it Resolved, 4% That we appeal to the President, if consistent with the public's interest, 43% to call the early attention of Congress to the pressing need of prompt and 5% efficient action so that the resources of our Great Country can be utilized 53i% for the proper defense of the Republic, and 6% Resolved, That The National Security League be urged to continue the 6% work which it has already undertaken, of bringing the American people to a full realization of our deplorable state of unpreparedness and of the necessity of action by Congress. TO WHAT RAILWAY MAIL PROBLEM MEANS RAILROADS. The Committee on Railway Mail Pay made public on the 3rd inst. a booklet entitled "What the Railway Mail Pay Problem Means to Railroads." The booklet contains information originally prepared for the use of the executive officers of all the railroads of tha country and submitted at a conference of executives held at New York City on May 20 1915. Copies of the booklet have been sent to all Members of Congress, officers of the National Administration, State and Federal regulative Commissions, and many other persons in public or semi-public life, as well as to all daily newspapers and other publications. The purpose of distributing this booklet is to inform the public, as fully as possible, concerning the facts on which the railroads base their claim of inequitable treatment regarding the transportation of the United States mails; also to present fairly all essential information necessary for a clear understanding of the matter, from every point of view. In the booklet, the Committee on Railway Mail Pay discusses the proposed law, dealing with the system of payment for mail transportation, which has been advocated by the Post Office Department and was introduced in the last session of Congress. This proposed law, known as the Moon bill, failed of passage, but the Postmaster General has announced that he intends to have it introduced again in the new Congress and to bring every effort to bear to achieve its enactment. The Moon bill, as analyzed in the booklet, is shown by the Committee on Railway Mail Pay to amount to an almost complete delegation of the rate-making power, as far as the transportation of the mails is concerned, to the Postmaster-General, who would be vested, under its terms, with authority to make the rates anything he might choose, "not exceeding" certain specified sums. He could reduce the rates without restriction and could also -dictate, in almost every respect, The conference was addressed by many speakers of national reputation including ex-Secretaries of War, Luke E. Wright, Henry L. Stimson and Jacob M. Dickinson; exSecretaries of the Navy, Charles J. Bonaparte and George von L. Meyer; Judge Alton B. Parker, Dr. Lyman Abbott and Frederic R. Coudert. BANKING, LEGISLATIVE AND FINANCIAL NEWS. The public sales of bank stocks this week aggregate 127 shares, of which 102 shares were sold at the Stock Exchange and 25 shares at auction. No trust company stocks were sold. Shares. BANKS—New York. 5 Bryant Park Bank *102 Commerce, Nat. Bk. of BANK—Brooklyn. 20 Mechanics' Bank Last previous sale. Low. High. Close. 150 150 150 15934 160 160 July 1915— 160 138 July 1914— 1803i 138 138 * Sold at the Stock Exchange. At a meeting of the directors of the Third National Bank of Philadelphia on the 8th inst., G. Brinton Roberts was chosen Vice-President, W. Clifford Wood was elected Cashier, and Thomas J. Hare, a director. These elections fill vacancies caused by the resignation of Thomas J. Budd as Vice-President, Cashier and director. Mr. Wood advances from the position of Assistant Cashier. William T. Tomlinson and Samuel Graham Jr. were chosen Assistant Cashiers at the board meeting. Charles A. Conant of this city, financial expert and writer on economic subjects, died at Havana, Cuba, on the 4th inst. • Mr. Conant went to Cuba last month at the request of the Cuban Government to assist in working out a new financial system for the Republic. He was born at Winchester, Mass., in 1861 and in 1889 became Washington 102 THE CHRONICLE correspondent for the New York "Journal of Commerce" and the Springfield "Republican." He was appointed in 1901 special commissioner for the War Department by Elihu Root, then Secretary of War, to make a report on monetary and financial conditions in the Philippines. From 1902 to January 1907 Mr. Conant was Treasurer of the Morton Trust Company of this city which was absorbed in 1910 by the Guaranty Trust Co. He was also a director of the Manila Railroad, the National Bank of Nicaragua and the Credit Clearing House. In 1903 he was invited to go to Mexico to aid in plans for monetary reform and became a member of the Commission on International Exchange for the United States in the same year. He was also a member of the Special Commission of the New York Chamber of Commerce on Currency Reform in 1906. Mr. Conant was a technical delegate from this country to the International Conference on Bills of Exchange at the Hague in 1910 and 1912. He was also called to Nicaragua in 1911 and 1912 to assist in devising plans for monetary reform of that country. Mr. Conant wrote a number of books on economic subjects. M.E. Holderness, Assistant Cashier of the Third National Bank of St. Louis, and John Ring Jr. Manager of the publicity department of the Mercantile Trust Company of St. Louis, were responsible for the presentation at the convention of the Associated Advertising Clubs of the World, recently held at Chicago, of a resolution recommending the creation of a department composed of banks, trust companies and investment bankers. The petition was offered on behalf of approximately one hundred delegates and visitors representing the publicity departments of various financial institutions throughout the United States. It is generally believed, the resolution sets out, that the department proposed "would be of great mutual benefit to the associated clubs and financial interests." —z— Zoheth S. Freeman has resigned as Vice-President of the Liberty National Bank of this city. He remains as a director of the bank. As stated in these columns last week Alexander M. Hall, 2d, has been chosen a Vice-President the institution. John McHugh, President of the First National Bank of Sioux City, Iowa, has been chosen Vice-President and a member of the Executive Committee of the Mechanics' and Metals National Bank of this city to fill the vacancy caused by the resignation last December of Frederic W. Allen. Mr. Allen withdrew to become a resident partner in the banking firm of Lee Higginson & Co. Mr. McHugh will assume his, new duties about August 1. He was President of the Iowa Bankers' Association in 1910-11 and is a member of the Executive Council of the American Bankers' Association. (Vol,. 101. on charges for eceiving deposits when he knew his bank to be insolvent. He was released on suspended sentence. The indictment to which he pleaded guilty is one of four against him. Assistant District Attorney Wasservogel recommended the suspension of the sentence. The composition offered by Max Kobre private banker of this city whose bank was closed by the State Banking Department in August last was confirmed on June 23 by Judge A. N. Hand in the U. S. District Court. As previously stated in these columns the first dividend of 10% was paid to the depositors in December and a similar payment of 10% was authorized in an order signed by Judge Hough on March 19. The composition provides for the payment of 100 cents on the dollar, the balance still due to depositors to be paid during a period of four years by a liquidating corporation to be known as the Kobre Assets Corporation, which will be under the direction of State Superintendent of Banks Richards. If the assets do not realize a sufficient sum to pay in full Kobre agrees, it is said, to make up the deficiency. No opposition to the confirmation of the composition was made by Morrison & Schiff, attorneys for the petitioning creditors. It is reported that the liabilities of the defunct institution amount to approximately $2,300,000, chiefly due depositors, and that the creditors number about 26,000. In point of number of creditors, it was said, that this was the largest petition in bankruptcy ever filed in any court in the United States. Samuel Thorne, a prominent financier of this city and a director in several large corporations, died on the 4th inst. while on a fishing trip in Canada with James J. Hill. Mr. Thorne was a director of the Bank of America, the Central Trust Co., the New York Life Insurance & Turst Co., the Great Northern Ry., the Northern Securities Co., the New York Dock Co., &c. He was formerly Presidenc of the Pennsylvania Coal Co. Robert K. Root has been elected a VicoPresident of the Bank of Buffalo,(N. Y.) Mr. Root was already a director in the institution. George F. Rand, a director of the Bankers' Trust Co. of Buffalo, was elected Chairman of the Board of Directors of that institution on June 29 to succeed the late Seymour H. Knox. The company is less than a year old, having begun business on Aug. 10 1914. In addition to declaring the usual quarterly dividend of 13/%, the directors authorized the transfer of $35,000 from undivided profits to surplus, raising the latter to $200,000—$100,000 of which has been earned. Hugh T. Owen, heretofore receiving teller of the First National Bank of Utica, N. Y., has been appointed Assistant t ho tePresident, Charles B. Rogers. Mr. Owen, who has The deposits of the Guaranty Trust Company of New York been connected with the institution for twenty years, asState Superintendent of Banks for June sumed his new duties on the 1st inst. as reported to the 23 total $281,000,000. These are the highest figures ever reported by the company and are $47,000,000 more than the A now trust company has been organized in East Hartdeposits of one year ago. The total resources are now $362,000,000, or $66,000,000 greater than on the corresponding ford, Conn., under the name of the 'East Hartford Trust Co. Edward E. King is President of the now institution, date last year. Edward S. Goodman, Vice-President, and Frank M. Fitch, The Transatlantic Trust Co., 67-69 William Street and Auditor. Preliminary arrangements for the establishment 109 Avenue A, this city, at present the youngest trust of the institution were made at a meeting of the stockholders company in the metropolis is making steady additions to on June 8. Stewart N. Dunning, who was active in forming its business as is shown by its semi-annual statement. On the syndicate which acquired control of the City Bank of June 30th its deposits reached $3,730,448,capital,surplus and Hartford in February, and then changed the bank's name to profits $1,100,000 and aggregate resources $4,915,163. The the City Bank & Trust Co., was elected temporary Chairinstitution is fiscal agent in this country for the Royal man of that meeting, and Frederick E. Fuller, Clerk. It Hungarian Postal Savings Bank of Budapest and has ex- was voted that 20% of the stock subscriptions be paid tensive Hungarian banking connections. Julius Pirnitzer on June 16 and the balance on July 7. The City Bank & is President, H. B. Fonda Vice-President, H. L. Servoss Trust Co. of Hartford will act as agent of the new company Secretary, George Plochmann Treasurer and E.S.Cubberly pending the selection of a Treasurer. Asst. Treasurer. James C. Howe has been elected a Vice-President of the The Westchester Avenue Bank of New York has declared Old Colony Trust Co. of Boston, succeeding E. Elmer Foye. an initial dividend of 1%, payable Aug. 2. The bank began Mr. Foye has opened an office under the firm name of E. business in October 1910. Elmer Foye & Co., to deal in commercial paper, municipal, corporation and collateral loans. Mr. Howe assumed his Meyer Jarmulowsky, head of the M. & L. Jarmulowsky new duties on Thursday. He was formerly Vice-President private bank of this city which was closed by the State of the American Trust Co. of Boston, and recently ViceBanking Department last summer, pleaded guilty on June President of the Saco-Lowell Machine Shops. 29 before Justice Davis in the Supreme Court in this city JULY 10 1915.1 THE CHRONICLE 103 Charles Delany, a director of the Kensington Nationa Savings & Trust Co. of Columbus, Ohio, to take over the Bank of Philadelphia, has been elected Vice-President of property of that institution, has paid a 5% dividend on its first ten months of operation. As previously stated in these that institution to succeed Lewis Davis, resigned. columns, the realty company purchased the trust company's Lardner Howell was elected Real Estate Officer of the property for $633,350. The property has a mortgage of Girard Trust Company of Philadelphia on the 8th inst., to $350,000 on it, which represents the amount borrowed to take the place of Minturn T. Wright, who resigned to engage pay a 50% dividend to the depositors who declined to join in the real estate business. Mr. Howell is promoted from the purchase plan. The Columbus Savings & Trust Co. the position of Assistant Trust Officer. John M. Okie has failed on Feb. 26 1912. It is expected that the building been made Assistant Real Estate Officer and G. L. Bishop will eventually be sold at a figure which will enable almost full return to depositors. Assistant Trust Officer. The deposits of the Fidelity Trust Company of Baltimore show a growth of nearly a million dollars since Jan. 1st. They were $8,674,349 December 31 1914 and increased to $9,667,245 on Juno 23; in the same period', capital, surplus and profits advanced from $2,151,173 to $2,211,463 and aggregate resources from $10,825,522 to $11,902,910. The Fidelity Trust Co. shows progressiveness in having featured two timely [matters of national public interest during the last twelve months—the "Jitney Bus" and "Round South America Cruise"—though the trip around South America was subsequently cancelled. These unique efforts to serve its patrons and public are characteristic of this energetic Baltimore institution. Edwin Warfield, ex-Governor of Maryland, is President and Van Lear Black Vice-President. C. T. Williams is Manager of the Investment Department. With a view to encouraging thrift and economy and to point out the wisdom of saving money the Cleveland Trust Company of Cleveland is distributing a small booklet made up of advertisements which the company has used in the Cleveland newspapers. The advertisements set forth the sayings of men of prominence, past and present, upon the practice of saving and economy. The Cleveland Trust pays 4% interest compounded semi-annually on accounts opened with one dollar or more. A meeting of the stockholders of the People's State Bank of Detroit will be held on the 14th inst. to vote on a proposition to increase the capital from $2,000,000 to $2,500,000. The 5,000 additional shares will be offered to present stockholders pro rata at $150 a share. The last sale of the stock on the Detroit Stock Exchange was $275 a share. The The directors of the Munsey Trust Company of Baltimore report of the People's State Bank on,June 23 showed surplus have declared an initial dividend of 1% payable July 7 to of $2,000,000, undivided profits of $1,268,312, total deposits stockholders of record July 1. The company's officials of $47,201,808 and resources of $52,470,186. state that although this disbursement represents the earnings for the July quarter it is not to be regarded as the basis The State Bank of Italy, which was established in August, for future quarterly distributions as they hope to increase 1912, to cater to the Italian population in Chicago, has been As previously placed in liquidation, the depositors of the institution having the payment as the company's business grows. stated in these columns the stock in the trust company owned been notified of this action on June 26. It is reported that by Frank A. Munsey was purchased in February by a the bank was forced to take this step because of the heavy syndicate headed by E. L. Norton, President of the institu- withdrawal of deposits for shipment to Italy. tion. The Munsey Trust began business in January 1913 At a meeting on June 26th between officials of the bank and has a capital of $1,000,000, surplus and profits of over and a committee representing six clearing house institutions $130,000 and deposits of over $4,800,000. it was agreed that while the assets were in excess of the $375,000 deposits the bank could not continue and remain The Mellon National Bank of Pittsburgh reports a big solvent, and accordingly funds were advanced to pay off deposit line of $51,508,057 for June 23, surplus and profits the depositors in full. The institutions pledging assistance $2,869,564 in addition to $6,000,000 capital, and total to it are the First National Bank, the Continental & Comassets are $64,115,398. Its official staff includes: A. W. mercial National Bank, the Illinois Trust & Savings Bank, Mellon President, R. B. Mellon and A. C. Knox Vice- the Corn Exchange National Bank, the Merchants Loan & Presidents and W. S. Mitchell Cashier. B. W. Lewis, Trust Co., and the National City Bank. James B. Forgan, A. W. McEldowney and H. S. Zimmerman are Assistant President of the First National, who headed the committee, Cashiers. gave out the following statement with regard to the bank's liquidation: "The State Bank of Italy has for some time back had rather a hard exHenry G. Hetzel, who has been Secretary and Treasurer of the Central Trust Co. of Pittsburgh since June 1904, the perience, aggravated by the general business depression and the situation produced by the European war. year following the organization of the institution, has "During the past year they have been called upon to liquidate over resigned,having become connected with the Franklin Savings 50 % of their deposits, and the withdrawals have been more marked recently, since Italy entered the war. Facing the interest payment date & Trust Co. of that city on the 2d inst. on July 1, when normally a considerable withdrawal of savings deposits James R. Wylie, formerly President of the Grand Rapids National City Bank and the City Trust & Savings Bank of Grand Rapids, Mich., died on June 30. Mr. Wylie became Cashier of the old National City Bank in February 1898 and in May 1902 was elected President of the bank. When the National City and the Grand Rapids National consolidated in 1910 he was retained as President of the enlarged Grand Rapids National City Bank and served in that capacity until December 14 1914 when he resigned because of ill health. Mr. Wylie was President of the City Trust & Savings Bank from its organization in 1905 until Dec. 1914. He was formerly a Vice-President of the Michigan Bankers' Association. At the time of his death he was a director in the Grand Rapids National City and the City Trust & Savings Bank. Elias B. Jones has been elected President of the Colonial Trust Company of Philadelphia to succeed Harvey L. Elkins, who recently resigned to become a member of the firm of Edward V. Kane & Co. Mr. Jones was chosen Second Vice-President in April at the time of Mr. Elkins' resignation and had been acting as President, pro tern. Mr. Elkins becomes Second Vice-President of the company and continues as a director. would take place, and anticipating that such withdrawals would be largely increased owing to present conditions, the directors of the bank decided that the bank should discontinue business. "The matter was taken up with the clearing house committee, and, finding that the bank had sufficient assets to liquidate the remainder of its deposits, the six banks represented on the clearing house committee agreed to advance the amount necessary to pay off the depositors against the security of the bank's assets, which are to be liquidated by the First Trust and Savings Bank for the purpose of paying back the amount thus borrowed and thereafter distributing whatever is left among the stockholders of the bank." The State Bank of Italy had a capital of $200,000; on April 30 it reported surplus and profits of $27,902 and deposits of $375,398. Robert R. Forgan has been elected a Vice-President of the National City Bank of Chicago. Mr. Forgan, who is a son of David R. Forgan, President of the institution, had been connected with the firm of W. T. Rickards & Co., dealers in commercial paper. Following the recent consolidation of the Illinois National Bank of Peoria, Ill, with the Merchants National Bank of that city the first named bank has been placed in voluntary liquidation. The consolidation was effected under the name of the Merchants & Illinois National Bank. The uniting banks each had a capital of $200,000; the enlarged institution has $500,000 capital, surplus and profits of over The Depositors' Realty Co., which was organized last $200,000 and deposits of approximately $3,800,000. year by some of the depositors of the defunct Columbus 104 THE CHRONICLE [Vol.. 101. F. A. Chamberlain, President of the First & Security theory that the power of the Court as a Federal Court to entertain the and that single question National Bank of Minneapolis, has been chosen Vice-Presi- cause is involved,the averments of the bill is to be determined. no escape "Indeed, when are analyzed there is dent of the Minneapolis Trust Company succeeding the late from the conclusion that the jurisdiction to entertain it could not have James S. Bell. The board of directors of the trust company been exerted without disregarding the plain letter of the statute in force has been enlarged by the addition of six members who were since 1882. It follows that the Court below was right in dismissing the bill for want of jurisdiction." directors of the Security National Bank prior to its recent Although the suit was directed against all the members merger with the First National. The new directors are of the board of directors of the National Bank of Commerce, Mr. Chamberlain, Louis K. Hull, Charles W. Sexton, the allegations chiefly concerned B. F. and George L. EdFred B. Snyder, John P. Van Derlip and F. G. Winston. wards, and a judgment was asked against them. Mr. Herrmann alleged that they owned and controlled more than 36% The new Western State Bank of St. Paul, Minn., whose of the stock of the Fourth National, and used their influence organization was recently noted in these columns, opened for to bring about its purchase by the National Bank of Combusiness on June 28 in temporary quarters at 553 University merce. It has been reported that Mr. Herrmann contemAvenue. The institution will occupy permanent quarters in plates filing a new suit in the State Court as a result of the a new building which is being erected for it at Dale Street Srupeme Court's decision. and University Avenue. The bank has a capital of $25,000 and surplus of $5,000. The American National Bank of Louisville has taken over the Southern National Bank of that city, the enlarged The Merchants' National Bank of St. Paul on, June 28 institution having opened for business on the 6th inst. in moved to its quarters in its new building at the corner of the quarters of the Southern National. Under the terms of Fourth and Robert streets. The institution's old building the merger the American National pays $100,000 for the on this corner was torn down in November 1913 to make deposits, good-will and plant of the Southern National and way for the sixteen-story steel fireproof building which has for the privilege of liquidating its affairs. Earl S. Gwin will just been completed. The structure is of the latest and most continue as President of the American National and Henry modern construction; it is of the Renaissance type, 100 feet Thiemann, President of the Southern National, becomes by 155 feet, with a height of 225 feet. The bank occupies Vice-President of the American. No other change has been the second and third floors and the basement. The main announced in the official staff of the American National. banking room, which is constructed of the finest marble and Announcement is made that the working forces of both bronze,is on the second floor,a broad marble stairway leading institutions will be left intact for the present. It is reported to it from the street. New safe deposit'vaults, modern in that E. B. Robertson, Active Vice-President and Cashier construction and equipped throughout for protection and of the Southern National, will become connected with the convenience, have been constructed and are located in the enlarged institution in an official capacity. The name of basement of the building. A reception in celebration of the the institution, it is stated, will probably be changed to the opening took place in the evening of June 28. American-Southern National Bank. The enlarged institution has deposits in excess of $6,500,000 making it one of The Overland National Bank which was recently organized the largest banks in the city. The American National has in Boise, Idaho, to succeed the Idaho Trust & Savings Bank a capital of $800,000 and on June 23 had surplus and profits opened for business on June 28. As heretofore stated in of $230,080 and deposits of $3,814,998. The Southern these columns the institution has a capital of $100,000. The National had a capital of $500,000 and under the latest call officers are Ernest Noble President, R. F. Bicknell and of the Comptroller, surplus and profits of $76,029 and Lewis C. Merrell Vice-Presidents and J. H. Black Cashier. deposits of $3,281,870. The building of the Southern National has been purchased by the American National for A new banking institution, the American Trust & Savings $63,000. In its new quarters the American National will Bank, has been established in Des Moines, Iowa, with a have the advantage of the adequate safety vault equipment capital of $50,000 and surplus of $10,000. The bank opened which was installed in the Southern National quarters at a for business on June 21 in the Central Life Building. John cost of more than $25,000. The building is to be enlarged P. O'Malley, President of the People's National Bank of to meet the requirements of the bank. Regarding the merger of the two banks President Gwin Perry,is President of the new institution, and is assisted in its management by William Moran, Vice-President, and J. J. is quoted in the Louisville "Courier-Journal" as follows: "In bringing about the conviction that O'Malley, Cashier. The bank plans to carry on a realty-loan institution with superiorconsolidation it is with themeans of doinga larger facilities will afford a bigger department business in connection with a commercial and things in a banking way. We will have the largest aggregate deposits of any bank in the State and Louisville will be brought more nearly to the savings bank business. position occupied by Indianapolis, where there are two banks which have aggregate deposits of close to $15,000,000. The plan we have adopted in bringing together the two institutions is The Broadway Bank of Denver, Colo. and Fleming Bros., in other projects. bankers of that city, were merged on June 12 into an insti- in line with the method generally usedwhere the cities for similar resources concentration of Banking evolution has reached a point tution with $80,000 capital, and surplus and undivided Is desirable to all interested elements." profits of $28,000. The combined institution occupies the first floor of its new building at First Avenue and Broadway The Imperial Bank of Canada (head office Toronto) has Street. John C. Skinner, who was identified with the Broadway Bank, is Chairman of the Board of the new published in pamphlet form its 40th annual report for the year ended April 30 1915. The details of the report were institution. given in these columns on June 5. In addition to the bank's The suit for $1,363,919, brought by John P. Herrmann, a profit and loss account and balance sheet, the pamphlet stockholder in the National Bank of Commerce in St. Louis, contains President Poleg Howland's address at the annual against B. F. Edwards, formerly President of the National meeting of the shareholders on May 26 together with the Bank of Commerce, and his brother, George L. Edwards, minutes of that meeting. formerly a director of the bank, was dismissed by the United States Supreme Court on June 4. The proceedings were instituted in March 1913 by Mr. Herrmann, who claimed that DEATH OF LYTTON BRIGGS.—This paper has this the amount sued for was lost through the purchase in 1906 week lost the head of its proof-reading department in the by the Commerce of the Fourth National Bank of St. Louis. death of Lytton Briggs. Mr. Briggs died last night at The suit was dismissed by Judge Dyer in the United States 7:25 o'clock of arterio sclerosis. He was one of the "ChronDistrict Court of St. Louis on May 5 1913 for want of juris- icle's" oldest employees, having entered its service as a boy diction, and this decision is now affirmed by the Supreme over forty years ago, and was held in much esteem by all. Court. In handing down the Court's decision Chief Justice He was in failing health for over six months, but continued White said that no Federal question could be found unless it faithfully at work until two weeks ago. Had he lived a few was the allegation that the bank was a Federal corporation days longer he would have been 57 years of age. which had committed an act beyond the powers granted in its charter. In part the Chief Justice said: "There was no diversity of citizenship, and jurisdiction over the suit, therefore, depended upon whether there was a Federal cause of action stated upon which the authority of the Court to entertain the cause could be based. "There were demurrers for want of jurisdiction which were maintained, and the bill was dismissed, and the case is here on a direct appeal on the THE ENGLISH GOLD AND SILVER MARKETS. We reprint the following from the weekly circular of Samuel Montagu & Co. of London, written under date of June 24 1915: GOLD. The gold movements record again a substantial balance against the Bank amounts were received by the Bank: of England. The following June 17-£120,000 in sovereigns released on Egyptian account. 18- 10,000 in bar gold. 18- 75,000 in sovereigns released on miscellaneous account. 21- 160,000 in sovereigns released on Egyptian account. 21- 250,000 in sovereigns released on miscellaneous account. 23- 868,000 in bar gold. Withdrawals were made as under: June 17-654,000 in foreign gold coin. 18- 524,000 in foreign gold coin. 18- 427,000 in sovereigns sot aside on account of Argentina. 19- 684,000 in sovereigns set aside on account of Argentina. 19- 524,000 in foreign gold coin. 21- 524,000 in foreign gold coin. 22- 43,000 in foreign gold coin. During the week the net reduction amounted to £1,897,000. Appended for the purpose of comparison are figures relating to the gold outputs of Rhodesia and West Africa: May 1915. May 1914. April 1915. £318,898 £290,062 £315,541 Rhodesia 149,978 145,227 143,123 West Africa SILVER. the reason is simple. The tone of the market has been less robust, and For some time past, America has been curtailing supplies to quite modest proportions. Whether this was done in order to accommodate a market so ill-provided with buyers as it has been, or not, the result was to create an artificial feeling of confidence, and by compelling inactivity to maintain prices. Now, however, the supplies are more plentiful, the shyness of buyers has not failed to be felt, and prices have fallen away, but at the same time the market has gained in life and animation. The quotation rose from 23 5-16d. to 23%d. on the 18th inst., remained at that figure the following day, but eased away daily until 23%d. was recorded yesterday-the lowest price since March 4 last. A slight recovery to 23 3-16d. ensued to-day. A fair crop of orders came to hand from the Indian Bazaars, and a certain amount of support was received from China, at the lower level reached. An interesting item from the "Northeri:i Minor" of Ontario is appended: "Perhaps the most significant fact about the shipment of the richest car (in gross ounces and to the ton) that over left the marvelous camp of Cobalt, is that it has been stoped from ore bodies that were not known to exist last year. That is to say, that the millions of ounces that have been put into sight in the new vein system of the Temiskaming will go far to restore the balance which is year by year setting against the camp. It is not to be expected that these silver windfalls will maintain the production of tho camp year to year, but they will stay the decline of the camp from a rapid decay to a healthy and vigorous old age." .An Indian currency return for the 15th inst. gave details as follows (in lacs of rupees): 63,04 Notes in circulation Reserve in silver coin 33,64 7,75 Gold coin and bullion England 7,65 Gold in stock in Bombay consists of 5,700 bars, as compared with 5,800 The last week. A shipment of 370.000 078. has been made from San Francisco to Hongkong. Q11Otat10/1S for bar silver, per ounce standard: No Bank rate cash 5% June 18-23 quotation Bar gold per ounce standard 77s. 9d. 19-233 "fixed French gold coin, per oz _ _ _ _Nominal 21-23 1 for U.S. A. gold coin, per oz_ _Nominal 22-23 forward 23-23 delivery. 24-23 3-16 " Av.for week 23.270 cash The quotation to-day for cash silver is %d,below that fixed a week ago. Pacific and Other Western Clearings brought forward from first page. June. Clearings at 1015. 1914. $ $ San Francisco_ 209,315,004211,915,977 Los Angeles.-- 84,720,028 98,023,979 51,682,139 57,008,096 Seattle 15,942,965 18,633,547 Spokane 41,662,209 44,721,935 Portland 8,052,404 9,698,034 Tacoma Salt Lake City 26,573,993 25,056,849 14,897,408 15,105,506 Oakland Sacramento_ -- 7,375,104 8,499,031 7,870,144 8,214,613 San Diego 3,430,794 3,720,892 Pasadena 3,673,292 3,720,069 Stockton 3,972,763 3,650,618 Fresno 2,309,073 2,762,066 San Jose 1,355,535 1,793,164 North Yakima 3,213,487 3,150,029 Boise 3,368,414 3,410,914 Ogden 1,279,723 1,097,693 Reno 925.052 1,002,772 Santa Rosa... Long Beach._ 2,039,974 2,531,649 Bakersfield -__ 1,708,103 2,286,088 Six Months. Inc. or Dec. 1915. Inc. or Dec. 1914. % $ $ -1,21,250,696,612 1,242,921,850 -14.4 507,824,722 609,511,524 -9.3 296,498,119 316,706,168 -14.4 91,152,401 106,077,945 -6.8 270,542,802 296,440,325 -17.1 55,919,694 49,277,985 +6.1 152,099,688 150,193,422 -1.4 86,889,468 89,011,507 -1.5 44,092,990 49,105,711 -4.2 48,003,924 55,397,766 -7.8 24,413,965 22,171,289 -12.6 21,687,036 22,351,547 +8.8 22,842,988 23,331,054 -16.4 15,922,543 15,259,591 -24.4 9,389,651 10,082,131 +2.0 18,859,701 18,539,316 -1.2 18,884,938 18,390,369 +16.6 7,021,976 6,629,682 -7.7 6,242,936 5,494,011 -19.4 3,593,192 13,213,207 -25.3 10,083,217 12,575,277 % +0.6 -16.7 -6.4 -14.1 -8.7 -11.9 +1.3 -2.4 -10.2 -13.3 -0.2 +3.1 2.1 -4.2 -6.9 +1.7 +2.7 +5.9 -12.0 -19.8 I + . 4 1+1++ + 1+++++ •Not included in totals; comparison incomplete. te: t' " !1 t. g lq‘2 ti 1 1. e ; ! '. t. .4 . .. , 0 . .C VOTTOO.C40..0W1.NOMOTQLO I+ .4.1,1..1,11...1* M+++++ Tot.Oth.West_ 730.030.120634.384.984 -3-15.14.445.830.278R.RAR 620 an q C .0 -S.92,949,437,6193,120,100,819 +40.5 1,823,995,288 1,327,386,148 , -19.9 609,122,315 586,717,650 +15.3 469,547,89 438,264,964 +5.4 297,887,472 283,824,808 +8.5 229,263,259 219,272,683 +7.0 193,374,779 192,484,035 -23.3 139,134,641 148,934,842 -1.5 82,992,454 90,699,567 -13.3 89,855,831 83,860,751 +18.9 93,051,346 81,948,549 -1.1 37,346,485 40,556,273 -0.2 37,633,542 45,579,833 +15.1 58,799,121 53,220,926 +5.0 44,769,621 49,781,674 +11.. 17,056,571 15,304,338 -1.0 29,903,228 20,981,463 +11.7 26,008,526 24,471,446 +10.7 43,341,111 39,037,500 -2.6 27,069,889 25,775,184 -39.2 13,359,36, 16,386,967 16,720,401 +51.2 19,658,859 +17.2 13,726,374 12,235,382 -2.9 10,725,734 0,719,228 +28.6 5,518,391 4,470,145 +12.2 10,186,092 11,855,861 +3.3 8,642,401 8,718,000 -5.6 4,972,769 5.513,125 -2.3 6,967,259 6,577,517 1I Total Pacific 493,327,634 524,371,872 Kansas City-_ 801,310,819 207,992,759 Minneapolis __ 80,222,915 100,203,194 80,834,437 70,077,864 Omaha 53,427,118 50,687,299 St. Paul 42,277,800 38,975,576 Denver St. Joseph.... 32,308.400 30,193,688 Des Moines_ _ _ 23,560,479 24,123,868 14,468,969 14,689.693 Sioux City_ _ 13,745,446 15,858,696 Duluth 15,926,035 13,393,170 Wichita 6,389,811 6,456,378 Topeka 6,250,157 6,887,669 Davenport 10,304,308 8,951,937 Lincoln Cedar Rapids. 7,565,473 7,203,582 Colorado Spgs. 3,043,578 2,729,925 5,157,644 5,210,205 Fargo 4,922,456 4,405,974 Sioux Falls 6,951,766 6,009,042 Waterloo 4,538,102 4,660,732 Helena 1,645,175 2,706,984 Pueblo 4,305,356 2,831,295 Joplin 2,752,611 2,347,735 Aberdeen k 1,840,140 1,894,152 Fremont 707,433 909,325 Hastings 1,967,629 1,753,476 Billings 1,480,700 1,433,000 Grand Forks 931,042 879,651 Lawrence . 1,043,787 1,068.616 Iowa City_ _ _ 105 THE CHRONICLE JULY 10 1915.] -la a 4 Week ending July 3. Clearings at Inc. or Dec. 1914. 1915. s San Francisco_ _ _ Los Angeles Seattle Spokane Portland Tacoma Salt Lake City Oakland Sacramento San Diego Pasadena Stockton Fresno San Jose North Yakima Reno Long Beach 63,748,632 21,576,957 12,475,301 3,493,031 8,500,000 1,725,919 6,382,466 3,352,618 1,569,354 1,854,345 873,971 745,227 715,212 724,713 342,533 300,000 501,508 3 48,221,446 19,345,958 11,027,943 3,400,000 9,064,135 1,795,551 5,862,431 2,739,957 1,928,331 1,837,296 698,913 905,793 869,563 676,341 335,000 250,000 556,951 109,516,009 1912. 1913. % +11.5 +11.5 +13.1 +2.7 -6.2 -3.9 +8.9 +22.4 -18.6 +0.9 +25.0 -17.7 -17.7 +7.1 +2.2 +20.0 -10.0 S 42,661,405 18,898,897 9,644,020 3,700,000 11,069,617 2,086,758 5,834,977 3.198,928 2,127,063 1,976,879 855,468 1,350,867 825,000 650,000 338,484 . 228,946 $ 54,290,699 22,144,963 10,733,486 4,023,754 10,724,492 2,763,166 6,398,281 4,653,265 1,476,637 2,653,176 986,578 920,651 753,461 701,462 417,590 227,661 Total Pacific__ 118,881,787 +8.6 105,447,309 123,869,322 Kansas City__ Minneapolis ____ Omaha St. Paul Denver St. Joseph Des Moines Sioux City Wichita Duluth Lincoln Topeka Cedar Rapids... Davenport Colorado Springs Fargo Pueblo Fremont Waterloo_ Helena Aberdeen Hastings Billings 66,983,568 19,394,202 18,630,861 13,416,706 9,000,000 6,593,288 5,891,594 2,600,000 '3,390,763 2,314,478 2,508,355 1,319,C00 1,600,000 1,630,704 415,000 1,083,384 407,294 328,863 1,254,333 1,016.389 500,000 436,243 525,000 40,257,765 +66.4 24,580,848 -21.1 13,495,496 +38.1 11,475,319 +16.9 7,367,731 +22.2 5,567,398 +18.4 6,029,713 -2.3 2,980,255 -12.8 3,114,089 +8.9 3,653,113 -36.7 1,961,328 +27.9 1,319,313 -0.02 1,675,748 -4.5 1,367,749 +19.2 398,597 +4.1 1,126,359 -3.8 696.784 -41.7 360,450 -8.8 1,233,135 +1.7 1,143,189 -11.1 365,000 +37.0 140,593 +68.1 . 486,982 +7.8 43,385,155 22,000,000 15,125,644 10,009,828 9,184,251 7,507,466 5,169,226 3,266,331 3,250,000 4,799,660 1,740,058 1,673,145 1,461,970 1,776,716 510,620 507,643 502,042 338,051 1,725,053 947,925 344.304 180,000 353,317 40,563,105 18,532,738 15,020,453 9,921,432 10,151,107 6,318,179 4,446,165 3,041,609 2,830,247 2,567,463 1,784,618 1,086,437 1,336,983 1,656,166 611,561 444.893 632,579 287.221 1,219,358 1,091,117 282,736 166,786 333,386 Tot.0th.West_ 161,040,025 130,796,954 +23.1 135.759.355 124.326.339 -The clearings of the CanaCanadian Bank Clearings. dian banks for the month of June 1915 show a decrease from the same month of 1914 of 19.8%, and for the six months the loss reaches 17.0%. June. Clearings al 1915. 1914. IS $ Montreal. _ _ 196,646,272 234,737,813 Toronto__ 161,404,956 181,914,536 Winnipeg... 77,738,643 109,197,659 Vancouver__ 22,500,450 37,467,108 17,197,520 17,530,901 Ottawa 13,188,189 14,632,544 Quebec 9,915,556 8,178,883 Halifax Hamilton... 12,864,156 13,255,451 St. John_ .._ _ 6,322,920 6,927,186 7,721,083 7,339,427 London Calgary.... 12,090,461 23.079,089 5,857,043 10,915,671 Victoria9,243,639 15,135.945 Edmonton 5,575,660 9,789,964 Regina 1,765.024 1,985.410 Brandon Saskatoon.. 2,901,624 5,110,060 2,773,580 4,007.615 Moose Jaw_ 1,192.738 2,013,360 Lethbridge _ Brantford _ .. 2,169,782 2,562,358 1,739,719 4,027,723 Fort William 1,742,817 1,084,341 New W'm'er 835,429 2,139,936 Medicine 11't 880,363 Peterboro *.. 1,716,871 Six Months. Inc. or Dec. Inc. or Dec. 1914. 1915. s s % -16.2 1,150,267,703 1,342,621,147 -11.3 872,551,872 1,060,585,348 -28.8 569,803,578 622,162,189 -40.0 132,630,924 229,579,458 -1.9 103,829,917 101,662,654 -9.9 70,640,891 77,320,920 +21.2 49,138,761 48,056,700 -2.9 68,479,544 76,618,969 -8.7 37,286,229 38,257,651 43,422,868 +5.2 43,566,208 -47.6 73,241,950 102,120,011 -46.3 39,601,828 65,856,781 -38.9 M,808,521 87,122,662 -43.0 32,661,417 48,402,699 10,984,077 12,071,962 -11.1 18,492,461 31,454,816 -43.2 22,870,032 -30.8 16,886.094 11,114,416 7,589,897 -40.8 -15.3 12,356.387 15.259,267 10,797,516 19,850,582 -56.8 10,289,033 6,740,705 -37.7 11,064,715 5,369,643 -61.0 9,961,923 880,363 % -14.3 -17.7 -8.4 -42.2 +2.1 -8.7 -2.2 -10.6 -2.5 +0.3 -28.3 -39.9 -40.5 -32.5 -9.0 -41.2 -26.2 -31.7 -19.0 -45.6 -34.5 -51.5 Tot. Canada 572.720.775 713.721.456 -10_a 2.383.644.062 4.078.846 041 -170 • Not included in total; comparison incomplete. The clearings for the week ending June 28 make a less satisfactory comparison with the same week of 1914, the decrease in the aggregate having been 30.2%. Week ending July 3. Clearings at 1915. 1914. Dec. 1913. 1912. Montreal Toronto Winnipeg Vancouver Ottawa Quebec Halifax Hamilton St. John London Calgary Victoria Edmonton Regina Brandon Saskatoon Moose Jaw Lethbridge Brantford Fort William New Westminster Medicine Hat Peterborough $ s $ $ % 33,185,967 43,824,533 -24.3 48,911,798 56,344,502 30,000,000 43,126,685 -30.4 39,824,255 47,366,132 12,678,611 20,553,667 -38.3 26,807,036 23,984,168 4,392.508 7,424,647 -40.8 11,472,928 12,306,334 2,625,950 3,025,216 -13.2 3,514,643 4,473,367 2,354,067 2,456,516 -4.2 3,277,297 4,064,446 1,330,156 1,533,275 -13.2 2,039,913 1.931,624 2,580,264 2,865,572 -9.9 3,706,331 4,083.724 1,039,146 1,544,756 -32.7 1,397,474 1,458,926 1,234,930 1,264,209 -2.4 1,524,034 1,528,985 3.123,568 5,441,428 -42.6 3,944,808 4,587,362 1,032,874 2,293,456 -55.0 3,586,041 3,100,192 1,391,942 2,956,227 -52.9 3,782,824 2,272,375 887,972 1,553,531 -42.9 2,091,072 1,522,240 639,437 306,653 321,808 -4.7 524,216 523.910 888,713 -41.1 1,442.033 1,910,863 560,681 780,132 -28.2 899,208 1,107,861 207,194 335,158 -38.2 437,561 462,031 521,102 -31.3 527,053 527,369 358,782 720,042 -59.2 952,456 659,351 294,828 184,766 296,471 -37.8 454,891 318,338 -50.9 488,471 156,251 358,992 -16.3 300.440 Total Canada 100.751.460 144.404.474! -30.2 161.607.243 174 321 2120 Clearings by Telegraph-Sales of Stocks, Bonds, &c. -The subjoined table, covering clearings for the current week, usually appears on the first page of each issue, but on account of the length of the other tables is crowded out once a month. The figures are received by telegraph from other leading cities. Fourth of July holiday observed in the week this year. 106 THE CHRONICLE Clearings-Returns by Telegraph. Week ending July 10. 1915. 1914. Per Cent. New York Boston Philadelphia Baltimore Chicago St. Louis New Orleans $1,337,055,299 104,324,012 105,073,686 26,372,658 220,791,952 55,812,211 15,622,278 $1,612,293,766 132,860,147 141,346,826 30,840,599 271,608,107 66,231,208 15,176,025 -17.1 -21.5 -25.7 -14.5 -18.7 -16.3 +2.9 Seven cities, 5 days Other cities, 5 days $1,865,052,096 461,277,374 $2,270,356,768 554,287,963 -17.9 -16.8 [vol.,. 101. Roadtons_ Philadelphia Sc Reading Lehigh Valley Central RR. of New Jersey Delaware Lackawanna Sc Western_ _ _ _ Delaware Sc Hudson Pennsylvania Erie Ontario Sc Western Total June 1915. 1914. 852,411 944,816 988,253 1,325,982 609,127 839,514 888,399 941,868 69704 661,248 446,690 470,652 693,089 738,175 140,239 207,931 Jan. 1 to 1915. 5,413,271 6,299,848 3,798,849 4,568,608 3,803,792 2,969,954 3,747,082 993,900 June 301914. 6,031,648 6,155,075 4,389,087 4,598,506 3,415,875 3,217,088 3,990,027 1,148,483 5,316,102 6,130,186 31,595,304 32,945,789 LAKE SUPERIOR IRON ORE SHIPMENTS. -ShipTotal all cities, 5 days $2,326,329,470 $2,824,644,731 -17.6 ments of Lake Superior iron ore for the month of June 1915 All cities, 1 day 534,689,724 478,759,747 + 11.7 aggregated 6,005,091 tons, against 5,502,367 tons and Total all cities for week $2,861,019,194 $3,303,404,478 -13. 7,974,444 tons for the same month in 1914 and 1913, respecOur usual monthly detailed statement of transactions on tively. In the following we compare the shipments from the the New York Stock Exchange is appended. The results several ports for June 1915, 1914 and 1913,and for the season to July 1. for the six months of 1915 and 1914 are given below: Six Months 1915. Description. Par Value or Quantity. Six Months 9114. Aver. Par Value Price. or Quantity. Actual Value. Aver. Actual Value. " Price. Stock J Sh's 61,929,979 38,069,651 I Val.$5,246,857,725$4,510,450,561 86.0$3,321,640,229 $3,140,066,734 94.5 RR. bonds 384,886,200 323,914,834 84.2 342,669,000 329,784,863 96.2 Gov't bds_ 554,000 559,078 100.9 447,000 454,562 101.7 State bds_ _ 11,326,500 9,990,091 88.2 30,233,000 30,561,882 100.8 Bank stks_ 181,234 179.1 101,200 256,600 519,929 202.3 Total_ _ _ _ $5,643,725,625$4,845,095,798 86.083.605,335,829 $3,501,387,970 94.7 June Season to July 1 1914. 1913. Port1915. 1915. 1914. 1913. Escanaba__ _tons.. 720,264 580,103 845,414 1,248,830 1,076,020 1,800,601 547,002 383,948 1,059,776 363,637 262,075 532,736 Marquette Ashland 541,315 774,761 1,161,792 883,081 1,509,702 604,127 Superior 926,536 1,997,895 2,377,078 1,777,600 3,733,502 4,677,349 Duluth 2,146,501 1,045,786 1,895,728 4,295,811 1,779,876 3,995,948 Two Harbors _ _ _ _1,244,026 1,075,193 1,548,727 2,490,248 1,767,689 3,081,666 Total 6,005,091 5,502,367 7,974,444 11,521,283 9,624,116 16,125,042 Cournxerctat andiVitscellanzonsB.CVOS %NO The volume of transactions in share properties on the New York Stock Exchange each month since Jan. 1 in 1915 and 1914 is indicated in the following: SALES OF STOCKS AT TIIE NEW YORK STOCK EXCHANGE. 1915. CHARTERS ISSUED TO NATIONAL BANKS, JUNE 17 TO 22. -The German National Bank of Victoria, Kans. Capital, $25,000. 10,749 John S. Dreiling, Pres.; Andrew J. Dreiling, Cashier. -The American National Bank of Rogers, Ark. Capital, $60,000. 10,750 Joseph E. Applegate, Pres.; J. T. Howard, Cashier. 1914. Milt Number of Shares. Values. Par. Actual. Number of Shares. Values. Par. National Banks. -The following information regarding national banks is from the office of the Comptroller of the Currency, Treasury Department: Actual. $ $ $ $ Jan _ 5,076,210 435,534,900 302,461,298 10,088.895 881,625,495 847,963,208 Feb _ 4,383,449 380,032.785 262,372.421 6,220,059 556,109,360 515,947,918 Mar_ 7,862,308 681,471,315 535,476,914 5,855,260 518,398,024 483,147,619 lstq 17,321,967 1,497,039,000 1,100,310,63322,164,214 1,956,132,879 1,847,058,745 Apr' 21,022,930 1,709,436,335 1,619,407,302 7,145,284 623,482,570 593,476,978 May 12,581,040 1,037,762,960 958,264,713 4,757,405 398,348,240 374.842.097 Jone. 11,004,042 912,619,430 832,467,913 4,002,748 343,676,540 324,688,914 VOLUNTARY LIQUIDATION. 5,361-The Illinois National Bank of Peoria, Ill., Juno 11915. Liquidating Agent, Wm. C. White, Peoria, Ill. Consolidated with the Merchants & Illinois National Bank of Peoria, No. 3254 (formerly the Merchants' National Bank of Peoria . CHANGE OF TITLE JUNE 21. -The Merchants' National Bank of Peoria, Ill., to the "Merchants' 3,254 & Illinois National Bank of Peoria." -Among other securities, the following, Auction Sales. not usually dealt in at the Stock Exchange, were recently sold 6m 61.929.979 5.246,857.725 4.510.450.561 38.069.651 3.321.640.2293.140.066.734 at auction in New York, Boston and Philadelphia: By Messrs. Adrian H. Muller & Sons, Now York: The following compilation covers the clearings by months Shares. Stocks. 5 per sh. Shares. Stocks. $ per sit. since Jan. 1: Insur. Co 496 5 Bryant Park Bank 2d q 44,608,012 3,749,818,7253,410,130,928 15,905,437 1,365,507,350 1,293,007,989 MONTHLY CLEARINGS. Clearings, Total All. Clearings Outside New 'fork. Month. 1915. 1914. % 1915. 1914. 1 % $ $ $ $ Jan___ 13,478,488,698 16,198,199,048 -16.8 6,190,796,165 6,826,078,6551 -9.3 Feb __ 11,908,010,330 12,865,538,277 -7.5 5,426,183,783 5,627,982,795 -3.6 -2.9 6,278,240,930 6,403,915,096, ---1.9 Mar__ 13,842,354,632 14,253,206,041 1st qr_ 39,229,853,660 43,316,943,366 -9.4 17,895,220,878 18,857,977,4461 -5.1 , Apr _ 15,008,877,252 14,899,452,513 +0.8 6,197,212,178 6,352,935,192 -2.4 May _ 14,622,247,535 13,167,100,346 +11.1 5,987,092,025 5,928,568,788 +0.9 June_ 14,117,408,790 13,948,023,685 +1.2 6,091,927,241 6,103,820,918 -0.2 2d qr_ 43,748.533,577 42,014,576,544 +4.1 18,276,231,494 18,383,324,8981 -0.6 R mos 52 075 257.227 R5.221.519.910 -2.5 3&171.452.322 37 241 202 244' -9 0 The course of bank clearings at leading cities of the country for the month of June and since Jan. 1 in each of the last four years is shown in the subjoined statements: June Jan. 1 to June 30-(000,000: 1915. 1914. 1913. 1912. 1915. 1914. 1913. 1912. $ $ omitted.) $ $ $ $ $ $ 8,025 7,844 7,754 7,961 46,807 48,090 48,791 50,136 New York 1,301 645 1,291 1,199 7,799 Chicago 7,991 7,991 7,540 643 645 601 699 3,886 Boston 4,081 4,190 4.601 726 Philadelphia 703 741 637 3,946 4,153 4,295 3,938 337 St. Louis 341 336 320 2,002 2,052 2,073 1,982 Pittsburgh 215 231 252 238 1,243 1,353 1,512 1,351 209 San Francisco 212 199 209 1,251 1,243 1,296 1,280 Cincinnati 107 110 108 108 642 683 666 693 Baltimore 140 156 167 151 870 925 1.016 935 301 208 208 197 1,824 1,237 1,366 1,284 Kansas City Cleveland 122 106 104 93 686 637 624 538 69 70 71 69 463 484 474 519 New Orleans Minneapolis 80 100 96 78 609 587 583 488 62 54 55 56 337 366 361 381 Louisville 125 97 642 637 Detroit 112 112 637 538 Milwaukee 67 70 63 60 415 422 382 358 85 99 95 94 508 610 633 565 Los Angeles Providence 35 33 33 36 194 206 211 219 81 70 72 67 470 438 440 Omaha 416 49 51 50 44 283 Buffalo 295 300 273 St.Paul 53 51 40 45 298 284 249 273 37 39 36 207 203 217 217 Indianapolis 38 42 39 37 42 229 219 236 234 Denver 40 34 31 33 234 208 205 217 Richmond 27 25 174 199 20 25 195 197 Memphis 54 49 296 317 Seattle 52 57 316 284 19 19 164 127 Hartford 26 19 127 125 31 152 24 150 25 154 Salt Lake City_ _ _ _ 27 196 Total Other cities Total all Outside N. Y 13,081 12,678 12,678 12,705 76,631 79,888 79,823 79,823 923 6,347 5.443 6.719 6.025 1,136 1,270 1,053 -14,117 13,948 13737 1,3628 82,978 85,331 86,258 85,848 6,092 6,104 5,978 5,667 36,171 37,241 37,467 35,712 TRADE AND TRAFFIC MOVEMENTS. ANTHRACITE COAL PRODUCTION.-The shipments of anthracite coal to tidewater in June 1915 amounted to 5,316,102 tons, against 6,130,186 tons in June 1914. This is the lowest tonnage reported for the month of June since the year 1909, when the movement totaled 4,904,858 tons. Below we show the shipments by the various carriers for June 1915 and 1914 and for the first half of this year and last: 150 7 German-Amer. Bonds. Per cent. 5 "New Yorker Staats-Zeitung" $5,187.47 $1,500 A L.Stone Mfg.Co.(Chester, Vt.) 1st 6s, 1923 153 Richmond 11111 Invest. Co., $10 lot $2 lot $3,000 Valley Creek Coal Co. let $10 each (3s, 1933 20 Mechanics' Bank of 13klyn_ _ _138 $20 lot By Messrs. R. L. Day & Co., Boston: $ per sh. Shares. Stocks. Shares. Stocks. $ per sh. 4 Arlington Mills 7834 77 Cambridge Elec. Scour. Co. rights 10 Bowker Fertilizer Co. partici934-934 1 56 Plymouth Cordage Co. rights_ 634 pation certificates 5 Cambridge Elec. Lt. Co. rights 934 By Messrs. Francis Henshaw & Co., Boston: Shares. Stocks. $ per sh. Shares. Stocks. per oh. 00 30 Plymouth Cordage Co.rights 10 Harmony MUls, pref 12 Waltham Watch Co., com 634 6 5-16 1234 6 Quincy Alkt. C.S.& W.rights_ 1434 8 Waltham Watch Co., pref_81 U-8234 5 Cambridge Elec. Lt. Co. rights 934 207 Shepard Circular Fabric, coml$4,320 225 Shepard Circular Fabric,pref.f. lot By Messrs. Barnes & Lofland, Philadelphia: Shares. Stocks. $ per oh. Shares. Stocks. $ per sit. 20 26 Sc 3d Streets Pass Ry 230 2 Tioga Trust Co., $50 each_ _ _ 5334 10 Young-Smyth-Field, pret 90 80 Phila. Life Ins. Co.,$10 each__ 10 $1 lot 60 San Fran. Land Assoc 2 Phila. Ger. Sc Nor. RR., $50 136% each 12 National Fire Insurance I 265 100 Dalyell Petroleum 7 Citizens' Pass. Ry 1 87 10 Amer. Dredging Co 120 Beekman Oil i $6 57 2 Newport News Sc Miss. Val.Co.1 lot 2 Do Long Hook Sc Eye Co 65 10 Auxiliary F. A. Sc Tel., com $75 N. News & M.V.Co.scrip_ _ .. _ i 39 10 United Gas Sc El., 1st prof_ _ - _ 57 2 Riverside Traction, pref 1 Commonwealth Trust Co 225 25 Marconi W. Teleg. of Am., 35 each 2% Bonds. Per cent. 1 Elizabeth & Tren.RR., pref.. _ _ 40 $1,000 Phila. City 45, 1940 26 101 4 Eliz. & Trenton RR., com 800 Riverside Trao. 1st 5s, 1960 9034 4 Fire Assoc. of Phil.,$50 each _32534 4 Phila. National Bank 43534 1,000 Altoona & L. V.El.Ry.434s, 1933 18 Farmers'Trust Co., Mt.Holly_110 82 DIVIDENDS. The following shows all the dividends announced for the future by large or important corporations. Dividends announced this week are printed in italics. Name of Company. When Per Cent. Payable. Railroads (Steam). 3 Alabama Great Southern, preferred _ _ 134 , Atch. Top. Sc S. Fe, corn. (qu.)(No. 41) 234 Atchison Topeka & Santa Fe. preferred.. _ 2% Atlantic Coast Line RR..common 234 Baltimore de Ohio, common 2 Preferred Butt. dr Susq. RR.Corp., pref.(No. 1)-- 2 134 Canada Southern 2 Central RR.of N. J. (quar.) Chicago St. P. Minn.dr Om..corn .Sc prof. 334 134 Chicago Re Western Indiana (guar.) 3 Cuba Railroad, preferred 234 Delaware Lack. Sc Western (quar.) 3 Detroit River Tunnel 3 Georgia RR. Sc Banking (quar.) 1% Great Northern (quar.) Harrisb. Portsm. Mt. Joy Sc Lancaster.._ 334 Extra 34 234 Illinois Central (No. 121) 1 Kansas City Southern, pref.(guar.) Lehigh Valley, common and pref. (quar.) $1.25 Books Closed. Days Inclusive. Aug. 27 Holders of reo. July 24a Sept. 1 Holders of rec. July 30a Aug. 2 Holders of rec. June 30a July 10 Holders of roe. June 21a Sept. 1 Holders of rec. July 31a Sept. 1 Holders of rec. July 31a July 15 Holders of rec. June 30a Aug. 2 Holders of rec. July 2a Aug. 2 Holders of rec. July 160 Aug. 20 Holders of rec. Aug. 20 On dem. Holders of rec.June Ma Aug 2 Holders of rec. June 30a July 20 Holders of rec. July 6a July 15 Holders of rec. July 8a July 15 July 2 to July 14 Aug. 2 Holders of rec. July 10a July 10 Holders of rec. June 20a July 10 Holders of rec. June 20a Sept. 1 Holders of rec. Aug. 9as July 15 Holders of rec. June 30a July 10 Holders of roe. June 26a Name of Company. Per Cent. When Payable. Rooks Closed. Dap Inclustte. Railroads (Steam) Concluded. 14a Little Schuylkill Navigation, ItR. de Coal 11.25 July 15 June 11 to July 20a 214 Aug. 10 Holders of rec. July Louisville & Nashville Aug. 2 Holders of roe. July 150 $5 Mahoning Coal RR., common July 29 Holders of rec. July 2a 2 Michigan Central $1.50 July 15 June 26 to July 14 Mine Hill & Schuylkill Haven 114 Aug. 2 Holders of rec. July 8 New York Central Rit.(guar.) 114 Sept. 18 Holders of rec. Aug. 31a Norfolk St Western, corn.(guar.) Aug. 19 Holders of rec. July 31a 1 Adjustment preferred (guar.) July 15 Holders of rec. June 300 4 Northern Central Aug. 2 Holders of rec. July 8a 114 Northern Pacific (quar.) July 6 Holders of rec. July 6a 4 Paterson & Ramapo 134 Aug. 31 Holders of rec. Aug. 2a Pennsylvania RR.(guar.) Aug. 10 Holders of rec. Aug. 2a 4 Peoria & Bureau Valley Aug. 10 Holders of zee. Aug. 2a 1 Extra $2.50 Aug. 2 Holders of rec. July 23a & Lake Erie Pittsburgh Aug. 12 Holders of rec. July 27a 2 Reading Company, common (quar.)__ _ _ Sept. 9 Holders of rec. Aug. 240 First preferred (guar.) % July 10 July 1 to July 9 Mt.& P. Co., cons.(No. 5) St. L. Rocky Street and Electric Railways. 23a Aurora Elgin & Chic. RR., pref. (guar.) 134 Aug. 1 Holders of rec. June 21 Aug. 2 Holders of rec. July 3 Bay State Street fly., first pref 50c July 15 Holders of rec. July 3a Boston Suburban Electric Cos., pref July 15 July 8 to July 15 2 Brooklyn City RR.(quar.) July 15 Ono. Newp.& Coy. L.& Tr.,corn.(qu.) 134 July 15 July 1 to July 15 134 July 15 July 1 to Preferred (guar.) July 15 Holders of rec. June 30a 2 Consolidated Traction of N. J 34 July Denver & Northwestern Ry. (guar.) 134 Sept. 1 Holders of rec. Aug. 16a Detroit United Hy. (guar.) 13j Aug. 2 Holders of rec. July 1 pref. (guar.)(No. 2)-Duquesne Light, July 12 Holders of rec. June 25a 3 El Paso Electric Co., pref.(No. 26).---- July 15 Holders of rec. July 7a International Traction, Buff., pf.(No.6) 2 134 July 15 Holders of rec. July la Corp., pref. (quar.)_ Kentucky Securities July 15 Holders of rec. July la 2 Manchester Tree., Lt. dr Power (quar.)_ 134 July 31 Holders of rec. July 201 (No.63)_ Milwaukee El. Ry. L.. Pf (4u.) July 31 July 21 to Aug. 1 2 Elec. Rys., pref New Hampshire 114 July 15 Holders of rec. June 30 Ottumwa fly. dr Light, pref. (quar.)_ _ _ 3p July 15 Holders of rec. June 30 Pacific Gas & Electric, common (guar.)(No. 135) 134 Aug. 2 Holders of rec July 6a Philadelphia Co., corn. of Public Serv.Invest., pref.(guar.)(No.25) $1.50 Aug. 2 Holders of rec. July 16 rec. July • 2a 75e. July 15 Holders Puget Sd. Tr., L.& P.,pf. (qu.)(No. 12) Aug. 2 Holders of rec. July 13a (No.12) 3 Railway dc Light Securities,corn. Aug. 2 Holders of rec. July 13a 3 Preferred (No. 21) Republic fly.& Lt., pref.(qu.)(No. 16). 114 July 15 Holders of rec. June 30 UnitedRys. & Eke., Ball., corn. (qu.)_ _ 50c. July 15 Holders of rec. July 3a July 20 Holders of rec. June 30a 3 Virginia fly. & Power, Preferred 51.25 July 30 Holders of rec. July 20 York Railways, preferred Banks. 1 Aug. 2 Westchester Avenue (No. I) Trust Companies. 134 Aug. 2 July 22 to Aug. 1 Broadway (quar.) 1% July 15 Holders of rec. July 14 Mutual of Westchester Co.(guar.) Miscellaneous. 134 July 15 Holders of rec. July 10 Alliance Realty (guar.) July 15 Holders of rec. June 21n Amer. Agri°. Chem., com.(quar.)(No.15) 1 13-i July 15 Holders of rec. June 21a Preferred (guar.)(No. 40) 1 July 20 Holders of rec. July 12 American Chicle, common (monthly)..__ _ 131 Aug. 2 Holders of rec. July 15a American Cigar, common (guar.) 134 July 15 July 11 to July 14 American Coal Products, pref. (guar.)._ Amer. Gas & Elec., Pref.(guar.)(No.34) 134 Aug. 2 Holders of rec. July 17 4 Aug. 2 July 18 to Aug. 2 American Glue, preferred Amer. Laundry Mach.. pref. (quar.)... 14 July 15 July 4 to July 15 234 Aug. 2 July 16 to Aug. 1 Amer. Light & Trac., corn. (quar.) 2341 Aug. 2 July 16 to Aug. 1 Common (payable in common stock)__ _ _ 1.34 Aug. 2 July 16 to Aug. 1 Preferred (guar.) 21 American Locomotive. preferred (guar.). 114 July 21 July 7 to July 30a July 15 Holders of rec. Juno (guar.) 1 Amer. Seeding Machine, common 134 July 15 Holders of rec. June 30a Preferred (guar.) 2 July 15 Holders of rec. June 30a American Telephone & Telegraph (qu.)_ 1 July 15 Holders of rec. July 10a American Type Founders, corn. (guar.)_ _ 134 July 15 Holders of rec. July 10a Preferred (guar.) 1% July 15 Juno 19 to June 30 Amer. Woolen, pref. (quay.) (No. 65)_ _ Anaconda Copper Mining (qu-)(No. 59) 500. July 21 Holders of rec. July 2 114 July 15 Holders of rec. June 30 Associated Gas & Elm, pref. (guar.)._ _ _ 1% Aug. 1 Atlas Powder, pref. (quar.) 2 July 15 Holders of rec. June 30 Bell Telephone of Canada (guar.) July 15 134 July 15 July 7 to Bell Telephone of Pa. (guar-) o.,Inc.,1st pf.(qu.) 134 July 10 Holders of rec. June 30 Bonbright(Wm.P.)&C July 26 Holders of rec. June 30a 3 Brooklyn Borough Gas 234 July 15 Holders of rec. June 30a Bush Terminal, common July 15 Holders of rec. June 30a 3 Preferred 14 July 15 Holders of rec. June 30 Canadian Explosives, Ltd., pref. (guar.) July 1 July 10 Westinghouse (guar.)(No.42). 1 Canadian to July 15 134 July 15 July 1 Central Coal & Coke, pref.(guar.) 1 July 26 July 16 to July 26 Chicago Pneumatic Tool (guar.) Aug. 2 Holders of rec. July 21a Cluelt,Peabody&Co.,Inc., cont.(qu.) (No. 7) 1 2 Aug. 2 Holders of rec. July 15 Commonwealth-Edison (guar.) 134 July 20 folders of rec. July 10 Consolidated Ice, Pittsburgh, pf. (guar.) 134 July 31 Holders of rec. July 24a Coal (guar.) Consolidation 13.4 July 15 Holders of rec. July 2a Corn Products Refg., pref. (guar.) 334 Aug. 2 Holders of rec. June 30 Cuba Company, preferred Light, pref. (quar.)__ _ _ 134 July 15 Holders of rec. June 30a Dayton Power & 234 July 15 Holders of rec. July 1 Delaware Lack.& Western Coal (guar.). 50 July 15 Holders of rec. July 1 Extra 134 July 15 Holders of rec. June 30a Detroit Edison (guar.) 134 Sept. 15 Holders of rec. Aug. 31a Diamond Match (quar.) 34 July 31 Holders of rec. July 10a Distilling Co. of America, pref. (quar.)._ 34 July 15 June 19 to June 30 Dominion Pow. & Transmis.. pf. (qu.)_ 2 July 15 Holders of rec. June 18 Limited preference Hi July 15 Holders of rec. June 30 Dominion Textile, Ltd., pref.(quar.). _ du Pont (E. I.) de Nem. Pow.,Dt.(qu.) 134 July 26 July 16 to July 26 Aug. 2 Holders of rec. July 15 Edison Elec. Ill., Boston (guar.)(No.105) 3 Electrical Securities Corp. pref.(quar.)_. 134 Aug. 2 Holders of rec. July 27a 14 July 15 Holders of rec. July 8 Electrical Utilities, pref. (qu.) (No. 21)._ 6 Aug. 2 Holders of rec. July 15 Eureka Pipe Line 2 July 15 Holders of rec. MaY 29a General Electric (guar.) 2 Sept. 10 Globe-Wernicke, common (guar.) 134 July 15 Holders of rec. June 30 Preferred (guar.) - 10c. July 31 Holders of rec. June dria Goldfield Consolidated Mines (guar.). Granby Cone. Min., Smelt. & Pow.(qu.) 81.50 Aug. 2 Holders of rec. July 16a to Jury 25 86 July 23 July 11 Guantanamo Sugar to July 25 $5•3 July 23 July 11 Special (payable in stock) _ 134 July 20 Holders of rec. July 10 Harbison-Walker Refract., pref. 1 Aug. 2 Holders of rec. July 28a Harrison Bros. & Co., pref. (guar.) Homestake Mining (monthly) (No. 489)._ 65c. July 26 Holders of rec. July 20 3 July 15 Holders of rec. July 3 Illinois Brick 134 Aug. 2 July 21 to Aug. 1 Illinois Northern Utilities, pref. (guar.)._ 5 July 20 June 20 to July 9 Illinois Pipe Line (No. 1) Aug. 14 Holders of rec. July 24 $2 Indiana Pipe Line July 15 Holders of rec. July 1 1 Sew. Mach. (quar.)_ _ Int. Button-Hole (No.22) 134 July 15 Holders of rec. June 25a Int. Harvester of N.J., com.(qu.) 34 July 15 Holders of rec. July 7a International Paper, preferred (guar.) _ 50c. Aug. 1 Holders of rec. July 23 Island Creek Coal, common (quar.). _ Kayser (Julius) & Co., 1st de 26 pf. (qu.) 1% Aug. 2 Holders of rec. July 21a 2h July 18 Holders of rec. July 2a Keystone Telephone, pref. (extra) 1 July 20 July 1 to July 18 La Rose Conselidated Mines (quar.)_ _ _ _ Aug. 31 Holders of rec. July 31a $1 Lehigh Coal & Navigation (guar.) $1.25 July 17 Hordeis of rec. July 8 Valley Coal Sales (guar.) Lehigh (sn) July 15 Lone Star Gas,stock dividend MacAndrews & Forbes, common (guar.). 234 July 15 Holders of rec. June 30a 134 July 15 Holders of rec. June 30a Preferred (guar.) 2 July 15 July 1 to July 15 Manufacturers Light & Heat (quar.)_ _ Massachusetts Lighting, old corn. (guar.) $1.75 July 15 Holders of rec. Juno 25 25c. July 15 Holders of rec. June 25 New common (guar.) $1.50 July 15 Holders of rec. June 25 Preferred (guar.) 214 July 16 Holders of rec. June 30a Mexican Telegraph (guar.) 750. Aug. 16 Holders of rec. Aug. 2a (No. 12) Miami Copper (guar.) Montreal Lt., Ht.& Pow.(qu.)(No. 57) 234 Aug. IS Holders of rec. July 31 July 15 Holders of rec. June 30 3 Montreal Telegraph (guar.) Mountain States Toler,. & Teleg. (guar.) 134 July 15;Hol6ers of rec. June 30 1% July 15 Holders of rec. June 284 Nationat Biscuit, cons. (qu.) (No.68) 107 TIIE CHRONICLE JULY 10 1915.1 Books Closed. Days Inclusive. When Per Cent. Payable. Name of Company. Miscellaneous (Concluded). July 15 Holders of rec. July 6 3 National Properties, preferred July 15 July lid to July 20 30 New Jersey Zinc (extra) 2501 July 21 Holders of rec. July 10 stock) New Jersey Zinc (payable in July 10 Holders of rec. June 250 5 New York Mutual Gas Light July 15 Holders of rec. June 24 4 New York Transit (guar.) 2 July 15 Holders of rec. June 300 Niagara Falls Power (guar.) July 20 July 1 to July 18 5 Nipissing Mines (guar.) July 15 Holders of rec. June 30 3 Northern Ontario Light de Power, pref.._ 14 July 15 Holders of rec. June 30 Northern States Power, pref. (guar.)_ _ _ _ July 15 July 1 to July 14 2 Ohio Fuel Supply (guar.) Oklahoma Natural Gas (guar.) 134 July 20 Holders of rec. July 9 234 Aug. 1 Holders of rec. July 20a Omaha Electric Light & Power, preferred 134 July 10 Holders of rec. June 30 Osage & Oklahoma Co.(guar.) $3 July 31 Holders of rec. July 1 Obceola Consolidated Mining Otis Elevator, common (guar.) 134 July 15 Holders of rec. June 30 134 July 15 Holders of rec. June 30 Preferred (guar.) 134 July 15 July 1 to July 15 Pacific Telep.& Teleg., pref. (quar.) Aug. 16 Holders of rec. Aug. 5 1 Penmans, Limited,common (guar.) Preferred (guar.) 134 Aug. 2 Holders of rec. July 21 July 15 Holders of rec June 30a Pennsylvania Salt Manufacturing (guar.) 2 Aug. 2 Holders of rec. July I5a 2 Penn Traffic Pittsburgh Coal, pref. (guar.) 134 July 24 Holders of rec. July 15 Pitts. Term. Whouse & Transf.(mthly.) 25e. July 15 Holders of rec. July 8 Aug. 14 Holders of rec. July 24a 4 Procter dr Gamble,common (guar.) Aug. 14 Holders of rec. July 24a Extra (payable in common stock) 4/ July 15 Holders of rec. June 30a 2 Preferred (quar.) Public Service of Nor. Illinois, corn.(qu) 134 Aug 1 Holders of rec July 15 135 Aug 1 Holders of rec July 15 Preferred (guar.) 234 July 15 Holders of rec. July 10 Quaker Oats, common (guar.) 134 Aug. 31 Holders of rec. Aug. Preferred (guar Realty Associates July 15 Holders of rec. July 6 3 July 15 Holders of rec July 1 Reece Button-Hole Mach.(qu.)(No.117) 3 Reece Folding Machine (guar.)(No.25)_ July 15 Holders of rec July 1 1 Holders y 15 Holde of rec. June 300 1m 234 Securities Company Securities Corporation General, pf. (qu.). 1 July 10 Holdersof rec. July 6 Holders of rec. June 30 Shawinigan Water& Power(guar.) Southern Calif. Edison. rd.(qu.)(No.24) 134 July 15 Holders of rec. June 30 Southern New England Telephone (qu.)_ 14 July 15 Holders of rec. June 30 July 15 July 7 to July 15 3 Standard Milling. commen(No.4) 25 July 29 July 16 to July 29 -Stewart Mining (No. 13) July 12 Holders of rec. July 2 2 Temple Coal. preferred (guar.) 75c. July 15 Holders of rec. July 6 Tennessee Copper (guar.) July 21 July 1 to July 7 25 Tonopah Mining of Nevada (guar.) 4 Aug. 2 Holders of rec. July 190 Torrington Company, common 234 July 15 July 1 to July 15 Union Natural Gas Corp.(guar.) Union Switch & Signal, corn. & pf. (qu.) 31 50 July 15 Holders of rec. June 30 Aug. 2 Holders of rec. July 26a 1 United Cigar Mfrs., cove. (quar.) July 15 Holders of rec. June 190 2 United nun (quar.)(No.64) 234 July 15 Holders of rec. June 30 United Gas & Electric, preferred July 15 Holders of rec. June 30a $1 United Gas Improvement (guar.) U. S. Indus. Alcohol, pf. (qu.) (No. 35) 134 July 15 Holders of rec. July 8a July 31 Holders of rec. July 15a 2 U S. Rubber, first pref. (guar.) 134 July 31 Holders of rec. July 15a Second preferred (guar.) U. S. Smelt., Ref. de Min., pref. (guar.). 8734 c. July 15 Holders of rec. July 2 50c. July 26 Holders of rec. July 10 Utah Consolidated Mining July 15 Holders of rec. June 300 2 Va.-Caro. Chem., pref. (qu.)(No. 79).July 15 July 8 to July 15 3 Wells, Fargo & Co pref. (guar.) 134 July 15 Holders of rec. June 30 Western States Gas & Elec., July 15 Holders of rec. June 19a Western Union Telest. (guar.) (No. 185) 1 July 15 Holders of rec. June 30a $2 Westinghouse Air Brake (guar.) July 30 Holders of rec. June 30a 1 Westinghouse El.& Mfg.,corn.(quar.)... 134 July 15 Holders of rec. June 300 Preferred (guar.) July 15 Holders of rec. July 6a 3 World Film Corporation (No. 1) a Transfer books not closed for this dividend. 0 Less British income tax. d Correction. e Payable In stock. I Payable in common stock. g Payable in scrip. S On account of accumulated dividends. m Stock distribution In the proportion of one share for each nine shares held. p Declared 6% payable in common -3% July 15 and 3% Dee. 15. stock -The following are Imports and Exports for the Week. the reported imports at New York for the week ending July 3 and since the first of January: FOREIGN IMPORTS AT NEW YORK. Week Ending July 3. $3,183,656 13,215,085 1912. 1913. 1914. 1915. 1,434,897 16,724,314 Dry Goods General Merchandise $2,089,753 11,415,868 $2,490,130 12,255,279 $18,159,211 $16,398,741 $13,505,621 $15,745,409 Total Since Jan. 1. Dry Goods General Merchandise $61,825,437 $93,262,460 $73,478,461 $70,262,789 532,221,793 431,402,264 419,116,780 433,557,881 $594,047,230 $524,664,724 $492,595,241 $503,820,670 Total 26 weeks EXPORTS FROM NEW YORK. Week Ending July 3. 1914. 1915. 1912. 1913. For the week .reported Previously, $28,060,621 $12,301,269 $11,776,681 $ 9,939,416 639,528,114 456,082,354 462,527,484 406,075,356 Total 26 weeks $667,588,735 $468,383,623 $474,304,165 $416,014,772 The gold and silver exports and imports for the week and since January 1 have been as follows: EXPORTS AND IMPORTS OF SPECIE AT NEW YORK. Week Ending July 3. Week. Great Britain France Germany West Indies Mexico South America All other countries Total 1915 Total 1914 Total 1913 Silver. Great Britain France Germany West Indies Mexico South America All other countries Total 1915 Total 1914 Total 1913 Imports. Erports. Gold. Since Jan. 1. Week. Since Jan. 1. $11,524 $1,956,982 11,519,314 16,790 $5,256,378 20,000 711,140 50,000 13,100 45,725 7,347 1,069,811 1,092,460 3,795,310 4,389.422 $16,790 $6,037,518 991,507 82,707,257 100 60,184,882 $77,696 $23.823,209 236,355 4,829.814 288,931 9,586,512 $667,047 318,453,787 2,025 1,271,575 $9,813 6,263 1,233,273 3,700 42.354 4,575 $669,072 $21,009,264 843,455 21,649,087 702,782 26,567,617 $200 81,158 85,769 944,440 1,885,855 616,550 $81,358 $3,548,690 151,739 4,996,096 194,9341 4,781,573 Of the above imports for the week in 1915, $16,790 were American gold coin and American silver coin. 108 THE CHRONICLE lin. The Federal Reserve Banks. -Following is the weekly statement issued by the Federal Reserve Board on July 3. A gain of 8.6 million dollars is indicated in the amount of gold held by the banks. A gain of 19.1 million dollars York is partly offset by losses aggregating 10.8 million shown for the Chicago, Boston, Dallas and San Francisco in gold holdings reported by New banks. The reserves of other cash show a decrease of over 23 million dollars, New York alone reporting net withdrawals of about 21.5 millions, while the Philadelphia and Chicago banks show a decrease of other cash of $700,000 each. The total reserves of the banks show a decline of about 13.9 million dollars. The aggregate amount of discountedipaper,held by the banks increased about $370,000 for the week,the holdings of the three stituting about 70% of the total. Acceptances show a loss of $560,000, notwithstanding the larger figures for the week reported Southern banks conby Philadelphia banks. Of the entire amount of commercial paper held by the banks,acceptances constitute at present'27.1%. About the New York and 36.8% of the paper held was 30 -day paper, as against 39.4% at the end of the previous week, while the share of 60 -day paper changed from 27.7 ings of agricultural and live-stock paper maturing after ninety days exceed now 5 million dollars, and constitute nearly 14% of the to 26.9%. The holdentire amount of commercial paper held. An increase of about $50,000 is reported in the aggregate amount of United States bonds, Cleveland being the only bank report chases for the week. Of the total amount reported, 1.7 millions were 3% bonds, held by the Cleveland and Chicago banks.toAs the additional purresult mainly of large purchases by the New York bank for its own account and for account of other banks, the total amount of municipal warrants held • of 881,000 dollars. The total amount of paid-in capital reported shows an apparent decline of $72,000, due probably to changes in accounts shows a gain as the result of transfers of certain banks from the Dallas to the Kansas district. Net deposits show a decrease for the week of about 13.5 millions, of which about 6.4 million dollars are reported by the New York bank. Federal Reserve Agents report a total of about 84.6 million dollars of notes issued, 83.5% Of which is secured by gold. The banks show about 8.8 millions of notes on hand and 75.8 millions of notes outstanding, an increase of about 3.3 millions for the week. The aggregate net liability of the banks on account of their outstanding circulation is given as 12,797,000 dollars. The figures of the consolidated statement for the system as a whole are given below and in addition the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table wewe Present the show also separate figures for each of the twelve Federal Reserve banks. STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS OF THE UNITED STATES OF AMERICA AT THE CLOSE OF BUSINESS JULY 2 1015. RESOURCES. Gold coin and certificates July 2 1915. June 25 1915 June 18 1915. June 11 1915. June 4 1915. May28 1915. May 21 1915. May 14 1915. May 71915. Settlement fund, credit balances $31,840,000 $31,360,000 829,360,000 828,950,000 All other 232,448,000 223,827,000 217,161,000 217,281,000 $242,515,000 $243,640,000 $243,376,000 8241,063,000 $244,034,000 Total gold reserves Legal tender notes, silver, &c $264,288,000 $255,187,000 8246,521,000 $246,231,000 24,841,000 47,848,000 48,916,000 44,632,000 35,337,000 31,089,000 36,832,000 36,561,000 34,021,000 $289,129,000 $303,035,000 8295,437,000 $290,863,000 $277,852,000 $275,629,000 $280,208,000 $277,624,000 $278,055,000 $13,322,000 814,333,000 $14,383,000 814,721,000 $14,054,000 $12,907,000 s$13,809,000 $14,706,000 $15,513,000 9,735,000 10,070,000 9,980,000 10,818,000 11,474,000 12,423,000 *12,364,000 12,049,000 12,334,000 8,097,000 7,351,0001 11,226,000 10,468,000 9,180,000 8,621,000 *8,453,000 7,593,000 7,380,000 5,033,000 4,021,000f Total reserves Bills discounted and bought: Maturities within 30 days Maturities within 60 days Maturities within 90 days Maturities over 90 days Total $36,187,000 $36,375,000 $35,589,000 836,007,000 $34,708,000 $33,951,000 $34,626,000 $34,735,000 $35,440,000 Bank acceptances (included in above)_ 9,820,000 10,379,000 10,162,000 $7,052,000 $7,601,000 $7,208,000 $7,187,0001 24,938,000 30,041,000 20,342,000 28,721,000 28,284,000 Investments: U. S. bonds 12,390,000 11,509,000 Municipal warrants 9,664,000 9,996,0001 9,802,000 8,311,000 Due from other Federal Reserve banks-Net 8,145,000 14,878,000 7,132,000 7,435,000 6,650,000 13,215,000 10,139,000 7,601,000 9,124,000 Federal Reserve notes-Net 7,753,000 6,204,0001 12,901,000 13,191,000 11,648,000 11,971,000 9,175,000 3,660,000 5,501,000 All other resources 6,533,000 6,146,000J 8366,481,000 $381.456,000 $370,329,000 $371,281,000 $357,531,000 $360,247,000 $362,474,000 $366,260,000 8361,093,000 Total Resources LIABILITIES. $54,128,000 $54,200,000 854,201,000 $54,195,000 $54,184,000 854,158,000 $54,135,000 $54,023,000 853,487,000 297,883,000 311,349,000 299,301,000 299,653,000 288,281,000 292,050,000 295,038,000 295,523,000 293,316,000 all 6 3: 0 s1111723 a12,100,000 al2,098,000 a 11,413,000 210,921,000 al0,859,000 al1,224,000 a 11,197,000 : ,17 040 7 0 4,667,000 5,335,000 3,653,000 3,118,000 2,442,000 5,496,000 3,093,000 8380,481,000 3381,456,000 $370,329,000 $371,281,000 $357,531,000 $360,247,000 $362,474,000 8366,266,000 $361,003,000 Total liabilities Gold reserve against net liabilities (b) 808% 87.9% 81.3% 82.9% 82.9% 81.3% 82.4%' 82.1% 82.9% Cash reserve against net liabilities (b) 96.1% 96.0% 97.4% 98.0% 93.3% 95.0% 94.6% 93.7% 94.5% Cash reserve against liabilities after setting aside 40% gold reserve against net amount of Federal Reserve notes in 98.3% circulation (b) 98.0% 100.4% 99.8% 97.2% 95.3% 95.6% 96.8% 96.6% July 2 1915. June 25 1915 June18 1915. June111915. June 4 1915. May 28 1915. May21 1915. /Way 14 1915. May 7 1915 (a) Federal Reserve notes: Gross liability__ $83,413,000 81,613,000 $77,971,000 $73,529,000 $69,704,000 $65,612,000 $61,950,000 $59,829,000 855,042,000 Deduct: Gold and lawful money in hands of Federal Reserve Agents for re70,616,000 68,996,000 65,871,000 tirement of outstanding notes 61,431,000 58,291,000 54,691,000 51,091,000 48,605,000 43,845,000 Net liability of Reserve Banks upon $12,797,000 $12,617,000 $12,100,000 $12,098,000 $11,413,000 $10,021,000 $10,859,000 $11,224,000 $11,197,000 outstanding notes (b) After deduction of items in transit between Federal Reserve banks, vis $9,862,000 $8,311,000 $8,145,000 314,878.000 $7,132,000 $7,435,000 $6,650,000 $13,215,000 $10,139,000 •Corrected figures. Capital paid in Reserve deposits -Net Federal Reserve notes in circulation-Net All other liabilities WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 2 1915 Boston. New York. Philadera Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. RESOURCES. $ $ $ $ $ $ $ $ $ Ai Gold coin and certificat ,• Settle't fd-cred. hal_ 3,817,000 2,356,000 1,822,000 3,520,000 2,695,000 1,640,000 5,837,000 1,384,000 1,107,000 3,702,000 9,185,000 127,044,000 16,058,000 13,378,000 5,007,000 3,931,00024,506,000 8,126,000 7,081,000 6,686,000 All other Total gold reserves_ 13,002,000 129,400,000 17,880,00( 0 116,898,000 7,702,000 5,571,00030,343,000 9,510,000 8,188,000 10,388,000 Legal-ten. notes,silv.oice 194,000 10,123,000 2,581,00 848,000 107,000 323,000 2.433,000 1,050,000 4,000 471,000 Total reserves 13,196,000 145,523,00020,461,00017,746,000 7,809,000 5,894,00032,776,000 10,560,000 8,102,000 10,859,000 Bills discounted&bought Commercial paper_ _ _ 430,000 1,683,000 Bank acceptances__ Total 2,113,000 Investments U .S. bonds Municipal warrants_ _ 2,234,0 i I Due from other Federal Reserve banks -Net_ 2,516,000 Fed.Reserve notes -Net 568,000 All other resources 103,001 Dallas. $ San Fran. $ Total. $ 2,913,000 1,047,000 31,840,000 3,274,000 8,172,000232,448,000 6,187,000 9,219,000264,2g8,000 17,000 24,841,000 690,000 0,877,000 9,236,000289,129,000 515,000 577,000 4,823,000 1,074,000 757,000 7,311,000 4,540,000 1,223,000 187,000 347,000 5,343,000 1,651,000 944,000 7,311,000 4,540,000 1,570,000 1,186,000 1,311,000 1,234,000 6,521,000 2,463,000 36,187,000 194,000 535,000 4,269,000 1,256,000 1,495,000 2,965,000 160,000 . 1,000 773,000 1,482,000 1,125,000 39,000 249,000 126,000 194,000 100,000 3,725,000 1,383,000 864,000 1,163,000 322,000 148,000 242,000 1,025,000 408,000 368,000 264,000 11,979,000 1,256,000 2,320,000 63,000 201,000 1,870,000 244,000 210,000 89,000 52,000 621,000 6,521,000 1,845,000 26,367,000 618,000 9,820,000 613,000 930,000 214,000 1,001,000 7,652,000 762,000 12,390,000 63,000 373,000 1,230,000 *9,862,000 1,308,0001 7,601,000 23,000 61,000 3,660,000 526,000 Total Resources.... 20,730,000 158,260,000 24,500,00022,645,000 16,346,000 10,042,00053,954,000 15,585,000 11,247,000 13,826,000 13,794,000 16,061,000366,481,000 LIABILITIES. Capital paid in 4,778,000 9,962,000 6,225,001 5,946,000 3,365,000 2,414,000 6,608,000 2,788,000 2,422,000 2,817,000 2,869,000 3,934,00d 54,128,000 Reserve deposits -Net 15,914,000135,421,000 18,275,00018.099,000 7,885,000 5,590,000 47,346,00 12,797,000 8,825,000 10,592,000 6,412,000 12,127,009297,883,000 Fed. Res. notes -Net 5,009,000 2,892,000 417,000 4,479,000 12,797,000 Due to other Federal Reserve banks -Net_ 11,409,000 All other liabilities 38,000 1,468,000 87,000 46,000 34,000 1,673,000 Total Liabilities 20,730,000 158,260,000 24,500,00022,645,000 16,346,000 10,942,00053,954,000 15,585,000 11,247,000 13,826,000 13,794,00016,06 1,009366,481,000 MemorandumP.R.notes issued to bks. 3,920,000 40,500,000 2,420.000 4,200,000 7,750,000 5,150,000 4,380,000 626,000 3,300,000 3,600,000 0,695,000 2,040,009 84,581,000 F. R. notes in hands of banks 39,000 249,000 568,000 3,145,001 191,000 - 308,000 2,320,000 63,000 89,000 223,000 266,000 1,308,000 8,769,000 F.R. notes outstanding_ 3,352,000 37,355,000 2,381,003 3,951,000 7,559,000 4,842,000 2,060,000 Gold & lawful money with agents 3,920,000 40,320,000 2,420,00' 4,200,000 2,550,000 1,950,000 4,380,000 Acct. of F. R. notes Net liabilities 5,009,000 2,892,000 Net meets 568 000 2.965.000 39.000 249.000 2 320 nen 563,000 3,211,000 3,377,000 6,429,000 732,000 75,812,000 626,000 3,300,000 2,960,000 1,950,000 2,040,000 70,616,000 62000 89 000 417,000 4,479,000 12,707,000 • 1.308.00(1 7.601000 *Items in transit, I. e., total amounts due from minus total amounts due to other Federal Reserve banks. Statement of New York City Clearing-House Banks and Trust Companies. -The following detailed statement shows the condition of the New York City Clearing-House members for the week ending July 3. 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 the four preceding weeks. 109 THE CHRONICLE JULY 10 1915.] NEW YORK WEEKLY CLEARING-HOUSE RETURN. CLEARING HOUSE MEMBERS. Capital. Week Ending July 3 1915 (00s omitted.) Loans. Net Profits. Discounts. Investm7S. &C. Nat.isamts May it 'State Elks Mar.19J . Average. Members of Federal Reserve Bank $ 31,492,0 Bank of N. Y.. N.B.A _ 2,000,0 4,669,5 25,487,0 Merchants' Nat. Bank.. 2,000,0 2,173,2 92,728,0 Mech.& Metals Nat.._ - 6,000,0 9,251,3 National City Bank_ _ 25,000.0 35,449,5 255,956,0 30,532,0 Chemical Nat. Bank.._ _ 3,000,0 7,945,7 10,209,0 793,4 Merchants' Exch. Nat_ 1,000.0 1,923,0 300,0 72,9 Nat. Butchers' az Drov.. 77,468,0 Amer. Exch. Nat. Bank 5,000,0 4,813,1 National Bank of Corn.. 25,000,0 17,618,4 178,097,0 26,919,0 Chatham & Phenix Nat. 2,250,0 1,412,3 95,132,0 Hanover National Bank 3,000,0 15,298,7 25,610,0 Citizens' Central Nat.... 2,550,0 2,485,1 8,799,0 Market & Fulton Nat.._ 1,000,0 1,989,5 Importers'& Traders'_ _ 1.500,0 7,/27,C 30,5 3,0 National Park Bank_ _ _ 5,000,0 15,339,0 116,545,0 1,841,0 East River Nat. Bank_ _ 59, 250.0 15,167,0 Second National Bank.. 1,000,0 3,145,5 First National Bank.._ _ 10,000,0 22,624,4 142,983,0 50,717,0 Irving National Bank__ 4,000,0 3,784,1 9,828,6 N. Y. County Nat. Bk. 500.0 1,468,7 Chase National Bank_ 5,090,0 9,600.3 138,300,0 16,824,0 1,090.0 1,875,8 Lincoln National Bank 8,530,0 GarfieldNational Bank 1,000,0 1,245,7 405,4 4,384,0 250.0 Fifth National Bank__ 28,759,0 NationalBank 1,000.0 2,820,1 Seaboard 37,112,0 Liberty National Bank.. 1,000,0 2,925,4 7.764,0 666,0 Coal & Iron Nat.Bank. 1,000.0 994,4 10,930,0 1,000,0 Union Exchange Nat 8,666,0 Nassau Nat. Brooklyn 1,000.0 1,116,2 Nat Bank Nat.Bank Federal Reserve Notes Notes Bank [Reserve [Not Notes for State Counted as (Not Institutions]. Reserve] Reserve]. Legal Tenders. Gold. Excess Reserve Due from with Reserve Legal Deposi- Depositaries. taries. Net Demand Deposits. Net Time Deposits. National Bank Circalion. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. $ $ 3 $ $ 800,0 28,112,0 1,512,0 771,0 1,018,0 2,051,0 7,0 2,042,0 1,956,0 24,375,0 20,0 214,0 1,721,0 28,0 1,758,0 1,140,0 104,059,0 4,552,0 4,932,0 135,0 65,0 7,541,0 10,904,0 11,007,0 5,359,0 317,615,0 1,347,0 3,363,0 304,0 734,0 29,933,0 92,041,0 4,088,0 3,908,0 449,0 167,0 43,0 29,286,0 451,0 1,513,0 2,513,0 5,737,0 442,0 27,0 11,0 10,108,0 328,0 112,0 849,0 759,0 50,0 126,0 90,0 10,0 1,753,0 44,0 131,0 70,0 92,0 78,452,0 2,700,0 4,490,0 18,0 6,642,0 5,938,0 1,054,0 4,058,0 270,0 125,0 3,888,0 59,0 13,717,0 170,798,0 17,349,0 2,968,0 4,528,0 712,0 119,0 586,0 1,185,0 287,0 45,0 2,121,0 26,527,0 1,725,0 305,0 18,0 70,0 8,415,0 111,006,0 20,231,0 2,784,0 2,988,0 51,0 23,0 1,990,0 22,769,0 1,280,0 1,635,0 197,0 1,156,0 1,613,0 942,0 74,0 1,0 100,0 9,344,0 710,0 925,0 915,0 244,0 50,0 570,0 2,065,0 26,961,0 1,731,0 1,009,0 184,0 8.663,0 116,851,0 363,0 3,580,0 10,071,0 1,311,0 4,375,0 8,0 101,0 50,0 164,0 1,958,0 45,0 91,0 44,0 685,0 56,0 1,030,0 449,0 12,001,0 205,0 862,0 102,0 4,0 9,941,0 135,085,0 125,0 5,077,0 634,0 2,740,0 15,825,0 12,0 740,0 241,0 4,108,0 55,977,0 182,0 5,804,0 1,121,0 2,817,0 676,0 152,0 7,0 200,0 388,0 9,398.0 84,0 440,0 45,0 112,0 11,482,0 157,784,0 450,0 630,0 10,231,0 4,740,0 2,339,0 18,736,0 890,0 151,0 36,0 1,558,0 32,0 388,0 896,0 2,529,0 8,944, 350,0 69,0 141,0 745,0 292,0 1,087,0 623,0 240,0 4,474,0 61,0 3,0 214,0 330,0 109,0 158,0 405,0 100,0 67,0 6,0 3,338,0 34,355,0 2,686,0 1,671,0 1,620,0 22,0 500,0 41,233,0 2,938,0 203,0 4,638,0 144,0 3,249,0 3,259,0 29,0 398,0 7,0 7,678,0 164,0 260,0 542,0 505,0 10,419,0 400,0 769,0 18,0 53,0 611,0 226,0 282,0 7,831,0 267,0 38,0 6,0 464,0 565,0 84,0 263,0 Totals,avge.for week 112.600,0 179.770,1 1,489,215,0 221,824,0 37,481,0 51,382,0 2,342,0 1,797,0 127,811,0 1,583,889,0 16,912,0 37,877,0 1,552,0 2,950,0 2,446,0 2,361,0 2,326,0 1,564,0 127,244,0 2,066,0 131,887,0 1,848,0 126,456,0 1,704,0 127,577,0 1,584,0 119,267,0 1,596,742,0 1,563,292,0 1,545,329,0 1,528,201,0 1,500,906,0 1,516,880,0 201,708,0 1,459,504,0 233,185,0 1,435,491,0 240,626,0 1,426,613,0 227,835,0 1,409,961,0 212,829,0 43,868,0 36,596,0 39.721,0 42,439,0 50,634,0 52,221,0 44,898,0 46,786,0 46,958,0 51,127,0 35,345,0 10,553,0 31,262,0 3,769,0 10,498,0 1,187,0 345,0 4,990,0 153,0 1,979,0 876,0 11,647,0 75,180,0 7,675,0 294,0 3,613,0 474,0 4,446,0 13,676,0 1,696,0 500,0 3,663,0 539,0 5,869,0 13,422,0 1,398,0 306,0 4,659,0 11,206,0 2,238,0 18,698,0 1,045,0 623,0 10,288,0 5,351,0 2,243,0 145,0 772,0 47,0 752,0 2,872,0 25,0 177,0 501,0 106,0 60,0 449,0 179,0 549,0 522,0 83,0 2,839,0 972,0 547,0 90,0 143,0 548,0 4,523,0 59,0 85,0 1,031,0 158,0 117,0 1,021,0 140,0 479,0 522,0 317,0 109,0 114,0 265,0 203,0 14,0 50,0 1,157,0 53,0 13,0 24,0 67,0 93,0 165,0 25,0 122,0 522,0 164,0 260,441,0 33,671,0 14,833,0 13,591,0 3,160,0 33,053,0 33,538,0 35,965,0 33,237,0 35,270,0 17,782,0 13,042,0 13,917,0 15,274,0 12,957,0 12,884,0 14,129,0 10,828,0 15,534,0 13,236,0 2,960,0 3,341,0 3,575,0 3,764,0 3,531,0 30,862,0 1,740,0 163,326,0 13,243,0 51,473,0 3,067,0 22,389,0 1,499,0 37,912,0 1,883,0 216,235,0 20,182,0 8,889,0 551,0 21,067,0 1,161,0 66,614,0 3,880,0 17,541,0 1,063,0 47,710,0 3,254,0 16,614,0 784,0 608,0 10,386,0 40,388,0 2,802,0 15,115,0 1,447,0 173,0 10,0 164,0 11,0 122,0 1,845,0 119,0 199,0 119,0 76,0 311,0 99,0 32,0 1,423,0 202,0 190,0 678,0 469,0 138,0 216,0 4,291,0 84,0 80,0 691,0 260,0 126,0 265,0 280,0 786,0 564,0 127,0 20,0 154,0 121,0 192,0 442,0 31,0 34,0 254,0 261,0 17,0 86,0 51,0 258,0 346,0 22,0 10,0 Totals, avge.for week.. 46,250,0 91,220,1 766,521,0 57,164,0 4,905,0 9,118,0 2,394,0 236,0 22,279,0 72,360,0 776,523,0 758,147,0 784,279,0 777,310,0 775,975,0 3,871,0 4,954,0 5,173,0 12,112,0 3,903,0 9,602,0 5,387,0 4,104,0 2,531,0 5,992,0 2,408,0 2,391,0 2,567,0 2.415,0 2,524,0 195,0 227,0 246,0 212,0 205,0 29,490,0 64,919,0 21,148,0 78,709,0 20,745,0 74,431,0 24,027,0 67,235,0 26,374.0 64,318,0 37,901,0 37,850,0 37,950,0 37,962,0 37.977,0 613,676,0 118,395,0 Totals, actual conditio n July 3 Totals, actual conditio n June 26 Totals, actual conditio n June 19 Totals. actual °enclitic)n June 12 Totals, actual conditio n June 5 629,648,0 116,507,0 599,969,0 117,833,0 590,253,0 117,704,0 587,736,0 119,275,0 585,479,0 115.180,0 Totals, actual conditlo n July 3 Totals, actual conditlo n June 26 Totals, actual conditio n June 19 Totals, actual conditio n June 12 Totals, actual conditlo n June 5 State Banks Not Members of Federal Reserve Bank. Bank of Manhattan Co. Bankof America Greenwich Bank Pacific Bank People's Bank Metropolitan flank.... CornExchange Bank Bowery Bank German-American Bank Fifth Avenue Bank...... German Exchange Bank Germania Bank Bank of Metropolis West Side Bank N. Y. Produce Exalt._.. State Bank Security 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 1,000,0 1,500,0 1,000.0 4,882,4 6,194,1 1,162,3 995,3 453,9 1,894,2 7,225,4 765.1 691.1 2,296,2 812,9 1,012,7 2,137,0 698,8 929,4 472,4 301,3 Totals,avge.for week_ 18,450,0 32,924,5 Totals, actual condition July 3 Totals, actual condition June 26 Totals, actual condition June 19 Totals, actual condition June 12 Totals, actual condition June 5 262,995,0 258,646,0 254,737,0 256,873,0 259,030,0 Trust Companies Not Members of Federal Reserve Bank. 1,500,0 3,361,0 Brooklyn Trust Co.. 10,000,0 12,816,4 Bankers' Trust Co U.S. Mtg & Trust Co.... 2,000.0 4,265,3 1,250,0 1,107,9 Astor Trust Co Title Guar.& Trust Co. 5,000,0 11,605,6 Guaranty Trust Co.- _ 10,000,0 22,727,8 1,000,0 1,304,2 Fidelity Trust Co Lawyers' Title & Trust.. 4,000,0 5,067,7 Columbia Trust Co..... 2,000,0 7,311,1 1,000,0 1,419,5 People's Trust Co 3,000,0 11,618,1 New York Trust Co LOOM 1,090,9 Franklin Trust Co 526,6 1,000,0 Lincoln Trust Co Metropolitan Trust Co.. 2.000,0 6,103,4 894,6 Broadway Trust Co...... 1,500,0 58,247,0 57,146,0 55,655,0 54,016,0 52,078,0 ()rand Aggregate,avge_ 175,300,0 303,914,7 2,516,177,0 312,659,0 57,219,0 74,091,0 5,554,0 +51,099,0 -14,242,0 +2,495,0 +3,472,0 -420,0 Comparison prey. week Grand Aggregate,actual condition July 3... 2,556,358,0 293,008,0 65,521,0 70,059,0 +80,061,0 -30,861,0 +107100 --1,080,0 Comparison prey. week Grand Grand Grand Grand Grand Grand Aggregate actual condition Aggregato,actua condition Aggregate,actua condition Aggregate,actual condition Aggergate,actual condition Aggregate,actual condition June20. 2,476,297,0 323,869,0 June 19 2,474,507,0 332,246,0 Juno 12_ 2,460,796,0 315,088,0 June 5_ 2,444,966,0 300,177,0 May 29_ 2,437,358,0 291,058,0 May 22.. 2,418,024.0 287,385,0 54,811,0 67,541,0 63,100,0 66,122,0 64,681,0 66,079,0 71,139,0 67,216,0 66,596,0 70,355,0 76,147.0 70,780.0 17,270,0 16,672,0 16,672,0 16,170,0 15,964,0 1,200,0 482,0 569,0 1,790,0 47,940,0 30,535,0 11,518,0 4,877,0 2,396,0 9,787,0 85,931,0 3,240,0 4,243,0 14,231,0 3,615,0 5,776,0 13,222,0 4,188,0 12,731,0 20,305,0 9,480,0 27,0 3,229,0 9,0 7,544,0 3,364,0 284,015,0 3,313,0 4,0 4,0 3,0 3.0 4,0 7,744,0 7,558,0 7,432,0 7,551.0 7,572,0 3,253,0 3,075,0 2,724,0 2,379,0 2,198,0 287,598,0 281,497,0 276,928,0 282,869,0 282,609,0 3,312,0 3,301,0 3,302,0 3,283,0 3,285.0 1,093,0 2,527,0 6,951,0 14,826,0 1,897,0 7,851,0 814,0 960,0 1,189,0 3,368,0 848,0 25,235,0 385,0 383,0 850,0 689,0 2,428,0 3,978,0 832,0 1,466,0 1,676,0 5,625,0 565,0 1,017,0 845,0 462,0 1,654,0 1,434,0 798,0 1,993,0 21,862,0 139,018,0 37,942,0 17,236,0 23,769,0 184,362,0 7,667,0 13,787,0 48,562.0 16,656,0 33,234,0 11,305,0 9,244,0 33,072,0 15,960,0 7,532,0 28,371,0 12,958,0 5,270,0 643,0 28,449,0 60,0 387,0 16,170,0 939,0 5,523,0 4,962,0 1,045,0 6,066,0 20,0 573,0 2,0 7,0 144,0 323,0 4,000,0 194,0 200,0 34,0 217,0 319,0 735,0 128,0 18,0 12,0 68,0 11,0 69,0 9,0 5,0 12,0 50,0 7,0 2,342,0 2,042,0 157,634,0 75,724,0 2,481,580,0 138,620,0 37,877,0 -37,0 -462,0 -183,0 -316,0 -3,350,0 +47,268,0 +826,0 5,368,0 1,552,0 1,763,0 164,478,0 68,172,0 2,513,988,0 137,089,0 .37,931,0 +51,0 --364,0 -1,398,0 -534,0 +3,885,0 -136120 +69,230,0 -717,0 5,732,0 6,142.0 6,179,0 6,055,0 5,900,0 5,939,0 2,950,0 2,29770 160,593,0 81,784,0 2,444,758,0 137,806,0 37,850,0 2,440,0 2,097,0 154,633,0 77,155,0 2,412,510.0 137,678,0 37,950,0 2,361,0 1,919,0 159,155,0 69,614,0 2,398,806,0 138,728,0 37,962,0 2,326,0 1,793,0 153,213.0 66,516,0 2,368,994,0 134,429.0 37,977,0 2,351,0 1,684,0 152,728,0 78,567,0 2,357,652,0 132,545,0 37.857.0 2,425,0 1,706.0 152,586,0 64,168.0 2,329,890,0 131,778,0 37,971, o STATEMENTS OF RESERVE POSITION Actual Figures. Averages. • Cash Reserv Reserve in in Vault. Depositaries Total Reserve. *Reserve Required. I Surplus Reserve. Inc. or Dec. Cash Reserve Reserve in from Previous Week. in Vault. Depositaries Total Reserve. a Reserve Required, Surplus Reserve. Inc. or Dec. from Previous Week. $ $ $ Members Federal Reserve Bank... 310,087,000127,811,000438,498,000 2S5,945,620j152,552,380 -16,301,610 297,797,000 127,244,000 425,041,000288,277,060 136,763,940 -27,575,900 +400,040 66,679,000 7,744,000 74,423,000 51,767,640 22,655,360 +1,716,820 65,255,011 7,544,000 72,799,000 51,122,7001 21,676,30 State Banks -3,451,850 -1,092,600 09,480,000 29,490,000 98,970,000 94,447,200 4,522,80 Trust Companies. 73,581,000 22,279,000 95,860,0 92,051,4001 3,808,60 Total July 3 449,523,00 157,634,000 607,157,000420,119,720 178,037,280 -16,994,170 433,058,000164,478,000598,434,000434,491,900 163,942,100 -29,310,930 Total June 26_ 458,218,000 157,950,000616,188,000 421,136,550 195,031,450 -1,465,480 455,551,000 160,593,000816.144,000422,890,970 193,253,030 -7,147,160 +5,243,690 Total June 19_ .. 454,663,000 158,032,000612,695,000 416,198,070 196,496,930 +10,701,530 463,145,000154,633,000617,778,000417,377,810 200,400,19 +8,887,250 Total June 12... 445,776,000 152,920,600598,69(000412,900,600 185,795,400 --2,838,350 450,963,000 159,155,000610318,000414,961,500 195.156,5 TotalJuno 8..... 443,663,000 154,326,000,597.989,000 409,355,250 188,633,750 +6,360,630 442,709,000 153,213,000595,922.000409,652,750 186,269,250 +2,936,810 TotalMay 29_ _ 436,412.000 150,639,000587,051.000404.777,880 182,273,120 +3,738,210 437,786,000152,728,000 590,514,000,407.181.560 183,332.440 +3,017,880 +7,073,330 Total May 22.... 428,239.000 152,940,000 581,179,000402,644,090 178,534,910 +9,635,540 430,183,000 152.586,000 582,769,0001402,454,44 180,314,56 *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 Banks Includes also the amount of reserve required on Net Time Deposits, which was as follows: July 3, $845,600; June 26, 5833,550; Juno 19, $812,400: June 12, $806,350 June 5, $769,500; May 29, 3750,600; May 22, $714,500. a 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 Banks It Includes also the amount of reserve required on Net Time Deposits, which was as follows: July 3, $863,500; June 26, $833,600; June 19, $833,600; June12, $808,500; June 5, $798,200; May29, $740,450; May 22, $748,500. 110 THE CHRONICLE [VOL. 101. The State Banking Department reports weekly figures In addition to the returns of "State banks and trait comshowing the condition of State banks and trust companies panies in New York City not in the Clearing House" furnished In New York City not in the Clearing House, and these are by the State Banking Department, the Department also shown in the following table: presents a statement covering all the institutions of this class SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER in the whole State. The figures are compiled so as to distinNEW YORK. NOT INCLUDED IN CLEARING-HOUSE STATEMENT. (Figures Furnished by State Banking Department.) Differences from guish between the results for New York City (Greater New previous week. July 3. and those for the rest of the State, as per the following: Loans and investments $588,861,200 Inc. $8,294,100 York) Gold 48,976,500 Dec. 120,300 For definitions and rules under which the various items Currency and bank notes 9,457,400 Dec. 295,803 Total deposits 728,306,100 Inc. 12,432,300 are made up, see "Chronicle," V. 98, p. 1661. Deposits, eliminating amounts due from reserye deThe provisions of the law governing the reserve requirepositaries and from other banks and trust companies in New York City, and exchanges 602,374,000 Inc. 8,070,800 ments of State banking institutions were published in the 182,543,300 Inc. 2,710,900 Reserve on deposits Percentage of reserve, 31.7%. "Chronicle" March 28 1914 (V. 98, p. 968). The regulaRESERVES. tions relating to calculating the amount of deposits and what - -Trust Companies State Banks $11,026,400 11.42% Cash in vaults 347,407,500 9.89% deductions are permitted in the computation of the reserves Deposits in banks and trust cos_ _ _ _ 15,295,000 15.84% 108,814,400 22.70% ' were given in the "Chronicle" April 4 1914 (V. 98, p. 1045). Total $26,321,400 27.26% 8156,221,900 32.59% STATE BANKS AND TRUST COMPANIES. The averages of the New York City Clearing-House banks and trust companies, combined with those for the State banks and trust companies in Greater New York City outside of the Clearing House, compare as follows for a series of weeks past. State Banks Trust Cos. State Banks Trust Cos. in in outside of outside of Greater N. Y. Greater N. F. Greater N. F. Greater N. Y. ---$ IS S $ 24,550,000 67,300,000 10,913,000 Capital as of Dec. 24._ __ 13,100,000 Week ended July 3 COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN GREATER NEW YORK. We omit ciphers in all these figure*: Demand Deposits. Specie. Other llfonesj. 