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W'
ontmatta
*-------------------------- --------------------------------------------- .
VOL. 103
JULY 8 1916
CLEARINGS
Clearings at—
NO. 2663.
FOR JUNE, SINCE JANUARY 1, AND FOR WEEK ENDING JULY 1
June.
S i* M on th s.
D ec.
1916.
1915.
%
8
Now York
12,553,511,892
+50.4 72,718,469,894
Philadelphia_______ 1,072,460,703
+
47.9 6,099,409,491 46,806,934,915
3,945,562,048
Pittsburgh-------------299,865,267
+39.0
1.641,502,379
Baltimore_________
198,570,011
+ 41.5 1,107.223,696 1,243.235,582
869,572,415
Buffalo__________
63,302,808
+
29.1
367,767,765
283,124,696
Washington_______
44,078,939
+ 20.7
238,680,986
Albany...... ..............
202,784,180
19,110,105
—
17.3
125,986,575
139,368.908
Rochester......... .......
29,446,056
+ 29.1
151,886,108
121,739,088
Scranton __________
13,251,164
— 8.8
80,334,393
83,168,763
Syracuso __________
14,066,731
+ 8.8
84,219,352
75,507,310
Trenton___________
9,599,025
+ 13.9
57,760,410
45,691,171
Wheeling......... ........
14,573,917
+ 67.2
70,209,922
48,077,913
Reading___________
10,269,406
+ 24.4
58,252,830
45,039,550
Wilmington________
14,528.713
+ 60.1
71,915,960
45,347,042
Wilkes Barre______
7,519,348
+5.9
44,376,650
41,174,887
Harrisburg________
8,351,821
+ 21.6
47,915,289
40,797,001
Grecnsburg________
3,754,640
+ 16.3
21,278,702
17,857,325
York . . . . . ___
4,515,310
+ 15.8
25,946,423
23,408,381
Erie
___
"
5,805,266
33.0
33,414,544
24,559,110
Chester___________
5,179,707
59.0
29,402,723
16,240,462
Altoona___
2,773,698
15.8
14,958,735
13,606,085
3,704,000
Binghamton
20.7
21,438,600
17,190.100
8,254,435
Lancaster_________
+ 5.2
53,011,508
44,687,977
3,208,172
Beaver County, Pa..
-30.6
16,054,209
13.390,872
2,756,863
Norristown________
+ 21.0
15,186,783
12,425,373
1,576,104
Frederick
+ 14.5
9,965,677
8,918,688
1,529,748
Franklin__________
--45.2
9,156,488
5,959,372
2,389,261
Montclair_________
+
11.2
11,306,005
10,980,685
3,665,423
Oranges___________
+ 0.7 ____ 20 , 231,462
_ 21,222,659
Total Middlo........ 14,421,625,193 9,351,505,770 +54.2
83^17,323,564 54,268,178,576
Boston____________
880,078,722
643,050,105 + 36.9 5,269,957,786
PwJL
CO..............
3,886,260,293
42,166,800
35,373,500 + 19.2
248,509,600
H a rtfor..................
194,347,500
37,253,993
26,322,517 +41.5
204,494,511
New Haven.... ..........
163,925,287
20,025,253
16,945,117
+
18.2
110,492,791
Springfield...............
94,106,708
16,854,375
14,180,792 + 18.8
108,290,943
Portland ..................
72,325,137
10,680,641
8,735,486 +22.3
60,138,201
Worcester_________
48,335,546
15,990,769
11,602,294
+
37.8
92,733,019
Fall River_________
66,233,964
6,563,193
4,919,171
+
33.4
40,951,917
31,868,530
New Bedford___ .1*
6,029,601
4,898,489 + 23.1
34,858,910
20,867,380
Holyoke...
4,333,755
3,157.058 +37.3
24,305,137
18,910,670
Lowell___
4,318,256
3,808,835
+
13.4
25,139,422
20,482,003
Bangor___
2,981,896
1,518,160 + 96.4
16,154,070
10,021,598
Waterbury
9,148,800
6,1 15,700 + 48.9
49,427,700
30,174,600
Total Now England 1,056,426,054
780,657.224 + 35.3 0,285,45 1,007 ~ i . 663,859,216
Chicago___________ 1,625,068,061 1,301,185,219 +24.9 9,551,654,132
7,798,670,439
Cincinnati......... .......
151,362,650
107,107,050 + 41.3
842,390,750
642.016,900
Cleveland_________
183,741,418
121,711,011 + 51.0 I,
010,557,179
686,356,637
Detroit___
189,774,913
124,079,446 + 52.2
992,937,367
642,424,598
Milwaukee________
83,436,942
66,736,442 + 25.0
483,007,358
414,760,042
Indianapolis_______
47.447.740
38,168,431 + 24.3
264,375,503
207,308,275
Columbus_________
46,739,700
28,211,000 + 65.7
230,394,000
163,101,800
Toledo____________
42,043,804
26,276,233
+
60.0
222,755,880
Peoria......................
151,238,460
15,262,683
12,344,249 + 23.6
94,347,323
Grand Rapids...........
18,496,634
77,499,564
14,196,591 +30.3
105,519,354
Dayton_____ _____
14,820,972
83,157,085
9,301,777 + 59.3
79,208,311
Evansville_________
6,839,772
53,567,577
5,329,729 + 28.3
44,571,002
Fort Wayne_______
6,744,439
30,482,092
5,265,205 + 28.1
36,304,720 * 33,238,755
Springfield, 111_____
6,768,133
4,714,795 --43.6
37,478,412
Youngstown_______
10,758,193
29,907,570
6,773,380 + 58.8
64,762,875
Akron____________
19,521,000
36,030,378
9,200,000 + 112.2
93,003,000
Rockford__________
4,966,576
46,548,000
4,098,129 + 21.1
Lexington____ ____
28,380,513
3,203,076
24,735,693
2,860,135 + 12.0
21,810,616
Canton___________
21,186,485
11,585,321
7.697,278 + 50.5
South Bend......... .
62,844,693
47,348,849
4,347,592
3,233,711
+34.5
Decatur_________ '
21.927.455
17,551,640
2,988,587
2,197,284 + 36.0
16,849,064
Quincy
11,915,523
3,724,675
3,139,194 + 18.6
24.640.210
Springfield, O h io."
21,223,083
4,364,190
2,883,899
+
51.4
25,428,252
Qloomln
20,064,648
Bloomington___
3.357.740
3,108,313 + 8 .0
21,763,025
19.465,306
Mansfield.........
2,841,344
2,409,505 + 15.1
10,779,902
13,962,286
Danvlllo______
2,688,036
2,202,509 + 22.1
15,840,596
13,513,206
Jackson ___________
3,969,275
2,847,438 + 39.4
20.704.455
14,515,452
Jacksonville, III__ _
1,484,970
1,074,623 +38.1
8,640,335
Paducah ________
7.670,076
4,247,867
3,054,780 + 39.1
23,694,130
Lansing ................
20,360,298
4,634,513
2,712,821 + 70.9
24,598,074
Lima___________
2,944,649
14,319.606
2,335,447
+26.1
17,510,132
Owensboro______
1.418,472
11,811,596
1,233,101 + 15.0
9,815,445
Flint....................... .
4,918,826
9,523,466
2,747,105 + 79.'0
25,723,323
592,655
Lorain
13,485.038
443.056 + 33.
1,533,161
3,044,992
Ann Arbor_________
2,657,963
1,021,389 - - 50.i
326,206
8,480,028
Adrian___________
6,011,614
259,835 --25..
2,708,328
1.949,289
G ary____________
1,530,298
1,452,745 + 86
12,846,901
613,110
Now Albany_______
7,259,036
600,553 _ + 2.i
3.377.210
3,345.618
Total Middlo West 2,542,286,223 1,934,874,014 +31.
14,569,821,798
Details of Pacific and Other Western on page .118
11.419,764,952
Total Pacific
614,902,772
495,307,609 +24.
3,589,248,954 2,962,380,826
Total other West..
882,934,115
730,030,118 + 20.
5,289,189,408
St. Louis__________
440.809,082
340,767,214 + 29.4 2,458,829,787 4,445,550,276
New Orleans_______
2,002,015,515
89,330,343
68,619,818 + 30.2
692,218,734
Louisville
463.414.830
74,986,855
61,893,148 + 21.2
474,754,496
Houston ,__________
330,718,798
34,463.739
+
22.6
28,114,510
245,880,995
Galveston______
205,309,877
13.340.701
—23.4
17,424,639
96,625,592
Richmond .
111,818,062
70.225.702
+
76.5
39.799,508
Atlanta___
409,860,133
233,601,734
60,348,797
47,316,576 + 27.5
Fort Worth__ I ........
414,708,112
328,761,972
34,694,973
32,665,984 + 6.2
Memphis.............”
207,451,920
203,582,542
27,434,720
20,080,824 + 36.6
Savannah ...............
195,577,101
174,325,100
22,164,859
13,568,539 + 63.3
Nashville_________
129,060,225
29,632,902
119,868,027
22,930,494
29.2
Norfolk..................
189,348,018
20,368,402
150,916,804
16,041,537
27.0
Birmingham......... .
116,274,022
11,864,570
100,070,046
8.976,210
32.2
Jacksonville_______
72,981,807
13,880,872
63,170,738
11,047,247
25.6
91,500,063
Augusta...................
5,951,170
72,403,814
5,138,226
15.8
9,758,870
41,780,863
Knoxvlllo . .
41,154,147
7,344,656
32.9
56,840,326
12,515,753
Chattanooga_______
42,130,290
9,219,000 + 35.8
73,203,644
Little Itock________
8,664,705
57,960,719
7,198,175
20.4
00,847,649
Mobile__________
4,592,786
51,897,243
4,341,997 + 5.8
28,009,396
Oklahoma__
14,920,000
27,989,049
8,971,377 + 66.3
85,563,374
Charleston____
8,871,817
01,832,981
6.383.807
+
39.0
Columbia______
59,484,656
3,894,883
50,354,524
2,859,961 + 36.2
Macon____
”
20,293,353
22,318,462
12,122,587
9,170,535 + 32.2
Austin ...........
84,517,533
70,465,866
7.500.000
8 ,002,110
—0.3
Beaumont....... . . . ”
101,059,287
84,008,799
3,777,515
2,707,039 + 39.5
El Paso........... ........
23,776,560
18.446.830
12,387,257
9,596,127 + 29.1
Columbus, G a .........
0+179,913
53,375,402
1.644,430
1,391,133 + 19.6
Wilmington, N. C__
II.
455,139
10,485,077
2.200.000
1.715.807 + 28.3
Vicksburg_________
12,765,879
. 937,808
10,650,579
. 928,285 + 1.0
Jackson ___________
6,553,812
2,329,802
7,027,172
1.539,971
+
51.3
Tulsa_____________
15,772,952
17,315,200
10,852,638
6,350,422
+ 172.7
82,683,072
Muskogeo_________
6 ,000,000
33,509,624
+ 68.0
Meridian__________
32,039,197
_ 1,933,900 ___ 3.571,633
18,707,490
1.088,800
10,573,700
7,137,408
Total Southern___ 1,0801865,072 ^26,765,309 + 77.6
Total all................ 20,599,040^29 14,122,200,044 + 30.7 0,576,543,940
+
45.9
19,557,581,071 83,000,076,411
Outsldo New York.! 8,045,528,137 6,090,718,495
+32.0 46,839,111.777
Digitized forClearings
FRASER
by Telegraph and Canadian Clearings o n page 118.
W eek ending July
1.
THE CHRONICLE
86
CHRONICLE INDEX.
The index to Volume 102 of the “ Chronicle” —
which volume ended with the issue of June 24— will
be sent to our subscribers with the number for
Saturday, July 15.
THE FINANCIAL SITUATION.
With Government revenues of exceptional magni
tude the U. S. Secretary of the Treasury is finding
gooduse for the Federal Reserve banks. Judging uom
the discussions in W ashington of proposals foi levying
extra taxes, and the talk of an impending bond issue,
the average reader might be inclined to think that
the Treasury Department is in dire straits. As a
matter of fact, it is experiencing a period of unusual
plenty, and talk of extra levies is based alone on
the knowledge that the appropriations are of unusual
size and that therefore income of corresponding
magnitude must be provided to take care of the same.
Since the country has had an income tax as part
of its fiscal system, June— the closing month of the
Government financial year has always been one
of very heavy ingoes. The present year has been
distinguished beyond all others in that respect.
The income tax alone in June yielded $95,868,115
against oidy $63,167,652 in the corresponding month
last year, and total receipts for the month reached
$166,372,476 as against $126,537,037 in June 1915.
The total of the disbursements, on the other hand,
was only $63,050,206. It, therefore, appears that
the receipts exceeded the disbursements in amount
of over 103 million dollars— in exact figures $103,
[Vol . 103.
thus signally adding to the volume of Government
deposits in the Federal Reserve banks, the Secretary
of the Treasury was obliged to let the deposits in
the national banks increase once more tcmpoiaiily,
and the total of these deposits lor June 30 was leported as $67,060,606 against but $39,223,671
M ay 31, $38,065,129 April 30 and $38,207,784^.
March 31. In these two ways, that is by adding to
Government moneys in the Reserve banks and also
to the holdings in the national banks, the Secretary
of the Treasury was able to get out $92,686,072 of
surplus revenue during the month.
Candor compels the statement, however, that
to transfer a temporary surplus of public moneys to
the keeping of the Federal Reserve banks is hardly
less disturbing than to hold it in s u b - treasuries.
In cither case it conies out of the ordinary mercantile
banks, where and to whom it belongs. Government
deposits with the twelve Federal Reserve banks last
week were increased from $64,499,000 to $101,152,
000. The effect on the New York Clearing House
banks and trust companies was to reduce their
surplus reserves from $109,502,410 to $89,293,940.
This week money holdings of the Clearing House
institutions will be cut still lower, not because of
further income-tax payments as claimed in some
quarters— up to July 5 according to the Washington
statement for that day, only $1,371,603 additional
income tax had been collected in July but because
in this interval of a few days the Government de
posits with the national banks were reduced again
from $67,060,606, to $46,278,914, a decrease of
20 million dollars.
322 270.
The grain crop report of the Department of Agri
In the old times how to handle such a huge excess
culture for July 1, issued yesterday, was quite in line
revenue as 103 million dollars without producing
with general opinion as formulated from lccent
monetary stringency presented a problem of no
private investigations. The indications as regards
little difficulty. The only method available then,
winter wheat are not much better than they were a
as now, for returning the money directly to the
month ago when the outlook seemed to be for a
banks was by increasing Government deposits with
crop considerably less than in 1916 and spring wheat
the national banks. This could be accomplished
shows only a slight improvement in condition duiing
readily enough except that the banks had to provide
June. The announcement as to corn, moreover,
eligible collateral as security for the same, and to
disappoints early expectations. When preparations
be obliged to obtain 103 millions of such eligible
for this crop were actively begun in the larger pro
collateral, all in a single month, would serve to
ducing territory it was quite generally thought that
render the operation anything but a facile one.
the acreage planted would show a marked increase
If a hitch occurred in obtaining the collateral,
over the record area of a year ago. But it is now
monetary stringency was the immediate consequence.
stated that instead of a large increase there has been
But now the Federal Reserve banks furnish an
a merely nominal addition to the land devoted to
additional outlet for surplus Government funds,
this cereal, rainy and cold weather at the Noitli
and in the case of these Reserve banks no collateral
preventing the sowing of some territory, while at
is required as security for Government deposits.
the South cotton, with prices acting as a stimulus,
As it happens, too, the Secretary of the Treasury
has reclaimed to itself soil devoted to corn a year
prefers to keep his funds with the Reserve institutions
rather than with the national banks. Accordingly
Corn area is given as 108,620,000 acres, which is
on this occasion the problem has been for the Sec
an increase of only 3-10 of 1% . Decreases are
retary a simple one. All that was necessary was to
reported in most of the Southern States and in some
add to the volume of these deposits in the 1'edera
important localities elsewhere as well. In fact,
Reserve banks. This is precisely what he has done.
the only really notable addition this year is in Kansas
Ever since the first of January it has been the policy
__ 15% . The condition of the crop on July 1 at 82,
of the Secretary to transfer Government deposits
compares with 81.2 last year and a ten-year average
from the national banks to the Reserve banks.
of 84.1. The Department of Agriculture basing its
And yet at the end of M ay the aggregate of such
conclusions on average data, interprets the promise
deposits with the Reserve institutions was no more
July 1 to be for an ultimate yield of 26.4 bushels
than $46,626,432. During the month of June,
per acre, which would give a total production
however, the aggregate was run up to $111,475,569,
on the acreage as above stated of 2,806,000,
the arrangement being an easily flexible one. Even
000 bushels, or 189 million bushels less than in
at that, however, revenues poured in a great deal
1915 and 259 bushels under the record yield of
faster apparently than could be fully taken care o
in that way, and hence we find that in addition to 1912.
J uly 8 1916.]
THE CHRONICLE
8 7
Spring-wheat condition apparently advanced less the six months’ total showing an augmentation of
than a full point during June and at 89 contrasts 55.4% . Outside of this city the June aggregate is
with 93.3 last year and a ten-year average of 84.5. 32.0% heavier than that of last year and for the
The indicated yield per acre at this time is an half-year there is a gain of 29.4% . As regards the
nounced as 15.1 bushels, which, upon the reduced individual cities it is to be remarked that for the
area under cultivation, foreshadows a crop of 270, first half of 1916 the most conspicuous increases
000,000 bushels, against 3563dz millions in 1915— over last year (more than 50% in all cases) are to be
the record product.
found at New York, Philadelphia, Wilmington,
Winter wheat showed a moderate advance in Waterbury, Chester, Franklin and Bangor in the
condition during|the month, but the average for East; Detroit, Akron, Youngstown, Flint, Lansing,
July 1 1916 of 75.7 compares with 84.4 a year ago, Gary and Joplin in the West, and Richmond, Tulsa
94.1 in 1914, and a ten-year average of 81.9. The and Muskogee at the South, and there are numerous
improvement in the status of the crop has induced gains close to or above 40% . Analyzed by groups,
the Department to raise its estimate of average the aggregate for the six months are much greater
product per acre from 14.2 bushels on June 1 to than a }'-ear ago in all divisions. The Middle Sec
14.8 bushels July 1, giving an aggregate yield of tion, exclusive of New York, exhibits a gain of 41.1% ;
489.000. 000 bushels, or a total of 166 million bushels New England 34.8% ; the Middle West 27.6% ; the
below 1915. Combining spring and winter wheat Pacific Slope 21.2% ; the “ Other Western” 19.0%
the outlook, as officially promulgated, is now for and the South 25.4% . Finally the exhibit for the
759.000. 000 bushels, this comparing with the record second quarter of the year in the country as a whole
yield of 1,012 million bushels in 1915.
is better than for the first three months and, con
A drop of 3.6 points in the condition of oats during sequently, sets a high record for such a period.
June is indicated by the July 1 report. Condition,
Stock transactions at New York in June were of
however, on July 1 while 7.6 points below last year, smaller volume than in May, but in excess of June
is a little above the ten-year average. Officially, in 1915, or in fact of the corresponding period of
the promise at this time is announced to be for a any year since 1910. From the level of values ruling
yield of 32.4 bushels per acre, equivalent to 1,317, at the opening of the month there was a pretty
000,000 bushels for the area to be harvested, this general decline later due to developments in the
falling below last year by 223jnillion bushels.
Mexican situation, but some recovery was noticeable
at the close. The June dealings totalled 12,823,833
Bank clearings for June 1916 furnish no feature shares against 11,004,042 shares last year and but
so essentially different from recent preceding months 4,002,748 shares in 1914. For the six months the
as to call for detailed or extended comment. In sales were 85,055,650 shares against 61,992,979
other words, the exhibit is on the surface of the shares a year ago and only 38,069,651 shares in 1914.
same very favorable character noted in these monthly But in 1906 the transactions were more than double
reviews for some little time past, the aggregate for the current aggregate— in fact 176,055,746 shares.
all the clearing houses making reports establishing Bonds were more actively dealt in in June than in
by a wide margin a new high record for the particular any previous year since 1911, foreign issues (Angloperiod covered and falling not materially below the French and Canadian) being prominent in the total,
absolute top-notch reached in March this year. and for the six months the transactions in all classes
It matters not to the lay mind that current results reached 548 million dollars, par value, against 396%
are the outcome of exceptional circumstances nor millions last year and 373 millions in 1914. At
what may follow their removal; it is enough that Boston the dealings were smaller than in 1915,
prosperity seems to be rampant even though not covering for the month a total of 879,136 shares
universally shared in. It is to be noted, of course, against 1,198,909 shares, and for the six months
that to no mentionable extent is the better showing 6,400,960 shares against 6,416,152 shares. A very
made at New York to be ascribed to a greater volume large increase, however, over 1914 is to be noted.
of transactions on the Stock Exchange, dealings in
Canadian bank clearings for June reached an
share properties having shown a tendency towards aggregate but very moderately under the highly
diminution of late. And the same is true in satisfactory total of M ay and decidedly in excess of
even greater degree of other leading centres of the period last year, with every municipality a con
speculative activity. We can merely reiterate
tributor to the improvement. The increase in the
that in greatest measure the current excellent exhibit aggregate for the 23 cities reporting comparative
has its explanation in the phenomenally large business figures is 52.9% over last year and 23.1% as ocnbeing done with belligerent Europe, and the most trasted with 1914. For the period since Jan. 1 the
important increases arc in evidence at those points 1916 total exceeds 1915 by 38.8% , with Montreal,
where war orders are being executed and at the Toronto, Winnipeg, Hamilton, Calgary, Regina,
ports from which the goods are being shipped. At Saskatoon, Lethbridge and Medicine Hat most
the same time the whole country is being benefited prominent in percentages of increase.
as appears from the fact that no less than 156 of
the 162 cities included in our compilation show gains
The cotton report of the Department of Agriculture
over a year ago, and of these twenty-seven report issued on Saturday last was much more of a market
figures higher than ever before reached in a monthly influence than had been generally expected. Private
period.
reports, those of the “ Chronicle” excepted, had indi
The aggregate of clearings for June 1916 at the cated a lowering of condition during June, but this
162 cities is $20,599,040,029, an improvement of official pronunciamento makes a contrary showing.
45.9% over the month of 1915, while for the six Furthermore, the acreage forecast covers an average
months of the current calendar year there is an addition of 12.1% this spring, thus virtually con
increase of 44.0% . At New York the gain for the firming our report offJune 24, whereas many other
month reaches 56.4% as compared with 1915, with estimates had madeRhe gain smaller. The Govern
88
THE CHRONICLE
merit’s acreage percentage came as a surprise, because
of recent years the official estimates have as a rule
been too low, as is proven by the fact that corrections
(additions) have had to be made subsequent to the
original reports and they have run anywhere from
a million to over 3 million acres, and the decrease in
acreage reported last year was manifestly too large
even allowing for the recent correction.
Condition for the cotton belt as a whole for June 25
this year is put at 81.1% of a normal, an improve
ment of 3.6 points since the M ay report, and con
trasting with 77.5 on the corresponding date last
year, 79.6 in 1914 and a ten-year average of 80.2.
The report indicates a better situation than a month
ago in every important producing State except Okla
homa, with the improvement most marked in South
Carolina and Georgia, and compared with the tenyear average the advance is most noticeable in Mis
sissippi, Louisiana and Arkansas. In the matter of
acreage, the various private reports issued this Spring
have differed merely as to the extent of the expan
sion, but most of them have been under 10%. Our
very exhaustive investigations seemed to indicate an
average addition to cotton area in the United States
this year of 12.58%; the Government makes the in
crease almost identical— 12.1% . Here the agreement
ceases, however, as the total acreage according to
our compilation is considerably the greater, and it
remains for the future to determine which most nearly
approaches approximate correctness. At this time
our remarks have to do with the Government report,
and its announced augmentation in area of 12.1%
this spring, applied to the revised figures for 1915
recently made public, gives a total of about 35,994,
000 acres under cotton now. From such an area
ordinarily a crop of from 11 }/£ to 16 million bales is
possible, all depending upon later conditions of
weather and time of killing frost; but this year even
more than last, the decreased use of fertilizers in sec
tions where supposed to be absolutely essential, has
injected an element of uncertainty into the situation.
Dismissing for the present, however, all consideration
of the subject of fertilization, we note the announce
ment by the Department that a condition of 81.1 on
June 25 forecasts an average yield per acre of 191.6
pounds and a total production, allowing 1% for
abandonment of planted area, of about 14,266,000
bales, explaining that the final outturn will be greater
or less than that amount according as conditions
hereafter are better or worse than average.
Details of the proposal by Lloyd George for pro
visional Home Rule for Ireland which have become
available this week indicate that an Irish House of
Commons will be constituted by the transfer to the
Irish Parliament of 78 members now sitting in the
House of Commons for the 26 Home Rule counties.
The total Irish representation in the House of Com
mons is 103, of which 25 members sit for the six
Ulster counties provisionally excluded from Home
Rule. Of the 78 members to be transferred to the
Irish House, 76 are Nationalists, or independents,
while only two are Unionists, namely Sir Edward
Carson and J. PI. M . Campbell, Attorney-General
for Ireland. These two members represent Trinity
College, Dublin. Both have consented to sit in the
Home Rule Parliament, a fact that inspires hope
for future amity. Members of the Irish Commons
are to retain their seats in the English House. Con
siderable representation of the Unionist interests
[Vol . 103.
in the south and west of Ireland will be provided
with the nomination of their representatives to the
Irish Senate, which it is proposed shall sit and act
with the Irish Commons during the temporary settle
ment, thus safeguarding the interests of the Union
ists. The temporary settlement is to continue until
one year after the termination of the war. At that
time the whole arrangement will come under the re
view of the great Imperial Conference which is to be
held to adjust the Government of the Empire. The
framework of Irish finance in the Home Rule Act
will not be altered, but some increases will be made
in the sum to be transferred to Irish revenues from
the Imperial Treasury. A new Lord Lieutenant
will shortly be appointed as a preliminary to the
adoption of the new arrangement. London advices
state that the plan as thus briefly outlined meets the
unanimous approval of the British Cabinet and that
the crisis in the present Government may be con
sidered to have ended.
The combined drive by the Entente Powers,
which has for so long been anticipated, is officially
declared to be in full swing. In announcing the
Russian success in Galicia to the French troops at
Verdun, Gen. Joffre issued the following order of
the day on Thursday: “ The plan ripened in the
council of the coalition is now in full operation.
Soldiers of Verdun, we owe it to your heroic resist
ance, which has been an indispensable condition of
success, and the basis of our approaching victories;
for it is that resistance which has created on the
whole European war theatre a situation from which
will emerge the final triumph of our cause.”
The Central Powers are being called upon to meet
on virtually their entire frontier, co-ordinated and
well-prepared attacks from their enemies. The
Austrians are giving way rapidly. In fact, the
Russian troops are so overwhelmingly superior in
point of numbers and are apparently so well equipped
that they are smashing their way forward with
remarkably few setbacks which thus far appear
to have been quite temporary. Yesterday’s reports
contained in press advices from Vienna by way of
Copenhagen state that the Czar’s troops have
begun a tremendous offensive on the Riga front,
where their artillery is destroying the German
trenches. This bombardment, the dispatch adds,
lasted 24 hours and the Germans were helpless before
the Russian artillery which can now fire 50 shells as
against 1 in 1914. The capture of Lemberg is con
fidently predicted as an imminent development of
the operation on the Eastern front. General von
Bothmer’s army to which the defense of the Galician
capital has been intrusted, is said to be in grave
danger of being attacked on both flanks by the
Russians. Reverses by the Austro-German forces
are admitted both by Vienna and Berlin official
reports. The Teutons have been defeated and
driven back in the Dvina front, on the Dniester, and
the Russians are now menacing Hungary. Hereto
fore the Austrians when hard pressed have been
assisted by their German Allies. But now with the
terriffic offensive launched in France by the British
and French armies the Kaiser has been unable to
send re-enforcements to the East.
On the Western front, after five days of the hard
est kind of fighting, there was a lull on Thursday,
especially on the Somme front. Yesterday the
British resumed their offensive between the Ancre
July 8 1916.]
THE CHRONICLE
River and the point whore the English front joins
the French line north of the Somme.
On
Thursday night the British captured German
trenches over a width of 1,000 yards, located east
of La Boisselle. A Reuter correspondent at the
press headquarters of the British Army in France
on Thursday reported that the impetuous for
ward movement of the Allies had been checked,
but certainly not arrested.
The Allied armies
were busily consolidating their gains in readi
ness for a new mighty thrust, meanwhile batter
ing, bombing and bayonetting the enemy by night
and day with most effective results. The corres
pondent adds:
8 9
to believe that the Germans are chiefly concerned
in breaking the British offensive, even at the sacri
fice of some ground in the South.
David Lloyd George, British Minister of Muni
tions, having been appointed Secretary for War to
succeed Earl Kitchener, will be relieved of his former
position. His own successor has not yet been selec
ted. The Earl of Derby, Director of Recruiting,
has been appointed Under Secretary for War. Sir
Edward Grey, Secretary for Foreign Affairs, has been
made an Earl. The appeal of Sir Roger Casement
from the sentence of death for high treason, which
will be heard on July 17, is to be argued before five
judges
in the Court of Appeals.
The enemy is straining every nerve, but is being
attacked as never before. From the coast to the
trenches of Northern France onflowing streams of
Press advices from London state that neutral
khaki are pouring in a literal flood, and I am unable diplomats af'that centre expressed the belief that the
to resist the contagious confidence of our army existing Orders-in-Council will be superseded by the
correspondent who says: “ Now that it is possible to
write with some fulness the story of Saturday’s declaration of an actual blockade, in pursuance of
attack, one almost shrinks from recording it, so Great#Britain’s avowed intention of strengthening
her legal position. No evidence of an actual change
terrible was the toll taken from the enemy.”
Modern warfare is terrible, and no offensive is in the administration of the blockade has been pro
possible without the exaction of a dreadful toll. curable since the announcement of the abandonment
Many of our regiments suffered heavily as they of the Declaration of London. However, the in
advanced almost without cover in the face of a creased economic pressure on Germany, which re
muderous enemy fire, the machine guns, in par
cently hasjbecome apparent, is due, according to the
ticular, wreaking awful havoc. We must face the
best
informed neutral diplomats, to the British cam
truth bravely of the heavy price we must pay, and
the nation must brace itself to the inexorable pen paign in\Holland and Sweden, resulting in the pur
chase of products which otherwise probably would
alty.
Advices from Petrograd which may perhaps be have found their way to Germany. Cabled dis
considered not entirely unbiassed state that nearly patches fromJBerlin claim that trustworthy confiden
a half million Austrians and Germans have been put tial reports received there indicate that the British
out of action since Gen. Brussiloff began his great Government has already begun negotiations with the
advance a month ago. The grand total of prisoners representatives of nearby neutral States, with the
to date is in round numbers stated to be 235,000, object of bringing about a cessation of all exports on
of which 4,500 are officers. The dead and wounded the part of these neutrals to Germany. England is
are estimated at between 200,000 and 220,000. It reportedjto be offering compensation by agreeing to
is estimated that 250 guns of various sizes and upward buy for its own account and that of its Allies the
of 700 machine guns have been captured in addition neutral surplus harvests, and in general all goods that
to vast quantities of munitions, supplies and trans would normally be exported to Germany. An Am
ports. A significant paragraph from the official. sterdam report says further that reprisals are held in
Russian War Office report of Thursday was its refer prospect in case the neutrals do not accept these
ence to liquid fire uses. The report says: “ In the conditions. There is a persistent report, too, that
course of an attack on the village of Vertniki the Italy is being urged by the Allies to abrogate her
Germans received our troops with liquid fire. Owing commercial treaties with Germany. This indicates
to their conduct we put all the Germans to the efforts to make this economic offensive general.
bayonet when we captured the village. We took
A Russo-Japanese political convention of two
prisoners in this region more than 1,000 men.”
According to aerial observations on the French front articles was signed at Petrograd on Friday by the
in the direction of Peronne there are now only three Russian Minister of Foreign Affairs, Sergius Sazonmore trench systems between the French and the off, and the Japanese Ambassador, Baron Ichero
open frontier. If a break could be made in the Ger M otono. The object of the convention, quoting
man lines here, it would be extremely serious for the press advices from Petrograd, is to unify the efforts
Germans, who are doubtless cognizant of the fact of the two countries to maintain a lasting and con
and are said to be hurrying reinforcements to the stant peace in the Far East. The Japanese Foreign
threatened point. The Germans are also sending Office yesterday announced as the substance of the
reinforcements to the battlefield from as far as Russo-Japanese convention signed at Petrograd
Verdun and Lens and it is thought that continued on July 3, the following: (1) Japan will take part in
heavy German attack on the Meuse may be intended no arrangement or political combination directed
to conceal important transfers of troops behind the against Russia. Russia will take part in no arrange
German lines. In the Caucasus the Turks seem to be ment or political combination directed against Japan.
successful in holding up the Russian advance. The (2) In case the territorial rights or special interests
Italians on their part are keeping up their strong fight in the Far East of one of the contracting parties,
and certainly are preventing the Austrians from which are recognized by the other contracting party,
withdrawing troops from that quarter. The tenacity are menaced, Japan and Russia will consult each
with which the Germans are holding to their positions other on measures to adopt with a view to supporting
in the face of the British attack, particularly around or extending assistance for the safeguarding and
La Boisselle, while the French menace of Peronne is defense of these rights and interests. The Japanese
comparatively neglected, leads military authorities and American Governments bound themselves under
90
THE CHRONICLE
the terms of the Root-Takahira exchange of notes,
N ov. 30 1908, “ to encourage the free and peaceful
development of their commerce on the Pacific
Ocean” and to “ preserve the common interest of all
Powers in China, by supporting by all pacific means
at their disposal the independence and integrity of
China and the principle of equal opportunity for
commerce and industry in C h in a /' and to “ respect
the territorial possessions belonging to each other in
said region." It is not at all impossible in these
circumstances that there may be some necessity for
our own Government to undertake negotiations in
furtherance of this “ open door” question.
The Mexican situation has returned to its former
stage, namely, that of negotiation. The text of
Carranza’s reply to the note of our State Department
was received on Wednesday, and was courteous and
pacific in character. It offered either by direct
negotiation between the two Governments or through
mediation of Latin-American countries to attempt
promptly to solve the present conflict. The Mexi
can Government, the reply said, “ is disposed now
as it has always been to seek the solution of the two
points which constitute the true causes of the con
flict between the two countries, to wit: The Ameri
can Government believes reasonably that the inse
curity of its frontier is a source of difficulty and the
Mexican Government on its part believes that the
stay of American troops on Mexican territory, aside
from being a trespass on the sovereignty of Mexico, is
the immediate cause of the conflicts. Therefore, the
withdrawal of American troops, on the one hand,
and the protection of the frontier, on the other, are
the two essential problems, the solution of which
must be the directing object of the efforts of both
Governments.”
The note concludes with a statement that the
Carranza Government proposes to employ all efforts
that may be at its disposal to avoid the recurrence of
new incidents which may complicate and aggravate
the situation. At the same time it hopes that the
American Government, on its part, may make all
efforts to prevent acts of its military and civil au
thorities of the frontier from causing new complica
tions.
The Carranza reply was discussed at Presi
dent Wilson’s Cabinet meeting yesterday, and a
reply was sent agreeing, to direct negotiations with
a view of settlement rather than any attempt at
mediation. Inasmuch as the duty of protecting the
border still rests with the United States, there will
be no immediate demobilization of the National
Guard except that a ruling has been promulgated
permitting the release from immediate service of
heads of families.
The removal of minimum prices on the last block
of London Stock Exchange securities subject to re
strictions took place on M onday last without dis
turbance of any kind. The market promptly ad
justed itself to the new condition on an income basis
of 4 % @ 5 % , which was somewhat better than ex
pectations, since a 5 @ 5 % % income return basis
had been quite generally looked for. The forward
military drive of the Entente Powers produced a
firm undertone on the general markets for securities,
although London correspondents declare that every
effort is being made to restrain excitement and too
enthusiastic anticipation concerning the outcome of
the present military program. The expectation in
[Vol. 103.
London financial centres is not for spectacular war
news, but for the steady advance of the troops in
France. The only restrictions that now are current
in London are those prohibiting speculation, those
against trading with the enemy and those against
importing securities. The last named of course, pre
vents investments in American securities, but does
not stop the sale of stocks and bonds that arc already
held in England. The military situation is credited
also with responsibility for reactions in prices of
commodities. The London “ Economist” end of
June index number but partially reflects this, since
the chief part of the drive has developed since the
first of the current month. Nevertheless, it shows
a decline from the end of M ay figures of 10G points,
including 35 points in cereals and meats, 9 points in
coffee, sugar and foodstuffs of that character,
11 points in textiles, 4 points in heavy materials such
as timber, rubber, &e., and 47 points in minerals.
The current number is 4213, which compares with
the basic number of 2200, representing average
prices for the commodities in question for the 5-year
period 1901-05. The new capital issues in London
for the quarter year ending with June amounted to
£145,724,700, making with the total of £131,022,000
for the first quarter of the year a half-year’s issue of
£270,740,000, consisting chiefly of Treasury bills
and Exchequer bonds. The indications of an ad
justment of the Mexican situation likewise contrib
uted to the strength on the London market. More
stringent regulations have been adopted by the
British Treasury that are likely to further restrain
London’s financial activities. Banking houses now
are required to refuse every kind of foreign trans
actions unless the names of all the parties concerned
are completely disclosed. The object, it is stated,
is to prevent Germany receiving assistance through
the machinery of the London money market. The
banks, quoting the special London correspondent of
the “ Evening Post,” will co-operate loyally in the
new restrictions with the hope of shortening the war
by this means. Innocent parties will necessarily
suffer great inconvenience and London’s legitimate
activities will further be curbed. The London mar
kets also were helped by a settlement of the differ
ences in the Cabinet over Lloyd George’s proposals
for a provisional adjustment of the Irish question.
About £27,000,000 was disbursed in dividends at the
English centre on Monday and £4,005,000 on Tues
day. British revenue returns for the first quarter
of current financial year (which began April 1) show
an increase of £21,385,802 as compared with the
corresponding quarter of 1915. The increases in
cluded £0,300,000 in customs returns, £9,384,000
in income tax and £0,219,000 in the duty on excess
profits. There were decreases in revenue from death
duties and excise taxes.
The British Board of Trade report for June indi
cated an increase of £11,027,412 in imports into the
United Kingdom for the month and of £14,040,432
in exports. Exports were higher than in any month
since January of 1914, and £7,000,000 in excess of
July of 1914, the last month before the beginning
of the war. The principal increases in imports were:
Food, £5,000,000; wood oils, fats and chemicals,
£0,000,000. The increase in exports was principally
in manufactured goods, of which £3,500,000 was cot
ton textiles, £1,250,000 woolens and £2,000,000 iron
and steel. The following comparisons show the im-
July 8 1916.]
THE CHRONICLE
port and export figures for the month of June and
for the six months ending with June:
-------------- June ------------- ---- From. Jan . 1 to June 30—
1915.
1910.
1915
1910.
Imports.................. ......... £87,030,000 £70,008,588 £474,438,494 £428,993,180
Kxports............................ 47,274,000
33,233,508 241,807,318
183,022,888
Excess of imports......... £39,702,000 £42,775,020 £232,031,170 £245,370,298
The financial news cabled from Paris this week has
been very limited. A substantial tone has prevailed
because of the military successes, but very little in
the form of Bourse activity has been reported. The
French war loan is holding its price well and it is,
according to a Paris correspondent, a question
whether it will be possible to put out a new loan of
the same type. The report of the Compagnie Gcnerale Transatlantique, published this week and
cabled to this side, indicates how prosperous French
shipping has been, although the figures are only for
the year 1915. In that period the line’s receipts
amounted to 109,400,000 francs. This was despite
the fact that the passenger business was almost
nothing, and 2,485,000 francs were set aside for
dividends after all expenses had been paid and a
sinking fund provided for.
On the Berlin Bourse the effect of the Allied
offensive has, to quote advices cabled via Amster
dam, been to cause business in the principal specula
tive shares to come to a complete standstill. Ac
cording to the “ Spar-Kasse,” the organ of the
German savings banks, new savings accounts during
the second year of the war have increased in Germany
as never before, even during times of peace. Statis
tics from the big cities and the industrial regions
alone are said to indicate an increase of 288,000 ac
counts, and a total of 0,280,000 accounts. The
excess of deposits over withdrawals for the year was
2,500,000,000 marks. The total increase in the
capital of savings banks was 3,250,000,000 marks.
The “ Vossische Zeitung” heads its publication of
these statistics, “ Good Prospects for Next War
Loan.” To avoid the long lines of meat ticket
holders that have blocked the streets outside their
shops, butchers in German cities, starting on July 6,
began to issue numbered tickets. The plan is to
announce one day in advance the numbers which
entitle ticket holders to make purchases. Circulars
containing twelve elaborate paragraphs have been
issued instructing customers how to proceed.
Official bank rates at the leading European centres
remain at 5% in London, Paris, Berlin, Vienna and
Copenhagen; 53^% in Italy and Portugal; 0% in
ltussia and 4 Yi% in Switzerland, Holland, Spain,
Norway arid Sweden. In London the private bank
rate continues to be quoted at 5% for sixty days and
5>8% for ninety days. Money on call in London
remains at 4 % . Cables from Berlin still report 4 % %
as the private bank rate at that centre. No reports
have been received by cable of open market rates at
other European centres, as far as we have been able
to discover.
The Bank of England recorded another reduction
in its gold item for the week, viz.: £1,057,961. Note
circulation increased £467,000; the total reserve,
therefore, decreased £1,525,000, while the proportion
of reserve to liabilities showed an additional decline
to 26.08% , against 28.22% a week ago and 17.63%
at this date last year. Public deposits this week were
expanded £9,670,000. Other deposits, however, de
91
creased £2,764,000. Government securities are still
unchanged. Loans (other securities) registered a
considerable increase, viz.: £8,494,000. The Bank’s
gold holdings now stand at £60,321,767, against
£53,264,147 in 1915 and £39,599,970 the previous
year, a pre-war era. Reserves total £42,404,000,
which compares with £36,641,012 a year ago and
£28,518,780 in 1914. Loans aggregate £95,808,000,
against £137,918,307 in 1915 and £34,832,469 the
year preceding. The Bank reports as of July 1 the
amount of currency notes outstanding as £112,349,
278, against £111,779,539 last week. The amount qf
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,
£1,096,000 (of which £1,046,000 bought in the open
market and £50,000 released from Egyptian account);
outflow, £2,154,000 (of which £5,000 exported to the
United States, £103,000 to Spain and £2,046,000
net sent to the interior of Great Britain). We add-a
tabular statement comparing for the last five years
the different items in the Bank of England return:.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1916.
1915.
1914.
1913.
1912".
July 5.
July 7.
July 8.
July 9.
July 10.
£■
Circulation............ 36,042,000
Public deposits----- 61,509,000
Other deposits........103,608,000
Gov't securities----- 42,137.000
Other securities----- 95,808,000
Reserve notes* coin 42,404,000
Coin and bullion... 60,321,767
Proportion of reserve
26.13%
to allabtutea........
Bank ra te.............
5%
£
£
£
£
.
35,073,135
67,898,980
139,859,352
51,043,491
137,918.307
36,641,012
53,264,147
29,531,190
12,580,196
43,788,305
11,005,126
34,832,409
28,518,780
39,599,970
29,621,475
10,733,749
41,067,483
12,756,505
30,853,114
26,219,751
37,391,226
29,566,270
17,891,705
40,355)438
13.983,707
33,003,853
2 9 ,272,207
40 ,388,477
17.03%
50.58%
50.39%
50.23%
. ,3%
5%
3%
4^ %
The Bank of France in its weekly statement re
corded a further increase in its gold holdings of 6,
444,000 francs. The silver item was decreased by
the nominal sum of 5,000 francs. Note circulation
again registered a phenomenal increase, i. e., 240,
555,000 francs. General deposits, however, in con
trast with the huge expansion of the previous week,
were reduced 149,451,000 francs, a result that may
be attributed to the half-yearly settlements. Bills
discounted also decreased 37,133,000 francs, .al
though Treasury deposits were expanded 38,100,000
francs and the Bank’s advances gained 8,337,000
francs. The Bank’s gold holdings aggregate 4,76.9,
701.000 francs (including holdings abroad, which at
latest dates were 170,107,636 francs), which compares
with 3,944,975,000 francs in 1915 and 4,092,600,000
francs the year preceding. Silver now stands at
343.959.000 francs, against 369,150,000 francs a year
ago and 662,450,000 in 1914. Note circulation is
16.046.210.000 francs, comparing with 12,328,250,
000 francs last year and 6,039,950,000 francs in 1914.
General deposits amount to 2,123,192,000 francs.
At this date last year they totaled 2,383,900,000
francs and in 1914 2,689,275,000 francs. Bills dis
counted and advances total 1,620,842,000 franos,
against 876,031,000 francs and 4,033,475,000 franc^
one and two years ago, respectively. Treasury de
posits are 74,111,000 francs, compared with 57,100,
000 francs in 1915 and 327,000,000 the preceding year.
In local money circles rates are firmer for both
call loans and those for definite commitments.
There are many demands in sight on the capital
market, chiefly in the form of loans to foreign coun
tries. Hence, no general expectation of much easier
conditions during the remainder of the year seems to
be entertained. Call money on Friday touched
92
THE CHRONICLE
4 % % , following the contraction in banking reserves
due to the semi-annual dividend and interest dis
bursements. As these funds must soon again reach
the banks, this spurt in demand rates can hardly
prove permanent. Since something over $150,000,
000 in gold has reached the New York and Philadel
phia markets from Ottawa and London during the
last two months, it is not surprising that this im
portant movement should have checked the more in
dependent attitude of lenders which became evident
about a month ago. Heavy payments of income
taxes were another drain of a temporary character
experienced by the banks. The more satisfactory
character of the Mexican outlook is another feature
that may be expected to operate against any sub
stantially increased firmness in money rates.
Last Saturday's statement of New York Clearing
House banks and trust companies, which will be
found in more complete form on a later page of this
issue, made a less favorable showing and gave evi
dence of the heavy income tax collections by the
Federal Government and of preparations for the July
interest and dividend disbursements. Loans in
creased $13,355,000. Net demand deposits were re
duced by the nominal sum of $220,000, although net
time deposits expanded $4,850,000. Reserves in
“ own vaults" showed a reduction of $14,870,000, to
$435,044,000, of which $371,348,000 is specie. At
this time last year the total in own vaults was
$433,956,000, including $363,063,000 in specie.
Reserves in Federal Reserve banks also decreased
$3,720,000, to $157,731,000, compared with $127,
244,000 a year ago. Reserves in other depositaries
•declined $1,559,000, to $57,273,000, against $37,
234,000 in 1915. Note circulation was without
Change and remains at $31,655,000. The aggregate
reserve decreased $20,149,000, and now totals $650,
048,000, which compares with $598,434,000 the year
preceding. Reserve requirements, however, showed
a small gain of $59,470, and in consequence of the
large increase in the loan item, surplus reserves were
reduced heavily— $20,208,470, which brought the
total of excess reserves down to $89,293,940, against
$163,942,000 at the corresponding date in 1915.
Referring to specific rates, call loans this week, as
a result of the flurry incidental to the July dividend
and interest payments, reached as high as 4 % % ,
although ruling at this figure only for a brief period.
Therange was 3 @ 4 % % , against 2 % @ 4 % last week.
On M onday 3 % % was the high with 3 % the low and
ruling quotation. Tuesday was a holiday. Wednes
day’s maximum was 43<C%> while the low was 3% ,
and V /ffo the renewal basis. Thursday the range
was 33 ^ @ 4 % , with renewals at 3%%• On Friday
the range was 4 @ 4 % % , while the ruling rate was
3%
Time money has ruled quiet and for most
maturities fractionally higher.
Sixty-day funds
closed at 3 % @ 3 % % , against 3 % @ 3 H % last week,
ninety days and four months at 3% @ 4% > against 3%
@ 3 % % , and five and six months at 4 % , against 3%
@ 4 % . Last year sixty days was quoted at 2}/£@
2 % % ninety days at 2 % % four and five months at
2 % @ 3 % , and six months at 3 @ 3 % % - For mercan
tile paper a firmer tone has become evident, induced
largely by the apparent disinclination of banks to
come into the market for this class of employment.
Quotations have been advanced to 3 % @ 4 % for
sixty and ninety days’ endorsed bills receivable and
six months’ names of choice character. Names not so
well known require 434% . Banks’ and bankers’ ac
[Vo l . 103.
ceptances are still 2 % @ 3 % for sixty days and 3 @
33d?% for ninety days.
Under changes in Reserve rates this week the rate
for the Philadelphia Federal Reserve Bank on com
mercial paper maturing in ten days or less is raised
from 3 to 3 % % ; for trade acceptances maturing in
ninety days or less, the rate of the Philadelphia
Bank is similarly increased from 3 to 33^%; and
3 % % (instead of 3% as heretofore) likewise becomes
the rate for commodity paper maturing in ninety
days or less.
Authorized rate for dlacount of bankers’ acceptances, 2 to 4%.
A rate of 3^ to 4% on purchases of trade acceptances by the New Orleans branch
of the Atlanta Federal Reserve Bank In the open market, without the endorsement
of any bank, was approved Dec. 16 1915. A rate of 4% for 10 days and 4>4 /o 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, 3H to 5V4%:
Dallas, 3% to 5%.
In sterling exchange circles the position continues
an arbitrary one. There have been no additional
importations of gold this week either from Ottawa
or direct from London. This sudden stoppage of
the movement suggests that $150,000,000 for the
importations of the current movement was the figure
decided on by the British Treasury officials when the
influx began early in M ay. As the object of the
steady importation of the precious metal was to
maintain the sterling and French exchanges there
seems excellent reason to believe that some new form
of accomplishing the same result is to be attempted
by the representatives of the British Treasury.
Details of the credit of $100,000,000 which is to be
granted to French bankers on behalf of their Govern
ment have, it is understood, been arranged and all
that now is necessary is the signing of the formal
documents. Meanwhile, large amounts of the Amer
ican securities mobilized by the British Treasury
are known to be on their way here and there should
soon be definite indication of the method that will be
pursued to utilize them either as a basis for credit
on this side or as out and out sales in the New York
market. A shipment of securities from the British
Government arrived from Liverpool on the Cunard
steamer Orduna early in the week. They were in
charge of F. G. White, an officer of the Bank of
England, and were enclosed in eight square cases.
These securities had a value estimated at $25,000,
000. The cases, it is stated, were all heavily
weighted so that in the event of the vessel being
attacked they could be thrown overboard and sunk,
the ship’s officers having, it is stated, been instructed
by the Admiralty to see that this plan was carried
out before the vessel could be boarded by an enemy.
Compared with Friday of last week, sterling ex
change on Saturday was quiet and almost nominal,
with quotations unchanged from 4 75% for demand,
Jui/i 8 1916.]
THE CHRONICLE
4 76 7-16 for cable transfers and 4 72% for sixty
days. Monday proved to be essentially a pre-holiday
market and trading was practically at a standstill;
the tone was steady and demand remained at 4 75% ,
cable transfers at 4 76 7-16 and sixty days at 4 72% .
Tuesday was a holiday. Dulness continued the
chief feature of Wednesday’s dealings and sterling
quotations were again held at the pegged rate of
4 75% for demand, 4 76 7-16 for cable transfers and
4 72% for sixty days, with the volume of transac
tions small. On Thursday inactivity was again in
evidence and demand bills were still unchanged from
the previous quotation of 4 75% , cable transfers at
4 76 7-16 and sixty days at 4 72%. Aside from the
occasional buying of cable transfers by a prominent
international banking house for the purpose of sup
porting the sterling market, very little business is
being done, speculative interest for the present
being entirely absent. Friday the market ruled
steady but very dull. Closing quotations were
4 72% for sixty days, 4 75% for demand and
4 76 7-16 for cable transfers. Commercial sight bills
finished at 4 75% , sixty days ar 4 71% and ninety
days at 4 69% , documents for payment at 4 71%
and seven-day grain bills ar 4 74%. Cotton and
grain for payment closed at 4 75%.
The Continental exchanges have experienced
another dull week, one almost absolutely devoid of
noteworthy development, notwithstanding the epoch
marking events which are taking place in the Euro
pean theatre of war. Expectations of the satis
factory establishment of a large loan, as well as the
forward movement of the great offensive of the
Allied armies has continued to exercise a sustaining
influence upon French exchange and francs have
ruled firm, although actual quotations show only
slight change. As to reichsmarks, the weakness
of the previous week has been replaced by a firmer
tone, principally as a result of support tendered by
large banking interests having German connections.
Trading throughout, however, has been of a de
cidedly limited character. Demand bills on Berlin
closed at 73% and cables at 73 9-16, against 72 15-16
and 73 a week ago. Kronen, which have moved in
sympathy with reichsmarks, finished at 12\80,
compared with 12.70 last week. The sterling check
rate on Paris has not been changed from 28.16, the
previous close. In New York sight bills on the
French centre closed at 5 90% and cables at 5 90% ,
against 5 91 and 5 90% on last Friday. Lire closed
at 6 38% for bankers’ sight and 6 37% for cables.
A week ago the close was 6 37% and 6 37% , respec
tively. Rubles were firmly held, closing at 30.65,
against 30.55 the week preceding.
In the neutral countries no new occurrence of note
has transpired, extreme dulness again being the
ruling feature. Scandinavian exchange developed
an easier tendency with moderate declines from the
close of the previous week, although guilders were
relatively steady. Bankers’ sight on Amsterdam
finished at 417-16 against417-16 last week; cables at
41 l/Z-j-i-io against41 9-16;commercial sightat 41% ,
against 41 5-16@ 41% ; and commercial sixty days
at 41% , against 41 3-16@41]<t a week ago. Swiss
exchange closed at 5 29% for bankers’ sight and 5 29
for cables, comparing with 5 29% and 5 29% on
Friday last. Greek exchange has remained at 5 15%
for sight bills. Copenhagen checks finished at
28.70, against 29.30. Checks on Norway closed at
9 3
28.85, which compares with 29.30 and checks on
Sweden finished at 28.90, against 29.15. Spanish
pesetas closed at 20.20, compared with 20.18 on
last Friday.
The New York Clearing House banks, in their
operations with interior banking institutions, have
lost $4,497,000 net in cash as a result of the currency
movements for the week ending July 7. Their re
ceipts from the interior have aggregated $8,964,000,
while the shipments have reached $13,461,000.
Adding the Sub-Treasury operations and the Federal
Reserve operations, which together occasioned a loss
of $34,593,000, the combined result of the flow of
money into and out of the New York banks for the
week appears to have been a loss of $39,090,000,
as follows:
7.
W eek ending July
Banks’ Interior movement-----------Sub-Treas. and Fed. Reserve oper__
N et Change in
Bank H oldings.
Out o f
B anks.
In to
Banks.
$8,964,000
21,071,000
$13,461,000 Loss $4,497,000
55,664,000 Boss 34,593,000
$30,035,000
$69,125,000 Boss $39,090,000
The following table indicates the amount of bullion
in the principal European banks:
July
Banks o f
Gold.
6 1916.
Sllcer.
July
Total.
G old.
8 1915.
Silver.
Total.
£
£
£
£
£
£
53,264,147
60,321,767 53,264,147
England.. 60,321,767
France a. 190,788,040 13,757.960 204.546.000 157,799,480 14,766,360 172,565,840
Germany. 123,246,700 1,802,650 125,019.350 119,496,500 2.300.000 121,796,500
Russia* . . 153,989,000 7.316.000 161.305.000 157,280,000 5.613.000 162,893,000
Aus- Hunc 51.578.000 12.140.000 63.718.000 51.578.000 12.140.000 63.718.000
Spain___ 41.278.000 30.681.000 71.959.000 27.596.000 29.686.000 57.282.000
Italy____ 39.657.000 3.946.000 43.603.000 45.522.000 4.849.000 50.371.000
198,300 29,126,300
700,600 46,702,600 28.928.000
Netherl’ds 46.002.000
600,000 15.980.000
600,000 15.980.000 15.380.000
Nat.Bclgh 15.380.000
9,608,700
10,190,200 9,608,700
Switz'land 10,190,200
6.302.000
9.233.000 6.302.000
Sweden . . 9.233.000
316,000 6.266.000
229,000 8.242.000 5.950.000
Denmark. 8.013.000
3,411,000
6,.547,000 3.411.000
Norway. . 6.547.000
Tot. .week 756,223,707 71,173,210,827,396,917 682,115,827 70,468,660 752,584,487
Prcv. week 756,622,308 70,487,760827,090,068 078,947,994 70,868,740 749,816,734
a Gold holdings of the Bank of France this year Include £0,800,000 held abroad.
* The gold holdings of the Bank of Russia for both years In the above statement
have been revised by eliminating the so-called gold balance held abroad,
c July 30 1914 In both years, h Aug. 6 1914 In both years.
COMMERCE THE PREVENTIVE OF WAR.
The unorganized and the disorganized areas of the
earth’s population are the plague spots or breeding
places of what may be called the bacillus of strife.
Wars among the nations originate in essence in con
troversy over possession or control of these areas,
Africa, China, Central Asia and the like. The
important question then is, how shall these trouble
breeding areas be lifted out of the condition in which
they are bones of contention and objects of coveting
by the stronger States?
The one adequate and essential force for this pur
pose is that which comes from an aroused and suistained human interest in these undeveloped areas.
Such people are little known and less cared for by the
inhabitants of the organized and settled nations.
Some four hundred million people inhabit China;
what interest have the mass of the people of England
or America, for example, in them? How much less
have we in the inhabitants of Africa? Yet it was
over China that the great nations were in contro
versy, and which they began to dismember two
decades ago; and it is over Africa that the crises of
Europe for a dozen years and more have arisen.
Fashoda, Casablanca, Algeciras, Agadir; and over
the possession or control of Africa and similar terri
tory in the Orient the great war of to-day really is
waged. The consciousness of such a situation be
tween themselves and the outside world goes far to
explain the history and condition of Turkey and
Mexico. Only by lifting such territories one by one
into the purview and sympathetic knowledge of the
inhabitants of the more favored States can they
94
THE CHRONICLE
cease to be subjects of strife. Only so will they find
their “ place in the sun” and secure the right to the
world’s protection and respect.
In the modern world there are three distinct
agencies by which knowledge of such people as
brings them into the sympathetic regard of a distant
nation is obtained. The first is the influence of
travelers and of special students. Marco Polo,
Magellan, Humboldt and David Livingstone brought
China, South America and Africa within the vision
of Europe, making them objects of curious interest.
Other travelers in continuous stream enlarged and
deepened that interest. Coupled with them ex
plorers and students gained first-hand knowledge
and opened many lines of individual contact, broad
ening, meanwhile, and deepening their own under
standing and regard. But this process is necessarily
slow and ineffective.
The next great agency is the Christian missionary.
His purpose is definitely altruistic, and he is the
representative of a distant group already prepared
by .their religious principles to be keenly and perma
nently interested in the uplift of the people to whom
he is sent. . Foreign missions have proved a civi
lizing agency of remarkable power and efficiency.
They ar'e rapidly increasing both in number and the
wisdom and scope of their methods. They lift the
savage at once out of barbarism; they create an eager
desire for civilized life; and they plant the forces
by which those desires become creative.* They also
originate in and are chiefly sustained by the rank and
file of the nation from which they come. They
create, therefore, an unselfish and sustained and in
time even a brotherly interest which lays the well
being of the people to whom they are sent upon the
hearts of those who send them. Sympathy, gifts
and help of every kind flow along these lines. In
time a community, and even a nation, comes to have
a personal concern for the people of a far-away
island of the sea or a tribe in a distant continent.
That interest becomes so strong that the exploiting
policy of a nation is arrested by it, as in the Congo,
or an evil trade by which a great State is enriched
is-broken up, as was England’s opium trade with
China.
But older, wider, and far more generally recognized
is the' powerful agency of economic relations as ex
pressed in commerce. The distinctive place of this
in preventing war and establishing the peace of the
world is not so clearly understood. When it is dis
covered that distant peoples are of value to one an
other, that they give and take what each produces or
requires, they rise in importance in each other’s
eyes; they begin to appreciate each other’s qualities,
and to desire to reproduce in themselves what is at
tractive or admirable in each other. They become
supplemental and complementary to each other.
India and Japan need England and America’s imple
ments and methods of education and of organizing
the State for permanency and domestic peace; while
England and America need the markets and produc
tions of Japan and India. With the increasing give
and take the distant countries grow toward each
*As one instance out o f many, Joseph Thomson, the African travolcr
said: “ Where international effort failed an unassuming mission, supported
only by a small section o f the British people, has proved itself, in overy
sense of the word, a civilizing centre. By it slavery has been stopped,
desolating wars put an end to and peace and security given to a wide area
of country.” Sir W . M . Young, Lioutenant-Governor o f the Punjab, said
id 1902 in an address in London: “ As a business man speaking to business
men, I am prepared to say that tho work done by missionary agency in
India exceeds in importance all that has been dono (and much has been
done) by tho British Government in India since its commonccmont.”
[V o l . 103.
other with increasing understanding and respect.
Only when this is interfered with, as where in close
proximity selfish interests, jealousies and cherished
grievances thwart the action of natural and eco
nomic forces and of the well wishes of the multitude
of kindly people on both sides, as in the case of Mex
ico and the United States, is this uplifting agency
rendered for the time ineffective.
But that must not cause us to lose sight of the great
part commerce plays in creating the mutual interest
and regard which renders war infrequent, if not im
possible, among the nations. It is the wider appli
cation of the force that draws and holds together the
diverse sections of composite States, or of States
extending over wide areas, the Northern and South
ern sections of the United States, the French and
English areas of Canada, the Hungarian and Aus
trian parts of the Dual Monarchy, Southern and
Northern Germany, Piedmont, Tuscany and Naples
in Italy. In each instance the relationship, how
ever it began, developed as the people of the op
posing groups discovered their mutual possibilities
of benefit. Profitably supplying each other’s eco
nomic wants, they settled into permanent peaceful
relations, strengthening with the years, and gradually
merging into unity of government and interest.
War between the integral parts of such a State be
comes practically impossible, or can only be caused
by some sense of ancient wrong, as in Ireland and
Turkey, or by the existence of some fundamental
antagonism, as over human slavery.
As tho European war drags on through the weary
months the conditions of possible permanent peace
become more pressing. It is idle to talk cither of
general disarmament, or some broad scheme of arbi
tration as the basis for it. The great nations will
not readily change their habits or their principles of
organization, and the weakness of any scheme of
arbitration, at least in the world of to-day, has been
abundantly proved. It will be long, we fear, before
treaties, even the most solemn, cease to be thought
“ scraps of paper” by some nations. Hope lies
chiefly in the direction we have indicated. The
waste places of the earth must be lifted out of the
dust of the arena. They must be given their inde
pendent chance. The ends of the earth are coming
together. As far as communication is concerned we
have annihilated space. When men can talk to
gether across the ocean, when the continents are
covered with net-like systems of railway along which
the ceaseless streams of industrial and agricultural
product flow from State to State, and people freely
travel back and forth, it becomes growingly difficult
for a small group of diplomats to plunge a nation into
war, or for the antagonisms which may arise between
two communities or groups to involve great nations
in war.
Once restore peace, however it may be brought
about, and the economic needs of tho world will
assert themselves as never before. Nothing is more
futile than to talk of inaugurating an economic war.
It will be as impossible as it would be impolitic and
inhuman. Not simply men but peoples will need
one another. They must work to restore the waste
of the war as rapidly as possible, and they can only
work effectively as they unite to help one another by
each supplying what the other needs. Commerce
will become in a new sense the servant of humanity.
The work which religion has so long and so painfully
been trying to do, to draw men together with a sense
J u l y 8 1916.
THE CHRONICLE
95
claring to be illegal an association entered into for
the sole purpose of engaging in export trade and actu
ally engaged solely in such trade, or an agreement
made or act done in the course of export trade by
such association, provided such agreement or act is
not in restraint of trade within the United States.”
Nothing in the Clayton law “ shall be construed to
forbid the acquisition or ownership by any corpora
tion of the whole or any part of the stock or other
capital of any corporation organized solely for the
purpose of engaging in export trade and actually
engaged solely in such export trade.”
“ Unfair methods of competition,” as declared in
the Trade Commission law, are to be responsible to
that law when employed in foreign trading, even if
the bad acts are done outside the jurisdiction of this
country; and all associations now or hereafter en
gaged solely in export trading must report themselves
SUGGESTION OF A LITTLE LIBERTY FOR
to the Commission, on penalty of forfeiting the “ bene
CAPITAL.
fits” of this Act and becoming subject to a fine of
The avowed object of the two great regulative $100 a day.
statutes which were put through in 1914 by the pres
These last provisions are to please the very com
ent Administration, in pursuance of M r. Wilson’s mon people and avoid giving export business too
solemn self-anointing for the mission of purging a much liberty; yet the likeness between the exemption
country that had grown too successful in its business clause now proposed for the Sherman Act and the
and had thereby dulled its conscience, was to cause famous exemption clause of the Clayton Act is un
the good things of this life to be more fairly owned mistakable. The farmers and other laborers may
and enjoyed. The underlying assumption (so baldly organize for mutual benefit and shall not be inter
false that only a few street-declaimcrs dared declare fered with in “ lawfully carrying out the legitimate
it in plain terms) was that all men are created equal objects” of the organizing, nor shall the unions or
and any inequalities which develop are wrongful and their members “ be held or construed to be illegal
are for the State to correct. Therefore, in order to combinations or conspiracies in restraint of trade.”
please the great majority who realize that they have Now capital, in its turn, may associate for export
not much property and a few have a great deal and trade and may agree or do as it will “ in the course
therefore assume that anj'- interventions cannot hurt of export trade,” and may combine without any re
but may help themselves, the Clayton “ supplemental” striction if “ for the purpose of engaging in export
law to repress combination and the Trade Commis trade” and actually so engaged exclusively.
sion law to nose out and suppress unfairness were
Certainly export trading is desirable. There should
constructed together.
be more of it, and every possible aid should be given
People did not seem to be more free, or more equal, it by the greatest of all possible aids, the liberty to
or more contented, and there seemed to be an un move unhampered; but exports without imports are
easiness setting in that perhaps the benevolent inter as unnatural and impossible as was the reported snake
veners had gone a little too far. So the inquisitors which had two heads and wriggled along in opposite
under the Commission law have refrained from doing directions. If there is to be more liberty for ex
what the tenor of their instructions permits, and have ports— and then, by yielding to insistence in the
been sedulously trying to soothe rather than pursue. nature of things, for imports also— how about the
The real object, they have said, is to help business, producing of goods to be exported, as well as for
not to limit or chasten it, and the modes of the home consumption? If liberty is admitted to be
“ help” have been explained at much length. The good but is to be granted here and there by statute
equalizing was to be accomplished by leveling up as special concessions, where shall a permanent bound
instead of down; the big businesses were not to be ary be set against it?
hurt, but the little ones were to be taken in hand,
A complete and permanent despotism, such as is
taught, and encouraged to become big, this being now struggling against the slow forces of human
done especially by showing them how to use proper progress, can promote this or that class or industry
accounting in production and selling. That a govern by active aid; the net expediency of such aid is an
ment which has no bookkeeping could supply skilled other question, but the aid can be made effective for
accountants, and that efficiency could be taught by specific ends. A' government on democratic forms
a government which not only has none itself but bows makes a botch of attempting such promoting services.
to organized labor in actually resisting any effort Its proper functions are only two: to be a policeman
towards efficiency, did seem grotesque; but the ap on a colossal scale, for keeping the peace and securing
pointees under this law perhaps lacked a s e n s e to each man the right to scratch for his own living,
of humor and they certainly wanted to justify and to perform a few functions for the general welfare
their work; so they went along talking as if they which are not profitable and therefore are out of the
really expected to teach business men how to do reach of private capital, the carrying of mails being
business and to “ develop” the industries of the the best example of this. When attempt is made to
do things “ for” business and industry, the sure re
country.
And now, after so long ostensible antagonism to sult is distortion, quarrelling, and mischiefs in a longcombinations, the Administration has produced a bill extended line. The one rational and workable course
to legalize them when they relate to exports. Noth- is for government to take its hands off and keep
ng in the Sherman Act “ shall be construed as de them off.
of their common kinship and their common destinywill be pushed forward with a new impulse. Trade
may not be consciously Christianized, but Chris
tianity and commerce will be found to be using
agencies which together are bringing about brother
hood among men and peace on earth.
They will surely learn to co-operate, and in that co
operation gain material help for the one and growing
respect and influence for the other. The merchant
and the missionary, the ship-captain and the student
will come to see that each is doing his part in helping
men to know one another, and in binding their
varied interests into bonds which promote and require
peace. This alone will not guarantee the passing of
war, but it will create the conditions^in which war
will be difficult and rare.
9 6
THE CHRONICLE
[Vol . 103.
important; public demands for abolition of crossings
at grade, for better cars, better station buildings,
and more luxuries habituated into necessities, will
An optimistic rather than a pessimistic view of imply increased outlay. That all this is correct we
the future of American railroads seems to be alone have discovered of ourselves.
rational, provided the forecast is extended over
Faithful are the wounds of a friend, says a proverb.
a goodly length of time, since so indispensable a When the friend is real and is also competent upon
matter as transportation must settle itself somehow; that of which he speaks, his service ought to be
it must also be on a tolerable basis, inasmuch as all taken as of high value. The question whether the
settlements must be right before they can stand as roads can get the needed money (meaning whether
final. Therefore the hopeful view taken by Mr. they can get it as hitherto, from private investors)
W . M . Acworth seems sound, although he perhaps is indeed “ a very serious one,” and he disclaims any
attaches too much weight to any recent indications attempt to answer it. “ That they have not in the
from the Interstate Commerce Commission and past been able to get out the long-term bonds
certainly errs in taking very seriously any declara
they would have liked to sell is sufficiently proven
tions put out by a political party for campaign use.
by the volumes of short-term notes issued, and
But Mr. Acworth is a careful English student of frequently renewed at maturity.” So this faithful
economics, especially of transportation, and his friend of the United States reminds us, and it has
renewed praise of American railroads, after studying repeatedly been pointed out here; our roads are not
them for thirty years and making ten visits to the handling their problems of finance in the best man
United States, is certainly of value. At each new ner, but in the manner they can and under a necessity
contact with American roads, he says, he is im which disregards conveniences. A man buys rail
pressed by “ the marvellous results which the effi road bonds, primarily, for security. Certainly; but
ciency of the railroad men produces, with the mini Mr. Acworth reminds us that the receiverships now
mum expenditure both of capital and income/” controlling over 40,000 miles of road prove that the
One of the undertakings of the Inter-State Com investor does not always get security, “ and if roads
mission (a practically hopeless and impossible cannot sell bonds still less can they issue common
undertaking) is to make a physical valuation of our stock.” He asks why the public should invest in
roads, in obedience to a persistent notion that they railroads if the returns are less than on other loans
are over-capitalized. The railroad managers have and the capital security seems declining rather than
cited again and again the figures to show that the increasing. Nor can he encourage looking abroad
capitalization is much under that in Europe, at least; for capital; “ the European market will have enough
but this has not availed to break the notion to the to do to take care of its own requirements for many
contrary, and probably receives very little notice. a year to com e.”
Now comes Mr. Acworth to tell us that “ it is not
Here this friendly critic leaves the forecast, and
very far from accurate to say that the average mile here we too must leave it. He thinks the Inter
of English railway has cost as many pounds as the State Commission is moving to a better mind, and
American has dollars.” He does not take all the we can only hope he judges correctly. He thinks
force from this by immediately adding that the unification of control might lessen controversies and
English road is mostly double-track, while your stop waste now caused by duplication of expensive
typical road is only single-tracked,” for not all leports; similarly, the life insurance men who favor
American roads are “ typical” in that respect. Federal supervision flatter themselves that the
Then he adds, as a probability, inasmuch as ton- burdens of taxation and supervision by separate
mile and passenger-mile statistics are lacking in States will be removed or much lightened by it.
England, that our roads carry nearly as many
The problems of transportation and the other
passengers as the English and more tons of freight business and industrial problems of the country are
than they, reckoned per mile of line. Further— of vastly larger and longer consequence than the
and this is of much pertinence on the score of com question which of two individuals shall be president
parative efficiency— because of “ your concentration for the next four years; that question is indeed
of load into wholesale units, both of carload and important, but only because the others are more so.
trainload, your single track is normally capable of Yet the personal struggle is the absorbing one. The
taking care of the traffic offered.”
first step to the proper settlement of the railroad
This is rather emphasized than negatived by his problem is a gradual public appreciation of it.
criticism of American terminals, in which he recalls
to mind the late James J. Hill’s likening of them to
narrow necks on large bottles. Fifteen tons of
B O O K N O T IC E S .
package freight, Mr. Acworth points out, take much C o m m e u c i a l M o r t m a i n : a Study of the Trust Prob
lem.— B y John R . Dos Passos, of the New York Bar,
less room on the road when in a 30-ton car than when
Author of “ Tho Law of Stock Brokers and Stock Ex
scattered “ over five of our little 10-ton cars, or
changes,” &c. Tho Bonch & Bar C o., publishers,
trucks, as we call them;” but when the stuff must
New York, 1916. Price, $1 25; by mail, $1 35.
be handled at terminals and taken away it needs
This monograph on an important subject affecting tho
its full space, in either country; “ in other words, common business of the country is worthy of especial con
you will have to spend vast sums of money to enlarge sideration for several reasons. First, it is written out of an
and improve your terminal accommodations, and intimate knowledge of tho laws and legal procossos involved
in the formation of consolidated corporations; second, it
the land required for the purpose you will have to attempts to present, in a fair and impartial manner, both
buy and adapt at modern prices.”
sides of tho “ trust” problem, togothor with tho underlying
Further, inasmuch as statistics show a doubling or natural laws upon which business operates and the rights
of traffic every twelve years, much double-tracking and interests of tho peoplo intorwoven thorowith; third, it
will have to be done, continues Mr. Acworth; defines in an appreciable way, and to a dofinito oxtont, a
certain measure of evil which accrues through groat aggre
express and fast freight will become increasingly gations of capital, and suggests a remedy therefor.
A FOREIGN CRITIC ON AMERICAN RAIL
ROADS.
-July 8 1916.]
THE CHRONICLE
In the unfolding of his treatise the author proceeds in a
logical manner, and while some of his statements and con
clusions by tho way are at least open to discussion, and his
remedy subject to severe question, one cannot read the book
without a full realization of the tremendous power of what we
might term natural evolution in the business world and the
general inefficiency of man-made statutes to set this aside.
A t the very outset he declares the Sherman Anti-Trust A ct,
after twenty-five years of trial, a failure. H e says: “ The
legislator should never attempt to convert the progress of
business into a crime. This is what the Sherman Act en
deavored to do and the mighty stream of commerce has
swopt away its barriers as if they were constructed of straw.”
Tho cause of this failure, and of that of similar statutes
looking to control, the author a ttrib u te, not to non-admin
istration, but to the essential weakness of the laws themselves;
to the fact that they do not fit themselves to existing indus
trial conditions; to the lack of unanimity in decisions of the
highor courts in adjudicating them, and to the fault of these
tribunals in rendering such decisions upon technical grounds
rather than the wiser and bolder course of interpreting these
laws upon the basis of tho principles of useful business con
duct and the rights and interests of the whole people. Thus:
Tho Sherman Act was passed at tho very zenith o f our commercial pros
perity. If the Judges had determined that it was so incomplete a piece of
legislation that it could not be enforced they would have rendered invalu
able aid to the nation. Undiscriminating and general in its language it
scorns to mo, with great respect, the solo question which arose under it
was whether tho particular trust or corporation aimed at was in effect
detrimental to tho people. If it were not the corporation should have been
upheld— and other remedies su c h a s p a r t i c i p a t i o n o f the p e o p l e i n th e p r o f it s
th rou g h ta x a tio n should have been created.
But oven after reaching a
conclusion that it was enforcible tho remedies provided by tho Act were
insufficient and inapplicable to commercial conditions. Hence tho statute
has had no effect as a preventative, but on tho contrary has acted as a
stimulant to tho creation of corporations with immense capital, and as an
irritant to tho commercial affairs o f the country. Certainly it is a very
anomalous result to untio corporation knots which have been inado by invi
tation of the Stato and Federal governments.
M r. Dos Passos dovotes an initial chapter to a short
historical account of “ Mediaeval M ortm ain,” the fourcentury struggle to prevent ecclesiastical bodies from owning
and controlling vast tracts of land and thus removing them
from “ circulation,” tho “ dead hand,” and concludes: “ 7/
w a s n o t le g is la tio n th a t a b o lis h e d th e h o ld in g o f la n d s i n m o r t
m a i n , it w a s e v o lu tio n — the natural processes of commercial
development.” This is by way of a parallel to the present
apparent tendency “ to control all in d u s t r ie s and place them
in the hands of corporations.”
Succeeding chapters we may summarize as follows: There
is a clear distinction between a monopoly and a trust. A
monopoly obtains exclusive control by special grant or license
by which competition is prevented, production increased or
decreased at will, and “ a particular industry closed to the
outside world.” Monopolies were obtained by letters patent
from tho Crown, given in return for favors or services.
Technically speaking, there are no monopolies in the United
States, though certain laws granting special privileges, such
as the patent law, in effect create a monopoly. On the con
trary, the general provisions of law under which the cor
poration exists do not confer exclusive or monopolistic
privileges, within themselves. Thore may bo any number
of corporations organized, and for the conduct of any form
of industry, and the shares are subject to sale so that the
individual can buy into tho so-callod trust and thus obtain
participation. Tho corporation is therefore an enemy of the
monopoly, for if thero were no means by which individuals
could associate together and aggregate their personal capitals
for tho purposo of conducting business, it would fall into the
hands of individuals or companies, and an individual monop
oly is as dangerous, if not more dangerous, than a corporate
one. But a corporation or aggregation of capital m a y becomo so largo as to exercise a controlling and dominating
power ovor a single industry and thus in effect become
monopolistic. N o comprehensive scheme for the control or
prevention of these huge combinations of capital called
“ trusts” can bo effective without consideration of tho ex
clusive privileges obtained through patents. “ Any plan to
control these bodies should embrace financial syndicates.”
Tho power of these is onerous, and to an extent minimized
by the Federal Reserve bank system. “ But a money trust
still exists in spirit and often in substance.”
Tho author finds something baleful in financial syndicates.
Ho avers: “ Several individuals who possess or control
millions of dollars of actual cash can so use it. as to exercise
plonary power over any industry, by compelling its consoli
dation, by withdrawing money from uso, locking it up, or
using it to command a high or low rate of interest.” And
yet the author, wo may hore interpose, very fully shows, in
9
another chapter, in detailing the history of railroad building,
how great numbers of individuals combine by means of the
issuance of stocks and bonds by the corporation in the real
ownership of railroads and that even the richest of men
could not furnish the vast capital involved. And the same
law applies to industrial corporations. How then can this
be made consonant with a powerful “ money trust’ and the
“ control of millions of dollars of actual cash” ? This is the
popular error. It is not a question of “ actual cash” ; it is a
question of credit. A control of “ actual cash” would be
useless; a control of credit, taking the broad and correct
view of individual ownership of bonds— such a control of
credit is impossible. Credit, by means of artificial devices,
is the circulation of property, and this is owned by the
millions who own, and are thus enabled to own, the bonds.
This conversion of property into circulating capital, into
credit, looking over the wants and needs of a people and the
onward march of industrial development, has never been and
cannot now be controlled by a few rich men, companies,
syndicates or corporations. The indubitable fact is that the
process is reversed and the promoter goes to the people for
power and must ever do so
And as long as individual ini
tiative and ownership exist he is by this very process servant
and not master. A s to the temporary and intermediate
use of cash, “ actual cash,” in construction and operation, if
this were not rendered largely unnecessary by our checkcredit-money of£the banks, it would only defeat itself by
being “ locked u p .”
It is strange to find, in so clear an
exposition of “ trusts,” a belief expressed in this bogey.
Four billions of actual cash, if concentrated in the hands of
a few “ syndicates,” which it is not and cannot be, would
be powerless to stay the tides of credit. In fifty years of
unparalleled industrial growth, cash has formed a very small
factor in the work of hundreds of billions of credit.
Passing this point, however, it is to be said that the
author tracesjsuccinctly the development of the corporation
to meet the needs of business endeavor. First, the partner
ship, the union of two or more to conduct a larger business.
The handicapjof individual liability for partnership debts.
The limited partnership by publication of the non-partici
pating partners’ interest and liability. The issuance of
shares based on part ownership. And lastly, at the demand
of growing business, for larger and larger capital, the cor
poration, or stock company, with limited liability and per
petual life, and the removal of restrictions as to amount of
capital.
In regard to the “ consolidation of businesses” be finds that:
“ The desire to concentrate has developed into a craze, and
in a few years every known business will be merged into a
corporation, and inside of the political nation there will
e x is t c o m m e r c ia l o r i n d u s t r i a l o li g a r c h ie s w h ic h m u s t g r a d u a lly
c h a n g e th e f o r m i f n o t th e s u b s ta n c e o f th e R e p u b l i c .”
But why the destruction of the Republic? Are there no
natural laws which will in time operate to check this “ craze,”
if it is such? The author nowhere denies the principle of
“ maximum production at minimum cost.” He later cites
certain laws which t e n d to f o s t e r trusts. Are we not in greater
danger of changing the form and substance of government
through commissions for regulation and control than from
the actual operation of “ trusts,” so-called, which more and
more must compete with foreign production and trade we
cannot control?
He animadverts upon the power of W all Street, stating
that “ it is easy to name five men who can, by concerted
action, regulate the prices of securities and articles upon our
exchanges; five men who, acting in concert, without the
slightest difficulty, can lock up or let loose one thousand
millions of cash; and who can work up or down the price of
listed securities.” But are not our great and advancing
industries, we may interpose, constantly at work in pro
duction and exchange, despite all stock exchanges, and con
trolled in the end alone by natural resources and supply and
demand? However, the author proceeds a step further and
says: “ Still, it must not be overlooked that all industries
in this age require to be run by corporations possessing
a m p le c a p it a l — individuals are no longer competent to trans
act the immense business of the country. Individual in
centive and ambition even when it leads to great wealth
cannot be checked. A law of that description leads to
paternalism— socialism. It is only when corporations mass
their financial resources and business forces into a single
consolidation or syndicate so enormous as to become monopo
listic in result that they reach the danger point of criminality.
They must then be taken in hand by the central govern
m ent.”
THE CHRONICLE
98
[Vo l . 103.
But when do they reach this danger point and by what law
shall it bo known? W ho is to say? W ill they not break
down of their own weight unless they lower prices to the con
sumer beyond the power of segregated and independent
smaller corporations so to do? Can any commission be
constituted which can fix prices, having no part in opera
tion, and no control over natural resources, foreign competi
tion, the consuming power of the people, or the needs
of business ?
A n evil, the author concludes, exists. W h at is the rem
edy? He propounds three questions: “ First, can trusts and
aggregated wealth bo loft to natural remedies; second, will
the repeal of existing protective tariff laws produce radical
relief; or, third, must there be created an entiroly now and
independent remedy applicable to aggregated property or
capital, possessed by corporations or individuals?”
W o have space only to consider briefly the last question.
Ho bolioves that “ laws passed to check such aggregations
without regard to whethor they are good or bad— which
mow down indiscriminately— are detrimental to the welfare
of the peoplo,” and the author’s remedy is t a x a t io n , that the
Federal Government shall tax combinations, “ and oxact
a fixed percentage of all their profits.”
But taxation thus imposed will not disclose which “ com
bination” is good and which is bad. Taxation, it is true,
as now applied, does penalize, but taxation in its original
purpose is for the support of the Government. And when
“ combinations” in size and operation aro limited (if they can
bo) by taxation, in behalf of the rights and interests of the
peoplo, how will this tax-fund bo distributed equably to the
peoplo? W ill it bo done by Congress on the pork-barrol
method? How can the prices of the necessaries of life be
steadied and kept down by this method (if high prices bo an
evil of trusts) and the corporation or “ combination” bo able
to pay the tax? B y no system of gradation can an incomo
tax be affixed upon corporations, save, o n e w h ic h w ill ■prohibit
a ll c o r p o r a t io n s f r o m d o i n g b u s i n e s s , which will prevent them
from affixing the tax to price that the consumer must pay!
But it is suggested that preliminary to this the States shall
relinquish their rights to license corporations and this bo
vested in the central Government, and that in consideration
of this relinquishment a part of the tax oxacted bo distributed
to the States. But on what basis? On the basis of popu
lation, on consumption of the product, or on the amount of
capital invested in manufactures? More trouble! And
then again intervenes the question of dimensions, for it
would manifestly bo u n j u s t to ta x a ll c o r p o r a t io n s to p r e v e n t a
This publication, now in its twelfth year, needs no intro
duction to our readers. As wo have pointed out in tho past,
it does not give tho returns of separato roads, but is an in
valuable treatise dealing with general statistics of tho rail
ways of the United States and foreign countries. In pre
senting his compilations M r. Thompson says:
corporations and individuals of great dimensions must bo
taxed by the Government and it must arbitrarily fix the
limit of individual wealth at a figuro which whon roached
must bo subject to Governmental control.”
But how shall the “ limit” bo determined, so that the com
bination or trust wil come under the operation of the law?
The author has a specific plan
W ith regard to tho cost of railway regulation M r. Thomp
son says:
Tho Europoan war was the dominating factor in railway affairs in tho
United States as in nearly all other lines of industry and human intolligonce
throughout tho year 1915. Coupled with this all-pervading influence, tho
numerous and often ill-conceived innovations in accounting effective since
July 1 1914 havo robbed railway statistics for both tho fiscal and calendar
years of 1915 of their chief valuo for comparative purposes.
In tho prosonco of the all-pervading influence of tho Europoan war on
overy phaso of American commorco and industry it lias boon impossible to
traco with any authority tho effect of tho findings in tho various railway
wago and rato hearings during tho yoar. That tho partial concession of
advances granted by tho Commission in tho Eastern rato caso in August
1914, followed by tho moro liberal decision on tho rehearing in December,
holpod tho roads in tho Eastern district materially through a depressing
yoar is certain, but tho record duo to tho reactions from tho war fails to
disclose tho extent to which they profited by thoso decisions. Economies
of operation wero moro in evidonco than incroasos in revenues. In fact,
whoro tho rovonuos from operation for tho lialf-yoar ending Juno 30 1915
show an actual decrease of less than $11,000,000, tho oxpensos of operation
wero reduced by over $56,000,000. It was tho porsistonco in thoso econo
mies through tho second half of tho year, as much as tho revival in traffic
that becamo evident in July, that enabled tho railways to finish tho yoar
with tho largest not oarnings on record.
M r . Thompson, in setting out his recommendations, states
that the first need of American railways to-day is a complete
change in tho theory and spirit of regulation. Ho says:
If regulation of Amorican railways is to continuo along tho present linos
of subordinating tho transportation necossitios of a continent to tho potty
intorosts of individual shippers, tho soctional jealousies of Statos and tho
rivalry of communities, nothing in tho way of temporary reforms can savo it
from tho inevitablo collaps'o into tho incompotont hands of tho Stato. Such
recommendations as tho writer has urged— tho transfor of tho Bureau of
Railway Statistics to tho Dopartmont of Commorco and of tho investigation
of railway accidents to a board of inspectors independent of tho Intor-Stato
Commorco Commission— merely scratch tho opidormis of railway regulation.
Tho troublo with tho railway situation lies doopor. ltogulation under tho
Act of 1889 bad served its purposo. It was aimed to reform abuses, to
prevent preferences, to destroy discriminations, to punish rebates and
prohibit unreasonable rates and fares, and to shed tho purifying rays o
publicity over the entire transportation field. Its object was restrictive,
punitivo and reformatory, nowhere oxpansivo anil broadly constructive.
It was passed to bring tho railway industry under tho supervision of five
disinterested commissioners, and all subsequent amendments havo only
added teeth to tho harrow without providing ono dollar of fertilizer to the
field.
Under such regulation tho futuro of Amorican railways prosonts a long
strugglo against sterility.
To-day tho first need of Amorican railways is a comploto chango in tho
theory and spirit of regulation. Tho American peoplo will not surrondor
tho principle of regulation, but thoy should insist that such regulation pro
vides them with constantly improving transportation facilities. Thoy
want railways adapted and adaptablo to tho neods of a pooplo now number
ing officially over 102,000,000 souls. Thoy need regulation that shall say
to labor, you must bo content with a reasonable share of tho fruits of your
toil; to capital, you shall bo protected in your irrovocablo investment in
tho most essential of all public utilities.
f e w f r o m b e c o m in g m o n o p o lis t ic a n d a c tin g i n r e s t r a in t o f tr a d e ,
Tho ponding proposal of a railway wago commission without authority
so at last the conclusion is reached that: “ It seoms that we to raiso tho ratos that pay tho wago promises fair only to botray "in deepest
have reached a point in our national lifo when incomes of consequence.”
I should lcavo it to a court and jury to decide whether particular acts
assailed wero against public trade and injurious to tho welfare of the peoplo,
and I should empower tho jury to fix tho punishment and assess tho damages
to any party injured by a monopoly— thus closing the controversy in ono
litigation. A statute o f tho kind suggested would simplify both the law
and the practice.
Thero seems to bo a contradiction here in remedies. If tho
dimensions aro arbitrarily fixed by Congressional A ct, why
go to a jury, the combination could not then be operating in
restraint of trade; and if the act is determined by tho ury
to bo in restraint of trade, then thero is no need to fix dimen
sions upon which a tax shall be levied. And if governments
and commissions aro powerless to obtain information upon
which just control can bo predicated, just taxes levied, how
can juries hopo to do so?
It is a hard knot. Tho author has not untied it. But he
is not dogmatic, and ho has presented a good survoy of tho
“ trust problem.” And if legislative remedies remain a
tanglo wo may be assured that ono natural law is acting all
the time, tho law of all human endeavor in business— to give
the best to the largest number at the least cost in human
labor
R a i l w a y S t a t i s t i c s o p t h e U n it e d
S t a t e s o f A m e r ic a
F O R T H E Y E A R E N D IN G J U N E 3 0 , 1 9 1 5 , C O M P A R E D W IT H TH E
O f f ic ia l R e p o r t s f o r 1 9 1 4 a n d R e c e n t S t a t is t ic s o f
F o r e i g n R a i l w a y s .— Prepared by Slason Thompson,
Bureau of Railways News and Statistics.
Tho cost of regulating American railways continues to incroaso in a faster
ratio than anything else pertaining to thorn, not oven oxcopting taxes. Tho
record of tho growth of this tax on tho general rovonuos is given in tho
following tablo of yoarly expenditures.
1888, Fivo Commissioners, $97,80711902...................................
$271,728
149,45311903..................
298,842
1889 ..... .........................
1890 ............... - .............
180,44011904...................................
321,533
1891.................................
214,84411905...................................
330,739
1892 ...............................
221,74511906..........
382,141
1893 _______ _____ ____
217,79211907, Sovon Commissioners 616,597
1894 ............. ............... ..
209,25011908.............................
736,530
216,20611909...........................
988,936
1895 _______ _____ ____
18 96.................................
234,94111910.....................
1,163,336
234,90911911................................... 1,290,978
1897 ....... ..................... ..
1898 ..... ....................... 237,35811912................................... 1,469,689
1899 ......... .....................
238,12511913................................... 1,560,404
1900 ......... ......................
243,62411914...............
2,094,583
1901 ......... .....................
255,97911915.........................
3,933,925
Total 28 years___________________________________________ $18,412,494
Incrcaso in 27 years, 3920%.
Tho expenditure of tho Commission on account of tho physical valuation
of tho railways during tho year 1915 was $2,131,925.
P R E S ID E N T
W IL S O N
W OULD
FO R C O R R E C T IO N
H U M A N IZ E
OF LABOR
C A P IT A L
D IS P U T E S .
A t tho dedication on July 4 of tho now building in Washing
ton, D . C ., of tho American Fodoration of Labor, President
Wilson, referring to tho disputes botwoon capital and labor,
stated that tho great difficulty in tho settlomont of such dis
putes has been that of getting candid and dispassionato
conference with regard to tho points at issuo. Pointing
out th great difficulty about the relationship botween
capital and labor, ho sot out that while labor is in immediate
contact with the task itself, capital in too many instances
is at a great remove. Tlio thing most to bo dosirod, ho as
serted, is that capital should bo humanizod by boing brought
into a comprehending contact with tho conditions of labor.
In dedicating tho building to “ common counsol and a com
July 8 1916.]
THE CHRONICLE
9 9
mon understanding” the President declaredlhe was “ dedi
cating it to the thing that I believe in most, the accommoda
tion of the interest of various classes in the community by
means of enabling those classes to understand one another
and to co-operate with one another.” Praise of that sec
tion of the Clayton Anti-Trust A ct which declares that labor
is not a commodity was offered by the President, who added:
should recognize the groat labor movement by his presence on an occasion
liko this. I am sorry for any President of the United Statos who does n ot .
recognizo every great movement in the nation. The minute he stops ,
recognizing it ho has become a back number. And how anybody could
overlook this movement I cannot imagine— a movement so fraught with
all sorts o f things that appeal to tho reason and to the heart.
I am sorry that thoro wero any Judges in tho United States who had to be
told that. It is so obvious that it seems to mo that that section o f tho Clay
ton Act was a return to tho primer o f human liberty. But if Judgos have
to have tho primer opened before them I am willing to open it.
.
Commenting upon the “ anti-dumping” plans talked of
in the United States, Fred. I. K ent, Vice-President of the .
Bankers Trust C o. of N ew York, took occasion on June 23,
at the convention of tho Minnesota Bankers’ Association,
to ask how Europe is going to pay her debt to us after the
war, if wo will not take her goods? Pursuing the subject
further he said:
,
■
!
W o quote from his remarks tho following:
It is very propor that this groat building should in this wise bo dedicated
on tho birthday o f tho nation. You know, my follow-citizens, that tho
mind noods air to broatho, just as tho body doos.
You cannot rise to the tasks o f tho day with any kind o f zest and interest
unless you know their significance; and they havo a very narrow significance
if you look upon them as a means o f keoping body and soul together. It
seems to me, therefore, that the most heartening thing that a man can do
Is to think as often as ho can o f tho relations which his work boars to tho
placo ho livos in, to tho Stato ho lives in, and to tho country ho livos in.
You know that overy man who is a man takes some prido in doing his
work well, but why should he take pride in it? Merely to glorify and
distinguish himself from the common run o f workers? That will only
make a prig o f him.
A man who works in order that ho may bo distinguished is sooner or later
going to do somo selfish thing that will disgrace him, because his objoct
is himsolf and not tho ideals which ho sorvos. And, therefore, it seems to
mo that overy one of us should remind himself overy day that ho is working
for something besides wages; that ho is working for somo person whom ho
loves or somo community that ho wishes to assist, or somo nation that he
is ready to serve and defend.
That is tho reason why it seems to mo that this is a happy day and oc
casion. Because, my fellow-citizens, you will realize that in a position
such as I occupy for tho timo being I am not at liberty to think o f any one
class of our fellow-citizens to the exclusion o f any other class. And since
I havo been asked to malco a dedicatory address o f this building I am going
to tako the liberty o f dedicating it to common counsel and a common un
derstanding. I am going to tako the liberty o f dedicating it to the thing
that I boliovo in most— tho accommodation of the interest o f various classes
in tho community by moans of onabling tlioso classes to understand one
another and to co-operato with ono another.
Tho way wo gonorally strivo for rights Is by getting our fighting blood
up, and I vonturo to say that is tho wrong way and not tho short way. If
you come at mo with your fists doubled, I think I can promiso you that mine
will doublo as fast as yours, but if you come at mo and say, “ Lot us sit
down and tako counsol together, and, if wo differ from ono another, under
stand why it is wo differ from ono anothor, just what tho points at issue
aro, wo will prosontly find that wo aro not so far apart after all— that tho
points in which wo differ aro few and tho points in which wo agree aro many,
and that if we only had tho pationco and the candor and tho desire to get
together wo will get togother.
Tho trouble in a groat many of tho labor contests wo havo had, my fellowcitizens, as you will boar me out in saying, is that one side or tho other did
not wish to sit down and talk it ovor, and that the great difficulty in tho
settlement o f a great many labor disputes has boon tho difficulty o f getting
candid and dispassionate conforonco with regard to tho points at issue.
Tho groat difficulty about the relationship botween capital and labor is
this: Labor is in immediate contact with tho task itself, with tho work,
with tho conditions o f tho work, with tho tools with which it is dono and tho
circumstances under which they aro used; whereas capital, in too many
instances, is at a groat romovo. It is ownod and controlled by many who
have not taken tho pains to go and seo tho workers at their work and know
just what tho circumstances aro, and tho thing most to bo desired is that
capital should be humanized by boing brought into a comprehending con
tact with tho conditions o f labor.
You havo seen what has happened in somo instances. You havo seen
mon who havo sat in their offices in somo great city and directed tho uso
o f capital, presently roalizo that they did not know how it was being usod
and themselves go to tho factory which their capital operated, or tho mines
which wero worked by tho uso o f their capital; thomsclvos don overalls and
go into the bowles o f tho earth, or through, it may bo, greasy processes of
tho factory, and como out with an ontiroly different rango o f compre
hension as to what it was all about, and a signally increased capacity to
understand tho point of viow of tho man who was actually doing tho work.
That is tho kind of thing which I liko to seo dono, and that is tho kind of
thing wo ought to talk about on the Pourtii o f July.
Tho Fourth of July was a day whon a groat union was formed, but it was
not a union o f any ono class or body o f porsons, but that little nation of
3,000,000 which formed it. It was a union o f all tho pooplo for common
objects, and no man is a truo American who doos not roalizo that all tho
.objects of our national life aro common objects and not soparato objocts.
But it is easy to say, my follow citizens, and it is very hard to put it into
practico.
A great many men como to seo mo and toll mo a groat many things
somo of which I boliovo, but if I wero to liston with greator comprehension
than I havo to everything they havo to tell mo I would roalizo whon tho day’s
work was ovor that I could not hold in my slnglo comprohonslon tho infi
nitely varied, coniplox life of this great country to which wo bolong. it
takas a multitude o f minds to comprehond tho United States, and that is
tho reason that I think a building liko this should bo dovotod to tho processes
which pool our understandings.
Evory counsel that goes forth from those offices should bo a counsel of
conference, o f mutual comprehension, if possiblo, of mutual accommoda
tions, because every ono of us has somo part in tho infinitoly difficult task
of driving this nation as a team, not as a body of contesting elements.
Flag after flag wont by in that procession just now. Evory ono of these
flags ought to havo suggested to overy ono o f us that wo havo not yet
fulfilled tho conscientious duty of Amorica in understanding each other,
and, through comprehension o f each other, understanding and serving
tho world.
Amorica did not como into oxistonco to make ono moro groat nation in
tho family o f nations, to show its strength and to oxorciso its mastery.
Amorica opened her doors to overybody who wanted to bo freo and to
havo tho samo opportunity overybody elso had to mako tho most of his
faculties and Ids opportunities; and Amorica will retain its greatness only
so long as it rotains and socks to realizo thoso ideals. N o man ought to
suffer injustice in America, no man ought, in America, to fail to seo tho
dictates of humanity.
M r. Gompcrs spoko just now, and I daro say truthfully, as if it woro
somowhat a matter o f surpriso that tho Prosidont o f tho Unitod Statos
F. I. K E N T
ON
FALLACY
OF
A N T I-D U M P IN G
PRO
POSALS.
In making foreign loans we have in effect been loaning goods for other
goods to be returned when opportunity makes possible, and if we would :
sell to tho world, we must buy from the world, or the world cannot trade
with us. In extending our commerce we must realize that the world!s?,.
markets are ours only so long as our market is theirs. It is right that wq
should work for the world’s trade with all our energy on the broad basis o f ,
reciprocity,^ but if wo hope to build our trade through crippling our .best,
customers, it is only a question of time when wo will find that we have made
a serious mistake. Wo should take great satisfaction in seeing the trade
o f Great Britain, France, Germany and other countries grow, and their .
wealth increase, for it means ability to buy from us, and will represent.
Increased prosperity in every land.
If, on the other hand, our competition is unfair, and at the same time
we are building up our own trade we are trying to destroy that o f our neigh
bors, our proseprlty will be temporary and false.
I f wo develop our resources and our talents to the uttermost, and make
merit the foundation o f our salesmanship, we will help key up tho whole .
world to better and better forms o f production, and each will have to depend
for its trade upon its excellence in the things that it is best fitted to produce,
and we will bo working toward the greatest economy o f production possi- ,
ble, which will mean the largest return to humanity in the convenience and,
luxuries o f life, and the opportunity to enjoy them.
An attitude o f money swaggering and contemptuous superiority can
only stir up envy and hatred and our natural resources are so great that
those less fortunate aro apt to desire our fall without any provocation on .
our part. As man is still constituted, the strengthening of our commercial .
position Is certain to develop friction, and if we continue large in words '
and small in our physical power, we can bo certain that we will meet with .
disaster. Even though wo win in the ond, if wo are caught unawares, the
destruction we must endure may exceed that o f the warring nations of to
day.
.
,
M r . Kent, in addressing the Minnesota convention, also
had something to say regarding the menace to the country
from both within and without; the abuse of the public forum ,
he characterized as our greatest menace from within, and his
observations on this point follow:
We allow tho dishonest and self-seeking, on the plea o f the right to free- .
dom of speech, to breed distrust, envy and hatred in the minds o f the people
Have not thoso who read and listen the same right to demand truth as .’
those wno write and speak to demand free speech? It is because o f our •
fear o f autocracy that we have neglected to analyze the real meaning of .
freedom o f speech, but in so doing we have overlooked the fact that the a u - ,
tocracy o f the mob is the most dangerous form of the abuse o f the power of
might. Does not freedom o f speech actually mean the right to express .
one’s opinion based on fact, and is there, or can there be, apy justice or right,;
or even necessity, under our Constitution In allowing the demagogue or
the ignorant to use false statement on which to base argument for discredit
ing, from the public forum, certain o f our people or our customs? The
writer or speaker who is allowed by the people to express his opinions...
from the public forum should bo held to as strict accountability In his state-,
ment o f fact, upon which his logic is based, as is true in the case o f the public
statements of corporations or banks.
.
The public can discover false logic, whereas it Is only the exceptional
individual who can check up false statement. The result is that good logic
based on misrepresentation is injurious to tho people, and leads them far
from truth and toward anarchy, and much o f the discontent o f the present
day can be traced directly to dishonest teaching.
Some day the public forum will not be open to those who abuse it, and
tho people will demand truth o f those who would teach them, but
whether it comes before a period of chaos has developed depends upon our
willingness to meet the problem face to face, and then upon our courage
to fight for that which wo know to be right.
We require men who would care for our dollars to take a charter from the
Stato, and we appoint other mon to examino their acts for the protection of
tho public, but ho who would take our conscience into his keeping is allowed .
to steal our contentment at will, either to further his own base purposes or
because ho is personally Ignorant or unfit. Is one so much less valuable
than the other? Can dollars buy happiness while discontent lasts? I t
would seem as though the charters might better be required o f those
who would uso our public forum for the purpose of forming our public opin
Ion, and If proper examiners wero appointed, not to object to opinions but
merely to check the statements o f fact upon which they were based, it is
Just possible that our dollars would be safer, and that our people might
get visions o f real happiness.
.
.
It is worth thinking over, and also this— who could bo injured, and who
could honestly object, if tho people should some day awaken, and while
according freedom of speech, demand truth of all who would use the public
forum— Congressmen, legislators, politicians, agitators, reformers, and all
who speak or write for the public? It|sounds almost like the millennium .which ,
only goes to show how far away wo are from the control o f our public
opinion.
We aro building a fool’s paradise, and every class is being played against
overy other class—farmer, laborer, middleman and employer— to the detri
ment of all and the happiness of none.
From the outside the menace is just as great, but it may be, as has hap
pened before many times in history, that the external danger will ultimately
solve tho internal problem.
On the approach of the United States to a premier posi
tion in a world of trade and commerce, M r . Kent had the
following to say:
The United Statos produces a trifle over one-fifth of tho gold mined each
year, and over one-quarter of all the silver. Its foreign trade is second only
10 0
THE CHRONICLE
to that o f Groat Britain. Growing 70% o f tho world's cotton, it supplies
to other nations about a half-billion dollars’ worth of tho raw staplo annually.
From a production o f about 60% of tho world's coppor and nearly 45% of
its pig iron, it furnishes othor countrios with over $100,000,000 worth of
coppor, and two to throo hundred millions in iron and stoel and thoir manufacuros. Although growing throo-quarters of all tho corn, it exports com
paratively littlo, but from ono-quartor o f tho world's supply of wheat it
ships groat quantities, and also many barrels of flour made from it.
Over
one-third of all tobacco is grown in this country, and a littlo larger propor
tion of tho world's production of coal is mined hero, and they aro oxportod
in largo amounts. Noarly threo-quarters o f tho oil comos from tho Unitod
Statos, and it is shipped to almost ovory country on tho globe, tho total
valuo o f refined and mineral oil exported boing in oxcoss of ono hundred
million dollars.
Othor groat valuos in exports aro ropresontod in shipments o f meat and
dairy products, hidos and loathor goods, and in miscellaneous manufac
tures.
Our 250,000 miles o f railway, which is a miloago approached by no othor
country in tho world, onablos us to carry theso vast productions to our
ports with spood and certainty, whoro the ships o f othor nations pick them
up and carry them to foreign countries.
i f wo would receivo payment in gold for those commodities it would
take many times tho annual production of tho world to settle tho exports
o f a singlo year. In round figures, $350,080,000 in gold is mined outside
o f tho territory of tho Unitod States each year. If payment wero confined
to gold, therefore, our total exports would bo limited to $350,000,000
annually, providod all tho gold mined in tho rost of tho world could bo
Bpared to this country. Such use o f gold would destroy its valuo, and it
would bocomo ontiroly useless as a rosorvo upon which to baso credit. Wo
*'ould oxport only about ono-oighth o f our annual total, if wo roceivod in
Payment all tho gold produced in the world. As under present monotary
“ ystoms tho othor nations requiro a largo proportion of tho gold produced,
if wo depended upon paymont in gold for our oxports our foroign trade
would practically disappear.
What, then is it that wo receivo for our oxports that causes tho groat
dosiro to incroaso their total that is boing oxprassod throughout the length
and broadth of tho United Statos to-day? What wo want in return is
nothing moro nor loss than tho goods o f othor nations, and increasing our
oxports onablos this country as a wholo to import from all parts of tho world
thoso thing which aro not among tho rosourcos o f our pooplo, or that may
bo hotter or choaper made because of tho differences in tho temperamont
and customs of thoso of other nations, or tho special developments pe
culiar to thorn.
Among thoso things not found, or impossible to obtain, in tho United
Statos in sufficient quantities to servo tho needs o f our peoplo aro many of
tho gums and roots and chomicals of various kinds, imports o f which total
nearly ono hundred million dollars—cocoa and chocolate, which is imported
to tho valuo o f about twonty million dollars. Wo Import ovor ono hundred
million dollars' worth o f coffoo oach yoar, and noarly twonty million dollars’
worth o f tea. Itubbor is another commodity that cannot bo produced in
this country, and our imports run close to one hundred million dollars
annually. Wo buy from other countries over ono hundred million dollars
o f silk and its manufactures, and while wo grow a small amount of cano
sugar in our Southern States, yot our imports of such sugar oxceod ono
hundrod million dollars. Fruits and nuts of tho kinds that do not grow
in tho United States to any oxtont aro imported in totals running close to
fifty million dollars.
Many of these articles roquiro for their production tho climato and con
ditions o f tho torrid zono, and como from countries either in that zono or
noar it. It might bo of intorost hero to rocall tho homo o f somo o f thoso
products. Our cocoa, for instance, comes from tho West Indies, Santo
Domingo, Brazil and Ecuador; coffee, from Brazil, Colombia and Central
Amorica; rubber, from Brazil, tho East Indies, Mexico, Contral America
and tho Straits Sottlemonts; cane sugar, from Cuba, Porto Rico and tho
Philippines; fruits and nuts, from Central Amorica and Brazil.
Among othor commodities that are not raised or found in this country
to any oxtont wo obtain toa from Japan and China: silk from Japan and
Italy; spicos from tho Indies; fibres, such as manila, juto and sisal grass,
which como from tho Philippines, India and Mexico rospoctively, and which
aro importod in tho raw and manufactured stato in totals averaging closo to
sovonty-fivo million dollars annually; precious stonos from Africa, Brazil,
India, Colombia, Coylon, Burmah; tin from tho Straits Settlements and
Groat Britain; tobacco from Cuba and Turkey, and wool from Now Zealand
and Australia, Uruguay and Argentina.
Many vf thoso commodities do not reach us direct, but aro imported from
tho country o f production to tho European countries, principally Great
Britain, where thoy aro propared for tho market, or actually manufactured,
and shipped to us.
In tho light of theso facts it is not difficult to seo why wo dosiro to incroaso
our exports, for it moans that wo aro ablo to obtain from the rest of tho
world many things necessary for our comfort and convenience. It also rep
resents an exchango of labor for labor, oach boing applied in its own country
to tho production of thoso things most natural to it.
A tariff is placed upon imports for protection and for rovonuo by many
o f tho countries o f tho world. When for protection it is to onablo homo labor
to supply its own markot, and in this country to allow tho laborer in a pro
tected Industry to obtain a wago that will make it possiblo for him to live
in tho manner of our peoplo.
Whpn tariff for protection is carried to tho oxtont that onablos tho dovolopmont o f an industry in ono country to tho exclusion o f tho articlo
producod from anothor country, whoro all tho natural conditions favor its
production, it moans an oconoinic waste, but as tho density of population
increases in tho moro recently discovered countries, necessity will gradually
oliminato such tariffs.
When tho tariff protection is requirod only bocauso of a difforonco in the
character o f labor, tho waste is Jiot as ovident, and in a country such as tho
United Statos it has unquestionably made possiblo tho employment of a
great part of our peoplo. As tlmo goes on tho tendency will bo to lower
such tariffs, for tho groat increase in tho world’s trade in recent years,
that will unquestionably receive a tremendous impetus after tho present
war has run its courso, will gradually work to level world conditions. Such
tariff, however, will probably bo legitimate for many years to como,
scientifically applied.
[Vol. 103
The production is larger, the profits are greater and tho workmen aro
receiving higher wages.
Tho unfilled orders for tho various products of tho subsidiary companies
of tho corporation aggregate near ten million tons, and about six million
tons of this total have already been specified for actual delivery. Besides
tho presont daily bookings are about 80% of full producing capacity, and
would oxcoed such capacity except for tho fact that tho accumulated orders
and specifications necessarily too long delay deliveries on account of now
ordors. Wo aro producing at tho rate of 51,000 or 52,000 tons per day.
Tho earnings for tho current quarter will not bo made up until tho day
tho figures aro given to tho public, but it seoms apparent thoy will be in
excess of tho earnings for the last quarter.
Discussion of tho causes for these results or the duration of these con
ditions might not bo useful at this time. Let us hope that nothing un
necessary will bo dono or anything necessary be loft undone to interforo
with tho great business prosperity tho country is now enjoying.
Tliero have been somo labor troubles in localities, and othors aro threat
ened. I hopo and believe tho atmosphere in this respect will soon bo
cleared, for thero is little, if any, real ground for complaint on tho part of
employers or employees. Tho men connected with our companies gen
erally seem to be contented. We have striven to doservo their confidence
$9,000,000 P O S T A L
IN A U G U R A T IO N
S A V IN G S
BONDS
OF PO STAL
IS S U E D
S A V IN G S
S IN C E
SYSTEM .
According to a statement issued this week by tho Division
of Postal Savings of the Post Offico Department at W ash
ington, tho semi-annual postal savings bond issuo of July 1
amounts to $906,700— $68,220 coupon and $838,480 regis
tered. Theso Unitod States 2 ^ 6 % bonds aro givon to
postal savings depositors at thoir request in oxchango for
postal savings deposits. Tho total valuo of tho olovon issues
of postal savings bonds since tho beginning of tho sorvico
is $9,151,800, of which $1,558,500 havo boon purchased
from the public by the Board of Trustees of tho Postal
Savings System.
PROPOSED
T IO N S
L E G IS L A T IO N
P E R M IT T IN G
FOR D E V E L O P M E N T O F E X P O R T
C O M B IN A
TRADE.
A bill designed to permit American manufacturers to
enter into combination for tho promotion of export trade
was introduced by Representative W ebb, Chairman of tho
Judiciary Committee of the House, on June 28. The text
of tho bill is as follows:
THAN
That tho words "export trade” wherover used in this act moan solely
trade or commerce in goods, wares, or merchandise exported, or in tho
courso o f boing exported from tho United Statos or any territory thoroof
to any foroign nation; but tho words "export trado” shall not bo doomed
to includo tho production or manufacture of such goods, wares or merchan
dise or any act in tho courso of production or manufacture.
That tho words “ trado within the United States” wherover used in this
act moan trado or commerce among tho several Statos or in any territory
of tho United States or of tno District of Columbia, or between any such
territory and another or between any such territory or territories and any
Stato or States or tho District of Columbia or bet ween tho District of Colum
bia and any Stato or States.
That the word "association” wherever used in this act moans any cor
poration or combination by contract or otherwise of two or moro persons.
Sec. 2. That nothing contained in tho act entitled “ An act to protect
trado and commerce against unlawful restraints and monopolies,” ap
proved July 2 1890, shall be construed as declaring to bo illegal an asso
ciation entered into for tho sole purposo of engaging in export trade and
actually engaged solely in such trade or an agreomont mado or act dono
in tho courso of oxport trade by such association provided such agreement
or act is not in restraint of trade within the United States.
Sec. 3. That nothing contained in Section 7 o f tho Act entitled “ An
Act to supplement existing laws against unlawful restraints and monop
olies and for other purposes," approved Oct. 15 1914, shall bo construed
to forbid tho acquisition or ownership by any corporation of the wholo or
any part of tho stock or other capital of any corporation organized solely
for tho purposo of engaging in expor trado and actually engaged sololy
in such export trade.
Sec. 4. That the word ‘ un air metho s of competition” wherover
used in the Act entitled ‘ An Act to creatp a Fedoral Trado Commission,
to define its powers and duties, and for 4/1her purposes," approved Sept. 26
1914, shall bo construed as extending to unfair methods of competition
used in export trado. °ven though tj}° acts constituting such unfair methods
aro done without tho territorial jurisdiction of tho United Statos.
Sec. 5. That every association now engaKod sololy In export trade,
within sixty days after th° Passage of this Act, and every association
entered into hereafter for t“ w solo purposo of engaging in export trado,
within thirty days after its creation, shall file with tho Federal Trado
Commission a written statement setting forth tho location of its offices
or places of business, and tho names and addresses of all Its officors and
of all Its stockholders or members, and if a corporation, a copy of its cer
tificate of articles of incorporation and by-laws, and if unincorporated, a
copy of its articles or contract of association. Any association which
shall fail so to do shall not havo the benefit of tho provisions of section 2
and section 3 of this Act and it shall also forfeit to tho United Statos tho
sum of $100 for each and every day of tho continuance of such failuro,
which forfeiture shall bo payable into tho Treasury of tho United States
and shall bo recoverable in a civil suit in tho name of tho United States
brought in the district whero the association has its principal offico or in
any district in which it shall do business. It shall bo tho duty of tho
various district attornoys under tho direction of tho Attorney General of
tho United Statos, to prosecute for tho recovery of tho forfeiture. Tho
costs and oxpenses of such prosecution shall bo paid out of the appropria
tion for tho expenses of tho courts of tho United Statos.
.
.
EVER.
Elbort II. Gary, Chairman of tho Board of tho United
Statos Stool Corporation, in a statemont given out on tho
ovO of his departure on Monday for Vancouver, B. C .,
whoneo ho will sail for the.Oriont on tho 13th, doclarod that
“ tho stool business in tho Unitod States for domestic use
arid’ for exportTs bettor than over bofore.” Ho addod:
’
James G . Cannon, ono of tho most prominent bankers of
tho city, and for moro than twonty years an officer of tho
Fourth National Bank, died at his homo at Golden Bridge,
N . Y . , on tho 5th inst. W hile ho had boon ill for sovoral
weeks, the fact that his condition was serious was not gon-
E.
II. G A R Y
F IN D S
S T E E L B U S IN E S S B E T T E R
DEATH
OF J A M E S G. C A N N O N .
July 8 1916.]
THE CHRONICLE
10 L
e ra lly k n o w n a n d n ew s o f his d e a th c a m e u n e x p e c te d ly to
S e c re ta ry o f th e T r e a s u r y u p o n s to c k su b sc rip tio n s to a n y
tho
F e d e ra l lan d b a n k u n til a p p lic a tio n s fo r lo a n s h a d b e e n re
b a n k in g
d is tr ic t.
M r.
C annon
began
h is
b a n k in g
career in 1 8 7 6 a t tho ago o f eigh tee n w h e n he on tered tho
c e iv e d fr o m a t le a s t te n n a tio n a l fa r m lo a n a s s o c ia tio n s .
F ifth A v e n u e B a n k o f th is c ity as a m e sse n g e r.
S e n a to a c c e p te d th e H o u s o p ro v isio n th a t a t le a st 2 5 %
I n 1 8 8 1 lie
w as m a d e C a sh ie r o f tho b a n k , a n d c o n tin u e d in th a t c a p a c ity
u n til
1890,
b e c o m in g
F o u r th N a t io n a l.
at
th a t
tim o
V ic e -P r e s id e n t o f
tho
A f t e r se rv in g in th a t o ffico fo r tw e n ty
Tho
of
th a t p a r t o f th o c a p ita l o f a n y F e d e ra l la n d b a n k fo r w h ich
s to c k is o u ts ta n d in g in th e n a m e o f th e n a tio n a l fa r m lo a n
a s s o c ia tio n s sh all bo h e ld in q u ic k a s s o ts .
T h e H o u so a c
y e a r s , M r . C a n n o n su cceed ed th e lato J . E d w a r d S im m o n s
c e p te d th e S e n a to p ro v isio n m a k in g la n d b a n k s , w h e n d esig
in
C annon
n a te d fo r th a t p u rp o se b y th o S e c re ta ry o f th e T r e a s u r y ,
re m a in e d as h ead o f th o F o u r th u n til th o m e rg e r o f th a t
d ep ositarie s o f p u b lic m o n e y a n d p e r m ittin g said la n d b a n k s
th e
p re sid en c y
of
tho
F o u r th
in
1910.
M r.
in stitu tio n w ith th e M e c h a n ic s & M e t a ls N a t io n a l B a n k in
to a c t as fin a n c ia l a g e n ts o f th e G o v e r n m e n t , b u t p e r m ittin g
1914.
n o G o v e r n m e n t fu n d s so d e p o site d to b e in v e s te d in m o r t
M r . C a n n o n w as bo rn in D e lh i, N . Y . , fift y -e ig h t
y e a rs a g o .
H e h a d b een a le a d in g sp irit in a d v a n c in g th e
g a g e lo a n s or fa r m lo a n b o n d s
T h o S e n a te a c c e p te d th o
w o rk o f th e N o w Y o r k C le a rin g H o u s e a n d th e N e w Y o r k
H o u s e p ro v is io n t h a t § 1 0 0 sh all b e th e m in im u m
C h a m b e r o f C o m m e r c e , a n d w as on o o f th e o rga n izers an d
fo r m o rtg a g e
P re sid e n t o f th o N a tio n a l A s s o c ia tio n o f C r e d it M e n .
v is io n th a t th o s u b sc rip tio n to th o s to c k o f a n a s so c ia tio n
IIo
lo a n s .
am ount
T h o S e n a te a g re e d to th o H o u s e p ro
h a d a lso se rv ed as P re sid e n t o f th e N e w Y o r k S ta t e B a n k e r s ’
b y a b o rrow er need n o t b e p a id in ca sh a t th e tim e o f m a k in g
A s s o c ia tio n , a n d w as w ell k n ow n as th o a u th o r o f w o rk s on
a p p lic a t io n , b u t m a y a t th o o p tio n o f th e b o rrow er b e m a d e
b a n k in g a n d a trea tiso w ritte n b y h im on “ C le a rin g H o u s e s ”
a p a r t o f th o fa ce o f his m o r tg a g e lo a n .
is a c k n o w le d g e d as a s ta n d a rd p u b lic a tio n on th e s u b je c t.
n o ca se s h o u ld th e c a p ita l s to c k o f a F e d e ra l la n d b a n k bo
I t w as ag re e d th a t in
M r . C a n n o n h e ld th e p o sitio n o f V ic e -P r e sid e n t a n d m e m b e r
re d u c e d to a n a m o u n t less th a n 5 %
o f tho E x e c u tiv e C o m m itt e e o f tho N o w Y o r k C h a m b e r o f
o u ts ta n d in g fa rm lo a n b o n d s issu e d b y i t .
C o m m e r c e a t tho tim e o f his d e a th ; ho h a d fo r m e r ly se rv e d
to th e S e n a te p ro v isio n r c la tiv o to th o issu in g o f c e rtific a te s
o n tho C h a m b e r ’ s c o m m itte e o n n a tio n a l b a n k r u p tc y la w ,
a g a in s t d e p o s its a m e n d e d so a s to p e r m it th e issu in g o f cer
o f th e p rin c ip a l o f th o
T h e H o u s e a g re e d
a n d w as m a d e c h a irm a n o f tho c o m m itte e o n fin a n c e a n d
tific a te s a g a in s t d e p o s it o f cu rre n t fu n d s
cu r re n c y in 1 9 0 8 ; in th a t c a p a c ity ho su b m itte d a re p o r t on
n o t to exce e d 4 %
th e c u rre n cy leg isla tio n p en d in g in C o n g re ss.
b on d s.
M r . C annon
b e arin g in terest
p er a n n u m a n d c o n v e r tib le in to fa rm loan
T h e S e n a te ag re e d to th o H o u s e p ro v isio n rc la tiv o
assiste d in th e re o rg a n iza tio n o f th e c i t y ’s fin a n c es b y his
to th o m o r tg a g e a g r e e m e n t p ro v id in g fo r th e r e p a y m e n t o f
re p orts on tlu; d e b t lim it , a c c o u n tin g sy s te m a n d resou rces
th e lo a n o n th e a m o r tiz a tio n p la n .
an d
cred it
of
tho
M r.
C a n n o n a t th e
tim e
th e
F if th
Bank;
Avenue
th o M e tr o p o lita n
th e
G u a ra n te e
C a s u a lty
c it y .
Am ong
of
T ru st
th e
of
woro
F id e lity
of
th e
S a v in g s
of
D ir e c to rs
M a n s v i lle C o m p a n y ; P re sid en t o f
of
tho
H ahnem ann
H o s p ita l;
tho
tho
T h o H o u s e a c c e p te d th o S o n a to p ro v is io n th a t no lo a n sh a ll
Bank;
exce e d 5 0 %
U.
S e n a te a c c e p te d
S.
S im m o n s
B a n k ; C h a ir
H.
B oard
a tru ste e
U n iv e r s ity ; V ic e -P re sid e n t a n d a
C om pany;
A s s o c ia te d
of
B oard
fr o m a m in im u m o f fiv e y e a r s to a m a x im u m o f fo r t y y e a r s .
A m e r ic a ; tho
H a rd w a re C o m p a n ie s: th o F ra n k lin
tho
I t w as a g re e d th a t th o p eriod o f m o rtg a g e s sh o u ld ru n
of
S e c u rity
m an
of
by
d ire cto r
T ru st
tho
N o rth
tru stee
p o sitio n s h e ld
d e a th
C om pany;
Com pany
C om pany;
his
tho
of
W . Joh n s-
of
T r u s te e s
N ew
Y ork
D ir e c to r o f th o P a c k a r d
th e 5 0 %
lo a n ed
o f th e v a lu e o f th o la n d m o r tg a g e d , a n d th e
th e
H ou so
w h ich m a y
20%
of
p ro v isio n
bo lo a n e d o n
th o v a lu o
of
p r o v e m e n ts on said la n d .
th o
th a t in a d d itio n
th o la n d
p e r m a n e n t,
in su red
p ro v isio n re la tiv e to th o d e p o s it o f securities a n d cu rre n t
fu n d s
of
F e d e ra l la n d
th o F e d e ra l
R e se rv o
banks
w ith
system ,
tho
m em ber
e lim in a tin g
th e
banks
S e n a to
C o m m e r c ia l S c h o o l, an d T re a su r e r a n d a D ir e c to r o f W o o d -
v is io n fo r su ch d ep o sits w ith F e d e ra l R e s e r v e b a n k s .
H ou so
of C o m m erce
w as close d y o te r d a y
(F ri
im
T h o S e n a te a c c e p te d th e H o u s e
law n C e m e te r y .
T h o C ham ber
to
there m a y b e
a c c e p te d
th e
S e n a te
lan d b a n k s to b o rrow
p ro v isio n
m oney.
p e r m ittin g
of
p ro
The
F e d e ra l
T h o H o u s e a g re e d to
th o
d a y ) a fte rn o o n o u t o f ro sp ect to th o m e m o r y o f M r . C a n n o n .
S e n a to p ro v is io n re la tiv e to tho a m o u n t o f fa r m lo a n b o n d s
T h o fu n eral services w oro a tte n d e d b y a d ele ration fr o m th o
w h ich
a
Cham ber
w o rd s
“ and
c o n sistin g
of
E.
H.
O u to r b rid g e ,
C h a rle s
T.
G W y n n e , C o rn e liu s N . B liss J r ., J o h n C la flin , J o h n F r a n k lin
C r o w e ll, T . D o W i t t C u y le r , S a m u e l W . F a ir c h ild , F ra n k A .
F e rris, S c o t t F o s te r , A lg e r n o n S . F risso ll, I lo n r y I t . I c k e l-
F e d e ra l
la n d
s u r p lu s ,”
bank
so
m ay
th a t a
issu e
by
th e
m ay
B o t h th e S en a to a n d IIo u s o b ills a u th o r iz e d th e c r e a tio n
o f jo in t -s to c k la n d b a n k s , fo r c a rry in g o n
H.
le n d in g o n fa rm m o rtg a g e s e c u rity a n d
S herer an d H o w a rd C . S m ith .
bank
issue b o n d s to a n a m o u n t e q u a l to tw e n ty tim e s its c a p ita l
a n d su rp lu s.
h eiin e r, A u g u s tu s D . J u illia n l, T . F r a n k M a n v i llo , W illia m
P o r te r , W e ld in g R in g , J o h n D . R o c k e fe lle r J r ., W illia m
a c c e p tin g
F e d e ra l la n d
th o bu sin e ss o f
issu in g
fa r m
b o n d s , w ith a p a id -u p c a p ita l o f a t le a s t § 2 5 0 ,0 0 0 .
lo a n
Tho
H o u s o a c c e p te d th e S e n a te p ro v isio n p e r m ittin g jo in t -s t o c k
CONFERENCE REPORT ON RURAL CREDITS AGREED
TO BY HOUSE AND SENATE.
b a n k s to b e g in b u sin e ss a fte r o n e -h a lf o f th o su b sc rib e d c a p i
ta l h a d b e e n p aid in , b u t p ro h ib itin g th o issue o f a n y b o n d s
u n til th o e n tire c a p ita l sh all h a v e b e e n p a id in , a n d th o S e n a to
T h o con fe re n ce re p o rt on th o ru ra l cred its bill o r F od oral
agreed to strik o o u t its p ro v isio n re q u irin g a c a p ita l o f $ 5 0 0 ,
fa rm lo a n bill w a s a p p ro v e d b y tho H o u s e o n J u n e 2 7 an d
b y th o S e n a to o n tho fo llo w in g d a y .
T h o H o llis fa rm loan
0 0 0 in jo in t -s to c k b a n k s e sta b lish e d in S ta te s h a v in g p op u
bill p assed tho S on ato o n M a y 4 , w h ile tho H o u s e ru ral crod it
bill w as passed o n M a y 1 5 .
A n a g re e m e n t w as re a ch e d b y
H o u s e p ro v isio n th a t th o m a x im u m ra to o f 5 %
p e r m itte d
th o co n fe re e s o n J u n o 1 1 .
issu e d b y jo in t -s to c k b a n k s .
T h o p u rp oso o f th o b ill a s so t
la tio n s
exce e d in g
o n fa rm
2 ,0 0 0 ,0 0 0 .
loa n
Tho
S o n a to
y iold o d
to
th o
per an n u m
b o n d s sh a ll also a p p ly
to
bonds
I t w a s a g re e d th a t j o in t -s t o c k
o u t in th o title , is “ to p ro v id o c a p ita l fo r a g ric u ltu ra l d e
la n d b a n k s bo p e r m itte d to m a k e lo a n s in on o o th e r c o n tig u
v e lo p m e n t, to creato a sta n d a rd fo r m o f in v e s tm e n t based
o u s S ta t o .
u p o n fa r m m o r tg a g e , to e q u a lize ra tes o f in torest u p o n fa rm
a m o r tiz a tio n a n d o th e r p a y m e n ts h e ld as co lla te ra l s e c u rity
T h o H o u s o a c c e p te d th o S on a to p ro v isio n t h a t .
lo a n s , to fu rn ish a m a r k e t fo r U n ite d S ta te s b o n d s , to p ro
for th o issu e o f fa rm lo a n b o n d s shall c o n s titu te a tr u s t fu n d
v id o fo r th o in v e stm e n t o f p o sta l sa v in g s d e p o sits, to creato
in th e h a n d s o f th o F e d e ra l la n d b a n k o r j o in t -s t o c k la n d b a n k
G o v e r n m e n t dep ositarie s a n d fin an c ial a g o n ts fo r th o U n it e d
re ce iv in g th o s a m e .
S ta t e s a n d for o th e r p u r p o s e s .”
o f th o H o u s o p ro v isio n r c la tiv o to th e lim ita tio n o f th o p o w e r
F e d e ra l la n d b a n k s.
T h o bill p ro v id e s fo r tw e lv e
T h e S e n a te ag reed to th o IIo u s o p ro
v iso w ith h o ld in g a u th o r ity to tho F e d e ra l F a r m L o a n B o a r d
t o increaso tho n u m b e r .
T h e S e n a te a g re e d to a n a m e n d e d fo r m
o f th e F e d e ra l F a r m L o a n B o a r d to d eclaro
n a tio n a l fa rm
lo a n a s s o c ia tio n s in s o lv e n t w h e r e b y th o p ro v isio n a s agreed
T h o IIo u so a c c e p te d th o S on ato
u p o n s ta te s th a t n o a s s o c ia tio n sh all bo d ec la re d in s o lv e n t
p ro v is io n fo r a F e d e ra l F a r m L o a n B o a r d co n sistin g o f five
u n til th o to ta l a m o u n t o f d e fa u lts sh all a m o u n t t o a t le a st
m e m b e r s , th o S ec ro ta ry o f tho T re a su r y o x -o ffic io , a n d fo u r
$ 1 5 0 ,0 0 0 in th o F e d e ra l la n d b a n k d is tr ic t, u n le ss said a s s o
otlio r m e m b e rs w h o se a n n u a l sala ry shall b e § 1 0 ,0 0 0 e a c h -
c ia tio n sh a ll h a v e b een in d e fa u lt fo r a p eriod o f tw o y e a r s .
Tho
I t w a s a g re e d th a t th e reserv es o f la n d b a n k s sh all bo in
S on a to agreed
to
th o
IIo u so
p ro v isio n
w h ereb y
tho
m in im u m ca p ita l w hich is requ ired boforo a F od oral la n d b a n k
v e s te d a c c o rd in g to ru les a n d r e g u la tio n s p rescribed b y th e
is e s ta b lish e d , an d w h ich m a y bo su b sc rib e d fo r in fu ll b y
F arm L oan B oard .
th o G o v e r n m e n t , sh all bo § 7 5 0 ,0 0 0 .
I t w as agrood t h a t tho
G o v e r n m e n t sh o u ld su b scrib e fo r a n y p o r tio n o f su ch u n -
Tho
H ou so
a g re e d
to
th e
S e n a to
p ro v isio n
r e la tiv o
to
reservo a n d d iv id e n d s o f fa r m lo a n a sso c ia tio n s w ith a m e n d
su b sc rib o d s to c k a s is n e cessary to p ro v id e th o m in im u m
m e n ts re d u cin g th o a m o u n t re q u ire d to b o carried to re se rv e
c a p ita l o f § 7 5 0 ,0 0 0 in a n y F e d e ra l k in d b a n k a fte r th irty
fro m 2 5 % to 1 0 % u n til said re se rv e oq u als 2 0 % o f th o o u t
d a y s s u b s e q u e n t to th o op e n in g o f th o su b sc rip tio n b o o k s
s ta n d in g c a p ita l s to c k , a n d b y r e d u c in g th e a m o u n t th ere
in ste a d o f n in e ty d a y s .
p ro v isio n
w h e re b y
no
T h e H o u s o ag re e d to strik o o u t its
paym ent
sh o u ld
bo
m ado
by
tho
a fte r carried to reserv e fr o m 5 %
to 2 % .
T h o S o n a to a c
c e p te d th o H o u s e p ro v isio n th a t jo in t -s t o c k b o n d s sh a ll b o
a
THE CHRONICLE
1 0 3
la w fu l in v e s t m e n t fo r fid u c ia r y a n d
tr u st fu n d s a n d m a y
b o a c c e p te d as se c u rity fo r a ll p u b lic d e p o s its .
T h e S o n a to
a g re e d to th e H o u s e p ro v isio n r e la tiv e to th e in v e s t m e n t b y
.F e d e r a l R e s e r v e b a n k s
in f a r m
lo a n
The
to
re p o r ts ,
S e c r e ta r y
D a n ie ls
w ill
soo n
act
fa v o r a b ly u p o n a r e c o m m e n d a tio n o f th e G e n e ra l B o a r d o f the
N avy,
th a t
h e ro a fte r,
in
th o c o n s tr u c tio n
of
b a ttle s h ip s ,
S e n a to
b e g in n in g w ith th o T e n n e sse e a n d C a lifo r n ia , a u th o rize d la s t
ag re e d to strik e o u t its p ro v isio n re la tiv e to a c c e p ta n c e s a n d
y e a r , th e m a in a r m a m e n t sh all in clu d e 1 6 -in c h g u n s in p la ce
to d isc o u n t o f a c c e p ta n c e s a n d d iroct o b lig a tio n s o f F e d e ra l
o f th e 1 4 -in c h rifles h e re to fo re u s e d .
la n d b a n k s b y F e d e ra l R e se r v e b a n k s .
bon ds.
A c c o r d in g
[Vol . 103.
T h o S o n a to ag re e d
to strik e o u t its p ro v isio n fo r th e in v e s tm e n t o f p o s ta l s a v in g s
d e p o sits in fa r m lo a n b o n d s .
and
re g u la tio n s
I t w a s a g re e d th a t u n d e r ru les
p ro m u lg a te d
by
th e
F e d e ra l
fa r m
lo a n
b o a r d n a tio n a l fa r m lo a n a sso cia tio n s m a y c o n s o lid a te .
w a s a lso ag re e d re la tiv e to G o v e r n m e n t d e p o sits
SENATE PASSES RESOLUTION REQUESTING LIGHT
ON ALLIES' TRADE AGREEMENT.
A
re so lu tio n o ffered b y S e n a to r S to n o ca llin g u p o n th e
It
P re s id e n t to s u p p ly th e S en a to w ith a c o p y o f , or in fo r m a tio n
th a t th o
as to th e su b s ta n c e o f , th e trad o a g re e m e n t re c o n tly n e g o
S e c re ta ry o f th o T r e a s u r y m ig h t m a k e su ch d o p o sits in F e d
tia te d
eral
p u rp o s e
la n d
banks
to
an
a g g r e g a te
am ount
not
e x c e e d in g
$ 6 ,0 0 0 ,0 0 0 a t a n y on o tim e .
WILSON
SIGNS
BILL.
T h o con fe re n ce re p o rt o n
fo r
th e
b rin g in g
in to
of
th e
E n te n te
e sta b lish in g
a
P ow ers
b o y c o tt”
w ith
“ tho
a g a in s t
d ec la re d
th oir e n e m ie s
b o th d u rin g a n d a fte r th o Avar, w a s o n J u n o 2 9 p a sse d b y th o
S o n a to .
PRESIDENT
b e tw e e n
M ILIT IA
T h o p u rp ose o f this re so lu tio n is to a s c e r ta in to
w h a t e x to n t, if a n y , th e in te r e sts o f n e u tra l c o u n tr ie s , espe
cia lly th e U n it e d S ta t e s , w ill b e a ffe c te d b y th e A llie s ’ ag re e
th o H a y
F e d e ra l
TRANSFER
se rv ice
re so lu tio n p r o v id in g
o f N a t io n a l
G u ard
m e n t.
A s w as s ta te d in a ro p ort b y th o B r itis h B o a r d o f
T r a d e Avith re g ard th e reto Avhich Avas issu e d o n J u n e 2 1 a n d
m e m b e r s w a s o n th e 3 r d in s t . sig n ed b y P re sid e n t W i ls o n .
p u b lish e d in ou r issuo o f la s t Aveek (p a go 2 3 1 1 ) , th o ag re e
T h e re p o rt as re c o rd e d in ou r issuo o f la st w oek w as a d o p te d
m e n t b in d s th o A llie s to
b y th o H o u s e a n d S e n a te o n J u n e 2 8 a n d 2 9 , r e s p e c tiv e ly .
e c o n o m ic a g gressio n re su ltin g fro m
“ d efe n d
m o d e o f u n fa ir c o m p e t itio n ,”
TIIE ARM Y APPROPRIATION BILL.
p eriod
T h o A r m y A p p r o p r ia tio n B ill, w ith its to ta l a p p r o p r ia tio n
a u g m e n te d fr o m th o H o u s e ’ s figu ro o f $ 1 8 2 ,0 0 0 ,0 0 0 to $ 3 3 0 ,
5 9 8 ,0 0 0 ,
Avill b o
th eir c o m m e rc o a g a in s t
d u m p in g or a n y o th or
b y fix in g “ b y a g r e e m e n t, a
d u rin g Avhich th o c o m m e rc e o f th o o n o m y PoAvors
s u b m itte d
to
a
sp ecial
tr e a tm e n t
and
tho
goods
orig in a tin g in th e ir c o u n tries w ill bo s u b je c te d to p r o h ib i
a n in crease o f o v e r $ 1 4 8 ,0 0 0 ,0 0 0 , w as o n th o 3 d in s t. tio n s or to a sp ecial re g im e o f a n e ffe c tiv e c h a r a c te r .”
ro p o rted to th e S e n a to b y th o M ili t a r y C o m m it t e e , to w h ich
b o d y it h a d b e e n fo rw a rd e d a fte r its p a ssa ge b y th o H o u s e
on J u n e 2 6 (seo issuo o f la st w e e k , p a g e 2 5 ) .
S o m e o f th o
HOUSE PASSES BILL FOR THE RELIEF OF FAMILIES
OF GUARDSMEN.
large in creases aro m a d e n e ce ssa ry b y th o M o x ic a n s i t u a t i o n ,
a n d are so t o u t a s fo llo w s in th e P h ila d e lp h ia “ L e d g e r ” .
House.
Senate.
Transportation, arm y and National Guard_______ $ 1 2,000 ,000 $ 3 8 ,441 ,504
M ach in ogun s.......................................................................
5 ,600,000
13,311,150
2,2 5 0 ,0 0 0
11,400,000
P ay o f officers. N ational Guard____________________
Pay o f enlisted m en, National Guard_______________
7 ,750,000 23 ,0 0 0 ,0 0 0
Additional pay for foreign service officers and men 1,050,000
8,0 0 0 ,0 0 0
Subsistence, arm y and National Guard____________ 13,000,000 27,37 7 ,0 0 0
Quartermasters’ supplies____________________________
8 ,7 0 0 ,0 0 0
17,071,123
C lo th in g ........................
12,000,000 2 0 ,280,000
Barracks and quarters______________________________
2,7 5 0 ,0 0 0
5,1 7 6 ,2 6 8
M edical departm ent_________________________________
2 ,000,000
4 ,5 0 0 ,0 0 0
Ordnance stores, am m unition_______________________ 4 ,5 0 0 ,0 0 0
12,776,000
1,200,000
3,4 9 4 ,0 0 0
Small arms, target practice_________________________
Ordnance stores and supplies_______________________ 6.0 0 0 ,0 0 0
11,000,000
3 00,000
1,000,000
Armored motor cars_________________________________
Field artillery for National Guard--------------------------8 ,0 0 0 ,0 0 0
14,200,000
Field artillery ammunition. National Guard----------- 8 ,0 0 0 ,0 0 0
14,000,000
Signal servioe_________________________________________
3 ,7 7 5 ,0 0 0
14,827,156
I n c o r p o r a te d in th o b ill is a clau se a u th o r iz in g th e P re sid e n t
“ in tim e o f w a r or w h en w a r is i m m i n e n t ,” to “ ta k e p o sse s
sio n a n d a ssu m e c o n tr o l o f a n y s y s te m or sy s te m s o f tr a n s
p o r ta tio n or a n y p a r t th e r o o f, a n d u tilizo tho sa m o to th e
ex clu sio n as fa r a s m a y bo n e ce ssary o f all traffic th e r e o n , for
th e tran sfe r or tra n sp o r ta tio n
of
tr o o p s,
w a r m a te ria l
e q u ip m e n t, or fo r su ch o th e r p u rp ose s c o n n e c te d w ith
T h o H o u s e o n th o 1st i n s t ., b y a v o to o f 2 9 7 to 2 p asso d
th e H a y B ill a p p ro p r ia tin g $ 2 ,0 0 0 ,0 0 0 for tho relief o f fa m ilie s
or
th o
e m e r g e n c y as m a y b e d e sir e d .”
