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financial
Ij
I
The.
illunurcatt
Bank & Quotation Section
Railway Earnings Section
rim-Ude
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, JULY 29 1916
VOL. 103
he Thranitte.
Week ending July 22.
1916.
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CIUDAD()OFFICE-39 South La Salle Street, Telephone Randolph7396,
Smith,
1
Drapers'
Gardens,
E.
O.
do
OFFIcE-Edwards
Losnom
WILLIAM B. DANA COMPANY,Publishers,
Front, Pine and Depeyster Ste., New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents: Arnold G. Dana. See. Addresses of all. Office of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total
bank clearings of all the clearing houses of the United States for the week
ending to-day have been $4,179,982,280, against $4,382,024,816 last week
and $3,136,827,031 the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending July 29.
Per
Cent.
1916.
1915.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
51,991,311,082
141,723,749
183,525,854
30,940,224
297,098,997
80,811,095
19,875,084
$1,503,011,183
107,550,596
121,938,408
23,926,459
236,316,948
56,662,023
15,062,848
+32.5
+31.8
+50.5
+29.3
+25.7
+42.6
+2/.0
Seven cities, five days
Other cities, five days
$2.745,286,085
699,417,232
$2,065,007,465
498,627,438
+32.9
+40.3
Total all cities, five days
All cities, one day
$3,444,703,317
735,278,963
$2,563,634,903
873,192,128
+34.4
+28.3
Total all cities for week
54,179,982,280
53,136,827,031
+33.3
The full details for the week covered by the above will be given next
Saiurday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day
of the week has to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with Saturday
noon, July 22, for four years:
Week ending July 22.
Clearings at
1916.
1915.
Inc. or
Dec.
NO. 2666
Clearings at
PUBLISHED WEEKLY.
1914.
1913.
$
$
New York
2,546,851,844 1,797,219,220 41.7 1,588,913,808 1,630,320,632
Philadelphia
238,495,514 152,015,615 +56.9 138,919,837 140,390,646
Pittsburgh
04,319,970
52,475,086 +22.6
51,275,705
56,951,796
Baltimore
40,888,098
30,362,739 +34.7
32,517,539
33,787,574
15,644,369
Buffalo
10,683,963 +46.4
12,543,571
11,728,903
8,384,509
Washington
7,026,844 +19.3
6,739,425
7,282,085
4,754,331
5,281,881 -10.0
Albany
5,857,154
5,948,736
5,412,567
4,039,666 +34.0
Rochester
4,094,066
4,020,779
3,049,249
3,233,523 -5.7
Scranton
3,135,245
2,936,593
2,960,341
3,033,957 -2.4
Syracuse
2,765,380
2,592,008
2,279,726
1,672,466 +36.3
Reading
1,737,900
1,673,967
2,623,175
2,152,286 +21.9
Wilmington
2,003,099
1,589,011
2,621,438
2,110,011
Wheeling
+24.2
2,136,856
1,957,371
1,860,690
1,772,797 +5.0
Wilkes-Barre
1,675,267
1,476,247
Trenton
2,110,784 +2.7
2,168,096
1,729,497
1,579,462
York
1,086,644
803,052 +35.2
836,549
833,701
Erie
1,347,862
1,035,535 +30.1
989,603
1,207,949
Lancaster
1,436,953
1,155,313 +27.8
1,338,024
1,234,698
Chester
1,093,436
635,884 +72.0
626,326
730,445
Greensburg
800,000
613,6031 +30.3
762,781
901,400
Binghamton
798,300
662,300`•+20.5
642,824
610,500
Altoona
694,021
510,215 - +36.0
599,601
679,171
Montclair
392,217
437,185 -10,3
' 353,813
367,589
Total Middle_ 2,949,963,370 2,081,043,925 +42.6
1,862,174,774 1,910,801,263
192,320,787 140,027,488 +37.3
Boston
163,111,976 134,189,597
Providence
10,123,100
7,156,000 +41.5
6,954,600
6,974,800
Hartford
7,228,910
6,946,475 +40.6
4,904,073
4,079,330
Haven
4,705,176
New
3,767,717 +24.9
3,349,023
2,868,815
3,847,788
Springfield
2,770,159 +38.9
2,852,749
2,446,608
2,644,624
Portland
2,042,713 +29.5
2,037,856
2,183,922
3,932,117
Worcester
2,729,028 +74.4
2,530,615
2,446,624
1,341,130
1,094,619 +22.6
Fall River
1,171,142
942,193
1,316,405
Bedford.__
1,060,503
New
+24.1
1,025,906
1,015,938
1,010,315
852,096 +18.5
Lowell
647,953
527,990
1,000.747
776,268 +28.9
Holyoke
830,603
631,934
662,425
426,377 +55.4
Bangor
383,016
449,684
Tot. Now Eng. 230,133,524 169,649,443 +35.6 189,790,512 158,757,435
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
Electric Railway Section
State and City Section
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee.
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids_
Evansville
Dayton
Akron_
Youngstown Canton
Springfield, Ill
Fort WayneRockford
Lexington
South Bend
Springfield. Ohio
Bloomington__
Quincy
Mansfield
Danville
Jackson
Oweru3boro
Lima
Lansing
Decatur
Jacksonville, Ill_
Ann Arbor
Adrian
Tot.Mid.West_
1915.
Inc. or
Dec.
1914.
407,392,656 287,933,755 +41.5 291,461,996
32,236,350
25,690,950 +25.5
25,640,250
51,011,131
29,311,260 +74.0
26,412,179
48,027.142
30,575,714 +57.1
23,041,972
18,938,481
13,426,177 +41.1
16,184,351
10,541,107
8,360,265 +26.1
7,920,856
9,993,700
6,894.800 +44.9
6,628,800
9,729,075
7,390,616 +31.8
6,468,743
3,444,175
2,267,243 +51.9
2,936,114
4,567,338
2,937,351 +55.5
2,957.400
1,577,197
1,013,212 +55.7
1,412,901
3,675,047
2,440,626 +50.6
2,148,073
4,341,000
2,482,000 +74.9
1,972,e00
2,015,053
1,385,405 +45.5
1,831,326
2,806,826
1,615,816 +73.7
1,431,983
1,608,247
1,057,608 +52.1
1,250,816
1,488,154
1,150,913 +29.4
1,269,762
1,162,847
958,296 +21.3
890,914
580,242
560,688 +34.9
619,975
1,005,997
737,470 +36.4
556,298
1,081,199
841,321 +28.5
790,300
912,027
519,857 +75.6
613,827
906,829
664,014
618,121 +46.6
704,395
592,995 +18.9
534,521
557,816
443,455 +25.7
509,538
825,000
530,000
664,403 +24.2
316,228
251,211 +25.9
306,901
843,881
508,995
517,676 +63.0
1,206,569
562,507 +113.7
484,483
641,451
381,605 +68.1
428,963
519,287
226,516 +129.6
342,472
366,493
217,539 +68.5
125,045
108,663
71,138 +52.7
50,000
625,131,603 434,098,509 +44.0 428,925,768
1913.
293,048,395
24,541,000
24,235,927
23,590,775
14,754,409
8,005,434
7,102.600
5,131,606
3,145,853
3,092,862
1,386,386
2,774,310
2,006,000
1,439,529
1,292,355
908,087
1,196,847
1,059,200
659,763
577,645
834,244
543,300
687,728
469,520
502,674
550,000
357,958
449,677
420,317
601,013
361,941
159,214
43.181
425,929,790
San Francisco_ -Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
Pasadena
Stockton
Fresno
San Jose
North Yakima.._
Reno
Long Beach
Total Pacific.._
64,445,614
24,128,959
14,232,647
10,507,453
8,187,712
4,289,000
2,269,988
4,088,973
2,302,294
2.059,506
842,582
1,290,837
1,025,547
802,121
375,642
398,641
505,065
141,752,581
48,272,420
20,111,079
11,528,003
8,731,657
5,525,486
3,259,021
1,800,000
3,047,191
1,697,638
1,814,131
904,482
959,250
787,949
594,391
293,588
315,000
439,890
110,081,176
+33.5
+20.4
+23.5
+20.3
+48.2
+31.6
+26.1
+34.2
+35.6
+13.5
-6.9
+34.5
+30.2
+35.0
+28.0
+26.6
+15.0
+28.8
45,547,054
20,122,050
11,586,469
9,662,899
4,997,744
3,382,159
2,012,911
2,783,558
1,921,578
1,822,670
850,449
909,448
813,856
640,748
280,000
262,357
481,193
108.076,543
107,196,932
Kansas City
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Wichita
Duluth
Sioux City
Lincoln
Topeka
Cedar Rapids _
Davenport
Waterloo
Helena
Fargo
Colorado Springs
Pueblo
Fremont
Aberdeen
Hastings
Billings
Tot.Oth.West_
84,393,007
23,832,276
20,385,020
13,710,936
10,831.556
8,810,811
5,598,041
5,147,975
4,612,336
3,800,000
2,558,639
1,798,736
1,722,564
1,743,681
1,757,205
1,492,789
1,476,894
736,266
538,267
427,120
897,318
296,412
722.851
197,290,709
61,153,004
16,010,427
16,627,559
10,425,983
9,774,052
5,763,248
4,550,694
3,654,603
2,797,888
2,899,660
1,957,962
1,510,383
1,469,299
1,104,028
1,435,680
937,892
1,263,906
718,380
356,916
290,438
608,564
161,710
521,407
145,993,683
+38.0
+48.9
+22.6
+31.5
+10.8
+52.9
+23.0
+40.9
+64.9
+31.0
+30.7
+19.1
+17.2
+57.9
+22.4
+59.2
+16.9
+2.5
+51.0
+47.2
+47.5
+83.3
+38.5
+35.1
58,175,720
.18,759,583
15,305,930
10,793,687
8,004,081
5,640,875
5,564,647
3,974,267
3,916,607
2,680,353
2,124,113
1,704,009
1,510,098
1,377,444
1,277,213
1,304,321
1,178,320
683,815
568,833
377,073
360,000
284,381
388,727
144,954,097
54.477.770
19,247,669
16,520,175
10,042,555
6,957.138
6,935,877
4,002,546
3,789,948
4,118,303
3,075,007
2,017,419
1.691,878
1,491,320
1,519,970
1,540,002
907,378
363,428
641,430
574,749
401,702
352.256
205,000
364.:187
141,237,1,87
St. Louis
New Orleans_ _ _ _
Louisville
Houston..
Atlanta
Richmond
Galveston
Memphis
Fort Worth
Nashville
Savannah
Norfolk
Birmingham
_
Little Rock
Macon
Jacksonville _ -Oklahoma
Chattanooga...Knoxville
Charleston
Augusta
Mobile
Austin
Tulsa
Muskogee
Jackson
Vicksburg
99,799,094
20,883,591
16,792,742
8,362,450
12,250,864
15,859,038
3,200,000
6,005,287
9,168,088
6,858,510
4,109,409
4,485,792
2,382,471
2,323,738
2,881,958
2,976,460
4,065,072
2,761,711
1,983,599
1,699,278
1,265,459
1,000,935
1,100,000
3,838,278
1,090,187
432,957
176,071
74,109,779 +34.7
15,748,048 +32.6
13,630,972 +23.2
6,000,000 +39.4
10,881,861 +12.6
8,561,137 +85.2
3,947,334 --18.9
3,826,005 +56.9
8,520,162 +7.6
5,672,145 +20.9
2,910,489 +41.2
3,512,050 +27.7
2,013,311 +18.3
1,774,979 +30.9
1,911,395 +50.8
2,247,438 +32.4
2,297,570 +76.9
2,371,719 +16.4
1,696,599 +17.0
1,294,547 +31.3
1,125,693. +12.4
973,8571 +2.8
1,206,984, -8.9
1,703,778 +125.3
837,141 +30.2
304,749 +42.1
150,476 +17.0
73,008,759
15,251,029
11,492,624
6,238,127
10,803,753
7,048,022
3,329,131
4,773,570
7,430,434
5,772,367
3,152,480
3,660,101
2,791,349
1,786,095
2,643,742
2,559,926
1,975,000
2,336,162
1,131,132
1,524,453
1,265,728
1,065,671
1,364,705
1,582,839
806,904
316,310
161,076
70,344,671
14,666,052
12,418,443
7,335,162
9,567,609
6,865,068
2,979,000
5,890,775
7,464,302
5,779,252
3,379,971
3,291,175
2,871,557
2,037,271
2,154,421
2,717,076
1,578.360
2,541,736
1,446,141
1,344,152
1,316,858
1,350,000
1,383,398
940,590
578,561
238,437
170,828
45,125,847
19,730,670
11,208,121
9,741.305
4,633,483
3,762,720
2,521,405
2,990,132
1,754,282
2,132,181
905,052
759,623
771,635
577,128
268,348
315,000
Total Southern 237,753,029 179,230,218 +32.7 175,271,489 172,650,866
Total all
4,382,024.816 3,120,096,954 +40.4 2,910,139,681 2,916,574,173
Outside N. Y_ 1,835,172,972 1,322,877,734 +38.7 1,321,225,873 1,286,253,541
348
THE CHRONICLE
[VoL. 103.
provided in the law, but the principle is[neverTHE FINANCIAL SITUATION.
theless a vicious one and utterly indefensible.
It is difficult to understand the straying away
Of course the Reserve Board asks permission to
from conservative leanings that is becoming so mani- endow the notes with the quality of reserve because
fest in the administration of the Federal Reserve it means to avail of the authority. There would
banking law and in the recommendations of the otherwise be no sense in craving permission, since for
Federal Reserve Board for amending the Act. We emergency purposes the Board, under Section 11 of
have several times in the past pointed out serious the law, has power "to suspend" "any reserve reobjections to some of these amendments, but each quirement specified in this Act."
further step taken by the Reserve Board in unfoldWe cannot believe that the Reserve Board has sufing its plans reveals additional proposals of change ficiently considered what would be involved in almore incomprehensible and more indefensible than lowing Reserve notes to take the place of gold, as
any which have preceded.
reserve, otherwise it would not be lending its sancIn our issue of March 25 we published the bill origi- tion to the scheme. The only proper reserve, the
nally introduced in the Senate intended to carry only true reserve, either for the member banks
or
out the recommendations of the Reserve Board, and for the Federal Reserve banks, is gold.
The fact
in our issue of June 3 we printed the bill which that under our laws, as the result of past errors, the
Senator Owen on May 24, on behalf of the Senate legal tender notes of the Government and silver cerCommittee on Banking and Currency, had re- tificates are allowed to count as reserve does not inported as a substitute for the bill passed by the validate the force of the statement, but rather emHouse permitting national banks with a capital phasizes it, and every careful student of affairs knows
and surplus of $1,000,000 to purchase and hold that the new Reserve Act was intended as a step in
stock in foreign or domestic corporations other banking reform that would lead us out of and away
than national banks. The House bill dealt with from the old evils and practices, and not deeper enthe single subject referred to, but the Senate sub- mesh us in the same.
stitute embodied all the amendments proposed
During the debates in Congress the notion that
by the Reserve Board, the language being in some Reserve notes might with perfect propriety be made
particulars slightly different from that in the origi- to fulfill the function of cash reserve kept cropping
nal Owen bill and there being also some entirely new up again and again, but eventually conservative
features.
opinion triumphed, and now comes the Reserve
In the Federal Reserve "Bulletin"for July,official Board and itself proposes that these notes shall,
responsibility is assumed for the steps taken in with its permission, constitute true reserve.
Congress. The Reserve Board quotes the paraStanding all by itself the proposition would have
graphs in its annual report containing its recom- to be condemned, but considering the peculiar remendations for amendments and then states that lations existing between the Reserve banks
and the
there have been sent to Congress amendments carry- member banks, the proposition has a farcical eleing out the recommendations and says these amend- ment in it. All the capital of the Reserve banks and
ments are now pending either in committee or also all of the deposits (except the relatively small
before one of the two Houses of Congress. For amount which the U. S. Government keeps on dethe information of those interested it also prints posit with the Reserve banks) is contributed by the
the text of the measures proposed. This text is member banks. Certain reserve requirements are
identical with that in the Owen substitute for the prescribed for the member banks, but it is not perHouse bill already referred to. Until the present mitted that these reserves, in their entirety, shall
week, too, we had supposed that every part of remain in the control of the banks. The banks have
the print of the two bills was the same, but find no option but to transfer a portion of such reserves
now that some additional amendments not previously beyond their own control into the keeping of the
suggested or discussed have been snugly tucked Reserve banks.
in at the end of the "Bulletin" list. It is to these adThe gold thus obtained by the Reserve banks furditional amendments we wish to advert to-day.
nishes the gold reserve behind the Reserve notes
It appears that in addition to all the other amend- which, with commercial paper as collateral, the
ments the Reserve Board wants to amend Section 11 Reserve banks are permitted to issue. The
reserve
by adding a clause "m." This amendment provides of gold required is, not 100%, but 40%.
Accordthat "Upon the affirmative vote of not less than ingly, the gold obtained by the Reserve banks furfive of its members the Federal Reserve Board shall nishes the basis for note issues to the extent of two
have power, from time to time, by general ruling, and one-half times the gold held.
covering all districts alike, to permit member banks"
Consider, therefore, what the proposition to count
to do two things. The first of these things we will Reserve notes as cash reserve would mean, as far
pass by as not pertinent to the present discussion. as the member banks are concerned. As we
have
The second permits member banks "to count as part already seen, a certain portion of the reserves
of the
of their lawful reserves Federal Reserve notes of their member banks must be kept with the Reserve
banks.
own district, not exceeding in the aggregate an That portion is, hence, wholly out of their hands.
amount equal to five per centum of their net demand As for the remaining portion the Reserve Board prodeposits." Here we have the naked and undis- poses, under the amendment suggested, to
give the
guised proposition that Federal Reserve notes, not member banks Reserve notes based on the
gold
gold, shall count as legal reserve. It must be ad- they themselves have contributed, but
diluted to
mitted that this proposal is the necessary corollary the extent of 60%, and let these notes
constitute a
of the steps the Reserve banks have already taken good part of the reserve required to be held in
vault
in endeavoring to find a use for the notes which by the member banks.
would keep them out indefinitely, rather than have
The way the proposition would work out, as far
them serve for trade purposes only, as distinctly as the different classes of banks are
concerned, is
JULY 291916.]
THE CHRONICLE
349
this: Under Section 19 of the Reserve Law a member been glutted with the notes it would no doubt be
bank in a central reserve city must maintain a re- a great convenience if another large body of notes
serve equal to 18% of the aggregate amount of its could be transferred to the vaults of the member
demand deposits; of this, 7% must be kept with the banks and count as reserve.
Federal Reserve bank of the district. Of the other .But is the country prepared to take the risk in11% it is now proposed that 5% may consist of Fed- volved in such a proceeding, or indeed prepared to
eral Reserve notes based on the first 7%; this would have the notes go into unlimited and permanent cirleave only 6% as the portion of real gold to be car- culation in face of the fact that we already
ried, but which in practice might consist of legal ten- have enormous paper issues in the shape of legal tenders and silver certificates. In the case of the banks ders, national bank notes and silver certificates?
in the ordinary reserve cities, the reserve require- For ourselves we can only say that if the Reserve aument is only 15%, and the portion of this ultimately thorities are allowed to persist in their present course
to be held with the Federal Reserve banks is 6%;with and their present intentions, the Reserve Act will
5% more held in the shape of Reserve notes based prove, not an element of security and safety as inon this first 6%, there would be left only 4% to con- tended, but a menace and a peril.
sist of true reserve in the shape of actual gold, but
which in practice, as in the other case, might conThe statement issued the present week by the
sist of legal tender and silver certificates.
United States Steel Corporation for the June quarter
For the country banks the scheme would work illustrates at once the wonderful prosperity that is
worst of all. Here the total of reserve required is being enjoyed by this, the greatest industrial coronly 12%, of which 5% must eventually be kept poration in the world, and by the steel trade in
with the Federal Reserve banks; with 5% more con- general. In addition to the quarterly dividend of
/
1% the directors of the corporation have also desisting of Federal Reserve notes, there would be left 11
only 2% to consist of gold, legal tenders or silver clared an extra dividend of 1% and could have made
certificates. Thus viewed, in the cold light of facts, this special distribution several times that amount.
The profits for the three months, after deducting all
is not the proposition a most extraordinary one?
What can the object be in suggesting an amend- expenses incident to operations and interest on bonds
ment that would permit all this. We can think of of the subsidiary companies, were no less than
none except that it would provide additional lodge- $81,126,048. This so far surpasses all previous
ment for these Reserve notes which the Board is records for magnitude that comparisons with the
planning to issue in unlimited amounts and which past appear useless, and yet it may be pointed out
it would keep permanently afloat. The framers as furnishing some idea of the extraordinary extent
of the law intended that the notes should have only of present earnings, that at $81,126,048 these earna limited life. To carry out this idea and in order ings for the quarter run above those for the entire
to guard against the notes staying out longer than calendar year 1914, when the net profits for the twelve
absolutely necessary, the law expressly provides months were no more than $71,663,615. After prothat no Reserve bank may pay out the notes of any viding for the increased dividend on the common
other Reserve bank, under penalty of a tax of 10 stock, a surplus of $47,964,535 remains for the quarper cent upon the face value of notes so paid out. ter. Nor do the results for the quarter appear to
In flat defiance of this intent of the lawmaker and mark the maximum of profits. As has been the case
the plain spirit of the law, the Reserve banks have in every preceding quarter since the beginning of
one and all been forcing the notes into permanent 1915, profits have kept steadily rising month by
circulation by withdrawing the commercial paper month, and were largest in the very last month.
which originally served as a basis for the issue of the In other words, these profits for April were $25,423,notes and depositing gold with the Reserve Agent 676; for May, $27,554,899, and for Ttine $28,147,for the nominal retirement of the notes, but which 473. One.other contrast may be permitted: in Januthere is no intention of so using. The Reserve ary last year the profits were only $1,687,150. After
Board now comes to Congress and asks that the the meeting of the directors, President Farrell stated
gold so held by the Reserve Agents shall be con- that the corporation was operating to maximum capacsidered as gold belonging to the Reserve banks ity. Prices, of course, are inordinately high.
The two
themselves and allowed to count as part of the together account for the phenomenal showing
made.
reserve which the Reserve banks are required to
hold against deposits and against Reserve notes
A new crisis in the British Cabinet has arisen over
secured by commercial paper.
the Irish Home Rule issue. The Nationalists charge
Not content with this, they also ask authority that the terms to which they agieed in
order to sqtle
to issue notes, not merely against paper rediscounted the controversy have been departed
from by the
under the provisions of Section 13 of the Act,(which Ministry. As Lloyd George was
the chief negotiais the only way the notes can now be issued), but tor, it is reported
that he has offered to resign his
against paper purchased in the open market under position in the Cabinet as
Secretary for War. MeanSection 14 of the law. Furthermore, they ask that while Mr. Asquith's
position is said to be that if
the eligible classes of paper that may be purchased Lloyd George resigns
he also would consider himself
in the open market shall be enlarged and extended, bound to do so.
On the other hand, the Premier
so as to include bills of exchange and acceptances has startled the House
of Commons by threatening
arising out of both domestic and foreign trade.
a general election over the Irish question. "I will
The Reserve Board seems to think that the benefi- ask the House," he said, "and will
ask the country,
cent character of the Reserve Act is to be measured if necessary, whether the Government's
proposals
bythe volume of Reserve notes that can be put were not fair." This threat was made at
the conafloat,and with these different amendments adopted clusion of a debate on a motion for
adjournment
a foundation would be furnished for an unlimited made by John Redmond, the Nationalist leader,
who
amount of the notes. And after every avenue had said he wished to call the attention of the
members
350
THE CHRONICLE
of the House to the rapidly growing unrest in Ireland
and the deplorable effect resulting from the Government not having carried out in its entirety the tentative agreement for a temporary government in
Ireland. The crisis arose from the Premier's stat.?ment in the House of Commons that the promised
bill for the immediate institution of Irish home rule
would not be introduced because the Nationalists
refused to accept two modifications of the Lloyd
George agreement, namely, the permanent exclusion
of the six counties of Ulster and a diminished Nationalist representation in the Imperial Parliament.
Redmond denounced the new proposals as an absolute and disgraceful breach of faith toward his supporters. The Premier, in response, appealed to the
Nationalists not to throw away the opportunity for
bringing home rule into operation. On Tuesday
the Premier conferred with A. J. Balfour, First Lord
of the Admiralty, Conservative Leader Bonar Law,
Minister for War Lloyd George, and Austen Chamberlain, Secretary of State for India, and later had
an audience with the King. In the House of Commons on Wednesday he announced he would give
Monday next for a discussion of the motion on Ireland
to be offered by John Dillon, Nationalist member.
The motion follows:
"In view of the announcement of the Government
that they do not intend to produce the long-promised
bill to settle the government of Ireland, it is vitally
necessary and urgent that the Government should
immediately disclose their plans for the future government of Ireland during the continuance of the
war."
The progress that has thus far been made in the
combined drive of the Entente countries against the
Central Powers is developing a substantial degree
of optimism in British official circles. Lloyd George,
the British Secretary for War, in a speech in the
House of Commons on Monday, predicted victory in
a few months. In part he said:
"Numbers and all other resources are on our side.
There was only one fear—that years of training and
thought on the part of a great military Power might
be something that would be insuperable. Our men
have demonstyated that it is not so and that British
resourcefulness and intelligence, as in fields of commerce in the past, when they were able to snatch
victory out of what appeared to be complete commercial disaster, are going to snatch victory again in
a few months from what appeared at one moment ;to
be something that was invincible.
"There is no doubt at all that the lesson of this
battle is that we have simply to press on with all our
resources and with the material at our command,
and victory will be ours."
Lord Derby, Under-Secretary for War, in an interview on Wednesday was equally hopeful. "Great
Britain was not tiring of the war," he said; "on the
contrary, the country has not been more hopeful
and united. The way may be long or short. Any
man venturing to prophesy the length of the war is
foolish, but I am convinced that ultimate victory will
be ours without question. Our voluntary armies
have proved equal to the best conscript armies.
"You ask how far the present offensive expects to
go. I don't know. But personally I want to go
as far as Berlin."
[VOL. 103.
German papers." It bore date at the front in the
West and was an exhortation to the German people
to stand firm and unwavering no matter how the
tide of battle flowed. It acquired significance as an
indication of the seriousness with which the new
military conditions are viewed. In part it follows:
The battle is raging, huge beyond all previous
imagination. Rejuvenated, perfectly equipped with
all they want, Russia's armies again have broken
against our bulwarks in the East. This has eased the
situation for Italy. France has experienced a regeneration in this war of which she hardly believed herself capable. She has dragged her dilatory English
ally into joining the offensive on the Somme, and
whatever inward worth the British army has it now
has an abundance of artillery.
The iron hurricane rages against our brave German
men at the Somme. Negroes and white men come
upon us in wave after wave, in ever fresh storms, wild
and sullen. Everything is at stake. The ice cold
haberdashers on the Thames yearn for our holiest
things. The health and life of our women and children are menaced. Even neutrals must bear hunger. Only the depths of the ocean now are open to
us. Should we be victorious there is threatening a
"war after the war," when the best energies and power
of the nation, now expressed by its joy in arms shall
be taxed to the utmost to meet raw force, hatred and
calumny.
What, German people, is your duty in this hour?
The army wants no exhortations. It has fought
superhumanly. It will fight until final victory.
But the people at home—this is their duty: To suffer in silence, to bear their renunciations with dignity.
In conclusion the Kaiser says:
"Any man or woman who hangs his or her head,
or suffers despondency to enter his soul, is guilty now
of treason. Every word of complaint or discouragement is a crime against our fathers, our sons, and our
brothers. Let us show the greatness of the German
nation. Do not jeopardize everything by petty
squabbling. It is no time for internecine strife.
But it is time for holding together. In this hour the
best blood of the nation, mature men and budding
youths, are presenting their breasts to the iron hail
of the English, Russian and African hordes. Everything is at stake."
The military operations of the week may be epitomized as a steady, bull dog drive on the part of the
British troops, additional moderate advances by the
French troops and spectacular progress on the Eastern front by the Russians. The Italians, too, have
been able to take advantage of the concerted movement and have captured commanding positions.
The importance of the capture by them of Monte
Cimone early in the week is emphasized in an official
statement just published by the Italian War Department. In taking the height, it says, the Italians
captured the best observation posts the Austrians
had near the Astico plateau, dominating a wide
spread of important terrain. The possession of the
height gives the Italians control of the Tonnezza
and Collega zones. The Austrians also have lost
severely to the Russians this week. The official
statement of the Russian War Office yesterday declares that on the Western (Russian) front during
the battles between July 16 and 25 Gen. Sakharoff's
troops captured 34,000 Germans and Austrians and
45 cannon and 71 machine guns. A violent battle
On the other hand, a letter from the Kaiser, cir- for the possession of Brody now is raging. The
culated by the semi-official Wolff News Agency, has Austrians are in full retreat near Leazniow, about 12
been printed, according to press accounts, in "all the miles north of Brody. The Austrian retreat here
JULY 29 1916.]
THE CHRONICLE
places them still further in the rear of the left flank
of Gen. von Linsingen's army, making it probable
that another retreat all along the line must soon be
ordered. When that happens the Russians will be
within striking distance of Lemberg and the end of
this phase of the campaign will be in sight.
Meanwhile, the Grand Duke Nicholas is pushing
back the Turks, having captured Erzingan, the great
Turkish fortress in Armenia. The importance of
this success is summarized by Col. Shmusky, military
critic of the "Bourse Gazette," who said: "This defeat of the best troops of the Ottoman Empire has
quite broken the Turkish defense. No further serious offensive can be expected, since only part of the
divisions from the Constantinople station, Thracean
and Egyptian armies can be spared to patch up these
broken units."
On the Western front the British have taken
Pozieres in the Somme region of France and have
cleared the Delville wood beyond of the famous
German Brandenberg troops. Lloyd George, in
a published statement, shows the importance the
Germans attached to the retention of Pozieres by
quoting from a German divisional order issued in
Contalmaison on July 11, as follows: "Furthermore,
the conversion of villages into strong points is of
the greatest importance. Such villages are Pozieres,
Contalmaison, the two Bizantins and Longueval."
Lloyd George points out that with the capture of
Pozieres the last of these villages has fallen into the
Allies' hands. The British troops until now have
been thrusting uphill in this locality. They to-day
have the advantage of fighting against an enemy
which is on lower ground and have the added advantage of attacking an enemy unaided by natural
cover and ousted from the permanent steel and concrete trenches perfected in the long months of deadlock on the line. At Verdun the German attack
has waned into a mere ordinary assault instead of
the holocaust of flame from artillery with which
the French fortress has been deluged for several
months. To the south of the Somme the French
have progressed to the east of Estrees. In Champagne the Germans raided French first trenches
near Prosnes, but later were driven out in a counterattack. The Associated Press correspondent at
Athens learns that there is no longer any likelihood
of an attack on the allied forces at Saloniki. The
Russian War Minister, according to an interview
in the "Russky Lovo," desires to dispel the illusion
that the war can end in the autumn. He admits
that the German technique is so high that Germany
can still offer a long resistance.
Petrograd and Berlin communications differ concerning the results of fighting that have taken place
near Riga and in the vicinity of Baranovichi. The
Russians claim the repulse of an offensive by Field
Marshal von Hindenburg's men near Riga, while
Berlin asserts that the Germans penetrated Russian
advanced positions there and destroyed them. Likewise Petrograd claims a slight gain for the Russians
near Baranovichi, while Berlin declares that strong
Russian attacks in this vicinity were put down with
heavy casualties by the Germans.
In introducing a bill in the House of Commons for
the appointment of a commission to investigate the
Dardanelles and Mesopotamia campaigns, Premier
Asquith announced that the Commissioners would be
given discretion as to the privacy, or otherwise of
351
their proceedings. The Commission would sit in
India as well as in London. The Premier made it
clear in the House of Commons that the appointment
of a committee to consider commercial problems
after the war, which recently was announced, would
not interfere with the holding of a larger conference,
in which the Dominions would participate. Replying to a number of questions, he said:
"The Government desires as soon as possible to
convene a conference of the representatives of the
United Kingdom and the Dominions and India to
consider the commercial policy to be adopted after
the war. In view of the past fiscal controversies in
this county we think it essential as a prior stage, in
order that the conference may have practical results,
to set up a committee here to discover how far an
agreement among ourselves is possible under the
changed conditions brought about by the war.
"The appointment of this committee will not
Interfere in any way with a free and unfettered discussion of the problems with the overseas representatives."
An official announcement was made at Washington on Tuesday that negotiations had practically been completed for the purchase of the Danish West Indies from Denmark for $25;000,000.
While the details of the proposed treaty have not
yet been published, it is understood that they pro-vide that the United States shall come into complete possession of the islands. Their acquisition.
has been a subject of unsuccessful diplomatic negotiation ever since the close of the Civil War. Washington advices suggest that the present situation
is the result of the Administration's fears that
Germany might buy the islands for a naval base
if the United States did not. The treaty will, it
is understood, be promptly presented for the ratification of the Senate.
Instead of the £300,000,000 that Mr. Asquith was
expected to ask the House of Commons to authorize,
the British Premier on Monday requested a vote for
£450,000,000, the largest figure asked by the Government since the war began. This brings the total
of the credits up to £2,832,000,000, of which £1,050,000;000 has been voted this year. In moving the
vote Mr. Asquith took occasion to explain the recent
statement by the Chancellor of the Exchequer, Sir
Reginald McKenna, that caused such a feeling of
concern in British financial circles, namely, that the
Government expenditures had risen from an average
of £5,000,000 per day to an average of £6,000,000.
The £6,000,000 referred to, the Premier said, represented all the outgoing amounts, war and otherwise. Such expenditure from April 1 to last Saturday was £559,000,000, the army, navy and ammunitions having required £379,000,000 of this total.
Loans to Great Britain's allies had absorbed £157,000,000 and food supplies, railways, Sr,c., £23,000,000. The average daily expenditure on the war was
£4,950,000. The Prime Minister hoped the expenditure for the army and navy would not exceed the
present level in the near future. The munitions cost
remains stationary at the highest level yet reached
and might increase, he added. Since the outbreak
of the war there had been twelve votes of credit
totaling, as we have already noted, £2,832,000,000.
That the present vote was substantially larger than
its predecessors was not because any great extension
of expenditure was anticipated, but in order to make
352
THE CHRONICLE
provision for a longer period. Mr. Asquith referred
to a more recent statement of Chancellor McKenna
in regard to the purchase of American securities
being included in the daily average of expenditures.
This, he reasoned, was not a true expenditure, but
merely a transfer of assets from England to America.
After expending £559,000,000 between April 1 and
July 22, continued the Premier, there remains a
balance on hand of £41,000,000, which was sufficient
to carry on the services to the end of July instead of
the first week in August as had been estimated. The
daily average of expenditure had risen from £4,820,000 during the period from May 1 to June 20 to
£5,050,000 during the period from June 21 to July 22,
or an average over the two periods of £4,950,000.
The new credit he expected would last to the end of
October. An interesting point divulged by the
Premier was that nearly £1,500,000 daily is being
borrowed by Britain's allies and colonies. Australia, for instance, recently has borrowed £11,000,000, owing to the labor demands which Mr. Hughes,
the Australian Premier, must satisfy.
Despite explanations, however, the announcement
of the Government's increased daily expenditure
has acted as a deterrent influence on the London
Stock Exchange. It has, for instance, been interpreted as being significant of increased borrowings
by the Government with a possible further increase
in discounts and still higher rates on Treasury bills,
all of which would not unnaturally militate to the
disadvantage of current investments. There has
been no intimation that the British Treasury will in
the near future utilize its credit grant in the form
of a long-term war loan. This is not surprising in
view of the obligation that such a loan would entail
to raise interest rates on the older issues in the event
of the new loan, as undoubtedly would be the case,
having to pay a higher return than 432%. The
outstanding borrowings of the Government on shortterm securities just reported by cable are as follows:
Treasury bills, £811,656,000; 5% Exchequer bonds,
£295,000,000; war expenditure certificates, £5,000,000; war savings certificates, £10,500,000; currency
notes, £10,468,000. Both American and Continental interests have this week been liberal buyers of
Treasury bills and commercial bills in the London
market. But liquidation on quite an extensive
scale has been the feature, of that market, there
having been virtually no response at all of a substantial character to the news of the sustained military
successes. The liquidation, aside from the usual
selling by investors and speculators, has included two distinct classes of accounts, namely,
those financed through London branches of German banks, and secondly, pre-war speculative
accounts.. Closing of the latter has been influenced by the decision of the Stock Exchange Committee to advance contangoes on these accounts
to 10% (against 9%, the recent figure).
There has, according to London correspondents,
been active voluntary liquidation of these pre-war
accounts in the last few months. Some, however,
are sticking, and the committee obviously is disposed
to apply pressure to clear up the situation. The
monthly summary of total value of 387 securities
dealt in on the London Stock Exchange as compiled
by the London "Bankers' Magazine" is somewhat
arbitrary this month, owing to the fact that the
period—June 21 to July 20—includes the removal of
[Void. 103.
minimum restrictions from the last block of the securities on the London Exchange that still were subject to such restrictions. The decrease in British
and India funds, for instance, amounted to £23,079,000, or 3.9%, which, of course, was merely a
readjustment. Therefore when, as is shown, the
decline in the aggregate value of the entire list of the
securities in question is only £19,319,000, or 0.7%
it does not indicate any degree of substantial weakness has developed on the London market. In June
the figures showed an increase of £73,512,000, or
2.6%. Foreign Government stocks by this month's
return are £3,126,000, or 0.5% higher; Americans
declined £4,070,000, or 1.1%; British railways increased £2,883,000, or 1.3%. The total value of the
securities in question on July 20 was £2,893,182,000.
In July 1914 (the beginning of the war period) the
total was £3,370,709,000. Shipping shares have been
one of the prominent features in the London Stock
Exchange trading this week, rumors of additional
amalgamations having caused strength in a number
of these companies. There has, too,been some buying
of English home railways in expectation of favorable
half-yearly dividends that soon are to be announced.
The revenue of the United Kingdom last week w
£6,762,000 and the expenditure £27,557,000. Sales
of Exchequer bonds were £7,406,000 for the week.
The amount of Treasury bills outstanding was increased by £19,915,000. Announcement was made
in London of the placing there of a further batch of
three months' Russian bills at 5 9-16%. The great
strain that has developed in the British Government
over the Irish question has been an additional influence of restraint on the London market.
According to the Paris "Temps," the next French
war loan will be in September at 5% on the same
terms as the last one. Yves Guyot, cabling to the
New York "Tribune" from Paris, declares there is
no lack of confidence in the loan's success. He
shows that at the end of last May deposits in the
principal banks had decreased only 75,000,000 francs,
despite the interruption to business as well as the interruption to all sources of income due to the war.
It is generally accepted in Paris, he says, that
while, in response to the calls of the Government,
the hoarded gold has been brought out, bank notes
now are hoarded instead of gold, and the country
has still plenty of hoarded money to call on for the
new loan. Business on the Paris Bourse has ruled
quiet during the week, though a firm undertone has
been maintained. It was at first feared that the
raising of the Bank of England discount rate to 6%
would have to be followed by the Bank of France.
Such a contingency seems to have passed, however,
and the Paris-London exchange has gone down.
Very little news of a financial character has been
cabled from Berlin this week. Advices that have
reached here by way of Amsterdam state that Germany has just concluded a new loan of $11,750,000
to Turkey. A dispatch from the Hague contains
the news that neutral diplomatic representatives
resident in Berlin have made, under the escort of
officials, a tour of certain parts of Germany to look
at the harvests. The diplomats are expected to
notify their Governments that Germany will have
bountiful crops. One of the German papers assumes
they gained the conviction that "the plan of our
enemies to starve us out will fail again this year.
JULY 29 1916.]
THE CHRONICLE
Some representatives were even surprised at the remarkably favorable outlook." The Heidelberg plan
of mass-feeding has been adopted by eleven communes and the number is said to be increasing. A
Hamburg newspaper declares that since December
1914 there has been a decrease of 2,000,000 head of
cattle, of which 800,000 are milch cows. Deficiencies
of feeding have permanently affected the health of
cows, the newspaper declares; hence there is a scarcity
of butter and milk. A wireless dispatch from Berlin
states that the fourth German loan has been fully
paid in cash. Money borrowed from loan banks
on collateral for war loans is said to have totaled
only 6% of the entire amount of the loan.
Contrary to some expectations, the Bank of France
has not increased its discount rate to correspond to
that of the Bank of England. Official bank rates
at the leading European centres continue to be quoted
at 5% in Paris, Berlin, Vienna and Copenhagen;
532% in Italy, Sweden and Portugal; 6% in London
and Russia and 4% in Switzerland, Holland, Spain
and Norway. In London the private bank rate is
i% for sixty-day and ninety-day
now at 5 8@5Y
bills, against a single rate of 5/% a week ago.
Cables from Berlin still give 4%% as the private
bank rate at that centre. No reports have been
received by cable of open market rates at other
European centres, so far as we have been able to
learn. Money on call in London has moved up to
49%, compared with 432% last week.
The Bank of England again recorded a decrease in
its gold item, namely £575,122, making a total contraction in five weeks of £5,331,685. With note
circulation showing a nominal increase of £8,000, the
total reserve declined £660,000, while the proportion
of reserve to liabilities advanced to 28.05%, against
27.29% last week and 16.80% a year ago. Public
deposits, in contrast with the increase of the previous
week, were reduced by the large total of £5,078,000;
other deposits also decreased £1,202,000. Government securities remain without change. Loans
(other securities) were decreased £5,569,000. The
Bank's holdings of gold aggregate £56,376,011, which
compares with £60,906,500 a year ago and £38,131,544 in 1914, which was just prior to the outbreak
of the war. Reserves total £38,780,000, against
£45,825,165 in 1915 and £26,875,194 the previous
year. Loans now stand at £75,220,000, compared
with £192,195,214 and £47,307,530 one and two
years ago, respectively. The Bank reports as of
July 22 the amount of currency notes outstanding as
£115,305,075, against £114,940,110 a week ago.
The amount of gold held for the redemption of such
notes remains at £28,500,000. Our special correspondent furnishes the following details by cable of
the gold movement into and out of the Bank for the
Bank week: Inflow, £903,000, wholly bought in the
open market; outflow, £1,478,000 net sent to the
interior of Great Britain or elsewhere. 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.
1916.
1914.
1915.
1913.
1912.
July 26.
July 28.
July 29.
July 30.
July 31.
E
E
Circulation
35,918.000 33,531,335 29,706,350 29,858,140 30.083,930
Public deposits__ 52.990,000 177,636,201 12,713,217 10,937,012 17,973.473
Other deposits
85,242,010 95,540.497 54,418,908 40,821,556 41,802.409
Governm't securities 42.187.000 53,157,910 11,005,126 12,756,539 13.982.472
Other securities_ _ 75.220,000 192,195,214 47,307.530 29,190,985 34,757,797
Reserve notes & coin 38,780.000 45,825,165 26,875,194 27,876,520 29,088,909
56,376,011 60,906,500 38,131,544 39,284,1360 40,722,839
Coin and bullion
Proportion of reserve
28.00%
16.80%
to liabilities
40.03%
53.84%
48.66%
6%
5%
Bank rate
4%
4%
3%
353
A further increase in its gold holdings of 6,235,000 francs is registered this week by the Bank of
France. As has been stated before, this includes
both the amount held in France and the balance
abroad, the cable dispatch not reporting separately
the changes for the week in those respective items.
The silver item the past week decreased 2,048,000
francs. Note circulation showed a decline of 2,829,000 francs. General deposits were expanded
53,062,000 francs, while bills discounted increased
16,017,000 francs and Treasury deposits 13,396,000 francs, although the Bank's advances declined
4,150,000 francs. The Bank's holdings of gold
now stand at 4,786,513,000 francs, against 4,129,
343,520 a year ago and 4,141,350,000 in 1914.
Silver on hand aggregates 339,545,000 compared
with 368,018,809 francs in 1915 and 625,325,000
francs the year preceding. Note circulation is
16,090,893,000 francs. A year ago it amounted
to 12,592,529,055 francs and in 1914 to 6,683,175,000 francs. General deposits total 2,272,767,000
francs, against 2,379,898,058 francs the year preceding and 947,575,000 francs in 1914. Bills discounted are 440,284,000 francs, which compares
with 279,990,538 francs last year, while advances
total 1,187,420,000 francs as compared with 590,887,872 in 1915. In 1914 bills discounted and advances combined aggregated 3,202,975,000 francs.
Treasury deposits now amount to 76,430,000 francs.
A year ago the total was 221,024,000 and in 1914
382,561,817 francs.
The statement of the Imperial Bank of Germany,
issued July 22, shows the following changes: gold
increased 1,239,000 marks; silver increased 1,031,000
marks; treasury deposits increased 148,960,000
marks; other deposits decreased 2,382,000 marks;
treasury notes increased 2,509,000 marks; investments increased 14,108,000 marks; securities increased 37,830,000 marks; treasury bills decreased
325,085,000 marks; advances decreased 683,000
marks; circulation decreased 99,340,000 marks.
The total gold holdings were 2,467,600,000 marks.
on July 22, which compares with 2,393,565,000
marks one year ago and 1,356,857,000 marks (at,
the beginning of the war) in 1914. Note circulation
aggregates 6,839,660,000 marks, against 5,314,782,000 marks in 1915 and 1,890,895,000 marks in
the year preceding.
A further tendency toward ease has been shown
throughout the week in the local money situation.
This has been evinced in the form of an increased
volume of offerings as well as by concessions in both
demand loan rates and those for fixed maturities.
Saturday's bank statement showed an increase of
$12,975,890 in the surplus reserve, bringing the total
up to $108,085,360. There have been no new importations of gold, and in fact no special capital demands, aside from payments on account of the bonds
issued in connection with the new French loan of
$100,000,000, the subscription books for which, as
we noted last week, having closed on Friday instead
of on Monday, as first advertised. There are numerous other loans under consideration, none of which,
however, seems to promise to become a factor in the
immediate situation. In representative banking circles distinct condifence seems to prevail that the influence of the British Treasury may be expected to
continue to be exerted in thedirection of preserving
THE CHRONICLE
354
an easy situation in New York as part of its task of
maintaining the sterling exchanges. Call money
rates in London are ruling at 4%%, and possibly
there would have to be a still further advance in the
English bank rate in the event of anything like a
permanent strain developing in New York.
Referring to money rates in detail, loans on call
this week have covered a range of 2 to
against
2@3% a week ago. On Monday the high and renewal basis was 23/2%, and 23.1% the low. Tuesday
the minimum declined to 2%, with 23/2% still the
high and ruling quotation. On Wednesday the
range was 2@234%, with 23-4% the renewal figure
Thursday 23/2% was high, 2% low and 23j% the
basis for renewals. On Friday the range was
2®23%, while 23% was the ruling quotation.
For fixed maturities there has been an easier feeling,
with' declines in all periods. Sixty-day money is
now quoted at 33@332%, against 332@39%;
ninety days at 3M@3%%, against 39@4%; four
months at 3%@4%, against 4%, and five and six
months' at 3%@4%, against 4@43% last week.
A year ago sixty days was quoted at 23/2@2 %,
ninety days at 3%, four months at 314%, five
months at 334@332% and six months at 332%.
Commercial paper rates were also lower with sixty and
ninety days' endorsed bills receivable and six months'
names of choice character quoted at 3%@4%,
against 4@431%. Names less well known now
require 43@432%, which compares with 414% at
the close of the previous week. Banks' and bankers'
acceptances, eligible for re-discount at Federal Reserve banks are quoted at 23/2% for sixty days and
2%% for ninety days; bills non-eligible require 3%
;for sixty days and 3N% for ninety days.
There
have, apparently, been no changes this week in the
rates of any of the Federal Reserve banks.
1
1
'I
FEDERAL RESERVE BANK DISCOUNT RATES.
Commercial Paper1 to 10 days maturity
11 to 30
31 to 60 "
"
61 to 90 "
Agricultural and
Liwe-Stock Paper01 days to 6 months maturity
.•
Trade Acceptances1 to 10 days maturity
31 to 60
..
61 to 90 "
i
iA
1
a
3 3
3344
4 4
4 4
334
4
4
4
5
5
434 5
3
3
3
a
..e
Chtcaoo
Boston.
REDISCOUNTS.
New York.
2
CLASS
P
a
Z;;
*
334 ------334 3
4
4
4
4 4
4344
4 4 4
4 4344
4344
ts
Q
___
4
4
434
434 __
4,, 4
4344
4A 4
5
6
434 534
334 334 --- 3
--- 4
334 334 3
334 34 3 334 334 ___ 3
334 4
334 334 334 334 334 —_ 334 334 4
334 3
3A 3
334 334
5
5
5
5
Commodity Paper1 to 30 days maturity
334 ___ 334 — 334 34 ___ 3 34 4 3
31 to 60
34
34 --- 3 k•.
, 34
3 3344 3
61 to 00 "
91 days to 6 months maturity ------------------------ ------ -_ -5_
Si
n
01
3
3s
4
44
331
4
434
Authorized rate for discount of bankers' acceptances, 2 to 4%.
A rate of 334 to 4% on purchases of trade acceptances by the New Orleans branch
of the Atlanta Federal Reserve Bank in the open market, without the endorsement
of any bank, was approved Dec. 16 1915. A rate of 4% for 10 days and 434% for
from 10 to 90 days on commercial paper for the New Orleans branch bank of the
Federal Reserve Bank at Atlanta was approved by the Federal Reserve Board Apr.7.
In the case of the St. Louis Federal Reserve Bank, a rate.of 2 to 4% for bills
with or without member-bank endorsement has been authorized.
Open market rates for purchases of bills of exchange: Atlanta, 334 to 535%
Dallas, 3% to 5%.
The weekly statement of New York Clearing
House members, which was issued 'Saturday last,
reported a further decrease in the loan item of $3,887,000. Net demand deposits were reduced $2,195,000. Net time deposits, however, increased
$5,169,000. Reserves in "own vaults" were again
increased $6,652,000, to $428,230,000, of which
$359,146,000 is specie. At this date a year ago
the total in own vaults was $444,985,000, including
$371,104,000 in specie. Reserves in Federal Reserve
banks increased $12,108,000, to $165,073,000,against
[VoL. 103.
$133,516,000 in 1915. Reserves in other depositories
registered a decline of $5,596,000, to $52,619,000,
and compare with $32,597,000 last year. Note
circulation totaled $31,489,000, a loss of $24,000.
Aggregate reserves this week were increased $13,,164,000, and total $645,922,000, against $611,098,000 in 1915. The reserve required showed a small
gain—$188,110, and the surplus reserves again
expanded, this time $12,975,890, bringing the total
of excess reserve to $108,085,360, which compares
with $172,925,890 in 1915, and is more than double
the amount held two weeks ago. The bank statement is given in more complete form on a subsequent page of this issue.
In sterling exchange circles conditions remain
completely arbitrary, with rates pegged, as has been
the case for several months, within a shade of 4 76
for demand bills. When any indication of weakness
obtrudes, it is rectified by purchases of cable transfers by bankers representing the British Treasury.
The return of ease in the American money market is
making the support of the foreign exchanges a much
less difficult task. No additional importations of
gold have been reported this week, nor, so far as
information has been published, have there been
any further large arrivals of securities in this market. Neither has there been any indication of the
approximate date for arranging for the utilization,
by means of a bond issue, of the American securities
that the Chancellor of the British Exchequer has
accumulated under the loan part of his mobilization
plan. In view of the success of the offering in connection with the French-owned securities, a similar
plan for Great Britain is, in banking circles here,
expected to be announced in the near future. This
may not be confined wholly to deposits of American
securities, but can very well be extended later to include the use as collateral of securities of other
neutral countries which there is reason to believe
that the English Chancellor will include, thus oxpanding the scope of his mobilization. There have
been exports of gold to the amount of $4,600,000
this week, $400,000 going to Spain and the remainder
to Cuba and South America.
Compared with Friday of last week, sterling exchange on Saturday was steady and without quotable
change from 4 75 13-16 for demand, 4 763/ for cable
transfers and 4 715
% for sixty days. Monday's market continued firm, though devoid of special feature;
there was some buying of cables by an international
banking concern, but apart from this operations were
restricted; demand was again quoted at 4 75 13-16,
cable transfers at 4 763/ and sixty day bills at 4 715A•
Dulness was still in evidence on Tuesday with rates
well maintained at the previous level of 4 75 13-16
for demand,4 763/ for cable transfers and 471% for
sixty days. On Wednesday renewed foreign selling
of American securities induced increased firmness
and demand rates moved up 1-16 to 4 75 13-16@
4 757
4 and sixty-day bills to 4 71%@471 11-16;
cabl9 transfers remained at 4 763/2. Extreine dulness
again prevailed on Thursday with quotations still at
4 75 13-16@4 757
4 for demand, 4 763'' for cable
transfers and 4 71%@4 71 11-16 for sixty days. On
Friday the market ruled quiet but firm, and closing
quotations were 471% for sixty days, 47513-16 @
4 757
4 for demand and 4 763/ for cable transfers. Commercial sight finished at 4 75%, sixty
days at 4 70Wi and ninety days at 4 683/2; documents
JuLY 291916.]
THE CHRONICLE
355
• We,
k ending July 28.
Net Change in
Out of
Into
for payment closed at 4 71 and seven-day grain bills
Banks.
Banks.
Bank Hollings.
at 4 74%. Cotton and grain for payment finished Banks' interior movement
$7,846,000 Gain 93,206,000
$11,052,000
Sub-Treas. oper. and gold exports
27,107,000
18,714,000 Gain 8,393,000
at 4 75%.
$38,159.000 $26.560.000 Gain $11,599,000
In the Continental exchanges this week the prin- Total
The following table indicates the amount of bullion
cipal feature, so far as the belligerent countries are
concerned, has been the spectacular decline in reichs- in the principal European banks:
% for
Marks. On Wednesday the rate dropped to 715
July 27 1916.
July 29 1915.
sight bills, the lowest point touched on the present Banks of Gold.
Silver.
Total. I
Gold.
Silver.
Total.
-—
downward movement. The chief factors in the deL
_ 56,376,011
56,376,011 60,906,500
60,906,500
pression were the fears entertained with regard to England_
France a .181,618,520 13,581,800195,200,320 165,173,760 14,720,760179,894,520
1,650,000125,020,000 119,678,200 2,300,000121.978,200
123,370,
the non-appearance of the long-awaited Bremen, Germany..
Russia *_ _ 154,102
7,526,000161628,000 157,886,000 5,464,000163.350,000
Aus- Hunc 51,578,000 12,140,000 63,718,000 51,578,000 12,140,000 63,718,000
so-called
commercial submarine Spain ____ 42,655,00 30,431,000 73,086,000 27,899,000 29,738,000 57,637,000
companion to the
822,711 43,549,000 45,684,000 4,787,111 50,471,000
39,664,000 3,885,111
Deutschland, a temporary suspension of wireless Italy
Netherl'ds 48,249,000
49,071,700 30,790,000
165,400 30,955,400
Nat.]
600,o
15,980,000 15,380,000
15,380.000
600,000 15,980,000
service and an absence of support. Later on, how- Salts
10,994,000 9,601,800
'land 10,994,
9,601,800
9,227,000 6,298,000
— 9,227,
6,298,000
ever, some support was tendered and rates rallied Sweden
Denmark_ 8,421,
316,
224,000 8,645,000 5,950,000
6,266,000
6,614,00
Norway
3,598,000
6,614,000 3,598.000
to 71 1546, but only to break again, and the close
Tot..week748,248,531 70,860,500819,109,031 700,423,260 70,231,160770,654,420
4. Francs continued steady and without Prev.week.746,164,693 70,845,220817,009,913695,465,366 70,119,220765,584,586
was 713
a Gold holdings of the Bank of France this year are exclusive of £10,842,000 held
quotable change. Rubles have shown an easier abroad.
gold holdings of the Bank of Russia for both years in the above statement
•
tendency, but this was attributed •to a more or haveThe
been revised by eliminating the so-called gold balance held abroad.
less natural reaction from the recent higher quota- c July 30 1914 in both years. h Aug. 6 1914 in both years.
tions. Lire were irregular, advancing in the openREFERENDUM AND OTHER FADS COSTLY.
ing days of the week to 6 443/2 for bankers' sight,
though later some reaction was noted; trading
The Farmer's and Merchant's National Bank,
has been dull and the volume of actual business of Los Angeles, begins its latest monthly letter
small. The sterling check rate on Paris closed at with an earnest declaration, emphasized by print28.15, against the previous pegged rate of 28.16. ing in red, to the people who feel the burden of
In New York sight bills on the French centre finished tax. If you honestly want to lighten the load
at 5 90% and cables at 5 903, compared with 5 907
4 (it says), do your utmost to do away with those
and 5 905% a week ago. Demand bills on Berlin modern fads, the direct primary, the initiative,
closed at 71% and cables at 717
4, against 72 7-16 the referendum and the recall. They have not
and 723/2 last Friday. Kronen, in sympathy with accomplished any good for any State. They have
the break in German exchange, showed substantial made the reign of the "boss" worse and firmer
declines and finished at 1.2.35, comparing with than before; "they have led to governmental ex12.60@12.65 the preceding week. Lire closed at travagance and largely-increased expenses in ad6 469 for bankers' sight and 6 463 for cables,against ministering our affairs." The total outstanding
6 41% and 6 41 at the close on Friday last. Rubles bonded indebtedness of California and her numerous
finished at 30.32, which compares with 30.55 the political divisions, says this circular, is now over
week previous.
252% millions. Supposing the term to be 40
As regards the neutral exchanges, the trend has years, their interest 4%, and their retirement of
been towards lower levels, which may be said to be due principal average 23/2%• annually, the total cost
for the most part to the absence of buying power. of discharging these bonds will be
4603. millions.
Here also trade has ruled quiet and inactive, with Says the circular:
operations extremely restricted in character. Sam"In other words, the people in the end pay in
dinavian exchange has ruled dull and heavy, though
interest the sum of $207,402,273, for the privilege
practically unchanged, while guilders have been weak. of spending the original $252,837,504 borrowed
Bankers' sight on Amsterdam closed at 41 7-16, on bond issues. In some instances the bonds
against 41 7-16; cables at 413/2, against 413/2; commer- sold at a premium, but the amount thus realized
cial sight at 413., against 415%, and commercial sixty coun,ts little in the long run. Probably not a
days at 413/2, against 413' a week ago. Swiss ex- single voter in the whole State ever stopped to
the cost when he voted for a bond issue;
change finished at 5 283
%for bankers'sight and 5 283. figure
time for all voters to begin to think. Exnow
it
is
for cables,compared with 5 293jand 5 299 last Fritlay. travagance has gotten
into the blood of the office
Greek exchange continues at 5 173/2. Copenhagen holders of the country. They will spend money,
checks closed at 28.60, against 28.50. Checks on even unwisely and unnecessarily, just as long as
Norway finished at 28.75, against 28.50, and Checks the people will let them. It is up to the voters
on Sweden closed at 28.80, against 28.50 the week whether the property owned by them is still further
preceding. Spanish pesetas finished at 20.16 for encumbered by bond issues."
The Los Angeles "Times" is tired of Governor
checks against 20.25 at the close on last Friday.
Johnson and his Progressives, under whom the
The New York Clearing House banks, in their op- cost of government has progressed inIfive years
erations with interior banking institutions, have from about 101 to nearly
1763/2 millions. Large
gained $3,206,000 net in cash as a result of the cur- sums have been spent for elections in which the
rency movements for the week ending July 28. Their electors disdained or neglected to participate. The
receipts from the interior have aggregated $11,052,- direct primary is too costly to allow the poor man
000, while the shipments have reached $7,846,000. any possibility of reaching_ office. Corporations
Adding the Sub-Treasury and Federal Reserve oper- have actually been formed for procuring signatures
ations and the gold exports, which together occasioned —at 10 cents each—to petition for direct legisa gain of $8,393,000, the combined result of the flow lation. Things needing inspection and requiring
of money into and out of the New York banks for management by commission have multiplied. "The
the week appears to have been a gain of $11,599,000, recall is a club in the hands of malice and hate."
as follows:
There is only one way out, declares the Los Angeles
356
THE CHRONICLE
journal; and the bank circular, while admitting
the present unpopularity of the remedy, avers
that in one year more it will become popular,
for "the tide is turning from radicalism to conservatism." This is the cure:
"To reduce the excessively high cost of government we must first remove the cause for these increases. A representative government, with all
the fads and frills eliminated, will mean the return
to a sane cost of government. If we insist upon
direct primaries, direct legislation and government
by commission, then we must be ready to meet
a per capita tax rate higher than that of any other
State in Europe or America."
[VoL. 103.
deliberation and responsibility than it had even
twenty years ago, and this decline cannot be wholly
a coincidence.
Necessarily, because naturally, this faddism is
also costly in money, as California has discovered.
The truth is that the people really want representative government but do not well understand either
its nature or the means of getting it, and so the
keen ones who do the real governing find a new
trick by which to fool them. How soon the trick
will be understood and the reaction from extreme
folly will begin we are yet to see; it may not be
in this year's campaign, but apparently it is approaching.
The "Chronicle" has more than once pointed
out the futility of expecting to raise the level of
THE NEW ROLE OF SCIENCE IN WAR.
public affairs by any changes in the mere methods
will;
to
captain says the chief engineer is the most
expression
the
"Her
popular
give
of seeking to
officer; and her crew consists of twentyimportant
of
and
serious
intelligent
lack
is
the
defect
the
thought on the part of those who vote and the four men, all of whom are mechanics," was the most
neglectful indifference of those who do not. The suggestive utterance concerning the Deutschland
bulkier the ballot, the larger the number of propo- submarine, coupled with the discovery that she
sitions presented, and the more frequent the elec- "is filled with most wonderful and intricate mations, the larger the proportion of legal voters who chinery." The remark, however, attracted little,
ignore them outright and the less the intelligent if any, attention. We are quite prepared for anyinterest taken in them by the fraCtion who nomi- thing in the development of the submarine as we
nally participate. Attach a numbe rof constitu- are of the aeroplane. Indeed, the change which
tional or referendum propositions to the ballot, science has wrought in modern warfare is so treand the voters who come forward to decide the mendous and so varied that it no longer awakens
minor personal question of who shall have the surprise and passes over very naturally into every
offices in the next term will more and more pass form of human activity. Its possible effect on the
by those larger questions; hold special elections future as well as on the character of war, loses none
for them, and the voters will stay away from the of its importance because of our familiarity with
polls. The more the people are invited to partici- its features.
Battleships which were once only rather crude
pate directly in government the more they will
keep aloof, as soon as the new toy has lost its novelty. devices for bringing groups of fighting men into conThe method ostensibly proposed to give the people tact on the sea are now highly developed scientific
control of their own affairs, puts them away from machines for destroying similar machines and a
intimate and effective control. This was so ob- crowd of men at distances from which they cannot
vious from the start and is so according to human even see one another. Battles on land which once
nature that we have long suspected the "direct" witnessed the crash of serried ranks and gave opporscheme of being only a shrewd device of the bosses tunity for many accounts of individual prowess in
to strengthen themselves; at least, they care nothing hand-to-hand combat are now determined and largely
for names and forms and are quite capable of forti- fought with every variety of death-dealing devices
fying themselves in power by the very means nom- in the air above and the earth beneath, from poisonous gases to great artillery hurling enormous bombs
inally devised to put them out.
with high explosives.
filled
It is elementary that as soon as public affairs
these are but an incidental phase of warfare is
That
political
that
in
become too large for handling
not
to
be
believed. That they are to give place,as the
governrepresentative
district,
school
the
microcosm,
ment becomes compulsory. Try to avoid and re- great war goes on, and for long years after as physical
place it by "direct" government by the people science in one form and another advances, to more
(a beautifully-sounding phrase which nobody can phenomenal, more mysterious and more deadly
speak more unctuously than the biggest of secret invention, seems certain. These instruments of
bosses) and the people participate less instead death are only part of the vast and intricate maof more. Every election is really a referendum chinery which guides, controls, feeds and conveys
and a vote on recall. Apply any other form of the modern army, all more or less direct products
recall to the judge or the executive officer, and his of scientific invention or of their combination with
independence and his usefulness diminish together. equally scientific administrative skill. Great armies
Apply the initiative and referendum to legislation are transported long distances and give the deadly
(constitution-making of course being excepted) stroke almost with the speed of the flying arrow,
and the quality of the legislative body declines; and multitudes are killed on whom their foes have
it ceases to be representative and it suffers ac- never laid eyes. Warfare is carried on, if not with
cording to the same immovable natural law that "neatness," at least with a "dispatch" and finality
withers an unused muscle. Under the fad of direct which are highly scientific.
It is not to be supposed that the significance of
popular election, (ostensibly intended to end some
occasional bad work by legislatures) the U. S. this great change which has come on so rapidly,
Senate has not merely lost completely its distinctive interesting and tremendous as it is, is to be read
character and service as a factor in government, simply in what is happening before our eyes in the
ut its quality has reached the lowest level ever conduct of armies in the field and armored battlewn;, it has less independence, care, strength, ships at sea. It is sure to work a great change in the
JULY 29 1916.]
THE CHRONICLE
357
thoughts and feelings of the men who go to war
There is, however, another aspect of the matter.
and in men's judgment of warfare, morally and re- The new engines of warfare are not only destructive,
ligiously, and also in the improbability of an ending they are extremely costly. The present gigantic
of all war within measurable time. Wars will not conflict will leave the leading countries in a state of
be fought at the whim of a monarch or to satisfy financial exhaustion such as the world has never
the ambitious designs of some dominant group or seen, and the longer the struggle continues the more
the desires of a military people. The possession of complete will be this state of exhaustion. There
armament or trained multitudes of men will not be will be physical exhaustion, too, in the fact that the
regarded as sufficient incentive for war. War will termination of the war will find a large portion of
be used as a means to obtain a definite end. It will the male population killed off or maimed or crippled.
be waged with as wide and as destructive methods These two controlling elements will of necessity
and instruments as possible. It will be frightful, impose restraints, where nothing else would, in the
both in the vastness of the destruction and the ruth- carrying out of designs which science and the inlessness .of its choice of victims. Its one purpose ventive ability of mankind are facilitating. Therewill be to wipe an enemy out of existence by bringing fore, it will be incumbent upon all the warring
to bear on him every device that can be discovered nations to follow the arts of peace rather than prosethat will impair his effectiveness or put an end to cute the art of war. That is the encouraging
his power of defense or attack. To hesitate to use feature of the situation, and relieves it of much of its
such means or to wait to meet on equal terms or to gloom, though in the final analysis it must be addisplay the heroic courtesy and respect for conven- mitted that the peril of war will not cease until the
tions and traditions of older days, will not be thought heart of man is changed.
The fact that the Deutschland can be received as a
of. In short, war as now understood and practiced
by the most scientific and highly organized people "simple merchantman" and that an unmistakable
is the most violent and deadly undertaking in which feeling of kindly interest is mingled with the surprise
man has ever engaged. Henceforth we may regard occasioned by her coming marks the change in the
it as being possible only to States similarly advanced public mind since the early days of the submarine.
It is the first and a most vivid suggestion of the way
in scientific attainment and organization.
However the present great war may issue, it is in which the latest and deadliest of the newer
obvious that it will not put an end to war. The instruments of warfare may be transformed into
highwayman no longer rides a horse and threatens effective agencies of peace when the minds of men
with his flintlock pistol, and the burglar no longer are ready for it.
attacks the safe with his cold chisel arid a little gunpowder. The one rides in a motor car and the other CHINO-JAPANESE SCHEMES OF DEVELOPresorts to nitroglycerine and the oxyhydrogen flame as
MENT.
the would-be murderer blows up a tenement with a
It is undoubtedly the part of wisdom for the
bomb. .So long as evilremains in the heart of man there business world in America to "keep an eye" on
will be violence. Thereis notthe least evidence thatthe Japan, especially now that its relations with China
advance of science will have any effect in stopping have become more friendly through the death of
war. The idea which the world has cherished that Yuan Shih Kai, and that it has made an alliance
war will become so destructive that men will not care with Russia for the protection and promotion of
to engage in it or that humanity would so advance their common interests. But the purpose should
in culture and refinement that they would be shocked be .one to stimulate and foster intelligent enterprise,
by the thought of it is, for the moment at least, friendly rivalry, and fair treatment on all sides,
utterly gone. Other influences will have to be in- rather than to excite and promote those suspicions
voked. A new reality and intensity will need to and jealousies which are so sure in the long run to
be given to ideas of religion and human brotherhood. defeat their own purpose, even when that purpose
Merely prudential considerations have become futile, is no higher than to reap the utmost profit for itself.
and the conventions of morality have proved to be From the point of view of this correct and ultimately
so changeable with changing conditions that they most profitable, as well as morally superior attitude
will little avail. The horror with which we have of the United States toward the Orient, the followbeen taught to regard their violation no longer stirs ing facts which have recently been made public are
knowing people to respect them and no longer can perhaps best worthy of attention.
be counted on to shock onlookers or to secure uniIt will be remembered that, when the plan was
versal condemnation.
on foot for making a large loan to Yuan Shih Kai by
liThese are startling changes, but that should not pre- the six nations, the financiers of the United States
vent our recognizing them orlead ustolose sight of their declined to enter the syndicate, ostensibly on account
significance in their novelty. Great armaments may of the advice of President Wilson, which was a
prove too heavy a burden to carry after the exhaus- virtual threat that the Washington Government
tion of the war, but men will assuredly turn to the would be no party to guaranteeing, or enforcing by
laboratory and the inventor's drawing table for the any kind of diplomatic or other pressure, the collecdevices with which war can still be waged in more tion of either interest or principal. This action
destructive and deadlier forms. The great lesson was wise at the time, at any rate as viewed in the
of the present war is that the teaching of the past light of subsequent events. It is understood that
in regard to war is practically abrogated. The the proposal is now renewed to make a large loan
planning of campaigns and the handling of armies are of American capital to China. This proposal
not more completely changed than the instruments renders it the more interesting to know what Japan
of warfare and the views of men as to what methods is undertaking to do for financing Chino-Japanese
and extent of destruction are justifiable. The schemes of development.
change is so tremendous as to create what is prac4t a conference of the different branches of the
tically an entirely new situation.
Bafik of Chosen, held at the end of last May, the
35s
THE CHRONICLE
Governor addressed the managers in the following
way: "I shall now proceed to point out a few of the
policies which the bank should pursue in the future.
In the first place, we must endeavor to make this
Bank of Chosen a world bank, whereas it is only a
local bank at present." To this end the speaker
goes on to say: "We must make closer its relations
with the Central Government and also with the
important monetary organs in the monetary centres." Finally, he adds: "It is needless to say
that in order to make this bank a world bank with
a greater capital and a greater field of action, unity
and systemization are all-important." At the same
time the Governor announced that official permission had been received to establish a branch in
Harbin, Manchuria, and that the branch already
established in Vladivostock was "proving useful,"
both to Japanese and to Russians. About the same
time a loan of yen 1,000,000 was effected by this
same bank to the City of Mukden. The loan is
to bear interest of 6.5% and:the Chinese authorities
receive a clear yen 95 for every yen'.100 of the loan.
The Chinese Government telephone and electric
light enterprises, and some landed property and
buildings belonging to the city, are pledged as
security.
The improvement and enlargement of transportation facilities between Japan and the Western
nations, especially Russia, are also of no small
interest at this juncture. It is known to all interested, of course, that the Nippon Yusen Kwaisha
is one of the largest and most successful shipping
companies in the world. It has now over 100
steamships with a gross tonnage of nearly a halfmillion. As with all other steamship lines, its past
year has been conspicuously prosperous. But it is
particularly interesting to know that a project is
maturing between Japan and Russia to construct
trains especially adapted for theexhibition of Russian or Japanese manufactures, and run them
regularly between the two countries, with a view
to showing the prospective buyers in each country
precisely what they can get from the other, invite
criticism and suggestions for the improved adaptation to the special needs of the purchasing country,
and so develop trade between them. In Chosen,
which is new to this kind of transpOrtation, as a
substitute for the backs of men, bulls and ponies,
the railways have carried over five million passengers
• during the last fiscal year, and transported 1,660,000
tons of freight. The latter is, indeed, no great
showing, but the amount is rapidly expanding.
The large increase of freightage passing between
Chosen and Japan, and the yet larger increase in
the home and foreign trade of Japan, are guaranteed
in a substantial way by the results of a recent tour
of inspection of the iron mines in West Chosen.
Comparatively little attention has been given to
these mines, or store set upon them, in past time—
the success of the gold mines rather eclipsing even
the presence of the baser metal. But the expert
now reports that "iron produced in Chosen will be
able to supply completely home requirements, and
all pending questions concerning independence regarding arms and the supply of material for machinery, ship-building and similar works will be easily
solved." This will prove an immense financial
relief to Japan; for the price of iron wt.ich was
quoted at yen 70 before the war had risen to yen 210;
and, indeed, the supply of iron nee
tm
[VOL. 103.
mediate use could not be obtained from this country
at any price. The Korean ore is not of the best
quality, but the veins are wide and numerous and
hitherto only a small proportion of them have been
very imperfectly developed. Meanwhile, the metal
output of Chosen has increased by yen 2,000,000
and has thus passed the yen 10,000,000 mark.
But Korea has always been an agricultural country,
and its value to the Empire of Japan, now that it
has become the Province of Chosen under that
Empire, must depend chiefly upon the development
of its agricultural resources; and these depend upon
new enterprises and improved methods of cultivation. One of the natural handicaps of Japan
proper has been its inability to grow wool and so
produce even in part the iaw material for its woolen
manufactures. The volcanic ash in the grass on
which the sheep would have to graze has proved
injurious and even deadly; and the tillable land of
Japan is so restricted that it would not pay to devote
any portion of it to producing food especially
adapted for sheep. But recently one of the most
important of the woolen mills in Japan has purchased an extensive plot of ground in Chosen and
is going into the business of sheep-rearing on a large
scale, in order to supply its own mills with the raw
material.
The work of afforestation goes on with increasing
vigor, skill and success in Chosen, where nearly
one hundred million young trees were reared in
nurseries under private management during the
past year. The trees most widely cultivated are
the pine, the number of which reared during the
last year was 42,669,000.
It makes a particularly odd impression on one
mindful of the previous history of the two countries
to read that an order for 150 kwan (kwan equals a
little over 83 lbs.) each of three different kinds of
Korean leaf tobacco (nearly 4,000 pounds in all)
has just been received from Italy by the GovernmentGeneral of Chosen.
Some years ago an American miner, a so-called
"three-yen-a-day man," having associated himself
with a Korean popularly known as "Pak the Liar,"
formed a spurious promoting company and succeeded
in extracting more than yen 300,000 from the then
Emperor's Privy Purse. Being checked in his
enterprise for getting still larger advances, he returned to this country to enlist the Government at
Washington in the effort to right his wrongs, and to
stir up hatred toward Japan by proclaiming that it
was Marquis Ito's policy to allow only the Japanese
to plunder the Koreans, but to drive all American
capital out of the country. The rapid increase of
order and economic prosperity of Korea under
Japanese rule is a sufficient answer to one of these
two charges; to the other the following advertisement
quoted from the issue of the Seoul "Press," June
16th, stands in curious contrast. The advertisement runs:
THE SEOUL MINING COMPANY
infmins its shareholders that the share transfer bpoki will 1)3 clo3ed from
the 24th June to the 4th July, inclusive, on which latter date dividend
Ni. 13 of 25% will be distributed.
It. E. COLLBRAN, Secretary and Treasurer,
Denver, Colorado, U. S. A.
In conclusion, we notice the following quotation
from the Japanese press of recent issue, as sufficiently
illuminating concerning the financial status of the
two most influential nations in the policy of the
Far East:
•
JULY 29 1916.]
THE CHRONICLE
"Since the war began Japan is said to have sold to Russia
munitions and supplies to the value of about yen 400,000,000" [this sum of money does not begin to indicate
correctly the amount of material, on account of the cheapness at which everything is furnished]; "and orders still
come pouring in, chiefly for army cloth, boots and general
munitions. Japan's holdings of gold have now increased
to yen 540,000,000, of which some yen 140,000,000 is to the
credit of the Government, and yen 390,000,000 is to the
credit of the Bank of Japan. Of the specie about yen 170,000,000 is in Japan as specie reserve, the balance being
deposited in London, New York and Paris. Of course, all
Russia's payments for munitions have not yet reached
Japan. A considerable portion has been paid into Japan's
account in London, and more by the flotation of yen 50,000,000 of Russian bonds in Japan. How to meet the
balance of the account is a problem now occupying the
attention of Japanese financiers; and it is reported that
Russia may float a further loan in Japan, as well as raise
loans from Japanese capitalists."
359
current with the expansion in exports there has
been a large gain in imports but the net outward
balance of merchandise in our foreign trade exceeds
2,135 million dollars—a stupendous credit to be
established in one year.
It is to be inferred that with so decidedly striking
a gain in our foreign export trade commodities
generally must have shared in it. This, while not
strictly the fact, is essentially true. The value
of our breadstuff shipment for 1915-16 fell below
1914-15, but was almost three-fold that of 1913-14,
and this is the Only really important decrease in
the late year. Horses and mules, which went out
in such volume in 1914-15 as to almost give the
impression of denudation, were shipped even more
freely in 1915-16. Shipments of automobiles and
parts cover a value fully double that of last year's
But how about the interests of China and the heavy aggregate, and chemicals and drugs show an
world's interests of peaceful trade as affected by the increase of some 70 million dollars. Iron and steel
relations of Russia and Japan to each other and of and manufactures jumped from a total of 226 million
both to China? On the death of Yuan Shih Kai dollars last year to over 600 millions; brass and
something of a strife arose in Japan as to the Govern- manufactures from 20 millions to:about 160 millions;
ment's •attitude toward China. But it seems now copper and manufactures from 100 millions to
that the new President, General Li, is openly in somewhere about 170 millions and cotton manufavor of restoring amicable relations between China factures from 72 millions to 110 millions. The outand Japan, and that the Tokyo Government is flow of explosives, however, shows the most striking
looking toward the restoration of peace in China gain. Up to the breaking out of the European war
and the organization of a coalition cabinet there, items of negligible importance in our export trade,
n conformity..-with the popular desire. It is surely, they are now prime factors. In 1913-14 the value
therefore, a most opportune time for us so to con- they contributed to our aggregate foreign shipments
duct our diplomatic and business relations with all was only 63'1 million dollars, but there was an inthese three countries—China, Japan and Russia— crease to 413/
2 millions in 1914-15 and the latest
so as not only to secure our fair share of trade with aggregate is some eleven times that amount, or over
the Far East, but also to render the aid of our 450 millions. The shipments of gunpowder alone
example and influence toward maintaining the (gun cotton, an equally important item, is not
peace of the Far East.
separately stated in the schedule) reached fully
200,000,000 lbs., for the manufacture of which close
FOREIGN TRADE OF UNITED STATES,
to 450,000 bales of cotton, or cotton linters, were
1915-16.
required.
•
It is not too much to say that the outcome of our
Sugar, another unimportant export item up to
foreign trade in the late fiscal year, the export side the breaking out of the war, has felt the impulse
of it in particular, has far surpassed the expectations of foreign necessity, the outflow rising from less
of the most sanguine, even with the war in Europe than 2 million dollars in 1913-14 and 253/2 millions
as a phenomenally stimulating influence. Natur- last year to about 79 millions in 1915-16. Cars
ally, with the productive forces of the various nations for steam railways, too, under a large demand from
engaged in hostilities largely called upon for work Russia, not unconnected with the need for equipin the struggle, there was necessity for turning to ment to move war supplies, show a very great
neutral countries for enormous quantities of ex- increase. Recognizing the impossibility of making
plosives and other munitions of war,
and the a complete detailed analysis of exports, we merely
United States being best fitted to furnish the supplies • mention agricultural implements, aluminum and
was quickly flooded with orders of phenomenal manufactures, electrical machinery, woolen manumagnitude. Parenthetically, it is to be stated, of factures, zinc and manufactures, wood and manucourse, that these came wholly from the Entente factures, twine, fish, fruits and nuts, glass and
Powers, delivery to the Central Powers being im- glassware, India rubber, meat and dairy products,
possible. Our export totals began to be swelled leather and manufactures, and paper and manudecidedly in the fulfillment of the orders before the factures as a few other commodities exhibiting more
fiscal year 1914-15 was completed,and in each of the or less important gains.
last six months what were considered to be abnormInterest is not simply confined, of course, to the
ally large" aggregates were reached. But these articles which have benefited by the expansion in
were of strictly moderate proportions as compared our foreign exports; it extends to the countries with
with some ofthe monthly totals recorded in 1915-16. which the increased trade has been done. And
Prior to the time that war orders began to strongly when we come to consider this phase of the subject,
leave their impress upon our foreign shipments the we reach a fuller realization of the magnitude of the
heaviest monthly total of exports established was in demand upon us incidental to the war. Our exNovember 1912 ($278,244,191) when the outflow ports to the United Kingdom alone reached 1,500
of cotton was especially large and the shipments of million dollars in the late fiscal year, a total some
other leading commodities of quite full volume. 600 millions greater than in 1914-15 and about equal
But that aggregate has been exceeded in each month to our aggregate foreign shipments of 1904-05.
since and including September 1915 and enormously An enormous increase in the outflow to France is
so from February to June inclusive in 1916. Con- also to be recorded—some 260 millions—while from
360
THE CHRONICLE
a total of exports to Russia (Europe and Asia combined) of 61 million dollars in 1914-15, there has been
an expansion to about 325 millions. Italy, too,
shows a very importantincrease. On the other hand,
the shipments of commodities to Denmark, Sweden
and the Netherlands-countries through which the
Central Powers were evidently receiving supplies
of various kinds the previous year-exhibit heavy
decreases. Reflecting increased trade with countries outside of Europe and therefore not directly
connected with the war-countries upon which we
must greatly rely for further expansion when the
extraordinary demand upon us has ended, due to the
cessation of hostilities-we note gratifying gains in
our outward commerce with the West Indies (Cuba
in particular), the South American Republics quite
generally, and Australia and British Africa. Our
exports to Canada, moreover, were, by a quite large
amount, a new high record and some 150 millions
more than in 1914-15.
As indicating the changes in the foreign trade totals
we append a compilation giving the imports, exports
and balances of merchandise, month by month, and
quarter by quarter, and quarterly returns for gold
and silver for the last two fiscal years.
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The aggregate value of our merchandise exports
in the fiscal year 1915-16, it will be observed, reached
the enormous total of $4,333,698,604, against
$2,768,589,340 in 1914-15-the previous recordand $2,364,579,148 in 1913-14. Imports of $2,197,984,842, also a high water mark, contrast with
$1,674,169,740 and $1,893,925,657 respectively,
leaving the net balance of exports no less than
$2,135,713,762 in the latest year, against $1,094,419,600 in 1914-15 and $470,653,491 in 1913-14.
To assume that the increase in the aggregate value
of exports in 1915-16 is due solely to a greater outflow of commodities would be entirely erroneous.
It is true that there was a quantitative increase in
[VoL. 103.
almost all leading articles and this alone would
have assured an appreciable excess in value over
the previous year, but in the result actually attained
higher prices were by no means an unimportant
element or factor. Thus, the average price of
gunpowder was appreciably above that • of the
previous year-81 cents per pound, against 66 centsand this difference alone accounts for 32 million
dollars. Brass plates averaged 26c. per pound,
against 15c.; copper pigs, &c., 22c., against 14c.;
cotton cloth 8.4c. per yard, against 7c.; locomotives
$16,100, against $9,300; steel billets, &c., $42 60
per ton, against $20 90; steel rails, $32 40 per ton,
against $29 60; structural steel $43 30, against
$37 40; raw cotton 12c. per pound, against 8.5c.;
and woolen rags 9.1c., against 5.6c. Furthermore,
small articles of iron and steel were noticeably
higher generally, as were chemicals, boots and
shoes, sole leather, cottonseed, cottonseed oil,
printing paper, lumber, &c., and mineral oils.
Evidence of expansion in imports of many important articles is found by a study of the detailed
lists, the gains being greatest in crude or raw materials for use in manufacturing. Nitrate of soda, for
instance, exhibits an increase of some 15 million
dollars, cocoa 10 millions, raw cotton 20 millions,
flax and other fibers over 20 millions, sugar 30 millions, raw silk 40 millions, raw wool 71 millions,
copper 10 millions, tin 18 millions, furs and skins
9 millions, hides and skins 55 millions, India rubber 70 millions, nickel ore 5 millions, seeds 10 millions, and vegetable oils 12 millions. In addition,
there are more or less notable gains in diamonds, &c.,
copper manufactures, fiber manufactures and silk
manufactures. There are some instances of decreasing imports and these are traceable to the war.
The most notable are meat and dairy products,
colors and dyes, fertilizers, leather, woolen manufactures and glass and glassware. On the import
side of the account, higher prices are also responsible,
to some extent, for the gain in the aggregate over
a year ago, notably so in the cases of cocoa, copper,
cotton, hides, India rubber, raw silk, sugar, tin,
wool and some chemicals and drugs. As regards
the countries from which our imports have come,
very satisfactory increases over last year, under
prevailing conditions, are to be noted in the British
and French figures. The inflow from Canada,
Cuba (largely sugar), Mexico, Argentina (hides,
wool and flaxseed), East Indies (India rubber and
tin), Japan (silk), Australia (wool), Egypt (cotton),
Brazil, Chili, China and British Africa.
The gold movement of the year was of unprecedented proportions and resulted in a very large
gain of the precious metal by us. Starting with net
imports of $15,071,203 in July 1915, each succeeding
month down to and including January 1916, furnished a balance in our favor and generally of heavy
proportions, with the top notch in October at
$76,730,559. The closing month of the year (June)
moreover, netted an inflow of $114,423,182, imports having amounted to $122,734,739, of which
much the greater part came by rail from Canada,
13/ millions from the Orient via San Francisco,
13/ millions reached New York by ship from England and about 1 million from South America, and
exports to $8,310,557, of which approximately
5 millions was to the West Indies and 13 millions
to South America. For the twelve months the
inflowIwas,r_as alreadylintimated, of unprecedented
JULY 29 1916.]
THE CHRONICLE
magnitude for the period, reaching $494,009,301.
Of this total over .250 million dollars were from
•Canada for account of Great Britain, some 120
millions from Great Britain direct, 39 millions from
Australia, 25 millions from the West Indies and
17 millions from South America. Of the exports of
$90,248,082 some 29 millions were to the West
Indies, 15 millions to Canada, 10 millions to South
America, and 6 millions to Great Britain. The net
influx for 1915-16 at $403,761,219 compares with a
balance of $25,344,607 on the same side of the
account in 1914-15 and net exports of $45,499,870
in 1913-14. Exports of silver for the twelve months
of 1915-16 were $59,789,680, of which 45 millions
to Great Britain, and imports reached $34,154,375,
Mexico contributing 20 millions. The net outflow
of $25,635,305, contrasts with a like balance of
21% million dollars in 1914-15 and 24% millions in
1913-14.
BOOK NOTICES.
TRANSPORTATION RATES AND THEIR REGULATION: A Study
of the Transportation Costs of Commerce, with Especial Reference to American Railroads.—By Harry Gunnison Brown, Assistant Professor of Economics in the
University of Missouri. The Macmillan Co., New
York, 1916. Price, $1 50.
This is an interesting study of a subject of increasing importance in American life—increasing because, considering
the present condition of railroads in this country, the general
good of commission regulation is more an open question than
ever before. And in saying this it may be admitted that this
regulation has prevented certain unjust discriminations, and
yet, as now exercised under the extended powers granted to
the Inter-State Commerce Commission, has not produced
either maximum development of the roads or equability of
industrial and commercial relations.
The author has builded his treatise upon the postulate of
"testing each rate structure or regulation by its probable
effect in securing or failing to secure the maximum of really
profitable commerce and the largest economic well-being of
the community." His conclusion is that "as a whole, the
work of the Inter-State Commerce Commission has been conscientious and efficient; and there can be little doubt that
public regulation of some sort, even with its inevitable
mistakes and shortcomings, is preferable to irresponsible corporation control." Yet again and again throughout the
work he draws an analogy between a protective tariff and
the effect of what he would term the monopolistic tendency
of "irresponsible corporation control." Thus: "As tariff
protection may divert a country's industry out of its most
profitable channels, so may discriminating railroad rates
arbitrarily encourage one industry in a given territory or
section and discourage another." But the cure or antithesis
for a protective tariff is free trade, or a falling back upon
what we term natural law, which is the control exercised by
the elements of production plus the will of man operating
under the lure of profits. Why not then, by the same
reasoning, abolish commission regulation of railroads?
By reading the author's very complete and instructive
analysis one visualizes readily the stupendous task set before
a commission in the establishment of a reasonable rate.
There can be no question that the author's position is correct
in demanding that this rate shall be sufficient to enable any
given railroad to earn not only costs of operation and fixed
charges but reasonable or average profits upon the investment, the value of which must be ascertained by a demonstrably correct process. By a progressive study and analysis
of all the integral elements which enter into this computation, he holds fast to the proposition that costs, charges and
profits must be earned or capital will not seek this field of
investment adequate to general welfare and commercial
need. It becomes, therefore, the bounden duty of the InterState Commerce Commission in its task of regulation and
rate-fixing to bring this about, to so regulate railroads that
they will invite capital to the end of even development and
public welfare. The Commission begins this stupendous
task, we will say, and follows the processes of the author,
to what exact point, pray, must it bring the earning rates
of railroads to enable it to say that thus far and no farther
shall this branch of industry go without either drawing
361
capital from or diverting it to other industries such as
manufactures and agriculture and this to the detriment of
the general welfare. Manifestly, since our measurement here
is usually in terms of percentage profits on investment values,
what rate per cent must the Commission set as reasonable
and just when it begins its task of fixing rates to total this
whole profit? Manifestly, since all commercial endeavor
s interrelated and is the substructure of the general welfare,
railroad rates cannot be fixed by a commission without first
justifying a total percentage of profit with the total profit
of agriculture and manufacture to the end of even development of transportation, agriculture and manufacture, and
the highest welfare—a seemingly impossible task, since the
Commission has no power to examine into the reasonable and
rightful earnings of other branches of industry.
But it is created to undertake this heroic task; and it does.
How does it go about it? The author's work is valuable in
pointing the way. Certain inevitable costs ensue—construction and operation and fixed charges. There are many
elements of the cost of carriage—terminal and other charges
which are extremely difficult to relate to each other and to
the whole cost. Freight must pay its way, classification
ensues, and an intensive study of per-ton-mile ensues.
Upon the result general charges are laid down. But the
railroad does not operate alone. It is in the midst of growing
cities, developing territories, moving populations, and capital eager to enter where profit invites. Competition comes,
and there is competition of directions, of locations, of "local
self-sufficiency," the competition of substitution, of the
kind and classes of goods transported. Immediately from
the general rate schedule arrived at above there must ensue
certain permissible discriminations to meet competition,
Take the long and short haul as an instance. The author
says: "No Government rate regulation can ever stimulate
progress as competition does, even if it can successfully
prevent the enjoyment of monopoly profits." The Commission does the necessary investigating and allows for the
law of competition if it succeeds in the light of all things in
establishing a reasonable rate. But note, these elements of
competition lie outside the railroads and the Government in the
nature of things, and it follows that any artificial law not
based on the automatic operation of natural elemental law
will fail. Why, then, commission regulation at all if in the
end it is bound by "what the traffic will bear"?
Moreover, this influence of natural law cannot be anticipated; the valley must blossom and the city must congest,
and the seasons must relate themselves to methods and totals
of production, before they begin their inevitable pull,and a
well-managed railroad must meet all conditions and all competition as it comes. For the prevention of rebates and drawbacks, and discriminations, we surrender control into an
arbitrary body far removed and unresponsive to management and as liable to mistakes as directors who, if they are
capable of good management, know that to put a rate so
high that it will just miss destruction or the diverting of
business, will in the end by the law of service be a temporary
expedient of utmost danger. These natural elements of
competition are in control and good management perceives
them and abides by them, for whether directors as corporation managers will it or not, we, the people, using the instruments given to us, do advance together, and this is the law of
helpfulness.
We find this book on a much-written-about subject stimulating to the student by its attitude and its method of analysis; by its cohstructive building of a theory through the assembling and relating of facts, or perhaps processes of rate determination, to the end that underlying laws be discovered
which should control .in the interest of the people. But it
would seem upon the extended showing given, that if the
Inter-State Commerce Commission can fix a reasonable rate,
it can only do so after ascertaining the operation of natural
laws, which, though they may be temporarily delayed by
mismanagement or over charges, operate in the end anyhow.
AUDITING THEORY AND PRACTICE. By Robert H. Montgomery, C. P. A. The Ronald Press Co., Publishers,
New York, 1916. Price, postpaid, $5.
The author of this work, in addition to being a certified
public accountant, is an attorney-at-law and a member of
the Federal Income Tax Committee of the National Tax
Association, and thereby possesses a special equipment vital
to a full and serviceable treatment of the subject in hand.
The book is a revised and enlarged edition of a work
originally published as late as 1912, which is now brought
362
THE CHRONICLE
down to 1916, and contains an analysis of the Federal income
tax, valuable alike to individuals and corporations in making
their returns thereunder.
The growth of corporations, the ever increasing size of
business operations, the close and complex inter-relations of
all businesses, add constantly to the importance and necessity
of the audit. And as the author repeatedly emphasizes auditing is far more than an investigation and proof of the correctness of accounts. Every highly specialized business
must be operated on the divisional or departmental plan, and
this renders it increasingly difficult for the officials in charge
to visualize the whole -when presented in the balance sheet.
So that modern auditing in its highest form becomes a constructive help in the conduct of an enterprise.
The analyst of a business goes beyond the work of an accountant and in an exposition of departmental relations
shows not only the state or condition of an enterprise, but its
tendency. Not only are suggestions proper as to cheapened
and improved methods, but the effects of certain policies and
practices are properly pointed out. Professional ethics of
auditing require absolute silence as to all business secrets,
but out of a general experience from probing into the conduct of various kinds of business, information may be imparted often of the highest benefit. Aside from this, where
public statements are required, not only the welfare cf the
people but the good of the business is subserved by an impartial study which shall disclose scope and tendency as well
as condition, and this by one trained to the work.
This treatise, therefore, is not only valuable to those engaged as experts in the work of accountancy but to the managing officials of large businesses charged with general oversight and required to present to directors all phases of operation. It is a work of 889 pages, including a complete index;
is well printed, and bound in flexible leather. In appropriate chapters, detailed studies of the Balance Sheet Assets
and Liabilities are made, together with special analyses of
Profit and Loss Account, Certificates and Reports, Depreciation. Special chapters are devoted to investigations
made for the Sale or Purchase of a Business, and to Special
Points in Different Classes of Audits inherent in the nature
of the business, as, Financial, Insurance, Manufacturing,
Mining, Public Utilities, Municipal, Executors and Trustees,
to which is added a chapter on Liabilities of Directors. An
Appendix contains an extended resume of the Federal Income
Tax in its relation to the business of corporations and individuals, in the light of Treasury decisions and orders and the
recommendations of the National Tax Association.
This work is to be commended not only for its technical
completeness, but for its breadth of view of the real service
to be performed by auditing, and its evidence of progress
in the ethical purpose of a profession, the public benefits of
which accrue in proportion to the high standing and skill
of those who engage in it as experts.
RAILWAY EXPANSION IN LATIN AMERICA.
By Frederic M. Halsey. The Moody Magazine & Book Co.
New York, 1916. Price, $1 50.
The author of this book is Statistician of the Stock Exchange house of James H. Oliphant & Co., New York and
Chicago,and is author of "The Railways ofSouth and Central
America." The statistics used have been derived, in the
main,from the records of this firm, and are therefore entitled
to the respect which should be accorded to actual commercial
and financial knowledge.
Mr. Halsey not, only details the capital earnings and
mileage of the railways of the Republics of South and Central America, but accompanies his figures with a short historical narrative of their construction, tcgether with a description of the territory they traverse and the commerce
they serve.
The information set forth will be valuable to all the industrial and financial interests which aro studying the new
fields of enterprise and trade now, more than ever, offered by
"our neighbors to the south of us." Naturally, investments
in the lands, timbers and metals of these States must be accompanied if not preceded by new railroad building and extensions of the lines and systems in operation. The work
already done, although largely accomplished through the
genius of American engineers, has been by English and
French capital, for the most part. Owing to the exhaustion
of war it is believed this cannot continue in the same ratio in
the future. Hence the opportunity of the United States.
Mr. Halsey suggests "that a number of the larger South
American enterprises controlled abroad be invited to make
[vol.,. 103.
formal application to list their securities on the New York
Stock Exchange," and in furtherance of this says: "Regarding the safety of many of these investments, it may be
stated that a number of the South American railway debentures and bonds sell on the London Stock Exchange in normal
times practically on a parity with such bonds as Pennsylvania RR. Consol. 4s and Atchison General 4s, and that the
stocks of a number of the more successful companies sell at
from par to $300 per share."
Aside from its statistical value, the book is interesting for
its glimpses of natural scenery, of the industrial and commercial pursuits of the peoples of the various countries, and
of the wonder-work involved in overcoming difficulties incident to topography. Considering the high altitudes traversed by the Peruvian Central (15,865 ft., the highest reached
by any railroad in the world) and by the Argentine TransAndean Ry. (with its two-mile tunnel, 2,400 ft. below the
surface at an altitude above 10,000 ft.), connecting Buenos
Aires and Valparaiso, and by other roads, the narrative is
filled with the romance of achievement and might have been
named "Railroading among the Clouds."
There are 158 pages, 12mo., accompanied by Illustrations,
maps and tables.
TAX EXEMPT FEATURE OF THE RURAL CREDITS ACT.
July 26 1916.
The Commercial and Financial Chronicle:
Gentlemen—In reading from week to week the comments
in the "Chronicle" on the recently enacted Rural Credits
Bill I have felt that you did not fully appreciate the significance of that provision of the measure which exempts the
farm mortgages to be given and the debenture bonds to be
issued against them from all forms of taxation, local, State
and Federal.
When the measure was pending in the Senate, Senators
Cummins and Sutherland made very strong and logical
arguments against this feature of the bill on the ground of
its unconstitutionality, and I feel confident that any good
lawyer on reading the debate on that point will be satisfied
that the Senators named are sound in their contention.
This feature of the Act is of supreme importance in my
judgment for two reasons:
First, because any legislation exempting a particular class
of securities from all kinds of taxation is an entirely novel
exercise of legislative power and is economically unsound
and establishes a precedent which may involve us in serious
difficulties;
Second, because the success of the rural credits measure
in my opinion is largely dependent upon this tag-exempt
provision, and the determination by the Federal Courts of
its unconstitutionality is likely to render the entire bill inoperative as a practical working measure. I believe that the
framers of the measure themselves doubt the workability
of the scheme except as the securities to be sold are exempt
from taxation, and this is very significant, if true, because
it is obvious that any institution can drive all competitors
out of the field if that institution's securities are given the
monopoly of tax-exemption.
The comments of Secretary McAdoo relative to the
"emancipation of the farmer from the evils of insufficient
credits, usurious rates of interest and restricted operations"
are so far without foundations as relates to the better agricultural portions of the country that the Federal land banks
will not be able to compete with the farm loan agent in the
placing of loans from States like Illinois, Indiana, Iowa,
Minnesota, Kansas, Missouri and some others, except as
they have the tremendous handicap of tax-exemption.
I would like to call sharply to the attention of your Editor
this vital feature of the rural credits law,the constitutionality
of which will doubtless be attacked by the loan men of the
West and the declared invalidity of which will, as I believe,
break down the entire structure; in fact, if the measure cannot survive as a practical operating law without the taxexempt feature, it ought to fail.
H.
Very truly yours,
MAYOR OF DENVER LECTURES COLORADO BANKERS.
At the fifteenth annual convention of the Colorado
Bankers' Association at Denver last week the Mayor of
Denver, Robert W. Speer, distinguished himself by instructing the assembled bankers as to their duties and giving them
a piece of his mind in delivering what was scheduled on the
program as an address of welcome. He said (after referring
to himself as an "outsider who knows nothing about bank-
JULY 291916.]
THE CHRONICLE
363
ing") that bankers had been "freer from criticism than any
I have some friends who receive interest on their bank balances, while
other class of men;" in fact, "I think too free from criticism I have others who do not. A banker must be satisfied that a loan is good
before he will make it, but then he has a way of making the borrower feel
for your own good, or for the good of the community in that, in addition to paying back
the loan with interest, he IS under lasting
which you live."
obligations for the accommodation. Other institutions thank a customer
This eminent gentleman announced that there were two for his business. You have an advantage in life over other men because
you make money on your debts, or on the amount you owe depositors.
kinds of money—"hand money and heart money"—"one You
decide the credit you give a man upon
ability to grasp hand money
based upon gold and silver, and the other on kind acts and and often force into bankruptcy a personhis
who is a millionaire in heart
good deeds." He lectured the astonished bankers for money.
Our larger banks employ a man to say and do the unpleasant things conthinking too much of the former and too little of the latter. nected
with the institution. I had a friend in the East who filled such a
He was good enough to explain that he did "not intend to place. He entered the bank kind, loving and hopeful;
he left it crabbed.
say all bankers are cold, exacting and hard-hearted, for sour and disappointed. His work had changed his nature—wrecked his
life. Such men are never properly paid. A fat purse of hand money
sethere are brilliant exceptions, but the current in which you cured at the expense of heart money kills the
real man in every walk of life.
I think bankers have too much power, by the use of other people's
live runs in a certain direction and you are unconsciously
money, to make and unmake men all over this country by loaning it to
carried along with it."
some at a lower rate of interest than to others. The strong arm of
boldly
proclaimed that "the bankers of Colorado should g3vernment had to be put forth to stop unjust railroad discriminat the
He
ion bekeep away from the little things which they seem to have tween the small shipper and the large one, the favored few and the masses.
inherited from their fathers in the East; because little things I think the day is not far distant when the same rule must be applied to
banks.
make little men."
No loan would be made until the banker is satisfied with the security,
He concluded his fulminations by saying: "Gentlemen, in but then the rate of interest should be the same to all. No discrimination
or favoritism should be allowed. Different interest rates to different people
spite of all the bad things you have done and are doing, we is as harmful as different freight rates and
rebates.
welcome you to Denver and trust that when you return
The bankers of Colorado should keep away from the little things
which
-cm to have inherited front their fathers in the East, because
home you will be better men and better bankers. Take an they so
little
things make little men.
gs have much to do with our lives
inventory of your heart money, and if you find it short in- and methods of business.OurAsurroundin
limited sky line is said to make a limited
brain line. -Men grow large in the West because they
crease the supply."
live in a land of hi*
things. Our pure air gives a great vision. Big views
make big thoughts
Not unnaturally the Mayor of Denver by these remarks and
big thoughts make big men. This land of superlative
s should help
gained a good deal of notoriety for himself, in which he doubt- to lessen a banker's faults and to enlarge his virtues.
Gentlemen, in spite of all the bad things you have
less achieved his object. The "Rocky Mountain News" of
done and are doing,
we welcome you to Denver, and trust that when you
return home you will
Denver said that the speech "will live longer in the memory be better
men and better bankers. Take an
of your heart money,
of each man present than anything he ever before heard, and if you find it short increase the supply.inventory
Heart money differs from all
about himself or his neighbors." Our contemporary avers other money in the fact that you must do you own coining—no limit is
placed upon the amount you produce, and your coinage
mint is located
that "during his talk he was frequently interrupted by ap- id
your own neighborhood.
plause, but in the main his auditors sat very still, amazed
and admiring, while the Mayor, in short, pithy sentences,
CANADA DISCOURAGING ANY BUT HOME
'raked them over the coals' in a fashion to which bankers
are not accustomed." The day following the printing of
INVESTMENTS.
the speech the "Rocky Mountain News" reported that
The Canadian Government, very properly, thinks that
Mayor Speer had received numerous congratulations upon Canadian investors should invest their
funds at home, or
his speech, that business men had called him on the tele- reserve them for the prospective new
Dominion Loan. It
"enthusia
phone,
stically commending his remarks," and
that has this week given notice to that effect. The "Gazette,"
one minister had written him, saying "it was an excellent of Montreal, in its issue of July 23, referred
to the matter,
Christian sermon in an unexpected place."
and published a special dispatch from its correspondent
Probably if the bankers should follow his advice
at Ottawa, saying that the Dominion Government wa,s
and,
sponding to the.promptings of the heart, should make re- urging investors to wait for the coming loan
and that the
loans
out of sympathetic considerations, getting their instituti
ons Minister of Finance, disapproved of Canadian buying in
thereby into trouble, this political gentleman would be
the the United States. While there is no formal prohibition,
first to denounce them for their recklessness in the use of the the Government feels that the financial resources of
Canada
funds of the institutions. He would then consider it
his should be conserved for home needs arising out of the war.
duty to join in a movement to hunt down those who had
The Ottawa dispatch referred to, reads as follows:
thus free with the moneys of the unfortunate depositor made
the Government does not wish to exercise its power
s, and theThat
to prohibit
offering of foreign securities In Canada but hopes that
would never relax in his efforts until the offenders had
Canadian inbeen
vestors will reserve their funds for the forthcoming Canadian
prosecuted and sent to jail. In this he would
war loan
again com- is the effect of a statement made to-day.
mand the support of the populace, incidenta
The attention of the Minister of Finance has been directed to
lly
the fact
gaining
that circulars are being sent out to the Canadian public recommend
additional prominence for himself and would
ing
also no doubt the purchase of foreign
Government securities issued in the United States,
succeed in making himself "solid" with the voters.
the proceeds of which are to be used in payment for munitions
and
supMayor Speer's speech in full, "the significance of which plies purchased in the United States. The Minister expresses
the hope
dominated all other events of the day," according to the that Canadian investors will reserve their funds for the forthcoming Canadian war loan, the proceeds of which will be spent in Canada for
"Rocky Mountain News," is as follows:
the purposes of the war.
When I was a boy I was taught to reverence our doctor,
He points out that on account of our rapidly increasing war
expenditure
lawyer, but there was a special halo which surrounded the minister and Sand the
heavier demands which the future will make in this respect,
banker, who
it
handled our little surplus of cash. He was supposed to
be very wise and is of supremo national importance that the financial resources of
Canada
his word was final on all financial matters. I know that
this feeling still should be conserved for our own purposes and that as much as possible
exists to a large extent to-day. You have been freer
from criticism than of the national debt should be held in Canada. The Minister
any other class of men; in fact, I think too free from
states,
criticism for your own that there is abundance of capital in the United States to absorb
good, or for the good of the community in which
all issues
made in that country and the Allied interests will not
you live.
therefore
You will pardon me if, in the few words I have
suffer
to say, I entirely over- through Canadians refraining from participation and husbanding
look your virtues and good points, which you all
their
know about, and call your resources to meet their own national needs.
attention to somo of your faults as seen by an
outsider who knows nothing
Under the War Measures Act, the Government has power to
prohibit
whatever about banking. The popular critics to-day are
those who know the offering of foreign securities in Canada, as has boon done in Great
little about the subject they criticize.
Britain, but has preferred to rely upon the patriotism of the Canadian
A banker looks on life through glasses which appear clear
to him, but investing public rather than to adopt restrictive measures. Apart from
upon which the dollar mark ha.s been pressed in the making
and enlarged the necessity of preserving the financial resources of Canada for our own
by constant use. He weighs men and enterprises with gold
weights in one requirements to carry on the war, it is to be pointed out that in the exhand and an interest table in the other.
isting exchange situation it is against the general business
interests of
A natural banker loved money when a boy; courted
it in his teens; Canada that Canadian funds should be expended in the purchase of foreign
married it in manhood and lived with it until death, when
a kind Providence securities. The Minister-believes it to be his duty to call the attention
stripped him of it all in order that what was left of him
of the public to this matter, which he is convinced has not received
ciate hereafter with those who had been disciplined might be fit to assofull
by bank balances in consideration from the national standpoint on the part of those promoting
the red.
the sale in Canada of the securities referred to.
Few men can handle money for a lifetime without
a slave to it. There are two kinds of money—habecoming more or lass
nd money and heart
money. One based upon gold and
silver and the other on kind acts and
EUROPEAN WAR DEBT AND WAR EXPENDITURE.
good deeds. Many are rich in the
kind
one
of currency, but are paupers
in the other. Hand money will buy material
things of life and pass at
In our issue of June 10 we published two tables taken
par to the grave, but from that time
on it is valueless. Heart money is from the "Frankfu
indestructible and when mixed
rter Zeitung," and brought to our notice
with a limited amount of hand money will
produce more true joy and happinass
in this life than anything else and then through the kindness of Edward D. Adams, the New York
premium
pass at a
beyond the border. You all publish
statements of your representative of the Deutsche Bank, of Berlin. The first
hand money, but some of you would not want
to make public your heart of these furnished
a list of the loans, fixed and floating, put
money transactions. These moneys are not interchange
able and some people are continually making the mistake of trying to
pay the debts of one out by the belligerent countries of Europe up to the end of
with the money of the other.
1915. We neglected to state that this table originally apI do not intend to say that all bankers are cold,
exacting and hard- peared in the January
hearted, for there are brilliant exceptions, but the
number of the Swiss Bank Verein,
current in which you
live runs in is certain direction and you are unconscious
ly carried along and was reproduced in the "Frankfurter Zeitung." Due
with it.
credit
was given by the latter at the time.
364
THE CHRONICLE
[VOL. 103.
anese builders have contracts for 104 ships, of 464,370 gross tons, to be
delivered in 1916, 1917 and 1918, the Osaka yard contracting to deliver
35,of 162,400 tons. Japan is obliged to import steel, and this has extended
considerably the market for American steel products.
Shipyards of the Netherlands have contracted to build merchant ships
practically up to their capacity for 1916, 1917 and into 1918. Ships thus
building or ordered late in 1915 were reported at 71, of 251,750 gross tons.
Delivery, however, seems to be somewhat slow, as during the first three
On application for the issuance of a complaint, it was alleged that a cor- months of 1916 only seven new ships, of 15,349 gross tons, were added to
'Oration engaged in the manufacture and sale of goods in inter-State com- the Dutch seagoing merchant fleet, while in the same period the Tubantia.
d by
merce refused to sell to the applicant certain commodities manufacture
13,910 tons; the Palembang, 6,673 tons, and others wore sunk by subdirection
it. It was further alleged that this refusal to sell was made at the
marines and drifting mines.
President of
of an officer of the corporation complained of, who was also the
Norway's output of 85,000 tons in 1915 was the largest recorded, and
it
another corporation competing with the applicant. On investigation
doubtless will be exceeded this year, as more than a year ago Norwegians
not
was
and
grounds
personal
on
appeared that the refusal to sell was made
began to place large orders in American yards, some with a view to subseinter-State
made for the purpose and did not have the effect of restraining
quent sale to Americans or others.
commerce. Held: That a refusal to sell, made solely for personal reasons,
Shipyards of the United Kingdom had under actual construction on
not a
without the purpose or effect of restraining inter-State commerce, is
March 31 1916 423 steel steamships, of 1,423,335 gross tons, many of which
enforce.
to
authorized
is
violation of any law which the Commission
have been nearly completed but await materials. The dates of launch and
completion in British yards are uncertain so long as yards are employed
fully on naval construction and turning out war munitions for the Allies.
PACIFIC COAST RATES TO BE INCREASED—INTER- During the first three months of 1916 British yards launched only 69 steel
GED.
UNCHAN
RATES
MOUNTAIN
steamers, of 80,561 gross tons.
French shipyards also are fully employed on naval construction and
The "Journal of Commerce" of this city on Wednesday
the manufacture of munitions, and French ship owners have made inquiries
announced that the railroads affected by the order of the for tonnage from American builders. There is in France a considerable
Inter-State Commerce Commission withdrawing permis- tonnage of merchant steamships partly built.
In December 1915 Italian shipyards had 12 steel steamships, of 82,482
sion to apply special rates to and from the Pacific Coast,
gross tons, under construction. There are no returns from Austriadecision
the
with
comply
would
n,
competitio
water
to meet
Hungary, and presumably shipbuilding has ceased under the Italian blockby raising the terminal rates. The carriers had the choice ade of Trieste and Flume.
Since the outbreak of war Germany has printed no returns, and is supof lowering the rates to intermediate points, of raising the
construcposed to be engaged in building submarines and on other naval
have
They
e.
a
compromis
States
making
of
or
terminal rates,
tion, repair and munition work. Cabled statements to the United
authorities
Lloyd
Gorman
tely
North
and
in July 1916 from Hamburg-American
decided to increase the tariffs to coast ports approxima
that such merchant work as Germany has done since the outbreak
to the lowest figure possible under the percentage arrange- indicate
of the war has been, with few exceptions, on ships ordered late in 1913
REFUSAL TO SELL ON PERSONAL GROUNDS NOT
RESTRAINT OF TRADE.
Commission has ruled that refusal to
Trade
The Federal
sell on personal grounds only is not a restraint of inter-State
commerce which is punishable by law. The ruling reads:
ment existing before the special rates were established after and early in 1914.
the opening of the Panama Canal. The "Journal of Commerce" says:
CAMPAIGN BY PHILADELPHIA COMMERCIAL ORThe railroads concerned in the new rate advances are the Southern Pacific
GANIZATIONS FOR REFORM IN RAILROAD
the Union Pacific, the Santa Fe, the Western Pacific, the Northern Pacific,
REGULATION.
the Great Northern, the Milwaukee and the Soo lines. In framing the tariffs, which will be filed with the Commission by Aug. 1, none of the rates
The News Department of the Philadelphia Bourse has
to intermediate points have been lowered.
As explained by a railroad official yesterday, the tariffs will not be in- issued the following on the above subject:
creased all along the line by any definite percentage, but in general will apply
as follows:
Under the percentage basis in force now, as before the recent order was
first made, rates to intermediate points might be 125% of the rates to the
Pacific Coast terminals. Under the order just revoked, the inter-mountain
rates might in some cases be in the proportion of 90 to 125. The rates
effective on Sept. 1 will restore the percentage of 100 to 125.
The carriers opposed the campaign of the inter-mountain cities to readjust
the terminal rates on the ground that after the end of the war competition
through the Panama Canal will again be in force. In order to anticipate
this resumption of water traffic they will keep the terminal rates at the
lowest level consistent with the Commission's order.
It was said yesterday that application had been made to the Inter-State
Commerce Commission for a postponement of the date upon which the new
tates aro to be effective. This was refused by the Commission. Officials
state that they will be compelled to work under high pressure to get the tariffs into shape for filing by the first of August, as required by law.
If there is a roar from shippers on the effect of these rates,and any existing contracts aro hurt by the early date, we shall refer them to the Commission," said a traffic official. 'We have had very little time to accomplish a heavy task.
"The inter-mountain people have contended that the rates to their lowe would
calities were too high, and that if a readjustment were ordered
We told them
lower the interior rates instead of raising the terminal rates.
we have
which
that
substantially
be
at the time that our action would
number of times, water
now taken. As the Commission has pointed out a
the intercompetition is a vital factor in rate making. It is no myth, as
mountain interests seemed to think."
n
consideratio
under
matter
chief
the
While westbound transportation was
rates on .
by the Commission in revoking the "Schedule C" order, eastbound taken
were also
asphalt, barley, beans, canned goods, dried fruit and wine
rates on
up at the hearing. New York merchants have said that increased
charges on
additional
The
business.
their
affect
this traffic would seriously
are exthese commodities as a result of the revocation of the special rates
from
pected to increase the cost to consumers. The low rates obtained
available.
water traffic are no longer
As
James C. Lincoln, Manager of the Traffic Bureau of the Merchants'
city
sociation, said that the chief consequence of the order as affecting the
The
pay.
must
nts
whichMercha
will be the heavier transportation charges
new tariffs will not change the relative standing of New York, Chicago
and other cities under the old scale, he said.
The Philadelphia Joint Committee on the Reasonable Regulation of
Railroads, which is conducting a country-wide campaign for a more simis preparing to go
plified and centralized system of railroad regulation,
created by the
before the Congressional railroad investigating committee,
unqualified Federal
recently adopted Newlands resolution, and advocate
Lloyd Jr., of
regulation of the railroads of the United States. Malcolm
and George E.
the Board of Trade, the Chairman of the Joint Committee,
an of the
Bartel, President of the Philadelphia Bourse and Vice-Chairm
the corresJoint body, are conferring over the-matter and are examining
have had
pondence which the Joint Committee and Philadelphia Bourse
Attorneys
with commercial organizations, shippers, economists and railroad
mittee of the
regarding its propaganda. Mr. Lloyd headed the sub-com
the necessity for a
Joint Committee which made a nine months' study of
now system of regulation.
Committee and
The Philadelphia Bourse, which organized the Joint
l committee its
which is a member, will also lay before the Congressiona
n, abolition
specific remedial program. This includes Federal incorporatio
Commerce
of State regulation and a reorganization of the Inter-State
Washington.
at
body
Commission into district courts, with an appellate
the
throughout
conducting
been
has
Bourse
For the past three months the
of its plan and
country an extensive publicity campaign in the interests
its
laid
has
Bourse
the general proposition of the Joint Committee. The
of which it is
plan before the Chamber of Commerce of the United States,
a member, and anticipates that it may be made the basis of a referendum.
resoluThe adoption by the House of Representatives of the Newlands
commistion and the prospects for an early start by the joint investigating
in the
States
sion has greatly increased interest throughout the United
propaganda of the Bourse and the Joint Committee.
has
As indication of this, the Merchants' Association of New York
in
notified Bourso officials that its Transportation Committee will study
investiCommittee's
Joint
of
the
detail the Bourse plan and the findings
to take official
gation, The Bourse has asked the Merchants' Association
B. James,
action. The Bourse plan also is being studied by Francis
Chairman
counselor of the Chamber of Commerce of the United States and
of the
Law
Commercial
and
Trade
of the Committee on Commerce,
just
American Bar Association. In the latter capacity Mr. James has
submitted a report to the American Bar Association bearing on the subject
commission.
Federal
of regulation of all transportation by a central
is now
The Bourse, for itself and on behalf of the Joint Committee,
its plan
canvassing the country to ascertain the general sentiment toward
by the
that
and toward unqualified Federal regulation. It anticipates
ready to go before
time the Joint Committee and its representatives are
a fair estimate of the
the Congressional committee, they will be able to give
toward the character
attitude of the commercial interests of the country
of the Joint Comof railroad regulation reform needed. The literature
of colleges and univermittee has been placed in the libraries of a number
sities and other libraries.
SHIP BUILDING ACTIVE IN THE UNITED STATES.
The United States is at present building more merchant
shipping than any country, and bids fair in 1916 to produce
more tonnage than the rest of the world combined. This
appears from a statement on "Merchant Shipbuilding, 1912
FOR THE PURCHASE OF THE
to 1916," made public by Eugene T.Chamberlain, Commis- THE NEGOTIATIONS
WEST INDIES.
DANISH
sioner of the Bureau of Navigation, Department of Comfrom Washington on the 25th
announced
officially
was
It
says:
statement
The
merce.
purchase from DenIn the first six months of 1916 the United States launched and put into inst. that negotiations looking to the
operation 192 ships of 228,016 gross tons (each over 100 tons)—more than mark of the Danish West Indies, namely, the islands of St.
the entire year's output of 1914 or 1915. On July 1 last private American
St. Thomas and St. John,for tile sum of $25,000,000,
shipyards were building or had on order 385 steel merchant ships of 1,225,- Croix,
treaty providing for
784 gross tons, of which 159 ships, of 444,090 gross tons, will be launcli,ed have been virtually completed, and the
before Dec. 31 next, thus indicating a total output for the present year this purchase awaits only the signatures of the contracting
of 351 steel ships, of 672,106 gross tons.
provisions of the treaty have not yet been made
The belligerent Powers, which in 1913 launched 2,798,580 gross tons of parties. The
States would
merchant ships, launched only 769,875 gross tons in 1915. The neutral public, but it is understood that the United
Powers, outside of the United States, launched 257,884 gross tons in 1913 come into complete possession of the islands. It is thought
and 254.303 tons in 1915.
Denmark's readiness to sell the islands is
The shipyards of Japan are fully occupied with work for two years and that the reason for
have had to decline foreign orders to supply their own ship owners. The because of their present unproductiveness and the huge
ships building for delivery this year number 50, of 189,450 gross tons expenses incurred for their upkeep. Assurances have been
will be more than double Japan's largest output, that of 1914. Japwhich
JULY 29 1916.1
THE CHRONICLE
received from Denmark that the treaty is practically certain
of ratification by the Danish Parliament. Opinion in the
United States Senate is also believed to be in favor of the
purchase. In the House there is said to prevail some criticism of the price, but the assent of that body is not required
for ratification.
The Danish West Indies, consisting of the three islands
above named, lie east of Porto Rico and about 1,180 miles
northeast of the Panama Canal. From a military point of
view they are of strategical initiortance to the United States.
The harbors of St. Thomas and St. Croix are valuable for
naval purposes. St. John is in the shipping lane from Europe
to the Panama Canal. The United States and Denmark
have at various times ever since the Civil War carried on
regotiations for the purchase and sale of the islands, but these
were never brought to a successful conclusion.
ARMY APPROPRIATION BILL PASSES SENATE.
The Army Appropriation Bill, calling for the expenditure
of $313,970,000, was passed by the Senate on the 27th inst.
without a roll call vote. The bill as adopted by the House
on Juno 26, carried appropriations amounting to only $182,000,000. The Military Committee of the Senate increased
this total to $330,598,000, and at that figure it stood when
on July 3 the Committee reported the amended bill to the
Senate (see issue of July 8). The large increases over
previous years are said to be due to some extent to the
reorganization of the regular army, provided for in the Act
of June 3 1916, and the Mexican situation. An amendment
by Senator La Follette to appropriate the sum of $2,000,000
for the relief of dependent guardsmen was adopted with
the proviso that this apply also to the regular army during
the time that the militia is on the border. A maximum
allowance of fifty dollars a month for the support of the
dependent families of soldiers is thus provided for. An
amendment proposing to permit National guardsmen to
vote at the border was finally stricken out by Vice- President
Marshall on a point of order by Senator Williams, who
claimed that it was obnoxious to the rules, as it was general
legislation placed in an appropriation bill. The bill includes a provision for the creation of a council of national
defense, to consist of the Secretaries of State, War and Navy,
the Chief of Staff of the Army, an officer of the Navy and
six civilians to be appointed by the President. The duty
of this council is to mobilize the industries and resources
of the country for the national welfare, &c. The bill provides for a 10% increase in the pay of officers of the regular
army and the National Guard, and 20% in the pay of enlisted men in actual service or on border duty. Another
clause provides that no person under 21 years of age may
enlist without parental consent. The minimum age • at
which a man could enlist without the consent of his parents
heretofore was 18. Below we give some of the more important increases over the House's totals as published in the
New York "Times:"
Signal Service
Pay of officers of line
Pay of officers of National Guard
Enlisted men. National Guard
Foreign pay officers
Foreign pay enlisted men
Subsistence
Quartermaster's supplies
Transportation of army
Clothing and camp equipment
Medical Department
Ordnance stores, cavalry
Machine guns
Armored motor cars
Field artillery, National Guard
Field artillery ammunition, National Guard
House.
$3,775,000
10,000,000
2,225,000
7,750,000
250,000
800,000
13,000,000
8,700,000
8,000,000
12,000,000
2,000,000
0,000,000
8,600,000
300,000
8,000,000
8,000,000
Senate,
$14,827,156
11,400,000
11,400,000
23,000,000
3,178,000
11,000,000
20,000,000
12,250,000
25,000,000
20,000,000
4,000,000
11,000,000
13,311,000
1,000,000
14,000,000
14,000,000
NAVAL APPROPRIATION BILL GOES TO CONFERENCE.
The naval construction program as adopted by the Senate
on the 21st inst. (see issue of last week) was sent to conference by the House on the 27th inst without a record vote.
Official word that President Wilson favors the bill as adopted
by the Senate• has been sent to the Administration leaders.
There is said to be much opposition forming in the House to
the large increases written into the bill by the Senate, but it
is thought that thellatter's amendments will not be changed
extensively, even though it may take a week or ten days for
the conferees to agree. In our issue of last week we stated
that the Senate had adopted the naval bill by a vote of 69
to 8. The "Congressional Record" shows that the final vote
was 71 to 8.
365
PRESIDENT WILSON SIGNS RIVER AND HARBOR
BILL.
The River and Harbor Appropriation Bill, carrying an
appropriation of $42,886,085, was signed in the 27th inst.
by President Wilson. As recorded in our issue of July 15,
(page 201), a conference report on this bill was adopted
by both the House and Senate, on July 12. •
FIRST YEAR'S APPROPRIATION PROVIDED FOR IN
FEDERAL GOOD ROADS MEASURE APPORTIONED
AMONG STATES.
Apportionment among the States of the first year's appropriation of $5,000,000 provided for in the $85,000,000 Good
Roads Act signed by President Wilson on July 11, was
announced on July 26 by the Department of Agriculture,
which has certified the figures to the Treasury Department
and State officials.
The new law requires that each State shall contribute
towards the expense of constructing the roads, within its
boundaries, an amount equal to that allotted to it by the
Federal Government. Before making the division, Secretary Houston of the Department of Agriculture deducted
3%, or $150,000, set aside by the Act for administration.
Then the $4,850,000 was allotted to the States on the basis
of one-third respectively in the ratio of area, population
and rural delivery and star mail routes.
Texas gets the largest share, $291,927; New York second,
$250,720; Pennsylvania third, $230,644, and Illinois fourth,
$220,926. The other allottments follow:
Alabama, $104,148; Arizona, $68,513; Arkansas, $82,689; California.
$151,063; Colorado, $83,690; Connecticut, $31,090; Delaware, $8,184;
Florida, $55,976; Georgia, $134,329; Idaho, $60,463; Indiana, $135,747;
Iowa, $146,175; Kansas, $143,207; Kentucky, $97,471; Louisiana, $67,474;
Maine, $48,451; Maryland, $44,047; Massachusetts, $73,850; Michigan,
$145,783; Minnesota, $142,394; Mississippi, $88,905; Missouri, $169,720:
Montana,$98,287; Nebraska,$106,770; Nevada,$64,398; New Hampshire.
$20,996; New Jersey,$59,212; New Mexico,$78,737; North Carolina,$114.381; North Dakota, $76,143; Ohio, $186,905; Oklahoma,$115,139; Oregon.
$78,687; Rhode Island, $11,665; South Carolina, $71,807; South Dakota,
$80,946; Tennessee, $114,153; Utah, $56,950; Vermont, $22,844; Virginia.
$99,660; Washington,$71,884; West Virginia,$53,270; Wisconsin,$128,361
and Wyoming,$61,196.
The first installment is for the fiscal year ending June 30
1917. For the four succeeding years the following amounts
to be apportioned in the same manner are authorized: In
1918, $10,000,000; 1919, $15,000,000; 1920, $20,000,000,
and 1921, $25,000,000.
In addition, $1,000,000 is appropriated each year for
ten years for the development of rural roads in the national
forests.
The full text of the law was given in our editorial columns
in last week's issue of the "Chronicle," pages 292 and 293.
WANT UNITED STATES WAR RISK INSURANCE
BUREAU EXTENDED UNTIL END OF WAR.
The Philadelphia Bourse and other leading commercial
organizations of Philadelphia are urging the extension of the
United States War Risk Insurance Bureau until the end of
the war in Europe. Requests to this effect have been sent
to Senator James P. Clarke, Chairman of the Senate Committee on Commerce; Representative J. W. Alexander,
Chairman of the House Committee on Merchant Marine and
Fisheries, who has introduced the measure extending the
Bureau after Sept.2, when the law creating it expires by limitation; and to Representative J. Hampton Moore, of Phila.
delphia. The Bourse is joined in its request by the Board
of Trade, the Commercial Exchange and the Maritime
Exchange. In its communication to Chairman Alexander,
the Bou.se, through George E. Bartol, its President, says in
part:
"While not in sympathy with the principle that the Federal Government
should undertake any enterprise which naturally would be cared for by
private capital and a private corporation, the Philadelphia Bourse advocates the extension of the Bureau until the end of the war because the
American merchant marine in the past two years has come to lean upon
the Bureau and would be placed at a serious disadvantage were the Bureau
to cease on Sept. 2.
Many large shipping companies have informed the Bourse that it would
be most difficult, if not impossible, to fully insure the more valuable American flag steamers against war risk without the Bureau and American flag
steamers would be compelled to rely upon foreign underwriters, which
would mean their absorbing so much insurance that rates would be advanced on shippers of merchandise by American flag steamers. This
would be detrimental to the trade and commerce of the United States and
to the American merchant marine.
To Representative Moore the Philadelphia Bourse said:
"The War Risk Insurance Bureau is strictly and absolutely
an emergency musure and should not be classed under any
other category for the reason that it is sought to have it
apply solely to conditions during the existence of the present
war in Europe, and not for a period beyond same.
306
THE CHRONICLE
CHAIRMAN OF FORD PEACE COMMITTEE RESIGNS.
The Chairman of the American Committee to the Ford
peace conference being held in Stockholm, Sweden, Dr.
Charles F. Aked, announced his resignation on the 25th
inst., giving as his reason the inability of the conference,
"composed of a crowd of visionaries and dreamers," to do
anything of value looking to the bringing about of peace
between the warring nations. Dr. Aked, according to
reports, had an hour's conference with Mr. Ford before he
resigned, in which he informed the latter that he would quit
unless the present peace plans of the conference underwent
a complete change. Dr. Aked urged Mr. Ford to adopt a
plan conceived by him, but Mr. Ford requested time to
consider the matter. "As I could not afford to waste more
time upon what I believe is a futile peace campaign," said
a statement later given out by Dr. Aked, "I informed Mr.
Ford that I could not wait for him to think about the matter,
but that I must resign at once unless he adopted the policy
I advocated. As he did not wish to adopt that policy at
once, I thereupon resigned."
Dr. Aked and Mr. Ford had disagreed on whether a policy
of publicity or diplomacy should be purstied in the attempt
to prevail upon the warring nations to arbitrate their differences. The former policy was being used and Dr. Aked,
dissatisfied, advocated a policy of diplomacy.
[VOL. 103.
find out what the order means, they are going to raise Cain, and ought to.
If the department insists on the enforcement of this outrageous order, the
State banks can evade it by printing on all checks the following: "Payable
in New York exchange at current rates.'
Then when the Postmaster presents one of these checks for collection he
can only get the New York exchange in payment less the cost of the same,
and not the current funds, as is contemplated in this outrageous order.
HUDSON COUNTY BANKS JOIN NEW YORK
CLEARING HOUSE.
According to the Newark "News," tho Hudson County
Group of New Jersey Bankers; at a meeting held on Monday
night, in the offices of the Commercial Trust Co. at Jersey
City, decided to join the New York Clearing House Association. Judge Walter P. Gardner of the Court of Errors and Appeals,President of the Hudson County Group,presided at the
meeting. Only five of the banks in Hudson County, it is
stated, belong to the Clearing House Association. These
are the First National and Second National of Jersey City,the
Mechanics' Trust Co. of Bayonne and the First National and
Second National of Hoboken. The Hudson County bankers
decided to join the Association after the Clearing House
adapted a rule placing a tax of one and one-half cents -per
item on all checks in Hudson County not collectible through
the Clearing House. Members of the Hudson County
Group discussed the rule and in the end it was decided that
all banks should join this week. It is pointed out that all
of the New York banks have local agents in Hudson County.
JOHN H. CLARKE'S NOMINATION AS ASSOCIATE , Under the old conditions the banks that are not members
of the Association would have to tax their customers for the
JUSTICE OF SUPREME COURT CONFIRMED.
The nomination of John H. Clarke of Cleveland as items. Under the new rule, with the banks all mombers ot
Associate Justice of the Suprei e Court, to succeed former the Clearing House, the tax will not be incurred.
Justice Hughes, was on the 24th inst. unanimously confimed by the Senate. Mr. Clarke will take his place on CALD WELL HARDY THINKS A BANK THAT LIVES
ON COLLECTION CHARGES HAS NO JUSthe Bench when the Court convenes in the fall. As inTIFICATION FOR EXISTENCE.
dicated in our issue of July 15 (page 200), President Wilson
Caldwell Hardy, Chairman of the Federal Reserve Bank
named Mr. Clarke for this position on the 14th inst. A
Senate Sub-Committee recommended confirmation and of Richmond, was a speaker on Tuesday night before the
Richmond Association of Credit Men. Mr. Hardy exthe Judiciary Committee followed suit.
pressed himself emphatically in favor of the universal
system of 'collecting checks at par. He also indicated
H. SNOWDEN MARSHALL WINS STAY.
In the contempt proceedings brought by the House of that it is the purpose to substitute drafts on the Federal
Representatives against United States District Attorney Reserve banks for drafts on New York in the domestic
H. Snowden Marshall, Judge Hand, in the Federal Dis- exchange business of the country. We quote the following
trict Court at New York, on the 21st inst.; granted a stay paragraphs from the address, taking them from the report of
in order that Mr. Marshall may appeal to the Supreme the speech as printed in the "Richmond Times-Dispatch":
There is a strong justification for the elimination of the country bank
Court from the Court's decision dismissing his writ of charge.
Many of them complain that it will be difficult for them to make
habeas corpus and remanding him to the custody of Robert dividends if they lose their incomes from exchange charges, but if this is
it demonstrates that there is little justification for their existcase,
the
of
issue
B. Gordon, Sergeant-at-arms of the House, (see
ence. If they can live only by a charge made on their customers' checks,
last week, page 293). Mr. Marshall must file notice of given to city merchants and others, they are levying a tax indirectly on
his appeal before August 15, four days before the supposed the business of their communities for the benefit of the few in the comThe income from collection
adjournment of the present session of the Court. Failure munity who are stockholders in the bank.
charges has led these banks to permit local merchants to run their bank
to do this will automatically return him to the custody of accounts on a losing basis to the bank, the loss being recouped through
the Sergeant-at-arms of the House. If the appeal be filed the collection charge made on the checks referred to above. The elimination of collection charges will compel the country banks to require their
before the date set, this will act as a stay until December 1, customers
to keep their accounts on a reasonably remunerative basis
when the Supreme Court will decide Mr. Marshall's status.
to the banks, the banks in turn giving the customers a quid pro quo in
the way of loans or otherwise.
OBJECTION TO ORDER DIRECTING POSTMASTERS TO
AID NEW CHECK COLLECTION SYSTEM.
Objection has arisen on the part of many small banks
throughout the United States to the order of the PostmasterGeneral, to which we referred last week (page 284),and which
was issued at the instance of Secretary McAdoo, directing
postmasters in towns and cities where there is no member
bank of the Federal Reserve System, to collect checks drawn
upon non-member State banks and to remit the proceed to
the respective Federal Reserve barks. The protesting banks
have found a champion in Representative Kitchin, Democratic floor leader. It is argued that the order will deprive
small country banks of the exchange fees on such collections.
Mr. Kitchin is authority for the statement that about 8,000
country banks were largely dependent upor excharge fees
for their profits, and that under the order many of these banks
will not be able to make sufficient money to keep them going.
The effect of this order, it is insisted, will be that State
banking institutions that have been accustomed to remitting
"less exchange" for checks handled by these banks will be
supplanted as collection agencies by postmasters, and will
receive no exchange fees. In an interview criticising the
action of the Post Office Department Mr. Kitchin said:
In conclusion Mr. Hardy said:
I want to mention another important matter engaging the attention
of the Federal banks. A bank draft on a New York bank has always
been "par excellence" as a medium of exchange in the transmission of funds
and has been accepted everywhere. We anticipate adopting an arrangement between the Federal Reserve banks, by which a draft of any member
bank on its Federal Reserve bank will be honored by every other Federal
Reserve bank. Thus, instead of a draft on New York, you can procure
from your member bank its draft on its Federal Reserve bank, which will
be payable at the nearest Federal Reserve bank at which it may he desired to avail of it. Moreover, such drafts would be readily available
by banks generally all over the country, each district thus handling and
controlling and getting the benefits of its own funds instead of there
being a general concentration of such funds in New York.
The ready availability, through this draft and collection system, of
funds deposited with any member bank will be a strong inducement to
large business interests, corporations and transportation .Ones to keep
their funds more on deposit with the banks in their distriet,:where they
are located or operating. This will bring about equalizat* of deposits
throughout the country, and be of great benefit to many districts which
contribute largely to the support of many largo interests, but reap in many
instances only limited advantages in return.
There are several great centres of business in this country, which.
whatever their natural advantages as trade centres, have ton very large
extent been built up and become powerful through the concentration of
the surplus funds of the rest of the country In these localities'.
The funds so concentrated have, of course, been used to build up those
particular cities and communities. For instance: The banks of the country
at large keep moro than a billion dollars of surplus funds on deposit in
these centres. You can imagine what a tremendous financial power it
gives these centres.
One of the purposes of the Federal Reserve Act is, to decentralize
In my judgment this is the most revolutionary and unjustified order
widely
ever issued by any department of this Government. If enforced, it would this concentration of funds in these places and distribute them more
Federal
deprive four-fifths of the State banks of at least 50% of their net income, throughout the country. The twelve cities in which the twelve
each city
and out of 14,500 State banks in tne United States, at least 8,000 of them banks are located should become great financial centres, and
will be completely destroyed. The banks destroyed will be those in the should be the financial centre of its district, and should grow powerful
they
will not
turn,
district,
the
in
and,
of
banks
the
of
aid
smaller towns and villages, and, of course, will deprive the farmers and through the
others living in the rural districts of the benefits of the banking system. all to put in use the funds of each district to build up the district ilsol
It is simply an outrage, and when the people interested in the State banks and to increase its resources.
JULY 29 1916.1
THE CHRONICLE
ALL NEW ENGLAND CHECKS ON A PAR BASIS UNDER
FEDERAL RESERVE COLLECTION PLAN..
The Federal Reserve Bank of Richmond (Fifth District)
has issued the following letter to the banks in its district
calling attention to the fact that by announcement from the
Federal Reserve Bank of Boston all New England checks are
put on a par basis:
July 22 1916.
To the Bank Addressed: policy to keep all banks of this District—whether
our
of
pursuance
In
member or non-member banks—advised of the progress of the Collection
System, attention is called to the following communication received to-day
from the Federal Reserve Bank of Boston:
"On and after Monday, July 24 1916, the Federal Reserve Bank of
Boston will receive from its member banks and from other Federal Reserve
banks,for credit in accordance with time schedule already furnished, chocks
upon all national banks, trust companies and State banks in the States of
Maine, New Hampshire, Massachusetts, Rhode Island and Connecticut.
"Attention is called to tho fact that all Now England chocks are hereby
put on a par basis."
FEDERAL RESERVE BANK OF RICHMOND.
BALTIMORE PROPOSING A RURAL CLEARING HOUSE.
The Baltimore "Sun" states that letters have been sent
out by the Baltimore Clearing House Association to all State
banks and trust companies in Maryland, outside of Baltimore City, outlining a plan of establishing a rural clearing
house association and asking their co-operation in this movement by agreeing to remit at par on date of receipt for all
items sent by the local association. The communication
was drafted, it is stated, by members of the Exchange Committee and bears the signature of G. Harry Barnes, Cashier
of the National Bank of Commerce,Secretary of the committee. Mr. Barnes said on Wednesday that of 282 letters
sent out he had already received enotigh replies from every
section of the State to justify the belief that the plan would
be successful.