2,958,987,6 2,957,733,9 2,964.217,1 2,980,795,0 3,031,859,4 3,016,636,4 2,995,149,5 3,002.089,5 3,014,410.7 3.035,658,2 3,050,140,8 3,045,645,1 3,105,038,2 2,862,696,4 2,876,945,3 2,892,967,4 2,910,769,9 2,939,123.1 3,056..351.5 2.922,865.8 2.935,261,3 2.957.997,7 2,977,514,7 2,095,498,0 3,028,615,2 3,083,954,0 361,957,8 374,735,5 388,489,7 393,929,8 392.353,7 397,482.5 405,974,7 414.392.3 422.433,7 425,046,5 439,905,1 446,616,8 435,726,5 81,300.6 81,987,1 81,435,8 82,375,9 81,518,8 81,472,8 79,753,2 80,733,9 80.089,2 79,781,0 73,257,9 70,451,2 72,230,4 443,258,4 156,722,6 467,925,5 476,305,7 473,872.5 478.955,1 485.725,9 495,126,2 502.522,9 504.827.5 513,163.0 517,068,0 507,956,9 39,269,500 151,327,000 13,749,700 11,225,000 340,597,000 1,247,073,900 +2,635,200 +19,309,000 135,438,800 +2,800 200,594,500 +374,300 144,161,309 +777,600 210,450,100 + 1,240,600 25,275,200 -25,200 28,693,100 +510,200 29.8% 28.8% 20.1%, 20.4%. 9n 9oi_ 20 20 4 Increase over last week. -Decrease from last week. 16.4% Loans and investments__ Change from last week_ Total Entire Money Reserve on Golding*. Deposits. Week ended. - Loans and Investments April 10 April 17 April 24 May 1 May 8 May 15 May 22 May 29 June 5 June 12 Juno 19 June 26 July 3 Surplus as of Dec. 24____ Gold Change from last week_ 101,408,700 +531,303 Currency and bank notes_ Change from last week_ 699,849,2 714,227.1 736,189.5 748,168.0 714,188,6 754,995,4 769.456,8 780,230,1 789,217,0 778,850,5 795,476,0 796,000,4 789,700,3 49,972,000 -323,100 26,312,000 +836,700 19,635,400 -302,200 452,110,000 1,509,946,900 Deposits Change from last week_ +12,052,000 +39,045,800 Reserve on deposit Change from last week_ 110,175,300 +2,198,100 332,944,800 +554,100 P. C. reserve to deposits_ TS • 4- •. ingt ixte4Ot let A01 • Non-Member Banks and Trust Companies. -Following is the report made to the Clearing-House by clearing nonmember institutions which are not included in the "Clearing-House return" on the preceding page: RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE. CLEARING NON-MEMBERS. Week Ending July 3 1915. Members of Fed'I Reserve Bank Battery Park Nat___ First Nat., Brooklyn National Clty.Bklyn First Nat., Jers.City (Judson Co. N.J.C_ First Nat.,Hoboken 3econd Nat.,Hobok. Total Net Capital. I Profits. Loans, Discounts, 1Nat. banks May 11 Invest1State banksMar.19f mints, dec. Gold. 369,500 1,936,000 104,000 467,200 8,318,000 441,000 767,300 7,224,000 323,000 648,900 6,511,000 407,000 184,100 1,339,000 90,000 472,700 4,493,000 640,000 268,600 3,376,000 172,000 509,600 5,616,000 351,000 792.000 16,967,000 811,000 180,400 2,911,000 197,000 3,900.000 4,660,300 58,691,000 3,536,000 - Trust Companies. Not Members of the federal Reserve Bank. liTarnliton Trust,Bkin Mechanics, Bayonne Nat.Bank Notes(Reserve for Silver. State Institutions) Bank Nat.Ba Notes[Not Counted as Reserve). Federal Reserve with Reserve Bank Legal NotestNot DeposiReserve]. taxies. Excess Due from Reserve Depositaxies. National Net Net Bank Demand Time CircuDeposits. Deposits. lation. 3, Average. Average. Average. Average. Average. Averag, Average. Average. Average. Average. Average. Average. $ $ $ $ $ $ $ $ $ $ $ $ 3 $ 288,000 10,000 200,000 143,300 2,087,000 111,000 51,000 1,931,000 38,000 94,000 193,000 2,000 541,000 12,000 294,000 4,222,000 300,000 673,800 4,621,000 147,000 28,000 115,000 289,000 10,000 625,000 16,000 251,000 4,951,000 300.000 639,900 4,948,000 182,000 63,000 131,000 119,000 481,000 2,535,000 4,018,000 29,000 400,000 1,271,200 4,666,000 204,000 257,000 84,000 396,000 5,000 327,000 83,000 250,000 807,000 2,722,000 810,600 3,824,000 11,000 91,000 59,000 196,000 5,000 331,000 17,000 220.000 509,000 1,988,000 2,772,000 218,000 660.300 5,342,000 115,000 18,000 57,000 250,000 6,000 125,000 279,000 2,084,000 1,837,000 100,000 299,500 4,179,000 57,000 94.000 36,000 22,000 2.843,000 4,675,000 21,916,000 4,703,000 1,511,000 173,000 1,795,000 4,498,600 29,667,000 907,000 464,000 578,000 - State Banks not Members of the Federal Reserve Bank. 100,000 Bank of Wash.llgts. Century Bank 600.000 Colonial Bank 400,000 Columbia Bank 800,000 Fidelity Bank 200,000 Mutual Bank 200.000 200,000 New Netheriand Yorkville Bank 100,000 Mechanics', Bklyn 1,600,000 North Side. Bklyn 200,000 Total Legal Tenders. 590,000 1,031,900 6,451,000 200.000 269,700 3,833,000 444,000 75,000 5,000 91,000 115,000 47,000 8,000 37,000 38,000 80,000 106,000 38,000 64,000 196,000 516,000 284,000 28,000 143,000 135,000 190,000 579,000 109,000 30,000 280,000 121,000 9,000 57,000 43,000 95,000 338,000 27,000 565,000 2,244,000 1,000,000 10,000 33,000 15,000 69,000 91,000 114,000 1,518,000 424,000 958,000 7,069,000 1,691,000 464,000 303,000 7,734,000 410,000 362,000 6,841,000 601,000 62,000 1,009,000 200,000 270,000 1,436,000 4,505,000 369,000 2,000 200,000 156,000 3,330,000 155,000 356,000 138,000 5,938,000 1,054,000 1,280,000 17,565,000 808,000 187,000 395,000 3,112,000 1,000 9,000 187,000 123,000 11,000 4,057,000 5,213,000 58,627,000 3,224,000 290,000 --- 31,000 39,600 11,000 - 1,000 9,000 235,000 1,645,000 4,701,000 974,000 77,000 531,000 1,545,000 2,117,000 10,000 312,000 2,176,000 6,246,000 3,001,000 Total 11,000 700,000 1,301,600 10,284,090 519,000 70,000 43,000 84,000 --= 43,090 7,212,000 12,064,000 86,789,000 11018000 1,511,000 Clrand aggregate-- 6,395,000 10.460,500 98,642,000 4,962,000 1,072,000 2,906,000 1,070,000 474,000 Comparison. prey.wk -428,000 -103,000 -142,000 --11,000 ---37,000 -70,000 A-6,000 A-469000 A-1270000 --604,000 A-80,000 A-6,000 Excess reserve. $300,930 increase= 7 Or aggr'te June26 6,395,000 10,460,500 99,070,000 5,065,000 1,214,000 2,917,000 1,107,000 544.000 37 000 . -4-.000 10,794,0007,4833,0015 10929005 1,505,000 . - 3 7 43,0006.603,000 11,412,000 88,166,000 10586,000 1,507,000 Grand aggrteJunel9 6,395,000 10.460,500 99,643,000 5,116,000 1,186,000 2,912,000 1,101,000 384,000 Urand aggeteJunel2 6,395,000 10,430,400 99,855,000 5,177,000 1,292,0002,927,000 1,149,000 489,000 34,000 6,727,000 11,049,000 89,066,000 10342000 1.509,000 28,000 6,704.000 12,155.000 88,544,000 10316,0110 1,510,000 Grand aggr'te June 5 8,395,000 10,430,400 99,755,000 5,160,0)10 1.167.000 2.759.000 1,133,000 393,000 nevetP Mnv20 (1.395.000 10430.400 09.S02.000 5.081.000 1.237.000 2.781.1100 1_074.800 423,000 30.000 6.P92,000 11.763.000 F0.308.64)0 1 n32511nn Ox 4 (1 Philadelphia Banks. -Summary of weekly totals of Boston Clearing-House Banks. -We give below a Clearing-House banks and trust companies of Philadelphia: summary showing the totals for all the items in the Boston Clearing-House weekly statement for a series of weeks: We omit two cipher* (00)s in all hese figures. BOSTON CLEARING-HOUSE MEMBERS. Capital and Surplus. April May May May May May June June Tune June int,/ 24 1 8 15 22 29 5 12 19 28 3 Loans. Reserve. $ 103,684,3 103.694,3 103.684.3 103.684,3 103,684,3 103,684,3 103,684,3 103,684,3 103,684,3 103,684,3 103.684.3 $ 415,382.0 415.165.0 416,730,0 416,427.0 415,156.0 416,346.0 420,263,0 120,034.0 419,067,0 410,047,0 421.583.0 $ 96,336,0 97,582,0 99,449,0 101,515,0 101,259,0 93,161,0 102,955,0 109,598,0 113,019,0 113,436,0 111.281.0 Deposits. Cireutaa lion. $ 473,811,0 475,730,0 481,346.0 483,191,0 479,946,0 473,784,0 493,189,0 493,208.0 408,911,0 497,472.0 AM 467.0 $ 11,300,0 11,298,0 11,284,0 11.279.0 11,258,0 11,278,0 11,275,0 11,267,0 11,273,0 11,270,0 11.2115.0 Ckarinoi I 153,594,8 152,073.1 165,832,4 147,838.8 155,284,8 149,771,8 168,514,7 154.124,9 158,619,6 157,254,3 190 174 7 • a Includes Government deposits and the item "due to other banks • (July 3, $138,971,000); 1093 "Exchanzes for Clearing House" (July 3, $18,230,003). Due from banks July 3, $53,404,000. Change from July 3 15. previous week. June 20 15. June 19 15. Circulation $9,083,000 Dec. Loans, dise'ts & investments_ 252,119,000 Inc. Individual deposits, inci.U.S. 196,306,003 Dec. 101,069,000 Inc. Due to banks Time deposits 7,692,099 Inc. Exchanges for Clearing House 15,395,000 Inc. 29,340,000 Inc. Due from other banks 23,107,009 Dec. Cash reserve Reserve in Fed. Res ve Bank 8,489,000 Dec. Reserve with other banks__ _ 40,655,000 Inc. Reserve excess in bank 9,412,003 Dec. Excess with reserve agent__ - 26,960,030 Inc. Excess with Fed. Reeve B k_ 1,612,000 Dec. 83,000 $9,086,000 $9,085,000 2,723,000 249,391,000 249,604,000 284,000 198,590,000 197,644,000 6,588,000 94,481,000 94,414,000 159,000 7,533,000 7,495,000 4,416,000 10,969,009 14,453,000 945,000 28,395,000 29,560,000 735,000 23,842,000 23,708,000 1,363,000 9,852,000 9,114,000 162,000 40,493,000 37,104,000 788,000 10,200,000 19,085,000 109,090 26,851,000 23.481,000 1,389,000 3,031,000 2,303,000 Imports and Exports for the Week. -See third page preceding. JULY 10 1915.1 Vanktre THE CHRONICLE azett. 111 peake & Ohio cons. 43/2s, American Tel. & Tel. cons. 43/2s, Chicago Milwaukee & St. Paul cons. 43/2s, and Chili Cop. 7s. Reading general 4s,owing, presumably, to a recent judicial decision in favor of that company, have been exceptionally strong, while reports of steadily increasing business is undoubtedly the cause of a fractional advance in United States Steel s. f. 5s. Sales on a seller's 20 -day option (s-20-f), representing, probably, sales on foreign account, decreased slightly from the enormous total of last week, being $2,481,000, as against $2,789,000. Wall Street, Friday Night, July 9 1915. The Money Market and Financial Situation.—Intimation from Berlin that the tenor of Germany's answer to the last note from our Government, due to-morrow, will not be as satisfactory as has been hoped for, has increased the tendency to caution already existing in financial circles here. Actual business has, however, not been as much affected or United States Bonds.—Sales of Government bonds at the values disturbed as might have been expected thereby, and Board include $15,000 3s coup. at at apprehension in regard to our foreign relations is undoubtedly 96%, and $5,000 4s reg. at 1093 . 1013/2; $1,000 2s reg.all For to-day's prices of 4 less acute than it recently was. It is probably true that no the different issues andfor weekly range, see third pagefollowing. sane person in either country wants those relations disRailroad and Miscellaneous Stocks.—The fact that the turbed. That being the case there is, we believe, very little, stock market has been more active this week may be wholly if any, likelihood that they will be. The fact that modern accounted for by the increased volume of sales for foreign acmethods of warfare have no precedent makes it difficult for count. This liquidation has not been met by a corresponding demand, and some of the belligerents to adhere strictly to existing rules. from 1 to 5 the natural result has been a decline averaging points or more in practically the entire railway And so it has come to pass that while "Britannia rules the list. The sales referred to were heaviest on Wednesday, when the total was substantially over half a million shares. waves, Germania waives the rules" and seems disposed to claim her right to do so under the new conditions referred to. When compared with this, to-day's market was dull, but it was highly irregular, both in the range covered and final reSales of securities in this market for foreign account con- sults. tinue to be a prominent feature, but as heretofore, these St. Paul has continued the downward movement noted offerings have been readily absorbed, with no great effect last week,adding 73 points to its then 6 -point decline. New upon prices. The fact that the amount of American securi- Haven, which was firm up to Tuesday,closes nearly 10 points lower than it then sold. New York Central has also been ties held abroad is much smaller than has generally been notably weak, closing ex-dividend nearly 7 points lower than supposed (see page 15 of last week's "Chronicle") leads to it sold on Tuesday. Reading is down 5 points, Union Pathe logical conclusion that the available supply is corre- cific and Lehigh Valley nearly 5, Southern Pacific 3% and 3 spondingly low and therefore a matter of relatively incon- Union Pacific 4%. As usual of late, the miscellaneous list has been conspicusiderable importance here. ous for activity and erratic movement. Am. Coal Products Figures given out from the iron and steel industry show added over 15 points to its advance of last week. Sears, that the present foreign demand has probably never been Roebuck & Co. sold on Tuesday 7 points higher than on equalled and that the total product is larger than since Friday, but subsequently lost a large part of the advance. Studebaker advanced nearly 4 points early in the week, with Oct. 1913. The Government crop report indicates that the similar final result. wheat harvest will yield 13 million bushels more than last On the other hand, General Electric has been continuously month's estimate, 33 millions more than the estimate a year weak and closes nearly 6 points lower; Amer. Locomotive 4, ago at this time and that the total yield will be 70 million 61 Amalgamated Copper 4, Beet Sugar 3% and Mexican bushels more than the crop of 1914. This report also shows Petroleum over 4. For daily volume of business see page 120. that the acreage planted to corn is larger than last year. The following sales have occurred this week An increase of $2,700,000 in the gold holdings of the Bank represented in our detailed list on the pages of shares not which follow: of France indicates the extent to which the people of the STOCKS. Sales Range for Week. Range since Jan. 1. country have responded to an appeal to exchange their gold Week ending July 9. for Lowest. Wee*. Highest. Lowest. Highest. for bank notes. The Bank of England also reports an in42 85 July 3 85 July 3 83 crease of $5,800,000 in gold, but not a corresponding in- American Express Feb 97 Apr Am Writing Paper, pref. 500 5 July 3 534 July 3 5 Jul 15 Apr Butterick crease in percentage of reserve. 100 28 July 7 28 July 7 27 Feb 32% Apr Cleveland & Pittsburgh_ 100 157 July 7 157 July 7 157 Jul 159 Apr Cluett, Peabody. Foreign Exchange.—Sterling exchange was very quiet Comstock Tunnel pref.. _ 100 100% July 7 10034 July 7 98 Jai 103 June 6,800 10c. July 8 14c. July 6 7c. Ma 21c. June during the week, but taken altogether rates were maintained. Des M & Ft Dodge 100 6% July 9 85-4 July P 4 Feb 7% Apr To-day's (Friday's) actual rates for sterling exchange were 4 7364 73% for sixty days, 4 76,404 76% for cheques and 4 77 7-1604 76% for cables. Commercial on banks, nominal, and documents for payment, nominal. Cotton for payment, nominal, and grain for payment, nominal. There were no rates for sterling posted by prominent bankers this week. To-day's (Friday's) actual rates for Paris bankers francs were nominal for long and 5 67 for short. Germany bankers' marks were nominal. Amsterdam bankers guilders were 39% for short. Exchange at Paris on London, 27.02 francs; week's range, 26.99 francs high and 27.06 francs low. Exchange at Berlin on London not quotable. The range for foreign exchange for the week follows. Sterling, Actual— Sixty Days. Cheques. Cables. High for the week_ _ _4 73% 4 77N 4 7734 Low for the week_ _ _4 72.i 4 76 5-16 4 77 5-16 Paris Bankers' Francs— High for the week_ _ _ 5 63% 5 63 Low for the week_ 5 6534 5 6634 Germany Bankers' r— High for the week_ _ ------_ -8134 81% Low for the week_ 81% 81 7-16 Amsterdam Bankers' Guilders— High for the week_ _ _ 39 15-16 plus 1-16 40 plus 1-16 Low for tho week_ _ _ -39 15-16 40 Domestic Exchange.—Chicago, 150. per $1,000 discount. Boston, par St. Louis, Sc. per $1,000 premium. San Francisco, 45c per $1,000 premium. Montreal, $7.50 per $1,000 premium. Minneapolis,30c. per $1,000 premium. Cincinnati, par. New Orleans, commercial, 50c. per $1,000 discount, and bank, $1 premium. State and Railroad Bonds.—Sales of State bonds at the Board this week include $1,000 New York State 43is 1965 at 1043.; $3,000 Now York State 43s at 1083 to 109; and 4 $12,000 New York Canal 432s at 109. As long as doubt regarding the final settlement of our relations with Germany exists, that doubt will be a prominent factor, affecting more or less unfavorably the security markets. That political circles at Washington were disappointed in the outline of the new German correspondence was reflected in the caution manifested by investors and the resulting smaller volume of business in the market for railway and industrial bonds. A continuance of the heavy foreign liquidation noted last week is, perhaps, a sufficient cause for the general weakness in prices. From a list of 25 active issues, 14 have declined and 7 advanced. Of the former, the most notable was International Mercantile Marine coll. trust 43's, which dropped from 563 to 5332, possibly on account of the increasing war risk. Other issues that fell off between one and two points were Chesa Detroit Edison 35 14 July 7i15 July 7 111% Feb 115% Detroit United 110 60 July 7 60 July 7 5231 Ap 81 E I du Pont Powd, pref.. 100 9731 July 8 9731 July 8 90%Ap 9734 Granby Cons M 5 & P_ 25 88% July 7 883.4 JuY 7 7034Ap 91 Interboro Cons corn v t 1,500 19% July 9 203-4 July 9 1934 July 2031 Manhattan Shirt, pref _ _ 100 101% July 71013-4 July 7 101 Ap 1039-4 Nashville Chatt & St L_ 100 120% July 7 12036 July 7 120 Jun 128 Pettibone Mulliken _ _ _ _ 1,635 40 July 8 43 July 7 15 Ma 43 Pittsburgh Steel, pref_ _ 100 8931 July 3 8934 July 3 74 May 89% Tobacco Products, pref. 100 98% July 8 9836 July 95 Ma 102% Tol St L & W pf tr rec 100 7 July 8 7 July 8 7 Jun 7% U S Reduction & Refg_ _ 100 2 July 3 2 July 3 134 Ap 1031 Wells, Fargo & Co 100 99% July 8 993-4 July 8 7731 Jan 100 Mar Apr July June July June Jan July July Apr June June Apr Outside Securities.—Sales of securities on the Broad St. "curb" have shown a slight increase over the corresponding days of last week. Prices have advanced as a whole,in some cases notably. American Zinc showed strength in the early part of the week, adding 1 W points to its closing price of 57 I last Friday. From that point, however, it steadily fell away,closing to-day at 553.. Cramp Shipbuilding Co.,from 61% moved up to 66, closing with a decline of 33/i points from that figure. Electric Boat, both common and preferred, perhaps because of glowing reports of the greatly increased production of that concern, advanced by leaps and bounds from 117 and 118 to 197 and 173, respectively, closing at 175 and 155. Kelly-Springfield Tire covered a range of 6 points, closing at 163, which was, however, 3 points below the highest figure. From 15, N. Y. Transportation advanced to 163., the final quotation being 15. Corporation of Riker & Hegeman, United Cigar Stores new and United Profit Sharing Co.covered ranges of %,% and 4 points, re1 spectively, closing at 6%, 10 and 2%. The only railroad issue to show activity this week was Missouti Pacific, w.i. From 20, this stock advanced to 22, dropped to 18 and closed at 173/2. Trading in the Standard Oil subsidiaries was very light, with declining prices. Atlantic Refining Co. hovered between 553 and 550, while Anglo-American Oil fell away from 163/ to 1614. Pierce Oil also lost fractionally during the week. Prairie Pipe Line from 160 dropped to 152, advanced to 154 and closed at 153, while Prairie Oil & Gas covered a range of 7 points, closing at 310, slightly above the lowest figure. Standard Oil of New Jersey covered a range of 1 point, closing at 399, the low figure. Price fluctuations in other Standard Oil shares dealt in were all fractional. Outside quotations will be found on page 120. New York Stock Exchange-Stock Record, Daily, Weekly and Yearly 112 OCCUPYING TWO PAGES. For record of sales during the week of stocks usually inactive, see preceding page. -HIGHEST AND LOWEST SALE PRICES. STOCKS Saturday July 3. Tuesday July 6. Monday July 5. 9978 10018 *96 9712 104 104 76 7614 *7013 7034 8714 8712 14213 14358 *____ 325 *3814 3912 1113 1112 29 29 82 84 124 124 12478 125 •160 170 1534 16 •113 125 •125 150 36 • *30 62 *58 31 *28 *49 55 45 *35 *14612 148 *422 425 *512 612 *9 1012 2512 2618 3933 403 4 *311s 32 11713 118 *3412 3514 •100 10534 73 73 2113 22 7412 75 2414 247 8 68 58 9 *7 20 *19 14113 14213 36 .34 11412 115 *125 128 *1434 16 40 .30 110 11018 *120 125 813 9 2513 2512 614 6 23 %. 4 1 / *54 612 877 8853 8 6334 6412 2613 2718 •___ 20 •103 104 89 *85 10314 105 10618 10618 7034 *64 •-__ 91 • 14618 14738 *81 87 80 *81 8 3 *14 3 3 3a 4 513 63 11 *8 712 *7 *14 16 37 *30 1412 *14 34 34 4 853 867 8 -1E3 4 5213 14 5312 3 3 84 9413 12653 12712 8014 8014 16 16 3213 3212 14 14 14 *23 2414 8 1 *6 4 *2 1 1 31 31 1558 *4913 *1313 5313 *112 *7 Wednesday July 7. Thursday July 8 Friday July 9 Sales of the Week Shores STOCKS NEW YORK STOCK EXCHANGE Range Since Jan. 1. Os baste of 100 share lots. Lowest Highest. Railroads 4 1 / 10013 10034 99 10012 99 994 14,400 Atchison Topeka& Santa Fe__ 92 Feb 24 105 Apr 19 9912 99 96 Jan 5 OM June17 1,300 Do pref 9714 97 97 9714 97 97 *9613 98 98 Mar 1 11312 Apr 30 9914 100 1,900 Atlantic Coast Line RR 9814 99 *100 10312 98 100 6314 Feb 25 7978 Apr 19 8 757 10,900 Baltimore & Ohio 8 75 753 7614 763 4 7514 7612 75 67 Feb 23 7314 Jan 20 4 2,500 Do pref 4 7014 693 7014 693 70 4 70 7012 703 8418 Jan 6 93 Apr 21 8612 87 1,925 Brooklyn Rapid Transit 87 8712 88 87 8714 - 87 14034 July 7 174 Apr 19 32,520 Canadian Pacific 141 14214 14112 143 14253 14434 14034 143 300 May 8 325 Jan 22 300 New Jersey Central of *250 325 *225 300 *250 300 *250 8 355 July 9 4938 Apr 19 8 5,500 Chesapeake & Ohio 8 355 365 3673 3818 3612 37 3814 39 1014 Jan 4 141 Apr 19 4 / 1014 107 11 8 1038 1058 3,000 Chicago Great West 1113 1112 11 2512 May14 3658 Apr 19 2838 2014 2634 400 Do pref 2914 2914 28 53 2853 2612 7813 July 9 984 Apr 19 1 / 7853 8013 7914 8058 7812. 8014 55,755 Chicago Milw de St Paul 8013 85 122 July 9 130 Jan 22 122 123 124 124 123 123 *122 124 745 Do prof 8 119 121 1184 121 124 12412 12112 123 4,900 Chicago & North Western.... 1187 July 8 132 Apr 15 163 July 9 1175 Jan 30 163 163 *163 170 *163 170 *163 170 100 Do pref 8 - 1258 July 9 383 Apr 15 10 16 15 1534 1458 1512 1258 1412 38,800 Chic Rock Island & Pacific. 115 115 *113 125 *113 125 ..112 125 Chicago St Paul Minn & Om__ 1114 Apr 8 115 July 9 *125 150 *125 150 *125 150 *130 150 Do pref 34 *30 35 3713 .30 *30 Cleve Cin Chic & St Louis-- ;21 Jan 18 3413 Apr 19 3514 *30 4 / 531 Feb 17 65 Apr 1 60 *58 02 *56 62 *_ _ _ _ 60 *58 Do pref 24 Mar15 32 Apr 8 *28 28 26 31 28 - 26 ---200 Colorado & Southern 45 Jan 18 5414 Apr 5 4938 4938 *49 52 *49 54 150 Do 1st pref 37 Jan 18 4912 Apr 3 45" 45 *35 45 *35 *35 Do 20 pre' 142 Jan 4 153 Apr 19 *147 148 145 147 *iii- ad- *142 148 330 Delaware & Hudson 4 1 / 4 8 *420 42212 *420 42212 *420 42212 *420 422 Delaware Lack & Western._ 3997 Jan 6 4293 Apr 10 4 1 / 512 5 4 Jan 12 914 Apr 20 *512 1312 558 558 *512 6 200 Denver & Rio Grande 6's Jan 7 1814 Apr 19 71; 87g 8 1012 *912 1018 *9 4 1 9/ 9 600 Do pref 8 197 Feb 24 30 Apr 19 26 3 4 / 251 2512 2434 253 21,250 Erie 2633 2518 26 3214 Feb 24 4638 Apr 19 40 40 4 33 4 393 3 8 3 3,500 Do 1st preferred 4 383 39 4 4 385 383 27 Feb 25 3714 Apr 19 *3114 3214 31 4 200 Do 2d preferred *303 32 31 4 / *301 3114 4Jan 2 1223 Apr 19 1123 4 118 11812 116 11713 11512 117 z11412 11512 8,600 Great Northern prof 2514Jan 2 4138 Apr 13 334 343 3514 3612 3413 3538 34 35 4 7,100 Iron Ore propertleS 99 July 7 113 Apr 19 *100 10534 99 101 10012 101 10034 101 3,055 Illinois Central 7012 July 7 7612 June24 7412 7013 7012 71 *73 7012 7112 1,200 Interboro Consol Corp pref.. 71 2134 2212 2113 2113 21 2138 1914 21 24,000 Interboro-Metropolitan v t Ott 1053Jan 16 2434 Apr 29 49 Jan 19 777 June22 8 74 74 73 7212 7214 7114 7212 1,610 Do pref 73 8 2058 Feb 24 293 May 6 23 234 4,850 Kansas City Southern *233 25 4 2418 2412 2318 21 8 547 Feb 24 6012 Apr 20 *5753 60 200 Do pref *5713 5912 ,5712 5712 *56 6613 958 Apr 21 5 Jan 5 7 7 *7 *7 9 100 Lake Erie & Western 9 *7 9 21 19 May27 2314 Apr 22 *17 *19 21 20 200 Do pref 191s 1913 *18 1 / 1294 Feb 24 14612 Apr 19 14214 14312 14114 14171 14018 14112 13858 14014 5,700 Lehigh Valley / 30 Jan 11 39 Jan 20 36 *30 36 *33 36 100 Long Island *30 33 33 10412 July 8 12512 Apr 20 4 1053 10612 20,000 Louisville de Nashville 114 11412 10513 11313 10412 107 125 June25 129 Apr 23 *125 128 *125 128 125 12518 125 125 600 Manhattan Elevated 1932 Feb 15 10's Jan 11 310 Minneapolis & St Louis *1434 16 1434 143 *1212 1534 1212 1234 4 25 Jan 18 49 Feb 15 35 *25 40 •Do pref *30 32 *30 40 .35 106 Jan 4 12212 Apr 19 109 109 11113 11113 110 11112 109 110 900 Minn St P & 8 S Marie 123 June 8 132 Apr 19 Do pref *120 125 *120 125 *____• 127 *____ 125 6 July 9 1514 Apr 19 7 6 8 12,400 Missouri Kansas & Texas 633 83 853 834 813 853 1878 July 9 40 Apr 5 7 18 8 21 4,600 Do pre! 2134 25 *20 30 2513 26 3 July 9 1814 Apr 19 312 44,890 Missouri Pacific 553 634 3 4 3 514 7 312 412 Nat Rys of Mexico let pref... 19 May12 23 Jan 5 23 9_ _ _ _ 23 *____ 23 *____ 23 47s Jan 23 *654 61 6 *5 712 June 4 614 *5 613 *5 Do 2d preferred 8112 Mar 1 9214 Jan 22 16,150 N Y Central & Hudson River_ 881 38514 8614 8213 86 8814 8914 87 43 Feb 25 7114 Apr 21 3 553 6034 31,900 N Y N H & Hartford 6414 6512 6234 641 6314 60 2134Jan .6 35 Apr 20 4 / 2618 2658 261 2614 1,850 N Y Ontario at Western 2712 2713 2613 27 4 / 151 May 5 25 Feb 15 Norfolk Southern *15 *15 20 20 *____ 17 *-__ 20 9913 Jan 4 10618 Apr 19 8 1,800 Norfolk de Western 10314 10353 103 10333 10212 103 _ 1017 10214 _ *79 89 Do adjustment preferred_ 85 Jan 27 90 June15 89 *85 *85 89 9918 Feb 24 11258 Apr 19 -218 10112 10212 20,400 Northern Pacific 10313 10518 103 104 ziiiiii 10 8Feb 24 1114 Apr 21 1035 8 8 1057 10613 10513 1057 105 10538 1047 1053 18,305 Pennsylvania 8 3 4 Pittsb Cin Chic)& St Louis__ 65 MaY17 72 Jan IR 4 *0214 703 *6214 703 *6214 703 *6214 703 4 4 90 June19 9812June 5 *____ 91 * _ _ 91 • __ 91 *___. 91 Do pref 4 1383 MaY10 15718 Apr 19 8 14733 149 i4314 1474 14434 1463 144 14618 94,300 Reading 85 85 Mar 8 90 June12 *80 85 1st preferred *80 87 5 *81 *80 8 85 84 80 Feb 23 8612 Apr 19 *80 85 2d preferred *80 85 .83 8512 .82 14 June28 4 / 11 Apr 9 100 Rock Island Company 4 *14 14 *14 14 14 8 . 3 s 3 1 June21 2 Apr 9 4 1 / 300 Do pref 38 3 3 12 *14 12 4 *1 12 *14 134 Mar22 714 June26 6 63 53 4 4 618 *514 63 4 2,700 St Louis & San Francisco 4 *514 63 914 may 7 1212 June28 12 1 12 *8 *8 12 12 *8 *8 Do 1st preferred 712 712 712 *7 3 Jan 18 8 Mar31 612 714 612 612 300 Do 2d preferred 14 July 8 19 Apr 23 14 1412 14 *14 16 *14 1612 14 100 St Louis Southwestern 30 Juiy 8 87 Jan 21 *30 37 30 *___ 37 30 3018 3Q1 200 Do prof 1114 Jan 4 17 Apr 21 14 1314 2,000 Seaboard Air Line 13 14 1312 13 1312 14 32 Feb 25 42 Apr 10 *3413 36 33 34 3212 3312 3212 3314 1,100 Do prof 1 / 814 Feb 5 95 Apr 21 8512 34,025 Southern Pacific Co 7 86 g 873 4 8412 8653 8418 8534 84 8 (when issued)... 947 Feb 20 10614 Apr 19 1234 Feb 24 193 Apr 9 8 lil 4 - 14 1512 -iii4 -al; "iiia - a 17,000 Southern Railway 1558 1E3 43 Feb 25 63 Jan 26 4318 45 4514 46 4012 49 51 5,700 Do pref 51 11 Jan 11 1778 Apr 19 1212 *12 1212 600 Texas & Pacific *1313 15 1313 1312 12 5153 5158 5112 52 2,100 Third Avenue (N Y)......... 35 Jan 2 58 Apr 15 5213 5213 5153 52 212 Mar31 1 Jan 6 *112 3 3 *112 3 '1i 4 / *11 3 Toledo St Louis & Western._ 4 1 / 5 may25 912 *6 9 Ws Jan 23 Do pref 8 83 *7 *7 4 *7 00 90 93 100 Twin City Rapid Transit...... 90 Juiy 0 100 Apr 19 4 1 / *____ 93 *_ _ _ 04 * 4Jan 2 13458 Apr 19 1153 8 12718 128 1243 1267 iIlr 12553 123 12514 63,200 Union Pacific 8 4 8012 1,570 Do pref z79 Mar 1 82 June12 8013 801s 80 13 80 1 / 8013 804 803 8 Jan 5 21 Apr 20 100 United Railways Investment.. 3 *157 1714 *1512 171 *1512 1712 *1512 1712 1 / *3112 3212 2114 Mar15 404 Apr 26 200 Do pref 31 *31 8 31 337 338 *31 18 *____ 18 214 Apr 30 800 Wabash 4 1 / 4 1 / May26 *--*18 14 14 14 June28 613 Apr 29 1,500 Do prof 14 14 14 14 8 914 Jan 4 267 Apr 13 4 2412 *23 24 *23 Western Maryland *2212 2412 *2212 243 3114Jan 18 June29 Wheeling & Lake Erie "4 112 4 1 *3 *4 113 8 113 *7 5 212 July 8 16 Jan 18 *2 4 200 Do 1st preferred 4 4 4 1 / 212 *2 2 6 Jan 18 1 1 1 June29 1,200 Do 2d preferred 1 1 4 13 13 4 112 112 8.1an 21 30 July 6 897 31 *30 300 Wisconsin Central 30 30 *_ 3012 *____ 31 Range for Previous Year 1914. Lowest. Highest. 4 1 / 89 July 29612 Dec 19918 Dec 67 Dec 69 Dec 79 July 153 Dec 300 July 40 Dec 914 July 25 July 4 843 Dec 126 Dec 122 Dec 170 Jan 33 June 125 May 132 May 22 July 40 July 20 Mar 8 377 July 29 Dec 4 1383 Dec 388 Jan 4 July 8 July 2018 July 32 July 2614 July 8 1115 Dec 2212 July 10312 Dec 1004 Jan 4 1013 June 120 Jan 9858 Jan 834 Jan 9414 Mar 22012 Feb 310 Jan 68 Jan 1514 June 4112 June 10718 Feb 143 Feb 1364 Feb 180 Jan 33 June 13114 July 132 May 40 Jan 70 Feb 2812 Jan 62 Jan 85 Mar 15912 Feb 4 4063 June 1914 Jan 3118 Feb 8212 Jan 4 493 Jan 4014 J an 4 1343 Feb 3914 e.n 115 Jin 4 103 July 50 Dec 1 / 204 July 4918 Dec 4 / 51 July 17 Apr 118 July 28 Jan 125 Dec 128 Jan 918 July 1 / 274 June 101 Dec 130 June 1 / 84 Dec 26 Dec 7 Dec 30 Jan 5 Dee 77 July 8 495 July 1834 Dec 4 / 251 July 9612 Dec 85 Jan 8 965 Dee 10212 Dec 6418 July 95 June 137 July 87 July 280 Dec Dec % 1 Dec 2 Apr 8 May 214 Dec 1778 July 36 July 1014 Dec 4 453 Jan 81 Dec 9278 Dee 14 Dec 58 Dec 1112 Dec 33 July 2 Dec 484 Dec 9478 July 112 July 4 1 / 77 Dec 713 Dec 22 July 12 July 134 Dec 4 103 Dec 212 July 814 July 3 Dec 4 293 July h 1638 - al 8 653 Jaye 4 1 / 28 J El 62 Jan 9 Jan 2112 Jan 15614 Jan 316614 14178 Jan 133 Feb Jan 351/4 Jan • 137 Feb 145 Feb 24 Jan 00 Jan 30 Jan 84 Feb 14 Jan 8 965 Jan 78 Jan 8 315 Jan 43 Jan 8 1057 July 90 Apr 11812 Feb 11512 Jan 91 Feb 101 Mar 17214 Jan 894 June 93 Jan Jan n 6% Jan 54 Jan 1712 Jan 4 93 Jan 4 263 Jan 1 / 654 Jan 8 223 Feb 58 Feb 9912 Jan 10612 Jun 2814 Feb 8514 Feb 4 173 Apr 4 453 Jan 4 / 121 Jan 23 Jan 10812 Jan 8 1643 Jan 86 Feb 4 233 Feb 1 / 494 Mar 8 45 Jan 13 Jan 35 Jan 638 Jan 21 Jan 11 Jan 48 Feb Industrial & Miscellaneous s 4 / 12,100 dAlaska Gold Mining-Par $10 $261 Jan 7 $4013 Apr 22 $1912 July $287 May 6 July 1414 Feb 8 734 Jan 12 195 May 1 5,230 Allis-Chalmers Mfg v t c 3212 July 49 Jan 33 Feb 10 5612 Apr 19 8,800 Do preferred • 1 el 7818 Feb 4 483 Dec 5058 Feb 24 7912 Apr 22 32,500 Amalgamated Copper 4734 Jan 4 1 / 59 Mar 8 700 American Agricultural Chem.. 48 Jan 4 597 May 5 4 / 971 Jan 9014 Dec 90 Mar27 95 June 4 Do pref 8 19 July 3312 Dec 3314 Jan 6 533 Junel4 11,630 American Beet Sugar 66 May 80 Dec 83 Feb 1 8634 Mar22 Do pref 9712 Feb 80 Apr 1 / 300 Amer Brake Shoe& F. Ws deP 874Feb 25 10514 June30 8 13212 Mar25 158 July 7 12912 Jan 1467 Feb 125 Do pref ctfs dep 1 / 191, July 354 Jan s 25 Feb 24 477 July 2 71,900 American Can 80 July 96 Jan 8 9112Jan 5 1037 June16 1,225 Do prof 5312 Feb 4214 Dec 40 Feb 23 5914 Apr 16 4,000 American Car & Foundry 6 11112 May25 116 Apr 30 112 July 1187 July 100 Do pref 82 Jan 20 141 July 9 182 Jan 18612 Mar 30,210 American Coal Products 175 Do pref 1105 Jan 7 11618 July 8 1102 Jan 107 July 3358 iJ,ne 46 92 July 97 Feb 39 Jan 4 5418 Apr 26 700 American Cotton 011 Mar 91 June 25 98 Apr 22 Do 514 Feb 314 July 438 Feb 19 8 Apr 19 750 American eride az Leather..._. o PrH 17 July 2534 Feb 1934 Jan 5 4212 Apr 19 2,200 Do pref 4 8 197 July 323 Feb 2058Jan 4 35 Apr 30 4,100 American Ice Securities 1158 Jan 712 July 714Jan 2 14 Apr 19 600 American Linseed 3134 Jan 24 Dec 24 Jan 5 3414 Apr 16 Do pref 1 / 204 July 3714 Jan 19 Mar 2 68 Apr 16 9,000 American Lobomotive 96 Jan 10212 Mar 4 / 100 Do pref 75 Mar 6 1001 Apr 16 414 Den 6314 Apr 23 914 Jan 378 Apr 14 500 American Malt Corporation... 1 / 504 Jan 30 Dec 2112 May27 3212 Mar31 400 Do pref 7914 July 85 Jan s 78 Jan 19 833 May 5 200 Amer Smelters See pref B.._ 5014 July 7118 Feb 4 / 56 Jan 2 841 June14 21,300 Amer Smelting de Refining 4 1 / 97 Apr 105 Jan 100 Jan 4 10818 May 6 804 Do pref 144 Jan 16 165 Apr 22 148 Dec 172 Jan American Snuff 9973 Jan 10634 July 103 Jan 19 10612 Apr 26 Do pref (new) 4 1 / 27 July 3712 Feb 1,400 Amer Steel Foundry (new)..... 2418 Mar 5 434 June22 4 / 97 Mar 10978 Jan 1,100 American Sugar Refining 9912 Feb 24 1141 Apr 23 109 Feb 5 11514 Junel0 10778 Mar 115 Dec 1,072 Do pref 2,470 Amer Telephone & Telegraph_ 116 Jan 4 12414 Junel7 114 July 12414 Jan z218 May14 25212 Apr 22 215 Apr 256 Ma 600 American Tobacco 4 234 Preferred, new 103's Jan 4 109 May 6 1013 Jan 109 Jun 12 July 2078 Jan 4 153 Mar 6 3214 May 3 American Woolen 7212 Mar 83 Jan 500 Do pref 7714 Feb 27 9Ol,Junol6 b New stock. c Certificates of deposit. d Quotd I Ex-rights 1 Less than 100 shares. a Ex-div. and rights. •Bid and asked prices: no sales on this day. dollars per share. e virst installment paid. z Ex-dividend. s Full paid 37 3712 17 17 5312 6312 7314 7412 51 51 96 *92 4813 4812 '*83 84 •103 10412 *155 158 4453 4634 •101 10213 54 54 •111 114 - 12214 126 _ .•112 *4513 471s •-94 ;Ws 7 •3313 3413 2814 29 .11 1212 *28 30 48 4813 *9833 983 4 6 5 * 2513 254 .7912 80 7814 79 10612 10612 •145 100 *103 108 *36 38 •107 10912 •113 115 12012 12112 *225 228 10673 1067 5 *24 2913 *84 88 8 3713 3838 373 3812 3712 3838 37 3734 1 / 1678 174 17 1718 1814 1638 18 1814 54 53 54 5613 5412 5614 5334 55 1 / 7412 7514 724 7418 7134 7312 7014 7234 4938 4938 50 50 50 51 51 50 *92 95 95 *92 95 *92 95 *92 48 4618 4712 4518 4614 4814 4912 47 85 *83 85 *83 85 83 85 . *83 10412 10412 *104 105 *104 10412 104 104 *155 15818 158 158 1155 155 *155 158 4 4633 4713 4458 4612 443 4533 4514 4658 8 4 4 10113 10113 100 10112 1003 1003 1003 101 5434 523 53 4 5314 5312 5213 5314 3 54 4 114 114 *1127 11414 8 8 *112 114 *1127 114 12312 126 12412 13112 132 141 12514 128 1161 1161 *110 120 4 / 4 / 1115 12212 *115 123 4412 443 4 4418 4418 4414 4414 46 45 *8813 94 *8812 94 • __ 94 *8812 94 612 658 3 *658 7 4 64 63 7 7 3414 32 3312 3412 3312 3414 33 34 2614 2612 27 26 2614 28 28 28 4 1012 1053 1012 1012 1013 103 12 *11 30 29 *27 30 *27 *29 30 *27 4 4312 46 4 48l 493 4 4512 4814 453 463 4 / 9614 961 *94 93 98 *9614 99 *96 5 5 478 478 5 6 5 •5 2614 *23 25 25 2525 *25 27 8012 8012 *7912 81 80 *77 80 80 8 7612 7738 74 787 7738 1 / 794 7912 76 10612 10612 107 107 *107 108 107 107 *145 160 *145 160 *145 160 *145 160 10618 10618 *103 108 *103 108 *103 108 4 3618 3618 3534 353 39 *36 3512 36 4 4 106 1063 1053 106 4 / 8 1071 1071 1057 107 114 114 114 11438 114 11412 11414 11414 8 5 4 121 12138 12018 12012 120 8 1207 1193 12018 22314 2243 4 *22534 230 223 225 *220 225 4 / *106 107 10612 1061 1061 10618 *106 107 2712 *24 28 *24 29 *26 *24 27 8412 8412 4 *84 8 843 85 87 8 847 817 New York Stock Record-Concluded-Page 2. For record of sales during the week of stocks usually inactive, see second pas -HIGHEST AND LOWEST SALE PRICES. STOCKS Saturday July 3. Monday July 5. I 1 Tuesday July 6. Wednesday July 7. Thursday July 8 Friday July 9 113 preceding. Sales ofSTOCKS Range Since Jan. 1. the NEW YORK STOCK On basis of 100 share lots. Week EXCHANGE SharesLowest. Highest. Range for Precious Year 1914. Highest. Lowest. Industrial a Nike (Con) 3514 3512 3414 3514 314 3434 3314 3412 28,400 dAnaconda Copper Par $25 $2484 Feb 24 $39 Apr 26 $2414 Dee $8814 Feb 6714 697 8 6514 69 6614 6414 86 6812 81,900 Baldwin Locomotive 2638 Mar 3 6978 July 6 5212 Mob 3812 Jan +1102 102 1015 10158 10134 1013 *100 102 8 320 4 Do pref 92 Mar 9 10518 June10 10212Jan 110 June *vg 112 4.118 112 *118 200 dBatoplias MInIng___Par $20 112 13 8 las $12 Apr $12 Feb 5 $2 Apr 17 $114 Feb 16712 171 16114 18812 166 163 18614 1693 4 9,800 Bethlehem Steel 4 4614 Jan 2 1723 June21 394 Jan 4633 Dee 117 117 11612 11612 11612 11612 117 117 500 pref 91 Jan 2 12018June12 68 Jan 2 915 Dee *125 130 *125 130 *125 130 *125 130 Brooklyn Union Gas 118 Jan 5 13214 Apr 30 118 Dee 130 Jan *5 512 *5 512 *5 Brunswick Term & R 5 512 *5 512 414 Mar12 7', May 1 Ms Feb 5 8 July 7 7134 7234 6912 71 7012 4,569 dButte & Superior Cop.Par $10 $594 MaY15 $797 June 4 7012 7012 70 8 14 1414 1414 14 *13 500 California Petroleum•t °Ns__ 1412 *13 14 1214 Apr 1 213 Feb 8 2 1512 Deo 3032 Feb 35193 Do pref *35 38 *35 38 35 35 135 35 June 5 5454 Feb 8 50 July 68 Mob 79 *70 *70 79 Case (J I) Tlaresh M pf tr otfs_ 1 10 79 79 *70 7412 June 5 834 Apr 16 177 Dee 9518 Jan 4034 4112 4038 4138 4058 4218 403 417 37,720 Central Leather 8 4 3238Feb 20 445 Apr 19 8 3814 Deo 257 Jan s *103 104 4 300 103 1033 *103 101 *103 1033 Do pref 4 1001 8Jan 7 104 Jan 27 9478 Jan 104 July 4514 4534 4413 454 4412 4434 4418 4112 8,400 dChino Copper Par $5 3234Jan 6 493 Apr 26 $3118 Dec $44 Feb 4 3214 3114 32 3018 3112 7,270 Colorado Fuel & Iron 3114 3212 31 2134Jan 5 3612 Apr 16 2013July 3413 Feb *1254 127 500 125 12514 125 125 *125 12612 1,050 coCononUednattedat (N Y 11334Jan 4 1313 Apr 30 11212 Dec 13912 Jan 4 68 66 *66 68 67 67 • 6818 67 Can 4014 Jan 4 6912 June22 3712 June 454 July 675 9912 §994 9918 97 99 Do prof 97 *98 99 8812 Jan 5 100 June17 84 July 912 July 4 1338 7,950 Corn Produota Refining 1418 1314 133 4 13 1414 1412 14 8 Jan 2 17 June 4 7 July 131s Jan 78 1,100 8 7812 7712 78 783 78 Do prof 7813 781 65 Jan 5 81 Apr 19 584 July 72 Jan 3012 20,900 Crucible Steel of America 3012 3C1 8 4 297 3118 30 3114 313 4 May10 343 May24 1814 _. ____ *88 91 02 1,200 Do pref *9012 92 *88 84 May10 93 May24 000 Cuban-American Sugar 4 89 *863 - 83 88 88 87 8812 88 33 Jan 25 91 June18 *103 10312 *02 103 *102 10312 *102 1034 Do pref 93 Mar17 10112 Junell 90 Dec 90 DM ,.--------------190 *____ 9112 90 10 Deere & Co pref 9134Jan 86 Apr 8 904 Apr 30 4 993 Feb 2418 ; 2214 2012 22 2 2378 2412 -22 8,850 Distillers' Securities Corp-24 143 -8 513 Mar 2 2812 June19 11 July 2012 Mob 1758 10 1678 1712 18714 20 8 194 1934 23,250 dDome Mines Ltd____Par $10 316 June25 $20 July 7 1933 197 *24 29 29 32 21 400 Federal Mining & Smelting_ 2114 *22 31 *24 32 8 Mar24 60 June12 714 May 15 Jan 4912 43 *44 4418 4218 4218 *42 49400 Do prof *44 50 20 Mar13 65 June12 2838 Dec 43 Jan 279 280 *28014 295 1260 280 28912 290 1,358 General Chemical 250 250 165 Jan 26 290 July 9 160 Apr 180 Jan 110 1110 110 *108 110 *107 110 1110 44 *109 110 Do pref 106 Mar 1 110 June 8 107 Feb 110 June 12 16412 187 16714 169 6,100 General Electric 16714 16812 184 18534 16318 165 138 Mar 3 175 Junel 1 13712 Dec 1503 Feb 8 159 15912 1583 162 158 15612 156 15812 3,550 General Motors vot tr etre 4 158 158 82 Jan 2 162 July 7 3732Jan 99 Map 10112 10112 *102 10318 10112 10112 10112 1013 630 10112 1013 8 Do prof voting trust ate_ 9053Jan 4 1053 Apr 13 4 4 70 July 95 Feb 5378 547 5258 533 53 22,075 GoodrIcb Co (B F) 8 523 5412 5238 5314 52 4 4 241,Jan 7 554 June29 195 Jan 2 2878 Apr 104 104 *10312 1054 *10312 104 10312 10312 200 *104 105 Do pref 95 Jan 14 104 July 1 95 Dec 797 Jan 2 6312 633 8 625 63 60 613 8 613 63 4 3,550 dGuggenbeim Expior_par $25 $1518 Jan 7 $6712 June12 $4012 July $5712 Apr 4 6114 62 *118 120 *118 ____ *118 121 *118 120 119 111914 105 Homestake Mining 1114 Jan 8 1120 July 2 1093 July 112212 Mob 4 3058 2958 3014 8,300 dInspiration Con Cop-Par $20 $1633 Jan 2 $353 Apr 26 $1414 July $1914 July 31 31 305 314 303 31 8 8 30 8 9712 9712 *____ 102 600 InternatoonaI Harvester ot N J 90 May10 114 June 4 98 98 Do l ret 9814 9814 08 08 82 July 1181Jan *...._ 114 *____ 114 *___ 114 *___ _ 114 Mar24 117 Jan 20 11312Jan 1187 July 112 s *60 100 International Harvester Corp_ 55 Feb 20 80 Apr 10 65 65 *8312 65 *55 60 60 D ational pref 82 Dec 1113 Jan 4 . 95 9912 . 95 9912 *95 9912 "99" 16904 Mar 6 114 Jan 14 11414 May 118 July -iii- 16" 9 9 . lo 9 300 International Paper 812 812 *8 0 8 Jan 6 12 Apr 19 4July 107 Feb 138 2 *36 *3612 3712 38 *36 100 33 *3512 38 36 38 Do pref 33 Feb 24 43 Apr 19 30 Dee 61 Jan *80 85 *80 *80 85 84 84 *80 *80 Kayser & Co (Julius 84 774 Feb 20 88 Apr 26 80 Jan 94 June *107 -_ *107 ---- *107 *107 ___ *107 -_- ______ Do 1st pref 107 Jan 13 109 Apr 19 108 Mch 1083 May 4 *130 137 *130 135 *130 135 *130 135 *130 137 Kresge Co (8 9) 99 Jan 18 139 May12 81 Jan 105 Feb *107 110 *10514 110 *106 110 §107 107 *1054 110 25 Do Prof 10514 Feb 15 110 June12 99 Jan 105 Mob *4434 ____ *443 474 *42 • 48 44 4512 4 4312 4312 400 Lackawanna Steel 28 Jan 7 5018 June15 2613 July 40 Jan *100 102 *100 10212 100 100 *100 102 100 Laclede Gas (St Louis 4199 102 927 Jan 15 106 Apr 13 8 85 July 101 Feb *225 230 223 225 225 225 700 Liggett & Myers Tobacco 223 223 *222 227 207 Jan 9 231 Apr 22 20712 Dec 281 Mob 11612 11612 *118 120 *116 120 *11812 120119 Do pref *11812 120 11331Jan 5 11912Jan 21 1111 Jan 118's July 2 1814 1814 *18 *18 19 19 18 200 Loo 4 *173 19 18 r zWloes pretorrt d co Ws_ 1l t Biscui o tr 16 Feb 17 31 Jan 11 26 Dec 38 Jan 92 *8914 92 *8914 91 *8914, 92 *8914 92 86 Feb 20 105's Jan 13 101 Apr 105 Mob ____ *60 ____ *80 1'60 430_ 3 _ *60 - -- Do 2d preferred 60 June15 65 Marll 951 June 89 Jan 4 '168 180 *168 180 *168 186 *168 fiii 3 *168 fib' Lorillard Co (P) 16513 Jan 6 184 Mar 8 160 July 190 Apr 11612 11612 *__ ._ 117 •11512 11712 293 Do pref 11533 11558 *_ 117 11214Jan 6 118 Jan 19 110 Jan 117 2 July 7 *70 80 •7412 80 80 *70 *75 80 *7412 80 Mackay Companies 8Jan 11 8278 May 6 725 131 July 873 Feb 8 *64 663 *653 663 *655 663 *655 663 4 68 8 4 68 8 300 Do pref 4 8 4 65 Feb 25 89's Jan 19 70 Jan 651Is Jan 344 37 35 337 3 8 7 10,000 Maxwell Motor Zoo tr otfe 37 35 3412 3518 35 1514Jan 6 58 Apr 14 MI Dec 4 151 Dee 82 84 8212 83 *82 8414 8212 8212 1,400 8212 83 Do 1st pest etk tr otts-.. 4314Jan 2 89 June 7 6112 Deo 44 Dee 314 33 32 3212 32 3113 3312 4 2,410 3214 313 313 4 Do 2d prof stk tr Oft.- 18 Jan 6 44 may 5 17 Dee 17I2 Dee *3518 3778 *3518 38 *35 38 351, 36 *35 38 200 May Department Stores 3518 July 9 56 Mar 2 5112 June 69¼ Jan *98 *98 93 98 *98 *98 98 *9512 98Do pref 98 9478 Apr 27 89813 Mar15 4 9713 June 1013 Feb 8 713 743 744 753 4 4 7114 7214 7018 713 18,950 Mexican Petroleum 7312 75 1 Jan 9 97 Apr 26 51 7312 Feb 461s Jan • __ 87 *._ -- 85 *____ 84 1 _ _ _ 88 *--__ 84 ._ Do pref 67 Jan 15 94 Apr 28 67 May 87 Feb 28 2814 2718 28 273 2818 2638 2758 2878 273 14,425 Miami Copper 4 8 Par $5 $1714 Jan 6 32918 Apr 26 $16/2 Dec VA Feb 48 49 49 483 4 4758 48 *4812 49 *473 4814 600 Montana Power 4 42 Jan 4 5534 Apr 23 41 Dee 52 8 June 7 *102 105 *102 105 *102 103 102 102 *102 103 100 Do pref 99 Jan 29 103 Apr 15 101 Apr 103 * June 7 119 119 *11612 120 *11812 120 *117 120 •11714 119 100 National Biscuit 116 Apr 3 132 Jan 22 120 July 189 Feb *124 130 *124 130 *121 130 •124 130 121 124 200 Do pref 119 May25 126 Feb 3 11.94 Jan 128 June 72 *70 713 713 *704 7218 *7014 72 4 4 *703 724 4 150 National Cloak & Suit 68 Mar25 8018 Mar31 1044 10414 *10412 107 *10414 107 _ *104 10618 100 Do peel 1004 Mar25 10618 Apr 16 *17 18 *16 17 -1. - -I13117 6 173 8 1,200 Nat Enameling & Stamping__ . 4 18 16 912 Jan 4 1812 June23 9 July 14 Feb *82 87 87 *82 *82 87 *80 87 *82 87 Do met 79 Apr 1 85 Apr 22 80 June 867 Mob 2 634 6318 6012 6212 6214 6214 2,100 National Lead 44 Jan 4 7034 May 1 40 July 52 Jan 8 *1093 110 *1093 110 8 •1094 110 10938 16934 *10734 159'4 59124 59 10 0 0 100 Do pref 10434Jan 4 111 Jtme10 105 Jan 109 Feb 1434 144 8 8 145 143 147 147 8 4 144 1438 14 1438 3,738 415Tevada Cons Cop_ __Par $5 3113 Feb 24 $1678 Apr 27 1104July 31612 Jan 4 *9212 9412 89 90 92 92 90 90 90 903 56' Feb 26 100 Apr 30 4 1,700 New York Air Brake 1 58 July 69 Jan 7312 *70 *70 7312 *65 *71 7312 7312 *71 North American Co (new)___ 64 Jan 19 81 Apr 21 7312 641s July 794 Mob 3112 3212 313 324 31 34 33 33 34 8 33 6,100 Pacific Mall 18 Mar17 363 June23 4 171 July 29 Jan 4 *2912 33 *2912 33 *2912 33 *2912 33 *2912 33 Pacific Telephone & Telegraph 2612 Feb 11 3912 Apr 16 20 July 81 Jan *115 117 *115 117 115 115 115 115 350 People's Gas Lt & C (Chic)- 1124 May10 12312 Apr 3 106 July 126 Jan 11412 11412 2238 2212 22 8 *225 24 2238 2258 1,100 Pittsburgh Coal 2278 213 22 4 1514Jan 4 2434 Apr 19 93 95 *93 93 *93 95 *90 9134 90 400 94 Do pref 8Jan 4 9.4 Feb 10 815 79 Dee 15 es 9 4F b 23 F 1 e 47 475s 4814 46 4512 47 48 Pressed 4813 4512 3,650 Pre 44 Car 25 Mar 8 593 Apr 30 4 2634Jan 40 Feb *9812 100 *9812 100 *9812 100 Do *98 100 *98 100 86 M ar10 10214Jan 25 37 Jan 10514 Mob / 1 4 *98 107 Public Service Corp of N J___ 104 Apr 13 11034 Apr 22 107 Jan 114 Apr i&i" 155f2 iggi., *155 158 1554 158 700 Pullman Company 115712 1I/ 2 15012 Mar12 167 June14 150 Dee 159 Jan 2 2 2 2 *2 212 *2 200 Quicksilver Mining 212 4 Mar15 4 Junel5 Jan *3 4 *3 4 *3 4 314 3 300 Do pref 34 M ar29 64 Junel5 278 4 an 111 June JuneJu 30 303 §29 4 3032 303 4 3033 163 930 Railway Steel Spring 29 •2812 30 8 19 Mar 6 40 May 1 19114July 843 Feb 2 .85 91 .85 91 *85 91 *85 *85 91 Do prof 91 87 Mar 3 95 Apr 19 88 Dee 101 Feb 8 234 233 2358 237 4 23 2358 233 2314 223 2314 9,400 Clay Cons Copper_ __Par $10 515's Jan2 $2612 Apr 26 $15 Dec $2212 Apr 4 4 2912 2818 29 29 2918 29 2818 2812 2818 2814 3,050 Republic Iron & Steel 19 Feb 1 3412 Apr 16 12 8718 8718 87 874 .85 871s 873 800 Do pref 87 887 874 8 4 72 Jan 30 89 May25 78 Dee Dp 1 5 274 I 1 M % 212 23 214 212 4 214 258 238 234 *214 258 2,567 Rumely Co (M) %Jan 22 63 May12 2 61x 1112 613 613 53 Do pref 552 558 1,100 4 63 63 8 612 4 212Jan 20 18 May 6 378 Arr 41 j 18 Jan 2034 p 143 14414 142 14312 142 143 143 147 140 142 4,700 Sears,RebMar17 20912 Feb 1 17014 July 1974 July D Prof. & Co 313134 *12014 124 *12014 12518 *12014 124 *12014 1244 *123 124 1213 8Jan 4 1254 Feb 19 120 Dec 1243 June 4 3412 343 4 3214 34 *34 32 37 1,128 Slose-Sheffield Steel & Iron 32 3112 32 24 Jan 6 42 Apr 16 198k July 85 Jan x534 537 8 533 53 4 534 5318 151 *55 4 3 60 570 Standard Milling 54 4312 Feb 23 553 Apr 6 2 32 Jan 45 Dee *71 724 17214 7214 *71 • 70 7212 7313 *71 10 Do pref 733 4 66 Feb 17 73 ?A a r22 5912 Dec 6712 Dee 3 7818 803 78 793 7618 77 4 79 8018 7812 8038 31,400 Studebaker Corporation (The) 35's Jan 2 803 June22 4 20 Jan 8614 Mob *99 10012 100 100 *flg 100 •100 101 199 115 Do pref 99 91 Jan 2 1023 Apr 8 8 93 May 70 Jan *384 37 35 36 3514 3514 345 353 304 363 4 8 4 3,400 dTenneesee Copper-Par $25 $254 Feb 24 $3912 June 12 $2434 July 3363 Feb 4 *126 129 *125 128 127 127 12578 12578 12512 12512 300 Texas Company (The) 120 May14 14412 Apr 19 112 July 1497 Mob 2 *6212 70 70 *63 *62 *8212 70 *0 70 Underwood Typewriter 8212 7 55 Feb IS 6958 Apr 20 7314 June 88 Jan *100 107 *100 107 *100 107 *100 107 *100 105 Do pref 984 May22 103 Apr 20 108 Dec 113 Apr 512 519 4.5 6 *5 512 *518 512 *512 6 200 Union Bag & Paper 714 Apr 6 4's Jan 4 834 Feb Ps June *2278 25 *24 25 *22 8 25 7 *24 21 100 24 25 Do pref 21 July 9 3078 Apr 6 18 4 July 3213 Feb 1 *45 45 48 *45 45 48 *43 100 17nIted Cigar Mfrs 43 42 Jan 25 514 Apr 19 5014 Feb 39 flee *101 10412 *10012 10412 *101 10412 *10012 10413 Do prof 100 June19 10.3 Feb 11 7 99 June 103 2 Feb 11312 1312 *12 16 15'*10 14 *10 14 50 US Cast Iron Pipe & Ply 8 Jan 2 1814 May24 12 734 Jane 13 Jan 37 37 *30 39 4'37 39 *30 Do pref *30 100 30 39 3212 Mar 3 4612 Apr 19 80 July 49 Feb *6312 68 65 *63 67 67 *63 67 100 II El Express *63 68 6214 May15 7314 Mar 9 87 Mob 46 Jan 56 56 5412 5512 *54 55 55 58 5378 537 600 17 S Industrial Alcohol 8 15 Jan 27 5912 June28 20 Apr 15 Dec *93 97 *93 *90 95 95 *88 94 92 92100 Do Prof 70 Jan 26 915 June 7 8 8512 Jan 75 Dec 42 .32 *35 40 *35 41 *32 37 354 3514 100 U S Realty & Improvement 35 June30 50 Jan 12 6334 Mcb 514 Dec 47 46 46 4634 4578 4612 46 4512 463 8 4612 18,350 United States Rubber 4414 July 2 743 Apr 14 4 &4's July 63 Mob *10512 10612 *10518 10618 1064 10618 106 106 10512 10512 Do 1st preferred 400 2Feb 24 110 Apr 9 1013 95'a July 104% Jan 61 584 60 60 59 5812 5918 5818 593 203,604 United States Steel 6014 8 33 Feb 1 64 June 4 48 Dec 6714 Jan 109% 1095 10914 10912 10938 10934 10912 10958 2,615 8 1094 1095s Do pref x102 Feb 1 11238 June 4 10314 Dec 1123 Jan 4 6714 68 654 67 67 6712 6514 6638 65 6638 28,300 dIItah Copper__. . ._ _Par $10 $4812 Jan 6 $73 Apr 26 34533 Dec $591 June 1 *314 3212 31 31 *31 304 31 33 2813 30 1,600 Virglnia-Carollna Chemical- 15 Jan 4 37 May 5 17 Dec 847 Mcb s 9712 9712 9713 9712 *94 *94 OS 98 *94 200 Do pref 98 80 Jan 6 101 May 5 96 May 10712 Mob 684 604 66 6612 67 657 66 671, 60 8 6614 3,732 Western Union Telegraph.... 57 Jan 2 707 Apr 28 8 8July 661 Feb 533 8 975 9938 8 983 995 4 8 96 9812 9814 9812 0614 983 70,800 Westinghouse Elm & Mfg.... 64 Feb 24 103 Apr 30 4 84 Jan 794 July *12314 127 *120 126 *120 126 *120 126 Do 1s1 preferred 117 Mar12 130 May 5 1157 Jan 12412 June 2 12512 1253 125 12512 122 125 1254 127 'airs ill' 4 2,800 Willys-Overland (The) 87 Feb 23 135 Apr 8 *10212 10314 *10212 10412 *100 10312 *10013 10212 *10212 1034 Do pref 96 Feb 13 105 June22 10434 1053 1044 10412 1044 10118 10418 105 8 •I04 105 1,300 Woolworth (F W) 9014Jan 6 11112 Apr 14 89 July 108's Feb *120 122 *120 121 *120 122 120 129 120 120 200 Do pref 115 Jan 8 1203 4June30 11234Jan 11872 Mc •Bid and asked prices: no sales on this day. LOW than 100 shares. :Ex-rights. a Ex-dly. and rights. b New sto3k. d Quoted dollars per share. a Ex-stock dividend. z Ex-dlvidend. 3478 353s 65 6714 •10012 102 .118 112 166 16712 *116 118 •125 130 *5 512 71 7212 1418 1418 *35 39 79 *70 40 4078 *103 104 4478 45 303 3034 4 12512 12512 *8512 138 98 99 1418 1438 *77 79 3018 31 90 0014 83 89 *103 10312 r80.4 aa- 114 New York Stock Exchange-Bond Record, Friday, Weekly and Yearly -"and interest"-except for income and defaulted hods Jan.1909 the Exchange method of quoting bonds was changed, and prices are now all BONDS N. Y. STOCK EXCHANGE Week Ending July 9. rt, Price Friday July 9 Range .e nc 1. Jan. Week's Range or Last Sale High No. Low High Ask Low BM U. S. Government. 1 063 9914 4 963 9634 4 4 S 2e consol registered-41930 Q J 963 98 98 99 d1930 Q - J 97 -- 9858 Feb '15 S 2s consol coupon 10012 1013 8 10012 June'15 k1918 Q F 10014 U S Is registered 10112 15 10012 102 k1918 Q F 10014 - 10112 S 35 coupon 5 1093 110 8 8 10933 1093 1925 Q- F RIO 13 45 registered 11012 11112 8 - - 1105 June'15 1925 Q- F 11012 17 El 4s coupon 9512 J uly'13 ----S Pao Canal 10-30-yr 25_k1936 Q- F 97 97 May'14 U S Pon Canal 10-30-yr 25_1938 Q -N 10034 iii" :::- 10112 June'15 U S Panama Canal 3s g__ _1981 -M 100 too U S Philippine Island 45_1914-31 Q F _- 100 WO Feb '15 Foreign Government Argentine-Internal 5s of 1909_ _ M- S 2 90 Chinele (Hukuang ItY) 6s 01 - J -D 11 , 9612 Cuba-External debt 58 of 1904_ IR- F. Ester dt 58 of '14 ser A _ _ _ 1949• A 9012 1949 F - A Externsl loan434s -4 loan 45.s 1925 F - A t"fo Japanese Govt Second series 4(./s______ .1925 - t 7324 s 7278 Do do "German stamp"_ _ _1931 Sterling loan 48___ • J Mexico-Ester loan £ 58 ol 1891) D Coll debt Is GI 1904- _ _ _1954 Frov of Alberta-deb 43/s_ _ 1924 F - A 0._.. Tokyo en y-5s loan of 1912__ MI :These or, Prices on the basis of $5to£ State and City securities. 1960 81- S N Y City 4 s. 4 145Corporate 8tork 1064 11143/s Corporate ftok (w I) 1965 J -D 414e Corporate stock 1963 111- 8 •N 1959 4% Corporate stock 1958 M- N 6% Corporate stock 1957 81-N 4% Corporate stock 1956 M- N a% Corporate stock New 4)/8 1957 M- N 1917 M- N New 4148 1957 51-N 434% Corporate stock • % Assessment bonds 1917 51-N 334% Corporate stock_ 1954 M-N 1961 M- S N Y State-4s Canal Improvement 4s 1961 J - J Canal Improvement 49.__1962 J - J Canal Improvement 49_1960 J - J Canal Improvement 414s_1964 J - J J Gina' Improvement 4 Xs..1965 Highway Improv't 4)/8_1963 M- S Highway Improv't 43(8_1965 M- S Virginia funded debt 2-38 _ .1991 J _ 6e deferred Brown Bros °Us__ 93 4 743 9712 92 84 Sale 75 Sale 72 82 85 96 7912 93 . June'15 88 J ul y'14 3 9612 9012 4 9012 9212 83 June'15 2 76 76 7412 July'15 32 50 74 7278 4 783 June'14 7914 Apr '14 65 July'14 954 Jan '15 80 May'15 80 9914 . "dais "9712 9014 94 83 8 737 8 737 723 4 8312 8412 82 793 4 - _ 951, 9512 78 82 Sale 98 9812 24 9714 10012 98 18 98 10052 08 98 Sale 98 247 10134 102 102 1017 Sale 10134 8 2 102 1033 102 10112 10i12 102 4 9412 9512 9412 July'15 9738 94 9412 96 95 8 953 June'15 97 9412 97 9412 June'15 _ 95 1)7 944 9612 95 June'15 9714 95 10214 12 1017 1053, 8 1017 Sale 1017 8 8 8 , 1007 101 1007 June'15 10012 1011 8 8 10218 1051, 10112 10214 : 101 18 10014 1007 101 May'15 8 1210.2 101 84 8 877 89 June'15 89 84 8 997 1013 8 10012 1013 1005 June'15 4 4 8 10118 ._ 1005 J une'15 - 997 10112 8 10012 June'15 101 100 10012 _ 1004 Apr '15 10012 9953 10012 10 10814 110 Sale 109 109 109 2 1044 10434 104 10412 1044 10414 It 108 1093 109 4 1083 Hale 1083 4 4 1 1044 10.111 10414 104 10414 10414 8414 July'14 5912 80 July'15 56 52 -8112 Railroad, 5512 5812 5512 July'15 _ 55 6812 a 1995 Q- J Ann Arbor let g 4e 4 903 284 904 953 4 1995 A - 0 904 Salt 904 Atch Top & S Fe gen g 4s k)012 9212 Registered 1995 A - 0 8714 9378 0112 June'15 81 4 813 8212 July'15 35 81 4 863 51995 Nov Adjustment gold 45 86 Mar'13 41995 Nov Registered 8212 30 -8112 -if 8112 -Liirde 8112 51995 M- N Stamped 100 20 9238 104 s 1955 J -D 983 9014 9912 Cony gold 4s 9912 May'13 1955 J -D Cony 4s issue of 1909 - . 9912 a 923 16414 8 . 1960 J -D 985 -E31;143 983 Cony 4s issue of 1910 s 1013 8 15 10018 1013 4 1917 J -D 1013 Sale 10114 -year 55 10 93 June'15 85 92 94 1928 M- S 9212 _ East Okla Div 1st g 4a 8412 89 Trans Con Short I. 1st 4s_1958 J - J 8512 90 8612 June'15 95 May'15 - 98 95. 96 Cal-Aria 1st & ref 434e"A"1962 51- S 103 103 13 Fe Pros & Pb 1st g 5e..A942 M- $ -- - - - - -- 103 Feb '15 89 8938 88 93 All Coast L 1st gold 49____51952 M- S 884 89 931)3 921s July'14 1959 J -D -year unified 48 50 1051s June'14 81 . 1928 M- N 115i3-4 _ Ala Mid 1st gu gold 5s 4 5f1" 9112 June'15 91 9312 Bruns & W 1st gu gold 48_1938 J - J Charles & Say 1st gold 79_1936 J - J __._ 135 2 8312 R712 -1112 .1- 84 -83 2 • -8 01952 M- N LA N coil gold 4s 11912 11912 Say F & W 1st gold 6s_1934 A -0 IT/ 120 11912 June'15 10812 105 1 105 105 105 1934 A -0 10478 1st gold Is _ 98 June'15 8 975 9712 98 1918 J 511 Sp Oca &0go g 4e 8914 Sale 8914 897 191 894 9212 s 1925 J Belt & Ohio prior 3145 90 June'15 8811 90 51925 - J Registered 8514 Sale 8514 8612 120 8514 9112 51948 A 1st 50-year gold 46 90 Apr '15 88 8712 90 51948 Q- J Registered 843 - 4 *- Sale 843 4 853 107 8212 88 4 1933 20-yr cony 434e 112 Jan '12 1922 J Pitts Juno 1st gold Os 87 88 8612 -81 2 88 May'15 1 P Juno & M Div 1st g 33461925 m-N 8014 s26 78 84 8014 . 81 PL E& W Va Sys ref 4s_ _1941 M- N 56 87 91 87 Southw Div 1st gold 330_1925 J - J 8612 8712 87 Cent Ohio R let o g 434s. _1930 M- S - -- 100 Apr '13 loaf, 16412 Cl Lor & W con let g 58._1933 A - 0 16112 ---- 10112 Apr '15 10214 June'12 Monon River 1st go g 58 1019 F - A 10534 June'14 Ohio River RR 1st g 581936 J -D fif 8 1043 May'14 General gold 59 1937 A 11312 Feb '12 Pitts Cloy & Tol 1st g 68._1922 A - 0 4 963 Mar'14 Pitts Jr West 1st g 45 1917 J - J -- 91 Juue'12 Stet Is) Ry let gu g 434e-1943 J -D Bolivia Ry 1st 55 1927 J - J 10212 10658 - 106 May'15 105 Buffalo R & P gen g Is 1937 M100 103 1957 111-N - 101 101 Apr '15 Consol 43/s 9438 9438 3 943 Feb '15 All Jc West 1st g 4s gu.....1998 A - 0 8911 92 Clear & Meta 1st gu e 55 19•13 J - J 10318 __ 112 Apr '14 Roch & Pitts 1st gold 6s.._1921 F - A 10618 -- 1071s Jan '15 _ 11152 July'14 1922 J -D 10718 Consol 1st g Os 1962 A- 0 99 103 103 June'15 idiCa 10412 Canada Sou cons gu A 5s 2 1067 Apr '14 1062 A - 0 Registered _ 9334 94 June'15 _-- 94 9838 82 Car Clinch & Ohio 1st 3(21-yr 55'38 J -D 1 10312 107 107 _ 107 Central of Ga let gold 5s___ v1945 F - A id/ Sale 99 4 17 99 10212 993 1945 M- N 99 Consol gold 65 80 86 Feb '15 Chatt Div pur money g 4s 1951 J -D 102 10414 Mao & Nor Div let g 5s-1946 J - J jail; :::: 1044 May'15 10014 hf a r'15 .--- 10014 111014 1947 - J 10212 Mid Ga & A tl Div 58 4 10334 1033 1946 J - J 10214 11i 1033 May'15 Mobile Div 1st g Is 4 91 June'15 _ 01 9258 - 91 Cen RR At B of Ga col g 5s 1937 M-N 11 11211 11.512 113. 1987 J - J Hi Sale 113 Cent of N J gen'i gold Is.. 51987 Q- J -- -- 114 11312 June'15 ---- 112 115 Registered 8 Am Dock & Imp gu 5.8_1921 J - J 103 10414 1037 May'15 ---. 10234 104 Leh dr Ilud Riv gen gu g 581920 J -J 100 ___. 100 June'13 4 N Y & Long 13r gen g 4s__1941 M- S 943 .- 10012 Jan '13 _ 68 Feb '15 "ii" 68 Cent Vermont let gu g 48_ _e1920 Q - F 70 90 83 June'15 83 96 Chess & 0 fund & Inuit 56_1929 - J 84 3 10214 105 4 103 1939 M-N 10134 1023 10212 1st consol gold 511 1939 51-N - 104 105i2 Registered 84 84 July'15 81 84 91 81 1992 alGeneral gold 434s - 85 9312 Feb '14 1992 IR- 13 Registered 7012 Sale 7012 4634 1930 F - A 723 113 "'hi" . 4 Convertible 4148 si'Vf, - 8712 82 May'15 1944 -D 82 Big Sandy 1st 4s 821/ NIay'15 8212 821s Coal River Ity let gu 4.1._1945 -D -. 81 9612 Dec '13 1940 J - J Craig Valley let g as 4 Potts Creek Br let 4s_ _ _1946 J -2 _ . . . 843 Jan '13 -8 R & A Div 1st con g 46_1989 - J ii012 8212 8112 June'15 ---- 8012 845 77 Apr '15.- 77 76 2d cense! gold 48 J - J 77 _ 130 Apr '14 8 948 Greenbrier Ry let gu g 4s_ 18 0 M- N 11314 Feb '05 Warm Springs V Is? g 58_ _1941 51- S -6 641s 60 5412 Ohio & Alton RIt ref g 3s_ _1949 4-0 5412 Sale 5418 4314 June'15 1050 J - J 444 45 38 Railway 1st lien 314s 4712 8 1 8 Chic B & Q Denver Div 46._1922 F - A 9914. . 9912 July'15 8 983 9912 4 823 3 8114 8412 4 4 Illinois Div 33ie 1949 J -J 823 Sale 823 864 Aug '12 1949 J - J 80 Registered 9234 25 9212 943 1940 J - J 9212 Sale 921. Illinois Div 45 2 93 June'13 1949 J - J Registered 10212 June'15 --- 10112 10212 1919 A -0 10234 Iowa Div sink fund 15e -0824 0104 op lflflls 083 June'15 , 1919 A - 0 Sinking fund 45 ---- .... • •- ▪ No price Friday: latest this week. 4 Due April, 6 Due May. BONDS N. Y. STOCK EXCHANGE Week Ending July 9, 4.. Price Friday July 9 Week's Range or Last Sale 4 ci?I` Range Since Jan. 1. Ask Low High No. Low High Bid Chic Burl & Q (Con.) Joint bonds. See Great North • N 9518 9658 9578 June'15 Extension 4s_1927 Nebraska 1927 M-N 9412 --__ 95 Juno'15 Registered , 9918 June'15 1921 M- S 9912 _ Southwestern Div 4s 2938 0014 4 1958 51- S 803.1 614 803 General 4s 24 8999 8955 2 25:48 20188 97 2478 June'15 : 9999 Chic & E Ill ref dr imp 45 g-1055 J -J 22 6 91 103 9614 8 1934 A -0 9614 977 9614 1st come' gold 130 15 514 75 60 • 4 5934 593 1937 M- N 55 General consol let 56 5212 71 1937 M- N 50 _ _ _ 71 June'15 Registered 4 972 Feb '13 1942 F - A Pur money let coal 5s 2712 July'14 - -- 25 1938 J - J Chic & Ind C Ry 1st 5e 19 661, 733 4 87 1959 M- $ 661e Sale 6612 Chic Great West 1st 46 Chic Ind & Loulev-Ref 65_1947 J J ---- 117 114 May'15 . 1947 J - J ---- 101 101 June'15 :I:: !Pt LI Refunding gold 58 _ 9553 Apr '11 1917 J - J Refunding 4s Series 0 86 July'12 Ind & Louisv 1st gu 46_1958 J - J 9014 Aug '12 -year 45_1956 J - J Chic Ind dc Sou 50 - 104 Dec '11 1969 J -D Chic LS & East let 4%s_ Chicago Milwaukee & St Paul1 86 86 88 86 86 92 Clen'i gold 45 Series A _ _ _e1989 J -J .-- 89 8912 Apr '15 8 11 9238 8 : 8912 9 8 e1989 Registered 3 90 8914 8812 89 Can & ref Ser A 4348-...a2014 A 10212 258 1001s 10412 Gen ref cony Her B 59_ _a2014 F- A 10178 Sale 10114 2 77 77 80:4 904 _81989 J - J 761. 7734 77 Gen'l gold 33./5 Ser 8 35 993 10112 993 8 61989 J - J 9958 Sale 9912 General 434s Ser C 8 8 1934 J - J 8512 873 873 July'15 88 87 -year deben 46 25 8 9512 84 s 1932 J -D 937 bale 937 Convertible 434s : 0 07 00403 . 92 6_ 1 1003 1 0233381 - 10003248 18812 - 10212 Feb '15 1921 J - J 10214 Chic & L Sup Div g 5s 1926 J -J 10312 104% 10458 May'15 Chic & Mo Riv Div 5a 10258 1921 J - J 102 10314 10212 Chic & P W 1st g 58 Sale 87 8712 CM & Puget Sd 1st gu 49_1949 ▪ J 87 Dak & Grt Sou gold 5s.-_1916 J - J 100 __ _ 10014 June'15 3 60 07 8 4 1063 June'15- 107 1013 1920 J - J 10512 Dubuque Div 1st s f Os 110 Jitne'13 Fargo & Sou assure g 66..1924 2-i 108 _ 1021s June'15 1919 J -J 101 La Croese dr D let 59 1021-4: 69 8 10 14 9 15 6 07 2 1921 J - J 10112 1E14 10214 June'15 Wis & Minn Div g 56 2 10014 10 105 108 10614 10614 1920 J Wis Vail Div let 6e 99 May'15 1934 J -D 99 1st ext 430 Mil & No 98 10038 ar'15 ---. 1003 10012 2 Cons extended 414s,._1934 -D 9212 9414 9414 May'15 Chic& Nor West Ext 481886-1926 F A 8 943 July'14 1886-1926 F - A Registered 2 7812 82 80 1987 M- N 7812 -kir;le 7812 General gold 334e _ 7812 Jan '14 p1987 - F Registered - 93 93 9314 1987 M- N General 4e - 93 94 June'15 1987 M- N Stamped 4s -8i9 10961; 10: 8 8 19 i 96 12 13 General 5.1 stamped.... _ 1987 M- N 11612 1117 112 June'15 104 108 June'15 Sinking fund 8s___1879-1929 A 10512 Dec '13 1879-1929 A -0 Registered _ _ -- 1033 June'15 4 i02 8 1E4 71879-1929 A - 0 Sinking fund 5e 1879-1929 A - 0 10314 108 102 Oct '13 Registered 102 _ 10058 M ar'15 1921 A Debenture 5e 101 Dec '12 1921 A Registered 10218 June'15 102 i1541:1 1664- i6 1933 81-N Sinking fund deb 511 1933 ▪ N 10012 _ 111112 May'15 _-- 99 1014 Registered 11734 111ar'15 1173 11914 4 & Mo V 1st 6s....1933 A -0 118 Frem Elk 9012 Sep '09 Man 011&NW let 33-4s.1941 J - J Milw & S List gu 3146_1941 J - J ": kW":: 10714 June'15 16E' ioil; 1921 MMil L & West 1st g 6s 8 1929 F - A 10212 - 1045 M a r'15 Eat & Imp s f gold 5s Ashland Div 1st g 86_1925 - S 109 ---- 11318 Feb '14 107 ---- 11112 Apr '15 Mich Div 1st gold Os_ I924 9034 903 1 849 ° 4 : 92 04ii Mil Spar Ac N W 1st gu 45_1947 51- S 91 8 1073 May'14 10414 Northw Union 1st 7s g_....1917 J 3-2 10514 May'15 St L Peo & N W let gu 5s_1948 _ . 10312 M ay'15 Winona & St P 1st ext 75_1918 J - D 102 4 . 10212 10212 1023 10212 10 13 10 8332 83% Chicago Rock Isi dr Poe 66-1917 ▪ ° 14 026 4 10i -4 1013 : : 3 1917 J J *--- - 103 101.4 May'15 Registered 8314 1988• J 83 Sale 83 Ry general gold 4s 8014 June'15 _ 1 8134 82 1- 8 81 0 1988 J - J 80 512 Registered 6234 62 -0 62 Sale 62 1034 A 8 717 Refunding gold 4s 42 16358 403 87 4 1932 J - J 4014 Sale 4014 -year debenture 58 20 9414 June'll 1918 M-N 78 , 93 Coll trust Series P 4s 85 July'13 RI Ark & Louis 1st 4348_1934 M- S .- 75 (7612 _ _ _ 997 June'15 2 1934 A Bur C R & N-1st g 5s 1007 May'14 8 CRIF&N W Mgt'56.--1921 4-0 - - 1927 -D M St L let gu g 78 0758 0758 --117 8 -5Choc Okla tIr G gen g 513_01919 J -J ---- 9912 9712 Apr '15 1952 51-N 971, 974 Congo' gold 55 .100 83 Feb '15 Keok & Des Moines let 58 1923 t-0 89 65 Apr '15 StPaul&KCShL 1st 410'41 F - A 115 10 987 4 685 103 1943 8 5 10 5 Chic St P M & 0 con 6s_ _ 1930 -D 11412 1167 115 _ 90 Jan '151 . Cons Os reduced to 3345 1930 -D 5 9912 102 10012 2 1930 151- S iod" 166- 10012 Debenture 58 _ 11612 Jan '14 ▪ N 11412 Ch St P & Minn 1st g 6s_ _1918 12952 May'09 North Wisconsin let 68-A930 J - J 11412 8 1919 A -0 104 105 1043 June'15 ---- 1043 1088 2 4 St P & 8 City 1st si 6s M- S Superior Short L let 55 g_g1930 . 90 85 Jan '14 Chic T H & So-east 1st 55... _1960 J 106 Chic & West Ind gen g 85_41932 Q -M iOE12 too 106 77 78 June'15 1952 J J 75 -year 4s Consol 50 60 . 1937 J 98 Mar'14 C1nII&D2dgoid4i-4s it8 1959 J -J 1st dc refunding 4s 8814 June'12 1959 1st guaranteed 4s 10012 Mar'14 1941 111-N CInD&llstgugSS - - - 88 Mar'll C Find & Ft W 1st gu 48 g.1923 M- N Cin I & W 1st go g 45... _1053 J - J -- 30 65 J'ly '14 9438 Dec '14 -Day & Mich let cons 4%8_1931 J - J - 30 1935 J - J 65 J'iy '14 Ind Dec & W 1st g 5s 10712 Dec '02 1935 J - J 1st guar gold 58 68 Cleve Cin C St L gen 49.__1993 .1 -D 68 Sale 88 1931 J - J - - 8414 82 June'14 20-yr deb 43-48 1939 J - J 80 _ 81 Feb '15 85 "ii" 'if" Cairo Div 1st gold 4s 83 Feb '14 Cin W & M Div 1st g 4s1991 J - .1 -„_ 78 4 783 80 Apr '15 St L Div 1st coil tr g 45-1990 M- N 76 1990 M- N 8214 M a r'14 Registered - - 85 Mar'14 Spr & Col Div 1st g 4s......1940 M- S W W Val Div 1st g 48.--1940 J - J ------ 91 Apr '12 C I St L & C consol 8s_ _ 1920 51-N ---. - - - - 10514 June'15 88 _ _ *1936 Q-F 90 Feb '15 :i 6 9 1st gold 4s *1936 Q-F 86. 8812 May'15 87 8812 Registered iookl 101 J11110 .--. 101 101 .15 Cin 8 & Cl con 1st g 55-1923 J - J 4 C CC & I gen con g 6s___1934 -1-i 10833 .--- 1053 J'iy '14 1934 J - J -Registered "di" rii"imi Ind 13 & W 1st pref. 48_1940 A 0 Ind & W 1st pref 5s_d1938 Q-J . S .(1 65 . 661; July'"ii, Peo & East 1st con 48_1940 A -0 60 __ 20 20 Sale 20 28 1990 Apr 201s Income 4s 3 93 4 91 Cleve Short L 1st gu 4 Sis_1961 A - 0 9012 93 93 June'15 1947 J -J -. 1512 16 May'15 15 Col Midland 1st g 4s 5 15 1 5 5112 57 1412 Mar'It 16 Trust Co certfs of deposit 92 851s 8812 July'15 --. Colorado & Sou 1st g 4s___ _1929 F - A 86 88 1935 51-N 81 813 82 8214 8 Refund & Ext 434s 102 5 100 10314 .1021 J -D 101 10212 102 Ft %V dr Den C 1st g _ Conn dr Pas Rivs 1st g 4s__ _1943 A - 0 -1952 J -J lid" Nif&io Cuba RR 1st 50 yr 5e g Del Lack & Western _ 8514 May'15 Morris & Es 1st au 33/8..2000 J -D 8478 09 2 013 0 0 18134 18814 N Y Lack & W 1st 8s_......1921 J - J 10712 - 10312 June'15 1923 F - A *102 ___ 1018 May'15 4 Construction 5s 9514 98 Term & Improve 4s_ _ _.1923 SI-N 9514 _ 96 June'15 10218 Feb '03 Warren 1st ref au g 314e- _2000 F - A 10514 May'15 1917 M- S Del & Hud 1st Pa Div 7e 149 Aug '01 191" M- S _ Registered • 8 "ii 10014 10018 1916 J -D 1664, fi;le 10018 10-yr cony deb 45 99 1007s 1922 J - J 9978 1003 10012 June'15 8 1st lien equip g 4345 98 92 1943 M - N 9212 927 92 July'15 s 1st dr ref 48 5 8312 88 8512 1946 A -0 845s Sale 8452 Alb & Sus cony 314s 1 8 1133 113 s 1133 Jan '15 8 Hens & Saratoga 1st 75._ _1921 111-N 110 Due June. 5 Due July. k Due Aug. a Due Oct. v Due Nov. g Due Dec. a Option sale. BONDS N. Y. STOCK EXCHANGE Week Ending July 9. 115 New York Bond Record-Continued-Page 2 JULY 10 1915.1 •tg 44 Price Friday July 9 Week's Range or Last Sale 0C2 CO Range Since Jan, 1 BONDS N. Y. STOCK EXCHANGE Week Ending July 9. g Z‘ ,.. t .. zt ....a. Prize Friday July 9 Week's Range or Last Sale oc:3 Range Since Jan. 1 High No. Low High Ask Low Bid High No. Low High Ask Low Bid 8412 84 Leh & N Y 1st guar g 4s____1945 M- S 85 ---- 84 May'15 7014 43 0912 78 Deny St H Or 1st con g 4s.._ _1936 - J 70 Sale 6912 1945 M- S 83 Registered 78 80 79 June'15 1936 j - j Consol gold 43s 10334 10415 Long Isld 1st cons gold 58/11931 Q- J 100 103 104 Mar'15 4 1 / 80 77 8 757 7712 June'15 1928 J Improvement gold 5s 4 / 961 Alar'12 81931 Q - J - 94 1st consol gold 4s 43 49 38 4234 4 - A 423 1955 F-D- 43 1st & refunding 55 87s 85 4 1938 J -D ---- ---- 863 May'15 General gold 4s --109 Dec '12 Rio Gr June 1st go g 5s_1939 J - D 1922 M- S - --- ___ 0514 May'14 ____ Ferry gold *is 7712 6112 Apr '11 1940 J - J Rio Or So 1st gold 4s 1932 J -D ---- ____ 9914 Oct '06 Gold 4s 85 Mar'08 40 1940 J - J Guaranteed 845 89 8934 May'15 1949 M- S - --- 89 Unified gold 48 6918 20 - - 75 66 1939 J - J 6914 7314 6918 Rio Or West 1st g 4s 4 / 951 9518 9518 Jan '15 1934 J -D ____ 100 5912 58 5912 Debenture gold 58 Mtge & col trust 4s A _1949 A -O 5912 - - - - 5912 4 1 / 8612 83 Guar refunding gold 4s__ _1949 51 - 8 84 ---- 84 June'15 90 Apr '14 Utah Cent 1st gu g 4s_a1917 A---100 - iod 1949 M- S --------95 Jan '11 Registered 1917 M- N --------- 100 M ar'15 Des Mol Un Ry 1st g 5s_ 1100 i66 2 SO 80 80 Jan '15 NYB&MBIsteong5s_1935 A-0 95 ___ 100 Feb '15 Det & Mac_ 1st lien g 4s__ _1995 .1 -D 82 4 2 N Y & It B 1st gold 581927 M- S - 993- 10212 Jan '14 80 78 _ 1995 - D 80 _651_ 80 June'15 Gold 48 s 1007 8 8 Nor Sh B 1st con g gu 5s_01932 Q - J 9812 1007 1007 July'15 90 9012 9012 May'15 Det Illy Tun-Ter Tun 4%8_1961 M-N 10112 10458 Louisiana & Ark 1st g 58__ _ _1927 M- S ____ 9112 9112 Feb '14 11 105 10112 May'15 Dui Allssabe & Nor gen 5s._1941 J - J 110 115 4 / 4 / 9812 101 Louisv & Nosily gen 6s 1930 J -D 111 1131 1121 June'15 100 May'15 Dul & Iron Range 1st 5s_ _ _ _1937 A 10612 107 Gold 55 1937 M N 105 ___ 10618 June'15 10612 Al ar'08 1937 A - 0 Registered 4 4 Unified gold 4s 1940 J - J 893 Sale 8912 104 Feb '11 9014 -Li 8912 943 J 1916 J 2d 08 94 June'14 1940 J - J 66- i(fici Registered 96 May'15 1937 J J Du So Shore & At g 5$ 4 fails 1038 --- __- Collateral trust gold 5s__ _1931 M- N 101 10134 10218 June'15 103 105 4 1 / Elgin Jol Se East 1st g 5s_ _ _1941 M- N -------- 103 Apr '15 8 E H Jc Nash 1st g 6s 1919 J -0 1047 ____ 10838 May'14 10918 28 10612 11012 10918 Erie 1st consol gold 78 1920 M99 ____ 10258 J'ly '14 I. Cin & Lox gold 4Sis_1931 M- N 9712 June'14 90 N Y & Erie 1st ext g 48._.1947 1133s 11512 115 1930 J - J ---- 115 115 NO & M 1st gold 65 iti6 - 10214 10114 May'15 2d ext gold 5s 1919 M S 2 108 1097 21 8 1930 J - J ---- 1097 1097 May'15 2d gold 65 , 9814 9914 9813 June'15 1923 M S 9712 3(1 ext gold 4;0 4 Paducah & Mom Div 4s._1946 F - A 8512 893 84 Dec '14 10014 10214 1920 A 0 *10114 - - - 10114 June'15 4th ext gold 58 4 St Louis Div 1st gold 6s 1921 M- S -___ 10612 10612 June'15 820 1661- 10712 - - - 9358 May'14 J D 1928 5th ext gold 4s 1980 M- S 5912 Sale 5912 2d gold 3s 5912 11 5918 65 NYLE&W 1st g fd 78 1920 M S -------- 109 June'15 16 109 109 1 / 8718 June'15 854 8812 79 Atl Knox & On Div 4s_ 1955 M-N - - -- 86 8412 7912 Erie 1st con g 4s prior_ _ _ _1996 J - J 79 Sale 79 Atl Knox & Nor 1st g 5s_.1946.5 - D 107 ____ 111 Jan '13 8 797 June'15 1 / 1 / 794 794 - J ___. 80 1996 Registered 105 lOS 71 Render Bdge 1st 51 g 68_ _1931 M- S 105 _ _ _. 105 June'15 6634 21 66 66 67 let consol gen lien g 48_1996 J - J 66 4 873 861s 8934 8612 May'15 88 Kentucky Central gold 48_1987 J - J _ 77 Apr '12 --1996 J - J Registered 9912 101 9912 June'15 80 8814 L&N&M&M 1st g 4)01945 M- S -7-- 100 4 1051 F - A 8618 883 86 May'15 Penn coil tr g 4s 80 80 Apr '15 8012 87 78 L & N-South M joint 4s...1952 J - J 6112 66 60 1953 A -O 60 Sale 60 60-yr cony 4s A ---81952 Q -"J -------95 Feb '05 6312 70 Registered 67 6514 65 1953 A -O 64 Series II do N Fla & S 1st gu g 58_ _1937 F - A 101 _--- 106 J'ly '14 10212 10318 ---4 1916 J -D 10212 10318 1023 June'15 Buff N Y de Erie 1st 7s 10112 10434 N & C Ildge gen gu g 4%8_1945 J - .1 --------97 Dec '14 8 Chic de Erie 1st gaid 58_ _ _ 1982 M -N 10412 - __ _ 1045 June'15 10712 109 101 101 Pens de Ati 1st gu g 6s_ _ _1921 F - A 10718 10812 109 June'15 101 Feb '15 Cloy de Mahon Val g 5s_ _ _1938 J 4 1 / 10518 105 121 121 SA N Ala cons gu g 58_ -1936 F - A ---- -- - 10518 Feb '15 - 121 June'15 Long Dock consol g 6s .,_1935 A - 0 4 1 / 1 9912 102 100 8 Gen cons gu 50 _ 1011 106 Dec '12 -year 5 _1963 A -0 100 Sale 100 4 / Coal & RR 1st cur gu 6s 1922 M - N 80 80 June'15 74 10212 1031s L & Jeff 13dge Co gu g 4s _1945 M- S ---- 79 10318 June'15 1943 J - J 103_ Dock & Imp 1st ext 5s ---- _-- -Manila Rft-Sou lines 48 _1936 M-N ---- - - - -- 10312 Aug '12 N Y dr Green L gu g 5s__.1946 m - N ---- -lid - -6i- Mex Internat 1st cons g 45...1977 M- S -------- --77 Al ar'10 N Y Sus & W 1st ref 5s__ _1937 J - j ___- 941 94 May'15 1977 M- S --------79 Nov'10 Stamped guaranteed _ F - A -------- 10014 Dee '06 1937 2d gold 43.is -fa - -fE- Midland Term-lst s f 55 8-1925 J - D --------101 Oct '09 4 / 1940 F - A ---- 691 70 M ar'15 General gold 5s 2 2 1111- 11111927 J -D 10212 - --- 11112 Mar'15 ____ Minn & St L 1st gold 7s --- 102 Jan '14 1943 M-N - Terminal 1st gold 58 Pacific Ext 1st gold 6s__ _1921 A -0 100 - - __ 11018 Aug '11 11112 May'12 10212 1940 A Mid of NJ 1st ext 58 9214 8617 2 85 8712 8612 1934 NI- N 85 86 8412 86 June'15 1st consol gold 5s 86 Wilk & Ea 1st gu g 58_ _ _1942 J - D 60 521 50 20 40 50 1st & refunding gold 48_1949 m- s 49 _ 100 Alay'12 __ 1926 J - J Ev & Ind 1st con gu g 6s_ Des M & Ft D 1st gu 48_1935 J - J -------- 60 Feb '15 ---- 60 60 97 85 87 June'15 1921 J - J 87 Evans & T II 1st cons 6s_ 9014 4 84 Iowa Central 1st gold 5s.._1938 J -D 825 843- 84 June'15 0958 Dec '13 ---1942 A 1st general gold 5s 66 1951 m- s 4812 Sale 4818 13 35 49 Refunding gold 48 - -108 Nov'll Mt Vernon 1st gold 6s.._ 1923 A 4 1 / 90 88 93 91 June'15 81 90 M StP&SSAI con g 4s int go.193S I - J 95 June'12 1930 A Still Co Branch 1st g 5s 1941 M- N --------9714 June'12 1st Chic Term s f 4s_ _ 4 5 4 873 , Florida E Coast 1st 43 8_1959 -D 8612 8814 873 9312 9514 96 Nov'13 M 8 SA,A 1st g 4s bal gu_1926 J - J _ 92 Aug '10 Fort St U D Co 1st g 430-1941 J - J _ 50 5512 MIssissippi Central 1st 58_1949 J - .1 89 __-_ 91 J'ly '14 5512 June'15 1928 J - J -___ 65 Ft W& Rio Or 1st g 48 if 17 721 - 76 76 Mo Kan & Tex 1st gold 4s_ 1990 .1 -D 7512 78 Great Northern 63 53 Sale 53 5418 19 53 g1990 F - A 2d gold 4s 9512 Sale 953 s 953 192 9478 97 4 1921 J - J CB & Q coil trust 48 82 May'15 ---- 82 69 1944 Af- N ---- 80 945 963 8 1st ext gold 5s 4 1921 Q - J *---. 9612 9634 June'15 Registered h s 565 55 June'15 --7 49 . 2004 61- S -„- 54 1st de refund 48 8 9912 June'15 965 101 9'7 1st & refunding 4)is ser A 1961 J - J 74 57 57 Sale 57 4 57 Gen sinking fund 43s__ _1936 J - J 96 June'13 1961 .1 - J Registered 4 1 / 4 / 1 / 1 / 4 (43 - - -6E , 95 Apr '15 St Louis Div Is ref g 48 2001 A&0 ---- 004 601 Feb '15 ---- 604 60 1933 J - J ---- 96 St Paul M & Man 4s 1940 NI- N ---- 9312 9934 Dec '13 ---11712 12014 Dal & Waco 1st gu g 5s 1933 J - J 116 11.9 11812 June'15 1st consol gold 6s 78 J'ly '14 ---1990 F - A -,-- 78 - - ---113 1183i Kan C & Pac 1st g 48 1933 J - J -------- 11834 Apr '15 Registered 9712 9612 Mar'15 ---- 9612 9612 1942 A - 0 94 4 / Mo K & E 1st go g 5s 4 Reduced to gold 4%8_1933 J - J 101 1011 1001 June'15 s16 10014 1013 8512 Mar'15 ---_ 8512 88 -------- 1083 Apr '15 4 M K & Ok 1st guar 5s_ _ _1942 M -N ---- 89 1933 J - JRegistered 80 May'15 -_ -- 7978 89 2 M K & T of T 1st gu g 58-1942 NI- S ......... 7 4 1 / -62 - -94391/14 -- 93 June'15 Mont ext 1st gold 4s_19:37 J -D 9412 Apr '14 Sher Sh de So 1st gu g 58 1942 J -0 --------96 Alay'13 1937 J -D Registered 9258 Mar'll Texas & Okla 1st gu g 5s 1943 M- S .,_,... - - - 9912 Jan '14 Pacific ext guar 4s £_ _ _ 1940 J - J 9914 Sale 99 _ 8914 June'15 4 993 165 99 10113 8914 -i6171 Missouri Pao 1st cons g 68-1920 M- N E Minn Nor Div 1st g 48_ _ 1948 A - 0 8914. 2 _ 11012 Jan '14 1922 J - J 107 _ Trust gold 58 stamped_ _a1917 NI- S --- 8712 90 July'15 ---- 8912 985 Minn Union 1st g 65 8812 June'15 8812 8812 • a1917 M- S --- 90 120 iii1937 J - J 118 12212 121 May'15 Registered Mont C 1st gu g 6s 4 1 / 92 87 June'15 ---- 87 1920 F - A ---- f38 13614 May'06 1937 1st collateral gold 5s Registered - - --. ____ 1920 F - A -- (5 io814 10512 10512 Aug '15 3 Registered 19 7 1 1st guar gold 5s 5314 56 34 37 1945 M- 5 3414 Ilale 34 1937 J - J 40 year gold loan 48 Registered 2 4 / -- 10714 June'15 3812 29 3518 497 1959 M- S 351 Sale 351 10714 10714 1st& ref cony 58 Will & S Fist gold 5s _1938 J -D 78 1938 M N ---- ----78 Jan '15 ---- 78 80 72 72 72 May'15 3d 78 extended at 4%.. 70 Or B & W deb ctfs "A"($100 par) Feb -u_1951 F - A ---- ----100 Feb '13 1112 Sale 1112 Boonv St LAS 1st 58 g 1112 20 10 4 1 / 133 4 Deben ctfs "B"($100 par)._ _ _ Feb 85 Feb '15 8218 __ 84 July'15 Cent Br Ry 1st gu g 48_ _1919 F - A ---- 73 8212 88 Gulf de S I 1st ref & t g 5s_ _81952 J - J 7712 Dec '13 1948.5 -D ---- 75 Cent Br U P let g 48 81952 - J Registered - - -- 110 Mar'05 624 Leroy &OVAL 1st g 5s_ _1926 J - J -7 95 91 Hocking Val 1st cons g 4 is..1999 J - J -66- 0234 - 3- June'15 58 4 853 July'15 4 .._ _ 973 Jan '14 Pee It of Mo 1st ext g 48 1938 F - A 853 86 4 1999 J - J Registered 9634 9712 J'ly '14 2d extended gold 5s._ _ _1938 J - J 92 1948 A -O 8312 86; - .1 -8E18512 Jan '15 2 Col & II V 1st ext g 48 2 4 4 9614 St L Ir M & S gen con g 58 1931 A -0 953 971 953 1955 F - A ---- -: 9012 June'14 Col & Tol 1st ext 4s 03 9.312 9312 Feb '15 Gen con stainp gu g 5s1931 A -0 -------- 102 J'ly '14 Houston Belt de Term 1st 59.1937 J - J 8 6358 6312 9618 9712 s J - J - 1- -1/6 -18 9018 July'15 618 Unified & ref gold 4s__ _1929 J - J 633 66 Illinois Central 1st gold 48.-1951 s . 1929 J - J - -7 - - - - - 807 Oct '12 100 Sep '11 Registered 1951 J - J Registered 17 59 5812 Sale 5812 ii84 4 783 833 8 1951 J - J -gf - - - 833 June'15 s Riv &0 Div 1st g 4s_ _ _1933 M-N 1st gold 330 9212 Dec '13 Verdi V IA W 1st g 5s___ _1926 M- S ---- 89 8812 Feb '13 1951 J - J - - -- 82 Registered Mob & Ohio new gold 68 1927 J - D --,.. 117 11214 June'15 8 Extended 1st gold 30._ _1951 A -0 -- - - 827 7814 Dec '14 1st extension gold 6s__ _81927 Q - J 100 108 114 Apr '15 1951 A -0 ---- 133 Registered __ 1938 61- S ---- ---- 72 Mar'15 General gold 48 lir -.56 1051 MI- S - - _ 1st gold 30 sterling ____ 1047 F - A ___ ____ 1C0 June'15 Alontgom Div 1st g 5s_ 1951 M- S Registered 86 - -2 July'Th St Louis Div 58 4 8 --82 -3i11927 .1 - D - - - - - - -- 95 Dec '13 1952 A -0 81 - . Coll trust gold 4s St L & Cairo guar g 48_ _ 1931 J - J --------87 Jan '15 1952 A -0 --------9514 Sep '12 -Registered 2 105 e 2 -i5 2 - 1- Nashville Cis & St L let 5s 1928 A -0 10414 1045 10112 -3- 88 s 1955 M- N 87 -_-_ 8612 8612 1st refunding 48 1923 J - J --- 110 111 Jan '13 Jasper Branch 1st g 6s 82 Feb '14 1952 J - J ---- 84 Purchased lines 3148 4 7978 Sale 797 AlcAl M W & Al 1st 68_1917 .1 - J ---- -- 1033 Jan '14 3 1953 M- N 8 1 / -6- ' ; 794 --1 -7V7 -iti ;3 L N 0& Tex gold 4s TA P Branch 1st 6s 1917 J - J ---- --_ 113 J'ly '04 1953 M- N ---. 9512 84 May'14 Registered 4 Nat Rys of Alex pr lien 4%0_1957 J - J -- 593- 58 June'14 89 4 1950 J - D ---- 923 86 Apr '15 ---- 86 Cairo 13rIdge gold 4s Guaranteed general 4s_ _ 1977 A -0 ------- 17 Feb '13 74 Feb '14 Litchfield Div 1st g 3s__ _ _1951 J - J 8 967 Feb '13 - 84 12 : 1(1-5 Loulsv Div & Term g 3As.1953 J - J ';- 8::: 7612 June'15 -- -i61- -ii 2 Nat of Alex prior lien 43.s 1026 J - J 50 Apr '14 1951 A - 0 ---- 83 Aug '12:1st consol 4s 1953 J - J Registered 4 ii1- if N 0 Mob & Chic 1st ref 58_1960 .1 - J ---- --- 40 May'15 1921 F - A -------- 123 May'99 --Middle Div reg 5s ---------73 Mar'15 - NO&NE prior lien g (is__ p1915 A -0 ----104 101 June'14 -tli Omaha Div 1st gold &L....1951 F - A --- New Orleans Term 1st 45.._ _1953 J - J - - - - - - - 7912 May'13 38_1951 J - J St Louis Div & Term g 12 611 4 4 ---103 .- N Y Cen RR deb 65 wh iss_ _1935 WI-N 1023 Sale 1023 -ii- -io 1951 J - .2 -- - ---- 80Gold 3348 s 893 8 8 8812 37 86 1951 J - .1 ---- -__ 10118 Oct '99 ---- --_ _ _ Ref & imp 4s"A".- _2013 A - 0 877 Sale 877 Registered 124 7512 813 77 4 8 767 Sale 7612 8 N Y Central & II Hg 35s_1997 J - J 1951 J - J ----- 785 Mar'14 --Spring( Div 1st g nis 7513 7814 4 / 1997 J - J *77 -- _ 781 May'10 ii Registered 88 May'15 ---- -gi - - 1951 F - A ---- 90 Western lines 1st g 4s 11 84 89 8634 1934 M- N 8412 847 86 Debenture gold 48 1951 F - A ____ __ Registered s 1712 J,ia :10 1934 M- N -------- 897 June'14 Al yy 12 1923 J - D Registered Bellev & Car 1st 68 io 72 75 72 Sale 72 7214 68_ ; Lake Shore coil g 3 , _ 1998 F - A Carb & Shaw 1st gold 4s_ _1932 M- S ---------9413 72 71 .2 1998 F - A---- 7312 71 June'15 7Registered 2 Chic St L & NO gold 5s._ 1951 1 -D id";- ig - 10612 June'15 --- 1(381- i156 8 78 _ - _ _ 803 June'15 4 _ 4 803 803 4 114 Feb '11 1951 .1 -I) _ J P M & Co ctfs of dep Registered 70 70 2 6814 717 -1951 J -D -_--- 90 Oct '09 -Alich Cent coil gold 3)0-1998 i -A ---- 69 Gold :3Yis 70 69 1998 F - A ---- '7014 69 June'15 1951 .1 -D Registered Registered Sale 99 Battle Cr & Stur 1st gu 35_1989 J - D - -9912 14 0812 1005 8 Joint 1st ref 5s series A _1963 .1 - D I) 93 --- 96 June'15 1951 J - D ---_ 8612 Mar'15 ---- 8612 8512 Beech Creek 1st gu g 4s__ _1936 J - J Memph Div 1st g 4s 1936 J - J --------99 May'll 1951 J - D Registered Registered - --1936.5 - J --- - 10212 - - - 2d guar gold 58 St Louis Sou 1st gu g 4s 1931 M- S __ - _ 9512 98 J'ly '08 8518 Feb '15 1950 J - J 82 - __ Registered Ind III & Iowa 1st g 48 8312 8518 Beech Cr Ext 1st g 3 48--51951 A -0 Int & Great Nor 1st g 68_ _ _ _1919 M- N - 9938 99 June'15 ---- 98 100 ---- ---1981 J - D ---------/68 Oct '42 8812 June'15 ---- 88 Cart & Ad 1st gu g 45 9012 James Fran & Clear 1st 4s_ _1950 J -D ___ 91 71 73 6712 Gouv & Oswe 1st gu g 58._1942 J -D 99 4 673 s 2 6'73 69 Kansas City Sou 1st gold 38.1950 A -0 4 __ Mob & Mal 1st gu g 48_ _1991 M- S 8518 863- 9512 June'14 _ 1950 A -0 ---- ---- 63 Oct '00 ---- -__ _ Registered 88 86 - 86 Jan '15 90 9012 June'15 ---- 8814 92 N J June R guar let 4s_.1988 F - A - _ -- Apr 1950 J - J 89 Ref & lmpt 5s,, 85 85 - 8578 8914 June'15 _52_ ,,f112 2 N Y & Harlem g 3;0_ _ _2000 r.1-N '78 ---- 85 June'15 12 0 Kansas City Term 1st 48._ _1960 .1 - J 4 / 10112 1011 893 93 May'15 4 NY & Northern let g 50_1927 A -0 --- ---_ 10112 Mar'15 Lake Erie & West 1st g 58_1937 J - J 85 88 Junel5 88 88 4 N Y & Pu 1st cons gu g 48_1993 A - 0 ---- 88 1941 J - J ---- 793 9434 May'14 -__ ---- - - -2d gold 5s -.- --1916 A -0 Nor SC Mont 1st gu g 5s North Ohlo 1st guar g 5s 1045 A -0 _ _ 10018 98 Alar'14 ---. 113 113 Pine Creek rag guar 6s_ _ 1932 J - D -------- 113 May'15 2 Leh Vail N Y 1st gu g 4yis_ _1940 J - J 100 -__. 10014 June'15 --- -964 ill1110154 1033 4 8 102, , R W Se 0 con 1st ext 58...J11922 A -0 102 10212 102 8 1940 J - J ---- ____ 9978 June'15 .__. 99 1003 Registered 8 Kos looli -10018 Al ar'15 Oswe & R 2d gu g 58_e1915 F - A - --- 87 Apr '15 --__ 87 87 4s_2003 M-N -.- - 89 Lehigh Vail (Pa) cons g _ 99 5 9714 993 It W&OTR 1st gu g 58_1918 M -N 100 _ _ 104 June'10 9712 99 99 4 2003 M-N General cons 43is 90 Apr '13 Rutland 1st con g 4388.._ _1941 J - .1 _4 / Leh V Term Ry 1st gu g 5s 1941 A - 0 108 ___ 10618 Feb '15 s6 10534 1061 .70 Feb '15 -fa -id" ___ 1111 Dec '11 -___ 4 / Og & L Cham lst gu 48 g1948 J - J ___. 71 1941 A -0 Registered 92 June'09 __ 2 . , 1Rut-Canada 1st gu g 48_1949 J - J Leh Val Coal Co 1st gu g 58_1933 J - J 10112 ____ 10212 June'15 -- iCii1- 101 4 Rif - 101 4 _ St Lawr & Adir 1st g 5s_ _ _1996 J - J -- 10C13- 101 Mar'15 1933 J - J 102 - - -- 105 Oct '13- - _ - _ ___ _ Registered 1996 A - 0 --- --- - 11912 Mar'12 ___ 2d gold (18 let lot reduced _ to 4s____ -1933 J - J - - ---- _-_ _ a Due Jan, 6 DUiVeb, 4 Due April. e Due May, 0 Due June 6 Due July. k Due Aug. o Due Oct. • No price Friday: latest bid and asked this week Due Nov. s Option sale. s rii-N -if- -664 ' 12 Itarr:Ig -_-_-_-_ -ii 3 1 -661- 1.5, " 116 BONDS N. Y. STOCK EXCHANGE Week Ending July 9. New York Bond Record-Continued-Page 3 - -^ tg t „.. t ,--.',. Price Friday July 9 Week's Range or Last Sale Range Since Jan. 1 BONDS N. Y. STOCK EXCHANGE Week Ending July 9, .... E - , [VOL. 101. Price , Frtcl y juiua Week's Range or Last Sale tz 14 g c'i , Range Since Jan. 1 Bid Ask Low High No. Low High Pere Marquette (Con.) 2 6 ) 0 7 0 Flint bc P M gold 6s___1920 A - 0 96 -___ 90 Mar'15 ___.. (512 9 71 _-__ 70 1939 M -N 70 1st consol gold Si 67 67 Pt Huron Div 1st g 58_1939 A - 0 ---- 67 1 65 67 __ Sag Tus & H 1st gu g 4s 1931 F - A .. _ -1 1 10 55 "jg" MCY' , -_:-_-_ - - - - Philippine Ry 1st 30-yr s f 4s 1937 J - .1 1940 A - 0 1071 ____ 10812 N o yl ________ - - - - -M av'll Pitts Sh & L E 1st g 58 ---- ---19-13 J - J ---- ----11314 1st consol gold 58__ ... ____ -- - 92 Sale Reading Co gen gold 4s__ _1997 .1 - J 9212 June2 _95 9112 9518 1 9 15 _ 1997 J - J ' 0 3 Registered 011 -1935 8 Jersey Central roll g 45__ _1951 A - 0 - ;-03 2 93 June'15 ---- 91 . Atlantic City guar Is g__ _1951 J - .1 _ _ _ _ _ _ _ _ 62 -ai - mii'i'M -_-__-_- -E- -ii. 1 1947 J:.1 St Jos & Gr Is! 1st g 48 1:56 _ __ 10618 June'15 ---- 10578 10812 _ St Louis & San Fran gen 65-1931 j 19 3 - .1 _9_9_1 1_0_0 ! ._ 9914 June'15 99 IC1114 General gold 58 '14 ___ St L & S F RR cons g 4s.._ 1996 J - J 4212 8a10 42 4 4612 4 12 14 -33 1- -E115 47 -20 9 General 15 -year 5s 1927 _M11_-_N_ 1 5-2 45 4512 45 'HY46 73 42 2 1 Trust Co certifs of deposit__ Stamped__ 42 10 do 2 4 . .1_ A ci _66,_ _ _5_ 93 Dec '13 ---8 Southw Div 1st g 5s__ _1947 ---66 6612 665 8 49 . 1951 J_ -. . . .1_ Refunding gold 4s 1951 J - .1 803 Mar'll 4 Registered ;ail; -_-_-: 66 May'15 -- -j1-1- -if1_ 2 2 Trust Co ctfs of depos!t__ 603 8 8 61 - -11 6014 68 Stamped------603 Sale 603 do K C Ft S & M cons g 6s 1928 M-N 10514 10714 10514 June'15 ---- 10514 110 72 69 731k ref g 4E1.1936 A -0 711 Sle 7112 12 K C Ft S & M Ry - _ K C & M R & B 1st gu 58_1929 A -0 ---- ----95 Mar'14 ---73 7314 73% 19 :- -, 1 -7 8 628 23 8 - - 4 0 St L 9 W 1st g 4s bond ctfs I989 M- N 733 4 ctfs_p1989 J - J ---- 64 60 May'15 --- - 55 60 2d g 4s Income bond 57 Sale 56 5812 35 1932 .1 -D 8 Consol gold 45 Gray's Pt Ter 1st gu g 5s 1947 J - D ____ ____ 9812 Jan '14 iiii -- - - --72 1943 J - J - --- 2 72 S A & A Pass 1st gu g 4s 1919 J - J --------10012 June'15 ---- 9934 100 2 SF & NP 1st sk fd g 55 , 1950 A - 0 ---- -___ 76 Dec '14 ---Seaboard Air Line g 45 1950 A -0 ---- 8034 783 June'15 8 Gold 4s stamped -ii - -ii 2 11950 A - 0 Registered 01949 F - A 64 Sale -647Adjustment 55 -if34 -E3- --ii 4 1959 A - 0 67% 691z Refunding 4s 83 June'15 - 1 IS ) 5 At! Birm 30 yr 1st g 4s_e1933 M- S *--- 83 19 .1:J 841- ---- 10514 N0 r:15 ---- 8412 8514 8 J .) 4 84 M av 12 % lat g 3: 0 FIa Goo t pi on g 4s:5_ : 194 Car ecnt 10014 101 10014 June'15 __-__-______ i0 ! 00 Pen 1.6 7 1 6! 618 i i. 0 .1 1340 J:J 33 1st land gr ext g 5s : Rif_ 1 "_ : 100% Apr '15 :1 Consol gold 58 103 2 1 0„ 2% Mar'15 ---- 10012 10258 J 0 194 5 G A sc o t go 5 Ga &ar ia Ry 1st cong sz1025 J -_ .1 10114 __-- 10114 July'15 -___ 10012 10214 1926 J - .1 ---- ____ 10112 Mar'15 ---- 10112 10112 Scab & Roa 1st 53 Southern Pacific Co D 8 9 9 7 0 _ 77. 28 _i97! _i 1_ : 7 6 8138 i4 Gold 4s (Cent Pee 0°11)11040 J -- D _7_9_7_ !no_ 0978 6718 Feb86'71111482 Registered M: S 0880144 SaleSaale 1 g1929 .1 D 11 14 1 44, 1:63 i 3 211 ii)32111 1278 20 year cony 4s 20 year cony 5s 19: 04 t, Cent Pac 1st ref gu g 4s 193 F -_ A _8_5_1_ S 1 88 8613 Mar'15 ____ 8612 804 Registered A - 8,, June'15 ---- 86 89 Mort guar gold 33isk1929 J -_ _m_N 13 ) ,1si 554 Through St L p t gu : GO 1ill vs, Gs A MN isst gt1a o sas 1119,0235441 a( -------- '°1 ;114 June'15 ---- 8414 87 --------102 Mar'15 --__ 102 10213 IN -------- 10234 Apr '14 ____ -_Hem E & Nv T 1st g 5s_ 1933 M-N 9918 100 103 Jan '16 -___ 9813 101 1933 M-N 9918 June'15 ---1st guar Ss red i) 1: 8 5 4 1937 J - .1 1023 105% 104 June'15 H & T C 1st g 5s int gu 104 107 9412 Gen gold 4s int guar.. _..1921 A -0 9312 9412 9412 93 951s W div 1st g 681930 M-N 108 111 108 Mar'14 Waco & N 1941 J - .1 100 103 100 June'15 2 100- idilA & N W 1st gu g 5s 11 2 0 1921 J i .J , 109 Louisiana West 1st 6s 8 - 02 June'14 Morgan's La & T 1st 75_1918 A -0 kii5- §'Aie 1145s Feb045 :::: 161E8 iai5; 1 ,07 8 ____ 106 10614 .j.13, '14 ---1st gold 65 1938 A -0 No of Cal guar g 5s 1927 J - .1 i(5 7t 1 - 1003 June'15 ---- -jki3 i5i14 71 , -003 4 4 818 Ore ,S, Cal 1st guar g 5s 2 -Go g 55.. 1937 M- N 10512 ____ 101, Nov'13 ---- _-__ ---2 So Pac of Cal 9112 924 9112 Sep '12 ---- -- - se Fee Coast 1st gu 45 g 1937 J - J 1950 A -0 795 703 7912 4s 4 793 4 69 -773 -82% 4 San Fran Terml 1st 1943 J - J Tex & N 0 con gold 5s 913 Apr '14 4 1955 J - J 843 Sale 8413 So Pee RR 1st ref 4s 85 -iOi -ii5; -ii693 8 56 - .1 983 Sale 9834 June'149812 101 1994 J 4 Southern-lst cons g 5s 1994 J - J - - - 9912 98 June'15 ---- 98 Registered 98 -12 Develop & gen 4s Ser A 1956 A - 0 61 Sale 6112 6212 77 6112 69 1938 M- S *72 71 June'15 ---- 71 76 Mob & Ohio coil tr g 4s 5512 _ _ 100 1996 J - J Mom Div 1st g 4J-5 55 June'15 -_ -_ 9834 100 1951 J - .1 May'15 St Louis div 1st g 4s Ala_-_1 8334 J - J laa3- 101 104% 4 1 1918 '38 833' -------Ala Cen 1st g 68 ---96 993 May'14 ---4 Gt Sou 1st cons A 5s I943 J - D _ _: . : , At!& Char A L 1st A 4M81944 J - i : __ . 94 4 June'15 ---- -ii- -6i771 1948 J - J 79 ___ 8315 Apr '15 ---- 8318 85 8 Atl & Danv 1st g 4s , 1948 J - .1 _ _ __ _ _ 8214 Feb '12 ---- -_-- ---2d 48 1949 A - 0 ---- ---- 753 Dec '14 ---- _-_- ---4 Atl & Yad 1st g guar 4s 1916 J - J ___-__: 1003 J'ly '14 ---8 Col & Greenv 1st 6s 1930 J - J 1025 May'15 ---- 1025 ioiki 8 8 E T Va & Ga Div g 5s 1 n,, I 1956 NI- N 1E 2 1131 --- 2 1- , 11131 Con 1st gold 5s 7 10332 10452 Lv...-2 1938 M- 5 --- 993 99 June'15 4 E Ten reor lien g 5s 1946 A -0 _ -- 65 6412 May'13 ---- 99 Ga Midland 1st 3s 99 1922 .1 - J 10612 __.'.- 107 June'15 --- .10(i - io'fGa Pac Ry 1st g 6s 1925 J - J 11018 May'14 ---- _--- ---Knox & Ohio 1st g 6s 1 104 prior lien g 5s-1945 J - .1 -E 3- - __ - 10512 Nov'12 ---- _ Mob & Bic ---1945 J - J --Mortgage gold 43 79 Mar'13 __ 28Rich & Dan deb 5s stmpd _1927 A -0 --------102 May'15 ------------- . - 5- 4 1948 M N g 4s 73 Sep '12 ___ Rich & Meek 1st 1919 M- N lad - idi 100% May'15 ---- 11511 ilil So Car & Ga 1st g 55 1916 M- S __ _ Virginia Mid ser C 6s 100, 1\lar'15 --- 1004 10014 4 1921 M- 5 101 - LT.: 1033 Nov'12 ____ ____ ---Series D 4-55 4 1926 CI- S 102 Dec '13 Series E 5s -- ---1931 M- S 1621 :::: 104 Mar'13 2 Series F 5s 1930 81-N 103 ____ 103 General 53 103 --i ilii - iiiiii Va & So'w'n 1st gu 5s2003 J - J 100 101 100 July'15 ---- 9812 101 1st cons 50-year 5s 1958 A -0 8114 Sale 8114 8114 1 813 83 4 F j 1924 j _ A ::..: _ii _ 92 W 0& W 1st cy gu 4s June'13 -- ___ ---Spokane Internet 1st g 55_ 1955 0612 June'14 -Tee A of St L 1st g 4A8---1939 A -0 94 -12 98 99 3,1 a r'15 661; -9 , -61'2 let con gold 5s___1894-1944 F - A 10114 10258 101 May'15 -------- 10034 102 1953 J - J --- - 813 Gen refund s f g 4s 84 June'15 ---- 83 84 St E m Bridge Ter (tit g 58 1930 A - 0 100 Mar'15 --- 100 100 6Z- -6S7; 937 2000 J -D 937 Tex & Pac 1st gold 58 96 10 93 8 g2000 Mar 30 32 29 May'15 ---- 29 28 gold Inc 5s 3614 58 1931 J - J 85 90 La Div B L 1st g 95 May'14 --._ ____ ---W Min W & N W 1st gu 58 1930 F - A _-__ 95 10612 Nov'04 ---- - - 7-7: 193' J - J 01 1 Tol & 0 C 1st g 5s 9914 June'15 ---- -9914 1935 A - 0 --------101 Aug '13 --_- .--- I'M Western Div 1st g 55 ---1935 J -D ---- 100 10112 Apr '14 General gold 5s 1990 A -0 Kan & M 1st gu g 4s 2 86 Mar'15 _-_ -ij- -i611927 J - J -92 - -93 - 94 July'15 ---. 94 -year 5s 28 20 96 1917 J - .1 62% Salo 625 Tol P & W 1st gold 4s 8 6258 5 6212 68 Toi St L & W pr lien g 3%8_1925 J - .1 72 80 76 Apr15 - 70 78 1950 A -0 44 -year gold 48 50 4612 473 June'15 -_-_-__ 4213 6314 4 1917 F - A 15 30 Coll tr 4s g Scr A 43 June'14 Buff 1st g 4s__81946 J - D *8012 _- - 8212 Mar'15 ---- -i iii; -fi'lli Tor Ham & Ulster & Del 1st con g 513_1928 .1 -D 1003 Sale 1003 4 4 1003 4 3 9812 101 1952 A -0 74 __ . 74 Mar'15 74 1st refund g 4s 74 1947 J - .1 9414 Sale 941s Union Pacific 1st g 4s 9434 146 9418 9718 1947 J - ---------952 May'15 ---- 93 Registered 1 9518 1927 J - .1 8818 Sale 88 -year cony 4s 20 9114 8812 89 88 g2008 M- S 8518 Sale 8513 1st & ref 48 14 851s 9214 86 9118 Ore RR & Nay con g 4s___1946 .1 -D 88 Sale 88 5 88 88 8 5 10712 10913 Ore Short Line 1st g 65_1922 F - A 108 1087 1077 8 108 1946 J - .1 103 10412 1043 1st consol g 53 3 103 106 4 1043 4 Is 1929 J -13 8812 89 Guar refund , 877 8 883 4 15 8712 91% 1926 J - J 103 1045 10318 June'15 ---_ 1()318 10318 Utah & Nor gold 5s 8 1933 J - .1 --_- --_ 1st extended 4s ____ --1955 F - A _____ -03- Apr '13 -_-_-_-_ _____ -Vandal's cons g 4s Ser A 1957 M N Consol 48 Series B __ _ _ 9214 May'14 Vera Cruz & P 1st gu 4%s 1934 J - .1 _ _ _ _ 90 94 Oct '12 ___ __ 1962 M-N 9312 Sale 9314 Virginian 1st 5s Series A Oh 93 4 9918 9312 , •No pries Friday: latest bid and asked. a Due Jan. h Due Feb. 8 Due May, Due June. 8 Due July, k Due Aug. 0 Due Oct. p Due Nov. g Due Dec. 110Dt1011 sale. Bid Ask Low High No. Low high NY Cen & H RR (Con.) 95 ___ _ 97 Feb '15 96 Utica St 131k Riv gu g 4s_ --1922 J - J 97 1997.1 -D 81% 8214 81% June'15 8113 8414 Lake Shore gold 31-is - ---- 8112 June'15 1997 .1 -D 81 82 Registered 9) 90 --11 90 1928 M- S --- Sale 90 9312 Debenture gold 4s 8914 Sale 89 18 89 -year gold 43 1931 M-N 9278 25 8914 1931 M-N - - - ---- 917 June'14 Registered KaA &GR 1st guc 5s 1938 J - .1 -_. ------------- ---Mahon C't RR 1st 5s 1934 J - J 10312 - - -- 10714 Apr '14 103 jai Pitts & L Erie 2d g 5s_a1928 A -0 10418 10412 103 Jan '15 Pitts McK & Y 1st gu 6s 1932 J - .1 114 ---- 13018 Jan '09 1934 J - .11 111 116 12314 Mar'12 2d guaranteed 6s McKees & BY 1st g 68-1918 J - .1 101 8 1931 M- 9 102 ---_ 1023 May'15 1 624 1E3. 8 Michigan Central 5s 1931 Q-M ---- ----10312 May'14 Registered 1940 J - J --------98 Apt '12 4s 1940 .1 - J --------87 Feb '14 Registered 90 June'08 J L & S 1st gold 3Ms.._ _1951 M- S 797 8114 80 ___ 8114 June'15 1952 M-N 1st gold 33s 2 1929 A - 0 7814 801 8012 20 -year debenture 4s 80 2 20 7814 83 , 11 9114 June'15 ---- 9012 933 93 NY Chic & St L 1st g 4s 1937 A - 0 4 -- ---- 9234 J'ly '14 -. Registered 1937 A - 0 -- 77 7612 June'15 -- 7612 7914 Debenture 45 1931 M-N 89 West Shore 1st 45 guar. .2301 .1 - J --.. Sale 89 8912 16 88 9212 1 857 893 8812 8014 Registered 2301 J - J 80 8 8614 4 997 -_ 100 Mar'15 ---- 100 100 8 N Y C Lines eq tr 5s__1915-22 M- N Equip trust 438s__1916-1925 J - J ---- ---- 98 J'ly '14 ---NY Connect 1st gu 440 A.1953 F - A --------9412 May'15 ---- 9412 9514 NYNH& Hartford 82 '77 J'ly '14 1947 M- S 78 Non cony deben 4s 1947 M- S 67 70 63 Feb '15 ---- 63 63 Non-cony deben 3348 67 June'15 ---- 64 67 Non-cony deben 35is 1954 A -0 6718 70 1955 J - J 77 81 Non-cony deben 45 71 778 May'15 7758 763 80 4 76 Apr '15 ---- 70 1956 M-N Non-cony deben 45 76 13 6112 6912 6814 Cony debenture 3;is 1950 J - J 6814 Sale 68 1948 .1 - J 11012 Sale 11012 11034 47 101 112 Cony debenture 6s Cons Ry non-cony 4s 7512 1930 F - A Non-cony deben 4s 73 ---- 9112 Jan '12 1954 J - J Non-cony deben 4s 1955 .1 - J 73 ---- ---- -----Non-cony deben 4s 1955 A -0 --- ---- -- -----Non-cony deben 4s 1955 J - J --,- - -- ---- -----Harlem R-Pt Ches 1st 45_1954 M-N 88 ---- 9914 Nov'12 B & N Y Air Line 1st 4s 1955 F - A --------9913 June'12 Cent New Eng 1st gu 4s 1961 J - J ---- 7 812 79 May'15 Hartford St lty 1st 4s 1930 M- S -- -- - - 4 Housatonic R cons g 5s193I NI- N 10512 1063- 10512 May'15 Naugatuck RR 1st 4s1954 M-N 90 --- - 87 J'ly '14 N Y Prov & Boston 4s 1942 A -0 --------88 Aug '13 NYWeches&13 1st ser I 43is'46 J - i 77 Salo 7612 77 8 -66 2 1 Nil & Derby cons cy 5s 1918 WI- N 100 _--- 107 Au '()9 Boston Terminal 1st 4s__ _1939 A -0 -------------------New England cons 5s 1945 J - J ---------------.-Consul Is 1945 J - .1 --------9912 Mar'12 Providence Secur deb 48_1957 MN --------56 Apr '15 ---- 65 6812 Prov & Springfield 1st 5s_1922 J - J --------997 I -cc '14 Providence Term 1st 4s 1956 M- S ---- ---- 835s Feb '14 W & Con East 1st 43s1943 41 - J -,:::.