TIIE NAVAL CONSTRUCTION PROGRAM.
T h o n a v y b u ild in g p ro g ra m as p re sen te d b y th o S e n a to
lik e ly to bo im p o v e r ish e d b e ca u se o f th e ca llin g o u t o f tho
m ilitia .
A n a p p ro p r ia tio n o f $ 1 ,0 0 0 ,0 0 0 fo r th is p u rp o se
Avas
carried in th o H a y re so lu tio n a u th o r iz in g th o P re sid e n t to
d r a ft th o N a t io n a l G u a r d in to F e d e ra l se rv ic e , b u t Avas fin a lly
strick e n o u t , a s n o te d in ou r issuo o f S a tu r d a y la s t , a n d a
s e p a ra te re lie f b ill Avas in tr o d u c e d .
T h e to x t o f th e m e asu re
folloAvs:
T h at tho sura o f $2 ,0 0 0 ,0 0 0 is hereby appropriated, out of any money in
tho Treasury not otherwise appropriated, to bo oxpended under tho direc
tion o f tho Secrotary o f AVar and under such rules and regulations as ho
m ay prescribe, for tho support o f , at a cost of not moro than $50 a m onth, or
so much of said amount as tho Secretary of AVar m ay deem necessary, and
not moro than such enlisted m an lias been contributing m onthly to tho
support o f his fam ily at tho time of his being drafted, tho fam ily o f each
enlisted man o f tho National Guard called or drafted into tho sorvico o f
tho United States until his discharge from such servico, which fam ily during
tho term of servico o f such enlisted man has no other income, excopt tho
pay o f such enlisted m an, adequate for tho support o f said fam ily.
Provided, that tho action o f the Secretary o f AVar in all cases provided
for in this A ct shall be final, and no right to prosecute a suit in tho Court
o f Claims or in any other court of the United States against tho Govern
m ent o f the United States shall accrue to such enlisted m an, or to any
member of tho family of any such enlisted m an, by virtue o f tho passago of
this A c t: Provided, further, that this A ct shall not apply to any such en
listed man called or drafted into tho servico o f tho United Statos who shall
marry after tho 1st day o f July 1916, and tho word “ fam ily” shall includo
only wife, children and dependent mothers.
EXEMPT MARRIED GUARDSMEN FROM SERVICE.
s u b -c o m m itte e o n N a v a l A ff a ir s , a n d u n a n im o u s ly a p p r o v e d
S e c ro ta r y o f W a r B a k e r o n th o 6 t h in s t . issu e d a n ord er to
b y th o fu ll c o m m itte e (seo issuo of la s t w e e k , p a g o 2 5 ) , w as
d e p a r tm e n t c o m m a n d e r s d ire c tin g thorn to d isch a rge m a rried
s u b m itte d to th e S e n a te o n th e 1 st in s t .
g u a rd s m e n Avith d e p e n d e n t fa m ilie s , u n d or c o n d itio n s , h o w -
In its p re se n t fo r m
i t carries a n a p p ro p r ia tio n o f $ 5 8 8 ,1 8 0 ,5 7 6 fo r tho th r e e -y e a r
o v e r , le ft to th e m to d e te r m in e .
p ro gra m ;
Avill n o t m a te r ia lly re d u c e th e s tr e n g th o f th o m ilitia a s th o
$ 3 1 5 ,8 2 6 ,8 4 3 o f th is is to b e e xp on d e d in 1 9 1 7 for
I t is s a id t h a t th is ord er
th e m a in te n a n c e , u p k e e p a n d increase o f th o n a v y .
n u m b e r o f s u c h m e n is c o m p a r a tiv e ly s m a ll.
’
c o m m a n d e r s Avero also a u th o r iz e d o n th o 6 tli in s t . to Avaivo,
S e c re ta ry D a n io ls o n J u ly 1 fo r m a lly a p p ro v e d th o p ro g ra m
D e p a r tm e n t
a s r e c o m m e n d e d b y th e S e n a te N a v a l C o m m itt e o , s a y in g :
in th o ir d is c r e tio n , p h y s ic a l d e fe c ts in th o ca ses o f office rs
It marks a radically now policy in tho enlargement and increase of tho
navy- It is tho first bill that has incorporated a continuing policy in tho
building of fighting ships. In his annual message to Congress last Decem
ber President W ilson placed emphasis upon tho need o f adopting a con
tinuing policy.
a n d e n liste d m e n o f th e N a t io n a l G u a r d .
. S e n a to r S w a n so n o f tho s u b -c o m m itte o said o f th e p la n :
The program for five years proposed by tho General Board is not suffi
cient to bring tho naval force o f the United States to tho position it ought
'to hold among the navios o f the world at an early onough period. The
comrtiittee, therefore, reduced the time to three years, convinced that the
sooner wo got an adequate force tho better, as tho navy m ust always bo
our first lino o f defense, and we have two great coasts to protect.
DEATH OF MRS. HETTY GREEN.
M r s . H e t t y G r e e n , re p u te d to bo th o Avoalthiost Avoman
in
th o
Avorld,
and
acknoAvledged
as
tho
m ost
su ccessfu l
Avoman fin a n c ie r, d ied o n J u ly 3 a t her h o m o in N e w Y o r k .
M r s . G re e n Avas in her o ig h ty -s o c o n d y e a r .
I lo r d e a th Avas
d u e to p a r a ly sis. S h e Avas first strick e n in A p r il, a n d Avhilo
her c o n d itio n Avas th e n re p o r te d as c r itic a l, sh o ra llie d ; she
* M r . S w a n so n also laid stress o n th o n e eo ssity o f raisin g tho
h a d sin ce , hoAvever, su ffered se voral o th or s tr o k o s , th o last
n a v a l m ilitia to a n e q u a l b a sis w ith th o N a t i o n a l ’ G u a r d .
a foAV d a y s b e fo re h e r d e a th .
I f th is is n o t d o n e , ho s a id , “ its e ffic ie n c y w ill bo le sse n e d , as
Avard I I . R . G r e e n , h as fo r soveral y o ars boon in cluirgo o f
m o re in d u c e m e n t w ill bo g iv e n to e n te r tho G u a r d .”
her a ffa irs.
“ Tho
M r s . G r o o n ’s s o n , C o l. E d -
E x c o p t for soveral b o q u o s ts , a g g r o g a tin g $ 2 5 ,
C o m m i t t e e ,” ho w o n t o n , “ re c o m m e n d s leg islation p u tti n g
0 0 0 , her entiro e s ta to , Avhich is v a rio u s ly e s tim a te d a t fro m
t h e N a v a l M i li t i a u p o n a n e q u a lity a n d im p o sin g th o sa m o
$ 8 0 ,0 0 0 ,0 0 0 to $ 1 2 5 ,0 0 0 ,0 0 0 , is b o q u o a th o d to hor c h ild r e n ,
re q u ire m e n ts o f drill a n d se rv ice .
C o l. G r e e n a n d M r s . M a t t h e w A s to r W i lk s .
I ts m e m b o rs aro a lr e a d y
s u b je c t to th o ca ll o f th e P re sid en t in case o f e m e r g e n c y or
Avar, sim ila r to th e G u a r d .”
C o n tr a r y to
th e ge n e ra lly a c c e p te d n o tio n , M r s . G reo n d id n o t s ta r t lifo
p en n ile ss.
H o r fa th e r , E d w a r d M o t t
R o b in s o n , Avas su c
ce ssfu l in th o w h a lin g b u sin ess o f N o w B e d fo r d , M a s s ., an d
July 8 191G.]
THE CHRONICLE
fr o m his e sta te a n d th a t o f a n a u n t slio in h e rite d se ve ra l
m illio n s.
I t w a s , h o w e v e r , th ro u g h her o w n e ffo r ts a n d h e r
103
if su ch m e th o d o f tr a n s p o r ta tio n r e su lts in u n fa ir d isc r im i
n a tio n or in th o u n d u e d e la y o f th e d e liv e r y o f su ch p u b lic a
k ee n fo re sig h te d n e ss th a t her w e a lth in cre ase d th r o u g h in -
tio n a t its d e s t in a t io n ,”
v o s tm o n ts in ra ilro ad an d b a n k sto c k s , & c ., to th o p re se n t
p u b lic a tio n
■dim ensions.
a p p ly to t h e P o s t O ffic e D e p a r tm e n t fo r a n o p p o r tu n it y to
Sh e w as a large m o n o y len d e r, a n d d u rin g re c e n t
p an ics is said to h a v e le n t
a n d in d iv id u a ls.
co n sid era b le to b o th in s titu tio n s
F o r m a n y y e a r s M r s . G r e e n h a d h e r d esk
in th o C h e m ic a l N a tio n a l B a n k , in w h ich she w a s g e n e ra lly
b e h o v ed to bo a largo sto c k h o ld e r .
bo
heard.
so
a lle g e d
W h i le
p r o v id e d t h a t th e o w n e r o f a n y
to
th o
bo
d is c r im in a te d
p ro v is io n
as
a g a in s t
o r ig in a lly
s tip u la te d t h a t th e p u b lis h e r in th e e v e n t
of
sh a ll
ap p ro ved
an
ad v erse
d e c is io n , sh o u ld h a v e th e rig h t w ith in 10 d a y s to a p p e a l to
V ic e -P r e s id e n t T w itc h e d
th o U n it e d S ta te s C o u r t o f A p p e a ls fo r a re v ie w o f th e o r d e r ,
w a s , h o w e v e r, q u o te d th is w ee k as sa y in g th a t “ h e r sh are
th e a m e n d m e n t w a s m o d ifie d o n J u n e 2 9 so as to g iv e th e
h o ld in g s w ere so sm a ll th a t sho co u ld in a n y e v e n t oxerciso
p u b lish e rs 2 0 d a y s to p re p are fo r a h e a r in g .
e m b o d ie s th o fo llo w in g c la u s e :
•only sm a ll in flu en ce fro m h e r o fficia l p o s it io n .”
M r s . G rc o n
h a d re c e n tly m a d e tho S ea b o a rd N a t io n a l, o f w h ic h her s o n
is a d ire c to r, h e r d e p o sita r y b a n k .
Sho h a d largo re a l e s ta te
.and m o r tg a g e h o ld in g s in C h ic a g o , those h o ld in g s b e in g e s ti
m a te d as high as $ 2 0 ,0 0 0 ,0 0 0 .
D e s p ite
her g r e a t w e a lth
T h e p ro v is io n
Tho jurisdiction o f the Circuit Court o f Appeals o f the United States to
affirm, set aside or m odify such order o f the Post Office Department shall
be exclusive. Such proceedings in tho Circuit Court o f Appeals shall be
given precedence over other cases pending therein and shall be in every
way expedited.
M r s . G r e e n ’s m o d e o f liv in g a n d dress w as u n o s te n ta t io u s .
O n J u ly 5 th e c o n fe re e s o n th e b ill a g re e d to a n a m e n d
O u t o f re sp ect to her m o m o r y , a ll th o train s o n th o T e x a s
m e n t p r o v id in g t h a t p e n d in g d ec ision o n a n a p p e a l to th e
M id la n d R R . , w h ich sho o w n e d , w ero stille d for fiv o m in u te s
o n W e d n e s d a y , th e d a y o f th o fu n o ra l.
sen d
TWO BILLION DOLLAR TRADE WITH ENGLAND AND
HER POSSESSIONS.
F e d e ra l c o u rts fro m a n o rd er o f th o P o s tm a s te r -G e n e r a l to
m a g a z in e s
by
fr e ig h t
th e
order
s h a ll
be
o p e r a tiv e .
A s p a sse d b y th o S e n a te th e b ill d ire c te d t h a t th e P o s tm a s te r G e n e r a l’s fre ig h t o rd er sh o u ld b e s u s p e n d e d .
S o m o o f th o str ik in g c h a n ge s in in te rn a tio n a l tr a d e b r o u g h t
A n n o u n c e m e n t w a s m a d e o n J u ly 1 o f th o c r e a tio n o f a
a b o u t b y tho w ar aro d e p ic te d in a sp ecial c o m p ila tio n o f
n ow d iv is io n in th e P o s t O ffic e D e p a r tm e n t to b e k n o w n a s
C o m m erce, D e p a rt
th o D iv is io n o f P o s t O ffic e S e r v ic e , w ith e n tire su p e r v isio n
m e n t o f C o m m e r c o , w h ich sh ow s tho d istrib u tio n o f A m e r i
o v o r th o h a n d lin g a n d m o v e m e n t o f th e m a ils in e v e r y c it y
can
a n d to w n o f th e U n it e d S t a t e s .
th o B u r e a u o f
c o m m e rc o
F o r e ig n a n d D o m e s tic
by
n a tio n a l
d o m a in s .
In
s u b m ittin g
tho
s ta tis tic s c o v e rin g th o la st three y e a r s , a s ta te m e n t issu e d
b y th o B u r e a u s a y s :
British territory Is far in the lead both as tho source o f our imports and
as tho market for our exports, having supplied over one-third of tho former
and having taken nearly one-half o f the latter in the calendar year 1915.
Im ports from tho United Kingdom and her colonies increased from 572
million dollars In 1913 to 624 millions in 1915, while exports thereto rose
from 1,120 millions to 1,687 millions. Other sections o f tho world as a
rule show decreased imports in the last two years, but gains in exports
liavo been widely distributed. T o French territory our exports increased
from 160 million to 507 million dollars, and they formed 14% o f the total
in 1915, as against G 'A % in 1913. There were also large gains in exports
to nearly all European countries except G erm any, Belgium and AustriaIIungary. Exports to Germ any fell from 352 million dollars in 1913 to
12 millions last year, and those to Belgium from 64 millions to 23 millions.
In thoso cases where foreign nations liavo colonial possessions our trado
Is largely with the home country, except that wo have a vast commerco
with British colonies and buy considerable raw material from the D utch
East Indies. Thus wo bought from Danish colonies about S300.000 wortli
o f merchandise in 1915 and sold to them a like sum . French colonies
sold to us $2,40 0 ,0 0 0 and bought from us $7,1 0 0 ,0 0 0 . German colonics
show imports into tho United States, $200 ,00 0; exports from tho United
States, $100,000. In the case o f tho Portuguese colonies our imports
were $ 1 ,7 0 0 ,0 0 0 , our exports $3,200 ,0 0 0 ; Italian colonies, imports $100 ,00 0,
exports $200,000; Belgian colonies, imports $100 ,00 0, exports $27,000;
Japanese colonies, Imports $300 ,00 0, exports $1,800 ,0 0 0 ; D utch colonies,
imports $ 1 6,900 ,000 , exports $7,000 ,0 0 0 ; and British colonies, imports
$366 ,0 0 0 ,0 0 0 , exports $495 ,00 0,00 0.
Tho following table shows our trado with national domains during the
last threo years, tho figures Including not only tho trado with each nation
but also tho colonies and dependencies under tho jurisdiction o f each.
T h e c h a n g e w as p ro v id e d
fo r in th o L e g is la t iv e , E x e c u tiv e a n d J u d ic ia l A p p r o p r ia tio n
B ill
ap p roved
in
M ay.
The
n ow
d iv is io n
ab sorbs
th e
d iv isio n s o f c it y d e liv e r y a n d sala rie s a n d a llo w a n c e s a n d
t h a t p a r t o f th e d iv is io n o f m isc e lla n e o u s tr a n s p o r ta tio n
r e la tin g to th e m a il m e s s e n g e r, p n e u m a tic tu b e a n d screen
w agon
s e r v ic e .
Tho
c h a n g e is e x p e c te d
to re su lt in im
p r o v e d m a il s e r v ic e , a s w ell a s in th o e lim in a tio n o f c o n
fu s io n
w h ic h h a d re su lte d
a u t h o r it y
over
re la te d
fro m
th o d iv is io n o f e x e c u tiv e
p o s ta l
fu n c tio n s .
G o o d w in
D.
E lls w o r t h , o f N o r t h C a r o lin a , is in ch a rg e o f th e d iv is io n ,
a ssiste d b y W illia m S . R y a n , o f
o f d iv is io n s a b o lis h e d .
N ew
T h e y w ill
Y ork,
have
fo rm e r
under
heads
th e m
m o re
th a n 1 0 0 ,0 0 0 e m p lo y e e s , s c a tte r e d th r o u g h o u t th e c o u n tr y ,
a n d w ill su p e rv ise
0 0 0 ,0 0 0 a n n u a lly .
th o d is b u r s e m e n t o f m o re th a n S 1 5 0 -
A c c o r d in g to re p o rts fr o m
W a s h in g t o n J u n e 2 5 , p o s ta l
re c e ip ts f o r th o la s t tw o q u a rte rs b ro k e a ll re c o rd s, a g g r e
g a tin g 8 8 4 ,5 6 4 ,4 4 7 , fo r th e q u a rte r e n d in g D e c . 3 1 1 9 1 5 , a n d
8 7 9 ,6 9 9 ,6 2 2 fo r th e q u a rte r e n d in g M a r c h 3 1
1916.
I t is
p re d ic te d t h a t th e to ta l p o s ta l re ce ip ts fo r th o cu rre n t fisc a l
y e a r , e n d in g J u n e 3 0 , w ill a m o u n t a t le a s t to 8 3 0 5 ,0 0 0 ,0 0 0 ,
a n d w ill ox ceed th e re ce ip ts fo r th e la s t b a n n e r y e a r , 1 9 1 4 ,
b y fr o m fifte e n to tw e n ty m illio n d o lla r s .
A M E R I C A N F O R E I G N T R A D E B Y N A T I O N A L D O M A IN S ^
C A L E N D A R Y E A R S 1913 T O 1915.
(In millions o f dollars.)
O n J u n o 18 P o s tm a s te r -G e n e r a l B u r le so n issu ed a s t a t e
m e n t in r e p ly to tho critics o f th e D e p a r t m e n t ’s b o o k k e e p in g ,
Imports from—
B ritish...........................
French______________
Ita lia n ______________
R u ssian _____________
D u t c h ______________
C u b a n ______________
Sw edish_____________
D anish...........................
A rgon tin o___________
Japanese____________
Norwegian___________
S p an ish _____________
M exican . ——————————
B razilian____________
Central A m . Reps—
G reek________________
B e lg ia n _____________
C h in ese_____________
C h ilo a n _____________
G erm an_____________
Swiss ................. ...........
Colom bian___________
P eruvian____________
Uruguayan _________
Venezuelan_________
Dominican R ep_____
E gyptian ____________
All o th e r ____________
1915
1914
1913
$623,9
80.4
51.7
3,2
45.4
197.5
11.4
3.0
94.7
108.6
7.0
18.7
83,6
$599,4
106,2
55.3
14.7
4 5,5
146,8
11.7
4,3
56.3
106,0
$572,0 $1 , 686,8
141.1
507.0
55.4
270,9
2 4 .5
169,5
4 4.0
150.1
125.1
95.1
11.9
8 4.8
2.7
74,3
25.6
5 2.9
99.1
4 7 .5
8,4
4 6.9
24.4
45.7
81.7
41.1
100,9
3 4.9
18,0
3 6.5
3.3
27.2
4 1 .5
23.2
40.1
19.8
29.6
17.8
185.2
11.9
24,4
5.9
15.7
9 .9
10.8
7.9
1,9
7.9
9.3
7,6
4 ,0
7,4
17.2
5,1
14,8
52,8
120,1
21.3
5,4
2,6
52.8
337,3
4 5,0
19.9
19.8
15.8
13.9
14.3
10,8
20.9
49.4
12,0
22,0
86.3
9 5.0
18.0
4,1
30.4
36,3
24.2
150,0
21.5
17.5
11.3
9.6
10,9
5.6
15,0
73.4
a sso rtin g th a t it is n o t ru n n in g b e h in d b u t w ill sh o w a s u r
Exports to— ■
National Domains.
1915
1914
p lu s d e sp ite th o largo
s ta te m e n t sa id :
1913
$1 029.6
176.6
9 7.9
30,1
105,1
67.9
3 1.0
4 2 ,8
27.1
43.7
19.6
2 7.8
3 3.2
23.3
3 6.9
8,8
3 4,8
20.4
13.6
158,9
8
5.8
5.9
4 ,2
5.0
4,4
2.1
$1,1 1 9 ,8
159.8
7 8.7
3 0.8
126,6
73,2
13,6
19.5
5 5.0
6 5 .0
9,3
3 0 .8
48.1
3 9 .9
4 0.2
1,1
6 4.3
25.3
16.6
352.9
8
7.6
7.6
7 .6
5.5
5 .6
2,2
56,3
7C.6
T o t a l s _________ $ 1,778,6 $ 1 ,789,3 $1,7 9 2 ,6 $ 3 ,5 4 7 ,5 * 2 ,1 1 3 ,6 $ 2 ^ 8 L 0
O n J u n o 2 8 th o S on a to d ec lin ed
strik o fro m
b y a v o to o f 3 9 to 2 5 to
th o P o s t O ffic e A p p r o p r ia tio n B ill th o p ro v is io n
e m p o w e r in g th o P o s tm a s te r G e n e r a l to use th e “ b lu o t a g ”
s y s to m
of
r o u tin g
m a g a z in e s
b y fa s t fro ig h t o r m a il.
or
o th e r
p erio d ica ls
e ith e r
I t h o w e v e r a m o n d e d th o se c tio n
so a s to p ro y id e t h a t “ n o p u b lic a tio n sh a ll bo se n t b y fre ig h t
on
se c o n d -c la ss
m a il.
H is
False assertions have been published that “ a stato o f insolvency” exists
in tho Post Office Department and that tho Department is running $80 0 00,000 behind.
For tho current fiscal year ending June 30 there will be a surplus cortainly in excess o f $ 1 ,000,000 and probably in excess o f $3,000,000.
1*or the fiscal years 1913 and 1914, respectively, cash surpluses were paid
into tho Treasury amounting respectively to $3 ,8 0 0 ,0 0 0 and $3,500 000 or
$7,30 0 ,0 0 0 in all.
’
Tho statement that the Post Office Departm ent is running $80,000 000
bohind was credited to Senator Ilardwich. Such a statem ent, if made
probably had reference to tho annual loss to the Department upon secondclass mail.
Computed for tho present volume o f second-class m ail, according to tho
conclusions reached by tho Hughes Commission in 1907 o f which Charles
E . Hughes was Chairm an, this yearly loss is now about $80,000 ,000 .
B ut for tho excess of costs of handling over tho revenues derived from
second-class mail tho Post Office Department would turn in a surplus for
this year o f more than $ 8 1,000 ,000 .
SENATE
REFERS QUESTION OF R AILW A Y
P AY TO COMMERCE COMMISSION.
MAIL
T h o S o n a to o n J u n o 2 9 p a sse d th o P o s t O ffic e A p p r o p r ia
tio n
THE POST OFFICE AND HANDLING OF MAGAZINE
MAIL .
J
losses
B ill
c a rry in g
a
to ta l
of
$ 3 2 2 ,0 0 0 ,0 0 0 .
B ecau so
of
ra d ical d iffe re n ce s b e tw e e n th o H o u s o a n d S e n a te b ills a n d
tho in a b ility to a d ju s t th o d iffe re n ce s in con fe re n ce b e fo re
J u ly 1 , tho e xistin g a p p ro p ria tio n
fo rc o .
bill w ill bo co n tin u e d in
O n J u n e 2 3 th e S e n a te d ec id e d to refer to th e In te r
s t a t e C o m m e r c o C o m m is s io n th o q u e s tio n a s to th o a m o u n t
an d m a n n e r o f c o m p e n s a tio n fo r th o ca rr y in g o f th e m a ils
b y th o ra ilro a d s .
T h e m a tte r h a s b e e n in d is p u te d u rin g
tho large r p a r t o f th o p re sen t A d m in is tr a tio n b e ca u se o f th e
c o n flic tin g v ie w s o n th is p o in t o f P o s tm a s te r -G e n e r a l B u r le -
THE CHRONICLE
1 0 4
s o n , C o n g re ss a n d th e ra ilro a d s.
M r . B u r le so n lias fa v o r e d
th e a d o p t io n o f a p la n o f r a ilw a y m a il p a y m e n t o n a sp ace
b a sis in ste a d o f the p re sen t w e ig h t s y s te m o f r e m u n e r a tio n ,
[Vol. 103.
The subsidies granted generally to the railways in Canada have created
a special reciprocal obligation not existent in the United States. Whero
land grants were made to railways in the United States, tho railways
received only 8 0 % of tho usual rates.
a n d th e P o s t O ffic e A p p r o p r ia tio n B ill as p a sse d b y th e H o u s e
o n F e b . 2 8 la st (see issue o f M a r c h 4 , p a g e 8 5 3 ) , c o n ta in e d
su ch a p r o v is io n .
T h e S e n a te P o s t O ffic e C o m m itt e e e lim
in a te d fr o m th e A p p r o p r ia tio n B ill th e sp a ce p a y s y s t e m u rged
by
P o s tm a s te r -G e n e r a l B u r le so n
and
in se rte d
a
p ro v is io n
TRAINMEN’ S STRIKE — PENNSYLVANIA’ S EFFORT
TO MEET EMERGENCY— APPEAL TO
ERIE EMPLOYEES.
Tho
P e n n s y lv a n ia R R .
m ade
k n o w n th is w ee k th a t a t
re fe r rin g th e q u e stio n to th e I n te r -S t a te C o m m e r c e C o m
le a s t 5 0 ,0 0 0 of its e m p lo y e e s h a v e in d ic a te d th e ir rea d in ess to
m is s io n .
se rv e th e c o m p a n y in th e m a n n in g o f its tra in s in th e e v e n t
w ere
B e c a u s e o f th is, th e m e m b e r s o f th e C o m m itt e e
c h a rg e d
by
F o u r th
A s s is ta n t
P o s tm a s te r -G e n e r a l
o f a strik e a m o n g th e tr a in m e n .
T h e c o m p a n y a n n o u n ce s
B la k o sle o w ith h a v in g ‘ su rre n d e re d to th e ra ilro ad l o b b y .”
th a t all b r a n c h e s o f t h e se rv ice h a v e re sp o n d e d to a p o ste r
On
c a m p a i g n c a llin g fo r v o lu n te e r s to a c t in p re v e n tin g a n y in
M ay
23
a
re so lu tio n
c h a rg in g
B la k e s le e
w ith
h a v in g
o rg a n ize d a lo b b y to b rin g pressure on c e rta in C o n g re s s m e n
te r r u p tio n in case o f e m e r g e n c y .
not
o n ly th e P e n n s y lv a n ia lin es east o f P itts b u r g h , o n w h ich are
in
a c co rd
w ith
P o s tm a s te r -G e n e r a l
B u r le s o n ’ s v ie w s ,
a n d d ire c tin g a n in v e s tig a tio n to be m a d e , w a s p re sen te d in
e m p lo y e d 2 5 ,0 0 0 tr a in m e n .
th e S e n a te .
m en,
I t w as c h a rg e d th a t B la k e sle e h a d w ritte n le t
ters to P o s tm a s te r s th r o u g h o u t th e c o u n tr y in stru c tin g th e m
s ta tio
num ber
of
m en,
s ta tio n
e n g in e m e n ,
T h e a n n o u n c e m e n t co v e rs
N o t o n ly
e m p lo y e e s
c o n d u c to r s ,
clerk s a n d
baggage
anti p o r te rs,
fire m e n a n d
but
a
train m en
to u rge C o n g re ssm e n fro m th e ir d istr ic ts to d e fe a t th e alle g e d
d ire c tly in v o lv e d are said to h a v e o ffe r e d assista n c e to p re
ra ilro ad lo b b y w h ich w as a c c u se d o f se e k in g to cu r ta il th e
v e n t a tie -u p o f th e r o a d .
q u o te d as s a y in g :
ru ral free d e liv e r y service o f w h ich M r . B la k e sle e is th e im
m e d ia te h e a d .
S o m o m e m b e rs o f th e S e n a te e v e n d e m a n d e d
M r . B la k e s le e ’ s re sig n a tio n b eca u se o f his
th e m .
ch a rg es a g a in s t
P o s tm a s te r -G e n e r a l B u r le so n re fu sed to d ism is s his
a s s is ta n t.
I n a le tte r to S e n a to r B a n k h e a d , C h a ir m a n o f
th e P o s t O ffic e C o m m it t e e , he said in p a r t:
It is needless to say that such action would not bo countenanced by mo.
After a conferonco witli tho Fourth Assistant Postmaster-General, I find
that his only m otive in writing these letters was to prevent action that ho
conscientiously believed would result in serious injury to tho rural delivery
system , which is under his immediate supervision.
A
s ta te m e n t
r e p re se n ta tiv e s
s e ttin g
fo r t h
d e le g a te d
to
th o
fin d in g s
in v e stig a te
of
th e
p ost
r a ilw a y
o ffic e
pay
s y s te m in C a n a d a , h a s b e e n issu e d b y P o s tm a s te r -G e n e r a l
B u r le s o n .
T h o ir ro p o r t, it is s a id , sh o w s t h a t th e sp ace
m e th o d o f p a y in g th e ra ilro a d s fo r c a r r y in g th e m a ils is in
su c c e ssfu l o p e ra tio n
th e r e ; it is fu rth e r m o r e c la im e d
th a t
th e C a n a d ia n ro a d s are c a rr y in g th e m a ils o n th e sp a ce ba sis
a t r a te s c o n s id e r a b ly lo w er th a n th o se p ro p o se d in th e p e n d in g
le g is la tio n .
A c c o r d in g to P o s tm a s te r B u r le s o n ’s s ta te m e n t
b o t h th o G r a n d T r u n k Ita ilr o a d a n d th e C a n a d ia n P a c ific
R . R . h a v e p e titio n e d th e C a n a d ia n P o s t O ffic e D e p a r tm e n t
fo r th e a d o p tio n in C a n a d a o f th o sca le o f r a te s c o n ta in e d
An
o ffic ia l o f th e c o m p a n y is
The freedom with which volunteers have como forward does not mean that
<a strike of tho 25,000 enginemen, conductors, firemen and trainmen could
fail to bo a serious matter or that tho railroad could bo kept in operation
except with groat difficulty. The volunteers would have to bo withdrawn
from other branches of the service and in som e cases would requiro addi
tional training for their now duties. It doos, however, prove that this rail
road can count upon tho complete loyalty and devotion of a vory large
number of employees in an emergency.
In its p o s te r , e n title d “ A n A p p e a l b y th is R a ilr o a d S y s
te m
to
its
2 2 5 ,0 0 0
M e n ,”
u rg in g
he
tr a in m e n
to
v o te
a g a in s t a s tr ik e , th e P e n n s y lv a n ia s a y s :
Eighteen per cent of your number— tho enginemon, conductors, firemen
and trainmen— are being polled for a strike.
N o just reason for thus Interrupting the service exists. Th e railroads
have offered to arbitrate every question raised by the demands which have
boon presented.
Tho representatives of tho m en, however, rejected this offer and have
issued strike ballots.
Tho management of tho Pennsylvania Railroad system earnestly hopos:
First. T hat tho men receiving ballots will vote against a strike.
Second. T h at all other employees will uso their inl'Iuonco to that end.
Tho management reiterates its position favoring tho settlement of all
questions in dispute by arbitration.
Such a course will preserve to each one of you unbroken earning powor;
to tho public, uninterrupted service, and to tho railroad, continuance of
the earnings with which alone it can perform its public duties.
T h e E rie R R . in a n a p p e a l to its m e n in th e tr a in , e n g in e
In a p e titio n to th e P o s tm a s te r -
a n d y a r d se rv ic e , issued th rou g h V ic e -P r e s id e n t A . J . S to n o ,
p o in ts o u t th a t co m p lia n c e w ith th e d e m a n d s o f tho m e n fo r
G e n e r a l o f C a n a d a , th e G r a n d T r u n k , a fte r se ttin g fo r th
a n e ig h t -h o u r d a y w ith tim e an d a h a lf for o v e r tim e w ou ld
th e r a te s p ro p o se d fo r a d o p tio n in th e U n it e d S t a t e s , s a y s :
add
The railways o f tno United States are unanimous in their opposition
to the adoption of these rates, wnicli they consider unfair and a radical
departure from tho rates heretofore paid them for mail service. Although
they are opposing the adoption of these rates, wo feel wo can reasonably
accept them at this time, owing to tho radical difference in the weignt
limit of tho parcel post, which in the United States is 50 pounds as compared
w ith '11 pounds in Canada.
o f th e E r ie .
in th e m a il p a y se c tio n o f th e p o s t o ffic e a p p ro p r ia tio n bill
a s p a sse d b y th e H o u s e .
R a lp h P e t e r s , C h a ir m a n o f th e C o m m itt e o on
M a il P a y ,
in a
s ta te m e n t c o m m e n tin g u p o n
R a ilw a y
P o s tm a s te r -
G e n e r a l B u r le s o n ’s c o m p a riso n o f ra te s o f p a y to C a n a d ia n
a n d U n it e d S ta t e s ra ilro a d s fo r c a r r y in g th e m a ils , s a y s :
I f it were true— as it is not— that the Canadian space basis for railway
mail pay had been adopted as a permanent system and after deliberate
and scientific investigation, it would be no criterion for similar action in
the United States becauso tho conditions are so different.
Relatively the
postal business o f Canada is a small retail business in comparison with
tho great tonnage o f the postal traffic in tho United States.
The difference is emphatically shown In tho postal revenues of tho two
countries for tho fiscal year 1915:
United S ta te s ________________________________ $287 ,24 8,16 5
Canada________ 7______________________________
16,444,792
Also In the postal expenditures which, for tho fiscal year 1915, were:
$298 ,54 6,02 6
United S ta te s ..............................
C anada________________________________________
16,907,644
In each case the amount is less than 6 % of the corresponding amount
for the United States.
Tho details o f tho arrangement made for compensating the Canadian
railroads, which took effect Feb. 1 1914, are fully shown in tho hearings
o f the Joint Congressional Commission.
1st. The statem ent was for one year.
2nd. I t was calculated to add about $786 ,00 0 a year to tho previous
pay of about $ 3 ,000,000.
3rd. It was agreed that if the introduction of the Parcel Post (then
about to be established. Increased the amount o f mails and required extra
accommodations, the pay would be increased.
4th. It was conditioned upon a weight limit o f 11 pounds for the
Parcel Post.
5th. It was a step toward improving tho existing relations, but concededly inadequate. The rate per car-mile was made 16 cents, In spite o f
the fact that passenger car earnings averaged 31.27 cents per car-milo.
Tho Canadian railways had shown that tno actual cost for operating ex
penses was 24 cents per car-mile, without including any allowance for
interest, dividends, or surplus.
6th. The Government held that the mall pay should not exceed the
cost o f operation, bccauso the Government had aided practically all of
the railways during tho period o f construction by land grants and sub
sidies, or both.
(The Canadian Y ear Book for 1914 states that thero
were land grants amounting to 55,74 0 ,2 4 9 acres, and financial aid to the
railways not owned by the Government amounting to $ 233 ,77 2,64 0.)
a p p r o x im a te ly $ 2 ,3 8 0 ,0 0 0
p er a n n u m
to tho p a y -r o lls
I t also calls a tte n tio n to tho fa c t th a t th o w age s
n tra in a n d e n gin e service a t th e p re s e n t tim e are a t tho ra te
o f $ 1 ,9 4 2 ,1 7 7 a y e a r , or 3 3 . 9 %
h ig h er th a n th e w a g e s of
te n y e a rs a g o , a n d th a t d u rin g th is p e r io d n o t on o c o n t h as
b e e n p a id b y th e E rie to its sto c k h o ld e r s .
T h o fo llo w in g is
th e le tte r in its e n tir e ty :
T o support tho efforts of tho organizations representing mon in ongino,
train and yard service of tho ontiro United Statos, you are asked to vote
upon the demand for an eight-hour day with time and a half for overtime.
It is found by careful investigation that to com ply witli this request in
freight and yard servico would add to the pay-rolls of tho Erie Railroad C o.
approximately $ 2 ,380,000 per annum, which is an increase of 3 7 % .
This
is not a guess but was reached by applying tho basis o f tho demand to the
past year's operation.
Tho vote of tho mon on tho Erie Railroad will doterinino whether or not
they bind themselves to strike if necessary to enforce theso demands.
IIow far would the men in the Erie sorvico go in insisting upon such a
demand if tho movement wero local to tho Erie Railroad, and not con
certed throughout tho United States?
D o you think it is fair to the Erio Railroad C o. for you to insist upon this
unreasonable request at this time, when tho financial condition of the roail
has not yot been fully established and can not bo for at least two years?
D o you think It is wiso to insist upon demands which, if granted, would
stop all improvement work now under w ay, or hereafter to bo undertaken?
Are you going to help your employer, tho Erio Railroad, to develop in
every respect into a first-class railroad, or are you going to take It by the
throat and hold it down?
H ave you ever stopped to think where the Erio Railroad would stand
to-day as a transportation lino with tho facilities of fifteen years ago?
And that, to go on improving, it must bo allowed to mako a margin of profit
above its expenses?
D o you realize tho advantages accruing to yourself as woll as to the
company as a result of the improvements made and to be made to keep tho
Erio Railroad in position to hold its own as a modern railroad with its
strong competitors?
D o you realizo that tho wages in engine and train servico at tho present
time aro at the rate of $ 1 ,942,177 02 per year, or 3 3 .9 % higher than tho
wages paid ten years ago, and that during this period of ten years not ono
penny in dividends has boon paid by tho Erie Railroad C o. to Its stock
holders?
Aro you so dissatisfied with your present wages that you aro willing to
join in a strike to enforce an increase?
D o yOu realizo that if a joint striko is called tho Government will take
charge of tho railroads and operato them , if necessary, to onsuro uninter
rupted transportation and save tho public loss and inconvenience?
D o you prefer to work for tho Government under its discipline, red tape
and regulation than to continue as at present a freo American citizen?
Y o u are asked to considor each of these questions carefully and show by
your vote that you do care what becomes of tho property upon which you.
July 8 1916.]
THE CHRONICLE
arc employed; that you have an Interest In It, and that you aro going to
be fair with it.
The management feels confident that all of these questions will bo con
sidered wisely by the men as a class because of its confidence in their good
judgm ent, loyalty and spirit of fairness.
A n effort to improve your condition is commendable, and always moots
with sympathetic consideration, but wo ask you not to bo drawn into tho
approaching crisis, which will result in disaster to both sides if tho demands
are persisted in.
In a n a d v e r tis e m e n t p u b lish e d in th e d a ily a n d w e o k ly
n e w sp a p e rs th r o u g h o u t th e c o u n tr y tho N a t io n a l C o n fe re n c e
C o m m it t e e o f th e ra ilw a y s, re p re se n tin g all th o ro a d s o f tho
U n it e d S ta t e s , refers to th e c o n tr o v e r s y b e tw e e n th e train
m e n a n d th e railr.oads as “ a q u e stio n for tho p u b lic to d e c id e .”
T h o s ta te m e n t o f th e c o m m itte e p o in ts o u t th a t tho ra ilro a d s
urgo p u b lic in q u i y a n d a rb itra tio n fo r th e se ttle m e n t o f th e
c o n tr o v e r s y
and
p ro p o se th a t tho issue bo referred to the
I n te r -S ta to C o m m e r c e C o m m is s io n fo r a d ju s t m e n t .
It ad d s:
Tho railroads foci that they have no right to grant a wago preferment of
$100 ,0 0 0 ,0 0 0 a year to these employees, now highly paid and constituting
only one-fifth of ail tho employees, without a clear mandate from a public
tribunal that shall determine tho merits of tho caso after a roveiow of all
tho facts.
Th e single issuo before tho country is whether this controversy is to be
sottlod by an impartial Government inquiry or by industrial warfare.
1 0 5
or wholesale price o f such articles, at tho time o f exportation to the United
States, in the principal m arkets of tho country o f their production, or o f
other foreign countries to which they aro com m only exported, after adding
to such market value or wholesale price freight, duty and other charges
and expenses necessarily incident to tho importation and sale thereof in
tho United States. Provided that such act or acts bo done with tho intent
of destroying or injuring an industry in tho United States or of proventing
tho establishment o f an industry in tho United States, or o f restraining or
monopolizing any part o f tho trade or commerce in such articles in the
United States.
A n y person who violates or combines or conspires w ith any other person
to violate this section is guilty of a misdemeanor and on conviction thereof
shall be punished by a fino not exceeding $ 5 ,0 0 0 or imprisonment not ex
ceeding ono year, or both, in tho discretion o f tho court.
A n y person injured in his business or property by reason o f any violation
of or combination or conspiracy to violate this section m ay sue therefor in
tho District Court o f the United States for the district in which the de
fendant resides or is found, or has an agent, without respect to tho am ount
in controversy and shall recover three-fold the damages sustained, and the
cost of tho suit, including a reasonable attorney’s feo.
T h at if any articlo produced in a foreign country is imported into the
United States under any agreement, understanding or condition that the
importer thereof or any person in tho United States shall not use, purchase
or deal in, or shall be restricted in his using, purchasing or dealing in, tho
articles of any other person there shall bo levied, collected and paid thereon,
in addition to tho duty otherwise imposed by law, a special duty equal to
double tho amount of such du ty. T h at tho Secretary of tho Treasury
shall make such rules and regulations as aro necessary to carry out this
provision.
W h e n th e bill w as ta k e n u p for a e tio n b y th e W a y s an d
NEW REVENUE BILL INCREASING INCOME TAXES.
T h o so -c a lle d o m n ib u s ro ve n u e bill in c re a sin g th o in c o m e
M e a n s C o m m itt e e o n tho 5 t h , tw o R e p u b lic a n m e m b e rs o f
tho C o m m itt e e , L o n g w o r th , o f O h io , a n d G a r d n e r , o f M a s s a
c h u s e tts , v o te d w ith th e D e m o c r a ts fo r a fa v o r a b le r e p o r t,
t a x , le v y in g a ta x on w ar m u n itio n s a n d c o p p e r , re p e a lin g
b u t reserved th e rig h t to exp ress d u rin g d e b a to in th e H o u s e
tho s ta m p ta xe s le v ie d u n d e r tho e m e r g e n c y w a r ro vo n u e
th eir o b je c tio n s to th e m e th o d s o f th e m a jo r it y o n th e fr a m in g
A c t , o t c ., w as fa v o r a b ly re p o r te d to th e H o u s e b y th e W a y s
th e m e a s u r e .
a n d M e a n s C o m m itt e e o n J u ly 5 , in th o fo r m
o f I o w a , an d S lo a n , o f N e b r a s k a , w hile v o tin g a g a in s t re
in w h ic h it
w as in tro d u c e d o n th e 1st in s t. b y C h a ir m a n K it c h in .
bill
is d esig n e d
ro v e n u e .
to
B e sid e s
raiso
so m o
$ 2 0 0 ,0 0 0 ,0 0 0
tho incotno ta x
an d
in
The
a d d itio n a l
m u n itio n s ta x
p ro
T w o o th e r R e p u b lic a n C o m m itt e e m e n , G r e e n ,
p o r tin g th e b ill, g a v o n o tic e th a t th e y e x p e c te d to s u p p o rt
it o n th e fin a l roll c a ll.
T h o fo llo w in g s u m m a r y o f th e fisca l
s itu a tio n , in d ic a tin g th e e x p e c te d y ield fr o m th e v a rio u s n ew
v ision s th e bill carries leg islation le v y in g a n in h e rita n c e ta x ;
ta x e s , a n d th e p u rp ose to fu rth e r m e e t the e x tr a o rd in a r y e x
it im p o se s a lso a d u ty on im p o r ts o f d y e s t u ffs , p ro v id e s for
p enses o f th e G o v e r n m e n t b y a $ 1 2 5 ,0 0 0 ,0 0 0
th o crea tio n o f a ta riff c o m m issio n as p ro p o sed in th o bill
w as g iv e n o u t o n th e 5 th w h e n tho bill w as r e p o r te d :
in tro d u c e d b y R e p r e se n ta tiv e R a in e y , a n d c o n ta in s a n a n ti
Estimated excess of disbursements over the receipts for tho fiscal year
ending Juno 30 1917, $266 ,9 2 2 ,0 0 0 ; additional receipts under the proposed
bill, incomo tax, $10 7 ,0 0 0 ,0 0 0 ; estate tax, $17,0 0 0 ,0 0 0 (and it is estimated
that tho annual receipt from tho estate tax will amount to $54,0 0 0 ,0 0 0
when tho law is in full operation); munition manufacturers’ tax, $ 7 1,000 ,000 :
miscellaneous taxes, $ 2 ,0 0 0 ,0 0 0 . Total additional receipts, S 1 97.000.000
balance to bo taken from general fund, $ 6 9,922 ,000 .
Fortunately tho balanco in tho general fund on Juno 30 1916 was much
larger than at tho end of any fiscal year since 1908. After deducting
$ 5 9 ,0 0 0 ,0 0 0 for disbursing officers’ balances, there remained in this fund
over $177 ,0 0 0 ,0 0 0 . After deducting $69,922 ,000 from this fund, as above,
thero will still remain on Juno 30 1917 in tho general fund over $ 1 0 0 ,0 0 0 ,0 0 0 ,
exclusive o f tho disbursing officers’ balances.
It is estimated that the total appropriation for the fiscal year ending
Juno 30 1917 will not exceed $ 1 ,5 7 9 ,0 0 0 ,0 0 0 . This includes $125 ,00 0,00 0
to meet tho extraordinary expenses or disbursements occasioned by tho
M exican situation. This and any other appropriations that m ay bo neces
sary to meet tho abnormal and extraordinary expenses, which m ay bo in
curred on such account should bo financed by bond issues as is always
done by this and all other nations under similar circumstances.
In estimating tho actual disbursements it is proper to deduct the sinking
fund requirement included in tho permanent appropriation at $ 6 0 ,7 2 7 ,0 0 0
for tho fiscal year 1917, and also tho postal appropriations, estimated at
$3 2 4 ,7 2 3 ,0 0 0 , payablo from tho postal revenues. It is also safe to deduct
as unexpended an equivalent to 5 % o f the total estimated appropriations
remaining after these deductions. Deducting tho sinking fund and postal
appropriations and tho 5 % o f tho balanco as unexpended, the estimated
$125 ,0 0 0 ,0 0 0 o f bonds to finance the M exican situation leaves $ 1 ,0 1 5 ,1 2 2 ,
000 as tho amount for which it is necessary to provide rovonue. Tho esti
m ated rovenue under present laws is $ 7 4 8 ,2 0 0 ,0 0 0 . Estim ated excess of
disbursements over receipts is $ 2 6 6 ,92 2,00 0.
d u m p in g c la u se .
T h o b ill c o n tin u e s $ 3 ,0 0 0 as tho m in im u m
a m o u n t o f in co m o to bo ta x e d in tho caso o f an u n m a rr ie d
p e r so n a n d $ 4 ,0 0 0
in
in creases fr o m 1 %
v id u a ls
an d
to
10%
su rta x es are
1%
of
h u sb a n d
an d w ife .
an d
reclassifies
\c/0
fro m
on
and
in co m e s
of
on in co m e s o v e r $ 5 0 0 ,0 0 0 .
on
It
th e n o r m a l ta x to bo p a id b y in d i
co rp o ra tio n s
increases tho su r ta x
$ 4 0 ,0 0 0
th o ca se
to 2 %
in co m e s
o f $ 2 0 ,0 0 0
g r a d u a lly
$ 2 0 ,0 0 0
Tho
to
o n in co m e s o f o v e r $ 5 0 ,0 0 0 to $ 7 5 ,0 0 0 ; 3 %
to
p re sen t
$ 5 0 ,0 0 0 ;
on
2%
in c o m e s
of
o v e r $ 7 5 ,0 0 0 to $ 1 0 0 ,0 0 0 ; 4 % on in c o m e s o f o v e r $ 1 0 0 ,0 0 0
to $ 2 5 0 ,0 0 0 ; 5 % o n in co m e s o f o v e r $ 2 5 0 ,0 0 0 to $ 5 0 0 ,0 0 0 ,
a n d 6 % on in c o m e s e x ceedin g $ 5 0 0 ,0 0 0 .
taxes are .a s fo llo w s:
1%
T h o p ro p o sed sur
o n n ot in c o m e s bo tw oon $ 2 0 ,0 0 0
a n d $ 4 0 ,0 0 0 , m o ro th an $ 4 0 ,0 0 0 a n d n o t e x c e e d in g $ 6 0 ,0 0 0 ,
2 % ; o v e r $ 6 0 ,0 0 0 an d
not
e x ce e d in g
$ 8 0 ,0 0 0 ,
3% ;
over
$ 8 0 ,0 0 0 an d n o t e x ce e d in g
$ 1 0 0 ,0 0 0 4 % ; o v e r $ 1 0 0 ,0 0 0
and
not
5% ;
e xce e d in g
$ 2 0 0 ,0 0 0
to
$ 1 5 0 ,0 0 0 ,
$ 2 5 0 ,0 0 0 ,
7% ;
$ 3 0 0 ,0 0 0 to $ 5 0 0 ,0 0 0 , 9 % ;
$ 1 5 0 ,0 0 0
$ 2 5 0 ,0 0 0
and
to
$ 2 0 0 ,0 0 0 ,
6% ;
to
$ 3 0 0 ,0 0 0 ,
8% ;
a ll n ot in co m e s
e xceed in g
$ 5 0 0 ,0 0 0 , 1 0 % .
T h e n e w m u n itio n s ta x ca lls fo r th o p a y m e n t b y o v e r y
p erson m a n u fa c tu r in g g u n p o w d e r a n d o th e r e x p lo s iv e s , o f a
5 % ta x on receip ts u n d er $ 1 ,0 0 0 ,0 0 0 a n d 8 % o n a ll a b o v e
th a t a m o u n t.
M a n u fa c tu r e r s o f ca rtrid g e s, p r o je c tile s , fire
a r m s or th e ir p a r ts , aro ca lle d u p o n to p a y 2 %
o n g ro ss re
c e ip ts
$ 2 5 0 ,0 0 0
up
to
$ 5 0 0 ,0 0 0 , 4 %
5%
$ 2 5 0 ,0 0 0 , 3 %
o n re ce ip ts fr o m
to
o n re ce ip ts fr o m $ 5 0 0 ,0 0 0 to $ 1 ,0 0 0 ,0 0 0 , a n d
o n re c e ip ts e xce e d in g $ 1 ,0 0 0 ,0 0 0 .
A ta x o f 1 % is le v ie d
o n g ro ss re ce ip ts fr o m co p p e r s m e ltin g , re fin in g or a llo y in g
b e tw e e n $ 2 5 ,0 0 0 an d $ 1 ,0 0 0 ,0 0 0 , 2 % on r e c e ip ts fr o m $ 1 ,0 0 0 ,
000
to
$ 1 0 ,0 0 0 ,0 0 0 ,
and
3%
on
g ro ss
re c e ip ts
exce e d in g
T h e in h e ritan c e ta x is p a y a b le w ith in on o y e a r a fte r tho
d e a th o f th e d e c e d e n t, a n d is fix e d as fo llo w s:
not
PROTEST AGAINST RETENTION OF FEDERAL IN
COME TAX ON INTEREST PAYABLE TO NON
RESIDENT ALIENS.
O n b e h a lf o f th e I n v e s tm e n t B a n k e r s ’ A s s o c ia tio n o f A m e r
ic a ,
R e e d & M c C o o k , its c o u n se l, h a v e w ritte n th e W a y s
a n d M o a n s C o m m itt e e o f th e H o u e
f R e p r e s e n ta tiv e s a t
W a s h i n g t o n , m a k in g clear th eir reason s fo r p ro te s tin g a g a in s t
th o in clu sio n o f th e clau se in th e n ew p ro p o se d re v en u e b ill,
$ 10 ,000 ,000 .
n e ttin g
b o n d issu e ,
in ox ce ss
of
$ 5 0 ,0 0 0 ,
1% ;
fr o m
O n e sta te s
$ 5 0 ,0 0 0
to
$ 1 5 0 ,0 0 0 , 2 % ; b e tw e e n $ 1 5 0 ,0 0 0 a n d $ 2 5 0 , 0 0 0 , 3 % ; b e tw ee n
$ 2 5 0 ,0 0 0 a n d $ 4 5 0 ,0 0 0 , 4 % ;
e xce e d in g $ 4 5 0 ,0 0 0 , 5 % .
W h ile th e bill rep ea ls tho p ro v isio n s o f tho w a r ro ven u e
A c t im p o sin g s ta m p ta x e s, o n b o n d s , d e b e n tu re s, p e r fu m e r y ,
c o s m e tic s , e t c ., th o sp ec ial ta x e s on b a n k e r s, b ro k e rs, th e a
tres, e tc . aro re ta in e d in m o d ifie d f o r m .
A s n o te d a b o v e ,
th e bill c o n ta in s a p ro v isio n in te n d e d to p ro to c t a n d p ro m o to
th e d y o -s tu ff in d u s tr y .
Wo
g iv o b e lo w
th e
a n t i-d u m p in g
clau se o f th o b ill:
T h at when used in this title tho torm “ person” Includes partnerships
corporations and associations.
T hat it shall bo unlawful for any porson Importing or assisting in Import
ing any articles from any foreign country into tho United States to com
monly and systematically sell or causo to bo sold such articles within tho
United States at a prico substantially loss than tho actual market value
in tro d u c e d in th e H o u s e o n J u ly 1, ta x in g in te re st p a y a b le to
n o n -re sid e n t a lie n s .
T h e lette r in p a rt is as fo llo w s :
The most interesting and important consideration on the whole subject
is the fact that bonds subject to a non-resident alien tax are not held by
non-resident aliens. This seems to bo universally true. It has been prac
tically impossible to find any ono hero who holds any English or other for
eign securities which aro subject to tho foreign tax. Such cases aro acci
dental and rare. Alm ost equally interesting and important is the fact that
foreign governments seeking American loans find it necessary to specifi
cally covenant against the tax. The fact is that under normal conditions
tho operation of such a tax seems to be more or loss automatic in preventing
tho securities subject to it from getting or staying in the hands of taxable
aliens. H ow , then, would such a tax, with the proposed inheritance tax,
operate at this time upon American securities held abroad, and through the
salo o f those securities upon financial conditions here?
A t the present time we aro, o f course, in a strong financial position, and
have boon able to absorb somo $ 2 ,0 00,000,000 o f securities from abroad.
Our ability to accept these securities under existing conditions, however,
by no means determines our ability to absorb the remaining $ 4 ,0 0 0 ,0 0 0 ,0 0 0 ,
In fact, it is clear that we could not absorb them prom ptly without disaster,
and that If conditions suddenly change, as they m ay at any time do over
night, this disaster might prove to be far-reaching and serious.
THE CHRONICLE
106
Wo all know that European capital is very largely represented by tho
accumulated woalth of generations, most o f which is in tho hands of porhaps a few thousand families. Tho natural tendency o f these Investors dur
ing tho war, despito their patriotic impulses and dospito all taxing statutes,
is to hold on to thoir safo American securities in order to save themsolvos
from tho ruin which seems threatening around them. When tho war ends,
opportunities for safo and profitable investment will present thomselvos in
Europo on every side. It seems to us that that is tho time wlion wo are apt
to seo the real selling of American securities. It is tho timo when this tax
may have a powerful if not a controlling effect in influencing such sales.
Normal conditions will tend to re-assert thomselvos abroad and also in this
country. Abroad there will bo reinvestment and improvement; hero thero
will or may bo a sudden leveling of our abnormal prosperity; a tendency of
capital to go abroad for profitable investment at tho very timo when our
securities aro coming back hero for resalo. We all know how under certain
conditions securities can come in a seeming avalanche from all quarters.
Everything that can be dono will, wo prosumo, be done to anticipate and
provide for those contingencies. Only tho Government in its inexplicable
desiro to raise loss than a million dollars a year out of debts owing by Amer
ican corporations to foreigners, seems blind to tho danger and to tho need
of protecting ourselves against it.
Emphasis should be laid on tho fact that after the war, as now, European
nations are bound to pursuo a policy o f seeking foreign capital. They will
welcome then, as they welcome now, any action of our Government looking
to the imposition of a tax upon the importation o f European capital to
America. They will welcome particularly tho effect o f such a tax in com
pelling foreign holders o f American securities to liquidate them in our mar
kets. Tho more we consider this phase o f tho matter, tho more clear it
becomes that tho proposed tax is primarily in the interest o f other govern
ments and countries, and harmful and dangerous to our own.
T oo much stress is perhaps laid on tho thought that this proposed tax
would be borne by American corporations under what aro known as tho
tax-free covenants. Probably the larger part o f our securities held abroad
are hold by so-called foreign investing companies, which aro not subject to
withholding, and by wealthy investors who would bo liable to the surtax.
Neither o f tlieso classes would get any benefit from the tax-free covenant,
and the securities held by them would possibly at an early dato bo liquidated
in our markets.
All these considerations apply with oven greater force to tho proposed
inheritance tax as affecting bonds o f American debtors held by alien de
cedents. An investor will not lend money to a subject o f another nation
if that nation asserts the power to seizo ten per cent o f tho debt in the event
o f his death. The wholo idea seems preposterous, onco that it is analyzed
and understood, preposterous, that is, on the part o f any government whoso
policy it is to permit tho importation o f capital for the development of its
industries. This tax, with tno income tax, would make tho early sale of
his American investments a matter o f necessity to every wealthy alien.
L.
W .
H IL L
NAM ED
AS
A D M IN IS T R A T O R
OF
IIIS
F A T H E R 'S E S T A T E .
Louis W . Hill was appointed on tho 3d inst. by Probate
Judge E . W . Bazillo of St. Paul as administrator of tho estate
of his father, the late James J. H dl. Tho appointment was
made in response to tho petition filed by the widow on Juno 0,
at which time it was stated that M r. Hill had left no will.
In the formal petition tho valuo of the estate was placed at
$10,350,000. L . W . Hill in a statement to tho Court this
week said that tho valuo would exceed the sum mentioned,
but by just how much ho was unable to say. The Court
fixed tho administrator’s bond at $200,000.
C O U N C I L TO A I D I N M O B I L I Z A T I O N O F I N D U S T R I A L
RESOURCES.
Through a new A ct of Congress thero ha come into exist
ence for the purpose of aiding in tho mobilization of tho
nation’s resources in case of war a council of executive in
formation. Tho council, which is composed of tho Secre
tary of W ar, tho Secretary of tho N a v y , the Secretary of tho
Interior, the Secretary of Agriculture, the Secretary of Com
merce and the Secrotary of Labor, held a preliminary meet
ing in the office of Secretary of W ar Baker on Juno 30. This
body, which has been givon $200,000 to dofray oxponses, is
empowered to supervise and direct investigations and to
make recommendations to tho President and tho heads of
the departments, with regard to tho following:
Tho location o f railroads with reference to tho frontiers o f tho United
States, so as to render possiblo expeditious concentration o f troops and
supplies to points o f defenso.
The co-ordination of military, industrial and commercial purposes in tho
location o f oxtonsivo highways and branch linos of railroads.
Tho utilization of waterways.
The mobilization of military and naval resources for defenso.
Tho increase o f domestic production o f articles and materials essential
to tho support o f armies and of people during the interruption of foreign
commerce.
Tho development o f sea-going transportation.
Tho collection o f data as to amounts, locations, method and means of
production and availability o f military supplies.
Tho giving of information to producers and manufacturers as to the class
of supplies needed by tho military and other services o f the Government,
tho requirements relating thereto, and tho creation o f relations which will
render possiblo in timo o f need the immediato concentration and utilization
of tho resources of tho nation.
IN C O M E T A X
Y I E L D FOR L A T E F I S C A L
YEAR.
A total of $124,807,430 paid in income taxes by individuals
and corporations is reportod for tho fiscal year ended Juno 30
1916 by Secretary of tho Treasury M cAdoo in a statement
issued on tho 4th inst. Tho yield from tho porsonal incomo
tax amounted to $07,957,4S8, whilo that from tho corporation
tax was $56,909,942. Tho total incomo tax receipts for the
[V ol . 1 0
previous year wero $79,828,675. Of tho corporation tax
receipts for tho current fiscal year, $14,944,077 was con
tributed by tho six New York districts, which supplied $30,
286,603 of tho personal income tax receipts, or a total of
$45,230,685. New York’s total corporation tax last year
was $10,221,206, whilo its tax on individual incomes was
$17,417,537. Pennsylvania this year contributed tho second
largest toll, $13,102,434, of which $6,790,230 was corpora
tion tax and $6,312,204 individual. Illinois was third with
$5,579,152 and $5,166,689, a total of $1 0 ,7 4 5 ,8 4 1 . M assa
chusetts’s tax this year was $6 ,862 ,01 7, of which $2,668,144
was corporation income tax and $4,193,873 personal. Tho
following aro tho collections by districts, as reportod in tho
daily papers:
D i s t r ic t s —
C o r p o r a tio n s .
3279,665 43
Alabama (Alabama and Mississippi)______
Arkansas_______________________________
112,074 11
First California (including Nevada)_______ 1,477,773 84
Sixth California__________________________
460,992 73
Colorado (Colorado and W yom ing)_______
573,503 74
Connecticut (Connecticut & Itliodo Island) 1,692,183 43
Florida......................
108.664 SO
G eorg ia________________________________
367,291 95
Hawaii___________________
341,938 37
First Illinois_____________________________ 5,109,164 99
Fifth Illinois................................
172,301 65
Eighth Illinois...................
169,753 98
Thirteenth Illinois.....................................
127,931 37
Sixth Indiana___________________________
666,8 12 66
Sovonth Indiana_________________________
147,395 32
Third Iowa....................................................
517,887 96
Kansas_______
377,189 51
34,195 83
Second Kentucky.
277,159 06
Fifth Kentucky___
Sixth Kentucky___
28,252 37
45,717 31
Seventh Kontucky.
Eighth K entucky..
26,520 97
406,416 45
Louisiana______ . . .
Maryland (M d., Del., Dist. of Col. and
Accomac and Northampton Cos., V a.)._ 1,787,680 69
Third Massachusetts____________________
2,668,144 82
First Michigan__________________________ 1,680,447 64
Fourth Michigan_______________________
340,025 52
M innesota.........................
1,854,447 24
First Missouri.....................................
1,031,501 65
Sixth Missouri___________________________
551,734 96
Montana (Montana, Idaho & Utah)______
735,027 04
Nebraska_______________________________
332,705 69
New Hampshire (N. n .. M o. and V t.)____
507,536 98
First Now Jersey________________________
357,474 11
Fifth Now Jersey_______________________
1,180,259 69
New Mexico (N . M . and Arizona)________
321,563 21
First Now York.............
6-18,514 10
Second Now York_______________________
9,237,778 23
Third Now York________ ________ - ............ 2,869,293 42
Fourteenth Now York----------------------------646,389 73
Twonty-first Now York__________________
443,589 64
Twenty-oighth Now York________________ 1,098,512 44
Fourth North Carolina__________________
116,802 67
Fifth North Carolina------------------------------207,730 69
North and South Dakota_________________
176,141 82
First Ohio................
727,979 96
Tenth Ohio______________
765,438 82
Elovonth Ohio___________________________
286,080 86
Eighteenth Ohio________________________
1,868,139 25
Oklahom a______________________________
404,600 80
O r e g o n ......................
197,795 61
First Pennsylvania______________________
3,153,890 79
Ninth Pennsylvania_____________________
202,329 16
Twelfth Pennsylvania___________________
428,480 90
Twenty-third Pennsylvania_____________
3,005,529 16
South Carolina__________________________
173,188 91
Tonnosseo____. _________________________
329,015 11
Third Texas_____________________________
897,670 97
Second Virginia__________________________
367,234 40
Sixth Virginia.............................................
279,554 76
Washington (Wash, and Alaska)_________
398,638 64
West Virginia.......................
331,947 36
First Wisconsin__________________________
597,898 64
Second Wisconsin................
180,437 27
T o t a l .......................................................... $56,909,941 78
In d ivid u a ls.
$177,440 48
44,278 79
952,576 28
540,813 24
364,102 37
2,132,866 89
133,560 82
199,546 46
112,144 95
4,848,593 96
90,362 39
178,740 36
48,993 20
347,875 56
62,444 50
277,098 45
139,303 47
8,734 57
103,183 91
12,985 61
33,991 88
6,216 78
296,311 35
2,741,761 76
4,193,873 08
1,730,859 95
145,885 67
866,557 90
818,411 74
388.316 93
225,728 01
160,206 31
556,570 31
679.997 95
2,230,302 18
94,523 23
1,751,547 57
14,713,305 36
10,618,663 03
1,500,339 99
472.456 77
1,230,294 89
52,429 44
123,483 23
58,594 39
515,339 32
262,010 74
229,258 43
1,389,672 34
4S9.415 08
118,437 49
3,756,186 27
170,615 55
461,048 11
1,924,354 36
76,250 01
207.316 37
672.456 10
239,984 88
49,647 24
219,167 13
132,064 13
503,143 74
50,805 24
$07,957,488 50
In an announcement issued on July 1 concerning tho Gov
ernment’s receipts for tho fiscal year endod Juno 30 1910,
Secretary McAdoo statod that tho surplus of all tho receipts
over tho expenditures for tho year amounted to $78,737,810,
as compared with a deficit of $59,430,580 for tho fiscal year
1915. Tho total receipts for tho lato year aro placed at
$838,403,909, whilo tho total disbursements aro roported as
$759,000,159. Below is the statomont concerning tho con
dition of tho Treasury at the closo of tho 1915-10 fiscal year:
The fiscal year closed on Juno 30 1916, with tho Troasury In a very strong
and gratifying position, reflecting tho great and unprecedented prosperity
of tho country.
Subject to rovision upon analysis of comploto returns, tho roports show
that tho balanco in tho general fund at tho closo of business yosterday was
$236,879,190 90, including amounts to tho credit of disbursing officers and
outstanding Troasury warrants. With thoso eliminated, tho balanco was
$174,965,231 97, tho greatest balanco in tho general fund of tho Govern
ment sinco 1908.
Tho surplus of all rocoipts ovor all expenditures for tho year amounted to
$78,737,810 11, as comparod with a doflcit of S59,436,580 15 for tho fiscal
year 1915.
Tho surplus of ordinary receipts over ordinary disbursomonts (oxclusivo
of Panama Canal and public debt transactions) was $61,112,813 74, as
compared with a deficit of $42,867,797 59 tho previous yoar.
J u ly 8 1916.]
THE CHRONICLE
Incomo tax receipts reached the groat total o f S124.867.430 28, as com
pared with $79,828,675 27 for tho previous year. This amount included
$56,909,941 78 from corporations and $67,957,488 50 from individuals,
exceeding all estimates of collections for tho year.
Customs receipts for tho year amounted to $211,866,222 34, as against
$209,268,107 43 tho previous year and exceeding tho estimato by more than
$16,000,000.
Rocoipts from internal rovenuo woro unprecedented and romarlcablo,
reaching tho enormous total of $512,740,769 58 and exceeding all previous
estimates by many millions. Ordinary internal rovenuo receipts amounted
to $387,873,339 30, and, excluding tho emergency rovonuo from this amount
these receipts woro approximately $304,000,000, or $32,000,000 greater
than had been estimated.
Tho largo receipts from internal rovenuo are duo in groat moasuro to tho
unprecedented prosperity o f tho country and tho vigorous enforcement of
tho internal rovenuo laws. Rocoipts from tobacco, for instance, woro tho
greatest in tho history of tho intornal rovonuo service.
Tho exact total for tho year which closed yesterday will not bo available
until tho returns havo been analyzed, but for tho eiovon months ended
M ay 31 1916 receipts from tobacco exceeded tho incomo from this source
during tho corresponding period of tho previous year by $6,810,000, exclu
sive of all omergoncy rovonuo taxes. Receipts from tobacco havo always
been an index o f business conditions.
Tho cost of collecting tho groat sum of S512.740.769 58 of intornal rovonuo
taxes was only 1.40%, tho lowest in tho history of tho intornal rovenuo ser
vice.
Tho balanco in tho general fund for tho fiscal years 1909 to 1916, oxclusivo
o f amounts credited to disbursing officers and outstanding Treasury war
rants, is indicated by tho folllowing table:
.$126,375,428 10 1913.
1909
$165,960,984 79
. 106,894,675 67 1914
1910
■ 161.612,615 53
. 140,176,926 13 1915.
1911
104,170,105 78
. 167.152,478 99 1916.
1912
174,965,231 97
Tho $174,965,231 97 balanco in tho gonoral fund mentioned in tho abovo
tablo for tho fiscal year ended yesterday will undoubtedly bo increased when
revised returns aro roceivod.
G E O LO G IC AL S U R V E Y ’ S M I D - Y E A R R E V I E W OF
IN G IN D U S T R Y .
M IN
W ith the statomont that “ the accomplishment of tho
mining industry in tho six-month period just completed
warrants tho forecast that 1916 is to bo a record-breaking
year,” tho Director of tho United States Geological Survey
sums up to his official mid-year review of tho mineral industry
as reported to him by tho Government geologists and statis
ticians covering tho different subjects. “ Activo demands
and good prices havo furnished tho mino operators witli full
opportunity for success in working developed properties”
he says, “ and this in turn has given added incentive and
available funds for exploration, prospecting, and experi
mentation with now processes. Tho mining man is having
his innings.” Summarizing tho special reports which aro
now being mado public, Director Smith continues his review:
Tho returns for six months furnish a basis for tho boliof that 1916 will
sot up a now record for tho soft-coal mines. Every coal-mining Stato is
sharing in this prosperity and of course this demand for coal is to bo traced
back to tho increased business o f tho railroads and o f tho steel and other
largo industries.
Drilling activity throughout tho oil-producing States lias brought about
a gratifying incrcaso in production o f crudo oil that promises to mako 1916
a record year for marketed potroloum. Already production and consump
tion are reported by tho Survey’s specialist as essentially in balanco east
of tho Rocky Mountains, with a tondoncy to lower prices.
Tho Portland coment Industry has had a busy six months and tho manu
facturers aro optimistic. It is predicted that in both production and ship
ments o f comont this year will show a gain over last year, if indeed it
does not establish a now record for comont.
Among tho motals copper is continuing tho steady incrcaso in production
which began early last year, and tho forecast for 1916 indicates not only
tho largest output over known but also tho largest profits.
Shipments o f iron ore from Lake Superior points for fivo months of
1916 oxccodod by more than 80% thoso for tho samo months in 1915,
and tho indications for tho year aro favorablo for a now high record on
iron-oro production, and o f pig iron as woll. Ifighor prices with a steady
demand aro stimulating tho mining o f manganoso, with tho result that
this year’s output of ore is oxpcctod to surpass tho largo production of
last yoar.
Tho load and zinc mines aro producing oro at a rato oven exceeding
that of last yoar and tho prevailing prices havo mado posslblo tho working
of largo quantities of low-grado oro.
Most precious-metal mines aro operating at full capacity. Tho gold
production will probably fall below tho high yield o f last year, but silver
tho ono motal last to benefit by tho goncral domestic prosperity, is expected
this year to break all previous records.
In quicksilvor tho outlook is for a continuanco o f tho output of 1915*
which was tho largest for several years. Thus far in 1916 tho average
prico has greatly oxccodod tho 1915 prices; and although tho reaction in
prices lias como, conditions aro favorablo for a steady and profitable
operation o f tho quicksilver mines, some o f which aro nowiy opened.
E N T R A N C E OF CORN E X C H A N G E B A N K IN T O
RESERVE SY ST E M .
Announcement of tho admission of the Corn Exchango
Bank of New York to membership in tho Federal Resorvo
system was mado yesterday in tho following statement issued
by tho bank:
This bank has applied for admission to tho Federal Roservo system and
wo have boon admitted upon terms which wo consider favorablo. Our
status as a Stato bank is maintained with all tho principal privileges wo now
enjoy.
Whatever fooling of disapproval and distrust o f tho system wo may havo
had has boon put aside in tho larger view that tho Federal Resorvo system
lias como to stay, and it becomes a duty not to oppose it, but to co-oporato
to its improvement.
1 0 7
This wo bolievo can bost bo done by a full membership, and our motive
in joining is to contribute our share to its resources and to associate ourselves
with other loading banks of tho country in developing the system.
Wo havo boon pleased with tho courtesy and co-operation with which
wo havo boon mot by tho Federal Reserve Board and the Federal Reserve
Bank of this district.
Tho Federal Reserve Bank also took occasion to issue an
announcement in tho matter, expressing its gratification at
tho action of the bank, its statement saying:
Tho officers of tho Federal Reserve Bank expressed themselves as greatly
pleased with tho action of tho Corn Exchange Bank in taking membership
in tho Fedoral Reserve system, thus bringing to it the resources o f this
strong and influential institution, and were especially gratified because of
tho fact that tho Corn Exchango Bank has taken this action only after the
most careful and exhaustive consideration of tho advantages o f their con
nection with the Federal Reserve system.
They aiso indicated their belief that this action on tho part of the Com
Exchange Bank will undoubtedly have considerable influence on other State
banks and trust companies that have similar action under consideration.
Tho Corn Exchango Bank is tho second State institution in this district
to becomo a stockholder of the Reserve Bank, tho Broadway Trust Com
pany having joined the system during 1915.
The Corn Exchange Bank operates 36 branches. It has
a capital of $3,500,000, surplus and profits of over $ 7 ,000 ,
000 and deposits in excess of $100,000,000.
E S T A B L IS H M E N T OF M IN N E A P O L IS -S T .
C L E A R IN G
PAUL
HOUSE.
Tho Juno issue of the “ Northwestern National Bank
Review ” (Minneapolis) reports tho establishment on July 1
of a clearing houso between Minneapolis and St. Paul banks
through tho instrumentality of tho Federal Reserve Bank
of tho 9th District. Heretofore, the circular points out,
in tho matter of clearing one another’s items, Minneapolis
and St. Paul were twenty-four hours apart; under the new
system payment is expedited one day. W o quote below
what tho circular has to say in tho matter:
On tho 15th of July next, tho clearing houso system of the Federal Reserve
bank will go into effect throughout tho country. This system has been
much discussed and diverse opinions expressed upon tho results to tho
banking interests of tho country. Briefly the system contemplates the
clearing of all checks drawn on national banks at par, or practically at
par, inasmuch as a small carrying charge will be mado for tho cost of opera
tion of tho system. This charge is not expected to exceed 1 cents per
itom. Tho Federal Reserve Bank of tho 9th District has also undertaken
tho establishment of a clearing houso between Minneapolis and St. Paul
banks. This clearing houso will begin operations on the 1st of July. For
a numbor of years tho banks o f tho Twin Cities havo exchanged their items
daily by messengers who would leavo each city early in tho morning with
thoir items drawn on tho banks in tho other city— thoso items being those
of tho preceding day’s business. Under tho Federal Reserve Bank’s clear
ing plan Minneapolis and St. Paul banks will meet at tho office of tho
Fedoral Resorvo bank at 11 o ’clock each day and will bo able to clear items
received in tho morning mails of that day. Formerly Minneapolis and St.
Paul havo been, in tho matter o f clearing one another's items, twenty-four
hours apart— now, under tho new system, payment will bo expedited ono
day. Tho Minneapolis-St. Paul Clearing House will bo an important link
in tho Fedoral clearing plan which contemplates counting tho actual num
ber of days items are outstanding before they become available as reserve.
Under tho Federal clearing plan, checks on Minnesota towns sent in to bo
cleared by member banks will be two days in transit before the proceeds
can bo counted as reserves of depositing members, although they will be
credited to members’ accounts upon receipt. In most of tho territory
tributary to Minneapolis, outside of Minnesota, four days wili bo required
and in tho far West eight days. If it were not for tho Twin City clearing
houso arrangement, Minneapolis and St. Paul would remain at least one
tlay apart. Tho Federal Reserve banks are also endeavoring to extend
tho servlco of tho clearing system to include checks on State banks in towns
where there is no member of tho Federal Reservo system.
According to tho Minneapolis “ Journal” neither the M in
neapolis Clearing House nor tho St. Paul Clearing House
Association will bo affected by the new Twin City Clearing
Houso.
N EW
Y O R K S T A T E B A N K S A P P O I N T C O M M I T T E E TO
C O N S ID E R F E D E R A L R E SE R V E C O L LE C T IO N P L A N .
The Executive Committee of the Association of the State
Banks of tho State of New York has appointed a special
committeo to consider what can be done to protect the inter
ests of country banks, members of the Association, which
may bo unfavorably affected by tho new collection regula
tions of tho Federal Reservo system which take effect
July 15. Tho committee is made up of the following:
F. A. Sawyer, Chairman, President Citizens’ Bank, Waverly, N. Y .
B.
W . Wellington, Vice-President Q. W. Wellington & C o.’s Bank,
Corning, N. Y.
O. B. Benedict, President Bank o f Attica, Attica, N . Y .
OLD
COLONY
TRUST
CO.
WOULD
ENABLE
D E P O S I
TO R S TO S E T T L E V A R I O U S B I L L S I N O N E C H E C K .
An arrangement for tho payment of a number of accounts
through ono check has been devised by the Old Colony Trust
C o. of Boston. The Boston “ Advertiser” outlines the plan
as follows:
It lias long been a problem now to accomplish the payment of a number
of accounts by tho drawing of one check on a bank, and the answer has
been found in what is styled the multiple payment check. This innovation
will bo available to depositors with tho Old Colony Trust Co.
The multiplo payment check is attached to a printed list of prominent
usincss houses and corporations and the householder settling bills for the
THE CHRONICLE
1 0 8
previous month is likely to find the names o f many o f his creditors in tlio
propared list. Such being tho case, the amount duo each creditor is
entered against the name upon the sheet, and the amounts when totaled
give tho amount for which the check should bo drawn. The sheet and
check are then detached from tho scub o f the check book and sent to the
trust company, which attends to tho distribution o f the funds to the propor
parties, accompanied by a dotailed list o f thoso making payment, either
by remittance or by credit upon its books.
Tho aim o f tho service is to save depositors both time and money, and
tho filling out o f tho sheet and o f ono check can bo accomplished in a very
short time as compared with the filling out and mailing o f many checks
as in tho past. Under those conditions it seems most likely that the
merchant will receive his money earlier in tho month than heretofore.
Should tho United States Government at any time requiro stamps upon
checks as a revenue-raising measure, tho saving to tho depositor would bo
doublo.
C R E D IT
M EN
ASK
C O -O P E R A T IO N
IN
FURTHER
A N C E OF RE SE RV E C O LLE C TIO N S Y S T E M .
Attention to the following resolutions adopted at tho re
cent convention of tho National Association of Credit M en
with regard to the collection system of the Reserve Board,
trado acceptances and the Reserve system in general, is
directed by the Federal Reservo Bank of Richmond:
THE COLLECTION SYSTEM.
That tho National Association o f Crodit Mon doos hereby ex
press its appreciation of tho difficulties which havo confronted, and are
confronting, tho Federal Reservo Banks in devising and establishing a
system of exchango among our banks, which will mean largo economies
for our business houses all over the country, and wo hereby call upon busi
ness men and bankors in goneral, to do all in their power to assist tho
Federal Reserve Banks in their efforts to remove what has been proving a
heavy tax upon business transactions.
THE FEDERAL RESERVE SYSTEM.
R es o lv e d , That this Association continues to view with complete satisfac
tion tho record of its part in securing tho passage o f tho Federal Reserve
Act, firmly believing that tho system which has boon developed thereon,
has given to American commerce a basis of security and protection against
extromos in contraction and expansion in our banking system which, pre
vious to the first o f November 1914, was altogether lacking, and it is tho
sentiment of this Convention that this Association, through its Banking
and Curroncy Committee, should undertake to co-operato as far as oppor
tunity may offer, with tho Federal Rcsorvo Board in tho development of
tho Federal Roservo system, particularly having in view that the Associa
tion’s part is to bring about an understanding o f tho Act on the part of busi
ness men and to help in tho unfolding and broadening of tho system under
the Fedoral Iieservo Board.
“ T R AD E ACCEPTAN CES.”
R es o lv e d , That tho occasion of its 21st annual convention bo taken again
to placo tho National Association of Credit Men clearly and emphatically
on record as favoring tho steady and rapid substitution of tho so-called
“ trade acceptance” for tho open account and to commit tho Association to
earnest efforts to provail upon tho members, each to do his part in assisting
tho Federal Roservo banks in building up this class of paper which moets
so precisely tho specifications of tho Reserve Act for rediscountablo crodit
instruments, and which, at tho samo time, puts commercial obligations in
a form dofinito as to dato of payment, not subjoct to deduction in amount
and unquestionably negotiable.
R es o lv e d ,
N A T H A N A D A M S ON TH E FED ERAL RESERVE CLEAR
IN G
PLANS.
Tho Dallas “ N ew s,” referring to tho comments of Nathan
Adams of Dallas on tho now clearing plan of tho Federal
Reserve Board, printed tho following in its issue of June 21:
Every bankor in the country bolioves that tho Federal Reserve System
means a groat financial system for tho United States, and for it thoy havo
the greatest rospcct, but many bankers do not believo that Sec. 16 of tho
Federal Rcservo Act, providing for a system o f clearings and collections
at par has any placo in tho bill, Nathan Adams of Dallas said yesterday.
M r. Adams is Chairman o f tho administrative committee created at tho
recent St. Louis conference.
Tho bankers boliovo that a “ per item” charge is not a scientific chargo,
but that tho chargo should bo based upon a “ terminal charge,” Mr.
Adams said. Ho roceivcd a telegram yesterday from the Secretary of tho
Fedoral Roservo Board advising that tliOiBoard will bo glad to hear any
concrete suggestions tho committee caros to mako as to whether it may bo
desirable now for tho Board to fix a maximum charge which member banks
may assoss against their customers on out-of-town chocks dopositeel by
them. Ho believes that is an indication that tho Federal Reservo Board
realizes that the “ sorvico chargo” which it has authorized tho Federal
Reserve banks to mako is not satisfactory.
Assuming that tho avorago number of checks handled in Texas by banks
for their customers is somowhoro in tho neighborhood of 50,000 daily, tho
service chargo per day by tho Fedoral Reserve Bank of Dallas, at 2c. per
item, would bo $1,000, or, for tho 300 working days of tho yoar, would
amount to tho round sum o f 5300,000, entailing a cost which I boliovo is in
excess of tlio amount necessary for this district at this time, Mr. Adams
said.
Tho Federal Roservo Board realizes that, if tlio Federal Rosorvo banks
havo a right to mako a service chargo, tho memborlbanks also havo a right
to do so, and, assuming that 5c. would bo unreasonable chargo per item, it
would moan that tho public would pay for this sorvico a total cost of some
thing liko 5750,000 per year, which, in’myloplnion, js more than tho entire
"exchange account” of every bank in Texas.
The opinion of tho bankors is that tho Federal Reserve Board should post
pone its order putting into offcct Section 16jof tho Federal Roservo Act until
tho plan can bo workod out on scientific linos. ; Certainly nothing should bo
dono at this timo, when wo are faced with, the problem of moving another
crop.
Ono serious objection to tho plan boing put into operation at this timo
is the fact that no two bankers— in fact, no^two men— with whom tho
St. Louis conference came in contact could agreo upon a plan and certainly
a question which is o f such vital importanoojto tho^business interests of this
country doserves caroful thought and consideration.
I bolievo tho public should give tho bankers*creditTfor]trying to do what is
fair and right to all concerned, and that thojnowspapers which have com
mented on this par collection system can well afford to study tho figures
which I have quoted and in which tho public^is.largolyintorosted. It
corns to tho bankers that oach bank should, by its own individual offort,
[Vo l . 103.
bo able to build its own collection department and no law should seek to
put thorn all on a level. Somo of them may have the brains and ability
to givo their customers advantages oven superior to those offered by tho
Federal Roservo Act, and to them due credit should bo given.
I also think it is not amiss to say that the bankers, in trying to agteo
upon a plan to got definite action taken in regard to this collection system—not a par collection system, but which must necessarily provido for tho
oxpenso of tho items while thoy are in transit and tho necessary clerical
work of sending them out—should not bo criticised for their objections to
this Section of tho Federal Roservo Act.
LOANS ON FARM
LAND
THROUGH RESERVE B A N K S .
In answer to a query as to whether a loan on farm land can
be obtained through the Fedoral Reservo banks, the Reserve
Board, in an informal ruling in tho June issuo of tho “ Fodoral
Reserve Bulletin,” said:
Your letter of April 28, asking whether you can obtain a loan on farm
land through tho Federal Rcservo banks, is rccoived.
Tho twelve Federal Reserve banks do not mako loans diroctly to indi
viduals but rediscount tho paper of their member banks, which aro all
national banks, and such State banks as may havo joined tho system.
Under Section 24 of tho Federal Rcservo Act, copy of which is boing sent
you, any national bank not situated in Now York, Chicago or St. Louis
may mako loans secured by improved, unencumbered farm land for not
more than fivo years and not to exceed 50% of tho valuo of tho property
offered. Unliko short-term commercial paper, such loans as aro described
in Section 24 cannot bo rediscounted at any of tho twolvo Fedoral Rosorvo
banks. In its annual report to Congress for 1915 tho Fodoral Roservo
Board rccommondod that tho provisions of Section 24 bo extended and
broadened. You will find this provision on pago 22 of the report, copy
of which is boing sont you under separate cover. Congress has not yot
acted upon this recommendation, but it is hoped that it will do so beforo
adjournment.
There aro also enclosed for your information In this connection copios
of circulars issued by tho Federal Roservo Board, from which you will find
that notes of certain kinds taken by national banks, running for not more
than 90 days in somo cases and 6 months in others, may bo rediscounted
at Federal Rcsorvo banks. That is to say, national banks making such
loans as tho circulars proscribe may send tho notes to Fodoral Roservo
banks for rediscount and receivo tho faco of tho noto, loss tho discount, and
bo ablo to loan this money again. You will bo especially interested in tho
circular on six months’ agricultural paper, from which you will see that
national banks can rediscount with Fedoral Rosorvo banks notos issued for
agricultural purposes based on livo stock for brooding, raising or fattening.
______________________________
M ay 2 1916.
L IA B IL IT Y
OF
BANK
T A K IN G
D IRE C TO R S— N E C E S S IT Y
OF
IN VE N T O R Y .
In discussing “ Taking Inventory,” as applied to banking,
at tlio 23rd annual convention of tho Virginia Bankers’ A s
sociation, in session from June 22 to 24, inclusive, Frrnois
Coates Jr., examiner of tho Cleveland Clearing House Asso
ciation, dilated upon tho tendency of tho Courts to hold bank
directors to strict accountability, and cited this as an added
reason why thero should bo the most methodical and closest
scrutiny of both assets and liabilities. Below wo give ex
tracts from M r. Coates’s remarks, which havo boon issued in
pamphlet form:
Wo have recently had somo very interesting discussions defining tho duties
and liabilities of bank directors: namely, the case of Lippitt vs. Ashley
(94 Atl. Rep. 995), decided by the Supreme Court of Connecticut in July
1915, wherein the directors, who gave to the business of tho bank every at
tention that could bo reasonably expected of them, were found guilty of
“ negligence” and were held liablo for losses sustained through tho dis
honesty of a trusted officer. Their negligence consisted in not seeing that
approved methods were installed, and not insisting upon verified trial bal
ances at the times whon the books were audited by accountants employed
for tho purpose by them.
Also the case of Jones National Bank vs. Yates (36 Sup. Ct. Rep. 29),
decided on April 3 1916 by tho Supremo Court of tho United States, and
which case I shall use as bearing more directly upon tho subject onder dis
cussion “ taking inventory.”
Tho defendants were directors, and as such mado statements purporting
to show tho financial condition o f tho bank, and caused them to be published
The statements were false and untrue, tho bank was actually insolvent, and
later went into tho hands of a receiver. It was demonstrated that tho ac
counts had been manipulated and falsified by the executive officers, that tho
directors were not accountants, that they rolled upon tho book records as
being accurate, and were not aware of the fraudulent transactions at tho
timo tho statements wero mado and published. Thoy were not knowingly
parties to the violation o f tho samo.
At tho timo of tho failure, tho bank’s statement showed assets having a
faco valuo of 81,031,000. Tho published liability was approximately
51,017,000, but the actual liability was nearer 81,760,000. Included in tho
published assets were bills receivable amounting to $851,000. These, on
die faco of the statement, represented book value, but of tho amount,
5155,000 was classed by the receiver as "doubtful” and $397,000 as "worth,
loss.” On final liquidation tho actual showing was worse— out of the total
of 5851,000, only 8229,000 was realized; out of tho total assets published at
$1,031,000, a little less than 5400,000 was realized.
Tho directors named had been serving as directors for nine years. Dur
ing 14 months prior to the failuro, tho sworn statements showed total rusources of approximately $1,100,000, tho capital of 5300,000 unimpaired,
and a considerable margin in surplus and undivided profits.
During tho year prior to tho failuro, dividends aggregating 9% were
paid on the capital stock.
Tho evidence showed that tho directors knew that certain loans wero
in oxcoss o f tho statutory limit; that published values wero not supported
by actual values; that provious swqrn statements had been incorrect state
ments; that tho management was Inefficient; and in its decision tho Court,
assuming that tho directors wero Ignorant of the frauds that had been com
mitted by, and concealed by, falso entries, &c., concluded that their knowl
edge of impaired values was such as to mako them fully awaro that tho rep
resentations in tho official reports wero materially falso and calculated to
dccoivo. Tho caso Is summod up briefly as follows: That directors are per
sonally liablo at the suit of a depositor for damagos sustained by reason of
tho insolvency of tho bank, when tho depositor is induced to placo money
THE CHRONICLE
Ju l y 8 1916.]
in the bank by falso representations made to the public by the directors,
who ought to know, and by the use o f ordinary caro might know, that the
representations were falso. This liability has been held to extend also to
the purchasers o f stock In the bank, and also to persons who loaned money
on the stock in reliance upon the falso statements.
With respect to the knowledge and intent o f directors, who attest the
statements, it is held that for the purpose o f fixing liability it has been con
sidered immaterial whether the falso representation or report was made with
intent to defraud, or whether they had knowledge o f its falsity, if tlioy
should, in the performance o f their duties, have had such knowledge, .and
the act o f directors in including as a part of the resources, in a report of the
condition o f tlio bank, assets which tlioy knew wore doubtful, is an inten
tional violation o f the banking Act, knowingly committed, and renders
thorn liable for a loss resulting to any one purchasing, in relianco of such
roport, stock of tlio bank on which an assessment is soon after levied.
This decision, coming from the highest tribunal in our land, must con
vince us that to-day "inventory values” and the “ condition o f tlio stock in
trade” is quite as important a consideration in banks as in other linos of
business. It is a marked indication o f the rapidly-growing tendency to
place banks on distinctly a commercial basis, to provide for directors wiio
will direct, and to insure in the published financial statements o f banks an
exhibit of values tlio same as is required in every other lino o f commercial
business.
The trend of the times is unmistakable. It has been gradually, but mark
edly, developing and strengthening during the last decado, as is further
evidenced by the development o f now departments of banking in this and
in various other States, and by the extension o f the functions o f the depart
ments in thoso States in which they have long been in operation; by tlio ex
tension o f the duties and researches o f national bank examiners during
Comptroller Murray’s administration, and their further extension by the
presont Comptroller, to the point o f requiring the examiners to submit re
ports (inventories) direct to each bank examined; by the provisions of the
Federal Rescrvo Act, whereby a statement o f the condition o f each bank,
as disclosed by an examiner’s “ inventory,” is made available to tlio manage
ment o f the Federal Reserve Rank of the district in which it is located. All
of which cocrsivo measures have followed naturally upon the initiative
taken by the banks themselves in some of tlio largest cities, in providing
what appeared to bo a necessary safeguard for their own individual inter
ests, namely, an "inventory taking” department o f their own— a depart
ment o f Clearing House Examination.
I realize that all cities cannot well maintain such a department. In
the smaller communities it would bo impracticable, by reason o f the few
banks roprosonted, if not impossible by reason o f tlio exponso attaching to
It. I beliovo, however, that each community and each bank can surround
itself with such safeguards as will insuro the integrity ot its accounts and
the integrity and value of its assets, and will enable each officer and each
director to know, within reasonable limits, its truo condition, which con
siderations are of such importance to him as protecting his own individua
liability.
*
*
*
*
*
*
*
I beliovo that tlio methods pursued by clearing houso examiners can bo
adopted, with somo modifications, by every bank, and comprehensive
results obtained. I would recommend to every board of directors that an
examination bo mado periodically by somo competent outside auditor, in
order to insure a correct and dependable inventory of all assets and a cer
tification that tlioy aro tlio identical assets authorized or passed upon by tlio
board or committee. The officers o f every bank aro entitled to this pro
tection at the hands o f the directors, and tlio directors themselves should
requiro it in tlio fulfilment o f their duty to tlio stockholders, and in protect
tion of their own individual liability. In somo States an Independent audil
or examination is required by law.
GROWTH
IN
N U M B E R OF N A T IO N A L
P O S I T O R S S I N C E 1910.
BANK
DE
The result of an inquiry into the number of deposit ac
counts of National banks was mado public by Comptroller
of the Currency, John Skelton Williams, under dato of
Juno 30. The last previous compilation of this nature,
M r. Williams notes, was mado in 1910. Since that time
tho number of depositors in National banks has increased
8G % — from. 7,090,408 to 14,288,059. Tho statement, which
credits tho Middle Western States with the largest actual
increaso by geographical divisions, is given in full below:
This offieo has just completed a compilation showing tho number of
deposit accounts in all National Banks as given in their sworn returns of
M ay 1 1916. Tho last previous compilation was made 6 yoars ago, Juno
30 1910. Tho present figures include reports of 7,638 National Banks,
out of a total of 7,678, only 40 banks having failed to make returns. The
number of National Banks in 1910 was 6,012.
Tlio figures show an unprecedented increase in tlio number of National
Bank depositors throughout tlio country. Tho total number on M ay 1
1916 was 14,288,059, against 7,690,468 on June 30 1910, tho increaso being
6,597,591 or 86%.
Tlio largost actual increase, by geographical divisions, was shown in
tlio Middlo Western States, which give an increase of 1,773,370 depositors,
although tho Southern States load in tlio largest percentage o f increaso.
Tho number of depositors in the Southern States Juno 30 1910 was 1.272,746.
Oil May 1 1916 this had been increased to 2,814,508, the increaso boing
1,541,762, or 121%. Tho Pacific States increased 592,689. or 117%.
Tho Now England States show an increaso of 388,923, or 84% , tlio Western
States increased 668,617, or 82% , and tho Eastern States show an increaso
of 1,629,651 depositors, or 68%.
Pennsylvania leads all tlio States in tho number of National Bank
depositors, reporting 2,021,878, an increase since 1910 of 762,738, or 60%.
New York shows tlio next largest number, 1,199,471, an increaso of 529,616,
of 79% . Illinois comes third with 847,037 National Bank depositors, an
increase sinco 1910 of 376,910, or 80%. Ohio ranks fourth in tho number
of National Bank depositors with 791,700, an increaso of 321,070 sinco
1910, or 68%. Texas comes next with 658,774 depositors, an increase of
291,161, or 79%. California follows with 529,290 depositors, an increaso
of 294,729 sinco 1910, or 125%.
The State which showed the largest percentage of increaso in tho number
of National Bank depositors was Tennessee, tlio increase in six yoars
being 251%, or from 73,329 depositors in 1910 to 257,508 in 1910. South
Carolina ranks next to Tennessee. The National Bank depositors in
South Carolina increased 217%, or from 39,217 in 1910 to 124,423 in 1916.
Oklahoma comes next to South Carolina with an increaso of 188%, National
Bank depositors in Oklahoma Increasing from 108,475 to 312,826 in tho
period named. In percentage of increaso Idaho ranks next with 109%,
tho increaso in the number of depositors being 52,487. The next largest
1 0 9
porcontago of increase is in Virginia, where the number of National Bank
depositors increased 155%, or from 149,306 in 1910 to 381,662 in 1916.
Tho following States in tho order named, show the next largest percentages
of increase: North Carolina 152%, Oregon 151%, West Virginia 146%,
Arkansas 145%, Alabama 132%, Florida 127%, Iowa 125%. Other
States in which the number of National Bank depositors more than doubled
in tlie 6 years from 1910 to 1916, were: Montana 123%, Utah 122%,
Connecticut 114%, South Dakota 112%, Georgia 108%, Now Hampshire
108%, North Dakota 107%, Mississippi 105% and Oregon 105%. Tho
smallest percentage of increaso shown in any state was in Delaware,
where tho increase was 1,393 or 5% tho noxt smallest being Ithodo Island
with an increaso of 9,194 or 54%.
Of the 14,288,059 deposit accounts in the National Banks of tho United
States, 305,699 or 2% aro carried in tho National Banks of the Central
Itesorvo Cities of New York, Chicago and St. Louis. 1,778,809, or 12%,
aro with tho National Banks in tho other Reserve cities of tho country,
while tlio Country Banks report 12,203,551 depositors, or over 85% of the
total number.
Of the 14.28S.059 deposit accounts, 9,494,289, or 66% , are Demand
Deposit accounts; 4,793,770, or 33.6% , aro Time Deposit accounts.
Of tlio 9,494,289 Demand Deposit accounts, 1,498,945 draw interest,
tho remaining 7,995,244 Demand depositors collect no interest. Of the
4,793,670 Time depositors, all draw interest except 132,652.
In tho three Central Reserve Cities, 78.9% of all depositors aro Demand
depositors. In tho other Reserve Cities 66.6% are Demand depositors.
In tho Country Banks, 66% of tho total deposit accounts are Demand,
tlio balanco being On Time.
Tlio total number of deposit accounts on June 23 1915 as reported by
all tlio State Banks (exclusive of mutual and stock savings banks) and by
all loan and trust companies throughout the United States was 15,814,446.
It is therefore seen that tho National Banks now have nearly as many
deposit accounts as ail the State Banks above mentioned and all the Loan
and Trust Companies in the United States combined in Juno 1915, tho
time thoso figures were last compiled in regard to them.
From tlio above reports it appears that in tho Stato of Pennsylvania,
there are 100 National Bank accounts for every 414 of population; in
Vermont for each 483 of population; in Oregon for each 450 of population,
and in Minnesota and Iowa there are about 100 National Bank accounts
for each 480 of population.
Tlio New England States liavo 100 National Bank accounts for each
830 of population, tho Eastern States average 100 accounts for every
577 of population; tho Southern States for each 991 of population; tho Pacific
States for each 579 of population; tho Western States for each 574 of pop
ulation.
Throughout tho entire United States there is an average of 100 National
Bank accounts for every 704 of population.
The population statistics used in these calculations aro tho estimated
figures of July 1 1915.
P R E S ID E N T
W IL S O N
C O N C E R N IN G
ON
A T T IT U D E
OF
A M E R IC A
CON QU EST OF M E X IC O .
That there is no desire on the part of tho United States to
becomo involved with Mexico was made clear by President
Wilson in addressing tho Now York Press Club at its annual
dinner at tho Waldorf on Friday of last week. “ D o you
think,” ho asked his hearers, “ tho glory of America would
bo enhanced by a war of conquest in Mexico ? D o you think
that any act of violence by a powerful nation like this
against a weak and distracted neighbor would reflect dis
tinction upon the annals of tho United States? Do you
think it is our duty to carry self-defense to the point of dic
tation in tho affairs of another people?” Some of tho
President's further remarks before tho Press Club were as
follows:
It is our duty to prepare this nation to take care of its honor and of its
institutions. Why debate any part of that, except tho detail, except the
plan itself, which is always debatable? Of course it is tho duty of tho Gov
ernment, which it will never overlook, to defend tho territory and people
of this country. It goes without saying that it is the duty of the Adminis
tration to havo constantly in mind with the utmost sensitiveness every
point of national honor.
But, gentlemen, after you have said and accepted these obvious things,
your program of action is still to be formed. When will you act, and how
will you act?
The easiest thing is to strike. The brutal thing is tho impulsive thing.
No man has to think before he takes aggressivo action, but before a man
really conserves tho honor by realizing tho ideals of tho nation, ho has to
think exactly what he will do and how ho will do it. * * *
Tlio ideals of America are written plain upon every page of American
history.
And I want you to know how fully I realize whoso servant I am. I do
not own tho Government of tho United States oven for tlio timo being
I havo no right in tlio use of it to express my own passions. I havo no right
to express my own ambitions for the development of America if those
ambitions aro not coincident with tho ambitions of tho nation itself. And
l havo constantly to remind myself that I am not tho servant of those who
wish to enlianco tho value of their Mexican investments, but that I am tho
servant of tho rank and file of tho people of tho United States.
I get a great many letters, my fellow citizens, from important and in
fluential men in this country, but I get a great many other letters. I get
letters from unknown men, from humble women, from pcoplo whose names
liavo never been heard and will never be recorded, and there is but one
prayer in all of tlieso letters: “ M r. President, do not allow anybody to
persuade you that tho people of this country want war with anybody."
I got o ff a train yesterday, and as I was bidding good-by to the engineer
ho said in an undertone: “ M r. President, keep us out of Mexico;” and if
ono man has said that to mo, a thousand have said it to me as I have moved
about tlio country.
If I havo opportunity to engage them further in conversation, they say:
“ Of courso, we know that you cannot govern the circumstances of the caso
altogether, and it may be necessary, but for God’s sake do not do it unless
it is nocossary.” ’
I am for the timo being tho spokesman of such people, gentlemen. I
liavo not read history without observing that the greatest forces in tho
world and tlio only permanent forces aro the moral forces. Wo havo the
evidence of a very competent witness, namely the First Napoleon, who said
that as lie looked back in tho last few days of his life upon so much as ho
know of human history, ho had to record the judgment that force had never
accomplished anything that was permanent.
11 0
THE CHRONICLE
Force will not accomplish anything that is permanent, I venture to say,
in tho great strugglo which is now going on on tho other side o f tho sea.
Tho permanent things will bo accomplished afterward when tho opinion of
mankind Is brought to bear upon tho issues, and tho only thing that will
hold tho world steady is the samo silent, insistent, all-powerful opinion of
mankind.
Forco can sometimes hold things steady until opinion has timo to form,
but no forco that was ever exerted except in responso to that opinion was
oyer a conquering and predominant forco. I think tho sentonco in American
history that I myself am proudest o f is that in tho introductory sentences
of tho Declaration o f Independence, whero tho writers say that a duo rospect for tho opinion of mankind domands that thoy state tho reasons for
what thoy aro about to do. I venture to say that a decent respect for tho
opinion o f mankind demanded that thoso who started tho prosont Europoan
war should have stated their reasons, but thoy did not pay any hood to
tho opinion o f mankind, and tho reckoning will como when tho settlement
comes.
So, gentlemen, I am willing, no matter what my porsonal fortunes may
bo, to play for tho verdict o f mankind. Personally it will bo a matter of
indifforenco to mo what tho verdict on tho 7th of November is, provided I
feel any degree o f confidonco that whon a later jury sits I shall got thoir
judgment in my favor. Not in my favor personally— what difference docs
that mako?— but in my favor as an honest and conscientious spokesman
o f a great nation.
Thero aro some gentlomen who aro under tho delusion that tho power of a
nation comes from tho top. It doos not. It comes from tho bottom.
Tho power and virtue o f the tree does not como from tho blossom and tho
fruit down into tho roots, but it comos from tho roots in tho obscuro passages
o f tho oarth whero tho power is dorived which displays Itsolf In tho blossom
and tho fruit; and I know that among tho silont, speechless masses of tho
American peoplo is slowly coming up the great sap of moral purposo and lovo
of justlco and rovorenco for humanity which constitutes tho only virtuo
and distinction o f tho Amorican peoplo.
Look for your rulers o f tho future. Can you pick out tho families that
aro going to produco them? Can you pick out tho localities that aro going
to produco thorn? You have heard what has just been said about Abraham
Lincoln. It is singular how touching ovory roforenco to Abraham Lincoln
is. It always makes you feci that you wish you had boon thero to help him
in some fashion to fight tho battles that ho was fighting sometimes almost
alono.
Could you have predicted, if you had seon Abraham Lincoln’s birth and
boyhood, whero that great ruling figuro o f tho world was going to spring
from ? I havo presided ovor a university, but I novor decoivod myself
by supposing that by university processes you woro producing the ruling
forces of tho world. I knew that all that a university could do if it know Its
business was to interpret tho moral forces o f tho world and lot tho young
men who sat under its influence know tho very truth o f truths about whero
If camo from, and that no man could produco it unless ho felt in his blood
every corpuscle spring into delighted lifo with tho mention o f tho ideals
which havo lifted men slowly, oh, how slowly, up the arduous grades that
havo rosisted progress sinco tho world began.
So, gontlemon, I havo not como horo to-night to do anything but to re
mind you that you do not constitute tho United States, that I do not con
stitute tho United States: that it is something bigger and groator and finer
than any of us; that it was born in an ideal, and only by pursuing an idoa.
in tho faco o f ovory adverse circumstanco will it continue to dosorvo tho
bolovcd name which wo lovo and for which wo aro ready to dlo, tho name
“ America.”
THE
CHANGE
IN
TIIE
M E X IC A N
OUTLOOK.
[Vo l . 103.
a further proof of tho sincerity of tho desires of this Govornmont to roach a
pacific and satisfactory arrangomont of prosont difficulties. This Govern
ment is anxious to solvo tho prosont conflict, and it would bo unjust if its
attitude woro misinterpreted.
“ It was also tho Mexican Govornmont that oarnostly suggested a plan
for contonmonts along tho boundary lino during tho conferences of Culdad,
Juarozand El Paso. This Govornmont is disposed now, as it has always
been, to sook an immodiato solution of tho two points which constitute
tho true causos of tho conflict betweon tho two countries, to wit: tho
Amorican Govornmont boliovos reasonably that tho insecurity of its
frontior is a sourco of difficulty and tho Mexican Govornmont on its part
bolioves that tho stay of Amorican troops on Mexican territory, asido
from boing a trospass on tho sovereignty of Mexico, is tho immodiato
causo of tho conflicts. Therefore, tho withdrawal of American troops, on
one hand, and tho protection of the frontier, on tho othor, aro tho two essen
tial probloms tho solution of which must bo tho directing objects of tho ef
forts of both Governments.
"Tho Moxican Govornmont is willing to consider in a quick and practi
cal way, and prompted by a spirit of concord, tho romodios which should
bo applied to tho prosont situation.
“ Sovoral Latin-American countries havo offered their friendly mediation
to tho Mexican Government, and tho latter has accoptod It in principle.
Tlioreforo tho Moxican Govornmont only awaits information that tho Gov
ernment of tho Unitod Statos would bo disposed to accept this mediation
for tho purposo mentioned abovo or whether it is still of tho boliof that tho
samo results may bo attained by moans of direct negotiations botwoon both
Governments.
“ In tho meantime this Govornmont proposos to omploy all efforts that
may bo at its disposal to avoid tho recurrence of now incidents which
may complicate and aggravato tho situation. At tho samo timo it hopos
that tho American Government on its part may make uso of all offorts to
prevent also now acts of its military and civil authorities of tho frontior
that might causo new complications.
" I avail mysolf of this opportunity to roitorato to your Excolloncy tho
assurances of my most distinguished consideration.
"C . AG U ILAR ,”
Having thus complied with higher instructions of my Government, it af
fords mo pleasuro to roiterato to your Excolloncy tho assurance of my high
est consideration.
E. ARREDONDO.
While it is stated that tho fact that Gou. Porsliing has grad
ually withdrawn his expeditionary forco to tho border has
sorved to improve tho diplomatic situation, it is intimated
that this action has been made necessary to properly guard the
border against any likelihood of attack.
A Mexican version of the Carrizal oncountor, mado by
Lieut.-Col. Gonovevo Rivas and givon out by Gon. Trovino,
was published as follows in the Now York “ Sun” of tho 1st
inst.:
I havo tho honor of reporting for your superior information that on tho
21st inst. at 7 a. m. an Amorican forco composed of eighty to a hundred men
camo up. I went to confer with the chiof of that force upon orders from
Gon. Felix V. Gomez and asked tho leader what was tho object of his ap
proach.
Upon speaking with him ho said he was seeking a band of bandits which
nad passed in that direction. Then I told him that thero woro no bandits
in that rogion, which was thoroughly watched ovor by Constitutionalists.
IIo thon said ho was going to Villa Ahumada to sook a deserter. 1 answered
that I had orders not to permit tho advanco of tho Americans oxcopt in
a northwardly direction. Ho said this did not matter to him, as ho had
ordors to march to Villa Ahumada and would do so in faco of fire.
Gen. Gomez, having receivod my teport of tho interview with tho Amori
can leader, went out personally to interview him, asking tho samo question
and receiving tho samo answer as mysolf.
Gon. Gomez told him ho would regret excoadingly any conflict between
their forcos, proposing that tho Amoiican loador wait some throo hours while
Gomoz telegraphed to tho military commandant at Cuidad Juaroz to sottlo
the question of Americans being allowed to pass to Villa Ahumada.
To this tho overbearing Amorican chiof replied ho did not care to loso any
moto timo and would walk over tho Moxicans if necessary. Gon. Gomoz
answered that ho might march ahead if ho thought he was able. Then Gon.
Gomoz and we who escorted him instantly rotirod to where our forces woro.
American loador did likewise, going to his forcos and ordering his horses
chained up and with his cavalry afoot advanced in skirmish formation upon
our forces, composed of Second, Third and Fourth squadrons of tho Second
Rogiment, who remained mounted and in opon formation without making a
movo until the Ainoricans oponod firo at a distance of eighty meters. Our
valiant soldiers thon answerod tho firo plucklly. Tho fight was fierce and
intonso for two hours, tho onemy holding to his first lino of combat with
valor.
Gon. Gomez was killed at first firo, and I assumed genoral command of
tho forcos, ordering an advanco of tho first squadron of tho Second Regi
ment around tho right flank of tho enomy and the First Rogimont around tho
loft flank. Tho movomont was sudden and prociso, making tho enemy
flco in confusion, leaving their dead with their horses and arms.
Wo took twenty-two prisoners and tho enemy lost twelve killed. On our
part wo had tho following killed: Gen. Felix V. Gomoz, Capt. Francisco
Rodriguoz, Liout. Daniel Garcia, Lieut. Evaristo Martlnoz, Second Lieut.
Juan Lorma, Sorgt. Joso Vazcuoz, Corp. Juan Armijo, Corp. Valonto Armondariz, Corp. Angel Terras, Corp. Joso Bojarano, Corp. Leonardo Flores,
Corp. Aurolio Estudiauto. [Ho reported tho names of 20 soldiers.)
The wounded woro Capt. l’ anfio Bustos, Capt. Juan Velazquez, Liout.
Luis Flores, Liout. Antonio Pena, Lieut. Marcos Nernandoz, Second Lieut.
Ernosto Padilla, Second Liout. Alfredo Saldana, Second Lieut. Urbano V.
Hernandez, Second Lieut. Joso Ii. Villegas. (Ho also roportod tho namas of
nine sorgoants, four corporals, twonty-ono soldiers wounded.)
Tho spoils captured from tho enomy wore tho following: Thlrty-ono
Mauser rifles, 3,000 8-millimotcr Mausor-riflo cartridges, thirty-one horses,
saddled and bridlod, ono pack saddlo.
Tlio Mexican situation, which last week lost much of its
gravity with tho compliance of tho de facto Government
of Mexico with the domand of the United States for tho re
lease of the American troopers captured in tho attack at
Carrizal last month, has been further materially improvod with
tho receipt of a note at Washington from the Carranza G ov
ernment, conciliatory in tone and indicating tho desire of that
Government to amicably adjust the controversy. Tho note,
which is brief and described as an answer to tho sovoral com
munications of tho United Statos Government of June 20
and 25, avors that “ tho withdrawal of Amorican troops on
tho one hand, and tho protection of tho frontior on the other
aro tho two ossential problems tho solution of which must be
tho directing object of the efforts of both Governments.”
Adding that the Mexican Government is willing to consider
in a quick and practical way tho romodios which should bo
appliod to tho present situation, it states that it has accoptod
in principle tho offer of mediation made by several LatinAmorican countrios, and “ awaits information that tho Gov
ernment of tho Unitod Statos would bo disposed to accept
this mediation”
* * * “ or whether it is still of tho boliof that tho samo results may bo attainod by means of diroct
negotiations between both Governments.” Tho Mexican
Government announces its purpose “ to omploy all efforts
that may be at its disposal to avoid tho recurrence of now inci
dents which may complicate and aggravate the situation,”
and expresses tho hope that tho American Government will
similarly mako use of all efforts to prevent “ now acts of its
military and civil authorities of tho frontior that might causo
now complications.” The note, delivered to Secretary of
State Lansing on tho 5th inst. by Eliseo Arredondo, Ambassa
Following the advices conveyed to Ambassador Arredondo
dor designate of tho Mexican Government, was in Spanish;
the translation, as made public by tho Stato Department, is on Thursday by Secretary Lansing that tho Unitod Statos
would forward an early roply to tho do facto Govornmont of
as follows:
Moxico signifying its assent to tho proposal for the adjust
M r . S e c r e ta r y :
W a s h i n g t o n ; D . C . . J u ly 4 1916.
ment of the differences of tho two Governments by diroct
I havo the honor to transmit in continuation tho toxt of a noto I havo
just receive 1 from my Oovornmant with instructions to prosont it to your
diplomatic negotiations, tho responso of tho United Statos
Excel loncy:
Government was dispatched yestorday (Friday). Express
“ M r . S e c r e ta ry :
"Referring to tho noto.s of Juno 20 and 25 last, I havo tho honor to say ing it as “ especially pleasing” to tho United Statos Govorn
to your Excellency.that tho immediate release o f tho Carrizal prisoners was mont “ that the de facto Government of Moxico is disposed
July 8 1916.]
to givo quick as well as practical consideration in a spirit
of concord to tho remedies which may be applied to the
oxisting condition,” Secrotary Lansing in his reply adds:
“ Rociprocating tho same desire, tho Government of tho
United States is prepared immediately to exchange viows
as to a practical plan to romovo finally and prevent a re
currence of the difficulties which have been tho source of
controversy.” Tlio following is tho reply in full as addressed
to Ambassador Arredondo:
sir.__J hav0 tho honor to acknowledge tho receipt of your communication
o f ju iy 4 19 10 in which you transcribe a noto addressed to mo by tho Secre
tary of Foreign Relations of your Government, and to request that you will
transmit tho following reply.
“ A/> Secretary: — I have tho honor to acknowlodgo tho receipt of your
courteous noto transmitted to mo by Senor Arredondo of tho 4th Inst., in
which you rofer to m y notes of Juno 20 and Juno 25, and to assure you of
tho sincoro gratification of m y Government at tho frank statement of tho
difficulties which havo unfortunately arisen in our relations along tho inter
national boundary, and tho unreserved expression of tho dosiro o f your
Government to reach an adjustment of these difficulties on a broad and
amicable basis. Tho same spirit o f friendship and solicitude for tho con
tinuance of cordial relations betwoon our two countries inspires m y G overn
m ent, which equally desires an immediate solution of tho mattors o f differ
ence which havo long vexed both Governments.
“ It is especially pleasing to m y Government that tho do facto Govern
ment of M exico is disposed to give quick, as well as practical, consideration
in a spirit of concord to tho romodios which m ay bo applied to tho existing
conditions
Reciprocating the same dosiro the Government of tho Untied
States is proparod immediately to exchange viows as to a practical plan to
romovo finally and provent a recurrence of tho difficulties which havo been
tho courco of controversy.
“ Accept M r Secretary, tho renewed assurance ot m y highest consider„ Hnn
r om sir
Yours very sincoroly.
atlon. t am , . .
R O B E R T L A N S I N G .”
On June 30 tho Department of Foreign Relations at M exico
City issued a memorandum purporting to bo a roply to Sec
rotary Lansing’s noto of Juno 20. This memorandum, which
was vory longthy, challenged tho statements mado by Air.
Lansing and denied tho right of tho Unitod Statos troops to
occupy Mexican territory.
A conference between Counsellor Polk of tho Stato D e
partment, Henry T . Fletcher, designated to bo Ambassador
to Mexico, and Paul AT. Warburg of tho Federal Reserve
Board, was held at Washington on Thursday. While tho
object of the mooting was not disclosed, significance was
attached to it as indicating that tho State Department had
found it convenient at this time to inquiro as to tho probablo
attitude of American bankors, and as to tho disposition of
tho Fodoral Reservo Board itself toward loading such aid as
might bo in its power to tho Mexican Government. Yester
day, however, Counsellor Polk repudiated tho reports that
his conferonco with Air. Warburg had anything to do with
Moxico.
A suggoslion that Cal fornians bo urged to oxorciso all
possible moderation in tho treatment of Moxicans was re
ceived from Secretary of Stato Lansing by G ov. Hiram W .
Johnson of California on tho 4th inst. Secrotary Lansing’s
message said:
Tho W ashington representative o f tho M oxico do facto Government,
complains o f alleged frequent assaults on M exican citizens in border States.
W hile I appreciate difficulties of Stato authorities in dealing with tho situa
tion that has arison as a result of tho present Moxiean crises, and while
Stato authorities aro no doubt doing all they can to prevent tho infliction of
unnecessary hardships on Mexican citizens, I suggest tho advisability of
your urging upon tho citizons of your Stato tho exorcise o f all possible mod
eration toward M exican citizens. It is bolloved that such moderation
would havo a good effect in tho present crisis and would tend to better the
situation of Americans remaining in Moxico.
Secretary Lansing’s telegram is bolioved to havo been
based on protests to tho Aloxican Ambassador at Washington
by tho do facto Government's Consul at Sacramonto against
attacks on Mexicans in Itodding, C al., soveral weeks ago.
Twcnty-ono Aloxican soldiers are roportod to havo been
killed and 25 wounded in tho clash botwoon bluojackots of tho
United States gunboat Annapolis and Carranza soldiers at
Mazatlan, June 18. Officers of tho naval transport Buffalo,
which reached San Diego on July 5, aro credited with a state
ment to this effect. They claim to havo hoard tho estimato
from Aloxican sources boforo tho Buffalo left for San Diego
with rofugeos.
W ith tho temporary withdrawal last weok of quotations on
Aloxican sisal, tho “ Journal of Commorco” of tho 1st inst.
printed tho following:
In announcing its temporary withdrawal of quotations on Moxiean sisal
for future shipment, tho Commission for tho Regulation of tho Yucatan
Sisal M ark et, which controls tho M exican product, stated Thursday that
its action was not duo to threatened war between M exico and tho United
States, bu t to the fact that it had sold far in cxcoss of the available supply.
l)r . Victor A . Rendon, American roprosentativo of tho Sisal Commission,
mado public tho following cablegram received Thursday from M erida,
Yucatan:
111
THE CHRONICLE
“ In view of tho fact that the orders for sisal accepted by the Commission
Roguladora exceed by 126,000 balos tho supply available for shipment
within tho period specified in the contracts, you will please make no further
contracts for the time being.”
D r. Rendon stated that tho M arketing Commission of Yucatan had sold
moro than 1,000,000 balos o f sisal to American twine and ropo mills since
Jan. 1 and had actually delivered moro than 700.000 balos since tho first
L A B O R 'S
APPEAL
FOR
ENCES BETW EEN
ADJUSTM ENT
U.
S. A N D
OF
D IF FE R
M E X IC O .
An adjustment of the differences between Alexico and the
United States without war is urged upon the respective
Governments in a petition issued on July 3 by a joint com
mittee of officials of organized labor in the two countries
during a session at Washington at the headquarters of the
American Federation of Labor. The petition also appeals
“ to the workers and all of tho people of the United States and
of Mexico to do everything within their power to promote
correct understanding of purposes and actions, to prevent
friction, to encourage good-will and to promote an intelli
gent national opinion that ultimately shall direct relations
between our countries and shall be a potent humanitarian
forco in promoting world progress.” It proposes that a
commission of Mexicans and Americans be appointed to
adjust oxisting differences, which aro declared due to “ mis
understanding growing out of inadequate or incorrect in
formation.”
In part the appeal is as follows:
It is our opinion that this conference should bo followed b y another in
which tho workers o f both countries shall bo more generally represented for
the purpose o f agreeing upon plans for maintaining permanent relations and
for tho Federation of Labor m ovements o f all the countries o f the two
Am ericas.
In view o f present relations between the United States and M exico,, we
aro of the opinion that such a general conference is for tho present untim ely,
and we express the judgm ent that the holding o f such a conference should
bo deferred until later in tho year. However, in the event o f an emergency
which would make a general conference o f advantage in averting an inter
national crisis, such a conference could and should bo called for the earliest
tim e m utually agreeable. T o carry this plan into effect a joint commission
shall bo chosen, to consist o f two members from both labor m ovem ents, to
remain in W ashington until tho present crisis is passed, and said joint com
mission to have tho power o f calling a general conference if necessary.
W o hold this to bo fundamental— no relations between our countries
can be permanent that are not based upon the will o f the masses o f the
people and in accord with their concepts o f justice. W e deem it an essen
tial stop toward democracy and justice that thero shall be established for
tho masses who have hitherto been without regular agencies for expressing
their viows and desires, opportunities that will enable them to havo a voice
in helping to determine international affairs.
The labor m ovements o f the various countries constitute the instrumen
talities that can best accomplish this purpose and give expression to national
ideas and convictions that have been too long inarticulate and Im potent.
W o direct that the President o f the American Federation o f Labor and the
official representatives o f organized labor o f M exico should keep in touch
through correspondence, and that they be authorized to carry out the pur
poses specified in this declaration.
In joint conference as the representatives o f the workers, tho masses o f
our respective countries, wo urge upon our Governments to adjust diffi
culties without war and to establish conditions conducive to permanent peace
with justice.
W e appeal to tho workers and all o f tho people o f tho Unitod States and
o f M exico to do everything within their power to promote correct under
standing o f purposes and actions, to prevent friction, to encourage good
will, and to promote an intelligent national opinion that ultim ately shall
direct relations between our countries and shall bo a potent humanitarian
force in promoting world progress.
It is an unavoidable conclusion that present differences between our
countries are the result o f misunderstanding growing out of inadequate
or incorrect information: that the unfortunate consequences o f past relations
betwoon the United States and M exico have formulated a national attitude
that questions tho good faith of our Government: that existing agencies
and methods o f reaching an adjustment o f these differences aro unsuitable
for dealing with these problems which aro fundamentally human problems
and that tho relations between our countries ought not to bo directed in
accord with abstract standards o f justice, but ought to bo keenly sensitive
and responsive to the human interests and moral forces.
Therefore, we, tho representatives o f tho organized workers, having the
right to speak for all o f tho workers and in tho interest o f all o f tho people,
urge upon our Government tho appointment o f a commission to be composed
o f ”hIgh-minded citizens, fully representative o f our nations, to consider
differences that have brought our nations to the verge o f war and to make
such recommendations for adjustment as shall fitly express tho highest
idoals o f tho great rank and file o f tho citizenship o f our two countries.
W o direct that copies o f this declaration shall be presented to the Presi
dent o f the United States, tho Honorable W oodrow W ilson, and to the First
Chief o f the Constitutionalist Government o f M oxico, General Venusitano
Carranza, and that it bo'given tho widest publicity among the workers o f
our respective countries.
Tho signors of the appeal aro: Samuel Gom.pors, President
of tho American Federation of Labor; James Duncan,
James O’Connell, D . A . Hayes, J. F . Valentine, John R .
Alpine, H . R . Perham, Frank D uffy and William Green,
Vice-Presidents; John B . Lennon, Treasurer, and Frank
Morrison, Secretary, and by the following representatives
of tho organized workers of Mexico: C . Loveira, Baltazar
Pages, L. N . Alorones, S. Gonzalo Garcia and Edmundo E .
____________________ _ _ _ _ _ _
Martinez.
MEASURE
TO S T A B I L I Z E
M E X IC A N
CURRENCY.
It was announced by Juan T . Burns, the Mexican ConsulGeneral here, on tho 6th inst. that, in order to promote
closer commercial relations between Alexico and the United
States, arrangements have been mado by the Mexican
THE CHRONICLE
1 1 2
Government whereby individuals and concerns will be able
to obtain drafts for the new Mexican currency at the con
sulate offices in this city. Consul-General Burns explained
as follows:
The object of tho new arrangement is to protect the commercial houses
and individuals from becoming tho victims o f money-changers.
It will
bring them in direct contact with the M exican authorities, who are anxious
to promote closer business relations and assist thorn in their enterprises.
Tlie drafts are to bo cashed at the offices o f the Treasury in M exico. Tho
issuance of the drafts will begin on the 15th of this month.
THE
D O M IN IC A N
SIT U A T IO N .
[Vol . 103.
G REEK B L O C K A D E R A IS E D .
According to an announcement from Athens on tho 3d
inst. the Allies have officially raised their blockade against
Greece, instituted to force that country to yield to their
demands for demobilization, &c. The unconditional accept
ance by Greece of these demands was announced in these
columns on June 24 (page 2310). It was reported from
Washington on June 21 that the Greek Minister had pre
sented to the State Department and to the representatives
at Washington of the various Latin-American Governments
an identical note protesting most vigorously against the
blockade of Greece by the Allies.
Under date or July 5, Rear Admiral Caperton, commanding
the United States forces in Santo Domingo, reported to the
N av y Department that an agreement for tho disarmament
of the Dominican rebels had been perfected by a peace con
D E V E L O P M E N T S R E G A R D IN G IR E L A N D .
ference which was attended by representatives of tho various
The Royal Commission appointed last M a y to investigate
factions. It was provided that hostilities should cease while tho Irish rebellion (see issue of M a y 13, page 1778) submitted
the negotiations relative to the restoration of a stable on the 3d inst. its report on the causes of the uprising. This
government for the island are in progress. Admiral Caperton, report, which blames Augustine Birrell, former Chief Secre
American Minister Russell and the Archbishop of Santo tary for Ireland, for the conditions leading up to the revolt,
Domingo were among those who attended the conference. reads in part as follows:
It is thought that as a result of the pending negotiations,
In endeavoring to elucidate the causes of the rebellion in Ireland the fact
a plan m ay be agreed upon for American direction of various should bo borne in mind that thero is always a section of opinion in that
country bitterly opposed to British connection, and that in times of oxciteDominican affairs.
ment this section can impose its sentiments on largely increased numbers
A belated report of a skirmish with the rebels, which oc- of tho peoplo. * * *
Tho main causo of the rebellion appears to bo that lawlessness was
ciirred on July 1, and in which twenty-seven Dominicans were
allowed to grow up unchecked, and that Ireland for sovoral yoars past had
killed and five captured, was received at the N av y Depart been administered on the principle that it was safor and moro expedient
ment on the Gth inst. In this skirmish one American is said to loave tho law in abeyance if a collision with any faction o f tho Irish
peoplo could thereby bo avoided.
* * *
to have lost his life, while eight were wounded, one seriously.
It appears to us that reluctance was shown b y tho Irish Government
The rebels, who numbered 250, were driven from strongly to repress by prosecution written and spokon seditious uttcrancos and to
intrenched positions, and it is thought that this defeat "in suppress drilling and manoouvoting o f armed forces known to bo under
control of men who openly were declaring thoir hostility to your M ajesty's
fluenced their leaders to enter the peace conference and agree Government and thoir readiness to welcome and assist your M ajo sty ’s
to disarmament.
enemies. There developed a widespread belief that no repressive measures
The text of Rear Admiral Caporton’s proclamation to the
people of Santo Domingo, announcing his intention to occupy
the inland towns of Santiago, M oca and La Vega, and re
questing the co-operation of the people in the effort to restore
a stable government, mention of which we made in our issue
of June 24 (page 2312), was contained in a cable from
Santo Domingo City of the 2d inst. and published in the
“ Philadelphia Inquirer,” as follows:
W hereas, the forces o f tho United States o f America have entered tho
Dominican Republic for tho purpose o f supporting tho constituted au
thorities and o f putting a stop to revolutions and consequent disorders
Impeding tho progress and prosperity o f the country.
N ow , therefore, I , W illiam B . Caperton, Bear Adm iral, United States
N a v y , Commander cruiser squadron and commanding United States forces
in Santo Dom ingo and Dominican waters, hereby mako it known that it is
m y purpose to occupy immediately tho towns of Santiago, M oca and La
Vega with tho above purpose in view as these towns are now in tho possession
o f or menacod by a considerable forco o f revolutionists against tho con
stituted government.
It is not tho intention o f the United States Government to acquire by
conquest any territory in the Dominican Republic nor to attack its soveignty, but our troops will remain here until all revolutionary movements
havo been stamped out and until such reforms as aro deemed necessary
to insuro tho future welfare of the country have been initiated and aro in
effective operation.
It is hoped that all this m ay bo accomplished peacefully and without
bloodshed and I call upon all true Dominican patriots both in public and
private life to co-operate with m e to the fullest extent.
.
W . B. CAPERTON.
It is reported that tho proclamation was received with
favor by the majority of tho islanders.
t was reported
to tho N av y Department on the 7th inst. that an agreement
had been reached providing for the peaceful occupation of
Santiago, Santo Domingo, by American marines undor
Col. Pendleton. _________________
D A V I D L L O Y D GEORGE S U C C E E D S LORD K IT C H E N E R
A S S E C R E T A R Y FOR W A R .
would be undertaken by tho Government against sedition.
This led to a rapid increase o f preparation for insurrection and was the
immediate causo of tho recent outbreak. W o aro o f tho opinion that on tho
outbreak o f tho war all drilling and manoeuvoring by unrocognized bodies
o f m en, whether armed or unarmed, should havo boon strictly prohibited.
According to reports from Dublin on the 3d inst., Lloyd
George’s proposals were on that day accepted with only two
dissenting votes at a meeting of tho Directory of tho United
Irish League, over which John Redmond presided.
A more complete paraphrase of the proposals of David
Lloyd George for the settlement of tho Irish question than
that given by us in our issuo of June 17 (page 2226) was
published in the London papers on July 6, viz.:
First— A n Irish IIouso o f Commons will bo constituted by tho transfer
to tho Irish Parliament of 7S members now sitting in tho IIouso o f C om
mons for tho 2G Homo Rule counties.
(Tho total Irish representation
in tho Imperial IIouso o f Com m ons is 103, o f which 25 members sit for tho
six Ulster counties provisionally excluded from H om e Rulo.)
Second— O f tho 78 members to bo transferred to tho Irish House, 76
aro Nationalists or Independents, while two aro Unionists, nam ely’ Sir
Edward Carson and J. II. M . Cam pboll, Attornoy-Goneral for Ireland.
These two mombors represent Trinity Collogo, D ublin. Thoy have both
consented to sit in the H om e Rulo Parliament, and on this fact somo
hopes aro based for future am ity.
Third— M em bers of tho Irish Com m ons will retain their seats in tho
English House and will often bo seen thoro, as the Irish body is not expected
to havo much business to transact at first.
Fourth— Considerable representation of tho Unionist interests In the
south and west of Ireland will bo provided through tho nomination of thoir
representatives to the Irish Scnato. It is proposed that tho Sonato sit
and act with tho Irish Com m ons during tho temporary sottlomont, thus
safeguarding tho interests o f the Unionists.
Fifth— Tho temporary settlement is to continue until ono yoar after the
termination of tho war. A t that time tho wholo arrangement will come
under the reviow of the Groat Imporlal Conferonco, which is to bo hold to
adjust tho Government o f the Empire.
Sixth— The framoworlc of Irish finance in tho Homo Rulo Act will not
bo alterod, but some increases will bo made in tho sum to be transferred to
Irish revenues from tho Imperial Treasury.
Seventh A new Lord Lioutonant shortly will be appointed as a prelimi
nary to tho adoption o f the new arrangomont.
Tho appointm nt of David Lloyd George to fill the position
r
B R IT IS H IM P O R T R E S T R IC T IO N S .
of Secretary for W ar, made vacant y the dea h of Lord
Tho following cable from the American Consul-General at
Kitchener on tho cruiser Hampshire last month, was an
London, indicating that restrictions havo now been placed
nounced onThu.vday. The Earl of Derby, the Director of Re
cruiting, has been made Under Secretary for W ar, and an on the importation of motor cars, accessories, &c., was
earldom has been conferred upon Sir Edwaxl Grey, the Secre published by the Department of Commerce in its “ Commerce
Reports” of June 29.
tary for Foreign Affairs. All three of these personages have
A proclamation has boon issued prohibiting after July 6 tho importation
been invaluable to Great Britain in working out the various into the United Kingdom of such m otor cars, chassis, parts and accessories
difficult problems arising out of the war. It was David (except tiros) as were exomptod from the provlous prohibition, and of
L'oyd George who enabled the United Kingdom so greatly vacuum cleaners and yeast. Licenses to import such goods will bo granted
where goods wore en route or wore paid for on tho date o f tho proclamation,
to increase its output of munitions, without which the Brit June 27. Licenses for the importation of automobiles will bo Issued where
ish forces in France would havo been a negligible factor in the the national interest is apparent or whoro commercial m otor cars are re
conduct of the war; it was tho Earl of Derby who was in a quired for fire departments, conveyance o f wounded or sick, for police or
local government authorities, agricultural purposes, or the conveyance o f
great measure responsible for the raising of tho British ex essential goods. Sparo automobile parts m ay bo imported under licenses
peditionary force in France to its present magnitude and ef when intended for Imported commercial vehicles alroady in tho Unite 1
Kingdom . Licenses to import yeast not exceeding half tho amount im
ficiency. Sir Edward Grey, often termed Europe’s foremost ported in 1915 will bo granted.
diplomat, has ably conducted the duties of his present office
Tho last previous British import notice was given in our
since 1905.
issuo of June 10 (page 2136).
THE CHRONICLE
July 8 1916.]
F R A N C E P E R M IT S IM P O R T OF A U TO S.
A Fronch Government decree removing the ban on the
importation of automobiles into Franco, notice of which was
contained in our issuo of M ay 27 (page 1949) was issued on
Juno 26, according to Paris advices. The decree also makes
certain modifications in the customs duos.
M AN Y
D U T C H SH IP S W I T H D R A W N
FRO M SE R VIC E .
“ Commerce Reports” of June 22 contains a report from
tho American Consid at Amsterdam advising that all tho
large Dutch vessels operating betweon Amsterdam and East
Indian and South American ports are being taken out of the
serivo. Tho report reads:
All the best and largest steamers o f tho lines operating between Am ster
dam and East Indian. South American and other ports are being withdrawn
from sorvico as they arrive here. Only tho smaller boats will bo operated
until conditions materially improve. Tho withdrawals are on account of
danger from mines and submarines and tho prohibitive rates o f war risk
insurance. It costs a largo sum to insure a great liner for one voyage, and
if lost It could not bo replaced for several years, so groat is tho prcssuro on
ship yards everywhere.
Tho result o f this lessened shipping is a threatened scarcity o f various
East Indian and South American products and such a congestion o f pas
senger traffic that all steamers for the D utch East Indies from Am sterdam
are fully booked up for the whole o f this calendar year.
PLOTTER
A G A IN S T
WELLAND
CANAL
ON SUSPENDED SENTENCE.
RELEASED
Paul Koenig, head of tho Bureau of Investigation of the
Hamburg-Amorican line, who was charged with having
bought information from an employee of tho National City
Bank, and who, with others, was indicted last December
in connection with tho plot to blow up tho Welland Canal
(see issuo of Jan. 1 1916, page 24), pleaded guilty to tho
former chargo on Juno 30 in tho Court of Special Sessions,
and on tho motion of District Attorney Swann, sentonco was
suspended. Tho District Attorney stated that Frank A .
Vandcrlip, President of tho National City Bank, approved
tho suggestion that Koonig bo released without serving a
prison term.
____________________________
SECOND
L IS T OF A M E R IC A N
TO S P E C I A L
B R IT IS H
S E C U R IT IE S
IN C O M E
SUBJECT
TAX.
On Juno 24, page 2312, wo gave the first list of Amorican
securities, subject to tho special British ineomo tax of 2
shillings, which tho British Treasury made known it was pre
pared to purchase. Tho second list of securities which tho
Treasury announced its readiness to purchase, subject to
tho special tax, was published in tho London “ Financial
Nows” of Juno 20 as follows, tho figures in paronthesis being
tho numbers borne by tho issues:
A la . G t. South. R R . (266) 1st Cons. M tgo. 5s. 1943: (163) Gon. M tgo.
5s, Sterling, 1927.
Alabam a M id . R y . (164) 1st M tg o . 5s, 1928.
.
Armour & C o. (267) 1st R . E . M tgo. 4J£s, 1939.
A tcli. T o p . & Santa Fo R y. (268) (East Okla. D iv .) 1st M tg o . 4s, 1928
Atlanta K nox. & N orth. R y . (269) 1st M tg o . 5s, 1946.
Atlantic Coast Lino R R . (118) 1st Cons. M tgo. 4s, 1952; (74) Louisv. &
N ashv. C oll. T r. 4s, 1952; (270) Unified 4s, 1959.
11. & O. R R . (271) l ’ ittsb. June. & M iddle D lv . 1st M tgo. 334s, 1925.
Beech Crook R R . (217) 1st M tgo. 4s, 1936; (272) 2d M tg o . 5s, 1936
(273) 4s, Guar. Stock.
;
B klyn . R ap. T r . (274) 1st R ef. 4s, 2002; (275) 6-year 5s, gold notes, 1918
(276) 5s, 1945.
.
B klyn. U n . Elov. R R . (277) 1st M tg o . 5s, 1950.
B uff. Roch. & Pittsb. R y. (218) Gon. M tgo. 5s, 1937; (219) Cons. M tg e.
434s, 1957.
Burl. Cedar Rap. & N orth. R y. (278) Cons. 1st M tgo. & Col. 5s, 1934.
Butto E l. & I’ow. (279) 1st M tgo. 5s, 1951.
Car. Clinch. & Ohio R y . (120) 1st M tgo. 5s, 1938.
Carthago & Adirondack R R . (167) 1st M tgo. 4s, 1981.
Contral of G a. R y . (280) 1st M tgo. 5s, 1945; (75) C ons. M tg o . 5s, 1945.
Central R R . & B kg. C o. o f G a. (2S1) C oll. 5s, 1937.
Chic. Burl. & Quincy R R . (76) Gon. M tgo. 4s, 1958; (78) 111. D iv . 4s,
1949; (77) III. D lv . 334s. 1949.
Chic. & Erie R R . (282) 1st M tgo. 5s, 1982.
CMC. Ind . & Louisv. R y . (283) Rof. M tgo. 6s, 1947; (284) R ef. M tgo.
5s, 1947.
Chic. Lake Shore & E a st. R y. (285) 1st M tge. 434s, 1969.
Chic. M ilw . & Pug. Sd. (82) 1st M tgo. 4s, 1949.
Chic. M ilw . & St. Paul R y . (126) Gon. & Rof. M tgo. 4J4s, 2014, Series
“ A ” ; (169) Chic. & Lake Sup. D iv . 1st M tgo. 5s, 1921; (286) Chic. & M o .
River D lv . 1st M tg o . 5s, 1926; (287) Dubuquo D iv . 1st M tg o . 6s, 1920;
(220) La Crosso & Davenport D iv . 1st M tgo. 5s, 1919; (168) W ise. & M in n .
D iv . 1st M tg o . 5s, 1921; (288) W ise. Val. D iv . 1st M tgo. s. f. 6s, 1920.
Chic. & North W est. R y . (127) Gon. M tg o . 334s, 1987; (289) 7s, noncum . prof.
Chic. St. L . & N . O. R y . (170) M em phis D iv . 1st M tgo. 4s, 1951.
Chic. St. P . & M in n . R y . (290) 1st M tg o . 6s, 1918.
Chic. St. P. M in n . & Omaha R y . (291) Consol. 6s, 1930; (131) dob. 5s,
1930: (292) Consol. 334s. 1930; (293) 7% non-cum . prof.
Chic. T e l. C o. (294) 1st M tgo. 5s, 1923.
Chic. & W est. Ind. R R . (171) Gon. M tgo. 6s, 1932.
Cities Sorvico C o. (295) C onv. 7 % N otes, 1918.
Clovo. C in. Chic. & St. Louis R y . (296) D ob. 434s, 1931.
Clove. Lorain & W heeling R y . (297) R ef. 434s, 1930; (298) Cons. 1st
M tg o . 5s, 1933.
Clovo. & M arietta R y . (175) 1st M tg o . 4J4s, 1935.
Clovo. & Pittsb. R R . (176) Gon. M tgo. s. f. 434s, 1942, Series “ A ” ;
(299) Gon. M tg e . s. f. 434s, 1942, Scries “ B ” ; (300) Gen. M tg o . s. f. 334s,
113
1942, Series “ B ” ; (301) G en. M tg e . s. f. 334s, 1948, Series “ C ” ; (302) G en.
M tg e . s. f. 334s, 1950, Series “ D . ”
C ol. & South. (133) 1st M tg o . 4s, 1929.
C ons. Gas C o . o f B alt. (303) G en. M tg e . 434s, 1954.
C ons. Gas o f N . Y . (304) C onv. D ob. 6s, 1920.
Cuban-Am er. Sugar C o. (305) C oll. T r. 6s, 1918.
Cumberland T ol. & T el. (160) 1st & Gen. M tg o . 5s, 1937.