367
Nationa 1 banks in the Reserve and Central Reserve cities, reported
that there wore only 10 of their employees who had no vacation during
the past five years, while the country banks reported, that they had 901
employees who had been continuously at their desks, without vacation
for five years or longer.
COLORADO BANKERS OPPOSE BRANCH BANK
AMENDMENT.
of the Colorado Bankers' Assoconvention
annual
the
At
ciation in Denver last week, to which reference is made in
the foregoing, a number of resolutions were adopted. One
declares against the bill now under consideration by Congress
which would allow national banks to establish branches on
certain conditions. This is opposed because it is calculated
to "destroy the independent banking system of the United
States" and because "it is clearly undemocratic,un-American
and monopolistic in its whole tendency." The text of this
resolution is as follows:
Whereas, Bill No. 15734, in the House of Representatives at Washington, if passed, permits an entering wedge as a branch banking measure,
which, doubtless, soon would blossom into a general branch banking bill.
and thus monopolize the banking business of the United States; and
Whereas. Such a bill would destroy the independent banking system of
the United States, which has done so much in upbuilding this nation
Therefore, be it
Resolved. That the Colorado State Bankers' Association in session assembled, respectfully enter our solemn protest against the passage of this
bill or authorizing any branch banking legislation, as it is clearly undemocratic, un-American and monopolistic in its whole tendency.
Resolved, That a copy hereof be mailed by our Secretary to each of our
members in Congress; also to the Chairman of the Senate and Finance'.
Committees of both Houses of Congress.
Andrew J. Frame, President of the Waukesha National
Bank of Waukesha, Wis., attacked the bill, and urged that
pressure be brought to bear upon Congress to defeat the
measure. Mr. Frame cited figures intended to show that.
branch banking has not always worked successfully for the.
depositors. "If this bill passes," continued the speaker,.
"the big bankers can sell us out. They can say to us, 'Sell
PHILADELPHIA BOARD OF TRADE FAVORS DOMESTIC out to us or we will establish a branch bank near yours.' I
ACCEPTANCES AND OTHER AMENDMENTS OF RE- ask you, is the Meat in this cocoanut philanthropic, or is it
SERVE BOARD.
that the general central banks may skim the cream from the
The Philadelphia Board of Trade, on Wednesday, for- country to enlarge the profit of the central banks?"
warded to the United States Senators from Pennsylvania
and the six Congressmen from.. Philadelphia, proposed CO-OPERATION AND UNIFORMITY NECESSARY FACamendments to the Currency and Banking laws which
TORS IN THE"NO-PROTEST SYMBOL PLAN."
the local body urges for adoption. The communication,
We are informed that widespread interest is being taken
signed by William R. Tucker, Secretary and Assistant in the "No-Protest Symbol Plan" to which we referred in
Treasurer of the Board of Trade, includes, says the "Phila- our issue of April 8, introduced by the Clearing House
delphia Ledger," these recommendations:
Section of the American Bankers Association about four
First.—That permitting national banks to subscribe for and hold stock
8,000 banks, it is stated, are using this
in banks for the special purpose of doing a banking business in foreign months ago. Some
countries.
method and these institutions find that it is a
improved
Second.—With the approval of the Federal Reserve Board, the issue
great labor and time saver. It is believed that the plan will
of Federal Reserve notes to Federal Reserve banks shall be permitted
either against the deposit of an equal amount, face value, of notes, drafts, become universal in its scope within a very few months,
bills of exchange and bankers' acceptances, acquired by Federal Reserve but the realization of the fullest benefits under it is being
banks under Sections 13 and 14 of the Act, or of gold, or of both; probanks are using $10 and various
vided, however, that gold so deposited with a Federal Reserve agent hindered because some
shall count as part of the reserve required by the Act, to be maintained other amounts as their respective minima instead of using
by the bank against such notes outstanding.
$20, as is provided in the plan. The plan is copyrighted
Third.—The acceptance system, provision for which is made in the
Act,
Federal
shall
Reserve
the
be
by
extended and where used should be used in its entirety.
foreign trade operations
Before the plan was inaugurated, an investigation was
to the domestic trade, in so far as relates to documentary acceptances
secured by shipping documents or warehouse receipts covering marketable made and it was found that the minimum amounts used in
cOmmodities, or against the pledge of goods actually sold.
of the country varied from $10 to $50
Fourth.—Granting permission to national banks to establish branch the different sections
the banks using the larger minima would not agree to
offices within the city, or within the county, in which they are located.
and
Fifth.—In order to enable member banks to obtain prompt and economic a $10 minimum because of the high protest fees in vogue
accommodations for periods not exceeding 15 days, the Federal Reserve
involved. Twenty dollars
banks shall be permitted to make advances to member banks against and the comparatively low risks
their promissory notes, secured by such notes, drafts, bills of exchange was accordingly agreed upon as a compromise and that
and bankers' acceptances as the law at present permits to be rediscounted
amount is generally satisfactory. The success of plans of
or purchased; or, against the deposit or pledge of United States Governthis character, it is contended, depends upon close coment bonds, the purchase of which is now permitted under the law.
The Secretary adds: "The suggested amendments, as operation and strict adherence to uniformity as to the essenpresented, have been examined by the Committee on Cur- tial features. It is not believed that any bank would willrency and Banking, and on behalf of the Board of Trade fully infringe upon a copyright and since the use of $20 as
I am authorized to ask your support of the above-named the minimum amount in connection with this plan is an
essential feature, banks using the plan are asked to adhere
changes, as proposed in the bills before Congress."
to that mimimum ($20). Banks not using the plan, and
that are interested in improved methods, should for further
BANKS GENERALLY GIVE VACATIONS TO
EMPLOYEES.
information, communicate with Jerome Thralls, Secretary
Bankers Association,
The Comptroller of the Currency, reports under date of Clearing House Section, American
July 21 1916, that responses of national banks to his in- New York City.
quiry as to the number of banks which do not give their •
APPLICATION OF THE CLAYTON LAW TO
employees a vacation each year, and the number of national THE
INTERLOCKING BANK DIRECTORATES.
bank employees who have had no vacation for the past
Reserve Board has been forwarding applicaFederal
The
five years, show the following results:
from
All national banks in the three Central Reserve cities of Now York, tion forms to be filled out by those seeking exemption
Chicago and St. Louis, report that their employees aro regularly given the interlocking bank directorate provision of the Clayton
a vacation each year.
Law under the Kern amendment, approved May 15 1916.
The national banks in all the other Reserve cities, with two exceptions,
In connection with these forms it has also issued a circular
make a similar report.
Of the 7,212 national banks outside the Reserve and Central Reserve of instructions to Federal Reserve agents dealing with the
cities, 6,484 report, that they give their employees a regular yearly vacainterpretation to be placed upon the Kern amendment. In
tion, while 728 state that they do not give their employees a
these instructions emphasis is laid upon the duty imposed
regular vacation.
368
THE CHRONICLE
upon the Reserve Board in passing upon any application
made under the authority of this amendment to determine
whether or not the two banks concerned in any given case
are, in the language of the amendment, in "substantial
competition" with the member bank. We referred to these
instructions in our issue of July 15 (p. 199) and now print
the full text of the circular:
[VOL. 103
In general, therefore, two banks coming within the prohibition
of the
original Act would be deemed to be in substantial
competition within the
meaning of the language used in the amendment if the
business engaged
in by such banks under natural and normal conditions
conflicts or interferes, or if the cessation of competition between the
t wo would be injurious to customers, or would-be customers, or would
probably result
in appreciably lessening the volume of business or kinds
of business of
either institutions.
It is realized that some difficulty will be experience
d in the application
of this test.
Two banks engaged in the same character of business
(for example.
where both receive commercial deposits and make
commercial loans)
would be regarded as in substantial competition if their
fields of activity
extended over the same geographical territory. If
their operations were
not carried on in the same geographical territory, then,
although they
engaged in the same class of business, they would not necessarily
be regarded as substantial competitors.
Again, if they conducted their operations in the same place, but,
because
of their comparatively small size in relation to the total
banking opportunities of the locality, and because of the fact that they did not
deal with
the same class of customers, the cessation of competitio
n between them
might, from the public point of view, be unimportant;
they would not
necessarily be deemed to be in substantial competition.
Or if their operations were conducted in the same locality, but the character
of business
engaged in differs fundamentally (for example, where one
does only an
essentially commercial banking business, while the other
does only an
essentially trust company or fiduciary business), such
banks need not
be regarded as in substantial competition.
It is, therefore, necessary to consider the scope or extent
of territory
that a bank's operations cover and the character and kinds
of business
it engages in. Size, measured by aggregate resources,
will constitute
one of the factors to be considered, since to increase the
volume of loan..
able funds usually increases the radius of a bank's operations.
A bank
with $100,000,000 resources would seek investments in a
larger area and
of a more diverse character than a bank with $5,000,000, and
so might
Come Into competition with banks located some distance
away, while
the bank with $5,000,000 resources might not extend its activities
to any
real extent beyond the borders of the city in which it
is located. For
example, a bank in New York might come into substantial
competition
with a bank in Chicago if both were engaged in the same
class of business
and if both had become so large as to be more than local institutions
.
Where the operations of the two banks cover a common territory
from
a geographical standpoint, it is necessary to consider carefully
the character of business engaged in. As a very large proportion of
the member
banks do a commercial banking business, the volume of this
business
within the territory covered by the operations of the banks
in question
becomes an important factor. In a city of 250,000 inhabitants
any two
banks which engaged in a commercial banking business to
any great extent would presumably come into substantial competition,
whereas in
a city of 2,000,000 inhabitants the operations of one bank
miget be substantially confined to the wholesale district only, while those
of another
might be substantially confined to the retail district only,
and so might
be noncompetitive in the sense that an increase or decrease
in the business
of one would not affect the business of the other.
Special Instructions.
No. 1 of 1916.
FEDERAL RESERVE BOARD
Washington, July 6 1916.
To All Federal Reserve Agents:
The prohibitions of Section 8 of the Clayton Act which relate
to interlocking bank directorates go into effect on October 15 1916. These
prohibitions relate to banks organized or operating under the laws
of the
United States, and therefore apply to State banks or trust
companies
which are members of the Federal Reserve System as well as to
national
banks. For convenience, therefore, banks "organized or operating
under
the laws of the United States" will be referred to as "member banks."
Analysis of Section 8 of the Act.
As originally enacted, Section 8 of the Clayton Act provides, in
substance—
(a) That no person shall be a director, officer, or employee of a member
bank having resources aggregating more than $5,000,000 and at the
same
time a director, officer or employee of any other member bank;
(b) That no private banker or person who is a director of a non-membe
r
bank having resources aggregating more than $5,000,000 shall be
eligible
to serve at the same time as a director in any member bank;
(c) That no member bank in a city of more than 200,000 inhabitant
s
shall have as a director or other officer or employee any private
banker
or any director or other officer or employee of any other bank
or trust
company located in the same place.
Exceptions.
The provisions of Section 8—
(1) Do not apply to mutual savings banks not having a capital stock
represented by shares.
(2) Do not prohibit a person from being at the same time (a) a class
A
director of a Federal Reserve Bank and also an officer or director,
or both
an officer and a director, in one member bank; (b) an officer, director,
or
employee of one member bank and one other bank or trust company;
whether a member bank or non-member bank, where the entire
capital
stock of one is owned by the stockholders of the other.
The Kern Amendment.
By an Act of Congress, approved May 15 1916, Section 8 was
amended
by the addition of a further proviso reading as follows:
Nothing in this Act shall prohibit any officer, director, or employee
of
any member bank, or Class A director of a Federal Reserve bank,
who
shall first procure the consent of the Federal Reserve Board * *
* from
being an officer, director, or employee of not more than two
other banks
* * * if such other bank * * * is not in substantial competitio
n
with
such
member bank.
The duty imposed upon the Federal Reserve Board in passing upon
any
application made under authority of this amendment is to determine
whether or not the two banks in question (or either of them)
are in subResume.
stantial competition with the member bank. If both are
It is therefore necessary that consideration should be given—
non-member
banks the Act does not require that they shall not be in substantial
(1) To the size in aggregate resources of banks involved.
competition with each other.
(2) To the character of business engaged in, I. e., the extent
of comIn reaching a conclusion on this point, it will be necessary for
the Board mercial business and extent of purely investment or trust company busi
to call upon the Federal Reserve Agent, as its local representat
ive, to make floss of the two institutions.
investigation of the facts in each case, to report the same to the Board
(3) Whether the operations of the two banks cover the same geographic
and
al
to give the Board the benefit of his recommendation whether
the consent territory.
applied for shall be granted or refused. It is, therefore, necessary
(4) Whether the two banks actually compete to any appreciable
to call
extent
to the attention of the Federal Reserve Agents some of the factors
In any important activity, for example, (a) in soliciting deposits
which
on demust be considered in determining the question of whether or not
the banks mand or on time from other banks or individuals, (b) in the purchase or
involved are in substantial competition.
sale of commercial paper or other securities, (c) in the purchase
or sale
of foreign exchange, (d) in soliciting trusteeships, etc.
Purposes of the Act and the Amendment.
The form of application approved by the Board is intended to furnish
The significance of the language "substantial competition" can not be
fully understood without considering the purpose of the original Act as an analysis of the character of business of the banks involved as far as
it is possible to determine this from the books of the bank. The
well as that of the amendment.
Federal
As outlined by the Judiciary Committee, in reporting the original bill Reserve agent should supplement this, however, with any information
to the House, the purpose of Section 8 of the original Clayton Act was he may be able to obtain and should base his recommendation upon the
"to prevent as far as possible control of great aggregations of money and facts in each case. If he concludes that there is substantial competition
capital through the medium of common directors between banks and bank- between the banks or that interlocking directorates or common officers
ing associations, the object being to prevent the concentration of money or employees of the two banks might result in any injury to the public,
or in any substantial restraint of or detriment to the business of either
or its distribution through a system of interlocking directorates."
It will be observed that the Act does not undertake to prevent inter- bank, he should recommend that the application be refused. The Board,
locking directorates of banks located in small cities and having small in reaching a decision, will carefully consider the recommendation of the
aggregate resources. It applies in terms to the qualifications of directors, Federal Reserve agent and will base its conclusion upon the report and
officers and empoyees of banks (a) in cities of more than 200,000 inhabi- recommendation of the agent together with other information which
its own investigation may disclose.
tants, or(b) having resources aggregating more than $5,000,000.
The Kern amendment authorizes the Federal Reserve
While the general purpose of the Act, as indicated by its title, was "to
Board at its
discretion "* * * to revoke such consent." In order that
supplement existing laws against unlawful restraints and monopolies
the Fed," eral Reserve Board may revoke
its consent at any time it becomes necesand while monopolies are created by a restraint of legitimate competition
a literal interpretation of Section 8, as originally enacted would prohibit sary, Federal Reserve agents should keep it advised of any change either
a person from serving at the same time as a director, officer or employee in local business conditions or in the resources or character of business
of two or more banks, under certain circumstances, whether or not such conducted by the banks which may tend to make them substantial combanks were competitors. The Kern Amendment, however, authorizes petitors.
In view of the great amount of time necessary to an adequate
the Board to permit a director, officer or employee of a member bank, who
consideraotherwise would be ineligible, to serve as a director, officer or employee tion of each case, it is desirable that directors, officers, and employees
file
their
application
s
as
soon
as
possible. The Board will endeavor to
.of not more than two other banks or trust companies, whether State or
act upon all applications received before August 15 1916, on or
national, provided such other banks or trust companies are not in
before
sub- September 15
1916.
stantial competition with such member bank.
CHARLES S. HAMLIN, Governor.
It should be borne in mind that the Act does not vest an arbitrary disSHERMAN ALLEN, Assistant Secretary.
cretion in the Board to permit the same person to serve on the board
of
directors of any two or more banks when such banks come within
The application form is as follows:
the
restrictive language of the Act as originally passed; but it merely
confers Application
for Permission of the Federal Reserve Board to Serve
authority upon the Board to permit interlocking directorates when
at
such
the Same Time as Director. Officer or Employee of a Member
banks are not in substantial competition, within the meaning of the Act
Bank and Not More than Two Other Banks, BankSubstantial Competition.
ing Associations or Trust Companies.
It is manifest that no fixed rule can be prescribed by which this question
Pursuant to the provisions of section 8 of an Act of Congress entitled
can be automatically determined. The facts in each case must be carefully
"An
Act
to
supplement
existing laws against unlawful restraints and
considered and it is the duty of the Board to withhold its consent
in any monopolies, and for other purposes," approved October
15 1914 and
cas in which it would defeat the purposes of the Act to permit the
same amended by an Act of Congress approved May 15 1916, I
hereby make
person to serve as an officer, director, or employee of more than one
bank.
application for the consent of the Federal Reserve Board to
serve at the
If the two banks in question are not competitors in any respect,
no same time as
(director,
officer or employee)
question arises. If they do compete, the very difficult question
arises of the
of
whether or not the competition is "substantial."
which is a member of the Federal Reserve System, and as
It is necessary to keep in mind that the main purpose of the Act
was to
(director, officer or employee) of the
prevent the monopolization and centralization of credit through
inter- of
a corporation created and organized under
locking directorates of banking institutions. One of the injurious
results the laws of
and as
(director, officer or employee)
of such conditions is that the public is deprived of the benefit of legitimate
the
of
of
, a corporation created
competition.
and organized under the laws of
THE CHRONICLE
JULY 29 I.91.6.1
I hereby represent to the said Board that to the best of my knowledge
and belief the banks, banking associations or trust companies herein named
are not in substantial competition with the member bank or banks mentioned above within the terms of the Act as interpreted by the Federal
Reserve Board in its letter of July 6 1916 to all Federal Reserve agents,
as will more fully appear from the statements furnished by the said banking
institutions, which are made a part of this application.
(Name of applicant.)
To the Federal Reserve Board, Washington, D. C.
(Date.)
Name of applicant
Residence
Principal business or occupation
Business address
List offirms of which applicant is a member and the corporations of which
he is a director, officer or employee:
Firm or
corporation.
Business.
Official position
in firm or corporation.
--------------------- ---------------------- --------
---------
THE MEANING OF "PAR" COLLECTION. •
In setting out the meaning of the "par" collection of
checks the Federal Reserve Board in its "Bulletin" for July
states that the expression "means that the check is collectible
at full face value through the Federal Reserve Bank, but if
it is desired to use a check as cash the element of time in
transit must be paid for." In its definition the Board says
in full:
369
Board will not at this time require any further purchases
of bonds offered through member banks:
The 2% United States bonds converted into 30-year 3% bonds and oneyear 3% notes, under section 18 of the Federal Reserve Act, up to July 1
1916, amount to $10,290,600. There will be converted as of July 1 1916
$9,574,200, making a total of $19,864,800. The remainder of the $30,000,000 authorized to be converted in 1916 may be taken by Federal Reserve banks on Oct. 1, which is the next and last conversion date for the
year.
Only one Federal Reserve bank decided not to avail itself of the conversion
privilege at this time. Banks not having converted their full quota prior
to Oct. 1 may do so on that date.
Below is given a table showing the conversions of bonds by banks to and
including July 1 1916, the total allotments for 1916, and the amounts
which may still be converted on Oct. 1.
CONVERSION OF UNITED STATES BONDS.
' Total
Amts.which
allotmay be
ment
-Conversions as of July 1 1916converted
for 1916. Oct. 11916.
Bonds.
Notes.
Total.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco_
250,000 250,000
500,000 2,763,900 2,263,900
2,283,300 2,282,000 4,565,300 6,130,..00 1,565,200
1,318.800 818,000 2,136,800 2,849,100
712,300
1,200,000 1,200,000 2,400,000 3,249,600
849,600
686,700 684,000 1,370,700 1,827,600
456,900
531,900 526,000 1.057,900 1,410,600
352,700
1,850,000 850,000 2.700.000 3,635,400
935,400
572,50t 570,000 1,142,500 1,523,400
380,900
349,300 350,000
699,300 1,398,600
699,300
617,000 616,000 1,233,000 1,644,000
411,000
530.300 529,000 1,059,300 1,412.400
353,100
_
500,000 500,000 1,000,000 2,154,900 1,154,900
Total
10,689,800 9,175,000 19,864,860 30,000,000 10,135,200
Owing to the fact that Federal Reserve banks were known to have purchased practically the required amount of $25,4300,000 early in the year,
there was a comparatively small offering of bonds by member banks for
sale to Federal Reserve banks through the Treasurer of the United States.
The following resolution was passed by the Board on June 23 1916:
"Whereas,It appears that the 12 Federal Reserve banks have purchased
in the open market bonds in excess of the amount which might have been
allotted to such banks at the end of this quarterly period on the basis heretofore determined upon and announced by the Board; Now,therefore, be it
"Resolved, That it is the sense of the Board that no necessity exists for
enforcing the requirement provided for under section 18 of the Federal
Reserve Act at the end of this quarterly period ending June 30 1916, and
that it will not at this time require the Federal Reserve banks to purchase
any of those bonds which are offered for sale by member banks through the
Treasurer of the United States under the provisions of section 18.
"Be it further resolved, That the Secretary be instructed to send a copy
of this resolution to the various Federal Reserve banks and to the member
banks which have offered bonds for sale in order that they may be notified
of the action of the Board in the premises."
The Federal Reserve Board has been asked to state what it means by
the expression collection of checks at "par." In the Board's Circular No. 1
on the subject of clearing, dated May 1, the following expressions were used
"Each Federal Reserve bank will receive at par from its member banks
checks drawn on all member banks, whether in its own district or other
districts. It is also proposed to accept at par all checks drawn upon nonmember banks when such checks can be collected by the Federal. Reserve
banks at par.
"Each Federal Reserve bank will receive at par from other Federal Reserve banks checks drawn upon all member banks of its district and upon
all non-member banks whose checks can be collected at par by the Federal
Reserve bank.
*
*
*
*
*
*
*
*
*
*
*
*
*
"Immediate credit entry upon receipt subject to final payment will be
made for all such items upon the books of the Federal Reserve bank at full
face value, but the proceeds will not be counted as reserve nor become available to meet checks drawn until actually collected, in accordance with the
best practice now prevailing.
*
*
*
*
*
*
*
*
*
*
*
*
*
TO TRANSFER
"It is manifest that items in process of collection cannot lawfully be RESERVE BANK NOT ALLOWED
counted as reserve either by a member bank or by a Federal Reserve bank.
ONE-YEAR
GOLD NOTES.
RENEW
TO
OBLIGATION
Therefore, should a member bank draw against such items the draft would
be charged against its reserve if such reserve were sufficient in amount to
Counsel for the Federal Reserve Board holds that the
pay it; but any resulting impairment of reserves would be subject to all
the penalties provided by the Act."
obligation of a Federal Reserve Bank to renew one-year
It should be sufficiently clear from the above excerpts that checks, even gold notes which it has received in exchange for United
on
entry
credit
the
immediate
books of
though collectible at par and given
States 2% bonds cannot be transferred to another Federal
the depositing bank, are not funds immediately available to be drawn
against, and, of course, this applies with equal force to each deposit account Reserve Bank. According to the opinion, the obligation
with a member bank. Thus, if a customer deposits with his bank a number to renew is binding upon the original bank, at the option of
of checks, some of which it will take two,four or six days to collect through
a Federal Reserve bank, it is obvious that he is entitled only-to be given the Secretary of the Treasury, for a period not to exceed
credit deferred by the length of time it takes to collect the items, or, if he thirty years, though such bank may enter into a contract
asks for immediate credit in available funds, he should pay something for
with another corporation or individual to buy such renewal
the privilege.
However, as was stated in the June "Bulletin" page 264, "The Federal notes from it when issued. Nothing in the Act, it is pointed
Reserve Board has not yet laid down any rule as to what charges a bank out, prevents the sale of one-year notes to a purchaser,
may make against its customers, but there is no intention at all that a
who will be entitled to receive payment from the Governmember bank shall collect its customers' checks at a loss to itself; that is to
ment at maturity. We quote the opinion as published
say, without some fee to cover cost of collection."
The expression printed upon some checks, "Collectible at par through in the July "Bulletin" below:
March 10 1916.
Federal Reserve bank," means that the check is collectible at full face value
Sir:1-This office has been requested to give an opinion on the question
through the Federal Reserve bank,but if it is desired to use a check as cash,
or whether or not the Secretary of the Treasury can by agreement relieve
the element of time in transit must be paid for.
Under the principles above enunciated, a member bank will be authorized a Federal Reserve Bank from its obligations to renew one-year gold notes
to charge its customers the amount per item charged by the Federal Re- of the United States, issued in exchange for 2% bonds bearing the circulaserve bank for collecting their checks, say, 134 or 2 cents per item, plus an tion privilege, and can accept in lieu thereof the obligation of another Fedinterest charge if funds are advanced before they have been collected.
eral Reserve Bank purchasing such notes from the bank to which they
By providing that the Federal Reserve banks shall act as clearing houses were originally issued.
for all member banks, the Act in effect establishes 12 focal points at which
Section 18 of the Federal Reserve Act, after providing for the exchange
all checks can be centred and collected, and it is fully expected thereby to by Federal Reserve banks of United States 2% bonds bearing the circulation
create a more efficient machine for check collections than has ever privilege for one-year gold notes of the United States and 30-year 3%
existed in the country before. The direct routing of items which it is ex- bonds, providespected to establish in connection with this plan should very considerably
That at the time of such exchange the Federal Reserve Bank obtaining
reduce time in transit, and last, but not least, the actual cost of the service such one-year gold notes shall enter into an obligation with the Secretary
of the Treasury binding itself to purchase from the United States for gold
rendered should be less to the banks, and hence, to their customers.
at the maturity of such one-year notes an amount equal to those delivered
In exchange for such bonds if so requested by the Secretary, and at each
maturity of one-year notes so purchased by such Federal Reserve bank
to purchase from the United States such an amount of one-year notes as
CONVERSION OF UNITED STATES BONDS.
the Secretary may tender to such bank in the first instance in exchange
the 2% United States gold bonds;said obligation to purchase at maturity
The Federal Reserve "Bulletin" for July in noting that for
such notes shall continue in force for a period not to exceed 30 years.
applications were received from Federal Reserve Banks to
It will be observed that as a condition of the issue of such notes the
June 20 for the conversion of United States 2% bonds into Secretary must require the Federal Reserve Bank to enter into an obligaitself to purchase from the United States at the maturity of
equal amounts of 3% thirty-year bonds and 3% one-year tion binding
such one-year notes an amount equal to those delivered in exchange for such
notes, adds:
bonds, if so requested by the Secretary. This agreement is a collateral
Federal Reserve banks were authorized to convert in the aggregate not agreement entered into as between the Secretary of the Treasury and the
to exceed $7.500,000 of bonds, each in proportion to its capital, the aggre- Federal Reserve Bank. It is not a part of the contract contained in the
gate conversion for the calendar year being $30,000,000. The further con- note itself. The Federal Reserve Bank procuring such notes may dispose
version of $7,500,000 will be made Oct. 1 1916. Those banks which have of them as it sees fit, and any purchaser would hold them free from any
not elected to convert their allotment on either of the two previous dates equities or obligations that may exist as between the Federal Reserve Bank
may take up the entire amount on Oct. 1.
and the Secretary of the Treasury. While the purchaser may agree either
The "Bulletin" also contains the following with respect at the time of purchase or subsequent thereto to purchasefrom the Federal
Reserve Bank any notes which it may be required under its contract to
to the conversion of Government bonds and the adoption buy from the United States each succeeding year, this collateral agreemen t
which,
in
in
resolution
view
of the fact that the purchases would be wholly independent of that entered into as between the Secretary
of a
Treasury and the Federal Reserve Bank at the time of the exchange
of bonds by the Reserve banks have been in excess of the of the
notes for bonds bearing the circulation privilege.
amount which ,might have been allotted to such banks at ofIn other words, let us assume that a Federal Reserve Bank procures 100
the end of the June 30 quarter, it is made known that the $1,000 notes in exchange for 2% bonds. When these notes are delivered
370
THE CHRONICLE
the bank is required to execute an agreement that at maturity of such notes
it will purchase an equal amount of new notes to be issued by the Secretary.
The bank, however, may dispose of the whole or any part of such notes
and the holder may present them to the Treasurer for payment at maturity.
When the Treasurer is called upon to pay these notes the Secretary in order
to provide the necessary gold, calls upon the original Federal Reserve
Bank to purchase new notes of a like amount, and while that bank may
have a collateral agreement to sell these notes to a third party this contract would not in any way effect that entered into between the Secretary
and the Federal Reserve Bank.
The statute, therefore, merely creates a fixed market for these notes for
a period of 30 years, and as a condition of their issue in the first instance
the Secretary is required to procure this agreement from the Federal Reserve Bank to which they are issued. As he could not issue these notes
without this contract it seems clear that he could not subsequently waive
its provisions and accept in lieu thereof the obligations of some other bank.
Respectfully,
M. C. ELLIOTT, Counsel.
Governor
Federal Reserve Board.
Hamlin,
To Hon. Charles S.
THE FARM LOAN BOARD NOMINEES.
The Senate on the 27th inst. received from President
Wilson the names of the four7men chosen by him to form the
Farm Loan Board provided for by the Rural Credits Act.
Those chosen are Charles E. Lobdell, Republican, of Great
Bend, Kan.; GeorgeW. Norris, Democrat, of Philadelphia;
Capt. W. S. A. Smith, Republican, of Sioux City, Ia.; and
Herbert Quick, Democrat, ofABerkeley Springs, W. Va.
The Senate, it is thought, will confirm these nominations
without delay. Mr. Lobdell has been a farmer, a lawyer
and a banker. Mr. Norris is a director of the Philadelphia
Federal Reserve Bank. Captain:Smith is a farmer. He has
been connected with the Department of Agriculture and is
an expert in that line. Mr. Quick, until recently editor
of "Farm and Fireside," has devoted himself to the study
of rural credits and other problems connected with farming.
TEXT OF FEDERAL FARM LOAN ACT.
We give below the text of the Federal Farm Loan Act,
as agreed to in conference and approved by the House and
Senate on June 27 and 28, respectively, and signed by the
President on Monday of last week (July 17), on which day it
became a law. We indicated in these columns on July 8,
page 101, the concessions ofjhe conferees. In our issue of
Jan. 15, page 201, we published the land credit bill drafted by
the sub-committee of the joint Congressional Committee on
Rural Credits. The farm loan bill passed by the Senate was
referred to in the "Chronicle" of May 6 (page 1674), while
that passed by the House was alluded to on May 20 (page
1854). In our issue of July 22 (pages 288 and 289) we gave
an outline of the purpose of the Act and of its provisions as
specially prepared by the United States Department of
Agriculture.
The full text of the Act is as follows:
An Act to provide capital for agricultural development, to create standard forms of investment based upon farm mortgage, to equalize rates of
interest upon farm loans, to furnish a marketlfor United States bonds, to
create Government depositaries and financial agents for the United States,
and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That the short title of this Act shall
be "The;,Federal Farm Loan Act". Its administration shall be under the
direction and control of the Federal Farm Loan Board hereinafter created.
Definitions.
Sec. 2. That wherever the term "first mortgage" is used in this Act
it shall be held:tolinclude such classes of first liens on farm lands as shall
be approved by the Federal Farm Loan Board, and the credit instruments
secured thereby. The term "farm loan bonds" shall be hold to include
all bonds secured by collateral deposited with a farm loan registrar under
the terms of this Act; they shall be distinguished by the addition of the
words "Federal,"Lor "joint stock," as the case may be.
Federal Farm Loan Board.
Sec. 3. That there shall be established at the seat of government in
Treasury
a bureau charged with the execution of
of
the
the Department
this Act and of all Acts amendatory thereof, to be known as the Federal
Farm Loan Bureau, under the general supervision of a Federal Farm Loan
Board.
Said Federal Farm Loan Boardshall consist of five members, including
the Secretary:of the Treasury, who shall be a member and chairman ex
officio, and fourDnembers to be appointed by the President of the United
States, by and with the advice and consent of the Senate. Of the four
members to berappointed by the President, not more than two shall be
appointed from oneIpolitical party, and all four of said members shall be
citizens of the United States and shall devote their entire time to the
business of the Federal Farm Loan Board; they shall receive an annual
salary of $10,000, payable monthly,together with actual necessary traveling
expenses.
One of the members to:be appointed by the President shall.be designated
by him to serve fortwolyears, one for four years, one for six years, and one
for eight years, and thereafter each member so appointed shall serve for
a term of eight years, unless sooner removed for cause by the President.
One of the members:shall be designated by the President as the Farm Loan
Commissioner, who shallIbe the active executive officer of said board.
Each member of thejFederal1Farm Loan Board shall within fifteen days
after notice of his appointment take and subscribe to tho oath of office.
The first meeting/of the Federal Farm Loan Board shall be held in
Washington as soon'as'mayibe after the passage of this Act, at a date
and place to be fixed by the:Secretary of the Treasury.
No membelpf the,Federal Farm Loan Board,shall, during his continuance in office, be an officer or:director of any other institution, association,
or partnershipIengaged in banking, or in the business of making land
[VOL. 103.
mortgage loans or selling land mortgages.
Before entering upon his
duties as a member of the Federal Farm Loan Board each member shall
certify under oath to the President that he is eligible under this section. The President shall have the power, by and with the advice and consent
of the Senate, to fill any vacancy occurring in the membership of the
Federal Farm Loan Board; if such vacancy shall be filled during the recess of the Senate a commission shall be granted which shall expire at the
end of the next session.
The Federal Farm Loan Board shall appoint a farm loan registrar in
each land bank district to receive applications for issues of farm loan bonds
and to perform such other services as are prescribed by this Act. It
shall also appoint one or more land bank appraisers for each land bank
district and as many land bank examiners as it shall deem necessary.
Farm loan registrars, land bank appraisers, and land bank examiners
appointed under this section shall be public officials and shall, during their
continuance in office, have no connection with or interest in any other
institution, association, or partnership engaged in banking or in the busness of making land mortgage loans or selling land mortgages: Provided,
That this limitation shall not apply to persons employed by the board
temporarily to do special work.
The salaries and expenses of the Federal Farm Loan Board, and of
farm loan registrars and examiners authorized under this section, shall
be paid by the United States. Land bank appraisers shall receive such
compensation as the Federal Farm Loan Board shall fix, and shall be
paid by the Federal land banks and the joint stock land banks which they
serve, in such proportion and in such manner as the Federal Farm Loan
Board shall order.
The Federal Farm Loan Board shall be authorized and empowered
to employ such attorneys, experts, assistants, clerks, laborers, and other
employees as it may deem necessary to conduct the business of said board.
All salaries and fees authorized in this section and not otherwise provided
for, shall be fixed in advance by said board and shall be paid in the same
manner as the salaries of the Federal Farm Loan Board. All such attorneys, experts, assistants, clerks,laborers, and qther employees,and all registrars, examiners, and appraisers shall be appointed without regard to the
provisions of the Act of January sixteenth, eighteen hundred and eightythree (volume twenty-two, United States Statutes at Largo, page four
hundred and three), and amendments thereto, or any rule or regulation
made in pursuance thereof: Provided, That nothing herein shall prevent
the President from placing said employees in the classified service.
Every Federal land bank shall semi-annually submit to the Federal
Farm Loan Board a schedule showing the salaries or rates of compensation
paid to its officers and employees.
The Federal Farm Loan Board shall annually make a full report of its
operations to the Speaker of the House of Representatives, who shall
cause the same to be printed for the information of the Congress.
The Federal Farm Loan Board shall from time to time require examinations and reports of condition of all land banks established under the
provisions of this Act, and shall publish consolidated statements of the
results thereof. It shall cause to be made appraisals of farm lands
as provided by this Act, and shall prepare and publish amortization tables
which shall be used by national farm loan associations and land banks
organized under this Act.
The Federal Farm Loan Board shall prescribe a form for the statement
of condition of national farm loan associations and land banks under
its supervision, which shall be filled out quarterly by each such associa.
tion or bank and transmitted to said board.
It shall be the duty of the Federal Farm Loan Board to prepare from
time to time bulletins setting forth the principal features of this Act and
through the Department of Agriculture or otherwise to distribute the same,
particularly to the press, to agricultural journals, and to farmers' organizations; to prepare and distribute in the same manner circulars setting
forth the principles and advantages of amortized farm loans and the protection afforded debtors under this Act, instructing farmers how to organize and conduct farm loan associations, and advising investors of the
merits and advantages of farm loan bonds; and to disseminate in its discretion information for the further instruction of farmers regarding the
methods and principles of cooperative credit and organization. Said
board is hereby authorized to use a reasonable portion of the organization fund provided in section thirty-three of this Act for the objects
specified in this paragraph, and is instructed to lay before the Congress
at each session its recommendations for further approplations to carry
out said objects.
Federal Land Banks.
Sec. 4. That as soon as practicable the Federal Farm Loan Board
shall divide the continental United States, excluding Alaska, into twelve
districts, which shall be known as Federal land bank districts, and may
be designated by number. Said districts shall be apportioned with due
regard to the farm loan needs of the country, but no such district shall
contain a fractional part of any State. The boundaries thereof may
be readjusted from time to time in the discretion of said board.
The Federal Farm Loan Board shall establish in each Federal land
bank district a Federal land bank, with its principal office located in such
city within the district as said board shall designate. Each Federal
land bank shall include in its tilte the name of the city in which it is located. Subject to the approval of the Federal Farm Loan Board, any Federal land bank may establish branches within the land bank district.
Each Federal land bank shall be temporarily managed by five directors
appointed by the Federal Farm Loan Board.
Said directors shall be
citizens of the United States and residents of the district. They shall
each give a surety bond, the premium on which shall be paid from the
funds of the bank. They shall receive such compensation as the Federa
Farm Loan Board shall fix. They shall choose from their number by
majority vote, a president, a vice president, a secretary, and a treasurer.
They are further authorized and empowered to employ such attorneys,
experts, assistants, clerks, laborers, and other employees as they may
deem necessary, and to fix their compensation, subject to the approval
of the Federal Farm Loan Board.
Said temporary directors shall, under their hands, forthwith make
an organization certificate, which shall specifically state:
First. The name assumed by such bank.
Second. the district within which its operations are to be carried on,
and the particular city in which its principal office is to be located.
Third. The amount of capital stock and the number of shares into
which the same is to be divided: Provided, That every Federal land bank
organized under this Act shall by its articles of association permit an
increase of its capital stock from time to time for the purpose of providing
for the issue of shares to national farm loan associations and stockholders
who may secure loans through agents of Federal land banks in accordance with the provisions of this Act.
Fourth. The fact that the certificate is made to enable such persons
to avail themselves of the advantages of this Act. The organization
certificate shall be acknowledged before a judge or clerk of some court
of record or notary public, and shall be, together with the acknowledgment thereof, authenticated by the seal of such court or notary, trans-
JULY 29 1916J
THE CHRONICLE
371
mitted to the Farm Loan Commissioner, who shall record and carefully mum capitalization of 6750,000 herein prescribed for Federal land banks
preserve the same in his office, where it shall be at all times open to pub- shall remain unsubscribed, it shall be the duty of the Secretary of the Treasury to subscribe the balance thereof on behalf of the United States, said
lic inspection.
The Federal Farm Loan Board is authorized to direct such changes subscription to be subject to call in whole or in part by the board of diIn or additions to any such organization certificate, not inconsistent with rectors of said land bank upon thirty days' notice with the appr oval
this Act, as it may deem necessary or expedient.
of the Federal Farm Loan Board; and the Secretary of the Treasury
Upon duly making and filing such organization certificate the bank is hereby authorized and directed to take out shares corresponding to the
shall become, as from the date of the execution of its organization certifi- unsubscribed balance as called, and to pay for the same out of any moneys
cate, a body corporate, and as such, and in the name designated in the In the Treasury not otherwise appropriated. Thereafter no stock shall
organization certificate, it shall have power—
be issued except as hereinafter provided.
First. To adopt and use a corporate seal.
After the subscriptions to capital stock by national farm loan associations
Second. To have succession until it is dissolved by Act of Congress shall amount to $750,000 in any Federal land bank, said bank shall apply
semi-annually to the payment and retirement of the shares of stock which
or under the provisions of this Act.
Third. To make contracts.
were issued to represent the subscriptions to the original capital twentyFourth. To sue and be sued, complain, interplead, and defend, in any five per centum of all sums thereafter subscribed to capital stock until
court of law or equity, as fully as natural persons.
all such original capital stock is retired at par.
Fifth. To elect or appoint directors, and by its board of directors to
At least twenty-five per centum of that part of the capital of any Fedvice
president,
and
a
appoint
president
a
a
secretary
elect
and a treasurer eral land bank for which stock is outstanding in the name of national
and other officers and employees, define their duties, require bonds of farm loan associations shall be held in quick assets, and may consist
them, and fix the penalty thereof; by action of its board of directors of cash in the vaults of said land bank, or in deposits in member banks
dismiss such officers and employees, or any of them, at pleasure,and ap- of the Federal Reserve System, or in readily marketable securities which
are approved under rules and regulations of the Federal Farm Loan Board;
point others to fill their places.
Sixth. To proscribe, by its board of directors, subject to the supervision Provided, That not less than five per centum of such capital shall be inand regulation of the Federal Farm Loan Board, by-laws not inconsistent vested in United States Government bonds.
with law, regulating the manner in which its stock shall be transferred,
Government Depositaries.
its directors elected, its officers elected or appointed, its property transSec. 6. That all Federal land banks and joint stock land banks organferred, its general business conducted, and the privileges granted to it ized under this Act, when designated for that purpose by the Secretary
by law exercised and enjoyed.
of the Treasury, shall be depositaries of public money, except receipts
Seventh. To exercise, by its board of directors or duly authorized of- from customs, under such)egulations as may be prescribed by said Secficers or agents, subject to law, all such incidental powers as shall be retary; and they may also be employed as financial agents of the Governnecessary to carry on the business herein described.
ment; andlthey shall perform all such reasonable duties, as depositaries
After the subscriptions to stock in any Federal land bank by nationa of public money and financial agents of the Government, as may be refarm loan associations, hereinafter authorized, shall have reached the quired of them. And the Secretary of the Treasury shall require of the
sum of $100,000, the officers and directors of said land bank shall be chosen Federal land banks and joint stock land banks thus designated satisfactory
as herein provided and shall, upon becoming duly qualified, take over security, by the deposit of United States bonds or otherwise, for the safethe management of said land bank from the temporary officers selected keeping and prompt payment of the public money deposited with them,
under this section.
and for the faithful performance of their duties as financial agents of the
The board of directors of every Federal land bank shall be selected Government. No Government funds deposited under the provisions
as hereinafter specified and shall consist of nine members, each holding of this section shall be invested in mortgage loans or farm loan bonds.
office for three years. Six of said directors shall be known as local directNational Farm Loan Associations.
ors, and shall be chosen by and be representative of national farm loan
Soc. 7. That corporations, to be known as national farm loan associations
associations; and the remaining three directors shall be known as dis- may be organized by persons desiring to borrow money on farm mortgage
trict directors, and shall be appointed by the Federal Farm Loan Board security under the terms of this Act. Such persons shall enter into artand represent the public interest.
icles of association which shall specify in general terms the object for
At least two months before each election the Farm Loan Commissioner which the association is formed and the territory within which its operations
shall notify each national farm loan association in writing that such are to be carried on, and which may contain any other provision, not
election is to bo held, giving the number of directors to be elected for its inconsistent with law, which the association may see fit to adopt for the
district, and requesting each association to nominate one candidate for regulation of its business and the conduct of its affairs. Said articles
each director to be elected. Within ten days of the receipt of such notice shall be signed by the persons uniting to form the association, and a
each association shall forward its nominations to said Farm Loan Com- copy thereof shall be forwarded to the Federal land bank for the district
missioner. Said commissioner shall prepare a list of candidates for local to be filed and preserved in its office.
directors, consisting of the twenty persons securing the highest number
Every national farm loan association shall elect, in the manner prescribed
of votes from national farm loan associations making such nominations.
for the election of directors of national banking associations, a board of
At least one month before said election said Farm Loan Commissioner not less than five directors, who shall hold office for the same period as
shall mail to each national farm loan association the list of candidates. directors of national banking associations. It shall be the duty of said
The directors of each national farm loan association shall cast the vote board of directors to choose in such manner as they may prefer a secretaryof said association for as many candidates on said list as there are vacan- treasurer, who shall receive;such compensation as said board of directors
cies to be filled,and shall forward said vote to the Farm Loan Commissioner shall determine. The board of directors shall elect a president, a vice
within ten days after said list of candidates is received by them.
The president, and a loan committee of three members.
candidates receiving the highest number of votes shall be elected as local
The directors and all officers except the secretary-treasurer shall serve
directors. In case of a tie the Farm Loan Commissioner shall determine without compensation, unless the payment of salaries to them shall be
the choice.
approved by the Federal Farm Loan Board. All officers and directors
The Federal Farm Loan Board shall designate one of the district direct- except the secretary-treasurer shall, during their term of office, be bona
ors to serve for three years and to act as chairman of the board of directors. fide residents of the territory within which the association is authorized
It snail designate one of said directors to serve for a term of two years to do business, and shall be shareholders of the association.
and one to servo for a term of one year. After the first appointments
It shall be the duty of the secretary-treasurer of every national farm
each district director shall be appointed for a term of three years.
loan association to act as custodian of its funds and to deposit the same
At the first regular meeting of the board of directors of each Fedora
in such bank as the board of directors may designate, to pay over to borland bank it shall be the duty of the local directors to designate two of rowers all sums received for their account from
the Federal land bank
the local directors whose term of office shall expire in one year from the upon first mortgage as in this Act prescribed, and to meet all other obligadate of such meeting, two whose term of office shall expire in two years tions of the association, subject to the orders of the board of directors
from said date, and two whose term of office shall expire in three yeaes and in accordance with the by-laws of the association. It shall be the
from said date. Thereafter every local director of a Federal land bank
duty of the secretary-treasurer, acting under the direction of the national
chosen as hereinbefore provided shall hold officefor a term of throe years. farm loan association, to collect, receipt for, and transmit to the Federal
Vacancies that may occur in the board of directors shall be filled for the land bank payments of interest, amortization installments, or principal
unexpired term in the manner provided for the original selection of such arising out of loans made through the association. He shall be the custodirectors.
dian of the securities, records, papers, certificates of stock, and all docuDirectors of Federal land banks shall have been for at least two years ments relating to or bearing upon the conduct of the affairs of the assocl.
appointed
are
or
they
which
for
district
elected,
the
residents of
and at Mien. He shall furnish a suitable surety bond to be prescribed and
least one district director shall be experienced in practical farming and approved' by the Federal Farm Loan Board for the proper performance
actually engaged at the time of his appointment in farming operations of the duties imposed upon him under this Act, which shall cover prompt
within the district. No director of a Federal land bank shall, during his collection and transmission of funds. He shall make a quarterly report
continuance in office, act as an officer, director, or employee of any other
to the Federal Farm Loan Board upon forms to be provided for that
Institution, association, or partnership engaged in banking or in the bus- purpose. Upon request from said board
said secretary-treasurer shall
iness of making or selling land mortgage loans.
furnish information regarding the condition of the national farm loan
Directors of Federal land banks shall receive, in addition to any comassociation for which he is acting, and he shall carry out all duly authorized
pensation otherwise provided, a reasonable allowance for necessary exorders of said board. He shall assure himself from time to time that the
penses in attending meetings of their respective boards, to be paid by the loans made through the national farm loan association of which he is
an
respective Federal land banks. Any compensation that may be provided officer are applied to the purposes set forth in the application of the borby boards of directors of Federal land banks for directors, officers, or em- rower as approved, and shall forthwith report to the land bank of the
ployees shall be subject to the approval of the Federal Farm Loan Board.
district any failure of any borrower to comply with the terms of his
Capital Stock of Federal Land Banks.
application or mortgage. He shall also ascertain and report to said bank
Soc. 5. That every Federal land bank shall have, before beginning busi- the amount of any delinquent taxes on land mortgaged to said bank and
ness, a subscribed capital of not less than $750,000. The Federal Farm the name of the delinquent.
Loan Board is authorized to prescribe the times and conditions of the payThe reasonable expenses of the secretary-treasurer, the loan committee,
ment of subscriptions to capital stock, to reject any subscription in its and other officers and agents of national farm loan associations, and the
discretion, and to require subscribers to furnish adequate security for salary of the secretary-treasurer, shall be paid from the general funds
the payment thereof.
of the association, and the board of directors is authorized to set aside
The capital stock of each Federal land bank shall be divided into shares such sums as it shall deem requisite for that purpose and for other expenses
of $5 each, and may be subscribed for and held by any individual, firm of said association. When no such funds are available, the board of dior corporation, or by the Government of any State or of the United States.
rectors may levy an assessment on members in proportion to the amount
Stock held by national farm loan associations shall not be transferred of stock hold by each, which may be repaid as soon as funds are availor hypothecated, and the certificates therefor shall so state.
able, or it may secure an advance from the Federal land bank of the disStock owned by the Government of the United States in Federal land trict, to be repaid with interest at the rate of six per centum per annum,
banks shall receive no dividends, but all other stock shall share in divi- from dividends belonging to said association. Said Federal land bank
dend distributions without preference. Each national farm loan associ- is hereby authorized to make such advance and to deduct such repayment.
ation and the Government of the United States shall be entitled to one vote
Ten or more natural persons who are the owners, or about to become
for each share of stock held by it in deciding all questions at meetings of the owners, of farm land qualified as security for a mortgage loan under
shareholders, and no other shareholder shall be permitted to vote. Stock section twelve of this Act, may unite to form a national farm loan assoowned by the United States shall be voted by the Farm Loan Commissioner ciation. They shall organize subject to the requirements and the conditions
as directed by the Federal Farm Loan Board.
specified in this section and in section four of this Act, so far as the same
It shall be the duty of the Federal Farm Loan Board, as soon as prac- may be applicable: Provided, That the board of directors may consist
ticable after the passage of this Act, to open books of subscription for of five members only, and instead of a secretary and a treasurer there
the capital stock of a Federal land bank in each Federal land bank district. shall be a secretary-treasurer, who need not be a shareholder of the assoIf within thirty days after the opening of said books any part of the mini- ciation.
372
THE CHRONICLE
[VOL. 103.
When the articles of association are forwarded to the Federal land bank directors upon subscribing for one share of the capital stock of such as
of the district as provided in this section, they shall be accompanied by sedation for each $100 of the face of his proposed loan or any major fracthe written report of the loan committee as required in section ten of this tional part thereof. He shall at the same time file with the secretaryAct, and by an affidavit stating that each of the subscribers is the owner, treasurer his application for a mortgage loan, giving the particulars reor is about to become the owner, of farm land qualified under section quired by section twelve of this Act.
twelve of this Act as the basis of a mortgage loan; that the loan desired
Appraisal.
by each person is not more than $10,000, nor less than $100, and that
Sec. 10. That whenever an application for a mortgage loan is made
the aggregate of the desired loans is not less than $20,000; that said affi- to a national farm loan association, it shall be first referred to the loan
davit is accompanied by a subscription to stock in the Federal land bank committee provided for in section seven of this Act. Said loan comequal to five per centum of the aggregate sum desired on mortgage loans; mittee snail examinee the land which is offered as security for the desired
and that a temporary organization of said association has been formed loan and shall make a detailed written report signed by all three memby the election of a board of directors, a loan committee, and a secretary- bers, giving the appraisal of said land as determined by them, and such
treasurer who subscribes to said affidavit, giving his residence and post other information as may be required by rules and regulations to be pre
office address.
scribed by the Federal Farm Loan Board. No loan shall be approved
Upon receipt of such articles of association, with the accompanying by the directors unless said loan committee agrees upon a favorable reaffidavit and stock subscription, the directors of said Federal land bank port.
shall send an appraiser to investigate the solvency and character of the
The written report of said loan committee shall be submitteed to the
applicants and the value of their lands, and shall then determine whether Federal land bank, together with the application for the loan, and the
in their judgment a charter should be granted to such association. They directors of said land bank shall examine said written report when they
shall forward such articles of association and the accompanying affidavit pass upon the loan application which it accompanies, but they shall not
to the Federal Farm Loan Board with their recommendation. If said be bound by said appraisal.
recommendation is unfavorable, the charter shall be refused.
Before any mortgage loan is made by any Federal land bank, or joint
If said recommendation is favorable. the Federal Farm Loan Board stock land bank, it shall refer the application and written report of the
shall thereupon grant a charter to the applicants therefor, designating loan committee to one or more of the land bank appraisers appointed under
the territory in which such association may make loans, and shall forward the authority of section three of this Act, and such appraiser or appraisers
said charter to said applicants through said Federal land bank: Provided, shall investigate and make a written report upon the land offered as se"
That said Federal Farm Loan Board may for good cause shown in any curity for said loan. No such loan shall be made by said land bank un
case refuse to grant a charter.
less said written report is favorable.
Upon receipt of its charter such national farm loan association shall
Forms for appraisal reports for farm loan associations and land banks
be authorized and empowered to receive from the Federal land bank of shall be prescribed by the Federal Farm Loan Board.
the district sums to be loaned to its members under the terms and condiLand bank appraisers shall make such examinations and appraisals
tions of this Act.
and conduct such investigations, concerning farm loan bonds and first
Whenever any national farm loan association shall desire to secure mortgages, as the Federal Farm Loan Board shall direct.
for any member a loan on first mortgage from the Federal land bank
No borrower under this Act shall be eligible as an appraiser under this
of its district it shall subscribe for captial stock of said land bank to the section, but borrowers may act as members of a loan committee in any
amount of five per centum of such loan, such subscription to be paid in case where they are not personally interested in the loan under considercash upon the granting of the loan by said land bank. Such capital ation. When any member of a loan committee or of a board of directors
stock shall be held by said land bank as collateral security for the payment is interested, directly or indirectly, in a loan, a majority of the board of
of said loan, but said association shall be paid any dividends accruing directors of any national farm loan association shall appoint a substitute
and payable on said capital stock while it is outstanding. Such stock to act in his place in passing upon such loan.
may, in the discretion of the directors, and with the approval of the FedPowers of National Farm Loan Associations.
eral Farm Loan Board, be paid off at par and retired, and it shall bo so
Sec. 11. That every national farm loan association shall have power:
paid off and retired upon full payment of the mortgage loan.
First. To indorse, and thereby become liable for the payment of,
In such case the national farm loan association shall pay off at par mortgages taken from its shareholders by the Federal land bank of its
and retire the corresponding shares of its stock which were issued when district.
said land bank stock was issued.
Second. To receive from the Federal land bank of its district funds
The capital stock of a Federal land bank shall not be reduced to an advanced by said land bank, and to deliver said funds to its shareholders
amount less than five per centum of the principal of the outstanding on receipt of first mortgages qualified under section twelve of this Act.
farm loan bonds issued by it.
Third. To acquire and dispose of such property, real or personal, as
Capital Stock of National Farm Loan Associations.
may be necessary or convenient for the transaction of its business.
Sec. S. That the shares in national farm loan associations shall be of
Fourth. To issue certificates against deposits of current funds,bearing
the par value of $5 each.
Interest for not longer than one year, at not to exceed four per centum
Every shareholder shall be entitled to one vote on each share of stock per annum after six days from date, convertible into farm loan bonds
held by him at all elections of directors and in deciding all questions at when presented at the Federal land bank of the district In the amount
meetings of shareholders: Provided, That the maximum number of votes of $25 or any multiple thereof. Such deposits, when received, shall be
which may be cast by any one shareholder shall be twenty.
forthwith transmitted to said land bank, and be invested by it in the purNo persons but borrowers on farm land mortgages shall be members chase of farm loan bonds issued by a Federal land bank or in first mortgagee
or shareholders of national farm loan associations. Any person &siting as defined by this Act.
to borrow on farm land mortgage through a national farm loan association
Restrictions On Loans Based On First Mortgages.
shall make application for membership and shall subscribe for shares of
Sec. 12. That no Federal land bank organized under this Act shall
stock in such farm loan association to an amount equal to five per centum make loans except upon the following terms and conditions:
of the face of the desired loan, said subscription to be paid in cash upon
First. Said loans shall be secured by duly recorded first mortgages
the granting of the loan. If the application for membership is accepted on farm land within the land bank district in which the bank is situated.
and the loan is granted, the applicant shall, upon full payment therefor,
Second. Every such mortgage shall contain an agreement providbecome the owner of one share of capital stock in said loan association for ing for the repayment of the loan on an amortization plan by means of
each $100 of the face of his loan, or any major fractional part thereof. a fixed number of annual or semiannual installments sufficient to cover,
Said capital stock shall be paid off at par and retired upon full payment first, a charge on the loan, at a rate not exceeding the interest rate in the
of said loan. Said capital stock shall be held by said association as col- last series of farm loan bonds issued by the land bank making the loan
lateral security for the payment of said loan, but said borrower shall be second, a charge for administration and profits at a rate not exceeding
paid any dividends accruing and payable on said capital stock while it one per centum per annum on the unpaid principal, said two rates comis outstanding.
bined constituting the interest rate on the mortgage; and, third, such;
Every national farm loan association formed under this Act shall by amounts to be applied on the principal as will extinguish the debt within
its articles of association provide for an increase of its capital stock from an agreed period, not less than five years nor more than forty years:
time to time for the purpose of securing additional loans for its members Provided, That after five years from the date upon which a loan is made
and providing for the issue of shares to borrowers in accordance with the additional payments in sums of $25 or any multiple thereof for the reduction
provisions of this Act. Such increases shall be included in the quarterly of the principal, or the payment of the entire principal, may be made on
reports to the Federal Farm Loan Board.
any regular installment date under the rules and regulations of the Fed•
National Farm Loan Associations.—Special Provisions.
feral Farm Loan Board: And provided further, That before the first issue
Soc. 9. That any person whose application for membership is accepted of farm loan bonds by any land bank the interest rate on mortgages may
by a national farm loan association shall be entitled to borrow money on be determined in the discretion of said land bank subject to the provisions
farm land mortgage upon filing his application in accordance with section and limitations of this Act.
Third. No loan on mortgage shall be made under this Act at a rate of
eight and otherwise complying with the terms of this Act whenever the
Federal land bank of the district has funds available for that purpose, interest exceeding six per centum per annum, exclusive of amortization
unless said land bank or the Federal Farm Loan Board shall, in its dis- payments.
Fourth. Such loans may be made for the following purposes and for
cretion, otherwise determine.
Any person desiring to secure a loan through a national farm loan as- no other:
(a) To provide for the purchase of land for agricultural uses.
sedation under the provisions of this Act may, at his option, borrow from
(b) To provide for the purchase of equipment, fertilizers and live stock
the Federal land bank through such association the sum necessary
to pay for shares of stock subscribed for by him in the national farm loan necessary for the proper and reasonable operation of the. mortgaged farms
association, such sum to be made a part of the face of the loan and paid the term "equipment" to be defined by the Federal Farm Loan Board.
off in amortization payments: Provided, however, That such addition
(c) To provide buildings and for the Improvement of farm lands; the
to the loan shall not be permitted to increase said loan above the limit- term "Improvement" to be defined by the Federal Farm Loan Board.
ation imposed in subsection fifth of section twelve.
(d) To liquidate indebtedness of the owner of the land mortgaged,
Subject to rules and regulations prescribed by the Federal Farm Loan existing at the time of the organization of the first national farm loan
Board, any national farm loan association shall be entitled to retain as association established In or for the county in which the land mortgaged
a commission from each interest payment on any loan indorsed by it an s situated, or indebtedness subsequently incurred for purposes mentioned
amount to be determined by said board not to exceed one-eighth of one n this section.
per centum semi-annually upon the unpaid principal of said loan, any
Fifth. No such loan shall exceed fifty per centum of the value of the
amounts so retained as commissions to be deducted from dividends pay- land mortgaged and twenty per centum of the value of the permanent,
able to such farm loan association by the Federal land bank, and to make insured improvements thereon, said value to be ascertained by appraisal
application to the land bank of the district for loans not exceeding in the as provided in section ten of this Act. In making said appraisal tile value
aggregate one-fourth of its total stock holdings in said land bank. The of the land for agricultural purposes shall be the basis of appraisal and
Federal land banks shall have power to make such loans to associations the earning power ofsaid land shall be a principal factor.
A reappraisal may be permitted at any time In the discretion of the
applying therefor and to charge interest at a rate not exceeding six per
Federal land bank, and such additional loan may be granted as such
centum per annum.
Shareholders of every national farm loan association shall be held in- reappraisal will warrant under the provisions of this paragraph. Whendividually responsible, equally and ratably, and not one for another, ever the amount of the loan applied for exceeds the amount that may
for all contracts, debts, and engagements of such association to the ex- be loaned under the appraisal as herein limited, such loan may be granted
'tent of the amount of stock owned by them at the par value thereof, in to the amount permitted under the terms of this paragraph without requiring a now application or appraisal.
addition to the amount paid in and represented by their shares.
Sixth. No such loan shall be made to any person who is not at the
After a charter has been granted to a national farm loan association,
any natural person who is the owner, or about to become the owner, of time, or shortly to become, engaged in the cultivation of the farm mortfarm land qualified under section twelve of this Act as the basis of a mort- gaged. In case of the sale of the mortgaged land, the Federal land bank
gage loan, and who desires to borrow on a mortgage of such farm land, may permit said mortgage and the stock interests of the vendor to be
hIs
may become a member of the association by a two-thirds vote' of the assumed by the purchaser. In case of theideathtorytheImortgagor.
JULY 291916.]
THE CHRONICLE
373
heir or heirs, or his legal representative or representatives, shall have
Such loans shall be subject to the same conditions and restrictions
the option, within sixty days of such death, to assume the mortgage and as if the
same were made through national farm loan associations, and
stock interests of the deceased.
each borrower shall contribute five per centum of the amount of his loan
Seventh. The amount of loans to any one borrower shall in no case to
the capital of the Federal land bank, and shall become the owner of
exceed a maximum of$10,000, nor shall any loan be for a less sum than $100.
as much capital stock of the land bank as such contribution shall warEighth. Every applicant for a loan under the terms of this Act shall
rant.
make application on a form to be prescribed for that purpose by the FedNo agent other than a duly incorporated bank, trust company, morteral Farm Loan Board, and such applicant shall state the objects to which
gage company, or savings institution, chartered by the State in which
the proceeds of said loan are to be applied, and shall afford such other
it has its principal office, shall be employed under the provisions of this
information as may be required.
section.
Ninth. Every borrower shall pay simple interest on defaulted
payFederal land banks may pay to such agents the actual expense of apments at the rate of eight per centum per annum, and by express covepraising the land offered as security for a loan, examining and certifying
nant in his mortgage doed shall undertake to pay when due
all taxes, the title thereof, and making, executing, and recording the mortgage
liens, judgments, or assessments which may be lawfully assessed
against papers; and in addition may allow said agents not to exceed one-half
the land mortgaged. Taxes, liens, judgments, or assessments
not paid of one per centum per annum upon the unpaid principal of said loan,
when due, and paid by the mortgagee, shall become a part of
the mortgage such commission to be deducted from dividends payable
to the borrower
debt and shall bear simple interest at the rate of eight per
centum per on his stock in the Federal land bank.
annum. Every borrower shall undertake to keep insured to
the satisActual expenses paid to agents under the provisions of this section
faction of tho Federal Farm Loan Board all buildings the value
of which shall be added to the face of the loan and paid off in amortization
paywas a factor in determining the amount of the loan. Insurance
shall ments subject to the limitations provided in subsection ninth of section
be made payable to the mortgagee as its interest may appear at time
of thirteen of this Act.
loss, and, at the option of the mortgagor and subject to general
regulations
Said agents, when required by the Federal land banks, shall collect
of the Federal Farm Loan Board, sums so received may be used
to pay and forward to such banks without charge all interest and amortization
for reconstruction of the buildings destroyed.
payments on loans indorsed by them.
Tenth. Every borrower who shall be granted a
loan under the proAny agent negotiating any such loan shall indorse the same and become
visions of this Act shall enter into an agreement, in
form a:nd under con- liable for the payment thereof, and for any default by the mortgagor,
ditions to be prescribed by the Federal Farm Loan
Board, that if the whole on the same terms and under the same penalties as if the loan had been
or any portion of his loan shall be expended for purposes
other than those originally made by said agent as principal and sold by said agent to said
specified in his original application, or if the borrower
shall be in default land bank, but the aggregate of the unpaid principal of mortgage loans
in respect to any condition or covenant of the
mortgage, the whole of received from any such agent shall not exceed ten times its captial and
said loan shall, at the option of the mortgagee,
become due and payable surplus.
forthwith: Provided, That the borrower may use part
of said loan to pay
If at any time the district represented by any agent under the profor his stock IC the farm loan association, and the land bank holding
such visions of this section shall, in the judgment of the Federal Farm Loan
mortgage may permit said loan to be used for any purpose specified in
Board, be adequately served by national farm loan associations, no further
subsection fourth of this section.
loans shall be negotiated therein by agents under this section.
Eleventh. That no loan or the mortgage securing same shall be impaired
Joint Stock Land Banks.
or invalidated by reason of the exercise of any power by any Federal
Sec. 16. That corporations, to be known as joint stock land banks.
land bank or national farm loan association in excess of the powers herein for carrying on the business of
lending on farm mortgage security and
granted or any limitations thereon.
issuing farm loan bonds, may be formed by any number of natural persons
Funds transmitted to farm loan associations by Federal land banks not less than ten. They shall
be organized subject to the requirements
to bo loaned to its members shall be in current funds, or farm loan bonds, and under the conditions
set forth in section four of this Act, so far as
at the option of the borrower.
the same may be applicable: Provided, That the board of directors of
Powers of Federal Land Banks.
every joint stock land bank shall consist of not less than five members.
See. 13. That every Federal land bank shall have power, subject to
Shareholders of every joint stock land bank organized under this Act
the limitations and requirements of this Act—
shall be held individually responsible, equally and ratably, and not one
First. To issue, subject to the approval of the Federal Farm
Loan for another, for all contracts, debts, and engagements of such bank
Board, and to sell farm loan bonds of the kinds authorized
to
in this Act, the extent of the amount of stock owned by them at the par value
thereof
to buy the same for its own account, and to retire the same
at
or
before in addition to the amount paid in and represented by their shares.
maturity.
Except as otherwise provided, joint stock land banks shall have the
Second. To invest such funds as may be in its
possession In the pur- powers of, and be subject to all the restrictions and
conditions imposed
chase of qualified first mortgages on farm lands
situated within the Fed- on, Federal land banks by this Act, so
far as such restrictions and coneral land bank district within which it is organized or for
which it is acting.
ditions are applicable: Provided, however, That the Government of the
Third. To receive and to deposit in trust with the
farm loan registrar United States shall not purchase
or subscribe for any of the capital stock
for the district, to be by him hold as collateral security for
farm loan bonds of any such bank; and each shareholder
of any such bank shall have the
first mortgages upon farm land qualified under section twelve
of this Act, same voting privileges as holders of shares
in national banking associaand to empower national farm loan associations, or duly authorized
agents tions.
to collect and immediately pay over to said land banks the dues,
interest,
No joint stock land bank shall have power to issue or obligate itself
amortization installments and other sums payable under the terms,
con- for outstanding farm loan bonds in excess of fifteen times
the amount
ditions, and covenants of the mortgages and of the bonds secured thereby.
of its capital and surplus, or to receive deposits or to transact any banking
Fourth. To acquire and dispose of—
or other business not expressry authorized by the provisions of this Act.
(a) Such property, real or personal, as may be necessary or convenient
No joint stock land bank shall be authorized to do business until capital
for the transaction of its business, which, however, may bo in part leased
stock to the amount of at least $250,000 has been subscribed, one-half
to others for revenue purposes.
thereof paid in cash and the balance subject to call by the board of directors
(b) Parcels of land acquired in satisfaction of debts or purchased
at and a charter has been issued to it by the Federal Farm Loan Board.
sales under judgments, decrees, or mortgages held by it. But no
such
No joint stock land bank shall issue any bonds until after the capital
bank shall hold title and possession of any real estate
purchased or stock is entirely paid up.
acquired to secure any debt duo to it, for a longer period
than
five
Farm loan bonds issued by joint stoplc land banks shall be so engraved
yews, except with the special approval of the Federal
Farm Loan Board as to be readily distinguished in form and color
from farm loan bonds
in writing.
issued
by Federal land banks, and shall otherwise bear such distinguishFifth. To deposit its securities, and its current funds
subject to check, ing marks as the Federal Farm Loan Board shall direct.
with any member bank of the Federal Reserve
System, and to receive
Joint stock land banks shall not be subject to the provisions of subinterest on the same as may be agreed.
section (b) of section seventeen of this Act as to interest rates on mortgage
Sixth. To accept deposits of securities or of current
funds from'national loans or farm loan bonds, nor to the provisions of subsections
first, fourth,
farm loan associations holding its shares, but to pay
no interest on such sixth, seventh and tenth of section twelve as to restrictions
on mortgage
deposits.
loans: Provided, however, That no loans shall be made which are not seSeventh. To borrow money, to give security therefor, and to
pay in- cured by first mortgages on farm lands within the State in which such
terest thereon.
joint stock land bank has its principal office, or within some one State
Eighth. To buy and sell United States bonds.
contiguous to such State. Such joint stock land banks shall be subject
Ninth. To charge applicants for loans and borrowers, under
rules and to all other restrictions on mortgage loans imposed on Federal land banks
regulations promulgated by the Federal Farm Loan Board,
in section twelve of this Act.
reasonable
fees not exceeding the actual cost of appraisal and determinatio
n of title,
Joint stock land banks shall in no case charge a rate of interest on farm
Legal fees and recording charges imposed by law in the State
where the laans exceeding by more than one per centum the rate of interest establand to be mortgaged is located may also be included in
the preliminary lished for the last series of farm loan bonds issued
by them.
costs of negotiating mortgage loans. The borrower may
pay such fees
Joint stock land banks shall in no case demand or receive, under any
and charges or he may arrange with the Federal land
bank making the form or pretense, any commission or charge
specifically
not
authorized
loan to advance the same, in which case:said expenses
shall be made a part in this Act.
of the face of the loan and paid off in amortization
payments. Such adEach joint stock land bank organized under this Act shall have authority
dition to the loan shall not be permitted to increase said
loan above the to issue bonds based upon mortgages taken by it in accordance with the
limitations provided in section twelve.
terms of this Act. Such bonds shall be in form prescribed by the FedRestrictions on Fedcral Land Banks.
eral Farm Loan Board, and it shall be stated in such bonds that such bank
Sec. 14. That no Federal land bank shall have power—
is organized under section sixteen of this Act, is under Federal superFirst. To accept deposits of current funds payable upon
demand ex- vision, and operates under the provisions of this Act.
cept from its own stockholders, or to transact any banking or
Powers of Federal Farm Loan Board.
ness not expressly authorized by the provisions of this Act.other busiSee. 17. That the Federal Farm Loan Board shall have power—
Second. To loan on first mortgage except through national
farm
organize
To
(a)
loan
and
charter Federal land banks, and to charter nations
associations as provided in section seven and section eight
of this Act, farm loan aSsociations and joint stock land banks subject to the proor through agents as provided in section fifteen.
visions of this Act, and in its discretion to authorize them to increase
Third. To accept any mortgages on real estate except
first mortgages their capital stock.
created subject to all limitations imposed by section
twelve of this Act,
(b) To review and alter at its discretion the rate of interest to be charged
and those taken as additional security for existing
loans.
by Federal land banks for loans made by them under the provisions of
Fourth. To issue or obligate itself for outstanding
farm loan bonds this Act, said rates to be uniform so far as practicable.
in excess of twenty times the amount of its capital and
surplus, or to re_
(c) To grant or refuse to Federal land banks, or joint stock land banks
ceivo from any national farm loan association additional
mortgages when authority to make any specific issue of farm loan bonds.
the principal remaining unpaid upon mortgages
already received from
(d) To make rules and regulations respecting the charges made to
such association shall exceed twenty
times the amount of its capital stock borrowers on loans under this Act for expenses in appraisal,
determination
owned by such association.
title, and recording.
of
Fifth. To demand or receive, under
any form or pretense, any comrequire
reports
To
(e)
statements
and
of
condition
and to make exmission or charge not specifically authorized
in this Act.
aminations of all banks or associations doing business under the proAgents of Federal Land Banks.
visions of this Act.
Soc. 15. That whenever, after this Act shall have been in
effect one
(f) To prescribe the form and terms of farm loan bonds, and the form,
year, it shall appear to the Federal Farm Loan Board that national
farm terms, and penal sums of all surety bonds required under this Act and
loan associations have not been formed, and are not likely to be formed
, of such other surety bonds as they shall deem necessary, such surety
in any locality, because of peculiar local conditions, said board
may, bonds to cover financial loss as well as faithful performance of duty.
in its discretion, authorize Federal land banks to make loans on farm
(g) To require Federal land banks to pay forthwith to any Federal
lands
through agents approved by said board.
land bank their equitable proportion of any sums advanced by said land
374
THE CHRONICLE
[vo L. 103.
Every Federal land bank issuing farm loan bonds shall be primarily
bank to pay the coupons of any other land bank, basing said required
of farm loan
payments on the amount of farm loan bonds issued by each land bank liable therefor, and shall also be liable, upon presentation
coupons, for interest payments duo upon any farm loan bonds issued
bond
and actually outstanding at the time of such requirement.
remaining unpaid in consequence of the
(h) To suspend or to remove for cause any district director or any by other Federal land banks and
such bank shall likewise
registrar, appraiser, examiner, or other official appointed by said board default of such other land banks; and every
loan bonds so issued
under authority of section three of this Act, the cause of such suspension be liable for such portion of the principal of farm
other land banks shall
such
any
of
the
assets
after
or removal to be communicated forthwith in writing by the Federal Farm as shall not be paid
If any,
Loan Board to the person suspended or removed, and in case of a district have been liquidated and distributed: Provided, That such losses,
either ofinterest or of principal,shall be assessed by the Federal Farm Loan
director to the proper Federal land bank.
proportion to the
(i) To exercise general supervisory authority over the Federal land Board against solvent land banks liable therefor in
the time
banks, the national farm loan associations and the joint stock land banks amount of farm loan bonds which each may have outstanding at
of such assessment.
herein provided for.
Every Federal land bank shall by appropiato action of its board of di(j) To exercise such incidental powers as shall be necessary or requisite
rectors, duly recorded in its minutes, obligate itself to become liable on
to fulfill its duties and carry out the Purposes of this Act.
farm loan bonds as provided in this section.
Applications for Farm Loan Bonds.
Every farm loan bond issued by a Federal land bank shall be signed
Sec. 18. That any Federal land bank, or joint stock land bank, which
and attested by its secretary, and shall contain in the
shall have voted to issue farm loan bonds under this Act, shall make writ- by its president
certificate signed by the Farm Loan Commissioner to the
ten application to the Federal Farm Loan Board, through the farm loan face thereof a
is issued under the authority of the Federal Farm Loan Act,
registrar of the district, for approval of such issue. With said application effect that it
in form and issue of the Federal Farm Loan Board
said land bank shall tender to said farm loan registrar as collateral security has the approval
in all respects; that it is not taxable by National,
first mortgages on farm lands qualified under the provisions of section and is legal and regular
local authority; that it is issued against collateral
twelve, section fifteen, or section sixteen of this Act, or United States State, municipal, or
Government bonds, or indorsed first mortgages
States
of
United
security
Government bonds, not less in aggregate amount than the sum of the
at least equal in amount to the bonds issued; and that all
bonds proposed to be issued. Said bank shall furnish with such mortgages on farm lands,
land banks are liable for the payment of each bond.
a schedule containing a description thereof and such further information Federal
Application of Amortization and Interest Payments.
as may bo prescribed by the Federal Farm Loan Board.
Soc. 22. That whenever any Federal land bank, or joint stock land
Upon receipt of such application said farm loan registrar shall verify
any interest, amortization or other payments upon
receive
said schedule and shall transmit said application and said schedule te the bank, shall
for the issue
Federal Farm Loan Board, giving such further information pertaining any first mortgage or bond pledged as collateral security
registrar of the
thereto as he may possess. The Federal Farm Loan Board shall forthwith of farm loan bonds, it shall forthwith notify the farm loan
payment
such
cause
cause to be made such investigation and appraisoment of the securities items so received. Said registrar shall forthwith
credit. Whentendered as it shall deem wise, and it shall grant in whole or in part, to be duly credited upon the mortgage entitled to such
ever any such mortgage is paid in full, said registrar shall cause the same
or reject entirely, such application.
which shall promptly
The Federal Farm Loan Board shall promptly transmit its decision to be canceled and delivered to the proper land bank,
such canceled mortgage
as to any issue of farm loan bonds to the land bank applying for the same satisfy and discharge the lien of record and transmit
executors,
administrators,
heirs,
his
or
thereof,
and to the farm loan registrar of the district. Said registrar shall furnish, to the original maker
in writing, such information regarding any issue of farm loan bonds as or assigns.
Upon written application by any Federal land bank, or joint stock
the Federal Farm Loan Board may at any time require.
the discretion
No issue of farm loan bonds shall be authorized unless the Federal land bank, to the farm loan registrar, it may be permitted, in
of said registrar, to withdraw any mortgages or bonds pledged as colFarm Loan Board shall approve such issue in writing.
lateral security under this Act, and to substitute therefor other similar
Issue of Farm Loan Bonds.
mortgages or United States Government bonds not less in amount than
Sec. 19. That whenever any farm loan registrar shall receive from
the mortgages or bonds desired to be withdrawn.
the Federal Farm Loan Board notice that it has approved any issue of
Whenever any farm loan bonds, or coupons or interest payments of
farm loan bonds under the provisions of section eighteen he shall forthsuch bonds, are duo under their terms, they shall be payable at the land
with take such stops as may be necessary, in accordance with the probank by which they were issued, in gold or lawful money, and upon payvisions of this Act, to insure tho prompt execution of said bonds and the
ment shall be duly canceled by said bank. At the discretion of the Feddelivery of the same to the land bank applying therefor.
Farm Loan Board, payment of any farm loan bond or coupon or inWhenever the Federal Farm Loan Board shall reject entirely any ap- eral
payment may, however, be authorized to be made at any Federal
plication for an issue of farm loan bonds, the first mortgages and bonds terest
bank, any joint stock land bank, or any other bank, under rules and
tendered to the farm loan regiEtrar as collateral security therefor shall land
regulations to be proscribed by the Federal Farm Loan Board.
be forthwith returned to said land bank by him.
When any land bank shall surrender to the proper farm loan regisWhenever the Federal Farm Loan Board shall approve an issue of
loan bonds of any series, canceled or uncanceled, said land
farm loan bonds, the farm loan registrar having the custody of the first trar any farm
be entitled to withdraw first mortgages and bonds pledged
mortgages and bonds tendered as collateral security for such issue of bank shall
for any of said series of farm loan bonds to an amount
security
bonds shall retain in his custody those first mortgages and bonds which as collateral
farm loan bonds so surrendered,and it shall be tho duty of
are to be held as collateral security, and shall return to the bank owning equal to the
to permit and direct the delivery of such mortgages and
the same any of said mortgages and bonds which are not to be hold by said registrar
land bank.
him as collateral security. The land bank which is to issue said farm bonds to such
on hypothecated first mortgages shall be at the
payments
Interest
Inan bonds shall transfer to said registrar, by assignment, in trust, all
land bank pledging the same, and shall be available for
the
of
disposal
first mortgages and bonds which are to be held by said registrar as colof coupons and the interest of farm loan bonds as they belateral security, said assignment providing for the right of redemption the payment
duo.
come
right
the
Act
and
reserving
this
in
provided
as
at any time by payment
Whenever any bond matures, or the interest on any registered bond
of substitution of other mortgages qualified under sections twelve, fifteen
due, or the coupon on any coupon bond matures, and the same shall
and sixteen of this Act. Said mortgages and bonds shall be deposited is
payment as provided in this Act, the full face value therein such deposit vault or bank as the Federal Farm Loan Board shall ap- be presented for
to the holder.
prove, subject to the control of said registrar and in his name as trustee of shall be paid
Amortization and other payments on the principal of first mortgages
for the bank issuing the farm loan bonds and for the prospective holders
registrar as collateral security for the issue of farm
loan
farm
a
by
held
of said farm loan bonds.
bonds shall constitute a trust fund in the hands of the Federal land
No mortgage shall be accepted by a farm loan registrar from a land loan
or joint stock land bank receiving the same, and shall be applied
bank as part of an offering to secure an issue of farm loan bonds, either bank
employed as follows:
originally or by substitution, except first mortgages made subject to the or
In the case of a Federal land bank—
conditions prescribed in said sections twelve, fifteen, and sixteen.
(a) To pay off farm loan bonds issued by said bank as they mature.
It shall be the duty of each farm loan registrar to see that the farm
(b) To purchase at or below par farm loan bonds issued by said bank
loan bonds delivered by him and outstanding do not exceed the amount
land bank.
of collateral security pledged therefor. Such registrar may, in his dis- or by any other Federal
(c) To loan on first mortgages on farm lands within the land bank
cretion, temporarily accept, in place of mortgages withdrawn, United
Act as collateral security for an issue of farm
this
under
qualified
district,
States Government bonds or cash.
bonds.
The Federal Farm Loan Board may, at any time, call upon any land loan
States Government bonds.
United
purchase
To
(d)
bank for additional security to protect the bonds issued by it.
In the case of a joint stock land bank—
Form of Farm Loan Bands.
(a) To pay off farm loan bonds issued by said bank as they mature.
Sec. 20. That bonds provided for in this Act shall be issed in denom(b) To purchase at or below par farm loan bonds.
inations of $25,$50. $100, $500 and $1.000; they shall run for specified
(c) To loan on first mortgages qualified under section sixteen of this
minimum and maximum periods, subject to payment and retirement, Act.
at the option of the land bank, at any time after five years from the date
(d) To purchase United States Government bonds.
of their issue. They shall have interest coupons attached, payable semiThe farm loan bonds, first mortgages, United States Government
annually, and shall be issued in series of not less than $50,000, the amount bonds, or cash constituting the trust fund aforesaid, shall be forthwith
and terms to be fixed by the Federal Farm Loan Board. They shall deposited with the farm loan registrar as substituted collateral security
bear a rate of interest not to exceed five per centum per annum.
In place of the sums paid on the principal of indorsed mortgages held
The Federal Farm Loan Board shall prescribe rules and regulations
by him in trust.
loan
bonds
farm
shall
in
which
manner
and
circumstances
concerning the
Every Federal land bank, or joint stock land bank, shall notify the
be paid and retired under the provisions of this Act.
farm
loan registrar of the disposition of all payments made on the prinFarm loan bonds shall be delivered through the registrar of the district
mortgages held as collateral security for an issue of farm loan bonds,
of
cipal
to the bank applying for the same.
and said registrar is authorized, at his discretion, to order any of such
land
Federal
the
at
for
delivery
bonds
loan
farm
to
furnish
In order
payments, or the proceeds thereof, wherever deposited or however inbanks and joint stock land banks, the Secretary of the Treasury is hereby
vested. to be immediately transferred to his account as trustee aforesaid.
authorized to prepare suitable bonds in such form,subject to the provisions
Reserves and Dividends of Land Banks.
of this Act, as the Federal Farm Loan Board may approve, such bonds
Sec. 23. That every Federal land bank, and every joint stock land
when prepared to be held in the Treasury subject to delivery
carry to reserve account twenty-five per centum
upon order of the Federal Farm Loan Board. The engraved plates, bank, shall semiannually
until said reserve account shall show a credit balance
dies, bed-pieces, and so forth, executed in connection therewith shall re- of its net earnings
centum of the outstanding capital stock of said land
main in the custody of the Secretary of the Treasury. Any expenses equal to twenty per
reserve shall have been impaired, said balance
said
Whenever
bank.
loan
bonds
farm
such
of
and
delivery
custody,
the
preparation,
in
incurred
shall be fully restored before any dividends are
shall be paid by the Secretary of the Treasury from any funds in the of twenty per centum
has reached the sum of twenty per cent= of
Treasury not otherwise appropriated: Provided, however, That the Sec- paid. After said reserve
five per centum of the net earnings shall
retary shall be reimbursed for such expenditures by the Federal Farm the outstanding capital stock,
thereto. For the period of two years from the date
Loan Board through assessment upon the farm land banks in proportion be annually added
payment of the interest, amortization
the
in
to the work executed. They may be exchanged into registered bonds when any default occurs
any first mortgage, by both mortgagor and
of any amount, and reoxchanged into coupon bonds, at the option of the installments, or principal on
defaulted shall be carried to a suspense account,
holder, under rules and regulations to be prescribad by the Federal Farm Indorser, the amount so
and at the end of the two-year period specified, unless collected, shall
Loan Board.
account.
reserve
be debited to
Special Provisions of Farm Loan Bonds.
After deducting the twenty-five per contum or the five per centum
Sec. 21. That each land bank shall be bound in all respects by the
directed to be deducted for credit to reserve account, any
hereinbefore
the
acts
by
loan
and
farm
issuing
bonds,
and
acts of its offIcersjin:signing
Federal land bank or joint stock land bank may deciaroja/dividend to
of the Federallyarra Loan Board in authorizing their issue.
JULY 29 1916.]
THE CHRONICLE
375
If any national farm loan association shall be declared insolvent and
shareholders of the whole or any part of the balance of its net earnings
by the Federal Farm Loan Boards
The reserves of land banks shall be invested in accordance with rules a receiver shall be appointed therefor
stock held by it in the Federal land bank of its district shall be canthe
Board.
and regulations to be prescribed by the Federal Farm Loan
celed without impairment of its liability; and all payments on such stock
Reserve and Dividends of National Farm Loan Associations.
the last dividend shall
Sec. 24. That every national farm loan association shall, out of its with accrued dividends, if any, since the date of
farm loan association to the
net earnings, semiannually carry to reserve account a sum not less than be first applied to all debts of the insolvent
the balance, if any, shall be paid to the receiver
ten per centum of such net earnings until said reserve account shall show Federal land bank and
estimating said debts
a credit balance equal to twenty per centum of the outstanding capital of said farm loan association: Provided, That in
contingent liabilities incurred by national farm loan associations under
stock of said association.
principal or interest
of
this
Act
on
default
of
of
account
provisions
balance
said
the
credit
been
impaired,
Whenever said reserve shall have
shall be estimated and included as a debt, and
of twenty per centum shall be fully restored before any dividends are of indorsed mortgages
liabilities shall be determined by agreement between
paid. After said reserve has reached said sum of twenty per centum, said contingent
the receiver and the Federal land bank of the district, subject to the aptwo per centum of the net earnings shall be annually added thereto.
Farm Loan Board, and if said receiver and said
Federal
the
of
per
proval
centum
the
two
or
centum
hereinbefore
After deducting the ten per
then by the decision of the Farm Loan Comdirected to be credited to reserve account, said association may, at its land bank cannot agree,
discretion, declare a dividend to shareholders of the whole or any part missioner, and the amount thus ascertained shall be deducted in accordof
this section from the amount otherwise due
provisions
ance with the
of the balance of said net earnings.
WhenThe reserves of farm loan associations shall be invested in accordance said national farm loan association for said canceled stock.
of a Federal land bank shall be reduced, the board
with rules and regulations to be prescribed by the Federal Faim Loan ever the capital stock
of directors shall cause to be executed a certificate to the Federal Farm
Board.
Whenever any farm loan association shall be voluntarily liquidated Loan Board, showing such reduction of capital stock, and, if said rebe
and
paid
to
duction shall be due to the insolvency of a national farm loan association,
a sum equal to its reserve account as herein required shall
such association.
become the property of the Federal land bank in which such loan associa- the amount repaid to
No national farm loan association, Federal land bank or joint stock
tion may be a shareholder.
into
voluntary liquidation without the written consent
go
shall
land bank
Defaulted Loans.
Federal Farm Loan Board, but national farm loan associations
Sec. 25. That if there shall be default under the terms of any indorsed of the
consolidate under rules and regulations promulgated by the Fedfirst mortgage held by a Federal land bank under the provisions of this may
Farm Loan Board.
Act, the national farm loan association or agent through which said mort- eral
•
State Legislation.
gage was received by said Federal land bank shall be notified of said deSec. 30. That it shall be the duty of the Farm Loan Commissioner
fault. Said association or agent may thereupon be required, within
laws
of
of
the
the
of
State
every
United
States and
to make examination
thirty days after such notice, to make good said default, either by payment to inform the Federal Farm Loan Board as rapidly as may be whether
equal
an
of
substitution
the
or
by
of the amount unpaid thereon in cash,
in his judgment the laws of each State relating to the conveying and
amount of farm loan bonds issued by said land bank, with all unmatured recording of land titles, and the foreclosure of mortgages or other instrucoupons attached.
ments securing loans, as well as providing homestead and other exemptions
Exemption from Taxation.
and granting the power to waive such exemptions as respects first mortloan
farm
national
every
Sec. 26. That every Federal land bank and
gages, are such as to assure the holder thereof adequate safeguards against
and the
association, including the capital and reserve or surplus therein
loss in the event of default on loans secured by any such mortgages.
municPending the making of such examination in the case of any State, the
income derived therefrom, shall be exempt from Federal, State,
or
purchased,
held,
estate
Federal Farm Loan Board may declare first mortgages on farm lands
ipal, and local taxation, except taxes upon real
eleven
section
of
provisions
the
under
situated within such State ineligible as the basis for an issue of farm loan
taken by said bank or association
executed to Federal bonds; and if said examination shall show that the laws of any such State
and section thirteen of this Act. First mortgages
issued
bonds
farm loan
afford insufficient protection to the holder of first mortgages of the kinds
land banks, or to joint stock land banks, and
doomed and hold to be
provided in this Act, said Federal Farm Loan Board may declare said
under the provisions of this Act, shall be
such
and
as
States,
United
tho
of
Government
the
of
instrumentalities
first mortgages on land situated in such State ineligible during the con
from Federal,
they and the income derived therefrom shall be exempt
tinuance of the laws in question. In making his examination of the laws
State, municipal, and local taxation.
of the several States and forming his conclusions thereon said Farm Loan
bank
land
stock
joint
in
any
shares
the
Nothing heroin shall prevent
Commissioner may call upon the office of the Attorney General of the
from being included in the valuation of the personal property of the owner United States for any needed legal advice or assistance, or may employ
or holder of such shares, in assessing taxes imposed by authority of the special counsel in any State where he considers such action necessary.
iStato within which the bank is located; but such assessment and taxaAt the request of the executive of any State the Federal Farm Loan
and limitations
tion shall bo in manner and subject to tho conditions
Board shall prepare a statement setting forth in what respects the rethe
of
Revised
nineteen
and
hundred
fifty-two
section
contained in
quirements of said board cannot be complied with under the existing
Statutes with reference to the shares of national banking associations.
laws of such State.
Penalties.
Nothing herein shall be construed to exempt the real property of Federal
Sec. 31. That any applicant for a loan under this Act who shall know and joint stock land banks and national farm loan associations from either
its
to
according
extent,
in his application for such loan, and any
same
statement
the
false
to
any
ingly make
State, county, or municipal taxes,
member of a loan committee or any appraiser provided for in this Act
value, as other real property is taxed.
Investment in Farm Loan Bonds.
who shall wilfully overvalue any land offered as security for loans under
Sec. 27. That farm loan bonds issued under the provisions of this Act this Act, shall be punished by a fine of not exceeding $5,000, or by iminvestlawful
a
bo
shall
prisonment not exceeding one year, or both. Any examiner appointed
by Federal land banks or joint stock land banks
ment for all fiduciary and trust funds, and may be accepted as security under this Act who shall accept a loan or gratuity from any land bank
or national farm loan association examined by him, or from any person
for all public deposits.
Any member bank of the Federal Reserve System may buy and sell connected with any such bank or association in any capacity, shall be
Act.
this
of
authority
the
under
punished by a fine of not exceeding $5,000, or by imprisonment not exfarm loan bonds issued
Any Federal reserve bank may buy and sell farm loan bonds issued ceeding one year, or both, and may be fined a further sum equal to the
under this act to tho same extent and subject to the same limitations money so loaned or gratuity given, and shall forever thereafter be displaced upon the purchase and sale by said banks of State, county, district, qualified from holding office as an examiner under the provisions of this
and municipal bonds under subsection (b) of section fourteen of the Fed- Act. No examiner, while holding such office, shall perform any other
eral Reserve Act approved December twenty-third, nineteen hundred service for compensation for any bank or banking or loan association,
and thirteen.
or for any person connected therewith in any capacity.
Examinations.
Any person who shall falsely make, forgo, or counterfeit, or cause or
shall
Board
appoint
Loan
Farm
to be falsely made, forged, or counterfeited, or willingly aid or
as.many
procure
Federal
the
Sec. 28. That
coupon,
land bank examiners as in its judgment may be required to make care- assist in falsely making, forging, or counterfeiting any bond,
to be in imitation of, the bonds
ful examinations of the banks and associations permitted to do business or paper in imitation of, or purporting
loan
association,
farm
national
or
bank
land
any
or coupons issued by
under this Act.
acting under the laws of the United States,
Said examiners shall be subject to the same requirements, responsi- now or hereafter authorized and
bank
national
examiners
under
to
applicable
or any person who shall pass, utter, or publish, or attempt to pass, utter
are
as
bilities and penalties
Act, and other provisions or publish any false, forged, or counterfeited bond, coupon, or paper
the national bank Act, the Federal Reserve
Farm Loan Board, said ex- purporting to be issued by any such bank or association, knowing the
of law. Whenever directed by the Federal
national
farm loan association same to be falsely made, forged, or counterfeited; or whoever shall falsely
any
of
condition
aminers'shall examine tho
They shall ex- alteil, or cause or procure to bo falsely altered, or shall willingly aid or
and report the same to the Farm Loan Commissioner.
shall pass,
amine and report the condition of every Federal land bank and joint assist in falsely altering any such bond, coupon, or paper, or
utter, or publish as true any falsely altered or spurious bond, coupon,
stock land bank at least twice each year.
bank or
by
be
such
fixed
to
the
any
by
salaries
issued,
been
or
Farm
have
Federal
receive
issued,
to
paper
purporting
or
Said examiners shall
association, knowing the same to be falsely altered or spurious, shall
Loan Board.
Dissolution and Appointment of Receivers.
be punished by a fine of not exceeding $5,000, or by imprisonment not
Soc. 29. That upon receiving satisfactory evidence that any national exceeding five years, or both.
to
its
meet
failed
of
outstanding
has
obligations
Other than the usual salary or director's fee paid to any °Meer, difarm loan association
Federal land
any description the Federal Farm Loan Board may forthwith declare rector, or employee of a national farm loan association, a
foe paid
such association insolvent and appoint a receiver and require of him such bank, or a joint stock land bank, and other than a reasonable
or employee
attorney,
director,
bond and security as it deems proper: Provided, That no national farm by such association or bank to any officer,
of an
employee
or
attorney,
by
said
insolvent
board
director,
until
tho
total
declared
officer,
services
no
rendered,
for
loan association shall be
Act shall be a beneficiary of
amount of defaults of current interest and amortization installments association or bank organized under this
conother
gift,
or
commission,
on loans indorsed by national farm loan associations shall amount to or receive, directly or indirectly, any foe,
or business of such
at least $150,000 in the Federal land bank district, unless such association sideration for or in connection with any transaction
shall have been in default for a period of two years. Such receiver, under association or bank. No land bank or national farm loan association
the direction of the Federal Farm Loan Board, shall take possession of organized under this Act shall charge or receive any fee, commission,
the books, records, and assets of every description of such association, bonus, gift, or other consideration not herein specifically authorized.
collect all debts, dues, and claims belonging to it, and, with the approval No examiner, public or private, shall disclose the names of borrowers
loan association or
of tho Federal Farm Loan Board, or upon the order of a court of record to other than the proper officers of a national farm
of competent jurisdiction, may sell or compound all bad or doubtful debts land bank without first having obtained express permission in writing
of
board
the
directors of such
from
and
personal property from the Farm Loan Commissioner or
and, on a like approval or order, may sell all the real
of such association, on such terms as the Federal Farm Loan Board or association or bank, except when ordered to do so by a court of competent
jurisdiction or by direction of the Congress of the United States, or of
said court shall direct.
Such receiver shall pay over all money so collected to the Treasurer either House thereof, or any committee of Congress or of either House
of
the
the
order
to
Federal Farm Loan Board, duly authorized. Any person violating any provision of this paragraph
of the United States, subject
and also make report to said board of all his acts and proceedings. The shall be punished by a fine of not exceeding $5,000 or by imprisonment
Secretary of the Treasury shall have authority to deposit at interest any not exceeding one year, or both.
Any person connected in any capacity with any national farm loan
money so received.
Upon default of any obligation, Federal land banks and Joint stock association, Federal land bank, or joint stock land bank, who embezzles,
in
and
the
placed
insolvent
of
rehands
a
declared
abstracts, or wilfully misapplies any moneys, funds, or credits thereof,
land banks may be
any order, assigns
ceiver by the Federal Farm Loan Board, and proceedings shall there- or who without authority from the directors draws
decree thereof, or who
upon be had in accordance with the provisions of this section regarding any note, bond, draft, mortgage, judgment, or
makes any false entry in any book, report, or statement of such assoclanational farm loan associations.
376
THE CHRONICLE
tion or land bank with intent in either case to defraud such institution
or any other company, body politic or corporate, or any individual person, or to deceive any officer of a national farm loan association or
land bank or any agent appointed to examine into the affairs of any such
association or bank, and every person who with like intent aids or abets
any officer, clerk, or agent in any violation of this section, shall be punished by a fine of not exceeding $5,000 or by imprisonment not exceeding five years, or both.
Any person who shall deceive, defraud, or impose upon, or who shall
attempt to deceive, defraud or impose upon, any person, firm, or corporation by making any false pretense or representation regarding the
character, issue, security, or terms of any farm loan bond, or coupon,
issued under the terms of this Act; or by falsely pretending or representing that any farm loan bond, or coupon, issued under the terms
of this Act by one class of land banks is a farm loan bond, or coupon,
issued by another class of banks; or by falsely pretending or representing
that any farm loan bond, or coupon, issued under the terms of this Act,
or anything contained in said farm loan bond, or coupon, is anything
other than, or different from, what it purports to be on the face of said
bond or coupon, shall be fined not exceeding $500 or imprisoned not exceeding one year, or both.
The Secretary of the Treasury is hereby authorized to direct and use
the Secret Service Division of the Treasury Department to detect, arrest,
and deliver into custody of the United States marshal having jurisdiction, any person or persons violating any of the provisions of this section.
Government Deposits.
Sec. 32. That the Secretary of the Treasury is authorized, in his discretion, upon the request of the Federal Farm Loan Board, to make deposits for tee temporary use Of any Federal land bank, out of any money
in the Treasury not otherwise appropriated. Such Federal land bank
shall issue to tne Secretary of the Treasury a certificate of indebtedness
for any such deposit, bearing a rate of interest not to exceed the current
rate charged for other Government deposits, to be secured by farm loan
bonds or other collateral, to tne satisfaction of the Secretary of the Treasury.
Any such certificate shall be redeemed and paid by such land bank at
the discretion of the Secretary of the Treasury. The aggregate of all
sums so deposited by the Secretary of the Treasury shall not exceed the
sum of $6,000,000 at any one time.
Organization Expenses.
Sec. 33. That the sum of $100,000, or so mucn thereof as may be necessary, is hereby appropriated, out of any money in the Treasury not otherwise appropriated, to be expended under the direction of the Federal
Farm Loan Board, for the purpose of carrying into effect the provisions
of this Act, including the rent and equipment of necessary offices.
Limitation of Court Decisions.
Sec. 34. That if any clause, sentence, paragraph, or part of this Act
shall for any reason be adjudged by any court of competent jurisdiction
to be invalid, such judgment shall not affect, impair, or invalidate the
remainder of this Act, but shall be confined in its operation to the clause,
sentence, paragraph, or part thereof directly involved in the controversy
in which such judgment shall have been rendered.
Repealing Clause.
Sec. 35. That all Acts or parts of Acts inconsistent with this Act are
hereby repealed, and this Act shall take effect upon its passage. The
right to amend, alter, or repeal this Act Is hereby expressly reserved.
Approved July 17, 1916.
THE GARMENT WORKERS' STRIKE.
Early this week, following a conference last Saturday,
between representatives of the striking cloakrnakers and
members of the manufacturers' committee, it seemed as if
the strike which has for three months paralyzed the garment
trade, was nearly if not practically at an end. It wassaid
that the representatives of the two sides had agreed that
peace was imperative and had drawn up a contract to replace the abrogated one. It was then thought that the
most important stage had been passed and that the minor
details would be adjusted with ease. At the close of the
above mentioned meeting the following statement was
given out:
Mr. Hillquit, representing the union, and Mr. Klein and Mr. Levy,
representing the association, are pleased to be able to say that much progress has been made toward reaching an agreement. While most points
are settled satisfactorily, there remain some items they were not able to
reach in their conference. Another full conference will be held Monday,
at which it is hoped to reach an entire agreement.
Under the agreement the workers, it is said, would have
gained the following:
1. A 5 per cent increase in wages.
2. A 49 hour week.
3. A preferential union shop—that is, other things being equal, union
workers would have precedence over non-union workers.
4. A standard price for garments.
5. Time and a half for overtime, with a maximum of ten hours a week.
The employers, by the contract, would have the following
rights:
1. The right to fix prices for garments under an automatic system
doing away with the proposed "outside expert" demanded by the union.
2. The arbitrary right to discharge and hire employees.
3. Discontinuance of the board of mediation, under which disputes
were settled under the old protocol.
4. The right to employ any sub-contractors, without registering them.
The agreement was signed by the representatives of
both sides, at a conference in the Metropolitan Building
on the 24th inst. But expectations were not realized.
On the next day when the plan was submitted to the shop
chairmen, they revolted ; the rank and file of the strikers
refused to vote on the proposal and the strike continues.
It is asserted, that the stumbling block was the claimed
right of the employers to discharge help at will, and the
proposed elimination of the mediation board. Benjamin
Schlesinger, leader of the striking garment workers, announced on the 27th inst., that the strike would be prosecuted
until the employers should make greater concessions.
[VOL. 103.
LONDON COURT OF APPEALS UPHOLDS SIR EDGAR
SPEYER.
According to advices from London of the 25th inst., the
Court of Appeals on that day handed down a decision upholding a lower Court's ruling sustaining the right of Sir
Edgar Speyer of the banking house of Speyer Bros. of London to retain his membership in Privy Council. Soon after
the outbreak of the war Sir Edgar, because of his German
origin, became the object of charges of disloyalty, &c. In
May 1915 he addressed a letter to Premier Asquith asking
for the acceptance of his resignation as a Privy Councillor
and the revocation of his baronetcy. Premier Asquith in
replying said that he (Sir Edgar) was a victim of injustice,
and that the King was not prepared to accept his resignation.
In November 1915 the Anti-German League brought action
to force Sir Edgar's removal. This action resulted in the
above decision.
BRITISH GOVERNMENT PREPARED TO ACCEPT ON
LOAN SMALL AMOUNTS OF DOLLAR SECURITIES.
According to the London "Financial News" of July 8,
the Lords Commissioners of His Majesty's Treasury give
notice that holders of any suitable American dollar securities
of less than $5,000 (£1,000) in amount may deposit the same
on loan through the medium and in the names of their
bankers, stockbrokers, or other approved agencies. Agents
desirous of depositing such securities are directed to apply
by letter to the American Dollar Securities Committee,
19 Old Jewry, London, E. C., for instructions and forms.
SIR ROGER CASEMENT LOSES RIGHT OF APPEAL
TO HOUSE OF LORDS.
Sir Roger Casment will not be able to carry his appeal
against the death sentence imposed on him to the House
of Lords. This became known on the 24th inst., on which
day it was stated that Sir Frederick E. Smith, Attorney
General, (from whom, as stated in our issue of last week,
page 296, Sir Roger would have to obtain a certificate
allowing him to appeal to the House of Lords,) had informed Sir Roger's solicitors that he was unable to grant
his fiat. Many appeals for clemency for Casement are
being received by the British Government through (informal) channels, and it is stated, that there are indications
that clemency will be shown. The United States Governtment has so far refrained from fowarding formal requests
to the British Government for a pardon, or commutation,
as it is realized that any such action might make it more
difficult for the British Government to accept suggestions
which are coming in from home, &c., sources. On the
27th inst., according to advices from London, it was announced that the five Judges who heard Sir Roger's appeal,
would sit on the next day to "hear a possible appilcation
on behalf of the convict."
THE BRITISH TRADE BLACKLIST.
A note ptotesting against Great Britain's action in blacklisting American firms was dispatched to London on the
night of the 26th inst., according to an announcement by
Acting Secretary of State Polk the next day. The note is
understood to be 1,000 words long. Nothing is yet known
of its contents, excepting that it is said to contain no reference to specific cases, but deals merely with the principle
of the blacklist and attempts to prove to the British authorities that they are violating legal rights by attempting to
interfere with neutral trade in such a manner. The text
of the note,it is said, will be released for publication Monday
morning.
Following the publication last week of the official list of
the American firms and individuals with whom the subjects
of Great Britain are forbidden to have any commercial dealings, an organized movement, composed of about fifty of the
blacklisted firms and individuals, was formed in this city.
A meeting was held at the Chamber of German-American
Commerce, 11 Broadway, and it was voted to form a permanent organization to fight the British order. It was
agreed to appoint a committee of five to formulate a definite
course of action to be pursued. This committee, it was announced, would go to Washington to see President Wilson
before any other steps are taken. On the 24th inst. Leopold
Zimmermann, head of the banking firm of Zimmermann &
Forshay, was selected as Chairman of the new organization.
The organization, which has been named the "Association to Resist British Domination of American Commerce,"
held another meeting on the 25th inst. and passed resolu-
JULY 29 1916.]
THE CHRONICLE
tions protesting strongly against Great Britain's action in
compelling "American aid in destroying the commerce of
her adversaries regardless of consequences to American
trade or rights." The resolutions, which, it was announced,
were being conveyed to President Wilson, follow:
Whereas, The Government of Great Britain, as the result of a series of
proclamations and edicts, has designated a large number of American citizens, and firms including American citizens, upon a commercial blacklist
whereby they come within the purview of the so-called Trading with the
Enemy Act heretofore promulgated by Great Britain, and
' Whereas, The persons and firms so affected are all domiciled and engaged
in business within the United States of America and have been thus domiciled and engaged for long periods of time; and
Whereas, It is obvious that the measures thus adopted are intended by
Great Britain to compel American aid in destroying the commerce of her
adversaries regardless of consequences to American trade or rights; and'
Whereas, Induced by motives of self-preservation and self-protection
many neutral commercial concerns in this country are refusing to become
parties, in even the most remote sense, to the transmission of merchandise
or to the performance of commercial commitments with which any of the
said persons or firms are concerned; and
Whereas, Illegal in itself, Great Britain's attitude is doubli irritating and
offensive, as the facts upon which its proclamation manifestly is based were
gained by it by its unlawful seizure, detention and examination of America's
mails, contrary to international law and to the requirements of the friendly
relationship supposedly existing between the two countries; and
Whereas, It has been reported that the Government of the United States
had made representations to the Government of Great Britain prior to the
final action of the latter in the premises, whereby it was sought to prevent
the promulgation of the course to which objection is now made; and
Whereas, The unsuccessful efforts of our Government to thwart this campaign of commercial persecution leave it open to the offender to extend its
activities until eventually Great Britain may dominate the important commercial activities of our people, or, that failing, it may have succeeded in
demoralizing our national and international usefulness, power and standing
in commerce; and
Whereas, In the present situation and with every desire for a continuance
of peaceful and friendly relations with Great Britain as with all other foreign
nations, we feel that Great Britain should be made to understand that in
pursuance of the patriotic duty of all American citizens, for the protection
of their rights as such and in the defense of their individual and collective
commercial interests, the American people must have an immediate repudiation and permanent withdrawal of the autocratic, inequitable and
unlawful action referred to; and
Whereas, In the light of international law and comity and in recognition
of the duty of our Government to protect its citizens, it is manifest that the
trade ships of Great Britain cannot be accorded the hospitality of our ports
and the right to negotiate commercial affairs with any American citizen or
firm on these shores or elsewhere, so long as Great Britain shall refuse any
other American citizen domiciled and engaged in business on these shores,
the unqualified right'to enter upon and fully enjoy like relationship.
Now, therefore, be it
Resolved, That we believe it to be the duty of the United States Government forthwith to cause the Government of Great Britain to recall the proclamations and edicts referred to and forthwith to remove the said restrictions upon American citizens: and, be it further
Resolved, That having full faith and confidence in the ability;patriotism
and loyalty to duty of the President of the United States, we cause the
matter forthwith to be called officially to his attention with the request that
our Government proceed at once to bring about a recall of the said proclamations and edicts and the relief of all American citizens from the effect thereof;
and be it further
Resolved, That this committee take such steps as may be deemed advisable to co-operate with the officials and to enlist the co-operation of American citizens generally with them to the end that the dignity and honor of
our Government, the rights of our citizens and the commercial interests
of our nation may be protected and preserved.
377
from dealing with certain persons. The right of any Government to Impose
such prohibition on its own nationals is hardly open to dispute.
Objection has been taken to the unpleasant publicity given the list, but
without such publicity far more damage would be likely to result to trade.
Before the adoption of the statutory blacklist there was an unofficial blacklist in existence. Experience has shown that uncertainty on the part of
both British and neutral traders as to who is and who is not on the blacklist would be far more injurious to commerce than the publication of the
blacklist, which enables every one to know exactly where he is. It is for
this reason that steps are being taken to give the list as much publicity as
possible.
In addition to its official publication in "The London Gazette," it appears
in "The Board of Trade Journal" and the Chambers of Commerce and
trade associations. Individual firms can keep themselves posted with
up-to-date knowledge by obtaining a list regularly from booksellers.
Complaint is made that the statutory list is unnecessary, as the same
results might have been obtained sub rosa. But if so done it would have
affected not merely the firms in the United States which now figure in the
statutory list, but also others—probably all those of German names,
whether they deserved it or not—because British traders, to whom alone
our prohibition is addressed, would not have known the names of the prohibited firms and might, out of caution, have ceased dealing with a much
larger number.
In trade matters nothing interferes with business so much as uncertainty,
and it was to avoid this general interference that the policy of prohibition
with the firms listed was adopted.
It has been said that it was a blunder to publish the list when a French
loan was under way. Clearly it would have been a blunder to include the
friends of our French allies. But is it suggested that this blunder has been
committed? Look at the list. Who are included? Is there one among
them who has not shown in unmistakable measure his sympathies, and.
more still, his active help, are given, not to our French allies and ourselves, but to our enemies.
It is indeed only those who have shown unmistakably that they are enemies, or acting for enemies, who are included. So we need not fear that the
support of our French allies will be prejudiced in those quarters.
It is suggested that publicity in "The London Gazette" was insufficient.
The press of the United States has given all the publicity needed in the
United States and in every other country. We find, in fact, that the local
press always reproduces lists; so there need be no fear of hardship arising
from want of knowledge of the names included in the list.
It is said in the City (financial district) that opinion is not unanimous.
That may well be so,for the City is put to inconvenience in having to change
the course of its business, and, naturally, unless the City knows the facts
upon which the decision including any particular firms in the statutory list
is based, It may sometimes see merely the inconvenience and not the justice
or the necessity.
All the facts were carefully weighed before the decision was arrived at,
and I have no doubt that there is not a name on the list which is not there
on evidence which fully justified its inclusion.
The State Department on the 21st through the British
Embassy here and Ambassador Page at London inquired
of Great Britain the reason for putting certain American business concerns on the blacklist under the "Trading with the
Enemy Act." As a preliminary step to formal represents,
tions, a request for general information concerning the application of the Act to firms in the United States was made
informally of the British Embassy. Acting Secretary of State Polk and Chevalier van Rappard, the Dutch Minister,
held a conference on the 20th inst., during which Chevalier
van Rappard is said to have approached the Acting Secretary on the possibility of the United States cooperating with
the Dutch Government in taking action against the objectionable features of the British blockade.
On Tuesday the British Ambassador, Sir Cecil SpringRice, assured the State Department that the blackTHE IRISH SITUATION AGAIN CRITICAL.
list is not intended to harm neutrals but to "prevent British
It was made evident by the debate in the House of Comcapital and British credit from being used to aid the enemy." mons on Monday that the agreement over the Irish Home
Rule question had been wrecked, and that the dissensions
Laming Worthington Evans, Chief of the Department of between the Irish Nationalists and the Unionists had again
Foreign Trade of the British Foreign Office, in reply to the reached an acute stage. The London "Daily Chronicle's"
criticisms of the British Act which have been so pronounced Parliamentary correspondent says that the agreement broke
here, made a statement to the Associated Press on the 22d down on two points: (1) The phraseology dealing with the
exclusion of the six counties; (2) the retention of the Irish
inst., part of which we print below:
The statutory list has been compiled from one point of view only, namely, members in full force at Westminster. The Unionists hope
to prohibit British citizens from supporting firms which are strengthening for the permanent exclusion of the
six counties from the
our enemies. The test applied before putting a firm domiciled in America
on the statutor list is this: Is that firm by its business operations strength- sphere of the Irish Parliament. The Nationalists count confidently on their ultimate inclusion. The Unionist members
ing our enemies? If so, then British firms may not support it.
It is one of the principal lessons of the world war that the strength of a of the Cabinet unanimously agree that while the
Irish memonly
in
the
consist
resources
not
does
belligerent
and supplies available in
its own territories, but also on those upon which he can draw from neutral bers should be allowed to remain in Westminster in full
countries. As a result of the semi-military organization which the German strength until the next general election, after that their
Government has imposed on its commerce, every Gorman firm throughout number must be reduced to forty, as laid down in
the Home
the world is an outpost, seeking to do its utmost to assist Germany in her
effort to dominate Europe, and the fact that they are established in neutral Rule Act, subject to the proviso that they should be sumcountries in many cases makes them more formidable and their activities moned in their original strength to Westminster to any sesloss easy to combat than would otherwise be the case.
which the permanent settlement of Ireland was to be
Can it then be said fairly that when the British Government is fully aware sion at
of these activities it should do nothing to frustrate them? Can it be as- considered. This proposed reduction of members was settled
serted fairly that, instead of endeavoring to frustrate them, they should bo by the Cabinet without consultation with Mr. Redmond.
actually assisted by British firms, British cables, British banks, and British
Sir Edward Carson, says this correspondent, "dismissed the
shipping lines?
It is true that the trade done by British firms with German firms in neu- idea of coercing Ulster as impossible, more impossible than
tral countries has attained very considerable proportions, and to cut off this ever after the blood of Dublin Fusiliers and
the men of Ulster
trade by moans of tho statutory blacklist meant a certain amount of inevitable loss. But the Government considered that the loss to British trade had mingled in the battlefields. He dismissed as immaterial
would be much less than the loss caused to the enemy, and, besides that, the the dispute about the words 'provisional' and 'permanent.'
sacrifice involved is necessary in the interests of the Allies. It may be All he was anxious about was to insure
that after the war the
pointed out that long before the British statutory blacklist was put into
operation the French Government prohibited its nationals from doing any six counties would not fall automatically into the Home Rule
business with any enemy subject. It can hardly be contended that the scheme. The agreement satisfied this condition, for it pro-.
statutory blacklist is more onerous to trade than the French system, which vided that they could only be included
by a special bill.
long since was recognized by international law.
Moreover, from strictly legal points of view, the blacklist system is a The Prime Minister pointed out that under the Government
piece of purely domestic legislation which simply prohibits British subjects proposals Home Rule would be brought into immediate opera
378
THE CHRONICLE
[VOL. 103.
tion. 'Are you going to throw away that opportunity?'
Secretary Lloyd George, it is stated, frankly admitted
was his blunt question to the Nationalist Party. The agree- that what Mr. Redmond said was true except in one or two
ment was always subject to ratification by the Cabinet. He points. One of these, he said, was the phraseology conclaimed that as it stood it was a fair give-and-take arrange- cerning the exclusion of Ulster. Mr. Redmond interrupted
ment. Mr. Asquith closed his very eloquent and powerful by saying that the form of the words had been carefully conspeech by entreating the Nationalists to reconsider their de- sidered and had been drafted by skilled lawyers and approved
cision and not to allow this opportunity to pass by."
by Sir Edward Carson. Secretary Lloyd George emphasized
It appears that in the course of the debate Premier Asquith the difficulty of embodying heads of agreement in a bill,
threatened a general election over the Irish Home Rule and insisted it was only a question of phraseology. He conquestion, saying: "I ask the House, and will ask the coun- fessed that a departure had been made in the matter of Irish
try, if necessary, whether the Government's proposals are representation in the House of Commons, because the Unionnot fair." The threat was made at the conclusion of debate ist members of the Cabinet found it impossible to secure the
on the motion for adjournment introduced by John Red- assent of their followers to the maintenance of an undiminmond, the Nationalist leader, who called the attention of the ished Irish representation after a general election and after
members of the House to the rapidly growing unrest in Ire- Home Rule had been set up in Ireland The proposal, he
land and the deplorable effect resulting from the Govern- said, therefore, was modified as follows: "Until dissolution
ment not having carried out in its entirety, as he alleged, the Irish members of Parliament remain undiminished Aftertentativeagreement for a temporary government in Ireland. ward the provisions of the Home Rule Act should become
In speaking to his motion for adjournment Mr. Redmond operative, but Irish members should be summoned, in unsaid, according to the Associated Press, that he did not want diminished numbers whenever Parliament considered the
to attack anybody, but merely to state the facts, which, he final settlement." The Government, declared Secretary
said, spoke for themselves. He said that when two months Lloyd George, was faced with the fact that an agreement
ago Premier Asquith had returned from Ireland and an- could not be put through without the modifications he mennounced that the present system of government had broken tioned. He understood Irish members would resist any atdown and that the Cabinet had unanimously requested Mr. tempt to force the bill with these modifications. Continuing,
Lloyd George to bring about, if possible, a provisional settle- Lloyd George said that if that was the Irish view it would
rnent of the Irish question by the consent of everyone con- be idle for the Government to introduce a bill bringing Home
cerned, he was thrilled by the hope that in the interest, not Rule into immediate operation under any conditions, and he
only of Ireland, but of the Empire, the Irish question might regretted it deeply and thought that it was a disaster. He
be put out of the way until the war had ended. The pro- still believed a high-spirited and courageous race could only
posals Mr. Lloyd George put before Sir Edward Carson and be governed with their consent, and the Government cerhimself, Mr. Redmond said, were in no sense their proposals, tainly would not force this proposal on them.
but after considerable negotiations and many changes they
In the end Mr. Redmond's motion was voted down. In
agreed to recommend them to their friends. Mr. Redmond the absence of any amending bill the situation now is that
declared he had had the greatest difficulty in obtaining the .the Order-in-Council postponing the operations of the Home
consent of his supporters, not one of whom would have con- Rule Act as it stands on the statute book until six months
sidered the proposals unless they were put forward as a purely after the lapse of eighteen months, mentioned in the Order-inCouncil issued in September 1915, unless the war has pretemporary settlement for the period of the war.
The agreement, Mr. Redmond continued, was for the pro- viously ended, remains in force.
visional settlement of the question until the war was over, or
The first public meeting allowed in Dublin since the supuntil a final and permanent settlement was arrived at within
a limited time after the war. The first words proposed were pression of 'the uprising was held at Phoenix Park on the
that the whole bill should remain in force during the con- 23d inst. The 6,000 Nationalists present adopted resolutinuance of the war and for a twelvemonth afterward, but tions pledging themselves to oppose the partitioning of Ulster
Sir Edward Carson objected that if Parliament took no action by every legitimate means.
during the twelve months after the war, them the six Ulster
counties should be excluded from the operations of the Home GREAT BRITAIN'S REPLY TO PROTEST ON MAIL
Rule Act of 1914. To meet Mr. Carson's objections the
SEIZURES.
following words were added: "But if Parliament has not by
A memorandum or preliminary reply to the complaints
that time made further permanent provision for the govern- against the seizure of mails on the high seas by Great Britain,
ment of Ireland, the period for which this bill shall remain in which were contained in the American note to tho British
force is to be extended by order of the Council for such time and French Governments, made public hero on May 26
as is necessary to enable Parliament to make such provision." last and published in our issue of June 3 (page 2039), was
"I was informed," declared the Nationalist leader, "that on the 21st inst. handed to Ambassador Page at London
these words would be accepted by Carson and would be in- by the British Foreign Office. The memorandum, which
corporated in the agreement. Another fundamental pro- does not discuss the principles of the case, is considered
posal was that during the transitory period the number of non responsive to American demands. Soon after the
Irish members of the Imperial Parliament was to remain as text of the note was received at Washington, Ambassadors
at present, and this we regarded as an indispensable factor Page and Sharp were instructed to ask the British Foreign
of the temporary character of the whole arrangement. Hav- Office for a complete reply to the American note. The
ing obtained the consent of our supporters to this agreement, British reply displays a trace of irritation over what are
I was faced on my return to London by an entirely new termed "insinuations" on the part of our Government. The
proposal from the Marquis of Lansdowne, which came as a two principal cases referred to in the memorandum are
bolt from the blue. Lord Lansdowne in a speech in the those of the MacNiff Horticultural Company of Now York
House of Lords declared the bill to be introduced would con- and the Standard Underground Cable Company of Pittstain certain structural alterations of the Act of 1914, which burgh. The MacNiff Company complained of the loss
would be permanent and enduring, and I immediately pro- of perishable goods owing to the detention by the censor
tested. Saturday last Mr. Lloyd George and the Home of shipping documents relating thereto. The British
Secretary informed me the Cabinet had decided to insert in Government states that as soon as the matter was brought
the bill two provisions: One wasfor the permanent exclusion to its attention it arranged to have a special mail bag for
of the Ulster counties, and another cutting out of the bill the shipping papers, which would be immediately censored,
agreement for the retention of the Irish members at West- so that no delay would occur.
minster during the transitory period. This decision was
It is in the case of the cable company that the statement
declared to be absolute and final. I stand by every word in is made that "the Government of the United States apthe agreement we came to. I will not agree'to any new peared to insinuate" that the delay in the mail was directly
proposals which would mean an absolute and disgraceful connected with the fact "that a British competitor had
breach of faith on my part toward my supporters in Ireland. obtained a contract for which that company had been
I warn the Government that if they introduce a bill on the tendering." "His Majesty's Government," the note says,
lines indicated, we will oppose it at every stage." Mr. "is astonished that such an insinuation should be made,
Redmond concluded by declaring that while the attitude of especially as the complaint from the cable company appears
himself and his friends toward the war was unaltered and not to have been adequately examined." The text of
unalterable, the Nationalists held themselves free to exercise the British memorandum, as given out by the State Detheir individual judgment in criticising the Government's partment, follows:
vacillation, not only in the conduct of domestic affairs, but
The reply of the Allied Governments to the note addressed by the Secretary of State of the United States to his Majesty's Ambassador at Wash.
in the conduct of the war.
JuLY 29 1916.1
THE CHRONICLE
379
ington on May 24, regarding the examination of mails on neutral ships
The New York Central Lines have arranged for three tours
will be communicated to the Government of the United States as soon
as the arguments contained in that note have been fully considered by in connection with the Bankers' Convention at Kansas City,
the Allied Governments in consultation. Since, however, the note con- namely, Tour A, White Section; Tour B, Red
Section, and
tains in Paragraph 8 certain specific instances affecting the conduct of
the work of examination by the British censorship, his Majesty's Govern- Tour C,Blue Section. Tour A leaves New York at 1:00 p.m.
Saturday, Sept. 9, including a tour of Yellowstone National
ment desires to deal with these instances in advance and in detail.
In that paragraph allusion is made to a largo number of complaints. Park, entering the park
via Gardiner, the northern entrance,
of which no particulars are given. Only four specific instances of these
complaints are cited, and they are put forward in a form which, in the and going out at Yellowstone Station, or what is known as the
absence of any of the details which his Majesty's Government have re- southern or western entrance, thus making a complete tour
peatedly asked for as necessary to identify and trace the occurrences comof the park, returning via Salt Lake City, Glenwood Springs,
plained of, makes it difficult to investigate them. The following facts
Colorado Springs and Denver, arriving in Kansas City in
have, however, been ascertained in regard to them:
MacNiff Horticultural Company, Now York—It is stated that the ample time for the opening of the convention. Apparently
shipping documents relating to perLshable goods for this firm were removed
no other line has advertised this diversity of routes.
from the Now Amsterdam, Costerdijk, and Rotterdam. The mails on
The Estes Park (Rocky Mountain National Park) Tour is
these three ships wore removed for examination on Feb. 10, Feb. 17 and
Feb. 25, respectively. The mails from the New Amsterdam were for- a new venture but one worth serious
consideration. It
warded again, part by the Cedric on Feb. 17 and part by the Lapland on
Feb. 25; tho mails on the Costerdijk were forwarded by tho Lapland on offers a delightful tour, leaving Kansas City after .the conFeb. 25; the mails from the Rotterdam were forwarded part by the earner- vention by special train on Sept. 30 at 10 p.
proceeding
onia, sailing March 4, and part by the Cedric, sailing March 8.
direct to Colorado Springs and arriving at that point on the
It was not until March 22 that a note was received from the United
States Ambassador, inclosing a copy of a letter from the MacNiff Horti- evening of Oct. 1, staying there for two days, leaving Colocultural Company, and stating that the company anticipated difficulties rado Springs the night of Oct. 4, arriving at Denver 7 a.
m.
of this kind in regard to their shipments, the first of which was due to
Oct. 5, staying one day at Denver, thence to Estes Park for
arrive about the beginning of March.
The possibility of preventing such losses to neutrals was considered two days and returning direct to New York. Thus the tour
by His Majesty's Government immediately on receipt of the Ambassadcr's takes in all the beauties of the Colorados.
note, and on April 14 a reply was sent to His Excellency, offering to place
The Estes Park Tour is really an extension of either Tour B,
a special censorship staff at ports of call in order to examine separate mail
bags labelled shipping documents and to roforward such documents by the Red Section, or Tour C, the Blue Section, which travel
the same ship without unloading them with the rest of the mail. It will direct to Kansas City for the opening of the
convention.
therefore be soon that when specific complaints of this kind are made,
Tour B leaving New York Thursday, Sept. 21, and Tour C,
action has been takon immediately to prevent damage to neutral interests,
and tho loss sustained by the MacNiff Horticultural Company, which Saturday, Sept. 23. At the close of the convention Tours
his Majesty's Government much regret, was due to the specific complaint B and C will be merged. One train, returning direct to New
not having reached his Majesty's Government in time to enable them to
York, will be known as Tour C, and the other train, to be
apply the now system to this firm's shipments.
Standard Underground Cable Company, Pittsburgh—The Government known as Tour B, making an extended tour to Estes Park
of the United States appear to insinuate that the delay on this company's (Rocky Mountain National Park), Colorado Springs
and
mail to Christiania was directly connected with the fact that a British
competitor obtained a contract for which that company had been tender- Denver, as outlined under heading of Estes Park Tour.
ing. His Majesty's Government are astonished that such an insinuation Tour B being arranged for members who might find it conshould be made. They are the more surprised at it as the complaint
venient to devote a little extra time to travel after the confrom tho Underground Cable Company clearly appears not even to have
vention, and Tour C a direct tour to Kansas City and return
been adequately examined.
The contracts alluded to are presumably those recently made by tho for those desiring to spend
as little time as possible from their
Christiania Municipal Electric Works. Out of seven contracts placed
by those works, of which his Majesty's Government has record, five were offices. Handsomely illustrated booklets, which can be oballowed to American firms and only two to British firms, and, in spite of tained from the passenger department, tell all about the tour.
the extremely dangerous nature of consignments of copper to Scandinavia,
in view of the German attempts to obtain that article through contiguous
On the 22nd inst. Justice Benedict in the Supreme Court
countries, his Majesty's Government went out of their way to take all
possible stops to facilitate the dispatch from the United States to Norway of Kings County filed an order directing State Superintendent
of the goods necessary to execute the American contracts, including 205,- of Banks Eugene Lamb
Richards to sell before the end of
000 kilograms or electrolytic copper wire, 10,800 kilograms of electrolytic
copper, 12,000 kilograms of copper tubes and 10,800 kilograms of copper September all the unsold real estate of the defunct Union
sheets and bars.
Bank of Brooklyn and its subsidiary corporations and to
Of tho two orders placed with British firms one small one was placed on liquidate all other assets of the bank
without delay. The
Fob. 2 1916 and tho other for a larger amount on April 8 1916. In this
latter case the call for tenders was issued on Feb. 14, the date specified .payment of a 5% dividend to the depositors of the institufor closing being noon on March 30, and the British firm tendered on tion is also authorized. A long opinion accompanying the
March 17. As the first direct inward-bound malls from the United States
for Scandinavia on ships passing around the North of Scotland removed Court's order reviews in detail and criticizes the Banking
for examination by the British censorship were those on the Hollig Olav, Department's methods in successive administrations in
which called at Kirkwall on March 28, it is difficult to understand tho managing the
affairs of the bank since it closed its doorsin
assertion made by the United States Government that owing to the detontion by the British censorship of the Standard Underground Cable 1910. Justice Benedict summarizes his conclusions as folCompany's tender a contract was awarded to a British competitor, and lows:
in the absence of further details It can only be concluded that the American
First. The liquidation should be completed without further delay. The
company's tender never passed through the hands of the British censor period which has already elapsed since the bank passed into the hands of
or that it related to a contract which was not awarded to a British firm.
the Superintendent should have been amply sufficient to wind up the
Money Order Lists.—This complaint must be left for consideration in affairs if the officials in charge of the liquidation had used due diligence.
the final reply of the Allied Governments, as it invovies questions of prin- By that term I mean that degree of dispatch which a person of ordinary
ciple on which consultation between these Governments is still in progress.
intelligence would employ in settling the affairs of a trust in his hands,
Malls from the Medan.—The facts stated in the United States note are where the object to be attained was the payment of the debts and the discorrect, except that it is not made clear, though it is the fact, that the tribution of the assets to those entitled thereto.
neutral mail bags removed from the Medan were all sent on by Feb. 12,
Secondly. To this end. I, therefore, direct the Superintendent to sell,
and that the 182 bags lost in the Mecklenburg were without exception for either at public auction or by private contract, before the end of September
enemy destination. American trade or correspondence with neutral 1916, all the unsold real property of the Union Bank, including all the
countries was, therefore, affected by the loss of the Mecklenburg, and, property belonging to it, but carried in the name of its subsidiary corporathe loss of the mails destined for enemy countries was due to the illegal tions.
sowing of mines with no military object by the enemy themselves.
Thirdly. I direct him to institute at once foreclosure proceedings of any
It will be seen that theso specific complaints do not support the general mortgages now held which are in default as to principal, interest or taxes,
charges against the efficiency of the British censorship which the Govern- and as to which such proceedings have not, as yet, been begun.
ment of the United States have put forward in their noto. His Majesty's
Fourthly. I direct that he sell all securities still held as part of the assets
Government will always be ready to explain in detail the working of the of the bank, including all choscs in action, judgments or other personal
censorship, as there is nothing in regard to it which they desire to conceal. property. Where such securities are pledged as collateral to loans, the
His Majesty's Government desire to emphasize most strongly the fact right, title and interest held by the Superintendent should be sold.
that they have had many instances of complaints against their censorship
Fifthly. I authorize the Superintendent of Banks to declare out of the
which on examination proved to arise from the wrong direction of letters.
funds remaining in his hands after the payment of expenses, a dividend to
the irregular settings of neutral mail boats, such as the Dutch boats,
the general creditors in the amount of 5% upon their;claims, as proved, induring the week following the sinking of the Tubantia, and from other
cluding in this direction any claims which may be allowed by him to the
similar causes entirely outside the control of his Majesty's Government
and often directly due to the action of their enemies. They are obliged, date of such payment.
The opinion accompanying the decision attacks the
therefore, to disclaim responsibility for occurrences complained of until
they have first been given the opportunity of investigating such occurrences lawyers who, in doing work "of a routine character," colin detail.
PAGE.
lected $90,228 76 in fees and disbursements. Justice
July 20.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 167
shares, of which 83 shares were sold at the Stock Exchange
and 84 shares at auction. One lot of forty shares of trust
company stock was also sold at auction.
Shares. BANK—New York.
Low. High. Close.
*117 Commerce, Nat. Bank of__ 170
172
170
BANK—Brooklyn.
260
260
50 First National Bank
260
TRUST COMPANY—New York.
:371
371
371
40 Title Guar.& Trust eo
Last previous sale.
July 1916— 170
Mar. 1915— 265
May 1916— 379
"Of this amount 83 shares were sold at th,e Stock Exchange.
Benedict holds that during the six years following the closing
of the bank, the different Superintendents of Banks have
acted in violation of the banking law in not submitting all
their acts to the court for approval, it beinglheld that the
Bank Superintendent, when he assumes,charge of an insolvent bank, becomes "an arm of the court" and acts
illegally if he takes any action without the permission of such
court. The Court disapproves the actionof the Banking
Department in continuing to carry the real estate of the
bank on the books, especially as theireceipts on account
of this real estate were only $1,373,276_66, while the out-
380
THE CHRONICLE
lays were $2,013,426 54, a deficit of $640,149 88. This
difference, it is pointed out, had to be made up from other
assets of the bank. Justice Benedict remarks that the
Union Bank appeared to have been engaged exclusively in
the real estate business and the Superintendents of Banks,
instead of winding up its affairs for the benefit of the depositors and creditors, have continued it in that business.
The opinion is a very lenghty one and its tenor n ay be
gathered from the following syllabus of it as printed in the
New York "Law Journal:"
[VOL. 103.
and directors Frank Berg, Edwin H.Hatch,Samuel W.Baldwin and Joseph W. Glazier. The Assistant SecretaryTreasurer is Arthur F. Hendersehott.
On the 27th inst. some inkling of the cause of the failure
of the bank was gained when it became known that Edwin
H. Hatch, a Vice-President of the institution, had on that
day been arrested, along with Thomas S. Byrne, the Secretary-Treasurer of the company. Hatch is charged with
having obtained certificates of deposit for $340,000 when he
was entitled to only $34,000. Hatch is ill in bed convalescing from appendicitis. Byrne made a confession to Assistant Prosecutor Mott in Newark and was released on $25,000
bail. Mr. Hatch later read Mr. Byrne's confession and
confirmed it. The statement reads in part as follows:
SUPREME COURT—SPECIAL TERM,PART I.
Kings County.
In the matter of The Union Bank of Brooklyn, in liquidation.
In the matter of the application of Eugene Lamb Richards, as Superintendent of Banks of the State of New York, for leave to declare and pay
On the 18th of May Hatch called me on the telephone from his office in
a dividend to the creditors of the Union Bank of Brooklyn.
The Superintendent of Banks is primarily an administrative officer, ex- New York and requested me to meet him in the Mutual Trust that evening
ercising supervisory and visitorial powers in the licensing, regulation and at 8 o'clock. He requested me to bring the certificate of deposit book to
closing of the institutions subject to his control. While occupying that tne directors' room, which I did. Then Mr. Hatch asked me to make out
status and exercising those powers, his discretion is not the subject of ju- for him, in his name, some certificates of deposit by making the certificate
a different amount than that shown on our books. I refused to do this.
dicial review.
. When or if, however, the Superintendent determines that a banking in- and told Mr. Hatch that I could not do so.
Mr. Hatch told me he agreed with me that it was not the right thing to
stitution is no longer solvent and takes possession of it for the purpose of
liquidation, there springs up a new and different status and there devolve do, but on account of his funds being all tied up on account of Smith's
upon him new functions and different duties. He instantly assumes the failure and that if I signed the certificates it would only be for a short
position of a receiver and thenceforth, except in so far as statutes expressly time, when he would be in a position to take up the certificates in full. We
give him power to do certain things, he becomes the arm of the Court and continued to talk the matter over and I still refused to sign the certificates
lie does not possess nor can he exercise any judgment or discretion on his and the hour was getting late, and we talked about the risk and our families.
When Mr. Hatch said it would save the bank I consented to sign the
own account.
It is his duty to "liquidate" the assets, ascertaining the validity of claims 'certificates.
presented and paying the creditors ,and it is further his duty before paying
Mr. Hatch has absolved Byrne of all blame. Mr. Hatch
out any moneys to obtain the sanction and approval of the Court.
was
Cashier of N. W. Halsey & Co., of this city. The New
The administration and liquidation of the affairs of the Union Bank of
Brooklyn during the period from April, 1910, to May 11916, under succes- York "World" yesterday credited one of the partners of this
sive Superintendents of Banks, criticised on the ground of expenses of ad- firm with the following statement:
ministration and especially in the payment of legal expenses which were
After a most careful examination we have found that Mr. Hatch's
incurred without the sanction of the Court.
accounts with us are perfectly correct. We had no business connection
Payments by the Superintendent of Banks out of the assets of said Union with the Mutual Trust Co. of Orange. We had commercial transactions
Bank to a person occupying the position of Assistant District Attorney. with that company from time to time and tnat is all. Mr. Hatch is not
and drawing a salary as such, were-illegal in so far as intended as compen- involved with our firm in any way.
sation for services having relation to the discharge of duties as Assistant
District Attorney.
J. C. Traphagan, an Assistant Secretary of the Franklin
Criticism of the policy of the Superintendent and his successors in continuing, without the sanction of the Court, to carry real estate investments Trust Co., has been elected a trustee of the American Savof said Union Bank, being assets of doubtful value, using liquid assets of the
ings Bank of this city.
company for the purpose, piling up a deficit by such retention.
Completion of liquidation of the affairs of said Union Bank of Brooklyn
without further delay directed. To that end the Superintendent directed
W.R. Wilson and G.B. Rickenbaugh have been appointed
to sell before September, 1916, all unsold real property of the bank, includ- Assistant Cashiers of the Irving National Bank of this city.
ing all property belonging to it, but carried in the names of its subsidiary
corporations; foreclosure directed of mortgages now held, which are in de_ Mr. Rickenbaugh was Cashier of the Bank of Waynesboro
fault as to principal, interest or taxes; also sale of securities, including choses of Waynesboro, Pa. He is succeeded in that position by
in action, still held on the part of the assets of the bank.
M. F. Brown, a director in the Waynesboro institution.
The Superintendent of Banks authorized to declare out of the funds remaining in his hands, after payment of expenses, a dividend to general creditors in the amount of 5 per centum upon their claims as proved.
Announcement has just been made of the appointment
It is said that an appeal will be taken from Justice Bene- in May, of Miss Lillian Jones, as an Assistant Cashier
dict's order, but this will not prevent the immediate dis- in the Bank of Cuba, in this city. Miss Jones joined the
tribution of the 5% dividend, which amounts to $182,151, agency as a stenographer six years ago.
and is the first since the bank closed its doors.
Frederick J. Fuller, heretofore Assistant Secretary of the
Central Trust Co. of this city, has been elected a ViceAfter an examination of the books of the Mutual Trust
President of the institution.
Co. of Orange, N. J., by Bank Examiners Thorne and
24th
inst. by State
Biddle, the institution was closed on the
The Mechanics Savings Bank of Rochester, N. Y., is
Banking & Insurance Commissioner George F. La Monte. having its building in Exchange Street completely remodeled.
Mr. La Monte gave out the following statement:
It is expected that the work will be completed in a few months.
Under an Act of law the Banking Commissioner has the right to order any
bank to cease operating if he thinks it is being improperly conducted, The exterior of the building will be a modernization of the
insolvent or for any other reason. I ordered the Mutual Trust Co. of Italian Renaissance style, the walls of both front and side
Orange closed, and I am not in a position at present to give any definite to be of Norristone granite. Flanking the entrance will be
statement other than this.