- -,;.:- -z.:- -- .:N Y 0 & W ref 1st g 4s__g1992 M- S , 5 if 8258 w ‘, ' 7 ---Registered $5,000 only__g1992 M- S ---- - - 9212_ June'12 1955 J -D ---- 7512 76 June'15 ---- 7512 80 General 48 Norfolk Sou 1st & ref A 5s 1961 F - A - - -- 83 94 June'14 96 101 101 May'15 , Norf & Sou 1st gold 5s 1941 11 1-N iesi - 102 Norf & West gen gold 6s._1931 M- A 114 11612 118 June'15 ---- 11714 118 Improvement & ext g 6s_1934 F - A 11612 ---_ 119 Feb '15 ---- 119 119 New River 1st gold 6s 1932 A -0 114 ____ 119 Apr '15 ---- 119 119 N & W Ry 1st cons g 4s 1996 A - 0 87 88 8714 8812 77 8714 94 94 May'14 Registered 1906 A -0 ____ 92 Div'l 1st Hen & gen g 48_1944 J - J ---- 88 873 June'15 4 8718 8812 1 .87 111.12 1932 J -D .102 10312 10232 10 -year cony 4s 10238 -25 2 9934 103 10 -year cony 4s -20 103 1932 M- S *102 10312 103 M- S 10112 10314 10312 July'15 10 -25-year cony 43.0_1938 101 10512 Pocah C & C Joint 4s 1941 J - D 874 ---- 8712 8712 9014 8712 C C & T 1st guar gold 5s 1922 J - J 10012 --- 1053 Jan '13 4 -- - Selo V & N E 1st gu g 4s 1980 M- N 91 89 June'15 89 91 8 903 Nor Pacific prior lien g 4s__ _1997 Q - .1 ---- Sale 9018 9038 204 883 9318 4 917 June'15 Registered 8 1997 Q - J ---- 90 8834 92 194 62 General lien gold 3s 63 (12047 Q - F 621 Sale 6212 66 Registered a2047 Q - F ---- ----632 June'15 ---- 6112 6312 1 St Paul-Duluth Div g 4s__ 1906 J - D 903- --- 9034 June'15 --- 90 4 9034 4 3 Dul Short Line 1st gu 5s__1916 M- S ------- 10012 Sep '13 _ ; St P & N P gen gold 6s_1923 F - A 1095 -_-- 1095 8 109% -io 10014 1111 Registered certificates__1923 Q - A .,.. - - __ _ 1153 Aug '11 8 St Paul & Duluth 1st 5s.._1931 F - F 1027 ---- 102 Feb '15 ; idi - 102 2d Si 1917 A - 0 _ _ _ _ 102 10014 Jan '15 -- 10014 10014 1st consol gold 4s 1968 .1 -D 88 ---- 88 June'15 --- 88 88 Wash Cent 1st gold 4s__ _1948 Q -M --------8113 Dec '13 Nor Pac Term Co 1st g 6s_1933 J - J --_r- III 111 June'15 111 113 Oregon-Wash 1st & ref 4s 7I1 8212 86 May'15 --- 8312 88 1961 J - J 97 9513 June'15 --- 94 Pacific Coast Co 1st g 58_1946 J -D 95 9814 953 9612 98 June'15 --- 96 98 8 Pennsylvania RR 1st g 48_1923 M-N Consol gold 5s 1919 M- S 102 ---- 102 May'15 --- 102 102 Consol gold 4s 9612 --- 9712 May'15 s7 9712 9812 1943 M-N Convertible gold 38is___01915 J -D 10018 Sale 10018 100% 27 9938 1007 8 Consol gold 48 9815 1948 M-N 97 --„98 97 9814 Consol 434s when issued_ _1960 F - A 10212 1025 10212 ; 10278 144 10214 1047 8 89 97 General 4H8 when issued 1965 --9712 Sale 9714 975 8 9814 Alleg Val gen guar g 4s__ _1942 M- S -„..-92 94 May'15 9358 94 D R RR &B 'ge 1st gu 4s g 1936 F - A 9134____ 91 Mar'14 -Phila Salt & W 1st g 4s 1943 M- N 9512 ---- 9918 J'ly '13 ---Sodus Bay & Sou 1st g 53_2924 .1 - .1 --------102 Jan '03 ----Sunbury & Lewis 1st g 48_1936 J - .1 -----------------UN J RR & Can gen 4sI944 M- 9 *9814 ---- 983 Fel;'1. 4 , 1: -08 3 ; Pennsylvania Co 20 9934 10238 8 Guar 1st gold , 100 Ms 1921 J - .1 997 Salo 998 _ 100 Registered 993 June'15 --- 9912 100 4 1921 J - J .... _ Guar 3Yi6 coil trust reg A_I937 M- S --------842 Apr '14 Guar 35is coll trust ser B_I941 F - A 8312 86 84 June'15 ---- 84 8412 Trust Co ctfs gu g 3s 9918 ---- H's June'15 --- 99 1916 M- N 9914 Guar 3s trust ars C 1942 J - D 83 --- - 83 Feb '15 --- 83 83 Guar33is trust ctfs D 1944 J -13 - - -- 841 84 J'ly '14 Guar 15 -year gold 4s 1931 A -0 -------- 9314 -25 9314 924 9412 40 year guar 4s ctfs Ser E- 1952 M- N ---- 91 928 May'14 Cin Leb & Nor gu 4s g1942 M- N ---- 8712 9312 Apr '14 CI & Mar 1st gu g “is 1935 M-N --------98 May'14 4 CI& Pgengug 43isser A..1942 .1 - J *1003 ---- 1013 Nov'13 8 Series B 4 4 1942 A -0 *1003 ---- 1093 J'ly '09 Int reduced to 33.s 1042 A -0 8412 _-_ 9114 Feb '12 Series C 33 8314 -- 901s Oct '12 0 , 1948 M- N Series D 3018 8418 ---- 833 June'15 4 1950 F - A 833 833 4 4 Erie & Pitts gu g 33 B 1940 J - J 8412- 8614 May'14 -is Series C 1940 J - .1 8412 - - - - 90% J'ly '12 Gr R & I ex ist gu g 4%8_1941 J - J *95 ---- 95 --i -6E- 166 95 Ohio Connect 1st gu 4s_ 1943 M- S --------93 May'14 Pitts Y & Ash 1st cons 58.1927 M- N 10214 - - 109 May'10 4 9712 9712 9713 Tol W V & 0 gu 43-4s A_1931 J - .1 -9711 Sale 9712 Series B 430 1933 J - .1 973 - - 9814 June'15 9814 9814 Series C 4s 1942 M- S ---- ----9313 J'ly '14 P C C& St L gu 436s A.._ 1940 A - 0 973 993 993 June'15 , 4 4 4 99 1011; 34 9912 10112 Series B guar 4 1942 A -0 973 983 993 June'15 4 4 Series C guar 9734 1942 M- N 10113 Feb '15 10112 10112 Series D 4s guar 92 9258 June'15 1945 M- N 90 9212 9334 Series E 3345 guar gold_1949 F - A 893 -- - 9158 July'15 4 90 915 8 "eries F guar 48 gold__ _1953 J - 13 _ 9514 Jan '14 Series 0 45 guar 1957 M- N _ 5; 933 May'15 4 -E3 933 4 C St I":& P 1st cons g 58_1932 A -0 ---- --- 10612 May'14 • Peoria & Pekin Un 1st g Os 1921 Q- F 10158 _-- 1013 May'15 • 8 10133 10133 2d gold 43 -Is 81921 M-N -__ 89 Feb '14 • Pere Marquette -Ref 4s____1955 J - J ____ 20 -1112 1112 June'15 • Refunding guar 4s 1955 .1 - J---- 19 40 Dec '13 • Chic & West Mich 5e 1921 J -13 69 __ 73 May'14 . -_ -- 2 ---- ---- ---- ---- ig: -------- -- -- BONDS N. Y. STOCK EXCHANGE Week Ending July 9. ;'.?. Street Railway Brooklyn Rapid Trun g Is...1045 A - 0 let refund cony gold 4s_2002 J - J 6-year secured notes 5s__ _1018 - J Bk City let eon 5s_1916-1941 J .J Bk Q Co &S eon gu g Is 1941 111-N 1941 J - J Bklyn Q Co & S 1st 5s 1950 F - A Bklyn Un El lot g 4-5s 1950 - A Stamped guar 4-5s Kings County El 1st g 46_1049 F - A Stamped guar 4s 1949 F - A Nassau Else guar gold 48_1951 J - J Chicago Rye 1st 5s 1927 F - A Conn Ity & L lst & ref g 4As 1951 J - J 1951 - J Stamped guar 45-6s Dot United 1st cons g 4;s.A932 J- J Ft Smith Lt & Tr let g 5s 1936 M- S Grand Rapids Ry IstIg 59_1916 J -D Havana Elea consol g 5s 1952 F - A Hutl dc Manhat 5s Ser A 1057 F - A Adjust income Is 1057 N Y tic Jersey 1st 58 1932 F - A Interboro-Metrop coil 4 As_1956 A -0 Intorboro Rapid Transit— • let & refunding 5s 1966 -J Manhat Ry (N Y) cons g 4s_1090 A Stamped tax-exempt 1990 A Metropolitan Street Ity— Bvray & 7th Av 1st a g 5s_1943 J -D Col & 9th Av 1st gu g 5s_ A993 M- S Lox Av & P F 1st gu g 53_1993 M- S Met NV S El (Chic) 1st g 4s_ _1938 F - A Milw Else Ry & Lt cons g Is 1926 F - A Refunding & exten 4As...1931 J - J Gen & refund Is ser A_ _ _ _1951 J -D MInneap St let cone g 5s_ __ _1919 J - J Montreal Tramways let & re 1941 J - J -year 55 Ser A 30 New On Lt gen 450-1935 J - J N Y Rys 1st R E & ref 45_.1942 - J 30-year ad1 Inc 55 u1942 A N Y State Itys 1st cons 4 3-68_1962 M- N , Portland fly 1st & ref 5s_ _ _ _1930 M- N Portland IV Lt dr Pow 1st & ref cony s f 5s 1942 F - A Portland Gen flee 1st 53_1935 J - J St Jos Ry, L,II & P 1st g 55_1937 M- N St Paul City Cab cons g 5s_ _1937 J - J Third Ave 1st ref 4s 1960 J - J Ad) Inc 5s 61960 A Third Ave Ry 1st g 58 1937 J -J Tr -City Ry & Lt 1st s f 5s_1923 A Undergr of London 4)s_ _ 1933 .1- J Income 6s 1948 Union Elev (Chic) 1st g 5s 1949 United Rys Inv Is Pitts iss..1926 rd-N 1931 J -J United Rys St L 1st g 48_ St Louis Transit gu Is A924 A United fills San Fr s f 48. 1927 A Va Ry & Pow 1st & ref Is.... _1934 J -J Range Since Jan, 1 Week's Range or Last Safe Ask Low High No. Low High 7 97 10212 Sale 100 1003 s 4 86 90 913 4 95!2 93 90 June'12 -i6 897 Mar'15 7 ; 8 65 _ _ 75 Apr '14 78 1812 34 20 Sale 20 21 21 20 21 June'15 27 1812 27 21 June'15 1912 Sale 1912 2412 1958 45 19 30 17 Sale 17 1814 45 17 99 100 - 101 100 May'15 _— 80 Aug '12 6014 55 60 601s 58 May'15 60 723 4 6612 _ 6612 Mar'15 5 July'15 5 84 , 17s Sale , 17 8 2 2 82 912 812 2 214 21 .2 214 Sale 12 13 3 8 178 13 4 21s is 14 14 June'15 14 112 3 8 7 8 14 Is 38 June'15 803 813 8 8 4 82 _ _ _ 803 June'15 65 65 65 M ar'15 92 __ 54 7112 69 6818 Sale 681,3 1007 10212 8 102 102 Sale 102 75 7812 4 76 763 76 June'15 1718 1718 20 - _ 171s May'15 9812 100 _ _ _ _ 973 9812 June'15 4 9512 No v'13 __-. 96 92 02 -- - -- 92 Apr '15 49 51 51 54 653 51 4 90 Apr '14 84 84 84 Apr '15 82 82 87 81 82 8412 8512 85 June'15 82 87 Bid 100 4 10212 1023 4 81 80 5 100 10018 58 10014 1001i 1 08 Apr '14 101 May'13 99 11 1S;1e 99 -0403 8 4 , 1 99% 993 8 3 ---- 8212 827 Apr 15 ---8212 Jan '15 — 72 75 73 June'15 ---94% 943 9412 4 943 4 3 10173 June'12 9214 -- 964 June'14 1 7012 72 71 71 ---- 84 Jan '14 _ 100 June'14 -661] __ _ 90 92 Apr '14 14 7158 Sale 715s 72 25 Sale 25 26 35 9914 753 -155 4 Sale -fg75 10214 1023 4 80 Sale 100 Sale 1003 101 4 -_ - 10014 1033 8 793 8512 4 987 10012 8 10014 101 _ -66 9938 8212 8212 73 94 10112 10012 8312 8212 78 971s 053 70 4 715 25 797 291s -731a 79 -12 8 4 97 Sale 963 4 971s 131 963 985 ___- 893 8812 June'15 4 91 88 oq 8812 8812 6 8812 9114 9714 98 9712 9712 9812 97 June'15 ---- 993 101 Apr '14 4 80 Mar'14 i5118 1011s June'15 913 9218 925 Feb '15 4 ---- 88 9912 ---- 155- NoVii --__ 95 - - - 85 70 Salo 50 Salo --_- 8412 9414 Feb '15 78 Feb '15 70 705 8 50 51 86 Apr '15 9918 Feb '15 1 9712 101 97 99 8 1 1 i611-01 8 9258 925 8 15 39 941/ 4 78 70 50 84 991s 9414 78 7314 55% 86 9918 -_ _ _ ---_ ____ 41 --- ---- 02 Mar'14 100 100 - 100 May'15 -- __----- 98 Nov'08 ____ 10312 Feb '13 4 7912 8258 8034 7912 8012 61 75 82 76 Sale 7512 10614 106 June'15 10512 107 9512 943 9714 4 961s 9512 9612 J'Iy '14 94 8712 J'ly '14 90 _ 84 Oct '08 65 June'13 71 66 6312 6312 6:312 May'15 6912 5938 Mar'15 5938 59% Sale 41 43 153 40 5558 8612 88 June'15 88 8912 103 103 105 83 ---7512 106 9512 --___ _ 10112 May'14 5 103 103 54 June'13 97 Feb '15 11614 §1 - 11614 0 -0 1163 4 58 111018 103 100 June'15 055 Sep '08 8 fail; 101 s 10218 July'15 510012 May'15 98 _ _ _ _ 100 Feb '13 102 _ _ 10238 June'15 02 Mar'14 102 - 91 _ 101 June'15 11012 4 113 113 12212 Dec '12 11814 118 June'15 88 Apr '15 15i 10112 10114 10 10114 9934 10014 'J912 9912 10 90 .._ _ _ 9112 June'15 103 103 June'15 -103 i(: 38 103 103 5 4 82 82 8212 105 109 107 1 107 10012 1003 101 July'15 4 9212 J'ly '09 933 9412 94 8 July'15 91 Feb '15 9912 _ _ _ 993 4 993 4 114 114 June'15 10012 Sale 10012 10012 99 Sep '13 i6i - 10212 101 May'15 ____ 10012 100 May'15 4 3 Mar'12 3 100 Jan '15 95 Feb '15 9634 June'14 - - - - 91 - - 9214 93 June'15 98 100 100 Mar'14 2 jai- 1641-07 8 1095 11812 9912 100 10114 103 10012 10012 10114 10312 i61134 10434 113 113 11E- 11812 877 88 8 10014 10114 97 101 901s 913 4 103 103 10114 10312 82 855 8 10614 107 0914 101 - --91 9412 8512 91 9934 9934 110 115 10018 10112 101 103 997 1003 8 8 100 95 -8812 100 95 -- _ 95 -- - ':-:',, BONDSWeek': Range or PriceFriday N. Y. STOCK EXCHANGE 12 Last Sale .-s 14July 9. Week Ending July 9. o Range Since Jan. 1 High No. Low High Ask Low Bid Syracuse Light & Power Is....1954 ---- ---- 8512 June'12 Trenton G dr El 1st g 5s.._ _1949 9914 __ __ 10112 June'14 9712 iof Un on Elec Lt & P 1st g 55_ _1932 8 ---- 993 9712 June'15 90 Reunding & extension 55_1933 89 89 Mar'15 ---- 89 Utica Elec Lt & P let g 58_1950 96 10214 10214 ___ 10214 Mar'15 Utica Gas & flee ref 55_ _ _ _1957 _ 10014 Dec '11 _ Westchester Ltg gold 5s____1950 161 163 102 July'15 thi” ioi Miscellaneous Adams Ex coil tr g 48 75 7412 7518 7412 July'15 1948 70 Alaska Gold M deb Os A _ 140 145 131 June'15 1925 118 150 Armour & Co 1st real est 4)5'39 9131 42 0012 93 913 Sale 9158 4 Bush Terminal 1st 48 1952 84 86 84 June'15 853 4 84 Consol 5s 8412 June'15 84 90 1955 8412 90 Bhigs 5s guar tax ex 1960 83 87 -- 8512 85 May'15 Chile Copper 10 11512 Sale 11512 -year cony 781923 1173 s 67 11512 117% GranbyConsNIS&P corn 6s A '28 103 107 1013 June'15 4 98 111 Inspir Cons Cop 1st cony 03_1922 12512 Sale 1247 8 12812 91 97 14014 5-year cony deb 6s 22 9434 15712 12478 Sale 12478 1919 128 30 4014 Int Mercan Marine 4 is_ _ _ _1922 54 Sale 54 5712 95 Certificates of deposit 5312 Sale 5312 5712 139 3312 5712 flit Navigation 1st s f 5s__1929 51 Sale 51 3 36 53 57 Montana Power 1st 55 A__ _1943 18 884 0212 ____ 90 90 91 Morris & Co 1st s f 45is_ _ _ _1939 ---_ 90 8812 Jan '14 Mtge Bond(N Y)4s ser 2__ _ 1966 --------83 Apr '14 10-20-yr 5s series 3 ____ 100 J'iy '14 1932 _ N Y Dock 50-yr 1st g 45_ _ 1951 75 71 June'15 72 75 71 Niag Falls Pow 1st Is 1932 100 101 100 June'15 100 101 Ref & gen 68 10412 --------- _ a1932 Niag Lock dr 0 Pow 1st Is. _1954 ---- ---- 8912 Mar'15 89's 91'g Ontario Power N F 1st 5s._ _ 1913 9414 94 Sale 94 894 558 92 95's Ontario Transmission 5s____1945 ---- 9012 8618 May'15 8618 90 8111s Pub Serv Corp NJ gen Is.. _ _1959 87 87 ---- 87 Ray Cons Cop 1st cony 6s_ _1921 115 Sale 115 14 103 130 117 Sierra & S F Power 1st 5s_ _-1949 - 88 9214 Feb '14 Wash Water Pow 1st 51_ _ _1939 .10112 - _ _ _ 10312 Jan '14 ---Manufacturing & Industrial Am Ag Chem 1st c Is 10 09 8 1035 10012 Sale 10012 1928 101 1 92 7 02 Cony deben 5s 1924 931s _ 11 _ 93 93 Am Cot 011 ext 4;-58 p1915 100% 16612 1003 1 997 10012 10038 s 8 Debenture 5s 9112 933 933 1931 4 4 933 4 10 Am hide & L 1st s 1 g Os__ _A919 10212 Sale 10214 10212 102112 104114 9 2 93 2 0 Amer Ice Sccur deb g 6s_ _ _1025 84 87 85 June'15 80 8912 Am Smelt Securities 8 1 Os_ _1926 10514 Salo 10514 106 0 : 312 106 1 103 , Am Spirits Mfg g 65 975 100 1915 8 95 June'15 9212 95 Am Thread 1st coll tr 48_ _ A919 9312 95 9312 June'15 Am Tobacco 40 -year g 6s....A914 11912 122 117 June'15 115 12118 Registered 1944 --- _ ____ 12134 May'14 Gold 4s 1951 ---- 95 97 Apr '15 97 981s Registered 1951 -- - - __ _ 98 June'14 Am Writ Paper 1st s f 5s_ _ _ 1919 537 Sale 5312 8 5512 43 517 70 8 13aldw Loco Works 1st 58_ _ _1940 101 10258 103 May'15 10034 103 Beth Steel 1st ext s 1 Is 1926 101 1007 Sale 1003 s 4 16 9813 101 9512 192 8518 95% 1st dr ref 53 ^uar A 94 Sale 94 1942 Cent Leath 20 993 Sale 9914 4 -year g 5s_ _ _ _1925 993 4 28 9678 9934 Consul Tobacco g 48 --- - 98 1951 9734 Jan '15 9734 973 4 9618 ____ 953 June'15 Corn Prod Ref 51 g Is 1931 s 9238 9412 93 1st 25 1934 -year s f Is 93 94 92N 95 97111 Cuban-Am Sugar coil tr Os_ _1918 9912 997 997 June'15 8 8 95 997 8 623 Sale 62 Distil Sec Con cony 1st g 5s 1927 4 6314 48 4614 673 4 E I du Pont Powder 4)4s.. _1936 9512 Sale 95 9612 190 84 97 General Baking 1st 25-yr 68_1936 8712 J'ly '14 7414 7814 74 June'15 Gen Electric deb g 3;• 1942 -is - 19 10158 10314 10112 102 --io 10112 105 48 Debenture 5s 1952 190098 11 00 1111 Gen'l Motors 1st lien 6s 8 ---- --__ 1005 June'15 1915 Ill Steel deb 43-4s 8612 Sale 861s 1940 863 103 827 87 4 8 1003 Sale 1003 Indiana Steel 1st Is 8 1952 8 1005s 38 100_ 100 Oct '13 Ingersoll-Rand 1st Is q1935 Int Paper Co 1st con g 6s_ _ _1918 100 100 ---- ii 100 i61 2 1Consol cony s f g Is 1935 8 797 79 June'15, 75 783 82 4 Int St Pump 1st s f 5s 58 1929 - - - - 6012 58 Cents of deposit S6 60 60 June'15 58 32 6 0 8 0 9112 Lackaw Steel 1st g 53 9058 9134 9112 1923 89 9312 1st con5s Series A 71 Sale 71 34 65 72 1950 75 1213 4 1213 Salo 1213 4 12134 12412 Liggett & Myers I' obac 7s 1944 4 4 101 55 101 Sale 101 8 9912 102 1951 119 12012 12012 July'15 Lorillard Co (I') 78 1944 12012 124 5s 997 Sale 997 8 1951 8 1001s 22 083 1 12 95 4 00 Mexican Petrol Ltd con 6s A 1921 3 10014 Sale 10014 10012 1st lien & ref 6s series C__ _1921 100 10312 102 May'15 95 110 Nat Enam & Stpg 1st 5s.. 9312 9312 94 9312 5 92 1929 9312 Nat Starch 20-yr deb 5s___ _1930 831s _ _ _ 83 June'15 83 85 National Tube 1st Is 1952 973 9818 977 4 8 977 8 95 9978 N Y Air Brake 1st cony 68_1928 9712 0814 98 June'15 90 98 Railway Steel Spring— Latrobe Plant 1st 8 f 53._ _1921 97 98 9814 June'15 9514 983 4 Interocean P 1st s f 5s _ _ A931 _ 9014 9112 91 June'15 90 93 Repub I & S 10-30-yr 5s s f 1940 93 935 93 8 9314 20 9012 933 4 Standard Milling 1st Is 1930 8912 July'15 8912 92 08;2 100i 872 92 1 : The Texas Co cony deb 6s_ _1931 9934 Sale 095 8 9934 24 Union Bag & Paper 1st Is.._ 1930 75 ____ 75 Mar'15 75 75 Stamped 1930 9114 Jan '13 - - - -612 Sale 6912 US Realty& I cony deb g Is 1924 70 1931___ 277 2814 July'15 8 U S Red & Refg 1st g 6s 8 2 0 8 38 7 0 10233 Sale 1023 US Rubber 113-yr coil tr 6s....1918 3 10212 25 10118 10318 1013 Sale 10112 US Steel Corp--f coup ____d1963 1013 368 997 102% 4 8 ---- ----1011 2„ 1 993 1023 10112 51963 10-60-yr 581reg Sf 4 4 3 89 Va-Car Chem 1st 15-yr Is.._1923 957- 9612 9614 8 97 9712 101 Sale 101 10112 25 1897 1023 . West Electric 1st 5s Dec_ _ _ 1922 0 : 05 8 01 414 10514 Sale 1013 Westinghouse E & M s f5s__1931 4 1053 3 10412 136 10314 10412 10114 Sale 101 Certs of depoFit 1003 1007 1003 July'15 3 10-year coil tr notes 5s____1917 8 s 9814 10118 Coal & Iron Buff & Susq Iron s f 55 86 -___ 92 J'ly '14 1932 78 June'15 7712 85 Debenture 5s a1926 75 78 90 90 85 Col F & I Coccus f g 5s____1943 92 9 87 92 Col Indus 1st & coil 5s gu__ 1934 7212 7412 71 June'15 7412 70 Cons Ind Coal Me 1st 58_1935 ---- - -- - 73 Mar 14 Cons Coal of Aid Ist&ref 58_1950 9218 8514 Apr '15 --881- - 14 83 2 Continental Coal 1st g 5s.__ 1952 991 Feb '14 . ---- 99 Or Riv Coal & C 1st g 6s—h1919 8 - - - - 9453 1023 Apr '06 Kan & 11 C & C 1st s f g 58_1951 ___ 90 July'15 66- - 66 Pdcah Con Collier 1st s f 58_1957 86 867 864 June'15 8 8614 88 St L Rock Mt & P 1st 5s_ _ __1955 _ _ __ _ _ 82 Apr '15 75 82 Trust Co ctfs of deposit 80 85 82 June'15 75 8212 Tenn Coal gen Is 10114 ____ 101 June'15 1951 100 10114 13Irm Div 1st consol 68_ _1917 10112 ___10112 June'15 10014 1013 4 Tenn Div 1st g 65 10112 1013- 10112 June'15 611917 4 10014 1017 s Cab C M Co 1st gu 6s____1922 10212 106 101 Dec '14 Victor Fuel 1st s f Is -___ 7712 73 Apr '14 1953 Va Iron CoaliCoke 1st g Is.1949 82 Sale 82 82 82 i6Telegraph & Telephone Am Telep & Tel coil tr 4s..._1929 8634 88 8612 8718 33 5612 8914 92 Convertible 4s 1936 96 June'15 913 96 4 20-yr convertible 4;is Sale 993 10112 83 96 10314 100 1933 4 Cent Dist Tel 1st 30-yr 5s 1943 • 993 100 8 9918 May'15 983 991a 8 Commercial Cable 1st g 4s.._2397 75- _ __ 8814 June'14 Registered 2397 75 84 79 Apr '14 97 Cumb I'& T 1st & gen 5s_ _ _1937 9658 9714 9612 2 -ig Keystone Telephone 1st 5s. _1935 - ---- 8918 Dec '14 Metropol Tel & Tel 1st s f Is 1918 10012 Mar'15 10012 __ 166- 166 4 3Mich State Telep 1st 5s 1924 _9712 9834 98 July'15 __ 9714 9914 N l' & N J Telephone 5s g_ _1920 1001 _ _ _ 10112 June'15 __-_ 10112 10112 9512 110 94 NY Telep 1st & gen s f 430.1939 8 Sale 94 94129738 Pac Tel& Tel 1st 5s 1937 9712' 10 943 98 9714 9712 9714 4 9778 Sale 975 South Bell Tel & T 1st s f 58_1941 7 9614 99 8 9771 1 8 West Union coll tr cur 5s__ _1938 4 95 9712 ____ 95 95 95 1 Fd and real est g 4 is 1950 915 95 3 915 July'15 ---- 8818 9333 3 Slut Un Tel gu ext 5s 1941 ____ ____ 104 June'll 9017 ._ ( 01, NI a r'11 ) _1934 Northwest Tel gu 4 s g_ llllll Gas and Electric Light Atlanta CI L Co 1st g 5s_ _ _1947 .1 -D Bklyn Un Gas 1st cons g 55_1945 MI-N Buffalo City Gas 1st g 5s 1947 A Columbus Gas 1st gold Is.. _1932 J -J 1920 Q - F Consol Gas cony deb Os Detroit City Gas gold Is._ _1923 J - J Detroit Gas Co cons 1st g 53_1918 F - A Detroit Edison 1st coll tr 58..1933 J - J Eq GLNY 1st cons g 58-- -1932 M- S Gas & Elea Berg Co c g 58_1949 J -D Hudson Co Gas 1st g 5s_ _ _ _1919 M-N Kan City (Mo) Gas 1st g 58_1922 A Kings Co El L & P g Is 1937 A Purchase money 6s 1997 A Convertible deb as 1922 M- S Convertible deb 6s 1025 M- S Ed El III Bkn 1st con g 48_1939 J - J Lac Gas L of St L 1st g 5s_c1919 Q - F 1931 A Ref and ext 1st g 5s 1927 M-N Milwaukee Gas L 1st 4s 1948 J -D Newark Con Gas g Is 1948 J -D NYGEL1I&Pg 58 1949 F - A Purchase money g Is 1995 J -J Ed El III 1st cons g 5s NY&Q El L & 1st con g 5s_1930 - A 1921 M-N NY & Rich Gas 1st g 5s Pacific 0& El Co Cal G & E 1937 M- N Corp unifying & ref Is Pao Pow & Lt 1st & ref 20-yr 1930 F - A 58 Internet Series Pat dr Passaic 0& El 5s_ _ 1949 M- S Peop Gas & C 1st cons g 65_ _1943 A 1947 M- S Refunding gold Is 1947 M- S Registered Ch G-L & Cke 1st gu g 55.1937 - J Con G Coot Chi let gu g 581936 J- D Ind Nat Gas & Oil 30-yr 551936 M- N Mu Fuel Gas 1st gu g 5s_ _1947 M- N Philadelphia Co cony Is. _ _1919 F - A Cony deben gold 5s 1922 M- N Stand Gas & El cony s f 6s.._1926 J -D Syracuse Lighting 1st g is_ _1951 -D Price Friday July 9 , m 0W, m :PO'OZZm"0 :<"0"C'CZ.1ZO'< , ozm0.10'00‹< :4, n0 , Z0.¢ZZOOgg<m00Z"C"" :0m040‹00ZZ 700Z' n" ".OZZO ) , , :0 0m.4<012.<0 :00".m 11.1111 1 lllllllll 11111111,!,111111 111111111111111111111111111111111 4 .111111111111 lll llllll 44 lll l llll llllll '4 .44W;.".IW4.,.,,, Wabash 1st gold 5s 1939 M-N 2d gold 58 1939 F - A Debenture Series B 1939 J -J 1st lien equip s Id g 5s 1921 S 1st lien 50-yr g term 4s__ _1954 -J 1st ref and ext g 45 1956 J - J Cent Trust Co ctfs Do stamped Equit Trust Co ctfs Do stamped net & Ch Ext 1st g 58---- 1941 J -J Des Moin Div 1st g 4s_ __ _1939 .1 - J Om Div 1st g 3 1941 A Tol & Ch Div 1st g 4s 1911 P4- S Wab Pitts Term 1st g 43._ _ _1954 J -D Cent and Old Col Tr Co certs_ _ Columbia Tr Co certfs _______ Col Tr ctfs for Cent Tr ctfs _ _ _ 2d gold 45 1954 Trust Ce certfs Wash Terrill 1st gu 3 _ _ _1945 F - A 1st 40-yr guar 45 1945 F - A West Maryland 1st g 4s_ _ 1952 A -0 West N Y & Pa 1st g Is 1937 J - J Gen gold 4s 1443 A Income 5s d1943 Nov Wheeling dc L E 1st g 5s__ _19211 A Wheel Div 1st gold 58.._ _ _1928 J - J Exten & leapt gold 5s_ _ __1930 F - A 1949 M- $ RR 1st consol 48 1922 J -J 20-year equip s f Is Winston-Salem S 131st 4s_ 1960 J - J Wls Cent 50-yr 1st gen 4s__ _ 1919 J -J Sup & Dul dlv & term 1st 4836 M *No price Friday; latest 117 New York Bond Record—Concluded—Page 4 JULY 10 1915.] bid and asked. a Due Jan. 5 Due April e Due May. 9 Due June. h Due July. k Due Aug. 0 Due Oct. 19 Due Nov. g Due Dec. 7 Option sale. BOSTON STOCK EXCHANGE-Stock Record se. O Vtg. BN. 118 SHARE PRICES -NOT PER CENTUM PRICES. Saturday July 3 *9934 *97 17938 *7318 130 *2914 *235 •___ 100 98 8 1703 7312 130 30 240 10 *45 _ ___ *151 *67 *115 *86 99 5 36 635s 70118 8612 99 5 36 64 14214 143 22 12712 *19 *127 *-_-_-_-_ 122 63 8 7 *63 *80 *5012 52 94 94 23 4 23 4 1612 1612 10712 10712 114 1143 4 1203 121 4 31 *29 86 86 6434 643 4 9812 9812 11 *10 27 27 95 8 95 8 *238 239 167 16714 *10112 10212 *88 8814 89 89 *180 184 *10 *4Q -;a12914 *155 *16 111 *33 *29 *1 1354 51 2812 59 109 25 130 157 1612 1113 4 3334 30 114 136 5114 2812 604 1093 4 Tuesday July 6 Monday July 5 Wednesday I July 7 Thursday July 8. Friday July 9 Sales of the Week Shares STOCKS BOSTON STOCK EXCHANGE Range Since Jan, 1. Highest. Lowest, Highest, 9234 Fob 23 97 Jan 15 170 Mar 5 73 Junel6 109 'Feb 26 20 Feb 13 225 Jan 5 10 Mar23 50 Jan 8 1043 Apr 21 8 100 8 June 4 7 198 Jan 12 96 Jan 5 130 June 9 37 May 4 240 Junc26 10 M a r24 56 Ma r23 8814 Nov .9738 Jan 175 Nov 77 May 150 Dec 3012July 225 May 7 Mar 50 July 100 Jul? 1013 Feb 8 195 Jan 10114 July 179 Feb 55 Jan 255 Jan 712 Feb 60 Jan 39 Jan 20 157 Feb 13 10112 July 9 140 Feb 25 51 Feb 9 114 Apr 20 853 Apr 9 4 92 Mar 4 44 June 7 . 34 May26 43 Feb 25 90 Mar 23 14214 June30 15 Mar17 11612 Jan 4 4 793 Marll 105 Feb 9 61 May15 80 July 1 4612 Apr 27 158 Mar 9 110 Apr 21 165 Jan 12 75 Jan 5 120 Feb 6 88 Mar 3 99 Apr 29 812Jan 7 56 Jan 6 71 Apr 21 98 Apr 29 157 Apr 9 22 June 9 134 Apr 26 807 Feb 11 8 125 Apr 20 7223 Jan 25 931k Feb 4 35 July 160 Mar 103 Dec 162 Nov 75 July 11512 Dec 83 Jan 90 8 Jan 7 9 Apr 54 Dec 497 July 8 100 May 140 July 19 May 1103 Nov 4 82 Apr 115 Jan 65 Nov 82 Dec 40 Jan 163 Jan 107 June 200 Jan 93 Jan 124 May 8 887 Apr 99 Mar 14 Jan 6612 Jan 7772 Jan 112 Feb 165 Jan 30 Jan 1633 Jan 4 85 Jan 130 Feb 75 Jan 95 Mar 5912 May 5 4714 Jan 95 Junell 89 Dec 3 Apr 14 2 Dec 194 Jan 9 17 Jan 0714 Mar 114 Apr 23 116 Junel5 108 Mar 12418 June17 112 Nov 21 Apr 16 14 Mar 9018 June15 7214 Mar 67 Apr 23 5712 Dec 101 Fob 6 9734 June 13 Apr 30 5 Feb 2812 June26 1312 May 1314 Apr 5 912 Dec 260 Jan 22 234 Nov 175 Junel7 137 Dec 104 Mar29 9812 Nov 903 June28 4 7614 Nov 921k Jan 28 85 Nov 200 Jan 4 200 Dec 214 May 14 Apr 20 1214 Feb 8 18 July 4612Jan 26 55 June 20 Apr 15 20 Apr 35 Apr 15 38 Dec 143 Jan 29 128 Nov 166 Junel4 148 Dee 1814 Jan 2 16 Jan 11512 July 6 10112 Nov 35 May 4 27 Feb 30 July 6 27 Mar 134 Apr 21 .95 Dec 14134 May 3 r113 Dec 65 May24 5214 Dee 29I2Jan 8 28 Jan 64 June 4 48 Dec 11114 June 4 1034 Dee 5914 Mar 98 June 4 Jan 22 Jan 11014 Jan 115 Dee 124 Jan 15 Mar 83 Jan 67 Feb 1004 June 9 Jan 163 an 4 1412 k t b 265 Mat 15012 Feb 102 Jan 8 943 Fes 96 Me' 2163 Feb 4 3 Jan 38 Feb 70 Jan 30 Jan 89 Jan 141 Feb 159 Jan 2018 July 1073 Mar 4 31 May 2912 Jan 2 Feb 173 Feb 613 June 4 301s July 6714 Jan 1123 Jan 2 9912 995 995 8 8 Last Sale 15512 Jun'15 9712 8 1793 1793 17712 17712 8 177 73 73 73 7312 73 *130 -2814 2914 29 2914 24 Last Sale 235 June'15 240 Last Sale 10 Mar'15 10 Last Sale 56 M ar'15 Last Sale 612 Nov'13 *72: 6Last Sale 4512 July'15 *4412 ____ 47 .45 Last Sale 158 Mar'15 *__ 158 *__ __ 158 10112 10112 102 102 *102 105 105 Last Sale 150 June'15 *153 161 •153 67 70 66 *66 70 *67 *114 119 Last Sale 115 May'15 *114 Last Sale 8614 June'15 *853 8612 *8512 8612 4 99 4 99 98 *99 993 9912 *99 98 *5 512 *47s 3513 3518 35 *35 35 36 5513 161644 6434 6212 6414 6014 •63 2 Last Sale 95 July'15 *7_7_ Eci*___ 150 *19 22 *17 20 19 10 12712 12712 126 • 126 12538 12533 12418 12428 Last Sale 80 June'15 *120 124 *120 12312 Last Sale 120. June'15 7 7 63 8 63 8 64 64 63 63 *80 __-_ *80 ____ Last Sale 80 i 52 *51 5112 5112 *4912 51 50 50 *94 9412 *94 9412 9414 9412 9412 9412 258 23 4 *214 23 4 *214 23 4 4 *214 23 1612 1612 1534 1614 *1534 16 *1534 17 108 10812 106 107 106 1063 1053 106 4 4 *114 11412 114 114 11414 11414 114 114 121 12158 120 121 120 12012 12014 121 *29 31 *2812 31 Last Sale 21 Aprll'15 8612 8612 86 8512 84 87 85 847 8 643 643 4 4 643 65 65 6.5 4 *98 994 9914 *98 11 *-___ 11 -in- 1610 10 27 2714 264 27 28 26 26 2618 912 914 9., 912 912 *9 , *94 9 4 238 239 23712 23712 238 238 *16712 16812 *164 16512 *16412 16512 185 165 10112 1013 10112 10112 *101 10112 101 101 4 89 89 88 88 89 88 87 88 90 90 89 90 89 90 88 88 181 181 *180 181 *180 181 183 183 Last Sale 14 April'15 *114 1 4 *114 3 , Last Sale 10 June'15 *10 •10 *40 __ _ _ *40 _ Last Sale 40 June'15 Last Sale 20 April'15 -;a- '25 1E- Last Sale 25 July'15 13023 13012 131 131 131 131 130 130 155 155 156 156 155 15514 155 155 *16 163 *16 4 1614 16 1614 *16 1614 112 11512 11212 114 113 113 11212.113 33 521 333 4 3334 3334 *3312 34 3312 3312 30 30 30 28 30 30 114 *1 112 *1 Last Sale 113 ia 13514 136 13312 136 13312 13412 13312 13412 51 50 51 50 50 5012 50 5012 2834 29 *2834 29 *2812 29 283 29 4 604 607 8 5812 69 5814 5914 8 583 60 10912 1093 109 1095 *10918 1095 10934 1093 3 4 8 4 Miscellaneous 32 Amer Agricul Chemical_ 100 48 Jan 5 100 8712 M ar25 52 Do pref 13 Mar17 4 510 Amer Pneumatic Service- 50 50 15 June 7 365 Do pref 100 100 Feb 24 452 Amer Sugar Refining 100 109 Feb 5 35 Do prat 100 116 Jan 4 1,680 Amer Telep & Teleg 100 1612 Apr 6 American Woolen 100 77 Feb 5 389 Do pref 73 Amoskeag Manufacturing-- 5913 Jan 20 9712 may25 22 Do pre( 4 Feb 24 40 ALI Gulf & W 1 S S Lines_100 972 Mar12 100 1,242 Do pre( 9 Junell 10 225 East Boston Land 100 230 May10 108 Edison Electric Ilium 100 1384 Feb 26 27 General Electric 53 McElwain (W H) 1st pret-100 100 Apr 23 335 Massachusetts Gas Cos-100 78 Apr 8 100 85 May24 34 Do pref 8 Mergenthaler Linotype.-.100 154 Feb 8 14 Apr 20 10 Mexican Telephone Mississippi River Power--100 10 June 4 100 35 Feb 23 Do pref New Eng Cotton Yarn__ -.100 20 Apr 15 100 25 July 1 Do pref 56 New England Telephone...100 x12714 June16 100 150 Feb 24 53 Pullman Company 10 16 May 6 7 Reece Button-Hole 100 10424 Jan 4 476 Swift dc Co 25 28 "Mar 8 107 Torrington 25 26 Mar25 57 Do pref 25 .95 Jan 18 Union Conner L 45 M 100 110 Feb 25 1,006 United Fruit 3,058 United Shoe Mach Corp_ 26 50 July 6 25 28 Mar27 171 Do pref 5,987 U S Steel Corporation_ -.100 38 Feb 1 100 10214 Jan 27 302 Do pref 100 8 *99 7 *97 98 180 177 7312 73 *130 31. 2914 240 *235 10 *-___ Rangefor Previous Year 1914. Lowest, Railroads 100 Atoll Topeka & Santa Fe__100 100 Do pref 100 33 Boston & Albany 100 124 Boston Elevated 100 44 Boston & Lowell 100 872 Boston & Maine 100 Boston & Providence . Boston Suburban Elec Cos__ Do pref Boston & Wore Electric Cos Do pref Chic June Ry & U S Y....100 2 Do pref 100 Connecticut River 100 6 Fitchburg pref Georgia Ry & Elea stmpd_100 100 Do prat 100 55 Maine Central 100 290 Mass Electric Cos 100 343 Do pref stamped 100 3,271 N Y N H & Hartford Northern New Hampshire.100 100 6 Old Colony 100 10 Rutland. pre! 100 38 Union Pacific 100 Do pref Vermont & MassachUsetts_100 50 47 West End Street 50 Do pref *10014 *97 *177 7312 *130 *2914 *235 [Vo . 101. Mining 478 Apr 22 25 1 Jan 22 2 Jan 212 212 *214 212 1 Apr 40 Adventure Con 25 97 June24 100 June28 23934 Apr 300 Mar 193 Ahmeek new (wh iss)*95 9712 98 98 4 10 2624 Jan 6 403 Apr 22 19 July 2834 May 3712 3838 3634 3758 11,580 Alaska Gold 434 Apr 22 25 .45 Feb 10 134 Jan *214 212 *2 12 Dec 50 Algomah Mining 212 25 3523 Jan 5 5814 Apr 26 3412 Jan 54 54 4334 Feb 330 Allouez *5212 53 7 -,Feb 49 Dec 72 405 Amalgamated Copper_ 100 5038 Feb 24 7912 Apr 22 723 4 72 7212 1214 Nov 21 Jan 5534 563 4 55 504 34,050 Amer Zinc, Lead & Smelt- 25 1634 Jan 4 58 July 6 324 Jan 4 5 212 Nov 6 t4 Mar 912 Apr 22 712 712 712 712 1,315 Arizona Commercial 434 Apr 22 2 Jan 16 10 3 3 *234 3 1 Nov 135 Butte-Balaklava Copper 418 .b 10 3514 Jan4 80 June 4 (Ltd) 24 Nov 403 M I 70 705 8 6914 703 4 4 0,670 Butte & Sup Cop 10 511 Feb 23 7834 Apr 26 6318 64 6318 6312 1,911 Calumet & Arizona 53 Dec 7018 M •• 25 350 Jan 4 630 Apr 22 350 Dec 460 Fe 560 560 104 Calumet & Hecht , 550 560 25 15 Jan 12 25 Apr 22 *18 19 18 110 Centennial 18 19 Feb 14 Jan 5 3278 Jan 6 493 Apr 26 *4414 4458 4438 4438 4 120 Chino Copper 4312 Feb 3014 Dec 53 3 54 3 4034 Feb 53 29 Dec 53 4 1,297 Copper Range Cons Co...100 30 Jan 13 6314 Apr 26 3 20 178 Jan 21 195 Daly-West *314 312 *314 312 4 3 Feb 53 Apr 22 112 Nov 813 Jan 5 1532 Apr 23 645 East Butte Copper Min.... 10 1214 1212 *1214 1212 13 Jan 8 Dec 4l Feb 6 1414 Apr 22 25 148 Franklin 772 Apr *912 10 912 9 2 Nov 100 58 Jan 7 9412 Apr 27 431 Granby Consolidated 8612 865 8 86 60 Dee 80 91 Feb 100 2314 Feb 1 4214 June15 3612 3718 36 4238 Feb 2114 Apr 3712 1,209 Greene-Cananea Consolidated.... 25 11 Jan 18 2113 Apr 29 167 Hancock 22 Feb *1612 1712 163 17 11 Dec 4 10 Me Apr 9 2934Jan 19 28 July 30 Mar Hadley Gold Last Sale 2812 June'15 25 .25 Mar 2 .95 Mar29 .25 June 200 Helvetia Copper .50 .50 8.40 .50 12 Jan 214 Jan 21 25 .512 1012 Apr 22 612 Feb 45 Indiana Mining 3 Apr *514 53 4 6 8 1 41 Mar18 4914 July 7 5014 June 4412 Dec 4812 49 4812 4812 48 4814 1,853 Island Creek Coal 1 85l Jan 5 9118 Apr 27 81 June 8913 June 5 Do prat *88 89 *88 89 *8812 90 25 1712Jan 11 34 Apr 26 210 Isle Royale Copper 16 Dec 27 27 24 Feb 2612 2712 27 27 4l Jan 8 5 518 Apr 20 200 Kerr Lake 3 2 Mar 7 438 438 618 July 438 41 A, 438 438 412 Apr 26 25 2 Mar17 25 Keweenaw Copper 21e May 4% Feb *212 234 23 *23 4 3 4 23 4 25 255 Lake Copper Co 434 Nov 512 Jan 27 18 Apr 22 1312 1312 1312 1312 13 1012 Jan 1312 *6 612 618 614 9 Apr 23 25 31 e Dec ,f 318Jan 7 115 La Salle Copper 512 Feb *638 612 412 Apr 27 6 1 Marrl 135 Mason Valley Mines *214 212 218 213 114 Dec 4 Jan 214 212 17 Apr 22 647 Mass Consol_ 25 *1112 12 2 Mar 3 Jan 11 11 e512 May 1112 4 111 113 4 8 Apr 22 25 4 Marll 235 Mayflower 412 412 *412 5 414 412 9 Jan 33 June 4 5 163 Jan 2 29 Apr 26 *2718 2712 2612 2712 69 Miami Copper 1634 Dec 4 2418 Feb 28 28 112 112 3 Apr 22 25 112 .60 Mar 1 112 1,120 Michigan 114 Feb 158 158 .50 July 25 4614 Jan 16 82 Apr 26 1,865 Mohawk 77 73 7812 x72 4912 Dec 7812 79 39 Apr 8Feb 24 17 Apr 27 165 Nevada Consolidated 5 115 1414 1412 *1334 1414 *145 15 8 1658 Dec 10 Dec 17 jay, 8 412 Feb 24 1414 June 7 103 1114 1038 1012 1,756 New Arcadian Copper__ 25 712 Jan 1112 4 11 538 Feb 3 278 Nipissing Mines 5 3 6 67 Mar29 6 818 Feb 53 4 54 3 5 July 534 • 578 '5 2214 Jan 25 3878 Apr 26 3058 31 x30 3114 317 3012 2,203 North Butte 8 3034 Feb 1934 Dec 25 418 Apr 23 218 218 *2 1 Jan 28 *218 212 60 North Lake 258 Jan 212 .95 Apr 25 312 Apr 29 Last Sale 258 July'15 .50 Mar 4 Ojibway Mining *2 212 2 Jan 34 Apr 25 338Jan 4 100 Old Colony 718 Apr 22 33 4 33 4 *33 4 4 ,4 238 Nov 57 Feb 4 418 *33 25 3812 Mar 8 5812 Apr 21 53 53 185 Old Dominion Co 52 53 54 54 44 Dec 54 Feb 25 64 Jan 28 9312 Apr 22 *85 190 Osceola 85 85 86 85 85 84 Feb 64 Dee 10 12 Jan 7 1734 June22 1618 1614 16 1618 1,600 Pond Creek Coal 1638 1638 2072 Jan 1234 Dee 25 50 Jan 16 05 Apr 22 *84 86 *85 45 Quincy 86 87 *86 5172 Dee 68 Feb 23 105 Ray Consolidated Copper_ 10 1534 Jan 7 2614 Apr 26 23 *2312 24 223 223 '2212 Apr 15 Dec 4 4 5712 58 660 St Mary's Mineral Land_ 25 28 Jan 4 65 Apr 23 67 58 57 57 40 Feb 28 Dee 3 3 20 Santa Fe Gold & Copper.- 10 *258 3 1 Mar17 *278 318 1 Jan 333 Junel6 214 Jan 818 812 826 Shannon 10 4 Jan 15 1114 Apr 26 8 818 4 Nov 712 Feb *812 9 *27 10 1834 Jan 5 33 Apr 26 2712 27 196 Shattuck-Arizona 28 2'7 *27 18 Dec 2954 Feb 8.20 .25 ____ _ 350 South Utah M & S 5 .10 Feb 4 .20 .20 .10 June .23 Feb .35 Mar31 2612 263 25 2213 Jan 6 4112 Apr 26 4 2612 - _365 Superior 2634 22 Nov 82 Feb 27 27 27 8 3 234 2% 1,895 Superior & Boston Copper_ 10 1 Mar 3 114 Nov 2% Jan 412 Apr 29 314 314 *3512 3612 35 210 Tamarack 25 25 Jan 4 4512 Apr 23 35 2412 Den 36 36 43 Feb 513 Trinity 412 45 8 25 412 412 412 412 758 Apr 30 234 Nov 238Feb 11 512 Jan .40 .40 8.40 .43 1,600 Tuolumne Copper .85M8. .45 .45 1 .23 Dee .83 Apr 14 .20 Jan 2 40 42 3912 4112 5,459 U 8 Smelt. Rolla & Min_ 50 20 Feb 25 4912 June15 4234 43 2414 Dec 4312 Feb 4512 464 4518 46 369 Do pref 50 38 Jan 15 4812 June16 4614 4614 4012 Apr 4872 Feb 4 4 418 4,455 Utah-Apex Mining 414 *414 432 114 Nov 538 Junel6 252 Feb 5 2 Jan 2 *1334 1414 21314 1314 575 Utah Consolidated 14. 1418 884 Jan 14 Feb 5 914 Feb 26 1638 June14 *6512 66 585 Utah Copper Co 6478 653 10 483 Jan 6 73 Apr 26 6714 674 4518 Nov 59 June 4 4 *253 27 100 Victoria 278 278 *25 8 3 25 • 412 Apr 22 1 Feb 26 1 Mar 42% May 8 *4 414 4 4 260 Winona 25 *414 412 174 Dec 478 Feb Ws May 1 134 Jan IS 124 Wolverine 60 *6012 62 61 61 61 25 32 Jan 6 70 Apr 26 80 Dec 4734 Feb 113 *1 .60 .70 880 Wyandott 25 214 Apr 23 .50 Mar 3 12 3 4 114 Jan 30 June • Bid and asked prices. a Ex-dividend and rights. b Ex-stook dividend. e Assessment paid. h Ex-rights. • Unatamped. v 2d paid. es Half paid. *214 3 98 98 3718 3734 212 *2 55 *54 74 744 5512 5714 . 712 75 8 234 3 7014 7214 6334 63 *570 575 *1812 19 *443 4514 4 5312 5312 *312 4 *1253 13 918 918 87 874 38 3814 1634 17 *2812 30 212 212 98 98 3712 3812 *214 212 54 5412 *74313 743 4 5612 58 75 8 73 8 *212 3 7112 7278 6334 64 570 570 19 *18 4512 4512 5512 54 *312 3 4 3 123 127 4 s 912 93 4 87 8733 3812 3812 17 1734 *2812 30 *.50 .60 53 4 6 48 4814 883 883 4 4 2812 29 412 412 *212 3 1412 1412 63 8 638 *2 212 1218 123 4 414 414 28 28 112 112 7912 7912 *145 15 8 1113 Ws 53 4 53 4 3112 3214 *218 212 4 *2 23 3 4 33 3 4 *53 5312 86 86 1612 1612 86 86 4 *2338 233 59 67 3 3 4 812 83 274 2712 .20 .20 2712 2712 31 f. 314 , 3612 3612 412 43 4 .42 .42 43 4334 46 4718 414 433 14 : 1414 6712 6734 *212 318 412 412 6314 62 *112 112 212 212 *95 9712 3712 38 8 5 214 214 54 54 7312 737 8 55 s 5712 5 712 73 4 *212 3 69 7112 63 6334 570 570 18 1 *4414 4434 54 5512 33 8 312 1212 125 8 4 93 4 93 87 8712 37 3812 1612 1712 *2812 30 *.50 .60 *512 6 48 4914 *88 89 28 28 412 412 *212 23 4 1312 1312 614 614 *2 212 1134 1214 *414 5 2712 2712 112 112 .78 79 15 15 4 103 1114 *53, 1 57 8 303 313 8 4 2 2 28 5 *2 *33 4 4 5312 5312 85 86 4 1614 163 8512 86 234 2312 57 59 *23 4 3 84 812 2712 2712 8.20 .25 2712 27 3 3/ 36 35 412 43 4 .30 .40 42 4234 4618 4612 414 43 3 1334 14 6514 67 *212 3 *4 414 6014 62 1 1 119 THE CHRONICLE JULY 10 1915.1 Salesfor Week's Week. Range. Friday Sales. Low. High. Shares. Outside Exchanges-Record Transactions -Complete record of transactions Boston Bond Record. to July 9, In bonds at Boston Stock Exchange July 3 both inclusive: Bonds. 1929 Am Tel dr Tel 4s At'G & W I SS L 55._ 1959 Cent Vermont 1st 4s_ _1020 Chic Mil & St P cony 55 Gt Nor-C B & Q 45_ _ _1921 C Ft S& M ref 45_ _1936 1929 Mass Gas 4%s Miss Riv Power 55_..1951 N Eng Cot Yarn 5s_ _1929 1932 N Eng Teleph 5s Ore Short Line 6s_ _...1922 1944 Swift & Co 5s United Fruit 455s_ __ 1925 West Tel & Tel 5s_ _ _ _ 1932 Range since Jan. 1. Salesfor Week's Week. Friday Range. Sales. Low. High. Shares. 87 71m 96 87 70 70 102% 955i 71% 95 70% 73 100% 107% 95% 94% 96 8755 $31,000 15,000 71 1,500 70 102% 4,000 95% 18,000 71% 7,000 11,000 96 2000, 70% 2,000 73 1,000 100% 1,000 107% 2,000 96 1,000 94% 7,000 96 High. Low. SG% 60 68 101% 95 71% 95 70 70 9955 107% 94% 90 94% Jan 89% Apr May Jan 73 June 70 June Mar 103( June Jan 96% May Apr 71% July Jan 97% Mar July 7355 Mar Jan Apr 76 Jan 101% Feb Mar 107% Mar Feb 9634 May Jan 9434 July Jan Mar 97 Bonds(Concl.) Baldwin Locom 1st 5s_1940 Choc Ok & G gen 5s__1919 Elm & Peep tr ctfs 4s_1945 1945 Small Int-State Rys coil 4s_ _1943 5734 1943 Small Keystone Tel 1st 55_ _1935 , Leh C & Nav con 43531954 9854 Lehigh Valley 2003 8754 Gen consol4s 1923 10855 Consol 6s . Gen consol 4555_ _ _ 2003 LehValTranref&imp5s'60 _ __ N Y Phil & Norf 1st 43_ __Pennsyl RR gen 4348_1965 9755 1960 Comet 43.43 PeoplesPass tr ctfs 4s _1943 Philadelphia Co 1st 5s 1949 Cons & coil tr 5s___1951 Phil Elec tr ctfs 55.. _1948 10155 1950 7934 Trust ctfs 48 1950 Small Phil & Read impt 4s_ 1947 1997 Reading gen 4s 1951 Registered 45 RA United 121751 in vpat 5q 1 Q9R 102 9734 75 78 5734 5854 9434 9834 Range since Jan. 1. Low. High. 26,000 10034 Mar 10334 Apr 103 1,000 9554 Feb 9754 Apr 9735 Feb 7555 9,000 75 June 79 Apr 1,000 7534 June 82 78 Apr 1,000 5754 Jan 60 5774 Apr Mar 60 200 58 5854 Jan 9534 Apr 6,000 90 9455 Apr 9855 22,000 9734 Jan 100 Feb 9055 8734 8755 3,000 87 3,000 10834 July 10854 10855 10855 Feb 100 2,000 97 9855 9834 May 8855 1,000 86 8854 8854 1,000 9231 July 9234 92g 92% 9834 9731 9734 70,000 97 May 105 27,000 10234 July 10234 103 83 7934 7934 2,000 7934 July 100 Mar 9955 2,000 95 99 Mar 8255 7954 795,' 3,000 70 101 10155 7.000 10034 Jan 10254 8,000 7734 Jan 80 80 79 Jan 8034 300 79 80 80 9434 9434 51,000 943.4 July 97 9134 9134 6,000 9154 July 95 July 91 1,000 91 91 91 70 Mar R5 4.000 R21.4 RA May July Apr July July June Feb Jan Apr Apr Jan Apr May Mar Feb July May -The complete record of Pittsburgh Stock Exchange. 3 transactions at the Pittsburgh Stock Exchange from July s Ex-dividend sales to July 9, both inclusive, compiled from the official per -Complete record of the dollars Baltimore Stock Exchange. lists, is given below. Prices for stocks are allare per cent transactions at the Baltimore Stook Exchange from July 6 share, not per cent. For bonds the quotations to July 9, both inclusive, compiled from the official sales of par value. lists, is given below. Prices for stocks are all dollars per 1. Range since Jan. Sale*? Week's share, not per cent. For bonds the quotations are per cent I Week. Range. Friday of par value. High Low. Sales. Low. High. Shares. Par. Stock.165 1555 July Am Wind Glass Mach_100 15% 15% 16 615 7555 May 79% 80 100 80 Preferred 10 z98 June 9854 9834 AmWindow Glass pref _100 854 Jan 1,860 Columbia Gas dc Elec._ 100 1255 12% 1234 100 12% Feb 29% 3034 100 Crucible Steel corn. Jan 350 75 91% 89 100 89 Preferred 95 10235 Apr 100 115% 115% 11655 Elk Natural Gas 127 9755 Mar 99 99 Harb Walk Refrac pref 100 Feb 85 3 3 Independent Droving_ 50 July 183 15 15 15 50 Preferred 20 103 June 10334 103% La Belle Iron Wks pref_100 May 110 46 Manufac Light& Heat_.50 4634 4655 46% 4% Feb 20 534 5% 555 Nat Fireproofing corn. _50 Feb 130 16 18 1835 50 18 Preferred 60 12 May 12% 13 1 Ohio Fuel 011 75 39% Apr 41% 42 25 Ohio Fuel Supply Feb 3 120 4 4 Pittsb Brewing corn..._50 Feb 235 15 1534 15 50 Preferred Apr 50 104 105 105 100 Pittsb Plate Glass 544 13% May 1455 1555 14% 5 Pure 011 common 8e. Apr 17e. 14c. 17c. 33,300 1 San Toy Mining Apr 20 92 100 10034 Un Switch & Signal com _ 50 Feb 20 38 5955 59 US Steel Corp corn... _100 350 11654 Mar 129 13055 Brake 50 129 Westinghouse Air 100 32% Feb 49 493.4 W'house El & Mfg com_50 Bonds Apr $1,000 50 51 51 68_1955 51 Independent Brew Jan 95% 9555 2,000 90 Pitts)) Coal deb 58..._1931 97% 97% 5,000 97% July ..1931 West Penn Rys 55.. 1955 May May 85 Jan 123 1454 Juno May 34 May 93 11655 July Jan 99 Apr 6 22% Jan 10934 Jan 49% Jan 6% Apr 22% Jan 1554 Jan May 45 834 Apr 24% Jan 10854 Feb 15% Mar 20e. June Apr 107 63 June Apr 135 5335 Apr 61 97 99% Jan Apr Jan z Ex-dividend. ' • Par Stocks-Baltimore Electric, pref _50 Consol Gag,E L & Pow 100 100 Preferred Fairmont Gas, pref_ _50 Mer & Miners Trans_ _100 50 Northern Central 50 United Ry & Elec 5 Wayland Oil& Gas BondrCentral Ry cons 5s...1932 Charles & W Car 1st 5s'46 Chicago Ry 1st 5s_ _1927 Consul Gas gen 454s.1954 Cense'0 E L & P 454s '35 Notes, small Davison Chemical 65_1932 1918 Elkhorn Fuel 5s Fair & Clarks Trac 551938 Fairmont Coal 53_ _ _ _1931 Ga Car & Nor 1st 5s_1929 Ga Sou & Florida 5s_ _1945 Md Electric Ry 1st 5s 1931 Minn St & St P C jt 53 1928 Mt V W C Duck ctfs of dep 1949 Nod Ry d, Lt 5s Norfolk St Ry 5s_ _ _ _1944 United Ry & E 4s_ _ _ _1049 1949 Income 4s Funding 5s small 1936 Va Mid 5th series 53_1926 Salesfor Week's Week. Range. Friday Sales. Low. High. Shares. 4355 10654 113 4434 25 25 8354 8331 22 22 255 234 107 113 4354 107 113 4431 25 8334 23 255 10331 10334 102 102 9434 9454 9334 9354 8855 87 87 100 100 100 9934 9955 95 9534 95 9955 9955 95 95 10134 10134 101 101 95 95 10134 10134 10136 3534 3534 3534 95 95 10131 10134 81 81 81 5634 5634 56 8055 81 103 103 Range since Jan. 1. Low. High. Jan 4454 Feb 10 43 591 10234 Jan 10735 Jan Mar 155 10635 Jan 115 Feb Apr 46 25 42 May 25 May 100 24 Jan 8555 Jan 28 83 Mar 661 2054 June 27 435 Jan 200 214 May $1,000 1,000 1,000 1,000 24,000 100 2,000 34,000 1,000 2,000 1,000 2,000 2,000 1,000 12,000 2,000 1,000 15,000 16,000 400 1,000 10354 10134 93 93 87 9831 97 9234 9834 94 101 101 95 10034 35 95 10154 7954 55 8054 10134 July Jan June Jan Jan Mar Jan Jan Jan Jan Jan July June Jan Jan July July June June July Jan Apr 104 Apr 102 Jan 97 95 June Apr 89 Apr 100 9934 May 9531 June Jan 100 9634 Jan 10234 Apr 10255 Jan 9834 Jan Jan 102 Feb 40 9734 Apr Jan 103 Jan 82 Jan 63 8734 Jan 104 Apr -Record of transacPhiladelphia Stock Exchange. tions at the Philadelphia Stock Exchange from July 3 to official sales lists -Complete record of transacJuly 9, both inclusive, compiled from the dollars per share, Chicago Stock Exchange. is given below. Prices for stocks are all at Chicago Stock Exchange from July 3 to July 9, bonds the quotations are all per cent of tions incl., compiled from the official sales lists, is as follows: not per cent. For both par value. 1. Salesfor Week's Week. Range. Friday Sales. Low. High Shares. Par Stocks17 17 10 17 Alliance Insurance 100 10055 100% 10035 Amer Gas of NJ 554 5% 10 Milling American 6534 69% Baldwin Locomotive __100 66% 10154 102 100 101% Preferred 42 41 50 41 Cambria Iron 47% 48% 50 48 Cambria Steel 52 62 50 52 Catawissa 1st prof 52 52 50 52 2d preferred 70 70 Consol Trac of N J._..100 53% 52 Elea Storage Battery__100 52 32 32 100 General Asphalt 100 68% 68% 69 Preferred 2254 2254 Insurance Co of N A _10 13% 1355 Keystone Telephone_ _ _ _50 66 65 50 Preferred 8 93.1 834 Superior Corp.-100 Lake 7434 73 50 73 Lehigh Navigation 71% 70 50 70 Lehigh Valley 28% 29 .50 Lehigh Val Trans pref. 54% 5434 50 Minehill & S H 137 137 50 Norristown 50 83% 8334 8334 Northern Central 9034 90% North Pennsylvania_ _50 88 88 50 Penn Salt Mfg 50 5254 52% 53% a Pennsylvani 56 56 100 Pennsyl Steel pref Philadelphia Co (Pitts)_50 3355 z33H :34% 39% 39 6%)_50 Prof(cumulative 2255 23% 23% 23% Philadel Electric 8% 8% 50 Rapid Transit Phil 8% 9% 834 Voting trust rects_ _ _50 72% 74% 50 725 Reading 4% 6 4,4 Belmont Devel__..l Tono 7% 7 7 1 Tonopah Mining 34 32 50 32 Union Traction 100 22155 22155 221% of N J United Cos 50 83% 8334 84% United Gas Impt 58% 60% U S Steel Corporation_100 58% 100% 109% 100 Preferred 48 48 West Jersey & Sea Sh__.50 48 60% 60 Westmoreland Coal.. .50 60 61% 65 _100 Wm Cramp & Sons... 7 7 7 50 York Railways 30 30 50 30 Preferred Scrip 98% 99 Cambria Steel scrip_ _ 1916 9755 97% scrip_May 1917 do 98 96 Philadelphia Co scrip_1916 93 93 1918 scrip do Bonds Amer Gas & Elec 55_ _2007 85% 85% 86% 2007 8554 85% 85% Small Salesfor Week's Week. Range. Friday Sales. Low. High. Shares. Range since Jan. 1 High Low. July 17 44 1554 Jan Feb Jan 104 2 100 6% Feb Apr 5 140 Feb 69% July 6,570 30 Mar 10355 Jan 411 00 Apr May 44 171 41 Feb 50% Apr 1,100 41 Jan July 54 30 52 July July 52 50 52 Apr July 74 2 70 105 4755 Jan 5555 June Mar 36% June 10 24 Mar 72% June 200 60 Jan 22% June 21 Apr 16 20 1354 Jan Apr Jan 69 60 61 Apr 13% June 5 4,338 451 71% May 77% Juno Apr Jan 73 2E2 (35 200 21134 Mar 31% Apr 3 54% July 57% May Apr 15:13655 May 145 Feb 185 83% May 86 Feb 92% Feb 35 90 Mar 95 May 4 80 4,562 51% Feb 5554 Apr Jan 10 4955 May 63 Apr 100 29% Mar 40 Mar 40% Apr 50 32 1,283 2355 Jan 24% Feb 7 May 11% Mar 40 7% May 10% Mar 1,418 1,706 70 May 78% Apr sg Mar 335 Feb 1,770 Jan 655 Feb 760 481 30 May 39% Jan Feb Mar 225 2 220 219 8034 Jan 8754 Mar Feb 63 June 26,665 38 June Jan 111 3 103 Jan Mar 50 130 48 Apr Jan 63 229 58 1,917 18% Jan 67 June Feb 7 40 831 Apr Feb July 33 45 30 June June Mar May 137 299 383 383 95 95 90 80 Feb Feb Feb Feb 99 9754 97 96 $15,000 1,200 85 85 Jan Jan 8634 Apr 86% June Range since Jan. Low. High. Par Stock.Jan 10134 July 50 89 10131 10134 nerican Can, pref _ _100 June Apr 41 81 26 37 35 nerican Shipbidg_ _..100 35 30 6755 Apr 75 June 100 7134 7134 7134 Prefet red 355 4535 Feb 6174 May 57 55 100 56 tic Pneumatic Tool.. Jan 220 83 June 93 84 84 tic Rys part ctf "1" 300 2055 June 3134 Jan 23 23 tic Rys part ctf "2"_ _ _ _ Jan 3 Feb 1 106 1 131 tic Rys part ctf "4"____ 135 13234 June 14036 Apr 13434 13555 unmonwealth Edison 100 Jan Mar 98 10 90 100 9535 9554 9574 lamond Match Jan 11255 Mar 175 105 110 111 Irt Shaft & Marx, pf_100 110 July July 38 20 37 38 37 . axwell Motors, corn ........37 May 12536 Apr 5 118 120 120 100 Mona' 13iscult Feb 2 11954 May 125 124 124 100 124 Preferred 40 119% Jan 14254 June 13936 140 100 atonal Carbon Ape May 12334 335 113 115 11631 ,ople's Gas Lt & C__100 115 Apr Jan 87 15 75 82 82 Lb Ser of No Ill, com_100 82 Mar 146 9354 May 100 05 94 100 Preferred Jan 270 May 151 230 250 250 100 250 taker Oats Co Jan 2,992 a13154 Mar 215 100 14254 14134 146 ars Roebuck, com 2,546 4855 Jan :7155 Apr 68 67 ewart Warn Spe,com100 67 1.819 10434 Jan 11531 July 100 11234 11154 11531 rift & Co Jan 225 14455 Jan 165 100 14954 149 15055 lion Carbide Co 534 June 434 July 2.095 455 434 434 lion Carbide rights 110 3854 Feb 60% June 5855 59 _1410 S Steel, common_ _ _ Mar 26 11055 Jan 114 112 11255 ard, Montg, & Co. pf__ Bond. Feb $4,000 96 June 99 97 9634 &ago City Ry 5s..1927 Feb 5,000 93 June 97 95 95 1927 ',cage Rys 55 Jan 1,600 37 June 44 37 37 Ry adj inc 45_1927 Chic Jan 10055 10054 13,000 0955 Jan 101 &ago Telephone 531923 10036 Jan Jan 102 100 tmmonw Edison 5s 1943 10055 10055 10035 9,000 9935 June 10034 May 1,000 100 100 1st M 551924 100 tdahyPack July July 101 3,000 101 101 101 land Steel 1st M g 6s1928 101 Feb 7354 7355 3,000 7334 July 77 etr W Side El 1st 4131938 ,oples G L & C 5,000 9931 Jan 10155 Mar Refunding gold 5s-1947 10054 10034 10054 6,000 88 Apr Jan 90 8854 8855 uth Side Elev 4548_1924 9634 30.500 9454 Jan 9634 Feb 96 rift & Co 1st a 5s __ _ 1944 96 a Ex 50% stock dividend. z Ex-dividend. CURRENT NOTICE. Trask & Co. and -Having sold over two-thirds of the issue, Spencerthe unsold balance William A. Read & Co. of this city are jointly offering debentures at 97 Province of Alberta, Canada, 10-year 5% of $4,000.000 sale and advance and interest, to net the investor 5.40%, subject to prior s advertisement in price. Special circular upon application. See to-day' . for full particulars Hartford City -Bodell & Co. announce that the 35,680 shares of the from the United Gas Light Co. common stock, recently purchased by them n by Messrs. Gas & Electric Corporation and offered for public subscriptio has been Bodell & Co. of Providence and Richter & Co. of Hartford, entirely sold. 120 THE CHRONICLE Volume of Business at Stock Exchanges TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE DAILY. WEEKLY AND YEARLY. Stocks. Week ending July 9 1915. Saturday Monday Tuesday Wednesday Thursday Friday Shares. Railroad. Par Value. 189,411 $16,826,190 Bonds. State. Mun. U. S. & Foreign Bonds. Bonds. $24,000 55,000 109,000 73,500 130,000 $11,000 10,000 1,660,762 $146,325,315 $10,085,000 Total $1,229,500 HOLIDAY $2,136,000 2,370,000 2,106,500 2,243,000 $391,500 $21,000 223,101 532,200 348,920 367,130 Sales at New York Stock Exchange. 19,628,000 47,285,750 30,686,675 31,898,700 Week ending July 9. Jan. 1 to July 9. 1914. 1915. 1915. 1914. -No.shares__ _ Stocks 1,660,762 960,802 64,181,186 39,421,427 Par value 3146,325,315 $86,104,175 $5,444,944,795 $3,439,998,004 Bank shares, par $10,200 $2,200 $212,900 $265,300 Bonds. Government bonds_ _ _ $21,000 $53,500 $575,000 $513,000 State, mun.,&c bonds. 391,500 405,500 12,225,000 31,089,000 RR.and misc. bonds 10,085,000 8,789,500 399,995,700 356,460,500 Total bonds $10,497,500 $9,248,500 $412,795,700 $388,062,500 DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND BALTIMORE EXCHANGES. Boston. Week ending July 9 1915. Saturday Monday Tuesday Wednesday Thursday Friday Total Philadelphia. Baltimore. Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales. 17,344 $25,000 25,142 33,685 20,284 23,615 19,000 44,500 22,500 9,000 120,070 5120,000 6,640 524,500 HOLT DAY 10,920 106,688 64,190 19,859 63,824 9,252 11.057 23,100 57,728 3287,302 HOLI DAY 444 $49,100 356 ' 44,800 446 33,300 726 34,300 1,972 $161,500 New York City Banks and Trust Companies, Banks Bid Ask New York America. ___ 555 565 Amer Exch._ 200 208 Battery Park 145 165 Bowery. - 400 Bronx Boroo_ 225 260 Bronx Nat _ 160 175 Bryant Park* t 150 Butch & Dr_ 100 125 Century* _ 165 Chpse 545 570 Cbath &Then 182 190 Chelsea Er._ 115 125 Chemical 400 410 Citizens Cent 167 175 City 385 390 Coal & Iron_ 160 167 Colonial. 450 Columbia. 300 325 Commerce _ _ t1597 t160 8 Corn Exchs_ 300 308 Cosmopolitn• 85 100 East River_ 70 140 155 Fidelity'.Fifth Ave._ - 4200 4560 Fifth 250 300 First 865 890 Garfield __ _ _ 195 Cierm.Amer* 135 145 German Ex.._ 390 410 Germania _ 425 475 Gotham 100 Greenwich* _ 265 280 Hanover 600 615 Harriman 300 310 Imp & Trad_ 495 515 Irving 170 175 Liberty 610 Lincoln 310 330 Manhattan'. 300 310 Mark & Fult_ 240 250 •Banks marked with Exchange this week. Bank Mech & Met_ Merch F.xch.. Merchants'_ _ Metropolis. Mctrovil'n• _ Mutual New Neth• _ New York Co New York Pacific. Park People's* Prod Exch• Public. Seaboard-Second Security* Sherman State* 23d Ward.__ Union Exch. Unit States._ Wash H'ts*.. Westch As's_ West Side'.. Yorkville • Bid 245 170 175 300 175 325 215 725 365 200 395 220 155 Ask 250 180 185 340 185 iiE_ 800 220 405 230 165 175 400 430 400 425 80 126- 130 135 100 125 136 142 500 275 fii 160 450 475 550 Trust Co'v New York Ski Ask Astor 355 365 Bankers Tr.. 415 420 B'way Trust_ 144 150 Central Trust 970 985 Columbia _ 475 485 Commercial _ 00 Empire 295 305 Equitable Tr 410 420 Farm L & Tr 1100 1125 Fidelity 197 203 Fulton 275 295 Guaranty Tr 560 575 Hudson 125 135 Law Tit ct Tr 114 120 Lincoln Trust 100 105 Metropolitan 400 410 Mutt (Westchester) _ _ 130 135 N Y Life Ins & Trust940 965 N Y Trust... 575 590 Title Gu &'1 r 370 380 Tensattantic 150 160 Union Trust_ 330 340 US Mtg& Tr 387 400 United States 1020 1040 Westchester _ 140 Brooklyn. Coney 151'0_ 140 First 255 265 Brooklyn Fiatbush 142 134 Greenpoint 150 Brooklyn Tr. Hillside. __ 100 115 Franklin Homestead'_ 90 Harniiton Mechanics* _ Kings County Montauk. ... 166 Manufact'rs-. Nassau 195 205 Citizens National City 270 280 People's North Side_ 175 200 Queens Ca__ People's 140 150 a (*) are State banks. t Sale at auction 470 245 265 610 485 255 275 635 137 280 142 288 80 or at Stock CURRENT NOTICE. -Spencer Trask & Co. have Just issued and are distributing gratul tously among investors a pamphlet entitled "The New York State Secured Debts Tax Law," which summarizes the recent amendments as well as giving the full text of the law. -Lamarche & Coady are now located in their new offices in the Bankers' Trust Co. Building, 14 Wall St. The firm's now quarters are attractive and:have sunlight and other advantages. Inactive and Unlisted Securities All bond prices are "and interest" except where marked "f." Stand Oil Stks (Cond)- Per sh are Standard 011 Stocks-Pe 'Share Par Ast. Par Bid. Ask. Pierce Oil Corp 4 25 *93 10 Anglo-Amer Oil new .1514 153 Prairie 011 & Gas 4 100 310 313 Atlantlo Refining 100 545 550 Prairie Pipe Line 152 155 Borne-Scrymser Co 100 265 275 Solar Refining 10 220 /30 Buckeye Pipe Line Co... 50.100 102 Southern Pipe Line Co 100 203 212 Chesebrough Mfg Cons. .100 700 715 South Penn 011 1 275 280 Colonial Oil 100 125 135 Southwest Pa Pipe Lines 100 108 112 Continental 011 100 225 230 Standard 011 (California)10 272 275 Crescent Pipe Line Co 50 . 40 42 Standard Oil (Indiana) _ _1I I 405 410 Cumberland Pipe Line _J00 45 48 Standard 011 (Kansas) 10 340 350 Eureka Pipe Line Co.. 100 225 228 Standard 01101 Kentucky1 247 252 Galena-Signal Oil corn.. .100 147 149 Standard 011 of Nobraskal0 305 315 Preferred 100 135 140 Standard 01101 New Jer.1sl 398 100 Illinois Pipe Line 100 133 135 Standard 011 of New Y'rklII 183 185 Indiana Pipe Line Co 50 96 98 Standard 011 of Oblo 100 423 128 Internat Petroleum 812 Swan & Finch £1 •8 100 110 115 National Transit Co 25 *29 Union Tank Line Co 31 _10 79 81 New York Transit Co_ 100 205 210 Vacuum 011 _10 103 196 Northern Pipe Line Co_ _100 92 95 Washinton 011 is *32 35 Ohio Oil Co 25 *132 134 Bonds. Penn-Mex Fuel Co . 55 60 Pierce 011 Corp cony 65 1924 73 76 101. -Per She re. Tobacco Stocks Street RailwaysPar Bid. Ask. Ask American Cigar common_10 105 110 Com'w'ith Pow fly & L__PO r 50 52 l aO Preferred Preferred 100 98 100 100 78 81 80 90 Federal Light & Traction 100 13 Amer Machine & Fdry.._ 100 16 British-Amer Tobac ord. El *1514 16 Preferred 100 55 60 Ordinary, bearer 1612 Republic fly .1c Light.. ..100 14 17 612 Conley Foil Preferred 101 3%0 325 .5 100 _ 64 Johnson Tin Foil & Met_100 130 150 Tenneesee fly L & P com-100 7 5 MacAndrewa & Forbes...100 168 175 Preferred 100 26 29 Porto Rican-Amer Tob_ _100 180 190 United Lt & Rye corn...10 10 0 68 42 3 0 Reynolds (ItJ) Tobacco_100 325 340 1st preferred 68 118 120 Preferred 2d preferred 69 Tobacco Products com__ 100 50 60 Wash fly dc El Co 92 Preferred-See Stock Ex. list. Preferred J1010 8951 8413 1 00 631 1 11 97 103 United Cigar Stores corn..100 48, 1951 813 4 978 Elec, Gas & Power Cog 100 110 120 1 . 0 Preferred 10 Am Gas & Elec corn United Cigar Stores(new) 50 *90 93 100 165 175 Young (J S) Co Preferred Am Lt & Trac common 109 347 324 60 4'1' 49 21 -Per cent. Preferred Ordnance Stocks 100 109 111 Amer Power & Lt corn 100 60 62 Aetna Explosives corn__ _100 154 160 Preferred 100 80 81 Preferred Amer Public Utilities com100 30 35 100 82 86 Atlas Powder common...100 220 230 Preferred 100 62 65 Bliss (E NV) Co common_ 50 375 300 Cities Service Co corn......100 44 48 Preferred Preferred 50 125 140 100 53 65 Canadian Car & Fdry_ 100 61 66 Consumers Power(Minn) Canadian Explosives corn 100 315 330 let Ac ref 511 1929 ___M&N 00 91 I'referred Elec Bond & Share pref_ _100 9812 100 100 101 108 Colt's Patent Fire Great West Pow 5s 1946 idc.1 7912 81 Arms Mfg 100 453 463 Indiana Lighting Co 10 40 duPout(E I) de Nemours 48, 1958 optional F -A 68 70 Powder common 100 700 715 Northern StatesPowercom10 1 0 8212 2912 0 28 Preferred 100 96 99 Preferred 85 Electric Boat 100 171 175 Pacific Gas & El corn_ _ _100 44 42 10 81 0 Preferred 100 150 166 lot preferred 85 Hercules Powder corn___100 420 430 2d preferred 100 84 86 Niles -Bement -Pond corn_100 109 111 South Calif Edison com_100 70 72 Savase Arms 100 250 275 Preferred 100 91 93 1700 1750 Standard Gas de El (Del)- 5 .2 12 712 Winchester Repeat Arms 100 50 • 6 3 Preferred 25 -Per Cent. Short Term Notes United Gas & Elee Corp_ 100 17 20 let preferred 60 Amer Lecomotive20 preferred 10 9 0 67 21 9 18 55, July 1916 J-J 1001, 101 Utah Securities Corp__ _10 1312 1412 5s, July 1917 J-J 10014 101 -See Short 6% notes -Term Notes 4 Am Tob 6% scrip, Sep 1 '15_ 1001 1003 Western Power common_10( 15 17 Am T & T Sub Cos 5s, 1916. 1005 101 Preferred 10( 57 50 AnacondaCopper 55'17-M-S 1001 100 4 3 Industrial Bait & 0111°and Miscellaneous 100 75 J&D 9938 9058 Adams Hip col tr k4s'17J-D 16712 69 4%51917 8 J&D 983 0858 Alliance Realty 1918 85 8 Cbes & Ohio 56 1919 _J-D 907 0114 Amer Bank Note cons___50 :1 50 437 33 Chic Elev Ry 55, 1916- __J-J 9413 06 Preferred 49 Chic & W Ind 5s, 1915_ _M-S 100 10014 American Brass 100 171 173 Consum Pow 6s. 1917_M&N 9712 99 American Chicle corn_ 100 101 140 00 37 Erie RR 5s, Oct 1 1915-A-0 1001 1003 4 Preferred 93 993 100 5s Apri 1 1916 Am Graphopbone com_ 1050 168 72 0 0 801 0 2 536s, April 1 1917____A-0 087 9914 Preferred General Rubber 5s,'18 _J&D 971 97% American Hardware 100 126 128 Hocking Valley 65.'15_M-N 1007 10118 American Surety 130 Int lIarv 58, Feb15 '18_F-A 995 997 Amer Typefounders com-10000 2755 40 8 110 0 8 3 8 Lackawanna Steel (is'17_M-S 98 9814 Amerir vieferrredning 90 Lake Sla & M So,5a Sent 1915 1001 10012 Paper____ 10 10018 12 0 1003 101 . 58 Dec 1915 Bond & Mtge Guar 285 Borden's Cond Milk com_100 109 110 Minn Gen El 65, 1917_J&D 100 101 8 New Eng Nay 65, 1917-M-N eel 065 Preferred 107 NYC&HltivBraden Copper Mines 1003 1005s Burns Bros, corn 8 55, Sept 15 1915 100 71 76 5 % . A-0 1001 1003 4 5s, Oct 1 1915 Preferred 100 100 102 4 NY N H&H 5s. May 1 1916 10012 1003 Casualty Co of Arnerica_ 11000 10 1000 77 30 0 Pub Ser Corp N J 5s,'16 M-S 10014 10012 Celluloid Co 140 Schwarz dr Suitt) 6s,'16 _J-D 10018 10058 City Investing Co 100 14 17 100 10014 Seaboard A L 5s, 1916 M-9 Preferreu 80 -A 907 10014 Consol Car Heating s Southern fly 5s. 1916_17 100 53 55 M-52 97341 9814 Cramp Ship & E Bldg 5s, Mar 2 1917 100 61 03 Sulz&SonsCo fis,rnel'16M-S 10018'10658 Davis -Daly Copper Co.._ -10 •118 133 UnTypew 5s,Jan15 '16 .1-J 15 9412 9512 Emerson-BrantIngham 100 10 20 4 United Frult6s,Mayl'17M-N 10114 1013 Preferred 100 47 50 , Gold notes 5s 1918 M-N 08 8 99 Goldfield Consol Mines _10 .13 5 112 A-0 9812 100 Utah Co 69, 1917 Havana Tobacco Co.... 00 .100 5 1 3 UtahSecurCorp 6s,'22M-S15 78 80 Preferred 8 let g 5s June 1 1922 J-D 1 52 58 New York City Notes IntercontInenel Rub corn 100 814 9 Internat Banking 100 99 105 10012 1005 Inter Mere Marine 65, Sept 1 1915 8 100 178 2 1025 1027 8 65, Sent 1 1916 8 Preferred 100 7 718 1033 1037 International Nickel__ _ _100 100 152 4 tio. Sept 1 1917 8 100 53 Preferred 106 Per Cf. Basis International Salt RR. Equipments 100 24 26 Bid. Ask. lot g 58 1951 A-0 f0312 65 4.60 4.50 International Silver Prof.100 ioa 108 Baltimore & Ohio 434s ..7n ._ Buff Roch dr Pittsburgh 4345 4.55 4.40 1st 69 1948 108 Equipment 4e 4.55 4.40 Deb 6s 1933 J-J 90 10012 4.95 4.85 Kelly Springfield Tire. 10 15512 160 Canadian Pacific 43.43 . ( ) 860 8 5.10 4.75 Caro Clinch( & Ohio 5s 1st preferred 87 Central of Georgia 5s 5.00 4.70 2d preferred 100 170 Equipment 434s 5.00 4.70 Kerr Lake Mining 34 Chicago & Alton 4s 6 Lanston MonotYPe 108 67 6312 4 Chicago & Eastern Illinois 50 6 La Rose Consol Mines Equipment 434s -- 6 Lawyers' Mtge Co 100 172 2 180 " Chic Ind & Louisv -5.101 4.75 Lehigh Val Coal Sales-50 100 165 Chic St L dr N 0 59 4.801 4.60 Manhattan Transit 20 1 *3 4 Chicago & N W 434* 4.50 4.25 Marconi Wireless of Am___5 *3 318 Chicago R I & Pac 4 7.50 5.50 Mortgage Bond Co 100 115 120 Colorado & Southern 5s... 5.00 4.75 National Surety 100 163 168 4.90 4.60 N Y Mtge & Security_ -100 107 Erie 5s 115 Equipment 434* 4.90 4.60 N Y Title Ins Co 100 40 50 4.00 4.60 Nipissing Mines Equipment 4s 5 •55, 578 4.90 4.70 Ohio Copper Co Hocking Valley 4s 10 **(e / 4.90 4.70 Otis Elevator corn Equip 5s 100 71 73 4.65 4.45 Illinois Central 59 Preferred 100 95 97 4.65 4.45 Realty Assoc (Pklyn)_ ._100 97 4545 102 Kanawha & Michigan 454*... 5.10 4.80 Remington Typewriter Louisville & Nashville 5n_ 4.45 4.25 Common 100 712 812 Minn St P & S S M 4.70 4.50 1st preferred 100 47 52 Missouri Kansas dc Texas 58. 6.25 5.25 20 preferred 100 31 Missouri Pacific 5s 6.50 5.50 Riker &FIege'n (Corp for stk) *612 3318 61 Mobile & Ohio 5s 5.10 4.90 Royal elred f IrakPowd corn.. 152 157 Equipment 434* 5.10 4.90 100 102 103 New York Central Lines 59_ 5.10 4.80 Safety Car Heat & Lt 100 10412 107 Equipment 434* 5.10 4.80 Singer Mfg Co 100 223 N Y Ontario & West 4545_ 4.90 4.60 Standard Coupler com 100 25 228 35 Norfolk & Western 4348.. 4.60 4.40 Preferred 100 100 Equipment 41 4.60 4.40 Sterling Gum .27 8 3 Pennsylvania RR 4349 4.35 4.20 Sulzberger & Sons pref _ _10 90 92 Equipment 4s 4.35 4.20 Texas & Pacific Coal _ _ .100 175 Pere Marnuette 5s Tonopah Extension Min- 1 3 Equipment 4349 United Profit Sharing 234 278 St Louis Iron Mt & Sou 58.. 5.20 4.95 U S Casualty 10 190 210 St Louis & San Francisco 5s U 13 Envelope corn 6 10 140 Seaboard Air Line Preferred 5.00 4.75 100 10312 10612 Equipment 430 5.00 4.75 S Finishing 100 8 10 Southern Pacific Co 4;is__ _ 4.60 4.45 Preferred 100 30 35 Southern Railway Ois 4.85 4.60 1st g 5s 1919 J-J 90 Toledo & Ohio Central 4s.. 5.00 4.75 Con g 59 1929 J-J 6712 7313 S Tit Gu & Indem___ _ 10 30 50 Railroads Westchester & Bronx Title & Mtge Guar 165 180 Interboro Consd, Corp Worthington (H R) Com- 87 l See Stock Ex. list. pany pref 92 West Pao 1st 55 1933 M-S 129 30 Yukon Gold.. 5 .2 'Per. 6 Ba•ls b Bass d Purchaser also pays accrued dividend. I Flat price n Normal s Ex-dividend. Ex-rights. 121 THE CHRONICLE JULY 10 1915.] airroatt inoestutent mut RAILROAD GROSS EARNINGS. weekly or monthly returns The following table shows the gross earnings of every STEAM railroad from which regularor month, and the last two the latest week oan be obtained. The first two columns of figures give the gross earnings forweek or month. We add a supplementary oolumns the earnings for the period from July 1 to and including the latest not begin with July, but envers some other statement to show the fiscal year totals of those roads whose fiscal year does period. The returns of the electric railways are brought together separately on a subsequent page. Latest Gross Earnings. ROADS. Week or Month. Current Year. Previous Year. Current Year. Previous Year. Ala N 0 & Tex Pac285,090 322,602 3,267,773 3,724,307 N 0 & Nor East_ May 127,734 136,401 1,398,093 1,715,257 Ala & Vicksburg_ May 122,632 129,197 1,297,584 1,695,285 Vicks Shrev & P_ May 41.958 2,252,659 2,236,684 43,043 3d wk June AnnArbor 9,602,096 8,879.790 107713794 101838406 Atch Top & San Fe.. May 204,412 230,949 2.456,627 3,159,445 Atlanta Birm & At! May 98,218 1,091,772 1,198,436 .92,186 Atlanta & West Pt_. May 2,596,949 3.055,882 29,209,214 33,981.826 Atlantic Coast Line May 130,367 146,573 1,643,450 1,956,817 Chariest & W Car May 102,854 109,811 1,272,377 1,256.964 Lou Hend & St L May 8,276,206 7,732,040 83,152,842 91,203,408 gBaltimore & Ohio.. May 124,353 117.707 1,417,865 1,503,292 Ter RR May B &O Ch 279,205 305,068 3,418,444 3,487,446 Bangor & Aroostook May 984,221 752,776 7,444,588 7,454,288 Bessemer & L Erie_ May 738,089 1.077,161 58,324 South.. May Birmingham 3,874,708 3,876,082 42,637,216 43,972,332 Boston & Maine__ May 10,791,687 Buff Roch & Pitts_ _ 4th wkJune 300,692 260,449 9,539,621 1,498,300 73.054 1.335.486 114.781 Buffalo & Susq RR_ May 17,225,600 Canadian Northern 4th wkJune 379,300 512,300 98,343,176 22.700,600 129321403 Canadian Pacific... 4th wkJune 2,163,000 3,047,000 11,281,382 13,363.821 858,157 964,187 Central of Georgia.. May 2.722,889 2,696,199 29.116,553 30,280,068 Cent of New Jersey May 390.174 310,002 3,682,039 3,461.494 Cent New England_ May 325,664 339,123 3,502,747 3,714,040 Central Vermont.._ May 37,459,860 Ches & Ohio Linos.. 4th wkJune 1,239,591 1,060,808 39,378,878 13.934,095 Alton.._ 3d wk June 273,198 248,272 13,852,029 86,102,190 Chicago & 6,651,726 83,864,649 6,957,421 Chic Burl & Quincy May 1,012,041 1,073,552 13,142,498 14,500.245 f Chicago & East Ili May p Chic Groat West_ 4th wkJune 282,150 269,866 13,909,775 14,349,739 6,944,005 Chic Ind & Louisv_ 4th wkJune 167,098 177,527 6,556,623 85,759.058 7.244,196 7,111,659 83,624.505 Chic Milw & St P..1 May Chic Mil & Pug S J 6.395,660 6,685,713 76,331,948 79,934,737 rChic & North West May 113,265 135,953 1,484.569 1,534,194 Chic Peor & St L._ _ May 1,311.122 1,342,983 16,731,686 17,046,734 vOhic St P M & Om May 151,454 150,127 2,025,523 1,996,268 Chic Terre H & S E May 869,965 882,852 8,805,617 9,219,574 Cin Ham & Dayton May 105,374 135,986 1,589,101 1,635.948 Colorado Midland.. May b Colorado & South 4th wkJune 315,178 312,979 14,064,306 13,222,736 167,056 117,831 13,080 9,513 May Cornwall 287,393 270,451 26,716 24,737 Cornwall & Lebanon May 540,877 462,001 4,749.143 4,732,487 Cuba Railroad _ _ _ _ May 1,879,410 1,903,686 20,787,626 21,250,333 Delaware & Hudson May 3,713,265 3.706.838 39,205,793 39.567,321 Del Lack & Western May Deny & Rio Grande 4th wkJune 570,900 585,700 21,789,062 23,584,139 439,624 449.268 4,589,528 5,268.185 1 -,Western Pacific.._ April , 46,558 1.650,968 1,208,952 49,700 Denver & Salt Lake 4th wkJune 119,692 117,763 1,635,331 1,384.557 Tol & Iront May Detroit 29,299 1,073,152 1,208.634 27,803 Detroit & Mackinac 4th wkJune 120,044 100,913 1,361,617 1,450,709 Dot & Tol Shore L.. May 745 851 531,452 4,022,262 5,821,145 Range_ _ May Dul & Iron 89,956 105,660 2,933,940 3,513,099 Duluth So Sh & At!4th wkJune 801,203 798,367 7,701,092 10,490,472 Elgin Joliet & East_ May 693,470 759.052 7,036,736 8,245,676 May El Paso & Sou West 5,181,832 4,863,966 55,393,236 55,679,615 May Erie 656,142 547,010 5,112,369 5,047.082 Florida East Coast.. May 898,180 799,907 89,418 78,372 Fonda Johns & Glov May 198,805 229,577 2,607,076 3,089,287 Georgia Railroad_ May 94,050 4,641,467 6,543,279 66,457 Trunk Pac_ _ 2d wk June Grand Grand Trunk Syst_ 4th wkJune 1,506,251 1,504,361 49,686,854 54,383,666 Grand Trunk By 3d wk June 788,543 848,396 38,809,069 43,603,937 Grand Trk West_ 3d wk Juno 144,193 141,994 7,029,856 6,986,597 51,939 2,517,425 2,458,755 56,290 Dot Gr H & Milw 3d wk Juno 5,065,223 6,262,945 67,004,903 77,013,294 Great North System Juno 131,991 146,804 1,498,972 1,849,513 Ship Island.. May Gulf & 518,576 442.016 5,668,071 6.544,209 Hocking Valley..___ May 4,770,265 5,281,493 62,000,419 66,373.502 June Illinois Central_ 748,207 687,176 8.466,783 9.306,648 Grt Nor May Internat & 235,656 243,293 2,646,446 2,945,046 Kanawha & Mich_ _ May 831,874 887,848 9,243,670 9,991,510 Kansas City South_ May 167,620 161,206 1,653,973 1,633,297 Lehigh & Hud Riv_ May 266.006 260,850 2,370,439 1.981,389 Lehigh & New Eng_ May 3,845,269 3,746,713 38,891,114 38,346,032 May Valley Lehigh 155,140 152,586 1,590,743 1,615,505 Louisiana & Arkan _ May 176,938 160,852 1,853,687 1,806.323 Louisiana Ry & Nay May Nashv 4th wkJune 1,240,425 1,379,841 51,556,712 59,906,467 sLoutsville & 146,921 121,523 6,695 11,043 Macon & Birm'ham May 888,379 935,441 10,323,800 10,786,169 May Maine Central 444,839 435,150 44,726 49,504 April Maryland & Penna99,348 116,304 1,279,883 1,499,654 Midland Valley__ - May 514,661 850,580 26,850 26,258 Mineral Range.._ _ _ 4th wkJune 4th wkJune 188,165 182,879 10,092,583 9,620,956 Minn & St Louis_ _1 Iowa Central..__, Minn St P & 8.8 M_ 4th wkJune 634,572 665,589 27,798,972 29,256,709 946,646 781,210 65,649 83,521 Mississippi Central_ May 32,795,890 u Mo Kan & Tex.._ _ 4th wkJune 693,267 753.898 58,151,000 31,917,924 59,986,000 x Missouri Pacific_ _ 4th wkJune 1,360,000 1,438,000 885,626 1,014,190 10,099,209 11,805,680 Nashv Chatt & St L May 363,472 362,497 7,776 8,291 Nevada-Cal-Oregon 3d wk June 13334115 12384729 140155769 146364074 e New York Central May 1,455,123 1,411,863 15,014,655 15.806,587 Boston & Albany May 463,564 446,214 5,198,192 5,260,474 May n Lake Erie & 2,814,732 2,656,942 30,642,440 32.033,973 Michigan Central May Clev 00 & St Ll 2.953,699 2,751,195 32,838,852 33,450,036 Peoria & Eastf May 124,024 100,108 1,414,238 1,340,908 Cincinnati North May 1.401,688 1,327,675 13.126,393 16,282.340 Pitts & Lake Erie May 922,370 883,403 10,354,866 10,906,810 N Y Chic & St L.. May 332,845 268,140 4,522,149 5.124.947 Tol & Ohio Cent.. May 23802160 22230269 253267561 266570145 Tot all lines above May July 1 to Latest Data. Latest Gross Earnings. July 1 to Latest Date. ROADS. Week or Month. Previous Year. Current Year. I $ Current Year. Previous Year. $ New Orl Great Nor May 136,8851 148,621 1,460,578 1.724,505 N 0 Mobile & Chic_ May 141.9501 174,770 1.642,096 2,038,805 NYNH& Haiti_ May 5,754.8085.637,705 59.051,276 61.607,224 N Y Ont & Western May 713,199i 780,782 8.212.069 8,423,896 N Y Susq & West_ May 332,795 366,579 3.578,102 3,645,030 Norfolk Southern_ May 299,1631 346.146 3.553.280 3,895.885 Norfolk & Western_ May 4,010.353 3,773,014 38,608.491 40,906,105 Northern Pacific.. May 4,650.061 5,206.904 57,835,879 64,639.391 Northwestern Pao_ May 295,589 329,185 3,214,836 3,382,265 5.687.272 6,534.986 Pacific Coast Co May :Pennsylvania RR_ May 15536078 15487050 167249638 181142710 Bait Ches & At!.. May 96,660 104.800 1,128,410 1,139.633 Cumberland Vail. May 229,367 260,862 2.650,213 3,173,069 Long Island May 1,177.445 1,194,521 11,972,736 11,689,899 881,015 859,974 Mary'd Del & Va May 77.581 71,474 N Y Phlla & Norf May 3,388,653 3,450,674 Phil Bait & Wash May 1,771,414 1,772,602 18,461,121 18.846,476 W Jersey & Seash May 534,391 552,716 5,941,289 5,969,776 Pennsylvania Co.._ _ May 4.693.336 4,658,742 48.305,761 56,308.953 Grand Rap & Ind May 407,773 431,293 4,887,359 5.115,696 38,912,797 Pitts00& St L_ May 3,182,505 3,167,035 35.083. May Vandalia 842,528 797,952 10,100,941i10,410. Total lines East Pitts & Erie May 20266985 20278537 2161505921 232286977 West Pitts & Erie May 9,254.175 9,189,744 99.727,469! 112238588 All East & West_ May 29521161 29468282 3158780641344525570 May Pere Marquette 1,447,930 1,280,297 16,574,234115,630,206 Reading Co4,081,702 4,222,630 43,404,762146,583,444 Phila & Reading.. May 2,297,0032,931,775 28,123,887 30,718,287 Coal & Iron Co__ May 6,378,7057,154,405 71,528,64977,301,731 Total both cos May 293,0151 302,016 2,632.505 2.693.706 Rich Fred & Potom May 868.115 863,508 72,234 71,692 Rio Grande June_ April 642.299 555.806 14.393 15,5061 Rio Grande South..- 4th wkJune 5,336,704'4,974,841 65,288,216 62,471,860 Rock Island Lines May May 306,433 311,144 3,176,192 3,410.651 Rutland 119,651 122,393 1,390,582 1.485,698 St Jos & Grand Isl_ May St L 13rownsv & M May 199,485 215,801 2,106.616 2,475,301 St L Iron Mt & Sou May 2,313,415 2,636.354 27,670,450 30,756,858 St Louis & San Fran May 3,411,869 3,264,644 39,560,010 41,504.439 St Louis Southwest_ 4th wkJune 259,000 266,000 10,624,198 12,791,617 856.689 1,000,184 8,579.185 9,904,329 San Ped L A & S L_ May 1,762,316 2.049,303 19,651.727 23.467.268 Seaboard Air Line.. May May 10592282 10983655 117902061 126975983 Southern Pacific_ Southern Railway.._ 4th wkJune 1,473,977 1,624.049 62,147.319 70.750.997 Mobile & Ohio.._ _ 4th wkJune 265,640 326,622 10,974,000 13,002,582 Cin N 0& Tex P.. 3d wk June 169.188 185,509 9,207,942 10.675,556 91,579 4,640,654 5,273,237 88,534 Ala Great South_ 3d wk June 46,950 2364.748 2,537,107 37,966 Georgia Sou& Fla 3d wk June 314,870 384,804 4,041,228 4,554,353 S ok Port & Seattle May 92,503 69,754 1,957 1,854 Tenn Ala & Georgia 4th wkJune 124,761 141,071 1,363,094 1.567.679 Tennessee Central_ May wkJune 365,210 385.983 17,919,430 18,813,282 Texas & Pacific......4th 71,667 67.974 7,349 8,512 Tidewater & West April 39,663 1,173,050 1.292,743 38,113 Toledo Poor & West 4th wkJune 93,843 4,616,097 4,588,111 93,204 Toledo St L & West. 4th wkJune 931,005 2.162.608 53,689 114,775 Trinity & Brazos V May 6,584,460 6.838,322 79,631,286 84,824,933 Union Pacific Syst- May 497,066 569,130 5,545,402 6.161.566 May Virginian 135,019 152,240 1,662.7611,780,066 Virginia & So West.. May June 2.338,352 2,337,655 29,100,630 30.198.423 Wabash Western Maryland_ 4th wkJune 246,298 217.913 8.660,826 8.267,736 491,283 465,841 4,835,150 7,120,183 Wheel & Lake Erie_ May 334,249 257.210 18.298 14,542 Wrightsville & Tenn May 891,715 850,422 11.818,458 12,552,595 Yazoo & Miss Vall_ Juno Various Fiscal Years. Period. Buffalo & Susquehanna RR........ Jan 1 Jan 1 Delaware & Hudson Jan 1 Erie Jan 1 New York Central e Jan 1 Boston & Albany Jan 1 Lake Erie & Western n Jan 1 Michigan Central Cleve Cinc Chic & St Louis Jan 1 Jan 1 Cincinnati Northern Jan 1 Pittsburgh & Lake Erie New York Chicago & St Louis Jan 1 Jan 1 Toledo & Ohio Central 1 Total all lines N Y Susquehanna & Western Jan 1 Jan 1 :Pennsylvania Railroad Baltimore Chesap & Atlantic.. Jan 1 Jan Cumberland Valley Jan 1 Long Island Jan 1 Maryland Delaw & N Y Philadelphia & Norfolk.. Jan 1 Phila Baltimore & Washing'n Jan 1 Jan 1 West Jersey & Seashore Jan 1 Pennsylvania Company Jan 1 Grand Rapids & Indiana_ Jan 1 Pitts Chic Chic & St Louis Jan 1 Vandalla Total lines-East Pitts & Erie Jan 1 -WestPitts & Erie Jan 1 -All Lines E & W.. Jan 1 Dec 1 Rio Grande Junction Jan 1 Rutland to to to to to to to to to to to to to to to to to to to to to to to to to to to to to to to Current Year. Previous Year. 571,721 565,113 May 31 May 31 8,866.983 8,778.708 May 31 24,176.527 23.130.656 May 31 61,646.276 59,920,793 May 31 6,581,662 6,533,626 May 31 2.280,684 2,202.088 May 31 13,439,770 13,365,202 May 31 14,057.007 13,628.304 519.230 580,366 May 31 May 31 5,524,605 6,608,556 May 31 4,622.797 4,660,343 May 31 1,647,474 1.828,964 May 31 110380641 109267106 May 31 1,672,073 1,665,300 May 31 71,737,438 75,961.216 391.042 383,507 May 31 May 31 1,131,621 1,356,069 May 31 4,707,654 4,619,688 310.780 303,064 May 31 May 31 1,438,445 1,430.912 May 31 7,922,485 8,008,413 May 31 2,185,021 2,116,329 May 31 19,869,052 21,172,585 May 31 2,038,144 2,101.524 May 31 15,111,212 15,829,442 May 31 4,285,054 4.291, May 3191.261,07895,602,120 May 31 41,908.79444,051,597 May 31 133169872 139653717 321,990 Apr 30 340,446 May 31 1,330,147 1.362,798 AGGREGATES OF GROSS EARNINGS-Weekly and Monthly. 'Weekly Summaries. Current Year. Previous Year. Increase or Decrease. % 'Monthly Summaries. Current Year. Previous Year. Increase or Decrease. % $ $ $ Mileage. Cur. Yr. Prev. Yr. $ $ $ September_ _242,386 238.698 272,992,901 285,850.745 -12.857.844 4.51 -914,998 7.89 3c1 week April (35 roads)____ 10.686,520 11,601,518 -1,127,895 7.27 , October _ _ _ _244,917 241,093 269.325,262 298,066.118 -28,740.856 9.6 ith week April 37 roads).._.... 14,381,573 15.509,468 -1,093,381 10.70 November __246.497 242.849 240.235.841 272.882.181 -32.646.340 11.91 1st week May 30 roads)......... 10.147,680 11,241,061 , December .._246.807 243.242 232.598.369 258,285.270 -25.686.901 9.9 -973,438 9.02 roads).-__ 10,821,709 11,795,147 hi week May 36 January ____246.959 243,559 220.282,196 236,880,747 -16,598,551 7.0' -991,631 8.46 11,728,643 3c1 week May 36 roads)....__. 10,737,012 16,218,082 -1,341,200 8.26 February _ _ _246,186 242,837 210,860.681 212,163,967 -1.303,286 0.6: week May 36 roads)____ 14,876,882 11.724,751 ith 246,848 243,598 238,157,881 253,352,099 -15.194.218 5.91 March -968,190 8.73 1st week June 36 roads).__ _ 10,756,561 11,920,704 247.701 245,170 237,696,378 241,090,842 -3.394,464 1.4: April -050,013 8.20 hi week June (36 roads)..___ 10,970,091 89,194 87,942 60,691,778 66,630,031 -5.938,253 8.91 May -938,061 7.75 week June (36 roads)____ 11,166.951 12.105,012 3d 88.034 86.468 59.955.244 65.821.768 -5.888.524 8.0' June ith week June (31 roads)...... 13.993.259 15.334.395 -1.341.136 8.71 Lake Shore & Mich. So., the Chicago Ind. & So.. District Ry. e b Does not include earnings of Colorado Springs & Cripple Creek St. Lawrence & Includes the and the Ottawa & New York Ry.. the latter of Adirondack & Ottawa. the the Dunkirk Allegheny Valley & Pitts.. the New Yorkto the Inter-State Commerce Commission. f Includes Evansville & Terre Haute and Evansa Canadian road, does not make returns which, being n Inductee; the Northern Ohio RR. p Includes earnings of Mason ville & Indiana RR. p Includes Cleveland Lorain & Wheeling Ry. In both years. Atlantic and the Frankfort & Cincinnati. u Includes the Texas Includes City & Fort Dodge and Wisconsin Minnesota & Pacific. s operatingLouisville & revenues, but also all other receipts. z Includes St. Louis Iron Mountain & Wichita Falls Lines v Includes not only Central and the http://fraser.stlouisfed.org/ he Northern Central beginning July 1 1914 • We no longer include the Mexican roads in any of our totals. •• . Federal Reserve Bank of St. Louis 122 THE CHRONICLE Latest Gross Earnings by Weeks. -In the table which follows we sum up separately the earnings for the fourth week of June. The table covers 31 roads and shows 8.71% decrease in the aggregate under the same week last year. Fourth week of June. 1915. 1914. Increase. Decrease. $ $ •S $ Buffalo Rochester & Pittsburgh 260,449 300.692 40,243 Canadian Northern 512,300 379,300 133,000 Canadian Pacific 2.163,000 3,047,000 884,000 Chesapeake & Ohio 1,239,591 1,060,808 178,783 Chicago Groat Western 282,150 269,866 12,284 Chicago Ind & Louisville 167,098 177,527 10.429 Colorado & Southern 315,178 312,979 2,199 Denver & Rio Grande 570,900 585,700 14,800 Denver & Salt Lake 49,700 46,558 3,142 Detroit & Mackinac 27,803 29,299 1,496 Duluth South Shore & Atlantic 89.956 105,660 15,704 Grand Trunk of Canada Grand Trunk Western 1,506,251 1,504,361 1,890 Detroit Grand Hay & Milw Canada Atlantic Louisville & Nashville 1,240,425 1,379,841 139,416 Mineral Range 26,850 26,258 592 Minneapolis & St Louis } 188,165 182,879 5,286 Iowa Central Minneapolis St Paul & S S M__ 634,572 665,589 31,017 Missouri Kansas & Texas 693,267 758,898 65,631 Missouri Pacific 1,360,000 1,438,000 78,000 Mobile & Ohio 265.640 326,622 60,982 Rio Grande Southern 15,065 14,393 672 St Louis Southwestern 259,000 266,000 7,000 Southern Railway 1,473,977 1,624,049 150,072 Tennessee Alabama & Georgia_ 1,854 1,957 103 Texas & Pacific 365,210 385,983 20,773 Toledo St Louis & Western__ 93,204 93,843 639 Toledo Peoria & Western 38,113 39,663 • 1,550 Western Maryland 246,298 217,913 28,385 Total (31 roads) 13,993,259 15,334,395 273,476 1,614,612 Net decrease (8.71%) 1.341.136 [VOL. 101. Interest Charges and Surplus. -Int., Rentals, &c.- -Bat, of Net Earns. Current Previous Current Previous Year. Year. Year. Year. $ Bangor & Aroostook___May 118,821 111,962 z761 x15,538 July 1 to May 31 1,258,806 1,239,954 x174,130 x171.652 Denver & Rio Grande_ May 589,940 550,674 279,098 z33,006 July 1 to May 31 6,441.566 6,243,480 x1,062,874 z866,815 Duluth So Sh & Atl_ ..May 97,371 98,218 xdef65,521 zdef81,233 July 1 to May 31 1,035,992 1,121,976zdef532,876zdef463,484 Louisiana & Arkansas May 28,472 28,308 28,772 18,343 July 1 to May 31 307,393 390,769 184,020 210,764 May Mineral Range 12,294 12,932 x15,137 x7,492 July 1 to May 31 135,829 136,805 x87,205 zdef79,523 Nevada-Cal-Oregon___May 6,651 7,353 zdef12,056 zdef2,162 July 1 to May 31 72,881 68,593 zdef59,876 zdef274 Norfolk & Western__ __May 557,802 539,354 x1,089,341 z938,852 July 1 to May 31 6,060,029 5,647,719 z8,997,621 x9,260,219 Rio Grande Southern_ May 19,254 19,186 zdef2,925 zdef3,831 July 1 to May 31 215,604 217,769 zdef47,644 zdef14,706 INDUSTRIAL COMPANIES. -Int., Rentals, &c.- -Bat, of Net Earns. Current Previous Current Previous Companies. Year. Year. Year. Year. $ $ $ $ Adirond Elec Pow Corp.May 20,996 20,971 18,913 14,062 Jan 1 to May 31 105,855 105,237 117,490 89,761 Huntington Dev & Gas.May 2,720 1,385 8,528 2,920 Jan 1 to May 31 13,069 5,885 48,760 16,349 May 12,754 U S Public Service 13,589 14,697 6,879 150,750 June 1 to May 31 124,692 211,625 143,066 x After allowing for other income received. Roads. ELECTRIC RAILWAY AND TRACTION COMPANIES. Latest Gross Earnings. Jan. 1 to latest date. Net Earnings Monthly to Latest Dates. -The table Name of Week or Road. Current Previous Current following shows the gross and not earnings of STEAM Previous Month. Year. Year. Year. Year. railroads and industrial companies reported this week: -Gross Earnings--Net Earnings $ - American Rys Co__ May $ 448,672 487.461 2,094,673 2.160,748 Current Previous Current Previous Atlantic Shore RY_-- May 27.878 27.199 Roads. Year. 119.374 Year. Year. Year. 116.381 cAur Elgin & Chic Ry May 165.033 186,749 721,477 $ 783,336 Bangor Ry & Electric May 60,920 56,965 310,470 Bangor & Aroostook___May 279,205 297,091 305,068 104,367 120.268 Baton Rouge Elec Co May 14,961 14,963 73.872 July 1 to May 31 71,547 3.418,444 3;487,446 1,253,112 1,256,457 BeltLRyCorp(NY0 April ). 64,070 63,347 247,320 229.648 Chic Burl & Quincy_ b__May 6,957,421 6,651,726 1,639,812 1,208,540 Berkshire Street Ry May 348,641 7,153 July 1 to May 31 Trac, L P May 83,864,649 86,102,190 28,498,728 28,293,809 1667011016180830 131092,170 130255,288 St Ry_ May Brock Chic & East Illinois_b__May 1,012,041 1,073,552 def81,164 9,473 10,998 37.574 39,332 161,406 Bklyu & Plym Syst April Rap Tran 2184,979 2189,375 8,467,443 8,252,412 July 1 to May 31 13,142,498 14,500,245 2,515,133 2,315,081 Cape Breton Elec Co. May 26,612 29,486 127,765 Cin Ham & Dayton_b__May 869,965 137,625 882,852 94,431 79,094 Chattanooga Ry & Lt May 90,909 94,761 421,271 460,637 July 1 to May 31 8,805.617 9,219,574 1,061,303 864.653 Clove Painesv & East May 36,149 37,863 149,187 153,697 Delaware & Hudson_b_May 1,879,410 1,903,686 Cleve Southw & Col_ May 105,719 112,895 701,581 474,801 686.810 486,820 Jan 1 to May 31 56.409 55,234 8,866,983 8,778,708 2,922,331 2,428,614 Columbus(Ga) El Co April 228,536 218.194 Colum (0)Ry,P & L May 245,947 254,559 1,271,314 1,272,058 Deny & Rio Grande _a_May 1,734,188 1,779,373 592,833 500,284 oComwthPow,Ry&Lt May 1108,008 1106,984 5,722,698 5,711,254 July 1 to May 31 19,957,462 21,768,839 5,864,356 5,631,447 Connecticut Co May 687,528 720,693 3,082,584 3,064,841 Dul Sou Sh & Atlan_b_May 250.556 281,488 29,008 14,861 Consum Pow (Mich)- May 289,562 260,774 1,522,067 1,425,569 July 1 to May 31 2,643,804 3,217,995 467,549 640,707 Cumb Co(Me)P & L May 204,546 197,885 956,673 919,718 May Great Northern_b 134,611 184,844 May 4,801,733 5,987.138 1,606,487 1,514,391 Dallas Electric Co 740,121 936,354 July 1 to May 31 1004.464 1015,357 '4.902.553 4.780,437 61.939,680 70,750,349 28,243,209 27,168,395 Detroit United Lines. May DDEB& Batt(Rec) April 40.181 43.723 Louisiana & Arkan_b_ May 155,140 156.175 168,056 152,586 57,244 46,651 Duluth-Superior Trac May 91,342 110,114 466,964 July 1 to May 31 1,590,743 1,615,505 519,349 491,413 520,533 East St Louis & Sub_ May 194,301 227,430 980,694 1.105,712 Louisville & Na,shv_b__May 4,163,368 4,538,947 1,029,348 Eastern Texas Elec May 58,141 55,084 818.700 262,935 263,846 July 1 to May 31 47,430.432 55.448,686 11,175,418 13,876,792 El Paso Electric Co May 71,624 83,286 398,293 435.551 St N Ave Mineral Range_ b 159,351 155,127 May 86,514 69,373 625,320 26,007 18,894 42d St M &Elec Co_ _ April 566.959 May Galy-Hous 169,249 210,528 July 1 to May 31 764,276 437,410 792,600 217,597 974,541 53,089 Grand Rapids Ry Co May 92,056 107,265 468,310 Mississippi Central_ b__May 511,606 65,649 83,521 28,369 38,383 Harrisburg Railways. May 76,747 87,050 382,890 July 1 to May 31 393,180 781,210 946,646 317,636 381,977 Havana El Ry,L & P Missouri Pac System_a_May 4,534,215 4,641,586 (Railway Dept)_ _ _ Wk July 4 54,811 56.068 1,366,581 1,448,446 778,235 888,322 July 1 to May 31 53,654,088 55,282,130 11,962,132 12,982.050 Honolulu R T & Land May 51,699 52,538 240,930 255,139 Houghton Co Tr Co.. May Nevada-Cal-Oregon.b__May 21,897 24,177 27,221 104,228 30,155 def5,681 4,714 bHudson & Manhat_ May 115,644 462,256 473,462 2,324,164 2,384,930 July 1 to May 31 338,787 336.458 10,331 64.608 Illinois Traction May 860.523 874,869 4,445,066 4,451,632 Norfolk & Western_b__May 4,010,353 3,773,014 1,534.776 1,304,371 Interboro Rap Tran_ May 2904,773 2948,937 14,473,594 14,801,273 July 1 to May 31 38,608,491 40,906,105 13,379.995 13,240.094 Jacksonville Trac Co. May 53,337 76,647 262,193 323,148 May Pacific Coast May 484,084 525,254 19,384 21,557 28,031 26,559 Keokuk Electric.. 94,059 99,478 Electric.. May July 1 to May 31 5,687,272 6,534,988 9,445 11,062 565,383 787,882 Key West Elec Ry_ May 46,810 54,848 Lake Shore 114,031 120,742 Marquette_a Pere 505,339 May 1,447,930 1,280,297 530,903 210,249df2,747,682 Lehigh Valley Transit March 152.072 136,537 July 1 to May 31 443.731 402,417 16,574,234 15,630,206 3,840,317df1,745.714 Lewist Aug & Watery May 61,014 58,572 263,450 241,918 Rich Fred & Potom_b__May 293,015 302,016 136,420 123,622 Long Island Electric.. April 17,855 17,976 64,135 61,613 July 1 to May 31 2,632,505 2,693,706 935,223 955,956 Louisville Railway- May 259,636 290,424 1,208.202 1,313,448 Rio Grande South_b___May 466.534 502,708 2,470.961 2,542,676 45,214 44,651 16,293 15,298 Milw El Ry & Lt Co May May July 1 to May 31 Milw Lt, Ht & Tr 115,640 124.128 508,987 596,827 165,407 554.730 200,217 Nashville Ry & Light May 577,248 175,513 192,144 894,227 St L Iron Mt & So_a___May 2,313.415 2,636,354 931,896 473,930 712,597 N Interboro_ April 55,949 53,282 July 1 to May 31 219,767 201,322 27,670,450 30,756,858 7,102.541 9,798,122 N Y City Y & Long Island_ April 31,907 31,269 121,275 107,164 Southern Railway N Y & North Shore.,_ April 12,503 13,113 46,725 44.235 Mobile & Ohio_ b_ ___May 967,550 1,087,215 291.692 218,886 N Y & Queens Co.. April 106.362 106,744 402,542 390,085 July 1 to May 31 10,099,700 11,920,237 2,727,698 2,647,573 Now York Railways_ April 1127.388 1148.888 4,315.512 4,309,862 Stamford Rys May Cin N 0 & Tex P_b__May 831,801 32,228 33,451 940,508 280,109 125.987 4,324,376 254.642 N Y & May July 1 to May 31 43,000 39,230 8,685,003 10,088,917 2,375.376 2,962,668 N Y Westchest & Boa April 184,391 159,457 Northampton Trac_ _ 13.013 15.043 51,155 Ala Great South_b__May 412,099 154,475 413,413 106,171 38,178 Nor Ohio Trac & Lt_ May 323,324 323,037 1,424,675 1,403,920 July 1 to May 31 4,384,350 4,994,854 1,016.004 1.097,927 North Texas Electric May 134,790 178,918 652,928 857.352 Texas & Pacific_b May 1,322,574 1,388,080 149,168 26,819 26,255 179,108 Northw Pennsyl Ry_ April 103,658 100,936 July 1 to May 31 16,623,719 17,532,470 3,972,401 4,169,764 Ocean Electric (L I)_ April 7,203 7,413 23,116 23,375 Paducah Tr & Lt Co May 21,927 24,552 Toledo St L & West_a__May 384,700 117,486 347,697 360,069 125,644 397,888 Pensacola Electric Co May 20,789 22,746 July 1 to May 31 4,232,419 4,191,901 100,665 3826,891 51,104,234 Phila Rapid Transit_ May 114,108 2070.160 2178,842 9.901.842 9,956.217 Virginian_a May 479,066 569,130 192,053 258,799 Port(Ore)Ry,L&PCo May 446,149 538,473 2,261,786 2,740,685 July 1 to May 31 5,545,402 6,161,566 2,210.770 2.656.464 Portland (Me)RR May 84,316 86,427 376,776 374,813 Puget Sound Tr.L&P April 605,180 702,770 2,482.965 2,861.919 INDUSTRIAL COMPANIES. gRepublic Ry & Lt.._ May 247,644 256,325 1,210,228 1,247,904 -Gross Earnings--Net Earnings Co.. _ May - Rhode Island 404,577 487,006 1.880,368 2,057,753 Current Previous Current Richmond Lt & RR_ April Previous 28,086 27,198 105,773 99,060 Companies. Year. Year. Year. Year. StJoseph (Mo)Ry.Lt. Heat & Power Co.. May 96,047 102,116 524,729 528,380 Santiago El Lt & Tr_ May Adirond El Pow Corp.a.May 99,653 40,463 39,867 96,911 39,909 35,033 188,741 189,376 May Jan 1 to May 31 508,536 64,412 71,500 526,065 223,345 194,998 Savannah Electric Co April 350,379 330,080 Second Avenue (Rec) 69,463 71,927 *Amer Pow & Light_a_May 537,918 252,948 263,518 526,745 239,896 237,067 Southern Boulevard.. April 18,307 17,080 68,476 June 1 to May 31 64,645 7,070,030 6,409,425 3,337,330 2,951,148 Staten Isrd Midland_ April 22,558 21,684 80,004 72,975 Colorado Power (incl. Salida Tampa Electric Co.._ May 81,422 83,719 402,635 413,116 and Alamosa props)a.May 66,150 60,022 April 41,386 38.301 Third Avenue 305.445 328,850 1,229,938 1,267,817 June 1 to May 31 779,667 Street By_ Juno 719,566 500,766 470,539 Toronto 450,582 525,037 2,787.443 3,034,801 Huntington Dov & G_a_May 19,940 11,248 7,589 4,305 Twin City Rap Tran 3d wk June 177,046 185,576 4,352,190 4,271,971 Jan 1 to May 31 217,716 215,595 99,978 40,065 831,912 61,829 800.187 22,234 Union RyCo ofNYO.. April Power.. May Virginia Ry & 407,693 433,495 2,046.712 2,098.464 U S Public Service_a__ -May 68.501 61,832 27,450 20,468 Wash Bait & Annap_ May 73,613 78,729 327,076 315,293 June 1 im May 31 878,691 766,214 362,375 272,758 Westchester Electric_ April 44,837 45.300 170,581 164,670 Westchester St RR May 22,644 23,516 93,895 91.571 a Net earnings here given are after deducting taxes. Yonkers Railroad.. April 59,616 58.448 225,831 b Net earnings here given are before deducting taxes. 213,248 York Railways May 64,648 67,679 316,574 * Incl. Kansas Gas & Electric Co., Portland Gas & Coke Co.. Pacific Youngstown 325,670 & Ohio_ May 23,506 22,216 Power & Light Co. and Southwestern Power & Light Co.'s subsidiaries. 115,561 106,662 12.913 13,597 49.700 s After allowing for miscellaneous charges to income for the month of Youngstown & South April 51.829 May 1915, total net earnings were $23,445, against $69,950 last year, b Represents income from and for period from July 1 to May 31 were $529,160 this year, against dated company. f Earnings all sources. c These figures are for consolinow given in milrels. g Includes constituent $1,089,946 last year. companies. JULY 10 1915.j 123 THE CHRONICLE -The following table • Electric Railway Net Earnings. gives the returns of ELECTRIC railway gross and net earnings reported this week: Canadian Express Co.Total from transportation _ __ -Dr Express privileges July 1 to March 31March 1914-15. 1913-14. 1914. 1915. $ $ $ $ 240,227 2,308,758 2,387,761 229,604 112,426 1,166,733 1,140,209 111,984 127,800 1,142,025 1,247.552 Revenue from transporta'n 117,619 -Gross Earnings--Net Earnings 80,577 44,434 7,034 4,744 Previous Oper. other than transport.._ Current Previous Current Year. Year. Year. Year. 134,835 1,186,460 1,328,130 122,364 Total operating revenues_ 127,648 1,161,840 1,270,005 120,968 Operating expenses 47,853 82,887 Alabama Tr, Lt & Pow_May 58,125 24.619 7,186 468,867 1,395 817,505 Net operating revenue_ _ _ _ 1 to May 31 June 77 27 61.016 Uncollec,revenue from trans. 50,909 186,749 Aurora Elgin & Chic_b_May 165,033 25,700 36,000 3,000 4,000 701,088 Express taxes 643,366 1,818,854 1,920,524 July 1 to May 31 29,003 28,912 32,425 56,965 60,920 4,186 -11,457 Bangor Ry & Elec.a_ _..May -2,631 Operating income 151,833 158,127 310,470 297,091 Jan 1 to May 31 July 1 to March 31March *3,991,980 *3,590,750 Brazilian Tr, Lt & Pow_May*6,670,110 *6,180,830 1913-14. 1914-15. 1914. 1915. *31,092,170*30,255,288*18,046,650*17,279,408 Jan 1 to May 31 $ $ $ $ Great Northern Express Co. 35,650 Total from transportation.._ _ 221,149 31,891 94,761 90,909 Chattanooga Ry & Lt a May 224,939 2,333,558 2,452,501 174.420 Express privileges 129,855 460,637 421,271 Jan 1 to May 31 136,496 1,424,420 1,501,732 134,068 -Dr 18,093 15,793 37,863 36,149 Cleve Painesv & East.a.May 950,768 909,138 67,428 88,443 87,080 59,704 Revenue from transport 153,697 Jan 1 to May 31 149,187 37.497 38,645 3,727 3,724 87,979 Oper. other than transport 94,777 254,559 Colum(0) Ry,P & L_a_May 245,947 465,127 504,785 Jan 1 to May 31 1,271,314 1,272,058 988,266 947,783 92,170 90.805 Total operating revenues_ 149,717 174,557 809,034 799,250 260,774 84,115 Consumers Pow(Mich)aMay 289,562 80.370 845,110 Operating expenses 940,813 Jan 1 to May 31 1,522,067 1,425,569 179.232 148,533 8,055 83,750 10,435 Net operating revenue... _ _ 86,744 197,885 Cumberl Co(Me)P&L a May 204,546 54 9 336,034 Uncollec. rev, from trans..... 388,754 919,718 Jan 1 to May 31 956,573 34,961 34,880 2,826 2,868 73,719 Express taxes 76,708 227,430 East St Louis & Sub_a_May 194,301 377,963 385,617 Jan 1 to May 31 980,694 1,105,712 144,270 113,598 5,228 7,558 Operating income 37,050 21,986 107,265 Grand Rapids Ry_ a_ _ May 92,056 July 1 to March 31March 180,020 131,404 511,606 Jan 1 to May 31 468,310 1914-15. 1913-14. 1914. 1915. 20,648 20,941 52,538 51,699 IIonolulu R T & Land b May $ $ $ Southern Express Co.$ 105.428 94,937 255,139 Jan 1 to May 31 240,930 Total from transporta'n 1,318,466 1,289,459 10,449,711 11,794.675 44,143 Express privileges 39,777 669,278 5,379,818 6,053,970 -Dr 120,742 687,834 Lake Shore Elm Ry_a_ _May 114,031 175,959 148,909 530,903 Jan 1 to May 31 505.339 620,181 5,069,893 5,740,705 Revenuefrom transport'n_ 630,631 21,182 23,337 58,572 61,014 Lewis Aug & Watery_ a_May 249,361 226,845 27,171 25,972 51,113 Oper. othre than transport'n 80,702 241,018 Jan 1 to May 31 263,450 79,326 68,411 192,144 Nashville Ry & Lt_a_ __May 175,513 647,352 5,296,738 5,990,066 Total oper. revenues 656,604 349,446 Operating expenses 361,998 931,896 894,227 Jan 1 to May 31 525,902 572,258 4,748,111 5,214.027 251,185 192,411 538,473 Portland(Ore)R,L&P a May 446,149 776,039 548,627 984,406 1,348,870 75,094 130,702 Net operating revenue_ 2,740,685 2,261,786 Jan 1 to May 31 126 443 33 73 33,481 Uncollec. rev, from trans.._ _ 28,384 86,427 84,316 Portland (Me) RR _ a_ _May 135.635 131,755 15,423 14,205 118,057 Express taxes 120,887 374,813 376,776 Jan 1 to May 31 8,172 8,302 22,216 640.278 416,429 23,506 59.637 116,423 Operating income Youngstown & Ohio_ a_May 90,075 96,521 251,830 266,790 July 1 to May 31 Roads. a Net earnings hero given are after deducting taxes. b Net earnings hero given are before deducting taxes. Milreis. ANNUAL REPORTS Interest Charges and Surplus. -Int., Rentals, &c. -Bal. of Net Earns. Previous Current Current Previous Year. Year. Year. Year. Roads. $ 21.412 11,231 39,604 39,678 Aurora Elgin & Chic_ _..May 204,879 420,259 280,830 438,487 JulyAlito May 31 11,636 11,412 17.367 17,500 May Bangor RylSr Elec 64,675 70,161 87,158 87,966 Jan lit° May 31 6,810 1,812 28,840 30,079 Chattanooga Ry & Lt.._May 35,446 138,974 def17,143 146,998 Jan 1 to May 31 7,024 4,800 11,068 10,993 Cleve Painesv & East_ _May 12,570 4,932 54,858 54,772 Jan 1 to May 31 44,306 56,956 37,821 43,673 Columbus(0) R,P & L_May 259,939 311,082 205,188 193,703 Jan 1 to May 31 78,191 102,842 71,526 71,715 Consumers Pow (Mich) May 485,942 576,761 364,052 359,168 Jan 1 to May 31 20,246 16,418 63,504 70,326 Co(Me) P&L_May Cumborl 18,201 59,999 217,833 328,755 Jan 1 to May 31 19,033 12,819 54,686 63,889 East St Louis & Sub_ _ _May 108,291 70,888 269,672 314,729 . Jan 1 to May 31 23,706 8,247 13,344 13.739 May Grand Rapids Ry 112,232 62,838 67,788 68,566 Jan 1 to May 31 14,388 14,319 6,622 6,260 Honolulu R T & Land_..May x78,427 x66,470 33,111 31,302 Jan 1 to May 31 8,820 3,721 36,055 35,322 Lake Shore Elm Ry_ _ _.May def291 179,927 176,250 dof31,018 Jan 1 to May 31 5,522 7,726 15,611 15,660 Aug & Watery_ ....May Lewis 2,591 def26,302 78,111 77,415 Jan 1 to May 31 37,988 26,163 May 42,248 41.338 Nashville Ry & Lt 141,586 198,995 163,003 207,860 Jan 1 to May 31 67,542 3,971 183,643 Portland(Oro) R,L & P May 188,440 463,285 920,191 64,215 885,585 Jan 1 to May 31 13,304 5,507 22.877 May 20,177 Portland (Me) RR 8,452 1,174 1 19,713 109,605 Jan 1 to May 31 4,006 4,167 4,135 4,167 Youngstown & Ohio_ _ May 44,242 50,688 45.833 45,833 July 1 to May 31 x After allowing for other income received. EXPRESS COMPANIES. July 1 to March 31March 1915. 1914. 1914-15. 