D el. & Hudson C o. (306) 1st Lien equip, s. f. 434s, 1922; (135) 1st &
Rof. M tg e . 4s, 1943.
Dos Plaines V a l. R y . (307) 1st M tg e . 434s, 1947.
Detroit & M ackinac R y . (308) 1st Lien 4s, 199‘5.
Detroit Term . & Tunnel (85) 1st M tg e . 434s, 1961.
D u l. So. Shore & A tl. R y . (309) 1st M tg e . 5s, 1937.
D uluth St. R y . C o. (310) 1st M tg e . 5s, 1930.
East Tenn. V a . & G a. R y . (311) 1st M tg e . 5s, 1930; (312) C ons. M tg e .
5s, 1956.
Eastm an K odak C o. (313) 6 % C um . Pref.
Elgin Joliet & E ast. R y . (224) 1st M tg e . 5s, 1941.
Erie R R . (137) Penn. Coal C o .. T r. 4s, 1951.
Eric & Pittsb. R R . (314) Special G uar.; (315) Com m on G uar.
Florida East Coast R y . (225) 1st M tg o . 434s, 1959.
Gila Val. Globe & N orth. R y . (316) 1st M tgo. 5s, 1924.
Grand R ap. & Ind. R y . C o. (178) 1st E x t. M tg e . 434s, 1941.
Great N orth. R y . (U . S. A .) (86) 1st & R ef. M tg e . 434s, 1961, Series “ A.iS
Hocking Valley R y . (87) 1st C ons. M tg o . 434s, 1999.
111. Contral R R . (88) R ef. M tg e . 4s, 1955; (179) 1st M tg e . 334s. 1951;
(317) E x t. 1st M tg e. 334s, 1951; (89) Louisv. D iv . & T erm . 1st M tg e .
3 t4 s , 1953; (318) St. Louis D iv . & Term . 1st M tg e . 334®, 1951.
Ingorsoll-Rand C o. (319) 1st M tg o . 5s, 1935; (320) 6 % C u m . Pref.
International & G t. N orth. R R . (321) 1st M tg e . 6s, 1919.
James. Frank. & Clear. R R . (322) 1st M tg e . 4s, 1959.
K a n . C ity F t. Scott & M em phis R y . (323) C ons. 6s, 1928.
Lackawanna Steel (324) 1st M tgo. C onv. 5s, 1923; (325) 1st C ons. M tg e .
“ A , ” C onv. 5s, 1950.
Lalco Erie & W e st. R R . (326) 1st M tgo. 5s, 1937, (327) 2d M tg e . 5s, 1941.
Lake Shore & M ich. So. R y . (92) 1st M tg o . 334s, 1997.
Lehigh Valley Coal C o. (328) 1st M tg e . 5s, 1933; (329) 1st M tg o . 4s, 1933.
Lehigh V a l. R R . (139) Gen. C ons. M tg e . 4s, 2003; (140) G en. C ons.
M tgo. 434s, 2003.
Liggott & M yers T o b . C o. (330) D eb . 7s, 1944; (331) D eb. 5s, 1951
(332) 7 % C um . Pref.
Long D ock C o. (333) C ons. 1st M tg o . 6s, 1935.
Long Island R R . (334) G en. M tg e . 4s, 1938.
Lorillard (P.) C o. (335) D eb . 7s, 1944; (336) D eb. 5s, 1951; (337) 7 %
C um . Pref.
Louisv. & N ashv. R R . (182) G en. M tg e . s. f. 6s, 1930; (94) A t . K nox. &
C in. D iv . M tg o . 4s, 1955; (184) N . O . & M obile D iv . 1st M tg e . 6s, 1930.
Lynn & Boston R R . (338) 1st M tg o . 5s, 1924.
M anhattan R y . C o . (339) 7% guar, capital stock.
M ichigan Contral R R . (97) 1st M tg o . 314s, 1952.
M ilw . Lako Shore & W e st. R y . (340) Cons. 1st M tg o . 6s, 1921; (341)
E x t. & Im p . M tg e . s. f . 5s, 1929.
M ilw . Sparta & N . W . R R . (228) 1st M tg e . G uar. 4s, 1947.
M obile & Birin. R R . (342) Prior Lien M tg e . 5s, 1945.
M obilo & Ohio R R . (343) M on tg. D iv . 1st M tg e . 5s, 1947.
N ash v. C liatt. & St. Louis R y . (344) 1st C ons. M tg e . 5s, 1928.
N ash v. Flor. & Sheff. R y . (345) 1st M tgo. 5s, 1937.
N ational Tubo C o. i346) 1st M tg e . 5s, 1952.
N . Y . Air Brake C o. (347) 1st M tgo. C onv. 6s, 1928.
N . Y . C . & Hudson River R R . (348) R ef. & Im p t. M tgo. 4>4s, 2013,
Series “ A ” ; (349) D ob. 4s, 1942.
N . Y . Chic. & St. Louis R R . (350) D eb . 4s, 1931.
N . Y . Conn. R R . (351) 1st M tg e . 4>4s, 1953, Serios “ A . ”
N . Y . G as, E l. L t ., l i t . & Pow. (352) 1st M tg e . 5s, 1948; (353) Purchase
M oney M tg e . 4s, 1949.
N . Y . Lake Erie & AVest. (188) 1st C ons. M tg o . Funded Coup. 7s, 1920.
N . Y . N . II. & II. R R . (246) N on -C o n v. D eb . 4s, 1955; (247) N on -C o n v.
D eb . 4s, 1956.
N . Y . O ut. & AVest. R y . (102) Ref. 1st M tg o . 4s, 1992.
N . Y . AVestchester & Boston R y . (248) 1st M tg e . 4 'A s, 1946.
Norfolk & AVost. R y . (191) C onv. 4 H s , 1938; (190) C onv. 4s, 1932;
(354) Now River R R . D iv . 1st M tg o . 6s, 1932; (144) Pocahontas Jt. 1st
M tg o . 4s, 1941.
Northern Pac. R y . (192) R of. & Im p. 4 !£ s , 2047; (355) St. Paul-D uluth
D iv . M tg o . 4s, 1996.
Oregon R R . & N a v . C o. (106) C ons. M tg e . 4s, 1946.
Oro. Short Lino R y . (356) 1st M tgo. 6s, 1922.
Oro. Short Lino R Ii. (145) C ons. 1st M tgo. 5s, 1946.
Pac. Tel. & T e l. (161) 1st M tg e . C oll. T r. s. f. 5s, 1937.
Pennsylvania C o. (146) C oll. T r. (15-25 years) Gold C erts., 4s, 1921-31;
(357) T r . Certs. Guar. 3J^s, 1937, Series “ A ” ; (358) T r. Certs. G uar. 3 M s ,
1941, Serios ‘ ‘ B " ; (147) T r. Certs. Guar. 3 M s, 1942 & 1944, Series " C ” &
“ D ” ; (359) T r. Certs. Guar. 4s, 1952, Scries “ E . ”
Pittsb. Cin. Chic. & St. L . R y . (360) C ons. M tgo. 4 M s , 1942, Serios “ C ” ;
(361) Cons. M tg e . 4s, 1945, Series “ D ” ; (362) Cons. M tg e . 3 M s , 1949,
Series “ E ” ; (363) Cons. M tg e . 4s, 1953. Series “ F ” ; (364) Cons. M tg e . 4s,
1957, Serios “ G ” ; (365) C ons. M tgo. 4s, 1960; Series “ II ” ; (366) C ons.
M tgo. 4 M s , 1963, Series “ I ” ; (367) Cons. M tg e. 4 M s , 1964, Series “ J .”
Pittsb. F t. A\rayno & Chic. R y . (368) spec. guar, stock.
Reading C o. (195) Jersey Central C oll. T r. 4s, 1951.
Rio Grando Jet. R y . (250) 1st M tg e . 5s, 1939.
St. L . Iron M t . & So. R R . (369) Gen. Cons. R y . & Land Grant M tg e .
5s, 1931.
St. L . M erchant’s Bridge Term . R y . (198) 1st M tg e . 5s, 1930.
St. Paul M in n . & M anitoba R R . (148) 1st C ons. M tg e . 6s, 1933; (150)
1st C ons. M tgo. 4s, 1933; (370) M ontana E x t. M tg e . 4s, 1937.
Scioto V a l. & N ew England R R . C o. (201) 1st M tg e . 4s, 1989.
Seaboard Air Lino R y . (152) 1st M tgo. 4 % , 1950.
*
South & North A la. R R . (109) C ons. M tg e . 5s, 1936; (371) G en. Cons.
Guar. M tg o . 5s, 1963.
South. R y- C o. (372) M em phis D iv . 1st M tg e . 5s, 1996; (110) St. Louis
D iv . 1st M tg o . 4s, 1951.
Swift & C o. (373) 1st M tge. 5s, 1944.
Terminal R R . Assn, of St. Louis (112) 1st C ons. M tg e . 5s, 1944.
T o l. S t. L . & A\rost. R R . (114) Prior Lien 3 M s, 1925.
T o l. AVaihonding V a l. & Ohio R R . (374) 1st M tg e . 4s, 1942, Series “ C .”
United Fruit C o. (375) 4-year 5 % notes, 1918; (376) 4A4% bonds, 1925.
United N . J. R R . & Canal C o . (204) Gen. M tg e . 4s, 1944; (377) G en.
M tg o . 4s, 1923; (203) Gen. M tg e . 4s, 1929.
Vandalia R R . (156) C ons. M tge. 4s, 1955, Scries “ A ” ; (157) C ons. M tg e .
4s, 1957 Series “ B . ”
AVabash R R . (205) 1st M tge. 5s, 1939; (378) 1st Lien & Equip. 5s, 1921.
AVashington Term . C o . (379) 1st M tg e. 4s, 1945; (116) 1st M tg e . 3 H s ,
1945.
114
THE CHRONICLE
Wostern E l. C o . (380) lst<M tgo. 5s, 1922.
W est. N . Y .I & Penn. R y l ( 3 S l ) 1st M tg e . 5s, 1937; (382) Gen. M tgo.
4s. 1943.
W ost. Penn. R R . < 254)IC ons.'M tgc. 4s, 1928.
W e st. Union T e l. C o. (383)iC oIl. T r . 50-year 5s, 1938; (162) Fund &
Real Estate 50-year 4 M s, I960.
W h e e lin g !* Lako E r io 'R R . (384) Wheeling D lv . 1st M tg o . 5s, 1928.
W inston-Salem Southbound R y .' (385) 1st M tgo. 4s, 1960.
W ise. C ent. R y . (158) lst.G o n . M tg o . 4s, 1949; (256) Sup. & D u l. D lv .
& Term . lst'iM tgo.»4sJ 1936.
T H E j[A M E R IC A N j D O L L A R S E C U R IT IE S C O M M I T T E E ,
National D ebt Office, 19 Old Jewry, London, E . C .
June 19 1916.
P H O T O -E N G R A V E R S I N D I C T E D .
Eight directors and officers of the Photo-Engravers’ Board
of Trade [of [New York were, on June 20, named in an
indictment returned by the Grand Jury charging them with
havingxviolated£the Donnelly Anti-Trust}Law by entering
into an agreement to adopt a fixed scale of prices for photo
engravings.^ The men indicted are Edward Epstean, II. L.
Walker, A .' W . Morely Jr., Geo. M . Gill, M . J. Colgan,
Charles E . Sherman, Theodore Spendel and Adolph Schoutz.
They are liable to a fine of $5,000 and a year in prison if con
victed. The action by the Grand Jury followed a threomonths’ investigation by District Attorney Swann, who in
April, when^thoiprosecution of the Beard was under consid
eration, procured] from; it a promise that it would drop the
s.calo whieh[raised the prices from 20 to 2 0 0 % . The alleged
failure of the engravers to live up to their agreement is said
to be the cause of the indictments. Previous reference to
the matter will be found in our issues of M a y 27, page 1945,
and June 3, page 2038.
D IS M IS S A L ^ OF
A PP L IC A T IO N
t> O P E R A T E - U N D E R
FOR N O N -R E S I D E N T
S O U T H [C A R O L IN A
IN SU R AN C E
LAW.
In dismissin r , on'June 27, the application of Philip La Tourette of Now York for a license to do an insurance business
in South Carolina under the Laney-Odom A ct, the Supreme
Court of South Carolina holds that only such persons may
bo licensed as are residents of the State and havo been licensed
insurance agents for at least two years. The decision is the
outgrowth of mandamus proceedings brought against tho
State Insurance Commissioner, Fitz Hugh M cM aster, by
State Warehouse Commissioner, John L. McLaurin, who
sought the issuance of a broker’s license to M r . La Touretto
in furtherance of his [Commissioner McLaurin] efforts to
procure insurance[for cotton stored in the State warehouses
under his charge. In declining to issue tho license Commis
sioner M cM aster acted in accordance with the opinion of
State Attorney-General Peeples that a license could not be
issued to the}broker}because he is not a resident of South
Carolina. The petitioner in his complaint alleged that the
section ofith e insurance law forbidding the issuance of a
license to non-residents was opposed to both the Constitution
of Souths Carolina and of the United States. Tho Supremo
Court ini its opinion contends that the sole question is as to
whether the provision in question is void on the ground that
it discriminates against citizens of other States in favor of
the citizens oftSouth Carolina in violation of Section 2 Article
4 of tho^Federal Constitution. Tho opinion sets out tho
differentiation between “ citizens” and “ residents” of tho
State and[seeks to show that under the provision in dispute
cit izens oft the State are granted no privileges by reason of
citizenship* alone thatfm ay not be as freely enjoyed by the
citizens of any other State upon the same terms and condi
tions. The opinion, which was "written by Chief Justico
Hydrick, isjpublished injiull in the Charleston “ Nows and
Courier” asYollows:
Tho petitioner who Is a citizen and resident o f tho Stato o f N ow York
prays for a writ o f m andamus, requiring the respondent, as Insuranco C om
missioner o f this State, to issuo to him a license, as an insuranco broker,
under thojterms o f an A c t, approved M arch 2 1916 entitled, “ An A ct to
provido for tho licensing o f insuranco brokers.”
Tho first section o f tho A ct declares an insuranco broker to bo such person
as shall boiliccnscdiby^tho Insuranco Commissioner to represent citizens
Of this Stato in placing insuranco with insurers liconsod in this Stato or in
any other Stato or country. : Tho second section prescribes tho terms and
conditions upon which insuranco brokers m ay bo liconsed. Am ong these it
is provided that “ only such persons bo licensed as aro residents o f this Stato
and havo been liconsed insuranco agonts o f this Stato for at least two years,”
Tho petitioner has compliod or offerod to com ply with all tho terms and
conditions'of tho A ct .[except thoso prescribed in tho provision abovo quotod,
and for his failure to comply with thoso his application was rofused.
Tho^solo question is whether that provision o f tho A ct is void, on tho
ground that it discriminates against citizons o f othor Statos in favor of
citizens o f this Stato in violation o f tho provision o f Section 2 , Article 4.
o f tho Federal Constitution, to wit: “ Tho citizons o f each Stato shall bo
entitled to all privileges and immunities in tho soveral Statos.”
It is well settlod that insuranco is a business affected with such public
Interest that it m ay be regulated by tho Stato under tho powor to lcgisiato
for tho common good. German Alliance Ins. C o ., v . Lewis, 233 U . S .. 339.
[Vol. 103
T h at being so tho power m ay bo oxortod to tho oxtont nocossary to make
proper regulation effective, provided constitutional rights aro not infringed.
Thero aro numerous reasons w hy regulation o f this business could bo
mado more effectivo by requiring all brokers and agonts soliciting businoss
in tho Stato to bo residents o f tho Stato. It is important for tho protection
o f the intorests o f tho people o f tho Stato that tho businoss should bo in
tho hands o f competent and trustworthy persons. I t is ono o f m any com
plications, requiring for its safe conduct, not only oxport knowledge, but is
such knowledgo as can bo acquired only b y oxporionco in tho businoss.
Brokers residing within tho Stato would naturally bo in bettor position to
ascertain tho character o f risks, physical and moral, than thoso residing in
other States. B y tho terms o f this A ct and others regulating tho business,
tho books, papers and accounts o f such brokers aro at all times to bo open
to tho inspection o f tho Commissioner, who is given supervisory control
o f tlxo business for tho protection of tho insured as well as tho insurers.
N o w , without question, such supervision can bo exorcised over brokers
residing in tho Stato moro expeditiously, advantageously and effectively
than if thoy resided in m any different Statos o f tho Union, and tho C om
missioners can moro roadily ascertain whether thoy havo tho requisite skill
and ability and are faithful in tho porformanco o f their duties and obey
tho laws o f tho Stato.
M oreover, thoy aro required to exorcise duo care in placing insurance,
and would bo personally liablo for neglect o f that duty. Thoy aro also
liable to indictmont for violations o f tho laws o f tho Stato regulating tho
business and for disobeying tho lawful ordors o f tho Commissioner with
respect theroto. It is, therefore, desirable, if not imperatively nocossary
for tho proper regulation o f tho businoss, that thoy should bo residents of
tho Stato and subject to tho jurisdiction o f its Courts. Thoso conclusions
aro sufficient to show that tho provision in question is roasonablo.
B ut
howover cogont m ay bo tho reason for it, it cannot bo sustained if it
violatos tho Constitution. W o need not consider tho oxtont o f meaning of
tho words "privileges and immunities” usod in tho provision o f tho Con
stitution invoked. It will bo sufficient to show tliat tho provision o f tho
A c t in question, citizens o f this Stato aro granted no privilogos by reasons
o f citizenship alono that m ay not bo as freely enjoyed by tho citizons. of
any other Stato o f tho Union upon tho samo terms and conditions: that
is all that tlxo Constitution requires. In Gorfiold vs. Coryell, W ash, O . C .,
3 7 1 , M r . Justico W ashington, discussing tho moaning of tho xvords “ privi
leges and Immxinities” says: “ Tho inquiry is, what aro tho privileges and
immunities of citizens in tho sovoral States ? W o feel no hesitation in con
firming theso expressions to thoso privileges and immunities which aro, in
thoir natxxro, fundamental; which belong, o f right, to tho citizons of all freo
Governments; and which havo, at all times, boon enjoyed by tho citizons
o f tho several States which composo this Union, from tlxo timo o f thoir
bocoming freo, independent, and sovereign. W h a t thoso fundamental prin
ciples are, it would perhaps bo moro tedious than difficult to onunxorato.
Thoy nxay, howover, bo all comprohondod undor tlxo following general
heads: Protection b y tho Govornmont; tho onjoymont of lifo and liberty,
w ith tho right to acquiro and possess property o f overy kind, and to pxxrsuo
and obtain happiness and safety; subject, nevertheless, to such restraints
as tho Government m ay justly prescribo for tho goneral good of tho w holo.”
Tho meaning o f this provision o f tho Constltxxtlon was also considered in
tho Slaughter llouso cases, 83 U. S. 3 6 , whoro at pago 77, tho Court says:
“ Tho coxxstitutional provision thero alhxdod to did not croato thoso rights,
which it called privilogos and immunities o f citizons of tho Statos.
It
throw around thorn in that clauso no security for tho cltizon o f tiro Stato
in which they were claimed or oxorcisod. N or did it profess to control tho
power o f tho Stato governments over tho rights o f its oxvn citizons."
“ Its solo purposo was to deed to tho sovoral Statos that, whatovor those
rights you grant or establish to your oxvn citizons or as you qxxalify or im
pose restrictions on thoir exorciso, tlxo samo, noitlxor moro nor less, shall
bo tho measure o f tho rights o f citizons o f othor Statos xvithin your juris
diction.” Tho principlo decided in theso casos has boon followed in numeroxxs
subsequent decisions o f Fodoral Supremo Coxirt.
Under the terms o f this A ct a citizen o f any Stato o f tho Union xvho is
a resident o f this Stato and has been a liconsod insuranco agent o f this
Stato for at least two years m ay obtain a broker’s license; on tlxo othor hand
a citizon o f this Stato xvho is not a resident o f tho Stato and has not boon
a licensed insuranco agent of this Stato for txvo yoars, m ay not bo licensed.
N o discrimination is mado on account o f citizonship. It rosts alono on
residonce in tho Stato and oxporionco in tho business.
Citizenship and rosidonco aro not tho samo tiring, nor doos ono include
tho othor. Cummings vs. W ingo, 31 S. C ., 427, 4 35, and authorities cited.
B ut our conclusion is not rostod upon tho moro uso o f tho xvords “ resi
dents,” for no doubt it might appear from tho purpose and scopo o f tho A c t
that "residonce” xvas usod in tho sonso o f “ citizons.”
I f so, tho Court
xvould so construe it; and in no event xvould tho Court sanction axx evasion
o f tho purposo and intent o f this xviso and xvholosomo provision o f the
Constitution based on mere verbiage. But thoro is nothing in tho A c t to
suggest any such intention. On tlxo contrary, tho xvords “ rcsidont” and
“ citizon” aro both used— oach apparently in tho ordinary legal sonso, xvhich
is well defined and understood— making a distinction xvhich is substantially
in its purposo and ono xvhich is sanctioned by tho highest judicial authority.
For tho reasons abovo stated tho potltion is dismissed.
As noted in our issuo of M a y 6 tho constitutionality of the
Laney-Odom Firo Insuranco Act was upheld in a decision
handed down by tho State Supremo Court on April 27 in dis
missing the petition brought to test tho validity of tho Act
and refusing the injunction sought to restrain tho Insurance
Commissioner and tho Attornoy-Gonoral from enforcing the
provisions of the Law. Insuranco Commissioner M cM aster,
in a letter to tho Charleston “ Nows and Courior” last month,
took occasion to sot before the pooplo of South Carolina some
facts regarding tho Act because of which nearly all insurance
companies have ceased doing businoss in tho State. In part
his let tor said:
Let us look simply at tho A ct and soo xvlxat it says.
It is o f eight sections. Th e fix'st fivo deal xvith tlxo relations of tho com
panies to each other. Tho 6th section deals xvith tho relation of tho In
surance Commissioner to tho conxpanles or thoir rato-maldng agent. The
7th section deals xvith the relations of tho companies and thoir agonts to
thoir policyholders. Tho 8th section oxonxpts tho m ill m utuals and tho
Factory Insuranco Association (composed o f stock companies) from tho
terms o f tho A c t.
Tho first five sections aro about vorbatim tho M auldin A c t, passed in
1899, and tho law of South Carolina until 1904, except that Section I has a
m ost important amoiulnxont, px'oposod by M r . Bolzor o f Sximtor. Tho
solo purposo of tho first fivo sections is to prevent compacts or combinations
“ for the pux-poso o f controlling tho rates charged for firo Insxxranco.” Tho
test o f tho good faith o f tho companies in obeying tho A c t is to reqxxiro an
July 8 1916.]
THE CHRONICLE
official ol* agent o f tlio company in this State to mako an affidavit on
M arch 1 1917 that tho company has not “ entered into any trust, combi
nation or association for the purpose of preventing competition in insur
ance ratos in this Stato.” Each year a homo official is required to mako
a like affidavit.
Tho M auldin Law o f 1899 did not permit tho companies to co-opcrato
in any respect. Each company had to stand alono and do wliatover it did
at its own risk. Th e Belzcr amendment to Section 1 changes all this. Th e
companies m ay omploy “ a common agent or agents to preparo and furnish
m aps and other data as to risks, etc.”
Tho Attorney General in an opinion, in which I fully concur, has ruled
that this common agont m ay furnish tho companies with a book o f rates
giving each risk a rate, which in his judgment is just and not discrimina
tory as botween risks, this being the purpose o f tho Bolzcr am endm ent,
thore being no violation of tho A ct unless there be a compact “ for tho pur
pose o f governing or controlling tho ratos charged for firo insurance.”
In other words, tlio rates suggested by tho common agent aro advisory
and are not m andatory.
Th e 6th section gives tho Insurance Commissioner power upon com
plaint of a citizen or upon his own motion to have a hearing to determine
whether such a rate so made by any person or by any company is discrimi
natory or unjust. It subjects tho Commissioner’s decision to summary
review bofore any Judgo. I f it bo found that tho rate complained o f is
discriminatory or unjust, a now rate m ust bo made by tho person or com
pany who first made it.
115
ft seems to mo that every one ought to agree that it should bo amended and
amended prom ptly.
This, however, I am satisfied, is beyond any present hope. Y o u have
asked mo for m y frank opinion and I have given it. Possibly I am too
pessimistic, but its effect has been so seriously felt by every one around me
that it is hard to throw o ff the depression.
Yours very truly,
R. G. RHETT.
R A IL W A Y
T R A IN M E N 'S
S IT U A T IO N
IN
DEM AN DS— THE
S IM IL A R
GREAT B R IT A IN .
Tho similarity of the present controversy between the
trainmen and United States railroads on the wago question
and that which existed in England in 1911 was pointed out
by W . M . Acworth, the British railway authority in an
interview printed in the New York “ Sun” of Juno 11. M r .
Acworth, who was in tho United States on a visit, during
which he inspected several of tho railway systems of the
East, sailed for Liverpool on Juno 24, after a m onth’s
stay in this country. In addition to presenting an out
line of the difficulties of tho railroads in England five
years ago and the steps taken to remedy the same, M r . A c worth also had something to say regarding tho increase in
railroad traffic duo to tho war. W o quoto his observations
from tho “ Sun” as follows:
Section 7 requires each company and each agent o f that company to
deal justly and in a non-discriminatory manner as between all o f tho
policyholders of that com pany. A s the Attorney General has pointed out
thero m ust bo a conscious and intentional violation o f tho section to incur
tho penalty, and it m ust bo construed in consonanco with tlio preceding
six sections. Criticism of Section 7 m ay bo disarmed by the statement
that it was drawn at the instanco of an agent who knew the evil; o f rebating
Th e war, o f course, lias brought a great increase in traffic to the roads.
and discrimination among policyholders and who felt that it would bo a Tho important part that the railway system plays in enabling a nation
bar to evil practices from unrestrained competition which he feared from
to meet tho shock of war was exemplified by tho work done in handling
tho bill otherwise and to which ho was opposed. Ho tells mo it was ap
tho first expeditionary force sent from England to the C ontinent. T h e
proved by tho leading special agents of tho leading companies (which havo troops embarked from Southam pton, and the troop trains conveying them
sinco withdrawn) before its adoption. Experienced agents approvo it now passed over tho line at intervals o f twelvo minutes during daylight hours
as upholding their hands in equitable treatment of all policyholders and in day after day until the whole force was on the troop ships. Orders were
protecting themselves against the selfish or irresponsible policyholders.
issued that if a train fell behind its schedule it was to bo sidetracked and
Sinco there is keen, but sane, competition between tho m ill mutuals and
tho troop ship was not to bo held for the delayed troops. It is remarkable
tho Factory Insurance Association, composed o f stock companies, both
that not a single train fell out o f the procession. This is a record o f which
o f these classes of insurers were exempted from tho provisions of the Bill railway men in England aro justly proud.
in Soction 8.
I note that your railway companies aro facing demands from their train
Summing up, tho Lanoy-Odom Law permits complete co-operation among scrvico employees for an increase o f wages and that if tho controversy is
tho companies in tho making of inspection risks, tho furnishing o f informa
not adjusted in the course o f the conferences now going on between tho
tion as to defects, tho compilation of rates which in tho opinion o f tho
managers and the employees the country m ay bo confronted by the possi
common agont aro not discriminatory or unjust; permits tho insurance
bility o f a strike that will tie up all tho transportation lines. T h at is a
Commissioner as occasion demands to declare his judgment as to whether consequence that should bo avoided if possible.
thoso rates aro discriminatory or unjust; subjects his judgment to sum
In England wo had a brief experience o f such a condition in 1911 when
m ary review by a Judge; forbids the' companies and their agents from
a general striko o f railway workers was called. Tho strike itself lasted a
playing favorites among their policyholders; exempts from tho terms of tho littlo less than a week, and while it was on traffic was not entirely suspended,
law two competing organizations, tho mill m utuals and tho Factory Insur
but during that brief period it inflicted a tremendous loss not only upon
anco Association, each of which has carried to the highest degreo co-oporal
the workers themselves and upon their employers, but chiefly upon the
tion among themselves and which seek firo prevention to tho risks which
industry o f the country as a whole.
they insure.
The situation leading up to tho strike in a w ay was similar to what I
M a y I bo permitted to say that I speak with authority. Tho enforce
understand your present situation to be. T h e sum involved in the de
ment of tho law by its own terms is upon the Attorney General and tho mands of the employees was a very large one in the aggregate, amounting
Insurance Commissioner. A ll that I havo written has been written only
to m any millions o f dollars. Tho managers claimed, as I understand
aftor careful consideration of tho law in every detail and is, as I beliovo,
your managers do, that they could not m eet these heavy increases out
in full accord with tho decision of the Supremo Court and tho rulings o f tho
of tho incomo o f the lines. In one respect, however, thero was an im
Attorney General upon it.
portant difference between tho situation o f tho British workers and that
o f tho men who aro asking a wage advance from your companies. T h at
difference
is in tho pay received.
Tho effect of tho Law on tlio businoss interests of tho State
Th e averago wago o f British engine drivers wero certainly not more
was portrayed in a letter addressed in M a y to Insurance than § 1 0 .5 0 a week. Conductors received not above $ 9 , while firemen
Commissioner M cM aster by R . G . Rhott, President of tho and brakemcn received §7 a week or less. The average pay o f all railway
Peoplo’s National Bank of Charleston and President of tho workers was not more than S6 a week. Those rates o f pay I beliovo are
rather less than one-third what train service men hero receive, and there
Chamber of Commerce of tho United States. W o quoto fvas a general feeling that the pay o f railway employees was too low .
M r . Ithott’s letter below:
It liappenod that tho railway strikes occurred at tho tim e o f a serious
international crisis— the Algeciras affair— and there was a chance that
M r.
F.
11.
M cM aner:
8 ' «
18 191° tho country m ight bo drawn into war. For that reason the Government
Doar M r . M cM a ste r.— Yours of tho 16th instant received. A s I told
intervened and insisted that the interference with transportation be ended
you yesterday, I found it impracticable to gain the assont o f any o f tho without delay. A plan was adopted at tho instance o f tho British Board
companies to rosumo business in (his State until tho present law had boon o f Trade for tho establishment o f boards o f conciliation to adjust differ
amended in such a way as in their judgment would enable them to safely
ences between tho employees and tho companies. Theso boards aro made
do business hero. They do not consider that they can do so under its up o f representatives o f tho employees and tho managers. In case o f
present terms.
I am not only distressed at present conditions, but oxfailuro to agreo they appoint ono outsido person to act as arbiter o f their
coedingly apprehensivo o f conditions yet to arise. Insuranco is expiring differences. T h is system on tho whole seems to havo worked satisfactorily.
daily, which tho insured aro finding it impossible to renew. N ew building
Sinco it was recognized that a settlement o f the striko by means o f
is boing hold up. Tho importation of goods into this port is being stopped
arbitration would be likely to result in tho granting o f considerable in
becauso tho importers cannot socuro insurance on tho goods while stored
creases in wages, and sinco it was recognized that thero was merit in the
hero. Thousands of insuranco agents aro without em ployment, and their
claim o f tho managers that tho revenues o f tho roads wero insufficient to
families aro suffering in consequence. Insurance rates aro advancing, oven
justify any considerable advanco in the rates o f pay, tho companies re
on what wo can renew, and tho Stato is losing a great deal of money,
ceived from tho Government what amounted to a promise that they woul
which its people will havo to supply by increased taxation.
bo allowed to incrcaso freight rates. This was embodied in tho following
Thoso aio the conditions wo aro facing, and I do not see any relief in words:
sight. Com ing just at this tim e, it is particularly distressing to mo, be
“ Tho Government will propose to Parliament next session legislation
causo I thought wo were on a wavo of progress, but tlio depression which
providing that an increase in tho cost o f labor duo to the improvement o f
has been settling over thoso with whom I came in contact in tho last thirty
conditions for tho staff would be a valid justification for a reasonable
days has not only depressed m e but alarmed mo. I really do not seo what general incrcaso o f charges within the legal m axim a if challenged under
can bo dono. The firo insurance business of this Stato means very littlo
tho act o f 1891.”
to theso largo insurance companies. They can get along without it, and
A t tho following session o f Parliament tho Government attem pted to
in some instances aro hotter off doing so, but so far as wo aro concerned,
redeem this promiso, but tho bill introduced aroused opposition by reason
tho outlook is extroinely dark. AV’ e m ust become our own insurers in many
o f including somo other matters, and in tho press o f legislation it failed
instances, and loans which require insuranco policies aro, In m any instances
to pass.
boing called, to tho infinite distress o f tlio borrowers. Enterprises which
A year later, however, in 1913, the Government again brought forward
wero promising m ust bo hold up whero tho risk involved amounts to many
tho m atter, explaining that they were virtually pledged to its enactment,
proportions.
and at that tim e it was adopted. Under this act tho roads imposed in
Our commorco must bo curtailed, bccauso wo cannot protect tho goods creases o f about 4 % on the bulk o f freight traffic. According to ono of
when they arrive lioro for storage, and amidst it all thoso who havo been
our railway officials this represented an increase o f about 2'/$% in the
thrown out of employment aro clamoring for somo relief for their immediate
net revenues o f his road.
suffering. Thoro is nothing to bo gained by our discussing tho question
Our system o f railway regulation is naturally somewhat different from
as to whether tho companies w'ero justified in withdrawing from tho Stato
yours. O f course wo do not havo regulation o f rates and other m atters
under tho circumstances. Unquestionably it is their privilege to do busi
by a largo number o f State commissions and Legislatures, such as com
ness where they find it profitable and to withdraw from business which
plicate tho situation and sometimos add to tho difficulties o f tho roads
they find unprofitable or undesirable. If wo could get insuranco from any
over hero. W hile general supervision o f transportation matters rests with
sourco to roliovo our own peoplo from the distressing conditions which face
tho Board o f Trade in England, wo have a railway commission which hears
them , then tho recent A ct m ight bo justified, although in m y judgm ent its
and decides complaints as to rates. This body corresponds somewhat to
authors could not justify tho throwing out of employment thousands of your Interstate Commerce Commission in the judicial sido o f the latter,
our fellow-citizens, depriving them of hundreds of thousands o f dollars of but it is purely a judicial body. I t does not undertake investigations
rovonuo, without any benefit to any other class of our citizens; but when,
on Its own account, and as m aximum rates which the railways m ay not
in addition to this, no ono is receiving any benefit from reduced insuranco
exceed aro prescribed by law most o f the cases before the commission
rates and thousands’ aro^deprived'of thojnoans of protecting their propert y
relate to alleged discriminations between localities.
116
THE CHRONICLE
Ono thing, however, our experience has amply demonstrated, as no
doubt yours will do; that is, that thero is an intimato relation between
traffic rates and wages. As the money paid out by the railways is all
drawn from tho public any increase in wages must in the end bo borne
by tho public.
Tho patriotism o f our railway men during tho war has been splendid.
They havo had some temporary increase o f wages to meet tho war pricos,
but the riso in wages has been by no moans equal to tho rise in prices,
and of course at no time do our employees receivo any such wages as do
your train service men over here.
M r. Acvvorth was also quoted to tho following effoct in
the “ W all Street Journal” of June 1G:
As long ago as 1871, I think, there was an Act o f Parliament passed au
thorizing tho Government to tako possession of all tho railways in case of
national peril. On tho day tho present war broko out tho provisions of this
Act automatically went into effect, and tho railways nominally passed into
possession o f tho Government.
Tho arrangement, as it became effective, was that tho Government was
to pay all tho operating expenses o f ovory kind and sort and to guarantee
to tho railway companies the same income that they had for the year 1913.
Sinco tho war began, on two occasions thero havo been general increases in
tho wages o f tho men, caused by tho very rapid increaso in tho cost of living.
Almost tho whole of that increaso is now homo by the Government. Thoro
are two cases in which tho bargain has pressed rather hard upon tho com
panies:
In tho first place, companies having largo amounts of capital invested in
lncompleted work were forced to bear tho exponse out of not rovonues,
as it was before tho increaso o f capital, whereas, tho Government has got
all the benefit from the accommodation provided by tho expenditure of tho
new capital. In addition to that thoro may bo a hardship in tho case of
railways that are not able to spond on maintenance and renewals at tho same
rate as tho deterioration is going on, where tho linos havo very heavy traffic
caused by direct war troubles, such as the carrying of troops, munitions and
stores. In both cases, it is quito to bo expected that the Government be
fore long will corao to new capital arrangements.
Sinco I camo hero I find that my railway friends seem to think that tho
Government is operating tho railroads. Tho truth is that tho ordinary
passenger would not discover tho very smallest alteration from tho system
that ho has been accustomed to all his lifo. Tho present head of tho rail
ways is tho President of tho Hoard o f Trado, who is a Cabinet Ministor.
Tho real control is in the hands o f an Executive Committee composed of
about a dozen o f tho General Managers of tho groat railways, with tho
General Manager o f tho London & Southwestern as Acting Chairman.
Of course, tho fact that all tho railways aro working in harmony and that
it makes no difference to a particular company whether it carrios traffic or
not, has led in a considerable dogroo to the traffic being carried by tho most
convenient route. A certain amount o f pooling of oquipmont has taken
place, but with tho old men in control tho old system naturally survives,
and it is impossible for a man who has be9n in charge of tho X Y Railway
for twenty years to avoid thinking about tho X Y Railway, moro than
about tho railway system as a wholo. The question lias boon raised in
Parliament whether pooling all resources could not bo carried further, and
if the war goes on longer I have no doubt moro will bo dono in this direction.
Whether tho oxperienco of war times will havo any influence on tho policy
of tho Government toward tho railroads after tho war, no ono can answer.
Personally I can hardly believe that wo shall go back to anto-war conditions,
but that tho Government will undertake to purchase and work tho railroads
I can still loss beliovo. Generally England compromises on most questions,
and I think it likely that wo will compromise on this, but at any rate
our experience has shown an easy way in which tho quo3tion could bo
solved as far as tho peoplo and operations aro concerned, leaving tho ques
tion o f tho financial arrangements to bo mado with share and dobenture
holders for leisurely consideration afterward.
I havo not been hero long enough to be entitled to say much about
American railways, but I am moro and moro convinced that you aro going
to bo brought face to face with a serious crisis. It is perfectly ovidont that
the railroads aro not spending, for tho simple reason that they cannot got
from tho public, enough monoy to provide the new facilities that aro re
quired to deal with the new business. I am at a loss to imagine why tho
public should give the railroads tho monoy when their rates are fixed
by the restrictions of forty-nino commissions, and their wage bill is fixed
by nono too modest unions, aided and abetted by a public too ready to bo
unduly generous where the oxpenso doos not fall on thorn. But it is prac
tically those conditions which have led mo and my associates to sell all our
American securities, and leavo mo moro cold than I should have felt last
year.
I have been told that sinco tho boginning o f this year up to M ay 20 wo
havo sold about 8650,000,000 o f American securities. By the way. apropos
of tho salo of English-owned securities, I see in a good many o f your papers
tho statement that wo havo boon reluctant to sell Amorican securities
becauso wo thought them tho host tiring to keep. Tho fact is thoy have
been kept by peoplo who probably did not oven know that they possessed
them, because a very largo proportion of tho total wealth o f English holders
is in trustees, and neither tho trustee or tho beneficiary as a rule knows
what tho securities are; but attention is called to tho fact that thoy have
American securities by an additional 10% incomo tax on thorn, and you will
find that they will come over hero a good deal faster thair before. Since
my arrival in this country I havo beon told ttrat §75,000,000 of tho Penn
sylvania common stock is held in Groat Britain, and some of my informants
place tho amount at larger figures. I cannot help thinking that theso
securities will como over lioro faster than heretofore, becauso o f the fact
that thoir ownership is boginning to bo known by tho holders, by reason
of tho additional incomo tax.
A further elaboration of M r. Acworth’s views on tho rail
roads and their future appears in tho National City Bank
circular for July.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Only ono lot, of forty shares, of bank stock was sold at tho
Stock Exchange this week, and nono wero sold at auction.
A salo was mado at auction of twenty-three shares of trust
company stock. Extensive tables reporting bid and asked
quotations, deposits, surplus, & c., of banks and trust com
panies in all important cities in the United States aro pub
lished monthly in tho “ Bank and Quotation” Section, the
July issue of which accompanies to-day’s “ Chroniclo.” Bid
and asked quotations for all New York City bank and trust
[Vol . 103.
company stocks aro also published weekly in another depart
ment of this paper, and will be found to-day on page 135.
S h a r es . BANK — N e w Y o r k .
L o w . H ig h . C lo s e .
L a st p r e v io u s s a le .
40 Commerce, Nat. Bank o f___ 167K 167M 107)4! Juno 1916— 167
TRUST COM PANY — N e w Y o r k .
23 Lawyers’ Title & Tr. C o...... 130
130
130
Dec. 1915— 120
A Now York Stock Exchango membership was posted
for transfer this week, the consideration being $65,000, an
unchanged price for the last preceding transaction.
After a long sojourn in Southern France, James Stillman,
Chairman of tho Board of the National City Bank of this
city, returned on the Gth inst. on tho steamship Nieuw
Amsterdam of the Holland-Am.erica Lino.
W o havo been favored with the following further facts
regarding tho American Mercantile Bank of Peru, Inc. of
Hartford (tho Banco Mercantile Americano del Peru), tho
incorporation of which was reported in theso columns June 3.
Tho bank was incorporated in Connecticut. Its authorized
capital is 1,000,000 Peruvian pounds, and to commence
operations it has a paid-up capital of 100,000 Peruvian
pounds, which is entirely owned by tho Mercantile Bank of
the Americas, Inc. Tho assistant general manager of tho
latter is at present in Lima, Peru, attending to tho opening
of the principal offico of the new bank, and he has rented
for tho use of tho bank one-half of a now building in Callo
Filipinas. Tho Banco Mercantil Americano del Peru is an
entirely American bank, with no European leanings of any
kind, and its purpose is to develop trado in Peru and between
that country and tho United States. The Directors aro
Messrs. James Brown, of Brown Brothers C o.; Albert
Strauss, of J. & W . Soligman & C o.; Albert Broton, Vice
President of tho Guaranty Trust Company of Now York;
Jason A . Neilson of tho foreign department of Brown Bros.
& Co. and others The officers are: James Brown, Presi
dent; and Walter M . Carlobach, Secretary and Treasurer.
The Whitney-Central National Bank and tho WhitnoyCentral Trust & Savings Bank of Now Orleans, both of
which John E . Bouden, Jr., is President, havo issued an
announcement to the effect that “ tho prosont financial
situation has reduced goneral interest rates and that con
servative banking policy demands that a corresponding
reduction bo made in tho rate of interest paid on intorestbearing deposits. For this reason, on and after July 1 191G,
thoir (tho Whitney Central banks) maximum rate of intorest
will bo 3 % per annum, compounded semi-annually in
accordance with savings custom s.”
Charles D . Baker and William F. Mooro havo beon ap
pointed Assistant Cashiers of tho Bank of tho Manhattan
Company of this city.
Tho deposits of tho Broadway Trust Co. of this city,
Frederic Cr. Lee, President, at tho close of tho semi-annual
period of business wo o $25,033,201, an incroaso from $2 3,
181,000 at tho call for March 7. Tho company has enjoyod
remarkablo growth under the present management, as is evi
denced by the following graduations of its deposit lino:
$2,424,000 Dec. 31 1908; $4,322,000 for tho samo dato in
1910; $5,150,000 for 1912; $14,971,000 for 1914; $10,213,000
for 1915, and $25,033,201 for June 30 1916.
William B. Sheppard and Frederick S. Bowen havo beon
made assistant cashiers of tho Harriman National Bank of
this city. Last week wo also announced tho appointment
of Morton Waddell as an assistant cashier of this bank.
Tho Chatham & Phoenix National Bank of this city is
to establish a W est Sido branch at tho southwest corner of
Broadway and Sixty-first Stroot.
George S. Runk, for many years, First Vice-President of
the Yorkville Bank of this city, died on tho 1st inst., ho was
in his fifty-ninth year. Besides his offico in tho Yorkville
Bank, M r. Runk was a trustee of tho Gorman Savings Bank
of this city.
J. Edgar Leaycraft, a director of tho Now Notherland
Bank, and Treasurer and trusteo of tho Franklin Savings
Bank, & c., died on July 3 at tho ago of sixty-eight. M r.
Leaycraft, who was prominent in roal-ostato circles in this
city, served as a member of tho Committoo on Stato and
July 8 1916.]
THE CHRONICLE
Municipal Taxation in the New York Chamber of Com
merce and during the Itoosevelt and Odell administrations
as governors of New York State, held the office of State
Tax Commissioner.
A t tho age of sixty-two, Henry M . Lester, President of
the National City Bank and the People’s Bank for Savings,
both of New Rochelle, died on the 1st inst. M r . Lester,
besides his banking interests, was Vice-President of the
Westchester Chamber of Commerce, and was identified
with many civic, & c., organizations in New Rochelle.
Announcement is made by the Bloomfield National Bank
of Bloomfield, N . J ., under date of June 27, of the election
of Lewis K . Dodd as Vice-President, to fill the vacancy
caused by the death of William A . Baldwin, mention of
which wo made in our issue of June 30. M r . Dodd will also
continue in his present position as Cashier. Ralph 0 .
Wilson has been appointed an Assistant Cashier.
A report recently filed by Fred P . H olt, reeoiver of the
defunct Windsor L o c k s Savings Bank of Windsor Locks,
Conn., shows that the depositors have been paid a final divi
dend and that the receiver has no further funds of the bank
on hand. M r . Holt asked that he bo discharged as receiver
and that the bank’s charter be rovoked. Tho institution
failed in 1912 and the depositors have received more than
8 0 % of their deposits.
_
Col. Charles L . F . Robinson, a director in the Newport
(R . I.) Trust Company, tho Phoenix National Bank of
Hartford, tho Connecticut Trust & Safo Doposit Co. of
Hartford, & c., died on the Oth inst. M r . Robinson was
about forty-three years old. He was President of tho C olt’s
Patent Firearms Manufacturing C o ., and a member of
of many yachting clubs. His death occurred on his yacht
when bound from Woods Hole, M a ss., for Newport.
The Franklin National Bank, of Philadelphia, in com
pleting its sixteenth year of existence, is able to show con
spicuous growth in every item of business, as m ay be seen
from the fact that, in the years from 1900 to 1916, its surplus
and profits have increased from 81,000,000 to 83,632,757;
its deposits, from 83,404,231 to 844,191,919; its loans from
82,067,496 to 833,879,786, &e. It is announced that, with
the completion of its now building on Chestnut Street above
Broad, the bank will occupy commodious quarters and be
more thoroughly equipped to render the most complete
service to its patrons. This bank recently declared a 2 0 %
semi-annual dividend, an increase of 4 % in the annual rate
(see issue of April 29).
It is announced that Charles T . Holladayhas been elected
to the office of Vice-President of the Quaker'City National
Bank of Philadelphia, to fill the vacancy due to the death
of Charles S. Hinchman.
An audit of the first account of John A . M cCarthy, re
ceiver of Woelpper & C o ., stock brokors of Philadelphia, who
failed in April 1915, was filed on Juno 27. The audit gives
tho total claims against tho firm as 8456,459, and the assets
on M a y 20 1916 of 8414,999 comprising tho following items:
cash, 8123,878; securities at inventory of M ar. 29 1915, 84 3,
635 25; unliquidated assets, 8247,486 39. The auditor
reports that with tho amount of doubtful assets eliminated,
the receiver has 8183,300 in cash and salablo securities on
hand, enough to warrant a dividend of 33 1 -3 % on tho proved
claims, and still resorvo sufficient funds to pay an equal divi
dend on claims yot to be proven, of which the auditor has
recoived notico.
117
the President, and Richard T . Cudmore was advanced from
assistant cashier to the position of cashier. Messrs. Borg
man and Bodde were also elected directors.
William A . Bradford, it is announced, has been elected
Secretary and Trust Officer of the Fort Dearborn Trust &
Savings Bank of Chicago to succeed E . C . Glenny, resigned.
John W . Barrell, a member of the firm of Finley Barrell
& Co. of Chicago, was drowned while bathing near Bath,
111., last Saturday. Ho was the son of Finley Barrell,
senior member of the firm.
Joseph J. Crowley, a prominent merchant of Detroit has
been elected a director of the National Bank of Commerce
of that city. His appointment fills the vacancy on the
board caused by the resignation of James Couzens.
A new bank, known as the East Hennepin State Bank of
Minneapolis, M in n ., opened its doors for business on July 1,
with a capital of 850,000 and surplus of S10,000. C . T .
Thor bus, President of the Richardson Grain Separator
Company, is at the head of the new bank, and Paul A .
Preus, who has been identified with the State banking
superintendent’s office for three years, is Vice-President.
F . G . M cM illan is second Vice-President, and Albert Larsen,
formerly identified with the St. Anthony Falls bank of
Minneapolis, is cashier.
A n application for its conversion into a national bank
under the name of the Planters National Bank, has been
mado to the Comptroller of the Currency by the Merchants
& Planters Bank of Tulsa, Okla.
The Central Banking Co. of Huntington, W . V a ., was
closed by the State Banking Department on June 22,
pending an investigation into its affairs. The institution
had 825,000 capital and the deposits at the close of business
June 21 aggregated 864,195. The city of Huntington, the
institution’s largest single depositor, had about 819,000
deposited in the bank.
The directors of the M acon National Bank of M acon,,
G a ., have declared a semi-annual dividend of 2 J ^ % on the
bank’s 8150,000 capital and have transferred 82,500 to
surplus, raising that item to 812,500.
The United States Savings Bank, capital 837,000, and
the Bessemer State Bank, capital 876,500, both of Bessemer,
A la ., have been consolidated under the name of the United
Savings Bank. The combined institution, which is capital
ized at 850,000, opened for business on June 27 in the offices
of tho Bessemer State Bank. Its officers are: President,
W . W . Hollingsworth; Vice-President, George E . Rutledge;
Cashier, G . B . Hollingsworth. The Messrs. Hollingsworth
held similar offices in the United States Savings Bank; M r.
Rutledge was President of tho Bessemer State Bank.
The Realty Savings and Trust Company of Savannah,
G a ., capital 8100,000, opened for business on the 3rd inst.
The company will do a general real estate and loan business
and in addition will operate a savings department. The
officers are: W . I I. Stillwell, President; C . G . Rowland,
Vice-President; J. E . Carolan, Secretary-Treasurer.
It was announced on June 30 that the Northwest Trust
and Safe Deposit Co. of Seattle, W ash ., had taken over the
banking business of the Mortgage Trust & Savings Bank of
that city. The latter will hereafter devote its energies to
the bond and mortgage business, under the direction of
Paul C . Harper. This institution, which succeeded the
B.
A . Horrod, heretofore receiving teller at the First-SecFirst Mortgage Bank is an outgrowth of tho investment
ond National Bank of Pittsburgh, has beon elected an As firm of William P . Harper & Sons of Seattle. The North
sistant Cashier of tho Ilomowood People’s Bank of Pitts west Trust & Safe Deposit C o ., originally started to conduct
burgh. He assumed his now duties on July 1.
a safe deposit business, has from time to time added new
departments to its organization, thus gradually developing
A t a meeting of the directors of tho People’s State Bank into a general banking and trust institution. "
of Detroit, M ic h ., on July 3 the following promotions of
officors woro mado: Henry P . Borgman, herotoforo cashier
Tho Seaboard Bank, a now Seattle financial institution,
in chargo of the savings department, was made Vice-President. opened for business on June 12 at 110 Pike Street, in the
He still retains his position as cashier in charge of the savings centre of the uptown district. The institution has 8100,000
department. John R . Boddo, who has beon assistant to capital and surplus of 820,000. Its officers are: President,
the President, was advanced to the position of Vice-Presidont; Leo II. Wakefield; Vico-President, E . S. Goodwin; Cashier,
Austin E , W ing, heretofore cashier, was mado assistant to C . H . Howell, Assistant Cashier, R . C . Vandevort.
THE
118
CHRONICLE
C an a d ia n B an k C learin gs.— The clearings of the Cana
dian banks for the month of June 1916 show an increase over
the same month of 1915 of 5 2 .9 % , and for the six months the
gain reaches 3 8 .8 % .
Jun e.
Six M on th s.
C learings at—
1916.
I n c . or
D ec.
1915.
1916.
I n c . or
D ec .
1915.
S
S
$
$
%
%
Montreal........ 320,737,140 196,646,272 + 63.1 1,688,482,318 1,150,267,703 + 46.8
Toronto.......... 234,373,961 161,404,956 + 45.2 1,207,964,652 872,551,872 +38.4
Winnipeg........ 150,375,516 77,738,643 + 93.4 863,005,082 569,803,578 + 51.5
Vancouver___ 27,127,873 22,500,450 +20.6 143,210,923 132,630,924 +8.0
Ottawa - ........ 22,621,590 17,197,520 +31.5 116,265,194 103,829,917 + 12.0
86,747,092
70,640,891 + 22.8
Quebec......... - 15,973,856 13.188,189 +21.1
48,056,700 + 23.8
Halifax......... 10,527,852 9,915,556 + 6.2 59,492,231
Hamilton------ 10,528,852 12,864,156 + 27.8 91,788,043 68,479,544 +34.0
St. John-------- 7,975,302 6,322,920 + 26.1 42,579,953 37,286,229 + 14.2
48,167,273 43,566,028 + 10.6
London ......... 8,028,975 7,721,083 +4.0
Calgary - ........ 17,167,065 12,090,461 + 42.0 97,695,582 73,241,950 + 33.4
Victoria.......... 6,919,085 5,857,043 + 18.1 36,775,999 39,601,828 —7.1
Edmonton___ *10 000 000 9,243,639 + 8.2 54,057,743 51,808,521 + 4.3
Regina........... *8.000,000 5,575,660 + 10.0 46,011,118 32,661,417 + 41.5
10,984,077 + 12.3
Brandon ____ 2,128,412 1,765,924 + 20.6 12,340,744
18,492,461 +45.4
Saskatoon----- 4,542.313 2,901,624 + 56.6 26,918,331
21,747,570 16,886,094 +28.8
Moose Jaw ... 3,542,445 2,773,580 +27.7
11,211,646
7,589,897 + 47.7
1,840,720 1,192,739 + 54.3
Lethbridge —
15,765,547
12,356,387 + 27.6
Brantford___ 2,509,636 2,169,782 + 15.7
10,797,516 + 9.1
11,786,110
Fort William.. 2,376,942 1,739,720 + 36.6
6,199,782
6,740,705 —8.0
New W'm'er.. 1,386,665 1.084,432 +27.S
8,533,562
835.420 + 67.0
5,369,643 + 58.9
Medicine Hat. *1,400,000
9,961,923 +25.5
12,500,260
Peterborough . 2,340,661 1,716,871 + 36.3
8,930,590 Not lncl. In to tal.
Sherbrooke__ 2,226,335 Not incl. in total.
7.062,684 Not Incl. In to tal.
2,364,147 Not lncl. in total.
Berlin...........
Total Canada 878,339,316 574,446,649 •I-52.9I4,709,246,735 3,393,605,985 + 38.8
The clearings for the week ending July 1 make a vory satis
factory comparison with the same week of 1915, the increase
in the aggregate having been 9 9 .5 % ._______________ __________
W eek
ending July
1.
Clearings at—
1915.
1916.
Canada—
M ontreal..............
T oron to ................
W innipeg_______
Vancouver...........
O tt a w a ..... ..........
Quebec..................
H a lifa x ................
H am ilton_______
St. John________
London ................
Calgary ...............
V ictoria................
E dm onton...........
R egina.............. ..
B r a n d o n _______
Saskatoon ______
M oose Jaw____
L eth b rid g e _____
B r a n tfo r d ______
Fort W illiam ____
N ew W estm ’ter.
M edicine H a t__
P eterborough___
Sherbrook e.........
Berlin___________
«5|
T otal Canada-
I n c . or
I n c . or
D ec .
1914.
1913.
S
S
%
33,185,967 + 114.4
71,143,677
56,320,154
28,196,295 + 99.8
32,421,876
12,678,611 + 155.7
5,940,942
4,392,508 + 35.2
4,919,402
2,625,950 +87.4
2,354,067 + 44.8
3.408,215
2,033,374
1,330,156 + 52.9
2,580,264 + 24.0
3,199,500
1,039,146 + 60.1
1,664,080
1,234,930 + 35.2
1,669,053
3,873,052
3,123,568 + 24.0
1,032,874 +34.1
1,384,645
1,391,942 + 26.6
1,762,083
887,972 + 100.7
1,781,077
496,165
306,653 + 62.0
970,507
523,910 +85.3
560,681 + 41.8
794,961
207,194 + 105.8
426,311
358,782 + 51.9
544,066
470,524
294,828 + 59.9
305,712
184,766 + 65.5
298,914
156,251 +90.9
503,415
300,440 + 67.7
454,540 N ot incl. In to tal.
560,967 N ot incl. in to tal.
S
43,824,533
43,126,685
20,553,667
7,424,647
3,025,216
2,456,516
1,533,275
2,865,572
1,544,756
1,264,209
5,441,428
2,293,450
2,956,227
1,553,531
321,808
888,713
780,132
335,158
521,102
720,042
296,471
318,338
358,992
$
48,911,798
39,824,255
26,807,036
11,472,928
3.514,643
3,277,297
2,039,913
3,706,331
1,397,474
1,524,034
3,944,808
3,586,041
3,782,824
2,091,072
524,210
1,442,033
899,208
437,561
527,953
952,456
454,891
488,471
98,947,755 + 99.5
144,404,474
161,607,243
196,331,705
Pacific and O th er W e ste rn Clearings b ro u g h t forw ard
from first p a g e . ____________________________
Clearings at—
1915.
I n c . or
D ec.
1916.
San Francisco__
Los Angeles........
Seattle________
Spokane_______
Portland______
Tacoma_______
Salt Lake City—
Oakland.............
Sacramento____
San Diego.........
Pasadena..........
Stockton______
Fresno________
San Jose......... .
North Yakima. .
R eno____ ____
Long Beach____
Total Pacific—
136,040,959
Kansas City___
Minneapolis___
Omaha........... .
St. P au l...........
Denver_______
St. Joseph_____
Des Moines........
Sioux City..........
Wichita............
Duluth________
Lincoln.... ........
Topeka _______
Cedar Rapids__
Davenport____
Colorado Springs
Fargo.................
Pueblo________
Fremont______
Waterloo______
Helena________
Aberdeen______
Hastings ......... .
Billings.............
74,613,244
21,860,424
21,100,000
15,636,919
11,748,859
9,337,402
5,504,701
3,300,000
3,914,696
3,700,168
2,529,333
1,501,820
1,570,326
1,588,882
500,000
1,326,274
431,034
377,3S9
1,964,753
1,284,315
746,442
292,156
638,705
Tot. oth. West
185,367,842
+ 2 0 .0 5,289.180.408 4.445.550.276
118,881,787 + 14.4
109,516,009
105,447,309
+ 11.4
+ 12.7
+ 13.3
+ 16.5
+ 13.6
+41.6
—6.6
+26.9
+ 15.4
+ 60.0
+0.8
+ 13.8
—13.5
—2.6
+ 20.5
+ 22.4
+ 5.8
+ 14.7
+56.6
+ 26.4
+33.0
+ 23.7
+ 12.3
40,257,765
24,580,848
13,495,496
11,475,319
7,367,731
5,567,398
6,029,713
2,980,255
3,114,089
3,653,113
1,961,328
1,319,313
1,675,748
1,367,740
398,597
1,126,359
696,784
360,450
1,233,135
1,143,189
365,000
140,593
486,082
43,385,155
22,000,000
15,125,644
10,009,828
9,184,251
7,507,466
5,169,226
3,266,331
3,250,000
4,799,660
1,740,058
1,673,145
1,461,970
1,776,716
510,620
507,643
502,042
338,051
1,725,953
947,925
344,304
180,000
353,317
162,662,114 + 14.0
130,796,954
135,759,355
66,983,568
19,394,202
18,630,861
13,416,706
10,388,252
6,593,288
5,891,594
2,600,000
3,390,763
2,314,478
2,508,355
1,319,000
1,815,374
1,630,704
415,000
1,083,384
407,294
328,863
1,254,333
1,016,389
563,549
236,243
479,914
Per
Cent.
New York........................... ............
Boston_________________________
Philadelphia....................................
Baltimore...... ...................................
Chicago...........................................
St. Louis............... ........................
New Orleans......................... ..........
82,132,627,534
164,929,159
189,659,107
38,988,331
306,697,932
74,492,742
22,897,177
$1,337,055,299
104,324,012
105,073,686
26,372,658
220,791,952
55,812,211
15,622,278
+59.5
+58.1
+80.5
+ 47.8
+38.9
+33.5
+ 40.6
Seven cities, 5 days.........................
Other cities, 5 days.............................
$2,930,291,982
598,928,704
$1,865,052,096
500,407,618
+ 57.1
+ 19.7
Total all cities, 5 days----------------All cities, 1 day— ........... ............... -
$3,529,220,746
742,094,687
$2,365,459,714
535,681,189
+49.2
+ 38.5
84,271,315,433
$2,901,140,903
+ 47.2
Total all cities for week..................
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the six months of 1916 and 1915 are given below:
RR. bonds
Gov’ t bds.
State bds..
Bank stks.
I V a l.
+ 20.6
+ 1 9 .0
S
42,661,405
18,898,897
9,644,020
3,700,000
11,009,617
2,086,758
5,834,977
3,198,928
2,127,063
1,976,879
855,468
1,350,867
825,000
650,000
338,484
228,946
1915.
Stock/Shs.
+ 21.2
1913.
+ 11.9
+ 9.8
+ 19.8
+ 17.5
+ 18.6
+ 33.9
+25.4
+21.1
+25.2
+ 13.9
—9.6
+ 49.5
+22.7
—6.8
—18.7
+ 10.0
+8.9
%
1916.
+ 17.8
+21.7
+ 6.1
+ 10.4
+42.4
Kansas City.. 353,362 ,054301,310.819i +17.32 ,103,968 ,5781 ,823,995 ,288 + 15.4
80,222,915i
641,749 ,809 609,112 ,315 + 5.3
Minneapolis . . 99,826
80,834,4371
583.545 ,033 469,547 ,894 + 24.3
Omaha______ 95,378
53,427,1181
376,093 ,627 297,867 ,472 +26.3
St. Paul......... 65,373
300,096 ,744 229,263 .259 +30.9
42,277,800;
Denver......... 58,318
32,308,399
242,055 ,739 193,374 ,779 + 25.2
St. Joseph___ 42,521
167,691 ,095 139,134 ,640 + 20.5
23,560,478
Des Moines__ 26,609
14,468,969’
107.546 ,709 82,992 ,454 +29.6
Sioux City___ 17.415
13,745.446 +26.7; 113,913 ,218 89.855 ,831 +26.8
Duluth______ 17.416
15,926,035 + 14.8 113,463 ,891 93,051 ,346 +21.9
Wichita......... 18,287
42,389 ,409 37,346 ,485 + 13.5
6,389,811
Topeka-------- 7,064
6,250,157
49,441 ,990 37,633 ,542 + 31.4
Davenport - - 7.507
10,304,308
75,233 ,748 58,799 ,120 +28.0
Lincoln ......... 12,550
47,199 ,207 44,769 ,521 +5.4
7,565,473
Cedar Rapids. 7.507
20,252 ,049 17,056 ,570 + 18.7
3,043,578
Colorado Spgs. 3,621
5,157,644
44,371 ,241 29,903 ,228 +48.4
Fargo_______ 7,054
4,922,456
33,560 ,069 26,008 ,526 + 29.0
Sioux Falls__ 5,135
6,951,799
58,385 ,555 43,341 ,111 + 34.7
Waterloo____ 8,875
4,538,102
33,296 ,524 27,069 889 +23.0
Helena______ 6,075
12,364 ,421
1,645,175
13,359 ,360 —7.4
Pueolo ........... 2,148
4,305,356,
40,141 ,826 19,658 ,859!+ 104.2
Joplin_______ 6,719
2,752,611;
20,515 ,769 13,726 ,374; +49.5
Aberdeen____ 3,577
11,767 ,792
10,725 734 + 9.7
1,840,140
Fremont........ 1,911
7,584 ,305
909,325!
5,518 390 +37.4
1,299
Hastings____
1,967,629
15,607 ,890 11.855 .861 + 31.6
Billings......... 2,924
12,852 ,500
8,642 400 + 48.7
1,480,700
Grand Forks.. 2,231
5,807 ,612
4,972 769! + 16.8
879,651
970
Lawrence........
1,043,787
8,293 ,058
6,967 ,259[ +19.0
Iowa City----- 1,250
1914.
S
48,221,446
19,345,958
11,027,943
3,400,000
9,064,135
1,795,551
5,862,431
2,739,957
1,928,331
1,837,296
698,913
905,793
869,563
676,341
335,000
25,),000
556,951
S
53,748,632
21,576,957
12,475,301
3,493,031
8,500,000
1,725,919
6,382,466
3,352,618
1,569,354
1,854,345
873,971
745,227
715,212
724,713
342,533
300,000
501,508
Clearings— Returns by Telegraph.
W eek ending July 8.
+23.4
+23.2
+ 21.7
+ 11.3
+38.4
+ 13.8
+ 14.4
+ 11.6
+ 19.7
+30.5
+28.8
—4.9
+ 14.9
+27.8
1.
Clearings b y Telegraph— Sales o f Stocks, B on ds, & c.
— The subjoined tabl , covoring clearings for the curront
week, usually appears on the first pago of each issuo, but
on account of the length of the other tables is crowded out
once a month. The figures are received by telegraph from
other leading cities.
D ec.
+ 20.2
I n c . or
D ec.
1915.
S
60,162,388
23,689,962
14,941,839
4,106,138
10.078,942
2,310,923
8,000,000
4,060,071
1,965,437
2,112,514
789,975
1,114.642
877,754
675,766
278,321
33U.000
546,287
Six M on th s
San Francisco. S
I.os Angeles__ 1
Seattle--------Spokane____
,022,006 41,
Cortland____
»,220,207 8,
Tacoma_____
,,753,381 20,
Salt Lake City
1,302,008 14,
Oakland.........
1,253,286 7,
Sacramento__
1,367,535 7,
San Diego___
1,903,043 3,
Pasadena........
,836,816 3,
Stockton ........
,,423,645 3,
Fresno...........
1,111,029 2,
San Jose_____
,730,013 1,
North Yakima
1,600,000 3,:
Boise----------,,248,026 3,:
Ogden ...........
,600,000 1,
R en o----------— 2.6
901,082
Santa Rosa...
+ 21.6!
1,479,406 2,
Long Beach__
1,331,609 1,
+36.5:
Bakersfield__
Total Pacific 614,902,772 495,367,609 + 24.13,589,248,954 2,962,380,826
W eek ending July
D escrip
tlon .
1915.
S
,250,696,612
507,824,722
296,498,119
91,152,401
270,542,802
49,277,985
152,099,688
86,889,568
44,092,990
48,003,924
22,171,289
22,351,547
22,842,988
15,259,591
9,389,651
18,589,700
18,884,938
7,021,976
5,494,011
13,213,207
10,083,217
Tot.Oth.W cstSS2.93 1,115 730,030,118
[Vol. 103
Par Value
or Q uantity.
1916.
Six M on th s
Aver.
Price.
A ctual
Value.
P a r Value
or Q uantity.
j
|
1915.
A ctual
Value.
A v er.
Price.
1 61,929,979
85,055,650
$7,396,546,590 $6,926,728,271 93.7 $5,240,857,725 $4,510,450,581 86.0
416,703,500 383,333,675 92.0 384,886,200; 323,914,834 84.2
632,756 103.2|
554,000
550,078 100.9
612,950
123,739,942 94.9
11,326,500
9,990,091 55.2
130,441,000
327,580 218.2
101,200)
181,234 179.1
150,100
$7,944,454,14o'$7,434,762,224 93.685,643,725,025'$4,845,095,798 86.0
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
1915.
1916.
M th .
V a lues.
N um ber
of
Shares.
A ctu a l.
P a r.
N um ber
of
Shares.
V a lu es.
P a r.
A ctu a l.
8
S
8
$
Jan . 15,956,944 1,427.403,335 1,301,244,810 5,070,210 435,534,900 302,401,298
Feb. 12,126,205 1,025,902,910 962,417,409 4,383,449 380,032.785 262,372,421
Mar. 15,107,585 1,331.870.900 1,264,214,208 7,802,398 681,471,315 535,470,914
Istqr 43,280,734 3,785.177,1453,527,876,433 17,321,967 1,497,039,000 1.100,310,633
Apr. 12,523,507’ 1,118.264,050? 1,001.472,487 21,022,930 1,790,436,335 1,619.407,302
May 16,427,576 1,421,290,750 1,322,476,934 12,581,010 1,037,762,960 958,204.713
June 12,823,8331,071.814,645^,014,902,417 11,004,042 912,619,430 832,407,913
2d qr 41,774,916^3,611,369,445^3,398,851,838 44,608,012 3,740,818,725|3,410,139,928
6mos 85,055,650*7,396,546,5906,926,728,271 61,929,979 5,240,857,725?4,510,450,561
MONTHLY CLEARINGS.
C learings, Total A ll.
M onth.
1916.
|
1915.
Clearings Outside N ew Y ork .
%
1916.
1915.
$
$
1
$
$
Jan . . 20,070,094,925 13,483,433,873 +48.8 7,743,292,698 6,195,741.340
Fob . . 18,236,249,765 11,912,182,657 + 53.1 7,129,512,488 5,430,346,110
M ar.. 20.679,675,539 13,848,400,164 + 49.3 8,131,801,038 6,283,286,462
1st qr. 58.986,020,229 39,244,016.694 +5J.3 23,004,606,224 17,909,373,912
i %
+25.0
+31.3
+29.4
+ 28.4
April . 19,315,241,747 15,013,083,834 + 28.6 7,692,025,092 6,201,418,700 +24.0
May . 20,657,279,666 14.626,775,839 +41.2 8,096,352,324 5,991,630,329 +35.1
Juno.. 20,599.040,029 14,122.200,044 + 45.9 8,045,528,137 0,096,718,495 +32.0
2d qr. 60,571,561,442 43,762,059,717 + 38.4:23,834,505,553 18,289,767,584 +30.3
0 mos. 119,557581671 83.006,076,4111+44.o'46,839, 111, 777 36,199,141.496 +29.4
THE CHRONICLE
J uly 8 1916.]
BANK CLEARINGS AT LEADING CITIES.
(000,000s
om itted.)
1916.
S
New York______
Chicago........... . . 1,625
Boston________ . 880
Philadelphia........ . 1,072
St. Louis_______
Pittsburgh_____ . 300
San Francisco___ . 202
Cincinnati......... . 151
.
199
. 353
. 184
.
SO
Minneapolis........ . 100
.
75
. 190
.
83
Los Angeles------ . 103
42
Provldenco-------- .
95
Omaha________ .
63
Buffalo ............... .
05
St. Paul------------ .
Indianapolis____ .
47
Denver------------ .
58
Richmond______ .
70
27
Memphis______ .
65
Seattle................ .
37
Hartford ______ .
36
Salt Lake City__ .
■June--------------------------------Jan. 1 to June 30
1914.
1915.
1913.
1915. 1914. 1913. 1916.
S
S
8
S
S
S
■3
8,025 7,844 7,754 72,718 46,807 48,090 48,791
9,552
645 1,291
7,799 7,991
7,991
1,301
601
5,270 3,886 4,081
645
4,190
043
741
0,099 3,940
703
726
4,153
4,295
336 ' 337 2,459 2,002
341
2,052
2,073
252
1,042
231
1,512
215
1,353
1,243
212
199 1,543
209
1,251
1,243
1,290
108
842
642
606
107
110
083
156
167
1,017
140
870
1.01G
925
208
208
2,101
1,824
301
1,237
1,366
lu6
101 1,011
122
686
637
624
70
71
592
69
403
484
474
96
642
80
100
009
587
583
54
55
02
475
337
306
361
112
112
993
642
215
637
037
70
63
07
483
415
422
382
99
95
010
85
508
010
633
33
249
194
35
33
206
211
70
72
584
81
470
438
440
50
49
51
308
283
295
300
51
40
376
298
284
53
249
37
39
38
204
207
203
217
37
12
39
300
229
219
230
34
31
410
40
234
208
205
190
25
25
174
20
199
195
54
349
57
52
290
317
310
19
204
19
20
104
127
127
21
217
25
152
27
150
154
Total ............. .19,266 13,081 12,078 12,678 111,649 76,631
6,375
Other cities....... . . 1,333 1,041 1,270 1,053 7,908
79,888 79,840
5,443
0,718
.20,599 11,122 13,948 13,737 119,557 83,006 85,331 80,258
Outside N. Y----- . 8,015 6,097 6,104 5,978 46,839 30,199 37,241 37,407
T H E E N G L IS H GOLD A N D
SILV E R M A R K E T S .
W e reprint the following from tho weekly circular of
Samuel Montagu & Co. of London, written under dato of
June 15 1910:
GOLD.
For tho third time in succession external movements have been in favor
of tho Hank of England.
Tho following amount was receivod by tho Bank :
Juno 14— £804,000 In bar gold.
Withdrawals wore made as under :
Juno 9— £7,000 In sovereigns for tho U. S. A.
" 14— 700,000 in bar gold.
“ “
8,000 in sovereigns for Spain.
During the week tho not Influx amounted to £89,000.
Tho High Commissioner for Canada announces that a striko of great
value is roported in tho Candian Rice Lake gold mining district, thirty
miles oast of Lako Winnipeg, and ninety miles northeast of Winnipeg City.
SILVER.
Continued pressure from China, exercised upon tho Indian, as well as tho
London market direct, lias lowered tho prico considerably. A somewhat
sensational fall o f 1 % d ., commenced tho poriod under review: the price
fell from 31 %d. to 30d. on tlio-9tli inst., tho lowost quotation for eight
weeks.
Tho fall provoked some "bear” covering by the Indian bazaars, which,
with a reduction in offerings, carried tho p.’ico to 31d. on tho 12th inst.
A renewal of weakness on the part o f China, and some sales from tho
Indian Bazaars overweighted tho markot again, and tho prico foil away to
304-Stl. and 30Mid. and 30 l-16d., rospoctivcly on tho three following days.
Advices have been received from Bombay, dated 20th May, when con
siderable activity seemed to exist in tho silver market both thcro and In
Calcutta. Attention scorns to have been devoted to othor matters than
silver, for it is stated that “ to-day the markot is closed as a protest against
tho destruction of stray dogs by tho municipality.”
Tho weekly review of Messrs. J. S. Bacho & Co. of New York contains
tho following interesting lines: “ Germany in 1912, is reported to have pro
duced 440,000 kilograms of silver, placing Germany fifth in tho world’s
silver producers. Tho “ Frankfort Gazotto” somo timo ago stated that
up to last September Germany had coined sinco tho commencement of tho
war 350,000 kilograms o f silver.”
^
This so-called production appears to include a very largo proportion of
metal derived from imported ores, for tho United States M int Report
gives the output from native German ores in 1911 as only 155.044 kilos.
Tho Egyptian correspondent of tho “ Pioneer Mail” under date Mar. 10th
1916, states as follows: “ Every year wo have a silver ‘crisis’ usually in tho
early autumn, when large numbers o f laborers have to bo paid daily through
out tho country in connection with tho cottou crop; but tho crisis usually
is over by Christmas and is mot by imports o f newly minted coin which
liavo to bo obtained in tho ordinary course. The war has, however,
completely changed the situation. Tho increaso In tho army has necessi
tated tho putting into circulation of far moro nickel and silver currency
than ever before and tho financial authorities took early steps to obtain
tho necessary extra supply. Things would not liavo been so bad if tho
shipments in tho “ Persia” and tho “ Maloja” had not been lost. During
1915 now coin to tho value of £724,000 was imported, whereas tho average
of the preceding fivo years had only been £140,000 and tho previous re
corded maximum annual import was £694,000 in 1886, when tho system
was remodelled.
“ Tho Sudan, it should be mentioned, uses tho samo currency as Egypt
and a good deal o f British gold and Egyptian silver remains overy year in
tho interior of that dependency. India appears to have been tho only
part of tho Empire which had any silver coin to spare, and by special arrange
ment tho Egyptian Government imported a certain quantity of silver
rupees, which, it is stated, liavo now boon declared legal currency in this
country. Whether in order to facilitate trade between Egypt and tho
Sudan, they will also bo mado legal currency in the latter dependency, is
not known.”
Tho last threo Indian currency returns received by cablo give details
In lacs of rupees as follows
M a y 22.
M a y 31.
J u n e 7.
65,79
66,67
Notes in circulation........................................ 64,87
Reserve in silver coin and bullion................18,22
18,70
19,38
Gold coin and bullion.....................................12,15
12,11
12,31
Gold in England— --------11,92
11,92
11,92
Tho stock in Bombay consists of 5,300 bars, as compared with 5,500 last
week.
Tho stock in Shanghai on tho 13th M ay consisted of 285 bars and about
35,500,000 ozs., in syceo, as compared with 71 bars and 34,500,000 ozs. in
sycco on May 5th last.
No shipment was mado from San Francisco to Ilong Kong last week.
Quotation for bar silver per ounce standard—
119
No
June 9— 30
Bank rate_____________________ 5 %
“ 10—30%
quotation Bar gold per oz. standard..77s. 9d.
“ 12—31
fixed
French gold coin per o z __ Nominal
for
U. S. A. gold coin per oz..N om inal
“ 13—3044
forward
“ 14— 3044
delivery
“ 15—30 1-16
Av. for week 30.322 cash.
The quotation to-day for cash is 1 9-16d- below that fixed a week ago.
E N G LISH
F IN A N C IA L
M A R K E T S — PER C AB LE .
The daily closing quotations for securities, & c., at London,
as reported by cablo, have been as follows the past week:
London,
Week ending July 7.
July 1.
Sat.
Silver, peroz....................d_31
Consols, 244 per cents_________
British 444 per cents______ HoliFrench Rentes (in Parts).fr. day.
French War Loan, 5% (in
Paris)______ _______ fr........
July 3.
M on .
July 4.
Tues.
July 5.
Wed.
July 0.
Thurs.
July 7. ]
Frt.
31
01
97
62.60
30%
61
97
63.00
3044
61%
9744
63.10
3041
61
97
63.30
29 15-16
6144
97
63.50
89.20
89.50
89.60
89.75
89.80
The price of silver in New York on the same days has been:
Silver in N. Y., per oz_.cts.65
65
Holiday 6344
6344
62%
TRADE AND TRAFFIC MOVEMENTS.
L A K E S U P E R IO R IR O N ORE S H IP M E N T S .— In June
1910 a new record was again established in shipments of
Lake Superior iron ore, the movement for the month aggre
gating 9,507,570 tons. This compares with 0,005,091 tons
in June 1915 and with 8,449,580 tons in M a y 1910, the pre
vious record month. In the table below we give the ship
ments from the various ports for June 1910, 1915 and 1914
and for the season to July 1:
— ———------ June----------------------
Port—
1916.
1915.
Escanaba-.tons 1,159,424 720,264
Marquette........ 539,327 303,637
Ashland______ 1.101,370 601,127
Superior..........1,945,234 926,536
Duluth_______ 3,110,665 2,140,501
Two Harbors.-.1,645,556 1,214,026
1914.
580,103
262,075
541,315
1,997,895
1,045,780
1,075,193
Total______ 9,507,570 0,005,091 5,502,307
tiitommevctal aucT1
-----------Season to July I------------- -—.
1916.
2,602,824
1,154,140
2,204,203
3,878,915
6,325,990
3,449,435
1915.
1,248,830
547,002
1,101,792
1,777,000
4,295,811
2,490,248
1914
1,076,020
383,948
883.081
3,733,502
1,779,876
1,707,089
19,615,507 11,521,283 9,624,116
cei1atueo\xs
DIVIDENDS.
The following shows all tho dividends announced for tho
future by large or important corporations:
D i v i d e n d s a n n o u n c e d th i s w e e k a r e 'p ri nt ed i n i t a l i c s .
Per
When
Cent. Payable.
N am e o f Com pany.
Books Closed.
D a ys In clu sive.
R a ilr o a d s (S te a m ).
A l a b a m a G r e a t S o u t h e r n , p r e f ...........................
P r e f e r r e d ( e x t r a ) _____________________________
Aug. 2S Holders of rec. July 22a
3
1
Aug. 28 Holders of rec. July 22a
1% Sept 1 Holders of rec. July 31a
A t c h . T o p . & S a n t a F e , p r e f . ( N o . 3 6 ) ____
2% Aug. 1,Holders of rec. June 30a
A t l a n t i c C o a s t L i n e R R . . c o m m o n _________
2% July 10 Holders of rec. June 19a
B a l t i m o r e & O h i o , c o m m o n __________________
2% Sept 1 Holders of rec. July 24a
P r e f e r r e d _________________________________________
2
Sept. 1 Holders of rec. July 24a
Belt M l. A- Stock Y d s., I n d ., com . (g u a r .).
1
3
Preferred (q u a r.) ___________________
IK July 1
B u f f a l o & S u s q u e h a n n a , c o m . ( N o . 1 ) ____
1
Aug. 1 Holders of rec. June 30a
B u f f a l o & S u s q u e h a n n a , p r e f e r r e d ................
2
July 15 Holders of rec. June 30a
C a n a d a S o u t h e r n ________________________________
IK Aug. 1 Holders of rec. June 30a
2
C e n t r a l R R . o f N e w J e r s e y ( q u a r . ) _________
Aug. 1 Holders of rec. July 14a
C h i c a g o M i l w a u k e e & S t . P a u l ........................
2K Sept. 1 Holders of rec. Aug. 14a
P r e f e r r e d ________________________________________
3K Sept. 1[Holders of rec. Aug. 14a
C le v e la n d C in e . C h ic . & S t . L o u is , p r e f . .
IK July 20 Holders of rec. June 27a
C u b a R R . , c o m m o n ........................ ..........................
3
Nov. 1 Holders of rec. June 15a
3
Aug. 1 Holders of rcc. June 30a
P r e f e r r e d ..........................................................................
D e l a w a r e L a c k a w a n n a & W e s t e r n ( q u a r . ) 81.25 July 20 Holders of rec. July
6a
3
July 15 Holders of rcc. July Sa
D e t r o i t R i v e r T u n n e l __________________________
3
July 15 July 2 to July 14
G e o r g i a R R . & B a n k i n g ( q u a r . ) ____________
G r e a t N o r t h e r n ( q u a r . ) . ................................. ..
IK Aug. 1 Holders of rec. July 7a
H a r r is b . P o r t s m . M t . J o y & L a n c a s t e r ..
3K July 10 Holders of rec. June 20a
E x t r a _______ ____________ _________________________
• K July 10 Holders of rec. June 20a
I l l i n o i s C e n t r a l ( N o . 1 2 3 ) ____________________
2 K Sept. 1 Holders of rec. Aug. 7a
1
K a n s a s C it y S o u th e r n , p r e fe r re d ( q u a r .) .
Julv IS Holders of rec. June 30a
SI.25 July 8 Holders of rec. June 24a
L e h i g h V a l l e y , c o m . & p r e f . ( q u a r . ) _____
L i t t l e S c h u y l k i l l N a v . , R R . & C o a l _______ SI.25 July 15 June 13
to July 14
L o u i s v i l l e & N a s h v i l l e _______________________ _
3K Aug. 10 Holders of rec. July 20a
M a h o n i n g C o a l R R . , c o m m o n _____________
$5
Aug. 1 Holders of rec. July 15a
2
M i c h i g a n C e n t r a l _______________ _________________
July 29 Holders of rec. June 30a
M l n o H i l l & S c h u y l k i l l H a v e n _______________
SI.50 July 15 June 24 to July 16
N e w Y o r k C e n t r a l R R . ( q u a r . ) ____________
IK Aug. 1 Holders of rec. July 7a
1
N e w Y o r k O n t a r i o & W e s t e r n ...........................
July 24 Holders of rec. July 7
N o r f o l k & W e s t e r n , c o m m o n ( q u a r . ) _____
IK Sept. 19 Holders of rec. Aug. 31a
1
Aug. 19 Holders of rec. July 31a
P r e f e r r e d ( q u a r . ) _______________ ______________
S2 July 15 Holders of rec. June 30a
N o r t h e r n C e n t r a l ________________________________
N o r t h e r n P a c i f i c ( q u a r . ) ..........................................
IK Aug. 1 Holders of rec. July 10a
4
July 0 Holders of rec. July 6a
Paterson & R am apo .................... ............
75c. Aug. 31 Holders of rec. Aug. la
P e n n s y l v a n i a R R . ( q u a r . ) -----------------------------P h i l a d e l p h i a & T r e n t o n ( q u a r . ) — .............
2K July 10 July 1 to July 11
2
July 25 Holders of rcc. July 15a
P i t t s . C i n e . C h i c a g o & S t . L o u i s , p r e f ____
2
R e a d i n g C o m p a n y , c o m m o n ( q u a r . ) _____
Aug. 10 Holders of rec. July 25a
F i r s t p r e f e r r e d ( q u a r . ) _____________________
1
Sept. 14 Holders of rec. Aug 29a
S e c o n d p r e f e r r e d ( q u a r . ) ___________________
1
July 13 Holders of rec. June 29a
A lch. T op .
<£- Santa
F e, com .lq u .) (N o .
45)
S t r e e t a n d E le c t r ic R a ilw a y s .
B a y S t a t e S t r e e t R y . , f i r s t p r e f e r r e d _____
B o s t o n S u b u r b a n E le c . C o s ., p r e f. (q u a r .)
B r o o k l y n C i t y R R . ( q u a r . ) . ..................... ........
Chicago R ys., p a n ic , c lfs ., Ser.
1_______
C in . N e w p o r t * C o v . L . & T r . , c o m . (q u .)
P r e f e r r e d ( q u a r . ) ------------- ------------------- -----------C i t i e s S e r v i c e , c o m m o n ( m o n t h l y ) ________
C o m m o n w ’th P o w ., R y . & L t ., c o m .(q u .)
P r e f e r r e d ( q u a r . ) _____________________________
C o n s o l i d a t e d T r a c t i o n o f N e w J e r s e y _____
Cumberland Co. (M e.)P oicer & L l.,p f.(q u .)
D e t r o i t U n i t e d R y . ( q u a r . ) ---------------------------D u q u e s n e L ig h t , p r e f. ( q u a r .) ( N o . 6 ) . .
10)
28)__
Fast St. L . A Sub. C o ., p ref. (qu.) (N o .
E l P a s o E le c . C o ., p r e fe r re d
(N o .
Green & Coates Sts. P a ss., Ph lla. (q u a r .)..
H olyoke (M a ss.) Street R y ........................
K e n t u c k y S e c u r it ie s C o r p ., p r e f. ( q u a r .) .
M anchester ( N . H .) T ra c., L . & p . (quar.)
M onongahela Valley T ra c., com . (q u a r .)..
Preferred (q u a r.) ..................................
N a t i o n a l P r o p e r t i e s , p r e f e r r e d _______________
Ottumwa Ry. <k Light, p ref. (quar.)
..........
P a c ific G a s & E le c ., c o m . (q u a r .) ( N o . 7)
P h ila d e lp h ia C o . , c o m . (q u a r .) ( N o . 1 3 9 )
Philadelphia
P h lla .
&
G ray's Ferry P a ss .............
W e s t e r n R y . , p r e f . ( q u a r . ) _______
3
Aug.
50c. July
2
July
S3 Aug.
IK July
IK July
K Aug.
1
Aug.
IK Aug.
2
July
IK Aug.
IK Sept.
IK Aug.
K Aug.
3
July
$1.50 July
3
July
IK July
2
July
1
july
IK Aug.
3
July
IK July
IK July
87Kc. Aug.
S2 July
IK July
1 Holders of rec. July 15
15 Holders of rec. July 3a
15 July 7 to July 16
1 Holders of rec. July 18
15 Holders of rec. June 30
15 Holders of rec. June 30
1 Holders of reo. July 15a
1 July 18 to Aug. 1
1 July 18 to Aug. 1
15 July 1 to July 16
1 Holders of rec. July 15a
1 Holders of rec. Aug. 10a
1 Holders of rec. July 1
1 Holders of rcc. July 12
10 Holders of rec. June 29a
7 June 23 to July 7
1 June 25 to June 30
15 Holders of rcc. July la
15 Holders of rec. July 1
15 Holders of rec. July 10a
1 Holders of rec. July 25a
15 Holders of rec. July 7a
15 Holders of rec. July 15
15 Holders of rec. June 30a
1 Holders of rec. July la
7 July 1 to July 7
15 Holders of rec. June 30
THE CHRONICLE
120
N a m e o f Com pany.
S treet a n d
E le c t r ic R y s . (C o n c lu d e d ).
Public Service Invest., vref. (qu.) (No. 2 9 )
Puget Sound Tr., L. & P .,p f. (qu.) (No. 1 6 )
Railway & Light Secur., com. (No. 1 4 ) —
Preferred, (No. 2 3 ) ___________________________
R e p u b lic I t y . & L ig h t , p f. (q u .) ( N o . 2 0 )
U n it e d K y s . & E le c ., B a lt ., c o m . (q u a r .)
V i r g i n i a R a i l w a y & P o w e r , p r e f e r r e d --------W e s t P e n n R a i l w a y s , p r e l . ( q u a r . ) ________
W e s t P e n n T r a c t i o n , p r e l . ( q u a r . ) ................
P r e l. (o n a c c t . a c c u m u la te d d iv id e n d s )
W e s t P e n n T r a c t io n , p r e fe r re d (e x t r a ) —
P r e f. (o n a c c o u n t a c c u m . d iv i d e n d s ) ..
Y o r k R a i l w a y s , p r e f e r r e d ------------- ------------------T r u s t C o m p a n ie s .
P e o p l e ’ s ( B r o o k l y n ) ( q u a r . ) .............................
M is c e lla n e o u s .
A e t n a E x p l o s i v e s , p r e f e r r e d ( q u a r . ) _______
A h m e e k M i n i n g ( q u a r . ) ..................... ....................
A l l i a n c e R e a l t y ( q u a r . ) _________________________
A l l l s - C h a l i n e r s M f g . , p r e f . ( q u a r . ) ------------P r e f. (o n a c c t . a c c u m u la t e d d iv id e n d s )
A U o u e z M i n i n g ____________________________________
A m e r . A g r lc . C h e m ., c o m . (q u .) ( N o . 19)
P r e f e r r e d ( q u a r . ) ( N o . 4 4 ) ............................
A m e r . G a s & E le c ., p r o f, (q u a r .) ( N o . 3 8 )
A m e r ic a n L a u n d r y M a c h in e r y , p r e f. (q u .)
American Light Jb Traction, com. (quar.)..
Common (payable in common stock)-------Preferred (quar.)_______________________________
A m e r i c a n L o c o m o t i v e , p r e f . ( q u a r . ) .............
A m e r . M a c h i n e & F o u n d r y ( a n n u a l ) -------A m e r ic a n M a lt C o r p o r a t io n , p r e f. (q u a r .)
A m e r ic a n S e e d in g M a c h in e , c o m . (q u a r .)
P r e f e r r e d ( q u a r . ) .................................... .................
American Shipbuilding, preferred (quar.).
A m e r ic a n T e le p h o n e & T e le g r a p h (q u a r .)
A m e r . T y p e F o u n d e r s , c o m . ( q u a r . ) .............
P r e f e r r e d ( q u a r . ) _____________________________
A m e r ic a n W in d o w G la s s M a c h in e , p r e f . .
A m e r l c a n W o o l e n , c o m m o n ( q u a r . ) ----------P r e f e r r e d ( q u a r . ) ......................................................
A n a c o n d a C o p p e r M i n i n g ( q u a r . ) ...................
A n g l o - A m e r i c a n O i l , L t d .................................... Associated Gas A Electric, pref. (quar.) —
A s s o c i a t e d O i l ( q u a r . ) .................. .............................
Atlantic Steel (quar.)____________________________
B a r n h a r t B r o s .* S p in d le r ,ls t & 2 d p f .(q u .)
B a r r e t t C o . , p r e f e r r e d ( q u a r . ) ...........................
B e l l T e l e p h o n e o f C a n a d a ( q u a r . ) ---------------B e ll T e le p h o n e o f P e n n s y lv a n ia ( q u a r . ) . .
B l i s s ( E . W . ) , c o m m o n ________________________
B o n b r ig h t (W m . P .) & C o ., I n c ., p f. (q u .)
B r o o k l y n B o r o u g h G a s _________________________
B u s h T e r m i n a l , c o m m o n ........................... ...........
C o m m o n ( p a y a b le In c o m m o n s t o c k ) . .
P r e f e r r e d _________________________________________
Per
Cent.
W hen
Payable.
Books Closed.
D ays Inclu sive.
Aug. 1 Holders of rcc.
July 15 Holders of rec.
Aug. 1 Holders of rec.
Aug. 1 Holders of rec.
3
1A July 15 Holders of rec.
50c. July 15 Holders of rcc.
July 20 Holders of rcc.
3
Aug. 1 July 23 to
IX
July 15 July 2 to
IX
July 15 July 2 to
h2A
A3 Aug. 15 Holders of rec.
A3 Sept. 15 Holders of rec.
81.25 July 31 Holders of rec.
IX
75c.
3
3A
Oct.
IX
July
July
July
July
July
July
July
July
Aug.
July
Aug.
All".
Aug.
July
July
Aug.
July
July
July
July
July
July
July
July
July
Aug.
S3
IX
IX
hi A
82
1
IX
1A
IX
2A
!2 A
IX
IX
5
A
1
IX
IX
2
1
IX
12
IX
IX
82
N am e o f Com pany.
July 15a
July 3a
July 15a
July 15a
June 30
July la
June 30a
Aug. 1
July 16
July 16
Aug. 1
Sept. 1
July 20a
2 Holders of rcc. Sept. 30
25 Holders of rec. July
10 Holders of rec. June
15 Holders of rec..July
15 Holders of rec. June
15 Holders of rec. June
5 Holders of rec. June
15 Holders of rec. Juno
15 Holders of rec. Juno
1 Holders of rec. July
15 July 6 to July
1 July 16 to July
1 July 16 to July
1 July 16 to July
21 Holders of rec. July
15 Holders of roc. July
2 Holders of rec. July
15 Holders of rec. June
15 Holders of rec. June
15 Holders of rec. June
15 Holders of rec. June
15 Holders of rec. July
15 Holders of rcc. July
10 Holders of rec. July
15 June 17 to Juno
15 June 17 to June
28 Holders of rec. July
15
14a
10
30a
30a
14a
19a
19a
18
16
31
31
31
5a
1
14
30a
30a
30a
30a
10a
10a
1
29
29
22a
July 15 Holders of rcc. June 30
July 15 Holders of rec. June 30a
July 10 June 30 to July 10
1X Aug. 1 Holders of rec. July 27a
July 15 Holders of rec. July 5a
IX
July 15 Holders of rcc. Juno 30
2
July 15 Holders of rec. July 5a
IX
100 July 14 July 11 to July 14
July 10 Holders of rec. Juno 30
IX
July 20 Holders of rec. June 30a
3
2 A July 15 Holders of rec. July 7a
July 15 Holders of rec. July 7a
f ‘2 A
3
July 15 Holders of rcc. July 7a
Canada Foundries A Forg., com. (quar.) .
3 Aug. 15 Holders of rec. July 31
Common (extra)_____ ___________________________
3 Aug. 15 Holders of rec. July 31
Preferred (quar.)_______________________________
Aug. 15 Holders of rec. July 31
C a n a d a S t e a m s h i p L i n e s , p r e f e r r e d .............
Aug. 1 Holders of rec. July la
IX
C e n t r a l C o a l & C o k e , p r e f . ( q u a r . ) ................
I X July 15 July 1 to July 16
i
C e n t r a l L e a t h e r , c o m m o n ( q u a r . ) __________
Aug. 1 Holders of rec. July 10a
1
C o m m o n ( e x t r a ) . . ........................... .............. ........
Aug. 1 Holders of rec. July 10a
C e n t r a l & S o u t h A m e r ic a n T e le g . (q u a r ,)
1 A July 8 Holders of rec. June 30a
July 25 July 16 to July 25
1
C h i c a g o P n e u m a t i c T o o l ( q u a r . ) -----------------C l e v e l a n d - C l l f f s I r o n ( q u a r . ) ..............................
2A July 25 July 10 to July 25
C le v e . & S a n d u s k y B r e w in g , p r e f. (q u a r .)
I X July 15 Holders of rcc. Juno 30a
Cluelt, Peabody A Co., com. (qu.) (No. 1 1 )
I X Aug. 1 Holders of rec. July 20
C o l o r a d o F u e l & I r o n , p r e f e r r e d ------------------ h30
Aug. 15 Holders of rec. July 26a
4
C o lt ’s P a t e n t F ir e A r m s M f g . (q u a r .) —
July 1 Holders of rec. June 15a
d 10
July 1 Holders of rec. June 15a
E x t r a ................................................ - ............................
2
Aug. 1 Holders of rcc. July 15a
Commonwealth Edison (quar.)...........................
C o m p u t ln g -T a b u la t ln g -R e c o r d ln g (q u .) .
1
July 10 Holders of rec. June 24a
Consolidation Coal (quar.).............................. —
1A July 31 Holders of rec. July 22a
C o r n P r o d u c ts R e fin in g , p r e f. ( q u a r . ) . . .
July 15 Holders of rec. July 3a
IX
Aug. 6 Holders of rec. July 20
Cosden A Co. (cash or slk.— see note “i " ) . . 5 0 1
Aug. 1 Holders of rec. Juno 30a
C u b a C o m p a n y , p r e f e r r e d ........................... —
3A
Curtiss Aeroplane A Motor, pref. (No. 1 ) .
3 A July 15 Holders of rec. July 1
D e la w a r e L a c k . & W e s te r n C o a l ( q u a r .) .
2 A July 15 Holders of rec. July la
July 15 Holders of rec. July la
10
E x t r a ...................................................................................
July 15 Holders of rec. June 30a
2
D e t r o i t E d i s o n ( q u a r . ) .............................................
D o m ln . P o w . & T r a n s ., L t d ., p f. (N o . 3 4 )
3A July 15 June 23 to June 30
D o m in io n T e x t ile . L t d ., p r e f. ( a u a r .) —
I X July 15 Holders of rec. June 30a
Aug. 1 Holders of rec. July 22a
d u P o n t (E .I .)d e N e m o u rs P o w .,c o m .(q u .)
IX
P r e f e r r e d ( q u a r . ) --------------------------------------------I X Aug. 1 Holders of rec. July 22
July 15 Holders of rec. July 1
hi
E a s t e r n S t e e l , 1 s t p r e f e r r e d .................................
3 Aug. 1 Holders of rec. July 15
E d i s o n E l e c . H I ., B o s t o n ( q u . ) ( N o . 1 0 9 )
E le c t r ic a l S e c u r itie s , p r e fe r r e d (q u a r .) —
I X Aug. 1 Holders of rec. July 22a
E le c tr ic a l U t il. C o r p ., p r e f. (q u .) ( N o . 2 5 )
I X July 15 Holders of rec. July 5
Aug. 1 Holders of rcc. July 15
E u r e k a P i p e L i n e ( q u a r . ) ..................... .................
6
Ft. Worth Pow. A LI., pf. (quar.) (No. 2 0 )
I X Aug. 1 Holders of rcc. July 20
G a s t o n , W i l l i a m s & W l g m o r o ( N o . 1 ) ____
51 July 26 Holders of rec. July 12
July 15 Holders of rec. June 14a
G e n e r a l E l e c t r i c ( q u a r . ) __________________ ____
2
G e n e r a l M o t o r s , c o m m o n ( q u a r . ) __________
Aug. 1 Holders of rec. July 15a
5
G l o b e - W e r n i c k e , p r e f e r r e d ( q u a r . ) ________
July 15 Holders of rcc. Juno 30
IX
G o o d r ic h (B . F .) C o ., c o m m o n ( q u a r .) ..
1
Aug. 15 Holders of rec. Aug. 4a
G r a n b y C o n s . M in ., S m e lt . * P o w . (q u .)
2
Aug. 1 Holders of rec. July 14a
Grant Motor Car Corp., pref. (quar.)________ 1 7 A c . Aug. l:Holders of rcc. July 15
G u l f S t a t e s S t e e l, 2 d p r e f. ( q u a r .) ( N o . 1)
Aug. 1 Holders of rec. July 15a
IX
Ilarblson-Walker Refractories, pref. (qu.).
July 20 Holders of rec. July 10
IX
H a r r is o n B r o s . & C o ., I n c ., p r e f. ( q u a r .).
Holders of rec. July 25a
I X Aug.
llomeslake Mining (monthly)..................... ...........
Holders of rec July 20
65c July
I l l i n o i s B r i c k ( q u a r . ) ..................................................
July
July d\ to July 10
IX
I llin o is N o r t h e r n U t ilit ie s , p r e f. ( q u a r . ) . .
Holders of rcc. July 20
1A Aug.
Indiana Pipe Line (qmr ) _____________________
52 Aug
Holders of rcc July 22
I n s p i r a t i o n C o n s o l i d a t e d C o p p e r __________
S2 July
Holders of rec. July 14a
I n t .B u t t o n - H o le S e w .M a c h .( q u .) (N o .7 5 )
1
July
Holders of roc. July 1
I n t . H a r v e s t e r o f N .J .,c o m . (q u .) ( N o .2 6 )
Holders of rec. June 24a
I X July
I n t e r n a t io n a l N ic k e l, p r e fe r re d ( q u a r . ) . .
Aug.
Holders of rec. July 14a
IX
I n t e r n a t i o n a l P a p e r , p r e f e r r e d ( q u a r . ) ____
Holders of rcc. July 6a
A July
K a y s e r (J u liu s ) & C o . , 1 s t & 2 d p f . ( q u . ) .
Holders of rec. July 20a
I X Aug.
4
Kelly-SprlngfieUl Tire, com (quar.)------------Aug.
Holders of rec. July 17
L a R o s e C o n s o l i d a t e d M i n e s ( q u a r . ) _____
July 1 to July 18
5c. July
Holders of rec. July 31a
L e h i g h C o a l <fc N a v i g a t i o n ( q u a r . ) ------------SI Aug.
Holders of rec. July 6
L e h i g h V a l l e y C o a l S a l e s ( q u a r . ) ------------------ SI.25 July
M a c A n d r e w s & F o r b e s , c o m . ( q u a r . ) _____
Holders of rec. June 30a
2 A July
Holders of rec. June 30a
C o m m o n ( e x t r a ) . ..................... ................................
2 A July
Holders of rec. Juno 30a
P r e f e r r e d ( q u a r . ) . ...................................................
July
IX
2
M a n u f a c t u r e r s L i g h t & H e a t ( q u a r . ) ____
July
July 1 to July 15
M a s s a c h u s e tts G a s C o s ., c o m . ( q u a r .) ..
Holders of rec. July 15
I X Aug.
M a s s . L ig h tin g C o s ., o ld c o m . ( q u a r . ) . .
Holders of rec. June 20
SI.75 July
N e w c o m m o n ( q u a r . ) _______________________
25c. July
Holders of rec. June 26
Holders of rec. June 26
51.50 July
P r e f e r r e d ( q u a r . ) ....... ..............................................
M e x i c a n T e l e g r a p h ( q u a r . ) . . ............................
Holders of rcc. Juno 30a
2 A July
Holders of rcc. Aug. la
51.50 Aug.
M i a m i C o p p e r C o . ( q u a r . ) ( N o . 1 0 ) _______
Holders of rec. July 15
Midwest Refining (quar.) (No. 7) ......................
SI Aug.
Holders of rec. July 31
M o n t r e a l L . I I . & P o w ., (q u .) ( N o . 6 1 ) . .
2A Aug.
2
Holders of rec. June 30a
M o n t r e a l T e l e g r a p h ( q u a r . ) . . ............................
July
Holders of rec. June 30a
M o u n t a in S ta te s T e lc p . & T e le g . (q u a r .).
I X July
July
Holders of rec. June 28a
N a t . B is c u it , c o m m o n ( q u a r .) ( N o . 7 2 ) . .
IX
July.
N a t i o n a l C a r b o n , c o m m o n ( q u a r . ) ............. ..
2
Holders of rec. July 6a
Holders of rec. June 30a
N a t i o n a l P a p e r & T y p e , c o m . ( q u a r . ) ____
July
1A
Holders of rec. June 30a
P r e f e r r e d ( q u a r . ) _____________________________
I X July
N e w E n g l a n d C o . , s e c o n d p r e f e r r e d _______
2
July
Holders of rcc. July 1
N o w E n g la n d P o w e r C o ., p r e f. ( q u a r .) ..
July
Holders of rec. July 1
IX
4
N e w J e r s e y Z i n c ( q u a r . ) .......... ...............................
Aug.
Holders of rec. Aug. la
E x t r a ______________________________________________
10
July
Holders of rcc. July la
N e w Y o r k M u t u a l G a s L i g h t _________________
5
July
Holders of rec. June 26a
N e w Y o r k T r a n s i t ( q u a r . ) ____________________
4
July
Holders of rcc. Juno 24
N i a g a r a F a l l s P o w e r ( q u a r . ) . . .........................
2
July
Holders of rec. June 30a
N i p e B a y C o . ( q u a r . ) __________________________
2
July 16 Holders of rec. June 24a
IX
1
IX
ix
[Vol . 103
Per
Cent.
W hen
Payable.
Miscellaneous (Concluded).
5
July
Nlpisslng Mines (quar.)_________ ____
July
Northern Ontario Light & Power, pref.. 3
Northern States Power, com. (No. 1 )...
l A July
July
Preferred (quar.)--------------------------IX
Nova Scotia Steel* Coal pref. (quar.)... 2
July
July
2
Ohio Fuel Supply (quar.).................. —
July
Oklahoma Natural Gas (quar.) ... __.
IX
Omaha Elec. Light & Power, pref........... 2 A Aug.
Osage & Oklahoma Co. (quar.)----------- 2
July
$4
Osceola Consolidated Mining (quar.)----July
July
Otis Elevator, common (quar.)-----------IX
July
Preferred (quar.)........ ........... ..........
IX
July
Pacific Telep. & Teleg., pref. (quar.)----IX
Aug.
Packard Mot Car.com (pay In com.stk.) f 5 0
Aug.
1
Penmans, Limited, common (quar.)___
Aug.
Preferred (quar.)_________ _______
IX
Pennsylvania Lighting, preferred (quar.) I X July
July
2
Pennsylvania Salt Mfg. (quar.)__ _ ..
July
People’s Natural Gas & Plpeagc (quar.).. 2
July
Pittsburgh Coal, preferred (quar.)........
IX
July
3
Prairie Oil & Gas (quar.)_____________
July
Extra____________________________
2
July
5
Prairie Pipe Line (quar.).____ _______
July
Extra____________________________
5
Procter & Gamble, common (quai.)____
Aug.
5
Aug.
Common (payable In stock)_________ /4
July
Preferred (quar.)_______ _________
2
Producers' O il _________ ____ ______ _ 200
June
Pub. Serv. of Nor. 111., com. & pf. (quar.) 1A Aug.
Quaker Oats, common (quar.)_________
2 A July
Aug.
Preferred (quar.)_____ ____ _______
IX
July
Realty Associates (No. 27)............. ....... 3
July
Reece Button-Hole Mach, (qu.) (No. 121) 3
July
Reece Folding Machine (quar.) (No. 29).
1
St. L. It. M. & P. Co., com. (qu.) (No. 9)
A July
Savoy G il ________ ____ _____________
5c. July
5c. July
E x t r a ____________________ _______
Securities Company__________________
2 A July
Shattuck Arizona Copper (qu.) (No. 16). 50c. July
Extra (No. 4)______________ ______ 75c. July
Shawlnlgan Water & Power (quar.)____
1X July
July
Sou. Calif. Edison, pref. (qu.) (No. 28).
IX
July
Aug.
Standard Milling, common (No. 5).........
Aug.
1
Preferred (No. 27)_________ _______
Steel Co. of Canada, Ltd., pref. (quar.).
Aug.
IX
Submarine Boat (quar.)______________ SI.50 July
2
July
Temple Coal, pref. (quar.)................. .
Aug.
Texas P ow er A Light, pref. (quar.) (N o . 17)
IX
15c. July
Tonopah Mining of Nevada (quar.)-----Oct.
Underwood Typewriter, common (quar.) 1
Preferred (quar.).... ............................
I X Oct.
July
Union Ferry........................................... 2
Union Natural Gas (quar.)....................
2 A July
Union Switch & Signal, com. & pf. (qu.). $ 1 .50 July
Aug.
United Cigar Stores, com . (quar.) (N o . 15)
IX
United Drug, 1st pref. (quar.) (No. 2 )..
I X Aug.
July
Unlted Fruit (quar.) (No. 68).... ............ $2
United Gas & Electric Co., preferred___
July
2A
July
United Gas Improvement (quar.)______
1
U. S. Industrial Alcohol, pf.(qu.) (No.39)
I X July
July
U . S. Rubber, fir s t preferred (q u a r.) _____
2
July
Second preferred (q u a r.) .................. .....
IX
U. S. Smelt., Ref. &. Min., com. (quar.). si July
Preferred (quar.)...................... .......... 87 A c July
Sept.
United States Steamship................... .....
1
Extra_____ _______ ______________
Aug.
A
United Verde Extension Mining (No. 1).
5 0c. Aug.
July
Virglnla-Caro. Chem., pf. (qu.) (No. 83). 2
Wells, Fargo & C o ___________________
July
3
Western Power Company, preferred___
I X July
July
Western Power Corp., pref. (quar.)____
1
Western States Gas & Elec., pref. (quar.) 1X July
Western Union Tel. (qu.) (No. 189)____
I X July
July
Westinghouse Air Brake (quar.)_______ 52
Westlnghouse Elec. & Mfg., com. (quar.)
75c. July
Preferred (quar.)................................ 87 A c . July
West Penn Power, pref. (quar.) (No. 2 )..
I X Aug.
W h ite M otor C o. (q u a r.) ......................... 87 A c . July
Books Closed.
D ays Inclu sive.
July 1 to July 17
Holders of rec. Juno 30a
Holders of rec. June 30a
Holders of rec. June 30a
Holders of rec. June 30a
July 14
July 1 to
July 10 to July 20
Holders of rec. July 20a
July 1 to July 10
Holders of rec. June 30a
Holders of rec. Juno 30
Holders of rec. June 30
July
1 to July 15
Holders of rec. Juno 16a
Holders of rec. Aug. 5
Holders of rec. July 21
Holders of rec. July la
Holders of rec. June 30a
Holders of rec. July 20a
Holders of rec. July 15a
Holders of rec. Juno 30
Holders of rec. June 30
Holders of rec. Juno 30
Holders of rec. Juno 30
July 23
to Aug 15
Aug 15
July 23 to
Holders of rcc. June 30a
Holders of rec. Juno 16
Holders of rec. July 17
Holders of rec. July la
Holders of rec. Aug. la
Holders of rec. July 5
Holders of rec. July 1
Holders of rec. July 1
July 1 to July 9
Holders of rec. July 15
Holders of rec. July 15
Holders of rec. Juno 30a
Holders of rec. June 30a
Holders of rec. June 30a
Holders of rcc. June 30
Holders of rec. June 30a
Holders of rcc. June 30a
Holders of rec. Aug. 5a
Holders of rec. Aug. 6
Holders of rcc. July 15
Holders of rcc. Juno 30a
July 10
July 1 to
Holders of rcc. July 25
July 9
July 1 to
Holders of rec. Sept. 20a
Holders of rcc. Sept. 20a
Holders of rec. July 3a
July 1 to July 15
Holders of rcc. Juno 30
Holders of rec. July 28a
Holders of rec. July 15
Holders of rcc. Juno 24a
Holders of rec. Juno 30
Holders of rec. Juno 30a
Holders of rec. June 30a
Holders of rcc. July 15a
Holders of rec: July 15a
Holders of rec. July 3a
Holders of rec. July 3a
Holders of rec. Aug. 18
Holders of rcc. July 18
Holders of rcc. July 15
Holders of rcc. June 30a
July 4 to July 16
Holders of rcc. Juno 30
Holders of rec. Juno 30
Holders of rcc. June 30
Holders of rcc. Juno 20a
Holders of rcc. June 30a
Holders of rcc. Juno 30a
Holders of rcc. Juno 30a
Holders of rec. Aug. 1
Holders of rec. July 6a
a Transfer books not closed for this dividend, b Less British Income tax. d Cor
rection. e Payablo In stock. / Payablo in common stock, g Payable In scrip.
On account of accumulated dividends, i Option Is given stockholders up to and
ncludlng Aug. 4 to take the dividend In either cash or stock.
h
N ational Banks. — The following information regarding
national banks is from the office of the Comptroller of the
Cnrroncy, Treasury Department:
APPLICATIONS FOR CH A R TE R.
For organization of national banks—•
The Citizens National Rank of Akron, Colo. Capital-----------The Rack Ray National Rank of Boston, Mass. Capital------The First National Rank of Judith Gap, Mont. Capital--------The Union National Rank o f Tulsa, Olda. Capital----------------
$.'10,000
200,000
25,000
150,000
t ij'*"1' Total capital_________________________________________ $405,000
CHARTERS ISSUED.
Original organizations—
The City National Rank of Shreveport, La. Capital________ $400,000
Succeeds Red River Valley Rank & Trust Co. of Shreveport,
La.
>-«
The First National Rank of Hansford, Toxas.-*’ Capital________
25,000
Succeeds the First State Rank of Hansford.
Conversions of State Ranks—
Tho Rishopvillo National Rank, Rishopvillo, S. C. C apital..
75,000
Conversion of the Rank of Bishopville, S. C.
Total capital__________________________________________ $500,000
CHARTERS EXTE N D E D .
The Riggs National Rank of Washington, D. C. Until c l o s e _
of business June 26 1936. Capital_______________________ 1,000,000
Tho First National Rank of Robinson, 111. Until closo of
business June 30 1936. Capital -----------------------------------75,000
Total capital_______________________________________ $1,075,000
CHARTERS R E -E XTE N D E D .
The Amwell National Rank of Lambertvillo,; N. J. Until closo
of business June 26 1936.
C ap ital-------------------------------- $72,000
INCREASES OF CAPITAL APPROVED.
Tho First National Rank of Westbrook, Minn. Capital in
creased from $25,000 to $30,000. Increase.................................
5,000
Tho Third National Rank of Buffalo, N. Y. Capital increased
from $500,000 to $1,000,000. Increase.................................
500,000
The First National Rank of New Holland, Ohio. Capital in
creased from $25,000 to $50,000. Increaso___________________
25,000
T Total increaso________________________________________ $530,000
REDUCTIONS OF CAPITAL APPROVED
Tho First National Rank of Miamisburg, Ohio. Capital re
duced from $200,000 to $100,000. Reduction............................ $100,000
BANKS LIQUIDATING TO CONSOLIDATE WITH OTHER NAi—...
u TIONAL RANKS.
The Old National Bank of Roston, Mass. Capital-------------------$900,000
Absorbed by tho Merchants’ National Rank of Roston, Mass.
Liquidating Agents, H. G. Curtis and E. H. Gleason, Roston,
Mass.
121
THE CHRONICLE
Jul y 8 1916.]
O T H E R L I Q U ID A T IO N S .
The National Bank of Flint, M ich. C a p i t a l ..------------------------------- $ 100,000
Consolidated with the Genesee County Savings Hank of Flint,
M ich.
Liquidating agents: 15. J. Macdonald and W . C . W ells,
Flint, M ich.
„
,
__ , r
,
The Ashokan National Bank of Brown Station, N . Y .
C a p it a l..
25.000
Bank discontinues business. Liquidating agent: Littleton
Fitzgerald Jr., Brown Station, N . Y .
..................
The First National Bank of Blair, Okla.
C apital.
25.000
Absorbed by the Blair State Bank, Blair, Okla. Liquidating
agent: It. It. Jackson, Blair, Okla.
Th e First National Bank of Hyaiinis, M ass. C apital------------------- 100,000
T o be succeeded by a trust company. Liquidating agent: I. W .
C ook, Hyannis, M ass.
,
. ,
T h e Middleborough National Bank, Muldleborough, M ass.
_______ ___________________ ____ _________ __.______
OaDital
50.000
S u cceed ed "'b y "th e Middleborough Trust C om pan y, M iddleborough, M ass. Liquidating agent: G . E . Tlllson, M iddle
borough. M ass.
50.000
B y Messrs. Barnes & Lofland, Philadelphia:
Shares.
Slocks.
S per sh.
14 Phila. & Western R y., pref.,
§50 each.................................36H
10 Amer. Pipe A Constr. Securi
ties, pref................................. 94
40 Amer. Pipe& Construe. C o .. 31
7 Girard Ave. Farmers Market 25
10 Wayne Title & Trust.............125
2 Second & Third Sts. Pass. Ry233 J4
Shares.
Stocks.
S per sh.
Empire Tit.& Tr. Co., S25 pd 12
Belmont Driving Club______ 55
Philadelphia Rifle Club_____20
Riverside Trac. Co., pref.,
§50 each....................................30
10 Riverside Trac. Co., com.,
S50 each__________
15
5 Eliz. A Trenton R R ., §50 ea. 20
6,000 Orchid M g. Co. (W ash.)..54 lot
15 Philadelphia Trust C o ...........764J4
10 Penn National B a m c .............335
0 Philadelphia National Bank.495
5 People’s Trust Co., $50 each. 43J5
6 Phila. Life Ins., $10 each_____ 1115
30 Germantown Pass. R y............ 103M
5
5
4
4
Bonds.
Per cent.
$2,000 Amer. Manganese M fg. Co.
2d Gen. Dunbar mtge. 6s......... .. 55
S327 Amer. Manganese M fg. Co.
fractional certificates____________ 55
$1,000 City Light A Heat Co. (Fos
toria) 1st 5s....... ................... ........ $16 lot
Imports and Exports for the Week.— The following are
the reported imports of merchandise at New York for the
week ending July 1 and since the first week of January:
Th e First National Bank of South W eym ou th, M a ss. C a p it a l..
Succeeded by the W eym outh Trust C o. o f South W eym ou th,
M ass. Liquidating committee: the directors o f the National
Week ending July 1.
The' Soacoast National Bank of Asbury Park, N . J. C apital------- 100,000
Succeeded bv the Seacoast Trust C o. of Asbury Park, N . J.
Liquidating agent: William A . Berry, Asbury Park, N . J.
Tiio First National Bank of Kankakee, 111. C apital------------------- 200,000
Succeeded by tlio First Trust & Savings Bank o f Kankakee,
III., which is acting as the Liquidating agent.
The Citizens National Bank of Patchoguo, N . N . C apital----------50,000
Succeeded by the Citizens Trust C o. of Patchoguo. Liquidating
agonts- W . S. ltoso and S. N . Gerard, Patchoguo, N . Y .
Total
FOREIGN IMPORTS AT N E W YO R K.
100,000
capital-------------------------------------------------------------------------$ 800 ,00 0
Slocks.
Week ending July 1.
!
1915.
1914.
$28,060,621
743,528,114
$12,301,269
450,082,354
per cent.
* per sh.
' Shares. Stocks.
§ per sh.
Slocks.
S
12 N . Boston Ltg. Prop., pref____114K
Old Colony Trust Co................. 249J4
5 Lawrence M fg., old stock____ 210
Farr Alpaca Co......... .................. 14”
5 Plymouth Cordage..................... 193J4
Waltham Watch Co., com------17
Library Bureau, pref. A ........... 100
Bonds.
Per cent.
Library Bureau, pref. B ........... 100
S9,000 Boston Wharf Co. 1st 4s, ’41 97H
Warren Bros., 2d pref................32M
B y Messrs. Francis Ileiishaw & C o ., Boston:
Shares.
Slocks.
S per sh.
50 Old Colony Trust Co.................. 250
5 Ludlow Mfg. Associates............ 129
10 Bates Manufacturing................ 290
10 Great Falls M f g ......................... 191
1 Chicopee M tg., pref.................... 9711
50 Pacific M ills --.......... - .............. 142 'A
2 NaumKeag Steam Cotton C o ..191
12 Dartmouth M fg., p r e f............ 100H
18 Plymouth Cordage......... 193M-193H
Bonds.
Per cent.
51.000 Chic. A Gt. West. U R. 1st
terminal 5s, 1936......................... .. 101
$5,000 Pawtucket Gas Co. of N . J.
1st coll. 4s, 1932............................. 88
55.000 Houston Elec. Co. 1st 5s, '25 99
35.000 Clove. & Pitts. RR. gen.
3 ^ 8 . 1950.......................................... 8 9 «
$11,776,681
462,527,484
EXPORTS AN D IMPORTS OF SPECIE A T N E W YO R K .
Exports.
Week ending July 1.
Gold.
|
Since
Jan. 1.
Week.
Imports.
Since
Jan. 1.
Week.
$5,774,998 S1.223.925'S10.77S.595
14,840
B y Messrs. R . L. Day & C o., Boston:
3
5
30
4
2
14
1913.
1916.
845,599,493
1,283,071,853
Total 26 weeks............... $1,329,271,340 S771,588,735 $468,383,623 S474.304.165
100 Curtiss Aeroplane, pref. with
20 Mortgage-Bond Co. of N.Y.111M
25 shs. com. ns bonus____93
23 Lawyers Title * Trust C o .. 130
200 Story Bell Land Co., S25 ea,
10 Warren Fdy. & Mach. Co.,
82,565 lot
Phillipaburg, N. J., 825 ca.
Bonds.
Per cent.
§90 per sli.
§4,000 Second Ave. HR. cons. 5s,
20,500 New Utah Bingham Mining
1918, trust co. certlfs. of deposit. i>'/»
Co., tr. co. ctfa.of dep.Sl,500 lot
Shares.
1913.
SI3,505,621
479.0S9.620
$680,504,121 $494,047,230 §524,664,724 $492,595,241
For the week_____________
Previously reported...........
at auction in New York, Boston and Philadelphia:
B y Messrs. Adrian II. Mullor & Sons, Now York:
Per cent. Shares.
1914.
$18,159,211' S16.398.741
475,888,019 50S,265,983
EXPORTS FROM N E W YORK.
A u c tio n Sales.— Among other securities, the following,
Slocks.
1915.
1916.
$23,403,468
657,100,653
Total 26 weeks................
n o t u s u a lly d ea lt i n a t the S tock E x c h a n g e , were recently sold
Shares.
j
Total for the week..............
Previously reported...........
All other countries...............................
S250.000 20,441,941
701,000
8,444,881
519,655
3,476,801
100,274
91,524
149,252
9,578,526
1,420,090
4,982,542
1,358,695
Total 1916.......................................... S769.655 $38,839,621 $1,564,975 S2S.133.2S8
Total 1915-.......................................
16,790
0,037,518
77,696 23,823,299
Total 1914_______ _____ _________
4,829,814
991,507 82,707,2571 236,355
Silver.
$13,685
Great Britain....................................... SI,037,654 S23.845.6671 ________
5,462
2,600
West Indies............................................
5,900
South America.....................................
All other countries...............................
104,000
838,671
29,467
1,218,279
10,300
To.al 1916.......................................... $1,146,654 S25,944,984
669,0721 21,009,264
Total 1915.........................................
843,455! 21,649,087
Total 1914....... ..................................
$3,245
408,145
102,465
227,643
79,729
5,031,017
2,837,6ol
824,588
$741,498 $8,792,082
81,358
3,548,69u
151,739 49,996,096
Of the above Imports for the week In 1916, $250,000 were American gold coin.
The Federal Reserve Banks.— Following is the weekly statement issued by the Federal Reserve Board on July 1:
H eavy Government deposits made during the last days of tho fiscal year just ended are mainly responsible for tho gains in cash and gold reserves
shown in the weekly statement as at closo of business on Juno 30 1910. The net amounts o f bank deposits indicate an apparent decrease o f over 15
million dollars of which, however, a largo part represents uncollected item s, deposited by tho G overnm ent, which figure as deductions from gross
bank deposits.
Combined gold reserves of tho banks indicate a gain of 3.1 millions, Chicago, Kansas C ity and San Francisco reporting the largest increases in
gold holdings for tho week. Reserves other than gold increased about 1,3.4 millions, mainly with the Now York bank. Accordingly the reserve
status of tho banks shows a slight improvement as gauged by .tho percentage of cash roservo and a decrease of 2 .1 % as gauged by the percentage o f gold
resorvo.
Discounted bills on hand Increased over $-100,000 during tho weds, mainly because of the larger amounts o f 0-m onth paper held by the banks,
and Dallas in particular. The holdings of this class of paper total at present about 5 .2 millions, or nearly 2 5 % o f tho total discounts held. Accep
tances on hand show a further ineroaso for tho week of over 2 million dollars, tho Cleveland and San Francisco banks reporting the largest gains for
tho week in tho holdings of this class of paper. Over 3 0 % of the total lulls on hand, including acceptances, mature within 30 days, anil a slightly
larger percentage after 30 but within 60 days. United States bond transactions are reported by 3 banks, the net gain in the holdings of Government
securities being $ 64,000 . M unicipal warrants on hand Increased about 1 million, largely as tho result of purchases o f N ew England and New Jersey
town paper by tho Now York B ank.
.
.
Earning assets total at present ovor 172 millions, a gain of about 3 .7 millions during tho week, and constitute 314%- of the paid-in capital as against
3 0 7 % tlio week beforo. O f tho total earning assets acceptances ropresont now 4 1 .3 % ; United States bonds, 3 0 .8 % ; warrants, 1 3 .2 % ; discounts, 1 2 .3 % ,
and Treasury notes, 2 . 4 % .
„
,
,
,
,
. . . . .
„
Government deposits for the first time aro shown in oxcess of 100 millions, tho 3 Eastern banks and ( lucago reporting tho largest additions for
tho week. Doorcases in bank deposits as shown by tho several Roservo banks arc almost proportionate to gains in Government deposits by the same
banks.
by tlio Agents is statod as $9,440 ,0 0 0 .
Tho figures of tho consolidated statement for the system as a whole aro given in the following table, and in addition
we present tho results for each of tlio eight preceding weeks, thus furnishing a useful comparison. 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 (tho third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and tho Reserve Agents and botween the latter and the Federal Reserve banks.
C o m b in ed R e so u r c es
and
L i a b il it ie s
of t h e
F ederal R
e se r v e
B anks
at the
C lose
of
B u s in e ss J un e 30 1916.
June 30 1910 June 23 1916 June 16 1916 June 9 1916. June 2 1916. May 26 1916 May 19 1916 May 12 1916 May 5 1916.
RESOURCES.
Gold coin nnd certificates In vault______ ______ $262,038,000 $265,643,000 +262,062,000 $255,444,000 $242,253,000 $242,985,000 $246,812,000 $238,485,000 $232,284,000
77,971,000
71,911,000
91,991,000
72,621,000
Gold settlement fund_________________________ 112,931,000 106,101,000 104,101,000 103,481,000 102,331,000
1,825,000
1,789,000
1,793,000
2,163,000
1,778,000
1.692,000
1,894,000
1,703,000
1,833,000
Gold redemption fund with U. S. Treasurer..
Total gold reserve_______________________ $376,758,000 8373,638,000 +367,996,000 $360,628,000 $346,377,000 $337,139,000 $326,608,000 $312,174,000 $306,597,000
13,855,000
21,972,000
17,697,000
7,927,000
27,448,000
14,020,000
10.259,000
Legal tender notes, silver, Ac________________
18,055,000
13,622,000
Total reserve......................
$404,206,000 $387,664,000 +381,618,000 $378,683,000 $360,232,000 $359,111,000 $344,305,000 §320,101,000 $316,856,000
6% redemption fund ag’st F. R. bank notes____
400,000
450,000
450,000
450,000
Bills discounted and bought—
Maturities within 10 days............................
Maturities from 11 to 30 days....................
Maturities from 31 to 60 days....................
Maturities from 61 to 90 d a y s .................
Maturities ovor 90 days---------------------------
$11,451,000
16.539.000
28.492.000
30.614.000
5,187,000
$14,451,000 $12,050,000
12.918.000 ’ 18,551,000
28.727.000
31.680.000
21.434.000
25.836.000
4,613,000
4,818,000
$10,030,000
21,061,000
24.310.000
18.890.000
4,052,000
$11,607,000
19.227.000
24.094.000
14.582.000
3.877,000
$9,471,000
18,064,000
24,748,000
17,122,000
3,668,000
$8,849,000
17.286.000
35.346.000
17.108.000
3,406,000
$6,802,000
18,482,00026,124,0001
14,895,000
2,900,000
$9,623,000
13,623,000
27,568,000
14,487,000
2,646,000
T o ta l------------------ ------------------------------
$92,283,000
$89,703,000
$85,375,000
$78,343,000
$73,387,000
$73,073,000
$71,995,000
$69,203,000
$67,947,000
•Acceptances (Included In above)----------- --------
$71,095,000
$68,953,000
$64,948,000
$58,188,000
$53,492,000
$52,708,000
$52,186,000
$49,196,000
$47,647,000
Investments: U. 8. bonds______ _____________
One-year U. 8. Treasury notes..
Municipal warrants_______ - —
$52,939,000
4,190,000
22,671,000
$52,875,000
4,190,000
21,632,000
$52,875,000
4,190,000
22,067,000
$52,191,000
4,190,000
23,095,000
$51,991,000 $51,942,000
4,190,000
3,840,000
36,633,000
44,946,000
$51,837,000
3,840,000
44,482,000
$51,268,000' $50,137,000
3,840.000;
3,840,000
40.285.000
39,154,000
Total earning assets_____________________ $172,083,000 $168,400,000 $164,507,000 $157,819,000 $166,201,000 $173,801,000 $172,154,000 $164,596,000 $161,078,000
122
THE CHRONICLE
[Vol . 103.
June 30 1916 June 23 1916 June 16 1916 ]June 9 1916 June 2 1916. 'May 26 191f May 19 1916 May 12 1916 May 5 1916.
RESOURCES (Concluded).
Brought forward (total reserve & earn'g assets 8576,739,000 S556,514,000 $546,565,000 S536,952,000 $526,433,000 $532,912,000 $516,459,000 8484,697,000 $477,934,000
Federal Reserve notes— Net_________________
Due from Federal Reserve banks— N et______
All other resources____________________________
Total resources______________________
§23,182,000
20,414,000
4,622,000
S23,013,000
19,287,000
4,387,000
$24,419,000
21,365,000
5.53S,000
$23,923,000
17,750,000
5,166,000
$24,082,000
15,300,000
8,932,000
$26,433,000
16,512,000
9,493,000
$26,472,000
19,448,000
5,992,000
$20,053,000
15,752,000
4,691,000
$26,309,000
17,328,000
4.123,000
$624,957,000 $603,201,000 t597,897,000 $583,791,000 $574,747,000 $585,350,000 $568,371,000 $531,193,000 $525,694,000
LIABILITIES.
Capital paid In.
Government deposits_______
Reserve deposits— Net______
Federal Reserve notes— N et.
$54,854,000
101.152.000
457.503.000
9.440.000
1.721.000
287,000
All other liabilities______
Total liabilities.
S5 4,863,000 $54,864,000
55,751,000
64,499,000
472,613,000 1477,293,000
9.228.000
8.003.000
1.723.000
1.726.000
260,000
275,000
$54,863,000
51,578,000
467,780,000
7.593.000
1.730.000
247,000
854.858.000 $54,875,000
50,000,000
44,131,000
460.422.000 476,680,000
7.512.000
7.706.000
1.731.000
1.732.000
224,000
226,000
$54,870,000
40,475,000
463,022,000
8,018,000
1,730,000
250,000
$54,850,000
38,153,000
427,810,000
8.402.000
1.751.000
227,000
$54 802,000
40.414,000
419,943,000
8.573.000
1.094.000
208,000
8624,957,000 $603,201,000 t597,897,000 $583,791,000 $574,747,000 $585,350,000 $568,371,000 $531,193,000 $525,694,000
circulation (a).
serve banks, viz.
68.8%
73.8%
70.9%
73.6%
70.8%
73.4%
70.8%
74.4%
68.9%
71.7%
65.8%
70.1%
60.4%
70.0%
68.1%
69.8%
67.9%
70.2%
74.4%
74.2%
74.0%
74.9%
72.1%
70.6%
70.5%
70.4%
70.7%
S19,287,000 $21,365,000
$17,750,000
$15,300,000
S16,512,000
$19,448,000
815,752,000
$17,328,000
$20,414,000
federal Reserve Notes—
Issued to the banks______________________
In hands of banks_______________________
$176,168,000 $176,955,000 $179,802,000 8179,471,000 $184,217,000 $187,248,000 $186,000,000 $187,166,000 8187,452,000
23,924,000
23,917,000
25,343,000
25,392,000
25,582,000
27.859,000
27,761,000
27,218,000
27,146,000
In circulation.
S152,244,000 $153,038,000! $154,459,000 S154,079,000 ($ 158,635,000 S159,389,000 $158,239,000 $159,948,000 S160.306.000
Gold and lawful money with Agent___________ S165,986,000 8166,823,000 $170,875,000 8170,409,000 S 175,205.000 $178,116,000 $176,693,000 $177,599,000 SI 78.042,000
Carried to net assets____________________
23,182,000
24,419,000
24,082,000
23,013,000
23,923,000
26,433,000
20.472,000
26,033,000
26,309,000
Carried to net liabilities________________
9,440,000
9,228,000
7,512,000
7,700,000
S,003,000
7,593,000
8.018,000
8,402.000
8,573,000
federal Reserve Notes (Agents' Accounts)—
Received from the Comptroller_______
$295,540,000 $295,540,000 $293,740,000 $293,740,000 $293,740,000 $289,980,000 $289,980,000 $289,980,000 $287,580,000
Returned to the Comptroller__________
53,336,000
51,549,000
49,897,000
44,453,000
49,249,000
43,583,000
42,220,000
41,320,000
40.386,000
Amount chargeable to Agent.
In hands of Agent_______________
Issued to Federal Reserve banks.
$242,204,000 8243,991,000 $243,843,000 $244,491,000 $249,287,000 $246,397,000 $247,754,000 $248,660,000 8247,194,000
66,036,000
67,036,000
64,041,000
65,070,000
65,020,000
59,149,000
61,754,000
61,494,000
59,742,000
8176,168,000 8176,955,000 $179,802,000 8179,471.000 S184,217,000 $187,248,000 $180,000,000 $187,166,000 S187.452.000
Bow Secured—
By gold coin and certificates_______ _____ 8113,597,000 8113,357,000 $114,817,000 8114,717,000 S122,387,000 $122,387,000 $119,907,000 $119,907,000 $120,317,000
By lawful money_________________________
By commercial paper____________________
10,182,000
10.132.000
8,927,000
9.012.000
9,062,000
0,132,000
0,307,000
9.567.000
9.410.000
Credit balances In gold redemption fund..
9,809,000
10.186.000
10.358.000
7.558.000
10.732.000
8,159,000
8,300,000
8.802.000
8.995.000
Credit balances with Federal Reserve B’d .
42,580,000
43,280,000
45.700.000
45,260,000
44.960.000
47,570,000
48,480,000
48,890,000
48,730,000
T o ta l________________________________ 8176,168,000 8176,955,000 SI 79,802,000 $179,471,000 $184,217,000 $187,248,000 $186,000,000 $1S7,166,000 8187,452,000
Commercial paper delivered to F. R . Agent..
811.204,000
$10,578,000
•Including bankers’ and trade acceptances bought In the open market,
$10,766,000
$10,645,000
$10,611,000
$10,208,000
$10,720,000
$10,212,000
$9,978,000
t Amended figures.
W E E K L Y ST A TE M E N T O F RE SO U R CE S AN D L IA B IL IT IE S O P E A CH O F T H E 12 FE D E RA L R E SE R V E B A N K S A T C L O SE O F BU SIN ESS JU NE 30 191*
Boston. ! New York.
RESOURCES.
Chicago.
St. Louis. Minneap. Ean. City.
Dallas.
San Fran.
Total.
i
$
I
8
S
S
:
$
S
i
s
Gold coin & ctfs. In vault 5,326,000 136,391,000 7,572,000 12,SOS,000 5,110,000 6.489,000 40,137,000 5,408,000 6,695,000 4,254,000 5,2S6,000 6.567.000 262,038,000
Gold settlement fund___ 14,777,000 3.927,000 15,553,000 11,343,000 14,801,000 5,389,000 9,880,000; 4,655,000 5,379,000 9,326,000 9.103,000 8.798.000 112,931,000
Gold redemption fund..
5,000
250,000
50,000
18,000
420,000
471,000
200,000
17,000
30,000
63,000
255,000
10,000: 1,789,000
Total gold reservo____ 20.108,000.160,568,00023,175,00024,164,000 20,331,000 12,349,000 50,217,000 10,080,00012,104,00013,613,000 14,644.00015,375,000 376,758,000
Legal-ten .notes ,s»v. ,&c.
26,000 20,612,000
317,000 1,057,000
203,000
606,000; 1,821,000 1,130,000
016,000
166,000
885,000
9,000 27,448,000
on
a™
on,
____ T 7 T _________ i ______________ . .
'
_ _ _ _______________ ' ' ___________ ___
~— ' ' :
■
— :-------------Total reserve________ 20,134,000
181,180,000 23,492,000
25,221,000
20,534,000 12,955,000 52,038,000 11,210,000 12,720.000 13,809,000 15,529,000 15.384,000 104,206,000
6% redemp. fund— F. R.
bank notes
400,000
50,000
450,000
Bills:
Discounted—Members
183,000
448,000
530,000
270,000 5,369,000 2,783,000 2,052,000
584,000
947,000 1,911,000 5,663,000
44.8,000 21,188,000
Bought In open m k t.. 12,457,000 23,484,00010.276,000 5,158,000
801,000 1,381,000 4,172,000 3,915,000 1,985,000 1,005,000
6,461,000 71,095,000
Total bills on hand___ 12,640,000 23,932,00010,806,000 5,428,000 6,170,000 4,164,000 6,224,000 4,499,000 2,932,000 2,916,000 5,663,000' 6,909,000 92,2S3,000
Investments: U. S. bds. 3.082.000
One-yr. U .S. Tr. notes
250,000
Municipal warrants.. 2.750.000
3,476,000; 3,538,000 6,756,000 1,605,000 1,684,000 9,753,000 2,959,000 3,513,000 9,853,000 3,111,0001 3,009,000 52.939.000
1,532,000
402,000
...
456,000
350,000
--------3S0.000
350,000
410,000
_____ I
.
4,190,000
5,639,000 1,899,000 4,941,000
60,000;
------ - 3,468,000
976,000
790,000
430,000
............j 1,712,000 22.671.000
Total earning assets.. 18,722,000 34.579,000 16,705,000 17,125.000 8,291,000 0,198,000 19,445,000 8.814,000 7.591,000 13,609,000 8,774,000 12,230,000 172,083,000
Fed. Res’vo notes— Net
742,000: 13,821,000
634,000
309,000
1,70S,000 1,700.000 1,297,000
903,000
..........................I 1,978,000 23,182,000
Due from other Federal
4,220,000 1,413,000 1,580,000!
Reserve Banks— N et. 7,666,000
463,000 5,466,000 2,408,000 1,333,000 1,414,000
634,000 1,841 000 a20,414,000
All other resources_____
59,000
31b",666
58,000
350,000
164,000, 1,333,000
618,000 411,000
131,000
327,000
688,000
167,000 4,622,000
Total resources______ 47,323,000229,890,000 45,109,000 44,418,00030,569,000 22,747,000.79,267,00024,140,00022,678,000 29,559,00025,675,00031,600,000 624,957,000
LIABILITIES.
Capital paid I n . . . .......... 4,925,000 11,281,000 5,215,000 5,966,000j 3,357,000 2,468,000 6,668,000 2,790,000 2,576,000' 2,999 000
Government deposits— 8,636,000 29,311,000 10,532.000 3,244,000 8,202,000 9,225,000 11,974,000 4,962,000
801,000 2,644 000
Reserve deposits— N e t .. 33,670.000 181,280,00029,346,00035,208,000----------------------------------------------------------------14,851,000 10,935,00060,625,000
16,388,000------------------19,301,00021,327,000
Fed. Res’ ve notes— N et.
4,093,000
868,000
F.R.bank notes In clrc’n
1,721,000
Due to F.R.banks— Net
8,024,000
All other liabilities.........
86,000
............
16,000
............
66,000
119,000
66",666;
2 676 OOol 3 933 000 54,854,000
6 ’439 000 5,’ l 82,000 101.152.000
-------- 457.503.000
12,081,000 22,485,000
4,479,000!
9.440.000
1.721.000
287,000
Total liabilities............47,323,000 229,896,000,45,109,00044,418,00030,569,000 22,747,00079,267,00024,140,00022,678,000 29,559,00025,075,00031 600 000
Federal Reserve Notes:
'-----------------1------------------ ---------------------------------- ----------------- --------------------------------------------Issued to banks______ 10,235,000 69,474,000 7,313,000 9,920,000 9,628,000 14,122,000 3,639,000 6.791,00012,143,000 9,201,000 13,957 000 9 745 000 176,168,000
In hands of banks____j 742,000, 13,821,000
634,000
309,000
427,000 1,798,000 1.700,000, 1,297,000
903,000
217,000
98,000! l!078|000 23,924,000
F.R. notes In circulation 9.493,000 55,653,000 6,679,000 9,611,000 9,201,000 12,324,000 1,939,000 5,494,00011,240,000 8.984,00013,859,000' 7,767,000 152,244,000
Gold and lawful money
with agent___________ 10,235,000 69.474,000 7,313,000 9,920,000 5,108,000 14,122,000 3,639,000 6,791,00012,143,000 8,116,000 9,380,000 9,745,000 165,986,000
Carried to net assets____
742,000; 13,821,000
634,000
309,000
--------- 1,798,000 1,700,000 1,297,000
903,000
.............................. .1 1,978,000 23,182,000
Carried to net liabilities.