The bank was known as a "poor man's" institution. two Ionic columns 27 feet high and 3 feet in diameter, supAmong the depositors were many foreigners who work in the porting an establature upon which will appear the name
hat factories. It was expected there would be a demon- of the institution in incised letters. The entrance doors and
stration when the announcement of trouble was received, and frame will be of bronze and plate glass. The banking room,
every precaution was taken by the police to guard against which is to be spacious and of stately proportions, will be
a disturbance. Much of the money is in small sums and well illuminated both naturally and artificially. The archirepresents the life savings of depositors. Some of the money tecture of the interior will be of the Renaissance style.
is said to belong to the Patrolmen's Mutual Benefit Asso- During the alterations the bank will carry on its business at
ciation and represents the accumulations of that organi- 33 Exchange Street, which is nearly opposite the old building.
zation for pension purposes for years. Among the other
The Liquidation Committee of the United National
depositors, it is stated, were the hatting unions, which are
also mutual benefit associations, the Church of Our Lady of Bank of Providence, R. I., announces the payment on
the Valley, All Saints' Church and numerous small organi- August 1, at the Industrial Trust Co., of Providence,
zations. The bank was organized in 1902 by the Federal of a third dividend, this time of $20 per share, to the stockTrust Co., of which former State Senator James Smith Jr. holders of the institution. The last dividend, which amounted
was the moving spirit. Several years ago Orange men got to $10, was paid on May.1 last. As noted in these columns
control by purchasing the Federal's stock. Mr. Smith on Jan. 15, the United National has been consolidated
continued to do business with the Orange bank and much of with the Industrial Trust Co.
his paper was there just prior to his failure, but the bank is
At a meeting of the Board of Directors of the Industrial
said not to have been affected, as his paper had been taken Trust Company of
Providence R. I., on the 25th inst.,
care of in season.
Henry A. Hoffman was elected a Director.
The capital was $100,000 and the surplus in the last report
was given as $100,000. The resources amounted to $1,649,A special meeting of the stockholders of the Merchants508 22. Charles R. Wilmot, President of the No Name Mechanics National Bank of Baltimore, has been called
Hat Manufacturing Co., is President of the bank. The for August 28, at the Bank Building for the purpose of
other officers are Thomas S. Byrne, Secretary-Treasurer, voting on the plan of merger with the First National Bank
JULY 29 1916.)
THE CHRONICLE
381
of Baltimore, which was outlined in our issue of last week,
Wade Gard'ner, New York Agent of the Hong Kong &
and other things directly or indirectly connected with it.
Shanghai Banking Corporation, of 36 Wall Street, has received a cable from the head office of the corporation at
The death is announced of John Pitcairn at Bryn Athyn, Hong Kong, stating that an interim dividend
of £2 3s.
Pa., on the 22d inst. at the age of 75. Mr. Pitcairn was the per share, subject to income tax, has been
declared for the
largest stockholder of the Pittsburgh Plate Glass Co., Presi- year 1916. The dividend is payable
Aug. 14.
dent of the Loya,lhanna Coal & Coke Co., a director of the
Central National Bank of Philadelphia, &c., &c.
IMPORTS AND EXPORTS FOR JUNE.
Announcement is made that a dividend of 25% will
The Bureau of Statistics at Washington has issued the
be paid to the depositors of the defunct La Salle Street statement of the country's foreign
trade for June, and
Trust and Savings Bank, of Chicago, after August 14, at from it and previous
statements we have prepared the
the offices of W. C. Niblack, Receiver,in the Chicago following interesting summaries:
Title & Trust Bldg. The amount to be distributed is
FOREIGN TRADE MOVEMENT OF THE UNITED
STATES.
$673,171 19. Mr. Niblack has given out the following
(In the following tables three ciphers (000) are in all cases
omitted.)
MERCHANDISE.
statement:
Exports
The payments will be made to depositors residing in Chicago immediatley on demand on and after Aug. 14, at the offices of the Chicago
Title & Trust Company. To out-of-town depositors checks will be mailed.
Checks will also be mailed to all Chicago depositors who do not call within
two weeks after payments start.
I hope to have anotner payment of about 8 per cent during the winter
some time. If the claim against the Central Trust is affirmed by the
Supreme Court [see issue of July 15. page 213) that will mean another
35 per cent. Should the Supreme Court rule for the stockholders it would
mean that 75 per cent of their losses would be paid.
Carl Reisenberg, it is announced, has been elected Assistant Cashier of the Franklin Trust & Savings Bank of Chicago.
N. W. Halsey & Co. (an Illinois corporation), which for
many years has conducted the investment business of the
various organizations of N. W. Halsey & Co. in the Central
Western States, announces that the business will continue
to be conducted under the same management and with the
same organization as heretofore under the name of Halsey,
Stuart & Co. (corner La Salle and Adams streets), Chicago,
Ill. Branch offices: Detroit, Milwaukee and St. Louis.
On the 24th inst. the Cleveland Trust Co. of Cleveland,
Ohio, announced its intention to open a new branch at Lorain
Avenue and West 99th Street, Cleveland. The new branch,
it is stated, will open for business Sept. 15 under the management of William Heinrich.
Judge Henry Burnett, it is reported, has resigned as director and attorney of the American-Southern National Bank
of Louisville, Ky.
Announcement has been made by the receiver of the
defunct Union National Bank of (Monroe,) La., that arrangements have been completed for the payment of a,
20% dividend to the depositors of the institution. Checks
will be mailed as soon as they are returned by the Comptroller of the Currency, to whom they were sent foe signature. Plans are under way by the stockholders to pay
the
balance of 80% due the depositors. The Union National,
closed its doors on June 9 1915, at which time its deposits
aggregated about $275,000.
A certificate of corporate amendment to increase the capital
stock from $200,000 to $1,000,000 has been filed at Dover,
Del., by the Delaware Trust Co. of Wilmington.
G. W. Fletcher, President of the Idaho National Bank
of Boise and also of the First National Bank of Weiser,Idaho,
died in Portland, Ore., on the 19th inst. Mr. Boise
prominent in financial, business, &c., circles in Boise. was
January
FebruarY
March
April
May
June
July
August
September
October
November_
December
1916.
$330,036
401,784
410,742
399,855
473.499
464.824
Total
anuary
February
March
April
May
June
July
August
September.
October
November.
December
1916.
810,213
13,685
10.774
11,503
11.919
8,311
Total
1915.
$267.879
299,808
296.612
294,748
274,218
288,547
268,975
261,025
300.677
335,233
327.671
359,306
/3,554,695 $2,113.624
GOLD.
Exports
1915.
1914.
$692
$6,914
1,054
9,079
924
2,632
814
407
1,277
16.835
2,822
48,107
2,192
33,669
1,128
18,126
2,034
21,887
2,939
50.202
3,661
14.527
11,889
131
$31,426
January
February
March
April
May
June
July
August
September_
October
November...
December
1916.
$4,636
4,947
5,748
4,856
0,212
4,642
1914.
$204,067
173.920
187.499
162,553
161,733
157,072
154.139
110,367
156,052
194,711
205.878
245.633
Exports
1915.
$5,188
3.425
3,156
4,371
4,741
3.969
3.965
3,378
3,366
5,237
5,971
6,831
1916.
$184.351
193,935
213,590
218,236
229,188
245,897
Imports
1915.
$122,148
125.123
157.982
160.576
142,285
157,695
143,245
141.804
151.236
149,173
155,497
171,833
1914.
$154,743
148,045
182,555
173,762
164.282
157,529
159.677
129,768
139,711
138,080
126.467
114,657
$1,778,597 $1,789,276
Imports
1915.
$6,896
12,727
25,820
16,203
31,136
52,342
17,263
61.641
42,062
79,669
60.982
45,413
1914.
$10,442
3,209
7,842
3.460
1,973
3,817
3.393
3,045
2,763
5,946.
7.392
4,10%
3222.618
SILVER.
$451,954
$57.388
1914.
$ 4,009
3,592
3,882
4,543
4,845
4,639
3,953
3.627
5,390
3.972
3,838
5,3 2
Imports
1915.
$2,287
2.400
2,477
2,603
2,352
3,623
3,003
3,804
2,737
3,219
3,376
2,603
1914.
$2,318
1.914
2.567
2.214
1.755
1.822
1,240
2.097
1.864
2.724
2.705
2.739
1916.
$15,008
8,016
9.777
6,122
27,322
122,735
1916.
$1,852
2,596
2,880
2,178
2,725
3,182
Total ___
$53,599
551,602
$34,484
$25,959
EXCESS OF EXPORTS OR IMPORTS.
Merchandise •
-Gold
Silver
1916.
1915.
1914.
1916.
1915.
1916. 1915..
$
$
$
$
$
$
1
January.... +145,685 +145,731 +49,324 -4.795 -6,204 +2.784
February.-- +207.849 +174.683 +25,875 +7,669 -11,673 +2,351 +2.901
+1.025
March
+186,271 +138,630 +4.944
+997 -24.696 -1-2,868
+679
April
+181,619 +134,170 -11,209 +5,381 -15,389 +2,680 +1,788
+244,311 +131,933 -2,549 -15,403 -29.859 +3,487 +2,389
May
June
+218.927 +110,852
-457-114,424 -49,520 +1,460 +347
July
+125.730 -6,638
-15.071
+962
August
+119.221 -19.401
-60,513
-428
September__
+149,441 +16.341
-40,028
+629
October
+186,060 +56,631
-76,730
+2.018
November_
+172.174 +79,411
-57.321
+2,595
December
+187,473+130,976
-33,524
+4.228
Total
+1.776,098+324,348
-420,528
+19.115
+ Exports. -Imports.
$1
Totals for merchandise, gold and silver for twelve months:
Merchandise.
Twelve
Months,
l Excess
Ex(0005
Intof
Exomitted) ports.
ports. Exports ports.
Gold.
Silver.
Excess
It1Sof
Exports. Exports ports.
Excess
Imof
ports. Exports
I
S
S
$ I 3
s3
1915-16 4,333,699 2,197,9852135714 90,248494.0091403761
1914-15 2,768,589 1,674,1691094420 146,224 171,569 125,345
1913-14 2,364.579,1,893.926 470.653 112,039 66,539 45,500
1912-132,465.884,1.813,003652,876 77,763 69,194 8,5691
1911-12 2,204,322,1,653,264 551,0571 57,328 48,936 8,392
1910-11 2,049.320 1.527,226 522,094 22,510 73,607 151.0971
1 Excess of imports.
8
59,789
50,942
54,965
71,614
64,890
64,750
$
34,154
29,110
30,327
41,269
47,050
45,937
25,635
21,832
24.638
30,345
17,840
18,813
Edward Siefkin, a banker of Los Angeles, Cal., has been
elected President of the Farmers' Exchange National Bank
Similar totals for the six months since January 1 for six
of Sat Bernardino. A. G. Kendall, who resigned as Presi- years make the following exhibit:
dent of the institution, has been elected Chairman of the
Merchandise.
Gold.
Silver.
Six
board of directors, it is announced.
Month.
Excess
A charter has been issued to the American Trades
&
Savings Bank of Racine, Wis. (capital
$200,000). The
new institution has contracted to assume the unpaid
liabilities of the defunct Commercial & Savings Bank of
Racine.
L. H. Parker, is President of the new bank and Henry
Rogers, Cashier.
(0005
omitted)
Exports.
InsVMS.
of
ExExports ports.
$
$
3
1916- 2,480,740 1,285,197 1195543
1913.... 1,701,808 865.809835,999
1914___ 1,046,844 980,916 65,928
1913._ 1,166,282 879.587286,695
1912_ _ _ 1,099,616 884,652214,964
___ 987,821 763.746224.075
1910._ 804,759 799,424 5,335
I Excess of imports.
I Excess
Imof
Esports. Exports ports.
$ I $
S
66,405 186,980i120575
7,583 144,924 i137341
83,974 30,7431 53,231
63,735 27,9101 35,825
33,397 25,264J 8,133
13,252 33.7731120.521
49,516 19,3
30,128
$
31,041
24,850
25,510
33,322
33,669
34,443
27,054
Excess
Imof
ports. Export,
$
15.411
15,742
12,590
8,132
25,264
21,962
21,901
$
15,830
9,108
12,920
15,190
8,405
12,481
5,153
The Hibernia Savings Bank of Portland Ore., has
in",
stalled itself in its new quarters at Fourth and
THE ENGLISH GOLD AND SILVER MARKETS.
Washingtont
Streets. In its new home the bank is provided with every
We reprint the following from the weekly circular of
modern facility. The interior of the building is finished Samuel Montagu & Co. of
London, written under date of
in mahogany except the directors' room which is paneled July 6 1916:
walnut.
Circassian
in
GOLD.
For the sixth time in succession the external movements have
favor of the Bank of England.
been in
382
THE CHRONICLE
[VOL. 103.
'
try will endeavor to send as large a proportion as possible in manufactured
goods.
The production of the United States of America, according to the final
figures of the U. S. A. Mint, was 74,961,075 oz. This total is about 7,500,000 oz. more than estimated, and about 2,500,000 oz. more than the
total of 1914.
The last three Indian currency returns received by cable give details
In lacs of rupees as follows:
July 7.
June 30.
June 22.
71,37
71,13
68,68
Notes in circulation
SILVER.
23,99
23,64
21,30
Reserve In silver coin and bullion
have
tended
• The market has continued to be apathetic, and prices
12,40 ,
12,51
12,40
Gold coin and bullion
downward.
11,92
11,92
11,92
Gold in England
The London stock now exceeds ten million standard ounces, and the
bars
4,500
bars,
as
with
4,400
of
consists
compared
The stock in Bombay
fact, whilst not any evidence of weakness—for a large proportion of the last week. No shipment was made from Sap Francisco to Hong Kong.
amount is not at all likely to come into the market—has rather discouraged
Quotations for bar silver per oz. standard:
outside buying, such as from the Indian Bazaars. The main cause of the
Bank rate
No
6%
29 15-16 cash
July 7
heaviness of the market is a certain amount of selling by banks dealing
77s. 9d.
quotation Bar gold per oz. std
295
Nominal
French gold coin per oz
fixed
with China, which, together with normal supplies from America, has met
10
28,8
U.S. A. gold coin per oz_ _ .. _Nominal
for
29 X,
11
the demand for coinage—a demand necessarily urgent and continuous.
" forward
29%
12
It is reported from New York that "another cause which is operating in
" delivery.
30
13
favor of silver is the universal rejection by the Mexican people of the Av.for week 29.468
Carranza currency, and their hoarding of silver. One largo copper proThe quotation to-day for cash is Yid. below that fixed a week ago.
ducer informs us that out of their monthly pay-roll 25% of silver disappears
each month from circulation.
It will be noticed from the figures below that the silver reserve of the
ENGLISH FINANCIAL MARKETS—PER CABLE.
Indian Treasury has increased rather substantially between the 22 and
30th of June. Whether this is duo to the addition of newly purchased
The daily closing quotations for securities, &c.,at London,
silver or some easing off in the drain of rupees is naturally not stated, but it as reported by cable, have been as follows the past week:
should be noted that the increase of silver reserve was loss than the inJuly 22. July 24. July 25. July 26. July 27. July 28.
London,
crease in the total note issue during the period.
Fri.
Wed. Thurs.
Tues.
Sat.
Mon.
Week ending July 28.
The last three Indian currency returns received by cable give details in
30 5-16
30X
29 15-16 30M
d 30 3-16 3054
Silver, per oz
lacs of rupees as follows:
5934
593
60
593
5034
5934
June 15.
June 22.
June 30. Consols,2% per cents
06
9634
96
9631
9534
9034
67,87
68,68
71,13 British 434 per cents
Notes in circulation
64.00
64.20
64.30
64.50
64.60
Rentes
(in
64.60
Paris).fr_
French
20,54
23,64
21,30
Reserve in silver coin and bullion
(in
5%
War
Loan,
French
12,35 •
12,51
12,40
Gold coin and bullion
90.90
90.85
90.80
90.75
90.70
fr_
Paris)
11,92
11,92
Gold in England
11,92
The following amounts wore received by the Bank:
June 30— £33,000 in bar gold.
July 3—
5,000
5-1,018,000
40,000 " sovereigns released on Egyptian account.
Withdrawals were made as under:
June 29— £103,000 in sovereigns for Spain.
" U. S. A.
5,000 "
30—
During the week the influx amounted to $988,000.
'
'
The stock in Bombay consists of 4,500 bars as compared with 47,00
bars last week.
No shipment was made from San Francisco to Hong Kong.
Statistics for the month of Juno are appended:
32%
Higest price for cash
" "
30
Lowest
31,0 6
" "
Average
Quotations for bar silver per oz. standard:
5%
No
Bank rate
cash
Juno 30-31
"
quotation Bar gold per oz. standard_ _77s. 9d.
July 3-31
"
fixed for French gold coin per oz_ __ _Nominal
4-30U
"
forward U. S. A. gold coin per oz.._ _Nominal
" • 5-30M
"
delivery.
" 6-30X.
cash
Av.for week 30.7
The quotation to-day for cash is 1 3-16 below that fixed a week ago.
44
We have also received this week the circular written under
date of July 13 1916:
GOLD.
For the seventh time in succession the external movements have been in
favor of the Bank of England. The following amounts wore received by
the Bank:
soVereigns released on Egyptian account.
417,7—•.€80,000 in bar
gold.
12-854,000 in
12-100,000 in sovereigns released on Egyptian account.
A withdrawal was made as under:
July 7— £7,000 in sovereigns for the U. S. A.
During the week the net influx amounted to £1,027,000. The Transvaal
gold output for June 1916 amounted to £3,235,767, as compared with
£3,208,224 in Juno 1915 and £3,303,377 in May 1916. The net import of
gold into India for the month of June amounted to £164,933. The production of gold in the U. S. A. was worth $101,035,700 in 1915. This exceeds
the total for 1914 by about £1,300,000.
SILVER.
The downward course of prices continued until—preceded by a drop of a
whole penny-28;i was recorded on the 10th inst. The quotation had not
been so low since March 27 last. This figure, however, proved tempting
to the Indian bazaars and provoked some covering on the part of China.
The price rallied at once and continued to advance daily, while the market
betrayed an improved tone. The Indian Inquiry was helped by the purchase of 400 bars for Hyderabad.
The situation of silver at the present time, considered from the point of
view of China,is more than usually interesting. The rise lathe price to the
neighborhood of 37d. which took place in the early part of May,could not
fail to affect strongly the trade, prices and currency of that country, all of
which depend largely upon the gold value of silver. In the case of so vast
an extent of territory as China,and one so ill-provided with communications,
the influence of silver prices, though sure, can only permeate in a slow
fashion, and It is possible that recent sales on Chinese account were set in
motion by the rise, even though it occurred ten weeks ago. Another
cause of the freedom with which China has sold silver may have been the
moratorium proclaimed in that country. A suspension of specie payments
would create a fear in the minds of the Chinese, always upon their guard
against officialdom, lest their silver treasure might be annexed. Thus a
steady flow, as secret as possible, would ensue towards the Treaty Ports.
The accumulation of such fresh stocks would naturally provoke sales of
Silver to India and London. The permanent currency requirements of
China, however, must not be overlooked. It is only possible to hazard
guesses as to the amount of silver of which China has been relieved during
the last year and a half, but without doubt it is extremely largo. Shipments to the extent of 8,500,000 taels were made on Russian account in
1915. As.suming a third of that amount to have been remitted in the current year, the total during 18 months would be some 13,000,000 ounces.
Add to this at least 20,000,000 ounces in sycee or dollars sold to the Indian
Government, the Indian bazaars and London, and a total of 33,000,000
ounces is arrived at. No one at all conversant with the currency requirements of China can imagine that that country can dispense with so largo
an amount of its stock for any great length of time, for in normal times
China attracts annually an amount of the world's supplies which compares
appreciably with the total lately disgorged. Hence,sooner or later, China
will have to make good this efflux of specie, and the return of the silver may
coincide with an agreement between the provinces recently at variance,
and the restoration of public confidence which would follow that event.
It should be borne in mind that the extent of the anticipated replacement
would depend upon the price of silver. The higher the price, the less si ver
is likely to flow back.
The rumored loan of £6,000,000 to be made to China by the United
States of America may be remitted partly in silver, though the latter coun-
The price of silver in New York on the same days has been:
Silver in N. Y., per oz._cts. 6334
6334
6234
6334
6334
6334
Orannxercial nuciTaisceilantonscAtnrs
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.
Per I When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
3
Aug. 28 Holders of rec. July 22a
Alabama Great Southern, pref
Aug. 28 Holders of rec. July 22a
1
Preferred (extra)
Atch. Top.& S. Fe, corn.(qu.)(No.45). 134 Sept. 1 Holders of rec. July 31a
Atch. Top.& Santa Fe, pref.(No.36)__.. 254 Aug. 1 Holders of rec. June 30a
234 Sept. 1 Holders of rec. July 240
Baltimore .gv Ohio, common
2
Sept. 1 Holders of rec. July 24a
Preferred
Aug. 15 Holders of roc. Aug. 9
Buffalo Rochester & Piltsb., cont. & pre_ 3
Aug. 1 Holders of rec. June 30a
Buffalo & Susquehanna, corn.(No. 1).... 1
134 Aug. 1 Holders of rec. June 30a
Canada Southern
Aug. 1 Holders of roe. July 14a
2
(quar.)
Jersey
New
of
RR.
Central
234 Sept. 1 Aug. 15 to Oct. 1
Chicago Milwaukee & St. Paul
354 Sept. 1 Aug. 15 to Oct. 1
Preferred
Chic. St. Paul Minn. az Omaha, com.& Pf 354 Aug.d21 Holders of rec. Aug. la
8754c. Sept. 1 Holders of roe. Aug. 10a
Cleveland dc PIRO. reg. guar. (guar.)
Special guar. betterment stock (qua,.)_ _ 50c. Sept. 1 Holders of roe. Aug. 10a
Nov. 1 Holders of rec. June 15a
3
Cuba RR., common
Aug. 1 Holders of rec. Juno 30a
3
Preferred
134 Aug. 1 Holders of rec. July 7a
Great Northern (quar.)
234 Sept. 1 Holders of roe. Aug. 7a
Illinois Central (No. 123)
334 Aug. 10 Holders of roe. July 20a
Louisville & Nashville
Aug. 1 Holders of rec. July 15a
$5
MahonIng Coal RR., common
134 Sept. 1 Holders of rec. Aug. la
Maine Central, preferred (quar.)
2 • July 29 Holders of rec. June 30a
Michigan Central
354 Aug. 1 July 22 to Aug. 1
Nashville Chattanooga Az St. Louis
134 Aug. 1 Holders of rec. July 7a
New York Central RR. (quar.)
134 Sept. 19 Holders of rec. Aug. 31a
Norfolk & Western, common (quar.)
Aug. 19 Holders of rec. July 31a
1
Preferred (quar.)
154 Aug. 1 Holders of rec. July 10a
Northern Pacific (quar.)
75c. Aug. 31 Holders of rec. Aug. in
Pennsylvania RR. (quar.)
$2.50 Aug. 1 Holders of rec. July 20e
Pittsburgh az Lake Erie
$10 Aug.d15 Holders of rec. Julyd31
Extra
Aug. 10 Holders of rec. July 25a
2
Reading Company, common (quar.)
Sept. 14 Holders of roe. Aug 29a
1
' First preferred (guar.)
Aug. 10 Aug. 1 to Aug. 0
2
Utica Clinton & Binghamton
Street and Electric Railways.
131 Aug. 15 Holders of rec. July 31a
American Railways, pref. (guar.)
34 Aug. 1 Holders of rec. July 20
Bangor Ry.& Elec., corn.(guar.)(No.10)
Aug. 1 Holders of rec. July 15
Bay State Street fly., fIrst preferred_ _ _ _ 3
Sept. 1 Holders of rec. July 31
Brazilian Trac., Lt. & Power, ord. (qu.) 1
Aug. 1 Holders of rec. July 24a
2
Tramway
(quar.).Plainville
Bristol az
$8 Aug. 1 Holders of rec. July 18
Chicago Rya.. partici. Ws.. Series 1
34 Aug. 1 Holders of roe. July 15a
Cities Service. common (monthly)
34 Sept. 1 Holders of rec. Aug. 15
Cities Service, common (monthly)
Sept. 1 Holders of rec. Aug. 15
/2
Common (payable in common stock)
34 Sept. I Holders of rec. Aug. 15
Preferred (mOnthly)
134
Aug. 1 Holders of roe. July 15
(No.10)
Columbus Ry.Pow.&Lt.com.(qu)
134 Aug. 1 Holders of roe. July 15
Preferred series B (quar.)(No. 10)
Aug. 1 July 18 to Aug. 1
Commonw'th Pow.,fly. az Lt., com.(qu.) 1
134 Aug. 1 July 18 to Aug. 1
Preferred (quar.)
Aug. 15 Aug. 1 to Aug. 15
Connecticut By. & Ltg., cam. & pl. (quar.) 1
Cumberland Co.(Me.) P.& L., pf. (qu.)_ 134 Auir. 1 Holders of rec. July 15a
134 Sept. 1 Holders of roe. Aug. 16a
Detroit United fly. (quar.)
134 Aug. 1 Holders of roe. July 1
Duquesne Light, pref. (quar.) (No. 6)._
34 Aug. 1 Holders of rec. July 12
E.St. Louis & Sub. Co.. pr.(qu.)(No.10)
Grand Rapids Sty., pref. (guar.)(No.63) 134 Aug. 1 Holders of rec. July 20
34 Aug. 15 Holders of rec. July 31a
Illinois Traction, common (quar.)
15a
Jacksonville Trac.. pref. (quar.) (No. 22) 75e. Aug. 1 Holders of roe. July 31
roe. July
Lehigh Valley Transit, pref. (quar.)_ _ _ _ 134 Aug. 10 Holders of roe.
July 18
Lewiston Aug.& waterv.,pf.(qu.)(No.25) 134 Aug. 1 Holders of
134 Aug. 1 July 22 to July 31
Lincoln* Traction, pref. (guar.)
134 Aug. 1 Holders of rec. July 29a
Massachusetts Cons'd Rys., pref. (quar.).._
Milw.Elec.Ry.& Light, pref.(qu.) No. 67) 134 July 31 Holders of roe. July 20a
Trac.,
134 Aug. 1 Holders of roe. July 25a
pref.(quar.)
Monongahela Valley
2ls Aug. 1 July 13 to Aug. 1
Montreal Tramways (guar.)
July 31 July 23 to July 31
2
New Hampshire Electric Railways
la
Philadelphia Co., corn. (guar.) (No. 139) Ernie. Aug. 1 Holders of rec. July
$1.25 Sept. 1 Holders of rec. Aug. 100
Philadelphia Co.,5% preferred
15a
July
roe.
1
of
Aug..
Holders
131
29)
(No.
(qu.)
pref.
Serv.
Invest.,
Public
Aug. 1 Holders of rec. July 15a
Railway & Light Secur., corn.(No. 14).._ 3
Aug. 1 Holders of rec. July 15a
3
Preferred (No. 23)
1 Holders of roe. July 20a
2
Aug.
(quar.)
Bedford
New
By.,
Union Street
$1.43 July 29 Holders of rec. July 28
United Power dc Transportation
134 Aug. 1 July 23 to Aug. 1
West PennItallways, pref. (quar.)
tra) _
h3 Aug. 15 Holders of rec. Aug. 1
West Penn Traction, preferred (extra)
h3 Sept. 15 Holders of ree. Sept. 1
Prof. (on account accum. dividends)._
$1.25 July 31 Holders of roe. July 20a
York Railways. preferred
Name of Company.
383
THE CHRONICLE
JULY 29 1916.]
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
•
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
6234c. Sept. 1 Holders of rec. Aug. 15
Ohio Cities Gas, common (guar.)
Dec. 1 Holders of rec. Nov. 15
5
Common (payable in common stock)__
Omaha Elec. Light dr Power, Prof.
234 Aug. 1 Holders of rec. July 20a
Ontario Steel Products, pref. (guar.) _
134 Aug. 15 Holders of rec. July 28
$4 July 31 Holders of me. June 300
Osceola Consolidated Mining (guar.)
134 Aug. 1 Holders of rec. July 28a
Pacific Coast Co., 1st pref. (guar.)
Aug. 1 Holders of rec. July 28a
1
Secand preferred (quar.)
Pacific Power de Lt., pref. (WI.) (No. 24) 134 Aug. 1 Holders of rec. July 21
134 Aug. 1 Holders of rec. July 15
4
Aug. 1 Holders of rec. July 26a Packard Motor Car. common (guar.)
Aug. 1 Holders of rec. June 18a
Packard Mot Car,corn (pay in com.stk.) /50
134 Aug. 1 Holders of rec. July 20
Aug. 15 Holders of rec. Aug. 8
1
1234 Aug. 1 Holders of rec. July 24a Penmans. Limited, common (quar.)...
Preferred (guar.)
Aug. 1 Holders of rec. July 25a
3
134 Aug. 1 Holders of rec. July 21
Aug. 1 Holders of rec. July 25
Aug. 1 July 26 to July 31
5
Penn Seaboard Steel Corporation (guar.) $1
734c. Aug. 1 Holders of rec: July 15a
Penn Traffic
2 Holders of rec. Sept.30
Oct.34
People's Gas Light dr Coke (guar.)
134 Aug. 25 Holders of rec. Aug. la
Portland(Me.)Gas&Coke,pf (qu.)(No.26) 134 Aug. 1 Holders of roe. July 24
Miscellaneous.
July 31 Holders of rec. June 30
3
Aug. 15 Holders of rec. Aug. in Prairie Oil & Gas (guar.)
1
American Bank Note, common (quar.)
2
July 31 Holders of rec. June 30
Extra
134 Aug. 15 Holders of rec. July 31a
American Brass (guar.)
(quar.)
Line
Pipe
July 31 Holders of rec. June 30
5
Prairie
31a
July
rec.
of
Holders
15
Aug.
334
Extra
5
July 31 Holders of rec. June 30
Extra
134 Aug. 1 Holders of rec. July 15a
American Cigar, common (guar.)
1
Sept. 6 Holders of rec. Aug. 16
July 29 Holders of rec. July 15a Pressed Steel Car, common (No. 24)
1
American District Teleg. of N.J.(quar.)_
(No.
(guar.)
134
Aug. 23 Holders of rec. Aug. 2
70)
Preferred
18
July
rec.
Aug.
of
Holders
1
Amer. Gas dr Elec., pref. (guar.)(No.38)
5
to Aug 15
Procter & Gamble, common (guar.)
Aug. 15 July 23
Aug. 1 July 20 to Aug 2
4
American Glue, preferred
Common (payable in stock)
Aug. 15 July 23
/4
Aug 15
to
lu Aug. 15 Holders of rec. Aug. in
Amer. Graphophone, pref.(qu.)(No. 73).
1g Aga5
1 Holde of rec. July 17a
Pub. Serv. of Nor. Ill., corn. & pf. (guar.) 2
Aug.Holders
Sept. 1 Holders of rec. Aug. 17
5
AmericanHide & Leather, pref
Holders of rec. July 310
Aug. 15 Holders of rec. Aug. 10a Pullman Company (guar.) (No. 198)-1
Am. La France Fire Eng.,Inc.,com.(gu.)_
30e. Sept. 1 Aug. 16
Pure Oil, common (guar.)
to Aug. 31
American Light & Traction, coin. (guar.) 234 Aug. 1 July 16 to July 31
100. Sept. 1 Aug. 16 to
Common (extra)
Aug. 31
Common (payable in common stock)... f234 Aug. 1 July 16 to July 31
Pyrene Mfg. Co., corn. (guar.) (No. 15). 2
Aug. 1 July 26 to July 31
Preferred (guar.)
134 Aug. 1 July 16 to July 31
QuakerOats,
143
preferred
31
Aug.
(guar.)
Holders
of
rec.
la
Aug.
July
134
rec.
of
Holders
% Aug. 2
American Malt Corporation, pref. (guar.)
Sapulpa Refining, common (monthly)
10e. Aug. 1 July 22
to Aug. 2
Aug. 1 Holders of rec. July 20
Amer.Pipe & Construe. Securities, pref._ 4
Scoville Manufacturing
15
10
1
Aug.
Aug.
of
Holders
rec.
25
July
to
1
Aug
15
Aug.
Amer. Soda Fountain (guar.)
134
134 Aug. 15 Holders of rec. July 31a
1 Holders of rec. July 31a Sears, Roebuck dr Co., common (quar.)
American Utilities, pref. (guar.)
Aug.134 ug. 10
Sierra Pacific Elec., pref.(guar.)(No.28) 1
Aug. 1 Holders of rec. July 18a
Holders of rec. July 24
12.50
Amer. Zinc, Lead Sr Smelt. pref. (qu.)
22a
&
Oil
Sinclair
Refining
July
1)
(No.
roe.
Aug. 10 Holders of rec. Aug. 1
of
$1.25
Holders
1
28
.
146
$$
Copper
Anaconda
Mining (guar.)
I% Aug. 15 Holders of rec. July 31
Southern California Edison, com.(guar.)._
1u Aug. 1 July 21 to Aug. 1
Atlas Powder, preferred (guar.)
Southern
Pipe Line (guar.)
6
Sept. 1 Holders of rec. Aug. 15
Aug. 15 Holders of roe. July 27a
Barnhart Bros.& Spindier,lst&2d pf.(qu.)
5
Standard Milling, common (No.5)
Aug. 15 Holders of rec. Aug. 5a
Aug. 2 to Aug. 15
Borden's Condensed Milk, com.(No. 42).... 4
Preferred (No. 27)
1
Aug. 15 Holders of rec. Aug. 5a
Aug, 1 July 23 to July 31
I
Brill (J. 0.) Co., preferred (guar.)
3
Aug. 31 Holders of rec. Aug. 7
Aug. 1 Holders of roe. July 24a Standard 011 (Indiana) (guar.)
Brown Shoe, Inc., preferred (guar.)---of
in
Holders
rec.
Aug. 1 Holders of rec. July 15
Co.
Steel
of
Aug.
Ltd.,
Canada,
(quar.)_
15
pref.
Aug.
134
134
12)....
Burns Brothers, corn. (guar.) (No.
134 Aug. 1 Holders of rec. July lfia Stewart-Warner Speedometer, corn. (qu.) 134 Aug. 1 July 23 to July 31
Preferred (guar.) (No. 11)
151 Aug. 1 July 23 to July 31
Preferred (guar.)
134 Aug. 15 Holders of rec. July 31a
Cambria Steel (guar.)
Taylor-Wharton Iron&Steel, pref.(quar.) 134 Aug. 1 July 26 to July 31
134 Aug. 16 Aug. 1 to Aug. 10
Canada Cement, pref. (guar.) (No. 26).. 5
Aug. 15 Holders of rec. July 31
Texas Pow. & Light, pref. (qu.) (No. 17) 134 Aug. 1 Holders of rec. July 25
Canada Foundries & Forg., corn. (quar.) 3
$1 Aug. 1 Holders of rec. July 25
Aug. 15 Holders of rec. July 31
Torrington Co., common
Common (extra)
15 Holders of rec. July 31
Aug.
Oct. 2 Holders of rec. Sept.20a
Underwood Typewriter, common (guar) 1
134
Preferred (guar.)
Preferred (guar.)
134 Aug. 1 Holders of rec. July in
134 Oct. 2 Holders of roe. Sept.200
Canada Steamship Lines, preferred
Aug. 1 Holders of rec. July 10a United Cigar Mfrs., common (quar.)
1
Aug. 1 Holders of rec. July 24
1
(guar.)
common
Leather,
Central
Aug. 1 Holders of rec. July 10a United Cigar Stores, corn.(guar.)(No.15) 134 Aug. 15 Holders of rec. July 28a
1
Common (extra)
$1.50 Aug. 1 Holders of rec. July 25
United Drug, 1st pref. (guar.) (No. 2)
1.34 Aug. 1 Holders of rec. July 15
Chic. Wile:. & Frank. Coal, pref.(quar.)..
1
134 Aug. 1 Holders of rec. July 25a U. S. Bobbin & Shuttle, corn.(guar.)
Aug. 1 July 21 to July 31
Clinchfield Coal Corp., pref. (guar.)
Preferred (guar.)
154 Aug. 1 July 21 to July 31
Cluett,Peabody & Co.,com.(qu.)(No. 11) lg Aug. 1 Holders of rec. July 204
U. S. Envelope, corn. & pref
Aug. 15 Holders of rec. July 26a
h30
334 Sept. 1 Holders of rec. Aug. 15
Colorado Fuel & Iron, preferred
2
Aug. 1 Holders of rec. July 15a U. S. Rubber, first preferred (quar.)
July 31 Holders of rec. July 15a
2
Commonwealth Edison (guar.)
Sept. 15 Holders of me. Aug. 9
Second preferred (guar.)
Consolidated Gas (guar.).
134 July 31 Holders of rec. July 15a
be Sept. 1 Holders of me. Aug. 18
134 July 31 Holders of roe. July 22a United States Steamship
Consolidation Coal (quar.)
Aug. 15 Holders of rec. Aug. 8
53 Aug. 1 Holders of rec. July 18
Continental Paper Bag, pf.(qu.)(No.64)
Extra
Aug. 6 July 21 to Aug. 6
U. S. Steel Corporation, common (guar.)
Cosden & Co.(cash or stk.-see note "i') 501
134 Sept.29 Sept. 2 to Sept. 11
Sept.20 Sept. 2 to Sept. 11
1
Aug. 1 Holders of rec. June 30a
Common (extra)
Cuba Company, preferred
Aug. 1 Holders of rec. July 26
134 Aug. 30 Aug. 1 to Aug. 10
Preferred (guar.)
De Long !look & Eye (guar.) (No. 84)..... 2
1 Holders of rec. July 15
United Verde Extension Mining (No. 1).
Diamond Ice & Coal, 1Vilm.,Del.,pf.(gu.)_
Aug. 1 Holders of rec. July 26
A"
c2-0 Aug.
1.
5°
$
Diamond Match (guar.)
Sept. 15 Holders of rec. Aug. 31a, Washington (D.C.) Gas Light (guar.)
75e. July 31 Holders of rec. June 300
Westinghouse Elec. & Mfg,corn.(guar.)
Dominion Bridge, Ltd. (guar.)
Aug. 15 Holders of rec. July 31
2
West Penn Power, pref.(guar.)(No.2)_
134 Aug. 15 Holders of rec. Aug. 1
Aug. 15 Holders of rec. July 31
Extra
3
White(J. G.) ab Co.. WV.(gu.)(No.53)..
134 Sept. 1 Holders of rec. Aug. 21a
Dominion Coal, Ltd., preferred
334 Aug. 1 Holders of rec. July 15
White(J.G.) Engineering,Pf.(gu.)(No.14)
134 Sept. 1 Holders of rec. Aug. 21a
Dominion Steel Corp., Ltd., pref. (guar.) I% Aug. 1 July 16 to Aug. 1
134 Sept. 1 Holders of me. Aug. 184
duPont(E.I.)de NeMours Pow.,c0m.(qu.) I% Aug. 1 Holders of rec. July 22a White (J. G.) Manag't, pf. (qu.)(No. 14).
3
Aug. 1 Holders of rec. July 24a
Willys Overland, common (guar.)
11.1 Aug. 1 Holders of rec. July 22
Preferred (quay.)
k5 Oct. 2 Holders of rec. Sept. 15a
Common (payable in corn stock)
Sept. 15 Holders of roc. Sept. 1
Eastern Steel, lot pref. (guar.)
Sept. 1 Holders of rec. Aug. 10a
Woolworth (F. W.) Co., common (guar.) 2
Sept. 15 Holders of rec. Sept. 1
h21
First pref. (on acct. accrued dies.)
Aug. 15 Holders of roe. July 22a
10
Eastman Kodak, common (extra)
a Transfer books not closed for this dividend. b Less British income tax. d CorAug. 1 Holders of rec. July 15
Edison Elec. Ill.. Boston (qu.)(No. 100) 3
Aug. 1 Holders of rec. July 210 rection. e Payable in stock. /Payable in common stock. g Payable in scrip.
Edison Elec. Ilium. of Brockton (quar.).. 2
134 Aug. 1 Holders of rec. July 22a h On account of accumulated dividends. I Option Is given stockholders from
Electrical Securities, preferred (quar.)...July 20 up to and including Aug.4 to take the dividend in either cash or stock. k DeElectric Bond & Share, preferred (quar.). 1% Aug. 1 Holders of rec. July 19
Aug. 1 Holders of rec. July 24
2
clared 10%, payaole in common stock 5% as above and 5% April 2 1917 to holders
Elgin National Watch (guar.)
6
Aug. 1 Holders of roe. July 15
of record March 15 1917
Eureka Pipe Line (guar.)
31.25 July 31 Holders of rec. July 26
Exchange Buffet Corp. (guar.)
234 Aug. 1 Holders of rec. July 15
Fajardo Sugar
Auction Sales.-Among other securities, the following,
5
Aug. 1 Holders of rec. July 15
Extra
5
Sept. I Holders of rec. July 15
Extra
not usually dealt in at the Stock Exchange, were recently sold
Aug. 1 Holders of rec. July 18a
Fall River Gas Wks.(guar.)(No.87)-- - 3
134 July 31 Holders of rec. July 28a at auction in New York, Boston and Philadelphia:
Federal Sugar Refining, pref. (guar.)_ _ _
Ft. Worth P. & Lt., pt. (guar.)(No. 20). 134 Aug. 1 Holders of rec. July 20
By Messrs. Adrian H. Muller & Sons, New York:
(guar.)
pref.
Co.,
(Robt.)
134 Aug. 1 July 25 to Aug. 1
(lair
Percent.
Bonds.
Per cent.
Shares. Stocks.
134 Sept. 1 Holders of rec. Aug. 21
General Chemical, common (guar.)
$5,000 Underwr's Bldg. Co.5s.'28_100
55 United States F. Ins., $20 ea__126
5
Aug. 1 Holders or'rec. July 15a
General Motors, common (guar.)
2,730 Atl. Mutual Ins,scrip of'16 10434
40
ea__
$50
pref.,
Cromwell
200
Broa.,
(guar.)._
1
Aug. 15 Holden of ree. Aug. 40
Goodrich (B. F.) Co., common
The collateral for St. Louis
50 Cromwell Bros., corn.,$50 ca_- 8
1
Nov. 15 Holders of rec. Nov. 3
Goodrich (B. F.) Co., common (guar.)
& San Francisco RR. notes
390 Heywood, Strasser & Voight
Oct. 2 Holders of rec. Sept. 21
Preferred (guar.)
under agreement dated Sept.
$7,600 lot
Co
Litho.
Aug. 1 Holders of rec. July 14a
Granby Cons. Min., Smelt. dr Pow.(qu.) 2
3 1912 (sold by Equitable
34 National Bank of Commerce__170
Grant Motor Car Corp., pref. (quar.).... 1734e. Aug. I Holders of rec. July 15
Trust Co.)
95
$650,040
76 Realty Associates
2
Aug. 28 Holders of rec. Aug. ha
Greene Cananea Copper (guar.)
260
Brooklyn.
of
Bank
Nat.
First
50
Gulf States Steel, 2d pref. (guar.)(No. 1) 134 Aug. 1 Holders of ree. July 153
371
40 Title Guar.& Trust Co
134 Aug. 1 Holders of rec. July 25a
Harrison Bros.& Co., Inc., pref.((Mara_
4934
19 Indian Refining Co
Sept. 1 Holders of rec. Aug. 19
Hart, Shaffner & Marx, Inc., cam. (guar.) 1
13( Aug. 15 Aug. 6 to Aug. 15,
Hercules Powder, preferred (guar.)
By Messrs. Francis Henshaw & Co., Boston:
pref.
1)._
Corporation,
(No.
Sugar
$2.14
1
Aug.
Holders of rec. July 15
Holly
$ per sh. Shares. Stocks.
$ per sh.
Shares. Stocks.
Aug. 1 Holders of rec. July 21
3
Houston Oil, preferred
40 Butte Water Co., $25 each
21
290
1 Merchants' National Bank
Illinois Northern Utilities, pref. (guar.)._
134 Aug, 1 July 21 to July 31
Falls Manufacturing....19234 10 Lynn Gas & Electric
410
Great
5
prof.
Sec.
Power
Corp.,
(qu.)._
Ilium. &
Aug. 15 Holders of rec. July 31
99
on
Quincy
S.
div.
10
C.
Mills,
Mkt.
Ware&
Nashawena
10
Indiana Pipe Line (guar.)
$2 Aug 15 Holders of me July 22
137
house, corn., ex-dividend.....185
7 Draper Co., new
Industrial dr Finance Corporation, pref_ 3
Aug. 1 July 26 to Aug. 1
11234
20 Hood Rubber, pref
Inland Steel (guar.)
2
Sept. 1 Holders of rec. Aug. 10
Inspiration Consolidated Copper
32 July 31 Holders of roe. July 14a
R. L. Day & Co., Boston:
Messrs.
By
$ per sh. Shares. Stocks.
Int. Harvester of N. J., Pref.(qu.)(No.27) 134 Sept. I Holders of rec. Aug. 10
$ per sh.
Shares. Stocks.
62 Warren Bros., 1st Df.. $50 each. 30
200
Int. Harvester Corp., pref.(guar.) (No. 14) 134 Sept. 1 Holders of rec. Aug. 10
3 Algonquin Printing Co
International Nickel, preferred (quar.)
3 Plymouth Cordage
134 Aug. 1 Holders of rec. July 14a
10154-102
26 Arlington Mills
19134
pref._
Iron,
&
Coal
234
Clearfield
2 Heywood Bros.& Wairefield,pt.102
Aug. 15 Holders of rec. Aug. 9
Jefferson &
2 Great Falls Manufacturing....19251
ig Aug. 1 Holders of Fee. July
20a
Kayser (Julius) & Co.. let & 2d pf.(qu.)
50 Board of Trade Bldg. Trust---100% 10 N.E. Invest. & Scour. prof.... 6034
2
July 31 Holders of rec. July 27
Kellogg Switchboard & Supply (guar.)
By Messrs. Barnes & Lofland, Philadelphia:
SI
Aug. 1 Holders of rec. July 17a
Kelly-Springfield Tire, cOmmon (guar.)_ _
$ per sh. Shares. Stocks.
$ per sh
10c. July 31 Holders of rec. July 28
Shares. Stocks.
Kenefick Zinc Corp.(monthly)
25 Phila. Warehouse Co
20
120
17 D. W.C. Ellis & Co., Inc_
25e. Sept. IS Holders of roe. Sept. la
Kerr Lake Mining (guar.)(No.44)
10 People's Nat. F. I.,$25 each 17
10 Hammonton (N.J)Tr. Co.1$3,450
Slh Aug. 1 Holders of roe. July 20a
ICeystono Telephone, preferred
lot
134 Aug. I Holders of rec. July 27
$3,000 N. J. Gas Co. 1st 5s, 19401
Keystone Watch Case (guar.)
Per cent.
17 Farm.& Mech. Nat.Bk13751-141 Bonds.
Sept. 1 Holders of roe. Aug. 21
Kings County El. L.& Pow.(qu.)(No.66) 2
$2,000 Wash. Arling. & Falls Chur.
7 Bank of North America____250
50c. Sept. 1 Holders of roe. Aug. 15
Lee Rubber & Tire Corp. (guar.)
Ry. 1st cons. Ss, 1958
70-73
33 Miners' Nat. Bank, PottsExtra
25c. Sept. 1 Holders of rec. Aug. 15
100
$500 Atian. City Sewerage Co. 1st
ville, $50 each
$1 Aug. 31 Holders of roe. July 31a
Lehigh Coal dr Navigation (guar.)
90
493
5s, 1927
16 Philadelpnla Nat. Bank_
3
Liggett & Myers Tobacco, com. (guar.)
Sept. 1 Holders of rec. Aug. 15
$6,000 Indiana Coal Co. lets. f. 58.
10 Fairmount Say. Trust Co- _100
Lowell El. Lt. Corp.(guar.)(No.81)---- 234 Aug. 1 Holders of rec. July 20a
1913
10
14 Guarantee Tr.& S. D. Co 159
Massachusetts Gas Cos., corn. (quar.).. 114 Aug. 1 Holders of rec. July 15
$3,000 Hestonv. Man.& Fair. Pass.
5 Mutual'frust Co.,$50 each. 30
Miami Cooper Co. (Qmar.)(No. 16)
$1.50 Aug. 15 Holders of rec. Aug. la
65
Ry. cons 58, 1924
10134
10 Robert Morris Trust Co
Middle West Utilities, pref., (guar.)
134 Sept. 1 Holders of rec Aug. 15
166
$2,000 N.Spring.Wat.Co. 5s, 1928. 8434
30 West End Trust Co
h2e Aug. 20 Holders of rec. Aug. 1
Midwest Oil, prof
Midwest Refining (ow.)(No. 7)
$1
Aug. I Holders of rec. July 15
Montreal L. H.& Pow.,(qu.)(No.61)
234 Aug. 15 Holders of roe. July 31
NICARAGUA CUSTOMS RECEIPTS.-We append a
Municipal Service, preferred (guar.)
July 31
134 Aug. I July 21 to
statement showing the Nicaraguan customs receipts for
National Carbon, prof. (guar.)
Aug. 15 Holders of rec. Aug. 5
National Cloak & Suit, preferred(guar.)...
Sept. I Holders of rec. Aug. 19a four months of 1916, compared with 1915:
National Lead, common (guar.)
Sept.30 Holners of rec. Sept. 8
I
Increase(+)
Preferred (guar.)
Sept. 15 Holders of rec. Aug. 25
Decrease(-).
1915.
1916.
National Refining, common (guar.)
Aug. 15 Holders of rec. Aug. la January
$45,064 88 +827,451 19
$72,515,87
Common extra
I% Aug. 15 Holders of rec. Aug. la February
59,460 45
+787 78
60,248 23
to July 31
July 31 July 22
4
National Zinc & Lead (monthl
67,807 88
+20,495 74
88,103 62
March
July 31 July 22 to July 31
Extra............................. 1
Aug. 10 Holders of roe. Aug. la
4
New Jersey Zinc (guar.)
$220,867 72
$172,133 01
+$48,734 71
Total first quarter
25e. Sept. 1 Holders of roe. Aug. 15a
New York Transportation
134 Oct. 2 Holders of tee. Sept. 15
North American Co. (guar.)
$68,627 96 +819,430 51
$88,058 11
April
Banks.
Bowery (guar.)
Extra
Corn Exchange (guar.)
German-American
Pacific (guar.)
Twenty-third Ward
Westchester Avenue (guar.)
Trust Companies.
Astor (guar.)
Broadway (guar.)
Farmers' Loan dr Trust (guar.)
Hamilton, Brooklyn (guar.)
Kings County, Brooklyn (guar.)
People's (Brooklyn) (quar.)
3
1
4
5234
2
3
134
134
134
134
134
334
134
134
134
134
134
134
134
134
134
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
1 July 28 to July
1 July 28 to July
1 Holders of rec. July
1 Holders of rec. July
1 Holders of rec. July
1 July 28 to July
1 Hold.rs of rec. July
31
31
31a
27
25
31
29a
384
THE CHRONICLE
Canadian Bank Crearings.-The clearings for the week
ending July 22 at Canadian cities, in comparison with the
same week i 1916, shows an increase in the aggregate of
53.8%.
Week ending July 22.
Clearings al1916.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Calgary
Quebec
Victoria
Edmonton
Hamilton
Halifax
St. John
London
Regina
Saskatoon
Moose Jaw
Brandon
Lethbridge
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Berlin
Total Canada
1915.
Inc. or
Dec.
1914.
$
1
78,408,200 47,670,717 +64.5 64,127,080
46,252,618 37,103,580 +24.7 42,276,238
39,702,256 16,615,941 +138.9 24,215,820
6,335,843 5,627,664 +12.6 9,239,103
5,360,642 4,230,566 +26.7 4,134,174
4,348,529 2,769,082 +57.0 4,758,025
4,054,899 3,408,065 +18.9 3,517,350
1,538,485 1,317,955 +16.8 2,563,992
1,906,228 1,899,922 +0.4 3,341,349
3,752,211 2,852,907 +31.5 2,877,980
2,884,497 1,907,663 +40.1 1,948,988
1,792,169 1,563,202 +14.6 1,714,227
1,905,806 1,682,043 +13.3 1,733,006
1,980,887 1,125,135 +76.0 1,571,076
1,023,187
727,522 +40.6 1,170,168
993,425
570,238 +74.2
921,866
669,005
428,666 +56.1
447,223
583,512
322,452 +81.0
370,698
599,087
490,512 +22.1
619,686
566,000
561,549 +0.9
971,296
315,357
287,312 +9.8
377,205
358,235
185,975 +92.6
412,640
495,142
331,759 +49.3
365,840
495,516 Not include d in tot al
478,098 Not include d in tot at
1913.
54,889,578
37,652,655
26,177,141
10,942,372
3,837,466
4,365,366
3,206,595
3,353,648
4,214,583
3,212,254
1,902,925
1,708,323
1,584,920
2,039,135
1,635,285
986,376
594,502
655,468
614,420
835,469
465,087
619,618
OTHER LIQUIDATIONS.
The First National Bank of Merced, Cal. Assets taken over by
the Bank of Italy at San Francisco and a branch located in Mer•
ced. Liquidating agent, L. G. Worden, Merced, Cal. Capital 100,000
The Wakefield National Bank, Wakefield, Mass. Succeeded by
the Wakefield Trust Co. Liquidating committee: J. Beebe and
A. G. Walton, Wakefield, and F. A. Winship, Reading, Mass.
Capital
100,000
The Farmers National Bank of Hydro, Okla. Absorbed by the
Bank of Hydro. Liquidating agent, J. D. Cusenbary, Hydro,
Okla. Capital
25,000
The First National Bank of Tonawanda, N. Y. Succeeded by the
First Trust Co. of Tonawanda, N. Y. Liquidating agents: H. J.
Auer and R. J. H. Hutton, Tonawanda, N. Y. Capital
300,000
Total Capital
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
$525,000
Imports and Exports for the Week.-The following are
the reported imports of merchandise at New York for the
week ending July 22 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
Week ending Juty 22.
1915.
1916.
$15,961,4021
529,507,583
519,283,951
565,414,665
$19,342,706
530,056,932
Total 29 weeks.._ _
$752,627,115
3545,468,985
5584,698,616
$549,399,638
* Estimated.
EXPORTS FROM NEW YORK.
Week ending July 22.
1916.
The First National Bank, Milford, Del., until close of business
July 25 1936. Capital
60,800
INCREASES OF CAPITAL APPROVED.
The Battery Park National Bank of New York, N. Y. Capital
increased from $200,000 to $400,000. Increase
200,000
REDUCTIONS OF CAPITAL APPROVED.
The First National Bank of Sebree, Ky. Capital reduced from
$40,000 to $32,500. Reduction
7,500
BANKS LIQUIDATING TO CONSOLIDATE WITH OTHER NAT.
BANKS
The Wallace lqational Bank, Wallace, Idaho. Liquidating committee: The Officers and Directors of the National Bank. Capital
100.000
1914.
1915.
1
1913.
$52,869,364
1,466,240,392
$34,374,213
710,346,189
$14,177,223
491,259,550
$14,144,568
500,588,941
Total 29 weeks_ 51,519,109,756
$744,720,402
$505,436,773
$514,733,509
EXPORTS AND IMPORTS OF,SPECIE AT NEW YORK.
Week ending July 22.
Exports.
Week.
Banks of Woodland Nat. Assn., Woodland, Cal., Succeeds Bank of Woodland, Cal. Capital
200,000
Conversions of State Banks:
The City National Bank of Sylacauga, Ala. Conversion of
The Marble City Sayings Bank, Sylacauga, Ala. Capital
50,000
CHARTERS RE-EXTENDED.
1913.
1914.
*$25,000,000
727,627,115
Gold.
$25,000
I
For the week
Previously reported.
For the week
Previously reported _
205,826,220 133,680,427 +53.8 173,675,030 165,493,186
APPLICATIONS FOR CHARTER.
For organization of national banks:
The First National Bank of Carlyle, Mont. Capital
CHARTERS ISSUED.
Original organizations:
[VoL. 103.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1916
Total 1915
Total 1914
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1916
Tote 1915
Total 1914
Since
Jan. 1.
$2,939 35.777,937
4,000 24,961,941
701,000
8,725,409
6,476,801
240,528
$247,467 $46,643,088
10,000 6,068,118
500 82,887,312
Imports.
Week.
Since
Jan. 1.
$410 $26,702,189
14,840
46,500
51,733
376,341
5,885
9,625,346
1,712,691
5,872,196
1,438,479
$480,869 $45,365,741
376,837 27,237,046
180,460 5,241,434
$1,117,744 $27,101,901
2,600
$1,169
$13,685
6,631
853,754
29,467
1,218,279
10,300
1,750
25,247
313,233
1,302
86,085
5,510,842
3,434,116
877,292
1,083
$1,118,827 $29,216,301 $342,701 $9,928,651
525,818 23,253,215 1,053,089 4,999,346
133,774 5,242,803
828,975 24,324,290
Of the above exports for the week in 1916, 34.000 were American gold coin.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on July 22:
Large withdrawals of Government deposits, only partly offset by increased bank deposits, decreases in the gold and cash reserves of the banks, and
Increased holdings of discounted and bought paper are indicated by the statement as at close of business on July 21 1916
Transfers of funds to the Government were made largely through the Gold Settlement Fund, which shows a decrease of 19.1 million dollars for the
week. Gold on hand decreased 7.5 millions, the New York bank reporting even larger net withdrawals from its vault holdings. The aggregate net withdrawals of gold shown for the week were 26.7 millions, the three Eastern banks and Dallas showing the largest losses of gold. Dallas reports the return
to the Government of the special 5 million dollar deposit, made last September for crop moving purposes. Reserves other than gold increased about 3.5
millions, mainly at the New York bank.
Discounted bills on hand show a gain of about 5 millions, of which 3.9 millions represents the increase for the Boston bank. The Southern banks
likewise report gains of about 0.7 million in their aggregate holdings of discounted paper. About 14% of this paper consists of agricultural and live-stock
paper maturing after 90 days, held mainly by the Dallas, Kansas City and Chicago banks. Acceptances on hand show a further increase for the week of
4.3 millions, the New York and Cleveland banks reporting the largest additions to their holdings of this class of paper. Of the total bills including acceptances on hand, 38.4% mature within 30 days and 31.8% after 30 but within 60 days.
As the result of bond conversions and the sale of Treasury notes, the aggregate of United States bonds on hand shows a decrease for the week of 2.8
millions and that of Treasury notes an increase of 2.6 millions. Municipal warrants on hand increased over 0.3 millions. Cleveland reporting the
largest gain under this head. The total earning assets show an increase for the week of 9.3 millions, and constitute at present 361% of the total paid-in
capital of the banks, compared with 344% at the end of the preceding week. Of the total earning assets, acceptances represent 42.9%, United States
bonds-25.0%, discounts-14.5%, warrants-14.0%, and Treasury notes-3.6%.
An increase of about $23,000 in the paid-in capital reported by the Atlanta bank is duo apparently to the admission to membership of the American
Trust 8c. Savings Bank of Birmingham, Alabama. With the exception of Minneapolis, all the banks report heavy withdrawals of Government deposits
the total decrease for the week being $43,199,000. Probably as a result of the inauguration of the new clearing plan, net bank deposits show an increase
of about 17 millions. New York, Chicago and Boston reporting the largest gains under this head.
There has been a slight decrease in the amount of Federal Reserve bank notes in circulation reported by the Kansas City Bank. Federal Reserve
agents report a net total of $175,219,000 of Federal Reserve notes issued to the banks, or $4,139,000 lass than the week before. Against the total issued
they hold $163,932,000 of gold and $12,877,000 of paper. The banks show a total of $154,038,000 of Federal Reserve notes in circulation, or $3,541,000
less than the week before. Their aggregate net liabilities on the notes issued to them by the agents is stated as $10,120,000.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful coparison. In the second table we
show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve
Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 21 1916.
July 211916. July 14 1916. July 7 1916.t June 30 1916 June 23 1916 June 16 1916 June 9 1916. June 2 1916. May 28 1916
RESOURCES.
Gold coin and certificates in vault
Gold settlement fund
Gold redemption fund with U. S. Treasurer
$262,049,000 $269,602,000 $261,232.000 $282,038.000 $265,643,000 t262,062,000 $255,444,000 5242,253,000 $242,985,000
99,561,000 118,631.000 123,811.000 112,931,000 108,101.000 104.101,000 103.481,000 102,331,000 91,991,000
1,793.000
2,163.000
1,703.000
1.833,000
2,011,000
1,789,000
1,894,000
1,931,000
1,970,000
Total gold reserve
Legal tender notes, silver. Scc
3363.541,000 3390.203,000 5388,854.000 $376,758,000 $373,638,000 1'367,996,000 5360,828,000 3346,377,000 $337,139,000
13,802,000 10,279,000 36,902,000 27,448,000 14,026,000 13,622,000 18,055.000 13.855,000 21,972,000
$377,343,000 $400,482,000 $423,756,000 $404,206,000 $387,664,000 1'381.618.000 $378,683,000 3360,232,000 5359.111.000
Total reserve
450,000
450,000
450,000
450,000
450,000
450,000
450,000
5% redemption fund ag'st F. R. bk notes
Bills discounted and boughtMaturities within 10 days
Maturities from 11 to 30 days
Maturities from 31 to 60 days
Maturities from 61 to 90 days
Maturities over 90 days
Total
*Acceptances (included In above)
$17,163,000 $10,613,000
26,740,000 25,755,000
36,302,000 35,441,000
30,121,000 28,730,000
3,993,000
4,559,000
$7.970,000 $11,451,000 $14,451,000 $12,050,000 510,030,000 $11,607,000 $9,471,000
20,688,000 16,539.000 12,918,000 18,551.000 21,061,000 19,227,000 18.064.000
32,002,000 28,492,000 31,680,000 28,727,000 24,310,000 24.094,000 24,748,000
27.090,000 30,614,000 25,836,000 21,434,000 18,890.000 14,582.000, 17,122,000
3,877,000
3,688.000
4,052,000
4,613,000
4,818.000
4,423,000
5,187,000
$114,319,000 $105,098,000 $92,173,000 $92,283,000 $89,703,000 $85,375,000 $78,343,000 $73,387,000 $73,073,000
$85,382,000 $81,130.000 $70,148,000 371,095.000 $68,953,000 $64,948,000 $58,188,000 $53,492,000 $52,708,000
$49,748,000 $52,589,000 552,589,000 02,939,000 $52,875,000 $52,875,000 352,191,000 351,991,000 351,942,000
Investments: U. S. bonds
3,840,000
4,190.000
4,190.000
4,190,000
4,190,000
4,190.000
4,546,000
4,546,000
One-year U. S. Treasury notes_ _
7,190,000
27,723,000 27.424,000 25,238.000 22,671.000 21,632,000 22,067,000 23,005,000 36,633,000 44,946,000
Municipal warrants
Total earning assets
3198.978.000 3189.657.000 1174.544.000 3172.083.000 3168.400.000 3164,507,000 $157,819,000 3166,201,000 5173,801,000
THE CHRONICLE
JULY 29 1916.1
385
July 21 1916. July 14 1916. Ju17 19 164 June 30 1916 June 23 1916 June 16 1916 June 9 1916. June 2 1916. Map 26 1916
RESOURCES (Concluded).
Brought forward (total reserve & earn'g assets) $576,771,000 $590,589.000 $598,750,000 $576,739,000 $556,514,000 $546,565,000 $536,952,000 $526,433,000 $532,912,000
Federal Reserve notes-Net
Due from Federal Reserve banks-Net
All other resources
$20,014,000 $20,760,000 $24,111,000 $23,182,000 $23,013,000 $24,419,000 $23,923,000 $24,082,000 $26,433,000
11,982,000 20,056.000 20,273,000 20,414.000 19,287,000 21,365,000 17,750,000 15,300,000 16,512,000
4,756,000
4,622,000
4,387,000
8.932.000
9,493,000
8,244,000
3,979,000
5,538,000
5,166,000
Total resources
$613,523,000 $639,649,000 $647,113,000 $624,957,000 $603,201,000 t597,897,000 $583,791,000 $574,747,000 $585,350,000
LIABILITIES.
Capital paid in
Government deposits
Member bk deposits-Net
Federal Reserve notes-Net
Federal Reserve bank notes in circulation
All other liabilities
Total liabilities
$55,183,000 $55,176,000 $54,858.000 $54,854,000 $54,863,000 $54,864,000 $54,863,000 $54,858,000 $54,875,000
54,277,000 97,476,000 114,460.000 101,152,000 64,499,000 55,751,000 51,578,000 50,000,000 44,131,000
492,000,000 474,942,000 465,840,000 457,503,000 472,613,000 t477,293,000 467,780,000 460,422.000 476,680,000
10,120,000 10,098,0,10
9,228,000
9,440,000
9,992,000
8,003,000
7,512,000
7,706,000
7,593,000
1,692,000
1,721,000
1,723,000
1,720,000
1,721,000
1,726,000
1,731,000
1,732,000
1,730,000
287,000
275,000
251,000
237,000
242,000
260,000
224,000
226,000
247,000
$613,523,000 $639,649,000 $647,113,000 $624,957,000 $603,201,000 1'597,897,000 $583,791,000 $574,747,000 $585.350,000
Gold reserve ag'st net dep. & note liabilities (a)
Cash reserve ag'st net dep. & note liabilities (a)
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against aggregate net liabilities on F. R. notes in
circulation (a) •
66.8%
69.3%
69.4%
71.2%
67.9%
74.3%
68.8%
73.8%
70.9%
73.6%
70.8%
73.4%
70.8%
74.4%
68.9%
71.7%
65.8%
70.1%
69.9%
71.8%
75.0%
74.4%
74.2%
74.0%
74.9%
72.1%
70.6%
(a) Less items in transit between Federal Reserve banks, viz
$11,982,000 $20,056,000 $20,273,000 $20,414,000 $19,287,000 $21,365,000 $17,750,000 $15,300,000 $16.512,000
Federal Reserve NotesIssued to the banks
In hands of banks
3175,219,000 $179,358,000 $179.783,000 $176,168,000 $176,955,000 $179,802,000 $179,471,000 $184,217,000 $187,248.000
21,181,000 21,779,000 25,098,000 23,924,000 23,917,000 25,343,000 25,392,000 25,582,000 27,859,000
In circulation
$154.038,000 $157,579,000 $154,685.000 $152,244,000 $153,038,000 $154,459,000 $154,079,000 $158,635,000 $159,389,000
I
Gold and lawful money with Agent
Carried to net assets
Carried to net liabilities
3163,932,000 $168,241,000 $168,806,000 $165,986,000 $166,823,000$170,875,0O0 $170,409,000 $175,205.000 $178,116.000
20,014,000 90,760.000 24,113,000 23,182,000 23,013,000 24,419,000 23,923,000 24,082,000 26,433,000
9,440.000
9,228,000
8,003,000
9,992,000
7.593,000
7,512.000
7,706,000
10,120,000 10,098,000
Federal Reserve Notes (Agents' Accounts)Received from the Comptroller
Returned to the Comptroller
$207,540,000 $297,540,000 $295.540,000 $295,540.000 $295,540,000 $293,740,000 $293,740,000 $293,740,000 $289,980,000
59,510,000 55,101,000 54,286,000 53,336,000 51,549,000 49,897,000 49,249,000 44,453,000 43,583,000
Amount chargeable to Agent
In hands of Agent
$238,030,000 $242,439,000 $241,254.0003242,204,000 $243,991,000 $243,843,000 $244,491,000 $249,287.000 $246,397,000
62,811,000 63,081,000 61471.000; 66,036,000 67,036,000 64,041,000 65,020,000 65,070,000 59,149,000
Issued to Federal Reserve banks
$175.219,000 $179.358,000 $179.783,000i176,168,000 $176.955.000!$179.802.000 $179,471,000 $184,217,000 $187,248,000
I
How Secured•
$109,167,000 $112,617,000 $112,447,000 $113,597,000 $113,357,000 $114,817,000
$114,717,000 $122,387,000 $122,387,000
By gold coin and certificates
By lawful money
11,287,000 11,117,000 10,977,000 10,182,000 10,132,000
8,927,000
9,062,000
9,012,000
9,132.000
By commercial paper
12,415,000 12,974,000 13,370,000
9,809,000 10,186,000 10,358,000 10,732,000
7,558,000
Credit balances in gold redemption fund_ _
8,159,000
42,350,000 42,650,000 42.980,00042,580,000 43,280,000 45,700,000 44,960,000 45,260,000 47.570,000
Credit balances with Federal Reserve B'd_
$175,219,000 $179,358,000 $179,783,000 $176,168,000 $176,955,000 $179,802,000,3179,471,0001$184,217,000 $187.248,000
Total
_
Commercial paper delivered to F. R. Agent__ $12.877000 $13441000 211.305.000 sil.204 nnn VIA c72 AAA ttn 7AR nnn I etn run nnn l email Ann etnontnnn
*Including bankers' and trade acceptances bought In the open market. t Amended figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 21 1916
I
Boston.
I
$
New York.!Philadel'aeleveland.IRichmond. Atlanta.
1
Chicago. St. Louis. Afinneap. Kan. City. Dallas. San Frani
$13
RESOURCES.
I:51151E1S
Gold coin & ctfs. In vault; 7,892,000 154,815,000 8,512,000 13,775,000, 5,205,000, 6.302,00037,419,000
Gold settlement fund.. ,16,052,000 6,010,000 12,275,000 11,161,000 11,561,000, 1,940,000; 7.832,000
Gold redemption fund_
447,0001 200.000
50,000,
5,000,
250,000
55,0001 423,000
1
Total gold reserve_ ___ 123,949,000 161,075,000'20,837,000 24,991,000'17,189,000' 8,689.000,45,451,000
Legal-ten.notes.silv.,&c. 246,000 7,426,0001 165,000 1,146,0001 203,0001 1,078,000, 1,098,000
-1
$
4,047,000
Total.
$ IS ISIS
4,384,000 5,260,000 8,435,000262,049,000
$
6,003,000
5,649,000 4,608,00011,711,0001 4,541,000 6,221,000, 99,561,000
65,000. 30,0001 145,000; 251,000
10,000, 1,931,000
9,761,00010,641,000 16,240,000 10,052,000,14,666,000 363,541,000
1,148,000
396,000
76,000' 786,000
34,000, 13,802,000
24,195,000168,501,000121,002,00026,137,00017,392,0001 9,767,00046,549,000 10,909,000111,037,000 16,316,000110,838,000,14,700,000377,343,000
Total reserve
5% redemp. fund-FR.
400,000
50,000
bank notes
450,000
Bills:
Discounted-Members 4,057,000
434,000 5,810,000 2,842,000 3,626,000
758,000 1,434,000 1,908,000 6,134,000 558,000 28,937,000
281,000 1,095,000
Bought in open mkt 12,261,000 20,449,000 11,395,000, 7,137,000 1,646,000 1,506,000 5,848,000 5,116,000 2,420,000
727,000,
7,877,000 85.382,000
Total bills on hand
16,318,000 29,730,00012,490,000 7,571,000 7,456,0001 4,348,000 9,474,000 5,874,000 3,854,000 2,635,000 6,134,000 8,435,000114,319,000
Investments: U. S. bds_ 3,082,000
250,000
One-yr. U.S. Tr. notes
Municipal warrants
2,595,000
2,732,0001 3,182,000 5,756,000 1,377,0001 1,508,000 9,753,000 2,770,0003,513,000 9,853,000 3,111,000 3,109,000 49,746,000
2,282,0001 818,000
800,000
684,000
526,000
570,000 350,000
410,000'
500.000, 7,190,000
7,531,G00, 2,549,000 4,594,000
330,000;
4,519,000 1,765,000 1,083,000
2.296,000' 27,723,000
455,000
1
Total earning assets__,22,245,000 42,275,000119,039,000 18,721,000 9,853,0001 6,382,000,23,746,06010,979,000; 8,800,000 13,353,000
9,245,00014.340,0001 198.978,000
Fed. Res've notes--Net
Due from other Federal
Reserve Banks-Net_
All other resources
Total resources
739,000
432,000
1
.
487,000'
259,1)00
1
2,331,000 2,028,000
187,000
65,000, 468,000
1
1,106,000' 1,246,000 1,153,000' 1,449,000
151,000
, 6,909,000, 3,274,0001
823,0001 791,000, 527,000;
1,749,0001 20,014,000
653,000 1,963,000
89,000
251,000
53,000
805,000
126,000 211,982,000
167,0001 4.756,000
147,611,000222,789,000142.924,00047,613,000 27.396,000 18,078,0001,79,241,00026,842,000,22,028,00.32,283,000 20,991,000 31,082,000013,523,000
1
I
I
LIABILITIES.
4,925,000 11,594,000; 5,216,000. 5,960,000 3,357,000 2,491,0001 6,669,000, 2,792,000 2,576,000 2,997,000 2,679,0001 3,921,000; 55,183,000
Capital paid in
3,877,000 18,085,000, 6,105,000 2,749,000 3,403,000 4,366,000 3,604,000' 4,177,000 819,000 2,344,000 2,005,000' 2,743,0001
Government deposits
54,277,0,10
Member bk deposits-Net38,073,000 189,966,000 31,551,000 38,898,000 16,094,000 10,028,000 68,968,00019,873,000 18,633,000 23,810,000 11,688,000 24,418,000 492,000,000
Fed. Res've notes-Net
1,440,000 ,619,000'
4,061,0001
10,120,000
F.It.bank notes in cire'n
1,692,000
1,692,000
634,000, 3,144,000
Duo to F.R.banks-Net
386,000 1,101,000,
102,000
All other liabilities
52,000
2,000
95,0001
251,000
Total liabilities
47,611,000'222,789,000 42,924 00047 613,000 27,396,00018,078,000179,241,000 26,842,00022,028.00032,283,000 20,991,000 31,082,000 613,523,000
I
Federal Reserve Notes' --1.-._
Issued to banks
10,548,000 66,933,000 7,947,000 9,735,000 9,419,000113,904,0001 3,620.000 6,698,000 12,808,000 9,714,00014,277,000 9,616,000 175,219.000
739,000 11,826,000
In hands of banks_ _
487,000
259,000
200,000
559,0001 1,106,0001 1,246,000 1,153,000 1,449,000
408,000 1,749,000 21,181,000
I
F.R. notes in circulation, 9,809,000 55,107,000 7,460,000 9,476,000 8,860,000112,798,0001 2,374,000 5,545,000,11,359,000 9,514,000 13,869,000 7,867.000154,038,000
Gold and lawful money
10,548,000 66,933,000 7,947,000 0,735,000 4,799,00013,904,0001 3,620,000; 6,698,0001.12,808,000 8,074,000 9,250,000 9,616,000 163.932,000
with agent
739,000 11,826,000
_arried to net assets
487,000
259,000
1,106,0001 1,246,000 1,153,000! 1,449,000
1,749,0001 20,014,000
1
1
,
arried to net liabilities..
I
1
4.061,000
1,440,000 4,619,000
10,120.000
C
Items in transit, 1. e., total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS JULY 21 1916.
Boston.
New York. Philadel'a Cleveland. Richmond. Atlanta.
Chicago. St. Louts. Afinneap. Kan. City. Dallas. San Fran.' Total.
Federal Reserve Notes$
$
$
$
$
$
$
$
$
$
I
$
$
Reed from Comptrolr 20,380,000 121,240,000 15.480.000 15.160,000 17,000,00020,400,000 9,380,000 9,600,000 19,000,000 13,000,000 23,580,000 13,320,000 297,540,000
Returned to Cornptrol 3,612,000 36,507,000 3,813,000 1,925,000 4,181,000 2,400,000
879,000 1,140,000
362,000 1.073.000J2.714.000
904,000' 59,510.000
S
Chargeable to Agent--- 16,768,000 84,733,000 11,667,000 13,235,000 12,819,000 18,000,000 8,501,000 8,460,000 18,638,000 11,927,00020.806,000 12.416,0001238,030.000
In hands of F.R.Agen, 6.220,000 17,800,000 3,720,000 3,500,000 3,400,000 4,096.000
Issued to F. R. bank_ 10,548,000 66,933,000 7,947,000 9,735,000 9,419,000 13,904,000
Held by F. It. AgentCold coin St certfs____ 9,700,000 60,317,000 4,000,000 9,200,000
Credit balances'
848,000 6,616,000
In gold redemPtten 1'
497,000
535,000
904,000
299,000
With F. It. Board_
3,360,000
4,500,000 13,000,000
Notes secured by corn
paper
mercial
4,620,000
Total10,548,000 66,933,000 7,947,000 9,735,000 9,419,000 13,904,000
____.
amount of comml PaPerl
delivered to F.R.Ag'
5.603.000
4,881,000 1.762,000 5,830,000 2,213,000 6,589,000 2,800,000 62.811,000
3,620,000 6,698,000 12,808,000 9,714,000 14.277,000 9,616,000 175,219,000
2.850,00010.820,000 4,150,000 8,040,000
310,000
424,000
298,000 638,000
3,310,000 3.550,000 1,350,000 3,500.000
109,167,000
780,000
266,000 12,415,000
430,000 9,350,000 42,350,000
1,640,000 5,027,000
11,287,000
3.620,000 6,698.000 12,808,000 9,714,000 14,277,000 9,616,000 175,219,000
1.640.000 5.634.000
12.877.000
-
[VOL. 103.
THE CHRONICLE
386
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 22. The figures for the separate banks are the averages of the daily rtsults. In the case of the totals, actual figures at end of the week are also given.
The Corn Exchange Bank is included for the first time with "Members of Federal Reserve Bank." Previously it was
classed with "State Banks Not Members of F. R. Bank."
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARING HOUSE
Capital.
MEMBERS.
Week Ending
July 23 1916.
(00s omitted.)
Loans,
Discounts,
Investm'ts,
&c.
I Nat.B'ks June 30k
1StateWks June 30f
Net
Profits.
Average.
Members of Federal
Reserve Bank.
$
$
$
33,246,0
lank of N. Y., N.B.A. 2,000,0 4,896,9
28,218,0
lerchants' Nat. Bank 2,000,0 2,356,3
feels. & Metals Nat__ 6,000,0 9,314,9 113,582,0
rational City Bank.__ 25,000,0 a40,809,8 365,255,0
35,649,0
Memical Nat. Bank.__ 3,000,0 8,193,0
11,952,0
792,0
Mantic National Bank 1,000,0
2,557,0
90,4
300,0
rat. Butchers' & Drov.
77,919,0
Lmer. Exch. Nat Bank 5,000,0 5,193,3
rational Bank of Corn. 25,000,0 18,279,9 214,631,0
63,174,0
3,500,0 2,025,7
)natham & Phenix Nat
Ianover National Bank 3,000,0 15,772,8 111,129,0
27,459,0
3tizens' Central Nat__ 2,550,0 2,519,8
10,471,0
darket & Fulton Nat__ 1,000,0 2,017,8
84,578,0
3orn Exchange Bank__ 3,500,0 6,991,2
32.707,0
mporters'& Traders'__ 1,500,0 7,614,6
rational Park Bank_ __ 5,000,0 15,535,3 132,574,0
2,304,0
250,0
73,4
gast River Nat."Bank__
17,480,0
lecond National Bank_ 1,000,0 3,357,0
rirst National Bank__ 10,000,0 23,562,7 141,234,0
70,632,0
rving National Bank__ 4,000,0 3,898,3
9,781,0
500.0 1,059,6
r. Y. County Nat. Bk_
3hase National Bank__ 5,000,0 10,453,5 173,646,0
19,096,0
incoin National Bank_ 1,000,0 1,908,2
9,596,0
Barfield National Bank 1,000,0 1,275,6
250,0
417.6
5,347,0
Pifth National Bank_ _ _
39,230,0
leaboard Nat. Bank___ 1,000,0 2,888,2
43,823,0
Aberty National Bank_ 1,000,0 3,443,2
758,1
8,967,0
;coal & Iron Nat. Bank
1,000,0
12,259,0
Inton Exchange Nat__ 1,000,0 1,068,0
1Q,297,0
1,000,0 1,130,1
kIassau Nat. Bank_ _ _
1,500,0
19,893,0
937,6
3roadway Trust Co__
Gold.
Legal
Tenders.
Silver.
Nat.Bank Nat.Bank
Notes
Federal
Notes
Reserve
[Reserve
[Not
Notes
for State Counted
Instituas
[Not
/ions]. Reserve]. Reierve].
Average. Average. Average. Average. Average. Average.
$
$
$
$
$
$
2,0
868.0
1,978,0 1,171,0
3,0
32,0
526,0 1,151,0
1,521,0
21,0
35,0
8,785,0 2,073,0 5,009,0
758,0
199,0
55,715,0 11,803,0 6,580,0
62,0
1,251,0
530,0 1,610,0
61,0
14,0
1,535,0
118,0
276,0
4,0
59,0
37,0
136.0
36,0
4,259,0 1,090,0 2,600,0
91,0
6,0
16,344,0 5,638,0 2,138,0
1,0
144,0
2,814,0 1,090,0 3,133,0
317,0
6,0
19,993,0 2,140,0 3,165,0
5,0
32,0
5.0
1,064,0
111,0 1,496,0
928,0
95,0
405,0
735,0
566,0
6,468,0 3,722,0 4,492,0
1,427,0 1,414,0
121,0
610,0
70,0
47,0
8,358,0 2,459,0 7,283,0
6,0
116,0
33,0
230,0
42,0
45,0
1,039,0
248,0
502,0
82,0
14,847,0 3,937,0 7,291,0
8,0
5,0
5,206,0 1,040,0 3,432,0
16,0
81,0
340,0
84,0
502,0
227,0
65,0
14,443,0 6,545,0 3,153,0
31,0
489,0
705,0
175,0
1,379,0
72,0
644,0
34,0
975,0
116,0
7,0
6,0
177,0
129,0
300,0
19,0
26,0
2,292,0 1,265,0 1,717,0
15,0
2,572,0
606,0 1,807,0
3,0
37,0
180,0
222,0
559,0
13,0
495,0
372,0
374,0
28,0
491,0
355,0
142,0
19,0
57.0
1,635,0
187,0
499,0
Addit'at
Reserve Deposits
with
with
Net
Legal
Legal
Demand
Deposi- Deposi- Deposits.
taries.
taries.
National
Net
Bank
Time
CirculaDeposits. lion.
----.Average. Average. Average. Average. Average.
$
$
$
$
$
793,0
29,891,0 1,522,0
2,178,0
27,325,0
1,800,0
2,103,0
115,870,0 2,422,0 4,964,0
8,652,0
399,958,0 8,954,0 1,799,0
37,186,0
450,0
2,269,0
29,820,0
50,0
996,0
291,0
13,001,0
46,0
168,0
2,242.0
7,432,0
72,010,0 6,737,0 4,808,0
155,0
215,091,0
692,0
17,933,0
63,106,0 5,233,0 1,775,0
4,815,0
128,622,0
131,0
10,986,0
24,930,0 1,333,0 1, 26,0
2,079,0
10,227,0
165,0
761,0
99,319,0
6,966,0 2,350,0
51,0
29,334,0
2,179,0
134,865,0 1,627,0 3,561,0
9,912,0
50,0
2,413,0
197,0
694,0
14,834,0
1,126,0
139,3,60,0
125,0 4,914,0
10,110,0
77,424,0
429,0
640,0
5,850,0
199,0
9,784,0
701,0
450,0
185,925,0 13,792,0
13,585,0
894,0
10,0
19,755,0
1,611,0
399,0
9,645,0
771,0
247,0
5,354,0
183,0
402,0
70,0
44,524,0
3,874,0
499,0
45,130,0 3,250,0
4,264,0
413,0
9,016,0
205,0
910,0
397,0
21,0
12,109,0
1,020,0
50,0
50,0
9,886,0
703,0
20,869,0
469,0
1,501,0
Totals, avge.for week 118,850,0 198,634,8 1,928,686,0 178,809,0 49,702,0 63,272,0
2,321,0
1,531,0 163,215,0 2,350,0 2,001,672,0 47,345,0 31,489,0
60,703,0
59,381,0
48,387,0
42,333,0
2,158,0
1,692,0
1,536,0
1,369,0
1,648,0 165,073,0 2,400,0 2,013,778,0 47,514,0 31,489,0
1,906,515,0 43,369,0 31,513,0
1,411,0 159,965,0
1,923,189,0 41,195,0 31,560,0
1,562,0 155,075,0
2,007,788,0 43,185,0 31,655,0
1,220,0 157,731,0
totals, actual condition
totals, actual condition
9Cotals, actual condition
1totals, actual condition
1,935,654,0 186,991,0
1,848,225,0 169,452,0
1,898,848,0 163,058,0
1,931,710,0 202,032,0
July 22
July 15
July 8
July 1
State Banks.
Not Members or
Federal Reserve Bank.
3ank of Manhattan Co_ 2,050,0
lank of America
1,500,0
)reenwich Bank
500,0
acific Bank
,
500,0
?eople's Bank
200,0
detropolitan Bank_ __ _ 2,000,0
3owery Bank
250,0
lerman-American Bank
750,0
Fifth Avenue Bank____
100,0
200,0
:lerman Exchange Bank
lermania Bank
200,0
lank of Metropolis._._ 1,000,0
200,0
Nest Side Bank
8. Y. Produce Ex. Bk. 1,000.0
1,500,0
State Bank
47,782,0
49,889,0
30,134,0
45,392,0
L.
_
.
3,880,0
2,566,0
248,0
501,0
97,0
875,0
42,0
280,0
582,0
42,0
88,0
343,0
221,0
318,0
657,0
904,0
803,0
354,0
86,0
114,0
881,0
48,0
43,0
955,0
87,0
117,0
375,0
96,0
363,0
492,0
73,0
66,0
262,0
128,0
5,0
46,0
24,0
9,0
36,0
67,0
100,0
56,0
31,0
73,0
164,0
totals, avge. for Week_ 11,950,0 25,944,4
203,392,0 20,653,0 10,740,0
5,723,0
1,140,0
Totals, actual condition
totals, actual condition
totals, actual condition
Totals, actual condition
201,271,0
285,490,0
293,723,0
288,931,0
20,695,0 9,747,0 5,595,0
26,057,0 11,476,0 9,596,0
26.722,0 11,159,0 11.868,0
26,438,0 11,318,0 12,000,0
1,132,0
1,807,0
1,732,0
1,278,0
38,650,0
32,163,0
11,222,0
6,485,0
2,492,0
14,693,0
4,213,0
5,914,0
17,265,0
4,840,0
6,537,0
14,757,0
4,602,0
16,145,0
23,394,0
4,999,1
6,211,6
1,189,9
1,005,7
445,9
1,976,8
804,4
790,5
2,187,3
827,6
1,064,5
2,130,4
566,5
1,067,8
676,4
July 22
July 15
July 8
July 1
Trust Companies.
Not Members of
Federal Reserve Bank.
Brooklyn Trust Co__ 1,500,0 3,991,0
10,000,0 15,498,8
Bankers' Trust Co
[7. S. Mtge.& Trust Co. 2,000,0 4,278,2
1,250,0 1,712,5
kstor Trust Co
title Guar.& Trust Co_ 5,000,0 12,227,2
20,000,0 31,073,7
3uaranty Trust Co
Fidelity Trust Co
1,000,0 1,210,3
Lawyers' Title & Trust_ 4,000,01 5,472,0
Columbia Trust Co..-- 2,000,0; 8,097,3
1,000,0; 1,660,2
People's Trust Co
New York Trust Co___ 3,000,0 11,372,3
Franklin Trust Co
1,000,01 1,301,3
525,4
1,000,0
Lincoln Trust Co
Metropolitan Trust Co_ 2,000,0, 6,424,3
5,378,0
3,501,0
1,044,0
494,0
183,0
1.019,0
393,0
695,0
2,019,0
422,0
655,0
851,0
269,0
1,726,0
1,976,0
19,0
2,764,0
485,0
599,0
2,0
24,0
-
44,781,0
31,363,0
11,923,0
5,876,0
2,559,0
13,444.0
3,823,0
5,982,0
18,461,0
4,496,0
6,540,0
14,048,0
4,678,0
17,796,0
25,840,0
800,0
30,0
154,0
91,0
229,0
216,0
11,0
20,0
243,0
261,0
843,0
280,0
1,100,0
1,325,0
976,0
49,0
624,0
65,0
8,014,0 2,236,0
211,610,0
851,0
49,0 8,017,0 2,428,0
69,0 12,756,0 5,863,0
45,0 9,847,0 6,822,0
46,0 10,179,0 10,842,0
---
211,180,0
308,106.0
313,649,0
310,774,0
851,0
851,0
905,0
912,0
1,750,0
2,401,0
4,779,0
1,050,0
1,099,0
1,294,0
465,0
461,0
1,284,0
658,0
2,325,0
953,0
564,0
28,687,0
183,577,0
45,879,0
23,119,0
28,821,0
332,256,0
8,015,0
19,473,0
65,375,0
21,050,0
61,040,0
15,633,0
12,834,0
55,056,0
7,778,0
25,682,0
19,108,0
6,995,0
945,0
38,502,0
1,010,0
956,0
18,653,0
1,226,0
5,718,0
3,141,0
605,0
5,521,0
27,0
7,0
4,0
1,434,0
9,178,0
2,294,0
1,147,0
1,441,0
16,612,0
400,0
974,0
3,267,0
1,053,0
3,061,0
782,0
642,0
2,493,0
306,0
542,0
232,0
14,0
391,0
2,815,0
51,0
358,0
128,0
114,0
1,215,0
331,0
82,0
767,0
468,0.
1,068,0
222,0
80,0
140.0
612,0
75,0
86,0
507,0
339,0
133,0
89,0
338,0
350,0
Totals, avge. for week_ 54,750,0 104,844,5 1,046,224,0 80,287,0
7,346,0
4,516,0
1,508,0
253,0 44,783,0 19,083,0
900,815,0 135,840,0
78,704,0
81,109,0
82,328,0
83,033,0
8,959,0
7,075,0
5,196,0
4,103,0
6,458,0
4,200,0
3,629,0
5,512.0
1,464,0
1,556,0
1,642,0
1,605,0
253,0
264,0
242,0
246,0
44,572,0 23,678,0
45.459,0 17,805,0
46,280,0 18,4 8,0
47,094,0 30,074,0
890,790,0 136,898,0
912,322,0 135,874,0
925,469,0 134,760,0
941,691,0 134,444,0
-:550,0 32-0,423,7 3,178,302,0279,754,0 67,788,0 73,511.0
Grand Aggregate, avge_ 185
-48,823,0 +1,641,0 +143380 +6,416,0
Comparison prey. week
2,648,0
-937.0
Totals, actual condition
Totals, actual condition
totals, actual condition
Totals, actual condition
July 22
July 15
July 8
July
1
37,334,0 • 2,003,0
204,154,0 16,848,0
64,854,0 4,094,0
29,498,0 2,122,0
43,008,0 2,316,0
360,478,0 32,805,0
660,0
10,048,0
26,497,0 1,582,0
84,032,0 5,799,0
21,790,0 1,543,0
71,698,0 4,902,0
18,514,0 1,344,0
822,0
12,994,0
61,277,0 3,446,0
1,015,022,0
1,055,118,0
1,068,792,0
1,079,494,0
241,0
10,0
90,0
18,0
105,0
254,0
33,0
14,0
185,0
111,0
24,0
46,0
46,0
331,0
21,0
Grand Aggregate,actual condition July 22 3,184,946,0 286,390,0 66,488,0 72,756,0 2,596,0
-3,037,0 +9,772.0-1,952,0 -401,0 -767,0
Comparison prey. week
----- ---- -------Grand Aggregate actual condition July 15 3,188,833,0 276,618,0 68,440,0 73,157,0 3,363,0
Grand Aggregate actual condition July 8 3,261,363,0 272,108,0 46,489,0 63,884,0 3,374,0
Grand Aggregate actual,condition July 1 3,300,135,0 311,503,0 60,813,0 59,845,0 2,883.0
I
a Includes capital set aside for Foreign Branches, $3,000,000.
17,0
19,0
119,0
10,0
35,0
3,0
9,0
3,0
2,321,0
- -1,840,0 210,042,0 23,669,0 3,114,097,0 184,036,0 31,45:0
-69.0
+630,0
+43,0 +4,190,0 +27470 -25,867,0 +3,907,0
2,158,0
+466,0
1,692,0
1,536,0
1,369,0
1,950:0 217,692,0 28,506,0 3,124,748,0 185,263,0 31,489,0
-24,0
+206,0 +6,512,0 +48380 -2,195,0 +5,169,0
-1,744,0 211,180,0 23,668,0 3,126,943,0 180,094,0 31,513,0
1,849,0 211,202,0 25,290,0 3,162,307,0 176,860,0 31,560.0
1,512,0 215,004,0 40,916,013,260,253,0 178,541,0 31,655,C
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages.
Cash Reserve Reserve in
In Vault. Depositaries
Total
Reserve.
a Reserve
Required.
Inc. or Dec.1
from'
,Cash Reserve Reserve in
Surplus 1
Reserve. I'reviousWeekl in Vault. Depositaries
$
a
Total
Reserve.
$
' lInc. or Dec.
Surplus
from
b Reserve
Required.
I
$
Reserve.
i
3
,PreviousWeek
I
$
$
1
II
11
Members Federal
Reserve Bank_ ___ 291,783,000163,245,000455,028,000362,668,210 92,359,790 +28,426,000 295,476,000 165,073,000460,549,000364,855,740 95,693,260 +9,367,410
38,261,000 8,014,000 46,275,000 38,089,800 8,185,200 +3,501,3201 37,169,000 8,047,000 45,216,000 38,012,400 7,203,600' +970,680
State Banks*
Trust Companies*._ 93,657,000 44,783,000 138,440,000135,122,250 3,317,750 -2,563,050 95,585,000 44,572,000140,157,000 134,968,500; 5,188,500; +2,637,800
423,701,000 216,042,000639,743,000535,880,260103,862,740 +29,364,270 428,230,000217,692,0001645,922,000 537,836,640108,085,360 +12,975,890
Total July 22
402,243,000 211,852,000 614,095,000 539,596,530 74,498,470 +10,392.130 421,578,000211,180,000632,758,000537,648,530 95,109,470 +41,583,410
Total July 15
400,344,000213,804,000 614,148,000 550,041,660 64,106,340-44,464,530 385,855,000 211,202,0001597,057,000543.510,940 53,546,060-35,747,880
Total July 8
451,334,000218.183,000 669,517.000 560,946.130108,570,870 +4.099,430 435,044,000215.004,000,650,048,000 560,754,060 89,293.940-20,208,470
Total July 1
* Not members of Federal Reserve Bank.
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
Includes also the amount of reserve required on Net Time Deposits, which was as follows; July 22,32,367,250: July 15,$2,151,450; July 8, $2,126,250; July 1. $2,159,650
b This lathe 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 Bank
ncludes also the amount of reserve required on Net Time Deposits, which was as follows: July 22, $2,375,700; July 15, $2,168,450; July 8. $2,059,750; July 1,$2,159,250
THE CHRONICLE
JULY 29 1916.1
387
In addition to the returns of "State banks and trust comThe State Banking Department reports weekly figures,
showing the condition of State banks and trust companies panies in New York City not in the Clearing House," furnished
in Now York City not in the Clearing House, and these are by the State Banking Department, tile 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 tile whole State. The figures are compiled so as to distinNEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by Stale Banking Department.) Differences from guish between the results for New York City (Greater New
July 22.
previous week.
those for the rest of the State, as per the following:
$723,606,700 Dec. $5,400,800 York) and
Investments
Loans and
60,403,200 Dec.
44,900
definitions and rules under which the various items
Gold
For
9,146,400 Dec.
436,400
Currency and bank notes
862,499,100 Dec. 1,681,400 are made up,see "Chronicle," V.08, p. 1661.
Total deposits
Deposits, eliminating amounts due from reserve
The provisions of the law governing tile reserve requiredepositaries and from other banks and trust com757,325,700 Dec. 9,470,400 ments of State banking institutions were published in the
panies In New York City, and exchanges
172,788,200 Inc. 7,420,900
Reserve on deposits
Percentage of reserve, 24.8%.
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaRESERVE.
calculating the amount of deposits and what
-State Banks-Trust Companies
- tions relating to
$12,052,000 10.88%
$57,497,600
9.85%
Cash In vaults
deductions are permitted in tile computation of tile reserves
86,322,700 14.80%
Deposits In banks and trust cos._ 16,915,900 15.27%
were given in tile "Chronicle" April 4 1914 (V. 98, p. 1045).
$28,967,900
Total
26.15%
$143,820,300
24.65%
STATE BANKS AND TRUST COMPANIES.
The averages of the New York City Clearing House banks
and trust companies, combined with those for tile State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
Week ended July 22.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in all these figures.
Surplus as of March 17_ _ _
Week ended- Loans and
Investments
Apr
May
May
May
May
June
Juno
June
Juno
July
july
olv
:Tuly
29
6
13
20
27
3
10
17
24
1
8
15
22
4,075,574,3
4,075,645,9
4.072,139,2
4,104,967,9
4,124,653,8
4,118,032,4
4,087,787,7
4,013,776,13
4,025,026,8
4,017.526,4
4,011,831,8
3,956,132.5
3,901,903,7
Demand
Deposits.
Specie.
Other
Money.
Entire
Total
Reserve on
Money
Holdings. Deposits.
4,103,157,2
4,102,377,2
4,077.522,7
4,126,503,7
4,135,726,9
4,093,553,9
4,0513,239,2
4,025,933,4
4,024,435,3
4,024,927,0
3,961,998,0
3,906,760,1
3,371,422,7
440,501,8
431,781.2
429,750,4
430,267,8
418,247.5
409,491,2
399,818,3
412,492,1
431,258,6
410,874,8
407,219,3
405,666,1
413,663,2
81,147,7
81,967,9
82,000,6
81,014,9
75,338,8
73,519,3
76,180,8
79,319.3
83,456,1
79,417,4
62,520,9
66,617,8
79,532,4
521.649,5
513.749,1
511,751,0
511,232,7
493,585,3
433,010,5
475,999,1
491,811,4
514,714,7
520,292,2
469,740,2
472.283,9
493,250,6
879,253,8
868,409,1
872,048.5
884,881,4
862,337,4
851,290,6
810,609,3
824,041,3
846,890,6
850,228,8
786,127,9
779,462.3
812,531,2
State Banks
Trust Cos.
State Banks
Trust Cos.
In
in
outside of
outside of
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
Loans and investments_
Change irons last week _
23,350,000, 75.550,000,
11,783,000
i
171,767,1001
14,654,000
40,158,6001
330,710,400 1,672,460,200 160,311,600
-3,534,300 -20,568,9001
+796,500
Gold
Change from last week _
43,331,200 133,076,900,
+2,760,700, -3,297,800,
Currency and bank notes_
Change from last week_
22,397,500! 15,502,700,
+590,200, -1,610,700'
Capital as of March 17_
14,050,000
13,362.500
236,351,500
+1.593,300
Deposits
Change from last week,
500,294,300 1,893,206,900, 173,278,600
-6,604,600, -26,742,6001
+153,300
250,942,500
-675,500
Reserve on deposits
Change from last week..
110,921,000! 317,093,900
+2,994,800
I
I
30,723,300
-664,700
33,967,700
-2,393,800
P. c. of reserve to deposits
Percentage last week
.
20.8%
21.3%
16.8%
13.0%
26.8%
26.3%
20.8%
20.2%
+ Increase over.last week. - Decrease from last week.
Non-Member Banks and Trust Companies.-Following is the reportlin.ade to the;Clearing-HouseThyr_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.
Net
CLEARING
NON -MEMBERS. Capital.1 Profits.
Total
Total
Reserve Additional
with
Deposits
Legal with Legal
Net
DeposDeposDemand
stories.
Varies.
Deposits.
Net
Time
Deposits.
National
Bank
Circuteflon.
Average. Average. Average. Average. Average. Average. Average. Average. Average.
$
$
$
$
s
s
$
s
$
$
s
458,000
5,000
69,000
79,000
189,000 4,954,000 536,000
200,000
135,000
6,000
9,000 609,000
93,000
36,000
679,400 5,276,000 166,000
300,000
28,000
10,000 658,000
61,000 119,000
9,000
588,000 5,556,000 167,000
300,000
15.000
1,000 539,000 4,227,000
89,000
400,000 1,266,500 4,393,000 211,000 333,000
554,000
3,000 462,000
87,000
18,000
75,000
755,500 4,723,000 145,000
250,000
603,000
12,000
6,000 422,000
15,000
47,000
220,000
628,100 5,979,000 196,000
531,000
265,000
53,000
4,000
291,300 4,429,000
61,000
82,000
125,000
Average. Average. Average.
$
$
3 *II
5,640,000
148,000 188,000
4,942,000
16,000 296,000
5,599,000
117,000
4,495,000
393,000
3,851,000
196,000
2,635,000 3,003,000 219,000
2,583,000 2,125,000
99,000
29,795,000 5,297,000 1,513,000
1,795,000 4,397,800 35,810,000 1,479,000
643,000
138,000
584,000
29,000 3,413,000
t
Tr]
(
.
410,700 2,161,000
851,400 8,451,000
655,900 7,757,000
184,300 1,372,000
116,300 2,935,000
474,000 6,625,000
243,500 4,002,000
534,600 6,180,000
807,900 18,214,000
189,100 4,365,000
112,000
10,000
527,000 125,000
623,000
6,000
97,000
11,000
290,000
13,000
629,000
32,000
214,000
31,000
423,000 105,000
900,000 163,000
216,00041,000
3,300,000 4,518,600 62,062,000 4,096,000
45,000
429,000
256,000
39,000
48,000
169,000
123,000
/55,000
742,000
106,000
31,000
80,000
102,000
12,000
1.000
34,000
35,000
93,000
239,000
21,000
537,000 2,212,000
698,000
105,000
533,000
500,000
76,000
1,000 171,000
424,000
4,000 238,000
404,000
1,181,000
251,000
16,000
I
0000000000
0000000000
State Banks.
Not Members of the
Federal Reserve Bank.
100,000
Bank of Wash. II'ts_
400,000
Colonial Bank
Columbia Bank_ _ _ _ 300,000
200,000
Fidelity Bank
500,000
International Bank _
200,000
Mutual Bank
Now Netherland_ _ _ _ 200,000
100,000
Yorkville Bank
Mechanics', Bklyn_ _ 1,6(10,001)
200,000
North Side, I3klyn
Trust Companies.
Not Members of the
Federal Reserve Bank.
HamiltonTrust,13kin.
Mechanics',Bayonne
Silver.
Federal
Reserve
Notcs[Not
Reserve]
I=
b
,
oo
b
Total
Gold.
Nat.Bank'Nat.Bank
Notes (Re-I Notes[Not
serve for Counted
Slate Inas
stitutionsl Reserve].
o
0
{
Members of
Fed'I Reserve Bank
Battery Park Nat _ _ _
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
Hudson Co. N.,J.C_
First Nat., Hoboken
Second Nat., Hobok.
Legal
Tenders.
,..
co..,tomoomo,
,-,
bo.,...
Obbbbbbbbb
Week Ending
July 22 1916.
Loans,
Discounts,
Nat. bks. June 301 InvestState bks. Juno 30f meats, &c.
1,7.52,000
8,890,000
8,334,000
1,272,000
2,846,000
6,657,000
3,973,000
6,736,000
19,677,000
4,190,000
374,000
256,000
85,000
410,000
21,0003,883,000 3,382,000 64,327,000 1,125.000
r:1
500.000 1,103,500 8,712,000
200,000
297,600 5,000,000
575,000
36,000
19,000
57,000
20,000
93,000
76,000
32,000
2,000
24,000
336,000
115,000
700,000 1,401,100 13,742,000
661,000
76,000: 113,000
103,000
26,000
451,000 1,301,000 9,020,000 4,055,000
699,000 6,723,000 1,403,000
602,000 2,297,0001 2,652,000
76,0007,747,000 11,261,000 103142000 10,477,000 1,513,000
Grand aggregate_ _ _ 6,295,000 10,317,500 11161,1000 6,236,000 1,256,00012,909,000 806,000 138,000
Comparison,prev.wk
-801,000 +174000 -91,000 -316000 +16,000-14-1000 -14,000 -34,000 +1332000 -1076000 +56.000 +4,000
$72,260 Decrease ---- --Excess reserve,
90,0007,781.000 9,929,000 104218000 10.421.000 1,509,000
0.000 282,000
907Grand aggr'te July15 6,295.000 10,317.500 112418000 (3,062,007) 1,350,000 3,225,00
90,000,7,654,000 12,785,000 100227000 10.313,000 1,510,000
Grand aggete July 8 6,295,000 10,459,700 109294000 5.784.000 1,248.000 3,089,000 746,000 240,000
70,0007,607,000 11,236,000 98,631,000 10,220,000 1.524.000
Grand aggeteJtilY 1 6,295,000 10,459,700 108132000 5.833,000 1,302,000'3.079.000 656,000 236.000
Grand aggeteJune24 5,795,000 10,355,400 106038000 5,701,000 1,319,000 3,1:37,000 560,000 306,009
69.00017,495,000 11,78.5,000 96,894,000 9.713,000 1,517,1)00
00 nnn 7 7A1 ono 10 084.000 99.087.000, 9.963 000 1.511.000
Grand aggeteJunel7 lc 703 0011 10.335.400 107653000 5.738.000 1.199 000 3 1101100 057.0(5) 208.000
Philadelphia Banks.-Summary of weekly totals of
Boston Clearing-House Banks.-Wo give below a sumClearing House banks and trust companies of Philadelphia:
mary showingithe totals for all tile items in the Boston ClearWe omit two ciphers (00) in all these figures.
ing-House weekly statement for a series of weeks:
Loans,
Due
Deposits.
I Reserve
Disets & from
Ezcess
Invesets. Banks.
Reserve.
Bank, Individ'l. Total. I Held.
-----------------$
July 22.
E
s
s
s
$
$
Nat. banks. 359,506,0 69,206,0 161,657,0 288,305,0,449,962,0 71,833,0 17,013,0
Trust cos__ 151,170,0 6,112,0 3,470,0 139,337,0 142,807,0 24,819,0 4,619,0
-------- -770 42
Total --- 510,676,0 75,318,0 65,12
7,642701T
-92,7
6-97
0
- 6,7(
-7
.12:0 21,662,0
July 15___ 518,432,0 75,336,0 167,766,0 440,822,0,603,588,0 99,465,0 22,538,0
" 8_ _- 514,281,0 72,545,0 168,696,0 441,662,0610,353,0 106,726,0 29,435,0
"
1_ __ 512,795,0 73,492,0 166,564,0 437,448,0604,012,0 09,002,0 23,811,0
Juno 24___ 512,551,0 73,502,0 169,300,0 433,292,0 603,092.0 105,718.0 23,820,0
" 17___ 513,741,0 75,222,0 171,591,0 441,244,0 612,835,0 109,235,0 31,581,0
513,163,0 73,043,0 170,649,0 440,361,0 611,010.0,110.875.0 :32,936,0
" :3_ _ _ 508,838,0 75,246,0 171,263,0 450,711,0 621,974,01117,690,0 39,307,0
May 27-.509,043,0 73,649,0 168,029,0 437,482,0 605.511,0,109,586,0 32,587,0
" 20___I511,097,0 77,789,0.173.093,0:443,075,0 610.168,0.113,289.0 35,317,0
T
7
Note.-National bank note circulation July 22, $9,440,000; Exchanges for Clearing Ifouse (Included In "Bank Deposits"), banks, $15,147,000: trust companies,
$2,025,000; total, $17,172,000. Capital and surplus at latest dates: banks,
$64,175,600; trust companies, $41,295,200; total, $105,470,800.
BOSTON CLEARING HOUSE MEMBERS.
Jul', 22
1916.
Change from
previous wee/c.
Circulation
$6,383,000 Inc.
Loans, dIsc'ts & investments_ 424,230,000 Dec.
Individual deposits, Incl.U.S. 326,902,000 Dec.
126,130,000Dee.
Due to banks
32,362,000 Dec.
Time deposits
Exchanges for Clear. House_ 14,441,01)0 Dec.
33,735,000 Dec.
1)ue from other banks
25,730,000,Inc.
Cash reserve
Reserve in Fed. Res've Bank 23,992,000,Inc
Reserve with other banks.._ 35,189,000,Inc.
2,267.000,Inc.
Reserve excess In bank
19,549,000Inc.
Excess with Reserve Agent
4,442,000 Inc.
Excess with Fed. heave B'k_
July 15
1916.
July 8
1916.
$18,000' $6,365,000 56,357,000
8,236,000 432,516,000 434.839,000
4,457,000 331,359,009 327,093,000
2,075,000 129,105.000 135.633.000
937,000 33.299,000 32.643.000
6,822,000 21,2(13,000 17.437,000
876,000, 39,661,000 37,3(31,0(.0
27,000 25,7113,000 24,360,000
3,896,000 20,096,000 20,902,000
4,879,000, 30,310.000 35,033,000
373.000
335,000 1,932,000
5,087,0001 14,462,000 19.041,000
286,000
912,000
4,156,000;
Imports and Exports for the Week.-Soe third page
preceding.
THE CHRONICLE
388
Vanhtrs' Ciazett.
Wall Street, Friday Night, July 28 1916.
The Money Market and Financial Situation.—The
chief topic of discussion in Stock Ecxhange circles this week
has been the U. S. Steel Corporation's quarterly report
and the dividend announcement in connection therewith.
The former probably exceeded the most sanguine expectations, showing net earnings of between 11 and 12 per cent
on the common stock during the period mentioned. The
dividend announcement, which included an extra 1 per cent,
was in entire harmony with the well-known policy of the
Board of Directors, but disappointing to those who had
hoped for something larger. The wisdom of the course
taken is not questioned, however, by any who have made a
careful study of the possible industrial developments in
this country which are likely to follow a declaration of peace
in Europe. The reserve now held by the Steel Corporation,
plus that which will accrue on orders in hand,places that
institution in a very favorable position as to the future.
An interesting fact in connection with above is its effect
on the stock market. Ordinarily such a showing would
have been the signal for a substantial advance in industrial
shares and a sympathetic effect upon the railway group,
whereas now the reverse has followed. The latter is, doubtless, due to several causes, the first and most important of
which is the enormous sales of American securities in this
market for foreign account which have already taken place
and the certainty that that movement will continue indefinitely—the practically ever-present labor question—
the not altogether favorable crop outlook—the Presidential
campaign soon to enter an aggressive stage—and last, but
not least, the much broader one of the possible effect of
peace, more or less remote, it is true, upon international
affairs, especially those of a financial and industrial character.
With these influences eliminated, it would be difficult to
account for the course of this week's security markets.
Foreign Exchange.—Sterling exchange was dull and
featureless, rates being maintained arbitrarily on the recent
basis of a shade below 4 76 for demand bills. In the Continental exchanges reichsmarks were weak, but otherwise
there were ncs specially important changes.
To-day's (Friday's) actual rates for sterling exchange were 4 714 ©
4 71 11-16 for sixty days, 4 75 13-1604 75% for checks and 4 763 for
cables. Commercial on banks, sight, 4 7534 ©4 75 11-16; sixty days,
4 7O4@4 70 13-16; ninety days, 4 6834@4 68 9-16 and documents for
payment (sixty days) 4 71©4 71 1-16. Cotton for payment 4 7534 and
grain for payment 4 7534.
There were no rates posted for sterling by prominent bankers this week.
To-day's (Friday's) actual rates for Paris bankers' francs were nominal
for long and 5 9134 for short. Germany bankers' marks were 7134 for
sight, nominal for long and nominal for short. Amsterdam bankers'
guilders were 4134 for short.
Exchange at Paris on London, 28.15 frs.; week's range, 28.15 ft's. high and
28.1534frs. low. Exchange at Berlin on London not quotable.
The range for foreign exchange for the week follows:
Sterling, Actual— Sixty Days.
Checks.
Cables.
High for the week_ _ _4 71 11-16
4 7534
4 7634
Low for the week_.. _4 7134
4 7634
4 75 13-16
Parts Bankers Francs—
High for the week
5 9034
5 9034
Low for the week
5 91
5 9034
Germany Bankers' Marks—
High for the week
72 9-16
7234
Low for the week
7134
7134
Amsterdam Bankers' Guilders—
High for the week
41 7-16
4134
Low for the week_
4134-1-32
41 7-16-1-32
Domestic Exchange.—Chicago, 10c. per $1,000 discount. Boston, par.
St. Louis, 15c. per $1,000 discount bid and 10c. discount asked. San Francisco, 15c. per $1000 premium. Montreal, .625 to .9375 per $1,000 premium. Minneapolis, 30c. per $1,000 premium. Cincinnati, par. Now
Orleans, sight, 50c. per $1,000 discount and brokers 50c. premium.
State and Railroad Bonds.—Sales of State bonds at the
Board this week include $1,000 New York State 43's, at
1153%; $15,000 New York State 43%s, 1965, at 109 8; and
$5,000 Virginia 6s tr. co. rcts., at 513/2.
As was the case last week, the market for railway and
industrial bonds has been dull, while prices, with a few
exceptions, continued the downward movement noted for
the past fortnight.
The new French loan, the subscription books for which
closed last week, was the most spectacular among government issues, sales of over a million dollars par value occurring
almost daily. The Dominion of Canada issues and AngloFrench 5s were prominent as usual.
Rock Island deb. 5s fell away sharply from 623% to 61,
while Atchison Topeka & Santa Fe gen. 48 and Erie 1st gen.
4s declined slightly. From a list of 20 most active issues,
advances were noted in only four, Interborough-Metropolitan
43s, International Mercantile Marine col. tr. 43/2s ctfs.
of dep., Union Pacific 1st 4s and Steel s.f. 5s., the movement being in all cases fractional. In the case of the latter
the remarkable earnings for the last quarter, greater than
any recorded in the history of the company, were probably
the cause for the slight forward movement.
Sales on a s-20-f basis, indicating, presumably, sales on
foreign account, have decreased, being $37,000, as against
$43,000 a week ago.
United States Bonds.—Sales of Government bonds at
the Board are limited to $500 3s, coup., at 1003%. For
to-day's prices of all the different issues and for the week's
range see third page following.
Railroad and Miscellaneous Stocks.—The remarkable
quarterly statement of the Steel Co. and similar, though less
conspicuous results, revealed by other industrial reports,
[VOL. 103.
--t
failed to stimulate any great activity or advance in prices
at the Stock Exchange. Shares showed considerable strength
during the early hours on Monday, but before the close of
business on that day a general downward movement was
started which continued, with slight exceptions, throughout
the week. A few issues advanced on Wednesday following
the Steel Co.'s report, but this effect was not general and
soon disappeared. As a result of the week's operation only
4 industrial issues, American Beet Sugar, Maxwell Motors,
Amer. Locomotive and U. S. Steel close higher, but not
one of the active railway list show any net advance. Industrial Alcohol was, as usual, most erratic; from 1143' it
advanced to 1153
4,fell to 1023% and closed at 106%. American Car & Foundry declined from 583% to 55%, the final
figure being 563/2, while Baldwin Locomotive fell away VA
points.
Among the railway issues Baltimore & Ohio fell from 89
to 853
4, Canadian Pacific from 1783/2 to 1753
4 and Chesa4. Reading, contrary to its
peake & Ohio from 613/2 to 593
movement of last week, fell away from 97% to 943/8, while
the high, low and last prices for Union Pacific, Northern
Pacific and Chicago Milwaukee & St. Paul were 1373g135%4363; 111%-110%-110% and 06%-943/
8-94%.
For daily volume of business see page 397.
The following sales have occurred this week of shares
not represented in our detailed list on the pages which
follow:
STOCKS:
Week ending July 28.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par Shares 3 per share $ per share $ per shareS per share
Acme Tea temp ctfs_100
200 52 July 24 5234 July 25 52 June 52'% July
1st preferred do 100
July 9734 June
100 96 July 24 96 July 24 96
Adams Express
100
10013054 July 28 13914 July 28 13254 Mar 154% Jan
Ajax Rubber
50
100 65 July 28 65 July 28 64
July
July 66
Am Brake Shoe & F ctfs
260 106 July 28 106 July 28 100
Apr 100
July
Preferred ctfs dep...._
320 173 July 25 181 July 27 165
Feb 19534 Jan,
Amer Writ Paper pf_100 6,000 25 July 27 2954 July 24 11
Jan 2954 July
Associated 011
10
Jan 77
200 6634 July 26 67 July 26 62
Jan
Batopflas Mining_ _ _ _20 400 13,4 July 28 134 July 28 134 June 354 Jan
Bklyn Union Gas_ _ _100
Apr 132
300129 July 26 130 July 24 126
Jan
Brown Shoe
100
20N 58 JulY 24 56 July 24 5054 Jan 6054 May
Brunswick Term'l_ _ _100
Jan
700 634 July 25 654 July 24 634 July 14
55 img July 27 98 July 27 92 May 98
Buff Roch & Pitts _ _100
July
Burns Bros
100
100 6834 July 26 6854 July 26 6834 July 87
Jan
100
Butterick
100 2834 July 24 2834 July 24 28
Apr 31
Jan
Cluett, Peabody&Co 100
100 7134 July 26 7134 July 26 68
Apr 76
Jan
Preferred
1 0
125 109 July 26 109 July 26 108 June 112
Jan
Computing-Tab-Rec 100
100 4034 July 24 4034 July 24 4034 July 5234 Jan
Crex Carpet
100
Feb 50
22 45 July 27 45 July 27 41
May
Deere & Co, pref
11,0
100 9034 July 28 9034 July 28 89 May 9834 Feb
Detroit Edison
350 139 July 24 139 July 20 131
10'
Mar 141% Jan
111
lif 554 July 24 534 July 24 434 Mar 634 May
Duluth 8StIcAtl
Elec Storage Battery 100 1,100 63 July 24 6534 July 28 58
Jan
Apr 66
100 300 7334 July 28 753,4 July 24 71
Gulf States S ctfs
May 9034 June
let preterred ctfs .100
100 91 July 28 91 July 28 87 May 10134 June
2d preferred ctfs...100
400 82 July 24 83 July 24 72 May 90 June
Helme (GI NV)
100 200195 July 24 19834 July 24 17934 July 19834 July
Int Harvester Corp. 100
100 90 July 25 90 July 25 6834 Mar 90
July
100
Iowa Central
200 234 July 27 254 July 27 2
July 6 May
Kayser (Julius) &Co 100
300 9734 July 27 98 July 28 8034 Mar100 June
Kings Co Elec L & P 100
20128 July 24 128 July 24 12634 July 131
Feb
Laclede Gas
100 105 July 28105 July 28 10354 Mar 10734 Feb
100
Mackay Compantes_100 500 82 July 25 8234 July 25 78
Apr 91
Feb
Manhattan Shirt__ _ _100
Feb 6734 May
220 65 July 27 65 July 27 55
May Dept Stores_ _100 800 01 July 26 63 July 27 5034 Jan 6834 May
166 105 July 24 105 July 24 10234 Jan 109 May
100
Preferred
Minn & St Louis tr recta
130 53,4 July 25 554 July 25 554 July 554 July
100
Nat Cloak & Sult
May 8154 Jan
300 74 July 28 75 July 26 71
100
Preferred
Feb
May 113
10010954 July 2710954 July 27 106
N Y Chic & St Louls_100
100 33 July 25 33 July 25 33
Jan
Apr 45
New York Dock
lot) 200 934 July 28 93,4 July 28 934 May 1554 Feb
July
Nor Ohio Trac & Lt_100
Feb 87
100 87 July 24 87 July 24 70
Peoria & Eastern...,.,.100
Mar 1534 June
100 12 July 28 12 July 28 8
Pitts Coal Ws dep_100 400 2534 July 28 26 July 25 2534 July 29 June
Pitts Steel, pref_ _ _ _100
346 98 July 24 9854 July 28 9334 Feb 10054 Jan
Stand Milling rights_ — - 2,000
% July 24
% July 22
% July
% July
Texas Co subs full paid_
100 193 July 25 193 July 25 181
July
June 193
Tobac Products pref 100
100 102 July 27 102 July 27 99
July 10954 Mar
Underwood T'writer_100
Jan 106
200 9734 July 27 99 July 22 86
May
Feb
U S Realty & Impt_100 250 29 July 26 29 July 26 25 June 49
US Refine & Berg_ _100 300 lg July 22 134 July 27 1
June 334 Jan
Virginia Iron, C & C_100 600 41 July 27 44 July 22 41
July 6254 Jan
Vulcan Detinning_ _ _100
Mar 954 Jan
200 734 July 24 754 July 24 7
Wells, Fargo Express 100
100 127 July 26 127 July 20 12354 May 135
Jan
Worthington Pump &
Mach prof A etfs_10
100 9754 July 24 9734 July 24 95
July 9754 July
-- Outside Securities.—Sales of securities on the Broad
Street "curb" have increased this week, but prices have as a
whole, and in sympathy with those on the Stock Exchange,
fallen off. Aetna Explosives dropped from 9% to 83%, while
Chevrolet Motors, noted for its violent movement, advanced
from 2073' to 223, fell to 206, but closed at 210. DriggsSeabury advanced from 993
4 to 104, but fell away at the
close to 99, while Gaston, Williams & Wigmore advanced
from 41 to 44, the final quotation being 41. Kelsey Wheel
common and preferred, put on the market for the first time
this week, declined from 633. and 101 to 58 and 100, respectively, while Midvale Steel fluctuated between 61 and
643'. Springfield Body covered a range of 3 points, while
the high, low and last figures for Stutz Motors, Submarine
Boat and White Motors were 643/2-60-643/2, 35-33-33 and
543/
2-52%-53%. Trading in the Standard Oil issues was
dull. Standard Oil of Indiana fluctuated between 570 and
600, while Ohio Oil, Illinois Pipe Line and Standard Oil of
New Jersey varied slightly.
•
Alberta Petroleum and Cosden & Co. fell away over a
point each, while the high, low and last prices of New YorkOklahoma Oil, Sinclair Oil and Tex-Mex Petroleum
were 78-86-$1 1-16, 44-413%-413' and 75-72-80, respectively,
these figures representing cents per share.
Included in the bonds traded in at tho "curb" were $244,000 Cosden Oil 6s, w. i.; $905,000 Inter.-Merc. Mar. 6s,
w. i., and $238,000 Russian Govt. 63/2s, w. i. The firstnamed declined 3 points and the last only
A complete record of "curb" transactions for the week
will be found on page 397.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
389
For record of sales during the week of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 22
Sales/or
the
Week
Shares
PER SHARE
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On basis of 100-share lots
FISK aNtl AKE"
Ranee for Previous
Year 1915
Monday
Thursday 1 Friday
Wednesday
Tuesday
July 24
July 27
July 28
July 25
July 26
Lowest
Highest
Lowest
Htghest
$ Per share $ per share $ per share $ per share $ per share $ per share
Railroads
Par $ per share $ per share $ Per Mere $ per share
UNA 10458 10414 10412 104 10458 10438 10112 10378 10412 10313 104
5600 Atch Topeka & Santa Fe__100 10014 Apr 22 10812 Jan 4
9212 Feb 11114 Nov
99
99
99
99
*987 99
99
9878 988 9834 99
99
1,900 Do pref
100 9834July 6 102 Feb 24
96
Jan 10218 Nov
*11114 112
111 111
111 11114 *111 112 . 111 111
__
400 Atlantic Coast Line RR--100 10612 Apr 19 11714 Junel3
98 Mar 116 Nov
89
8912 28834 8714 8612 87
8512 8534
86% 8612 8534 8618 *111- 7,650 Baltimore & Ohio
100 827s Apr 24 96 Jan 4
63%
Feb
96 Dec
753
7634 7634 275
7434 7434 7414 74% *74
7412 7414 7414 1,300! Do pref
100 7414 July26
67 Feb 7934 Nov
•8458 8434 848 85
848 84% 8414 8434 1,600 Brooklyn Rapid Transit_100 8312 Apr 22 80 Jan 15
85
85
85
85
8878 June 6
8314 Aug 93 Apr
*17714 179
177 17712 17534 17712 17412 17634 9,650,Canadian Pacific
17712 17914 17712 178
100 216213 Mar 1 18334Jan 3 138 July 194 Nov
*290 350 *290 350 *200 350 *290 350 *290 350 *290 350
ICentral of New Jersey- _100 290 Jan 3 1310 May18 1250 Sep 325 Jan
*61
62
8078 6134 6012 61
*6012 61
5938 6014 5913 6014 5,200 Chesapeake & Ohio
100 58 Apr 24 6734 June 8
3558 Jul y 64% Nov
•1258 13
*1212 13
1234 127
1212 1253 *12
1212 *12
1212 1,000,Chicago Great Western-AO° 11% Apr 24 1538Jan 3
1014 Jan 1712 Nov
*3534 3612 38
*3512 3612 353 3512 35
36
3512 348 348 1.000i Do pref
100 33 Apr 24 3934 Jan 4
2512 May 4113 Nov
9613 97
96
9634 0512 96
9514 96
9413 9512 9434 9514 8,980 Chicago Milw & St Paul-100 91 Apr 22 10212Jan
7734 July 10118 Dec
3
130 130
13012 13012 129 12912 *12812 129
12812 12812 *127 129
600 Do pref
100 12712 Mar30 13618Jan 5 12078 Sep 135 Dec
12834 12834 112834 12834 128 12834 *128 129
12638 127 *127 129
1,906 Chicago & Northwestern_100 12478 Mar30 13478Jan 3 11812July 13.518 Nov
*170 175 *170 175 *170 175 *170 175 *170 175 *170 175
Do pref
100 ;165 Apr 13 175 Jan 11 163 July 1180 Nov
2033 2078 2012 21
20
2014 197 2014 19% 1934 1938 197
8,350 Chicago Rock Isl & Pac
100 1512 Apr 22 2413June21
1013July 3832 Apr
*116 125 *116 125 *116 125 *117 125
117 117 *116 125
100 Chic St Paul Minn ScOm_100 116 July13 123 May15 1114 Apr 123 Nov
*135 148 *135 148 *135 148 *135 147 .135 147 *135
_
Do pref
100 13134 Apr 12 136 Jan 27 124 Sep 135 Dec
5312 *52
•52
5312 *52
5312 *52
5312 *5012 5312 *5012 -5312
Clev Cin Chic & St Louis 100 a8 Apr 27 5913June 8 121
Jan 52 Oct
*80
8212 *80
8212 *78
8012 *79
8012 *79
8212 *79
8212
Do pref
100 70 Feb 2 86 June14
5318 Feb 77 Oct
31
3113 *31
32
3012 3012 *3012 33
*3012 33
*30
33
400 Colorado & Southern
100 2434 Apr 24 3612 June13
24 Mar 3812 Nov
*57
59
*57
59
*57
59
*56
59
*56
59
*55
60
Do
1st
pref
100
46
Apr
1
June
60
9
45 Jan 60 Nov
*5012 55
*5012 55
*5012 55
*5012 55
*5012 55
*5012 55
Do 2d pref
100 40 Mar13 5734June10
35 Sep 52 Nov
•150 152 *150 152 *150 152
15133 15138 *151 153 *151 152
100 Delaware & Hudson
100 14918 Apr 20 15518 May23 13812 Aug 1541 Nov
*225 229
225 225 *220 229 *220 229 *222 230
227 227
Delaware
300
Western
Lack
&
_50
216
Mar18
June
237
9 199'54 Jan 238 Nov
14% 1438 •1412 1534 1412 1412 *12
*12
15
15
*12
15
201)
Denver
& Rio Grande_ _ _100
87s Mar30 1614 June13
4 Jan 1612 Nov
3534 3612 35
3512 3412 3412 3313 34% 3312 3312 3334 34
2,600 Do pref
100 15 Mar 8 375sJuly19
612 Jan 2938 Nov
3512 3534 3538 36
35
3512 3438 3533 3412 348 3412 347 17,700 Erie
100 32 Apr 22 4358Jan 3
197 Feb 4558 Nov
•5258 53
5314 5314 62
52% 5112 5212 5112 5112 5112 5134 3,000 Do 1st pref
100 48 Apr 22 5918 Jan 3
Feb 5912 Nov
3214
43
46
*44
4812 *44
47
*41
44
44
45
*41
45
100 Do 2d pref
100 41 Apr 22 541j Jan 3
27 Feb 5414 Dec
11838 11834 11812 11812 11814 11833 118 11814 11734 1181s 11712 1177s 5,100
Great Northern pref
100 11712 JUlY28 12713Jan 4 11234 Jan 12838N ov
3512 3513 3514 36
35% 3414 3533 341 3414 3438 35
358
1,900 Iron Ore properties_No par 33% June28 5034 Jan 3
2514 Jan 54 Oct
10334 10334 104 104
10334 10334 10312 101
10214 10312 *102 103
2,800 Illinois Central
100
4 Apr 17 10912Jan 3
99 July 113 Apr
*1834 17
1638 1634 16-2 1612 16% 167s 1613 1611 161 1614 2,300 Interbor Con Corp, vtc No par 993
1534Feb 15 2118Jan 3
1878July 2512 Nov
*74
743 7412 *74
75
7434 7434 75
74
1,000 Do pref
7438 7438 74
100 71 Feb 15 7712Jan 3
70 July 82 Nov
*2412 25
*2413 2512 24% 2413 24
2412 1,200 Kansas City Southern
*24
2412 *24
25
100 2318 Apr 28 3214 Jan 4
2058 Feb 3518 Nov
60
60
*58
61
*58
61
*58
*58
81
61
200 Do pref
59
59
547 Feb 6512 Nov
100 5814 Apr 20 8478Jan 3
2114 2114 21
2114 .20
2114 *20
21
2013 2012 2034 2078
800 Lake Erie & Western
100 10 May 2 2212July19
163 Dec
5 Jan
•42
4334 *42
44
•4012 4334 43
*41
43
4134 *41
4312
100 Do pref
100 32 Apr 20 45 June21
19 May 4113 Dec
7818 7814 781s 7814 78
7714 78
7814 77% 78
7714 7734 2,920 Lehigh Valley
50 7412Jan 31 85 May31
64%
Feb
8314
Nov
•361? 39
*3612 39
39
*36
*35
*35
39
39
*3512 38
Lone Island
50 20 Jan 31 4113June12
15 Jan 27% Oct
'
112734 13012 *128 132
12738 12734 *12712 132 *12712 132 *12712 132
200 Louisville & Nashville----100 12118 Mar 1 13512June13 10413 July 13012 Nov
*129 130 *128 130 *128 130
12914 12914 129 129 *128 130
525 Manhattan Elevated
100 128 Apr 28 13138Jan 28 125 June 132 Dec
47
*5.3 6
*5
5
*434 512 *5
6
6
.484 6
200 Minneapolis & St Louis-100
4 Mar 1 1558Jan 4
8 Sep 1938 Feb
*15
20
*15
19 -- -- *16
20
*16
20 •15
20
Do pref
100 1414July 3 3313Jan 6
24 Sep 49 Feb
*126 12712 *1213 12812 *125 1-2512 126 12714 12314 125 *12312 125
Minn
St Paul & SS M.--100 11614 Apr 24 129 June15 106 Jan 12612 Nov
805
*13212 136 *132 136 *130 136 *130 136 *131 136 *130 135
Do pref
100 135 Jan 13 137 Jan 15 123 June 136 Dec
*4
414 *4
434 *4
414
4
414 *4
4% *4
414
100 Missouri Kansas & Texas_100
314 Apr 25
714Jan 13
4 Sep 1514 Apr
•1112 1233 *11.2 1212 *1112 1213 12
*1112 1233 *1114 1238
12
100 Do pref
100 10 Apr 3 1612Jan 4
1018 Sep 40 Apr
718 714
87
714
678 7
614 6%
612 634
612 634 6,300 Missouri Pacific
100
312 Apr 22
712July 6
.613 7
134 July 1814 Apr
658 7
634 7
61s 612
6
6%
6
5,000
Trust
614
co
etfs of deposit__
312 Apr 22
•___ 23
738July 6
*12
3 Dec
712 Nov
22
*14
2334 *14
22
*14
23
*14
22
Nat Rys of Mex, 1st pref 100 2312Jan 21 24 Feb 18
1412 Aug 2812 Oci
.5% 534 •553 534 *55 534 *538 534 *538 53
5
4
*5
Do
53
4
26
pref
100
534July 11
93 Oct
10234 10234 103 10312 1027 10314 103 10334 10238 10278 102%
914 Jan 12
July
438
103
8,400 N Y Central & Hud River_100 10014 Apr 22 11113Jan 19
6114 6114 8078 6114 6018 6014 60
8112 Mar 11013 Dec
6012 58
60
5714 5812 9,800 N Y N II & Hartford
26
100 57 Apr 26 777 Jan 10
26
43 Feb 89 Ocl
26
2612 28
26
*26
26
26
*26
27
700 N YiOntario & Western.....100 26 May 5 31 Jan 3
12734 12734 127 12734 12633 12634 12618 27
2134 Jan 35 Apt
12712
12534 126
126 127
4,700 Norfolk & Western
100 114 Mat 1 1375sJune 7
*8712 88
*8734 88
9912 Jan 12238 Dec
*8734 88
88
88
*8734 88
200 Do adjustment pref
8734 8734
111% 11134 11138 11112 11078 11138 111
100 8418 Feb 25 89% May22
8012 Sep 90 June
11112 11012 111
110
1107
Northern
3 8,300
Pacific
100 10934 Apr 24 11878Jan 4
5812 57
991s Feb 1183 Dec
5612 5634 567 57% 5634 57
56% 5673 56% 567 20.625 Pennsylvania
50 5514 May 5 5934Jan 4 51% Feb 6112 Nov
*81 ;83
*81
83
*81
83
81
*81
83
81
81
300 Pitts Cin Chic & St Louis_ _100 78 Feb 17 88 June 5
9512 *_ _ _ _ 9512 t_ _ 9512 *_81
65 May 86 Nov
9512 s_ _
9512 *__ _ 95%
Do
pref
100 88 Jan 28 9834 Jan 13
90 June 9813 June
9712 -9838 97
9812 oi
96
9- 5i3 9512 531.4 9414 957s 9718 60,200 Reading
50 7518Jan 31 11034 May23
6938May 85% Nov
---- - -- 4212 4234 *42
*4212 44
44
*4213 44
4213 4212
622 1st preferred
50 4178 Feb 19 46 Feb 29
4412 -4412 451 47
4038 Sep 45 June
*45
4413 4412 4412 4412 4412 4412 1,000 2d preferred
46
50 4114Feb 21 52 May19
1634 1634 17
40 Feb 44 Apr
17
*1612 17
1,000 St Louis & San Fran new (w 0_
*1813 17
1612 1612 17
*16
1512 May18 1734 June28
---- ---- -...... ........ -___ ____ --- .._-.. ---- ---- ---- ---Do preferred (when iss)•---- 20 *___ 20 •___ 20 *---- 20 *---- 20 *--- _ 20
St Loubi Southwestern___100 16 May 4 2034 June 9
11
Sep 23 Nov
*--- _ 44% *
4413 *____ 4412 *-__ 4412 *44
Do prof
4413 *---- 4412
100 40 May 9 4612June 0
29 Sep 4513 Dec
*15% 16
*15
1612 1514 1514 *15% 16 '
115
16
•151 16
Seaboard Air Line
200
100 14 Apr 22 1878Jan 13
111s July 2014 Nov
*38
39
38
38
*37
3812 *38
3812 3713 371 *36
38
200 Do pref
100 3415 Apr 24 42 Jan 13
3014 July 4334 Nov
9714 9713 973 9758 9718 9712 9718 9712 9873 9718
978 978 9,800 Southern Pacific Co
100 9414 Apr 22 10418 Jan 4
8114 Feb 10418 Dec
2313 2312 2314 2312 2318 2338 23
2314 2234 227* 2233 2238 10,100 Southern Railway
100 18 Apr 24 25 July 3
1213 July 26 Nov
6778 6778 *87
68
67
67 .67
6778 67
67
67
67
600 Do pref
100 56 Apr 24 71 June 9
1234 1234 12
42 July 65 Nov
12
*1112 12
*1112 12
1138 1134 *1113 12
1,200 Texas & Pacific
612 Feb 14 1378 June21
100
•6512 6614 *6512 67
812 July 1778 Apr
6412 6538 6313 8313 6213 6333 6234 6234 1,500 Third Avenue
(New York) 100 5912Jan 31 6813June22
*9512 9712 .9512 97
35 Jan 6412 Oct
*9513 9712 *9513 9712 *95
9713 9012 9612
200 Twin City Rapid Transit_ _100 94 Mar 24 99 June 8
13718 13713 137 13734 130% 13714 13534 13718 13538
90 July 100 Apr
100 12934 Apr 22 14338 May23 11534 Jan 14112 Nov
8258 82% 18234 8234 8213 8212 8234 8234 *8233 13614 13534 13613 47,200 Union Pacific
8234 *8238 8234
330 Do pref
107s 11
100 28112 Mar 1 84 Jan 28 279 Mar 8418 Nov
1078 11
10
1014 *10
11
10
10
*914 11
1,700 United Railways Invest
734 May 9 2114 Jan 4
23
23
100
23
2312 *2013 2212 *20
8 Jan 2712 Oct
2212 *20
221
23
1,000 Do pref
•1313 137
100 18 June23 3934Jan 3
1334 1334 1333 135* 1313 1338 1314 1333 *20
2114 Mar 4734 Oct
1333 13% 1,800 Wabash
July
100
505* 5034 5012 5034 50% 5013 497
1314
14
17
Jan
3
12%
Oct 1712 Nov
505* 495* 497
4958 498 8,100 Do pref A
100 4113 Mar 1 5212July 3
27
2714 *27
2714 2634 27
4372 Oct 4914 Nov
2613 2875 26% 2634 Ms 2638
3,700 Do pref B do
•271 2813 2738 277
100 25 Apr 22 3212Jan 15
2512
Oct
3212 Nov
27
27
*2713 2812 *27
28
27
271
1,100 Western Maryland
100 2412Feb 28 3412 Mar 27
•44
43 *44
48
914 Jan 3512 Oct
*44
48
*44
48
*44
48
*44
48
Do pref
100 40 Mar 7 51 June13
25 Jan 5058 Oct
*5
473 *412 5
512 *5
6
*434 514
513
412
Wheeling
&
500
Lake
*434
Erle
100
258Jan 20
6 July10
•14
16
*1412 16
13 July
614 Nov
1612 1412 1413 *12
*15
16
137 137
300 Do 1st preferred
100 1014 Apr 27 1812July 5
*6
7
*613 71
2 Aug 1934 Nov
*813 712
5
512 *5
0
500 Do 2d preferred
*5
6
100
314 Jan 18
734July 5
52
5
8
54
Aug
813 Nov
52
54
51
5213 52
5213 *50
52
Wisconsin
50
2,900
51
Central
100 33 Apr 19 5612July 20
28 July 45 Nov
Industrial & Miscellaneous
•14
1513 *14
1534 15
15
*15
1534 *15
153
Advance
4
200
1514
Rumely
1514
100 15 Apr 27 2113 Apr 29
*3234 3412 *3213 35
3212 3213 *3212 35
3212 3212 317 32
500 Do pref
100 3175 July28 43 Apr 28 - - 1734 1734 18
_- - - - _19% 1813 19
1734 187
17% 1773 1718 1712 10,700 Alaska Gold Mines
10 1634July 5 2612Jan 7
*78 8
2i"
14 bee idl2 -Apr
8
8
818 Ws
815
4,400,IAlask
8
.