1913-14. $ $ Adams Express Co.Total from transportation__ 2,924,366 2,545,088 25,371,028 25,211,666 1,391,890 1,310,410 12,829,016 13,247,347 -Dr Express privileges Revenue from transporta'n 1,532,476 1,234,677 12,542,011 11,96,4318 271,099 39,960 368,063 26,825 Oper. other than transport'n -An index to annual reports of steam Annual Reports. railroads, street railways and miscellaneous companies which have been published during the preceding month will be given on the last Saturday of each month. This index will not include reports in the issue of the "Chronicle" in which it is published. The latest index will be found in the issue of June 26. The next will appear in that of July 31. Baltimore & Ohio Railroad. Statement for Fiscal Year ending June 30 1915.) (Preliminary The company has issued the following preliminary statement for the fiscal year ending June 30 (June partly est.). The usual semi-annual dividends of 2M and 2% on the com, and pref. stock, respectively, were declared this week. An official statement says: Of the decrease in expenses $5,627,416 is the conducting transportation, the ratio for the year being 37.42 per cent, compared with 40.32% in the previous year. Maintenance of equipment expenses decreased $1,193.583. the ratio so applied being slightly in advance of the previous year. Maintenance of way expenses for the year 1914 carried a charge of $2,112,000, incident to the 1913 floods. Eliminating this amount from the total decrease of $3,453,589, it shows other maintenance items to have decreased $1,286.346. The total operating ratio for the year was 69.66%. compered with 75.03% in 1914. 1913-14. Increase. 1914-15. $91,814,503 $99,164,009 *37,349,506 Total operating revenues 63,962,388 74,403,389 *10,441,001 Total operating expenses Net operating revenue Taxes accrued $27,852,115 $24,760,620 $3,091,495 62,213 3,288,679 3,226,466 Operating income Other income $24,563,436 $21,534,154 $3,029,282 *944,891 5,843,867 4,898,976 $29,462,412 $27,378,021 $2,084,391 $697.495 $18,874,950 $18,177,455 *107 (4%)2,354,527 (4)2,354,634 (55)7.597,303(6)9,118,762 *1,521,459 $28,826,780 $29,650;851 *$824,071 Total deductions sur$635,632df$2,272,830 $2,908,462 Balance,sur. or def -V. 100, 13• 1916, 1671 *Decrease, . Gross corporate income Bond interest, &c Preferred dividends Common dividends Manila Electric Railroad & Lighting Corporation. (Report for Fiscal Year ending Dec. 31 1914.) Pres. Charles M.Swift, N.Y., May 15, wrote in substance: The gross earnings of your companies for 1914 were $1,602,001, a decrease Total operating revenues_ 1,572,437 1,261,502 12,910,075 12,235.418 of $96,592, or 5.69%; operating expenses and taxes increased 3.49%, so 1,446,855 1,361,127 13,646,466 12,652,045 that the net earnings were $783,587. a decrease of $124,220, or 13.68%. Operating expenses After deducting interest charges ($277,717), sinking fund requirements 125,581 -99,624 -736,391 -416,626 ($28,250), the annual appropriation of $80,000 for the replacement and reNet operating revenue_ _ _ _ 501 4,451 Uncollec. rev, from trans_ _ _ newal fund and four dividends of 1U %, aggregating 7%, $350,000, there 151,138 remained a balance of $47,620, which was transferred to surplus account, 16,495 152,489 16,704 Express taxes making the total accumulated surplus with reserves at Dec. 31 1914, 108,584 --116,329 --893,331 --567,765 $1,691,093, an increase over 1913 of $91,965. Operating income Of the decrease of over $96.000 in the total gross earnings, $82,000 ocMarch - July 1 to March 31- curred in the railway department; up to June 30 1914 the decrease was less than 1%, the balance of the loss having occurred during the latter part of 1913-14. 1915. 1914. 1914-15. the year. During the year 1913 the rates for electric current were ma$ -$ American Express Co. reduction is also reflected in the receipts for the Total from transportation.._ _ 3,939,222 3,181,573 34,105,037 31,117,096 terially reduced and thisthe number of customers increased by over 3,300, 1,984,410 1,581,840 17,132,291 15,601,413 year 1914, so that while -Dr Express privileges the total gross receipts for the year showed a slight loss. During August heavy rains caused serious floods in Manila, and during Revenue from transporta'n_ 1,054,811 1,599,733 16,972,746 15,516,582 175,086 1,626.728 1,634,921 September the city experienced the worst flood in its history. These floods Oper. other than transporta'n 190,879 caused your companies considerable loss of revenue and expense in repairing 2,145,690 1,774,819 18,599,474 17,151,504 tracks, &c. Total oper. revenues Business and financial conditions in the Philippine Islands during the past 1.938,624 1,870,549 18,533,553 17,480,574 Operating expenses year have been far from satisfactory. As the year began the general world65,920 -329,070 wide depression began to be felt and with the European war the situation Net operating revenue_ _ _ _ 207,066 -95,729 158 became gradually worse. The last five months of the year were the dullest 1,752 261 Uncollect. rev, from trans 278,828 period experienced in the history of the company. 297,414 21,604 32,756 Express taxes Your company has no floating debt aside from accrued interest and 185,201 -128,486 -233,247 -608,057 monthly operating accounts. Operating income 124 THE CHRONICLE During the year there were purchased by the mortgage trustees under the sinking fund provisions of the respective mortgages (a) $35,000 5% 50 -Year First Lien & Coll. Trust gold bonds, making a total of $218,000 of bonds in the fund Dec. 31 1914 and a further $37,000 since that date. (b) Manila Suburban Railways Co. $4,000 1st M.5s, making $14,000 so held Dec. 31. The properties continue to be well maintained, the company having expended during 1914 for new construction $129,015, for replacements and renewals $62,241, and for maintenance (incl. in oper. exp.) $158,466. CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING DEC. 31. 1914. 1912. 1913. 1911. Gross earnings $1,602,002 $1,698,594 $1,597,674 $1,452,688 Oper. exp. and taxes_ 818,415 724,487 790,787 641,838 [VOL. 101. (The)Prest-o-lite Co., Inc.(of N. Y.), Indianapolis, Ind. (Report for Fiscal Year ending Jan. 31 1915.) Pres. Carl G. Fisher, May 3, wrote in substance: Earnings. -This report is the first to show operations for the entire year, as the last report covered only the first nine months of the company s existence. Considering general business conditions, the gross sales were very satisfactory, being 34,699.377, an increase of $209,51.6 over the preceding year of your company and its predecessor. Also, there has been a considerable reduction in operating expenses. -On account of favorable market conditions for the purpose, Bond Issue. your directors have endeavored to purchase and retire the bonds as rapidly as possible, and as a result $1,039,000 bonds were purchased during the Net earnings* $783,587 $873,187 $907,807 $810,850 year and either deposited in the sinking fund or held in the treasury for Bond interest $277,717 $277,617 $277,500 $277,092 that purpose. See V. 101, p. 517. Sinking fund res 28,250 28,250 28,2501 107,933 Additions,&c.-While some additions were made at nearly all ofthe plants, Replacement, &c., res 80,000 80,000 80,000J Dividends paid (7%)350,000 (7)350,000 (7)350,000(5 i)262.500 only one entirely new charging plant was built during the year. This was at Elkton, Md., to take care of the business in the Philadelphia and Baltiterritory. The charging plant site at Cicero, Ill., being no longer Total deductions.._ _ _ $735,967 $735,867 $735,750 $647,525 more at a satisfactory price. Balance, surplus $47,620 $171,940 $137,437 $163,325 needed, was sold -Considerable progress has been made in the development New Lines. * After allowing for loss of $9,324 on operating Union Truck Co. in 1914. of the oxy-acetylene welding 13usinoss, and in other lines a large amount of exgrimene ltnd development work is being done, with the idea of broadagainst $2,830 in 1913. eng our CONSOLIDATED BALANCE SHEET DEC. 31. 1914. 1913. 1914. 1013. PROFIT AND LOSS STATEMENT FOR YEAR ENDING JAN. 31 1915. Assets$ LiabilUies$ $ $4,699,377 Expenses, disct., &c Cost of properties, $3,253.926 Cap. stock issued_ 5,000,000 5,000,000 Gross sales 29,107 Interest charges &c. (sub. cos.)A2,488,531 12,381,802 With trus.for corp.1,000,000 1,C00,000 Other income 12,488,531 85,863 . Treasury bonds __ 93,000 97,000 5% 50-yr. 1st L.& $4,728,484 Total income Balance, surplus Cash $1,388,696 96,885 151,489 Coll.T.s. f. bds_ 4,782,000 4,817,000 Inventory adjustment to average cost of production Other current,&c., 25,679 Man.Sub.Rys.lst5s 636,000 640,000 accounts 620,993 605,018 Current liabilities 106,962 100,541 Net profit 31.363,017 Cash for sink.fund 6,213 5,860 Accrued interest__ 92,567 92,500 Securities in lieu of . Reserves 361,504 345,791 BALANCE SHEET JAN. 31 1915. mtg'd prop. sold 3,000 8,000 Surplus 1,329,589 1,253,337 -Land, buildings, machinery, tools, &C., Assets (33,664,661) Total reserve for depreciation, $214,295 13,308,622 13,249,169 31,552,439; less Total 13,308,622 13,249,169 $1,338,144 -V. 100, p. 1832, 733. Good-will, patents, franchises, &c 1 Inventories of Prest-o-Lite tanks, materials, &c., approx. cost 1,601,433 Acc'ts & notes receivable, $443,507, and cash, $281.577___--- 725.084 Halifax (N. S.) Electric Tramway Co., Limited Liabilities ($3,664,661)-7% sinking fund bonds, $2,000,000; (19th Annual Report less redeemed and canceled, 31,022,000, and held in treasury -Year ending Dec. 31 1914.) for sinking fund urposes,$360,500; balance 617,500 President E. A. Robert says in substance: Deposits on tanks loaned and reserve for repairs 377,871 Accounts payable, accrued items, &c 144,030 Owing, in large measure, to conditions resulting from the existing war, Bond sinking fund reserve 1,039,141 the earnings were not as large as might have been expected under normal Capital stock (80,000 shares, no par value) and capital surplus.. 869,807 conditions, but, all things considered, the results for tho year are satisSurplus 616,311 factory. In addition to expenditure for maintenance charged to operating See also V. 101, P. 51. expenses, a substantial sum has been set aside for depreciation. PROFIT AND LOSS ACCOUNT FOR CALENDAR YEARS. Marconi Wireless Telegraph Co. of America. 1914. 1913. 1912. 1911. Passengers carried (Report for Fiscal Year ending Dec. 31 1914.) 7,316,727 6,876,003 5,688,414 . 5.212,257 Passenger earnings $319,881 $301,771 $250,264 $229,928 Pres. John W. Griggs wrote in substance: Elec. light, power, &c 260.682 242,086 228,655 211,161 Gas and products 64,679 -While during the year ended there is created a new source of 62,077 Results. 61,035 61,310 revenue from Trans-Pacific stations, the message traffic between shore and Gross earnings $645,242 $605,934 $539,954 $502,399 ship has been greatly affected by the war. The revenue from ships flying Operating exp. & taxes_ 375,424 337,009 286,560 256,874 the American flag has been considerably increased, but the gain thus made has not been sufficient to offset losses duo to the withdrawal of so many Net earnings $269.818 $268,925 $253,394 $245,525 foreign ships from American waters. Bond interest $30,000 Beginning with November, the curtailment of the revenue from long$30,000 $30.000 $30,000 Other interest. &c 1,004 8,618 6,558 22,288 distance press service and ship traffic show distinct losses over previous Dividends (8%) 112,000 112,000 112,000 112,000 years, yet prior to that time and notwithstanding the war, your company's message traffic between shore and ship every month showed a handsome Balance,surplus $126,814 $118,307 $104,836 $81,237 increase over previous years. The acquisition in 1912 of the tangible assets of the United Wireless TeleBALANCE SHEET DEC. 31. graph Co. by your company,placed under its control all of the coast stations 1914. 1913. of importance on both the Atlantic and Pacific coasts, besides which prac1914. 1913. Assets$ $ Liabilitiestically the wttole of the American mercantile marine is at present fitted 3 Property&franchise..2,743,505 2,701,641 Capital stock 1,400,000 1,400,000 with wireless apparatus. The number of ship and shore equipments now Cash 88,756 33,622 Mortgage bonds_ _ _ 600,000 600,000 operated by your company is approximately 20 times that of 3 years ago. Accounts receivable- 83,489 -The factory purchased at Aldene, N. J., has been found ad42,472 Vouch.& accts. pay_ 58,237 Plant. 58,921 Materials & supplies. 36,401 41,773 Outstanding tickets. 6,509 5,498 mirably suited to your company's purposes. It has a floor area of 20,000 Suspense accounts 16,366 17,568 Int.coupons payable sq. ft. and includes nearly 100 types and styles of manufacturing machinery. -The rental figure of the ship equipment contracts Securities 65,265 65,265 Rental Increase. Jan. 1 15,000 15,000 Accrued interest on Div. payable Jan.1_ 28,000 28,000 which were acquired with the purchase of the assets of the United WireInvestment 1,700 less Telegraph Co. had been made at so low a figure that carrying them to Depreciation reserve 6,000 Surplus 921,736 794,922 the expiration of their full terms entailed a substantial loss to your company. As fast as these contracts expired we have endeavored to make new ones on Total 3,035,482 2,902,341 Total 3,035,482 2,902,341 a more equable basis. -There has been completed a powerful station at -V. 100, p. 555. High Power Stations. Itetchikan. Alaska, and a chain of wireless stations to cover this territory W. 11.- McElwain Co., Boston. has been planned. Congress recently authorized the construction of an Alaskan railroad at a cost of $40,000,000, which, it is estimated, will (Report for Fiscal Year ending May 31 1915.) greatly increase tho rich production of this region. For years the only telegraphic communication between the United States and Alaska has been Pres. J. Franklin McElwain, Boston, June 25 wrote: -owned cable which operates but six hours a day. At by a Government -The sales for the year ending May 31 1915, including all its Juneau we have another station under construction and the United States General. departments, but without duplications, trade discounts or returns, aggre- terminal at Astoria, Ore., is nearing completion. This latter plant will be gate $25,174,848, exceeding any previous year in our history. The reason ready about May 1 and the first link in the chain will then be opened. Your company's Trans-Pacific service between San Francisco and Honofor this is found in the large volume of shoes sold by the manufacturing department of tha company for the use of foreign armies; a part of these lulu was opened Sept. 24. The service rendered has been mast satisfactory. shoes, amounting to $1,241,476, were purchased by the company from Your company has secured most of the business and notwithstanding the other manufacturers in order to effectuate prompt deliveries at times when fact that the cable company was compelled some months since to reduce the company's factories were full. The increase In volume has occasioned their rates to meet ours the volume of wireless traffic still shows a continued increase. Our night letter and the week-end letter have become an increase in debts and merchandise on hand. Plant Account.-Thls account as of May 31 1915 stood at $3,373,627; very popular with the Hawaiians. the cost and present replacement value would be over $4,000,000. Repairs The outbreak of the war stopped our proposed vigorous campaign to and renewals for the year aggregated $163,190, contrasting with $173.526 secure a share of the Trams-Atlantic cable business through direct service in 1913-14, with $193,436 in 1912-13 and $146,279 in 1911-12. These between New York and London. The duplex stations at Belmar, N. J., Items have been charged to operating expenses, keeping the plant at a anti New Brunswick, N. J., were completed when word came that the cormaximum efficiency. In addition, a special $100,000 for plant account responding English stations at Carnarvon and Towyn, in Wales, had been has been made from net earnings during the year. There has also been commandeered by Great Britain for the use of the Admiralty. This came expended during the past year the sum of $224,034 for lasts, dies and as a very serious blow, since 24-hour service was to be provided through a new commercial office in the New York financial district. There is small patterns, all of which has been charged to operating expenses. In common with other linos of industry, the shoe business in this country likelihood that we shall be able to open the stations to public service until has been passing through a period of marked depression. This company the end of the war, but when that time arrives your officers expect to be has suffered in common with other manufacturers of shoes, as is indicated reimbursed in full, claims for indemnity on losses sustained being included with those of the affiliated English Company against the British Gov. In a moderate decrease of its domestic business and of its not earnings. The direct service between Boston and Norway through the trans-oceanic Stockholders. -The record owners of 1st and 2d pref. stock now number stations which have been building at Marion, Mass., and Chatham, Mass.. 2,036, and their average holdings are 33.40 shares. has also been blocked by the war. The construction work on both the staINCOME ACCOUNT YEAR ENDING MAY 31. tions of your company and those in Norway is almost finished, but it is 1914-15. 1913-14. 1912-13. 1911-12. doubtful whether the apparatus can be delivered here or in Norway until Manufacturing earnings.. $648,587 $769,116 5$487,262 the war is over. Norway ranks fourth in tonnage among maritime powers. $705,550 Miscellaneous 1 152,518 and the wireless connection with Boston should prove a profitable one when the circuit can be opened. Total net $648.587 -During the blizzard which swept the Eastern States $769,116 $705,550 Railroad Wireless. 3639,780 Deductionsearly in last year, all the railroads in the zone affected were blocked for Approp. to plant acct.._ _ $100.000 $51,226 $40.557 $74,235 hours, and in some cases days, except the Dela. Lacica. & W. RR., which Bonuses to managers.. 12,297 83,992 39,570 53,827 had installed a Marconi system, and through it operated its trains wholly 1st pref. divs.(6%) 291,000 291,900.95 150,000 by wireless and without mishap. 2d pref. divs (73 %)150,000(9%)180,000(9V)148,187(9%)112,500 -The court proceedings have finally been crowned Legal Department. Common dividends__(13i %)30.000 (43i)90,000 (15)232,500 (6%)90,000 with several splendid decisions rendered in your company s favor. In a suit against the National Electric Signaling Co., Justice Veeder of Balance,surplus $65.290 $52,854 $73,930 $159,218 the U. S. Court on March 17 1914 decided that Marconi was beyond doubt Volume of Sales for Years ending May 31. the inventor of wireless telegraphy and the patents he secured in 1897. 1915. 1913. 1914. 1912. 1905. 1900. 1895. 1898 and 1904 were valid. The opinion emphatically stated,"the evidence establishes Marconi's claim that he was the first to discover and use any $ $ $ $ $ $ $ 25,174,848 21,817,542 20,631,071 17,089,017 5,203,043 1,201,713 75,957 practical means for effective telegraphic transmission and intelligent reception" of wireless signals. (Compare V. 98, p. 916, 1159.) BALANCE SHEET MAY 31. Suit was then brought against the Atlantic Communication Co., which 1915. 1914. 1915. 1914. uses the Telefunken apparatus of Germany. The court granted a restrainAssets$ $ Liabilities$ $ ing order, excepting, however, U. S. Government apparatus and the GovCash 440,351 386,413 Debts 5,565,509 4,512,662 -owned Panama Steamship Receivables 4,923,588 4,512,691 First pref. stock.. 4,800,000 4,850,000 ernment was enjoined and gave aline equipments; later your company's opponent bond of $14,000 to cover apparatus Merchandise 5,549,353 5,143,561 Second pref. stock. 2,000,000 2,000,000 already installed. Securities 497,824 452,891 Common stock _ _ _ 2,000,000 2,000,000 Motion for an injunction against Fritz Lowenstein, who has been supplyPlant account._ 3,373,627 3,221,050 Surplus 419,234 353,944 ing infringing apparatus to the Government, was opposed by the Navy De• partment and was denied as regards equipmentfurnished to the Government. Total 14,784,743 13,716,606 Total 14,784,743 13,716,606 Testimony is now being taken in two suits pending in San Francisco in-V. 101, p. 51. volving the Federal Telegraph Co. and its Poulsen system. 125 THE CHRONICLE JULY 10 19151 1914 in Motions to modify the preliminary injunction granted Nov. Co. were the suit against the De Forest Radio Telegraph & Telephone itsships on denied and the Standard Oil Co. reinstated Marconi apparatus at the raised rental figure (V. 99, p. 1302, 1455, 1532.) DeForest on the Suit for infringement has also been brought against Fleming valve patent, of great importance becasue of superior effectiveness infringement of as a receiver of wireless signals. A. counter action claiming valve has been several DeForest patents on modifications of the Fleming New Jersey. filed in Co., The Fessenden patents, owned by the National Electric Signaling your and were sustained in a suit brought against the Telefunken interests Co. entered into a license agreement with the National and company has since apparatus, which enables it to use what is known as "high frequency" tuning has in turn granted the privilege of using the two well-sustained your company patents of Marconi and Lodge. Under the agreement The agreement secures the use of 171 patents owned by the National Co. sold or rented, further provides for an exchange royalty on all equipment leaving your and disposes of all pending litigation with the National Co., through company in a very strong position in event of any action arising P. 917, its use of "high frequency" apparatus. (V. 97, P. 1508; V. 98, 1540; V. 99, p. 1302.) -The U. S. Government has purchased considerGovernment Contracts. all the new able apparatus for the navy, and your company has supplied equipment for the army and the revenue cutter service. of the year was -Every important marine rescue Marine Catastrophes. notable effected with Marconi apparatus, manned by Marconi men; a in fog. sunk Instance being in the case of the passenger steamer Monroe new construc-Owing to the war, all expenditures for immediately Construction, &c. tion have been reduced by postponing such work as was not it has been where necessary, economies have been effected in all stations expenditures of all possible to reduce the staff and hours of operation, and scrutiny before being authorized. kinds are given the most careful set aside We have decided on a policy of depreciation reserve and have and tear to cover wear from the operating revenues substantial amounts depreciation of patents. and also to meet not covered by current repairs, INCOME ACCOUNT. Year end. ilMos.end. -Years ending Jan.31 1912. 1913. Dec. 31 '14. Dec. 31 '13. $55,794 $170,695 $177,914 $756,573 Gross earnings 161,548 213,373 150,272 Other income $55,794 $332,243 $391,287 $906,845 Total income $28,254 $242,235 $211,484 $271,889 Net income 11,261 30,989 33,233 x122,011 Depreciation, &c Autosales Gum & Chocolate Co., New York (Report for Fiscal Year ending April 30 1915.) Prest. Ulysses D. Eddy, June 22, wrote in substance: The earnings from your vending and weighing machines are largely dependent upon railroad traffic, and from the theatre machines upon the attendance at places of amusement, and they have been affected by the heavy decline in both these branches. Fewer potential patrons passed your machines and those who did had less to spend. Of late, however, the improvement in general business is favorably affecting your earnings. During the year no contracts for the operation of machines on transportation lines have lapsed, all agreements which expired by limitation have been renewed and, in addition, now contracts have been closed with important transportation companies. The overhead charges which for the preceding year were $147,507, have been reduced to $98,084, and at the present time are running at about $80,000 per annum. During the previous year your company spent on repairs and replacements $109,973. as against $109,860, for the year just ended. In addition, new machines have been devised and protected by patents and will shortly be placed in operation. It is believed that they will efficient prove to have even greater earning capacity than our present veryY. City. machines. The general offices, previously at 200 5th Ave., N. to 96 Spring St., N. Y. City, a modern fire-proof building have been moved and in the same structure are also established the vending and weighing machine factories formerly located in Long Island City, effecting for the current fiscal year important economies not only in rental but in operation. During May 1914 $223,500 of our bonds were retired, as well as $20,000 bonds of the Weighing & Sales Co., a subsidiary. During May 1915 $99,500 and $19,900 of said issues, respectively, were retired, still further reducing interest charges, $6,965. The "war tax" law which went into effect in Dec. 1914, places an internal revenue tax of 4% on our sales of chewing gum during the continuance of this law, which expires by limitation on Dec. 1st 1915. Your company owns a number of valuable patents, which have been diligently safeguarded by notification to and litigation with infringers. INCOME ACCOUNT FOR YEARS ENDING APRIL 30. 1912-13. 1913-14. 1914-15. $296,570 $277,003 $331,999 Net profit 120,879 143.276 47,845 Administration and general expenses_ 109,860 Repairs and replacements $133,727 6,484 $211,246 $149,878 *$178,251 Balance, surplus calling for $188,041. * An initial dividend of 2% was paid Aug. 11913, against expirax Includes in 1914 depreciation reserves, $59,511; reserve $50,000, and contingencies, $12,500. tion of patents, BALANCE SHEET DEC. 31. 1013. 1014. 1913. 1014. $ Assets (Continued) Assets77,244 278,477 est.,b1dgs.,&c.14,623,117f 2,250,646 Miscellaneous Real 1 75,061 Plant,mach.& toolsf 10,467,173 9,919,948 Materials & supplies 351,638 407,371 Total Pats., good-will, &c_2,763,005 2,741,539 Liabilities Investments & loans 9,402,070 9,402,070 n1,420,398 2,829,543 Capital stock (at cost) b296,303 Reserves Cash in banks and on 303,184 67,312 miscellaneous 88,436 hand Accounts payable__ _ 404,229 Certificates of de364,571 214,694 Surplus 560,000 720,000 posit 190,000 550,000 Bank loans 10,467,173 9,919,948 Total Accounts receivable_ 393,335 bonds a Investments and loans (at cost) on Dec. 31 1914 include railroadstocks, and notes, $1.101.428; municipal bonds and notes. $300,000, and in sub. cos., 318,970. b Includes reserve for depreciation of coast stations, of $168,425; for depreciation of ship stations, $41,063: against expiration patents, $50,000, and for contingencies, $36,815.-V. 100, p. 1172. Associated Gas & Electric Co. (of N. Y.) (5th Annual Report Year ended Dec. 31 1914.) Pres. J. II. Pardee, N. Y., March 5, wrote in substance: -During the year the company disposed of its -Sale. Security Holdings. Gas Light holdings of securities of the Canisteo Gas Co. and the Hornell bonds and Co., the proceeds being deposited with the trustee of the 1st M.associates, stobk collat. trust [the purchasers being Harry Bradley and N. Y. who are largely interested in Empire Gas & Fuel Co. of Wellsville, -Ed.] It also acquired $95,000 1st M. bonds of the Norwich (N. Y.) & Electric Co.; which were paid for out of moneys so on deposit, the Gas of bonds being deposited with said trustee. It also acquired 90 shares the outstanding common stock of the Norwich Gas & Electric Co. The outstanding bonds of the Ithaca Electric Light & Power Co. remaining were purchased with moneys on deposit with the trustee, this mortgage being satisfied and canceled. Steps are being taken to merge the properties of the Ithaca Gas Light Co. and the Ithaca Electric Light & Power Co. (V. 100, p. 1514). The property of the Oxford Electric Light Co. has been merged into that of the NorwichGas & Electric Co. -year 6% -The company also sold $89.000 collateral trust 5 Notes Issued. Notes to provide funds for extension and improvements to the property of the Kentucky Public Service Co. your underlying companies have been -$19.000 bonds of Bonds Retired. and stock coll. retired by their sinking funds and $13,000 1st M. bonds this last-named were retired and canceled; 3200,000 bonds also of trust 55 moneys on deposit in the purchase money account, issue were purchased with This making a total of $213,000 of said issue canceled during the year. will Cause a material reduction in our fixed charges. plant was constructed in Hopkinsvillo, Ky., -A new power Additions. will and a transmission line to Clarksville, Tenn. The Clarksville station economy. be shut down, effecting, it is expected a very considerable for improvements and betterments During 1914 $194,930 was expended . to plants of the underlying companies and over $39,000 for maintenance 31. CONSOLIDATED INCOME ACCOUNT FOR FISCAL YEARS ENDED DEC 1912. 1914. 1913. $603,245 $774,818 $631,648 Gross earnings 390,897 549.409 398.760 Operation exp.& taxes $212,348 $225,409 $232.788 Not earnings 53,912 27,354 Other income $212,348 $279,321 $260,142 Total income Less sub-companies deduction $14,576 $51,684 $49,531 interest Bond 8,906 10,063 1,058 Interest on floating debt 10,560 12,749 13,825 Sinking fund 19,754 1,142 on stock Dividends 4,868 3,577 4,835 Miscellaneous $173,438 $181,494 Bal. available for Assoc.G.& EI.Co. $189,751 $99,388 $112,807 $105,767 Bond,&c., interest 30,015 39,626 54,418 Dividends (6%) $44,035 $29,061 $29,566 Balance, surplus CONSOLIDATED BALANCE SHEET DEC. 31. . 1913. 1913. 1914. $ $ $ Liabilities-Assets600,000 600,000 Common stock Plant investment, 907,000 906,200 construction,&e_ _4,605,762 4,891,342 Preferred stock Accts.& notes ree'le. 97,653 124,663 Cap. stock sub. cos_ 334,800 382,050 2,668,500 2,926,500 71,547 Funded debt 53,251 Stores, fuel,&o 24,8991 94,226 282,582 Bills payable Cash 56,669 174,060 34,198 Accounts payable_ 4,634 Sinking fund 7,192 Unamortized debt,dre 199,773 227,291 Miscellaneous 39,181 875 Accrued interest, &c. 38,767 875 Accrued dividends__ General,&c.,reserve 194,410 173,423 Unamortized replace14,088 13,890 1,011 Reserve for divs_ ment suspense_ ___ 24,900 39,861 16,548 4.837 Surplus to sub. cos 7,249 Prepaid accounts___ Surplus 315,648 382,983 5 178,323 5,638,346 Total -V. 100. D. 184. Total 5,178,323 5,638,346 $175,691 22,528 Balance Other incomo $174,294 Gross income Deductions Bond interest Reserves Interest on loans, &c $174,294 $140,211 3198,219 $212,840 $226,561 $232,235 10,000 3,980 7,953 $16,993 $44,016 $42,526 394,303 BALANCE SHEET APRIL 30. 1914. 1915. 1014. 1915. $ $ Liabilities$ $ AssetsCapital stock__ __ 6,000,000 6,000,000 Real estate, plant, 3,589,500 3,833,000 good-will, &c__ 8,344,907 9,791,899 Funded debt 951 Scrip of sub. cos Securities owned 83,666 21,461 Accounts payable_ (book value)._ _ 1,572,400 110,000 60,371 8 75,648 75,84 Notes payable__ Treas. stock (par). 76,984 72,339 98 Bond Int. accrued.. 98 Treas. bonds (par) 2,660 20,539 Agents' deposits_ 141 Sinking fund 379,567 Conting. reserve.. 250,001 305,020 Inventory 13,334 10,273 . *95,740 Other reserves_ _ Notes & accts. rec. *49,531 343,882 46,820 Profit and i0.99- --- x368,764 20,199 Cash 32,863 3,264 Adv. to sub. cos 17,692 5,111 Deferred charges_ Balance, deficit 10,376,319 10,460,866 Total 10,376,319 10,460,866 reserve for doubtful accounts. x After deducting reserve for * Less contingencies, $250,000. and adding discount on bonds retired, $88,756; profit resulting from further adjustments of the sale of plants, as per books, $226,290, and net of miscellaneous adjustments for materials, expenses, obsolete stock, bad debts, &c., $2,355. -E.Beverly Walden (Chairman), F. V. Canning, G. F. Hurd, Directors. Ulysses D. Eddy, Charles R. Flint, Oscar L. Gubelman, A. J. Hemphill, David A. Kellar, C. D. Smithers.-V. 99, p. 44. Total Quincy Mining Co., N. Y. and Michigan (Report for Fiscal Year ending Dec. 31 1914.) Pres. William R.Todd,N. Y. Mar. 1 1915, wrote in subst.: The product of the mine was 22.612,460 lbs. of mineral, yielding 15.$2,041,992,• 356,380 lbs. of refined copper, for which has been realized meeting all profit on silver, $12,630; total profit, 32,054,622. After operating expenses, taxes, strike expense ($29,787), construction, renewals and betterments ($76,662), against $172,774 in 1913),and accident account. ($13,702); there remained available income for 1914 of $205,593. and the Our operations were seriously affected by the strike, air blasts existed, European war. On Jan. 1 1914 the strike of 1913 still We havebut we were endeavored rapidly returning to normal conditions at the mine. no new to economize in all departments at the mine, and have undertaken until a construction work or renewals that could prudently be deferred season. more favorable Late in March a number of heavy air blasts occurred with extensive falls of rock in the vicinity of number two and six shafts, which blocked number two shaft for a distance of 1.000 ft. below the 40th level and also weakened more some of the timbering in number six shaft. These air blasts were level, severe than any that we have had for a long time. Above the 50th in the lower levels, the air blasts weakened where the pillars are smaller than the shaft timbering in many places, the damage in No. 2 shaft requiring over three months to repair. The company did not operate at a profit during the first six months, owing to the strike, cost of repairs from air blasts and our inability to work in No. 2 shaft while these repairs were in progress. This shaft resumed 1, operations early in July last, but the outbreak of the European war, Aug. in again seriously interfered with our business, because of the decrease foreign and domestic demand for copper, which necessitated a reducthe tion of the working force as well as a 12 % reduction of wages and salaries of all employees and officers of the company. The price of copper began to improve early in November, when the European nations entered the market with large orders for war material. On this buying we were able to sell copper that we had accumulated and resume payment of quarterly dividends which were discontinued during the strike. (Dividend Dec. 21 1914, 50e., or 2%; March 29 1915. $1. or 1923.1 4%; and $2, or 8%. June 28 1915. See V. 100, p.at prices ranging from Our sales of copper during 1914 have been made 1534c. in January to 11%c. in November, advancing to 13%c. at the close of the year, our average for the year being 13.3c. per pound. RESULTS FOR THE FISCAL YEAR ENDING DEC. 31. 1911. 1912. 1913. 1914. 32.550,440 Mineral produced, lbs- - 22,612,460 18,161,575 30,040,360 22,252,943 Refined copper, lbs____ 15,356,380 12,184,128 20,634,800 $2,054.622 $1,921,199 $3,381,587 $2,854,805 Gross income $1,372,436 S1,176,790 $1,778,825 $1.786,460 Mining expenses 223,178 267,173 115,067 132,776 Opening mine expense 198,662 182.441 152,802 167,695 n,&e..Smelting transp 50,186 63,475 79,655 64,998 Taxes paid in Michigan_ 139,045 29,787 Strike expense 31,767,692 31,663,359 $2,291,913 $2,258,486 $596,319 $257,840 $1,089,674 $286,930 17,859 15,245 18,929 9,028 $614,178 $276,769 $1,104,919 $295,958 Total net income......_ $106,581 $110,049 $172,774 $76,662 Construe, renewals, &c_ 34,091 27.835 13,703 Accident account (2)55,000 (15)412,500 (20) 550,000(16) 440,000 Dividends Total expenses Net profit Other income Balance sur$150,593 def$336,340 sur$410,779 sur$67.597 126 [VoL. 101. THE CIIRONICLE GENERAL SUMMARY OF RECEIPTS FROM ORGANIZ'N TO DEC. 31. To 1914. To 1913. To 1914. To 1913. Expendituresfor- $ Receipts from Real estate & perStock ($2,750,000) manent imp'ts_ 7,717,926 7,641,265 2,150,000 2,150,000 and scrip Miscellaneous_ _ _ _ 108,598 108,598 Copper & silvers- -78,380,987 76,326,365 Operating expen_ _51,738,395 49,957,000 Interest 460,818 452,065 Dividends 20,897,500 20,842,500 Sale real estate,&c. 368,146 367,871 Net current assets. 897,532 746,938 INCOME ACCOUNT FOR YEAR ENDING DEC. 31. 1914. 1913. 1912. Gross earnings $875,196 $872,510 13521,605 Other income 1 2,080' Total income Operating expenses, rent, int., &c_ _ _ $875,196 211,023 $872,510 214,102 $523,685 154,076 $664,173 Net earnings $658,408 $369,609 Bond interest $273,360 $272,263 $178,980 142,758 142,758 117,948 Total 81,359,951 79,296,301 Pref. dividends (6%) 81.359.951 79,290,301 Total Reserves 50,000 * Represents sales of 528,331,655 lbs. of copper in 1914,against 512.975,275 lbs. in 1913. $416,118 Total deductions $465,021 $296,928 $248,055 Note. $193,387 -On Jan. 1 1915 the current assets, including cash, copper,supplies Surplus $72,081 and investments amounted to $1,153,151; accounts, &c., payable,$255,620; BALANCE SHEET DEC. 31. balance, net current assets as above, $897,532. From organization to Jan. 1 1915, 106 dividends had been paid, aggregating in all $20,897,500, 1914. 1913. 1914. 1913. the first being $60,000 in July 1862.-V. 100, 985, 816. Liabilities-$ $ Assets $ Preferrel stock__ 2,400,000 2,400,000 Prop's, hydraulic, Common stock__ 4,585,000 4,585,000 Central Coal & Coke Co., Kansas City. dec.,air compres11,947,947 11,701,880 Funded debt sors, &c 4,556,000 4,743,500 45,000 Accounts & wages 45,000 Inv. in other cos__ (Report for Year ending Jan. 1 1915.) 187,500 payable Bonds in sink. fd_ 52,545 66,523 67,519 Reserves RESULTS FOR CALENDAR YEARS. 66,963 Stores on hand-56,152 58,046 21,000 Pref. div. payable 21,009 Guarantee deposit Delta Land 112,709 126,674 Jan. 15 Acc'ts 71,985 71,985 -Cent. Coal&Coke- c%Tim.Co. -Cent. Coal& Coke - Cash receivable92,433 Surplus 85,906 *564,497 323,040 1915. 1915. 1915. 1914. 1914. 6,648 6,088 MiscellaneousDepartmentGross. Net. Net. GT033. Net. Wholesale coal $809,188 $392,620 $930,740 $490,742 12,248,094 Total 12,286,179 Total 12,286,179 12,248,094 Retail coal 118,024 10,878 1,26,999 16,570 Wichita coal 22,608 loss 934 40,251 3,862 * After deducting in 1914 sundry adjustments, $6,598.-V. 100, p. St. Joseph coal 13,868 2,521 20,172 7,693 646, 234. Washer 30,398 loss1,065 43,116 3,552 Stores lumber dept $30,549 Mining stores 127,347 139,872 Kansas City Breweries Co. Rentals coal, &c., dept_ 50,402 3,357 31,494 Wholesale lumber 120,523 43,647 305,824 743,229 305,804 (Report for Fiscal Year ending Dec. 31 1914.) Carson mill 839,051 169,276 Keith mill 529,478 96,503 Miscellaneous 230 Pres. J. J. Heim,Kansas City, Mo.,Feb.2, wrote in subst.: 22,554 In Sept. 1914 the Rochester "B" plant, (the Imperial plant) owing Total $625,647 $339.730 $1,287,922 serious floods, was closed and on Nov. 7 the directors decided' keep to to it closed because of the grave danger of re-current floods and the stagnant INCOME ACCOUNT FOR YEAR ENDING DEC. 31. business conditions, and the further reason that the capacity of the other namely the Heim Plant and the Rochester "A" plant, has been Cent.C.&C.Co. Delta L.& T.Co. -Cent. C. & C. Co. - two plants, materially increased during the last three years and will befully able to care 1915. 1915. 1914. 1913. for all requirements. The closing of the Imperial plant means a saving of Net earnings as above__ $625,647 $339,730 $1,287,922 $1,231,472 not less than from $50,000 to $75,000 per year. Deductions Notwithstanding the unfavorable weather conditions the general business Royalty cred. coal lands. $126,120 $126,664 $107,655 depression and the tremendous agitation carried on by the anti-liquor Royalty cred. timber Ids. $310,385 339,865 253,679 forces, we consider our showing satisfactory. Deprec'n mill property_ 65,597 33,987 36,240 Deprec'n washer prop__ 4,008 RESULTS FOR CALENDAR YEARS. 4,008 4,008 Deprec'n Kansas City ' 1914. 1913. 1912. motor trucks 1911. 4,544 4,544 299,215 326,784 Barrels sold 314,600 Live stock exting. res've. 338,332 11,580 General expense $2,399,097 $2,587,005 $2,452,558 $2,613,449 70,581 44,837 88,819 81,493 Total income Interest on bonds 77,488 52,789 72,990 78,597 Purchases and expenses_*$2.094,258 $2,161,813 $2,123,679 $2,186,473 Interest and exchange 74,804 12,405 17,121 81,696 73,041 79,109 38,292 Depreciation 84,581 198,480 198,480 Interest on bonds 198,480 198,480 Total 25,000 $306,726 25,000 $490,729 $743,918 25,000 $599,963 Sinking fund 25,000 Surplus earnings sur$318,921 def$150,999 sur$544,004 sur$631,509 Div. on pref. stock(6%) 87,960 Divs. on pref. stock(5%) 93,750 93,750 93,750 Divs. on corn. stock (3)153,750 Total deductions_ _ _ _ $2,392,542 $2,466,989 $2,426,268 $2,582,494 (6)307,500 (6)307,500 surplus for year •• $6,555 $120,016 Balance, $26,290 $30,955 xBalance after diva__ 8111171,421 def$150,999 sur$142,854 sur$230,259 * Includes loss by the flood at the Imperial Plant in Sept. 1914, which is x These items have been supplied; they do not appear in the reports. estimated at $50,000. This plant is now closed and the output will be What other deductions or credits there were, we do not know. taken care of at the other plants. -Ed. BALANCE SHEET DEC. 31. BALANCE SHEET YEARS END. JAN. 1 (Cent. C. & C. Co.) 1913. 1914. 1914. 1913. •1915. 1914. Liabilities1915. $ 1914. Assets$ $ Assets Liabilities Common stock Plants, prop., good 1,557,000 1,557,000 Coal lands 4,270,527 4,324,853 Common stock_ a6,017,774 6,056,765 Preferred stock 5,125,000 5,125,000 will, 1,466,000 1,460,000 Timber lands 1,737,130 3,526,350 Preferred stock_ _ _ 1,875,000 1,875,000 Outside&c First mtge. bonds_ _ c2,935,000 3,005,000 estate, real Coal shafts & bldg. 1,832,939 2,145,579 Bonds 155,187 150,842 Accounts payable,ac1,258,000 , 2,059,000 agencies, &c Sawmills & !rapt& 492,717 Audited bills 19,430 crued taxes 539,973 657,262 30 1st M.bds. (cost) 19,430 182,401 332,422 Yards& equipm't_ 99,227 99,227 Sundry account& _ 42,486 83,124 Mater.,sup.,mtgs.,&o 682,372 791,931 Total surplus 363,496 356,941 Personal property. 142,029 89,290 Pay roll balances_ 104,159 19,085 Sinking fund reserve. 392,516 320,690 b21,680 125,465 Cash Mo.& L.RR.stk. 150,000 Freight charges unBev.& So. RR_ _ _ 150,000 adlusted 6,896,443 7,038,053 Total 66,590 82,590 Total 6,890,443 7,038,053 Bonds, &c., in Sink. fund for ins_ 204,308 189,250 other companies 319,102 160,102 Bills payable 100,000 1,380,003 Includes value prior to 1906, $5,743,634; additions and improvements, a Accts. for collee'n_ 1,848,047 1,788,403 Proceeds of sale of 1907, $285,879; 1908. $258,006; 1909. $195,015; 1910, 1906 8226,599; Inventories 276,271 684,701 Delta Land & $180'345; 1911, $256,503: 1912, $197,754; 1913, $85,568; 1914, $35,812; Cash 138,816 328,590 Timber bonds_ 647,832 total', $6,092,578; less depreciation reserve, $74,804; bal., $6,017,774. Sinking fund 75,000 50,000 Undivided profits_ 1,594,122 1,624,264 b Includes $13,262 sinking fund reserves and $8,418 general funds. Sundry balances 70,550 13,915 -V. 100, p. 478. c After deducting $373,000 bonds in sinking fund. Total 10,959,638 13,853,787 Total 10,959,638 13,853,787 BALANCE SHEET JAN. 1 1915 (Delta Land c% Timber Co) [Owning all the timber and lumber properties of Central Coal & Coke Co., which owns the entire capital stock.) Assets-(Total $10,268,466) Liabilities-(Total $10,%68.466) Timber lands $8.141.208 Capital stock Mills. machinery & Impts. 1,372.617 1st and refdg. M. bonds $500,000 Sundry Accounts due_ _ _ _ 127,084 (V. 98, p. 1002. 8411_..- 1,950,000 Cash 30,057 Delta Lumber Co. bonds- 750,000 Inventories 308.548 Audited bills 154,496 Deposits for sinking fund_ 117.495 Dills payable 68,000 Sundry balances 20,710 Timber notes 984,500 Profit and loss 150,747 Pay roll balances 4,162 Accrued interest 24,806 Central Coal & Coke Co 316,000 Sundry accounts payable_ 22,535 Surplus (unavailable) 5,493,967 -V. 100, p. 143. Northern Ontario Light & Power Co., Ltd. (Report for Fiscal Year ending Dec. 31 1914.) Pres. D. Fasken, K. C., Jan. 31 wrote in substance: Results. -The showing for the year would have been improved but for unsettled conditions since Aug. 1 1914, which have made a differencethe of approximately 10% per month in the anticipated earnings during the past five months. The sum of $142,758 has been paid as dividends at the rate of 6%, on the outstanding cum. pref. stock. The balance of $564,496 (including $316,442 surplus brought forward -Dec. 31 1913, after adjustments of $6,598) has been carried forward to next year's account. Bonds. -The sum of $133,500 has been applieci in settlement year's installment of sinking fund on the bonds (against $122,000 in of the 1913), making the total amount of the bonds in this fund $321,000. During the year $133,500 bonds have been issued, leaving certified but unissued $181,500. In addition we are entitled to have certified and issued because of money expended out of earnings on improvements and betterments, approximately $405,500 bonds. Total bonds outstanding, exclusive of amount in sinking fund, $4,556,000. Additions, &c. -During the year $246,067 has been expended additions and improvements. The 3,000 h.p. electrical development forFounat tain Falls has been completed and placed in successful commercial operation. Improvewents have been made in the operating mechanism at the Matabitchouan and Ragged Chutes plants. The induction morors driving the mechanical air compressors in the Brady Lake and Cobalt have been replaced by synchronous motors of larger capacity, sub-stations serving our electric output and improving the regulation of greatly conthe system. The whole of our undertakings in the Cobalt district and at Haileybury, New Liskeard, Cochrane, Porcupine and Sturgeon Falls, have been maintained in good condition out of earnings. Beatrice Creamery Company (Income Account for the Year ended Dec. 311914.) The public accountants state that the total earnings of all properties, after deducting all expenses incident to operations, including those for ordinary repairs and maintenance (approximately $70,000), interest and all expenses pertaining to the distribution of products, amounted to 3626,556, made up as follows, as contrasted with 1913: Manufacture and sale of creamery butter,$323,959, against $239,110 in 1913; purchase, manufacture and sale of dairy and process lautter, $45,998, against $33,618; purchase and sale of eggs, $46,985, against $77,350; operation of cold storage and ice plants at Denver. Topeka and Lincoln, $133,043, against $130,061; manufacture and sale of dairy and creamery machinery,$21,107, against $44,085, manufacture and sale of by-products and other miscellaneous merchandise. 05,462, against $42,96'7. INCOME ACCOUNT FOR YEARS ENDING DEC. 31. 1914. 1913. 1912. 1911. $626,556 Gross earnings $567,191 8479,994 3569,062 103,421 Invest. In other cos, etc. 201.456 127,398 148,607 $729,977 Total income $768,647 $607,392 $717,660 $86,356 bal. adm. exp. Unappor. $122,986 $109,465 $90,471 41,315 Deprecia'n (plants, &c.) 110,124 72,726 249,362 122,436 Deprecia'n (Investments) Miscellaneous 10,000 24,533 Contingent reserve 25,034 120,000 Preferred diva. (6%) -120,000 120,000 120,000 *180,000 Common diva 172,500 150,000 97,500 $584,640 Total deductions $550,644 $452,191 $557,333 $145,337 Balance, surplus $218,003 $160.336 $155,201 special dividend , 1, * Also 3180,000) was paid on common stock from accumulatedsurplus on March 10 1914, also on March 10 1915,(V. 100 p. 400.) BALANCE SHEET FEB. 28. 1915. 1911. 1914. 1015. 3 AssetsLiabittiles$ Realest., bldgs., _3,215,514 3,218,518 Preferred stock 1,800,000 2,000,000 Invest. in other cos.. 221,031 137,500 Common stock 1,800,000 1,800,000 271,941 254,044 Notes payable Cash 375,000 496,821 Notes, accts., &c., Accounts payable_ _ _ 69,387 1,429,541 1,786,800 Patrons'cream accts. 132,299 137,941 receivable 472,338 469,301 Reserves Inventories 45,262 115,078 Prepaid interest, &c_ 126,920 111,211 Surp. & undiv. prof _1,515,337 1,427,564 5,737,285 5,977,404 Total -V. 100, p. 558, 400 Total 6737,285 5,977.404 By-Products Coke Corporation, Syracuse, N. Y. (Eighth Annual Report-Year ending Dec. 31 1914.) INCOME ACCOUNT FOR.CALENDAR YEARS. 1912. 1913. 1914. $790,526 $851.039 $472,480 Total earns,from oper__ 6,500 Premium on bonds 12,180 18,270 36,863 Earns,from investments 1911. $479,746 $479,746 $809,206 $869,359 $509,343 Total earnings $49,009 $51,452 $61,726 $68,467 Expenses and taxes_ .... _ 61,503 80,053 146,108 108,399 Bond, &c., interest_ _ 186,151 262,092 153,758 . 316,408 Depreciation, &c (6 (4%)155,864(6%)180.000(8%)240,000 %)180,000 Dividends 3,078 $175,604 $165,117 $22,856 Balance for year BALANCE SHEET DEC. 31. 1913. 1914. 1913. 1914. $ Liabilities $ $ Assets3,896,600 3,000,000 3,954,783 3,867,615 Capital stock Plant account 891,100 462,694 402,694 Stock scrip Real estate 2,000,000 2,000,000 Invest's in other cos.. 607,903 561,594 Bonds 250,000 400,000 287,207 208,081 Bills payable Sinking fund 22,202 304,357 250,488 Accrued bond inter't 22,034 Cash 39,316 20,339 & supplies.. 771,111 1,172,801 Wages Material 21,207 33,886 Accounts receivable_ 331,950 367,525 Miscellaneous 81,206 -_ 10,978 Accounts payable_ 65,612 Miscellaneous 18,741 Undivided earnings.. *450,335 446,725 Total 6,738,806 8,901,758 127 THE CHRONICLE Juin" 10 1915.1 Total 0,738,306 0,901,758 * From the undivided earnings as shown above, $450,335, there was deducted $6,580 for bonus to employees, leaving a balance to be carried forward of $404,788.-V. 100, p. 644. (The) Sterling Gum Co., Inc., New York (Report for 83/ Months ending Dec. 31 1914.) Pres. Franklin V. Canning, N. Y., Mar. 4, wrote in subst.: Construction.-The third generating unit complete, with its penstock and switches, was shipped early last July from Antwerp, and received early in September; the fourth turbine is now completed at Zurich but cannot be shipped until after the war is over. The two additional generators and the eight large transformers are now held in storage. An additional $90,000 only is now required to complete the installation of the third generating unit, and the installation of the fourth generating unit, which is partly paid for, will require an additional expenditure of about $165,000. Eventually, the completion of the dams necessary to operate these four units to their full capacity will cost $400,000, and the completed installation will then produce 52,000 h. p. (As stated, construction is indefinitely postponed.) Bonds .-In December last the company authorized an increase of its issue of 1st M. bonds from $5,000,000 to $6,000,000, and a portion of this new issue of $1,000,000 has been pledged to secure existing indebtedness. All the proceeds so far derived from the Second or Refunding Mortgage bonds have been applied to the work; of construction, which as yet produce no revenues. New Capital Stock. -The directors now propose to increase the [authorized] capital stock [common stock from $5,000,000 to $10,000,000] and to create an issue of preference shares [of $5,000,000 7% cum. convertible pref.], in the hope that, if the financial stringency is prolonged, the holders of certain of its mortgage securities may decide to convert these securities, in whole or in part, into preferred shares; but no definite negotiations to this end can be concluded until the by-laws enacted for that purpose are ratified by the shareholders (V. 100, p. 1444)• Outlook.-The grain elevator being erected by the Grain Commission at Vancouver will have an installation of 1,400 h. p. in motors. The dredging of the harbor at False Creek requires an installation of 650 h. p. in motors. The new works of the Imperial Oil Co. near Port Moody will require, as part of their equipment, 800 h. p. in motors. Beginning with Sept. 1 1915 the British Columbia Electric By. Co. will increase its minimum requirements from 10,000 to 13,300 h. p. And any considerable revival of the Industry and trade of the Pacific Coast will at once ensure corresponding increases in our revenues. There appears to be a distinct improvement in the timber trade, on which the prosperity of much of the population of this coast depends. PROFIT AND LOSS ACCOUNT FOR YEAR ENDING DEC. 311914. Sales of power,&c $250,000 $315,801 Bond interest Operating expenses 2,500 87,149 Res. for doubtful acc'ts____ Net earnings $23,848 $228,652 I Balance, deficit The sales in May, the first full month of its operations, amounted to BALANCE SHEET DEC. 31. of heavy chow$48,401 and steadily increased throughout the entire season ing-gum consumption until in September the sales in the United States 1913. 1914. 1913. 1914. and Canada amounted to $151,990. The sales for the first 834 months of A ssets Liabilities-$ the company's existence in the United States and Canada amounted to Cost of properties_10,791,918 10,391,045 Capital stock _ _ 5,000,000 5,000.000 $744,081. The not loss as it appears may not boa real, but only an appar- &curs.other cos__ 3,291,560 3,291,531 1st M.5% bonds_ 4,999,613 4,999,313 ent, loss, since it is more than covered by the expense incurred to build Materials & supp. 341,477 154,437 ReNg. 5% bonds_ 4,000,000 4,010,000 business and new brand values, the fruits of whim are naturally not yet Acc'ts & bills rec__ 261,488 Accounts payable_ 319,959 113,533 53,948 reflected in the balance sheet. The advertising expense has been shown Rentals, &c., In Loans 180,796 has amounted to $270,425. or an excess of entirely as an expense and it 508 Net bond int. accr. 39,187 35,187 3,315 advance $142,834 over the loss, including provisions, shown on the balance shoots. 54,247 Contingent acc't__ 5,000 5,000 33,490 The consumption of chewing gum is very much heavier in the open Cash and loss_ _ _ _ 23,848 while this company acquired at its Profit season than in the winter months, and, organization, valuable patents and brands and a valuable organization, ar Total 14,544,555 14,153,333 Total 14,544,555 14,153,333 well as some plants and machinery, it did not secure so great facilities fos the manufacturing and packaging gum as it required, and during 1914 the -V.100, p. 1444. sales were much curtailed by these conditions. A now plant has now been provided (real estate not bought) and adequate manufacturing facilities (Geo. B.) Newton Coal Co., Philadelphia and materials are now in our hands to produce all of its requirements of gum of the kinds and brands desired by it as the market opens. -Year ending April 30 1915.) (Report for Half BALANCE SHEET DEC. 31 1914. Assets (Total $5,874,727) Pres. Samuel B. Crowell says in substance: $204,060 Real estate, machinery, fixtures, &c The net quick assets on April 30 1915 aggregated $613,030 and the net 293,019 Raw material, manufactured stock, operating supplies, &c 248,482 assets $2,113,113; deducting $61,250 for the dividend declared April 26 Cash, $147,290; bills and accounts receivable, $101,192; total 1915 on the first pref. stock, and $17,500 for sinking fund, the actual net Cash invested in the Sterling Gum Co. of Canada, Ltd. (sub. 250,000 quick assets on said date were $534,280. While the said net quick assets co.); total investment tangible assets are still below the sum of $600,000 contemplated by the by-laws, theyshow " Patents (incl. patent process for manufacturing gum tradean increase of $97,169 over the corresponding item on Oct. 31 1914. The , marks, incl. dentyne, Colgan's chips, frozen mints, bloodtotal net assets show an increase of $31,476 over Oct. 31 1914. with vending co. and all berry, &c.; rights under contracts Exclusive of the first pref. stock about to be acquired with the $20,885 3,874,965 other intangible assets now available, the company has since organization acquired $94,700 of Treasury stock reserved for delivery depoodent upon services 1,000,000 first pref. stock, which is held in the sinking fund, and the dividends on to be rendered 4,200 which will be added to the sinking fund. Prepaid rent on new plant In view of the general business depression existing during the last six Liabilities (Total $5,874,727)$5,800,000 months, particularly in the manufacturing districts, we consider that the Capital stock 125,971 company's; showing for the period in question is good. Accounts and bills payable 22,303 Reserve for depreciation of machinery,advertising contracts, &c. BALANCE SHEET (INCL. B. ROWLAND & BRO., INC.). 54,039 Reserve on acct. of operations of Canadian subsidiary company.. 127,586 Deficit Apr.30'15 Oct.31'14. Apr.30'15 Oct.31'14 -V. 100, p. 1098, 816. $ $ AssetsLiabilities$ $ Real est.,bld's.,&c.a 1,747,615 1,756,307 First preferred stock.1,750,000 1,750,000 Washington Gas Light Company 2,345,250 2,345,250 Second pref. stock__1,710,000 1,710,000 Good will 1,750,000 1,750,000 822,300 822,300 Common stock Trade agreements ,(Report for Fiscal Year ending Dec. 31 1914.) 242,000 242,000 16,178 Funded debt 16,840 Investments INCOME ACCOUNTS FOR YEARS ENDING DEC. 31. 54,614 Bills payable 205,000 316,428 79,845 Sinking funds 187,239 151,264 Accounts payable..__ 525,180 585,076 1914. 1912. Cash 1913. 18,923 8,704 $2,197,363 $2,150.56 .7 $2,088,121 Bills & accts. receiv_ 719,748 734,113 Accrued charges..___ Sales of gas 56,665 15,570 436,230 531,989 Reserves 22.073 37,952 51,430 Coal and wood Sales of coke, &c b206,187 150,423 108,894 110,126 Surplus Miscellaneous $2,219,436 $.,188.479 $2.139,551 Total saws 6,463,901 8,528,201 Total $723,953 $920,143 $807,834 8,463,961 6,528,201 Total Production expenses 137,023 166,849 146,724 Transmission, &c., expenses 98,840 99,544 a Includes April 30 1915 real estate, $712,411; buildings and improve100,521 Commercial, &c., expenses 191,040 .09,285 ments,$425,333; machinery, tools and scales, $142,719; horses, wagons and 140,175 General and miscellaneous expenses harness, $431,993; and furniture and fixtures, $35,159. b Includes April $1,306,586 $1,236,418 $1,198,927 30 1915 special surplus (sinking fund), $74,445; provision for 1st pref. divTotal operating expenses $940.624 idend, $61,250; provision for sinking fund, $17,500, and undistributed $912,850 $952,061 Net earnings 23.408 profits,$52,992.-V. 100,p. 1913. 23,017 33,309 Other income Gross income Taxes, &c Interest charges &c Dividends (24%) $935,86) $168,866 207,872 624,000 $985,370 $164,382 194,867 624,000 $964,032 $165,391 187,884 624.000 def.$64,871 sur.$2,121 def.$13,243 BALANCE SHEET DEC. 31. 1913. 1914. 1913. 1914. Liabilities3 $ Assets$ 2,600,000 2,600,000 13,288,020 13,111,780 Capital stock Fixed capital 314,379 Funded debt 3,627,152 3,497,652 Misc. investments 314,379 71,607 Accrued taxes, &e. 138,986 110,438 64,421 Cash 251,832 Consumers' depos. 249,898 Bills, accounts,&c. 307,820 Bills payable 325,000 368,004 375,000 receivable 72,387 105,616 Materials & supp_ 198,140. 231,803 Accts. payable,&c. 79,253 Reserves 42,188 404,573 373,145 Miscellaneous_ ___ Surplus 6,787,836 6,852,089 Balance, surplus 14,255,812 14,116,422 Total -V. 99, p. 1683. Total 14,255,812 14,118,422 Western Canada Power Co., Ltd., Montreal. (Report for Fiscal Year ending Dec. 31 1914.) Pres. C.H.Cahan, Montreal, April 5, wrote in substance: -During the first six months there was every indication of a Results. steady recovery from the industrial depression of 1913 on the Pacific Coast, and the company prepared to complete the installation of the third and fourth generating units at the powerhouse at Stave Falls, and was looking forward most sanguinely. The unexpected outbreak of the European war at once affected the business of our customers very seriously, and we forthwith decided to postpone indefinitely the work of construction and reduced operating expenses wherever possible. Thd temporary loss of business was considerable, as even our best customers have restricted their consumption to the minimum fixed under their contracts. The gross earnings during 1914 were only $315,800, or over $100.000 loss than might reasonably have been expected; and the operating expenses were $87,150, showing a surplus of earnings over operating expenses of $228,650 for the year. Calgary Power Company, Limited (Report for Fiscal Year ending Dec. 31 1914.) • Pres. Richard B.Bennett, Montreal,Feb. 20, wrote in part' -Considering conditions, our business has been quite satisOperations. factory. The gross earnings amounted to $231,186, as compared with $240,116 for 1913, and the net earnings to $180,207, as compared with $188,060. After deducting interest charges ($155,479), $24,728 was transferred to surplus account, leaving the balance at credit of that account $180,383. Both gross and net earnings were affected to the extent of about 327,500 by a fire which caused a suspension of operations for six months in the large cement mill at Exshaw, which is an important power customer. The prevailing economic conditions also prevented your customers from taking normal amounts of power. All construction was finished early in the year. The new Kananaskis Falls power plant has given entire satisfaction in operation, as has your system as a whole. -In the absence of unforeseen contingencies, the operating exOutlook. penses during 1915 will be considerably lower than in either 1913 or 1914, notwithstanding that two generating plants are now in operation. Under the existing contracts for the sale of power, your company is assured of a minimum income sufficient to meet operating expenses and bond interest and still leave a substantial surplus. The city of Calgary has constantly taken power in excess of the minimum specified in its contract and will, undoubtedly, continue to do so in the future. INCOME ACCOUNT FOR YEARS ENDING DEC. 31. 1912. 1913. 1914. $231,186 $230,807 $191,846 Gross earnings 500 9,309 Miscellaneous Total earnings Operating, &c., expenses $231,186 $240,116 $192,346 40,639 52,056 50,979 Net earnings Net interest charges $180,207 $188,060 $151,707 89,757 100,034 155,479 Balance, surplus $24,728 $88,026 $61.950 128 THE CHRONICLE BALANCE SHEET DEC. 31• 1914. 1913. 1914. 1913. Assets LiabilitiesS 3 Property account.._ 149,103 5,049,651 Capital stock 1,850,000 1,850,000 Investments 10,000 10,000 1st M.5% bonds_2,999,813 2,999,813 Cash 4,327 90,561 8,280 Bank loan 29,174 Stores on hand 13,461 13,127 Accounts payable_ _ .. 31,2401 65,551 Accounts receivable_ 43,541 40,746f 28,611 Bills payable Deferred charges___ 23 900 Miscellaneous 27,772 10,376 Surplus 180,383 155,655 Total 5,220,515 5,110,569 100, p. 903. Total 5,220,515 5,110,569 California Wine Association (Report for Fiscal Year ending Dec. 31 1914.) Pres.B.R.Kittredge,San Fran., Feb.25 1915, wrote in part: Although satisfactory conditions have prevailed during the past year, the present uncertainties of business, especially those created by the new taxes that have been placed upon wines, now present an outlook not as promising as it was at this time a year ago. During the 3rear $228,000 of bonds have been added to the sinking funds. The floating debt shows an increase over last year, but this is accounted for by the fact that it has been more advantageous for the Association to finance its subsidiaries than to have them do so independently. The total of all indebtedness of all companies, however, is approximately $125,000 less than a year ago. Should the sales and business outlook during the coming summer warrant your company in producing its usual gallonage of fortified wines, it will have to pay at the-time of production the additional tax of 55 cents per proof gallon on brandy, equal to approximately 16 cts. per gallon on the wine. To this tax must be added the consequently increased carrying charges and loss by evaporation, showing a total increased cost of production of fortified wmes of approximately 20 cents per gallon. The profits shown for 1914 amount to $532,056. After providing in advance for the usual dividends on the preferred stock up to and including Jan. 15 1916, there remains $446,481 to the credit of the common stock, of which $178,282 has been distributed during the year in dividends (being three quarterly payments of 13% each. V.100, p. 983.)and the balance, $268,108, carried to surplus. RESULTS FROM OPERATION. 1914. 1913. 1912. 1911. Profits for year $532,056 $610,089 $290,071 $407,820 Pref. dividends(6%)_ -85,576 85,576 85,576 85,575 Corn. dividends(3YA %). 178;282 Balance,surplus $268,198 $524,513 $204,495 As to resumption of dividends on common stock, see remarks BALANCE SHEET DEC. 31. 1914. 1913. 1914. AssetsLiabilities$ 3 $ Real est., plant, Common stock__ 4,754,200 machinery, &c.. 1,717,954 1,731,392 Preferred stock..__ 1,426,260 Inven.of wines,&c 3,196,149 3,250,605 Bonds 4,267,000 Bills & accts. rec. 2,755,246 2,359,993 Contlng. reserve.. Invest'ts in other Notes payable_ 1,452,323 companies 7,476,366 7,128,048 Grape accounts__ • 246,207 Insur.,&c., accts_ 38,752 Bond interest __ 25,753 84,608 Bonds unsold 4,852 Sundry account& _ 284,280 36,082 Sinking fund 1,554 Due to owned cos. 280,052 112 Insurance fund_ 93,723 Pref. div.for year 85,576 Cash in banks_ 206,716 Pref. illy., January 208,127 21,394 Depree'n reserve.. _ 787,854 Surplus 1,726.035 Total 15,415,789 14,815,635 -V.100, p. 983. 814. Total $322,245 above. 1913. $ 4,754,200 1,426,260 4,495,000 97,524 1,088,647 120,420 84,867 313,788 142,580 85,576 21,394 727,543 1,457,837 15,415,789 14,815,635 Gulf States Steel Co., Birmingham, Ala. (Report for First Fiscal Period ending Dec. 31 1914.) President James Bowron, Jan. 1, wrote in substance: Results. -Under the receiver and trustee, freed from charges for funded debt, a regular profit was made, aggregating, after deducting idle expense, taxes, insurance and interest, $54,389 for six months from Aug. 1 1912 to Jan. 31 1913, inclusive. The earnings from Feb. 1 1913 to Dec. 311913, eleven months, ten under the Standard Steel Co., and the last month under the Gulf States Steel Co., amounted to $163,382. The net earnings of the year 1914 amounted to $115,624, total $279,005, although working half time on account of the war's interference with business October, November and December. [The estimated net earnings in 1915 are officially stated as follows: Jan.. $12,396; Feb., 329,924; March, $50,231 April, $59,318; total, 4 months, $151,869.1 011Unprofitable Branches Dropped. 1 -The business has now been released from the drain of the Chattanooga Iron & Coal Co., which was relinquished by the Southern Iron & Steel Co., from the bankrupt Georgia Steel Co. and also from the Lacey-Buek Iron Co., the mortgaged portion of whose property has been relinquished to their bondholders by consent decree, while this company is selling off the remainder. Immorements. &c. -Under the reorganization plan there was turned over to the present company the sum of $152,036 as cash working capital. If the parties at interest had taken their respective quotas of the treasury, stock the desired $981,888 cash would have been available, for the construction program of the Coverdalo report. As the amount, however, waslimited,the management has made improvements only from net profits. If- A suitable ore supply was essential and fortunately a large body of ore , land, aggregating 1,604 acres, in the very best part of the BirminghamBessemer-Oxmoot district, in the self -fluxing ore zone was secured under option. After the completion of an underwriting syndicate, this option was accepted and the ore land acquired for $200,000 In cash, and the assumption of $289,000 bonds of the Self Fluxing Oro Co., the remainder of the consideration being made in our common stock. A slope at an angle of 50 degrees has proceeded 1,555 ft. and is expected to reach the ore, late in 1915, at a verticlo depth of 1,905 feet and at a total distance of 2,482 ft. (On May 31 1915 the slope had gone a distance of 1.910 ft.) The expense of driving is being paid out of our net earnings, but it will be necessary to provide $200,000 for machinery, houses, crushers, shops, tracks, &c. The delivery of this ore to our blast furnace should decrease our cost, even below our lowest record, to the extent of $10,000 per month. The amount already expended is 3107.767. In addition we have, since the date of the receivership. Aug. 1 1912, made improvements, costing $125.091, of which 818,367 was expended by the receiver and trustee and $106,724 by the Standard Steel Co. and Gulf States Steel Co. and has been charged to capital account. A further $113,558 has been expended on betterment and rehabilitation, which has been borne by operating account. The aggregate result of these expenditures has been considerable, the blast in September 1914. with a better quality of ore, having produced an average of 288 tons of iron per day, compared with 211 tons per day for two preceding years, whilst the coke consumption was reduced from 3,358 lbs. to 2,834 lbs. per ton of pig iron and the cost of pig iron was 81 31 per ton below the average cost of the two preceding years. In the wire mill during the above period the fourth wire drawing bench has been connected up and the second galvanizing frame put into operation; four machines for manufacture of woven fence and six machines for the production of bale ties have been installed. Thelast two items so greatly increased our capacity for the production of our most profitable branches of manufacture that the sales of field fence increased from 621 tons in 1910 to 11,195 tons in 1914, and of bale ties from 27 tons in 1910 to 578. Pp Improvements on Installment Plan. -The following additional improvements have been made with funds furnished by the vendors on terms of delayed payment on the installment plan : (1) Under a contract running for several years the patentees of a well known series of tie plates, doing an extensive business, have furnished the needed equipment of rolls, shear, punch, &c.; and mutually reciprocal and exclusive arrangements have been made for the Southern production and distribution of this article, (2) A contract has been made with the Alabama Power Co. (V. 100. p. 813), for a six years' supply of electric power, which involved the installation of necessary transformers, motor generators, switchboard, &c., for the reception and distribution of the hydro-electric current to our entire steel works, at a cost which is estimated to involve a saving sufficient in six years' time to repay the entire cost of the installation. The [voL. 101. greater portion of the equipment furnished under contract by the power company, to be paid for at so much per month, enabling the anticipated savings to meet the monthly payments. . Improvements Most Urgently Needed. -These include the following: Estimated Yrly. Say. Cost. or Earns. Completion of aforesaid ore slope, &c., at Shannon_ _ _ _$200,000 $120,000 Additional sot of soaking pits to enable the blast furnace operate the year round and steel works to 40,000 Automatic stokers to the rod mill boilers 60,000 18,000 Extension of the main steam line to the blooming mill and concentration of pumping 12,000 7,500 New (steel) machine shop for repairing machinery, &c.. _ 30,000 6,000 -in. train,for hoops, banks and cotton ties. 25,000 Fast running 9 10,000 Construction of warehouses for barbed wire and woven wire fence 32,000 Improvement and enlargement of bar mill,inc. capacity. 35,000 10,000 Impt. of conditions for workmen and their families_ _ _ _ 50,000 Modern by-product coke ovens 650,000 140,000 additional machines for making field fence__ Six 30,000 30,000 Equipment, &c. of new mine at Altoona to replace mine nearly exhausted 54,000 To recapitulate, the expenditures above recommended aggregate $1,218,000, and the savings, or increased profits, are estimated at $341,500 yearly, without counting certain collateral advantages. -At present, we have only two legs for our Further Development Later. business; wire products and bars; the sale of billets and other semi-finished material can be regarded only as an emergency measure. A Morgan combination (2-inch) billet and sheet bar mill, to be attached to our blooming mill would cost approximately $300.000, and would supply a considerable foreign demand. The steel which we produce for wire is suitable for sheets, and none are made south of the Ohio River. Owing to the general use of shoot steel for roofing purposes, the demand is constant. The sheet mill is estimated to require approximately $600,000 for construction, or a total of $900,000, including billet and sheet bar mill. In considering the future the question must arise as to the amount of additional capital which must be raised, based upon the amount of stock available for sale, at present including $1.740,000 1st pref., $1,892.931 2nd pref. and $4,215,692 common. The business in which we are already engaged urgently requires the provision of $1,218,000, already specified. I recommend action being taken upon them prior to development of the sheet trade. Sooner or later, however, it is the proper direction in which to complete our development. -Since its formation, the company has had to face the disOutlook. turbances of trade incidental to a changed fiscal system, based on low tariff duties; excessively low prices for bars and wire products; the radical change in financial affairs and credits, due to the adoption of a new system in banking; and, worst of all, the unprecedented difficulty in the marketing of cotton, duo to the European war. The last-named condition has crippled the purchasing ability of thousands of customers who might have bought our products. It speaks won for the future of the company, that we should, in the face of such difficulties, have been able to earn from Feb. 1 1913 to Dec. 31 1914, a period of 23 months, $279,005. The dividend on the $1,260,000 outstanding 7% 1st pref. stock would require $88,200 per annum, so that it is apparent that the company has earned since its formation considerably more than would have paid the 1st pref. dividend, but it has been necessary to use this money for the purpose of construction and improvements heretofore specified. BALANCE SHEET DECEMBER 31 1014. Assets-(Total $8,752,971)Liabilities-(Total $8,752,971) 1st preferred stock Works and property based $1,260,000 on stock purchase..---'$7,468,199 2nd preferred stock 3,107,069 77,963 Common stock Cash 3,284,308 Notes & accts. receivable.. 353,271 Self Fluxing Ore Co. bds_ 289,000 227.727 Notes payable Raw material 241,951 50,368 Accounts payable Steel work 223,074 450,317 Accrued interest and taxes Finished stock 394 115,147 General reserve Supplies & sundry stock 71,169 • 9,979 Surplus Deferred charges 276,005 *After deducting $3,500,000 reserve pending disposition of treasury stock. -James Bowron, Birmingham, Ala.; Millard Hunsikor, LonDirectors. don; W. J. Maloney, Wilmington, Del.; A. A. Cook, W. II. Coverdale, IlIgham, E. M. McIllajno, John W. Platten, and C. I. Stralem, N. G. -V. 97, P. 429. all of N. Y. City. The Steel Company of Canada, Ltd., Hamilton, Out. (5th Annual Report-Year ended Dec. 31 1914.) • Pres. Charles Seward Wilcox, Hamilton, Ont., April 1, wrote in substance: The conditions of trade during 1914 bore heavily on the steel companies in both Canada and the United States. The practical cessation inail activity in railway building, in the manufacture of agricultural implements and cars of all kinds and in municipal and other construction work, &c., cut deeply into the production of rolled bars and pig iron, which are our heaviest tonnage linos. The first five months of the year were particular14 dull, but in Juno and the early part of July a fair Increase was noticed. At the outbreak of the war business was entirely disrupted; many desirable orders were canceled in whole or in part, and with the falling off In demand there followed as a natural sequence a in prices. To meet the decrease in earnings every effort was made to reduce expenses, buth administrative and operating forces being brought down to the lowest point advisable. The net Profits. after expending $341,587 for repairs, maintenance and improvements, on plant and machinery, were $539,811. While we have increased the amount of our reserve funds by $53,640, nothing has been written off for depreciation. There was, however, a considerable sum spent in extraordinary repairs and improvements. Since the close of the year, we have received some large orders for materials required for the British and Homo governments. These orders will keep some of our departments well employed for a number of months. With the falling off in trade and general unsettled financial conditions, your directors did not feel warranted in paying the dividends on the preferred stock for the third and fourth quarters of the year. (As to renewal of $400,000 6% notes, see V. 100, P. 1442, 1678.) INCOME ACCOUNT FOR CALENDAR YEARS (See also V. 100, p. 1678) . 1914. 1913. 1912. Total sales 210,526,900 315,068,186 $15,915,031 Profits (after maint., impts., &c.).._ - $539,811 $1,640,011 $1,547,040 Deduct-Deprec'n. renewals, &c _ $150,000 $137,500 Interest on bonds Steel Co. of Canada $491,138 434,918 $450,000 Montreal Rolling Mills Co 30.000 30,000 30,000 Synnyside works plant written off.. 56,739 Underwriting bonds 104,475 Miscellaneous 409 Preferred dividends (33i %)227,370 454,741 (7%) ,741(7%) 454 Balance, surplus or deficit_ _def.$313,172 sur.$511,031 sur.$476,972 BALANCE SHEET DEC. 31. 1914. 1913. 1913. 1914. Assets Cost of wks.,die_a24,433,649a24,334,037 Preferred stock___ 6,496,300 6,496,300 317,578 Inv. In other cos._ 261,600 Common stock._ 11,500,000 11,500,000 Ist M.& coll. tr.6s 8,350,000 7,500,000 Raw mat'l,finished products, &a_ 5,209,919 5,900,744 Mont.It. M.bonds 500,000 500,000 Acc'ts receivable__ 1,043,174 1,551,482 Cony, prom. notes 1,200,000 1,200,000 67,223 Accounts payable_ 655,337 1,726,024 Bills receivable-- 127,270 99,407 182,617 Bills payable Cash 720,290 1,229,740 Div. pay. Feb. 1.. Stock held for em 113,685 53,532 85,929 Reserve funds_ _ b622,454 ployees 568,814 charges.. Deferred 15,186 Surplus 11.831 1,258,431 1,571,603 6,452 Unexp.insur., &c7,348 31,302,812 32,406,166 Total 31,302,812 32,406,166 Total a Cost of works owned and operated by the company. I, Reserves in 1914 include $54,409 for re-lining and re-building,$7,793 for accidents,$61.877 for contingenties and $498,375 for depreciation, renewals and improvements. See also V. 100, p. 1678, 1442. JULY 10 19151 THE CHRONICLE GENERAL INVESTMENT NEWS RAILROADS, INCLUDING ELECTRIC ROADS. -Plan Approved Barcelona Traction Light & Power Co. -The holders of the 1st M.50-year 5s at the -New Officers. modifiadjourned meeting on June 8 approved with slight cations the plan given in V. 100, p. 1830, 1917. Underground London H. F. Parshall, formerly Chairman of the Central of the property, while Ry., will have charge of the physical administration arrangements of the comE. R. Peacock will have charge of the financial of the Dominion SeVice-P pany. Mr. Peacock was until recentlycharge resident the corporation's London, curities Corporation, Ltd., and was in of the of of the Dominion Cornbeard Eng., office. He will remain a member pany.-V. 100, p. 1917, 1830. 129 equal in lien to the lien to be heard thereon, to issue receiver's certificates as to equipment). of the obligations of the receiver created hereby (except dispose of, free of Court further reserves the right to separate and now operated by The the lamed system the lien hereby created, portions of shall seem wise, 011 the receiver, whenever, in its judgment, such actionthe main lines of railof such terms as the Court may direct; but no portion by the receiver and emroad constituting the railroad system now operated known as Chicago & braced by said lien, other than what was formerly Indiana Coal Railway, shall be so disposed of. and redeem "The receiver reserves the right, on any interest date, to pay face amount the principal of the equipment obligations of any series, at the ," upon four thereon under this agreement thereof, and the interest accrued weeks' notice by advertisement in New York. $250.000 Ser[The obligations in question include, it is understood, (a) (b) $660.000 ies E, due $125,000 Feb. 1 1915 and $125,000 Aug. 1 1915;Feb. 1 1916; Series F, due $220,000 each Feb. 1 1915, Aug. 1 1915 and 1 1015 to Oct. 1 (c) $744,000 Series G. due $124,000 semi-annually April each Mar. 1 and 1917, both incl.; (d) $2,648,000 Series H, due $166,000 inc.1] $165,000 each Sept. 1 from Mar. 1 1915 to Sept. 1 1922, both -BosBirmingham Ensley & Bessemer (Electric) RR.N. Y. of ton Committee Deposits Its Bonds with Depositary -The independent bondCommittee, but Contemplates Suit. Chairholders' committee of Boston, S. H. Cunningham, man, in circular of July 7 says in substance: between your comUnder the terms of an agreement dated June 14 1915, rs, Charles II. Zender, mittee and the Now York committee of bondholde Trust Co. of Boston deposited with the American of N. Y.. depositary Chairman, the bonds Co. have been redeposited by us with Empire Trust about $2,500,000 bonds of for the N. Y. committee. This makes a total same rights and privileges. committee, with the deposited with the N. Y. which have been incurred by The N. Y. committee assumes the expenses into the company's affairs. ion your committee in its extensive investigat require an curtails your committee's endeavors to This action in no way be responsible for the present finanaccounting from any parties who may the Equitable Trust Co. of N. Y., of the company,and in caseagainst the responsible parties in cial condition the mortgage trustee, does not proceed foreclosure proceedings, it is our the the event of a deficiency judgment in intention to do so. Benners was appointed a reAt the instance of your committee, August W. Ross), and on April 14 I. ceiver of the company (as co-receiver with recommendations authorized order embodying Mr. Benner's petitioners, provided they the Court in an by the the receivers to bring the suit asked for to ensure payment of the should within 90 days file a bond inany sum of $10,000 moneys recovered shall 130 applied further that costs, and provided (2) the balance to be held, subcosts of suits, (1) to meeting all reasonableCourt, as part of the corpus of the estate. ject to further orders of the d, being governed Your relations with this committee continue unchange p. 732; V.99, p. 1526, by our original deposit agreement. Compare V. 100, 814. 1365, 1129, -At a meeting on Tuesday Separate Committee Suggested. of holders of General Consolidated and 1st M. 5s, at which counsel for the trustee, the Central Trust Co., were also present, which was held at the Continental Trust Co., the formation of a separate committeefor the issue was discussed. A letter was sent out to bondholders on July 7 by Simpson, Thacher & Bartlett as counsel, asking them to express their views in the matter. bond issues The Platten committee, it is stated, represents so many other the interbesides the one mentioned, that it cannot be expected to protectrepresentests of the bonds as strenuously and fully as could a committee committee ing them alone. Objection is made to the action of the Platten in formally supporting the recent application under which about $4,300,000 equipment obligations aro to have a lien on the property covered by the mortgage superior to the bonds, and whereby the right is reserved by the court to give the same superiority of lien to $6.000,000 receivers' certificates, in consideration of an extension of their maturity for one year, also oppose a because the said committee has not taken any steps to actively Coal Ry. bill which has been filed on behalf of holders of Chicago & Indiana have the mortgage securing their bonds (amounting to bonds seeking to Con. & 1st 5s $4,626,000) declared a lien on property securing the Gen.and because of equal and co-ordinate with the lien of the Gen. Con. M. agreement of said committee whereby a plan the provision of the deposit the of reorganization is to become binding on all the depositors unless Rethe holders of 50% of all bonds deposited, of whatever issues"except publicawithin 30 days after its first funding& Inapt. 4s" dissent therefrom tion. A plan might thus, it is stated, become binding on depositors with that committee of the bonds above mentioned, although a large majority of such depositors opposed it. issue. The letter suggests the taking of steps for the protection of the --Receivership. Chairman John W. Platten of the general bondholders' Buffalo & Lake Erie Traction Co. 7, committee yesterday said in substance: Justice Brown in the Supreme Court at Buffalo on July The General Consolidated and 1st M.is of such size as to constitute 42% entirely on application of the New York Trust Co., mortgage trustee, of the entire mortgage debt of the road. It would therefore appear d by us ure suit. Improbable that the necessary majority of all bonds represente under appointed Geo. Bullock receiver in the foreclos the appointCharles K. Beekman, counsel for the committee, says that desirable betment was necessary in order to finance certain pressing andreceiver's certerments, which can only be procured through the sale of -V. 97, D. 297. tificates. -Official Capital Traction Co., Washington, D. C. -The circular signed by Pres. Geo. E. Hamilton, Statement. dated July 1, from which we quoted in part last week (page 46), further says: which always Under the existing conditions of general business depression individual use of materially lessens street railway traffic, the increasing to operate jitney bus lines, automobiles and the advent of the carriers, without,permitted being reguhowever, competitively on streets as common results shown for the half-year ending the lated as such, it is submitted that encouragement for the July 1 are a source of present gratification and of -V. 101, p. 46. future -Extension of EquipChicago & Eastern Illinois RR. -Receiver William ment Obligations-Payment of Interest, &c. J. Jackson announces by adv. on another page a plan, dated Juno 25 1915,in accordance with which, until Oct. 11915, the of U. S. Mtge. & Trust Co.,. 55 Cedar St., N. Y., as agent nt the receiver, will (a) receive any and all of the Equipme d Obligations, Series E, F, G and H, which may be deposite for the purpose of having stamped thereon a statement of the extension of the time of payment of the principal thereof for three (3) years from and after the dates of their respecd tive maturities; and (b) will pay all interest coupons attache1 thereto which have matured between Jan. 31 1915 and July of 5%% 1915, together with additional interest at the rate ons, from per annum on the principal amount of such obligati coupons the respective dates of maturity of such matured coupons until July 1 1915; (c) will attach additional interest couin such amounts as will, together with the outstanding pons, make the aggregate interest on such obligations amount to 5y2% per annum from July 1 1915, until the date of payment of principal, extended as aforesaid. excluding C. & E. I. Ref. and Imp, bonds could be secured ted 5s. any plan, unless a majority included a majority of the Consolida equipment obligations, The receiver being without funds to meet maturingoppose the plan of the the committee reluctantly decided not to activelymortgage bonds in favor t lien ahead of the receiver to create a contingen equipment of the maturing equipment obligations, so as to induce holders of equity in the as Furthermo obligations to consent to an extension.the amount re,the the obligations thus of more than equipment is considerably lien in the event of extended, the lien thus created is only a contingentinterest of the bondany deficiency, and could not in any way affect the holders unfavorably. extended s The agreement under which the equipment obligation were extended receivers' certificates, does not affect the lion of the $6.000.000and Improvement 4s and behind which have a lion ahead of the Refunding reserves the that the General Consolidated and 1st M.5s, exceptplace the courtthe Consoliahead of same right reserved by it last year, namely, to proceeds of which had been dated 5s that portion only of the certificates, the Consolidated 5s and for used since the receivership to pay interest on the The extended the benefit of the property upon which they are secured. this year on receiver's certificates have, however, been additionally secured Trust Co., trust assets of the railroad deposited with the Equitable to the lien certain been subjcet at any time as trustee, those trust assets not having of any of the mortgage bonds of the company. ired The committee believes that the proper construction of the after-acqu it a lien,on clause of the Chicago & Indiana Coal Ry. mortgage does not give it can sucthat the property acquired by consolidation, and is confident & Indiana cessfully oppose any attempt by the bondholders of the Chicago the Gen. of Coal Railway Co. to establish a lien co-ordinate with the lien -V. 101, p. 47. Consol. and First 5s. Chicago Milwaukee & St. Paul Ry. Dividend Rumors. -The company's common stock has suffered a serious deweeks cline on the N. Y.Stock Exchange within the past two not be on rumors that the semi-annual dividend, which will 1 next, acted upon for some time and will be payable Sept. will be either reduced or passed. 30 ending June It is unofficially estimated that the earnings for the year against the 5% stock, 1915 will show about 23.5% earned on the commonthe company may draw although it is thought that rate paid in recent years, l upon the Milwaukee Land Co., one of its subsidiaries, for a substantia % on the stock for dividend which will permit of a showing of about 3Mthat the reason why Earling is quoted as saying the fiscal year. President made the company has not more nearly earned the dividend is that it has up to the highest point of large expenditures in keeping its maintenanceany other Western road and been as good as efficiency, the earnings having stated, are better than some of them. Some of the leading directors, it is has not strongly in favor of paying the semi-annual dividend, although it -V.100, p. 2166. been earned. Extracts from Extension Agreement Dated June 25 1916. railupon the -No action was taken -No Action. Chicago Railways. The receiver agrees that "said obligations shall be a lien Illinois franchises, property and premises of the Chicago & Eastern of the at the regular monthly meeting of the board on the semiroads, custody of the Court, excepting, however, (1) all RR. Co., now in certificates, payable lien of the Purchase Money First coal properties which are subject to theCompany; (2) all of the property annual dividend of 4% on the Series I Lien Mortgage of the Eastern Illinois lien of the first mortgage of Evansville Belt Ry.Co.; the first week in August. which is subject to the Earnings for e Aug. The next regular meeting of the board will be held usual 3. (3) all of the property which is subject to any of the mortgages of Evansvill disbursement on Indi& Terre Haute RR. Co.; and (4) all of the property of Evansville & said the first half of the year, it is reported, just.fy the 2084. lien to be security for the debt evidenced by V. 100, D. 1671.-V. 100, p. Compare anapolis RR. Co.; said and promises the series. obligations and interest, and for all the agreements, covenantsincluding the Chicago St. Paul Minneapolis & Omaha Ry.-Bonds.-or entered of the receiver hereunder at the rate into by virtue hereof, of 535% per annum and to pay the Kuhn, Loeb & Co. have purchased and are handling privately , obligation to pay interest the principal of the obligations upon maturity as extended, in addition to lien 000 5% debenture bonds of 1912, due March 1 1930, equipment which is now subject to them, and to rank superior to theis so $2,000, on the property which, for that purpose making outstanding $11,200,000 of the $15,000,000 authorof each and every mortgage rolling stock and far displaced." or war- ized. The proceeds will be used for new "The principal of all said equipment obligations and the coupons therein shall con- general improvement work. Compare V. 100, p. 2166, 229. rants for interest on said equipment obligations as noted original maker of said obligations. The oblitinue to be obligations of thesaid equipment obligations which are extended Cincinnati Indianapolis & Western Ry.-Sale.-The gation to pay the principal of the proppay the interest thereon at the rate as herein provided and the obligation to shall become, and the same hereby U.S. District Court, Cincinnati, on June 30 ordered of 535% per annum as herein provided, erty sold at foreclosure sale. s of the receiver." are made obligation portions Amount due for principal and interest on the 1st M. bonds, $3,425,364; It is not intended by this agreement to allocate to the differentoperated now Amount due on the 1st of the railroad property covered by the several mortgages and s whose ob- upset price for property thereunder, $1,400,000. 00.-V. 101, p. 47. upset price, $2,100,0 claims of the holders of equipment obligation by the receiver the superior and Ref. M., $5,075.899; ligations may by this agreement become lions upon the property on such alloColumbus Delaware & Marion Ry.-Receivers' Certifito said mortgages; the Court reserving for further adjudicati portions of 4 said: cation and the right to allocate such claims among the different n to mile- cates. -The"Ohio State Journal" of Columbus on July$150,000 proportio o the railroad system covered by the various mortgages in doom just. Unless Judge Kinkead on July 3 refused to authorize the issuance or upon such other basis as the Court may ninety days from receive's' certificates to pay obligations which fall due Aug. 1. Instead, age operated declared Inoperative by order of the Court entered within said series, this he authorized the receiver, Eli M. West, to execute notes for a year or less issued under any of June 25 1915, as to the obligations equipmeat obligations of each of said for the payment of expenses amounting to $55.000. The opinion instructs bonds to enable the Consolidated bondagreement shall be binding as to the declared inoperative. The Court the receiver "to pay interest on all series as to which it shall not have been sodays' notice to the vendors of said holders to take such stepswithin a reasonable time as they may wi j, II to reserves the right, upon not less than tent re ecivership."-V. 100, p. 2009, 1437. opportunity reorganize and lift the equipment mentioned inisaid equipmen agreement, and an 130 THE CIIRONICLE Denver & Northwestern Ry.-Dividend Reduced. -A quarterly dividend of of 1% has been declared on the $6,000,000 stock. This compares with 1% quarterly from Oct. 1913 to April 1915,2% from July 1909 to July 1913 and a 6% yearly rate prior thereto. -V. 98, p. 1156. Des Moines City Ry.-Receiver.