............
............1 4,093,000
-------------------------- :
______ i 868,000 4,479,000...
9,440,000
a Items in transit, 1. e., total amounts due from less total amounts duo to other Federal Reserve banks.
30 1916.
Boston.
New York. PMiladel’a . Cleveland. Richmond. Atlanta.
Chicago.
St. Louts. Minneap. Kan. City.
Dallas.
San Fran.
Total.
Federal Reservo Notes—
8
8
S
S
S
S
8
8
S
$
S
S
$
Rec’d from Comptrol’r 20,380,000 119,240,000 15,480,000 15,160,000 17,000,000 20,400,000 9,380,000 9.600.000 19,000,000 13,000.000 23,580,000 13,320.000 295,540,000
Returned to Comptro’r 3,425,000 31,966,000 3,547,000 1,740,000 3,872,000 2,182,000
860,000 1.047.000
327,000
881,000 2,714,000
775,000 53,336,000
Chargeable to A g e n t... 16,955,000 87,274,000 11,933,000 13,420,000 13,128,000 18,218,000 8,520,000 8,553,000 18,673,000 12,119,000 20,860,000 12,545,000 242,20-1,000
In hands of F.R .Agent 6,720,000 17,800,000 4,620,000 3,500,000 3,500,000 4,096,000 4,881,000 1,762,000 6,530,000 2,918,000 0,909,000 2,800,000 66,036,000
Issued to F. R. bank. 10,235,000 69,474,000 7,313,000 9,920,000 9,628,000 14,122,000 3,639,000 6,791,000 12,143,000 9,201,000 13,957,000 9,745,000 176,168,000
Held by F. R . Agent—
Gold coin & certfs____ 9,700,000 65,817,000 3,690,000 9,380,000
2.850.000 10,120,000 4,000,000 8.040.000
113.597,000
Credit balances:
In gold redemption I’d
535,000
3,657,000
333,000
640,000
408,000 1,122,000
329,000
391,000
673,000
810,000
395,000 9,809,000
016,000
With F. It. Board____
3,290,000
4.700.000 13,000,000 3,310,000 3.550.000 1,350,000 3.500.000
630,000 9,350,000 42.680.000
Notes securod by com
mercial paper_______
4.520.000
1.085.000 4.577.000
10.182.000
T o t a l_____________ 10,235,000 69,474,000 7,313,000 9,920,000 9,628,000 14,122,000 3,639,000 6,791,000 12,143,000 9,201,00013,957,000 9,745,000 170,168,000
Amount of comm’l paper
delivered to F.R.Ag't
5,163,000
............1
............ 1
............ 1,091,OOO! 4,950,000l
____
11,204,000
.......
123
THE CHRONICLE
July 8 1916.]
S tatem en t of New York City Clearing H ouse Banks and Trust C om panies. — The following detailed statement
shows the condition of the New York City Clearing House members for the week ending July 1.
The figures for the
separato banks are the averages of the daily results. In the case of the totals, actual figures at the end of the week are also
givon. In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates, for the three preceding weeks.
N E W Y O R K W E E K L Y C L E A R IN G H OU SE R E T U R N .
CLEAR IN G HOUSE
M EM B ER S.
Week Ending
Julv 1 1916.
(003 omitted.)
Capital.
Net
Profits.
Loans,
Discounts,
&c.
/N at.B ’ksM ay 1\
(State BksMar. 17/
Average.
$
$
4,844,5
2,000,0
2,336,7
2,000,0
9,522.0
6,000,0
25,000,0 a39,109,1
3,079,7
3,000,0
787,9
1 000 0
83,4
’son o
4,987,6
5,000,0
25.000,0 18,259,8
1,970,6
3.500,0
3,000,0 15,640.3
2,481,2
2,550,0
1,000,0
1,981,1
7,704,9
1,500,0
5,000,0 15.625,1
250.0
72,7
1,000,0
3,358,6
10,000.0 23,337,5
3,922,9
4,000,0
500 0
1 29fl 4
5,000 !o 10,4686
1,001,0
1,950,7
1,273,3
1.000,0
250.0
416.1
1.000,0
2,860,5
1,000,0
3,376,1
728.8
1,000,0
1.096,1
1,000,0
1.134.4
1,000,0
920,9
l!500,0
$
33,400,0
28,186,0
117,843,0
369,559,0
36,756,0
12,171,0
2,597,0
78,284,0
228,939,0
68,097,0
121,996,0
26,968,0
10,106,0
32,590,0
138,754,0
2,241,0
17,427,0
154,601,0
71,361,0
10 224 0
184,393,0
19,295,0
9,285,0
4,995,0
40,222,0
48,521,0
9,328,0
12,686,0
10,035,0
20,256,0
Nat .Bank Nat .Bank Federal
Notes
Notes
Reserve
[Reserve
[Not
Bank
Legal
Tenders.
Average. Average.
$
*
1,888,0
1,055,0
1,024,0
677,0
12,517,0
3.473 0
71,233,0 14,747,0
1,309,0
826,0
775,0
180,0
70,0
33,0
3,196,0
3,561,0
20,725,0
4,412,0
3,714,0
1,445,0
22,612,0
1,363,0
1,102,0
168,0
905,0
402,0
1,521,0
1,249,0
9,556,0
3,199,0
131,0
34,0
1,044,0
251,0
19,779,0
802,0
4,522,0
2,058,0
Institulions].
DevosUs.
Deposits.
tion.
Average. Average. Average.
Average.
Average. Average.
Average.
S
29,075,0
27,219,0
124,672,0
418,763,0
31,674,0
12,546,0
2,297,0
77!l55!0
233,102,0
66,294,0
139,231,0
24,294,0
9,846,0
29,098,0
141,042,0
2,449,0
14,629,0
150,899,0
78,743,0
10,249,0
198!830!0
20,090,0
9,440,0
5,095,0
46,028,0
49,730,0
9,385,0
12,520,0
9,629,0
21,276,0
Average.
1
Averag*.
$
2,252,0
2,038,0
8,972,0
35,139,0
2,407,0
979,0
171,0
7,886!0
18,397,0
5,259,0
10,407,0
2,069,0
751,0
2,157,0
11,224,0
209,0
1,086,0
11,269,0
5,719,0
725,0
14,995!l)
1,514,0
881,0
397,0
4,197,0
3,894,0
815,0
1,013,0
676,0
1,530,0
44,361,0
42,333,0
43,941,0
58,127,0
55,430,0
National Park Bank—
First National B a n k ...
Irving National Bank..
Chaso National Bank..
Lincoln National Bank.
Garfield National Bank
Fifth National B a n k ...
Broadway Trust C o .. .
.Tiilv 1
Totals, actual condition .Tilno 24 1
Totals, actual condition June 10
17,251,0
1,389,0
857,0
105,0
2,546,0
3,052,0
732,0
307,0
299,0
1,647,0
National
Bank
Depositaries.
1.931.710,0,202,032,0 45,392,0
_____ 1,916,737,0 197,143,0 52,675,0
1.937.435,0 177,018,0 51,756,0
1,946,541,0 162,910,0 42,401,0
Market & Fulton N a t ..
Net
Depositaries.
Totals, avge. for week 115,350,0 189,627,5 1,919,116,0|206,459,0 49,713,0
Chetham & Phenlx Nat.
_ Net
[Not
Reserve].
5,591,0
506,0
162,0
103,0
1,306,0
994,0
125,0
350,0
306,0
198,0
Amer. Exch. Nat. Bank
Addtt 'al
Deposits
with
as
Reserve].
$
372,0
1,572,0
4,147,0
4,389,0
1,814,0
179,0
141,0
3,111,0
2,451,0
1,815,0
1,593,0
1,301,0
759,0
794,0
3,863,0
198,0
444,0
1,389,0
3,517,0
359,0
4,210,0
557,0
707,0
351,0
1,570,0
945,0
178,0
618,0
452,0
565,0
Moch. & Metals N a t ..
Reserve
with
S
______
______
______
______
______
$
$
4,0
35,0
84,0
85,0
45,0
10,0
5,0
68,0
2,0
30,0
619,0
______
56,0
14,0
6,0
152,0
18,0
6,0
288,0
13,0
37,0
114,0
86,0
64,0
8,C
39,0
56 ,C
19,0
107,0
25,0
112,0
33,0
6,0
31,0
14,0
32,0
22,0
35,0
86,0
______
______
______
—
48,0
28,0
10,0
18,0
409,0
36,0
103,0
13,0
16,0
—
7,0
4,0
18,0
---
1,563,0
1,613,0 159,008,0
............
1,369,0
1,536,0
1,439,0
1,512,0
1,220,0
1,609,0
1,786,0
2,069,0
157,731,0
161.451,0
160,154,0
159,973,0
16,0
3,000,0
$
______
______
_____
______
______
______
______
—
—
—
—
—
—
.......
2,005,300,0
2,007,788,0
2.003.327,0
2,011,092,0
............ 1,995,086,0
1,743,0
2,648,0
9,103,0
194,0
4,245,0
980,0
5,273,0
______
1,308,0
______
1,439,0
125,6
153,0
12,150,0
9.0
___
148,0
___
3,116,0
205,0
20,0
32,0
302,0
43,193,0
$
794,0
1,835,0
4.952,0
1,798,0
450,0
50,0
48,0
4,882,0
155,0
1,771,0
130,0
1,026,0
174,0
51.0
3,554,0
50,0
697,0
4,925,0
640,0
19S.0
450,0
892,0
399,0
247,0
62,0
498,0
413,0
398,0
50,0
31,589,0
43,185,0 31,655,0
43,015,0 31,655,0
46,158,0 31,626.0
43,416,0 31,531.0
State Banks.
Not Members of
Federal Reserve Dank.
Corn Exchange B ank..
German-Amerlcan Bank
Fifth Avenuo Bank-----German Exchange Bank
N . Y . ProdUCO Ex. B k.
State Bank......................
40,478,0
31,081,0
11,777,0
6,303,0
2,341,0
14,581,0
83,093,0
4,263,0
5,870,0
16,762,0
4,876,0
6,482,0
14,720.0
4,597,0
15,807,0:
23,498,0
5,545,0
3,468,0
995,0
373,0
161,0
988,0
6,778,0
341,0
607,0
1,826,0
459,0
019,0
1.012.0
320,0
1,695,0
1,979,0
3,559,0
1,375,0
262,0
574,0
69,0
639,0
2,343,0
46,0
235,0
048,0
49,0
44,0
306,0
204,0
333,0
658,0
33,109,6
286,535,0
27,196,0
11,344,0
............
288,931,0
287,41)0,0
289,997,0
291,805.0
26,438,0
27,377,0
27,070,0
26,470,0
4,930,4
2,050,0
6,308.1
1,500,0
1,205,9
500,0
1,008,2
• 500,0
447,6
200,0
2,015,2
2,000,0
7,026,4
3.500,0
797,4
250,0
758,3
750,0
100,0 • 2,293,6
826,9
200,0
1,077,0
200,0
2,154,1
1.000,0
200 0
630,6
1,001,0
1,048,4
1,600,0
581,5
Totals, avge. for week. 15,450,0
Totals, actual condition! July
1
Juno 24
Totals! actual condition June 17
Totals, actual condition June 10
921,0
1,238,0
498,0
74,0
138,0
90u,0
4,633,0 •
58,1)
71,0
1,039,0
129,0
119,0
430,0
lOliO
4 2+ 0
493,0
102,0
89,0
295,0
138,0
3,0
44,0
471,0
32,0
10,0
28,0
41,0
100,0
32,0
35 !l)
2,357,0
1,329,0
51,0
65,0
............
11,811,0 ho,894,0
308,881,0
912,0!
............
46,0 10,179,0 10,842,0
56 ,C 11.601.0 10.790.C
42,0 14,448,0 6,759,0
47,0 11,878.0 9,294,0
310,774,0
312,438,0
311,490,0
315,899,0
912,0
925,0
1,250,0
1,008.0
............
29.546,0
205,875,0
48,099,0
23,672,0
28,179,0
347,845,0
7,910,0
19,104,0
66,026,0
20,775,0
02,S32,0
18,296,0
12,319,0
57,718,0
6,019,0
25,426,0
15.003,0
7,204,0
849,0
38,597,0
1,034,0
1,176,0
18,487,0
1,170,0
5,595,0
2,962,0
588,0
7,379,0
2,0
24!0
1
20,0
......
79,0
164,0
...........
11,266,0
1,663,0
62,0
11,318,0
11. | 18 O
9,109,0
11.584,0
12,000,0
13,771,0
n !o42.o
12,149,0
1,278,0
1,645.0
1,960,0
1,814,0
368,0
109,0
105,0
13,0
359,0
2,006,0
50,0
291,0
145,0
133!o
1,421,0
261,0
598,0
117,0
338,0
132,0
147,0
4,380,0
86,0
141,0
710 0
303,0
481,0
259,0
...........
800,0
46,856,0
29,398,0
12,731.0
5,768.0
2,597,0
13,068,0
97,742,0
3,849,0
5,889,0
17,558,0
4,627,0
6,458,0
14,139,0
4,662,0
17,564,0
25,975,0
706,0
156,0
97,0
3,372,0
199,0
216,0
6,628,0
243,0
288,0
848,0
243,0
1,131,0
1,409,0
432,0
42,0
5,0
______
______
Trust Companies.
Not Members of
Federal Reserve Rank.
36,215,0
1,875,0
223,238,0 20,415,0
4,206,0
62,733,0
30,165,0
2,228,0
42,529,0
2,256,0
375,746,0 30,660,0
10,005,0
649,0
26,561,0
1,458,0
84,668,0
5,556,0
21,417,0
1,443,0
72,747,0
5,130,0
20,742,0
1,292,0
12,618,0
731,0
64,166,0
5,548,0
3,817,4
1,500,6
Brooklyn Trust Co-----Bankers Trust Co-------- 10,010,0 15,914,2
2,000,6
4,627,9
U. S. Mtge. A Trust Co
1,250,0
1,632,2
Astor Trust Co_______
6,000,0 12,295,3
Title Guar. & Trust Co.
Guaranty Trust Co____ 20,000,0 30,63S.O
1,230,3
1,000,0
Fidelity Trust Co.........
5,378,0
4,001,0
Lawyers’ Title & Trust.
2 000 0
7,779,1
1,622,5
1,000,0
3,000,0 11,268,0
1,311,4
1,000,0
514.8
2! ooo.o 6,416,7
Metropolitan Trust Co.
302 !o
26 s !o
249,0
20,0
153,0
34,0
124,0
344,0
33,0
19,0
192,0
185,0
51,0
65,0
59,0
320,0
Totals, avge. for week. 54,750.0 104,447.0 1,083,550,0
83,510,0
5,648,0
8,326,0
1,848,0
1
Totals, actual condition July
Juno 24
Totals! actual condition June 17
Totals, actual condition June 10
83,033,0
82.966 0
83!069! o
82,749,0
4,103,0
5,512,0
7 733 *0
5,346 !o
8,518,0
Grand Aggregate, avge. 185,550,0 327,184,1 3.289,201,0 317,165,0 60/7053) 63,953,0
Comparison prev. week
............
............ — 9,924,0 + 163100 — 3,914,0 — 6,681,0
Grand Aggregate,actua condition
Comparison prev. week
------ --condition
condition
Grand Aggregate actual condition
________
__
__
.......
1,079,494,0
1,082,547,0
1,083,912.0
1.093,153,0
7!85 s !o
8,532,0
29,0
17,0
3,0
11,0
________
13,0
91,0
16,0
53,0
7,0
9,0
2,0
1,477,0
10,294,0
2,405,0
1,139,0
1,409,0
17,392,0
395,0
945,0
3,302,0
1,039,0
3,149,0
915,0
617,0
2,886,0
2,126,0
5,694,0
5,868,0
454,0
983,0
1,158,0
375,0
329,0
1,631,0
1,365,0
2,616,0
209,0
463,0
1,926,0
.......
251,0
16126
2,051,0
...........
246,0 47,094,0 30,074,0
262,0 47,231,0 23,860.0
251,0 47,050,0 18,792,0
272,0 48,032,0 27,711,0
3,511,0
— 283,0
1,563,0
— 62,0
1,605,0
47,364,0 25.197,0
948,226,0 131,489,0
941,691,0
944,710,0
945,764,0
960,504,0
_________
_________
________
_________
_________
.......
.......
134,444,0
129,751.0
132,977,0
131,602,0
1,926,0 218,183,0 36.091,0 3,262,407,0 175,594,0
— 382,0 — 2,390,0 + 6432 0 — 5,237,0 — 1,135,0
31,589,0
— 66,0
July
1 3,300,135,0 311,5c,3,0 60,8133) 59,8456 —T i s T o " T i 0 9 7
............ + 13,355,0 + 4,017,0 — 7,659,0 — 106000 — 628,0 — 167,0
1,512,0 215,0019) 40,916,0 3,260,253,0 178,541 !o 31,655,0
— 220,0 +4,8 50,0
— 415,0j— 5,279,0 + 62660
Juno 24 3,286,780,0 307,486,0 68,472,0
June 17 3,311,344.0 287,157,0 68,723,0
Juno 10 3,331,499,0 272,135,0 62,517,0
1,927,o|220.283,0 34,650,0 3,260.473,0 173,691,0
2,079,0,221,652,0 25,551,0 3,268,346,0 180,385,0
2,388,0219,883,0 37,005,0 3.271,489,0 176,026,0
70,445,0
74,515,0
76,097,0
3,511,0
3,872,0
3,865,0
1,536,0
1,439,0
1,512,0
31,655,0
31,626,0
31,531,0
a Includes capital set aside for Foreign Branches. t3.000.QQ0.
Actual Figures.
Averages.
Cash Reserve] Reserve in
In Vault. \Depositaries
Total
Reserve.
a Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
Cash Reserve Reserve in
Total
from
Previous Week in Vault. |Depositaries Reserve.
b Reserve
Required.
Surplus
Reserve.
Inc. or Dee.
from
Previous Week
S
$
S
S
$
$
$
$
$
Members Federal
$
S
$
Reserve Bank------ 300,533,000 159,008,000 459,541,000 363.113,65.1 96,427,350 + 1,699,540 289,757,000 157,731.000 447,488,000 363,561,090 83,926,910 — 13.533.480
+397,740 51.034.000 10,179,000| 61,213,000 55,939,320 5,273,680 — 4,029.840
State Banks*.............. 51.469.000 11,811,000 1 63,280,000 65,598,580 7,681,420 ,
93,350 — 2,645,150
Trust Companies*.- 99.332.000 47,364,000 ,146,696,000 142,233,900 4,402,100 +2,002,150 94.253.000 47,094,000141,347,000 141,253,650 >
Total
Total
Total
Total
July 1____ 451.334.000 218,183,000 669,517,000
Juno 24____ 445 902,000 220,573,000|666,475,000
June 17____ 423.082.000 219,207,000642,289,000
June 10____ 406.689.000 220.603,000 627,292,000
560,946,130108,570,870, +4,099,430
562,003,560 104,471,440 + 24,466,100
562,283,660 80,005,340 +21,554,540
568,841,200! 58,450,800 — 1,490,400
435,044,000215,004,000 650,048,000560,754,060
449,914,000 220,283,000|670,197,000 560,694,590
434,267.000221.652,000,655,919,000562,237.260
414,614,000219.883,000634,497,000562.223.700
89,293.940— 20,208,470
109,502,410+15,820,670
93,681,740+21,408,440
72,273,300+16,422.960
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
Includes also the amount of reserve required on Net Time Deposlts.whlch was as follows: July 1, $2,159,650; June 24, $2,251,650; Junel7, $2,220,950; June
b This la 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
ncludes also the amount of reserve required on Net Time Deposlts.whlch was as follows: July 1, $2,159,250; June 24, $2,150,750; Junel7, $2,307,900; June
Reserve Bank*
10, $2,277,550.
Reserve Bank®
10, $2,170,800.
124
THE CHRONICLE
[Vol . 103.
The State Banking
showing the condition
in New York City n o t
shown in the following
Department reports weekly figures, j
In addition to the returns of “ State banks and trust com
of State banks and trust companies j panies in New York City n o t i n th e C le a r i n g H o u s e , " furnished
i n th e C le a r in g H o u s e , and these are
by the State Banking Department, the Department also
table:
presents a statement covering a ll tho institutions of this class
SU M M A R Y OF STATE BANKS AN D TRUST COMPANIES IN GREATER
in the whole State. Tho figures are compiled so as to distin
N E W YO R K, NOT INCLU D ED IN C LEARING HOUSE ST AT EM E N T .
(Figures Furnished by Stale Banking Department.) Differences from guish between the results for New York City (Greater New
,
July 1.
precious week.
York) and those for the rest of the State, as per tho following:
$728,325,400 Inc. SI,824,000
Loans and Investments________
g o l d ...........................................................................
59,756,800 Dec.
12,800
For definitions and rules under which the various items
Currency and bank notes......... _ ................ ....................
9,201,400 Inc.
158,300
Total deposits.....................................................
875,017,200 Inc. 5,062,800
are made up, see “ Chronicle,” V . 98, p. 1661.
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust com
The provisions of tho law governing tho reserve require
panies In New York City, and exchanges.................. 762,520,000 Inc. 3,728,700
ments of State banking institutions were published in the
Reserve on deposits..............
180,711,800 Inc.
296,200
Percentage ol reserve, 25.6% .
“ Chronicle” March 28 1914 (V . 98, p. 968). The regula
RESERVE.
tions relating to calculating the amount of deposits and what
------- -Stale Banks-------- ----- Trust Companies----Cash In vaults....................................... 811,925,200
10.S6%
$57,033,000
9.58%
deductions are permitted in the computation of tho resorves
Deposits In banks and trust cos____ 16,385,000 14.94%
95,368,600 16.01%
were given in the “ Chronicle” April 4 1914 (V . 98, p. 1045).
Total
.328,310,200 25.80%
$152,401,600
25.59%
The averages of the New York City Clearing House banks
and trust companies, c o m b in e d with those for tho State banks
and trust companies in Greater New York City outside of tho
Clearing House, compare as follows for a series of weeks past:
COM BIN ED RESULTS OF BANKS AN D TRUST COMPANIES IN
GREATER N E W YO RK.
We omit ciphers fn all these figures.
Week ended—
Apr.
Apr
Apr
May
May
May
May
Juno
June
Juno
Juno
July
15.........
22.........
29_____
6_____
13.........
20_____
27..........
3 _____
10_____
17_____
24.........
1_____
Loans and
Investments
Demand
Deposits.
$
4.096.708.3
4.084.794.2
4.084.878.5
4.075.574.8
4.075.645.9
4.072.139.2
4.104.967.9
4,124,653,8
4.118.052.4
4.087.787.7
4.048.776.6
4.025.626.8
4.017.526.4
$
4,157.969.5
4.135.880.7
4.133.560.7
4.108.157.2
4.102.377.2
4.077.522.7
4.126.508.7
4.135.720.9
4.093.553.9
4.056.239.2
4,025,988,4
4.026.435.3
4,024,927,0
Other
Money.
Specie.
%
$
81,514,9
80.951.8
80.990.7
81.147.7
81.967.9
82,000,6
81.014.9
75.338.8
73.519.3
76.180.8
79.319.3
83,456,1
79.417.4
453.312.5
448.433.5
442.486.4
440.501.8
431.781.2
429.750.4
430.207.8
418.247.5
409.491.2
399.818.3
412,492,1
431.258.6
440.874.8
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 .
$
23,350,000
$
75,550,000
40,158,600
171,767,100
14,654,000
13,362.500
378,753,000 1,713,333,500
— 2,552,100
+ 1,183,000
158,593,900
+ 479,300
233,373,100
+ 2,714,700
Surplus as of March 1 7 . ..
5
913.158.1
895.711.1
890,474,7
534.827.4
529.385.3
523.477.1
521.649.5
513.749.1
511.751.0
511.282.7
493.586.3
483.010.5
475.999.1
491.811.4
514.714.7
520.292.2
Week ended July 1
Capital as of March 17___
Total
Entire
Money Reserve on
Holdings. Deposit.
%
STATE BANKS AN D TRU ST COM PANIES.
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
Loans and Investments..
Change from last week.
Gold ............. .......................
Change from last week.
41,103,500
+ 78,300
140,912,700
— 14,400
Currency and bank notes.
Change from last week.
22,288,200
+ 540,500
17,987,500
+ 2,199,100
$
11,783,000
$
14,050,000
tea
............
............
Deposits........... ...................
Change from last week.
499,327,600 1,964,418,500
— 1,842,S00 + 19,972,900
170,242,000
— 641,100
248,185,100
+ 2,288,900
Reserve on deposits.........
Change from last week.
110,074.600
+ 530,900
341,837,400
+ 8,060,400
30,000,700
— 1,228,500
34,783,900
— 1,925,800
P. c. of reserve to deposits
Percentage last week..
26.9%
26.5%
21.6%
21.1%
20.6%
21.5%
17.5%
18.0%
+ Increase over last week.
— Decreaso from last week.
Non-Member Banks and Trust Com panies. — Following is the report made to tho Clearing-House by clearing non
member institutions which are not included in the “ Clearing-House return” on the preceding page:
R E T U R N OF N O N -M E M B E R I N S T IT U T IO N S OF N E W Y O R K C L E A R IN G H O U SE .
CLEARING
NON-M EM BERS.
Week Ending
July 1 1916.
Members of
Fed’l Reserve Bank
Battery Park Nat
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
Hudson C o .N ., J.C
First N at., Hoboken
Second Nat., Hobok.
Net
Profits.
Capital.
Loans,
Discounts,
[Nat. bks. M ay. 1
Invest
[State bks. Mar. 17 ments, &c.
Legal
Tenders.
Averaoe.
$
193,
675,
644
1.264
757,
648,
318
100,000
Bank of Wash. H ’ts.
400.000
Colonlal Bank______
Columbia Bank____
300.000
Fidelity Bank______
200.000
International Bank.
500.000
200.000
Mutual Bank______
200,000
New Netherland____
100,000
Yorkvllle Bank.........
Mechanics’ , Bklyn.. 1,600,000
North Side, Bklyn..
200,000
401
861
680
186,
124,
462,
250,
581,
825,
196,
Average.
§
$
200,000
300.000
300.000
400.000
250.000
220.000
125,000
Average.
Average.
%
$
$
3.996.000
5.050.000
5.305.000
4.919.000
4.415.000
5.659.000
4.674.000
553.000
161.000
163.000
207.000
137.000
149.000
56,000
71.000
34.000
59.000
347,000
13.000
12.000
34,000
134.000
527.000
594.000
97,000
239.000
674.000
196.000
388.000
768.000
196.000
14.000
144.000
16.000
10,000
15.000
64.000
34.000
105.000
199.000
46.000
81,000
100,000
114.000
91.000
73.000
52.000
100.000
Nat .Bank
Notes [Re
serve for
Slate In
stitution]
Nat .Bank
Notes[Not
Counted
as
reserve]
Federal
Reserve
Bank
Notes[Not
Reserve]
Average.
Average.
S
Average.
$
S
3.000
9.000
9.000
2 0 ,0 0 0
79.000
13.000
3.000
8,000
10,000
1,000
3.000
6.000
2,000
Reserve Additional
with
Deposits
Legal with Legal
A’el
Depos
Demand
Depos
itaries.
itaries.
Deposits.
Average.
Average.
s
s
510.000
586.000
645.000
532.000
422.000
384.000
298.000
175.000
103.000
2,779,000
564.000
668.000
547,000
Average.
si i m
Net
Time
Deposits.
Nationa
Bank
Circu
lation.
Average.
Average.
S
?
4.519.000
147,000
4.701.000
5.268.000
4.439.000
3.510.000
2.401.000 2.805.000
2.482.000 2.064.000
5
196.000
296.000
120.000
397.000
198.000
218.000
99,000
Total
State Banks.
Nat Members of the
Federal Reserve Bank.
T o ta l...................... 3.800,000
2,161
8,236
7,766
1,341
2,816
0,537
4,020,
6,131
18,068,
4,272,
4,570,600 61,348,000 3,813,000
54.000
444.000
273.000
33.000
37.000
151.000
174.000
290.000
782.000
122.000
26,000
28,000
99.000
11.000
15.000
57.000
39.000
85.000
185,000
13.000
647,000 2,360,000
558,000
103.000
84,
520.000
386,
494.000
534,
74,000
176.000
2,000
152
415.000
247
' +666 239.000
28
399.000
157
1,164,000 2,125
480
249.000
,755,000
,608,000
,229,000
,225,000
,692,000
,623,000
,974,000
,648,000
,407,000
,144,000
88,000
410,000
4,193,000 63,365,000
1,171,000
5.861.000
2.079.000
1.375.000
2.598.000
7,940,000
3,973,000
12,000
150,000
150,000
18,000 3,833,000
82,000
344.000
247.000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamit' onTrust.Bkln.
Mechanics' .Bayonne
500.000
200.000
1,093,500
294,100
Total
Grand aggregate____ 6,295,000
Comparison ,prev ,wk
Excess reserve,
S86.650
Grand aggr’teJuno‘24 ,795.000
Grand aggr’teJunol7 795.000
Grand aggr te June 10 ,795.000
Grand aggr’te June 3 5 ,795,000
Grand aggr’ te May27 5 795.000
7.995.000
4.771.000
500,000
94,000
1,387,600 12,766,000
594,000
10,459,700 108132 000
+ 2094 000
decreaso
10.355.400 106038000
10.335.400 107658000
10.259.900 106389 000
10.259.900 104601 060
10.259.900 103953 000
5.833,000
+ 129 000
16,000
69,000
18,000
90,000
85,000
108,000
98,000
302,000 3,079,000
-47,000
58,000
656,000
+ 96,000
286,000
— 20 ,0 0 0
70,000
+ 1,000
560.000
637.000
719.000
586.000
671.000
306.000
298.000
382.000
406.000
354.000
69.000
69.000
86.000
66,000
73,000
5,704,000 1,349,000
5,738,000 1,199.000
5.727,000:1.395,000
5,690,00011,231,000
5,728,000 1,291,000
3.137.000
3.112.000
3.168.000
3.089.000
3.051.000
P hiladelphia Banks. — Summary of weekly totals of
Clearing House banks and trust companies of Philadelphia:
We omit two ciphers (00) In all these figures.
Capital
and
Surplus.
April 22................
April 29................
May 13................
M ay
June
June
June
June
July
«
27................
3 ________
10________
17......... ......
2 4 . . ...........
1 . ..............
$
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
Loans.
Reserves.
Deposits.
a
$
508.139.0
509.220.0
512.268.0
512.210.0
511.097.0
509.043.0
508.838.0
513.163.0
513.741.0
512.551.0
512.795.0
M V Y c .u m v u v
$
115.113.0
112.445.0
113.168.0
116.098.0
113.289.0
109.586.0
117.690.0
110.875.0
109.285.0
105.718.0
99,902,0
mu
H um
s
621.791.0
618.559.0
618.020.0
615.855.0
616.168.0
605.511.0
621.974.0
611.010.0
612.835.0
603.092.0
604.012.0
uuu
tu
293.000
104.000
1,493,000
714,000
22,000
397,000
2,207,000
98,631,000
+ 1737 000
1,524,000
+ 7,000
1.517.000
1.511.000
1.510.000
1.512.00
1.513.00
B oston Clearing H ouse Banka. — W o give below a
summary showing tho totals for all the items in tho Boston
Clearing House weekly statement for a series of weeks:
S
9.626.0
9.608.0
9.427.0
9.435.0
9.432.0
9.442.0
9.442.0
9.440.0
9.149.0
9.455.0
9.433.0
u ariK S
July 1
Clearings.
221,135.2
247.458.6
258.516.1
229.158.5
239.730.7
232.497.5
235.201.2
237.203.4
245,367,0
227,567,9
250.815.4
(J u ly
$1(56,564,000): also “ Exchanges to Clearing House” (July 1, $23,243 000)
from banks July 1, 373,492.000.
’
2,000
20,000
BOSTON CLEARING HOUSE M EM B ER S.
Circula
tion.
u b iie r
61,000
37,000
i f
Hue
c
1916.
Loans, dlsc’ts & Investments.
Individual deposits, Incl.U.S.
Due to banks........................ ..
Exchanges for Clear. House.
Due from other banks______
Cash reserve............................
Reserve In Fed. Res’vo Bank
Reserve with other banks___
Reservo excess In bank______
Excess with Reserve Agent..
Excess with Fed. Rcs’vo B’k.
$6,321,000
434.065.000
342.231.000
125.112.000
31.758.000
17.224.000
35.658.000
24.327.000
21.098.000
40.827.000
313,000
24.819.000
1,088,000
Change from
previous week.
Dec.
Inc.
Inc.
Dec.
Dec.
Inc.
Dec.
Dec.
Inc.
Dec.
Inc.
Dec.
Inc.
S594.000
1,337,000
2,608,000
2,525,000
416,000
June 24
1916.
$6,915,000
432.728.000
339.623.000
127.637.000
32.174.000
220,000 17.004.000
2,627,000 38.285.000
212,000 24.539.000
80,000 21.018.000
1,223,000 42.050.000
70,000
*•1243,000
1,035,000 25.854.000
315,000
773,000
June 17
1916.
.310,000
,322,000
,969,000
521.000
,797,000
,725,000
939.000
,633,000
,466,000
,047,000
481.000
,947,000
341.000
Imports and Exports for th e W eek.— Seo third ’page
preceding.
July 8 1916.1
135
THE CHRONICLE
Wi&ukexs’ (Saxeite.
make it possible to avoid at least immediate liositilities and
the proposed Government tax on manufacturers of war
munitions and explosives wero two factors diametrically
W a ll S treet, F r id a y N i g h t , .July 7 1910.
opposed in market effect. Some of the Mexican issues,
T h e M oney M arket an d F in an cial S itu a tio n .— The such as Mexican. Petroleum, advanced sharply, but Crucible
security markets have displayed the usual characteristics Steel and others of tho munitions group declined. American
incident to the National holiday and beginning of the annual Zinc, Lead & Smelting fell off from 39 to 32. Baldwin Loco
vacation period. The volume of business steadily increased, motive from 74 K to 69 M and Butte & Superior from 67 ^
however from an insignificant total on M onday and later to 63 Y%. On the other hand, American Beet Sugar advanced
lias been all that could reasonably bo expected under the from 88 to 9 4 1 4 , closing, however, at 9 3 %•, whilo Cuba Cane
circumstances.
.
.
Sugar, traded in on the regular Exchange for tho first time
Tho transactions in stocks were increased by liberal sales last Thursday, Greene-Cananea and Texas C o. showed ad
of manufacturing issues, especially those of companies vances of 2 V 8 to 53^ points. Sears, Roebuck & C o. moved
engaged largely in export business, and by a demand for up from 188 M to 190 and United States Steel, due probably
railway shares* at advancing prices. Of the latter, Now to favorable reports as to the condition of business, showed
Haven only shows a decline within tho week. As to the a net gain for tho week of % point. The high, low and last
former it is reported that at soveral points where large war prices for Willys-Overland, United States Industrial Alcohol
orders have been received, operatives are being laid off and Maxwell Motors were 7 6 -7 1 -7 4 % ; 1 3 3 % -1 2 7 -1 3 0 % ,
and tho proposed new tax on manufactured goods of that
and 8 2 % -7 7 -8 0 % , respectively.
.
.... ,
class apparently had a tendency to bring their securities
The steady forward movement in Reading, from J i
to
into disfavor in tho market.
100, was the most interesting incident among the railway
Other influences of the weolc have been mostly favorable. stocks, but a list of a dozen other active issues showed gains
Our relations with Mexico now seem sure of an amicable of from % t o l H points, with only one fractional loss regis
adjustment without unnecessary delay and are no longer
tered, and that by New Haven shares.
a monace. Weather conditions, according to Government
F o r d a il y v o lu m e o f b u s i n e s s s e e p a g e 134.
report, aro more favorable in all agricultural zones and crop
The following sales have occurred this week of shares not
prospects have correspondingly improved. News from tho represented in our detailed list on the pages which follow:
various cent es of activity in Europe are satisfactory to
Range since Jan. 1.
those who beliovo that a vigorous prosecution of tho war
Range for Week.
Sales
STOCKS.
for
Week ending July 7.
is tho surest and q ickest way to end it.
Lowest, i Highest.
Highest.
Lowest.
Week.
Money lenders at the Stock Exchange woro undoubtedly
$
per shares per share
S
per
share
$
per
share
Shares
Par
pleased with a 4 K % rate on Wednesday, a rat only made
June' 52% July
200 52% July 3 62% July 7 52
Acme Tea temp ctfs.100
possible by the half-yearly settlements and large income- Ajax Rubber--------------50 850 65 July
65% July 5 64% June 65% July
39%
July
1
39%
July 39% July
39%
July
100
tax payments, and therefore probably temporary. It is a Amer Dank Note____ 50
June 140% Jan
126% July 7 123
200 126% July
Express— 100
now indication, however, of tho ab orption during recent American
60% July 5 60% July 69% Apr
100 60% July
Am Teleg & Cable— 100
Jan 26% June
23% July 7\ 11
months of a large amount of funds in tho channels of trado Am Writ Paper, pref.100 2001 23% July
Jan
Jan 77
66% July 3 62
300| 66% July
Associated Oil---------- 100
throughout tho country.
. „
.
1% June 3% Jan
July 6
Batopilas Mining------ 20 1,200 1% July 1 2
60%
M
ay
50%
Jan
54%
July
1
100
54%
July
‘
In tho weekly report of tho Bank of i ranee an increaso Brown Shoe_________ 100
M ay
Feb 59
58% July 1 57
166 58% July
Southern___ 100
of SI 280,000 in gold is shown, whilo tho Bank of England Canada
Apr! 76
Jan
73% July 6 68
500 73
July
Cluett.Pcabody&Co.lOO
43
July 7 42% July; 52% Jan
reports a shrinkage of about four times that amount. Both Computlng-Tab-Rec.100 200 42% July
May 98% Feb
July 6 89
375 90
July 6 90
Deere <fc Co, pref____ 100
Banks have substantially increased outstanding notes.
Mar 141% Jan
136
July 7 131
20136
July
Detroit Edison_____ 100
Jan 119
July
Foreign Exchange.— There Avas virtually a nominal mar Detroit United_____ 100| 620 116 July 119 July 6 70
4 % Mar 6% May
6
July 3
300
5%
July
Duluth
S
S
&
A
t
l____
100
ket for sterling exchange during tho week. N o additional
10
Jan
14
Jan
13%
July
3
100! 13% July 3
Preferred_________ 100
Apr 66
Jan
importations of gold were reported and it is expected in Elec Stor Battery...100' 400 62% July 6 63 July 6 58
71
May 90% June
82
July
5
800
81
July
3
Gulf
States
Stl
ctfs--100
foreign exchange circles th a t announcement will bo mado in
May 101% June
96
July 5 87
July
300 95
1st pref c tfs ..’____ 100
May 90
June
87
July 1 72
a short time of other means of maintaining r a to s.
July
400 85
2d pref ctfs.......... ..1 0 0
T o -d ay’s (Friday’s) actual rates for sterling exchange were 4 7 2 % for
sixty days, 4 75 % for checks and 4 70 7-10 for cables. Commercial on
banks (sixty days) 4 7 1 '
and documents for paymont (00 d a y s), 4 7 % .
Cotton for paym ent, 4 7 5 % , and grain for paym ent, 4 7 5 % .
T o -d ay’s ( Friday’s) actual rates for Paris bankers’ francs woro nominal
for long and 5 9 1 14. for short. Germany banker’s marks wero 7314 for
sight, nominal for long and nominal for short. Amsterdam bankers’
guilders wero 4 1 % for short.
Kxchange at Paris on London, 28.10 fr.; wook’s range, 28.10 fr. high and
also 28.10 fr. low.
The rate for foreign exchange for tho week follows:
Cables.
Sterling Actual—
Sixti/ Dags.
Checks.
4 76 7-16
High for tho week—
4 72 %
4 75%
4 76 7-16
Low for the week
4 72%
4 75%
Paris Bankers' Prunes—
5 90%
5 00 %
High for tho week___
_______
5 90%
5 91%
Low for tho week___
_______
Germany Bankers’ Marks—
73 9-16
73%
_______
High for tho week___
72 15-16
73
Low for tho week--------------Amsterdam Bankers' Guilders—
41%
41%
High for tho week—
----------41 7-16
4 1 % plus 1-16
Low for the week—
D om estic E x ch a n g e .— Chicago, 30c. per 81,000 discount. Boston,
par. St. Louis, 15c. per 81,000 discount bid and 10c.* discount asked.
San Francisco, 20c. per 81,000 premium. M ontreal, 84.0625 per 81,000
premium. Minneapolis, 30c. per 81,000 premium. Cincinnati, par.
Now Orleans, sight, 50c. per 81,000 discount, and brokers, 50c. premium.
140 82
Int Harvester Corp-,100
Iowa Central_______ 100 1,200
2
K C Ft S & M pref. . 100
47\ 73
U
U 98
VO
Kayser (Julius) & Co 100
200;
25 127%
Kings Co El L & P-.lOO;
700 105%
Laclede Gas--------------100;
400 81%
Mackay Companies.100,
500 68
Preferred_________ 100|
10115
Manhat Shirt, pref.. 100
May Dept Stores...1 0 0 1,100 60%
Nat Cloak & S u it...100
210 74%
300110
Preferred________ 100
200( 42
N Y C h le & S t I ------- 100
800 64%
2d preferred______ 100
100, 65
Pacific Coast_______ 100
300 36
Pacific Tel & Tel____100
400! 28
Pitts Coal ctfs dep.,100
400, 96
Pitts Steel, pref_____ 100
St L & San Fran (old)—
1st pref___________ 100 400’ 7%
500 6%
2d pref___________ 100
145 95%
Sloss-Sheff S & I pref 100
%
Stand Milling rights------ 4,300
900186%
Texas Co full pd rets—
200100
Tobacco Prod, pref..100
300! 7%
Tol St L & West------100
100 13%
Preferred--------------100
100100
Underw’d Typewrit. 100
100 31
U S Realty & Im pt.,100
200 48
Virginia Iron, C & C.100;
50128
Wells, Fargo Express 1001
July
July
July
u
u iy
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
I
/U
IJ
July
July
July
July
July
July
5 75
July
110 July
July
43
July
66
July
65
July
36
28% July
97% July
5 68%
2
5
60
6 80%
3 126%
3 103%
6 78
6 65%
7 109
6 50%
5 71
6 106
6 33
6 50
5 53
7 32%
5 27%
7 93%
M ar 84%
July 6
Mar 73
Mar 100
M ay 131
Mar, 107%
Apr 91
Jan 68%
Jan 118
Jan 68%
May 81%
M ay 113
Apr 45
Ap^ 67
May 65
Apr; 44
June 29
Feb,100%
May
May
June
June
Feb
Feb
Feb
June
May
May
Jan
Feb
Jan
June
July
Jan
June
Jan
July
July
July
July
July
July
July
July
July
July
July
July
6 8% July
1 6% July
6 95% July
5| % July
3 192
July
7100
July
5j 7% July
1 13% July
7100
July
7 31
July
7 48
July
6128 July
2
6 91%
%
6;
6 181
7 100
1j 5
li 10
7, 86
7 25
7
6 123%
2%
Apr, 10
Apr! 8
Apr 101
July
%
Junej192
Jan 109%
Apr) 7 %
FebJ 13%
Jan| 106
June; 49
Apr! 62%
May 135
Jan
Jan
Jan
July
July
Mar
June
June
May
Feb
Jan
Jan
82
2%
73
98
ui/o
3127%
5106%
182%
568
7115
7 63%
State and R ailroad B on d s.— Sales of State bonds at tho
Board this week include 81,000 New York Stato 4 Id's at
O utside Secu rities.— Sales of securities on the Broad
1 0 9 % ; 813,000 New York State 4 K s at 115; and $4,000
Street “ curb” were relatively limited this week, but prices, in
Now York Canal 4s, 1961, at 105.
.
Trading in railway and industrial bonds was relatively less a largo majority of cases, showed substantial increases.
than last week, whilo prices, with one or two oxcoptions, Atlantic Gulf & W est Indies SS. com. and pref. advanced
moved within narrow boundaries. The demand for tax-ex from 6634 and 6 0 M to G 7 % and 6 4 % each, the former closing
empt securities by large investors, seeking, perhaps, to es at 66, whilo Chevrolet M otors, by far the most spectacular,
cape tho pro posed increase in the income tax, was tho pre jumped from 217 to 244, closing, however, at 225. Holly
vailing influence which caused advances in New York City Sugar Corporation common rose from 50 to 51, but fell away
issues. As usual, tho Anglo-French 5s and tho various at tho closo to 4 9 whilo tho prof., advancing steadily
Dominion of Canada issues supplied the greater part of the through the week, went from 9334 to^ 9 5 . Ivathodion
activity in Government securities. Rock Island dob. 5s Bronze pref. registered a net gain of 34 point, closing at 24 34,
woro tho most spectacular featuro in a list of 25 active issues. the high mark reached during tho week being 2 7 while
Following their movement of several weoks past, duo to Midvale Steel, Tobacco Products and United Motors ad
recent progress made by the reorganization committeo, thoy vanced 2 3 4 , 334 and 634 points, respectively, the two for
advanced from 62 K to 65 U - Atchison Topeka & Santa Fe mer, however, falling off sharply at the close. On the other
gon. 4s, New York Central deb. 6s, Northern Pacific 4s and hand, Aetna Explosives declined 2J4 points, while Gaston,
3s and Virginia R y . 1st 5s wero other railway securities to Williams & Wiginore, Maxim Munitions and Stutz Motors
advance slightly. United States Smelting & Refining 6 % and White Motors lost from 1 to 3 points.
Standard Oil securities were a trifle more active than a
gold notes, probably because of the less discouraging outlook
of tho Mexican situation, advanced from 111 to 112, while week ago, but prices, with the exception of Illinois Pipe
United States Steel s. f. 5s moved up fractionally in response Lino, which fluctuated between 159 and 165, kept within
narrow margins. As to the other Oil issues, Alberta Pet.
to favorable reports on tho business of tho company.
Sales on an s-20-f basis, indicating, presumably, sales on advanced from 55 to 57, closing at that figure, while Cosden &
foreign account, havo declined sharply, tho totals being Co. and Cosden Oil & Gas com. moved up ^fractionally.
Kenova Oil was erratic; from 65 it jumped to 75, fell to 66
$54,000, as against $146,000 a week ago.
U n ited States B on d s.— Sales of Government bonds at and closed at 67, whilo New York-Oklahoma Oil advanced 3
tho Board are limited to $2,500 3s coup, at 100. F o r t o -d a y 's points to 85, and Tidewater Oil fluctuated between 185 and
186, closing at the low figure. Among the bonds traded in on
p r i c e s o f a ll the d i ffe r e n t is s u e s a n d f o r w e e k ’ s r a n g e , s e e th ir d
the “ curb” were $232,090 Cosden Oil 6s “ w . i . ” at 109 34 to
p a g e fo l l o w i n g .
R ailroad and M iscellaneous S to ck s.— Varying in 110; 8140,000 International Mercantile Marine 6s, “ w. i . , ”
fluences were brought to bear on lhe stock market this week. at 9 7 M to 98, and $11,000 Midvale Steel 5s at, 9634 to 9 6 y 2 .
Tho more favorable aspect taken by our relations with A complete record of “ curb” transactions will be found on
Mexico and opening of negotiations by Carranza, which will page 134.
136
New York Stock Exchange—Stock Record. Daily, Week y and Yearly
~
„
. ,
,
, ,
OCCUPYINQ TW O PAOES.
'
For record o f tales during the week of .stocks usually inactive. tee preceding paste.
m an a n
Saturday
July l
d l o w s a l s p r ic e s
M on d a y
July 3
Tuesday
July 4
•Sv er share S per
105 105% 10538 10538
9878 90
99
99
114% 114% 114i2 114i2
887S 89% 89>4 893.4
*76
76*4 *76
7634
*85
S6 I2 *85
86
179 180l2 1791,4 181
*290 330 *290 330
613,i 62
62
6318
12% 12l2
12l2 12l2
*36
37% 36% 3612
93
98l,i 9734 98*2
*130 130*2 130% 130VS
*12912 130
129<8 1297g
*173 176 *173 176
22
22 ig
2134 22%
*117 125 *117 125
*135 150 *135 150
*54
5412 54% 54%
*82
8312 *82
8
3212 3212 33
33
*59
59*21 *59
60
*50
55 I *50
55
*150 153
150 153
*22712 231 *22712 233
*12
15
*12
15%
3012 30'2 30% 30%
36
36% 36
36%
*52
52*4 52
52%
*44
45l2 *44% 46
1 2 0 % 12012 120% 120%
3412 34lo 34% 34%
105 105 “ *104% 106
*17
17i2 17
17%
*7412 75l2 *73% 74%
25i2 251
26
“
26
*5914 61l2 *58
61%
20
*-■
20's
1934 197g
*42
4412 43% 43%
7812 78% 79
79%
*35
40
*35
40
•132U 135
133% 133%
*127 128 *127 129
4*4 4*.
§4% 4%
*12
17
14% 14%
126% 126% 126% 126%
*133 138%
*4i2 4%
4*4 4%
1213 12% *12
13
*6% 7
7
7
*6*2 7
*6*2 7
*
23
23
*6% 7*1 *6% 7%
104*4 104*4 101% 105%
01 *2 62
61% 61%
27*4 27*4 28% 28%
131 131% 131% 131%
*80
88
*S6% 88
113% 113% 113% 113*4
577g 58
58
53
*78
88
*81
87
97 *
97
96*4 97% 96*4 98%
*42% 44
*42% 44
*43% 47
*44
47
*17
17*4 *17
17%
*__
19 *
19
*41% 44% *41% 44*2
*15
16% *15% 16%
*38
40
*38
39%
97% 97% 97% 98%
23 7S 24% 24% 25
69
70
707s
70
*12
13 *12
13
66
66
*66
67
*95% 97% *95*4 971.(
137% 138% 1377g 139%
82% 8231 82% 82*4
*9i2 10% *9% 10
*18
20
*17% 19%
14% 14% 14% 14%
49
51% 51% 52%
27% 2814 28
28%
29
291,4
*45
48
*43
48
47g
4*4 478
*1534 17 *15
17
7
*6% 7%
4173 417S 42
43
% v er share
15
15
15
15
17% 18%
8
83g *3
8%
23% 24
237g
23
75% 753.4 70% 77
*65
68
*65
67%
*98 100
*98 100
87
88
87% 89
*98 100
100 100
*98% 105 *98 106
*168 186 *168 186
52
52% 52
52
*109 109% *109 109%
53% 541.4 52% 53%
117 117 *115% 118
148 148
146 147%
*117 119 *117 119
*54
55% 543.4 543,4
*99
99% *99
99%
*10
51%
*28%
*19
*44%
10%
*10
10%
51% 51
51%
283.4 28% 28%
20
19% 19%
45% 443.4 443.1
671.4 67% 65i4 677g
♦102 103
102 102
* 6%
8
*7
81
*36% 37% 37
37
*83
86
*84
86
*92% 93
*92% 9314
9234 93% 92% 94%
111 % 111 %
*131 145
*103 110
*48% 50
*109 11034
*116 119
*128 128%
206 206
*105% 106%
45 45%
947S 947g
377S 38%
65
65
81% 817S
111
111
131 145
103 110
49
49
*109 111
*116 120
128% 128%
205% 206%
'106 107
44% 45%
*94% 95%
36% 3778
62% 65%
813.t 827S
Paid.’ BJ l ; x nddl v l S Dr^Ce^
M
—
per
sh ar e
W ednesday
July 5
e r c e n t
Thursday
July 6
.
Friday
July 7
Salesfcr
•he
W eek
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER S H A R E .
Range S ince J an . 1
On basis o f 100-share lots
Low est
H igh est
PER SH A K E
Range f o r Previous
Y ea r 1915
L ow est
H ighssl
S per share S per share $ per share
Railroads
Par 5 per share
$ per share 5 per share $ per share
105% 1053,4 105% 10578 105% 106
6,000 Atch Topeka A Santa Fe.-lOO 100% Apr 22 108% Jan ■
92% Feb 111% Nov
99
99
987g 99
9834 99
3,670 Bo pref...................... 100 98*4 July 6 102 Feb 24
90 Jan 102% Nov
*1147g 115
Atlantic
Coast
Line
RR__
100
11478 115% 114% 114%
700
106% Apr 19 117% Junel3
98
Mar 116 Nov
89% 90% 89% 90% 89% 8934 7,080 Baltimore ,t Ohio.............. 100 827g Apr 24 96 Jan 4
03*4 Feb 98 Deo
76% 7634 76% 7634 76% 76% 1,661 Bo
pref...................... 100 75 May 4 80 Jan 15
67
Feb 79*4 Nov
*85
86% *86
86 % 586% 86%
30 Brooklyn Rapid Transit.. 100 83% Apr 22 887gJune 6
83% Aug 93 Apr
181% 183% 180% 182
ISO 181% 14,550 Canadian Pacific.... ........... 100 *162% Mar 1 183*4 Jan 3 138 July 194 Nov
*290 330 *290 330 *290 340
Central of New Jersey___ 100 290 Jan 3 §310 Mayl8 §250 Sep 325 Jan
63% 033.4 63% 6378 62% 63
6,300 Chesapeake A Ohio........ 100 58 Apr 24 67*4 June 8
35*8 July 64*4 Nov
13
13% 13% 13% 13% 13%
900 Chicago Great Western... 100 11*4 Apr 24 15*3 Jan 3
10% . Jan 17% Nov
367g 37% *37
37% 37
pref...................... 100 , 33 Apr 24 39% Jan 4
37
500 Bo
25%
May 41% Nov
987g 991,
9834 99% 973.4 981
5,600 Chicago Mllw A St Paul 100 91 Apr 22 102% Jan 3
77*4 July 101% Deo
*130% 1307S 1307g 1307g 1303.4 1303.4
550 Bo pref.......................too 127% Mar30 136% Jan 5 1207g Sep 135 Deo
130 130
130 130
130 130
600 Chicago A Northwestern.. 100 1247g Mar30 1347g Jan 3 118% July 135% Nov
*173 170 *173 178
173 178
Bo
pref.......................... 100 §165 Apr13
Jan 11 163 July §180 Nov
22% 23% 22% 23% 22% 23% 15,900 Chicago Rock Is! A P ac...l00 15% Apr 22 175
24%June21
10% July 38% Apr
*117 125 *117 125 *117 125
Chic St Paul Minn A Om_. 100 120 Jan 19 123 Mayl5 §114
Apr 123 Nov
*135 145 '135 145 *135 150
Pref............................100 131*4 Apr12136 Jan 27 121 Sep 135 Deo
55% 55% 58
58
56% 56%
500 Clev Cln Chic A St Louis.. 100 38 Apr 27 59%June 8 §21 Jan 52 Oct
83
83
*82
83% *82
831?
100 Bo pref.. . . . . . ______ i<>) 70 Feb 2 86 Junel4
53% Feb 77 Oct
33% 33% 33
33
*32% 34 “
500 Colorado A Southern____ 100
21*4 Apr 24 36% Juncl3
Mar 38% Nov
*59
00
59% 5934 58% 59
400 Bo 1st pref________ ioo 46 Apr 1 60 Juno 9 24
45
Jan 60 Nov
*50 ___
55
55
*53
55
Bo 2d pref................ IlOO 40 Marl3 . 57*|JunelO
100
35 Sep 52 Nov
151% 151% *150 153 *150 153
218 Belaware A Hudson___ 100 149% Apr 20 155% May23 138%
154% Nov
Aug
*227% 240 *226 232 *220 232
Belnware Lack A Western..60 216 MarlS 237 June 9 199% Jan 238
Nov
*13
14% 14% 14% 15% 15%
300 BcnverA IUo Grande... 100
87g Mnr30
10% Junel3
4 Jan 10% Nov
31% 32% 32% 34% 33% 341
8.500 „ P ° Pref........................100 15 Mar 8 34% June 13
29% Nov
0%
Jan
36% 37% 3634 37% 36% 37% 16,200 ErJe— ........................... - 100
32 Apr 22 43% Jan 3
197g Feb 45% Nov
52% 53% 5334 54% 53'% 54% 7,800 Bo 1st pref................ ioo 48
Apr 22 59% Jan
32% Feb 59% Nov
*44
463.4 *45 47
44
44
100
41 Apr 22 54% Jan
Do.
pref.................
100
27
Feb 54% Deo
120% 1207g 120 % 121 *119% 11934 7,900 n
Great Northern pref__
100 118 May 5 127% Jan
112*4 Jan 128% Nov
347g 35% 35% 36% 36% 363.4
300 Iron Ore properties..No par 33% June26 50*4 Jan
25% Jan 54 Oct
*104% 106
106 106% *104% 106%
600 Illinois Central________ ..10 0 9934 Apr 17 109% Jan
99 July 113 Apr
17
17% 17% 17% 17% 173S 1,400 Interbor Con Corp, Ttc.No par 1534 Feb 16 21% Jan
lR7g July 25% Nov
73% 73%
75
75
Bo pref______ _____ 100
200
71 Feb 15 77% Jan
70 July 82 Nov
261.4 26% ’ 20 % 26% 25% 20
1,310 Kansas City Southern
100 23% Apr 28 32% Jan
20*s
Feb 35% Nov
60
60% *60% 61
*60% 60%
Do pref....................... 100 58% Apr 20 647s Jan 3
200
547g Feb 65% Nov
20
20
20% 20%
19% 19% 1.500 Lake Erie A Western____ 100
10 May 2 207g Junc21
5
Jan 16% Deo
42% 42% *41
44
42
42%
600 Bo rref....................... ioo 32 Apr 20 45 June21
19 May 41% Deo
79% SO
80% 807g 79% 80% 4,000 Lehigh Valley......... .
60 74% Jan 31 85 May31
04*3 Feb 83% Nov
*34
40
36
36
36% 36%
200 Long Island______
50 20 Jan 31 41% Junel2
15 Jan 27% Oct
*133 131
133% 133% 133% 133%
300 Louisville A NashvllIo.IIIioo 121% Mar 1 135%Junel3 104%
July 130% Nov
128 129 *128% 129 *128% 129
310 Manhattan Elevated. . 100 128 Apr 28 131*8 Jan 28 125 Juno
132 Deo
4*4 47g *434 5 % *5
5%
41 Minneapolis A St Louis__ IOO
4 Mar 1 15*8 Jan 4
8
Sep 19% Feb
15% 151 *16
18
*16
18
400 Do pref______ _____ ioo
14% July 3 33% Jan 0
24 Sep 49 Feb
127 128'% 127% 1293.4 *128 129
4,115 Minn St Paul A S S M ___ 100 116% Apr 24 129 Juneloj 106
Jan 126% Nov
*133% 138% 136 137 *135 137%
245 Do pref.......................100 135 Jan 13 137 Jan 15| 123 Juno
136 Deo
434 434
434 43.4
600 Missouri Kansas A Terns. 100
4'% 4%
3% Apr 25
7% Jan 13|
4 Sep 15% Apr
•12
*12
13
13
*r
13
pref.................... 100 10 Apr 3 16%Jan 41 10%
100 Bo
40 Apr
Sep
67g 7%
7% 71
7
71.
7,200 Missouri Pacific.........
100
3% Apr 22
7% July 0
18% Apr
1*4 July
7
7
7%
7%
7
7
7,700 Trust co eertlfs of deposit
3% Apr 22
7*s July 6
7% Nov
3
Dec
*----- 23 '----- 23
- - - 23
Nat RysofMex, 1st pref.. 1 00 23% Jan 21 24 Feb 18
28%
Oct
14%
Aug
* 6%
8
*6%
8
*6
7
Do 2d pref_____
100
6 % Mar28
9% Jan 12
9*4 Oct
4*4 July
1053.4 106
105% 106% *104% IO51.4 9,250 N Y Central A nud RlverllOO 100% Apr 22 111%
Jan 19
81% Mar 110% Deo
62% 62% 61% 63
61% 61% 1,910 N Y N H A Hartford____ 100 57 Apr 26 777gJan
43 Feb 89 Oct
28% 28% 273.4 28 227
277g 1,100 N Y Ontario A Western...100 26 May 5 31 Jan 10
3
21*4 Jan 35 Apr
131% 1321 131% 13234 131% 132
5,440 Norfolk A Western______ 100 114 Mar 1 137*8 Juno 7
09% Jan 122% Deo
* 86 %
88
*8 6
88
*S6% 88
Do adjustment pref.. 100 84% Feb 25 89% May22
80% Sep 90 Juno
11334 H43g 114 114% 114% 114% 9,400 Northern
Paclflo............. 100 109*4 Apr 24 11878Jan 4
99% Feb 118% Deo
58
58% 58% 58% 5734 58% 10,140 Pennsylvania__
50 55% May 5 69*4 Jan 4 61%
Feb 01% Nov
*83
87
*83
87
83
83
100 Pitta Cln Chic A St Louis” 100 78 Feb 17
88 June 5
05 May 86 Nov
'----- 97 1----- 97 1----- 97
88 Jan 26 0S*i Jan 13
_
D°
Pref......................
100
90 June 08%June
97% 99
983.4 101% 99 10034 119,100 Reading............................. ..
75% Jan 31 110*4 May23
09*s May 85% Nov
*42% 44
42% 42% *42% 44
200
1st preferred_____ I.IIIsO
417* Feb 19 46 Feb 29
Hep 45 Juno
*44
46
45 45% *44
46
400 2d preferred..............." I 50 41% Feb 21 52 May 19 40*s
40 Feb 44 Apr
*17
17% 17% 17% 17% 17%
500 St Louis A San Fran new (wi)
15% May 18 17*4 Junc28
Bo
preferred (when lss).I
•----- 19 * ----- 20 * ---- 20
St Louis Southwestern___ 100
16 May 4 20*4 Juno 9
II Sep 23 Nov
*42
44% *42% 44% *42% 44%
Do
pref..............
100 40 May 9
lG%Junc 9
29 Sep 45% Deo
*15% 17
*15% 16% *15% 10%
Seaboard Air Line_______ 100
14 Apr 22 18*8 Jan 13
11% July 20% Nov
*38
40
*39 40
*38% 39%
Do
pref_____
ioo 34% Apr 24 42 Jan 13
30% July 43*4 Nov
983g 987g 98% 99% 98% 987s 12.400 Southern Paclflo C o._” ” l 00 94% Apr 22 104% Jan 4
81% Feb 104% Deo
24% 25
24% 24*4 24% 24% 46,432 Southern Railway___
100
18 Apr 24 25 July 3
12% July 26 Nov
691.4 71
69*4 70
69% 70
4,517 Do
pref....................1100 50 Apr 24 71 Juno 9
42 July 65 Nov
13
13% 13% 13% § 12 % 12 % 1,710 Texas A Paclflo............. 100
6%
Feb
14
13*8
June21
8% July 1773 Apr
§67
67
66% 67
66
66 %
615 Third Avenue (New York). 100 59%Jan 31 68% June22
35 Jan 04% Oct
97
97
*96
97
*96
97
100 Twin City Rapid Transit.. 100 94 Mar24
99 Juno 8
100 Apr
90
13938 140
139% 140% 138*4 1397s 45,000 Onion Paclflo__
ioo 129*4 Apr 22 143*8 May23 115% July
Jan 141% Nov
82% 8234 82% 823.4 82% 82% 1,200 bo pref..........
i81% Alar 1 84 Jan 28 *79 Mar 84% Nov
*9% 10% *9% 10%
9*4 9*4
100 United Railways Invest. ..1 0 0
7*4 May 9 21%Jan 4
8 Jan 27% Oct
*18% 20
19% 19% *19
20%
200
Do pref.................
100
18 June23 39*4 Jan 3
21% Mar 47% Oct
14% 14% 14% 14% 14% 14% 4.400 Wabash...........
..........190
13*8 Mar 7 17 Jan 3
12% Oct 17% Nov
52% 52% 51*4 52% 51% 52% 34,800 Bo pref A........... ” ” I l 00
Mar 1 52% July 3
437g Oct 49% Nov
281.1 28*4 28% 28«4 28',4 28% 19,400 Bo pref B do_________ 199 41%
25 Apr 22 32% Jan 15
25% Oct 32% Nov
29% 30% 29% 30
29% 29% 2,900 Western Maryland______ 100
24% Feb 28 34% Mar27
9% Jan 35% Oct
*43
48
*45
48
*44 48
Bo pref-----------..II'lOO
Mar 7 51 Junel3
25 Jan 50% Oct
5
5%
5
47g 47S 4,300 Wheeling A Lake Erie___ 100 40
5%
2*8
Jan
20
5%
July
6% Nov
% July
17
18% 17% 17% *16
17%
900 Do 1st preferred____ 100 10% Apr 27 1S% July 5
2 Aug 19*4 Nov
7% 7*4
7% 7% * 6 %
71
1,100
Do 2d preferred_____ 100
3% Jan 18
7*4 July
8% Nov
% Aug
43
44% 44% 47
45% 45*8 6,100 Wisconsin Central........... 100
33 Apr 19 47 July 0
28 July 45 Nov
Industrial ft Miscellaneous
15
15
*15
16 *15
16
300 Advance Rumely___
100
15 Apr 27 21% Apr 29
'
*15 *32% 35
*34
36*4
Do pref...................... 109
32 June24 43 Apr 28
177g 18% 18
"i6% 181
18% 20,600 Alaska Gold Mines__
10
16*4
July 5 26% Jan 7
21% Dec 40% Apr
8%
8
8%
8%
8%
8%
2,700 Alaska Juneau Gold Mls’g lio
7*4 June 17 10% Jan 7
0*1 Dec
13% Nov
2334 24
23% 24
21*4 23% 7,460
Mfg v I 0..IOO 21% July 7 337S Mar 14
7*4 Jan 49% Oct
75% 70% 74% 75% 737g 74% 9,000 Allls-Chalmers
Do preferred v t 0 ____ 100 72% Apr 22 84% MaylG
33 Feb 857g Dec
66
68%
68% 6S*4 68
68
1,400 Amer Agricultural Chens.. 100 63 Apr 22 72% Jan 3
48 Jan 74% Nov
*98 100
*99 100
*99 99%
Do pref........................ ico 90 Mar23 100 Junol2
90 Mar 101% Nov
89% 93% 93% 96% 92% 95
73,400 American Beet Sugar___ 100
61*4 Feb 1 90% July 6
33% Jan 727g Deo
*9934 100
100 100
*99*4 100
200
Bo pref........................ioo 93 Apr 24 102 June22
83 Feb 95 Nov
*98 106
*98 104*1 *98 106
100 Amer Brake Sh A F etfs dep.
100 Apr 11 104 Juncl7
87% Fob 109*4 Aug
*168 186 *108 175
168 168
Bo pref etfs deposit____ 185 Feb 24
Jan
132% Mar 219*4 Oct
52% 53% 53% 55% 53
55
12,300 American Can________ .100 50% Junc27 195%
65% MarlO
25 Feb 68% Oct
109 109% *109 110 *109 110%
500 Bo
pref.............IIIIIlOO
Apr 22 1137g Jan 20
91% Jan 113% Nov
533.4 541
53*4 54% 52% 533g 8,500 American Car A Foundry 100 109
52*8 July 3 78 Jan
40 Fob 98 Oct
116% 116% 116 110% 115% 115%
600 Do
pref......................100 115% July 7 119% Mar 11 111%
May 118 Aug
148 148
148 148% *145% 149
600 American Coal Products 100 140 Apr 24 1757g Jan 19
82 Jan 170% July
'117 119 *115% 119 *115% 119
. Do, Pref......................IlOO 115 Jan 20 117% Juno 1 §105 Jan 120 Sep
*54% 55% 55
55
*53% 56
300 American Cotton Oil..
100 50% Apr 22 57% Jan 17
39 Jan 64 Oct
*99
99% *99
99%
Do
pref..................... ioo 98 Jan
102 MarlS
01 June 102% Nov
'16% To’% 10% 11
107g 11
2,800 American Hide A Leather. 100
8*4 Juno 3 12 Jan
4% Feb 14% Oct
51*4 52
52
5334 53
54% 6,400 Do
pref..................... 100 45 Mar 1 57 Jan 18
19*4 Jan 69% Oct
28% 29
28% 28% 28*4 2S7g 1,100 American Ice Securities...100 25 Jan 20 31% Feb 19
20%
Jan 35 Apr
19*4 20
20
20 %
19% 20
1,900 American Lluseed............100
1878 June28 25%Jan 26
7% Jan 31% Oct
44% 45
45
45
44% 44%
700 Bo
pref..................... 100 38% Mar 1 53% Apr 25
24
Jan
50% Oct
67% 6838 65*4 68% 63% 66
18,150 American Locomotive___ 100
G0*4 Jan 11 83*4 Marl4
10 Mar 74*4 Oct
*99 100 *100 102% *100 103
300 Do
pref..................... 100 09% Mar 2 101*4 Apr
75 Mar 105 Nov
*7
81
*7
8% *7
8%
American Malt Corp........100
5% June 3 10 Apr
378 Apr 13% Oct
37% 37% 33
39
*38
39
1,062 Bo pref....................... 100 *31*8 Jan 14 39 July 0
21% May 37% Deo
*83
86
*84
80
*84
80
Amer SmeltersSee pref B.100 85 Apr 20 88 May25
78
Jan 88% May
*91*4 921. *92% 93% 93% 93%
100
Do pref Ser A stamped.. 92 Jan 3 96% Juncll
86 Oct 92 Deo
94% 96
951.4 96% 94% 9534 22,600 Amer
Smelting A Reflnlng.100 88% Apr 22 113%Jan 4
SO Jan 1087a Deo
110% 111
110 % 110 % 111 111
800 Bo
pref.....................
100 109% Apr 22 114*8 Feb 3 100 Jan 113 Nov
*130 145 *130 145 *137 145
American Snuff____ . . 100 130 Mar23 149% Juno 8 144 Jan 165 Apr
*103 110 *103 110 *1 0 1 110
Bo
pref................... I 100
Mar22 110 Jan 27 103 Jan 110% Nov
50
50% 50 50
47
47% 1,300 Amer Steel Foundry..........100 106%
44 Apr 24 61% Jan 4
24% Mar 74% Oct
110% 1103.4 1107g 112% 111 % 111 % 2,600 American
Sugar
Refining..
100
105%
Apr
22 110% Jan 8
09% Feb 1197g Nov
116 119 '116 119 §118% 118%
50 Bo
pref..................... 100 115% May 5 119 May 25 109 Feb 119% Nov
128% 128*4 128*4 128*4 129 129
1,510 Amer Telephone A Teleg_.100 126% Feb 1 131%
JunolG
110
Jan 130% Nov
207 207
2067g 207 *205 208
700 American Tobacco______ 100 188 Feb 16 209*4 Feb 3 195% Dec
106 107
105% 107
106 106
100 Bo pref (new)............... 100 105% Apr 24 108% Feb 8 103% Jan 252%- Apr
111 .Nov
45% 4578 45% 45% 45
45% 2,500 Am Woolen of Mass____ 100
42 Jan 11 55% Marl4
46 Nov 56 I Oct
95
951.4 951.4 95% 9178 95
2,030 Do
pref------------- I'lOO 92 Jan 10 102 MarlO
05
Deo
98% Nov
36% 38% 33% 37% 307g 337S 30,900 Amer
Zino Lead A S ........25
30*8 July 7 977g Apr 10
67% Dec 71%j Deo
65
65% 64
65
62
63% 9,400 Bo
pref...................... 25 62 July 7 71%JunolO
827g 83% 82% 83% 81% 83% 37,350 Anaconda
Copper_______ 50 77 Apr 22 92% Feb 14 c24*4 Feb ofsi'Nov
share
e" 0 “ thl* d a y -
, not p
J
1 E x -r i f h U -
‘ Le8S ‘ han 100 atlarca.
a E x -d lv . a n d rig h tV .' e N ew s t o c k , ‘ g l % r l ^ T c 7 ^
« F irst In sta llm en t
New York Stock: Record—Concluded—Page
July 8 1916.]
.
HIGH A N D
day
1
13 7
2
*or record of «a!e» durlnx the week of stock* usually Inactive. *es second page preceding
LO W
K ALB PRICES— P E R S H A R E , N O T P E R C E N T .
ilfonday
July 3
Tuesday
July 4
Wednesday
July 5
Thursday
July 6
Friday
July 7
Salesfor
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Oa
PER SH AR K .
Ranoe Since J a n . 1
basis o f 100 s h a r e lots
Lowest
H ighest
IndustrlalikMlsc.(Con). Par S per share
$ per share
Locomotive____ 100 68 % July 7 118% Jan 3
71*2 73*4 70 73% 68*4 70*4 55,600 Baldwin
74*2 09*2 72%
Do pref____________ 100 104 June20 110 May24
J
J*103% 107 *101% 107 *101 107
300 Bethlehem
*101 105*2 101*2 105%
Steel________ 100 415 Jan 11 550 Marl4
*420 441 *420 441 440 455
2 ,200
440 440 *420 142
Do pref_____ _______ 100 130 Jan 24 145 Jan 6
*130 140 *130 140
*130 140 *130 140
Butte A Superior Copper__ 10 6212 July 7 10514 Mar 9
6;>% 68*4 63% 66*2 62*2 64% 45,300 California
07
07*2
Petroleum, vte.100 15 June27 42% Jan 3
16 17*3 18% 19% 20*8 22% 7,400
15*8
15*2
June29 80% Jan 3
43% 44
46 46*4 40% 49*2 3.100 Do pref____________ 100 40
40*4 *10% 44
49 Apr 22 57*4 July 6
.56% 56% .57 57% 50*2 57% 9,600 Central Leather________ 100 108%
56*4 50*8 56%
Jan 3 112% June28
Do
pref_______
____100
111
111%
111%
111*2
110%
110%
800
111 111 *110% 112*4
881* Apr 24 131 June 5
i n H2
111*4 113 111) 112% 2 .S0 0 Chandler MotorCar____ 100 20%
100 110*1 111) ill)
June 8 25*8 Jan 5
21*4 21% 21 21
21 21
1.100 Chile Copper____________ 25
21*4 21% 21%
47% June23 60 Feb 19
Chino
Copper____________
5
50*3
50%
50% 51
48% 50*8 5,900
50 50%
50
53 Jan 4
42 42*2 42*2 43% 42 44% 14,800 Colorado Fuel A Iron------ 100 38ig Apr 22 114*4
41(2 41*8 42%
Jan 8
Mar 1
1.35*4 135*8 135*2 136 *134% 136
800 Consolidated Gas (N Y )_100 1301*
*134 135*2 134 134
75h
Jan
31
104*2
May25
Continental
Can________
100
100*8 101 101*2 102 *101 102
2,000
100 100*2 100 100
Do pref_____________100 106 Feb 1 112 May 11
*108 112 *10.8 112 *108 112
*103 112 *108 112
1312 June26 25% Jan 25
Corn
Products
Refining__
100
14%
14%
14%
14%
14%
14%
6,516
14
13%
14*2
Jan 14
90 90% 90*2 91
90% 90% 1,610 Do pref_____________100 85 June26 101%
93 189*4 89%
99*2 Marl6
72*8 74
71*2 74*2 68*4 72 65,050 Crucible Steel of America-100 52*4 Jan 12 119%
73 74% 09% 72*2
Junel6
108%
Jan
11
Do
pref_____________
100
114*4
114*4
114%
114%
114%
114%
700
115 115*8 114*2 115
60 61*4 61*2 63% 60% 62*4 52,410 Cuba Cane Sugar___ N o par 59i2 June29 63*8 July 6
60*8
59*8
95*4 95% 95% 95*4 95 95% 9,000 Preferred____________ 100 9434 July 1 95*4 July 6
95 95
95
Cuban-Amerlcan Sugar__ 100 152 Jan 5 245 Mar28
*220 240 *225 235 *225 235
*220 235 *220 234
pref_____________100 104*4 Feb 1 110 June 8
*100 no *100 no
108 108
100 Do
*100 110 *100 110
Distillers' Securities Ccrp.100 4 U2 Jan 31 54*2 Apr 29
44
44%
45
45%
44%
44%
4,900
43%
43
431; 44
Dome
Mines,
Ltd________ 10 23 Feb 23 29% Feb 8
26*2 26% *26 27
25*4 25*4
200
*2(3 27 *26 27
14% Apr 19 35 Jan 7
*15 18 *12*2 IS
15 15*4
200 Federal Mining A Smelt__ 100
*15 18 *12*2 18
Do
pref____________
100 35is Apr 24 57% Jan 7
*38
40
*36%
39%
*38
40
100
40
33 38 *36*2
§305 305 305 305 *305 315
149 General Chemical_______ 100 {265 Jan 6 350 MarlS
*290 315 *300 315
Do pref____________ 100 {113 Jan 5 116 Jan 27
113*2 113% §115 115 *113*2 117
120
*1131; 115 *113*2 115
168*1 169*4 169 109% 167*2 167%
920 General Electric_________100 159 Apr 22 178*2 Jan 1"
1(37 167 ♦106 108
_ __ 500 .500 500 510
300 Genera! Motors_________ 100 405 Apr 24 560 June 5
541 *470 541
Do pref.-___________ 100 110*4 Fob 4 120% May 2
___ ___ *100*2 112 111 111
100
113 *100*2 113
67*4 Jan 31 80 Apr 10
75 70*3 76 76*2 74% 7.5% 8,600 Goodrich Co (B F)............ 100 110
73% 74*2
75
24 118*4 Marie
500 Do pref____________ 100 84 Jan
113*8 113*2 *113% 113% *11.3% 113%
113*2
Apr 22 99 Feb 10
85 86
300 Granby Cons M S A P__ 100 34 June26
87 87 *85 90
90
90 *86
*85
53*8 Mar 9
Greene
Cananea
Copper..
100
45
46%
45
46
6,000
42%
40 41%
40
40
52 July 6
51% 51% 60,900 Inspiration Cons Copper__ 20 42r>gApr 22 29%
50% 50>8 50*2 52
50*8 49*4 50*8
Jan 5
15 Apr 25
Internat
Agrlcul
Corp___
100
*12
15
*12*2
15
200
*12*2
15
15
*12*2
74
Jan 5
42
June27
Do
pref____________
100
*47
50
*48*2 49*4 49 49*1
*46 50
Juno 7
500 Intern Harvester of N J __ 100 IO8I2 Jan 7 119*4
*112*4 no *113 115 112*2 113*8
115 “ *112*.i 115
Jan 4
400 Do pref____________ 100 114 Feb 29 119%
ns ns *117 120 *117 120
*117 118
29*4
May
1
13*8
Feb
15
Int
Mere
Marine
ctfe
of
dep.
24,600
25*2
26%
24*2
25*2
25% 26%
25*8 25% 26*8
6 U4 Mar 1 100*4 June 5
88% 91 69,000 Do pref ctfs of dep___
92 93% 91 • 9.3
90?a 9212
56 % Jan 17
42
Mar
1
Intern
Nickel
(The)
v
t
«
.
.
25
13,742
47*4
48*8
47%
48*8
47*4
48*4
46h 46% 47%
9'2 Mar 1 12% Junel'2
12 12% 12% 12*2 3,200 International Paper_____ 100
*11*2 12
11lo 11*2
3,700 Do pref____________ 100 42% Feb 1 60 July 7
56% 57% z57*2 57*4 59*4 60
57*2 *57 58
67
Mar 9 96 Apr 4
Jewel
Te3,
Inc__________
100
1,100
79
79
80
81
80
81
*78 80
*78
Do pref____________ 100 104 July 6 113 Apr 4
100
*104 107 104 101 *105 108
*103 110 *103 107
68'2 Apr 22 76?s Mar20
Kelly
Springfield
Tire........
25
400
70
70
*70
73
70*4
70%
72
*70
72
*70
Do pref____________ 100 95% Apr 24 97% Marl4
*95 98 *95% 98 *95*2 98
47% 48% 25,400 Kennecott Copper__ N o par. 46% June26 59 Apr 3
48*4 49% 48*2 49
49
477s
Lackawanna
Steel_______ 100 64 May _ 88 Jan 6
2,300
68
70
68
68
*68
69
63
♦00
67*.i
700 Lee Rubber A Tire__ N o par. 46*4 Mayl9 56% June 5
*47% 49*2 47*i 48*4 47*2 -17*2
48*2 48*2 48*2
Liggett A Myers Tobacco. 100 240 Apr 14 265 Jan 4
*248 260 *246 255 *218 2.55
200 *245 265
Do pref____________ 100 118 Mar30 122 Mar 3
*118 122 121 121 *119 122
122 *118 122
Loose-Wiles Blse tr co ctfs. 100 15 Mar 3 21 Jan 18
*17% 20% *17% 20% *17% 20%
*17 20*4 *17% 20*8
*82 85 *83 85 *80 85
Do 1st preferred____ 100 78 Mar 16 OlifJan 13
*32 84 *82 85
Do 2d preferred_____ 100 50 Mar 3 59 %June27
*59*2 65 *59% 05 *59% 65
*59*2 05
*212 225 *212 225 222*2 222*2
100 Lorlllard Co (P)................100 179% Jan 19 224 June 8
222*2 *212 225
Do pref____________ 100 115ijJan 6 120% Apr 10
*117% 119 *117% 120 *117% 121%
119 *117 120
89*4 May 16
<1
79 81% 80% 81*i 78% 81% 18,950 Maxwell Motor Inc tr ctfs. 100 57U Mar 3 93
81*4 77 79
Jan 3
300 Do 1st pref stktr ctfs.100 78 Apr 22 697gJune
A
' 86% 86*2 *86*4 87% 80% 86*4
86% 85*4 85*4
6
42h
Mar
2
Do
2d
pref
stk
tr
ctfs.
100
2,600
56 57
57 57% 56% 57
56*i 52*4 53%
w
Petroleum_____ 100 88 %June28 129% Jan 3
96
99% 103% 101*4 104*8 102 104 123,300 Mexican
95*4 99
400 Do pref____________ 100 89(2 June28 105% Jan 3
94 94
93 93 *93 94
90 ♦89% 93
Miami Copper____________ 6 33% Mar 1 39% Apr 3
35% 35% 35% 35*8 34% 35*2 3,000
w
35% 35% 35%
800 Montana Power________ 100 68% Mar 1 88*2 July 7
87 88*2
*83*4 86 *83*2 87
80*2 *83% 87
5
Do pref____________ 100 109 Jan 3 116 June23
*114
----♦111
.
.
.
.
*111
114%
*110*2
300 National Biscuit________ 100 118% Apr 24 125% Mar20
*119 121 *119 122 *120 122
w
120 120% 120%
300 Do pref____________ 100 124 June30 129*8 Mayl2
Ph
124 124 *124 120 *124 126
128 *123*4 126
w
24 24% 1,400 Nat Enam’g A Stamp's__ 100 19*4 Apr 22 29*4 Jan 5
21% 24% 24 24
2412 *23*2 24%
Do pref____________ 100 92 Jan 19 97*2 Feb 18
*92 96 *92 97 *92 97
*91 96
*91
900 National Lead__________ 100 60% Apr 22 73% Jan 19
06*4 66% 60 60*4 65!.i 65*4
66 *64 66
*64
i
n
111
200
Do pref____________ 100 112 Feb 9 116 May 16
*114
115
*113
115
*112
114
113%
16% 16*4 16*4 16% 16% 16% 4,400 Nevada Consol Copper____ 5 15 Jan 31 18*8May24
16% 10*2 16*2
*130 138% 1.34 134 130*8 132% 2 ,0 0 0 New York Air Brake____ 100 125 Apr 22 153*2 Jan 15
135 134 134
*68 70 *68*2 70 *68*2 70
North American Co_____ 100 65% Apr 26 75 Jan 3
70 *60*2 67
ll*s Jan 7
7
7
7
7
6*8 Jan 31
600 Ontario Sliver Mining____100
7*8 7%
♦612 6% *6*2 7%
*21 24 *21 24 *21 23
Pacific Mall............
5 11*4 Jan 3 29*8 Mar 2
23 *21 23
*21
1
*101 103 *101% 102*4 102 102
100 People's G L A C (Chic).. 100 100% May 5 1 1 1 %Jan 3
102*4 *101 103
39% 40
700 Philadelphia Co (Plttab)...50 38 Junol5 46 Jan 17
1
40*4 40*2 *39% 40*2
*39 40*2 39% 39%
28% 29
28 28% 28 28
1,900 Pittsburgh C oal________ 100 22% Apr 24 36*4 Jan 17
*27 28*4 *27 29
102 102 *102 103% 103 103
300 Do pref____________ 100 100 Mar 8 111*4 Jan 13
101
101*2 101%
45% 46% 5,600 Pressed Steel Car_______ 100 43 May 5 65% Jan 4
47 48% 47 48
47*2 45% 46*2
Do pref____________ 100 99% June23 104% Jan 4
*99 100*2 *99 100*2 *99 100*2
100*2 *99 100%
200 Public Serv Corp of N J ___100 114 Jan 31 132 M ayl 6
131 *129 131
130*4 130*4 130% 130% *130 131%
750 Pullman Company______ 100 1597s MaylO 171*4 Jan 17
163 163 163 103 162% 163
164 163 163
6*4 Jan 19
2*s Mar22
2% 2%
200 Quicksilver Mining______ 100
3%
*2*4 3*4 *3
2% 2%
3%
1
8*4 Jan 28
3% May 25
*5
6
Do pref____________ 100
100
0
5*2 5% *5
*5
5*2
44 45% 44 44*2 4,500 Railway Steel Spring____ 100 32 Apr 22 47*2 Junel2
43*2 44
44 *42% 43%
95*4
Mar
9
100
Jan 4
*94
97%
Do
pref_____________
100
*94
97*4
*93%
97*i
97*i *95 97*1
22% 22*2 22% 22% 22% 22*2 11,200 Ray Consolidated Copper..10 20 Juno23 26 Feb 21
22
22% 22 22*.|
45 45f>8 45% 40
45*8 4512 4,100 Republic Iron A Steel___ 100 42 Junc26 55*4 Jan 3
45
45
44% 45
500 Do pref...............
100 106% June26 112 Mar 14
107% 107% 108 108 108 108
108 107*2 107%
5,325 3ear8, Roebuck A Co____ 100 188% Mar 1 191*2 July 6
188 191 190 191*2 *187*2 190
185 185 188*4
100
120 *121 126
*124 126 126% 120% *126 ___
Do pref........................100 125 June28 127% Mar 3
29 *27 23
20% 28%
*27 30
700 Shattuck Aril Copper____ 10 26*4 July 7 40*4 Feb 14
28 29
500 81oss-Sheffleld Steel A Ir__100 45*4 July 7 63% Jan 3
47*2 47*2 *47 50
*46 49 *47 49
45% 47
*179 180 §185 185 185 186
518 8outh Porto Rico Sugar__ 100 146 Jan 29 240 JunelO
*215 235 *155 185
*115 118 *116 118 *116 118
120 *115 118
Do pref_______
100 108 Feb 2 120 June 6
*95 100
99 *97 99
700 Standard Milling_______ ICO 86 MarlO 103%May25
97 98 *98 100
*96
*88 91 *88 91 *88 91
Do pref_____________ 100 85% Mar 1 94 Mayl7
*87 91 ♦88 91
134 130% 135*2 1.37*4 133% 130 49,100 Studebaker Corp (The)...100 121 May 5 167 Jan 3
137 131*2 131*4
*107*4 110*4 *107 111 §110 no
pref___________ 100 109 Apr 27 114 Marl4
90 Do
110*2 *107 no
3588 3534 35*4 353.1 34% 35% 2,700 Tennessee Copper________ 25 33 June23 66 %Jan 5
35*4 35*8 35%
194 196 194 19.5 192 195
8,950 Texas Company (The)___ 100 177*4 June27 235*2 Jan 3
190 188*4 192
5% 5%
4% May 9
8 *s Marl7
5% 5%
5*3 5*3
5% 5%
900 Union Bag A Paper_____ 100
5%
32 33
.3l*i 34% •34% 34% 1,300 Do
pref___________ 100 23 Jan 27 35 Marl8
33 *29*4 32
*31
*57 58 *57 58 *57 .58
United Cigar Mfrs______ 100 56*2 Junel3 64 Mar20
58 *57 58
*57
*108 ___ *108 111) 10.8% 108%
*108 109
100
Do
pref___________ 100 108 Marl4 111 May 11
>108
90 90% 90*4 96% 95*8 9.5%
900 United Cigar Stores_____ 100 59 Feb 9 610 Feb 19
*94 90 *91 90
*115 11!) *115 119 *115 119
Do
pref___________ 100 611% Feb 10 612 MarlO
>115 119 *115 119
159 101*2 101 162*4 159 101*2 8,600 United Fruit.....................100 136%Jan 31 169*2 June 8
158 1.58 *150 158*4
21% 22% 20% 22
20*2 21
1,600 U 8 Cast I Pipe A Fdy____ 100 15% Jan 31 26*2 Marl4
*20
21*2 21 21
___ _
*50 54
52*8 52%
600 Do
pref___________ 100 48*2 Feb 5 54% Junel6
*50 54 *50 54
128*2 131*2 1.30*4 133*4 128 1.32% 40,100 U S Industrial Alcohol___ 100 126*4 Jan II 170% Apr 6
129'; 133 127 131
*99 100 *99% 108 *99% 108 _____ I Do pref_____________ 100 102 Mar 2 114 Jan 13
*99 106*4 *99*8 1O0*»
54*4 54% 54% 54*4 53 53% 3,150 United States Rubber___ 100 47*4 Mar 1 58*2 Jan 3
54 54*8 54% 54%
*109*4 no
no *109% no
109% no
500 Do1st preferred______ 100 106*8 Feb 5 112 Apr 4
no 110%
71 72% 72% 7.3*4 71% 73 13,300 U S Smelting Ref A M ___ 50 6212 June27 80*4 June 9
09*4 Z08 68*2
*50% 51 *50*2 51 *50*2 51 _____ I Do pref______________50 50 June'20 53% Apr 11
51*2 ♦50% 52
86% 87% 86% 87% 86 80% 163,850 United States Steel______ 100 179*4 Mar 1 89 Jan 3
86*4 85% 86%
117*4 117% 117% 117*8 117*2 117% 3,926j Do
pref.................... 100 115 May 3 118% Jan 25
117*2 117*8 n/%
78*2 79% 78% 79
78
77% 78% 7,200 Utah Copper____________ 10 75 June23 86*4 Feb 19
77%
77*2
*18 19
18 18 *17*4 18
900 Utah Securities v t c ____ 100 16%June 9 20*4 Feb 3
18% *18 18%
1
41 41% *41 42 *39 42
1,100 Vlrglnla-Carollna Chem__ 100 36 Apr 24 51 Jan 17
40*8 *40 40*2
112 *100 109 *100 no ..........I Do pref_____________ 100 108 Apr 22 112 Jan 3
110 *106 112
1 *106
91 95
94% 94% 94% 94% 1,700,Western Union Telegraph. 100 87 Mar 1 96% May26
94 *93 94%
1
58 58*4 57*4 59% 5534 57% 29,000 Wcstlnghouse Elec A Mfg..60 53*8 Apr 22 71*8 MarlS
57% 55% 57*4
*67 73 ♦68 74 *07 7.3
Do 1st preferred_____ 60 70 Apr 19 79 Marl5
74 *67 73
71*2 73% 73*2 76
74*2 76*2 34,250 Wlllys-Overland (The)___ 25 n 199% Jan 31 *1325 Juno 5
72% 71 72
107*2 107*2 107*2 108*4 107 109
2,000
Do pref Sub rects full pd.100 102 Mar 2 117 June 5
107% ♦100% 107%
134*4 130*4 1.30% 136% 130% 136% 1,590 Wool worth (F W)_______ 100 118 Jan 5 139% Mayl2
130 134*4 135
100
121*4 124% *123*2 124*2 *123*2 124
Do p ref.....................100 123 June29 125*2 June 6
124 *122*2 124
* Bid and asked nrlees: no sales on this day. t Less than 100 shares. t Ex-rights a Ex-dlv. and rights. # New stock e Par <25 per share.
x Ex-dividend. n Par $100 per share.
S per
share
0
$ per share
$ per share
5 per share
PER SH AR K .
Range Jot Pretiotts
Y ea r 1915
Low est
H igk sst
$ per share
28*s Mar
92 Mar
46*4 Jan
91 Jan
56*2 Aug
8 July
30 July
32% Feb
100*3 Jan
$ per share
154% Oct
114 Sep
600 Oct
184 Oct
7978 June
3S*s Dec
81 Deo
61*4 Nov
110% Nov
23*8 Dec
113*4 Jan
40*4 Jan
88*2 Jan
8
Jan
65 Jan
18*4 May
84 May
26*8 Nov
57% Nov
66*2 Sep
150*2 Oct
127 Oct
109*2 Dec
21*2 Oct
90*4 Dee
109% Sep
112% Sep
38 Jan
93 Mar
5% Mar
118 June
8 Mar
20 Mar
165 Jan
106 Mar
138 Mar
82 Jan
90% Jan
24% Jan
95 Jan
7U% Apr
37 Oct
16*8 Jan
5*2 Mar
8 Mar
90 May
110 July
18 Dec
55*j Nov
179*4 Dec
8
Jan
33 Feb
177 Deo
110 Sep
50*2 Oct
30% Dee
60 June
65 June
360 Oct
5116% Nov
185% Oct
558 Deo
136 Deo
80*4 Oct
114% Oct
91 June
52*8 Deo
47% Oet
29*4 Nov
71*4 Deo
114 June
120 Nov
20*2 Deo
77*2 Deo
223*2 Oct
12% Deo
50*4 Deo
32*4 Jan
21*4 Jan
23
Jan
94*4 SeP
207 Jan 260 Deo
113*4 Jan 120 Deo
16 Feb 31 Jan
86 Feb 105% Jan
55 Dec 67 Oct
165% Jan 189 Nov
112 Sep 118 Jan
15% Jan 92 Oot
43% Jan 103*4 Deo
18 Jan 68*2 Oct
51 Jan 124% Deo
67 Jan 104*2 Deo
17*4 Jan 36% Deo
42 Jan 79*4 Deo
99 Jan 120 Deo
118 Apr 132 Jan
119 May 127% Deo
9*2 Jan 36% Oct
79 Apr 97 Dec
44 Jan 70*4 May
104*4 Jan 115 Nov
17 Nov
11*4 Feb
56*2 Feb 164*4 Sap
64 Jan 81 Apr
2 Feb 12% Deo
*8% Dec 38 Aug
106*2 Dec 123% Apr
35*2 Apr 49 Sep
15*4 Jan 42*2 Oct
81*8 Jan 114 Oct
25 Mar 78% Oct
86 Mar 106 Oct
100*2 Aug 120 Deo
150% Mar 170*4 Oct
5*4 Nov
*4 Mar
6% Nov
*4 Mar
19 Mar 54 Oct
87 Mar 102 Nov
15*4 Jan 27*2 Nov
19 Feb 57*4 Deo
72 Jan 112% Deo
*131*4 Mar 209*2 Folj
121*8 Jan 126 Deo
24 Jan 66% Dec
40 Feb 164 Deo
89*s Feb 110 Oct
43*2 Feb 96 Dec
66 Feb 85 Nov
35*4 Jan 195 Oct
91 Jan 119% Oct
25*2 Feb 70 Sep
120 May 237 Deo
9% Deo
4*s Jan
22% July 31% Deo
42 Jan 66*4 Oct
Oct
100 June 110
69 Dec 610% Oct
611% Oct 612% Nov
139 Nov 163 Nov
8
Jan 31% Oct
32*2 Mar 55*2 Nov
15 Jan 131*4 Deo
70 Jan 107 Nov
44 July 74*4 Apr
101% Feb 110 Apr
38 Feb 89% Dec
zl02 Feb 117 Oct
48*2 Jan 81*4 Dec
15 Jan 52 Oct
80 Jan 1137g Deo
57 Jan 90 Nov
32 Feb 747S Oct
58% Mar 85 Oct
ft87 Feb «268 Nov
90% Jan 120% Deo
115 Jan 124 Aug
SEx-stock dividend.
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
BONDS
a . Y. STOCK EXCHANGE
Week Ending July 7.
U. S. Government.
D S 8* consol registered__ <11931
0 3 3s consol coupon........<J193C
0 8 3s registered............... *191;
0 a 8s coupon__________ tigi!
y S 4s registered................ 192.'
V 3 4| COUPOD................V.192E
0 3 Pan Canal 10-SO-yr 2s_*193€
P rice
Friday
July 7.
Bid
At
W eek's
Range or
Last Sale
Low
H ig)
!l
No
BONDS
N. Y. STOCK EXCHANGE.
Week Ending July 7.
Range
Since
Jan . 1.
Low H igh
98i2 991 997g Apr ‘ If 1 ----- 90*8 99*8
Q- .
98%___ 99% May’ ll —
99*2 100
q- .
99-14 Junc’ l
99-i4 102*4
q - f 100 101
100
100
100 102*8
q - r 99I2 ._
10914 111%
Q - f 110 ___ 110*4 June’ li —
110% 112%
q - f *110l.i . . . 111 Juno’ll
q . f 98 ___ 98U Oct ‘ If
Q N
97 July’ K
SJ 8 Panama Canal 3s g___ 1991 q -M 100 ___ 102% May’ If —
101*8 103%
O 9 Philippine Gland 4s.l914-.3-. Q * 100 ___ 100 Feb ’If
Foreign 9«rtrnn< el
Anglo-French 5-yr 5s Ester loan. A - C 95-i.| Sale 95-38
90 2893 931, 80%
Argentine—Internal 5s a ! 190'J M- t t 93 Sale 92*2
8 89% 95%
93
72
fc 09 78*4
Chinese (Hukuang Ry)—5sof 'll J -D t 72
74-1, 72
983,
Caba—External debt os of 1901. ,VJ9834 99-1 98%
K 90*4 10034
Exter dt 6s ot T4 ser A__ 1949 P - A 99>4 99-if 90 June’ li —
94*8 97
External loanAHs...
194? F - A 86i2 Sale 80
801, „ 8 81*2 87
99-1.1 230 98-% 100*4
Dominion of Canada g 5s wl 1921 A -O 99-i.i Sale 99*2
Do
do
1921 A - O 10018 Sale 9978 100'a 248 97% 101%
Do
do
1931 A -C 100's Sale 100-r>8 101* 123 9054 102%
85
5 82% 80%
4»Danese Oovt—£ loan 41^s 192;" F - A t 84-i4 Sale 84-i4
Second series 4Hs___
1925 J - J 1 84l2 845j 845g
843.
78*2 80
8158 Sale 81
817S J27, 73
Do do ‘ ‘ German stamp” . ___
84*4
Sterling loan 4s__
19 3 ] 3 - J t 69
70-1 70
70-1
6 03 72%
Mexico—Exter loan £ Os ot 189! q - j t 46 79 45 June’ If —
45 60
30
50 27*2 Juno’ 11
Gold debt 4s of 1904
1951 J - c
27*2 50
_ 95% Jan ’ IS
Prov of Alberta—deb 4%s. 1924 V - A
Tokyo City—5s loan of 1912 .
773j 10 74 80
M- S : 7712 773 77%
1THete a+4 v ric*i oh tk # fjaaii of %6to(
Stale end City 3»curltl«g.
3 T City 414s.................. 1991 m a 102U Sale 102*4 102% 14 101 103
414s Corporate stock. . 1994 ra a 1025s 1027a 102-ig Juiio’ lf
101 103
4He Corporate stock__ 1995 J D 108 Sale 107*i
108*i 61 106% 108%
44<« Corporate stock___ 1991 M- f 10714 Sale 107% 107*8 130 105*8 107*8
i % Corporate stock........1959 M-b 1001s Sale 100
100% 13 97*s 100%
9 98 100%
4% Corporate stock........ 1958 M- b 100 10014 100*8 100*4
24 97% 100%
100
i % Corporate stock__
1957 54 - N 100 lOO's 99*8
4% Corporate stock........i 960 M-N 9978 ____ 97% Jan TO
97% 97%
10S
47 105% 108
W9W AMn --------------- ,,.1957 M- n 1071.1 Sale 107
Hew 4 >43...............:
1917 M- M 100 102 1013s Dec T5
5 100 107%
107
i h % Corporate stock... 1957 M-N 1073s 108la 107
Assessment bonds. 1917 M-N ------100U 100*8 Juno’ ir
100*8 100*8
*H% Corporate stock... 1954 M-N 8Sl2 90i2 93 May’ 10 —
88% 93
iq« i m - e 105 Sale 105
a T State—4s......
4 102% 105%
105
1 102 105%
Canal Improvement 4a. ..1 9 3 1 3 - j *------105*2 105
105
Canal Improvement 4s ...1902 j - j ----- 10434 102% Jan Tfi ___ 102% 102%
102% Jan Tfi ___ 102*2 102%
Canal Improvement 4 s... 1990 j - j
Canal Improvement 414a. 1994 3 - j 114*2 115 115*4 Juno’ lG
113 115%
Canal Improvement 4143 1985 J - j 10834 ____ 107% Feb TO ___ 106% 107%
13 112% 115
Highway Improv’t 414s..1903 M- S 11*4*2 115 115
115
1 107 109%
Highway Improv’t I lls .. 1905 m - e ------ 10978 109-% 109-18
vliglnla funded debt 2-3s
1991 j - i ------------- 81-14 Juno’ lC ___ 84-’4 8S%
51
52
Bi deferred Brown Bros ctfs .
51 Juno’ 10 —
50*4 58%
Hallraid
q t 6S'8 6S*2 08*8 Juno’ 10 ___ 03 68%
£f?hn.rl>
0r*.\f
S
i a --------A- 1995
93
70 92% 95%
AMD l op A 8 Ke gen g 4s. .. 1995 A - O 93 Sale 92%
Registered ........... .......... 1995 A - O 91
927s 91% June’ 10
91*2 9358
84 85
1 84 ' 88 '
Adjustment gold 4s___ 41995 Nov
84*2
84l2
Registered............. 81995 Nov ----- 85-38 86*2 Jan TO —
84*2 86%
5 84% 88%
^temped ..................S1995 M-N 84 85 84%
85
Conv gold 48.................... 1955 J -D 105 105*2 105
105
20 100% 107%
Oonv 4s Issue of 1910___ 1090 3 - D 105*i Halo 105
105% 13 101% 107%
i9-y*ar 5s--------iq 17 1 -D 100% Sale 1003g
9 10058 101%
10 1%
East Okla Dlv 1st g 4s___ 1928 SF- S 94*2 96
90*2 June’ 16 ___ 90 90%
Rocky Mtn Dlv lot 4s
1905 J - J 85U 80!8 87*2 Apr TO ___ 80 89
1 89 92
90
lrans Con Short 1 st 4s 1958 J - J ------ 00*2 90
Ual-Arls 1st A ref 414s “ A” 1902 M- S 97 97*8 97 Juno’ 10 ___ 97 99
* Fe Pres 4 Pb 1st g 5s
1942 M- 8 104*8 - 104*2 May TO
10334 104*2
92*4 9134
a»I Coast L 1st gold 4a.
81952 M- 8 92
92
23 91
94%
1 90% 92%
Qen unified 4 i,s ...
1994 3 - IJ 90*2 Sale 90*2
90*2
Ala Mid 1st gu gold 5s___ 1028 M- N IOOI4 107*8 100-% Juno’ lG ___ 100-4 107%
Bruns A W 1st gu gold 4s. 1938 J - J 92*2___ 94% May'lG ___ 93*4 05
unaries A Sa7 let gold 7s 1930 J ■ J 132*4____ 129*8 Aug ’ 15
8 85*4 87*2
85*8
L A N ooll gold 4s........... 01962 M-N 8578 Sale 853|
1 119% *122
tav v A W 1st gold 6s___ 1934 A - O 119 120% 119% 119%
1934 A - O 108 ___
1st gold 5a______
BH8p Oca A G gu g 4s___ 1918 J - J 99% 100 99% Feb TO ___ 99% 99%
ran A Oblo prior 3Ha___ 1925 J - J 92*2 93
92%
9234 31 92% 93*8
Registered_______
*1025 q - J 92 ____ 92 Juno’ lG —
91*2 92%
90%
91
01 90*2 92%
1st 60-year gold <e___ 41948 A -O 90*2 91
83-yr oonv 414*...............1933
Refund A gen 5.3Series A. 1995 I - D
J - J
P June A M Dlv 1st g 314s 1925 M-N
P L E A W VaSysref 4s. 1941 M- K
•outbw Dlv 1st gold 3t4s 1925 J - J
Cent Ohio R 1st o g 4 K a .. 1930 M- S
Cl Lor A W con 1 st g 6s 1933 A - O
Monon River lstgu g 6 i .I l 918 F - A
Ohio River RR 1st g 6a... 1930 J -D
General gold 5s.
1937 A- O
Pitts Clev A Tol 1st g 8s. 1922 A - O
Pitts A West 1 st g 4 s... 1917 J - J
Btat Xel Ry 1st gu 8 4 Us 1043 J - V
Bolivia Ry 1 st 5 a_____
1027 1 - J
tsaifaio r a p gen g 5a____ 1937 M- S
95-i8 Sale 95
95% 145
100*4 Sale 100% 100*8 14*
112 Jan '12
91 ____ 91 Juno’ 10 ___
86*2 Sale 80*2
20
87
903s 90*2 90%
90*2 23
IOOI4 ____ 100 Apr T3
107-18___ 107*8 June’ 10
100*4 102 101 ” June’ lG ___
4
106 ___ 106*2 100*2
104*2 -•
105% Mar’ 10 ___
106*4____ 113% Feb T2
99*2 ____ 99*2 Apr TO ___
91 Juno’ 12
10834 16933 109*i Juno’ lfl —
All A West 1st g 4s su
1903 A - O
Clear A Mah 1st gu g 5 * 194 ? J • J
Hocb 4 Pitta lat gold da 192! T - A
1922 J D
Consol lat g 6a___
Canada Boa oooa eu A sa. 1962 A •O
Registered_____
iup.g A - O
Car Clinch <St Oblo lat 30-yr 6s ’38 J - D
Central of Oa lat gold 6a__ 2?1045 F - A
Cooeol gold 6a ____
1945 M- N
Ohatt Dlv pur money a 4s 1951 J -D
Map A Nor Dlv 1st g 5s. .1940 J - J
Mid Ga A Atl Dlv os..
1917 J - J
Mobile Dlv 1st g 5s.
1940 .! J
C*n RR A B of Ga col g 6s..1937 M-N
>J*at or n J gan’l gold os___ 1937 j - J
Registered..........
*1987 q - J
Am Dock A Imp gu 6 s...1921 j - J
Leb A Hud Rlv gen gu a 5sl920 1 ■ j
N Y A Long Br gen g ia .. 1941 VI- 5
0»at Vermont 1st gu g 4s._«1920 q - F
Obesa A O fund A Irapt 5a 1929 J - J
1st consol gold 6s___
1939 V9-N
Registered_____
1039 VJ-N
General gold 4 >4a___
1992 VI- 8
l*0
1992 W
Registered_______
29-year c invertible 4Us. 1939 F - A
30-year conv secured 5s.. 1940 A -O
Big Bandy 1st 4s___
1944 J -D
Coal River Ry 1st gu 4s.. 1945 3 -D
Craig Valley 1st g 5a........1940
- J
Potts Creek Br 1st 4 s... 1940 1 - J
R A A Dlv lat eon g 4 s... 1989 - J
2d consol gold i s ___ 1989 - J
Ureenbrler Ry lat gu g
1940 M N
Warm Springs V 1st g 5s. 1911 H 8
wilo A Alton RR ref g '3 s ...1949 4 - O
ZMlwax 1st lien 3Us........1950
- 3
•'Ole B A Q Denver Dlv 4s.. 1922 F - A
Illinois Dlv 3 U l.._
1949 - i
90*2 ____
107 ___
108 .
1095s 110
102-i4 Sale
Registered...............
1049
■J
■ i\
• N o price F r id a y : la test tola w eek .
» D ue M a y .
8t Paul A K C 8b L lYtYnsTl r ■ A
Ohio St P M A O con 0s__ 1930 J -D
Cons 6a reduced to 344s..1930 J -D
Debenture 5 s...........
1930 M - S
101 101
100*2 107%
105*4 105%
North Wisconsin 1st 6s.. 1930 3 - J
Bt P A S City 1st g Os___ 1916 A - O
Superior Short L lat 5s n.ol930 M- B
Ohio T H A So-east 1st 5s
I960 3 - D
Chic A West Ind non g 6* ,1932 Q-M
g D u e J u n e.
Range
Since
Jan. 1.
No
102% 102%
99% 99*8
li
97*4 100
90 ' 93
2!
92’
94%
21 ' 25
20 Jiine’ lf —
20 22
106%
General consol 1st 6e____ 1937 M-N 86 Salo 8 0 '
86
75
80%
—
Registered____ ____ ..1937 M- N ------ 85
82 82
U S Mge & Tr Co ctfs of dot ___
80
85-1 85% June’ K
75 85%
------ 85-1, 85 June’ K —
Guar Tr Co ctfs of dep___
74
85
Fur money 1st coal 6s___ 1942 r - a
Ohio & Ind C Ry 1st 5S...1930 J - j 20 ___ 22% May’ lC —
21
24
21
Ohio Great West 1st 4s____ 1958 m - a 70-% 70% 70
71
Ohio Ind 4 Louisv—Ref 68.1947 j - j 113% 115 115 June’ K
t ill, 116
Refunding gold 5s........... 1947 j - j 100 ___ 101 June’ K
100 10 1
94
Refunding 4s Series C___ 1917 J - J 82
70 ____ 65 Deo Tfi
Ind & Loulav 1st gu 4 s...I960 j - j
88 90
Ohio Ind <fc Sou 60-year 4a..I960 j - j
89 May’ ll
89 9112
Chlo r, s A East 1st 4Ha___ 1969 J -D ------ 905s
Chicago Milwaukee A St Paul—
1 90i8 94
Gen’l gold 4s Series A___ «1989 J - J 91 Sale 91
91
Registered_____ _
eipsn
36
Permanent 4 s ___
1925 J - D 94’ Sale 94
94
5 92
Uen A ref Ser A 4Hs___ a2014 A -O 92% Sale 92-%
92%
9412
29 100 110
Gen ref conv ser B 5s. _a2014 F - A 107% Salo 10078 108
Gen’l gold 3J4s 8cr B___ <1989 J - J 79 80
7fl fill?
is 1003-i 104
General 4Hs 8er O_____ <1989 J - J 100*a Sale 100% 101
35-year deben 4s............. 1934 J - J 91*2 Salo 91
91*2 27
Convertible 4 54s............. 1932 J -D 102 Sale 10 1 % 102 ~ 02
4
Ohio A L Sup Dlv g 6s__ 1921 J - J 103% 103% 103
103%
Chlo A Mo Rlv Dlv 5s___ 1926 J - J 104%____
9 103 ~ 1041«
Chlo A P W 1st g 5s......... 1921 3 - J 102 103% 103
103
5 89*2 91*8
C M A Puget Sd 1st gu 4s. 1949 J - J 90*2 Sale 90%
90%
2 106*4 107%
Dubuque Dlv 1st s f 6s...1920 J - J 100 100-% 100% 106%
J - J 110%____
101%____
2 103 105
WIs A Minn Dlv g 5a . . 1921 J - J 103% 103% 103
103
WIs Vail Dlv 1st Os_____ 1920 J - J 107 ___ 100% May’ 10 ___ IOOI2 IO714
Mil A No 1st ext 414s___ 1034 J -D 101% 101% 101*8 June’ 16
1017g 1017s
Cons extended 4)4s___ 1934 3 -D 101%___ 101% Juno’ 10
ChlcA Nor West Ext 4S1886-1920 F - A 95*2 97
97% JuneTO
Registered ...........1888-1920 F - A 94%
97 Apr TO----General gold 214s............. 1987 M- N 81% 81%
79
Registered.................i>1987 Q - F 78
78*2 Jan T4
11 93% 95%
General 4s___________ 1987 M-N 93*8 Salo 93*8
94
Stamped 4s.............
1937 M- N 93% 94% 93% Junc’ lG ___ 93-% 90
General 6s stamped. . . 1987 M- N - - - - 11-4*2 1141., JuneTO ___ 114% 110%
Sinking fund 8s___ 1879-1920 A - O 111 .
112% Jan TO ___ 112% 112*;>
Registered............1879-1929 A- O 110 ___ 109*2 Apr TO ___ 109*2 109*2
Sinking fund 6s........1879-1920 A - O 104% . .
104% Juno’ lO
101% 1043i
Registered........... 1879-1929 A - O 104 .
103*2 Apr TO ___ 103% 104 ’
1921 A - O ------102% 103% Juno’ lO ___ 103 " 1031*
Debenture 6s___ .
Registered________
1921 A - O
Sinking fund deb 5s
. 1023 M-N 103% 101%
Registered.................... 1933 M-N 102 103*8
Frem Elk A Mo V 1st 6s..1933 A - O 120*2 . .
Man G U A N W 1st 3148.1941 J - J 80 ____ 90% Sep 09
MIlw A S L 1st gu 314s...1941 J - J 80 ___
Mil L S A West 1st a fls
1021 M ■ 0 108% 100
Ext A Imp s f gold 5s...1029 F - A 106% . .
3 106% 107*2
100*2 100%
Ashland Dlv 1st g Os...1925 M- S 112 113 111*8 Deo Tfi
Mich Dlv 1st gold 6 s... 1924 J - J 111 .
112*2 Feb TO
Mil Spar A N W 1st gu 43.1947 M- 8 92% 93
91% JuneTO
Northw Union 1st 7s g
1017 M- 0
10738 May’ 14
3t L Peo A N W 1st gu 6s. 1948 j - j ------107
107 JuneTO
105% 109
Winona A St P 1st ext 7a.l916 J - D 101 ____ 102*2 Deo Tfi
Chicago Rock isl A Fao Os.. 1917 J - J 101*2 101% 101*2 Juno’ 10 ___
101*4
102%
Registered_______ 1 . 1917 J - 3
101*2 May’ 16
*v general gold 4s______ 1988 J - J 85 Salo 8412
13
85
83% 83 JuneTO
Registered___________ 1988 3 - J 83
74% Sale 74%
Refunding gold 4s........... 193-i A -O
75% 112 63% 7512
J- J
6212
60li 758
Coll trust Series P 4s........1918 M-N 95 98*8 9 7 '
2
97
1 54
R I Ark A Louis 1st 444s..1934 M- 8 50*2 59*2 59*2
59*2
65*s
98 99% 99% Juno'10
BurC R A N—1st g 6s...1934 A -O
97% 100 "
OR IF AN W lstgu Ss...1921 A - O
100*8 Mar’14
91
92
80% 90
90 92*2
107*, 110
is
a;
W eek's
Range or
Last Sale
U S Mge & Tr Co ctfs o t dep.
Onoc Okla A Q gen g 6a_ol919 J - J
Consol gold 6s____
1962 fW- N
99*2 99%
Price
Friday
July 7.
Ohio Bnrl A Q (C o n .)—
Bid
.!« Low
Hig
iOfta Dlv «lnk fund 5s___ 1911 A - 0 103 ___ 102% June’ 1
Sinking fund is______ m i A - C 99% - - 99% Juno’ l
Joint bonds. See Great Nortt
Nebraska Extension 4a__ 192" M-N ------ 98-1 98
98
M-N
M- * 99%
91*2 985g
100 101*4
925a Mar'10
92»« 92*8
103% Feb TO ___ 103% 103%
10733 107%
1 1073s 108%
110% Apr TO
107*4 110%
102-l.j 102-1., 15 102*2 104%
106% Apr ’ ll
94l2 90 95 Juno'10 ___ 92 95*2
107%___ 1073s 107%
107% 108
10058 100-14 100*i 100*2
0 100 102
84*2 , , _ , 84% May’ 10 ___ 83*2 84%
103 ___ 101*4 May TO ___ 101% 101%
101 ___ 100% Mar’15
103*2___ 102% Jan TO
102*4 102%
91 90*4 95 JuneTfi __ 94 ' 97
HOI4 117 110% 110%
5 111) 118%
116*2___ 11038 Junc’ lG ___ 115% 117%
10358 101 103*2 103*2
1 103% 103%
100 ____ 100 June’ 13
99 ___ 100% Jan T3
80 82 80% June’ 10
80 83’
___ 97*2
106 100*2 100
100
2 104% 107%
IO.JI4 104*2 104*3 Juno'10
103 ' 104%
90*i Sale 89*2
90% 10 89*2 93%
___ 91
90% Fob TO
90*2 91
85*2 Salo 85*2
85% 35 85 89
94-14 Sale 9434
95 414 91% 95
80 85 83% May’ lfl __ 83% 85
___ 81
83 Mar’ 10
83 84%
94 100 00-14 Feb TO ___ 90% 96%
807g Salo 86*8
87% 17 84% 88
___ 83
81*2 JuneTO
81*2 83%
88 ___ 90 Apr ’ 14
.13% Feb T5
59*8____ GO June’ 10'
57
60
50 Sale 49%
50 | 40 43 50
9914 Sale 993,
1 99 100
99-%
84*2 Sale 84%
84%
5 81% 87
95 95*8 9434
95*8 22 94*2 96-%
97*2 Dec *16|
a D ue A p ril.
Interest
Period
1009 the Mxehange a elhoJ of tooling bonds aat changed, and prices art noa all— "and interest"— extent for income and defaulted bonds.
Period
Jan .
1Interest
12 8
99
____ 99% Apr TO
97*8 July’ 16
07% 08
08 JuneTO
117*2 119 118% JuneTO
90%____ 87% Feb T7 _
99% 101% 101*8 JuneTO
117%
117%____ 129% May'09
104 105%
101% 100%
08 80
100 100*8 100
1
100
23
87 .
80% Jan TO
74. so
1st A refunding 4s__
1959 j - J
40 ___ 25 July’ 15
Cln D A I 1st gu g 58____ 1941 rj-N
C Find A Ft VV 1st gu 4a a. 1923 m - ri ___ _ _
Cln 1 A \V lat gu g 4a.. 1962 3 - j
Day A Mich 1st cona 4 44a. 1931 J - J
Ind Dec A W 1st g 5 s... 1935 J j
05 Jul vr’ 14
1st guar gold 5s.. .
1935 J - J
Cleve Cln C A St I- g8n 4s.. 1903 .1 -D 80% Salo 801-j
i
80>t
20-yr deb 444s............... 1931 1 - * 80% 88*2
Gen 5s series B .........
1993 J - D 09% 101% 100*4 JuneTO
Cairo Dlv lat gold -Is___ 1939 J - J 85% Salo 85%
85*2 16
Cln W A M Dlv 1st g 4s 1991 J - J 70
77
77 JuneTO
1
80*2 82%
Registered__ "
ionn M- N
82*4 Mar’ 14
Spr A Col Dlv 1st a4a
1040 M- 8 84 ____ 80*2 Juno’ 10
V/W Val Dlv 1 st g 48.
19 40 J - J 80 84 84% Jan TO ___
O I St L A C consol 6s.. 1920 M-N 105% 105% 105 JuneTO
92% 94
91% Feb TO
1st gold Is............... .11936 Q-P
90 ____
Q-P
J - J 102 ___ 102*2 Mar’10
C C C A I gen con g 6sIIIl934 j - j 110%___ 110% Juno’ lfl
A -O
94 July’08
O Ind A W 1st prof 5s ’ 31938 Q-J
75 70% 76% JuneTO
Peo A East 1st con 4a___ 1940 A -O
30 38
Income 4s__________ 1990 Apr
30
30
2
Clave Short L lat gu 444s...1961 A - O 100 % 100 % 100% 100% 10
9% 14
Col Midland 1st g 4s______ 1947 J J
9% Sale
4
91*
101.1
10
Colorado A Sou lat g 4s___ 1929 F A 91% Salo 91%
92 '
Refund A Ext 4 44s_____ 1935 M-N 83% 84 83%
83% 22
Ft W A Den C 1st g Os...1921 J -P 105*2 Salo 105% 105*2 23
A - O 87
94 Feb TO
Cuba RR 1st 50 yr 5s g.IIIl952 j j ____ 98
Del Lack A Western—
80% 87
108Tl____
Construction 5s......... .1923 F - A 103%____ 103% Mur’ 10
Term A Improve 4s___ 1923 M-N 98% 99% 98*2
98U
1
F - A 80 ----Del A Uud 1st Pa Dlv 7 s . ..1917 M- S 103 . . . . 104% Apr TO
Registered__________ 1917 M- S
104*2 Feb TO . . . .
ft D u e J u ly .
* D u e A u g . o D u o O ot.
p D ue N ov.
/ D ue D eo.
OO D<>
65
71
117% 1187,
S73.J 87%
117*2 118%
104 " 105%
106
10712
80% 86%
----
99%
82
757,
79
100%
87
77 %
04%
85
84%
105
91%
86H
84%
105%
91%
116% 116%
03
77
23
38
99% 101*2
7 ' 16*4
6
15^4
90 93%
82% 87*8
105 106%
94
94
103% 104
98 98*2
104% 104%
104% 104%
t O p tio n sa le.
BONDS
T. STOCK EXCHANGE
Week Ending July 7.
New York Bond Record—Continued— Page 2
P rice
Friday
July 7.
W eek’ s
Range or
Last Sale
BONDS
, Y. STOCK EXCHANGE.
Week Ending July 7.
Range
Since
J an . 1.
Bid
A sk L ow
H igh N o . L ow H igh
Del A Hud (C om )
1st Hen equip u 4 54s____ 1922 J - J 1 0 1 3 s 1 0 1 * 8 1 0 1 * a J u n e ' l ------100% 102
98% Sale 98*4
98*4
1 st A ref 4a..............
l«43 M
06*4 98*4
106*8 11 106 108
20-yonr Conv 5 s _______ 1935 A -O 106i4 107 100
85*4 88
Alb A Sue ooav 3rta____ U*o A - O 85% 80*4 85*8 June’ 10
12% 113
Rens A Saratoga let Je. — HLL M N 1 1 1 % ____ 112*8 11238
78%
Deny A R Ur lat eon a 4.i__ 1936 J • J 78% Sale 78
70
79*2
i
84%
85U
85*4
85*4
83 86
Consol gold
............1936
83*2
Improvement gold 5s___ 1928 J -I> 83*2 84i* 83*2
78*4 85
OOU Sale 09
69's
55*2 73
1st A refunding 5s............ 1955 F
Rio Or Juno 1 st gu v fla. .1939 f - D 87i2 90 109 Dec ’ 12
01*2 4p ’ ll
Rio Or So 1st gold 4a........ 1910 J - t
Guaranteed................1940 J - J " 3 4 " iz r i 35 June’16
35 35*4
70
Rio Gr West 1st g 4s ___ 1939 J - J 74 7G*4 76
74 78*2
06*4
62 60*4
Mtge A col trust 4s A . .1949 A - O 00'4 ____ 0014
Utah Cent 1st gu g 4d.al917 A -O 94 ____ 90 Apr '14
100 Mat'15
Des Mol Uu Ry 1st g 5s___ 1917 M N 99'2
90 90
Dot A Mao 1st ilen g 4s— 1995 J -D 77 85 90 Jan '16
75 June’16
75 85
Gold 4s _ ............
1995 J D 75 80
9U34
90*4
90*4 94
Dot Rlv Tuu-Ter Tun 4 548.1961 01 - N ___ 91
104 104
Dul Mlasabe A Nor gen fie. .194! J - J 103*8____ 10-1 Apr ’ 16
102*2
June’
16
1021
2
104*8
Dul A Iron Range* 1st 5s____1937 A - O
102% 103%
100 Mar’OS
Registered ..................... 1937 A O
93% 95*2
Du 8 o Shore A At g 5s........ 1937 J - J " 9 l" 93 93% Apr '16
103 104
Elgla Jol A East 1st g 5s____1941 /Yl-N 1025s____ 103*4 May'16
110
Erie 1st consol gold 7a..........1920 M- S n o 110*4 110
109*4 111%
N Y A Erie 1st ext g 'a . . 1947 IVf *N 90*2___ 97*2 June'14
101-34 102*4 101% June’ 16
101% 102%
2d ext gold 5s....... .......1919 M
10 0 ____ 98% Juno’15
3d ext gold 4.4s............1923 (Vt
101*2 ____ 102 June’16
102 102 %
4th ext gold 5s..............1920 A
92 ____ 94 N ov'15
8th ext gold 4 s ............ 192a I
____109*4 108% June’ 16
N Y L E A W 1st « fd 7a.. 192) M
108*4 1 1 1
84%
84 Sale 84
Erie 1st con g 4s prior____1996 J
84 86*2
____ 84 80 Oot *15
Registered ____
1990 J
74 7434 74
7-4*2
1st consol geo ll«n g I s ... 1996 J
73% 77
72*2------ 72% JunoTC
72% 76%
Registered......... ......... 1995 J
89
Perm coll tr g 4s___ _____ 1951 F - A 89 Sale 89
88% 90
70
71
80-yr conv 4s A ............... 1953 A - O 70*4 Sale
70 72%
73%
d*
Series B ...1953 A -O 73 Sale 73
71*2 84
80
Gen conv 4s series D____1952 A -O
8534 80*2 85*2
84% 88*2
Chic a Erie 1 st gold />« . 1982 <V1- N 10 0 10 J"s 107 June’ 16
105% 107*8
Clev A Mahon Val a 5 s... 193> J - J 104*2___ 101 fteti '15
Long Doer, consol g Os__ 1935 A O 122*4____ 122*4 122*4
121% 123*4
102 102
Coal A ItR 1st cur gu (Jo.. 1922 ftl-N 100*2 101 102 MarlO
102% 100
Dock A Imp 1st ext 6a ...1943 J - J 100*2------- 100 May’ 16
103*2 Aug '12
N Y A Green L gu g 6a .. . 194»' M-N
N Y Bus A W lat re! 5*... 1937 J - J I I I I "9 7>2 99 May* 10 ------ 98% 99
100% Deo '00
2d gold 4H s
............1937 F - A
77
72 81
.funeral gold fis............. 1940 P - A ’ 77" Safe" 77
Terminal ist gold 6s........ 1943 M-N 105*2------- 105*2 May'10
105*2 105*2
104 ____ 111*2 May'12
Mid of N J 1st exi fto . ...1040 A
85% 90
Wllk A Ea 1st gu g 5s___ 1942 J -D ____ 85*2 85% Juno’ 16
Ev .fc Ind let con gu g 0e.......192fi I - J ____ 40 100 May’ 12
96%
90
93
Evaus A T H 1st cons ___ 1921 J - 1 90*2---03
45 ----- 03 May’ 10
1st genera) gold is. .......... 1)42
108 Nov’ 11
Mt Vernon 1st gold 04____192.‘
95 Juno' 12
Bull Co Branch lei g 5a... 1930
92 Juno’lO
02 93%
Florida E Coast 1st 4>$s ..1959 I -D
92 Aug ’ l()
Fort St U D C o 1st « 4 4 IE. 1941 J
G6*2 70*2 CO May’ 10
61*4 69
Ft W A Rio Gr let g 4o ..... . 102^
Great Northern—
98% 238 97% 99
O B A Q eoli trust 41.. ..1921 J - J 93*8 Sale 98
3, 97*2 98*4
97%
Registered h ...................... 1921
Q - J ____ 98% 97%
09% 57 99 100*8
let A refunding 4 5*s ser A 1901 J - J 99 Salo 99
96 June’13
Registered......... ..........1901 3 - J
Bt Paul M A Man 4s_____1933 J J 95-34 96*4 97*4
97%
97*8 97%
let cousol gold 03_____ 1933 J - 3 120*2 121 121% Juno’ lO
120*2 122
120% Apr ’16
Registered _________1933 J - J
120*2 121 %
Reduced to gold 4 s. 1933 J J 102*8 103 102% Juuo’ 1G
101 *$ 103*4
102% May'101
Registered............ 1933 J - J
102*2 102*2
90
Mont ext lot gold is. . 193 J -D "9512 "i)0 9G
95% 97*4
90% Mar’ lOi
Registered ............... 1937 3 -D
96*2 90*2
85% N o v ’ 151
Pacific ext guar 4s £____1940 J - S 80
93
93
E Mlnu Nor Dlv 1st g 4s . _ 1948 A - O 93 ____ 93 Juno’ lO
109*8 Juno’lO
Minn Union 1st g 0 a ........ 1922
108% - 109*8 109%
120>4 Deo '16'
123 —
Moat C 1st gu g 0s............ 1937
136*4 May'00
Registered................. 1937
110% Mar* 16
109*4 n o
1st guar gold 5s.........1937
110% 110*4
Registered......... 1937 J Will A 8 Fist at 11 ..1938 J - V 109*4 U0*. 110% Apr ’l
110 % 1 1 0 %
Green Bay A \v dob ctfs ‘A” . . Feb ____ 77*2 75 Jan TC —
74 75
12 % 12 % 12*4
12 %
0 11
uehen etre ” b ” .............
Feb
14%
.61962 J - J 84 % 88% 88 % May’ lt —
84% 88*2
.61952
Registered.
92*2 10 93% 96 ’
s .1999 J - J 92 Salo 90%
Registered_______ ____
Col A H V ist ext g 4s.. . 1948 A - O 87*4------ 87*4 Juno’lG . . . . 87
87*4
Gol A Tol 1st ext 4s____. 1956 F - A 81*4----- 80 Feb T( ___ 80
86
97*2 94% Feb T '
J - J ___
Houston Belt A Term 1 st 5s.
Illinois Central 1st gold 4s _ 1951 J - J 98%------ 97 June’ lG
90% 97%
_. . . .
92 Alig 1 :
Registered______
.1951 J - J
1 - J 81 85% 85*4 May’ 16
83 85*4
1st gold 3.His_____
. 1951 J J 82%------ 83 Nov’ 15 ___
8434 86%
.1951 A - O 81 Bo’S 84*4 Feb ’ IQ
Registered....... ..
80 J’ly ’09
iV|- H
1 st gold 3a sterling..
______ __
___
1051 .HI- S
Registered....... ..
8!)
88 8 Juue’ 10
91%
.1952 A - O 88
88
A-n
Registered___
1st refunding 4s
. 1955 M N 89 Sale 89
89*2 40 88»4 91%
81% 81* Julie’ ll) ___ 81
. 1952 J - J
83
2 85*4 87%
. 1953 M- N 85-% 80*4 85*4
80*4
Registered.........
. 1953 M N 85 ___ 84
Qairo Bridge gold 4a........ 1950 J D
90*2 June’ l 6
90 92*2
Litchfield Dlv 1st g 3s... .1951 J - J 63%____ 74
1953 J ■ J 78*4___ 78*4
1 78-*4 81-*4
7S-*4
83
1953 J - J
102 June’ 10
.1921 F - A —
iof% 102
71 Jan T0
.1951 F - A 67 70
63% Sep To
.1951 J - J ____ 70
.195! J ■ J 80 ------ 81*s Jan TO
81%
80 June’l 6
.1951 J - J ____ 80
Registered___
80
Spriugf Dlv 1st g 3 ___.1951 J ■ J 79 81% 78*4 Jan 10
7.S-*4
.1951 F - A 83%------ OOI2 May-10
89
90%
.1951 F A __ _ . . j . - _ __ ___ ___
117*2 M i/l l )
. 1923 J -D
itt- 8 86 ----- 91% J’ly T 2
Carb A 8haw 1st gold is
Chic St L A N O gold 5s. .1951 J -D 1073s------ 107% May’ 10 ___ 107% 109
Registered_____ ___
1 -D 105 ----- 114 Fob ’ 11
90 Oct ’09
Gold 3 4 3 ..............
J -D
Registered...........
J D
2 too 103%
1<»03 J - £ io f 1 0 1 *i 1 0 1 % 10 1 %
.1 9 :-i J D 86%___ 80'« Deo T5
J •O
90
93%
98
.1931 \f- S
J'ly ’08
.1950 J - J 91*2___ 91% Apr TO
90
.1919 M- N 96% 97 9 5%
91*2 15 96
1959 J -D 90% 91*2 90% June’l i
90%
1950 A -O 63% 09 68%
63%
3 68% 71
63
1950 * - O
Registered.
1950 - J 90% 91% 90*4
91*2
7 00% 94
88
5 853* 89%
Kanjas City Term 1st 4a.. I960 J J 87% 88%! 87*4
J
93*2 99*2! 93%
93*2
3 96% 100
Luxe Erie A West Ist g ns. .1937
82 June' 10 . . . J 75 83*2
.1941 1 - J 82 85
A- O
98 Mar 14
North Ohio 1st guar g 5 s
,9b Val! N Y 1st gu g
100% 103
1940 - J 100 % 10 1 % 1007s June’ 10
Registered-----------1910 J - J 99*2 101 00*2 May’ 10
00% 102
91% 10 89% 92*1
2003 VI - N Oils Sale 90*2
99*2
2003 7t - N 99*4 1U0 99*2
5, 99% 101%
• N o price F riday; latest bid and asked this w eek.
V D u e N o v . s O p tion pale
a D u e Jan.
h D ue F e b .
tr
!*
129
P rice
Friday
J uly 7.
Bid
W eek ’s
Range or
L ast Sals
Ask L ow
H igh
N o. Low
High
Leh V Term R7 1st gu g 5e._1941 A - Q 11134 ____ 1 1 1 a4 June’ 16 ------- 110 112 %
Registered.................... .1941 A -O 111*4____ 111*2 June’ 16 ___ 111% 111%
Leb Val Coal Co 1st gu g 6s 1 9 3 J - J 104% 105*4 104*4 105*4
3 104% 106%
Registered......... .......___1936 4 J
105 Oct *13
“ 92" ' m i
1 st lnt reduced to *a ____ 193^ t
Leh A N Y 1st guar g »& _ . umo M- s ------- 90
89*4
*89*4
3 89% 90
Registered_______
___ 1945 M S
Long laid 1st cons gold 5e._A193] Q - J 106 ____ 106 June’ 16 - - - 1047^ 106%
94 ____
94*4 June’ 16 - - - 94% 94*4
1st consol gold 4s___ ..A193J Q - J
General gold 4s...... ........193^ J - D
85% 88*2 88 June’ 16 —
80
90
99% Apr ’16 — I 99*4 00*4
Ferry gold 45^3 ________ 192. M- B ------- 99
Gold 4s........................... 1932 J -D
99% Oct ’06
82% 84% 84% June’ 16 — 84% 86
Unified gold 4s___ _____ 194° M - S
Debenture gold 5s
1931 J - D
93 96*2 97 Jan ’ 16 - - 9 7
97
88 %
Guar refunding goid 4 s... 194' M - S 88 Sale 88
5 87
90*4
95 Jan ’ ll
Registered_______ . 194 - M- 8
N Y B 4 M B 1st cou g 5s. 1935 A - O 102% 102% 103% Mar’ 16 - - - 101% 103%
N Y A R B 1st gold 5s. ..1927 M- $ 102% 103*2 103 Apr ’ 10 - - - 102*8 103
101 Apr TO - - - 101 102
Nor Sb B 1st con g gu 5a_ol932 Q - J ____101
95
95%
4 88
97%
91*2 95
Louisiana A Ark 1st g 5s___ 1927 M- S
Louisv A Nashv gen Os____ 1930 J -D 111% 112% 112% 11234 13 111*4 113
4 1083s 110%
Gold 5 S ......................... 1937 M-N 109*2 Sale 109*2 109%
9434 31 93% 9G
Unified gold 4 s ............ 1940 J - J 94*2 Sale 94*2
94 June’ 14
Registered___________ 194- J J
104 105*4
Collateral trust gold 5s.. . 1931 M- N ------105% 104 June’16
-I.
E H A Nash 1st g 6s___ 191 J - D 108%____ 107% Dec T6
100*4 102
L Cln A Lex gold 4 v$s___ 193 M- N 101*8____ 102 Mar’ 16
1 114 110%
114
N O A M 1st gold Os....... 193- J - J 114 115 114
2d gold Os ........... .......193‘ J - J 107%____ 109% May’ 15
Paducah A Mom Div 4s..1946 F - A 88*4 89% 89% May TO - - *89% ’ 90%
St Louis Div let gold 6d..l92!iM- S 106 107% 108 Apr TO - . 107 108*4
64
2d gold 3s....................193" M- S' 63%____ 63*4 June’ l 6 -- 01
86 % 87
1 85*4 00
Atl Knox A Cln Dlv 4s__ 1955 M - N
86*2
86*2
111 Jan T3
Atl Knox A Nor 1st g 5S..194* J - I>
106% 107
Hander Bdge 1st s r g 03 . . 19.31 M- s 106*4 . . . 106*4 June’ 16
3 j 87*4 89*s
Kentucky Centra! «o*d 48 19S7 J - J 88% 89
S8%
88%
Lex A East 1st 50-yr 5sgu. 1965 A - O 101 102% 101% June’ 10 - - 100 101%
2 j 9978 101
101
L A N A M A M (at g 4 ,*.$
M- S 99%____ 101
70% 79
1 1 77% 82
79
79
L A N-3outb M Joint 4S..195.- J - i
95 Feb ’05
Regis'ered......... .........*1952 Q - J
N Fla A fl 1st gu g 5s___1937 F - A 106% Safe" l r6% 106%! "l ioo% fo7%
97% May TO —II 97% 97%
N A O Bdge gen gu g 4^ s 194 J - S 93% . . .
Pens A Atl 1st gu g 08___ 192 i F - A 108% 109% 108*4 May TO —I 108% 108%
S A N Ala cons gu g 5s__ 1930 iF - A 108% . . . 108% May’ 16 --1105% 108%
Gen cons gu 50-year 5s. 1963 A - O 100 102 102 Apr TO -- T01% 103*4
81% Apr T6 -- I 80% 82%
L A Jeff Bdge Co gu g Is 1945[M- 8
Manila UR—Sou lines 4s__ 1936 M - S
Mex Internat 1st cons g 4a. 1977 M- S
77 Mai TO
Stamped guaranteed___ 1977 M- S
79 Nov’ 10
Midland Term—1st a f 53 g. 1925 J - D
101 0»v ’09
Minn A St L 1st gold 7a___ 1927 J -D ------115 115 MarT0 — 115 115
Pacific Ext 1st goid 08.. 192) A -O 103 104 103 Apr T0 - - - 103 103%
1st consol gold 58........... 1934 M N 82*4 88
89 May’16 - - - j 88% »0
1st A refunding gold s . 1949 hi
61
60*2 61
11 523,! 64%
60
Ref A ext 50-yr 5s Per A . 1962 Q - F 62 03*2 63%
64
9 |50
64
Des M A Kt D 1st gu
. 198.. J
62*4____ 60 Feb T5
Iowa Central 1st gold 5s.. 193\ J D 87% Sale 87%
87*s
1 ~87" 90%
Refunding gold 4a . . . 1951 M- S 56% 57*2 56%
57%
51% 60
M StPA^SM coo g 4s lnt gu 193CJ S 93 Salo 92%
93
92% 93%
1st Ch-c Term a f 4s__ .1941 M- N
97*4 June’ 12
MBS A A ist g 4a In; gu. 1920|J - J ”97" “97*2 97%
97% 99
97%
Mtoclssippl Central 1st
1919 J J 92*2 93% 92%
90 927a
92%
Mo Kau A Tex 1st gold 4s.. 199 ' J - D 75*2 Bale 74%
75*2
70*2 78%
2d gold 4s...................... ,169!) F - A 47*2
50%
. .Sale
. . . . 45*2
48
52%
1st ext goid 5s.............. .194MM H 45 46% 46% June’lG
57*2____ 59 June’ 1659
Ist A rotund 4a............... 2001 M
44 45
45 June’l 6 .
48
Gen sinking fund 4His___ 1936 j
40
38 June’ l 6 .
St Louis Dlv la ref g 4s . .2001 AA O ------ 38
99«4 m o T 3 j.
Da! A Waco 1st gu g 5s_. 1940 M
68
69 Jv.neTOL . .
60 69
Kan C A Pac 1st g 4s___ .1996; F
84 June’ lC . ..
74 89*4
82*2
Mo K A E 1st gu g os.. _1942 A
66
1 50 66
66 I
M K A Ok 1st guar 5s___ 1942
66
65 72% 70
70
5 48 73
M K A T of T 1st gu g 5a.. 19421M
Sher Sh A So 1st gu g 5a.. 1942 J
____ 54
90 May l3 60 Sale 52*2
60
4 49 63
Texas A Okia 1st gu g 5s..1943 M
Missouri Pac lat cons s 6a__ 1020 M- N 10134 Sale 10134 1013.J! 4 100 102
Trust gold 5a stamped. _ .a 1917 j M- S 94 ___ 95 May’ 16 .. . 89% 95
Registered_________ cj!917 M
N2 Oot T5
”88 " Saie" 88
1st collateral gold 5s____ 192!)iF
1 83% 89%
88
Registered......... ..........1920|F-A
5) Sale "40% "50” ’ 49 ["39“% SO"
40 year gold loaa 4 a ____ 1945 M S
1stA ror conv 5 s ............. 1959 [M* S 50 Sale 48%
50
41 ! 40 50
82 May’ 16 --- j 82
3d 7a extended at 4% ___ 1938 M N
82
100 Feb T3
Boonv St L A S 1 st 5s gu. 1951 F - A
53 ..