8
nit
a
Juneau
8
8
Gold Min'g_10
734Junel7 1014 Jan 7
21% 2212 2214 23
Dec
4
1312 Nov
93
21%223
2113 2214 21
2113 2113 2134 5,801),Allis-Cnalmers Mfg v t c_100 79 July19 3378 Mar14
7413 7434 *7213 75
734 Jan 49% Oct
73
7312 73
7334 7318 738 7312 7312 1,700 Do preferred v t c___100 7012July 18 8412 May16
6913 8913 *87
33 Feb 857 Dec
70 .63
6912 *67
Amer
69
200
67
Argicultural Chem--100 63 Apr 22 7214 Jan 3
67
6812
*67
*9813 9912 *9813 9912 *9812 9913 *98% 9913 *9812
48 Jan 7412 Nov
100
*9812 9912
Do Prof
887k 90
100 96 Mar23 100 June12
8938 91% 8834 90
90 Mar 10118 Nov
875* 8912 8738 8834 8812 89
20,300 American Beet Sugar
*98 101
100 6134 Feb 1 961s July 6
*98 100
98
3314 Jan 727k Dee
98
*98
100
9913
9912
100
100
300 Do Prof
5514 5612 5538 568 5512 5618 541$ 55%
100 93 Apr 24 102 June22
83 Feb 95 Nov
53% 54% 54
5414 15,600 American Can
'
110812 10912 110 11013 *110 111
100 5014 June27 653* Mar 16
25 Feb 6812 Oct
110 110
110
110
*10934
110
Do
pref
527
593
581
100 10814July 13 11378Jan 28
5814 5934 5713 5814 5612 5812 5514
9112 Jan 11312 Nov
5614 5614 57
18,200 American Car & Foundry_100 52 July 8 78 Jan 3
*11534 117 *115 117 *11534 117
40 Feb 98 Oct
117 117 *11812 117
11612 117
450 Do pref
100 11512July 7 11912Mar 11 11113May 118 Aug
142 142
1411s 14312 141 141
13812 141
*138
1385*
144
1383*
1,600
American
Coal
Products_
100 130 July 11 1757 Jan 19
*11614 119 *117 119 *11713 119
82 Jan 17012 July
118 118 *11712 119 *11713 119
100 Do prof
100 115 Jan 20 118 July26 1105 Jan 120 Sep
*53
5412 54
54
523 53
53
53
53
53% 1'52q 54
600 American Cotton 011
100 5012 Apr 22 5712Jan 17
*98 102
39
19812 9813 *9812 102
Jan 64 Oct
*98 102
*9812 102
*93
102
prof
10
Do
100 98 Jan 6 102 Mar 15
1078 1114 11
1132 105* 1114 1012 1034 1038 1033 1012
91 June 10214 Nov
1012 4,900 American Hide & Leather_100
5218 5313 5278 543* 5212 548 5314
834June 3 12 Jan 3
4% Feb 14% Oct
534 53
538 53
535* 11,150 Do prof
45
Mar
100
1
2814 2834 2834 2834 2814 2814 25
57
Jan 18
1934 Jan 591 Oct
23
26
27
2718 5,900 American Ice Securities
100 25 Jan 20 3113 Feb 19
181 1813 1834 1834 *1813 1912 *1814 1913 183* 1833 27
205* Jan 35 Apr
500:American Linseed
1838 18%
45
45
100 1714 July 14 251s Jan 26
*43
46
714 Jan 311 Oct
4412 4412 *43
46
4314
4314
4334
pref
Do
4334
3001
14
3814
Mar
100
1 5314 Apr 25
85
6714 6534 68
24 Jan 5013 Oct
6434 6614 6312 6512 6313 6413 644 684 33.900 American Locomotive
*100 103
_...j00
53
July14
101 101
Mar14
833
4
19
Mar 7434 Oct
10113 101
101 10134 *10034 101
10134 10134 1,100 Do prof
100 9912 July 13 10434 Apr 3
*612 8
75 Mar 105 Nov
*8
8
*5
8
*6
8
*6
81, 713 713
100 American Malt Corp
38% 3834 *3713 40
100
512 June 3 10 Apr 7
378
Apr 131s Oct
*38
40
3914
3912
40
40
391$
3913
1,230 Do pref
*844 8634 *8412 8612 *8434
100 23158Jan 14 40 July27
2112May 3712 Dec
8618 86
86
*84
86
*84
86
Amer Smelters Sec pre! B.100 8112July 13 88 May25
1931s 93% 035* 9358 93
78 Jan 883* May
9313
*9212
93%
9212
9253
9212
925
pre
975
7
2
Do
Ser
A
*9414 94
stamped__ 9134July 11 9612June14
94
943* 9334 9378 9134 94
86 Oct 92 Dec
92
9213 9214 93
6,400 Amer Smelting & Refining_100 8812 Apr 22 11338Jan 4
•11012 11112 111134 11134 11014
56 Jan 1087s Dec
11014 *110 112 *110 112 *110 112
150 Do prof
•133 142 *135 142
100 10914 Apr 22 11458Feb 3 100 Jan 113 Nov
142 142 *136 145 *136 145 *136 145
American
Snuff
100
*103 110 *103 108 *103
100
130
Mar
23
14912June
144
8
Jan 165 Apr
108
.103
*103 108 *103 108
Do prof
4814 50
100 10813 Mar 22 110 Jan 27 103 Jan 11038 Nov
49% 5018 49% 4913 49 108
50
49
4918 4914 5038 3,500 Am Steel Foundry
*10812 10912 10934 10934 *109 111
100 44 Apr 24 6114 Jan 4
2418 Mar 7412 Oct
109
109
*108
110
111
111
600 American Sugar Refining_100 10512 Apr 22 11612Jan 8
*116 119
11612 11013 117 117
9912 Feb 11978 Nov
118 *116 119
118 118
300 Do prof
100 11518 May 5 119 May25 109 Feb 11912 Nov
1291 12918 1291s 12914 12914 12914 *116
129 12914 129 12918 129 129% 4,600 Amer Telephone & Teleg_100
12614 Feb 1 13118Junel6 116 Jan 13014 Nov
22034 22412 2225* 22434 22234 223 *221 224
222
22214
222 222
2,303 American Tobacco
100 188 Feb 16 22434 July24 19512 Dec 25213 Apr
1073* 10733 *10612 103 *10(P2 108
1077
8 •10613 103
108 103
300 Do pref (new)
100 10514 Apr 24 10812Feb 8 10314 Jan 111 Nov
4413 *437 4413 *4334 4412 4318 1077
44
431
43
43
4334 437
700 Am Woolen of Mass
100 42 Jan 11 5514 Mar14
95
95
95
95
95
46 Nov 56
95 .95
Oct
9513
95
95
95
95
930 Do prof
3532 3612 3434 37
100 92 Jan 10 102 Mar 10
3318 3538 3213 337
95 Dec 9814 Nov
3178 3212 3314 3334 15,109 Am Zinc Lead & S
25 2938July 10 978 Apr 10
6714 6714 26512 6612 65% 0534 *_,,, 8513 *814 65
13714 Dec 7112 Dec
6212
8213
700 Do pref
25 5912July 11 7112June16
7878 7938 7934 8014 787 795* 7734 793
777 7833 78
787 31.190 Anaconda Copper
50 77 Apr 22 9238 Feb 14 c2434 Feb 9153 Nov
63% 6412 634 6112 *6214 63
6134 6234 60
60
60
64
3,100 AU Gulf & WI SS Line Ws 100 56 July 12 66 July20
*6312 65
65
*62
*62
65
6234 6234 6334 6334 63
63
300 Do pret cents
100 61 July12 6512July 20
• Bid and asked prices; no sales on this day.
Ex-rights. 1 Less than 100 shares. a Ex-div. and rights. b New stock.
c Par $25 per share. e First installmen
Paid. z Ex-dividend. s Full paid.
390
New York Stock Record-Concluded-Page 2
[Vol.. 103.
preceding.
For record of sales during the week of stocks usually inactive, see second page
PER SHARE
PER SHARE
Range for Previous
Range Since Jan. 1
STOCKS
Salesfor
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Year 1915
On basis of 100-share lots
NEW YORK STOCK
the
EXCHANGE
Week
Friday
Thursday
Wednesday
Tuesday
Monday
Saturday
Highest
Lowest
Highest
Lowest
Shares
28
July
27
July
July 26
July 25
July 24
July 22
I
Par 3 per share $ per share $ per share 5 per share
Con.)
Industrial&Misc.(
share
per
$
share
per
$
share
per
2658 Mar 15412 Oct
$ Per share 5 Per share l$ Per share $
100 6538July 14 118584Tan 3
6812 6934 694 7012 28.400 Baldwin Locomotive
4 6858 71
1
70/
7284 7314 714 7312 70
92 Mar 114 Sep
100 104 June20 110 May24
100 Do pref
4 10512 *105 10512 *105 10538 *105 10538
/
*104 106 .104 10512 1051
4614 Jan 600 Oct
Jan 11 559 Mar 14
415
100
Steel
Bethlehem
320
*420
445
438
*420
439 439 1440 440 *420 438 43912 440
Jan 184 Oct
91
100 126 July21 145 Jan 6
Do pref
4June
1
*12614 132 *125 135 *125 135 *125 135 *125 125 *125 135
5612 Aug 79/
19,100 Butte & Superior Copper _10 6012July 11 10514 Mar 9
67
67
4 6834 7014 6712 6834 6614 6814 6614 67
1
69/
68
8 July 3858 Dec
3
4258Jan
June27
15
vtc_100
Petroleum,
California
900
4
173
1714 1712 1758
19
18
20
*19
20
Dec
2012 2114 *19
81
July
30
3
8038Jan
June29
40
100
600 Do pref
47
43 *43
4312 4512 43
47
*4512 49
*45
49
*45
3258 Feb 6114 Nov
100 49 Apr 22 5714 July 6
5,500 Central Leather
5438 5334 54
4 5412 54
1
5514 53/
54
5458 5458 55
54
11012 Nov
Jan
10038
11212June28
3
8Jan
1087
100
pref
Do
500
112 112
11134 11134 11178 112
111 111
41110 11112 *110 112
100 8812 Apr 24 131 June 5
10418 10418 1,450 Chandler Motor Car
10514 10512 105 105
10734 10734 *103 106
10714 108
2338 Dec 2638 Nov
4July14 2538Jan 5
1
25 19/
2018 2,800 Chile Copper
2012 2012 2012 2058 2012 2012 2014 2014 2014 2014 20
3234 Jan 5738 Nov
4 July 11 60 Feb 19
/
5 461
Copper
4634 4734 3,900Chino
4758 4734 4738 4814 4738 4712 463e 4714 *4612 47
2134 Jan 6612 Sep
100 381s Apr 22 53 Jan 4
dr Iron
Fuel
28,700,Colorado
4458
4334
4
433
4314
4
/
451
4318
441s
45
46
4434
4414 45
11334 Jan 15012 Oct
8
Jan
14434
1
Mar
13012
Y)_100
(N
Gas
Consolidated
2,310
13438
134
134 13412 134 134
4 13614 135 135
1
135/
*13512 137
4014 Jan 127 Oct
10412May25
31
Jan
4
/
751
100
850 Continental Can
*9512 98
9612 9612 *9412 98
98
9812 *96
4 98
1
9734 97/
8812 Jan 10912 Dec
100 106 Feb 1 112 Mayll
Do pref
*10612 112 *10612 112 *10612 11012 *107 11012 *10712 112 *10712 112
8 Jan 2112 Oct
25
2514Jan
1312June26
100
Refining
Products
1,400
Corn
14
14
1412 1358 14 1 1358 1334
4 1412 1414 1414 *14
/
141
65 Jan 9634 Dec
100 85 June26 10112 Jan 14
800 Do pref
9018 9018
90
90
90
4 90
/
4 9018 901
/
901
9012 9012 90
4 Sep
1
1814 May 109/
5234Jan 12 9912 Mar 16
of
America-100
Steel
Crucible
50,900
6914
68
4
1
/
68
4
663
4
1
/
69
71
4 674
1
70
6812 7134 67.4 69/
84 May 11212 Sep
100 10814Jan 11 11912Junel6
11434 115 1011412 11512 115 11512 1,200 Do pref
•11414 115 *114 115 *114 115
6
July
6318
July14
5612
par
No
4 577s 5858 5734 5878 18,025 Cuba Cane Sugar
1
5934 6052 6018 6112 5912 6014 5814 59/
100 93 July14 9534 July 6
2,300 Do pref
*9412 95
9414 9412 *9414 95
4 95
1
4 94/
1
95
9478 95/
95
38 Jan 177 Dec
100 Cuban-American Sugar- A00 152 Jan 5 245 Mar28
225 225 *220 234 *220 234 *220 230 *220 235
*221 230
93 Mar 110 Sep
100 10434Feb 1 110 June 8
Do pref
*100 110 *100 110 *100 110 *100 110 *100 110 *100 110
512 Mar 5012 Oct
5412 Apr 29
July10
41
Corp_100
Securities
Distillers'
12,000
4414
4378
4
/
441
44
45
4638 4634 4334 4638 4312 4514 44
10 23 Feb 23 29'2 Feb 8 t16 June 3014 Dec
500 Dome Mines, Ltd
2534 2534 2538 2558 2534 2534
*2558 26
*2513 26
*254 26
Mar 60 June
8
7
Jan
35
13
4July
/
Federal Mining dr Smelt_ _ _100 121
*1212 18
*1212 18
*1212 18
18
*13
19
*13
19
*13
20 Mar 65 June
100 3518 Apr 24 5712Jan 7
200 Do pref
3712 3612 3612
Jan 360 Oct
165
*3712 3912 *3712 3913 *3712 3912 *3712 3912 3712 305
Mar18
350
5
Jan
9265
100
Chemical
General
*295 a05
*295 305 *295 305 *295 305 *295 305 *295
100 9113 Jan 5 116 Jan 27 106 Mar 911612 Nov
Do pref
4 116 *11312 116 *11312 116 *114 116 *114 116
1
*11312 116 *113/
Mar 18512 Oct
138
17
Jan
22
17812
Apr
159
100
Electric
General
6,700
168
168
16714 168
4 16718 168
1
16814 17034 168 169/
*168 169
82 Jan 558 Dee
100 405 Apr 24 560 June 5
1,100 General Motors
499 500 *430 540 *480 525 *500 523
499 600
500 500
0058 Jan 136 Dec
100 108 July14 12012May 2
2,300 Do pref
113 115
113 113 *110 11478 11312 11312 11212 113
111 111
4 Oct
1
2412 Jan 80/
10
Apr
80
31
4Jan
673
100
F)
(B
Co
Goodrich
7112 7214 16,200
7338 7058 72
4 734 7412 7234 7312 72
1
7334 73/
95 Jan 11414 Oct
11634Mar16
1
4Feb
100 1103
4 . 100 Do pref
/
114 114 *11358 1141
*11358 114 *11358 114 *11358 114 *11358 114
99 Feb 10 • 7914 Apr 91 June
July12
80
_100
_
_
P_
&
S
M
Cons
Granby
300
80
80
80
80
81
81
88
*80
88
*82
87
*81
37 Oct 5238 Dec
200 Greene Cananea Copper_ _100 34 June26 5338 Mar 9
4512 46
45
4512 45
45
46
*45
4512 4512 4534 45
1658 Jan 4712 Oct
4758 4738 4758 13,200 Inspiration Cons Copper_ _ _20 4258 Apr 22 52 July 6
4812 4714 4838 47
4812 4834 4858 4918 48
512 Mar 2934 Nov
5
2978Jan
July13
12
_100
Corp_
Agricul
Internat
100
14
*11
*10 • 14
13
13
14
*12
14
*12
14
*12
8 Mar 7134 Dec
5
Jan
74
14
3818July
100
4014 4334 4334 1,200 Do pref
41
4012 4012 40
41
*43
45
3912 43
90 May 114 June
10812Jan 7 11934June 7
_100
J__
N
of
Harvester
Intern
500
117
8
*1135
*11358
11518
114
114
*115 11734 *11512 11712 115 11514
100 114 Feb 29 120 July19 110 July 120 Nov
Do prof
*117 120 *117 120 *117 120 *117 120 *11812 120 *117 120
18 Dec 2012 Dee
1338Feb 15 2914 May 1
2314 2438 2234 2334 2334 2414 19,100 Int Mere Marine etfs of dep-- 6114 Mar 1 10034June 5
25
2312 24
2438 2434 24
5512 Nov 7712 Dec
dep
of
ctfs
pref
Do
58,600
8
857
4
843
8
855
8412
8414 8614
8714 8434 86
8538 8618 85
4 Dec 22312 Oct
1793
17
Jan
Mar
1
42
56%
c___25
t
v
(The)
Nickel
Intern
4438 4312 4414 437s 4414 16,400
444 44
1278 Dec
44
454 4412 4514 44
8 Jan
15 July25
912 Mar 1
100
1478 1412 1412 1412 1434 12,800 International Paper
14
1312 1378 1334 1434 1414 15
Feb 5034 Dec
33
4212
July28
Feb
1
6634
100
pref
Do
9,250
4
6518 663
6612 6412 65
6478 6614 65
65
6378 63
63
4
Apr
9
06
Mar
67
100
800 Jewel Tea, Inc
85
*80
4 82
/
811
80
80
81
81
7914 81
80
*78
100 104 July 6 113 Apr 4
1001 Do prof
10934 10034
•105 110 *106 110 *105 111 *105 110 *107 110
25 66 July 18 7678 Mar 20
Tire
4 7114 7212 7012 7112 7012 7012 3,600.Kelly-Springfield
/
7018 7038 7038 7038 7034 711
4
A parr 13
0 M
5712
roo 0538July 15 9
2001 Do pref
9714
9714 *95
*95
96
9712 96
4 9578 *96
1
9712 95/
*95
4434 July20
par
Copper-No
35,100,Kennecott
8
455
45
8
453
454
46
4714 4534 4614 45
4618 4612 46
28 Jan 9434 Sep
6
Jan
86
5
May
64
100
Steel
Lackawanna
7012 7012 7114 11,100
70
71
7014 7314 6912 7012 70
7012 72
41 July13 5612June IS
4214 4314 4314 4314 3,300 Lee Rubber & Tire___No par 240
44
44
45
45
4 4378 45
/
4 431
1
43/
272 July24 207 Jan 260 Dec
14
Apr
Tobacce_100
Myers
&
Liggett
1,100
267
*258
270
*258
266 272 *260 275 *260 272
258 260
100 118 Mar 30 122 Mar 3 11334 Jan 120 Dec
121 121 .109 123200 Do pref
12012 12012 *119 121
Jan
*119 121 *119 121
16 Feb 31
Loose-Wiles Biso tr co ctfs.100 15 Mar 3 21 Jan 18
4 *1558 1812 *1558 1812
/
*1558 1812 *1558 1812 *1558 1812 *1558 181
86 Feb 10518 Jan
100 78 Mar 16 9112Jan 13
preferred
1st
Do
200
85
*82
4
/
4 82/
1
4 824 821
1
82/
*8234 85
*8234 85
Oct
67
Dec
*8234 85
55
June27
3
Mar
50
100
592
preferred
2d
Do
6014 .____ 6014 4._ _ __ 6014 *__ __ 6014 *__ 6014
_ __ 60L&
4 Jan 19 239 July19 16512 Jan 189 Nov
/
100 1791
Lorillard Co (P)
*250 238 *iiiii 238 *230 23812 *230 238 *230 23812 *230 23812
Apr 10 112 Sop 118 Jan
12018
6
11512Jan
100
pref
Do
2
4
*11738 12012 *11738 12012 *117 121 *11738 12012 *11738 12012 *1173 1201
1514 Jan 92 Oct
4 Mar 3 8934 May16
1
8138 791* 8034 7934 8134 67,800 Maxwell Motor Inc tr ctfs_100 57/
8258 7812 8114 79
Jan 10334 Dec
774 7978 80
2,100 Do 1st pref stk tr ctts_100 78 Apr 22 93 Jan 3 '4314 Jan
87
8633 8638 87
87
87
8714 87
88
87
87
86
6812 Oct
18
6
June
6078
2
Mar
4214
etfs_100
tr
stk
pref
2d
Do
4,600
58
4
/
59
5734 5812 5712 5778 571
*56
59
5714 5812 58
12412 Dec
Jan
51
3
1295
Jan
8June28
885
100
9778 9912 9434 9814 9614 9734 967s 9778 56,300 Mexican Petroleum
100 10078 9834 101
67 Jan 10412 Dec
100 8912June28 10558Jan 3
pref
Do
100
93
*89
93
*89
92
92
93
*92
93
9312 *92
.92
4 Dec
/
1714 Jan 361
4 July 12 3918 Apr 3
/
5 331
3478 3478 3412 3434 3434 3434 3412 3434 4,300 Miami Copper
3434 35
35
35
42 Jan 7934 Dec
100 6814 Mar 1 9378 July20
21)0 Montana Power
*9034 92
*9034 92
*9034 92
91
91
92
*91
92
91
.
99 Jan 120 Dec
3 116 June23
Jan
109
100
pref
____
*11012
.
Do
______
__-_
*11012 ____ *11012 ____ *11012 ---- *11012 --__ *11012
100 11873 Apr 24 12514 Mar20 116 Apr 132 Jan
30 National Biscuit
12118
111978 11978 *11812 122 .119 1214 *120 121 *119 121 *120
100 124 June30 12958 May12 119 May 12712 Dec
75 Do pref
Oct
*125 128 *125 128 *125 128 *125 128 *125 128 §125 125
1934 Apr 22 2934 Jan 5
_100
_
Stamp'g.
&
Enam'g
Nat
400
2318
4
/
231
2318
234
23
23
24
0
24
2334 2334 *23
4 ?aey
*23
79 2 Er E:8
100 92 Jan 19 972 Feb 18
Do pref
*92
96
96
*92
96
*92
96
*92
96
*92
96
*92
44
100 6012 Apr 22 7378Jan 19
1,600 National Lead
6212 6212 6258 63
6312 6212 63
.6312 6512 6414 6414 63
10434 Jan 115 Nov
May16
116
9
Feb
112
100
pref
Do
200
114
114
4 11334 *113 115 *113 115 *113 114
1
113/
*11334 115
17 Nov
4 Feb
/
111
5 15 Jan 31 1838 May24
Copper
4 161
/
4 1634 1678 1634 1634 1634 1634 1634 1634 1,350 Nevada Consol
/
1634 1634 161
5612 Feb 16434 Sep
100 118 July14 15312 Jan 15
1,600 New York Air Brake
123 12314
12318 12318 *122 126
125 125
124 126
126 126
81 Apr
Jan
64
3
Jan
75
26
Apr
6512
100
Co
American
North
68
*66
68
*66
68
*6512 68 .66
4 68
1
*65/
1238 Dec
*6512 68
2 Feb
6 July20 1138 Jan 7
100
250 Ontario Silver Mlning
6
6
6
6
6
614 §6
,
A
614 *6
614 *6
*6
8 Dec 38 Aug
5 1134Jan 3 2958 Mar 2 1N114
200 Pacific Mali
22
*20
22
*20
22
*20
1912 20
_
12312
3
11178Jan
5
May
1004
_100
700 People's G L & C (Chic)_
102 102
10178 102
Sep
49
Apr
*Thii2 nii- .ioi" fci2 - *10112 102 *10112 102
3512
17
900 Philadelphia Co (Pittsb)- _50 38 June15 46 Jan
4012 38/
4 39
1
4034 4034 3934 4034 *39
41
4012 4012 40
1514 Jan 4212 Oct
100 2238 Apr 24 3634Jan 17
1,000,Pittsburgh Coal
2518 26
27
*25
27
*25
26
2618 2618 26
Oct
27
*26
4 Jan 114
1
81/
100 100 Mar 8 11134Jan 13
8001 Do pref
100 100
10118 10118 101 101
*101 10112 102 102 *100 102
25 Marl 7814 Oct
4212July 14 6513 Jan 4
100
Car
Steel
Preved
4712
7,350
47
4
473
47
4914
4812 4734
e
IN
Oct
4 5014 48
/
49
4912 491
ig
Marltar
0012,
86
1
4
Jan
8
1047
July18
97
100
pref
1001 Do
*9912 10012 *9912 10012 *9912 10012 *9912 10012 *9912 10012 10012 10012
200,Public Serv Corp of N J.._100 114 Jan 31 132 May16
131 131 *13012 132 *13012 132 *13012 132 *13012 132
*13013 132
Mar 17014 Oct
15018
17
Jan
17131
May10
4
/
1591
100
Company
162
1,280:Pullman
1162
4 16178
/
1611
4 163
/
1611
4 16113 162
/
16178 1611
534 Nov
1162 162
14 Mar
634 Jan 19
23s Mar 22
100
100 Quicksilver Mining
4
1
4 2/
1
2/
*212 234 *258 234 *258 234 *238 234 *258 234
3
4 Novt
1
6/
54
834 Jan 26
312May25
100
Do pref
*412 5
*412 5
4 *412 5
1
4 M ar
19Ma
*412 578 *412 573 *412 5/
4712 June12
22
Apr
32
100
Steel
Spring
Railway
1,600
43
*42
4314 4312 4234 4314
Nov
102
4414 *4312 45
Mar
4412 4514 44
87
4
Jan
100
9
Mar
9514
100
Do prof
99
*97
99
*97
99
*97
99
*97
99
*97
99
*97
1514 Jan 2712 Nov
Feb 21
4 11,100,Ray Consolidated Copper..10 20 June23 26
1
2238 2234 2234 22/
2234 23
2234 23
4 Dec
/
4 2234 23
1
551 Jan 3
2234 22/
19 Feb . 571
June26
42
100
Steel
&
Iron
Republic
17,700
4738
4538 4612 4638 4758 4614 4612 4612
4 Dec
1
4734 4514 48
47
72 Jan 112/
100 10678June26 112 .Mar14
1301 Do pref
4 *109 10034
1
10958 109/
*10812 11034 §110 110 *10812 110 *109 110
100 16814 Mar 1 '20134 July23 813134 Mar 20912 Feb
19978 20134 3,800 Sears, Roebuck dr Co
19512 201
4 19312 194
/
19512 19512 194 1941
19512 196
Jan 126 Dec
4
/
1211
3
Mar
12714
Junc28
125
100
pref
Do
1001
*12612 12712 *12612 12712 *12612 12712 *12612 12712 *12634 12712 12634 12634 2,900,Shattuck Ariz Copper
10 24 July 11 4014 Feb 14
2612
2638 26
2614 2558 2634 26
2638 2612 2678 26
26
24 Jan 6678 Dec
800,Sloss-Sheffield Steel dr Ir__100 37 July14 6314 Jan 3
4234 4234
43
*42
43
43
44
4412 4412 4412 44
*42
40 Feb 164 Dec
146 Jan 29 240 June10
_100
Sugar__
Rico
Porto
100
South
183 183 *177 186 *181 186 *181 185
*150 190 *165 186
8938 Feb 110 Oct
6
June
120
2
100 106 Feb
200 Do pref
117 117 *115 118 *115 117
11612 11612 *116 118
*116 118
4312 Feb 96 Dec
100 86 Mar 10 10312 Mo.y25
Standard Milling
*97 100
*9612 100
*9612 100 .97 100
*97 100
*9612 100
Feb 85 Nov
66
May17
94
1
8512Mar
100
Do
pref
88
*87
*86
8712 *8612 89
88
*86
89
*87
88
87
.
4 Jan 195 Oct
1
35/
3
Jan
167
12618 12734 50,100 Studebaker Corp (The)._100 12012July 13
12514 12712 12514 127
coctt
c
Oee
2 1:10:::
:11184
12714 12834 12614 12934 12514 127
Jan 1;9
91
Mar 14
114
27
Apr
109
100
.
pref
Do
111
*109
111
*109 110 *109 111 *109 111 *109 111 *10912
2512 Feb 70 Sep
25 224 July26 6612Jan 5
4 30,600 Tennessee Copper
/
251
2258 2312 23
2218 24
Dec
4 2212 25
1
25/
4 2512 25
/
251
237
May
120
3
5,200 Texas Company(The)_100 17714 June27 23512Jan
19112 192
190 192
193 195
*192 19334 192 19234 19112 196
414May 9
100
4 4,800 Union Bag & Paper
1
4 6/
1
5/
4
1
4 5/
1
5/
6
6
6
6
4
1
4 5/
1
5/
*534 6
100 28 Jan 27
700 Do prof
3812
3812 38
3712 *36
4 3634 37
/
4 3678 361
1
36/
anl
ja
37
:JulyJ
*36
21F
II .
:
2I
July21 gF
52
100
Mfrs
200
Cigar
United
55
*45
55
*50
5518
5515
56
55 ._ _ _ _
*45
55
*45
100 108 Mar 14 111 Mayll 100 June 110 Oct
100 Do pref
__
*108 ---- 109 109 *108
51012 Oct
Dec
*108 -_-- *103 ____ *108
b9
19
Feb
b10
9
100 59 Feb
4 9734 29612 -97 - 6,300 United Cigar Stores
/
964 9612 9612 9834 9734 Vi- 9734 9814 971
100 b1112Feb 10 512 Mar10 bIll2 Oct b1218 Nov
Do pref
163 Nov
*115 119 *117 119 *117 119 *116 119 *116 119 .116 119
139
Nov
8
une
16912J
31
Jan
136's
100
4 155 15612 5,600 United Fruit
/
15534 1561
15512 156
*16634 15734 15714 15834 156 157
4 Oct
/
8 Jan 311
100 1515 Jan 31 2612 Mar 14
400 US Cast I Pipe & Fdy
20
*19
20
*19
20
20
20
4 201s 2014 20
1
2012 20/
3212 Mar 5512 Nov
June16
8
543
5
Feb
4812
100
pref
Do
4
1
/
53
*53
54
*53
54
*53
54
*53
54
Dec
*53
13134
54
*53
Jan
15
6
Apr
17012
July13
97
100
Alcohol
114 1154 10514 11534 10214 10712 10212 10734 104 10614 104 10712 125,500 US Industrial
70 Jan 107 Nov
100 9912July 11 114 Jan 13
100 Do pref
10018 10018 *100 104 *100 104
*100 104 *100 104 *100 104
7434 Apr
44
July
3
5812Jan
1
Mar
4
473
100
Rubber._
States
3,800
United
52
52
52
5212 52
53
52
63
5334 54
*5312 54
4 Feb 110
1
100 100's Fob 5 112 Apr 4 101/
250 Do 1st preferred
4 *10818 10812 *10818 10812
/
10814 10814 10814 1081
*108 109 *10838 109
50 624 June27 8034June 9
6718 6712 *6612 6712 3,950 US Smelting Ref & M
6712 68
4 68
/
6918 6812 6914 671
69
11
Apr
5312
June20
50
50
500 Do pref
5012 5012 5034
504 *4758 5033 5038 5034 *49
____ *49
38 Feb 8912 Dee
100 27934 Mar 1 89 Jan 3
8534 8614 8618 8678 284,300 United States Steel
874 8514 8612 8578 87
117 Oct
51-2 8612 86
-i.
100 115 May 3 11812Jan 25 2102 Feb
6,815 Do pref
4 118
1
4 11778 117/
1
117/
11778 118
118 118
4812 Jan 8134 Deo
11734 11734 11734 118
19
Feb
8634
14
4July
743
10
4 6,900 Utah Copper
1
4 7538 7558 7534 75/
1
7512 75/
76
76
7614 77
7612 77
3
4 June 9 2014 Feb
/
100 161
300 Utah Securities v t c
*1634 1714 1634 1634
174 1718 *1634 1714 *1634 17
17
17
15 Jan 52 Oct.
600 Virginla-Carolina Chem....100 36 Apr 24 51 Jan 17
40
374 3714 *37
*3714 39
40
*37
40
3838 3812 *37
4 Dee
1
113/
100 108 Apr 22 11278 Jan
pref
300
Do
112
*106
108
108
112
*106
112
*106
103
108
110
90 Nov
110
96
1
Mar
87
Telegraph_100
Union
900
Western
93
93
9318
93
4
933
4 9334
1
9334 93/
94
*93
94
2
3
8
Feb
*93
it
r
:
l
4
/
711
4
523
_50
Mfg_
July14
&
29,400,Westinghouse Elec
5512 5512 56
5658 5438 5634 55
4 56
/
Oct
5634 581
58
57
418 Ct
75
5812 Mar 8
50 70 Apr 19 70 Mar 15
75
*65
75
*65
I Do 1st preferred
75
*66
75
*68
75
*68
75
65
.
n325 Juno 5 n87 Feb ti268 Nov
5912 54,700 Willys-Overland (The)__ _ _25 n19914 Jan 31
5914 6034 5733 604 58
5938 61
6334 26012 63
,62
_
-5
June
117
2
Mar
102
100
pci
fun
800 Do pref Sub recta
4 10558 10514 10514
1
4 10558 10534 10534 105/
1
4 105/
/
10512 10512 10514 1051
9014 Jan 12012 -Dee
100 118 Jan 5 13912 May12
3,250 Woolworth (F W)
13412 13612 13538 13538 13614 13712 13612 137
13614 13614 137 137
6. 115 Jan 124 Aug
12512June
iJune29
423
Ng
_
pref
Do
200
12414
)2414
12414 124.14
•12312 1244 *123 124 *12312 125 *123 124
a Ex-div. and rights. S New stock. c Par $25 per share. s Ex-stock dividend.
•Bid and asked prices; no sales on this day. g Less than 100 shares. t Ex-rights.
share.
per
$100
Ex-dividend. n Par
..A....,),:.
2 a Lann
391
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
/n Jan. 1909 the Exchange method of quoting bonds was changed. and prices are now all-"and inlerest"-except for income and defaulted bonds.
BONDS
N. Y. STOCK EXCIIANGE
Week Ending July 28.
g
r6.
Price
Friday .
July 28
Range
Since
Jan. 1
T Veers
Range or
Last Sale
Price
Friday
July 28
BONDS
N. Y. STOCK EXCHANGE.
Week Ending July 28.
Range
Since
Jan, 1
Week's
Range or
Last Sale
High No. Low High
Bid
Ask Low
High No. Low High Chic Burl & Q (Con.)AskiLow
Bid
U. S. Government.
10212 June'16
10214 102%
Iowa Div sink fund 55_ _ _ _1919!A -0 10318
99% 99%
9978 Apr '16
U S 25 consol registered_ _ _d1930 Q - J 9814 99
0
9933 9978
A
July'16
45
1919
fund
9934
Sinking
100
9912
May'16
9912
-4
1
99
9814
J
d1930 QU S 2s consol coupon
Joint bonds. See Great North
9934 10234
10014 -- 9934 June'16
k1918 QU 838 registered
6 9734 100
M-N 9852 Sale 9852
1927
48
10014
4
Extension
983
Nebraska
July'16
102%
100
100
k1918
F
Q
coupon
U S 3s
98
96
1927 M-N
98 July'16
Registered
10934 11118
1925 Q - F 10912 -_ 11014 June'16
U 5 45 registered
1921 M- S 9934 _
9912 June'15
Southwestern Div 42
110 11212
110 July'16
1925 Q - F 110
U 5 4s coupon
96 92
9438
93
93
1958
S
Sale
M9212
48
General
'15
Oot
9814
__98
F
Q
2s_k1936
10-30-yr
U S Pan Canal
214 2512
214 Apr '16
Chic & E Ill ref & imp 48g._1955 J - J 2232 25
97 July'15
U S Pan Canal 10-30-yr 2s 1938!Q -N
21
2 i617; 10314
pii
l9
22
20 June'16
20
25
US Mtg & Tr Co ctfs of de
10212 10212
U S Panama Canal 3s g_19611Q -1%1 15f1-2
104 10712
10612 1st consol gold as
10712 June'16
_
100 Feb •1.
U S Philippine Island 48_1914-34 Q F 100
22 75
86
1937 M- N
864
86
General consol 1st 58
Foreign Government
82
1937 M- N ---- 85 82 May'16
9818 2435 98
82
9818
Registered
98
93
Sale
19
&cur
0-'
(11
53
Foreign
Amer
tibia
5642
9312
dep
Tr
8532
of
&
ctfs
Mtg
June'16
Co
U
85
---75
8514
dale
95%
4
953
-0
9514
loan_
Anglo-French 5-yr 55 Exter
_ 8934 0548
Guar Tr Co ctfs of dep
85
July'16
74
86
85 June'16
Argentine-Internal 55 of 1909_ If S 9314 9312 9312
3 69
Pur money 1st coal 5s_ _ _1942 F - A ---- -- 973 Feb '13
7814
73
7214
Sale
73
t
-D
J
'11
of
Ry)-58
Chinese (Hukuang
Chic & Ind C Ry 1st 58__ _1936 J - J 20 __ 2212 May'16
July'16
-if"
4 10034
/
961
Cuba-External debt 58 of 1904_ M- S 9914 9934 9838
1959 M- S 70/
Chic Great West 1st 48
4 Safe 7014
1
74
70
4 97
/
7034
9614 11 941
1949 F - A 9614 Sale 9814
Ester dt 58 of '14 ser A
2 811
11112 115
& Louisv-Ref 68_1947 J - .1 11212 115 115 June'16
Ind
Chic
87
4
/
86
86
86
4
863
A
F
1949
External loan 4s
1947 J -.5 100 ____ 101 June'16
Refunding gold 55
100 101
99% 154 9832 10014
Dominion of Canada g 5s w 11921 A -0 9934 Sale 99%
94
1917 J - J 82
1
Refunding 48 Series C
r 415
e
55955*
4 10114
1
9972 129 97/
1926 A -0 994 Sale 9913
do
Do
_.129 9634 1023s
gu 48_ _ _1956 J - J
1st
Loulsv
Dee
&
Ind
101
10038
10012
Sale
0
A
1931
do
Do
1 8214 8614 Chic Ind & Sou 50-yr 48
1 89
911,
701956 J - J 881/
89 May'16
89
86
86
Japanese Govt-.0 loan 4%8_1925 F- A t 8552 86
0712 9734
5 7812 88
Chic L S & East 1st 4%8_1969 J -D -.. 9652 9712 Apr '18
86
1925 J - J 86 Sale 86
Second series 43.s
PaulSt
59
&
Milwaukee
Chicago
8052
80%
811s
73
Sale
8414
Do do "German stamp"
13 8974 94
J J 897s Sale 89%
89 Q
98
e19
90
Gen'l gold 48 Series A__ _e
7212
63
1931 J - J 6912 70 70 July'16
Sterling loan 48
9238 Feb '16
9253 9258
Registered
45 June'16
45 60
79
Mexico-Exter loan £ 5s of 1809 Q - J 48
93
IL 9313 9514
4
1-D
4
3E
1925.5
93%
93%
45
Permanent
2712 June'16
2712 50
50
1954 J -D 32
Gold debt 4s of 1904
9214 92
9214 13 0134 9412
Gen & ref Ser A 4%s_a2014 A -0 92
9512 Jan '15
Prov of Alberta-deb 4s_ _1924 F - A
40 106 110
107
4 "fi" 6012
Gen ref cony ser B 58___ _a2014 F - A 10634 Sale 106%
8012
Tokyo City-5s loan of 1912___ M- S t 7914 80 7914
79 June'16
8112
78
Gen'l gold 33-i8 Ser 13__e1989 J - J 78% 79
*These are prices on the basis of 85t0
3 10012 104
10112
e1989 J - J 101% Sale 10112
General 4%8 Ser C
State and City Securities.
5 9012 9312
9012
9012
9012
Sale
J
J
_1934
,
48
deben
-year
25
102%
102%
3
0
10212
0
1
1
0
102%
S
0
1
M1
5
2
1960
N Y City-4%s
6 100 10334
10112
1932 J -D 10034 Sale 10032
Convertible 43.4s
103
1964 M- S 10272 103 103
4s Corporate stock
103 10374
1 10818 10812
Chic L Sup Div g 581921 J - J 103 _ _ 103 July'16
10812
1965 J -D 10734 108 10818
4%s Corporate stock
July'16
106
104%
10412
10412 10572
-.5
8
J
1926
58
Div
Riv
Mo
&
Chic
108
10812
105%
108
4
107%
1073
1963 M- S
4s Corporate stock
102 1041s
1921 J - J 10272 10312
Chic & P W 1st g 5s
10012 70 9778 10012
1959 M-N 10012 Sale 10018
4% Corporate stock
_ _ 103
8912 9174
4 98 10038
9112 July'16
C M & Puget Sd 1st gu 48_1949 J - J 9012
100%
1958 M- N 1004 10012 10014
4% Corporate stock
10 9758 101
10613 107/
4
1
1064 July'16
1920 J - J 10614 _ _
Dubuque Div 1st s f 6s
101
1003s
1957 M-N WO%
4% Corporate stock
110 June'13
Fargo & Sou assum g 68 1924 J - J 11052
9714 Jan '16
4
/
4 971
1
97/
1956 M-N 100
4% Corporate stock
Feb '16
1017g
10234
La
J
July'16
J
1919
58
1st
D
&
1053
Crosse
4
108
107%
10612
4
3
167
N
M1957
New 4%s
103 105
19213 - J 10312 10338 103 July'16
10014
Wis Minn Div g 58
10014 10014
1917 M- N 10014 Sale 10014
New 4%8
17 103 108
10612 10714
1920 J -.5 107-.107_ 10612 May'16
Wis Vail Div 1st 65
% Corporate stock__ _1957 M - N 1074 10752 10712 10734
1.6 '212 10172 June'16
2
1015
-D
J
1934
101% 10178
4%8
ext
1st
June'16
No
Sc
MU
8
10072
1007
100%
2
1005
M-N
41l% Assessment bonds_ _1917
Cons extended 4%8___.1934.3 -D 10112 ---- 10134 June'16
101 10134
9038 July'16
8838 93
33% Corporate stock__ _1954 M-N
__
9318 97%
9534 July'16
. 105 July'16
:
91
0212 10
102
4 Chic & Nor WestExt 481886-1926 F - A 94
5158
05
1.4 .7 .71
7
4
42
5
1961 M- S
N Y State-4s
_ 97 Apr '16
1886-1926 F - A 9452
97
Registered
97
105 July'16
1961 .1 - J
Canal Improvement 4s
8112 10 80
1987 M- N 81% Sale 8132
84
General gold 33-is
10214 Jan '16
4 10214
/
1021
Canal Improvement 48-1062 J - J 10514
--- 7812 Jan '14
p1987 Q - F
1021z Jan '16
Registered
(
I
R;
10212
10212
.1
J
48-1960
Improvement
Canal
51
955
933
94
9414
Sale
94
N
M1987
June'16
48
General
115
113
11514
11514
J
J
Canal Improvement 4%8-1964
Stamped 4s
1987 M- N
4 10934 July'16
10612 10934
9332 96
7,-; 934 9334 July'16
Canal Improvement 4%8_1965 J - J 10932 10931 11212 11514
- 11418 11414 June'16
General 5s stamped
11514
1987 M- N 112 14
11514
1144 1164
Highway Improv't 4%s-1963 M- S
15
111
109%
1
10
Sinking
11213 Jan '16
fund
32
11212 11212
4
A
5
9
Os
9
i0
0
1879-1929
1093
2
-7S
1965
Highway Improv't 4lis
5
10913
10912 Apr '16
8512 8512
4 181%
037
8512
814
Registered
1879-1929 A -0
10912 1094
Virginia funded debt 2-3s_ _1991 J - J 85
5 5014 5812
10434
Sinking fund 58
5112
5112 5112
1879-1929 A -0 10412 _ _ _ 10434
10452 10484
65 deferred Brown Bros ctfs__ -- -- 51
Registered
10312 104
1879-1929 A -0 10334_ 10312 Apr '18
Railroad
63
68
65
6818
684 July'16
Debenture 5s
102 10312
1921 A-0 10112 Ha 102 July'16
M995 Q Ann Arbor 1st g 48
9318 224 9212 95/
4
1
Registered
101 Dec '12
1921 A -0
Atch Top &S Fe gen g 48-1995 A - 0 9234 Bale 92%
3 911
92
2 31611; 10
p06
une:19
4 93/
/
4
1
Je
412 s
90
Sinking fund deb 5s
1933 M-N i6551995 A.- 0 9212 93 92
Registered
83% Sale 8312
83% 102 8312 88
10414 10414
Registered
1933 M-N•
10375 10414 June'16
h1995 Nov
Adjustment gold 4s
'16
Jan
8538
8612
864
8412
June'16
.-.
Frem
121
Mo
&
0
121 121
A
1st
Elk
V
_1933
Nov
68_
h1995
Registered
8414 36 84
8814
h1995 M-N 8312 8414 84
ManGB&NW 1st 3%8_1941 - J 80
Stamped
July'16
80W.
104
10414
103
10034
4
/
1071
Milw
-D
L
S
&
_1941
1st
J
J
3%8_
1955.5
gu
4s
Cony gold
i
"108
10314 L./55 10134 10734
108 109
1960.5 -D 10314 Sale 10314
M111,S & West 1st g 68_ _1921 M- S 107 i0
Cony 4sissue of 1910
10612 July'16
Ext & imp s f gold 5s__ _1929 F - A 106
1068s 1074
1917 J -D 101 10114 10114 10114 10 10058 10134
10-year 58
5
111%
96
'15
Dec
9612
96
4
1
/
95
Sale,
11172
96
S
M1st
Ashland
Div
6s..1925
g
S
East Okla Div 1st g 45._.1028
_ 11213 Feb '16
1121k ]121
85
85 July'16
. 85
89
Mich Div 1st gold 6s
1924 J - J 110%
1965 J - J
Rocky Mtn Div 1st 48_
2 9212 July'16
94
8934 92
894 00 July'16
Mil Spar & N W 1st gu 48_1947 M- S 9238 92191
Trans Con Short L 1st 48_1958 J - J
3 9678 99
97
4 May'14
1
107/
974 97
Northw Union 1st 75 if--1917 M- S
Cal-Ari, 1st & ref 4%8"A"1962 M- S
107 107 June'16
St L Peo & N W Ist gu 58_1948 J -j
S Fe Pres & Ph 1st g 5s__ _1942 M- S 10352 10412 10413 May'16 -53 10334 10412
4
/
921
10212 Deo '15
91
9438
Winona & St P 1st eat 73_1916 J - D
Atl Coast L 1st gold 4s-- _h1952 M- S 92 Sale 92
1011* 1027*
8978 10 8934 9234 Chicago Rock I51 & Pac 6s 1917 J - J 11513s 10134 10112 July'16
1964 J -D 894 8934 8934
Gen unified 4;is
10212 10112 July'16
10614 10738
10132 102
1917 J - .1
Registered
Ala Mid 1st gu gold 55._ _1928 M- N 1064 10772 10638 June'16
18 84
4
833
87
May'16
8413
84
9414
84
933
J
4
1988
J
4s
95
4s_1038.5
gold
general
gold
gu
RO
1st
&
W
Bruns
8312 83 June'16
1297 Aug '15
92
9414
214
1988.5 - J 83
83
-- - Registered
Charles & Say 1st gold 7s-1936 .1 - J 13
18
8512
.,..
452
b15_12 8513
.
73%
8384 7512
01952 M-N 18
1934 A -0 7272 Bale 72%
Refunding gold 48
854 874
L & N coll gold 45
1194 July'16 --- 11918 5122
6234 192 4112 6814
1932.3 - J 61 Sale 8014
30-year debenture 5s
Say F & W 1st gold 6s-.1934 A -0
10512_ 105 July 15
97
1934 A 95
1918 M-N 954 9878 97 July'16
Coll trust Series P43
1st gold 58
10 54
2 i56 99% Feb '16- 9912 991
9914
59
5514
Sil Sp Oca & G gii g 48_ -1918 J R I Ark & Louis 1st 4%5 1934 M- S '59 Sale 59
1925 J - J 972 Sale 9234
9278 44 9214 4472
9784 100
Bait & Ohio prior 3%s
Bur C R & N-lst g 5s1934 A -0 99% 10112
92 ___ 92 June'16
h1925 Q 1
ulYr:6
l
Na4
2j
8
'
997
100
Registered
CRIFAcNWlstgu 55_1921 A-0 100
9113 9232
1i1948 A -0 9012 Sale 90%
9074 124 9038 92/
1st 50-year gold 4s
1927 J -D ---- -M&StL lstgug 75
4
1
--- -h1948 Q - J
90 June'16
Registered
Choc Okla & G gen g 5so1919 J -3 9934 _ 9934 Apr '16
8912 9114
Sale95 90 9434
Jui
2j
34
75
97
l8
y.ib
'
nly
147 9412 -9852
1933
5f12 8
95
1952 M-N 91
10-yr cony 4%8
Consol gold 58
10038 Sale 1004
10012 134 9972 10134
Refund & gen 5s series A.1995 :1
Keok & Des Moines 1st 58 1923 A -0 ,--- 65 65 July 16
6812
U
1922 J - J
71
112 Jan '12
-A
F
'41
Pitts June 1st gold 6s
St Paul & K C Sh L 1st 4;is
--4 91 July'16
11784 11874
P Juno & M Div 1st g 3A1 1925 M- N -91- -55Chic St P M & 0 con 65._ 1930 J -D 118 11832 1111781%2
92
91
_
'17
May'1687
34 Feb
8672 11 881a 90
8734 8784
P L E &W Va Sys ref 43_1941 M-N 8034 8672 8672
Cons 68 reduced to 3%8 1930 J -D 91
10114 103
1930 M- S 100 ioi 10152 1014
9034 37 90
Bouthw Div 1st gold 338_1925 J -.3 9012 Sale 9012
Debenture 5s
9211
11712 11814
Ch St P& Mhin 1st g 68_ _1918 M-N 117 ___
Cent Ohio R let a g 4%8_1930 M- S 1004 la. 100 Apr '13
117
107%
12952
May'09
1074
0
June'
16
J
A
J
1930
1933
6s
1st
North
58
Wisconsin
g
1st
con
W
&
1071
Ci Lor
i6f7"2
3
0,1.2 101 June'16
02
10414
0111 6
06
8 10414
1919 A-0 10334 10157St P & S City lst g 62
101 101
Monon River 1st gu g 53_1919 F - A 10
107 July'16
Superior Short L 1st 53 g_g1930 M- S 10413
10612 10732
Ohio River RR 1st g 58_ -1936 J -D
80
68
'14
Jan
105
81-D
J
-0
105
1960
A
1937
5s
1st
General gold 58
105 10514 Chic T & So-east
106
Chic & West Ind gen g 6s_q1932 Q -M 106 107 106 July'16
Pitts Cleo & Tol 1st g 68_1922 A -0 10614 ---- 11312 Feb '12
10 7532 802
76
9913 Apr '16
75%
75% 77
1917 J - J 9938
Consol 50-year 48
9913 9913
Pitts & West lst g 48
91
-8612 8613
8612 Jan '18
-D
J 91
June'12
J j
Cm 11 & D 2d gold 4%8___ _1
2 .1
57
93
19
Stat I8lRy 1st gu g 4%8_1943 J
1937 M- S 10812 -.- 10834 July'16
1959J -.5 74
lot & refunding 4s
Buffalo R & P gen g 55
WI; 110"
- 1021
7512
4 10218
/
1957 111-N 10114 10218
I
l
e
un
J
4
.
8111
.
1st
Consol 4348
guaranteed
4s
10114 103
25 July'15
-j
r4-N
4 Mar'16
1
41 j
959
Cin D & I 1st gu g 5s_ _ _ 19
All & West 1st g 45 gu ._.1998 A -0 90% -__ 92/
92% 92%
10312 Feb '16
88 Mar'll
C Find & Ft Iv let gu 'Ise 1923 M- N
Clear & Mah 1st gu g 58_1943 J - J 107
4
/
1034 1031
65 July'14
Roch & Pitts 1st gold 68_1921 F - A 108 - _ _ 10738 July'16
Chi I & W 1st gu g 4s_ _ _ _1953 J - J
107% 10814
_
_
10978
10223 -D
110 July'113
9432 Dee 34
Consol 1st g 68
Day & Mich 1st cons 4%8_1931 .1 - J
10734 11014
_- 102
1962 A -0 102 10212
14
20
eloy:
Ju
1065733 D
10212
Canada Sou cons gu A 58
1935 J - J
Ind Dec & W lst g 5s
102 10434
1962 A -0
Registered
10672 Apr '14
1st guar gold 5s
-fti- 7938
7712 81
95 July'16
J
Car Clinch & Ohio 1st 30-yr 58'38 J -D
3i
35
99
19
92 W1-2 Cleve On C & St L gen 48._1
67
44 S
5 8312 9014
3
94
76
8
8634 7
3
64
89
-6561-ers 10752 107%
Central of Ga 1st gold 58._ _p1945 F - A ;0
20-yr deb 4%8
1931.5 - J 83
10712 108
1945 M- N 100 Sale 100
9914 10012
Gen 58 Series B
10014 10 100 102
1993.5 -D 9812 9912
Consol gold 55
87
8312 8514
82
8412 May'16 ---- 834 8412
Cairo Div 1st gold 48
Chatt Div pur money g 48 1951.3 -D 84%
7512 7712
10114 May'16 ---- 10134 10134
3 7512 Sale
.1
1 J:
99i
93
Cin W & M Div 1st g 48_ _ 19
Mac & Nor Div 1st g 5s 1946 J - J 103
July'16
8114
72
:
8412
79
1947.5 - J 103 --__ 10014 Mar'15
9
un;.16
85%juy16
St L Div 1st coll tr g 4s_ _ _1990 M- N 804 8234 1°:
Mid Ga & Atl Div 5s
- 824 Ma'14
1946 J - J 103 --- 10214 Jan '16
Registered
Mobile Div let g 5s
10114
4.
1621861k
8612 June'16
85
91
S 804
-N
M1940 M
Spr & Col Div 1st g 4s_ _ _ _199
Cen RR & B of Ga col g 5s__1937 M-N 94 IBM.; 94
94 97
8014 84 8414 Jan '16
8434 8434
11613
Cent of NJ gen'l gold Ss__ -1987 J - J 116 11612 118
W W Val Div 1st g 48___ _1940 J 116 11814
105 18514
h1987 Q- 3 11534 11614 116 July'16
C I St L & C consol 6s_ _1920 M-N j10553 10534 105 June'16
Registered
11514 11714
9112 9212
10312 104 10312 10312
Am Dock & Imp gu 58-1921
1st gold 4s
*1936 Q- F 9212 - -1034 10334
100 June'13
Leh dr HudItivgen gu g 53_1920 J Registered
k1936 Q- F 904 ---- ---10212
102
l
Ma
22 M
8892112
51
921118
1004 Jan '13
N Y & Long Br gen g 48__1941 M- S
Cin S & Ci con 1st g 58_ _ _1923 2-3 102
- 11818 June'16
11612 11612
804 June'16
Cent Vermont 1st gu g 48._e1920 Q- F
C CC&I gen con g 6s_ __1934 J - J 11612
80 83"
94 July'08
---Chesa & 0 fund & Irnpt 5s__1929 J - J 9312 9412 94%
9413 10 0412 98
Ind B & W 1st prof 4s_ _ _ _1940 A -0 86 _ _
1st consol gold 58
10518 10 10454 107/
d1938 Q- 3
0 Ind & W 1st prof 58
4
1
1939 111-N 105 105% 105
- -if- 7613 July'16
77
83
Registered
Peo & Eat3t 1st con 481940 A 1939 M-N 10314 10412 10412 June'16
103 10412
38
8958
8952
23 38
General gold 43s
1990 Apr
Income 48
4
1
1992 M- S 89
8912 93/
2
i3
3
6
8
1
1
1
0
.
t
e
l
ui
un
10012
j
j
2
9934
A
10112
9012
Registered
-_1961
_
L
Feb
4%8_
Short
'16
1st
gu
Cleve
M1992
9012 91
611
14
7% 14 13°°
1614
7
20-year convertible 4%8_1930 F - A 85 Sale 85
1947 Col Midland 1st g 48
8514 53 85
89
10
9
2 6
9
1534
893
4 Sale
30-year cony secured 5s 1946 A -0
9434 208 9312 95
9312
Trust Co certfs of deposit----93
91
39 90 934
914
92
Big Sandy 1st 48
85
8314
1929
Colorado & Sou 1st g 48
May'16
1944 J -D
8314 85
14 8212 8712
8314 Sale 83
Coal River Ry 1st gu 4s_ 1945.3_
1935
8312 83 Mar'16
Refund & Ext 4%s
-D _
83 8434
105 10612
1921 J -D 10452 10472 10512 July'16
Craig Valley 1st g 58
97 9634 Feb '18
Ft W & Den C 1st g 138
1940 J - J 94
4
1
9634 96/
87 95
Potts Creek Br 1st 48_ _1946 J - .1
8434 Jan '13
Conn & Pas Rios 1st g 42_ _1943 A 94 96
94 Feb '16
- -5;R & A Div 1st con g 48._ 1989 J - J -ilia -8712 8672
8672
841k 88
Cuba RR 1st 50-yr 58 g__1952 2d consol gold 48
1989 J - j 8012 83 802 June'16
8113 8313 Denack dc Western8614 87
Greenbrier Ry 1st gu g 48_1940 M- N 88 _- 90 Apr '14
Morris & Ea 1st gu 3%a_ _2000 J -D 86% 87
108 10912
34 July'16
88
86
Warm Springs V 1st g 5s1941 111- S
11314 Feb '15
N Y Lack & W 1st 68_ _ _1921 J - J 10714- 10
103 104
8 103 July 16
1923 F - A 10238 1031Construction 58
-if" -56i
Chic & Alton RR ref g 38__ _1949 A -0 154 -5612 604 July'16
98
9812
1950 J Railway 1st lien 3%s
Term & Improve 4s_ _ _ _1923 M-N 974 9838 9812 July'16
1
5012 10 43
.
S8.4
.
49314!
50
98
5012
5014
A 88 -- 10212 Feb '03
F
_2000
%s_
3
g
gu
Warren
ref
1st
3111Y'16
100
Chic B & Q Denver Div 48_1922 F - A
99
9934
,
10438 10412
Aepbr 416
12 F
04s3
104
1949 J - J
Del & Hud 1st Pa Div 78._ _1917 M- S 10214
Illinois Div 33s
84
84 87
84
10412 10413
1917 M- S
1949 J - J 9434 97 94%
Registered
Illinois Div 4s
9434 10 944 9632
1949 J - .1
Registered
974 Dec '15
No price Friday; latest Mb week. 4 Due April. e Due May, 0 Due Juno. 5 Due July. k Due Aug. o Due Oct. p Due Nov. f Due Dec s Option sale.
9
10238
04
idgi fa'
iOisi fair
"iii
W3-4
"ii""Ea
jai- Riga;
•104
Evil;
g
I.... ft...
........
W... ....
5
1614
9
rd-N
5
392
BONDS
N. Y. STOCK EXCHANGE
Week Ending July 28.
New York Bond Record-Continued-Page 2
v
1,41
.1
5t
,-, a.
Price
Friday
July 28
Week's
Range or
Last Sale
in
11:1
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE.
Week Ending July 28.
4t,
Price
Friday
July 28
[vol..
Week's
Range or
Last Sale
103.
Range
Since
Jan, 1
Delaware & Hudson (Cont)--Rid
Ask Low
High No. Low High
Bid
Ask Low
High No. Low High
1st lien equip g 4)0
1922 J - J 10012 10138 10034 10034
Leh V Term Ry 1st gu g 5s__1941 A -0 11134 --__ 11134
2 10038 102
4 110 1124
11134
1st dr ref 4s
1943 74-N 98
4 964 994
9814 9858
9958
Registered
1941 A -0 11114 ____ 11112 June'16
11112 11112
1935 A - 0 105 Sale 105
20-year cony 5s
12 105 108
Leh Val Coal Co 1st gu g 58_1933 J - J 104 10514 10514 July'16
1051
10414 1064
Alb & Susq cony 330.- 1946 A -0 8514 8658 864
8614
5 8514 83
Registered
1933.8 - J ---- ---. 105 Oct '13
Renas & Saratoga 1st 7s 1921 M-N 11218 --_ 11238 July'16 -„ 11238 113
Lolnsgt lot reduced to 4s
1933 J - J 92 --__
Deny & R Gr 1st con g 4s 1936 .1 - J 78 7814 7838
7838 10 76
7912 Leh & N Y 1st guar g 4s--__1945 M- S 8912 -_-- -W4 July'16
sots -id Consol gold 4s
1936 J - J 8414 Sale 8414
8414
2 83 86
Registered
Improvement gold 5s
1928 J -D 8034 8314 8312 July'16 --„.. 7834 85
Isid let cons gold 5s_ _h119
-S
415 Q
J
MJune'16
03
ides 10638
1955 F - A 68
1st & refunding 55
7012 7012
7078 12 51 73
1st consol gold 4s
h1931 Q- J 94 ---- 9414 June'16 -- 9414 9414
Rio Gr June 1st gu g 5s 1939 J - D 8514 88 109 Dec '12 --------__
_.
General gold 4s
1938J -D 85 ____ 88 June'16 ---- 86
90
Rio Gr Sou 1st gold 4s_ _ _1940 J - J ....--__ 6112 Apt '11 _. -__
Ferry gold 434s
1922 M- S
9938 Apr '16 --- 99,4 9934
Guaranteed
1940 J -.8 34
35 June'16 -- 35
Gold 4s
3514
1932 .1 -D ....„.
---- ----0914 Oct '06
Rio Gr West 1st g 4s
784
1939 J - J 75
1 74
7534 7558
7558
Unified gold 4s
1949 M- S 8234 8412 8412
8112 "1 8412 .86
Mtge & coil trust 45 A _ .1949 A -0 6412 6614 63
2 62 6612
66
Debenture gold 5s
1934 J -D 93
9718 9612 July'16
9612 97
Utah Cent 1st gu g 4s.a1917 A -0 91 __. 90 Apr '14 --- _ _ _. _ _
Guar refunding gold 45.-1949 M- S 8718 Sale 8718
8712
2 87
9014
Des Moines tin Ry 1st g 58_1917 M- N _100 IA gi'15 --__ •
1949117- S --__ _ _ . 95 Jan 'Is
Registered
Det & Mack-lst lien g 45-1995 .1 -D 77
85
90 Jan '16 -NY B & M B 1st con g 5s.1935 A -0 10214 10412 1034 Mar'16
90 90
WI; 1612
Gold 48
75 June'16 ---- 75
1995 Al -D 75 80
N Y & R B 1st gold 53-1927 M- S 10214 10312 103 Apr '16
85
1024 103
Det Riv Tun-Ter Tun 4301961 M-N 8912 91
0034 July'16 _--- 9034 94
9922 July'16
Nor Sh B 1st eon g gu 5s_o1932 Q - J 98 101
9978 102
Dul Missabe & Nor gen 53-.1941 .1 - J 10314 ---- 104 Apr '16 --, 104 104
Louisiana & Ark 1st g 55_ 1927 M- S 9712 Sale 95
28 88
9712
9712
Dul & Iron Range 1st 5s_ _ _ _1937 A -0 10134 10332 111212
10212
3 10212 Mkt Louisv & Nashv gen 6s
1930.1 -D 112 11418 11214
11214
5 11134 113
1937 A -0
Registered
106 Mar'Os --,
Gold 5s
74-N
-.
-- 10914 July'16 -- 10838 11012
1937
109,8
Dul So Shore & Atl g
1937 J - J 9134 95
93
93
2 93
9512
Unified gold 4s
1940 J - .1 9414 Sale 9418
9458 51 9312 96
Elgin Joliet & East 1st
5s_g 55..1911 M-N 102 __ 10314 May'16 ... 103 104
Registered
1940 J - .1 - ..... _
94 June'14 ---Erie 1st consol gold 78
1920 M- S 109 110 110
110
1 109 11138
Collateral trust gold 5s_ _ _1931 M- N 10336 10434 104 June'16 ---- idi- 105.14
NY & Erie 1st ext g 4s._ -1947 MN 3612 _
June'14
974
---- _ _
_.
E H & Nash 1st g 6s
1919 J - D 10758 ___ 10758 Dec *16
2d ext gold 58
1919 al- S 10134 1021-2 10178 June'16 .L Cln d. Lex gold 430-1931 M- N 10118 ___ 102 Mar'16 --- i668101-7; 102-4
4 102
3d ext gold 4)•is
1923 M- S 100
9812 June'15 ...
N d
ids: gold 6s
1930 J - J 11438 115 114 July'16 __ _ 114 1164
4th ext gold 5s
1920 A -0 10112 102 June'16 ---. 102 1024
20&M
gold
19302 - .7 107 ___ 10978 May'15 ---.
5th ext gold 48
-1928 J -D 92 ...... 94 Nov'la --Paducah dr Mem Div 4s 1946 F - A 8612 881; 8812 July'16 ---- -88"1-2 -11151___ ..
8
N Y L E & W 1st g fd 73_1920 M- $ 10358 10914 10834 Jun&16 -..„ 10834
St2Lo
d
___- 111
D1v
3s 1st gold 6s_ _1921 M- 5 106 10738 108 Apr '16 _- 107 10814
Erie 1st con g 48 prlor_...1996 J - J 8318 84
8612
53 84
84
84
gold
1980 74- S 634 ---- 6334 June'16 _64
61
Registered
1996 i - J ---- 84 80 Oct '15
ALI Knox & Cin Div 4s_ _ _1955 67-N 8614 8638 8614
86,4
8534 90
1st consol gen lien g 40
1996 J - J 74 Sale 7378
All Knox dr Nor 1st g 5,s_ _1946 J - D 10712- 111 Jan '13
7438 35 737; 77
1996 J - J 71 ____ 7212 June'16 ---- 724 7612
Registered
Hender Bdge 1st s f g 6s_ _1931 M.s 105 iiif 10614 June'16 _
4 107
1156-1Penn coil trust gold 4s......_1951 F - A 89 894 89 July 16 -- 8834 90
Kentucky Central gold 48_1987 J - -1 8834 Sale 8834
iii
8734 8918
8834
50-year cony 4s Series A-1953 A -0 68
6912 70 July'16 ---- 70
Lex & East 1st 50-yr 58 guj965 A - 0 10134 Sale 10138
7212
10134 20 100 1017/3
do
Series B
1953 4-0 7014 71
7034
L dr N &NI &M lstg 4Yis 1945 M- S 9958 __- 101 July'16 --- 9978 101
7138 13 7034 84
Gen cony 4s Series D
1952 A -0 84 Sale 84
85
110 84
o
884
eu
retdh M Joint 45..1952-J - J '77
771-2 79 July'16
7712 82
Chic & Erie 1st gold 5s_ 1982 M-N 10534 10334 106 July 16 --. 10534 10718
L&
ReN
gis
-St
95 Feb '05 --__
h1952 @ - J
Clev & Mahon Vail g 5s-1938 J - J 10338 --- 101 1,et)'15 --__.
N Fla dr S 1st gu g 55_1937 F- A 16E3-4 -_---_-_ 1713 1074
5 idd - 10714
Long Dock consol g 68.-1935 A -0 12234
- 123 July'16 ---- 12112
N & C Bdge gen gu g 4 Yis_1945 J - J 9738 --- 9758 May'16
. 12314
9758 97%
Coal & RR 1st cur gu 65-1922 M-N 10012 -104- 102 Mar'16 ---- 102 102
Pensac &AU 1st gu g 68_ _1921 F - A 10734 1091
;10814 May'16
1084 10858
Dock d4 Imp 1st ext 5s.__1943 J - J 10514 ---- 106 May'16 .-- 10258 1C16
S (3. N Ala cons gu g 55. _ _1936 F - A 10714
_ 10818 July'l e
10514 10818
N Y & Green L gu g 5s_ _ _1946 M-N __ _ _ 10312 Aug '12 -Gen cons gu 50-year 58_1903 A -0 _--- 115i 102 July'16
_
10178 10314
N Y Susq & W 1st ref 5s 1937 J - J
99 May'16 ---_ 984 99
-'
L & Jeff Bdge Co gu g 4s _1945 M- S _--- __ ill18 Apr '16 ---- 8014 8212
2d gold 4 Ms
1037 F - A ---- ----100'4 Dee '06 -- __ _ _ _. Manila RR-Sou lines 45... _1036 M-N
_.-General gold 5s
78
78 July'16 ..-- 72
Mex Internal 1st cons g 4s.._1977 M- S ....- --: 77. -f
1940 F - A 77
81
-tivTIF) .--N40
79
f- 6
Terminal 1st gold 58
10512 May'16 ---- 10512 10512
1943 rd- N 10512 _
Stamped guaranteed
1977 M- S
0
Mid of N .1 1st ext 5s
__ _. Midland Term-ist s f g 5s.1925 J - D --------101 Oct '09=
1940 A -0 104 --- 11112 May'12 ..Wilk & Ens 1st gu g 55.....1942 J -D 8018 84
83 July 16 ---- ___Minn dr St L 1st gold 7s_ _ _1927 J -D ..::: iii 115 Mar'16
8278 9C1
115 115
Ev & Ind 1st con gu g 6s.__ _1926 J " J. „,- 40 105 mu)
Pacific Ext 1st gold 6s
1921 A -0 103 104 103 Apr '16 .....---.. 103 10314
'
12 ---- --- -,-,
Evansv & '1' H 1st cons 6s 1921 J - -1 97 --- 96 July'16 ---- 90
1st consol gold 5s
9618
92
89 May'16 ---. 8812 90
1934 M- N 87
1st general gold 5s
1st dc refunding gold 4s...-1949 PA - S 60 Sale 60
1942 A -0 5212 --_- 63 Mar 16 ---- 63 83
6078 21 5234 64,2
Mt Vernon lst gold 6s----1923 A -0 ____
108 N well ---- ____ ____
Ref & ext 50-yr 58 Ser A...1962 Q - F 60 64
60 July'16.... 50
64
Sull Co Branch 1st g 5s
__ __ 95 June'12 .--Des M & Ft D 1st gu 4s_ _1935 .1 - J ..i.o.- _iii._ 60 Feb
1930 A -0
Florida E Coast 1st 434s_ _ _1959 J -D 90
Iowa Central 1st gold 5s 1938 J -D
92 June'16 -- 92 -937;
93
'15__-i) -ddi2
864
8612
Fort St U D Co 1st g 43•0_1941 J - J ___
-_- 92 Aug '10 ---Refunding gold 4s
1951 M- 5 5712 5812 5738
5812 14 5112 60
Ft %V & Rio Gr 1st g 45
M StP&SSM con g 4s int gu-1938 J - J
1928 J - J 67- Sale 67
67
i iiCe "6'0
11
5 9112
9112 20 91.14 93%
Great Northern1st Chic Term s f 4s
9714 J
M..- N
---4
.7is.
j ---1941 J
uuniy
e:1
7::
16
j
2.
.. .
--- 074
C B & Q coil trust 4s
9734 130 0758 99
1921 J - J 9758 Sale 9738
MSS&A 1st g 4s int gu_1926
-971-2
. -69 Registered h
9712 July,16 ---- 9712 9834 Mississippi Central 1st 58_ _ _1949 J - J 02
1921 @ - J --_ 08
iii"12 9212 July'16 -- 90
9278
1st & ref 431s Series A-1961 i - J lei 10012 9934 July'16 __ 99 1004 Mo Kan & Tex 1st gold 4s...1990 J -D 75 Sale 7438
75
9 7012 7878
Registered
96 June'16 -2d gold 4s
1961 J - J
49
g1990 F - A 47
48
21 40
49
5012
St Paul M & Man 4s
let ext gold 5s
1933 J - J 9534 9714 96 July'16 --- 96
97313
1944 M- N ---- 4434 45
45
2 45
6218
1033 J - J 12014 12012 12012 July'16 ---- 1204 122
1st consol gold 6s
1st & refunding 4s
2004 M- S 6118 65
59 June'16
51
59
-------1201,
Registered
Apr
'16
Gen
---1933 J
1204 121,2
sinking fund 41421-1936 J - J 43 4478 43
43
8 36
48
Reduced to gold 430.1933 J - J 10234 ---- 103 July'16 ---- 10138 10334
St Louis Div 1st ref g 4s_ _2001 A&O .,....:..--. _32
._ 38 June'16.... 38
46
Registered
1933 J - J .., _ „ _ 10212 May'16 ---; 1024 10212
Dall & Waco 1st gu g 5s_ _1940 M- N
9934 Dee
Mont ext 1st gold 4s _1037 -1 -D 9512 safe 9512
Kan City & Pat 1st g 4s_1990 F - A 68 ___- 72 July'16
9512
'13-- -dr fi
:3 9512 9711
Registered
9612 Mar'16 ..96
Mo K d. E 1st gu g 5s_ _ _ _1942 A -0 814 84
1937 J -D
964 06,2
8212 --1 74
8212
8914
8513 _ -- _ R512 Nov'15
Pacific ext guar 4s Z._J940 J - J *-__M K & Okla 1st guar 58_1942 11I-N 65 68
66 July 16 ---- 50
67
E Minn Nor Div 1st g 45_1043 A -O 9258 --_- 93 June'16 -:-.... 93 93
MK &Tof T 1st gug 58_1942 M- $ 6734 Sale 6738
6912
5 48
73
Minn Union 1st g Os
1922 J - J 10814 ---- 10938 June'16 --- 10918 101438
Sher Sh dr So 1st gu g 5s...1942 J -0 5012 60
504 July'16 ---- 5018 804
Mont C 1st gu g 6s
1937 J - i 123 ---. 123 July'16 ---- 123 123
Texas& Okla 1st gu g 55_1943 M- S 5514 5734 55 July'16 -- 49
63
1937
j
d
____ L364 May'06 --- .- -.. --Registered
Missouri Pac 1st cons g 65_._1920 M- N 10134 Sale 10134 102
7 100 102
1st guar gold 55
1937 J - -1 18
iiiii- 110 10914 July'16 -... 1094 1103
Trust gold 55 stamped.._ _a1917 M- S 96_
1 8914 9614
0614
9614
_
;
Registered
1937 J - J
Registered
---a1017 M- S -_ 0782 Oct '15
Will & S F 1st gold 55-1938 J -D 10918 ____ 11078 Apr '16 --- 11078 11071;
1st collateral gold 5s
1920 F - A 91 ____ 88 July'16
8 8958
811Green Bay & W deb ctfs "A"____ Feb
70
774 76 Jan '16 --,_ 74
75
Registered
1920 F - A
Feb
114 1238 12
Debenture Ws"B"
40-year gold loan 4s
1212
1 11
1411
12
1945 M- S -Er Sale 50
Ei
-1812
-Li.
8412
844
1 844 881:
Gulf & S I 1st ref d. t g 58..81952 J - J 8418 87
1st & ref cony 5s
52
1959 M- S 50
5012
5158
3 40
5158
Registered
61952 J - J - --,,. --.
3d 78 extended at 4%...,1938 M- N _..:- 60 82 May'16 _--_- 82
..-.... ---- --- --82
Hocking Val 1st cons g 4%3_1099 J - J 9012 91 - 9014
Ebony St L & 5 1st 5s gu_1951 F -A .....100 Feu'13
9012 11 9014 96
1999 J - J ... _ -__. 9734 Jan '14 -- _
Registered
Cent Br Ry 1st gu g 4s_..1019 F - A 53 ---- 6434
_.
'id - 643,
6434
Col & H V 1st ext g 413._ _1948 A -0 8758 -- 8714 June'16 ---- 87 8714
Cent Br U P 1st g 4s
1948 J -D 52 ___ 7712 Dee '13
.955 F - A 87 ---- 86 Feb '16 --- 86 86
Col & Tol 1st ext 4s
Leroy &CVAL istg 513.-1926 J - J *6218 --__ 110 mat'05
Houston Belt & Term 1st 5s-1937 J - J -- ---- 944 Feb '15 ---- ____
Pac R of Mo 1st ext g 4s 1938 F- A 8058 0014 0034 dune-16
92
89
Illinois Central 1st gold 4s-1951 -1 - J
97 June'16-- 9612 9751
'32c1 extended gold 5s_ _ 1938 J - J 10038 --__ 10012 July'16
100 10034
_ 92 Aug 15 -- ._ _ _
1951 .1 - J -------Registered
St L Ir M & gen cong 5,s.1931 A -0 101 1013 101
101
9934 10212
1951 J - J 8558 Sal; 8558
85134
_1st gold 330
8558 10 83
Gen con stamp gu g 5s_ _1931 A -0 -------_ 102 J'ly '14
Registered
83 Nov'15 ---- .._. __ _
1951 J - J ... 85
Unified Sc ref gold 4s_ 1929 J - .1 81 Sale 81
8112 32 .fils 81'z
Extended 1st gold 3%5.-1051 A -0 -84 - 85% 8434 Feb '16 -- 8434 86-71
Registered
1929 J - J .- -- -.- - 807s Oct '12 -- •
1951 A -0 _____-Registered
____ --- __ -._.
Riv &0 Do,1st g 4e
M-N 7518 7612 7478
7518 50 'di- f8.1g
1933
1st gold 38 sterling
Verdi V I & W 1st g 5s__ _1926 II- S 76 ...... 87 Sep '151951 M- s ---- ---- 80 rly '09 --- __ ___.
Registered
---- -- -.. ___. Mob & Ohio new gold 68___ _1927 J -0 11212 113 11212 11212
1051 M - S ...„.. ..,,, ..„
i 112 115
91.1,
-0
fig
8812
2
Coll trust gold 4s
1st extension gold
Ida
2 86I-2
6141
1952 A
h1927 Q- J i
:
:
:
12 179
...i
111
51s Feb '10:72 108 109
..1i:
1952 A -0
Registered
- 954 Sep '12.., _ _
General gold 4s
1938 M- S
7614
75
1st refunding 4s
89 89
89
17 88
Montgomery Div 1st g 53_1947 F - A
1955 M- N 88
911;
102 Feb '16 ---- 102 102
Purchased lines 350
814 8118 June'16 ---- 81
St Louts Div 5s
83
1952 J -J
1927 J - D 90 ____ 89 Deo '15 7.L N 0 d. Texas gold 4s_ _1953 M- N 851
8512
St L & Cairo guar g 4s_ _ _ _1931 J - J 8712 ____ 8812 Apr '16
8512 11
1 171,
_ 8814 8834
-------84 May'14 ----------Registered
_. Nashv Chatt d. St L 1st 58. 1028 A -0 10634 10714 107
1953 M- N----5 10334 10712
107
Cairo Bridge gold 48
1050 J - D 90 ..-- 0012 June'16 -- CiO
Jasper Branch 1st g 6s_ _ _ _192:3 J - J 10734 ____ 11014 Mar'16 ....- 11014 11014
921;
Litchfield Div 1st g 3s
_.
1951 J - J ---_ ---- 74 vett '14 ---- _
McM MW & Al 1st 6s
1017 J - J 10018 ---- 10034 July'16 --__ 10034 10112
Loulsv Div dr Term g 33-is 1953 J - .1
7834 July'16 ---- '783-4 813
T & P Branch 1st 6s
1917 J - J 10018 - .. 113 -1,11; '04
Registered
1953 J - J ---- ----83 Aug '12 ---- ____ _ .. Nat Rys of Mex pr lien 43,0_1957 J - J 30
MI
30 July'16 _.
Middle Div reg 5s
_ --- ---- 102 June'16 ---- 1014 102
1921 F - A -------Guaranteed general 4s_
A -0 30 '70
1977 A-0
08 Oct '15
Omaha Div 1st gold 3s
71 Jan '16 ..... 71 ''71
Nat of Mex prior lien 4345_ _1926 .11 - J ---- --- 9678 Feb '13
1951 F - A 664 70
St Louis Div & Term g 33_1951 J -2 --- '71,4 684 SeP '15 ---• --- - - - •
1st consol 4s
1951 A -0 -...-- 30 Aug '15 ---Gold 3s
---- 814 Jan '16 ---- 8118 81-11
1951 J - .1
NO Mob & Chic 1st ref 5s_ _1960 J - J _- _. _. 40 Ma
,
15 _-Registered
1951 J. - J -,__ 80 80 June'16 ---- 80 80
New Orleans Term let 4s_ _ _1953 J - J __- 70 69
70
7 00 fr
Springt Div 1st g 3lis__ _1951 .1 - J 79 814 7834 Jan '16 -- 7834 783 N Y Cent RR cony deb 13s 1935 M-N 11112 Sale 11112 11214 329 11078 117%
Western lines 1st g 45..- _1951 F - A 884 ---- 9012 May'16 -..89 901
Consol 4s Series A
F
July'16
A
8234 8278 8278
- _ _ _ 8278 8678
1008
1951 F - A
Registered
____
_
Ref & imp 430 "A"
9318 88 0273 9533
2013 A - 0 93 Sale 9278
Bellev & Car 1st Os
1023.8 -D ___ .... 1174 May'10 -_- __. ...... NY Central & HR g 3Ms_ _1997 J - J 82 Sale 82
8278 17 8178 8358
Carb & Shaw 1st gold 4s 1932 M- 5 86 _ _
944 J'lv '12 ---- ..... _.
Registered
1997 J - J 81 12 8134 8134 July'16
81
8258
Chic St L & NO gold 5s....1951 J -D 10714 ---- 10738 July'16 ---- 10718 109
Debenture gold 4s
9034 59 9014 9314
1934 M-N 9038 Sale 903s
Registered
,114 Feu '11 ---1051 J -D 105
Registered
__
90 June'16
-1934 111-N
90
90
Gold 35is
1951.8 -D ____ --_ 90 Oct '09 -.-- -.
Lake Shore coil g 3As...-1998 F - A -751;-751
; 75
75
74
7934
Registered
1951 J -D
Registered
1998 F - A 7312 7412 7314
6 7314 78
7312
Joint 1st ref 5s Series A_1063 J - D 100 101 101
101
Mich Cent coil gold 3)0_1998 F - A 7412 77
2 100 1031,
76
1 75
76
8034
Memph Div 1st g 45-1051 J -0 ____ 90
8872 Ilea '18 ____ ____ ___,
Registered
76
77 Apr '16
1998 F - A 73
76
7734
Registered
1951 J -0
-- 8712 ---- --- ---- __-_ -__
Battle Cr & Stur 1st gu 38_1989
.-9312 98 j.ty 108 ____
St Louis Sou 1st gu g 4s.1031 M- S -9o
Beech Creek 1st gu g 4s_1036 .7
04034 -OE- "fig"
J -D
J 9
0412 9612
Ind Ill & Iowa 1st g 4s
1950 J - J 8918
9118 Apr '16 --do 021
Registered
1936 J - J 924 95 90 May'll
Int & Great Nor 1st g 6s
9512 10 95
1919 M- N 95
2d guar gold 55
9812
97
95
104 IOC
1936 J -.1 101 1C414 104 May-'16
James Frank dr Clear 1st 45_1959 -1 -D 91
9134 9038 June'16 ---- 9038 9212
Registered
-------1936 J -J--;Kansas City Sou 1st gold 3s-1950 A -0 s6838 Sale 6838
2 684 .71
6838
Beech Cr Ext 1st g 330_61951 A-0
Registered
1950 A -0
63 Oct '00
Cart & Ad 1st gu g 4s
1981 J
Ref & impt 5s
8934
Apr 1950 J - .1 8934 Sale 894
5 8912 94
Gouv & Oswe 1st gu g 55-1942 J -D:u;
-D 10 - ------------- .i4
Kansas City Term 1st 4s.-1960 I - J 8734 Sale 8712
88
35 8534 891
Mob & Mal 1st gu g 4s
1991 M- S 9212 -- ii m1
Lake Erie & West 1st g 5s--1937 J - J 98 Sale 98
0831
5 9614 100
N J June R guar 1st 45....1086 F-A
--8014Feb'16
2d gold 5s
1941 J - J
1
82 June'16 -_ '75
831
N Y & Harlem g 3 s..._ _2000 M-N -ii18
- .-------- 85 June'15
North Ohio 1st guar g 5s....1045 A-0 ---_ ----98 M ar'14 .._ ._ _ _
N Y & Northern 1st g 5s_1923 A -0 106 ---- 10512 Marl()
Leh Vall N Y 1st gu g 434s.. _1940 J - J 101 - 102 101 July'16 __ 10038 103
N Y & Pu lat cons gu g 45 1093 A-0 89
90
89 July'16
Registered
1940 J - J
Pine Creek reg guar 65_ _ _ 1932 J - D 11838-... 113 May'15
9878 10012 May'16 ____ 10012 102
Lehigh Vail (Pa) cons g 45_2003 M-N ---9012 91
90 July'16 __ 8918 921
R W & 0 con 1st ext 5s_..h1922 A -0 10338 104 10338 June'16
General cons 450
2003 M-N 9958 100
9058 10014
3 9912 10114
RW&OTRistgug5s_1918 M-N 102 --- 104 June'10
la-:::.. iar
acii-i;io
• No price Friday; latest bid and asked this week. a Due Jan. b Due Feb.
Due Nov. s Option sale.
ii DuelApril. e Due May. g Due June. la Due July. k Due Aug. o Due Oct
JULY 29 1916.)
BONDS
N. Y. STOCK EXCHANGE
Week Ending July 28.
Price
Friday
July 28
Week's
Range or
Last Sale
1.1
Range
Since
Jan. 1
Bid
Ask Low
High No. Low High
N Y Cent & II It RR (Con.)Rutland 1st con g 412s _1911 J - .1 80 8512 81/
1
4 Dee '18 ---- - - 73
_
75 Dee '15
_
Og & L Cham 1st gu 45 g1918 J - J 69
Rut-Canada 1st gu g12.1919,2 - J 87 --__ 94 lune'09
_
St Lawr & Adir 1st g 5s_ -19961J - 2 96 -- 100 Oct '15 199; A - *100
1194 Mar'12
2d gold 68
Utica & Illk Riv gu g 1s__ _1922 J - J 9734 ---- 9713 July'16 -- 974 9712
19972 -D 8413
2 8353 85
8434
8134
Lake Shore gold 3123
_ _ _ 8358 834 July'16
Registered
1997 .1 -D
83 8334
11 9438 96
96
Debenture gold 4s
1928 M- S 954 Sale 9538
1931 M -N 9414 9412 9414
25-year gold 45
9514
94,2 23 94
9458 Feb .18
Registered
1931 M-N
94
944
Ka A & G R 1st gu c 5s_ --1938 J - J
J
-J
ioill
1041
Dec
Mahon C'1 RR 1st 55
1934
103 101 103
103
Pitts & L Erie 2d g 5s_ _ -a1928 A 102 - 164Pitts McK & It 1st gu6s 1932 J - J 1:54 ___ 1304 Jan 09
_ ...._
2d guaranteed 6s
1934 J - J 11313-- 12314 Mar
McKees & 13 V 1st g (15_1918 J - J 101
Dec '18
Michigan Central 5s
1931 M- S 10614 --104l
105 July'16
Registered
1931 Q -M 10538
105 ioi
98 Apt '12
1940 J - J 9014
45
87 Feb '14
Registered
1940 1 - J
J L & S 1st gold 330-1951 M- S ------ 90 Jun.'08
_9 83 85
1st gold 330
1952 M -N 8414 Sale 8414
8414
8814 89
8614 July'16
20-year debenture 45_ _ -1929 A 8614 90.2
9214 Sale 9214
NY Chic & St L 1st g 1s_ _1937 A 9238 11 9214 9512
9334 Apr '16
Registered
1937 A 9334 9334
4 84 June'16
Debenture 1s
1931 M-N 80 -81-383 8434
West Shore 1st 45 guar__ _2381 J - J 9014 Sale 90
897s 93
9014
Registered
2361 J - J 8714 8712 8712
8712 21 8712 93
10012 102
10013 June'16
N Y C Lines eq tr 55_ _1916-22 M- N 10018
Equip trust 430_ _1917-1925 - J 9934 _
100-3 June'16
/
4
10012 1001
NY Connect 1st gu 430 A-1953 F - A 9814 Sale 9814
5 971
/
4 10018
9814
& HartfordNYN
Non-bony deben 45
804 Mar'16
8013 8114
1947 M- S 7914 81
73
Non-cony deben 3 seis_ _ _ _1947 M- S
---- 73 Feb '11
73
1
4 72
70 June'16
69/
Non-cony deben 33,0_ _ I954 A ---- 71
July'16
Non-cony deben 18
7914 8112
1955 J - J --- 804 7914
3 7834 82
___ 7912 7212
7912
Non-cony deben 4s
1956 M-N
6814 73
6978 70 July'16
Cony debenture 3348
1956 J - J -68
3 1111
11214
/
4 116
Cony debenture 68
1948 J - J 112 Sale 112
Cons Ry non-cony 45
1930 F - A 79 Non-cony deben 4s_ _ 1954 - J -- 7913 -911: .fico-ii
79I2 7912 Apr '16
7914 7912
Non-cony deben 4s
1955 - J
-----Non-cony deben 4s_ _ _ _1955 A Non-cony deben 1s___ _1956 J - J
2 N-1;
149112 93
Harlem it-Pt Ches 1st 1s_1954 M-N *___- 9234 5119913 Jun '12
B & N Y Air Line 1st 1s...1955 F - A 8918
81
81
82
8013
J
-ad
-fid _1961
Cent New Eng 1st gu 4s_
Hartford St Ity 1st 1s_ _ 1930 M- S
lo312
Housatonic R cons g 5s_ _ _1937 M- N 1664
9114
87 J'iy '14 -Naugatuck RR 1st 1s_ _ _ _1954 M-N
9018
88 Aug 13
N Y Prov & Boston 4s_ .....1912 A 7418
7418
3 73 82•
NYW'ches&B 1st s3r 430'46 J - J
70
34 ..7
-4
-1
.
2 107 Aug '09
N H Sr Derby cons cy 5s_ _1918 M-N 10
Boston Terminal 1st 1s_ _ _1939 A New England cons 5s_ _ _ _1945 J - J i1361-8:
-17051;
1945 J - J
Consol 45
6999,132
2 6912 70
Providence Secur deb 15.._1957 M-N 89l 70
Dec '14
Prov & Springfield 1st 58.1922 J - J
8353 Feb '14
-_
Providence Term 1st 18_ 1956 M- S
88 _ _
W ec Con East 1st 430_ _ _1913 ▪ 84
N Y 0 W ref 1st g 48- - --g1992 NI- S ---- 8034 -80- July-r1-6
80
-Registered 85,000 only_ _31992 M- S
7913 N's 2
Aupurea
1955 J -D
General 45
-id - 79
80
8012
80
F
A
May'16
Norfolk Sou 1st dr ref A 5s_ _1961
79 80
98 July'16
- 97
1941 M-N 98 101
Norf & Sou 1st gold 5s
991 1
Norf & West gen gold 65___ _1931 M- A 11878 120 11958 July'16 --- 1194 120
122
1214
1203
8
July'16
1204 122
Improvement & ext g 6s_ A934 F - A
120 ____ 12012 July'16 -- 11913 12012
New River 1st gold 6s_ _ 1932 A 9213 32 9113 94
9238 Sale 9238
N& W Ry Ist con.s g 4s_ _ _1996 A Registered
1998 A -0 ---- 9212 9314 Dec 15
8912 23 8834 -61Div'l 1st lien & gong 18_1944 J - J 8938 Sale 8913
I 11312 133
124
10-25-year cony 4s
1932 J -D 124 Sale 124
114 13512
10-20-year cony 18
1932 M- S -__ 135 13134 June'16
11518 13712
10-25-year cons 4411---1938 M- S ____ 135 13214 July'16
8833 -15 88
9011
Pocah C C joint 4s_ _ _1911 J -D 8838 Sale 88
C C & T 1st guar gold 58_ _1922 J - J 104 ___ 1034 Jan 'les -- 10312 10312
92 July'16
Solo V dr N 1.; 1st gu g 4s_ _1989 M- N 9134 93
91 13 94
92
9112
Sale
9218
16
Nor Pacific prior lien g 1s_ 1997 Q9112 941,
91,14 June'16
Registered
91
1997 Q- J _ _- 92
9313
6558
6638 39 6518 67
General lien gold 3s
a2()17 Q- F 6512 66
6534
6558
6614
June'16
-F
Registered
6315 653,
a2017 QSt Paul-Duluth Div g 4s._1996 J -D 9138 ___. 9112 July'16 -.--- 911
/
4 9112
10012 Jan '16
Dul Short Line 1st gu 5s_ _1916 M- S
100'2 16012
10934
St P N P gen gold 68_1923,F - A i69.5-4 1167-4 10934
109/
1
4 110/
1
4
10912 Oct • lb Registered certificates_ _1923 Q-A
St Paul & Duluth 1st 5s__1931 F- F 107 _ . 107 Mar'16
idi • 107 101
____
1604
10058
4 10058 10218
2d 55
1917 A 1st consol gold 15
1968 -D __-- 9012 9058 Mar'16
90
905s
Wash Cent 1st gold 1s__ ,_1948 Q- M 87 8738 904 Feb '16
90
90,2
111
8
11112 1111 July'16
Nor Pac Term Co 1st g 65_ _ _1933 ▪ 111 11112
8414. 5 84 88
Oregon-Wash 1st & ref 1s_ _.1961 J - J 84 Sale 84
95
100
964
July'18
_ _1918 ▪ -D
Pacific Coast Co 1st g
93 100
9918
9814 9912
Pennsylvania RR 1st g 1s.._.1923 M-N 994 994 994
5 10213 10314
1919 M- S 103 _--- 10318 10318
Consol gold 5s
9812
Sale
9812
9812
5 9814 9912
1943 M-N
Consol gold 4s
1948 M- N
Consol gold 4s
9812 100
1980 F - A 119)9434
Consol 4 Vis
10413 1064
10113 156 10034 10278
General 43s when issued-1985 J -D 10112 Sale 10114
Aileg Val gen guar g 4s_ _ _1942 M- S 9633 9658 9658 July'16
9212 97
96 Jan '18
D R Rit&O'ge 1st gu 4s g_1936 F - A 9112
96
98
984 July'16
Phila Balt & W 1st g 15._1943 M- N 98.2
0858 9853
---- 102 Jan '03 -Sodus Bay & Sou 1st g 5s_2924 J - J
Sunbury dr Lewis 1st g 4s_1936 J - J
156- Jun
-14
U N J RR & Can gen 4s_ _1944 M- S 19112
OO's 100
Pennsylvania Co1921 J - J 10034 101.4 10034 10078
6 10058 10212
Guar 1st gold 1368
1921 J - J 10038 10114 101 May'16
Itegistered
101 101 18
8612 Jan '16
Guar 330 coil trust reg A.1937 M- S 8613
864 8612
Guar 330 coil trust ser B_1941 F - A 8512 8814 8514 June'16
85
8614
MN
100,
,
Jan
'16
Trust Co ctis gu g 330-1916
9914
8418
8618
July 16
Guar 330 trust ctfs C_ _1912 J -D
Ws
8618
85
gbis
Guar 330 trust Ws D_ _1914 J -D 844 8814 8518 Mar'16
9413 96
9112
9112
944 pi%
Guar 15-25-year gold 18_ _1931 A 92
9312
92 July 16
40-year guar 48 ctfs Ser E.1952 M -N
92 92
9038
Cin Lela & Nor gu 1s g_ _ _1942 M- N 90 9014 9033
9038 9038
Cl & Mar 1st gu g 430_ _1935 M-N 987s 9914 99 July'16
99
9934
Ci & P gen gu 430 ser A 1942 - J 10212 -_ 105 Apr '16
1041g 10512
10212 --- 104 Dec '15
Series 18
1942 A 9114
8912
Feb
'12
Int reduced to 330_1942 A -0
8912 ___ 9014 Ocr '12
Series C 330
1948 M- N
8912 ___ 8912 July'16
Series D 330
8912 8912
1950 - A 873
8
____
90
July'16
Erie & Pitts gu g 330 B 1940 J - J
90
90
Series C
1940 .1 - J
Feb '16
Gr R dr I ex 1st gu g 4301941 J - J
954 9878
93 May'14
Ohio Connect 1st gu 4s
1943 M- S
Pitts Y dc Ash 1st cons 5s 1927 M- N 10438 __ 109 May'10
-9812 Oct '15
Tot WV &0 gu 430 A___1931 J - J 99tE
._ 9814 June'16
Series B 430
1933.7 - J 9911
9134
98
Series C 45
94
Apr
'16
931
94 1942 M- S
1013* 1923m
PCC&StLgu430A.-1910 A-0 1004 102 10212 June'16
Series 13 guar
10014 102 10253 May'16
10138 10258
1942 A Series C guar
,'15
1942M. N 101 ____ 974 2,0)
Series D 4s guar
9434 May'16
1945 M- N 9414
-6414 -6E12
Series E 330 guar gold_1949,F - A 9312
92 Feb '16
92 92
Series F guar 4s gold_ _1953'J - D
9514 Jan '14
9258 Aug '15
Series G 4s guar
1957IM- N 93i8 _
1 1014 10212
Series I sons gu 430-1963 F - A 10014 102 1014 10112
C St L & P 1st cons g 5s._1932 A 071r ____ 104 Nov'15
• No price Friday;latest bid and asked.-- a Due Jan7b Due Feb. e Due May.
s Option sale.
393
New York Bond Record-Continued-Page 3
Sale 10L
10.1311 k
N.8 :7_1 8(8)::
9.4
BONDS
N. Y. STOCK EXCHANGE
Week Ending July 28.
44)
Price
Friday
Jttly 28
Week's
Range or
Last Sale
4:.53
Range
Since
Jan. 1
Bid
Ask Low
High No. Low High
102 Nov1.5
Peoria & Pekin Un 1st g 6s_ _1921 Q - F
b1921 M-N
87 Mar'18
2d gold 430
-if if
1614 --__ 14 Apr '16
14
Pere Marquette-Ref 4s_ _ _ _1955 J - J
14
1 14
1955 J - J 1614 ___- 191
/
4
Refunding guar 4s
19/
1
4
19/
1
4
1921 J -0 8512
- 85 June'16
Chic dr West Mich 55
83 85
lot 105 104 June'16
1920 A Flint dr P Ni gold 8s
101 105
1939 M-N 70 --7513 Apr '16
1st consol gold 5s
74
78
68 Jul y'15
Pt Huron Div 1st g 53..1939 A -0 ---- 68
Sag Tus & H 1st gu g .1s_ _1931 F - A
-id- -ii
Philippine Ry 1st 30-yr s f 45 1937.7 - J 7_77 76- -go-- A p-r-i;
1
4 --_- 106 Dec '15
1940 A -0 106/
Pitts Sh & L E 1st g 5s
---•
1943.7 - J
19
15
3/
11
4
4 No,
'
v5
1,8
1
1st consol gold 5s
62 9314 961;
1997 J - .1 -68r4Sale
Reading Co gen gold 45
9534 944 June'16
1997 J - J
9234 95
Registered
9612 97 July'16
1951 P4-0 95
9412 9714
Jersey Central coll g 4s
Atlantic City guar 43 g_ ,1951 J - J 93 -1917 J - J 6512 70 -8878
59 687;
St Jos & Gr 1st 1st g 4s
St Louis & San Fran (reorg Co/1950.7 - J 6858 Sale 684
693s 87 6918 711k
Prior Lien ser A 4s
85 Sale 85
33 85
1950 J 88
Prior lien ser B 5s
93 74
1955 J - J 8118 Sale 8,134
82
85
85
Cum adjust ser A 6s
53 Sale 53
1960 July
5312 21 39
Income series A 65
554
107
10
8214 m
109 11014
J y0.218
16
St Louis dr San Fran gen 68_1931 J - J 1071601:42
102
4 10073 10314
1931 J - .1
General gold 5s
8812 78
St L & S F RR cons g 43_1996 J 72
714 July'16
4534 7218,
General 15-20-yr 523._ _ _1927
701-2 72
7153
16 46
72
Trust Co ctfs of deposit__ _
7278
6738 Sale 6758
Stamped__
do
6814 27 4314 70
9212 91
93 June'16
89
93
Southw Div 1st g 5s__.,1947 A - 8112 79 July'16 _
1951 J - J
6714 82
Refunding gold 4s
8034 Marl)
1951
Registered
78 _--- 7912 July'16
-;272 82
Trust Co ctfs of deposit_ _
Sale
6114 7512
Stamped__
do
10
2 10 10
729;2
72
9% July
7318
10912 110/
1
4
K C Ft S& M cons g 6s.1928
7
,
338
S
.
a
.
l.
e 9
75;4.
8 75
KCFtS&MRyrefg4s_1936 A-0 8
78
June
7
'
511
KC&MR&B lstgu5s-1929 A-0
90
90
7612 80
St L S W 1st g 4s bond ctfs 1989 M- N
778;62
8
77
412 June'16
iume'16
6
62
2d g 45 income bond ctfs-P1989 2 - J 7762
6434
8214 July'16
1932 J -D 8112 62
61
Consol gold 4s
6534
6414
1952 J - J 64 65
6114 33 80
1st terml & unit 5s
70
100
9834Jan '14 -Gray's Pt Ter 1st gu g 5s_1947 J -D
5 -132.7.2 -7034
6714 67
67
1943 J - J 65
SA &A Pass 1st gug 4s
10134 Apr '16
SF&NPIstskidg5s
1919 J - J 10178
lova 10114
8012 July'16
Seaboard Air Line g 45
80
84/
1
4
,
11950 A 0 7914 80
10 80
80
80
Gold 4s stamped
8314
Salle 67
6714 86e
8738 43 64
Adjustment 55
01949 F - A 86
70
87 6714 8712 July'16
Refunding 45
67/
1
4 72
864 847s July 16
Atl Birm 30-yr 1st g 18_ _ e1
0
8
3M
A:
84/
1
4 8714
19
95
39
Car Cent 1st con g 4s
8358 ---- 88 June'16
88
88
Fla Cent & Pen 1st g 5s_ _11918
J 10012 ---- 9934 Sep '15
J• j
_
949 j
Ist land gr ext g 5s
101 Dec '15
1930 J - J 10154
10
03
2/
Consol gold 55
4
11
4 103 June'16
103 1-(1i38
--Ga & Ala Ry 1st con 5s_ _0194
1014 July'16
103 10333
J: 102
5i
1913
Ga Car & No 1st gu g 5s 1929 J -2 102 10234 102 July'16
102 103
Seab & Roan 1st 5s
1926 J - J 102 ---- 9914 Aug '15
Southern Pacific Co8 84
Gold 4s (Cent Pac corn_ _k1949 J - D 84 Sale 84
8424
88
Registered
90 Feb •14
k1949 J - D --- 84
3 Sale 8613
20-year cony 1s
4 -653
g1929 M- S 8618634 -155 -1111110258 Sale 10212
10278 185 10212 10773
20-year cony 5s
88
91
D 8814 Sale
F:A
Cent Pac 1st ref gu g 4s_ _193
1944
9j
8838 147 88
5 8634 89
- 8734 8634
8634
Registered
A -g1 14 9038 8912 July'16 --- 8414 91
Mort guar gold 330-k192
F:D
1949 J
84
8833
Through St L 1st gu 48.1954 A -0 ___- 847s 85 June'16
G II &SA M &P lst 5s 1931 M-N 102 10412 102 May'16 ---- 102 102
Gila V G N 1st gu g 58_1924 M-N ____ 10212 16014 Jan '16 ---- 10014 10014
101 10214
10
02
1/
1
4M
A pary:1 6
Hous E dr W T 1st g 5s.._ _1933 M-N
---- idi1011
/
4 1531
1933 M-N --1st guar 5s red
:
106 10612
H dr T C 18t g 5s int gu__ _1937 J - J 106 ---- 10612 June'16
Gen gold 4s int guar._ _1921 A -0 96 ---- 96 July'16 -- 9414 96
10914 Nov'15 --- --- • --- •
Waco & N W div 1st g 13s '30 M-N
- -1941 J - J Did"
A & N W 1st gu g 53
10
9 J
NIX::'163
1921 J - J 10514
Louisiana West 1st 6s
10534 10434 July'16 -- 10412 10453
Morgan's La & T 1st 7s_ _19I8 A -0
105 Jan '16 ---- 105 105
1920J -2
Ist gold 6s
1
1(1
08
011341
115:5
1 105 Oct '15
:2
No of Cal guar g 5s
1 .
0 12 101
ioi"
0
101
1936A
27 J.2
Ore & Cal 1st guar g 5s_ _ _1
10113 Nov'13
So Pac of Cal-Cu g 55_ _ _1937 M- N
85
31295
84/
1
4 8
941
34
12 July'16
8 4
-6412 -o7
So Pac Coast 1st gu 4s g_ _1937 J - J 9
8212 88
San Fran Terml 1st 4s_ _ _1950 A -0
96 Apr '14 -Tex & N 0 con gold 5s_ _ _1943 J - J 9212 94
90
Sale 90
9038 76' -8953 91
So Pac RR 1st ref 4s
:
10114 34 100 1031
J: 10114 Sale 101
Southern-lst cons g 55-A99
1951
52
10014 10213 10014 June'113
- 10014 10014
Registered
7034
.
.
.Sale
7857
7038
7334
4
75
0
2.
11
/
4 15 89
56
4j
A:
19
96
Develop & gen 4s Ser A_ _ _1
21 75
78
Mob dr Ohio coil tr g 1s
1938 M- S
_ 10012 103
2 100 104
10018
Mem Div 1st g 430-5s_ _1996 J - J
1951 J - J 7958 8034 81 June'16 -- 804 8411
St Louis div 1st g 45
10134 10314 10314 June'16 --- 1024 10314
Ala Cen 1st g 6s
2 ____ 9958 9812 May'16
9812 99
916j
43 J:12
16
Ala Gt Sou 1st cons A 5s_ _1
9414 96
Atl & Char A L 1st A 430 1941 J - J
8 Sale
le 19
8 ---i 10112 103/
94
1% Mad1116
1
4
10118
1st 30-yr 5s ser B_ __ _1944 J • J 15111 8112 85/
70
82
8112
8112
1
4
19,
11945
Atl& Deny 1st g 43
468
8 .I
JNI--1
4
62 82
8112 Marl()--- 794 81/
2d 4s
76
7534 Dee '14
Atl &Yad 1st g guar 48.. _1949 A -0 74
E T Va Ga Div g 5s_ _ _ _1930 J -2 1044 ----104's Apr '16 ---, /6312 15412
1061054 10538
3 10132 10614
Con 1st gold 58
9912 10112
;1004 Apr '16
E Ten reor lien g 5s
1938 M- S 9978 1011
57
60
58
58
Ga Midland 1st 35
1948 A -0
10754
571
.
2
.
10(1
107
12
107
107
Ga Pac Ry 1st g 6s
15
108 1104
Knox & Ohio 1st g 6s__ 16
10834 July'16
25 .1•
:J
*1
9222
- 10512 v,..,v11,
Mob & Bir prior lien g 5s_19151J - J 0
70 ---- 7134 May'16
-713-4 -7184
Mortgage gold 4s
1034 July'16 ---- 10312 10312
Rich & Dan deb 5s stmpd_1
0
2 103
A:
192
45
7ij
73 Sep '12 -Rich & Meek 1st gu 48_ _ _19 tslm- N
So Car & Ga 1st g 5s
•1919•M-N 15641014 16034 10014 19 16034 ioi
Virginia Mid ser D 4-5s_ _ _19211M - S 102 ---- 10212 June'l()-- 102 10213
102 102
Series E 58
1928 M- S 1034 --- 102 Mar'16
Serfe-s F 5s
1931 M- S 1044 ---- 104 Mar'13
1E14 196-4
106 ---- 106
106
General 5s
Va & So'w'n 1st gu 5s_ _2
03 J
M:J
N 105 - - - 105 May'16 -- 10213 105
10
936
1
4 9034
9012 July'16 ---- 89/
1st cons 50-year 5s_ _ _1958 A -0 9012 91
1
4
W 0& W 1st cy gu 48_ _ _1024 F - A 94 ---- 944 June'16 -- 9412 94/
93
Spokane Internet 1st g 5s__ _1955 - J 90 - - - . 93 Jan '18 -- 93
98/
1
4 10012
1939 A -0 9914 9912 9912 July'16 -Ter A of St L 1st g 430
105
88 1041
8512 iuly1
July'16
10312 10612
1st con gold 5s
1894-1944 F- A
84/
1
4 88
Gen refund s f g 13
10038 1014 9912 July'16 ---- 9912 10114
A
St L M Bridge Ter gu g 5s_ 19
31j
93
50
9712 97 J1ily'16 --__ 95
9814
Tex & Pac 1st gold 5s
2000 -D 96
45
40 July'16 ---- 35 45
32000 Mar 40
2d gold inc 5s
_--- 88
90
90 Jan '16 ---- 90
La Div B L 1st g 5s
j _ 95 10812 Noy'04 -1F
j A
93
30
W Min W & N W 1st gu 5619
103 16514
1935.7 - -I LW;105 10514 July'16
Tol & 0 C 1st g 5s
10212 10112 May'16
101 102/
1
4
Mestern Div 1st g 5s
1935 A -0
_
93
94 May'16 94
93
1935 -D
General gold 5s
8234 8314 8234 July'16
8234 8414
1990 A Kan & M 1st gu g 4s
99
97
1927 J - J
2d 20-year 5s
-5
-1-14 9
58
512 9
57
1I2 Jun9
e'7116
2
50
61
Tol P W 1st gold 4s
2 8018 85
7812 83
81 July'16 -:4
J•
7j
15
92
Tol St L & W pr lien g 330_1
19
56
6 54
1950 A -0 5514 Sale 5514
60
50-year gold 4s
20
50
1858 Mar'16
18/
1
4 1858
Coll tr 43 g Ser A •
D
A ---- 87
4
F D
8
7J
83 An:'18 ---- 83 86
62
4
16
18
s
19
9
closnt g 5
Tor Ham
103 10034 1007/3 June'16
99/
1
4 1011
/
4
a&mDt1131us
1952 A-0
74 Mar'15
1st refund g 4
9713 46 -14114 -141-2
1947 J - J 97 Sale 9634
Union Pacific 1st g 4s
9718
1947 J - J 9614 9718 96 July'16 -- 95
Registered
1927 J - J 9334 Sale 9313
9378 64 9212 9414
20-year cony 4s
/
4
32008 M- S 8912 Sale 8912
1st dr ref 4s
9014 97 8912 911
21 914 93
92
93
92
Ore RR dr Nay con g 4s_ _1946 J -D 92
g Due June. h Due July. k Due Aug. o Due Oct. p Due Nov. q Due Dec.
394
New York Bond Record—Concluded—Page 4
g):2.
[VOL. 103.
4
2n
o c'1,
Pa
Range
Since
Jan. 1
--Bid
Ask Low
High No. Low High
Ask Low
High No. Low High
Union Pacific (Con)—
Bid
1 10034 10114
10 10712 109
Union Elec Lt & P 1st g 5s_1932 NI- S 10034 Sale 10034
108
Ore Short Line 1st g 6s_ _-1922 F - A 10712 Sale 10712
10034
____ 89 Mar 15 --, ..6..
Refundln,g & extension 53_1933 M-N
iis -661916 J - J 106 107 106 July'16 ---- 106 10712
1st consol g 55
9473 15
Utah Power & Lt 1st 5s_ __ _1944 F - A 94
9434 9438
9178 21 9112 94
1929 J -D 013.4 Sale 9112
Guar refund 4s
Utica Elea Lt & P 1st g Is..
_1950 .1 - J 11.10 10112 10214 Mar'15
Utah & Nor gold 5s_ _ _ _1926 J - J --------102 Mar'19 ---- 102 102
Utica Gas & Elec ref Is
.
,
-.
2
91 100 90 Apr '16 ---- 90
4 icii
98 Aug '15 ---_ i..iiii95
1933 J - J
1st extended 4s
91
i icii58 16E1-4 10514 10514 I
Westchester Ltg gold 5s__ _19
J:D
950
7j
Vandalla C0119 g 4s Ser A__ _1955 F - A 9034 ---- 91 June'16 ---- 91
Miscellaneous
Con.sol 4s Series B
9112
1957 M- N 9138 ____ 91 June'16 ---- 91
_ 9
89212 18
17
518
Adams Ex coil tr g 4s
1918 M- S 8214 83 83 July'16 —8
Vera Cras & P 1st gu 4 Ms_ _1931 J - J - - - - 87
4212 Aug '15 ---- _ _ - - Alaska Gold M deb 65 A_ _ _ _1925 M- S --__ 100
9834 21 9714 99
Virginian 1st 5s Series A_ _ _ _1962 M-N 9812 Salo 98
99'2 100
13 9978 106
101
1926 M- S 9953 100
Cony deb 6s series 13
' 1939 m-N 10312 10334 10312 10334 22 103 105
Wabash 1st gold 5s
9358 26 9324 95
. ;
5 Sale 93'4
Armour & Co 1st real est 4Ms'39 J -D 6i
2d gold 5s
1939 F - A 9812 9834 9812
9834 17 98 100
Braden Cop M coil tr s f 68_1931 F -A 9812 99
99 July'16 ---- 99
Debenture Series B
9912
1939 J - .1 80 110
90 June'12 .-::
1st lien equip s fd g 5s_ _ 1921 M- S 9612 ____ 100 May'16
1952 A -0 8738 8814 88 July'16 ---- 8612 89
-661;i66- Bush Terminal 1st 4s
1st lien 50-yr g term 4s..1951 J - J 6912 ---- 65 Deo '15 ---Consol 5s
1955 J - J 8712 8812 88 July'16 ---- 8678 92
91
,
787
72 8a1e12 88 July'16 ---- 86
8 isi - Rig 9
105
Det & Ch Ext 1st g 5s__ _ _1911 J - J 105 Sale 105
1.31dgs Is guar tax ex
1990 A -0 8
Chic UnStat'n 1st gu 430 A 1963 J - J
Des Moin Div 1st g 4s_ _ _ -1939 J - J-9978 34 9012 100
80 Aug '12 -_-_-_...
9978
Om Dly 1st; 33.s
1911 A -0 -69- 76
72 Apr '16
-ii- -ii- Chile Copper 10-yr cony 73_1923 M-N 12312 125 124 July'16 ---- 123 13514
83
83
83
Computing
86
Tol & Ch Div 1st g 4s__ _ _1911 NI- S 80
88 June'16 ---- 82 87
,Tab-Roes 1 6s_ _1911 J - .1 82
2 19
8
09
153
14 18
09
06
11
,8
4
3 Salo
3
10512 :
Wab Pitts Term 1st g 4s __ 1954 J -D
5 112 414 Granby Cons NI S dr Peon 6s A'28 M - N 10512 Sale 105
3
10512 20 10334 109
234 Sale
234 10 1
1928 M-N 10512 Sale 10512
234
Stamped
Centand Old Col Tr Co carts__
334
00
5,
1:wi.,:;. 1001 j
10038
1
3
Columbia Tr Co certfs _______ -__134 Multi ---1
312 Great Falls Pow 1st s I 5s_ .1940 NI- N 10
3 July'16 ---105
6.8 58 95 10558
Col Tr ctfs for Cent Tr ctfs__ _1
-- -378 Int Mercan Marine 4 Ms__ _ _1922 A -0
149f
) sn3184 mit,
10534 Sale 1194
78
14
01Z
1954 i-i5
Certificates of deposit
2d gold Is
38 June'16 ---38
10 9134
si Int Navigation 1st s 1 5s_ _ _ _ 1929 F - A 10112 105 105
18
105
Trust Co certfs
14 July'16 ---_
18
14
4 Sale12 9712
23
Wash Terml 1st gu 3s_ _ _ _1915 F - A 8334 _-_8112 Apr '16 --__ 8312 8434 Montana Power 1st 5s A_ _ _1913 J - J 97
9734 14 951 9814
9214 July'16 ---- 9214 93
1st 40-yr guar 45
951; 9112 Aug '15 -1945 F - A 03
Morris &Co 1st s f 4 Ms_ _ _ _1939 J - J
3 -ii" -in - Mtge Bond (N Y)48 ser 2_ _1966 A -0 --- ---- 83 Apr '14 ---- ____ ......
7238 7213
73
West Maryland 1st g 4s_ _ _ _1952 A -0 72
9412
West N Y & Pa 1st g 5s__..1937 J - J 104 10112 10413 July'16 ---- 10334 105
10-20-yr Is series 3
1932 J - .1 -- -- 9512 94 Juno'16 -•-- 94
7542
84 A July'16 ---- 8112 8434 NY
NiagaDock
Gen gold 4s
74 July'16 ---- 73
7112 74
ra .,all-yr 1st
1913 A -0
J
J:A
12ts52
__:32
1
1051
, F
l g4
10138 ____ 10214 Juno'16 ---- 10034 10214
_ . _ 20 Dee '15 -37
p1913 Nov
Income 5s
Power
3 -66- lid 100
---- --__ --Wheeling & L E' lst g 5s_ _ _ _1926 A -0 100 Sale 100
Ref & gen 63
al932 A -0 ---- -97 July'16 ---- 913
98
Wheel Div 1st gold 5s... _ _1923 J - _I 97
9914 Niag Lock & 0 Pow 1st 58_ _1951 M- N 89 _ __ _ -oiE8 Feilio ---- 9258 9258
97 Mar'16 ---- 1,7
9578 97
93
Ontario Power N F 1st 5s...1913 F - A 9234 93
93
Exten & Impt gold 5s_ _1930 F - A
97
2 9
90
5112
3
- 8
96
7212
5 68
90 July'16 ---5
RR 1st consol 4s
7414 Ontario Transmission 58_ _ _ _1945 M-N 86 90
1919 M- S 7212 Salo 70
92 .29 8934 9314
20-year equip s 1 55
1922 J - ..! 60 ---- 90 Apr '14 :.---Pub Serv Corp N J gen 58_1959 A - 0 92 Sale 9178
9234 176 88 125
85 July'16 ii -64-18178 88
Winston-Salem S D 1st 4s_
J - ,j_1960
2 -6i1-2 Tennessee Cop 1st cony 6s._1925 NI- N 9012 Sale 89
10312 Jan '14 ---- — — -86
Wis Cent 50-yr ist gen 4s _1949 J - j 86 Sale 8512
84 8734 Wash Water Power 1st 5s_ _1939 J - J
86
Sup & Dul div & term 1st 4s'36 M-N 86 Sale 88
10 85 9018 Manufacturing & Industrial
10258
10
-2
1 10178 103
-14 sale
1-0-2-3-4 10258
97
Street Railway
Am Ag Chem 1st c 5s
1928 A -0 97
994
12 97
10178
2 10173 10334
Brooklyn Rapid Tran g 55..1915 A -0 101 10158 10178
Cony deben 5s
1921 F - A
Am Cot 011 debenture Is.....
1st refund cony gold 4s_ _ _2002 J - J __ __ 8012 8012 July'16 --,
.:: 7812 81
_1931 M-N 9
8
6
8
58
8
9714 10
9:
1
7
1
10
95
612 27
1 10
93
137
8:
1 Sale__
.
53'4
8 19
04
7314
4
10014 "100 10113 Am Hide & L 1st s 1 g 6s__ 1919 m- s 10
6-year secured notes 5s_ _ _1918 J - .1 10014 Sul° 100
86
8714 12 85
8834
Ilk City 1st con fis_1916-1911 J - J 102 10214 10214 July'16 ---- 10912 10214 Amer Ice Secur deb g 6s... _1925 A - 0
98 sale
108 107 July'16 ---- 10614 118
Am Smelt Securities s 1 68...1926 F - A 10714
91
Bk Q Co & S con gu g 58_1911 m-N ____ 9418 94 July'16---- 94
101 May'13
23 ovi 9853
98
9778
1911 J - j
Am Thread 1st coll tr 4s_ _ _ _1919 J - J
BklynQ Co &S 1st 5s
1191i
18
i3; .ig
.1.g
10013
Bklyn Un El 1st g 4-58.-1950 F - A 156ig IC163-8 10013
itid - iiii - Am Tobacco 413-year g 6s.._ _1944 A - 0
Y:119
4 ::::
jualy
12
11934 M
1950 F - A 10014 10038 10018 100,
Stamped guar 1-55
Registered
1914 A - 4:, --- ---- 1
1 10013 1021s
8
8318 83 May'16 ---- 8212 8613
Kings County El 1st g 48_1919 F - A 81
Gold 4s
1951 F - A 8212 ____ 8234 June'16 ---'
014 --1
2 __. —.
8
84
912 June
8312 July'16
78
1919 F - A 81
Stamped guar 45
Registered
8212 8812
1037- §10a..l-ie. 9
1951 F - A :
1 74
6512 8012
74
Nassau Elea guar gold 4s..1951 .1 - J 7312 7414 74
7634 Am Writ Paper 1st s 1 5s__ _1919 J - .1 7038
2 9534 9834 Baldw Loco Works 1st 5s_ _ _1910 M-N
10412 Apr '16 ---- 10412 105
1927 F - A 97 Sale, 97
9/
Chicago Rys 1st 55
.._1.
1 1024 10412
11 0u9802611L222 S
s8
.:a
atillee
e_ 10037a4
101
Beth Steel 1st ext s f 58_ _1926 J - J 10
Conn Ity & List & ref g 43,01951 J - j 101 Sale 101
5 9912 101
10012 10012 28 9978 10318
9614 June'14 --,;.
1951 .8 - J 101 102
1st & ref 5s guar A g 52_2
Stamped guar 4s
A _-N0
19
,1
25
2M
104 10034 102,2
10114
LIP 7418 8312 Cent Leather 20-year
10134 _...
9923
81
Det United 1st cons g 4 Ms_ _1932 J - J 8034 Sale 8014
Jan '15
9
8112 Jan '14 ---- -twl..3 -14
Ft Smith Lt & Tr 1st g 5s_ _ _1936 M- S
1951 F - A
514
.- Consol Tobacco g 4s
9814
66.
-6i1;
57- 1915091i
May'16
-6
9i
Havana Else consol g 5s_ _ _1952 F - A -62.3;
Corn Prod Ref s 1 g Is
1931 M-N
9614 July'16 ---_7012 Sale 7012
33 69
71
8
1st 25-year s 1 Is
Hud & Manhat Is Ser A__ _1957 F. A
1
102
2812 37 2612 3114 Cuban-Am Sugar coil tr 6s_ _1193
28
2712 28
if 1011a 103
Adjust income Is
1957
14
8 MA:NO 10178 Salo 10178
7434 25 69313 78
Distil Sec Cor cony 1st g 58_1927 A -0 7378 7412 7414
N Y &Jersey 1st 55
1932 F--_- i. -___ 10012 10012 July'16 -- 10012 102
4 101 10712
10218
101
7438 ,..6
9012 101
at.,6
,. 7258 7612 E I du Pont Powder 4 Ms_ _ _1936 J -D 101
_
Interboro-Metrop coil 430_1956 A -0 7418 Sale 74
993, General Baking 1st 25-yr 6s_1936 J -D
98
9813 4
85
85 Mar'16 ---- 85
Interboro Rap'Fran 1st 5s_ _1969 J - J 9818 Sale 98
8312
78
83 July'16
5, 8914 93
Gen Electric deb g 334s_ _ _1912 F - A 03-4
891
Manhat Ry(N Y)cons g 45_1990 A -0 8934 Sale 8934
10412 37 103,8 105,4
e
o- 104
Stamped tax-exempt
9018
Debenture Is
1990 A -0 , 9038 Sale 9038
71 9038 9314
1952 M- S 1049(02
91
Sale 9012
50 8912 9234
Ill Steel deb 430
Metropolitan Street Sty—
1940 A -0
10114
18 10118 10312
Indiana Steel 1st 58
Bway & 7th Av 1st c g 5s_1913 J -D 10014 101 100 June'16
98's 100l
1952 M-N 10118'1013s 10118
_
Oct.' 13
9933 100 July'16 ---1
1233
4 Ingersoll-Rand 1st Is
Col & gth Av 1st gu g 5s_ _ 1993 M- S 2 10112 10034 July'16 -- 9934 101
Int Agricul Corp 1st 20-yr 55 1932
Lex Av & P F 1st gu g 5s_ _1993 M- S 1661M -5 ."
101
30 Mar'14 -3 10118 10234
10131
I 10114
Int Paper Co 1st con g 6s _ _ _1918 F - A
Met W S El(Chic) 1st g 4s _ _1938 F - A
__
92
--- 10214 June'16 ..—_ idi- iiiiis
4 :-.NIllw Elec Ry & Lt cons g 5s 1926 F - A i111.1Consol cony s f g5s992.8 _--- 92 July'16 --__ 81
9312 925s Feb '15 -----------71 Juno'16 ---- 71
Refunding & exten 430_1931 J J
785i3
Int St Pump 1st s f Is... _1
N
5 il:
39
192
7912
4
70 Juno'16 ---- 70
-- - 65
2 101 10014 Mar'16 ....... ijig-ii j&ii.
Certfs of(deposit
Minneap St 1st cons g 5s......1919 J - J 166119 9712 10058
95 92 July'16 ---- 92
Montreal Tram 1st & ref 5s_1911 J - J 92
Lackaw Steel 1st g Is
95
1923 A -0
9234 Salo
99
2311 50 90
al'
e 99'
1
0138
1st cons 5s Series A
9778
New On Ry & Lt gen 4 Ms_ _1935 .2 - --------- 86 June'16 ---- 80 86
S 9
4A
M _.- 0
1
194
,50
12434 12514 125
6 12434 127
12514
Ligge t & Myers Tobac,78_
NY Municip Ry 1st s f 5s A 1969 J - J 99 ---- 99 July'16 ---- 99
99
t
152 32
5 12
4 Salo
(12
0,2
25
14 12
30
7
2 10
005:2
7553
s_110a1:3101_4 12
7578 13 7312 79
118000058258:1844
NY Rys 1st RE &ref 4s_ _ _191'2 J - J 7512 76
5s
1951 F - A 1003
12512 12558
6014 271
a1912 A - o 5812 Sale 5812
30-year ad1 inc 58
Lorillard Co (P) 75
10034 12 10014 10214
10033
8414 83 July'16 -_-_
N Y State Itys 1st cons 4 30_1962 M- N 82
58
10812 July'16 ---- 10858 128
9112 July'16
9412 Mexican PetrolLtdcon 6s A 1119
Portland Ry 1st & ref 58_ _ _ _1930 M- N ____ 92
2
91
092
4511t lAA' --- 0
29
612
jull09
y 16 ___ 5_ 19
08512 19
7858
1st lien &ref 6s series C_ _1921. A - 0 10814 110
Portld Ry Lt & P 1st ref 55_1942 F - A ____ 7812 7858
7812 80
100 May'15
Portland Gen Elee 1st 58_1935 J - J
Nat Enam & Stpg 1st 5s_ _ _1929 J -D
---Juno'16
%
8512
19
8
0
8
5
9
96
May'16
8812
4 --.:--..St Jos Ry,L,H & P 1st g 58_1937 M- N -6g3-65- -ii- Nat Starch 20-yr deb 5s_ _ _1930 J - .1
19
03
118 Sale 10113
10118 28 9978 10188
100 Sep '15 ---National Tube 1st Is
St Paul City Cab cons g 5s__1937 J - J
.5; N Y Air Brake 1st cony 6s_ _1
463- 8112
10314 July'16 -- 101 10512
•31 -ii- -63
82
1960 3 - J -gi- F2kThird Ave 1st ref 4s
195
28
2 M-N
79
Sale 79
7912 56 79
a1960 A -0
Atli Inc 5s
8434 Railway Steel Spring—
84 19
093
014
9%
Third Ave Ry 1st g 5s
1937 J - ,J le: 108 10712 June'16
Plant 1st s f Is._1921 1 - j 10013 _- - 10018 July'16 ---- 96
9 106 108
- 97
97
11 9412 98
9934
Tri-City Ry & Lt 1st s f 55...1923 A -0 9914 Sale_ 99
LatrobeInterocean P 1st s f 55—.1931 A-0 97 Sale
9834 10078
9512 July'14 -Repub I & S 10-30-yr 5s 81_1910 A -0 98 Sale
Undergr of London 4 Ms_
1933 3 - J
0
98
9:s
2 31
1 9578 100
-iii"15 69 Jan '16 ---- -61- -65'- Standard Milling 1st 58.-1930 NI- N
1.Income 6s
1948 -.
84 Oct '08 ---- - — -- The Texas Co cony deb 65.._1931 J J 117;1-2 Sale 10
994
97i:
2 10458 26 104 108
Union Eley (Chic) 1st g 5$_ _1919 A:il
74
United Rys Inv 5s Pitts iss_1929 M-N 7-.7, -fd- 67 July'16 ---- 67
Union Bag & Paper 1st 58..1930 J - .1 8412 8514 8214 June'16 ---- 8013 8318
84 86
iiiii 68
8214 May'16 ---- 8218 8214
5912 June'16 ---- 5913 62
United Rys St L 1st g 48_ __ _1931 J - J
Stamped
73
St Louis Transit gu 5s_ - _ _1921 A -0 ____ 85 55 Apr '16 ---..,-; 55
J 65 63 68 July'16 ---- 68
5978 US Realty & I cony deb g Is 193
J:j
4j
929
1 1012 14
10
1012 June'16 ---15
37
United ItIts San Fr s f 4s_ 1927 A -0 3558 Sale 3412
112 30
4634 U S Red & Refg 1st g 68_
1931 J - J
10214 89 102 10312
8934 June'18 ---- go% 92
US Rubber 10-yr col tr 68_ _1918 J -D 102 Salo 102
Va,Ry & Pow 1st & ref 5s 1934 J - J ____ 89
11218
5 109 11,98
/12 11218
U S Smelt Ref & M cony 68_1929 F - A 110125 Salell.
Gas and Electric Light
9
;
3
748
10518 522 10334 105,8
113(11-103 Sep '15 ---USStccl Corp— icoup- —d1963 NI- N :61:4 6a_i_e_ 10
BAtlanta0L Co 1st g 513
1947 J -D
107
1661
4
2
107
Bklyn Un Gas 1st cons g 58_1945 M-N __ ____ 54
.....
!iiiii" iiii- S f 10-60-yr 54reg
19
07
078 2
11
8 10
8
9(1
7T
:12
°
99
54
14
58
June'13 —
N
D
Va-Car Chem 1st 15-yr 5s...5
:
H
cuffalo City G
Gas 1st g 5s_ _ _1917 A -0
_1196
23 J
10034 Sale
97 Feb '15 Cony deb 65
Columbus Gas 1st gold 5s_1932 J - J
102
10234
1°94
101003124
47
102
—
102
-10014
-3
0
J
Doesol Gas cony deb 6s_ _ _ _1920 Q- F fir Kl-e- 1214
A:
NO" ii613 West Electric 1st 5s Dec— -e19221 -I
122,4
1 101 10212 Westingh'se E & NI cony 5s_1931 J -J
10138
112 July'16 ---- 112 14112
Detroit City Gas gold 55.._ _1923 J - j 10118 10134 10138
10014
10034
6 10014 10158
10-year coil tr notes 5s _1917 A -0
etroit Gas Co cons 1st g Is 1918 F - A 100 _ _ 9712 Nov'15 -2 i6i11; 1 -.643;
103
Detroit Edison 1st coil In 5s_1933 J - ,if 103 Sale 103
Coal & Iron
5 9612
1
97
9612 9612
---.July'16
10114
-D
8 96
Nt..
I.,1st & ref 58 ser A
26
2 .I
1 10014 10134 Buff & Susq Iron s f 58
93
11940 M- S 10114 Salo 10118
al1,
96 June'16 -- 90
9614
Eq G L N Y Ist cons g 5s__1932 M- S ___3_ - - -3_ 10012 May'15 -Debenture 5s
190 Feb '13 ---- ---- --- - Col F & I Co gen s f 5s_-- _1913 F - A 9512 Salo
Gas & Elec Berg Co c g 5s_ _1919 J -D
4 10334 June'16 --- i9
9
7'
5
74
512
4
8 9
72
4% 9
Hudson Co Gas 1st g 5s_ _ _1919 M-N 162- i6:177
5114
1
13; Colludes 1st & coil 58 gu-._1934 F - A 75 7634 976
6i- igi
- - — --Kan City(Mo) Ga.s 1st g 58_1922 A -0 ---------91 Jan '18 ---Cons Ind Coal Me 1st 5$_ _ _1935 1 -D 18 --- 73 Mar'14
1 90
06 June'18 ---- 104 105
93
9138 91
91
Cons Coal of Md Ist&ref 5s_1050 J -D 89
Kings Co El L & P g 5s_ _ _ _1937 A -0
Purchase money 65
1997 A -0 161; I i 11612 July'16 ---- 11473 11812 Continental Coal 1st g 5s.._ _1952 F - A 35 ---- 9933 Feb '14 -— 9434 9134 Mar'16 ---- -511
Gr Rh, Coal & C 1st g ils_ _11919 A -0
Convertible deb 6s
4 -5434
1925 M- S 120 128 128 Mar'16 ---- 126 128
.... _ 99 July 15
35
89
Ed El 111Bkn 1st con 44s-1939 J - J ___
88 Apr '16 ---- 88
8834 Kan & II C & C 1st 8 f g 58_1951 J - J
-6
8693
4 -6
8
:
,
8
1
;Sale 10158
Lac Gas I. of St L 1st g 5s_ _81919 Q - F 1015
Pocah Con Collier 1st a f 55_1957 J - J 9213 Salo 9212
10158
2 10058 102
87
8312
10158
he Ref and ext 1st g Is
Sten
LnItc
oo
ca
1 100711 10238 T
1934 A-0 10158 10178 10158
lciNgletn&
52
P 5s stmpd _1955 J - .1
1951 j _ i 10018 102 10
Ju ne:16
6 --82
---7 j
--7
-- 10112 1034
9338 93 June'16 ---- d114 9312
Milwaukee Gas L 1st 48....- -1927 M-N 93
Birm Div 1st comet 68_1917 J - J ____ 101 10034 Juno'18 ---- 10034 102
Newark Con Gas g 88
1918 J - D 101 ---- 10313 Mar'16 ---- 10353 10313
I::: 10012 102
104 10373
NYGELH&Pg 5s
104
a1917 A - 0 ---- 101 10012 June'16 .
Tenn Div 1st g133
2 103 10512
1918 J
al- 101 Deo '14
00
112 s
-:
___ ___
Purchase money g 45.._ —1949 F -D8412
Cah C NI Co 1st gu 6s__ _ _1922 J - D 19
5 84
- A 841; Salo 8412
87
1953 ,7 - j ___ 8712 73 AD!'14
Ed El Ii Ilst cons g Is..—1995 J - J 10712 10914 10812 July'16 ---- 108 109
Victor Fuel 1st s f 5s
86 June'16 -_-_-..-- -i5--iliira
NY&Q El L& P 1st con g 5s 1930 F - A 1003 ---- 10034 June'16 --1001* 10114 Va Iron Coal&Coke 1st g 5s_1949 M- S ---- 88
N Y & Rich Gas 1st g 5s_ _ _ _1921 M-N ---- ----9212 July'09 -- --- --- _
Telegraph & Telephone
0133
9158 58 9013 9212
Pacific G & El Co Cal G & E
Am Tele')& Tel coil tr 4s_..1920 J - J
10114 Sale
2 100 10234
10114
PK Corp unifying & ref Is...
Convertible 4s
9812 76 9753 100
_1937 M- N 9814 Sale 98
M
_0 In
108142
109 s
98
124
Pac Pow & Lt 1st & ref 20-yr
20-yr convertible 4 Ms_ _ _19
3 M : S 10814 10812 10
936
92 July'16
53 Internet Series
1030 F - A ___ 98
92
9312 Cent Dist Tel 1st 313-yr 58..1943 J - D 10278 10313 10278 June'16
_...-...:.: 73
1
71
3
Pat & Passaic G dc El 5s_ _ _ _1949 M- S
7731
9913 Oct '15
Commercial Cable 1st g 48 23
3
,
97 Q
Q-- ji
75
Peop Gas & C 1st cons g 6s_ _1943 A -0 lig':::: 1154 May'16ifi38 ifit
May'16
Rezistered
:
.
98
99
99:: 10
.
016
90812 Ap1r0
0
158
Refunding gold 53
'
;10
8 ...7_ 98
8 i665
1947 M- S 10C173 Sale 10078
7 10012 1C1218 Cumb T & T 1st & ,,en 5s_ _ _1937 J - J 1.66110078
Registered
Keystone Telephone list 5s_ _1935 J - J ___ I no
1917 M- S
99 Sep '13
Ch G-L& Coke 1st gu g 59_1937 J - J Nil; i6i3-4 10138 July'16
1013-8 161, Metropol Tel & Tel 1st 81 Is 1918 M- N 100 10078 10113 Juno'16 — —1 10118 10112
Con G Co of Chi 1st gug 5s 1936 J - D 100 -___ 10113 May'16
101 10118 Mich State Telep 1st Is....
10034
_ _1921 F - A 9934 10012 10034
993
12
Ind Nat Gas& 01130-yr 5s 1936 NI- N_ 88
07
0.154
2 1004
87 June'16
N Y & NJ Telephone 5s g_1920 M-N 101 __-- 10034 June'16 - — 19
87
87
221
98
Mu Fuel Gas 1st gu g 5s- -1947 M- N ilia' -- 10034 Mar'16
10038 10034 N Y Telep lst dc gen s f 430_1939 NI- N 98 Sale 9778
43 991a 1011,
1001
Philadelphia Co cony 58_ _ _ _1919 F - A 9812 -..-.. 9812 Apr '18
Pee Tel & Tel 1st 5s
1937 J - J 10038 Salo 1003s
45
101
89
Cony deben gold 55
1 19
86
1922 NI- N 8813 90 89
94 98
311 South Bell Tel& T Ist s f 58-1941 J J 101 Sale 1,0018
09%
0 10
91718
3
3 19
10114
Stand Gas & El cony at 68.._1926 J - D 100 10058 9978 July'16
0812 10278 West Union colt In cur 5s_ _ _1938 J - J 10018 Sale 10018
Fd and real est g 4 Ms_ _1950 M-N 9453 Sale 9438
Syracuse Lighting 1st g 58_1951 J -D 10058 10134 100511 July'16
9518 12 9458 9612
9934 100
,
3
91514 19
Syracuse Light & Power Is._1954 J - J 84 ---- 8512 June'12
Hut Un Tel gu ext 58.... _ _1911 M-N 9933 ...— 10114 Apr '18 7.7: 10
05
112
---- --Trenton G & El 1st g 5s_ _ _ _1949 M- S 10112 ---- 10112 June'14
Northwest Tel gu 430 g_ _1931 J - J 9334 9413 9 Marla
---- -• No price Friday* latest bid and asked. a Due Jan, d Due Apr. 6 Due May. q Due June, A Due July. k Due Aug e Due Oct. g Due Nov. q Duo Dec. s Option sale
BONDStr. \
N. Y. STOCK EXCHANGE
a
.
Week Ending July 28.
Price
Friday
July 28
Week's
Range or
Last Sale
oc
,L1
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCIIANGE
Week Ending July 28.
2.,
,
.--4.•
Price
Facial,
July 28
Week's
Range or
Last Sale
---.
4 ;;,. . . :
7
0
512
.
s
f
aij: 10
88I;
83 637
----
,
_ _
iiti ..7
:::: .