- Judge Wade in the U.S. District Court at Des Moines on July 3 appointed President Emil G. Schmidt as receiver of the property, on application by the trustees under mortgages of 1901 securing $2,413,000 outstanding bonds, most of which are in the hands of the bondholders' committee. It is supposed that the appointment of the receiver practically suspends the operation of the order of the Supreme Court which would deprive the company of its rights on Aug. 22. Compare V. 91, P. 1574 and V. 100, p. 1348, 1672. Detroit Almont & Northern (Electric)RR. -Bonds Guaranteed by Detroit United Ry.-Eversz & Co., Chicago, are offering at par and int. 00,000 1st M. 6% gold bonds, dated Feb. 1 1915 and due Feb. 1 1914, but red. on and after Feb. 1 1925 at 103 and in Denom. $500 and $1,000 c*. Interest F. & A. in N. Y. Trustee, Union Trust Co., Detroit. Total authorized issue, $2,500,000. Data from J. C. Hutchins. Pres. Det. United RY., March 31 1915. The issue is limited to $2,500,000, being issuable at not exceeding $20,000 per mile of main line and $15,000 per mile of second track and sidings for cash cost of construction, not including cost of terminal grounds and private right-of-way, which must always remain as an equity above the outst. bonds. The bonds are guaranteed and assumed as a direct obligation, by ment, by the Detroit United Railway, which covenants that in the endorseevent of any new issue of refunding or general mortgage bonds being placed on the Detroit United Railway or its subsidiaries sufficient of such bonds shall reserved for the retirement of the Detroit Almont & Northern bonds be at maturity. The Detroit United Railway for the past five years has shown net earnings equivalent to at least double the interest on all its outstanding bonds, and, in my opinion, can and will maintain this record. On Dec. 31 1914, after paying dividends of 6% on $12,500,000 capital stock, an accumulated surplus was shown amounting to $6,245,000. The Detroit Almont & Northern RR. was organized under the General Railroad Laws of Michigan to provide better transportation facilities, both passenger and freight, for the rich avicultural section of this State known as the "Thumb." In July 1914 the line from Almont to Romeo,connecting with the Flint Division of the Detroit United Railway, was completed and put in operation, and the extension from Almont to Imlay City, now building, will be completed in July 1915, making a total mileage of about 20 miles, built on private right-of-way, owned In foe, minimum width 50 ft., maximum width 110 ft.; steel rails, 70 -lb; cedar ties, 2,640 to mile, ougly ballasted with gravel. Hydro-electric power is obtained at low thorcost. The territory served is a fertile farming district producing a variety of crops. Romeo has a population of about 2,000; Almont about 800, Imlay City about 1,500, all being steam railroad stations. The railroad fare from Imlay City to Detroit is $1 58 and thepresent steam running time 2 hrs. and 50 min. By the new electric railway route the running time is cut down 40 minutes and fare reduced to 90c., with more frequent service. The opportunities for profitable extensions are excellent. The six counties comprising the "Thumb" have very meager transportation facilities, at the same time constituting one of the richest farming sections in Michigan, their farm property having increased from less than $91,000,000 in 1900 to over $146,000,000 in 1910, or about 63%, which rate has been fully maintained. The gross earnings of the Detroit Almont & Northern RR. when it is completed to Imlay City will, it is estimated, approximate and I believe the net earnings will be close to double the$7,000 per mile. interest the bonds and a duplication value of 40% over and above the bonds. on the As Detroit United Railway owns all the capital stock of the Detroit Almont & Northern RR. and leases all of its property for 50 years, it is an integral part of our system. These bonds are the only long-time 6% 1st M. bonds on any part of our lines, and as the directors determine the rate of interest which additional bonds of this issue shall bear, I anticipate that the 6% bonds will be limited to this $400.000. Detroit (Mich.) United Ry.-Agreement Approved. - President Hutchins on July 6 notified the Board of Street Railway missioners that the company is advised by counsel that the latest Comdraft of the proposed agreement for the purchase of the property within the socalled one-fare zone in the city is satisfactory in form and substance, and It has the approval of the officers and will be submitted to the directors and stockholders at their adjourned meetings on July 14, with recommendation that it be approved and its execution authorized. The Street Ry. board thereupon passed a resolution that the time for railway to secure final ratification by its stockholdersand the consent of the trustees the bondholders to appear in the suit to fix the purchase pricethe be extended to Aug. 2 1915, at which time the board will take final action.Elihu Root has been chosen by the bondholders to pass upon the agreement with the city for tho sale of the city lines. Guaranteed Bonds. See Detroit Almont & Northern RR. above. -V. 101, D. 47. Interoceanic Railway of Mexico, Ltd. -Extension of Moratorium. -The debenture holders were to vote Juno 29 in London on granting a two-years' extension of the moratorium agreement (V. 99, p. 48): Digest of Letter from Secretary N. Stuart, 3 St. Helen's Place, London, E. C. June 19 1915. The debenture stockholders in June last granted the company a moratorium of one year in respect of the interest payable on its 4% debenture stock and its 4M % second debenture stock. The liability to resume cash payments revived on the 30th ult., when a half -year's installment of interest became payable on the second debenture stock. Similar arrangements with the Mexican Eastern and the Mexican Southern Ry. Cos. In respect of their rentals have also expired. In August last the Government of Mexico under Gen. Carranza possession of the company's railways and leased lines and since that took time various sections of the linos have alternately been under the control of one or other of the contending parties. In a decree issued by Gen. Carranza Dec.5 1914, it is stated that the Constitutional Government assumed charge of the administration of all the line of railway located in territory controlled by that Government, of the provisions contained in the Railway Law of Mexico ofon the basis 1899, with reference to operation for "the defence of the country," subject to the indemnification of the railroad companies either by agreement or "based on the average gross earnings of the last five years, plus 10%, all expenses being borno by the company." The report for tho year ended June 30 1014 showed a debit balance of £54,314 from the operations of that year. No later reports or remittances have so far been received. The situation in Mexico has not improved since the granting of the moratorium, and as it is evident. that a considerable time must elapse before normal conditions can again exist there, the directors are compelled to request the debenture stockholders to sanction an extension of the moratorium from May 30 1915 to May 29 1917, upon terms similar to those governing the moratorium granted last year. In view of the inability of the company to pay the heavy stamp duty chargeable in respect of deferred interest warrants, it is not proposed to issue such documents to the debenture stockholders. The directors of the Mexican Eastern and the Mexican Southern By. Cos. have consented to submit similar proposals for an extension of the moratorium to their respective debenture and debenture stockholders. The proposes now made reserve power to the company as before to make payments to the Vera Cruz Terminal Co. under the guaranty agreement, but if, as is understood, the Mexican authorities have taken over control the terminal properties, the question arises whether this company is not of Ileved from the obligation to make any payments under the agreementrerespect of the period during which :he control is not in the hands of in the terminal company. -V.100, p. 55. Kansas City Clay County & St. Joseph (Electric) Ry. A jury in the Circuit Court.on July 5 awarded a verdict of $1.500,000 against the company and the estate of George Townsend in the suit brought [voL. 101. by the Inter-State Ry. The latter alleged that the defendant company had built its electric line between Kansas City and St. Joseph on a part of the right of way obtained by the plaintiff. The defendant will, it is stated, appeal from the verdict. -V. 100, p. 140. Mexican Eastern Ry. Co., Ltd. -Interest Default. - See Interocoanic By. of Mexico, Ltd., above. -V.99, p. 674. Mexican Southern Ry., Ltd. -Interest Default. - See Interoceanic Ry. of Mexico, Ltd., above. -V.99, p. 674. Missouri Pacific Ry.-Plan of Readjustment Dated July 1 -Kuhn, Loeb & Co., who will act as Readjustment 1915. Managers, the directors and the several protective committees have approved the plan of readjustment outlined below (see further details in our advertising department), and recommend the deposit of the several classes of securities under the Agreement of Readjustment. The plan provides for a reduction in fixed interest obligations of $60,552,558 and adecrease in the net annual charges of about $3,580,772, bringing the same "well within the earnings of the system even under the adverse conditions prevailing during the past two years." While it is deemed absolutely indispensable to convert the 4% Gold Loan bonds and the 5% Refunding bonds into prof. stock (or income bonds if conversion into pref. stock should be found impracticable), special attention is called to the fact that the proposed readjustment (except only for a portion of the money raised) places no lien ahead of them which does not rank prior to one or the other of them now; and that, upon the consummation of the plan, the charges ranking ahead of the new securities to be given to holders of 4% Gold Loan bonds and 5% Refunding bonds (taking the system as a whole) will be less than the charges ahead of them now. No underwriting has been arranged for, it being hoped that the security holders will generally assent, thereby avoiding the cost of underwriting, foreclosure, etc. Introductory Statement. -The system is admirably located geographically and strategically Status. in ono of the richest and most fertile sections in the U. S. The property is in good physical condition, no largo sum being required in the near future for rehabilitation or the acquisition of additional property. Its management under President Bush is efficient and popular. The capitalization in the hands of the public is only $52,070 per mile, but of that capitalization $40,245 (about 77%) per mile is in fixed interest-bearing obligations and only $11,825 (about 23%) in stock. For the year ended June 30 1915, notwithstanding the policy of retrenchment which was pursued, the earnings of the system (last two months partly estimated) foil short of its total charges by about $1,250,000. Obligations Aggregating $70,308,000, for Which Provision Must Be Made During Next 5A Years. 6% Secured Gold Notes (94% extended to Juno 1 1916) $24,845,000 Collateral Trust 5s, duo Jan. 1 1917 14,375,000 Collat. Mtge. 5s, due Aug. 1 1920 9,636,000 Lexington Div. 1st 5s, due Aug. 1 1920 650,000 Consolidated First 6s, due Nov. 1 1920 14,904,000 Equipment trusts, about 5,705.000 Central Branch By. 1st 4s, Feb. 1 1919 3,459,000 Little Rock Junction By. 6s, April 1 1916 393,000 Iron Mtn. endorsement Tex. & Pac. notes, dated June 1 1914 3 7 :0 1:00 00 6 41 0 0 Floating debt, about In its present position the system has no means of raising the money needed to meet these obligations, while existing mortgage provisions forbid the extension of maturing bonds. Its free collateral is practically exhausted. Its credit is so impaired that the market price of its 4% Gold Loan bonds and of its 5% Refunding bonds has fallen to about 40%, and even its bonds secured by underlying liens and maturing in 1917 are selling on an interest basis of about 11%. -Prominent among the causes to which the present Causes of Trouble. status is due, are unromunerative freight and passenger rates, both local and inter-State, from which the company has thus far been unable to obtain material relief; heavy increases in taxation and wages, and many burdensome requirements imposed by public authorities; and large investments in the securities of other railroad companies which, although they may have been justified at the time they were made, have since become unproductive. The amount invested in such securities aggregates about $40,000,000 and entails heavy interest charges with no counterbalancing income from dividends or interest. Junior Issues under the Plan.-Tho main burden of the readjustment must fallen the stock and the 4% Gold Loan bonds and the 5% Refunding bonds, but it is hoped that the ieturns from the contemplated development of the property will be such as to more than compensate for the modification in their status to which their holders are now asked to consent. It has been deemed fair and logical to treat the two issues of bonds alike in the allotment of new securities. While the 5% Refunding bonds have a mortgage lien, the company is not earning its fixed charges, and in order to provide the moans absolutely required to moot maturing underlying obligations (chiefly secured by prior liens upon the Missouri Pacific lines proper) and other capital requirements and to re-establish the company's credit, there is no alternative but the surrender of this mortgage. As to the 4% Gold Loan bonds, their claim on the Missouri Pacific linos ranks behind that of the 5% Refunding bonds. On the other hand, if the holders of the 4% bonds were to take possession of their collateral, the St. Louis Iron Mtn.& Sou. By. Co.stock, they would be, as common stockholders, confronted with the task of raising the necessary funds for the requirements of the Iron Mountain Co., which is already subject to a very heavy mortgage debt -more than twice as much per mile as that ahead of the Missouri Pacific 5% Refunding bonds, instead of being, as they will be under the present plan, preferred stockholders in the whole system with its financial needs adequately provided for. Reorganization Plan. Obligations, Aggregating $128,460,620, to Remain Undisturbed. All the St. Louis Iron Mtn. & So. By. Co. bonds, except its $29,423,000 First & Ref. M.6% 40-year bonds due July 1 1952 (of which $25,000,000 are pledged to secure Missouri Pacific Ry. Co. Gold Notes, $248,000 additional are owned by the Missouri Pacific and $4,175,000 are outstanding in the hands of the public), and except its equipment obligeLions maturing to June 30 1918 (which are to be paid) $110,283,120 Pacific RR.(of Mo.): (a) 1st 4s, due Aug. 11938, $6,996,000; 411 (b) 2d M.Si, due July 1 1938, $2,573,000 Missouri Pacific Ry. Co. Third Mtge. 4s duo July 1 1938.- _ - 9,569,000 3,828,000 Pacific RR. (of Mo.): (a) Carondelot Branch 1st 43 ,due Oct. 11938, $237.500; (b) St. Louis City Real Estate 5s, due May 11938, $800,000 1.037.500 Verdigris Valley Independence & Western RR. Co. 1st M.55, 2,70 0 90 :0 83 0 6 0 Equipment obligations maturing after June 30 1918 The obligations to be paid in cash (see below) aggregate $28,706,000,11the obligations to be exchanged for now securities as below aggregate $123,169,000. and the capital stock amounts to $82,839,585. $41,419,792 Cash Requirements to Be Met by 50% Assessment on $82,839,585 Stock of Missouri Pacific Ry. To pay Missouri Pacific By Co. Extended Gold Notes To provide for equipment trust obligations maturing up to$24,845,000 Juno 30 1918 (in Iron Mountain Co.) Adjustments and payments of interest in respect of bonds and 3,861,000 other obligations deposited under plan, additional working capital, payment of loans, &c., new equipment and immediate 12,713,9 7" : * Improvements, readjustment expenses, &c New Securities With or Without Consolidation or Foreclosure. It is hoped to unite the properties of the Missouri Pacific and St. Louis Iron Mtn.& So. By. companies in a single ownership by sale, consolidation JULY 10 1915.1 TIIE CHRONICLE or otherwise, and to effect the readjustment without the foreclosure or enforcement of any of the existing mortgages and trust indentures. The readjustment may, however, be accomplished by the foreclosure or enforcement of existing mortgages and trust indentures and the utilization of corporation or corporations to own or control, by stockholding or otherwise, the properties of the existing companies with such exceptions and additions as the Readjustment Managers may deem wise. $128,460,620 (1) Obligations to Remain Undisturbed (as above shown) 46,923,150 (2) New First and Refunding Mortgage 5% Bonds bonds will be part of an authorized issue, the principal Those of which, including amounts reserved for refunding, future improvements, extensions, additions, &c., under suitable restrictions, shall never exceed in the aggregate three times the par amount of the capital stock of the New Company at the time ksued and outstanding. They are to mature at a date or dates not earlier than 1965, and to bear interest at rates not exceeding 6% per annum. The bonds issued under this plan are to bear interest at the rate of 5% per annum, are to mature about 1965,and are to be of a series redeemable as a whole (but not in part) at 10734% of their face value and accrued interest on any interest date after 1920. The mortgage will be a lien, subject only to the undisturbed existing liens (which will aggregate about $18,328 per mile, in case of the completion of the readjustment in respect of all the securities embraced therein), upon the railroads, properties and franchises now owned by the Missouri Pacific and Iron Mountain companies, with such exceptions and additions as the Readjustment Managers may deem wise, and shall also become a lien upon all properties hereafter acquired by the use of bonds. 44,399,292 (3) New General Mortgage 4% Bonds mature Total authorized issue limited to $100,000,000, tointerest at at to bear a date or dates not earlier than 1975, andbonds issued under rates not exceeding 6% per annum. The annum, this plan are to bear interest at the rate of 4% per redeemare to mature about 1975, and are to be of a series internot in part) at par and int. on any able as a whole (but est day after 1920. The mortgage will be a junior lien upon all property which shall at any time be subject to the new First and Refunding Mtge., and will provide that bonds shall be reserved under suitable restrictions to provide for improvements, extensions, betterments and the acquisition of additional property, &c. (4) New Convertible 5% Pref. Stock (p. & d.) convertible into 76,751,635 common stock at par Entitled to receive in any fiscal year before payment of any dividend or dividends on the common stock dividends at the rate of 5% per annum; and cumulative from June 30 1918. The holder of any such pref. stock will have full voting power and shall be entitled, at his option, to convert the same at par into common stock at par, subject to an adjustment a dividends. The new company may at any time or at such date as shall be fixed, redeem the entire issue but not a part thereof, at 107%% and dividends, subject to regulations for the protection of said conversion privilege. If for legal or other reasons it should be deemed Impracticable or inadvisable to issue or to use said preferred stock for any of the purposes of this plan comvertiblo 5% income bonds, convertible Into common stock at the option of the holder, may, in the discretion of the Readjustment Managers, be substituted therefor in whole or in part, for any or all a the purposes for which said preferred stock might be used as heroin provided. Such income bonds shall, if practicable, have voting powers, and the provisions thereof in respect of the payment of interest shall, as nearly as may be, conform to_said provisions relative to divs. on pref. stock. (5) New Common Stock (exclusive of the common stock re82,839,585 served for issue upon the conversion of preferred stock) The new First & Refunding Mtge., constituting, as it will, a lien upon the entire Missouri-Pacific-Iron Mountain System, subject to prior liens aggregating only about $18,328 per mile upon the completion of the readjustment, affords a security which, it is believed, will not only meet the requirements of the present plan, but can be advantageously marketed, as occasion may require, to provide for obligations of later maturities and for the comparatively moderate expenditures which will be required from year to year for improvements, betterments and additions. On the basis of the earnings for the fiscal year ended Juno 30 1915, the not income, after meeting prior lien charges, is nearly three times the interest on the new First and Refunding Mtge. 5% Bonds, and the balance then available is nearly 23 times the interest on the new General Mtge. 4% Bonds. Distribution of New Securities to Holders of Existing Securities Participating. New lst&Ref. New Gen'l M. New 5% Pf.Stk. M.5% Bonds. 4% Bonds. or 5% Incomes. Existing Securities— % Amount. % Amount. % Amount. Description. Amount. 131 $12,991,228. The decrease for the year ended June 30 1915 is due chiefly to a new and additional charge of $1,000,000 for depreciation of equipment for the year. While the gross operating revenues of the Iron Mountain lines for 1915 fell off $3,104,000, this was partially offset by an increase of $1,456,000 in the gross operating revenues of the Missouri Pac. lines proper. Voting Trust—Directors.—The Readjustment Managers may, in their discretion, cause the deposit of the new stock (common or preferred or both) in a voting trust for not exceeding five years, the voting trustees to be persons approved by the committees representing 5% Refunding bonds, 4% Gold Loan bonds and stock of the Missouri Pacific Ry. Co. and by the Readjustment Managers. [The Secretaries for said committees, respectively, are: Lewis B. Franklin, 140 Broadway; B. W. Jones, 16 Wall St.; and C. E. Sigler, 54 Wall St.] The first board of directors of any new company or companies shall consist of persons approved by Alexander J. Hemphill. Otto H. Kahn. Seward Prosser, James N. Wallace and Robert WInsor (the proxy committee for the last annual meeting), or by a majority of them, and by the Readjustment Managers. Depositaries for All Securities Assenting to Plan. For 5% First and Ref.M.Bonds: Guaranty Trust Co.,140 Broadway,N.Y. For Stock: Central Trust Co., 54 Wall St., N. Y. For Forty-Year 4% Gold Loan Bonds: Bankers Trust Co.. 16 Wall St.,N.Y. For all other securities: Guaranty Trust Co., 140 Bway., N. Y. Sub-Depositaries for all securities: (1) St. Louis, Mercantile Trust Co.; (2) London, Guaranty Trust Co., of New York. If the Readjustment Managers shall not have declared the plan operative by June 1 1916, or such later date as the three committees may approve. the depositors may withdraw their securities as set forth in the deposit agreement. After the plan has been declared operative, thirty days notice will be given, and depositors of stock may then make their cash payments in full, or. at their option, pay 25% then and 75% three months thereafter, such deferred payments to carry interest at 6% per annum. Extended Notes Ready July 12.—The 6% Secured Gold Notes extended to June 1 1916 with new coupons annexed will be delivered on and after July 12 on surrender of the receipts to the respective depositaries by which they were issued. See adv. on a preceding page.—V. 101, p. 48. Morris & Essex RR.—Officers.—Elected on July 6: President, John 0. H. Pitney, of Morristown, N. J., of counsel for the Van Tuyl protective committee; Chairman of the board, Adrian H. Larldn. and Secretary, Henry V. Poor, of Joline, Larkin & Rathbone; E. E. Loomis remains Vice-Pres., R. B. Scofield, Treasurer, and W.S. Dunlevy,an Asst. Treas. Executive committee: John 0.11.Pitney, Adrian Larkin, John R. Hardin, Geo. C. Van Tuyl Jr. and Dunievy Milbank. J. William Clark of Newark resigned as a director and was succeeded by E. E. Loomis. Compare V. 101, p. 48. Authorized.—The N. J. Board of P. U. Commissioners has authorized the company to issue $2,250,000 First Ref. 3%% bonds, payable Dec. 1 2000 to retire 1st consol.7s, which were provided for by the D.L.& W.—V.100, p. 2010. Nashville Chattanooga & St. Louis Ry.—Bonds Offered.—Brown Brothers & Co. and Potter, Choate & Prentice are offering, by adv. on another page, at 105 and int., to yield about 43/2%, $1,500,000 1st consol. M. 5% gold bonds, dated April 2 1888, due April 1 1928. Int. A. & 0. Denom.$1,000c*. A legal investment for savings banks in N. Y., Mass., Conn., Vt., R. I. and N.J. A circular shows: Total Authorized 320.000,000, Amount Outstanding, Available and Reserved. $9,108,000 Additional outstanding, including present issue Available to the treasury against underlying bonds already retired 5,096,000 Reserved to retire underlying bonds (none of which can be in1.919,000 creased in amount or extended 3,877,000 Reserved for new lines at 320,000, per mile Secured by: (a) First mortgage on the main line owned extending from Chattanooga. Tenn., via Nashville to Hickman, Ky., on the Mississippi River, 322 miles, and on 276 miles of branches. (b) Second mortgage on 241 miles, subject to 31,917.000 unmatured underlying bonds, the last of which fall due in 1923, after which date the First Consols. will be a first lien on all the railroad property owned. Total bonds outstanding on the 839 miles, including prior liens, only $13,141 per mile. 1913-14. 1912-13. 1911-12. Years ending June 30— 312.262,675 313.317,162 312,778,334 Gross earnings 2,346,691 2,469,825 2,325,000 Net for interest 497,060 919.638 928,820 Bond interest 1914-15. 1913-14. 1912-13. 11 Months ending May 31— 312,778,333 $11,805,680 $10,099,209 Gross earnings 1,369,715 2,119,101 9.362,279 Net earnings, after taxes For the last ten years the income applicable to interest has averaged over 150 41,419,792 Mo. Poe. stock_ 82,839,585 twice, and in the last fiscal year was over 44 times, the bond interest.. I also 100% in corn. stock Through owned and leased roads, extends from Atlanta, Ga., via Chatta14,004,000 Consol. 1st 6s_110 16,394,400 nooga and Nashville to the Ohio River at Paducah, Ky., where a bridge is Coll.Tr.5s, 1917.100 14,375.000 14,375,000 to be built to connect with the Chicago Burlington Sc Quincy RR., and to 9,636,000 Coll. M.5s,1920100 9,636,000 the Mississippi River at Hickman. Ky., and Memphis. Tenn., with various 100 37,255,000 branches, a total of 1,230 miles. The capital stock, $16,000,000, is paying 37,255,000 Gold Loan 4s 100 29,806,000 5% p. a., of which $11,484.100 is owned by the Louisville & Nashville 29,806,000 First & Ref.5s 650,000 RR.Co. An average of 53%% a year has been paid in dividends since 1904. 100 650,C00 Lox. Div. 1st 5s_ 100 3,972,000 In 1913, $6,000,000 7% bonds were retired by issue of a like amount of 3,972,000 Kan.& C.P.65 50 1,729,500 50 1,729,500 stock. 3,459,000 Cont. Branch 4s 50 1,250,000 50 1,250,000 In the last ten years the bonded debt, including the present issue, has de2.500,000 C. Br. U. P. 4s_ 520,000 creased from $16,088,000 to 311,025,000, or 31%, and the interest charges 100 520,000 Leroy&C.V.Ist58 100 1,024,000 from $953,300 to $570,420, or 40%. It is proposed to add these 31,500,000 1,024,000 K. C. N. W.55.. 500,000 Boonv. St. L. & bonds to the amount already listed on the N. Y. Stock Exchange.— 500,000 V. 100, p. 230. ' Southern 5s_ 100 St. L.I. Mt. c% So. New York New Haven 46 Hartford RR.—Suit Dis4,175,000 1st & Ref. 6s.105 4,383,750 45,135 missed.—Tho full bench of the Mass. Supreme Court has 100 45,135 stk. outstanding 393,000 Little Rock Jct. dismissed the bill of the estate of Ole Bull Vaughan and 393,000 1st Cons.6s,gul00 1.741,000 Texas & Pacific other minority stockholders to recover for the company from notes endorsed100 1,741,000 former directors about $102,000,000 which, it was claimed, 46,923,150 Total 76,751,635 was improperly expended in street railway,steam railway and 44,399,292 The Extended 6% notes maturing June 1 1916, and any unextended notes of said issue, together aggregating $24,845,000, are to be paid in cash, steamship enterprises. The Court says: The allegations of the bill do not show reasonable application to the diand provision is also to be made for the payment of the $3,861,000 of equipment obligations of the Missouri Pacific and Iron Mountain companies rectors to institute proceedings to recover the losses referred to in the bill, maturing before June 30 1918. Interest on deposited securities and on now nor facts showing that such application would have been useless.—V. 100, p. 2086. securities will be adjusted. All depositors of bonds will be entitled to receive in cash on or before the Northern Electric Ry. of Cal.—Plan.—The reorganizaconsummation of the readjustment all semi-annual installments of interest maturing upon such bonds on or before Jan. 1 1916. In case default shall tion plan prepared by E. S. Heller, Frank D. Madison and be made in the payment of interest on any class of deposited bonds, arrange- 0. K. Cushing has, it is stated, been approved by the bankments may be made in the discretion of the Readjustment Managers for the advancement to depositors of bonds of such class, upon the security of their ers' committee, consisting of I. W. Hellman, Rudolph deposited bonds and coupons, of interest thereon, subject to re-payment, Spreckels, F. B. Anderson and the Sloss interests. A San with interest at 6% in case the plan is not declared operative. Francisco paper says: Income Available for Various Classes of Securities. (a) A new company to take over the properties of the Northern Electric; Based on the fiscal year ended June 30 1915 (two months estithe Sacramento & Woodland, the Marysville & Colusa and the Sacramento mated) the income available for fixed charges (after payment Terminal, the latter subject to a mortgage of 3150.000. (h) First income of rentals, hire of equipment, interest on equipment obliganon-cumulative bonds to be issued, bond for bond, to the bondholders tions, &c., and after making certain adjustments resulting and the other smaller companies, interest to be ,, $12 000 000 of the Northern Electric from the new capitalization), would be about paid only a.s earned at 5%. (c) Second income 5% non-cumulative bonds Deduct—Interest on obligations undisturbed by readjustment.._ 5,504,357 to be issued to the bondholders of Northern Electric Ry. (bonds now overlying)' interest paid only as earned. (d) 50% of the claims of unsecured Interest on $46,923,160 of new First and Refunding Mortgage 2,346,158 creditors to be paid in 2d income bonds: interest paid only as earned. 5% Bonds to be issued under plan (e) Sloss interests to transfer $500,000 various unsecured claims amountInterest on $44,399,292 of General Mortgage 4% bonds to be 1,775,971 ing to about $1,000,000. (f) New 1st mtge. bonds to the amount of $500,issued under plan 000 to be issued to rehabilitate the property. This may be increased by transfer $500,000 Balance (equal to over 3% on $76,751,635 of pref. stock).._ $2,373,514 unanimous consent to $1,500,000. (g) Sloss interests toand E. R. LilienThese statements take no account of increased earnings reasonably to be to new company. (h) W. P. Hammon, E. J. de Sabla money expected from the expenditure of the new money for equipment, improve- thal to be released from any liability on the payment of 3500.000, the (I) All to be used in retiring bonds and in paying unsecured creditors. ments and other corporate purposes. to be pooled with the Union Trust Co., which shall have the right to The income available for fixed charges (corresponding to the aforesaid stock $12,000,000), based on the fiscal year ended June 30 1914, would be sell it for 32,000.000.—V. 101. p. 48. 132 TIIE CHRONICLE Oakland Antioch & Eastern (Electric) Ry.—Plan.-"San Francisco Chronicle" June 29 said: The company yesterday unfolded before Commissioner Edgerton its plan of financing, whereby it proposes in order to meet outstanding obligations to have its stockholders take $286,000 of bonds [at 80%) at the rate of $3 a share of their stock, thus realizing about $261,000. All bondholders are to waive interest until January 1918. As there are about $4,500,000 of bonds outstanding, the money thus derived will amount in three years at 5% to approximately $675,000. This amount, representing bonds paid for at 80, would bring the bond issue up to about $843,000, which, added to the bonds sold to stockholders, would make the total proposed bond issue par value about $1,129,500. Howard D.Smith, representing holders of the Oakland & Antioch bonds, opposed the plan. Walter Arnstein, President of the company and proponent of the plan, replied that 91% of the stock and 80% of the bonds had already been signed up in favor of the plan, that it was the plan to pay creditors first and banks last. He said that $1,250.000 had been collected from the stockholders in assessments, and that it was not deemed wise to assess more. He said he was convinced the company would be on its feet and in the best condition, financially and otherwise, by 1916, and expected large gross receipts for this year.—V. 100, p. 1593, 1511. Ocilla Pinebloom & Valdosta RR.—Sale.— [VOL. 101. San Pedro Los Angeles & Salt Lake RR.—Authorized.--The Commission has extended to Dec. 31 1915 the time within which the company may issue $311,000 1st M.50 -year 4% gold bonds at not less than 82 and accrued interest.—V. 100, p. 1833. Santa Maria Valley RR. Co.—Bonds Offered.—H. P. Taylor & Co., N. Y., &c., are offering at 100 and int., to yield 6%, 1st M. gold 6s of 1911, part of a closed $200,000, due Sept. 1 1931 but redeemable on and after Sept. 1 1915 at 105 and int. Int. M.& S. at Security Tr. & Savings Bk., Los Angeles. Denom. c*. Sink, fund from Sept. 1 1913, 6% of gross earnings. A circular shows: Owns and operates 22 miles of standard-gauge railroad in California, serving the vast Santa Maria oil fields and a rich agricultural district. Total debt only $200,000, or about $9.000 per mile. Company has favorable traffic arrangements with the Southern Pacific Co., which owns onehalf of this issue of bonds. Since road began operations, its earnings have been better than three times interest requirements. Net earnings at present are at the rate of 5% times total interest charges. [Incorp. in Cal. In 1911. Cap.stock all outstanding reported as $300,000, par $100. Pres. A. A. Daugherty, Los Angeles.] The Henderson Lumber Co. of which J. A. Henderson of Ocilla, Ga., who is also President of the Ocilla RR., is President, has purchased the 1 Ocilla Pinebloom & Valdosta RR., which passes through Willacoocheo, Ga., and is 11 miles long, together with the timber of the Gray Lumber Co., consisting of several thousand acres. The road will, it is stated, be extended from Lax to Ocilla, 15 miles, and from Pinebloom to Homerville, •about 28 miles. Toledo St. Louis & Western RR.—Denied.—Press dispatches state that the U. S. District Court has denied the application of Receiver Ross for authority to issue certificates to permit the company to transfer its terminal and shops from Delphos, 0., to Decatur, Ind.—V. 100, p. 1753, Pacific Electric Ry., Los Angeles.—Extension of Time.—. 1673. The Cal. RR. Commission on or about June 1 extended to Jan. 1 1916 Twin City Rapid Transit Co.—Negotiations.— the time within which to issue additional First Ref. 50 -year 5s, authorized to be issued on Nov. 23 1914, viz., the unsold portion ($1,554,000) of $2,942,000, and also the unsold portion ($1,866,000) of $6,839,000. Compare V. 99, p. 1675. Philadelphia Rapid Transit Co.—City Appropriation for New Lines.—See "Philadelphia" in "State and City" dept. Jitney Ordinance.—Mayor Blankenburg on July 2 signed the ordinance passed by councils regulating the operation of jitney busses. The company has addressed a letter to the city authorities asking that the matter of the renewal of the franchise of the Minneapolis St. By. which expires in 1923 be taken up without delay under the provisions of the Act passed by the Legislature. The company is making a valuation and the city will also make a valuation of its own. Compare V. 100, p. 1439. Ulster & Delaware RR.—Decision.— Tho Now York P. S. Commission on July 7, by a majority vote (two commissioners dissenting) refused to permit the company to increase its mileage book rate from 2 to 3 cents a mile. The majority of the Commission holds that, notwithstanding the broad rate-making powers granted by the P. S. Commission Law of 1907 and its subsequent amendments, it The drivers of the jitneys are reported as saying that the ordinance has not the power to permit the mileage book rate to be increased above establishes fare zones for jitneys of such length that the cost of running the the 2 -cent limit fixed by the mileage book law of 1895. cars would be far greater than any possible revenue to be derived therefrom. Chairman Van Santvoord, who writes the prevailing opinion, points out It has also been suggested that the drivers may cease to operate as jitneys that should the Commission assume that the power to permit such increases and incorporate as a taxicab company.—V. 100, p. 2086. had been delegated to it not only the mileage book law but such other statutes as the 3 -cent maximum fare law, possibly even Puget Sound Traction, Light & Power Co.—Pref. Div. for New York City and similar enactments, might be inthe 80-cent gas law effect repealed by to Reduced.—A quarterly dividend of 75 cts. a share(3 of 1%) the Commission's decisions. He failsthe find in an extended review of all % the statutory sections involved that Commission, either expressly or has been declared on the $13,676,967 6% cum. pref. stock, impliedly, enjoys such power.—V. 79, p. 153. payable July 15 to holders of record July 2. From organizaVera Cruz Terminal Co., Ltd.—Possible Default.— tion in 1912 to April 1915, the full rate of $1 50 (13/%)was 2 Seo Interoceanic By.of Mexico, Ltd., above.—V.95, p. 1685. paid quarterly. No distribution has been made on the $18,Wabash RR.—Extension.—The joint reorganization com557,925 common since July 1914, quarterly disbursements of mittee (Winslow S. Pierce, Chaiman) notifies holders of 1% each having been made from April 1912 to July 1914. First Ref. & Extensions Mtge. bonds, preferred stock and. Compare V. 99, p. 895. common stock that in view of the adjournment of the foreSubstance of Circular to Stockholders. closure sale to July 21 next, the time within which further The reduction is due to a decrease in earnings caused by operation of "jitney" busses at a time when business conditions have been generally deposits of both bonds and stock may be made without penunsatisfactory. The "jitney" first appeared in the Puget Sound district alty, under the plan and agreement of reorganization of In January of this year, rapidly increasing in number until in Feb. and April 28 has been further extended to and inclu. July 17. March there were some 700 in operation, resulting for a time in a loss in gross earnings of over $2,000 per day. A careful study of "jitney" operation throughout the country gives every indication that such cars, under fair and reasonable regulation, cannot be operated permanently, and profitably in competition with street railways. A gradual decrease in such competition is, therefore, to be expected, and such decrease is already taking place in the Puget Sound cities, the number of cars now in operation being under 400. It is the opinion of the directors that neither the business depression alone, nor the operation of the "jitney" alone, would have affected earnings to such an extent as to make the reduction of dividend advisable. The company is at present in a strong position financially, has a substantial cash balance, and only a small floating debt. The directors believe that this position should be maintained. As the company has had but 6 months of "jitney" competition, and as under most favorable circumstances this competition will not immediately disappear, they feel the company's resources should be conserved through postponing the payment of a portion of the preferred stock dividend. The import and export business of the Pacific Northwest has shown a marked increase during the past 6 months, and there are indications of improvement in other lines of business. A return of general business toward normal conditions, or a further reduction in the operation of "jitneys, should warrant the resumption of preferred stock dividends at the regular rate. The preferred stock is cumulative, and, therefore, any deferred payments must be made up before dividends are paid on the common stock.— V. 100, p. 1511. 557. Reading Co.—Favorable Decision in Government Suit.— See article in editorial columns.—V. 100. p. 1916, 1919. San Francisco Oakland Terminal Railways.—Default —Offer to Purchase July Coupons.— Judge Adams in the U. S. District Court on July 7 denied a petition to vacate the decree ordering the foreclosure sale.—V. 100,p.2168. Western Maryland Ry.—Default.—The principal and interest of the $10,000,000 5% and $6,000,000 6% notes maturing July 1 were, as expected, defaulted on July 1. All except about $2,000,000 of the notes have, it is stated, been deposited with the noteholders' committee, which is considering readjustment plans. The incorporation in Delaware on June 19 of the Terminal Properties Co., with $18,500,000 authorized stock, with authority to operate and construct railroads and railway terminals and to control the same, also to deal in investments of railroad companies, may, it is surmised, have some relation with the readjustment plans.—V. 100, p. 1512, 1259. York (Pa.) Railways.—Cash Dividend.—A dividend of 2 has been declared on the $1,600,000 5% cum. pref. stock for the half-year ended Nov. 30 1914, payable in cash on July 30 to holders of record July 20. Six months ago the dividend was paid in 5% scrip. Semi-annual distributions were paid in cash from Jan. 1913 to July 1914, both inclusive; in July and Jan. 1912 2% was disbursed and in July 1911 an initial distribution of 1% was made.—V. 100, p. 231. INDUSTRIAL, GAS AND MISCELLANEOUS. The company having failed to provide for its July coupons, the MercanAetna Explosives Co.—New Officers.— tile Trust Co. of San Fr., representing, it is said, some ten or twelve banks, Hon. Nathaniel Curry, President of the Canadian Car & Foundry Co., has offered to purchase said coupons from the 1st Consol. 30 -year 5s and F. A. Skelton, Treasurer of the same company, have been elected due July 1 1932, and also, from all the other issues of the system directors. The latter also becomes Assistant Treasurer of the Aetna Co. maturing this month, provided the bondholders who sell shall agree that Representation of the Canadian Car interests on the board of the Aetna Co. these coupons shall be given prior rights under the several mortgages is believed to be in line with the recent contract between the two comas against the principal of the bonds and any interest not yet matured. panies, under which the Canadian Car Co. financed the purchase of about John S. Drum, San Fr., is Secretary of the security-holders' committee. $6.000.000 of explosives from the Aetna. Compare V. 100, p. 1919, 1833, 1753. Notes.—John Burnham & Co., White, Weld & Co. and The company in circular dated at Oakland, Cal., June 26, Bayne, Hine & Co. have purchased and sold at 98 and int., says in substance: with 4% bonus in stock, an issue of $1,000,000 Series C To the bondholders of Alameda Oakland & Piedmont Electric Ry. Co. Oakland Transit Co., Oakland Transit, Oakland Transit Consolidated, 5% gold notes due Feb. 15 1916. Oakland Traction Consolidated, Oakland Traction Co. San Francisco Oakland & San Jose By., East Shore & Suburban Ry. By reason of its general financial condition, as explained in our letter of May 27 1915 (V. 100, p. 1919), the San Francisco-Oakland Terminal Railways, which owns and operated the property of the above companies, will be unable to pay the interest coupons maturing during the month of July 1915. A committee of security holders, consisting of Frank B.Anderson, George A. Batchelder, J. F. Cariston, Benjamin II. Dibblee, John S. Drum, Mortimer Fleishhacker, W. W. Garthwaite, E. J. McCutcheon, John D. . McKee, Percy T. Morgan, A. F. Morrison and G. K. Weeks, has been organized for the purpose of studying the financial problems of the company, formulating plans for conserving the large values recognized by the Railroad Commission and bringing about whatever readjustments may be found necessary in order to put the finances of the company on a permanently sound basis. This committee has secured the co-operation of San Francisco and Oakland bankers, who have agreed to buy these interest coupons for the full face amount thereof, less the income tax, in order that the bondholders may have an opportunity of receiving on the due day an amount equal to the interest on their bonds. The committee and their counsel are working actively on plans for rern tiir e od ly izaw ra lt ny on n 43rite . ingtolseno esi In ? hoird uaon plItn arqtAatair eedth pt a al be gr g: o his coupons may do so by delivering the same on or after July 1 f915 to the Mercantile Trust Co.,464 California St., San Francisco, and executing the Within bill of sale, together with the proper income tax certificate.—V 100, p. 1919. 1833. Amount Pledged Synd.Holdsfor Amount Capitalization— Authorized. under Notes. Addl Prop. Outstand. First M.6% bonds $3,500.000 $1,300,150 $2,123,350 3,000,000 3,000,000 5% gold notes Pref. stock, 7% cum__ _ _ 5,500,000 $1,267,500 3,199,300 Common stock 7,000,000 983,875 5.356,125 Note.—In addition to the amount shown as "outstanding" above,$1,300,150 1st M. 6% bonds is pledged under 5% gold notes and $76,500 is in company's treasury. Also $1,267,500 of pref. stock and $983,875 of corn. stock has been issued to a syndicate for purpose of acquiring addl properties. In addition to the properties previously reported as owned (V. 100, p. 1920) the company has acquired, directly or through stock ownership, the plants and properties of the Jefferson Powder Co., including black powder mill and also a high-explosive mill at 131rmingham. Ala., and from the Pluto Powder Co. a high-explosive mill at Ishpeming, Mich. The new plants under construction in addition to those heretofore mentioned are: At Emporium, Pa., nitric acid plant, 16 still; at Mt. Union, Pa., nitric acid plant, 8 still; at Carnegie, Pa., synthetic phenol plant; at Oakdale, Pa.. nitric acid plant, 8 still, and acid concentrator, capacity 100 tons a day. Extracts from Letter of V. -Pre. P. L. Belin, N. V., July 8 1915. Contracts.—The company has signed contracts for smokeless powder, gun-cotton. &c., for delivery by Jan. 1916, aggregating in value over ;29.000,000. The estimated net profit from these contracts is very large. Under the terms of the contracts already signed, at least 25% of the amount of each contract has been deposited in cash as a guarantee of full payment by the purchaser. Notes.—The 5% gold notes are dated May 1 1915. Series "A," $1,000,000 mature Dec. 15 1915; Series "B," $1,000,000, mature Jan. 15 1916. JUYL 10 1915 THE CHRONICLE and Series "C," $1,000,000; mature Feb. 15 1916. The proceeds of these notes have supplied the company with funds with which to build its new plants and to finance its current purchases of raw materials. The notes are secured by a pledge of31,300,150 of the company's 1st M. 6% bonds, and by pledge of all of its equities in all but two of the contracts now in force for the manufacture of explosives for military purposes. They also have a direct lien on all property of the company, subject to the lien of the 1st M. bonds. -Based on the estimated net profits for 1915, from the conEarnings. tracts now in force, the balance, after payment out of earnings of the principal of the Five Per Cent Notes, and all interest and preferred dividend charges, will be much over 100% on the amount of common stock now outstanding. [Secretary is now F. E. Fenton.] See also V. 100. 1920, 2012. 133 wells, with an estimated daily production of 42,000,000 Cu. ft., and owns -inch pipelines,&c. All franchises -inch and 14 miles of8 about 26 miles of6 run beyond 1932 except two of minor importance. Net earnings for cal. year 1914 were over 2 2-3 times interest on this issue; earnings of guarantor company applicable towards this guaranty, about 5 times said interest. Interest payable without deduction of normal Federal income tax and taxfree in Pennsylvania. -Stock. Cleveland & Buffalo Transit Co. The company has applied to the Ohio State P. U. Commission for authority to issue $121,700 common stock, the balance in the treasury of the authorized $2,000,000. It is proposed to offer the new stock to share-V. 94, p. 1319. holders at a price to be made known later. -Dividend-New Director. Collins Co., Hartford, Conn. -Distribution of Assets to StockA semi-annual dividend of 3% has been declared on the $1,000,000 capAmalgamated Copper Co. being the same amount as in Jan. last. In -The statutory ital stock, payable July 15,were paid, making 10% for 1914. Ex-Senator holders of Record July 31 to Begin Aug. 30. July 1914 4% and 1% extra proceedings for the dissolution of the company have been Walter L. Goodwin has been elected a director to succeed his father, the -V. 99, p. 122. the distribution of the assets can now be late James J. Goodwin. completed, and made on the basis stated in the circular letter of May 6 1915, -Default on Sinking Fund InContinental Coal Co. by the terms of which each holder of one share of stock will stallment-Deposit of Bonds. one share of the new issue of stock of the Anaconda receive Default having been made on Jan.31 1915 as to payment to the sinking the 1st Copper Mining Co.,of the par value of $50 per share, and a fund oftrustee),M. 50-year 5s of 1902 (Guaranty Trust Co. of N. Y., successor the following protective committee requests the bond$3 cash distribution. Commencing, therefore, Aug.30 1915, holders to deposit their bonds with Aug. 1 1915 and subsequent coupons Guaranty Trust of N. Y., as depositary. m., stockholders of record as of July 31, upon sur- attached, with the Sabin, Chairman;Co. S. Wing and Richard H. Comat 10 a. Asa mittee: Charles H. Higgins. rendering their certificates of stock duly transferred in blank with Robert H. Cox as Secretary, 140 Broadway, N. Y., and Stetson, Jennings & Russell as counsel. (See Sunday Creek Co.on page 168 of"Ry. to the company at its office, 42 Broadway, N. Y., will be en- & Ind." Section and "Chronicle" below and in V. 101,p.51).-V.82,p.1442. titled to receive the cash and certificates for Anaconda stock Cushman's Sons, Inc. (Bakers), N. Y. City.-Pref. that may be distributable to them. See adv. on another Stock Offered. -The Max Oscher Co., Inc., New York, is page and compare V. 100, p. 2012, 1745. offering at $97 per share a block of the 7% cumulative pref. -New Director. American Light & Traction Co. William Shillaber has been elected a director to succeed the late General stock. Amount authorized, $2,000,000; outstanding, $1,-V. 100, p. 2012, 1671. Thomas H. Hubbard. 099,400. A sinking fund beginning in 1918 will out of surplus -The company retire2%of prof. yearly at notover 110. The bankers report: -Notes Paid. American Locomotive Co. A Now of on July 1 retired the $1,600,000 5% notes maturing on that auth. cap.York corporation, organized in Nov. 1914 [with $6,000,000 in stock in $100 shares, of which $2,000,000 preferred], to unite date. This leaves outstanding $3,200,000 notes duo July 1 a single ownership the bread bakeries named below, for many years sucunder separate Cushman's Son, Inc., Cush1916 and 1917, but of these a part has been re-purchased and cessfully operated Cushman Breadcontrol: S.A. Cushman, Herschman & Co., N. man Globe Co., -V. 100, p. 1439. is held in the treasury. Bleier and Herschman, Bleier, Edelstein Co.(Rockaway), all of New York Plains, N. Y. old stockholders City, and N. . Y. -To Extend $1,400,000 received pref.A. Cushman Co., Whitethis company in The payment for the American Spirits Mfg. full and common stocks of Co.,to Sept. 1 1920 with Endorsed properties purchased, and the former owners and operators therefore own 6s of 1895 due Sept. 1 at 6% - the majority stock and continue to servo as executive officers, directors,etc. Guaranty of Distilling Co. of America-Plan Underwritten The net assets have been appraised by certified public accountants Bondholders Assenting to Receive 23% Bonus in Cash.- *at 1 1-3 times the pref. stock now outstanding. Has no bonded debt, but real estate short-term mortgages there are on some portions V.-Pres. N. E. Huggins in circular dated at N. Y., July 8, interest rates, which can beof its off at maturity or renewed at lowat low paid rates. says in substance: For the year preceding the merger the net earnings of the constituent Out of the original $2,000,000 bonds maturing Sept. 1 1915 secured by 29 1895 to Manhattan Trust Co., trustee, there mortgage dated Aug. have been redeemed $528,000, leaving $1,472,000 outstanding, of which amount the company proposes to pay $72,000 at maturity and extend $1,400,000 thereof to Sept. 11920. The extension agreement between the Manufacturing Co. the Distilling Co. of America, the Bankers Trust Co., successor trustee, and the holders of bonds, provides that the Manufacturing Co. shall pay said bonds Sept. 1 1920, and in the meantime p4y interest thereon semi-annually at 6% per annum, and also provide a sinking fund of $101,000 each year for the purchase of said bonds in the open market, or to call by lot for redemption of $100,000 thereof at 101 and int. yearly. Said agreement further provides for the endorsement on said bonds of the guaranty of the Distilling Co. of America, for the prompt payment at maturity of the principal of, and interest on. each of said bonds, and for the performance of all obligations of the Manufacturing Co. in the mortgage or agreement. Bondholders depositing their bonds with the trustee for extension on or prior to Aug. 16 will receive on Sept. 1 1915 a cash bonus of 2%% on the faco value of their bonds. Chas. D. Barney & Co., Livingston & Co. and J. 8. Bache & Co. have -V. 74, p. 1091. underwritten the extension of the above issue. -Suit Dismissed. Bache-Denman Coal Co. The U. S. District Court at Fort Smith, Ark. has dismissed the suit for ' $1,287,462 (triple) damages against the United Mine Workers of America and others, because of the destruction on July 17 to 20 1914 of the company's plants in the Prairie Creek district by striking miners. It was held that -Trust Law. the case does not properly come within the Sherman Anti Compare V.99, p. 750; V. 100, p. 476. -Extra Dividend. (C.) Brewer & Co., Ltd., Honolulu. An extra dividend of 2%% was paid Juno 30 on the 33,000,000 stock, in addition to the regular monthly payment of 1%%. properties, as certified by the accountants, were 3323,027, after deducting reserves for depreciation. The first six months, ending May 31 1915. show net profits $159,168. after deducting interest and depreciation, or over four times the preferred dividend requirement ($38,479), notwithstanding unusually high prices for flour. Economies have been obtained through the concentration of bakery operations, reorganization of distributing departments and centralization of purchases in a single departh grade of their output. ment. These bakeries are known for the The business is mostly retail in character. Daily distribution is made by wagon delivery direct to the homes of consumers as well as through the company's retail stores located in various parts of the city and suburbs. May31 15. Dec.1 14. 3fay31 15. Dec.1 14. $ Liabilities$ Assets$ Preferred stock 1,099,400 1,022,100 Land, bidgs, mach., 3,158,000 3,158,000 Common stock equip., trade-mks. 355,900 394,900 and good-will_a_.4,537,818 4,510,714 Mortgages 7,400 Accounts receivable_ 154,497 191,401 Bonds 25,006 9,400 Drivers securities__ 21,785 Notes mole secured_ 9,250 24,949 140,716 Accounts payable_ _ _ Inventories of ma76,291 97,477 82,764 Notes payable terials and supplies 103,867 9,358 3,538 30,652 Accr. int., taxes,&c 63,062 Cash 15,513 Prepaid insur., do 16,806 Res ye for repairs,&c. 10,234 Profits for 1st 6 mos_ 120,689 4,884,007 4,841,736 4,384,007 4,841,736 Total Total a After deducting reserve for depreciation. Officers.-Pres., Lewis A. Cushman; Sec., Charles F. Krug; Treas., -V.99, p. 1751. David Bleier. Office. 49 Manhattan St., N. Y. Delta Land & Timber Co. -Earnings, &c. -V.98, p. 1002. See Central Coal & Coke Co. under "Reports" above. -Suit.Development Co. of America. • A suit was filed in the U. S. District Court at Louisville, Ky., on June 28 against the Southern Pacific Co. for $15,000,000 damages for alleged The S. Commission on June 24 granted the long pending application breach of a contract in 1910. The Southern Pacific Co. at that time, it of the company to merge with the Cataract Power & Conduit Co., $1,005,- Is stated, agreed to lend the Development Co. $500,000 and took an option 000 of whose $2,000,000 stock is owned by the Niagara Falls Power Co. to buy a controlling interest for 33,500,000, recognizing that its properties Commissioner Carr writes the opinion. The consolidation is to be effected would largely increase traffic over the Southern Pacific linos in Arizona. before Sept. 1. The two companies will be operated under the provisions The Southern Pacific Co., it is further stated, knew the purpose for which of the resolution of the Common Council adopted Jan. 20-23. providing for the money was to be used, and the Development Co., with tiae approval of the Southern Pacific Co., authorized the creditors of its subsidiary coma reduction of 19% in rates. The Buffalo Co. is authorized to purchase the $1,005,000 stock held by panies to draw on it for over $400,000, but nevertheless, the Southern the Niagara Co. for $100 per share in 1st pref. gold 5s of the Buffalo Co. Pacific Co. at the last moment, and when funds could not be obtained elseand $41 per share plus interest at 6% from Doc. 1 1913 in cash. The re- where declined to make the loan. A similar suit brought in the N. Y. Supreme Court about a year ago mainder of the stock may be acquired at the same price except that the Cataract Co. stockholders shall have the option to accept stock of the will, it is said, be discontinued in order to avoid any question as to juris-V. 97, P. 1901. Buffalo Co., par for par, in lieu of bonds. 'rho order also authorizes the diction. Commission to guarantee the $1,384,000 outstanding bonds of the Cataract -Bonds. Distillers' Securities Corporation, N. Y. Co. Tho Commission finds that it may "properly require the companies -V.100, p. 2013, 1351. See American Spirits Mfg. Co. above. to write off a substantial portion of the intangible value" which represents the stock to bo acquired, and that this can be accomplished to a very largo -Sold. this intanDorchester Electric Co. extent by requiring as one of the conditions of the merger that 0. H. Branchaud, President of the bondholders' committee, on June 30 gible value should be written off to the extent of $1,384,000, which is the amount of the par value of the bonds of the Cataract Co. now outstanding. purchased the property for $100,000 he being the only bidder. Suit was If this is done., then all of the objections against the merger or consolidation begun on Juno 25 by several individuals against the trust company to which have been presented would seem to have been properly disposed of." prevent the enforcement of the mortgage. Compare V. 99, p. 1834; V. 100, p. 1509.--V. 100, p. 1509, 814. -War Orders. (E.I.)du Pont de Nemours Powder Co. -Decision. Cadillac Motor Car Co., Detroit. It is reported that the company has received a joint contract for smokeless The U. S. Circuit Court of Appeals has affirmed the decision of the lower powder amounting to $50,000,000 from tne allied countries. Another Federal Court on Jan. 8 last in favor of Walter S. Austin, head of tho accountsays the award is for 360,000,000 by the Russian Government. The Austin Automobile Co., at Grand Rapids, Mich., who charged the company company declines to give any infoimation rega.ding these reports. -year 4%% bonds of Owing to the recent strength and activity of the 30 with infringement of patent on a"two-speed axle."‘Compare V.100,p.231. 1906, of which $15,444,000 are outstanding, it has been rumored that the -Earnings. Central Foundry Co., New York. company may call the bonds for payment on Dec. 1 next at 110, as perCombined Exp.& Maint. & Balance, Losses Gross Calendar -V. 100. p. 2089, 1835. mitted by the trust agreement. Year- Profits. Charges. Depen. Sur. or Def. Sub. Co. Sur. or Def. Duluth (Minn.) Edison Electric Co.-Status-Rates.3228,163 $227,524 3165,613 def.$164,974 $69,012 def.$233,986 1914 380.271 -314,458- sur. 65,813 24.888 stir. 40,925 Pres. A. W.Hartman, Duluth, July 1, wrote in substance: 1913 -V.99, p. 194. At a special election hold in January of this year, the voters decided that (1) the proposal that the city appropriate $85,000 with which to build the -Earnings. Chesapeake & Delaware Canal Co. Net Total Exp. & In!. on BaL. first unit of an electric light and power plant was defeated; (2) the City Year end. Rev.from Other Main!. Rev. Rev. Mtg. Loan. Sur Council's ordinance providing for a maximum rate of 4 cts. per kilowatt Rev. May 31- Tolls. hour was defeated. and (3) the proposal of the company to enter into a 1914-15 - -$183,436 $4,379 $187,815 $75,645 $112,170 $104,118 $8,052 two-year contract with the city to furnish arc lights at $45 a year instead of - _ 177,025 4,749 181,774 75,100 106,674 104,118 2,556 $55 a year and to reduce the lighting rate from 8 cts. per k.w.h. to a max1913-14 --V. 99, P. 1369. imum of 6 cts. per k.w.h. • -A block -Bonds. The reduction in rates went into effect as of Jan. 1 1915. The 6-cont City & Suburban Gas Co., Wheeling. which is the lowest rate for similar service in any maximum of 1st M.6% s. f. bonds due Nov. 1 1932 but redeemable city in thislighting rate,materially reduced our earnings,while the operating country, has the necessity for charging off the cost as a whole or part, for sinking fund, on any int. date at 105 expenses have been increased due towith themunicipal-ownership agitation. legal, etc., and int., is being offered at 100 and int. Circular shows: ofIn order toexpenses in connection offset the reduced earnings as much as possible, a vigorous $1,000.000; outstanding, $500,000; denom., $1,000 Authorized, new business campaign was undertaken. It is gratifying to note that this Cumulative sinking fund from 1916 of 2% on outstanding bonds. has resulted in the obtaining of a considerable amount of new business. A cumulative both as to principal and interest by the West Virginia Traction further improvement in earnings is expected as a result of generally imFurnishes natural gas to consumers in Wheeling, W. Va. proved business conditions in Duluth. For the last year general business & Electric Co. and suburbs, from wells located some 15 miles distant; has 32 producing -Purchase Auth.Buffalo (N. Y.) General Electric Co. 134 THE CHRONICLE [vol.. lin. conditions in Duluth have been unsatisfactory because of the slackness in the iron and steel industry. With a resumption of mining operations on bonds of 1914, due May 1 1929. Denom. $500 and $1,000. the Mesaba Range it is confidently believed that general business will from Interest M. & N. at Montreal and Toronto. Trustee: now on show a material gain. The operating expenses also should show a Montreal Trust Co. A circular reports: reduction as soon as the full amount of legal and engineering expense and cost of appraisal heretofore referred to has been charged off. Has two power plants, capacity 4,500 h.p. and 1,500 h.p., respectively, situated at -Bell's Falls and Table Rock Falls on the Rouge River, about Inc. Acct.-Yrs. end- Apr. 30'15. Dec. 31 '13. Dec. 31 '12. Dec. 31 '11. 12 miles north of Calumet, on -way between Gross earnings $510,713 $509,485 $478.877 $456,608 Montreal and Ottawa. The total the Ottawa River, half capacity, 6,000 Net earns. (after taxes)_ 188,929 228,001 207,026 188,256 at small cost to 8,000 h.p. Furnishes electric light h.p., can be increased and Bond interest 67,650 69,904 67,974 65,992 bury, Grenville, L'Original and Calumet, Vankleek power to HawkesBond sinking fund 25,900 25.000 25,000 25,090 Grenville & Carillon Canal and Riordon Pulp & Paper Hill Electric Co.. Pref. dividend (6%) 69,000 69,000 69,000 69,000 hand, 3,000 h.p. Assets reported as over $165,000. Co. Contracts on Average net earnings for five years 1910 Balance,surplus $27,279 $66,027 $43,122 $28,264 times the bond interest), obtained from sale to 1914, $19,388 (nearly three of 1,500 h.p.; company is now Balance Sheet. delivering about 3,000 h.p. The present management, which owns all the Apr.30'15.Dec.31'13. Apr.30'15.Dec.31'13. stock, estimates the net earnings for year ending May 1 1916 at $40,000. AssetsLiabilities S $ Sinking fund of 5% p. a., commencing May 11916, will be sufficient to Plants 3,139,554 3,082.124 Preferred stock_1,150.000 1,150,000 retire the total issue prior to maturity by purchase or call at 105 and int. Cash 63,654 58,618 Common stock_ 500,600 500,090 A former issue of $75.000 was all retired in 8 years. Notes&accts.rec. 78,380 114,173 1st M.5% bonds1.094,000 1,163.000 Hoster-Columbus Associated Breweries Co., Ohio. Supplies 11,038 . 18,624 Accounts pay'le_l 57,0365 20,582 Prepaid accts_ _ _ The property is advertised to be sold at auction in Columbus, 0., on 4,787 5,486 Customers' dep_ J 1 7,101 Miscellaneous _ 11,487 10,704 Miscellaneous __ 5,402 47,089 July 31 under order of U. S. Dist. Court, for So. Dist. of Ohio, East. Div., follows: (a) With upset price of $900,000, all properties and leases deSurplus 502,412 401,957 as scribed in mortgage of Jan. 1 1905 and supplements thereto, now being Total 3,308,900 3,289,729 Total 3,308,900 3,289,729 foreclosed; to be sold by Messrs. Hoster and Born as special Masters' -V. 101, p. 50. (b) at separate sale, with upset price of $450,000, by Messrs. Born and Hostor as receivers, in equity Education Corporation General, Scranton.-Status.- &c., apparently not covered by suit, sundry parcels of real estate, leases. the mortgage. -V. 100, p. 645, 233. See International Text Book Co. in V. 101, p. 50. Equitable Motion Pictures Corporation, Chicago. New Enterprise. -This company has been organized in Virginia with $500,000 8% cum. pref..stock,par $5 and $2,500,000 common stock, par $5, to manufacture and distribute motion picture films. Friends of the project say: Hudson Navigation Co. -Favorable Decision. - See Manhattan Navigation Co. below. -V. 100, p. 983, 815. Interstate Telep. & Teleg. Co., New Jersey. -Sale. -- The Court of Chancery at Trenton, N. J., OT1 Juno 8 ordered the sale of the company and its subsidiaries, which have been in the hands of receivers for several months. The property is said to be subject to two mortgage liens, one of $618,750, consisting of 1st M. 5s, Trenton Trust & Safe Deposit Co., trustee, and one of $2,331,500 Geh. M.5s, Mercer Trust -V. 99, p. 641. Co.. trustee. Arrangements have been made which will insure the manufacture or control of one five-reel feature film and two single-reel comedy films each week. During the next few months the Corporation purposes to manufacKanawha & Hocking Coal & Coke Co. ture films in New York City, but ultimately it is the intention to build -Deposits. -equip a large modern studio in Southern California. The Corporation and Default having made in the payment of the interest coupon due July 1 has entered into a contract with the World Film Corporation whereby the latter 1915, with respect to the $3,013,000 1st M. 50-year 5s of 1901, the followwill arrange for the distribution and exhibition throughout the United ing committee requests the holders to deposit their bonds with July 1 1915 States and Canada of pictures controlled by the Equitable Motion Pictures and subsequent coupons attached, immediately with the committee's deCorporation. As is well known, the World Film Corporation is an estab- positary. Bankers rrust Co., 16 Wall St., N. Y. City. Committee: lished distributing company, owning exchanges located in 26 of the promin- Lewis L. Clarke, Daniel E. Pomeroy and Stacy C. Richmond, with B. W. ent cities of the United States. There are in the United States only seven Jones, Secretary, 16 Wall St., and White & Case, counsel. -V.82, p. 1443. Important companies which regularly release feature pictures of the higher Lackawanna Steel Co. -Earnings. -The following is dramatic interest and the new company purposes to be active in this lino. Of the capital stock there will presently be issued all the pref. and $2,- understood to be substantially correct: C00,000 of the corn., the remaining $500,000 of the latter to be hold for Earnings for quarter ending Juno :30 conversion of the prof. The p.of. stock will be convertible for first two period since the latter part of 1913. were the best of any three-months' April earnings, it years at holders' option into common stock, $ for $; also callable all or qohowed only a small deficit, after proportionate deductions is understood, for all charges, part at 115 and diva. on or after 3 years. while May profits showed a surplus. June returns, it Officers. -Pros., Arthur H. Spiegel. Pres. of Spiegel-May-Stern Co. of large enough to result in a net surplus of $250,000is thought, will be for the quarter. Chicago; Vice-Pres., Lewis J. Selznick, Vice-Pres. & Gen. Mgr. of World This would compare with a deficit of $565,759 in the March quarter, and Film Corporation; Sec. & Gen. Mgr. Felix F. Feist is now retiring as Pres. a deficit of $338,473 in the June quarter of 1914. & Gen. Mgr. of the Celebrated Players' Film Co. of Chicago; Mgr. of Pro- 3 months' period of 1913 net profits applicable to the In the corresponding stock ducing Dept., Isidore Bernstein, for the last two years Mgr. of the Mfg. On this showing the company would have a deficit for the were $1,012,675. half -year of over Dept. of the Universal Film Mfg. Co. $300,000. Orders already booked are sufficient to assure that the threequarter's profits will wipe out this deficit and leave a surplus by Sept. 30: Ewa Plantation Co., Hawaii. -Extra Dividend. and results of the final quarter should bring profits for the year to a satisAn extra dividend of 2%, or $100,000, was paid last month on the $5,- factory level, especially considering the unpropitious beginning. Profits 000,000 stock, in addition to the regular monthly payment of 1%. of $250,000 for the second quarter would be at the rate of nearly 3% on Fellsmere Farms Co. Florida.-Bonds Offered. -Fed- the common stock. taken several largo foreign orders for shrapnel, The company steel, oral Utilities, Inc., New' York, is offering at 97M and int. rails, &c. and is has negotiating for further business involving heavy tonnages. 1st M.6% gold bonds dated Jan. 1 1915, due Jan. 1 1925, but Large profits are promised for next year as a result of the highly satisfactory for the sale of its coke by-products, red. on any interest date at 1023/ and int. Denom. $500 contracts the company has closed influence materially profits for the and 2 earnings from these contracts may dosing -V. 109, p. 2089, 1756. half of this year. and $1,000. Interest, J. & J. Trustee, Columbia Trust Co., N. Y. Authorized issue, 8350,000. Data from Pres. E. Nelson Fells. Fellsmere, Fla., April 21 1915. Property. -Incorporated in Florida in 1910 and owns at the head waters of the St. JohnsRiver, six miles from the East coast and midway between St. Augustine and Miami, at a height of from 21 to 24 ft. above tide-water. over 90,000 acres of extraordinarily fertile lands. Drainage system includes main canal practically completed, 27 miles of lateral canals and 184 miles of sub-lateral canals, making available for farming nearly 56,000 acres, of which upwards of 18,000 acres have been sold and paid for. 22,800 acres are owned but under contract for sale on which there are cash payments still due of about $1,200,000; and there are available for immediate sale over 15,000 acres, which should yield over $1,000,000. Also has 48,000 acres for future developments, large holdings in town sites and Folismere RR., 15 miles long,from Fellsmere to Sebastian, on Florida East Coast Ry. Capitalization. Auth. Outeg. Auth. Outeg. Pref. 6%. stock_ $500,000 $275,090 Gen. M. 6% Common stock_1,500,000 1,500,000 bonds $1,500,000 $1,059,700 1st M. 6% g.bds. 350,000 300,000 11-yr.6% notes 230,000 80.600 These Bonels.-A first lien on all property now owned or hereafter acquired, being at rate of less than $4 per acre upon over 90,000 acres of lands now owned. No Gen. M. as or the 11-year 6% notes can be paid so long as any of the 1st M. 6% bonds are outstanding. Proceeds of this issue are to be used only for improvement and development. Sinking fund of $20 per acre released, must cancel not less than $40,000 bonds each year, beginning in 4916, being sufficient to retire this entire issue through release of about one-fifth of the land prior to 1925. Directors. -Frank Battles, of Battles & Co., Phila.; George S. Pingree and E. M.Farnsworth, Boston;E. Nelson Fell (President), Warrenton, Va.; Henry P. DuBois, George A. Galliver, H. A. Kehler, E. L. Lueder, George T. Ordway, Harold Stanley, all of New York; Ernest H. Every, V.-Pres. & Gen. Man.. and J. F. Stevens. Sec., Felismere, Fla. -V.92, p. 599. Ford Motor Co. -Plan Postponed. - President Henry Ford says that the plan to increase the stock from $2,000,000 to $100,000,000 will be delayed until after the next session of the Michigan Legislature. The present State law forbids any Michigan company to have more than $25,900,900 capital. This will give the Legislature an opportunity to amend the statute. -V.100, p. 2170. General Petroleum Co. -Co-operation. - Following a conference with the Chairman of the noteholders' protective committee, F. B. Anderson, Chairman of the bondholders' committee, announced that the noteholders' committee was willing to act with the bondholders in an effort to aid the company out of its present difficulties. Pros. John Barneson states that the production has increased 30%, that business had gained 30% and that the cost of production, which is now 10c. a barrel, had decreased :30%. Considering only operating conditions, Captain Barneson said that the company was earning net at the rate of $1,300,000 a year. Current accounts payable have been reduced to $40,000. Of the $1,500,000 advanced by the English interests, the President said he believed, if all the company's credits could be checked up, only $700.000 is now due. The depositing bondholders have the same committee as that mentioned last week (page 50), with the addition of Philip Lansing. V. 101. p. 50. (J. B.) Greenhut Co., N. Y. -Reorganization. - Lawyers representing clients in the J. B. Greenhut Co. reorganization plan say an agreement had boon reached by the various interests concerned. It is understood that the plan involves a cash payment of 27Mc., and that Captain J. B. Greenhut will finance an underwriting concern that will absorb such stock as the merchandise creditors do not take in the new corporation. Compare V. 100, p. 2170, 1755. Hawaiian Agricultural Co., Honolulu. -Extra Div. - An extra dividend of 4%,or $80,000, was paid last month on the $2,000.000 stock, in addition to the usual monthly 1%.-V. 98, p. 1159. Lawyers' Mortgage Co., New York. -Earnings. -- Cross 6 Months ending Earninos. June 30$557,062 1915 652,453 1914 Compare V. 100, p. 137. Net (after Taxes). $416,160 508,729 Dividends (6%). $360,000 360,000 Balance, Surplus. $56,160 148,729 Limestone Transportation Co., Rogers City, Mich. -The Maynard H. Murch Offering of Guranteed Pref. Stock. Co., Cleveland, is offering, at par and div., $260,000 7% cum. pref. stock. Principal and dividends payable out of funds to be deposited with the Clevaland Trust Co., as trustee, and unconditionally guaranteed by the Michigan Limestone & Chemical Co. Dividends payable quarterly (Q. .and the entire issue is to be redeemed -J) by Dec. 31 1926, in annual installments, upon call by lot at 105 and divs.. or by purchase as follows: 1918, $20,000: 1919, $23,000; 1920, $25,000; 1922,$29,000; 1923,$31,000; 1924,$33,000; 1025,$35,000; 1921, $27,000; 1926, $37,000. Data from P. A. White, Pres. Mich. Limestone Se Chem. Co.; June 1'15 The Limestone Transportation Co. is organized in Ohio and has $240,000 1st M. 6s, $260,000 7% prof. stock, and $100,000 corn. stock. The company has contracted for the completion by Sept. 1 1915 of a 10,000 -ton burden self-unloader freight steamer, the W. F. White, which steamer has been chartered for 10 years, at a minimum rental of 380,000 per year, to our company for the transportation of limestone from its properties on Lake Huron to Great Lake ports. The minimum annual rental of $80,000 is to be paid in monthly installments to the Cleveland Trust Co., as trustee, until this pref. stock is redeemed, and the trustee will, from the funds thus received, pay all fixed charges, the installments of pref. stock and the prof. stock dividends. Also the retirement of the $240,000 6% 19 -year bonds in ten installments, so that on Dec. 31 1926 the bonds and prof. stock will have been retired, leaving a surplus fund in cash in the hands of the trustee approximately $175,000. We also guarantee the payment of all operating and upkeep charges, Including taxes and insurance, damages, renewals and repairs. Anynet earnings of the Transportation Co. in excess of $80,000 per year are to be paid to the trustee and may be applied to the redemption of additional bonds and pref. stock. In case the guarantor shall default for 15 days in any of its monthly payments under the annual $80,000 guaranty, the pref. stockholders will have the right to call stockholders' meetings and to vote 75% of all votes cast at such meetings and to make such disposition of the property as they deem for their best interests, charging against the guarantor any losses may sustained by the prof. stockholders from such disposition. The Michigan Limestone & Chemical Co.(V. 95, p. 683) is the owner valuable calcite rock deposits near Rogers City, on of 8,000 acres of the shores of Lake Huron. This calcite rock is estimated to be about 600,000,000 tons in extent, and is of great value in the manufacture of iron and steel products, being 97% pure calcium carbonate. Based on present shipments, our business for the year 1915 promises to be greatly in excess of that of 1914 both in volume and profit. A representative of The Maynard It. Murch Co. will be elected each year to the board; there must be regular audits, and the company can issue no additional pref. stock nor create any liens (except the present bonds) nor any bills payable without the consent of that firm, which will also have the voting power on the common stock in case of any default on the pref. stock. Carl D. Bradley, Gen. Mgr., and W. F. White, Pres. of Michigan Limestone & Chemical Co., are, respectively, Pres. and V.-Pres.oftheTransportation Co. The Sec.-Treas. is Edward E. Newman,Secy. Cleveland Tr.Co. McCrory Stores Corporation. -Sales for June. 1915 -June -1914. Increase.' 1915 -June-1914. Increase. Hawkesbury (Ont.) Electric Light & Power Co. - $477,804 $416,448 561,356132,444,717 $2,149,242 $295,475 Bonds. -Nesbitt, Thomson & Co., Ltd., Montreal and HamBonds on Properties in 16 Cities Leased to this Cornpany.ilton, Ont., are offering, at 97M and int., to yield 63%,t S. W. Straus & Co., Chicago and N. Y., are offering at par $125,000 6% first (closed) mortgage sinking fund gold and int. $700,000 1st M.6% serial bonds covering downtown 10 1915.1 THE CHRONICLE 135 land and buildings in 16 cities, valued at $1,002,500, and year 5% convertible notes, authorized by the P. S. Commisleased 20 years to the McCrory Stores Corporation, sion July 3 1913. A circular dated May be used (1) to reimoperating a chain of five-and-ten-cent stores. Circular shows: burse the treasury for 15 says that the proceeds will to acquire property Dated June 1 1915 and due in annual installments on July 1 from 1917 to 1930, successively $10,000, $12,500 (2), $15,000, $20,000, $25,000. $30,000, $35,000, $40,000, $45.000, $50,000 (2), $55,000 and $300,000; but redeemable in whole or in part on any interest date after the second year in reverse of their numerical order at 102% and int. Prin. and int. (J. & J.) at offices of S. W. Straus & Co. in Chicago and N. Y. Trustee, S. W. Straus. Denom., $1,000, $500 and $100 (c*). Mortgagor to pay the normal Federal income tax of 1%, or to recompense bondholders for such taxes so far as lawful. Properties covered, together with fair valuation: (mostly 3 -story brick buildings with the land thereunder): Altoona, Pa., $135,000; Chester, Pa., $18,000; Charleston, W. Va., $100,000; Connellsville, Pa., $55,000; Daytona, Fla., $50,000; Fairmont, W. Va., $70,000; Huntington, W. Va.,$70,000; Jamestown, N. Y.,$50,000; Johnstown, Pa.. $85,000; Kane, Pa., $25,000; Lancaster, Pa., $70,000; Miami, Fla., $107.500; Newcastle, Pg., $37,000; Punxsutawney, Pa., $35,000; Salisbury. Aid., $25,000; Washington, D. C., $70,000; total, on a conservative basis, $1,002,500, incl. land, $702,300, and buildings, $300,200. Digest of Letter from J. G. McCrory, President of McCrory Stores Corporation, New York, June 3 1915. It has been deemed expedient to place the title to the 16 pieces of real estate which are owned in fee simple, and mortgaged under this bond issue, in William J. Fallon, who has executed the bonds and trust deed, as well as the lease to McCrory Stores Corporation. McCrory Stores Corporation operates a chain of 113 five-and-ten-cent stores, located in many of the most prosperous cities of the United States, including New York, Philadelphia, Washington, Pittsburgh, Omaha and many other cities. The lease runs 20 years from June 1 1915. It provides that the annual rental income from the premises covered by the trust deed shall be an amount equivalent to all the carrying charges of said property, including taxes, insurance, repairs and alterations, and also all the yearly requirements for the interest and principal charges of this bond issue. The rentals under the leases are assigned to the Franklin Trust & Savings Bank of Chicago, as trustee for rents, under appropriate provisions for turning over to the trustee each month so much thereof as may be necessary to pay the principal and interest of these bonds. • In the calendar year 1914 our net profits, except the interest on debts to be retired by the present financing, was $304,558, which is ample evidence that the rental can readily be paid. The properties mortgaged were purchased a number of years ago at a comparatively low figure, and are situated in good retail districts of prosperous cities, in practically all cases on the best side of the best retail street. See also V. 100, p. 1923, 1756. expenditures made from income and construct, extend and improve the company's plant and property and distributing system; (2) provide funds to pay the outstanding $500,000 6% bonds held by the National Commercial Bank of the City of Albany; and (3) pay the cost of complying with the ordinance of the City of Albany, passed April 16 1906, requiring among other things the placing of electric light wires underground. The capital stock has been increased from $2,000,000, the present outstanding capital, to $6,250,000, by vote of the stockholders Dec. 29 1911, and a certificate of such increase has been duly filed in the offices of the Secretary of State and the Clerk of the County of Albany. The notes will be dated May 1 1915, interest payable semi-annually, Nov. 1 and May 1, and will be convertible at the option of the company one year from that date, or at any time thereafter to the date of maturity, Into the stock of the company, par for par. The whole issue of notes will be registered at the Union Trust Co. of Albany, transfer agents, and the interest will be paid by checks mailed to the registered holders of the notes. I The right to subscribe expired 3 p. m. June 15. The notes will be issued only in denominations of $100 or multiples thereof and certificates of stock will not be issued for fractional shares. -V.98, p. 1849. National Gas, Electric Light & Power Co. -Bonds. - See Niles (Mich.) Gas Light Co. below. -V. 98, p. 76. National Refining Co. -Time Extended. The directors have extended the time for subscription to the $6C0.000 now pref. stock now in the treasury, to July 15. The stock is offered at 120 to holders of corn. and prof. to the extent of 7%% of their present holdings. On subscriptions paid in between July 1 and 15 accrued dividends will be added to the 120. This will amount to less than 35 cents a share. to be returned Oct. 1, when full payment must be made. -V. 100, p. 2172. New Jersey Zinc Co. -Stock Increase-Stock Dividend. The stockholders on July 7 authorized an increase in the stock from $10,000,000 to $35,000,000. The new stock will be distributed as a 250% stock dividend on or after July 21 to holders of record at noon July 10. Compare V. 100, p. 2172; V. 101, p. 51.-V. 101, p. 51. Certificates which may be issued for one-half of one share will not par ticipate in future dividends until consolidated into full shares.-V.101.p.51 N. Y.& Kentucky Co. and Subsid., Rochester. -Earns. Manhattan Navigation Co. -Decision. Cal. Year- Net Earns. Pref. Dividends. Common Divs. Sur. Judge Lacombe in the U. S. District Court on July 6 dismissed the suit 4 . 5. 3 (7%370,000 $21,242 (531 %)5210,000 Bal., brought by the company against Charles W. Morse and the Hudson Navi- -199413 9,, p. 1915 01,242 414,763 (7%)70,000 (7%)280,000 64,763 gation Co. to recover triple ($1,050,000) damages under the Sherman antitrust law for damages alleged to have been sustained by it by their having "unlawfully and corruptly combined and conspired to restrain and monopNiles (Mich.) Gas Light Co. -Bonds. -F. K. Pelton, olize the transportation of persons and property in inter-State trade and Detroit, is offering at par and int. $70,000 1st M. sinking commerce by steamboats operated on the Hudson River." The Court says: "If the fact be that the prices charged by the defendants fund 6% gold bonds of 1914, due Aug. 1 1939, but redeemable are exhorbitant and unreasonable and in excess of those charged by the complainant, that circumstance would not injure the complainant specific- at any interest period at 102 and int. in denom. of $500 ally so as to give it an independent cause,for action. The case resolves and $1,000. Coupons F. & A. A circular shows: Itself into a charge of running two so-called 'fighting ships.' But the Bonds auth., $400,000, viz.: outstanding, $140,000; reserved for future averments are too vague to support this cause." Also further: "Naturally extensions, &c., at 85% of cost, $260,000. Trustee, Security Trust Co., all boats in the night service on the Hudson between New York and Albany Detroit. Cum. cash sinking fund, 1% 1918 to 1922 on bonds issued, leave about the same time. If the prices on one are lower than on the other thereafter 2%. Exempt from Federal and Michigan tax. A first lien on it is because the service on the former is not as good. Not a fact has been all present and future property; estimated reproduction value $274,892, advanced, however, to support the claim for damages. For aught that ap- or, including franchise, &c., about twice the bonds now out. A Michigan pears neither a single passenger nor a ton of freight has been diverted from corporation supplying gas under liberal franchises extending beyond 1939 the company by the running of the two low-priced boats." -V. 99, p. 1134. to Niles,an active industrial city,Buchanan &c. Pop'n served,about 12.000. Earnings1913. 1912. Massachusetts Gas Companies. -Earnings. Gross income Net, after operating expenses $393,037 131 4 '84 0 Earnings of Controlled Companies. $31 396 ' $23 621 18,688 Operating expenses for 1914 were abnormally large, owing to the reMay -11 Mos.end. May 31building of the plant at Niles and piping Buchanan for gas. The net earnEarnings of Subsidiary Cos.- 1915. 1914. 1913-14. 1914-15. Now England Gas & Coke Co__ _ $36,886 $75,364 $558,305 $735,127 ings should hereafter be between two and three times the interest charge. Entire capital.stock ($150,000) is owned by National Gas, Electric Lt. Boston Consolidated Gas Co_...._ 101.092 82,928 1,302,944 1,160,182 4,030 East Boston Gas Co 5,439 -(V. 98, p. 76; V. 91, p. 1633.) 64,098 60,819 & Power Co. 3,918 Citizens' Gas Light Co 453 39,008 18,540 onomea Sugar Co., Honolulu. -Extra Dividend. 4,192 Newton & Watertown Gas Co 2,959 52,847 44,410 An extra dividend of 80 cts. a share (4%) has been declared, payable 66,543 New England Coal & Coke Co 40,733 216,964 256,472 Juno 20, in addition to the regular dividend of 20 cts. per share (1%)• Federal Coal & Coke Co 10,293 4,124 99,453 63,158 Boston Tow Boat Co 3,805 6.502 33,797 Compare V. 100, p. 1516; V. 100, p. 906. 40,091 Total Peerless Motor Car Co., Cleveland.-Accum. Divs. Paid. $230.759 $218,502 $2.422,218 $2,332,997 Increase in Gas Output. 1.44% *0.55% Boston Consolidated Gas Co.. . 1.437 East Boston Gas2.50 9.84 9.57% • % 14 .61% 21.14 0 Citizens' Co. of Quincy 10.87 19.33% 7.177 0 Newton & Watertown 9.41% 9.61% 5.21% -V. 101, p.51. A dividend of 335% has been declared on the 7% cum. pref. stock, pay, able Aug. 2, in full for accumulated dividends. On July 1 33' % was also paid in addition to the quarterly payments of 1 %. Compare V. 100, p. 1836. Lorenzo C. Dilks has been elected President and General Manager to succeed Francis Dykes, who resigned as Vice-President and General Manager, and William Solomon, of Wm. Solomon & Co., bankers, who had been President since its purchase and reorganization by the bondholders, about a year ago, who relinquished the office to Mr. Dilks. Mr. Solomon remains a member of the executive committee. Mr. Dilks resigns as General Manager of Sales of the Eastern Steel Co., with headquarters in New York, -V. 100, P. 983, 737. to accept the new position. at 107% and int. on any interest date. Sinking fund from Jan. 1 1918. 8% of outstanding bonds per annum. Owns under lease over 5,000 acres of oil and gas territory in Monongalia Co.. W. Va. and Greene Co., Pa. There are drilled in and in the process of drilling in 10 wells in this field with a present open flow capacity of about ' 16,000,000 cu. ft. per day. Has a perpetual contract with the Hope Natural Gas Co., which has built a pipe line from its pumping station to connect with the company's field, assuring an unlimited market for the entire production. High rock pressures will for many years obviate the necessity of a pumping station. At present has only three wells connected with the pipe lino, but its earnings are about twice the oper. expenses and bond Interest combined. -Bonds Offered. Pentress Gas Co. -H. P. Taylor & Co., N. Y., &c., are offering at 101 and int. to yield about Merchants' Power Co., Memphis. -City may Purchase. 5.90%, 1st M. gold 6s due Jan. 1 1930. fiat. J. & J. A See "Memphis" in "State and City" department. -V. 100, p. 1352. circular shows: Milliken Bros., Inc., Staten Island, N. Y. -New Pres.Authorized issue, $200,000. Denom. $1,000 and $500 c*. Redeemable Michigan Power Co., Lansing. -Favorable Decision. - The Michigan Supreme Court recently affirmed the decision of the Circuit Court which dismissed the suit brought by the city to compel the company to remove its poles, wires and equipment from the streets. The city claimed that the power company's only right to be on the streets arose from a franchise granted by it to the company's predecessor and assignor, and that the franchise had expired by limitation, and that therefore the company was using the streets without right and should be removed therefrom. The Court supported the claim as to the expiration of the franchise from the city. 'The power company contended that it was using the streets under the grant of the Legislature, contained in Act 264, Public Acts of 1905. This Act provides that any person,firm or corporation authorized to conduct the business of supplying electricity shall have the use of the streets. the designation and location of poles and wires being subject to the regulation, direction and approval of the municipal authorities. It was held that this Act granted to the company, as well as all others, the right to use the streets for public utility service, and, when the company made use of such grant, it was not necessary for it to disclaim user under the franchise from' the city, for the franchise and the Act of 1905 were not at all inconsistent in purpose and scope. The Court says: "It is true that it is not every Act of the Legislature providing for incorporation or relating to corporate rights and privi eges that will constitute a contract, but when the Legislature by Act invites a public uti ity corporation to expend money in establishing a plant upon the grant of the right to use the public streets, then, upon accepting the grant and establishing the plant and installing the public service equipment in the streets, there has come into existence a contract beyond the power of any division of the Government to impair by recall of the grant to be upon the public streets." The opinion (reported in 150 N. W. Reporter 250) is given at some length in the "Gas Age" of this city on March 1.-V. 97, p. 1587. -Extra Dividend. Municipal Gas Co., Albany. -Cheeks for dividends of $64 per share (64%)on the $2,000,000 stock, payable out of accumulated surplus, were mailed on July 1 to holders of record June 30. , Option to Subscribe. -Stockholders of record May 15 were offered the right to subscribe pro rata to the extent of 137 % and 623%, respectively, at par and par and accrued int. respectively, for $2,750,000 new stock and $1,250,000 1 3 Pepeekeo Sugar Co., Honolulu. -Extra Dividend. - An extra dividend of 3%% was paid on July 1 on the $750,000 stock, in addition to the regular monthly payment of 1%%. Pittsburgh-Buffalo Co. -Foreclosure Sale. The adjourned masters' sale is advertised for July 15 at Pittsburgh, Pa. Soo V. 100, p. 1442. 