60 June’l 6 . . . 60
60
Cent 13r Ry 1st gu g 4s__ 1919 F - A
58 ____ 77% Ufc T3
Cent Br U P Ist g 4s____ 194.SIJ
110 Mar’05
Leroy A C V A L 1st g 5s.. 1920 J
9034 June’ l 6
90% 91
89 92
Pac K of Mo ist ext g 4s . 1938 j F
100*2 Sale 100*2 100*2
100 10034
2 d extended gold 5s.. .. 193X J
9934 102%
101% Sale 101
101*4
0t L Ir M A S gen con g 5s 1931 A
102 J’iy T4
Qeucoustanipgug53..193l A -O
74% 81%
Unified A ref gold 4 s... 1929 J - J "8031 Sale’ 80*2
81
Registered_____
1929 J - j
80'h Oct T2
Rlv A G Div 1st g 4s._ 193-; 61 N “ 72% Safe 70%
08 ” "74%
72*2
76 ___ 87 8ep T5
Verdi V 1 A W 1st g os___ 1926 “H- S
Mob A Ohio new goid fla___ 1927 J - D 112% 113% 113 June’ l 6
112 115
1 st extension gold 0 s___ ii927 Q - J ------ 110
109 Feb ’16
108 109
General gold 4 a ..______ 1938 M S 75%___ 76% Junc’ 16
75
76*4
Montgom Div 1st g 5s___ 1947 F A 98*2___ 102 Feb TO
102 102
90 91
3t Louis Dlv 5s................ .927 J - O
89 Dec '16
9t L A Cairo guar g l*___ 19311J - J
88 % _____ 88% Apr T0
"88% "88*4
10334 107%
Nashville Ch A St L 1st 5*.. 192- A -O 106% 107 107% 107*4
Jasper Braaoh 1st g 6s___ 1923 J - J 108 . . . 110*4 Mar'10
110*4 110%
10 1 % 10 1 %
McM M \V A A1 1st 0s.. 1917 J - J 10(J*4____ 101% Feb T6
113 J’ly ’04
T A P Branch 1st 0s_____ 1917 J - J 100%
30
1 j 30 30
Nat Rys of Mex pr lien 44s. 1957 J - J 30 Sale 30
68 Oct T5
Guaranteed general is . . 1977; A - O 30 70
96% Feb *13
Nat of Mex prior Ue.a i ^ s .. 1928i-J - J
30 Aug T5
1st cous-jl 4s_________ . 1951 A -O
N O Mob A Chic ist ref 5a I9n - J - J
40 Ma> T5
70 Apr *16 . . . 70
New Orleans Term Ist 4s . 1953 J - J ___ 74
70
113*4 151 110% 117%
N Y Cen UK conv deb 6s 1935 **- N 113 Sale 113
Consol 4s scries A ......... .1998 F - A 83-% Sale 83-%
84
93; 83
86%
93% Sale 93%
93%
KerAlrai)
...2013 A -O
93*4 95%
82%
N Y Central A U R g 3 4 1 .1947 J - J 80 82% 82*4
81% 83%
Registered ........... ....... 1997 J - jl 8 1 % Salo 81%
81%
81
82%
Debenture g«»Id 4s____ . 1934 M N 90*4 Bale 90%
90-%
90*4 93*4
90 ___ 90 June’ Ki’.
Registered____ _____ 19341m-N
9-J 90
74
7934
Lake Shore coll i{ 3 ^ 4
19981F - A 75% 76*4 75*2
76*41
74*2 75
Registered ...................1 998! F - a
74
78
74i2 June’lO .
Mich Cent coll gold 3 Via . . 1998; F - a 78 79
77 June’ 10;.
76% 80®4
Registered __________199s' F - A ------ 77
77 Apr TO .
76
7734
fiattle Cr A 3tur 1st gu 3s. I9v*| J - D 60
Beech Creek 1st gu g 4s... 1930 J - J 94 96 | 94%
94%'
2 94% 93%
Registered ............... . .19361J - J 92
95 ! 99 May’ll ..
2d guar gold 5s_____ 1936 J - J 101 104U 104 MayT6l.. .. 104 104
Registered............. 1936 J - J
Beech Cr Ext lat g 3 44s. ...1951 A - O
88 ju n e ’ l 6 ;___
88
88
Cart A Ad l9tgug4s____ 1981 ij -O
89
91
Gouv A Oswe lat gu g 5s.. 1942 J D 104%
. 94
94
Moh A Mai 1st gu g 4s__ 1991! M S *93%___ 94 Mar'16
89% Feb -16
N J June R guar 1st 4 s... 1936IF - A
. , 89*4 89*4
85 June’ 15
N Y A Harlem g 3 ,%s___ 2000\IF S
82*2 - - N Y A Northern 1st g 5s.. 197’ . - O 106%____j105*2 Mar’ 16
. 105*2 105%
89% June’ l 6
N Y A Pu 1st cous gu g 4e. l5,9-i A - O 89 90
89% 91%
Pino Creek reg guar fla
1932 jJ -D 118*2____ 113 May'16
R W A O con 1st ext 5s .41922 A -O 103% 104 103% June’l 6
; 163'% 164"%
R W A OT R latgu g 5s..I91S nfl-N IOD 4 ____ 104 June’ 10
D u e A p ril.
.
July 8 1916.]
« D ue M a y .
» D ue June,
h D ue
J u ly ,
k Due A ug.
0 D u e O ct.
N Y Cen & ti p. r i c o n .)
Rutland lat con g 4>$s-.-1941
Og A L Cham lat gu 4a gl948
Rut-Cannda lat gu g 4a. 1949
St Lawr <fc Adir lat g S3...199S
ad gold 6a.....................1996
Utica * Bik Rlv gu g 4a.. . iaaa
Lake Shore gold 3Ha........1997
Registered................... 1997
Debenture gold 4s........1928
26-year gold 4a.............. 1931
Registered_________1931
P rice
Fridav
July 7.
Bid
80
J - i
J -D
J -D
M- S
Ait
85*2
Range
tin ce
J an . 1.
W eek 't
Range or
Lcut Salt
Cow
H iglt
87
92 June’09
97*a----8 U2 Sale
8312 84
9712
84i2
83i2
97*2
85
83*4
N o . Low
Higlt
1 9712 97*2
5 83*8 80
83 8312
8
BONDS
If. Y. STOCK EXCHANGE.
Week Ending July 7.
In teret
Period
In ter eel
Period
BONDS
N. Y. STOCK EXCHANGE
Week Ending July 7.
[Vol. 103.
New York Bond Record— Continued— Page 3
130
P rice
Fritlau
July 7.
Bid
W eek ’e
Range or
L a tt Salt
A tk Lore
3 - F 10 1 ____
2d gold 4Ms-_............... 41921 M-N 86 -----Pero siaruuette—Ral 4s___ 1955 J - J 15*8____
J*J
- D 85*4____
Chic A West Mich 5 s ___ 1921
Flint <fe P M gold 6 s ...1920 A O
1st consol gold 5a_____ 1939 M-N 70 -----Ft Huron Dlv 1st g 5s.. 1939 A -O ____ 60
02
87
14
15
85
104
Higlt
f !
Rang)
tin ce
Jan. 1
N o . Low
Nov'15
Mar’ 18 ___ 87
Apr TO . . . . 14
June’ 10 ___ 14
June’ 10 ___ 83
June'16 — 101
75*2 Apr T0 . . . . 74
68 July’ 15
H iglt
S7
14
15
85
105
76
50
51
50 Apr T 6 —
Philippine Ry 1st 30-yr s 14s 1937 i - J ----- 55
Fitts ShA LE 1st g 5s........1949 A - O 106*2____ 105 Dec *15 —
................
LI314 Nov'U
J- J
95*4 46 93*4 00*8
Reading Co gen gold 4s----- 1997 j - j 95*2 Salo 95*8
100*4
- - 10412 Deo '15
Registered................... 1997 j - j ____ 95*4 94*4 June’ 16 —U.) 92*4 95
103 104 10212 June’ 16 __ 102 104
97
Sale
97
97
.
.
.
.
94*2 97*4
A
O
Jersey
Central
coll
g
4s__
1951
130*3
J»n
’09
J “ J 11512____
J- J
J- J
65*4 June’ 10 ___ 59
65*4
St Jos A Or rsl 1st g 4s........1947 J J 69*8 71
St Louis & San Fran (reorg Co)—
106
104*2 Deo '15
70*4 115 68*8 71*2
Prior lien ser A 4 s______ 1950 J - J 70*s Sale 70
Registered__________ 1931 Q-M 105 ____ 104 ~ Deo T5
Prior lien ser B 5 s______ 19o0
J - J 89*4----- 98 Apt ’ 12
4s........... .................
85
84*2 56 74
J - J 84 Salo 83*2
87 Feb ’14
85 39
55
54t2 55*4 54*2
55
July
J L A S 1st gold 344a...1951
109 110*4
5 83 85
St Louis A San Fran gen 6s. 1931 j J 110*4------ 110*4 Junc’ 16
84 86
84*4
84*4
. . . . 10078 103*4
1 88
88
General gold 5s...............1931 ) J 101*4 102*4 102*4 June’ 10 —
80U 83 88
9012
08*2 78
6 93
St L A a F RR cons g 4s.. 1996 ; - J 76*2____ 78 May’ 10
94*s
9512
93*2 94U 93*2
45*4 72
72 Juno’ 16
75
General 15-20-year 5S..1927 M-N
93*4 Apr TO . . . . 93*4 93*4
40
72*2
72*8 Sale 71*4
72*2
83 8434
80 85
Debenture 4a________ 1931
—
43*4 70
69 Juno’ lti
68*4 72
90
90*2 16 90 93
West Shore lat 4a guar...2361
89
89
93
June’
16
92*2
95
8
A
O
Bouthw
Div
1st
g
5s...1947
83
Sale
87*4
88
87*4 90
Registered__________ 2381
07*4 82
81*8
81*8
Refunding gold 4s____ 1951 J - J ____ 82
100 'g ____ 100*2 Juno’ lG . . . . IOOI2 102
----- ------Registered................1951 J - J __ _____ 80*4 Mar’ ll
J - J 99*4___ 100>s Juno’ 16 . . . . 100*8 100*8
6238 82
78
_
_
_
81
81
—
—
Trust
Co
ctfa
of
deport..
98*a
June’16
97*4 100*8
F - A 98 9912
75*4 Sale 75
75*4 37 61U 75l2
NY N H A Hartford—
0 109*2 11078
109*2
109*8
109*8
109*8
.
.
.
.
M-N
«.
O
Ft
S
A
M
cons
g
6
s
..
1928
8
O
I
2
Mar’16
ms
____
79*4
80*2
8
U
4
Non oonv :eben ti .
75
78
K C Ft 3 A M Ry ref g 4s. 1936 A - O 75*4 70*4 75 Juno’ 16 —
*69 ____ 73 Feb ’ ll ___ 73
73
K C A M R A » 1st gu 53.1929 A O 8 7 . . . . 90 Juno’ 10 — - 00 90
70 June’ 16 . . . . 697g 72
70
71
76lj 80
77
____ 8012 79*4
79*4 25 70*4 8 U2 St L S W 1st g Is bond ctfs.. 19S9 M H 77 Salo 77
64*4 64*2 June’ U)
62
64*4
24 78*4 82
79
2d g 4s Income bond ctfs.pl989 i - J 62
____ 79V 73
Ifon-oonv deben 4a.
01
65*4
63*2
Consol gold 4s_________ 1932 I I) 62*4 Sale 62U
69*4 70*2 68*4 Juno’16 . . . . 68*4 73
60
60
70
18 11178 116
1st terml A unlf 5s....... .1952 J - J 60 Sale 68
113 Salo 112*2
113
Gray’s Pt Ter 1st gu g 5s.. 1947 J - o 100 ____ 98*4 Jan T4 22
F -A
627s 70*4
67*8
J - J 07*8 Sale 67*4
7912 Oil? Jan *12
101*8 101*4
j - J ____ 7912 79*3 Apr TO ___ 79*4 79*3 8 F A N P 1st sk fd g 5s........1919 j - J 10 1* 8 ____ 101*4 Apr T0
80
S4*«
80*2
A - O 79 80*2 SO
2 80
80
83*4
80
A - O 80 Salo 80
54 04
70
___
67>s
Sale
67
07*2
F
A
Adjustment 5s________ 01949
91*2 93
fVQ-N 9212 94 91*2 May’ 16
A Q 07*8 69 67*2 June’ 10 . . . .1 67*2 72
847s 87*4
84*8
1 80 83
Atl Blrm 30 yr 1st g 4a..«1933 M- S ____ 86*2 84*8
82
81 83 8 2 '
88 88
Car Cent 1st con g 4s___ 1949 J - J 83 92*4 88 Juno’ 10 —
Fla Cent A Pen lat g 5s.. 1918 J - J 100*2------ 99*4 Sep ’ 15
106*8___ 105*2 May’ 15 . . . .
101
Deo
T5
101*8----—
l
J
87
J’ly
’
14
1930
1st
land
«r
oxt
8
5a___
VJ-N 91*4___
................
J - J 102*8 103*2 103 June’ 16 . . . . 103 103*g
89lg
88 Auk ’ 13
2 73 82
747g
747g Sale 747g
Ga A Ala Ry 1st con 6a. .01945 J - J ____103*8 103 Mar'10 ..MM 103 103*4
J - J 102 102*4 102*2 Juno'10 . . . . 102*2 103
100
107 Aug ’09
J - J 102*8____ 90*4 Aug T5
A -O
100
2 85
83
85
Gold 4s (Cont Pac coll).Jtl949 J - D 85 85*2 85
991a Mar’ 12
J - J
90 Feb T4
j - D ____ 84
70 70
f M- N 07*2 70
77 80*4 89*3
M- 8 83 Salo 87*8
88
9978 Deo T4
88 103*4 10778
J -D 103*8 Sale 103*8 101
83*g B’eb T4
M- S
F - A 89*4 Sale 88*4
89*4 16 88*s 91
86
___
89
89
89
Juno'Ui
89
F
A
1
807
8
807
3
Registered___
.
.
.
.
____1949
80*8 84
n 8078 Sale
89*4 89*8 89*2
8 U4 91
J D
89*2
92t« JUQQ’ 12
85 Juno’ 16 —
81
86*4
Through St L 1st gu 4s. 1954 A -O ____ 85
70 79
____ 79*8 79 * Apr TO
102 102
G H A S A M A P 1st 5s.. 1931 M-N 102 I(H»2 102 May’ 16 —
7012 80 80 May’ 10 . . . . 79 80
100*4 100*4
Gila V G A N 1st gu g 5s.. 1924 M-N looia iuz»2 100U Jan 10 .—
9312 100 98*2 Juuo’ 10 ___ 97
99*4
Hous E A W T 1st g 5 s ... 1933 M-N 101 ____ 102 May’ 10 . . . 101 102*4
1187a ____ 119'a Juno’ 16 . . . . 119*8 120
101*4 153*2
1st guar 5s rod............. 1933 M-N 101 102*2 101*2 Apr T6 —
IF - A 12118 122 121*2 Juno’ 10 ___ 12012 122
106 100*1
U A T C 1st g 5s lut gu__ 1937 J - J 100 ____ 106*2 Juno’ 10
A - O 119>2 120*2 119*2 May’ 16 . . . . 11912 120*4
94*4 96
90 ____ 96
90
8 92*2 94
Gen gold 4s lnt guar__ 1921 A -O
93*2
A - O 9312 Salo 92*8
.... . . . . . . . .
9212 9314 neo '15
Waco <Sc N W dlv lat 3 fli 1030 M-N - - - - emmmern 109*1 Nov’15 —
------------4 * n w 1st gu s s -.'... urn J - J 100 102*2 103 Nov'16
J - J 89>4 90 89*3 June’ 16 ___ 88*4 91
----- -- / 113*2 133
Louisiana West 1st 6s___ 1921 J - J 105*8----- 109 June’ U —
131
131
____135
104*2 101*1
Morgan’s La A T lat 7s.. 1918 A - O ____ 104*4 104*4 Fob '10 .—
131*4 Juno’ 16 . . . . 114 13512
M- S ____135
5 115*2 137*2
132*4
1st gold 0s.................... 1920 J » J ------------ 105 Jan TO . . . 105 105
M- S 132U Salo 132
4 88 90*4
No of Cal guar g 5s......... 1933 A - O 108 110 105 Oct T6
88
88 Salo 88
101 102*2
101
Ore A Cal tst guar g 5 s... 1927 j - j 101 101*8 101
J - J 10234 ____ 103*2 Jan TO . . . . 103*2 103*2
2 91*2 94
So Pac of Cal—C)u g 5s.. . 1937 M- N iu8 . . . . 101*2 Nov’ 13 . . . . - - - - - - 91*4
M- N 0 134 Sale 91*4
9
1
96
97
97
07
Apr
TO
84
J
J
92*4
So Pac Coast 1st gu 4s g .. 1937
91*4 94*4
7 Q - J 02>4 Sale 92
82*2 80
83*2 Sale 83*2
8312
San Fran Terml 1st 4s__ 1950 A -O
7 Q . J 91U 92<4 9134 Juno’10 . . . . 91 93*2
----- ----Tox A N O con gold 5 s ... 1943 J - J 93 94 96 Apr T4
60*.| 131 05*s 07
7 Q - F 66U Sale 65*4
90*8
89*8 0*
So Pac RR 1st rof 4s........1955 J - J 90*8 Sale 89*1
7 Q - F 65's 6 OI4 65*8 June’16 « . . . 6312 65*4
100 10 5*2
IOU2
1 91*8 91*8 Southern—1st fons g 5s___ 1994 1 - J 101*4 Sale 101*1
S I . D 91*8 Salo 91*8
91*8
J - J 100*4 102*8 100*4 Juno’ ll . . . . 100*4 100*4
lOOU Jan T*
80
69
73*4
71*8
Develop A gen 4s Ser A .. 1956 A - O 71*4 Sale 71*8
{ F -A 109*8 1107g 110*i June’ 16 . . . . 109*8 110*8
78
Mob A Ohio coll tr g Is. 1933 M- S 75 75*8 75*4 June’ U . . . . 75
109*2 Oct *15
l
) VI " w
.
.
.
.
___
100
104
J
J
100*8
100*2
101*4
Juno’
10
107
Mar’
16
Mem Dlv 1st g 4V4~5s___ 1996
107 107'
l \? - F 107* - I —
81 June’ 16 . . . . 80*2 84*2
Bt Louis dlv 1st g Is........1951 J - J ____81*8
100-34101 10O78 June’ U ___ 10078 101*8
90*8 Mar’ lC ___ 90 90*8
Ala Cen 1st g Os________ 1913 J - J 102 103*4 103*4 Juno’ 10 ----- 102*8 103*4
J -D
98*2
May’ 10 —
98*2 09
.
.
.
.
93*2
99*8
J
O
90*3
Fob
TO
Ala Gt Sou 1st cons A 5s.. 1943
ft Q -SI 87
89*4
90 90*2
5 111 111*2
Atl A Char A L 1st, \ 4 i-1914 J - J ____ 98 94*4 May’ 10 . . . . 94*4 96
] J - J 111*2 112*2 Ill's
H l '2
.
.
.
.
102*2
103
102*2
Juno’
16
10J
*2
1
J
____
1941
1st
30-yr
5s
ser
B
\J - j
84>2 84*4 85 June’ lt
84*4 88
84 83*4 May'10 . . . . 83U 85*8
i 93 100
Atl A Daav lat g 4s......... 1943 J - J 82
90*2
96'2____ 96*2
81*2 Mar’ 16 . . . . 79*2 81*2
2d 4 a ..........................1913 J - J ____82
99 ___ 99*2 May’ ll
98*4 99*2
70
77 75*i Deo T4
Atl A Yad lstg guar 4s__ 191! A -O
9 \l- S 103U------ 102*2 May’ 10
102*2 10.3*4
I03t2 104*2
b 93*4 99*2
MT VaAGa Dlv g 5s___ 1931 J - J 104*8------ 104*8 Apr TO
98*4
3 M-N 98l4 98*4 93*8
105*8 106*4
105*8
Salo
105*8 105*4
21
MN
Con
1st
gold
5a.............1951
99's
99*a
99'a
99l2
93*2 100
S M-N
100*2 Apr TO . . . . 9912 101*2
35 104*2 100*8
E Ton reor lien g 5s....... .1933 M- H
() F •A 104*4 Salo 101*8 105
57
bl
60
57*4 Apr TO —
Ga Midland 1st 3s........... 191f A - O 50
fi J - D 101*2 Sale 101*4 101*2 77 100*4 10278
107 107*8
Ga Pac Ry 1st g Oa......... 1922 J - J 100*8------ 107 Juno’ 10
1 92*3 97
96*a
2 M- 8 98-33 Salo 96*s
Knox A Ohio 1st g «s___ I92.r J - J 109*2___ 109*4 Mar'10 — 103 110*2
06 90
94*4___ 96 Jan ’ It
G F -A
Mob A Blr prior lion g .;s. 1915 J - J 102 101*2 105*2 No v’ 1'2 . . . . __ ____ _
93*a
i 93*8 98*8
3 M- N 98*s___ 93*8
71*4 71*4
Mortgage gold Is....... .1945 J - J 09 ------ 71*4 May’ H —
102 Jan ’0;
A - < 103 ____ 103*8 May’ U . . . . 103*8 103*8
93
73 Sop T2
Rloh A Meek 1st g 4s___ 1943 M N ____
9914100 100 June'U —
99*8 100
10 1 ioa
do Car A Ga 1st g 5s____ 191* M-b 101 101*4 101 Juno’ K
Pennsylvania Co—
102 102*2
Virginia Mid sor D4-5S -.192 ¥!- 6 102 ____ 102*2 Juno’ Ui
101*1 17 100*8 102*2
101*4 Sale 101
102 102
Serlea K 5a.
192( M- & 103*8____ 102 Mar’ll
100*2 101*4 101 May'It
................
104
Mar’
13
Ma
----104*4
___
Series
F
5s................1931
80*2 86 *j
7 M- S 86*2___ 86*2 Jan ’ It
102*4 100*8
100*8
General 5s.................. . 1931 M-N 106 Salo 100
1 F -A
85*2 88I4 85*4 Juno'H ___ 85 85*4
Va A So'w’n 1st gu 5 s..2001 J - . 105 ------ 105 May’ U! — IO212 105
99*4 100*8
6 M- N ________ 100'g Jan ’ll —
89*2 9034
90*4
90*4
A
C
90*2
91*2
1st cons 59-year 5s.. 1953
•j J - 0 85*4 86*8 83 Fob ’l£
94*2 91*2
WO A W 1st cy gu 4s___ 1924 F - A 01*2------ 91*2 June'U —
4 J - B 85*4 80'j 85*8 Mar’ ll . . . . 85 85*8
y.i
33
90
--------J
195.'
Spokane
Internat
1st
g
5s__
91*2
June’
U
94*2
98*.
94*2
95*8
1A- I
98*2 100*2
Ter A of St L 1st g 4 Ha___ 103E A - C
>2 M- N 92 ----- 92*8 May’ l- —
...............
F - A 103*8 105*4 103*8 Juno’ lC — 103*2 100*2
90 Deo T.
00-’s
___ 84*a 86 Juno’ U —
8 l7s 88
Gen refund s f g 4s......... .1951 J 99*
7 09 99*4
15 M- > 987s 09*1 99
99*,
99*2 101*4
St L M Bridge Ter gu g 5s 193* A - C 99*2 101*2 99*2
103 ___ 105 Apr T 1----- 104*8 105*2
L2 J 97 Sale 97
97
' 96
98*8
Tex A Pac 1st gold 5s......... 20!) 1 J -L
12 A - C 103 ___ 104 Deo T
40 .
40
40
; 35
-1178
i Ma
91U Feb ’ 1 —
89*2 - .
.
.
.
____ 87*2 90 Jan ’ If
00
90
La Dlv B L 1st g 5s......... 193 1 IS M- ^ 89*2___ 90*3 OOt T
106*2 Nov’04 - - - W Min W A N VV 1st gu 5s 193*IT-" - / ____95
89*2
>0 F - /
89*2 89*2
Series D 344a.
89*2___ 89*2
103*8----- 103*4 103*
2 103 104*4
Tnl A O C lstg 5a......... ...193 J 875s___ 80*4 May'l 1 ---10 J i 9S 102*s 101*2 May’ l ------- 101 102*j
90** J’ly ’ l 2 ___
875g
93 91
—
____94
94
May’
H
J
-1
5
.
.
.
.
General
gold
5s_________
193
9.313
Feb
T
\l J 99*s . . .
95*2 987a
83 83* 8.3 May 1( —
Kan A M 1st gu g Is....... 199 ) A -C
93 May’ 1i —
13 M- 4 92*4 . . .
97
99
J - I ____ 98* 97-8 Juno’ l —
10438 _ 109 May’ l 3 ___
50
61
50
55 51 Juno’ U —
Tol P A W lat gold 4s_____ 191 J 9SI3 Oct T 5 . . . .
99*2 . . .
ii j 7812 83
99*2 . 13 J 54
00
54 Juno’ l —
51*8 58
50-year gold 4s.................195 ) A-<
94 Apr T 3 . . . . 03*2 94
91*4 08
12 M
18^8 185«
20 ----- 18*8 Mar'U
Coll tr Is g Sor A........... 191 F June’ l 3 ___ 101*8 102*8
83 Apr T —
83 80
_____ 1021a
102*8 May’ 13 ___ 10138 102*8 Tor Ham A Buff 1st g 4s..A19l J - 1i ____ 87
)
___
1007
s
Juno'l
100
100*
99*2
101*8
J
-L
Ulster
A
Del
1st
oon
g
6s..
192
5
—
97*4
Juiy’
l
101
.
.
.
12 M- 1
74 Mar'll —
----1st refund g 4s................ 195 A - C __ . . .
94*4 May’ l 3 —
15 M 1 94*4 . . .
04*4 9512
53 9554 98*8
96*4 Salo 96*4
97
Onion Pacific 1st g 4s......... 191 J 92 Fob T 3 . . . . 02 92
19 F - /
93*2 . . .
1C 95 97*8
90* , 96
96
Registered___________ 194 - J - 1 00
95*4 Jan T
53 J - I ....... . .
4£ 92*8 01*4
04
’ J - 1 93*4 01 93*2
925* Auk ’l
35 89*2 91*i
90
1st A ref 4s.................. .0200 S M- 3 90 Salo 89*2
53 F- ,1 101 1021 10212 Juno’ l 3 . . . 101*3 102*2
92*i 92*2
92*2
Ore UR ^ v<<- -*on F 4«
tot J ** 92
1071? . . . . 104 Nov’ 15'
<' A 9-1*4 Sale
M-N
J- J
• No price Friday;latest bid and asked.
a Option sale.
9458
9434 65 94
94*8 Feb 'lb —
94
. u eJan,
6 Due Feb.
9514
94*8
a Due M a y .
0 Due June.
It Due July.
» Due A u g.
e Due O ct.
j> Due N o v .
« D ue Deo.
BONDS
N. Y. STOCK EXCHANGE.
Week Ending July 7.
P n ci
Friday
July 7.
W eek ’ s
Range or
Last Sal*
Rang*
Since
Jan. 1.
fl Due A p r. « Due M ay
Cl 1
oD u eJan .
0 ;
0
N o. 7,013 H igh
BUI
A sk Lots
Onion Paclfle (Con )—
1 107*4 109
Ore Short Lino 1st g da__ 1922 F - A 10818___ 108% 10S%
1 106 107%
106
let consol g 5a.............. 1916 J - 1 106U____ 106
17
92
Salo
92
J
o
91% 94
Guar refund 4a..............1929
___ 102 102
Utah «k Nor Bold 6s____1926 J - J 101 % ___ 102
90 95
1st extended 4s____ 1933 J - J 93% 100
91
91
Vandalla cona g 4a Ser A .. 1955 F - A 9054 ___
—
91
91%
Conaol 4s Series B______ 1957 M- N 91U 91%
Vera Crus A F 1st gu 4HB..1934 J - J ----- 87
9834 59 97% 99
Virginian 1st 5s Series A ___ 1962 M-N 98% Sale 98
104% 20 103 105
v>b.uaon 1st gold 5o_______ 1959 M-N 104 Salo 104
8 08 100
98%
08*4
3d gold 5s_ - ..................... 193P F - A 98% 99
Debenture Series B........ .1939 J - J 80 110 90 JnneTa
1st lien equip a fd a 6 s... 1921 81- 8 90%___ 100 May TO . . . . 06% 100
•st lien 50-yr g term 4s...1954 J - J 69% ___ 65 Dec T5
Det A Cb Ext 1st g 5a___ 1941 1 - J 105 107 104 June’16 . . . . 103 104%
Oes Moln Dlv 1aLg 4s___ 1939 J - J *76 ____ 80 Aug T2
__ _ 72 73
Om Dlv stgSH s............ 1941 A - O ____ 72
___ 82 87
86
To! A Ch Dlv 1st g 4s___ 1941 IW- s 80
11 1% 4%
3% 4
it ab Pitts erml8tg4a____1954 J - D
108 1
354 Sale
3%
Cent and Old Col Tr Co certs..
1*4 Mar’ 10 —
1
3
1
3%
Columbia Tr Co oertfs...........
50
3
3
1
3
1
3%
Col Tr ctfs for Cent Tr ctfs. . .
%
%
%
’%
2d gold 4s.........................1954 J -D
% Salo
%
*4
Trust Co ' ertfa....................
83% 84*4
Wash Terml 1st gu 3 Ha___ 1945 F - A 8354 85 84% Apr T6
95% 91% Aug T5
let 40-yr guar 4a ............ 1945 F - A 93
73% ” io 71
75
West Maryland 1st g 4s___ 1952 A - O 73 73% 73
2 103% 105
■West N Y A Pa 1st g 5e........1937 J - J 104% 106 104% 104%
81% 84%
Gen gold 4a...... ................ 1943 A -O 84%____ 84% June’ 10 —
37 ___ 20 Deo T6
Income 5 s ..................... 41943 Nov
f? heeling A L E 1st g 6s___ 1926 A - O 102 104 102 Juue’ 16 __ _ 98 102
9734
1 96
99%
Wheel Dlv 1st gold 5s____1928 J - J 95% 9734 9734
Exten A tmpt gold 5s____1930 P - A 95% 97 97 MarTO ___ 97 97
1 68
74%
74%
74%
HR 1st conaol 4«________ 1949 M- S 74% 76
20-year equip s f 6s.......... 1922 J - J 60 ____ 90 Apr ’ 14
85
*10 84% *87*%
Winston-Salem S B 1st 4a _- 1960 J - J ____ 87 85
863.i
8634
8
84 87%
Wls Cent 50-yr 1st non 4fl__ 1949 J - J ___ 87%
85 90%
dap A Dili dlv A term 1st 4s '36 81 N 85% 86% 86% Juno’ 16 —
•trtttt Kaliway
___
103
June’16
102 103%
Brooklyn Rapid Tran g S3.. 1946 & - O 103 104
6 78% 81
80%
1st refund conv gold 4a__ 2002 J - J 80% Salo 7812
100%
100 % n o 100 101%
8-year scoured notes 5a...1018 i ■ i 100% Salo 101%
10 --- J inn% 102
Uk City 1st eon 5s..1918-1941 J - J 102% ------- 94 Juno’
1 94 94
94
31 Q Co 4 fl eon gu s 5s.. 1941 M-N 94 Sale 101 May’
|
13
SMyn q Co * a let 6s___ 1941 J - J
100%
7 iod 102
Sklyn Uo El 1st g 4-5S...1050 f - A 100% 101% 100%
June’ 10
100% 102%
Stamped gu*r 4-53........ 1050 F - A 100% _____ 101%
Zings County El 1st g »s. 1940 F - A 8334 84% 83 May’ 16 --- J 82% 86%
8334
84
5 82% 86%
Stamped guar 4s_____ 1949 F - A 8334 Salo 71
0 74 76*4
75
Nassau Elec guar gold 4s. 1951 J - J 72 75
97% 13 95% 98%
97% Salo 973g
Chicago Uye 1st 5s..............1927 r - a 10034
5 90% 101
___ 101
101
Coen lly A L let A ret s 4 Ha 1951 j - j 1003,t_____
96% Juno’ 14
Stamped guar 4Hs.......... 1951 1 - j
80% 48 74% 83%
Det United 1st coos g i l i a . . 1932 j - j 80% Sale 80
VI Smith Lt A Tr 1st g 6 s...1036 til ■ 8
923.j ” '4 87 94*
Havana Eleo consol g 6s___ 1952 f> - A 92 92% 92%
71% 25 69% 75%
tiud A Manbst So Ser A ___ 1057 F - A 71% Salo 71
58 26% 31%
29
28*4 Salo 28%
Adjust Income 6s__ _____1957
100% 102
N Y A Jersey 1st So..........1932 r Y A 100 101% 100% Juno’ 16 —
74% 39 72% 70%
laterboro-Metrop coll 4H9.1956 A - O 74% Salo 73%
98% Salo 98%
98% 161 98 99%
laterboro Hap Tran 1st 5s.. 1908 S ■ i
90% 12 90 93
Manbat Ry (N Y) cons g 4s. 1990 A - O 90% Salo 90
91% 36 90% 93%
91 Sale 90%
Stamped tax-exempt.........1990 A -O
Metropolitan Street fly
away A 7th Av 1st c g Ss.1943 } a 100%____ 100 Juno’ 16 __ _ 98% 100%
Col A 0th Av let gu g 5s.. 1993 M- s ___ 100% 100% Junc’ lC
99% 1003g
1 99*4 101
Lex Av A P F let gu g 5s. 1093 m - a 100% 101% 100% 100%
30 Mar’ 14
Met W a El (Chlo) 1st g 43 .1038 V - A
Ullw Elec Ey A Lt eons g 6s 1926 V - A 101%___ 102% Juno’ 10
Refunding A exten 4HS..1031 i - J ___ 93 92% Feb T5
100 % 100 %
s-JInnoep St 1st cona g fie___ 1919 J - J 100%____ 100% Mar’10
92% 95
Montreal Tram Ut A ref 5s .1941 ) - J 89%____ 93 June’16
80 80
■’ ew Or! Hy A Lt Ken ♦
193 J J _________ 86 Juno’ 10
i 99 99
99
99
N Y Munlelp R> 1st 3 f 5aA 1906 J - J 99
21
73% 79
76
70%
a Y Hys 1st It E A roi 4s.. 1042 J - J 76% Sale"
28 55 63%
58
58 Sale 5734
80-year adj Ino 5s............al942 A - O
85% 88%
!• Y State Uye 1st oona 4HS-1002 M- N 82 86-33
92% 94%
■Portland l l y let A ref 69___ 1030 M- N 01% 03%
—
79% 80
Vortld Ity Lt A P 1st ref 6s. 1942 F - A 78%____ 80 h
100 \
Portland Gen Elec 1st 5s. 1935 J - J
90 May’ 16
95 96
it Job lly, L. H A P 1st g 6a. 1937 M - N 95*4 —
100 Sep T5 — •8t Paul City Cab con.s g 6s.. 1937 I J
82
27 81
83%
third Ave 1st ref 4s..............1960 l J 82 Sale 81%
79%
80
Sale
76
79%
A
O
79% 84%
Adj lno 6s____________ a 1960
106 108
Third Ave Hy let g 5s.......... 1937 J J 107 108% 107% Juno’ 16 —
1 98% 100%
99%
Yrl-CIty Hy A Lt let s f 5s.. 1923 A - O 99% Salo 99%
05% July’14
Unde gr of London 4 H»___ 1933 J - J
07 87% 09 Jan to . . . . 68 69
Income Cs.........................1943
84 Oct 08
(Tnlou Elev (Chic) 1st g 6s.. 1949 A - 6
73 74
■■United Hys Inv 5s Pitts Iss. 1926 M-N ____ 697g 7334 Apr TO —
Cnltcd Rys St L 1st g 4s___ 1934 J - * 59% 67 59% Juno’ 16 --- - 59% 02
65 Apr TO —
55 59%
8t Louis Transit gu 5s__ 1024 A - O ____ 65
32% 79 30 46%
Doited Hits San Fr s f 4 s... 1927 A - O 3 D4 Salo 31%
8934 Juno’lO
- 89% 92
v* Hy A Fow 1st A ref 6s .1934 J - J ____ 90
Ga« and Kloetrlc Light
Atlnuta a L Co 1st g 6s___ 1047 J - D * 103 ____ 103 Sep T5
1 105 107
Bklyu IJn Gee 1st 00113 g 6s. 1945 M-N 106% 10G34 106% 106%
64 June’ 13
Buffalo City Gas let g 6s___ 1947 A O
97 Feb T5
Columbus Gas 1st gold 63. ..1932 J - J
122
5 120* 125%
Consol Gas conv deb 6 s __ 1920 q - f 122 Salo 121%
1 101 102%
Detroit City Gas gold 6s___ 1923 j • j 101 101 % 101% 101%
9H% Nov’ 16
Detroit Gas Co cn,.s 1st g 5a. 191a F A TOO
1 102% 104%
Detroit Edison 1st coll tr 5s. 1933 J I 102*4 103% 103% 103%
1 100% 101%
1st A ref 5s ser A ......... 61910 M- S ------- 101% 101% 101%
100% May’ 15
I g U L N Y let cons g 6 s ... 1032 Itt l)
J
1}
100 vpfo •13
Gas A Else Berg Co c g 6s.. 1949
iludeon Co Gao 1st g 6s___ 1949 M-N 10234 10334 10334 Juno’ lG — 103 103%
91 Jan T6 . . . . 01
Han City (Mo) Gas lot g 6s. 1922 A O
91
'lings Co El L A P g 5a_____1937 A - O l o Y : : : : 105 June’ 10 — 104 105
Purchaaa money fls.......... 1997 A O 11012 117% 117% Juno’ 16 —
114% 118%
126
128
M8
120
Mar’lfl
-- - - 12(1 128
Convertible dob 6s_______1926
Ed El ill Bkn 1st con g 4s. 1939 i - J ___ 89% 88 Apr TO —
88 88%
101 %
J.ao Gas I. of Ht L 1st a oa_.fi 1919 q - F 101% 101% 101 %
100% 102
101%
101%
2 100% 102*8
lief and ext . - fie_____ 1931 A - O 101% Sale
Milwaukee Gas i, lat 4s___ 1927 M-N 927g 93% 93 Juno’ 16 - - - - M% 03%
rSewark Con Gas g 6«____ 1948 J - C- 103% 105 103% Mar’ 16
103% 103%
9 103 105%
W Y G E L H * P g Cs..........1918 J t) 104% 104% 103% 104
84%
9 84 87
Purchase money g 1 1 _____1949 F - A 84% Sale 84
Ed El 111 lot cons a Cs___ 1096 J - i 108% 109% 108*4 Apr TO — 108 109
n YAQ El L A P 1st con g 6s. 1030 F ■A 100% ...... 100*4 Junc’ 10 —
100% 101%
92% July’09
ff Y A Rich Gas 1st g 6a___ 1921 M-N
raclflc O A EI Co Cal O A K
98% 35 97% 100
Corp unllylng A ref 5s____1937 M t» 98 Sale 97*4
V a e Fow A Lt 1st A ref 20 -yr
92
6s Internet Scries..............1930 F - A ____ 90 92
1 92
93%
Fat A Passaic O A El 6s____1049 M- 8 101 % ___ 99% Oct ’ 15
Peop Gao A C 1st cons g 6s.. 1943 A - O 115 ____ 115% May’ 16 __ 114% 116%
100%
101%
M5
100%
Juno’
16
Refunding gold 6a............ 1947
— 100% 102%
Registered..............
1947 M- 4 100 ___ 99 sop ’ 13
Ch G-L A Cke 1st gu g 6s. 193* J - J 1013.1____ 102 % Juno’ 16
101% 102%
Con G Co of Chi lltgug £sl93(i J D 100*8___ 101% May’ 10 __ _ 101 101%
87 Juno’ 16 ___ 87 87
Ind Nat Gas A Oil 30-yr 5sl930 M- N __ 88
100
____
MN
100*4 MarTO — - 100*8 100*4
Mu Fuel Gas 1st gu g 5a..l947
fhlladelpbla Co conv Cs____1919 F - A . . .. 98% 98% Apr TO ___ •90% 98%
90%
!)0*4 15 00% 03%
Conv defcen gold Cs_____ 1922 M- H 90 91
100% 1&| 08% 102%
Stand Gas A El conv a f 0s..l02« J D 100 Salo 100
Syracuse Lighting 1st g 6s.. 1951 J - D 100% -------- 10 C% May’16
99% 100%
Syracuse Light A Power 6a.. 1964 J - J 84 ------ 85% June’ 12
Tremod O a ei 1st g rts
1940 M- 8 101% ____ 10 1 % Juno'14
...
•N o price Friday; la U »t bid and asked.
13 1
New York Bond Reoord— Concluded— Page 4
BONDS
II. Y. STOCK EXCHANGE.
Week Ending July 7.
Interest
Period
July 8 1916.]
Union Elec Lt A F 1st g 5s.. 1932 M- 5
Refunding A extension 5s. 1933 M-N
Utah Power & Lt 1st 5s___ 1944 F - A
Utica Elec Lt A P 1st g 5s.. 1950 J - J
Utica Gas A Elec rof 6s___ 1957 J - J
Westchester Ltg cold 5s___ 1950 » - D
Mlicellaneous
Adams Ex coll tr g 4s_____ 1948 1* - «
Alaska Gold M deb 6s A___ 1925 M - S
Conv deb 6s series B ___ 1926 M - S
Armour <v Co 1st real eat •»ua ’39 J - f >
Braden Cop M coll tr sf 6s.1931 F -A
Bush Terminal lat 4s_____ 1952 A • U
Consol 5a______________ 1955 J - J
Bides 5s guar tax ex
1960 A - O
Chic UnStat’n lstgu 4HsA 1963 J - J
Chile Copper 10-year con v 7s 1923 M-N
Computing Tab-Reo a f 6S..1941 J - J
GranbyConsM SAP con 6s A ’28 M- N
Stamped.......................... 1928 M-N
Great Falls Pow lat s f 5 s ..1940 M- N
Int Mercan Marine 4 Ha___ 1922 A - O
Certificates of deposit...........
Int Navigation lat s f 5s___192‘t F - A
Montana Power 1st 5s A .1943 J - J
Morris A Co let s f 4 Ha___ 1939 J - J
Mtge Bond (N Y) 4ssor 2 ... I960 A - O
10-20-yr 5s scries 3............ 1932 j - j
N Y Dock 50-yr 1st g 4s___ 1951 F - A
Nlag Falls Pow 1st 5s.........1932 I - J
Ref A gen 6 s ............. al932 A - O
Nlag Lock A O Pow 1st 5s.. 19-54 M-N
Ontario Power N F’ 1st 5s . . 1943 F - A
Ontario Transmission 5s___ 1945 M-N
Pub flerv Corp N J gen 5s . . 1959 A - O
ToDnessee Cop 1st conv Os..1925 M-N
Wash Water Pow 1st 5a___ 1939 J - J
Manufact ring «. Industrial
Am Ac Chem 1st c 5s......... 1928 A - O
Conv dchen os..................1921 F - A
Am Cot Oil debenture 5s__ 1931 M-N
Am Hide A L 1st s f g Os___ 1919 153- 8
Amor Ice Secur deb g Os... 1925 A - O
Am smelt Securities s f Os.. 1920 F - A
Am Thread 1st coll tr 4s___ 1919 J - J
Am Tobacco 40-ycar g Os...1944 A - O
1944
Registered_________
Gold 4s............
.1*1951 F - A
Registered..............11*1951 P - A
Am Writ. Paper 1st s f 5s___ 1919 j - j
Baldw Loco Works 1st 5 s ... 1940 m -N
Beth Steel Istexti f 5a___ 1926 1 - j
1st* ref 5s uar A_______1912 M-N
Cent. Loath 20-year g 5a
1925 A - O
Consol Tobacco g 4s..
1951 F - A
Corn Prod Ref s f g 5 s ...” *1931 M-N
1st 25-year s f 5s __
1931 M-N
Cuban-Ara Sugar col! tr 6s *1918 A - O
Distil Sec Cor conv 1st g 5e 1927 A - O
E Xdu Pont Powder 4Hs
1936 J - D
General Baking 1st 25-yr Os 1936 J - D
Gen Electric deb g3Hs. . 1942 F - A
Debenture 5s.................11952 M- 8
111 Steel dob 4He__________1940 A O
Indiana Steel 1st 5s_______ 1952 M-N
Ingersoll-Rand 1st fis_. _fl935 f J
Int Agrlcul Corp 1st 20-yr 6s.1932 hi - N
Int Paper Co 1st con g 6s__ 1918 V - A
Consol conv s f g 5s___ 1935 J - J
Int St Pump 1st s I 6s_____1929 M- 5
Certfs of deposit___
___
Laokaw Steel 1st g 5s
1923 A 6
1st con5s Series A .
1950 M- 8
Liggett A Myers Tobao 7sl 1944 A - O
6s _________
1951 P - A
Lorlllard Co (P)"'7sII...........1944 A - O
.................:::.* : 1951 F - A
Mexican Petrol Ltd con 6s A 1921 A - O
1st lien* ref Onseries C
1921 A - O
Nat Eoara A Stpg 1 st 5s '*1929 1 - D
Nat Starch 20-yr deb 5s
1930 1 - i
National Tube 1st 5s.. .
1952 M-N
N Y Air Brake 1st ecuv 6s* PJ28 M-N
Railway Steel Spring—
**
Latrobe Plant 1st s f 5s...1921 1 - 1
Iuteroccan P 1st s f 5s . 1931 A - O
Itepub I A S 10-30-yr 5s s f .. 1940 A - O
Standard Milling 1st 5s. . 1930 M-U
The Texas Co conv deb Os. 1931 I - J
Union Bag A Paper 1st 5s.. 1930 J - J
Stamped.......................... 1930 J - J
U 8 Realty* I conv deb g 6s 1924 I - J
U S Red A Refg 1st g Os'.. 1931 J J
US Rubber 10-yrcoll tro« 1918 J - D
U S Smelt Rf & M conv 6s 1926 F - A
US Steel Corp— (co u p ... <*1963 M-N
S f 10-60-yr 5s\reg........<11963 M-N
Va-Car Chera 1st 15-yr 5s 1923 J -D
Conv deb 6s....................*1924 A - O
West Electric 1st 5s Dee.” 1922 J - J
Westlngh’so E A M conv 5s.1931 J - J
10-year coll tr notes Sa___ 1917 A - O
Coal 5 Iron
Buff A Susq Iron s f 6a........1932 J - D
Debenture 5 s ........... al92« M 8
Col F A I Co gen 0 f g 5s___ 1943 F - A
Col Indus 1st A coll 5s BU..1934 F - A
Cons Ind Coal Me 1st 5a __ 1935 J - D
Cons Coal of Md IstAref Sa. 1950 J - D
Continental Coal 1st g 5s__ 1952 F A
Or Rlv Coal A C 1st g 8s. A1919 A - C
Kan A H C A O 1st s f g 5s. 1951 J - J
Pocah Con Collier 1st s f 5s. 1957 J - J
St L Hock Mt A P 6s Stinpd.1955 J - J
Tenn Coal geu 5 s ................ 1951 J - .1
Ulrm Dlv 1st consol Cs._Il917 J - J
Tenn Dlv 1st g 6s......... ul917 A -O
Cah C M Co 1st gu 63____1922 J -O
Victor Fuel 1st s f 5a........ 1953 J - J
Va Iron CoalACoke 1st t Sail 1949 M - 8
Telegraph & Telephone
Am TeJep A Tel coll tr 4a. . . 1929 J - S
Convertible 4a..................1930 R t- S
20-yr convertible4Hs___ 1933 IM- 8
Cent IKat Td 1st 30-yr 6a.. 1943 J - B
Commercial Cable lat s 4a..2397 Q - I
Registered................... 2397 Q - I
Cumb T A T 1st A gen 5s__ i937 J - J
Keystone Telephono 1st 5a.. 1935 I - J
Mctropol Tel A Tel 1st s f 5s 1918 tt-N
Mich State Telep 1st 5s___ 1924 F - A
N Y A N J Telonhone 5a g .. 1920 M-N
N V Ten p 1st A gen a f4 H a-1939 M- h
l’ac Tel A Tel 1st 5s..............1937 J - J
South Bell Tel A T 1st a f 5a. 1941 J - J
Wost Union coll tr cur 5a__ 1938 J - J
Fd and real est g 4H*____I960 M - N
Mut Un 1 el gu ext 6a___ 1941 M - N
North weat Tel gu 4Hs E 1934 J - J
<1 Due June. A Due Ju ly. k D ue A ug.
Price
Friday
July 7.
Bid
Week'*
Range or
Last Sal*
Aik Low
«a
Rang*
Sinn
Jan. 1.
Hioh No. Low
B it A
2 100*4 101%
100%___ 100% 101%
89 Mar’15
20 94% 96
94
95
94%
95
102 % Mar’ 15
98 ’ Aug *15
------106% 105% June’ 10 — 104% 105%
83 85
84
84
1
1
------100% 101% 101%
101 Sale 100
101
10
40
9334
93% Sale 93%
99 Sale 99
99% 16
87% 88% 87%
87%
5
88
88% 88 June'10
86% Sale 86%
86% 22
99% Sale 99%
99% 33
12534 126% 126% 127
13
25
s85 Sale 85
85
105% 106 105% Juno’ 16 ___
7
105% Sale 105% 106
100% 101 100% June’ 16 ___
___ _ _
105% 105% 12
104% Sale 104% 105% 402
102 105 100 May’ 16
98
45
97% Sale 97%
92%____ 92% Apr TO ___
82
85%
101% 117
99% 105
93*8 95
99%
99
86% 89
86% 92
91
86
99% 99%
126 135%
86
81
101% 109%
103*4 109
99% 101%
95 105%
95% 106%
91*4 100
95% 98%
92% 93
------95%
72% 74
101% 102
94 June’ 16
94* 94%
I 73
73
73
75%
102% June’ 16 ___ 100»4 102%
89
93
91% 93%
86 95
s91% Sale
104% Sale
92% Fob '16
92% 92%
92% June'16 ___ 92
95%
90% Junc’ 16
86 90%
91%
91% 10 89*4 93%
103% 104% 19 100 125
103% Jan T4
102 103
97% 97%
95% 97
103% 104%
87% Sale
107% Sale
97% 98%
118% . .
102
103
9 101U 103
97%
97%
99%
97
97 June'16 . . .1G,
. 96% 97*4
2 103% 104%
103% 103%
1 85 88*4
87%
87%
107% 107*4 47 106% U8
5 97% 98%
98%
98%
118% May' 16 ___ | 118 118*4
121*4 May’14
82*4 June'16 ___ I 8234 86%
83
90
80
80 Sale 79%
65% 80%
------104% 104% Apr T6 13| 104% 105
103% 104% 103% 103%
« 102% 104%
100% Sale 100
100% 46 100 103%
101*4 Sale 101*4 102% 21 100*4 102%
82% 86
97*4 Jan '15
98
99 99% May’ 16 ___ 99 100%
96% 97
96% Juno’ 16 ___ 96% 99%
102% 102% 102% 102% 41 101% 103
75% Sale 75%
89 69% 78
76
102% Sale 102% 102% 10 101 107%
------ 90% 85 MarTO
85 85
82
83% 82 June’16 ___ 78 83%
104% 104% 104
104
1 103% 105%
90% Salo 90
90% 21 8912 92*4
102 Sale 102
103% 13 101% 103%
100 Oct’ 13
75% 76% 75% June'16 ___ 75% 79
1013s 102 102 June'16 ___ 101% 102*4
91 ___ 91%
91%
4 81
92
71 June’ 16 ___ 71
78%
70 June'16
79%
70
99% 40 97% 100%
99% Sale 9934
91*4 Sale 91%
92% 52 9034 97%
126 126% 126
9 124*4 127
126
100% Sale 100% 101% 33 100% 103%
7 122% 127
125% 126% 125% 125%
100 101 100% 100% IS 100% 102%
108% 114 107% June’ 16
106% 128
110%
UO Sale UO
6 105 125%
98% 10 96% 99
98 98% 98%
8512 June’16 ----j 85% 88%
------ 87
100% Salo 100% 100*4 12 99% 101%
103% 103% 103% 103%
C, 101 105%
100% 100%
6 99*4 100%
100% -9634 Sale 96*4
98
3 941* 97%
97% Sale 97i2
9S% 31j 95*4 99*4
99i2 99% 99% June’ 16 ___
95% 100
101% 104% 104
104% 15 104 106
83 85 82% June'10 ___ I 80% 83%
84 .
82% May’ 16 ___ 1 82% 82%
68 Sale 68
68%
3 CS 73
10
15
10% June’ 16 . . . . 10% 14
102% Sale 102% 102% 29 102 103%
113
48 109 115%
112 Sale 111
104% Sale 104% 105% 208 103*4 105%
1 103% 105%
104*4 105%
4 98 99%
98%
98% Sale 98%
0 100% 103%
100% 100% 100% 100%
4 101% 103*8
101% Sale 101% 101%
29 112% 141%
118
115 Sale 115
5 100% 101%
104% 105 100% 100%
96% Salo
91
95
95 ___
76 Sale
18 ___
89 91%
35 ____
___ 94%
35 ___
93%____
85 80
____103
100% 100%
___ 101
106 ____
____ 87%
____ 86
1
96%
96%
98 June’ 16 ___
95 May’ 16
76
76
12
73 MarT4
92 June’ 16 ___
99% F’eb T4
94*4 Mar’ 16
90
93
94*4 94*4
92% June’16 ___ 89
92%
87 June'16
84
88%
102 June'16 ___ 101% 103*8
10034 June’16 ___ 100*4 102
100% June'16 ___ lf’0% 102
101 D eo'U
73 Apr T4
■86 June'16 —
86 90%
91% Sale 91%
91*4 63
100 ____ 102% June’ 16
108% Sale 108% 108% 45
102% 103% 102% June’ 16 ___
. . 75 88% June’ 14
70% 74
71 May TO
100% Sale 100% 100%
9
___ 100
98 Apr T6 ___
100 101% 101% June’ 16
99 101 100% 100%
2
101 ___ 100*4 June’ 16 . . . .
08% Sale 98%
98% 74
100% Sale 99% 100% 39
100% Salo 100% 100*4 17i
101%____ 101% June’ 16
94% 94% 94% June’ lG ____ I
101% Apr T6
93*4 94% 95 Mar'16
Due Oct
96% 96%
96*4
90
92*4 95%
74% 77
90% 92%
100 102*4
105% 109
101% 102%
71
71
99% 10t.%
98
98
101% 101%
99% 101
100% 100*4
98 99%
99% 101%
99% 101%
100 101%
94% 96%
101% 101%
95
05
p D u e N o v . j D u e D e o . tu p tlo n a a le .
132
BOSTON STOCK H1XCHANGB—StocR Record SJB2?£..
S B ASM r m CMS— N O T r e x
Saturday
July 1
* 1047s
•983.J
*18412
74
*128
47
*__
*
*4
M onday
July 3
10511 *105is
99l2 *98*4
1850 185
*74
75
1283,i *128
47
47*2
*22812
4 +___
*
39
5
*4
Tuesday
J uly 4
CENTUM
1
105%
990
185
75
1280
470
*1050
*99
185
74
12SO
47
*__
4
39
5
p r ic e s
1 W ednesday , Thursday
| July 5 | July 6
*
*4
4
39
5
La si Sale
*105
*154
*750
*126
89
*100
51.,
*33
62
*103
150
*261.,
*1390
*750
128" 128
90
90
1000 100%
50
6
35
32
620 610
104
150
150
29
*261,
110
*114
*58
73
*114
*__
*72
120
60
73
*114
58
73
120
59
73
*66
68
68
*66
9934
*99 100
99
2
*21.t 21 ?
20
15
15
*14i2 15
*1091.1 IIOI2 109 109
117% 11712 117 117
12812 128*2 1281.1 1280
*4412 45l2 *4412 450
0412 9412 94% 95
*70 ___ *70 ___
*__ 100
100
65l2 06% 6534 660
613.,
61
GOI2 61
20*2 20i2 20% 200
103s
*10
934 10
240 240
239«2 240
♦166*2 167*2 *166*2 1670
*100l2 ___
*100i2
81
813s 8 l3s 81
82
82
81
81
*163 165 *165 167
*»4 1
*'4 1
*16 ___ *16 ___
*42
*42
*__
25 *__
25
*50 ___
*50
132 132 *132 133
*150 155 *150 154
*162 ___ 163 163
*16
16*2 16% 160
136 1360
*135i2 130
245
4512 44
450
*30
31
*30% 31
*1
10
1% *1
158 158
•157 158
51*2 5112 510 52
290
29%
29*8 295s
85«4 85% 850 860
117 117 *117 1170
834 834
812 834
fH
Q
w
0
V,
w
Q
£
|
Friday
July 7
106
Last Sale 104%J’nc’ 16
99
990 99
185
185 185
74
730
730 740 72
129
129 129
1280 1280
47
460 460 460 460
*153
*105 107 *105 107
*154 162 *154 162
750 750
*75'4
*126 128* *126 128
*90
*90
*100 100l2 *100 100O
*5
*5
60
3312 33% *3312 35
G2 62
61*2 62
*
103 103
103
*14914
*1491.1 150
29
*26 G
*137% 1377s *138% 1390
120
60
73
1
107
1G2
40 May’ 16
39 May’ 16
40 Apr’ 16
107 J’ne’ 16
162 May’ 16
75
75
*1270 128
90
90
128
90
100%
6
330 320 320
63
61% 61%
104
151 152
151
27
27
29
1360J'ne'16
823, j ’ne’ 16
Last Sale 116 J’ne’ 16
58
58
58
58
72
72
*72
73
68
68
68
680 68% 68
993., 99% 99% 100
990 990
2V 20 *20 20
20 20
*_
13 *
14
14
15
iio o 1100 110 % 1110 ................
117 1170 117 117*2 1170 118
12834 129
1283, 129
1280 129
Lasl Sale 45% j ’ne’ 16
*440 45
95
95% 95
950 *9434 95
___ ___
Last Sale 710 J’ne’ lO
99
99 *
99
67
667s 670 660 6734 65
62
63
64
65
630 65
20% 22% 223, 23% 230 240
10
10
10 ' 10
*2100 212
242 242 242 242
1680 169 *1680 1690 1683., 1683.,
*1000
101 101
81
31% 810 82
* 8 1 0 ___
*82
83
83
83
83
83
166 166
1650 1660 *165 166
1
1
J’ne’ 16
*0
*16 ___
Last Sale 16 J’ne’ lO
*42
Last Sale 43 | Apr’ 16
*
25
J’nc’ 16
Last Sale 25
*50
50 JTie’16
132 1320 133 1330
*150 154
154 J’ne’ 16
*163 1630 163 1630 163 163
*160
*160 17
135% 135%
1350 136', 136 137
44
443., 443.1 4434
150 44
300 J’nc’ 16
*300 31
*1
10
1
1
1590 1610 1610 1623., 1590 162
510 51a4 513, 52% 520 530
290 290 290 290 290 290
863,
860 87% 86% 870 86
1173, 11734 1170 1170 1173, 1173.,
8% 8%
8% 83.,
80 8%
Sales
o f the
W eek
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan.
Low est.
Railroads
Ateh Topeka A Santa Fe_. 100
10 Do pref___________ 100
26 Boston A Albany_______ 100
162 Boston Elevated.............. 1(H)
11 Doston A Lowell............ 100
139 Boston A Maine------------ 100
1(H)
Boston Suburban Elec Cos__
102 Mar 2
99 Jan 5
182 May 8
65% Apr 24
l2Si2June3Q
35 Jan 28
227% Mar27
4% Feb 29
39 May 19
4 MarlS
Boston A Wore Electric Cor..
42 Feb 28
100
102% Apr 26
100 150 Jan 5
38 Fitchburg pref____ ____ 100 75 May 2
15 Georgia Ry A Elec stampdlOG 122 Jan 3
77 Do pref___________ 100 z86 Jan 10
6 Maine Central_____ ____ 100 x99 JunclS
5% July 5
10 Mass Electric Cos.... ........ 100
65 Do pref stamped___ 100 31 May 2
536 N Y N II A Hartford___ 1(H) 57 May 5
15 Northern New Hampshire 100 97 Jan 3
18 Old Colony..................... 100 149% JuncIO
5 Rutland, pref__________ 100 20 May 1
’ TO 130 Apr 20
Vermont A Massachusetts. 100
40 West End Street...... ........ 50
44 Do pref____________ 60
Miscellaneous
251 Amer Agrleul Chemical... 100
489 Do pref.................. . 100
925 Amer Pneumatic Service.. 60
250 Do pref____________ 60
126 Amer Sugar Refining____ 100
162 Do pref_____ ______ 100
1,805 Amer Tclep A Teleg_____ 100
American Woolen of Mass.100
192 Do preferred_______ 100
Amoskeag Manufacturing.
10 Do pref.....................
7,991 Atl Gulf A W I S S Lines. 100
3,359 Do pref__________ )00
1.
H igh est.
108 Jan 3
101% Mar 9
198 Feb 16
88% Jan 19
145 Feb 11
52 Feb 14
235% May29
6 Jan 8
40% Feb 29
5% Jan 5
108 May 26
162 Feb 19
87 Feb 14
128 MaylO
90 May25
102 Jan 17
8 Feb 14
40 Feb 11
77%Jan 3
105 Feb 14
157 Feb 26
30 Jan 3
142% May23
[V o l . 103.
Range fo r r r e c io v t
Year 1916.
Lowest
| H ighest
92?, Fob 1 109% Not
97 Jan 101% Nc»
170 Mar 198 Jan
73 June 96 Jnn
109 Feb 138% Oot
37% Oct
20 Feb
5 Dee
10
66
9
47
Mar
Mar
Sep
July
76 Nov
51 Feb
114 Apr 120 1’eb
88 Mar
84 Aug
92 Mar 103% Nov
4% June 10 Sep
33 July 56 Jan
87% Oct
43 Feb
98 Apr
89 Oct
140 Aug 157 Apr
30 Nov
141% Nov
115 Apr 25 125 Mar 1
57 Juno 2 67% Jan 19
72 July 7 80 Feb 25
105 Fob
61 Mar
80 July
64 Apr 24
95% Mar23
2 Jan 18
13% Jan 6
106 Apr 22
114% Mar 1
126% Jan 31
43 Jan 11
92 Jan 11
66 Jan 3
99 July 5
27 Jan 14
42 Jan 15
73% Nov
48 Jan
87% Mar 101 >2 NOV
4*2 Oct
1% Mar
ll)i, Jan
13 Deo
100 Feb 119% Nov
119 Dee
130*2 Nov
57% Oct
16% Apr
99*2 Oct
77 Feb
67 Apr
59% Jan
07% May 101 Feb
36 Nov
4 Feb
9% Mar 49 Nov
9% July 1
305 East Boston Land______ 10
49 Edison Electric Ilium____ 100 234 Apr 27
104 General Electric________ 100 159% Apr 22
14 McElwaln (W n) 1st pref. ion 95 June 8
155 Massachusetts Gas Cos__ 100 80% May 17
67 Do prof.................. 100 80 May 3
21 Mergenlhaier Linotype... 100 165 May 4
1 Mar 8
10
Mississippi River Power.. 100 15 Jan 18
100 43 Apr 6
New Eng Cotton Yarn___ 100 25 Apr 22
50 Jan 24
100
52 New England Telephone.. 100 131V Jan 11
100 102% Jan 11
109 Pullman Company_____ 100 158*2 Apr 28
15 Reece Button-liole______ 10 15 Feb 3
196 Swift A Co........................ 100 12,-> Feb 5
644 Torrlngton________ ____ 26 35 Jan 14
25 28 Jan 14
.90 Mar28
100 Union Copper L A M ........ 25
1,213 United Fruit............. ....... 100 130V Jun 31
1,877 United 8boe Mach Ccrp__ 25 50 June23
555 Do pref____________ 25 28*2 Jan 3
2,109 U S Steel Corporation___ 100 79% Mar 1
101 Do pref..................... 100 115V Feb 6
8 Feb 16
1,380 Ventura Consol Oil Fields. 6
71% Feb 11
100% Junel3
3% Apr 12
16 May 4
116%Jan 8
11834May26
131 Mar29
55
Mar 14
101% Marl4
75 Junel3|
101% Feb 10
68% Junel6
65 July 6|
24% July 7j
13%Jan 19
250 Mar 7
178 Jan 17
102 Feb 24
86% Jan 5
89 Feb 14
172 Jan 19
2% Jan 15
19 Apr 10
44 Feb 8
30 Jan 7
58 Jan 7
140 Marl7
171 Jan 17
16% May 23
140 May 26
58 Junel3
32 Mar 2
2 Feb 23
168% June 8
03% May 12
30% June 14
88V Jnn 3
118%.Tan 25
13 Jan 3
125 Apr
72*2 Jar.
63% Feb
13** Apr
260 Jan
184*2 Oct
104 Mar
64 A in
92** Jan
200 Jan
3 Sep
10 June 16% Deo
40*2 Jan
35 Feb
30 Nov
65 Deo
143 Jan
8% Dec
230 May
138% Feb
96% Aug
78 Apr
84 Nov
154 Feb
160 Feb
15 Sep
104% Jan
28 Mar
20 Mar
.95 Jan
110 Feb
48 Aug
28 Mar
38 Feb
102% Jnn
10% Dec
170 Oct
18% Jan
128 Nov
36*2 Deo
30% Sep
1% Apr
163 Nov
66 May
30 Aug
89*i Dec
117% Oct
14% Nov
W
Q
*20 3
6% Apr 11
3
1% Feb 17
47, Apr
20 20
.* Jan
180 Adventure Con_________ 25
20 20 *20 3
95
95
96
Ih
96
96
96
95
92% Doc 103 Aug
95 Ahmcek __ ____________ 25 95 Jan 15 100 MarlO
950 *94
19
177s 180
16% 180 18
40% Apr
21% Lee
180 180 4,069 Alaska Gold................ ..... 10 16% July 5 26*2 Jan 7
is o
2 Apr 7
% M ay 3
4% Apr
10 10
1*2
.46 Feb
IV 10 *10 1% *10 2
181 Algotnah Mining________ 25
643.1 *640 66
64
64
66 Deo
65
630 631, 65
35% Jan
90 Alfouez......................... .. 25 62% June20 74% Feb 21
3634 38% 330 37% 31
333, 14,640 Amer Zinc. Lead A Smelt. 25 31 July 7 97% Apr 10
3812 360 38
16% J..
72V
63
60
75% Apr 8
65
65
650
63l*> 65
.25
80 9%
90 9%
9
9% Apr
8V
90
8V 8% 2,560 Arizona Commercial_____ 5 7% Mar27 10 Feb 14
2
2
21,
2
June
22
5% Fcl) 6
*2
20
2'., *2
4% Apr
330
10
Buttc-Balaklava
Copper..
20
6684 67% 653.1 66*4
650 680 64
2,452 Butte A Sup Cop (Ltd)__ 10 62% July 7 105% Mar 9
80 Juno
660 620 64
677s 68% 68
68
69
68
68% 69
68% 69
1,179 Calumet A Arizona______ in 66 June28 76% May20
7SV Apr
51% Fob
*530 540 *530 540
530 530 530 530 530 530
030 Apr
35 Calumet A Hecla.... ........ 25 520 June20 686 Feb 14
*15% 16
16
16
*150 16
150 150
*150 17
25 Apr
60 Centennial............. .......... 26 15% Junc2G 19 Jon 6
*49*2 50
*497s 501,
49
501.,
51
500 500 51
64 Chino Copper.........
67 Nov
6 48% June23 60 Feb 19
61
60
60
61
590 600 1,535 Copper Range Cons Co__ 100 58 June26 C8% MaylO
59i2 60
590 600
65 Deo
*2% 3
20 2%
3% Mar 17
20 20
20 20
2% Mar 1
6V Apr
185 Daly-West_____
*2V 2V
20
*12
12*2 *120 120
12
12
12% 12% 120 120
415 East Butte Copper Min__ 10 11% Apr 24 16% Jan 3
10% Deo
*60 7
6 June23 10% Jan 8
14V Apr
6', 6% *60 7
*60 7
60 Franklin.................. ........ 25
*60 7
4% Feb
86
*85l2 86I4 86
850 87
860 87
94*r Apr
238 Granby Consolidated........ 100 84 Apr 26 98% Feb 10
68 Jnn
870 88
*40
41
41
41
45
450
62% Deo
420 44
255 Greene Cananea............... 100 34% JuncJG 62% Mur 0
23% Feb
440 46
*12*2 13% *120 13
12
13
24*2 Apr
*120 13
11 Jan
*120 13
25 Hancock Consolidated___ 25 10% June28 19%Jan 4
6 Jan 3
2i2 2'2
20 20
2% July 7
20 2b.
2% Jnn
10% Apr
20 20
245 Indiana Mining......... ....... 25
2*2 20
*46
48
*46
47
*460 470
460 460 *46
47
41 Mar 62 Aug
100 Island Creek Coal............. 1 44% Mar30 64«, Apr 11
*88l2 90
Last Sale 890 J’nc’ 16
*880 90
1 S3 Jan 20 92 May23
91% Apr
*880 90
*27
28
27
27
271., 27
270 270 27
34 Apr
270
17% Jan
210 Isle Royale Copper______ 26 26 May 9 31%Jan 0
*4
*4% 434
4% 4% *4% 4%
6%May 3
4*2
3% Mar 4
40 4%
3 Aug
280 Kerr Lake_____ _______
6
6V Apr
*33,
4
4
8 Apr 6
4
4
4
*30 4
2% Feb 11
*3i2 4
4*2 Apr
250 Keweenaw Copper______ 26
1234
*12
13
*12
13
120 12% 123, 123, 12
195 l ake Copper Co________ 25 10% June23 19% Feb 10
5% Jan
107s Deo
*33s 4
*3% 4
3% June23
5% Jan 3
10 La Salle Copper________ 26
9 Apr
*30 4
30 30 *30 4
*2
212
2% Junc21
4% Jan 4
20 20
285 Mason Valley Mine_____ 6
6 Deo
20 2%
20 20
20
20
1 Mar
1134 11'* 11*1 12
10% 11%
980 Mass Consol___________ 25 10% June24 15 Feb 23
120 12% 11% 12
17 Apr
2
2 July 5
*134 2*4 *1*4 20
115 Mayflower_____ _____ _ 26
5 Feb 10
8 Apr
20 20
20 20
3
3
3
3
l%Jan 5
3
2*4 23|
1,005
26
3
3
30
993.1 99
99
993, 87
9812 98*2 980 99
900 1,301 Mohawk.................... ....... 25 87 July 5 103% MarlO
98 Deo
163.1 1634 *160 163,
1634
38 Nevada Consolidated____ 6 15 Jan 28 18% May 25
17 Apr
*160
*160 16% 160 160
11% Feb
*6
612 *6
6
5
5%
5 July 5 10% Jan 1
435 New Arcadian Copper___ 25
4% Feb
14*4 June
60 *53., «0
60
*12
13
*12
13
13
13
13
130
270 New Idrla Quicksilver__
*12
13
5 10% Jan 3 24%Jan 19
4 July 13*2 Aug
67S 07s *63, 70
8% Nov
6% 7
6% 6%
165 Nlplsslng Mines________ 6
8% May 1
70 70
6% Aug
0 Mar 1
22 % 2212 223s 22%
220 22% 1,852 North Butte.................... 15 21 Juno 9 32 Jan 3
220 22% 220 23
22% Jan
38% Apr
4% Jan 3
41, Apr
1*4 1*4 *10
*10 1% *10
205 North Lake........... ......... 25
.50 Juno 2
1 Jan
IV
10
10
IV
•111 13.1 *10
*1
13,
10 J’nc’ 16
.60 Mar
10
2
2
4 Jan 3
*1% 2
*1% 2
*1% 2
1%June29
2% Nov
25 Old Colony..................... 25
7V Apr
*1% 2
*65
66
660 660 660 66% 65
*65
67
660
265
25 62 Jan 31 73% Marl 1 38*2 Mar 04 Deo
*85
88
*86
88
*86
87
*85
87
10 Osceola______ _________ 25 82 Jan 20 101% Mar 14
880 87
64 Jnn
031, Apr
*1314 13*2 *130 130
13
120 1334 13
615 Pond Creek Coal....... ....... 10 11% Mar 7 16 Apr 11
12 Jan
19% Aug
1»V 13
86
86
86
87
86
86
860 870 860 870
483 Quincy .................. .......... 25 85 June26 08% MaylO
50 Jan
96 Apr
*22 —
22
22
*213, 221,
22% 220 *220 223,
135 Ray Consolidated Copper. 10 20% Junc22 20 Feb 14
18% Jan
27% NOV
75
75
75
75
77
77
*76
760
135 St Mary’s Mineral Land.. 25 61%.Tan 31 80 Juno 9
2S Jnn
05*2 Deo
*74% 75
*178 2
1% 1%
1% Juno27
1%
535 Santa Fe Gold A Copper. 10
3% Jan 8
6 Oot
1”8
IV IV
10
♦811 S>,
8
81.,
8 Junc24 12% Feb 14
80 80
8
380 Shannon.......................... 10
81.,
11% Apr
80 80
30
*28% 29*2 *28
*28
*28
29
28%
July
7
40% Feb 14
29
15 Shattuck-Arlzona_______ 10
280 280
18% Jan
38 Nov
*6
6
6 6 6 ___ ___
6 July 3
6*4 6 6
75 South Lake...................... 25
7% July
8% Jan 4
6*4 Nov
*14
Last Sale 15 J’ue’ 16
* 1412 15
140
25 14 June28 28% Jan 3
41% Apr
*140 15
4
4
4
4
4
*37s 4
3% 4
Hz Jan 13
4*2 Apr
616 Superior A Boston Copper. 10
l Mar
40
6% May 15
42i2 *41
*40
420 420 42
45
70 Tamarack_____________ 25 42 July 6 66% Jan 14
420 *41 45
26 Jan
58% Aug
5
5
5
5
6
5
5
5
1,040 Trinity............................. 25
5 June 8 12% Jan 3
5
15*2 Oot
60
2% Feb
.38
.38 .38
.36 .38 *___
.37 1,100 Tuolumne Copper............. 1
.38 .88
.20 Jan
.15Jan 2G
.60 May31
.63 Apr
69 *08
70% 72
68
68%
72 is 73% 71% 730 10,881 U S Smelt, Refin A M1d_. 50 64% Jan 3 80% Juno 9
20 Feb
64 Deo
*511.| 5U 2 2503s 50%
500 51
500 51
855 Do pref........... .......... 60 49 Feb 1 63V Apr 11
28 Jan
500 51
60*2 Deo
43s 4%
4% 4V
6% Apr 10
40 40
40 40 1,900 Utah-Apex Mining........... 5 316 Feb 11
2 Jnn
5% June
40
13
13
130
18
13
130 13
846 Utah Consolidated______ 5 12%Jan 15 15% Feb 11
130 13
9% Feb
13,
*780 79
78% 79
___ __ _
*77*4 7734
45 Utah Copper Co....... ....... 10 75 Junc27 86% Feb 21
48% Jan
*770 78
81% Deo
8
8
81., 80
8
8
8
8
810
1
7% June27 11% Mar 13
80 80
3
3
*3
*3
3
3
*3
312
312
35 Victoria___ . . . . . . . ____ 25
4% Feb 14
2% Jan 3
30
1 Feb
.1, Apr
5
*5
5%
538 5%
5l|
3% Mar27
335 Winona_________ . . . . . . 25
7% May31
«V 5'.,
50
6*3 May
*54
65
5414 541.1 54
*53
55
54 '
53
530
170 Wolverine....................... 2B 53 July 7 67% Feb 10
70 Apr
2
2
L
ast
Sale
1%
J’nc’
16
*1% 2
*10
l%June
6
Wyandott
. . .
2% Feb 14
60 Mar
2% A Dt
*1*8
26
' tk.u and a^kod orloea a Ex-dlv dend and rights. n Ki-*tocn dividend e Assessment paid. A Bx-rigou * Unstamped * 1* unld to Half-paid.
*212
96
1818
H2
643_i
38
65
834
*2
Outside Stock Exchanges
Boston Bond Record.— Transactions in bonds at Bos
ton Stock Exchange July 1 to July 7, both inclusive:
Sates
Friday
fo r
Last W eek’s Range
o f P rices.
W eek .
Sale.
H igh . Shares.
P rice. Low .
Bonds—
91% 91% 01M
10S% 108% 108 A
83
Atl G A W I SS L 5s- -1959 82% 82
80
87
87
94
94
Dominion Coni 5s-----1940 94
98
98
Gt Nor-C B A Q 4s-.1921 98
97
97
102 102
New England Telep 5sl932
93% 93 H
Pond Creek Coal 6S--1923
88
88
St Louis Stk Yds 4s--1930
Swift A Co 1st 5s-----1944 109% 100 A 100%
U S Smelt, R A M conv 6s_ ....... n o n IV2H
100% 100 A
Western Tel A Tel 5S-1932
Am Tel A Tel soil tr 4sl929
Range sin ce Jan.
L ow .
1.
555,000 0 0 % Jan 93
3,500 105% Mar 108%
00,500 74
Jan 84%
9,000 85
Mar 91
1,000 93% Feb 90%
0,000 0 7 % June 99
2,000 90 %
99%
7,000 1 0 1 A Jan 104
10,000 87
Feb 90%
5,000 88
July 88
38,500 98% Jan 100%
00,500 109% Apr 115
9,500 99
Jan 101%
Stocks—
Sales
Friday
fo r
Last W eek’s Range
W eek .
Sale.
H igh . Shares.
P ar. P rice. Low .
39%
81
77 A
15A
Chicago Title A Trust-100 236
Commonwealth-Kdlson 100 145
Diamond Match_____ 100 110
Ilart, Shaft A Marx pf.100
Illinois Brick________ 100
79
31
Kan City Ry A I.t ctf___
Preferred certificates__
61
Lindsay Light.............. .. 23
National Carbon_____ 100
Pacific Gas A Elec Co .100
102
Pub Ser of N 111, com. -100 114%
331
Scars-lloebuck com__ 100
Preferred_________ 100
Stewart-Warner Sp com 100
Studobaker Corp, com. 100
Swift A C o............ ...100
Union Carbide Co-----100
United Paper B’d, com. 100
189
126%
99%
136
183%
16%
54
Ward, Montg A Co p f...
395
134%
43
36
75
7
33
77%
15
2%
235
143
91
108%
115
79
26%
56
21%
170
122%
59
101%
114%
103
328
110%
183%
125
97 %
136%
135%
183%
15
54
113
93%
87%
99
97%
102
Chicago Telephone 6s. 1923 102
102
101%
101%
71%
Metr W Side El 1st 4s 1938
92% 92%
Morris A Co 4%s___ 1939
96% 96%
99%
Pad A 111 RR 1st g 4 A s ’55
Pco G L A C—Chic Gas L
A C 1st 5s...............1937 102% 102%
94%
Pub Serv Co 1st ref g 5s ’56
90
South Side Kiev 4%s. 1924 ___
Sulzberger A Sons 1st Gs’41 99% 99%
Swift A Co 1st g 5 s ... 1914 100% 100%
Western Elec Co 5s— 1922 101% 101%
93%
x
400
134%
41
40
81
7
33
77%
16
2%
236
145
91
111)
115
79%
21
62
23
170
122%
59%
102%
114%
103
331
110%
191%
126%
100
136%
136%
184%
16%
'
54
113%
93%
88
99%
97%
102
102%
101%
101%
72
92%
96%
99%
Range sin ce Jan .
L ow .
10
48
150
560
2,187
9
30
21
60
25
15
164
15
163
10
130
1,215
202
650
30
100
178
650
110
5
95
40
2,324
15
3,463
15
323
960
1,272
29
106
385
Jail
133% Mar
33
Jan
25
Jan
66
Jan
5 May
25
Apr
70
Apr
13
Apr
2% July
220
Apr
139% June
89 May
Mar
102
114% Jan
76% Jan
Feb
22
52% June
6% Jan
168 June
120% Feb
July
59
100 May
Jan
107
Apr
100
Jan
309
Jan
107
169% Mar
124% June
82% Apr
136% July
126% Jan
170
Feb
13% Juno
51% June
112% June
S5.000
13,000
21,000
26,000
23,000
6,000
1,000
1,000
2,000
6,000
5,000
10,000
93%’ Jan
Mar
83
98% Apr
96 May
101% Apr
102 May
101% May
101% May
71 May
89% Jan
95% Jan
99% July
102 % 5,000 102
95% 39,000 94
90
4,000 88%
99% 16,000 99%
100% 20,000 98%
101% 5,500 101%
Apr
Mar
May
Jan
Feb
Feb
May
May
July
Juno
June
June
1.
94% Feb
88
July
100
98%
102% Feb
102 L*
102% Mar
1U21£ Mar
73% Jan
93
Feb
97% Mar
99% July
May 102% Jan
Jan 95% July
Jan 92% Apr
Apr 99% June
Jan 100% May
July 102% Mar
Ex-dlvldend.
transactions at tho Pittsburgh Stock Exchange from July 1
to July 7, both inclusive, compiled from tho official sales
lists, is given below. Prices for stocks aro all dollars per
share, n o t per cont. For bonds tho quotations are por cent
of par valuo.
Stocks—
Am Wind Glass Mach .100 59%
Preferred.............. .100 125
Caney River Gas . . . ,_25
Columbia Gas A Elec. .100 17%
Consolidated Ice, com ..50 ___
Ilarb-Walker ltcfrac . .100 95
.100 103
Iivlcp Brewing, pref.. ..50 19%
La Bello Iron Works. _.100 ___
___
.100
Mfrs Light A H eat... ..50 50%
7%
Nat Fireproofing, com..50
Preferred________ -.50 16%
Ohio Fuel f >11__ ____ ___ J
-.25
Oklahoma Nat Gas__ .100
Pitts!) Brewing, com .. -.50
54s
Pittsburgh Coal, com. 100 28%
100
_____
Plttsb Plato Glass----- .100
20%
Pure Oil. common.. Ross Mining A Milling. .1 ___
.1
Union Natural Gas... .100 119
U s Glass............ .100 ___
U S Steel Corp, com-_.100 86%
West’houso Air Brake..50
West’houso Elec A Mfg_50 56%
W Penn Tr A W P. com 100
Preferred_____
-100
Bonds.
Amer Sewer Pipe 6s_ _1920
Indcp Brewing 6s___ 1955
Plitsb Coal deb (is----- 1931
59%
125
39%
16%
3 V\
92%
102%
19}<
62
120
41
1843
34a
95
103
19%
51
1284a
50%
743
1711
16%
46%
71
543
28%
7%
119%
21
13c.
16c.
149
3143
87
144
59%
18
62%
679
58
543
9,357
40
05
211
190
100
50
815
790
112
202
1,310
10
145
20
45
165
9,575
2,300
5,100
33
350
280
265
1,095
100
25
92
92
57%
57
97% 97%
S500
4,000
6,000
51A
12843
50%
7%
16%
16%
46
71
5%
28%
7%
118%
20
12c.
15c.
149
29
85 %
: 43
56%
18
62%
Range sin ce Jan.
Low .
34 A
125
36
14%
343
* 143
100
15%
49
123
49%
7
16%
16
38
70
4%
23%
04i
115
z 17%
5c.
lie.
141%
25%
80%
133%
54%
17
44
1.
H ig h .
Jan 64%
July 155
Juno 42%
Mar 18%
5
July
Jan 98
Jan 103
Mar 20%
June
Jan 131%
Apr 51%
Apr 12
July 24%
19
Jan
Mar
Apr
74
6%
36%
May
Apr
Jan
July
Mar
May
Mar
Juno
Apr
Juno
Jan
Jan
Jan
Jan
Jan
Jan
Jan 120 May
May 21% Mar
Apr 30c. Apr
Apr 150
June 34%
Jan 88%
Apr 145
Apr 71%
Jan 18%
Jan 62%
91
Apr
49
Mar
96% May
Stocks—
Sales
Friday
fo r
Last IFeei's Range
W eek .
Sale.
H igh . Shares.
P a r. P rice. Low .
Arundel Sand A Gravel. 100
Atlan Coast L (Conn). 100
Baltimore Elec, pref-----50
Baltimore Tube--------- 100
Preferred_________ 100
Commercial Credit____ 25
Consol G, ICL A Pow.. 100
Pieferred_________ 100
Consolidation Coal___ 100
Cosden A Co______ . .5
Cosden Gas...................5
Preferred_______ — 5
Davison Chemlcal-.no par
Houston Oil tr ctfs___ 100
Monon Vail Trac, pref. 100
Mt V-Woodb Mills v t rlOO
Preferred v t r _____ 100
Norfolk Ry A Light. . . 100
37
123%
97%
46%
115
115
100
25%
15%
5%
51
15%
12
53
37
116%
42%
123
96%
46%
114%
114%
100
25%
15%
5 Vs
50%
15%
75
11
50
25
37
116%
42 M
123%
97%
46%
115%
115%
100
25%
15%
6%
51%
15%
75
12%
53
25
86
78
12
27
5
Range sin ce Jan.
L ow .
1.
H ig h .
Apr 42
160 36
120 110% May 119
20 42% July 44%
266 63
Jan 129
42 82% Jan 100
Jan 50
250 46
Mar 116%
690 107
335 107 June 115%
Eeb 103
51 96
2,491 14% Jan 26%
Apr 18%
6
6,047
4,250
6%
■iM Apr
575 50 May 71%
Apr 23%
15 15
40 74% Feb 75
Mar 16%
56 10
545 49 June 55
Mar 26
20 25
July SO
20 86
Mar 78
387 72
Jan 16%
9
168
166 25% Jan 29
9%
4% Jan
310
Feb
Jan
Jan
June
June
Feb
June
July
Jan
Jline
June
June
Jan
Jan
Mar
Jan
May
Jan
Jan
July
Feb
Feb
Feb
H ig h .
77
Penn Wat A Power___ 100
Refining......... -5
11%
Jan Sapulpa
400
27
25%
United
Ry
A
Electric
..50
136% Feb Wayland Oil A Gas......... 5
4%
5
48% Mar
July Anacostia. & Potom 5s. 1949 99
40
Jan
81,000 or,
Jan 99
99
99
81
July Balt Dry Dock A S B 6s. . 101
Jan 101 June
200 100
101 101
10 May Balt Spar Pt A C 4%s,1953
1,000 95% Jan 98%' Mar
97
97
72
Jan Central Ry exten 5s. .1932
105% 105% 1,000 105% July 105 % July
Jan Chicago Ry 1st 5s-----1927
80
97% 4,000 96 May 99% Feb
97% 97
18% Jan Coal A Coke 1st 5s.. .1919 88
Jan 89
88
1,000 85
Mar
88
4
Jan
July 107
2,000 106
Feb
106 106
236
July Cons G . E L A P 4%S. 1935 87% 87% 87% 5,000 87% July 90% Jan
Mar
116%
91% 91% 91% 7,000 01% July 93% Mar
Feb
98
91
July 93
91
6,000 91
112 May
Apr 105
103% 103% 5,000 103
117 Mar CosdenACo 1st conv 6s ’26 127% 127% 127% 17,000 101% Jan 138% Feb
83% Jan Cosden Oil A Gas 6s_____ .109% 109% 111) 162,000 108% June 120 June
July Edison Electric 5s___ 1929 102% 102% 102% 5.000 102% July 102% July
31
July Elkhorn Coal Corp 6s. 1925 97% 97% 97% 6,000 96% June 98% Jan
02
July Fair A Clarks Trac 5s. 1938
23
100% 100% 1,000 99% Jan 101% Feb
185
Ga Car A Nor 1st 5s.. 1929 102% 102% 102% 3,000 102% June 103% Jan
122% Mar Mary'd Elec Ry 1st 5s 1931
Mar
98% 98% 1,000 96% Jan 99
*66% Apr Memphis St Ry 5s__ 1945
92% 92% 2,000 92% July 92% July
112Lj Jan Merch A Miners Trans 6s
Jan
103%
103%
101
103%
June
12,000
Feb
115%
M St A St P C Jt 5s. .1928
102 102
2,000 101% Jan 102% May
104
Feb New
Grt North 5s.1955 62% 62% 62% 15,000 55% May 62% July
Jan Norf Orl
363
A
Ports
Trac
5s.
1936
84%
85
5,000 81% Jan 85% June
111 June
Ry A Lt 5S..1949
Feb 96% Mar
1,000 95
96
96
191% July Norfolk
Jan 92% Apr
Pennsyl W A P 5s___ 1940 91% 91% 91% 2,000 90
127
Feb United
May 85 f Jan
82%
15,000
Ry
A
Elec
4s_.
1949
82%
82%
82%
108% June
61% 22,000 60% June 64 May
Income 4 s ............. 1949
61% 61
136% July
900 83% May 87% Feb
do
small___ 1936
86% 85% 86%
139% May
190 May
16% July
Philadelphia Stock Exchange.— Tho complete record
54 June
116
Feb of transactions at the Philadelphia Stock Exchange from
Pittsburgh Stock Exchange.— The complete record of
Friday
Sales
Last JFeei's Range
fo r
Sale.
o f P rices.
W eek.
P ar. P rice. L ow .
H igh . Shares.
Baltimore Stock Exchange.— Complete record of the
transactions at the Baltimore Stock Exchange from July 1
to July 7, both inclusive, compiled from tho official sales
lists, is given below. Prices for stocks are all dollars per
share, n o t per cent. For bonds the quotations are per cent
of par value.
.
H ig h .
Chicago Stock Exchange.— Complete record of transac
tions at Chicago Stock Exchange from July 1 to July 7 ,both
inclusive, compiled from the official salos lists, is as follows:
American Radiator-----100
Preferred --- ------- 100
Amer Shipbuilding___ 100
Booth Fisheries com__100
Preferred_______ 100
Chicago Elev Ry commonPreferred . _ _. ___ ..
Chic Rys part ctf "1” ___
Chic Rys part ctf "2” -----
133
THE CHRONICLE
J uly 8 1916.]
June
Jan
Jan
June
Mar
Mar
July
92
Feb
Jan
60
98% Jan
July 1 to July 7, both inclusive, compiled from tho
official sales lists, is given below. Prices for stocks are all
dollars per share, n o t per cent. For bonds the quotations
aro per cent of par value.
Stocks—
Sales
Friday
fo r
Last W eek 's Range
W eek.
o f P rices.
Sale.
H igh . Shares.
P a r. P rice. L ow .
100
Preferred certlfs__ .100
American Gas of N J. .100
American Rys, pref.. .100
Baldwin Locomotive- .100 G9
.100 105
Buff A Susq Corp v t c .100
Preferred v t c------ .100 .......
Cambria Iron............ ..50 44 j-4
Elec Storage Battery. .100 63%
General Asphalt, prof. .100 ..........
Insurance Co of N A. -.10 26%
.100
Kentucky Sccur Corp. .100
Keystone Telephone.. -.50
--50
Lake Superior Corp.. .100 11%
Lehigh Navigation__ 50 75%
Lehigh Valley........... __50 79%
Lehigh Val Transit__ ..50
Preferred ............... -.50 42
Mlnelilll A S H ......... ..50
Norristown ......... — ..50 143%
Pennsylv Salt Mfg — -.50 98%
Pennsylvania----------- ..50 68
Philadelphia Co (Pitts) .50
Prof (cumulative 6%).50 40%
Philadelphia Electric.22% 29
Plilla Rapid Transit.. -.50
Voting trust rects.. ..50 10 %
Philadelphia Traction . . 5 0 _____
..50 99%
Second preferred__ ..50
Tono-Bclmont Devel. ...1
4%
Tonopah Mining........ . ..I
Union Traction-------- ..50 43%
United Cos of N J — .100
United Gas Improv’t. ...50 87%
U S Steel Corporation .100 86%
9%
Warwick Iron A Steel ..10
W Jersey A Sea Shore..50 49%
Westmoreland Coal.. ..50 ___
Wm Cramp A Sons__ .100
York Railways_____ ..50 ___
50
Bonds.
Allegheny Val gen 4s. 1912 96%
Amer Gas A Elee 5s 2007 93%
Edls El stk tr ctf 5s small. ___
Elec A Poop tr ctfs 4s. 1945
Eault 111 Gas Lt 5s. - - 1928 ___
James F & Clear 1st 4s 1959
Lake Super Corp 5s.. 1924 36
Leli G A N cons 4 %s. 1954 .......
Lehigh Val consol 6s. 1923
Gencrul consol 4s. 2003 93
General consol 4%s 2003 100
Range sin ce Jan .
L ow .
30 51
62
52
97
1 97
97
13 119
119 120
98%
36 93%
98
74
150 69
69
2 10.5
105 105
53%
57 38
50
57
57
10 54%
44% 44%
8 44
62
63% 1,295 58%
122 69%
70% 70%
26% 27
240 25
35
35 Mi
27 34
21
21
120 16%
215 13
13% 13%
67% 68
100 67%
10% 11% 3,603
8%
392 74
75% 75%
196 74%
79% 80%
22
50 18
22
375 33
41% 42%
24 56
57
58
100 112
143% 113%
17 98%
98% 98%
57% 58% 1,429 55%
120 39%
40
40%
152 40
40
40%
28% 29% 1,743 27
394 17
19% 20%
18% 20% 14,365 17
77
77%
210 75
965 75%
97% 101%
10 42%
45% 45%
4
800
4% 4%
5%
245
5% 6
44
1,809 41%
43
4 *224
224 324
62S 87%
87% 88
85% 87% 8,685 79%
9% 9%
65
9%
49% 49%
23 49
68
68
3 65%
79
79
31 70
15% 15%
190
8%
37% 37%
34%
96%
93
105
80
105%
57
91%
36
101%
110%
91
ICO
96%
93%
105
80%
105%
58
91%
36
102
110%
93
100%
*
SI,000
8,900
100
14,000
1,000
2,000
5,000
3,100
7,000
2,000
23,000
65,000
96%
89%
lo5
79%
105%
57
91%
20%
101%
110%
91
100
Juno
June
July
Feb
July
June
Jan
Jan
Jan
Apr
May
Jan
Feb
Mar
Jan
May
Jan
Jan
Jan
Feb
Jan
July
May
June
June
Mar
May
May
May
Jan
Jan
Mar
Mar
Jan
June
May
Mar
June
May
Apr
Mar
Feb
Jan
Jan
May
May
May
May
June
Jan
Mar
Jan
May
June
1.
H ig h .
52 A
June
June
Feb
Mar
Feb
Mar
June
Jan
Feb
Feb
Mar
Jan
97 A
123
100
115%
109%
55
62%
47
66%
73%
27
48%
22
15
70%
12%
79%
85
23%
44%
58%
143%
102 %
59%
45%
45
29%
21
21%
79%
110%
51%
5 7-16
7
45%
227%
92%
88%
11%
51
69
87
16%
39
June
Mar
Apr
Feb
Jan
May
Mar
Mar
June
July
Feb
Jan
Jan
Apr
June
Jan
Jan
Jan
May
May
May
Jan
May
June
Jan
Jan
June
Jan
Feb
Jan
June
Mar
97
93%
105
81%
106%
58
92
39
103%
110%
9-1
103%
Jan
July
May
Feb
Jan
Jan
Jan
Jane
Feb
July
Feb
Feb
THE CHRONICLE
13 4
Friday
Sales
fo r
Last W eek ’s Range
o f P rices.
W eek .
H ig h . Shares.
P rice. L ow .
Bonds—■
105
91X
92
Nat Prop 4-6s, small........
69 X
Penn RR gen 4XS...1965 io ix 101X
Phlla B A Wash 1st 4s.1943 99 X
99X
Phlla Co 1st os_____ 1949
101X
Cons A coll trust 5s. 1951 89
88 X
Phlla Elec tr ctfs 5s. .1948 104X 104X
Trust certfs 4s____ 1950 84
83 X
83
Phlla A Read Term 53.1941
112X
Reading gen 4s.........1997
95 X
95 X
97
J-C collateral 4 s ... 1951 97
Spanlsli-Amer Iron Cs.1927
102
United Rys gold tr ctf 4s’49
73 X
United Rys Invest 5s. 1926
68 X
Welsbach Co 5s......... 1930
98 X
West N Y A Pa gen 4s. 1943
84 X
94 X
York Railways 1st 58.1937
Leh Val Coal 1st 5s.. 1933
L V Trans ref A Imp 5S1960
R ange sin ce Jan .
12,000
2,000
500
2,600
32,000
1,000
3,000
3,000
5,000
13,000
2,500
1,000
29,000
20,000
3,000
4,000
3,000
7,500
5,000
1,000
105
91 X
92
70 X
ioi x
99 X
101X
89
104X
84
84
112X
95 X
97
102 X
74
68 X
98 X
84 X
94 X
Mar 106
June 93
93
June 70X
Jan 103
Feb 99X
Mar 101X
July 94
Jan 105
May 84 X
May 84X
Jan 113
May 96X
Jan 97
May 102 X
July 75 X
June1 74
99
Jan 85X
Jan 96X
105
91X
90X
65
100X
98 X
100X
88 X
103X
81X
82
110X
93 X
95
101X
73 X
68 X
94 X
81X
92 X
Jan
Feb
Apr
Feb
Feb
Feb
Fob
Jan
Feb
Feb
June
Jan
Juno
Feb
Jan
Apr
Apr
June
Apr
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
W n k ending
July 7 1916.
Stock*.
Share*.
Total....................
V . S.
Bond*.
153,066 $13,734,100
232,497 20,587,550
$372,000
872.500
31,000
461,909
553,642
477,650
905,000
732.500
1,039,000
1,500
89,347,500 $3,921,000
$2,500
$801,000
1 ,112,000
HOLIDAY
2.568.000
40,358,400
2,502,500
44,993,700
2.364.000
38,938,000
1,878,764 $158,611,750
Sales at
H e w York Stock
E xchange.
State, A fu n
cfc Foreign
Bond*.
Railroad,
< tc..
Bonds.
Par Vain*.
W eek ending July
1916.
7.
1 to
Jan.
1915.
July
7.
1915.
1916.
86,834,414
1,660,762
Stocks—No. shares__
1,878,764
64,181,186
Par value............... $158,611,750 $146,325,315 $7,555,158,340 $5,444,944,795
$10,200
$154,100
8212,900
Bank shares, par........
S4.000
Bonds.
$21,000
391,500
10,085,000
$615,450
134.362.000
426.050.000
$575,000
12,225,000
399,995,700
$13,271,000 $10,497,500
$561,027,450
$412,795,700
$2,500
3,921,000
9,347,500
Government bonds__
State, mun.,Ac..bonds
RR. and mlsc. bonds.
Total bonds______
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
W eek ending
July 7 1916.
Saturday_______
Monday_____ :__
Tuesday-.............
Wednesday.........
Thursday............
Friday.................
Total...............
Share*.
Bond Sale*.
Share*.
Baltim ore.
Bond Sale*.
9,020
$11,000
11,787
22,000
HOLI DAY
24,663
125,000
30,235
70,500
20,592
38,000
$38,950
1,590
3,379
33,700
HOLI DAY
15,542
58,000
109,050
16,325
59,500
6,531
96,297
43,367
$266,500
Share*.
$299,200
Bond Sale*.
2,279
$51,400
HOLI DAY
HOLI DAY
3,944
85,500
7,485
74,200
3,446
95,700
17,154
$306,800
New York “ Curb” Market.— Below we give a record of
the transactions in the outside security market from July 1
to July 7, both inclusive. It covers all the sales for the
week ending Friday afternoon.
W eek ending July
Stocks—
Sales
Friday
fo r
Last W eek'* Range
W eek .
o f Prices.
Sale.
P ar. P rice. Low .
H igh . Shares.
Range sin ce Jan .
7.
Aetna Explos.r...(no par) 13 X
12
Amer Druggist Synd r ..l0
Atl Gulf A W ISS LineslOO 66
Preferred........... .....100 64 X
Butler Chemical.r_____ 5
4X
Canadian Car A Fdy pf 100
Canadian Natural G a s...l
IX
Carbon Steel com.r__ 100
Car Ltg A Power, r____ 25
4X
Charcoal Iron of Am__ 10
ex
Chevrolet Motor_____ 100 225
Curtiss Aerop A M (no par) 40
Drlggs-Seabury Ord__ 100 123
Emerson Motor.r.............
4
Emerson Phonograph___ 5 1 1
Flemlsh-Lynn Phonog r.5
4X
Gaston Williams A Wigmore, Inc.r___ (no par)
46X
Grant Motor Car Corp. 10 11X
Hartman Corporation.100
Haskell A BarkCar(no par) 36
Holly Sug Corp.. (no par)
Preferred_________ 100
Joplin Ore A Spelt r ___ 5
3
Kapo Manufacturing-----5
5X
Kathodlon Bronze, pref..5 24X
Kress (S II) A Co pref.100
Lake Torpedo Boat.r__ 10 ___
Lynn Phonograph. r____ 1 ___
Manhattan Transit___ 20
IX
Marconi Wlrel Tel of Am.5
3X
6
Maxim Munitions.r___ 10
Midvale Steel A Ord r..50 63
Motor Products.r (no par) 71
Peerless Truck A Motor 50 20
Poole Eng A Mach.r-.100 10 1
Pullman Ventilator Corp r
2X
Preferred r.................. 5
5X
15
St Joseph Lead.r.........10
Springfield Body Corp. 100 78
Preferred __
_ _10O
Standard Motor Const r 10
L ow .
9,500 12X
12
200
nx
67 X 4,000 26
65 X 7,460 42
760
2X
4X
250 74
82
1,10 0
IX
IX
37 55
75
650
5
4X
200
6X
6X
10,800 115
244
40
925 40
671 118
130
6,900
4
3X
1,280 10X
*1 1 X
700
4X
4X
12X 16X
12
64 X
60 X
4X
80
IX
75
4X
6X
217
40
123
3X
10X
4X
750 43
46X *47X
1,825
7
1 1 X 13
70
100
70 X 70X
225 34X
36
37
400 41
49
51
250 93X
94
96
6,750
2X
2X 3X
1,000
5X
4X
5X
24
27 X 3,000 14X
1,000
101X
101X 102 X
800
6X
6X
ox
100
7X
7X
2X
6,500
1
1 1-16 IX
3
3X
3X 8,200
7
4,300
4
6
62
64 X 14,500 57
5,400 65
67X 73
2,200
26
28
20X
100
90
101
102 X
1,600
2X
2X
2X
1,040
5X 5X
5X
15
15X 1,700 14X
270 51
78
80
130 101
119 119X
6
6
100
6
1.
H ig h .
July 25
Feb
Juno 14X Jan
Jan 69X June
Jan 65X July
Mar
7X Apr
Jan
Feb 10 1
June
2X Jan
Feb 80
Mar
June
7X Apr
June
8 X May
Jan 278 Juno
Jan
July 60
Jan
May 155
June
4 June
July 14X Jan
July
7X June
June
Apr
Apr
June
Apr
June
June
May
Feb
June
July
Mar
June
Apr
Mar
Apr
Juno
May
Feb
June
June
Jan
Apr
Apr
July
Friday
Sales
Last W eek ’ s Range
fo r
Wfiple
VJ I / »C
C
O.
Sale.
rr oc/V•
H igh . Shares.
P rice. Low .
1.
H ig h .
L ow :
[Vol . 103
w70X Apr
14 June
w76X Jan
54 X Jan
55 June
Apr
98
5X June
e x Juno
33
Jan
105 May
13X Jan
12 X May
2X Jan
4X Jan
Jan
13
77X Jan
87 June
32
Jan
Jan
150
2X June
5X June
17X Mar
82 June
122X June
10X Feb
Stocks (C on .)—
Par
Stutz Motor ofAmr(no par)
Submarine Boat..(no par)
Tobacco Prod com .r.. 100
Unicom Film Service___ 1
United Motors__ (no par)
United Profit Sharing___ 1
U S Light & Heat.r___ 10
Preferred r................. 10
U S Steamship________ 10
United Zinc Smelt (no par)
Wab-Pltts Term Ry r___
White Motor................. 60
World Film v t o..............6
Zinc Concentrating.r... 10
21,700
60
2,100
36
44
3,000
8,000
IX
74X 43,000
________
1,10 0
X
2X
1,300
2X
1,700
6X
6
6X
________
6
6X
300
7
7
8X
2,550
250
19X 19X 19X
14,500
55X z54X 58
_________
1,500
X
1
3,500
4X
4X 4X
Standard Oil Subsldlar
Anglo-Amer Oil.... ......... £1
Atlantic Refining........100
Eureka Pipe Line____ 100
Illinois Pipe Line......... 100
Ohio OH........................ 25
Pierco Oil Corp_______ 25
Prairie Pipe Line_____ 100
Southern Pipe Line___ 100
Standard Oil (Calif)... 100
Standard Oil of N J -.100
Standard Oil of N Y ...100
Vacuum Oil_________ 100
les.
15X
59 X
35X
43 X
IX
72 X
210
166
232
________
206
57 X
35 X
42
1
65 X
X
2X
15X
695
209
162
226
12
213
190
248
520
204
257
15X
695
210
160
232
12X
215
191
250
520
206
258
Other Oil Stocks
Alberta Petrol’m (prosp’ct) 57c
55c 57c
Amer Oil <&Gas________ 1 7-16 7-10
X
Barnett Oil & Gas.r____ 1
3
3
3X
60c 60c
Century Petrol.r (prosp’ct)
Cosden & C o.r........... ..5
25X 25X 25X
Cosden Oil & Gas.r____ 6 15X 15X 15X
Preferred, r _________ 5
5X
5X
5X
Federal OH.r__________ 6 15 16
X 15-16
Intcmat Petroleum.r..£l 10X 10X 10X
60c 75c
Kenova OH (prospect). . 1 67c
Metropolitan Petroleum.5 17X
17
17 X
Midwest Oil com.r_____ 1 47c
46o 48c
Preferred___________ 1
75c 77c
Midwest Reflnlng.r___ 50 ________
67
68 X
Muskogee Reflnlng.r___ 1 3 9-16 3 7-16 3 9-16
N Y-Oklahoma Ollr........1 85c
83c 86c
Oklahoma Oil com.r___ 1 13c
12c 13c
Preferred___________ 1
X
X
1
Oklahoma Prod & Refg..5
7X
7X 8
Pennsylvania Gasoline__ 1
X
X
X
Prudential OH & G as.r.. 1 17c
15c 18o
Sapulpa Refining............5 12X 11X 12X
46
47
Sinclair OI1 & Refg(no par) 46
Tldo Water Oll.r____ 100 185
185 180
U S Consolidated Oil___ 5 ________
5X s x
United Western Oll.r___ 1 1 3-10
IX
IX
Victoria OH.r................1
IX
IX
IX
Mining
Adanac Silver Mlnes.r__ 1 1 13-16
Alaska-Brlt Col Metalsr.l 64c
Alaska Westover Copp r .l
70e
Atlanta Mlnes.r......... ..I
10 c
Big Ledge Dev Co.......... 1 2 1-16
Booth.r.................
l
Boston A Montana Devel 5 13-16
Butte Copper A Zinc v t o 6
5X
Calaveras Copper, r____ 5
5
Caledonia Mining............1 67c
Canada Copper ......... ..5
IX
Cash Boy_____________ 1 5Xc
Cerro de Pasco Cop(no par)
Comstock Tunnel.r____ 2 10 c
Consol Arizona Smelt___ 5 1 5-10
Consol Copper Mines___ 5 ________
Consol Nevada-Utah___ 3 5-16
Crystal Copper________ 1
Double Header Silver, r__
53c
Dundee Arizona Cop 1 . . 1 ________
Dupont Copper, r.............
X
Emma Copper, r..............l 46o
First National Copper__ 5 ________
Goldfield Consol Mines. 10 84c
9c
Goldfield Merger.r_____ 1
Guanajuato Cons______ 5
Hecla Mining............. 25o.
5X
Hemplo Copper.r...
1
Int A Intercon M A R __ 6
2X
International Mlnes.r__ I ________
Iron Blossom.r_____ 10c. 125-32
Jeromo Verde Copper.1..1
IX
Jerome Victor Exten r.1.1
IX
Jim Butler.r____ ______ 1 96c
Jumbo Extension______ 1 78c
Kewanus.r________
11 Xc
La Exposlclon Mining . .1. 50
Louisiana ConsolId’ed.lOc 17c
Magma Copper________ 5 14
Majestic Mines________ 5 . . .
Marsh Mining.r_______ 1 14XC
McKinley-Darragh-Sav.. 1 51c
Mines Co of America... 10 ________
Mojave Tungsten.r____ 2
6X
Monitor Sll I.AZMAM..1
IX
Montana Gold Mines..r._ 73c
Mother Lode.r________ 1 27c
Mutual Min A Leas pf.r_
2
Newray Mines, Ltd.r__ 1 40o
N Y A Honduras RosarlolO 15 X
Nlplsslng Mines_______ 5
6X
Oatman Artz Cent.r___ 1 ________
Oatman Big Jim........10c
Oatman Lexington. i ___ 1 60c
Oatman Southern..!. 10c. 29c
Oro r.....................
l
Peterson Lako.r_______ 1 z25
Rex Consolidated-r____ 1 ___
Rochester Mines Co____ 1 59c
Round Mountain.r____ 1
San Toy Mining_______ 1 150
Seven Troughs Coalition. 1
Silver Pick Cons_______ 1 io x c
Standard Silver-Lead___ 1
IX
Stewart Mining___
76c
Success Mining.r...
Temlskamlng.r-----58c
Tonopah Belmont.r.
4X
Tonopah Extension.
5X
Tonopah Mining___
United Eastern____
U S Continental _r
i
West End ConsoUdated-.l
Wcttlaufer Silver...
3X
7c
28X
3X
1
! ________
Yukon-AlaskaTr.r(no par)
Yuscaran Consol.r.
i
1X1 13-16
63c 65c
59o 70c
10 c
11c
IX
2X
10c 17c
X
IX
5
5X
4X
5X
66c 68c
IX
IX
4Xc
6c
34
35
8 o 10 c
15-16 IX
2X 2X
X 5-16
1 1 3-16
52c 53c
1 5-16 1 5-16
X
IX
40c 53C
3X 4
83o 86c
8X 0
9c
1
1
5 3-10 5X
X
1
2
2X
13c 15c
IX 1 25-32
IX 1 13-10
1 9-16 2
93c 970
77c 70o
11c llX o
45
60
15c 17c
14
14X
X 13-16
14c 15Xc
51c 55c
2X 2X
5X
6X
IX
2
72c 73o
27c 31c
IX
2
40c 42c
15X 15X
6X
7
15c 28c
85o 85o
60o 60c
29c 30o
4 X 0 5c
z25
25
16c 16XC
57c 60c
630 63c
150 15XC
24c 24c
10c 10Xc
1 7-10 1 9-16
7-32
X
76c 88 c
58c 68o
4 1-16 4X
5X 5X
6 0 1-16
X 7-10
3X *3 13-10
7o
8o
27X 29X
3X 3X
92c 1 3-32
20c 23c
IX
2
5X 6 X
42
43
1
IX
Range sin ce Jan .
Low .
53X
33
29X
1
62
X
2X
3X
4
7
17X
46X
X
3X
1,400 15
5 650
20 209
119 155
52 189
1,000
12
35 205
1 1 190
55 z234
15 495
20 200
30 216
6,425
2,125
3,450
3,000
8,650
14,000
2,800
7,300
4,300
20,700
400
10,100
3,000
730
15,500
13,000
33,500
1,100
7,500
2,290
10,000
1,750
5,500
35
200
17,100
7,450
June
Jan
Jan
July
May
May
June
Jan
Apr
July
Feb
Jan
Apr
Apr
Feb
Jan
July
June
Jan
July
Apr
July
Apr
Apr
Mar
Feb
1.
H ig h .
65 June
43 X Jan
61X Mar
IX July
94 June
2 1-16 Jan
4X Jan
6 X June
7X June
8 X June
21 May
60 June
3
Jan
6 X Apr
18
718
225
190
260
17X
236
226
384
548
228
262
Jan
Feb
Apr
Fob
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Juno
50c June 57c July
July
IX Mar
4 X May
2X Jan
57o June 62o June
14X Jan 27 June
o x Apr 18X June
4X Apr
6 X Feb
X Feb
IX May
9X June 13X Jan
51c May 93c June
15X June 25 May
40o Apr 85c Feb
75o Apr 1 1-16 Mar
53
Feb 70 May
IX Feb
3 % June
70c June 86o July
7o Mar 21e June
X Mar
IX May
5X Mar
8 X June
X June
IX Juno
15c June 34o June
8 X Jan 16 X Feb
44 June 50 May
185
July 186 July
4X Apr
6 X May
64c Mar
2X June
1 Mar
2X Jan
98,000 55c Apr
13,700 65o Apr
36,200 39c May
11,400
9XcJune
20,500 1 7-10 Feb
5,000 zl5o May
49,000 50o Mar
4,000
4X June
1,950
2X Jan
7,700 04o June
2,000 1 3-16 Mar
11,20 0
3Xo Feb
500 34 June
5,500
7o Apr
2,400
IX Mar
1,10 0
IX Feb
4,600
X Jan
7,400 97c June
3,700 63c July
700
IX June
4,495
X July
32,580 17Xo Jan
1,235
3X June
6,750 75c Apr
7,000
8c June
1,000
1 July
7,550
3X Jan
7,600
X July
4,275
IX May
3,000 10c Mar
400
1
Jnn
4,000
1*A» June
21,500
IX June
6,950 85o Mar
8,300 70o Mar
3,200 lOo June
1,400 50 June
4,400 12o May
1,000
13X June
700
X Apr
18,500 13o June
900 38o Mar
500
2X Feb
4,270
3X Mar
2,100
X Apr
5,800 64o June
50,000 20c Jan
1,000
IX July
31,200 34o Juno
1,400 15X June
400
6 X Feb
4,800 15o July
100 83c June
1,900 50o May
1,900 29o 'July
2,500
4c Mar
1,000
23o Mar
15,500 13o Apr
8,900 55o Jan
200 54o Feb
8,000
14o June
1,200
24o July
5,700
3o Feb
4,250 1 7-16 Mar
2,000 5-32 June
33,300 63o Mar
1,000 61o Mar
350
4 June
7,950 3 15-10 Jnn
300
6
Mar
600
‘A t June
1,016
3X July
17,000
7o July
5,500
6 X Jan
3,100
IX Apr
12,400 68o Mar
7,000 14o June
200
♦IX May
080
5
Feb
225 30
Feb
1,300
1
July
1% July
1.02 May
70o July
23Xo Jan
2X July
44c Jan
2X June
12 X Mar
5X June
1 6-32 Apr
2X May
OXcMay
42 X Feb
17o Jan
2
Jan
3X May
X Mar
1 3-16 July
53c July
2 X May
3X May
70o Mar
8 X Jan
1 3-16 Jan
21o Jan
1
July
*5X June
1 July
2X June
31o Apr
2X Apr
2X May
2
June
1 3-16 Jan
IX May
22c Jan
58 June
18c May
10 X Mar
1% Jan
41c Mar
72o May
4
Jan
8
May
2X May
77o June
43o Apr
2
July
42c June
17X June
8 X May
40c Apr
2Xi
Apr
08o Apr
60o Apr
6c
Jan
39o Jan
39o May
78o May
78o May
26c Jan
60o Feb
14o Apr
2
Jan
X Jan
95o Feb
81o May
6 X May
7X May
7X May
1
Apr
4X May
18o Mar
35X June
3X July
1 3-16 May
23c Juno
2
Jan
16X May
45
Feb
IX May
Sales
Friday
fo r
Last W eek 's Range
W eek .
o f P rices.
Sale.
H igh . Shares.
P rice. Low .
Bonds—
CosdcnACo conv6s w 11926 109% 109%
97A
00
Mldvalo St A Ord 5a-rl936
100 A
08%
Sinclair dll ARe'f Os.r.1926
102
Victoria Oil 6s w 1-----------
Range sin ce J an .
L ow .
1.
H ig h .
Jan 125
110 222,600 103
98 200,000 97a Juno 103H
90 A 12,000 95H June 100
2,000 100% June 100H
100 A
99 A l 2,000 98% July 99 A
103
8,000 102 Juno 105
June
Juno
Feb
Juno
May
June
* Odd lots i Listed as a prospect. I; Listed on the Stock Exchange this week,
where additional transactions will bo found, r Unlisted. 1 30% paid, u 20% paid.
10% paid w When Issued, x Ex-dlvldend. y Ex-rights, z Ex-stock dividend.
v
CURRENT NOTICE.
__On the advertising page opposite our weekly statement o f clearings this
week, Remick, Hodges & Co., members o f Now York Stock Exchange, 14
Wall St., this city, present a wido selection o f conservative bonds suitable
for banks, insurance companies or Individuals who seek primarily safety
and marketability. The municipal bonds, which are free from income tax
and eligible to secure postal savings deposits, yield from 3.72 to 4.25% ,
and the railroad bonds yield 4.20 to 5.65% . Many o f the bonds in the list
are also legal investments for savings banks and trust funds in New York
and Massachusetts.
__“ Poor’s Manual o f Public Utilities’ ’ for 1016, has just boon Issued,
an invaluable reference book of 2,500 pages, presenting recent financial
statements for practically every public utility company in the United States
and Canada in which thero is public interest. A now feature of the Manual
is the “ Margin o f Safety” over interest or dividend requirements of indi
vidual stocks and bonds. This margin “ based only on facts,” is intended
to answer the question, “ What is the risk involved. ?
— Colgato, Parker & C o., 2 Wall St., this city, are to-day advertising in
the "Chronicle” a list o f investment bonds for the requirements of individ
ual investors, trustees and financial institutions, yielding fiom 4.25 to
4.83% . Some of the railroad bonds are legal investments for savings banks
in New York State. The firm invites buyers to communicate with them for
further information regarding any o f the securities featured in the adver
tisement.
__T 110 entire Issue having been sold at noon on the day o f the offering,
Harris. Forbes & Co., Hodeiipyl. Hardy & Co., Inc., and E. W. Clark &
Co. are advertising as a matter of record only their joint offering of $3,500,
000 Grand Rapids Railway Co. 1st M . 3-year 5% bonds, duo Juno 1 1919,
at 993l and accrued interest. Complete circular on request. For details,
sco the record advertisement and our "General Investment News” Depart
ment.
__Tho §250,000 Columbus, Ohio, bonds offered by C. E. Denison & Co.
on another page are considered attractive by tho firm, as Columbus is a
rapidly growing city and tho bonds are eligible for Now York and all New
England savings banks, and as security for Postal Savings banks. They
are coupon bonds, subject to registration.
— Leo, Iligginson & Co. are offering at a prico to yield about 5.10%,
a block of 5% bonds of tho Hell Telephone Co. o f Canada, dated April 1
1895. duo Apr. 1 1925. Outstanding S U ,149,000.
__William F. Nitz & Co. announco tho opening of an office in tho Lumber
Exchange Uuilding, 11 South La Salle Street, Chicago, for the handling
of high-grado municipal and public utility bonds.
— Marcus C. Hcrgh has been appointed Wisconsin representative of
H. M . Uyllosby & Co. for tho sale o f securities, effective July 1. Mr.
Bergli will maintain offices at Madison.
__Pull & Eldredge, 31 Nassau St., this city, specialists in equipment
trusts, announco tho admission o f Wade H. Rothgeb to their firm as a gen
eral partner on July 1st.
__John J. Bryant Jr., and Frank L. Van Wio o f Chicago have been ad
mitted to membership in the firm of James H. Oliphant & Co.
New York City Banks and Trust Companies
Bid
N ew York
America*__ 520
Amer Each. 213
Atlautlo___ 180
Battery Park 150
Bowery •__ 390
200
150
135
100
630
City...........
Coal A Iron.
Garfield___
German Ex*
Greenwich*.
Hanover —
Imp A Trad.
Irving .......
Liberty ----Lincoln ___
395
177
428
187
450
320
fl07b
317
100
75
156
4300
250
995
185
130
350
400
200
275
645
305
490
185
775
325
A ik
535
218
185
160
175
145
115
640
230
125
402
182
435
197
325
322
105
4800
275
1015
200
140
390
450
Banks.
Manhattan *
Mark A Fult
Mech A Met
Merchanta’ Metropolis*.
Metropol n ♦
Mutual___
New Noth*.
New York Co
New York..
Pacific *___
People’s*—
Prod Excb*.
Public * ___
Seaboard __
Second____
Sherman__
State *........
23d Ward*.
Union Lxch.
Unit States*
Wash H’ta*.
Westch Av*
West Sldo*.
Yorkvllle*..
Brooklyn
300
652
Couey lal'd*
First...........
Flatbush . . .
Qreeapolnt.
Hillside * ...
Homestead *
Mechanics*.
505
192
___
360
Nassau____
Natlon’lCity
North Side*.
People’s ___
BIM
A ik
300
230
207
187
285
170
325
215
310
240
272
105
300
182
385
275
460
220
__
190
413
395
125
100
100
138
500
225
160
400
•175
130
255
150
155
100
130
8ft
200
270
170
130
Trust Co’s.
N ew York
Bid
Ask
Astor_____ 455 460
Bankers Tr. 455
460
B’way Trust 145
150
Central!'ruat (715
755
570
Columbia__ 560
__ Commercial. 110 . . . .
225 Empire..... . 290 310
•155
725 Equitable 1r 445
395 Farm L A Tr 1425 1475
__ Fidelity ..... 200 210
470 Fulton____ 280
235 Guaranty Tr 420 425
__
198 Hudson___ 150
210 I,aw Tit ATr tl30
430 LlneolnTrust n o
120
420 Metropolitan 425 435
135 Mut’l (West115
Chester). . 125
135 N Y Life Ian
145
A Trust.. 975 1000
___ N Y Trust.. 595
605
___ TltleOuATr 375 382
175 Trnnsatlan ’c
155
415 Union Trust 395
405
650 USMtgATr 387
397
UnltedSfates 1005 1020
140 Westchester 130
140
270
Brooklyn
165
165
115 BrooklynTr. 520
536
90 Franklin . 2. 255
265
275
140 Hamilton__ 205
Kings (Jo__ 630
650
no
207 Manufact’rfl
Citizens.. 145 150
280
292
185 People’s ----- 282
75
85
140 Queens C o..
•Banka marked with a (•) are State banka. fSale at auction or at Stock Er
change this week, ( New stock, y Ex-rights.
New York City Realty and Surety Companies
Bid
AltlancoR’ ty 75
Amer Surety 150
270
Casualty Co
City Invcst’g 18
Preferred.. 60
Ask
80
165
277
_.
21
08
135
THE CHRONICLE
Ju l y 8 1916.1
Bid
LawycrsMtg 103
Mtg Bond.. 110
Nat Surety. 292
NYMtgAScc 70
NY Title Ins 40
A sk
160
115
297
80
40
Bid
Realty Assoc
(Brooklyn) 93
U 8 Casualty 195
USTltlcGAI 50
Wes A Bronx
TltleAMG 165
A tk
Quotations for Sundry Securities
All bond prices ere “ and Interest” except where marked “ f.”
Standard Oil Stocks
Ft rSkare
Far Bid.
Angic-Amer Oil new____ £1 •16b 16
Atlantic Refining______ 100 695 r05
florne-Scrymaer Co____ 100 340 350
Buckeye Pipe Line Co___ 60 *90 92
Cbesebrough Mig new__ 10C 320 330
Colonial Oil.....................100 70 80
Continental Oil_______ 100 320 330
Crescent Pipe Line Co___ 60 *39 43
Cumberland Pipe Llns.-lOO 80 85
Eureka Pipe Line Co___ 100 205 210
Galena-Signal Oil oom__ 100 155 157
Preferred___________ 100 137 142
Illinois Pipe Line______ 100 164 166
Indiana Pipe Line Co___ 60 *89 92
10'2
Internet Petroleum___ _£1 *10
16
National Transit C o.. 12.50 *14
New York Transit Co.-.HW 185 190
Northern Pipe Line C o ..100 91 97
Ohio OU Co.......................23 *229 232
58
Psnn-Mex Foe! Co........... *55
Pierce Oil Corp______ ...2 3 *123t 13b
Prairie Oil A Gas............100 397 409
Prairie Pipe Line............100 224 226
Solar Refining............... 100 205 275
Southern Pipe Line Co. .100 190 193
South Penn Oil________ 100| 347 350
Southwest Pa Pipe Linos. ICO 104 107
Standard OH (California) ICO 252 255
Standard Oil (In dia n a)1001 560 568
Standard OH (Kansas) ..ICO; 435 445
Standard Oil (Kentucky) 100 395 405
Standard Oil (Nebraska). 100 342 345
Standard OI1 of New Jer. 10O 522 524
Standard OH of New Y’rklOO 205 207
Standard Oil (Ohio)___100:330 340
Swan A Finch................. 100 95 100
4
Union Tank Line Co___ 100 82
Vacuum OH__________ 100 262 205
Washington OH________ 10, *30 40
Bondi.
!
Pleroe Oil Corp c od 6s. 1824 80
Ordnance Stocks—Per
s jtd r e .
Aetna Explosives pref__ 100 70 80
Amer A British Mfg___ 100 10 20
Preferred___________ 100 30 65
Atlas Powder common..100i 174 179
Rights________________ *14 18
Preferred___________ 100 99 101
Babcock A Wilcox......... 100! 117 120
Bliss (E W) Co common..60 615 630
Preferred...................... 60j *75 85
Canada Fdys A ForglngslOOl 195 200
Canadian Car A Fdry__ 100 60 70
Preferred_____ ______ 100 80 86
Canadian Explosives comlOO 300 350
Preferred___________ 100! 100 110
Carbon Steel common__ 100, 73 75
1st preferred________ 100 *85 90
2d preferred________ 100 66 70
Colt’s Patent Fire Arms
M fg............................ 100 835 855
98
Crocker-Wheeler Co com.100
Drlggs-Seabury Ord CorplOO 128 132
duPont (E I) de Nemours
Powder com (new)__ 100 280 287
Preferred___________ 100 102b 104b
Electric Boat_________ 100 350 370
Preferred____ _______ 100 350 370
Hercules Powder com__ 100 350 357
Preferred___________ 100 115 119
Hopkins & Allen Arms.. 100 20 30
Preferred___________ 100 35 50
International Arms_____ 25 *15 16
9
Lake Torpedo Boat com.. 10 *7
Midvale Steel A Ordnance 50 ♦63 65
Nlles-Bement-Pond com.100 168 173
Preferred___________ 100 100 105
Scovill Mfg ...................100 575 580
Submarine Boat__ (no par.) *35 37
Winchester Repeat Arms 100 1600 1700
Tobacco Stock *— Per
Ska re.
Par B id.
American Cigar commonlOO
Preferred___________ 100
Amer Machine A Fdry..100
Brltlsh-Amer Tobac ord..£l
Ordinary, bearer_____ £1
Conley Foil..................... 100
Johnson Tin Foil A Mot. 100
MacAndrews A Forbes.. 100
Preferred................... .100
Porto Rlean-Amer T ob .. 100
Reynolds (R J) Tobacoo. 100,
Preferred____________100
robacco Products com .. 100
Voung (J S) Co..............100
Preferred___________ 100
4<i.
126 130
98 100
78 83
*17b 18ij
19
*18
300 350
100 150
174 178
100 101
230 237
500 510
121 124
43 44
150 160
105 no
Short Term Notes. P er Cent.
Am Cot Oil 5s 1917.. -MAN 100b 100»*
Amer LocomEs, July '17-J-J ioob ioi
99b 100b
Am T A T 4 A B 1918...........
Anaconda Copper 6s '17 M-8 100b 1003*
Canadian Pae 6s 1921.MAS2 101b 101*4
Chic Kiev Ry 5s 1910___ J-J ------ 93b
Chic A West Ind 5s'17-MAS 99b 99*4
Erie RR OH* 1917___ A-O 100b 101
General Rubber 5s 1918 JAD loo ioob
Hocking Valley 5s 1917.M-N ioob ioob
Int Harv 5s Fob 16 ’I8.F-A 101b 101*4
MorganA Wright 5s Deo. 1,’ 18 99b 100U
New Eng Nav 6s 1917.M-N 99*4 100
S Y N H 4 I 1 4Hs May 1917 99b 100
Pub Set Corp N J 5s ’ 19 MAS 100 ;100b
Rem AmsU.M.C. 5s’ 19 F&A 97b 97*4
Southern Ry 6s J917..M-S2 100b 100b
United Fruit os 1918-. M-N 100b 100b
(JtabSecurCorp 6s '22 M-S15 95 96
Winches RepArmsSs’lSM&S 98b 98b
Nevt York City Notes—
6s Sept 1916_____________ 100b 100b
6s Sept 1 1917..................... 102b 102b
Canadian Govt. Notes—
5s Aug 1 1910.............. FAA b Z7,
6s Aug 1 1917.............. FAA 100 100b
Public Utilities—
Am Gas A Elec c o m ...__ 50*137 140
Preferred____________ 60 ‘50 50b
Am Lt A Trae common..100 381 383
Preferred___________ 100 111 113
Amer Power A Lt com__ 100 68 70
Preferred___________ 100 84 85
Amer Publlo Utilities comlOO 44 4G
Preferred___________ 100 74 77
Cities Service Co com__ 100 352 354
Preferred___________ 100, 89 91
Com’w’lth Pow Ry A L_10C1 64 66
Preferred___________ 100 84 86
Dayton Pow A Lt pref.. 100 95b 96b
Elec Bond A Share pref.. 100 9Ubl01
Federal Light A Traction 100
Preferred___________ 100 45b' 47b
Great West Pow os 1946.JAJ 89b' 91
Indiana Lighting Co___ 100
4s 1958 optional___ F-A 78 80
Nortb’n States Pow com. JC0 88 89
Preferred___________ 100 95b 97
1st A ref 68 1941___ AAO 96 96b
Pacific Gas A Elec com.. 100 58 59b
1st preferred________ 100 87 90
Republic Ry A Light___ 100 37*4 38b
Preferred___________ 100 74 76
South Calif Edison com.100 93 95
Preferred___________ 100 104 106
Southwest Pow A L pref 100 97b 100
Standard Gas A El (Dei). 60 *15 16
Preferred____________ 60 *40 41
Tennessee Ry L A P com 100 10b lllj
Preferred___________ 100 50 52
United Gas A Eloo Corp. 100 14 17
1st preferred________ 100 72 75
2d preferred________ 100 15 18
UR. Equipments —PerCt Basis
53
B id. A sk. United Lt A Rys com__ ICO 61
4.37 4.15
1st preferred________ 100 75b 77
Baltimore A Ohio 4H s..
Buff Roch A Pittsburgh AM* 4.55 4.20 Western Power common. 100 20 21
Preferred___________ 100 67b 69
Equipment 4s__________ 4.55 4.20
Canadian Pacific 4H*_____ 4.55 4.18
4.80
4.30
Caro Cllnchf A Ohio 6s____
Central of Georgia 6s______ 4.37 4.12
Industrial
Equipment 4 A a ________ 4.60 4 25
and Miscellaneous
Chicago A Alton 4s_______ 5.05 4.50
Chicago A Eastern 111 6s___ 5.75 5.35
296
Equipment 4H*________ 5.75 5.35 American Brass________100 294
40 42
Chic Ind A Loulsv 4Hs____ 4.80 4.35 American Chicle com — 100 68
70
Preferred___________ 100
Chic St L AN 068............... 4.55 4.20
147
Chicago A N W 4M s........... 4.37 4.10 Am Graphophone oom.. 100 147
Preferred___________ 100
Chicago R I A Pac 4Hi s____ 5.25 4.50
Colorado A Southern 6s___ 4.75 4.35 American Hardware___ 100 * ii‘ 137
43
4.60 4.20 Amer Typefounders com. 100
Erlo 6s_________ _ ___
4.60 4.20
Preferred___________ 100 94 96
Equipment 4A s _____
4.60 4.05 Borden's Cond Milk com. 100 117 118
Equipment 4s_______
Preferred___________ 100 107 110
Hocking Valley 4s_______ _ 4.55 4.20
4.55 4.20 Celluloid Company------ 100 172 176
Equipment 5s_______
1
2
4.37 4.15 Havana Tobacco Co___ 100
Illinois Central 6s_____
2
3b
Preferred___________ 100
4.37 4.15
4 A t ............................
1st g 5s June 1 1922.. J-D /50 54
4.80 4.25
Kanawha A Michigan 4H
11
13
Louisville A Nashville 6s.._. 4.37 4.15 Intercontinen Rub com. .100 160
M ln n S tP A S 8 M 4 H s___ 4.55 4.20 Intcmat Banking Co___ 100 36 163
38
Missouri Kansas A Texas 6s. 6.80 4.80 International Salt_____ 100
5.80 4.80
1st g 6s 1951----------A-O /75b 771a
Missouri Pacific 5s_____
4.85 4.35 International Silver pref.100 981*101
Mobile A Ohio 6s______
Equipment 4Hs________ 4.85 4.35 Lcbtgb Valley Coal Sales.50 •82 86
New York Central Lines 6*.. 4.55 4.20 Otis Elevator com_____ 100 56 59
4.55 4.20
Preferred___________ 100 89 91
Equipment 4 A s _____
N Y Ontario A West 4H *-~ 4.55 4.20 Remington Typewriter—
Common____________100 13b 14b
Norfolk A Western 4M*----- 4.37 4.15
1st preferred________ 100 73 76
Equipment 4s__________ 4.37 4.15
4.12
4.35
2d preferred________ 100 39 41
Pennsylvania HR 4H *----Equipment 4s__________ 4.35 4.12 Royal Baking Powd com.100 138 143
Preferred___________ 100 ICO 101
8t I.ouls Iron Mt A Sou 6s_ 6.25 4.75
St Louis A San Franclsoo 6*. 5.70 4.80
4.75 4.35
Seaboard Air Line 6s--------Equipment 4H*----------- - 4.75 4.35
Southern Pacific Co 4M*__ 4.37 4.15
Southern Railway 4%s........ 4.75 4.25
Toledo A Ohio Central 4>... 4.80 4.35
98
210
60
175
* Per share. 6 Basis. 4 Purchaser also pays accrued dividend. « New stock.
/ Flat price, i Ex 100% stock dividend. nNomlnal. xEx-dlvldend. gEx-rlghts,
THE CHRONICLE
136
| ix u c s t m « n l a w tl
R A I L R O A D
[Vol . 103
% n U ll% Q tn u .
G R O S S
E A R N I N G S .
T h e fo llo w in g ta b le sh o w s the g ross earn in gs o f e v e r y S T E A M railroad fro m w hich regular w e e k ly or m o n th ly retu rns
uan be o b ta in e d .
T h e first tw o c o lu m n s o f figures g iv e th e g ross earn in gs for th e la te s t w eek or m o n t h , an d the la st tw o
s o lu m n s th e earn in gs for th e period fro m J u ly 1 to a n d in clu d in g th e la te s t w eek or m o n th .
VVe a d d a s u p p le m e n ta r y
s ta te m e n t to sh ow th e fiscal y e a r to ta ls o f th o se ro a d s w h o se fiscal y e a r d oes n o t b egin w ith J u ly , b u t c o v o rs s o m e oth er
p e r io d .
The returns of the electric railways are brought together separately on a subsequent page.
L a te s t G ro s s E a r n in g s .
July 1
L a te s t G ro s s E a r n in g s .
to L a te s t D a t e .
July 1
t » L a te s t D o l e .
ROADS.
ROADS.
W eek o r
M o n th .
C u rren t
Y ear.
P r e v io u s
Y ear.
C u rren t
Y ear.
C u rren t
Y ear.
P r e v io u s
Y ear.
Ala N O & Tex PacS
$
N O & Nor East. M a y _____ 339.657 285 090 3,546,112 3,267,773
Ala & Vicksburg. M a y _____ 151,823 127 734 1,578,099 1,398,093
Vicks Shrov Sc P_ M a y _____
136,474 122 632 1.534,344 1,297,584
Ann Arbor________ 3d wk Juno
59,429
43 ,135 2,623,017 2,252,337
Atch Top & 8 Fe__ M a y _____ 11967 919,9,602 ,097 121827 992 107713794
Atlanta Birm & Atl 3d wk Juno
54,122
44 704 2,968,612 2,593,928
Atlanta & West P t. M a y _____
113,477
92 ,186 1,259,987 1,091,772
Atlantic Coast Lino M a y _____ 2,090,980 2,596 ,949 31,663,581 29,209,214
Chariest & SV Car A p ril_____ 177.571
172 ,033 1,586,128 1.513,083
Lou Hend & St I. A p ril.........
138,341 109 ,394 1.336.245 1,169,522
aBaltimoro & Ohio. M a y ......... 10201713 8,276 ,206 101323262 83,152,842
B & O Ch Ter R It M a y _____ 165,770 124 ,353 1,621,849 1,417,865
Bangor & Aroostook May
341,868 279 ,205 3.451,919 3,418,444
Bessemer & L E rij. May
1,145,220 984 221 9,643,801 7,444,588
Birmingham South. May
92,912
58 ,324
903,376
738,089
Boston & Maine__ M a y ......... 4,775,109 3,874 ,708 47,383,219 42,637,216
Buff Roeh & P itts.. 4th wkJune 411,044 279 301 12,055.355 9,545,192
Buffalo & Susq R R . M a y _____
118,569 114 781 1,544,373 1,335,486
Canadian Nor Syst. 4th wkJune 1,122,8001 552 900 33,425,000 24,553,700
Canadian Pacific . . 4th wkJune 3,409,000 2,103 000 128932276 98,343,176
Central o f Georgia . M a y ......... 978,5611 858 ,156 11,608.073 11,281,382
Cent of New Jersey M a y ------- 3,107,169 2,722
33,249,832 29,116,553
Cent New England. M a y _____
151,827 390 ,174 4,406,652 3,682,039
Central Vermont . . M a y ......... 377,803 325 664 3,905,712 3.502,746
Chos Sc Ohio Lines. 4th wkJune 1,427,727 1,267 055 18,149,525 39,464,037
Chicago Sc Alton__ M a y _____ 1,369,246 1,142 ,218 14,853,910-13,036,986
Chic Burl & Quincy M a y _____ 8,596,915 6,957 ,421 04,075,778 83,864,649
b Chicago & East ill M a y _____ 1,299,147
988 ,831 15,379,347 13,058,764
c Chic Great W ost. . 3d wk Juno 330,167 321 ,734 14,729,217 13,634.550
Cine Ind & Louisv. 4th wkJune 202,25 4! 168 010 7,708,721 6,559,665
Chic Milw & St I '- l M a y _____ 9,110,463 7,241 ,196 96,482,738 83,624,505
Ohic MII & Pun 8 1
dChic & North West M a y _____ 8,039,216 6,395,660 85,601,036,76,331,948
Chic Peor & S t L . . . M a y .........
152,9931 113,265 1,609.4471 1,484,569
Chic Rock Isl & l’ac M a y _____ 5,975,043 5,138,200 66,202,624 62,573,521
Chic It I & Gulf. . M a y _____ 262,9621 198,109 2,914,384 2,708,958
dChic St P M & Ora A pril_____ 1,697,600 1,322,875 16,721.021 15,420,563
Chic Terro H & S E M a y .........