JULY 291916.1
BOSTON STOCK EXCHANGE Stock Record
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
July 22
Monday
July 24
Tuesday
July 25
Wednesday k Thursday
July 26
July 27
Friday
July 28
Sales
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
395
SeeBr..Nxt13:age
Range Since Jan. 1
Lowest
Railroads
*10414 105 .10414 105 *104 10134 *101 10134
Last Sale 10518July'16
Atch Topeka & Santa Fe_100 102 Mar 2
*9812 99
*9812 99
*0812 99
*9814 99
Last Sale 99 July'16
Do pref
100 99 Jan 5
13212 18212 18212 18212 183 133
*18112 183
133 183
183 183
100 182 May 8
76 Boston & Albany
75
*74
7434 74
75
7412 74
74
7458 7438 7434 75
100 6512 Apr 24
127 Boston Elevated
__ *12814 ____ 128 12814 *123 .___ 128 128
*12812 -_-_ *12814
30 Boston & Lowell
100 128 July26
44
44
44
44
44 -4412
45
45
44
44
44
41
1,098 Boston dr Maine._ 100 35 Jan 28
*___ _ 228 *____ 229 *_...... 229 *---- 229
Last Sale 230 June'16
Boston & Providence
100 22712 Mar27
•__
4
4 *-- _
4 *---4 *_-__
_
Last Sale 412 May'16
Boston Suburban Elec Cos_ _
412 Feb 29
*_ 39 ._ __ 39 4'._ _ _ 39 *____ 39
Last Site 39 May'16
Do pref
39 May19
;4
5
*4
6
*4
5
*4
5
Last Sale 412 Apr'16
Boston & Wore Electric Cos-4 Mar18
*45
47
47
*45
*45
47
*45
47
*45
45
47
5
Do Pref42Feb 28
*153 155 *153 155 *153 155
154 154 *153 154
------__
-5_ Chic Juno Ry & U S Y_-_100 154 July26
*106. 108 *106 108 *106 108 *106 108
108 103
I Do pref
10212 Apr 26
*150 162 *150 162 *150 162 *150 162
I/zst Rile
May'16
58 C
mote
nn
nebcurg
100 150 Jan 5
ticuptreRl
f ver
*7812 7914 *7812 7914 7812 7812 7812 7812 7812 78121
__ __
100 75 May 2
*128 ____ *123 ___ *123 ____ *12712 ____
List Sale,128 July'16
Georgia Ry & Elec stampd11.10 122 Jan 3
__- *83 ---- *8712 - - - *8712 - - - -1 - - - - ____
88
88
100 x86 Jan 10
f
5 D
*8810012 *100 10012 *100 10012
:*100
*100 1001
Last Site 10012July'16
100 x99 June15
Maine Central
*512 6
6
*512 6
6
*514 6
*514 6
513
512
100
Electric
Mass
Cos
6
5 July14
34
*33
3212 3212 *3312 34
33
33
33
3312 3314 34
100 31 May 2
stamp
stamped
108
pref
Do
6012 5934 60
604 6112 6012 6112 60
684 6012 5712 58
100 57 May 5
727 N Y H & Hartford
__
105 105 *105 107
•104 107 *104 --- •104
__ _
__
3 Northern New Hamp8hire_100 97 Jan 3
14814 14812 *14812 ....._ 149 1-49 - 149 149 *149 ____ 150- 1-50 31 Old Colony
100 14814 July22
2812 .25
2812 •25
2812 .25
*25
Last Site 23 July'16
28
100 20 May 1
Rutland, Pref
13634 13634 137 137 *13512 136
*137 137% 137 137
100 130 Apr 26
35 Union Pacific
Last Sale 8i5-4-June
;iii
100 8178 Mar 1
*iii- Ili- *Hi- fa- *111 fa- *iii- iiiLast Site 115 July'16
VeD
roM
ir assachusetts_100 115 Apr 25
rm
oontp&
*57
58
58
58
*58 ._-_
58
58
58
58
5712 5836 West End Street
50 57 June 2
*7018 -- -- *704 ---- 71
71
•73
75
73
73
73
73
100 69 July13
22 Do pref
Highest
108 Jan 3
10114 Mar 9
198 Feb 16
8812Jan 19
145 Feb 11
52 Feb 14
23512 May29
5 Jan 8
4012 Feb 29
512 Jan 5
458 July18
154 July26
110 July14
162 Feb 19
87 Feb 14
128. May10
90 May25
102 Jan 17
8 Feb 14
40 Feb 11
7734 Jan 3
105 Feb 14
157 Feb 26
30 Jan 3
14278 May23
8314 Jan 3
125 Mar 1
6712Jan 19
86 Feb 25
Range for Precious
Year 1915
Lowest
Highest
9234Feb 10938 Nov
97 Jan
10112 Nov
170 Mar 198 Jan
73 June 96 Jan
109 Feb 133120ct
20 Feb
3712 Oct
225 Jan 240 June
5 Dec
10 Mar
40 Sep
56 Mar
5 NOv
9 Sep
39 Jan
47 July
157 Feb 160 Sep
10112July 110 Apr
140 Feb 165 Jan
51 Feb
76 Nov
114 Apr 120 Feb
84 Aug
88 Mar
92 Mar 10312 Nov
478 June 10 Sep
33 July 56 Jan
43 Feb
87340ct
• 89 Oct
98 Apr
140 Aug 157 Apr
15 Mar 30 Nov
11612Jan 1413 Nov
7934 mar 81% Oct
105 Feb 125 Apr.
61 May 7212 Jan
SO July 9313 Feb
691 6938 *68
70
69% 69% 6814 6814 6812 69
6734 6734
4
miu
18
lahnee°
40
ca
5 AmerA o Agri
elC
s1-100 64 Apr 24 7178 Feb 11
pre
iscc
ful
M
48 Jan
7334 Nov
99
99
9812 99
99
9914 9334 9914 99
9834 99
99
100 9512 M ar23 10012 Junel3
8712 Mar 10112 Nov
*2
24 *2
214
2
2
*112 178
I%
178
134
134
6
70
5 AmerA
50
Pneumatic
re
u tic Service
112J
uly
314
8
Apr
134
12
Mar
412 Oct •
*1312 14
*13
14
*13
13
14
1312 .13
12
13
12
50 1134July 8 16 May 4
13 Dec
1912Jan
*109 110
10912 110
10912 10912 10912 10912 *109 110
110 111
209 Amer Sugar Refining
100 106 Apr 22 11612Jan 8 110000 Feb
0
Ne
912D
oev
11578 11612 11634 11634 116 11612 11634 11634 11634 117
11634 11634
181 Do post
100 11412 Mar 1 11834 May26
Feb 119
129 12912 12914 12912 12918 12912 12918 12938 129 12914 129 12938 1,717 Amer TeleP .:15 Teleg
100 12618Jan 31 131 Mar29 116 Jan 13012Nov
4434 4434 *44
45
447 447 *4234 4334 *4212 4314
21 American Woolen of Mass.100 43 Jan 11 65 M ar14
1612 Apr
6714 Oct
9512 -1-)W4 -65-1-4
95
96
9512 9512 95
9512 95
96
95
374 Do pref
100 92 Jan 11 10158 M ar14
77 Feb
99120ct
7212 7212 7212 721
__
70
70
*70
70
7012 70%
161 Amoskeag manufacturing__ -- 66 Jan 3 75 June13
5918 Jan
67 Apr
18 .___ _ 98 *_.... 98
*93
9934 98 -6fi'- s_
15 Do Pref
98 July24 10114 Feb 10
9713 May 101 Feb
6114 -611 iiii4
SO2 6212 60
0312 6438 634 6412 6214 63
. 13,026 Atl Gulf & W I S S Lines_ _100 27 Jan 14 6334 Junel6
4 Feb
36 Nov
6312 6312 6312 6312 6312
6312 6414 *62
6434 65
6418 647
362 Do pref
100 42 Jan
978 Mar 49 Nov
24
24 1 2312 2312 2312 2334 2338 2312 2312 2312 2312 2378 1,255 Cuban Port Cement_ _ _315 pd te818 Apr 15 65 July 6
28
25%
July20
97
97
10
10
10
*91, 10
10
10 I 10
____
305 East Boston Land
10
934July 1
1332Jan 19
812 Dee
1314 Apr
238 240 240 240 *237 240
.23712 ____,*23712 240
__
36 Edison Electric Ilium
100 234 Apr 27 250 Mar 7 230 May 260 Jan
*16812 16912 109 1704 *16712 16812 163 165 *167 168 *16712 16812
General
Electric
15
100
15914
__
Apr
178
22
Jan 17 13814 Feb 184120ct
10
0
_
*100
-*
__ .100
•100
Last Sale 100 July'16
McElwain
(\V
let
H)
pref
_100
95 June 8 102 Feb 24
9612 Aug 104 Mar
*7012 80
80 -iii - 80 -iii 1'.80 If *8012 81
81
81
114 Massachusetts Gas Cos___100 7914 July17 8612Jan 5
78 Apr
8212 8212 8012 82
94 Aug
83
83 .80
82
8012 8012 *30
81
49 Do pref
100 80 May 3 89 Feb 14
84 Nov 9212Jan
166 166 (.1163 165
165 165
•165 166
163 163
163 163
64
Mergenthaler
Linotype_
100 .155 May 4 172 Jan 19 154 Feb 200 Jan
*12 1
*12 I
*12 I I
*12 1
Last Sale 1
June'16
Mexican Telephone
10
214 Jan 15
14 Apr
I Mar 8
3 Sep
17 *-___ 17 ....-- 17 1*--__ 17
Last Sale 16 June'16
Mississippi River Power_ _100 15 Jan
18 19 Apr 10
10 June 1638 Dec
* - 39 *-- - - 39 *---- 39 is-- 39
Last Sale 43 Apr'16
Do pref
100 43
*25 ____ *25 ___
26% 2658' .25 ___
35 Feb
4812Jan
9 New Eng Cotton Yarn__ I00 231 Apr 5 44 Feb 8
2July18 30 Jan 7
50 ____ .50
.
39 Nov
20 Apr
, 5138
71'
4 Do pref
100
0000 _3
50
1 Tan 24 58 Jan 7
135 115 - 135 135
134 135
25 July 55 Dec
136 135 *13414 iii- 1:iiig 1-311-2
76 New England Telephone_ _11
1
1
1
152 152 *150 152
6
4
0
June
*150 154
143
z12714
M
A
152 152
Jan
7
ia
a
y
r
15
152 152
150 150
80 Nipe Bay Company
102::Jan 11
16212 16212 16214 16214 16134 16214 16112 16112 162 162
105 Pullman Company
100 15812 Apr 28 171 Jan 17 150 Feb 170 Oct.16
1612 *16
1612 16
16
*16
1612 1612 1612 ---- - - - 33 Reece Button-Hole
10 15 Feb 3 1612 May23
15 Sep
13438 13412 13134 13434 135 135
13412 136
1814Jan
136 13712 W7i2 1-,ci673 Swift & Co
100 125 Feb 5 143 July28 10434Jan 128
4312 44
Nov
4334 44
.4212 43 • 43
4314 4212 423.
43
43
956 Torrington
25 35 Jan 14 58 Junel3
28
3012 3012 *3013 3112 *3012 3112 *3012 3112 *31
Mar
3612Dee
3112
10 Do pref
25 23 Jan 14 32 Mar 2
26 Mar 30'4 Sep
*34 112
*34. 112
Last Sae 1- - - -JulyliE3
*34
112 •1
112
Union Copper L & M
25
.90
M
ar28
2
Feb
23
.95Jan
15714 15734 15734 159
134 Apr
156 158
155 15612 155 15614 15512 15634
992 United Fruit
100 13612Jan 31 16812June 8 110 Feb 163 Nov
54
54
5378 5414 54
5412 537 5414 5334 54
5312 54
2,942 United Shoe Mach Corp.._ 25 50 Jwae23 6312 May12
48 Aug
65 May
30
30
30
30
30
3018 2978 30
2934 294 297g 30
221 Do pref
25
Jan
3012
3
2812
June14
28 Mar 30 Aug
8512 8638 8612 87
8512 8612 86
8714 857 8614 86
8638 4,138 US Steel Corporation_
100 7934 Mar 1 8878Jan 3
38 Feb
8912 Dec
•11712 118 011734 11814 116 116
118 118
11634 11634 118% 118%
60 Do pref
100 11514Feb 5 11912 July 8 10214Jan 11714 Oct
8
818
818 834
77
84 83s
8
818
734 8
4,210 Ventura Consol 011 Fields- 5
8
712 July20 13 Jan 3
1038 Dec
1438 Nov
Mining
*212 312
212 212 *212 312 *212 312 *212 312 *212 312
45 Adventure Con
25
134Feb 17
518 Apr 11
4 Jan
47 Apr
95
95
95
95
91
95
*92
94,2
18
93 4 93
94
94
114 Ahmeek
25
9112Ju1y12
106 M ar10
9212 Dec 103 Aug
*1734 18
177 1918 181s 19
18
18
1714 1738 5,124 Alaska Gold
10" 1634July 5 2612Jan 7
2112
Dec
4034Apr
.138
134 *138
134 .13s
112
112 134 *138 134 *13
150 Algomah Mining
134
25
34May 3
2 Apr 7
5914 5914 *594 6012 5912 5912 53
.45 Feb
434 Apr
58
58
58
*58 600 ilo rez
z
25 58 July17 7412 Feb
3511 Jan
35
3612 35
66 Dec
37
334 3534 3234 3334 32
3212 33
3334 15,42
70 Amer inc. Lead dr Smelt_ 25 2912July1 1 97% Apr 21
6634 68 :6534 6614 6512 66
10
1634Jan
7214 Nov
65
6212 6212 63
6312
634 2,019 Do pref
25
60
Julyll
7512
*818 878
Apr 8
834 878
812 812
834 834 *812 834
812 812
705 Arizona Commercial
*178 2
5 7% Mar27 10 Feb 14
.178 2
318 Jan
I% 18 *1% 2
912 Apr
2
2
134
134
425 Butte-Balaklava Copper
10
134 July28
68
6978 6334 7014 6712 6812 6612 6714 664 6634 67
512 Feb 5
2 Jan
434 Apr
67
2,928
Butte
&
Sup
(Ltd)._
Cop
10
6012
3534 Jan
July10 10514 Mar 9
69
70
70
68
69
6914 68
80 June
6814 6734 68
*63 69
Calumet
918
& Arizona
10 66 June28 7514 May20
*515 525
525 529
528 528 .515 530 .515 525 *515 525
5112Feb
7834 Apr
22 Calumet & Heels
25 515 July14 536 Feb 14 350 Jan 630 Apr
•I4
1412 14
15 .14
15 .14
14
*14
1434 *14
143410 Centennial
25 14 July17 19 Jan 6
*4738 477
48
48
*47
15 Jan
25
4738 .47
Apr
474 *4612 47 . 47
47
35 Chino Copper
5 46 July1 1 60 Feb 19
58
5712 577
5318 5758 5814 57
3278 Jan
57 Nov
5778 57
5738 5712 57%
1,297 Copper Range Cons Co
I00 5412July1 I 6334 May19
30 Jan
214 24 *214
212
214 2,4
65 Dec
212 212
2
214 *214 212
235
Daly-West
20
37
2
July13
Mar17
17s Jan
1112 1134 1134 1134 1112 1112 .1112 1178 1,410
*1112 12
1134 12
534 Apr
East Butte Copper Min_ _ _ 10 i 112July12 1614Jan 3
812Jan
1612 Dec
634 634 •012 7
*612 714
634 634
612 612 *614 7
50 Franklin
25
6 June23 1034Jan 8
412Feb
81% 81% 80% 81
1414 Apr
*81
8112 82
82
80
80
80
80
Consolidated
Granby
335
100
79 July14 9834 Feb 10
58 Jan
46
*44
9412 Apr
45
45
45
4534 4534 *45
45
45
45
45
136 Greene Canaries
100 3434 June26 5212 Mar 9
2314 Feb
1112 1114 1114 11
11
*11
12
5238 Dec
*11
11
11
*1012 1112
210 Hancock Consolidated.... _ _ 25 1012 June23 1912Jan 4
11 Jan
*2
3
2
*2
2
*2
3
2412
Apr
3
*2
3
*2
Mining
Indiana
310
25
2 July10
214
6
Jan
3
45
45
Jan
45
45
45
4434 45
1012 Apr
45
*44
45
*44
45
475 Island Creek Coal
I 4412 Mar30 5434 Apr 11
41 Mar 52 Aug
*8812 8912 *884 8912 *8812 8912 *8814 8912
Last Sale 8938 July'16
prof
Do
I
88 Jan 29 92 May23
2512 25
85 Jan
*25
2512 2512 25,2 25
9118 Apr
25
25
25
*25
306 Isle Royale Copper
2512
25 25 July13 3134Jan 6
*414 412
1712Jan
44 412 *414 412
34 Apr
412 4,2
412 412
412 412
360 Kerr Lake
334 334
5
312 384 *312 4
312M ar 4
334 3/14
538May 3
312 312
3 Aug
3,2 322725 Keweenaw Copper
518 Apr
25
234Feb 11
*114 12
3 Apr 6
*1114 1112 1113 1112 11's 1 112 *11
112Aug
412Apr
1 112 1 112 1412
275 Lake Copper Co
*3
25
3i2 .3
914 July14 1912Feb 10
4
512Jan
*314 3%
1978 Dec
312 312 *314
352
•318
At
Copper
Salle
La
50
25
178
314 July15
534Jan 3
*134 212
178
134
134 *134 2
318 Jan
9 Apr
134
134
2
2
185 Mason Valley Mine
*1182 117
5
12
134July24
4'3 Jan 4
12
12
12
I Mar
5 Dec
12
12
117 12
1134 1 178
041 Mass Consol
25 10 July13 15 Feb 23
212 *2
.2
212 *2
3 Jan
212 .2
17 Apr
212
1142 21142 *2
Mayflower
10
212
25
2 July 5
5 Feb 10
3
3
3
3 Aug
3
3
3
8
Apr
*212 3
2
*213
Michigan
234
515
4 Apr 6
25
112Jan 5
8212 8112 814 80
.60 Mar
8112 8112 81
3 Apr
8012 79
81
8012 804
252 Mohawk
25 7712Juiy11 10312 M ar10
4614 Jan
•1612 17
1634 1634 *1612 17
98 Dec
*1612 17
*1612 17
*1612
17
Nevada
20
*5
Consolidated
5,4
5
5
5 15 Jan 28 18% Nlay25
614 514
512 512
614 5i4
17 Apr
1138 Feb
514 514
206 New Arcadian Copper_ _ _ .. 25
434 July14
1014 Jan 4
412 Feb
1414 June
*1014 11
11
1112 *11
12
1118 114 *1118 12
170 New Idrla Quicksilver_ _ _ .. 5
9 July19 2434Jan 19
4 July
1312 Aug
7
7
634 834 •678 7
834 878
634 714 -;1'65.11 --i285 NiP188ing Mines
5
6 Mar 1
812May I
518 Aug
878 Nov
207g 207g 21
2012 201s 2014 2038 201g 2012 20's 2014 1,745 North Butte
21
15 20 July13 32 Jan 3
2214 Jan
3878 Apr
•112 134 *112 134 *112 134
113 112 *112
134 •112 134
165 North Lake
25
.50June 2
412Jan 3
I Jan
418 Apr
.1
114 *1
114 *1
114 *1
114
Last Sale 118 July'16Ojibway Mining
25
118 JulyI5
27s Apr 6
.50 Mar
312 Apr
•14 2
*Ill 2
*112 114 *112 2
112 112
134
134
60 Old Colony
25
114 July14
4 Jan 3
214 Nov
62
62
74 Apr
62
62 I *82
62
62
63
*62
6212 62
6214
145 Old Dominion Co
25 60 July14 7334 Marll
3812 Mar 64 Dec
.
8112 82
8112 82
81
81% 81
80
*81
80
*80
81
22
1
Osceola
25 70 July14 10112 Mar14
64 Jan
12
12
9312 Apr
12
1212 1212 1212 1212 13
13
13
1238 13
3,2
36
Creek Coal
20
7 Pond
g
10 1112 Mar 7 16 Apr 11
12 Jan
8312 8312 82
1958Aug
83
*82
83
*8012 82
8214 8214 81
82
25 81 July12 9334 May16
50 Jan
2238 2234 *2234 2314 2234 2234 *2234 2314 *2212 23 *2258 234
95
Apr
111
Ray
Consolidated Conner_ 10 2034June22 26 Feb 14
1534Jan
73
2758
73
Nov
73
73
73
7112 711, 7112 7112 70
70
175 St Mary's Mineral Land
25 6112Jan 31 80 June 9
28 Jan
158 138
I%
6512 Dec
138 •158 17
134
134
134
Gold
13
4
&
Santa
670
114
Fe
17
8
Copper
*784 8
10
14 July28
378Jan 8
I Mar
734 734
5 Oct
734 734
734 734 *734 3
712 734
150 Shannon
10
7 July13 121 Feb 14
2612 2614 27
*26
4 Jan
26
1112 Apr
2614 .2512 26
*2534 2614 *26
2034
70 Shattuck-Arizona
10 2434 Julyll 4038 Feb 14
.472 5
*43
5
1814 Jan
*412 5
38 Nov
5
5
*412
5
4%
5
100
Lake
South
25
412 July14
812Jan 4
13
13
*1234 1312 *1234 1312 1214 1234 -1234
784 July
514 Nov
13
1214 13
45 Superior
*372 4
25 1212 July15 2812Jan 3
3% 4
2212Jan
4112 Apr
312 4
4
4
4
4
4
4
933 Superior & Boston Copper_ 10
112Jan 13
*37
*37
538 May15
40
40
1 Mar
38
412 Apr
38
311 3
8
*37
40
*37
40
2
Tamarack110
538 July25 5014 Jan 14
6
5
25 Jan
5
5
5853 Aug
434 434 *434 5
434 434 *412 5
140 Trinity
25
414 July12 1234Jan 3
.37 694
.39 6834
.37 ..35
.
1.37 6914
238Feb
151234ct
.37 67
69
.35
674 6814
.35 5
,,t 68
6.7
35 6.7317
2 6.7315
4 6.7
335
4 1,500 Tuolumne copper
.15 Jan 26
1
.60 May31
.20
Jan
.63 Apr
Smelt.
Refin dr Min__ _ 60 5118 Jan 3 8038 June 9
1,515 US
5014 504 5014 5038 50
50
20 Feb
50
54 Dec
5014 501j 5012 5014 501
Do
pref
451
50
49
Feb
1
5334
334 378
37
Apr
4
4
11
*334 4
37
28 Jan
5012Dec
37
37
31
37
1,465
Mining
Utah-Apex
5
3'X,Feb 11
518 Apr 10
53 June
13
1314 13
2 Jan
*1278 13
*1234 1312 *13
13
13
13
13
310 Utah Consolidated
5 1212 Jan 15 1534 Feb 11
7612 7612 7618 7618 76
914 Feb
1638 June
7612 77
76
7514 754
111 Utah Copper Co
10 75 June27 80$4 Feb 21
714
7
738
7
7
4838 Jan
Vs
7
8138 Dec
714
7
714 --.
7- -1/1-4 2,713 Utah Metal & Tunnel
1
612July13 1112 M2:13
*3
3% 3%
318
334 4
*3
312 *3
3
3
3
259 Victoria ..
25
5
234Jan 3
5
424 434
478 Feb 14
*414 47
1 Feb
412 Apr
*414 472 *414 472
438 5
32 Winona 25
314 Mar27
712 May31
134 Jan
49
477 48
4812 4812 4834 4838 *48
518 May
4712 49
48
48
95 Wolverine 25 47 July20 67l1 Feb 10, 32 Jan
70 Apr
*112 134 *112 134 *114
112 •114
134
112 112 *114
20 Wyandott _
112
25
112June 6
- -284 Feb 141
- --.50 Mar
214 Apr
• Bid and asked prices a Ex-dividend and rights. b Ex-stock dividend. c Assessment paid. h Ex-rights.
e Unstamped. :2s paid. w Half-paid.
[VOL. 103.
THE CHRONICLE
396
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from July 22
Boston Bond Record.-Transactions in bonds at Bos- to July 28, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
ton Stock Exchange July 22 to July 28, both inclusive:
share, not per cent. For bonds the quotations are per cent
Sates
Friday
1.
Jan.
since
Range
Last 'Week's Range for
of par value.
Week.
Outside Stock Exchanges
Bonds-
Sale I of Prices
Price. Low. High.'
Am Agric Chem 55_ ....1928
Am Tel & T.1 col tr 4s 1929 91 34
Convertiole 431s_ _ _1933
At! G & W I SS L 5s_1959 82
Brooklyn Rap Tr 68_1918 100
Chic Juno & US Y 5s_1940
Gt Nor-C B & Q 4s_ _1921
1929 9634
Mass Gas 434s
Miss River Power 55_1951
1932
N E Telephone 5s
Swift & Co 1st 55_ _ _ _1944
United Fruit 434 a_ _ _ _1923 100%
U S Smelt It & M cony 6s.
WesternTel & Tel 5s_1932
1024 10234
9151 9131
1084 10834
8134 82
100 100
10131 1014 ,
974 9734
9631 9631
77 1
77
1024 1024
10051 1004
984 10034
112 112 1
10031 10054
High.
Low.
$2,000
14,000
1,000
22,000
1.000
9,000
3,000
1,000
1,000
1,000
12,000
3,000
2,000
8,000
100%
90%
10511
74
100
100%
9734
9634
77
10134
9831
974
10931
99
10331
93
10831
8451
100
1014
99
9951
81
104
1004
1004
115
101%
May
Jan
Mar
Jan
July
May
July
Mar
July
Jan
Jan
Jan
Apr
Jan
July
Apr
Mar
May
July
June
Feb
Jan
Jan
May
June
July
June
June
Chicago Stock Exchange.-Complete record of transactions at Chicago Stock Excha ige from July 22 to July 28.both
inclusive, compiled from the official sales lists, is as follows:
Stocks-
Sales
Friday
Last Week's Range for
Week
of Prices
Sale
Par. Price. Low. High. Shares.
393 395
American Radiator__ _ _1001 393
44
44
Amer Shipbuilding....100
90
90%
100!
Preferred
20
20
100'
Amer Straw Board_
3831 39
Booth Fisheries, com__100 39
7914 81100
Preferred
234 234
Chic Cy & C Ry pt sh corn
17
15
Preferred
Chic Pneumatic Tool__ 105) (3'7% 6734 70
______ z7251 7231
Chic Rys part ctf "1"_
Chic Rys part ctf "2"
1434 144
24 24
Chic Rys part ctf "3"
111 131
Chic Rys part ctf "4"
248 24954
Chicago Title St Trust_100
Commonwealth-Edison 100
141 142
111 112
100 112
Diamond Match
11631 1184
Hart Shaft & Marx pref 100
814
100 8154 80
Illinois Brick
Lindsay Light
2214 2251 224
169 172
National Carbon
100
Prefetred
100 12331 123 12351
10114 10254
People's Gas L & Coke_100 102
z112 112
Pub Serv of No Ill, corn 100
102 102%
Preferred
100
Sears-Roebuck, corn.._100 1994 194 201
Stew-War Speed, corn-100 10251 101 1044
1344 1434
100 142
Swift & Co
182 182
100
Union Carbide Co
United Paper 13'cl, corn 100 1534 1531 15%
54
54
100
Preferred
11331 114
Ward, Mont & Co, pref.__ 114
5931
59
25 59
Willys-Overland
BondsArmour & Co 434s-..1930
_1927
Cnicago City Ry
1927
Chicago Rys 58
Chic Rys 45 ser "B"____
6554
Chicago Teleph 58._..1923
Commonw-Edison 55_1943 102
Commonw Elea 55_1943
Metro W S El 1s1 4s_ _1938
Nor Shore El 1st 5s__1940
1945
Ogden Gas 5s
Poop Gas L & CokeI
Refunding gold 55_ _1947
Pub Serv CG 1st ref g 55'58
Sulzberger & Sons 1st 65'11
Swift & Co 1st g Ss... _1944 10034
16
60
122
10
495
352
28
770
230
5
145
20
50
76
17
599
20
388
2,285
300
310
175
60
91
1,932
8,762
2,462
148
328
14
182
500
Range since Jan. 1.
I
Low.
385
33
75%
12
25
66
2%
15
634
70
13
251
1
220
13954
102
11434
76A
6%
187
1204
100
107
100
1694
8231
12614
170
13%
51%
1124
59
Jan
Jan
Jan
May
Jan
Jan
July
July
Mar
Apr
Apr
July
June
Apr
June
Mar
Jan
Jan
Jan
July
Feb
May
Jan
Apr
Mar
Apr
Jan
Feb
June
June
June
July
High.
400
Jan
4834 Mar
9131 Mar
20 June
40
July
July
82
334 Feb
20 June
Mar
79
80
Jan
1834 Jan
Jan
4
111 'Apr
24934 July
14631 Mar
112 May
Mar
117
8351 Jan
July
23
Feb
185
July
123
11234 Jan
1154 Feb
Feb
104
July
201
108% June
14351 July
190 May
16% July
July
55
Feb
116
5931 July
9334
9934
97
6534
101%
101%
10151
7114
99
9631
9334 $20,000 mg Jan • 94% Feb
Feb
9931 17,000 9831 Apr 100
9711 19,000 96 May 984 Feb
Jan
11,000 65% July 75
67
101% 19,000 10131 Apr 1024 Feb
10254 10,000 101% July 102% Jan
10131 5,000 1014 July 102% Mar
May 7334 Jan
71% 5,000 71
1,000 9831 Jan 1004 June
99
96% 5,000 954 Jan 9751 Mar
100%
9531
99%
10031
100% 3,000 1004 July 10211
Jan 9551
9531 21,000 94
9931 17,000 9954 Apr 99%
100% 18,000 984 Jan 100%
Jan
July
June
May
z Ex-dividend.
Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from July 22
to July 28, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Sales
Friday
Last Week's Range for
Week
of Prices
Sale
Par. Price. Low. High. Shares.
Amer Wind Glass Mach100 574
100
Preferred
Amer Wind Glass, pref _100
25
Caney River Gas
Columbia Gas & Elec--100 214
Consolidated Ice, com 50
Crucible Steel, pref_.....100
Harb-Walker Refrao_ _100
Preferred
100 103
4
Independent Browing__50
50 20%
Preferred
La Belle Iron Wks_ _ _100 5234
100
Preferred
100
Lone Star Gas
Mfrs Light & Heat_ ___50 53
8
Nat Fireproofing, corn._50
50 17
Preferred
1 16
Ohio Fuel 011
25 45
Ohio Fuel Supply
Oklahoma Natural Gas 100 73
Osage & Oklahoma Co_100
People's Nat Gag & Pipe 25
Pittsb Brewing, pref_ _ _ _50 224
Pittsburgh Coal, corn- _100
Pittsburgh Oil & Gas_ _100
Pittsburgh Plate Glass...100
Pure Oil, common
5 1931
River Side Western 011_25 1251
12c
Ross Mining & Milling_ _ _1
14c
1
San Toy Mining
Union Natural Gas_ _ _ _100 150
Union Switch & Signal_ _50
100 28%
U S Glass
US Steel Corp, cora _ _100
West'house Air Brake_ _50 140
West'house Elec & Mfg_50 56
W Penn Tr & W P corn.100
BondsIndependent Brew 65.1955
Philadelphia Co 58_ _ _1949
Pittsb & Bit m Tr 513_1929
Pitts!) Brewing 6s--1949
59
73
Range since Jan. 1.
Low.
High.
58
737 3431 Jan 6451 May
Apr
12454
155 12234 July 155
Jan
Feb 105
10 100
105
100 36 June 424 Jan
39
Mar 2231 July
203.4 2231 19,515: 14% July
Mar
3
150
5
3
3
Mar
10 1094 Jan 117
11431 11434
May
113 7131 Jan 98
95
95
Mar
Jan 103
130 100
10231 103
June
234 Mar
4
3% 4
1,225
175, 1534 Mar 2031 July
20
2034
741' 49 June 5531 Apr
52%
51
Jan 131% June
129% 129%
100 123
Jan
July 93
30 89
89
89
52%
1,408 49% Apr 5231 July
52
64 July 12
Jan
74 84 1,100
535 15% July 24% Jan
17
16
Jan
289 18 June 19
1631
16
Feb 47% June
837 38
4451 4514
Jan 75
242 70
71% 75
July
10 98
Mar 106
Jan
103 103
54 34
July 37
34
Jan
34
195 1611 Feb 23
July
2234 2234
20 2331 Apr 36% Jan
27
27
634 Mar
25
74 731
94 Apr
110 115
Jan 120 May
120 120
19
5,395 z17% May 21% Mar
21
May
150 12
Mar 14
12
12
5o Apr 30c Apr
120 12c
1,800'
14o
6,100' 14c June 25c
15o
Jan
115 141% Apr 150 June
149 150
114 114
10 109 May 126
Jan
55- 254 June 3434 Jan
2814 28%
770, 80% Jan 8854 Jan
85% ng
185 13334 Apr 145 June
1394 140
1,980; 5311 July 714 Mar
55
58
18
1501 17
Jan 1834 Mar
18
57
124
105
39
59
101
100
73
59
101
100
73
$1,000 49
1,000 101
1,000 100
64
9.000
Mar 60
Jan
July 10151 Feb
July 100
July
Mar 73 June
Stocks-
Friday
Sales
Last Week's Range for
of Prices
Sale
Week
Par. Price. Low. High. Shares.
Range since Jan. 1.
High.
Low.
36
36
10 36
Arundel Sand & Gravel 100
255 63
100 12014 120 121
Baltimore Tube
9651 97
59 8231
100
Preferred
552 107
113% 114%
Consol G.E L& Pow_ _100
140 107
113% 114 I
100
Preferred
5 15% 154 17 ' 10,717 14%
Cosden & Co
6
8,408
15%
1331
13%
5
Cosden Gas
411
53/ 9,416
5
551
5
Preferred
1,454 4434
Davison Chemical_.no par 454 44% 4731
15 15
15
15
Houston 011 trust ctfs_ _100
20 57
57
57
Preferred trust Ws_ _100
6 10
11
11
Mt V-Woodb Mills v t r 100
102 49
52
51
Preferred v t r
100
254 254
200 25
Norfolk Ry & Light__ _100
6% 631
75
Oklahoma Produc & Ref..5
345 72
Pennsyl Wat & Power_100 7831 7614 77
355
9
10% 11
5
Sapulpa Refining
500 2551
United Ry & Electric_..50 2631 2614 264
4
400
431
4
5
Wayland 011 & Gas
Apr
Jan
Jan
Mar
June
Jan
Apr
Apr
July
Apr
July
Mar
June
Mar
Mar
Mar
Jan
Jan
July
42
129
100
11634
11534
26%
1811
64
7131
23%
68
1631
55
26
84
78
BondsBait Elec stamped 55_1947
Bait Sparrows P&C 448'53 97
Bait Traction 1st 55_ _1929 101
Chicago City Ry 58_ _1927
1939
Cleve Elec Ill 58
Consol Gas general 45413'54 93
Consol Coal refund 5s 1950
1923
Convertible 65
10531
Cosden Oil & Gas 65
Elkhorn Coal Corp 6s 1925 •974
1918
Elkhorn Fuel 5s
Fairmont Coal 5s_ _1931
Georgia & Ala cons 55_1945
Ga Sou & Florida 58.. _1945
Jersey Cent Tr 5s_ _1954
Lexington (Ky) St 5.5_1949 90
Md Electric Ry 1st 58 1931
Merch & Miners Trans 58_
Milwau EIRy&Lt 4315 '31
NO Mobile & C 1st 55 1960 50%
Nonf & Ports Trac 58_1938 86
1949 96
Nonf Ry & Lt 5s
1942
No Bait Trac 55
Pennsy W & P 5s....1940 91
United Ry & E 4s_ _ _1949
1949 6134
Income 4s
1936
Funding 5s
1936
small
do
1921 9931
Notes 55
1935
Wil & Weldon 5s_
Jan
Jan
July
Apr
July
May
July
Apr
July
June
Jan
June
July
July
July
Mar
Jan
Jan
Jan
Apr
Jan
Feb
Feb
Jan
July
June
Jan
May
Feb
Jan.
100
9831
1044
102
102
9411
93
105
120
9831
9931 99% $3,000
10,000
98
97
3,000
104 104
1,000
102 102
5,000
102 102
2,000
93
93
9131 9134 5,000
10354 10334 2,000
105 10931 171.000
9731 9734 14,000
1,000
100 100
9634 9631 7,000
10251 1024 1,000
1,000
101 101
3,000
90
90
1,000
90
90
98% 9834 1,000
1,000
10351 10334
9231 924 6,000
5054 504 12,000
2,000
86
86
1,000
96
96
10634 10814 1,000
91
9154 13,000
8211 8231 5,000
6114 13,000
81
8651 2,000
86
1,400
864 86%
9911 9934 1,000
1074 1074 2,000
9934
954
104
98%
102
92%
91
103
105
964
100
9331
10234
101
90
90
984
101
9034
49
8151
95
10(5
90
82
604
84%
834
99
10834
Feb
June
June
June
July
June
June
June
Jan
Jan
Jan
Jan
May
Jan
June
July
1694 Feb
29
Feb
9% Feb
Feb
Mar
May
July
July
Jan
Jan
Jan
June
Jan
wog Feb
0994 May
Apr
104
103
Jan
July
90
Mar
90
Mar
99
10351 June
Apr
94
52%, Jan
July
86
9651 Mar
10855 Mar
92% Apr
85
Jan
64 May
8731 Feb
8751 Feb
99% Feb
1074 July
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
July 22 to July 28, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Stocks-
Sales
Friday
Last Week's Range for
Week
of Prices'
Sale
Price. Low. High. Shares.
American Gas of N J__100
American Railways_ _50
100 9831
Preferred
Baldwin Locom, pref._100 105
Buff & Susq Corp v 10.100
100
Preferred y t c
50
Cambria Iron
Elec Storage Battery..1006534
100
General Asphalt
100
Preferred
Hunt & Broad Top, pl. 50
Insurance Co of NA...10
Lake Superior Corp_ _ _100 1034
50 7534
Lehigh Navigation
50 7751
Lehigh Valley
50 2131
Lehigh Val Transit
50 424
Preferred
50
Minehill & S H
50
Northern Central
50
North Pennsylvania_
501 98
Pennsyl Salt Mfg
50 584
Pennsylvania
Philadelphia Co (Pitta).50
Pref (cumulative 6%)50
Philadelphia Elec._ _ _224 2854
50
Phifa Rap Transit
Voting trust recta- _50 1931
Philadelphia Traction_ _50 784
Reading
50 95
Tono-Belmont Devel__ _ _1
43-i
1
Tonopah Mining
534
50 44
Union Traction
100
United Cos of N J
50 8731
United Gas Impt
U S Steel Corporation_100 884
Warwick Iron & Steel_..10
100
Welsbach Co
West Jer & Sea Shore- _50 4934
Wm Cramp St Sons-- _ _100 74
50
York Railways
50 3631
Preferred
73
120 12031
16
33
33
267
9811 984
60
105 105
4851
48
79
100
54
54
28
45
45
700
6551
63
25
324 3211
20
6931 694
7
9
9
289
2531 2551
1,710
1051 11
191
75
754
190
7731 78%
10
214 21%
170
424 424
134
57% 5834
35
86% 8614
15
9231 93
28
98%
98
56% 5734 3,019
41
41%
626
3931 40
117
284 284 2,539
1934 1951
10
1951 201,g 4,037
77% 78%
62
290
z9354 974
4%
1,218
4
257
5% 5 15-16
1,274
4331 444
6
223 22354
280
8734 88
8531 874 18,078
165
931 934
80
42
41
198
4954 4931
74
185
72
50
15
15
10
3651 36%
Bonds0634 0674
Allegheny Val gen 45_1942
9334 9374
Am Gas & El 55,small 2007
104 1044
Baldwin Locom 1st 58 1940
107 107
Ed El st tr ctfs 55 small '46
79% 80
Elec & Peoples tr ctfs 45'45
82
82
1945
small
do
97% 98
Keystone Telep 1st 55 1935
9851 985,4
1935
Registered
34% 3431
Lake Superior Corp Se 1924
Lehigh Valley2003 904 9031 9031
Gen consol 4s
_ -2003 99% 99% 100
Gen consol
1044 104%
1st 55 1933
431s.Lehigh Val Coal
Pennsylvania RR1965 10154 10111 191%
General 431s
10451 10434
1980
Consol 4315
107 107
Pa dr Md Steel con 65_1925 107
-Philadelphia Co
8834 8834
Cons & coll tr 55...1951
Range since Jan. 1.
Low.
July
119
2834 Jan
034 Feb
105 June
Jan
38
July
54
Jan
44
58% Apr
32 May
6934 May
July
9
Jan
25
834 Jan
74
May
74/1 Jan
18
Jan
Jan
38
Feb
56
July
86
9234 Mar
July
97
55% May
38% July
3914 July
Mar
27
17 May
17 May
75 May
7534 Jan
Mar
4
5% Mar
4134 Jan
22234 July
8734 May
7934 Mar
931 June
41
July
49
May
Mar
70
8% Feb
34% Jan
$3,000 96%
1,100 89%
6,000 104
100 105
3,000 7931
300 76
12,000 96
4,000 98%
1,000 2034
High.
123
Feb
36
Apr
100
Mar
10951 Mar
55 June
6231 Jan
Feb
47
66% Feb
Mar
38
73% Mar
Mar
12
Jan
27
1214 Feb
7931 Jan
85 May
2314 Mar
4454 Mar
58% June
Jan
90
9434 Jan
10231 Feb
59% Jan
45% Jan
Apr
45
2934 June
Jan
21
214 Jan
79% Jan
11031 May
5 7-18 May
Jan
7
4531 May
2274 June
9231 Jan
88% Jan
1154 June
45
Feb
Jan
51
Jan
87
164 June
Mar
39
Jan 97
Jan 93%
May 108
May 107
May 8134
Apr 83
Jan 100
July 9831
Jan 39
Jan
Mar
Mar
July
Feb
Jan
Feb
July
June
11,1300 9031 July 94
Feb
41,000 99% July 10334 Feb
Jan
1,000 104% July 106
Feb
28,000 100% Jan 103
1,000 104% July 10834 Feb
Jan 107
Mar
18,000 104
1,000/
87% July
94
Feb
JULY 29 1916.]
Bonds-
THE CHRONICLE
Friday'
Sales
Last Week's Range for
Sale.
of Prices
Week
Price Low. High. Shares.
Range since Jan. 1.
Low.
Phila Mee tr ctfs 5s_ _1948 10434 104% 104% 8,000 103%
do
small
1948
104 104
200 103
Trust ctfs 4s
1950
84% 84% 21,000 81%
do
small
1950 8434 84
85
2,100 82
Phila & Reading Terml- I
Registered 5s
1941
111% 111%
1,000 111
Reading gen 4s
1997 9534 95% 95% 19,000 93%
Spanish Am Iron 6s 1927 10134 101% 101% 4,000 101%
Standard G & E 68-1926
100% 100% 3,000 98%
Small bonds
100% 100%
500 994
United Rys gold tr ctf 4s'49
73
73
2,000 73
United Rys Invest 5s_1926
69
6936 6,000 6834
West NY & Pa, lat 5s-1937
10454 104% 1,000 104%
High.
Jan 105
Jan 105
May 85
May 85
Jan
June
July
July
Jan
May
May
Jan
Jan
July
June
May
July
Jan
Feb
May
Apr
Jan
Apr
June
11134
9634
102%
10234
102%
75%
74
109
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHA
NGE
DAILY, WEEKLY AND YEARLY.
Week ending
July 28 1916.
Stocks.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Par Value.
166,960 $14,514,500
408,716 37,042,850
295,212 25,754,700
457,218 41,130,800
244,760 22,113,750
227,238 20,498,200
Railroad,
&c.,
Bonds.
$669,000
1,635,500
1,629,000
1,983,000
2,021,000
2,587,000
State, Mun.
& Foreign
U. S.
Bonds.
Bonds.
$420,500'
1,037,500
1,059,500
2,831,500
2,318,000
1,556,500
397
Friday
Sales
Last Week's Range for
Sale.
of Prices
Stocks-(Continued)Par. Price Low. High. Week
Shares.
Triangle Film v t c
2%
5
United Motors_r__(no par) 67%
United Profit Sharlag_ _..1 13-16
U S Light & Heat_r_ -10
Preferred r
10
U S Steamship
10
6
United Zinc Smelt (no par)
654
Utah Metal
Wab-Pitts Term Ry_r wl_
19
White Motor
50 53%
World Film v t c
5
Zinc Concentrating.r...10
454
Former Standard 011
Subsidiaries
Anglo-American Oil_
£1
Illinois Pipe Line
100
Ohio 011
25
Prairie Oil& Gas
100
Prairie Pipe Line
100
Southern Pipe Line_ _100
Standard Oil (Cairn_ _ _100
Standard 011(Indiana) 100
Standard 011 of N J..- _100
Vacuum 011
100
170
228
372
223
2%
66%
54
2%
5
5%
5%
634
19
52%
54
354
2%
100
70
18,000
15-16 4,500
2%
800
5
100
6% 4,200
7
1,850
7% 10,550
19
100
54% 5,000
% 2,300
4% 8,100
15% 15%
170 171
228 230
360 372
222 223
194 194
269 270
570 600
522 522
270 270
Range since Jan. 1.
Low.
2
62
34
254
3%
4
5%
6%
17%
46%
%
3%
300 z1434
36 155
109 189
43 360
160 205
21 190
75 z234
391 487
25 495
25 216
June
May
May
July
Jan
Apr
July
July
Feb
Jan
July
Apr
July
June
Jan
July
Apr
July
Apr
Jan
Apr
Feb
High.
6% Jan
94 June
2 1-16 Jan
4% Jan
6% June
734 June
8% June
734 July
21
May
60 June
3
Jan
654 Apr
18
190
260
439
236
226
384
600
548
273
Jan
Feb
Feb
Jan
Feb
Jan
Jan
July
Jan
July
Other 011 Stocks
Alberta Petrol _ r (prose'ct) 5Sc
570 58c
6,300 50c June 58c July
American 011 dr Gas
_1
7-16
34 3,110
34 July
154 Mar
Barnett Oil & Gas_r
234
254
2%
2,625
2% Jan
$500 Cosden & Co_r
454 May
5 15% 15% 17
6,700 14% Jan 27 June
Cosden 011 & Gas_r
5 13% 1354 15% 13,100
634 Apr 18% June
Preferred _r
5
Total
554
1,800,104 $161,054,800 $10,524,500 $9,223,500,
5
5% 7,100
3% July
$500 Federal 011..r
654 Feb
5
34 11-16 3,300
94
34 Feb
1% Mar
Houston Oil com_r.
_ _.100 13
13
13
100 13
July 23
Sales at
Jan
Week ending July 28.
Internet Petroleum.r...£1
Jan. 1 to July 28.
10%
1034
200
9%
June 13% Jan
New York Stock
Kenova 011
1
7-16
34
1,6 17,300
36 July 93c June
Exchange.
Keystone
1916.
Oil
N
of
1915.
Y__
..1
1916.
1915.
75c
73c 75c
1,300 73c July 76c July
Midwest Oil com_r
1 440
440 48c
6,000 400 Apr 85o Feb
Stocks-No.shares.._
Preferred_ r
1,800,104
91,743,072
5,400,382
76,046,700
1 83c
83c 83c
80d 750 Apr 1 1-16 Mar
Par value
$161,054,800 $487,562,725 $7,987,161,840 $6,513,919,145 Muskogee Refining_r_ _1 3 5-16
334 3% 22,500
154 Feb
9-16 June
Bank shares, par
$8,300
$163,500
$400
$231,700 N Y-Oklahoma 011.r.. _..1 1 1-16 88c 1 1-16 30,200 700 June 398o
Bonds.
July
Oklahoma 011 com _ r_ ..1
100
9%c 12c 42,500
7e
Mar
Government bonds_ _ _
210
June
Oklahom
$616,450
a Prod & Refg-5
$1,500
$500
$583,000
6%
6% 754 11,200
554 Mar
State,mun.,&c.,bonds.
8% June
9,223,500
148,810,000
400,000
13,439,500 Omar 011 & Gas
1
61c
54c
61c 41,400 540 July 61c July
RR.and misc. bonds
10,524,500 15,671,000
449,868,500
436,742,700 Pan-Amer Pet & Trans r 50
49
49
100 46
May 50 June
Preferred _r
100 85% 8s
86
4,300 80
July 102
Total bonds
May
$19,748,500 $16,072,500
$599,294,950
$450,765,200 Sapulpa Refining_ r
5 11
14,34 11% 2,150
8% Jan 16% Feb
Savoy Oil
5
10% 11
700
9% Mar 14% May
Sinclair Oil & Ref_r(no par) 4134 41
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
44
4,200 40% July 50
Tex Mex Petroleum _ r_ _ 1 80c
BALTIMORE EXCHANGES.
72c 80c 43,400 690 July 800 May
United Western 011.r _ _ _1
July
154
154 15-16 32,500 54c Mar
234 June
Ventura Cons'd 011_ r_ _5
8
Philadelphia.
854
Boston.
75
Baltimore.
8
July
13%
Jan
Victoria
011_r
1 1 1-16
Week ending
1
151 13,400
1
Mar
2% Jan
Wayland Oil & Gas corn- _5
4
4
July 28 1916.
Shares. Bond Sales. Shares. i Bond Sales. Shares. Bond Sales.
454 4,500
4% July
9% Feb
Mining Stocks
Adana° Silver Mines
1 9-16
Saturday
5,438
$1,000
12,587
136
154 22,000 550 Apr 116-16 July
$3,000
2,502
$17,000 Alaska-Brit Col Metals r_l 58c
Monday
12,000
25,122
13,224
57c 58c
2,000 55c Apr 1.02
18,700
5,055
May
48,000
Alaska
Westover Copp_r _1
Tuesday
%
8,000
15,153
% 10,200
5,756
66,500
34 July 70e July
4,760
44,000
Arizona
Copperfields_r Wednesday
29,000
15,026
%
6,288
% 52,800 35c July
54
33,400
6,396
54 July
75,900 Atlanta Mines_ r
Thursday
1
Ile
10,589
21,000
10e
3,340
11c
21,200
55,800
934eJune 2354c Jan
13,768
54,100 Big Ledge Copper Co__.5
Friday
12,985
254
9,000
2
5,411
254 16,200 1 7-16 Feb
23,500
254 July
888
56,000 Bingham Mines
10 10% 10
10%
700 10
July 1534 May
Booth
_r
Total
140
91,462
1
$80,000
140
39,457 $200,900
15c
2,200 140 July 44c
Jan
33,369 $294,000 Boston & Montana Dev--5
% 1
54
17.700 50c Mar
234 June
Butte Copper & Zinc v t CS
4%
434 5
2,200
454 June 1234 Mar
Butte & N Y Copper_
1
134
1%
134
600
15,6 June
434 Mar
New York "Curb" Market.-Below we give a record of Calaveras Copper-r
5
5
454 554 2,650
2% Jan
5% June
Caledonia Mining
1 67c
the transactions in the outside security marketfrom July 22 Canada
67e 71c 15,400 64e June 1 5-32'Apr
Copper
5
134
134 2,300 1 3-16 Mar
to July 28, both inclusive. It covers all the sales for the Cash Boy
254 May
1
5o
434o Sc
7,500 334e Feb
9340May
Cerro de Pasco Cop(no Dar) 34% 34% 35
week ending Friday afternoon.
510 3254 July 42% Feb
Comstock Tunnel_ r
2
8c
8c
2,200
7c Apr 17c
Jan
Consol Ariz Smelt
5 1 5-16
Friday
154 13-4 8,300
Sales
1% July
2
Jan
Consol Copper Mines_ _5
Week ending July 28.
Last Week's Range for
Range since Jan. 1.
234 254 1,500
134 Feb
3% May
Consolid
ated-Hom
estead_r
7-16
Sale
of Prices
Week
% 7-16 8,100
34
July
7-16
July
Consol
Nevada-Utah- -3
StocksPar. Price. Low. High. Shares.
9-32 5-16 3,300
Low.
High,
54 Jan
% Mar
Crystal Copper
1
15-16 1 1-16 1,200
54 July
154 July
Double Header Silver_r_l
Aeolian Weber Plano &
54
%
11,650
July
34
% July
Dundee Arizona Cop-d- _1
Pianola _r
100
22
22
1% 1 7-16 154 5,420
200 12
Apr 34
Jan
154 June
254 May
Eagle Blue Bell_r
Aetna Explos.r..-(no par)
8%
7
9% 38,700
1
2
834 July 25
1% 2
1,000
1% Apr 2 13-16 Mar
Feb Emma Copper_ r
American Internet Corp,
1 48e
43c 50c 55.000 1734c Jan 70e Mar
$40 paid
100 137% 137% 137%
50 v1254 Jan 1374 July First National Copper 5
4.
4
434
1,700
July
3
8% Jan
Florence Silver_r
Amer Writ Paper com r 100
3% 4
7,500
2
75c
710 75c 13,300 700 July 75c July
Mar
4
July Goldfield Cons'd
Butler ChemIcal_r
4
4
5
4% 1,550
0 87c
2% Mar
850 880 14,700 760 Apr 1 3-16 Jan
754 Apr Goldfield Merger-Mines_1
Canadian Natural Gas__ -1
1
1% 2,500
r
154
1
1
July
854c
9,3
10,000
80 June 210
254 Jan Gold Hill Mining
Jan
Car Ltg & Power_ r-_25
4
3% 4% 4,050
5 19e
334 July
160 200 18,000 13o Apr 300
7% Apr Green Monster
Jan
Charcoal Iron of Am__-_10
634
6% 6%
Mining_.1
800
6
1%
July
8% May Hecla Mining
134 134 13,500
134 July
1% July
Preferred
634
6% 6%
10
100
25c
5
1-16
5% June
534
554 14,275
654 June Hemple
3% Jan *554 June
Chevrolet Motor
Copper-r
100 210
206 223
11,730 115
1
1 1 1-16 4,200
Jan 278 June Howe
54 July
134 July
Sound
Driggs-Seabury Ord ..100 99
98% 104
1
609 95
434 454 1,100
July 155
4% June
Jan Inspiration Needles
8
Jan
Edmunds& Jones r(no par)
Cop
ri
1
800
38
38
100 37
59c 800 48,671, Sue July 80c July
Apr 49% June
Internal
Emerson Motors Inc_r_ _10
Mines_r
1 150
3% June
15c 15c
334 454 3,600
43
4% June
2,000 10o Mar 310 Apr
Blossom _r
Emerson Phonograph_ _ -5 11
100 1 11-16
11
11% 2,110
134 194 2,000
834 July 1434 Jan Iron
1
Jan
234 Apr
Jerome Verde
Essex Motors_ r
76
75
77
134 1 7-16 I% 42,000
500 68
July 77
1% July
July Jerome Victor Copper_i- _1
234 May
Flemish-Lynn Phonog r_ _5
2%
2% 334 5,900
1%
254 July
1,380
154 154
7% June Jim Butier_r Ext_r_4___1
I% June
2 June
Gaston, Williams & Wig1 88e
85c 88c
3.800 81c July 1 3-16 Jan
Jumbo Extension
more, Ine_r____(no par)
1 770
41
44
2,100 37% July
750 78c
9,800 70c Mar
Apr Kewanus r
lu May
Grant Motor Car Corp_10 10
9
iog 2,800 7 Apr w70%
12e
110 1154c 16.400 8t4o July 220
14
June
Jan
Hartman Corporation_100 73
72
7354 1,000 6834 July ID7654 Jan Louisiana Consolidated 100 18e
15c 18c 27,600 12c May 180 May
Magma
Copper
Haskell & BarkCar(no par)
33% 34
5
300 33% July 54% jail
1334 133-4 2,700 13
July 1934 May
macksi
m
Hendee Mfg com_r_ _ _ _100 3234 30
gh-say..
33
1
1,700 23 June 33
140
130 14c
9,700
130
July
June
410 Mar
hnimej-Darragh
Holly Sugar Corp_(no par) 48
47 .48
150 41
Apr 55 June
158c
55e 59c
5,700 38cr Mar 720 May
Mojave Tungsten_r
Preferred
100
9534 96
74 9354 June 96
2
334
331 434 1,900
Apr
3% Mar
8
May
Hupp Motor Car Corp r 10
634
634 7
1,700
6% July II% June Monitor Sil L&ZM&M1
1%
154
7,195
134
%
Apr
2% May
Intercontinental Rubb_100
1234 1254
100 10 June 16% Jan Montana Cola Mines.r _ _1 790
750 860
0,200 64c June 86c July
Mother
Internat Motor, corn r_100
Lotle_r
7% 734
130
734 July 25
300 33340 109.000 20c
Jan Mutual Min & Leas pf r__1 31c
Jan 43c Apr
Joplin Ore & Spotter r_..5
2%
2% 3
8,720
236 June
1% 154
200
5% June Newray Mines,
154 July
July
2
Kapo Manufacturing- -5
6
634 3,925
434 May
40c 440 36,100 34c June 440 July
634 June N Y & HondurasLtd_ r - -1 440
Kathodlon Bronze pref. _5 22
22
23
Rosario10 15% 1554 1554 3,475 15%
350 1434 Feb 33
Jan
July 17% June
Kelsey Wheel, corn r w 100
58 *63% 2,850 58
July *6334 July Nipissing Mines
5
6%
6%
7
1,000
654 Feb
8% May
Oatman Arizona Cen t_r _1 20e
Preferred r w
100 101% 3,450 100
100
July 10154
15e 25c
7,500 15e July 4Ic Apr
Kresge (S 5) Co com_r_10
Oatman Big Jim
10% 1034
200 10 June w1634 July
81,3 90c
2,200 700 July 2 3-16Apr
Jan Oatman Lexington_l- 10c
Kress(S H)& Co,_pref_ _ _ _ 101
101 10136
200 101
1
July 105
62c
650
3,000
50e May 680 Apr
May
Lake Torpedo Boat r--10
6% July 13% Jan Oatman Southern
100
736
734 854 1,300
29c 31c
2,200 26c July 50c Apr
Lynn Phonograph r
1
600
3% 6%
336
2% Mar 12% May Oro r
1
40 434c 1,250
40 Mar
6c
Jan
Manhattan Transit----20
Peterson Lake
1%
1
1
1% 154 2,700
June
24e
24e
1,000 23c Mar 39c
234 Jan Pitts!, Jerome
Jan
Marconi Wirel Tel of Am..5
403
Apr
334 3%
850
154
434
125,00
Jan
85c
July
1% July
Maxim Munitions_ r___ _10
Rex Consolidated r
5
434 554 3,400
4
1
210
Mar 13
19540
23c
12u,000
12540July 390 May
Jan
Midvale Steel & Ord _r _ _50 61% 61
64% 17,400 57
1
Apr 77% Jan Rochester Mines Co
560 58c
8,500 55o Jan
78c May
Missouri Pacific w.
23
22
2334
80J 22
1
July 23% July Round Mountain_r
460 480
300 464 July 78c May
Preferred w. I
4934 5034
340 49% July 50% July San Toy
1
150
14o 150
6,800
14c June 26c
Jan
MitchellMot. r_w (no par)
Seven Troughs Coalition_l
66
66
100 66
July 68
230 24e
600 230 July 600 Feb
July Silver Pick Cons'd _r___1
Peerless Truck & Motor_50 2234 2251 24% 1,754 2034 May 32
12o
11340 120
Jan Standard
6.400
30 Feb 140 Apr
Poole Eng & Mach r_ _ _100
Silver-Lead.......1 1 3-16 1 1-16 1 3-16 8,200
95
99
170 90
Feb 150
jail
1
July
2
Jan
Princess MotorCar Corp rl
Success.r
1
154 2,430
1 560
1
550 610 26,200 56n• July 964 Feb
July
1 34 July Temiska
Pullman VentilatorCorp r5
2% 234 2,045
2%
1
2% June
550 55c
500 51c Mar 810 May
234 July Tonopahming r
Preferred r
Belmont_
r
5% 5% 1,125
534
1
5
54 July
434
434
4%
200
% July Tonopah
4 June
5% May
Riker dr hog (Corp for) 5
Extension
4% 4%
434
710
434 Mar
1
5% 153.4 5 13-16 2,300 3 15-16 Jan
634 Feb
7% May
St Joseph Lead.r
10 14% 14% 15% 2,200 14
July 17% Mar Tonopah Mining
5% 5%
360
534 July
7% May
Saxon Motor Car_r_ _ -100
75%
74
400 60
5
Apr 87 June Tr -Bullion S & D
54
100 5-16 June
54
54
1
Apr
Scripps-BoothCorp(no par) 52
Tungsten Co of Amer__ _5
51 *54
650 51
July 54
354 354 1,222
33-4
334 July
July United Eastern
3% July
Sig-Comm Mot Tr r (t)..
5% 6% 5,600
1
5% July
334 33-4 3,695
6% July U S Continen
334 July
4%
May
Springfield Body Corp.100 77
tal_r
76
78
1
90
375 51
80
90 27,500
Apr 82 June United
70 July 18c Mar
Sterling Gum
Verde Exten_r-50e 28
5
800
%
% July
2754 2854 2,000
6% Jan 3554 June
2% Jan
Stromberg Carburetor_ r(t) 42
42
4434 10,700 42
5
3%
334 39-4 3,350
July 4434 July Unity Gold Mines
131 Apr
334 July
StutzMotorofAm.r(no par) 6434 62
6434 12,105 5334 June 65 June West End Consolidated-1 81c
80e 89c
8,000 68c Mar
14 June
Submarine Boat..(no par) 33
33
1
35
3,000 3134 July 4334 Jan Wettlaufer Silver
14c 190 15.000 Ile July 23c
June
Tobacco Prod corn_ r_ _100 43% 43
45
4,250 29% Jan 51% Mar White Oaks Mines Cons r 5
654 73.4 10,800
6%
5
Feb 16% May
Todd Shipyards_r-(no:par) 75
Yukon-Alas
Tr
ka
r(no
par)
74
75
42
120 73% July 75
4254
815 39
July Yuscaran Consol_r
Feb 45
Feb
1 1 3-16 1 3-16 1 3-16 1,900 94
July
194 May
Bonds-(Concluded)
Sales
Friday
Last Week's Range for
Week
or Prices
Sale
Price. Low. Hign. Shares.
Low.
High.
9
I
Jan 125 June
10934'195,000 103
June
9734 880,000 9434 July 103% Feb
July 100
95 I 5,000 94
June
100%
July
100
106,000
10034
98341 5,000 9834 July 99% May
Mar
100
June
9934
10,000
9934
I Listed on the Stock Ex* Odd lots. t No par value. i Listed as a prospect.
will be found. r Unlisted. s Exchange this week, where additional transactions
paid. v 10% paid. tv When issued.
100% stock dividend. I 840 paid. u 20%
a Ex-dividend. y Ex-rights. z Ex-stock dividend.
CURRENT NOTICE.
All bond prices are "and Interest" except where marked "1."
Standard 011 Stocks Pe ?nary
4s3
Par
1512
Anglo-Amer Oil new..... £1 •15
700
695
100
Refining
Atlantic
100 340 350
Borne-Sorymeer Co
Buckeye Pipe Line Co- .50 *93 95
Cheeebrough Mfg new...100 350 360
100 65 75
Colonial 011_
100 320 325
Continental 011
Crescent Pipe Line Co..._50 *41 43
95
Cumberland Pipe Line..100 90 210
Eureka Pipe Line Co__ ...100 205
Galena-Signal Oil corn.. 100 160 162
100 135 110
Preferred.
100 168 111
Illinois Pipe Line.
93
Indiana Pipe Line Co....50 *91
1012
£1 *10
Intermit Petroleum...
National Transit Co__ 12.50 *1312 1412
100 190 200
New York Transit Co
Northern Pipe Line Co-100 95 100
26 *228 230
Ohio 011 Co
*56 59
Psno-Mez Fuel Co.
26 *12 1212
Pierce 011 Corp
100 368 371
Prairie 011 & Gas
100 221 223
Prairie Pipe Line
100 280 290
Solar Refining
Southern Pipe Line Co..100 103 197
100 340 345
South Penn 011
Southwest Pa Pipe Linee_100 108 112
Standard Oil (California) 100 268 271
Standard 011 (Indiana)-100 585 95
Standard 011 (Kansas) 100 445 455
Standard 011(Kentucky) 100 430 40
Standard 011 (Nebraska) 100 380 90
Standard 011 of New Jer_100 519 521
Standard 01101 New Y'rk100 201 06
Standard 011 (Ohio)...AOC 4380 390
100 97 102
Swan & Finch
Union Tank Line Co_ _100 81 83
100 270 273
Vacuum 011
10 *30 40
Washington 011
of Securities, issued by
-The July 1916 number of the Hand-Book
Chronicle," is now
the publishers of the "Commercial and Financial
of prices for the year ended
ready. The book contains a monthly range
Exchanges in New.York,
July 1 of stocks and bonds sold at the Stock
a yearly range of prices
Boston, Chicago and Pittsburgh. There is also
Stock Exchagne for the past
for bonds and stocks sold on the New York
334 years of Boston and Philadelphia
634 years and a yearly range for
tables with details of
prices. In addition the book contains elaborate
fixed charges of the respective
securities, together wittt the earnings and
practicable the surplus available
companies, and showing as nearly as
is a table of dividend payments
to meet charges and dividends. There
pages. Price one dollar, or to
200
for 934 years. The book contains
Copies may also
"Chronicle" subscribers 75 cents, including postage.
St., Chicago, or from
be had at the "Chronicle" office, 39 So La Salle
Edwards & Smith, 1 Drapers Gardens, London.
safety and market-Banks, estates, individuals and others desiring
tive bonds advertised
ability, are invited to consider the list of conserva
& Co., membors of the New
in the "Chronicle" to-day by Remick, Hodges
and their correspondents,
York Stock Exchange, 14 Wall Street, this city,
l bonds will net the investor
R. L. Day & Co., Boston. The municipa
to
4.20
4.90%. Many of these
3.90 to 4.25% and the railroad bonds
nts in New York. Ask
issues are legal savings bank and trustee investme
other securities of like
for circular "C.0.-86," listing these and many
grade.
Ladd & Co., 43
Tilney,
nt,
investme
-At 8634, to yield 5.45% on the
00 Southern Pacific Co.
Exchange Place, this city, are offering $1,000,0
The bankers state that
convertible 4% gold bonds, duo June 1 1929.Pacific Co., which reports
these bonds are direct obligation of Southern
year ended June 30 1916. See
the largest gross earnings in its history for
e features of this
the advertisement on another page for other attractiv
security.
been appointed
have
s
Chamber
D.
James
and
-Burton K. Blanchet
Stacy & Braun (Cincinnati,
associate managers of the Cincinnati office ofassociate
d with the firm for a
been
has
Blanchet
Mr.
York).
New
Toledo,
manager of the bond
long period of years and Mr. Chambers was formerly and more recently
department of the Union Savings Bank & Trust Co.,
Mayer.
&
od
Seasongo
Messrs.
connected with
St., this city, St. Louis,
-William R. Compton Company, 14 Wall columns
to-day a selected
Cincinnati and Chicago, are advertising in our income tax, yielding 3.90
Federal
list of municipal bonds, exempt from
of municipal offerings and
to 5.25%. Write for the firm's completellist
ve booklet on municipa bonds, entitled "The Premier
.
also their instructi
Investment.'
Co.(dealers in municipal
-B.H.Princell, formerly with J. C. Mayer & /4
Co., Chicago, Ill. and
bonds), has become associated with Counselman l, public utility, railway,
municipa
of
list
ed
diversifi
a
handle
hereafter
will
stocks.
preferred
and
bonds
corporation and industrial
& Co., Inc., New York,
-The publicity department of W. S. Barstow for the past year, under
N.Y., which has been located in Sandusky, Ohio,
moved to 50 Pine Street,
the management of Mr. E. Burt Fenton, has been
New York.
dealers in municipal
-J. C. Mayer & Co. of Cincinnati and Chicago,Rookery,is now under
bonds, announce that their Chicago office, 1118 Theof Cincinnati.
the managership of Mr. J. M. Howard, formerly
Bid
Banks.
ilanhattan • 300
Mark & Full 230
Mech & Mel 268
185
Merchants'
Metropolis*. 285
Metropen • 175
325
Mutual
New Neth._ 215
fiE New York Co 338.New York..
110
275
Pacific•_
635
450
Park
230
People's* . 220
125
,
Prod Exch.
402
i(TIS
Public *182
415
435 Seaboard
395
Second
195
Sherman _ 125
115
iiS" State •
236 Ward*. 100
1'172
Union Exch. 138
327
Unit Stated* 500
Wash 11'te _ 225
1E6 Westch Av• 160
West Side'. 400
4800
York vlile•_ _ 975
275
Brooklyn
1030
Coney Iard* 130
200
t260
First
140
Flatbush _ _ 150
400
155
Greenpoint
450
- Hillside •__ _ 100
Homestead •
303
Mechanics'_ 130
650
55
Montauk._
200
5-01 Nassau
Nation'iCity 270
192
North Side_ 170
130
ido People's
Ask
'Banks marked w tk a (*) are State banks
ehinge this week. I New stock. y Ezaighta.
New York City Realty and Surety Companies
Ask
814
80
Alliance R'tY 70
185
Amer Surety 150
275
268
Bond & M
Casualty Co
City Invest'g Ti- 21
e() 68
Preferred._
Bid
LawyersMtg 180
110
mtg Bond
Nat Surety_ 287
N 1r Title &
Mtge....
Tobacco Stocks-Per Ma re.
Par Btd. Ask.
American Cigar common100, 122 126
100, 98 100
Preferred
Amer Machine & Fdry_ _100 78 83
British-Amer Tobao on!..El *18 19
£1 •1712 1834
Ordinary, bearer
100 300 360
Conley Foil
Johnson Tin Foil & Met_100 100 150
MacAndreive & Forbes_ _100 170 175
100 99 101
Preferred
Porto Rican-Amer Tob_ _100 233 243
Reynolds(R J) Tobacco..100 500 510
100 120 125
Preferred
Tobacco Products corn..100 4314 4412
100 150 160
Co
5)
Young (J
100 105 110
Preferred
Short Term Notes. Per Cent,
Am Cot 011 5s 1917._ _NUN 10514 10C%
Amer Locom Is,July '17-J-J 10014 10058
9978 100'8
Am T & T 434e 1918_
Anaconda Copper 6e '17 lif-S 10014 10058
10134
10112
2
(is
Pao
1924-M&S
Canadian
Chic Elev Ry 5.1016_ __J-J 90 94
Chic & West Ind 59'17...M&S 9938' 9958
Erie RR 534s 1917 --A-0 1(1004 10118
General Rubber rei 1918 J&D 100 10014
Hocking Valley be 1017-M-N 10014,10058
101141101%
Int Harv 5s Feb 15 '18_F-A 10018
10012
J&J
K C Rys 555s 1918
Morgan& Wright 5s Dee.1,'18 9938; 9958
9934
9912'
1917_14-N
New Eng Nay Os
9958 9978
N Y N & IT 41.411 May 1917
Penn Co'434s 1921._ J&D15 10012'1007g
8
Pub Ser Corp N J 15s'19 M&S 097811005
9612
Rem Ams'U.M.C.68'19 F& A 9578;
2
10014;1001
S2
1917__Mfis
Southern Ry
United Fruit 5e 1918_ M-N 10038'1(058
95 9512
M
1'22
6/
rCorp
UtabSecu
Bonds.
9814 98%
-S152
Winches RepArms5s'18M&S
80 8
, "ni.
;
Pierce,011 Corp eon (18-111X
New York City Notes10018
10014
1010
Sept
tie
10218 10214
Os Sept 1 1917
Ordnance Stocks-Per Share,
Canadian Govt. Notes- 100
110014
F&A
64 5e Aug 1 1916
Aetna Explosives pref. _100
l'AsA 10034 101
5 12 5s Aug 1 1917
Amer & British M fg_ _100 40
60
100
Preferred
Atlas Powder common-100 152 158
100 98 101
Preferred
Public UtilitiesBabcock & Wilcox__ _100 123 125
Bliss(E W)Co common__50 *1515 560
50 *14512 147
*75
85
Gas & Elec corn
Am
60
Preferred
/SC *4912 5012
Preferred
Canada Fdys & ForgIngs100 180 195
common- _100 367 369
Canadian Car & Fdry_100 60 70 Am Lt & Trao
100 10912 11112
80
Preferred
88
loo
Preferred
70
Amer Power & Lt corn...10( 68
Canadian Explosives com100 300 350
100 84 8412
Preferred
100 100 110
Preferred
42 47
com10(
Utilities
Public
72
70
Amer
Carbon Steel common...100
10( 74 77
Preferred
loo 83 87
1st preferred
280
Cities Service Co coin_ _10( 275
100 65 69
24 preferred
101 85 86
Preferred
Colt's Patent Fire lama
66
64
L-.100
&
100 800 820 Com'w'ith Pow Ry
Mfg
100 85 87
100
Preferred
Crocker wheeler Co com.100 97
9512 9612
prof...100
Lt
98
&
Pow
100
Dayton
Drigge-Seabury Ord Conn
Elea Bond dc Share pref 100 10013103
duPont(E I) de Nemours
11 13
Federal Light & Traction 100 45
100 246 249
& Co.com
47
100
100
104
Preferred
100
Debenture stock_
91
8912
1946.J&J
be
Great West Pow
100 330 340
Electric Boat
100 85 -- _
Co
Lighting
340
330
Indiana
100
Preferred
F-A 77 70
305
4e 1958
87
Hercules Powder corn_ _100 295
North'n States Pow corn_100 86
100 112 114
Preferred
100 96 97
13
6
Preferred
109
9612
Hopkins & Allen
90
..A&O
1941......
5s
let & ref
100 40 50
Preferred
5834 5934
25 15 16 Pacific Gas & Eleo com_100
International Arms
100 87 90
9
preferred
let
Lake Torpedo Boat corn 10
Ill 38 40
82
By & Light
Midvale Steel& Ordnance 50 *61 163 Republic
100 74 76
Preferred
159
95
Niles-Bement-Pond corn-100
100 105 South Calif Edison com..100 9212108
100
Preferred
100 106
Preferred
100 525 550
Trust Co's.
Ask
Scovill Mfg
100 0712100
pre!
L
&
Pow
Ask
t
34
Bid
Southwes
New York
310
3
Submarine Boat _Sr par.)" 1500
*1484 1014
445
435
Standard Gas& El(Del). 60 •3914 40
Astor
240
Winchester Repeat Arms 1001200
50
455
Preferred
275 Bankers Tr. 450
912 11
100
corn
P
&
L
Ry
150
145
Tennessee
Trust
13'way
190
100 47 49
755
Preferred
300 CentralTrust I 745
RR. Equipments-PerCl.Basis Ask.
15 18
Bid.
575
United Gas & Eleo Corp-100 73 76
180 Columbia.., 565
100
4.40 4.20
1st preferred
Commercial. 110
10
Baltimore & Ohio 484e___
100 16
310
4.60 4.30
24 preferred
290
225 Empire
Buff Roth & Pittsburgh 4541 4.60
com_101. 49 61
Rye
9.30
&
467
Lt
United
461
Tr
Equitable
725
Equipment 4s
74 76
10(
preferred
4.40
4.60
1st
395 Farm L & Tr 1450
Canadian Pacific 434e
18 20
4.80 4.40 Western Power common_101
210
200
Fidelity _
Caro Clinch'& Ohio
100 68 70
4.40 4.15
Preferred
280
460 Fulton
of Georgia 5s
Central
4.70 4 25
ES235 Guaranty Tr 420
Equipment 4%e
5.12 4.50
Hudson ___. 150
198
Chicago & Alton 45
5.80 5.50
13S- Chicago & Eastern III Si
Law Tit & Tr 130
Industrial
5.80 5.50,
117
433 LlneoinTrust 108
Equipment 4SO
and Miscellaneous
4.80 437
430
420 Metropolitan 420
Ohio Ind & Loulsv 434e
4.30
4.60
Mut'l(West135
Chic St L& NO 5s
100 280 282
4.37 4.15 American Brass
126
chester)
125
Chicago & NW 454s
53 55
5.25 4.65 American Chicle corn
135 N Y Life Ins
Chicago R I& Pao 4%a
100 75 78
4.75
Preferred
4.37
1000
& Trust._ 975
145
Colorado & Southern Si_._ 4.65 4.30
170
605
Am Graphophone com_100 104
N Y Trust_ _ 595
170
Erie Ss
164
100
4.65 4.30
Preferred
ritieGu & Tr t371
Equipment 434e
133 136
-100
__
Hardware
4.85
4,30
fiE
American
Traueatla n'e
t 4s,
42
Equipmen
40
corn-1
4.55 4.30 Amer Typefounders
415 Union Trust iiS 395
Hocking Valley 4e
100 94 97
Preferred
4.60 4.35
395
550 USMtg&Tr 385
119
Equipment 5e
116
oom.100
Milk
Cond
4.20,
4.40
Borden's
1020
Uultedatatee 1005
Illinois Central 5e
100 107 110
Preferred
4.40 4.20
140
140 Westchester 130
434s
ill 185 190
4.60 4.30 Celluloid Company
2
1
Kanawha & Michigan 4)45
_100
CoTobacco
Havana
4.37
Brooklyn
165
312
2
Louisville & Nashville 54...... 4.62 4.15
100
Preferred
4.30
165
Minn SIP & 55 M
D 150 54
1922-11
June
68
g
4.75
let
5.80
520
Tr.
_
115 Brooklyn
Missouri Kansas & Texas as
13
1112
II
_I
corn_
Rub
lnen
5.80 4.75 Intercont
ZES Missouri Pacific 5s
9
Franklin _ _ 255
4.75 4.40, Internet Banking Co_ _100 160 163
275
285
140 Hamilton_
Mobile & Ohio Se
ill 36 38
4.75 4.40 International Salt
650
lin
Kings Co... 830
Equipment 434s
A-0 f7512 7712
1st g 5e 1951
4.60 4.301
'207 Manufact're
New York Central Lines Si , 4.60 4.35, International Sliver pref-100 08 100
150
.
145
Citizens.
280
85
Equipment4
4.60 4.40, Lehigh Valley Coal Bales.5 .80
292
185 People's.... 282
N Y Ontario & West 434s
100 55 58
4.40 4.20 Otte Elevator corn
80
70
140 Queens Co__
Norfolk& Western 434s_ _ _ 4.40
100 86 89
4.20,
Preferred
Equipment 4*.
4.38 4.12: Remington Typewriternia RR 434s
ill 1312 1414
tBale at auction or at Stock Ez- Pennsylva
4.38 4.121 Common
Equipment 4s
100 73 76
4.70
let preferred
6.30
St Louie Iron Mt & Sou Si.. 5 80 4.80
100 39 41
2d preferred
St Louts & San Francisco Si
Powd oom_l II 138 143
Baking
4.35
Royal
75
4
5e
Seaboard Air Line
1 II 100 101
Preferred
4.35
4.7&
Equipment 4%s
4.40 4.20
Southern Pacific Co 434e
4.35
65
4
Southern Railway 414s
4.75 4.35
Toledo & Ohio Central 4e
Ask
Bid
Ask
165
Realty Assoc
98
(Brooklyn) 93
114
210
290 U S Casualty 195
60
USTitieG& I 50
Wes & Bronx
pays accrued dividend. eNew sleek
• Per share e BUM, a Purchaser also11Nomlnal
175
. zEx-dividend, as-rights
Title&MG 165
Stock dividend.
100%
Ex
I
I Flat price.
New York City Banks and Trust Companies
525
227
185
170
-
Quotations for Sundry Securities
Riinge since Jan. 1.
Cosden & Co cony 65w l'26 106% 104
Int More Mar cony 6sw I. 94% 9434
9434
Midvale St & Ord 5s r1936
Russian Govt 634s w L... 100% 100
9834
1926
r
6s
&Ref
Oil
Sinclair
9934
Sulzberger & Sons (3s r1041
Bk1
Banks.
New York
America*.-- 515
Amer Exch. 220
180
Atlantic _
Battery Park 155
Bowery *- 390
Bronx Bore 200
Bronx Nat-- 175
BryantPark• 135
Butch & D. 100
625
Chase
Chat & Phen 225
Chesisea Ex' 56E_
Chemical...
CitlzensCen, 177
430
City
185
Coal & Iron
450
Colonial•..
Columbia'. 300
Commerce _ t170
Corn Each. 322
Coemoporn• 100
75
East River
155
Fidelity •_
Fifth Are'._ 4300
250
Fifth..._
985
_
First
Garfield _ _ 185
Germ- A mar• 130
German Es* 375
Germania • 400
Gotham _ _ 200
Greenwich._ 275
Hanover _ _ 840
365
Harriman
Iro p & ['rad 490
185
Irving -775
Liberty ..
325
Lincoln
[vol.. 103.
THE CHRONICLE
398
l
JULY 29 1916.1
THE CHRONICLE
399
butesintent and Sailreatt intelligenct.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returnoan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or !Current
Month.
Year.
Previous
Year.
July 1 to Latest Date.
ROADS.
Current
Year.
Previous
Year.
N 0 & Tex PaeX
N 0 & Nor East_ June
319.091 296,948 3,865,203 3,564,721
Ala & Vicksburg_ Juno
135.825 125,261 1,713.924 1,523,354
Vicks Shrov & P.. June
127.572 120,031 1.661,916 1,417,615
2d wk July
49,828
Ann Arbor*
44,193
10.3,896
88,312
May
11967919 9,602.097 121827992 107713794
Atch Top & S Fe_
Atlanta Birm & Ati 2d wk July
52,061
50,070
114,070
104,541
Atlanta & West Pt_ May
113.477
92,186 1,259,987 1,091,772
Atlantic Coast Line May
2,990,986 2,596,949 31,663,581 29,209,214
Charlost & W Car.May
141,087 130,367 1,727,215 1,643,450
Lou Hand & St L May
142,418 102,854 1,478,664 1.272.377
aBaltimoro So Ohio_ Juno
10345418 8,662,956 111668680 91,815,797
B & 0 Ch Ter R It May
165.770 124,353 1.621,841 1.417,865
Bangor & Aroostook May
341,868 279,205 3.451,919 3,418,444
Bessemer & L Erie_ al v
914.221 9.513.891 7,444,518
Birmingham South_ June
89,217
58,409
992,592
796,493
Boston & Maino___ May
4.775.109 3,374,708 47,38:4,219 42,637.216
Duff Rock & PIttEe) 3d wk July 274,890 227,921
683,710
712,409
Buffalo & Susq RR_ May
118,569 114,781 1,544,373 1,335.486
Canadian Nor Syst_ 3d wk July 866,900 447,700 2,626,900 1,326,800
Canadian Pacific__ 3d wk July 2,341,030 1,670,030 7,995,000 4,971,000
Central of Georgia. May
978,561 853.156 11.608.073 11,281.:382
Cent of New Jersey May
3.107,169 2,722,889 33,249,832 29,116,553
Cant New England_ May
451,827 390.174 4.406,652 3,682.039
Central Vermont __ May
377,863 325,6.64 3,905.712 3,592,746
Chas & Ohio Linos_ 3d wk July 895,006 828,459 2,465,337 2,253,748
Chicago & A1ton___ May
1,369.246 1,142,218 14.853.910 13.036.986
Chic Burl & Quincy May
8,596.015 6,957,421 94.075.778 83.864.649
b Chicago & East
1,299,147 986,831 15,379,347 13,058,764
May
559.726
e Chic0 ant West. _
524,817
wk Jule 313, 1 12 239.471
469,923
376,963
Cinc Ind & Louisv_ 3d wk July 148,703 127,288
9,110,463 7,244,196 96.482,738 83.624.505
Chic Mew & St I'. May •
Chic Mil & Pug Sf
8,039,216 6,395,660 45,601,036 76,331,948
dChic & North West May
152,993 113,265 1.694.447 1,444,569
May
Chic Poor & St L
5,975,043 5,138,200 16,202,624 62,573,521
Chic Rock Isl & Pac May
262,962 198,109 2.914,384 2,703,953
Chic 11[& Galt__ May
'1,697,600 1.322,875 16,724.021 15,420,563
0:hie St I'M & On, April
181,469,
Chic Torre H & S IC May
2.325,725 2.025.523
923.321 869,961 9.618.390 8,805.617
Cin Ham & Dayton May
1 110.993 105,374 1,395,477 1,589.100
Colorado Midland_ May
725,007
825,455
e Colorado & South_ 3d wk July 287,346 248,434
I
27.852
May
9,513
Cornwall
196.541
117,831
40,608
24,737
Cornwall &Lebanon May
422,883
270,451
631,003' 540.877 6,211,584 4,749,143
Cuba Railroad ____ May
2.253.868'1.879
Delaware & If adson May
1: .409
35 20,747,626
4,413,9323,838:912 49,335,739 43,044,705
Del Lack & West__ June
Deny & Rio Grande 3d wk July 463,700 418,400 1,372,800 1,336,700
Western Pacific_ May_ -1 620.338 503,578 6,793.664 5,093.106
Denver & Salt Lake 2d wk July35,709
33,948
79,309
72,896
I 2 ;5.242 1111.692 2,014,240 1.635,331
Detroit '1'ol & front, May
22,082
Detroit & Mackinac 3d wk July
19,353
71,771
65,171
141,986 120,044 1.519,944 1,36!.617
Dot & To! Shoe!! L.. May
922.223 745,851 5.410.341 4,022.262
Dul & Iron Ran•te__ May
Dul SY"8.
1):0 Itl 3d wk July • 79,231
68.673
223.189
2J',92)
137,053
Duluth Winn & Pac May
82.627 1.5155 1,182.101
1,182,637 811,211 13,351,457 8,511,3.55
Figla Joilat & East bine
1,032,731 693,470 9,645,637 7,036,736
El Paso & Sou West May
May
6,450.128 5,181,832 66,397,63.5 55,393.236
Erie
718.506 656,142 6,639.376 5,112,369
Florida East Coast _ May
82.781
Fonda Johns & Glov June
74,855
951,011
874,762
247,343 198.805 2,883,899 2,607.076
Georgia Railroad_ _ May
74.021
Grand Trunk Pac__ 1st wk July
56.125
74,024
56,125
Grand Trunk Syst_ 2d wk July 1,211,393 989,629 2,366,422 1,979,907
Grand Trunk Hy. 1st wk
849,841 830,773
881,841
841,77.3
Grand Trlc West.. 1st wk July, 199,492 135,587
191,492
135,537
74,628
53,848
Dot Or IF & Mil v 1st wk July
71,623
51.814
7,042,384 5,193,623 81,142,398 67.133,303
Great North System Juno
I 175,912
131.991 1,813,491 1,498.972
Gulf & Ship Island_ May
I 750,599 513,576 6.625.572 5.663.071
Ifocking Valley_ _ _ May
5,685,502 1,881,398 68.857,330 62,111.552
Illinois Central__ __ June
834,715 741.207 8,728,286 8,466,783
Internat & Grt Nor May
911,145 792,226 10,583,630 10.035,896
Kansas City South_ Juno
Lehigh & Hud Riv_ May
189,334 167,620,.
3 1,653.973
Lehigh & Now Eng_ May
191,633 266,006 3.031,318 2,370,439
4.318,612 3,845,269 43,153,826 38.891,114
Lehigh Valley
May
Louisiana & Arkan. May
138,326 155.140 1.560,159 1.590,743
Louisiana Ry &Nav1MaY
165,683
1,853.637
3,425,495 2,945,305
I Louisville & NashI3d wk July 1,255,340 1,003,745
1.043.125 884,379 10,895.488 10,323.800
Maine Central
May
Maryland & Penna. Juno
37,603
36,934
475,653
511,675
Midland Valley_ ___ May
1611,494
99.348 1.698.303 1,279,883
Miaeral Range._ _ _ 3a wk July
21,372
29.245
63.123
59,237
Minneap & St Louis 3d wk July 214,869 207,374
616,297
586,465
Wm St P & 88 am lot Nvi< July 701,11
516,460 2,944,521 1,521,540
Mississippi Central_ May
67.557
60,340
745.885
707.278
g Mo Nan & Texas_ 3d wk July 679,816 569,367 2,028,033 1,643,405
%lay
h Missoari
5.670,217 4,531,215 59.023,766 53.654,043
Nashv Chatt & St L May
1.107.351 885.626 11.667,537 10,009,209
Nevada-Cal-Oregon 2d wk July
7,545
8,801
16,752
17,602
New Vora Central May
17298002 131974/2 172056 426 140413 447
May
.
Alban
,
1,345.691 1,455,123 18,059,606 15,014,655
Boston &
616.126 463,564 6,335,870 5.198,192
n Lake Erie & W. May
3,839.635 2.814,732 37,987.831'
Michigan Central May
3.827,134 2,953,699 39.632,439 '10.642.449
Cleve 0 C & St L May
:32,833.1452
155.954 124,024 1.654,835 1.414,238
Cincinnati North May
2.070.424 1,401.688 20.725.755 13.126,303
Pitts & bake Erie May
1,318.337 922,370 13.192,044 10,354.866
N Y Chic & St L. May
483,718 332,84.5 4,896,668 4.522,149
Toi & Ohio Cent_ May
327,940 235,656 3,313,757 2.646,446
Kanawh84 Mich May
'11784298 24111)73 3178547l4 2562.41
rot all linea above May
647
Latest Gross Earnings.
Week or 'Current
Month.
Year.
Previous
Year.
July 1 to Latest ads
Current
Year.
Previoas
Year
$
New Orl Great Nor_ May
171,975 136,885 1.688,470 1.460,558
I 190,223 141,950 1.865,528 1,642,096
N 0 Mobile & Chic_ May
N YNH & Hartf_ May
6,866,229 5,754,808 69,231,325 59,051,276
N Y Ont & Western .tune
726,018 714,877 8942,2521 8,926,946
N Y Susq & West_ May
1 318,439! 332,795 3,986,5281 3,578,102
1 416,212.
Norfolk Southern_ _ June
',596
23' 3,875,875
Norfolk & Western May
5,293,540 4,010.353,52,316.700 38.656.754
Northern Pacific___ 3d wk July 1,603,000 1.211,000' 4,621,000, 3,564,030
Northwestern Pac May
1 385,489 295,5891 3,864.606; 3,214,836
May •
Pacific Coast Co_
630,312 484,084 6,691,9881 5,687,273
, 19792494 15539078'200
p Pennsylvania RR May
7
29 164 167249634
1
Bait Cho: & Atl Slay
83,511
96,6631 1,017,9911 1,132,409
M
Val!
Slay
Cuwberland
_
29:3.209 229,367 3.203,96') 2.650,211
May
1.313,144 1.177.445 12,799.650 11.972.136
Long 'sland
72,328
Mary'*.' Del & Vi. May
71,4741
814.363
859.974
& Norf May
457,092 345.7871 4,258,166 3,388,654
N Y
Phil Bait .1i Wash May
2,202,772 1.771.414 21,537,720 18.461.121
614,649 534,3911 6,857.443 5,941.289
W Jersey & Seash May
Pennsyl vania i's.. May
7,015,746 4.693,33664.442,04-1 48,305.762
Grand Rap & Ind May
481.471 407.7731 5.151.252 4,887.359
May
4.305,752 3,182,535 43.253.227 35,083.631
Pitts 00 & St
Vandalia
May
1.047.925 842.52811.445,343 10.100,941
Total linesEast Pitts & Eric atay
25158 797 20014 9051255344832 215375 846
West Pitts & Reit May
13003297 9.254,175:125395 260 99,772.776
All East, & West
0 33174(0(104 315644622
_ 31107094 292690,
Pere Marquette___ 2d I. k July 393.783 344,803
815,523
695.113
Reading co1
Phila & Reading_ May _.
4.919,975 4,081.702.53,081.526 43.404,762
Coal & Iron Co__ May
2,747,181 2,297.003 33,755,473 28,123,887
Total both cos... May
7,637,156 6,378,705 86,836,999 71,528,649
Rich Fesd &
NI 0,
340.778 293.015 3,012.340 2,632.505
Rio Grande June
April
80,924
71,692
830,072863,508
Rio Grande Sout h__ 2d wk July
9,584
9,911
19,952
20,747
Rutland
.May
363.103 306,-132 3,545,477 3,176.192
St Jos & Grant haL May
170.4731 119,6511 1,668,880 1,390,582
St L Brownsv & M %lay
217,383 199,485' 2,393,165 2,106.616
St L Iron MI:n & So 51 ty
30,5722,313,415 30.059,215 27,670,450
St Louis & San Fran May
1,37(1.176.3,411.86944,259.037 39.560.008
St Louis South xest_ 3d wk July 239,0001 213,030, 724,000
601,000
8 IA Pod L A & u. ‘lay
1,025,5131 456,649110,152.231 8,579,186
Seaboard Air Line__ May
2.085,32411,815,703 22,604,187 20,101.931
Southern Pacific... Juno
13567669 11963614 152694228 129865675
Southern tt.til fay__ 3d wk Jul) 1.251,44) 1,180.2il 3,942,653 3,517,702
Mobile & Ohb__ 3d WK
223,942 233,723
587,955
509.021
Cln N 0 & Tax P 30 wk July 193,638 164,210
536,0341 5)3.151
Ala Graat Sooth 40 wk July 1)2.051
93,786
237,453' 230.422
Georgia So & Fl- :id w:c July
41,511
129.5591
42,615
127.938
Virginia & Sou W June
168,673 136,540 1,960,761 1.799,301
Sunk Port & Ma it I SI ty
41.2,57k 314 470 4,512,7714 4,041.,.28
Tenn Ala & Georgia 2d wk July
1,493
1,447
3,298
2,894
Tonnoiso3 (1.qt :rat_ M ty _
151.124 124,761 1.479.1861 1,361.004
Texas & Pacific__ __ 3d wk July 367,870 331,10) 1,068,350. 988,273
Toledo Peor & West June ____ _
99,451
93.142 1,215,220 1.175.251
Toledo St L & West 2d wk July 136,296 109,136
240.793' 192,199
Trinity & Brazos V. May
61.005
53.689
8.52,209: 931.005
Union Pacific Syst. May
8,734,026 6,534,460 95,366.944 79,631.246
Virginian
May
679.5761 497,066 7,023,834 5,545,402
Wabash
June
2,992,030 2,320,510 34,701,88.5 29,082,787
Western Maryland_ 3d wk July 224,819 193,092
606,703, 566,220
Western Ry of Ala_ May
114,306
98,833 1,203,822, 1,154,018
Wheel & Lake Erie_ May
942.645 491.283 8,226.282! 4,835,151
Yazoo Sr Miss Vail_ June
1,096.493 910.211 13.511,038 11.836,981
Preeti,mA
Current
Various Fiscal Years.
Period
Year.
Y:ar
--------- --Buffalo & Susquehanna RR_ - Jan 1 to May 31 $686,038 $565,113
D 4 aware & ii adson
Ian 1 to M ty 31 10,:33,097 8,816,941
Erie
Jan 1 to May 31 29,574.956 24,176.527
New York Central.)
Jan 1 to May 31 40,374 792 61.973.950
Boston & Albany
Jan I to May 31 8,4s3.2-17 6.511.662
Lake Erie & Western.4..... Jan 1 to May 31 2,862.364 2.280.644
Michigan Central
Jan 1 to May 31 18,005,222 13.439.770
_
Cleve ('in Chic & St Louis _ Jan 1 to May 31 18.310.664 14.057.007
Ian 1 to May 31
Cincinnati Northern...
731.676
530.366
Jan 1 to May 31 9.567.6.30 5.514.605
Pittsburgh & Lake Erie_
New York Chicago & St Loui- Jan 1 to May 31 6,337,359 4.622.71;7
Toledo & Ohio Central
Jan 1 to May 3. 2.246,311 1,647.475
Rana wha. & Michigan..... Jan 1 to May 31 1,500,471 1,060.850
Total all lines
Ian 1 to May 31 144121244111769111.5
N Y Susquehanna & Western Jan 1 to May 31 1,882,523 1.672,073
p Pennsylvania Rail oad _
Ian 1 to May 31 92,253.999 71.137.438
Baltimore Chesap & Atlanti/ -Ian 1 to May 33
:350,327
38:3.506
Cumberland•Valioy
Jan 1 to May 31 1,594.73 1.131.621
Long Island .- _
Jan 1 to May 3i 5,298.871 4.707.651
_.
Maryland Delaw & Virginia. Jan 1 to May 3
288,882
39:1.061
N Y Philadelphia Sr Norfolk_ Jan 1 to May 3: 1,969,431 1.4:38.444
Phila Baltimore & Washing'n Jan 1 to May 3: 9.943.207 7.922.485
West Jersey Az Seashore__ - Jan 1 to May 31 2.693.180 2.185.021
Pennsylvania Coinpany
Jan 1 to May 31 28.861,48- 19,869.1.53
Grand Rapids & Indiana.._ Jan 1 to May 31 2,216.854 2.034.144
Pitts Cinc Chic & St Louis Jan 1 to May 31 20.247.14: 15.111.212
Vandalia
Jan 1 to May 30 5,175.071 4,285.054
Total lines-East Pitts & Erie Jan 1 to May 3 115347741-, 90.946,333
-West Pitts& Erie Jan 1 to May 31 57,21-3,24k 4.1,908.794
-All lines 11 & W_ Jan 1 to May :31 173990981 132895127
Rio Grande Junction
Dec 1 to Apr 30
354,289
321,990
Rutland
Jan 1 to May 31, 1.629.229 1.330.146
.
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Current
Year.
Previous
Year.
Increase or
Decrease.
Curren'
Pretatpus
Increase ur
67.
• Monthly Summaries
Year.
Year.
De.:rease.
41
$
Mileage.
Cur. Yr. Pres Yr
2d week May (36 roads)
13,955,903 10,818,158 +3,137,745 29.00 September--245.132 243.463 294.241.340 276.458.199 -t-177.43 Ill 8 4"
_
3d week May (35 roadsL_.
12..245,804 9,664.045 +2.581.759 26.72 October --__248.072 247.009311,179.376 274.091.431 +37.087.941 13 57
4th week May (34 roads)._.. 20.536.118 14,750,366 +5,785,752 39.23 November...246.910 245.858 306.733 317 240.422,695 +66.310,622 27.68
let week June (33 roads)._
13,927,110 11,160,493 +2.757.617 24.69 December __248.437 217.67:3 295.202,018 232.763.070 +62.4.38.944 28 82
_3
2d week June r roads)____
14,103,619 11.107,717 +2,995,952 26.97 January..-_-247,620 246.838 267.043.635 220.203.595 +46.840,040 21 27
3d week Juno 32 roads)___ 12,643.273 10.080.728 +2,562,545 25.42 February ___245.541 244.809 267.579,814 209.573,963 +58,005.851 27 68
4th week June 37 roads)____ 19,765,119 15.690.468 +4.155.651 26.64
March
247,363 246.548 296.8.30.406 238.098.843 +58.731,56320 47
1st week July (36 roads).... 14,089,190 11,316,231 +2.772,951 24.53 April
246,615 245.773 288353.700 237.512,648 +50,941,052 21 45
21 week July (36 roads).... 14,903,388 11.775,212 +3,124,143 26.48 May
248,003 247.189308,029,098 214,580,685 +63,448,411.25.94
3d week July (23 roads).... 12.820,821 10.038.21) +2.78762.12780 15na
92.587
90,6381 77.907.360 61,872.441 +16.034,919 25.91
a Includes Cleveland Lorain & Wheeling Ry.
Includos Evansville & Terre Haute. c Includes Mason City & Fort !lodge
Minnesota
&
Wisconsin
Pacific.
a
and the
Includes not only operating revenue, but also all other receipts. e Does not include earnings of Cob'
rado Springs & Cripple Creek District Ry. .1 Includes Louisville & Atlantic and the Frankfort & Cincinnati. g Includes the Texas Central and the
Wichita Falls lines. h Includes the St. Louis Iron Mountain & Southern. j Includes the Lake Shore & Michigan Southern Ry., Chicago Indiana &
Dunkirk
Allegheny
Valley & Pittsburgh RR. n Includes the Northern Ohio RR. p Includes the Northern Central. * We no
Southern RR. and
L., gee include the Mexican roads in any of our totals.
• Weekly Summaries.
THE CHRONICLE
400
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of July. The table covers 23 roads and shows 27.80% increase in the aggregate over the same week last year.
Third week of July.
Alabama Great Southern
_
Buffalo Rochester &
Canadian Northern
Canadian Pacific
Cheaspeake & Ohio
Chicago Ind & Louisville
Cinc New On & Texas Pac____
Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Duluth South Shore & Ati
Georgia Southern & Florida___ _
Louisville & Nashville
Mineral Range
}
Minneapolis & St. LouisIowa Central
Minneapolis St Paul & S S M__
Missouri Kansas & Texas
Mobile & Ohio
Northern Pacific
St Louis Southwestern
Souther Railway
Texas & Pacific
Western Maryland
Total (23 roads)
Net increase (27.80%)
1916.
I
Increase. Decrease
1915.
102,051
93,786
274,890
227,924
866,900i 447,700
2,611,000 1,670,600
895,006
828,459
148,703
127,288
199,698
164,210
287,346
248,437
463,700
448,400
22,082
19,353
79,269
68,673
41,541
42,646
1,255,340 1,003,745
21,372
20,245
8,265
46,966
419,200
971,060
66,547
21,415
35,488
38,909
15,300
2,729
10,596
207,374
214,869
701,140
516,460
679,816
569,367
200,725
223,942
1,603,000 1,211,000
239,000
213,000
1,267,440 1,180,207
331,109
367,870
198,092
224,849
7,495
184,680
110,449
23,217
392,000
26,000
87,233
36,761
26,757
$
Other
Gross
Net, after
Earnings. Taxes, Atc. Income.
3
Great Western Pow Co SystJune '16
296,828
35,094
190,530
'15
18,179
232,821
165,802
6 mos '16 1,809,811 1,165,135
204,553
'15 1,399,003
102,025
986,373
Southern California EdisonJune '16 425,874
245,087
15,040
'15 419,638
237,555
16,618
6 mos '16 2,473,286 1,330,574
81,741
46,960
'15 2,300,488 1,236,257
Gross
Income.
Fixed
Charges.
Balance,
Surplus.
225,624
183,981
1,369,688
1,088,398
140,286
106,579
820,642
630,682
85,338
77,402
549,046
457,716
260,127
254,173
1,412,315
1,283,217
84,063
88,165
509,007
496,535
176,064
166,008
903,308
786,682
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
EXPRESS COMPANIES.
-Month of
1916.
16
263,484
141,493
121,991
4,196
1,105
251,595
1,127
12.820,824 10,038,200,2,783,729
!2,782,624
[VOL. 103.
Northern Express Co.Total from transportation_Express privileges-Dr
Revenue from transportat'n_
Operations other than trans..
1,105
May-- -July 1 to
1915.
1916.
$
$
231,873 2,758,767
126,601 1,497,055
105,272 1,261,711
3,505
43,104
May 311915,
$
2,493,754
1,362,790
1,131,036
36,381
Total operating revenues_
Operating expenses
126,187
96,874
108,778
85,356
1,304,816
982,299
1,167,417
970,297
Net operating revenue____
Uncollectible rev,from trans.
Express taxes
29,312
48
5,000
23,421
44
5,000
322,516
716
55,000
197,119
195
55,000
24,264
18,377
266,800
141,942
Operating income
For the second week of July our final statement covers 36 ELECTRIC RAILWAY AND TRACTION COMPANIES.
roads and shows 26.48% increase in the aggregate over the
same week last year:
Jan. 1 to latest date.
Latest Gross Earnings.
Second week of July.
1916.
1915.
Increase. Decrease.
$
Previously reported (30 roads) _ 1 14,772,686 11,648,172 3,134,986I 10,472
Atlanta Birmingham & Atlantic
52,061
50,070
1,991
Denver & Salt Lake
35,709
33,948
1,761
Detroit & Mackinac
24,310
22,893
1,417
Nevada-California-Oregon
8,801
1,256
7,545
9,911
Rio Grande Southern
9,584
327
Tennessee Alabama & Georgia..
1,493
46
1,447
Total(36 roads)
Net increase (26.48%)
14,903,388 11,775,242 3,140,201
3,128,146
12,055
Net Earnings Monthly to Latest Dates.-The table
folloving shows the gross and net earnings with charges and
surplus of STEAM railroads and industrial companies reported -this week:
-Gross Earnings- -NetEarnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
Baltimore & Ohio_b___June10,345,418 8,662,956 3,204,471 3,202,551
July 1 to June 30
111,668,680 91,815,797 32,348,874 27,890,287
393,300
985,000
Canadian Northern_ _ __June 3,377,200 1,779,600
July 1 to Juno 30
33,425,000 24,553,700 8,537,800 5,729,800
Del Lack & West_b____June 4,413,932 3,838,912 1,613,564 1,304,721
July 1 to Juno 30
49,335,739 43,044,705 19,823,833 15,033,264
Southern Pacific_ a_ ___June13,567,669 11,963,614 4,820,944 3,598,363
July 1 to June 30
152,694,228 129865,675 48,189,971 35,689,614
June 2,992,060 2,320,510
966,790
211,575
Wabash_b
July 1 to June 30
34,704,885 29,082,787 10,955,005 5,903.951
Fixed
Balance,
Gross
Net, after
Charges.
Surplus.
Earnings.
Taxes.
Roads.
125,475
N Y Oat & West__June '16
726,018
272,324
146,849
122,031
63,186
714,877
185,217
'15
983,878
12 mos '16 9,942,252 2,477,863 1,493,985
'15 8,926,946 2,141,440 1,528,933
612,507
Net,after
Other
Fixed
Balance,
Gross
Gross
Income. Charges. Surplus.
Earnings. Taxes, &c. Income.
$
Buff Roch & Fitts341,834 • 166,870
242.825
99,009
174,964
June '16 1,056,363
327,584
167,650
65,256
159,934
262,328
'15 865,746
12 mos '16 11,971,018 3,072,101 1,016,099 4,088,200 2,124,063 1,964,137
912,720
718.646 3,032,733 2,120,013
'15 9,479,935 2,314,087
Other
Total
Charges
Balance,
Gross
Net
Income. dt Taxes. Surplus.
Earnings. Earnings. Income.
Fonda Johns & Giov33,635
43,681
428
43,253
82,781
10,046
June '16
26,818
32,428
5,608
--763
74,855
33,189
'15
488,508
434,645
53,863
460,907
27,601
12 mos '16 954,011
433,313
420,051
13,262
407,526
25,787
'15 874,762
INDUSTRIAL COMPANIES.
-Gross Earnings- -NetEarnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Companies.
Alabama Power Co____June 121,082
Jan 1 to June 30
690.142
July 1 to June 30
1,259,500
Cent Union Teleph_b__May 740,016
Jan 1 to May 31
3,563,483
New Eng Tel & Tel_ b__May 1,737,488
Jan 1 to May 31
8,412,506
New York Teleph_b__June 4,607,460
26,123,767
Jan 1 to June 30
South New Eng Tel_ b _ _June 372,763
30
Jan 1 to June
2,111,460
Western Union Teleg _b_May 4.887,226
23,487,574
Jan 1 to May 31
Gross
Earnings.
86,069
471,790
860,231
649,436
3,163,561
1,562,972
7,492,858
4,125,110
23.739,016
326,554
1,862,261
4,075,473
19,561,856
Net, after
Taxes.
Atlantic Gulf & West Indies SS Lines(Subsidiary cos)_May '16 3,064,151 1,033,172
'15 1,716,505
418,996
5 mos '16 12,659,464 3,722,177
'15 8,289,346 2,069,257
Montana Power CoApr 1 to June 30 '16 1,477,434 1,133,696
'15
976,431
693,147
•
Jan 1 to June 30 '16 2,903,753 2,216,500
'15 1,910,207 1,345,195
20,994
Southw Cities Elec_June '16
10,555
'15
17,837
8,415
202,952
12 mos '16
101,117
'15
180,777
91,247
United Fuel Gas__June '16
252,563
101,625
'15
151,130
4,095
6 mos '16 2,175,345 1,326,758
'15 1,622,150
793,469
68,938
425,456
774,571
204,309
975,531
508,941
2,521,299
1,785,136
9,689,954
95,527
600,419
1,477,338
7,352,017
Fixed
Charges.
53,373
289,490
501,106
150,032
737,157
476,874
2,194,297
1,482,779
8,081,700
92,456
570,164
1,256,245
5,848,254
Balance,
Surplus.
165,848
867,324
157,618
261,378
821,151 2,901,026
792,756 1,276,501
329,668
804,028
293,485
399,662
664,895 1,551.604
555,917
789,278
9,850
91,267
10,000
81,247
42,072
59,553
36,422 def32,327
225,764 1,100,994
218,976
574,493
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Current
Year.
Previous
Year.
$
$
$
$
Atlantic Shore
May
117,498
119.374
26.080 27,878
cAur Elgin & Chic Ry May
768,987
721,477
174,518 165,033
Bangor By & Electric May
310,469
63,989 60,920
319,127
73,871
84,689
Baton Rouge Elec Co May
17,705 14,961
251,594
246,320
BeltL RyCorp(NYC) April
65,329 64,070
375,307
348,641
Berkshire Street Ry May
84,466 77,502
Brazilian Trac L & P_ May
f709100016670110 132989,000 131092,170
9,473
40,933
37.573
Brock & Plym St By. May
10,076
2344,098 2184,979 9,017,434 8,367,443
Bklyn Rap Tran Syst April
149,137
30,278 26.611
Cape Breton Elec Co May
127.765
103,765 90,909
Chattanooga Ry & Lt May
501,446
421,271
39,296 36,149
Cleve Painesv & East May
149,187
167.088
Cleve Southw & Col_ May
112,377 105,719
474,801
522,019
Columbus(Ga) El Co May
334,878
285,007
66,695 56,471
Colum (0) Ry.P & L May
277,688 245,947 1.428,905 1,271,314
g Com'w'th P,Ry & L June
1322,295 1115,495 8,087,833 6,838,194
Connecticut Co
May
800,058 687,528 3,678,610 3,082.584
Consum Pow (Mich). May
361,938 289,562 1,894.563 1,522,068
956,572
223,429 204,545 1.056,329
Climb Co(Me)P & L May
151,437 134.611
790.425
740,123
Dallas Electric Corp.. May
1279,787 1030,140 7,440,176 6,000,456
Detroit United Lines June
42,299 40,181
156,175
160,283
D DEB& Batt(Itec) April
113.004 88.096
Duluth-Superior Trac June
555,060
651,691
East St Louis & Sub.. May
239.328 194.301 1,165,701
980,694
Eastern Texas Elec May
65,335 58,141
320.939
262,935
gEl Paso Electric Co.. May
398,293
84,029 71,624
452,748
42d St M & St N Ave April
625,321
163.898 159.351
629,640
g Georgia By & Pow.. June
544,820 511,138 3,425,425 3,157,834
792,599
766,852
6Ialv-Hous Elec Co.._ May
154,839 169,249
531,037
468,310
111,126 92.056
Grand Rapids By Co May
546,634
456,453
97,588 76,684
Harrisburg Railways. June
498,275 478,732 2,417,062 2,303,205
Havana El Ry.L & P May
54,315 51,699
268,048
240,929
Honolulu R T & Land May
25,963 21,897
129,922
104,228
Houghton Co Tr Co_ May
502,544 462,256 2,484,255 2,324,164
b Hudson & Manhat_ May
949,986 860,523 4,921,131 4,445,066
Illinois Traction...._.. May
Interboro Rap Tran_ May
3231,008 2904,773 16,100.717 14,473,595
262,191
53,732 53.336
266,239
Jacksonville Trac Co May
94,059
97,996
May
19,155 19,384
Keokuk Electric
46,810
9,445
47,303
Key West Electric May
9.487
583,317
505,339
Lake Shore Elec Ry_ May
130,172 114,031
754,032
591,663
Lehigh Valley Transit April
198,625 147,932
263,450
Lewist Aug & Watery May
65,703 61,014
284,764
64,178
64,135
Long Island Electric.. April
17,857 17,855
Louisville Railway June
264,179 249,537 1,522,146 1,457,739
551,797 466,534 2,885,558 2,470,961
Milw El By & Lt Co_ May
554,730
661,698
Milw Lt Ht & Tr Co_ May
143.854 115,640
881,495
964.520
Nashville Ry & Light May
194,938 175,513
219,767
239,038
N Y City Interboro April
60,430 55,949
118,727
121,275
N Y & Long Island.._ April
33,904 31,907
13,542 12,503
47,708
46,725
N Y & North Shore.._ April
119,093 106,362
N Y & Queens Co.__ April
440,421
402,542
New York Railways.. May
1192,036 1138.652 5,597,572 5,454,164
N Y & Stamford Ry_ May
33,099 32.228
131,654
125,987
N Y State Railways.. June
710.322 607.504 4,119,254 3,549,237
184.391
211,301
N Y Westchest & Bos May
48.450 43.000
91,611
81,659
Northampton Trac June
16,319 15,054
Nor Ohio Trac & Lt_ May
422,046 323,324 1,940.627 1,424,674
756,693
150,755 134.790
652,928
North Texas Electric May
7,203
24,077
7,486
23,116
Ocean Electric (L I).. April
24,203 21,927
127,383
Paducah Tr & Lt Co.. May
117,486
23,845 20,790
117,061
Pensacola Electric Co May
100,665
Phila Rapid Transit.. June
2312,969 1996,639 13,422,369 11,898,481
Phila & Western By.. June
45,420 40,234
241.275
214,215
Port(Ore)Ry,L &PCo May
445,223 446,149 2.208,312 2,261.786
g Puget Sd Tr, L & P May
644,796 618.364 3,212,054 3,101,330
g Republic Ry & Lt.._ June
321,024 246,691 1,933.919 1,456,919
Rhode Island Co........ May
493,297 404,577 2,228.505 1,880,368
112,708
105,773
29,607 28,066
Richmond Lt & RR.. April
668,138
622,663
St Jos By,L H & PCo June
105,132 97,937
221,845
189,376
43,540 40,463
Santiago Elec Lt & Tr May
321,043
330,081
64,344 64,413
Savannah Electric Co May
252,202
64,843 69,463
252,948
Second Avenue (Rec) April
18,695 18,307
71,917
68,475
Southern Boulevard.. April
23,954 22,558
86,950
80,003
Staten IsI'd Midland April
72.782 81,422
410,919
413,116
Tampa Electric Co May
330,884 305,445 1,339,943 1,229,938
April
Third Avenue
Twin City Rap Tran_ 1st wk July 208,874 181,958 5,206,685 4,775,899
831,912
901,846
243,267 217,716
Union Ry Co of NYC April
484,208 430,201 2,859,191 2,476.916
Virginia By & Power June
419,611
392,060
68.619 64,984
Wash Bait & Annap_ June
170.467
170,581
44,151 44.837
Westchester Electric.. April
95,654
93,895
22,964 22.644
Westchester St BR.... May
g West Penn Trac Co May
506,519 407,710 2,443.027 1,969,526
245,467
225,831
April
66,134 59,616
"Yonkers Railroad
469,987
380,900
75,523 64,037
Juno
York Railways
129,026
115,562
28,719 23,506
Youngstown & Ohio.. May
74,753
63,961
16,390 14,261
Youngstown & South May
b Represents income from all sources. c These f guros are for consolidated company. f Earnings now given in mike's. g Includes constituent
companies.
.
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net earnings with charges and surplus reported this week:
THE CHRONICLE
JULY 29 1916.]
401
1912-13.
1913-14.
1914-15.
1915-16.
-Gross Earnings- -NetEarnings
Previous
Operating Expenses$
Current
Previous
Current
1,678,124
2,021,647
Maint, of way & struct_ 2,485,421
2,391,815
Year.
Year.
Year.
Year.
2,315,990 2,202,208
Maint. of equipment_ -- 2,508,370 2,401,841
$
$
$
$
1,421,123
1,463,284
Operation of power plant 1,725,307
1,553,178
Philadelphia Companywages
5,084,649
4,062,796
Trainmen's
4,787,574
4,520,023
315,792
206,241
..June
597,658
472,157
Dept.
Gas
Naturs.
1,572,661
1,744,690
1,696,132
945,419 Operation of cars-misc. 1,858,323
2,134,966 1,746,625 1,296,431
Apr 1 to June 30
605,092
602,968
607,701
543,885
22,062
7,054 Damages paid
12,903
28,859
June
Oil Dept
expenses
legal
217,211
256,114
261,154
219,759
Damages,
59,195
21,038
37,207
79,458
Apr 1 to June 30
66,039
53,406
65.098
61,933
General law expenses_ _ _
211,862
411,421
199,567
523,857
June
Elec Lt & Pow Dept_
797,652
819,754
822,857
746,871
expenses
General
713,841
610,813 Freight & mail expenses
1,559,664 1,269,406
Apr 1 to June 30
302,103
338,414
325,055
264,324
424,375
392,490 Am. By. Traff. Co.exp.
June 1,185,485 1,059,601
854
1,112
6,961
823
Street By Dept
3,399,987 3,091,746 1,199,154 1,124,326
Apr 1 to June 30
15,693,908 14,960,381 13,994,553 12,833,456
Total
Net
Fixed Chgs. Balance,
Gross
12,254,864 11,467,305 11,563,697 11,318,832
Earnings. Earnings. & Taxes.
Surplus. Net revenue
339,947
451,772
438,715
438,706
$
Other income
$
$
Bay State Street Ry12,693,570 11,906,020 12,015,469 11,658,779
Total income
712,922
524,221
188,701
Apr 1 to June 30 '16 2,552,070
Deductions680,453
530,521
15 2,342,036
149,932
1,750,083
1,752,880
1,700,035
1,837,683
743,989 Taxes
Jan 1 to June 30 '16 10,058,067 2,685,112 1,941,123
5,411,768
857,585 Interest & rentals (net)- 5,244,055 4,693,424 4,946,884
9 2,929,614 2,072,029
2,440,770
4,467
3,660,048
318
318
Dividends
4,467
Brooklyn Rapid Transit5(3i%)
(d%)
Rate of dividend....
(d%)
(6%)
July 1 to June 30 '16 27,948,772 12,254,864 7,081,738 x5,611,832
'15 26,427,687 11,467,305 6,393,459 x5,512,561
9,602,622
Total deductions_ _ _ _ 11,549,056 10,860,777 10,359,812
Commonwealth Pow, Ry & Lt and constit cos1,144.514
1,045,243
2,056,157
1,655,657
June '16 '1,322,295
658,601
498,620
159,981 Balance,surplus
'15 1,115,495
556,512
424,646
131,866 CONSOLIDATED BALANCE SHEET (B. R. T. SYSTEM) JUNE 30.
6 mos '16 8,087,833 4,226,163 2,955,526 1,270,637
1915.
1916.
1916.
1915.
'15 6,838,194 3,574,310 2,556,333 1,017,977
$
Liabilities$
Assets24,302 eRoad & equip. 139,701,652 139156,848 B. R. T. stock__ _74,455,213 74,455,218
97,588
56,518
Harrisburg Rye._ _June '16
32,216
8,576
'15
32,143
76,684
40,719
Stock of constit.cos.
City RR.
137,592 Bklyn.
6 mos '16
192,998
546,634
330,590
600,000 not owned
800,000
1,120,109 1,120,809
bonds b
62,630 Adv.
191,492
'15
456,453
254,122
to leased 003_11,3,8,660 11,179,455 Funded debt (see
z66,899 Dep. Bklyn. City
"El.Ry.Sup.")120,466,428 100466,428
76,812
June '16
264,179
Louisville By
129,983
z60,058
438,062
.4,153,945 4,153.945 Real est. mtges_
442,662
RR.lease
73,666
'15
249,537
117,238
Bills payable
d2,600,000 d3,701,605
460,875 z367,474 Cap. Exp. acct. of
6 mos '16 1,522,146
757,471
Acc'ta payable__ _e4,906,881 e3,741,075
subway & rapid
439,917 z331,144
691,011
'15 1,457,739
608,638 1,781,391
tran. lines, drc_c40,834,575 30,010,860 Taxes accrued_ _ _
201,709
140,000
341,709
853,190
Twin City Rap Tr_June '16
616,421
616,421
140,914 Material & suppl's 1,144,466 1,156,053 Bond int. accr'd
139,444
280,358
770,717
'15
&
Int.
rents
accr'd
877,226
512,801
72,975
788,028
receivable_
Acc'ts
1,013,405
853,387
6 mos '16 5,009,415 1,866,792
150,000 Rap. Iran. constr.
72,822
728,039 Bills receivable...
841,482
'15 4,604,537 1,569,521
equip. acc'ts. f365,732 f461,244
221,196
&
574,542
Investments
z5,234
26,186
29,130
68,619
Wash Bait & Ann_June '16
2,215,194 2,617,337 Proceeds from sale
x2,906 Cash
24,620
25,317
64,984
'15
of real est., &c
1,184
256,876
153,342
z44,426 Cash, construe. &
183,112
419,811
6 mos '16
10,309,705 Unearned disc't&c.19,858,179
subw'ys.
eq.
148,081
x23,589
157,551
392,060
'15
On N. Y. Mun.
736,011
Insurance reserve_ 839,098
Fixed
after
Balance,
Net,
Ry. Corp. Bds 1,732,050 1,190,970
City of New York_ 1,000,000 1,000,000
Gross
Charges.
Surplus.
Taxes.
On C. I. & B.
Sink. fund C. I. &
. Earnings.
125,000
RR.consols_
125,000
17,393
B. P.4.
17.393
$
35,845
14,315
x22,795 City of N.Y.corp.
113,004
Insurance reserve_ 890,526
787,439
Dul-Superior Trac_June '16
14,198 zdef1,684
11,262
88,096
Accr'd amort. of
'15
stock & State
85,580 4.10,589
188,287
651,691
cap. & s.f.accr'd 2,228,070 1,733,940
Work. Compen.
6 mos '16
z16,373
87,015
95,516
555,060
'15
172,408
173,899 Special reserve.. 1,254,487 1,261,861
Commission
North28,861
34,996
Emp. liab. reserve
and
Trac
Unamort.debt disNorthamp
011,562,654 10,621,966
count,&c
123,437 Surplus
120,312
amp East & Wash- •
5,862
16,319
June '16
Prepaid accounts_ 311,842
389,510
7,245
15,054
'15
87,902
196,352
44,700
43,202
12 mos '16
223,913,118 202372,876
Total
223,913,118 202872,876 Total
68,913
177,010
44,700
24,213
'15
Philadelphia Rap Transa Includes construction expenditure constituent companies not yet
July 1 to Juno 30 '16 25,839,343 11,466,916 9,794,211 1,672,705 funded, $2,138,552 in 1916, against $2,011,059 in 1915. lb These are de'15 23,843,605 9,966,172 9,744,468
221,704 posited with trustee of B. R. T. Co. Refunding 4% bonds. c Includes in
addition to capital expenditures the unapportioned debt discount chargeable
St Jos By, L H & Pow45,090
105,132
20,833
June '16
24,257 to cost of construction and equipment, &c., under rapid transit contract,
41,177
20,833
97,937'
'15
20,344 $1,027,325. * Comprising $2,000,000 Brooklyn Queens Co. & Suburban
303,531
124,998
668,138
178,533 RR. 1st M. 5s at 1034 and $250,000 1st Refund. 4s at par and $25,000
6 mos '16
283,337
124,998
622,663
'15
158,339 B. R. T. 5s at par, $1,627,000 Brooklyn City RR. consol. 5s at 103M and
$125,000 Refunding 4s at par. d These are secured by deposit of B. R. T.
z After allowing for other income received.
Co. Refunding bonds. e Includes dividend payable July. !Payable
from special fund (per contra). g After deducting certain debits-see a
page.
subsequent
REPORTS
ANNUAL
In addition to the above assets there are the following treasury bonds
stocks available for sale, not included in assets or liabilities, viz.:
Annual, &c., Reports.-The following is an index to all and
B. R. T. capital stock (par), $64,787, and bonds of B. R. T. and constituent
annual, &c., reports of steam railroads, street railways companies (par), $80,219,573.-V. 103, P. 238.
R9ads.
and miscellaneous companies which have been published
•
since June 24.
This index, which is given monthly, does not include
reports in to-day's "Chronicle.
Page.
Industrials (Con.)Page.
Railroads57 Dayton (0.) Power & Light Co
Baltimore & Ohio
142
318 Federal Sugar Refining Co
Central RR. of Haiti
58
7
5
4
Indiana
Federal Utilities, Inc
Chicago & Western
323
57 Forestal Land, Timber & Ry. Ce.,
Indiana Harbor Belt RR
Ltd.. London
64
Electric Railways235 Great Northern Iron Ore Properties 58
American Cities Co
Hale &Kilburn Co., Philadelphia_ _237
Augusta-Aiken Ry.& Elec. Corp.(of
Hocking
Valley
318 lumbus, Ohio Products Co., Co-.
South Carolina)
142
319 Island Creek Coal Co
Carolina Power & Light Co
Dominion Power & Transmission Co_ 57 Kings County Elec. Light & Pow. Co.141
321
Co
Interborough Rap. Transit
and Edison Elec, Ill. Co. of Bklyn_324
Mexico Tramways& Allied Properties_235 Lackawanna Steel Co. (combined rePacific Gas & Elec. Co., San Fr_151, 139 sultsfor3&0 mosendJ
. . une 30'16)_242
Public Service Corp. of N. J. (earn- ,.. Lawyers' Mortgage Co., N Y
242
01 Lowell (Mass.) Elec. Light Corp___ _324
ings for May &5 mos. end. May 31)140
Co
(W. H.) McElwain & Co., Boston_ _ _641
Savannah Electric
United Gas & Electric Corporation-235 Merchants'Heat & Lt. Co.,Indianap. 65
58 Mexican Petroleum Co.,
West India Elec. Co., Ltd
Ltd- _319, 327
Miami (Ariz.) Copper Co. (of- Del,),
Industrials236
Now York
Co
Rubber
143
Ajax
58
Y.
Montreal Water & Power Co
143
Am.Car & Fdy. Co.(of N. J.), N.
240 Nil:liming Mines Co. (of Mo.)
American Iron & Steel Mfg. Co
141
241
Pond
Co
Creek
Thread
Coal
Co
American
141
238 Prest-O-Lito Co., Inc
149
Arkansas Natural Gas Co
139 Ray Consolidated Copper Co
Atlantic, Gulf & W. I. SS. Lines
140
322 Republic Iron & Steel Co., N. Y. and
American Mfg Co of Mass
Youngstown, Ohio
Blackstone Val.(R. I.) Gas & El. Co_238
319
Braden Copper Mines Co. (earnings147 Securities Corp. General (of W. Va.),
New York and Philadelphia
for 15 mos.)
241 Sierra Pacific Elm Co., Reno, Nov_ _Titi
Burns Bros.(N.I. & N.1(3
Southern
.237
Ltd.
Utilities Co. (State of FlorCo..
Mining
Butte & Superior
Ida), N. Y
59
Canadian Gon. Electric Co., Ltd_ _ _144 Tri-State
Cedars Rapids Mfg. & Power Co---238 and St. Tel. & Tel. Co., Mien.
141
Paul
143
Chicago Ry. Equipment Co
Union
Oil
Co. of Callf., Los Angeles_ _236
143
Chicoutimi Pulp & Paper Co
Colorado Power Co., Denver, Colo_ _142 Utah-Apex Mining Co.(of Mo.), Bos_ 330
Consol. Interstate Callahan Min. Co_236 Western Union Telegraph Co. (earn
ings for 6 months)
245
(Wm.) Cramp & Sons Ship & Engine
237 Worthington Pump & Machinery
Building Co., Philadelphia
142 Corporation, New York
Dayton Breweries Co
139
Brooklyn Rapid Transit Co.
(Report for Fiscal Year ending June 30 1916.)
The remarks of President Williams will be found at length
on subsequent pages. Below we give the usual comparative
tables for several years.
RESULTS FOR YEARS ENDING JUNE 30.
[Including the Coney Island & Brooklyn RR. since Jan. 1 1914.]
1913-14.
1914-15.
1912-13.
1915-16.
passengers carried
728,465,567 689,822,507 659,147,381 626,304,156
Revenue mileage
,1 92,909,994 87,535,247 82,217,451
28.2 cts.
7.4 eta.
28.5 cts.
Earns, per revenue mlle_
27.4 cts.
Receipts$
$
27,557,270 26,1,265 25,246,453 23,45,260
Transportation
391,493
Miscellaneous
311,797
331,421
287,028
Total
27.948,772 26.427,686
25,558,250 24,152,288
Philadelphia Rapid Transit Co.
(Report for Fiscal Year ending June 30 1916.)
T. E. Mitten, Chairman of Executive Committee, Philadelphia, July 24, wrote in substance:
Results of Operationfor the Year.-The gross earnings increased $1,905,738
or 8.37%. This is attributable principally to the vigorous recovery in the
industrial situation, the beneficial results of which were first felt during
Sept. 1915. The operating expenses, including taxes, increased $494,995,
due mainly to the larger appropriations fot maintenance and renewals and
to the 22% fund which, being based upon fixed percentages of earnings, are
therefore greater when the earnings increa,so. The fixed charges increased
$49,744, due to added interest charges, and the resultant surplus was
$1,672,704, against $221,705 for 1914-15. .
Capital Account.-The capital asset account "leases, franchises, construction, equipment, advances to leased lines, sinking funds, &c.," shows a
decrease of $28,895 during the year, as follows:
Capital charges account additions and betterments to property, &c.$279,593
Temporary discount on bonds sold with right of re-purchase (this
charge will be canceled when bonds are re-purchased), $100,000;
commission, &c., $37.521; total, $137,521; less discount and
384,081
commission written off during year, $53,440; balance
Payments into sinking funds to retire bonds, car trust ctfs., &c.._ _ 322,865
$986,539
Total increases
Deduct-Reduction of sinking funds, moneys for retirement of
$387,000
bonds, car trust certificates, &c
Proceeds from sale of real est. applied to reduction of real est. mtges. 23,000
Proportion of cost of near-side cars charged off against renewals 512,000
93,435
Amortization of 1910 strike expense
$28,896
Balance, net reduction
Bonds, Mortgages, Ground Rents, &.c.-This account on June 30 1916
showed a net increase of 31,078,000, as below:
Bonds issued, P. It. T. 50-year 5% sinking fund gold bonds
$2,000,000
secured under the mortgage of March 1 1912
Bonds, car trust certificates and stock trust certificates retired
by sinking funds, &c., and real estate mortgages retired or re410,000
duced with proceeds of property sold
512,000
Car trust certificates retired through the renewal fund
$1,078,000
Net increase
All of the bonds secured under the mortgage of March 1 1912, providing
bonds,
gold
are now
fund
sinking
5%
-year
for a total of $10,000,000 50
issued, the remaining $2,000.000 having been issued during Dec. 1915.
Philadelphia Rapid Transit equipment trust series "B" and "C." dated
March 1 and May 11913, respectively, provided for a total issue of $6,144,000 5% car trust certificates maturing in equal semi-annual installments
from 1913 to 1925. Of these car trust certificates $1,536,000 have been
retired through the renewal fund during the three years ended June 30
1916, leaving $4,608.000 now outstanding.
Renewal Reserve and Renewal Fund.-During the year 159' of the gross
earnings has been set aside for maintenance and renewals, showing:
$1,369,171
Appropriations from income of year 1915-16 for renewals
36,277
Proceeds sale of obsolete equipment, &c
$1,405,448
Total for year
$512,000
Deduct car trust certificates, series "B" and "C," retired
309,241
Renewal expenditures
Unexpended balance set aside in cash in the renewal fund_ _ _ _ $584,207
Total bal. of renewal res. June 30 1916, incl. above $584,207..$i,853,243
The renewal fund as at June 30 1916 amounted to $1,875,000, of which
$772,246 is in cash, the balance of $1,102,754 representing securities, incl'
402
THE CHRONICLE
$335,000 Phila. Rap. Tran. Co. 50-year 5% bonds of March 11912. The
renewal fund is established for the purpose of providing for the financing
of renewal expenditures when and as made in the future from the accumulated unexpended balance of the 15% appropriation as represented by
the renewal reserve.
Voting Trust.-A controlling interest of stock was deposited under a
voting trust agreement effective Feb. 20 1911, to extend five years. By
action of a majority of the stockholders in redepositing their shares this
voting trust agreement was extended for further five years, to Feb. 20
1921 (V. 102, _p. 523, 1347).
Stotesbury Management.-The year ended June 1916 marks the end of the
five-year period for which the Stotesbury management originally assumed
the responsibility of directing the affairs of your company. It seems
fitting therefore that this annual report should, in addition to setting forth
the results for the fiscal year ended June 30 1916, contain a summary of
the five-year period.
It is the opinion of the management that the improvement in service to
the public which the Stotesbury management undertook to furnish is an
accomplished fact. The general physical condition of the property has
been brought up to a high standard, the 1,500 new near-side cars and 80
additional elevated cars have made possible an increase of 65% in the
seating capacity of cars operated through the business district during the evening rush hour, the new routing of cars has been mado to conform moro
closely to the direction of greatest travel, and the transportation now supplied is safer and more rapid.
The co-operative plan effects a perfect unanimity of the purpose and efforts of the motormen and conductors and through the agency of the 22%
fund has made possible an increase of from 23 cents to 31 cents per hour in
the maximum wage during the five-year period.
The expectation that the rehabilitated and improved property might be
productive of a return upon the $30,000,000 of capital stock actually paid
in has been borne out by the experience of the period, particularly during
the latest fiscal year, when the net earned surplus amounted to $1,672,704.
It is to be earnestly hoped that the present earning power will rehabilitate
the credit of the property, as the participation of the company in the plans
of the city of Philadelphia fer the construction and operation of an extensive
system of subway and elevated lines (V. 102, p. 1897, 2342) is essentially a
financial problem, the company only aslcing from the city such co-operation
as may be necessary to properly protect it against the diversion of earnings
from the present system.
Oper. Results for Six-Year Period-Gross Earns. & Surp. or Def.-All $.
Gross. 1910-11.
1911-12.
1912-13.
1913-14.
1914-15.
1915-16.
Est._20,900,000 21,750,000 22,625,000 23,525,000 24,475,000 25,450,000
Act _21,529,469 22,700,692 23,927,179 24,255,813 23,843,606 25,839,344
Sur. or Def.
•
Est _def652,000 def416,750 def283,625
sur382,500 sur678,000
Act _def415,560 dsf150,489 sur509,583 sur310,236 sur221,705 sr1.672,701
The normal increase in gross earnings has been estimated at 4% per ann.
and this rate of increase was estimated when the forecast of the results for
tuis ,period was prepared. The actual average increase in gross earnings
has been 4.22% per annum the total gross earnings for the year ended
June 30 1916 being 325,83.1,344, as against the original estimate for that
year of $25,450,000 on a basis of 4% annual increase.
It was originally estimated that only the last two years would reveal a
surplus which would aggregate $1,060,500. The actual results of operation,
however,show surplus earnings during each of the last four years amounting
in total to $2,714,228.
Co-operative 22% Fund.-The 22% fund represents the setting aside of
22% of the gross passenger earnings into a separate fund for use in paymeat of wages, pensions and death benefits to the motormen and conductors
engaged in tne passenger service.
The increases in wages made possible by the use of the 22% fund far
excaecled all expectations, a total increase of 8 cents per hour in the maximum wage having been made during the five-year period. Over 76% of the
inJtarmen and conductors are now drawing the maximum rate of 31 cent
pa: hoar. The financial results of the 22% fund from July 1 1911 to June
30 1916 follow:
Appropriated to fund-22% of gross passenger earnings
Expenditures from fund-Time table costs, $25,153 185; guar-1;25,508,588
antees and benefits, $312,117
25,465,301
Balance in fund June 30 1916
$43,287
The co-operative plan has proven a great success.
Accidents.-ComparIng the year just ended with the year ended June 30
1911, the number of passengers carried increased from 504,000,000 to
636,000,000, or 26%, with a reduction of 28‘7° in accidents, notwithstanding the larger number of passengers, the higher speed and the greater
number of cars operated.
The accident reserve shows a balance of $1,032,686 as at June 30 1916,
or a reduction of only 22% in tne past five years, as against a decrease
in the suits pending from 4,367 July 1 1911 to 1,711 July 11916, or 60%.
[As to vote of city on May 16 1916 to issue $57,100,000 bonds for additional subways and elevated roads, which the company will probably
operate under lease or other agreement, see V. 102, p. 1897, 2342.]
[VOL. 103.
United States Steel Corporation.
(Earningsfor the Quarter and Half-Year ending June 30 1916.)
The following statement of the corporation and its subsidiaries for the quarter ending June 30 was given out on Tuesday
after the regular monthly meeting:of the directors. The "net
earnings" as here shown "were arrived at after deducting each
month the cost of ordinary repairs and maintenance of plants
and interest on bonds of subsidiary companies."
In addition to the regular quarterly dividend of 1 % on
common stock, an extra dividend of 1% was declared on
July 25. Both dividends are payable Sept. 29 to holders of
record Sept. 1, making a total of 23%, payable as shown
below on the common shares out of the earnings of the
quarter ended June 30 1916.
For unfilled orders on hand see "Trade and Traffic Movements" July 15 1916 (page 216).
RESULTS FOR QUARTERS ENDING JUNE 30.
1916.
1915.
1914.
1913.
$
$
Net earnings
81,126,048 27,950,055 20,457,596 41,219,813
DeductSink, funds on bonds of
sub. cos., deprec. & extraord. roplace't funds 8,071.818
6,031,013
5,613,007
7.629,786
Interest on U. S. Steel
Corporation bonds..
5,412.962
5,493,884
5,571,142
5,642,546
Prem.on bondsredeemed
261,000
245,136
227,023
Sinking funds on U. S.
Steel Corp. bonds_ _ 1,673,978
1,607,458
1,546,961
1,669,416
Total deductions_ _ _ _ 16,419,788 13,377,491 12,9o8,133 14,941,748
Balance
65,706,260 14,572,564
7,499,463 26,278,065
Div. on pref. stk.(1 Yi o) 6,304,919
6,304,919
6,304,919
6,304,919
Div. on corn. stk.(2 4 %)11,436,806
OW6,353.781(14)6353781
Sur. or def. for quar.sr$47,964,535 sr.8,267,645 df5,159,237 sr13.619,365
NET EARNS. FROM OPERATIONS FOR HALF-YEAR END. JUNE 30.
1916.
1915.
1914.
1913.
Net Earnings$
$
$
$
January
*18,794.912 *1,687,150 *4,941,337 *11,342,533
February
*19,196,396 *3,638,578 *5,655,611 *10,830,051
March
*22,722,316 *7,132,081 *7,397,433 *12254,217
Total first quarter_ _ _ 60,713,624 12,457,809 17,994,381 34,428,801
April
*25,423,676 *7,286,409 *6,920,879 *13,072,710
May
*27,554,899 *9,320,576 *6.815,823 *14,554,566
June
*28,147.473 *11,343,070 *6.690,894 *13.592.537
Total second quarter_ 81,126,048 27,960,065 20,457,596 41,219,813
Total half-year
141,839,672 40,407,864 38,451,977 75,646,614
*After deducting int. on subsidiary companies' bonds outstanding, $805,462, $796,408, 3795,226, 3792,541, 3790,558 and $791,918, respectively,
against $880,026, $872,480, $872,055, $863,526, $863,445 and
$859,441
in 1915; 3819,372, 3819,129, $818,196, $820,036, $838,607
and $840,175 in
1914, and $838,497, $847,132, $842,298, $839,524, $831,627 and
$830,669
in 1913.
INCOME ACCOUNT FOR HALF-YEAR ENDING JUNE 30.
1915.
1916.
1914.
1913.