403. Safety Car Heating 86 Lighting Co. -Decisions. - Judge Hazel in the U. S. District Court at Buffalo, N. Y., on June 23 decided in favor of the compnay its suit against the Gould Coupler Co. for infringement of patent for an appliance used in lighting cars. .An injunction and accounting are granted Judge Hazel in U. S. District'Court on Dec.10 1914 handed down a decision in the suit brought by the company against the United States Light & Heating Co. in which patent No. 747.686, issued to J. L. Creveling, and owned by the former company, is held to be valid and infringed by the apparatus of the United States company. All of the 8 claims in the suit were sustained. The patent covers devices for regulating the output of a variable speed generator and means for controlling the regulating devices to determine the output. -V. 100, p. 1747. St. Lawrence Sugar Refineries. -New Officers. - C. C. Ballantyne and Dr. Milton L. Hersey have been chosen directors to succeed Alfred Baumgarten and 0. W. Donner, who resigned. B. McNally, formerly Sec. and Treas., is now Vice-Pres., and C. H. McLean becomes See. and Treas.-V. 99, P. 53. St. Petersburg (Fla.) Lighting Co. -Bonds Offered. Henry & West, Phila., and J. Harmanus Fisher & Son, Bal973/ and int., yielding 6.18%, $300,timore, aro offering at 000 1st M.6% sinking fund gold bonds dated Juno 1 1915 and duo Juno 1 1945, but callable as a whole after June 1 1920 at 105 and int. and for sinking fund at 105 and int. after Juno 1 1920. Interest payable J. & D. at Penn. Co. for Insurance on Lives & Granting Annuities, Phila., trustee. 136 THE CHRONICLE [VOL. 101. -Last United States Light & Heating Co. of Maine. Company agrees to pay normal Federal income tax. Penn. -The stockholders' protective . Opportunity to Participate. tax refu ded. A circular shows: committee in circular of July 7 say: Issued. Auth. Capitalization- $750,000 $300.000 It is expected that formal judicial confirmation of the sale will be made First mortgage 6% bonds 100,000 on or about July 15. This is to give notice that no further subscriptions 250,000 First preferred 7% cumulative stock 50,000 to the stock of the new company will be received after any postmarked 50,000 Second preferred non-cumulative 5% stock 150,000 150.000 date of July 15. Checks to order of Guaranty Trust Co. for subscriptions Common stock be accompanied with the certificates of deposit. See V. 101, p. 52. The bonds offered herewith are a firit and only mortgage on a modern must nt -No Div. steam generating plant having a pres , capacity of 1,500 k. w., about -Purchase U.S. Smelt., Refining & Mining Co. transformers, metres, &c. The remaining 50 miles of transmission lines, No distribution was declared on the The directors met on Juno 30. $450,000 bonds can only be issued at 85% of actual cost of necessary addi- common stock, payable this month. Payments were suspended in Oct. tions, extensions and acquisitions when the net earnings for the preceding last. One conversant with the facts was recently quoted: "The directors 12 months have been at least 134 times the fixed charges on the bonds issued may delay in resuming dividends, but such delay does not obviate the fact and to be issued. Sinking fund: June 1 1920 to June 1 1925, 1% yearly that April, May and June have been probably the three largest earning of bonds outstanding; 1926 to 1930, 1%%; 1931 to 1945, 2%. The fran- months in the history of the company, with very little from Mexico. Ordichises run for 99 years from 1896; no objectionable features. narily, the Real del Monte property would pay the entire preferred stock St. Petersburg is located 270 miles southwest from Jacksonville. Popula- dividend and one-half of the common stock dividend, and it should not be tion in 1914 (city estimate), 11,655, increase, 149% over U. S. Census of long before that company resumes its place as the largest earning subsidi1910 (4,672). During the winter months the population increases about ary, but in the meantime, apparently, its earnings are not needed. We 300%. There are fine orange,grape-fruit and small market gardeningfarms understand that the company is going into the spotter business upon a larger In the vicinity. scale; that it has recently acquired, through purchase, the Altoona Smelting Works, and has already secured its ore tonnages, which will show substanEarnings Years ending May 31 (Estimated 1915-16 and 1916-17)• 1914-15. 1915-16. 1916-17. tial profits." $98,000 $110,000 $92,430 The company has, it is reported, purchased three large Kansas smelters. Gross revenue $48.000 $55,000 The deal is said to involve $1,000,000. Possession was assumed of the J. B. $39.389 Net (after taxes) 18,000 18,000 18,000 Kirk, formerly the Kanyon Smelters, in Iola.; the Geo. E. Nicholson Interest on $300,000 6% bonds smelters in East Laharpo, and the Nicholson smelters in Altoona. The $21,389 $30,000 $37,000 company, it is stated, proposes to construct a 700-ton ore Balance, surplus Mo.-V. 100, p. 1345. Under management of General Utilities & Operating Co. of Baltimore, mill in Joplin. Md.(V. 99, p. 1835). H. T. Hartman, Pres. Municipal Service Co., has -Sales Sept. 7. United Water & Light Co., Pittsburgh. made a report on the property. to completing the reorganization under plan now operative, Preparatory two issues of -Bonds Offered. The the collateral securing the by Adrian H.6% collateral trust notes are adverSouthern Utilities Co. (of Fla.). Muller & Son, N. Y. City, on Sept. at auction Engineering Securities Corporation, N. Y., and Chicago, is tised to be sold by 90% in interest of the noteholders of each issue. There 7, as requested of the notes of offering at 98 and int., to yield 6.20%,an additional $575,000 are outstanding $2,603,5e0sums due on each1901 and $2,719,000 of the issue April 1 1914, and a of 1910. Principal 1st M.sinking fund 6% gold bonds of 1913, due April 1 1933, noteslarge amount of interest is in default. See plan, &c., in V. 100,P. very 560, 1099. 1263. making $1,500,000 outstanding. -Plan Operative Westinghouse Electric & Mfg. Co. -A large majority of the Conversion Right-Further Deposits. $19,476,000 convertible sinking fund 5% gold bonds, due Jan. 1 1931, having been deposited under the plan dated May 12 1915 (V. 100, p. 2015, 2091), said plan. Notice is also given, by adv. on another page, that, subject to the termination of the privilege without notice,further deposits of bonds will be received under the plan. -A cirOption to Subscribe for New Convertible Debentures. cular dated at New York, July 7, offers to the holders of the preferred and common stock of record at noon July 17 1915 the right to subscribe at company's office, 165 Broadway, N. Y. on or before Aug. 13 1915 at 105 and int. for an of new convertible bonds, equal to 45% of the par -Decision. amount their respective holdings of the stock. Southwestern Telephone & Telegraph Co. sustained the right of a telephone value of June 21 -For 12 months ending May 31: Earnings. 1914-15. 1913-14. 1913-14. 1914-15. $55,642 $1,076,428 $994,345 Bond interest.. $58,521 Gross 51,457 22,133 245,090 0th. deduc'ns 299,664 Net (aft.tax)_ Balance, surplus, available for pref. stock divs_ _ $189,686 $167,315 "Other deductions" include sinking fund,replacement and renewals fund, interest and discount on one-year notes and interest on floating debt. During most of the 12 months ended May 31 1915 the company had outstanding $56,000 6% underlying bonds, $925,000 1st M. 6% bonds. $250,000 1-year 6% notes and about $350,000floating debt. The proceeds of those $575,090 bonds provided for the retirement of the $250,000 1-year 6% notes due July 1 and the payment of most of the floating debt. The annual bond interest charge is now $93,360,against net earnings above of $299.664. The reproduction value of the physical properties, exclusive of franchises and other intangibles, is estimated by the J. G. White Engineering Corporation to be not less than $2,374,000 at this time. This issue is followed by $1,510,000 preferred stock, for which the company received par, and by $2,570,100 common stock. (Warrington. Fla.. is now included among the communities served.) See full description. V. 100, p. 1262. The U. S. Supreme Court on The bonds will be convertible sinking fund 5% gold bonds of 1915 of an company to discontinue the service of a subscriber, a Mrs. Danaher, for authorized issue not exceeding $20,710,000, convertible into common stock failure to pay for service rendered in the past. Justice Van Devanter at option of holder, on or before Dec. 311916, at the rate of $1,000 of such under an Arkansas statute under wrote the opinion. The suit was brought each $1,000 bond, and at any time after Dec. 31 1916, prior to which penalties amounting to $6.300 were recovered because of failure of stock for of said bonds, and up to within 30 days prior to any redemption maturity the company to supply the subscriber with service for a period of 63 days. date (if called for payment) into common stock at the rate of $910 of stock common practice tho regulaThe Court found that as a matter of fact and of $1,000 bond, subject to adjustment of current dividends and int. tion made by telephone companies, which provided that its subscribers' for eachbonds and the proceeds thereof are to be issued for the purpose of Said service might be terminated for failure to pay arrears, was a reasonable regu- retiring the existing issue of convertible sinking fund 5% gold bonds dated lation in the interest alike of a good telephone service and of the paying Jan. 1 1906, and the holders of the latter will have the opportunity, subject -V. 96. p. 494. subscribers. to this offering to stockholders, of exchanging their bonds for bonds of the - new issue, in accordance with the plan of May 12 1915 (V. 100, p 2015. Standard Motor Construction Co., Jersey City. -Shivers & Fay, N. Y., who deal in the stock, report: 2091). bonds will mature Jan. 1 1931 with interest J. & J., both principal Status. The -Stock, $1,800,000, par value $10; bonds, $244,000 1st and interest payable in U. S. gold coin of present standard without deducCapitalization. which the company M.sink. fd. 6s, due 1927. Formed in N. J. in 1904 by Lewis Nixon and tion for any taxes (other than Federal income taxes) or future law. under De-. associates and owns and operates a large, modern factory in Jersey City for may be required to pay or retainmay be any present called for redemption on or after of the highest grade of marine gas engines, the sales of which nom. $1,000 c*. All or any part the manufacture and int. Sinking fund it has been authoritatively stated, have aggregated over 400,000 h. p. Jan. 1 1917 on 12 weeks' notice at 105The trust indenture will $500,000 on also contain Has equipped torpedo boats for Japan. Russia and Austria, and is under- Dec. 31 yearly beginning with 1915. stood to be engaged upon a contract to furnish several thousand motors covenants in regard to the incurring of indebtedness and the relative amount aggregate indebtedness similar to those contained in for the Electric Boat Co. The signed contracts will, we believe, tax the of quick assets and dated March 30 1906, but will contain no covenant rapacity of the plant for over a year, without considering the additional the trust indenture business from usual sources. The last available balance sheet indicated a restricting the issue of additional stock. Subscription warrants will be issued as soon as practicable after July 17 rofit and loss surplus of $303,000 and it would seem that stockholders can reasonably expect a resumption of dividends in the not distant future. 1915. Fractional warrants, if surrendered in proper amounts on or before Aug. 13 1915 at the U. S. Mortgage & Trust Co., 55 Cedar St., N. Y. Compare V. 99. p. 464. Pittsburgh, or New England Trust Co., Boston, will be Union Trust -Extra Dividend. Stewart Mining Co. Co.' exchanged for S1,000 warrants. Subscriptions are payable as to each dividend of 10% was paid on June 29 on the $1,238,362 stock and an $1,000 bond In N. Y. funds either (a) at time of subscription on or before A extra dividend of 25% has boon declared payable July 29 to holders of Aug. 13 1915, $250, and on or before Dec. 1 1915, $820 83, this last inrecord July 15. In April and Feb. last 10% was disbursed. On Dec. 14 cluding adiustment of accrued interest, or (b) in full by payment of$1,05583 1914 10% was paid, also an extra divichn 1 of 10% Dec. 31. An extra of per $1,000 bond at time of subscription on or before Aug. 13 1915.23 % and a quarterly distribution of 10% were paid Oct. 19. On June 16. V. 101, p' 52 . Oct. 31 and Dec. 29 1913 and April 25. June 30 and Aug. 25, 10% each was -Earnings. (F. W.) Woolworth Co. paid, and on Oct. 3 1913 2M % extra. -1914. Increase.' 1915-6 mos.-1914. Increase. -June 1915 This apparently places the stock on a bi-monthly dividend basis of 10%. $5,474,790 $312,417j$32,200,061 $30,615,702 $1,584,359 The bulk of earnings comes from lead. In May the company's net was, it is $5.787,207 -cent basis, earnings will -V. 100, p. 2015. stated, $73.000. With settlements for load on a 6 jump to $120,000 a month, according to official calculations. The mine produces about 15,000 tons of ore monthly. It ships its products in form of CURRENT NOTICE. concentrates to American Smelting & Refining Co. The concentrates contain between 40 and 50 ozs. of silver per ton and about 50% lead. The -The Stone & Webster Engineering Corporation, constructing engineers, has on its books, it is said, tho largest number of stockholders company now in its history-between 1,700 and 1,800.-V. 99, p. 1678. New York, Boston and Chicago, have issued an illustrated booklet describing pictorially numerous shops, factories, warehouses, mills, offices, edu-Reorganization. Streets Western Stable Car Line. committee will prepare a plan of cational buildings, power stations, &c., constructed by the company, The following stockholders' protective a Ch. ,,,aocrtannelyzatioosnozeii%nP4iJnIdt Hermanh ann pora r . 13 including: Flour mills, storage warehouses and theatre at Seattle; office 1n.11 ( Y014 '1 1711ry C. buildings in Seattle and Portland, Ore.; hotel at Hamilton, Ont.; factory -Directors Classified. Corporation. Studebaker for Standard Oil Cloth Co., Buchanan, N. Y.; shop buildings for the GenThe stockholders on July 7 voted to classify the directors into five groups eral Electric Co., Schenectady; tobacco factory at Detroit; service plant will expire annually. The groups are: Expiring 1916, J. M. for Edison Electric Illuminating Co. at Boston; hydro-electric power stawhose terms Studebaker, George M. Studebaker and John R. Turner; 1917 E. R. BenRiver Power Co. at Keokuk, Ia.; educational buildings son, W. R. Innis and D. M. F. Weeks; 1918, Herbert Lehmann, N. J. tion for Mississippi Riley and A. Barton IIepburn; 1919, F. P. Delafield, Philip Lehmann and for Massachusetts Institute of Technology; hydro-electric power station J. G. Heaslet; 1920, F. S. Fish, A. R. Erskine and Henry Goldman. for Pacific Light & Power Corporation, at Big Creek, Cal. • -V. 100, p. 1836. -Messrs. Redmond & Co., 33 Pine Street, this city, are offering in our -Bondholders' Committees. Creek Co. Sunday advertising pages to-day a selected list of Municipal and Railroad Bonds See Continental Coal Co. and Kanawha & Hocking Coal & Coke Co. subject to sale at prices to yield from 4.15% to 5.05%. Many of these -V.101. p. 51. above. offerings are legal investments for SavingsBanks in New York State, -Dividends Resumed. Tooke Brothers, Ltd. Connecticut and Massachusetts. Full particulars regarding any of these An interim dividend of 1%% has been declared on the $985,000 7% be had upon request from the firm. cumulative preferred stock, payable July 15 to holders of record July 5. offerings may Payments were deferred in July 1914. Compare V. 99, p. 204. -The bond department of the Mellon National Bank of Pittsburgh is -Proposal to Issue offering $500,000 County of Allegheny Penn. 43,4% tax-exempt road bonds United States Gypsum Co., Chicago. at 104 and int., yielding 4.02%. The bond department has just issued a Common Stock for Discharge Accumulated Pref. Dividends. of Pennsylvania municipal bonds with an interest return to investThe stockholders are asked formally to assent to the plan for increasing circular the common stock from $3,000,000 ($2,249,600 outstanding on Jan. 1 1915) ors 01 4.05% to 4.50%. Circular will be mailed to inquirers. to $4,000,000 for the purpose of giving the preferred stockholders common -Colonel Charles A. Smart, owing to his appointment to command the stock at par in full discharge of the accumulated dividends to July 1 1915. Second Mounted Brigade for service overseas, has withdrawn from the In April last the amount of accumulations was said to be about 43% on firms of N. B. Stark & Co. and Murray, Mather & Co. of Toronto, Boston, $3,917,800 of the pref. and 10% on the other $500,000. Stockholders New York and Montreal. Harrison Durant has also ceased to be a memare asked to appoint S. L. Avery, S. Q. Fulton and B. C. Sammons to act ber of the partnerships. The business will be continued by Norman L. C. for them on resolutionsfor an increase of the capital stock or otherwise until Mather, Hugh W. Murray and Norman B. Stark. Dec. 24 1915. A•press report says: The plan will go into effect if 75% -Knauth, Nachod & Kuhne, international bankers, of New York, have of the preferred stockholders agree to it; owners of 65% of the pref. stock are said to have approved plan already. It is also proposed to place the Issued a timely pamphlet. It is entitled "The Effect of Foreign Liquidation." Copies will be furnished on request. stock on a 7% dividend basis. Compare V. 100, p. 1516, 1749. 1 JULY 10 1915.] The THE CHRONICLE Tommercial Times. COMMERCIAL EPITOME Friday Night, July 9 1915. The week has been more or less disturbed by the uncertainty as to the precise tenor of the German note in regard to submarine warfare, which is expected here to-day-if, indeed, it has not already been received at Washington. The same is true of rumors and counter rumors in regard to steamships on the ocean supposedly endangered by bombs, said to have been planted by the would-be assassin of J. P. Morgan. The fire on the Minnehaha, discovered off Nova Scotia and believed to have been caused by an explosion, has excited wide interest. Also, wet weather has retarded harvesting and the marketing of grain crops. It has likewise restricted retail trade. Building operations have been slow. Money has been firmer. European liquidation, not only of bonds but also of stocks, has caused lower prices. Export sales of grain have been moderate as compared with recent transactions. Collections are only fairly prompt. Cotton exports are still slim and the price of this commodity has declined sharply. But on the other hand, business on war orders is still active. Sales of iron and steel are increasing and mills are operating closer to their full capacity than for some time past.. Foreign exchange has advanced somewhat, owing to increased sales of securities for European account. Crop reports point to the largest wheat yield on record and very large harvests of corn and oats, with favorable weather. Prices for grain have advanced during the week, and judging from the latest advices of bad weather in Europe and prospects of short crops there, it would not be surprising if our exports of breadstuffs this season should again reach large figures. LARD continues slow of sale; prime Western 9.30c.; refined for the Continent 9.80c.; South America 10c.; Brazil 11c. Futures declined, partly owing to increasing selling by packers, whose sales at times have acted as a check on any tendency to rally. Yet, now and then prices of hogs have advanced. To-day prices advanced on buying by packers and shorts. 137 Pennsylvania dark $I 35 Second sand 1 35 Tiona 1 35 Cabe!! 97 Mercer black 97 New Castle 97 cts 7.06 7.07 July 6.96i6.97 August September - _6.87 6.89 October 6.9006 91 cts 6.9206.93 Nov December --6.9406 95 January ___ _6.9806.99 February ___ 7.0107.02 March_ _ _cts 7.05 7.07 April 7.10 7.12 7.15 7.1 May June 7.2007.21 83c. $1 05 86c. 83c. 78c. 84c. Somerset,32 degRagland Illinois. above 30 degrees Kansas and Oklahoma 80c. 820. 84c. 40e. TOBACCO has continued quiet without interesting features. Crop advices are in the main favorable. Recent rains have been beneficial. There is a fair demand for Sumatra tobacco. And prices for all grades are in the main steady. Sales of cigars are increasing somewhat, and manufacturers are, therefore, expected to buy more freely before long. Just now, however, trade is sluggish. COPPER has been somewhat less active and easier at one time. London, however, has at times been stronger. Here Lake 203/ ©21c., later 203c.; electrolytic 2Cc., later 2 1934 ©19%c. France has bought electrolytic to some extent. Latterly London has declined. Tin has reacted to 383/8c., recovering later to 393.c., then going back to 383/2e. Heavy importations have had some effect; also an increased quantity afloat for the United States. Trade too has been less active. London and Singapore prices have declined. Spelter has been at 223c. here on the spot with a firmer tone of late and a good demand for export and home use. 23e. is now asked. Later deliveries 20@21c. Special brands used in the brass trade are scarce and are said to have sold at as high as 42c. London has been firm. Joplin mines are to close down for two weeks, owing to a dispute with miners about an increase in wages. This tended to strengthen the price. London advanced .E7 on the Joplin strike. The strike is now said to be petering out. Lead has been 53j here on the spot, with a pretty good demand for exportand a fair demand for domestic use; later 5.65e. London weakened a little. Iron and steel business is gradually broadening. Most of the steel mills are said to be operating to 90% of capacity on foreign business. Also there is steady increase in the domestic trade in structural steel and plates. This has had a distinct tendency to advance prices. Further orders for shrapnel have been placed. Makers of rivet have had to increase their operations to 75% of their capacity, as against 50% recently. The leading steel corporation has bought 15,000 tons of steel billets from an Eastern producer to relieve pressure on its open-hearth departments. DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Fri. July delivery cts_ 9.25 Holi9.00 8.45 8.75 8.60 September delivery_ __ _ 9.45 day. 9.20 8.97 8.65 8.80 PORK remains steady; mess $20@$21; clear $20©$22. family $21@$23. Beef, mess $18 50@$19; packet $17@$18; family $19@$20; extra India mess $30@$31. Cut meats steady; pickled hams, 10 to 20 lbs., 13 Yt©133 c.; pickled 4 bellies, 6 to 12 lbs., 13©143'c. Butter, creamery extras, 273 @28c. Cheese, State whole milk fresh flats and twins, % colored specials, 153/2c. Eggs,fresh gathered extras,22©23c COFFEE has remained quiet; No. 7 Rio 738c., No. 4 / Santos 9%c., fair to good Cucuta 9%©10c. Futures declined early in the week and then rallied on covering of shorts and a sharp decrease in the visible supply during June. The decrease was 709,645 bags, as against a decrease in June last year of only 275,410 bap. This reflected a large consumption and decreased shipments from producing countries. The visible supply is now down to 7,518,410 bags, as against 11,302,194 a year ago. Brazilian quotations have advanced. Exchange fell to 12 11-16d.; later it was 123/3d. To-day prices were unchanged to slightly higher. Closing quotations were as follows: Corning Wooster North Lima South Lima Indiana Princeton COTTON Friday Night, July 9 1915. THE MOVEMENT OF THE CROP,as indicated by our telegrams from the South to-night, is given below. For the week ending this evening the total receipts have reached 24,259 bales, against 27,800 bales last week and 30,014 bales the previous week, making the total receipts since Aug.1191410,332,026 bales,against 10,497,210 bales for the same period of 1913-14, showing a decrease since Aug. 1 1914 of 165,184 bales. Sat. Galveston Texas City Port Arthur Aran. Pass, &c New Orleans_ Gulfport Mobile Pensacola Jacksonville, &c. Savannah Brunswick Charleston Georgetown Wilmington ____ Norfolk N'port News,&c. New York Boston Baltimore Philadelphia Mon. Tues. jVed. 502 1,260 2,571 2.959 991 845 Thurs. 1,580 Fri. 705 Total. 9,577 -457 5,585 1,096 1,234 9 89 6 769 941 1,151 1,024 453 4,338 58 136 542 388 76 1,200 75 448 74 646 5 251 209 416 151 749 1031 ---208 173 (I'S'i 386 2,147 ----___50 115 405 295 295 - SUGAR advanced to 4.95c.for centrifugal,96-degrees test, and 4.27c. for molasses, sugar 89-degrees test. Granulated. 50 6.10e. Europe has recently been a very large buyer of re19 223 53 fined. For a time, too, there was a better demand for raw sugar. It is said that only 25% of the Cuban crop remains unsold. Cuban sugar has not been freely offered f. o. b. Totals this week 207a 9 470 A 2M1 R RAR 4.1An 2.838 249Q In Cuba they have an idea that Europe and the United States The following shows the week's total receipts, the total are going to buy heavily this year. Prance the other day since Aug. 1 1914 and the stocks to-night, compared with bought 10,000 tons of granulated at 4.70c.; England is sup- last year: posed to want 70,000 tons at 4.75c. Porto Rico sugar sells less readily in competition with Cuban. Centrifugal, 96 • 1914-15. 1913-14. Stock. Receipts to degrees test, now 4.89@4.95c.; molasses sugar, 89-degrees This Since Aug This Since Aug July 9. test, 4.12 ©4.18e. To-day sugar futures were generally Week. 1 1914. Week. 11913. 1915. 1914. lower on reports of fine weather and large acreage in Cuba. Galveston 9,577 3,974,451 9,930 3,545,084 138,659 87,211 -Linseed lower; city raw, American seed, 570.; Texas City OILS. 501,582 _ _ _ _I 468,553 14,115 2,557 56,976 46,238 boiled 58c., Calcutta 75c. Cocoanut oil steady; Cochin 10 Port Arthur 61,886 ___ 134,224 966 ©103/ic., Ceylon 9@93/2c. Palm lower at 7% ©73'c. for Aransas Pass, &c.. 5,552 1,855,789 4,718 1,868.752 158,625 70,009 New Orleans_ _ _ _ 5,322 Lagos. Corn steady at 5.86©5.91c. Cod, domestic, steady Gulfport Mobile 208 164,940 4 436,906 15,255 6,970 at 47©480. Cottonseed oil easier at 6.20(3. for winter and Pensacola 80,308 163,890 summer white. Spirits of turpentine 42%©43c. Common Jacksonville, &c_ 32,493 ____ 29,600 145 Savannah 4,538 1.747.999 4.398 1,834,515 69,753 14,365 to good strained rosin $3 25. Closing quotations follow: Brunswick 222,008 294,042 5,500 July cts3.861ili3.88 August 3.87 3.89 September __4.97 4.98 October 4.02®4.03 November cts3 8313 85 December- _3.55 3.57 January ----3.25 3.26 February. _3.2503.26 March_ _cts 3.2513.26 April 3.25 3 26 May 3.28 3.30 June 3.3003.32 Charleston Georgetown Wilmington Norfolk N'port News,&c_ New York Boston Baltimore Philadelphia 1,200 404,531 1,857 687 277,652 2,147 597,633 -_„ 154,509 50 21,106 405 87.382 80.667 295 2.935 98 424,375 46,765 1,872 4 3,044 1,764 _--309 50 ---- 398,964 583,216 142,064 6,629 21,123 95,506 3.529 39,340 49,528 10,719 19,697 PETROLEUM steady and fairly active; refined in barrels, 244,194 112,318 14,519 7.50@8.50c.; bulk 4©5c.; cases 9.75 ©10.75c. Naphtha. 7,361 1,870 3,458 73 to 76 degrees, in 100-gallon drums, 233/20.; drums $8 50 1,925 2,007 extra. Gasoline,89 degrees,26c.; 74 to 76 degrees,22@24c.; Totals 24.259 10332026 24.319 10497210 801.014 338.689 67 to 70 degrees 22e. Advices from Tulsa, Okla,. state that production in the Cushing field is decreasing. Prices conIn order that comparison may be made with other years, tinue steady and as follows: we give the totals at leading ports for six seasons: Receipts at - 1915. Total this wk. 1914. 1912. 1913. 1911. 1 1910. 9,577 9,930 8,000 5,352 208 4,338 4,718 4 4,398 3,449 426 1,790 2,533 7 840 7,328 3,539 3,328 1,200 687 2,147 17 41 1,882 1,455 730 2 195 126 6,487 750 98 4 3,044 1,764 359 4,744 1,264 3,165 15 405 110 1,999 1,398 348 75 4,738 24,259 24,319 21,448 13,080 4,198 36,580 Galveston _ _ _ TexasCity,&c. New Orleans_ Mobile Savannah _ _ _ Brunswick_ CharlestonAc Wilmington_ _ Norfolk N'port N.,&c. All others_ _ _ _ 3,290 420 5,701 5,459 Since Aug. 1_ 10332026 10497210 9,690,185 11753667 8,554,017 7,267,474 The exports for the week ending this evening reach a total of 44,800 bales, of which 21,965 were to Great Britain, 4,168 to France and 18,667 to the rest of the Continent. Exports for the week and since Aug. 1 1914 are as follows: Week ending July 9 1915. Exported to Exports from- [VOL. 101. THE CHRONICLE 138 Conti Great ritain.France. nem. From Aug. 1 1914 to July 9 1915. • Exported to- Great Total. Britain. France. Conti need. Total. be a matter of supreme importance to the South. Speculation has recently been frightened out of the market by the disturbed international situation and the possibility of serious complications if not an open break with Germany. Spot markets in the meantime have become very dull. Exports have dwindled to such a degree as to give the South serious concern. Little attention has been paid to reports of backwardness of the crop in some sections owing to the fact of the weather being too cool and wet. Cultivation in various sections of the belt has been more or less neglected owing to heavy and persistent rains. Many fields are said to be grassy. All this has little effect. Southern advices have rung the changes on the decrease in the use of fertilizers of 30 to 40%, on the fact that the quality of the fertilizers is not so good as usual, on the decrease in the acreage recently estimated by the Government as about 15%%, and finally on the reported decrease in the acreage in Egypt and India of 30%. Also some have dwelt on the large consumption of cotton in the manufacture of explosives. But with export trade and speculation practically at a standstill bullish talk has been ignored. The attack on Mr. J. P. Morgan and the alarm about steamers said to have sailed with bombs on board, the taking over of the Sayville wireless station by the United States Government owing to its alleged misuse, and a rumor at one time that the "Adriatic" had been sunk all this has created a nervous and depressed feeling. It has been reflected in a noteworthy decline of prices. To-day prices declined on liquidation and the week shows a sharp falling off in values. Liverpool was less active. Spot markets were generally lower. Spot cotton closed at 9c for middling upland, showing a declinefor the week of 60 points. The official quotation for middling upland cotton in the New York market each day for the past week has been: 11,584 14,689 1,322,703 298,223 1,310,819 2,931,745 Galveston__ 3,105 11,393 430,193 40,327 470,520' Texas City_ 11,393 51,329 400 51,729 Port Arthur 618 618 Ar.Pass,Scc. 750 5,432 835,483 159,417 504,133 1,499,033 '714 3,968 NewOrleans 5,322 _ 5,322 Gulfport__ _ 86,104 837 86,941 _ --__ _ Mobile ____ 28,592 51,317 400 80,309 __ 88,046 757,591 1,259,757 414,120 Pensacola.. _ __ _ Savannah_ 167,124 18,147 13,103 198,374 _ _ __ Brunswick _ 79,844 174,575 254,419 ___ _ Charleston _ 30,646 118,265 203,694 __ 54,783 Wilmington 46,348 28,201 74,549 Norfolk_ 30,695 367,632 452,990 New York_200 "ioo 6;ii5 6;8i5 54,663 5,643 107,284 50 6,089 101,641 Boston ____ 6,039 6,550 1,600 50,069 58,219 514 Baltimore__ July 3 to July 9Sat. Mon. Tues. Wed. Thurs. Fri. 5,776 100 100 29,130 34,906 _ Philadel a.... 9.00 9.20 9.35 9.50 H. H. 2,704 2,704 Middling uplands __ Portl d, Me. 176,638 176,638 ... San Fran NEW YORK QUOTATIONS FOR 32 YEARS. 236,658 236,658 Pt.Towns d 8.38 6.19 1891.c 9.00 1907_c 13.45 1899_c 4,500 _ 4,500 1915_c Los Angeles 12.00 6.19 1890 13.25 1906 10.80 1898 1,614 1,614 1914 Pembina__ _ 7.94 1889 11.19 1897 Total_ _ _ _ 21,965 4,168 18,667 44,800 3,769,230 660,316 3,762,9778,192,523 8,798 21,0203,438,524 1,064,5334,402,079 8,905,136 Note.-New York exports sinceAug. 1 include 8,901 bales Peruvian and 25 bales West Indian to Liverpool, 50 bales Egyptian to Mexico. Tot. 13- 14 12,222 In addition to above exports, our telegrams to-night also give us the following amounts of cotton on shipboard, not cleared, at the ports named. We add similar figures for New York. On Shipboard, Not Cleared for GerOther CoastGreat July 9 at - Britain. France. many. Foreign wise. New Orleans.. Galveston. Savannah Charleston 6,216 9,741 Mobile Norfolk New York Other ports_ _ _ 2,000 2,000 Total 1915-. 19,957 Total 1914.. 14,934 Total 1013-... 3.362 15.829 9,083 308 2,000 Total. 1,224 23,577 2,000 22,824 600 600 30 2,130 24,500 24,500 100 4,000 1,000 4,000 3,000 100 29,912 28,354 80,631 2,308 884 15,804 16,962 19,766 68,350 481 9,152 12,106 13.403 38,504 Leaving Stock. 135,048 115,835 69,153 46,765 13,125 25,028' 240,194 75,235 720,383 270,339 116,209 1913 1912 1911 1910 1909 1908 12.35 12.30 14.50 15.45 12.70 11.20 1905 1904 1903 1902 1901 1900 10.90 10.95 12.20 9.25 8.75 10.25 1896 1895 1894 1893 1892 7.44 7.19 7.19 8.00 7.38 10.38 10.94 9.56 10.50 11.00 1888 1887 1886 1885 1884 MARKET AND SALES AT NEW YORK. Spot Market Closed. Futures. Market Closed. HOLIDAY. Saturday__ _ HOLIDAY. Monday _ _ _ Tuesday _ _ _ ;Quiet 10 pts dec..-.- Steady Wednesday_ Quiet 15 pts dec... Steady Thursday __;Quiet 15 pts dec... Easy _ Friday 'Quiet 20 pts dec_ _ - _ Easy Total _ _ _ _I SALES. Spot. Contr'ct Total. 353 1,089 200 200 800 500 300 200 1,153 1,589 1,542 1.700 3,242 100 -The highest, lowest and closing prices at FUTURES. New York for the past week have been as follows: Saturday, Monday, Tuesday, Wed day, Thursd y, Friday, July 3. July 5. July 6. July 7. July 8. July 9. hay Range Closing_ __ _ 4 ugustRange Closing_ _ _ . ieptemberRange Closing--- )cloberRange Closing_ _ _ _ Week. 9.23-.35 9.07-.24 8.85-.05 8.62-.88 8.62-.35 9.26-.27 9.09-.10 8.85-.87 8.65 - -Speculation in cotton for future delivery was not at all active until late in the week and any increase in business has 9.51-.52--- 8.98-.20- - 8.98-.52 9.42-.44 9.24-.26 8.98-.00 8.80-.81--. been at the expense of price. After an extended period of sluggish markets swinging within a range of 30 to 40 very 9.55-.57 9.39-.41 9.12-.14 8.95-.97- - points and for some weeks not going below 9.60c for October that month suddenly broke its moorings on Wednesday and 9.68-.78 9.46-.67 9.25-.48 9.03-.28 9.03-.78 9.68-.69 9.52-.53 9.25-.27 9.08-.09--reached the lowest price seen since May 10th. That was Vamnber-9.46e. On Thursday, however, it fell still further and Range Closing_ _ _ _ 9.78 - 9.64 - 9.37 - 9.20 - -- -touched 9.05e to-day, the lowest in many months. This decline was due very largely to fears of serious complications DecemberRange HOLT- HOLI- 9.92-.00 9.70-.9,1 9.50-.71 9.27 .52 9.27 .00 expected German reply 9.92-.93 9.74-.73i 9.51-.53 9.34 - -Closing.... DAY. DAY. with Germany growing out of the. to the American note of June 7th in regard to the sinking January 9.95-.07 9.76-.98 9.57-.78 9.35 .60 9.35 .07 Range of the Lusitania and the general question of submarine war9.98-.99 9.78-.79 9.56-.58 9.42 .43--Closing_ _ _ _ fare in its relations to International law. There was a rumor February Range on Thursday that President Wilson had cabled to Am10.08 - 9.88 - 9.66 - 9.52 -----Closing- _ -bassador Gerard at Berlin expressing his dissatisfaction with ifarch - - u1,p4-.20 9.83-.02 9.62 .84 9.62 .20 Range the forecast of the German note said to have been received , 10.22-.24 10:04-.05 9.83-.85 9.67 .68--Closing.--. early in the week by the Washington authorities. Whether lpril--------------Range there is any foundation for the report of President Wilson's 10.32 - 10.14 - 9.93 - 9.77 - - Closing_ __ _ action may be purely conjectural. But it is clear thit the Ifay 10.45 - 10.25-.40 10.06-.23 9.85 .05 9.85 .45 Range circulation of this rumor had a very depressing effect on the 10.42,.45 10.25-.27 10.05-.06 9.87.88-- - -Closnig cotton market. To not a few it seemed to portend a rupture TuneRange of relations between the United States and Germany, if Oh-saint, in AR -10.35 -10.15 -. 0 n7 _ _ _ _ nothing more serious. The weakness in the stock market in cotton. In general, has also been a depressing factor QUOTATIONS FOR MIDDLING COTTON AT OTHER politics, particularly as affecting our relations with Germany, MARKETS. -Below are the closing quotations of middling principal factor. Yet back of all this too has cotton at Southern and other principal cotton markets for have been the the fact that stocks in this country have been very each day of the week. been large, that there is a very general expectation that the . carry-over into next season will approximate 5,000,000 bales Closing Quotations for Middling Cotton on and that it is a serious question just what is to be done to Week ending July 9. Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday. meet the danger of a restricted export trade during the coin8.65 8.85 meet the danger of a restricted export trade during the com- Galveston 9.00 9.00 8.82 8.88 9.00 9.00 New Orleans_ _ _ ing season due to the British embargo. It is true that a Mobile 8.38 8.50 8.63 8.63 8% committee of the Federal Reserve banks have already begun Savannah 8 15-16 8.38 8.75 8.75 HOLI- HOLI- 8.75 Norfolk to make inquiries as to what should be done to aid the South Baltimore 9 9 94 DAY 9) , g . in financing its cotton should there be any serious congestion Philadelphia __ _ DAY 9.45 9.25 9.60 9:75 8.75 8.69 8.88 8.88 and efforts are being made at the South to increase the num- Augusta 8.62 8.62 8.75 8.75 Memphis ber of warehouses. It is said that the warehouse capacity of St. Louis SA 9 9 8.70 8.60 8.90 9.00 the South for storing its cotton now amounts to some Houston 8.87 8.75 8.87 8.87 Little Rock_ _ _ _ 9,000,000 bales, but this is deemed insufficient. It is felt to JULY 10 1915.1 THE CHRONICLE THE VISIBLE SUPPLY OF COTTON 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 the total the complete figures for to-night (Friday), we add the item of exports from the United States, including in it the exports of Friday only. July 9Stock at Liverpool Stock at London Stock at Manchester Total Great Britain Stock at Hamburg Stock at Bremen Stock at Havre Stock at Marseilles Stock at Barcelona Stock at Genoa Stock at Trieste Total Continental stocks 1912. 051,000 6,000 100.000 1915. bales.1,693,000 44,000 137,000 1914. 915,000 5,000 69,000 1913. 896,000 5,000 51,000 1,874,000 *4,000 *162,000 297,000 13,000 51,000 372,000 *3,000 989,000 39,000 356,000 271,000 4,000 30,000 32,000 56,000 952,000 1,056,000 7,000 15,000 274,000 366,000 172,000 202,000 3,000 3,000 16,000 21,000 19,000 15,000 13,000 25,000 788,000 525,000 902,000 626,000 July 9ShippedVia St. Louis Via Cairo Via Rock Island Via Louisville Via Cincinnati Via Virginia points Via other routes, &c Total gross overland Deduct Shipments Overland. to N. Y., Boston, &c Between interior towns Inland, &c., from South Total to be deducted 139 ----1914-15---Since Week. Aug. 1. 3,953 682,721 570 323,843 4,470 385 156,975 787 114,989 2,059 191,705 1,687 522,269 ----1913-14---Since Aug. 1. Week. 3,854 571,347 2,292 406,390 7,057 414 123,397 657 122,917 83 144,983 106 354,723 9,441 1,996,972 7,406 1,730,814 750 694 1,407 192,090 230,639 165.950 359 1,842 3,759 126,787 177,409 165,495 2,851 588,679 5.960 469,691 Leaving total net overland* 6,590 1,408,293 *Including movement by rail to Canada. 1,446 1,261,123 The foregoing shows the week's net overland movement has been 6,590 bales, against 1,446 bales for the week last year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 147,170 bales. Total European stocks 2,776,000 1,777,000 1,477,000 1,682,000 -----1914-15----- -----1913 14 85,000 India cotton afloat for Europe 79,000 248,000 108,000 In Sight and Spinners' Since Since 202,027 141,716 124,677 100,324 Amer. cotton afloat for Europe Takings. Week. Aug. 1. Week. Aug. 1. 27,000 27,000 34.000 Egypt, Brazil,&c.,afloat for Eur'pe 24,000 Receipts at ports to July 9 24,259 10.332,026 24,319 10,497,210 75,000 152,000 124,000 101,000 Stock in Alexandria, Egypt 6.590 1,408,293 1,446 1.261.123 885,000 866,000 845,000 477,000 Net overland to July 9 Stock in Bombay. India 801,014 338,689 204,713 292.260 Southern consumption to July 9 64,000 2,954,000 59.000 2,949,000 Stock in U. S. ports 515,000 158,507 192,337 136,640 Stock in U. S. Interior towns Total marketed 94,849 14,694,319 84.765 14,707,333 2,828 1,140 1,127 4,946 U.S.exports to-day Interior stocks in oxcess *13,753 394,861 *16,145 15,039 Total visible supply 5,435,168 3,689,052 3,082,555 2,980,170 Came into sight during week 81,096 68,620 Of the above, totals:of American and other descriptions are as follows: Total Insight July 9 15,089,180 14,722,372 American Liverpool stock bales.1.429,000 689,000 706,000 819,000 Nort. spinners' takings to July 9- 34,596 3,130,946 12.650 2,796,106 Manchester stock 49,000 115,000 79,000 36,000 *Decrease during week. Continental stock *749,000 638,000 481,000 596,000 Movement into sight in previous years: American afloat for Europe 202,027 141,716 124,677 100,324 U. S. port stocks 801,014 338,689 204,713 292,620 -Bales.' Week Week Bales. U. S. interior stocks 515,000 158,507 192,337 136,640 1913 -July 11 69,752 1911-July 14 43,524 U. S. exports to-day 4,946 1912 2,828 1,127 1,140 -July 13 63,100 1910 -July 15 45.345 NEW ORLEANS CONTRACT MARKET. -The highTotal American 3,812,168 2,016,052 1,747,555 2,028.170 est, lowest and closing quotations for leading contracts in the East Indian, Brazil, &c.Liverpool stock 264,000 226,000 190,000 132,000 New Orleans cotton market for the past week have been as London stock 5,000 44,000 5,000 5,000 Manchester stock 22,000 21,000 follows: 15,000 20,000 Continental stock *153,000 150,000 30,000 44,000 India afloat for Europe 79,000 248,000 108,000 85,000 Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday, Egypt, Brazil, &c., afloat 24,000 27,000 27,000 34,000 July 3. July 5. July 6. July 7. July 8. July 9. Stock in Alexandria, Egypt 152,000 124,000 101,000 75.000 Stock in Bombay, India 885,000 866,000 845,000 577,000 July Range 9.09-.15 8.94-.03 8.71-.85 8.58-.69 Total East India, &c 1,623.000 1,673,000 1,335,000 952,000 Closing 9.09-.09 8.91-.93 8.70-.71 8.59-.60 Total American 3,812,168 2,016,052 1,747,555 2,028,170 AugustRange Total visible supply 5,435,168 3.689,052 3,082,555 2,980,170 Closing 9.21-.23 9.02-.04 8.81-.83 8.70-.72 Middling Upland,Liverpool 5.17d. 7.33d. 7.07d. SeRtember6.76d. a Middling Upland, New York_ 9.20c. 13.25c. 12.50c. 12.30c. 7.85d. Egypt, Good Brown, Liverpool_ 9.70d. 10.05d. 11 1-16d. Closing l Cg 9.40-.42 9.22-.24 8.98-.00 8.84-.86 Peruvian, Rough Good,Liverpool 10.75d. 9.50d. October 8.85d. 9.10d. Broach, Fine, Liverpool 5.00d. 63 . , 0 63(d. 6 7-16d. Range 9.50-.50 9.30-.48 9.06-.32 8.85-.08 5.12d. 6 1-16d. 6 5-16d. Tinnevelly, Good, Liverpool 6%d. Closing 9.50-.51 9.32-.33 9.08-.09 8.94-.95 * Estimated. NovemberHOLI- HOLTDAY Range DAY Continental imports for past week have been a28,500 bales. Closing 9.59-.61 9.40-.42 9.17-.19 9.03-.05 The above figures for 1915 show a decrease from last week December Range 9.69-.77 9.50-.66 9.25-.49 9.05-.27 of 237,141 bales, a gain of 1,746,066 bales over 1914, an Closing 9.69-.70 9.50-.51 9.27-.28 9.13-.14 excess of 2,352,613 bales over 1913 and a gain of 2,454,998 January Range 9.79-.87 9.60-.75 9.35-.58 9.-16.37 bales over 1912. Closing 9.79-.80 9.60-.61 9.38-.39 9.-24.25 March AT THE INTERIOR TOWNS the movement Range 10.00-.07 9.81-.90 9.67-.79 9.45-.52 -that is, Closing 9.99-.00 9.80-.81 9.57-.58 9.45-.46 the receipts for the week since Aug. 1, the shipments for Maythe week and the stocks to-night, and the same items for the 9.73-.75 I IosIn C 10.19-.21 10.00-.01 9.76-.78 9.64.-66 corresponding periof of the previous year-is set out in de- Tone n eg tail below. Spot fintinna Movement to July 9 1915. Movement to July 10 1914. WEATHER REPORTS BY TELEGRAPH. -Telegraphic Ship Stocks Towns. Receipts. Receipts. Ship Stocks tricots. July advices to us this evening from the South indicate that there meats. July 0. 1Veek. I Season. Week. 10. 1Veek. Season. Week. have been beneficial rains the past week in a number of 108 8,335 Ala., Eufaula_ _ 26 25,231 692 sections where moisture was needed. This is especially true 23,033 598 54,966 Montgomery _ 19 161,001 385 205,136 4 2027, 211 20,606 Selma 26 129,416 268 133,428 665 of Southern Texas, where the drought has been partially 74 Ark., Helena_ _ 141 1,428 5 65,633 11 62,356 511 1,793 Little Rock_ _ 378 189,981 3,514 12,672 broken. On the other hand, there has been rather too much 231 205,620 1,108 11,963 55 9,231 Ga., Albany_ _ 16 32,240 900 rain in some localities. 28,455 The Texas crop is reported in fine 525 12,817 Athens 10 117,349 115 122,369 600 4,397 749 8,008 290 232,661 1,023 3,173 condition as a whole, and improvement is reported from disAtlanta 438 190,078 405 377,852 Augusta 1,138 453,610 5,555 80,157 982 14,050 460 21,477 Columbus .._ 21 81,421 68 98,658 850 3,218 tricts along the Gulf. 165 5,252 7 44,53 Macon 65 83 37,772 Galveston, Tex. -The drought in the southern part of 800 4,807 91 58,426 Rome 1621 67,079 281 3,710 356 31,026 La.1Shreveport 2 195,322 339 149,520 469 4,447 Texas has been partially broken. Precipitation also oc18 3,086 MLes.,Columbus 247 curred in 331 33,476 38,224 portions of the State. The crop has made other 396 5,013 Greenville _ 127 85,961 66 72,724 487 1,253 200 4,800 135,074 Greenwood - 142,295 900 5,800 material progress and is in fine condition. The first bale of 800 12,606 Meridian _ _ 155 53,941 112 35,473 115 2,287 this year growths has been marketed in Houston, Texas, the Natchez 21,973 1,027 3,380 50 1,850 19,706 Vicksburg _ 174 4,633 694 bale weighed 506 pounds, was classed as middling and sold 1 38,534 1 34,361 198, 4,300 Yazoo City_ _ 39,574 130 40,838 1611 1,569 for $675. We have had rain on two days during the week, Mo.,St. Louis_ 2,873 697,226 3,o153 21,183 3,108 575,858 3,854; 16,746 175 313 N.C., Raleigh 147 14,753 54 15,167 63 the rainfall being forty-eight hundredths of an inch. Ther50, 0., Cincinnati_ 1,995 322,099 1,998 18,674 1,571 254,000 1,524 14,011 mometer has averaged 88, ranging from 78 to 98. 10,354 Okla., Hugo_37,135 Abilene, Tex. -We have had rain on two days during the 48, 26,546 - 77 4;65'2' S.C., Greenw d 217 13,950 Tenn.,Memphis 1,998 1,064,000 5,165 91,111 4,485 1,127,009 5,836, 20,348 week, the rainfall being eleven hundredths of an inch. The 8,250 404 46 Nashville _ _ 126 10,994 f) 1,361 19,936 Tex., Brenham 5 23,420 477 thermometer has ranged from 56 to 98, averaging 77. 30 46,476 _ Brenham, Tex. 49,702 -It has rained on two days of the week, 657 Dallas 252; 123,608 -241 2 101,914 705 the rainfall being seventy-six hundredths of an inch. Av24,624 Honey Grove.. 33,202 11,937.3,412,824 11;524 07,464 5,231 2,955,985 10,512, 39,405 erage thermometer 86, highest 99 and lowest 72. Houston Paris 1 116,254 114,944 200' Cuero, Tex. -The week's rainfall has been fifty-five Total, 33 towns 22,9158,081.343 36,668515,000 16,080 7,415,224 32,225 158,507 hundredths of an inch, on one day. The thermometer has z:tgz;: RAul.z. saL_ seM, 841 The above totals 'show that the interior stocks have decreased during the week 13,753 bales and are to-night 356,493 bales more than at the same time last year. The receipts at all towns have been 6,835 bales more than the same week last year. OVERLAND MOVEMENT FOR THE WEEK AND SINCE AUG. 1. -We give below a statement showing the overland movement for the week and since Aug. 1, as made up from telegraphic reports Friday night. The results for the week and since Aug. 1 in the last two years are as follows: averaged 85, the highest being 99 and the lowest 70. Dallas, Tex. -We have had rain on one day of the week, the rainfall being one hundredth of an inch. The thermometer has averaged 77, ranging from 60 to 94. Henrietta, Tex. -There has been rain on two days during the week, the rainfall reaching one inch and thirty-five hundredths. The thermometer has ranged from 55 to 98, averaging 77. Huntsville, Tex. -We have had rain on three days of the past week, the rainfall reaching one inch and eighty hundreths. Average thermometer 84, highest 98, lowest 70. 140 -There has been rain on three days of the Kerrville, Tex. past week, the rainfall being one inch and eleven hundredths. The thermometer has averaged 80, highest 97, lowest 62. -Rainfall for the week forty-seven hundLampasas, Tex. redths of an inch, on one day. The thermometer has averaged 79, ranging from 60 to 98. -We have had rain on two days during the Longview, Tex. week,the rainfall being one inch and seventy-one hundredths. The thermometer has ranged from 66 to 98, averaging 82. -It has rained on three days of the week, the Luling, Tex. rainfall reaching ninety-two hundredths of an inch. Average thermometer 84, highest 98, lowest 69. -We have had rain on three days during Nacogdoches, Tex. the week, the rainfall being four inches and eight hundredths. Thermometer has averaged 81, the highest being 94 and the lowest 67. -We have had rain on three days during Palestine, Tex. the week, the rainfall reaching three inches and eighty-eight hundredths. The thermometer has averaged 79, ranging from 66 to 92. -There has been rain on two days during the Paris, Tex. week, the rainfall reaching two inches and ninety-four hundredths. The thermometer has ranged from 58 to 94, averaging 76. -It has rained on two days during the San Antonio, Tex. week, the rainfall being eighty hundredths of an inch. Average thermometer 82, highest 98, lowest 66. -Rainfall for the week ninety-six Weatherford, Tex. hundredths of an inch, on two days. The thermometer has averaged 78, ranging from 58 to 98. -We have had rain on three days during Ardmore, Okla. the week, the rainfall being one inch and twenty-eight hundredths. The thermometer has ranged from 54 to 95, averaging 74. Mangum, Okla. -It has rained on two days of the week, the rainfall being thirty-two hundredths of an inch. Average thermometer 77, highest 102 and lowest 55. -We have had rain on three days of the week, Tulsa, Okla. the precipitation reaching four inches and thirty-eight hundredths. The thermometer has averaged 74, the highest being 94 and the lowest 53. Eldorado, Ark. -We have had rain on two days of the week, the rainfall being three inches and sixteen hundredths. The thermometer has averaged 78, ranging from 61 to 94. -We have had rain on three days during Fort Smith, Ark. the week, the rainfall being fifty-two hundredths of an inch. The thermometer has ranged from 56 to 94, averaging 75. -We have had rain on three days of the Little Rock, Ark. past week, the rainfall reaching ninety-three hundredths of an inch. Average thermometer 76, highest 92, lowest 60. -There has been rain on six days the New Orleans, La. past week, the rainfall reaching five inches and fifty-nine hundredths. The thermometer has averaged 82, ranging from 70 to 94. -There has been rain on two days of the Shreveport, La. week, the rainfall reaching two inches and twenty-eight hundredths. Thermometer has ranged from 66 to 94, averaging 80. -It has rained on three days of the week, Columbus, Miss. the rainfall reaching three inches and thirty hundredths. Average thermometer 76, highest 93,lowest 59. -We have had rain on four days during the Vicksburg, Miss. week, the rainfall reaching ninety-four hundredths of an inch. The thermometer has averaged 78, ranging from 67 to 89. -Weather has been more favorable, w ithless Mobile, Ala. rain in the cotton district, and the plant is maturing nicely. Rain has fallen on four days of the week, the precipitation being five inches and three hundredths. Average thermometer 82, highest 93, lowest 71. -Prospects are fine. We have had rain Montgomery, Ala. on four days during the week, the precipitation being four inches and nineteen hundredths. The thermometer has averaged 78, the highest being 90 and the lowest 67. Selma, Ala. -There has been rain on six days during the week, to the extent of two inches and fifty-five hundredths. The thermometer has averaged 77, ranging from 66 to 88. Madison, Fla. -The week's rainfall has been ninety-seven hundredths of an inch. on three days. The thermometer has averaged 80, highest being 94 and lowest 67. Albany, Ga.-The week's rainfall has been two inches and twelve hundredths, on four days. The thermometer has averaged 81, highest being 95 and lowest 66. Athens, Ga.-We have had rain on four days during the past week, the rainfall being one inch and ninety-nine hundredths. Average thermometer 76, highest 90, lowest 63. Savannah, Ga.-We have had rain on five days of the week, the rainfall reaching three inches and one hundredth. The Thermometer has averaged 80, the highest being 93 and the lowest 68. -There has been rain on five days during Charleston, S. C. the week, to the extent of one inch and fifty-nine hundredths. The thermometer has averaged 82, ranging from 73 to 92. Cheraw, S. C. -There has been rain on four days of the week, the precipitation being seventy-two hundredths of an inch. The thermometer hasranged from 69 to 93, averaging 81. Charlotte, N. C. -There has been rain on three days during the past week, the precipitation reaching one inch and thirtyone hundredths. The thermometer has averaged 78, the highest being 90 and the lowest 66. [VOL. 101. THE CHRONICLE -Rainfall for the week, two inches and Goldsboro, N. C. forty-nine hundredths, on five days. The thermometer has averaged 81, ranging from 68 to 93. -We have had rain on three days during Dyersburg, Tenn. the week, the rainfall being ninety-three hundredths of an inch. Average thermometer 78, highest 91, lowest 65. -Crop prospects fine. We have had rain Memphis, Tenn. on five days during the week, the rainfall being sixty-seven hundredths of an inch. The thermometer has averaged 75, the highest being 90 and the lowest 62. WORLD'S SUPPLY AND TAKINGS OF COTTON. 1913-14. 1914-15. Cotton Takings. Week and Season. Week. Season. Week. Season. 3,847,540 5,672,309 Visible supply July 2 3,176,816 2,581,551 Visible supply Aug. 1 68,620 14,722,372 81.096 15,089,180 American in sight to July 9_ _ _ _ 32,000 3,699,000 b40,000 2,764,000 Bombay receipts to July 8_ 29,000 953.000 276.000 Other India shipm'ts to July 8.. _ b5.000 1,017,600 848,000 Alexandria receipts to July 7_ _ _ b2,000 367,000 5,000 224,000 Other supply to July 7* b4,000 5,804.405 22,377,996 3,982,160 23,340,523 Total supply Deduct Visible supply July 9 Total takings to July 9_a Of which American Of which other 5,435,168 5,435,168 3,689,052 3.689,052 369,237 16.942,828 293,108 19,651,471 242,237 12,956,828 191,108 14,039,871 127,000 3,986,000 102,000 5.611,600 * Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c. a This total embraces the total estimated consumption by Southern mills, 2,954.000 bales In 1914-15 and 2,949,000 bales in 1913-14-takings not being available-and the aggregate amounts taken by Northern and foreign spinners, 13.988,8 8 bales in 1914-15 and 16,702.471 bales in 1913-14, of which 10,002.828 bales and 11.090,871 bales American. S Estimated. -Our Annual Cotton Crop COTTON CROP CIRCULAR. Review will be ready in circular form about Thursday, Aug. 19. Parties desiring the circular in quantities, with their business card printed thereon, should send in their orders as soon as possible, to secure early delivery. Publication of this annual review has been deferred this year to a somewhat later date (after the close of the cotton season) than has been our practice heretofore in order to afford more time for the investigation of the situation abroad. -The first bale grown in Texas in FIRST NEW BALE. 1915 was shipped from Lyford, Cameron County, on July 8, consigned to Cleveland & Sons, Houston. The first bale last year was shipped from Lyford on July 3. COTTON CONSUMPTION AND OVERLAND MOVEMENT TO JULY 1. -Below we present a synopsis of the crop movement for the month of June and the eleven months ended June 30 for two years: 1914-15. 99,121 bales_ Gross overland for June 1,984,442 Gross overland for 11 months 72,006 Net overland for June 1,400,219 Net overland for 11 months 214,349 Port receipts in June 10,299,805 Port receipts in 11 months 292,440 Exports in June 8,118,989 Exports in 11 months 866,160 Port stocks on June 30 3,096,330 Northern spinners' takings to July 1 2,869,000 Southern consumption to July 1 Overland to Canada for 11 months (included in 171,523 net overland) 1,741 Burnt North and South in 11 months 18,366 Stock at North interior markets July 1 473,355 Came in sight during June 14,984,024 Amount of crop in sight July 1 Came in sight balance of season Total crop 513.45 Average gross weight of bales 488.45 Average net weight of bales 191314. 49,534 1,719,877 17,825 1,259,599 212,236 10,459,763 296,882 8,874,687 351,344 2,768,250 2,860,000 137,725 11,467 14,800 386,519 14,624,856 282,112 14,906,968 514.02 489.02 -Our report received by MANCHESTER MARKET. cable to-nightfrom Manchester states that demand for China is improving, India is quiet, but that there is a fair home and miscellaneous export trade. We give pricesfor to-day below and leave those for previous weeks of this and last year for comparison: 1914 1915. 84 lbs. Shirt- Cot'n legs, common to finest. 32$ Cop Twist. May d 21 84 0 28 84 0 J'ne 4 85-16 0 11 1334 0 18 8 0 25 834 0 July 2 84 0 9 8'/, 0 Mid. Upl's 328 Cop Twist. 84 lbs. Shirt- CO» legs, common Mid. Upl's to finest. s. d. d. d. a. d. 6. s. d. s. d. 5.366 7 59 d. 104 0 114 8 3 011 4 9 8 4 07 4 9 6 4 07 4 7.59 5.14 1034 0 1134 6 334gll 4 8 '4 8 934 8 84 6 9 8 4 07 4 5.35 10 5-16011 5-16 6 6 07 44 5.37 10 7-16011 7-16 6 3 (47 5 5.35 10 5-16011 5-16 6 6 07 4 5.20 10X 43 1134 6 ni 6 3 07 6 9 6 3 07 6 4 011 44011 4 (all 4 @11 5 54 44 44 774 7.87 7.68 7.58 7.46 5.201034 la 114 6 3 5511 3 5.1710 0 11 6 234311 134 7.33 -As shown on a previous page, the SHIPPING NEWS. exports of cotton from the United States the past week have reached 44,800 bales. The shipments in detail, as made up from mail and telegraphic returns, are as follows: Total bales. 20u -Lapland, 200 -To Liverpool-July 8 NEW YORK -Chicago, 100...... 200 To Havre-July 2-Ardgowan, 100.._ _July 3 2,200 -Richard, 2,20C To Rotterdam-July 3 -San Guglielmo, 2,600; Taormina, 656..... To Genoa-July 6 3,983 July 7-Tavignana, 727 3,105 -Rio Jano, 3,105 GALVESTON-To Liverpool-July 3 1,740 -Miguel M.Pinillos, 1,740 To Barcelona-July 6 9,644 To Genoa -San Giovanni. 9.644 -July 7 200 To Napleq-July 7 -San Giovanni, 200 11,393 -To Liverpool-July 2-Meltonian, 11,393 TEXAS CITY JULY 10 1915.1 THE CHRONICLE 14 Total bales, -To Liverpool-July 6-Antititan,714 NEW ORLEANS 714 To Havre-July 7-Louisiane,3,968 , 3,968 To Oporto-July 9-Bark Porto Para,23') 200 To Mexico-July 3 -Mercator, 400.....July 9 -City of Mexico,$ 150 550 BOSTON-To • Liverpool-June 29 -Bay -Etonian, 2_ _ _June 30 State, 6,496__ _July 3 -Etonian. 541 6,039 To Yarmouth-Juty 1-Gov.Cobb,50 50 BALTIMORE-To Liverpool-June 30-Quernmore, 514 514 PHILADELPHIA-To Rotterdam-July 2-Andijk, 100 100 Total 44.800 steadily decreasing and the visible supply is now 5,500,000 bushels smaller than that of last year. As a rule, too, country offerings have not been large. New wheat is relatively scarce. In India prices are strong. Drought continues in Scandinavia. Holland needs more rain. No crop news has been received from Hungary. That looks significant. Ordinarily it is said that "no news is good news," but it may be doubted whether that is the case in this instance. It looks very much as though grain supplies in Hungary were small and prices very strong. It is said, LIVERPOOL. -By cable from Liverpool we have the too, that wheat offerings by following statement of the week's sales, stocks, &c., at unsatisfactory quality. In Archangel to Liverpool are of France the crop prospects are that port: reported to be less favorable. There are many complaints July 9 of June 18. June 25. July 2. weeds and lodging there. • In Italy continued rains have Sales of the week 79,000 61,003 44,000 Of which speculators took interfered with harvesting and damage reports are numerous. 9,003 6,400 900 Of which exporters took 6,000 7.003 2,4 In Spain the weather has been wet and unseasonable, interSales, American 71,000 52,000 35,000 Actual export 16,000 fering with harvesting, and the first yields are poor. It 15,000 11,009 5,000 Forwarded 73,009 71,009 looks now as though the crop in Spain would be below 86,000 72,000 an Total stock 1.793.000 1,761,003 1,740,009 1,603,000 Of which American 1,521,000 1.490,093 1,476,609 1,429,000 average. The stock of old wheat in this country is down to Total imports of the week 6.000 69,000 40,000 only 7,900,000 bushels, against 13,250,000 bushels a year 145,000 Of which American 53,000 50,000 20.000 ago. 134,000 Some think, too, that July receipts of wheat this year, Amount afloat 173,000 130,003 162,000 Of which American 79,000 53,000 122.000 ' owing to the recent cold weather, will be only about half as The tone of the Liverpool market for spots and futures large as those of July last year. But most people are bearish each day of the past week and the daily closing prices of in their views. They maintained that the Government report would put the yield of winter wheat at something spot cotton have been as follows: over 630,000,000 bushels, against, roughly, 685,000,000 in 1914. It turned out that the Government report on ThursSaturday. Monday. Tuesday. iVednesday. Thursday. Friday. Spot. day stated the condition of winter wheat at 84.4, against Market, Fair. 94.1 last year. This was a decline within a month of 1.4%. 12:15 1 Fair Good business Good Good Good It indicated a yield, however, of 668,000,000 bushels, against P. M. demand. demand. demand. demand. demand. doing. 676,000,000 last month and an actual harvest last year of Mid.lfpl ds 5.24 5.30 5.33 5.17 5.27 5.21 684,990,000 bushels, with 523,561,000 bushels in 1913. The Sales 8,000 15,000 8,000 12,000 10,000 12,000 spring-wheat condition on July 1 was 93.3, against 94.9 on Spec.&exp. 1,000 1,000 3,000 3,000 3,000 1,000 June 1 and 92.1 on July 1 last year. It indicated a springFutures. Barely st'y wheat crop of 295,000,000 bushels, against 274,000,000 last Quiet Dull Quiet Market f Quiet. Quiet. 144(0 pte. 2(434i pte. 6©654 pts. 50654 pts. month, 206,027,000 actually harvested last year and 239,opened 1 decline. advance, decline. decline. 819,000 in 1913. Total this year of winter and spring, Market, I Quiet Quiet Quiet Steady Quiet Quiet 4 2(44% pts. 166 pt.:. 1%64 pts. 2% @CA 554i7 pts. 4@7'i pts. 963,000,000 bushels now indicated, against 891,017,000 last P. M. year and 763,380,000 in 1913. To-day prices advanced, advance, advance. advance. Ws. dec. decline. decline. in spite of the favorable Government crop report. It was The prices of futures at Liverpool for each day are given offset by wet weather at the Southwest and delayed harvestbelow. Prices are on the basis of upland, good ordinary ing and threshing. The weather in Western Europe is reported bad, pointing to short grain crops. clause, unless otherwise stated. The prices are given in pence and 100ths. July 3 to July 9 Saturday. Thus: 5 19 means 5 19-100d. Monday. Tuesday.I 1Ved'day. Thursday. Friday. 1254 1254 12% 4 12% 4 11231 4 123 4 123i 4 p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. P.m. d. d. d. d. d. d. I d. d. d. d. d. d. ruly 5 13 ---_ 19 2054 19% 15 1554 0954 0854 05 0434 fuly-Aug_ ____ 5 13 ____ 19 2054 1954 15 1554 0954 0834 05 0454 Aug. -Sep_ 5 22 . _ _ 25% 27 27 23 23 1734 17 11 11 _ 3ep.-Oct _ ____ 5 29% _- 33 34% 35 3054 31 2554 25 1954 19 Det.-Nov ____ 5 36 __- 37 40 41 36 3654 31 3034 2434 24 tslov.-De _ 5 40%- 43 44 45 40% 41 35% 35 29 28 Dec. -Jan----- 5_ 4454 ____ 47 48 49 145 45% 40 3936 33 32 fan. -Feb_ 5 4834 ____ 51 52 53 4954 50 44 43% 37 36 Feb. -Mar. _ _ _ _ 5 52% _ _ _ _ 54% 56 57 5344 54 48 47 41 40 Mar. -Apr. ____ 5 5654 ____ 58 5954 601 57% 58 51% 51 45 44% Apr. -May ____ 5 5954 ____ 61 62 63 6034 61 54% 54 48 4754 War. -June _ _ _ _ 5 6254 _ _ _ _ 64 65 66 6334 64 5734 57 51 50% Tune-July ____ 5 65% ____ 66% 6754 69 66 6654 60 59% 53% 53 l'uly-Aug 5 (1514 69 70 7134 68 69 (12 14 (12 56 5554 BREADSTUFFS DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. Sat. Mon. Tues. Wed. Thurs. Fri. No. 2 red cts_139 Holt- 134 138 136 13991 July delivery in elevator 11634 day. 114 11054 111 September delivery in elevator...._ _110 10836 10934 DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Fri. July delivery in elevator cts_109 Holl- 10536 10736 low, 111 September delivery in elevator_ _ _ _102% day. 10154 10234 10354 10334 December delivery in elevator__ --106 10436 10554 10654 10636 INDIAN CORN has declined partly in response to a fall in wheat. In fact this has counted for more than anything else. It is also true,however, that the export demand has been slack and that the domestic cash trade has been only moderate. On the other hand, however, prices rallied later. The Government crop report was less favorable. Liverpool advices have, on the whole, been rather encouraging to holders. They have reported an urgent spot demand in the English market with lighter arrivals. River Plate corn has been firmer. English stocks are light and holders show no anxiety to sell. The firmness in Argentine freights and advancing spot prices have had a noticeable effect. In this country too the weather has not been altogether favorable. Some of the large surplus States report that the crop is late. Dry hot weather is said to be needed. American stocks are decreasing rapidly and the country offerings are small. The Government crop report puts the condition on July 1 at 81.2, against 85.8 on July 1 last year and 86.9 in 1913. Itis about3% below the 10-year average. Theindicated crop, however, owing to an unprecedented acreage,109,273,000 acres, is 2,814,000,000 bushels, against 2,672,804,000 last year and 2,446,988,000 in 1913. The high-record crop. it is well known, was in 1912, when it reached 3,124,746,000 bushels on 107,083,000 acres. To-day prices were higher. They show an advance for the week, in spite of the fact that the Government crop report was on the whole considered_ favorable. The weather at the West has been too wet and cool. Dry warm conditions are needed. Friday Night, July 9 1915. Flour has remained quiet over most of the country. In fact, reports of increased business are not being received from any centre in the flour trade. It is the old story of buyers holding aloof for further developments. In the meantime, they buy only as they are obliged to. New flour is not being bought on any large scale anywhere. Sales of new flour at the Northwest are significantly small. Buyers are awaiting the effect on the wheat market of the early marketing of the crop. A fair demand has been reported from Kansas City for old flour. But St. Louis reports very little improvement in trade. Chicago reports more or less re-selling. Wheat has declined sharply on favorable weather and good crop prospects. Prices have been falling, too, at Winnipeg DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK. and Liverpool. Cash houses were steady sellers of July, Sat. Mon. Tues. Wed. Thurs. Fri. eta_ 87 !fol. 8634 87 8836 8936 and this had a very plain effect. Chicago operators have No. 2 mixed DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. been bearish, expecting liberal receipts of new wheat this Wed. week, with favorable weather. Some new wheat has already Julydelivery In elevatoreta Sat. Mon. Tues. 7494 Thurs. Fri. 743( Holi- 74 7554 7734 begun to arrive at Chicago. Out of five cars received, there September delivery in elevator-.- 7254 day. 7254 73 7434 7434 6354 6454 66 6554 the other day, three graded No. 2. Also the cash demand December delivery in elevator_ --- 6336 has been slow. Export business has been very moderate. Oats weakened, partly owing to a decline in wheat. Also Threshing has become general in Southern Illinois. Reports there has been quite a little selling on favorable weather and have been current of the cancelling of export purchases more cheerful crop reports. The cash demand, too, has not amounting to 250,000 bushels by a Baltimore exporter. been urgent. Exporters have bought on only a moderate In the United Kingdom the outlook for spring crops has im- scale, their purchases including new oats. But there was proved. In Germany official statements are to the effect nothing very stimulating in this. The buying was not large that the drought has been relieved and that prospects for , enough for that. There is a growing belief that the crop this the crop are now good. Crop advices from Russia are now I year may be something like 250,000,000 bushels larger than favorable. Similar accounts come from Rumania and Bul- ' that of last year; perhaps more than that. Under the cirgaria, as well as India and Australia. Also from Egypt cumstances, buying ardor has been chilled, though wind and crop accounts are favorable and officials are permitting ex- rain storms in Illinois, Iowa and Nebraska caused covering ports. Several wheat charters are said to have been made and a rally. Some complaints have come from Illinois, but at Archangel for France. On the other hand, a rally oc- there are bound to be some drawbacks. The general belief curred owing to rains. Also stocks in this country are is that the outlook for the crop is flattering. The Govern ment crop report on Thursday put the condition on July 1 at 93.9, against 92.2 last month and 84.7 last year. The indicated yield is 1,399,000,000 bushels, against 1,141,060,000 bushels last year, 1,121,768,000 in 1913. The high record was in 1912, when it reached 1,418,337,000 bushels. But this year's crop promises to be the largest, it will be seen, for three years past. To-day prices advanced, especially on July. Wet weather is delaying harvesting. Liverpool's prices were higher. Country offerings on this side of the water are light. DAILY CLOSING PRICES OF OATS IN NEW YORK. Sat. Mon. Tues. Wed. Thurs. Fri. 573i, 57% 59% 61 % i , cts_ 58; Ho Standards 62 60 day. 57M, 58 59 No. 2 white DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Fri. 45% 46% 48 M Holt- 449 cts 46 July delivery in elevator day. 374 37% 37i 38Y September delivery in elevator..__- 373 383L 393j 39% 39% delivery in elevator-- 393( December The following are closing quotations: GRAIN. Cts. Corn, per bushel Wheat, per bushel-f. o. b. 89% f. o. b. No. 2 mixed 31 53% N. Spring, No. 1 c. I. f. 89% No.2 yellow N. Spring, No. 2 89% No. 3 yellow 1 39X Red winter. No. 2 Argentina In bags 1 48YL Hard winter. No. 2 Rye, per bushel CM Oats, per bushel, new New York 61M Standard 1 2601 27 Western 62 No. 2. white 73075 Barley-Malting 61 No. 3. white FLOUR. Winter. low grades____$5 10 $5 35 Kansas straights,sacks_35 25@$6 25 6 60 Kansas clears, sacks__ 5 3Ot 5 40 5 35 Winter patents. 7 85 4 90 5 75 City patents Winter straights 5 950 6 50 5 25 5 50 Rye flour Winter clears 6 85 Buckwheat flour 5 50 Spring patents 5 650 5 75 5 250 6 40 Graham flour Spring straights 570@ 590 Spring clears progressing and portions of surrounding States, and thrashing likewise isweather was slowly. To the eastward of the Appalachian Mountains tlao premore favorable and harvesting proceeded rapidly, and like conditions vailed in the Pacific Coast States, where the winter wheat is now nearly everywhere ready for harvest. de-While the weather was probably too cool for the bestand Spring Wheat. growth, velopment of spring wheat, the crop as a whole made good moisture. exshowers prevented any serious drain upon the reserve of soil again caused cept In the far Northwestern States, where hot, dry winds localities some injury. The crop is beginning to head in some southern and has attained a good growth in most sections. weeks has -The persistent cold and wet weather of the past seven important Corn. of the greatly retarded the cultivation and growth of corn in many upon producing States, and the week just ended has been no improvement Over all the northern districts the crop is late, the plants those preceding. Further south are small, and much of it is badly in need of cultivation. now assured in conditions are much more favorable and excellent'crops are many sections. oats, some deOats and Hay.-WhIle wet weather favored the growth of rust and too lay in harvesting has resulted, and the crop is suffering from outlook conOn the whole, however, the rank growth in some sections. tinues favorable. has Haying has likewise been delayed, and damage more or less serious resulted from the wet weather in many sections. -In the northern portions of the cotton belt the weather was too Cotton. cool for rapid growth,and wet weather delayed proper cultivation, especially in Oklahoma, Mississippi and portions of some other States. The drought in that in Texas was largely relieved and cotton made satisfactory growthincrease as well as in most other States of the belt. Boll weevil continue to in Texas, and are reported from several other sections. AGRICULTURAL DEPARTMENT'S REPORT ON -The Agricultural DeCEREAL CROPS, &c., JULY 1. partment issued on the 8th inst. its report on the cereal and other crops for the month of June as follows: " The Crop Reporting Board of the Bureau of Crop Estimates (formerly Bureau of Statistics) makes the following estimates from reports of its correspondents and agents: FOR THE UNITED STATES. Condition -Acreage, 1915July 1 July 1 July 1 June 1 P.C. of Acres. 1915. 1914.10-yr.ao 1915 1914. op-111.6 40,169,000 84.4 94.1 81.7 85.8 Winter wheat 109.8 19,248,000 93.3 02.1 84.2 94.9 Spring wheat 111.0 59,417,000 87.0 93.4 82.6 88.2 All wheat 105.6 109,273,000 81.2 85.8 84.7 Corn 104.6 40,193,000 93.9 84.7 83.2 92.2 Oats 7,393,000 94.1 92.6 84.8 94.6 97.7 Barley 92.9 89.9 92.0 92 Rye 3,732,000 91.2 83.6 87.6 100.6 White potatoes 660,000 88.7 77.1 86.3 109.5 Sweet potatoes 1,317,000 85.5 66.0 82.6 107.6 Tobacco 1,881,000 88.5 90.5 87.2 99.8 Flax 844,000 90.5 86.5 87.8 121.7 Rice 85.2 80.8 *81.7 87.8 Hay 63.3 64.2 58.7 70.1 Apples 73.1 56.2 513.1 75.9 Peaches *Seven-year average. The estimated yields indicated by the condition of crops on July 1 1915 and final yields in preceding years, for comparison, follow: Price Total Production -Yield per Acre1909per 1009 bush. 1913. *1915. 1914. 1913. 1914 Average. July 1'15 July *1915. Final Aver. Final. Cents. Forecast. Bush. Bush. Bush. CropWinterwheat. 16.6 19.0 15.6 668,000,000 685,000,000 441,000,000 _ Spring wheat_ 15.3 11.8 13.3 295,000,000 206,000,000 245,000,000 ____ All wheat____ 16.2 16.6 14.7 963,000,000 891,000,000 686,000,000 102.8 25.8 25.8 25.9 2,814,000,000 2,673,000,000 2,708,000,000 77.7 Corn 34.0 29.7 30.6 1,399,000,000 1,141,000,000 1,131,000,000 46.7 Oats 28.2 25.8 24.3 208,000,000 195,000,000 182,000,000 55.8 Barley 43,000,000 35,000,000 03.7 17.0 16.8 16.1 Rye White potat's_105.4 109.5 97.1 393,000,000 406,000,000 357,000,000 52.1 57,000,000 58,000,000 88.9 64,000,000 Sweet potat's_ 97.1 93.8 92.7 Tobacco, lbs_838.9 845.7 815.1 1,105,000,000 1,035,000,000 096,000,000 16,000,000 20,000,000 152.5 16,000,000 8.3 7.8 8.7 Flax 24,000,000 24,000,000 30,000,000 35.4 34.1 33.3 Rice 70,000,000 66,000,000311.70 1.45 1.43 1.34 Hay,tons_ __ 194,000,000 253,000,000 176,000,000 90.3 __ __ Apples 54,000,000 • 42,000,000 __ - 58,000,000 __ __ __ Peaches *Interpreted from condition reports. a Price June 15. Details for corn in principal States follow: Price per Final Forecast 1915. Bush. -Acreage, 1915-- Condition Estimate July 1 From July 1 July 1 P.C. 1914. 1915 Ten-year Condition. of Bushels, Cents. Bushels. Acres. 1915. Aver. 1914. State60,200,000 62,178.000 85 87 1,522,000 85 104 Penna 53,600,000 39,380,000 95 89 2,152,000 89 Virginia...... 112 57,550,000 99 54,100,000 88 3,033,000 85 107 No. Caro 56,000,000 100 65,700,000 87 4,440,000 86 111 Georgia 146,800,000 142,715,000 75 85 3,796,000 85 104 Ohio 188,800,000 163,317,000 72 86 5,008,000 85 102 Indiana 351,300,000 300,034,000 72 86 10,449,000, 82 101 Illinois 63,000,000 76 51,700,000 84 1,750,000 72 Michigan.......100 69,862,000 75 50,900,000 86 1,760,000 68 Wisconsin ...._102 91,000,000 64 83 69,600,000 2,678,000 65 .103 Minnesota. 306,400,000 389,424,000 69 88 10,350,000 74 101 Iowa 183,600,000 158,400,000 80 84 7,200,000 75 100 Missouri 78,000,000 60 77,000,000 86 3,210,000 75 .107 So. Dakota. 156,000,000 173,950,000 63 86 6,958,000 76 98 Nebraska.. 96,700,000 108,223,000 72 84 5,674,000 71 97 Kansas 01,250,000 84 116,900,000 87 3,869,000 93 106 Kentucky 80,400,000 87 98,500,000 86 3,551,000 94 Tennessee __ A06 99 55,488,000 71,500,000 84 3,917,000 89 120 Alabama 58,275,000 95 78,300,000 82 3,717,000 94 Mississippi -.118 38,600,000 105 54,400,000 81 2,400,000 90 Louisiana ...._120 158,500,000 124,800,000 87 77 7,488,000 83 117 Texas 50,000,000 82 80,400,000 81 4,320,000 93 Oklahoma ....A08 42,000,000 99 63,500,000 82 2,760,000 92 115 Arkansae U. S [VOL. 101. THE CHRONICLE 142 105.6 109,273,000 81.2 84.7 2,814,000,000 2,672,804,000 Receipts at- BULLETIN FOR WEEK ENDING JULY -The influences of weather on the crops as summarized 5. inTthe weather bulletin issued by the Department of Agriculture for the week ending July 5 were as follows: -Throughout much of the winter-wheat belt between the Winter Wheal. Appalachian and Rocky Mountains, damp, rainy weather further delayed harvest, and considerable damage to standing grain and that already in shock resulted. Harvesting has been much delayed in Kansas, Oklahoma Flour. Wheat. Rye. Barley. Oats. Corn. bbis.1981bs. bush.60 lbs. bush. 56 ibs. bush. 32 lbs. bush.481b5. bu. 58lbs. 21,000 302,000 1,251,000 144,000 1,129,000 116,000 . Chicago_ _ _ 12,000 235,000 132,000 183,000 1,184,000 Minneapolis. 3,000 120,000 69,000 65,000 46,000 Duluth 15,000 111,000 285,000 207,000 48,000 45,000 Milwaukee 25,000 62,000 82,000 Toledo 69,000 38,000 50,000 7,000 Detroit 1,000 60,000 21,000 13,000 11,000 Cleveland _ 5,000 1,000 236,000 425,000 161,000 70,000 St. Louis... 4,000 32,000 149.000 266,000 22,000 29,000 Peoria 103,000 226,000 582,000 Kansas City. 93,000 376,000 75,000 Omaha . Tot. wk. 15 Same wk. 14 Same wk. 13 278,000 264,000 233,000 2.407,000 2,818,030 2,630,000 2,098,000 2,551,000 3,175,000 801,000 2,462.000 791,000 3,446,000 4,184,000 1,241,000 61,000 189,000 101,000 Since Aug. 1 19080000 18,706,000 376,491,000 229,722,000 255,953,000 84,287,000 22206000 1914-15 18,820,000 271,354,000 213,921,000 210,809,000 84,787,000 1913-14 18.897.304 337.173.777 220.287.363 237.360.462 99.398.506 16379000 1912-13 Total receipts of flour and grain at the seaboard ports for the week ended July 3 1915 follow: Rye• Receipts at New York Boston Philadelphia Baltimore New Orleans * Newport News Galveston Mobile Montreal Flour, bbls, 200,000 27,000 43,000 17,000 50,000 6,000 Wheat, bush. 300,000 68,000 148,000 152,000 10,000 195,000 418,000 . 10,000 32,000 Oats, bush. 636,000 47,000 65,000 2,000 23,000 1,379,000 55,000 10,000 66,000 455,000 1,000 Barley, bush. 42,000 23,000 1,000 52,000 Corn, bush. 198,000 2,000 55,000 316,000 210,000 bush, 3,000 4,000 69,000 8,000 4,000 701,000 76,000 848,000 2,672,000 130,000 1,992,000 34,441,000 37,509,000 81,828,000 5893,000 6272,000 217,000 1,809,000 273,000 83,000 5,163,000 73,240,000 13,505,000 15,770,000 7340,000 2063,000 do not include grain passing through New Orleans for foreign ports * Receipts on through bills of lading. 385,000 Total week 1915_ Since Jan. 11915.13,652,000 326,000 Week 1914 Since Jan. 1 1914_10,832,000 The exports from the several seaboard ports for the week ending July 3 are shown in the annexed statement: Wheal, bush. Exports from596,086 New York 184,075 Boston Philadelphia __ 113,000 657,151 Baltimore New Orleans____ 150,000 Newport News__ 195,000 405,000 Galveston Mobile 1,372,000 Montreal Rye, Barley, Oats, Corn, Flour, bush. bush. bush, blots, bush. 200,744 211,522 741,149 21,472 173,920 24,933 7,951 28,000 449,000 547,122 9,182 155,070 26,254 63,278 110,000 17,000 8,000 6,000 1,379,000 1,000 10,000 66,000 10,000 24,000 Peas, bush. 3,105 Total week____3,672,312 4,694,441 Week 1914 024,866 313,655 2,734,219 47,726 270,131 53,416 250,406 362,658 85,714 227,000 3,105 2,661 The destination of these exports for the week and since July 1 1915 is as below: COMSince ln e Juiycl 1915. July 3. bush. bush. Wheat Since JSuilyncie Week. July 1 1915. July 3. 1915. blots, bush. 1) 112,544 1,940,193 1,940:79h3. 161,092 1,698,127 1,698,127 33,992 33,992 12,228 27,222 569 Flou Week. Exportsfor week and July 3. Ms. since July 1 to-United Kingdom___ 112,544 161,092 Continent Sou. dr Cent. Amer_ 12,228 27,222 West Indies 569 Brit. Nor. Am.Cols. Other Countries_ _ Total Total 1914 313,655 250,406 713,307 83,892 127,607 924,866 53,415 313,655 3,672,312 3,672,312 250,406 4,694,441 4,694,441 713,367 83,892 127,607 924,866 53,415 The world's shipments of wheat and corn for the week ending July 3 1915 and since July 1 1915 and 1914 are shown in the following: Corn. 1Vheat. Exports. ,1915. Week July 3. 77.7 161 1 •WEATHER The statement of the movement of breadstuffs to market indicated below is prepared by us from figures collected by the New York Produce Exchange. The receipts at Western lake and river ports for the week ending last Saturday and since Aug. 1 for each of the last three years have been: Bushels. North Amer. 5,973,000 168,000 Russia Danube_ 1,808,000 Argentina Australia 3,184,000 India 56,000 0th.countr's Total Since July 1. Bushels. 5,973,000 168,000 1,808,000 3,184,000 56,000 1915. 1914. Since July 1. Week July 3. Bushels. Bushels. 5,352,000 816,000 2,472,000 984,000 360,000 4,106,000 944,000 1,728,000 48,000 11189000 11,189,000 11,888,000 4,922,000 1914. Since Since July 1. Julie 1. Bushels. Bushels, 816,000 4,106,000 204,000 2,270,000 4,998,000 4,922,000 7,472,000 JULY 10 19151 THE CHRONICLE The quantity of wheat and corn afloat for Europe on dates mentioned was as follows: Wheat. United Kingdom. Continent. Bushels. Corn. Total. Unied Kingdom. Continent.' packages, valued at $886,675, their destination being to the points specified in the table below: New York to July 3- Great Britain Total. Bushels. Bushels. Bushels. Bushels. Bushels. July 3 1915_ 42,168,000 22,023,000 June 26 1915_ 44,224,000 19,947,000 July 4 1914__ 21,296,000 17,112,000 38,408,000 7,216,000 15,054,000 22,280,000 July 5 1913_ 22,984,000 17,696,000 40,680,000 12,580,00023,443,000 36,023,000 The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard ports July 3 1915 was as follows: 143 Other European China India Arabia Africa West Indies Mexico Central America South America Other countries Total 1915-1914 Since Since IVeek. Jan. 1. Week. Jan. 1. 2,248 36,561 53 2.305 250 12,248 89 1,757 190 4,782 1,417 40.566 15,292 ____ 11,931 25,159_- 7,678 8,058 55 4,944 1,074 25,953 679 25,821 277 6 290 304 9,225 246 11.925 663 21.686 575 29,922 10,554 44,094 400 35,456 15,283 203,275 3.520 172.595 The value of these New York exports since Jan. 1 has been $12,876,878 in 1915, against $12,361,079 in 1914. Staple cotton goods are fairly active and firm with interest centering in the raw material end of the market. Commis sign houses are in receipt of numerous attractive orders at prices slightly under the market but have so far displayed no willingness to offer concessions. In print cloths, business is confined mostly to small lots for nearby shipment, buyers being unwilling to meet pricer, for future deliveries. slump in values for cotton futures during the week The has strengthened buyers in their belief that they will secure goods at lower levels by delaying. The strong feature of ---.2 the market is the continued heavy buying of coarse sheetings for bagging purposes, large additional sales of osnaburgsand heavy brown sheetings having been made during the week. Colored cotton goods while not in urgent demand are running in short supply. The largo Southern mills of the Highland Park Manufacturing Co. are to close on Saturday for an indefinite period as a result of the scarcity of dyes and Total July 3 1915_ 7,931 284 5,312 4,304 95 210 . 708 15 it is believed that other Southern Total Juno 26 1915__10,182 and Eastern mills will 623 6,571 5,982 251 341 943 15 Total July 4 1914__13,258 308 6,912 7,210 215 360 1,197 15 soon be compelled to discontinue. Gray goods, 38-inch Total July 5 1913_29,470 2,937 11,655 15,754 736 350 1,295 176 standard are quoted at 4c. CANADIAN GRAIN STOCKS. WOOLEN GOODS. -A little better re-order business in Canadian Bonded Canadian Bonded Canadian Ponded Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley Fall woolen and worsted dress goods has been reported durIn Thousandsbush. bush. bush. bush. bush. bush. bush. bush. ing the week, but the demand is chiefly for low grade fabrics. Montreal 1,329 __ 87 1,473 ____ 8 217 Ft.WilliamdePt.Arthur. 2,400 Low priced worsteds which so far this season have been neg_ 995 Other Canadian 821 __ -_ _ _ 602 lected are now being called in for fair amounts. Supplies -- ---of worsteds are not plentiful and a heavy demand will be Total July 3 1915_ 4,550 ____ 87 3,070 217 8 Total June 26 1915_ 4,877 ____ 103 3,326 hard to fill. Manufacturers gave little attention to the 0 250 Total July 4 1914_ _ 9,159 ____ 116 7583 1 343 production of worsteds as the early denand for Fall was Total July 5 1913.. 9,740 7 8,911 686 110 ---confined almost entirely to woolens. The shortage of dyes SUMMARY. Bonded Bonded Bonded is causing much trouble in filling orders for goods in certain 1Vheal. Wheat. Corn. Oats. Oats. Rye. Barley. Barley. shades and colors which In Thousandshitherto have been readily obtaint ugh. bush. bush. bush. bush, bush. bush. bush. American 7,931 284 5,312 4,304 95 210 708 15 able. Initial business for next Spring is fair with tweeds, Canadian 4,550 ____ 87 3,070 ____ 217 8 poplins and whipcords leading in popularity. In the men's Total.July 3 1915_12,481 284 5,399 7,374 95 218 925 15 wear division interest centers in the new Spring lines upon Total June 26 1915_15,059 623 6,674 9,308 251 350 1,193 15 which advances in prices are expected to be large. The Total July 4 1014..22,417 308 7,028 14,793 215 370 1,540 15 Total July 5 1913_39,210 2,937 11,662 24,665 736 460 1,981 176 shortage of dyes and wool are estimated to have caused an increase of from 15 to 20% in the cost of production which will be reflected in prices for finished goods. THE DRY GOODS TRADE FOREIGN DRY GOODS. -Conditions in the linen trade New York, Friday Night, July 9 1915. Following the holidays business in drygoods was resumed are unchanged with the shortage of supplies increasing. Supplies of stock goods in this country are being used up quietly and without any notable change in conditions. Sentiment in most quarters concerning the future is cheerful much more rapidly than most dealers are aware of, and at and an increase in business is expected during the current the present rate of arrivals from abroad it will be only a month. The feature of interest at present is the critical question of time when prices will become prohibitive. This situation which is arising in manufacturing quarters from is a serious matter for importers and large distributors as the lack of suitable dye-stuffs. Manufacturers of colored it will greatly hurt theni business. Mail advices from cottons and woolen and worsted goods, are constantly oc- abroad give little hope of any improvement while the war cupied in discussing ways and means to overcome the diffi- lasts, stating that mills there are heavily'tied up with home culty of securing dyes of suitable grade, and in sufficient contracts. Demand for dress linens is good but the scarcity quantity to meet their requirements. All are agreed as to of supplies is holding back the volume of sales. The scarcity the necessity of promoting the domestic manufacture of of colored•linens is making them very popular and handlers dyes to offset the loss in importations, and in most cases of these goods having supplies are doing a large business. are willing to give financial support to any effort in this Except for rumors that Great Britain had placed an embargo direction which promises success. So far, experiments in on burlap exports, which if true, would no doubt result in making colors which will stand the test of dampness and sharp price advances, conditions in the local market for light have not yielded very promising results. On the other burlaps show little change. The undertone is firm with hand advices received from Washington during the week light weights quoted at 6.60c and heavy weights at 8.00c. were to the effect that negotiations on the part of the United Importations & Warehouse Withdrawals of Dry Goods. States Government to secure dyes from Germany for Amer- Imports Entered for Consumption for the Week and Since Jan. 1. Week Ending ican manufacturers had become deadlocked. Government July 3 1915. Since Jan. 1 1915. officials now have little hope of making any arrangement Pkgs. Value. Pkgs. Value. whereby German-made dyes can be imported, it being Manufactures of Wool 505 162,846 17,477 4,569,955 understood that the German Government has taken the Cotton 1,161 294,623 63,490 14,767,100 Silk 786 position that unless American cotton can be shipped into 366.044 31,096 15,958.965 Flax 594 183,582 21,160 6,361,336 Germany no dyes v Ill be released for export. Aside from the Miscellaneous 618 94.324 65,162 5.761,575 acute situation in dyes, there have been no developments Total 1915 3,664 1.101,419 188,385 47,418,931 of importance in the manufacturing division of the trade. Total 1914 8,546 2,581,355 312,784 73.296,316 Mills are catching up with back orders and soon will be forced Warehouse Withdrawals Thrown Upon the Market. to seek new business. Prices show no signs of weakness and Manufactures of Wool 294 93,037 10,137 3,338,744 many attractive offers of business are being set aside rather Cotton 414 111,019 14,387 4,271,668 Silk 231 than make concessions in prices. Jobbers reported a good 104.602 9.453 3,673,010 Flax 345 95,995 10,787 2,984,768 accumulation of orders over the holiday, but stated that Miscellaneous 1,349 30,217 44,742 2,978,790 sales of Summer goods are still far below normal for this Total 2,633 434,870 89,506 17,246,980 time of year. Weather conditions although slightly better, Entered forwithdrawals consumption 3,664 1,101,419 188,385 47,418,931 are still•restricting retail sales. Salesmen returning from the Total marketed 1915 6.297 1,536,289 277,891 64,665.911 road bring fair reports concerning the state of trade in their Total marketed 1914 11,906 3,124,032 425,092 92,883,046 respectiv.o territories, but state that buyers are everywhera Imports Entered for Warehouse During Same Period. confining themselves as closely as possible to immediate Manufactures of Wool 162 63,758 6,584 2,530,896 requirements. Export business continuos light except for Cotton 251 68,254 12,156 3,489,757 the sale of a few hundred additional bales of shootings for Silk 143 67,789 8,019 3,095,860 Flax 57,110 170 9,118 2,807,419 Red Sea account. A good business is looked for with Miscellaneous 394 76,567 42,680 2,482,574 Sea and India buyers, but lack of shipping facilities Red and Total 1,120 333,478 78,557 14,406,506 high ocean rates are checking the development of the same. Entered for consumption 3,664 1,101,419 188.385 47,418,931 DOMESTIC COTTON GOODS. -The exports of cotton Total imports 1915 4,784 1,434,897 266,942 61,825,437 goods from this port for the week ending July 3 were 15,213 Total imports 1914 10,508 3,183,656 400,470 93,262,460 UNITED STATES GRAIN STOCKS. Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley. In Thousandsbush, bush, bush, bush. bush. bush. bush. bush. New York 1,026 37 45 734 12 118 15 Boston 1 124 1 12 24 __ _ _ ---Philadelphia 880 109 199 -.i)i ____ 3 12 Baltimore 128 ____ 395 283 ____ 141 36 New Orleans 74 ____ 300 70 Galveston 815 ____ 5 Buffalo 941 ____ 603 183 -28 :::: 84 afloat -Toledo 155 --ao 106 ___ Detroit 28 ___ 1910 22 ---- -Chicago 140 ____ 1,224 1,067 ____ 2 175 Milwaukee 3114 108 2 47 Duluth 499 --ii 27 24 3 83 Newport News 15 ____ 128 250 ---- -15 Minneapolis 2,755 ____ 54 134 ____ 8 84 St. Louis 42 ____ 67 19 ---8 Kansas City 104 ____ 471 188 __ __ _ Peoria 24 33 5 Indianapolis 4 ___ 403 56 Omaha 30 __ 405 51 ____ 1 On Lakes 340 ____ 636 40 ___ 50 On Canal and River ____ 34 44 lin. THE CHRONICLE 144 STATE MID CITY11.7.1VVRTMENT. The Tkrornicle. bond series of years. In these figures temporary loans and municipalities are excluded: issues by Canadian For the Month of Six Months. June. x$104,759,642 $312,289,040 54,403,737 357,557,177 39,386,230 218,879,270 49,485,807 246,289,293 27,470,820 223,262,370 19,369,775 162,846,110 *62,124,450 207,125,317 31,606,064 169,082,579 115,347,889 21,390,486 21,686,622 102,338,245 111,723,054 19,016,754 24,425,909 137,869,155 1903 1902 1901 1900 1899 1898 1897 1896 1895 1894 1893 1892 Month of June. $16,926,619 28,417,172 13,468,098 19,670,126 29,348,742 9,704,925 16,385,065 12,792,308 15,907,441 16,359,377 1,888,935 12,249,000 For the Six Months. $79,576,434 87,628,395 61,223,060 77,943,665 63,345,376 44,078,547 73,275,377 43,176,964 56,991,613 66,426,992 32,663,115 49,093,291 1915 1914 1913 PUBLISHED WEEKLY. 1912 1911 tion-Payable in Advance 1910 Terms of Subscrip $10 00 1909 For One Year 0 00 1908 For Six Months. 13 00 1907 European Subscription (including postage) 7 50 1906 European Subscription six months (including postage) 12 14s. 1905 Annual Subscription in London (including postage) 11 118. 1904 Months Subscription in London (including postage) Six $11 50 434s of N. Y. City. Canadian Subscription (including postage) * Incl. $40,000,000 45 of N. Y. City. x Ind. $71,000,000 Subscrintion includes following Sunplemmts(3 INDusTntAi. times yearly) a list of June loans to the 1 B,NE AND QtroTATION(monthly) RAIT.WAY AND In the following table we give In the RAILWAY EAR •Lses(monthly) ELECTRIC RAILWAY(3 times yearly) amount of $104,759,642 issued by 428 municipalities. in the STATE AND CITY (semi-annually) BAKERS' CONVENTION (yearly) page I Terms of Advertising-Per Inch Space $4 20 Transient matter per inch space(14 agate lines) 22 00 (8 times) Two Months 29 00 tlis / LilxirtlAnTiiiis 50 00 Standing Business Cards (V1 87 00 Twelve Months(52 times) OFFICP:-39 South La alle Street,Telephone Randolph 7395. CHICAGO C: LONDON OFFICE-Edwards 82 Smith,1 Drapers' Gardens, E. WILLIAM B. DANA. COMPANY,Publishers, Front. Pine and Depeyster Sta., New York. case of each loan reference is made to the "Chronicle" where an account of the sale is given. JUNE BOND SALES. Maturity. Amount. Price. Rate. Name. Pape. $5,000 5% d1920-1925 2025_ _Ada Co. S. D No.7, Idaho_ 2,800 100 d1920-1935 6 60_ _Ada Co. S. D. No.61, Idaho__ 434 34,725 Ohio 2 issues) 2181_ _Akron, 52,600 5 2181_ _Akron. Ohio 2 issues) 300,000 103.637 a1936 5 147_ _Alameda, Cal 12,000 a1918 5 147...Albany Sch. Dist., Ohio 20,000 436 2025_ _Albion, Mich 22,500 101.40 6 2C99_ _Allen County, Ohio 20,000 101.055 434 1915-1925 147_ _Allen Sch. Twp., Ind 225,000 4 2025__Allentown S D., Pa 15,500 5 _Alliance, Ohio (3 issues) 2025_ 41,500 100 MUNICIPAL BOND SALES IN JUNE. 1935 5 60....Ames, Iowa 30,000 1916-1930 147_ _Antwerp S. D. No.8. Mich_ _ _ 5 6.000 100.25 1917-1928 5 Municipal bond sales in June reached the unusual total of 147.._Arenac -Twp. S. D., Mich-- _ - 5 15,000 101.17 a1925 Sch. Dist., Ohio 1944.. 