181,469 151,154 2,325,725 2,025,523
Gin (lam & Dayton A pril......... 733.867 739,773 8.695,069 7.935,653
Colorado Midland. May
110,993 105,374 1,395,477 1,589,100
e Colorado & South. 4th wkJune
365.562 316,410 15,655,189 14,172,974
Cornw all_________ April
10.155
26,577
168.688
108,318
Cornwall & Lebanon April
23.550
41,265
382.276
245,714
a y ------Cuba R ailroad____ Ma;
631,003 510,877 6,211,584 4,749,143
Delaware & Hudson M a y _____ 2,253,968 1,879,409 23,691,065 20,787,626
Del Lack & W e st.. M a y _____ 4,463,150 3,713,265 44,921,807 39,205,793
Deny & Rio Grande 4th wkJune 622,900 570,900 24,848,150 21,789,062
Western Pacific. M a y _____ 620,338 503,578 6.793,664 5,093.106
Denver & Salt Lako 3d wk Juno
33,029 1,837,319 1,591,752
36,800
Dotroit Tol & Iront M a y _____ 205,242 119,692 2,019,260 1,635,331
Detroit & Mackinac 3d wk June
19,091 1,136,893 1,045,348
22,813
Det & Tol Shore L . M a y _____ 144,986 120.044 1,589,948 1,361,617
Dul & Iron R ango.. M a y _____ 922,228 745,851 5,450,341 4,022,262
83,688
Dul Sou Shoro & Atl 3d wk June
72,041 3,383,496 2,843,985
Duluth Winn Sc Pac M a y _____ 1.37,053
82,627 1,558,185 1,182,101
Elgin Joliot & East- M a y _____ 1,276,882 801,203 12,170,820 7,701,092
El Paso & Sou West M a y _____ 1,032,731 693.470 9,645,637 7,036,736
E r io _____________ M a y _____ 6,450,128 5,181,832 66,397,635 55,393,236
Florida East Coast. M a y _____ 718,506 656,142 6,639,376, 5,112,369
78,372
91,165
Fonda Johns & Glov M a y _____
871,230
799,907
Georgia Railroad _. A pril_____ 260.314 225.709 2,036,556 2,408,271
82,321
52,548 5,554,8881 3,573,766
Grand Trunk P a c .. 2d wk June
Grand Trunk Syst. 4th wkJune 1,736,084 1,506,251 54,637,362 49,686,854
Grand Trunk Ry. 2d wk June 839,461 743,786 40,007,496 37,834,639
Grand Trk West. 2d wk June 196,905 145,208 8,351,654! 6,825,479
77,026
60,295 3,104,042! 2,454,169
Dot Gr II Sc Milw 2d wk June
Great North System J u n e _____ 7,012,384 5,193,623 81,142,398,67,133,303
Gulf Sc Ship Island. M a y _____ 175,912 131,991 1,813,491 1,498,972
Hocking Valley___ M a y ......... 750,599 518,576 6,625,572 5,668,071
Illinois Central___ J u n o _____ 5,700,000 4,900,000 68,871,828 62,130,154
Internat Sc Grt Nor M a y ......... 834,715 748,207 8,728,286 8,466,783
Kansas City South. M a y _____ 940,772 831,874 9,672,486 9,243,670
Lehigh & Hud R iv. M a y _____ 189,334 167,620 1,916,685 1,653,973
Lehirh & Now Eng. M a y ......... 191,303 266,006 3.031,318 2,370,439
Lehigh Valley_____ M a y _____ 4,318,612 3,845,269 43,153,826,38,891,114
Louisiana Sc Arkan. A.pril_____ 163,009 144,189 1.421.834 1,435.604
Louisiana Ry & N av iA lay _____ 165,683 176,938 2,016,219 1,85.3,687
f Louisville Sc Nashv 4 th wkJune 1,499,025 1,256,859 60,260,020 51,606,016
Maine Centra l _____M a y ______ 1,043,125 888,379 10,895,488 10,323.800
Maryland & Penna. M a y _____
40,711
474,071
38,921
438,719
99,348 1,668,303 1,270,883
Midland Valley___ M a y ______ 100,894
Mineral Rango___ 3d wk June
19,076 1,046,273
23,858
823,730
M inneap & St Louis 4th wkJune 194,575 192,927 10,740,269 10,111,944
Minn St P & S S M . 3d wk June 655,184 496,336 33,721,546 27.128,613
745,885:
707,278
Mississippi Central. M a y _____
67,557
60,340
(j M o Kan & Texas. 4th wkJune
838,485 724,123 32,416,144 32,898,759
h Missouri P acific.. M a y _____ 5,670,217 4,534,215 59,023,766 53,654.088
Nashv Chatt & St L M a y ____ 1,107,3511 885,626 11,667,587 10,099,209
366.089
Nevada-Cal-Oregon 3d wk May
9,101
350,730
8,470
j New York Central M ay______ 17298002 13407472 172056426 140483 447
Boston & Albany, May______ 1,845,691 1,455,123 18,059,606 15,014,655
n Lake Erie & W . M ay______ 616,126 463.564 6,335,870 5,198,192
Michigan Central M ay........... 3,839,535 2,814,732 37.987,832 30,642,449
Clove C C & St L May______ 3,827,134 2,953.699 39,632,489 32,838,852
Cincinnati North. M ay........... 155,954 124,024 1,654,835 1,414,238
Pitts & Lako Erie M ay______ 2,070,424 1,401,688 20,725,755 13,126,393
N Y Chic Sc St L . May........... 1,318,337 922,370 13,192,044 10,354,866
Tol & Ohio Ccnt. M ay______ 485,718 332,845 4,896,668 4,522,149
Kanawha & Mich May______ 327,940 235,656 3,313,757 2.646,446
Tot all lines above M ay........... 31784293 24111173 317854714 256241 687
P r e v io u s
Y ea r.
S
8
*
New Orl Great N or. M a y _____ 171 ,975 136,885 1.6S8.470 1,460,558
190 ,223 141,950 1,865,528 1,642,096
N O Mobilo & C h ic .'M a y .........
N Y N H & IIa rtf.-| M a y _____ 6,866 ,229 5,754,808 69,231,325 59,051,276
N Y Ont & W estern!M ay_____ 722 ,212 713,1991 8,216,234 8,212,069
N Y Susq Sc W est.. M a y _____: 318 ,439 332,795 3,986,528 3,578,102
407 ,308 344.0871 3.793,144 3,254.117
Norfolk Southern.. A p ril____
Norfolk & Western. M a y _____ 5,293 ,540 4,010,353 52,316,700 38,656,758
Northern Pacific__ 4tli wkJune 2,004, 000 1,734,000 75,764.654 63,171,880
Northwestern Pac. A p ril_____ 327 ,855 258.405 3,479.116 2.919.247
Pacific Coast C o__ A p ril______ 581, ,499 422.931 6,061,675' 5,203,188
p Pennsylvania R R . May______ 19792 494 15539 078 200729 164 167249 638
88, 511;; 96,660 1,017,9911 1,1.32,409
Balt Ches & Atl. M ay...........
Cumberland Vail. May______ 293, 209 229,367 3.203,965 2,650,211
Long Island_____M ay_______ 1,313, 144 1,177,445 12,799.650 11,972,736
71,474
814,363,
859,974
72, 926
M ary’d Del & Va M ay______
N Y Phlla & Norf May...........
157, 092 345.787 4,258,166 3,388.654
1.771,414 21,537,726 18,461,121
Phil Balt & Wash M ay______ 2,202,
W Jersey Sc Seash May........... 614, 649 534,391 6,857,443! 5.941,289
Pennsylvania C o __ May_______ 7,015, 748 4,693,3.36,64,442.944 48,305,762
1'I 471 407.773 5,151,252 4,887,359
Grand Rap Sc Ind May______
Pitts C C & St L_ M ay______ 4,305, 752 3.182.505I43,253,227 35,083,631
V andalia_______May_______ 1,047, 925 842,528:11,445,343|10,100,941
Total lines—
East Pitts & Erie M ay_____ 25183797 20014 905 255884 832 215875 846
West Pitts & Erie M ay______ 13008297 9,254,175 125895260 99,772.776
All East Sc West. M ay______ 38197094 292690S0 381780094 315648622
Pero Marquetto__ 4th wkJune
553,158 451,042 21,228,098 18,028,210
I
!
Reading Co—■
Phila Sc Reading. M a y ------- 4,919,975 4,081,702 53,081,526 43,404,762
Coal & Iron C o ..:M a y ------- 2,747,181 2,297,003 33,755,473 28,123,887
Total both cos__ M a y --------- 7,667,156 6,378,705 86,836.099 71,528,649
Rich Fred & P otom lM a y ------- .340,778 293,0151 3,012,3491 2,632,505
71,692
830,072;
863,508
80,924
Rio Grande June__ 'A p ril-------10,809
10,153
544,379,
540,070
Rio Grande S ou th ..3d wk June
378.390 291,281
Rutland................ A pril------St Jos & Grand Isl. M a y ......... 170,473 119,651 1,638,880 1,390,582
217,383 199,485! 2,393,165' 2,106,616
St L Brownsv & M . M a y ____
St L Iron Mtn & So M a y ____ 2,930,572 2,313,415 30,059.yi,5 27,670,450
St Louis & San Fran A p ril_____ 4,179,039 3.427,451 40,487,023 36,672,286
St Louis Southwest. 4tn wkJuno 289,000 261,000 12,196,525 10.627,639
San Pod L A Sc S L. M a y ------- 1,025,543 856,689'10.162,211 i 8,579,186
Seaboard Air Lino. . M a y ......... 2,085,324 1,815,703 22,604,187 20,101,931
Southern Pacific__ M a y _____ 12880344 10592 282,139126 559] 117902 061
Southern Railway. . 4th wkJuno 1,678,758 1,463,792 69,920,713 62,199,508
Mobile & Ohio__ 4th wkJuno 322,323 265,433 11,851,678 10,982,149
Cin N O & Tex P . 4th wkJune 318,943 217,004 11,044,466 9,422,251
Ala Great South. 4th wkJuno 164,511 126,584 5,597,473 4,776,630
48,929 2,436,225 2,215,772
58,129
Georgia So & Fla. 4th wkJune
41,891 1,960,764 1.799,301
55,444
Virginia & Sou W 4th wkJune
Spok Port & Seattle M a y _____ 412,578 314,870 4,512,770 4,041,228
1,230
2,16“
67,845
100,756
Tenn Ala & Georgia 3d wk June
154.128 124,761 1,479,186 1,363,094
Tennessee Central . May . . .
......... 19,1.12,488 17,044,638
Texas & Pacific___ 4th wkJune 427,377 373,376
35,991, 1.108,718 1,082,109
36,687
Toledo Peor& West 4thwk May
98,194, 5,606,619 4,636,058
Toledo St L & West. 4th wkJuno 108,939
877.316
48,7371
791,204
66,421
Trinity Sc Brazos V . A p ril_____
Union Pacific Syst. Al a y ......... 8,734,026 6,584,460 95,366,944 79,631,286
Virginian_________ M a y ......... 679,576 497,066 7,023,834 5,545,402
W abash__________ M a y _____ 3,071,695 2,363,451 31,712,825 26.762,277
Western Maryland- 4th wkMay 299,277 258,956 10,879,721 8,683,459
109.066 106,7171 1.095.515 1,055,185
Western Ry of Ala. A pril_____
Wheel & Lake Erie. M a y _____ 942,685 491,283: 8,226,282 4,835,150
Yazoo & Miss Vail. M a y _____ 1,144,674 953,529 12,417,545 10.926,743
V a r io u s F is c a l Y e a r s .
P erio d .
C u rren t
Y ear.
P r e v io u s
Y ear.
$565,113
Buffalo & Susquohanna R R ___ Jan
1 to
M ay 31$686,038
Delawaro & Hudson___________ Jan l to May 31 10,738,097 8,866,981
E rio__________________________Jan 1 to M ay 31 29,574,956 24,176,527
Now York C entral.j__________ Jan 1 to May 31 80,374,792 61,973,950
Boston & Albany____________ Jan
1 to May 31 8,483,247 6,581,662
Lake Erio Sc Western. n ____ Jan
1 to May 31 2,862,364 2,280,684
Michigan Central____ _____ Jan
1 to M ay 31 18,005,222 13,439,770
1 to May 31 18,310.664 14,057.007
Clevo Cin Chic & St L o u is ... Jan
Cincinnati Northern_________Jan
1 to May 31
733,675
580,366
Pittsburgh Sc Lake Erio.........Jan
1 to May 31 9,567,630 5,524,605
New York Chicago St Louis Jan
1 to May 31 6,337,369 4,622,797
Toledo & Ohio Central______Jan
1 to May 31 2,246,381 1,647,475
1 to M ay 31 1,500,471 1.060,850
Kanawha & Michigan______Jan
Total all lines .............
Jan
1 to May 31 148421244 111769I 65
N Y Susquohanna & W estern.. Jan
1 to May 31 1,882,523 1,672,07.3
p Pennsylvania R a il r o a d ________ Jan l
to May 31 92,259,999 71,737,43s
Baltimore Chesap Sc Atlantic Jan
1 to May 31
350,327
383,60a
Cumberland Valley.................. Jan
1 to May 31 1,504,739 1,131,62 j
Long Island------- ------------------Jan
1 to May 31 5,298,871 4.707,654
Maryland Delaw & Virginia-Jan
l to May 31
288,882
303,064
N Y Philadelphia & Norfolk. Jan
1 to May 31 1,969,431 1,438 ,44a
Phila Baltimore Sc Washing'll Jan
1 to M ay 31 9,943,207 7,922,48 r.
West Jersey & Seashore_____Jan
1 to May 31 2,693,180 2,185.02,
Pennsylvania C o m p a n y -------------- Jan 1 to M ay 31 28,801,489 19,869,C5o
Grand Rapids & Indiana___ Jan
1 to May 31 2,286,854 2,038,14;;
Pitts Cine Chic & St L ouis.. Jan
1 to May 31 20,247,149 15,111,21$
Vandalia_______________
Jan
1 to M ay 3l| 5,176,071 4,285,057
Total lines— East Pitts & Erie Jan
1 to May 31 115847746 90,986,3,31
— West Pitts & Erie Jan
1 to M ay 31 57.243,242 41,908,793
— All lines E & W . Jan
1 to May 31:173090989 132895 124
321.997
Rio Grande Junction___________ Dec 1 to
Apr 30..554,289
Jail 1 to Apr 30 1.266,126 1.023,710
R u tla n d ...................
...... ....
4
AGGREGATES OF GROSS EARNINGS—Weekly and M onthly.
W e e k ly S u m m a r ie s .
C u rren t
Y ear.
P r e v io u s
Y ear.
In c r ea se or
D ecrease.
%
*
M o n t h l y S u m m a r ie s .
C u rren t
Y ear.
P r e v io u s
Y ear.
In crea se or
D ecrea se.
%
M ile a g e .
C u r. Y r . P rev. Y r.
$
$
$
%
$
3d week April (33 roads)____ 13,403,730 10,934,698 +2,469,032 22.58 August.........247.809 245.754 279,891,224 274,618,381 + 5.272,843 1.9)
4th week April (38 roads)___ 17.252,276 14;.337,992; +2.914,284 20.33 September ..245.132 243.463 294.241,340 276.458,199 + 17,783.141 0.41
1st week May (37 roads)____ 13.608,168 10,598,907] +3,009,261 28.39 j October___ 248.072 247,009 311,179,375 274,091.434! +-37,087,941 13.57
2d week May (36 roads)___ 13,955,903 10.81S.158; +3,137,745)29.00 j November ..246,910 245.8581306.733.317 240,422,695: +66,310,622 2 7 . b f
December ..248,437 247,673 295.202,0181232,763.070 +62,438.948 20.82
9,664,045] +2,531,759 26.72
3d week May (35 roads)___ 12,245,804
January___ 247,620
4th week May (34 roads)____ 20,536.118 14,750,366' +5,785.752 39.23
1st *erk June (33 roads!. . . . 13.927,110 11,169.493 + 2.757,617:24.69 j February ...245,541
M a rch .........247.363
2d week June (33 roads)___ 14,103,619 11,107,717! +2,995.902:26.97
April ......... 246,615 245/773 288,’453;700 237,512,048 +50,911.052 21.45
3d week Juno (32 roads)------ 12,643,273 10,080,728 +2,502,545j25.42
Alay ........... 88,112
86.1871 75.841,3601 57,674,478 4-18,167.882 31,50
4th week June (26 roads)----- 18,109,315' 14,337,927' +3,771,388 26.31
a Includes Cleveland Lorain & Whoeiing lty. b Includes Evansville Sc Terre Haute and Evansville Sc Indiana R R . c Includes Mason City & Port
Dodge and the Wisconsin Minnesota & Pacific, d Includes not only operating revonuo, but also all other receipts, e Does not include earnings of Colo
rado Springs & Cripple Creek District Ry. / Includes Louisville Sc Atlantic and tho Frankfort & Cincinnati, g Includes the Toxas Central and the
Wichita Falls lines, h Includes tho St. Louis Iron Mountain Sc Southern. ) Includes the Lako Shoro Sc Michigan Southern R y., Chicago Indiana Sc
Southern HR. and Dunkirk Allegheny Valley Sc Pittsburgh R R . n Includes the Northern Ohio R R . p Includes tbo Northern Central. * We no
louger include the Mexican roads in any o f our totals.
137
THE CHRONICLE
J uly 8 1916.]
Latest Gross Earnings by Weeks.— In
th e ta b le w h ich
fo llo w s w e su m u p se p a ra ta y th e e arn in gs fo r th o fo u r th w ee k
of June.
T h e ta b le co vers 2 6 ro ad s a n d sh o w s 2 6 . 3 1 %
in
crea se in th e ag g re g a te o v e r th e sa m e w e e k la s t y e a r .
1916.
F o u r th W e e k o f J u n e .
1915.
In crea se. D ecrea se .
$
$
$
164,511
126,584
37,927
Alabama Great Southern. ------411,044
279,301 131,743
Buffalo Rochester & Plttsb-----552,900 569,900
Canadian Northern----------------- 1,122,800
Canadian Pacific........................ 3,409,000 2,163,000 1,246,000
Chesapeake & O h i o . ...---------- 1,427,727 1,267,055 160,672
202,254
168,010
34,244
Chicago Ind & L o tu sv ille .-.-.318,943
217,004 101,939
Cinc Now Orl & Texas P acific..
365,562
316,410
49,152
Colorado & Southorn............ ..
622,900
570,900
52,000
Denver & Rio G r a n d e ...------58,129
48,929
9,200
Georgia Southern & I<lorida.. . .
Grand Trunk o f Canada------1,736,084 1,506,251 229,833
Grand Trunk Western------Detroit Gr iiav & M ilw----Canada Atlantic--------------Louisville & Nashville------------ - 1,499,025 1,256,849 242,176
Minneapolis & St Louis--------- \
194,575
192,927
1,648
Iowa Central_____________ I
724,123 114,362
838,485
Missouri Kansas & Texas--------322,323
265,433
56,890
Mobile & Ohio-----------------------Northern Pacific— ................... 2,004,000 1,734,000 270,000
553,158
451,042 102,116
Pore Marquette---------------------289,000
261,000
28,000
St Louis Southwestern...............
Southern Railway------------------- 1,678,758 1,463,792 214.966
427,377
373.376
54,001
Texas & Pacific—
---------108,939
98,194
10.745
Toledo St Louis & Western----55,444
41,891
13,553
Virginia & Southwestern---------258,956
299,277
40,321
Western Maryland...............- - -
$
_____
.........-
F o r th o m o n th o f Ju n e th e retu rn s o f 2 8 r o a d s s h o w as
fo llo w s:
1915.
1916.
« .£
COCO © tO
©
mcs
o oo -©
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4ktO ©©
coco h
woo wIk
cow cocs.n "csc>
ooco
coo
___
__CO COto co©
hh co 4* -i„C
h- co___
C
O£ ©
ooto bocn cnto 66*-* woo ^ -4 coo to 4* co 4*
w cn
w os
to w *
wW
w tOC* rfktO tOO
Ukto 4k tO to tO
©W to k- 00 W
00 to «s|© to to OCR 00 to © ^| H- h- © W j|kW g gj
CR^ oops
tooo ©*- ©to >-cr ©4k o h ©© MO ico
C-R
00CS © © O
—
too
OCR OH- OOO COCO COto co to !*V| WC3 O
Cn C
«mnH
© 4kH- cOOx tow
•
sJCO 4kCOtow OCR
-g5cc
OOC
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nO
---S'O
k—00 00Cn to to 000
4k WOO O CO 00w OtO Cnto 4kw C
Ito
to
k- gto
to ►
— Cnbo I k- oo "toto COto to to
---- '©00
4kI C
S|W
too
3H
- tow
St?
Ik4.k Cn
cooo
4k Opt
W4kOcn
Cnow
co C
cn
00 00 kV
4k
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Cn
n Op
m 4
CO. .__
ooV
os
k-----CnGO
S4k
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00
►
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*—Vj C
_n_©
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kOO ooo h—cn tC
----k |. -M
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to
_
_
___
on 00 O CnO 4k*— -M
Cn 00 *— ©-M *—CO toco W-sI *—00 to -si*— oo© 00 tO
Total (26roads)____________ 18.109,316 14.337.927 3.771,388
Net increase (26.31%)--------
M o n th o f J u n e.
k©
to
ton
toC
«S|00
In crea se.
%
$
S
S
Gross earnings (28 roads)--------- 70,560,771 55,827,133 14,733,638
$
26.21
I t w ill b e seen th a t there is a g a in o n th o ro a d s r e p o r tin g
l
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5to 030 OSCn 034k 4k© ©W Cn"M Cn © hiW
O
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4
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OS w w w
gs
2
5=
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:
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'
in th e a m o u n t o f $ 1 4 ,7 3 3 ,6 3 8 , or 2 6 . 2 1 % .
N et
E a r n in g s
fo llo w in g
M o n th ly
to
L a test
D a t e s .— T h e
ta b le
h ow s th e gross a n d n o t e arn in gs w ith ch a rg e s a n d
su rplu s o f S T E A M
. *8 SS3
to to H
—tO
ra ilro ad s a n d in d u stria l c o m p a n ie s re
p o r te d th is w e e k :
------ G ro ss
•C u rr e n t
R oad s.
Y ear.
E a r n in g s --------------- N e t E a r n in g s -----P r e c io u s
C u rren t
P r e v io u s
Y ear.
Y ear.
Y ear.
S
$
Chic Burl& Quincy_b_. M ay 8,596,915 6,957,421
July 1 to M ay 31--------- 94,075,778 83,864,649
Chicago & East 111.b...M ay 1,299,147
986,831
July 1 to May 31--------- 15,379,347 13,058,764
Chic Ind & L o u isv .b ...M a y
704,029
572,233
July 1 to May 31--------- 7,025,124 6,006,256
Chic Rock Is l& P a c . b.M a y 5,975,043 5,138,200
July 1 to M ay 31.66,202,624
62,573,521
Chic R I & G u lf.b --- May
262,962
198,109
July 1 to May 31- 2,914,384
2,708,958
Colorado & Southern.b.M ay 1,265,442 1,006.729
July 1 to May 31--------- 14,518,461 13,161.155
Delaware & H udson.b.M ay 2,253,968 1,879,409
Jan 1 to May 31______10,738.,997 8,866,981
Denver & Rio Grande—
Western Pacific b -------May
620,338
503,578
July 1 to May 31- 6,793,664
5,093,106
El Paso Southwest.b__ May 1,032,731
693,470
July 1 to May 31_ 9,645,637
7,036,736
Fairchild & Northeast b May
3,273
2,589
July 1 to May 3135,681
37,946
Intornat & Gt N orth .b.M ay
834,715
748,207
July 1 to May 31. 8,728,286
8,466,783
Louisvillo & N a sh v .b ..M a y 5,358,819 4,163,368
July 1 to May 31...........55,241,080 47,430,432
Missouri Pac & St Louis
Iron M t & S o .a _____ May 5,670,217 4,534,215
July 1 to May 31.59.023,766
53,654,088
Nashv Chatt & St L .b .M a y 1,107,351
885,626
July 1 to May 31______ 11,667,587 10,099,209
Pore M arquotto.a____ May 1,820,082 1,447,930
July 1 to May 31........... 19,428,690 16.574,234
St L Iron M t & S o .a ...M a y 2,930,572 2,313,415
July 1 to May 31........... 30,059,215 27,670,450
St Louis & San F rfift.b.M ay 4,213.240 3,269,450
July 1 to May 31______ 42,361,609 37,632.593
Scab A L(Cons c o s ).a -.M a y 2,085.324 1,815,703
July 1 to May 31--------- 22,604,187 20,101,931
S°Gt(»rgiaI S o u ^ Fla. a . May
193,440
165,358
July 1 to May 31--------- 2,249,673 2,054,893
Mobile & O hlo.a----- May 1,084,534
967,550
July 1 to May 31........... 10,847,024 10,099,700
Texas & P acific.b ----------May L433.073 1,322,574
July 1 to May 31........... 17,698,021 16,623,719
Virginian.a .
______May
679,576
497,066
V> July 1 to M ay 31............1 7,023.834 5.545.402
S
8
2,869,713 1,639,812
37,764,514 28,498,728
277.287 def70,407
3,619,052 2,529,814
245,342
168,878
2,352,965 1,703,622
1,744,194 1,075,842
17,829,713 15,359,000
69,840
15,282
882,196
696.810
447,073
220,624
5,316,726 3,859,230
794,460
701,581
3,486,156 2,922,330
195,748
125,779
2,400,995 1,055.788
520,623
270,046
4,164,839 2,730,702
def52
def876
2,095
3,905
225,525
119,188
2,026,809 1,191,482
1,893,326 1.029,348
18,836,198 11,175,419
723,532
778,235
12,567,570 11,962,132
300,542
170,755
2,981,955 1,664,205
424.484
210,252
5,652,819 3,841,192
485,526
473,930
7,481,133 7,102,541
1,383,157 1,080,477
14,227,403 12,309,794
575,631
469,748
6.524,520 5.009,120
28,391
449,991
281,958
2,580,575
5,000.406
317,363
3,250,479
17,637
226,420
257,437
2,374,429
149,168
3,972,401
192,053
2.210.771
T o ta l O p e r . T o ta l O p c r .
N e t R ev .
N et In c.
R ev e n u e.
E x p e n s e s , f r o m O p e r . a ft e r C h g s .
$
Chic Great W e st...M a y T6 1.185,814
T5 1,087,531
11 raos T 6 13,805,685
T5 12,738,554
G ro s s
E a r n in g s .
*
8,039,216
Chic & North West.May ;i6
15
11 mos 16 85,601,036
’ 15 76.331,948
Cuba Railroad___ M a y '16
631.003
T5
640,877
11 mos '16 6.211.584
'15 4,749,143
M o Kan & Texas. .M a y '16 2,731,345
'15 2,287,569
11 mos T 6 29,841,460
'15 30,519,627
*
939,832
879,066
9,967,728
9,646,602
N e t , a ft e r
T a xes.
S
$
245,982
208.465
3,837,957
3,091,952
41,152
defll.413
1.416,152
681,860
F ix e d
C h a r g e s.
D a la n c e,
S u r p lu s .
*
S
%
1,864,393
850.569 1,013,824
1.561.516
888,157
673,359
24,686,529 9,543,942 15,142,587
20.393,087 10.165,548 10,227.539
348.685
87,554
261,131
332,958
72,308
260,650
3.199,618
890,774 x2,314,953
2.469.791
781.547 1,688,244
418,259
555,885 defl37,626
481,465
647,541 defl66,076
4,707,188 6,368.992dri,661,804
8,244,917 6,502,360 1.742,557
1
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N et
E arn ings.
Bangor & Aroostook—
May 16
341,868
15
279,205
11 mos 16 3,451,919
15 3,418,444
Duluth So Sh & Atl—
May 16
311,956
15
250,556
11 mos 116 3,163,960
15 2,643,805
Hocking Valley—
May 16
750,599
15
518,576
11 mos 16 6,625,572
15 5,668,071
Mineral Range—
May 16
93,320
15
86,514
11 mos 16
980,274
15
764,276
Gross
E a rn ing s.
9
Denver & Rio Grande—
May 1916. 2,044,628
1915. 1.734,188
llmos 1916 22,828,350
1915 19,957.462
St Louis Southwest—
May ’ 16
987,495
•15 770,560
11 moa T6 11,265,020
*15 9,814,198
5
159,431
104,367
1,314,257
1,253,112
78,072
29,008
918,966
467,550
Other
In com e.
Total
I n co m e.
Charges db
T a xes.
8
5
S
27,524
186,955
15,215
119,582
216,193 1,530,450
179,824 1,432,936
5,947
2.842
53,820
35,566
Other
In com e.
*
S
798,755
592,833
8,304,915
5,864,356
BQ
196,396
142,153
3,049,221
1,526,534
69,383
761
242,431
174,130
84,019
102,777 defl8,758
31,850
97,371 def65,521
972.786 1,109,804 defl37,018
503,116 1,035,992 def532,876
307,435
272,881
34,554
172,150
197,789 —25,639
2,272,272 343,163 2,615,435
1.816,003
128,791 1,944,794
W
22,264
20,489
1,775
27,431
26,007
1,424
236,708
230,067
6,641
223,034
217,597
5.437
N et, a fter
T axes, <te.
117,572
118,821
1,288,019
1,258,806.
Balance.
S u rp lu s.
9
Gross
In com e.
S
141,080
135,776
1,449,601
1,511,729
166,355
36,374
1,165,834
433,065
17,661
12,294
169,830
135,829
4,603
15,137
66,878
87,205
F lzed
Charges.
9
Balance
S urplus.
S
116,915
588,944
326,726
915,670
76,204
669,038
589,940
79,098
1,542,874 9,847,789 6,502,119 3,345,670
1.640,084 7,504,440 6,441,566 1,062,874
137,292
333,688
266,401
67,287
100,076
267,543 def25,314
242,229
1,152,828 4,202,049 2,963,226 1,238,823
1,141,213 2,667,747 2,923,787 def256,040
INDUSTRIAL COMPANIES.
------ G ro s s E a r n in g s ---------------N e t
C o m p a n ie s .
Arkansas Lfc Sc P ow .a_.M ay
Jan 1 to M ay 31...........
C u rren t
Y ear.
20,797
96,486
P r e v io u s
C u rren t
Y ear.
E a r n in g s
P rev i
$
10,210
45.502
us
138
THE CHRONICLE
Gross
E a rn ings.
N e t, after
Taxes.
F ixed
Charges.
B alance,
Surplus.
Abington & Rockland Elcc
S
S
S
$
Light & P ow er..M ay '16
13,202
1.894
191
1.703
'15
11,343
2,416
184
2,232
5 mos '16
71,189
14,238
980
13,258
'15
59,692
10.894
2,563
8,331
Blackst V G & E l..M a y '10
135,948
52,993
21,188
31,805
'15
116,005
45,996
18,939
27.057
5 mos '16
714,952
292,565
102,904
189,661
'15
588,209
229.986
95,423
134,563
Connecticut Power.M ay '16
56,036
30.877
15,999
14.878
'15
42.500
20.409
10,440
9,969
12 mos '16
642,886
326,099
175,950
150,149
'15
496.559
231,322
108,468
122,854
Edis El 111 (Brock).M ay '16
47,611
15,479
1.396
14,083
'15
40,551
13,555
• 2,323
11,232
5 mos '16
261,849
99,743
7,065
92,678
'15
225.348
86,323
14,096
72,227
Fall Riv Gas Wks__May '16
43,983
14.720
2
14,718
'15
43,281
17,678
92
17,586
5 mos '16
208,129
69,109
14
68,095
'15
204,207
66.504
10,985
55,519
Ilaverhill Gas Lt__M ay '16
20,080
5,248
6
5,242
'15
19,749
5,336
6
5,330
5 mos '16
113,435
32,834
555
32,279
'15
102,810
27,061
555
26,506
Houghton Co El Lt.M ay '16
28,141
12.720
5,938
6.782
'15
24,308
11,025
4,276
6,749
5 mos '16
158,791
76.196
19,674
56,522
'15
134,913
58,024
18,038
39,986
Lowell El Lt Corp__May '16
49,076
18.365
320
18,045
'15
35,784
12,264
2
12,262
5 mos '16
264,916
105,314
1,400
103,914
198,932
'15
72,425
8
72,417
Miss River Power.M ay '16
142,470
114,459
106.222
8,237
'15
139,445
110,168
107,287
2,881
5 mos '16
708.162
564,516
529,673
34.843
'15
674.053
533,551
538.580
def5,029
Pacific Lt & P ow .M ay '16
271,765
185,008
105,956
3:90,207
'15
227,156
152,324
108,615
*54,737
5 mos '16 1,289,009
844,764
530,540
*361,363
'15 1,136,916
744,306
540.703
*259.273
U S Pub Serv___ M ay '16
82,515
33,699
12,360
21,377
68.501
'15
27,450
12,754
14.696
12 mos '10
992.416
441,060
155,985
285,075
'15
878,691
362,374
150,749
211,625
Sierra Pacific Elec (and sub
sidiary cos)_____M ay '16
45.348
25,071
6,791
18,277
'15
37,009
19,664
7,557
*12.483
5 mos '16
229,495
122,543
36,646
85,897
'15
193,928
109.986
38,359
*73,509
a Net earnings hero given aro after deducting taxes
b Net earnings here given are before deducting taxes.
* After allowing for other incomo recoived.
EXPRESS COM PANIES.
— M o n th o f M a rch —
— J u ly 1 to M a r . 31—
1916.
1915.
1916.
1915.
C a n a d ia n E x p r e s s C o . —
S
S
8
S
Total from transportation__
291,756
229,604 2,842,443 2,308,758
Express Privileges— Dr_____
148,808
111,984 1,469,951 1,166,73
Rovenuo from transport’n.
142,948
117,619 1,372,491 1,142,025
Opcr. other than transport’n.
5,108
4,744
48,317
44,434
Total operating revenues.
148,057
122,364 1,420,809 1,186,460
Operating expenses________
129,748
120,968 1,208,632 1,101,840
Net operating rovenuo____
18,308
1,395
212,177
24,619
Uncollectible rov. from trans.
19
27
452
77
Expross taxes___________ .
4,200
4,000
37,800
36,000
Operating incomo________
14,089
— M o n th o f
1916.
G lob e E x p r e s s C o m p a n y —
$
Total from transportation__
7
Express privileges— Dr_____
...........
Rovenuo from transportat’n.
7
Oper. other than transports.
Total operating revenues.
Operating expenses________
Not operating rovenuo____
Uncollectible rov. from trans.
Express taxes_____________
Operating Incomo________
7
96
— 89
— 89
— 2,631
M arch —
1915.
S
53,607
26,739
173,924 — 11,457
—J u ly 1 to M a r c h 31—
1916.
1915.
8
8
1.392
538,349
447
270,068
26,867
752
945
10
268,281
7,188
27,619
28,096
956
5,914
275.469
263,045
— 177
— 4,957
12,423
'" '8 0 0
'4,26 6
" 9',666
— 1.277
— 9,157
3,423
1 to A p r . 30—
1916.
1915.
8
$
2,495,282 2,261,871
1,355,562 1,236,108
—M o n t h o f A p r i l ------ — J u ly
Total from transportation..
Express privileges— Dr_____
1916.
8
237,121
129,169
1915.
8
211,157
116,097
Rovenuo from transport’n .
Opcr. other than transport’n.
107,951
4.268
95,060
3,613
1,139,720
38,908
1,025,763
32,875
Total operating rovenucs.
Operating oxpenses______
112,220
88,805
98,673
87,318
1,178,629
885,425
1,058,638
884,940
N o r t h e r n E x p r e s s C o .—
Net operating revonuo____
Uncollectible rov. from trans.
Express taxes_____________
Operating incomo________
23,415
65
5,000
11,355
18
5.000
18,349
6.336
— M o n th o f M a rch —
Southern E x p r e s s C o .—
1916.
Total from transportation.. 1,632,913
Express privileges— Dr_____
871,436
Revenue from transportat’n.
761,477
Oper. other than transport’n
31,142
1915.
293.203
667
50,000
173,697
150
50,000
242,536
123,547
1 to M a r c h 31-----1916.
1915.
J u ly
1.318,466 12,198,382 10,449,711
687,834 6,262,096 5,379,818
630.631
25,972
5,936,285
258,449
5,069,893
226,845
Total operating revenues.
Operating exponses________
792,619
591,792
656,604
525,902
6.194,734
4,921,673
5,296,738
4,748,111
Net operating revenuo____
Uncollectiblo rov. from trans.
Expross taxes_____________
200,826
81
15,877
130,702
73
14,205
1,273,061
744
127,634
548,627
443
131,755
184,867
116,423
Operating income_______
—M o n t h o f M a r c h —
1,144,682
416,429
- - J u l y 1 to M a r c h 31—
1916.
1915.
8
8
1,044,401
856,479
500.249
450,804
W e s te r n E x p r e s s C o —
Total from traasportation..
Express privileges— Dr_____
1916.
8
112,219
59,419
1915.
8
91,789
43,421
Revonuo from transport’ n ..
Oper. other than traasport’n.
52,799
3,508
48,368
3,044
544,152
32,724
405.675
27.607
Total operating revenues.
Operating expenses...............
56,307
53.789
51,412
49,551
576,876
486,635
433,283
469,158
Net operating revenue___
Uncollectiblo rov. from trans.
Express taxes__________ .
2,518
11
1,206
1,860
25
948
Operating income________
1,300
886
90,240 . — 35,875
60
77
10.341
9,080
79,838
— 45,034
[Vol . 103.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
N am e o f
Road.
Latest G ross Earn ings.
W eek or
M o n th .
Current
Y ea r.
Jan.
Previous
Y ear.
1 to
latest date.
Current
Y ear.
S
S
S
Atlantic Shore R y __ M a y ____
26.080 27,878
117,498
119.374
r.Aur Elgin & Chic Ry M a y ____
174,518 165,033
768,987
721,477
Bangor Ry & Electric A p ril____
62.654
60,617
255.138
249,549
Baton Rouge Elec Co M a y ____
17,765
14.961
84,689
73,871
B eltLR yC orp(N YC) A p ril____
65,329 64,070
251,594
246.320
Berkshire Street R y. M a y ____
84,466
77,502
348,641
375,307
Brazilian Trac L & P . M a y ____ 17091000 /6G70110 f32989,000 /31092.170
Brock & Plym St R y. M a y ____
10,076
9,473
37,573
40,933
Bklyn Rap Tran Syst A p ril____ 2344.098 2184,979 9,017,434
8,367,443
Capo Breton Elcc Co M a y ____
30,278 26.6li
149,137
127,765
Chattanooga Ry Sc Lt A p ril____
99,983 87,745
397.681
330,362
Clevo Paincsv Sc East M a y ____
39,296 36,149
167.088
149,187
Cleve Southw & Col. M a y ____
112,377 105,719
522,019
474,801
Columbus (Ga) 1C1 Co M a y ____
66,695
56,471
334,878
285,007
Colum (()) Ry, P & I, A p ril____ 285.006 247,363 1.161.217 1.025,367
g Com’w’th I’ .Ry & L M a y ____ 1328,070 1108,008 6.765,537 5,722.699
Connecticut C o ____ M a y ____ 800,058 687,528 3,678,010 3,082,584
Consum Pow (Mich) A p ril____ 371,398 290,556 1.532.625 1,232.506
Cumb Co (Me) P & L A p ril____ 211,944 186.786
832,900
752,027
Dallas Electric Corp. M ay __
151,437 134,611
799,425
740,123
Detroit United Lines M a y __
1358,322 1072,227 6,160,389 4.970,316
I) D E B & Batt(Rcc) A p ril___
42,299 40,181
160,283
156,175
Duluth-Superior Trac M a y ___
107,921
91,342
538,687
466,963
East St Louis & Sub. A p ril___
237,646 193.827
926,373
786,393
Eastern Texas E lec.. iV lay____
65,335 58,141
320.939
262.935
g El Paso Electric C o. M a y ___
84,029
71.624
452,748
398,293
42(1 St M Sc St N Ave A p ril____
163,898 159,351
625.321
629,640
g Georgia Ry Sc Pow. M a y ___
558,591 514,007 2,880,605 2,046.696
Galv-IIous Elec C o .. M a y ___
154,839 169,249
766,852
792,599
Grand Rapids Ry Co A p ril___
103,047 83,353
419,911
376.254
Harrisburg Railways. M a y _____
93,431
76,747
419,046
379,768
Havana El Ry, L & P A pril_____ 466,554 434,159 1.918.787
1,824.473
Honolulu R T Sc Lana A p ril___
55,039 46,610
214,511
190,225
Houghton Co Tr C o. M a y ____
25.963
21,897
129.922
104,228
b Hudson Sc Manhat. A p ril_____ 503 ,'689 405,488 1.981.711 1,861,908
Illinois Traction__ AI a y _____ 949,986 860,523 4.921,131 4,445,066
Interboro Rap Tran. M a y _____ 3231.008 2904,773 10,100,717 14.473,595
Jacksonville Trac Co M a y _____
53,732 53.336
266,239
262,191
Keokuk Electric___ M a y ___
19,155 19,38-1
97,996
94,059
Key West Electric.. M a y ____
9.487
9,445
47,303
46,810
Lake Shoro Elec R y. M a y ____
130,172 114,031
583.317
505,339
Lehigh Valley Transit A p ril____
198,625 147,932
754,032
591.663
Lowist Aug A Watorv A p ril____
60,400 53,817
219.061
202,436
Long Island Electric. A p ril___
17,857
17,856
04,178
64,135
Louisville Railway.. A p ril____
255,028 242,114
983,385
948,566
Milw El Ry & Lt Co M a y ____
551,797 466.534 2,885,558 2,470,961
Milw Lt lit & Tr C o. M a y ____
143,854 115,640
661,698
554,730
Nashvillo Ry & Light A p ril_____ 193,641 176,040
769,582
705.982
N Y City Interboro.. A p ril____
60,430 55,949
239,038
219,767
N Y Sc Long Island.. April
33,904
31,907
118,727
121,275
N Y & North Shoro.. April
13,542
12,503
47,708
46,725
N Y & Queens C o__ April
119,093 106,362
440,421
402,542
New York Railways. May
1192,036 1138,652 5,597,572 5,454,164
N Y & Stamford R y. May
33,099 32.228
131.654
125,987
N Y State Railways. M a y _____ 696.993 574,240 3.408,932 2,941,733
N Y Wcstchcst Sc Bos M a y _____
48,450 43,000
211,301
184,391
Northampton T ra c.. A p ril_____
17.282
13,013
64,517
51.156
Nor Ohio Trac Sc Lt. M a y _____ 422,046; 323,324 1,940,627
1.424,674
North Texas Electric M a y _____ 150,755 134.790
756,693
652,928
Ocean Electric (L l). April
7,486
7,203
24,077
23,116
Paducah Tr & Lt C o. May
24,203 21,927
127,383
117,486
Pensacola Electric Co M a y _____
23,845' 20,790
117.061
100,665
Phlla Rapid Transit. M a y _____ 2391.370 2,070160 11.109,400 9,901,842
Phil a Sc Western R y. M a y _____
46,011
41,90.'
195,858
173,981
Port(Ore) Ry .L&I’ Co A p ril_____ 447,967 442,526 1.763,089 1,815,637
g Puget Sd Tr, L & p A p ril_____ 645,088 605,180 2,567,258 2,482,966
g Ropublic Ry Sc L t .. M a y _____ 326,401 247,644 1,612,894 1,210,228
Rhode Island C o ___ M a y _____ 493,297 404,577 2,228.505 1,880,368
Richmond Lt & RR_ A p ril_____
29,607 28,086
112,708
105,773
St Jos Ry. L II Sc PCo M a y ____ 106,261
96.047
563,006
524,726
Sautiago EiecLt Sc Tr March . . .
42,974 36,259
135,550
112,513
Savannah Electric Co M a y _____
64,344 64,413
321,043
330,081
Second Avenue (Ilec) A p ril_____
64,843 69,463
252,202
252,948
Southern Boulevard. A p ril_____
18,695
18,307
71,917
68,475
Staten Isl’d Midland A p ril_____
22,558
23,954
86,950
80,003
Tampa Electric C o .. M a y _____
72.782
81,422
410,919
413,116
Third Avenue______ A p ril_____ 330,884 305,445 1,339,943 1,229,938
Twin City Rap Tran. 3d wk June 198,375 177,046 4,746.072 4,304,899
Union Ry Co of NYC A p ril_____ 243,267 217,716
901,846
831,912
Virginia Ry Sc Power M a y _____ 478,601 407,693 2.374,983 2,016.715
Wash Balt Sc Annap. M a y _____
77,753 73,613
351,193
327.076
Westchester Electric. A p ril_____
44,151 44,837
170.467
170,581
Westchester St RR__ M a y _____
22,964 22,644
95.654
93,895
a West Penn Trac Co M a y _____ 506,519 407,710 2,443,027 1,969,526
Yonkers Railroad__ A p ril_____
66,134 59,616
245.467
225,831
York Railways.
76,806 64.048
394.464
316,863
Youngstown & Ohio. M a y _____
28,719 23,506
129,026
115,562
Youngstown & South A pril_____
15,935
12,913
58,363
49,700
b Represents incomo from all sources, c These figures aro for consoli
dated company. / Earnings now given in mllreis. g Includes constituent
companies.
E le c t r ic
R a ilw a y
N e t E a r n i n g s .— T h e fo llo w in g ta b le
g iv e s th e re tu rn s o f E L E C T R I C r a ilw a y g ro ss a n d n e t e arn
ings w ith c h a rg es a n d su rp lu s ro p orted th is w eo k :
Cross
turnings.
Baton Rouge Elec.M ay ’ 16
'15
5 mos ’ 16
’ 15
Brockton Sc P lym ..M ay ’ 16
’ 15
5 mos ’ 16
’ 15
Capo Breton El C o.M ay '16
'15
5 mos '16
'15
Cent Miss V El I’ ropMay '16
15
5 mos ’ 16
15
CIov Painesv Sc EastMay’ 16
15
5 mos ’ 16
15
CIov Southw Sc C ol.M ay ’ 16
15
5 mos ’ 16
15
Colum (Ga) E lec)..M a y j 16
15
5 mos ’ 16
15
Dallas Elec C orp ..M ay ’ 16
15
5 mos 16
15
$
17,765
14,961
84,689
73,871
10,076
9,473
40,933
37,573
30,278
26,61 1
149,137
127,765
23,309
23,137
119,816
113,315
39,296
36.149
167,088
149,187
112,377
105,719
522,019
474,801
66,695
56,471
334,878
285,007
151,437
134,611
799,425
740,123
N et, after
Taxes.
$
9,499
6,201
41,459
28,119
413
989
der719
def8S8
10,243
10,201
53,098
47,510
7,395
7,352
40,922
32,557
16.745
15,793
67,546
59,704
40,527
37.104
192,229
148.086
37.985
29,076
192,473
152,155
50,513
48,339
304,405
291,794
F ixed
Charges.
$
3,470
2,167
17,328
10,664
1,102
1,134
5,500
5,655
6,549
6;724
32,478
32,995
1,973
1,881
9,660
9,162
12.075
10,993
56.696
54,772
27,810
27,591
138,502
137,412
28,647
28,577
143,370
143,742
34,695
33,394
173,457
107,059
B alance,
Su rplus.
$
6,029
4,034
24,131
17,455
dcf689
defl45
def0,219
def6,5-13
3,694
3,477
20,620
14,515
5,422
5,471
31,262
23,395
4,670
4,800
10,850
4,932
*12,813
*9,762
*54,196
*11,163
9,338
499
49,103
8,413
15,818
14,945
130,948
124,735
N et
a fte r T a x e s .
C ross
E a r n in g s .
•S
$
28,596
65,335
Eastern Texas Elcc.M ay ’ 16
26,243
58,141
’ 16
145,445
320,939
5 mos ’ 16
108,967
262,935
’ 15
39,004
84,029
El Paso Elec C o__ M ay ’ 16
71,624
28,982
'15
221,710
452,748
5 mos ’ 16
180,910
398,293
'15
154,839
59,887
Galv-IIouston Eloc.M ay ’ 16
68,195
169,249
15
257,790
766,852
5 mos '16
295.618
792,599
'15
10,337
25,963
Houghton Co Trac.M ay |16
9,296
21,897
1f)
52,094
129,922
5 mos ’ 16
36,813
104,228.
’ 15
18,883
53,732
Jacksonville Trac._M ay ’ 16
16,456
53,336
'15
90,079
266,239
5 mos '16
79,424
262.191
’ 15
6,115
19,155
Keokuk Elcc C o__ M ay ’ 16
6,530
19,384
'15
34,185
97,996
5 mos '16
29,034
94,059
’ 15
2,927
9,487
Koy West Electrlc.M ay ]16
2,460
9,445
16,878
47.303
5 mos ’ 16
10.578
46,810
'15
44,398
130,172
Lako Shoro El By SysMay’ 16
39,776
114,031
1o
185,719
583,317
5 mos ’ 16
148,909
505,339
'15
374,899
N Y Railways.........M ay H6 1,192,036
350,397
11 mos ’ 16 12’,543’,456 3,935,343
'15 12,265,626 3,469,980
165,891
422,046
Nor Ohio Tr & L t.M ay ’ 16
132,007
323,324
’ 15
776,101
1,940,627
5 mos ’ 16
523,907
’ 15 1,424,674
54,267
150,755
North Texas E lcc.-M a y ’ 16
48,648
134,790
15
283,438
756.693
5 mos '16
239,662
652,928
'15
7,497
24,203
Paducah Trac A L t.M ay '16
7,593
21,927
15
47,381
127,383
5 mos '16
40,529
117,486
'15
10,471
23,845
Pensacola Electric-May ’ 16
9,099
20,790
15
52,257
117,061
5 mos '16
41,353
100,665
'15
19,943
64,344
Savannah Elcc___ M ay ’ 16
23,225
64,413
’ 15
100,052
321,043
5 mos ’ 16
117,126
330,081
’ 15
26,573
72,782
Tampa Elcc C o— M ay ’ 16
’ 15
81,422
•38,571
186,596
410,919
5 mos '16
205,026
413,116
’ 15
G ro s s
E a r n in g s .
N et
E a r n in g s .
$
Detroit Un L inos..M ay ’ 16 1,358,322
’ 15 1,072,227
5 mos '16 6,160,389
'15 4,970,316
x
F ix e d
C h a rges.
B a la n c e ,
S u r p lu s .
8,869
8,713
44,252
43,891
4,670
4,187
23,546
21,001
36,607
36,060
182,573
179,946
7,017
5,583
28,871
27.823
15,443
16,361
75,773
75,224
1,949
1,846
9,514
9,147
2,520
2,565
12,557
12,655
36,197
36,055
181,576
179,918
285,362
285,414
3,145,074
3,148,355
49.690
51,524
257,022
255,961
28,692
27,254
143,952
136,192
7,159
7,796
36,334
38,786
7,711
7,179
38,721
36,276
23,690
23,120
116,875
116,119
4,394
4.377
21,875
21,981
S
19,727
17,530
101,193
65,076
34,334
24,795
198,194
160,909
23,280
32,135
75,217
115,672
3,320
3,713
23,223
8,990
3,440
95
14,306
4,200
4,166
4,684
24,671
19,587
407
dof 105
4,321
dcf2,077
8,201
3,721
4,143
d cf31,009
xl.34,426
x107,748
x 1,304,604
X801.915
116,201
80,483
519,079
267,946
25,575
21,394
139,486
103,470
338
dcf203
11,047
1,733
2,761
1,920
13,537
5,077
def3,747
105
defl6,823
1,007
22,179
34,194
164,721
183,045
F i x e d C h gs.
A T a xes.
B a la n c e ,
S u r p lu s .
S
418,616
342,378
1,967,678
1,519,371
$
x204,424
189,621
x 181,543
190,847
940,038 x l , 165,817
X713.315
921,327
After allowing for other Income received.
Annual Reports.—
h a v o b e e n p u b lish e d
A n in d e x to a n n u a l ro p orts o f ste a m
d u rin g
th o p re ce d in g m o n th
w ill bo
T h is in d e x w ill
in clu d e ro p orts in th e issuo o f th o “ C h r o n ic le ” in w h ich
it is p u b lish e d .
o f Juno 2 4 .
T h o la te s t in d e x w ill bo fo u n d in th o issue
T h o n e x t w ill a p p e a r in th a t o f J u ly 2 9 .
Pacific Gas & Electric Co., San Francisco.
( 1 0 // j Annual Report— Year ending Dec. 3 1 1 9 1 5 .)
O n su b se q u e n t
F ran k G . D r u m ,
loss a c c o u n ts fo r
b a la n co slieot as
p ag es w ill bo fo u n d th o re m a rk s o f P r e s .
in a d d itio n to th e in co m o a n d p ro fit a n d
th e y e a r e n d in g D e c . 3 1 1 9 1 5 , a n d th o
of D e c. 31 1915.
I N C O M E A C C O U N T F O Il C A L E N D A R
YEARS.
C m s s R ev en u e —
1015.
1014.
1013.
1012.
Electricity
.......... SO,024.482 $8,750,440 $8,230,782 87.672.570
EhHJtriclty..............
7 560.185
7.015.408
0,547,505
5 805 865
"ra ilw ay'''
--425,338
550,008
572.013
547,187
Miscellaneous: 1111 —
xl .034, 174
888,739
851,040
710;020
Total gross revonuo $18,044,179 $17,220,504 $16,202,339 $14,744,651
DrducF—Maintenance _ $070,880 $1,052,435 $1,042,904 $1,085 950
D Operating
7)385.202
7,118.439
7,612,050
T a x es..................
849,445
<43,048
070,105
622,900
Net oarnlngs.............. ~S9.738,587 , S8,300,582 $0,871,130 $6^313,090
Int. on notes&float. d't]
f 8301,060
$118,848
y$l 1,752
Int. on bonds outst’d ’g i
$3,985,411] 3,890,341 f 3,675,374 3,404,320
Int. on sink, fund bds.J
l
.,.1
107,823
92,805
Bond, & c.,d lsc't& exp.
160,410
469,515
246,041
127,871
Depreciation reserve—
1,380,000
1,000,000
1,462,462 z2,500,000
Net inc. b fo r e depr
$4,212,766
piMf Dfof, dividend-- ( 6 0 0 »717
Junior prof. tliv. (6 % )-600.000
Common dividends.*(6%)1,930,074
$2,645,666 $1,260,582
$116,276
514 1Joo
-------- —
________
600,000
$600,000
$600,000
------------ ( 134)398,848 (5)1,520,435
Hal., surp. or d e f-.s r.$1,281,976sr$2,030,682 sr.$261,734df$2,004,159
x Miscellaneous gross rovonuo In 1915 Includes $413,879 profit on mer
chandise saios and sundry other incomo, against $307,810 in 1914, $333,332
In 1013 and $271,120 In 1912.
,
,
, , .
,
y Includes In i912 Intorost on floating debt only.
a; Includes appropriation to reserve for depreciation accrued during 1912
and previous years. Wo deduct this Item as above for comparative purpose.
* Of tho abovo common dividend in 1915, $1,920,558 was paid in stock
and $3,516 in cash.
1914.
S
32.109.300
8,801,300
10,000,000
24,976,000
50.080.300
4,212,000
1,394,968
1,201,485
396,129
1,262,458
385,319
2,471,862
865,633
62,759
352,965
96,483
4,404,007
Total........... 145,471,652 143,072,968
Total........... 145,471,652 143.072,968
a Aftor deducting $398,288 reserve for amounts charged to consumers in
1915 in excess of rates allowed by city ordinances; and $167,017 miscellane
ous adjustments, including balance of discount and expenses on gold notes
written off upon cancellation during 1915.
N o t e ,— Treasurv bonds subject to sale not included in assets and liabilities
consists of general and refunding bonds, $2,900,000, of which $875,000 is
pledged in San Francisco rate cases and $541,000 bonds of subsidiary com
panies.— V. 102, p. 1541, 1437.
A tlan tic G ulf & W est Ind'es Steam ship L in es.
(New York Stock Exchange Listing, Dated June
21
1 9 1 6 .)
O n a s u b se q u e n t p ag e w ill b e fo u n d th o o ffic ia l s ta te m e n t
m a d e to th e N o w Y o r k S to c k E x c h a n g e in c o n n e c tio n w ith
th o lis tin g o f th o c o m p a n y ’s p referred a n d c o m m o n s to c k .
T h is s ta te m e n t se ts fo rth in m u c h d e ta il th o fa c t s r e g a rd in g
th e p ro p e rtie s, o u ts ta n d in g s e c u ritie s , b o th s to c k s a n d b o n d s ,
d iv id e n d p a y m e n t s , & c ., o f th o c o m p a n y a n d its s e v e ra l
op e ra tin g su b sid ia rie s, a lso th eir b a la n c o s h e e ts a n d in c o m e
a c c o u n ts fo r th o c a le n d a r y e a r 1 9 1 5 , a n d fo r th o 5 H m o n th s
to Juno 15 1 9 1 6 , th o la tte r s h o w in g a r e m a r k a b le in cre ase in
re ce ip ts.
T h o p a re n t c o m p a n y o n A p r il 1 1 9 1 6 p a id its fir s t
q u a rte r ly d iv id e n d , 1 % , o n its 5 % n o n -c u m . p re f. s to c k ;
d iv id e n d N o . 2 , also 1 % , w a s p aid J u ly 1 .— V . 1 0 3 , p . 6 3 .
W orth ington Pump & M achinery Corp. (of Va.), N. Y.
(Balance Sheet and Properties as of April
1 1916,
&c.)
T h o re ce n t s ta te m e n t to th e N e w Y o r k S to c k E x c h a n g e
g iv e s th e fo llo w in g d a ta .
L a t e s t earn in gs see V . 1 0 2 , p . 1 8 9 0 .
P R O P E R T IE S O W N E D I N F E E B Y W O R T H IN G T O N P U M P A M A C H . CORP.
N o .o f
Factory.
Annual
E m p l.
Worts—
A crea ge. S q.ft, flo o r
P rin cip a l Products.
O utput.
E. Cambridge,Mass.
Holyoke, Mass........
Hazclton, Pa_____
Elmwood Place, O ..
Cudahy, Wls_____
Cudahy, Wls_____
8.32766
7.56214
19.699
13.8979
15.4415
14.463
Buffalo, N. Y .......... 20.71583
427,162
285,665
126,221
237,105
111,741
315.173
Pumps A compressors
Power pumps______
Projectiles.................
Pumps A compressors
Small gas engines___
Lathes, mining and
crushing machinery
355,358 Gas and oil engines.
lathes and presses.
$2,000,000
1.500,000
4,000,000
1,250,000
500,000
1,031
677
523
559
188
1,750,000
589
1,750,000
708
$12,750,000 4,275
Total In operation 100.10703 1,858,425
Lockport, N. Y ___ 4.25
89,178 Not In operation___ _______ ____
—
West Allis, Wls___ 7.9
105,343 Not In operation___ —
Total not In oper. 12.15
194,521
P R O P E R T IE S O F H E N R Y R . W O R T H IN G T O N (S T O C K
Avar C O M P A N Y .)
99.34%
OWNED B Y •
834,784 Pumps, meters & con
densing apparatus. $4,500,000
1,642
Total nil works.. 143.84003 2,887,730 ............................... .$17,250,000 5,917
For tho approximate consolidated statement of tho operations of the properties
of the International Steam Pump Co. and Its associated companies during receiver
ship from Aug. 26 1914 to March 31 1916, sec V. 102, p. 1890.
ra ilro a d s, stre o t ra ilw a y s a n d m isc e lla n e o u s c o m p a n ie s w h ich
g iv e n on th o la s t S a tu r d a y o f e a ch m o n t h .
B A L A N C E S H E E T D E C E M B E R 31.
1915.
1914.
1915.
Liabilities —
$
s
S
Plants, prop.,Acl29,281,360 127,138,055 Common stock. 34,035,858
40,000 First pref. stock 12,586,400
Construe, fund.
14,320 Original pf. stk. 10,000,000
16,320
Other lnvestm’ts
336,287 P. G. & E. bds_ 28,082,000
76,788
Sinking funds..
375,004 Subsld. cos. bds. 48,090,800
428,785
Prepaid tax.,Ac.
Notes________
_______
DIsc’t A exp. on
2.870,257 Bills payable.... .............
cap.stks.lss’d . 3,569,323
1,500,698 Acc’ts pay., &c.
920,482
Material A supp 1,419,442
2,222,692 Meter, Ac., dep.
501,392
Acc’ts A bills rec 2,029,281
1,711,968 Accrued interest 1,251,329
Cash............... 4,254,303
432,259
Dlsc't, exp., Ac. 4,283,527 4,108,386 Acer.tax.not due
Deprec. reserve. 2,772,848
Installm’ts rec’d
Other res' funds. 1,278,324
from subscr’rs
06,184
112,523 2,755,301 Unp’d divs., &c.
to 1st pf. stk.
Drafts outst’g ..
295,120
Miscellaneous..
37,978
Surplus______ a5,120,678
A seels —
Harrison, N. J___ _ 31.583
ANNUAL REPORTS
not
139
THE CHRONICLE
Ju ia 8 1916.]
E A R N IN G S O F F O R M E R I N T E R N A T I O N A L S T E A M
A S S O C IA T E D C O M P A N IE S .
P U M P CO. A N D
IT S
Year ended March 31 1910-.-$l,636,9411 Year ended Sept. 30 1912.......... $925,988
18 mos. ended Sept. 30 1911
Year ended Sept. 30 1913.......... 779,223
reduced to a yearly basis... 1,489,583 IYear ended Sept. 30 1914.......... 565.553
I N I T I A L B A L A N C E S H E E T A S O F A P R IL 1 1916.
(Based on Manager's appraisal of the properties acquired, and, as to current
assets and liabilities, on tho balance sheets of the constituent companies of that
date; and Incorporating the assets and liabilities of Henry It. Worthington, the
securities of which, except a trifling amountof capital stock, held by this company.)
Assets (.Total, 822,762,047)—
Beal estate, buildings, machinery, oquip't, patterns, drawings, Ac., as
appraised by manager Oct. 31 1914, $10,646,425; additions to date
(net), $260,232; total. $10,906,657; less depreciation (from Oct. 1
1914 to March 31 1916), $900,000; balance..............
$10,006,657
Investments In securities of Worthington Pump Co., Ltd. (London)----- y762,994
Mlsc. securities, $61,835; Inventories at cost or less, $5,539,853; total.. 5,601,688
Trade accounts and bills receivable, $2,410,608; Worthington Pump Co.,
Ltd., $915,882; mlsc., $134,590; total, $3,461,080; less reserve for
bad debts, $266,500; balance------------------ -------------------------------- 3,194,580
Associated shops net balances In transit................................ ...............
34,074
Cash In banks and on hand. Including funds released under International
mtge., $1,395,581: In hands of, or Immediately receivable by, reor
ganization committee, cxcl. of funds released as above (est.), SI,698,419; total....................................... - ..............................- ................. 3,094,000
Deferral charges to operations. Insurance unexplred, Ac------------------68,053
L iabilities (T otal, $22,762,047)—
Capital stock Worthington Pump* Machinery Corporation (see below). $20,951,000
Bepresentlng properties and cash received under plan of reorganiza
tion of the International Steam Pump Co., for the following capital
stock Issued full paid under authority of Virginia Statutes, viz.:
Authorized..
Issu ed .
Class A 7% Cumulative Preferred......... ..$10,000,000 $5,592,833
Class B 0% Pref. Cum. after April 1 1919.. 11,000,000 10,321,671
Com. (lncl. $1,501,000 returned to treasury)*15,000,000 12,992,149
Minority stockholders Interests In pref. and com. stocks of Henry B.
Worthington, stated at par.................................................................
x49,500
Capital reserve------------------------------------------------------------------------171,556
Underlying bonds—Holly Mfg. Co. 1st guar. 5s (1916 Issue), $423,400;
Jcancsvlllc Iron Works Co. 1st M. 6s, $200,000; total.......................
623.400
Floating liabilities of Int. Steam Pump Co. accrued prior to Aug. 26 1914
147,513
Trade accounts, $519,706; accrued Int. on bonds, $9,724; mlsc., $289,648
819,078
♦The stock In treasury Includes $1,500,000 com. stock held by voting trustees
subject to the order of the board. Issued under the plan of reorganization for "secur
ing the aid of new Interests In the management or otherwise for its benefit.”
x Now reduced to $29,300. y Consists of £163,400 5% debs., $762,893: and 37.
500 shares capital stock, par value £10 each, carried at nominal value of $10i.
N o te. —The corporation Investment In "Henry B. Worthington" consisted (at
April 22 1916) of: common stock, $5,497,700 out of $5,500,000; pref. stock, $1,
952,800 out of $2,000,000; and all 20-year gold notes, duo 1929, $2,430,000.
It will be noted In comparing the above balance sheet with that In V. 102, p.
1890, the Item of good will, patents. Ac., has here been omitted. On tho other
hand, the company's several classes of outstanding capital stock, aggregating
$28,906,653, arc Included among the liabilities of the company In the present
balance sheet only to the extent of $20,951,000, as permitted by the Virginia statutes.
—V. 103, p. 66.
140
THE CHRONICLE
Ray C onsolidated Copper Co.
(7th Annual Report— Year ended Dec.
3 1 1 9 1 5 .)
P re s . S h e rw o o d A ld r ic h , N . Y . , M a r . 1 6 , w ro te in s u b s t .:
The year 1915 marks the most prosperous period in your company’s his
tory- . The narrow copper metal market and consequent curtailed mine
output o f the early months was succeeded by a heavy and steadily Increas
ing demand from both domestic and foreign copper consumers, by full mine
output at our properties and by rapidly advancing metal prices. The de
mand at last reached record-breaking proportions with record prices and
^
o f **j!,e year your company’s output was sold farthor ahead than
ever before. This favorable condition still continues.
Dividends at the rate o f 37K cents per sliaro quarterly were resumed by
your company in the second quarter o f the year, and this rate was increased
to 50 cents per share in the fourth quarter.
In November 1915 all your company’s outstanding bonds were called
for retirement on Jan. 1 1916, and up to the present date all these bonds
have been paid, or the holders thereof have exercised the option of convert
ing them into stock, excepting an amount o f $30,000, which, by the terms
o f your company s mortgago, ceased to be a lien and to bear interest after
There were outstanding at the close o f business on Dec. 31 1915
1,571,279 shares o f capital stock.
Extracts from R eport o f M anaging Director, San Fran., Feb. 26.
M i n e D e v e l o p m e n t .—’During the year no development work was done for
the direct purpose o f proving additional ore reserves, but a total of 45 292
feet of underground work was driven in tho conduct o f active mining opera
tions tributary to tho three shafts. This is 29,969 feet less than for 1914.
d here will be some increase in development during the coming year, as tho
work of opening up the third level at shafts Nos. 1 and 2 will be prosecuted
vigorously. On completion this level, in conjunction with the two main
levels already developed, will serve all tho ore tributary to the two main
shafts. Whon this work is finisned, there will be no further expenditures
for main haulage ways, and development will then consist o f the less ex
pensive work directly incident to mining operations. The total developsin™ the beginning o f operations and up to the ond o f the year 1915
[Vol . 103.
C O N S O L ID A T E D B A L A N C E S H E E T
(.I n c lu d in g S u b . C o s .)
1915.
1914.
1915.
g
$
Liabilities —
s
Prop., plant, A c ..13,771,446 13,984,061 Common stock... 8,000,000
Materials & supp.
30,724
33,201 Preferred stock... 3,500,000
Advance paym’ts.
4,749
12,842 Stock of sub. co..
6,500
Notes receivable..
10,381
9,244 Reno P., L. A \V.
Accounts receiv’Ie. 199,189
155,090
Co.
bonds-----*450,000
Sink, fund Invest. 131,393
115,628 Nev. P., L . A W.
Suspense
1,366
227
Co. bonds------ *300,000
Cash................ II 145’,770
70,892 Coupon notes----- 400,000
-------Notes payable----Accts. not yet duo. 105,554
Suspense-...........
64,393
Accounts receiv’Ie. 149,971
Bond sink, fds., Ac 189,287
Reserves A surplus 1,130,314
T otal............. .14,295,019 14,381,187
Total...............14,295,019
A ssets —
1914.
$
8,000,000
3,500,000
5,500
450,000
300,000
400,000
115,000
86,575
47,110
55,120
145,801
1,275,991
14,381,187
"■Includes in 1915 $81,000 bonds of Nevada Power, Light & Water Co
and $41,000 bonds of Reno Power, Light & Water Co. held in sinking fund
uncanceled, agst. $79,000 and $8,000, respect, in 1914.— V. 102, p. 1351.
Savannah (Ga.) E lectric Co.
(Report for Fiscal Year ending Dec.
31
1 9 1 5 .)
T h e S to n e & W e b s t e r M a n a g e m e n t A s s o c ia tio n , w r itin g
s o m e tim e sin c e , re p o rt in su b s ta n c e :
Gross earnings for 1915 decreased 5.7% . Railway earnings were re
duced by the general depression arising largoly from tho European war
5SH ~y Jitney competition. Operation of jitneys began in February and
stin continued in somewhat smaller numbers at the close o f tho year
JW M ng earniiiRs abo>wed<aan increaso iu spito of business conditions and
competition which is still activo. Thorough strict economy, operating
e x p e n s e s were smaller than in 1914, but did not entirely offset the loss In
destroyed ^ I l i e W e T ^ t b o u t 45 mills. ° f WhiCh
0peratlons have railway gross.
Although severe depression still continues in many lines of business,
During the yoar 2,854,314 tons o f ore were mined, leaving o f the origi
nally developed and reported ore body 71,911,475 tons, averaging 2.235% general conditions in the last fow months have improved. Cotton and
copper. Thoso figures are derived by difference, no actual recalculation of naval stores have recovered sharply in price. Agriculture is in better
tonnages
having
been
made,
it should
bo borne
in mind
thero condition than a year ago, and there is greator diversification o f crops.
x
u ntand
ouuuiu
kikj uduiu
in iiiiiiu
Muioi !that
Giiere
-------~
~
a
m areas nr
urlmnn fhn
U.wl!,,.-. ..........
__ i i . at.
On tho railroads increases in traffic are fair; and at the port, vessel owners
aro
of considerable ovfn
extent where
the nnn
ore bodies,
more.........
particularly
depth, were not drilled too their
luou- iuu
mints, it
mat. large tonnages are prosperous though shipping is hampered by high rates and scarcity
full limits.
It is certain that
in excess o f those heretofore or now reported will become available in tho of ships. The fertilizer trade has been dull. Three of tho principal lumber
companies were in tho hands of receivers during tho yoar, but tho trade is
future when occasion justifies.
beginning to revive.
Renewed activity in Savannah Is further promised by the early construc
I N C O M E A C C O U N T Y E A R S E N D I N G D E C . 31.
tion of a $3,500,000 sugar refinery, and tho entrance of now railroad linos.
1915.
1914.
1913.
?rieii®ea.^3^d Air Line is now building a short line from Charleston; tlio
60,338,936 57,004,281 52,341,029 Midland R R . Is opening new timber and farm lands tributary to Savannah;
17.352 cts. 13.267 cts. 14.994 cts. and a new trunk line is expected to reach the city by tho middle of 1916
* w in
to y u iiu u .___________ .$10,498,961
$7,597,724 $7,899,721 over a short route from Atlanta.
O p e ra tin g E x p e n s e s —
To provide funds for expenditures on road and equipment the company
Mining, &e., expenses and taxes_____ $3,283,807 $2,742,900 $2,968,343 increased
its floating debt $60,000.
v
y
Freight, treatment and refining......... 2,378,306
2,158,624
2,059,412
Selling commission_________________
I N C O M E A C C O U N T F O R Y E A R S E N D I N G D E C . 31.
107,356
76,497
79,086
Mine development extinguishment..
356,122
1915.
1914.
303,463
295,662
1915.
1914.
Railway earnings---- 8173,266 $531,741 Net earnings............. *275,725 $289,652
$6,125,599 $5,281,484 $5,402,503 Light and power....... 320,948 310,898 Interest charges........ 258,492 255,333
o b v ia tin g p tU lll___ _
$4,373,371 $2,316,240 $2,497,218
Mtge. lmprov’t fund. 20,000 20,000
Income on investments.
Total earnings......... S794.214 $842,639
387,313
333,875
326,750
deb. 10,622
5,048
50,348 Operating expenses...$390,361 $411,744
Maintenance............... 72,262 85,757
$2,655,163 $2,874,316 Taxes......................... 55,865 55.486
Balance................. <let.2,767surl4,319
$160,920
$259,540
$199,123
B A L A N C E S H E E T D E C E M B E R 31.
1,872,319
1.089,322
1,631,504
1915.
1914.
(12 K % )
1915.
1914.
(7 a %>
(11 K % )
Assets —
$
$
L iabilities—
$
$
.8,641,027 8,566,399 Common stock........2,500,000 2,500,000
$2,716,823 $1,306,301 $1,043,689 Plant---------Materials A supplies.
93,246
85,034 Preferred stock------ 1,000,000 1,000,000
Advance payments. .
8,667
B A L A N C E S H E E T D E C . 31.
10,163 Sav. Elec. Co. bonds‘2,147,000 2,147,000
Notes receivable___
311
625 Sav. Tliund. A Isle of
1915.
1914.
1914.
1915.
Accounts receivable. 42,324
40,951
Hope Ry. 4% bds. 1,000,000 1,000,000
Assets —
S
$
L iabilities—
S
S
42,831
41,566 Sav. Pow. Co. notes- 956,000 956,000
Property ............. 8.917,574 8,917.407 Capital stock___ 15 ,712,790 14,549,290 Suspense..............
41,673
45,015 Notes payable_____ 956,000 896,000
Expend’s for con
First mtge. bonds. 160,500 2,708,000 Cash............
Accounts payable__
18,604
10,741
strue. A devel't. 10,354.387 9,890,497 Accounts payable.
93,029
38,101
42,872
Miscellaneous_____
Investments........ 1,144,063 1,150,152 Treatment, refin. 307,940
Mtge. Impt. fHiid... 200,000 180,000
Cash....................
157,174
144,107
A dellv. charges
Reserves A surplus.. 54,373
57,139
Sinking fund cash.
111
54
(not yet due).. 397,525
224,142
Mater., supp., Ac. 592,267
502,121 Res’ves for ins.,Ac
94,777
47,407
Total..................8,870,079 8,789,752
Total.................. 8,870,079 8,789,752
Accounts receiv’Ie. 383,426
59,880 Bond redemp. res.
243,450
-V . 102. p. 1437.
Metals In transit.. 3,823,834 1,753,695 Deprec'n reserve.. 860 I6 I 2
558,075
Prepaid Insur., Ac.
47,248
90,274 Surp. (sale of sec.) 1,451,835
3.18,424
Earned surplus.. . *6 .434,704 8,776,368
W. H. McElwain Co., B oston.
T0£a«l~ -.--J---2 5,420,083 22,508,186 Total ............ 25,420,083 22,508,186
(Report for Fiscal Year ending May 3 1 1 9 1 6 .)
* After deducting depreciation reserve, $301,937.— V. 102, p, 1815, 144 2 .
P ro s. J . F ra n k lin M c E lw a i n , B o s t o n , J uno 2 6 , w ro te :
General.—The sales Including all its departments, but without duplicadiscounts or returns, aggrogated $24,314,730. This volumes
of which less than I K % has been foreign army business, is tho largest
(Report for Fiscal Year ending Dec. 3 1 1 9 1 5 .)
volumo of commercial business in our history. The improvement in
g?nimac busiaess throughout the country which became evident In tho fall
T h e S to n e & W e b s t e r M a n a g e m e n t A s s n , re p o rt as fo llo w s : rw ? n £ tChPtln'ie^ in nAre^ . ng v.oluino throughout tho winter and spring,
The general depression during 1915 In mining districts served by tho ca acity of ourtplantslthS the ° rders received bave exceeded tho producing
company, fcogehter with continued unfavorable operating conditions in
certain of the larger mines in the Comstock lode, so reduced tho company’s „ r /‘{nLn£Co,i2*’^ i 0palr.s > renewals and depreciation for tho yoar aggro
income from the sale o f power to mining industries that only a small portion gated $206,256. These items have been charged to operating oxpensos,
?/
*!®venuo was derived from that sourco. It might have been expected keeping the plants at a maximum efficiency and compare with $163,190*
in 1914-15, with $173,527 in 1913-14 and $193,436 in 1912-13. In ad
that tho great revival in copper during tho past year would have pene- ditiOn
---- . X
1.
-------1- e------ ----a
or,r,m ™ lotln n
—l - - . *
mining.districts served by the company. On the contrary, tho earnings
smelter at Wabuska was closed the entire year, and tho mining companies terns
f
o
r
_
_
„
____
in tho Yerington district, which normally act as feeders, were unable to operating expenses.
t f f i d to" be" unLtis?actory n' collectlons from actu*l consumers conThe conditions created by tho shortage in tho world's supnlv o f hides
The year’s operations showed a loss o f 24% In earnings o f the light and and the radical advances in prico of many other commodities roquired
in our production have been successfully met by our purchasing depart
P°.Y„e"r (,^ artm?nt;, T ? fcal gros-<l earnings declined about 16%, and, in
spite of tho reduction In operating expenses and taxes by an equal per ments. necessitating, nevertheless, important prico advances in our pro
centage, the balance after fixed charges decreased 21 % . It was, therefore. ducts. 1 ho net profits for the past year aro tho greatest in our history,
™ 2 l Liad.visPbl.°’ In declaring the last two quarterly dividends on the oxcced ng those o f the preceding year by over 38% . Tho company now
preferred stock, to defer one-third o f the amount normally payablo. The has orders which will ensuro the operation of its factorias to capacity during
tho coming season. It has contracted for tho requisite raw material attotal amount paid during tho year was 5% .
v J
During 1916 the retail business, tho supply o f electric light, gas and prices which assure it a normal profit on its season’s business,
water to the cities and towns is expected to increase. This business and o ££?.c*,>0{‘lers',— The record owners of 1st and 2nd prof, stock now number
™ sal') ° f P°wer to Industries other than mining contributed, in 1915, 2,090 and their average holdings are 32.30 sharos.
an twa"tllirds o f tho gross earnings. There appears to be no reason
I N C O M E A C C O U N T Y E A R E N D I N G M A Y 31.
why the company s earnings in 1916 should bo less than in 1915 and there
1915-16.
1914-15.
1913-11.
1912-13.
is a good chance that they may be materially largor.
Manufacturing earnings.
$904,019
$648,587
$705,550
$769,116
tt a
P>ant necount was reduced $212,615, due to tho purchase by tho
D e d u c tio n s —
a^ch£ f ? n em inent to tho dam and fourteen acres o f land , Approp. to plant a c c t..
$100,000
$100,000
$51,226
$40,557
at the outlet o f Lake Tahoe and by the elimination o f tho surplus accounts ; Bonuses to managers
27,310
12,297
39,570
83,992
® ^ ^ , smalJ,undcrly*nj ? compani«j undergoing reorganization. From tho jI lstpref.
t.™ yiw . uii
/------288,000
ioo.uuvi
291,000
291,900
189 95ft
div.. w
(6y%e ).........
proceeds of the salo of tho Lake Tahoe dam, the company retired its entire i 2d
pref. dlvs------- ---------- (9) 180,000(7K) 150,000
(9)180,000 (9)148;i87
floating debt amounting to $115,000. [The $400,000 coupon notes o f 1913 Common
dividends----------(3)60,000 (1^)30,000 (4K )90,000 (15)232,500
were called and paid off in May 1916, and an issue o f $350,000 3-year 5%
due M ay 1919 was sold to replace them. See details on a subsoBalance, surplus.........
$248,709
$65,290
$52,854
$73,930
queue page— ibu.J
V o lu m e o f S a les f o r Y e a r s e n d in g M a u 31.
C O N S O L . I N C O M E A C C O U N T FO R C A L . Y E A R S (In clu d in g S u b. C os.
1916.
1915.
1914.
^1913
1912.
1905. 1900.1
E arnings —
1915
1914
D e c . 31’15. jDec.31’14
. *330,525 *435,062 Net for taxes........... *320,659 *380,533 . 24,344,730 25,174,848 21,817,542 20.631,071 17.089,017 5,203?013 1,201,713
Gas department___. 58,372
51,259 Taxes......................
40.949
46,754
B A L A N C E S H E E T M A Y 31.
Water depart!
. 104,110 103,154
.
1916.
1915.
1916.
1915.
Miscellaneous.
.
1,763
2,256
.. *279,710 *333,779 ! A ssets —
$
$
Liabilities —
*
*
..
4,513
4,513 j Cash....................
380,949
440,351 Debts.................. 4,619,003 5,565,509
. *494,770 *592,331
! Receivables......... 5,724,730 4,923,588 First prof, stock.. 4,750,000 4,800,000
- *284,223 *338,292 i Merchandise........ 4,137,903 5,549,353 Second pref. stock. 2,000,000 2 ,000 ,000 .
- 75,531
80,904 i Securities.............
505,469
497,824 Common stock... 2,000,000 2,000,000
*135,058 *162,768
i- 13,430
9.900 ! Plant account___ 3,287,895 3,373,627 Surplus...............
667,943
419,234
39,052
49,030
.(5)175,000(6)210,000
i
Total...............14.036,946
14,784,743
Total...............14,036,946
14,784,743
*320,659
*380,533
Net for taxes------ $320,659 $380,533
Balance, surplus.. *20,262
*37,488 — V. 103, p. 61.
Sierra P acific Electric Co., Reno, Nev.
THE CHRONICLE
J uly 8 1916.]
(11 th
Nipissing Mines Co. (of Maine).
Annual Report— Year ended Dec. 3 1 1 9 1 5 .)
P ro s. E . P . E a r lo , N . Y . , M a r c h 6 , w ro te in s u b s t a n c e :
.
T h o r e s u lt s o b t a i n e d f r o m t h o o p e r a t i o n o f y o u r p r o p e r t y d u r i n g t h e
y e a r 1 9 1 5 w e r o g r a t i f y i n g , a l t h o u g h , o w in g t o c o n d i t i o n s c a u s e d b y t h o
E u r o p e a n w a r , t h o a v e r a g e p r l c o a t w h ic h y o u r s i lv e r w a s s o l d w a s o n l y
5 0 . 0 6 c t s . p o r o z . , w h ic h is f i v o a n d t h r e e -t e n t h s c e n t s le s s t h a n w a s o b
ta in e d d u r in g th o p r e v io u s y e a r .
T h e f i n e s i lv e r p r o d u c t i o n w a s 4 ,0 9 7 ,3 9 1
o z . , v a l u e d a t $ 2 , 2 2 2 ,2 5 6 g r o s s .
N e t r e c e ip t s w e r o $ 1 , 4 4 1 , 4 2 8 .
Tho
p r o d u c t i o n c o s t p o r o u n c e o f s i lv e r w a s 1 9 .0 6 c t s . , w h ic h is a b o u t t h r o e o u a r t o r s o f a c o n t lo s s p o r o u n c e t h a n in t h o p r e v i o u s y e a r .
T h ero w as
a d d e d t o s u r p lu s a c c o u n t $ 1 8 3 ,4 8 5 . t h e t o t a l s u r p l u s n o w b e i n g $ 1 , 7 8 6 , 2 6 1 .
T h o r e w a s p a i d t o s h a r e h o ld e r s d u r i n g t h e y e a r $ 1 , 2 0 0 , 0 0 0 .
T h e o r e r e s e r v e s c o n t a i n n e a r l y n in o m il l io n o u n c e s o f s i l v e r a n d r e c e n t
d e v e l o p m e n t s in t h o v i c i n i t y o f s h a f t 7 3 a n d a l o n g t h o C o b a l t L a k e f a u l t
i n d i c a t e t h o p o s s i b il i t y o f i m p o r t a n t a d d it i o n s t o t h o r e s e r v e s .
T h o m in e s
a n d m ills a r e , jus u s u a l, in e x c e l le n t c o n d i t i o n a n d t h o p r e s e n t m a r k e t
n r i c o o f s ilv e r , v i z . : a b o u t 5 7 c e n t s p o r o z . , a s w e ll a s it s f u t u r e p r o s p e c t s ,
i n d i c a t e t h a t t h o r e s u lt s o f t h e c o m p a n y ’ s f u t u r e o p e r a t i o n s m a y b o r e
g a r d e d a s p r o m is i n g .
E x tr a c ts fr o m
R e p o r t o f G e n e r a l M a n a g e r o f N ip is s in g M in in g C o .
E e b . 25 1916.
T h o p a st y o a r h as b e e n o n o o f u n c e r ta in ty , b o th as t o th e p r ic e w o w e ro
l ik o l y t o r o c o i v o f o r o u r p r o d u c t a n d a s t o t h o c o s t o f s u p p l i e s n e c e s s a r y
t o c a r r y o n t h e b u s in e s s .
U n d e r th e s e c o n d it io n s n o e f fo r t w a s m a d e to
p u s h t h o p r o d u c t i o n o f t h o m in e b e y o n d t h o t o n n a g e n e c e s s a r y t o y i e l d
t h o r e g u la r d i v i d e n d s .
T h o p r i c o o f s ilv e r w a s s t e a d y d u r i n g t h o f i r s t p a r t
o f t h o y o a r b e t w e e n 4 8 a n d 5 0 c e n t s ; b u t In A u g u s t i t w o n t d o w n t o t h o
l o w p r i c o o f 46^ 8 c e n t s p e r o u n c e in N e w Y o r k .
In N o v o m b o r a n d D e ce m
b e r t h e r e w a s a d e c i d e d i m p r o v e m e n t in t h e m a r k e t , t h o c l o s i n g q u o t a t i o n s
f o r t h o y e a r b e i n g 5 5 c e n t s n o r o u n c e ; s in c e t h e n it h a s r u l e d o v e n h i g h e r .
T h e a v e r a g e p r i c e r e c e i v e d in L o n d o n f o r N ip i s s i n g s i lv e r s o l d d u r i n g t h o
y ° T h e ^ r f r o d u c t i o n nf o r t h e y e a r w a s 4 , 0 9 7 ,3 9 1 o u n c e s o f s i lv o r , c o m p a r e d
w it h 4 ,6 8 9 ,3 3 3 o u n ce s p r o d u c e d d u r in g th o p r e v io u s y e a r .
C o s ts w ero
r e d u c e d f r o m $ 1 1 6 0 t o $ 1 0 0 2 p e r t o n o f o r o a n d f r o m 19 8 0 c e n t s t o 1 9 .0 6
c e n t s p e r o u n c e o f s i lv e r .
_
,
S o m e f u r t h e r d e v e l o p m e n t w a s c a r r ie d o u t o n t h e T o c k H u g h e s m in o
in t h o K ir k l a n d L a k e d i s t r i c t b u t t h o r e s u lt s o b t a i n e d d i d n o t w a r r a n t
t h o c o m p a n y in g o i n g a n y f u r t h e r u n d e r t h o t e r m s o f t h o o p t i o n .
The
c o m p a n y h a d s e v e r a l e n g in e e r s in t h o f i e l d w h o e x a m in e d n u m e r o u s p r o p
e r t ie s , a n d s o m e d e v e l o p m e n t w o r k w a s d o n e o n a p r o s p e c t in C a li f o r n ia
b u t n o p e r m a n e n t In t e r e s ts w e r o a c q u i r e d .
T h o N ip i s s i n g M i n e h a s n e v e r s h o w n o r e r e s e r v e s c o m m e n s u r a t e w i t h
it s a n n u a l o u t p u t b u t t h e h i s t o r y o f t h o c o m p a n y d u r i n g t h o p a s t 1 2 y e a r s
h a s s h o w n t h a t th o d e v e lo p m e n t o f n o w o r o h a s k o p t p a c o w it h th o c u r r e n t
p ro d u c tio n .
A s th e p ro p e rty
b e co m e s h o tte r e x p lo r e d y e a r a fte r y e a r,
t h i s r e s u lt c a n n o t lie e x p o c t e d t o c o n t i n u e i n d e f i n i t e l y .
H o w e v e r , w it h
t h o p o s s i b il i t ie s a t g r e a t e r d e p t h in t h o v i c i n i t y o f s h a f t 7 3 a n d a l o n g t h e
C o b a l t L a k o f a u l t a n d w i t h k n o w n o r o r e s e r v e s o f n e a r l y n in e m il l io n
o u n c e s , s a t i s f a c t o r y r e s u lt s a r e a s s u r e d f o r a c o n s i d e r a b l e p e r i o d o f t im e
T0TAL SHIPMENTS TO DEC. 3 1 1 9 1 5 .
Gross Value
Net
Nipissing
Gross
Dry
Shipments
Value Mining Co.
Ounces.
Silvcr&c.
Silver.
Received
Divs. Pd.
to com e.
io ru
1 9 0 5 ..............
i 9 6 0 ..............
1 9 0 7 ..............
1 9 0 8 .. . . .
1 9 0 9 ..............
1 9 1 0 _______
1 9 1 1 _______
1 9 1 2 _______
1 9 1 3 . ............
1 9 1 4 _______
1 9 1 5 ..............
.
1 2 4 ,6 5 9
.
9 3 9 ,3 7 3
. 4 .0 1 9 ,4 9 4
. 4 ,8 0 4 ,4 2 6
. 7 ,0 0 9 ,9 9 8
.1 2 ,8 2 5 , 1 6 9
. 1 3 ,3 8 8 , 0 3 9
. 5 , 8 2 9 ,2 5 4
. 3 ,7 0 1 ,7 2 6
. 2 ,6 5 7 ,2 5 0
.
8 6 8 ,4 2 5
.
3 8 3 ,8 6 8
32
7 5 3 ,1 5 4
2 ,2 1 4 ,8 2 2
2 , 2 3 9 ,5 5 2
2 ,8 9 3 ,0 3 1
4 ,6 4 6 , 8 6 9
5 ,5 9 6 ,1 3 6
4 ,6 7 8 ,0 7 4
4 ,7 1 9 ,5 7 8
4 ,8 4 4 ,1 6 9
3 ,9 9 9 , 8 6 3
4 ,6 2 3 ,9 5 8
$ 2 4 ,1 6 4
5 0 5 ,6 3 8
1 , 5 7 6 ,8 5 3
1 , 3 7 3 ,0 8 9
1 , 5 2 6 ,6 8 6
2 ,4 1 7 ,7 6 7
3 ,0 0 8 , 9 5 8
2 ,5 0 7 ,1 9 7
2 ,8 9 3 ,2 7 7
2 ,9 4 5 ,3 3 5
2 ,2 2 6 ,4 3 0
2 ,4 2 2 ,7 9 1
$ 2 3 ,8 8 7
4 7 1 ,6 6 7
1 ,4 2 1 ,6 6 6
1 ,2 3 4 ,4 9 2
1 ,3 6 4 ,4 7 8
2 ,1 8 0 ,4 0 7
2 ,7 4 2 ,8 4 2
2 , 3 8 1 ,7 1 3
2 ,8 2 7 ,3 1 8
2 ,9 2 0 ,7 1 4
2 ,2 0 7 ,4 2 8
2 ,3 8 1 ,4 6 3
$ 3 0 0 ,0 0 0
6 0 0 ,0 0 0
8 8 0 ,0 0 0
7 4 0 .0 0 0
1 . 3 7 0 .0 0 0
2 ,1 2 2 ,5 0 0
1 ,8 5 3 ,4 3 0
1 ,8 4 2 ,3 6 7
1 .8 3 5 .0 0 0
1 . 3 8 0 .0 0 0
1 . 2 3 0 .0 0 0
,5 5 1 , 6 8 1 . 4 1 ,2 0 9 , 2 3 8 I _____________
_2 _2v, 1_________
1 4 ,1 5 3 ,2 9 7
2 3 ,4 2 8 ,1 8 5
5 8 ,0 6 5
T_____________
o t a l . . . . 5 6____________________________
T h o i t e m o f n o t v a l u e f o r 1 9 1 5 ( $ 2 , 3 8 1 , 4 6 3 ) in c lu d e s : S i l v e r b u l l io n ,
$ 3 , 1 5 8 , 7 2 0 ; C o b a l t r e s id u o , $ 1 1 ,9 0 3 ; c o n c e n t r a t e s , $ 2 7 ,7 8 5 ; t o t a l s h i p m e n t s ,
$ 3 , 1 9 8 , 4 0 8 ; le s s c u s t o m o r o p u r c h a s e d , $ 8 1 6 ,9 4 5 ; s h i p m e n t s o f N ip i s s i n g
p r o d u c t , $ 2 ,3 8 1 ,4 6 3 .
ANNUAL DIVIDEND RECORD (Dividends Payable Q.-J.
1906. 1907. 1908. 1909. 1910.
R e g u la r .% 6
12
12
14
20
E x t r a ___ % 2
— N o n e — SVi
15
10
2 0 .)
1914. 1915.
20
20
---
1911. 1912. 1913.
20
20
20
10
10
10
NIPISSING MINES CO. INCOME ACCOUNT (HOLDING COMPANY.)
1915.
D iv s . on N p g . M g .s t o c k . $ 1 ,2 2 0 ,0 0 0
I n t e r e s t r e c e i v e d _________
142
1914.
$ 1 ,2 3 5 ,0 0 0
69
1913.
$ 1 ,8 3 0 ,0 0 0
125
1912.
$ 1 ,8 4 2 ,5 0 0
56
T o t a l ....................
$ 1 ,2 2 0 ,1 4 2
$ 1 ,2 3 5 ,0 6 9
$ 1 ,8 3 0 ,1 2 5
$ 1 ,8 4 2 ,5 5 6
D i v i d e n d s _____a l , 2 0 0 ,0 0 0 a $ l , 2 0 0 , 0 0 0 b $ l , 8 0 0 , 0 0 0 b $ l , 8 0 0 , 0 0 0
G en eral e x p . . .
4 1 ,1 6 3
3 5 ,6 2 8
3 1 ,7 5 7
' 3 5 ,0 5 4
Deduct—
T o t a l d e d u c t i o n s ............ 3 1 , 2 4 1 , 1 6 3
B a la n c e , d e fic it o r s u r p . d o f $ 2 l,0 2 1
a 20% .
b 30% .
$ 1 ,2 3 5 ,6 2 8
d o f .$ 5 5 9
$ 1 ,8 3 1 ,7 5 7
d e f. $ 1 ,6 3 2
NIPISSING MINES CO. BALANCE SHEET DEC.
$ 1 ,8 3 5 ,0 5 4
s u r .$ 7 ,5 0 2
31.
Liabilities—
1915.
1914.
Assets—
1915.
1914.
C a p .s t k .N .M . C o . .$ 6 ,0 0 0 ,0 0 0 $ 6 ,0 0 0 ,0 0 0 C ip it a l s t o c k ____ $ 6 ,0 0 0 ,0 0 0 $ 6 ,0 0 0 ,0 0 0
3 0 0 ,0 0 0
3 0 0 ,0 0 0
D iv s . r e c e iv a b le ..
30 0 ,0 0 0
30 0 ,0 0 0 I llv s . p a y a b lo J an .
*7,896
5,721
C a s h _____________________ 7 ,8 9 0
5,721 S u r p l u s ....................
T o t a l ....................$ 6 ,3 0 7 ,8 9 0 $0,305,721
T o t a l . .................. $ 6 ,3 0 7 ,8 9 6 $ 6 ,3 0 5 ,7 2 1
♦ A ft e r c r e d it i n g $ 2 3 ,1 9 6 r e c o v e r y o f c o r p o r a t i o n t a x f r o m U . 3 . T r e a s ’ y .
1 4 1
IVar Business.— I n q u i r y h a v i n g b e e n m a d e a s t o o u r o b t a i n i n g w a r b u s i
n e s s , p a r t i c u la r l y m u n i t io n w o r k , i t m a y b o s t a t e d t h a t o u r c o m p a n y h a s
n o t g o n e i n t o t h i s w o r k a l t h o u g h i t h a s h a d i t u n d e r s e r io u s c o n s i d e r a t io n
u p o n s e v e r a l o c c a s io n s .
A t n o t im e , h o w e v e r , w e re t h o c o n d it io n s s u c h as
t o c a u s e y o u r b o a r d t o d e e m i t p r u d e n t t o I n c u r t h e r is k s i n v o l v e d .
Operations, &c.— T h o F r a n k lin p l a n t Is n o w in e x c e l le n t r u n n i n g o r d e r ,
t h o u g h t o o b t a i n m a x i m u m r e s u lt s , I n c r e a s e d b o i le r c a p a c i t y is n e c e s s a r y .
T h r o u g h t h is p l a n t w o a r e a b l e t o c o n t r o l o u r n e c e s s a r y s u p p l y o f b r a k e b e a m m a t e r ia l .
T h e o u t l o o k f o r t h e p r e s e n t y o a r in t h i s d e p a r t m e n t i3
v e r y o n c o u r a g in g .
T h o F r a n k lin b r a k e b e a m p l a n t w a s c o m p l e t e d a n d p u t i n t o c o m m i s s i o n
a n d h a s t u r n e d o u t c o n s i d e r a b l e E a s t e r n d e l i v e r y a n d f o r e i g n b u s in e s s .
B o t h y o u r G r a n d R a p i d s a n d M a r i o n m a l le a b le p l a n t s a r e In e x c e l le n t
c o n d i t i o n a n d h a v e b e e n s t e a d y c o n t r i b u t o r s t o t h e y e a r ’ s e a r n in g s .
G ra n d
R a p id s c o n t in u e s t o d o a la r g o p e r c e n t a g e o f o u r o w n w o r k , w h il e M a r i o n
is b e i n g c o n s t a n t l y b e t t e r e d a n d is r e a c h i n g o u t f o r b r o a d e r a n d m o r e d e
s i r a b le lin o s .
B o t h o f t h e s e p l a n t s s h o u l d s h o w g r e a t l y i m p r o v e d r e s u lt s
d u r in g t h o p re s e n t y o a r .
Appraisal.— I t w a s d e e m e d a d v i s a b l e t o h a v o a ll y o u r p l a n t s r e -a p p r a i s e d
an d brou gh t d ow n to d a te.
C o n tr a c t w a s m a d e w it h t h e C o a ts & B u rc h a rd
C o . f o r t h is w o r k , w h ic h h a s b e e n e x c e l le n t l y d o n e , a n d t h e r e s u lt s a r e
g i v e n in y o u r b a l a n c e s h e e t f o r t h e y e a r .
Stockholders.— T h e t o t a l n u m b e r o f s t o c k h o l d e r s is 7 5 4 , a n in c r e a s e o f 1 8 ;
o f th is n u m b e r 35 9 a re w o m e n , a n in cre a s e o f 8 .
O n Jan . 1 1916 y o u r c o m
p a n y p a id its 7 7 th d iv id e n d , b e in g th o 7 4 th c o n s e c u t iv e q u a r t e r ly d iv id e n d
p a id , a n d w it h o u t r e d u c t io n .
I n t h e f if t e e n y e a r s f r o m J a n . 1 1 90 1 t o
J a n . 1 1 9 1 6 o u r n e t e a r n in g s h a v o a v e r a g e d $ 3 7 7 ,4 6 7 p e r y o a r , o r e q u a l t o
an a v e r a g e o f 1 5 % p e r a n n u m o n t h e to t a l p re s e n t o u ts ta n d in g c a p ita l s t o c k ,
a l t h o u g h t h is 1 5 -y e a r p e r i o d c o v e r s a t le a s t f o u r o f t h o l e a n e s t y e a r s i n t h e
b u s in e s s w o r l d .
BALANCE SHEET OF DEC. 3 1 .
Assets—
R ea l es t.,b Ig s .,A c _ :
P a ten ts, g o od -w ill
M a teria l on h a n d s
In v estm en ts, A c . .
A c c ’ ts A bills rec.
and c a s h * ______
D e ferred ch a rg e s.
Liabilities—
1915.
1914.
,053,903 $ 1 ,9 0 3 ,4 7 7 S to c k o u t s t a n d in g !
75 0 ,0 0 0
7 7 5 ,7 0 6 A c c ’ ts p a y ’ Ie, & c .
8 9 9 ,9 5 0
7 4 7 ,284 B ills p a y a b le ..........
12,475
1 9 ,485 D lv . p a y ., J a n . 1 .
R e s e r v e s _________
6 3 1 ,973
589 ,381 U n d iv id e d p r o fit s .
3 ,1 1 4
7 ,833
1915.
1914.
,4 8 6 ,0 0 0 5 2 ,4 8 6 ,0 0 0
27 9 ,0 2 2
8 6 ,447
2 0 0 ,0 0 0
30 0 ,0 0 0
4 4 ,753
---------9 4 0 ,1 6 4
841 ,303
4 0 1 ,4 7 6
3 2 9 ,4 1 6
T ota l
............... $ 4 ,3 5 1 ,4 1 5 $ 4 ,0 4 3 ,1 6 6
T o t a l ...................S 4 ,3 5 1 ,4 1 5 $ 4 ,0 4 3 ,1 6 6
a I n C h i c a g o , D e t r o i t , G r a n d R a p id s , M a r i o n , F r a n k li n a n d M o n t r e a l .
D i v i d e n d s a m o u n t i n g t o $ 1 7 4 ,0 2 0 p a i d in 1 9 1 5 , 1 9 1 4 , 1 9 1 3 a n d 1 9 1 2 ;
1 9 1 1 , $ 1 7 3 ,9 5 0 : 1 9 1 0 . $ 1 7 3 ,9 0 6 ; 1 9 0 9 , $ 1 7 3 ,6 0 0 . a n d in 1 9 0 8 a n d 1 9 0 7 ,
$ 1 7 3 ,6 0 2 , c h a r g e d t o u n d iv i d e d p r o f i t a c c o u n t . — V . 1 0 0 . p . 1 9 1 4 .
Island Creek Coal Co.
{Report for Fiscal Year ending Dec.
31
1 9 1 5 .)
P re s . T h o s . B . D a v i s , M a r c h 1 9 1 0 , w ro te in s u b s ta n c e :
O u r p r o d u c t io n d u r in g th o y e a r 1 91 5 a m o u n te d t o 2 ,2 1 3 ,6 1 6 t o n s , a n
in c r e a s e o f 6 ,1 7 2 to n s o v e r 191 4 .
C o n d i t i o n s in t h e c o a l i n d u s t r y d u r i n g
t h o y e a r 1 9 1 5 w e r e o n t h e w h o le u n f a v o r a b l e .
P r i c e s r e m a in e d a t a v e r y
l o w f ig u r e d u r i n g t h e l a r g e r p a r t o f t h e y e a r .
A m a r k e d im p r o v e m e n t
t o o k p l a c e , h o w e v e r , in t h e la s t q u a r t e r , d u o t o t h e g r e a t l y i n c r e a s e d in
d u s t r ia l a c t i v i t y in t h e t e r r i t o r y w h e r e o u r c o a l is m a r k e t e d .
T h e p r o fit s
f o r t h is y e a r s h o w a d e c r e a s e o f $ 1 3 3 ,2 2 8 a g a in s t 1 9 1 4 , b u t w e c o n s i d e r
t h e s e s a t i s f a c t o r y in v i e w o f t h e e x i s t i n g c o n d i t i o n s .
A d d i t i o n s t o p r o p e r t y a c c o u n t a m o u n t e d t o $ 1 9 8 ,0 2 8 .
A l s o e x p e n d it u r e s
h a v o b e e n m a d o a n d c h a r g e d a g a in s t t h e d e p r e c i a t io n f u n d , w h ic h h a s b e e n
a d d e d t o a t t h e s a m e r a t e a s p r e v i o u s l y , a m o u n t i n g in a ll t o $ 7 6 ,7 6 0 .
P r e f e r r e d d i v i d e n d s a t t h e r a t e o f $ 6 p e r s h a r e p e r y e a r , a n d t h e r e g u la r
c o m m o n d iv id e n d s a t th o ra te o f $2 p e r sh a re p e r y e a r w e re p a id d u r in g 1 91 5.
D u r in g t h e y e a r t h o p r i n c ip a l p r o p e r t ie s , w h ic h s t o o d in t h o n a m e o f t h e
U . 3 . C o a l & O il C o . , w e r e t r a n s f e r r e d t o t h e I s la n d C r e e k C o a l C o . , a r
r a n g e m e n t s b e i n g m a d e t o p a y m in o r i t y s t o c k h o l d e r s , w h o d i d n o t e x c h a n g e
s t o c k o f t h e U . S . C o a l & O il C o . , w h ic h t h e y h e ld f o r s t o c k o f t h e I s la n d
C reek C o a l C o ., $75 p er sh are.
T h e o u t l o o k f o r t h e y e a r 1 9 1 6 is e x c e l l e n t .
CONSOLIDATED EARNINGS STATEMENT YEARS ENDING DEC.
N e t e a r n i n g s _____________
R e s e r v e fo r e x tin g . a n d
d e p r e c i a t i o n , & c _____
1915.
$ 9 0 7 ,0 2 2
1914.
$ 1 ,0 0 8 ,3 8 8
1913.
$ 8 0 0 ,4 4 8
31.
1912.
$ 8 1 1 ,0 4 8
1 2 8 ,6 1 9
1 1 9 ,6 7 2
1 0 6 ,0 4 7
9 5 ,3 5 7
N e t p r o f i t s ____________
A d m in . & g e n . e x p ., & c .
$ 7 7 8 ,4 0 3
8 7 ,8 9 5
$ 8 8 8 ,7 1 6
6 9 ,4 8 0
$ 6 9 4 ,4 0 1
7 0 ,3 9 2
$ 7 1 5 ,6 9 1
5 7 ,2 5 3
B a l a n c e ________________
In t. o n b a n k d e
p o s i t s , & c _____________
$ 6 9 0 ,5 0 8
$ 8 1 9 ,2 3 6
$ 6 2 4 ,0 0 9
$ 6 5 8 ,4 3 8
d e b . 256
4 ,2 4 5
5 ,6 6 3
1 8 ,6 9 4
T o t a l n e t p r o f i t s ______
P r e f e r r e d d i v i d e n d s _____
C o m m o n d i v i d e n d s _____
$ 6 9 0 ,2 5 2
$ 2 9 9 ,1 2 4
2 3 6 ,9 7 7
$ 8 2 3 ,4 8 1
$ 2 9 8 ,8 7 2
5 6 2 ,7 1 1
$ 6 2 9 ,6 7 2
$ 2 9 8 ,7 5 4
5 3 0 ,9 4 3
$ 6 7 7 ,1 3 2
$ 2 9 8 ,6 5 9
4 0 1 .2 8 0
d e f $ 3 8 ,1 0 2 d e f $ 2 0 0 ,0 2 5
d e f$ 2 2 ,8 0 7
Add—
B a la n c e , s u r o r d e f s u r d e f $ 1 5 4 , 1 5 1
CONSOLIDATED BALANCE SHEET DEC.
1915.
1914.
Assets—
S
P r o p e r ty a c c o u n t ___5 ,6 6 8 ,8 1 8 5 ,470,791
C a s h ___________________ 3 8 4 ,1 7 5
364 ,399
A cco u n ts r e c e iv a b le .
4 8 5 ,0 9 9 3 99 ,330
C oa l In transit and in
s t o r a g e ____________ 43 7 ,7 0 9
5 25 ,450
In v en tories o f m a
terials & su p p lie s .
2 2 7 ,9 4 0 25 4 ,6 5 8
U n exp lred Insurance,
rem . p a id , taxes.
A c ...............................
2 9 ,6 7 4
2 4 ,669
31
(INCL. SUBSIDIARIES).
1914.
191 5.
Liabilities—
-S
$
S to c k (n o t p a r ) ____ x 4 ,5 0 7 ,3 1 3 4 ,5 0 2 .3 5 5
C a p . stk . o f U . S . C .
& O il C o . n o t h eld .
_______
13,127
D e f. p a y ’ ts on p r o p .
7 5 ,0 9 4
8 7 ,6 0 0
C u rren t l i a b il i t i e s ... y !7 2 ,3 1 3
183,225
D iv id e n d paid J an . 1
7 4 ,7 9 9
74,724
Share p rem . a c c o u n t 9 1 8 ,0 7 5
90 5 ,5 2 9
D e p r e c ., A c . , fu n d s . 52 0 ,9 7 7
4 59 ,879
U n d tv .s u r.(su b .c o s .)
_______
2 ,164
S u r p l u s _____________ 96 4 ,8 4 5
81 0 ,6 9 4
NIPISSING MINING CO. INCOME ACCOUNT (OPERATING CO.)
T o t a l .........................7 ,2 3 3 ,4 1 7 7 ,0 3 9 .2 9 7
T o t a l ........................ 7 ,2 3 3 ,4 1 7 7 ,0 3 9 ,2 9 7
1913.
1912.
$ 2 ,7 5 6 ,6 1 2 ' $ 2 ,8 9 6 ,9 9 0
x I n c lu d e s 4 9 , 8 6 9 8 - 1 8 s h a r e s p r e f . a n d 9 9 ,7 3 8 1 6 -1 8 s h a r e s c o m m o n
4 2 ,6 6 8
4 7 ,4 8 1 5 0 ,3
s t7o5c k is s u e d in a c q u i r in g p r o p e r t ie s r e p r e s e n t e d b y s t o c k , p a r v a l u e o f w h ic h
is $ 4 , 4 8 8 , 2 5 0 , a n d 1 9 .0 6 3 s h a r e s c o m . is s u e d f o r c a s h , p a r v a l u e $ 1 9 ,0 6 3 ,
$ 2 ,5 5 8 ,7 3 3
$ 2 ,8 0 4 ,0 9 3
$ 2 ,9 4 7 , 3 6 5
to ta l $ 4 ,5 0 7 ,3 1 3 .
y C u r r e n t l ia b ilit ie s i n c lu d e a c c o u n t s p a y a b l e . $ 8 7 ,8 2 5 ;
$ 9 7 1 ,1 1 2
$ 1 ,1 4 3 ,8 2 2
$ 8 6 5 ,6 5 5
a c c r u e d p a y - r o l ls , $ 3 3 ,0 4 0 ; d r a f t s in t r a n s i t , $ 2 1 ,1 3 0 ; a c c r u e d t a x e s , $ 3 3 ,0 4 0 .
1 5 ,1 6 4
8 ,9 0 6
— V . 102, p . 1440.
1 , 8 3 0 ,0 0 0
1 ,2 3 5 ,0 0 0
1 , 8 4 2 ,5 0 0
1915.
1914.
G r o s s v a l u e o f o r e .............. $ 2 , 2 2 2 , 2 5 6
$ 2 ,5 1 6 ,0 6 5
3 4 ,1 7 6
O t h e r i n c o t n o ......................
T o t a l .................................- S 2 .2 5 6 .4 3 2
Cost of m in in g , & c ______
$ 8 1 5 ,0 0 5
C o s t o f s p e c , i n v e s t i g 'n s .
3 7 ,9 4 3
D i v i d e n d s ________________
1 , 2 2 0 ,0 0 0
B a l a n c o , s u r . o r d c f _ ..s u r .$ 1 8 3 , 4 8 5 s u r . $ 3 4 3 , 7 1 5 d e f . $ 1 8 4 , 8 9 2 s u r . $ 2 3 9 ,2 1 0
NIPISSING MINING CO. BALANCE SHEET DEC.
Liabilities—
1915.
1914.
Assets—
1915.
M Inlng p r o p e r t y .. $ 2 5 0 ,0 0 0
P la n t , e q u ip ., A c .
439,974
I n v c s t m e n t s ______
3 3 ,4 3 0
O ro nt s m e lt., A cj\ 944 ,932
A c c t s . r e c c iv ., A c .
8 ,038
C a sh ...........................
776,854
$250,000
496 ,887
6 9 ,520
1,129,539
25,058
391 ,292
T o t a l ....................$2 ,4 5 3 ,2 2 8 $ 2 ,3 62,296
- V . 102, p . 1253.
31.
C a p ita l s t o c k -----$ 25 0,00 0
A c c ’ ts p a y 'Ie, in ch
103,910
estim ated ta x e s.
13,058
A c c r ’ d e x p . on ore.
3 0 0 ,000
D iv id en d s p aya ble
S u r p lu s .................... 1,786,261
1914.
$25 0,00 0
190,522
18,998
3 0 0 ,0 0 9
1 ,602,776
T o t a l ....................$ 2 ,4 5 3 ,2 2 8 $ 2 ,3 6 2 ,2 9 6
Chicago Railway Equipment Company.
Annual Report— Year ending Dec. 3 1 1 9 1 5 .)
(23 rd
P r e s. E . B . L e ig h , F e b . 1 1 9 1 6 , w ro to in s u b sta n c e :
Results.— O f t h o e a r n in g s f o r t h o y o a r , 8 8 % w a s e a r n e d in t h e la s t h a l f
o f 1 9 1 5 a n d 5 7 7 - 1 9 % w it h i n t h e la s t q u a r t e r o f 1 9 1 5 ; w h ile o f t h o la s t h a l f
y e a r ’s e a r n in g s , 6 6 6 - 1 0 % w a s m a d o in t h e la s t q u a r t e r .
O f th a t p o r t io n
o f y o u r b u s in e s s n o t d i r e c t l y a f f e c t e d b y s t e e l a n d ir o n c o n d i t i o n s , 9 3 %
o f e a r n in g s w a s m a d o in t li o la s t h a l f o f t h o y e a r a n d 7 0 % in t h o la s t q u a r t e r ,
w it l i 6 7 % o f t h o la s t h a l f - y e a r ’s e a r n in g s m a d e in t h o la s t q u a r t e r ; - w h i l e
In t h a t d e p a r t m e n t o f y o u r c o m p a n y w h e r e p r o f i t s h a v o b e e n d i r e c t l y
a f f e c t e d b y t h e s o c o n d i t i o n s , t h o e n t ir e e a r n in g s w e r o m a d o s i n c o J u l y 1
1 9 1 5 , a n d a f t e r a b s o r b i n g a s m a ll lo s s t o t h a t d a t o .
W e a r e f o r t u n a t e in h a v i n g a l a r g o s u p p l y o f a ll k i n d s o f r a w m a t o r ia l,
b o u g h t a t f a v o r a b l e p r ic e s .
(4 th
Pond Creek Coal Co.
Annual Report— Year ending Dec.
31
1 9 1 5 .)
P ro s. T . B . D a v i s , N . Y . , M a r c h 1 9 1 6 , w ro te in s u b s t a n c e ’
T h e p r o d u c t i o n o f c o a l f o r t h o y e a r a m o u n t e d t o 7 5 3 ,7 9 8 t o n s , a n I n c r e a s e
o f 6 3 ,1 4 5 t o n s o v e r 1 9 1 4 .
A fte r p a y m e n t o f in te re s t ch a r g e s w e h a d a
d e f i c i t o f $ 2 2 ,3 1 8 a g a in s t a d e f i c i t o f $ 1 9 ,4 5 6 f o r 1 9 1 4 .
C o n d it io n s as o f
D e c . 31 1 91 4 w e r e v e r y u n f a v o r a b l e a n d t h e y r e m a in e d s o u p t o t h e la s t
q u a r t e r o f t h is y e a r .
W i t h t h o r e t u r n o f b e t t e r c o n d i t i o n s in t h e s t e e l in d u s t r y , h o w e v e r , th e d e m a n d fo r c o k e h as g r e a tly im p r o v e d , a n d p r ice s
f o r a ll g r a d e s o f c o a l s , in c lu d in g c o k i n g c o a l s , a r e n o w o n a s a t i s f a c t o r y
b a s is .
W e h a v e n o t s o fa r, h o w e v e r , b e e n a b le t o re a p th e a d v a n ta g e s o f
t h e c h a n g e d c o n d i t io n s o n a c c o u n t o f o u r s t ill h a v i n g o n it s b o o k s a n u m b e r
o f c o n t r a c t s e n t e r e d i n t o a t t h e t i m e w h e n p r ic e s w e r o d e p r e s s e d .
T h e a v e r a g e p r i c e a t w h ic h t h e c o m p a n y w ill s e ll it s c o a l t h r o u g h 1 9 1 6
w ill u n d o u b t e d l y b e v e r y m u c h b e t t e r t h a n i t w a s la s t y e a r , a n d t h is w i l l
n a t u r a l l y p l a c e t h e c o m p a n y in a p o s i t io n t o e a r n a s u b s t a n t i a l p r o f i t .
T h e p r o d u c t i o n f o r t h e f ir s t q u a r t e r o f 1 9 1 6 w a s a l m o s t d o u b l e t h a t o f t h e
s a m e p e r i o d in 1 9 1 5 , s o t h a t t h o c o m p a n y is n o w e a r n in g a p r o f i t a b o v e
Its f ix e d c h a r g e s .
T h e o u t l o o k f o r t h e y e a r 1 9 1 6 is m o s t e x c e l le n t .
A d d it i o n s t o c a p i t a l a c c o u n t a m o u n t t o $ 4 0 ,2 1 8 .
N o p r o v is io n fo r d e
p r e c ia t i o n h a s b e e n m a d e , b u t t h e m a t t e r is n o w u n d e r c o n s i d e r a t io n .
INCOME ACCOUNT FOR YEARS ENDING DECEMBER
1915.
1914.
Gross earnings________ $104,017 $104,137
Net earnings____$80,504
$80,497
Other Income................. 17,178
20,047
31.
1915.
1914.
G ross I n c o m e ................ $ 9 7 ,682 $100,54 4
B on d In terest_____ ,___ 120,000
120,000
B a la n ce, d e fic it ____ $ 2 2 ,318 $19 ,456
143
THE CHRONICLE
BALANCE SHEET DECEMBER
31.
1914.
1914.
1915.
S
Liabilities—
$
S
R e a l e s t a t e _________ 1 ,002,974
99 7 ,1 4 5 S t o c k .......... ................ *2 , 000,000 2 , 000,000
C o n s tr u c tio n , & c ___1 ,740,073 1,702,802 Share prem iu m a c c t
25 0 ,0 0 0
2 5 0 ,0 0 0
E q u ip m e n t _________
50 2 ,9 6 3
5 0 5 ,8 4 6 1st M . c o n v . b o n d s .2 000,000 2 , 000,000
I n v e s t m e n t s ________
5,000
A c c o u n ts p a y a b le ___
31,578
6 4 ,320
C a s h _________________
683 .935
70 2 ,4 4 0 A ccru e d p a y -r o ll____
8 ,6 9 9
12,248
P re p a id Insur., A c _ _
9 ,697
18.485 D ra fts In transit, A c .
12,046
14,210
A c c o u n ts re c e iv a b le . 143,872
9 7 ,184 F u n d s an d r e se rv e s.
3 ,8 2 0
2.000
In v e n to rie s, A c _____
214 ,309
26 0 ,9 0 5
P r o fit a n d loss, d e f . .
4 1 ,774
19,456
Assets—
1915.
T o t a l .........................4,3 4 4 ,5 9 8 4 ,3 0 4 ,3 2 3
T o t a l ......................... 4 ,3 4 4 ,5 9 8 4 ,3 0 4 ,3 2 3
♦ I n c lu d e s c a p i t a l s t o c k a u t h o r i z e d , S 3 , 5 0 0 ,0 0 0 , le ss $ 1 , 2 0 0 , 0 0 0 r e s e r v e d
f o r e x c h a n g e o f c o n v e r t i b l e b o n d s a n d $ 3 0 0 ,0 0 0 u n is s u e d .— V . 1 0 2 , p . 1 4 4 2
[Vo l . 103
E a r l y in D e c e m b e r t h o c o m p a n y m a d e c o n n e c t i o n f r o m it s D i l l o n s u b
s t a t i o n t o t h o m in in g d i s t r i c t n e a r R e d C l i f f , t h o c o u n t y s c a t o f E a g lo C o .
A 2 0 - y e a r l ig h t i n g f r a n c h is e a n d a 1 0 - y e a r m u n i c ip a l l i g h t i n g c o n t r a c t w e r o
s e c u r e d in t h o t o w n o f R e d C l i f f .
A d d it io n s t o p r o p e r ty , o th o r th a n th o
a c q u i s i t i o n o f n o w p r o p e r t ie s , d u r i n g 1 9 1 5 a g g r e g a t e d a b o u t $ 8 0 ,0 0 0 .
Service.— T h o s u b s t i t u t i o n o f r e t a il f o r w lio le s a lo s e r v i c e d e c r e a s e d t h o
w h o le s a lo p o w e r r o v e n u o b y $ 1 6 ,6 4 0 a n d in c r e a s e d t h o r o t a i l p o w e r r e v e n u e s ,
e x c l u d i n g r e v e n u e s f r o m r e c e n t ly a c q u i r e d p r o p e r t ie s , b y $ 7 4 ,2 3 3 .
Customers, Ac.— I n 1 9 1 5 t h e r o w e r o 2 3 4 r o t a il p o w e r c u s t o m e r s , 4 , 2 2 3
l i g h t i n g c u s t o m e r s a n d 6 w h o le s a lo c u s t o m e r s , a g a i n s t 1 7 0 , 3 , 7 0 9 a n d 6 ,
r e s p e c t iv e l y , in 1 9 1 4 .
T h o o u t p u t o f a ll s t a t io n s in 1 9 1 5 w a s 1 0 5 ,2 0 0 .0 0 0
’ a £ a i n s t 9 8 ,1 0 0 ,0 0 0 k . w . h . in 1 9 1 4 , a n d t h o m a x i m u m h o u r l y l o a d s ,
2 3 , 7 5 0 k . w . , a g a i n s t 2 0 ,0 0 0 k . w .
Dividends.— S u b s e q u e n t t o D e c . 31 1 9 1 5 a d i v i d e n d o f 1 % w a s d e c l a r e d
o n t h o c o m m o n s t o c k , p a y a b le o n A p r i l 15 1 9 1 6 . ( V . 1 0 2 , p . 8 0 2 .)
INCOME ACCOUNT FOR YEARS ENDING DEC.
31.
(The) Dayton (Ohio) Power & Light Co.
(Annual Report for Fiscal Year ended Dec. 3 1 1 9 1 5 .)
~
•
..............
G r o s s e a r n in g s
O p cr. expen ses & ta x e s .
1912.
$ 6 3 3 ,3 1 1
2 1 3 ,6 2 2
1913.
$ 6 9 2 ,5 8 5
2 2 9 ,2 8 6
1914.
$ 7 4 6 ,8 6 9
2 6 8 ,1 5 7
1915.
$ 8 3 7 ,7 4 3
3 0 4 .2 5 1
T h e r e p o r t, sig n ed b y P r e s . F . M . T a i t a n d S e c . L . K .
F u n k h o u s e r , sh o w s in s u b sta n c e :
N e t e a r n i n g s __________
O t h o r i n c o m o ____________
$ 4 1 9 ,6 8 9
1 ,9 8 9
$ 4 6 3 ,2 9 9
1 9 ,9 8 0
$ 4 7 8 ,7 1 2
2 9 ,8 2 8
$ 5 3 3 ,4 9 2
3 5 ,3 1 7
O u r e a r n in g s f r o m t h e s a lo o f e l e c t r i c e n e r g y f o r i n d u s t r ia l p o w e r p u r p o s e s
s h o w s a n in c r e a s o o f a b o u t 2 4 % .
D u r i n g t h e y e a r w o h a v o a d d e d s ix t o w n s
a n d s e v e r a l u n i n c o r p o r a t e d c o m m u n it i e s t o o u r s y s t o m , a n d h a v o so c u r o c l
f r a n c h is e s f r o m t w o t o w n s t h a t w ill b o s o r v e d w i t h t h e c o m p l e t i o n o f o u r
l in e s t o t h o s e p o i n t s .
$ 4 2 1 ,6 7 8
$ 4 8 3 ,2 7 9
$ 5 0 8 ,5 4 0
$ 5 6 8 ,8 0 9
Deduct for
GENERAL STATISTICS FOR CALENDAR YEARS.
( All Districts)—
1915.
1914.
1915.
Net.
Gross.
Net.
1901
.......... $ 9 2 ,3 4 9 95 $ 4 7 ,0 0 0 94 1909 .........
$402,85 8 88 $169,73 4 42
1902
.......... 109,448 84
5 9 ,2 4 2 60 1910 ..................... 5 40 ,960 25 2 2 5 ,146 03
1903
.......... 131,044 08
7 6 ,4 6 5 57 1911 ..................... 623 ,534 07 277 .336 08
1904
.......... 141,701 86
8 2 ,4 7 5 21 1912 ..................... 6 86 ,889 77 336 ,743 98
1905
.......... 162,112 89
8 5 ,5 3 4 92 1913 ..................... 734 ,769 92 *290 ,728 03
1906
.......... 2 0 6 ,5 5 0 02
7 5 ,6 8 4 18 1914 ..................... 9 43 ,320 96 4 1 5 ,1 6 9 83
1907
.......... 253,911 43
8 6 ,9 7 6 99 1915 ..................... 1 ,098,065 3 0 5 1 8 ,483 76
1908
.......... 3 0 5 ,853 72
119 ,465 97
* O n a c c o u n t o f flo o d .
G a in 1 9 1 5 o v e r 1 9 1 4 in g r o s s e a r n in g s w a s 1 6 . 4 0 % a n d in n e t 2 4 . 8 8 %
g a in in 14 y e a r s in g r o s s e a r n in g s w a s 1 0 8 9 .0 3 % a n d in n o t 1 0 0 3 . 1 3 % .
INCOME ACCOUNT FOR YEARS ENDING DEC.
1915.
G ross e a r n i n g s ...$ 1 ,0 9 8 ,0 6 5
O p era tin g expenses
579,581
1914.
$943,321
528,151
N e t earn in gs___
O th er In com e____
$518,48 4
12,987
$415,17 0
11,842
T o t a l In co m e .
$531,471
5427,01 2
T o t a l in c o m e ..........
F ixed ch a rg es____
P re f. d i v i d e n d s . ..
B a la n ce, s u r p . .
BALANCE SHEET DEC.
1915.
Assets—
$
P r o p e r ty in v e s t’ t . 1 0 ,1 8 0 ,2 9 4
S e cu rity ln v e st’ t s .
2 ,5 0 0
C u rren t a ssets____
3 2 3 ,122
N o m in a l assets___
3 ,4 8 7
S u p p ly a c c o u n t s ..
6 1 ,120
P rep a id a c c o u n t s .
15,393
Suspense a cco u n ts
982
T o t a l .................... 1 0,586,898
— V . 102, p . 199 0, 1899.
1914.
S
9,1 2 0 .6 6 9
2 0 6 ,8 5 0
498 ,801
2,911
5 1 ,858
14,703
9,268
9 ,9 0 5 ,0 6 0
$ 18 5,19 2
1914.
$42 7,01 2
2 0 7 ,6 4 7
116 ,219
$ 10 3,14 5
31.
1915.
Liabilities—
S
P referred s t o c k ___ 2 ,6 0 9 ,9 0 0
C o m m o n s t o c k ___ 3 .0 5 3 .0 0 0
F u nded d e b t ______ 3 .6 6 9 .0 0 0
C u rren t lia b ilities.
386,391
A ccru e d liab ilities.
210 ,553
M a tu red co u p o n s
a n d d i v id e n d s ..
3,4 8 7
R e s e r v e s _________
249 ,023
S u r p lu s ....................
4 0 5 ,5 3 9
T o t a l ..................... 1 0,586,898
1914.
$
2 ,3 0 6 ,5 0 0
3 .0 5 3 .0 0 0
3 .6 8 4 .0 0 0
29 7 ,6 6 7
185,731
2,911
60,348
314 .903
9 ,9 0 5 ,0 6 0
INCOME ACCOUNT FOR YEARS ENDING DECEMBER
B a l a n c e ...............................
D e p r e c i a t i o n _____________
B o n d i n t e r e s t ____________
S i n k i n g f u n d ......... ...............
P r e f e r r e d d i v i d e n d s _____
$ 2 1 9 ,8 7 3
3 3 ,8 4 5
1 5 3 ,3 7 5
2 5 ,0 0 0
________
B a la n c e , s u r . o r d e f . .
s u r .$ 7 ,0 5 3
1914.
1 5 0 ,5 6 5
$ 1 ,1 8 7 ,6 2 6
9 5 2 ,8 4 7
$ 2 3 4 ,7 7 9
3 7 ,6 4 1
1 5 3 ,8 7 5
2 5 .0 0 0
(1 K )1 8 ,7 3 7
1913.
1 6 7 ,1 5 1
$ 1 ,2 9 1 ,8 5 3
8 8 7 ,5 1 9
31.
1912.
1 5 6 ,0 2 1
$ 1 ,1 9 3 ,7 5 2
9 7 0 ,1 2 5
$ 4 0 4 ,3 3 4
$ 2 2 3 ,6 2 7
4 1 ,7 8 8
3 9 ,0 0 5
1 5 4 ,3 7 5
1 5 4 ,8 7 5
2 5 ,0 0 0
2 5 ,0 0 0
(4 ^ )5 6 ,2 1 1 (1 K )1 8 ,7 3 7
d e f .$ 4 7 4 s u r . $ 1 2 6 , 9 6 1
BALANCE SHEET DECEMBER
d e f .$ 1 3 ,9 9 0
31.
1915.
1914.
1915.
1914.
Assets—
S
Liabilities—
$
s
P la n ts, p ro p e rty and
C o m m o n s t o c k ........... 1 ,2 4 9,125 1 ,2 4 9,125
g o o d - w i l l ...... * 5 ,1 8 9 ,9 9 6
5,1 9 9 ,2 5 9 P referred s t o c k --------- 1 ,2 4 9,125 1 ,2 4 0,125
O u tsid e real esta to A
1st m tg e. b o n d s . . . o l , 8 8 2 ,000 2 ,0 0 7 ,0 0 0
In v estm en ts.. 298 ,251
3 1 3 ,519 U n d erly in g b o n d s . . .
6 0 ,000
7 0 ,000
B e e r, m aterials and
Bills & a c c ts . p a y . &
s u p p ., m tg e . n otes
a cc r . in t ., ta x e s ,A c
2 3 5 ,9 4 8 199,095
& a ccto u n ts r e ce lv . 4 1 4 ,624
375 ,106 Sinking fund reserve.
6 4 2 ,832 5 1 4 ,4 6 4
G eneral fu n d s_______
12,394 C r.6.232 U n d iv id ed p r o f i t s . . . b 6 1 4 ,8 1 8
6 0 8 ,056
S in k in g fu n d s ..............
18,582
15,213
$
T o t a l .........................5 ,9 3 3 ,8 4 7 5 ,8 9 6 ,8 6 5
T o t a l ......................... 5 ,9 3 3 ,8 4 7 5 ,8 0 6 ,8 6 5
d e d u c t i n g $ 4 3 4 ,1 5 1 d e p r e c i a t io n r e s e r v e ,
a A fte r d e d u ctin g
$ 6 1 8 ,0 0 0 h e l d in s i n k i n g f u n d ,
b A f t e r d e d u c t i n g $ 8 9 2 f l o o d a n d f ix t u r e
lo s s .— V . 102 , p . 8 8 8 .
Colorado Power Co., Denver, Colo.
(Report for Fiscal Year ending Dec. 3 1 1 9 1 5 .)
P re s . G . H . W a lb r id g e , M a r c h 2 1 , sa y s in s u b s ta n c o :
_ General Results.— T h e r e w a s a n in c r e a s o in g r o s s o p e r a t i n g r e v e n u o , $ 9 0 ,
8 7 3 ( 1 2 % ) , a n d in n e t o p e r a t i n g r e v e n u e b e f o r o d e p r e c i a t i o n , p lu s o t h e r i n
c o m e , $ 6 0 ,2 6 9 ( 1 2 % ) .
T h e s u r p lu s f o r t h o y e a r , a f t o r s e t t in g a s id e $ 8 1 ,6 6 4
f o r d e p r e c i a t i o n , in c r e a s in g r e s e r v e s f o r m a i n t e n a n c e , u n c o l le c t i b l o a c c o u n t s
an(1 i n ju r i e s a n d d a m a g e s b y $ 1 8 ,1 4 8 , a n d p a y i n g 7 % o n t h e p r e f . s t o c k ,
w a s $ 2 4 9 ,3 0 8 , e q u i v a l e n t t o p r a c t i c a l l y 2 . 3 5 % o n t h o c o m m o n s t o c k in t h o
h a n d s o f th o p u b lic .
T h o b a la n c e s h o o t o f D e c . 31 s h o w s w o r k in g a n d c u r
r e n t a s s o t s o f $ 7 7 8 ,9 6 9 , a n d c u r r e n t l ia b il i t i e s , i n c lu d in g t a x e s a c c r u e d b u t
n o t d u o o f $ 1 6 8 ,6 9 9 .
C a s h o n h a n d w a s $ 5 5 9 ,4 2 6 .
T h e e a r n in g s f o r t h o
y e a r f r o m t h o A l a m o s a p r o p e r t y , p u r c h a s e d D e c . 1 1 9 1 4 , w e r e $ 2 9 ,4 4 9 g r o s s
a n d $ 1 3 ,1 3 5 n e t , a g a i n s t $ 2 8 ,5 0 0 a n d $ 1 1 ,5 0 0 . r e s p e c t i v e l y , in 1 9 1 4 .
Acquisition.— I n S e p t e m b e r w o a c q u i r e d , p a r t l y b y p u r c h a s o a n d p a r t l y
b y e x c h a n g o o f s e c u r it i e s , a ll t h o c a p i t a l s t o c k o f t h o M o n t o V is t a L i g h t ,
H e a t & P o w e r C o . a n d $ 2 5 ,2 0 0 f a c e v a l u e o f it s 6 % b o n d s o u t o f $ 5 5 ,0 0 0
t o t a l o u ts ta n d in g .
T o p r o v i d e f o r t h o e x c h a n g e $ 6 3 ,2 0 0 p a r v a l u o a d d i
t io n a l c o m m o n s t o c k o f t h o C o l o r a d o P o w e r C o . w a s a u t h o r i z e d a n d is s u o d ,
t h i s b e i n g t h o o n l y in c r e a s o in t h o c o m p a n y ’s o u t s t a n d i n g s e c u r it ie s s i n c e
o r g a n i z a t io n .
T h o o p e r a t i n g r e v e n u e s o f t h o e l e c t r i c c o m p a n y in 1 9 1 5
w e r e a b o u t $ 1 5 ,5 0 0 g r o s s a n d $ 6 ,8 0 0 n o t .
I t is p r o p o s e d t o s h u t d o w n t h o
p o w e r p l a n t a t M o n t o V is t a a n d j i r o v i d o s e r v i c e o v e r a t r a n s m is s io n l in e
t o b o b u ilt fro m A la m o s a .
, P u r c h a s o o f t h o S t e r lin g ( C o l . ) C o n s o li d a t e d E l e c t r i c C o . is u n d e r c o n
s i d e r a t io n .
I t s o p e r a t i n g r e v e n u e s a r e a b o u t $ 4 2 ,0 0 0 g r o s s a n d $ 1 3 ,5 0 0
n e t , a n d a r o in c r e a s in g r a p i d l y .
G r o s s o f a t le a s t $ 5 0 ,0 0 0 in 1 9 1 6 is a n t i c i
p a ted .
T h o p r o p e r t y c o m p r is e s a s m a l l, m o d e r n s t o a m - p o w e r p l a n t , w it h
a 1 5 -to n ic e p la n t.
1 9 1 5 — B o n d i r t . , $ 2 0 8 ,1 1 8 : p r e f . d i v s . ,
$ 2 9 ,7 1 8 : d e p r e c i a t i o n , $ 8 1 ,6 6 4 ; t o t a l _____________
COMBINED BALANCE SHEET
1915.
1914.
S
S
P r o p e r ty Invest . 15,728,604 15,546,891
S ecurities o w n e d .
42,287
C a sh .......... .............
559 ,426
4 7 1 ,517
A c c t s . A n otes r e c .
167,483
119,655
F u el, m a t. A su p p .
49,968
3 9 ,094
P rep a id Insurance
2,092
2 ,160
D is c o u n t on ca p i
75,922
tal s t o c k , A c ___
9,793
Assets—■
3 0 2 ,1 3 0
3 1 9 ,5 0 0
$ 2 0 6 ,4 1 0
DEC. 3 1 .
1915.
$ 2 4 9 ,3 0 9
Liabilities—
1914.
$
$
C o m m o n s t o c k ___ 1 1 ,0 5 1 ,2 0 0 1 0 ,9 8 8 ,9 1 6
P referred s t o c k ___
4 2 4 ,5 0 0
4 2 4 ,5 9 0
1st M . 5 % b o n d s . 4 ,1 2 7 ,2 0 0 4 ,1 2 7 ,2 7 8
A c c t s . p a y a b le ,A c .
0 6 ,904
19,028
A c c r . Int. 4c t a x e s .
101,795
9 5 ,493
D eferred liab ilities
4 9 ,406
3 6 ,6 4 7
R e s e r v e s .................. *170 ,410
11 2 ,0 4 0
S u r p l u s ....................
634 ,368
3 85 ,059
16,625,782 16,189,052
T o t a l ....................1 6 ,6 2 5 ,7 8 2 16,189,052
♦ I n c lu d e s in 1 9 1 5 r e s e r v o f o r d e p r e c i a t i o n , $ 1 3 0 ,3 4 4 , a n d m is c e l la n e o u s
r o s e r v o s a g g r o g a t i n g $ 4 0 ,0 6 6 .
Note.— I n c lu d e d in t h o a b o v o o u t s t a n d i n g s e c u r it i e s a r o t h o f o ll o w i n g ,
w h ic h a r o h e ld b y J . R . M c K e e , L . P . H a m m o n d a n d G . I I . W a l b r i d g o ,
t r u s t e e s , f o r t h o b e n e f i t o f t h o c o m p a n y : c o m m o n s t o c k , $ 4 5 1 ,3 8 8 : p r o f ,
s t o c k ., $ 9 5 ,0 2 0 ; 1 s t M . b o n d s , $ 1 1 ,7 8 7 .
T h o c o m p a n y h a s a c o n t in g e n t
l i a b i l i t y o f $ 1 0 8 ,0 0 0 a s g u a r a n t o r o f a lo a n o f t h a t a m o u n t m a d o b y t h o
I n t e r n a t io n a l T r u s t C o . , D e n v e r , C o l o . — V . 1 0 2 , p . 1 3 4 8 , 8 0 2 .
31.
1915.
$531,471
217 ,932
128 ,347
The Dayton Breweries Company.
(Report for Fiscal Year ending Dec. 3 1 1 9 1 5 .)
1915.
B a r r e ls s o l d _______________
1 3 5 ,3 8 0
E a r n in g s (a ll s o u r c e s ) __ $ 1 , 0 7 2 ,2 4 4
P u rch a so an d oxp en ses.
8 5 2 ,3 7 1
i n c o m o .................
B a la n c e , s u r p lu s , f o r y e a r s e n d i n g D e c . 3 1 ______
1914
M e t e r s .................................... 18,249 13,687 T o t a l cu rren t gen .
C o n n e cte d p ow er in h . p . 2 8 ,9 9 5 2 1 ,5 2 0
In k . w . h r s ____ 4 3 ,9 1 7 ,8 0 2 3 5 ,8 9 7 ,9 0 2
C on n ected ligh t In h. p - . 2 4 ,7 4 4
19,694
d o pur.In k .w .h .
2 2 0 ,7 5 0
...
T o t a l co n n e cte d lig h t A
M a x . load in k . w .
15,565
10,800
p o w e r in 50 w a tt e q u iv
% o f tota l g en er’d
alents ............................. 8 0 4 ,096 72 4 ,2 4 0
o u tp u t a c c o u n t
L a rg est d a lly o u t
ed fo r ....................
8 3 .9 7 %
8 2 .2 8 %
p u t in k . w . h r s .
2 1 0 ,5 3 4 135,200
RESULTS SINCE 1 9 0 1 , SHOWING GROWTH OF COMPANY.
Gross.
G ross
Hocking Valley Products Co., Columbus, Ohio.
(Report for Fiscal Year ending Dec. 3 1 1 9 1 5 .)
P re s . D a n ie l E . R e a g a n . C o lu m b u s . O ., w ro te in s u b s t a n c e :
B u s in e s s c o n d i t i o n s h a v o n o t m a t e r ia l l y c h a n g e d w i t h r e la t io n t o t h o
c o m p a n y 's p r o d u c t s s in c e 1 9 1 4 , o x c o p t a s t o in c r o a s o d c o m p e t i t i o n a n d
c o n s e q u e n t d e c l in o in s o ilin g p r ic e s .
Bondholder's Agreement.— U n d e r t h o p l a n u n a n im o u s l y a p p r o v o d b y t h o
d i r e c t o r s t h o h o ld e r s o f 8 8 % o f o u t s t a n d i n g b o n d s h a v o a s s o n t o d t o t h o
a g r e e m e n t a n d d e p o s i t e d t h o ir b o n d s , d r a w in g o n o - h a l f in t o r e s t t h e r e o n .
( V . 1 0 1 , p . 3 7 3 .)
Brick Business.— I n 1 9 1 5 b r i c k s a le s d o c r o a s e d 9 % a n d p r i c e s 2 0 %
u n d o r t h o s o o f 1 9 1 4 , d u o p r i n c ip a ll y t o t h o i n c r e a s e d n u m b e r o f i m i t a t i o n s
o t t h o c o m p a n y ’ s p a t o n t e d r u g b r i c k , in a d d it i o n t o w a r e f f e c t s .
In 1914
t h o c o m p a n y c o n t r a c t e d w it h s e v e n l ic o n s c o s w liilo in 1 9 1 5 t h o n u m b e r
w a s i n c r e a s e d t o 2 5 , t h o r o y a l t ie s f r o m w h ic h a m o u n t e d t o $ 1 7 ,1 8 8 f o r y o a r .
I t w a s d o o m e d e x p e d i e n t t o c u r t a il t h o b r i c k p r o d u c t i o n in 1 9 1 5 a n d r o d u c o th o s t o c k .
T h e r e f o r e t h o p r o d u c t i o n in 1 9 1 5 w a s le ss t h a n 5 0 % o f
t h a t o f 1 91 4 a n d a t a c o n s e q u e n t i n c r e a s e d a v e r a g o c o s t , w h ic h m a d o t h o
c o s t a b n o r m a l l y h ig h t h o u g h o v e r y p o s s i b lo e c o n o m y w a s e x o r c is e d . S a le s
i n C h i c a g o d e c l in e d b u t N e w Y o r k i n c r o a s o d a l m o s t 1 0 0 % .
Coal.— A l t h o u g h r e p o r t s s h o w c o a l p r o d u c t i o n in O h io fe ll o f f i n o r o t h a n
5 0 % , t h o c o m p a n y s a le s in c r e a s e d 3 8 % in 1 9 1 5 o v e r 1 9 1 4 w it h t h o l o w p r i c e d c o a l f r o m W e s t V ir g in ia f l o o d i n g t h o m a r k e t s .
Oil.— O n t h o c o m p a n y p r o p e r t y 8 3 w e lls in 1 91 4 p r o d u c e d 2 5 % m o r o
o i l t h a n 9 1 a c t l v o w e lls in 1 9 1 5 .
I n th o f ir s t h a lf o f 1915 th o p r ic e w a s
l o w , h a v i n g d e c l in e d f r o m $ 2 5 0 p e r b b l . in 1 9 1 4 t o $1 3 0 b u t a d v a n c e d
a g a in t o p r e s e n t p r i c e o f $ 2 2 5 .
T h o c o m p a n y is h o l d i n g i t s p r o d u c t i o n
o r o il s i n c o A u g . 1, g e t t i n g a d v a n t a g e o f t h o a d v a n c o e x c e p t f o r t h o s m a ll
co s t o f stora g e.
I n 1 91 5 9 n e w l o c a t i o n s o f w e lls w e r o a d d e d .