$
$
Total net earns. half-yr..141,839.672 40,407,864 38,451,977 75,646,614
DeductFor sink, fund, deprec'n
and reserve fund
19,240,891 13,411,707 12,957,991 18,029,494
Interest
10,857,649 11,018,263 11 ,171,421 11,310
,755
Prom, on bds. redeemed
522,000
490,272
451,016
Total deductions_ _ __ 30,620,540 24,920.242 24,583,458 29,340,249
Balance
111,219,132 15,487,622 13,868,519 46,306,365
Dividends on StocksPreferred (3%%)
12,609.838 12,609,838 12.609,838 12,609,838
Common
y17.790,587
x12,707,562 x12,707,562
Total dividends
30,400,425 12.609,838 25,317.400 25,317,400
Balance
stir80,818,707sur2,877,781df11,448,881 sr20.988,985
x Denotes
%• y Denotes 3%%.-V. 103, p. 326, 245.
Price Brothers & Co., Ltd., Quebec.
(Report for 15 Months
ending' Feb. 29 1916.)
INCOME ACCOUNT YEARS ENDING JUNE 30.
Pres. William Price, Quebec, Apr. 18, wrote in substance:
1915-16.
1914-15.
1913-14.
1912-13.
The
date
of
closing
the accounts was changed from Nov. 30 to the last
Passenger earnings
$24,871,255 $22,971,595 $23,356,876 $23,020,932 day of
February. During the three months ending Feb. 29 1916 no profits
Other receipts
963,089
872,011
898,937
906,247 accrue in the lumber department,
but the overhead charges and salaries
have
mot,
to
be
the result being that the books do not show any increase
Total
$25,839,344 $23,843,606 $24,255,813 $23,927,179 in
net profits for these months, so that the profit of practically 8% on comExpensesMaintenance & renewals*$3,875,902 $3,576,541 $3,638,372 $3,539,077 mon stock are really loss than the result of 12 months' operations. During
that period there
Oper. of power plants
1,441,422
1,411,240
1,557,965
1,454,122 newals $251,293. has been charged to revenue in respect of repairs and reOperation of cars
6,447,018
6,205,100
6,297,115
6,129,119
An amount equal to the par value of the bonds redeemed by the operaGeneral
1,343,326
1,329,829
1,527,387
1,807,948 tions of the first year's sinking
fund has
Taxes
1,261,701
1,348,723
1,278,406
1,225,488 fund, which now stands at $540,000. been transferred to general reserve
'rho result of the operation of the paper mill at Konogand has been most
Total expenses
$14,372,428 $13,877,433 $14,299,245 $14,205,755 satisfactory,
accounting largely for the increase in net profits. 'rho paper
Net earnings
$11,466,916 $9,966,173 $9,956,567 $9,721,423 made has proved
Interest
$2,303,780 $2,259,471 $2,161,696 $1,728,222 made at increasedto be of excellent quality and contract renewals are being
prices. The ground wood pulp mill at Itimouski was reRentals
7,365,432
7,361,997
7,361,635
7,363,618 opened during the period under
report and its operations resulted in a profit.
Sink, fund city contract
120,030
120,000
120,000
120,000 The lumber business, while showing profits
as heretofore, suffered from lack
shipping facilities, which considerably reduced tho turn-over. The
Total
$9,791,212 $9,744,463 39,616,331 $9,211,840 of
Shipshaw Power Co. bonds have not yet boon disposed of.
Balance, surplus
$1,672,701
$221,705
$310,236
$509,583
-INCOME ACCOUNT FOR YEAR ENDING NOV.30 (incl. Sub. Companies)
* Maintenance and renewals in 1915-16 include amount expended,
15 Mos.end.
Years ending Nov. 30
$2,506,731, against $2,435,415 in 1914-15; and unexpended balance,
Feb. 29 '16.
1914.
1913.
1912.
31.360,171, against $1,141,126.
Profits for year
$1,032.186
$692,830
$512,528
$463,717
Bond interest
$362 804
$200,231
$277,499
$246,776
BALANCE SHEET JUNE 30.
Intereat on ban.k loans
119,173
98,819
61,241
Sinking fund
156,671
70,000
1916.
1915.
1914.
Assets$
Total deductions__ __
$
$
3638,648
$459,050
$338,740
$246,776
Leases, franchise, construe., equip.,
Balance, surplus
$393,528
$233,780
$173,788
$216,941
adv. to leased lines, sink. fund, &c_112,931,143 113,010,013 113,698,424
BALANCE SHEET AS OF FEB.291916 AND NOV.301914.
Securities in treasury
x2,350,000
Cash after payment of all fixed
Feb. 29'16. Nov. 30'14.
Feb. 29'16. Nov. 30'14.
charges due July 1
Assets2,212,758
1,838,288
S
Liabilities-$
228,751
$
$
Reserve fund for renewals
y1,875,00.) 1.250,000
2,000,000 Real est.,blgs.,&c*14,326,502 14,209,326 Capital stock_ _ __ 5,000,000 5,000,000
Supplies, material, prepaid items and
Investment
84.327
100,000 1st M.5% bonds_ 5,804,863 5,804,863
accounts receivable
1,532,551
2,026.436 1,632,109 Ace'ts payable- - _ 420,324
1.119,081
1,222,885 Inventories
536,605
acc'ts receivable_ 453,160 1,097,301 Bills payable
x094,885 1,675,509
Total
120,951,457 117,267,412 117,150,063 Bills receivable...
6,969
54,621 Men! int., &e
106,657
34,894
LiabilitiesCash in banks,&e.
38,355
19,498 Reserves
n738,893
625,437
Capital stock paid in
29,978,875 20,978,875 29,978,875 Deterred charges_
88,123
131,168 Surplus
2,556,682 2,556,682
Bonds, mortgages, ground rents, &c.. 81,653,216 80,575,216 80,683,222
Profit and loss_ _ _ 1,403,589 1,010,031
Accts. pay'le, pay-roll, accr. taxes.&c.
967,734
795,983
903,473
Accrued fixed charges, &c
2,477,729
Total
17,023,873 17,244,021
2,477,729
Total
2,495,263
17,023,873 17,244,021
Accident reserves
1,032,636
1,042,555
1,110,703
* Includes real estate, buildings, freehold and leasehold timber lands
Renewal reserve
1,853,243
1,269,036
1,042,962 (over 6,000 sq. miles), water powers, mills and milling plants, warehouses,
Surplus
§2,937,975
1,123,018
930,561 craft and bateaux, &c., $13,741,490; less property sales, 812 755; bal.
$13,728,735; add Shipshaw Power Co. expenditures to date on water power
Total
120,951,457 117,267,412 117,150,062 and development, including land, buildings and equipment,
$597,767;
total as above, 314.326.502. x Includes as of Feb. 29 1916 bank loans,.
x Securities in treasury in 1916 include P. R. T. 5% bonds of 1912, $1,and other loans, $41,485. a Reserves in 1915, consist of reserve
600,000, and certificates of participation, $750,000, representing $882,000 $953,400,
accounts receivable, 323,715, against lumber and paper shipments,
1' R. T. 5% bonds of 1912. y Reserve fund for renewals include cash against also general
depreciation reserve, $540,000; marine and fire insur$772,246, and securities, $1,102,754. § After adding $280.638 net credits $16,506;
$50,000,
and sinking fund, 1st M. bonds, $106,671.
ance,
to accumulated surplus on account of adjustments of earnings and expenses
-There
was
also
Note.
Fob. 29 1916 a contingent liability in respect of
applicable to prior fiscal periods, &c., and deducting $93,435 amortization bills under discount, $150,639.
of 1910 strike expense.-V. 102, p. 2342, 1897.
See note offering on a subsequent page.-V. 103, p. 243.
JULY 29 1916.]
THE CHRONICLE
International Nickel Co., New York.
(Resultsfor Three Months ending June 30 1916.)
CONSOLIDATED INCOME ACCOUNT.
3 Mos. end.
Years ending March 31
J'ne 30 '16.
1916.
1915.
1914.
Earnings of constituent
cos. (mfg. and selling
exp. deducted, &c.)__ $3,959,134 $14,091,612 $7,049,112 $6,452,758
66,362
Other income
249,354
181,649
114,029
$4,025,396 $14,340,966 $7,230,761
Total income
222,422
870,860
General expenses, &c_ _ _
517,374
$6,566,787
437,812
$3,802,974 $13,470,106 $6,713,387 $6,128,975
Not income
Deduct13806,000
Depreciation of plants _1 $497,400
$720,000
$636,915
Mineral exhaustion_ __ J
1 900,828
385,315
687,395
Foreign cos. not included
15,000
,
12,000
(1 %)133,689(6°1)534 756
Prof. dividends
Common dividends__ _ (Soo * below) 6,431,'803(6%)534
756(6"34
4,753,938
'
'
7"
3,803,150
Per cent
(12%)
1 (23%)
(10%)
$631,089 $11,688,386 $6,404,009 $5,674,216
Total deductions_ _ _ _
$3,171,885 $1,781,720
Balance, surplus
6309,378
$454,759
* A quarterly dividend of8% was paid June 1 1916 on the common stock,
but is not deducted from the surplus above.-Ed.
CONSOLIDATED BALANCE SHEET JUNE 30 1916 & MARCH311916
J'ne 30'16.21far.31 '16.
J'ne 30'16. liar. 31 '16
Assets$
$
Liabilities-$
$
Property account_43,679,368 43,709,221 Common stock_ _ _41,834,600 41,834,600
Investments
1,510,034 1,987,982 Preferred stock_ _ _ 8,912,600 8,912,600
Inventories at cost 4,649,941 4,188,371 Ace'ts payable,&c.)
1 1,478,315
Ace'ts receivable)
f 2,988,782 Accrued taxes_ ___ )1,728,1871 223,596
Dills receivable__ I 2,246,3871
Divs. unclaimed_ -J
23,019
1
Int. receivable__ )
79,847 Pref.div.,due May 133,689
I
133,689
Sundry advances)
1
65,096 Com.div.,due J'ne
3,346.768
Loans on call (sec.) 1,015,000 1,015,000 Accident and inCertif. of deposit.. 2,030,000 2,030,000 surance funds__ 193,208
186,957
Cash
4,137,633 3,369,436 Profit & loss surp_a6,466,080 3,294,195
Total
59,268,364 59,433,736
59,268,364 59,433,736
Total
a Before deducting the quarterly dividend of 8% paid June 1 1916.V. 102, p. 2072, 1720.
Cluett, Peabody & Co., Inc., Troy, N. Y.
(Report for Six Months ending June 30 1916.)
INCOME ACCOUNT FOR SIX MONTHS ENDING JUNE 30.
1916.
1915.
1914.
$8,468,804 36,727,882 $7,280,920
2,700
2,700
2,700
Not sales
Income from subsidiary company_
Total
Deduct-Expenses, &c
Reserve for contingencies
Interest paid
Depreciation
$8,471,504 $6,730,582 $7,283,620
*$6,982,945 *35,629,687 $6,194,052
124,216
5,208
1,735
10,707
106,753
112,456
107,925
$1,376,599
profits
Net
$846,720
$245,000
Preferred dividend (335(70)
6280,000
Divs. on coin. stk. paid Fob. & MaY(2%)450,000 (2)360,000 (2)360,000
Balance, surplus
$681,599
6349,959
$206,720
1398,17t
*"Exponses, &c.," include raw materials, labor, supplies, operating expenses, general and selling expenses and all administrative expenses.
BALANCE SHEET JUNE 30.
1916.
1915.
1916.
1915.
Assets8
Liabilities-3
$
Real est.,plant,&c.a3,284,311 03,122,853 Common stock___18,00J,000 18,000,00
Good-will, patent
Preferred stock._ _ 7,000,000 7,505,000
18,000,000 18,000,000 Bills payable
rights, &c
600,000.
Work In proc.,&c. 2,590.187 1,297,210 Accounts payable_
88,577
46,638
520,245
872,713 Res.for taxes, &c_
Cash
28,089
14,968
Finished prod.,&c. 1,813,724 2,232,254 Surplus
3,377,055 2,224,191
Acc'ts receivable_ 2,555.013 2,074,001
Mfg.&op.sup.,&c_ b318,836 b231,888
19,878
11,405
Bills receivable_ _ _
29,093,722 27,850,797
Total
29,093,722 27,850,797
a Includes real estate, buildings, machinery, vehicles and equipment
at
Rochester,
Waterford
Corinth,
and
N. Y.; South Norwalk, Conn.;
Troy,
Leominster, Mass., and St. Johns, Quebec; together with
furniture and
fixtures at sales-rooms. b Includes manufacturing and operating
and deferred charges to operations including advances applicablesupplies
to following fall season.-V. 102, p. 342, 156.
_
Total
American Thread Company.
Statement for Fiscal Year ending March 31 1916.)
403
Original Developed
Ore
Exby
Originally Keystone
R.servesploration. Drilling. Developed.
Ore.
Sulphide ore (tons) 45,000,000
1,252,000
Low sulphide material (tons)
2,839,000 25,483,000 376,000
Oxid'd mat'l (tons)
3,767,000 8,678,000 5,015,300
Mixed carb.& sulph.
material (tons)
252,000 3,624,000 856,700
Total.
46,252,000
28,698,000
17,460,300
4,732,700
Total
45.000.000 6.858,000 37,785.000 7.500,000
The first unit of the mill wont into operation in Juno, but only97.143,000
12 of the
18 units were completed by Dec. 31 1915, mainly because of non-delivery
of machinery and materials. The mill is now in full operation and giving
complete satisfaction. The equipment of two additional sections already
provided has been authorized. This will increase the capacity of the mill
to 16.000 tons per day and will provide sufficient milling capacity
maintain full copper production in case it is decided to drop the grade,to
assuring a minimum production of 10,000.000 lbs. per month from athus
greater
tonnage of ore but without increasing the cost per pound of copper.
There is no doubt that oxidized ores can be readily and cheaply treated
by a leaching process. In all probability a plant of about 4,000 tons daily
capacity will be required to treat tlea oxide ores in the Same proportion to
the developed tonnage as the sulphides.•
The refined copper production for the year from the now mill was 20,-,
445,u
611/.
70 lbs., viz.:
September.
July.
August.
October.
November.
December.
2,746,066
2,189,425
1,095,909
4,017,604
4,855.526
5,541,140
The price received for copper delivered during the year was 19.449 cts.
The yield in refined copper was 26.4 lbs. per ton of ore.
Under the conditions governing the starting up of an entirely new plant,
It is felt that the cost of 8.132 cts. per lb. of cooper shown is exceedingly
satisfactory. Some production was obtained during the year from the
operation of the test mill, but as the proceeds of this production were applied
against the costs of building and operating the test mill, it has not been included in the regular production.
As several months must elapse between the date of the production and
that of delivery to consumers, it results that of the 20,445.610 lbs. of copper
produced during the period, there were delivered only 6,134,355 lbs.
Therefore, by taking the profit as shown by the balance sheet, $600,062.
it must be remembered that the additional 13.980,056 lbs. of copper produced during this period, while sold at current prices, have boon inventoried
at the cost of production and that the profits which will accrue on the delivery of this copper will be shown in the 1916 figures.
[The report of the General Manager is dated at Miami, Ariz., March 18.1
Statement by Treasurer J. W. Allen, New York, March 31 1916.
As is always the case in the beginning of operations, the profits for the
six months ending Dec. 31 1915 are not normal, inasmuch as a normal production was first approached in December, and although the entire production of the six months was sold at Dec. 31 1915, less than one-third of it
was actually delivered and the profit taken into the 1915 earnings.
As construction was under way during the entire six months of operation
and as the proceeds of the convertible bonds wore Used entirely for construction, interest on outstanding bonds for the six months ending Dec. 31 1915
is charged to construction account. All except 6582,100 of the convertible
bonds have been surrendered for conversion into stock as of March 31 1916
and the capital stock outstanding as of that date will be 1,159,471 shares.
An initial quarterly dividend of Si 25 per share is payable on May 1 1916
to stockholders of record April 7 1916.
PROFIT AND LOSS ACCOUNT FOR SIX MONTHS END.DEC.311915.
Sales of copper
$1,138,878 Administration expenses and
Mining exp. and development_ 530,486
Federal tax
$45,089
Ore transportation
149,026 Copper In process and on hand
Reduction expenses
552,737 (at cost)
Cr.1,101,399
Transportation of metals, refining and selling expenses
Surplus
382,877
$500,062
BALANCE SHEET DEC. 31 1915.
Assets (Total $27,443,046)Ltahtlates (Total $27,443,046)Mines and mining claims_ _ _ _$18,090,003 Capital stock (920,975 shares
Lands
192,574
at $20 Issued)
$18,419,500
Buildings and equipment.._ _ 7,010.952 10-year 6% bonds
4,251,000
Supplies on hand
622,276 5-year 6% debentures
2,293,500
Prepaid expenses
1,927 Accounts and wages payable
Copper in process (at cost)._ 1,115,960
and accr. taxes & bond Int. 1,878,983
Accounts receivable
338,703 Surplus
600,082
Cash
70,650 I
-V. 103. p. 148.
•
City Investing Co., New York.
CONSOLIDATED REPORT OF CITY INVESTING CO. AND SUBSIDIARY COMPANIES, YEAR ENDING APRIL 30.
1915-16.
1914-15.
1913-14.
1912-13.
Gross earnings
$935,662 $1,100,474 $1,301,547 $1,318,953
Operating expenses
$262,720
$327,374
$332,154
$360,277
Taxes
163,385
160,116
216.29
208,655
Not earnings
$509,557
DeductGeneral, &c., expenses... 536,066
Interest (not)
283,206
General, Sze., reserves...
1,058
Preferred dividends (7%)
69,986
$612,984
$753,154
$750,021
$39,890
312,291
1,464
69,986
$33,128
435,244
15,371
69,986
$31,283
441,663
22,393
70,000
Balance, surplus
3119.241
$189,353
$199,425
$184,682
1915-16.
1914-15.
BALANCE SHEET APRIL 30.
1913-14,
1912-13.
$2,311,593 $1,531,377 $2,086,115
Gross profits
1916.
1915.
61,683,463
1916.
1915.
DeductAssetsLiabilities$
$
$517,105
$505,672
Depreciation
$495,960
Real estate
*5,035,537 5,048,408 Common stock
$506,483
4.000,000
4,000,000
240.000
interest
240,000
Bond
240,000
1,000,000 1,000,000
240,000 Bonds & mortgages- 386,000 300,000 Preferred stock
25,000
Employees'pension fund
50,000
Stocks of other cos__
2,000
2,000 Accounts payable__. 25,522
23,962
244,524
dividend (5%)
244,524
Furniture, fixt., &a244,524
1,503
Rents
1,503
received
244.524
in
addividend..-*(18%)972,000
Common
Prof.
(10)540,000 (18)972,000 (12)648,000 Tenant changes_ _ __ 14,589
16,107
vance
5,912
589
Unexp.
exp_
insur.
&
53,415
58,860
Accr. Int., taxes, &c_ 142,359 137,556
Balance,sur. or def._sur.$312.964 def.$48,819sur.$133,631 sur
60,534 Reserves
128,149 152,091
.$44,456 Notes & accts. rec _ a 55,868
.-Loans to other cos__ 81,763
73,021 Surplus
570,846 451,605
* Includes $324,000 6% bonus on common stock paid July 8
236,789 210,693
Cash
1916.
BALANCE SHEET lARCH 31.
Total
5,867,465 5,771,126
Total
5,867,465 5,771,126
1915.
1916.
1916.
1915.
Liabilities$
Assets$
* Real estate is given after deducting underlying mortgages amounting
Common stock_ _ _x5,400,000
Land, water and
to 66,925,000 in 1916. against $6,575,000 in 1915.
5% pref., fully pd- 4,890,475 x5,400,000
steam power,
a Less reserve for doubtful accounts.
4,890,475
4% 1st M. bonds_ 6,000,000 6,000,000
mills, machinDividends paid on preferred, 7% (guar.) in full to date, but no dividends
Accounts payable.. 538,218
ery, plant and
on common since 1907.-V. 99, p. 1671.
280,450
Bills
payable
15,707,990
effects
16,188,427
822,237
364,734
Stock in trade, net
Bond int. accr.,&c.
Citizens' Gas Company of Indianapolis.
66,062
66,155
cost
7,105,984 6,039,089 Depreciation fund 5,349,173 5,199,025
Accounts receiv(Report for Fiscal Year ending Dec. 31 1915.)
Div. on com,stock
able, net
payable in July_ 378,000
1,952,496 1,264,577
270,000
Pres. Franklin Vonnegut, March 11, wrote in substance:
Cash
414,191
525,892 Bonus on corn. stk. 324,000
Sundry investm'ts 424,147
Tile depression which began in the summer of 1914 extended, for this
765,383 Empl. pension fd_
26,195
50,000
Advance payments
company,
27,276
until about Sept. 30 1915. Beginning with October, there was a
135,268 Reserves
083,460
895,623
Balance, forward_ 1,334,701 1,021,737 marked revival in business which was immediately reflected in a remarkable
increase in the demand for both foundry and domestic coke. On account of
Total
26,112,522 24,438,199
Total
26,112,522 24,438,199 contracts the average price did not show a noteworthy improvement, but the
production could be largely increased and heavy shipments of stock coke
x Includes common stock (par value $5), $4 50 paid up.-V. 103, p. 241. likewise were made. The result of this improved business situation was
likewise reflected in the consumption of gas. The net profits from regular operation, alter taking care of interest and rental charges as well as
Inspiration Consolidated Copper Co.(of Me.), N. Y.
all operating costs and taxes, amounted to $135,478, against $129,779
for 1914.
(Fourth Annual Report-Year ending Dec. 31 1915.)
Thu output of our two by-product coke plants compares with that of
Pros. Wm. B. Thompson, N. Y., Mar. 31, says in
1914 as follows:
Coke,(tons) Ammonia (lbs) CoalTar (gals)
capitatizanon.-Tho share capital is divided as follows: Totalsubst.
shares 1915
350,153
2,602,733
4,107,715
issued and outstanding, 920,975; reserved for conversion of 1st M. bonds, 1914
335,276
2,121,137
3.802,767
170,040; reserved for conversion of debenture bonds, 91,740; total authoThe gas sales amounted to 2,189,853.000 cubic ft., against 2,055,849,rized, incl. stock reserved for conversion of bonds, 1,182,755; balance, un- 000 cubic ft. for 1914. The
increase of 6.12% comparing with 7.42% in
issued, 317,245; total capital stock, 1,500,000. Par of shares, $20.
over 1913.
During the year no important additions wore made and no attempt was 1914
During 1915, your company laid 13.20 miles of new mains, being over
ore.
additional
develop
The
made to
ore reserves, therefore, remain the six miles more than its franchise requirements. Meters in use
Dec. 31
same as previously reported, namely:
1915 was 55,153, against 53,006 Dec. 31 1914 and 52.738 Dec. 311913.
TIIE CHRONICLE
404
The European war made it wise to install benzol recovery equipment
at both the Langsdale Ave. and Prospect St. plants, and in addition a
complete refining plant has been erected at Prospect St. The operation
of this new industry began Aug. 12, and the results have fully justified
the wisdom of the undertaking. The present high prices are due partly
to the cutting off of imports and partly to the enormous demand for bonzol products and it is not to be expected that large profits can be derived
from this business after the return of normal conditions.
During 1915, two dividends of 3;4% each were paid, dividend No.
11 [in March] out of earnings of Dec. 31 1914, and dividend No. 12 out
[in September] of earnings to June 30 1915. The earnings as shown on
the accompanying statement caused your Directors to deem it possible
to declare a [semi-annual] dividend of 5% payable March 27 1916.
As in the past, however, stocknolders are advised that the payment of
a givpri dividend at any time does not commit the Company to the maintenance of the same. Therefore, although the company may find itself
in a position soon to make payment of some of the accumulated dividends
to which the stockholders are entitled under the franchise and articles
of incorporation, the commencement of such a policy should not be taken
as an indication that all such accumulations are to be paid immediately.
Only as the earnings justify distribution to the stockholdres after reasonable provision for reserves, will dividends be declared.
[The company accordingly paid on June 30 1916 a special dividend,
at the rate of 10% per annum on the stock outstanding Dec. 31 1909,
from date of issue of the respective certificates to Dec. 311909. less dividends already applied to that period. See V. 102 p. 2079; V. 103, 13.
146.-Ed.1
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1913.
1914.
1915.
$524,624
$1,188,962 $1,143,390
Gas earnings
556,226
1,084,828
1,165,756
Coke earnings
68,468
229,805
190,308
Ammonia earnings
60,743
137,522
127,504
Coal tar earnings
977
2,451
2,317
Miscellaneous
Total operating earnings
Production expense
Distribution expense
Commercial expense
Coke & by-products sales exp
General, &c., expense
Taxes
$2,724,496 $2,548,347 $1,211,038
$778,603
$1.742,834 $1,677,682
43,581
127,100
110,519
39,456
65,010
58,794
30,477
42,811
72,596
48,794
33,965
42,675
31,275
59,271
84,292
Total operating exp. and taxes__- $2,128,291 $1,989,259
$559,088
$596,205
Net earnings
146,267
26,678
Non-operating income
Gross income
Rentals
Bond,&c., interest
Dividends (7%)
$742,472
373,499
107,269
87,500
$585,766
365,190
90,797
87,500
[VOL. 103.
the Cumberland Telephone & Telegraph Co. situated in Indiana. For this,
common stock at par of the Southern Telephone Co. of Ind. was issued to
the Cumberland Telephone & Telegraph Co., Inc., which stock was deposited with the trustees under the first and general mortgage. The property transferred to the Christian-Todd Telephone Co. amounted to $228,During the year 1915 $1,473,910 was expended to replace property which
had reached the limit of its serviceable life, and which was charged against
reserves created for this purpose. In 1914 31,321,690 was expended for
similar purposes.
Stations, &c.-During the year we transferred 16,810 owned stations,
15,406 to the Southern Telephone Co. of Ind. and 1,404 to the ChristianTodd Telephone Co. Had these transfers not been made, our increase in
owned stations would have been 6,111. As a matter of fact, the reports
show a decrease of 10,699 stations. Our connecting stations show a decrease of 10,614. Eliminating transfers, there was an increase of 1,923.
Results.-The dividend rate continues at 6% per annum, the undivided
profits from the year's operations being $215,769 and the direct charges to
surplus reduced the not additions to that account to $113,673.
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1914.
1913.
1915.
204,989
200,014
194.290
Stations owned
89,040
101,257
90,643
Connecting, &c., stations
$7,880,374 $8,048,552 $7,908,686
Gross revenues
5,204,380 5,650,949 5,698,335
Operating expenses
Not earnings
Taxes, &c
$2,675,494 $2,397,603 $2,210,351
482,284
628,767
596,868
Operating income
Other income
$2,046,727 $1,800,735 $1,728,067
133,940
153,697
99,784
Gross income
Interest, rents, &c
Dividends paid
$2,180,667 $1,954.432 $1.827,851
$1.300,089 $1,269,230 $1,073,709
(6%)664,809(6%)664,809(7%)775,611
31,964,898 $1,934,039 $1,849,320
Total deductions
sur.$215,769 sur.$20,393 def.$21,469
Balance, surplus or deficit
BALANCE SHEET DEC. 31.
1914.
1915.
1914.
1915.
Liabilities$
$
$
AssetsLand & buildings_ 1,148,191 1,349,310 Capital stock-11,080,150 11,080,150
21,925,000 21,935,000
$972,186 Exchange lines._ _16,475,321 17,777,401 Funded debt
270,812
$238,852 Toll lines
7,529,367 7,809,059 Accounts payable- 415,128
54,145 Equipment
5,436,362 5,939,484 Accrued accounts
32,277
30,371
not due
800,909
Right of way, &c.. 896,617
$292,997 Investments
702,032 Employees' benefit
*3,209,206
150,000
150,000
90,413 Cash and deposits. 389,331
389,717 fund
59,509 Bills & accts. rec_ 2,159,215 2,720,995 Depreciation re3,620,505 4,084,953
87,500 Marketable secur_
68,503
1,910 servo
413,520 Insurance, &c., reMaterials & supp_ 342,150
52,572
50,744
$237,422 Miscellaneous_
9,137 serves
5,106
533,159
646,832
223,621 Surplus
$55,576 Sinking fund, &e_ 261,188
$513,487
$568,268
$42,279
$174,204
BALANCE SHEET DEC. 31.
37,920,558 38,137,095
37,920,558 38,137,095 Total
Total
1914.
1915.
1914.
1915.
* Includes in 1915, general equipment, $355,570; investment securities,
Liabilities-$
Assets-.
$2,068,900; miscellaneous investments, $266,791, and advances to system
a1.250,000 1,250,000 corporations, 3517,945.-V. 102, p. 1062.
*3,332,203 2,991,677 Capital stock
Property
Raw materials, &e.._ 384,023 322,568 lit & refdg. bonds_ _2,044,000 1,530,000
83,000
Debentures
Indianapolis Gas Co.
Central Coal & Coke Co., Kansas City.
100,000
39,293 Collateral notes_
Construction acct.. 97,620
142,000 Accr. taxes, rent,&e. 135,586 129,308
(Report for Year ending Jan. 1 1916.)
Treasury bonds
Notes & accts. reedy. 274,876 209,965 Notes & accts. pay'le 104,918 c295,414
RESULTS FOR CALENDAR YEARS.
Ind. Gas Co. invent.
Sk. fd. investments_ 10,356
Delta Land
115,845
89,538 leasehold account_ 126,900 126,900
Cash on hand
Central Coal & Coke Co.
Del.L.&T.
55,907
Conting., &c., accts_ 84,595
Contingent, prepaid
1916.
1915.
1916.
1915.
1916.
b404,407 266,732
143,835 119,600 Reserves
expenses, &c
Net.
Net.
Net.
Gross.
Gross.
Department77,383
208,353
Surplus
$777.846 $809.188 $291,511 $392,620
Wholesale coal
14,780
10,878
120.184 118,024
coal
4,358,759 3,914,641 Retail
Total
4,358,759, 3,914,641
Total
19,405 22,608
394 loss 934
Wichita coal
* Includes in 1915 Prospect manufacturing plant, $2,225,872,• Citizens' St. Joseph coal
16,019
3,711
2,521
13,868
distribution system, $1,013,402; utility equipment, $18,754, and Citizens' Washer
27,360 30,398 loss1,528 loss1,065
in
held
miscellaneous property, $74,176, a After deducting $750,000
34,205
Stores lumber dopt
treasury. b Includes in 1915 stock premium, $104,355; special deprecia- Mining stores
86,751 127,347
tion reserve, $100,000; Prospect plant special depreciation reserve, $33,938: Rentals coal, &c., dept.
28,272 50,402
7,305
depreciation reserve, $18,282; main depreciation Wholesale lumber
Langsdale plant
110,219 120,523 36,812 43,647 439,154
230 30,977
62,980
and replacement reserve, $48,493; general reserve against depreciation, Miscellaneous
contingent
$11,531;
reserve.
reserve,
&c.,
$52,452; inventory adjustment
$1,071,033 $1114603 $523,684 $625,647 $511,641
$25.000, and bond sinking fund reserve, $10,356. c Includes in 1914
Total
notes payable, 3200,000.-V. 103, p. 146.
INCOME ACCOUNT FOR YEAR ENDING DEC. 31.
DeltaL.&T.Co. -Cent. C. & C. Co.-Cent.C.&C.Co.
Taylor-Wharton Iron & Steel Co.
1916.
1914.
1915.
1916.
$511,641
$625,647 $1,287,922
_
above_
as
$523,684
earnings
Net
(24th Annual Report-Year ending Dec. 311915.)
Deductions$126,120
$126,664
Pres. Knox Taylor, High Bridge, N. J., Mar. 7 1916, Royalty crud. coal lands $108,198
339,865
$368,435
Royalty crod. timber ids.
said in substance:
33,987
37,419
property..
mill
Deprec'n
The demands of the warring nations for munitions have, together with Deprec'n washer prep.._
4,008
4,008
2,672
the domestic requirements, increased iron and steel production in this Deprec'n Kansas City
in
reflected
been
some
has
of
prosperity
This
figures.
country to record
4,544
4,544
4,544
trucks
motor
our lines of manufacture, but our principal business has boon much slower Live stk. exting. reserve
19,876
11,580
in experiencing improvement. There has been very little demand for General expense
88,819
70,581
74,918
42,780
second
the
special track work for steam and electric railroads, although
72,990
77,488
70,913
69,333
Interest on bonds
half of the year showed an increasing improvement in the steam linos, Interest and exchange
73,041
12,405
21,834
28,804
but it was not until well toward the end of the year that the electric railways gave evidence of greater interest in purchasers. We have had numer$306,726
$743,918
$539,802
$309,926
Total
ous opportunities of going extensively into the manufacture of munitions Earnings, sur. or det_sur.$213,757 def.$28,160 sur.$318,921sur.$544,004
but, aside from making shell forgings, such work would have been out Divs.on prof.stock(5%)
93,750
93,750
93,750
of our lino.
(3)153,750 (6)307,500
Divs. On corn stock_ __ _
The now plant at Easton is now operating on steam railroad work,
to
Philadelphia
from
and since Jan. 1 we have moved the works' office
xBalance after divs_sur.$120,007 def.$28,160 sur.$71,421 sur.$142,754
Easton, leaving at Philadelphia only the street railway work, which we
are now arranging to move to Easton.
x Those items have boon supplied; they do not appear in the reports.
We have paid our bond interest, preferred dividend and taken care of What other deductions or credits there wore, we do not know.-Ed.
maintenance, the regular depreciation and other reserves, and reduced
BALANCE SHEET YEARS END. JAN. 1 (Cent. C. & C. Co.).
our surplus by only about $20.000. When it is remembered that it was
too soon to get any return on the largo capital, in excess of 31,500,000,
1915.
1916.
1916.
1915.
Liabilities-invested in the new plant at Easton, we believe the showing, under the
$
$
Assets$
$
circumstances, is a satisfactory one.
4,219,212 4,270,527 Common stock ___ 5,125,000 5,125,000
Coal lands
[In July, the initial $800,000 of an outhorized 31,500,000 5-year 5% Timber lands
1,737,130 1,737,130 Preferred stock__ 1,875,000 1,875,000
convertible gold bonds dated July 11916, were offered to the public., Soo Coal shafts dr bldg. 1,574,772 1,832,939 Gen.Con.s.M.bds. 1,040,000 1,101,000
official statement as of Juno 20 1916, V. 103, p. 149.]
99,227 Sweetwater Coal
Yards & equipml. 100,731
97,000
59.000
Min. Co. bonds_
142,029
Personal property_ 123,279
CONSOLIDATED BALANCE SHEET.
727,310
589,973
150,000 Audited bills
& So. RR..._ 150,000
1,597,000 Bev.
Common stock
Assets (Total 37,422,739)92,631
42,488
Miscellancoug
&c., in
Bonds.
*35,116,879 Taylor-Wh. Iron & Steel Co.
Plant and properties
91,925
104,159
319,102 Pay-roll balances_
other companies 303,602
1,503,000 Accts.
1st M. bolds
Sink, fund for lit M. bonds
for collect'n 1,773,126 1,848,047 Freight charges un240,500 Inventories
57,500 Phila. Roll & Machine Co
(T.-W. Iron & Steel Co.)__
83,475
66,590
276,271
245,034
28,500 Cash
3,237 Real estate mortgage, &c
Investments, less reserve---d for ins_
39,210
138,816 SInnicd.i utsutned
204,308
288,113
600,000 Sinking
1,303.794 Notes payable
Inventories, less reserve
874,650
75,000 131118 payable
100,000
fund
629,889
Accounts
payable
589,571
reserves
less
rec.,
Notes&accts.
70,553 Undivided profits_ 1,493,183 1,594,122
Sundry balances
320,783 Accrued bond int. and reserve
Cash
1,002,383
65,844 Delta L.& T. Co_
30,985 for dividend declared
Deferred charges
309,893
&c
Plant removal reserve,
(ntal 57,422,73(1)11,515,384 10,959,638
11,515,384 10,959,638 Total
Total
532,753
7% cumulative pref.stoc's-- - -31,876,350 Surplus
BALANCE SHEET JAN. 1 (Delta Land & Timber Co.).
* Includes plant and properties book value at Jan. 1 1915, $4,666,892,
Coal & Coke
properties
of
Central
lumber
[Owning all the timber and
net additions during year $937,327, less accumulated reserves foe depreciation, $487,340. Officers-Pros., Knox Taylor; V-Pros., Victor Co., which owns the entire capital stock.]
1910.
1915.
1915.
1916.
Angell(); P. Chrystio; II. M. Howe; Soc. & Treas. Wm. A. Ingram.
$
3
Liabilities$
AMU--V. 103, p. 149.
500,000
8.053,822 8,141,203 Capital stock ___. 500,000
Timber lands __
Mills, mach., &c. 1,822.026 1,372,617 lit & ref. M. bds_ 2,050,500 1,950,000
Cumberland Telephone & Telegraph Co., Inc.
127,084 Delta Lbr.Co.bds. 624,000
750,000
84.775
Sundry accts. due_
103.072
154,496
33,949
30,057 Audited bills
(Report for Fiscal Year ending Dec. 311915.)
Cash
103,000
68,000
413,456
308,548 Bills payable
Inventories
President W. T. Gentry, Jan. 31, wrote in substance:
Timber notes .984,500
866,000
Deposits for sink9,196
4,162
132,366
117,495 Pay-roll balances_
ing fund
Property.-The restricted business conditions of 1914 continued for the
24,806
21,225
20,710 Accrued Interest
59,269
larger part of 1915. During the year our plant was actually decreased Sundry balances_ _
316.000
150,747 Cent. C.& C. Co_ 1,002,383
$2,170,875 by transfer of property to a now company in Indiana and the Profit and loss_ ...._ 178,908
18,027
22,535
Sund. accts. pay
transfer of a few exchanges to the Christian-Todd Telephone Co., a subSurplus (unavall.) 5,484,168 5,493,967
sidiary.
This year we organized, for reasons of policy and in the interest of our
10,778,571 10,268,4613
Total
10.778,571 10,268,460
Total
public relations, a company known as the Southern Telephone Co. of Ind..
to which was transferred May 1 the property, amounting to $2,018,324, of -V. 102, p. 524.
Total deductions
Balance, surplus
JULY 29 1916.]
THE CHRONICLE
Illinois Northern Utilities Co.
(Report for Fiscal Year ending Dec. 31 1915.)
President Samuel Insull in Feb. 1916 wrote in substance:
The gross,earnings for 1915 do not show a normal increase because of
the general business depression and unfavorable crop conditions. The
prevalence of the hoof and mouth disease in our territory likewise caused
a serious reduction in the sale of power to grist and other mills. Nevertheless the operations for the year are considered satisfactory.
There have been added 1,200 new consumers and new street lighting
contracts in the towns of Hinckley, Oregon, Polo and Amboy.
We have constructed 14 miles of 33,000 volt transmission line from
Marengo to Harvard, with transformer and sub-station equipment, and
thus effected economies. The railway system in Dixon has been extended
miles to the new State Epileptic colony, which will ultimately care
1
for several thousand inmates.
The holders of the notes which were secured by $206,000 5% 1st & Ref.
M. bonds, which were with option to purchase, exercised this option and
in addition the company sold $465,000 of its 5% 1st & Ref. M. bonds,
From the proceeds made necessary extensions and reduced its notes and
accounts payable by about $500,000. There has, therefore, been a substantial increase of current assets over current liabilities.
See annual report of the Middle West Utilities Co.-V. 102, p. 2251.
INCOME ACCT. CAL. YEARS (incl. Sterling Dixon & Eastern Elec. Ry.)
1915.
1914.
1913.
Gross earnings
$882,555
$886,882
$884,949
Expenses
500,413
547,575
624,254
Not earnings
$382,142
$339,307
$260,695
Bond, &c., interest
$216,954
$176,154
$135,859
Preferred dividends
108,480
108,480
108.480
Common dividends (1%)
46,350
Balance, surplus
$16,356
$54,673
$10,358
COMBINED BALANCE SHEET DEC. 31.
1914.
1915.
1915.
1914.
S
Assets$
Liabilities-$
Plants,real est.,&c10,251,397 9,970,230 Preferred stock___ 1,808,000 1,808,000
Open accounts__
4."'
8,667
3,034 Common stock
3,745,000
Materials in storeFunded debt
1,500
rooms
72,511 Real estate mtge
69,434
82,484
544,513
Residuals on hand
17,604 Notes payable____
14,455
84,427
113,917
15,832 Accounts payable..
Coal in storage,.....
12,847
44.420
36
3;7
90
96
2
3,823 Accr. bond,&c.,int
Prepaid accounts_
2,411
8,924
99,682 Miscellaneous-Accts.& bills rec_ _ 123,777
*126,958
116,598
51,510 Surplus
64,223
Cash
N1,1:23
405
Maple Leaf Milling Co., Ltd., Toronto.
(Report for Fiscal Year ending March 31 1915.)
Managing Director Hedley Shaw wrote in substance:
Realizing the most tremendous transportation difficulties we had to
face during the year, the results obtained should, therefore, be considered
satisfactory.
Canada was greatly blessed last year in harvesting her large crop of
wheat, the Northwest Provinces yielding about 375.000,000 bushels of
splendid quality. But owing to the restrictions placed on ocean transportation by the war, and embargoes which followed by the railways on all
traffic, we were brought to a complete close-down of our mills for weeks
at a time.
During the year we suffered the loss of our St. Catharines mill by fire,
the origin of which remains a complete mystery. We were fully covered by
insurance. For the present we decided not to rebuild, but have erected a
warehouse, and in this way are taking care of our trade at that point.
INCOME ACCOUNT FOR YEARS ENDING MARCH 31.
1915-16.
1914-15.
1913-14.
1912-13.
$530,525 $1,048,998
Net earnings
$440,394
$418,169
Bank interest
$104,171
$134,604
$173,560
$151,086
175,000
Preferred divs. (7%)..
175,000
175,000
175,000
75,000
Common divs. (3%)..
Balance,surplys
$176,355
$700,438
$92,083
$130,790
BALANCE SHEET MARCH 31.
1915.
1916.
1916.
1915.
$
$
LiabilitiesAssetsReal est., bkigs.,&e.5,311,459 5,284,670 Pref.(p.& d.) stock_2,500,000 2,500,000
38,589 Common stock
Office, stable, &c___ 38,674
2,500,000 2,500,000
Bankers' advances 1,416,833 1,291,131
Good-will and trade229,661 229,661 Accounts payable
marks
799,406 305,973
31,139
Investments
29,564 Pref.
. div. pay.Apr.18 43,750
43,750
52,133
23,956 Com. div. payable
Cash
Bills & accts. reedy_ 478,556 437,998
April 18 1916._ 75,000
Inventories
2,638,437 1,849,146 Contingent account.. 239,401 226,722
Miscellaneous stores.
5,092
8,398 Profit and loss
1,210,761 1,034,406
Total
8,785,150 7.901,982
Total
8,785,150 7,901,982
See V. 101, p. 446.-V. 102, p. 1543. 1350.
Keystone Telephone Co. of Philadelphia.
(Report for Fiscal Year ending Dec. 31 1915.)
Pres. Nathan T. Folwell, Phila., in March wrote in subst.:
A contract with the Philadelphia Electric Co. for its use of our excess
conduits has been submitted to the P.S. Commission of Pa.(V. 100. P.736)•
The Inter-State Telephone & Telegraph Co. of N. J., with which we have
always interchanged traffic, has disposed of its plant and all other assets
and retired from the telephone field. It, therefore, became necessary to
make now arrangements whereby its subscribers could reach all that terriNorth Butte Mining Co.
tory in N. J. Traffic arrangements have now been made with the Delaware & Atlantic Telegraph & Telephone Co., covering Central and South(Report for Fiscal Year ending Dec. 31 1915.)
ern New Jersey. Under this arrangement, not only will all the subscribers
Pres. Thomas F. Cole, Duluth, April 17, Wrote in subst: and public stations of the old Inter-State Co. be open to our connections
New Properties.-In the west side mineral district, there was purchased but in addition all of the subscribers and pbulic stations of the Delaware &
the Silver Queen lode claim, which is a small fractional claim lying be- Atlantic Co. in that territory. This means that upward of 30,000 are
tween the Edith May, Miners Union and our Granite Mountain lode added to the number of telephone stations now available for our use in N.J.
The total capital expenditures for the year were $239,071.
claims. A partition of the Lillie lode claim, situate in the Butte East
In addition to the usual 3% prof. dividend paid both May and Nov.,
Side mineral area, was made between our company and the Butte Main
the
first payment on the accumulated dividends was made in July, when 2%
Range Copper
whereby we secured tne southerly portion of the claim,
amounting to 8.453
Co., acres, and the Butte Main Range Co. the northerly was paid and a provision for a second installment of 2%, payable on
portion thereof, amounting to 7.817 acres, and as part consideration in Feb. 1, was made.
this division, we conveyed tp the Butte Main Range Co. the Kingstella COMBINED PROFIT AND LOSS ACCOUNT FOR CALENDAR YEARS.
lode claim, which is a smail fractional claim, containing .71 acre.
1915.
1913.
1914.
1912.
Production & Sales.-During the year we shipped 386,899 wet tons of Gross earnings
ore and 83 wet tons of precipitates and there were treated at the smelter Oper. & maint. charges, $1,361,755 $1,321,226 $1,265,779 $1,217,429
378.105 dry tons of ore, and 5634 dry tons of precipitates, of which ore,
taxes and provision for
47,525 dry tons, or 12.5%, were first class, and 330,580 dry tons, or
doubtful accounts..
679,585
651,810
640,206
609,068
87.5% were Second class. Tois ore produced 19,235,285 lbs. of fine
copper, 940,631.66 oz. of silver and 1,121.59 oz. of gold.
Net earnings
$669,416
11682,170
$625,573
$608,361
Deliveries of the following metals were made during the year: Copper, Reserve for renewals_ _ _
$158,884
$108,038 • $60,000
$155,076
19,725,510 lbs. at 16.703c. per lb.; silver, 944,284.79 oz. at 50.27578c. Interest charges
321,157
306,495
311,900
302,616
per oz.; gold, 1,121.59 oz. at $20. per oz. Gross sales made during 1915 Accounts written off__ _
46,622
for immediate and future delivery amounted to 27,805,869 lbs. of copper, Discount on bonds
11,023
10.000
8,934
at prices averaging 18.1144c. per lb. Many of these sales cover the Preferred dividend..__*(6%)116,211 (6)116,211
(3)58,106
copper to be produced during the year 1916 and the deliveries of the same Fisk & Robinson acct.._
75,000
to extend through that year.
Dividends.-Two dividends were paid during the year, as follows:-No.
Balance, surplus
$74,895
$96,312
$77,295
$170,745
35. July 24 1915, 40c. $172,000 and No. 36, Oct. 27 1915, 50c., $215,000•
total 387,000.
* The company also paid in 1915 in addition to the above 6%,4% for
Operations, &c.-During the year our mines were operated as follows:
two months at 50% of normal capacity, two months at 60%, one month cumulative account, amounting to $77,474, and deducted from profit and
:account.
loss
and
months
at 90%,
four months at the normal output,
at 70%, three
COMBINED BALANCE SHEET DEC. 31.
which was practically tie same basis on which the other mines in the
Butte district were operated.
[Keystone Telephone Co. of Philadelphia, The Keystone Telephone Co.
The installation of the now equipment in the Granite Mt. shaft was of New Jersey and the Eastern Telephone & Telegraph Co.]
finished and placed in operation and the main hoisting outlet changed
1915.
1914.
1915.
1914.
from the Speculator shaft to the Granite Mt. shaft. This change required
AssetsLiabilitiesconnections to be made between the two shafts on all the working levels Cost
of prop.. &c..15,538,031 15,299,705 Cap.stk.K.T.Co.ofN.J.
of the mines and the cutting of the necessary stations, skip chutes, ore Treasury bonds_
Preferred stock_ 1,936,850 1,936,850
77,000
pockets and much other underground work. At the present time we have Materials & supp_
51,992
40,900
Common stock_ 5,000,0(5) 5,000.000
two fully equipped hoisting shafts, one with electrical equipment and Cash
192,554
162,330 Funded debt
6,592,000 6,275,000
the other with steam equipment, either of which can be used in the event Accts. receivable_ 108,709
108,383 Current accounts_ 311,580
474,437
of a shutdown of the other. But these seats will be utilized to send Reserve fund, cash
20,000
10,000 Renewal reserve
1,414.875 1;305,991
increasod tonnage of ore to the concentrator and smelter during 1916.
193,445 Surplus
899,465
896,886
Extensive development and exploratory work in the various ore bearing Prepaid accts., &c. 240,906
veins was carried on in many levels throughout the mines, and the result
Total
16,152,192 15,891,743
Total
16,152,192 15,891,743
of such work have been satisfactory, for notable tonnages of good grade -V. 103, p. 242.
ore have been disclosed. The production during the year has been below
the normal capacity of the mines but during the entire period a very large
amount of underground development work was performed.
It was downed advisable to defer the development and exploration
of the known ore bodies on the lands of the company in the East Side
mineral district until a settlement of the Lillie claim ownership was concluded. Plans are now being made for the commencement of this work.
Total
10,535,211 10,234,226
10,535,211 10,234,226
Total
Note.-Of the stock, $192,000 pref. and $365,000 common are in the
treasury.-V.102. D. 1163.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
PRODUCTION AND AVERAGE PRICE RECEIVED ON SALES.
American Railways Co.-Purchase.Year- Copper Prod. Price per lb.
Silver.
Price per oz.
Gold.
New Jersey P. U. Commission has approved the company's purchase
1915-.19,235,285 lbs. 16.703c.
940,632 01. 50.27578c. 1,121.59 oz. ofThe
the capital stocks of the Electric Co. of N. J., the Pennsgrove Electric
all
1914----18,421,761 lbs. 13.7436c. 1,092.300 01. 55.8810.
1,107.592 oz. Light & Power Co., the Clementon Township
United Electric Improvement
Sales of copper in 1915, 19,725,510 lbs.; silver, 944,285 ozs. and gold Co., tne Williamstown
Electric Co. and the Woodstown Ice & Storage Co.
(at $20 per oz.), 1,121.59 ozs.
-V. 102, p. 2165.
RESULTS FOR YEAR ENDING DECEMBER 31.
Atlanta Birmingham & Atlantic Ry.-Stock Listed1914.
1915.
1913.
1912.
Total income
$4,155,522 $3,084,774 $5,182,674 $5,120,322 New 1st dc Ref. Bonds Authorized, but None Yet Issued.
ExpensesThe New York Stock Exchange has listed the $30,000,000 capital stock
Operating expenses_ _ }$2,991,122 $2,679,181 $3,697,995 1$3,406,301 (total authorized issue), all outstanding. The officials as of July 1
Construction
21,124 report:
General oxp.. taxes, &c.
This company's First and Refunding Mortgage is dated Nov. 1 1915 and
36,754
46,902
47,378
22,178
conveys all its property to the Equitable Trust Co. of N. Y., as trustee,
earnings
Net
$1,127,646
8358,215 $1,437,777 $1,670,719 to secure an issue of $15,000,000 of bonds, subject as to the part of said
Dividends
387,000
$635,000
$697,000 property covered by the Atlanta & Birmingham Ry. Co. mortgage, under
$820,000
Rate of %
6%
(10%)
(13 1-3%) (11 1-3%) thith $4,090,000 bonds are outstanding. The now bonds are to be dated
Nov. 1 1915 and become due Nov. 1 1945, to bear interest not to exceed 6%
Balance.sur. or def
sr.$740,646 df.$276.785 sr.e617,777 sr.$973,719 per annum, to be subject to the approval of the RR. Commission of Georgia
only as follows: (1) To retire the present outstanding 5% bonds of the At.
BALANCE SHEET DECEMBER 31.
lantic & Birmingham Ry. Co.. 34.090,000; (2) for improvements and ex1915.
1914.
tensions and the acquisition of additional property under proper restrictions.
1914.
1915.
Assets$
$
LiabilitiesNone of these bonds has as yet been issued.
Mining property__ 8,988,264 8,921,783 Capital stock ____ 6,450,000 6,450,000
This company's $5,200,000 15-year 5% Income Mortgage gold bonds.
Gran. Mtn. Shaft
Divs. unclaimed__
928
1,042 all of which are outstanding, are secured by a mortgage dated Nov. 1 1915
228,239 Accounts payable_ 170,846
equip. & constr.. 256,945
78,573 to Columbia Trust Co., trustee, subject to the first mortgage of Atlantic &
9,600
9,600 Unpaid treatment
.Investment acct.Birmingham Ry. Co. dated Jan. 1 1904, and to the new First & Refunding
207,126
50,983
charges(notdue) 187,313
Cash
100,089 Mortgage. These bonds are dated Nov. 1 1915 and bear interest, payable
4,500
2,457 Adv. on metals__ 371,980
Accts. receivable..
651,343 semi-annually, at not to exceed 5% per annum, as may from time to time
a1,617,049 1,109,736 Surplus
Inventory
3,882,418 3,141,771 be determined by the board, but such interest shall be paid only in case there
shall be not income available for that purpose, and non-cumulative.
11,063,485 10,322,798
Total
Total
The road is laid with 80-lb. rail, with some 60-lb. and 56-1b. rail. Maxi11,063,485 10,322,798
a Includes supplies at mine, $47,406, and copper and silver, $1,569,643. mum grade 1%, compensated for curves. In the alignment six degreeslis
-V. 103, p. 105.
the maximum curve. Of the main line mileage 26.6% is curve and 73.4%
1
406
THE CHRONICLE
[Vol, 103.
tangent. Ties of cypress, long leaf pine, white oak and post oak, 2,880 to
Escanaba (Mich.) Traction Co.-Bonds Offered.-The
the mile. Tie renewal each year,'16 to 20%. Roadbed ample for single
track, varying from 16 to 20 feet. Ballasted with slag, gravel or cinders Wisconsin Trust Co., Milw., recently offered a block of
from Atlanta to Manchester, and from Manchester to Birmingham, while First (closed) Mortgage 5% bonds of 1909.
east of Manchester the soil is of such quality as to maintain a very good roadoutstanding, $570,000, due serially, $10,000 each year Jan. 1 1917
bed. There are 42,586 lineal feet of timber trrestles, all standard construc- to Now
1933, those maturing on Jan. 1 1914-15-16 having boon paid and the
tion and in good condition; 9,302 lineal feet of steel bridges and four steam
coal crane coaling stations, three being on trestles, with storage capacity ba'ance maturing in 1934. but subject to call at 103 and int, on any int. date.
Earnings for Year Ended Dec. 311915.
4,300 tons to 8,350 tons. Right-of-way practically 100 feet in width; one
Gross Earnings. Net Earnings. Tht. on Bonds. Bal. Surp.
tunnel, 500 ft. in length, concrete lined throughout. General shops at
1915
$58,802
$21,900
$124,784
'
1136,902
Fitzgerald, Ga., modern, built of brick and fully equipped. Equipment:
70,038
128,361
36,462
33,576
88 locomotives, 3,293 freight cars,62 cars in passenger service, 39 work cars. 1914
Compare V. 92, p. 1564.
At Birmingham, Ala., Atla...,and Brunswick, Ga., the company owns
valuable and extensive acreag
'
01 wailable for industrial sites. At BirmingGrand Trunk Pacific Ry.-New Mortgage.ham, Ala., and at Atlanta, Ga. approximately 250 dwellings are located on
The company has filed a mortgage with the Secretary of State of Canada,
its property, from which the company receives substantial rental return.
At Brunswick, Ga., there are extensive deep water facilities, with ample dated June 28 1915, securing the loan, not exceeding $8,000,000, recently
obtained from the Dominion Government. See V. 102, p. 1811, 1892,
docks and yards for handling a large volume of export traffic.
1982. 2166.
Gro s Earnings of Old Atlanta Birm.& Atlantic RR.-Years ended June 30
1910-11.
191 1-12.
1912-13.
1913-14.
1914-15.
Gulf & Ship Island RR.-Strike Settled.82,810,410
83,246,302
83,243.046
$3,399,360
$2,656,483
It was announced on July 20 that the officials and operators had come to
Income Account as of Ten Months ended April 30 1916.
a mutual agreement for an increased wage scale, effective June 20.[Including Old Co. to Jan. 1, with income deductions as of New Co.
V. 101, p. 1366.
Freight revenue
$1,950.625 Total net income
$440,53'
Passenger revenue
441,612 Rental of equipment, &c_ _ _ $49,107
Illinois Traction Co.-Guaranty.Miscellaneous revenue_ _ _
188,241 Acced int. on A.& B.Ry.5s_ 170,417
See Danville Champaign & Decatur Ry. & Light above.-V.103, p. 145.
Int. on unfunded debt
11
Total revenue
$2,580,478
Jackson (Miss.) Light & Traction Co.-Earnings.-The
Net, after taxes
$389,746 Net available income
$220,999 Chicago Savings Bank & Trust Co., which is offering a block
Non-operating income_ _
50,7871
of 1st 5s of 1912($910,500 now outstanding),reports:
_Balance Sheet Aprtl 30 1916.
Assets-(Total $40,139,611)Liabilities-(Total $40,139,611)Income Account for Year ended April 30 1916.
Road and equipment_ _ _ _$37,906,360 Capital stock
$30,000,000 Gross earnings
$290,60411nt. on $910,500 1st 5s
$45,525
Miscell. investments_ _ _ _
24,825 1st M.5s, At. & Birm. Ry. 4.090,000 Net,after taxes
94,997 Balance, surplus
49,472
5%
income
Cash
M. bds. 5,200,000
1,430,534 15-yr.
Owns the gas, electric light and power and street railway business in
Material and supplies_ _ _
335,348 Traffic, dm., balances.._
153.701 Jackson.-V. 101, p. 773.
Traffic, &c., accts. roc
245,143 Audited vouchers & wages
290,303
Kittanning Railroad.-Controlled Company.Deferred assets
3,966 Acc'd int.& taxes(4 mos.)
117,206
See Altoona Coal & Coke Co. under "Industrials" below.
Unadjusted debits
111,665 Miscellaneous
29,380
Equip. under construc'n_
81,769 Accr'd deprec.(4 mos.)
41,143
Lake Erie Bowling Green & Napoleon Ry.-Sale.Reserve for retirement of
This company's property is advertised to be sold under foreclosure sale
receivers' obligations
122,394
at
Bowling Green, Ohio, on Aug. 5.-V. 101, p. 370.
Other reserves
24,628
Corporate surplus
70,850
Manila Electric RR. & Lighting Corp.-Earnings.The new company took possession at midnight Dec. 31 1915.-V. 102,
p. 1986, 1346.
Bond
Dividends
Balance
Calendar
Gross Net (after
Earnings.
Taxes.)
Interest.
Paid.
Surplus.
YearAtlanta & Charlotte Air Line Ry.-Syndicate Closed.- 1915
$1.494.787 $731,829 8264.975 (6%)$300,000 8166.854
The syndicate which recently i.laced the $7,000,000 of Series B 5% mort- 19141.602001
,5
(7%)350.000
gage bonds of this company has been dissolved.-V. 102, p. 1162.
From the surplus as abcive there was deducted yearly $11,600 for sinking
fund reserve and $80,000 for replacements and renewals. leaving $45,354 in
Baltimore & Ohio RR.-Guaranty.1915. against $47,620 in 1914.-V. 101, n. 123.
See Jamison Coal & Coke Co. under "Ind." below.-V. 103, p. 238, 144.
Bay State Street Ry. Co.-Earnings.-3 mos. end. June 30- -12 mos. end. June 30- Increase or
1915. or Decrease.
1916.
1915.
1916.
Gros.earnings_$2.552,070 $2,342,036 $10,008,067 $9,587,192 +$470,875
Net after taxes 712,922
680,453
2,685,112 2,929,614 -244,502
Surp. aft. chgs_ $188,701 $143,932
$743,989 $857,585 -$113,596
-V.102,p. 2253. 2165.
Buffalo Rochester & Pittsburgh Ry.-Dividend Increased.-A semi-annual dividend of 3% has been declared on
the $10,500,000 common stock, payable Aug. 15 to holders
of record Aug. 9. The semi-annual dividend on the common
stock was reduced in Aug. 1914 from 3% to 2%, the latter
amount having been paid each half-yearly period since.
The above declaration restores the annual rate to 6%. The
regular semi-annual 3% on the pref. was also declared payable the same day.-V. 102, p. 1625.
Central Illinois Public Service Co.-Stock Increase.This company has increased its authorized capital stock from $5,000,000
pref. and $5,000,000 common to $7,500,000 pref. and $7,500,000 common
This increase, it is stated, will enable the company to retire all floating debt
and provide for future financing. Russell, Brewster & Co. are offering
67 cum. pref. stock to net 77. On completion of financing in 1916, involving retirement of $2,000,0010 of notes and debentures, it is estimated
there will be outstanding $3,225,000 pref. stock and $6,000,000 common.
-V. 97, p. 1583.
Central Vermont Ry.-Steamboat Service.The I. S. C. Commission has authorized the company to continue its
steamboat service between N. Y. City and Now London. Conn., and to
install a similar service between N. Y. City and Providence, R. I.-V. 102,
p.2341.
Cincinnati Dayton & Toledo Traction Co.-Default.The $250,000 Dayton Traction Co. 5% bonds which matured July 1
1916 remain unpaid.
Receiver.-Former Judge Benton S. Oppenheimer was appointed receiver of the Cincinnati Dayton & Toledo Traction Co. by Judge W. A. Geoghegan of the Common Pleas
Court of Hamilton County at Cincinnati on July 6.V. 103, p. 60.
Cities Service Co.-Oil Refinery Purchase.---Ilenry L.
Doherty & Co. announced yesterday that the purchase of
all the common and pref. stock of the Crew-Levick Co. of
Philadelphia, recorded under "Industrials" below, was made
for the account of Cities Service Co., which will control and
operate the property as one of its subsidiaries.
Minneapolis & St. Louis RR.-Third Installment Called.
Notice is given that a third installment of $5 per share, on account of
the purchase price of the new stock which depositors are entitled to purchase as provided in the plan (V. 102, p. 522,529), has been called, payable
Aug. 7 1916 in U. S. gold coin or its equivalent, either at the Guaranty
Trust Co., 140 Broadway, N. Y. City, or at the Merchants' Nat. Bank,
28 State St.. Boston. (See also V. 102, p. 2341; V. 103, p. 145.)
Minneapolis St. Paul Rochester & Dubuque Electric
Traction Co. (Dan Patch Line).-Receivership.-Judge
W. F. Booth in U. S. District Court in Minneapolis on
July 20 appointed Charles P. Bratnober of Minneapolis as
receiver of the property. The St. Paul "Pioneer Press" says:
Receivership proceedings were asked by M. H. Boutello, Secretary of the
company and its Attorney,to protect holders of stock and bonds In the event
of a reorganization following the death of M. W. Savage, President of the
road. The company, it is said, has incurred heavy liabilities In the past
few years In the operation of a branch line leased from the Chicago Great
Western, and in construction of new trackage and terminals. The property is estimated to be worth about $3,000,000 and the outstanding obligations at $1,300,000. C. T. Jaffray of Minneapolis was appointed Chairman of the bondholders' committee. C. N. Boynton of St. Paul is one of
the Vice-Presidents of the road.-V. 102. D. 609.
Missouri Pacific Ry.-Modified Plan Dated July 25.Kuhn, Loeb & Co., as Reorganization Managers, give notice
by adv. on another page that the plan of July 1 1915 (V. 101,
p. 130) has been modified as of July 25 1916, and as so*
modified will be binding in the manner below stated on all
depositors who do not withdraw their securities on or before
Sept. 1, as indicated in the advertisement.
Further deposits of securities under the modified plan may
be made without penalty on or before Sept. 1 1916, after
which date deposits will not be accepted except upon such
terms as the Reorganization Managers may prescribe.
The modification affects particularly the following bond
issues. The holders of the undeposited bonds of these
issues and also the certificates of deposit representing bonds
of the same issues heretofore deposited under the plan are
notified that two options are now open to them, namely,
either the terms offered in the original plan or the new
terms as shown below, the new alternate First & Ref.
Mortgage bonds being equally secured by the same mortgage with those first offered, but due at earlier dates.
(1) Options to Holders of Collateral Trust 5s of 1917, Collateral Mtge. 5s of
1920 and Little Rock Junction RR. 1st C'onsol Mtge. 6s.
-Will Receive Par in New 1st & Ref. M.5sExisting
Either Due
Or Series Due-Bondsabt. 1965. v Jan. 11923. x Aug. 11926. x
Par for par
$14,375,000 Coll. Tr.5s, 1917__Par for par
Par for par
do
9,636,000 Coll. M.5s, 1920._
,
Par for par
do
393,000 Lit. Rock Jct. 6s_ _
This is the series described in the plan of July 1 1916 as dueYetrut 1965
Danville Champaign & Decatur Ry. & Light Co.redeemable as a whole (but not in part) at 1075,5% and int:•en any in-Pref. Stock Offered.-Bodell & Co. have sold $500,000 new and
terest date after 1920.
be due not later than this date and redeemable in the'mean time
To
6% cum. guar. pref. stock, par $100.
x
•
Preferred as to assets and dividends. Dividends payable Q.-J. Re- at any interest date at par and interest.
Every depositor of bonds of either issue with Guaranty Trust Co. of New
deemable as a whole at 110 and divs. Cumulative dividends at the rate
of 6% per annum and also $100 a share in the event of involuntary liquida- York or its sub-depositaries, and every depositor of Little Rock Junction
tion or dissolution (and $110 a share otherwise) are guaranteed by endorse- bonds with American Trust Co. the depositary under protebtive agreedeemed to have elected to take the bonds
'
ment by the Illinois Traction Co., which contrary retorted a surplus ment dated Sept. 211915, will be
available for dividends, deprec., &c., for the 12 months ended Apr.'30 1916 of the longer term unless on or before Sept. 1 1916 he presentd his cortif 1cates of deposit to the proper depositary or sub-depositary in order that a
of $1,406,747.
Controls substantially all of the electric light, powor, gas, street railway memorandum of his election to take the bonds of the shorter maturity may
and public steam heating systems in the cities of Danville, Decatur, Cham- be stamped thereon.
Every depositor of Collateral Trust 5s of 1917 and Collateral Mortgage 5s
paign and Urbana, combined population estimated at about 89,000.
• Based upon an appraisal made by Stone & Webster in July 1912, and sub- of 1920 with the Columbia Trust Co., as depositary, who assents to the modisequent capital expenditures to Jan. 1 1916, the replacement value of the fied plan will be deemed to have elected to take the bonds of shorter maproperty, not including any allowance for good-will or going value, is equal turity, unless on or before Sept. 1 1916 he presents his certificates of deposit
to Columbia Trust Co. or its agent in order that a memorandum of his electo the par value of the bonds and over $500 per share($100) of pref. stock.
of the longer period may be stamped thereon.
Earnings
GT033
Net
Applicable to Earned on tion to take the bonds
YearEarninys.
Earnings.
Divs., Depre,.&c. Pref.Slock. (2) Options to Holders of Central Branch Ry. 1st 4s of 1919 and Central Union
Pacific By. lit M.4s of 1948.
1906
3964,570
8416,706
3294,652
-1Vill Receive in Exchange EitherExisting
1910
1.365,350
630,810
454,150
&)
8. 0
Gen. M. els. and Pref. Stk.} rt. M. 4s.
Bonds1914
1,829.140
926,903
684,796
136.967
per cent
_50
Cent.
Branch
4s__
50 per cent or l'ar for par
$3,459,000
1915
.
695,099
139.02%
Par for par
2,500,000 Cent. Br. U. 1'. 4s_ _50 per cent
50 per cent
After allowing for depreciation, the income for the 12 months ended
April 30 1916 (on the basis of the securities outstanding on April 30 1916),
Every depositor of bonds of either of these two issues with Guaranty
available for dividends, was over 20 times the pref. dividend requirement.- Trust Co. of New York,or its sub-depositaries, will be deemed to have elected
V. 98, p. 1155.
to take the original offer of 50% in new preferred stock and 50% Li new
The Crew-Levick Co.. owns, in addition to its Pennsylvania refineries,
located at South Chester, Titusville and Warren, affording an extensive
line of petroleum products, gasoline, oils, &c., a pipe line system and also
subsidiary oil properties in Oklahoma,,all embraced in the sale (see V.
102, p. 439).-V. 103, p. 239, 141.
JULY 291916.]
THE CHRONICLE
Gen Mtge.4% bonds, unless, on or before Sept. 11916. he presents his certificates of deposit to the proper depositary or sub-depositary in order that
a memorandum of his election to take par for par in now Gen. M.4% bonds
may be stamped thereon. Every depositor of Central Branch bonds of
1919 with the Farmers' Loan & Trust Co., the depositary, who assents to
the modified plan, will be deemed to have elected to tako par for par in
new General Mtge. 4% bonds, unless on or before Sept. 1 1916 lie presents
his certificates of deposit to Farmers' Loan & Trust Co. in order that a
memorandum of his election to take 50% in new pref. stock and 50% in
new Gen. M.4% bonds may be stamped thereon.
Interest will be adjusted as provided in Article VI of the modified plan.
407
would consider any specific schedule of rates involving increases which it may consider itself able to justify.
Ira A. Place, of the legal department of the railroad, said:
This decision refers only to the passenger hauling of one class. It does
not affect the commutation business, nor the inter-State business. The
only traffic affected is the long-haul business inside the State of New York.
This comprises between 25 and 30% of the total. I cannot give the exact
figures of the money difference it will make between the present rates and
those we applied for. As it is now, passengers are paying between 2 and
2.17 cents a mile for the long passenger hauls inside the State, and we
The following committees, representing the aforesaid asked for a flat rate for this class of traffic of 2.5
cents a mile.
The New York Central comes under the jurisdiction of five commissions
bonds, have approved the plan as modified, viz.:
five different States—the States through which it lines run—and, so far
in
(1) Committee, Moreau Delano, Esq., Chairman, under a protective as my recollection goes, the New York P. S. Commission is the first to rule
agreement dated Aug. 31 1915, to represent the bonds of 1917 and 1921 adversely to the orders or suggestions of the I.-S. C. Commission.
above describod. (2) Committee consisting of Gordon Dexter, Edwin F.
Tnere seems to have been a difference of opinion
the members of
Atkins and Gilmer Clapp, representing under a protective agreement dated the Albany Commission. According to the advicesamong
received by our legal
Sept. 21 1915 the Little Rock Junction Ry. bonds. (3) Committee, Charles staff, there was one opinion filed that was strongly
in
favor
of granting
Chairman,
representing
Peabody,
under a protective agreement dated us the increase we desired. There was another opinion which was
A.
in favor
Oct. 14 1915, the Central Branch bonds of 1919. Soo also advertisements of certain increases and might be said to have been almost
neutral. The
on a preceding rag).
other opinions were against us and these made the majority.
While the increase would not have been so great as to make much differDigest of Introductory Statement to Modified Plan.
it was advisable for the reason that it would have made it possible for
The plan for the readjustment of the capital and debt of the Missouri ence,
us
to harmonize the rates for long passenger hauls both within and without
Co.
and
St.
Louis
Iron Mountain & Southern Ity. Co., dated
Pacific By.
I cannot say what we
State.
do about the matter now. This will
the
July 1 1915, has been approved by the holders of a subst ntial majority be decided when we bold a meetingwill
in a few days. There are several measof each of the following issues of securities, which include all the issues whose ures
take,
and
one
might
of
these
we
will be adopted. Compare V. 102,
participation is necessary for the success of the plan:
p. 2342.—V. 103, p. 321, 146.
Percentage Approving.
Missouri Pacific Ry. Co.-40-year 4% Gold Loan of 1905
New York Connecting RR.—Exchange of Receipts.—
over 887
First & Refunding Mortgage 50-Year 5% bonds
over 91
The Guaranty Trust Co.. N. 'V., is now exchanging the outstanding inConsolidated Fiist Mortgage 6% bonds
over 53% terim receipts of the 41'i% consol. M. bonds of a total par value of $8,000.Capital stock
over 59% COO for definitive bonds bearing the coupon due Aug. 1 1916 and subsequent
Leroy & Caney Valley 1st M. Ss
85% attached.—V. 102, p. 1987.
St. L.Iron Mt. & So.Ry.—Ist & R of.M.6% hds in hands of public 1007
do
Northern Ohio Traction & Light Co.—Bonds.—
do
stock in hands of public
over 907
°
0
The Ohio P. U. Commission has anthorized the company to issue $14.Also, with Slight Modifications Hereinafter Mentioned—
075,000 bonds,of which ¶12,009,000 will be used to retire present underlying
The holders or committees representing:
Missouri Pacific Ry. Co.—Trust 5% bonds of 1917
over 9470 securities and the re nainder for exte,sions and improvements.—V. 102,
First Collateral Mortgage 5% bonds of 1920
over 92% p. 1897.
Central Branch Ry. 1st M.4% bonds of 1919
over 80%
Oil Belt Ry.—Defendant.—
over 9,5%
Little Rock Junction 1st Consolidated Mtge. 6% bonds
The Fort Dearborn Trust & Savings Bank, Chicago,
to our
The only issues a majority of the holders of which have not yet accepted Inquiry, states that no bonds were ever certified by them replying
under the
the plan are minor issues of bonds ranging in amount from $500,000 to deed executed by the Oil Belt Ry. Co. under date of Nov. 1 1913. trust
No
$3,972,000, and none of them of essential importance to the system.
foreclosure was ever had under that trust deed. There seems to have been a
As a result of conferences with committees representing bonds of the foreclosure under another mortgage or trust deed to which that
institution
various issues, and of further study of the property and its operations dur- as trustee was made party defendant.—V. 101, p. 239.
ing the receivership. the Reorganization Managers and the committees are
satisfied of the substantial correctness of their original estimate of the relaPhiladelphia Baltimore & Wash. RR.—Redemption.—
tive status and value of the several issues dealt with in the plan. They have
The Phila. Stock Exchange gives notice that $75,030 stock trust certifiaccordingly not found It necessary to make any important modifications cates of the Phila. Wilmington & Baltimore RR. have been redeemed
and
endeavored
such
to
however,
make
changes as stricken from the list, leaving $6,621,000 listed to date
in the plan. They have,
and $3,379.000
would meet the views and preferences of the committees organized subse- redeemed—V. 102. p. 1897.
quent to the announcement of the plan to represent various issues of securities, in so far as this could be done without materially disturbing the relaPublic Service Corporation of New Jersey.—Earnings.
tive treatment of Me various issues or weakening the position of the new
company. The modified plan embodies these changes and vests in the —The monthly statement of earnings for June and the 6 mos.
Reorganization Managers discretion to deal with minor issues of securities ending Juno 30 compares with the
same periods in 1915:
whose holders have not yet accepted the plan. It has also been deemed wise
June. 6 Months.
to make provision to meet possible requirements of the Courts and of Gross increase in total business
$426,817 $2,387,302
public service commissions and analogous public authorities.
Percentage of there ise
13.3%
The only changes effected by the modified plan whica seem to call for Balance available (after payment of operating expenses, 13.8%
comment are the following: [Hero follow the alternate offers above defixed c'itirgas, sinking fund requirements, &c.) for
scribed after w .11 come substanti illy the following remarks.—le 0.1
amortization, dividends and stun Ins, was.
570,011 2.533,768
The amount of bonds which may be issued under and secured by the new Increase in surabis available for dividends_
173,993
610.164
General Mortgage is to be limited to the amount thereof which may be isSOO map in "Electric Ry. Section," page 8).—V. 103, p. 321. 61.
suable in accordance with the modified plan of reorganization for the purthereof.
poses
Rates (Freight).—Increase for Eastern Canada.—
The modified plan continues the power conferred upon the ReorganizaSee editorial columns on a previous Page.—V. 103, p. 321.
tion Managers to omit from the reorganized system the line mortgaged to
to
1948,
cause
bonds
or
the
of
new
secure the Central Branch Union Pacific
St. Louis & San Francisco RR.—Sale of Collateral.—
company to acquire the line subject to such mortgage without assuming The
Old Colony Trust Co. on Aug. 23 will sell at public aucMe payment of any bonds of 1948 which may remain outstanding.
$3,972,000 Kansas & Colorado Pacific Ry. C'o. First Ref. Mtge. 30-Year 6% tion at the offices of Francis Henshaw & Co., Boston, the
Gold Bonds due b'cb. 11938.
following collateral, securing an issue of $2,250,000 2-year
The separate committee organized to represent these bonds, having
raised certain legal questions affecting their status, has not thus far been 5% secured gold notes:
its
bonds.
for
plan
the
While
by
made
provision
the $2,500,000 St. Louis & San Francisco RR. Co. common stock trust certifiwilling to accept the
offer to these bonds made by the original plan is continued by the modified
ctfs. issued in resnect of Chicago & Eastern Ill, RR. Co.'s common stock.
plan, provision is made whereby the Reorganization Managers may here- $1,490,000 St. Louis & San Francisco RR. Co.'s Kansas City Fort Scott &
after deal with such bonds in such manner as shall be approved by the comMemphis Ry. Co. guaranteed 4% pref. stock trust certificates
0 Refunding bonds, $100,000 St. Louis & San Francisco RR. Co.'s General
mittees representing the Missouri Pacific Co.'s 57
Lien 5% bonds,
4% Gold Loan bonds and stock.
due 1927.—V. 103. p. 321, 240.
(a) $650,000 Missouri Pacific Ry. Co. Lexington Division 1st M.5% Bonds,
Adrian H. Muller & Son on July 26 sold at auction the collateral for the
due Aug. 11920; (b) $1,024,000 Kansas City Northwestern RR. Co. 1st $2,600,000 2-year 67 gold notes of 1912, sold by Equitable Trust Co. to
M.6%.Gold Bonds, Series A, due Jan. 1 1933; (c) $500,000 Boonville Henry Cooper, Chairman, for $650.000.—V.
103. p. 321, 240.
St. Louts & Southern Ry. 1st M.40-Year 5% Gold Bonds due Aug. 11951.
The railroads covered by these mortgages are not part of the main lines.
St.
Southwestern
Louis
Ry.
Co.—Death
of President.—
They show either little operating profit or operating losses. It may be
F. 11. Britton, President of the road since 1913. died in St. Louis on
that some or all of thorn can be more economically operated by independent July 26. He became affiliated with this company as General Supt. in 1899
owners under separate organizations. The right is accordingly specifically and WM chosen Vice-Pros, and Gen. Mgr. in 1900. In 1913 he was
reserved to eliminate from the reorganized system any or all of tlese tides, elected to the office of President, in which capacity he served until his
and also to deal with them and with these bond issues in such manner as death.—V. 102, p. 1718.
may be determined by the Reorganization Managers with the approval of
Southern Traction Co.—Merger.—
the committees representing the Missouri Pacific Co.'s 5% Refunding bonds,
See Texas Inte:urban Ry.—V. 103. p. 240.
4% Gold Loan bonds and stock. The offers made in the original plan for
bonds of these issues are, however, continued by the modified plan.
Texas Interurban Ry.—Successor Company.—
Provision for Unsecured Debt in Preferred Stock or Otherwise.
The stockholders of the Texas Traction Co. and tee Southern Traction
Under the original plan power was reserved in the Readjustment Managers to make provision for unsecured creditors and other claimants not Co. on July 18 ratified the merger of thole companies and chose this
specifically provided for in the plan. The modified plan provides that such name for the new company.—V. 103, p. 24).
creditors and claimants shall receive preferred stock at par for the principal
TeXas Traction Co.—Merger.— •
amount of their claims, or such other or different treatment as may be reSee Texas Interurban Ry. above.—V. 103. p. 243.
quired by the Court. It is estimated that the liabilities to be met by such
provision aggregate loss than $1,000,000.
Toledo
Railways & Light Co.-2'entative Plan for ComSale of Collateral.—The U. S. District Court at N. Y. on munity Ownership.—On July 20 a "community ownership
ordered
the foreclosure sale of the $37,255,500 stoc k plan" was agreed upon tentatively by the Street Railway
July 25
of the St. Louis Iron Mtn.& So. Ry. Co. deposited to scour e Commission.
the Gold Loan 4s of 1905, on which there is due for principal
The plan would involve a transfer of the railway lines, independently of
$37,255,000 and for interest $2,108,811. Upset price, the lighting system, power house, &c., at a price to be determined by a
commission on behalf of the city and present company,to a new corporation
$15,200,000.—V. 103, p. 321.
with a new franchise. the "Community Traction Co." This new company
would own the lines free and clear of all liens, and would issue its stock, all
- New.Orleans Fort Jackson & Grand Isle RR.—Receiver, of
one class and carrying dividends of 6% per annum, guaranteed by the
Judge Fester in the Federal Court at New Orleans on July 19 appointed city, or rather, voting trust certificates representing the stock, in payment
T. G. Bush receiver of the property.
for the property. The stock itself would be deposited in a 5-year voting
The "New Orleans Times" of July 21 says in substance: "A syndicate of trust, except that the trustees, who would be chosen by popular vote, would
local capitalists has been formed to reorganize and develop the New Orleans be empowered to sell the shares with full voting power to approved individSouthern & Grand Isle RR., which went into the hands of a receiver on ual purchasers, with a view to general distribution. At the end of the 5-year
Wednesday. In the syndicate are Hugh McCloskey, Bernard McCloskey, period, if not earlier, the city would have the right to redeem the stock at
Frank B. ilayne, T. G. Bush, C. E. Aligeyer, C. P. Ellis and Generes Du- a premium of 6% (the Doherty interests are urging 10%) for the purpose
four, W. G. Weiss, Lee Benoist and Hugh V incent. While several of those of municipal ownership. A portion of the street railway earnings would be
In the syndicate have big holdings in American Cities Co. and New Orleans set aside each year to aid the company in making such purchase. Compare
& Light Co., it is stated positively that the Grand Isle project is indeV. 102, p. 1719, 1437.
pendent of any other enterprise.
"Bernard McCloskey said Thursday that the syndicate was formed to take
United Railroads of San Francisco.—Plan.—
over the $500,000 mortgage bonds of the old New Orleans Fort Jackson St
Benjamin F. Guinness and Moritz Rosenthal, members of the firm of
Grand Isle RR., which are now owned by Charles D. Warren of Toronto, Ladonburg, Thalmann & Co., recently wont to San Francisco to confer
formerly President of the New Orleans Southern & Grand Isle. Mr. Mc- with the local officials of the company with respect to a financial plan that
Closkey said that the syndicate appreciated lower coast possibilities and
will shortly be submitted to the Railroad Commission of California.
also the possibility of developing Grand Isle into one of the greatest surfIt is reported unofficially that the plan, which will be underwritten, will
bathing resorts in the country. It is proposed to make direct connection provide for (a) the creation of a blanket mortgage covering all the railway
between Now Orleans and Grand Isle by rail and boat, establishing a sched- properties, under which bonds will be issued or reserved to take up all unule of only three or four hours."—Y. 92, p. 527.
derlying bonds and supply funds for future extensions, additions, &c.
(b) The retirement of United Railroads 4% bonds at 50(whether in bonds or
New York Central RR.—No Rehearing.—Tho P. S. cash does not appear certain) and pref. stock. (d)
Discharge of outstandCommission at Albany on July 27 declined to permit a re- ing notes by an issue of new stock.—V. 102, p. 68.
hearing on the company's application to raise its passenger
fares in N. Y. State to a 23"2% basis, but intimated that it
Virginia Ry. & Power Co., Richmond, Petersburg,
&c.—Large Increase in Earnings.—The company's earnings
THE CHRONICLE
408
[VOL. 103.
(2) Holders of full-paid subscription receipts will receive, in addition to
the foregoing amounts of the new stock, $400 1st M. bonds of the Western
Pacific RR. Co.(represented by interim certificates exchangeable for bonds
when issued), and $50 pref. stock and $200 common stock ill the Western
Incese. Pacific RR, Corporation. making the total to be received $400 bonds,
1915.
Incr'se. 1916.
12.55% $5,645,158 $5,109,622 10.48
$550 pref. stock and $950 common stock on account of each $360 cash
18.71% 2,676,179 2,469,074 8.39 o payment and each $1,000 1st M. 5% 30-year bond of the old company
represented by said receiDts.-V. 103. D. 62.
6.92% $2,968,979 $2,640,548 12.44%
96,610
80,919 17.26%
23.58%
Winona Interurban Ry., Warsaw, Ind.-Receiver.Judge Harman in the Federal District Court at Elkhart, Ind., on July 24
7.39% $3,065,589 $2,721,467 12.65% appointed C. J. Munton receiver of the property on the petition of the lirst
Trust & Savings Bank, Chicago, and E. K.Boisot, trustees in suit to fore6.29% $1,742,668 $1,636,418 6.49% close a mortgage for $750,000. Compare V. 101, p. 1975.
100,000
100,000
show the following gratifying increases for June and the fiscal
year ended June 30 1916:
Month ofJune- -12 Mos. ended June 301916.
1915.
Gross earns_ __$484,208 $430,201
Oper. expenses 243,955 205,490
Net earns_ __3240,253 $224,711
Other income_
8,126
6,576
Total income$248,379 $231,287
Taxes,licenses,
int., s.f., &c.$145,874 $137,248
Depreciation__
8,333
8,333
Net surplus_ $94,171
$85,706 9.88% $1,222,922
$985.049
Merger.-Touching the authorization granted by the
shareholders on July 20 to the plan for (a) absorbing by merger the Richmond By.& Viaduct Co., and (b) increasing the
authorized Pref. stock from $8,000,000 to $9,000,000, Pres dent Thos. S. Wheelwright in circular dated at Richmond,
Va., on June 30 says in substance:
In the spring of 1915 the properties and franchises of the Richmond &
Henrico Ry. Co., consisting of a street railway and toll viaduct in the city
of Richmond, were sold under foreclosure proceedings and acquired by
the Richmond Ry. & Viaduct Co. The Virginia Ry. & Power Co. had, at
the time of said sale, acquired all the outstanding bonds and stocks of the
Richmond & lienrico Ry. Co. and thereby acquired all of the stock of the
Richmond Ry. & Viaduct Co. and advanced to said company the money
or securities necessary to pay for its properties and to discharge its capital
obligations. The property has since been operated in connection with the
system of this company.
At a recent meeting of the board the matter of merger was referred to a
committee which, after careful consideration, recommended that the said
company be merged with and into the Virginia Ry. & Power Co., and, in
order to provide for the retirement of the stock and indebtedness of the
Richmond Ry. & Viaduct Co. held by this company, and to make provision for its capital charges carried as an indebtedness of this company,
it was determined to issue $1,000,000 of pref. stock of this company in
exchange for said stock and indebtedness of the Richmond Ry. & V. Co.
By this arrangement the $1,000,000 of pref. stock so issued will pass into
the treasury to be disposed of in the future by the board, if it should be
found desirable so to do. The plan does not contemplate the present disposition of any of this stock and will not result in any increase of the capital
stock of this company in the hands of the public. It will merely increase
the treasury stock of the company by $1,000,000 par value.-V.103, p. 146.
Virginian Railway.-Bond Offering.-The National City
Bank is offering at 983/ and int., yielding 5.10%, a small
block of 1st M.50-year 5% gold bonds, Series "A," of 1912,
due May 1 1962. Auth., $75,000,000; out, $29,500,000.
10 Mos. to
1915.
Apr. 30'16.
Earnings-Years end. June 301914.
Gross
$6,340,079 $5,820,406 $7,250,000
3,350,000
2,164,471
Income avail, for int. on funded debt.. 2,641,049
1,426,550
1,460,000
Interest on funded debt
1,380,196
See V. 102, p. 1164, 252.
West Jersey & Seashore RR.-New Stock.The authorized common stock having been increased from $10,000,000
to $13,000,000, holders of the special guaranteed and common stock, stocknolders of record July 25 1916, are entitled to subscribe at the Treasurer's
office on or before Aug. 15 for the proposed issue of $1,945,050 common
stock at par, $50 per share, on Aug. 15 1916 to the extent of 20% of their
respective holdings. Subscriptions must be paid in full on or before
Aug. 15 1916, or 50% ($25 per share) Aug. 15 1916 and 50% Oct. 2 1916.
On Oct. 2 receipts for whole shares will be exchangeable for stock certificates and the company will be prepared to pay interest at 507 per annum
from Aug. 15 1916 to Oct. 1 1916, or 33 cents per share.-V.IN, p. 321.
Western Pacific RR. Corp.-Directors for Holding Co.Alvin W. Krech. President of the Equitable Trust Co. of
N. Y., who was Chairman of the reorganization committee.
has been elected Chairman of the new board of directors.
Other directors of the new Western Pacific elected are: J. B. Dennis,
Wm. A. Salomon and A. M. Hunt of New York; C. W. Nibley, Salt Lake
City; Wellington T. Smith, William Fries, Joseph G. Hooper, Benjamin H.
Dibble°, Warren Olney Jr., Alexander R. Baldwin and Charles M. Levey,
President of the company, all of San Francisco, and Harris Weinstock
of Sacramento, Cal.
New Mortgage.-The Western Pacific RR. Co., the operating co., has filed for record its new first mortgage,made
to First Federal Trust Co. of San Francisco and Henry E.
Cooper, as trustees.
Status.-Hayden, Stone & Co. in circular July 25 say in
substance:
All of the original investment of $84,242,174, including $77,800,000 spent
for construction, is now represented by the new pref. and common stock of
the Western Pacific. The market valuation of the entire amount of new
stock, taking the pref. at 37 and the common at 17, is only about $18,000,000, as compared with actual investment in the property of over
$77,000,000. The new first mtge. bonds, amounting to $20,000,000, have,
of course, a first lien on the entire property, but they are represented at
present by cash substantially equal in amount to their selling valuation,
which cash will be added to investment in the Western Pacific by betterments, construction of branch lines, feeders, &c., as mentioned, and by
additional equipment.
The investment of $49,250,000 by the Denver & Rio Grande included in
the foregoing $84,242,174. has been eliminated in the reorganization.
For the 11 months' period ended May 31 1916 Western Pacific reports
earnings, in excess of operating expenses and taxes and after deductions
for rentals, hire of equipment, &c., of $1,782,567, applicable to interest
charges. In other words, earnings are at the rate of nearly twice the interest
cnarges on the $20,000,000 of new 5% 1st M. bonds, and this without the
benefit of any of the new money provided by issue of these new bonds.
The foreclosure sale, moreover, does not operate to discharge the obligation of the Denver company to the Western Pacific bondholders except to
the extent that moneys realized from the sale are applied to the payment of
the bonds. The new holding company, therefore, has a claim against the
Denver company for unpaid interest and a claim for interest to accrue on
the portion of the old bonds not discharged by application of the proceeds
of the sale of the Western Pacific property. The Denver road is earning
largely in excess of the interest on its own funded debt.
See Western Pacific R. R. Co. above and Railway below.-V. 103, p.
62, 241.
Western Pacific Ry.-Payment on Bonds.-
INDUSTRIAL AND MISCELLANEOUS.
Acme Tea Co., Inc.-Syndicate Closed.The syndicate which recently offered $2,750,000 1st prof. 7% stock
(see V. 102, p. 1988) of this company has been dissolved. Compare V.
103, p. 240, 62.
Aetna Explosives Co., Inc., N. Y.-First Report.Balance Sheet March 31 1916 (incl. Subsidiary Companies).
Liabilities (Total $32,445,702)Assets (Total $32,445,702)Common stock (no par).
Plants and propertieson which has been paid
$2,970.522
Commercial
in in assets
Munition
12,732,568
$12,578,580
3,391,476 Pref. stock (par $100)__- 5,495,900
Good-will
Secur. owned (book val.)
143,436 Cap. stk. of sub. cos. not
380,667
held by Act. Exp. Co..
Inventory, notes and ac2,228,500
counts receiv. and cash 9,467,627 Funded debt
5,386,824
Current liabilities
Special deposits in escrow
and on contract adv.... 3,395.183 Res. & adv. on contracts 5,836,200
Deferred charges
539,031
344,890 Surplus
-V.102, p. 1989. 1719.
Albert Pick & Co., Chicago, (Hotel Equipment, &c.).
A digest of President Pick's letter dated at Chicago Juno 20 was published in last week's "Chronicle", pa 322, appearing accidentally under
heading "International Textbook Co." Compare V. 103, p. 65.
Altoona Coal & Coke Co.-Bonds Offered.-Edw. B.
Smith & Co. are offering, at 100 and interest, the unsold
portion of the present issue of $150,000 1st M.6% gold bonds.
Bonds.-Dated June 11916. maturing $15,000 annually June 1 1918 to
1928, inclusive; int. J. & D. 1 at Phlla. Auth., $1,75000; in treasury,
$25,000; outstanding, $150,000. Denom. 31000 c*. Redeemable at
1023!, and int. in any amount,in order of maturities, on any int. date. Free
of Penn. State and normal Federal income taxes. Phila. Tr. Co., trustee.
Data from Letter of Pres. John Lloyd Altoona, Pa., July 19 1916.
Properties.-This Pennsylvania corporation has for many years successfully operated coal properties in Cambria and Blair counties, Pa., and now
operates over 3,700 acres, of which 2,573 acres are owned in fee and the
balance operated under mineral leases. Also owns 55 acres in Cambria
County, not operated. Experts estimate the unmined and easily available
standard coal as of Dec. 1915 at about 11,811,700 net tons, with practically
a like tonnage available as a result of additional property development.
The mines are electrically equipped, working now on three levels, with
modern devices for hauling and loading on cars of the Kittanning Run RR.
(operated almost entirely in the interests of our company) whence it is now
delivered to the Pennsylvania RR. at Kittanning Point.
Bonds.-Issued for improvements, &c., including a new outlet for shipping coal, which, with other plans, should reduce the cost of mining and
shipping at least 10 cents per ton, probably more. A first and only mortgage on all properties now owned or hereafter acquired, including right of
way and equipment of Kittanning Run RR. Remaining $25,000 bonds are
reserved for general purposes.
Sinking Fund.-Eight cents for each not ton of coal mined, to retire and
cancel bonds.
Earnings.-Average gross income for three years to March 31 1916,
$241,223, with net earnings averaging $15,914. The following estimate of
net profits and surplus after deducting maturing annual installments of
principal and interest on $150.000 bonds, has been made by Jos. S. Sillyman & Co., of Altoona: Year 1916, net, $11,200, and surplus, $8,200; 1920.
net, $58,000, and surplus, $35,800; 1924, net, $54,600, and surplus, $36,000; 1927, net, $48,000, and surplus, $32,100.
Present Consumers.-Pennsylvania RR. Co.(under a contract for 135,000
to 170,000 tons this year); Edison Electric Illuminating Co. of Brooklyn;
J. A. Roebling's Sons Co., American Car & Foundry Co., Altoona Iron Co.,
Pittsburgh Limestone Co., American Lime & Stone Co., and many others.
V. 103 p: 148.
American Brass Co.-33/2% Extra Dividend.An extra dividend of 33,5% has been declared on the stock along with the
regular quarterly 135% payable Aag. 15 to nolders of record July 31. The
same extra dividend was Dail in Feb. and May.-V. 102, 1. 1813, 1542.
American Car & Foundry Co.-War Order.The officials decline to make any statement as to the company's participation in the foreign war orders placed this week. These orders, according
to the "Iron Age," aggregate "more than 1,000,000 shells of8-inch and 9.2
inch sizes for deliveries running up to April 1 1917." Press reports state
that the company secured therein contracts for 9.2-inch shells amounting
to approximately $18,000,000. Compare V. 103, p. 58, 146.
American Hide & Leather Co.-Dividends Resumed.A dividend of 5% has been declared on the $12,548,300 pref.
stock, payable Sept. 1 to holders of record Aug. 17. This
is the first payment since Aug. 1905, when 1% was paid.,
Earnings.-For 3 months and year ending June 30:
Int. on
Sinking
Bond
*Net
Balance,
3 Mos. ending
Fund. 'S. Fd. Bds.
Earnings. Interest.
Surplus.
June 30$37,500
$509,264 $66,675
$61,200
1916
$343,889
271,373
72,285
37,448
55,590
106,050
1915
12 Months1915-16
32,304,491 $273,890 $150,000 $237,610 $1,642,092
958,161
215,690
149,948
1914-15
295,810
1,619.609
* After charging replacements, renewals and interest on loans, and after
giving effect to the change in the method of valuing finished loather and
setting up the reserve of $250,000 mentioned below. Not current assets
June 30 1916, $11,693,899. Bonds in hands of public, $4,445,000.
Pres. Theodore S. Haight and Treas. George A. Hill say the statement for
the 3 and 12 months ending June 30 1916 has been prepared on the same
accounting basis as the annual statement of Juno 30 1915, except that in
the results for the fiscal year the finished loather has been taken at conservative net prices in connection with orders on hand, less a reduction for estimated profit in order to bring same as near cost as possible, in addition to
the usual deductions for discount and selling expenses. A special reserve
of $250,000 against possible depreciations of inventory has been set aside.
-V. 103, P. 62.
American Locomotive Co.-War Orders.-
Francis Krull, special Master in foreclosure, is now prepared to pay to the
(non-assenting) bondholders from proceeds of foreclosure sale the sum of
34% in cash at his office in the Post Office Building, San Francisco.
Ultimately there may be a further distribution of from 3,5 to 1%.
The reported $15,000,000 contract for 8-inch shells for Great Britain,
we understand, is somewhat overstated.-V. 102, p. 1989, 346.
New Securities Ready.-The new securities are now being
issued as below stated in exchange for certificates of deposit
and full-paid subscription receipts, in accordance with the
plan of reorganization, at the following offices:
The bond call mentioned last week (page 320) under the caption of this
company should have appeared under the American Pipe & Construction
Securities Co. (See that company below.)-V. 102, p. 1813, 435.
Equitable Trust Co., 37 Wall St. N. Y.; First Federal Trust Co. San
Illinois Trust & Savings Bank,
Francisco; Old Colony Trust Co.,Boston;
'
'On.
(1) Holders of certificates of deposit for 1st M. 5% 30-year bonds of
Western Pacific By. Co., who have not subscribed for the new bonds, are
entitled to receive certificates for $500 pref. stock and $750 common stock
in the Western Pacific RR. Corporation for each $1,000 bond represented
by such certificate of deposit.
American Pipe & Construction Co.-Bonds.-
American Pipe & Construction Securities Co.-
One hundred and seventy-nine ($179,000) 6% 10-year coll, gold bonds
of Aug. 1 1912 have been drawn for redemption at 10235 on Aug. 1 at Girard
Trust Co., Philadelphia, trustee.-V.96, p. 281, 137.
American Real Estate Co.-Receivers' Certificates.Judge Hand in the Federal District Court at New York on July 22 authorized the issue of $250,000 one-year 6% receivers' certificates. The
bondholders' committee has offered to purchase $150,000 now and the bal-
JULY 291916.]
anco, if more money should be necessary to prevent the sacrifice of the
properties.-V. 102. p. 2168.
Arkansas Natural Gas Co., Pittsburgh, Pa.-Refinancing New Securities.-The recent increase in the
company's capital stock to $10,000,000 (to include $7,500,000 common stook and $2,500,000 7% cumulative preferred), was made in accordance with the plan of Jan. 3
1916, concerning which the bondholders' committee as
of Dec. 28 1915, wrote in subst.:
Under the provisions of the mortgage to the Colonial Trust Co., trustee.
dated May 1 1910,10 secure an issue of $5,000,000 bonds, the company is
required to retire $500,000 yearly, commencing May 1 1913. All but a
few of the holders of said bonds extended the time for retiring them a period
of three years, so that now the company will be required to commence
retiring said bonds $500,000 each year, commencing May 1 1916.
The income of the company up to the present time is not sufficient to
retire the bonds as stated. The company has outstanding $4,730,000 of
said bonds, of which $1,000,000 are held as collateral security to secure
$800,000 of floating debt.
Under agreement dated Jan. 3 1916, the bondholders are to receive for
each $1,000 bond $500 of the now issue of bonds and $500 7% stock, cumulative and preferred as to assets and dividends. The sinking fund for the
retirement of tho now bonds will be lc. on each 1,000 cu. ft. of gas sold.
Tho holders of over 80% of the outstanding bonds have (in December
1015)agreed to this plan,and prompt response by the remainder will avoid
the necessity of going into the hands of a receiver, and consequent waste
of assets and earning power, and the probability of foreclosure. The earnings are expected to increase from year to year, and it is believe the sinking
fund provision will provide sufficient to eventually retire all of the now
bonds. Under this plan there will be outstanding only $2,365,000 bonds,
and no treasury bonds can be issued except for additional property at 80%
of its value, and which must come under the lion of the mortgage. The
floating debt of $800,000 is secured by $1,000,000 of the present bonds.
These bonds under the proposed plan have been underwritten at 95% and
the proceeds will be applied to the payment of this floating debt, if it is
consummated. The $1,000,000 of common stock to be delivered with these
bonds is required in order to put the holders on the same basis with holders
of the present outstanding bonds, who received a like amount of stock bonus
this $1,000,000
with their bonds. You may purchase on this basis, part of
bonds at 95% of par. The company's income is deemed sufficient to meet
its obligations if they are extended as proposed.
Present Capitalization.
3270,000
1. First mortgage bonds,secured by mortgage Oct. 1 190')
4,730,000
May 1 1910
2. General mortgage serial bonds, mortgage
$1,000.000 of same pledged as collateral security for
$800,000 debt of the company.
6,500,000
3. Common stock
New Capitalization.
semibonds,
interest
payable
coupon
gold
1. General mtge.6%
annually. Sinking fund 1% per 1,000 cu. ft. of natural gas
sold to purchase the bonds, or call them at 105 and int.
Total to be authorized, $4,000,000, viz.:
To retire a like amount of 1st M. bonds issued Oct. 1 1909_ - $270,000
To be used in exchange for present general mortgage bonds_ 2,365,000
Balance to be used only upon the acquirement of additional property at80% of value, as explained in the agreement
1,365,000
7,500,000
2. Common stock
3. Cumulative 7% preferred stock, $2,500,000, preferred as to
dividends and assets:
For exchange as above stated
2,365,000
To be available in treasury
135 000
Tim proposed now capitalization contemplates there will be available:
New bonds to redeem and retire the issue of $270,000 1st M. bonds $270,000
New bonds available for acquiring additional property
1,365,000
Preferred capital stock
135,000
It will be observed, in order to carry out the plan of refunding the debt
that it will be necessary to increase the common stock $1,000,000, which
increase will be given to the purchasers of the $1,000,000 bonds of the company secured by mortgage dated May 1 1910, and now held by creditors
of the company as collateral security. These bonds, with stock, will be
sold at 95% of par of bonds, and the proceeds applied to payment of the
debt secured by the bonds and the surplus to the other debts of the company. For each $1,000 bond secured by mortgage of May 1 1910 there
will be given in exchange new issue 6% bond for $500 and $500 of 7% cumulative 'preferred stock.
Bondholders' committee: William Flinn, J. 0. Trees, J. I. Buchanan,
J. D. Ayres, Lawrence McIntyre. Depositary, Colonial Trust Co., Pittsburgh, Pa.-V. 103, p. 241, 238.
Armour & Co.-Definitive Bonds Ready for Delivery.The Farmers' Loan & Trust Co. New York, is prepared to
deliver First Mtge.4M% Real Estate
' gold bonds in exchange
for interim certificates.-V. 102, p. 1542, 342.
Associated Gas & Electric Co., N. Y.-Bonds Offered,Montgomery, Clothier & Tyler are offering, at 9
and
int. $725,000 of a new issue of Collateral Trust 6% Sinking
Fund Gold Bonds, dated Jan. 1 1916 and due Jan. 1 1941,
which were issued to pay off $609,000 notes due 1918, but
called for payment on July 1 at 101 and int. and for other
corporate purposes. A circular shows:
•
Redeemable as a whole at 105 and int. on any int. date. Int. payable
J. & J. Penn State tax and normal Federal income tax will be paid by the
company. Donom. $1,000,$500 and $100 c*. Fidelity,Trust Co., Phila.,
trustee.
Capitalization (Including Present Issue)Authorized. Outstand'g.
1st M.Bond and Stock Collateral Trust 5s,due 1939-$5,000,000 $1,081,000
6% bonds, due 1941 (this issue)
2,000,000
725,000
Collateral Trust 6% bonds, due 1949
1,500,000
145,000
Preferred Stock,6% cumulative
1,000,000
942,700
Common stock
1,000,000
600,000
Incorporated in New York in 1906 and controls gas and electric properties in Ithaca and Norwich, N. Y., Frankfort, Bowling Green and Hopkinsville, Ky., and Clarkesville, Tenn.; electric property in Oxford, N. Y.,
and gas properties in Homer and Cortland, N.-Y., Van Wert and Greenville, 0., and Owensboro, Ky. (Compare V. 101, p. 125; V. 98, p. 1918.)
Securities Deposited with Trustee to Secure These Notes.
Associated Gas & Elec. Co. coll. trust 6% bonds, due 1949
(V. 89, p. 1412; V. 94, p. 984)_
$1.355,000
Kentucky Public Service Co.(V. 102, p. 1437) 6% notes
329,600
Do
Preferred stock
424,000
Do
Common stock -- --r ---- -r - -- - -566,900
Further secured, subject only to-the-iien or the bonds due 1939 ($1,081,000 issued) on the company's entire ownership in the securities o ffthe
operating companies in Ithaca, Norwich, Oxford, Homer and Cortland,
N. Y., and Van Wort, O., while $350,000 6% pref. stock of AllentownBethlehem Gas Co., a subsidiary of the United Gas Impt. Co., are pledged
as security for the Collatreal Trust 6% Debenture bonds due 1919, of which
$1,355,000 out of a total closed issue of $1,500,000 are pledged as security
for these bonds,$145,000 bonds of the present issue being reserved to retire
the remaining $145,000 in hands of public. The Kentucky Public Service
Co. securities deposited represent practically all of the floating debt of that
company, exclusive of current accounts, all but $1,000 of the prof. stock
and over 60% of the common stock outstanding.
Earnings.-The earnings of the operating companies for the year ended
Dec. 31, applicable to the securities owned by Associated Gas & Electric
Co. and the miscellaneous earnings of Assoc. Co., less exp. & taxes, were:6.
Earnings for 12 Months ended May 311915.
Net earnings, less expenses and taxes
$185,157 $215,985
Present Int. Charge.-On 1st 5s outstanding, $54,050;
6% bonds (this issue), $43,500; and collateral 6%
bonds, $8,700; total
$106,250
Sinking fund for these bonds: % of 1% July 1 1916 to Jan. 11921; 1%
from July 1 1921 to Jan. 11936,and 13 % July 1 1936 to July 11940,incl.
Equities.-Followed by $941,700 cum, pref. stocks upon which 6% dividends have been paid since the issue of that stock in 1910. Dividend of
3% was paid on the common stock in 1915.
409
THE CHRONICLE
Further Issues.-The unissued bonds are reserved: (1) to retire $145,000
collateral trust 6% bonds, due 1949, at par (2) for 80% of the actual cost
of extensions, improvements and additions and new properties under restrictions.
The release or substitution of collateral must be approved by a majority of a bondholder' committee of three-one nominated by the Trustee'
one by the Board of Directors and one by the bondholders. This committee shall consult with and advise the Trustee when called upon by
the Trustee for that purpose.
Brown Shoe Co.-Pref. Stock Reduced.This company recently redeemed $100,000 7% cum. pref. stock, leaving
$3,700,000 outstanding.-V. 102, p. 2074.
Central Leather Co.-Earns.for 3 & 6 Mos. end. June 30.
3 Months
6 Months
1916.
1916.
1915.
1915.
Total net earnings (all
$4,641,377 $2,547,230 $8,540,286 $4,868,392
properties *)
Exp. & losses of all cos.,
1,025,886
1,764,413
except bond interest
1,925,563
869,199
Balance
Income from invest'ts
$3,615,491 $1,678,031 $6,614,723 $3,103,979
8.074
6,344
7,098
22,546
$3,623,565 $1,684,375 $6,637,269 $3,111,077
Total
Deduct-1nt. on 1st .bds.$459,552
3459,552
$919,104
$919,104
Preferred dividends_(1 %)582,732(1()582732(334)1165464(3%)1165464
Common dividends _(2%)794,018
(3)1,191,027
Surplus for period_ _ _ _ $1,787,263
$642,091 $3,361,674 31,026,509
* Total net earnings are stated after deducting operating expenses, including those for repairs and maintenance, approximately $426,523 for the
quarter and $795,252 for the six months.'
Total surplus June 30 1916, 513,862,395.-V. 103, p. 63.
Chicago Wilmington & Franklin Coal Co.-Dividend
This company has declared a second quarterly dividend of 1%% on the
$850.000 pref. stock, payable Aug. 1 to holders of record July 25. The initial dividend of 1%% on this stock was paid May 1.
The company was organized early in the year with $1,000,000 common
stock and $850,000 6% cum. pref. stock, all outstanding, and took over the
property of the Chicago Wilmington & Vermillion Coal Co.. subject to
$573,000 1st M. bonds dated Nov. 1 1911, due Nov. 1 1931. Int. M.& N.
Old Colony Trust Co., trustee.-V. 98, p. 1769.
City Ice Delivery Co., Cincinnati.-Bonds Offered.Field, Richards & Co., Ohio, are offering at $100 and int.
the unsold portion of the initial$600,000 1st M.63 gold bonds.
Bonds.-Dated June 1 1915. Due in annual installments each Dec. 1
from 1917 to 1936 incl., in the following order: 3 blocks of $10.000; 2 of
$15,000: 2 of $20,000; 2 of $25,000; 2 of $30,000; 2 of $35.000; 2 of $40,000;
2 of $45,000, and 3 of $50,000. Denom. $1,000 and $500 c*. Principal
and interest (J. & D. 1) at Cleveland Trust Co. or at Field, Richards & Co.,
Cinc. and Cleve. Redeemable on any interest date at 102 and int. in inverse of numerical order upon 60 days' notice.
Capitalization.-Common stock authorized, $1,500,000; outstanding,
$1,257,900; first mortgage bonds authorized, $1,000,000; outstanding,
$600,000; reserved for 50% of actual cost of necessary additions and extensions, when approved by the trustee, provided the net earnings for the
two fiscal years immediately preceding shall have been three times the interest charges, including all bonds to ba issued.
Data from Letter of Pres. H. D. Norvell, Cincinnati, June 11915.
Incorporation.-Organized in Ohio and acquired by purchase all of the
real estate, buildings, machinery, equipment and other assets of the following companies: Cincinnati Ice Co. (V. 93, p. 1024), M. B. Grosh Ice
Co., Jefferson Ice Co., Crystal Springs Ice Co., all of Cincinnati; Crystal
Ice Co., Newport, Ky., and Consumers' Ice Co., Covington, Ky. With
this purchase the company now owns 17 plants, with a total daily capacity
of 1,175 tons.
Bonds.-From the proceeds of this issue of bonds, all of the bonds of the
constituent companies have been retired, and this issue is a first mortgage
on the property; it also furnishes the company with ample working capital.
Property.-The combined property has been appraised at $1.668,602,
or over 23 times the bonds.
Output.-The company's total daily capacity from its 17 plants will be
1,175 tons. Last year the combined sales were in excess of 216,000 tons,
which is within 4,000 tons of the amount sold by the City Ice Delivery Co.
in Cleveland during the same period.
Territory Served.-The U. S. Census for 1910 showed that Cincinnati
proper had a population of 381,617, while the present post office population
of the zone, comprising the Cincinnati retail district, is almost 600,000.
The company operates over this entire territory.
Earnings.-For the year 1914 the total net earnings of the constituent
companies were $141,944, which is approximately four times the interest
charges on this bond issue.
Financial Statement Sept. 30 1915: (1)Real estate, plant and equipment,
$1,693,382; ice coal and supplies, $8,746; Accounts receivable, 3106,652;
bills receivable, $17,573; cash in banks, $162.931; total, $1,989,284. Offsets: Accounts payable, $48.321; bonds, $600,000; capital stock, 31.257,900; reserve for depreciation, $14,000; reserve for lost accounts, $6,121;
surplus, $62,911. Compare V. 93, p. 1024.
Consolidated Gas, El Lt & Power Co. of Baltimore.Gross earnings
Oper. exp. and taxes_
-3 Mos. end. June 30- -Years ending June 301915-16.
1916.
1915.
1914-15.
$1,846,445 $1,648,807 $7,431,769 $6,709,402
• 919,568
993,716
3,848,076
3,496,584
Not earnings
Fixed charges
852,729
372,038
$723,239 $3,583,693 $3,212,818
1,640,361
1,580,058
415,094
Net income
$314,145 $2,003,635 $1,572,457
$480,691
Dividends paid and payable
$1,131,803 $1,064,629
Reserve for depreciaiton, amortization, &c
550,000
460,000
Reserve for contingencies
47,829
134,542
Bond discount charged off
90,000
Net surplus
-V. 102, p. 2344, 1628.
$97,289
Corn Products Refining Co.-Earns.6 Mos. end.J'ne 30.
Six Months to June 30Current profits
Bond interest, depreciation, &c
Preferred dividends (23-i %)
Balance, surplus
-V. 103, p. 63.
1916.
1915.
$3,130,819 $2,061,202
836,791
785,278
745,672
745,672
1,548,356
530,252
Cosden & Co.-New Stock.-
Stockholders are now allowed to subscribe until Aug. 4 to an amount of
stock equal to the cash dividend declared payable Aug.7.-V. 103, p. 147.
Cosden Oil & Gas Co.-Notes.-
Stockholders have ratified the issue of $6,000,000 3-year 6% Convertible Mtge. Gold notes and authorized an increase in the common
capital stock from 35,000,000 to $9,000,000.-V. 102, P. 2344.
Crew-Levick Co.-Stock.Montgomery, Clothier & Tyler, New York, and Elkins, Morris &
Co., Phila.. have purchased $2,500,000 common and $1.000,000 pref. stock
at $125 a share. The amount involved practically the entire outstanding
stock; authorized capital is $3,500,000 common and $1,500,000 preferred,
a total of 35.000,000.
This company is one of the oldest oil concerns in the United States,
having been organized in 1880, and operates producing, refining and distributing properties in Penna., Ohio, Okla. and other States, with head
offices at Philadelphia.
Messrs. Elkins, Morris & Co., Montgomery,Clothier & Tyler and Kissel,
Kinnicutt & Co. are making an offer to purchase the entire capital stock of
this company for $125 a share. Between 90 and 95% of the common stockholders have already accepted the offre. It is thought that all of the preferred stockholders will do so as that stock is callable at $115 a share. Dileposits of the stock are being made with the Commercial Trust Co. of Phila.
410
THE CHRONICLE
The aforesaid purchase has been made for the account of
the Cities Service Co., see that company under "Railroads" above.-V. 102, p.439.
De Long Hook & Eye Co.-Dividend Increased.-
A quarterly dividend of 2% has been declared on the stock, payable
Aug. 1 to holders of record July 26. This restores the quarterly rate to the
same amount as that paid previous to Jan. 1915 when the dividend was reducel to 1%.-V. 100, p. 1536. •
Denver Union Water Co-Temporary Injunction.-
See Denver in "State and City Dept." on a following page. See also
V. 102, p. 889. 803.
Diamond Match Co.-New Director.-
Thomas J. Reynolds, Vice-President in charge of sales, has been elected
a directoe, succeeding Edward R. Stettialus of J. P. Morgan & Co., who
resigned.-V. 102, p. 1720, 1057.
Dominion Bridge Co.-Extra Dividend.-
An extra dividend of 3% has been declared on the $6,500,000 stock along
with the regular 2%, both payable Aug. 15 to holders of record July 31.
The same extra payment was made in the previous three quarters.V. 102, p. 1629.
• Dubuque (Ia.) Electric Co-Bonds Offered-Elston,
Clifford & Co. and Baker, Ayling & Young are offering by
adv.on another page,at 97 and int., yielding 5.45%,$2,300,000 First Mtge. 5% bonds of 1916, covering as an absolute
first mortgage the entire electric lighting, power and street
railway systems of Dubuque. The net earnings for the past
year, it is stated, were over twice the bond interest.
[VOL. 103.
Organized in Virginia to manufacture gasoline engines or motors for automobiles, trucks and tractors, woodworking machinery, &c. It has absorbed the Falls Machine Co. of Wisconsin.founded in 1903 to manufacture
woodworking machinery. In 1913 undertook the manufacture of automobile engines for the Grant Motor Co. (V. 102, p. 2165, 1349, 1720).
The
requirements of this corporation for the next 12 months will be between
15,000 and 18,000 "Falls" motors. We have contracts in addition with
several other automobile companies calling for about 10,000 "Falls" motors.
Many other profitable contracts have been offered us, some of which we
will be in a position to accept by reason of the recent reorganization, and
the resulting addition of now capital.
Sales.-Sales 1911 to April 30 1916 and estimated gross shipments for
year 1916:
1911.
1912.
1913.
1914.
1915. 4 mo.'16 Year 1916 gross
$320,780 8231,358 $300,936 $189,454 $609,785 $384,599 Est.31,500,000
Earnings.-The net profits for the cal. year 1915 were 394.169. and for
the first four months of 1916, $40,299; while for the first year of the new
company the profits, it is eceected, will aleproximate $250,000. Present
capacity, 65 motors a day. Within the three months following the completion of additions and installations of new machinery, already contracted
for, the profits should average from $25.000 to $30,000 a month, based on
a production of 100 motors daily; and when the changes already mentioned
have been completed, the profit on the nanfacture aid sale of motors should
be increased at least 25%. The present rate of earnings is about four times
the dividend requirements on the pref. stock. With an estimated production of 30,000 motors a year, the earnings on the common stock, after
allowing for dividends on the pref. stock of $35,000, may be conservatively
estimated at $315,000 a year, or 31%%.
Furth,r Pref. Stock Rights.-(a) Preferred as to dividends, and in case of
liquidation as to 121% or par value and all accrued dividends. (6) No
dividends on common stock until all dividends on the prof. stock accumulative and current and including July 1,shall have been provided for, as
also the annual installment of pref. stock for redemption. (c) No bonded
debt, mortgage security or stock ranking prior to or equal with this prof.
stock, without consent both of the prof. and coin. stocks outstanding.
*(d) After July 1 1919, 10% of the annual surplus or net profits shall be
devoted to the redemption of the pref. stock not converted into common
stock. (e) If the pref. dividends are in arrears longer than one year, the
pref. has exclusive right to elect the directors; oar.vIs,Ile yeAng righs.
Dated June 11916. due June 11925. Subject to call on 60 days' notice
at 101 and int. Interest payable J. & D. 1 at Chicago or New York.
Deeom. $500 and $1,000. Central Trust Co. of Illinois, trustee. The
company agrees to pay the normal Federal income tax.
Data from Letter of Vice-Pres. H. B. Maynard, Dated June 20 1916.
First National Copper Co.-Initial Dividend.CapitalizationAuthorized. Outstanding.
An initial dividend of 25 cents per share has been declared payable
Common stock
$2,000,000
$600,000 Aug. 25 to holders of record Aug. 5.-V. 99, P. 1600.
Preferred stock
2,000,000
750,000
First mortgage 5% bonds
6,000,000
Garland Corporation.-Interest Defaulted.2.300,000
These bonds are secured by an absolute first and only mcrtgage on all
The
11916 coupons on the outstanding $1,383,009 1st Sinking Fund
the properties, rights and franchises of the company, which does all the 6s haveJuly
not been paid. No committee has been formed for the protection
electric-light, power and street railway business in the territory served.
of the bondholders, the company having 90 days in which to make good
Additional first mortgage bonds may be ssued for only 80% of the actual the default, in accordance
with the terms of the agreement secering the
cost of permanent additions and improvements and then only when the bonds. Heretofore the interest
paid at the Fidelity Title & Trust Co.,
net earnings for the preceding 12 months have been at least 1 Yi times the Pittsburgh, trustee.-V. 97, p. was
1826.
interest on bonds outstanding and those to be issued.
Earnings for Year ending Mau 31 1916-Interest on Present Bond IlsuP.
General Chemical Co., New York.-Monthly Earnings.
1915-16. 1914-15.1
1915-16.
-3 Mos. to June 30- -6 Mos. to June 30Gross revenue _ _ _$553,686 $511,248 I Interest on those bonds_ _ _ _$115,000
1916.
1915.
1915.
1916.
Net, after taxes_ _$241,241 $202,623'Preferred stock dividend_ _ _ 45,000
$2,970,101 $1,345,549 $5,864,030 $2,353,463
Balance, after preferred dividend and present interest charge_ _ _ $81,241 Net profits
454,784
429,131
909,567
908,261
Net earnings are more than twice the bond interest, the balance being Dividends and insurance_
Depreciation
reserve_
_
_
_
500,000
150,000
1,000,000
350,000
about 2% times the dividend charges on the preferred stock.
Business.-This company does the entire electric-lighting and power
Surplus
$2,015,317
$766,418 $3,954,463 $1,095,207
business in Dubuque, Iowa, and surrounding communities, serving a popu102, p. 1629, 1543.
lation of about 50,000. Serves East Dubuque with electric light and power
and is supplying be wholes.de the largo lead and zinc mining communities
(B. F.) Goodrich Co., Akron,0.-Six Months' Profits.in Northwestern Illinois and Southwestern Wisconsin. Also sells power to • The books were closed on July 1 to determine the earnings for the
first
the Eastern lea a Light & Power Co., serving 6 or 8 communities within six months of 1916. While
yet audited by public accountants, the corne isy transmission distance of Dubuque Power station of most modern, pan's auditor has submitted not
a statement showing that after proper provision
construction, generating capacity 9,500 k. w.•, about 220 miles of transmis- for maintenance charges, depreciation,
doubtful
and all known
sion and distributing lines in excellent condition: about 20 milei of track outstaneing currant liabilities, the not profits foraccounts,
the period amounted to
In city and suburbs, substantially all 70-1b. rail laid in concrete, with about $4.800,C00. The usual
dividends have been declared, namely
90 cars, all well maintained. The value of the proper.les is largely in excess 1%% on the $27,300,000quarterly
and
prof.
I%
$60,000,000
on the
common, payof the amount of outstanding bonds-the equity being represented by the able Oct. 1 and Nov. 15, respectively.-V.
102. p. 979.
$1,350,000 of preferred and common stocks.
Sinking Fund.-From June 1 1917, 10% of the gross earnings, either (a)
Grant
Motor
-Motor
Co.
Car
Requirements.
to purchase bonds or call them at 101 and int., or (b) for imp'ts & additions.
See Falls Motors Corporation above.-V. 102. p. 1723, 1349
Postal Receipts Indicating Growth or City.
1911.
1912.
1913.
1914.
Hendee Manufacturing Co.-New President.1915.
1916.
Receipts
$147,541 $152,55 $161,834 $1714,481 $201,701 $243,971
John F. Alyord has booa elected President and director to succeed Geo.
Increase
4.1%
3.6%
5.8%
10.3%
13%
20.9% M. fi endoe, who resigned. Chas. N. Hinckley has also resigned as SecPref. Stock Offered.-Baker, Ayling & Young are also rotary.-V. 101, p. 1627.
placing at 91 and div., to net 6.38%, 7,500 shares of pref.
stock,6% cum. A circular shows:
Hutchinson Sugar Plantation Co.-Extra Dividends.-
An extra dividend of 20 cents (4-5 of 1%) has been declared on the stock
(Par $25) along with the regular dividend of 30 cents (1 2-5%), both payable Aug. 5.-V. 99, p. 897.
Dividends payable Q.-M. Preferred as to assets and dividends, callable
at 110 and dividends. Equal voting power with the common. Par $100.
Interstate Power Co.-Bonds Offered.-The Chicago SavEarningsfor Years ending May 311916, March 31 1915 and 1914 and
Dec. 311913.
ings Bank & Trust Co. are offering at 100 and int., yielding
1915-16. 1914-15. 1913-14. Cal.Yr.'13
Gross revenue
$ee3,666 $516,906 $503,075 $471.251 6%,First & Ref. M.6% 20-year gold bonds dated July 1 '13.
Bonds auth., $2,500,000; issued, $632,900; retired, $89,100; outstanding,
Net earnings
$241,241 $208,811 $202,884 $191,620
$543,800. Earnings for year ended Apr. 30 1916, gross, $157,481; net,
On basis of the 1915-16 net, $241,241, there is a balance of $81,241. after oper. exp. maint., taxes, &c., $73,286; int. on bonds, $47,388; suraLer deducting the present bond interest ($115,000) and pref. dividend plus, $25,898. '
Compare V. 98, p. 1003.-V. 100, D. 401.
charge, $45,000.
The Dubuque Electric Co. was organized [in Delaware on Juno 3 1916Iowa Gas & Electric Co.-Bonds Offered.-Chicago SavE L] to purchase and operate the Union Electric Co. of Dubuque. (V. 86, ings
Bank & Trust Co. is offering at 100 and int., yielding
p. 983.) Dubuque is the commercial centre of Eastern Iowa, the third
argest city and ono of the best railroad centres in that State. At the 6%, First Mtge. 6% serial gold bonds.
pro ent time the city nas a population of over 45,000 and nearly 150 diDated July 11916. Due serially, July 1 1918 to 1934. Interest payable
versified manufacturing industries. Total bank and trust company J.& J. 1 in Chicago or New York. Subject to call at 105 and int. on any indenosits exceed $10,000,000.
trrest date. Denom. $1,000, $500 and $100 c*. Chicago Savings Bank &
Register,.
["Des Moines
'July 22,said: "The new owners are I. C. Elston Trust Co. and Lucius Totem, trustees.
CapitalizationJr. of Chicago, who is President; H. B. Maynard of Waterloo, who will be
Authot tad. Outstanding.
Vice-President and local executive head, and Boston and Chicago capital- Capital stock
$184,000
$200,000
ists who, with Mr.Elston in the Elston-Clifford Co. operate public utilities First Mortgage bonds
800,000
225,000
The unissued balance of the First Mortgage bonds may be issued for 80%
through tno country, the Citizens' Gas & Electric Co. of Waterloo being
among them.''-Ed.]
of the actual cost of additions and improvements, and then only when the
net earnings for the preceding 12 months have been at least twice the interEastern Steel Co.-Accumulated Dividends.est charges on all bonds outstanding, including those proposed to be issued.
Earnings for Year ending June 1 1916-Present Interest Charge.
An extra dividend of 21% on account of accumulated dividends has been
declared on the 1st pref. stock along with the regular quarterly 1% %, Gross
$65,275
both payable Sept. 15 to holders of record Sept. 1. On both May 15 and Net earnings (after expenses, maintenance, taxes, &c.)
$28,871
July 15 last 7% was paid on 1st pref. stock on account of accumulated Interest on $225,000 First Mortgage 6% bonds
13,500
dividend. After payment of present declaration 28% still remains unpaid
Surplus
on 1st pref. stock.-V. 102, p. 1349.
$15,371
The company operates under favorable franchises the gas and olocrtic
Esmond Mills, Enfield, R. I.-Accumulated Dividend.- business in Washington, Iowa,
and the gas business in Mount Pleasant,
A dividend of 1 % has been declared on the stock on account of accumu- Iowa.-V. 99, p. 751, 346.
Mons, along with the regular quarterly 1%%, both payable Aug. 1.Jamaica Water Supply Co.-Control.V. 92, p. 1639.
It is stated that the control of this company has been taken over by repreFalls Motors Corp.-Pref. Stock Offered.-Andrews & sentatives of Warren Leslie, 165 Broadway, N. Y., formerly-Presiden
t of
Co., Chicago, are offering at par, $100, the unsold por- the company.-V. 92. p. 1568.
tion of an issue of $500,000 Convertible 7% Cumulative
Preferred Stock. Subscribers have the right prior to July
26 1916, to subscribe for the common stock (par $10), on
the basis of 4 shares of common at $3 50 per share with
each share preferred stock subscribed for.
Jamison Coal & Coke Co.-Car Trusts Offered.-Moore,
Leonard & Lynch have sold at prices to yield from 4.25 to
4%%,$500,000 4M% car trusts dated May 11916, due
$100,000 annually May 1 1917 to May 1 1921 incl. Principal and interest assumed by Baltimore & Ohio R.
Interest payable M. & N. I. Tax-exempt in Penn. Union Trust Co.,
Convertible into common stock on the basis of ton shares of common for Pittsburgh, trustee. Total issue,
Secured on 1,100 steel coal
one share of pref. stock, at tho option of the holder prior to July 1 1919. cars, which the Balt°. & Ohio RR.$500,000.
recently purchased from this company.
Authorized and outstanding, $500.000. Par $100, "full-paid and non- -V. 94, p. 1569.
assessable." Dividends payable when and as declared. Redeemable as a
whole or in part on three months' notice at 120% and divs. on any dividend
Jefferson & Clearfield Coal & Iron Co.-Larger Div.date after Oct. 11919. Registrar, Fort Dearborn Trust & Say. Bank,Chic.
A dividend of 25i% has been declared on the $1,500,000 prof. stock.
payable Aug. 15 to holders of record Aug. 8. This coniparos with 1%%
Data from Letter of Pres. Gustave fluette, July 10 1916.
on Feb. 15 last.-V. 101. p. 1368.
Capital Stocks (No Bonds, Notes, c*c.)Authoriz3d.
Issued.
7% cum. cony. prof. stock (par value $100)
Kathodian Bronze Works.-Officers.$500,000
$500,000
Common stock (par value, $10)
*1,500,000
The following changes in officers are reported: Frank L. Parks has re1,000,000
signed as Vice-Pros. and director; Charles II. Kastonliein also resigned as
* Of the auth. common stock, $500,000 is reserved for conversion of pref. Secretary and director. By the election of the following directors the board
Has no bonds, notes or floating debt, and starts business with a working was increased to seven members: Charles E. Schoff, Gregory Smith, A. L.
capital of about $350,000.
Canfield, C. C. Mosher, Clinton Stephens and Joseph Cowan.
Jim,29 1916.]
THE CHRONICLE
Charles E. Schoff and Gregory Smith were elected Vice-Presidents, and
Clinton Stephens, Secretary, succeeding C. H. Kastenhein.—V.101,p.1631.
Northern States Power Co.—Earnings of All Properties.
•Kelsey Wheel Co., Inc.—Over-Subscribed.—Lohman
Bros. and Goldman, Sachs & Co., announced on Saturday
last, that the block of 7% cumulative pref. stock of this
new company for which advance subscriptions were received privately on July 21,had been largely over-subscribed.
Capitalization of New Company,'o be Incorporated in New York or other State
(No Mortgage or Funded Debt).
Preferred stock (par value $100), entitled to 7% cum. prof. dividends, payable quarterly (first div. payable Nov. 1 1916)_-$3
100
:0000
0:00
00
0
Common stock (par value $100)
411
June 30.
Year—
1915-16
1914-15
—V. 103, p. 65.
Gross
Net (after Interest
Pref.
Balance.
Earnings.
Taxes).
Charges.
Divs.
Surplus
$5.613.608 $3 132,177 $1.552,297 $614.986 $961 .8£4
4 765,096 2.637,671
Ohio Cities Gas Co.—Dividends.—
This company has declared a quarterly dividend of 2%% on the $7,641,800 common stock (par value of com. shares, $25), payable Sept. 1 to
holders of record Aug. 15. This is an increase of % of 1% in the quarterly
distribution, and places the stock on a 10% per annum basis, as against 8%
paid previously. A stock dividend of 5% was also declared on the common
stock, payable in common stock on Dec. 1 to holders of record Nov. 15.—
V. 103, p, 148.
Digest of Letter from John Kelsey, Pres. of Kelsey Wheel Co. (of
Ohio Copper Co.—Sale.—
Michigan), Detroit, July 21 1916.
This company's property is advertised to be sold under foreclosure on
Organization.—It is proposed to organize a now company to take over
as of Doc. 31 1915 the entire assets and business of Kelsey Wheel Co. Aug. 22 at Salt Lake City, Utah. The company's concentrating mill at
of Michigan and Herbert Mfg. Co. of Michigan. as going concerns, and the Lark, Utah, and certain personal property at Bigham Canyon, Utah, will
capital stock of Kelsey Wheel Co., Ltd., of Canada and of the Kelsey be sold on the same day.—V. 101. p. 618.
Wheel Co.of Tenn.,all of which I am President and the largest stockholder.
Ohio Fuel Supply Co.—New Stock.—
The business of the Kelsey Wheel Co. of Michigan was started by me in
This company has applied to the Ohio P. U. Commission for authority to
1909, with a paid in cash capital of $50.000, to which additional cash
capital, amounting to $75,000, was added in 1910 (V. 102, p. 1630). issue $7,338,150 capital stock, of which $6,115,125 is to be used to cancel
Kelsey Wheel Co., Ltd., of Canada, was started in 1914 with a paid in cash a like amount of debenture bonds and the remainder to purchase properties
capital of $100,000. Herbert Mfg. Co. was started in Aug. 1611 with a of the Central Gas Co. for $25,000, the Central & Contract Finance Co.
paid in cash capital of $50,000. The entire original cash investment in for $1,185,887 and the Miami Valley Gas & Fuel Co. for $289,112. Stockthe companies to be taken over amounted then to $275.099. Their com- holders will be allowed to subscribe for the new stock if it is approved by
bined not tangible assets were on Dec. 31 1915 in excess of $2,590,000, in the Commission up to 60% of their present holdings. Compare V.
103, p. 325.
addition to which substantial dividends were earned and paid.
The businesses have been successful from the start and have grown as
Owens Bottle & Machine CO.—Purchase,—
fast as manufacturing facilities could be provided. The result has been that
The company has purchased the Graham Glass Co., with plants in Evansthe Kelsey Wheel Co. now owns and operates the largest complete automobile wheel plant in the world, and makes wheels for the most prominent ville and Loogootee, Ind., and also in Oklahoma. The purchase price is
automobile manufacturers of the country under annual contracts, terms stated unofficially as 31,8110,000.—V. 102, p. 1350.
cash in 30 days. Our selling and commercial expenses are, therefore,
Pacific Mills, Mass.—Dividend Increased.—
nominal and no large stocks for finished products are necessary. We were
A dividend of $4 per share (4%) has been declared on the $12,000,000
the first company to turn out for the automobile manufacturer a complete
wheel ready for the tire. As the automobile manufacturers find it cheaper stock, payable Aug. 1 to holders of record July 24. This compares with
x innoF
i ntehs
tira
b. leas
exs
ndte
.d
alesfor
r and $tlhe
to purchaso the'r wheels from a concern specializing in that output than to
etgusales
June 30 1916 were $13,917,544,
Nre
endeavor to manufacture wheels needed only for their own cars. I feel we "
should have a steady and growing demand. We employ about 3,475 people. against $8,062.698 for first half of 1915.—V. 102, p. 1991.
Management.—The present managers of the combined businesses, who
Pan-American Petroleum & Transport Co.—Closed.—
have been responsible for their successful growth, will retain ownership of a
The syndicate which underwrote the offering of $10,000,000 7% cumumajority of tho common stock of the new company and will continue as
lative preferred stock was dissolved on July 27. It is understood that
active managers and directors.
the
Patents.—This company owns valuable patent rights and has been advised group withdrew about half of the issue at the time of the offering. Of the
by eminent counsel that It is fully protected thereunder in all its manufac- remainder about 80% was subsequently taken up by the syndicate.—V.
102, p. 2259.
turing processes.
Finances, etc.—There will be paid into the new company $500,000 addiPepperell Mfg. Co.—Dividend Increased.—
tional cash capital. Part of this capital will be used in providing increased
A semi-annual dividend of 4% bas been declared on the stock, payable
manufacturing facilities which are needed to enable us to keep pace with our
rapidly growing business and for developing service depots throughout the Aug. 1, to holders of record July 25. This compares with 3% in Feb. last.
country. The now company takes over the combined businesses as of —V. 102, P. 1631.
Dec. 31 1915 and will have net tangible assets as of that date in excess of
Pressed Steel Car Co.—Common Dividend Resumed.—
$3,000,000. It will have no mortgage or funded debt.
We have at present orders on our books amounting to $10,000,000, which A dividend of 1% has been declared on the
$12,500,000
will absorb our capacity for almost a year, although we are running three
shifts of men eight hours per shift. We use 50,000 tons of steel per year common stock, payable Sept. 6 to holders of record Aug. 16.
and 20,000,000 feet of hickory. At our Memphis plant we have our own This is the first payment since Dec. 16 1914, when %
3 of 1%
sawmills and wood-working plants, and we there obtain the advantage of
4% on the
very low labor and raw material costs. Our main manufacturing plants was paid. The regular quarterly dividend of 13
are located in Detroit. the centre of the automobile industry, and we pref. stock was also declared, payable Aug. 23 to holders of
thereby eliminate, to a very groat degree, freight charges.
record Aug. 2.—V. 103, p. 148.
Sales and Profits of Combined Companies for Calendar Years 1914 and 1915
and for Six Mon hs ending June 30 1916.
Pittsburgh Coal Co. of N. J.—Time Extended—Two1914.
1915.
thirds Deposited.—The readjustment committee has extended
1916,6 Mos. 1916 Year.
Sales
$4,204,806 $5,227,523 $3,949,222
Not stated
until Aug. 15 the time for the deposit of pref. and common
Profits
509,493
794,134
590,525 $1,000,000 est.
Touche, Niven & Co. will examine our books and accounts and certify stocks for exchange for the shares of the Pittsburgh Coal Co.
as to the above sales and profits. The net profits of the new company of Penna. More than two-thirds of the outstanding capital
for the calendar year 1916 will be considerably over $1,000,000.
deposited. After Aug. 15 no deposits will be
Pref. Stock—Further Provisions.—(a) Without the consent of 75% of stock has been
each class of outstanding stock given separately, the company cannot received except in the discretion of the committee and submortgage any part of its property nor increase the amount of preferred ject to its conditions. See adv. on another page.
stock nor issue any stock having any preference or priority over said pref.
The plan of readjustment provides for exchange of 1 1-3 shares of 6%
stock. (b) The whole, or any part, of the pref. stock may be redeemed at
any time on 90 days' notice at $125 per share and all accrued dividends. preferred stock of the Pittsburgh Coal Co. of Penna. for each share of pref.
(c) Yearly, beginning on or before July 1 1918, the company shall out of stock of the N. J. co. Common stock may be exchanged share for share.
The carrying out of this proposition will result in the wiping out of the
its surplus profits, acquire by purchase at not to exceed $125 plus accrued
dividends, at least 3% in par value of the largest amount of pref. stock at New Jersey company, which is a holding company, and stockholders of the
any one time outstanding. (d) No dividend shall be declared on the com- Pittsburgh Coal Co. will then have certificates of the operating company.
mon stocic until: (1) All accrued dividends on the pref. stock and all arrears On the pref. shares of the Pittsburgh Coal Co. of N. J. there are arrears
for acquisition of prof. stock shall have been made good; (2) the surplus of divs. now amounting to about $45a share, or a total of over 312,000.000.
By the plan this $12,000,000 accumulated dividends will be commuted
shall amount to $500,000. (e) No dividend in excess of 6% p. a. for any
one year shall be declared on the common stock unless the surplus shall to $9,000.000, par value, of 6% pref. stock of the Pittsburgh Coal Co. of
amount to at least $1,000,000. (f) The pref. stock shall have no voting
Penna. As there is $27,000.000 pref. stock of the New Jersey company
power in the election of directors or the amendment of the by-laws unless outstanding, the holders will receive 133% of their holdings in the pref.
and until two quarterly dividends payable thereon shall be in default; in stock of the operating company. The latter will be able to place the entire
which case the voting power shall vest exclusively in the pref. stock until amount of pref. stock on the full 6% basis. With these claims of the pref.
shareholders cleared out of the way the common stock will be in line for
all defaults have been made good.—V. 103, p. 324.
dividends. Compare V. 102. p. 804. 2259.