1916-1924 121,500 $104,759,642. This is the largest amount of new municipal 2025_..Ashland County, Ohio 5 _Ashtabula 55,000 100.119 a1920 4 _Athol, Mass 25,000 100.828 bonds ever sold in a single month. The next highest monthly 2025_..Auburn, Me 1935 4 60.. 25,000 100.954 1940 4 was in April last year, when the sales amounted to 60_ _Auburn, Me output 4,000 100 1915-1920 5 Ohio 147.._Auburn Twp., 6,400 100.10 exceptional sums were the 147_ _Barberton, Ohio (2 issuas) 5 $103,224,074. Both of these 30,000 100.716 5 issues) 1914 the 2025_ _Barberton, Ohio (4Ohio 12,000 result of financing by New York City. In April 2181_ _Barlow Sch. Dist., 28.000 102.839 a1918 6 city sold $65,000,000 corporate stock, and last month it sold 2025_ _ Bates Un. S. D., Cal 2,500 2099_ _Battle Creek, Mich 14,000 100.41 a1930 5 $71,000,000. 2099_ _Bedford Twp.. Ohio 25,000 103.66 a1929 536 2099_ _Belleville, Ohio 19,000 100.18 While the sales of municipal bonds last month reached 2181_ _Belmont. Mass. (3 issues) 4 12,780 100.097 147 unusual proportions, it must also be noted that during that 2025....Benton County,Ind.(2 issues) 434 1916-1925 90,000 102.99 436 1916-1924 _Bergen County, N. J 25.000 100 a1923 5 period the unsuccessful attempts to float bonds were more 1945 __Berlin Twp., Ohio 9,000 a1921 5% 2099...Bethesda, Ohio 6,000 100.016 a1918 5 numerous than in any of the preceding months of the year. 1945_ _Bethlehem Twp., Ohio 38,000 (2 issues). 434 on, N. Y. 233,700 102.13 a1934 The uncertainty as to the final result of this country's protest 2181_ _Binghamt 434 60....Binghamton, N. Y 31,700 1935 4)4 to Germany on the sinking of the steamship Lusitania is no 147_ _BirminRham. Mich.(2 issues)_ 6 111935-1955 14,000 100 147__Blackville, So. Car 11.090 103.25 1917-1938 5 doubt responsible for a part of these failures. What is more 147_ _ Boonville. N. Y S. D.,Iowa 5 20,000 ' 1920-1925 Consol. 2100_ 10,000 101.65 1916-1920 is that securities of all classes are 2182_ _BrandonTenn 6 significant, however, _Bristol, 40,000 100.189 a1925 4 1945_ gradually working to a higher level of interest return. A 2182.._Bristol County, Mass Water _Brunswick and Topsham 08.27 20,000 1942 in.• 4 Dist., Me majority of the municipal bonds floated recently carry 30,000 z100 1916-1925 4 147....Buffalo, N.Y 100,000 102.781 1945 434 of 5% and better, while a great many of the 2100_ _Camden, N J terest rates 50,000 102.81 1945 and, in some 210().. Camden, N J 50,000 102.313 1940 bonds offered without success bore only 4 43 2100_ _Camden. N J 12,000 101.35 1935 5 Dak 9,500 100 cases,4% interest. Some of the larger issues offered without 2182_ _Cando, No. Dak 1918-1935 6 61_ _Canova, So. 147,000 104.329 1955 5 S. these interest rates during May and June are as 2100_ _Canton CityD D.,Ohio success at 25,000 2182_ _Carnegie S. , Pa 24,600 100.143 3 follows: 147_ _Carroll County, Ind. (4 issues) 151 8,000 147_ _Ca.ssopolLs Sch. Dist., Mich_ _ _ 5 (4)483_ 75,000 100.955 Atlantic City, N. J. (44is)____ $663,000 Nicholas County, Ky. iis)._ _ _ 3125,000 2100_ _Cedarville Twp. R.S. D., Ohio 5 250,000 25,000 Clinton County, Ohio (4As)___ 300,000 Norfolk County,Va.(4 300,000 2025__Celina S. D., Tex Omaha, Neb.(414s) 550,000 15.000 101.886 a1918 Detrcit, Mich.(4s) 5 400,000 2100_ _Centre Sch. Twp., Ind 232,000 Pensacola, Fla. (446s) 5,000 100.255 a1918 Florence, So. Caro.(4)6s) 434 2,025,000 2182.._Centre Sch. Twp., IndCalif_ _ _ 6 986,000 San Francisco, Cal.(4A s) 125,000 104.22 Memphis, Tenn. (4)4s) a1940 339,688 2100_ _Central Un. II. S. D., Vigo County,Ind.(434s) 90.25 12,000 Memphis S. D., Tenn.(4)41_ _ 350,000 1916-1935 ..Chambers Creek Dr. D.,MLss_ 6 200,000 1945.. 500,000 Woonsocket, R. I.(434s) 2,904 100 New Mexico, State 01 (4,) a1917 534 1945_ _Champaign Co., Ohio 30,000 .100.376 County, Ky., bonds, given in the 147_ _Champaign Sch. Dist., Ill.... 434 _ The $125,000 Nicholas 147__Chapel Hill Grad. S. D., No. 35,000 104.285 1945 6 Caro above table, were subsequently disposed of at par, but only 25,000 p101.903 a1944 434 2025__Charlerol S. D., Pa 165,000 1935 434 the interest rate had been increased to 5%. The ga, Tenn after 61_ _Chattanoo 75,000 434 1945....Chester Sch. Dist., Pa $350,000 Memphis School District, Tenn., bonds have also 2100.._Chesterfield Twp. Rural Sch. 25,000 100.31 5 Dist., 96.599 been sold at par. In this case the rate of interest on a part. 61__Chicago,Ohio • 4,076.000 4 Ill z1,722,000 4 issue ($250,000) was raised to 5% in order to effect a 61_ _Chicago, Ill of the 61_ _ Chicago Ridge Ave.Park Dist., 35,000 102.60 al926 5 sale. Similar methods have been employed to sell many Ills 1,000,000 102.36 434 2182_ _Cincinnati, Ohio 519,800 101.319 smaller issues. 434 2182_ _Cincinnati, Ohio (10 issues) 372,000 100 1945 5 The total of $104,759,642 given above consists only of 2100_ _Claiborne Co., Tenn 18,600 100.145 al921 434 County, Ind 20,000 101.055 1925-1940 also negotiated in 2100_ _ClarkCounty. Miss 534 permanent municipal loans. There were 2025_ _Clay 10,000 104.76 1918-1925 5 14 -3_ _Clayton, Mo 20,000 103.53 1939 5 June $24,475,202 temporary loans, including $5,950,000 148....Clermont County, Ohio 20,000 100.137 1935 5 148_ _Clinton S. D., 12,000 100.108 revenue bonds and bills and corporate stock notes of New 2182_ _Cloquet, MinnOkla a1917 5 5 York City. Canadian permanent loans made last month 148__Collin County, Tex. (2 iss.) 5 d1935-1955 575.000 101.50 25.000 1925 Twp., a 2182_ _ColumblaN.II Mich a1925 86,000 101.27 4 totaled $4,093,404. In the following table we furnish 2025_ _Concord, 5,500 103.304 al921 5 Twp.,Ind 2,300 103.25 1927 5 comparison of all the various forms of obligations put out 2100_ _Concord Sch. Twp.,Ind 148_ _Concord Sch. 6,500 100.136 5 years: 2100_ _Conneaut, Ohio (2 issues) in June of the last five 30,000 111920-1935 6 148_ _Coquille. Ore 1911. 1912. 76,903 101.551 1913. 434 1914. 1915. 2100_ _Cortland, N. Y.(9 issues)____ 5 1935 25,000 100 $ $ $ $ 61_ _Covington, Va Dist. No, 54,403,737 39,386,230 49,485,807 27,470,820 Perm't loans (U. S.)A04,759,642 61_ _Cowlitz Co. Diking 25,000 1925 7 1, Wash *Temp. loans (U. S.) 24,475,202 36,547,259 x59,202,761 14,003,788 25,350,329 7,000 100.10 434 a1921 Canad'n loans(per1). 4,093,404 34,590,166 3,248,873 6,480,091 9,695,863 2100_ _Crawford County, Ind 125,000 2026_ _Cucamonga S. D., Cal 20,000 104.30 None None None 534 1926-1935 None Bonds U.S. posses'ns 000 104.937 None 50,000,000 2182_ _Cutler Sch. Dist., Calif 8, None 6 al924 None None Panama bonds 200,000 103.433 2 192 7 None 6,500,000 1946 _Cuyahoga County, Ohio a 19 1 5 None 5,000,000 None Gen.fd.bds.(N.Y.C.) 10 9 0 0 100.052 a 31: 2 434 148_ _ Daviess County,Ind.(9 issues) 1916-1924 5 133,323,248 125,541,162 106,927,884 70,039,686 119,142,012 Total 148 Defiance County, Ohio 6,500 100.546 _Defiance County, Ohio 2100_ 21.600 100.129 * Includes temporary securities (revenue bonds and corporate stock notes) Issued 148_ _Dekalb County, Ind.(2 issues) 434 1920-1930 20,000 In June 1914, $15,- 2026.._Deland, Fla 6 by New York City: $5,950,000 in June 1915, $24,518,1391911. 74,600 100.683 a1921 5 In 1912 and 518,153,835 in Ohio 1646_ _Delaware County, 044,204 in June 1913, $9,088,369 -months notes and $9,401,000 2026__Dell Rapids Ind. S. D., So. x Includes also $27,000,000 State of New York 8 12,500 534 1916-1925 Dak.(2 issues) 1-year temporary loan bonds of the State of Tennessee. 313,000 100.039 al927 434 Iowa 40,000 100.312 in the United States issuing 2100_ _Des Moines,S. D.,Iowa The number of municipalities 148--Des Moines 30,000 104.916 5 Ind 61- _Dewey 22,000 permanent bonds and the number of separate issues made 2183_ _DonoraSch. Twp., Pa 434 Sch. Dist., 5 32 2 : 00 62 0 0 p10.246_ 534 d1920-1930 June 1915 were 428 and 587, respectively. This 2183_ _Dundee, Neb during 103.875 a1925 6 _ Dunsmuir, Cal 3,500 100.20 a1919 5 May 1915 and 555 and 789 2183_ _East Liverpool, Ohio contrasts with 420 and 599 for 16,000 101.875 5 2100....Eaton Rapids, Mich 20,000 d1920-1935 5 for June 1914. 62_ _Edina, 1Vio 67,000 100.101 al921 436 . For comparative purposes we give the following table, 2100__Elkhart County, Ind 60,000 100 4.14 2183_ _Ellensburg Wash 80,000 43( 1916-1934 and the six months for a 2026--Escanaba, Mich aggregates for'June flo,';:;1; showing the JULY 10 1915.] THE CHRONICLE I 145 Pane. Name. Rate. Maturity. Amuont. Price. Name. Rate. Maturity. Amount. Price. Page. 2100_ _Eschscholtzia S. D., Cal 5 13.000 100 a1919 3,600 101.777 2186_ Napoleon, Ohio a1920 6 2183__Essex County, N. J 625,000 104.093 1955 250,000 104.598 2103_ Nashville, Tenn a1934 43 5 2183_ _Fairfield County, Conn 54,500 152_ Nebraska (6 issues) 43-4 1945 248,000 101.131 143_ _Faribault County, Minn 5 8,000 a1926 77,000 102.928 2103_ Neenah, Wis a1923 5 2183...Fayette County, Ind 152._..New Bloomington S. D.,Ohio_ 5 4% 1916-1932 28,500 100.547 a1926 40,000 103.855 62__Fayette Count , Ky 1950_ New Philadelphia, Ohio . 5.500 40,000 101 5% 5 149 __Fayette Sch. wp. Ind 53,198 4% a1921 22,500 102.277 1950_ New Philadelphia, Ohio 5 149__Ferry Co. S. D. No.'6, Wash__ 5% d1920-1925 2103....New Philadelphia S. D., Ohio.. 5 5,000 100 15,060 101.15 2183...Fontanelle Sch. Dist., Iowa..-- 5 64_ New York City 35,000 100 4% 1965 46.000,000 101.253 2101_ _Fort Lee, N. J 64_..New York City 5 100,000 100.69 434 1916-1930 25,000,000 101,306 1945 2101_ _Fort Pierce, Fla 1950_ Nicholas County, Ky 10,000 95 6 1925 5 125,000 100 149__F•ankenmuth Twp., Mich 2103_ Niles, Ohio (2 issues) 4 10,000 20.500 5 6!-Franklin County, Ohio 2028_ Noble Sch. Twp ,Ind 5 35,000 101.88 a1923 18.000 101.70 43 1947-Franklin County, Ohio 152_ Noble Township Ohio 5 21,500 101.4 8 5 a1921 a1921 5,000 100 0 149_ ..1 remont Co. S. D. 35, Wyo.. 6 , 101.5 2103 Northampton Co., Va 1,800 25.000 101.02 534 d1920-1945 2183...Gallitzin, Pa 152_ North Bend, Ore 60,000 1935 36.000 160.66 534 2183_ _Garvey Sch. Dist., Calif 2146_ North Bergen Twp., N J_ 40,000 105.27 534 a1933 5 40,000 101.50 2026__Gastonia, No.Caro 99,000 152_ .North Dakota (14 issues) 4 5 1945 48,000 100 62.._Geneva Sch. Dist., Ill 30,000 102.40 2028_ Norwalk, Ohio (5 issues) 5 a1924 5 36,300 62_Gibson Co., Ind. (6 issues) 38,400 100.091 2186_ Norwood, Ohio (4 issues) 43 5 19,336 140__Glencon, Minn 10,000 y101.15 2186_ Norwood, Ohio 5 a1925 43 9,000 149._Grandview HeiRlits, 0.(2 iss.) 5 29,700 100.25 2186: Norwood, Ohio 434 21,500 62_ _Grant County, Ind.(4 issues).. 43 33% 46,600 2186_ Norwood, Ohio 3,500 149_ _Grant County, Ind.(2 issues)._ 4% 152_ _Numa Sch. Dist., Colo 25,000 100.129 a1921 8,000 149__Greensburg Sch. City, Ind--__ 4% 2,500 100.60 65 .Nutley, N J 1925 1945 160,000 104.26 5 140....Greenview Sch. Dist., Ill 15,000 100.30 1916-1925 2103__Oakes Park Dist., No. Dak 5 5 1935 5,000 100 2101_ _Guernsey Co., Ohio 17,000 101.117 65_ Oakwood, Ohio 5 5 21.000 100 2101_ _Haddon Heights, N J 15,000 101.50 152.. Olympia Wash 1945 5 6 1916-1935 90.000 y100 2026__ Hamden Vii. S. D., Ohio 15,000 104.59 2186_ Oneida, N Y 5% a1931 a1926 75,000 100 431 29,498 100.36 2026__Hamilton, Ohio(3 issues) 5 152_ _Orangeburg Sch. Dist., So.Car. __ 1935 30,000 2026__ Hamilton City S. D., Ohio_ 25,000 100.10 4% a1922 65.._Orrville, Ohio 5 a1921 12,500 100.352 2026.._ Hamilton, County Ind. (3 iss.) 43 20,320 100.108 152 _Osseo, Minn 6 a1924 14,000 104.785 149.__Hamilton County, Ind.(4 iss.) 18,620 2186__Palisades Park S. D., N. J 5 a1932 95,000 100.65 62_ _ Hammond, La 40,000 5 2186__Paris (T.) Un. Free S. D. No. 20,000 100.27 62__ Hanover Twp.S. D. Ohlo____ 5 a1928 4, N Y 5 23,200 104.08 2026_ _ Harlan Ind. S. D.,Iowa (2 is.) 5 a1931 120,000 103.056 1950__Pelham (T.) Un. Free S. D. 99,000 103.234 2026_ _Harrisburg S. D.,Pa 434 a1932 No. 1, N. Y a1929 10,000 100.28 43's 2101_ _Harrison Sch. Twp., Ind a1924 3,500 101.657 65 _Pella Indep. S D., Iowa 43 5 48,000 102.575 2184__Hartford, Conn 165,000 4 2186_ _Perry School Township. Ind.._ 434 a1920 10,000 101.66 2027__Haverford Twp. S. D., Pa____ 43 14,000 100.901 1950_ _Philmont, N. Y 1945 5 a1921 7,000 100.18 2184_ _ Heber Sch. Dist., Calif 6,500 101.153 1950 _Piedmont School Dist., W Va. 5 1916-1928 6 1925 8,000 2027.._ Henry County, Ohio (2 iss.) 35,000 100.531 2029_ _Pierce Co. S. D. No. 115,Wash 534 d1916-1925 5 1,500 100 2027_ _Herkimer, N Y 153 _Pike County, Ind 4.55 1916-1945 30,000 5 1916-1935 3,886 100 149...Highland Park S. D., Mich. 66_Pilesgrove Twp. S. D., N. J 5 1948 33,000 (2 issues) 200,000 153__Pinal Co. Un. H.S.D. 1, Ariz.. 6 d1925-1935 75,000 103.38 149__Hilisboro, Ill 66__Pinellas Co. Spec. Tax. S. D. 1,000 5 d1920-1935 2184.. Hillsboro Sch. D. Ill 30,000 104.103 2, Fla 5 1940 20,000 106 1948_ Hinckley Twp., Ohio 12,000 100.083 2104__Pittsburgh, Pa 5 1945 414 240,000 2101_ _ Howard CountyInd 8,400 100.119 2104__Pittsburgh, Pa 4% a1930 • 90,000 101.732 431 2101_ _Huntington, N. Si' 98,000 105.082 2186__Plain Twp. S. D., Ohio 5 1920-1944 a1923 5 40,000 100.571 62__Huntington Co.,Ind.(3 iss.) 46,184 66__Pleasantville, N. J 434 5 1925-1955 48,000 101.165 62_ _Indianapolis,Ind ..Polk County, Tenn 4 1920-1923 200,000 100.214 2029. 534 a1932 85,000 103.36 50 __Jnckson County, Ind 2186 ..Polk School Township, Ind__ _ 5 56,800 a1922 43 12,000 104.475 2101_ _Jackson Sch. Twp., Ind 153 _Posey County, Ind.(2 issues)_ 434 6 a1921 10,000 106.61 19,800 2184_ _Jackson Twp., Ohio 5 45,000 100.044 66 __Pottawattamie County, Iowa_ 5 1930 140,500 103.167 2101__Jas er County, Ind a1921 43 12,000 100.125 153 _Pottsville School District, Pa.. 4 45,000 150_ _Jef erson County, Ark ti 1935 97.50 2029 _Prescott, Wash 1930 90,000 6 15,000 100.833 2102__Jefferson Ind. S. D., Iowa__ _ _ 5 d1917-1925 2104 _Putnam County, Ind a1921 70,000 9,160 100.122 454 2027-_Jersey Twp. S. D Ills 50,000 103.30 1,000 100.50 1104__Racine Village S. D., Ohio__ _ _ 6 1916 2184__ Johnson County, Ind 4% a1920 5,700 100.051 1951__111.ndolph Co., Ind.(7 issues). 434 57,300 151_ _Junction City S. D.. Ohio_ .... _ 5 a1924 8,500 100.548 100,000 153_ _Rod Fork Levee Dist., Ark 6 97.65 2102_ _Kalamazoo, Mich. (3 issues)_ 43 113,000 100.078 66_ _Richmond, Ind ....... 50.000 100 4 63_ _Kanawha Co., W. Va 375,000 100 2187__Richwood, Ohio a1928 18,000 103.86 554 150__Kane Co. S. D. No. 131, Ill__ - 43 a1920 45,000 2029__Ripley County, Ind. (3 issues) 434 23,800 100.516 159....Kansas (9 issues) 28,830 100 2187__Rivera School District, Cal 15,000 102.106 534 - a1923 2184 .Kansas City, Kan 5 1917-1925 56,000 1 01 153 _ _Rochester School District, Pa.. 434 1926-1946 50.000 y101.60 2184__King County, Wash 5 1935 350,000 102.39 2187__Roseville Grammar S. D., Cal_ 5 1920-1929 10,000 100.28 5 2184__Kings County, Calif 1916-1940 672,500 101.38 2187_ _Rush County, Ind 16,320 100.628 434 2184_ _Kingston S. D., N.Y 4% a1927 30,000 101.683 66_ _St. Albans, Vt 4 15,000 99 150_ _Koochiching County, Minn.. 5% 1921-1935 765,000 100 66.. _St. Armand & Franklin Un. Fr. 5 1948- _La Grange Un. S. D., Ohio S D. No.4, New York 20,000 100.42 16,000 101.937 5 150....Lake County, Ind 2187_ _St. Clairsville Vii. S. D., Ohio.. 5 127,600 100 a1935 18,000 101.052 150_ _Lake County. Ind.(3 issues) _ _ 4% 2104_ _Sacramento, Calif 40,800 100 434 1927-1934 170,700 100 2184_ _Lake County, Ind. 6 issues)._ 4% 57,400 100.052 2104_ _Sadsbury Twp., Pa 6,500 2184_ _Lake County, Ohio 4 issues) _ _ 5 141,000 2104_ _St. Croix Falls, Wis 1930 15,000 100.166 5 63_ -Lakewood, Ohio (7issues)__ 5 94,110 100.529 2029.._St. Johnsville, N.Y 434 10,000 100.25 2027__Lorimer Co. S. D.No. 5,Colo_ 5 d1925-1935 36,000 101.975 2029_ _St. Josephs S. D., Mo a1930 325,000 100.03 434 6 2184_ _La Rue, Ohio 15.000 102.26 2020.._St. Mary's, Ohio 3,200 100 6 2184__La Rue. Ohio 3,600 102.284 2187_ Salem City S..D. Ohio a1927 20.000 101.86 5 County, Miss_ __ - 5% 1926-1940 63.._Lauderdale 50,000 102.102 153_ _Salt Lake City, Utah (2 issues) 454 300,000 1935 98.59 2102_ _Laurel Sch. Twp., Ind 434 a1922 9,450 101.862 66_ Sandusky, Ohio (2 issues)_ 137,000 434 5 2027-Lawrence County, Ohio 1925 20,000 101.965 2187_ Scott County,Ind (4 issues) 15,300 434 1916-1925 4 63__Lebanon,Pa 2187_ Seattle, Wash 34,000 d1916-1925 204,000 101.050 6 2185.._Leetonia Sch. Dist., Ohio_ _ -- 5 a1926 20,000 100.527 2187_ _Seward Sch. Twp.,Ind 17,500 102.621 434 1916-1925 5 % 2102__Le Senor County, Minn a1918 10,000 100 66_ Sharon Hill, Pa x5,000 4 d1930-1945 5 2185_ _Liberty Twp., Ohio 15,000 101.275 2187_ _Sharpsburg, Pa a1927 45,000 434 151_ _Littlefield Sch. Dist., Tex 5 d1935-1955 2104_ Shawnee Vii. S D., Ohio 15,000 a1930 536 25,000 104.55 2027__Lockport, N. Y 154_ Shelby County, Ind 9,700 100.28 a1921 8,440 100.121 434 pi 63...Logan County, Ohio a1919 14,500 100 2104_ Shenandoah,Pa a1920 4 6,000 100 2185__Long Branch, N. J 1945 95,500 103.48 2029_ _Sheridan Co. S. D. No. 29, 2185__Louisiana g 1923-1955 1,250,000 Mont d1925-1935 6 12.000 101.666 2185_ _Lowell Jt. Sch. Dist., Cal 6 a1928 25,000 105.80 2029.. Sidney, Mont.(2 issues) 28,700 534 d1925-1935 63_ -Lower Merlon Twp.,Pa 43 1919-1921 30,000 100.816 2104_ _Sioux Falls, So Dak 1935 5 140,000 y102.10 2102__Lyons Ind. S. D., Iowa 5 a1928 30,000 101.39 2104....South Bethlehem S. D., Pa_ 4 135,000 100.21 2185_ _McMinnville, Ore 6 a1919 4,000 101.025 2104_ _Spartanburg, So. Caro a1935 13,000 100.26 434 1948._Mad River Twp. Rural S. D., 2030.._Springfield, Ohio 5 a1921 40,000 101.849 534 Ohio a1920 33,000 101.248 2188.. Stone Harbor, N. J 1945 33.000 100 5 2027_._Mahoning County, Ohio (3 iss.) 5 26,655 2188_ ..Struthers, Ohio (3 issues) 6 15,354 101.576 4 1948__Malden, Mass. (5 issues) 104,000 100.29 154- Sugar Ridge Sch. Twp., Ind 3,000 100.333 434 2027...Manchester, N II 4 a1923 75,000 100.78 2188- Sullivan Co., Ind 434 a1920 9,600 100.054 2185_ _Manchester, N H 4 a1924 100,000 101.27 1951_ Syracuse, N. Y. (3 Issues).... 434 115,300 101.36 2185_ _Maricopa Co. S.D. No.1,Ariz_ 5 1935 100.174 2188_ _Syracuse, N. Y.(3 issues)._.. 434 35.000 556,500 101.499 2185_ _Maricopa Co. S.D. No.7,Ariz_ 6 1035 7,000 102.107 2031__Taunton, Mass 1916-1920 4 25,0001 100.08 4% 2027_Marion County, Ind a1921 38,000 100.176 2031_ Taunton, Mass 4 1916-1926 11.0001 4% 2028__Marion County, Ind a1921 12,000 100.145 2031- Taylor Sch. Twp ,Ind 6 2.000 101.75 151._Marion County, Ohio 5 a1921 27,000 100.832 2031_ Terre Haute S. D.,Ind 300,000 4 151_ _Marquette Sch. Dist.. Mich_ 43. 140,000 100 154....Texas 116,462 100 63__Martin Co., Minn.(2 Issues)-.. 5 22,000 66- Thief River Falls, Minn 1935 10,000 103.40 534 5 2102 __Martin County Minn 19204934 2188_ Toledo, Ohio 43,000 1925 200.000 100.075 454 5 2185__Massillon, Ohio' a1923 154 Toledo, Ohio 31,000 101.912 1919 5.0001x100 434 151 __Mayberry Two.Ill 6 Ill 19164924 154 Toledo, Ohio 4,500 1916 454 50,0001 151__Meagher Co. S. D. 21, Mont- 6 d1930-1935 8,500 5.40% 2104__Trenton, N.J.(3 issues) 230,197 434 basis 2104__Troy, N. Y a1925 59,000 101.637 434 2102_ _Memphis Sch. Dist., Tenn_ _ __ 434 100,000 100 2188.. Troy, Pa 1927 25,000 100.53 434 2102_ _Memphis Sch. Dist., Tenn__ _ _ 5 250,000 2188_ Troy S. D.. Obio' 5 30,000 103.806 4X 2102_ _Meriden, Conn a1920 350,000 100.127 2188_ Turlock, Calif 53 a1935 16,000 y101 151 _ _Mesa City, Ariz 6 d1935-1955 75,000 y103.153 66 .Turman Sch Twp.,Ind a1930 30,000 102.135 434 2185_ _Metamora, Ohio 5 14,000 100 1951_ Union Twp. Rur. S. D., Ohio_ 5 65,000 100.393 2102. .Miami County, Ind. (3 issues) 43 20,080 100,054 155_ Union Sch. Twp, Ind 534 1916-1919 1,750 151__Miami County, Ind. (3 issues) 434 19,840 100.05 1951_ Union County, N. J 1945 45,000 103.07 434 2028_ _Miami County, Ohio (3 issues) 5 28,000 101.053 2188_ Union (T.), N J a1918 39,000 100 434 63.._Miami County, Ind 4% 6,200 100.036 2188_Union Twp. Rur. S. D., Ohio_ 5 40,000 100.30 151 _ _Middletown, Ohio 5 a1918 6,000 101.254 1951_ Uniontown S D., Pa 25.000 434 1935-1936 2185__Middletown City S. D., Conn.. 43 1916-1935 50,000 99.32 a1921 2031__Vanderburgh Co., Ind 3,400 x100.058 434 63_Middletown City S. D., Ohio.. 5 5,000 100.62 2105_ Ventnor City, N. J 1945 5 15,000 1949...Milan, Ind 43 1916-1925 4,000 100.26 66_ Vigo County, Ind 434 11,200 100.108 2028 _Milton, Del 4 d1917-1935 14,000 2105_ _Warren, Pa. (3 issues) 1945 434 50,000 102.69 434 62__Milwaukee, Wis a1926 200,000 101.59 155_ _Warron Twp. S. D., Ohio __ 5 a1918 1,500 64__Minneapolis, Minn.(8 issues).. 4 1927 1,243,000 95.15 1952_ _Wayne Twp. Rural S. D.,0.. 5 a1930 30,000 101.186 64__Minneapolis, Minn. (11 issues) 4% 1916-1935 905,008 100.088 2188_ _Washington C. H.,0.(2 iss.) _ 5 22,750 100.524 151_ _Minnesota (27 issues) 4 223,400 100 2188__Waterbury, Conn.(2 iss.) _ _ _ _ 434 1916-1955 600,000 100.178 2102_ _Mississippi City Rural Sep. 2189_ _Watertown, N. Y.(2 iss.) 1945 196,500 103.53 434 Sch. Dist., Miss 6 a1929 15,000 101.34 2105_Wayne Sch. Twp., Ind a1930 12,870 101.649 5 152_ _Monroe County, Ind.(2 iss.) 4% 21,500 100 ' 2105_ Webster Sch. Twp.,Ind 5,000 100.72 434 4 64__Montana d1918-1920 100,000 100 2189_ Wells County, Ind a1921 2,060 100 434 1949__Montgomery Co., Ohio 5 a1923 75,000 101.49 67_ West Allis, Wis.(2 issues) 36,000 y102.133 5 2028.._Monticello, N.Y 5 a1923 20,000 100.50 2032_ Westchester Co., N. Y.(2 iss.) 454 443,000 2028....Morgan County, Ind 4% a1921 40,000 100.267 2106_West Dier Twp.S D.. Pa 10,000 5 2102_ _Morgan County, Ind. (2 iss.). 4% a1921 5,600 100 ; 106.._Westfield, Mass a1921 12,000 100.225 4 2185_ _Morgan County, Ohio (2 iss.)_ 5 8,000 100.889 2189_ _Westford (T.) Corn. S. D. 152_ _Muroc Sch. Dist., Cal 6 3,600 103.75 No. 3, N Y a1925 5 7,000 101 2186_ _Musselshell Co. S. D. No. 41, 155__Whitman Co. S. D. No. 93, Mont 6 d1925-1931 16,000 102.30 , Wash 5% d1916-1925 2.000 100 2103_ _Mystic Sch. Dist., Iowa 5 1918-1925 30,000 100.721 i 165- _Whitman Co. S. D. No. 103, 2028. Napoleon, Ohio 5% a1921 42,000 102.014 Wash 534 d1916-1935 2.500 100 Rate. Name. Page. 4 67_ _Wilkes-Barre, Pa 5 2189.. _Wilkinson County, Miss 5 2106_ _Wiltshire Twp., Ohio 43 67_ _Wilmington, Del 2189.._Winnemucca S. D.No.7, Nev. 6 4% 155_ _Woodbury, N J 67_ -Woodlake Un. H. S. D., Cal__ 6 1952_ _Woodsfield Vii. S. D., Ohio_ _ _ 5 5 2032_ _Wooster, Ohio (3 issues) 6 155_ _Wright County,Iowa 6 155_ _Wright Sch. Twp.. Ind 5 1952_ _Wyandot County, Ohio 155_ _Yellowstone Co. S. D. No. 32, 6 Mont . 6 2190_ _Ynez Sch. Dist., Cal 43i 2190_ _York,Pa - [voL. 101. THE CHRONICLE 146 Price. 102.338 100 100 a1936 a1937 1919-1925 1917 a1917 Amount. 150,000 2,500 12,000 200,000 20,000 10,000 40,000 50,000 28.132 14,300 2,000 18,250 100.312 100.369 4,500 5,500 160,000 Maturity. 1930-1940 a1940 a1921 a1960 100 104.09 102.27 . 103.75 100.125 110.315 100.415 100.142 Name. Page. 2033_ Welland, Ont 2191_ 'Winchester, Ont Rate. 5 6 Maturity. 1945 1945 Amount. 25,000 10,650 Price. $4,093,404 Total debentures sold in June ADDITIONAL SALES OF DEBENTURES FOR MAY. Rate. Maturity. Amount. Price. Name. Page. 87 302,500 2106_ _Alberta (27 issues) 4 1955 45,000 82 2107_ Moncton, N. B 2190_ _Saskatchewan, Province of 750,385 (91 issues) 95.035 20,000 5 1916-1925 2191_ Sudbury, Ont These additional May issues will make the total sales of debentures for that month $12,324,285. News Items. Total bond sales for June 1915 (428 munIcipolities, covering 587 separate issues)____ k$104,759,642 -Court Bergen County (P. 0. Hackensack), N. J. a Average date of maturity. d Subiect to call in and after the earlier -According to the year and mature in the later year. k Not including $24,475,202 of tempo- Declines to Revive Road Bond Dispute. rary loans reported, and which do not belong in the list. z Taken by sink- Newark "News," the State Supreme Court on July 6 denied ing fund as an investment. y And other considerations. a motion to vacate an order made by Justice Swayze in which he discharged a rule to show cause why a writ of certiorari REVISED TOTALS FOR PREVIOUS MONTHS. the action of the Bergen freeholders totals for previous should not issue to review worth of road-improvement bonds. The following items, included in our the same. We give the in disposing of $742,000 months, should be eliminated from p. 67. page number of the issue of our paper in which the reasons See V. 100,Mattison, who was the prosecutor in the action, alleged Milton M. several irregularities in the issue of the bonds, which were disposed of to for these eliminations may be found. were sold at Name. Page. .Knox County, Tenn.(March list) 2184.. 2184_ _Lake County. Ohio (May list) 63_ _Lawrence County, Ohio (April list) 66_ _Union (T.) Union Free S. D. No. 1. N.Y.(May list) 67_ _Woodlake Union II. S. D., Cal. (May) Amount. $125,000 68,000 100,000 18.000 40,000 private sale R. M. Grant & Co. He also contended that they and that by reason of failure to advertise the county lost a considerable amount of money. The Court said that the long delay in applying for the writ, nearly four months, and the consequent probability, amounting to almost a certainty, that the bonds in question now are in the hands of private holders, justified the action of Justice Swayze in discharging the rule. Claridon Township School District (P. 0. Marion), -Injunction Dissolved. -A special Marion County, Ohio. Rate. Maturity. Amount. Price. dispatch to the Cincinnati "Enquirer" states that on June 29 Name. Page. $25.000 60_ _Adams Twp.S. D.,0.(April)_ 5 Judge Wm. E. Scofield dissolved an injunction against the 6,000 100 6 147_ _Boggs, Wyo.(2 issues) Claridon Township Board of Education delivering bonds in 225,000 60_ _Belleville S. D., Ill. (Jan.)______ 20.620 100 147 _Benton Co., Ind.(2 iss., May) 4% the sum of $19,000 recently sold to Spitzer, Rorick & Co. of 17,000 102.858 a1923 5% 2099_ _Bluffton, Ohio Toledo. The temporary injunction had been obtained by 22,000 d1925-1935 61_ _Broadwater Co., Mont.(Mar.) 5 15,000 100 a1933 61_ _Buchanan S. D., Ga.(Mar.)._ 5 former County Commissioner William H. Hoverstott. See 13,325 147_ _Carlton, Oro.(2 issues, Mar.).. 6 V. 100, p. 1279. 16,000 2182_ _Champion S. D., Ohio (Mar.)_ 3,000 100 9 53 1- 1I-1623 2182_ _Chicago Junction, Ohio -District Court Upholds Bonds Voted Des Moines, Iowa. County, Miss. (April)_ 6 1926-1940 150.000 61_ _Copiah -On July 1 Judge Utterback of the for Water-Works Purchase. 2,500 100 6 1925 148__Crossville, Ill 3,985 100 1915-1924 6 148__Dallas. Ore. (Jan.) District Court decided that the $2,380,000 bonds voted 10,000 105.40 d1926-1934 S. D., Ky 6 2100_ _Dawson Spgs. Nov. 3 1914 for the purchase of the Des Moines Water Co., 6,259 1925-1933 62_.E. Palestine S. D.,0.(April)_ 5 1924 13,300 100 5 2026_ _Elmore, Ohio were valid. The suit was brought by Blon S. Hutchins. 300,000 1920-1933 2101_ _Fabius Riv.Dr.D.,Mo.(April)_ 6 The law requires an affirmative vote on bonds of more than 32,900 2026_ _Fayette City, Pa 14,060 100 one-half the votes cast at the "last preceding municipal elec1188_ _Gloversville, N.Y.(April)_ _ _ _ 4% 1920-1923 8,000 1920-1930 6 62__Hale, Mo. (April) tion." Based on an election held in June 1914, the bonds 1933-1935 1,500 100 5 149.._Harrison, Ohio (April) 83,000 100.419 carried, although they did not receive an affirmative vote of 149__Hastings S. D., Mich.(April)- 4% 1916-1930 15,000 100.864 d1925-1945 6 149_ _Holly Springs, Miss more than one-half of the votes cast at the general election in 6,000 100 a1921 5 150_ _Ipava, Ill. (April) 30,000 1916-1920 April 1914. It was contended that the vote should have 150__Ishpeming, Mich.(April) 9,000 100.327 been based on this election, but Judge Utterback holds that a1923 2184_ _Israel Twp. S. D.. Ohio (April) 5 150_ _Kankakee Co. S. D. No. 42. 25,000 101.10 a "municipal election" as contained in the statute is any elec1916-1925 5 Ill. (Feb.) 142.345 100 150_ _Kansas (16 issues) held for a municipal purpose. The case will be ap20,000 100.412 tion 151 _ _La Moure Co.. No.Dak.(Apr.) 7 pealed, it is announced, to the Supreme Court. 25,000 100 a1930 5 2102__Liverpool Twp., Ohio 5,000 1916-1920 5 151_ _Ludington, Mich -Suit Greenville County (P. 0. Greenville), So. Caro. 8,000 100 d1925-1945 6 151__Lusk, Wyo. (March) 30,000 to Enjoin Road Bond Issue.-Spocial Judge Martin F. Ansel 151_ _McMillan Twp. S. D., Mich_ 5 a1927 2,300 100 2185_ _Malta, Ohio(2 issues) on June 28 denied the application of J. W. Little for an in6 d1920-1935 6,000 100 1$1_ _Maxwell, Neb.(Apr.) 1918-1935 5 20,000 junction to restrain the issuance of the $400,000 road bonds 2102__Midland Sch. Dist., Pa 2102_ _Morralltown & Salt Rock Twp. advertised to be sold July 1. V 100, p. 2101. According to 37,000 Sch. Dist., Ohio 10,000 100 a local newspaper, the Court answered the four points brought 4 d1925-1945 2102_ _Mt. Joy Sch. Dist., Pa 10,000 100 43 2103_ _New Eagle, Pa -as to the legality of the road commission, by counsel 84,000 102.748 up 4 a1937 1284__Newington, Conn legality of the Act of the Legislature in granting the right to 8,160 100 43 152_ _Newton County, Ind 20,000 100.125 issue, as to whether or not the county had overstepped its 1918-1925 2103_ _Nichols S. D.,Iowa (April)___ 5 4,500 100 5 152_ _Normal, Ill. (April) borrowing powers, and as to a1922 12,000 102.054 constitutional limitation as to 2104_ _Ostander VII. S. D.,0.(April) 5% 40,000 100.32 5 whether or not the people should vote on the issue. The 2104__Pendleton, Ore 5% d1930-1945 53,000 County, Mont 66_ _Richland Court ruled that the Legislature is supreme and the entire 153- _Riga Com. S. D. No. 2, N. Y. 1,500 100.666 procedure legal. It is announced that the case will be 1930 6 (March) 196,036 100 6 153_ _Seattle. Wash appealed to the Supremo Court. 12,000 100.07 d1920-1945 154_ _Smithfield No. Caro.(Apr.) 6 14,500 100 1925 5 66-_Swanton,Ohio -City to Negotiate for Purchase of Plant Memphis, Tenn. 863 4 154_ _Toledo, Ohio (2 issues, Feb.) -With the filing of the report of of Merchants' Power Co. 10,035 154_ _Toledo, Ohio (2 issues, Feb.) 4 44,532 z100 154_ _Toledo, Ohio (13 issues, Mar.) 4 Mr. Ralph It. Rumery, a consulting electrical engineer of issues, April) 4% 52,357 154__Toledo, Ohio (10 New York, on the value of the plant of the Merchants' 20,481 4% 154_ _Toledo, Ohio (3 issues) 43 10,000 1919 154 _ _Toledo, Ohio (April) Power Co. the city on June 29 took steps toward the acqui12,000 104.926 6 1916-1928 155__Viola, Ill. (March) the sition of ' property. The city has notified the power 21,000 5 1920 67_ _Wilkes-Barre, Pa. (Feb.) 1917-1926 15,500 53 company of its intention to exercise its option to purchase. 2190__Yellow Medicine Co., Minn All the above sales (except as indicated) are for May. It is understood that the company has six months within These additional May issues will make the total sales (not which to tell the city what it will take for its property. If the price submitted is not satisfactory and an agreement including temporary loans) for that month $40,398,304. cannot be reached by further negotiations, the city and the DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN JUNE. appoint an arbitrator, who shall be Rate. Maturity. Amount. Price. company are each to Name. Page. 5 electrical engineers and appoint a third arbitrator. The 1955 95.50 $75,000 2107_ _Bathhurst, N. B 5 98.29 20,000 Ont 2107_ _Carleton County, price fixed by the arbitrators is binding. 5% 32,452 We have also learned of the following additional sales for previous months: 2190_ _Chatham, Ont 6 2107_ _Cumberland Twp., Ont 5 2190__Dartmouth, N 8 156_ _East Kildonan R. M., Man_ -- 5% 5% 156__Elgin County, Ont 5 2190_ _Estevan, Sa.sk 6 2190_ _Fort Frances, Ont 6 2107__Fort Garry R. M.,Man 5% 2107_ _Galt, Ont 4% 68__Halifax, N S 7 2107_ _Hanna, Alta 6% 2107_ _Kerrobert, Sask.(4 issues)____ 5 2107_ _London. Ont 53 2190__Mimico, Ont 68_ _Moncton, N. B.(6 issues)____ 5 2107_ _Moose Jaw, Sask 6R...Nelson, Rural NIun., Alta_ _ _ _ 6 2107_ _Ottawa,Ont 2033_ _Owen Sound, Ont 2033_ _Penticton, lit. C 5 ,Ont 2190_ _Peterborough Co. 68_ _ Red Deer, Alta.(5 issues)____ 6 2107_ Regina, Sask 5 156_ _Renfrew County, Ont 5 2107_ _Saanich, B. C 5 2033_ _The Pas, Man 2107_ _Toronto, Ont 2191_ _Wallace Rural Mun., Ont_ _ _ _ 7 5 2033_ _Welland, Ont 1916-1933 1940 1935 1916-1925 1915-1943 1945 2,000 168,000 45,000 12,000 12,356 33,000 39,000 1935 15,000 181,300 1925 10,000 32,400 1918 1,000,000 1916-1935 6,620 178,000 400,000 1916-1935 22,000 100,000 10,000 12,000 1916-1935 6,000 10,590 1918 1,000,000 4,000 1930 450,000 90,000 25,000 1925 1,000 1925 65.036 Under the franchise granted to the company Feb. 20 1905 it was provided that at any time after 10 years the city might purchase the plant, paying only for its physical property, nothing to be paid for good will or for franchise values. Mr. Rumery estimates that the physical value of the property of the company is $684,000, and, further, that the company has probably spent $150,000 in developing its business. Mr. Rumery states that the city could for $189,000 make the necessary additions to the plant without interfering with present operations, and a large part of the expense would be offset by the profits from present commercial business during the making of the alterations. Ho figures that it would cost $300,000 to extend the distribution system to cover the residence or lighting district of Memphis. The cost of acquiring property and forming an organization would be, he says, about $100,000. "All these," Mr. Rumery continues, "would necessitate an investment 98.059 upon the part of the city, in acquiring the property, making the necessary changes in the power house, building lighting circuits to take care of tho municipal street lighting, and organizing the company, of $1,423,000, against which should be credited tho proceeds of the commercial business of the company during the construction period, which would probably amount to not less than $125,000." As to the saving to the city in acquiring the property, Mr. Rumery says: "If this plant is purchased by the city and operated as a municipal plant with the present commercial business, the city, in place of paying $146,774 98.28 for its lighting and power, would receive an income of $4,363, which represents a gross saving of $151,137 a year." 95.03 97.81 -Examination Ordered of City's Affairs. Nashville, Tenn. -In a decree issued July 5, Chancellor John Allison of Part I, JULY 10 1015.] THE CHRONICLE Chancery Court, appointed T. J. Bailey as special commissioner to begin July 7 to take evidence on the charges made by City Comptroller R. Miles Burns and other taxpayers against the Mayor and City Commissioners. The decree ties up for the time being all contracts and improvement work. 147 BLACKVILLE, Barnwell County, So. Caro. -BOND SALE. -The $14,000 6% 20-40-yr. (opt.) town-impt. bonds offered on April 1 have been awarded to the Bank of Western Carolina. Blackville, at par. -V.100,p.749 BLAKELY, Lackawanna County, Pa. -BOND OFFERING. -Bids will be received until 8 p.m. July 26 by D. J. Ganzemuller, Boro Secy. (P. 0. 421 Hickory St., Peckville), for $15,000 5% coup. (with priv. of reg.) tax-free fire apparatus purchase and Borough Bldg. constr. bonds. Denom.$500. Int. F. & A. at Peckville Nat. Bank, Peckville. Bonds are subject to call any interest paying period after Aug. 1 1920. Cert. check on an incorporated bank or trust company for $500 required. Official circular states that there is no litigation of any kind against the Borough or its officials, that no previous issues of bonds have ever been contested ADAMS SCHOOL TOWNSHIP (P. 0. Twelve Mile), Cass County, and that this Borough has never defaulted in paying interest or principal. Ind.-1310ND OFFERING. -Bids will be received until 10 a. m. July 15 Total bonds outstanding $49,000. Assess. val. 1915, $2,956,527. by Arthur C. Earl. Twp. Trustee, for $6.000 43 % Dist. No.8 bldg. bonds. BOISE CITY, Ada County, Idaho.-EOND SALES. -On July 2 the Denom. $500. Date Aug. 15 1915. Int. F. & A. at Twelve Mile State $105,354 65 10-20-year (opt.) coupon refunding bonds were awarded it is Bank, Twelve Mile. I)ue $500 yearly on Aug. 15 from 1916 to 1921 incl. stated, to Rudolph Kleybolte Co. of Cincinnati for $107,125 65 (101.68) and $1,500 on Aug. 15, 1922 to 1923. Cert. check for $50, payable to and interest. as 5s. -V. 100, p. 2182. Township Trustee, required. BOONVILLE, Oneida County, N. Y. -BOND SALE. -On June 21 ALAMEDA, Alameda County, Calif. -The following are the an issue of $11,000 5% 12_3i-yr. (aver.) paving bonds was awarded to Doug-BIDS. other bids received for the $300,000 5% 20%-year (aver.) coupon or reg- las Fenwick & Co of N. Y. at 103.25. Denom. $500. Int. ann. in June. istered site purchase and school-building bonds awarded on June 29 to Due $500 yriy. from 2 to 23 years incl. N. W. Halsey & Co., of San Francisco for $310, 913 10 (103.637) and int., BOSTON, Mass. -TEMPORARY LOANS. -During the month of a basis of about 4.722%-V. 101, p. 60: June the following loans were negotiated: Byrne & McDonnell, San Francisco $300,981 Amount Date of Loan Maturity Interest E. II. Rollins & Sons, San Francisco 309,573 $2,000,000 June 16, 1915- -Nov. 1, 1915 % Anglo & London, Paris Nat'l. Bank, San Francisco 306,178 500,000 June 16, 1915Nov. 1. 1915 2.8% Harris Trust & Say. Bank, Chicago 305,857 1,000,000 June 28, 1915-_-..Nov. 3, 1915 % Wm. R. Staats Co., San Francisco 304,230 BROWN TOWNSHIP SCHOOL DISTRICT, Delaware County Torrance, Marshall & Co., San Francisco 303,011 Ohio. -Bids will be received until 1 p. m. -BOND OFFERING. -BOND SALE. ALBANY COUNTY, (P. 0. Albany), N. Y. -On by W. Ott, Clerk Bd. of Ed.(P. 0. Kilbourne), for the $35,000 July 23 5% bldg. July 3 the $81,000 4%% reg. highway impt. (county's share) bonds were bonds voted Feb. 2 (V. 100, p. 655). Denom. $500. Date July 23 awarded to Farson Son & Co. of N. Y. for $81,116 50 equal to 100.143- Prin. and semi-ann. int.(M.& S.) payable at Deposit Banking Co., 1915. DelaV. 100, p. 2181. Other bidders were: ware. Due each six months as follows: $1,000 from Mar. 1 1916 to Sept. 1 J. S. Bache & Company, New York $81,064 39 1925 incl. and $1,500 from Mar. 1 1926 to Sept. 1 1930 incl. Cert. check New York State National Bank 81,000 00 on a Delaware County bank (or cash) for $500, payable to Clerk, Bd. of Denom. $1,000. Date July 15, 1915. Int. J. & J. Duo on July 15, from Ed., required. Purchaser to pay accrued interest. 1916 to 1929. BUFFALO, N. Y. -BOND SALES. -During the ALBANY VILLAGE SCHOOL DISTRICT (P. 0. Albany), Athens following 4% bonds aggregating $291,201 53 were month of June'the County, Ohio. -BOND SALE.-Iteports state that a Toledo firm has pur- $80,000 00 deficiency bonds to the Farmers'Loan & disposed of: Tr. Co. of N. Y. at chased the $12,000 5% 33-yr. (aver.) coup. school bonds offered but not par. Date June 1 1915. Due July 1 1916. sold on Juno 3.-V. 100, p. 2099. 30,00000 Ferry and West Sts. impt. bonds purchased by the City Comp1.0-:•katroller for the various Sinking Funds at par. Date June 1 1915. ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa. -DESCRIPTION r PA Duo $3,000 yearly on June 1 from 1910 to 1925 incl. 7 OF BONDS. -We are advised that the $500,000 4(V 30 -year coupon (with privilege of registration) tax-free road bonds awarded to the Mellon 167,410 35 sundry deficiency bonds to Bond & Goodwin of N. Y. for $167,512 35. Date June 1 1915. Due July 1 1916. Nat. Bank of Pittsburgh at 103.175 and int. on July 1-V. 101, p. 60, are in the denomination of $1,000 and bear date of June 1, 1915. Int. J. & D. 13,791 18 Public Works Dept. bonds purchased by the City Compt. for Due June 1. 1945. the various sinking funds. Date June 15 1915. Due Juno 15 1916. ALLEN SCHOOL TOWNSHIP (P. 0. Avilla), Noble County,Ind.BOND SALE. BURBANK, Santa Clara County, Cal. -On June 28 the $20,000 4%% school bonds were awarded -BOND ELECTION PRO-According to reports, an election will be held shortly to vote on to J. F. Wild & Co. of Indianapolis at 101.055. Other bids were: POSED. The Noble County Bank, Kendallville $20,210 00 the question of issuing bonds for a city-hall building, fire apparatus and Fletcher-American National Bank, Indianapolis 20,202 50 electric-light equipment and extension. • E. M.Campbell Sons & Co., Indianapolis 20,193 00 CALD WELL SCHOOL DISTRICT NO.20 (P. 0. Caldwell), Sumner Meyer-Kiser Bank, Indianapolis 20,112 65 County, Kans.-BIDS REJECTED. -All bids received for the $15.000 la*Denom. $1,000. Int. J. & J. Due $1,000 each six Months from Jan. % 15-year (aver.) coupon building bonds offered on Juno 21, were 151916 to July 15 1925 incl. rejected. -V. 100, p. 2100. ALTA SCHOOL DISTRICT (P. 0. Alta), Buena Vista County, CALHOUN COUNTY COMMON SCHOOL DISTRICT NO. 5 (P. 0. Iowa. -BONDS VOTED. -The question of issuing the $55,000 bldg. and Seadrift), Tex. -By a equip, bonds carried, it is stated, by a vote of 247 to 41 at the election held issuing $17,500-BONDS VOTED. bldg. vote of 73 to 10 the question of and equip. bonds carried at an 5% 5-40-yr. (opt.) June 28.-V. 100, p. 2181. election held June 15. AMHERST, Hampshire County, Mass. -BOND SALE. -On July 7 -BOND OFFERING. CALIFORNIA. -Friend W. Richardson, State the two issues of 4% coup. tax-free bonds aggregating $120,000 were Treasurer, public auction on awarded to Blodgett & Co. of Boston at 100.255 and Int.-V. 101, p. 60. $2,500,000 will sell at highway bonds. July 28 at Sacramento, reports state, 4% State Denom. $1,000. Other bidders were: CAMBRIDGE, Middlesex County, Mass. -BIDS. Hornblower & Weeks, Bost_100.15 IN. W. Harris & Co., T3oston_100.079 -The following Merrill, Oldham & Co., Dos _ 100.089 I E. C. Potter & Co., Boston_ _ 99.551 were the other bids received for the loan of $250,000 awarded to the Haro vard Tr. Co. of Cambridge at 2.46r discount on June 30-V. 101, p. 61. -BOND OFFERING. AMITY, Yamhill County, Ore. -Proposals will Discount. Discount. be received until 6 p. m. July 19 by E. W. Rea, City Treas., it is stated, 2.48% for $15,000 6% 5 -year (opt.) water-works-construction bonds. Int. Blake Bros. & Co. Bost. a2.49% F. S. Moseley & Co. Bos._--b 2.57 -20 & Sanger, of the amount bid required. A similar Curtis Anstey N Bost.-- 2.50% 'Goldman Sachs & Co. N.Y. _ _2.58 o semi-annual. Cert. checic for 3% I Bond & Goodwin, Bost Y , H. L. 2.59 issue of bonds was offered for sale on May 17.-V. 100, p. 1526. 2.50% I Central Trust Co. ANTWERP SCHOOL DISTRICT NO.8 (P. 0. Lawton), Van Buren b Plus $2.65 premium. a Pius $1.50 premium. -The Detroit Trust Co. of Detroit has -BOND SALE. County, Mich. BOND OFFRRING.-It is stated that City Treasurer II. F. Lehan will rebeen awarded the $30,000 5% school bonds which were offered on May 5. -V.100,0. 1526. Due yrly. on Jan. 1 as follows: $1,500, 1916 to 1918 incl. ceive bids until noon July 15 for $242,500 4% semi-annual bonds. CANANDAIGUA (Town) COMMON SCHOOL DISTRICT NO. 5, $2,000, 1919 to 1927 incl. and $2,500, 1928 to 1930 incl. -BOND N. Y. -On July 2 an issue of $10,000 ARENAC TOWNSHIP SCHOOL DISTRICT NO. 4, (P. 0. Omer), Ontario County school bonds wasSALE. awarded to the Canandaigua Nat. Bank ' -year (aver.) Mich. -Bolger, Mosser & Williams of Chicago have been 6% 6 -BOND SALE. of Canandaigua at 101, a basis of about 4.80%. Denom. $500. Date awarded at 100.25 the $6,000 5% coup. tax-free bldg. bonds which were offered on May 3-V. 100, p. 1278. Duo $500 yriy. in June from 1917 June 1 1915. Int. ann. at above bank in N. Y. exchange. Due $1,000 yearly on Jan. 1 from 1917 to 1926 incl. to 1928 incl. -BOND SALE. CANTON, Stark County, Ohio. -The following bids ATLANTIC COUNTY (P. 0. Atlantic City), N. J. -BOND SALE. On July 3 R. M. Grant & Co. of N. Y. were awarded at 104.75 and int. at were received for the six issues of bonds, aggregating $202,600, offered on .July 6.-V. 100, p. 2182: public auction an issue of $50,000 5% coup. or reg. to suit purchaser, $17,600 tax-free, tuberculosis hospital equip. bonds. There were two other bid$185,000 ders. Denom. $1,000. Date July 1 1915. Int. J. & J. Due $25,000 5% 436% , 5 Issues. 1 Issue. July 1 1940 and 1941. R. L. Day & Co. Boston *$18,029 44 $186,554 00 AUBURN TOWNSHIP (P. 0. Tiro), Crawford County, Ohio. - Well, Roth & CO., Cincinnati 18,004 80 186,618 50 BOND SALE. -On June 25 the $4,000 5% 1-5 -year (ser.) coupon road- Provident Savings Bank & Trust Co., Cincinnati_ _ 17,922 08 impt. bonds were awarded to the Mansfield Savings Bank of Mansfield A. E. Aub & Co., Cincinnati 186,517 20 at par. -V. 100, p. 1944. C. E. Denison & Co., Cleveland *188,535 35 AUGLAIZE COUNTY (P. 0. Wapakoneta), Ohio. -BOND OFFER- Tillotson & Wolcott, Cleveland 18,007 50 187,608 50 ING. -Bids will be received until 12 m. July 16 by F. W. Langhorst, Spitzer, Rorick & Co., Toledo 187,535 50 County Auditor, for $23,000 5% Rapp pike-impt. bonds. Auth. Sec. Geo. B. Gibbens & Co., New York 17,872 80 6956-15, Gen. Code. Denom. $1,000. Date July 11915. Int. M. & S. * These bids were successful. Due $2,000 on March 1 and Sept. 1 1916 and 1917 and $3,000 each six (P. 0. -BOND OFFERING.months from March 1 1918 to March 1 1920, inclusive. Certified check J.CARBON COUNTY Clerk, Red Lodge), Mont. will E. Deegan, County for 2% of bonds bid for, payable to County Treasurer, required. Bonds to stated, for $46,000 5% 20-year receive bids until 2 p. m. Aug. 3, it is be delivered and paid for within ten days from time of award. Purchaser Certified check for $2,000 required.refunding bonds. Int. semi-annual, to pay accrued interest. CARLTON, Yamhill County, Ore. -BOND SALE. -The two issues DAGGS, Carbon County, Wyo.-BOND SALE. -The two issues of 6% coupon bonds, aggregating $6,000, were awarded about May 27 to of 6% street-paving bonds, aggregating $13,324 92, offered on Feb. 10, were awarded to T. B. Bidwell on March 20-V. 100, p.492. These bonds James N. Wright & Co. of Denver at par. -V. 100. p. 244. are dated Jan. 16 1915. BARBERTON, Summit County, Ohio. -BOND SALE. -On Juno CARROLL COUNTY,(P. 0. Delphi), Ind. -BOND SALE. -On June 29, the two issues of 5% coup. Wooster road impt. bonds aggregating 29 the four issues of 434% highway impt. bonds aggregating $24,600 were $6,400 were awarded to the Provident Says. Rank & Trust Co. of Cin- awarded to the Fletcher American Nat.Bank of Indianapolis for $24,636 25 cinnati at 100.10 and int.-V. 100. D. 2181. There were no other bidders. (100.143) and int.-V. 100, p. 2182. Other bidders were: BAYONNE SCHOOL DISTRICT (P. 0. Bayonne), Hudson County, Breed, Elliott & Harrison IJ. P. Wild & Co. Indpls.--$24,613 50 N. J. -According to reports, the Board of -BONDS AUTHORIZED. Indianapolis $24,630 Miller & Co Indpis. 24,610 00 School Estimate on July 6 authorized the issuance of $631,000 schoolCARTER COUNTY (P.O. Elizabethton), Tenn. -BONDS AUTHORimprovement bonds. IZED. -Newspaper reports state that the County Court authorized the BEAVERTON SCHOOL DISTRICT (P. 0. Beaverton), Washing- Issuance of $365,000 road bonds on July 5. ton County, Ore. -BONDS VOTED. -At a recent election the proposiCASSOPOLIS SCHOOL DISTRICT (P. 0. Cassopolis), Cass tion to issue $23,500 high-school-bldg. bonds received a favorable vote, County, Mich. -The Detroit Trust Co. of Detroit has -BOND SALE. according to reports. been awarded the $8,000 5% site-purchase and building bonds mentioned -BOND ELECTION. BEEVILLE, Bee County, Tex. -We me advised that an election will be held July 12 to vote on the question ofissuing $15,- in V. 100, p. 325. 000 5% 10-30 yr. (optional) sewerage-system bonds. CECIL COUNTY (P. 0. Elkton), Md.-BOND OFFERING. -It is -BOND ELECTIONPOSTPONED BELDING, Ionia County, Mich. .- stated that W. C. Martindell, Clerk of Board of County Commissioners, which was to have been held June 21 to vote will receive bids until 12 iii. July 15 for $25,000 5% 23-year highway bonds. Reports state that the election Interest semi-annual. Certified check for 10% required. on the question of issuing the $26,000 street-impt. (city's share) bonds has been postponed until July 12.-V. 100, p. 2099. CHAMPAIGN SCHOOL DISTRICT (P. 0. Champaign), Champaign -On June 21 the $30,000 434% school laonds BENTON COUNTY (P.O. Fowler), Ind. -BOND SALE. -BOND SALES. -On June County, Ill. 30 the two issues of 434% 5%-yr. average highway impt. bonds aggregating offered without success on June 10 were awarded to H. T. Holtz & Co. of $12,780 were awarded to the Pletcher American Nat. Bank of Indianapolis Chicago for $30,113 (100.376) and int., it is stated. -V.100, p. 2100. for $12,792 50 (100,097) and int.-V. 100, p. 1281. Date June 15 1915. CHAPEL HILL GRADED SCHOOL DISTRICT (P. 0. Chapel Hill). Int. M.& N. Duo each six months from May 15 1916 to Nov. 15 1925,incl. Orange County, No. Caro. -BOND SALE. -On June 30 the $35,000 The two issues of 4%% road bonds, aggregating $20,620,offered but not sold on Mar. 16, were disposal of at par and int. on Mar. 30.-V. 100, p. 30-year couon building bonds were awarded to Sidney Spitzer & Co. of Toledo for 36,500 (104.285) and int., as 6s -V. 100. p. 1945. The fol1186. lowing are the other bids received. BERGEN COUNTY (P.O. Hackensack), N.J. -BOND OFFERING. Chic_$36,495 John Nuveen & Co., Chic_ _$35,425 Newspaper dispatches state that bids addressed to H. A. Shuart, Clerk of C. W. McNear & Co., PrudA. J. Hood & Co., Detroit-35,401 Board of Chosen Freeholders, will be considered until 12 on. July 19 for Hoehler, Cummings & 36.428 Wachovia i3ank & Trust Co., den, Toledo $162,000 4%% semi-annual bridge bonds. R. M. Grant & Co., Chic- 36,181 Winston-Salem 35,358 BIRMINGHAM, Oakland County, Mich. -BOND SALE. 36,006 Terry, Briggs & -The De- C. H. Coffin Chicago &, 35,100 troit Tr. Co. of Detroit has been awarded the $23,300 paving and $8,400 Well, Roth Co., Cincinnati 35,750 Stacy & Braun,Slayton, Tol. 35,042 Cincinnat4.sewer 4 % 20 -year bonds voted Mar. 8. We were not advised as to the interest rates on above bids. Bond Proposals and Negotiations this week have been as follows: 148 [vol.. 101. THE CHRONICLE _ -On July 6 the $9,450 assess. portion bonds. Denom. (1) $450, (18) $500. Due $450 -BOND SALE. CHARDON, Geauga County, Ohio. Oct. 1 1916 $1,000 yearly on Oct. 1 from 1917 to 1924 incl. and -year (average) coupon sewerage and sewage-treatment $70,000 53 % 20 $1000 April 1 1925. bonds were awarded to Hayden, Miller & Co. of Cleveland at 105.56 and 54,538 county's portion bonds. Denom. (1) $1,538, (53) $1,000. Due V. 100, P. 2182. Other bidders were: interest. $1.538 Oct. 1 1916, $3,000 Oct. 1 1917 and 1918, $4,000 Oct. 1 Well. Roth & Co., Cincin_ _473,577 Spitzer, Rorick & Co., Tol_ _$72,351 1919 and 1920, $5,000 Oct. 11921, $6,000 Oct. 1 1922 and $7,000 Terry, Briggs & Slayton, Tol. 72,289 Bolger, Mosser & Willaman, each six months from Oct. 1 1923 to April 1 1925 incl. 72,975 Seasongood & Mayer, Chi_ __ 72,202 Chicago Date June 15 1915. Prin. and semi-ann. interest April 1 and Oct. 1, 72,709 Breed, Elliott & Harrison, Sidney Spitzer & Co 72,100 payable at office of Co. Treas. An unconditional certified check on a bank Cincinnati 72,500 Otis & Co., Cleveland of bonds bid for, 72,380 Chardon Say. Bk., Chardon_ 72,000 other than the one making the bid, for 1%delivered and paid payable to Stacy & Braun, Toledo for within County Treasurer, required. Bonds to be CHARLESTOWN SCHOOL TOWNSHIP (P. 0. Charlestown), 10 days from time of award. Purchaser to pay accrued interest. Separate will be received by -Bids -BOND OFFERING. Clark County, Ind. bids must be made for each issue. Similar issues of bonds were offered C. F. Pangburn, Township Trustee, until 2 p. m. July 16 for $24,000 4%% on June 16.-V. 100, p. 1946. school bonds. Denom. $800. Interest semi-annual. Due $800 each six E. G. Krause, Clerk of Board of County Commissioners, will receive bids months from July 15 1916 to Jan. 15 1931, inclusive. until 10 a. m. July 21 for $23,582 5% coup. Chagrin Falls-Greenville roadCHATFIELD SCHOOL DISTRICT (P. 0. Chatfield), Fillmore improvement bonds. Auth. Secs. 1178 to 1231, Gen. Code. Denom. 1 for -BONDS VOTED -This district on June 15 voted in $52, 23 for $1,000. Date June 1 1915. Principal and semi-ann. int.Count , Minn. -payable at office of County Treasurer. Due on April 1 as favor, It is reported, of the question of issuing the $45,000 school-bldg. A. & 0. -V. 100, P. 2025. follows: $582 1916, $2.000 1917 and 1918, $3,000 1919 and 1920. $4,000 and repair bonds. Chatfield), Crawford County, 1921 and 1922 and $5,000 in 1923. An unconditional certified check on a CHATFIELD TOWNSHIP (P. 0. -Proposals will be received until 12 m. July 19 bank other than the one making the bid, for 1% of bonds bid for, payable -BOND OFFERING. Ohio. Bonds to be delivered and paid for within by Daniel Regula, Clerk of Twp. Trustees, for $13,500 5% coupon pike- to County Treasurer, required. Purchaser to pay accrued interest. Auth. Secs. 6976 to 7018 Gen. Code. 10 days from time of award. road-improvement. bonds. Denom. $500. Date June 1 1915. Prin. and semi-ann. int., payable DADE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 7 (Silver -An election will be held July 17 to vote A. & 0. at office of Twp. Trustees. Due $1,500 April 11931,$2,000 each Palm), Fla. -BOND ELECTION. six months from Oct. 1 1931 to Oct. 1 1933, incl., and $1,000 on April 1 on the question of issuing $25,000 6% building and equipment bonds. and Oct. 1 1934. Cert. check on a Crawford County bank for $200, -The Dallas City Bank -BOND SALE. DALLAS, Polk County, Ore. payable to above Clerk; required. Bonds to be delivered and paid for was awarded on Jan. 11 an issue of $3,985 25 6% 1-10-year (opt.) impt. within 10 days from time of award. Purchaser to pay accrued interest. at par. Denom. $100. Date Sept. 25 1914. Int. M. & S. bonds -Proposals CHERAW TOWNSHIP,(P. 0. Cheraw), Chesterfield County, So. -BOND OFFERING. DALTON, Wayne County, Ohio. -Proposals will be received until July 15 -BOND OFFERING. Carolina. will be received until 12 m. July 15 by Ernest F. Scott, Village Clerk, for be opened at 3 p.m.) by Edward McIver, Atty.. for $25,000 59' 25-yr. $2,400 4%% water-works-impt. bonds. Auth. Sec. 3939, Gen. Code. (to by vote of 138 to 55 at an election coupon road impt. bonds authorized Denom. $600. Date June 1 1915. Int. J. & D. Due $600 yearly on held May 4. Denom. $1,000, or to suit purchaser. Date July 1 1915. Sept. 1 from 1919 to 1922 incl. Certified check for 10% of bonds bid for, Int. ann. July 1 in New York. Cert. check for $500 payable to the Board payable to Village Treasurer, required. Bonds to be delivered and paid for of Public Works required. Purchaser to pay accrued int. and for printing within 10 days from time of award. Purchaser to pay accrued interest. bonds. The township has no bonded debt. Assess. value property 1914, -BOND SALE. DAVIESS CODNTY (P. 0. Washington), Ind. $1,317,570. average coupon highway-imnt. 43 % / -On July 7 the On June 30 the nine issues ofwere 531-yr.to the Fletcher American Nat. -BOND SALE. CHICOPEE, Hampden County, Mass. awarded were bonds, aggregating $31,020, following four issues of 4% coup. bonds, aggregating $143,300, Bank of Indianapolis for $31,036 25 (100.052) and int.-V. 100, p. 2182. awarded to Estabrook & Co. of Boston at 100.27: There were three other bidders. $85,000 school bonds. Denom. $1,000. Due $5,000 yearly on July 1 -BOND OFFERING. -Bids will be received until DAYTON, Ohio. from 1916 to 1920 incl. and $4,000 yearly on July 1 from 1921 to 0 12 m. July 27 by Hugh E. Wall, City Accountant, for $135,000 4%7 coup. 1935 incl. bonds. Denom. $1,000. Due $8,700 July 1 1916 and water-works-ext. and impt. bonds. Denom. $1,000. Date June 1 1915. 39,700 pavement -payable in N. Y. City. Due June 1 Prin. and semi-ann. imt.-J. & D. $8,000 on July 1 1917, 1918 and 1919. Ac9,300 pavement bonds. Denom. 1 for $1,300,8 for $1,000. Due $2,300 1940. Certified check on a national bank for $6,750, payable to CityThe July 11916, $2,000 July 1 1917, 1918 and 1919 and $1,000 July 1 countant, required. Bonds to be delivered and paid for on Aug. 2. fureit3;.Sanders & Dempsey of Cleveland will be o as lo by a ed l aroviacillinern oftgcrire 1920. 9,300 additional departmental-equipment bonds. Denom. 1 for $1,300, 8 for $1,000. Due $2,300 July 1 1916. $2,000 July 1 1917, 1918 -BOND SALE. DEFIANCE COUNTY (P. 0. Defiance), Ohio. and 1919 and $1,000 July 1 1920. On June 28 an issue of $9,100 5% road bonds was awarded, it is stated, to July 1 1915. Int. payable J.& J. at Old Colony Trust Co., Boston. Stacy & Braun of Toledo. Denom. 8 for $1,000 and 1 for $1,100. Date Date The other bidders were: July 10 1915. Prin. and semi-ann. Int., M.& S., payable at Co. Treasury. Millett, Roe & Hagen, Bost_100.2151R. L. Day & Co., Boston_ _100.099 Due one bond yearly on Sept. 1 from 1916 to 1924 incl. E.M.Farnsworth& Co.,Bos.100.19 Blodgett & Co., Boston....-100.04 -It is stated that R. Daoust, County Aud., will BOND OFFERING. & Co., Bost_100.029 Curtis & Sanger, Boston_ _ _ _100.101 Merrill, Oldham -year average semi-ann. receive bids until 12 m. July 19 for $17,500 6% 16 CHILLICOTHE SCHOOL DISTRICT (P. 0. Chillicothe), Ross ditch bonds. Cert. check for $500 required. -Proposals will be received until -BOND OFFERING. County, Ohio. Proposals will be considered until 12 m. July 29, reports state, by the 12 m. July 15 by Burton E. Stevenson, Clerk Bd. of Ed., for $15,000 5% County Auditor, for $17.000 5% 4 2 -3-year (aver.) semi-ann. ditch bonds. coup. improve. bonds. Auth. Secs. 7629 and 7630 Gen. Code. Denom. A cert. check for $500 is required. $500. Date July 15 1915. Int. J. & J. Due $500 each six months from -BOND SALE. -On Auburn), Ind. DE KALB COUNTY (P. 0. Mar. 1 1921 to Sept. 1 1935 incl. Cert. check for 2% of bonds bid for, 30 the two issues of 434% highway-impt. bonds aggregating $21,600 payable to Dist. Treas., required. Bonds to be delivered and paid for June awarded to the American Mortgage Guarantee Co.for $21,628-equal Int. were within 10 days from time of award. Purchaser to pay accrued in to 100.129.-V. 100, p. 2183. Other.bidders were: payable at Dist. Treas. office. *$21,630 F. Wild & Co., Indianapolis -BONDS VOTED. -An J. 21,622 CLARKSDALE, Coahoma County, Miss. Fletcher American Nat. Bank, Indianapolis 21,622 election held June 22 resulted, it is stated, in favor of the question of issuing Breed, Elliott & Harrison, Indianapolis 21,620 $150,000 municipal improvement bonds. Miller & Co., Indianapolis *This bid was on condition that bonds were of one issue. CLAY COUNTY (P. 0. Liberty), Mo.-BOND ELECTION PRO-On -BOND SALE. -Reports state that this county is contemplating the calling of an POSED. DELAWARE COUNTY (P. 0. Muncie), Ind. the proposition to issue $500.000 road-construe. bonds. July 7 the $3,760 43 % 54-year average highway-improvement bonds were election to vote on -V.100, p. 2183. CLAYTON, St. Louis County, Mo.-PRICE PAID FOR BONDS.- awarded to the Fletcher Am. Nat. B.k of Indianapolis. The price paid for the $10,000 5% fire-apparatus-purchase bonds awarded DES MOINES INDEPENDENT SCHOOL DISTRICT (P. 0. Des -On June 29 $40,000 reon June 8 to Altheimer-Rawlings Investment Co. of St. Louis, was 104.76 -BOND SALE. Moines), Polk County, Iowa. V. 100, p. 2182. Denom.$1,000 and $2,000. Interest semi-annual. Duo funding bonds were sold at public auction to R. M.Grant & Co. of Chicago, serially from 1918 to 1935. It is stated, for $40,125 (100.312) and interest. -On -BOND SALE. -On July 1 this city sold through a CLERMONT COUNTY (P. 0. Batavia), Ohio. -BOND SALE. DETROIT, Mich. -year coup. or reg. (option of owner) gradeJune 28 an issue of $20.000 5% bridge bonds maturing in 1939 was awarded broker, it is stated, $50,000 30 to Tillotson & Wolcott Co. of Cleveland at 103.53. Other bidders were: bonds at 4.20% int. These bonds with an issue of $500.000 separation 320,542 school bonds were offered without success on June 15.-V. 100, p. 2100. J. C. Mayer & Co., Cincin.420,692 Stacy & Braun Toledo Well, Roth & Co., Cincin___ 20,666 Field, Richards & Co.,Cinc 20,530 DUNBAR SCHOOL DISTRICT (P. 0. Dunbar), Otoe County, Neb. 20,495 A. B. Leach & Co., N. Y-___ 20,631 A. E. Aub & Co., Cincin car-The question VOTED. 20,433 -BONDSstated, at an election heldof issuing $25,000 building bonds Davies-Bertram Co., Cinc__ 20,615 Spitzer, Rorick & Co., Tol June 29. ried, it is 20,429 Prov. S. B.& Tr. Co., Cinc__ 20,606 Sidney, Spitzer & Co., Tol -BOND ELECTION. DUVAL COUNTY (P. 0. San Diego), Texas. 20,201 Brighton-German Bk., Cinc_ 20,571 Milford Bank The proposition to issue $100,000 court-house-erection bonds will be subSeasongood & Mayer, Cinc__ 20,552 mitted to a vote, reports state, on July 20. Denomination $500. Interest J. & D. EAST CLEVELAND CITY SCHOOL DISTRICT (P. 0. Cleveland), CLINTON SCHOOL DISTRICT, (P. 0. Clinton), Custer County, -Charles Ammerman, -BOND OFFERING. -The price paid for the $20,000 59 Cuyahoga County, Ohio. -PRICE PAID FOR BONDS. Okla. on June 17 to R. J. Edwards of Oklahoma Clerk of 13(1. of Ed., will receive bids until 12 m. July 17 for $150,000 5% 20-yr. building bonds awarded -year building bonds. Auth. Secs. 7625 to 7627 inel., Gen. Code. City was $20,027 50 (100.137), a basis of about 4.99%-V. 101, p. 61. 20 Denom. $1,000. Date, day of sale. Int. semi-annually at Superior Says. Denom. $1000. Date May 20, 1915. Int. M. & N. County bank for 10% -BONDS AWARDED & Tr. Co., Cleveland. Cert. check on a Cuyahoga COLLIN COUNTY (P. 0. McKinney), Tex. Dist. No. 4 and $200,000 Dist. No.8 5% 20-40- of bid, payable to above Clerk, required. -The $375,000 IN PART. (P. 0. East Dubuque), EAST DUBUQUE SCHOOL DISTRICT yr. (opt.) good-road bonds offered without success on May 6 have been -On July 1 the $12,000 5% reg. -BOND SALE. -V. 100, p. 1690. Jo Daviess County, Ills. disposed of, reports state. & Co. of Chicago The $90,000 5% 20-40-yr. (opt.) Dist. No.9 good-road bonds also offered bulicling-addition bonds were awarded to Kissel Kinnicuttwere eleven other - for $12,061 (100.508) and int.-V. 100, p. 2026. There without success on May 6, have not yet been sold, according to reports. bidders. V. 100, 13. 1690 . -BONDS AUTHORIZED. -An EAST ORANGE, Essex County. N. .T. COLLINGSWOOD SCHOOL DISTRICT, (P. 0. Collingswood), -TO SELL AT PRIVATE ordinance was passed by the City Council on June 29 providing for the is-BONDS NOT SOLD. Camden County, N. J. -No sale was made on July 1 of the $75,000 43.5% 5-29-yr. serial suance of the $125,000 4%% coup. (with privilege of registration) water SALE. coupon or reg. school bonds offered on that day -V.100,p. 2182. Denom. distributing-system bonds, Series 7, mentioned in V. 101, p. 62. Denom. 1915. Int. J. & J. at Collingswood Nat. Bank, 1,000. Date Aug. 1 1915. Int. payable semi-annually. Due 345,000 $1,000. Date July 1 Collingswood. Due $3,000 yearly from 1920 to 1944, incl. These bonds Aug. 1 1925 and $4,000 yearly on Aug. 1 from 1926 to 1946 Incl. will now be sold at private sale. EAST STROUDSBURG SCHOOL DISTRICT (P. 0. East Strouds-BOND OFFERING. -Reports state that CONCORD SCHOOL TOWNSHIP (P. 0.Elkhart), Elkhart County, burg), Monroe County, Pa. -On June 26 the $2,300 5% 12-year school bonds proposals will be received until July 15 by F. B. Michaels, Dist. Treas., for Ind. -BOND SALE. -20 $50,000 4%% semi-ann. 10 -year optional school bonds. were awarded to Benj. F. Everett at 103.25. Other bids were: $2,320 Breed, Elliott & Harrison, Indianapolis -BOND OFFEREAST YOUNGSTOWN, Mahoning County, Ohio. 2,311 ING. Fletcher-American National Bank, Indianapolis -Bids will be received until 12 m. July 26 by C. B. Anderson, Village 2,300 Clerk, for the following 5% road-improvement bonds. E. M. Campbell Sons & Co., Indianapolis Denom. $100. Date June 26 1915. Int. J. & D. $2,800 Warhurst road bonds. Denom. 5 for $500, 1 for $300. Due $500 -BOND SALE. --On June 14 $30,000 yearly on Sept. 1 from 1915 to 1919 Incl. and $300 Sept. 11920. COQUILLE, Coos County, Ore. -20 6% 5 -year (opt.) funding bonds were awarded to Sweet, Causey, Foster 2,500 Devitt St. impt. bonds. Denom. $500. Due $500 yearly on & Co. of Denver. Denom. $1,000. Date July 1 1915. Int. J. & J. April 1 from 1916 to 1920 incl. Those bonds were voted at an election held May 10 Auth. Secs. 3914 and 3821. Gen. Code. Certified check for 5% of bonds -BOND SALE. -The First Nat. bid for, payable to Village Treasurer, required. Bids must be uncondiCROSSVILLE, White County, Ills. -year ticinal. Separate bids must be made for each issue. Bank of Crossville was awarded at par about May 1 the$2,5006%10 -A vote will be street-improvement bonds voted Jan. 12.-V. 100, p. 325. Denom. $250. -BOND ELECTION. ELGIN, Bastrop County, Tex. Date March 11915. Int. ann. on March 1. taken on July 16 on the question of issuing $11,000 5% 20-40-yr. (opt.) CULLISON SCHOOL DISTRICT (P. 0. Cullison), Pratt County, water works-construction bonds. -At a recent election the question of issuing -An -BOND ELECTION. Kans.-BONDS VOTED. ELLENSBURG, Kittitas County, Wash. $18,000 high-school-bldg. bonds carried, it is stated, by a vote of 128 to 87. election will be held July 20, it is stated, to vote on the question of Issuing - $100,000 funding bonds. -BOND1 SALE. CUMBERLAND COUNTY(P.O.Portland), Maine. On July 1 the $25,000 49' 35.-yr county-farm bonds were awarded to ELLSWORTH, Pierce County, Wisc.-BOND OFFERING.-ProHornblower & Weeks of Boston at 101.152-a basis of about 3.92% • osals will be received until July 24 by C. B. Wood, Village Clerk, for the V. 100, p. 2100. Other bids were: 7,000 5% water-works-ext. bonds voted Juno 15. V. 100, p. 62. Due _100.29[N. W. Harris & Co., Bost_ -100.029 Morrill,Oldham & 500 yearly from 1 to 14 years incl. Co.,Bost_Donom. $1,000. Date July! 1915. Int. J. & J. -BOND ELECTION. EL PASO COUNTY (P. 0. El Paso), Texas. CURLEW SCHOOL DISTRICT (P. 0. Tarpon Springs), Pinellas 3, it is reported, to submit to the voters the -According to reports, An election will be held Aug. road and $100,000 poor-farm bonds. -BOND ELECTION PROPOSED. Fla. County, propositions to issue $750,000 this district will hold an election to vote on the question of issuing $5,000 building bonds. EVANSVILLE SCHOOL CITY (P. 0. Evansville), Vanderburgh -On July 6 the $150,000 4% 11%-year -BOND SALE. -BOND OFFER- County, Ind. CUYAHOGA COUNTY (P. 0. Cleveland), Ohio. -Proposals will be received until 10 a. m. July 17 by E. G. Krause, (aver.) gold coup. school bonds were awarded to the City Nat. Bank of INGS. County Commissioners, for the following 5% coupon Evansville for $151.125 (100.748) and Int.-a basis of about 3.92%.Clerk of Board of V. 100, p. 2101. Cleveland-East Liverpool road-improvement bonds: f JULY 10 1915.1 THE CHRONICLE -An election -BOND ELECTION. EVEREST, Brown County, Kan. will be held July 13, it is stated, to vote on the question of issuing $10,000 electric-light-plant bonds. -BOND SALE. FARIBAULT COUNTY (P. 0. Blue Earth), Minn. On June 12 the $77,000 5% 1136-year (aver.) drainage bonds were awarded -equal to to the Minnesota Loan & Trust Co., Minneapolis, for $79,255 102.928. Other bids were: $79,250 White, Grubbs & Co., St. Paul 77,875 A. B. Leach & Co., Chicago 77,810 Bolger, Mosser & Willaman, Chicago Denom.$500 and $1,000. Date July 11915. Int. J. & J. -BOND SALE. FAYETTE SCHOOL TOWNSHIP, Vigo County,Ind. -On June 29 the $22,500 436% 5 Y,-year average school bonds were to Miller & Co. of Indianapolis for $22,500 (102.277) and int. and awarded -a basis of about 4.05%.-V. 100, p. 2101. printing of bonds -BIDS REJECTED' FENTRESS COUNTY (P.O. Jamestown), Tenn. -40 -All bids received for the $150,000 5% 20 -year (opt.) road bonds offered on July 3 were rejected. The issue will be re-advertised shortly. -BOND FERRY COUNTY SCHOOL DISTRICT NO. 6, Wash. -On Juno 19 $5,000 5 SALE. -10-year (opt.) site-purchase and building bonds were awarded to the State of Washington at par for 536s. Jas. N. Wright & Co. of Denver bid par for 6s. Denom.$500. Int. ann. in July. -Bids will -BOND OFFERING. FINDLAY, Hancock County, Ohio. be received until 12 m.July 14 by R.0. Mungen,City Auditor,for 17 issues Date May 25 1915. of 5% street-improvement bonds,aggregating $32,010* Int. M.& N. Due one bond of each issue yearly on May 25 from 1916 to 1925 incl. Certified check for 3% of bonds 'bid for, payable to City Treas., required. Bonds to be delivered and paid for within 10 days from time of award. Purchaser to pay accrued interest. -Proposals will be received until 12 m. July 26, it BOND OFFERING. is stated, by R. 0. Mungen, City Aud., for $19,877 5% seml-ann. impt. bonds. Cert. check for 3% required. -BOND ELECTION PROPOSED. FLEETWOOD, Berko County, Pa. -The question of issuing $30,000 improvement bonds will be submitted to the voters in the near future, according to reports. -BOND OFFERING.FLORENCE, Florence County, So. Caro. Reports state that proposals Will be received until Aug. 4 by W. R. Barringer, Mayor, for $40,000 street-improvement, $140,000 refunding and $52,000 school-building bonds voted June 30.-V. 100, p. 1770. FORT PIERRE, Stanley County, So. Dak.-BOND OFFERING. Proposals (sealed or verbal) will be received until 2 p. m. Aug. 24 by M.P. Kennedy, City Aud., for $35,000 20-year coupon funding bonds at not exceeding 5% int. Denom. $500. Date July 11915. Int. J. & J. at the Continental & Commercial Nat. Bank, Chicago. Cert. check (or cash) for $200 required. Bonded debt, exclusive of this issue, $45,500. Floating debt, $50,000. Sinking fund, $14,000. Assess. val. 1914, $725.143. Total tax rate (per $1,000), $33. FRANKENMUTH TOWNSHIP (P. 0. Frankenmuth), Saginaw County, Mich. -BOND SALE. -Local investors have purchased the $10,0004% road bonds which were offered on Apr. 15-V. 100,p. 1281. Date Mar. 15 1915. FREMONT COUNTY SCHOOL DISTRICT NO. 35 (P. 0. Dubois), -On June 19 the $1,800 6% coupon building bonds Wyo.-BOND SALE. were awarded to the Wyoming Trust & Say. Bank of Cheyenne for $1,827 -equal to 101.50-V. 100, p. 2101. James N. Wright & Co. of Denver bid par. -On July 6 the two -BOND SALE. FULTON, Oswego County, N. Y. issues of reg. local-impt. bonds aggregating $59,405 24 were awarded as follows (V. 101, p. 62): $46,262 87 city's portion bonds to Harris, Forbes & Co. of N. Y. at 100.33 for 4.50s. 13,142 37 assess. portion bonds to H. A. Kahler & Co. of N. Y. at 100.01 for 4.90s. The other bidders were: Rate. Amt.of Issue. Price. $46,262 87 100.297 4.50s A.D. Leach & Co., Now York 13,142 37 100.379 5.00s 4.50s 46,262 87 100.03 Geo. B. Gibbons & Co., New York 5.00s 13,142,37 100.03 -The SALE. -BOND FULTON COUNTY (P. 0. Wauseon), Ohio. following bids were received on July 7 for the two issues of 5% coup. road bonds offered on that day: Both Issues. $38,500 $9,500 Road No.68. Road No.67. Premium. $264 00 Cincinnati Well, Roth & Co., 163 00 Seasongood & Mayer, Cincinnati..___ _ _ 292 60 Providence Say. Bk. & Tr., Cincin___$38,792 60 338 00 Hayden, Miller & Co., Cleveland_ _ _ _ 38,835 00 $9,503 00 498 25 *38,961 00 *9,537 25 Ohio National Bank, Columbus 159 92 38,648 16 9,511 76 Stacy & Braun, Toledo 256 00 Security Say. Bk. & Tr. Co., Toledo.. 38,756 00 38,869 00 370 00 9,511 00 Davies, Bertram & Co., Cincinnati 95 00 9,500 00 Spitzer, Rorick Tr.& Say. Bk., Toledo 38,595 00 38,650 00 9,501 00 151 00 Otis & Co., Cleveland * Both Issues awarded to Ohio National Bank, Columbus. -BOND SALE. -On July 6 the GALION, Crawford County, Ohio. 7 $10,000 51 1336-year average fire-engine-purchase bonds were awarded to the Provident Savin s Bank & Trust Co. of Cincinnati at 102.22 and int., a basis of about 4.77-V. 100, _,13. 2183. The other bidders were: J. 0. Mayer & Co., inc_$10,217 00 Tillotson& Wol.Co.,Clev.$10,151 00 Well, Roth & Co., Cinc_- 10,206 00 Seasongood&Mayer,Cinc. 10,132 00 Brighton Ger. Bk., Cinc_ 10,205 50 Otis & Co., Cleveland..___ 10,125 00 Ohio Nat. Bank, Colum__ 10,201 50 IIoehler, Cummings & 10,081 00 Prudden, Toledo Davies-Bertram Co., Tol_ 10.181 00 Sidney Spitzer & Co., Tol_ 10,177 00 Spitzer, Rorick & Co.,Tol. 10,040 00 10,026 00 iller&Co..Clev. 10,160 00 First Nat. Bank, Galion Hayden, All bids provided for the payment of accrued interest. -According -BONDS NOT SOLD. GENEVA, Ottawa County, Ohio. to reports, no bids were received on June 24 for the 6 issues of 5% coup. street-impt. bonds aggregating $12,500, offered on that day. V. 100, p. 1947. -BONDS VOTED.-According to a "LivingGENOA TOWNSHIP, Ill. ston" newspaper, this township at an election held June 24 voted 89 to 36, in favor of the issuance of $8,000 trunk line road-improvement bonds. -On Juno 28 the -BOND SALE. GLENCOE, McLeod County, Minn. $10,000 5% 1036-year (aver.) sewerage-system-construction bonds were awarded to C.0. Kalman & Co. of St. Paul at 101.15 and int. V. 100, P. 2101. Purchaser to furnish blank bonds. Other bids were: 100 Minn. L. & T. Co., Minneap.101.091F. E. Magraw, St. Paul Kissel, Kinnicutt & Co., Chic 100.72 White, Grubbs & Co., St. Paul 99.85 96.61 Bolger,Mosser& Willa man,Ch_ 100.15 C. H. Coffin, Chicago GOFF, Nemaha County, Kans.-BOND ELECTION PROPOSED. Reports state that this town is agitating the calling of an election to vote on the issuance of electric-light-system bonds. GRANDVIEW HEIGHTS (P. 0. Columbus), Franklin County, -On June 29 the $28,000 assessment and $1,700 -BOND SALE. Ohio. village's portion 5% coupon street-impt. bonds wore awarded to the Central Nat. Bank of Columbus at 100.25 and int.-V. 100, p. 2183. There were no other bidders. -On June 29 -BOND SALE. GRANT COUNTY (P. 0. Marion), Ind. the two issues of 436% 5)-yr.(aver.) coupon highway-impt. bonds, aggregating $25,000, were awarded to J. F. Wild & Co. of Indianapolis at 100.129 and int., a basis of about 4.475%.-V. 100, p. 2183. There were three other bidders. -BOND GRANT COUNTY SCHOOL DISTRICT NO. 57, Wash. -On June 12 $1,200 1-10-year Opt.) building bonds were awarded SALE. to the State of Washington at par for 5365. There were no other bidders. Denom. $200. Date Juno 12 1915. Int. ann. Juno 12. GRATIS VILLAGE SCHOOL DISTRICT (P. 0. Gratis), Preble -On July 3 the $35,000 5% coup. school -BOND SALE. County, Ohio. -V. 100, bonds were awarded to Hoehlor, Cummings & Prudden of Toledo -equal to 100.365. Two other p. 2183. The price is reported as $35,128 bids were received -Ac-BOND ELECTION. GREEN CAMP, Marion County, Ohio. cording to newspaper reports, the question of issuing $5,000 electric-lightplant bonds will be submitted to a vote on July 17. 149 -BOND ELECTION. GREENSBORO, Guilford County, No. Caro. The election to determine whether or not this city shall issue $60.000 coupon school-building bonds will be held July M. V. 100, p. 2101. Denom. $1,000. Date July 1 1915. Due $2,000 yearly July 1 from 1916 to 1945, inclusive. GREENSBURG SCHOOL CITY (P. 0. Greensburg), Decatur -On June 24 the $2,500 436% 10 -BOND SALE. -year County, Ind. refunding bonds were awarded to W.W.Bonner at 100.60-a basis of about 4.415%. Denom. $500. Date July 11915. Int. J. & J. GREENVIEW SCHOOL DISTRICT (P. 0. Greenview), Menard -On June 18 the $15,000 5% building bonds -BOND SALE. County, Ills. voted April 10 were awarded to the First State Bank at 100.30.-V. 100, p. 1453. Denom. $500. Date Ju.y 1 1915. Int. ann. on July 1. Due $1.500 yearly from 1916 to 1925 incl. -Reports GRETNA, Jefferson Parish, La. -BONDS PROPOSED. state this city is contemplating the issuance of $50,000 water-systeminstallation bonds. GROSSE POINTE TOWNSHIP SCHOOL DISTRICT NO. 1 (P. 0. -BOND ELECTION. Grosse Pointe), Wayne County, Mich. -An election will be held July 12 to submit to the voters the question of issuing the -V. 100, p. 1691. $30,000 436% 15-year improvement bonds. GRUNDY CENTER INDEPENDENT SCHOOL DISTRICT (P. 0. Grundy Center), Grundy County, Iowa. -BOND ELECTION. -The question cf issuing $85,000 building bonds will be submitted to a vote on July 19, acccrding to reports. GUADALUPE COUNTY (P. 0. Sequin), Tex. -BONDS VOTED. The election held in Precinct No. 4 on June 27 resulted, it is stated, in a vote of68 to 27 in favor of the proposition to Issue $12,500 road-impt. bonds. HAMILTON, Butler County, Ohio. -BOND OFFERING. -Bids will bb considered until July 28 by Ernest E. Erb, City Auditor, for the following 5% bonds: $6,500 Library impt. bonds. Due $1.500 May 1 1917 and $1,000 yearly on May 1 from 1918 to 1922, inclusive. 4,000 police department impt. bonds. Due $1,000 yearly on May 1 from 1918 to 1921, inclusive. Denom. $500. Date May 1 1915. Interest semi-annual. Certified check for 5% of bid, payable to City Treasurer, required. Bonds to be delivered and paid for within ten days from time of award. Purchaser to pay accrued interest. BOND SALE. -The following bids were received for the two issues Of 5% bonds, aggregating $29,000, offered on July 7.-V. 100, p. 2101$25,000 $4,000 Issue. Issue. Well, Roth & Co., Cincinnati $25,290 00 $4,001 00 Tillotson & Wolcott Co., Cleveland 25,202 00 *4,000 00 Stacy & Braun, Toledo 25.166 36 4,002 21 Spitzer, Rorick & Co., Toledo 25,145 00 Second National Bank, Hamilton 25,080 00 Hamilton Dime Savings Bank, Hamilton 4,005 00 Otis & Co., Cleveland -$29,12500* This bid includes accrued interest. HAMILTON COUNTY (P. 0. Noblesville), Ind. -BOND SALE. On June 3 the four issues of 436% highway-improvement bonds, aggregating $18,620, offered but not sold on Feb. 16, were awarded to the Citizens' State Bank of Noblesville. -V. 100, p. 573. -BOND OFFERING HAMILTON COUNTY (P.O. Cincinnati), Ohio. -Bids will be received until 12 m. July 23 by Albert Reinhardt. Clerk of Board of County Commrs., for $500,000 436% 30 -year court-house-construction bonds. Auth. Sec. 2434, Gen. Code. Denom. $500. Date -payable at office of July 1 1915. Prin. and semi-annual int.-A. & 0. County Treasurer. Certified check for 5% of bonds bid for, payable to Wm. A. Hopkins, County Treasurer, required. HAMTRAMCK TOWNSHIP SCHOOL DISTRICT (P. 0. Ham-BOND SALE. -Matthew Finn, of tramck), Wayne County, Mich. -year improvement Detroit, purchased on Dec. 15 1914 the $3,000 5% 15 bonds voted Dec. 14.-V. 99, p. 1925. Interest payable J. & D. -An electionHARLAN Harlan County, Ky.-BOND ELECTION. will be held July 12, it is reported, to submit to a vote the question of issuing $7.500 sewerage-system-installation bonds. -BOND OFFERING. -W. C. HARRIMAN, Roane County, Tenn. Anderson, Mayor, will receive sealed bids until 8 p. m. July 20, reports state, for $84,000 5% 1136-year (aver.) funding bonds. Int. semi-ann. Cert. check for 1% required. -BOND SALE. -The $1,500 HARRISON, Hamilton County, Ohio. 5% refunding bonds, Series 1. offered on April 13, were awarded on that -V. 100, p. 1281. Due $500 day to Horace G. Bowles of Harrison at par. In 18, 19 and 20 years. -BOND OFFERING. HARRISON COUNTY (P. 0. Corydon), Ind. Bids will be received until 2 p. m. July 10 by J. D. Pitman, County Treas.. -3-year (average) A. 0. Smith et al highway impt. for $2,200 436% 5 2 bonds in Harrison and Mrebster townships. Denom. $110. Date June 8 1915. Int. M. & N. Due $110 each six months from May 15 1916 to Nov. 15 1925, inclusive. -BONDS AWARDED IN PART.-Aecord, to ng HARTFORD, Conn. local newspapers of July 8, $1,425,000 of the $2,000,000 4% water bonds have been sold. This makes a total of $225,000 disposed of since our last -V. 100, p. 2184. report. -By a vote o HASTINGS, Adams County, Neb.-BONDS VOTED. -20 931 to 278 the question of issuing the $50,00010 -year (opt.) street -paving bonds at not exceeding 436% interest carried at the election held June 29.V. 100, p. 2184. A. T. Bratton is City Clerk. HASTINGS SCHOOL DISTRICT (P. 0. Hastings), Barry County, Mich. -BOND SALE. -The Detroit Trust Co. of Detroit was awarded on April 5 for $83,348, equal to 100.419, the $83,000 434% building bonds offered on that day. -V. 100, p. 1110. Denom. $500 and $1,000. Date May 1 1915. Int. M.& N. Due part yearly on Jan. 1 from 1916 to 1930 incl. -BONDS VOTED. HAWKINS COUNTY (P.O. Rogersville), Tenn. The proposition to issue $500,000 road bonds carried, reports state, at a recent election. -The quesHAYFIELD, Dodge County Minn.-BOND ELECTION. ' tion of issuing to the State of Minnesota $4.500 water-works-extension, $2,500 street-lighting-system and $5,000 refunding 4% bonds will be submitted to a vote on July 12. HAYFIELD TOWNSHIP SCHOOL DISTRICT NO. 76 (P. 0. Hay-BOND ELECTION. -An election will be field), Dodge County, Minn. held July 12 to vote on the question of issuing to the State of Minnesota $2,000 4% building bonds. HIGHLAND PARK SCHOOL DISTRICT, Wayne County, Mich. -The Highland Park State Bank of Highland Park has been BOND SALE. awarded the two is.sues of school bonds, aggregating $200,000, voted -V. 99, p. 1614. Nov. 24 last. -On -BOND SALE. HIGH POINT, Guilford County, No. Caro. -year coupon funding bonds were awarded to July 6 the $60,000 5% 30 -a basis Baker, Watts & Co. of Baltimore for $60,520 (100.866) and interest of about 4.945%.-V. 100, p. 2184. -BONDS AWARDED IN HILLSBORO, Montgomery County, Ills. -We are advised that of the $9,000 (unsold portion of an issue of PART. $16,000) 5% 5-20-yr. (opt.) water bonds, $1,000 has been sold to the Hills-V. 100, p. 69. The remaining $8,000 will boro Nat. Bank of Hillsboro. be issued as the money is needed. -BOND ELECTION. -Reports state that an HILLSBOROUGH, Cal. election will be held July 19 to vote on the question of issuing $40,000 road and street-improvement bonds. HILLSBOROUGH SCHOOL DISTRICT (P. 0. Hillsborough) Cal. -The question of issuing $30,000 building bonds -BOND ELECTION. will be submitted to a vote, it is stated, on July 17. -BOND SALE. -The HOLLY SPRINGS, Marshall County, Miss. -improvement bonds $15,000 6% 10-30-year (opt.) coupon tax-free street offered on April 13, were awarded to the Hibernia Bank & Trust Co. of Now Orleans on May 1 for $15,128 12, equal to 100.854.-V. 100. p. 1281. -BOND OFFERING. HOWARD COUNTY (P. 0. Kokomo), Ind. Bids will be received by Ora J. Davies. Co. Treas., until 10 a. m. July 15, and from day to day thereafter until sold, for the following 436% highwayimprovement bonds: 150 THE CHRONICLE [VOL. 101. $8,600 Geo. Stahl road bonds in Howard Twp. Denom. $430. accrued interest. A similar issue of bonds was reported sold to the Ohio 7,400 Henry Moss road bonds in Clay Twp. Denom. $370. Nat. Bank of Columbus on June 21.-V. 101, p. 63. 7.200 Wm. M. Voorhis road bonds in Union Twp. Denom. $360. JUNCTION CITY VILLAGE SCHOOL DISTRICT (P. 0. Junction • HOWLAND TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. How- City), Perry County, Ohio. -BOND SALE. -On June 30 the $8,500 land), Trumbull County, Ohio. -BOND OFFERING. -Bids will be re- 5% 9-yr. average funding bonds were awarded, reports state, to the Belleceived until 12 m. July 26 by C. A. Haible, Clerk of I3d. of Ed.,for $35,000 ville Nat. Bank of Belleville, Pa. for $8,550, equal to 100.588. -Vol. 101, 5% bldg. and site-purchase bonds. Auth. Secs. 7629 and 7630, Gen. Code. p.KA84 21 N. E Denom. $500. Date July 26 1915. Prin. and semi-ann. int.-A. & 0. COUNTY SCHOOL DISTRICT NO. 131 (P. ci. Aurora), Ills. payable at Western Reserve Nat. Bank, Warren. Due $2,000 each six -H. 1'. Holtz & Co. of Chicago have been awarded the months from Apr. 1, 1916 to Oct. 1, 1923 incl.and $1,500 on Apr. 1 and Oct. -BOND SALE. $45,000 434% 5-yr. (aver.) site-purchase and constr. bonds offered without 1, 1924. Cert. check for $500, payable to Dist. Treas., required. success on Sept. 10 1914.-V. 100, p. 69. HUDSON, Lenawee County, Mich. -BONDS VOTED. -The question KANKAKEE COUNTY SCHOOL DISTRICT NO. 42 (Momence) of issuing $4,075 bonds carried, it is stated, at the election held June 28 -We have just been advised that tho $25,000 5% 1-10Ill. -BOND SALE. by a vote of 154 to 63. year (serial) gold building bonds offered on Feb. 2 (V. 100, 101. 416) were HUDSON COUNTY (P. 0. Jersey City), N. J. -BID REJECTED.- awarded on Feb. 26 to N. W. Halsey & Co. of Caicago at 101.10-a basis Reports state that the only bid received for the three issues of 434% coup. of about 4.75%. (with priv. of reg.) bonds, aggregating $1,050,000, offered on July 8-V. -BONDS PURCHASED BY D-During 101, p. 62 -was submitted by a syndicate made up of A. B. Leach & Co., of KANSAS.following 16 issues of bonds, STATE. During the month May aggregating $142,345 03, were N. W. Halsey & Co., Harris, Forbes & of N. Y., and J. S. Rippel of awarded thethe State of Kansas at par: to Co., Newark, which was 100.091 for $550.000 of the bonds and a request for a Place. Rate. Purpose. Amount. Due. 69 -day option on the remaining $500,000 at 100.181. This bid was re$1,000 00 Burlington Bd. jected. of Educat'n_ 5 Repair May 1 1915 May 1 1925 -BOND OFFERING. IMPERIAL, Imperial County, Cal. -Proposals 11,437 50 El Dorado...__ 5 Sewerage May 1 1915 July 1 '23-'34 will be received until 8 p. m. July 14 by Lelia Foster, City Cleric, for 1,500 00 Ford Co. S. D. $65,000 6% sewer bonds. Denom. to suit purchaser. Due not less than May 1 1915 July 1 '16-'18 5 Building No. 7 $1,600 yearly for a period of not more than 40 years. Bonds subject to April 1 1915 April 1 1935 6 Refunding 9,300 00 Fowler City approval of attorney for purchaser. April 1 1915 April 1 1935 70,000 00 HortonBd.ofEd 5 Building 328 33 Independence.. 5 Internal impt. April 1 1915 Apr. 1 '16-'25 -BOND OFFERING. -Further details are at INDIANAPOLIS, Ind. Apri1 1, 5 Apr 1 1 45 1 . , 179 20 Independence_ 5 Internal impt. jan. 11 1915 Jan. 1'6-'25 % coupon taxhand relative to the offering on July 27 of the $500,000 5 Sewer 1,000 00 Marysville -V. 100, p. 1948. Bids for these bonds will free library building bonds. Mitchell Co.be received until 8 p. m. on that day by John E. Cleland, Business DirecApri123 1915 July 1 '16-'21 1,200 00 S. D. No.47 6 Building tor of the Board of School Conunrs. Denom. $1,000. Date July 1 1915. May 1 1915 July 1 '16-'18 -payable at Indiana Tr. Co., Indiana, 1,500 00 S. D. No. 90 5 Building Prin. and semi-ann. int.-J. & J. 5 Internal impt. Mar. 1 1915 Mar. 1 '24-'25 2,500 00 Neodesha Due June 30 1955. Cert. check on an Indianapolis bank or trust company il 9 Apr. 61 - 5 .1 5 Internal impt. Mar 1 1915 M ar 1: 6- 2 :24 for at least 3% of bonds bid for, payable to "Board of School Commrs.," 11,800 00 Neodesha 5 Paving required. Bonds to be delivered at office of said Board on July 31. Bids 22,600 00 Salina Sumner Co.must be made on forms furnished by said Board. May 11 1915 July 1 '16-'23 1,500 00 S. D. No.26 5 Building -No bids were received for the $540,000 4% coupon BONDS NOT SOLD. April 27 1915 Jan. 1 '16-'20 1,000 00 S. D. No.83 5 Building flood-prevention bonds offered on July 2. Denom.$1,000. Date June 1 5,500 00 Wilson Co. S. 1915. Prin. and semi-ann. int., J. & J., payable at Merchants' Nat. Bank, May 1 1915 July 1 '18-'23 D. No. 7_ _ 5 Building Indianapolis. Due July 1 1940. During the month ofJune the following nine issues of bonds, aggregatReports state that an ordinance has been passed under a suspension of ing $28,829 85, were purchased by the State of Kansas at par: providing that the above $540,000 flood-prevention bonds be offered rules Date. Rate. Purpose. Due. Amount. Place. over the counter. 13Idg. May 24 1915 Jan. 1 '17-'22 $1,800 Cowley Co. S. D.No.28_6 IPAVA, Fulton County, Ills. -BOND SALE. -The $6,000 57 6%-yr. Bldg. May 15 1915 July 1 '16-'25 1,600 Ford Co. S. D. No. 38_ _ _5 (aver.) water-works-system-impt. bonds voted Jan. 12 were sold to local 15,000 Meade Co. S. D. No. 2....5 Bldg. June 10 1915 Jan. 1 1930 -V. 100, p. 492. Denom. $500. Due $500 investors during April at par. 4,350 Mineral, City of 534 Water Mar. 1 1915 Mar. 1 '16-25 yearly. Bldg. May 15 1915 Jan. 1 '16-'20 1,100 Pawnee Co. S. D. No.36 6 Bldg. May 15 1915 Jan. 1 1920 100 Pawnee Co. S. D. No.36.6 ISHPEMING, Marquette County, Mich. -BOND SALE. -Local inBldg. May 29 1915 Jan. 1 '16-'19 800 Russell Co. S. D. No.27_5 vestors purchased on April 5 the $30,000 Third Ward sewer bonds men3,87985 Sedan, City of 5 Refund. Apr. 11916 Apr. 1 1920 tioned in V. 100, p. 1376. Due from 1916 to 1920, inclusive. Bldg. June 1 1915 Jan. 1 '17-'20 800 Sedgwick Co.S.D.No.90.5 JACKSON, Jackson County, Ohio. -BOND OFFERING. -Reports -BOND ELECTION.KARNES COUNTY(P. 0. Karnes City) Tex. state that R. Hamilton, City Aud., will receive bids until 12 m. July 31 for The proposition to issue $125,000 District No. 4 road-Improvement bonds -7-year refunding bnods. Int. semi-annual. $18,000 5% 5 will be submitted to a vote, it is stated, on July 17. -ADD 116O'NEILL KENDALL COUNTY (P. 0. Boerne), Tex. -DESCRIPTION OF -BONDS AWARDED JACKSON COUNTY(P.O. Brownstown),Ind. -The $25,000 5% Precinct No. 1 road bonds voted Dec. 18 1914 IN PART. -Reports state that of the three issues of 434% highway impt. BONDS. bonds aggregating $66,480 offered on May 24, $26,000 has been sold to are coupon in form and in the denom. of $1,000 each. Date May 25 1915. Breed, Elliott & Harrison and $30,800 has been awarded to the Seymour Interest April 10 and Oct. 10 at Boerne and Austin. Duo in 40 years, optional after 20 years. These bonds are taxable. Nat. Bank of Seymour. -V. 100, p. 1771. KENOSHA, Kenosha County, Wis.-BOND ELECTION. -An elecJACKSON SCHOOL TOWNSHIP (P. 0. Hartford City), Blackford County, Ind. -BOND SALE. -On July 1 the $4,000 434% 434-year tion will be held July 16 it is stated to vote on the question of issuing average coupon building bonds were awarded to Breed,Elliott & Harrison $125,000 park site-purchase bonds. -V. 100, p. 2101. of Indianapolis at 100.50, it is stated. KEWAUNEE,Kewaunee County, Wis.-BONDS VOTED -This city -On July 1 the has voted in favor of the issuance of $16,000 refunding bonfs, according -BOND SALE. JAY COUNTY (P. 0. Portland), Ind. $3,600 434% 5-year average et al highway-improvement bonds were to reports. awarded, it is reported. to 0. R. Easterday for $3,615 (100.416) and int. KINGSTON SCHOOL DISTRICT (P. 0. Kingston), Luzerne -V. 100, p. 2184. County, Pa. -BONDS PROPOSED.-AccordIng to local newspaper reJEFFERSON (P. 0. West Jefferson), Madison County, Ohio. - ports, this district is contemplating the issuance of $30,000 school bonds. -Bids will be received until 12 m. July 19 by W. B. BOND OFFERING. -BOND KLICKITAT COUNTY SCHOOL DISTRICT NO.15, Wash. Culp, Village Clerk, for $42,000 5% Main St. Improvement bonds. Auth. OFFERING. -Proposals will be received until 1 p. m. July 17 by John A. Secs. 3914 and 3947, Gen. Code. Denom. $500. Date June 1 1915. Miller, County Treas. (P. 0. Goldendale), for $2,000 1-15-year (opt.) and 1917, $4,500 school bonds at not exceeding 6% int. These bonds were voted at an eiecInterest annually. Due on July 1 as follows: $4,000 1916 yearly from 1918 to 1921, inclusive, $5,000 in 1922 and 1923, $4,500 1924 'tion held June 19. Int, annually at the County Treas. office. or at the and $1,500 in 1925. Certified check for 5% of bonds bid for, payable to Washington fiscal agency in New York City. Village Clerk, required. Bonds to be delivered and paid for within ten -BOND KLICKITAT COUNTY SCHOOL DISTRICT NO. 94, Wash. days from time of award. Purchaser to pay accrued interest. OFFERING.-Proposals will be received until 1 p. m. July 17 by John A. , JEFFERSON COUNTY.(P. 0. Pine Bluff), Ark. -BOND SALE.- Miller, County Treas. (P. 0. Goldendale), for $3,500 school bonds at not Reports state that an issue of $90,000 6% 20-year Road Dist. No. 7 impt. exceeding 6% int. These bonds were voted at an election held March 1. bonds was recently sold to James Gould at 97.50. Int. annually at the County Treas. office or at the Washington fiscal agency -BOND SALE. JEFFERSON COUNTY (P. 0. Madison), Ind. -On in New York City. Due 10 years from date of issue, subject to call $500 July 1 the $9,780 434% 534-year aver, coupon highway-impt. bonds were yearly beginning 1 year from date of issue. -V. 100. awarded to the Madison Safe Deposit & Trust Co. of Madison. KLICKITAT COUNTY SCHOOL DISTRICT NO. 96, Wash. -BOND p. 2184. A bid was also received from Breed, Elliott & Harrison of Indian- OFFERING. -Proposals will be received until 1 p. m. July 17 by John A. apolis. Miller, County Treas. (P. 0. Goldendale), for $1,450 1-20-year (opt.) JEFFERSON COUNTY SCHOOL DISTRICT NO. 26, Mont. - school bonds at not exceeding 6% int. These bonds were voted at an elec-Proposals will be received until 2 p. m. July 14 by tion held June 14. Int.annually at the County Treas. office or at the WashBOND OFFERING. Ella North Conklin, Dist. Clerk (P. 0. First Nat. Bank, Three Forks), for ington fiscal agency in New York City. $1,200 67 8-10-yr. (opt.) bldg. and equipt. bonds. Denom. $100. Date 0 KNOX COUNTY (P. 0. Knoxville), Tenn. -On -BOND SALE. Aug. 1 1915. Principal and semi-annual int. (F. & A.) payable at the July 6 the $125,000 5% 20-year bonds to purchase the Cherokee property Co. Treas. office at the option of holder. Cert, check for $100, payable for the use of the University of Tennessee's agricultural experiment station to the Dist. Clerk, required. as an addition to the station's farm, were awarded to H. T. Holtz & Co. of Chicago for $129,472 (103.577) and int., it is reported. -V. 100, p. 2184. JEFFERSON SCHOOL TOWNSHIP (P. 0. Logansport), Cass KNOX SCHOOL TOWNSHIP (P. 0. Pennville), Jay County, Ind. -It is stated that 0. L. Banta, Twp. Ind. -BOND OFFERING. County, BOND OFFERING.-Bids will be received until 10 a. in. July 15 by Frank Trustee, will receive bids until 2 p. m. July 24 for $13,000 434% school Hartup, Twp. Trustee, for $4,500 5% building bonds. Denom. $500. bonds. Date July 15 1915. Int. J. & J. Due $500 each six months from Jan. 15 JEFFERSONVILLE SCHOOL CITY (P. 0. Jeffersonville), Clark 1921 to Jan. 15 1925 incl. -According to newspaper reports, this -BOND SALE. County, Ind. KOOCHICHING COUNTY (P. 0. International Falls), Minn. district sold to the Fletcher American Nat.:Bank of Indianapolis an issue of BOND SALE. -The following 534% coupon ditch-construction bonds, $30,000 434% school bonds. aggregating $765,000 offered on June 8, have been awarded to the ComJOHNSON COUNTY (P. 0. Franklin), Ind. -BOND OFFERING. - mercial Investment Co. and Farmers' State Bank of Red Lake Falls at par According to reports, bids will be received until 10 a. m. July 24 by Harry and lot. -V.100. p. 1854: Bridges, County Treasurer, for $7,100 434% highway improvement bonds. $193,000 Judicial Ditch No. 14 bonds. Due on July 1 as follows: $13,000 yearly from 1921 to 1931, incl.; $14.000, 1932; $13,000, 1933; JOHNSTOWN, Cambria County, Pa. -BONDS AUTHORIZED. 312.000, 1934 and $11,000, 1935. Reports state that the City Council passed an ordinance as of June 29 pro125,000 Judicial Ditch No. 17 bonds. Duo $8,000 yealy July 1 from viding for the issuance of the $150,000 sanitary-sewer bonds. -V. 100, p. 1921 to 1930, incl., and $9,000 yearly July 1 from 1931 to 1935, 2027. incl. JOHNSTOWN SCHOOL DISTRICT (P. 0. Johnstown), Cambria 380,000 Judicial Ditch No. 18 bonds. Due $26,000 yearly July 1 from -BOND SALE. County, Pa. -On July 6 the $200,000 1334-year aver, site1921 to 1925, incl., and $25,000 yearly July 1 from 1926 to 1935, purchase bonds were awarded to Lyon, Singer & Co. of Pittsburgh at 101.36 -a basis of about 4.35%-V. 100, p. 2027. Denom. $1,000. for 4Ms 67,000 J ud i clicial Ditch No. 20 bonds. Due on July 1 as follows: $4,000 Date Sept. 11915. Int. M.