Sinking Fund.— T h r o u g h t h o s i n k i n g f u n d $ 1 7 5 ,7 0 0 1st M . b o n d s w e r o
p u r c h a s e d a n d r e t ir e d in 1 9 1 5 , m a k i n g t h o t o t a l b o n d s p u r c h a s e d a n d
r e t ir e d , $ 4 9 1 ,3 0 0 a n d a b a l a n c e in s i n k i n g f u n d a c c r u a ls o f $ 2 2 ,7 0 0 .
A f t e r a ll r e s e r v e s f o r s i n k i n g f u n d , d o u b t f u l , a c c o u n t s a n d d e p r e c i a t io n
h a v o b e e n d e d u c t e d t h o o p e r a t i o n s o f 1 9 1 5 s h o w a w o r k in g d e f i c i t o f $ 3 6 ,
6 6 0 , a g a in s t a d e f i c i t o f $ 4 3 ,6 2 6 in 1 9 1 4 a n d t h r o u g h b o n d p u r c h a s o a n
in c r e a s o t o s u r p lu s $ 9 6 ,5 4 1 in 1 9 1 5 , a g a i n s t a lo s s $ 1 8 ,4 2 3 in 1 9 1 4 .
INCOME ACCOUNT FOR YEAR ENDING DEC.
C l a y p r o d , s a le s ( b i l l e d ) ..
C o a l s a le s ( b i l l e d ) .
.
C o a l r o y a l t i e s _____
.
O il r o y a l t i e s _______
R o y . & r e n t s (r u g b r i c k
p a t o n t ) __________
‘
R e n t a l s ____________
M is c e l la n e o u s o a r n i n g s ..
d
C o st o f coal s o ld ..
E x p on so o f oth er p rop er
t ie s , A c __________
31.
1915.
S 1 7 2 .0 7 2
1 7 5 ,5 8 2
3 7 ,9 7 9
3 2 ,1 9 5
1914.
$ 2 1 4 ,2 5 9
1 5 4 ,3 0 0
3 2 ,8 9 4
4 5 ,8 7 1
1913.
$ 2 0 1 ,2 1 3
2 8 7 ,5 2 2
4 2 ,8 1 7
6 0 ,2 2 1
1912.
$ 1 1 5 ,3 9 5
3 3 7 ,1 5 2
4 0 ,5 0 6
8 5 ,6 7 3
1 7 ,1 8 8
2 5 ,4 7 6
5 ,0 3 8
2 5 ,9 1 9
6 ,4 5 0
2 7 ,3 2 2
9 ,8 7 0
3 6 ,1 5 2
1 5 ,0 1 4
$ 4 6 5 ,5 3 0
$ 1 5 3 ,3 9 1
1 6 2 ,6 4 1
$ 4 7 9 ,6 9 3
$ 1 3 9 ,4 3 7
1 4 1 ,4 3 3
$ 6 2 8 ,9 6 5
$ 1 6 1 ,5 6 6
2 6 1 ,5 2 5
$ 6 2 9 ,8 9 2
$ 1 1 8 ,6 9 9
3 0 8 ,3 2 7
7 ,7 7 4
9 ,8 4 9
7 ,2 8 1
4 ,0 4 2
$ 1 4 1 ,7 2 4
$ 3 2 ,5 1 5
4 0 ,2 1 4
1 6 ,7 6 0
5 ,0 0 0
8 ,2 2 6
$ 1 8 8 ,9 7 4
$ 3 7 ,6 8 4
4 1 ,2 1 1
1 6 ,2 8 6
5 ,0 0 0
7 ,5 0 0
$ 1 9 8 ,5 9 3
$ 3 4 ,5 0 9
4 3 ,5 4 0
1 5 ,8 6 5
5 ,0 0 0
5 ,0 1 1
$ 1 9 8 ,8 2 4
$ 2 6 ,3 3 2
4 8 ,5 9 1
1 1 ,3 2 4
5 ,0 0 0
4 ,1 6 5
________
3 4 ,5 9 5
7 7 ,2 7 6
8 2 ,7 6 3
7 ,5 0 0
8 9 ,9 4 8
$ 4 ,4 1 3
N e t s u r p l u s ____________
S in k in g f u n d d e p r e c i a t io n —
S in k in g f u n d c o a l _____
$ 1 4 ,5 9 6
S in k in g f u n d c la y p r o d .
3 ,9 5 0
S in k in g f u n d , o i l ______
2 2 ,5 2 7
L it ig a t io n e x p e n s e s A c .
8 ,8 2 1
$ 4 ,0 1 6
$ 1 1 ,8 4 5
$ 5 ,9 6 4
$ 1 3 ,2 5 9
4 ,3 7 6
3 0 ,0 0 7
8 ,6 8 4
$ 1 9 ,5 4 1
4 ,2 9 7
2 8 ,8 4 5
6 ,1 0 9
$ 1 8 ,1 6 9
2 ,8 9 0
6 2 ,8 9 7
$ 5 2 ,3 1 0
$ 4 6 ,9 4 7
$ 7 7 ,9 9 2
N o t i n c o m o ____________
S o i l in g o x p e n s o __________
G e n e r a l o x p e n s o _________
T a x e s .........................................
D e p r e c i a t i o n _____________
R e s. fo r d o u b tfu l a c c t s .
R es.
fo r
B e s s io - F e r r o
r e n t a l ___________________
I n t o r o s t o n 1 st M . b o n d s
T o t a l n e t d e f i c i t ______
$ 4 5 ,4 8 1
BALANCE SHEET DEC. 3 1 .
1915.
1914.
Liabilities—
Assets—
P r o p e r t y ................. $6 ,1 26,150 $6,1 2 2 ,8 6 2
N o te s A a c c ts . rec.
9 6 ,4 4 0
100,570
C a sli______________
55,878
97,118
C a sh fo r b on d In t.
25,769
2 6 ,006
C la y p r o d ., co a l,
& c ., and o il____
104,638
134,637
D u e from lessees
m ining c q u lp ’ t .
19,078
2 1 ,0 7 5
M a teria ls A s u p p .
7,867
7,212
M isce lla n e o u s____
2 4 ,686
17,416
1915.
1914.
C a p ita l s t o c k ____ $ 4 ,5 9 6 ,3 5 0 $ 4 ,5 9 6 ,3 5 0
F irst m tg o. b o n d s . 1,3 4 5 ,0 0 0 1 ,520,700
13,220
15,081
A cco u n ts p a y a b le .
2 5 ,769
A c c r . b on d In t .,A c
4 5 ,0 1 5
2 28 ,183
Sinking fu n d , A c .
171,891
31,191
M isce lla n e o u s____
4 5 ,348
P r o fit an d lo s s —
*224 ,923
128,381
T o t a l ....................5 6 ,4 64.636 5 6 ,5 2 2 ,7 6 6
T o t a l .................. .$ 6 ,4 6 4 ,6 3 6 $ 6 ,5 2 2 ,7 6 6
[ T o t a l b o n d is s u o , $ 2 ,0 0 0 ,0 0 0 : p u r c h a s e d a n d r o t lr o d , $ 4 9 1 ,3 0 0 ; h e l d b y
t r u s t e o , $ 1 6 3 ,7 0 0 ; o u t s t a n d i n g D e c . 31 1 9 1 5 , $ 1 , 3 4 5 , 0 0 0 .)
♦ A ft e r c r e d it i n g $ 1 2 2 ,9 2 9 p r o f i t o n b o n d s p u r c h a s e d le ss t h a n p a r a n d
r e t ir e d .— V . 1 0 2 , p . 5 2 6 .
143
THE CHRONICLE
July 8 1916.]
Tri-Stato Telephone & Telegraph Co., Minneapolis
and St. Paul.
(Report for Fiscal Year ending Dec. 3 1 1 9 1 5 .)
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING DEC. 3 1 .
1915.
1914.
1915.
1914.
$ 3 ,500
T r a d in g p r o fits , A C - . .$ 3 5 5 ,9 1 5 $315,113 Deduct— M iscella n eou s $ 1 0 ,329
Deduct—B o n d In t____ S141.015 S117.755 T o ta l d e d u ctio n s _____ $22 4,01 5 *$ 1 9 2 ,8 3 2
I n t . o il a d v a n ce s, A c .
7 3 ,2 7 0
71,577 B a la n ce, su rp lu s_____ $13 1 ,3 0 0 $122,281
P r e s. G . W . R o b in s o n , M a r c li 1 5 , w ro te in su b s ta n c e :
Additions and Betterments.— D u r i n g t lio y e a r t h e r e h a s b e e n e x p e n d e d In
a d d it i o n s a n d b e t t e r m e n t s a t o t a l o f $ 1 , 0 1 6 , 0 3 4 .
O f t h is a m o u n t $ 1 7 3 ,5 7 3
lia s b e e n e x p e n d e d in l a n d a n d b u i l d in g s , a n d $ 3 6 6 ,4 5 8 in a d d it i o n s t o
m a n u a l e q u i p m e n t a n d o u t s i d e p l a n t ; w h ile $ 4 7 6 ,0 0 3 h a s b e e n a d v a n c e d t o
w a r d t h e c o s t o f r e p l a c e m e n t o f m a n u a l b y a u t o m a t i c e q u i p m e n t w it h i n t h e
c it i e s o f M i n n e a p o l i s a n d S t . P a u l.
Maintenance.— D u r in g t n e y e a r 1 9 1 5 t h e c h a r g e s a g a i n s t i n c o m o o n a c
c o u n t o f m a i n t e n a n c e a g g r e g a t e d $ 4 3 6 ,4 6 8 .
O f tin s a m o u n t $ 2 8 6 ,4 6 8 w a s
e x p e n d e d in c u r r e n t m a i n t e n a n c e , a n d $ 7 8 ,1 7 2 w a s c o n s u m e d in t h e r e
p l a c e m e n t o f w o r n - o u t o r o b s o l e t e p l a n t , l e a v i n g $ 7 1 ,8 2 7 t o b o a d d e d t o t h o
a c c u m u l a t e d r e s e r v o f o r f u t u r o r e n e w a ls .
T h o r e s e r v e s a n d s u r p lu s n o w
t o t a l $ 1 ,5 3 4 , 5 6 5 , o r 1 7 . 2 1 % o f t h o p l a n t a n d e q u i p m e n t in s e r v i c e , in c lu d in g
l a n d a n d b u i l d in g s .
,
„ ,
,
. . .
Capital Slock.— A t t h e c lo s o o f t h o y e a r t h e r e w a s i n t h e h a n d s o f 1 ,2 8 9
i n v e s t o r s c o m m o n s t o c k , $ 4 ,5 1 9 ,0 0 0 ; p r e f . s t o c k , $ 2 , 2 3 2 , 3 8 0 .
I n a d d it io n
t h e r e is y e t o u t s t a n d i n g in t h o h a n d s o f 3 1 1 i n v e s t o r s $ 1 5 1 ,2 3 0 p a r v a lu e
o f t h o s t o c k s is s u e d b y t h e T w i n C i t y T e l e p h o n o C o . a n d a s s u m e d b y t h is
c o m p a n y in t lio p u r c h a s e o f t h o a s s e t s o f t h o T w i n C i t y C o .
T h is s t o c k
m a y b o c o n v e r t e d a t tn e o p t io n o f th e h o ld e r in to tn e p r e fe rr e d s h a re s o f
t h is c o m p a n y o n a p a r b a s is ; o t h e r w i s e , i t is s u b j e c t t o r e t ir e m e n t b y t h is
c o m p a n y in '1 9 2 8 .
P e r t h is r e a s o n i t is t r e a t e d in o u r b a l a n c e s h e e t s a s a
p a r t o f t h o f u n d e d d e b t ; b u t it s c la s s i f ic a t i o n w ill b o c h a n g e d b y r e q u e s t o f
t h o I n t e r - S t a t e C o m m e r c e C o m m i s s io n .
D u r in g t h o y e a r t h e r e h a s b e e n is s u e d $ 5 1 9 ,0 0 0 o f c o m m o n s t o c k , a n d
$ 1 9 ,4 8 0 o f p r o f , s t o c k .
D iv i d e n d s a t t h e u s u a l r a t e o f 6 % p e r a n n u m h a v e
b e e n p a id o n b o t h t h o p r e f . a n d c o m m o n s t o c k is s u e d b y t ile T r i - S t a t o C o . ,
a n d w e h a v e a ls o p a i d t lio g u a r a n t e e d d i v i d e n d s o f 5 % o n T w i n C i t y c o m
m o n a n d 7 % o n T w in C it y p re fe rre d .
.
Bonds, &c.— '1 h e c o m p a n y lia s n o d i r e c t b o n d e d d e b t , b u t in t h e p u r c h a s e
o f t h o p r o p e r t ie s o f o t h e r c o m p a n i e s , h a s a s s u m e d b o n d s w h i c h o n D o c . 3 1
a g g r e g a t e d $ 9 9 4 ,8 5 0 , a s f o ll o w s :
T w i n - C i t y T e l e p h o n e C o . 1st 5 s , d u o s e r ia lly t o 1 9 2 6 -------------------- $ 8 7 5 ,0 0 0
C o n s o li d a t e d T e l . A T e l . C o . 1 s t 5 s , d u o 1 9 2 1 ---------------------------------5 0 ,0 0 0
1 9 ,0 0 0
M i n n e s o t a M u t u a l T e l . C o . 1 s t 5'As. d u o s e r ia ll y t o 1 9 1 7 -----------M a p l e L o a f T e l e p h o n e C o . 1 s t 6 s , d u e 1 9 1 8 -------------------------------------2 3 ,0 0 0
M u t u a l T e l e p h o n e C o . 1 st 6 s , d u o 1 9 2 4 _________________________________
2 1 ,0 0 0
B i r d I s la n d T e l e p h o n e C o . 1st 6 s . d u o 1 9 1 8 -------------------- ----------------------6 ,8 5 0
D u r in g t lio y e a r t h e r e w a s a n e t r e d u c t i o n in o u t s t a n d i n g u n d e r l y i n g b o n d s
o f $18 650.
S p e c ia l e q u i p m e n t n o t e s a g g r e g a t i n g $ 4 9 7 ,3 7 5 h a v e t o d a t o b e e n is s u e d
t o a s s is t in t h o t e m p o r a r y f in a n c in g o f t h e p u r c h a s e o f t h e a u t o m a t i c e q u i p
m e n t , o f w h ic h m e n t io n lia s b e e n m a d e .
A t s o m e la te r d a t e , a n d w h e n th e
t o t a l n e c e s s a r y e x p e n d it u r e i n v o l v e d in t h is c h a n g e h a s b e e n a s c e r t a in e d ,
t h e s o n o t e s w ill b o c o n v e r t e d i n t o s o m e o t h e r f o r m o f s e c u r i t y .
D u r in g th o
y e a r $ 4 0 0 ,5 0 0 o f t h e s o n o t e s w e r e is s u e d .
Surplus, * c . — T l i o a c c u m u l a t e d s u r p lu s a n d r e s e r v e s n o w a g g r e g a t e
$ 1 ,5 3 4 ,5 6 5 .
F o l l o w i n g t h o g e n e r a l a n d a p p r o v e d p r a c t i c o , t h is f u n d h a s
b o o n i n v e s t e d in r o v o n u o - p r o d u c l n g p l a n t , a n d n e e d e d e x t e n s i o n s t h u s s o c u r e d , u p o n w h ic h n o d i v i d e n d s o r i n t e r e s t c h a r g e s n e e d b o p a i d .
Results.— G r o s s i n c o m e i n c r e a s e d $ 9 2 ,1 3 4 , o r . ) . 5 8 % o v e r 1 9 1 4 . T l i o
n o t i n c o m e , a ft e r d e d u c t i o n s f o r a ll o p e r a t i n g e x p e n s e s a n d f i x e d c h a r g e s ,
is $ 5 0 8 ,1 0 1 , e q u a l t o 7'A% o n t h o t o t a l a m o u n t o f T r i - S t a t o s t o c k s is s u e d
a n d o u ts ta n d in g o n D e c . 31 1 91 5.
.
,
.
.
.
Automatic Equipment.— A c h a n g e is n o w in p r o g r e s s w li o r e b y m o d e r n
a u t o m a t i c e q u i p m e n t w ill r o p la c o t h e m a n u a l a p p a r a t u s n o w in u s e in t h o
c it i e s o f M in n e a p o l is a n d S t . P a u l.
Growth.— -In t h o 1 0 -y e a r p e r i o d f r o m 1 9 0 6 t o 1 9 1 6 o u r p l a n t in s e r v ic e h a s
in c r e a s e d f r o m $ 4 , 5 0 0 , 0 0 0 t o $ 9 , 0 0 0 , 0 0 0 ; t h o s t a t io n s d i r e c t l y s e r v e d f r o m
1 8 ,3 8 4 t o 5 4 ,5 4 4 , w it li 3 5 0 ,0 0 0 c o n n e c t e d s t a t io n s ; t h o a n n u a l g r o s s e a r n
in g s h a v e in c r e a s e d f r o m $ 8 7 0 ,0 0 0 t o $ 1 , 7 4 1 , 0 0 0 ; t h e r e h a s b e e n p a i d in d i v i
d e n d s t o s t o c k h o l d e r s $ 2 , 0 9 6 , 1 8 7 , a n d s u r p lu s a n d r o s e r v e s a c c u m u l a t e d
d u r in g th e t e n -y e a r p e r io d a g g r e g a te $ 1 ,3 1 9 ,0 8 2 .
EARNINGS FOR CALENDAR YEARS.
1914.
1915.
T r i-S t a t o S ta tio n s , N o .
D e c . 31 .
5 4 ,5 1 4
E a r n in g s f r o m o p e r _____ $ 1 ,7 2 5 ,7 3 2
M is c e l la n e o u s r e v o n u o . .
1 5 ,3 6 8
'
1913.
1912.
BALANCE SHEET DEC.
1915.
S
Assets—
1914.
3
W a te r p o w .,r ca l est.
T r e a s . b d s. (h y p oth .)
5 ,3 9 8 ,5 8 0 5.284.971
2,5 9 3 ,5 4 2 2,4 3 1 ,0 0 7
2 5 0 ,0 0 0
*909 ,822
317 ,153
121,070
117,250
4 48 ,494
157,120
4,004
2 6 ,179
26,913
74,047
179,947
31.
1915.
S
Liabilities—
1914.
$
Com m on stock____ 3,650,000 3,650,000
1st M . 5 % b o n d s . . . 2 0 2 ,5 0 0
2 0 2 ,5 0 0
3 0 y r . 6 % c o n s . ref.
M . s. f. b o n d s . . .2 ,9 9 7 ,5 0 0 2 ,2 2 0 .0 0 0
Secur. ban k ers’ loans a632,955\ b 7 9 6 ,9 3 7
O th er ban k ers’ loa n s 2 6 2 ,2 3 6 /
A d v . fro m N o r . A m .
P u lp A P a p er C o . 171 ,185
2 2 0 ,9 0 0
A cco u n ts p a y a b le ___ 32 9 ,8 3 5
110,505
N otes p a y a b le _______ 145 ,195
5 ,9 1 0
D lv s . d e cl. fo r 1 9 1 2 .
_______
A ccru ed a c c o u n t s ______________ 4 3 ,2 5872 ,353
M isce lla n e o u s__________________ 4 9 ,6 6 5
C a pital su rplu s_____ c l , 0 6 5 ,9 0 0 1,1 4 9 ,8 3 7
P rofit an d lo s s ________ d l 5 6 ,8 6 6
194 ,730
9 ,7 0 7 ,0 9 4 8,6 3 3 ,6 7 2
* P l e d g e d a s s e c u r i t y f o r lo a n s o f $ 6 3 2 ,9 5 5 ; s o o c o n t r a , a I n c lu d e s in
1 9 1 5 lo a n s f r o m b a n k e r s u p o n s e c u r it y o f p u l p , $ 2 9 7 ,6 1 3 ; u p o n s e c u r it o f
p u l p w o o d , 1 9 1 4 -1 5 , $ 2 9 0 ,7 8 6 , a n d 1 9 1 5 -1 6 , $ 4 4 ,5 5 6 .
b D e n o t e s in 1 9 1 4
b a n k o v r d r a ft an d a d v a n ces,
c A f t e r d e d u c t i n g in 1 9 1 5 $ 8 3 ,9 3 7 d i s c o u n t
on bon d s,
d A f t e r d e d u c t i n g $ 1 6 9 ,1 6 4 a d j u s t m e n t s a p p l i c a b l e t o p e r i o d
p r io r t o D e c . 31 191 4.
C o n t i n g e n t l i a b i l i t y o n n o t e s d i s c o u n t e d , $ 1 1 9 ,4 8 3 — V . 1 0 1 , p . 8 4 4 .
Montreal Water & Power Co.
(Report for Fiscal Year ended April 3 0
1 9 1 6 .)
P r e s . E d w in H a n s o n , M o n t r e a l, Ju n o 2 0 , sa id in s u b s t .:
Results.— T h o g r o s s r e v e n u e is p r a c t i c a l l y t h o s a m e a s l a s t y e a r , b u t a s
a ll e x c e p t s o m e $ 7 0 0 w a s d e r i v e d f r o m o u r f r a n c h is e t e r r i t o r y in c o m p a r is o n
w it h e x t r a o r d i n a r y r e v e n u e in p r e v i o u s y e a r s t o a n a m o u n t a s l a g e a s
$ 6 0 ,0 0 0 a n d la s t y e a r a b o u t $ 2 0 ,0 0 0 , i t w ill b o s e e n t h a t t h e r e v e n u e f r o m
fr a n c h is e c u s t o m e r s m o r e t h a n o f f s e t t h o lo s s in s p e c i a l r e v e n u e a n d w a s
t h o h ig h e s t in o u r h i s t o r y .
O p e r a t in g e x p e n s e s d e c r e a s e d $ 9 ,0 0 0 s o t h a t
t h o n o t p r o f i t w a s $ 2 0 4 ,0 6 7 , a g a in s t $ 1 9 5 ,7 2 7 in 1 9 1 4 -1 5 .
D is c o u n t o n
o u t s t a n d i n g b o n d s a n d a ls o t h o y e a r ’s p r o p o r t i o n o f t h e p r e m iu m d u o a t
m a t u r i t y a b s o r b e d s o m e $ 2 7 ,0 0 0 a n d a b o u t $ 1 4 ,0 0 0 h a s b e e n p r o v i d e d t o
c o v e r lo s s e s o n m e t e r s , m o t o r s a n d b a d d e b t s .
Liabilities.— T h o c o m p a n y h a s p a i d o f f $ 2 5 0 ,0 0 0 d e b e n t u r e s ; c a p i t a l
lia b il i t i e s t o m u n i c ip a li t ie s , t o t h o a m o u n t o f o v e r $ 3 6 ,5 0 0 a n d o n a c c o u n t
o f n e w O u t r e m o n t r e s e r v o ir s o m o $ 2 0 0 ,0 0 0 , a ll w i t h o u t in c r e a s in g t h e
b o n d o r s h a r e c a p i t a l.
Additions.— T h e n e w O u t r e m o n t r e s e r v o ir h a s b e e n c o m p l e t e d a n d a d d e d
t o t h o c o m p a n y ’s s y s t e m , c o s t i n g a b o u t $ 1 , 0 0 0 , 0 0 0 .
T h e r e h a s a ls o b e e n
a d d e d o v e r 3A m ile s o f m a i n s , s o m e 6 5 9 n e w s e r v ic e s , a n d a n e w p u m p
w it h a d a i l y c a p a c i t y o f 6 , 0 0 0 , 0 0 0 g a llo n s h a s b e e n e r e c t e d a t t h o C l a r k e
A v e n u e S ta tio n .
INCOME ACCOUNT FOR YEAR ENDING APRIL
G r o s s p r o f i t s ......................
O p c r ., m a in t ., le g a l, g e n .
a n d o th e r e x p e n s e s ...
1 9 1 5 -1 6 .
$ 7 7 5 ,5 1 9
1 9 1 3 -1 4 .
$ 7 8 3 ,6 9 0
3 3 0 ,4 9 4
29.
1 9 1 2 -1 3 .
$ 6 7 1 ,6 8 4
3 2 4 ,3 4 0
2 9 9 .4 4 6
p r o f i t s ____________
Deduct—
I n t . o n b o n d s , & c ________
A d d e d to re s’v o a c c t. fo r
p r e m ., d is c o u n ts , & c .
D e p r e c i a t i o n , A c ________
i ’ r o v . fo r b a d , & c ., d e b ts
M i s c e l l a n e o u s ____________
$ 4 5 4 ,3 4 0
$ 4 4 4 ,9 6 8
$ 4 5 9 ,3 5 0
$ 3 7 2 ,2 3 8
$ 2 5 0 ,2 7 3
* $ 2 4 9 ,2 4 1
$ 2 5 0 ,5 3 7
$ 2 6 7 ,7 0 5
2 7 ,3 4 0
6 0 ,0 0 0
1 4 ,1 5 9
________
2 9 ,9 3 6
4 2 ,1 6 8
2 9 ,5 5 2
7 2 ,1 0 0
1 5 .0 0 0
2 8 ,8 2 8
$ 3 5 1 ,7 7 3
$ 1 0 2 ,5 6 7
$ 3 2 1 ,3 4 5
$ 1 2 3 ,6 2 3
N ot
3 2 1 ,1 7 9
1 9 1 4 -1 5 .
$ 7 7 5 ,4 6 2
8,000
2,000
$ 1 ,6 3 4 ,7 6 3
1 4 ,2 0 3
$ 1 ,5 5 6 ,0 5 4
2 1 ,8 1 3
$ 1 ,4 5 5 ,3 7 8
2 1 ,1 9 2
T o t a l d e d u c t i o n s _____
B a la n c o , s u r p l u s _________
T o t a l i n c o m o __________ $ 1 ,7 4 1 ,1 0 0
Deduct—
O p c r ., m a in t ., & c ., e x p .
$ 9 3 1 ,3 4 3
T a x e s _____________ ________
5 9 ,8 1 8
9 1 ,8 3 8
I n t e r e s t , A c _______________
$ 1 ,6 4 8 ,9 6 6
$ 1 ,5 7 7 ,8 6 7
$ 1 ,4 7 6 ,5 7 0
$ 9 0 1 ,9 0 8
5 7 .8 7 9
9 8 .5 5 2
$ 7 8 6 ,5 2 2
5 5 ,8 2 3
1 0 3 ,2 2 6
$ 7 3 3 ,6 7 1
5 2 ,3 0 1
1 4 0 ,4 4 9
* A f t e r d e d u c t i n g i n t e r e s t r e c e i v e d a n d a m o u n t s c h a r g e d o n u n f in is h e d
c o n s t r u c t i o n w o r k s , $ 3 3 ,6 8 5 .
T o t a l d e d u c t i o n s _____ $ 1 ,0 8 2 ,9 9 9
$ 0 5 8 ,1 0 1
N o t i n c o m e . ____________
1 3 3 ,3 9 7 1
P r e f e r r e d d i v i d e n d s _____
2 4 0 ,0 0 0 /
C o m m o n d i v i d e n d s _____
R e s c r v o s --------------------------1 5 0 ,0 0 0
$ 1 ,0 5 8 ,3 3 9
$ 5 9 0 ,0 2 7
3 6 7 ,9 0 3
B a la n c o t o s u r p l u s ___
$ 1 3 4 ,7 0 4
BALANCE SHEET DEC.
1915
S
31 ( EXCL.
1914.
Assets—
S
r ia n t , e q u ip ., real
esta te, A c _____ 8 ,9 1 5 ,2 4 9 8,3 7 5 ,2 1 7
A d v . on a u tom a tic
e q u ip , c o n t r a c t.
5 7 5 ,3 /8
9 9 ,375
S tock s sy stem c o r p
49 5 ,0 1 0
491 ,094
A dv. tosy st. corp .
5 4 ,290
02,527
M a teria ls & s u p p .
129,913
144,398
N o te s A s e c t s , r c c .
113,408
100,157
C a s h ...........................
5 0 ,059
90,417
D e f. d e b it I t e m s ..
3 7 ,9 5 5
41,749
1 5 0 ,0 0 0
1 7 0 ,5 8 8
$ 9 2 6 ,4 2 1
$ 5 5 0 ,1 4 9
1 1 2 4 ,6 6 8
1 1 5 0 ,2 2 3
1 7 5 ,2 5 8
$ 7 2 ,6 6 3
$ 1 0 0 ,0 0 0
$ 1 0 0 ,0 0 0
$ 9 4 5 ,5 7 1
$ 6 3 2 ,2 9 6
3 6 1 ,7 0 8
SUB. & AFFILIATED COS.).
1915.
Liabilities— •
$
C o m m o n s t o c k ___ 4,5 1 9 ,0 0 0
P referred s t o c k ___ 2 ,2 3 2 ,3 8 0
F u nded d e b t _____ 1,1 8 7 ,0 8 0
L on g term n o t e s ..
4 9 7 ,375
292,271
N o te s & a ccts. p a y
84,597
A ce r. In t., t a x .,A c .
In sta ll’ ts o n p rop
30,000
e rty c o n t r a c t ___
R e s e r v e s _________
914 ,443
S u r p l u s ___________ *02o,123
1914.
S
4 ,0 0 0 ,0 0 0
2 ,2 1 2 ,9 0 0
1 ,174,750
90,875
404 ,013
180,512
847,021
4 8 7 ,004
T o t a l ....................10,377,209 9,4 0 4 ,9 3 5
T o t a l ..................... 1 0,377,209
9,4 0 4 ,9 3 5
* A f t e r d e d u c t i n g $ 1 5 0 ,0 0 0 a p p li e d t o r e s e r v e f o r r e n e w a ls a n d r e c o n s t r u c
t io n .— V . 102, p . 1726.
C o n t i n g e n t l i a b i l i t y in r o s ji c c t o f n o t e s r e c e i v a b l e d i s c o u n t e d w a s $ 3 5 ,
0 0 0 in 1 9 1 5 .
Chicoutimi Pulp Co. (La Comp, de Pulpe de Chicoutimi)
(Report for Fiscal Year ending Dec. 3 1 1 9 1 5 .)
P re sid e n t H o n o ra b le N . G a rn o a u sa y s in s n b sta n c o :
T h o c o n d i t i o n o f t r a n s a t l a n t ic s h i p p i n g d u o t o t h e w a r h a s w o r k e d s o m o
h a r d s h i p s , s i n c e s o v o r a l o f t h o s h ip s u n d e r c h a t t e r t o c a r r y p u l p t o E u r o p e a n
c u s t o m e r s w o r e r e q u i s it i o n e d b y t h o B r it is h A d m i r a l t y . T h i s h a s b e e n
b u t a tem p ora ry a n n oya n ce.
S p e c i a l ly g o o d p r i c e s h a v e b o o n r e c e iv e d o n
p u l p u n s h i p p e d a n d t h e r e b y r e le a s e d f r o m c o n t r a c t s .
T h e O u ia t c h o u a n m i l l , w h ic h w a s p u r c h a s e d in 1 9 1 4 . h a s c o m o f u l l y u p
t o e x p e c t a t i o n s , h a v i n g r e a d i e d a h ig h p o i n t o f 6 6 A t o n s o f 2 , 2 4 0 l b s . in a
s in g le d a y o f 2 4 h o u r s .
D u r in g t h o c u r r e n t y e a r it is p l a n n e d t o a d d a n
o t h e r 1 5 ,0 0 0 t o n s c a p a c i t y t o t h is m il l , w h ic h c a n b o a c c o m p li s h e d f o r a n
o u t l a y o f le ss t h a n $ 1 0 0 ,0 0 0 c a p i t a l .
T h o m ills a t C h ic o u t i m i h a v e p r o
d u c e d a s m u c h a s 3 1 4 t o n s in a s in g le d a y .
D u r in g t h e y e a r $ 4 7 ,7 6 6 lia s b o o n e x p e n d e d u p o n m a i n t e n a n c e a n d r e
n e w a ls , a n d $ 9 ,3 2 9 c h a r g e d o f f f o r b a d a c c o u n t s .
A n e w c o m p a n y , th e I fa
11a B a y S u l p h i t o C o . , is b e i n g o r g a n i z e d b y
s o m e o f t h o c o m p a n y ’s E n g lis h c u s t o m e r s , a n d a m il l w ill b o b u i l t o f 3 0 ,0 0 0
t o n s a n n u a l c a p a c i t y f o r s u lp h it o p u l p .
T h i s c o m p a n y w il l b u y a ll o f it s
w o o d f r o m t h e C h ic o u t i m i P u lp C o . o n a f a v o r a b l e b a s is .
D e li v e r ie s o f w o o d w ill b e g in d u r i n g 1 9 1 6 a n d t h o r e q u i r e m e n t s o f t h o
n o w m il l w ill b r in g in c r e a s e d r o v e n u o t o y o u r s u b s id ia r ie s , t lio I t o b o r v a l S a g u e n a y U y . C o . a n d L a C o m p a g n i o G e n e r a lo d u P o r t d o C h i c o u t i m i .
T h i s c o n t r a c t , w h ic h b e c o m e s o p e r a t i v e in 1 9 1 6 , f in a n c e s o u r a n n u a l p a y
m e n t s t o t h e C h ic o u t i m i F r e e h o ld E s t a t e s .
T i t o c o n d i t i o n s g r o w i n g o u t o f t h o p r e s e n t w a r l ia v o w o r k e d g r o a t c h a n g e s
in t h e p u l p a n d p a p e r in d u s t r y o f E u r o p o , w h ic h it is f e lt m u s t in u r e t o
t h o b e n e f i t o f y o u r c o m p a n y in it s f u t u r o o p e r a t i o n s .
I n f a c t , w o r e w o in
p o s i t i o n t o a c c e p t t h e m , l o n - y o a r c o n t r a c t s c o u l d b o m a d e f o r t w i c o it s
p r o s o n t p r o d u c t i o n a t a d v a n c e d p r ic e s .
T lio s h u ttin g o f f o f G e rm a n a n d
S c a n d in a v ia n p u l p f r o m E n g l a n d lia s t u r n e d h e r a t t e n t i o n m o r o s t r o n g l y
t o h e r c o l o n y o f C a n a d a , w h ic h is t o - d a y o n l y s u p p l y i n g a v e r y s m a ll p e r
c e n t a g e o f h e r i m p o r t s , a n d o f t h is b y f a r t lio m o s t c o m e s f r o m y o u r c o m p a n y .
BALANCE SHEET APRIL
191 6.
1915.
$ 3 6 7 ,1 8 9
$ 9 2 ,1 6 1
$ 3 0 6 ,5 3 3
$ 6 5 ,7 0 5
29.
1916.
191 5.
$
S
F ran ch ises, real es
O rd in a ry sh ares____ 2 8 0 ,0 0 0
2 8 0 .0 0 0
ta te, A c . ( c o s t )___ 7, 6 9 9 ,107 7 ,1 2 4 ,8 9 8 Preferred sh a res____ 5 0 0 ,0 0 0
5 0 0 .0 0 0
P r io r lien 4As in
S tc. C u n eg on d e 5 %
t r e a s u r y .. ...............
5 0 ,2 8 9
5 0 ,2 8 9
deb en tu res.
2 5 0 .0 0 0
P rior lien 4A% b d s .4 ,8 6 5 ,2 0 7 4 ,8 6 5 ,2 0 7
D is c o u n t A e x p . o f
5 % b on d s and scrip
prior lien b on d s
3 7 5 ,2 3 4
c e r tific a t e s ............... 1,0 7 4 ,5 9 7 1,0 7 4 ,5 9 7
(w ritten o ff y early) 3 5 3 ,3 7 6
191,948 A cc o u n ts , b ills_p a y
A c c o u n ts r e ce iv a b le . 161,750
18,249
' a b le, loa n s, A c ___ 290,011
S ta b le, s to c k , furni
9 4 ,052
9 1 ,7 3 6
A ccru ed in t. A w ages
tu re, to o ls , co a l,
494,981
453
,191
R
e
r
v
d
.
for
d
e
p
.,
A
c
.
3
5
,987
19,479
A c . . ...........................
8 ,193 A m o u n t du e m u nici
19,739
P ip e , fittin g s, A c ___
3 7 8 ,3 7 2
palities, ex cl. i n t . . 3 0 0 ,075
2 ,576
2 ,5 6 0
U n cxp ired in su r., A c.
31 2 ,6 6 5
415 ,232
C a s h _________________
65,539
4 3 7 ,207 P r o fit a n d loss_____
Assets—
t a l ___ ______ __ .
— V . 101, p . 210 .
,r , 1,839 8,226,332
Liabilities—
T o t a l .........................8 ,3 7 1 ,8 3 9 8 ,2 2 6 .3 3 2
Miami (Ariz.) Copper Co. (of Delaware), New York.
(Report for Fiscal Year ending Dec. 3 1 1 9 1 5 .)
J . P a r k e C h a rm in g , V .-P r e s .-C o n s . E n g ., M a r . 2 0 w r o te :
Production.—
T h e n e t p r o d u c tio n o f co p p e r fo r th o y e a r 1915 a m o u n te d
t o 4 1 , 8 3 2 , 0 5 9 lb s . d e r i v e d f r o m t h e t r e a t m e n t o f 1 ,3 4 8 ,1 2 2 t o n s o f o r e .
D u r in g t h o f ir s t h a l f o f t h o y e a r 1 7 ,5 7 5 ,8 7 9 l b s . w e r e p r o d u c e d , t h e m in e
a n d m ill b e i n g r u n u n d e r r e s t r i c t e d o p e r a t i o n .
D u r in g t h o la s t h a l f o f t h o
y e a r , t h o p r o d u c t i o n w a s 2 4 , 2 5 6 , 1 8 0 lb s .
A lth o u g h t h o o r e tr e a te d d u r in g
t h o y e a r c o n t a i n e d 2 .2 lb s . o f c o p p e r p e r t o n le s s t h a n f o r 1 9 1 4 t h e y i e ld
w a s 7 - 1 0 o f a l b . o f c o p p e r h ig h e r o n a c c o u n t o f i m p r o v e d m u l in g m e t h o d s ,
t h o m ill e x t r a c t io n b e i n g 7 5 . 1 7 % , a s a g a in s t 6 9 . 9 3 % f o r 1 9 1 4 .
S t ill f u r t h e r
im p r o v e m e n t s a r o e x p e c t e d d u r in g t h e p r e s e n t y e a r .
.
, ,
M i n i n g o f t h o C a p t a in o r e - b o d y b y t h e s h r in k a g e s t o p e m e t h o d is w e ll
u n d e r w a y w it h e x c e l le n t r e s u lt s .
[A t o t a l a d v a n c e o f 2 1 , 7 4 6 f e e t o f d r i f t s
a n d r a is e s w a s m a d e d u r i n g t h o y e a r .
S lic in g o f t h e m a in o r e - b o d y h a s
p r o v e d s o s a t i s f a c t o r y t h a t t h e o r e a b o v o t h o 5 7 0 - f o o t l e v e l is b e i n g p r e
p a re d fo r e x t r a c t io n b y th e s a m e m e th o d .
Ore Reserves.— T h e r e h a v e b e e n n o a d d it i o n s t o t h e o r e r e s e r v e s d u r i n g
th e y ea r.
O n J a n . 1 1 9 1 6 t h e y s t o o d a s f o ll o w s : h i g h - g r a d e s u l p h i d e o r e •
18 1 4 0 ,0 0 0 t o n s a t 2 . 4 0 % c o p p e r ; l o w - g r a d e s u l p h i t o o r e a t 1 7 ,0 0 0 ,0 0 0 t o n 3
a t 1 .2 1 % c o p p e r ; a t o t a l o f 3 5 ,1 4 0 ,0 0 0 to n s a t 1 .8 2 % c o p p e r .
T h e r e is
a ls o 6 , 0 0 0 , 0 0 0 t o n s p a r t i a ll y d e v e l o p e d m ix e d s u l p h i d e a n d o x i d e ocq
c a r r y in g 2 % c o p p e r .
C h u r n d r illin g in t h e l o w - g r a d e s u l p h i d e a r e a h a s
b e e n r o s u m e d w i t h t h e h o p e o f in c r e a s in g t h e t o n n a g e , a n d s o m o u n d e r
g r o u n d w o r k is a l s o b e i n g c a r r ie d o n t o c h e c k t h o g r a d e a s d e t e r m in e d b y
t h o d r ill h o le s .
Additions, A c . — I n a d d it i o n t o t h o r e m o d e li n g o f t h e m ill d u r i n g t h o
y e a r 1 9 1 5 , o n e n e w 5 2 5 h . p . b o i le r h a s b e e n i n s t a lle d in t h o b o i le r h o u s e
a n d t h o t h r e e g e n e r a t o r e n g in e s h a v e b e e n o v e r h a u l e d a n d r e m o d e le d s o
t h a t c o n t in u o u s s e r v ic e a n d g r e a t e r e c o n o m y o f e l e c t r i c c u r r e n t g e n e r a t i o n
m a y b o in s u re d .
„
P r ic e s .— T h o c o s t f o r t h o y e a r p e r l b . o f r e f i n e d c o p p e r w a s 8 . / 6 c . ,
a g a in s t 9 . 2 0 c . f o r 1 9 1 4 .
D a ta fro m R e p o r t o f G e n e r a l M a n a g e r B . B r it t o n G o t t s b c r g e r .
F r o m t lio s t a n d p o i n t o f m e t a ll u r g i c a l e f f i c i e n c y , t h e i m p r o v e m e n t in
t lio m ill is s h o w n b y a c o m p a r is o n o f t h e p e r c e n t a g e o f e x t r a c t i o n o b t a i n e d
fo r th o y e a r s 1914 a n d 191 5, 6 9 .9 3 % a n d 7 5 .1 7 % , r e s p e c t iv e ly .
An
ilic r o a s o in t h o g r a d e o f c o n c e n t r a t e p r o d u c e d f r o m 3 9 . 3 1 % t o 4 1 .9 1 % w a s
an a d d e d b e n e fit.
T h o r e s u lt s o f m illin g o p e r a t i o n s f o r t h o y e a r a r e g i v e n
b e l o w : o r e m il l e d , 1 , 3 4 8 ,1 2 2 t o n s a t 2 . 1 7 % c o p p e r ; c o n c e n t r a t e p r o d u c e d ,
5 2 ,5 3 9 t o n s a t 4 1 . 9 1 % c o p p e r ; c o p p e r in c o n c e n t r a t e , 4 4 . 0 3 3 ,7 6 1 l b s .:
c o p p e r p e r t o n o r e , 3 2 .6 6 l b s . ; m ill e x t r a c t i o n , 7 5 . 1 7 % .
F rom th o a b o v e
c o n c e n t r a t e p r o d u c e d , t h e s m e lt e r r e t u r n s o f r e fi n e d c o p p e r a m o u n t e d t o
144
THE CHRONICLE
4 1 , 8 3 2 , 0 5 9 p o u n d s , t h e c o s t o f r e fi n e d c o p p e r in c o n c e n t r a t e o n b o a r d
c a r s a t M i a m i b e i n g p e r l b . o f c o p p e r , a s f o ll o w s : m in in g , $ 0 .0 3 2 7 3 6 : m il l
i n g , $ 0 .0 1 8 6 7 2 ; g e n e r a l , $ 0 .0 0 9 1 3 0 : t o t a l , $ 0 . 0 6 0 5 3 8 .
INCOME ACCOUNT FOR CALENDAR YEARS ENDING DEC.
31.
1914.
1913.
C o p p e r s o l d ( l b s . ) ............................................ 4 1 , 9 0 7 , 7 5 4
3 2 ,8 7 9 ,4 4 7
3 3 ,1 3 4 ,3 3 4
P r i c e p e r p o u n d ---------------------------------------- 1 7 .3 3 0 6 c t s . 1 3 .3 4 8 8 c t s . 1 5 .2 4 0 4 c t s .
T o t a l s a l e s ................. ..........................................$ 7 , 2 6 2 , 8 8 4
$ 4 ,3 8 9 ,0 2 6
$ 5 ,0 4 9 ,8 0 7
Deductions—
C o n c e n t r a t e s ........................................
$ 2 ,1 5 8 ,3 8 6
G e n e r a l m in e e x p e n s e s __________________
F r e i g h t o n c o n c e n t r a t e s ________________
S m e l t ., r e f g . & f r e i g h t o n p i g c o p p e r .
S e llin g e x p e n s e s , & c _____________________
L e g a l e x p e n s e s ____________________________
N . Y . o f f i c e e x p e n s e s a n d t a x e s ________
__
S i l v e r p r o c e e d s __________________________
Cr.3 0 ,0 6 2
G o l d p r o c e e d s ____________________________
________
H o u s e r e n t a l s ___________________ ________
Cr.9 ,9 0 4
G a in in p o w e r & s u p p l y a c c o u n t s _____
Cr. 1 3 ,9 7 1
T o t a l d e d u c t i o n s ________________________$ 3 , 6 7 3 , 2 0 3
B a l a n c e .................................................................... $ 3 ,5 8 9 ,6 8 1
O t h e r i n c o m e _______________ ____________ _
1 5 ,0 0 0
$ 3 ,0 2 6 ,3 9 6
$ 1 ,3 6 2 ,6 3 0
5 7 ,7 5 0
$ 3 ,5 1 5 ,1 2 2
$ 1 ,5 3 4 ,6 8 5
4 7 ,5 0 0
T o t a l . . . ............................................................$ 3 ,6 0 4 ,6 8 1
$ 1 ,4 2 0 ,3 8 0 $ 1 ,5 8 2 ,1 8 5
I n t e r e s t o n lo a n s (le s s b a n k d e p o s i t s ) .
$ 1 8 ,7 6 6
$ 5 2 ,2 7 4
$ 5 0 ,8 5 3
I n t e r e s t o n b o n d s ............................................
1 ,1 4 0
1 ,2 9 0
2 ,0 6 0
1 7 6 ,2 1 3
1 3 5 ,2 7 8
2 2 3 ,8 7 4
D e p r e c i a t i o n . ..................
D i v i d e n d s .............................. ........................(5 0 ) 1 , 6 8 1 . 0 0 4 ( 3 0 ) 1 ,1 2 0 ,3 7 5 ( 4 0 ) 1 4 9 1 ,9 8 9
B a l a n c e , s u r p lu s o r d e f i c i t . ------- s u r $ l , 7 2 7 ,5 5 7 s u r $ l l l ,1 6 3 d o f $ 1 8 6 ,5 9 1
BALANCE SHEET DECEMBER 3 1 .
1915.
1914.
.
1915.
1914.
Assets—
s
Liabilities—
M in in g p r o p e r t y ____ 1 ,534,922 1, ,517,231 C a p ita l s t o c k ............3 73 5 ,5 7 0 3 ,7 3 5 ,5 6 0
D e v e lo p m e n t _______1 ,416,994 X, ,535,208 F irst m tg e. c o n v . 6s .
.............
19,000
C o n s tr u c t io n ..............3 ,0 5 8 ,8 4 4 2 , ,948,512 P rem . on shares less
S to c k In v estm en t___ 100,000
100,000
expenses o f I s s u e .. 1 9 9 5 ,412 1 ,995,412
O re a n d m etals on
D e e r, p a y -ro ll, A c . .
102,775
63,789
h a n d , A c _________*3 ,0 1 7 ,5 6 6
9 6 6 ,489 S m elt. & fg t . charges 2 4 5 ,3 2 0
2 2 3 .859
M a teria ls A supplies 214,891
302 ,199 G eneral su p p lies____
3 7 ,3 3 0
21,544
U n expired Insurance.
1,456
1,752 A c c id e n t reserv e____
2 0 ,0 0 0
15,325
C a s h . . ...................
5 3 ,740
124,737 R eserv e fo r t a x e s ___ 115,736
16,875
A cco u n ts r e c e iv a b le .
2 9 ,075
4 3 ,024 P r o fit an d lo s s ......... 3 175 ,345 1 ,447,788
T o t a l .........................9 ,4 2 7 ,4 8 8 7 ,5 3 9 ,1 5 2
T o t a l ..........................9,4 2 7 ,4 8 8 7,5 3 9 ,1 5 2
* I n c lu d o s in 1 9 1 5 c o p p e r s o l d f o r f u t u r e d e l i v e r y , $ 2 , 9 5 5 , 0 1 5 : c o p p e r in
c o n c e n t r a t e s , $ 4 3 ,4 7 5 : s i lv e r , $ 8 ,8 1 7 ; a n d o r e , $ 1 0 ,2 6 0 . — V .1 0 2 ,p . l4 4 0 , 1 3 5 0 .
Canadian General Electric Co., Ltd., Toronto.
{Report for Fiscal Year ending Dec. 3 1 1 9 1 5 .)
P re s . F re d eric N ic h o lls o n M a r . 2 2 re p o rte d in s u b s t a n c e :
Results.—'T h o p r o f i t o n o p e r a t i o n w a s $ 1 , 2 1 9 , 5 1 4 , a n d a f t e r d e d u c t i n g
I n t e r e s t a n d $ 4 1 6 ,2 2 3 f o r d o p r o c i a t i o n , t h e r o r e m a in s a n e t p r o f i t o f $ 7 6 4 w ll lc h $ 6 9 8 ,0 2 2 h a s b e e n p a i d in d i v i d e n d s a n d t h o b a l a n c e o f
$ 6 6 ,3 5 7 c a r r ie d t o t h o c r e d i t o f p r o f i t a n d l o s s .
F r o m t h o t o t a l a t t h o c r e d it
o f p r o f i t a n d lo s s a c c o u n t t h o s u m o f $ 3 0 0 ,0 0 0 h a s b e o n t r a n s f e r r e d t o r e
s e r v e , b r i n g i n g t h e a m o u n t a t t h o c r e d it o f r e s e r v o a c c o u n t t o $ 3 ,0 0 0 , 0 0 0 a n d
l e a v i n g a b a l a n c e o f $ 7 0 7 ,1 1 9 a t t h o c r e d it o f p r o f i t a n d lo s s .
Current Accounts.— T h e r o a r e n o c u r r e n t l ia b il i t i e s o t h e r t h a n a c c o u n t s
p a y a b l e , w h ic h a r o a t a m in im u m .
O n th o o th e r h a n d , w o h a v e ca sh on
h a n d a n d in b a n k s a m o u n t i n g t o $ 4 7 7 ,6 3 1 a n d i n v e s t m e n t s , $ 1 5 0 ,9 7 7 ,
w h ic h , a d d e d t o t h o a m o u n t s s o t o p p o s i t e b i ll s a n d a c c o u n t s r e c e iv a b le a n d
i n v e n t o r y , l o a v e s u s w it h t o t a l l iq u id a s s e t s o f $ 7 , 4 7 2 , 2 3 3 .
S in ce th o on d
o f o u r f i s c a l y e a r o u r c a s h p o s i t io n h a s f u r t h e r i m p r o v e d , t h o b a l a n c o o f
t h o d e f e r r e d l i a b i l i t y f o r t h o p u r c h a s o o f A l l is - C h a lm o r s - B u l lo c k
L td
a m o u n t i n g t o $ 4 0 0 ,0 0 0 , h a v i n g b e e n p a id o f f , a n d t h o b o n d e d i n d e b t e d n e s s
o n p r o p e r t ie s p u r c h a s e d r e d u c e d b y $ 1 9 5 ,0 0 0 .
CONSOLIDATED INCOME ACCOUNT FOR YEAR ENDING DEC.
t>
p i.
„ 1915P r o f i t o n o p e r a t i n g ............$ 1 , 2 1 9 , 5 1 4
Deduct—
D iv . on c o m . s to c k
(8 % ) $ 5 5 8 ,0 2 2
D iv . o n n ow p r e f. ( 7 % ) .
1 4 0 ,0 0 0
..............................
3 8 ,9 1 2
In terest
D e p r e c i a t i o n ................. ..
4 1 6 ,2 2 3
T o t a l d e d u c t i o n s ------- $ 1 , 1 5 3 , 1 5 7
B a l a n c e , s u r p l u s ..............
$ 6 6 ,3 5 7
1914.
$ 9 1 4 ,5 2 8
( 8 )$ 5 5 6 ,7 4 1
1 4 0 ,0 0 0
1 9 0 ,9 5 7
...............
$ 8 8 7 ,6 9 8
$ 2 6 ,8 3 0
1912.
$ 2 ,0 1 1 ,7 2 0
( 9 ) $ 6 3 6 ,6 3 4
1 4 0 ,0 0 0
2 2 2 ,6 5 5
4 7 0 ,9 3 4
( 8 ) $ 549 ,8 7 2
1 4 0 ,0 0 0
158 87 8
4 5 6 .3 5 9
$ 1 ,4 7 0 ,2 2 3
$ 5 5 9 ,6 7 6
$ 1 ,3 0 5 ,1 0 9
$ 7 0 6 ,6 1 1
CONSOLIDATED BALANCE SHEET DECEMBER
1915.
S
1914.
$
Assets—
P a t ’ ta, co n tr 's , A c .
1
1
R ea l e s t., b i g s . , * '; . * 6 ,2 5 2 ,7 8 5 *6 ,2 4 4 ,6 3 6
P a ttern s & (lra w 'g s
719 ,803
708 ,913
M a c h 'y & t o o l s . . . 3,5 9 8 ,4 7 2 3 ,2 2 8 .0 2 8
C a s h . .........................
477,631
8 2 ,885
A c c t s . r e ce iv a b le . 2,5 9 5 .3 9 9 3,3 1 6 ,3 1 7
B ills r e c e iv a b le . ..
418 ,096
140,005
I n v e s t m e n t s ..........
150,977
233 ,422
M d s e . In ven tory A
expen d , on c o n
tra cts, n e t .......... 3 ,8 3 0 ,1 3 0 4,2 2 6 ,3 9 3
D eferred ch a rg e s.
6 1 ,295
42,303
LiabilitiesCan. S u n b .
Lam p,
b a l. loan paid
F eb . 1 5 ...............
D eferred Hab..........
A ccts. p a y a b le ..!
B a n k a d v a n c e s .. /
C o m . d i v .J a n .3 ’ 16
P r o fit and lo s s ..
T o t a l ....................1 8 ,1 04,589 1 8,222,903
________
31.
1913.
$ 2 ,0 2 9 ,8 9 9
31.
1915.
$
8 ,000,000
2 ,000,000
1,367,751
1914.
$
8 ,000,000
2 ,000,000
1 ,816,144
198 ,745
778,091
77,630
9 3 0 ,978
139,904
3 ,0 0 0 ,0 0 0
1 ,912,979
x707 ,11 9
140,321
2 ,7 0 0 ,0 0 0
1,5 1 7 ,0 6 8
9 40 ,762
100,000
T o t a l ....................1 8 ,1 0 4 ,5 8 9 1 8,222,903
* I n c l u d e s r e a l e s t a t o , b u i l d in g s , A c . , a t T o r o n t o , P o t o r b o r o , B r i d g e b u r g ,
S t r a t fo r d , M o n t r e a l b ra n ch e s , p o w e r p la n t a t N a s s a u , C a n a d ia n S u n b e a m
L a m p C o . , L t d . , a n d C a n a d i a n A l l is - C h a lm e r s , L t d .
x A f t e r d e d u c t i n g $ 3 0 0 ,0 0 0 t r a n s f e r r e d t o r e s o r v o .
In. a d d i t i o n t o t h o lia b il i t i e s a b o v o s h o w n o n D o c . 3 1 1 0 1 5 , t h o r o w a s a
c o n t t a g e n t l i a b i l i t y o n b i lls r e c e iv a b le d i s c o u n t e d a m o u n t i n g t o $ 5 3 4 ,6 1 6 .
V . I U a , P*
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Ardmore (Okla.) Ry.— Successor Co.— Officers.—
T h i s c o m p a n y h a s f il e d a n a p p l i c a t i o n in O k la h o m a f o r a c h a r t e r a s s u c ? £ s s o £ J t o t {le A r d m o r e E l e c t r i c R y .
W i r t F r a n k li n , P r e s . ; S a m A p p l e ,
V ic e -I h -e s .; I . M . P u t n a m , S e c . & M a n a g e r , a n d R o y M . J o h n s o n , T r e a s .
— V . 102, p . 1625.
Baltimore & Ohio RR.— Sale of Equipment 4 ^ s . — K u h n ,
L o e b & C o ., a n d S p e y e r & C o . h a v e sold th o n e w issue of
$ 5 ,0 0 0 ,0 0 0
A x2/% e q u ip m e n t tru st c e rtifica te s o f 1 9 1 0 ,
w h ich th e y o ffe re d on a 4 . 3 0 % b a sis.
A circu lar sh o w s:
P r i n c ip a l a n d c o u p o n s g u a r a n t e e d b y t h e B a lt i m o r e & O h io R R . C o .
P r i n c ip a l m a t u r in g in t e n e q u a l a n n u a l in s t a ll m e n t s f r o m M a y 1 1 91 7 t o
M a y 1 1 9 2 6 , i n c l.
C o u p o n s p a y a b le M . & N .
C e r t i f i c a t e s o f G ir a r d
T r u s t C o . o f I h i ia .
D e n o m . o f $ 1 ,0 0 0 f c * ) .
S u b je c t t o r e d e m p t io n o n
a n y c o u p o n d a t e a t 1025-^ %_ o n s i x t y d a y s ’ n o t i c e .
P r in c ip a l a n d c o u p o n s
o f O h io .— V .
103,
p.
5 7 ,6 0 .
Camaguey (Cuba) Co .— Control.—
I t w a s a n n o u n c e d b y t h o R o y a l S e c u r it ie s C o . in M o n t r e a l o n J u n e 3 0
t h a t it h a d s e c u r e d a w o r k in g m a j o r i t y o f t h e s t o c k o f t h is c o m p a n y a n d
[Vo l . 103.
t h a t t h o h e a d o f f i c e h a d b e e n m o v e d *‘ v m H a li f a x t o M o n t r e a l .
T h e sh are
h o l d e r s a r o o f f e r e d 4 5 % p a r f o r t h e ir s h a r e s a n d i t is o p t i o n a l w it h t h e m
w h e th e r th e y a c c e p t o r n o t .— V . 10 2 , p . 152.
Canadian Northern Ry.— New Notes.— W i n . A . R o a d
& C o . h a v e sold $ 6 ,0 0 0 ,0 0 0 6 %
S ec u re d G o ld N o t e s
d a te d J u ly 10 1 9 1 6 a n d d u e $ 3 ,0 0 0 ,0 0 0 J u ly 10 1 9 1 7 an d
$ 3 ,0 0 0 ,0 0 0 J u ly 1 0 1 9 1 8 .
P rin . a n d in t. p a y a b le in U . S .
go ld in N e w Y o r k ; also in T o r o n t o .
In te re st J . & J . 1 0.
C o u p o n n o te s , o f $ 1 0 0 0 .
G u a r a n ty T r u s t C o . o f N . Y . ,
tr u ste e .
T o t a l a u th o r iz e d , $ 6 ,0 0 0 ,0 0 0 .
T h o o ffe r in g p rice
w a s on a 5 % basis fo r th e 1-y e a r n otes a n d o lA % fo r th e
2 -y e a r n o te s .
A circu lar sh ow s:
T h e s e n o t e s a re th o d ir e c t o b lig a t io n o f th o C a n a d ia n N o rth e r n R y . C o .,
s p e c i f i c a l l y s e c u r e d b y p l e d g e w it h t h e t r u s t e e in N e w Y o r k o f $ 9 , 1 1 5 , 1 4 0
a r v a lu e o f C a n a d i a n N o r t h e r n R y . s y s t e m u n d e r l y i n g f ir s t m o r t g a g e
o n d s o r d e b e n t u r e s t o c k , u n c o n d it i o n a l ly g u a r a n t e e d a s t o b o t h p r i n c i p a l
a n d in te re s t b y th o D o m in io n o f C a n a d a , th o P r o v in c e o f S a s k a tch e w a n
o r t h o P r o v i n c o o f B r it is h C o l u m b i a .
T h o c o ll a t e r a l p l e d g e d w it h t h o
t r u s t e e is a s f o l l o w s :
$ 3 , 5 6 9 , 9 4 7 C a n a d i a n N o r t h e r n A l b e r t a R y . C o . 3 y2% 5 0 - y r . d e b e n t u r e
s t o c k , d u e A p ril 1 1962, p rin . a n d in t. g u a r , b y D orn , o f C a n .
$ 1 , 5 3 9 , 9 8 2 C a n a d i a n N o r t h e r n O n t a r io R y . C o . 3 H % 5 0 - y r . d e b e n t u r e
s t o c k , d u o M a y 19 1 9 6 1 , p r i n . a n d in t . g u a r , b y D o m . o f C a n .
$ 1 ,9 7 5 , 8 3 9 C a n a d i a n N o r t h e r n R y . C o . 4 % d e b e n t u r e s t o c k , d u e J a n . 2 3
1 9 3 9 , p r i n . & in t . g u a r , b y P r o v . o f S a s k a t c h e w a n .
$ 2 ,0 2 9 ,3 7 2 C a n a d ia n N o r th e r n P a c ific R y . C o . 4 M I% d e b e n tu r e s t o c k , d u o
A p r i l 2 1 9 5 0 , p r i n . a n d in t . g u a r , b y P r o v . o f B r it is h C o l u m b i a .
g
$ 9 ,1 1 5 ,1 4 0 to ta l p a r v a lu e .
T h e s e c u r it ie s p l e d g e d a s c o ll a t e r a l f o r t h e s e n o t e s h a v e lie n s p r i o r t o t h e
f o l l o w i n g o u t s t a n d i n g is su e s : $ 6 1 ,6 7 9 ,0 0 0 4 % p e r p e t u a l c o n s , d e b e n t u r e
s t o c k ; $ 2 5 ,0 0 0 ,0 0 0 5 % i n c o m e b o n d s ; $ 4 5 ,0 0 0 ,0 0 0 4 % G e n 'l M t g o . b o n d s ,
g u a r a n t e e d b y t h o D o m i n i o n o f C a n a d a ; $ 1 5 ,0 0 0 ,0 0 0 c a s h a d v a n c e s b y t h o
D o m in io n o f C a n a d a , se cu re d b y m o rtg a g e fo r th a t a m o u n t.
T h o D o m i n i o n o f C a n a d a o w n s $ 4 0 ,0 0 0 ,0 0 0 o f t h e o u t s t a n d i n g $ 1 0 0 ,0 0 0 ,
0 0 0 C a n a d ia n N o rth e r n R y . c a p ita l s t o c k .
Leased Property.—
S ee C a n a d ia n ’ N o rth o r n C o a l A O re D o c k C o . , L t d ., u n d e r “ I n d u s t r ia ls "
b e lo w .— V . 102, p . 1981.
Central RR. of Haiti.— Sale of Assets.—
S e e H a y t ia n - A m e r i c a n C o r p o r a t i o n b e l o w . — V . 9 1 , p . 2 7 6 .
Chicago Rock Island & Pacific RR.— Distribution to be
Made to All Holders of Bonds of 2 0 0 2 .— W o lea rn t h a t , c o n
tra ry to tho gen era l u n d e r s ta n d in g , th e o w n e rs o f all tho
$ 7 1 ,3 5 3 ,5 0 0 b o n d s o f 1 9 0 2 , d u e 2 0 0 2 , in clu d in g th ose h old ers
w h o ele cted to re ce iv e s to c k in th e ra ilw a y c o m p a n y in e x
ch a n g e fo r their b o n d s , aro e n title d to p a r tic ip a te in th o d is
tr ib u tio n a n n o u n c e d la s t w ee k b y re ce iv er W a lt e r C . N o y e s .
T l i o d i s t r i b u t i o n , w h ic h is n o w b e in g m a d o a t t h o C e n t r a l T r u s t C o . ,
5 4 W a ll S t ., o n p r e s e n ta tio n o f th o b o n d s fo r a p p ro p r ia te n o t a t io n , a m o u n ts
o n e a c h $ 1 , 0 0 0 b o n d , i f a c c o m p a n i e d b y t h e a p p u r t e n a n t c o u p o n w h ic h
m a t u r e d M a y 1 1 9 1 4 , t o $ 8 5 0 , o r i f n o t a c c o m p a n i e d b y t h o c o u p o n w h ic h
m a t u r e d M a y 1 1 9 1 4 , t o .$ 8 3 3 1 -3 , a ll c a s h , (s e o V . 1 0 0 p 2 2 9 ) — V . 1 0 3 , p . 6 0 -
Cities Service Co.— Increase in Authorized Stock.—
A c e r t i f i c a t e w a s f il e d in D e la w a r e o n J u n o 2 9 , f o l l o w i n g r a t i f i c a t i o n b y
t h e s h a r e h o ld e r s in c r e a s in g t h o a u t h o r i z e d c a p i t a l s t o c k f r o m $ 6 5 , 0 ( 0 , 0 0 0 ,
c o n s i s t i n g o f $ 2 5 ,0 0 0 ,0 0 0 c o m . a n d $ 4 0 ,0 0 0 ,0 0 0 p r e f . ( $ 1 7 ,5 7 7 ,6 0 4 a n d $ 3 2 ,
7 9 6 ,3 2 8 r e s p e c t i v e l y o u t s t a n d i n g ) t o $ 1 0 0 ,0 0 0 ,0 0 0 , t o in c lu d e $ 4 0 ,0 0 0 ,0 0 0
a u t h . c o m . a n d $ 6 0 ,0 0 0 ,0 0 0 p r e f .
S e o o f f i c i a l c ir c u l a r V . 1 0 2 , p . 2 0 7 7 .
Cleveland & Youngstown RR.— Allied Control.—
S e o N . Y . C h i c . & S t . L o u is R R . b e l o w . — V . 1 0 1 , p . 2 1 4 4 .
Edmonton Dunvegan & British Columbia Ry.— Bonds.
B l o c k s o f t h is c o m p a n y ’s 4 lA % b o n d s h a v e , it is s t a t e d , b e o n r e c e n t ly
p u r c h a s e d b y B r e e d , E l l i o t t A H a r r is o n o f C i n . , C h i c , a n d I n d . a n d J . D .
M c A r t h u r o f W in n ip e g , C a n a d a .
N o p u b lic o ffe r in g h a s y e t b o o n m a d e
in t h is c o u n t r y . — V . 1 0 2 , p . 9 7 5 .
Gainesville (Ga.) Railway & Power Co.— Sold.—
S eo G e o rg ia R a ilw a y & P o w e r C o . b e lo w .— V . 8 9 , p . 103.
Georgia Railway & Power Co.— Purchase.— T h is c o m
p a n y lias p u rc h a se d th e G a in e sv ille ( G a .) R y . & P o w e r C o .
fo r a b o u t $ 1 8 0 ,0 0 0 .
T h e G a in e s v il l e p r o p e r t y (s e o p . 4 5 o f “ E l e c t r i c B y . S e c t i o n ” ) c o n s is t s
o f 6 m ile s o f s t r e e t r a i lw a y lin e s in a n d a b o u t G a in e s v il l e , a w a t o r - p o w o r d e
v e l o p m e n t p l a n t o n t h e C h e s t a t e o , c a p a c i t y 1 ,5 0 0 h . p . , a n d a n e l e c t r i c
l ig h t i n g s y s t e m w h ic h s u p p lie s G a in o s v il l e w it h e l o c t r i c l ig h t .
T h e “ M a c o n T e l e g r a p h ” o n J u l y 1 s a id : “ A s s o o n a s t h e c h a r t e r la w s o f
t h o S t a t e c a n b o a m e n d e d t o p e r m it t h o p r o p e r k i n d o f I n t e r u r b a n r a ilw a y
c h a r t e r , t h o D u k e e l o c t r i c in t e r u r b a n lin o s ( P i e d m o n t A N o r t h e r n R y . —
se o " E le c t r ic R y . S e c t io n ” ) , e x te n d in g fr o m G re e n w o o d , S . C ., t o C h a r lo t t e ,
N . C . , w ill b o c o n n e c t e d w it h t h o i n t e r u r b a n lin o o f t h e G e o r g i a R a il w a y A
P o w e r C o . a t S to n e M o u n t a in a n d th o c o m p lo t o s y s te m fr o m A t la n t a to
C h a r l o t t o , o p e r a t i n g s o l id e l e c t r i c t r a in s , w ill b e g in s e r v ic e .
I t is s a id t h o
a r r a n g e m e n t s a r o a l r e a d y c o m p l e t e d u p t o t h o p o i n t o f g e t t in g t h o p r o p e r
a u t h o r i t y f o r e f f e c t i n g t h o n e c e s s a r y c h a r t e r a r r a n g e m e n t s in G o o r g i a . ”
— V . 102, p . 1540.
Grand Rapids Railway.— Sale of Three-Year Bonds.—
H a r r is , F o r b e s & C o ., H o d e u p y l, H a r d y & C o . a n d E . W .
C la r k & C o . offered a t 9 9 % a n d in terest on T h u r s d a y of
this w eok $ 3 ,5 0 0 ,0 0 0 1st M t g e . th re e -y e a r 5 % b o n d s o f tho
G r a n d R a p id s R y . C o .
T h e b o n d s w hich are secured b y
a first a n d o n ly m o r tg a g e , on tho e n tire p ro p e rty o f the
c o m p a n y , w ero large ly o v ersu b sc rib e d b y n o o n o f tho d a y
on w h ich th e y wero b ro u g h t o u t .
Seo a d v t . on a n o th e r p a g e .
B o n d s d a t e d J u n e 1 1916 a n d d u o J u n e l 1919.
I n t . p a y a b le J . A D . 1
in N . Y . C i t y .
C a ll a b l e a s a w h o le a t 101 >a a n d in t . o n D o c . 1 1 9 1 6 ; 101
a n d in t . o n J u n e 1 o r D e c . 1 1 9 1 7 : a n d 100>3 a n d in t . o n J u n o 1 o r D o c . 1
1918.
D e n o m . $ l,0 0 0 c * .
T ru stee, B a n k ers T r . C o ., N . Y .
T a x exem pt
in M i c h i g a n .
D a ta fr o m le t t e r o f V .-P . B . C . C o b b , G r a n d R a p id s , M ic h .. J u l y 5 1916
T h e c o m p a n y o w n s a n d o p e r a t e s t h e e n t i r e s t r o o t r a ilw a y .sy ste m in t h o
c i t y o f G r a n d R a p id s h a v i n g a t o t a l o f a p p r o x i m a t e l y t>7! j m ile s o f single
t r a c k e q u i v a l e n t , in c lu d in g 2 8 .4 8 m ile s o f d o u b l e t r a c k a n d 1 0 >3 m i l e s ’o f
s in g le t r a c k ; a ls o 1 5 5 p a s s e n g e r c a r s , r e p a ir s h o p s c a r b a r n s , t w o p a r k s A c
P o w e r is o b t a i n e d
u n d e r a s a tis fa c to r y
lo n g -tim e c o n t r a c t fro m th e
C on su m ers P ow er C o .
Capitalization—
Authorized. Outstanding.
$ 2 , 0 0 0 ,0 0 0
P r e f e r r e d s t o c k ( 0 % c u m u l a t i v e ) -----------------------------$ 2 , 0 0 0 , 0 0 0
C o m m o n s t o c k ( p a y i n g 4 % ) ---------------------------------------2 ,0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
F ir s t M . 3 - y e a r 5 % g o l d b o n d s . . . .................................
5 ,0 0 0 ,0 0 0
3 ,5 0 0 .0 0 0
Earnings for Year ended Mag 31 191(5—Present Interest Charge.
G r o s s e a r n i n g s -------------------- $ 1 ,2 3 9 ,1 7 7 1 I n t . o n $ 3 , 5 0 0 , 0 0 0 b o n d s . $ 1 7 5 ,0 0 0
N e t , a f t o r t a x e s ......................
4 0 7 , 3 2 8 1B a la n c o .
____________
232 327
F 'or e a c h o f t h e p a s t 10 y e a r s t h e n e t e a r n in g s h a v e b e e n o v e r t w i c e t h o
a m o u n t n e c e s s a r y t o p a y t h e a n n u a l in t e r e s t c h a r g e o n t h o p r e s e n t a m o u n t
o f b o n d s o u ts ta n d in g .
Bond Issue.— T h e s e $ 3 , 5 0 0 , 0 0 0 b o n d s a r o is s u e d t o r e fu n d t h e $ 3 , 0 2 3 , 0 0 0
o l d 1st M . b o n d s a n d f o r o t h e r c o r p o r a t e p u r p o s e s .
T h e $1 50() 0 0 0
r e m a in in g b o n d s c a n o n l y b e is s u e d f o r 8 (1% o f t h o c a s h c o s t o f p e r m a n e n t
e x t e n s i o n s , e n la r g e m e n t s a n d a d d it i o n s , w h e n a n n u a l n o t e a r n in g s a r e
t w i c e t h e t o t a l i n t e r e s t c h a r g e , in c lu d in g t h o b o n d s p r o p o s e d .
Franchises.— T h e f r a n c h is e in t h e c i t y p r o p e r w a s g r a n t e d in 1 8 9 1 , a n d
e x t e n d s u n t il A p r . 2 4 1 9 2 1 , o r a p p r o x i m a t e ly t w o y e a r s b e v o n d t h e m a
t u r it y o f t h o s e b o n d s .
Iu l y 8 1916.]
THE CHRONICLE
Equity.— T h e p r o p e r t y r e p r e s e n t s a s u b s t a n t i a l i n v e s t m e n t o v e r a n d
a b o v e th e b o n d e d d e b t .
D i v i d e n d s h a v e b e e n p a i d w it h o u t i n t e r r u p t i o n
s i n c e t h e o r g a n i z a t io n o f p r e s e n t c o m p a n y in 1 9 0 0 a t r a t e o f 5 % p e r a n n u m
o n p r e f e r r e d a n d s in c e 1 9 0 0 a t r a t e o f 4 % p e r a n n . o n c o m m o n s t o c k .
Grand Rapids.— T h e s e c o n d la r g e s t c i t y in M i c h i g a n a n d t h e w h o le s a l e
a n d j o b b i n g c e n t r e o f a t h i c k ly s e t t le d a n d p r o s p e r o u s t e r r i t o r y .
C h ie fly
n o t e d a s t h o la r g e s t f u r n it u r e m a n u f a c t u r in g c e n t r e in t h e U n it e d S t a t e s .
O t h e r i m p o r t a n t in d u s t r ie s a r e t h e m a n u f a c t u r e o f f l o u r m ill a n d g r is t
m ill p r o d u c t s a n d f o u n d r y a n d m a c h i n e s h o p s p r o d u c t s .
P o p u la t i o n
o f c i t y p r o p e r , 8 7 ,5 6 5 in 1 9 0 0 , a n d 1 1 2 ,5 7 1 1 9 1 0 , i n c r e a s o o v e r 2 8 % .
T o t a l p o p u l a t i o n s e r v e d is e s t im a t e d t o e x c e e d 1 3 0 ,0 0 0 .
Management.— Is u n d e r t h e d i r e c t s u p e r v i s io n a n d m a n a g e m e n t o f
H o d e n p y l. H a r d y & C o ., I n c ., o f N e w Y o r k a n d E . W . C la r k & C o .,
P h il a d e l p h i a .— V . 1 0 0 . p . 1 6 7 2 .
Minneapolis
S t.
Paul & Sault Ste. Marie
R y .—
Listing.—
rl h i s c o m p a n y h a s a p p li e d t o t h e N e w Y o r k S t o c k E x c n a n g e f o r a u t h o r
i t y t o lis t $ 2 ,6 3 7 ,0 0 0 1 s t c o n s o l . 5 % b o n d s d u e J u l y 1 1 9 3 8 .— V .1 0 2 .P .1 3 4 6 .
Great Northern R y . — Purchase.— T h is c o m p a n y has
p u rc h a se d th o W a te r t o w n & S io u x F a lls R R . fo r $ 1 ,2 5 0 ,0 0 0 .
T h o r o a d , p re v io u sly k n o w n a s th e S o u th D a k o t a C e n tr a l
R y . , ru n n in g fr o m W a t e r t o w n , S . D . , to S io u x F a lls , S . D . ,
1 0 3 m ile s , a n d c o n n e c tin g w ith th e G r e a t N o r t h e r n o n b o th
e n d s, w as so ld a t foreclosu re sa le on Ju n e 12 to C . 0 . K a lm a n
fo r $ 9 5 2 ,0 0 0 , a n d a s s u m p tio n o f th e d o b t in cu rred b y th e
re c e iv e r , a m o u n tin g to $ 1 5 0 ,0 0 0 .
Seo V . 1 0 3 , p . 6 3 ; V . 1 0 2 ,
p . 2 2 5 5 ;V . 101, p. 1375.
(The) Haytian-American Corporation.— New Company.
B r e e d , K llio tt & H a rriso n , C h ic a g o , C in c in n a ti a n d In d ia n a p
o lis, an d P . W . C h a p m a n & C o ., C h ic a g o a n d N . Y . , are o n g a g e d in fin a n c in g th is n ew c o m p a n y , w h ich h a s b een or
is to bo in co rp o ra ted in N . Y . S ta t e , fo r th e p u rp oso o f a c
q u ir in g , e ith er d ire c tly or th ro u g h sto c k o w n e rsh ip , e xistin g
p u b lic u tilitie s, co n sistin g o f a c o m m e rc ia l w h a r f, ra ilro a d ,
ele ctric lig h t p la n t a n d tr a m w a y o p e ra tin g in tho c a p ita l c ity
o f P o r t-a u -P r in c e a n d th e a d jo in in g ag ric u ltu ra l v a lle y s of
C u l d e S a c a n d L o o g a n e , a n d a n electric lig h t p la n t in the
c it y o f C a p IT aitien; also for th e pu rp oso o f esta b lish in g a
ce n tralo or contralos fo r th e grin d in g o f su g a r ca n e p ro d u c ed
from lan d s ow n e d or co n tro lled b y th e c o rp o ra tio n in th o v a l
le y s se rv e d b y its u tilitie s.
D ig est o f H ankers’ S ta tem en t R e g a rd in g N ew C o rp o ra tio n .
T h o c o r p o r a t i o n in t e n d s t o a c q u i r o t h o f o l l o w i n g a s s e t s o f t h o C e n t r a l
R R . o f H a it i ( V . 8 9 , p . 1 62 ; V . 9 1 , p . 2 7 6 ) , a f t e r p r o v i d i n g f o r t h o p a y m e n t
o f a ll t h e i n d e b t e d n e s s o f t h a t c o m p a n y a n d f o r t h o f u l l p a y m e n t o f a n y lie n s
o r c h a r g e s n o w e x is t in g a g a in s t s a id a s s e t s : (1)l A l l c a p i t a l s t o c k o f t h e
“ C o m p a g n i o d o s C lie m in s d e F e r d o 1 i P l a i n o d u C u l d o S a c ” ( r a il r o a d a n d
t r a m w a y ) , a n d t h r o u g h t h o o w n e r s h ip o f s u c h s t o c k , a c la im a g a in s t t h o
R e p u b l i c o f H a it i f o r a b o u t $ 8 0 0 ,0 0 0 . a s a l s o a ll t h o a s s e t s w h ic h s a id c o m
p a n y m a y h a v e a t t h o d a t e o f s a id t r a n s f e r .
(2 ) T w o -tliir d s o f th o ca p ita l
s t o c k o f t h o “ C o m p a g n i o H a it l e n n c d u W h a r f d o P o r t - a u - P r i n c e " ( w h a r f )
(3 ) A l l c a p i t a l s t o c k o f t h o “ C o m p a g n i o d ’ K c la ir a g o E l e c t r i q u o d o s V ille s d e
P o r t - a u - P r i n c e o t d u C a p H a i t i o n " ( e le c t r ic l i g h t ) .
(4 ) A l l o b l ig a t io n s o f
s a id l a s t t h r e e m e n t io n e d c o m p a n i e s n o w o w n e d b y t h e C e n t r a l R R
of
H a it i a n d w h ic h c o m p r is e a ll t h o o u t s t a n d i n g o b l i g a t i o n s o f s a id c o m p a n i e s
e x c e p t s u c h m in o r s u m s a s m a y r e p r e s e n t o u t s t a n d i n g c u r r e n t a c c o u n t s a t
t h o t im e o f s a id t r a n s f e r .
T h o c o r p o r a t i o n i n t e n d s , t h r o u g h it s s a id c o n t r o l a n d o w n e r s h ip o f t h o
a b o v o t h r e e c o m p a n i e s t o m a k e i m p r o v e m e n t s in t h o e x i s t i n g p r o p e r t ie s a n d
t o p r o v i d o w o r k in g c a p i t a l; it a l s o i n t e n d s , e it h e r d i r e c t l y o r t h r o u g h t h e
o w n e r s h ip o f o t h e r s u b s i d i a r y c o m p a n y o r c o m p a n i e s , t o a c q u i r e la n d in
H a it i , t o c o n s t r u c t a s u g a r c e n t r a lo a n d t o p r o v i d o w o r k in g c a p i t a l.
Proposed Capitalization of The Haytian-American Corporation
P r o f o r r e d s t o c k , 7 % c u m u l a t iv e , c o n v e r t i b l e , r e t ir a b lo a t 110 _ $ 6 0 0 0 0 0 0
I s s u e d ---------------------------------------------------------------------------------- $ 5 , 5 0 0 ,0 0 0
’
’
5 0 0 ,0 0 0
R e s e r v e d ----------------------------------- ------------------------------------------C o m m o n s t o c k , 7 % n o n - c u m u i a t lv e , f u r t h e r p a r t i c i p a t i n g a f t e r
p a y m e n t b o t h p r e fe r r e d a n d c o m m o n s t o c k d i v i d e n d s _
_ 12 0 0 0 0 0 0
I s s u e d ( $ 2 5 0 ,0 0 0 h e ld in t h o t r e a s u r y ) ------------------------ .$ 0 ,0 0 0 ,0 0 0
R a s o r v o c l-------------------------------- --------------------------------------------- 6 ,0 0 0 ,0 0 0
F o u n d e r s ’ c o m m o n s h a r e s , e n t i t l e d t o o n e - t h ir d o f t h e r e m a in in g
e a r n in g s a f t o r p a y m e n t o f f i x e d d i v i d e n d s o n b o t h p r e fe r r e d
a n d c o m m o n s t o c k s --------------------------------------------------------------------6 0 ,0 0 0 s h a r e s
N o d i v i d e n d s s h a ll b o p a i d o n t h e c o m m o n s t o c k o i f o u n d e r s ' s h a r e s u n t il
t h e r o s h a ll h a v e b e e n s e t a s id e a p e r m a n e n t r e s e r v e f u n d o f $ 4 2 0 0 0 0 f o r
p r e fe rr e d s t o c k d iv id e n d s , a n d a ls o , c o m m e n c in g J a n . 1 1920 a c u m u h t iv o
s i n k i n g f u n d f o r t h o r e t ir e m e n t o f p r e f . s t o c k a m o u n t i n g t o 2 % a n n u a l lv o f
th o a m o u n t o f p re f. s t o c k th e n o u ts ta n d in g , a n d n o d iv id e n d s o n c o m m o n
s t o c k o r f o u n d e r s s h a r e s s h a ll b e p a i d w it h o u t f ir s t s e t t in g a s id o s u f f i c ie n t
r a s o r v e f o r g e n e r a l c o r p o r a t e p u r p o s e s , a f t o r w h ic h t h o c o m m o n s t o c k s h a ll
r o c o i v o its f i x e d a n n u a l , b u t n o n - c u m u l a t t v o , d i v i d e n d .
ThD b a la n c e o f
t h e n o t e a r n in g s s h a ll b o d i v i d e d , o n o - t li i r d t o c o m m o n s t o c k , o n e - t h ir d t o
r o u n d e r s s h a r e s a n d o n e - t h ir d t o t h o r e t ir e m e n t o f p r e f e r r e d s t o c k s o lonea s a n y r e m a in s o u t s t a n d i n g , a n d u p o n t h o r e t ir e m e n t o r c o n v e r s i o n o f a ll
t h e p r o fo rr e d s t o c k , o n e -h a lf t o c o m m o n s t o c k a n d o n o -h a lf t o fo u n d e r s ’
sh ares.
T h e c u s t o m a r y p r o v i s io n s f o r t h e s e c u r it y o f t h o p r e f e r r e d s t o c k
a re I n c o r p o r a te d .
Financial Opportunity— Public Utilities.— T h e p r e s e n t s i t u a t io n a s r o s p e c t s Its d e v e l o p m e n t a n d f u t u r e p r o s p e r i t y is u n u s u a l in it s p r o m is e f o r
p r o f i t a b l e f in a n c ia l o p e r a t i o n s , p a r t i c u la r l y a s t h e y r e la t e t o a g r i c u lt u r e a n d
t r a n s p o r t a t i o n , in t h a t s t a b l e c o n d i t i o n s a n d p r o t e c t i o n t o c a p i t a l a r e n o w
a s s u r e d b y t h e r e c e n t t r e a t y b e t w e e n t h o U n it e d S t a t e s a n d H a it i: t h e la n d
is c h e a p , u n e x c e lle d in f e r t i l i t y , a n d t h o r e is a n a b u n d a n c e o f l a b o r a t lo w
ra tes.
T h o t o t a l p o p u la t i o n o f H a it i is c o m p a r e d w it h o t h e r t r o p ic a l c o u n
tr ie s in t h o f o l l o w i n g r e c o r d : H a it i h a s a n a r e a o f 1 0 ,2 0 4 s q . m ile s w it h a
p o p u la t i o n o f 2 5 0 0 ,0 0 0 , o r a n a v e r a g e o f 2 4 6 p e r s q . m i l e , c o n t r a s t in g w it h
5 6 p e r s q . m ile in C u b a , 3 9 in D o m i n i c a n R e p u b l i c , 2 0 5 in J a m a i c a a n d 3 3 5
in l ’ o r t o R i c o .
T h o p u b l i c u t i li t ie s t o b o a c q u i r e d , t h o r a i lr o a d , w h a r f , e l e c t r i c l ig h t p la n t s
a n d t r a m w a y s , h a v e b e e n c o n s t r u c t e d a n d o p e r a t e d u n d e r c o n c e s s io n s f r o m
t h e H a it ia n G o v e r n m e n t c a r r y in g v a l u a b l e p r i v il e g e s in m o n o y p a y m e n t s
a n d e x c l u s iv e r ig h t s , w h ic h u n d e r n o c ir c u m s t a n c e s c a n b o d u p l i c a t e d .
Tho
g r e a t e r p a r t o f t h o p r e s e n t e a r n in g s is a d i r e c t o b l i g a t i o n o f t h o G o v e r n m e n t
a n d t h o c o l l e c t i o n s a n d p a y m e n t s a r e n o w b e i n g m a d e , a n d w ill c o n t i n u e t o
b j m a d e , t o a n d b v t h e U n it e d S t a t e s p r o t e c t o r a t e o f f i c i a l s .
T h o con ces
s i o n s a r e a ll e s s e n t l i l l y m o n o p o l i s t i c a n d n o p o s s i b le c o m p e t i t i o n c a n a f f e c t
ta e m .
F o r p h y s i c a l c o n d i t io n s a n d p r o p e r t y v a l u e s , w o r e fe r t o t h o s p e c ia l
rep orts.
T h e n e t e a r n in g s , f o r n o r m a l y e a r s , a r e r e p o r t e d b y t h o p r e s e n t
o w n e r s a s b e i n g $ 1 9 6 ,0 0 0 p e r a n n u m .
Sugar Propertied.'—T h e m o s t p r o f i t a b l e u n d e r t a k in g , b o t h i n i t s e l f , f o r
t h o b e n e f i t o f tlirt u t i li t ie s , a n d i n c id e n t a ll y t h e c o m m u n i t y , w h ic h e x is t s
o n a s u f f i c i e n t l y la r g o s c a l e , is t h o c u l t i v a t i o n a n d g r i n d i n g o f s u g a r c a n e
in t h e v a l l e y s o f t h o C u l d e S a c a n d L o o g a n e .
A c o m p l e t e i n v e s t ig a t i o n o f
a ll t h e c ir c u m s t a n c e s a n d c o n d it io n - ! d e v e l o p s t h e c o n c l u s i o n t h a t t h e p r o p e r
in i i il c o n t r o l a n d o w n e r s h ip o f l a n d a r o 1 0 ,0 0 0 a c r e s , r o s p o c t i v e l v , w it h an
l?%W?tlon
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4 ,0 0 0
t o n s , g r in d in g 6 0 0 ,0 0 0 t o n s o f c a n e p o r a n n u m .
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c o n s t r u c t o r s , o p e r a t o r s a n d d i s t r i b u t o r s , w h o s o s p e c i a l t y Is s u g a r .
Illinois Traction Co.— Guaranteed Bonds.—
S o o M a d i s o n (111.) C o u n t y L i g h t
b e lo w — V . 102, p. 1807.
&
P ow er C o . under
"I n d u s t r ia ls ”
Manila Railway Co., Ltd.— Meeting Postponed.—
T h o a d j o u r n e d m o o t in g o f t h o h o ld e r s o f A a n d II d e b e n t u r e b o n d s a n d
d e b e n t u r e s t o c k w ill b o h e ld in L o n d o n o n J u l y 1 8 .
C o m p a r e V . 1 0 2 ,p . 2 1 6 6
Mexico
of June
T r a m w a y s .—
Policy Recommended.—
27, a d d re sse d to th e
-In c ircu la r
b o n d h o ld e rs o f th e M e x ic o T r a m
145
w a y s C o . , th e M e x ic a n L ig h t & P o w e r C o . , L t d ., th e M e x i
can E le c tric L ig h t C o ., L t d ., a n d P a c h u c a L ig h t & P o w e r
C o ., th e N a tio n a l T r u s t C o ., as tru ste e o f th e se v e ra l m o r t
g a g e s , a n d th e b o n d h o ld e rs ’ c o m m it te e , E . R . P e a c o c k ,
C h a ir m a n , s a y in su b s ta n c e :
A s s t a t e d in t h e c ir c u l a r s is s u e d in M a y 1 9 1 5 a n d F e b . 1 9 1 6 ( V . 1 0 0 , p .
2 1 6 7 ; V . 1 0 2 , p . 1 0 6 0 ), t h e c o m p a n i e s o f t h e g r o u p h a v e b e e n f o r c e d t o m a k e
d e f a u l t in t h e p a y m e n t o f b o n d i n t e r e s t a n d o t h e r w i s e , n o t b y a n y f a i l u r e
o f th o m a n a g e m e n t, b u t o n a c c o u n t o f th e e x tr a o r d in a r y c o n d it io n s p r e v a il
in g in M e x i c o a n d t h e c o n s e q u e n t d e p r e c i a t i o n in M e x i c a n c u r r e n c y .
W h i le t h e c o m p a n i e s m u s t p a y in g o l d f o r m o s t o f t h e i r s u p p l i e s , t h e r e
c e ip t s a r o in t h e M e x i c a n d o l l a r , f o r m e r l y v a l u e d a t t w o s h illin g s b u t n o w
w o rth a b o u t th re e h a lf-p e n c o .
I n r e s p o n s e t o t h o c i r c u l a r is s u e d in F e b . 1 9 1 6 , £ 7 , 5 5 3 . 0 6 6 b o n d s o f t h e
f o u r c o m p a n i e s , o u t o f a t o t a l o f £ 1 2 ,3 3 0 ,3 7 1 , h a v e a l r e a d y b e e n d e p o s i t e d
w it h t h e c o m m i t t e e .
T h e r e p o r t o f H o n . F . H . P h ip p e n , K . O . , a n d M r . E . D . T r o w b r i d g e ,
a f o r m e r m a n a g e r o f t h o L i^ h t & P o w e r C o . , w h o h a v e r e c e n t l y r e t u r n e d
f r o m M e jc ic o , s h o w s : ( 1 ) T h e c o m p l e t e i n t e r - r e l a t io n a n d i n t e r - d e p e n d e n c e
o f a ll t h e c o m p a n i e s c o n c e r n e d .
(2 ) T h a t u n d e r e x is tin g c o n d it io n s th e
f a il u r e o f a n y o n e c o m p a n y o f t h e g r o u p t o c o m p l y w it h it s f r a n c h is e a n d
o t h e r o b l i g a t i o n s m i^ h t w e ll h a v e d i s a s t r o u s c o n s e q u e n c e s t o a l l .
(3 ) T h e
i m p o r t a n c e o f a v o i d i n g t h e a p p o i n t m e n t o f f u r t h e r r e c e iv e r s .
(4 ) T h a t it
is o f p a r a m o u n t i m p o r t a n c e t h a t f o r t h e p r e s e n t a t le a s t a l l t h e c o m p a n i e s
o f th o g r o u p s h o u ld s ta n d to g e th e r fo r m u tu a l p r o t e c tio n .
Policy Recommended to the Bondholders by the Trustee and the Committee.
(а ) T h e a p p o i n t m e n t o f f u r t h e r r e c e iv e r s b e i n g d a n g e r o u s in e x i s t i n g
c ir c u m s t a n c e s , s o m e a r r a n g e m e n t s h o u l d b e m a d e u n d e r w h ic h t h e b o n d
h o ld e rs s h o u ld h a v e c o n t r o l o f th e v a r io u s c o m p a n ie s .
(б ) A s s o o n a s p o s s i b le a s u i t a b l e r e p r e s e n t a t iv e in M e x i c o s h o u l d b e a p
p o i n t e d , h a v i n g t h o r e q u i s it e p o w e r t o n e g o t i a t e a n d d e a l w it h t h e G o v e r n
m e n t a n d w it h o t h e r a u t h o r i t ie s t h e r e .
A n y e a r n in g s o f t h e c o m p a n i e s n o t r e q u i r e d f o r o p e r a t i n g e x p e n s e s
s h o u ld fo r th e p re s e n t b e m a d e a v a ila b le f o r th e u p k e e p a n d p r o t e c tio n o f
t h / ' ,1}£® r t a k , n g s , in s t e a d o f b e i n g d i s t r i b u t e d in p a y m e n t o f in t e r e s t .
W m e co m p a n ie s s h o u ld , w h e n n e c e s s a r y , a g r e e t o t e m p o r a r y m o d if i
c a t io n s o f t h o le a s e s a n d a g r e e m e n t s e x i s t i n g b e t w e e n t h e m , a n d r e n d e r t o
o a c wi
i r s u c “ f i n a n c i a l a n d o t h e r a s s is t a n c e a s m a y b e f o u n d e s s e n t ia l t o
e n a b le t h e m t o c o m p l y w it h a n d p r e s e r v e t h e ir f r a n c h is e s , r e a d j u s t m e n t s
b e in g m a d e w h e n c o n d i t i o n s b e c o m e n o r m a l .
I t is n o t p o s s i b le t o f o r e s e e t h e d e t a i ls o f a ll a r r a n g e m e n t s w h ic h m a y h a v e
t o b e m a d e t o p r o t e c t t h e in t e r e s t s o f t h o b o n d h o l d e r s , a n d a s i t is o b v i o u s l y
i m p r a c t i c a b l e t o c o n v e n e m o o t in g s o f b o n d h o l d e r s a t f r e q u e n t in t e r v a ls t o
c o n s id e r p o in ts o f d e t a il, th e tru s te e a n d c o m m it t e e s u g g e s t t h a t s o m e w h a t
w id e p o w e r s b e d e l e g a t e d , s o t h a t t h e y m a y b e a b l e t o d e a l w it h i m p o r t a n t
q u e s t i o n s a s t h e y a r is e .
Important Questions Which Require an Early Decision.
(а ) T h o M e x i c a n L i g h t & P o w e r C o . s h o u l d c o n t i n u e t o s u p p l y p o w e r t o
o th e r co m p a n ie s o f t h e g r o u p w it h o u t e x a c tin g f u ll c o m p lia n c e w it h it s
c o n t r a c ts , b u t ta k in g in p a y m e n t o n a c c o u n t s u c h su m s a s t h e v a r io u s c o m
p a n ie s m a y b e a b l e t o p a y .
.
(б ) D e s p it e t h e f a c t t h a t u n d e r t h e a g r e e m e n t b e t w e e n t h e t w o c o m p a n i e s
n o p a y m e n t fo r p o w e r c a n b e d e m a n d e d b y th e M e x ic a n L ig h t & P o w e r C o
u n t il t h e b o n d i n t e r e s t o f t h e P a c h u c a L i g h t & P o w e r C o . h a s b e e n p a i d
th o P a ch u c i L ig h t & P o w e r C o . s h o u ld m a k e r e a s o n a b le p a v m e n t o n a c c o u n t
t o t h o M e x i c a n L i g h t & P o w e r C o . f o r p o w e r s u p p l i e d , o t h e r w i s e it w il l b o
im p o s s i b l e f o r t h o P o w e r C o . t o c o n t i n u e t h e s u p p l y .
(c) T h e M e x i c a n E l e c t r i c L i g h t C o . s h o u l d p e r m it t h e M e x i c a n L i g h t
& I o w e r C o . t o c o n t i n u e m e a n w h ile t o o p e r a t e it s p r o p e r t ie s u n d e r s o m e
t e m p o r a r y a g r e e m e n t , n o t w it h s t a n d i n g t h a t t h o r e n t a l u n d e r t h e le a s e h a s
n o t b e e n p a id a n d th a t th o M e x ic a n L ig h t & P o w e r C o . h a s d e fa u lt e d u n d e r
it s g u a r a n t y o f t h o E l e c t r i c L i g h t C o m p a n y ’ s b o n d in t e r e s t .
id) A s t h e in t e r e s t o n t h o u n d e r l y i n g b o n d is su e s w h ic h c o n s t i t u t e in
e f f e c t a p r i o r lio n m o r t g a g e o n t h e p r o p e r t ie s o f t h e M e x i c o T r a m w a y s C o . ,
c a n n o t a t p r e s e n t b e p a i d , s o m e a r r a n g e m e n t m u s t b e m a d e w it h t h e h o l d
ers o f th ese b o n d s.
(e) P r o v i s io n s h o u l d a l s o b e m a d e f o r t h e c o n t in u a n c e o f n e g o t i a t io n s
w it h t h e M e x i c a n G o v e r n m e n t r e s p e c t in g t h e r e t u r n o f t h e T r a m w a y s p r o p
e r t y w h e n e v e r t ills b e c o m e s n e c e s s a r y .
if) P r o v i s io n s h o u l d b o m a d e w it h in s t r ic t l im i t a t io n s f o r r a is in g s u f f i c i e n t
f u n d s , s h o u l d t h e n e c e s s it y a r is e , t o p r e s e r v e a n d m a i n t a in t h e p r o p e r t ie s
o f th o c o m p a n ie s .
T h e a l t e r n a t iv e w o u l d b e t h e a p p o in t m e n t o f r e c e iv e r s
w h o w o u ld h a v e p o w e r u n d e r t h e a u t h o r i t y o f t h e C o u r t t o is s u e r e c e iv e r s ’
c e r t i f ic a t e s r a n k i n g p r i o r t o t h e o u t s t a n d i n g b o n d s .
(g) T h e m o r t g a g e s o c u r in g t h e $ 1 1 ,3 4 0 ,5 0 0 f i r s t m o r t g a g o b o n d s o f t h e
M e x i c a n L i g h t & P o w e r C o . h a v i n g b e e n p r o t o c o l i z e d , a n d r e g i s t e r e d in
M e x i c o , it w a s n o t t h o u g h t n e c o s s a r y t o i n c u r a s i m i l a r e x p e n s e in c o n n e c
t io n w it h t h e m o r t g a g e s e c u r in g t h o 2 n d M . b o n d s a n d t h o t r u s t d e e d c o n
t a in e d e x p r e s s p r o v i s io n s t o t h is e f f e c t .
W h e n , i f a t a ll, s te p s s h o u ld b e
t a k e n t o p r o t o c o l i z e a n d r e g is t e r t h i s m o r t g a g e in M e x i c o w il l n e e d c o n s i d
e r a t io n .
W e a n t i c ip a t e t h a t t h e b o n d h o ld e r s w il l a g r e e w it h t h e p r o p o s e d p o l i c y ,
b u t th e re m a y b e s o m e d iv e r g e n c e o f o p in io n a s t o th e a d v is a b ilit y o f h a v
in g id e n t ic a l c o m m i t t e e s t o r e p r e s e n t a ll t h o d i f f e r e n t is s u e s o f b o n d s .
We
r e c o m m e n d , h o w e v e r , t h a t f o r t h e p r e s e n t n o c h a n g e in t h i s r e s p e c t b e
m a d o , a s w e a r e s t r o n g l y o f o p i n i o n t h a t t h e n e c e s s it y in t h e c o m m o n I n t e r
e s t o f t h e b o n d h o ld e r s f o r a s t r o n g a n d u n i t e d f r o n t , t o g e t h e r w it h s i n g le
m a n a g e m e n t c a p a b l e o f t a k i n g a c t io n q u i c k l y , t o t a l l y o u t w e ig h s a n y c o n
f l i c t w h ic h m ig h t a r is e b e t w o c n s o m e o f t h e is s u e s .
See V . 103, p . 6 0 .
Michigan Central RR.— Equipment Trust of 1 9 1 5 .— T h is
issue o f $ 4 ,5 0 0 ,0 0 0 5 % g o ld e q u ip m e n t tr u s t c e r tific a te s w a s
m a d e b y th e P h ila d e lp h ia T r u s t C o . a s tru ste e a n d is g u a r a n
te e d , p rin cip a l a n d in te r e s t, b y th e M ic h ig a n C e n tr a l R R .
T h e is su e c o v e r s (a ) 3 , 5 0 0 4 0 '4 - f o o t a l l- s t o e l 5 0 - t o n a u t o m o b i l e b o x c a r s ,
( b ) 5 0 0 4 6 - f o o t a l l- s t e e l 5 5 - t o n c o m p o s i t e g o n d o l a c a r s a n d 4 5 s t e :4 u n d e r fr a m o 4 0 -to n a u t o m o b ile b o x c a r s , c o s t in g in th e a g g r e g a te a b o u t $ 5 ,0 0 0 ,0 0 0 .
O f t h o $ 4 , 5 0 0 , 0 0 0 c e r t i f i c a t e s . $ 3 0 0 ,0 0 0 m a t u r e y e a r l y b e g i n n i n g o n O c t . 1
1916.
D e n o m . S l .O O O c * .
I n t e r e s t is p a y a b l e A . & O .
R o t h p r i n c ip a l
a n d i n t e r e s t a r e p a y a b l e in g o l d c o i n w it h o u t d e d u c t i o n f o r a n y t a x o r a s s e s s
m e n t w h ic h t h e R R . C o . o r t h e t r u s t e e m a y b e r e q u i r e d t o p a y o r r e t a in
( o t h e r t h a n F e d e r a l i n c o m e t a x ) b u t o n l y o u t o r t h e r e n t a ls r e c e i v e d
b y t h e t r u s t e e f r o m t h e le a s e o f t h e e q u i p m e n t t o t h e M i c h i g a n C e n t r a l
RR.
T h e r e n t a l u n d e r le a s e d a t o d J a n . 15 1 9 1 6 c o v e r s b o t h t h o s u c c e s s iv e l y
m a t u r in g in s t a ll m e n t s o f p r i n c ip a l a n d i n t e r e s t a n d a l s o t a x e s ( o t h e r t h a n
F e d e r a l i n c o m e t a x ) , e x p e n s e s o f t h e t r u s t , t h e r a i lr o a d a l s o a g r e e i n g t o
m a i n t a in t h o e q u i p m e n t in g o o d r e p a i r a n d r e p l a c e a n y w o r n o u t o r d e
stroy ed .
T h e c e r t i f i c a t e s , a s s t a t o d a b o v e , a r e a l s o g u a r a n t e e d , p r i n c ip a l
a n d in t e r e s t ( " d i v i d e n d s ” ) b y t h o r a i lr o a d . — V . 1 0 2 . p . 2 2 5 4 , 1 5 4 0 .
Minneapolis & St. Loui3 RR.— Notice to Stockholders—
Second Installment Called.—
N o t i c e is g i v e n t h a t a s e c o n d i n s t a llm e n t o f $ 5 p e r s h a r e , o n a c c o u n t o f
t h e p u r c h a s e p r i c e o f t h e n e w s t o c k w h ic h d e p o s i t o r s a r e e n t i t l e d t o p u r
c h a s e a s p r o v i d e d in t h e p la n ( V . 1 0 2 , p . 5 2 2 , 5 2 9 ) , h a s b e e n c a l le d , p a y a b l e
J u l y 21 1 9 1 6 in U . S . g o l d c o i n o r its e q u i v a l e n t , e it h e r a t t h e G u a r a n t y
T r u s t C o ., 140 B r o a d w a y . N . Y . C it y , o r a t th e M e r c h a n t s N a t . B a n k ,
28 S ta te S t ., B o s to n .
(S e e a ls o V . 1 0 2 , p . 2 3 4 1 .)
New Company.— T h e n e w “ M in n e a p o lis & S t . L o u is R a il
ro a d C o . ” w as in co rp orated o n Ju n o 3 0 u n d e r th e la w s o f
Io w a , th r o u g h th e c o n so lid a tio n o f th e M in n e a p o lis & S t .
L o u is R R . C o . o f Io w a an d M in n e s o ta a n d th e Io w a C e n tr a l
& W estern R y . C o . of Iow a.
T h e officia l s ta te m e n t s a y s :
T h e a m o u n t o f t h e a u t h o r i z e d c a p i t a l s t o c k o f s a id c o r p o r a t i o n is* $ 2 6 ,
0 0 0 ,0 0 0 , p a r v a l u e .
O f s a id a u t h o r i z e d c a p i t a l s t o c k , $ 2 1 ,6 0 3 ,4 0 0 is t o
b e is su e d f o r t h w i t h in c o n s i d e r a t io n o f t h e a c q u i s i t i o n o f t h e p r o p e r t y o f t h e
M in n e a p o l is & S t . L o u is R R . C o . o f M in n , a n d I o w a ; $ 9 , 0 0 0 is t o b e is s u e d
f o r t h w i t n in c o n s i d e r a t io n o f t h e a c q u i s i t i o n o f t h e p r o p e r t y o f t h e I o w a
C e n t r a l & W e s t e r n R y . C o . ; $ 4 , 1 8 0 , 2 0 0 , p a r v a l u e , is t o b e is s u e d o n o r b e
f o r e O c t . 1 1 9 1 6 f o r a n e q u a l a m o u n t in c a s h , a n d t h e r e m a in in g $ 2 0 7 ,4 0 0 ,
p a r v a l u e , is t o b e Is s u e d a s m a y h e r e a f t e r b e d e t e r m in e d b y t h e b o a r d o f
d i r e c t o r s a n d s t o c k h o l d e r s o f s a id c o r p o r a t i o n .
T h e t im e o f t n e c o m m e n c e m e n t o f s a id c o r p o r a t i o n is J u l y 1 1 9 1 6 , a n d
t h e t im e o f t e r m i n a t i o n t h e r e o f is J u l y 1 1 9 6 6 .
T h e f o ll o w i n g a r e t h e n a m e s o f t h e d i r e c t o r s w h o a r e t o c o n s t i t u t e t h e
b o a r d u n t il t h e f ir s t m e e t in g o f t h e s t o c k h o l d e r s o n t h e f ir s t T u e s d a y o f
O c t o b e r 1 9 1 6 : N e w m a n E r b , F . H . D a > -is. F r a n k I*. F r a z ie r , A . C . D o a n ,
W a r d E . P e a r s o n , W ill ia m J . W o l l m a n . T . P . S h o n t s , H . E . H u n t in g t o n
and Frank Trumwell. Newman Erb Is President: F. IT. Davis, Vice-Pros,
and Trcas.: C. W. Huntington, Vice-Pres. and Gen. M gr.; A. C. Doan,
Secretary.— V. 102, p. 2341.
N ew York C entral BR .— Sale of Control.—
See N. Y . Chic. & St. LouLs R lt. below.— V. 102, p. 2342, 1987.
New York Chicago & St. Louis RR.— Change in Control.
— The New York Central RR. Co. on July 6 sold its control
ling interest in the stock of this company, including $6,240,
000 common, $6,275,000 2d pref. and $2,503,000 1st pref.
shares, to Cleveland interests, represented by O. P. and M . J.
Van Sweringen, for $8,500,000, of which $2,000,000 was paid
in cash and the remainder in notes. The road has been
operated by the Now York Central interests chiefly as a
froight line, supplementing for this purpose the Canada
Southern-Lake Shore and Michigan Central routes'for Chicago
and Western traffic.
O fficial~Statem ent Put Out by N. Y. Central RR. Co. on July 6.
The New York Central R R . Co. to-day sold ail of the stock owned by it
in the New York Chicago & St. Louis RIt. Co. to Cleveland interests rep
resented by Messrs. O. P. and M . J. Van Sweringen for $8,500,000, of
which $2,000,000 has been paid in cash and $6,500,000 in notes secured by
pledge of the stock.
Ten notes o f $650,000 each were given. The first note is payable in five
years and the Others thereafter at intervals o f one year each. The notes
bear interest at 4% for the first fivo years and 5% thereafter.
The board o f directors representing the New York Central interests have
resigned and the new owners havo elected successors representing their
interests.
Special Dispatch from Cleveland to New York “ Times” on July 6.
O. P. and M . J. Van Sweringon, Cleveland passenger and freight ter
minal promoters and largo realty operators, represented Cleveland capital
In the purcliaso of the "Nickel Plato" (N. Y . Chicago & St. Louis). It is
the opinion here that the road will be electrified for suburban service,
centring at the Public Squaro from Mentor on tho oast and possibly Lorain
on tho west. If suburban service were established on the road on tho same
plan now being worked out for tho Cleveland & Youngstown RR. (V. 101,
p. 2144, 1713), which is being built by tho Van Sweringen interests, it will
give the Van Sweringens practically first call on vast acreages of choice
land on both tho east and west sides o f Cleveland, besides the thousands
of acres they already control in the Heights District, Cleveland’s highest
class of residence section.
Tho identity o f Easterners said to be interested in tho financial end has
not been revealed.
The Van Sweringens ten years ago began realty operations in Cleveland
on a largo scale. They acquired a right o f way through the “ flats" section
o f tho city with a proposed terminal downtown near the public squaro,
with tho idea o f operating a rapid transit railway to the suburbs, but this
project was broadened to combine a steam and electric passenger and freight
terminal, and large quantities o f downtown property have been acquired
by a Cleveland syndicate headed by Hayden, Miller & Co. It is belioved
by some that tho terminal project may include plans for a union passenger
and freight terminal for all the railroads entering the city through the "flats"
and o f the various interurban Interests. The syndicate needed tho land
occupied by tho present "Nickel Plate” Station. Resides tho Van Swer
ingens, other Cleveland men participating in the Nickel Plato deal are
B. It. Njutt, Citizens' Savings & Trust Co.; Warron S. Hayden o f Hayden,
Miller & Co. and M . B. Johnson, a lawyer.— See V. 102, p. 1806, 1541.
New York O ntario & W estern R y.— Annual Dividend .—
Tho company last week declared a dividend of 1 % on the
$58,113,982 common stock, being the first distribution since
Aug. 4 1913. While not so officially described, it is pre
sumably an annual payment as in previous years.— V.103,p61
N orw ich
[Vol . 103.
THE CHRONICLE
146
&
W esterly T raction Co.— Management.—
See Shoro Lino Electric Ry. below.— V. 95, p. 361.
U nion Terminal Co., D allas.— Bonds.—
Tho Texas R R . Commission has authorized tho company to issuo an
additional $807,000 1st M . 5% bonds, making $5,000,000 outstanding.
Tho proceeds to bo used to complete tho new station at Dallas. Compare
V . 102, p. 1898.
U nited R ailw ays & Electric Co.— Bonds Retired.—
This company on July 1 paid off the $500,000 Baltimore Catonsville &
Ellicott Mills Electric Ry. 1st M. 5% bonds of 1896. In Feb. 1910 5-year
notes were issued to finance this payment. See V. 102, i>. 523, 610.— V.
102, p. 1621.
V irginia Ry. & Power Co.— Merger.— Slock Increase .—
The stockholders will vote July 20 on (a) absorbing by merger the Rich
mond Ry. & Viaduct Co., and (b) to increase the authorized preferred stock
from $8,000,000 to $9,000,000. The authorized common stock will remain
$12,000,000.— V. 101, p. 1715.
INDUSTRIAL AND MISCELLANEOUS.
American Car & Foundry Co — Annual Report.—
Soo “ Annual Reports” abovo.
Officers.— The following changes have taken place: W . M .
Hagar, formerly Secretary, Asst, to President; J. K . Buick,
heretofore Vice-Pres., will serve as Vice-Pres. & Gen. M gr.,
and II. C. Wick, who has been for many years Asst, to Sec.
and Sec. to the late President F. II. Eaton, has been mado
Sec. of the company.— V . 102, p. 523.
A tlan tic Gulf & W est Indies SS. Linos.— Listing .—
Sco “ Reports and Documents” on a subsequent pago.— V.103,p.63.
Barney & Sm ith Car Co., O hio.— War Orders.—
Tho "Iron Age” of July 6 says that tho company has rocoivod an ordor
for forging approximately 2,000,000 sholls for tho British Government,
ranging in sizes front 3)3 in. to 6 in. The contract is expected to bo com
pleted boforo Dec. 31. This company has roeontly completed the delivery
of 3,000,000 shrapnol sholls for the Russian and French Governments. It
is estimated that its now ordor will roquiro approximately 50,000 tons of
stool bars.— V. 102, p. 2256.
(E. W.) Bliss Co., New York.— Consolidation Plan Off—
New Capitalization.— A press roport says:
Negotiations for consolidation of this company, tho Poolo Engineering &
Machinery Co. and five smaller machinery companies havo boon suspended.
Option on Bliss stock expired July 6 and lias not been renowed. A plan
is being considered for recapitalizing E. W. Bliss Co. Now capitalization
is to ire sufficiently large to tako over other companies, including tho
Poole Co., should such action bo decided upon later. As outlined at pres
ent, Bliss Co. is to havo $10,COO,COO 7% prof, stock and ICO,COO shares
of common without par value. Plan is still in an immaturo stato and noth
ing has been decided upon regarding participation of present Bliss stock
holders in now stock.— V. 103, p. 63.
Braden Copper Mines Co.— Consol. Earns, fo r 15 M os. —
J a n . l ’ lU lo C o p p e r
N et
In terest
B on d
D is c 't o n
B a la n o e,
Afar.31'16 P r o d .
In com e.
R e c e iv e d .
I n t e r e s t . B o n d S a le s . S u r p lu s .
1915-16 .$9,063,213 $4,618,626 $609,778 $1,628,427 $1,350,000 $2,249,977
"There wero milled during tho first quarter of 1916, 371,852 tons of
2.15% oro, and the production was 12,802,898 pounds of copper, at an
average cost of 9.67c. per pound, and not earnings for tho period were
$1,940,783 26.”
Tho combined balance sheet as of Mar. 31 1916 shows bills payable and
receivable, $8,800,000 each, and cash and cash ltoms, $8,167,951, consist
ing of cash in bank, $1,295,185, Farmers' Loan tc 'I’ r. Co. sinking fund dept.,
&c., $102,766. and certificates of deposit, $6,770,000.— V. 103, p. 63.
C alifornia-Oregon Power Co.— Assessment.—
An assessment of $1 por share (No. 5) has boon lovied on tho stock, de
linquent July 25. Salo day Aug. 15 1916.— V. 102, p. 978.
P en nsylvania RR.— New Notes.— Kuhn, Loeb & Co.
have purchased $20,000,000 3 Y s % nine-months’ notes from
the company. The notes have been placed privatoly on
large blocks and no public issuo is to be mado.
M r. Ashton Retires.—•
This company lias authorized tho issuanco of $150,000 additional prof,
stock, making, it is said, $300,000 pref. stock now outstanding.— V. 98, p.
239.
Proposed Purchase.— Tho company has offered to purchase
until Aug. 31 the $1,182,550 stock of tho Harrisburg Ports
mouth Mount Joy & Lancaster RR. at $105 per share (par
$50) and int. at 7 % from July 10.
A terminal property appraised at about $3,000,000. Bonds outstanding,
$1,750,000. Sinking fund to rotiro about 80% of bonds prior to maturity.
Bonds callable for sinking fund at 105 and interest.
Tho company has leased its real ostato and coal docks located in tho city
o f Port Arthur, Ontario, to tho Canadian Northern Ry. Co. for 25 years.
This coal-handling dock is essential to tho economical operation of tho rail
w a y , which operates a systom of approximately 9,000 miles and lias out
standing about $380,000,000 of interest-bearing securities, of which over
$210,000,000 aro guaranteed, principal and interest, either by the Dominion
o f Canada or tho Provinces. The road’s gross earnings for tho year ondod
Juno 30 1916 aro estimated at about $35,000,000.
Under tho Railway Act of Canada tho minimum rontal ($122,500) pro
vided in tho lease of tho dock company to tho railway is a working expendi
ture of the railway and payablo from its gross earnings boforo any interest
can be paid on tno system’s $380,000,000 securities. In tho opinion of
counsel, it would bo impossible for tho railway to abrogato or cancel said loaso
Taber Ashton, Assistant to tho Treasurer o f tho Pennsylvania R R . and
Treasurer or Asst. Treas. o f many branch lines, will bo retired from active
duty on July 11916 Under tho operation of tho pension regulations. Ho has
been in tho servico o f tho Pennsylvania R R . 52 years. M r. Ashton was
presented witli a largo mahogany hall clock, tho gift of his fellow officers
and employees in tho Treasury dopartmont. Tho presentation was mado
by M r. Honry Tatnall, Vico-Prcsidont in Chargo of Finance, in tho pres
ence o f his entire staff.
M r. Ashton will bo succeeded as Treasurer of branch linos by J. S. Vanzandt, who is now Assistant to tho Treasurer of tho Pennsylvania R R .
The road is operated under lease, tho rental covering Interest in bonds and
_
7% guaranteed on the stock.— V. 102, p . 2342, 2255. ^__
Pere M arquette RR.— Sale Postponed.— The foreclosure
sale set for July 5 has been postponed until Sept. 4. Tho
plan of reorganization has not as yet been approved by the
Michigan RR. Commission.— V . 102, p. 2167.
Rapid T ransit in New York C ity.— New Lines.— Bids.—
On Juno 24 tho N. Y . P. S. Commission authorized tho N. Y . Municipal
R y. to begin operation o f trains over tho New Utrecht Ave. elevated branch
of the Fourth Ave. subway in Brooklyn, as far south as 62d Street, where
connection is mado with tho Sea Beach line. Beyond 62d St. trains are
operated over a single track as far south as tho Eighteenth Ave. station.
It is hoped to get the rest of tho line is shape for operation during tho late
summer or in tho coming autumn.
Contracts recently awarded by tiie P. S. Commission for constructing
Livonia Avo. elevated extension o f Eastern Parkway subway. Route 31,
Borough o f Brooklyn, has been rescinded.
The Thos. J. Buckley Construction Co. has been awarded tho contract
for tho construction o f the 180th St. yard on Route 18, B ronx.. Bid,
$269,222.— V. 102, p. 1812.
v.
.J?___
Rome (Ga.) Ry. & L ight Co.— Bond Offering.— The
$850,000 1st M . 5 % gold bonds, dated April 1 1916, aro being
offered by Spencer Trask & Co. and W . C. Langloy & Co.,
New York, at 9 6 and int., and not 96 and int., as was in
correctly stated la t week. For full description of property,
&c., seo V. 103, p. 61. :v/.V J 1 ■ •> L
'
.
i
■’ f ed
i Shore Line E lectric Ry. (C onn.)— Management.—
The J. G. White Management Corp., N . Y .. has been retained as oper
ating manager o f this system and tho Norwich & Westerly Traction Co.
— V. 99, p. 1750.
________________
Ten n essee- C entral RR.— Hearing on Sale Oct. 9.—
Judgo E. T. Sanford in tho U. S. District Court at Knoxville on Juno 29
postponed hearing of an application for the postponement o f tho sale of the
road until Oct. 9, as requested by the Mercantile Trust Co. St. Louis.
1st mortgago trustee, the reorganization committee, and owners of the
second mortgage bonds.— V. 102, p. 1812.
C anadian C onn ecticu t C otton Mills Co., Ltd.— Stock.
Canadian N orthern Coal & Ore Dock Co., Ltd.—
Bonds.— Chas. II. Jones & Co., Now York, aro making an
advanco offering at 88.60 and int., to yield 6 % , of the 1st M .
5 % sinking fund gold bonds, duo Jan. 1 1936. A circular
says in substanco:
.
C itizens Gas Co., In d .— Guaranteed Bonds.—
See Indianapolis Gas Co. below.— V. 102, p. 2079.
City W ater Co. of Sedalia, Mo.— Entitled to Reasonable
Return on Investment.— Tho Public Service Commission of
Missouri has just handed down a docision placing a valuation
upon this property for rate-making purposes and ordering
an increase in rates. Tho engineers or the city, Commission
and company havo just completed their revised schedule of
rates to cover the incroaso allowed, which will go into effect
July 1. The decision says in substance:
Sedalia is ono of tho largo and growing cities of this Stato. A water
works plant in such a city is ontitlod to such rates as would bo a reasonablo
return on tho investment after paying operating oxponsos and tho cost of
maintaining tho property. Tho rato of roturn should always bo somowhat
abovo tho current rato of interest on inonoy, and this proporty, when oper
ated under such rates, will command a value substantially abovo that of
its mere physical value.
.
.
,
. . .
.
Wo havo ascertained tho fair valuo of tho property for tho purpose of
fixing reasonablo rates to bo $500,000. As thoro Is no ovidonco tending to
provo that tho plant was not economically managed, or that thoro wero
improper charges to operating oxpenso, it follows, and wo so find, that tho
existing rates aro unreasonable and unjust to tho company.
Upon tho facts of this caso wo havo concluded that applicant should bo
allowed to sot asido from earnings aftor tho paymont of operating oxponsos
2% upon tho valuo of tho proporty for depreciation, surplus and contin
gencies. and that tiipro should remain not less than 7% as a roturn upon
such valuo. Tho not earning of tho plant, thoroforo, after tho payment of
tho operating expenses, not including depreciation, should bo not less than
9% upon tho valuo thereof, or $45,000.
,
In order that applicant may receive a roasonablo return on its investment,
and to provido a reasonablo sum for depreciation, surplus and contingencies
which wo think it is ontitlod to under tho law, it becomes necessary to in
crease tho annual gross earnings in tho sum of $16,625, and this can only
bo dono by an incroaso in rates. Tho rates paid for flro servico in tills caso
aro much lower than tho averago in cities in this Stato in which an abundanco
of water is obtained at tho door of tho
, in fact, notwithstanding tho
THE CHRONICLE
J uly 8 1916.]
difficulty and expense of securing an adequate supply o f wholcsomo water
at Sedalia, tlio rates both for domestic and public sorvico aro substantially
lower than tlio average throughout the Stato.
B o n d s O ff e r e d . — A block of $100,000 1st M . sinking fund
5s of 1907 is being offered at 91 and int., to yield 5 % % -
Dated Fob. 1 1907, duo Fob. 1 1937, but redeemable in 1917 and thoroaftor at 105 and int. Principal and interest (F. & A.) payabio in gold in
St. Loui« and N. Y. City. Trustco, St. Louis Union Trust Co.
Capitalization: 1st M . bonds (authorized, $600,000) outstanding, $450,
000 (remainder issuable only under restrictions); 6% notes, duo Nov. 1
1919, $100,000: prof, stock, $150,000; common stock, $450,000. Company
was organized In Missouri, talcing in March 1907 tlio properties formerly
owned by the Sedalia Water Works Co. and the Sedalia Water & Light Co.
Has unlimited supply of excellent water; new and modern filtration systom.
E a r n in a s fo r C a l. Y e a r s — E s tim a te f o r Y e a r e n d in g M a y 1 1917 f r o m N e w R a tes
U J
19081910.
1912.
1913.
1914.
1915.
1916-17.
Gross earns $44.586 $48,990 $55,856 857.554 $57,751 $57,259 est.S75.000
Net (after oper. exp. and taxes) available for interest. . 27,385 est. 45,000
Interest on $450,000 bonds calls for $22,500.— V. 83, p. 1592.
C on tin en tal Motors Co.— D iv id e n d .—
A cash dividend o f 5% has boon declared on tho stock, payabio July 15
to holders o f record July 5. This is tho first cash payment on this stock.
Stock dividends o f 100% in Feb. 1916; 100% in Oct. 1915 and 200% in
Oct. 1912 wero paid.— v . 102, p. 888.
Cosden,& Co.— 50%
D iv id e n d — C a p ita l S tock I n c r e a s e . —
A dividend o f 50% lias been declared on the stock, payable Aug. 6 to
holders of record July 20. Stockholders are given the option until Aug. 4
of either a dividend in cash or stock at par. As tho stock sells at a large
premium, it is expected that the stockholders will take tho stock rather
t*l<TIio^stockholders at Tulsa, Okla., on July 5 authorized tho Increase in
capital stock from $4,000,090 to $7,000,000. This is tho stock offered to
shareholders at par, $5 per share. Seo V. 102, p. 2344, 2169.
Crown C olum bia Paper Co., San F rancisco.—
Seo Crown Willamotto Paper Co. below.— V. 81, p. 561.
'
Crown W illam ette Paper Co., San F rancisco.— B o n d s ,
& c . — F u r th e r D a t a . — Touching tho $3,000,000 1st M . 0 %
gold bonds offered by tho Continental & Commercial Trust
& Savings Bank of Chicago, a circular shows:
147
E a rn in g s fo r 12 M o n th s ended M a y 31.
1915-16. 1914-15. j
1915-16. 1914-15.
Gross earnings.$1,316,395 $990,735 Bal. for divs___ $423,270 $244,309
Total net income 640,311 456,431 Pref. divs. ( 6 % ) .. 148,463 123,411
Int. & sk. f d . . .
217,041 212,122|Surp. for y e a r ... 274.807 120.898
Compare “ Annual Reports" above aud V. 102, p. 1990, 1899, 1813.J979.
Defiance ( O .) Gas & Electric Co . — B o n d s . — Liggett,
Hichborn & Co. of N . Y . and Boston are offering, subject to
sale and change in price, $495,000 1st M . 5 % sinking fund
gold bonds dated Sept. 1 1912 and due Sept. 1 1942. Int.
payable M . & S. at Guaranty Trust Co., N . Y . City. Calla
ble at 105 and int. on any int. date. Denom. SI,000, $500
and $100 c$. Guaranty Trust Co. N . Y ., trustee.
C a pitaliza tion. — Common stock authorized and outstanding was $647,
600; preferred stock, $200,000; 1st M . 5% bonds auth., $1,500,000, and
outstanding, $740,000, including $255,000 hold for exchange o f Maumee
Electric Co. bonds.
E a rn in g s. — The gross earnings for the calendar year 1915 wore $215,071;
net after taxes, & c., $110,451; annual interest charges, $37,000, and bal
ance, $73,451.— V. 91. p. 1330.
Draper Company, Hopedale, Mass.— R e - I n c o r p o r a t i o n
In order that the capitaliza
tion may correspond more closely with existing assets,
it is proposed to form a new Maino corporation, to be known
as tho Draper Corporation, with a capital of $17,500,000,
divided into 175,000 shares (all common), par value to be
$100 each. The new company will have the same directors
and officers as the old, and will, on or about Aug. 1, dis
tribute its stock (all of one class) in exchango for the common
and preferred shares of the present company as follows:
iv ith I n c r e a s e d C a p i t a l i z a t i o n .—
Present Stock—
N ew Com . Slk. in E ic h .
8 % cumulative preferred. $2 ,000 ,000 ..._________1}4 for 1, or .$2,500,000
Common stock, S6,000,000--------------- ------------------ 2H for 1, or 15,000,000
Data from Circular Sent to Shareholders.
For various reasons it is advisable that the capital stock representing the
assets of the Draper Co. should more nearly represent the actual vaiue of
the property. Furthermore, the value of the shares of the present Draper
Co. Is so high as to interfere seriously with the market for the stock.
Tho preferred stock of the present Draper Co. was issued at the original
organization of the company, when its assets were much smaller than at
present, and when all the stock, both common and preferred, was closely
held. The amount outstanding is comparatively small. We havo, there
fore, provided that the new company should have only one class o f stock.
\Ve have carefully considered the formation of a Massachusetts corpora
tion instead of a Maine corporation, but have deemed such action inadvisa
ble at the present time.
Stockholders owning over a majority o f both tho common and preferred
stock of tho present company havo already exchanged their stock or agreed
to do so at once.
Tlio directors have arranged with the First National Bank of Boston to
purchase or sell for shareholders at any time on or prior to Aug. 5 1916
fractional receipts on the basis of $125 for a full share. These fractional
receipts at the option of the company may be called for redemption at any
time after Jan. 1 1917 upon payment therefor on the basis of $125 per share.
1 1»• 1021 p< 1165*
Dated May 1 1916 and duo serially each May 1 front 1918 to 1941,
$100,000 yearly 1918 to 1932. $125,000 yearly 1933 to 1936, $200,000
1937 to 1941. Principal and interest (M . & N.) payabio at Continental &
Commercial Trust fz Savings Hank of Chicago, corporate trusteo, or at
Anglo-California Trust Co., San Francisco. Denont. $1,000 c*. Callable
on any Interest date on four-weeks’ notico at following rates: 103 and int.
for first 10 years, 1 0 2 and int. for next succeeding 5 years, 102 and int.
for next succeeding 5 years. 101 and int. thereafter. Authorized, $6,000.
000’ outstanding, $3,000,000. None o f tho remaining bonds (which, if
issued will maturo $600,000 on May 1 of each year from 1942 to 1946 incl.)
can be issued prior to May 1 1921, except with tho consent o f tho trusteo,
and whenever issued must bo Issued under restrictions.
Digest o f Letter from V.- P. & Gen. Mgr. Louis Block, San F;r., June 1C
O rganization. — Incorporated [in Sept. 1914] in Maino; tho largest manu
facturer of paper on tho Pacific Coast. Principal plants located at Wost
Linn and Oregon City, Ore., Camas, Wash., and Floriston, Cal.
O u ts ta n d in g C a p ita liz a tio n [S tock i n $100 s h a r e s . — E d .]
Gaston, Williams & Wigmore, Inc.— D i v i d e n d . —
Common stock [authorized and all issued.................................... -$5,000,COO
The dividend declared last week is payable July 26 on 300,000 shares of
Prof, stock [authorized at last advices: 1st pref. 7% cum.,
stock (no par value). Tho total authorized issue is-1,000,000, but only
Sorics A, $2,000,000, and Series 1$, $4,000,000; 2d pref. 6% ,
300,000 shares aro outstanding.— V. 103, p. 64.
cum. from Oct. 1 1917, $2,000,000— all of the 1st pref but
only a small amount o f the 2d pref., being outstanding— Ed.|_ 6,800,000
Genoral American Tank Car Corporation.— P r e f . S to ck
1st M . bonds, authorized, $6,000,000; outstanding, this issue.. 3,000,000
O f f e r e d . — As stated last v/eek, Charles D . Barnoy & Co. are
No bonds additional to this $3,000,000 can be issued prior to M ay 1 1921,
oxcopt with tho consent o f tho trusteo, and thereafter only at not over placing $2,000,000 7 % cum. first pref. stock at $100 for one
75% of tho cost of additions and bottorments, when annual not earnings ($100) share of 1st pref. and a quarter of a share of common.
aro twico tho interest cliargo, including bonds proposed to bo issued.
Capitalization (Au th orized and Outstanding) — N o M ortga ge —
Annual sinking fund to provide for payment of principal ot bonds as they
mature, $1 50 per 1,000 feet on all pulp timber and $2 50 por 1,000 feet 7 % cum. 1st pref. stock, redeemable all or any part at 110 and
divs. on 30 days’ notice, par $100_______________________ ___ $2,500,000
on all saw timber cut from tho holdings covered by tho trust deed.
7% cum. 2d pref. stock (par $100 a share—see below)________ 1.000.000
P rop erties. — Theso bonds aro a first mortgago on properties as follows:
(a)
Paper mills, located as above, having a combined total averago dailyCommon stock (no par value)_____________________________ 50,000 shares
capacity o f 460 tons o f finished products, consisting of 320 tons newsprint, 6 % first car-equipment gold bonds, payable serially within five
yoars. being met from earnings____________________________$1,253,000
85 tons wrappings, 35 tons tissue and 20 tons dried sulphite pulp and coarse
wrappings.
Digest o f Statem ent by President Max Epstein, C hicago, Ju ne 19 1916.
(0) Pulp mills and sulphite mills, more than ample to provldo for above.
O rga niza tion .—T o bo incorporated In N. Y. State and will acquire all tho
(c) Modern bag factory, having a daily capacity o f 2,000,000 paper-bags capital stock o f Gonoral American Tank Car Corporation of West Virginia,
and a toilet paper factory.
which was incorporated in 1902 and took over the assots of the German
(d) Timber on approximately 75.730 acres, owned by tho companv in American Car Lines, previously operated under my individual ownership.
feo, estimated at 1,514,627.000 feet, of which about 62% Is suitable' for After tho incorporation of the new company and tho addition of tho capital
pulp wood; also standing timber estimated at 82,000,000 feet on about secured hereby the current assets of tho two companies over their curront
6,596 acres. Tho timber is conveniently located for logging and transpor liabilities will amount to $3,767,808. Patents, good-will and contracts are
tation to the plants.
carried at $1. [Incorporated at Albany on July 5 1916].
(e) Owns water power at Floriston and obtains water power for tho opera
F irst P ref. Stock. — Preferred as to dividends and assets: entitled to divition of Its other principal mills and additional electric power for its Camas .donds of 7% p. a. (Q .-J.). cumulative, and bearing intorost at 6% until paid.
mill undor leases anti contracts which run until 1955. Theso leases and In caso 14'; dividends fall in arrears, the holders may eloct a majority of
contracts aro covered by the mortgage.
tho boprd until tho arrearage is paid, but otherwise ha ve no general voting
C o m p a n y 's M a r k e t s . — Tho Pacific Coast of tho United Statos, Arizona,
rights. No mortgago other than purchase-money liens can be placod
ow Mexico, Utah, Idaho, Montana and the Hawaiian Islands, and also without the consent of two-thirds of both outstanding pref. stocks. Upon
Now
market of. China,
Japan, Siberia, the Philippines,
west
tho consont of a majority of the outstanding stock of tho company, the
,
__
„ coast
_
t hoe eexport
..,__ _______
of North and South America and Australasia. Most or its output is ordi authorized amount of tho first pref. stock may be incrcasod, but any In
narily sold under long-time contracts, and It now has such contracts cover crease iu oxcess of $4,000,000 must be first offered pro rata to the holders
ing a large part o f its product for several yoars ahead.
of tho outstanding first pref. stock. Out of earnings and surplus, arter
paymont of dividends on both tho pref. stocks there will bo paid into tho
E a r n in g s f o r C a le n d a r Y e a r a s R ep o rte d b y P u b lic A c c o u n t a n ts .
Not lncomo-------------------- $1,178,3471 Rosorvod for depreciation..$311,980 sinking fund for tno retirement of first pref. stock not less than $50,000
*i_n^erest on bonds, &.c—
114,8291Surplus for tho year_______ 751,538 during the year 1917-18, not loss than $75,000 during 1918-19, and not less
yearly thereafter, any deficiency to be made up from sub
- m o indebtedness on which this interest was paid will be retired out of than $100,000
earnings when available. The whole or any part of the first pref.
the proceeds of this bond issue, so that tho amount available for interest sequent
is redeemable on any dividend date on 30 days’ notice at $110 per
after depreciation was $860,367, or over 4 Vx timos tho interest on this stock
sharo and accumulated dividends and interost thereon, if any.
Issue of $3 ,00 0 ,0 0 0 bonds
Second P ref. and C om m on.— The 2d pref. stock is ontltled, after dividends
While wo set asido $311,980 as a reserve for depreciation for tho year
boon sot apart for or paid on the first prof, stock, to a 7% annual divi
1915, wo consider that our plants have not depreciated becauso wo have havo
dend
which Is cumulative, and after $7 per share has boen provided for tho
maintained equipment and puilulngs in first-class condition and havo made
common stock, participates equally with tho common in any additional
many improvements tending to lessen cost and incroaso efficiency.
amounts paid as dividends. No such additional dividends shall be paid
For tho five years, 1911 to 1915 incl., net earnings of the properties unless
a sum equal to the aggrogate of such excess dividends shall also bo
now owned, after deducting all operating charges, interest and depreciation, sot apart
for tho sinking fund to rotiro tho first pref. stock. N o dividend
but beforo allowing for dividends, havo averaged $849,808.
bo paid on the common stock until a surplus of $500,000 has boen ac
Tho two principal mills, i. e., at Camas, Wash., and West Linn, Ore., can
cumulated
by the controlled companies from earnings subsequent to the
which mako approximately 90% o f the company s products, aro, through
of Incorporation of the now company.
lighterage to Portland, practically tidewater mills, and aro particularly date
P ro p erties.— -The West Virginia Company is ongagod in tho manufacture
well located for cheap distribution and rocoipt of raw materials. Tho and
rental of railroad tank cars exclusively and has the charter right to
manufacture, soil, lease or repair all kinds of railroad cars and vehicles of
transportation. Tank cars aro now used in tho transportation of over 50
different commodities, including oil and its products, acids, coal tar
:----------------- ---------------------- “ V g > .,...1 v/t
Ks .
XV 1.1 111 J VZJ71M
products, glucose, molasses, syrups, turpentiuo, mineral waters, wine,
is a conservatives valuation for tho properties owned.
alcohol, cotton-seed oil, cattle foods, pickles, vinegar, asphaltum, fertilizer
ingredients, &c.
Curtiss Aeroplane C o . - I n i t i a l D i v i d e n d .—
The plants of the West Virginia company aro located at Warren. Ohio;
An initial somt-annual dividend o f 3H % has been declared on tho 86, Calumet, Ind., and Sand Springs, Okla., and aro now producing 12 cars
000,000 prof, stock, payable July 15 to holders o f record July 1.— V.102,p611 por day. With tho additional working capital now provided for, tho pro
duction can be increased 60',' without tho purchase of additional plants
D ayton (O.) Power & L ight Co . — P r e f . S tock O f f e r e d .— or tho erection of additional buildings. Since 1907 the company has built
its tank cars. The company controls over 3,000 cars, owning more than
John Nickerson Jr. is offering, by advertisement on another all
2,400 thereof with an average age of only 2.8 years, carried in the assets
pago, $000,000 of tho 6 % cumulative preferred stock, par at less than it would cost to replace them.
$100. Dividends, 1M>% each, paid quarterly (Q.-J.). Redcemablo as a wholo at any dividend date at 110 and ac
crued dividends. Tlio bankers roport:
This company furnishes electric light, heat and power without competi
tion to Dayton, Xenia, Piqua, Wilmington and twenty other towns and
villages In Ohio. Population served, estimated at 178,000. ltcgular divi
dends havo been paid on this stock since tho organization o f tho company.
hncipal franchises are without time limit.
Leading C u stom ers.— A m o n g th ese are; T h e A m e rica n L in se e d C o .,
B a rre tt C o ., B a rb o r A sp h a lt R a vin g C o . , C o r n P r o d u cts R o fin ln g C o ..
C a lifo rn ia W Ino A s s n ., C o sd e n & C o .. C o lg a te & C o ., C e n tra l L e a th e r C o ..
K astm an K o d a k C o .. F loisch m a n C o ., G en eral C h e m ica l C o . . G rassolli
C h e m ica l C o ., G u lf R e fin in g C o .. Im p erial O il C o . o f C a n a d a , In la n d Steel
C o . , L a ck a w a n n a Steel C o ., N a tio n a l R e fin in g C o ., Q u ak er O a ts C o .,
S o m e t-S o lv a y C o ., T e x a s C o ., T en n ossoe C o p p e r C o ., U . S. G o v t . , U . S.
In d u stria l A lc o h o l C o ., U n ite d S tates Steel C o r p ., U n ited G a s I m p ’t C o .
E a rn in g s. — Our principal business of leasing cars for definito periods
enables us to closely ostimate the minimum earnings.
Since the Incorpora-
THE CHRONICLE
148
tion in 1902 the business has developed steadily. For the calendar year
1915 the net earnings available for dividends wore $441,370, while for the
first four months of 1916 they were $272,220, or at the rate of over $800,000
per year. With the 587 additional cars now undor construction the rentals
should be increased by over $200,000.
E a r n in g s — C a l. Y e a r s —
4A fos. 1916. Fear 1915. Fear 1914.
Gross earnings___________
$467,053
$908,836
$641,368
Net earnings...........................
$289,445
$500,772
$323,398
Other income______________________
19,393
42,292
21,231
[Vol . 103.
1936, but callable all or part at 105 and int. Interest J. & D.
in N . Y . City. Donom. $1,000 c*. Central Trust Co. of
Illinois, Chicago, trustee. Authorized, $1,000,000; out
standing, $531,000. Interest paid without deduction of
Federal normal income tax. A circular shows:
Incorporated in Illinois in 1906 and supplies without competition electric
light and power in tho cities and towns of Granite City, Edwardsvillo,
Carlinville, Madison, Venice, Woodrivor, Worden, East Alton and several
$308,838
$543,064
$344,629 smaller towns; also electric current to Livingston and Williamson, and fur
Total income____________________
Deduction from income____________
36,608
101,694
83,642 nishes gas in Carlinvillo. All are located within a radius of 20 miles,
directly across tho Mississippi River from St. Louis, except Carlinvillo,
Surplus availabo for dividends____ *$272,230
$441,370
$260,987 located in Macoupin County, about 60 miles distant.