Keystone Watch Case Co.—Dividends Resumed.—
A dividend of 1 % has been declared on the stock, payable Aug. 1 to
holders of record July 27. The la.st dividend paid by the company was on
Feb. 1 1915, when a semi-annual distribution of 1%% was made. Previous
to that time the semi-annual payment had been 3%%.—V. 102, p. 1990.
McKeesport Tin Plate Co.—New Mills.—
The company on July 24 opened its five new tin mills at the McKeesport
plant. The company has 17 additional mills under construction.—V.
100,
p. 1172.
Martinsburg (W. Va.) Power Co.—Sold.—
This company's property was bid in for $575,000 at foreclosure
on
July 22 by Emory L. Coblentz of Hagerstown, Md., representing sale
the reorganization committee. See V. 103, p. 324.
Massillon Electric & Gas Co.—Securities.—
This company has applied to the Ohio 1'. U. Commission for permission
to create an Witte of $2.000,000 bonds, of which $600,000 are to be sold at
once, and to issue $125,000 additional prof. stock. The now boid
vi .
will provide for retirement of outstanding debt and reimburse the treasury
for Improvements. extensions, &c., made last year. Compare
101,
P. 216, 927.
Michigan Sugar Co., Detroit and Saginaw.—Earnings.
April 40
Net
Preferrcd
Common
Ba.ance,
Total
Year— Profits.
Dividends.
Dividends.
Surpius.
Surplus.
1915-16 _ ..$2,044 MA) (6%)$22l.,210 (8%)$597,688 $1,266,102 $2,500,000
1214-15-- 1,686,973 (6%) 220,210
1.460,763 2,350,374
On June 1 11,16 the cempany paid in addition to the regular quarterly dividend of2% on the common stock an extra dividendol 5%.—V.102, p.2171.
Midwest Oil Co., Denver.—Payment on Accumulations.—
A dividend of 2% has been declared on
pref. stock on account of accumulations, payable Aug. 20 to holders ofthe
record Aug. 1.—V. 102, p. 2258.
Montreal & St. Lambert Terminal Development Co.—
Eighty-throe bonds of $500 each and 143 bonds of $100 each, aggregating
$55,800, all dated Feb. 24 1909, have been drawn for payment at 105 and
int. on Sept. 1 at National Trust Co., Ltd., Montreal, trustee.
North American Collieries, Ltd.—Sale.—
•
Henry M. McCallum, auctioneer, will oiler this company's 14-mile
railway for sale in Calgary on Sept. 6, pursuant to final order of Court for
Judicial District of Calgary, with approval of Judge of the Supreme Court
of Alberta.—V. 102, p. 441.
Price Brothers & Co., Ltd., Quebec.—Report.—
See "Annual Reports" on a preceding page.
Notes Offered.—The Royal Securities Corp., Ltd., Canada,
are offering at prices to yield from 53/ to 5Y% $500,000 6%
Collateral Trust serial notes.
Notes.—Dated July 1 1916. Maturing $100,000 annually each July 1
1917, to 1921 incl. Redeemable as a whole on any interest date on three
months' notice at 102% and int. Interest payable in gold J. & J. 1 at
Union Bank of Canada (at $4 86 2-3 to the .e) or in U. S. gold at Nat.
Park Bank, N. Y. Denom. $1,000 (c). The proceeds will be used for
installation of additional paper-making unit, construction of a storage
dam, &c.
Data from Letter of V.-Pres. J. M. McCarthy, July 3 1916.
The largest producer of spruce lumber—and with units under construction to be completed April 1 1917—will be the second largest producer of
newsprint paper in Canada. Its timber and pulpwood areas are practically
inexhaustible, covering 6.500 sq. miles of freehold and leasehold limits
situated adjacent to the Saguenay and St. Lawrence rivers in Quebec
Province. Estim‘ted to contain over 3,000,000,000 feet b.m. merchantable
timber and 20.000,000 cords pulpwood. Annual output, with additions
under construction in operation, 100,000,000 ft. b.m. of merchantable
lumber, 72,000 tons newsprint paper, 58.000 tons groundwood pulp.
25.000 tons sulphite pulp. Total net assets, after deducting the $5,804,863
1st M. bends, $10,1039,021; notes outstanding (this issue). $500.000.
Capitalization Outstanding.
First (closed) M. 5% bonds, auth.. $5.999.529; redeemed by
sinking fund, $160,113; pledged, $34.553; outstanding
$5.804,863
6% Collateral Trust serial notes outstanding, this issue
500,000
Common shares, authorized, all outstanding
5.000,000
Security for Notes.—Secured by deposit with Montreal Trust Co.,trustee,
of a first mortgage on the properties. franchises. &c. of the Shipshaw
Power Co. under agreement dated July 1 1916. The Power Co. operates
a water power at Murdock Falls on the Shipshaw River about two miles
from Kenogami. Que.; minimum flow 690 ft. per second, working head is
90 ft. Development consists of concrete dam, 600-ft. steel tunnel, steel
penstocks, surge tank and a fireproof concrete station with transmission
lines to Kenogami. Capalty 7,000 h.p. and provision is made in conatruction of power station to receive a third unit which will bring capacity
up to 10,000 h.p. when required at additional cost of $60,000. Power Co.
sells all its developed h.p., 5,000 h.p. or over, to Price Brothers & Co. for
their mills at Kenogami and Jonquiere. Net earnings of Power Co.—which
are absorbed into Price Brotners & Co.'s earnlags in the combined balance
sheet—for 15 months ended Feb. 29 1916, $81,657. All the capital stock
of the Power Co. is owned by Price Mothers & Co.
Earnings.—For the 15 months ended Feb. 1916 the company's net earnings, after paying bond interest, amounted to $550,209, again.t an average
412
[vol.. 103.
THE CHRONICLE
Gen. Mgr.; W.B. McCain, Sec. and Treas. Directors: Goo. L. Edwards,
of A. G. Edwards & Sons, St. Louis, Mo; Merle B. Moon, V-Pros. First
& Old Detroit Nat. Bank, Detroit; H. Hobart Porter Pros., American
Water Works & Electric Co.,Inc., N.Y.; J. H.Puelicher, V-Pros. Marshall
& Ilsley Bank, Milwaukee; J. H. Purdy, of American Water Works ,Sz
Provincial Light, Heat & Power Co.-Bond Call.Electric Co., Inc., N. Y.; A. C. Robinson, Pres. The Safe Deposit &
Nineteen ($19,000) 1st M. 40-year 5% bonds have been drawn for re- Trust Co., Pittsburgh, Pa.,
demption at 105 and int. on Nov. 15 at National Trust Co., Ltd., Mon-,
General offices of the company 2219 Dime Bank Building, Detroit.
treal, trustee.-V. 88, p. 381.
Local offices, Willows, Cal.
Exchange of Bonds for Land.-Attention is called to Section IX in the
Pure Oil Co.-Extra Dividend.plan of reorganization dated March 18 1915, in which it provides respecting
An extra dividend of 2% has been declared on the $4,535,245 common the exchange of bonds for lands as follows:
"Adjustment mortago bonds
stock, along with the regular quarterly 6%, both payable Sept. 1 to holders may be used for their principal amount to pay for lands purchased of
-V.
June.
103,
in
of record Aug. 15. An extra dividend of 30% was paid
the Old Company to the extent of 50% of the price remaining unpaid on
p. 326.
any such contract, which will apply on the last payments specified in
contract. Such bonds may likewise be used to pay for lands which
Punta Alegre Sugar Co.-Acquisitions---6% Collateral the
may be purchased from the new company in such lots or tracts as may
Trust Convertible Bonds.-Hayden, Stone & Co. and Horn- then
be on sale to the extent of 50% of the selling price which may be
By such use of a bond all the interest and
blower & Weeks, are offering at 96 and int., to yield 6%%, agreed upon for theinlands.
sums payable respect thereof, not theretofore paid, will be waived.
an issue of $3,000,000 6% Collateral Trust Convertible other
This privilege may be terminated by the Board of Directors at any time
after one year from the date of such bonds by giving 90 days' notice in
Bonds, dated July 1 1916. The bankers say:
bondholders."
Those bonds are being issued in connection with the acquisition of the I writing toofthe
our bondholders who are contemplating availing themselves
Those
sufficient
provides
consolidation
The
estates.
sugar
Florida
and
Trinidad
of this provision should communicate at once with the Superior California
money for a large increase in production at those three properties, will Farm
Lands Co., 2219 Dime Bank Bldg., Detroit.
eliminate the unnecessary overhead expense of running three separate ,
New Terms for Land Purchasers.-After careful investigation of the
organizations.
financial condition, the management of the company has conal July 11916,due July 11931. Convertible into capital stock settlers'
stao
to make certain adjustments with the individual settlers and aron the first of any month upon 30 days' prior notice thereof at 125%, or cluded
range
the reinstatement and re-writing of their contracts covering
for
16 shares ($50 par value) for each $1,000 bond. If called for prior payment
purchase of their lands. The details of the adjustments to be made
the conversion privilege continues for 90 days after the date sot for such the
out and it is contemplated that the contracts of
payment. Denom. $1,000, $500, $100 c*. Int. J. & J. Trustee, Mer- are now being worked
purchasers of lands as may be improving their holdings will be so
chants' Nat. Bank of Boston. Issue redeemable in whole, or for sinking such
re-written as to provide for payments being made in installments during
fund purposes, in part at 105 and int. on any interest date upon 60 days' the
next 15 years.
notice. Company covenants to pay normal Federal income tax on bond int.
Canal System and Water Supply.-Since our last letter to you, considerDigest of Letter from Pres. Edwin P. Atkins, Boston, July 14 1916. I able progress has been made in this direction of settling permanently the
in
1915
Delaware
August
and
in
a
owns
-Incorporated
Organization.
disputes which have arisen relative to the operation of the canal system;
large tract of land on the north coast of Cuba, where cane fields are being in the meantime the canal company remains in the hands of the Receiver
cultivated and a modern sugar mill erected. Has recently acquired con- who is still operating it.
the
of
and
Florida
operating
Sugar
both
Co..
Co.
Sugar
trol of the Trinidad
Prior to the irrigation season this spring, the receiver of the Sacramento
sugar mills in Cuba.
Valley West Side Canal Co. notified all the of settlers, landowners and
Capitalization
desiring water that it would be necessary to make application for
others
Capital stock (par value $50), authorized, $8,000,000; issued_ --$3,100,000 the quantity of water desired during the 1916 irrigation season and apFirst Mtge. sink. fd.6% bonds duo July 1 1935, cony, into stock
have been received for about 10,000 acres of rice land and for
plications
at $57 50 per share, auth., $1,500,000; issued (V. 101, p. 698).. 1,250,000 10,000 acres to be planted to general crops at the rate of $7 per acre for
Collat. trust 6% cony, bonds, due July 11931, auth. and issued_ 3,000,000 rice land and $2 per acre for general crops respectively. The acreage
Of the authorized $8,000,000 capital stock there has been reserved a suf- for which water is being furnished is larger than the acreage watered during
ficient amount thereof for the conversion of the First Mtge. 6% bonds any prior year and at the present time the canal is being operated to its
and the Collateral Trust 6% bonds.
full capacity and it is expected that the Canal Company will probably
Bond Issue.-The Collateral Trust bonds are secured by pledge of more be able to operate without a deficit this year, thus • relieving tho bondthan 99% of the capital stock of the Trinidad Sugar Co. and will further holders of considerable financial burden.
be secured by more than 97% of all the securities of the Florida Sugar Co.
We submit herewith, (in the printed statement) the agreement entered
which are now under option of purchase. By the trust agreement,the com- into last January, between your Committee and an organization of landpany covenants not to place any mortgage lien on the two properties ac- owners known as the Central Water Users' Association.-Vol. 102,p. 442.
quired while this issue of bonds is outstanding, without the consent of the
Scripps-Booth Corporation, N. Y.-Consolidationholders of 75% of this issue. These bonds are, therefore, in effect, a first
claim on both properties, which have not assets in excess of $4,000,000. Stock Offered.-President Clarence H.Booth says:
Furthermore, they are a claim against the property of the Punta Alegre
Announcement is made of the organization under the laws of the State of
Sugar Co., subject only to its 1st M. bonds.
with a capital of 70 000 shares
Improvement or Sinking Fund.-Annually from earnings not less than New York of the Scripps-Booth Corporation
shares are being offered for public subscrip3100.000, to be used for additions and improvements, or retirement of the of no par value, of which 25,000
Scripps-Booth Corporation
The
Y.
N.
Co.,
&
Miller
by
share
a
$50
at
tion
6% Collateral Trust bonds; cumulative; no dividends can be paid in any
Is a consolidation of the Scripps-Booth Co. of Detroit, manufacturers of
year unless sums aggregating $100,000 p. a. have been so sot aside.
Motor Co. of Detroit,
Sterling
the
and
cars,
Scripps-Booth
well-known
the
of
acres
and
7,000
leases
owns
Co.
28,000
Alegre
Punta
-The
Properly.
for the trade. The Scripps-Booth is one of the
land on the north coast of Cuba in Province of Camaguey, near the port of manufacturers of motors
refined small cars produced in this country. It made
Caibarien; large tract cleared and about 6,000 acres planted to cane. A most distinctive andabout
two years ago and was an instantaneous success.
mill designed for a capacity of 250,000 bags (325 lbs. each) per year, with its first appearance
justifies plant extension to provide for the producthe most improved machinery, will be ready for operation during the com- The increased demand
ing winter. It is expected that the crop of 1917 will amount to about tion of 12,000 cars for the calendar year 1917. The company will have
no bonds or preferred stock and no floating debt.
80,000 bags.
The Trinidad Sugar Co. owns about 8,292 and leases about 6,327 acres,
Scoville Manufacturing Co.-Extra Dividend.all situated at Trinidad in Province of Santa Clara, Cuba, with sugar mill
An extra dividend of 10% has been declared on the $5,000,000 stock,
which has been in successful operation for many years; present annual out- payable Aug. 1 to holders of record July 25. Extra dividends in 1916 have
put approximately 85,000 bags. The Florida Sugar Co. owns about 1,633 been 10% July and Juno 1,10% May 1 aad 8% April 1.-V. 102, p. 2347.
and leases about 2,555 acres, situated at Florida in the Province of CamaSolvay Process Co., Syracuse.-Extra Dividend.guey, Cuba, with modern mill and latest electrical machinery; first output
during the past season. 75,000 bags.
An extra dividend of 3% has been declared on the stock, along with the
Output.-Estimated output for 1917 300,000 bags. It is estimated that regular quarterly 2%. both payable Aug. 15.-V. 102, p. 716.
in 1918 the Punta Alegre mill will have an output of 200,000 bags, the TriniStandard Gas Co., Atlantic Highlands, N. J.-Bonds
dad 125,000 bags and the Florida mill 125,000 bags, or a total of 450.000
bags. In 1919 the output should reach 500,000 bags, and, based on the Offered.-Mortgomery, Clothier & Tyler are offering at 96
total capitalization, including bonds and stocks of $7,600,000, it is equivafund 5% gold bonds, due
lent to $15 per bag-a low figure considering the land owned and controlled and int. $600,000 1st M. sinking
and the capital invested in the plantings.
May 1 1946.
Estimated Earnings on Output of about 160,000 Bagsfor Year end. May 31 '16
Int. payable M. & N. 1 at the Girard Trust Co., Phila., trustee. The
$750,000 company agrees to pay the Federal income tax and to refund the Penna.
Net earnings will be, approximately
255,000 State tax. Secured by a first mortgage on the property reported as having
Bond interest to be set aside for year ending June 30 1917
a replacement value estimated as over $750,000. This company was in$495.000 corporated in N. J. in Sept. 1899 and absorbed the Matawan & Keyport
Balance, equal to 16% on the $3,100,000 capital stock
Until the past two years, during which the price of sugar has been ma- Gas Light Co.
terially advanced by war conditions, the price of Cuban sugar has ranged
Standard Gas & Electric Co.-Earnings.between 2c. and 33c. a pound. On an output of 500,000 bags, and with
the price of sugar ranging between 2c. and 34c.,the company should realize INCOME ACCT. OF STANDARD G. & E. CO., YEARS END. JUNE 30.
profits offrom $1 to $3a bag,or a total offrom $500,000 to $1,500,000 a year.
1915-16.
1914-15. 1913-14.
Directors (and Officers).-Edwin F. Atkins, President, Boston; Elio L. Interest on bonds
$548,811
$562,438
$511,288
Ponvert, Vice-President, Hormiguoro, Cuba; R obert W. Atkins, Treasurer; Interest on notes
9,797
320
John E. Thayer Jr., Secretary; Galen L. Stone, E. V. R. Thayer, Frederick Dividends on pref. stocks
286,210
231,103
246,292
Ayer Jr., Charles B. Wiggin, Ernest B. Dane, Richard F. Hoyt and Ralph Dividends on common stock
634,642
558,982
773,324
Hornblower,a'l of Boston; George H.Frazier, Philadelphia; W.de S. Maud, Extra common dividends
44,622
34,568
Havana, Cuba.-V. 102. p. 2346.
82,514
61,852
74,953
es on notes and accounts
Intert
of $277,998 for years 1910 to 1916. The large increase being due to the
fact that during the year just ended the company has derived for the first
time the full benefit of the operation of the Kenoganoi paper mill. Further
material increase is expected.-V. 103, p. 243.
Sacramento Valley Irrigation Co.-Report of Bondholders' Committee.-The Bondholders' Protective Committee, Merle B. Moon, Chairman, in circular dated at 2219
Dime Bank Building, Detroit, Mich., June 30 1916, and
addressed to owners of deposited bonds, says in subst.:
Sale.-With the exception of the property of the Sacramento Valley
West Side Canal Co., which owned the irrigation system, the property
that secured your bond issue was purchased at foreclosure sale Feb. 2 1916,
and the sale was confirmed by the U. S. District Court at San Francisco
Feb. 14. In accordance with the decree of the Court the sale of the canal
and irrigation system has been deferred for the present. The lands and
other property bought in on behalf of the bondholders have since been
conveyed to the new company or are held for its benefit. (V.102,p.442.)
New Company-New Securities.-As provided in the plan of reorganization of March 181915.(V. 100,p. 1083, 1172,) a new company has been
organized to take over the land and other assets of the Sacramento Valley
Irrigation Co. so purchased. The new company was organized in Delaware as the Superior California Farm Lands Co., and its capital stock
consists of 141,200 shares of the par value of $1.00 each, of which 49%
(or 69,188 shares) was delivered to the American Water Works & Electric
Co., Inc. as provided in our agreement with committee and the committee
representing the stockholders of the American Water Works & Guarantee
Co. The remainder of the capital stock amounting to 72,012 shares (or
51%), was deposited with the Equitable Trust Co. of New York in accordance with the voting trust contemplated by the reorganization plan
and voting trust certificates have been issued against the same at the
ratio of one share for each $100 par value of bonds deposited. and are
ready to be delivered to the depositing bondholders.
The now company has issued its Adjustment Mortgage 6% bonds so
cured by mortgage on the assets acquired at the foreclosure sales. This
bond issue equals in par value the amount of deposited bonds of the Sacramento Valley Irrigation Co., of which $7,201,200 at par have been deposited out of $7,260,800 outstanding. The Equitable Trust Co., of
New York and Joseph N. Babcock, are trustees of the mortgage securing
the bond issue. The bonds of the Superior California Farm Lands Co.
and voting trust certificates above referred to are now ready for distribution and will be delivered to you by the depositary, The Safe Deposit
& Trust Co. of Pittsburgh, Pa., upon surrender of your certificate of
deposit which should be properly endorsed, with your signature witnessed,
and also guaranteed by a Bank or a Notary Public.
The officers of the Superior California Farm Lands Co., are: Merle B.
Moon, Pros.; Geo. L. Edwards, V-Pros.; W. F. Fowler, V-Pros, and
Total income
General expenses and taxes
$1,658,360 $1,486,205 $1,517,152
44,225
36,796
52,191
Net earnings
Other income
$1,606,170 $1,449,408 $1,472,927
1,945
loss 274
*341,440
Total income
Interest charges
$1,947,610
846,676
Net income
$1,100,934
$1,451,353 $1,472,653
823,356
808,105
$627,997
$664,548
*Includes $311,857 profit on sale of $1,924,500 Consumers Power of
Minnesota 5% bonds owned, which were called for redemption May 1 1916.
COMBINED EARNINGS (ALL SUB. COS. WITH INTER- CO. ACCTS.
ELIMINATED) FOR YEARS ENDED MAY 31.
1914-15.
1913-14..
1915-16.
$16,176,797 $14,923,326 $14,085,534
Gross earnings
7,150,574
7,954.082
6,438,752
Net earnings
Bal., after pref. & coin. divs. of sub.
985,173
1,310,908
661,654
co's. int. chgs., taxes & maint
-V. 102, p. 1902, 1544.
Stewart Sugar Co.-Bonds Called for Payment.-The
company gives notice by advertisement on another page that
the outstanding $1,250,000 1st M.6% bonds and $1,500,000
7% 2d M. bonds all dated 1907, have been called for payment at 105 and interest. The 1st M. bonds are payable
Oct. 1 at the Equitable Trust Co., N. Y., and 2d M. bonds
on Nov. 1 at the Columbia Trust Co. of N. Y.
The property was recently acquired by the Cuba Cane
Sugar Corporation. See V. 103, p. 64; V. 102, p. 2344.
Southwestern Utilities Corporation (Oil and Pipe
Lines).-New Well Brought In.-
Douglas Fenwick & Co. of 34 Wall St., N. Y., who are offering the issue
of 6% gold bonds described last week (p. 326), on July 25 received word
from Independence, Kan., that a new gas well of 2,000,000 cu. ft. per day
For Other Investment News, see page 417.
JULY 29 1916.]
THE CHRONICLE
Arvorts
413
and 13ornments.
BROOKLYN RAPID TRANSIT COMPANY
REPORT OF THE BOARD OF DIRECTORS TO THE STOCKHOLDERS- FOR YEAR ENDING JUNE 30 1916.
85 Clinton Street,
Brooklyn, N. Y., July 26 1916.
The system's passenger revenue for the year ending
June 30 1916, increased $1,599,983 76, or 6.29%. Freight
revenue fell off $132,599 92, and other operating revenues
(including advertising, station privileges, rents, &c.) increased $60,071 83, making the total operating revenue
$1,521,085 15 greater than for the preceding year.
The operating expenses increased $733,526 44, leaving
$787,558 71 additional net revenue from operation. The
operating ratio was 56.15% as against 56.61% for the
preceding year.
In the operating expenses are included $4,993,790 77
of charges on account of maintenance of way and structure
and equ'pment, but this amount was not all expended,
and $531,484 34 thereof was set aside for reserves, this
being an increase in reserves for depreciation over the preceding year of $275,099 79. Trainmen's wages and other
direct expenses in the operation of cars increased $410,707 23, occasioned partly by the increase in traffic and
partly by the higher scale of wages which became effective
on December 31st last.
The deductions from net revenues were increased by
$574,958 53 on account of new rapid transit lines placed
in operation during the year, but other interest deductions
showed a slight decrease.
The final result of the system's operations was a net
income of $5,611,832 18, an increase of $99,271 06 over
the figures for the preceding year. Dividends were paid
at the rate of 6% per annum, absorbing $4,467,318 00,
and a balance remained for the year of $1,144,514 18. When
the company assumed the obligations imposed by the
rapid transit contracts with the city, it was expected that
during the period of construction, and before the benefits
of those contracts would be felt in their effect upon net
revenue, pending full operation, there would be a small
margin, if any, of surplus earnings over dividend requirements. It seems likely, however, judging from the satisfactory response to such new facilities as have been placed
in operation, that the company will be able safely to continue dividends at the present rate during this construction
period, and thereafter the margin of surplus ought to be
considerably greater.
A summary of the financial results is given in the following table:
COMPARATIVE STATEMENT OF THE RESULTS OF THE OPERTIONS OF THE BROOKLYN RAPID TRANSIT SYSTEM FOR
YEARS ENDING JUNE 30 1916 AND 1915.
Increase (+), or
1916.
1915.
Decrease (-).
Gross Earnings from Operat'n.27,94871 81 26,427,686 66 +1,521.085 15
15.693,907 81 14,960,381 37 Operating Expenses
F733,526 44
Net Earnings from Operaen.12,254,864 00 11,467,305 29
Income from Other Sources_ __ 438,705 88
438,715 01
+787,558 71
13
12,693,569 88 11,906,020 30
Total Income
Loss Taxes and Fixed Charges. 7,081,737 70 6,393,459 18
+787,549 58
+688,278 52
5.611,832 18 5,512,561 12
Net Income
Surplus at beginning of Year_ _10,621,966 45 9,732,588 50
+99,271 06
+889,377 95
16,233,798 63 15,245,149 62
Total
+988,649 01
Other Credits to Surplus during year
69,958 05
4,131 20
+65,826 85
Total
16,303,756 68 15,249,280 82 +1,054,475
86
Of this amount there has been
appropriated :
Accounts written off
6,330 75
12,327
56
-5,996 81
Adjustment of Expenses
prior years
8,621 97
35,088 74
-26,466 77
Supercession and Deprecia66,247 94
tion
45,062 12
+21,185 82
Loss from operation of
2,338 35
Employees' Restaurants_
9,445 97
-7,107 62
Surof
operation
Loss from
face Cars over Manhattan
Bridge
58,071 98
-58,071 98
Adjustment of Special Franchise Taxes 1905-1912...- 183,970 44
+183,970 44
Expenses in connection with
Thompson Legislative Investigation of Public Service Commission
4,850 00
+4,850 00
Allowance to Employees in
Military Service
1,425 19
+1,425 19
Dividend on B. It. T. Co's.
Stock outstanding
4,467,318 00 4,467,318 00
Total Appropriations
4,741,102 64 4,627,314 37
+113.788 27
Balance Sheet Surplus
11,562,654 04 10,621,966 45
+940,687 59
SALE OF NOTES.
There have- been sold during the year $20,000,000 par
value 5% Notes, maturing July 1 1918, and the proceeds
were used to purchase t!. like amount of New York Municipal Railway Corporation 5% Bonds-issued to finance
the equipment of Rapid Transit lines and the construction
and equipment of additional tracks and extensions, as
provided under the contracts of March 19 1913, between
the company and the City of New York. The notes sold
were the remainder of the $60,000,000 issue authorized
in 1912 and were covered by the option then given to bankers,
being disposed of on a 6% basis less 1% commission.
EXPENDITURES UNDER CITY CONTRACTS.
The New York Municipal Railway Corporation's expenditures for construction and equipment to June 30 1916,
under the City contracts, were as follows:
On account of contribution to City-owned lines
$11,148,834 95
On account of equipment of City-owned lines
On account of additions, extensions and improvements 6,153,119 95
of existing railroads
23,532.620 39
Total
$40.834,575 29
RAPID TRANSIT PROGRESS UNDER
CITY CONTRACTS.
Attention was called in the last annual report to delay
in construction of the new rapid transit lines to be furnished
by the city in compliance with our contracts of March 19
1913, and to the resulting consequences, both to the city
and its lessee: It is gratifying to note that considerable
progress has been made during the past year, and that
contracts have been approved by the Public Service Commission up to June 30 1916, for all lines to be built by the
city and equipped and operated by our system, with the
exception of part of the 14th Street-Eastern line, the Nassau-Broad Street line, the small section of the Flatbush
Avenue line under the Long Island Railroad station, and
the Queensboro Tunnel line under the East River. Approval of contracts awarded by the Commission for the
tunnel sections of the 14th Street-Eastern line, however,
has been deferred by the Board of Estimate and Apportionment, and bids for the Queensboro Tunnel have been
opened by the Commission since the close of the fiscal year.
The company on its part has either completed or has
under contract practically all of the new lines and improvements which it obligated itself to construct. The conspicuous exception is the lower part of the Fulton Street
elevated third-tracking which has been delayed by causes
for *which the company is not responsible.
The operation of the Fourth Avenue Subway, which
was begun between Chambers Street, Manhattan, and
65th Street, Brooklyn, on June 22 1915, was extended to
the terminus of the line at 86th Street on January 15 1916;
operation of the Liberty Avenue elevated extension was
begun on September 25; of the third track on the Fulton
Street line, between East New York and Nostrand Avenue,
on December 27; of the third track on the Broadway elevated line, between Myrtle Avenue and Marcy Avenue,
on January 17; and of two tracks of the elevated structure on New Utrecht Avenue as far as 62nd Street, and
of one track between 62nd Street and 84th Street, with
connection through the new 38th Street cut into the Fourth
Avenue Subway, on June 24 last.
During the fiscal year 1916-17 it is expected that the
following new lines will be. ready for operation:
Broadway, Manhattan, Subway (with Canal Street
connection) as far north as Union Square, and possibly
34th Street.
Jamaica Avenue elevated extension.
Broadway elevated third track from Myrtle Avenue
to East New York.
Remainder of New Utrecht Avenue line to Coney Island.
Third track on Myrtle Avenue between Ridgewood and
Broadway.
From the city's point of view particularly, it is desirable
that the Broadway subway in Manhattan should be opened
for operation at the earliest possible moment. It would
be doubtful policy in our judgment to begin operation
on only that portion of the line which lies south of Union
Square, for the resultant revenue would be small. Extended to 34th Street the operation would yield more than
proportionately additional business. Yet the unwelcome
situation exists that, although the sections south of 26th
Street are substantially completed, the completion of the
34th Street section seems now to be at least a year distant.
On account of the absence of crossovers no operation will
be possible between Union Square and 34th Street until
Sub-section 6 of the 34th Street section (just north of 34th
Street) is finished, and the plans for the steel work for this
sub-section have not yet been approved, nor has the excavation been completed. So essential to the city and
the operator, and to Broadway business interests, is it
[Vo I. 103.
THE CHRONICLE
414
- - - -- OF OPERATIONS OF NEW YORK CONSOLIDATED RAILthat operation, when commenced, should at least include RESULT
ROAD COMPANY, LESSEE, UNDER .THE PROVISIONS OF
the 34th Street Station, that the delay is greatly to be reCONTRACT NO. 4, DATED MARCH 19 1913. BETWEEN
THE NEW YORK MUNICIPAL RAILWAY CORgretted and no energy should be relaxed to progress the
PORATION AND THE CITY OF NEW YORK.
work. Otherwise the city's cost will be additionally magniFor tli, p •rod
Year
fied by interest charges on idle property and the joint revenue
ending
August 4 1913
RevenueJune 30 1916. to Juno 30 1916.
will be deprived of considerable earnings.
Passenger Revenue
31 $25,727,144 39
$9,703,384
quite
been
have
new
lines
The results of operation of the
Chartered Cars and Miscellaneous Transportation Revenue
1,005 70
3,315 72
satisfactory. The railroads which have been thus far
Advertising
211,923 27
82,107 44
material
which
placed in operation are not those from
Other Car and Station Privileges
151.056 85
54,774 70
Rent of Buildings and Other Property
76,423 49
22,670 71
additions to net revenue were expected, except as they
Rent of Tracks and Terminals
104,099 86
26.433 23
furnish better facilities to territory previously supplied
Miscellaneous
21,063 69
13.144 07
the
lines,
outlying
case
the
the
of
in
with transit, or until,
Total
$9,903,520 16 $26,295,067 27
tributary population should increase. None of the new Deductions
lines from which a considerable net revenue was antici$64,867 33
Rentals
$239.346 66
Taxes
432,521 25
1,492.764 53
pated has yet been placed in operation, or will be until
Operating Expenses, exclusive of Mainnow
are
we
which
upon
fiscal
year
the
of
the latter part
3,998,089 07 10,455.086 09
tenance
Maintenance Fund
1,186,859 92
3,153,894 35
entering. Instead of the entire new system being completed
788,473 51
296,714 98
Depreciation Fund
hoped
next,
was
as
1st
January
on
operation
and ready for
Company's First Preferential
3,500,000 00 10.180,107 51
when the contracts were signed, the benefits of operation
Total
$9,479,052 55 $26,309,672 63
of the most profitable part of the system will not be enjoyed
Net Over First Preferential
*14,695 41
424.467 61
until about the fiscal year, 1918-19. Notwithstanding
Company's Second Preferential as per
185,059 45
292,299 6)
Engineer's Determination of Cost
this delay it is encouraging to note that the passenger reResorve in respect of lines in operationceipts of the operating company, namely, the New York
anticipating Chief Engineer's Deter480,000 00
480,000'09
mination of Cost
Consolidated Railroad Company, have increased during
(*) in Company's Preferentials
5786,905 01
$241,491 84
the last fiscal year by $1,333,380 07, and the net revenue Deficit
Interest (t) Paid by City on its Cost of Construction of Property Placed in Operation Plus
has been sufficient to make good all of the company's first
Sinking Fund at Rate of 1% Per Annum__ _
1,318,728 11
604.006 18
preferential of $3,500,000, and $424,467 61 additional on Total
Deficit
2,105,633 12
845,498 02
account of interest and sinking fund upon our investment
(*) To be made good from future not income beforo payment of City's
of new capital in improvements and in contribution to Interest
and Sinking Fund charges.
City-built railroads. For the entire period of operations
(t) Deficits in City's charges during temporary operation to be added to
under the city contracts, namely, from August 4 1913, the Cost of Construction of City Owned Lines.
to June 30 1916, the net earnings have been sufficient to MISCELLANEOUS IMPROVEMENTS, RENEWALS
make good all the company's first preferential of $3,500,AND REPAIRS.
000 per year, with the exception of $14,605 41. The table
Among the principal maintenance and construction exgiven on p. 13 [pamphlet report] shows the details of these penditures
during the fiscal year (other than construction
results, both for the fiscal year and for the entire period expenditures
Transit Lines referred to above) are
of temporary operation. Under the accounting arrange- the following:on -Rapid
ment with the city, as new property of the company is
Approximately 12 miles of surface track have been cornplated in operation, interest and sinking fund allowances - letely
renewed, and approximately 10M miles additional
on the cost thereof become a charge against revenue but have
been overhauled, the latter work consisting of renewing
the determination of that cost is left by the contract to defective
ties, repair of joints, installation of tie rods, rethe Chief Engineer of the Public Service Commission, and
of concrete foundations and relaying of pavement
inasmuch as his determinations have been delayed, the newal
re-cut granite block.
actual amounts shown as charged against revenue for in- with
We have repaved city streets to the extent of 95,452
terest and sinking fund are $665,959 45, or $480,000 more square
yards of pavement, divided as follows:
than they would have been had we computed our charges
With new granite, 41,081 square yards.
upon the costs as formally determined by him. I other
With re-cut granite, 45,957 square yards.
words, we have anticipated his determinations so as not
With Medina stone, 4,958 square yards.
to be obliged to take up later any slack in such charges.
With wood, 3,456 square yards.
Our charges under the city contracts are cumulative and
addition the city has relaid outside of our outer rails,
are to be made good out of subsequent earnings, but never- andn at
our expense, 14,852 square yards of various kinds
indicated,
extent
the
to
them,
have
absorbed
we
theless
pavement.
of
The
operations.
system
of
statement
combined
our
in
On the elevated structure, 98,352 lineal feet of rail were
city's charges for its property placed in operaiton, not replaced,
including complete renewal of elevated tracks on
being earned, are added under the contracts to the city's the Brooklyn
Bridge.
cost of construction and should be eventually met
Other renewals in connection with elevated and surface
by taxation.
comprised the replacement of 138 pieces of special
As the work contemplated by the Dual System contracts tracks
work; 38,788 lineal feet of timber guard rail; 31,410 lineal
approaches completion, the necessity for close co-operation feet
of footwalk slatting and 3,350 lineal feet of stool guard
between the city and the lessee becomes increasingly apparent. Representatives of the Public Service Commission rail.
At 63rd Street Dock the slip between piers was re-dredged,
have estimated that the city's costs will be greater by about
cubic yards of material being removed.
$22,000,000 than was expected, and this estimate does 22,000
In connection with the new tracks on Stillwell Avenue
not include many millions for additional items to be fur- leading
to Co-ley Island, the new double track swing drawnished at the city's expense. Up to the present time this bridge over
Coney Island Creek was practically completed.
great municipal expenditure has not cost the taxpayers This consisted
of an electrically operated through truss
a single dollar, for it has all been capitalized (including swing span approximately
250 foot long, carried on circular
interest thereon), and most of it has been provided for out concrete centre pier and concrete abutments. Two subof the issues of corporate stock. Obviously, this situation marine D. C. Cables were installed across the creek.
cannot, and will not, long continue. While tho contracts
Repainting of the elevated structure is under way on the
determine the items entering into cost, it would be a doubt- Lexington
Avenue line from Myrtle Avenue to Throop
ful policy for the city to encroach too closely upon its debt- Avenue,
about 50% of which was completed during the
incurring capacity, a d certain of its charges, like those fiscal year.
for deficits during temporary operation, supervision, and
A new surface railroad depot at Fresh Pond Road was
a considerable portion of interest during construction (the early
This consists of an administration
amount of winch has been increased largely by failure' building,completed.
providing offices and general operating quarters
properly to synchronize the construction of certain linos for men, constructiot of concrete retaining wall and fence
so as to expedite operation), should be provided for other- along the northerly property line, and installation of storage
wise than out of the issue of corporate stock. It must tracks with capacity for 258 cars, and a possible increase to
be borne in mind that when the city made the decision,
cars. This now yard will permit the abandonment of
as it did about three and a half years ago, to provide trans- 348
but inadequate depot facilities at Ridgewood
extensive
the
would
least
at
years
several
for
portation facilities which
that property.
of
sale
the
and
of
expense
the
pay
to
revenue
net
not furnish sufficient
Franchises were granted during the year by the city for
operation and interest on cost at a five-cent fare and with surface
railroads as follows: .
the high standard of equipment and service exacted, the
Avenue, from Dry Harbor Road to
Metropolitan
On
make
to
have
would
fare-payers,
the
not
and
taxpayers,
Avenue.
Jamaica
realized
is
situation
this
sooner
the
and
deficits,
the
up
On Fresh Pond Road, from Myrtle Avenue to Fresh Pond
the keener should be the desire of the people, their govern•
Terminal.
ment, and the companies to produce the most profitable
On Eighth Avenue,from 39th Street to Bay Ridge Avenue.
results consistent with good service. So far as our contract
These call for the construction of 24,740 feet of double
with the city is concerned, there is every reason to believe
trolley railroad, of which that on Fresh Pond
that the preferentials of the company will be earned when track overhead
is in process of construction; that on Eighth Avenue
the entire system is ready for operation, and that within Roadbeen
contracted for, and that on Metropolitan Avenue
has
a reasonable number of years thereafter the city will be is
awaiting decision of the city as to grades and alignment.
in receipt of full interest and sinking fund allowance upon
Contract has been placed for the erection of a new coal
its own investment, thereby relieving the taxpayers from
plant at the Central Power Station.
burdens and realizing the financial result which both city handling Houses,
Sub-Stations, Shops and Depot buildings
Power
and company should seek-namely, divisible profits. The have
been improved and repaired.
speedy completion of new lines, and the avoidance of unMany changes in buildings have boon made in compliance
necessary burdens upon operation will expedite this dewith orders or recommendations of the State Industrial
sirablo achievement.
ATLI 291916.]
THE CHRONICLE
415
Commission, the Health and Fire Departments and the
On January 1 1916 appeared the first issue of the B. R. T.
Public Service Commission.
Monthly, a publication devoted to the interests of the railtracks
the
in
rear of the Avenue N surface car road system and its employees.
Storage
yard have been extended.
The Employees' Benefit Association since its inception
Employees' club rooms and recreation facilities in various has paid out $346,543 in sick
benefits, and $149,999 26 in
depots have been renovated and improved.
the case of deaths of members,and its invested funds and
Additional equipment purchased or constructed and cash resources at June 30 1916 amounted
to $49,388 10.
equipped during the year includes:
Among the special activities during the year were the
16 snow sweepers,
following:
20 air dump cars,
Insurance of Lives of Employees.
4 cars for transporting rails,
A substantial addition was made during the year to the
2 electric drilling machines for track work,
welfare interests of the company in the shape of a group
1 concrete nixer,
insurance plan under which, on June 30 1916, 5,749 em2 track grinders,
ployees were insured for $1,000 each, including 33 employees
2 combination tar and gravel heaters for paving work,
who have taken out additional insurance in amounts varying
5 automobile trucks and
from $1,000 to $4,000.
3 automobiles.
This plan became effective on September 15 1915,a group
In compliance with orders of the Public Service Commission, 34 complete and 220 partial air brake equipments have contract being entered into between the Brooklyn Rapid
been installed on 250 double truck open passenger cars Transit Company and the Travelers Insurance Company
and on 4 miscellaneous cars. This leaves 128 complete of Hartford, Conn. The insurance was offered to all emand 122 partial equipments to be installed on this class of ployees of the B. R. T. System in service two years or more
cars during 1916 and 1917 to complete the equipping of all and a sufficient group responded to secure the insurance in
policies of $1,000 without medical examination. Of the
cars with air brakes as required by the Commission.
Two hundred and three geared hand brakes have been 8,000 employees eligible for this insurance, 6,300 took out
policies under the B. R. T. plan; 46 death claims have been
installed on surface passenger and miscellaneous cars.
An experiment was made in the construction of one paid by the Travelers.
The insurance is written on a term basis which secures a
articulated car unit, made• by joining two single truck
very low premium. For employees within the group whose
closed cars.
One hundred and eighty-nine passenger cars were equipped yearly wages do not exceed $3,000, the Brooklyn Rapid
Transit Company pays one-half the premium on policies of
with life guard chains.
Upward of 2,000 cars were overhauled, repaired and re- $1,000, thereby reducing the actual premium paid by the
insured employee to a rate lower than that at. which similar
painted.
has ever been obtainable before. For example,
Important changes were undertaken during the year at insurance
the Williamsburg Power Station. Contract was entered employees between the ages of 32 and 40 pay a fraction over
into with the Westinghouse Company for one 30,000 K. W. eight cents a week; employees 50 years of age pay a fraction
Turbo Unit and Condenser outfit, this to replace one of over 13 cents a week; and even those 60 years of age a frac7,500 K. W. and increasing the capacity of the station to tion over 23 cents a week for $1,000 of insurance.
In addition, the Brooklyn Rapid Transit Company has
112,500 K. W. Order was placed for 30 Taylor stokers and
22 turbine driven blowers for furnishing forced draft for the announced its intention to assume the entire premium on
stokers; the installation of the first six stokers is under way, $1,000 of insurance in the case of insured employees retiring
and two of the blower equipments have been installed. pursuant to the Pension Regulations of the System, and in
Four air ducts have been installed to deliver forced draft certain other cases calling for special consideration. This
to the Taylor stokers. Contract is about to be entered into has the effect of obtaining the equivalent of paid-up insurfor rebuilding the coal and ash downtakes made necessary ance upon retirement at a premium rate which could not
on account of the installation of new stokers. The rebuild- purchase one-quarter of the amount of insurance under any
ing of the auxiliary steam piping in the boiler room was individual policy obtainable.
Other important features of the plan protect the insured in.
begun, substituting cast steel valves and fittings for cast
iron valves and fittings, made necessary on account of in- the event of leaving service and in the event of total discrease in the working steam pressure and substituting ability.
The Brooklyn Rapid Transit Company will pay approxsuperheated steam for saturated steam. Alterations to the
original steam main, and the installation of additional pipe imately $31,000 in the first year of the insurance contract
to form a Ring Main Steam Header with remote controlled toward the premiums of employees insured thereunder.
The popularity of the group insurance plan resulted in a
electrically operated emergency valve to isolate sections of
the header in case of trouble were contracted for. A new material increase in the membership of the Employees
dividing box has been installed to accomplish a more satis- Benefit Association, inasmuch as membership in that assofactory division of boiler feed water among the three feed ciation was made a necessary condition of taking out the
water heaters; with this dividing box a control valve has insurance. The membership of the Employees Benefit
been installed to automatically maintain a common water Association increased from 8,912 in June 1915 to 10,516 in
level in the three feed water heaters. A storage tank and June 1916; of this increase 1,300 members were brought into
pump has been installed for consuming boiler feed water in the Association directly as.the result of their desire to take
place of city water to seal the glands on the main turbines;
the group insurance.
this will result in a substantial saving in water. A system.
Medical Inspection Bureau.
has been installed for the purpose of obtaining a more satisThe Medical Inspection Bureau during the past year
factory control of the corn pound used in treating the .boiler
feed water. There was installed in the flues of this station has completed the task of co-ordinating all of the medical
a cinder catcher for 18 boilers, located on the first floor, service supplied to employees of the company, which inmaking a complete installation for the first floor boilers. cludes:
(a) Physical examination of all candidates for employMaterial has been purchased for the installation of cinder
catchers for 24 boilers on the second floor; in connection ment in the Transportation Department.
(b) Compulsory Medical Inspection and free medical
with this, three flues have been enlarged and the internal
attendance to all Transportation Department employees,
mechanism is about to be installed.
The Hudson Sub-station has been enlarged to provide about 10,000 in number.
(c) Free medical attendance for members of the Emfacilities for furnishing power for the operation of signals
in
the Broadway-Fourth Avenue Subway; also the switching ployees Benefit Association outside of the Transportation
equipment has been re-arranged to provide for handling Department.
(d) Medical attendance for all employees in whatever
the additional power required for the operation of the Broaddepartmentengaged who may be injured in the course
way-Fourth Avenue Subway.
During the past fiscal year there was removed from the of their duties.
(e) The instruction of certain employees in First Aid
system 8.48 miles of overhead D. C. Feeders; of this amount
6.57 miles was re-installed in other parts of the system where and supervision of First Aid service rendered by such emrequired. A total of 18.72 miles of underground feeders ployees to fellow employees who may be injured.
(f) Periodical re-examination of all motormen.
was removed, and 2.78 miles re-installed elsewhere. 107.35
A staff of six physicians is employed continuously in
miles of trolley wire were renewed.
There were 392 trolley poles installed; 482 trolley poles this work, the scope of which is constantly increasing as
removed; 380 trolley poles reset; 274 trolley poles re-inforced, the operations of the company expand and as opportunities
are afforded for the development of health education.
and 2,300 trolley poles repainted.
The number of First Aid cases in use has been increased
Seven hundred and seventy feet of conduit line were constructed on South Sixth Street and Berry Street. On the substantially during the year so that there are now eightyBrooklyn Bridge, 9,221 feet of 1,000,000 C. M. power cables five of these cases in service and upward of 200 employees
qualified by special instruction to administer first aid.
were installed.
All such employees are re-instructed in first aid twice
•
EMPLOYEES' WELFARE WORK.
The companies of the system expended during the year for each year. Lungmotors have been installed to supplement
the Schaeffer or prone pressure method of artificial respirawelfare work among its employees and for pensions
of men tion for cases of electric shock.
retired from service, $112,840 57. Of this total $17,703
31
A system of reports covering both sickness and accident
was on account of the system's medical bureau;
07 cases has been established which insures not only the prompt
on account of pensions; $23,920 78 (covering only$35,818
a portion treatment of employees injured or sick, but valuable parsonal
of the year) for contributions to employees insurance
which are essential in dealing with the general
premium and the remainder for club house expenses, con- records
problems of hygiene and sanitation involved in providing
tributions to baseball league, entertainments, &c.
medical care for so large a body of men.
416
THE CHRONICLE
Safety Campaign.
Through the Central Safety Committee and the various
Departmental Safety Committees the attention of all the
employees of the system has been continuously directed to
the vital importance of safety in the operations of thesystem.
The mechanical safeguarding of dangerous machinery and
dangerous places and installation of warning signs at points
of particular hazard throughout the system was the beginning of systematic safety work.
Meetings of the employees' committees, receipt and discussion of safety suggestions from employees, the special
studies by these committees both of accidents which have
actually occurred and of the conditions productive of accidents, the frequent distribution of bulletins dealing with
safety—these are some of the measures which have been
adopted in the larger and permanent problem of educating
the employees themselves.
Classifications for accident statistics more comprehensive
and illuminating than those formerly in use have been
adopted during the past year in the several departments
which have a serious accident hazard.
It is unwise to attempt to draw general conclusions as
to results from the comparative statistics of a few years
only, but it is at least encouraging to note that charts which
have been prepared show• the number of car collisions,
persons struck and car and vehicle collisions per 10,000
car miles operated and the number of boarding and alighting
accidents per 100,000 passengers carried, indicate a downward tendency in the case of persons struck and boarding
and alighting accidents.
In the matter of car and vehicle collisions and ear collisions, despite an unusually severe winter which greatly
increased the. hazard of these accidents by producing slippery rails and bringing all classes of vehicular traffic on
the car tracks, the charts indicate that the system has at
least held its own with the best results of previous years,
in many of which weather conditions were substantially
more favorable to safe operation than they were through
the winter of 1915-1916.
The public safety campaign which the company conducts
in co-operation with the Brooklyn Institute for Safety and
under the approval of the Board of Education of the
City of New York, has continued successfully during the
year. Forty-three new Safety Patrols have been formed
among the boys in Brooklyn schools with over 1,000 members, and 36 new Careful Clubs among the girls with over
700 members. Taking into account Safety Patrols and
Careful Clubs formed in previous years, it appears that
nearly 2,000 boys and more than 1,000 girls in the Brooklyn
schools have during the past year been enrolled in these
organizations.
As in previous years, stereopticon and moving picture
lectures played an important part in the school instruction,
safety calendars were provided for every schoolroom in
Brooklyn, more than 9,000 in number, and 88 public schools
and 29 parochial schools participated in the prize essay
contests on safety subjects.
Safety instruction was given in 62 vacation schools and
playgrounds during the summer of 1915, and provision
has been made for similar instruction during the present
summer. Safety meetings have been held for adults in
many of the congested districts of Brooklyn in co-operation
with public authorities and civic organizations.
The attitude of the public authorities toward this work
is one of its most encouraging results. Officers of the
Board of Education have recently expressed the conviction of that organization that safety instruction must continue as a permanent feature of public school education.
The Police Department of the City, through the extension
of traffic regulation in the interest of safety and through
the establishment of additional play streets, has co-operated
in an important way—even in some instances to the extent of sending uniformed precinct officers into the schools
to talk safety to the older boys.
The Health Department, Fire Department and many
other branches of the City government have been equally
helpful.
It may be concluded, therefore, that the public safety
work which was undertaken experimentally in 1913 has
made a definite place for itself in the community in which
the company operates.
FIRE INSURANCE
The fire losses during the year aggregated $5,167 63,
of which $3,701 19 was paid by the stock companies with
which insurance is taken, and the balance out of the earnings of the Insurance Reserve Fund. The companies
of the system continue to contribute to the Reserve Fund
upon premiums fixed by the trustees, and re-insurance
with stock companies was continued during the year by
the trustees in the amount of $25,638,895. The Insurance
Reserve Fund amounted, on June 30 1916, to $890,526.35,
of which ;,:39,098 08 is invested in stable securities.
RESERVE ACCOUNTS.
There has been added to Reserves during the year the
following:
Insurance
Amortization of Capital,&c
Employer's Liability
$103,086 88
548,498 89
23,364 09
$674.949 86
[VOL. 103.
but retired property adjustments chargeable to these
Reserves aggregating
also payments account of Employer's Liability..
$61,742 56
29,499 08
$91,241 64
have reduced the year's Gain in Reserves to
$583,708 22
INCREASE IN NUMBER OF STOCKHOLDERS.
There has been an addition to the number of stockholders during the year of 205—total number at June 7 1916.
being 9,038 against 8,833 a year ago.
TAXES.
During the last year of Mayor Gaynor's administration
the company's representatives agreed with the Law Departments of the State and City, and with the City Comptroller, upon a settlement of special franchise assessments
covering the years from 1907 to 1912 inclusive, with the
exception of 1909 where the assessment had previously
been compromised. Mayor Gaynor's unexpected death
prevented his approving the settlement. His successor,
Acting Mayor Kline, took no action thereon during the
few months that he occupied the office, and the matter
was not finally disposed of by Mayor Mitchel until March
of the present year. The assessments in litigation covered
by the settlement aggregated $191,672,200, on which the
original tax was $3 363,427 57. The amount of redu tions
in valuati n procured was $44;982,679, and after paying
nearly $400,000 in interest and penalties the saving effected
in taxes was $372,670 28. This would have been r aterially
increased had the terms of se Alement been more promptly
acted upon by the Mayor. The compromise liminates
practically all of the system's liability for taxes prior to
the current year—the outstanding assessments being for
small amounts where the company has been successful
thus far in its litigation, and the special franchise valuation
of th , Nassau Electric Railroad Company for 1907, most
of which has been paid but a determinat:on of which the
city refused to include in its general settlement on account
of possible joint liability of the Long Island Railroad Company.
In common with other owners of property the companies
of your system have been compelled to pay their share of
higher taxes levied for the support of city, State and Federal Governments. With this we do not find fault, except as tax burdens are inequitably imposed, and except
as public officials still find it easy to select Public
Service Corporations as the most fruitful victims for _ow
tax impositions, forgetful that these exactions impair and
limit the ability of, such corporations to furnish the best
facilities, and notwithstanding the fact that, unlike most
other producers, transportation companies cannot shift
the burden of taxation by increasing the price of their
product to consumers. For seventeen years, ever si7:.ce
Governor Roosevelt succeeded in getting the legislature
to pass the special franchise tax law, and upon his recommendation as a measure of equity, payments otherwise
made by corporations for the enjoyment of franchises have
been properly credited upon the taxes assessed for the
privilege of occupying public streets and places. During
the recent session of the legislature, however, and at the
instigation of city offichls, this equitable rule was changed
so far as concerns the payments of compensation to the
city for carrying passengers over the East River bridges,
and such payments can hereafter no longer be so credited.
At the same time t e State Tax Commission, which fixes
the value of special franchises, has eliminated the bridge
fra ichises from assessment and has increased our other
franchise assessments by about $6,000,0,0 f r the year
1916. The result is a twofold addit onal bur.len—namely,
not only the increased amount of direct taxes but the addition of about $230,000 a year for the privilege of carry-'
ing passengers across the bridges at greater expense and
witho t materially additional revenue. The companies
are therefore obliged to face the question whether they
will continue such .operation, except where it may be required by our rapid transit contracts with the city. In
the case of the surface car operation on the Williamsburg
Bridge, the Bridge Commissioner has, fortunately for our
solution of this question, terminated the contracts with
all the surface railroad companies whose cars cross this
bridge, and they are contirming operation at the request
of the city under temporary permits, the city beginning
to realize that there .is somethi g more involved in car
operation than collection of revenue for the city treasury.
Unless therefore some equitable arrangement can be made
with the city under which the bridge service can be placed
upon a satisfactory basis, both from the point of view of
the operator and of its patrons, the present facilities are
likely to be seriously curtailed.
The present situation is not new; its tendency and the
effects were emphatically alluded to by President E. W.
Winter in his report for the year 1908 in which he said:
"The trackage over the two East River bridges now in
service, while constituting a part of the operating routes of
the many lines converging at the Brooklyn termini, is
distinguished from the rest of the system by inherent conditions both troublesome and costly to deal with, but from
the operation of which no adequate revenue return is derived. The relative importance of this distinctly peculiar
eature of your company's situation increases with the
JULY 29 1916.]
THE CHRONICLE
opening of the new bridges and growth of traffic between
Brooklyn and Manhattan. Over 12% of the 73,674,770
total car miles during the last fiscal year, or about 9,000,000 car miles were made on the two bridges. This very
considerable part of the total car movement was through
a traffic desert, save the comparatively small receipts in
half fares from passengers riding between bridge ends. Ill
ther words, the Brooklyn system after running its cars
- the boundary of its traffic territory adds an average
out 12% actual service at greatly increased relative
Without extra charge to the passenger.
uring the fiscal years 1900 to 1907, inclusive, after
iting the account with all revenue from local bridge
ic the Brooklyn system has paid out nearly $5,000,000
barges attaching exclusively to bridge maintenance and
tion. No charge applying generally to the system
hole nor of more than $700,000 paid for various fixupplied to the bridges to aid in the handling of that
ss is taken into this account."
ir taxes for the past fiscal year aggregated $1,837,, a sum equal to about 15% of income from operationore deducting from such income any interest, rents,
xes or other fixed charges.
BROOKLYN RAPID TRANSIT REFUNDING MORTGAGE FOUR PER CENT. BONDS.
Authenticated to July 1 1915
Authenticated during year
$55,061,000 00
644,000 00
Converted into stock
$55,705,000 00
29,619,000 00
Net Authenticated and Outstanding
In hands of the Public
In possession of the B. R. T. System
$26,086,000 00
$3,459,000 00
$22,627,00 00
As follows:
*Collateral to $60,000,000 6-year 5% Notes_ _$10,000,000 00
Collateral to Bills Payable
3,775,000 00
In Treasury B. R.T
6,841,000 00
In Treasury N. E. RR
1,046,000 00
Deposited with City of New York by The
N. E. RR Co
15,000 00
Deposited with Trustee of The Nassau Electric Railroad Consolidated Mortgage_ __ _
700,000 00
Guaranty Fund Brooklyn City Railroad
Lease
250,000 00
$22,627,000 00
•
417
the Louis K. Liggett Co.. the retail company which
succeeded to the RikerHegeman Co., Riker-Jaynes Co. and Louis K. Liggett
Co. business. It
also owns all the common stock of
National Cigar Stands Co.
'United Drug Co. of Great Britain.
United Drug Co., Ltd.,of Canada. I Co-operative Realty
Co.
I3allardvale Springs Co.
Liggett's, Limited,of Canada.
Guth Chocolate Co.
[Gordon-Mitchell DrugCo.,Winnipeg.
The sales of these combined companies to their customers
May 31 have been $11,896,693, an increase of 22% over from Feb. 4 to
the comparative
period of 1915. Of these sales the United Drug
Co. (manufacturing) and
the Liggett Company (retail) contributed $10,786,43
6. From these sales
they have made a net profit of $882.920. There is a profit
also to be taken
from the subsidiary companies, which we have not considered
in making
up this statement.
Since Feb. 4 we have invested capital Up to May 31 of
$1,968,095, as
follows: Payment of company's notes, $153,500; increased
merchandise
stocks, $659,555; increased accounts and notes receivable
chinery, equipment and fixtures, $79,249; prepaid taxes, , $685,539; marentals and suspense accounts, $143,825; advanced to subsidiary
paid on account of cost of consolidation, $110,274. companies, $136.151;
This money has come
from the earnings after deducting dividends
have been paid and from
reduction in cash balance of Feb. 4 and fromthat
increase
in accounts payable
not yet due. The companies on May 31 had cash on hand
In addition to this, $1,968,095, we estimate that from of__ __ $976,426
June 1 to
not yet due. The companies on May 31 had cash
on hand of_$976,426
In addition to this $1,968,095, we estimate
from JuneIto Dec. 31
we shall need, to pay for new buildings underthat
construction (I-J-K-L-N),
$560,000; new power plant, now under constructi
merchandise necessary if the business continues on, $100,000; increased
same percentage of
increase, $700,000; increased accounts receivable its
(estimated). $800,000.
Total------ ,
------- _
$2,160,000
Our available earnings from-United Drug Co. and
Liggett
from June 1 to Dec. 11916, after payment of dividends
on both
the first and second prof. stocks, are conservatively estimated
at.$1,125,000
Balance which should be raised in this period of
It is for these reasons that the directors deem it advisable $1,035,000
to issue the
balance of the authorized first pref. stock, approxima
tely $2,500,000.
Our manufacturing plants and facilities must also
be enlarged and for the
purpose of economy are being assembled in one group
of buildings at the
home plant in 13oston, which necessitates this investmen
t in buildings and
power plant of over $600,000. With the completio
n of these buildings we
shall have sufficient floor space to take care of the estimated
Since Feb. 4 the company has earned at the rate of more increase.
net profits per month; the fixed charges on the first pref. than $220,000
stock after the
Issue of this new stock will be only $43,750 per month.
While the profits
for the first four months were far beyond our expectatio
ns,
it is our confiopinion
dent
that when all of the economies contemplated are
effective the
earnings will be even greater. [On June 19
1916 there were outstandin
g
$5,086,350 first pref., $9,109.000 2d pref. and $20,050,0
00 common stock.
-Ed.)-V. 102, p. 1998, 1902.
United Fuel Gas Co. of West Virginia.-Earnings.-
-Month of June- -6 Mos. to June 30Increase,
1916.
1915.
1916.
1915.
Gross earnings
$252,563 $151,130 $2,175,345 $1,622,150
$553,195
Net, after taxes
101,625
1,326,758
793,469 533,289
Balance after chgs.sur.$59,553df$34,095
2,327S$1.100,994 18$574,493 $526,501
Of the company's $9,000,000 stock
outstanding. 51% is owned by
the Columbia Gas & Electric Co. and 49%
by the Ohio Fuel Supply Co.
-V. 102, p. 1998, 1816.
United States Industrial Alcohol Co.-Earnings.
Detailed statements of operation, statistics and con- Chairman Julius Kessler says in substance:
The net earnings after all fixed charges for the six
olidated balance sheet are appended hereto.
months
1916 were $1,478,967, against $478.699 for the six months ended July 1
Respectfully submitted by order of the Board of Directors. 1915,
July 1
an increase of more than $1,000,000 On July 1 1916 ending
the undivided
surplus was $7,626,700. The $1,478.967 .
net earnings
not include cerT. S. WILLIAMS, President.
tain large revenues ofsome subsidiaries, whose earningsjcdo
annot be accurately
ascertained until the
end of ale fiscal year. Including the earnings of those
subsidiaries, the total net earnings for the six months
ended July 1 1916
were well over $2,000,000.
During the first six months' period the company did not have the
of the earnings of its two Baltimore plants, one of which was not benefit
put into
operation until June and the other will not reach its full production
until about October. The earnings as above do not include the capacity
income of
the three additional tank stcamers built, one of which was
April, the other in May. and tne last will not be completed untildelivered in
October.
has been brought in on the Northern Hale field of the company, where an
The total output of the alcohol plants has
devoted to domestic
additional territory of about 3,000 acres has recently been acquired. This,
purposes exclusively, and only about one-third ofbeen
that output has been sold
it is said, will add largely to the profitable territory which the company to domestic powder manufacturers. Out of
its present increased capacity
now controls.-V. 103. p. 326.
the company will during the current six
make substantial
shipments. The alcohol output during themonths
current six months will beexport
Stewart-Warner Speedometer Corp., Chicago.-Report. 40%
about
greater than it was during the past six
months.
Alcohol is only one
Profits for quarter ending Mar. 31 1916, $571,875; for quarter
of many of the products of the company.-V.
102, P. 882.
ending Juno 30 1916, $703,259; total
$1,275,134
United States Steel Corp.-Extra Dividend.-An
Deduct-Dividends, $325.879; and redemption of pref. stock,
extra
$65,000,loss $307,463 set aside for redemption of pref. stk., bal.
83,416 dividend of 1% has beer declared on the $508,302,500 common
stock
along
with
the
regular
Balance, surplus for 6 months ending Juno 30 1916
quarterl
y
declaration of
$1,191,718
134%, both payable Sept. 29 to holders of record
Balance Sheet June 30 1916 (Total each side, $14,425,908).
Sept. 1.
Real estate, &c
$1,720,774 Preferred stock
regular
The
quarterl
$724,400
dividend
y
of
on
the
pref. stock
Patents, good-will, tradeCommon stock
10,000,000 has also been declared pay.
marks, &c
Aug.
30
9,096,978 Accounts payable
to
holders
of
309,023
rec. July 31.
Inventories
See Annual Reports on a previous page.-V. 103. p.
1,840,453 Accrued wages, taxes, &c_
111,294
326, 245.
Receivables, loss reserves_ 1,157,981 Surplus
3,281,191
Utah Metal & Tunnel Co.-Initial Dividend.Cash
455,563
Deferred charges, &c
All initial dividend of 50 cents per share has been declared
154,158
-V. 103, p. 326.
on the stock,
Stromberg Carburetor Co. of America, Inc.-New Co. payable Aug. 15 to holders of record Aug. 5.-V. 101, p. 1556.
The Corporation Trust Co. of N. Y. reports the incorporation of this
Virginia-Western Power Co.-Bonds.-The Chicago
company at Albany. N. Y., on July 21 with 50,000 shares of capital stock Savings Bank
& Trust Co. in offering at 101 and int. a block
f no par value. The new company is successor of the Stromberg Motor
Devices Co. of Ill., and the syndicate, headed by Allan A. Ryan & Co., of 1st M.6% bonds of 1913, due July 1 1933, reports:
which is promoting the reincorporation,is said to have offered 37,500 shares
Total authorize 1 issue, $1,500,000 outstanding.
$694,000. Earnings
for year ended May 311916, gross, $160,043; net, after
to the public at $42 a share, the subscriptions exceeding this amount.
oper. exp., malnt.,
The earning os Stromberg Motor Device Ca. of Illinois for the first six taxes, &c.,$83,725; int. charges, $41,640; surplus.
$42,085.-V. 100, p.235.
months of 1916, is is asserted, were at an annual rata of $5 a shale on the
Western Canada Power Co., Ltd.-Directors-Substock of Stromberg Carburetor Co. With new funds available from refinancing a large development of the earning power is proposed.
scriptions.-Pres. C.II. Cahan, under date of July 17,states:
annual meeting held on July 15 the following directors
Sulzberger & Sons, Co., of America.-New Name.- I. At the
were elected:
This Now Jersey corporation, on July 24, changed its name to Wilson E.W. Mem,of Montreal, President of Royal Securities Corporation, Ltd.;
Fayette Brown,of Montreal, Manager of Mutual Life Insur.
& Co. Thomas E. Wilson is President.-V. 102, p. 1723.
Bayard Dominick, of Dominick & Dominick, bankers, of Co. of N.Y.;
DePorest Hicks, of Coggeshall & Hicks, bankers, of N. Y. N. Y. City;
Superior California Farm Lands Co.-Successor Co.- Pierce,
H. H.
of Sullivan & Cromwell, N. Y.; Harry E. Towle, Secy.City;
See Sacramento Valley Irrigation Co. above.-V. 103, p. 66.
of American
Water-Works & Electrical Co., N. Y., and C. H. Cohan,
K.C.,
Montreal.
The first two are special representatives of the holders of the 1st
Texas Power & Light Co.-Stock Increased:M. bonds;
represent the noteholders and shareholders.
The stockholders on July 5 authorized the increase in capital stock from theAtothers
the special meeting of the shareholders, held the same day,
$3,000,000 to $4,000,000. None of the stock has been offered for
over
subscription to the stockholders, but it will be sold by the company from time to 35,000 shares, out of a total of 50,000 snares, were represented in person or
by proxy, and all voted: (1) To confirm tne by-law reducing the
time.-V. 102, p. 1442.
paid-up
capital from $5,000.000 to $1,000,000, by canceling four
out of five of the
paid-up shares now issued; (2) To authorize the directors,
Union Electric Co., Dubuque, Iowa.-Sold.-in their disThis company's property on or about July 22 was transferred to the cretion, to sell, transfer and convey all the undertaking, properties and
business
the
of
company,
subject
to existing mortgages, for an amount
Dubuque El7ctric Co. See that company above.-V.86, p. 983.
sufficient to pay off the current liabilities.
A syndicate has already underwritten the 4,678 pref. shares at
United Drug Co. (of Mass.), Boston.-First Pref. Stock share,
$80 per
so that this money is now guaranteed; but unless the shareholde
Offered-Status.rs
subscribe for these same 4,678 pref. shares, these shareholde
rs who fail to
subscribe will lose their entire investment. The time stipulated
First preferred stockholders of record July 22 1916 are offered the
to subscribe at par ($50 per share) until 2 p. m. Sept. 1, at American right receipt of these subscriptions by The Royal Trust Co., Montreal, for the
Trust on July 15; and the fun amount of subscripti
expired
Co., Boston, for about $2,500,000 of originally authorized
ons asked for from shareholdissued first prof. stock, to the extent of 1 new share for each 2 but un- ers has not yet been received. I have prevailed on the noteholder
shares of tive committee to extend
s' protecfirst pref. stock now held. Subscriptions are payable $20 per
the time for subscriptions until Aug. 7.
share on
The gross
Sept. 1,$20 Oct. 10 and $10 Dec. 11 1916. Any or all installments
for Juno last were $31,329, or $7.400
more than for
may be Juno 1915. earnings
paid in advance and those who thus pay their subscriptions in
Average gross earnings of only $31,250 per month
will
in the company to pay operating
Full on or before Oct. 15 1916 will receive the benefit of the Nov. advance
expenms and interest upon its 1st M.enable
1 dividend
bonds
and debentures. A restoration even to the normal conditions
on their stock. For the convenience of stockholders, the trust
of 1913
has been authorized to buy such half-share warrants only for $1company would defray all fixed charges, including dividend upon the
pref. shares, and
each on leave a small surplus of over
or before Sept. 11916. This will make the full $7,500,000 outstandin
$65,000 per year for the ordinary shares.V. 103, p. 330, 245.
Digest of Statement by Pres. Louis K. Liggett, Boston, July 15 g.
1916.
'Me present company began business on Feb. 4 1916. In addition
to
Wilson
&
Co.
-New
Name.
its manufacturing property and business it owns the entire capital
stock of
See Sulzberger & Sons. Co. above.
*$2,265,000 par value of these notes have been converted into
Now York
Iunicipal Railway Corporation's five per cent
first mortgage bonds, as peritted, prior to January 1 1916, by the terms of the
trust agreement.
(For tables of comparative earnings, disbursem
ents, &c., and
balance sheet, see page 401).
13 %
THE CHRONICLE
418
lic Tonuturtial Times,
COMMERCIAL EPITOME
[VOL. 103.
the crop is very promising. Sumatra is in fair demand
steady. Cuban is steady, but rather slow.
COPPER firm; Lake here on the spot, 263'©27c.; electrolytic, 263©27c.; for future delivery, 26M ©27c. Latterly, while actual sales have not been large, more inquiry
has been reported and the trade is hopeful of greater activity
before long. Tin in better demand and higher on the e-.'
at 38.25c. In London sales have been larger at easier pi
later becoming firmer. Arrivals thus far this month
tons; afloat, 2,396 tons. Spelter in rather more dem,.
again higher on the spot at 103c. Europe has 13,,
home trade small, however. Lead dull and again lowe
the spot at 6.20c. Russia and other European nation
inquiring for lead but actual sales are lacking. Pig
good demand from foreign sources but rather quiet f
home trade. No.2 Northern,$19 75©$20 25; No. 2
ern, $14@$14 50, Birmingham. Steel, though quiewhole for domestic trade, is still in good demam,
Europe. England, France and Germany, too, want
supplies of Bessemer and low phosphorous iron. It is
mated that 200,000 tons will be shipped to Europe i'"f
last half cf 1916. Some are predicting higher prices too ,
pig iron, as it has lagged behind steel. European she.
orders for over 1,000,000 shells have been placed in the
United States for delivery up to April 11917, and inquiries
are made for large quantities of 6-inch to 12-inch shells.
Some are predicting an excellent business in September in
heavy shells, though the Allies are in shape to turn out 3-inch
shells in much larger quantities themselves than formerly.
Prices are firm on foreign business.
Friday Night, July 28 1916.
Trade continues to be unusually active for midsummer,
and at the same time there is no excessive speculation. For
the most part it is gratifying to observe that the country's
business is now being conducted along conservative, rather
than speculative, or over-sanguine, lines. At the same time,
confidence in the future is shown by an increasing demand for
autumn deliveries. Hot weather at the West has stimulated
the sale of seasonable fabrics. The cotton mills are pushed
to keep up with their orders for goods, the supply of which
had become greatly depleted. Even Athens, Greece, has
been buying dry goods in Chicago. Industries in general
are unusually active for this period. Shipbuilding is so
active that new yards are being opened. Labor is still in
scanty supply. On the other hand, crop reports are not so
favorable as recently, owing to rust in the wheat fields of
the Northwest, hot dry weather in the corn belt, excessive
rains in the Eastern cotton section and some drought in
Texas. A hot wave at the West has cut down for the time,
the output of steel and for the moment interfered with business in some lines. Prolonged rains and floods have also
hurt business in the Southeast. An epidemic of infantile
paralysis has to a certain extent lessened the business of
Eastern summer resorts. Yet, taking the business situation
as a whole, it is very generally regarded as satisfactory.
LARD quiet; prime Western, 13.15c.; refined to the Continent, 14c.; South America, 14.30c.; Brazil, 15.30c. FuCOTTON
tures advanced and later reacted. Last Monday packers'
Friday Night, July 28 1916.
brokers bought 1,000,000 lbs. Later in the week packers
THE MOVEMENT OF THE CROP,as indicated by our
sold in some cases but bought in others. Shorts have shown
ht, is given below. For the
some disposition to cover. To-day prices advanced with telegrams from the South to-nig
week ending this evening the total receipts have reached
higher prices for hogs.
39,429 bales, against 44,455 bales last week and 48,941
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO:
Wed.
Fri.
Thurs.
bales the previous week, making the total receipts since
Sat.
Mon. Tues.
__cts_12.82 12.95 12.75 12.65 12.60
July delivery
Aug. 1 1915 7,134,101 bales,against 10,420,912 bales for the
September delivery _ _ _12.85 13.00 12.82 12.70 12.62 12.67
same period of 1914-15, showing a decrease since Aug. 1 1915
12.82 12.97 12.82 12.70 12.62 12.67
October delivery
PORK in moderate demand; mess, $27@$27 50; clear, of 3,286,811 bales.
$25©$27 50. Beef, mess, $18@$18 50; extra India mess,
Sat. Mon. Tues. Wed. Thurs. Fri. Total
$30@$31. Cut meats firm; pickled hams, 10 to 20 lbs.,
690 2,277
678 6,48
712
creamButter,
747 1,381
Galveston
15% ©16%c.; pickled bellies, 15 Mc.©16c.
_
ery,24@31 Mc.Cheese,State,13©16Yle.Eggs,fresh,18 ©31e TexasArthur
r
o
P
y
t
i
C
3
_
COFFEE in rather better demand; No. 7 Rio, 9%c.
Aran. Pass, &c
615 1,5146 3-,5:5 1,770 2-,265 1,551 10-,651
New Orleans_ _ _ _
4 Gulfport
No. 4 Santos, 103/2©103/sc.; fair to good Cucuta, 113
49
65
140
166 1,006
35
© 11 8e. Futures weakened a little and then rallied partly Mobile
owing to buying by New Orleans. Rumors also credited Pensacola
,• I
---215
---------Sm.
_,_Jacksonville
862 1,610 5,24,
812 1,040
670
both Liverpool and Germany with buying May here against Savannah '
249
4.573 ---- ---- ‘.1.,57:
the possibility of peace. To-day futures closed 4 to. 5 Brunswick
'7 ---- ---2:
15
Charleston
points lower, with the total sales 22,500 bags.
_...4,7 -,7ii -66 -4i6 -6.46 _i.6 2..,i..1
Georgetown
Wilmington _ _ _ _
Closing quotations were as follows:
620 1,100 1,062 4,251
159
191 1,127
_cts _8.3608.38 November cts8.5208.53 March__ cts_8.77 8.78 Norfolk
__-- ---- ---- ---- ---- ---8.82(8.83 N'port News, &c
8.368.38 December_ 8.5718.59 April
August
New
York
8.88
8.87
..8.64 8.65 May
8.41 8.42 January
Sept
--og --Ie _-_--- -IN -5ii -516 -85:
8.921518.93 Boston
8.71 8.72 June
8.46i8.47 February
October
-3,248 3,24:
Baltimore
SUGAR quiet; centrifugal, 96-degrees test, 6.14 ©6.33c.;
molasses, 89 degrees test, 5.37©5.56c,; granulated, 7.65e. Totalqthlawepl
7.460 8142 30.42'
2.3181 5.457 6.025 9.329
Futures declined a little on liquidation. Some August notices
receipts,
the total
The following shows the week's total
moreover were issued. Besided the demand for granulated
has been disappointing. To-day prices closed 2 to 6 points since Aug. 1 1915 and the stocks to-night, compared with
last year:
lower with sales of 6,800 tons. Prices were as follows:
cts_5.1005.12 November cts5.1005.12 March_ _cts_4.4004.4?,
2 45
4.6054.43
Stock.
1914-15.
April
December_ 5.004.
1915-16.
5.105.12
0
August
July__4.48
4.6704.69 May
5.2005.21!January
Sept1
Receipts to
4.491514.51
This Since Aug This Since Aug
4.3804.40 June
5.2005.22 February
July 28.
October
1915.
1916.
Week. 1 1915. Week. 11914.
OILS.-Linseed in less demand; city,raw,American seed,
6,485 2,420,571 17,970 4,014,604 65,723 112,994
69©70c.; city, boiled, American seed, 70@71c.;Calcutta,$1 Galveston
8,708 12,920
747 502,329
299,512
Texas City
Lard, prime,$1 05@$1 10. Cocoanut, Cochin, 133/2@14c.; Port
56,976
Arthur58,988
66
5,1(
85,393 ___ 61,886
Ceylon, 133/2®13%c. Corn, 8.11@8.16e: Palm, Lagos, Aransas Pass,&c_
122,408 153,10
Orleans_ _ _ _ 10,990 1,409,378 6,481 1,877,771
8%©9c. Cod, domestic, 59©60c. Cottonseed, winter, Now
5,322
Gulfport
490 165,825 13,642 15,125
1,461 161,077
90.; summer white, 9.25c. Spirits of turpentine, 46e. Mobile
80,308
61,502
Pensacola
Strained rosin, common to good, $6 65.
1,027
_-_ 32,840
43.184
215
&c..
Jacksonville,
PETROLEUM in fair demand; refined in barrels,$8 95© Savannah
5,243 1,041,895 3,485 1,761,998 67,772 63,735
4,006
222,008
4,573 144,132
$9 95; bulk,$5 25@$6 25;cases,$11 50©$12 50. Naphtha, Brunswick
324 405,326 27,130 43,577
22 265,039
73 to 76 degrees, in 100-gallon drums and over,41Mc. Gas- Charleston
7281,857
Georgetown
281 279,163 55,068 34,648
2,130 221,698
oline, gas machine steel, 37c.; 73 to 76 degrees, steel and Wilmington
28,708 43,054
4,259 665,976 1,904 604.635
wood, 32@35c.; 68 to 70 degrees, 29©32c. Field work is Norfolk
154,509
____
82,982
&c_
News,
N'port
139 21,472 118,713 247,762
__ 27,450
active in Kentucky. Operations in the Central West for New York
10.698 14,112
-803 88.841 ---- 87,891
Boston
six months past were restricted by the increased cost of ma- Baltimore
1,t,^'
2,350
137 81,226
0,588
3
34i ;
863
2,966
terial. For the first half of the year completions were 1,722 Philadelphia ---- -----2,167 ____
new
wells,
leaving
wells, of which 375 dry holes and 182 gas
30.420 7.134.101 31.958 10420912 522.873 750.1
Tnt.Mq
wells, 1,165; old wells abandoned, 478.
comparison may be made with other years,
that
order
In
follow:
Closing quotations
we give below the totals at leading ports for six seasons:
31 73 Illinois, above 30
Pennsylvania dark $2 60 i North Lima
1 73 degrees
$1 82
2 12 , South Lima
Cabell
1 58 Kansas and Okla2 10 Indiana
Mercer black
1911.
1914. 1 1913. I 1912.
1915.
1916.
1 45 Receipts at1 82 homa
2 10 Princeton
Now Castle
2 10 Somerset,32 dog- 1 95 Caddo La, light__ 1 40 Galveston ___
Corning
2,876
5,403
4,737
4,323
6,485 17,070
90c.
2 00 , Ragland
Wooster
279
201
747
TexasCity,&c.
1,010
2,205
3,622
3,458
6,481
of
firm.
The
the
supply
but
10,943
quiet
Orleans_
been
has
TOBACCO
New
11
235
67
131
490
1,461
Mobile
manuthat
believe
Packers
small.
is
leaf
of
grades
better
180
1,445
2,053
1,322
3,485
5,243
Savannah
facturers will have to replenish their stocks from time to time Brunswick_ _ _4,573
7
9
152
235
324
22
at full prices, especially as they are doing a good business. Charleston,&c
160
37
24
281
2.130
Wilmington....
93
2,394
1,171
3,077
1,904
A jarring note, to be sure, is the big strike at Detroit, but Norfolk
4,259
669
3,561
otherwise the situation looks promising. Buyers are, it is N'port N.,&c.
176
584
595
223
4,266 . 276
said, paying as high as 20c. for Havana seed leaf in Connecti- All others_ _ _
7,567
8,277
cut. The yield in New York is small, and in Ohio more Tot. this wook 39,429 31,958 16.351 14,527
or less deficient, while it is good in Wisconsin. Government Qinrn Allir 1 17 131 101 10420012 10595341
reports say that in New England tobacco Fast week made
The exports for the week ending this evening reach a total
great growth and is now practically up to normal and some
Britain,
picking of shade grown has commenced. In Kentucky of 131,708 bales, of which 52,722 were to Great
419
THE CHRONICLE
JULY 291916.]
'")1;' to France and 50,675 to other destinations. Exports report, while bullish in not a few respects, turned out to be
less so than had been expected. Weevil are less numerous in
week and since Aug. 1 1915 are as follows:
Texas; picking and.ginning are under way in that State.
From
Aug.
1
1915
to July 28 1916.
Week ending July 28 1916.
crop is promising in North Carolina, Tennessee and
The
Exported toExported toNorthwestern Mississippi. In Arkansas it is excellent, exExports
Great
Great
fromcept on hill lands, whene rain is needed. The first bale
Other.
Total.
Britain. France Other. Total. Britain. France.
was reported in Georgia on July 22. In Oklahoma
are good, though some sections of
8,1171,030,327 160,206 493,827 1,687,360 conditions
8,117
to
---- 179,523
79,540
18,102 277,165 that State need rain. In most parts of Louisiana they are
of
-__
48,337
48,337
13,873
9,722
23,595 favorable. It is true that the Government report stated
cot
cost
21,201 15,593 12,903 49,697 628,327 255,641 351,242 1,235,120 that frequent and contiilu9us rains were generally un7,085 81,646
7,085
81,646
lower. Mississippi Valley and eastward to
56,840
7,000
cre a_ _
1,338
65,178 favorable in the
3,472 232,024
68,556 152,540 453,120 South Carolina, especially in the low lands. Shedding is
3;47 2
trai
4,573
102,423
4,573
10,806
113,229
South Carolina, Georgia, Alabama, Mississippi,
for t
56,466
--24,334
80,800 reported in
74,902
95,655 170,557 and Western Florida, with.rust in parts of Mississippi.
open: 3
9,018
9,018
33,373
41,695
75,068
plant is not fruiting well in Georgia and has deteriorated
as a
1,016
850
1,866 The
.th Carolina. To-day prices advanced
27,2717 136,015 163,548 438,929 738,492 materially .in Sou
tures ;,5,067 3,700 11,611)
50
131
90,638
9,077
99,715 some 11 to 13 points on damage reports coincident with
bum
2,300 4,195 132,624
1,895
32,109
2,800 167,533
331
21,661
331
jia
4,214
25,875 further rains in the Eastern belt. Liverpool was higher,
--3,296
3,296 spot houses bought and shorts covered. But profit-taking
___
192,183 192,183
the advance to disappear later. Spot
b, •
14,948 14,948
285,642 285,642 caused most of
2,874 2,874
150,731 150,731 cotton closed at 13.30c. for middling uplands, showing
racefe;
1,605
450
2,055
for the week of 35 points.
ibina
5,522
5,522 an advance
The following averages of the differences between grades,
Total __ 52,722 28,311 50,675 131,7082,836,141 910,8762,237,1585,984,175
as figured from the July 27 quotations of the eleven markets,
Total'14-'15 14,196 10,116 39,431 63,7433,806,963 679,241 3,853,873 8,340,007 designated by the.Secretaryof Agriculture, are the differTotal'13-'14 8,648 1,898 22,656 33,2023,487,9761,088,583 4,477,6859,054,244
ences from middling established for deliveries in the New
Note.-New York exports since Aug. 1 include 2 355 bales Peruvian and 309 York market on August 3.
West Indian to Liverpool and 1,010 bales Peruvian to Genoa.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
On Shipboard, Not Cleared for;July 28 atNow Orleans_ _
Galveston _ _
Savannah _ _ _
Charleston_ _ _
Mobile
Norfolk
New York _ _ _ _
^ther ports__ _
Other
I GerGreat
Britain. France. many. Cont't.
13,480
7,211
8,349
3,885
341
Leaving
Stock.
8,215
496
6,800
3,000
100 25,957 3,133 70,345
100 37,464 4,900 59,084
6,471 4,368 14,580 30,660
452,528
691,228
195,631
496
3,000
-Total 1916- 32,806
'. Total 1915- 12,735
- Total 1914_ _
4,900
87 30,641
1.450 20,093
1,100
1,100
-1.66
2,800
Total.
91,767
45,630
66,672
27,130
5,427
28,212
111,913
75,777
11,525
11,432
5,549
-------
8,115
1,666
Coastwise.
3,000
0.95 on
Middling fair
0.69 on
Strict good middling
0.4.5 on
Good middling
_0.24 on
Strict middling
0.28
off
middling
low
Strict
0.66 oft
Low middling
1.15 off
Strict good ordinary
1.62 off
Good ordinary
Strict good nil:I.-yellow" tInged.0.26 on
Good middling "yellow" tinged.0.02 off
Strict middling "yellow" tinged-0.24 off
Middling "yellow" tinged _____ _ _0.47 off
Strict low mid."yellow" tinged_ _0.82 off
Low middling "yellow" tinged_ 1.21 off
Good middling "yellow" stalned.0.51 off
Strict middling "yellow" stained_0.74 off
Middling "yellow" stained.
1.00 off
Good middling "blue" stained..0.53 off
Strict middling "blue" statned_0.84 off
Middling "blue" stained
1.18 off
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
July 22 to July 28Middling uplands
Sat.
13.00
Mon. Tues. Wed. Thurs. Fri.
13.15 13.20 13.10 13.25 13.30
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
July 28 for each of the past 32 years have been as follows:
1916_c
1915
1914
1913
1912
1911
19 tO
1909
13.30
9.35
12.75
11.95
13.25
13.50
16.05
12.75
1908-c
1907
1906
1905
1904
1903
1902
1901
10.70
12.90
10.90
11.05
10.70
13.25
9.06
8.12
1900_c
1899
1898
1897
1896
1895
1894
1893
10.06
6.12
6.06
7.94
7.31
7.00
7.00
7.94
1892_c
189;
1890
1889
1888
1887
18.86
18b5'
7.50
8.00
12.38
11.31
11.00
10.38
9.50
10.38
- Speculation in cotton for future delivery has been a little
,nore spirited, though far from active. Prices, however,
, Tvanced on continued rains in Alabama, Georgia and the
retinas and reports of damage in those States, together
FUTURES-The highest, lowest and closing prices at
with a rumor that the National Ginners' Association had
put the condition of the crop at 74.8%, against the Govern- New York for the past week have been as follows:
ment condition a month ago of 81.1 and 75.4 last year.
Saturday, Monday, Tuesday, Wed'day, Thursd'y,1 Friday,
Private firms have put it at 75.3 to 75.4. The rains in the
July 22. July 24, July 25. July 26, July 27. July 28. Week.
Eastern belt have given rise to a fear that the next Government crop report on August 1st may be rather unfavorable. July
12.88.-17
12.88-.90 12.95-.08 12.98-.17
Some look for a decrease in condition for July of 5 to 6%. Range
Closing_ __ 12.90-.91 13.07-.08
Reports are persistent of an aggravation of the boll weevil August12.77-.85 12.90-02 13.04-.13 12.92,02 12.97-04 13.10-.18 12.77-.18
pest in the Eastern belt, as well as damage by grass, weeds, Range
12.86-.88 13.01-.02 13.04-.06 12.95-.97 13.07-.09 13.09-.11
Closing_
shedding and sappiness of the plant after rains of nearly, September
13.15 ---- _1i3,25 -13.00-.25
Range
---13.00-.01
or quite, a month. Even the Liverpool market, which had
12.96-.98 13.08-.11 13.13-.15 13.03-.05 i3.20-.22i3.20-.22
Closingbeen lethargic for some weeks past, woke up, owing to the October12.92-.03 13.03-.15 13.14-.29 13.09-.23 13.10-.27 13.26-.37 12.92.47
Range
big rains. Shorts in the English market have been more
13.01-.02 13.13-.15 13.18-.19 13.09-.10 13.26-.27,13.26-.27
Closinganxious to cover. Here, Liverpool, though selling to some ,November
Range
extent from time to time, has also bought. On Thursday
Closing-.._ 13.08 -13.20 -13.25 -13.16 -13.33 -,13.33
it bought some 15,000 bales of January. Moreover, spot December
13...,7-.19 13.18-30 13.31-.45 13.27-.39 13.27-.44 13.44-.55 13.07-.55
Range
interests here and at the South have also bought and on a
Closing__ _ 13.17-.18 13.30-.31 13.35-.36 13.27-.28 13.43-.44 13.44-.45--rather larger scale than last week, or the week before. Wall January13.13-.24 13.23-.36 13.36-.49 13.32-.45 13.34-.51 13.51-.62 13.13,62
Street shorts have bought. The West has also at times
Range
13.21-.22 13.35-36 13.41-.42 13.32-.33 13.49-.50 13.51-.52
Closing
a buyer. The technical position had grown rather February
litrong after weeks of short selling by Wall Street and local
13.58 -I- -- -- 13.36-.58
13.36
Range
Closing_ ___ 13.29 -13.43 -13.49-.50 13.40-.42 13.58-.60,13.59-.61
interests. Pretty much everybody had been bearish. The
crop was, and still is, looking well in the Western belt, March
13.29-.40 13.40-.50 13.52-.64 13.48-.59 13.48-.64 13.65-.75 13.29-.75
Range
Closing_
13.38-.39 13.51-.52 13.55-.56 13.48-.49 13.63-.64 13.65-.67
; Texas had beneficial rains for a time and people were slow
'to believe that any particular damage had been done in the April
13.51-.69
13.51-.52 13.69
Range
Eastern Gulf and Atlantic States, even by the admittedly
13.44 -13.57 - 13.61 -13.54 -13.69 -13.71
Closing_
heavy rains, or in Southern Texas by drought. But persist- May
--13.53-.64 13.68-.76 13.65-.72 13.67 -/13.80-.88 13.53-.88
Range
ent reports of boll weevil, grass, &c., finally had the effect
Closing_ __ _ 13.52-.54 13.64-.65 13.69-.70 13.61-.63 13.76-.78 13.80-.81
I
of stirring up the shorts and causing a certain amount of June
-- -- 13.68 -13.6.
Range
.,bnying for a rise. Some of the believers in higher prices go so
13.54 - 13.66-.68 13.72-.74 13.64 -13.78 -13.82-.84
Closing_
r as to predict that the crop in Louisiana, Mississippi, Ala: ,ama, Georgia and the Carolinas will be no larger than that
QUOTATIONS FOR MIDDLING COTTON AT OTHER
of last year. Some of the buying for both sides of the ac-Below are the closing quotat ons of in ddl ng
MARKETS.
count was due to a fear that the weekly Government
weather report on Wednesday, as well as the Govern- cotton at Southern and other pr nc pal cotton markets for
ment statement of the condition of the crop next Tues- each day of the week.
day, would be bullish. Besides, foreign stocks, already
Closing Quotations for Middling Cotton onsmall, are steadily decreasing. Lancashire expresses some
Week ending
apprehension over a possible dearth of cotton at times
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
July 28.
in the future. Chairman Hutton of the Council of British
13.70
13.70
13.70
13.70
13.70
13.70
Galveston
Cotton Growing Associations, says: "Unless we can build New
13.13
13.13
13.13
13.13
13.00
Orleans_ _ - 13.00
13.00
13.00
130.0
13.00
up new supplies in other parts of the world, I can see Mobile
13.00
13.00
13.00
13.00
13.00
13.00
13.00
13.00
most serious losses facing the Lancashire cotton trade,and it Savannah
12%
12%
12%
12%
12X
12%
Charleston
12%
12%
12%
may be that Lancashire will permanently lose a very large Wilmington_ _ _ _ 12%
12%
12%
13.13
13.25
13.13
13.13
13.00
13.00
proportion of its export trade. If that should happen, many Norfolk
13%
13.00
13.00
13.00
13.00
Baltimore
13.00
13.50
13.55
of our mills will have to close and a large proportion of the Philadelphia
13.40
13.45
13.25
13.40
12.88
12.94
12.88
12.88
12.75
12.75
Augusta
population must migrate. Lancashire is dependent on Memphis
13.25
13.25
13.25
13.25
'13.12
13.12
of
the
83.7%
the
America for
cotton required for
spindles, St. Louis
13%
13%
13%
13%
13%
13
13.55
13.55
13.55
13.65
13.65
13.55
which have increased to 60,000,000, and looms to 800,000." Houston
13.12
13.12
13.00
13.00
But, on the other band, the weekly Government weather Little Rock_ _ _ - 13.00
^
^
Q
420
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 28Stock at Liverpool
Stock at London
Stock at Manchester
1916.
1915.
1914.
1913.
bales_ 616,000 1,462,000 856,000 766,000
34,000
43,000
5,000
5,000
48,000
99,000
68,000
41,000
Total Great Britain stock
698,000 1,604,000 929,000 812,000
Stock at Hamburg
*1,000
*2,000
39,000
15,000
Stock at Bremen
*1,0,1.) *82,000 310,000 216,000
Stock at Havre
229,A0 266,000 239,000 134,000
Stock at Marseilles
12,000
8,000
4,000
3,000
St ,ck at Barcelona
47,000
57,000
33,000
17,000
Stock at Genoa
127,000 329,000
44,000
23,000
Stock at Trieste
*1,000
*3,000
59,000
22,000
Total Continental stocks
418,000 747,000 728,000 430,000
Total European stocks
2,351,000 1,657,000 1,242,000
India cotton afloat for Europe_ _ -1,116,000
62,000
52,000 162,000
92,000
Amer. cotton afloat for Europe.._ 353,915
92,740
58,114
Egypt,Bra,z11,&c.,afloat for Eur'pe 11,000 174,485
12,000
43,000
28,000
Stock in Alexandria, Egypt
21,000 143,000 107,000
91,000
Stock in Bombay, India
769,000 737,000 767,000 771,000
Stock in U. S. ports
522,873
Stock in U. S. interior towns_ _ _ _ 330,278 750,312 227,482 146,690
450,365 120,139 143.158
U.S.exports to-day
22,185
2,294
455
9,289
Total visible supply
3,208,25. 4,672,456 3.176,816 2,581,551
Of the above, totals of American and other descriptions
arc as follows:
AmericanLiverpool stock
bales_ 509,000 1,198.000 618,000 566.000
Manchester stock
42,000
80,000
46,000
30,000
Continentalstock
*324,000 *605,000 575,000 380,000
American afloat for Europe
353,915 174,485
03,740
58,114
U.S. Ports stocks
522.873 750,312 227,482 146,690
U.S.interior stocks
330,278 450,365 120,139 143,458
U.S.exports to-day
22,185
2,294
455
9,289
Total American
2,104,251 3,260,456 1,679,816 1,333, 51
East Indian, Brazil, &c.
Liverpool stock
107,00k 264,000 238,000 200.000
London stock
34.030
43,000
5,000 • 5,000
Manchester stock
6,000
19,000
22,000
11,000
Continental stock
*94,000
*142,000
153,000
50,000
India afloat for Europe
62,000
52,000 162,000
92,000
Egypt, Brazil, &c., afloat
11,000
12,000
43,000
28,000
Stock in Alexandria, Egypt
21,000 143,000 107.000
91,000
Stock in Bombay, India
769,000 737,000 767,000 771,000
Total East India, &c
1,104,000 1,412,000 1,497,000 1,248,000
Total American
,
2,104.251 3,260,456 1,679,816 1,333,551
Total visible supply
3,208.251 4,672.456 3,176,816 2,581,551
Middling Upland, Liverpool
5.34d.
8.15d.
6.66d.
6.57d.
Middling Upland. New York_ _ _ 13.30c.
9.300.
12.50c.
12.10c.
Egypt, Good Brown, Liverpool
7.85d.
12.63d.
9.10d.
9.85d.
Peruvian. Rough Good,Liverpool 13.75d. 10.90d.
8.75d.
8.85c1.
Broach, Rine, Liverpool
7.95d. • 5.15d. 5 13-16d.
6
Tinnevelly, Good, Liverpool_ _ _ - 7.97d.
5.27d.
6 3-16d.
*Estimated.
Continental imports for past week have been 61,000 bales.
The above figures for 1916 show a decrease from last week
of 199,821 bales, a loss of 1,464,204 bales from 1915, an increa of 31,435 bales over 1914 and a gain of 626,700 bales
over 1913.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug.1,the shipmentsfor
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in detail below.
Movemsnt to July 28 1916.
Movement to July 30 1915.
Ship- 1Stocks
Receipts.
I Ship- Stocks
ments. July
meets.
Week. I Season. Week. 28. Week. I Season. I Week. July
30.
Ala., Eufaula_ _
16 17,854
236 9,593
18
25,280,
26
8,399
Montgomery.
365 128,762 1,380 42,177
472 207,3641 1,582 52,737
Selma
60 59,554
294 16,231
118 139,139
282, 20,139
Ark., Helena
52,940
234 1,143
62,383;
1641 1,083
Little Rock
331 170,863
802 7,472
222 206,121;
520; 0,215
Ga., Albany_ _ _
3 21,337
55
22, 32,290
652
1 8,738
Athens
110 123,353
330 8,25
810, 123,639 1,100 11,282
Atlanta
2,904 183,817 4,059 38,073
211, 191,243 1,338 '8,248
Augusta
590 387,686 7,956 49,977 1,142, 457,207 2,432 67,288
Columbus__ _ _
66,042
612 12,874
36' 98,817
275 20,488
Macon
25 44,812 2,792, 1,971
77 37,883
1431
Rome
62 64,729
350 3,584
76 67,520
100 4,155
La.,Shreveport
232 120,083
207, 5,73
184 160,399
822 28,211
Miss„Columbus
9 17,891
18
859
64 33,525
132,
2,924
Greenville _
_..J 62,855
204 2,000,
73,729,
113; 4,566
Greenwood_ _ 40 108,499
418 3 500'
-._I
135,074i
300,
3,000
'
Meridian _ _ _ _
456 54,068 1,181 5
,035
149 54,315!
253 11,479
Natchez,
21 24,857
729 2,1821
15 22,0671
Vicksburg-4 26,953
1
408
15i 38,579
11373
Yazoo City.. ----I 31.,164
627 2,900,
39,397 -170, 3,891
Mo.„St. Louis_ 60
4 0 744,387 6,553 9,010 1,971 708,376 2,4061 17,844
N.C., Raleigh_
97, 13,868
75
811
42 14,878
188
75,1
0., Cincinnati_ 3,672 290,987 1,673 13,980 1,915 328,676
3,110' 16,376
Okla., Hugo_ _ _
12,615
10,354
S.C., Greenw'd
- 19,131
3.774
26,546
4,092
Tenn„Memphls 1,698 966,916 9,257, 52,572 1,5791.070,404 4,7881 79,556
Nashville _
6,684
I 1,025
8,250
191
335
Tex.,,Brenham
20,638
16
625
20,023
251 1,296
Clarksville... ....I • 27,976
46,476
Dallas
592 100,520
4871 6,705
200 125,787
371
650
Honey,Grove.
29,261
24,624
Houston
5-,7562,102,632 8,201' 27,710 3:554 3,437,762 9,693. 52,907
Paris
-I 95,835
50
150
116,254
Total„33 towns 24,5246,198,5521 48,798 330,2781 12,8028,144,381 30,573450,365
Towus.
Receipts.
----I
The above totals show that the interior stocks have decreased during the week 24,274 bales and are to-night 120,087
ales less than at the same time last year. The receipts at
all towns have been 11,632 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:
[voL. 103.
----1915-16-------1914-15---July 28Since
Since
ShippedWeek. Aug. 1.
Week. Aug. 1.
Via St. Louis
6,553 751,477
2,406 697,210
Via Mounds, &c
347 318.931
991 326,610
Via Rock Island
6,981___
4,470
Via Louisville
1,375 149,706
-398 159,897
Via Cincinnati
1,889 143,217
796 117,527
Via Virginia points
4,982
171,903
2,583
196,564
Via other routes. &c
15,247 698,164
10,924 538,511
Total gross overland
30,393
2,240,379
18,098 2,040,789
Deduct ShipmentsOverland to N. Y.. Boston, &c..%. 4,051 169,046
276 193,555
Between( nterior towns
3,271 200,430
24 232,480
Inland, &c.. from South
4,416 333,748
2,195 177.030
Total to be deducted
11,738 703,224
2,495 603,065
Leaving total net overland*
18,655 1,537,155
15,603 1,437,724
* Including movement by rail to Canada.
The foregoing shows .the week's net overland movement
has been 18,655 bales, against 15,603 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 99,431 bales.
-1910-1
6
1914-15-In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.,Aug. 1.
Receipts at ports to July 28
39,429 7,134,101
31,95810,420,912
Net overland to July 28
18,655 1,537,155
15,603 1,437,724
Southern consumption to July 28_ 77,000 3.991,000 64,000 3,146,000
Total marketed
135.084 12,662,256 111,561 15,004,636
Interior stocks in excess
*24,274 z115,684 *17,681
330,226
Came into sight during week__110,810
93,880
Total in sight July 28
12,546,572
15,334,862
Nor. spinners' takings to July 28_ 21,249 3,162,195
8,662 3,169,038
* Decrease during week. x Loss than Aug. 1.
Movement into sight in previous years:
Week1914-July 31
1913-Aug.1
1912-Aug.2
Bales.
Since Aug. 160,098 1913-14-July 31
64,333 1912-13-Aug. 1
53,443 1911-12-Aug. 2
Bales.
14,884,801
NEW ORLEANS CONTRACT MARKET.-,-The highest, lowest and closing quotations for leading contracts in the
New Orleans cotton market for the past week have been as
follows:
Saturday. Monday,
July 22. July 24.
JulyRange
Closing
AugustRange
Closing
SeptemberRange
Closing
OctoberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
MarchRange
Closing
MayRange
Closing
ToneSpot
Options
Thursd'y,1 Friday,
July 26. July 27.1 July 28.
TAZd'A: Wed'day,
---12.77-.92 13.04
12.78
12.92
12.69-.78 12.77-.88 12.86-.01 12.79-.90 12.80-.94 12.99-.04
12.78-.79 12.87-.88 12.89-.90 12.80-.82 12.95-.96 13.00-.01
12.84 -12.99 -- 12.91-.98- -13.04-.12.84-.86 12.94-.96 12.98-.99 12.88-.90 13.02-.01 13.07-.09
12.76-.86 12.82-.97 12.97-.12 12.91-.04 12.92-.07 13.06-.16
12.85-.86 12.95-.96 13.00-.01 12.91-.92 13.05-.06,13.06-.07
12.89-.99 12.96-.10 13.12-.25 13.05-.18 13.07-.23 13.22-.33
12.98-.99 13.08-.09 13.14-.15 13.06-.07 13.20-.21 13.22-.23
12.98-.07 13.05-.19 13.21-.34 13.16-.26 13.18-.33 13.32-.41
13.06-.07 13.18-.19 13.23-.24 13.16-.17 13.30-.31 13.32-.33
13.18-.26 13.24-.36 13.39-.49 13.35-.46 13.36-.50 13.54-.59
13.25-.26 13.36-.37 13.41-.42 13.34-.35 13.49-.50 13.50-.51
1 13.41-.42
13.40-.43 13.51-.52 13.57-.58 13.49-.51 13.64-.65 13.65-.67
Quiet. Steady. Steady. Quiet. Steady. I Steady.
Very st'y Steady. Steady. Steady. Steady. I Steady.
WEATHER REPORTS BY TELEGRAPH.-Our advices
by telegraph from the South this evening indicate that in
Atlantic Coast sections and to some extent in the Eastern
Gulf region there has been too much rain during the week.
Elsewhere conditions have been favorable on the whole.
Reports from Texas indicate that the crop is doing well quite
generally, but rain is needed in Northern and Northwestern
districts.
Galveston, Tex.-Reports received from the interior indicate the crop is doing well. Picking and ginning of the
early planted is under way,several balesof the now crop already
having been received. Moisture is needed in the northern
and northwestern portions of the State. We have had rain
on four days during the week, the rainfall being eighty-six
hundredths of an inch. The thermometer has ranged
from 78 to 88, averaging 83.
Abilene, Tex.-We have had no rain the past week. Average thermometer 84, highest 100, lowest 68.
Brenham, Tex.-There has been rain on three days during
the week, the precipitation being eight-six hundredths of an
inch. The thermometer has averaged 84, the highest being
96 and the lowest 72.
Cuero, Tex.-It has rained on three days during the week,
the precipitation being sixty-four hundredths of an inch.
Thermometer has averaged 85, ranging from 70 to 100.
Fort Worth, Tex.-There has been no rain the past week,
Thermometer has ranged from 70 to 98, averaging 84.
Henrietta, Tex.-Dry all the Week. Average thermometer
83, highest 100, lowest 66.
Huntsville, Tex.-There has been rain on two days during
the week, the precipitation being seventy-four hundredths
of an inch. The thermometer has averaged 83, the highest
being 94 and the lowest 72.
Kerrville, Tex.-There has been rain on four days during
the week, the rainfall reaching one inch and seventy-two
hundredths. The thermometer has averaged 77, ranging
from 62 to 92.
irLY 29
1916.1
THE CHRONICLE
421
Lampasas, Tex.-There haA been rain on two days of the
Greenville, S. C.-We have had rain on six days during the .
week,the precipitation being sixty-two hundredths of an inch. week, the rainfall reaching ninety hundredths of an inch.
The thermometer has ranged from 66 to 98, averaging 82.
The thermometer has ranged from 66 to 90, averaging 78.
Longview, Tex.-It has rained on one day during the week,
Spartanburg, S. C.-We have had rain on five days the
the rainfall reaching ninety-four hundredths of an inch. past week,the rainfall being one inch and thirteen hundredths.
Average thermometer 83, highest 94 and lowest 72.
Average thermometer 79, highest 90, lowest 67.
Luling, Tex.-There has been rain on four days during the
Charlotte, N. C.-We have had rain on six days of the week,
week, the precipitation being fifty hundredths of an inch. the precipitation reaching five inches and thirty hundredths.
The thermometer has averaged 86, the highest being 100 The thermometer has averaged 75, the highest being 86 and
and the lowest 72.
the lowest 64.
Nacogdoches, Tex.-There has been rain on three days
Goldsboro, N. C.-It has rained on six days during the week,
rainfall
reaching eighty-eight hundredths the precipitation being four inches and ten hundredths.
during the week,the
The
thermometer has averaged 82, ranging Thermometer has averaged 79, ranging from 70 to 88.
of an inch.
from 70 to 94.
Weldon, N. C.-We have had rain on four days during the
Palestine, Tex.-It has rained on two days during the week, the rainfall reaching three inches and eighty-one hunrainfall
reaching
thirty-six hundredths of an inch. dredths. The thermometer has ranged from 70 to 93,
week, the
The thermometer has ranged from 70 to 94, averaging 82.
averaging 82.
Paris, Tex.-We have had no rain the past week. AverDyersburg, Tenn.-It has rained on one day during the
thermometer
86,
highest
102,
age
lowest 70.
week, the rainfall reaching eighty-eight hundredths of an
San Antonio, Tex.-We have had rain on three days of inch. Average thermometer 82, highest 96, lowest 69.
the week, the precipitation reaching two inches and one
Memphis, Tenn.-The first open bale was received
the
hundredth. The thermometer has averaged 85, the high- 25th from Swifton, Leflore County, Miss. two days on
earlier
est being 96 and the lowest 74.
than last year and five days in advance of'
the average date.
Taylor, Tex.-There has been rain on three days during There has been rain on one day during the week, the precipithe week, to the extent of one inch and eighty-one hun- tation being forty-six hundredths of an inch. The therdredths. Minimum thermometer 70.
mometer has averaged 84, the highest being 95 and the
Weatherford, Tex.-Dry all the week. The thermometer lowest 72.
has ranged from 64 to 100, averaging 82.
MARKET AND SALES AT NEW YORK.
Ardmore, Okla.-There has been rain on one day during
The total sales of cotton on the spot each day during the
the week, the rainfall being four hundredths of an inch.
week
at New York are indicated in the following statement.
Average thermometer 85, highest 101, lowest 69.
Marlow, Okla.-We have had no rain during the week.
Futures
SALES.
The thermometer has averaged 82, the highest being 100
Spot Market
Market
Closed.
and the lowest 65.
Closed.
Spot. iContr'ct Total.
Muskogee, Okla.-There has boon no rain during the Saturday__ Quiet, 5 points adv.. Steady
week. The thermometer has averaged 84, ranging from Monday ___ Quiet, 15 pts. adv__ :Very steady
Tuesday _Quiet, 5 pts. adv.. __ Steady
200
-566
67 to 101.
Wednesday_ Quiet. 5 pts. dec.. _ _ Barely steady.._
500
500
Eldorado, Ark.-There has been rain on one day during Thursday __ Steady, 10 pts. adv_ Steady
1,400
100 1,500
Quiet, 5 pts. adv_ ...,Barely steady....
the week, the rainfall reaching seventy-nine hundredths of Friday
Total
an inch. The thermometer has ranged from 63 to 96,
1,400
800 2,200
averaging 79.
-Dry
Ark.
Smith,
all
the
week.
Fort
Average thermomCOTTON CROP CIRCULAR.-Our Annual Cotton Crop
eter 84, highest 98, lowest 70.
Review will be ready in circular form about Thursday,
Little Rock, Ark.-The week's rainfall has been five Aug. 24. Parties desiring the circular in quantities, with
hundredths of an inch on one day. The thermometer has their business card printed thereon, should send in their
averaged 84, the highest being 95 and the lowest 73.
orders as soon as possible to secure early delivery. PubliAlexandria, La.-There has been rain on two days during cation of this annual review has been deferred this year
to
the week, the rainfall being ninety-one hundredths of an a somewhat later date (after the close of the cotton season)
inch. The thermometer has averaged 84, ranging from than has been our usual practice, in order to afford more
73 to 96.
time for the investigation of the situation abroad.
New Orleans, La.-We have had rain on four days of the
SAVANNAH'S FIRST NEW BALE.-The first bale of
past week, to the extent of one inch and ninety-seven huncotton of the crop of 1916-17 to reach Savannah arrived there
dredths. The thermometer has ranged from 76 to 91, on
the 24th from Mitchell County, Ga. It classed low
averaging 84.
was damp, green and gin-cut. It sold at 153'c.
Shreveport, La.-It has rained on two days during the week, middling,
per lb. to L. J. Alsina for account of the N. P. Sloan Co.
the rainfall reaching thirty-four hundredths of an inch. and
was shipped to Now York. Last year the first now bale
Average thermometer 81, highest 95 and lowest 67.
•
Columbus, Miss.-There has been rain on one day during was received on July 22.
the week, the precipitation being ten hundredths of an inch.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The thermometer has averaged 82, the highest being 94
and the lowest 70.
Cotton Takings.
1915-16.
1914-15.
Week and Season.
Greenwood, Miss.-There has been rain on two days durWeek.
I
Season.
Week.
I Season.
ing the week, the rainfall reaching six hundredths of an inch.
Visible pupply July 21
3,408,0721
The thermometer has averaged 82, ranging from 68 to 95.
4,966,909:
supply Aug 1
4,633,210
3,176,816
Vicksburg, Miss.-The week's rainfall has been one inch .Visible
American in sight to July 28__ 110,810 12,546,572
93,880
and ninety-eight hundredths on three days. Average ther- Bombay receipts to July 27..... 610,0001 3,175,000 12,000 15,334.862
2,633,000
Other India shipmls to July 27
62,000
360,000
9,000
407,000
mometer 82. highest 92, lowest 72.
Alexandria-receipts to July 26_
61,000
616,000
1,000
843,000
5,000
225,000
Mobile, Ala.-Too much rain. Crops are grassy, weevils Other supply to July 26 *__ b2,000I 270,000
are increasing and much lowland is still under water. We
Total supply
3,533,882 21,600,782 5,037.789 22,619,678
Deducthave had rain on six days the past week, the rainfall being
3,208,251 3,208,251 4,672.456 4,672,456
one inch and twenty-six hundredths. The thermometer visible supply July 28
Total takings to July 28_a___ _ 325,631 18,392,531 415,333 17,947,222
has averaged 80, the highest being 93 and the lowest 71.
Of which American
239,631 13,665,531 287,333 13,754.222
Montgomery, Ala.-Rain has fallen on four days during
Of which other
86,000 4,727,000 128.000 4,193,000
the week, the rainfall reaching forty-four hundredths of an
Embraces receipts in Europe from Brazil. Smyrna, West Indies, &c.
*
inch. The thermometer has averaged 81, ranging from 71
Thli
total embraces the total estimated consumption by Southern
a
mills, 3,991,000 bales in 1915-16 and 3.145.033 bilai in 1914-15-takings
to 90.
not being available-and the aggregate amounts taken by Northern and
Selma, Ala.-There has been rain on six days during the foreign
spinners. 14.401.531 bales in 1915-16 and 14,801.222 bales in
of which 9,674,531 bales and 10,608,222 bales American.
week, to the extent of one inch. . The thermometer has 1914-15,
b Estimated.
ranged from 73 to 86, averaging 78.5.
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
Madison, Fla.-Rain has fallen on five days during the
week, to the extent of three inches and forty-five hundredths. COTTON.-The following are the receipts and shipments for
the week ending July 5 and for the corresponding week
Average thermometer 79, highest 89, lowest 65.
Tallahassee, Fla.-It has rained each day of the week, the of the two previous years:
rainfall reaching five inches and forty-nine hundredths.
Alexandria, Egypt.
1915-16.
1914-15.
1913-14.
The thermometer has averaged 80, the highest being 89 and
July 5.
the lowest 70.
(cantars)Albany, Ga.-It has rained on each day during the week, Receipts
This week
9,297 :
9,876
4,500
Since Aug. 1
4.604.765 i
the rainfall reaching three inches and seventy-two hundredths.
6.323.271
I 7.632.896
The thermometer has ranged from 71 to 90, averaging 80.
Since I
Since
1 Since
Augusta, Ga.-It has rained on throe days during the week, Exports (bales)Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
the rainfall reaching one inch and fifty-four hundredths.
To Liverpool
210,854 5,241 207,234 2,750 210,641
Average thermometer 79, highest 88 and lowest 69.
To Manchester137,299 3,829 149.429
____ 221,165
Savannah, Ga.-There has been rain on six days during
To Continent and India_
177,734
659 277.779 12.750 452,664
America
To
193,058
162,917
3,991
2,500
86,303
week,
the
the
precipitation being throe inches and twenty
hundredths. The thermometer has averaged 79, the highTote exports
718.945 13.720 797.359 18.000 970.772
est being 91 and the lowest 71.
Note.-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
Charleston, S. C.-There has been rain on six days during
The statement shows that the receipts for the week endthe week, the rainfall being five inches and fifty hundredths. ing July 5 were 9,297 eantars and the foreign shipThe thermometer has averaged 80, ranging from 71 to 88.
ments were
bales.
422
THE CHRONICLE
INDIA COTTON MOVEMENT FROM ALL PORTS.
1915.16.
July 6.
Receipts atWeek.
Stnce
Aug. 1.
1914-15.
Week.
Since
Aug. 1.
Siuce August 1.
For the Week.
Great Conti- Japan
Great
Britain. neat. &China Total. Britain.
Bombay.1915 16._
11,000 33,000 44,000
1914 15__
44,000 44,000
1913 14.... 1:66o 38;1566 35,000 74,000
Calcutta1915 Hi__
1,000
1,000
1914 15._
1913 14...
2;666
2;656
Madras1915 16-1914 15__
1,15(56
1,6156
1913 14.
4,000
4,000
All others1915 16.._ 1,000
2,000 3,000
1914 15.... 2,000 2-:656 2,000 6,000
1913 14._ 3,000 20,000
23,000
Total all1915-16__
1914-15._
1913-14._
Week.
28,000 3,095,000 26,000 2,580,000 32,000 3,699.000
Bombay
Exports
170771
-
Since
Aug. 1.
1913-14.
1,000 12,000 35,000 48,000
2,000 3,000 46,000 51,000
4,000 64,000 35,000 103,000
Conti- ! Japan
nent. & China.
Total.
47,000 234,000 1,583,000 1,864,000
76,000 314,0001,263,000 1,653,000
72,000 1,233,000 1,232,000 2,537,000
3,000
3,000
3,000
15,000 62,000
80,000
15,000
71,000 89,000
32,000 132,000 167,000
2,000
1,000
5,000
17,000
10,000
52,000
51,000 120,000
83,000 137,000
68,000 587,000
7,000
19,000
11,000
64,000
83,000 254,000
39,000 259,000
67,000 722,000
103,000 336,000 1,728,000 2,217,000
163,000 476,000 1,373,00 2,012,000
148,000 1,904,000 1,438,000 3,490,000
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that there is a
moderate miscellaneous demand, but that trade with India
is only fair and China remains quiet. We give prices for
to-day below and leave those for previous weeks of this
and last year for comparison:
[VOL. 103.
Spot.
Saturday.
Monday,
Market,
1:30
I
P.M.
Dull.
Quiet.
Tuesday. Wednesday, Thursday.
Quiet.
Quiet.
Quiet.
Friday.
Quiet
Mid.Uprds
7.97
7.97
8.05
8.13
8.07
8.15
Sales
Spec.&exp.
3,000
300
6,000
500
6,000
1,000
5,000
800
4,000
400
4,000
400
Futures. 1 Quiet,
Steady at Steady at
Market
un3 points 203 pts.
changed, advance, advance,
opened
Market, 1 B'ly st'dy, Quiet at
435
3885 pt..
1©135
pts. dec. advance.
P. M.
Steady at
5 points
decline.
Steady
688754
pts. adv.
Firm at Quiet, A
Quiet at
13013% pt. dec. to 23488334
pts. adv. 34 pt. adv. ots. dec.
Steady
881854
ots. adv.
Quiet at
405 pts.
decline,
The pr ces of futures at L verpool for each day are g von
below. Pr ces are on the bas s of upland, good ord nary
clause, unless otherw se stated.
The prices are given in pence and 100th..
Thus: 7 81 means 7 81-100d.
July 22 Saturday. Monday. Tuesday. Wed'day. Thursday. Friday.
to
135 43-4 134i 434 1341 434 134 435 134 44
July 28. 1234 134
p.m. p.m. p.m. p.712. pill. p.m. p MI.'p.m. p MI. p MI. p.m. p.m.
I
d.
d.
d. d. d. d. d. d. d. d. d. d.
July
7 814 834 8434 9134 98 99349834 93 95 03 0334
3ct.-Nov ____ 7 75 78 794 87 93 94 92A 8734 90 98 98
Jan.-Feb _
7 69 73 74 8134 8734 8834 87 8234 844 93 93
9eitar.-Apr. ____ 7 6834 724 734 81 87 88 8634 82 84 924 924
May-Jun
'
'
'
' 86 81 8334 92 92
July-Aug------------ ---- ---- ---- ----I..---79 81 893-489
BREADSTUFFS
COCO @See
Friday Night, July 28 1916.
Flour has been firm at some advance in prices asked by
1916.
1915.
most mills. But business has still kept within very moderate
814 lbs. Shirt- Cot's bounds. Buyers, as a rule, continue to pursue a waiting
834 it's. Shirt. Corn
32s Cop
tags, common Mil.
32. Cop
Ingo, common Mil
policy. They are not convinced that there is justifiable
Twist.
to finest.
Upl's
Twist.
to finest.
UPI'
ground for an advance in prices at this time despite the
d. . .
3. d
d.
June d.
s. d
d
9 12%
13% 7 44g9 6
8.42 834
9466 (V 44 5.37 persistent reports of rust at the Northwest. They consider
13% 7 33409 5
8.25 8
16 12%
0 84 63 07 5
5.35 them to be exaggerated. Now and then, too, mill prices
23 12%
8.29 8%
0 9 66 @7 4
13% 7 2 @9 4
5.20
30 12%
13% 7 2 09 4
8.16 834
5.20 have been more or less modified as regards flour, on which
0 8% 66 07 3
July
heavy storage charges had accumulated or quotations have
12%
8.04 89-4
®
9
5.17
3 @7
1334 7 0 og9 2
14 12%
8.01 834
5 15 been shaded on flour which, for one reason or another, was
8% 6 3 @7 6
1354 7 1 09 2
88
21 12%
13% 7 1 (49 2
7.97 834
5.13 available from exporters. The increasing movement of
0 8% 6 3 07 6
28 12%
5.34
13% 7 1 09 2
8.15 8 5 16
8% 6 3 07 6
winter wheat has also acted as a deterrent on active business.
SHIPPING NEWS.-As shown on a previous page, the In short, most buyers have continued to follow the policy
exports of cotton from the United States the past week have of buying from hand to mouth, and it is evident that it will
reached 131,708 bales. The shipments in detail, as made require some striking change in the whole situation to make
up from mail and telegraphic returns, are as follows:
them change it.
Wheat advanced sharply on persistent reports of rust at
Total bales.
NEW YORK-To Liverpool-July 22-Saxonia, 1,360 upland,
Northwest. Rumors were current that it had also been
100 Sea Island_ __July 26-Baltic, 4,507 upland
5,967 the
found in Manitoba. Liverpool prices have been strong, as
To Havre-July 20-Nigretia, 3,005_ __July 22-Penmorvah,
_
_July
175_
26-Oreland, 479
3,659 rust reports are causing nervousness. England's need for
To Bordeaux-July 20-Roath, 41
41
imported wheat is becoming urgent and the amount will be
To Barcelona-July 26-Orion, 1,000___July 27-J. Jover
Serra, 1,000
2,000 in excess of earlier estimates. The demand for export conTo Genoa-July 21-Duca degli Abruzzi, 500; Regina d'Italia.,
tinues in the United States. Kansas City, too, has reported
4,560_ _ _July 22-San Guglielmo, 3,200_ -July 24-Caserta,
3,734_ __July 25-Giuseppi Verdi, 1,947___July
27-Ruby,
Eastern millers to be making large purchases there. In
1,509
15,450
To Piraeus-July 25-Chariton,50
50 the United Kingdom the weather has been cool and wet and
To Venezuela-July 26-Philadelphia, 100
100 the condition of the crops is not good. It is also a cold,
GALVESTON-To Liverpool-July 27-Mercian, 8,117
8,117 wet harvest in Southern France, while elsewhere in that
NEW ORLEANS-To Liverpool-July 22-Meltonian, 5,758...
July 27-Monarch,15,443
21,201 country it is dry, and there are complaints of weeds. In
To Havre-July 22-Mississippi, 3,909_ __July 22-Sebek,
Italy cool, wet weather is also reported and, though the crop
11,684
15,593
To Rotterdam-July 22-Norfolk, 5,496
5,496 is said to be large, it is of inferior quality. A hurricane with
To Genoa-July 22-Dannamare,5,707
5,707 rain and hail passed over Central Europe on July 24 and
To Naples-July 22-Dinnamare,400
400
To Gothenburg-July 26-ICratos, 1,000
1,000 'caused, it appears, severe damage to all crops. In India the
To Christiania-July 26-Kratos, 300
300 weather has been dry and holders show little disposition to
MOBILE-To Liverpool-July 27-Asian,7,085
7,085
SAVANNAH-To Liverpool-July 25-Lynorta, 3,472
3.472 sell. Native food crops there are of only fair size. In ArgenBRUNSWICK-To Liverpool-July 25-Nortonlan,4,573
4,573 tina the weather has been generally cold and dry; ocean
NORFOLK-To Brest-July 20-Ilvington Court, 5,395
5,395
Australia the weather over
pr.,. To La Pallice-July 25-Unita,3,623
3,623 freights are scarce and high. In
BOSTON-To Manchester-July 21-Memphian,81
81 wide areas has been dry and the crop outlook is only fair.
To Yarmouth-July 23-Prince George, 50
50 The Canadian Minister of Agriculture, according to a WinniBALTIMORE-To Liverpool-July 18-Alamanco, 1,044.._July
27-Graciana,851
1,895' peg dispatch, says: "The crops in southern part of Manitoba,
To Rotterdam-July 24-Sloterdyk, 2,300
2,300 will not be nearly so heavy as the strength of the straw indiPHILADELPHIA-To Manchester-July 15-Manchester Merchant,331
331 cated. After taking a trip I noticed that blight had fallen
SEATTLE-To Japan-July 14-Azumazan Maru, 5,346; Tamba
on the wheat; intense heat and lack of water in districts, such
Maru, 3,664_ _ _July 24-Inaba Maru, 5,888
14,898
To Vladivostok-July 21-Gishun Maru, 50
50 as Morris, Plum, Coulee, Winkler and Morden, caused the
TACOMA-To Japan-July 18-Chosen Mani, 1,285
1,285 top heads of the wheat to hollow. The amount of crop afTo Vladivostok-July 18-Chosen Maru, 1,589
1,589 fected in those districts is one-third." The outside public
Total
131,708 has been buying in Chicago on the rust reports. It is inCOTTON FREIGHTS.-Current rates for zotton from sisted that rust has done considerable damage. On the
New York are as follows, quotations being n cents per pound: other hand, the price has recently advanced some 15 to 20
Liverpool, 1.00c.; Manchester, 1.00c.; Havre, 2.00c.; Rotterdam, 3.00c. cents a bushel, and there are those who believe that this rise
nom.; Genoa, 2.25c.; Naples, 2.25c.• Leghorn, 2.70c.; Christiania, 3.25c.; sufficiently discounts any probable damage to the crop.
Bergen, 3.2ac.; Stockholm, 3.25c.;'
Malmo, 3.25e.• Gothenburg, 3.0088
3.25c.; Barcelona, 2.00c.; Lisbon, 2.00c.; Marseilles,
' 2.50c. asked; Japan, Some of the Liverpool trade concur in this view. Crop re3.00c. asked; Shanghai, 3.00c. asked; Bombay, 3.00c. asked; Vladivostok, ports from Germany, or parts of it, are said to be favorable.
2.50c.
From the Balkan States they are in the main good. Reports
LIVERPOOL.-By cable from Liverpool we have the of rust from our Northwestern States are apt to be exaggerfollowing statement of the week's sales, stocks, &c., at ated. The receipts at our Southwestern markets have, on
that port:
some days, been double those at the same time last year.
July 7. July 14. July 21. July 28.
The technical position of the Chicago market has been weakSales of the week
34,000
31,000
32,000
Of which speculators took
2,000
2,000
2,000
ened by free buying, the long interest is large, shorts have
Of which exporters took
1,000
1,000
1,000
been largely driven out, the price has had a big advance,
Sales, American
27,000
24 000
26,000
Actual export
1,000
2,000
10,000
12,000 and some of the longs have been nervous, not only at ChiForwarded
71,000
65,000
67,000
70.000 cago but at the Northwest. Bulges have at times encounTotal stock
639,000 665,000 632,000 616,000
Of which American
520,000 552,000 522,000 509,000 tered heavy selling. Hedging sales have a natural tendency
Total imports of the week
53,000
94.000
44,000
66,000 to increase as receipts of new wheat increase. Moreover,
Of which American
48,000
89,000
32,000
51,000
Amount afloat
the world's stock is 170,35:6,000 bushels, against 71,680,000
232,000 185,000 207,000
Of which American
189,000 138,000 174,000
a year ago and 105,426,000 in 1914. Continental stocks
The tone of the Liverpool market for spots and futures being omitted for 1916 and 1915. Still, it is believed that
each day of the past week and the daily closing prices of Europe will have to buy American wheat freely this season.
spot cotton,have_been as follows:
The available American supply decreased last week 9,886,000
JULY 291916.]
THE CHRONICLE
423
FLOUR.
bushels, against a decrease of 6,700,000 in the same week
Winter, low grades_ _ _ _$4 35@$4 80 Kansas straights,sacks_$6 10®$6 40
last year. Some estimates are that the yield in South Da- Winter patents
6 000 6 25 Kansas clears, sacks__ _ 5 OO@ 5 50
7 40
5 750 6 00 City patents
kota will be 36,000,000 bushels, against 52,000,000 estimated Winter straights
5 2568 5 60 Rye flour
Winter clears
on July 1. Parts of that State, it is asserted, will make only Spring patents
6 506 6 85 Buckwheat flour
5 5
:5
735
1:
57
4
6 1068 6 35 Graham flour
10 bushels to the acre. Cash wheat has latterly been in bet- Spring straights
5 65® 5 90
ter demand at Chicago and hard red is not easy to get. To- Spring clears
day prices after advancing 3 to 4 cents on Thursday and
WEATHER BULLETIN FOR WEEK ENDING JULY
to 1 cent in the early trading, became weaker before the
25.-The influences of weather on the crops as summarized
week
the
for
and
exports
increasing
are
Receipts
close.
weather bulletin issued by the Department of Agriare only 7,604,908 bushels, against 9,987,799 last week. in the
Rust reports continue, but they are taken rather less seri- culture for the week ending July 25 were as follows:
ously.
CORN.-The warm weather was very favorable for the growth of corn
practically all Northern and Eastern parts of the country, and the crop
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. in
very satisfactory progress. The plants are tasseling as far north as
made
Sat. Mon. Tues. Wed. Thurs. Fri.
in the East and Minnesota and North Dakota in the West.
13134 13034 13434 13434 the Ohio Valley
cts_ ___ 133
No. 2 red
improved in the highlands in the Southeastern States during the
crop
Tho
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. week just ended, but much damage was done in the valleys and lowlands
Sat. Mon. Tues. Wed. Thurs. Fri.
by the storm of last week. It needs cultivation also in the regions where
11734 12l% 12034 the rainfall was heavy. Corn is suffering for rain, however, over Western
cts_11734 120% 118
July delivery in elevator
12234 11934 11934 12334 12334 and Northern Texas, 'Eastern Oklahoma, the hill lands of Central and
September delivery in elevator_ _ _ _119
123
12234 126% 12534 Northern Arkansas, in most of Missouri and Kansas, and in places in
December delivery in elevator_ _ _ _121% 125
Nebraska and Iowa, and is beginning to need rain in parts of Indiana and
Indian corn advanced to a new high level on this move- Wisconsin.
This is the critical period for corn, and it should have rain
ment owing to hot dry weather. Some have been appre- during the next two or three weeks to produce the best results.
WHEAT.-The harvest of winter wheat is progressing under
WINTER
hensive of a drought "scare." But this has not affected
favorable conditions as far north as New York, Lower Michigan and
near months so much as later deliveries as the receipts South Dakota, and was begun in Washington, Oregon and Idaho. The
well in Montana,and is nearly ready for harvest at the lower
have been large and the cash demand lighter. At times, crop is ripening
elevations. The harvest is finished in Southern Pennsylvania, Ohio,
in fact, there has been heavy long liquidation. The avail- Northern Indiana, Central Illinois and Southern Iowa. Threshing of
going on in the Central States, but this work has been delayed
able supply decreased last week only 332,000 bushels, wheat is extent
in the Northeast. There is some complaint of the grain
to some
against a decresse in the same week last year of nearly sprouting in the shock in New Jersey. The crop is yielding better than was
North Pacific ccast, and the yield is generally good in
the
on
July
expected
700,000 bushels. Large elevator interests have sold
Ta_.
sk
raA
vepE
N
anGd I
spRm
Kansas
Spring wheat made rapid growth in Washington
heavily while buying September. Showers in Iowa and
but the temperature 'sits somewhat too high in North
Illinois caused other selling. Chicago the other day re- and Montana.
and Minnesota for the best development of this crop. The high
Dakota
supply
available
The
ceived 600 cars and sold on that.
temperature produced conditions unfavorable for satisfactory filling of the
and heads, and some blight has resulted. Some rust is reported in North
is 6,300.000 bushels, against 3,765,000 a year ago,
Dakota, South Dakota and Minnesota. It is believed, however, that the
stress
hand,
other
the
On
4,959,000 at this time in 1914.
is too far advanced in the southern portion of this district to be serithe South- crop
ously damaged by rust.
has certainly been laid on hot dry weather in
&C.-The harvest of rye is going on in all the more northern
RYE,
have
temperatures
the
Kansas
west. In Nebraska and
of the country. Barley is heading well and harvest has begun
foreign markets sections
on the North Pacific coast, and the crop mill soon be ready to cut in the
been 100 to 104 degrees. Besides the
describe the world's Upper Missouri and Mississippi A alleys. The rice crop is very promising.
have been stronger. Liverpool advices
-OATS.-The harvesting of oats has progressed satisfactorily in the Lower
bids raised to meet the Ohio
Valley, and the crop Is turning in the more Northeastern States.,
situation as very firm with export
lightly owing partly There were some reports of rust in Indiana and Illinois, and of the unfavorshipping
is
Argentina
sellers.
views of
of high temperature in North-Central districts.
able
effect
prohibitive ocean freights. The
to very high and almost
COTTON.-The frequent and continued rains were generally unfavorContinent is buying freely. European markets have been able for cotton over much of the district from the Lower Mississippi
Valley eastward to South Carolina, especially in the lowlands. There is
strengthened by the hot dry weather in America. The complaint
of shedding in parts of South Carolina, Georgia, Western
United Kingdom recently bought on a liberal scale. A Florida; Alabama and Mississippi, and rust is reported in Mississippi.
well in Georgia, and it deteriorated materially in
Liverpool dispatch adds: "There will undoubtedly continue The crop is not fruiting
South Carolina. The fields are grassy in much of the Central and Eastern
to be a good demand for American mixed." The country section. Boll weevil have increased in much of this district, although they
less numerous in Texas.
has been buying December at Chicago coincident with are
The crop is in excellent condition east of the Suwanee River in Florida,
persistent hot dry weather and reports of damage at the however; it made an improvement over last week in the highlands of
Southwest. To-day prices advanced early but reacted Alabama; made fair progress in North Carolina; is generally very promising in Tennessee and Northwestern Mississippi. The weather was favorlater, despite reports of damage by the hot dry weather.
able for the crop in Arkansas, except on some of the hill lands where rain
NEW
IN
Is
CORN
YORK.
needed; it is blooming, and there is a fine prospect in Oklahoma, alMIXED
2
NO.
OF
PRICES
CLOSING
DAILY
though some sections need rain; it is doing well and opening rapidly in
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 9234 9334 9334 9234 9334 9334 Texas, and the crop is in good condition in most sections of Louisiana.
No. 2 yellow
Picking and ginning of the early planted is under way in Texas, and the first
IN CHICAGO.
DAILY CLOSING PRICES OF CORN FUTURES Wed.
bale was marketed in Georgia on the 22d.
Thurs. Fri.
Sat. Mon. Tues.
POTATOES.-Potatoes are needing rain in the North-Central part of
82
8334
8234
8334
cts_ 8334 8334
July delivery in elevator
the
country, and the temperature was too high for the best development
78%
7834 7834 7834
September delivery in elevator__ - - 7734 7834 673468
68% of this crop in the Central and Northern States. The weather conditions
6834
6634
6534
___
elevator_
in
delivery
December
continuo favorable for potatoes in the extreme Northwest and Northeast.
declined. They have Potatoes are being harvested as far north as New Jersey on the Atlantic
Oats have alternately advanced and
like wide limits. coast, and Oregon on the Pacific coast. Sweet potatoes are reported to be
not as a rule fluctuated within anything
in a very satisfactory condition in all the Southeastern States except where
striking feature. flooded by the recent rains.
without
been
has
week
the
words,
In other
Some
selling.
considerable
times
at
was
there
advances
On
The statement of the movement of breadstuffs to market
of the crop reports have been very favorable. The trade indicated below are prepared by us from figures collected by
eXpects a steady increase in hedging sales against the move- the New York Produce Exchange. The receipts at Western
ig likely to increase shortly. In
menf ne fl rew crop
lake and river ports for the week ending last Saturday and
fa-A, it is a'ready large, and in the natural course of things since Aug. 1 for each of the last three years have been:
will soon be much larger. On the other hand, stocks are
steadily decreasing. The movement into consumption is
Rye.
Barley.
Oats.
Corn.
Wheat.'
Flour
Receipts atplainly large. The decrease in the available supply last
bbls.196lbs. bush. 60 lbs. bush. 56 lbs.1bush. 32 lbs.bush.48lbs.bush.58lbs.
week was no less than 2,515,000 bushels, against a decrease
21,000
121,000
Chicago
829.0001 2,450,0001 1,837,000 466,1 I
37,000
in the same week last year of only 650,000 bushels. But Minneapolis
724,000 675,000
64.000
1,853,000
179,111
than
a
larger
21,000
07,000
year
much
767.004
still
are
all,
Duluth
after
stocks,
the total
492,000' 232,000
67,000
72,000
62,000
Milwaukee ....
ago, and the crop movement is about to start in earnest. Toledo
,37,000
35,
50,000
55,00i
68,
18,
The total available supply is 26,142,000 bushels, against only Detroit
1,000
102,000
64,000
19,
Cleveland _ _
in
time
this
1914.
at
11,637,000
and
ago,
ayear
5,700,000
12,000
5,000
310,000
4i4,000I
1,235,000
St. Louis
8,000
50,0
267,000
736,00
65.
Under the circumstances, there has been little or no disposi- Peoria
45,000
257,000
2,272,
tion to take the aggressive on the buying side. Nor has the Kansas City..
II
252,000
2l7,00t
524,
Omaha
export demand as a rule been brisk; quite the contrary. It
99,000
4,359,000 4,231,0001 1,608,0001
looks to many for the time being like a "traders' market," in Total wk. '16 307,000 7,704,
52,000
2,670,000 3,193,000 658,000
Same wk. '15 245,000 4,103,1
which there is buying on declines for moderate turns by some Same wk. '14 294,000 15,508,111 2,583,000 4,167,000 608,000 102,000
. prefer to sell on the
of the traders, while others evidently
Since Aug.1bulges. Very many expect lower prices ultimately under
1915-16_ _. 19,907,000,503,968.000226,260,000217,719,000 115175000,22,432,000
in a season of a large crop.
stocks
1014-15_ 19,458,000,385,579,000238,663.000265,122,000,85,762,000,19,238,000
increasing
of
weight
the
1913-14.... 19,720,000306,370,000.221,539,000,222,323,00086,858,00022,537,000
Others look for a larger European demand sooner or later,
the surplus will find a
and believe that much, if not all, of
Total receipts of flour and grain at the seaboard ports for
foreign outlet. To-day prices advanced early but reacted
week ended July 22 1916 follow:
ater on hedging sales. Exporters took 100,000 bushels and the
also 50,000 bushels of barley.
Rye.
Barley.
Oats.
Corn.
Wheat.
Flour.
Receipts atDAILY CLOSING PRICES OF OATS IN NEW YORK.
Fri.
Thurs.
Wed.
Sat. Mon.
Tues.
Bushels. Bushels.
Bushels.
Bushels.
Bushels.
Barrels.
4834-4834 46-4834
Standards.cts.48-483i 48-4834 4754-4734 4751-47
503.111
1,000
848,110
648,000
Nom.
94,000 2,579,0(A)
Nom,
New York_
Nom. Nein.
No. 2 white_ _Nom. Nom.
1,000
163,000
312,000
219,000
25,000
Boston
-OXTrirtst
Trirts
CAIN:70- Portland,
48,0
DAILY cfaisiNtriTRICErOP
1,174,
Me.
Tues.
Wed.
Sat. Mon.
Thurs. Fri.