& S. yearly from 1921 to 1925, incl.; $5,000 yearly from 1926 to 1930, incl.. $4,000, 1931, 1932 and 1933, and $5,000 1934 and 1935. -BOND OFFERING. JOURDANTON, Atascosa County, Tex. -FurDenom. $1,000. Date July 1 1915. Principal and semi-annual int.. ther details are at hand relative to the offering on July 17 of the $10,000 -year (opt.) coupon street-improvement bonds. V. 100, p. 63. J. & J., payable at the Central Trust Co. of Illinois, Chicago. 6% 10-40 Proposals for these bonds will be received until 12 m. on that day by LA FAYETTE SCHOOL DISTRICT (P. 0. La Fayette), Allen CounJ. W. Osborne, Mayor. Denom. $500. Date May 5 1915. Interest ty, Ohio. -BOND SALE. -The following bids were received for the $3,000 payable at the National Park Bank of Now York. Certified check for $100, 6% 10 1-6-year average coupon taxable heating-plant bonds offered on payable to the Mayor, required. Floating debt, $1,400. Assessed value July 1.-V. 100, p. 2184: 1914, $570,119. Otis & Co., Cleveland $3,120 00 1 Sec. Says. Bk.& Tr.Co.,Tol.$3,101 50 Tillotson & Wolc. Co.,Clev. 3,105 30 La Fayette 13k.Co.,La Fay. 3,100 00 -BOND OFFERING. JUDITH GAP, Meagher County, Mont. -Lyle -BONDS AUTHORLAFOURCHE PARISH (P. 0. Thibodaux), La. A. Cowan, Town Clerk, will sell at public auction at 10 a. m. July 30 bite IZED. -Reports state that the Police Jury has authorized the issuance of following 6% 10-20 -year (opt.) coupon bonds: bonds In Road Dist. No. 2. water-plant-purchase bonds. Denom. (20) $500, (25) $180. $12,500 -BOND SALE .-On 1,500 sewer-construction bonds. Denom. $100. LAKE COUNTY (P. 0. Crown Point), Ind. Date July 1 1915. Principal and semi-annual interest (J. & J.) payable June 29 the three issues of 434% highway-impt. bonds, aggregating $40,800, at the Town Treasurer's office or at the option of holder at some bank in were awarded at par as follows. -V. 100, p. 2184: $29,600 to First Nat. New York City, to be designated by the Town Treasurer. A check certi- Bank, Crown Point and $11,200 to Peoples, State Bank of Crown Point. fied by some bank for 5% of amount of bonds, payable to the Town Treas- There were no other bidders. urer, required. The various issues of bonds, aggregating $127,600, offered without success on April 6 have been disposed of at par. -V. 100, p. 1528. -BOND OFFERING. JUNCTION CITY, Perry County, Ohio. NOTE SALE. -months 6 -On expense Proposals will be received until 12 ne. Aug. 2 by J. S. McGonagle, Vii. promissory notes wereJuly 2 the $100,000 6% Bank of current Point at awarded to -year (ser.) East Main St. impt. bonds. 101.003 and int.-V. 100, p. 1854. the First Nat. were: Crown Clerk, for $6,975 02 534V 1-10 Other bidders Denom. $697 50. Date Apr. 1 1915. Int. semi-ann. Cert. check for First Nat.Bk., Dyer $100,955 00 Sec. Say. Bk.& Tr. Co., Tol.$100,000 5% of bonds bid for, payable to VII. Treas., required. Bonds to be deliv- Curtis & Sanger, Chic Farmers' Loan & Tr. Co., 100,859 ered and paid for within 10 days from time of award. Purchaser to pay Poop.State Bk..Cr'n Pt_ 100.705 54 N Y., bid 00 4% discount. JULY 10 1915.] THE CHRONICLE 15 t LA MOURE COUNTY (P. 0 La Moure), No. Dak.-WARRANT coupon electric-light-plant-purchase bonds which were offered but not sold SALE. -The $20,000 7% seed-wheat -purchase warrants offered on April 6 on April 2.-V. 100, p. 1111. were awarded on that day to the Farmers' National Bank of La Moure for MAYBERRY TOWNSHIP, Hamilton County, Ill. -BONDS OF$20,082 50, equal to 100.412. V. 100, p. 1189. Denom. $500. FERED BY BANKERS. -Little & Hays of St. Louis are offering LEMON TOWNSHIP SCHOOL DISTRICT (P. 0. Middletown), tors $4,5006% bridge bonds. Denom.$500. Date May 1 1915. to invesInterest Butler County, Ohio. -BOND SALE. -On July 1 the two issues of 43 % annually on July 1. Both principal and interest payable at Mississippi school bonds, aggregating $17,500, were awarded to the First Nat. Bank of Valley Trust Co. St. Louis. Due $500 yearly July 1 1916 to Middletown for $17,915 85, equal to 102.376.-V. 100, p. 1948. Other 1924, inclusive. Leality approved by Chas. B.'Wood, Wood of & Oakley, bids were: Chicago. Bond debt (including Well, Roth & Co., Cin.. _$17,605 50 Sit!. Spitzer & Co., Toledo_3317,500 1914, $469,395.edReal value (est.), this issue). $8,000. Assessed value. $1,800,000. Stacy & Braun, Toledo_ __ 17,564 721 less $219 attorney's fees. MAY VALLEY DRAINAGE DISTRICT (P. 0. Lamar), Prowers LIBERTY SCHOOL TOWNSHIP P. 0. Lafontaine), Wabash County Colo.-BONDS NOT SOLD. -No sale has yet been made of the County,Ind. -BOND SALE.-On July 1 the $9,000 44%5-yr.average $25,000 6% 11-20 ' -year (ser.) bonds offered on Feb. coupon refunding bonds were awarded to the La Fontaine Bank of La Fon- Denomination $500. Interest annually in December.25-V. 100, p. 65). taine for $9,112. equal to 101.244.-V. 100, p. 2102. Other bids were: MEAGHER Fletcher American National Bank, Indianapolis $9,091 00 Gap), Mont. COUNTY SCHOOL DISTRICT NO. 21 (P. 0. Judith -BOND SALE. -On June 26 the 88.5006% 15-20 E. M. Campbell Sons & Co., Indianapolis -year (opt.) 9,061 00 building J. F. Wild & Company, Indianapolis 9,059 70 a 5.40% and equipment bonds were awarded to Keeler Bros. of Denver on basis -V. 100, p. 2102. Other bids were: Meyer-Kiser Bank, Indianapolis 9,036 00 Sweet, Causey, Foster & Co., Denver, on a 5.60% basis. LIPSCOMB COUNTY (P. 0. Lipscomb), Tex. -BOND ELECTION. Wells & Dickey Co., Minneapolis. on a 5.65% basis. An election will be held July 17 to determine whether or not this county MEDFORD, Middlesex County, Mass. shall issue $50,000 5% 20-year road-improvement bonds. -TEMPORARY LOAN. On July 2 $50,000 maturing April 14 1916 was awarded,it is stated. LITTLEFIELD SCHOOL DISTRICT (P. 0. Littlefield), Lamb to Loring a loan of& Tupper were: Tolman of Boston at 3.36% discount. Other bidders County, Texas. -BOND SALE. -Reports state that the $15,000 5% 20-40-yr. (opt.) building and equipment bonds voted May 1 have been Discount. Discount. disposed of. -V. 100, p. 1854. First National Bank *3.35% Bond & Goodwin, Boston _ - _3.46% LOGAN COUNTY (P. 0. Bellefontaine), Ohio. -BOND SALE. - F.S. Moseley & Co., Boston.23.41% Salomon Bros. & Hutz, N.Y_3.598% Blake Bros. & Co., Boston_ _3.46% Estabrook & Co., Boston_ On July 3 the $35,000 5%% 25-yr.(aver.) pike impt. bonds were awarded it is stated, to Davies-Bertram & Co. of Cincin. at 101.50.-V. 100, p. 2185. * Provided notes were made payable in N.Y. z Plus 37 cents prem. LUNA COUNTY (P. 0. Deming), N. M. -BOND ELECTION. -Local MERCER COUNTY (P. 0. Princeton), W. Va.-BIDS REJECTED. papers state that an election will be called to vote on the proposition to All bids received for the $350,000 5% 10-30-year (opt.) road bonds offered Issue $100,000 road-construction bonds. -V. 100, p. 2028. LUDINGTON, Mason County, Mich. -BOND SALE. -Local invest- on July 1 were rejected. MESA CITY, Maricola County, Ariz. ors have purchased the $5,000 5% water-mains bonds authorized by the -BOND SALE. -On June 30 -40-year opt.) gold coupon sewer bonds were -V.100, p. 1692. Due $1,000 yearly for 5 years. the $75,000 20 City Council during May to Field, Richards & Co. of Cincinnati for $77,365 (103.153) andawarded 6s. LUSK, Niobrara County, Wyo.-BOND SALE. int. as -The $8,000 6% Purchaser to furnish blank bonds. Payments to be made in Mesa 10-30-yr. (opt.) coupon electric-light-plant bonds offered on March 18 were p. -V.100. 2185. Other bids for 6% bonds were: awarded on that day to James N. Wright & Co. of Denver at par. - Hoehler, Cummings & Prudden. Toledo. 377,461 and int. V. 100, p. 753. John Nuveen & Co., Chicago, 876,725, int. McMILLAN TOWNSHIP SCHOOL DISTRICT (P. 0. Ewen), On- J. C. Mayer & Co., Cincinnati, 876.725 and and blank bonds. int. tonagon County, Mich. -BOND SALE. -The $30,000 building bonds Terry, Briggs & Slayton, Toledo. $75,390. int. and blank bonds. which were voted during February have been purchased by the Detroit Sweet, Causey, Foster & Co., Denver, $75,252, int. and Trust Co. of Detroit. -V. 100, p. 657. James N. Wright & Co., Denver, par for 55, less $6,700;blank bonds. par for 534s. less MACON SPECIAL TAX SCHOOL DISTRICT (P. 0. Macon), War5 ren County, No. Caro. -BONDS VOTED. -The question of issuing $10,- Po4l7, arard & Co., Chicago, par for 5s, providing that they get the construction contract. -year bonds carried at the election hold June 12. 000 6% 20 All above bids provided for payments either in New York or Chicago. MADERA, Madera County, Calif. -BOND ELECTION PROPOSED. MIAMI COUNTY (P. 0. Peru), Ind. Reports state that an election will be held in the near future to vote on the -BOND SALE. -On June 10 the three issues of 4%% highway-impt. bonds, aggregating $19,840. offered question of issuing about $10,000 bridge building bonds. but not sold, on April 8, were awarded MAHONING COUNTY ROAD DISTRICT NO. 1, Ohio. -BONDS for $19,851 (100.050) and int.-V. 100.to J. F. Wild & Co. of Indianapolis D. 1189. NOT SOLD. -We are advised that because an injunction was served, no MIAMI COUNTY (P. 0. Troy), Ohio. sale was ever made of the 366.000 5% road-improvement bonds which were -BOND SALE. -On July 2 the 310,000 5% 53d-year (aver.) power-house-impt. bonds were awarded to the advertised to be sold on April 12.-V. 100. p. 921. Brighton-Ge Cincinnati at MANATEE COUNTY (P. 0. Bradentown), Fla. -BOND ELECTION. -V. 100, p. rman Bank ofbidders were: 101.055, a basis of about 4.78%. 2185. Other -An election will be held in Parrish Road & Bridge Dist., July 19, it is -Bertram Co.. Cin $10,101 Tillotson & Wolcott Co., stated, to submit to a vote the proposition to issue $110,400 highway and Davies Breed, Elliott & Har'n, Cin_ 10,091 Cleveland bridge-improvement bonds. $10,075 A. E. Aub & Co., Cin 10.076 Seasongood & Mayer, Cin_ 10,041 MARICOPA HIGH SCHOOL DISTRICT, Kern County, Calif. - Otis & Co., Cleveland 10,075 Spitzer, Rorick & Co., Tol__ 10.031 BONDS VOTED. -By a vote of 96 to 1 the question of issuing $15,000 BOND OFFERING. -Bids will be received until 10 a. m. July 16 by building bonds carried, it is stated, at an election held June 21. M. T. Staley, County Auditor, for the jollowing 5% ditch and levee-imMARION, Marion County, Ohio. -BOND.OFFERING.-Dids wil be provement bonds: received until 12 m. July 23 by IIarry E. Mason, City Auditor, for the $30,000 Shawnee levee-impt. bonds. Denom. $500. Due $1,500 each following 5% bonds: six months from Jan. 1 1916 to July 1 1925 incl. $9,800 street -improvement (city's share) bonds. Denom. 19 for $500, 1 800 De Weese-Wheeler ditch-impt. bonds. Denom. 2 for 3300, 1 for for $300. Due $300 March 1 1917, $1,000 Sept. 1 1917, $500 $200. Due $300 July 1 1916 and 1917 and $200 July 11918. March 1 and $1,000, Sept.! from March 1 1918 to Sept. 1 1921. 3,000 Perry ditch impt. bonds. Denom.$300. Due 8300 each six mos. inclusive, and $500 yearly on March 1 from 1922 to 1926, inclusive. from Jan. 1 1916 to July 1 1920 incl. Certified check for $500 required. 400 Cain ditch impt. bonds. Denom. $100. Duo $100 yearly on 59,000 refunding bonds. Denom. $500. Due $4,000 each six months July 1 from 1916 to 1919 incl. from March 1 1917 to Sept. 1 1918, inclusive; 34,000 March 1 and 800 Cole ditch,impt. bonds. Denom. 1 for 3500, 1 for $300. Due $4,500 Sept. 1 from March 1 1919 to Sept. 1 1921, inclusive, and $500 July 1 1916 and $300 July 1 1917. $1,500 March 1 and $2,000 Sept. 1 from March 1 1922 to Sept. 1 500 Hershman ditch-impt. bonds. Denom. 1 for 8200, 3 for 8100. 1926, inclusive. Certified check for $3,000 required. Due $200 July 1 1916 and $100 July 1 1917. 1918 and 1919. Certified checks must be made payable to the City Treasurer. Auth. Secs. 6489, 6492 and 6493, Gen. Code. Date July 1 1915. Int. MARION COUNTY (P. 0. Indianapolis), Ind. -BOND SALE. -On J. & J. Certified check for $500. payable to County Auditor, required. July 7 the $16,000 4%% 53 -year average coup, highway-improvement Bonds to be delivered and paid for within 5 days from time of award. bonds were awarded to Miller & Co. of Indianapolis for 316,026 (100.162) Purchaser to pay accrued interest. and int.-V. 100, p. 2185. The Merchants' Nat. Bank of Muncie bid MICHIGAN SCHOOL TOWNSHIP, Clinton County,Ind. $16,021. -BOND SALE. -On July 6 the $7,000 4q% school bonds were awarded, reports MARION COUNTY (P. 0. Marion), Ohio. -BOND SALE. -On state. to J. P. Garrott of La Fayette for $7,030 -equal to 100.428.June 30 the $27,000 (not $28,500 as first reported) 5% 53i-year average V. 100, p. 2185. coupon emergency bonds were awarded to Sidney Spitzer & Co., of for $27,224 90 (100.832) and int.. a basis of about 4.805%.-V. Toledo MIDDLETOWN, Butler County, Ohio. -BOND SALE. -On June 25 100. P. 2185. Other bids were: the $6,000 5% 33 -year (aver.) coupon street-impt. bonds were Davies Bertram Co., Cin.*$28,790 00 1 Tillotson & Wolc. Co..Clev.$27,191 70 to the Ohio Nat. Bank of Columbus for $6,075 25 (101.254) awarded and int.Hayden, Miller & Co.,Clev. 27,213 00 Seasongood & Mayer, Chi. 27.185 00 V. 100, p. 1854. Other bidders were: Well Roth & Co., Cin_ _ _ _ 27,210 60 Prov. S. B.& Tr. Co.,Cin. 27,180 90 J. C. Mayer & Company, Cincinnati $ :08 80 6 0 8 60 6 3 Stacy & Braun, Toledo_ __ 27,201 00 Spitzer, Rorick & Co., Tol. 27,091 00 Provident Savs. Bank & Trust Co., Cincinnati Tillotson & Wolcott Company, Toledo 6,031 80 *This bid was submitted for $28,500. Rudolph Kleybolte Company, Cincinnati 6.018 88 MARION COUNTY (P. 0. Fairmont), W. Va.-BONDS VOTED. MILAN TOWNSHIP (P. 0. Milan), Erie County, Ohio. -BOND The election held in Fairmont Magisterial District on June 21 resulted in -Proposals will be received until 12 m. July 24 by W.Roberts, favor, it is stated, of the proposition to issue $100,000 5% coupon road- OFFERING. impt. bonds. -V. 100, p. 2102. Denom. $100, $500 and $1,000. Date Township Clerk, for $30,000 5% 10%-year (aver.) road bonds. Auth. Sept. 1 1915. Int. semi-annually at the office of the County Court, or at Sees. 7033 to 7060 incl. Gen. Code and election held May 26. Denom. the Guaranty Trust Co., N. Y., at the option of holder. Due Sept. 1 1945 $500. Date July 24 1915. Prin. and semi-ann. int., M.& S., payable at but conditioned that they, or any of them, may be recalled and paid, at office of Twp. Treas. Due $1.500 yearly on Sept. 15 from 1916 to 1935, the option of said district, or at the option of the County Court, on Sept. 1 incl. An unconditional certified check for 5% of bonds bid for, payable 1935, or on any interest date thereafter, the owner thereof being given to Bd. of Twp. Trustees, required. Bonds to be delivered and paid for sixty days' notice of the said district's or said Court's election to redeem within 10 days from time of award. Purchaser to pay accrued interest. such bond or bonds. MINERAL WELLS, Palo Pinto County, Texas. -BOND ELECTION. MARLBOROUGH, Middlesex County, Mass. -LOAN OFFERING. - -An election will be held to Aug.3 vote on the question of issuing $74,000 Reports state that bids will be considered until 12 noon July 13 for pur- water-works bonds. chase at discount of a temporary loan of $30,00(), maturing $20,000 Dec. 10 MINNEAPOLIS, Minn. -BOND SALE. -On July 8 the $30,000 4% 1915 and $10,000 June 19 1916. Bids for each loan separately must be coupon river-terminal bonds were awarded to N. W. Halsey & Co. of Chisubmitted. -V. 101, p. 64. MARQUETTE SCHOOL DISTRICT (P. 0. Marquette), Marquette cago at 96.17 for bonds to mature in 10 years. County, Mich. -BOND SALE. -On June 28 the $140.000 4%% coupon MINNESOTA. -BONDS PURCHASED BY STATE. -During the building and equipment bonds were awarded to the First Nat. Bank of month of June the following twenty-seven Issues of 4% bonds, aggregating Marquette at par and int.-V. 100, p. 2102. Other bidders were: $223,400, wore purchased by the State of Minnesota at par: Michigan National Bank $140,000 without accrued interest Purpose. Date. First & Old Detroit Nat. Bank, Detroit..___3140,000, less $140 for expenses $6,000_ _Beltrami ce. Consol. S. D.No.99 Amount.Pl o. aC School June 15 1915 IIoehler, Cummings & Prudden, Toledo 1,200_ _Beltrami Co. S. D. No.5 $2,000 discount School June 23 1915 A. J. Hood & Co., Detroit 2,769 discount 10,500....Blackduck, Beitrami County Municipal June 8 1915 Detroit Trust Company, Detroit 3,000 discount 15,000 _Blue Earth, Faribault County Municipal June 15 1915 16,000_ _Douglas Co. Consol. S. D.No.2 School June 15 1915 MARTIN COUNTY (P. 0. Shoals), Ind. -BOND SALE. -On July 5 20,000_ _Douglas County Jut!. Ditch No. 2 Ditch June 26 1915 the $7,600 4%% coup. highway impt. bonds were awarded to the White 6,000_ _Hennepin Co. S. D. No. 128 School June 15 1915 River Bank of Loogooteo for $7,608. (100.105) and int.-V. 101, p. 63. 9,000_ _Hennepin & Carver Co's.Ind.S.D.No.58_ _School June 4 1915 Other bids were: 800_ _Hubbard Co. S. D.No.74 School June 23 1915 Breed, Elliott & Harrison, Indianapolis $7,607 and int. 2,000_ _Le Sum'Co. S. D. No.37 School June 23 1915 J. F. Wild & Company, Indianapolis 7,607 and int. 1,600_ _Lincoln Co. S. D. No. 26 School June 15 1915 E. M. Campbell Sons & Co., Indianapolis 7,600 and int. 7.000_ _Marshall Co. S. D. No. 126 School June 15 1915 MARTINEZ, Contra Costa County, Calif. -BOND ELECTION 6,500_ _Mille Lacs Co. S. D. No. 11 School June 8 1915 PROPOSED. -An election will be held soon, reports state, to submit to the 6,000.. ..Mower Co. S. D. No. 43 School June 15 1915 voters the question of issuing $40,000 fire-protection-system bonds. 5,000_ _Nobles Co. hid. S. D. No. 55 School June 15 1915 MAXTON SPECIAL SCHOOL DISTRICT (P .0. Maxton), Robeson 20,000_ _Pennington Co. Ind. S. D. No. 18 School June 23 1915 County, No. Car. 8,000 ..Pine City, Pine County -BOND OFFERING. Municipal June 8 1915 -Further details are at hand relative to the offering on July 15 of the $20.0006% 30-year coupon building 15,500_ _Pine Co. Consol. S. D. No. 54 School June 21 1915 and equipment bonds. 5,000_ _Redwood Co. S. D. No. 56 -V. 101, p. 63. Proposals for those bonds will be School June 15 1915 received until 12 m.on that day by II. C. Mac Nair, Secy. & Treas. These 12,000_ _Redwood Co. Consol. S. D. No. 31 School June 25 1915 bonds were authorized by vote of 135 to 15 at an election held July 14. 15,000__Redwood Co. Jut!. Ditch No. 12 Ditch June 23 1915 Denom.$500, or $1,000, to suit purchaser. Date July 1 1915. Int. J.& J. 500_ _Roseau Co. S. D. No. 61 School June 4 1915 in New York City. Cert. check for $500, payable to the Secy. & Treas., 1,200_ _Roseau Co. S. D. No.70 School June 8 1915 required. The district has no bonded debt. Floating debt $2,000. 10,000 ..St. Cloud, Stearns. Benton. Sherburne Assess. val. 1914 (est.) 81.200.000. County's Ind. School District School June 28 1915 5,000_ _St. Louis Co. S. D. No.6 School June 8 1915 MAXWELL, Lincoln County, Neb.-BOND SALE. -Local investors 4,000_ _Stearns Co. S. D. No. 130 School June 15 1915 purchased at par and interest on .April 24 the $6,000 6% 5 -20-year (opt.) 15,600-Window, Cottonwood County Municipal June 15 1915 152 THE CHRONICLE [VOL. 101. -On July 7 -BOND SALE. NEWTON, Middlesex County, Mass. -Reports -BOND ELECTION. MISSOULA, Missoula County, Mont. 4% semi-ann. coup. or reg. to suit purchaser tax-free bonds state that an election will be held Aug. 3 to vote on the question of issuing the following to the Newton Tr. Co. of Newton for $16,575 (100.451) awarded were $500,000 municipal water-system-purchase bonds. -On and int.: on July 1 -BOND SALE. MONROE COUNTY (P. 0. Bloomington) Ind. $10,000 street impt. bonds. Denom. $1,000. Duo $1,000 yrly. June 28 the two issues of 456% highway-impt. bonds, aggregating $21,500, from 1916 to 1925 incl. to J. F. Wild & Co. of Indianapolis, at par. bonds. Denom. $500. Duo $1,500 July 1 were awarded, 6,500 Roger Wolcott school 1916, 1917 and 1918 and $1,000 on July 1 1919 and 1920. MONTGOMERY COUNTY (P. 0. Dayton) Ohio.-BOND OFFER-The -BOND SALE. -It is reported that proposals will be received until 12 m. July 26 ING. NEWTON COUNTY (P. 0. Kentland), Ind. by W.H. Aszling. Clerk of County Commissioners,for $72,000 5% 556-year Meyer-Kiser Bank of Indianapolis was awarded at par on May 4 the $8,160 offered but not sold on March 23.-V. 100, highway bonds. Certified check for 5% required. average 456% highway-impt. bonds MORRISTOWN (TOWN) SCHOOL DISTRICT (P. 0. Morristown), p. 1020. -In addition to the $46.-On July 6 the two issues of school -BOND SALE. Morris County, N. J. -TEMPORARY LOANS. NEW YORK CITY. -V. 100, p. 2102: corporate stock bonds aggregating $198,000 were awarded as follows. 000,000 50-year and $25,000,000 15-year (serial) 456% securities, aggre$30,000 5% bonds to Clark, Dodge & Co. of N. Y. at 100.7381 p. 64), the following short-term sold on June 29 (V. 101. and corporate 168,000 456% bonds to J. S. Rippel of Newark at 101.16. gating $5,950,000, and consisting of special revenue bonds The other bidders were: stock notes, were disposed of during June: 100.389 100.389 & Co., New York Kean, Taylor Corporate Stock Notes. Revenue Bonds, 1915, Special. 100.5083 Morris Co. Savings Bank, Morristown Amount. Maturity. Amount. Int. Maturity. 100.102 Int. Harris Forbes & Co., New York 'Water. $300,000 101.07 315-16 Jan. 201016 100.31 New York R. M. Grant & Co., 500,000 3% On or before Dec.31 1915 $750,000 3 5-16 Jan. 20 1916 100.102 First Nat. Bank, Morristown Rapid Transit. 200,000 Jan. 10 1916 A. B. Leach & Co., N. Y., bid $200,000 for both issues, this bid was ir- 334 500,000 4% On or before Dec.31 1915 3,050,000 Jan. 14 1916 334 regular. Various Municipal Purposes. 500,000 1916 Jan. 20 -According to reports this district is 334 150,000 3% On or before Dee.31 1915 BOND ELECTION PROPOSED. contemplating calling an election to vote on the question of issuing $75,000 Total rev. bonds (special)_ _ $2,000,000 Total corporate stock notes_$3,200,000 school bonds. -BOND OFFERNoble County, Ohio. MORROW COUNTY (P. 0. Mt. Gilead), Ohio. NOBLE TOWNSHIP (P. 0. Belle Valley),-6-year (aver.) road-impt. -Bids will be received until 11 a. m. July 23 by C. 0. Higgins, Co. BOND SALE. ING. -On June 26 the $5,000 5% 5 5 at par and int. Aud. for the following 5% Benton road impt. bonds: bonds were awarded to the Citizens Nat. Bank of Caldwell $14.390 Township's portion bonds. Denom. 1 for $390 and 28 for $500. -V. 100, p. 2103. There were no other bidders. ' Due $390 Sept. 1 1916. $500 each six months from Mar. 1 1917 -We are advised -BOND SALE. NORMAL, McLean County, Ills. to Mar. 1 1919 incl. and $1,000 each six months from Sept. 1 1919 1 to April 15 the that local investors purchased at par and int. from April to Sept. 1 1924 incl. street-improvement bonds assessment portion bonds. Denom. 1 for $465 and 23 for $500.' $4,500 unsold portion of an issue of $18,000 5% 11,965 each six months from Mar. 1 1917 -V. 100, p. 70. Due $965 Sept. 11916. $1,000 -On June 22 the -BOND SALE. . to Sept. 1 1919 incl. and $500 each six months from Mar. 1 1920 NORTH BEND, Coos County, Ore. to Sept. 1 1924 incl. -year gold funding bonds were awarded to James N. Wright & 20 2028. Other bids Date Mar. 1 1915. $36,000 -V. 100, p. Auth. Sec. 6949, Chap. 2, Title 4, Part 2, Gen Code. Co. of Denver at 100.66 and int. for 556s Int. M.& S. Cert. check on a Morrow County bank for 10% of bonds bid for 556% bonds were: for, payable to Co. Aud., required. Bonds will be ready for delivery on C. W.McNear & Co., Chicago,$36,025 and int., less $525. day of sale. Bids must be unconditional and upon forms furnished by the Keeler Bros., Denver, $36,000 and int., less $512. County Auditor. The following bids were for 6% bonds: MOITNTAINAIR SCHOOL DISTRICT (P. 0. Mountainair), Tor- James N. Wright & Co., $37,162 50 and int. -The question of issuing the Spitzer, Rorick & Co., Toledo, $37,120 and int. County, N. Mex.-BONDS VOTED. rance $12,000 high-school-building bonds carried, it is stated, at the election hold C. W. McNear & Co., Chicago, $37,296 and int. Keeler Bros., $36,725 and hit. June 28.-V. 100, p. 2186. $36,150 -The Western Bond & Mtge. Co., Portland,and int. and int. -BIDS REJECTED. MT. KISCO, Westchester County, N. Y. R. M. Grant & Co., Chicago, $37,003 bids received for the three issues of 456% reg. bonds, aggregating Lumbermen's Trust Co., Portland, $36,736 and int. following $30,500, offered on July 6 were rejected: Security Savings Bank & Trust Co., Toledo, $36,512 and int. & Co., N.Y_100.001 Geo.B.GibbonsCo.,Isaac W.Sherrill Co.,Poughless $720. 100.000 C. II. Coffin, Chicago,$36.150 and int., less $700. keepsie N. Y_ _100.000 H. A. Kohler & John E. Price & Co., Seattle, par and ii,. The following is a description of the bonds: -During the -BONDS PURCHASED BY STATE. NORTH DAKOTA. $15,500 sewer bonds. Date July 20 1915. Int. J. & J. Donom. 10 for school-building bonds $250, 4 for $750 and 5 for $2,000. Due yearly on July 1 as fol- month of Juno the following fourteen issues of 4%North Dakota at par: were purchased by the State of lows: $250 1916 to 1925 incl., $750 1926 to 1929 incl. and $2,000 • aggregating $48,000, Due. Date. Place. Amount. 1930 to 1934 incl. Juno 10 1915 June 10 1935 12,000 water-ext. bonds. Denom. $1,000. Date July 20 1915. Int. $5,800_ _Glen Ullin Spec. S D June 1 1915 Juno 1 1925 800_ _Horning S. D. No. 10 3. & J. Due $1,000 yearly on July 1 from 1920 to 1931 incl. May 15 1015 May 15 1935 6,000_ _Lowenthal S. D. No. 10 3,000 street-improvement bonds. Denom. $500. Date Aug. 1 1914. June 1 1915 June 1 1925 2,000_ _McKinley S. D.No.2 Int. F.& A. Due $500 yearly on Aug. 1 from 1919 to 1924 incl. Juno 1 1915 June 1 1930 1,300_ New German S. D. No. 19 OLIVE GRADED SCHOOL DISTRICT(P.O. Mount Olive) MOUNT May 15 1915 May 15 1935 8,500_ _Noltimer S. D -On July 1 the $6,000 5% 20. -BOND SALE. Wayne County, No. Car. Juno 10 1915 June 10 1935 3,600_ _Red Lake S. D. No. 16 year coupon building,impt. and equipment bonds were awarded to Hoehler. Juno 10 1915 June 10 1925 1,500_ _School District No. 55 of Toledo for $6,012 (100.20), less $175.-V. 100, Cummings & Pruddon June 10 1915 June 10 1935 3,000_ _Selz Special S. D. No. 31 p. 2028. Other bids were: May 24 1915 May 24 1935 1,000_ _Skyline B. D. No. 11 Chas. S. Kidder & Co., Chicago, par less $312 50. June 10 1915 June 10 1935 800_ _Smoky Lake S. D. No. 46 less $360. C. H. Coffin, Chicago, $6,006, May 15 1915 May 15 1935 6,700_ _Strong S. D. No. 30 Cutter, May & Co., Chicago, par. loss $400. Juno 10 1915 June 10 1935 No. 78 6,000_ _Thain S. D. Stacy bc Braun, Toledo, par, less $480. April 1 915 April 1 1925 1,000_ _Wild Rose S. D. No. 17 & July 1. Interest payable January County, Col. NUMA SCHOOL DISTRICT (P. 0. Ordway), Crowley 12 have been SCHOOL DISTRICT,Santa Clara County, Calif. MT.PLEASANT -The $8,000 building bonds voted June SALE. -Proposals will be received until 11 a. m. July 19 by -BOND of, reports state. BOND OFFERING. Henry M. Ayer, Chairman of Board of County Supervisors (P. 0. Santa disposed -Bids will -BOND OFFERING. OAK HILL, Jackson County, Ohio. Clara),for $10,0006% 556-year (aver.) gold coupon school bonds. Denom. Village Clerk, for the $1,000. Date July 11915. Int. J. & J. at the County Treasurer's office. be received until 12 m. July 17 by D. Spurge Parry, Due $1,000 yearly July 1 from 1916 to 1925 incl. Certified check on a following 5% bonds: for $500 and Denom. reliable bank for 5% of bonds bid for, payable to the Clerk of Board of $6,930 34 West Main St. impt. bonds.on Aug. 1 5 for $400, 9$400 1916 to as follows: 1 for $430 34. Due yearly County Supervisors, required. Bids must he unconditional. be 1920 incl., $500 1921 to 1925 incl., provided any bond may for -BOND SALE. MUROC SCHOOL DISTRICT, Kern County, Calif. redeemed whenever local assessments levied and collected -On June 9 the $3,600 6% school bonds were awarded, it is stated, to the purpose are in the Village Treasury sufficient in amount to Marshall & Co., of San Francisco at 103.75.-V. 100, p. 1772. Torrance, pay off one or more of said bonds $500 1926, 1928, 1930 and 1932, -BOND OFFERMUSKINGUM COUNTY (P. 0. Zanesville), Ohio. and $430 34 in 1934. for $300, -Bids will be received until 11 a. m. July 19 by Fred. C. Werner ING. 4,050 58 Water St. improvement bonds. Denom. 13 forto 1925 1 incl., Clerk of Board of County Commissioners, for 8140,000 5% 10-year Adams$150 58. Due $300 yearly on Aug. 1 from 1916 ville road-improvement bonds. Denom. $1,000. Date Aug. 1 1915. bonds may be redeemed whenever local agsessments provided said -payable at County Treasurer's office. Prin. and semi-ann. int.-F. & A. levied for the purpose are in the Village Treasury in sufficient Certified check or a surety bond, represented by a local agent, for 2% of amount to redeem one or more of said bonds, $300 on Aug. 1 bid upon, required. bonds 1927, 1929 and 1931 and $150 58 Aug. 11933. -BOND OFFERING.-Reports 1,500 00 village-building-improvement bonds. Denom. $500. semi-ann. NASHUA, Hillsboro County, N. H. Sec. 3939, Gen. Code. Date 'June 20 1915. Int. will receive bids until 10 a. m. July 13 for Auth. state that the City Treasurer • $11,000 4% 456-year average coupon South Side road bonds. Date June 1 Purchaser to pay accrued interest. -PRICE PAID FOR BONDS. 1915. Due part yearly beginning 1917. OLYMPIA, Thurston County, Wash. -During the month The price paid for the $00,000 6% 1-20-year (ser.) water-works-purchase -BONDS PURCHASED BY STATE. NEBRASKA. aggregating $54,500, were pur- bonds recently awarded to John E. Price & Co. of Seattle, was par,interest of June the following six issues of bonds, -V. 100, p. 2103. Denom. $1,000. Int. J. & D. and blank bonds. chased by the State of Nebraska: -Proposals will -BOND OFFERING. $13,500 5% light bonds of City of Edgar at par. Date April 15 1915. OMER, Arenac County, Mich. and impt. bonds Due April 15 1935, opt.. after April 15 1916. be received until July 24 for an issue of $5,000 5% city-hall 4,500 6% light bonds of Village of Morrill on a 5% basis. Date Jan. 1 authorized by a vote of 56 to 44 at an election held Juno 29. Due in 1935. 1915. Due Jan. 11935, opt. after Jan. 1 1920. -BONDS VOTED. Orangeburg County, So. Caro. ORANGEBUR 21,000 5% light bonds of City of North Bend at par. Date Sept. 1 1914. -The questions G, issuing the $15,000 water-plant and $15,000 lightof Duo Sept. 1 1934, opt. after Sept. 11919. election held June 29.-V. 100, it is stated, at the respectively. 1,500 5% building bonds of Pierce County Sch. Dist. No. 22 at par. plant bonds carried, p. 2186. The vote was 90 to 14 and 88 to 16, Date Aug. 1 1914. Due Aug. 1 1919. NO. 26 ORANGEBURG SCHOOL DISTRICT SALE. (P. 0. Orangeburg), 5,000 6% building bonds of Scotts Bluff County Sch. Dist. No 3 on a -Reports state that the -BOND 5% basis. Date Sept. 11914. Due July 1 1934, opt. after Orangeburg County, So. Caro. equipment bonds offered on $30,000 20-year coupon tax-free building andBank & Trust Co. of OrangeSept. 1 1919. 9,000 5% water-plant-ext. bonds of City of Valentine at par. Date June 30 were awarded to the Farmers' Union of interest not reported. burg-V. 100, p. 2103. Price paid and rate Aug. 1 1914. Due Aug. 1 1934, opt. after Aug. 11919. -On June 25 the -BOND SALE. -BOND ELECTION. -Reports OSSEO, Hennepin County, Minn. NETAWAKA, Jackson County, Kan. 12 to vote on the question of issuing $14,000 6% 956-year (aver.) water-works bonds were awarded to the state that an election will be held July (104.785) ,a basis of about 5.351%. Farmers State Bank, Osseo, for $14,670 $10,000 electric-light-system bonds. p. 2103. Other bids were: , NEW ALBANY SCHOOL TOWNSHIP (P. 0. New Albany), Floyd -V. 100. Loan Sc Trust Co., Minneapolis, par for 516s. -On July 2 the $3,600 4% 1-10-yr. serial Minnesota -BOND SALE. County, Ind. Co., Minneapolis, par for 5 s. Now Albany Nat. Bank of New Albany. Union Investment Co., of St. Paul, $14,025, for 6s. building bonds were awarded to the White. Grubbs bc The price is reported as 100.5 Denom.$360. Date July 11915. Int. J. &J Commercial Investment Co., Duluth, par for 6s. -On July 2 the Common -BONDS AUTHORIZED. NEWARK, N. J. Denom. $500. Date July 1 1915. Int. J. & J. Due $1,000 yearly Council authorized the issuance of $750,000 456% 45-year dock, meadow July 1 from 1918 to 1931, incl. ent bonds, it is stated. -Further deand bay-front-improvem -BOND OFFERING, OSWEGO, Oswego County, N. Y. offering on July 15 of the $35,000 4569' NEW BLOOMINGTON VILLAGE SCHOOL DISTRICT, Marion tails are at hand relative to the-V.101,jp. 65. Bids for these bonds will -On June 26 the $28,500 5% coupon 55i-year (aver.) reg. water bonds by David. F. Hennessey, City Chamber-BOND SALE. County, Ohio. building bonds were awarded to the Ohio Nat. Bank of Columbus for be received until 12 m. on that day $500. Date July 15 1915. Prin. and $1,000, 10 for $28,656 (100.547) and int.-V. 100, p. 2103. Otis & Co. of Cleveland bid lain. Denom. 30 forJ. N. Y. Due semi-ann. int.-J. bc -payable at U. S. Mtge. & Trust Co.,check on an $28,515 and int. $3,500 yearly on July 15 from 1916 to 1925 incl. Certified payable to -It is reported that bids incorporated bank or trust company for 2% of bonds bid for, OFFERING. -BOND NEW HAVEN, Conn. 10 a. m. July 22 will be received until 11 a. m. July 22 by A. D. Mullen, City Comptroller, City Chamberlain, required. Delivery of bonds to be ataccrued interest. for $245,000 456% 28-year average city-hall bonds. Certified check for at office of above trust company. Purchaser to pay above trust combe made on forms furnished by the city. The the city officials Bids must $ 1,000 required. of pany will certify as to the genuineness of the signatures .-On July 1 a loan of $160,000 and the seal impressed thereon and their legality will be approved by Cald-TEMPORARY LOAN NEWPORT,R.I. maturing Sept. 3 1915 was negotiated with F. S. Moseley & Co. of Boston well, Masslich & Reed of N. Y., whose opinion or a duplicate thereof will this issue, $976,067. at 2.39% discount, plus 85 cents premium. Other bidders were: be delivered to the purchaser. Bonded debt, incl. Discount. Assessed valuation, personal,$1,696,411; real estate, incl. special franchises, Discount. Bond & Goodwin, Boston_ _2.39% Bernard Scholl° & Co., N.Y.2.75% $11,699,072; actual value, $18,500,000. 2.39% Salomon Bros. & Ifutz. N. Y_.2.40% -Blake Bros. & Co., Boston_ _2.40% OTTAWA TOWNSHIP HIGH SCHOOL DISTRICT (P. 0. Ottawa), -Bids will be received until -BOND OFFERING. NEW RAYMER SCHOOL DISTRICT (P. 0. New Raymer), Weld La Sails County, Ill. -The question of issuing the $16,000 1 p. m. July 15 by Chas. II. Kingman, Sec. of School Board, for the $150,-BONDS VOTED. County, Colo. school bonds voted Dec. 19-V. 99 p. 1927. high-school-bldg. bonds carried, It is stated, by a vote of 52 to 8 at the 000 434' 1256-year average mt. payable in Ottawa Denom. $1,000. Date June 11915. Principal and i election held June 28.-V. 100, p. 2186. JULY 10 19154 THE CHRONICLE or Chicago. Due $10,000 yearly on June 1 from 1920 to'1934 incl. Certified check for 1% of bonds bid for, payable to W. A. Johnson, Township Treasurer, required. Official circular states that there is no litigation or controversy of any kind pending or threatened which might affect the corporate existence or boundaries of the municipality, or the titles of the present officers to their respective offices, or the validity of the bonds now offered for sale, that principal and interest of all debts have been paid promptly and that the legality of any previous issue of bonds has never been contested. Total bonded debt, incl. this issue, $150,000. Assess. val. equ. 1914, $3,167,067; est. val., $15,000,000. Successful bidder to furnish the bonds, the form to be supplied by Wood & Oakley of Chicago, who have formally approved this issue. PAWTUCKET, Providence County, R. I. -BONDS AUTHORIZED. -Reports state that the Board of Aldermen passed ordinances on July 7 providing for the issuance of the following bond- $200,000 school,$150,000 s: highway and bridge, $30,000 police station, $25,000 motor fire apparatus, and 85.000 for fire station improvements. PEACE CREEK DRAINAGE DISTRICT (P. 0. Bartow), Polk -BONDS NOT SOLD. County, Fla. -The Secretary advises us under date of July 6 that no sale had been made of the $256,000 6% drainage bonds offered on July 1.-V. 100, p. 2186. PERRY SCHOOL TOWNSHIP (P. 0. Cory), Clay County, Ind. BOND OFFERING.-Geo. R. Rector, Twp. Trustee, will receive bids until 9 a. m. July 20 for $2,400 *6% building bonds. Denom. $600. Int. J. & J. Due $600 each six months from July 1 1916 to Jan. 1 1918, incl. PHILADELPHIA, Pa. -TRANSIT LOAN APPROPRIATED.-Ordinames were passed by Councils and signed by Mayor Blankenburg on July 1 appropriating the $6,000,000 transit loan voted April 29 to the Department of City Transit and authorizing Director Taylor to let contracts and start work immeditaely on the Broad St. subway and the Frankford elevated. The ordinances allotted $3,000,000 of the loan for each of these projects. Actual construction work on both projects will be started on Sept. 13. With the additional loans to be negotiated within the next 12 months for the imosecution of both improvements, Director Taylor said, if there is no delay in making the loans available, the entire Broad St subway can be completed in 32 months and the Frankford elevated road within two years. -BOND SALE. PICKAWAY COUNTY (P. 0. Circleville), Ohio. On July 6 the four issues of5% coup,taxable inter-county highway-improvement bonds, aggregating $17,750, were awarded to First Nat. Bank of Circleville for $17,948 17 (101.116) and int.-V.101, p.66. Other bids were: J. C. Mayer & Co., Cin_ _$17,845 56 Provident Say. Bank & Tillotson & Wolcott Co., Trust Co., Cincinnati_..$17,826 33 Cleveland 17,852 95 A. E. Aub & Co., Mein_ 17,805 00 Hayden,Miller&Co.,Clev. 17,849 00 Otis & Co., Cleveland_ _ _ _ 17,800 00 -On July 5 PIKE COUNTY (P. 0. Waverly), Ohio. -BOND SALE. the $3,700 5% 414-year average coup. Sunfish Creek bridge-construction bonds were awarded to the First Nat. Bank of Waverly at 101 and int.-a basis of about 4.75%-V. 101, p. 66. Other bids were: $3,725 00 George 0. Armintrout 3,703 70 Provident Savings Bank & Trust Co., Cincinnati PINAL COUNTY UNION HIGH SCHOOL DISTRICT NO. 1, Ariz. -BOND SALE. -On June 1 the Mesa City Bank of Mesa City was awarded $75,000 6% 10-20-year (opt.) high-school-bldg. bonds at 103.38. Denom. $500. Date June 1 1915. Int. J. & D. -BOND ELECTION. -An election will PLANO, Kendall County, Ill. be held July 24 to vote on the proposition to issue $15,000 bonds. POMEROY VILLAGE SCHOOL DISTRICT (P. 0. Pomeroy), Meigs County, Ohio. -We are advised that the Industrial Com-BOND SALE. mission of Ohio has purchased the $5,000 6% 534-year average coupon equipment purchase bonds which were advertised to be sold on July 2. -V. 100, p. 1950. -On July 6 PORTSMOUTH, Scioto County, Ohio. -BOND SALE. the $10,000 5% 10-year coup. street-improvement, city's portion, bonds were awarded to the Brighton-German Bank of Cincinnati at 102.155 and mt., a basis of about 4.73% V. 100 p. 2104. Other bidders were: Well, Roth & Co.,Cincinnati $10,214 Spitzer, Rorick & Co., Tot_ _$10,169 Davies-Bertram Co., Cincin, 10,205 Seasongood & Mayer, Cincin. 10,166 J. C. Mayer & Co., Cincin__ 10,203 Tillotson& WolcottCo.,Clev. 10,151 A. E. Aub & Co., Cincin___ 10,202 First Nat., Central Nat. and Breed,Elliott&Harrison,C1n. 10,201 the Security Trust & Say. 10.175 Bank, Portsmouth, jointly 10,039 Otis & Co.. Cleveland -Proposals will be recolved until 12 ni. Aug. 3 by BOND OFFERING. Geo. L. Gableman, Aud.,for 861,5005% coup.st. (assess.) bonds. Denom. $500. Date July 1 1915. Int. J. & J. at office of City Treasurer. Duo $3,000 July 1 1916 and $6,500 yearly on July 1 from 1917 to 1925 incl. Certified check for 2% of bonds 1..tid for, payable to City Auditor, required. Purchaser to pay accrued interest. Bids must be unconditional. -BOND OFFERING. POSEY COUNTY (P. 0. Mt. Vernon), Ind. Andrew A. Schenck, Co. Treas., will receive bids until 2 p. m. July 12 for $6,160 414% 5 1-3-yr. average Levin Blackburn et al highway-impt. bonds In Black Twp. Denom. $308. Date July 15 1915. Int. M.& N. Due $308 each six months from May 15 1916 to Nov. 15 1925 incl. BOND SALE. -On June 22 the two issues of 414% highway-impt. bonds were disposed of, reports state, as follows (V. 100, p. 2104): $3,300 Calvert road bonds to the Mt. Vernon Nat. Bank of Mt. Vernon for $3,305, equal to 100.151. 16,500 Ruminer road bonds to the Bozeman-Waters Nat. Bank of Poseyville for $16,517, equal to 100.103. POTTSVILLE SCHOOL DISTRICT (P. 0. Pottsville), Schuylkill -We are advised that this district has dis-BOND SALE. County, Pa. posed of an issue of $15,000 4% bonds. PRAIRIE COUNTY (P. 0. Terry), Mont. -BOND SALE. -On July 5 the $60,000 5%% 15-20-year (opt.) coupon funding bonds were awarded to Wells & Dickey Co. of Minneapolis for $62,175 (103.458) and interest. -V. 100, p. 2186. PRINCE GEORCI; COUNTY (P. 0. Prince George), Va.-BOND ELECTION PRuPOSED.-Reports state that an election will probably be called to vote on the proposition to issue $200,000 road-improvement bonds. -RePUTNAM COUNTY (P. 0. Greencastle), Ind. -BOND SALE. % 54-year average highway bonds ports state that on July 5 the $3,820 were awarded to Breed, Elliott & Harrison of Indianapolis. -V. 101, p. 66. PUTNAM COUNTY (P. 0. Brewster), N. Y. -BOND OFFERING. Edward D. Stannard, County Treasurer, will receive bids until 12 in. July 26 for $2C,C00 44% highway-improvement bonds. Date Aug. 2 1915. -F.& A. -payable at office of County TreasPrincipal and semi-ann. hit. urer in N. Y. exchange or at First Nat. Bank, Brewster. Due $4,000 Aug. 1 1917 and 1918 and $2,000 yearly on Aug. 1 from 1919 to 1924 incl. Certified check for 2% of total amount issued, required. The official notice of this bond offering will bc found among the advertise ments elsewhere in this Department. RAILROAD SCHOOL TOWNSHIP (P. 0. San Pierre), Starke -BOND SALE. -On July 6 the $8,700 414% 5 County, Ind. -year average coup. building and funding bonds were awarded to J. F. Wild & Co. of Indianapolis for $8,799 56 (101.144) and int., a basis of about4.245%V. 100, p. 2186. There were four other bidders. RANKIN SCHOOL DISTRICT (P. 0. Braddock), Allegheny -On July 6 the $110,000 4)4% tax-free -BOND SALE. County, Pa. coupon bonds, dated Juno 1 1915 V. 100, p. 2186), were awarded to Holmes, Wardrop & Co. of Pittsburgh for $111,017 (100.925) and interest. Other bids: Lyon, Singer & Co., Pittsb_$110,957'Mellon Nat. Bank,Pittsb_ _$110,175 -BOND SALE. READING, Berks County, Pa. -On July 1 the $77,000 4% coup, tax-free improvement bonds, series N, mentioned in V. 100, p. 1021, were purchased by the City Sinking Fund. Denom. $500. Date July 11915. Int. J. & J. Due $7,500 yearly on July 1 from 1916 to 1921 1nel. and $8.000 yearly on July 1 from 1922 to 1925 incl. RED FORK LEVEE DISTRICT (P. 0. Red Fork), Ark. -BOND SALE. -On June 29 the $100,000 6% levee-improvement bonds were awarded to Wm. R. Compton Co. of St. Louis at 97.65-V. 100, p. 2186. Other bids were: Bank of Commerce & Trust Co., Memphis 96.625 Kauffman, Smith, Emert & Co., St. Louis 96.55 Southern Trust Co., Little Rock £4.50 $1,000. Date Aug. 1 1915. Int. ann. in August. Denom. 153 -BOND ELECRED R/VER COUNTY (P. 0. Clarksville), Texas. TION. -An election will be held July 10 to vote on the proposition to issue $400,000 5% 10-40-year (opt.) permanent road bonds. REED SCHOOL rs. TRIOT (P. 0. Reed), Greer Clount.,-, BOND ELECTION PROPOSED. -According to reports, this district will hold an election to vote on the question of issuing $8,000 school bonds. RICHLAND COUNTY SCHOOL DISTRICT NO. 35, Mont. -BOND OFFERING. -Proposals will be received until 2 p. m. July 24 by (Mrs.) Chas. C. May,Clerk Board of School Trustees(P.0.Box 163, Culbertson), for $1,100 5-10 -year (opt.) school bonds voted June 1. Denom. $100. Int. (rate not to exceed 6%)payable semi-annually. Bidders satisfy themselves as to the legality of the bonds in advance of the sale. RICHLAND SCHOOL TOWNSHIP (P. 0. Tiosa), Fulton County, Ind. -BOND OFFERING. -Proposals will be considered until 2:30 p. m. July 17 by Wm.Foster, Twp. Trustee,for $14,000 43 % bldg. bonds. De, 6 nom.$1,000. Date July 5 1915. Int. payable semi-ann. without exchange at the First Nat. Bank, Rochester. .Due $1,000 yearly on Jan. 5 from 1917 to 1930 incl. RIGA (Town) COMMON SCHOOL DISTRICT NO.2(P.O. Churchville), Monroe County, N. Y. -BOND SALE. -Fred. W. Hill of Spencerport was awarded on Mar. 1 an issue of $1,500 6% 15-year school bonds for $1,510, equal to 100.666. Denom. $1,000. Date Dec. 1 1914. Interest annually in December. ROCHESTER SCHOOL DISTRICT (P. 0. Rochester), Beaver County, Pa. -DESCRIPTION OF BONDS. -We are advised that the $50,000 school-improvement bonds awarded to Otis & Co. of Cleveland at 101.60 (and printing of bonds) on June 21 are in the denomination of $1,000 and bear interest at the rate of 414%-V. 101, p. 66. Date June 1 1915. Int. J. & D. Due serially from 1926 to 1946. ROCKFORD, Winnebago County, Ill. -BOND OFFERING. -Proposals will be received until 10 a. m. July 15 by E. A. Wettergren, City Clerk, for the following 4% coupon bridge bonds voted April 20: $15,000 Kishwaukee St. bridge bonds. Due $1,000 yearly on Sept. 1 _ from 1916 to 1930, inclusive. 4,500 Tenth St. bridge bonds. Due $1,000 yearly on Sept. 1 from 1916 to 1919, inclusive, and $500 Sept. 1 1920 4,500 Eleventh St. bridge bonds. Due $1,000 yearly on Sept. 1 from 1916 to 1919, inclusive, and $500 Sept. 1 1920. Denom. $560. Date Sept. 1 1915. Principal and semi-annual interest payable at office of City Treasurer. Certified check for 5% of bid required. Official circular states that there is no controversy or litigation pending or threatened concerning the validity of these bonds, and the city has never defaulted or compromised in payment of any obligation, nor has any previous Issue of -bonds been contested. Total bonded debt, including this issue, $363,800; floating debt additional, 8263,000. Assessed value 1914, $21,197,240; true value, estimated, $63,591,720. SABETHA, Nemaha County,Kan. -BOND ELECTION. -The question of issuing $65,000 water-works bonds will be submitted to a vote on July 29, according to reports. ST. CLAIR TOWNSHIP SCHOOL DISTRICT (P. 0. Overpeck), Butler County, Ohio. -BOND OFFERING. -Bids will be received by E. L. Overpeck, Clerk of Bd. of Ed. until 12 m. July 17 for $4.500 5% Dist. No. 5 improvement bonds. AtAh. Sec. 7629. Gen. Code. Denom. $500. Date day of sale. Prin. and semi-ann. int. (J. & J.) payable at First Nat. Bank, Hamilton. Due $500 yearly on July 1 from 1916 to 1924 incl. Cert. check for 5% of bonds bid for, payable to Board of Ed., required. These bonds were offered on June 24 but no bids were received. V. 100, p. 2101. ST. JOSEPH, Buchanan County, Mo.-BOND ELECTION PROPOSED. -Local papers state that an election will probably be held about Sept. 1 to vote on the issuance of between $800,000 and $1,C00,000 municipal-improvement bonds. -On July 7 the $500.000 4%% -BOND SALE. ST. PAUL, Minn. -year coupon permanent improvement revolving fund bonds were 20 awarded to R. L.-Day & Co. of Boston at 100.689.-V. 100, p. 2187. Other bids were: Estabrook & Co. and HarA. B. Leach & Co., Chic-. ris Trust & Savings Bank, N, W. Halsey & Co., Chicago Chic., Minn. Loan & Tr. 100.67 Wells & Dickey Co., MinneMinneapolis and Co apolis E.II.Rollins& Sons,Chic,100.6726 100.34 -According to local papers, SALE OF TAX LEVY CERTIFICATES. $3,047,000 4% 1-year certificates issued in anticipation of taxes, placed on sale at par and interest June 15, were all disposed of by June 19. A sale of these certificates takes place annually and a large part of the holders of certificates sold last year renewed their holdings at this year's sale. See V. 98, p. 1937. -BOND OFFERING. -According SALEM, Washington County, Ind. to reports bids will be received until 8 p. m.July 19 by W.W.Shanks, Town -year bonds. Clerk,for an issue of 83.000414% 6 -BOND ELECTION. SALISBURY, Rowan County, No. Caro. -An election will be held Aug. 7, it is reported, to vote on the question of issuing $125,000 water-plant, $55,000 school-building and $20,000 sewer and street bonds. -BOND SALE. -The following are the bids SALT LAKE CITY, Utah. received for the $200,000 water and $100,000 sewer 06% 20 -year coupon bonds offered on Juno 28: *Palmer Bond & Mortgage Co., Salt Lake City-Par and hat., less $4,230 commission. Harris Trust & Savings Bank. Chicago-Par, less $5,600. Continental & Commercial Trust & Say. Bank, Chicago-Par, less $6,000. Estabrook & Co., Chieago-Par, less $7,320. * Successfai bid. All bids received for the above bonds on June 25 were reje-ted. New bids were asked for until June 28. Using newspaper dispatches, we stated in last week's "Chronicle", page 66, that these bonds were awarded to A. B. Leach & Co. SAND CREEK SCHOOL TOWNSHIP, Bartholomew County, Ind. -BOND OFFERING. -Proposals will be received until 2 p. m. July 24 by Joel L. Wilson, Twp. Trustee, care of Farmers' & Merchants' Bank, Elizabethtown, for $18,000 434% bldg. bonds. Denom. $600. Due part each six months beginning Aug.1 1916. -BOND SALE. SANDUSKY, Erie Co., Ohio. -On July 1 the $4,000 44% 3-yr. coup. Central fire-station-No. 1 bonds were awarded to the Citizens Banking Co. of Sandusky at par and int.-V. 100, p. 2187. The American Banking Co. of Sandusky bid par and int. less $110. SANDUSKY TOWNSHIP, Crawford County, Ohio. -BOND SALE. -On July 5 the $8,000 5% coup. road impt. bonds were awarded to the Bucyrus City Bank of Bucyrus at par and int.-V. 100, p. 2187. Hoehler, Cummings & Prudden of Toledo also submitted a bid. SCARSDALE MOWN) UNION FREE SCHOOL DISTRICT NO. 1, -BOND OFFERING. Westchester County, N. Y. -Proposals will be received until 12 m. July 16 by Herbert C. Lankin, Clerk Bd. of Ed. (at his office, 49 Wall St., N. Y. C.), for $130,000 06% tax-free school bonds. Bids will be considered at 5%, payable semi-annually, if no valid bids are received at *6% as called for. Auth., election held May 3. Denom. $1,000. Date June 1 1915. Int, payable semi-annually at U. S. Mtge. & Tr. Co. of N. Y. Due $5,000 yearly on June 1 from 1920 to 1945 incl. Cert.check for $1,000, payable to Bd. of Ed., required. Bonds to be delivered beginning July 26. Purchaser to pay accrued interest. The U. S. Mtgo. & Tr. Co. will certify as to the genuineness of the signatures of the district officials and the seal impressed thereon, and their legality will be approved by Hawkins, Delafield & Longfellow of N. Y., whose opinion will be furnished purchaser. Bonded debt, $26,000, no floating or unfunded debt; assess. val. $5.470,027. -BOND SALES. SEATTLE, Wash. -During the month of May this city sold the following 6% special-improvement bonds, aggregating $196,035 62 at par: Impt. Amount. Dist. No. Dale. Due. May 1 1915 $27,740 64.._.._2790 May 1 1925 May 4 1915 1,176 63_ _....2809 May 4 1925 May 11 1915 17,671 09.._2779 May 11 1925 May 20 1915 63,285 57____2760 May 20 1925 May 24 1915 942 20_ _2821 May 24 1920 23,905 12__..2771 May 25 1915 May 25 1925 May 28 1915 May 28 1925 lul the above bonds are subject to call a.., any interest-paying date. 154 lin. THE CHRONICLE -BONDS PURCHASED BY STATE BOARD OF EDUCATION. TEXAS. -Bids -BOND OFFERING. SCRANTON, Lackawanna County, Pa. will be received until 12 in. July 19 by E. B. Jermyn, Mayor, for $78,000 -On June 10 the State Board of Education purchased bonds amounting , -funding 4y,% coup. or reg. to $116,462 50. Of this sum, $67,412 50 was paid on new issues and municipal-improvement and $78,000 judgment at option of purchaser. Dcriora. $1.000. Date July 1 1915. Int. J. & J. $49,050 on issues contracted for at previous meetings of the Board. We at office of City Treasurer. Due $3,000 of each issue yearly on Juiy 1 from print below a description of the bonds purchased, showing in each case the 1916 to 1941 incl. Certified check or cash on an incorporated bank or total issue and amount of same taken by the State in June. trust company for $1,000 required. These bonds will be certified as to Amount genuineness by the IL S. Mtge. & Trust Co. of N. Y. Total Purchas'd County Common Date. Due. Option. Issue. in June. -On -BOND SALE. School DistrictsSHELBY COUNTY (P. 0. Shelbyville), Ind. May 11 1914 40 yrs. 10 yrs. $8,000 $1,000 June 24 the $8,440 4%% 5%-year (aver.) road impt. bonds were awarded Angelina No. 25 Sept. 15 1914 40 yrs. 10 yrs. 10,000 to the Merchants' Nat. Bank of Muncie for $8,450 25 (100.121) and int.- Atascosa No. 34 1,000 Dec 14 1914 20 yrs. 18 yrs. 2,500 Bastrop No. 29 V. 100, p. 2104. Other bids were: 700 Aug. 10 1914 40 yrs. 5 yrs. $8,445 00 Borden No. 1 J. F. Wild & Company, Indianapolis 12,000 1.800 May 10 1915 40 yrs. 20 yrs. 8,445 00 Bowie No. 12 10,000 Breed, Elliott & Harrison, Indianapolis 2,500 April 10 1915 30 yrs. 10 yrs. 10,000 8,444 25 Cameron No. 4 Fletcher-American National Bank, Indianapolis 2,000 April 10 1913 30 yrs. 20 yrs. s. 11,000 1,800 -BOND SALE. -On July 6 Carson No.7 SHELBY COUNTY (P. 0. Sidney), Ohio. 1915 None 1,000 400 bonds were awarded to Joe Moch, Collingsworth No. 40_ _Feb. 10 1914 20 yrs. the $24,200 53% ditch-improvement Aug.1 20 yrs. 10 yrs. 2,000 500 President of First Nat. Bank of Gallipolis, for $24,380 (100.743) and int.- Concho No 26 April 20 1915 40 yrs. 10 yrs. 3,000 Dallas No. 67 V. 100, p. 2187. Other bidders were: Aug. 10 1914 40 yrs. 10 yrs. 7,000 Well, Roth & Co., Cm.. -$24,272 60 Dallas No. 66 Security Say. Bk.& Trust April 10 1914 40 yrs. 10 yrs. 15,000 4,000 $24,302 00 Seasongood & Mayer,Cin. 24,249 00 Edwards No. 6 Co., Toledo April 19 1915 40 yrs. 20 yrs. 10,000 2,000 Spitzer, Rorick & Co., Tol. 24,301 00 Otis & Co., Cleveland..___ 24,205 CO Harris No. 28 April 10 1915 40 yrs. 10 yrs. 38,500 Hidalgo No. 4 8,000 First Nat. Ex. Bk., Sidney 24,281 00 Hayden, Miller & Co., April 10 1915 20 yrs. 5 yrs. 5,000 1,200 Tillotson& Wol.Co..Clev. 24.279 86 Cleveland 24.203 00 Hidalgo No. 10 April 10 1915 40 yrs. 10 yrs. No. 10 25,000 7,000 SIKESTON SCHOOL DISTRICT (P. 0. Sikestorl, Scott County, Hidalgo 1 Jan. 1 1915 40 yrs. 10 yrs. 12,000 Trion No. 1,800 Mo.-BONDS OFFERED BY BANKERS. -An issue of 35,000 5% bonds Milam her. Oct. 10 1914 12.000 900 is being offered to investors by Little & Hays of St. Louis. Denom. $100, Navarro No.36 Aug. 10 1914 30 yrs. 5 yrs. 800 $500 and $1,000. Date July 11915. Int. J. & J. Due $500 1916, $500 Newton No. 22 Nov. 9 1914 15 yrs. 6 yrs. 1,000 1917.$6001918, $700 1919, $800 1920, $900 1921,$1,000 1922, $1,100 1923, Parker No. 87 20 yrs. 10 yrs. April 10 1915 400 $1,200 1924, $1,300 1925, $1,400 1926, $1,500 1927, $1,600 1928, $2,800 Refugio No. 5 May 1 1914 40 yrs. 10 yrs. 1929, $2,900 1930, $3,000 1931, $3,200 1932, $3,400 1933. $3,500 1934, Refugio No. 10 April 1 1914 40 yrs. 10 yrs. 10,000 1,500 $3,100 1935. Prin. and int. at Miss. Vail. Trust Co., St. Louis. Legality Shelby No. 23 Ny n. April 1 1915 20 yrs. 2 ors 1,600 approved by Ferriss, Zumbalen & Ferriss, St. Louts. Total debt (incl. Tyler No. 17 None April 10 1915 40 yrs. 5,000 1,088 this issue), $48,000. Assess. val. 1914, $1,344,165. Real val. (est.), Upshur No.51 July 10 1914 20 yrs. 5 yrs. 1,200 300 $3,500,000. April 10 1915 20 yrs. 5 yrs. 3,500 800 Walker No.9 10,000 July 10 1914 40 yrs. 20 yrs. 1,000 -BOND SALE. -The Wood No. 1 SMITHFIELD, Johnson County, No. Caro. April 10 1915 40 yrs. 10 yrs. 4,000 1,000 $12,000 6% 5 -year (opt.) coupon refunding bonds offered on April 10 Zavala No. 4 -30 were awarded on that clay to Elston, Clifford & Co. of Chicago at 100.07 Independent School Districts July 1 1914 40 yrs. 10 yrs. 9,600 1,600 -V. 100, p. 1191. Bronson 1915 40 yrs. 10 yrs. May 1 12,500 3,000 SPENCER SCHOOL TOWNSHIP P.0.) Hayden), Jennings County, Carrolton may 1 1915 40 yrs. 10 yrs. 25,000 6,000 -Reports state that Henry 'P. Nordloh, Twp. Celina -BOND OFFERING. Ind. Dec. 10 1913 20 yrs. 5 yrs. 6,000 900 Trustee, will receive bids until 10 a. m. July 15 for $14,000 4%% highway- Dorchester 40 yrs. 20 yrs. _ June 10 1914 3,250 937.50 Fairfield . impt bonds. July 1 1914 40 yrs. 10 yrs. 4,000 1,000 Joaquin -Proposals Joaquin SPIRO, Le Flore County, Okla. -BOND OFFERING. s. 1.500 July 1 1914 40 yrs. 10 yrs. 500 will be received until 8 p. m. July 15 by I. W. Dunklin, Town Treasurer, Lawrence None April 15 1914 20 yrs. 6,500 1,000 for $10,000 6% 10 -year municipal-gas-plant and gas-pipe-line bonds voted Lockney 7.500 . Mar 1 1915 40 yrs. 10 yrs. 1,500 •March 17-V. 100, p. 1191. Int. semi-annual. Certified chock or bank Mabank 8,000 July 15 1914 40 yrs. 10 yrs. 1,000 draft on a solvent bank for 10% of the amount of bid required. 18,000 June 1 1915 40 yrs. 10 yrs. 4,000 Merkel May 1 1913 40 yrs. 20 yrs. 200 -Bids Nevada SPRINGFIELD, Clark County, Ohio. -BOND OFFERING. 7,500 Sept. 1 1914 20 yrs. 10 yrs. 2,000 will be received until 12 in. July 26 by Frank B. Thomas, City Aud., for Pearsall 8,000 Sept. 1 1914 40 yrs. 15 yrs. 1,500 $31,168 5% coup. Walter St. sewer-system-ext. (assess.) bonds. Auth. Petrolia None May 1 1915 40 yrs. 15,000 3,700 Sec. 3914, Gen. Code. Denom. 5 for $233 60, 60 for $500. Date Mar. 1 Rankin April 1 1915 40 yrs. 30 yrs. 12,000 2,500 1915. Int. ann. on Mar. 1. Due $6,233 60 yearly on Mar. 1 from 1916 Somerville Mar. 22 1915 20 yrs. 10 yrs. 10,000 2,000 to 1920 incl. Cert. check for 5% of bonds bid upon, required. Bonds to Three Rivers April 1 1914 40 yrs. 20 yrs. 9,000 be delivered and paid for within 10 days from day of sale. Purchaser to Woodsboro 1,350 pay accrued interest. County Road District yrs. 10 yrs. April 10 1915 40 75,000 18,500 STAFFORD SCHOOL TOWNSHIP (P. 0. Sandborn), Greene Guadalupe No.2 -On July 3 the $5,000 6% school bldg. County, Ind. -BOND SALE. Consolidated School District bonds were awarded to Breed, Elliott & Harrison of Indianapolis at 104.50. Florence Hill No. 83, -V. 100, p. 2187. Other bidders were: June 1 1915 40 yrs. 10 yrs. 10,000 2,500 Dallas Co $5,152 00 Fletcher American Nat. Bank, Indianapolis County Bands 5,126 50 Meyer-Kiser Bank, Indianapolis County (bridge re5,091 00 Bell E. M. Campbell Sons & Co., Indianapolis May 15 1915 35 yrs. 10 yrs. 1,900 475 pair) John W. Johnson 5,025 00 Cities Denom. $1,000. Date July 3 1915. Int. ann. in July. Due beginning Sept. 10 1914 40 yrs. 10 yrs. 17,000 (sewerage) 4,000 Italy July 1 1917. July 10 1914 40 yrs. 20 yrs. 4,000 1,000 STAPLES INDEPENDENT SCHOOL DISTRICT NO. 78 (P. 0. Milford (street) Dec. 8 1914 40 yrs. 20 yrs. 10,000 • 2,500 -BOND ELECTION. -An election will Milford (street) bridges Staples), Todd County, Minn. (road, be held July 12 to vote on the proposition of issuing to the State of Minne- Palacios Nov. 1 1913 40 yrs. 15 yrs. 4,000 1,000 and street) sota $6,000 refunding and $2,000 building-addition 4% bonds. 15,000 4,000 Shamrock (water wks.) Jan. 1 1913 40 yrs. 10 yrs. STEUBEN SCH. TOWNSHIP, (P. 0. Pleasant Lake), Steuben The Guadalupe County Road Dist, No. 2 bonds bear 53 % interest, -Tay S. Misner, Twp. Trustee will while the remaining issues all carry 5%. -BOND OFFERING. County, Ind. offer for sale at public auction at 1 p.m. July 21 an issue of $13,500 5% -BOND SALE. -On July 6 the four TIFFIN, Seneca County, Ohio. 2-11 yr. serial school bonds. Denom. $500. Int. payable annually. Due $1000 yrly. from 2 to 6 yrs., incl., $1500 in 7, 8 and 9 yrs. and $2000 in Issues of 5% st.-impt. bonds aggregating $64.000 were awarded to the Tiffin Nat. Bank of Tiffin for $64,217, equal to 100.339.-V. 100, p. 2188. 10 and 11 yrs. after date. -BOND OFFERING. STEUBENVILLE, Jefferson County, Ohio. - Other bidders were: Weil, Roth & Co.. Cin.-$64,206 40 Harrison Bids will be received until 12 in. July 23 by Chas. R. Wells, City Aud., for Breed, Elliott & $64,354 75 Sidney Spitzer & Co. Tol.*64,201 50 Cincinnati $600 and $660 5% Highland Ave. impt. bonds. Denom. $600 and $660. 64,311 00 Fifth-Third Nat. Bank Date July 1 1914 Int. J. & J. Due Mar. 11917. Cert. check for 3% Davies Bertram Co. Cin_ 64,226 101 Cincinnati 64,166 60 Ciev of bonds bid for, Payable to City Treas., required. Bonds to be delivered Tillotson & Wol. Co.that of the purchasers were the only unconditional * This bid and and paid for within 10 days from time of award. Purchaser to pay accrued bids received. Interest. TIPTON SCHOOL TOWNSHIP (P. 0. Walton), Cass County, Incl. SUGAR GROVE SCHOOL DISTRICT (P. 0. Sugar Grove), Fair-Bids will be received until 10 a. in. July 26 by -L. A. Carpenter, Clerk of -BOND OFFERING. -BOND OFFERING. field County, Ohio. Bd. of Ed., will receive bids until 12 in. July 15 for $25,000 5% coup. site- D. A. G. Coblentz, Twp. Trustee, for $45,000 4M% 7%-year aver. bldg. zurchase and constr. bonds. Auth. Secs. 7625 to 7630, incl., Gen. Code. bonds. Denom. $1,000. Date Sept. 11915. Int. M.& S. Due $1,000 .oenom. $500. Date July 1 1915. Prin. and semi-ann. in (J. & J.) on Mar. 1 and $2,000 Sept. 1 from Mar. 1 1916 to Sept. 1 1930 incl. Cert. payable at Hocking Valley Nat. Bank,Lancaster. Due $1,500 July 1 1916. check for $200, payable to Twp. Trustee, required. $2,000 July 1 1911, 32,500 yearly on July 1 from 1918 to 1922 incl., and -BOND SALES. -During _ the six months ending TOLEDO, Ohio. $3,000 July 1 1923, 1924 and 1925. Cert. check for 2% of bonds bid for, June 30 1915, the following $128,268 67 4M% assessment bonds were payable to Dist. Treas., required. Bonds to be delivered and paid for purchased by the sinking fund at par: within 10 days from time of award. Purchaser to pay accrued interest. Bonds Purchased Feb. 4 and Dated Jan. 26 1915 ($863 20). Bids must be made on forms furnished by the above clerk. 1$263 02 Sewer No. 1206. $600 18 Sewer No. 1170. SUGAR RIDGE SCHOOL TOWNSHIP,(P. 0. Center Point), Clay Bonds Purchased Feb. 26 and Dated Feb. 26 1915 ($10,034 90). -BOND SALE. -On June 30 the $3,000 43'i% bldg. bonds $619 79 Alley No. 56. County, Ind. 139,415 11 Butler St. No. 1. were awarded to the First National Bank of Center Point for $3,010,equal Bonds Purchased March 26 and Dated March 26 1915 ($44,532 29). to 100.333.-V. 100. D. 2188. The Brazil Tr. Co. of Brazil bid Dar. $1,099 92 Sewer No. 1191. $1,639 18 Alley No. 55. 9,113 24 Chase St. No. 3. 5,012 28 Broadway No. 1. -BONDS AUTHSULLIVAN COUNTY (P. 0. Blountville), Tenn. 5,035 30 Congress St. No. 1. 2,800 18 Clayton St. No. 1. -It is stated that the County Court on July 5 authorized the ORIZED. 3,840 74 Cleveland St. No. 1. 2,858 52 Sewer No. 1200. issuance of $100,000 road bonds. 6,894 95 Grand St. No. 3. 437 35 Sewer No. 1201. -R.E. McSUPERIOR, Douglas County, Wis.-BOND OFFERING. 2,984 95 Hastings St. No. 1. 2.161 84 Sewer No. 1178. Keague, City Clerk, will receive sealed bids until 11 a. m. July 15, it is 653 84 Sewer No. 1185. -year refunding bonds. Certified stated, for $62,500 43' % semi-annual 20 Bonds Purchased April 27 and Dated April 26 1915 ($52,357 37). check for $3.000 required. $14,016 76 Wayne St. No. 3. $1.788 27 Bancroft St. No. 11. 1,253 48 Sewer No. 1190. 3,091 87 Droege St. No, 1. -On July 2 -NOTE SALE. SWAMPSCOTT, Essex County, Mass. 772 88 Sewer No. 1189. 1,185 57 Eastern Ave. No. 4. $47,000 45.4% coup. school house notes were awarded to P. M. Chandler 2,779 45 Alley No. 52. 6,313 79 Plymouth St. No. 3. & Co. of Boston at 101.79 and int. Other bidders were: 17,680 29 Central Ave. No. 5. 3,475 01 Plymouth St. No. 4. Estabrook & Co., Boston__ 101.78 1 C. D. Parker & Co., Bost__ 100.77 Bonds Purchased May 27 and Dated May 26 1915 ($20,480 91). R. L. Day & Co., Boston_ 101.669 Merrill. Oldham & Co., $15,658 93 St. Clair St. No. 6. 100.539 $1,097 25 Sewer No. 1188. Boston Blodgett & Co., Boston__ 101.25 3,724 73 Sewer No. 1209. Int. M. & N. at First Nat. Bank, Boston. Due $3,000 yrly. on May 1, The above bonds mature part every six months beginning March 1 1916. from 1916 to 1922 incl. and $2,000 yrly. on May 1, from 1923 to 1935 incl. The following 4%% general city bonds were also purchased at par by Date purch. Due. SWEET GRASS COUNTY SCHOOL DISTRICT NO. 31 (P. 0. the sinking fund: Date. Purpose. -Sealed bids will be opened on -BOND OFFERING. Mont. Amount. Gibson), Apr. 1 1915 4 years. Mar. 26 -10 July 15 by Evelyn Rose, District Clerk, for $1,500 5 -year (opt.) coupon $10.000 Cemetery June 1 1915 4 years. June 1 -Opening • school bonds at not exceeding 6% int. Certified check for $50 required. 5,000 Street 50,000 Refund of certif. indebtedness July 1 1915 1 year. June 25 -BOND ELECTION PROSWEETWATER, Monroe County, Tenn. -Local shortly, it is stated, to vote on the ques-BOND ELECTION. -An election will no held POSED. TRAVIS COUNTY (P. 0. Austin), Tex. tion of issuing $5,000 street and $10,000 school bonds. papers state that an election will be held July 15 to determine whether or county shall issue $150,000 county-hospital bonds. this TARRANT COUNTY COMMON SCHOOL DISTRICT NO. 97(P. 0. not -The election held Juno 30 resulted, -BONDS VOTED. Haslet), Tex. TRUCKEE RIVER DRAINAGE DISTRICT, Nev.-BONDS DEth 8 1oo revrts stated ig favor of the question of issuing the $7,500 building bonds. FEATED. -The proposition to issue $21,000 drainage system impt. bonds failed to carry it is stated at a recent election. -BOND ELECTIONS. TAYLOR COUNTY (P. 0. Abilene), Tex. TURLOCK IRRIGATION DISTRICT (P. 0. Turlock), Stanislaus -According to reports. Byrne & McDonnel The propositions to issue $150,000 Precinct No. 2 and $50,000 Precinct County, Cal. -BOND SALE. No. 3 road-construction bonds will be submitted to a vote, it is stated, of San Francisco have just purchased an issue of $100,000 5% irrigationon July 24. system bonds. Due serially from 1933 to 1941. -BOND OFFERING.-Proposalslwill b -BONDS PROPOSED. TEMPLE, Bell County, Tex. TUTWILER, Tallahatchie County, Miss. received until July 13 by J. T. Martin, City Secretary, for the $10,000 This town is contemplating the issuance of $15,000 municipal-water-works fire-alarm-system and $30,000 fire-department building andiequipment and sewer bonds. Those bonds to take the place of the $12,000 issue -V. 100, p. 249. -40-year (opt.) bonds voted Juno 1.-V. 100, p. 2031. 5% 10 offered for sale on Feb. 2, but subsequently abandoned. -BOND ELECTION -BOND ELECTION PROTEXAS CITY, Galveston County, Texas. TYLER COUNTY (P. 0. Woodville), Tex. -Reports state that the City Commission is preparing to call anTelection POSED. -Reports state that petitions are being circulated asking the to submit to the voters the question of Issuing $200,000 5% drainage Commissioners Court to call an election to vote on the proposition to issue system bonds. $100,000 road-impt. bonds. 1,888 3:888 11,:888 i,500 JULY 10 1915.] THE CHRONICLE UNION SCHOOL TOWNSHIP (P. 0. Laporte), Laporte Counrry -On June 23 the $1,750 534% 1-4-year (ser) Ind. -WARRANT SALE. high-school-warrant was awarded to the First Nat. Bank of La Porte Date June 23 1915. Int. ann. in June. UNION (TOWN) UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. -BOND SALE. -On July 6 the $18,000 5 1-3 yr. average Endicott), N. Y. school bonds were awarded to the First Nat. Bank of Lestershire at 101.50 for 5's a basis of about 4.67%.-V. 101, p. 66. Other bidders were: Price Rate H. A. Mailer & Co., New York 100.10 4.75's Douglas Fenwick & Co., New York 100.094 4.75's I. W. Sherrill Co., Poughkeepsie _100.10 4.80's Geo. B. Gibbons & Co., New York 100.03 4.80's UNION SCHOOL TOWNSHIP (P. 0. Crawfordsville), Montgomery County, Ind. -BOND OFFERING. -Bids will be received until 2 p m. July 15 by B. F. Johnson, Township Trustee, for $12,000 43 % 5k-year (aver.) coup. building bonds. Denom. $600. Date July 15 1915. Int. J.& J. at Citizens' Nat. Bank, Crawfordsville. Due $600 each six months from Jan. 15 1916 to July 15 1925 incl. Certified check for 3% of amount of bid, payable to Township Trustee, required. UTICA, Oneida County, N. Y. -BOND SALE. -On July 2 the $40,000 45.i% 1034-yr. average reg tax-free fire apparatus bonds were awarded to A. B. Leach & Co. of N.Y.at 101.779 and int., a basis of about 4.285%. -V. 100, p. 2188. Other bidders were: Robinson & Co., N. Y $40,632 00 H. A. Kahler & Co., N Y 40,612 00 40,600 00 Utica Trust & Deposit Co., Utica 40,574 00 Parson, Son & Co., N Y. 40,557 90 J. S. Bache & Co., N Y. 40,480 80 Harris, Forbes & Co., N. Y. 40,452 40 Kissel, Kinnicutt & Co., N Y 40,452 00 E. H. Rollins & Sons, N. Y. 40,446 00 N. W. Halsey & Co., N. Y. 40,357 00 Douglas, Fenwick & Co., N. Y. 40,324 00 Rhoades & Co., N. Y a30,312 00 Utica Trust & Deposit Co., Utica 610,217 50 W. D. Lyon a For $30,000, mat.fr 1916 to 1930. b For $10,000, mat.fr 1931 to 1935. VANDERBURGH COUNTY (P. 0. Evansville), Ind. -BOND OF-Carl Lauenstoin, County Treasurer, will offer for sale at public FERING. auction at 10 a. m. July 30 an issue of $9,400 434% Thos. Ritchey et al. highway-improvement bonds in Scott Twp. Denom.$470. Int. M.& N. Due $470 each six months from May 15 1916 to Nov. 15 1925 incl. VAN ZANDT COUNTY (P. 0. Canton), Tex. -BOND ELECTION PROPOSED. -Reports state that a petition has been signed asking the Commissioners' Court to order an election in Commissioners Precinct No. 3 to vote on the proposition to issue $300.000 road bonds. VERNON TOWNSHIP, Crawford County, Ohio. -BOND SALE. On July 2 the $9500 5% coupon road-improvement bonds were awarded, to the Citizens' bank of Tiro for $9,515 (100.157) and int.-V. 100, p. 2188. VICTOR, Ontario County, N. Y. -Bids will be -BOND OFFERING. received until 8 p. m. July 12 by W. F. Keating, Village Clerk, for $11,000 6-year (average) coupon or registered, to suit purchaser, highway-impt. bonds at not exceeding 5% int, voted March 16. Denom. $1,000. Date Aug. 1 1915. Interest annually in New York exchange. Due $1,000 yearly on Aug. 1 from 1916 to 1926, inclusive. Certified check on a bank other than the one making the bid, for $250, payable to Chas. A. Moore, Village Treasurer, required. Delivery of bonds to be on Aug. 1. Purchaser to pay accrued interest. Bids must be unconditional. VIOLA, Mercer County, Ills. -BOND SALE. -The $12,000 6% water works bonds offered on Mar. 1 were awarded on that day to Bolger, Messer & Willaman of Chicago for $12,591 20 equal to 104.926. Date May 1 1915. Duo yearly from 1916 to 1928. -BONDS VOTED. VISALIA, Tulare County, Calif. -The questions of issuing the $65,000 sewerage-system-extension and $50,000 municipalauditorium-erection bonds carried, it is stated, at an election held June 30. The vote was 802 to 139 and 697 to 237, respectively. VOLUSIA COUNTY (P. 0. De Land), Fla. -BOND ELECTION. According to reports an election will be held July 13 to vote on the propositions to issue $350,000 Deland District and $90,000 Orange City -District road-construction bonds. WALL 'SPRINGS SCHOOL DISTRICT (P. 0. Wall Springs), -BOND ELECTION PROPOSED.-It is stated that Pinellas County, Fla. an election will be called to vote on the question of issuing $3,000 building bonds. -TEMPORARY LOAN. WALTHAM, Mass. -On July 7 a loan of $150. 000, maturing Jan. 6 1916, and issued in anticipation of taxes, was negotiated with Morgan & Bartlett of N. Y. at 2.53% discount. Other bidders were: Discount.Discount. F. S. Moseley & Co., Bostona2.59% First Nat. Bank, Boston 2.71 Bond & Goodwin, Boston_ _ _ _2.72 Curtis & Sanger, Boston..___b2.62 Loring, Tol. & Tupper, Bost-3.05 Blake Bros. & Co., Boston__ 2.69 a Plus 75 cents premium. b Plus $1 premium. WARD SCHOOL TOWNSHIP (P. 0. Saratoga), Randolph County, -Ed. Evans, Twp Trustee, will receive proInd. -BOND OFFERING. posals until 7:30 p. m. July 15 for $2,600 4349' Dist. No. 7 school-bldg. ' bonds. Denom. 1 for $350, 9 for $250. Date July 15 1915. Int. J. & J. Due $250 each six months from Jan. 1 1916 to Jan. 1 1920 incl. and $350 July 1 1920. -BOND SALE. WARREN, Trumbull County, Ohio. -On July 2 the three issues of 57 bonds, aggregating $42,500, were awarded to the Ohio 0 Nat. Bank of Columbus for $43,426 75 -equal to 102.180.-V. 100. p. 1951. The other bidders were: Otis & Co., Cleveland.._.443,350 00 Breed, Elliott Sr Harrison, Cincinnati Brighton German Bk.,Cin. 43,268 25 Davies -Bertram Co., Cin_ 43,235 00 Field, Richards & Co.,Cin.43052 5 4 010 0 0 $ , Sidney Spitzer & Co., Tol. 43,074 40 Union Say.& Tr. Co. ,War.43,000 00 Spitzer, Rorick & Co.,Tol. 43,069 50 Stacy, Braun & Co., ToL 42,969 63 nilotson& Wol.Co.,Clev. 43,059 75 Seasongood & Mayer,Cin. 42,930 00 WARRENTON, Warren County, No. Caro. -BOND OFFERING. Sealed proposals will be received until 12 m. July 27 by the Board of Commissioners, R. J. Jones, Secretary and Treasurer, for $50,000 5% water and sewerage bonds dated July 1 1915 and duo July 11940. Principal and semi-annual interest will be payable at any place desired by purchaser. Proposals will also ho received for bonds maturing serially, $1,000 yearly July 1 from 1917 to 1922 incl., $2.000 yearly July 1 from 1923 to 1929 incl. and $3,000 yearly July 1 from 1930 to 1939 incl. Certified check upon an incorporated bank for $1,000, payable to the "Town of Warrenton," required. Bids must be conditional only upon the approval as to legality of Caldwell, Masslich & Reed, New York, whose opinion approving the validity of the bonds will be furnished to the purchaser without charge. Bonded debt, $4,500. Assets of city May 3, $39,981 26 (including cash, $12,223 26). Assess. val. 1914, $715,148; est. assess. val. 1915, $900,000. The official notice of this bond offering will be found among the advertisements elsewhere in this Department. WARREN TOWNSHIP FIRST SPECIAL RURAL SCHOOL DISTRICT (P. 0. Marietta) Washington County, Ohio. -BOND SALE. -year (aver.)'coup. school bonds were awarded On June 23 the $1,500 WC. 3 to Clara L. Weaver of arietta-V. 100, p. 2105. WASHINGTON SCHOOL TOWNSHIP,(P. 0. Fort Wayne), Allen -On July 2 the $21,000 5%% 8-yr. (aver.) County, Ind. -BOND SALE. coup, school bonds were awarded to J. P. Wild & Co. of Indianapolis at 108.-V. 100, p. 1952. Other bidders were: Breed, Elliott & Harrison, Indianapolis $22,225 00 Meyer-Kiser Bank, Indianapolis 22,155 25 E. M. Campbell Sons & Co., IndianapolLs 22,015 00 WATERLOO TOWNSHIP SCHOOL DISTRICT (P. 0. Now Marshfield), Ohio. -BONDS DEFEATED. -At an election hold April 27 this district defeated the question of issuing $12,500 building bonds. 155 WAUSEON,, Fulton County, Ohio. -BOND SALE. -On July 5 the -year average coup. street-improvement assess. bonds $9,571 90 5% 5% were awarded to the People's State Bank of Wauseon. -V. 100, p. 2189. There were two other bidders. WAYNESVILLE, Haywood County, No. Caro. -BOND OFFERING. -Proposals will be received until 12 m. Aug. 3 by G. C. Davis, City Clerk, it is stated, for $25,000 5% 30-yr. electric-light bonds. WELLESLEY, Norfolk County, Mass. -BOND SALE. -The following bids were received for an issue of $150,000 4% 15%-year average coup. tax-free sewerage bonds offered on July 8: E.M.Farnsworth&Co.,Bost.100.59 Jackson & Curtis, Boston_ __100.302 Millet, Roe & Hagen, Boston 100.54 P. M.Chandler & Co., Bost_100.291 N. W.Harris & Co., Boston_100.538 Blodget & Co., Boston 100.289 Merrill,Oldham&Co.,Boston 100.429 Estabrook & Co., Boston_ _ _100.16 R.L. Day & Co., Boston__ __100.369 E. C.Potter & Co., Boston_*100.161 Curtis & Sanger, Boston.. __100.331 * For $50,000 maturingfrom 1916 to 1925. All bids provided for payment of accrued interest. Denom. $1,000. Date March 1 1915. Prin. and semi-ann. int.-M. & S. -payable at Boston Safe Deposit & Trust Co., Boston. Due $5,000 yearly on March 1 from 1916 to 1945 incl. TEMPORARY LOAN. -On July 2 a loan of $40,000, maturing Oct. 29 1915. was negotiated, it is stated, with Bond& Goodwin of Boston at 2.69% discount. WESTVILLE, Gloucester County, N. J. -At -BONDS DEFEATED. the election held June 29 the question of issuing the $50,000 street-improvement bonds was defeated by a vote of 75 "for" to 268 "against." -V. 100, p. 2032. WHITMAN COUNTY SCHOOL DISTRICT NO. 93, Wash. -BOND SALE. -On June 21 the $2,000 10-year building and impt. bonds were awarded to the State of Washington at par for 5%s, bonds redeemable after 1 year -V. 100, p. 2032. Denom.$500. Date Aug. 1 1915. Int. ann. in August. WHITMAN COUNTY SCHOOL DISTRICT NO. 103, Wash. -BOND SALE. -On June 22 the $2,500 20-year building and impt. bonds were awarded to the State of Washington at par for 5%s,bonds redeemable after 1 year. -V. 100, p. 2032. John E. Price & Co. of Seattle bid $2,513 75 for 63. Denom. $500. Date Aug. 1 1915. Int. ann. in Aug. WHITMAN COUNTY SCHOOL DISTRICT NO. 128, Wash. -BOND -Proposals will be received until 2 p. m. July 26 by H. H. OFFERING. Wheeler, County Treasurer (P. 0. Colfax), for $3,000 2-5-yr. (opt.) building and improvement bonds at not exceeding 6% int. Denom. $500. Date Sept. 1 1915. Int. annually at office of County Treasurer, or at fiscal agency of the State of Washington. Certified check or draft for 1% of bonds, payable to County Treasurer, required. Bidders to state whether or not they will furnish the necessary blank bonds. These bonds are issued under the 1909 Session Laws of the State of Washington, page 324, Secs. 1 and 2; also by vote of 8 to 1 at an election held June 21. No bonded debt at presented. Warrant indebtdeness general fund, none. Assessed valuation, $238,301. WHITMAN COUNTY SCHOOL DISTRICT NO. 183, Wash. -BOND OFFERING. -Proposals will be received until 2 p. m. Aug. 24 by II. H. Wheeler, County Treasurer (P. 0. Colfax), for $1,500 10-15-year (opt.) building and improvement bonds at not exceeding 6% int. Denom. $500. Date Oct. 1 1915. Int. annually at office of County Treasurer, or at fiscal agency of the State of Washington. Certified check or draft for 1% of bonds, payable to County Treasurer, required. Bidders to state whether or not they will furnish the necessary blank bonds. These bonds are issued under the 1909 Session Laws of the State of Washington, page 324, Secs. 1 and 2; also by a vote of 6 to 0 at an election held June 11. No bonded debt at present. Warrant indebtedness general fund, none. Assessed valuation, $60,860. WILKINSBTJRG, Allegheny County, Pa. -BOND ELECTION. An election will be held Aug. 3 to submit to the voters the proposition to issue $125,000 grade-crossing-elimination bonds. WINDSOR FIRE DISTRICT (P. 0. Windsor), Hartford County, -At the election held July 2, this district voted Conn. -BONDS VOTED. in favor of the issuance of $185,000 434% 30 -year bonds, it is stated. WOODBURY, Gloucester County, N. Z. -BONDS AWARDED IN PART. -Of the $19.000 4%% reg. tax-free school bonds offered on June 29, $10,000 was sold at 100.125 and int., it is stated. -V. 100, p. 2106. WOODSTOCK, Champaign County, Ohio. -BONDS DEFEATED. Reports state that at the election held June 22 the question of issuing $4,800 street-paving bonds was defeated. WRIGHT COUNTY (P. 0. Clarion), Iowa. -BOND SALE.-Geo. M. Bechtel & Co. of Davenport have purchased the following 6% drainage bonds: $12,200 Drainage Dist. No. 93 bonds. Due $1,700 yearly May 1 from 1919 to 1922 incl. and $1,800 yearly May 1 from 1923 to 1925 incl. 2,100 Drainage Dist. No. 103 bonds. Due $300 yearly May 1 from 1919 to 1925 incl. Date June 1 1915. Int. M.& N. WRIGHT SCHOOL TOWNSHIP,(P. 0. Midland) Greene County, -WARRANT SALE. -On June 26 the $2,000 6 school warrants Ind. were awarded to W. V. Moffet for $2.006 25 equal to 00.312.-V. 100. p. 2106. Denom. $100. Date June 26 1915. Int. J. & D. Due June 1 and Dec. 1 1917. YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 32 (P. 0. Broadview), Mont. -BOND SALE. -On June 25 the $4,500 coupon sitepurchase, building and equipment bonds were awarded to the State Board of Land Commissioners at par for 6s -V. 100, p. 2106. Bonds redeemable at any interest-paying date. There were four other bidders. YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 37 (P. 0. Billings), Mont. -BOND SALE. -On July 1 an issue of $13,000 554% 10-20-year optional funding bonds was awarded to Wills & Dickey Co. of Minneapolis for $13,206 (101.584) and blank bonds. There were nine other bidders. Denom. $1,000. Date July 1 1915. Int. J. & J. YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 38 (P. 0. Reaper), Mont. -BOND OFFERING. -Proposals will be received until 2 p. in. July 26 by Anna Yearns, District Clerk,for $2,490 10-20-year (opt.) coupon site-purchase, building and equipment bonds at not exceeding 6% interest. Denom. (4) $500, (1) $490. Date July 1 1915. Principal and annual int. (July 1) at the County Treasurer's office. All bids other than those submitted by or on behalf of the State Board of Land Commissioners of Montana must be accompanied by a certified check for $300, payable to the County Treasurer. YOUNGSTOWN, Ohio. -BOND OFFERING. -Bids will be received until 2 p. m. July 26 by Dan Jones, City Aud., for the following 5% coup. or reg. (option of purchaser) bonds: $16,150 Oak St. paving bonds. Due $3,230 yearly on Oct. 1 from 1916 to 1920 incl. 3,040 Belleview Ave. impt. bonds. Due $608 yearly on Oct. 1 from 1917 to 1921 incl. 2,900 Pyatt St. impt. bonds. Due $580 yearly on Oct. 1 from 1917 to 1921 incl. 4,105 Evenston Ave. paving bonds. Due $821 yearly on Oct. 1 from 1917 to 1921 incl. 1,855 Fairmount Ave. sewer bonds. Due $371 yearly on Oct. 1 from 1917 to 1921 incl. 3,090 sidewalk bonds. Due $618 yearly on Oct. 1 from 1917 to 1921 incl. Date Aug. 2 1915. Int. Ir. & A. at office of Sinking Fund Trustees. Cert. check for 2% of each block of bonds bid for, payable to City And.. required. Separate bids must be made for each issue. Purchaser must be prepared to take bonds not later than Aug. 2. The city reserves the right to issue a lesser amount of bonds if above amounts are not needed. o -On July 1 the $800,000 434% 22 2 -year (aver.) coupon -3 BOND SALE. o Ioi t . d:rilinr'Vo tin bonds were awarded 9 Hc e i lio 8 11 n: c o or r .p o , yughaser g oLui; ,c o lwd . N. a basis of about 4.45%.-i. 100, p. 2033. Other bidders were: C. E. Denison & Co., Cleveland and R.L. Day & Co.. Bost__ _$806,328 00 805,760 00 Field, Richards & Co., Cincinnati 805,368 00 A. B. Leach & Company, Chicago Weil, Roth & Co., Cincinnati Stacy & Braun, Toledo and 804,800 00 Fifth Third Nat. Bank, Cincinnati 803,433 60 Estabrook & Co. and Harris, Forbes & Co., N. Y 803,110 00 Sidney Spitzer & Company, Toledo 802,566 00 Hayden ,Miller & Company, Cleveland [Vol,. 101. THE CHRONICLE 156 ZANESVILLE CITY SCHOOL DISTRICT (P. 0. Zanesville), Mus-Proposals will be received -BOND OFFERING. kingum County, Ohio. until 12 m.July 24 by C. J. Weaver, Clerk Board of Education,for $21,500 5% coupon school-improvement bonds. Auth. Secs. 7625 and 7626, Gen. Code. Denom. $500. Date June 25 1915. Principal and semi-annual int. payable at office of City Treasurer. Due $1,500 Juno 25 1925 and $2,000 yearly on June 25 from 1926 to 1935 incl. Certified check or cash for $1,000, payable to Board of Education, required. Purchaser to pay accrued int. These bonds were offered but not sold onJune 25.-V.100,p.2106. Canada, its Provinces and Municipalities. BRANTFORD TOWNSHIP (P. 0. Brantford), Brant County, Ont. -installment school % 20 -On July 7 the $15,000 -DEBENTURE SALE. debentures were awarded to the Quebec Bond Co. for $15,338 (102.273) and Int.-V. 101, p. 68. Other bids were. 00 Canada Bond Co., Toronto....$15,128 K. V. Bunnell & Co.,.. _ _ $15,27_ 15,116 Kerr, Bell & Fleming, Tor. 15,241 50 Imperial Bank , 15101 Dominion Sec. Co., Tor__ 15,193 00 Bougard, Ryerson & Co W.L. McKinnon&Co.,Tor.15,168 75 G. A. Stimson & Co., Tor__ _ 15.082 Macneill & Young,Toronto15,166 50 R. C. Matthews & Co., Tor_ 15,075 Wood,Gundy & Co.,Tor.. 15,163 00 W.A. McKenzie & Co., Tor.. 15,030 14,930 Burgess & Co., Toronto_.. 15,154 50 Goldman & Co., Toronto.. 14,857 A. H. Martens & Co., Tor. 15,137 00'Brent, Noxon & Co., Tor_ All bids provide for payment of accrued interest. -Bids addressed Ont.-DEBENTURE OFFERING: BURLINGTON, to Jas. S. Allen, Town Clerk, will be considerel until 7 p. m. July 15 for $50.300 5%% 30-equal-ann.-installment debentures. COLLINGWOOD, Ont.-DEBENTURE OFFERING.-Bids will be received until July 14 by A. D. Knight, Town Treasurer, for the following debentures: $7,000 5% debentures. Due in 30 equal ann. installments' beginning Dec. 1 1916. 12,000 5% local-impt. sidewalk debentures. Due in 20 equal annual installments beginning Dec. 1 1915. 8,000 434% local-impt. sewer debentures. Due in 20 equal annual installments beginning Dec. 1 1915. 4,500 5% technical-school debentures. Due in 20 equal annual installments beginning Dec. 1 1915. Debts as of Dec. 31 1914: $101,436 local impt., $74,681 water-works and electric and $339,562 all other debt. -DEBENTURE EAST KILDONAN RURAL MUNICIPALITY, Man. -Reports state that Macneill & Young of Toronto have purchased SALE. $45,000 5V2% debentures. Due in 1935. ELGIN COUNTY (P. 0. St. Thomas), Ont.-DEBENTURE SALE. Reports state that A. H. Martens & Co. of Toronto have been awarded an Issue of $12,000 5 % 10-installment debentures. -Reports state that an EXETER, Ont.-DEBENTURE ELECTION. election will be held July 16 to vote on the question issuing of $20,000 electric power debentures. -Bids will be received FORT ERIE, Ont.-DEBENTURE OFFERING. -installment road debentures auuntil July 20 for the $10,000 534% 20 at the election held June 21.-V. 100, p.2107. thorized by a vote of 76 to 12 -On July 2 an issue of -DEBENTURE SALE. KENTVILLE, N. S. of $9,000 5% school debentures was awarded to F. B. McCurdy & Co.D. Halifax at 99.15. Denom. $500. Date June 1 1915. Int. J. & Due June 1 1940. LINCOLN COUNTY (P. 0. St. Catharines), Ont.-DEBENTURE -On July 6 the $40,000 5% 10-yr. patriotic fund debentures were SALE. awarded to Kerr. Bell & Flemming of Toronto at 98.55.-V. 101, p. 68. Date July 1 1915. Int. ann. on July 1. -The question of MATHESON, Ont.-DEBENTURE ELECTION. whether or not this place shall issue $20,000 water-works-construction debentures will be submitted to a vote on July 16, it is stated. PORT HOPE, Ont.-DEBENTURES AUTHORIZED.-According to local newspaper dispatches, the Town Council on June 21 passed a by-law providing for the issuance of $35,000 water-works-system debentures. RENFREW COUNTY (P.O. Pembroke), Ont.-DEBENTURE SALE. -On Juno 17 the $4,000 5% debentures offered on June 15 were awarded to Kerr,'Bell & Fleming of Toronto at 98.28, it is stated-V.100, p. 1698. RUTHERGLEN CONSOLIDATED SCHOOL DISTRICT NO. 1297 -An election will be -DEBENTURE ELECTION. (P. 0. McAuley), Man. held July 20 to vote on the question of issuing $15,000 6%% site-purchase and construction debentures. Denom. 18 for $395, 1 for $390 and 1 for $7,500. Date Sept. 1 1915. Int. ann. on Feb. 1. Due on Feb. 1 from 1916 to 1935 incl. -This town has sold an SHAUNAVON, Sask.-DEBENTURE SALE. issue of $8,000 7% debentures which were authorized by a vote of 30 to none at an election held June 21. SWAN RIVER RURAL MUNICIPALITY (P.O. Swan River), Man. -At the election held June 10, the proposition DEBENTURES VOTED. to issue the $22,000 6% bridge-construction debentures carried, by a vote of 190 to 42.-V. 100, p. 1777. -We are adVANCOUVER, B. C. -NO DEBENTURES OFFERED. vised that the reports that stated that this city would offer for sale on June 28 three issues of debentures, aggregating $265,000, were erroneous. DEBENTURES DEFEATED. -At the election held June 28, the questions of issuing the six issues of debentures, aggregating $745,000, were defeated. The vote on each issue Is reported in a local paper as follows: For. Against. PurposeAmount. 2,186 609 $150,000 Street improvement 2,137 623 100,000 Street improvement 2,165 568 230,000 Water-works improvement 2,312 344 Jail completion 50,000 2,235 417 150,000 Georgia-Iforris viaduct improvement 1,743 1,052 65,000 False Creek bridges improvement -V. 100, p. 2107. INSURANCE NEW LOANS. $50,000.00 Town of Warrenton, North Carolina, WATER AND SEWERAGE BONDS Sealed proposals will be received by the Board of Commissioners of the Town of Warrenton, North Carolina, until TWELVE O'CLOCK, M., JULY 27TH, 1915, for the purchase of $50,000 5% Water and Sewerage Bonds of said Town. Said bonds will be dated July 1st, 1915, and will mature on July 1st, 1940. Principal and semi-annual interest will be payable at any place desired by the purchaser. 'Proposals will also be received for bonds maturing serially, $1,000 on July 1st of each of the years 1917 to 1922, both inclusive, $2,000 on July 1st of each of the years 1923 to 1929, both inclusive, and $3,000 on July 1st of each of the years 1930 to 1939, both inclusive. No bid of less than par and accrued interest will be considered. Bids must be accompanied by a certified check upon an incorporated bank for $1,000, payable to the order of the Town of Warrenton, and must be conditioned only upon the approval as to legality of Messrs. Caldwell, Masslich & Reed, New York City, whose opinion approving the validity of' the bonds, payable out of general revenues, including taxes, as provided In and limited by the Charter of the Town, will be furnished to the purchaser, without charge. R. J. JONES, .Secretary and Treasurer, Board of Commissioners. $20,000 Putnam County, New York, BONDS Sealed bids will be received by the undersigned up to twelve o'clock noon JULY 26, 1915, for the purchase of $20,000 Highway Improvement Bonds, to be issued by the County of Putnam, New York. Bonds will be payable $4,000 on August 1, 1917, $4,000 on August 1, 1918, and $2.000 on the first day of August in each year from 1919 to 1924, both Inclusive, and will boar interest at four and threequarters per cent per annum, payable semi-annually on the first days of February and August. Principal and interest payable in New York Exchange at the office of the County Treasurer, or at the First National Bank, Brewster, Now York. All bids must be accompanied by a certified check for two per cent of the total amount issued. The right is reserved to reject any and all bids. Bonds will be dated August 2, 1915. Dated Brewster, N. Y., July 7, 1915. EDWARD D.STANNARD, County Treasurer of Putnam County. ATLANTIC MUTUAL INSURANCE COMPANY, New York, January 28th, 1915. The Trustees, in conformitu with the Charter of the Company,submit the following statement of its affairs on the 31st of December, 1914. The Company's business has been confined to marine and inland transportation insurance. 5,026,461 19 Premiums on such risks from the 1st January, 1914, to the 31st December, 1914 654,783 26 Premiums on Policies not marked off 1st January, 1914 5,681,244 45 Total Premiums Interest on the investments of the Companyrrecelved during the year 330,262 43 42,065 85 Interest on Deposits in Banks and Trust Companies,etc 141,038,74 Rent received leas Taxes and Expenses Losses paid during the year H. M. CHANCE & CO. Mining Engineers ancIkGeologists COAL AND MINERAL PROPERTIES Examined, Managed, Appraised Drexel Bldg. PHILADELPHIA 513,417 02 2,253,324 89 °42,315 69 372,200 31 Less: Salvages Re-insurances 614,516 00 1,638,808 69 Returns of Premiums Expenses, including officers' salaries and clerks' compensation, stationery, advertisements,ete 138,873 43 682,724 57 A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid to the holders thereof, or their legal representatives, on and after Tuesday the second of February next. The outstanding certificates of the issue of 1909 will be redeemed and paid to the holders thereof, or their legal representatives, on and after Tuesday the second of February next, from which date all interest thereon will cease. The certificates to be produced at the time of payment, and canceled. A dividend of Forty per cent is declared on the earned premiums of the Company for the year ending 31st December, 1914, which are entitled to participate in dividend, enr which, upon application, certificates will be issued on and after Tuesday the fourth of May next. By order of the Board, G. STANTON FLOYD-JONES, Secretary. TRUSTEES. ANSON W.HARD, CHARLES M.PRATT, EDMUND L. BAYLIES, DALLAS B.PRATT, SAMUEL T. H BUBARD, JOHN N.BEACH, _ ANTON A. RAVEN, THOMAS H. HUBBARD, NICHOLAS BIDDLE, JOHN J. RIKER. LEWIS CASS LEDYARD. ERNEST C.BLISS, DOUGLAS ROBINSON, , WILLIAM H.LEFFERTS JAMES DROWN: WILLIAM JAY SCHIEFFELIN, , D. LEVERICH CLAFLIN, JOHN CHARLES SAMUEL SLOAN, GEORGE H. MACY, GEORGE C. CLARK. WILLIAM SLOANE, NICHOLAS F. PALMER. CLEVELAND H.DODGE, LOUISERN,_ CORNELIUS ELDERT, WILLIAM A.STREET. ADOLF PAVENST'EDT,_ RICHARD H.EWART, GEORGE E.TURNURE, PHILIP A S. FRANKLIN, CHARLES A.PEABODY, RICHARD H. WILLIAMS. JAMES H.POST, HERBER1 L.GRIGGS. A. A. RAVEN.President. CORNELIUS ELDERT, Vice-President. WALTER WOOD PARSONS, 2d Vice-President. CHARLES E. FAY,3d Vice-President. ASSETS. United States and State of New York Bonds New York City, New York Trust Companies and Bank Stocks Stocks and Bonds of,Rallroads Other Securities ' Special Deposits in Banks and Trust Companies Real Estate cor. Wall and William Streets and Exchange Place, eontainhag offices Real Estate on Staten Island (held under provisions of Chapter 481 Laws of 1887) Premium Notes Bills Receivable Cash in hands of European Bankers to pay losses under policies payable in foreign countries Cash in Bank Loans 670,000 00 1,783,700 00 2,723,912 00 357,095 00 500,000 00 4,299,426 04 75,000 00 941,063 28 775,688 06 MABILITIES. Estimated Losses, and Losses Unsettled In process of Adjustment 2,182,711 00 993,963 13 Premiums on unterminated Risks__ Certificates of Profits and Interest 277,510 45 Unpaid 104,976 64 Return Premiums Unpaid 47,993 70 Reserve for Taxes Re-insurance Premiums 209,323 59 Claims not Settled, including Cornpensation,eto122,81307 Certificates of Profits Ordered fee:. deemed, Withheld for Unpaid Premiums 22,556 64 1,26440 Income Tax Withheld at the Source.. Certificates of Profits Outstanding-. 0,088,62000 149,249 82 1,756,535 26 70,000 00 14,101,674 46 Alining (engineers; 4,687,279 32 Premiums marked off from January 1st. 1914, to December 31st, 1914 • 10,929,734 62 3,171,939 84 Thus leaving a balance of 36,725 45 Accrued Interest on the 31st day of December, 1914, amounted to 23,122 35 Rents due and accrued on the 31st day of December, 1914, amounted to 31st day of P.e-insurance due or accrued, in companies authorized in New York, on the 158,649 70 December. 1914, amounted to 33,421 71 Unexpired re-Insurance premiums on the 31st day of December, 1914, amounted to Note: The Insurance Department has estimated the value of the Real Estate corner Wall and given above at..... 450,573 98 William Streets and Exchange Place in excess of the Book Value And the property at Staten Island in excess of the Book Value, at 63,700 00 The Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the 1,439,1)52 10 Company's valuation by On the basis of these Increased valuations the balance would be 5,283,085 11
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