10,000
265,000
1,111,000,
795,
34,000
Philadelphia
3
cts- 4134 42
4134 4134 41%
41%
144,000
669.000 113,
July delivery in elevator
289,000
26,000 1,380,000
4134 41
4134 415.4 Baltimore _
September delivery in elevator_ _ _ _ 4134 4134
814,000
5.000
N'port News..
3
%
43% Norfolk
December delivery in elevator_ ___ 4334 4334 4334 4234 43
5,000
60,000
7,000
Mobile
The following are closing quotations:
67,000
180,000
172,
41,000
New Orleans.
GRAIN.
143,
Galveston
bushel
Corn, per
257,000
Wheat, per bushel-f. o. b.257,000
112,000 1,508,
Montreal_ _ _
f. o. b. Nom.
No. 2 mixed
N. Spring. No. 1, now_ _ _ _$1 4234
c. I. f. 93.24 Total wk.1916 349,000 7,970,0001 2,857.000 3,083,000 674,000 146,000
No. 2 yellow
N. Spring, No. 2
No. 2 yellow kiln dried...... 92% Since Jan.1'16 20,748,000512,523,000215,113,000220,717,000 1 l05591-0022,654,000
Red winter, No. 2, now _ _ 1 3434
Argentina in bags
1 36
Hard winter, No. 2
18,000
396,000 2,360,000 204,
Rye, per bushelcts.
233,000 2,350,000
Week 1915_ __
Oats, per bushel, nowc. I. f. SI 04
Now York
48 04834
Standard
Since Jan.1'1515,112,000 40,197,000 38,749,000 88,605,000 6,284,000 6,460,000
I.
C.
f.
$1
04
Western
Nom.
No. 2, white
• Receipts do nest include grain passing through New Orleans for foreign ports on
76c.
No. 3, white
4634@47v Malt
through bills of lading.
46 @4634
No. 4, white
M
424
THE CHRONICLE
.s.4111
The exports from the several seaboard ports for the week
ending July 22 are show in the annexed statement:
[VOL. 103.
THE DRY GOODS TRADE
New York, Friday Night, July 28th 1916.
While a feeling of conservatism prevails throughout the
drygoods trade, demand for most lines of goods continue
s
fairly active. Buyers are showing more interest in winter
and spring requirements, and are beginning to realize that
present values are attractive, as there is little indication
82,000
of concessions being made later in the season. Prices
17,000 328,000
during the week have displayed a hardening tendency
Total week____8,581,126 1,642,368 343,963 3,356,628 167,035
1157497 24,331 and leading merchants are
Week 1915
of the opinion that as long as
1,408,576 354,819 158,040 910,077 134,075
7,772
The destination of these exports for the week and since labor costs move upward prices for goods will have to be
adjusted in the same direction.
July 1 1916 is as below:
Raw material is in a
firm position and as advices regarding cotton crop prosFlOUT
Wheal
Corn
Since
Since
Since pects are less favorable manufacturers ara beginning to
Week.
July 1
Week.
July 1
Week.
July
*portsfor week and July 22
show considerable concern regarding future supplies. In
1916
July 22
1916
July
22
1916
since July 1 to-bbls.
Ms.
bush.
bush.
bush.
bush. the event of the
United Kingdom_ __161,244 311,117 3,007,213 8,907,021 1,024,706
yield of cotton being only moderate this
1,724,878
Continent
72,666 710,549 5,569,518 13,445,198 422,861 1,101,503
year, there is a possibility of raw material values going still
Sou. & Cent. Amer_ 47,518
87,586
1,315
10,315
67,015
219,885
West Indies
53,364 110,785
3,080
3.080 127,586
226,967 higher and this would naturally be reflected in prices for
Brit. No. Am. Cols_
425
dry626
200
Other Countries_ _ __ 8,746
14,345
200
1,360 goods. Deliveries of goods continue backward and many requests
are
Total
being
received for shipments of goods on old orders.
343,963 1,235,008 8,581,126 22,365,614 1,642,368 3,274,793
Total 1915
158,040 758,107 1,408,576 8,820,766 354,819 2,114,020 Buyers are in the market in large
numbers and are buying
The world's shipments of wheat and corn for the week many classes of goods on a fair scale. Seasonable fabrics
are
in
good
demand
from
retailers
, whose stocks are badly
ending July 22 1916 and since July 1 1916 and 1915 are
depleted. Mills are handicapped by the slow arrivals of
shown in the following:
yarns from Southern spinners, and as a result are making
little headway in catching up with deliveries. Advices
Wheat.
Corn.
from retail centres indicate that regardless of the unfavorable
Exports.
weather which has prevailed during the past week, distri1916.
1915. I
1916.
1915.
bution of goods has continued active. The dyestuff quesWeek
Since
Since
Week.
Since
Since
tion is less serious as leading manufacturers are more willing
July 22.
July 1.
July 1.
July 22.
July 1.
July 1.
to guarantee many of their colors and a larger business is
2uzhels
Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
being placed in such goods. Domestic manufacture of
North Amer* 10853000 31,592,000 9,924,000 2,012,000 3,682,000
1,028,000
Russia
116,000
116,000
dyes has increased and they are said to be of a much better
1 281,000
281,000
Danube
quality than they were a year ago. Export business in all
Argentina .... 1,653,000 4,829,000 1,800,000 2,650,000
6,629,000 16,737,000
Australia
808,000 2,144,01,0
lines of cotton goods continues to expand, and the feeling in
184,000
India
256,000
256,000 5,344,000
general is more optimistic. Recent purchases of shootings
0th. countr's
80,000
306,000
216,000
383,000
340,000 for
Red Sea account are estimated at about 2,000 bales
Total
137660001 39,243,0001 17.468,000:4,943,000 10,975,000 18,105.000 with Africa
taking fully 3,000 bales of the same line of goods.
Advices from various markets state that stocks of American
• North America.-The Canadian Government has officially prohibited
the
goods are very low, and as a result a more active trade
issuance of both manifests and exports until after ten days.
This is effective
during the continuance of the war.
expected.
The quantity of wheat and corn afloat for Europe on dates
DOMESTIC COTTON GOODS.-Although the tone
mentioned was as follows:
of the markets for staple cotton goods has been rather
quiet there continues to be a steady demand for all lines.
Wheat.
Corn.
There are many buyers in the market and while they
are
only making small purchases, they aggregate a good total.
United
United
Kingdom. Continent. Total.
Kingdom. Continent.1 Total.
Mail orders are also being received in fair volume, both
for prompt deliveries of seasonable lines as well as for goods
Bushels.
Bushels.
Bushels.
Bushels.
Bushels. I Bushels.
July122 1916_
51,808,000
17,103,000 for next Spring. Buyers of late have been displaying more
July,15 1916..
55,000,000
115,216,000
interest in next Spring's needs as they fear that prices
July,24 1915_
25,456,000
JulY1:25 1914_ _ 20,920.000 15,176,000 36,096,000 5,908,000 16,159,000 25,757,000 later in the season will
22,067,000
be higher than those now prevailing. Manufacturers are also aware of this fact and are
The visible supply of grain, comprising the stocks in not pressing for future business. According to trade
regranary at principal points of accumulation at lake and ports the consumption of all lines of goods continues to
increase, and the high prices are not checking distribution.
seaboard ports July 22 1916 was as follows:
Fine cotton fabrics have been more active, and buyers
GRAIN STOCKS.
have expressed considerable surprise at the great variety
Wheat,
Corn,
Oats,
Rye,
Barley,
of specialities that have been shown. Business placed on
United Statesbush.
bush.
bush.
bush.
bush.
New York
2,277,000
570,000 1,406,000
19,000 472,000 Summer cloths for next season, is said to have exceeded
Boston
326,000
156,000
104,000
17,000
expectations. Drills are in good demand and some fair
Philadelphia
939,000
136,000
317,000
2,000
81,000
Baltimore
835,000
414,000
612,000 169,000 148,000 sized inquiries have been received for cotton duck. Most
Newport News
69,000
2,000
706,000
of the business in print cloths has been confined to small
41,000
New Orleans
926,000
187,000
68,000
18,000 lots, and a slight shading
Galveston
of quotations for spot supplies
1,064,000
19,000
Buffalo
974,000
271,000
261,000
8,000
69,000 has been noted. Gray goods, 38-inch standard, are quoted
Toledo
570,000
80,000
53,000
4,000
at
60.
Detroit
169,000
91,000
35,000
11,000
Wheat.
Exports from- bushels.
New York
3,170,133
Portland, Me.. 1,i74,000
Boston
130,919
Philadelphia ____ 671,000
Baltimore
1,306,074
Norfolk
Mobile
New Orleans_ _ 562,000
Galveston_
Montreal
1,567,000
Coru, Flour,
Oats,
bushels, barrels. bushels.
377,328 106,319 388,433
21,957
274,285
4,000 100,000
156,000 51,687 1,725,195
444,755
5,000
5,000 814,000
60,000
7,000
131,000 66,000
1,000
7,000
199,000 70,000 328,000
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
5,810,000
17,000
7,933,000
7,715,000
1,383,000
5,678,000
14,000
284,000
1,258,000
363,000
32,000
Total July 22 1916
Total July 15 1916
Total July 24 1915
Total July 25 1914
38,636,000
39,879,000
5,333,000
24,184,000
Rye, Barley,
Peas,
bushels. bushels. bushels.
30,035 481,455 24,331
48,000
49,000
120,000 199,042
1,275,000 3,306,000
51,000
377,000
489,000
3,000
297,000
136,000
54,000
559,000
254,000
210,000
128,000
392,000
267,000
61,000
289,000
4,613,000
5,219,000
2,755,000
3,529,000
9,023,000
11,186,000
2,033,000
5,444,000
37,000
17,000
89,000
26,000
5,000
11,000
46,000
40,000
474,000
156,000
2,000
1,000
17,000
457,000 1,523,000
435,000 1,570,000
89,000 309,000
222,000 940,000
Note.-Bonded grain not included above: Wheat,2,167,000 bushels at
New York,
429,000 Baltimore, 470,000 Philadelphia, 39,000 Boston, 347,000 Duluth,
Buffalo; total, 5,517,000 bushels, against 84,000 bushels in 1915. Oats: 2,145,000
2,217,000
New York, 394,000 Boston, 6,000 Philadelphia, 188,000 Baltimore,
70,000 Duluth,
1,022,000 Buffalo; total, 3,897,000 bushels, against 32,000 in 1915;
and barley,
243,000 New York, 8,000 Baltimore, 11,000 Boston, 14,000 Duluth;
total, 276,000,
against nil in 1915.
CanadianMontreal
1,136,000
267,000 1,604,000
47,000 222,000
FtAWilliam & Pt. Arthur 11,859,000
5,356,000
Other Canadians
6,936,000
4,941,000
Total July 22 1916*
Total July 15 1916*
Total July 24 1915
Total July 25 1914
SummaryAmerican
Canadian
Total July 22 1916
Total July 15 1916
Total July 24 1915
Total July 25 1914
19,931,000
20,232,000
2,551,000
7,981,000
267,000
119,000
12,000
30,000
11,901,000
13,147,000
2,741,000
4,492.000
47,000
47,000
4,000
1,000
222,000
250,000
130,000
577,000
38,636,000 4,613,000 9,023,000
19,931,000
267,000 11,901,000
457,000 1,523,000
47,000 222,000
58,567,000
60,111,000
7,884,000
32,165,000
504,000 1,745,000
482,000 1,820,000
93,000 439,000
223,000 1,517,000
4,880,000
5,338,000
2,767,000
3,559,000
*Including Canadian at Buffalo and Duluth.
20,924,000
24,333,000
4,774,000
9,936,000
WOOLEN GOODS.-Considerable disappointment was
manifested in the dress goods markets during the past week
over the failure of the striking operatives to ratify the agreement of the union and return to work. While many concessions were;granted operatives, they refused to return to work,
as they were not satisfied with the terms their leaders had
agreed upon. As a result conditions in the woolen and worsted markets remain unsettled. Jobbers, however, have been
displaying more interest in piece goods and mills have booked
a fair amount of business. Buyers have also been looking
over samples of many lines of goods for delivery next season,
although prices have not as yet been named. In mon's
wear fabrics, fancy woolen suitings have been opened and
buyers who attended the openings are reported as being
pleased with both the goods and prices named.
FOREIGN DRY GOODS.-Further improvement has
taken place in the linen market during the past week. Recent increased arrivals encouraged buyers to enter the market
on a more liberal scale, and despite the high prices prevailing
in many cases they were eager to secure supplies. Advices
from abroad indicate that the situation on the other side is
also improving, as mills are receiving increased supplies of
flax and are able to make better deliveries of manufactured
goods. Locally the inquiry is confined largely to housekeeping lines, but as has been the case for some time past,
domestic makes are receiving increased attention. Burlaps
continue quiet and without special feature. The undertone
is steady with light weights quoted at 6.65c. to 6.75c. and
heavy weights 7.65c. to 7.75o.
THE CHRONICLE
JULY 29 1916.1
425
Price.
Rate. Maturity. Amount.
Name.
Page.
$4,900 100.51
2362.. _Dowling S. D.,Ohio(3 issues) 5
54,000 101.388
1921-1936
430_ _ Dumont Consol. S. D., Iowa.. 43
25.000 103.02
4%
_Dunbar Sch. Dist., Pa
— 2362_ _Dunellen.
N J
45,000 102.263
434 1917-1941
2362_
55,000
1926-1936
5
2272_ _Dunn, N 0
MUNICIPAL BOND SALES IN JUNE.
7,000 104.60
5
2362_ Dwight, Ill
2272_ _East Baton Rouge Parish S. D.
5
1917-1027 125,000 h104.50
No. 9, La
We present herewith our detailed list of the municipal
15,000
5
01921
79_ _East Cleveland, Ohio
bond issues put out during the month of June, which the
5
52,000 103.126
__ _East Liverpool, Ohio
40,000
2 _East Pennsboro Twp.S.D.,Pa. 454
382
crowded condition of our columns prevented our publishing 2
01923
18,500 103.324
5
2362_ _Eaton, Ohio
Ind. S. D.. Iowa
20,000
444
at the usual time. In the case of each loan reference is 2272_ _Eddyville
106.000
01921
2183_ _Elkhart County. Ind. (5 iss.)_ 4%
20,000 8100.69
made to the page in the "Chronicle" where an account of 2272_ _Emhouse S. D. No. 22. Tex__ 5
n
onh
1936
27.500 102.84
441
Csc
Dr,ise
tieerld
__ Enf
the sale is given.
. Dist., Calif_ _ _ 5
9-2
19117
10.000 104.51
926
16
227729:
issues)
(22
Ohio
%
4
132,865
2272__Euclid,
100.271
on
given
was
page
169
The review of the month's sales
33,000 104
6
2362_ _Eugene, Ore
4
100,000 100.06
of the "Chronicle" of July 8. Since then several belated 2273.._Fairfield (T.). Conn
5
45.000 101.788
01921
to
5
June returns have been received, changing the total for the 2IN::Payirtrt
19,600 101
e;Mo
(4
5
Ohio
3,910 101.304
2273„Findlay,
issues)
month to $45,872,809. The amount of permanent bond 171_ _Floyd County, Ind
12,800 102.132
434
Ind.(2 issues)_ 4%
01922
20.440 102.022
at $279,669,063. The 171_ _Floyd County,
ta
sales for the entire year now snds
35,000 100.428
1946
2362_ _Florence County, So. Caro_ _ _ 43.4
5
01922
10,000 103.42
number of municipalities issuing bonds during June was 260....Forest. Ohio
_Franklin County, Ind
444
01921
8,080 102.45
2273_
503 and the number of separate issues 778.
4
01922
98.000 100.227
171_ _Franklin County, Ohio
4
01921
_Franklin County. Ohio
81,500 101.472
2183_
SALES.
BOND
JUNE
•
79—Franklin County. Ohio (2 iss.) 4%
18,000
d1926-1936
10,000
Rate. Maturity. Amount.
Name.
Price. 2362_ _Franklin Co. S. D. Wash_
Page.
434
35,000 103.57
79_ _Freehold. N J
$75,000 102.878
259__Adams Co. S. D. No. 172, Ill.. 5
7,500 103.60
01926
18,000 100.792 2273...Freeport Sch. Dist., Calif_ _ __ 5
4
170_ _Agawam, Mass
6
d1931-1936
3,000 100.533
273_ _Fromberg, Mont
6
1917-1926
12,532
'77_ _Albany, N.Y
4g
2362__Fulton. N Y
67.500 100.985
441 1917-1941
95,400 100.81
2360_ _Albion, N. Y.(2 issues)
7s__Fulton County, Ohio (3 issues) 5
75,000 102.394
20,000 101.90
77_ _Alexandria Sch. D. No. 1, La_ 5
4,000 100
260- _Gallatin Co.S.D.No.77. Mont.. 6
2,226,000 101.399
2270_ _Allegheny County,Pa.(4 iss.)_ 4
444
01931
50,000 99.70
12,000 100.140 2363_ _Geneva Consol. Ind.S.D.,Iowa.
170_ _Amity Spec. S. D.No.9, Ohio. 434
444
01919
35,000 100.66
2183_ _Geauga County, Ohio
2,600
5
01919
2270_..Ansonia, Ohio
D.
S.
Flatts
Free'
Un.
_German
340_
35,000 104.019
01929
2270Ansonia Vii. Sch. D.,Ohio..__ 5
4.20 01932
No. 1. New York
48.000 100.18
26,000 8107.21
5
428_ _Antigo, Wis
•
4%
79.._Glendive, Mont
32.50018100.77
5.500 102.231
5
01926
2270_ _Archbold, Ohio
79-_Glendive, Mont
5
32,500f
4% d1931-1941 300,000
77_ _Arizona, State of
01921
62,900
12.000 103.125 2363_ _Grant County, Ind.(7 iss.)___ 444
01922
2270__Arroyo Grande Un.H.S.D..Cal. 5
Ind
D.,
Sch.
_Greensburg
3,000 103.20
172_
102.333
3,000
01921
5
170...Ashland Ohio
1,500 100.666
2183_ _Green Twp.Rural S. D.,Ohio_
35,500 101.13
444 1917-1925
2270_ _Ashtabula County, Ohio
5
2273—Greenwich. Ohio
01924
6.000 102.72
25.000 101.12
434 1917-1925
2270__Ashtabula County, Ohio
Ohio
79Greenwich,
5
01928
15,000
103.62
103.972
72,000
01928
5
77__Asheville, No Car
2363__Grosse Pointe S.D.No.l.Mich.
25,000 102.752
20,000 104.26
434
2361—Aston Twp. S. D.,Pa
1931
261_ _Grosso Pointe Twp.S.D.3,Mich.434
25.000 102.84
15,000 109.02
01924
2271_Atascadera Sch. D., Calif__ _ _ 6
6
1918-1946
8,590
340_ _Hahira, Ga
15,000
5 d1921-1936
338_ _Auburn, Wash
5
2183—Hamden Vs. S. D., Ohio
1930
5,000 103.19
434 1917-1946 1,170,000
77_ _Austin, Tex
Hamilton,
Ohio
5
6.855
172_
01919
99.271
2,303,400
4
issues)____
7
(
Md.
_Baltimore,
2361_
172_ Hamilton Co., Ind.(9 issues).. 434
39,240
4,500 103.422
77_ _Barboursville Ind.S.D.,W.Va. 6
172_ Hamilton County, Ind
37,460
139,500 101.92
434
77_ _Bartholomew Co.,Ind.(4 iss.). 434
431
300,000 103.18
1946
4,000 100.375 2183- Hamilton Conty, Ohio
1921-1928
5
77_Boacon Sch. Dist., Iowa
261_ _Hancock County,Ind.(2 iss.)_ 434
27.800 101.871
58,000
5
2271__Belle Center, Ohio
261_ Hancock County,Ind9,700
4
41,000 109.10
101.90
01936
5
2271- _Belleville Sch. Dist., N.J
79_
Hancock
W.
Co.,
(2
Va.
5
iss.)..
3,430
165,000
5
100.00
Inc
2271—Benton County,
434
2363—Harrisonburg, Va
1941
75,000 100.016
12,000 8100
77_Benton Co.S.D.No.29, Wash__ 454 d1920-1936
5
2273_ Harrison County, Miss
125,000 103.46
20,000
2271_ _Benton Ind.Sch. Dist.,Iowa_
431
40,000 h101.552
79- Harper S. D. No. 1, Kan
25,000 106.30
5
2361__Benton Harbor, Mich
5
01926
17,000 102.10
19174936
79- Hamster VS. S. D., Ohio
40,000 102.29
4
77—Berlin, N. H
Pa
4
Twp.,
Haverford
57,000
01922
4,567
2273_
5
Ohio
259...Bethesda,
5% 1919-1928
01931
10,000
4
80_ _Hartland, Minn
25,000 101.73
170__Biddeford. Maine
5
60,000 96.666
1918
10,000 100.025 2363—Henderson County, Tex
428__Ilig Lake S. D. No. 4, Minn__ 5
01921
7,000 101.65
4%
2183_Henry Country,Ind
40,000
170—Bingham Co.Ind.S.D.N0.8,Ida. 5 d1926-1936
36,000 101.505
5 d1926-1936
261 __Hillsdale 111 w. D.No. 1,Ida 554 d1926-1936
22,250
170_ _Blackfoot. Idaho
20,000 100.125
5
80—Hillview, II
170—Boise Ind. S. D., Ida.(2 iss.)_ 444 d1926-1936 180,000 100.401
15.000 106.06
1936
6
1929
80—Hickman KY
12,000 102.804
4
2271__Bolivar Sch. Twp. Ind
10,000 h100
_Highland Park S. D , Tex
_80_
4-- ---4,123,000 100.91
2096_ _Boston, Mass.(12 ues)
106.789
65,000
1946
J
N.
2363...Hoboken,
434
4
Mass
170—Boston,
1917
2,7501*100
100,000 105.378
1936
2363- Hoboken, N J
4
1917-1921
5,000f
170--Boston, Mass
4
242,000 101.18
2273_ Holyoke, Mass. (5 issues)_
7,500 100.94
4
01920
2271_ _Bristol County, Mass
14,480
172_ Howard County. Ind. (2 iss.)- 444
20,000 101.41
4
01926
78_ _Bristol County, Mass
12,350
80- Humboldt Co. Elr.D.No.33, Ia. 541 1922-1926
6,000 100
1919-1930
5
2271__Brownsdale,Minn
23,940 102.502
261_ _Honey Creek Sch. Twp., Ind_ 434
27,000 103.07
a1927
2361__Brown Twp.Rural S. D.,Ohio. 5
4
16.900 103.772
01924
5,000 103.694 2363-_Huntington, Ind
01930
5
2181_ _Bryan, Ohio
444
80- _Huntington County, Ind
10,000 102.075
57,920 104.526
5
2181- _Bucyrus, Ohio 2 issues)
434
172-_Huntington Count. Ind
40,000 101.06
1,297,415 102.618
434
2361_Buffalo, N. Y. 9issuesi
223,637
80_ Huron County, Oh o
307,300 102.893
1917
4
es
2361_ _Buffalo, N.Y. 12 issues)
6
32,500 *100
1941
430_ Idaho (2 issues)
2.800 100
4
171__Buffalo, N.Y. issues
330,000 101.988 2184, Iron County, Wis
01919
434
78_ _Burt-Washington Dr. ., Neb. 544
1917-1926
36,000
2364_ _Ironton S. D. No. 26, Mo____ 5
5
338_ _Byron Township, ill
1946
37,500 106.88
80_ _Irwin Consol. Ind. S.D., Iowa.. 5
936
8 hing
1014
110
30
5F8
1
2271_ _ Camdon County, N.J.(2 iss.)_ 444
212:883 100.25
2184_ Jackson Township, Ind
6,000 100.26
544
78_ _Campbell County, Va.(2 iss.)_ 4%
1921-1940
6
15,000 102.055
172_ _Jasper County,Ind
434
171_ _Canadian Tex
444
172_ Jasper County, Ind
2,100 100
103,0001 103.252
78__Canton, Ohio (4 iss
5
5
80_ Jay County, Ind
12,200 102.50
55,5001
434
78.._Canton, Ohio (4 iss
(3 iss.). 5
2,400 101
109,000 109.968 2184 Jefferson Twp.Rur.S.D ,Ohio.
2182_ _Cape May County,INT.J.
5
43.000
5
172—Jessamtne County. Ky
2271 Carmolo Sch. Dist., Cal
4
Ind
County,
200,000
01931-1946
Pa
105.773
Johnston,
80..
_Carroll
454
78_
aln336
5M
110.000
2274_ _Kalamazoo, Mich.(3 issues)_ 4%
2361— Cedarville, Ohio
20.000 101.90
5
80- Kankakee Sch. Twp., Ind_
78- _Celina, Ohio
1
5 d192r11
23 9
:1
;
63,884 100
261_ _Kansas (21 issues)
4
18
5&544
429_ _ChatTeo, Mo. (2 issues)
444 d1926-1946
1936
950,000 104.91
45,000 104.291 2274 _ _ Kansas City, Mo.(7 issues)_ _ 434
2361_ _Choltenham Twp., Pa
1946
5,000 100
4
1936
200,0001
2274__Kansas City, Mo
2097_ _ Chosneo S. D.No.94, So. Car_ 6
01920
6
3,0001 105
7,000 100.628 2274- Kearney Sch. Dist., Cal
434
171_ _Chester Sch. Twp., Ind
15
19174945
6
Ohio_ _ _ _ 4% 2922-1934
75,000 100.553
Vil. S. D.Kenmor
2'84—
2361-_Christine, Tex
01932
434
Ohio__
issues)
5
103.71
9
8
9
(3
20.800
130:0
Ohio
D.,
0
80--Kenton,
S.
City
101.81
2182_Circloville
4
5
01926
500,000 107.064
2274- Kern County, Calif
171_ _Clark County, Ind
4
01922 •
5
7,500 102.026
172- Kingston, Oklo
2272__Clark County, Ind
lajg1 2274- _Kingston Vii. 8. D.. Ohio_ _
:
t3,3
8
211926
30,000 105.7-6
5
1917-1940
78_ _Clark Co. S. D. No. 58, Wash_ 5 dla?01921
4
1:3
2,500 106
1927-1926
101.681 2364_ _Knights,Valley S. D. Calif.- 6
2272_ _Clay County. Ind
1917-1924
117,880 102.002
172-_Knox County, Ind. (3,issues) 434
78_ _Clay Twp.Ind.S.D.No.2. Iowa 5
434
434
22,600 101.880
172_ Koscuisko County, Ind
39,450 101.723
171_ _Clay County, Ind
18,000
431_ _ Koshkonong Spec. Road Dist.
171_ _Clermont. Iowa
01921
5
1927
10,000. 103
6
No. 1, Mo
100,000 103.47
2182_ _Clermont, Ohio
01934
25,000 106.124
5
78—Cleveland Hghts.,Ohio(11 iss.) 5
166,182
2274- La Canada S D., Calif
2272—Clinton County, Ind. (3 iss.)_ 444
340—La Crosse Co. Jt. S. D. No. 6,
5
19214945
30,000
gg,Mg 183.523
4
Wise
2361_ _Clinton County, Ky
20,500
4
1918-1921
_Lafayotte, Ind
2361_ _Columbiana County, Ohio_ _ _ _
13INM 3 1t13:883 181.836 2364_ -Lafayette
01922
7,200 104.513
5
Sch. Twp.,Ind
17278_ _Coahoma County. Miss
5
1921
38,000 101.279
01921
4
80 _Lake County, Ohio
1,250 100
2272_ _Concord Sch. Two., Ind
4%
_
:.000000
1,
8
32,500 100.851
649
17
2050000
4
0 .1114,08
80 -Lako County, Ohio
0
.:
1:
4
100
78_Coal Twp. Sch. Dist., Pa_ _ _
34
5505
0
3
1
01925
25,000 102.01
4
1,500 103.66
2274 -Lakewood, Ohio
78_ _Columbia Sch. Twp., Ind_ --- 5
4%
7,000 h101.071
172 _Lamoille, Ill
259_ _Columbus, Ohio (15 issues)
01922
6
120,000 100
2,300 104.07
2364 _La Plata County, Colo
2272_ _Continental, Ohio
1919-1921
6
01921
8,400 101.92
1
2364 _La Porte County, Ind
78__Continental, Ohio
01939
5.400 101.759
01922
5
4%
25,000 100.10
172 _La Porto County. Ind
2182__Copiah County, Miss
16,000
434
1917-1931
171_ _Coshocton, Ohio
5
341 _Leaf River Twp., Ill
6,000
4% d1926-1936
434
171_ _Coshocton, Ohio
431 _Lebanon Sch. Dist., Mo
. 3,000 100.718
3,000
5% 1919-1921
171__Coshocton, Ohio
80 _Lenroot, Wis
20,000 101.795
5
01922
d1921-1936
tl _I ib t , M
2272__Coshocton, Ohio
9,000 102.012
444 1917-1930
15,000 102,19
2364_ _Liberty Sch. Twp.. Ind
2272_ _Coshocton City S. D., Ohio__ % 19264935
20,000 102.925
544
1946
01926
20,000 h104.625 2364_ _Licking Twp. Rur. S.D., Ohio_ 5
2272_ _Covington, Tenn
4
2362.._Cranston, R. I.(3 issues)
250.000 100
4
100,000
2184 _Lima. Ohio (2 issues)
'
431
01921
2182__Crawford County, Ind
7,850 101.324
172_ _Lincoln County Sch. Dist_ _ _ _
01921
1,400 100
541
No. 145, Wash
40,400 101.11
79_ _Crooksville, Ohio (7 issues)___ 5
'30,000
75.000 102.78
5% d1936-1946
2364__Lipscomb County, Tex
79_ _Crowley-4th Ward Dr. D., La. 5
444
5
1931
4,500 104.90
2274_ _Lisbon, Ohio
2362_ _Cumberland, Md
dal'
5
Iowa_
I:1031
7,200 95
1926
431__Little Nestucca Dr. D., Ore__ 6
260_ _Cumberland Ind. S. D.,
19,000 100.75
5% 1918-1925
341 _Little Rock, Ark
92,500
2362_ _Cuyahoga Falls, Ohio (3 iss.)_ 5
5
1921-1936
10,500 102.42
5
79_ _Dayton, Iowa
172 London, Ohio
15,000 100
434
5
143,000 101.53
80_Lorain County, Ohio
2182_ _Decatur County, Ind
7,800 101.237
5
172_ _Los Angeles Municipal Impt.
2272_ _Deming, N. Mex
20,000 100
1917-1936 1,020,000 100.009
5
Dist. No. 1, Calif
2272_ _Denmark, Wis.(2 issues)
20,000 108.227
4
130,100 101.067
2274 _Lowell, Mass
79_ _Deshler. Ohio
63,490
5
1917-1941 21
93,888 h100.30
2274_ _Lucas County, Ohio (4 iss.)_ 5
2272_ _De Soto Parish, La
1917-1934
8.888
6
2184-_Lufkin. Pox
430_ _Donora,Pa
-41947 148',
90,000 h101.65
5
g 1911?
1936
80 McComb, Miss
2182_ _Dorchester County, Md
444 1921-1951
62.750 102.832
35,
8
(
8
(
)
8
)(
) I1E,916 2364.. Mahoning Co., Ohio (5 issues) 5
2182_ _Dorchester County, Md
01922
8,950 102.905
5
01919
4
173_ Mansfield Ohio
10,000 100.62
171_ _Dubois County, Ind
1917-1931
25,0001 101.014
4
2185_ Marblehead, Mass
58,500
79_ _Drury Drainage Dist.. Ill-- — 544
STAIT. AND CITY DIITATITMEIVT.
IN
1
5
a
g
'8:88(0) 18?..W4
426
THE CHRONICLE
-----Page.
Name.
Rate. Maturity. Amount.
Price.
2185._Marblehead, Mass
4
1917-1921
$15,500/
2275.._Mariana Sch. Dist., Cal
6
3,000 104.766
2364__Marion, Ohio
a1924
43
13,200 101.543
2364....Marion County, Ind
4%
a1921
40,000 102.012
80_ _Marion County,Ind
4%
44,000 102.126
2275__Marion County, Ohio
5
a1919
18.500 101.978
432__Massona, N. I
,
'
4% 1917-1922
3,000 100
173....Medford, Mass. (4 issues)
4
265.000 101.02
173__Mondon Twp. H. S. D., Ill- _ - 5
1929
30,000 104.10
81__Miami County, Ohio
4%
37,200 102.165
2275_ _Miami County, Ohio (3 issues) 5
80,200 100.405
81__Middle Elizabeth S. D. No.
64, So. Caro
6
1936
4,000 103.75
2275__Midland Sch. Dist., Pa
4% 1919-1937
40,000 103.042
173__Middlesex County, N J
4(
31,000 100.37
2185__Middlesex Co., N.J.(2 issues) 43i
210,000 101.76
173_ _Middlesex County, N. J
44
350,000 100.161
2185.._Middlotown, Conn
4
a1927
55,000 100.032
2365__Mifflin Twp. Sch. Dist., Pa- 43i
15,000
173__Milwattkee, Wis
4
a1926
50,0001 103.10
173_ _ M liwaukee, Wis.(3issues) _ __ - 43
a1926
1,220,000J
173__Mingo Rural Sch. Dist., Ohio_ 5
a1937
10,000 106.33
2365...Minneapolis, Minn
4% 1917-1936 698,209 100
262_ _Minnesota (44 issues)
4
460,200 100
2275. Monmouth County, N. J
4%
1926
55,000
2185._Monroe, Mich
4Si 1924-1935
60,000 100.086
263__Montgomery Co., Ind. (2 iss.) 4%
20,200 101.702
2185_ _Montgomery Co., Ind. (3 iss.) 4%
15,700 101.929
2275._ _Montgomery County, Ohio__ - 43
a1919
24,000 100.604
173__Montgome
County,
ry, Ohio...-. 4
70,000 101.52
263 ..Montgomery Sch. Dist., La.- 5
10,000 100
2365...Morgan County, Ind
4% (1
9,500 102.178
2185__Morgan County, Ohio
5
1917-1921
17,000 101.941
432__Morgan Co.S.D. No.3, Colo.._ 5
d1931-1946
15,000 104.67
173__Morrow County. Ohio (4 iss.)_ 5
29,095 100.872
2275__Mower County, Mimi
4% 1921-1936
24,000 102.581
432__Mt. Vernon, N. Y
43,i
1936
50,000 h103
2365__Muscatine Ind. S. D., Iowa_ 4% 1926-1936
75,000 102.60
2365_ _Muscotah Sch. Dist., Kan
13,000 101.63
432 ..Nebraska (6 issues)
5 & 6.
25,600
81_ _Nelson Sch. Dist., Cal
5
1918-1936
10,000 104.31
173.. New Brunswick, N. J.(3 iss.).. 43i,
133,000 100.728
2365__New Castle, Pa
4i d1926-1936 160,000
2365.._New Philadelphia, Ohio
5
a1920
44,083 102.345
- 81-..New Washington, Ohio
5
23,814
2275._Niles, Ohio
5
1920
1,000 100.90
2275_ _Northampton, Mass.(2 issues) 4
41,000 101.083
2275_ _Northampton County, Va
5
d1921-1946
20.000 100.755
263. North Dakota (15 issues)
4&5
123,700 100
432_ _Norway Con. Ind. S. D., Iowa 4%
22,090 100
81__Norwood, Ohio (10 issues)........ 4%
154.700
174„Nuestro Sch. Dist., Cal
6
1917-1921
2,500 104.466
81_ _Okanogan Co. S. D. 1, Wash.. 53.1 d1917-1926
5,000
2365....Orange County, Ind.(3 issues) 4%
15,900 101.306
174....0akdale, La
5
1936
18,0001 100
'174_ _Oakdale, La
5
1926
7,500j
174_..Oakdale, La
11,500 100
263_ _Oklahoma City, Okla.(2 iss.)_ 43
1941
1,700,000 100
2275_ _Oriskany (V.), N Y
4
a1926
40,000 100.40
81_ _Orrville. Ohio
4
a1922
11,000 100
2366_ _Oswegatchle (T.). N. Y
44
a1926
40,000 101.062
2366.._Otway Sch. Dist., Ohio
5
a1930
12,000 102.022
81__Ottawa County, Ohio
5
a1919
10,000 101.51
2186__Outagamie County, Wis
4%
a1921
300,000
174_ _Orange Township, Ohio
43
2,350 100.042
2366__Pacific County, Wash
43
100,000 100
81-Painesville Twp.,Ohio(2 iss.)_ 5
24,500 102.102
2275__Palms Sch. Dist., Cal
5
1921-1956
55,000 106.909
81.._Panola County. Tex
6
1917-1951
160.000
81__Patchogue (V.), N. Y
4 1-5
21,500 100.08
174__Pease Twp. Sch. Dist., Ohio._ 5
3,400 101.470
81__Pelham Manor, N. Y
4 1-5
35.000 100.27
2366__Perry County, Ohio
5
1917-1931
42,000 104.13
81__Perry County, Ind
4%
11,400 102.07
81__Philadelphia, Pa
4
1946 11,641 ,6001 100.431
13,358,400j
174__Porth Amboy, N. J (2 issues) _ 4%
149,000 101.58
2366.. _Pierce County S. D.75, Wash.. 43-i d1918-1926
5,000 100
82__Pineville S. D. No. 28, La____ 5
30,000 100.50
2366.._Pitcairn, Pa
43-i 1936-1946
25,000 105.462
2276__Placentia-Richfield S. D.,Cal_ 5
30,000 105
2366...Plymouth, Mass
4
1917-1926
64,000 100.44
174_ _Pocahontas, Ark
38.000 h102.50
174_ _Pointe Coupes Parish, La..
5
1917-1926
5,000 101
2100__Point Pleasant Beach N. J
5
1940
21,000 106.125
82__Poland V11. Sch. Dist., Ohio
a1921
43-i
10,000 100.97
2276__Polk County,Tenn
8,000 100.937
2366__Pomeroy VII. S. D., Ohio
5
a1921
5.000 102.32
174_ _Portland, Ore
d1919-1926
6
31,077 100
2186__Portsmouth, Ohio
a1938
4330,000 102.77
2276__Preston County, W. Va
5
1917-1950 164,000 100.213
2276__Providence, R. I
4
1956
1,000,000 101.39
82_ _Pulaski County, Ky
43i
250,000 h100
82....Putnam County,Ind.(2 issues) 4330,400
2186__Raleigh Co., W. Va.,(4 iss.)__ 5
835,000 101.286
82 .Randolph, Iowa
5
1923-1931
4.500
2186Randolph County, Ind
al921
434
26,500 10'.605
263__Rav.,111 Sch. D. No. 7, Mont 5
d1926-1936
9,000 101.411
2276_ _Red Bluff Sch. Dist., Calif........ 5
1917-1936
15,000 103.40
2366__Redding Sch. Two., Ind
43-i
11,760 101.716
174__Red Oak Ind. S. D.. Iowa_ __ 4
1921-1936 115,000 101.65
2186__Reily Township S. D., Ohio.... 4
a1926
30,000 100.28
264....Rice Lake, Wis
8,000
2366__Richfield Springs (V.), N. Y.._ 43-. •
19,000 101.277
264__Richland Co. S. D. 33, Mont.. 6
d1921-1926
1,500 100
2187__Richmond, Ind
a1923
4
10,000 101.255
264__Richmond, Ind
4
135,000 100.523
82__Ringling, Okla
6
1941
30.000
174__Ritchle County, W. Va
1917-1941 240,000
5
174__Ritzvillo, Wash
5% 1919-1936
18,000 100.222
82...Roane County, W. Va
5
a1931
240.000 h100.25
80__Rochester, Minn
43i
a1935
175,000 102.217
2366Royal Oak S. D., Mich
43-i
20,000 100.40
82__Rudolph Sch. D., Ohio
5
10,000 101.71
82__Rush (T.) S. D. No. 10, N. Y.
9,000
2276...Rush County, Ind.(2 iss.)____ 43-i
a1921
61,960
174__Russellville, Ohio
5
a1924
1,500 101.75
82__Rutland, Vt
4 •
25.000 100.18
2366__St. James Ind.S.D.No.20,Minn. 4
1926
35,000 100.86
2276__St. Joseph County, Ind
a1921
43
34.000 101.691
82__St. Lawrence Co., N. Y
4
1917-1936
40,000 101.06
2276__Salem, Mass. (3 iss.)
4
300,000 101.646
2366....Salem, Ohio (5 issues)
89,513
174.._Sandusky Co., Ohio (4 issues).. 43-i
49,500 101.10
2276__San Joso City S. D., Calif.__ 5
1917-1941 100,000 107
2275__San Jose High S. D., Calif_ __ _ 5
1917-1941
50.000 107
2366.._San Luis Obispo. Calif
*10,000
2366__San Marcos S. D., Calif
6
a1921
2,500 102.35
2187__Saugerties, N Y
4.10
a1923
26,000 100
343__Scarsdale, N Y
4
1917
11,200 100.063
82__Scott County, Ind
4
a1921
16.000 102.625
343-Scott Co. S. D. No. 5, Mo
5
1926-1936
11,001
264__Seattle, Wash.(9 issues)
6
d1917-1928
72,513
82__Sebring, Fla
6
d1921-1931
50,000 102.92
82__Shawano City S. D., Wis
43-i
90,000 102.078
2388.. Sheboygan Falls, Wis
5
1921-1935
35,000 105.052
174. Sheboygan Falls, Wis
5
1917-1931
30,000 104.06
174__Shelby, Ohio
5
8,700 102.931
174.._Shelby, Ohio
5
2,500 102
174__Shelby County, Ind
434
13,320
264....Sheridan Co.S.D.No.19,Mont. 6
d1926-1936
6
4,700
175.._Sioux Falls, So. Dak
434
1936
125,000 h100.562
175__Slater Sch. Dist., Iowa
25,000
82--Somerville, Mass
4
1917-1921
25,000 100.79
2187__South Bethlehem, Pa
4
d1931-1946
55,900 100.201
Page.
Name.
Rate.
Maturity.
2367....South Union Two., Pa
434
a1927
264_ Spokano, Wash
6 d1917-1928
82_ Sprigg Twp Rural S. D., Ohio. 6
2276_Springfield, Mo
43-i
343_ Springlake, N J
5
1936
264 Stamford (V.), N. Y
4.20
264__Starke County,Ind.(2 issues)._ 5
175.. Stony Creek Sch. Twp., Ind
43-i
82__Strutners, Ohio
5
a1927
264.. Stuttgart, Ark
6
83_ Sullivan City, Ind
5
a1921
2367__Summit County, Ohio (2 iss.)_ 43-i
175_ Stoddard County, Mo
175_ Stuttgart, Ark
5
1936
2187_ Swain County, No. Car
5
al936
175_ Swampscott, Mass
4
1917-1938
• 175_ Swampscott, Mass
4
1917-1931
175_ Swampscott, Mass
4
1917-1921
175__Swampscott, Mass
4
1918-1927
83_ Talbot County, Md
43-i
434 __Tall wiassee, Fla
5
1916
2277_ _Tarentum, Pa
43i 1921-1936
2367_ Taylors S. D., So Car
6
1931
265__Thief River Falls, Minn
5
1946
83_ Tonawanda. N Y
4
265__Topeka, Kan
2367__Torrance Co.S.D.No.7,N.Mex. 5
d1936-1946
2367_ Torrington, Wyo
6
d1931-1946
2I87__Trenton, N. J
1946
43-i
2187_ Trenton, N. J
43-1
1926
83_Turin (V.), N. Y
a1918
43-i
83.. Unicot County, Tenn
1926-1946
6
2187_ Union, N J
43i 1918-1921
83__Union, N. Y
1921-1927
5
344_ Union Parish, La
1918-1939
5
83_ Unionville Fire & Wat.D.,Mass. 4
2367__Upper Sandusky, Ohio
5
a1928
175__Urbana, Ohio (4 issues)
431
2277_ Utica, N. Y
a919
4
175_ Utica, N. Y
4
1917-1936
175_ Utica, N. Y
4
1917-1936
2367_ Van Buren Sch. Dist. Mo
83_ _Vanderburgh Co., Ind.(2 iss.) 43-i
83- Vermilion Co., Ind.(4 iss.)_
43-1
2188_ _Vigo County, Ind.(4 iss.) _ _ 43-1
2367....Visalla Sch. Dist., Calif
5
1917-1951
2277__Volusla County. Fla
6
1920-1940
344.._Walnalla, So. Caro
5
1936
344...Walhalla S. D. No. 26, So.Car. 5
1936
2278_ Warren, Ohio (2 issues)
43-1
434 __Warren County.-Pa
43-1 1918-1931
2278_ Warwick (T.), R.I
434 1917-1931
344_ _Wasco 0o. S. D. No. 29, Ore
534 1918-1929
175__Washington Co., Ind.(2 iss.)_ 4
175__Wauseon, Ohio
5
2367.._Washington Sch. Twp.,Ind_
43-1
83__Washington Twp.S.1)., Ohio_ 5
a1934
2367__Watonwan County, Minn........ 43i 1927-1936
175_Wold Co. S. D. No.6, Cob...... 43-i d1926-1936
2188 __West Alexandria, Ohio
5
1918-1926
176_ West Lafayette, Ind
4
2278_ West Park, Ohio (2 issues)_
5
2368_ West Taylor Twp., Pa
5
176_ Weston, Mass
4
a1927
2188__Weston Vii. Sch. D., Ohio..
43-i
83_ _Westmoreland Co., Pa
4
1941
176_ Weston, Ohio
5
a1918
83_ _Wetzel County, W Va
5
2188_ _White County, Ind.(3 iss.)___ 434
a1921
2368.__Wilson County, No Caro
5
176_ Winslow, Ills
5
1929
83_ _Woodbridge Twp., N. J
434
2189__Woodsfield, Ohio
01921
6
2368_ _Yellowstone Co. S. D. No. 23,
Mont
6
d1921-1936
84..-Yonkers, N. Y.(3 issues)
43.1
[VOL. 103.
Amount.
Price.
$40,000
978
1,800 101.11
45.000 100.113
8,000 106.125
6,000 100
4,639 100.239
5.000
20,000 103.57
19,000 100
15,000 104.518
84.458 101.708
15,000 103.333
37,000
95.50
100,000
97.90
22,000
7,150 100.553
14,500
5,600
50,000 102.76
15,000 1()0
60,000 101.554
7,000 103.614
30,000 106
9,000 100.35
234.414 100
12,000 100.054
5,000 102.71
23,5001 .105.80
72,479J
1,000 100.25
100,000 106.50
41,000 100.839
7,000 104.15
29,724
15,000
17,000 104.30
10,000 100.27
6,195 100
42,0001100.584
5,0001
10,000 102.61
9.200
92,400
41,210 101.55
105,000 107.62
250,000 101.055
6,000
7.000
33,500 102.287
120.000
100,000 102.01
12,000
13,640 102.-176
5,000 101.02
3,500 100.10
10,000 105.06
50,000 100
30,000 100.686
23,500 102.442
10,000 100.285
34,843 106.047
45,500
75,000 101.77
55.000 100.209
250,000
1,250 101.20
240,000 101.046
30,600 101.546
13,000 100.192
7,000
50,000 101.703
1,330 107.18
2.500 100
259,000 102.28
Total bond sales for Juno 1916 (503 municipalities,
covering 778 separate issues)
k$45,872,809
a Average date of maturity. d Subject to call in and after the earlier
Year and mature in the later year. k Not including $12,874,200 of temporary loans reported, and which do not belong in the list. * Taken by
sinking fund as an investment. h And other considerations.
REVISED TOTALS FOR PREVIOUS MONTHS.
The following items, included in our totals for previous
months, should be eliminated from the same. We give the
page number of the issue of our paper in which the reasans
for these eliminations may be found.
Page.
Name.
2362__Dwight, Ill. (May list)
81__Mobilo County, Ala. (March list)
81_ _Pass Christian, Miss. (March list)
Amount.
$7,000
150,000
96,000
We have also learned of the following additional sales for
previous months:
Page.
Name.
Rate. Maturity. Amount.
Price.
428.. Alvord, W Va....6 d1926-1946
162,500 100
428...Ardmore Sch D . Okla
1941
40,000 100.125
5
428. AurJraSpec. Rd.0.,Mo.(Apr.) 5
60,000
338. Barnardsville S D. No. Caro 6
1936
6,000
259_ -Beloit Vii. S. D. Ohio
5
1937
25,000 101.89
Bessie,
Okla. (March)
428_
6
1925
2,800 100
338_ Biltmore Sch. Dist., No. Caro.. 5
1936
45,000
77._ Blackfoot, Idaho
5
22,250 101.209
338_ Brooklyn Iowa (April)
cc
1917-1926
10,274
78. Cabell Rural Sch. D., Ohio_
20,000 103.33
429_ _Cambria, Wis. (Mar.)
5
2,200
338 __Carbondale Township. Ill1920-1024
26.000
5
429__Carponter Consol. Ind. S. D.,
Iowa (Apr.)
25,000
429 _Carroll County, Ky. (Apr.)....431
20.000 100.833
259__Columbus, Ohio (15 iss., Apr.) 43-1
210,000 *100
2.59__Columbus, Ohio (16 issues)- -4%&5
196,500 *100
430_ Delmar Con.S.D. Iowa(Apr.)
18,000
79.. Doddridge Co., W Va
5
200,000 h100.10
79-East Cleveland. Ohio (4 issues) 5
243,900 100
339_ East Lansifig, Mich. (April)._ 431
28,500 100
339.. Eaton Rapids, Mich. (A.pril) - 4
17,000
339__Edgar Co. S. D. No. 28.-111_
9,000
339_ Ellendale, No Dak
53-i
1936
9,000 106 011
430_ Fairfax, So Dak
5
15,000 100
1936
260.__Fallon County S. D. No. 66,
Mont.(April)
d1921-1926
2,500 100
6
339.. Farmer Sch Dist .So Dak
15,000
5
340.. Gillespie, Ill
6,000
430. Goltry, Okla. (2 issues)
2 1918-1928 11,000 98
261_ Harriman, Tenn
50,000
261- _Hudson, Mich
a1923
4
20,000 100.05
431__Idaho (6 issues, Jan.)
6
10.305 100
431__Idaho (Feb.)
6
3,000 100
431...Idaho (4 issues, March)
6
5,800 100
431...Idaho(3 issues, April)
6
2,100 100
261__Itta Bona, Miss
6
1936
20,000 110.14
172....Jackson, Mich
78,000 102.62
43-i
261 Kansas 15 issues, April)
153,250 100
5&534
261_ Kansas 7 issues)
59,741 100
5
340 Kenilworth, Ili. (March).
8,000
340- Kincaid Sch. Dist., Ill
14,000
427
THE CHRONICLE
JULY 29 1916.]
Maturity. Amount.
Rate.
Name.
Page.
340.._King Co. Com'l Waterway
$120,000
6
Dist. No. 1. Wash
340__Knox Co. S. D. No. 14, Ill.
12,000
5
(March)
6.500
1917-1926
5
341.._Leesville, La
11,500
4%
341__McConnellsville, Ohio
341--Macedonia, Burnham Heights
and Mt.Carmel Consol. Sch.
12,000
1936
5%
Dist., No. Caro
75,000
431 MackinacCounty, Mich
45,000
431_ _Madison Twp., Mich
38,000
d1926-1936
341-Marshall County, Okla (Apr) 6
12,500
4A 1917-1921
341_ _Mercer County, Ohio
15,000
1926-1946
5
341- _Metter, Ga.(2 issues, Apr.)
81_ _Milford Twp. Rural S. D.,
5,000
5
Ohio (April)
10,000
5 d1926-1936
173- _Millard Co. Sch. Dist., Utah
15,000
432_ _Mineral Point, Wis. (Apr.)__
10,000
1917-1936
43
432__Mt. Horeb, Wis. (Apr.)
25,000
342_ _Mt. Morris Twp III
2,000
342.._New Richmond, Ohio (Jan.)__ 5
30,000
d1926-1936
432.._North Sanpete S. D., Utah_ _ _ 5
5,000
1928-1930
4
432_ _Ogdensburg, N. Y
5,000
432__Peever Ind. S. D., So. Dak_
1.4,500
1936
6
342_ _Perry, Okla (3 issues)
17,000
432_ _Peru Twp., Ill. (Apr.)
28,000
433_ _Pine Creek Twp., 111. (Apr.)..
3,700
6
342_ _Plain City, Ohio
35.000
1926
82_ _Poland Twp.S.D.,Ohlo(Apr.) 5
111.
6,
No.
D.
S.
Co.
343Pulaski
1918-1931
21,000
5
(March)
45,000
433_ _Rio Grande Dr. Dist., Colo--- 6
30,000
433_ _ Ripon, Wis. (Feb.)
37,000
343_ _Roberts Sch. Dist., Ill
10,000
433_ _Rosholt Sch. Dist., So. Dak__ 5
2,000
433_ _Ruyle Twp., Ill. (Apr.)
6
d1917-1928 152.010
174_ _Seattle, Wash.(3 issues)
40,000
433_ _Seymour S. D., Iowa (Apr.)_
25,000
175_ _Sherman Co. S. D. No.7, Or& 5
5,000
_ _ _____
343_ _South Lebanon Vii. S. D., O_. 5
37,000
343__Springer, N Mex (2 issues)__ 53 d1936-1946
35,000
433_ _8tafford S. D., Kan. (Apr.)..
4,000
5A 1921-1928
264.._Stanberry, Mo
343_ _Stewarts Creek Twp.,No.Caro.
15,000
1936
6
(Jan.)
343__Stoddard Co. S. D. No. 38,
7,000
d1926-1936
5
Mo. (Apr.)
10,000
4.90
343_ _Strasburg, Ohio
343...Sullivan Twp. H. Sch. Dist.
75,000
4%
No. 100, Ill
76,000
434...Tifton, Ga.(4 issues) (Apr.) 5
5,000
a1921
4%
83_ _Tipton Sch. Twp., Ind.
7,500
d1921-1936
5
(Jan.)
434_ _Union, Mo.
21,783
4
265- _Utica, N. Y
White River
344...Village Creek and
14,500
1922-1931
6
Levee Dist., Ark. (Apr.)
8,000
344. Warsaw, Ill
175_ _Washington Co. (Bd. of Ed.), 5
43,000
d1926-1936
Utah (April)
12,000
1921-1926
434_ _Waverly Ind.S. D.,Iowa(Jan.) 5
25,000
1936
344...West Asheville Sch. D.,No. C. 5
3,000
4% 1917-1922
2368__Westfield, N Y
344 __Williams Sch. Dist. No. 3,
2,000
1926
6
No. Caro. (Jan.)
Price.
104.791
100
100.56
101.045
102.883
100.20
100
100
100.51
100.76
100.375
101.315
101.99
100
100
News Items.
Alta Loma Storm Protective District, San Bernardino County, Calif.-Property Owners Seek to Prevent
Issuance of Bonds.-Reports state that on July 12 a bill of
complaint was filed in the U. S. District Court to prevent
the issuance of $80,000 bonds. The attorneys representing
property owners of the district claim, according to the Los
Angeles "Tribune," "that the bonds would be a lien upon
their several properties and that they only allowed their
properties to be included in the proposed district for the
revenue to be derived therefrom." The court is asked to
exclude the lands of the plaintiffs from the district and to
issue an injunction restraining the sale of bonds.
Canadian Financing.-Through the efforts of Edward
Brown, Treasurer of the Province of Manitoba, and with the
assistance of J. P. Morgan & Co., a plan has been accepted
by the British Treasury officials whereby the Provinces of
Manitoba and Saskatchewan are to borrow funds in New
York in order to acquire part of their debt due in London.
By doing this it is thought that considerable will be saved by
the borrowers in their capital obligations, and also in interest
charges during future years, as these securities, which, it is
said, were issued mostly at par some years ago, are now selling ten or more points below that figure.
The "Monetary Times" prints the following concerning the
asury
financ
The British Treasury officials have been consulted during the two months
the negotiations have been proceeding, the matter having been taken up
with the Treasury by Morgan's London house. The result is that the Manitoba, and Saskatchewan securities are now on the Treasury's list
for mobilization. The holders have not yet been subjected to the penalty
clause. This clause, it will be recalled, operates when holders persist in
refusing to sell after the British Treasury's intimation that the surrender of
certain securities is desired. The penalty or tax so far as American securities is concerned is approximately 20% on every El worth of such securities
hold. The question of imposing the penalty in the case of Manitoba, Saskatchewan and Winnipeg securities has, however, been considered. Action
will not likely be taken in that regard until it is seen whether the securities
are coming in rapidly enough. The process is simplified by the fact that
the provincial securities are practically all registered stock and the provincial government can therefore furnish the Treasury officials with the names
and addresses of the holders.
While there will be a reduction of approximately 15% in the gross debt
by the mobilization, yet this is not the primary consideration. The big
objective is to furnish funds in Now York for the British Treasury, for the
purpose of helping to maintain at high levels the price on that market of
the pound sterling.
•
Corpus Christi Tex.-Litigation.-Judge M. Kennon
'District Court on July 21, according to
of the Twenty-fifth
reports, issued a writ of injunction restraining the city from
May.
for
are
as
indicated)
(except
sales
above
the
All
issuing the $150,000 5% street bonds authorized at the
These additional May issues will make the total sales (not election held July 8 (V. 103, p. 339). The case, it is said,
that
month
for
$28,294,609.
loans)
temporary
including
will be heard on Aug.8 at Columbus, Tex.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
Denver, Colo.-Proposed Purchase by City of Denver
JUNE.
Maturity. Amount. Price. Union Water Co Halted by Injunction.-The proposed purRate.
Name.
Page.
6
1941
$70.000 96.26
84__Ahuntsic S. D., Quo
chase by the city of the plant of the Denver Un'on Water Co.,
30,000
1926
5A
2368_ _Belleville, Ont
10,000 103.32
in accordance with the contract signed in February by the
1917-1940
53
2368 Berlin. Ont
5,077 100.257 company and the Public Utilities Commission and ratified
5A
2368_ _Bertie Twp., Ont
2,000.000 91.50
1926
169.. _British Columbia, Province of. 4%
by the City Council, has been prevented for the time being
1,500
1917-1931
7
177.._Broad Valley S. D. Man
17.300 100.49
53
by a temporary injunction granted on July 22 by Judge
177._ Bruce County, Ont.(2 iss.)
88.12
1,568,807
5
issues)
(4
Alta.
177.._Calgary,
Denison of the District Court. According to the 'Rocky
68,000
1926
5%
2368_ _Cape Breton Co., N. S
1,200
1917-1931
7
Mountain News," the Court held that while the Public
177_ _Chalton Sch. D., Man
7,500
1917-1936
6
267-Clandeboye Sch. Dist., Man
Utilities Commission had the authority at the time to pur20,000
1917-1946
6
267--Cobden, Ont
1,000
1917-1931
chase a water right, there were prior rights of others which
267- _Dumoulin Sch. Dist., Man..... 7
1926
12,8001 101.64
6
2368--Dunnville, Ont
would have to be removed before the city could, or should,
1936
5%
10,000!
2268_ _Dunnville, Ont
1918
6
2,000,000 -98 875 acquire the property. The Court goes on to say that there
345_ _Edmonton, Alta
6
1917-1931
15,000
103.51
Ont
_Elmira,
177_
litigation if the city was permitted to go
5
1,500 102.962 would be no end of
1917-1926
2368_ _Engen S. D., Sask
6
8,000 104.07
1917-1931
ahead under the contract made by the Public Utilities Com2368_ _Etobicoke Twp., Ont
5
1917-1924
4,000
98
Ont
Twp.,
_Fitzroy
177_
mission. See V. 102, p. 905.
5
24,675
1928-1943
2368__Goderich, Ont
1930
6
3,500
2368...Grantham Twp., Ont
New York City.-Building Zone Resolution Approved
1950
460.420
100.53
5
84_ _Halifax, N 5
by Board of Estimate and Apportionment-Deficit in City's
1926
146,000
5
345_ _Hull, Quo
1941
10,000
4A
Pension Funds.-In our editorial columns this week, we
267_ _Joliette, Quo
60,000
5
98.65
177_ _ICingston, Ont
267,000
99.177 publish items concerning the new building zone resolutions
5%
2368_ _Lachine, Ont
50,000
99.19
1917-1926
5
approved by the Board of Estimate and Apportionment
267._ Lanark County, Ont
420,000
82.25
267_ _Lethbridge, Alta
on July 25, governing the construction and use of all future
100,000
104.837
1926
,i
Ont5
County,
_Lincoln
177_
2,000
1917-1936
buildings; and concerning the report of experts estimating
177_ _Loon Lake Sch. D., Man
3,500
2368__Loverina Sch. D., Sask
if the city's pension funds are continued on their present
that
1,500
1917-1926
8
Bask
106.933
D.,
Sch.
_Malonech
2368_
20,000
1917-1941
5
basis, they will ultimately result in a deficit of $202,775,568.
345_Matheson, Ont
19174931
7
2,000
177__Meirose Sch. Dist., Man
6
5,000
1917-1936
New York State.-Re-Apportionment Act Held Invalid
267_ _M ilestone, Sask
1946
650.000 104.64
2368....Montreal Prot. Sch.Com.,Que. 5A
by Court of Appeals.-The Re-Apportionment Act passed by
1917-1931
2.000
267_ _Montrose Sch. Dist., Man_ _ _ _ 7
1918
the 1916 Legislature was invalidated by the Court of Appeals
2270-Newfoundiand, Government of 5
5,000,000
5
53,096
177.._Niagara Falls, Ont
in an opinion rendered July 25. The whole Act is set aside,
1936
5%
33,000
2368__North Sydney, N S
owing to the inherent difficulty of saving any part of it,
6
1919
225,000
177_ _North Vancouver, B.0
5
1925
1,000.000 100.283 though the Court of Appeals differs with the Appellate Divi2190_ _Nova Scotia, Province of
1936
5%
20.000 101.13
84_ _Ontario County, Ont
sion and holds that the establishment of fifty-one instead of
6
1917-1936
35.000 104.33
2279_ _Orilla, Ont
5
1,032,517 100.101 fifty Senatorial districts was not unconstitutional. Judge
2368_ _Ottawa, Ont
30.000
5
1917-1946
98.85
2190_ _Parry Sound, Ont
Chase, who wrote the decision, which was concurred in by all
52,000 101.51
5
2190__Peol County, Ont
6.000
99.35
the other jurists who decided the case, said:
177Peterborough County, Ont_
2368_ _Pointe aux Trembles, Que.,
(2 issues)
6
267__Preston, Ont
6
5
2270_ _Quebec, Province of
6
84..Red Deer, Alta
84--St. Bernardln-de-Montreal
Rom. Catholic S. D., Que._ 6
iss.) 5X
2368_ _St. Catherines, Ont.
2388..8t. Catherine's, Ont. 3 iss.)__ 5
School DSasktchewn ists_ _ _
2369_ _
2369_ _Scarboro Twp., Ont.(2 iss.)_ 5X
6
177__Staynor, Ont
7
2369__Standard Sch. D., Sask
84_ _Steelton, Ont
5%
7
2369_ _Taunton S. D., Bask
6
177-_Trail, B 0
5
84_ _Truro, N. 5
6
2369_ _Vancouver, B.0
43
2190__Wastmount, Quo
7
2369....Wost Plains S. D., Bask
350,000
1941
34,500
1917-1931
4,000.000
1926
3,000
1926
1956
1917-1936
1917-1926
1926
1917-1926
1936
1946
1917-1926
' Total debenture sales for June 1916 (64
municipalities covering 75 separate issues).
100
The intention of the people to limit by Constitution the number of
Senators to fifty is expressed in language that cannot be misunderstood
96.90
50,000
83,8961 99.279
111,5001
13,100
9,496
3,000
1,700 102.962
5,000
1,400
92
7,500
23,700
98.11
1,664,000
50.000
1,600 102.962
$21,979,284
Senate shall always be composed of fifty members." That limihloeisv,s owever, subject to the exception stated therein. It is provided
oln'
stfiTo
aa.
t
that if any county having three or more Senators at the time of any apportionment is entitled in the ratio prescribed "to an additional Senator or
Senators,such additional Senator or Senators shall be given to such county
In addition to the fifty Senators, and the whole number of Senators shall
bo increased to that extent." * * * We do not think that the Constition was violated in dividing the State into fifty-one Senatorial districts.
In discussing the re-apportionment of New York County,
the Court says:
By the constitutional provision a town and block are each made a unit
of a population for the purpose of determining equality in the number of
inhabitants in Senate districts. The language of the Constitution so far
as it relates to towns and blocks we repeat as follows:
"No town and no block in a city enclosed by streets or public ways shall
be divided in the formation of Senate districts; nor shall any district contain
a greater excess in population over an adjoining district in the same county
than the population of a tOW11 or block therein adjoining such a district.
428
THE CHRONICLE
Counties, towns or blocks which from their location
either of two districts shall be so placed as to make said may be included in
equal in number of inhabitants, excluding aliens." districts most nearly
The County of Now York is, by the Act in question, divided into nine
Senate districts, numbered from 12 to 20, inclusive. Tile difference
in
population between the 12th and the 13th Districts is 1,377; between the
14th nd the 16th, 1,059; between the 15th and the 13th, 516; between the
14th and the 12th, 236; and between the 17th and the 15th. 1.016.
The block bounded by Greene, Forsyth, Broome and Christie streets, on
the LI ne between the 12th and the 13th Senatorial Districts, contains 636
inhe bitants, and there are blocks between each of the other named Senatorial ceistricts, on the line between said districts, containing a less number of
inh abitants than one-half of the difference between the population
of the
Senate districts as stated.
It is said that those differences arise from inadvertence and mistake
that they are so slight that they should be disregarded by the Court. and
We
are of the opinion that the constitutional provision quoted is mandatory,
and that, assuming, without decking, that the difference in the number of
inhabitants between districts might be so very trivial and technical that it
should be overlooked and the apportionment upheld, the constitutional
provision is so liainly viclated that it cannot be sustained.
While some of these districts may be subject to criticism with reference
to compactness, we are unable to say from a more inspection of the
maps
that the constitutional provision in regard to cunt actness has been
violated
in this case. We approve of the rule adopted by the Legislature and
which
has been recognized and adhered to by it since the Constitution of 1894
allotting the number of Assemblymen to the several counties of the State. in
We do not intend by this decision to hold that it is not
for the
courts at any time to sot aside an Act of apportionment possible
in r art and to
sustain it in part. Complications that may arise by setting
aside the
apportionment now under consideration in the County of Now York
or in
the Counties of Now York and the Bronx, and sustaining it in the other
counties of the State, are such that counsel have
with the Court
that the Act must either be sustained or set aside agreed
as a whole.
Unless the Legislature is convened and passes a
apportionment Act,
the conduct of the approaching election will have new
to be controlled by preexisting laws so far as they aro applicable.
United States.-First Year's Appropriation Provided
for in New Good Roads Measure Apportioned Among StatesFor full list of allotments announced by the Department
of Agriculture, on July 26, see article in our editorial columns
this week.
Wichita County (P. 0. Wichita Falls), Tex.-Bridge
Bonds Attacked.-Dallas papers state that a suit has been
filed in the Thirtieth District Court to enjoin the issuance
of the $80,000 bridge bonds recently voted (V. 103, p. 83).
The petition claims, it is stated, that a two-thirds majority
was required for the bonds and also that various provisions
of the election law were not complied with.
Bond Calls and Redemptions.
'Ludlow, Kenton County, Ky.-Bond Call.-This city
will on Dec. 15 1916 redeem school-building bonds Nos. 31 to
40, inclusive, for $500 each, at the City Treasurer's office.
Missouri.-Bond Calls.-Whitaker & Co. of St. Louis
furnish the following list of municipal bonds which have
been called for redemption :
[vol.. 103.
ALLEGHANY COUNTY (P. 0. Covington), Va.-NO ACTION YET
TAKEN.
-We are advised that no action
yet been taken towards the
offering of the $100,000 road-construction has
bonds (V. 102. p. 817)• J. J.
Hobbs is County Clerk.
ALLENTOWN SCHOOL DISTRICT (P. 0. Allentown), Lehigh
County, Pa.-BOND SALE.-On July 20 an issue
of $225,000 4% building
and equipment bonds was awarded to local investors
for $225,226 56, equal
to 100.100. Danom. $500. Date Aug. 1
5 to 30 years, subject to call after 20 years.1916. Int. F. & A. Duo from
ALLIANCE, Stark County, Ohio.-BOND
-Aug. 8 is
the day set for the election to decide whether orELECTION.
not this city shall issue
$100,000 park and playground bonds.
BOND OFFERING.-Chas. 0. Silver, City Aud., will receive bids
until
Aug. 10 for the following 5% bonds:
$14,123 street city's portion bonds. Denom.28 for $500. f for $123. Date
June 15 1916. Due $3,000 yearly on June 15 from 1936 to 1939
incl. and $2,123 June 15 1940.
5,000 steeet-impt. bonds. Denom. $500. Date May 15 1916. Due
$1,000 yearly on May 15 from 1936 to 1940 incl.
4,900 assess. bonds. Denom. 5 for $500, 5 for $180. Date June 15
1916. Due $980 yearly on Sept. 1 from 1017 to 1921 incl.
Prin, and semi-ann. int. payable at office of Sinking Fund
Cert, check on a solvent national or State bank for 3% of bondsTrustees.
bid for,
payable to the City Treas., required. Bids must be made on forms
furnished by the City And. Successful bidders must furnish
own expense
the necessary blank bonds. City reserves the right to issue at
a lesser amount
of bonds than heroin specified, based upon the contractors' bid.
These bands were offered but not sold on June 20.-V. 102. 2180.
p.
ALVORD (P. 0. Spencer), Roane County, W. Va.-BOND SALE.
The $2,500 10-30-yr. (opt.) sower-system-constr. bonds
offered
on May 1
(V. 102, p. 1644) have been awarded to the Roane County
Bank, Spencer,
at par for 6s.
AMANDA TOWNSHIP, Allen County, Ohio.-BOND ELECTION.
According to reports an election will be held Aug.8 to vote on
the question
of issuing $15,000 school-construction bonds.
ANDER,SON COUNTY(P.O. Clinton), Tenn.-BOND OFFERING.
Sealed bids will be rezeived until 12 in. Aug.8 by J. II. Wallace,
Co. Judge,
for $18,000 5% bridge bonds. Denom. $1,000. Date Aug. 11916.
Int.
F. & A. Due 36,000 Aug. 1 1930, 1931 and 1932. No deposit
Bonded debt, including this issuo, $443,000. No floating debt. required.
fund, $32,000. Assess. val. 1915, equalized, $4,124,295; actualSinking
value
(est.) $7500,000. Official circular states that there is no controversy
or litigation pending or threatened affecting this or any other bond issue
of the county and that the county has never defaulted In payment of interest or principal of any bond issue.
ANTIGO, Langlade County, Wis.-BOND SALE.-The $26,000 5%
coupon high-school-bldg. bonds (V. 102, p. 1826) have
awarded to
McCoy & Co. of Chicago at 107.21 and hit. Purchaser tobeen
pay for printing
of bonds.
ARDMORE, Carter County, Okla.-BOND
-An election will be held July 31 to vote on the questions ofELECTION.
issuing $45,000 waterworks, $20,000 sewer and $60,000 convention-hall-bldg.
bonds.
ARDMORE SCHOOL DISTRICT (P. 0. Ardmore), Carter
County,
Okla.-DESCRIPTION OF BONDS.-Yhe $40,000
5% building bonds
awarded recently to Geo. I. Gilbert of Oklahoma City at 100.125
103,
p. 338) are in the donom. of $1,000 and dated April 3 1916. Int.(V.
A. & 0.
Duo April 3 1941.
ASHLAND, Ashland County, Ohio.-BOND SALE.-On July
15 the
$9,000 5% 7 1-3-yr. aver, sewer bonds were
to the Ashland Bank
& Says. Co. of Ashland at 100.39 and int. awarded
V.
103,
p.
170.
Other
bids
were:
A. E. Aub & Co., Cincin__$9,311 00 Ohio Nat. Bank, Columbus
$9,211 25
Breed, Elliott & Harrison__ 9,292 50 Prov. S. B.& T. Co.,
Chic_ 9,207 90
Seasongood 8: Mayer,Cinc. 9,281 00 W.L. Slayton & Co., Tol__
9,186 30
Durfeo, Niles & Co., Tol__ 9,258 00 Farmers' Bank
Ilayden, Miller & Co., Clew. 9,252 00 Tillotson & Wolcott Co-- - - 9,180 00
9,159 30
Field, Richards & Co., Ctn. 9,217 80
Buchanan County refunding 3'bonds, dated Aug. 11901, Nos.
114
to 116, incl., and 119 to 143 incl., denominations $1,000 each, have
been
called and will be paid Aug. 1st.
ATTLEBORO, Bristol County, Mass.-TEMPORARY LOAN.
Seligman School District, Twp. 21, Range 28, in Barry County, 6%
-On
July 22 the loan of $50.000 maturing Nov. 26 1916 was awarded
bond, dated June 1 1015, No. 1, for $200, has been called and will be paid
to R. L.
Day & Co. of Boston at 3.56% discount, it is statod.-V. 103, p. 338.
July 10 1916.
Trenton, Grundy County, water-works 434% bonds, dated July 11906,
AURORA SPECIAL ROAD DISTRICT
0. Aurora), Lawrence
Nos. 23, 24 and 25, denominations $1,000 each, have been called and will County, Mo.-BOND SALE.-The $60,000 (P.
5% road-cons
be paid July 1 1916.
voted March 21 (V. 102, p. 1282) have been disposed of. truction bonds
Webb City, Jasper County, Public Sewer 5% bonds, Nos. 15 and 16,
AVA
SCHOOL DISTRICT (P. 0. Ava), Douglas County, Mo.
dated Jan. 1 1901, for $1,000 each, have been called and
will be paid -BONDHIGH
SALE.-On July 1 the $15,0005% 20-year building bonds
July 1 1916.
103,
p. 259) were awarded to H. P. Wright Investment Co. ol Kansas(V.
City at
Spokane, Wash.-Bond Call.-The following special im- 103.20. Date July 1 1916.
provement bonds have been called for payment at the City
BANGOR TOWNSHIP SCHOOL DISTRICT NO. 3 (P. 0. Bangor),
Marshall County, Iowa.-BONDS VOTED-OFFERING.
Treasurer's office on Aug. 1:
-By a vote
of 42 to 23 the question of issuing $2,000 school-building
-addition bonds
carried at the election held July 15.
Name and
Up to
Name and
Up to Name and
Up
to
Bids
for
these
bonds
will be received at any time by Fred. Marshall,
Dist. No.
and Incl.
Dist. No.
and Incl.
Dist. No.
and Incl. Secretary Board of Education.
Pare,
Grade (Continued)Grade (Concluded)Boone Ave. 981
36 Altamont St. 939
BARNESVILLE, Pike County, Ga.-BOND SALE.-On July
23 Second Ave. 530
8
17
Howard St. 402 •
34 Chelan Ave. 578
12 29th Ave. 396
31 the $5,000 5% 25%-year gold coupon public-properly-improvemenb bonds
Manito Place 657
V. 103, p. 259) were awarded to C. H. Humphrey,Barnesville, at
56 Cliff Ave. 187
29 38th Ave. 894
13
105.75.
9-10 & Rockwood 991_ 55 Conklin St. 429
Other bids were.
16
Water Main.
Pacific Ave. 776
27 11th Ave. 484
24 Hoffman Ave. W29__.. 6 Robinson-Humphrey-Wardlaw Co., Atlanta
$5,251 00
Seventh Ave. 937
13 Ilth Ave. 580
21 La Crosse Ave. W36
7 J. H. Hilsman & Co., Atlanta
5,206 00
Superior St. 1074
21 14th Ave. 495
16 12th Ave. W37
'
5 W. M. Davis Co., Macon
5,190 50
Washington St. 2
John
28 Green St. 902
W.
Dickey
19 Astor St. W38
Co., Augusta
5
5,156
50
Grade.
Magnolia St. 555
22 Lidgerwood St. W39... 5 It. N. Berrien Jr., Atlanta
5,112 50
Washington and Upper
Perry St. 189
Tillotson & Wolcott Co., Cleveland
31
Sewer.
5,026 50
Roadway 988
Duke
M.
Post St. 948
Farson,
20 First Ward 8.6
Chicago
17
5,025 00
Jas. E. Calkins, attorney for J. L. Turner, Fernandina, Fla
5,000 00
BARNESVILLE,Belmont County, Ohio.-BOND SALE.-On July 10
the $5.218 5% street-impt. bonds-V. 102, p. 2271-wore awarded to the
First Nat. Bank of Barnesville for $5,314 (101.839) and int. Other
bidders were:
NV.L.Slayton & Co. Tololo..$5,288 441Prov. S. B.& Tr. Co., Cin.$5,270 70
& Mayer, Cin_ 5,283 00 New First Nat. Bank,
ADAMS COUNTY (P. 0. Decatur), Ind.-BOND SALE.-Bids re- Seasongood
Durfee Niles Co
5,273 00
Columbus
ceived for the $3,360 43,
5,253 00
6% 51i-yr. aver. road bonds offered on July 24
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.-BOND SALE.
were as follows-V. 103, p. 338:
People's Ln. & Tr. Co_ _ _ _$3,405 50 Flet. Amer. Nat. Bk., Ind_$3,395 00 -On July 22 the $80,600
% 5%-year average road bomb (V. 103, p.
Old Adams Co. Bank
3,400 65 First National Bank
3,393 97 259) were awarded to J. F. Wild & Co. of Indianapolis for $81,610 (101.253)
and interest, a basis of about 4.24%. Other bidders were:
Miller & Co., Indianapolis_ 3,400 00 Breed, Elliott & Harrison- 3,380 00
R. L. Dol'ings Co., Indianapolis
$81,607 50
ADAMS COUNTY (P. 0. Quincy), Ill.-BOND ELECTION PRO- E.
M. Campbell's Sons & Co
16
55
8
01:3
00
50
0
POSED.-Reports state that at the November election a proposition pro- Fletcher-American
National Bank, Indianapolis
viding for the issuance of $1,800,000 road bonds will be submitted to the Miller & Co..
Indianapolis
81.155 00
voters.
BATESVILLE, Penola County, Miss.-BOND SALE.-On July 17
ADAMS COUNTY SCHOOL DISTRICT NO. 67, Wash.-BOND
$5,500 6% 20-year gold coupon tax-free sewerage bonds (V. 103,
OFFERING.-Proposals will be received until 2 p. in. Aug. 5 by H. E. E. the259)
were awarded to Durfee, Niles & Co. of Toledo for $5,703, equal to
Kalkwarf, County Treasurer (P. 0. Ritzvine), for $1,200 5-20-year (opt.) p.
103.69. Other bids were:
school bonds. Interest (rate not to exceed 6%) payable annually.
Sec. Sav.Bk.Sc Tr.Co..Tol..$5,682 60 Well, Roth 8: Co.. Cin_ _ _$5,623 75
ADAMS SCHOOL TOWNSHIP (P. 0. Monrovia), Morgan County, NV . L. Slayton & Co., Tel__ 5,678 75 Hanchett Bond Co.. Chic_ 5,570 00
Ind.-BOND SALE.-On July 21 the $5,500
% school bonds-V. 10.3, Nat. City Bk., Memphis__ 5.660 50 Robt. A. Gun, Chicago__ 5,500 00
p. 259-were awarded to Breed, Elliott & Harrison of Indianapolis for Sid. Spitzer & Co., Tol___- 5.645 75 Bumpus & Co., Detrolt.._- 5.500 00
35,605-equal to 101.909. it is stated.
BEAUMONT, Jefferson County, Tex.-BONDS VOTED.-By a vote
ALAMEDA SCHOOL DISTRICT(P.O. Alameda), Alameda County, of 204 to 125 the question of issuing the $300,000 5% school-building bonds
Cal.-BOND ELECTION PROPOSED.-Reports state that an election (V. 103, p. 259) carried, it is stated, at the election held July 18.
will probably be called shortly to vote on the question of issuing $50,000
BESSIE, Washita County, Okla.-BOND SALE.-The $2,800 6%
building bonds.
10-year city-hall bonds (V. 102, p. 1179) have been awarded to the Second
ALBANY SCHOOL DISTRICT, Alameda County, Calif.-BOND National Bank of Oklahoma City at par. Donom. $500 and $300. Date
SALE.-On July 17 the $75,000 5% 1-25-year serial building bonds (V. 103, Dec. 22 1915. Int. J. & D.
p. 259) were awarded to Bond & Goodwin of San Francisco at 105.996 and
BIGGER SCHOOL TOWNSHIP, Jennings County, Ind.-BOND
Interest. Other bids were:
OFFERING.-Bids will be received until 1 p. as. Aug. 4 by 0. M. AnderF. M.Brown & Co.,San Fr__$79,2111E. H. Rollins & Sons, SanFr_$78,960 son,
'fwp. Trustee (P. 0. No. Vernon, R. F. D. No. 4), for $5,554 43- %
Lumbermen's Tr. Co., S. Fr. 79,112 Anglo & London-Paris Nat.
school bonds, it is stated.
Sta 0 Board of Con rol
79,03() Bank, San Francisco
78,442
BIG
LAKE SCHOOL DISTRICT NO. 4 (P. 0. Blg Lake), Slier.
ALHAMBRA, Los Angeles County, Cal.-BOND ELECTION.
- burne County, Minn.-BOND SALE.-On June 30 the $10,000 5%
Reports state that an election will be held Aug. 3 Co vote on the question 2
-year
building
bonds were awarded to F. M. Magraw of St. Paul at
(issuing $320,000 water-plant-purchase bonds.
100.025. Denom. $1.000. Date July 1 1916. Int. J. & J.
Bond Proposals and Negotiations this week
have been as follows:
JULY 29 1916.]
THE CHRONICLE
BLACK RIVER TOWNSHIP, Cumberland County, No, Caro.
BOND OFFERING.-Further details are at hand relative to the offering
on July 31 of the $25,000 5% coupon road bonds (V. 103, p. 338). Proposals for these bonds will be received until 12 m.on that day by D. Caster,
County Treasurer (P. 0. Fayetteville). Denom. $1,000. Int. J. & D.
Bids to be submitted for bonds maturing as follows: ($10,000) $1,000
yearly June 1 from 1918 to 1927, inclusive; ($15,000) $1,000 yearly June 1
from 1918 to 1932, inclusive; and the whole issue ($25,000) $1,000 yearly
June 1 from 1918 to 1937, inclusive, and $5,000 June 1 1938. The township has no indebtedness. Assessed value 1915, $593,698 29.
BLOOMINGTON SCHOOL TOWNSHIP (P. 0. Bloomington),
Monroe County, Ind.-WARRANT OFFERING.-Bids will be received
until 2 p. m. Aug. 7 by J. R. McDaniel, Township Trustee, for $2,400 6%
3-year school warren s, it is said.
BOLIVAR COUNTY (P. 0. Rosedale), Miss.-BOND OFFERING.
Proposals will be received until Aug. 7 by I'. B. Woollard, Clerk Board of
County Supervisors, it is stated, for $50,0006% 10-20-year (opt.) Riverside
Road District road-construction bonds. Denom, $1,000.
BOONE COUNTY (P. 0. Lebanon), Ind.-BOND OFFERING.
Proposals will be received un 1110 a. m. July 31 by Nelson J. Parr, Coun y
Treasurer, for he following 434% road-improvemen bonds:
$9,600 Geo. W. La Folio ,e et at road bonds in Jefferson Township.
Denom. $480. Date June 6 1916.
9,800 Thos. M. McDonald et at road bonds in Washington Township.
Denom. $490. Date July 5 1916.
9,400 Chas. W. Routh et at road bonds in Jefferson Township. Denom.
$470. Date July 5 1916.
18,600 J. It. Riley et al road bonds in Sugar Creek Township. Denom.
$930. Date July 5 1916.
Interest payable M.& N. Due one bond of each issue each six months
from May 15 1917 to Nov. 15 1926. inclusive.
BROWNSVILLE, Haywool County, Tenn.-BOND ELECTION.The election to vote on the question of issuing $25,000 streat-impt. bonds
-V. 103, p. 78-will be hold Aug. 3.
BRYAN COUNTY (P. 0. Durant), Okla.-BOND SALE.-On July 15
an issue of $25,000 Bennington District road-improvement bonds was
awarded, it is stated, to It. J. Edwards of Oklahoma City at 100.34 and
iht.
BUFFALO SCHOOL DISTRICT, Guilford County, No. Caro.BOND(*TERING.-Proposals will be received qntil 12 in. Aug.8 by W.C.
Brown, Chairman of the Board of County Commissioners (P. 0. Greensboro), it is stated, for $10,000 5% 30-year building bonds. Int. semi-ann.
CABELL COUNTY (P. 0. Huntington), W. Va.-BOND SALE.On July 20 the $200,000 5% coupon road-impt. bonds (V. 103, p. 171) were
Seasongood & Mayer
awarded jointly, it is stated, to Well, Roth &
Co..
at 105.08 and int.
and the Fifth-Third Nat. Bank, all of Cincinnati,
CAMBRIA, Columbia County, Wis.-BOND SALE.-Thls city has
disposed of the $2,200 5% park bonds mentioned in V. 102, p. 726.
CANAAN TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Plain
City), Madison County, Ohio.-BOND SALE.-On July 22 tho $15.000
5% 243 -year average coupon school bonds wore awarded to Sidney Spitzer
& Co. of Toledo for $15,576 (103.806) and interest, a basis of about 4.738%
(V. 103, p. 259). The New First Nat. Bank of Columbus bid $15,427 50.
CANBY Clackamas County, Ore.-BOND SALE.-On July 20 the
$18,003 6,y, 10-20-yr. (opt.) coupon water-works-plant-constr. bonds dated
July 20 1. 16 (V. 103, p. 259) were awarded to Crane & Co. at 105.55 and
int. Purchaser to furnish blank bonds.
CANTON, Stark County, Ohio.-BOND OFFLRING.-Proposals
will ho received until 12 in. Aug. 7 by Sam E. Barr, City Aud., for tit() followiog bonds:
water-works-impt. bonds. Denom. $1,000. Due Mar. 1
$30,000 414
1936.
impt. bonds. Donom'.$1,000. Due Mar. 1 1936.
fire-dept.
%
5000 434
4,000 434% water-works-impt. bonds. Denom. $1,000. Due Mar. 1
1926.
24,100 5% street-assessment bonds. Denom. 23 for $1,000, 1 for
$1,100. Due $3,100 Mar, 1 1918, 83,000 yearly on Mar. 1
from 1919 to 1923 incl. and $2,000 Mar. 11924, 1925 and
1926.
24,500 5% street assess. bonds. Denom. 24 for $1,000, 1 for $500.
Duo $2,500 Mar. 1 1918, $3,000 yearly on Mar. 1 from 1919
to 1924 incl. and $2,000 Mar. 1 1925 and 1926.
14,000 5% street assess. bonds. Denom. $1,000. Due $4,000 Mar. 1
1918 and 1919 and 33,000 Mar. 1 1920 and 1921.
11,500 5% street assess. bonds. Denom. 11 for $1.000, 1 for $500.
Duo $3,500 Mar. 1 1918, $3,000 Mar. 1 1919 and 1920 and
$2,000 Mar. 1 1921.
street assess. bonds. Denom. 18 for $1,000, 1 for $800.
18,800 5%
Due $2,800 Mar. 1 1918,$3.000 Mar. 11919, 1920, 1921 and
1922 and $2,000 Mar. 1 1923 and 1924.
4,2005% street city's share bonds. Denom.3for $1,000, 1 for $1,200.
Due Mar. 11921.
48,700 434% street city's share bonds. Denom. 48 for 81,000, 1 for $700.
Due Mar. 1 1926.
Date Aug. 1 1916. Int. semi-ann. Cert. check on a Canton bank for
5% of bonds bid for, payable to the City Treasurer, required. Bonds to
be delivered and paid for witain ten days from time of award. Purchaser
to pay accrued interest. A certified copy of tne abstract showing the legality of the issue will be furnished purchaser. Successful bidder to print, at
own expense, the necessary blank bonds,on special bond borders and coupon
sheets to be furnished by the cloy.
Debt statement Jan. 1 1916: Bonds: General, $2,124,662; assessment
additional, $1034,920; water-works additional, $438,900; cash and investments in sinking fund, $81,483; assessed value, $80,874,200; estimated
actual, $100,000.000.
CARPENTER CONSOLIDATED INDEPENDENT SCHOOL DISTRICT (P. 0. Carpenter), Mitchell and Worth Counties, Iowa.BOND SALE.-The $25,000 building bonds voted March 29 (V. 102, p.
1369) have been purchased by Geo. M. Bechtel & Co. of Davenport.
CARRICK, Allegheny County, Pa.-BONDS VOTED.-A vote of
689 to 162 was cast at the July 20 election in favor of the issuance of the
$100,000 funding and $25,000 street bonds (V. 103, p. 78).
CARROLL COUNTY (P. 0. Carrollton), Ky.-BOND SALE.-The
$20,000 (unsold portion of an issue of $51,000) 434% coupon road bonds
(V. 102, p. 1369) were awarded on April 12 to Jas. C. Wilson & Co. of
Louisville for $20,166 66 (100.833) and interest.
CARROLLTON, Greene County, Ills.-BOND SALE.-On July 1
the $2,500 5% coup. water-power bonds-V. 102, p. 2271-were awarded
to the Greene County Nat. Bank of Carrollton at 100.834 and int. The
Carrollton Bank and the People's State Bank of Carrollton each bid par.
CASS SCHOOL TOWNSHIP (P. 0. Poland), Clay County, Ind.BOND SALE.-On July 7 the $6,000 434% school bonds were awarded to
J. F. Wild & Co. of Indianapolis at 102.225 and int. V. 103, p. 78. Other
bidders were:
R. L. Dollings Co., Indpls_$6,120 501E. M. Campbell's Sons &
Breed, Elliott & Harrison- _ 6,108 00
$6,094 00
Co., Indiana poll*
Bank of Poland, Poland__ 6,101 55 Brazil Tr. Co., Brazil__ _ _ 6,067 50
Riddell Nat. Bank, Brazil_ 6,101 00 Flot.-Am. Nat. Bk.,Indpls. 6,06700
Miller & Co., Indpls
6,060 00
CATSKILL (VILLAGE), Greene County, N. Y.-PRICE PAID
-The
price
paid
for
the $36,000 434% water bonds recently
FOR BONDS.
sold to Albert C. Bloodgood was 101.50 (V. 103, 338). Denom. $1,000.
Date July 11916. Int. J. & J. Due from 1917
p.to 1928.
CEDAR SCHOOL DISTRICT (P. 0. Cedar), Mahaska County,
Iowa.-BONDS VOTED.-The question of issuing 322,000 building bonds
carried, it is stated, at an election held July 14.
CENTER SCHOOL TOWNSHIP (P. 0. Greenfield), Hancock
County, Ind.--BOND OFFERING.-Proposals will be recthved until 10
a. in. Aug. 7 by Rufus L. Temple, Twp. Trustee, for $47,000 434% school
bonds. Denom. $500 and $133 34. Date Apr. 22 1914. Int. semi-ann.
Due part yearly on July 15. Bids must be made on forms furnished by
the Twp. Trustee. Purchaser to print bonds at own expense.
CHAFFEE, Scott County, Mo.-BOND SALE.-The $21,000 waterworks and $13,000 estasr-constr. 5% 10-20-yr. (opt.) bonus offered on
4t9
June 30 (V. 102, p. 2361) have been awarded to Elston, Clifford & Co. of
Chicago for $34,983 (102.891) and int.
CHICOPEE, Hampden County, Mass.-BOND SALE.-On July 25
345,000 4% 1034-year average coupon municipal light-plant bonds were
awarded to Harris, Forbes & Co. of Boston at 101.42 and interest, a basis
of about 3.83%. Denom. 40 for $1,000, 20 for $250. Date June 1 1916.
Principal and semi-annual interest-J.& D.-payable at Old Colony Trust
Co. Boston. Due $2,250 yearly on June 1 from 1917 to 1936, inclusive.
The other bidders were:
100.67
R. M. Grant & Co., Boston_101.21 !Adams & Co., Boston
101.23 IR. L. Day & Co., Boston_ _ _100.659
A. Perry da Co., Boston
Merrill, Oldham & Co., Bos_101.179 Cropley, McGaragle Co_ _ _100.575
100.77
Blodget & Co., Boston
CLARK COUNTY (P. 0. Jeffersonville), Ind.-BOND OFFERING.
John R. Scott, Co. Treas., will receive bids until 10 a. m. Aug. 3 for $7,209
Jeffersonville
Twp.
average
Jos.
F.
Voigt
et
at.
in
road
bonds
5y-yr.
%
434
Denom.$360. Date July 3 1916. Int. M.& N. Due $360 each six mos.
from May 15 1917 to Nov. 15 1926 incl.
BOND SALE.-The following bids were received for the $9,100 434%
534-yr. aver, road bonds offered on July 13 (V. 103, P. 171)'
R. L. Dollings Co., Indpls_39,255 701.I. F. Wild & Co., Indpls_ _33,230 50
Fiet. Am. Nat. Bk.,Indpls. 9,251 251E. M. Campbell's Sons &
9,201 00
Breed, Elliott & Harrison__ 9.247 50! Co., Indian rpolis
CLEVELAND, Ohio.-BOND OFFERING.-Proposals will be received
until 12 M. Aug. 28 by C. J. Neal, Director of Finance, for the following
5% coupon street-impt. bonds:
$183,000 bonds. Duo on Nov. 1 as follows: 321,000, 1916; 320.000, 1917;
$18,000, 1918 to 1923 incl.and $17,030, 1924 and 1925.
159,009 bonds. Due on Nov. 1 as'follows: 318,000, 1916; 316,009. 1917
to 1924 incl., and $13,000 in 1925.
Denom. $10300. Date May 1 1916. Prin. and semi-ann. int. payable
at the American Exchange Nat. Bank, N. Y. Cert. or Cashier's check on
some solvent bank other than the one bidding for 3% of bonds bid for, payable to the City Treas., required. Separate bids must be made for each
issue. Bids must be made on blank formsfurnished by Director of Finance.
CLINTON SCHOOL TOWNSHIP (P. 0. Clinton), Vermilion
County, Ind.-BOND OFFERING.-Bids will be received until Aug. 10
by Alfred Dunkley, Township Trustee, for $5,000 434% school bonds.
Denom. $500. Date Aug. 10 1916. Int. F. & A. Due $500 yearly on
Aug. 10 from 1917 DO 1926, inclusive.
COFFEEVILLE, Yalobusha County, Miss.-BOND OFFERING.Proposal's will be received until 12 m. Aug. 1 by F. L. Dye, Mayor,for $15,000 5% coupon water-works-system-erection bonds. Denom. $750. Date
Sept. 11916. Int. ann. on Mar. 1 at the Seaboard Nat. Bank, N. Y. Due
$750 yrly. beginning Sept. 1 1919. Cert. check for $509, payable to the
Mayor, required. Bonded debt, including this issue, $22,200. Assess.
val., $327,5011.
COLE COUNTY (P. 0. Jefferson City), Mo.-BOND ELECTION.
An election will be held Aug. 1, it is stated, to vote on the proposition to
issue $300,000 5% 20-yr. road, culvert and bridge bonds.
VOOKSVILLE AND PAULETTE CONSOLIDATED SCHOOL
DISTRICT (P. 0. Macon), Noxubee County, Miss.-BOND OFFERING.-Proposals wili be received until 2 p. m. Aug. 8 by John A. Tyson,
Chancery Clerk, for 38.000 6% building and equipment bonds. Denom.
$100. Date July 7 1916. Int. J. & J. Due $200 yearly July 7 from 1917
to 1921, incl.•, $400 yearly July 7 from 1922 to 1931, incl.; $600 yearly
July 7 from 1932 to 1936, incl.
COSHOCTON, Coshocton County, Ohio.-BOND SALE.-The two
issues of 434% bonds, aggregating $26,500, were awarded as follows on
July 22 (V. 103, p. 259):
$25,000 hospital bonds to the Commercial Nat. Bank of Coshocton at
101.14.
1,500 alley-paving bonds to the Coshocton Nat. Bank of Coshocton for
$1,516 66, equal to 101.110.
Other bids for the hospital bonds were:
Bud. Kleybolte Co.,Cin.*$25.525 00 Breed, Elliott & Harrison_325,101 00
Seasongood & Mayer,Cin.*25,342 50 Prov. S. B.& Tr. Co.,CM. 25,095 40
Fifth-Third N. Bk., Cin__ 25,272 50 Coshocton Nat. Bank_ _ .... 25,088 00
Ohio Nat. Bank, Colum__ 25.228 76 Hayden,Miller& Co.,Clev 25,075 00
E.H.Rollins & Sons.Chic_ 25,208 56 Sianey Spitzer Sr Co.,T0l_*25,027 50
Tillotson & Wolcott Co... 25,192 50
* These bids were disqualified.
For the paving bonds, Rud. Kleybolte & Co. bid 31,501 50 and Commercial National Bank bid $1,507 50.
COSHOCTON COUNTY (P. 0. Coshocton), Ohio.-BOND OFFERING.-Proposals will be received until 1 p. m. Aug.2 by T.C. McCullough,
County Auditor, for $12,500 434% coupon bridge bonds. Auth., Secs.
5643 and 5644, Gen. Code. Denom. $500. Date Aug. 1 1916. Int.
M. & S., payable at the Commercial Nat. Bank, Coshocton. Due 8500
each six months from March 1 1917 to March 11929. inclusive. Certified
check for 5% of bonds bid for, payable to the above County Auditor,
required. Bonds to be delivered and paid for within ten days from time
of award. Purchaser to pay accrued interest.
CRESSON, Cambria County, Pa.-BOND SALE.-Lyon, Singer &
Co. of Pittsburgh were awarded on July 7 an issue of 325,000 434% 20 year
average general improvement bonds. Denom. $1,000. Date June 1 1916.
Int. J. & D. Due in 1926, 1936 and 1946.
CUMBERLAND, (P. 0. Valley Falls), Providence County, R. I.BOND SALE.-On July 27, an is.sue of $35,000 4% 934 yr. aver. coup.
Broad St. bridge bonds, was awarded to Merrill. Oldham dr Co., of Boston,
at 99.279 and int. Denom. $1,000, Date July 1 1916, Prin. and semiann. int.-J & J-payable at Old Colony Tr. Co., Boston. Due $2,000
yrly. on July 1,from 1917 to 1933 incl. and $1,090, July 1 1934.
The other bidders were:
Harris, Forbes & Co., Boston_ _98.541Cropley, McGaragle & Co.,
Blodget & Co., Boston
98.091 Boston
98.032
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-BONDS REAWARDED.-Using newspaper reports, we stated in our last week's issue
(page 339) that the $500,000 4H% bridge bonds were awarded to Harris,
Forbes & Co. of New York at 103.085. Later reports state that the bonds
have been reawarded to C. E. Denison & Co. of Cleveland for $513,607.
equal to 102.721. The bid of Harris, Forbes & Co. was rejected, it is
stated, because of the asking of an option of prior retirement.
(:). E. Denison & Co. are now offering these bonds to investors.
BONDS OFFERED BY BANKERS.-The issue of $500,000 444% bridge
and subway approach bonds, awarded jointly to Otis Sr Co. and Hayden,
Miller & Co., of Cleveland, and the Ohio Nat. Bank of Columbus, on
July 1 (V. 103, p. 171) are now being offered to investors by C. E. Denison
& Co.
CUYAHOGA FALLS, Summit County, Ohio.-BOND OFFERING.Bids will be received until 12 m. Aug. 14, by W. F. Williston, VII. Clerk,
for the following 5% bonds:
$2,800 refunding bonds. Denom. 2 for $1,000, 1 for $800. Due $1,000
Aug. 1 1917 and 1918, and 3800 Aug. 1 1919.
4,400 sewer assess. bonds. Denom. $400. Due $400 yrly. on Aug. 1
from 1917 to 1925 incl., and 3800, Aug. 1 1926.
700 sewer (villages portion) bonds. Due Aug. 1 1917.
Date Aug. 1 1917. Prin. and semi-ann. int.-F & A.-payable at
Cuyahoga Falls Banking Co., Cuyahoga Falls. Cert. check on an Ohio
bank for 10% of bonds bid for, payable to the VII. Treas., required Bonds
to be delivered and paid for within 10 days from time of award. Purchaser to pay accrued interest.
DAWSON COUNTY (P. 0. Glendive), Mont.-BONDS NOT YET
SOLD.-The County Clerk and Recorder advises us, tinder date of July 18,
that no sale has yet been made of the $39,000 10-20-year (opt.) coupon
funding bonds(V. 102. p. 1733). owing to the case which is still pending in
the Supreme Court relative to the issuance of the bonds.
DECATUR COUNTY (P. 0. Greensburg), Ind.-BOND SALE.-On
July 6 the $9,400 434% 534-yr. aver, road bonds-V. 103. p. 79-were
awarded to C. J. Erdman of Greensburg for 33,553, equal to 101.626, a
basis of about 4.15%, It is stated.
BOND OFFERING.-Proposals will be received until 2 p. m. Aug. 4 by
Albert Boling, County Treasurer, for an issue of $2,200
% highwayimprovement bonds, it is stated.
DECATUR COUNTY (P. 0. Decaturville), Tenn.-BOND ELE"..)TION PROPOSED.-An election will be head shorLy, it is stated, to vote
on the proposition to issue road-construction bonds.
430
THE CHRONICLE
[VOL. 103.
DEFIANCE COUNTY (P. 0. Defiance), Ohio.-BOND SALE.
-On
FALL RIVER, Bristol County, Mass.-BOND OFFERING.
July 24 the $28,000 43 % road bonds-V. 103,
-The City
p. 26G-were awarded to Treas. will receive bids until
the State Bank of Defiance for $28,115
10:30 a. m. Aug. 1 for the following 4% bonds,
32-equal to 100.411.
it is stated:
DEKALB, Dekalb County, Ill.-BOND ELECTION.-Reports
$25,000
sewer
bonds.
Due
$1,000
yearly from 1917 to 1941 incl.
state
that an election will be hold Aug. 1 to vote on the question of issuing
40,000 highway bonds. Due $8,000 yearly from
$35,000
1917 to 1921 incl.
hospital-improvement bonds.
35,000 public-impt. bonds. Due $3,500 yearly
from 1917 to 1926 incl.
250,000
street
bonds.
Due
$12,500 yearly from 1917 to 1936 incl.
DELAWARE COUNTY (P. 0. Jay), Okla.-BOND ELECTION.Reports state that an election will be held
FANNIN COUNTY (P. 0. Bonham), Tex.-BOND
ELECTION.-An
of issuing $20,000 bridge-building bonds. Aug. 1 to vote on the question election will be held in Bonham
District on Aug. 4, it is stated, to submit to
a
vote
the question of issuing $135,000 road-constru
DELMAR CONSOLIDATED SCHOOL DISTRICT (P. 0.
ction bonds.
Delmar),
Clinton County, Iowa.-BOND SALE.-Geo. M. Bechtel & Co. of DavFAYETTE COUNTY (P. 0. Connersville), Ind.-BOND
SALE.
enport have purcnased an issue of $18,000 building
On July 22 the $10,268 454% 5%-year
bonds.
average road bonds(V. 103, p. 260)
were awarded to Miller & Co. of Indianapolis
DONORA, Washington County, Pa.-BOND SALE.-Holmes, a
for $40,895. equal to 101.559,
basis
of
about
4.19%.
Other bidders were:
Bulkley & Wardrop of Pittsburgh were awarded, 104, on June 5 an
issue Miller & Co., Indianapolis_ _340,8951Flet-Amer.
of $25,000 4%% 29-year tax free improvementatbonds,
Nat. Bk.,Ind'Ils_$40,763
a basis of about Farm.& Mer. Tr. Co.,Con_ 40,8701E. M.Campbell's Sons& Co_ 40,693
4.255%. Denom. $1,000. Date July 11916. Int. J. &J. DueJuly
1 1946. J. F. Wild & Co.,Ind'p'lls___ 40,8531R. L. Dollings
Co., Ind'plis_ 40,673
DOVER, Cuyahoga County, Ohio.-BOND SALE.-On July
Elliott &
_ 40,7881
24 the Breed.
$80,000 43 % water-works bonds were awarded to Rudolph
On July 25 theHarrison..following 4%% road bonds were disposed of, it is stated,
& V. 103,
Co. of Cincinnati at 102.29 and int. V. 103, p. 171. Other Kieybolte
p. 339:
bids were:
Well, Roth & Co., Cinc_ _$80,488 00 Breed,Elliott &
IIarrison_$80,114 35 $23,760 road bonds to the Farmers & Merchants Tr. Co. of Connersville
Otis & Co., Cleveland_ ___ 80,450 00 Provident S. B.
for $24,116 40.
&
Tr.
Co.,
Sidney Spitzer & Co., Tol_ 80,136 50
9,780 road bonds to the People's Loan & Tr. Co., Rushville, for
Cincinnati
80,024 00
$9,931 15.
DOWLING RURAL SCHOOL DISTRICT (P. 0. Dowling),
Wood
County, Ohio.-BOND OFFERING.-Proposals
FLOYD CONSOLIDATED INDEPENDENT SCHOOL
be received until (P.
DISTRICT
12 m. Aug. 7 by Milan Jameson, Clerk Bd. of Ed.,will
0.
Floyd),
Floyd County, Iowa.-BOND SALE.-On July 18 $45,for $2,500 5% 754-yr.
aver. coup. school bonds. Auth. Sec. 7625, Gen. Code.
5% building bonds were purchased by Schanke
Denom. $500. 000
& Co. of Mason City.
Date Aug. 1 1916. Int. F. & A. Due $500 each six months
Denom. $1,000. Date Aug. 1 1916. Int.
from Feb. 1 Aug.
F. & A. Due $1,000 year
1923 to Feb. 1 1925 incl. Cert. check for 10% of bonds bid for,
1
from 1919 to 1923 incl., $2,000 yearly Aug.
1 from 1924 to 1935 incl.
to the Treas. of Bd. of Ed., required. Bonds to be delivered and payable and $16,000 Aug. 11936. These
bonds
were
authorized
paid
for 23 at the
by vote of 98 to
within 10 days from time of award. Purchaser to pay accrued
election held July 12.
interest.
FLOYD COUNTY DRAINAGE DISTRICT NO. 1 (P.
DUBOIS COUNTY (P. 0. Jasper), Ind.-BOND SALE.-On
0. Charles
July 20 City), Iowa.-BOND SALE.
the $13,200 43% 10%-year average road bonds (V.
-On July 21 $20,000 57 drainage-system
103, p. 260) were bonds were awarded to
awarded to E. M. Campbell's Sons & Co. of Indianapolis
the Commercial Nat. Bank of Charles City at par .
for $13,477 and int. Denom. MO.
(102.098) and interest, a basis of about 45i %. Other
Date
Aug.
1916. Int. semi-annual. Due
were:
one-seventh yearly Aug. 1 from 1920 to 11926
J. F. Wild & Co.,Indlis_ _$13,438 00I Flet.-Amer. Nat.bids
incl.
Breed, Elliott & Harrison_ 13,435 00 First Nat. Bank,Bk., Ind--313.425
FORT WORTH, Tarrant County, Tex.-BOND SALE.
HuntingR. L. Dollings Co., Ind'lis 13,430 60
-Reports
burg
13,425 state that the $85,000 Improvement Dist. No. 1 levee completion bonds
voted May 6 (V. 102, p. 1917) have been disposed of.
BOND OFFERINO.-It is stated that John J. Kreilein,
County
Treas.
urer, will receive bids until 2p. m. Aug.1 for $9,0004%
FRANKLIN COUNTY (P. 0. Brookville), Ind.-BOND
% highway bonds.
SALE-On
July 22 the $12,620
D17MONT CONSOLIDATED INDEPENDENT SCHOOL
% 5%-year aver, road bonds-V. 103,p. 260DISTRICT were awarded to the 4%
(P. 0. Dumont), Butler County, Iowa.-DESCRIP
Franklin County Nat. Bank for $12,840, equal
to
TION
OF
BONDS.
101.760,
basis
a
of
about 4.147. Other bids were:
The $54,000 43
school bonds awarded on
12 to the IIarris Trust & Nat. Brookville Bank__
Savings Bank of Chicago for $54,750, equal June
_$12,834 72 J. F. Wild & Co., Indpls..$12,785 00
101.388 (V. 102, p. 2362), Miller & Co., Indpls
are in the denom. of $1,000 each and dated to
12,831
00
R.L. Dollings Co.,Indpls. 12,772 50
June 1 1916. Int. June and Breed, Elliott & Harrison..
Dec. 1. Due serially from 1921 to 1936 incl.
12,789 00 Met. Am.Nat. Bk., Ind__ 12,765 00
Merch. Nat. Bk., Muncie 12,787 75 E.M.Campbel
l's Sons&Co. 12,760 00
DUNKIRK, Chautauqua County, N. Y.-BOND SALE.-On
July 18
the $60,000 454% 6%-year aver, city bonds were awarded to
FRANKLIN SCHOOL TOWNSHIP, Pulaski County, Ind.
Rhoades
&
Co. of New York at 102.36, a basis of about 4.069%.-V. 103,
OFFERING.-Proposals will be received until 10 a. m. Aug. -BOND
p. 260.
3 by Jos.
Jenkins, Township Trustee (P. 0. Winamac, R. F. D.), for
DUNKIRK, Hardin County, Ohio.-BOND SALE.-On July 24
454%
school
bonds. Denom. $500. Date, day of sale. Interest $9,500
the
two issues of 5% coupon street bonds, aggregating $47,000-V.
semi-annual.
Due $500 each six months from July 1 1917 to July 11926,inclusive. Certi-were awarded to the Ohio National Bank of Columbus for 103, p. 260 fied
check
$47,626
$400,
for
payable
55
to
the
Township Trustee, required. Purchaser
(101.333) and interest.
to furnish printed or lithographed bonds ready for Township
Trustee's sigEAST CLEVELAND, Cuyahoga County, Ohio.-BOND OFFERING. nature and also wand expense of preparation of
such transcript as bidder
-Bids will be received until 1 p. m. Aug. 18 by E. L.
may
require
submission
for
to its attorneys.
Hickey,
City
Aud.
for the following 4%% bonds:
FRESNO; Fresno County, Calif.-BOND SALE.-On July 17
$55,000 assess. bonds. Date Aug. 11916. Due $10,000 yearly on Aug. 1
the two
Issues of 454% 20%-year aver, gold coupon sewer bonds,
from 1917 to 1920 incl. and $15,000 Aug. 11921.
aggregating $500,
000-V. 102, p. 2273-were awarded to Byrne & McDonnell
15,000 park bonds. Date July 1 1916. Due $2,000 biennially on July
and R. M.
1 Grant & Co. for 3511,408-102.231-and Int. Other
from 1918 to 1928 incl. and $3,000 July 11929.
bids were:
Denom.$1,000. Prin. and semi-ann. int.
Prem.
at the Guardian Save. Bond & Goodwin, San Fran_1111,35
Prem.
& Trust Co., Cleveland. Cert. check on apayable
7 California Nat. Bank
Cuyahoga County bank for Lumbermen'
$6,615
s
Tr.
Co.,
San
2% of bonds bid for, payable to the City Treas,. required.
F.
Anglo & London Paris Nat.
11,026
Bonds to be Wm.R.Staats Co. and E. II.
delivered and paid for within 10 days from time of award. Purchaser
Bank, San Francisco
to
Rollins & Sons, San Fran__ 10,356 Harris Trust & Say. Bank, 6,115
pay accrued interest.
Girvin & Miller, San Fran__ 9,351
Chicago
2,816
EAST ORANGE,Essex County, N. J.-BOND SALE.-On July 24 the
$117,000 454% 16-year aver, school bonds, series "F F"-V. 103, p. 339GILL TOWNSHIP (P. 0. Sullivan), Sullivan
Ind.-BOND
were awarded to J. S. Rippe' of Newark for $118,700 (101.452) and
SALE.-W. Giles of Sullivan recently purchased anCounty,
issue
int.
of
$7,000
bonds,
•
Other bidders were:
it is stated.
M. M. Freeman & Co., Philadelphia
$118,278 81
GOLTRY, Alfalfa County, Okla.-BOND SALE.-The
Kissel, Kinnicutt & Co., New York
$8,500
118,243
electric-light
71
and $2,500 telephone 6% 2-12-year serial bonds-V.102. p.
Outwater & Wells, Jersey City,and H.L. Crawford & Co., N.Y.
85
118,207 00 -were awarded on May 2 to G.I. Gilbert of Oklahoma City
Crandell, Sheppard & Co., New York
at 98. Denom.
118,018 90 $500. Date Jan. 1 1916. Int. J. & J.
Estabrook & Co., New York
117,994
50
Hornblower & Weeks, New York
GRAHAM, Tazewell County, Va.-BOND SALE.-The
117,976 00
R. M. Grant & Co., New York
5%
117,980 46 13-year aver, coupon school-building bonds for which bids were $7,500
received on
Blake Bros. & Co., New York
117,854 10 July 12-V. 103, p. 340-have been awarded to John Nuyeen & Co. of
A. B. Leach & Co., New York
117,815 49 Chicago at par.
Cummings, Prudden & Co., New York
117,560 00
Geo. B. Gibbons & Co., New York
GREENWICH, Washington County, N. Y.-BOND SALE.-On
117,573 30 July
Harris, Forbes & Co., New York
26 the $34,500
% street-paving bonds-V. •103, p. 340-were
117.411 84 awarded
to Farson, Son & Co. of N. Y. at 104.207. Other bids
were:
ERIE, Erie County, Pa.-BOND SALE.-The following bids were Isaac W. Sherrill Co., Pough_103.6
0 First Nat. Bk., Greenwich_ _103.20
received for the $175,000 4j% and $40,000 4% bonds, offered on July H. A. Kahler & Co., N. Y....103.36
Crandell, Shop. & Co., N. Y_103.20
25.-V. 103, p. 260:
Geo. B. Gibbons & Co., N. Y_103.27 Blake Bros. & Co., N. Y___ _103.10
$175,000
$40,000 Hornblower & Weeks, N. Y..103.23 Ilarris, Forbes & Co., N. Y- _101.572
*Denom. 30 for $1,000, 30 for $150. Date July 1 1916. Int. J. & J.
Issue.
Issue.
Colonial Trust Co., Pittsburgh
a105.01
100.80 Due $1,150 yearly on July 1 from 1917 to 1946, incl.
Graham & Co.,Philo
103.41
Lyon, Singer & Co., Pittsburgh
GREENWOOD, Lelfore County, Miss.-BOND SALE.-The $20,000
103.313
103.313
Harris, Forbes & Co., New York
paving bonds authorized by vote of 117 to 6 at the election held July 21
103.202
103.202 5%
Blodget & Co., Boston
have
been sold to Powell, Garard & Co. of Chicago. Duo Aug. 1 1936.
103.06
103.06
T. P. O'Brien, Erie
*103.25
GRIDLEY, Butte County, Calif.-BOND SALE.-Reports state that
R. P. Dailey, Eric
*103.25
the $5,500 5% municipal-park bonds recently voted have been awarded to
*For $10,000 of this issue only. a This bid was accepted for the $175,- the Hideout Bank of Gridley for $5,652 10, equal to 102.765.
000 Issue.
GUILFORD SCHOOL DISTRICT, Sonoma County, Calif.-BOND
ERIE COUNTY (P. 0. Sandusky), Ohlo.-BONDS
AWARDED. SALE.-On July 12 the $2,000 6% school bonds were awarded to Arthur
-Reports state tnat no award was made on July 24 of NOT
C. Ellis for $2,101 65-105.082-and int. Denom. $200. Date
the
three
issues
of
5% road bonds aggregating $15,700 offered on that day.-V. 103, p.
1916. Int. annually. Due $200 yearly from 1917 to 1926 incl. June 15
260.
BOND SALE.-The above bonds were awarded on July 26, it is said,
HAMILTON, Butler County, Ohio.-BOND SALE.-On July 14 the
to Field, Richards & Co. of Cincinnati for $15,775 20, equal to 100.478.
two issues of 5% 1-10-yr. serial street assess. bon's aggregating
$23,072 30,
ESCANABA SCHOOL DISTRICT (P. 0. Escanaba), Delta County, were awarded to Breed, Elliott & Harrison of Cincinnati for $23,603 46,
Mich.-BONDS VOTED.-This district at a recent election voted in favor equal to 102.302. it is reported.
of the issuance of $30,000 school bonds, reports state.
HENDRICKS COUNTY (P. 0. Danville), Ind.
OFFERING.
-Bids will be received until 10:30 a. in. July 31 -BOND
by J. W. Patterson,
ESSEX COUNTY (P. 0. Salem), Mass.-TEMPORARY LOAN.-On County Treasurer,
for $9,280 4%% highway-impt. bonds, reports state.
July 24 a loan of $30,000, payable Oct. 10 1916, was negotiated
with
R.
L.
HOBOKEN, N. J.-BONDS AUTHORIZED.-The Board of CommisDay & Co. of Boston at 3.55% discount. Other bidders were:
sioners adopted an ordinance on July 26 providing for the issuance
Discount.
of $145,Discount. 000
Tremont Trust Co. Boston_ -3.60% iMerchants Nat. Bank, Salem_3.75
44% street-improvement bonds. Date July 1 1916. Int. J. & J.
%
Blake Bros. & Co.,'
Boston.._ 3.73% Gloucester S. D. & Tr. Co.._ _3.86% Due $7,000 yearly on July 1 from 1917 to 1931 incl. and $8,000 yearly on
July
1
from
Cape Ann Nat. Bank, Glouc-*3.75
1932
to
1936
incl.
:Gloucester Nat. Bank, Glouc_4%
HOLGATE, Henry County, Ohio.-BOND SALE.-On July 22 the
* Plus $1 premium.
$2,816 6% 11-year aver, refunding bonds-V. 103, p. 261-were awarded
EVERETT, Middlesex County Mass.-LOAN OFFERING.-Bids to the Commercial State Bank of Napoleon for $2,926, equal to 103.906,
of about 5.55%. Other bids were:
will be received until 1 p. m. Aug. 1 '
by Nathan Nichols,
Treasurer, for a basis
L. Slayton & Co., Tol___*$2,963 First Nat. Bank, Barnesa tax-free loan of $60,000, maturing $10,000 on the 15th City
day of each month W.
Durfee,
Niles & Co., Toledo_ *2,957
from Nov. 1916 to April 1917, inclusive. These notes will
ville
$2,812
be certified as
* These bids appear higher than thatof the purchaser, but are so furnished
to their genuineness by the Old Colony Trust Co., who will further
certify us by
the Village Clerk.
that the legality of this issue has been approved by Ropes, Gray, Boyden
& Perkins of Boston, a copy of whose opinion will accompany the bonds
HOLLOWAY, Belmont County, Ohio.-BOND SALE.-The followwhen delivered without charge to the purchaser.
ing bids were received for the $6,000 5% 6%-year aver. Main St. impt.EVERETT, Snohomish County, Wash.-BONDS OFFERED BY village's portion-coup, bonds offered on July 15-V. 103, p. 172:
BANKERS.-Bolger, Mosser & Willaman of Chicago are offering to inves- Security S.B.& '1'. Co., Tol.$6,047 401Tillotson & Wolcott Co_ _ _$6,037 80
tors the $1,100,000 5 % special water revenue and $600,000 5%.,
20-year Durfee, Niles & Co.. Tol__ 6,041 00 New First Nat. 13k., Colum. 6,034 20
water-works bonds. The sale of these bonds was reported in the ChroniHYDE PARK SCHOOL DISTRICT, Los Angeles County, Cal.cle," page 1095.
BOND SALE.-An issue of $20,000 5% school bonds has been awarded,
it
FAIRFAX, Gregory County, So. Dak.-PURCHASER OF BONDS.
is stated, to E. H. Rollins & Sons of San Francisco at 105.14.
The purchaser of the $15,000 5% 20-yr. funding bonds recently awarded
IOLA SCHOOL DISTRICT (P. 0. Iola), Allen County, Kans.at par (V. 103, p. 339) was the Minnesota Loan & Trust Co. of Minneapolis.
BOND OFFERING.-Proposals will be received until 12 in. Aug. 1 by %V. A.
Denom. (14) $1,000, (2) $500. Date July 1 1916. Int. J. & J.
Wheeler, Clerk Bd. of Ed., it is reported, for $100,000 1-5-year serial school
FAIRMONT, Marion County, W. Va.-NO ACTION YET TAKEN.
bonds at not exceeding 5% int.
Up to July 21 no action had been taken towards the issuance of the $500,000
IDAHO.-BONDS PURCHASED BY STATE.-During the six months
bridge and general impt. bonds mentioned in V. 102, p. 727. Albert
J. ending June 30 the State Board of Land Commissioners purchased at par
Kern is City Clerk.
he following sixteen issues of 6% bonds, aggregating $24,005:
THE CHRONICLE
JULY 29 1916.]
431
1916, $1,355,450; actual value, est., $3,000,000. Official circular states
Date
Date
Option. that there is no litigation or controversy pending or threatened affecting
Due.
of Bonds.
Amount. School District. Purchased.
corporate existence of the boundaries of the district or the titles of the
the
years
2
1925
15
1915
Oct.
11
Dec.
7
Jan.
BonnevilleCo.N0.10
*2,000
Jan. 1 1936 10 years respective officials to their respective offices or the validity of these bonds;
500 Lewis Co. No. 34_ Jan. 7 Dec. 31 1915
1 1926 3 years also that this district never defaulted in the payment of principal or interest.
1,600 Blaine Co. No.62_ _Jan. 7 Dec. 16 1915 Jan.
These bonds were authorized by vote of 64 to 6 at the election held April 18.
July 14 1930 1 year
3,105 Bannock Co. No.31_Jan. 7 Dec. 11 1915 Sept.
1925 5 years
20
1915
28
Oct.
11
.._Jan.
2,000 Power Co. No. 5.._
LE SUEUR,Le Sueur County, Minn.-BOND SALE.-On July 20 the
1936 10 years
1,100 Canyon Co. No. 24....Jan. 31 Jan. 1 1916 Jan. 1
434% refunding bonds were awarded to the Minnesota Loan &
1 1926 3 years $20,000
3,000 Bannock Co. No. 15_Fob. 24 Oct. 26 1915 Jan. 3
Trust Co. of Minneapolis at 100.625. Other bids were:
1926
Jan.
3
1916
Jan.
13
_Mar.
$20,122 50
Loan & 'Trust Co., Minneapolis
Minneapolis
1,500 Power Co. No. 22_ _
3 1916 Jan. 3 1926
Par, less $300 for attorney's fees
Kinnicutt & Co., Chicago
600 Power Co. No. 24--..Mar. 13 Jan.
Aug. 1 1915 Aug. 1 1935 5 years Kissel,
Denom. $1,000. Date July 1 1916. Int. J. & J. Due $1,000 yearly
3,000 Bannock Co. No.34_Mar. 13 Jan.
1931
1
Jan.
1916
1
20
4Mar.
1920 to 1933 incl. and $2,000 July 1 1934, 1935 and 1936.
700 WashingtonCo.No.5
17 Mar. 3 1916 Feb. 1 1921 2 years July 1 from
800 Bonner Co. No. 9_ _ _April 25
LEWISTOWN, Fergus County, Mont.-BOND ELECTION.-An
Mar. 17 1916 Jan. 9 1926 6 years
800 BonnevilleCo.No.13 April
held July 31, it is stated, to vote on the questions of issuing
be
will
1926
1
Jan.
25
1916
Jan.
1
election
500 Idaho Co. No. 48_ _ _April
sewer and $5,000 auto-fire-truck-purchase bonds.
*1,100 Madison Co. No. 38_Juno 29 June 16 1916 June 16 1926 5 years $12,000 park, $8,000
1925
1
Aug.
29
58_June
1916
May
1
No.
Co.
Bannock
Clay County, Mo.-BOND SALE.-On June 2 the $20,000
1,700
LIBERTY,
* Refunding bonds; all of remaining issues are building bonds.
k% 5-20-year opt. coupon sewer bonds-V. 102. p. 1466-were awarded to
JACKSON, Jackson County, Mich.-BOND OFFERING.-This city, H.. P. Wright Inv. Co.of Kan. City, Mo.,for $20,359 13, equal to 101.795.
according to reports,is offering for sale an issue of$150,000 city-hospital bds
LIMA, Allen County, Ohio.-BONDS OFFERED BY BANKERS.
& Co. of Boston and Cleveland are offering to investors
JACKSON COUNTY (P. 0. McKee), Ky.-BOND SALE.-On July 19 C. E. Denison
water
4%
$150,000
and
Total
debt,
bonds.
street
and
$1,319,245:
road
tax-free
$100,000
the $50,000 (not $60.000 as first reported) 5% 5-30-year
water debt and sinking fund of $865,812 leaves net debt, $453,bridge bonds-V. 103. P. 261-were awarded, it is stated, to James E. deducting
.
433; assessed valuation, $38,510,438; real value, est., $48,137,500.
Caldwell & Son, of Nashville.
bonds were sold at private sale during June to Breed, Elliott &
These
JACKSON COUNTY (P. 0. Pascagoula), Miss.-BOND OFFERING. Harrison of Cincinnati. See V. 102, p. 2184.
-Proposals will be received until 12 Iii. Aug. 7 by Fred. Taylor, Chancery
LIMA SCHOOL DISTRICT (P. 0. Lima), Allen County, Ohio.Clerk, for the following bonds-V. 103, p. 261:
BOND ELECTION.-The question of issuing $490,000 school-improvement
$50,000 bridg,e and trestle-construction bonds. Denom. $1,000. Due
$3,000 yearly Aug. 15 from 1926 to 1940 incl. and $5,000 Aug. 15 bonds will be submitted to a vote on Aug. 8, it is reported.
Assessed
1941. Total debt, $235,300. Sinking fund, $18,000.$9,350,000.
LIMA TOWNSHIP SCHOOL DISTRICT (P. 0. Pataskala), Licking
1915, $5,872,677; est. actual value,
-BOND OFFERING.-Bids will be received until 12 m.
val. of
Bids County, Ohio.
road-construction bonds. $500.
Dists. Nos. 3 and
county'
40,000 Supervisors'
Aug. 7 by J. A. Zartnian, Clerk of Board of Education, for $4,000 5% 634Denom.
3
%
in..
6%
and
are requested at 5, 5I. 514, 5
average school bonds. Auth. Secs. 7629, 7630 et al., Gen. Code.
year
15
Aug.
15 from 1926 to 1940 and $17,500
Due $1,500 yearly
Denom. $500. Date Aug. 7 1916. Int, payable at office of Clerk of
of Dists. 3 and 4, $120,000; sinking funds,
Due $500 yearly on Aug. 7 from 1919 to 1926 incl.
1941. Total debtAug*
value, Board of Education.
$16,600. Assessed val., 1915, $3,093,529; est. actual
Purchaser to pay accrued interest.
$4,949,646.
-payable
F. & A.
LIMAVILLE, Stark County, Ohio.-BOND OFFERING.-Proposals
Date Aug. 15 1916. Prin. and semi-annual int.for will be received until 12 m. Aug. 20 by 0. P. Sebrell, Village Clerk, for
to be delivered and paid
at the Chase Nat. Bank, New York. Bonds
of $750 in cash or its $4,000 5% street-improvement bonds. Authority, Sec. 3939, Gen. Code.
within three weeks irom date of sale. A deposit
circular
required. Official
Date May 1 1916. Interest annual. Due one bond each year. Certified
equivalent, payable to the County Treasurer,
check for 10% of bonds bid for, payable to the Village Treasurer, required.
or threatened affecting this issue
states that there is no 1Ligation pending been
contested, also that there has Bonds to be delivered and paid for within ten days from time of award.
and that no previous issues of bonds have
of the county's obligations.
Purchaser to pay accrued interest.
never been any default in the payment of any
Ind.-BOND SALE.-On July 25
LINCOLN COUNTY SCHOOL DISTRICT NO. 29, Wash.-BOND
JAY COUNTY (P. 0. Portland),
were
awarded
3169,700,
aggregating
bonds,
SALE.-On July 22 $7,540 1-20-year (opt.) building bonds were awarded
the ten issues of 4%% road 103, p. 340)
to the State of Washington at par for 534s. Other bids were: Spokane
(V.
as follows, it is reportedbonds
J. F. Wild & Co. for $127,504 40.
Eastern Tr. co., Spokane, par for 534s. First National Bank, Barnesville,
$125.700 eight issues ofbonds toto
C. W. Smalley of Dunkirk for $44,660.
Ohio-$7,691 for 6s.
44,000 two issues of
Denom. $500. Date Aug. 1 1916. Interest annually on Aug. 1.
Ark.
-BOND
SALE.
Bluff),
Pine
0.
(P.
JEFFERSON COUNTY
road-improvement
15
Road Improvement District No.
LITTLE FALLS, Herkimer County, N. Y.-BOND SALE.-On
On July 21 $250,000
Co. of St. Louis at July 24 the $25,000 414% 13-year aver. reg. school bonds-V.103,P. 262&
Moore
Smite,
to
stated,
is
it
awarded,
bonds were
were awarded, it is stated, to H. A. Kehler & Co. of N. Y., at 103.771,
97.25 for 5s.
a basis of about 4.12%.
JEFFERSON COUNTY SCHOOL DISTRICT NO.40, Wash.-BOND
bonds-V.
LITTLE NESTUCCA DRAINAGE DISTRICT (P. 0. Oretown),
SALE.-On July 20 the $26,000 2-20-year opt. building
3
Other
%s.
4
for
par
at
Washington
of
State
the
Ore.-BOND SALE.-On Juno 23 the $7,200 6% bonds due July 1 1926
261-were awarded to
(V. 102, p. 2008) were awarded to the Lumbermen's Trust Co. of Portland
bids were:
$26,078 00 for 534s at 95.
Dexter-Horton National Bank, Seattle
26,011 50 for 530
Wm. D. Perkins & Co., Seattle
LONDON, Madison County, Ohio.-BOND OFFERING.-Proposals
26,041 00 for 6s
John E. Price & Co_.. Seattle
will be received until 12 m. Aug. 18 by J. W.Byers, Vii. Clerk, for $31,000
August.
in
ann.
Int.
1916.
1
Aug.
ate
D
Denom. $1,000.
51 So. Main St. impt. bonds. Auth. Sec. 3914, Gen. Code. Denom.
- $500. Date July 15 1916. Int. annually. Due each six months as folJENNINGS COUNTY (P. 0. Vernon), Ind.-BOND OFFERING.
County lows: $1,000 Mar. 1 and $1,500 Sept. 1 1917 and 1918; $1,500 Mar. 1 and
Proposals will be received until 11 a. m. July 31 by James P. Tolen,bonds
in $2,000 Sept. 1 from Mar. 1 1919 to Mar. 1 1926 incl. Cert. check for 507
road
al.
et
Ewan
L.
J.
aver.
534-year
$9,660
for
Treasurer,
434%
Date June 15 1916. Int. M. & N. Due of bonds bid for, payable to the Vii. Clerk,required. Bonds to be delivered
Spencer Twp. Denom.
and paid for within 15 days from time of award. Purchaser to pay accrued
$483 each six months from May 15 1917 to Nov. 15 1926 incl.
DEFERRED.- interest.
KENOSHA, Kenosha County, Wis.-BOND AWARD
water-works-impt.
%
434
LYNN, Essex
Mass.-TEMPORARY LOAN.-On July 21 a
Tho following bids were received for the $90,000
July 10- loan of $100,000. County,
dated Dec. 20 1916, was awarded to Morgan & Bartlett
% North Shore breakwater bonds offered on
and
of
Other bidders were:
Boston
discount.
at
3.548%
V. 103, p. 172:
and interest
Discount.
Discount.
Second Ward Savings Bank, Milwau- $92,275
and interest
30,350
H.C. Grafton Jr., Boston_ _ _ _3.69%
_
%
9
5
.
3
Tupper_
&
Tolman
Loring,
kee
92,133, int. and blank bonds
Yard Otis & Taylor and McCoy & Co.,1 30,376, int. and blank bonds Bond & Goodwin, Boston..3.63% Goldman Sachs & Co.. N.Y_ 3.740_
R. L. Day & Co.. Boston.3.647 Central Nat. Bank, Lynn_ __*3.76%
Chicago
122,436 and interest
E. M.Farnsworth & Co.,Bos_3.97%
3.64%_
Bros. & Co.. Boston
Curtis & Sanger, Chicago Chicago
121,830, int. and blank bonds Blake
* Plus $1 premium.
Harris Trust & Say. Bank,
and
90
interest
91,467
E. H. Rollins & Sons, Chicago
St.
Ignace), Mich.-BOND SALE.0.
(P.
COUNTY
and
30
MACKINAC
interest
30,126
$75,000 road bonds which were voted during April-V.102, P. 1467The awarding of these bonds has been deferred until tho next meeting The
1.
May
issued
were
of the Council.
MACKSVILLE, Stafford County, Kan.-BONDS VOTED.-The
KENT, Portage County, Ohio.-BOND SALE.-On July 22 the
the $30,000 434% 30-year water-works bonds-V. 103,
$11,000 5% street bonds (V. 103, p. 262) were awarded, reports state, to question of issuing
at
of
Columbus
102.55.
Bank
173-carried by a vote of 178 to 151 at the election held July 11. H. I.
p.
National
First
Now
the
Well is Mayor.
0.
Chestertown),
(P.
Md.-BOND
SALE.
-On
COUNTY
KENT
McCRACKEN COUNTY (P. 0. Paducah), Ky.-BOND ELECTION.
July 25 the $18,000 5%, school bonds were awarded to Alex. Brown & Sons
-Reports state that the proposition to issue $200,000 road-construction
of Baltimore, it is stated (V. 103, p• 262)•
will be submitted to a vote at the election this fall.
bonds
KERMIT DISTRICT SCHOOL DISTRICT (P. 0. Kermit), Mingo
MADISON COUNTY(P.O. Rexburg),Idaho.-BOND OFFERING.County, W. Va.-BOND SALE.-On July 17 the $15,000 6% 10 -year
to
were
awarded
Sidney
80)
p.
Sealed proposals will be received until 2 p. m. Aug. 12 by John Hegsted,
(opt.) high-school-bldg. bonds (V.
and int. Other bids were:
County Auditor and Clerk Board of County Commissioners, for $50,000
Spitzer & Co. of Toledo for $15,755
Chicago
Coffin,
$15,301
11.
C.
road and bridge-construction bonds authorized by vote of 362 to 56
6%
50
W.L.Slayton & Co.,Tol_ _$15,472
'Toledo.. _ 15,225 at an election held June 22. Denom. $1,000. Date July 11916. PrinciA.J.Hood & Co., Detroit.- 15,333 00 Well, Roth & Co.,
Barnesville_
15,151
Bk.,
semi-annual interest (J. & J.) payable at the County Treasurer, or
and
Nat.
First
pal
00
15,325
Chic.
Co.,
Hanchett Bond
at the Harriman National Bank, N. Y,at the option of the holder. Due
Denom. $500 and $1,000. Date July 11916. Int. annual on July 1.
yearly July 1 from 1926 to 1935, inclusive. Certified check for
$5.000
WITHOFFERING
-BOND
Conn.
County,
Windham
KILLINGLY,
payable to the County Auditor, required. Bonded debt, including
DRAWN.-The offering of the $75,000 434% coupon bonds which was to $1.000,
this issue, $156,000. Assessed valuation 1915, $5,611,023; estimated
take place on Aug. 1, has been withdrawn.-V. 103, p. 340.
value,
actual
$9,300,000. The proceedings for the issue have been pre-The
OFFERING.
ComKINGSTON, Ulster County, N. Y.-BOND
pared by Dillon, Thomson & Clay of New York, who will approve the
mon Council passed an ordinance on July 5 authorizing the issuance of and validity of the issue. Official circular states that there is no litigation
an
15
March
on
1917
sale
issue
public
to
at
sell
Treasurer
City
the
directing
pending or threatened affecting in any way the corporate existence or the
of $10,000 school refunding bonds at not exceeding 4H%. Denom.$1,000. boundaries of the county, the title of the present officials to their respective
Int. A. & 0. Duo April 1 1936. John T. Cummings is City Clerk.
offices, or the validity of these bonds.
KOSCIUSKO, Attala County, Miss.-BOND OFFERING.-Further
MADISON TOWNSHIP (P. 0. Adrian), Lenawee County, Mich.details are at hand relative to the offering on Aug. 1 of the $12,000 534%
public-school-building bonds-V. 103, p. 340. BONDS AWARDED IN PART.-The Detroit Trust Co. of Detroit has
20-year tax-free refundingwill
be received until 7:30 p. m. on that day by purchased $45,000 of the $75,000 road bonds recently voted.-V. 102, p.
Proposals for these bonds
$500. Date Juno! 1916. Int. J.& D. 1829.
M.CI. Campbell, Mayor. Denom.
(or cash) for $240, payable to the City
MAHASKA COUNTY (P. 0. Oskaloosa), Iowa.-BOND SALE.-On
at Kosciusko. Certified check
required. Bonded debt, including this issue, $55,000. Floating July 24 $100,000 534% 5-15-year serial drainage bonds were awarded to
Clerk'$5,500. Assessed valuation, 1915, $990,000.
debt,
Geo. M. Bechtel & Co. of Davenport at 101.84. Denom. $1,000. Date
KOSHKONONG SPECIAL ROAD DISTRICT NO. 1 (P. 0. Rosh- Oct. 1 1916. Int. A. & 0.
konong), Oregon Counts', Mo.-BOND SALE.-On June 26 the $10,000
MALONE, Franklin County, N. Y.-BOND SALE.-On July 26 the
6% 11-year road-construction bonds (V. 102, p. 1182) were awarded to $45,000
434% street-improvement bonds (V. 103, p. 341) were awarded to
Denom. $1,000. Date
Wm. R. Compton Co., of St. Louis, at
Rhoades & Co. of New York at 104.252. Other bids were
April 1 1916. Int. A. & 0.
andel!,
Sheppard&Co..N.Y.103.80 I Cummings,Prudden&Co.,N.Y.103.03
Cr
LAURENS CONSOLIDATED INDEPENEDNT SCHOOL DISTRICT
H. Rollins & Sons, N. Y.. _103.531 Hornbiower & Weeks, N. Y--102.80
(p. 0. Laurens), Pocahontas County, Iowa.-BOND SALE.-On E.
101.79
& Co., N.Y.103.47 Blodget & Co., Boston
B.
Gibbons
Geo.
&
July 21 $5,000 5% 7-year school-house bonds were purchased by Schenk°
Four other bids were received too late for consideration. Denom.$1,500.
Co. of Mason City. Denom.$1,000. Date Aug. 11916. Int. M.& N.
Interest annually in June.
LEBANON SCHOOL DISTRICT (P. 0. Lebanon), Laclede County,
MANSFIELD, Richland County, Ohio.-BOND OFFERING.-ProMo.-BONDS OFFERED BY BANKERS.-G. II. Walker & Co. of St. posals will be received until 12 m. Aug. 15 by Hoyt Johns, City Aud., for
Louis are offering to investors $6,000 434.% 10-20-year opt. building- $27,000 5% 1-15-yr. serial coupon water-meter and installation bonds.
equipment bonds. Denom. $1,000. Date July 1 1916. Prin. and semi- Denom. $1,000. Date Aug. 15 1916. Int. F. & A. Cert. check for 2%
annual int.-J. & T.-payable at the St. Louis Union Bank of St. Louis. of
@FedFRASER