The territory served is a particularly active one of diversified Industry
* On this basis the earnings available for dividends for 1916 would bo over (manufacturing, coal mining and farming), employing over 40,000. Homo
$800,000. On account of the constantly increasing number of cars under of tho manufacturing plants in this district which employ from 1,000 to
lease It is estimated that earnings for the full year will exceed this figure.
3,000 hands are: National Enameling & Stamping Co., Commonwealth
Steel C o., American Car & Foundry C o., N. O. Nelson Mfg. C o., Western
P r o s p e c tiv e C o n s o lid a te d B a la n c e S h eet o f th e T iv o C o s . a s o f A p r i l 29 1916.
C a sh _____________
$686,243 Notes payable____________ $278,978 Cartridge Co., American Steel C o., Corn Products Co., rolling mills,
Notes receivable__________ £400,615 Accounts payablo________ 338,528 Beall Brothers C o., Standard Oil refinery and American Radiator Co.
86,297
Accounts receivable______ 260,430 Accrued accounts________
C a p it a liz a tio n —
A u th o r i z e d . O u tst’ g .
Installment accounts_____£47.5,382 6% First Car Eq. gold bds. 1,253.000 First Mortgago 5% bonds, 1936____________________ $1,000,000 $531,000
Raw mat’ls & cars in procoss 527,247 First preferred stock______ 2.5O0.OOO Capital stock (all owned or controlled by 111. Trac. Co.)
335,000 335,000
Oars on rental less doprec’n.3,205,314 Second prof, stock________ 1,000,000
E a r n in g s f o r C a l. Y r s . —
1915.
1914.
1913.
1912.
1911.
Patonts__________________
1 Common stock______No stated sum Gross
earnings__________
$179,321
$154,234
$137,859
$114,741
Plants & equip., less dopr’n 131,197 Surplus...............
267.808 Not earnings, after taxes.. $68,496 $64,173 $57,619 $49,788 $93,559
$29,385
Investm’ts & sundry assets..
3o,l76
Bond interest. &c_ ............. 26.550
27,790 ------------- Not stated----------Prepaid expenses_________
8,005
Total oach sido_______$5,724,610
S e c u r ity .— These bonds are a first mortgage on all property now owned or
hereafter acquired. Tho value, according to a rocont independent appraisal,
£ Secured by car trast agreements.— V. 103, p. 64.
is about 40% in excess of tho $531,000 bonds now outstanding. Tho re
bonds may be issued only for 80% of tho actual cost or worth
General Petroleum Co., San Francisco. — S o ld .— Frank maining
(whichever is tho less amount) of extensions or additions, but only when
B. Anderson, Chairman of the reorganization eommittoe, at tho annual net earnings are twice tho total interest charge, including bonds
public auction on June 28 bid in the property for $2,000,000. proposed to be issued.
An annual sinking fund of 1\4 % of tho bonds previously certified becomes
This was the only bid.
operative on Oct. 1 1916 and bonds so retired will be canceled.
The successor company, the Goneral Petroleum Corporation, was re
P r o p e r t y .— Tho property is in good operating condition and includes re
cently incorporated in California with capitalization as provided in tho serve electric power plants in Edwardsvillo and Carlinville; a gas plant and
plan, V. 102, p. 8 8 9 — V. 102, p. 2079.
gas-distributing system in the latter city; high-tonsion transmission lines
with necessary sub-stations and equipment, and electric distribution sys
H arrisburg Pipe & Pipe B ending Co.— O r d e r s .—
tems in tho citlos and towns sorvod. Two of tho company’s principal
The "Iron Ago” of July 6 says: "Tho Harrisburg Pipe & Pipe Bonding franchises are unlimited as to time, and of thoso granted by the other
C o .. which recently completed two orders for 700,000 shrapnel shells for tho communities served none expires earlier than 1956, excepting tho easement
British Government, has received an order for 22,000 3-in. shells for use under which the company operates in Granito City, which expires in 1925.
in tho U. S. Ordnance Department.”
The company purchases, undor a contract extending until 1947, electricity
generated in the power station at Venice, controlled by tho Illinois Trac. Co.
Hartm an C orporation. — S ta tu s .— An authoritative state
G u a r a n ty a n d M a n a g e m e n t .— This company is controlled by and under tho
management of tho Illinois Traction Co., which guarantees by endorse
ment follows:
Although as reported by the Hartman Corporation (V. 102, p. 2258), ment tho principal and interest of thoso 5% bonds. Tho guarantor com
tho sales increased 48% during the first 5 months o f the year, tho expenses pany since organization in 1904 has nover defaulted any obligation, has
during this period were only about 19% above thoso o f the corresponding regularly paid tho 6% dividends on its proforred stock, and is paying 3%
period in tho previous year. This assures a substantial gain in tho net on its common stock. These stocks, which in point of security come after
earnings to be shown in the semi-annual statement which will be published its guaranty of thoso bonds, have a presont market value of over $12,000.
about July 15. The financial position o f tho company, it is stated, also 000 — V. 85. P- 656.
will bo more than satisfactory.
M assachusetts Gas Com panies. — D i v i d e n d s .—
The Corporation has no prof, stock and no dividends have as yet been
The trustees have voted to sot aside $1,250,000 for dividends on common
paid on tho $12,000,000 capital stock. In 1915 the earnings on tho stock
stock
(5%) during the fiscal year ending Juno 30 1917, being tho samo
were equal to 1 0 1 4 % on the issue.
amount as in the three provious years. The common dividends are pay
R ela tiv e P o s i t io n o f T h is S tock C o m p a r e d w ith O ther L e a d in g M a i l O rd er I s s u e s .
able
quarterly
beginning Aug. 1.— V. 102, p. 1721, 441.
T h e Ila r lS earsM on tg o m ery
N a t io n a l
m an C orp .
R o eb u c k .
W a r d & Co. C loa k A S.
M assachusetts L ighting Cos.— P u r c h a s e .—
C.
D. Parker, Inc., Boston, have, it is statod, purchased tho WinchenPreferred sto ck .. _____
None.
$8,000,000 $5,000,000 $4,850,000
Electric Light & Power C o ., it is supposed, In tho interest of the Massa
Common stock________ 12,000,000 60,000,000 300,000 shs. 12,000,000 don
Approx, price of com __
72
189
78 chusetts Lighting Co.— V. 102, p. 172L
(?)
N e t T a n g ib le A s s e t s —
Maxim M unitions Corporation. — M a c h i n e G u n .—
Available for com., year
Pres. J. W. O’ Bannon announces tho successful production and firing
1,530.353 test
ended Dec. 31 1915.. 7,007,007 40,141,429 11.636,571
of their now Brown machine gun, model 1916. This gun is described
$12.75
Per share of common _.
$66.90
$38.79
$58.39
"water-cooled, recoil system type; light enough to bo comfortably carried
Per cent of market price
16.35% as
35.40%
81.1%
(?)
by one man and capable of being fired at tho rate of 600 shots por minute.”
L a te s t E a r n in g s A v a ila b le —
Orders for this gun already taken are now being filled.— V. 102, p. 2258.
For common (year ended
2,122,658
651,955
Dec. 31 1915)_______ 1,256,775 10,541.198
New York Air Brake Co.— IFar O r d e r s .—
5.43%
Per cent on common__
10.47%
17.57% $7.07 pet sh
press reports stato that tho company is negotiating an order
% market valuo of com .
6.97% forUnconfirmed
9.29%
14.55%
(?)
shell fuses amounting to about $2,000,000, and that it is now turning
— V. 103, p. 2258.
out 150,000 high-explosive shells and 200,000 extra cartridge cases for shells
In d ian ap olis Gas Co.— G u a r a n te e d B o n d s .— Blodgot & Co. monthly.— V. 102, p. 980, 706.
are offering at 97 Hand int., yielding about 5.15% , a block of
1st M . 5 % gold bonds of 1902, duo Oct. 1 1952, guaranteed by
Citizens’ Gas Co. of Indianapolis. Authorized, $7,500,000;
issued, $5, 73,000. A circular shows (see V. 100, p. 1514):
A first mortgago upon the entire property, which was', cased for 99 years
in Oct. 1913, with the consent of the 1*. S. Commission o f Indiana, to tho
Citizens’ Gas Co. Tho last-named corporation controls the entire gas
business of Indianapolis, and as a part of tho lease has guaranteed the in
terest on these bonds, their refunding at maturity and 6% dividends on the
$2,000,000 capital stock. This stock Is selling in the market at 120. We
are advised that over $8,000,000 has been put into tho Indianapolis Gas Co.
Tho company sells gas at 55c. per 1,000 cu. ft. (tho lowest price for manufac
tured gas in tho U. S.), makes the best of coko, sells tar and ammonia.
About a year ago a plant was installed to recover benzol. and the first
four months the plant paid for itself and is now showing a very handsome
profit each month. It is anticipated that within six months this profit will
bo much increased. Tho company has just completed the installation of a
plant to extract cyanide, which is the last by-product in the manufacture
of gas. and has a profitable long-time contract for tho sale of all the cyanido which they can manufacture.
The Indianapolis Gas C o .’s plant Is located on one sido of the city and the
Citizens’ Gas Co. about eight miles away on tho other side. Tho Indianapo
lis Gas Co. has a system of mains amounting to about 375 miles, and a com
plete new coko oven plant, as well as a water gas and producer gas plant.
E a r n in g s o f C it iz e n s ’ G a s C o . f o r the C a le n d a r Y e a r 1915.
Gross earnings, $3,061.641; net, after op. exp., taxes, depr., & c._ $742,472
Rental Indianapolis Gas Co.: (a ) Bond int., $251,738: (6) divi
dends, $120,000; (c) miscellaneous, $1,761____________________ 373,499
Net earnings for interest & dividends o f Citizens’ Gas C o______$368,973
For the first four months of 1916 tho Citizens’ Gas Co. showed net earn
ings. after deducting operating costs and taxes, of $363,132, against $192.
483 in 1915. Tne first charge which the company makes against these net
earnings is the interest on the Indianapolis Gas Co. bonds, which a-mounted
to $84,550 for the same period. Citizens’ Gas Co. has $2,044,000 bonds
outstanding and $1,250,000 capital stock, which Is selling from 170 to 180
a share, and is held by over 3,000 stockholders in Indianapolis. All direc
tors and trustees of both oempanies must always be citizens of Indianapolis.
— V. 101, p. 2075.
In sp iration C onsolidated Copper Co.— E x c h a n g e .—
This company reports that $5,973,300 o f tho $6,000,000 1st M . bonds
and $4,493,800 o f the $4,500,000 debentures have been converted into
stock up to July 5.— V. 102, p. 2345.
Jew el Tea Co., In c.— S a les f o r 4 a n d 24
1916—4 W e e k s — 1915.
$909,048
$571,952
— V. 102, p. 2171, 1063.
W eek s en d . Ju n e
17
I 1916— 24 W e e k s — 1915. I n c r e a s e .
$337,096 $5,163,848 $3,302,579 $1,861,269
In crea se.
K en n ecott Copper Co., N. Y.— S t a t u s .—
Ohio C ities Gas Co.— A g e n t s .—
The Guaranty Trust C o., N. Y., has been appointed transfer agent of
tho company’s new preferred and common stocks witii the Central Trust
C o., N. Y .f as registrar. Tho old stocks are being exchanged for tho new
issues at the company’s offico, Columbus, Ohio.— V. 102, p. 2081, 1891.
P ennsylvania Steel Co., N.
J . — D i s s o l u ' i o n .—
This company on June 27 notified tho Phila. Stock Exchango that as of
Juno 26 it had boon dissolved as a corporation and that no transfers of tho
pref. or common stock could bo made on tho books of tho company after
that date.— V. 103, p. 65.
Petroleum Iron Works Co., Y o u n g sto w n ,
Sharon, Pa. — S tock I n c r e a s e .—
O. and
Tho shareholders will vote July 14 on increasing the capital stock from
$1,000,000 or $1,200,000, to $3,000,000. On July 15 the shareholders of
the subsidiary, tho Pennsylvania Tank Car C o., will voto on increasing its
share capital from $500,000 to $1,000,000 (see V. 102, p. 980). Both
companies also tho Allied Pressed Steel Products Co. (stock $500,000)
were reported In Dec. 1914 to have surrendered their Pensylvania charters
and roincorporated in Ohio, the incorporators including C. II. Todd, G. P.
Bard, J. L. Considino, J. P. Sweeney and II. C. Knowles, or G. C. Mlttlnger.
Pickands, Mather & Co., C leveland. — C o n tr a c ts , etc.—
See United Furnace Co. below.— V. 79, p. 631.
Pressed Steel Car Co.—
W a r O r d e r .—
This company, we aro informed, has received an order from tho British
Government for 100,000 9.2 in. shells. Tho shells, it is stated, will cost
somewhat less than $25 oach. Tho building of 7.000 cars for Russia was
completed some weeks ago, and the company is now filling an order for
2,000 cars for Franco. Very few orders for cars aro being placed by do
mestic railroads.—-V. 102, p. 706.
(The) Prest-o-Lite Co., In c. —
R ep ort f o r J a n .
31
Y ears.
1915-16.
1914-15.
1915-16.
1914-15.
Gross sales. ..$4,419,3551$4,699,3V7 Cost of sales,
expenses,Ac.$3,767,043 $3,224,819
Other income.
38,507 /
T ota l..........$4,457,862 $4,699,377
Interest charges
$690,819 $1,474,558
18,690
85,862
Net profit.......................................... ......................... $672,129 $1,388,696
B a la n ce S h eet a s o f .J anuary 31,
1915.
1916.
A s sets—
L i a b ilit ie s —
1916.
1915.
Cap.&cap. sur.
Land, bldgs.,
mach’y, & c.$ l,447,268 $1,338,144
(80,000 sh.) $869,807 $869,807
Good-will,
Funded debt.
______
617,500
patonts, &c.
1
1 Accts.&c., pay. 250,040
422,203
Inventories . . 1,831,065 1,601,433 Dep. on tanks
loaned, &e.
236,303
99,699
Accts. receiv.
327,9011
725,083
Surplus______ 2,327,581 1,655,452
Cash...............
77,407/
The company on July 5 had cash and copper on hand, all of which copper
has beei sold, amounting to $18,037,000. which includes dividend of $1,
Total_____ $3,683,732 S3,664,661
Total______$3,683.732 $3,664,661
21.3,000 received from Utah Copner Co. Juno 30. This is after disbursing
about $4,200 000 for dividend o f $1 50 per share for quarter ending Juno — V. 102, p. 1631.
30. but does not include Kennccott’s Interest in cash and copper on hand of
Producers Oil Co.—200% D i v i d e n d .—
Braden Copper Mines Co. or Utah Copper.— V. 102, p. 2171.
:ioso stock Is
This company, most of whoso
is owned* 'by tho Texas C o., has
Madison C ounty (111.) L ight & Power Co.— G u a r a n te e d declared a dividend of 200% on tho $3,000
$3,000,000 stock, payablo June 30 to
B o n d s , & c . — Bodoll & Co., Providence, are offering at 90 and holders of record Juno 16.— V. 97, p. 527.
int., yielding over 5.30% , the unsold portion of their block
St. Maurice Paper Co., Ltd. — C o n v er tib le B o n d s , & c .—
of 1st M . 5 % gold bonds dated Dec. 1 1906 and due Dec. 1 Chase & Co., Boston, aro placing the 1st M . 0 % sinking fund
149
THE CHRONICLE
Ju l y 8 1916.]
gold bonds at 97H and int. with 10% bonus in stock.
circular shows:
„ t t
„,
A
Dated Jan. 1 1916 and duo Jan. 1 1946. but convertible on any interest
date into capital stock, in any yoar prior to 1921. if not previously redoomod,
at the option of tlio holder. Sinking fund boginning Jan 1 1919. 2% annu
ally of the par value of all bonds issued and outstanding; bonds for this pur
pose may be drawn by lot at 105 and int . if not purchasable for less . Inter
est payable at company’s office in Montreal or at Nat. City Bank. N. Y.
Cl tv Trustee Montreal Trust Co., Montreal.
Authorized *5 000,000; issued. $ 1 ,500,000; outstanding, $1,250 ,0 0 0 .
Further amounts shall not exceed 9 0 % of the actual cost of extensions or
additions and after $2,000,000 have boon certified, the Trustee shall certify
no more bonds unless the annual not earnings are I 'A times the total inter
ns! nharvns including bonds covered by such application.
^ O r g a n iz a tio n
fitc.— Incorporated under tlio Laws of the Dominion of
Canada.t o tako over from the Union Bag & Paper Co. in Canada (V 102.
p 350) the following operations and properties as going concerns: (a ) Pu p
mill nf inn tons dally capacity, at Cap Madoleino; (5) Lumber mill, only
miles at Junction of St. Lawrenco and L’Assomption Rivers; 280 sq. miles
° np ^ p o s « f
With the proceeds from the sale of $1,250,000
bonds thoro is being constructed at Cap Madeleine near city of I'hreo
Kivers P Q. a plant for the manufacture of news print paper, with a
the assets of which, calculated upon the same basis as that used by geolo
gists in their reports on oil-producing properties adjacent to those of this
corporation, the report by L7 G. Huntley and tho known assets of the other
companies havo an estimated value of over $27,375,000.
Wo offer for immediate underwriting 300,000 shares, par value $10, at
$6 50 per share, subject to the payment to the syndicate managers, upon
subscription, of $2 per share and the balance, $4 50 per share, upon call
of the syndicate managers.
.
It is the intention o f the syndicate managers to make a special public
offering of all or part of this 300,000 shares of stock at a price not to be
loss than $7 60 per share.
Steel P roducts Co., C leveland.— M e r g e r .—
The Steel Products Co. and the Metals Welding C o., Cleveland, O., and
tho Michigan Electric Welder C o., Detroit, M ich., three affiliated inter
ests, have been merged in ono company, which will bear the name of the
Steel Products Co. Tho products of tho plants include valve stems and
other gas-engine and automobilo parts and welding equipment. The
present officers o f the Steel Products Co. will remain at tho head of tne new
company, viz.: C. E. Thompson, President; W. D. Bartlett, Vice-Pres.,
and J. A. Krider, Sec. and Treas. Additional directors are E. C. Rader,
C. F. Clarke, C. N. Osborne and S. Livingston Mather. The other merged
companies will operate under their own names as subsidiary plants.
The company will have no bonded debt; it will have $1,500,000 7 % cumu
lative pref. stock authorized, of which $900,000 will be issued at this time,
and $2,500,000 common stock, of which $1,875,000 will be now' issued.
The issued pref. stock has been sold to the investment house o f Borton
& Borton, Cleveland.
S tu tz Motor Car Co. of America.— C o n t r o l. — The follow
III b l i u I l l i U l U l i l U U U l U U i
U
1 it
Z ------ *
.................................
,-------- a.
i i
,
St Maurice River, on which, and its tributary streams, are located 1,175
s o ’ miles o f the company’s timber limits. The plants will bo operated
electrically under long term contracts with Shawinigan Water & Power Co.
for an amplo supply of cheap power. When theso additions are completed
tho company will have one of tho bast located as well as ono of the most
complete of modern plants for tho manufacture of news print and sulphite
pulp. Tho waste from lumber mills will bo utilized for Kraft pulp.
E a r n in g s .—The lumbor mills acquired show over a poriod of ton years,
average net earnings in excess of tho entire interest on tho present bond
issue. Including the now mills now being erected, the total net earnings
should exceed by $300,000 tho interest and sinking fund on the $1,500,000
bonds now issued.
Appraisal. —-The valuo of tho plants and properties acquired is appraised
at over $3,750,000, with cun out assots of $928,000, while the new plants
to bo built will represent not loss than $1,000,000; total $5,678.000- A
very conservative estimate of tlio plants and properties would bo $4,000,01)1),
See V. 102, p. 350.
Sears, R oebuck & Co.— S a les
R e p o r t.
Seo “ Annual Roports’ ’ on a provlous pago.
Notes for Refunding.— Stono & Webster and Ilayden, Stone
& Co. in March last sold at a price to yield about 5 % %
$350,000 3-year 5 % gold notes. Tho bankers’ circular shows:
Dated Anril 1 1916, duo April 1 1919; int. payable A. & O. at State Streot
Trust Co trustee, Boston. Denom. 31,000 and $500 c*. Callable, all
or in part, at 100 and int. on 30 days’ notice.
Tho proceeds from tho salo of theso notes will bo applied towards the
retirement of tho present issuo of $400,000 6% coupon notes, duo Sept. 1
1916, all of which wero called for payment M ay 1 1916. Tho company
lias no floating dobt.
.
. . . . . . . .
.
. . . .
Tho company owns tho ontiro capital stock of the companies which do
(a ) tho entire electric lighting and power business in tho cities and towns or
Keno, Sparks, Virginia City, Car.wn City and Silver C ity, Nov.; with liydroNovada
Population served approximates 24,500. Electric lighting and
power franchise in Reno and Sparks oxpircs in 1929. Gas and water fran
chises in Sparks oxpiro in 1955. Other important franchises aro not
limited in time.
E a r n s — C a l. Y r s .
1915.
1914.
1913.
1912.
1911.
1910.
Gross earnings.-$494,769 $592,330 $647,571 $634,896 $571,525 $558,507
Not, after taxes. 279,710 333,778
385,451 398,293 344,721 355,446
Earnings for 1914 and for tho first part o f 1915 wore adversely affected
by unsatisfactory conditions prevailing in tho territory served by tho com
pany. Theso conditions, however, havo becomo moro favorablo and during
past six mos. earnings havo shown steady improvement.— V. 102, p. 1352.
Simpson Securities Co.— D i s t r i b u t i o n .—
This company gives notico that tho Equitable Trust C o., N. Y ., will
distribute to holders of tho collateral trust sk. fd. 6% bonds their pro rata
share o f tho cash balance in tho sinking fund, amounting to $76.50 por
$1,000 bond.— V. 88, p. 1563.
S outhern Oil & Transport Corporation.— N e w
M erg er.
— A syndicate composed of several largo banking and Stock
Exchango houses in Chicago, Now York City, Dotroit and
Baltimore, headed by A . II. Martens & Co. of (51 Broadway,
has been formed to underwrite this new $20,0(X),000 corpora
tion. Tlio offering to underwr tors says in brief:
Offering 300,000 shares (par valuo $10) of tho capital stock of the South
ern Oil & Transport Corporation if, as and when issued, to underwriters
at $6 50 per share.
C a p ita l —
A u th o r iz e d . N o w to I s s u e .
Common stock in shares o f $10 par, ...................$20,000,000 $11,659,000
To be incorporated in Delaware with an authorized capital stock of $20,
000,000, of which $11,650,000 is to be issued as fully paid ami non-assessablo
in the acquisition of the entire capital stock, except, qualifying directors’
shares of tlio following companies, and excepting the Tal Vez Oil C o., of
which a 60% interest is to be acquired, and tho Producers’ Terminal Cor
poration. of which a 50% interest is to bo acquired, viz.: Scottish Mexican
Oil Co., Ltd., Tampico Navigation C o., Tal Vez Oil C o., Producers’ q’ ermlnal Corporation, Fuel Oil Distribution Corporation and Tank-Ship
Building Corporation.
.
. .
,,
.
None of these companies have any indebtedness whatsoever other than
very small current bills, excepting only j^nk-Ship Building Corporation
(V. 102, p. 1065), which has issued and sold $400,000 15-year sinking fund
gold bonds for the purpose of purchasing now and heavier equipment.
It will appear from an examination of tho official letters and export re
ports that the assets and oil properties to bo acquired are in a position to
maintain a production of not less than 25,000 barrels of oil per day (9,000,
000 barrels por annum).
Tho corporation proposes to place in commission a largo number of oil
tank steamers o f 10,000 tons dead weight capacity, and to move approxi
mately 6,500,000 barrels of this oil and deliver the samo to North Atlantic
ports, Philadelphia, Now York and Boston, where there is a steady and
unlimited market, which will show a net profit to tho corporation of not
loss than 50c. per barrel on all oil sold for fuel purposes, and a further addi
tional not profit o f 60c. a barrel upon all oil refined. It will also be engaged
In the production and transportation to North Atlantic ports of these
immense quantities o f fuel oil, and in tho manufacture o f gasoline, lubri
cating oils, &c.
,,
.
,
The operations of tho corporation aro based upon a production and trans
portation to market of 25,000 barrels of oil per day. Net earnings with the
foregoing oil production, transportation and distribution facilities, and
basing said not earnings on tho average prices over a period o f years (not
on tho present abnormal high prices) will bo in excess o f 40% on tho total
outstanding capital stock.
Of the $11,650,000 of stock Issued by tho corporation, only $3,000,000
will bo sold for the purpose of providing additional cash capital. The re
maining $8,650,000 lias been placed in tho hands of a trustee to bo held tin
oscrow to provido for acquiring tho shares of tho abovo named companies,
Ono of the most successful of tho rocent motor promotions is that of the
Stutz Motor Car Co., control of which lately passed to Allan A. Ryan &
Co. of New York. The underwriting syndicate has been dissolved and the
company’s stock is finding a broad market in Now York around $60 per
share, against a subscription price of 55. There are but 75.000 sharos, of
which only 37,500 are in hands of public. The company has no debts;
tho directors will soon consider tho dividend question to determine whether
the beginning shall bo on a 4% , 5% or 6% por annum basis. Earnings
aro now at tho rate of $10 a share. (Tho Indiana company, it is stated, was
organized in 1911 with $50,000 capital stock, which wras increased to $100,
000 by a 100% dividend in 1912. Tho output is unofficially reoprtod to
havo been 266 cars in 1912, 1.079 cars in 1915 and 874 for the 5K months
ended Juno 15 1916, with 3,000 as the proposed annual output in the imme
diate future.— Ed.]— V. 102, p. 2347.
(A. L.) Sw ett Electric L ight & Power Co.— S u c c e s s o r .—•
See Western New York Utilities Co. below'.— V. 99. p. 542.
Taylor-W harton Iron & Steel Co . —
fo r J u n e.
i n i ft J u n e 1Q1/5
I n c r e a s e . I 1916— 6 Al o s . — 1915.
In crea se.
$9,424,881 $7,682,029 $1,742,8521$65,735,793 $53,097,722 $12,638,071
— V. 102, p. 2172. 1723.
Sierra Pacific Electric Co., Reno, Nev.— A n n u a l
ing is pronounced substantially correct:
C o n v ertib le
B onds
O f fe r e d . — William
Morris Imbrio & Co., Callaway Fish &
Co. and Pa kinson & Burr are offering, at 97H and int.,
$800,000 Five-Year 5 % Convertible Gold Bonds, dated July
1 1916 and due July 1 1921. Authorized, $1,500,000; out
standing, $800,000.
Convertible at face value, at option of holders, at any time on and after
July 1 1918, into common stock at 100. Callable, in whole or in part, at
101 on any interest date on four weeks’ notice. Interest payable J. & J.
at Astor Trust C o., N. Y ., trustee, without deduction for any tax or taxes.
Denom. $1,000 (c*). The company agrees that no moro bonds of this issue
shall be issued without the consent of the bankers.
Digest of Letter from Pres. Knox T aylor, High Bridge, N. J.. June 20.
C a p it a liz a tio n . — The capitalization of the company is as follows:
A u th o r i z e d .
Issu ed .
$2,000,000 First Mtge. sinking fund 6% gold bonds.............. ..$2,000,0f0
1,500,000 Five-Year 5% Convertible Bonds (now being issued)
800,0f0
2.000. 000 7% cumulative preferred------------------------------------ l,876,3f0
4.000. 000 common stock-------------------------------------------- - - - - 1,597,0(0
Tho company covenants that no mortgage of any nature (other than the
one already outstanding) shall bo placed on the property during the life
of these bonds, nor shall the company permit the mortgaging of any of the
property of its subsidiary companies.
P u r p o s e o f I s s u e . — During the past 18 months a new plant has been
erected at Easton, Pa., at a cost of upwards of $1,600,000. When com
pleted it will represent an investment of approximately $2,000,000. The
funds for this work and other requirements wore provided in part during
1914 1915 and 1916 by the sale of $750,000 1st M . sinking fund gold bonds,
$300 000 pref. stock, $750,000 common stock, by temporary financing and
out of surplus earnings. The construction work at tho new Easton plant
is now completed and nearly all tho equipment is installed.
Owing to the largely increased business in the past 12 months and the
increased plant capacity about to be mado available, the directors deem it
advisable at this time to provide funds to retire the temporary financing
occasioned by permanent additions, and also to provide additional working
capital and funds for improvements to be mado on the Phila. properties.
The new Easton plant will enable us to increase materially, under low
production cost conditions, our output of railway track work, in which manKanose steel is becoming more and more important, while by the Philadelphia
properties, it is estimated, the net profits can bo increased to yield 30%
on the new money expended.
. „
. ,
B u s in e s s . — Our principal business is the manufacture of alloy steel ar.d
iron castings, track special work and fprgings of an especially high grade
nature. Manganese steel is our principal specialty for both steam and
electric railway track work, safes and vaults, special wheels, gears and
pinions: the wearing parts o f crushing, grinding and conveying machinery;
tlio wearing parts of steam shovels, dredges, centrifugal pumps and certain
parts of heavy duty machinery, subjected to hard abrasive service.
P r o p e r t ie s . — Those now consist of the full ownership of the following:
The entire works at High Bridge, N. J., formerly tho Taylor Iron & Steel
Co.; Hunterdon Electric Power C o., High Bridge, N. J.: Jersey Electric
C o., High Bridge, N. J.; Manganese Steel Safe C o., Plainfield, N. J.;
Philadelphia Roll & Machine C o., Philadelphia, subject to a mortgage of
$240,500; ffm . Wharton Jr. Sc C o., Easton, l’a., and tho Tioga Steel Sc
Iron C o., Philadelphia, subject to a ground rent of $18,500*
D iv id e n d R e c o r d . — Since the incorporation of Taylor Iron Sc Steel Co. in
1891, the 7% dividends on the pref. stock have been paid. During the last
ten years, prior to consolidation, varying dividends on the common stock
as high as 10% have been paid. Since the incorporation of the TaylorWharton Iron & Steel Co. in 1912, 7% dividends have been paid on the
pref. and as high as 8% dividends on tho common stock. Owing to the
unusual business conditions during 1915, and the fact that the company
was erecting the new plant at Easton, Pa., the directors deemed it wise to
defer dividends on the common stock.
E a r n in g s . — For tho 3 years ended Doc. 31 1915, after deducting all ex
penses including more than $750,000 charged for maintenance and depre
ciation, tho annual net earnings averaged over---------------------- $250,000
All interest charges and sinking fund requirements have averaged
less than--------------------------- ------------------------- --------------------T--S I 15,000
The earnings for tho current fiscal year to June 1 1916, charging
regular depreciation and with increased allowance for main
tenance, warrant an estimate of net earnings for the present
year of over_________________________________________________ $400,000
Tho interest and sinking fund charges on all bonds including this
issuo of convertible bonds amount to less than________________$215,000
It should be borne in mind that the new plant at Easton, which is expec
ted to add largely to our net Income, is only now being equipped, and has
not yet contributed to tho net earnings.
C o n so lid a te d B a la n ce S h eet (.Est. a f t e r A p p l y i n g P r o c e e d s f r o m N e w C o r n . B d s .)
Prop., less depr., res., &c_$5,316,905
In v e s tm e n ts , less re s e r v e .
3,425
First M . sink, fund bonds
77,500
Current assets—
In v e n to r ie s, less rese rv e 1,629,362
Pref. stock (7% cum .)----$1,876,300
Common stock__________ 1,597,0u0
IstM . bonds (inch sub.co) 2,240,500
Conv. bonds, this issue__
800,000
Real estate mtge., &c____
18,500
Bills payable___________
500,000
A c c ts . & n o te s r e c e iv
363,796
a b le , less re s e r v e ____
887.981 Accounts payable, &c___
54,839
C a sh _________________
308,821 Bond interest accrued____
bm
Deferred charges...........
98,053 Reserve for contingencies,
& c ...............................
304,266
Total each side_______ $8,322,047 Surplus_________________
566,846
C u rre n t assets, $2,826,163; current liabilities, $918,635; n e t c u rren t
assets, $1,907,529. subject to reduction by certain p r o p e r t y e x p e n d itu res.
— V. 99. p. 412.
THE CHRONICLE
IbO
Texas Co.—
S u b s id ia r y C o m p a n y D i v i d e n d .—
Seo Producers’ Oil Co. abovo.— V. 102, p. 527.
Tide W ater Oil Co., N. Y. — S tock O ffe r e d . — Hayden,
Stone & Co. and Eastman Dillon & Co. are placing at $185
per sharo (par $100) $2,660,000 common stock.
Data from I.etter of Prest. R. D. Benson, June 28 1916.
Stock.— Incorporated in Now Jersey in N ov. 1888, and acquired tho
business o f its predecessors. Tho capital stock on Dec. 31 1915 was $24,
000,000. In April 1910 tho company voted to increase its outstanding
capital to $29,000,000 (V. 102, p. 1005, 1251) and to offer tho additional
$5,000,000 stock to its stockholders and employees. Tho proceeds of this
stock are to bo used for paying o ff its floating debt and for enlarging tho
capacity o f tho refinery and pipo lines, and purchasing additional producing
properties. The company has no mortgage or funded debt.
Business.— Consists in producing, transporting and refining crude oil.
Products manufactured in order of value: Gasolino, kerosonc, gas and fuel
oils, lubricating oils, wax, pitch, coke, cylinder oils and greases. Tho
company is one of tho largest producers of gasolene.
Properties.— (1) Owns through subsidiaries large producing properties
in Pennsylvania, West Virginia, Ohio, Illinois and Oklahoma: area de
veloped 44,417 acres: undeveloped 12,332. Producing properties operated
488, on which there are 3,511 producing wells. (2) Has refinery, with
capacity o f about 11,000 barrels of crude a day, at Bayonne, N. J., on
Now York harbor, together with about 122 acres of land, 1y 2 miles of bulk
head and pier lino water-front and private docks to accommodate five or
six ocean-going steamers drawing 30 feet of water; 500 steel tanks, aggre
gate capacity 1,500,000 bbls.; power plant, 6,000 h.p.; (3) through a sub
sidiary 828 miles of 6-inch trunk lino, extending from the refinery at Bayonne
through tho Bradford oil region of Pennsylvania to Stoy, 111., where con
nection is niado with tho Illinois pipe lino and, through it, with tho Prairio
Pino Line, from Alton, 111., to tho Oklahoma fields. It also owns 1,929
miles of branch pipo linos. Along tho pipo lino oast of Stoy, 111., thero
are 20 main-lino pumping stations and 20 local pumping stations on tho
gathering lines.
During tho past ten years surplus earnings of $12,811,500 have been
reinvested in tho property.
Leading Sub-Companies.— Tho company controls through stock-owner
ship, ton subsidiary corporations, those of importanco and tho amount
of stock hold Dec. 31 1915, being as follows: (a) Tide Water Pipo Co., Ltd.
(99.5% ), owning2,757miles of pipo lino referred to above; (b) Associated
Producers Co. (99.8% ), owning producing properties in Pennsylvania,
Ohio and Illinois; (c) Okla Oil Co. (now "Tidal Oil C o.’ ) (88.6% ), owning
producing properties in Oklahoma and has recently acquired tho properties
of White & Sinclair, which consist o f 53 producing properties with 347
wells on 9,415 acres, (d) Platt & Washburn Refining Co. (100% owned)
is a marketing organization ongaged in distributing oil products, including
tho well-known automobilo oil known as "Veedol.”
Output.— At tho refinery thero is distilled between 10,000 and 11,000
barrels o f crude oil every day, which is transformed into more than 350
different products which aro shipped to all parts of tho world. Tho out
put includes practically every product manufactured by any oil refinery.
For containers used in shipping its products tho company has a capacity
for manufacturing every day about 3,500 woodon barrels, 18,000 oil cases
and 36,000 five-gallon cans.
Since 1908 tho company has spent $3,184,442 on now construction,
replacements and renewals on tho refinery alone, and now has under way
the largest construction program in its history.
Tho recent purchase or tho White & Sinclair properties in tho Oklahoma
field (a largo part of which is in tho Cushing Pool) which as of Dec. 31 1915,
wore producing 4,158 bbls. daily, is in line with our policy of insuring a
sufficient quantity of crudo oil to meet all its demands. Those properties
aro at present producing considerably more than at tho rate reported as
of Dec. 31 1915.
Burton stills, for producing gasolino, aro being installed at tho Bayonne
refinery. Those will bo in operation early in tho fall and will incroaso the
output of gasolino to about 154,000 gallons per day.
Annual Net Earnings o f this Company and its Subsidiaries, after Deducting
Depreciation.
1912.
1913.
1914.
1915.
$812,821 $4,445,286
Not earnings...................$3,177,717 $3,523,684
Earned on stock_______
13.24%
14.68%
3.38%
18.52%
The drop in tho 1914 earnings was duo to tho outbreak o f tho European
war, which prevented normal shipments at a time when the great Cushing
Pool in Oklahoma was near its maximum o f production. This reduced
profit is, however, moro apparent than real, since prices later rose consider
ably abovo the figures at which they wore taken in the income account.
Prices o f all products have materially advanced lately and this year promises
to be one of largo earnings. During tho four months ended April 30 1916
shipments of lubricating oil increased 53% over the same period last yoar,
and shipments of wax increased 34% over 1915.
Dividends.—-Prior to 1907 tho Tide Water Pipe Co., Ltd., was tho parent
company, with outstanding capital stock of $2,000,000 on which dividends
were paid for 25 years at the average rato of about 63% per an num. In
that year tho stock of tho Pipe Company was exchanged for stock of tho
Oil company on a basis of ten shares of oil company stock for one sharo of
pipo company stock, thus making the outstanding capital of the oil com
pany $20,000,000, o f which $18,000,000 represents surplus earnings re
invested in tho property. Sinco 1899 cash dividends equivalent to at
least 8% on the $24,000,000 stock have been paid annually. An extra
dividend of 1% has recently been declared, payablo July 1 1916, in ad
dition to the regular quarterly dividend. Seo also last annual report, &c.,
in V. 102, p. 1246, 1254, 2347.
U nion Bag & Paper Co.— R e o r g a n iz a t io n . — Tho committeo, wo aro informed, is now assured of sufficient assents
to the plan of reorganization (V. 102, p. 1816) to warrant
its consummation after Aug. 1 when tho time for deposit
expires. Tho following is approved:
Tho plan is toroduce tho company’s present capitalization of $27,000,000
to $10,000,000 new common stock, and will also provide $1,000,000 cash
[by an issue o f either $1,000,000 7% prof, stock or 6% debenture notes].
The sudden deatn of John 8. Riegel, President of the company, will not
interfere with the plans of the committee. M r. Riegel sinco ho took charge
of the company about threo years ago has built up a strong organization,
bringing tho company out of a state of almost bankruptcy, and, with tho
adoption of the proposed plan, placing it among tho healthy financial com
panies. Earnings in the first six months of this year have been running
far ahead of the same period of 1915. There has been a good demand for
tho company’s products, which aro selling at prices moro than 50% in excess
of last year’s prices. It is expected that if tho proposed plan goes into ef
fect tho company will bo able to commence dividends on the new stock.
August llockseher has been eloctotl Chairman, and Y.ce-1’residents;
Charles R. McMillen and E. B. Murray have been made members of tho
executivo committee. Tho offico of President is still vacant.
O f f e r in g o f B o n d s o f C o n tr o lle d C o m p a n y .—
See St. Maurice Paper Co. abovo.— V. 102, p. 1816, 1635.
U nion Stool C asting Co.—
E x tr a D i v i d e n d .—
An extra dividend o f 2%, has been declared on tho stock along with tho
regular quarterly 2% , both payablo to holders of record July 6. It is
understood tho company lias $2,500,000 capital stock.
U nited Furnaco Co., C anton, O.— B o n d s . — Tho First
National Bank of Cleveland is offering at par and int. for
maturities averaging 7
years $1,000,000 1st M . 5 % gold
bonds dated July 1 1916 and due serially $100,000 each July 1
from 1919 to 1928 inclusive.
Principal and semi-annual interest payable (J. & J.) at First Trust &
Savings Co., Cleveland, trusteo. Denom. $1,000 (c). Company agrees
to pay present normal Federal income tax. Subject to redemption in whole
or in part in reverse order of their Issuo on any int. date at 102 and int.
Summary of Letter of President H. Q. Dalton, Dated June 15 1916.
Secured by a first mortgago on 111 acres of ground owned in fee simple
in Canton, O., on which there is in courso of erection a furnaco plant with a
[Vol. 103.
capacity of about 450 tons of pig iron per day, together with a by-product
coke oven plant sufficient to furnish tho furnace with its supply of coke.
Tho cost of the plant, when completed, will bo approximately $2,400,000.
The plant is about 70% completed and is expected to be finished and in
operation about Sept. 1 1916.
Tho capitalization consists of $1,600,000 common stock, all of which
will be subscribed and fully paid for in cash at par and an authorized 1st M .
5% gold bond issue of $2,000,000. Tho $1,000,000 of reserve bonds can
only bo issued for additional plant, permanent betterments, extensions or
additions up to two-fifths of tho cost, tho United Furnaco Co. paying tho
additional three-fifths of the cost in cash.
Pickands, Mather & Co., Cleveland, have a contract to furnish tho com
pany with its supply of Iron oro, coal, coke, limestone and other raw ma
terials and the United States C o., Canton, O., has entered into a contract
to purchaso from tho United Furnaco Co. all of its supply of pig iron up to
the capacity of the plant and tho excess gas and electrical current not re
quired for the furnace company's operations. Pickands, Mather & Co.
have a contract for tho management, supervision and operation of the plant
and have agreed to sell and market tho ontiro output of tho plant not taken
by tho United Steel Co. Tho contract between Pickands, Mather & Co.
and the United Furnace Co. whereby the former is to have the entire man
agement of the plant, sale of its output, &c., runs until July 1 1930. Tho
contract between the United Steel Co. and tho United Furnace Co. runs
until July 1 1930. The stock of tho company is all owned by interests
identified with Pickands. Mather & Co. and tho United Steel Co.
Directors.— Pres., II. G. Dalton, Pickands, Mather & Co., Cleveland;
V.-Pres., Harry R. Jones, 2d V.-Pres., E. A. Langonbacli, and Sec., E. L.
and Hang respectively Treas., Pres, and Sec. of United Steel Co., Canton;
and II. S. Pickands and Geo. II. Beaumont, both of Pickands. Mather &
C o., Cleveland. The Treasurer is E. P. Williams. Cleveland.
United States Steel Corporation.— E a r n i n g s , etc.—•
Chairman E. 11. Gai*y on Monday, boforo his departure on
a threo months’ trip to Japan, China and tho Philippines,
gave out a statement saying:
The steel business in tho United States, for domestic use and for export,
is better than ever before. Tho production is larger, tho profits greater
and tho workmen arc receiving higher wages.
Tho unfilled orders for tho various products of the subsidiary companies
of tho corporation aggregate nearly 10,000,000 tons, and about 6,000,000
tons of this total have already been specified for actual delivery. Besides,
the present daily bookings aro about 80% of full producing capacity and
would exceed such capacity except for the fact that the accumulated orders
and specifications necessarily too long delay deliveries on account of now
orders. Wo aro producing at tho rato of 51,000 or 52,000 tons per day.
Tho earnings for the current quarter will not be made up until the day
the figures are given to tho public, but it seems apparent they will bo in
excess of the earnings for tho last quarter.
Discussion of tho causes for those results or tho duration of these con
ditions might not bo useful at this time. Lot us hope that nothing unneces
sary will bo dono or anything necessary left undono to interfere with tho
great business prosperity tho country is now enjoying.
Thero have been some labor troubles in localities and others aro threat
ened. I hope and boliove tho atmosphere in this respect will soon bo cloared,
for there is little, if any, real ground for complaint on the part of employers
or employees. Tho men connected with our companies generally seem to
bo contented. Wo liavo striven to deservo their confidenco.— V. 103,p.66.
United Steel Co., Canton, O.— C o n tr a c t .—
Seo United Furnaco Co. above.— V. 100, p. 1173; V. 84, p. 1434.
U. S. Light & Heat Corporation .— P r o x i e s A s k e d f o r
i n M a n a g e m e n t — E a r n in g s , & c . — Tho proxy eommitteo nanruxl bolow, in circular of Juno 24, asking for proxies
to bo used at tho annual meeting on Aug. 9 in an offort to
securo a now management, says in substanco:
C hange
Less than ono yoar ago tho management was supplied with working capi
tal aggregating over $500,000 cash and In addition had a largo inventory,
largo accounts receivable and a model plant, but this cash has been almost
entirely dissipated. Tho operating account shows a loss of $116,942 for
nine months of its first fiscal year, as submitted to tho board by tho manage
ment. A sub-committee of the board, composed of Mr. Pressprich and Mr.
Gower, appointed by tho board, found a waste of between $225,000 and
$250,000 a year; recommended drastic economies, cuts in salaries and re
duction of overhead expenses. It was admitted by tho management at a
meeting last month that such a sum could be saved.
Especially should tho company cut off tho enormous expense of legal fees.
Chicago attorneys have been drawing from tho company between $40,000
and $50,000 per year for several years, and have lately submitted a bill
for $25,000 additional for alleged extra legal sorvicos. Tho company has
been onjoined by tho Court from paying this bill, and it is hoped to maintain
this injunction until tho stockholders elect a now board.
Wo desiro tho election o f a board of directors and tho appointment of a
management who will correct tho ovils existing, and we ask your support.
Voting trust certificates for preferred stock should bo exchanged at Guar
anty Trust Co., N. Y ., for stock certificates, as tho voting trust has been
dissolved. Only the actual stock has voting power.
l’roxy Committee: Otto Pressprich, 317 West 83d St., N. Y. City, and
William C. Wilson, both directors U. H. Lt. & lit. Corn.; Jamos M . Spencer.
Herbert V. Falk, a member of the stockholders' committoo that reor
ganized tho company, as of July 3 roports:
R es u lts f o r T e n M o n t h s E n d e d A p r i l 30 1916.
Ton months net shipments___________________________________ $1,365,284
Final factory cost (over 8 5 % )________________________________ 1,165,924
Loss on bad accounts— reserve_______________________________
10,587
Administrative expenses (including salaries, $148,083; “ travel
ing expenses anil entertainment,” &c ., $5i,982. & c.)-----------339,212
Net loss for ten months------------------------------------------------------ $150,439
The management talks of nearly $3,000,000 worth of contracts put on
the books in tho last few months ("in addition to the regular business which
has been enlarged"], but of this amount about $2,000,000 is from one source
— a large automobile concern, tho interests connected with which have
lately secretly purchased through your executive committee your remain
ing $500,000 of treasury bonds and 27,500 shares of treasury preferred.
Against tho above purchase, your management has turned in this contract,
which tho writer believes cannot bo executed except at a not loss. Your
management. It is believed, is co-operating with the above intorosts to
procure control of your corporation at tho annual meeting, which explains
tho engagement of a Chicago firm of stock brokers in tho extraordinary
proposition of circularizing you and offering to sell you bonds (at quite a
profit) for your pref. stock, with the frankly admitted object of securing
control from you common and preferred stockholders who now hold it.
The management, in a rejoinder to tho foregoing, attacks the rocord of
the protective committoo in general and of some of tho aforesaid proxy
seekers in particular in their relation to tho company and also says in brief
in circular of July 5: Wo cannot givo this whole story. It is too long, but
vital facts wo can givo. The Prossprich-Walker proxy lottor statos that
this management "was supplied with working capital" aggregating over
$500,000 cash. As a matter of fact, it was months after this reorganized
company came into existence beforo tho protective committee turned over
any cash, and, exeopt that we roccivod 847,000 from a fire loss, thero might
have been a new receivership. A threat of a suit resulted in our getting
our first $50,000. The next sum we received was from the sale by us of
15.000 shares of treasury common stock, which netted $82,465. The next
monoy obtained was $250,250 [from sale of further 50,000 shares ot com
mon Stock], and thereby hangs a tale. The next sum, $18,000. was re
ceived from the protective committoo, being tho balance in their hands.
— V. 102. p. 1255. 1993.
U nited Zinc Sm elting Corp.—
T im e
E x te n d e d .—
The time for tho exchango of Kenofick Zinc stock on tho basis of 1%’shares
United for 1 sharo of Koneflck has been extended to July 15, after .which
tho exchango will be made on a sharo-for-sharo basis. Exchange may still
bo mado at tho Bankers Trust C o., N. Y .— V. 102, p. 2171, 1998.
For other Investment News see pago 156.
July 8 1916.]
151
THE CHRONICLE
Im p o rts
a n d
PACIFIC GAS AND ELECTRIC COMPANY
TE N TH AN N U AL REPORT— FISCAL Y E A R EN D E D D ECEM B ER 31 1915.
1 1916.
S a n F r a n c is c o , C a l., M a y
T o th e S to c k h o ld er s :
Your Board of Directors submits herewith a statement of
tho affairs of the Company for the year 1915.
INCOME ACCOUNT.
I n c r e a s e ( + ) or
D e c r e a s e (— ).
1915.
1914.
•S
$
Gross Operating Revenue___ 18,530,301 04 16,912,687 92 +1,617,613 12
Deduct Maintenance, Operat
ing Expenses, Taxes and Re
serves for Uncollectible Ac9,205,592 61 8,913,921 58
+291,671 03
1,380,000 00 1 ,000,000 00
+380,000 00
7,944,708 43
Add Profit on Merchandise
Sales and Other Miscellano-
413,878 87
Bond and Noto Discount and
6,998,766 34
+945,942 09
307,815 77
+ 106,063 10
8,358,587 30
3,985,410 52
7,306,582 11 + 1,052,005 19
4,191,401 39 — 205,990 87
4,373,176 78
3,115,180 72 + 1,257,996 06
160,410 43
— 309,104 58
469.515 01
2,645,665 71 + 1,567,100 64
SURPLUS ACCOUNT.
Balance from Incomo Account
r
N
In crea se ( +) or
1915.
1914.
D ecrea se (— ).
*S
8
S
4,212,766 35 2,645,665 71 +1,567,100 64
G a s D e p a r tm e n t —
Y e a r 1915. Y e a r 1914
Stato, County and Municipal_____ $270,992 $245,829
Commercial and Residential______ 7,162,484 6,747,145
Sales to other Gas Companies_____
26,485
22,434
Panama-Pacific International Exp’n 100,224
In crea se.
T otals..............................................$7,560,185 $7,015,408
W a te r D e p a r tm e n t —
Y e a r 1915. Y e a r 1914.
Municipal_____________
$25,564
$26,808
Irrigation______________
123,552
122,530
215,736
201,175
Commercial and Domectic________
P ow er___________________________
55,365
58,909
$544,777
T otals................................ ............
$420,217
$409,422
$25,163
415,339
4,051
100,224
In crea se.
SI,244 Dec.
1,0 2 2
14,561
3,544 Dec.
$10,795
Fifty-three per cent of tho year’s gross (including miscel
laneous income) was derived from sales of electricity, 4 0 %
from sales of gas, 2 % from street railway operation and 5 %
from sales of steam and water for irrigation and domestic
purposes, from profits on merchandise sales and other mis
cellaneous sources. Similar data with respect to tho period
1907-1915 are given in tho following statement:
SOURCES OF GROSS REVENUE— Including Miscellaneous Income
Y ear—
E l e c tr ic ity .
G as.
R a ilw a y . A l l O th er.
T o ta l.
......S6.316.629 $4,086,372 $431,800 $507,339 $11,342,140
1907
1908
..... 7,059.088
4,494,945
414,326
688.946
12,657,305
1909
..... 7.678,665
4.860,034
452.396
500,193
13.491,288
1910
5,202,284
509,152
..... 7,899,224
433,936
14,044,596
1911
..... 7,823,903
5,735,219
533,520
511,967
14,604,609
1912
...... 7.672.570
719,029
5,805.865
547,187
14.744,651
1913
..... 8,230.782
6,547.595
572,913
16.202,337
851,047
19 14................ 8,759,449
7,015,408
556,908
888,738
17,220,503
1915-------------- 9,924,482
7,560,185
425,338 1,034,174
18,944,179
FlSt P r e te r ^ fo c k (6%) - - 400.716 70
14.983 37
+385,73333 Gain 8 y ears..$3,607,853 $3,473,813 Dec$6,462 $526,835
$7,602,039
Original Preform 1 Stock (6 %)
600,000 00 600,000 00
. . . . -Common Stock (6% ).........- . - *1,930,073 60 ------------------- + 1,930,0<3 bO
PERCENTAGE OF TOTAL GROSS REVENUE F R O M
— 748,70629 Y e a r —
Balance........ ........................... 1,281,976 05 2,030,682 34
E le c tr i c it y .
G as.
R a ilw a y . A l l O th er.
T o ta l.
1907.............. . .
Less Reserves—
.56
.36
.04
.04
10 0
For Revenue involvod in pend
1908________ ..
.56
.36
.03
.05
10 0
Ing Rate Litigation________
398,288 23
554.362 02
— 156,07379 1909.............. . .
.57
.36
.03
.04
10 0
Miscellaneous Adjustments—
167,017 16 ------------------+167,017 10 1910............ ..
.56
.37
.04
.03
10 0
1911.............. . .
.54
.39
.04
.03
10 0
Balanco to Corporate Surplus.
716,670 66 1,476,320 32 — 759,649 66 1912.............. . .
.52
.39
.04
.05
10 0
1913............. ..
.51
.40
.04
10 0
.05
♦Paid in common stock at par, $1,926,558 00; cash, $3,515 60.
1914............... .
.51
.41
.03
10 0
.05
1915.............. .53
.40
.0 2
.05
10 0
NOTES ON
INCOME
AND
SURPLUS ACCOUNTS.
GROSS EARNINGS.
Tho following statoment shows tho gross operating reve
nues and proportion of tho year’s total of such operating gross
earned in each month of 1915 and in the corresponding months
of the precoding year:
M o n th s.
1914.
1915.
P r o p o r l i o n o f Y e a r ’s
G ro s s E a r n e d in
E a ch M o n th .
In crea se.
1915.
January . . $1,670,784 87 $1,568,556 43 $102,228
1,429,874 15
58,668
1,488,543 00
February .
1,344,145 53
245,853
1,589.998 76
March —
1,383,306 47
1,512.103 34
128,796
April_____
1,344,347 12
143,761
1,488,108 25
M a y ------1,358,083 32
95,876
1,453,959 86
Juno_____
1,325,579 16
1,482,706 79
157,127
J u ly _____
144,091
1,478,867 12 1,334,775 28
August__
1,558,689 19 1,421,633 90
137,055
September
1,409,693 90
157,659
1,567,353 25
October . .
173,010
1,616,245 42 1,443,235 29
Novombor
1,622,941 19 1,549,457 37
73,483
December
$18,630,301 04 $16,912,687 92 $1,617,613
11
1914.
44
85
23
87
13
54
63
84
29
35
13
82
STA T E M E N T OF CONSUMERS.
D ecem b er
12
Tho gross rovonues of each department and tho increases or
decreases in comparison with tho preceding yoar were as
follows:
G ro s s
1915.
I n c r e a s e O ver
From Sales of Electricity------ $9,924,482 $1 .165,033
or
7,560,185
544,777
From Sales o f Gas--------------From Operation Sacramento
425,338
131,570 Doc. “
Street By. System. - - - - - -
From Sales of Steam & Water
for Irrigation and Domestic
620,296
39,373
“
Purposes_________________
$18,530,301 $1,617,613
Profit on Merchandise Salos
and other Miscellaneous
Incom o____________
“
E le c tr ic
C on
su m ers.
122,304
54,772
62,026
70,515
83,005
102.024
117.065
132,355
148.957
166,149
139,503
.152,395
.176,131
.194,914
208,269
220.360
227,586
W a te r
C on
su m ers.
5,639
5,753
6,360
6,726
7,257
8,027
8,479
9.051
9,432
S tea m
C on
su m ers.
10 1
2 11
281
337
378
T o ta l
C on
su m ers.
182,615
199,014
216,378
242,126
285,513
320,217
349,384
378,705
403,545
7,226
17,192
381
41
24,840
111,377
3,893
378
220,930
13.39%
7.78%
Avorago gain per yoar--------- 13,160
13,922
487
47
27,616
$59 73
$44 55
$529 30
$44 86
23.02% Doc.
6.78%
9.56%
“ 34.46%
“ 1 0 .0 0 %
1
Tho operating rovonuos of tho Electric, Gas and Water De
partments were derived as follows:
In crea se.
$513,439
48,529
3,620
59,426
113,983
109,459
2,028
25,746
291,146
2,343 Doc.
T o ta ls .......................................... $9,924,482 $8,759,449 $1,165,033
G as
C on
su m ers.
Gain in 8 years..................... 105,282
106,063
E le c tr ic D e p a r tm e n t —
Year 1915 Year 1914
Commercial & Residential Business.$4,486,461 $3,973,012
Stato, County & Munciipal Business 787,612
739,083
Sales of Power—
Agricultural Industry--------------3o4,171
350,551
591,314
Mining Industry---------------------756,343
Transportation Industry_______
870,326
Manufacturing Industry_______ 1,663,099 1.553,640
Other Electric Light and Power
Corporations_______________
306,059
304,031
Commercial and Mlscollanoous..
513,460
487,714
Panama-Pacific International Expo
sition -L igh t and Power_______
291,116
Temporary Lighting and Power__
1,418
3,761
31st—
1914.
$18,944,179 $1,723,676
413,878
Of the total gross operating revenue in 1915, ninety-four
per cent was derived from private consumers and tho remain
ing six per cent from tho State, counties, municipalities and
other Governmental sub divisions, for street lighting and
other public purposes. Compared with last year tho division
between public and private business shows no change.
Tho increase during 1915 of $1,617,613 in gross operating
revenues was accompanied by a net addition of 24,840 con
sumers, bringing the total number of customers served at the
close of 1915 up to 403,545. The average gross revenue per
consumer was $44 86 in 1915 as against $43 19 in 1914 and
$43 78 in 1913. As shown in the following table, the net
gain in customers during tho past eight years has been at
the average rate of 27,616, or more than 15% per annum:
Gain in 1915.........................
Average gross revenue per
$33 22
TOTAL EXPENSES— RATIO TO GROSS.
Total expenses, including maintenance, operation, taxes
and reserves for uncollectible accounts and casualties, but
excluding depreciation, increased $291,671 03. The ratio
of these expenses to gross operating revenue decreased from
52.7% in 1914 to 49.7% in 1915, indicating that the larger
expenditures were mainly a reflection of tho greater volume
of business transacted; electric sales, as a matter of fact,
having increased by more than forty-two million kilowatt
hours, and gas sales by more than six hundred and seventyeight million cubic feet.
M A IN T E N A N C E A N D DEPRECIATION.
There was charged to maintenance during tho year $970,
886 37, in addition to which $1,380,000 was set up in operat
ing oxpenses as a reserve for depreciation, making the total
upkeep provision for the year $2,350,886 37, or 12.41% of
tho gross revenue for the year; or 12.68% if profits on mer
chandise sales and other miscellaneous income be omitted
from gross revenue.
15*
THE CHRONICLE
Actual expenditures for maintenance and depreciation in
1915 wore as follows:
Maintenance.................................................................................. $970,886 37
Paid out of incomo, through the medium of depreciation
resorve for (a) replacements and renowals and (6) additions,
betterments and improvements considorod to bo in substi
tution for plant abandoned and not roplaced or renewed-. 1,079,014 22
Total upkeep expenditure_______________________________ $2,049,900 59
This total upkeep expenditure was equivalent to 11.06%
of the gross operating revenue of the year, and compares
with an average of 7.21% expended during the same year
by even other of the largest public utilities of the State of
California, with aggregate gross operating revenues of
$21,945,773.
The following tablo, covering tho last ton years of the op
eration of these properties, shows for each year and for tho
entire period the gross revenue, the expenditures for mainte
nance, the amounts set aside for depreciation (including
rehabilitation), the total upkeep provisions represented by
the combined maintenance and depreciation charges, and the
percentage of gross revenuo appliod to these purposes.
Year.
Gross Revenue
CIncluding
Miscellaneous
Income).
Maintenance.
Depreciation
(including
Rehabili
tation) .
Total
Percentage o f
Maintenance
Revenue for
and
Maintenance
Depreciation. cfc Deprecia'n.
S
$
$
42
673,067 35 1,374,518 04 2,017,585 39
08 1,057,163 03
743,042 39 1,800,205 42
79 1,219,492 66 1,053,756 60 2,273,249 26
15 1,210,505 62 1,706,183 04 2,916,688 60
91 1,243,859 24 1,792,375 37 3,030,234 61
30 1,398,404 03 1,795,171 27 3,193,575 30
96 1,085,959 15 2,500,000 00 3,585,959 15
37 1,042,994 00 1,462,462 53 2,505,456 53
69 1,052,434 60 1 ,000,000 00 2,052,434 60
970,886 37 1,380,000 00 2,350,886 37
91
22.89
15.87
17.96
21.62
21.62
21.87
24.32
15.46
11.92
12.41
Totals . . 142,198,773 58 10,954,766 05 14,807,509 24 25,762,275 29
18.12
1906____
1907____
1908____
1909____
1910____
1911____
1912____
1913____
1914____
1915____
5
8,947,162
11,342,140
12,057,304
13,491,288
14,044,595
14,604,609
14,744,651
16,202,337
17,220,503
18,944,179
{£ Tho total of $25,762,275 29, provided out of income for
maintenance and depreciation, as shown in tho foregoing
table, was disposed of as follows:
A m o u n t.
P e r c e n ta g e o f
G ro s s R ev e n u e.
For rehabilitation o f San Francisco properties
after fire o f 1906.................................................*$2,171,511 03
Maintenance and depreciation o f tangiblo
assets...............
16,841,341 82
Appliod in writing off intangible assets________ 3,976,574 43
Total ...........................................- ................. $22,989,427 28
Balance of depreciation reserve still available
December 31 1915............................................ 2,772,848 01
Total ........................................................... $25,762,275 29
charges for ordinary maintenance. This compares with
$1,380,000 set aside for depreciation in 1915. The latter
amount is slightly in oxcess of tho annual depreciation calcu
lated for tho entire property on tho basis of allowances here
tofore made in various rate hearings.
N E T INCOM E.
The not result of the incroaso of $1,723,676 in gross (in
cluding miscellaneous income) and of tho incroaso of $291,671
in expenses (excluding depreciation), was to increase not
incomo by $1,432,005. This compares with an increase of
$1,435,451 in the year 1914.
Not operating revenues (excluding miscellaneous income
and before deducting depreciation) by months and tho proortion of the year’s total earned in eacli month are shown in
tho following table:
16.17
1.95
18.12
Indicative of tho extent to which tho voluntary practice
of this Company, in setting asido 18.12% of its gross revenues
during the past ten years for maintenance, depreciation and
rehabilitation (or 16.59% for maintenance and depreciation
alone) has conformed to the standards established by invest
ment bankers, it is interesting to observe that four important
1916 deeds of trust, securing issues of gas and electric utility
bonds and containing provisions for maintenance and de
preciation, require tho utilities in question to devote from
10% to 12 ^2% of their gross earnings to these purposes, the
averago of the four trust deeds in question being 11.12%.
The foregoing tablo should also bo studied in relation to tho
following facts:
1st! That large sums have beon expended to bring the
Company’s generating and distributing facilities up to a
uniformly high standard of physical excellence, and to vvold
theso properties into a homogeneous whole. This is particu
larly noticeable prior to 1913, during what may bo termed the
formative period, when many now properties were being
absorbed and were, to a considerable extent, reconstructed.
2nd. That for some years the Company has been engaged
in thoroughly and systematically eliminating from its physi
cal property schedules all unused, abandoned or obsolete
portions of the plant, so tliat theso schedules within recont
years have included, substantially, only facilities used or
useful in the public service, or non-operativo property,
largely lands and real estate, which actually has tho value
assigned to it in these inventories.
3rd. That largo sums havo been expended from year to
year in tho construction of practically imperishablo structures,
such as concrete substations, concrete dams, galvanized steel
tower lines, &c., replacing to a considerable extont structures
of a more limited life and having a tendency to lower tho rate
of depreciation.
Tho foregoing facts will also serve to explain why tho upkeop expenditures of recent yoars have, in gonoral, been less
than in the earlier years. This condition was anticipated in
tho following statement made in the annual roport for tho
year 1913:
#
# _
“ The balance remaining to the credit of depreciation re
serve at the close of tho year was $2,433,493. In viow of tho
present cleared-up condition of tho Company’s property
schedules, this balance, with normal annual chargos, should
amply provide for losses occasioned by wasting assots.”
The Company’s policy of making adequate provision out
of its revenues for tho preservation of its properties is re
flected in tho present excellent condition of theso properties
and in tho uniformly high class of service which they are ren
dering to tho public tliroughout tho largo territory served.
During the year 1916, $1,500,000 will bo sot up in operat
ing expenses as a depreciation resorve, in addition to tho usual
1914.
1915.
January _______
February ...........
M a r c h ............. ..
April ______ _
M a y ___________
J u n e ....................
J u l y ......... ..........
A u g u st...............
Septem ber.........
O c t o b e r _______
N o ve m b e r.........
D e ce m b e r .........
$886,678
754,031
817,896
767,124
742,682
725,741
717,545
695,503
777,335
790,083
823,134
826,892
38
41
65
89
58
15
34
19
42
25
00
17
$784,198
717,748
602,067
662,777
617,011
019,356
586,441
602,362
688,051
673,699
702,116
741,731
Proporli'n o f Year's Net
Earned in Each Month.
Increase.
44
98
35
49
46
11
37
40
67
91
80
30
$102,479
36,282
215,229
101,317
125,071
106,385
131,103
93,200
89,280
116,383
121,017
85,160
94
43
30
40
12
04
97
73
75
34
20
87
$9,324,708 43 $7,998,706 34 $1,325,942 09
1 915
1914.
9.52%
8.08%
8.77%
8 .22%
7.96%
7.78%
7.70%
7.46%
8.34%
8.47%
8.83%
8.87%
9.80%
8.98%
7.54%
8.29%
7.72%
7.74%
7.33%
7.53%
8 .00%
8.42%
8.77 %
9.28%
1 0 0 .00%
1 0 0 .00%
As shown in tho following table, tho net earnings of these
properties, after bond interest, havo aggregated $31,649,830
in the ten years sinco this Company’s organization. The
disposition of these gross profits is shown in table under the
heading “ Conservation of Assets.”
Year.
Gross
Revenue.
Mainte
nance,Oper
ating Ex
penses and
Reserves.
Taxes.
Net
Earnings.
Interest.
Balance.
$8,947,162
.
.
11,342,140
.
12,657.305
.
13,491,288
14,0-14,596
.
14,604,609
.
14,744,651
16,202,337
.
.
17,220.503
.
18,944,180
$4,139,233
5,978,967
6,517,930
7,211,517
7,538,461
7,697,370
7,808,592
8,655,044
8,170,874
8,356,148
$283,880
247,262
274,789
320,059
382,880
516,702
622,969
676,163
743,047
849,445
$4,524,043
5,115,911
5.864.586
5,959,712
6,123,255
6,390,537
6,313,090
6,871,130
8,306,582
9.738.587
S2,784,908
2,854,264
3,021,722
2,988,521
3,006,256
3,254,133
3,568,943
3,902,045
4,191,401
3,985,410
$1,739,135
2,261,647
2,842,864
2,971,191
3,116,999
3,136,404
2,744,147
2,969,085
4,115,181
5,753,177
1.53
11.84
2.80
* In addition $309,348 05 recovered from Insurance was expended for
rehabilitation.
|Vol 103.
1 9 0 6 ..
1 9 0 7 ..
1 9 0 8 ..
1 9 0 9 ..
1 9 1 0 --.
1 9 1 1 ..
1 9 1 2 ..
1 9 1 3 ..
1 9 1 4 ..
1 9 1 5 ..
$142,198,771 $72,074,136 $4,917,202 $65,207,433 $33,557,603' $31,649,830
CONSERVATION OF ASSETS.
The following statement (excluding foot notes), which is
practically on a cash basis, has been prepared by Messrs.
Price, Waterhouse & Company, chartered accountants, aftor
ah examination of the Company’s accounts extending over
the past ten years, and will, wo holie o, be of particular in
terest to our stockholders:
•
DISPOSITION OF GROSS PROFITS DURING TEN YEARS EN DIN G
DECEMBER 31 1915.
Expended for Construction and Acquisition of property___ $56,474,164 53
Increase in Working Capital______________________________ 7,553,964 04
Total Increase in Assets________________________________ $64,028,128 57
Value received for Capital Stock issues______$12,429,533 32
Value received for Bonds and Debentures is
sued or assumed, less Bonds and Deben
tures retired - ................................ .................. 34.462,660 76
Assessment of Preferred Stockholders in 1907- 1,000,000 00
------ --------------- 47,892,194 08
Balance, being amount expended out of $31,649,830 06 of
Gross Profits, for construction and acquisition of property
and other assets, aftor using for this purpose tho entire net
proceeds of $47,892,194 08 from tho issue or assessment of
Capital Stock and Bonds______________________________ *$16,135,934 49
Further disposition of Gross Profits:
Rehabilitation of Property:
Repairs of damago by 1906 fire_________ $2,171,511 03
Replacement of depreciated property__ **6,087,739 88
$8,259,250 91
Discount on Gold Notes_______________
631,435 37
Organization Expenses_________________
261,032 94
Expenses in 1908-1910 San Francisco Gas
& Electric Company rato cases_______
64,504 05
Sundries-------------56,354 03
Dividends Paid In Cash________________ 6,241,318 27
--------------------- - 15.513,895 57
Gross Profits Accounted for_______________________ $31,649,830 06
* Includes all equities which may bo shown in other sections of this an
nual report to havo been created from profits.
♦♦Charged to Depreciation Reserve, $5,886,575 77: to. Surplus, $201,
164 11.
It will bo noted that out of tho profits of $31,649,830 06
arising from tho conduct of tho business during tho past ton
years, aftor providing for all oxponsos of maintenance, oper
ation, taxes, bond interest and reserves for uncollectiblo ac
counts and casualties, less than one-fifth has been paid out
in cash dividends to stockholders, both common and preferred,
and more than four-fifths, amounting to $25,408,511 79,
lias been conserved for tho benefit of tho property. Of tho
latter amount, $16,135,934 49 has gone to the creation of
additional plant and of other tangiblo assets, and $8,259,
250 91 has, through tho rehabilitation and replacement ac
counts, gono to tho preservation of already existing assets;
or, to state tho mattor in another way, for ovory dollar of
cash dividends paid to tho stockholders during this period,
the Company has put back into tho property for permanent
additions and improvements and other coneroto assots $2 58,
153
THE CHRONICLE
July 8 1916.]
and for tho preservation of existing assets $1 32, in addition
to $10,954,766 oxpended for ordinary maintenance.
of course, be obvious to any ono familiar with the bond mar
ket that a public utility which could receive this price, ^
wholesale, for bonds bearing five per cent interest would be
enjoying a very high degree of credit.
The unamortized bond discount still on the balance sheet
is being written off, in annual installments extending over the
life of the bonds, through the application of earnings to the
creation of tangible assets of corresponding value.
RESERVES.
From the 1915 surplus a reserve of $398,288 23 was set
up to cover revenue involved in litigation over gas rates in
San Francisco.
„
,
.
..
,
Reserves at December 31st 1915, after charging off realized
losses, stood as follows compared with Dec. 31 1914:
INTEREST A N D DISCOUNT.
In theso items thero was a docreaso of $515,095 45, brought
about by tho payment during tho year of tho $4,212,000 of
One-Year Gold Notes outstanding at Dec. 31 1914.
The avoraee rate of interest (excluding amortization of
bond discount and oxponso) on tho $76,172,800 of bonds out
standing in tlio hands of the public at Doc. 31 1915, was
5 00 5 %
Since tho organization of tho Company ton years ago, it
has applied $3,333,867 of its surplus earnings and accumu
lated surplus to tho extinguishment of bond discount and ox
ponso, and at Dec. 31 1915 the unamortized bond discount
D e s c r in tio n o f R es e r v e s —
D e c . 31 1915* D e c • 31 1914In crea se.
still on tho balance sheet was equivalent to but 5 .6 % of the For Depreciation_______________$2,772,848 01 $2,471,862 23 $300,985 78
63,940 49
49,o37 47
14,403 [L
entiro funded debt outstanding in tho hands of tho public Insurance and Casualty F u n d s...
Accounts Rosorvo..
132,853 26
oou’ oaa
at that date. Inasmuch as the average interest rate on this Uncollectible
R o s e rv e for Earnings in Litigation 1,214,383 80
816,095 57 398,288 23
outstanding debt is but 5 % , this is tantamount to stating
T o ta ls ........................................ $4,184,025 56 $3,467,495 27 $716,530 29
that if tho Company could refund its entire present bonded
Following is a balance sheet, certified by our independent
debt with now bonds bearing a uniform rate of interest of 5 %
Dor annum, and receivo 94.4% for theso bonds, it would bo in auditors, showing the Company’s financial condition at
the same position that it is to-day with respect to the relation December 31st, 1915, with notes explanatory of the princi
of its funded debt to this unamortized bond discount. It will, pal items:
BALANCE SHEET D ECEM BER 31 1915.
ASSETS.
Capital Assets:
Plants and Properties---------------------------------- --------------------------------------------Discount and Expenses on Capital Issued...............................................— .........
Investments------------------------------------------------------------------------------------------------Trustees of Sinking Funds:
Cash ______________________________ - — - — -------------------------------------------Intorost Accrued on Bonds held in Sinking F unds-----------------------------------------
............$129,281,360 00
...............
3,569,323 35
.............
16,319 86
$30,447 11
46,341 25
Deferred Charges:
_ . ..
„
i
Discount and Expenses on General and Refunding Bonds----------Unoxpirod Taxes and Undistributed Suspense Items.........................
$4,283,526 51
428,785 39
Current Assets:
.
Materials and Supplies on hand and in transit- - - - - - - - - - - - - - - - Installments receivable from Subscribers to First Preferred Stock.
Bills Receivable----------------------------------------------------------------------Accounts Receivable----------------------------------------------------------------
$1,419,442 00
112,522 50
L ess:
Reserve for Bad D ebts----------------------------------------------------
4,712,311 90
$305,873 39
1,856,260 53
$2,162,133 92
.
132,853 26
2,092,280 66
4,254,303 22
Cash _________________________________________________________
Treasury Bonds subject to sale, not included in A s s e t s or Liabilities:
Genoral and Refunding Bonds..............................................................
Bonds of Subsidiary Companies..........................................................
76,788 36
7.815,548 38
*$2,900,000 00
541,000100
$3,441,000 00
$145,471,651 85
LIABILITIES.
Capital Stock of Pacific Gas & Electric Company:
Common: Issued-----------------------------------------------Loss— Owned by Subsidiary Companies.
First Preferred..
Original Preferred
$65,732,724 66
. 31,696,866 66
$34,035,858 00
. 12,586,400 00
. 10,000,000 00
Capital Stock of Subisidary Companies not held by tho Pacific Gas & Electric Company, and Unpaid Dividends thereon.
Funded Debt:
Pacific Gas & Electric Company— General and Refunding 5% Bonds
Bonds o f Subsidiary Companies— . — -----------. . . . . . ---------------- . . .
$28,082,000 00
. 48,090,800 00
----------------------
Current Liabilities:
$920,481
295,119
501,392
66,184
1,251,329
432,259
A c c o u n t s P a y a b lo and Unaudited Bills.
Drafts O u tsta n d in g ----------------------------------
Motor and Lino Doposits........................
Unpaid Coupons and Dividends______
Intorest Accrued but not duo________
Taxes Accrued but not duo___________
Reserves:
Depreciation — . . . ------------------- -— ----------------------------------------------D e d u c t __Replacements and Loss on Proporty Sold or Abandoned:
At January 1 1915...................................................................- .................
Charged during year...................- .............................................................
52
64
27
04
37
40
$56,622,258 00
37,977 58
76,172,800 00
3,466,766 24
$8,163,471 84
$4,311,609 61
. 1,079.014 22
5,390,623183
$2,772,848 01
63,940 49
Insurance and Casualty Funds...-----------Reserve for amounts charged during 1913, 1914 and 1915 to Consumers in excess of Ratos allowed by City Ordinances. . 1,214,383 80
4,051,172 30
Surplus:
.........................$4,404,007 07
Balanco, January 1 1915______
$4,212,766 35
Balance from Income Account.
D e d u c t — Miscellaneous Adjustments including balanco of Discount and Exponses on Gold Notes written
o ff upon cancellation during 1915____________________________________________________ .-------------• I oqq oq
Roservo for amounts charged to Consumers In 1915 In excess of Rates allowed by City Ordinances—
398,288 23
$565,305 39 3,647,460196
$8,051,468 03
D e d u c t — Dividends:
On Original Preferred Stock
On First Preferred Stock—
On Common Stock:
Paid in Common Stock.
Paid in Cash . _____ __
$600,000 00
400,716 70
$1,926,558 00
.
3,515 60
-------------------- 1,930,073 60
--------------------- ?5
$2,930,790 30 / 5 . 120.677 73
--------------------- r ---------------------
154
THE CHRONICLE
(
W e h a ve a u d ite d th e b o o k s o f th e P a c i f i c G a s & E l e c tr ic
C o m p a n y f o r th e y e a r e n d in g D e c e m b e r 31 1915, a n d c e r t i f y
th a t i n o u r o p i n i o n th e a b o v e B a la n c e S h eet i s p r o p e r l y d r a w n u p
s o a s to s h o w th e tr u e f i n a n c i a l p o s i t i o n o f th e C o m p a n y a t
D e c e m b e r 31 1915.
(Signed)
P R IC E ,
S a n F r a n c is c o , C a l., M a r c h
W ATERHOUSE
&
CO.
8 1916.
* 875.000 00 General and Refunding Bonds pledged in San Francisco
Rato Cases.
NOTES ON BALANCE SH EET.
PLANTS AND PROPERTIES.
This account at the close of tho previous fiscal year stood a t .$127,138,055 02
Gross Expenditures for additions, better
ments and improvements during tho year
1915 amounted to_______________________ §3,222,319 20
Of which there was charged to Operating Ex
penses through tho medium of Depreciation
R eservo.......................................................... 1,079,014 22
Leaving balanco carried to “ Plants and Properties Account”
2,143,304 98
Tho total of which at Dec. 31 1915 stood at____________ §129,281,360 00
[Vol. 103
The increaso of $1,920,558 in the common capital stock
outstanding was brought about by tho payment, in common
stock at par, of two dividends on tho Company’s common
capital stock aggregating six per cent. Tho principles under
lying this distribution and the reasons for paying the divi
dend in this form wero fully set forth in tho 1914 annual re
port.
Tho geographical distribution of the Company’s share
capital as of December 31 1915 (eliminating duplications,
but including all First Preferred Stock issued and subscribed
for) was as follows:
D iv i s io n —
Pacific Coast:
Outside of California.
N o. of
H o ld e r s .
. .4,659
..
80
. . 627
-.1,455
. . 405
S h a r es .
253,600.89
7,592.52
53,753.13
207,857.60
43,418.44
P a r V a lu e .
$25,360,089
759,252
5,375,313
20,785,760
4.341,844
00
00
00
00
00
.*7,226 566,222.58
566,222.58 $56,622,258 00
T otal...................................*7,226
100.0%
*Of these 2,041 were women. Duplications duo to ownership of inoro
than ono class of stock by one person eliminated.
As shown in Statemont appearing above, the Company’s
expenditures for the construction and acquisition of addi
CURRENT ASSETS A N D LIABILITIES.
tional property during tho past ton years have aggregated
Current assots, eliminating unsold securities in tho Treas
856,474,164 3 (not including tho addition of $7,553,964 04
to working capital). Tho following table accounts for these ury (except as below indicated) show tho following changes
at December 31 1915, compared with the closo of tho proexpenditures by years:
ceding year:
O th er P r o p e r t ie s
.
Y ear—
C o n s tr u c tio n .
A c q u ir e d .
.......
83,860,243 84 $13,820,125 00
1906
1907 . ..............................
3,674,47469
47,861 17
1908 ----------------------------- 2,099,996 91
__________
1909 .......
1.746,705 64
90,632 46
1910 . .............................
2,879,15845
503,766 29
1911 ------------------------------- 2,248,52131
4.768,949 31
1 9 1 2 ._______
7,495,763 69
404,285 15
19 13
7,406,415 80
389,208 36
1914 .......................
2,733,949 35
4,181 50
1915 ----------------------2,089,44717 120,478 44
T o t a l............................ $36,234,676 85
$20,239,487 68
T o ta l.
—
,
D e c . 31
D e c . 31
I n c . ( + ) or
$17,680,36884 I te m s —
1915.
1914.
D e e d — ).
3,722,33586 Materials and Supplies.......................... $1,419,442 $1,500,697 — $81,255
2,099,996 91 Bills and Accounts Receivable (Less Re
1,837,33810 serve for Uncollectible Accounts)____ 2,029,281 2,222,692 — 193,411
3,472,92474 Duo on First Preferred Stock Subscrip
7,017,47062 tions.......................................................
112,522 2,755,301 — 2,642,779
7,900,04884 Underlying Bonds bought in advance
7,795,62416 for Sinking Funds.................................
541,000 ________
+541,000
2,738,13085 Cash......................... ... ............................ 4,254,303 1.711,969 +2,542,334
*2,209,92561
Totals.................. ..................... ........... $8,356,548 $8,190,659 +$165,889
$56,474,164 53
* Charged to “ Plants and Properties,” $2,143,304 OS (as shown above),
and to “ Investment in System Corporations,” $66,620 63.
FU N D E D D E B T .
Bonds and One-Year Gold Notes (securod) outstanding
in tho hands of tho public at Decombor 31st 1915, decreased
$3,095,500 during the year, as shown in tho following tablo:
Current liabilities show tho following changes:
D e c . 31
D e c . 31
7 n c.(+ ) or
Item s—
1915.
1914.
D e c . (— ).
Bills Payable............................................. ...............$1,394,968- -$1,394,968
Accounts payable____________________ $920,482 1,201,485 — 281.003
Drafts Outstanding__________________
295,120
352,065
— 57,845
Meter and Line Deposits_____________
501,392
396,130
+ 105,262
Unpaid Coupons and Dividends_______
66,184
62,759
+3,425
Interest Accrued but not Duo_________ 1,251,329 1,262,458
— 11,129
Taxes Accrued but not Duo__________
432,259
385,319
+46,940
------------------ O u tsta n d in g ------------------D e c . 31
D e c . 31
T ota ls................ .................................$3,466,766 $5,056,0S4— $1,589,318
1915.
1914.
D ecrea se.
P. G. & E. Gon. & Refunding 5s...........$28,082,000 $24,976,000*$3,106,000 Net working capital, computed on basis
of excess of Current Assets over Cur
619,000
C. G. & E. Corp. Unifying & Ref. 5s__ 19,698,000 20,317,000
rent Liabilities.......................................$4,889,782 $3,134,575+S1,755,207
C . G. & E. Corp. Gen. M .&Coll.Tr. 5s 4,517,000
4,568,000
51,000
Bay C o.’s Power Co. 1st Cons. M . 5 s ..
1,308,000
1,555,000
247,000
_______ Tho increase of $165,889 in current assots, and tho decrease
Bay C o.’s Power Co. 2d Mtgo. 6 s _____
682,000
682,000
Nevada Co. Electric Power Co. 6 s___
171,000
171,000
.
of $1,589,318 in current liabilities produced, indicato a not
Yuba Electric Power Co. 6 s...................
186,000
186,000
Valley C o.’s Power Co. 1st Mtgo. 5 s ..
1,938,000
2,093.000
155,000 bettorment of $1,755,207 in the position of tho Company’s
Cal. Central Gas & Elec. Co. 5s...........
729,000
763,000
34,000 curront finances during the past year. To tho not working
Oakland Gas Light & Heat Co. 5s___
688,000
981,000
293,000 capital of $4,889,782 at Decomber 31 1915, computed on
Sacramonto Elec. Gas & Ry. Co. 5s._ 2,149,000
2,156,000
7,000
Central Electric Ry. Co. 6 s...................
105,000
190.000
25,000 above basis, may properly bo added $2,900,000 par valuo
Bluo Lakes Water Co. 6 s____________
713,000
713,000
of General and Refunding 5 % Bonds issued against now con
United Gas & Electric Co. 5 s .............. 1,545,000
1,697,000
152,000
South Yuba Wator Co. Cons. 6 .s______ 1,495,000
1,497,000
2,000 struction and authorized by the Railroad Commission, all of
Central Cal. Electric Co. 5s_________
______
1,000
1,000 which aro in tho Company’s treasury oxcept $875,000 pledged
Standard Electric Co. of Cal. 5s______ 2,235,300
2,326,300
91,000
Suburban Light & Power Co. 6 s______
224,000
229,000
5,000 under surety bonds in connection with rate litigation. This
I.ivormoro Water & Power Co. 6 s_____
29,500
87,000
57 500 givos total working assots of about seven and one-half million
San Francisco Gas & Eloctric Co. 4i^ s.
7,085,000
7,149,000
64,000
Pacific Gas Improvement Co. 4s_____
517,000
595,000
78,000 dollars against which there is a contingent liability of $1,
Edison Light & Power Co. 6 s...............
623,000
623,000
214,383 80 representing rovenucs involved in ponding rate
188,000
208,000
20,000
Mutual Eloctric Light Co. 5s...............
Metropolitan Gas Corporation 5s_____ 1,205,000
1,293,000
88,000 litigation.
Issu es—
M E A N S OF FUTURE FIN A N C IN G .
Since its organization ten years ago this Company, directly
Total Bonds and Notes.....................$76,172,800 $79,268,300 $3,095,500 and through its bankers, has sold, for cash, securities of tho
* Increaso.
aggrogato par value of $80,421,400, tho ontiro proceods of
CAPITAL STOCK.
which, aggregating $70,537,705, havo boon expended sololy
Capital stock outstanding in tho hands of tho public in for the porpotuation and enlargement of this California enter
creased as follows:
prise. To meot future needs for now capital tho Company
D e c . 311915. D e c . 31 1914. I n c r e a s e .
First Preferred Stock— 6 % Cumulat-*$12,586,400 *$8,801,300 $3,785,100 will havo available, when and as required and when and as
Original Preferred Stock— 6 % Cumu. 10,000,000 10,000,000 _____ . authorized by tho Railroad Commission, tho following
Common Stock....................................... 34,035,858 32,109,300 1,926,558
securities issuablo only for extensions, additions, bottor---------$56,622,258 $50,910,600 $5,711,658 ments, improvomonts and tho refunding of oxisting obliga
♦Includes stock subscribed for but not fully paid.
tions, as specified in tho Public Utilities Act of California:
In last year’s report allusion was made to tho gratifying
G en er a l a n d R e f ten d in g 5% B o n d s :
results obtained from tho offering of First Preferred 6 % Reserved for retirement of all underlying bond
issues - - - - - - - - - - - - .................. ......................... $48,090,800
Stock directly to California investors, and the intontion of Reserved
for additions, betterments and improve
continuing this policy during tho onsuing yoar was an
ments at 90% of cost__________
70.112,200
In Treasury, available for general corporate
nounced. As shown in tho following table, giving, by
purposes_____________________________________ 2,900,000
months, tho number of individual sales and tho amount of ^
„
, ,
-----------------$121,103,000
sales (including also any exterior sales), the added results Outstanding In hands of public___________ _________ _______ 28,082,000
815,000
havo fully justified tho continued effort of encouraging the Canceled through operation of sinking funds________________
Total authorized issue____________________________________ $150,000,000
mutually advantageous partnership relation between tho
F ir s t P r e fe r r e d 6 % S tock :
Company and its employees, customers and others living Reserved
for oxchange for original preferred stock
within tho territory served by it. The price of this stock
after July 1 1916....................
$10,250,000
was gradually increased during tho year from $82 50 por Reserved for additions, botterments, improve
ments, etc---- ------------27,163,600
share— the price established at tho time of the initial offoring
------------- — $37,413,600
Outstanding in hands of public_____________________________ 12,586,400
— to $90 00 por share.
Total Bonds........................................$76,172,800 $75,056,300*81,116,500
One-Year Gold N o te s ...............................................
4,212,000 $4,212,000
Total authorized issue_____________________________________ $50,000,000
FIRST PREFE R R E D STOCK SALES DU RIN G 1915.
M on th —
January__
February..
M arch____
A p ril_____
M ay______
Juno______
July______
A u g u st__
September
October__
November.
Decomber.
Total.
N u m ber o f
Sales.
262
146
P ar Value o f
Stock Sola.
176
145
231
145
108
94
177
79
__ 38
$307,500
210,800
241.600
334,000
282,100
429,300
478,400
100.600
414.500
508.900
241.500
235.900
1.712
$3,785,100 00
111
00
00
00
00
00
00
00
00
00
00
00
00
C o m m o n S tock :
Availablo for future corporate purposes (including stock owned
by subsidiary companies)_________________________________ $65,964,142
Outstanding in hands of public-------------------------------------------- 34,035,858
Total authorized issue___ ________
$100,000,000
SIN K IN G FUNDS.
Tho following tables present the facts indicated with rospect to tho sinking funds of this Company from tho incoption of tho earliest in 1901 down to December 31 1915, at
which latter date no matured sinking fund obligation re
mained unsatisfied:
926'tSTm “SBTSnSThSd"ff'23? iSSS5-X!d 'SSVVfii
^
155
THE CHRONICLE
July 8 1916.]
f i r f ta .o m o „t sH ov.ns
of bonds hold in sinking funds, tlioaeacr i
^
t “ f i * i r£ S £a£& S % r »“ ~
5 3 1 6 3 0 05, and the
«' «*<*«
__________ ______________ ___________
amounting to §427,424 50.
'T h ir d __Statement showing derivation of funds for the retirement of 1 he?
w,,
$8 860,090 00 of bonds now ncld in sinking funds, expressed in par u
o f ’the bonds, as follows:
S493.000 00
From bond sales or exchanges_ - - - - - ---------------------------------- 1 041 ’ 90 ft 00
From proceeds o f common stock sales---------------------------------- 7’ s9fi’ 490 00
From surplus p rofits---------------------------------------------------------- ’ ~ ’____ ._
.........................................$8,860,690 00
Total-
ASSETS OP SIN K IN G FUNDS D E CE M B E R 31 191o.
ASSETS H ELD
S IN K IN G
FUNDS
Bay Counties Bower C o . . - -------------------------------------Cal. Cent. Gas & Elect. C o------- -----------------------------Valley Cos. Bower C o . --------- ------ -------- ---------------♦Sac. Elect. Gas & B y. C o .----- — ................. - ♦♦Cal. Gas & Elec. Corp. Gen. M t g e ..........................
Cent. Eloct. Ry. C o . . . ..................................................
♦United Gas & Elect. C o . . - - - - - - ................................
♦Mutual Elect. Light C o . . . ------------ ------------------♦Pacific Gas Improvement C o .-------------------------------♦San Francisco Gas & Elect. C o-----------------------------♦Metropolitan Gas Corporation-------------------------------Pacific Gas & Electric Co.—
♦Debentures of 1 9 0 5 -- --- --------------------------------♦Gen. Mtge. & Coll. Trust-------------------------------♦Gen’l & Refunding Mortgage--------------------------♦Stockton Water Company-------------- ---------------------
$16,590 88
7,372 99
6,866 9S
$389,000 00
416,200 00
472.000 00
155.000 00
1,764,000 00
3,500 00
402.000 00
306,500 00
460,000 00
25,726 47
466 59
597 51
3,320 55
4,241 66
714 74
17
44,000 00
324.000 00
1 ,000,000 00
10 0 .0 0 0 00
ASSETS IN
T o ta l
A ssets.
C a sh a n d
A ccru ed
In i.
B onds
( P a r V a lu e .)
C U S T O D Y OF
$405,590 88 Merc. Trust Co. of S. F.
423,572 99 Merc. Trust Co. of S. F.
478,866 98 Merc! T rUCoC,°UnionTr. Co. of S. F. and C o.’s vaults
155.000 00
1,789,726 47 Merc. Trust Co.
3,966 59
402,597 51 Merc’ T™CoC,°Union Tr. Co. of S. F. and C o.’s vaults
309,820 55 Union Trust Co. of S. F.
464,241 66 Union Trust Co. of S. F.
44,714 74 Mercantile Trust Co.
324.000 17 Union Trust Co. of S. F.
1 ,000.000 00 Union Trust Co. of S. F.
10 0 .0 0 0 00 Mercantile Trust Co.
400.000 00 Trust Co. of America, New York.
1,697,490 00 Union Trust Co. of S. F.
815,145 00 Bankers Trust C o., New York.
145 00
1 12 .0 0 0 00 Union Trust Co. and C o.’s vaults.
400.000 00
1,697,490 00
815.000 00
1 12 .0 0 0 00
$66,043 54i$8,926,733 54
$8,860,690 00
Total----------------------------— —---------------------—
Howls held therein.
♦Bonds canceled— including $120,000 in C o.’s vaults, being all Sinking 1 unc
♦* $46,000 Bonds canceled.
ANALYSIS OF SIN K IN G FUND ASSETS D EC. 31 191o.
D E S C R IP T IO N
OF BONDS IN
S IN K IN G
/'
Pacific Gas & Elect. Co. Gen. & R e f - - - - - - - - - ............
P acific Gas & E lect! C o! Debentures (
i g
c S m ffi
5K
1905) ..........- - - .............
UNDS.
.......................5%
...............
6%
C a sh C o st
of
B on ds H eld .
$815,000
400.000
1,697,490
669.000
991.000
503.000
$40,750 00
24,000 00
84,874 50
33,450 00
49,550 00
25,150 00
4,080 00
25,800 00
12,250 00
9,200 00
6,720 00
00
$780,998 30
400,000 00
1,528.421 85
630,223 05
931,212 61
510,436 40
71,020 00
519,545 00
251,662 50
186,089 75
117,605 55
399,598 74
1,201,222 75
318,259 00
43,612 50
59,790 00
11,427 50
5,062 50
153,34 1 25
26,000 00
53,233 30
291,115 00
91,952 50
$8,860,690 00
$8,581,830 05
$440,904 50
13,480 00
$8,860,690 00
$8,581,830 05
$427,424 50
00
00
00
00
00
00
68,000 00
S
So.
.........................
5%
6%
5%
.4
4%
6%
5%
6%
Blue Lakes Water Company.............................................................................. " , ______ 6 %
South Y u b a W ater C o ------ ------------------------------------------------------------------------------ 5%
M etropolitan Gas C orp oration . ................- ............................- .................- .......... " ............ . 6%
Suburban Light & Power C o ................................................... - ............................................... 6%
.............5%
Fresno Gas & Electric .....................................................................................
Oakland Gas Light & Heat C o ................................................... - .......................... ................ 5%
California Central Gas & E lec. C o ..........- - - ................. " " ‘ " I . ....................................
Sacramento Elec. Gas
R y . C o ________________
______________________
Stockton W ater C o . - - --------------- ------------------------------------------------- ----- -----------------------..................
U nited Gas & Electric C o - - - - .......................................... .............
San Francisco Gas & E lect. C o --------------------- -------------------------------P acific Gas Im provem ent C o ..........- ..................................................- .....................................
T.ivermore W ater & Power C o ............- ...................................................... ..
........
M utual Electric Light C o m p a n y ................... ............................................................ .............
&.
Standard Electric C o. o f C al..............................................................
A n n u a l I n t . S a tin g
to C o m p a n y b y
R ea son o f B on d
R e tir e m e n ts .
P a r V a lu e
of
B on d s H eld .
516.000 00
245.000 00
184.000 00
1 1 2 .0 0 0 00
402.000 00
1,171,000 00
340.000 00
43,500 00
62,000 00
12 ,0 0 0 00
5,000
163.000
26,000
46.000
291.000
98,700
00
00
00
00
00
Less Annual Interest on Bonds issued in lieu o f Bonds re tire d .....................................
2 0 .10 0 00
52,695 00
13,600 00
2,610 00
3,100 00
720 00
300 00
8,150 00
1,560 00
2,760 00
14,550 00
4,935 00
T otal____
AND
M e a n s by W h ic h R etir em e n ts W e r e E ffe c t e d .
P a r V a lu e B o n d s .
•
Y ear.
P a r V a lu e
B o n d s R etir ed .
$20,000
1901
---------------45.000
1902 -----43.000
1903 ----202,000
1904 -----164.000
1905 ----736.000
1906 ----440.000
1907 ----756,245
1908 ----977,160
1909 ----825.000
1910
---------------875,085
1911
---------------1,015,200
1912
---------------514.000
1913
---------------378,500
1914
---------------1,869,500
1915 - - - -
E xch a n ged f o r
O th er B o n d s .
C o m m o n S lock
M on ey.
$20,000
20,000
20,000
2 1,0 0 0
20,665
2T 666
171.000
89,000
1 1 1 .0 0 0
$998,200
43,000
S u r p lu s
P r o f it s .
$25,000
23.000
181,000
164.000
716.000
440.000
735,245
806,160
736.000
764,085
17.000
471.000
878,500
1,869,500
S7,326,490
$1,041,200
__ _________
__________
$493,000
______________________
$8.860,690
Total
■Mnlc — Bonds rotired in Sinking Funds aro not included in Funded Debt
shown on Balance Sheet on previous page. All underlying bond issues aio
closed to future sales or exchanges for sinking fund purposes.
houses 4 and 5 without requiring the construction of addi
tional water-storage facilities, canals, &c., above the Drun
power house. These power houses will bo connected with
the general system by steel-tower transmission line connected
with the present Electra line just above Stockton.
e l e c t r ic
Y ear—
i o n __________
ii)l 2 .....................
1913___________
1 0 1 4 __________
1915.....................
M ile s o f
H ig h
T e n s io n
T ran s
m is s io n
L in e s .
1,319
1,371
1,531
1,534
1,544
d is t r ib u t io n
s t a t i s t i c s .___________
N u m b e r N u m b e r T o ta l
M ile s o f
C on n ec
of
of
N u m b e r O ver M i l e s o f
S treet ted L o a d
S treet
U
n
d
e
r
h
e
a
d
of
on
L
a
m
p
s
L
a
m
p
s
g
r
o
u
n
d
S u b -sta D i s t r i
I n c a n - S ystem
b u tio n C o n d u it A r c s .
tio n s .
d e s c 'ts . i n H . P .
L in es.
105
139
146
140
146
2,233
2,815
3,484
3,685
3,836
65.8
67.0
74.9
81.4
82.7
6,119
6,052
6,721
6,545
6 ,0 0 1
10,191 308,041
1 2 ,1 2 2 369,675
21,321 425,783
27,468 478,598
33,9781525,541
Tliero was an increase during the year of 1G2.3 miles of
lines in tho transmission and distribution systems, the aggre
gate mileage in operation at the close of tho year being
’ The connected load in motors, appliances and lamps on the
system increased to 525,541 horso power, this load being
4G 943 horso power, or ten per cent greater than in the pre
e l e c t r ic g e n e r a t in g s t a t is t ic s
ceding year. The decrease in tho number of arc lights used
H yy d
d rr oo S te a m A ll
S y s te m
P eak
H
for streot lighting and the increase in tho number of incan
G en er a tin g
L oad D em a n d
E le c tr ic
E le c tr ic
P
la
n
ts
.
F
a
c
to
r
o
n
P la n ts .
descent lights used for this purpose represents the further
P la n ts .
fo r
S y stem
transition from one form of lighting to another, the amount ot
Y em
t r
in s ta ll a t io n
I n s ta lla tio n
I n s t a lla t io n1 Y
I
I
.
P
.
cross revenue during the year from street lighting having,
Y ear—
N o.
in I I .P . N o .
in H .P . N o.
i n I I .I . ( l e r v t .)
57.4
141,469
151.239
1911..................... H
92,973
4 58,266 15
f ° f matter of fact, increased by 841,938 91, or seven per
58.6 145,000
1 9 1 2 -.-.............. 9
90.227
4 94,100 13 184,327
59.0 160,819 cent, as compared with the preceding year.
1913.................... 10 123,740
4 110,188 14 233,928
166,273
60.6
230,576
1014.....................10 121,059
4 109,517 14
Tho most important single piece of construction in tne ex
59.4 187,051
231,917
1915.....................10 122,400
4 109,517
14
- - - - - -tension
--of tho Company’s transmission system was the
Thoro lias been no change in the installed capacity of elec bringing into San Francisco of hydro-electric energy directly
tric plants since the last report. Preliminary steps have, from tho Drum and other power houses by means of an ex
howover, been takon for the completion during tho year 191G tension of the steel-tower line from San Rafael to bausalito
of power houses Nos. 4 and 5, known as the Halsey and Wise and thence across the Golden Gate by m ^ n s of two submar
plants on tho South Yuba system, with a combined installed rino cables having an aggregate capacity of 18,000 horse
capacity of approximately 30,000 horso power, or about tho power. This installation completes the circuit of trans
presont capacity of tho installation now in tho Drum power mission lines around San Francisco Bay, it now being possi
liouso on tho samo system. This additional construction is in ble to send hydro-electric energy into our largo and growing
accordance with tho general plan outlined in tho annual report San Francisco market from both tho north and tho south.
for tho year 1913, and will onablo tho Company to make a
Now copper wiro was substituted for aluminum wire and
substantial addition to its developed powor resources at a cable, having an average age of about fifteen years, on lOO.b
comparatively small outlay, as tho samo water that now miles of our distribution and high-tension transmission lines.
operates tho Drum powor houso will also operato powor
PHYSICAL A N D OPERATING STATISTICS.
156
THE CHRONICLE
S
2 t S
igh price, T aIu™ num>of which more than one
million pounds were sold, and by purchasing approximately
p H ^ i h° n pounds of copper before that motal had its large
mVes u s ’lfin
m?.ke„this chang°> which in effect
n
' f
new transmission lines of
fore e m i i T S
character than the lines theretoat a
“ ° ‘ “ ly ' ritll0ut cost’ but
Y ear—
.............
1911
1912
..........
1913..................
1914............ .............
1915___________
K . IV . H o u r s
G e n era ted
F u e l O il U s e d
B a r r e ls .
K . W . H ou rs
p e r B a r r e l.
108,157,064
100,749,286
163,886,492
101,639,560
166,916,794
579,433
529.193
809,700
549,451
786,073
186.66
190.38
2 02.40
184.98
2 12.34
fVoL. 103.
crease of almost 24 per cent.
As only two per cent of the
S w Pa7
l ^ 088 reveaae is derived fr°o i this department the
f l ,t
v h0 comP6« « o n of motor vehicles is a S f e b t e
its best r fS r tsIt ? nia®6me* ? '’ o ever tlie Icss, is putting forth
u p o ^ a m ^ l q S t a b l o 6 b t i s .C° mP° tltl0a r° gulated
_______________W A T E R
D EP AR TM EN T
N u m ber o f
P u m p in g
S ta tio n s .
Y ear—
( P u m p in g S y s t e m ) .
M ile s o f
D is tr ib u tio n
M a in s .
G a llo n s o f W a te r
P u m p ed .
1911.
1912.
1913.
1914.
1 915.
1 ,2 01 .3 5 8 ,6 9 5
1 .3 26 ,6 28 ,5 26
1 .5 10 ,4 17 ,9 76
1 .6 23,607,351
1 ,6 50 ,4 19 ,3 01
5 5 .7 9
62.77
69.92
75.93
108.73
Electric current generated at steam stations increased bv
g en er al.
more than 65,000,000 kilowatt hours, partly due to tho deth? Federal Court affecting electric rates in
thfi^Hp-JvH thefPa? a™a; Pacffic International Exhibition, for
trePt %
tW°ftnVlUiCl1 f t 8 CoinPany ta d the exclusive con- v n t i F f ftn®?sco durmg the year ending June 30 1914, and gas
f°xr th.°.y.ears ending Juno 30 1914, 1915 and 1916 refr
n
ot¥ r local demands induced by the Exposition.
° f 0ur,steaai Plants- measured by the kilowatt been completed
"
en mado in former roports>has no’fcy ° fc
hours of energy produced per barrel of oil, was by far the
highest attained since the installation of our modern tur- n Pay °ieatps under the Workmen’s Compensation A ct, which
d S
l l l f 1tivo January 1 1914 aggregated 862 884 62
auring 1915. This compares with $73,707 55 durine- the
Y ear.
1 9 1 1 ..
1 9 1 2 ..
1 9 1 3 ..
1 9 1 4 ..
1 9 1 5 ..
N o . o f T o ta l D a i l y C a
G as
p a city o f G en er
P la n ts . a to r s , C u b ic F t.
16
17
17
17
16
34.68 0.00 0
4 3 .13 0.00 0
43.13 0.00 0
4 3 .13 0.00 0
5 4 .22 0.00 0
M ile s o f
G as
M a in s.
1,917.71
2 ,2 01 .0 0
2 ,3 7 4 .1 8
2 ,5 1 6 .2 5
2 ,6 45 .6 2
amir^ ] x V s 7 S ld o yAar-1U y,hich tho Acfc was h l operation,
N o . o f G as N o . G as
S erv i
S treet
ces L a id . L a m p s
171,934
168,486
182,914
183,089
190,354
8,3 42
8,442
8 ,924
9,939
10,102
C u b ic F e e t
S o ld .
5 .7 5 1 .0 0 0 .
6 .6 9 1 .0 0 0 .
7 .4 3 0 .0 0 0 .
7 .6 4 8 .0 0 0 .
8 .3 2 6 .0 0 0 .
000
000
000
000
000
uisixxuuuon system embraces 2,645.62 miles of
mains, an increase during the year of 129.37 miles. Sales of
gas were 8,326,000,000 cubic feet, an increase compared with
the preceding year of 678,000,000 cubic feet.
1 he most important construction work in this department
was tho completion of three large additional generators with
6,000,000 cubic feet per day each, ono of these
t e
° Ca et fln Oakland and the other two in San Francisco.
These generators embody new ides and principles in oil gas
manufacture, and are protected by United States patents,
both with respect to the basic process and the appartus used
^ w T ym ^-n-Ut j £ ls Process. Your Company controls these
patents within tho territory covered by its operations.
SACRAM EN TO
Y ear—
1911
1912
1913
1914
1915
M iles o f
S treet
C ars
R a ilw a y O w n ed
T rack.
_____________
3 8 .9
_____________
4 0 .0
_____________
4 2 .0
_____________
4 2 .9
-------------------------43.1
STR EET
T o ta l
P assen gers
C a r r ied .
11,464,696
11.926.098
12,508,744
12,256,142
9,4 85 ,4 90
R A IL W A Y
Car
M ile a g e .
SYSTEM .
Car
H ou rs.
2 ,2 79 ,9 98 293,107
2 .3 01 ,3 42 276.438
2 ,4 09 ,7 45 3 01,930
2 ,4 81 ,9 68 .3 03 ,2 63
2 ,6 8 4 ,5 08l294.739l
P a ssen
gers p er
D ay.
G ross
R even u e.
3 1,410
321674
34,27 0
3 3,578
2 5,988
533.520
547,187
572.913
556.908
4 25,338
s ^ * s ^ d 2 ! f s w
? a r 1913, immodiateiy p
A new office building was erected in tho city of Martinez
a
already erected was purchased in Berkeley, and
Hon of o L T ChaxSi°d m tho Clfcy of San Rafael with the intonlowin? ™ r
% here° n r new,offlco building during tho fol
lowing year. The erection of a now oight-storv Class A
?heoelna a d c r cret0 °,fficr r bui[di-np: in San Francisco^ adjoining
tho present general office building, was begun
This im
provement will.be completed in 1916, and S
enable us To'
ron
8 iciont t0 yiold a g00d roturn ° n
Tho contra„ts under which gas and elootricity were sudI n t e r n S i n T y byA s Company to the P a n a m a -P a X
International Exposition Company in San Francisco were
carried out successfully without any interruptions whatsoperiod*
was $391 370 7 ?
ioo S di ’? f7f°x78,
138 kilowatt hours
during th° ton ,m° nths of tlm Exposition
i W
T
f r d
from this business
H 7 >4 0 6>800 cubic feet of gas and 16,921 ,
of electricity were supplied.
T n lv T f i m W
F anted by the. Railroad Commission on
‘ ‘ W o S n 19 5, th+1S A?,oaip.a ay acquired tho properties of tho
t r i l i l i ' 1 ' w n 0 Eiectnc” company, consisting of an elocf c a ^ b ^ o n system in Broderick and territory adjacent
HWcflT m Y ° ° C,o uafy » California. Tho cost was $53,857 81
^ s Z i M e ^ t o 688
8aPPrai8°d Val“° °f 1,10eom-
The total paid in wages during the year was $5,198,000.
pAmTTnOWlodgI1iea tils dl10 tke officers and employees of tho
Company for their loyal and efficient services.
Tor the Board of Directors,
FR AN K G. D R U M ,
President.
*v“. S r?r y
4'“ r , v a lu o ox n o te s n e m b y t h e m . T h e v a re r e a liv
L c h a n g o f o r 1t h e ir K
°a C h ° r d I n a r y s h a r° ^ c e i v e d b y t h e m In
p r r f e r m f s t o r e s 5 ®°^ b*pe r *s h ar e , C t h ^ l l o l i t H b l i t ^ g t o
a s s is t in p a y in g o f f t h e c u r r e n t lia b ilit ie s o f t h o c o m p a n y , in o rd e ? t o fn s .ir n
^ SU™CesSH ° f .th.V P rc s e n t p la n o f r e o r g a n iz a t io n . A n d , In c a Je th e r e I s
o y er - s u b sc r ip t i° n , t h o p re s e n t s h a re h o ld e rs w i l l , u p o n t h o c o m n lo tin n
£ L l h e *p r ° pOS?d re c o n s tr u c t io n , h a v e f iv e f u l l y p a d o r d i n a r y s h w e l f o ?
e v e r y t w o p re fe rre d s h a re s s u b s c rib e d a n d p a id f o r b y th e m r M n e c t i^ e lv
- A V 1® e s tIm a J ecl t h a t t h o p ro p o s e d is s u e o f 8 5,0 0 0 .0 0 0 o f o r d in a r y s h a re s
n^ ^ ^ ^ ^ ^ r®rdh^y sE^es'at.ViS
share
SUeswh1,sha!re0o^ prefereedl^.f?. „
III®3 ’499’888
g ^ Z
T o t a l Issu e o r d in a r y s h a re s ______
rn n
nnonCesS it a t e t h e is s u e o f 346" shares" lii~ excess" o f " t h e p ro p o s e d
s s & . ,u i 5 s <>f 3i s f n
^ 1. ' ,s d“ m*d
.W e s te r n New York Utilities Co., I n c .— Bonds, & c.—
N . W . Halsey & Co. are placing the initial block of 8700,000
new 1st M . 5 % 30-year gold bonds at 9 7 ^ and int. Taxexempt m N ew York.
, i o R ateCT ^ u n o 1
N e w Y o r k T ru st C o .
tjn e J u n o l 1946, b u t re d e e m a b le a t 105 o n a n v in t
D e n o in . c* $ 5 0 0 ,& $100; c * & r* $ 1 ,0 0 0 , 8 5 ,0 0 0 , & c .
’
D ig e s t o f L e t t e r f r o m P r e s i d e n t A . L . S w e t t , M e d in a , N V
l i m a IK
O r g a n iz e d u n d e r t h e la w s o f N . Y . a n d o w n s a n d o p e ra te s p ro p e rtie s t h a t
h a v o b ee n c o n t in u o u s ly a n d s u c c e s s fu lly d o in g a n e le c t r ic I
p o w e r b u s ness f o r a p e rio d o f 18 y e a r s .
S e r v e ! M e d in a A l b o n M U l d ^
p o r t , B r o c k p o r t a n d 15 a d ja c e n t r e s id e n t ia l a n d m a n it f a r t m in S M m m m U
tie s s lt u a t e c f b e tw e e n B u f f a lo a n d R o c h e s te r In a n o l d e s t A b i s h w l a ^ r o i '
p o ro u s s e c tio n o f N o r t h w e s t e r n N o w Y o r k .
P O D u la U o n o f t h i
s e r v e d a b o u t 45,00 0 a n d in c re a s in g r a p id ly . U a p it a U z a t io A ^ t e r r lt o r y
Capita.1 s t o c k , a u t h o r iz e d a n d a ll o u t s t a n d i n g . .
'
g a n ri n o n
i s t M . 5 % b o n d s , a u t h o r iz e d , $ 5,00 0,00 0; o u t s ta n d ln g T t h ls 'i& s iio i 700 n o n
r, T h e p re s e n t f in a n c in g w i l l r e t ir e a ll u n d e r ly in g b o H d s o u S n d i A g
f u n d c a p it a l e x p e n d it u r e s h e re to fo r e m a d e a n d p r o v id e a d d it io n a l w o r k in g
'™11
a t o T a T c a Pr c h y noSf 2*375 k
?,e«n e r‘?,t In 8
w it h
tra n s m is s io n lin e s a n d ’ 76 m ile s 'o f 2d l s t r ib u t io n lin e s 68 A l i ^ n 2 r r h ! h ' t0 n s io n
u n d e r a lo n g -t e r m c o n t r a c t f r o m t h o N ia g a r a L o c k iio rt^
P°w°r
T i i o c o m p a n y o w n s G lo n w o o d L a k o w B te h w i t h i n
1ower C o a n a v e ra g e d e p t h o f 30 f e e t, fu rn is h e s tT,e1, v n V ' I r , l a l „ a r c ;V °.f 87 a c r«3s a n d
s t a t io n . T h o c o m r
o w n s m o ro t h a n 200
p la n t s , s u b -s t a t io n s , ,
„ i n P ' U o n u ln t v ;v ,u e o f p h y s ic a l p r o p e r t y ( e x c lu s iv o o f g o o d -w ill oannf/,
d ,
a t * 1 g l7 ^ iQ°im s )i T a.s .a P P r a lse d in M a r c h 1916 b y a n
in d e p e n d e n t e n g in e•er
e rr a
-e
t $ 1 ,1 7 3 ,4 3 1 , w h ic h is 6 7 %
f o u t s ta n d in
bonds.
- - in excess o-------------------------..0g
MwPkl
-
«
-
t i i r a
7
r t A n Y ,d e s ta b lis h e d m a n u f a c t u r in g a n d r ic h a c rrim l
t u r a l d is t r ic t in th o n o rt h w o s t e rn p a r t o f N o w Y o r k S ta te
Z n T a t
Ifa Ju n g .m a n u f a c t u r in g e n te rp ris e s a ro f u r n i t u r e fa c t o r ie s c a n n im r '^ rfm 0
p a n ie s , ir o n f o u n d rie s , m a c h ln o s h o p s , g r is t a n d f lo u r m ills ’ s t m S . 2 . "
a n d « > l d s to ra g e w a re h o u s e s . N u m e r o u s r a i d s to ra g e ^ w a re lm u s n i * ?vrovll^
f a c ilit ie s f o r s t o r in g f r u it s a n d v e g e ta b le s . T h o e n t ir e d i s t r i c t T q Ph a
? ^ u d s t a n t ? f?r ° w th in b o t h w e a lt h a n d p o p u la t io n d u o t n t h ! ?
re s o u rc e s o f th o s e c tio n a n d e x c e lle n t t r a n s p o r t a t io n fa c ilitie s 1.110 n a t u r a *
E a r n in g s f o r C a le n d a r Y e a r s a s D e t e r m in e d b y C h a r te r e d A c c o u n t a n ts .
G ro s s e a rn lm rs
N e t e a r n in g s . . 1
A n n u a l in t . o n $70'd,000’ 1 st ‘m . " 5 % 'b o n d s
. A.914.
$1(59,627
............... 68,92 0
1915.
$183,883
79,699
S > T S ;k^ M c i S f i f s ’A - s - a ;
Western United Gas & Electric Co.— Purchase __
p r o p e r t ie s j o F T h o ’ M l i r o h ^ b o r o CW a t o r a W w 1 « a 1<^ectricnL ig l° t & ^ G S01p ra ^
f o r w h ic h i t Is s a id t o h a v e p a id $450,000°— V . 102, p 257.
& GaS C ° ‘
White Motor Co., Cleveland, O.— Dividend— Orders —
LTHE CHRONICLE
.July 8 1916.]
ATLANTIC.
GULF
AND
W E ST
INDIES
1 5 7
STEAM SHIP
LINES
(A holding company organized under the laws of Maine.)
O F F IC IA L S T A T E M E N T TO T H E N E W Y O R K S T O C K E X C H A N G E IN C O N N E C T IO N W IT H T H E L IS T IN G
OF FI VE P E R C E N T N O N -C U M U L A T IV E P R E F E R R E D S T O C K A N D C O M M O N S T O C K .
N e w Y o r k , J u n e 21 1916.
Atlantic, Gulf & W est Indies Steamship Linos hereby
makes application to liavo listed on tho New York Stock
Exchango on and after July 3 1916 temporary interchange
able certificates for §14,979,900 (of an authorized issue of
$ 2 0 ,0 0 0 ,0 0 0 ) Five Per Cent Non-Cumulativo Preferred
Stock, consisting of 149,799 shares of the par value of $100
each, and temporary interchangeable certificates for $1 4,
963,400 (of an authorized issue of $20,000,000) Common
Stock, consisting of 149,634 shares of tho par value of $100
each, on official notice of issuance in exchange for present
outstanding certificates for Preferred and Common Stock,
respectively, with authority to substitute permanent en
graved interchangeable certificates for Preferred and Com
mon Stock respectively on official notico of issuance in ex
change for outstanding temporary certificates therefor.
Said stock is full paid and non-assessablo, and no personal
liability attaches to stockholders. A dividend of $1 per
share was paid to holders of Preferred Stock April 10 1916
and a further dividend of like amount will bo paid
July 1 1916.
N o dividends have been paid on Common
Stock.
Atlantic, Gulf & W est Indies Steamship Lines was organ
ized under the laws of the Stato of Maine, on November 25
1908, with an authorized capitalization of $40,000,000, con
sisting of $20,000,000 Proforrod Stock and $20,000,000 Com
mon Stock, to acquire and did acquiro tho assets of Con
solidated Steamship Lines, and to hold and dispose of the
same, and is ongaged in tho busmoss of building, acquiring,
owning, controlling, chartoring, managing, operating, soiling,
and otherwise disposing of steamships, barges, sailing
vessels and vessels and boats of all sorts used for or in con
nection with tho transportation by water of passongors and
froight, or in connection with any marine work whatwsoever,
and may hold stocks and bonds of other corporations. Dura
tion perpetual.
The holders of the Preferred Stock aro entitled to non
cumulative dividends payablo from tho surplus or net
profits of tho corporation, at tlio rato of, but not exceeding
Five Per Cent per annum for each and every fiscal year when
and as determined and declared by tho Board of Directors,
in preference and priority to any payment for such fiscal
year of any dividond on tho Common Stock. If, aftor earn
ing, declaring and appropriating for tho Preferred Stock a
dividond of Five Per Cent for any fiscal year, thoro shall
remain any surplus or undivided not profits for such fiscal
year, tho Board of Directors, out of such surplus or un
divided not profits, may declaro and pay dividends tor such
fiscal year upon tho Common Stock. But no dividends
shall in any fiscal year bo paid upon tho Common Stock
out of any surplus or not profits of any provious fiscal yoar,
for which tho full dividends shall not have been paid on tho
Preferred Stock.
Preferred Stock, or any portion thereof, may from time
to time bo purchased by the corporation, at its option,
upon tho payment in cash of $100 per sharo to tho holder
or holders of tho Preferred Stock so to be purchased, ton
days’ notico of such proposed purcliaso having been given.
Preferred Stock so purchased shall bo held in tho treasury
of tho corporation, and no dividond shall bo paid thereon
until and unless the Board of Directors, by tho voto of the
majority, shall authorize tho salo of tho samo and tho pay
ments of dividends thereon; it being tho intention that such
purcliaso shall not bo construod as a reduction of tho Capital
Stock of this corporation. In tho ovont of any liquidation,
dissolution or winding up, whothor voluntary or involuntary,
of tho corporation, tho holders of tho Preferred Stock shall
bo entitled to bo paid in full tho par valuo of thoir shares
before any amount shall bo paid to tho holders of Common
Stock, and after such payment to tho holders of tho Pro
forrod Stock, of its par valuo, tho remaining assots and funds
shall bo divided and paid to tho holders of tho Common
Stock.
,
,
Tho holders of Preferred and Common Stock shall have
equal voting power at all meetings of ah tho stockholders
of tho corporation, each share of stock boing ontitlod to one
voto.
_
Tho charter also provides that any increaso of Capital
Stock shall bo sold at public or private salo, or bo distributed
or otherwise used or disposed of, in accordance with resolu
tions passod by tho Directors, and shall not bo allotted or
offered pro rata to tho stockholders of tho Corporation
unless an oxpress resolution to that offect bo passod by tho
Directors. Treasury stock shall bo disposed of from timo
to timo by tho Corporation only upon and aftor an author
ization therefor by a two-thirds voto of tho holders of tho
outstanding Proferred Stock of tho Corporation, present
or represented at a meeting of such stockholders called for
tho purposo of authorizing tho disposition of such treasury
stock, or part thoroof, which two-thirds voto shall constitute
at loast a majority in amount of all tho outstanding Preferred
Stock.
niSTORY.
During tho year 1907 the Consolidated Steamship Lines
of Maine acquired in exchange for its Capital Stock and
bonds, substantially all of the outstanding Capital Stocks
of Clyde, M allory, New York & Cuba M ail, New York &
Porto Rico, Metropolitan and Eastern Steamship Companies,
and in anticipation of default on the January 1 1907 coupons
a Bondholders’ Protective Committee was formed, and the
bonds of Consolidated Steamship Lines were deposited with
the Committee under a certain Bondholders’ Protective
Agreement, dated December 28 1907.
On October 9 1908 a decree was entered in the Circuit
Court of the United States for the District of M aine, against
Consolidated Steamship Lines for $63,038,200 for principal
and interest upon the bonds and coupons in default, issued
and certified under the Consolidated Steamship Lines Col
lateral Trust Indenture of Mortgage to the American Trust
Company, Trustee, dated January 1 1907, and under date
of November 25 1908, all of tho property secured by the
mortgage was sold to the Bondholders’ Protective Com
mittee under foreclosure for $6,500,000, and the Committee
thereafter transferred this property, consisting of:
2 8,563 s h a re s o f t h e C a p it a l S to c k o f E a s t e r n S te a m s h ip C o m p a n y o u t
o f a t o t a l o f 30,000 s h a re s o f p a r v a lu e o f $100 o a c h .
2 8,975 s h a re s o f t h o C a p it a l S to c k o f M e t r o p o lit a n S te a m s h ip C o m p a n y
o u t o f a t o t a l o f 30,000 s h a re s o f p a r v a lu e o f 8100 e a c h .
137,234 s h a re s o f t h e C a p it a l S to c k o f M a l l o r y S te a m s h ip C o m p a n y o u t
o f a t o t a l o f 140,000 s h a re s o f p a r v a lu e o f $100 e a c h .
133,148 s h a re s o f t h o C a p it a l S to c k o f C l y d e S te a m s h ip C o m p a n y , o u t
o f a t o t a l o f 140,000 s h a re s o f p a r v a lu e o f $100 e a c h .
193,936 s h a re s o f t h o C a p it a l S to c k o f N o w Y o r k & C u b a M a i l S te a m s h ip
C o m p a n y , o u t o f a t o t a l o f 200,000 s h a re s o f p a r v a lu e o f S100 e a c h .
78,000 s h a re s o f t h e C a p it a l S to c k o f N e w Y o r k & P o r t o R i c o S te a m s h ip
C o m p a n y , o u t o f a t o t a l o f 8 0,000 s h a re s o f p a r v a lu e o f 8100 e a c h .
to the Atlantic, Gulf & W est Indies Steamship Lines (which
on November 25 1908, as above stated, was organized to
acquiro these assets and for other purposes) in exchange for
its full paid and non-assessablo $20,000,000 Five Per Cent
Non-cumulative Preferred Stock, $20,000,000 Common
Stock and $13,000,000 Fifty-Year Five Per Cent Collateral
Trust Gold Bonds.
These securities wero applied as follows:
BONDS
A u t h o r iz e d is s u e ____________________________________________________ $ 15 ,000,000
(a ) T o h o ld e r s o f c e r t if ic a t e s f o r o ld b o n d s d e
p o s ite d t o t h e a m o u n t o f 2 0 % o f t h o p r in
c ip a l o f t h e ir f o r m e r h o ld in g s , a p p r o x im
a t e l y ____________________________________________$ 12 ,000,000
(b ) F o r u n d e r w r it in g c o m m is s io n a n d b a n k e r s ’
c o m m is s io n _____________________________________
400,000
(c ) R e o r g a n iz a t io n a n d o t h e r e x p e n s e s n o t e x
c e e d in g _________________________________________
400,000
(a ) C a s h r e q u ire m e n t s u n d e r d e c re e o r s a le , o n g r a v in g o f b o n d s o f n e w c o m p a n y , t ru s t e e ’s
fees u n d e r n e w b o n d is s u e , d is c h a r g e o f p r io r
lie n s o f o ld c o m p a n y , a n d s im ila r c h a rg e s ,
n o t e x c e e d in g __________________________________
200,000
(e ) R e s e rv e d as u n is s u e d t o b o d is p o s e d o f as
h e r e in a f t e r p r o v id e d ___________________________ 2 ,0 00 ,0 00
PR EFER R ED STOCK
A u t h o r iz e d is s u e _____________________________________________________
(a ) T o t h o h o ld e r s o f c e r t if ic a t e s f o r o ld b o n d s
d e p o s ite d t o t h e a m o u n t o f 2 5 % o f t h o p r in
c ip a l o f t h e i r f o r m e r h o ld in g s , a p p r o x im
a t e ly ________ ___________________________________$ 15 ,000,000
(b ) R e s e rv e d in t r e a s u r y o f n e w c o m p a n y -------------5 ,0 00 ,0 00
COM M ON STOCK
A u t h o r iz e d is s u e _______________________________________
(a ) T o h o ld e r s o f c e r t if ic a t e s f o r o ld b o n d s d e
p o s it e d t o t h o e x t e n t o f 1 2 1 4 % o f t h e p r in
c ip a l o f t h e ir f o r m e r h o ld in g s , a p p r o x
im a t e ly __________________________________________ $ 7,50 0,00 0
(b ) T o s u b s c rib e rs t o t h e $ 2,40 0,00 0 c o lla t e r a l
T r u s t N o t e s ____________________________________ 7 ,2 00 ,0 00
(c ) B a n k e r s ’ C o m m is s io n __________________________
300,000
- (d ) R e s e rv e d n t r e a s u r y o f n e w c o m p a n y _________
5 ,0 00 ,0 00
1 5 .0 0 0 .
000
20.000.
000
20,000,000
20.000.000
20,000,000
Tho holders of certificates for old Four Per Cent Col
lateral Trust Gold Bonds of the Consolidated Steamship
Linos deposited with tho Committee therefore received:
(1 ) F i v e P e r C e n t C o lla t e r a l T r u s t G o l d B o n d s o f t h e n e w c o m p a n y t o
t h o a m o u n t o f T w e n t y P e r C e n t o f t h e p r in c ip a l o f t h e i r f o r m e r h o ld in g s .
(2 ) F iv e P e r C e n t N o n - C u m u la t iv e P r e f e r r e d S to c k o f t h e n e w c o m p a n y
t o t h o a m o u n t o f T w e n t y - f i v e P e r C e n t o f th o p r in c ip a l o f t h e ir f o r m e r
h o ld in g s .
,
. _
,
.
(3 ) C o m m o n S to c k o f t h e n e w c o m p a n y t o t h o a m o u n t o f T w e lv e a n d
O n o - I I a l f P e r C e n t o f th e p r in c ip a l o f t h e ir f o r m e r h o ld in g s .
Under this plan, the holder of a certificate for a $1,000
Consolidated Steamship Lines bond received the following:
B o n d o f n o w c o m p a n y o f t h o p a r v a lu o o f -------------------------------------------------------------- $200
N o n - C u m u la t iv e P r e fe rr e d S to c k o f t h o n e w c o m p a n y a t p a r --------------------250
C o m m o n S to c k o f n o w c o m p a n y a t p a r -------------------------------------------------------------------- 125
T o t a l p a r v a lu e ___________________________________________________________ $575
To meet the then urgent financial requirements of the four
subsidiary companies, tho ownership of which has been
rotained, namely Clyde, M allory, Now York & Cuba M ail
and Now York & Porto Rico Steamship Companies, the
Atlantic, Gulf & W est Indies Steamship Lines, on Decem
ber 16 1908, issued its S2,400,000 par valuo Six Per Cent
Sorial Collateral Trust N otes, secured by notes of like
amount issued by tho subsidiary companies, which Col
lateral Trust Notes tho Committee sold, first offering the
right to purchase, ratably to all depositing bondholders
at a price equal to the par value of said notes and interest.
All of these serial notes were subsequently paid on or before
maturity.
158
THE CHRONICLE
[Vol . 103.
The stocks of tho four subsidiary companies mentioned
Tho following is a statement of the Income Account of
above, acquired at tho foreclosure sale, were deposited and this Corporation, years ended December 31:
pledged with tho Equitable Trust Company of New York, „
T o ta l
~
n , ? tere.e£ t ? n s " n d r v E p - ’ M a r i n e
D e p ’n o n
S u r p .fo r
under Collateral Trust Mortage, dated December 9 1908, Y e a r — I n c o m e .
N o te s . T a x e s , A c .
In su r.
M a r .E q u i p , th e Y e a r
1 9 0 9 .. 8613,264
$394,550
$6,487
........
8212,237
to secure the above-mentioned Fifty-Year Five Per Cont 1 9 1 0 -.1 ,2 9 7 ,7 9 4
695,120
35,827 $18,407
-----------548,439
Collateral Trust Gold Bords.
1911.
-1 ,0 5 5 ,0 8 4
708,450
*208,817
42,108
$02,500
33,208
-1 ,0 0 6 ,1 3 0705,350
11,875
43,617
62.500
182,788
Both the Metropolitan and Eastern Steamship Companies, 11 99 11 23 ..
-1 ,1 9 3 ,7 0 8702,250
0161,551
42,611
6 2.500
224,795
being unable to meet their financial obligations, were 1 9 1 4 .
-1 ,4 9 5 ,5 7 7
699,150
39,366
44,072
62.500
6 50,488
-2 ,2
—4 7 ,0 2 3667,331
35,863
45,881
6 2.500
1,4 35
,4 48 x.tou,™
placed in the hands of Receivers, and in order to prevent 1 9 1 5 . - .....
* T h is in c lu d e s $200,000 d e p r e c ia t io n o n in v e s t m e n t s , a T h i s in c lu d e s
foreclosure and sale of the properties of tho Eastern Steam $155,000
d e p r e c ia t io n o n in v e s t m e n t s .
ship Company, the Committee sold 22,000 shares of the
N o t e .— T h e f o r e g o in g In c o m o A c c o u n t d o e s n o t t a k e in t o c o n s id e ra t io n
28,563 shares of tho Capital Stock of the Eastern Steamship t h o u n d iv id e d s u r p lu s e a r n in g s o f t h e s u b s id ia r y c o m p a n ie s .
Company, m e n tic e d above, at 850 per share, and the pro
The following is a Consolidated Statement of Income A c
ceeds were deposited in the Treasury of the Eastern Steam count, years ended December 31, of the principal subsidiary
ship Company, and used by it to pay off its pressing obliga companies, viz.: Clyde Steamship Company, Mallory Stoamtions and lift tho Receivership. Tho shares of the M etro shvp Company, New York & Cuba M ail Steamship Com
politan Steamship Company, which had no intrinsic value, pany, New \ ork & Porto Rico Steamship Company and
as all of tho property of the Company was sold under fore subsidiary companies:
I n t. on B on d ed
closure of the mortgage, were later disposed of for a nominal
D e b t , R e n ta ls A
consideration in order to effect a settlement of cortain claims
O p e r a tin g
.
O llie r D e d u c ' n s .
a n d O th er
O p e r a tin g
T o ta l
P a id or
against the Metropolitan Steamship Company. The remain
N et
1 'ta r — In com e.
E xp en ses.
In com e.
ccru ed .
In com e.
ing 6,563 shares of the Eastern Steamship Company were 1909 ......... 814 ,0 07 ,3 85 $ 11 ,5 21 ,3 26 $ 2,48 6,05 8 $ A1,466,853
$ 1,019,202
2,4 81 ,4 13
subsequently sold by Atlantic, Gulf & W est Indies Steamship 1910 --------- 16.404.8S2 1 3,923,468
1 ,617,925
863,486
1911 ......... 16,752,097
1 4,382,833
2,3 69 ,2 61
1,531,827
837,433
Lines at $105 per share.
1912 --------- 18,297,233
1 5,731,963
2,5 65 ,2 69
1,603,655
961,613
3 ,3 41 ,8 04
Of tho authorized Capital Stock (all of which, together 1913 --------- 19.742,716 16,400,912
1,799,071
1,542,733
1914 --------- 17,555,156
1 4,700,826
2 ,8 54 ,3 29
1,910,982
943,348
with $13,000,000 of the Company’s Fifty-Year Five Per 1915
--------- 20,51 4,00 3
15,490,091
5,0 23 ,9 12
3 ,0 3 9 ,4 1 2
1,984,499
Cent Collateral Trust Gold Bonds, dated December 9 1908, T o A p r . 30
1916—
9 ,6 1 5 ,6 5 3
____
______
__________
6 ,9 0 6 ,3 0 6
2 ,7 0 9 ,3 4 7
675,645
2 .0 33 ,7 02
duo January 1 1959, hereinafter referred to, was issued in
This Corporation, or its subsidiary companies, now owns
exchango for properties of Consolidated Steamship Lines
the
following
securities:
acquired from tho Reorganization Committee under fore
C A P IT A L S T O C K .
.
closure of tlio mortgage) the Reorganization Plan, dated
D u r a tio n
A u th In hands
June 30 1908, provided that $5,000,000 of the Preferred
C om pany—
o f C h a r te r ,
o r iz e d .
Issu ed .
O w n ed .
o fP u b lic
Stock and $5,000,000 of the Common Stock should bo re * C ly d e S te a m s h ip C o .
n c in M e . F o b .7 ’0 6 .P e r p e t u a l $ 7 ,00 0,00 0 $ 7 ,00 0,00 0 $ 6 ,90 7,45 0 $92,550
served in the treasury of the Corporation and should be ♦I M
a llo r y S te a m s h ip C o .
disposed of only upon authorization by a two-thirds vote i ? C v n i Y e: , p c t . 3 l ’0G
“
7 ,0 0 0 ,0 0 0 7 ,0 0 0 ,0 0 0 6 ,8 9 1 ,8 5 0 108,150
of the holders of the Preferred Stock present or represented * N . S\S .. &C o .C u b a M a i l
at a meeting of such stockholders called for tho purpose of
I n c . in M o . M c h .6 ’07
“
10,000,000 10,000,000 9,9 22 ,9 00 77,100
authorizing the disposition of such stock, which two-thirds' * N . SYS. . &C o .P o r t o R ic o
voto must constitute at least a majority in amount of all
I n c . in M o . A p r . 8 ’07
5 ,0 00 ,0 00 4 ,0 0 0 ,0 0 0 4 ,0 00 ,0 00
“
T h e N . Y . & P o r t R ic o
tho outstanding Preferred Stock.
SS. C o .
Tho Reorganization Plan also provided that $15,000,000
I n c . i n N . Y . O c t . 11 ’90 69 y r s .
50,000
50,000
50,000
Collateral Trust Fifty-Year Fivo Per Cent Gold Bonds U . S . & P o r t o R ic o
N av. Co.
should bo authorized, of which $2,000,000 should be reserved
I n c . i n N . J . D e c . 7 ’0 0 -P e r p o t u a l
2,000
2,0 00
2,000.
by the Trustee, and bo issued and disposed of by tho Cor S o u t h e rn S S . C o .
*‘
D e la .J a n .7 ’03
160,000
90,000
90,000
poration only upon the same authorization of holders of S Iannc .A in
n t o n io C o .
outstanding Preferred Stock as that above required for tho
I n c . in M e . N o v . 5 ’06
50,000
50,000
50,000
S a n A n t o n io D o c k ’g C o .
disposition of the above-mentioned Treasury stock.
I n c . i n N . Y . M a y l 9 ’06
1,000
1,000
1,000
The Reorganization Plan further provided that tho mort C a r o lin a T e r m in a l C o .
11
I n c . in M e .D e c .1 3 ’ l l
100,000
gage should contain a provision that no additional mortgage
100,000
100,000
W ilm in g t o n T e r m . C o .
11
should bo executed without similar approval on tho part
I n c . in M o . J u ly 2 5 ’ 13
100,000
70,000
70,000
of the holders of outstanding Preferred Stock, and that the T h o S a n tia g o T o r m . C o .
I n c . in C o n n .J a n .4 T O
200,000
4 6,200 30,80 0
100,000
deed or mortgage as well as said bonds should also provido T h o S a n t ia g o W a r e house C o .
that in case of default in payment of interest, no legal pro
C o n n .A u g .2 7 T 5
100,000
3 2,500 67,500
200,000
ceedings should be resorted to by any bondholder or by the I nInt ec .in
r n a t ’l S h ip ’g C o r p .
••
I n c . in M e .M e n . 10 T 6
Trusteo until two years therafter, during which period of
100,000
100,000
100,000
C u b a n a do
two years the Corporation may relieve itself of such default C _o m pN aanv ia
a g a c io n
by paying the amount of accrued interest, together with
In c . in C u b a O c t.3 ’06 20 y r s . 2 ,0 00 .0 00
164,000
164,000
J a c k s o n v ille L i g h t e r interest on any deferred payments.
age C o .
The bonds issued under the Collateral Trust Mortgage
In c . in F la . A p r . 2 ’08 99 y r s .
5 0,000
50,600
50,000
aro, as abovo^stated, secured by tho pledge to the Trustee T h o T a m p a T o w in g &
L tg . C o.
of the following properties acquired from the Reorganiza
I n c . in F la . M a y 5 ’09 50 y r s .
3 5,000
3 5,000
35,000 —
C l y d e S S . T e r m ’l C o .
tion Committee, namoly:
137,234 s h a re s o f C a p it a l S to c k o f M a l l o r y S te a m s h ip C o m
p a n y , o u t o f a t o t a l o u t s ta n d in g issu e o f ____________ 140,000
133,148 S h a re s o f C a p it a l S to c k o f C l y d o S te a m s h ip C o m
p a n y , o u t o f a t o t a l o u t s t a n d in g is s u e o f ____________ 140,000
193,936 s h a re s o f C a o it a l S to c k o f N o w Y o r k & C u b a M a i l
S te a m s h ip C o m p a n y , o u t o f a t o t a l o u t s ta n d in g
is s u e o f --------------------------------------------------------------------------------------------------- 200,000
7 8,000 s h a ro s o f C a p it a l S to c k o f N e w Y o r k & P o r t o R ic o
S te a m s h ip C o m p a n y , o u t o f a t o t a l o u t s ta n d in g
issu e o f ................... ....................................... _ _ ....................... .......... 8 0,000
sh a re s
s h a re s
The following is a statement of tho outstanding obligations
of this Corporation and its subsidiaries:
BONDED
s h a ro s
s h a ro s
This Corporation has a fleet of five steamships, each having
a gross tonnage of 2,667 tons, now chartered to and oper
ated by the Southern Steamship Company, all of whoso
stock is owned by this Corporation. Tho Southern Steam
ship Company itsolf owns and oporatos three steamships,
of an aggregate gross tonnago of 6,207 tons. None of these
eight ships has an encumbrance. This Corporation also
has under construction at tho present time a fleet of eight
steamships, having an approximate gross tonnage of 30,000
tons. Six of these ships are under contract to bo delivered
on or before next December, and two on or before October,
1917. These eight ships (two of which aro fast combined
passenger and freight ships) when completed will cost
approximately $5,500,000, and payment for same has been
or will be made out of current oarnings, so that, including
the three steamships at presont owned by Southern Steam
ship Company, this Corporation now owns or has under
construction sixteen stoamships, tho book value of which,
when completed, will bo approximately $7,000,000. Tho
present market value is very much higher. All of those
steamships will in all probability be chartered by this
Corporation to its subsidiary companies on a basis of a net
annual charter hire oqual to Six Per Cont of tho original
book value of the ships, and any profit over and abovo this
six per cent will accruo to this corporation by way of divi
dends received from the subsidiary companies. The sub
sidiary companies employ about 14,000 men, and, with this
Corporation, own a fleot (including those now building) of
81 steamships of approximately $270,000 gross tons, and
157 tugs and lighters.
I n c . in M o . J u l y 7 ’09 99 y r s .
100,000
100,000
100,000
* T h o p a r v a lu o o f a ll a b o v o c o m p a n ie s ’ s h a ro s is $100, e x c e p t in g th o s e
m a r k e d *, w h ic h is $50.
„
C om pany—
IN D E B T E D N E S S .
.
A u th o r iz e d .
Issu ed .
C a n c e led .
O w n ed b y th is
C om pany or In hands
S u b s id ’s .
o fP u b lic.
A . G . & \Y\ I . S S .
$
$
$
$
$
L i n e s ---------------------- 15,000,000 1 3,000,000 .....................
622,000 12,378,000
B o n d s d a te d D o c . 9 1908
D u o J a n . I 1959
I n t . ra to 5 % J & J
C l y d o S S . C o ----------------- 6 ,0 0 0 ,0 0 0 5 ,7 93 ,0 00 1,6 02 ,0 00
376,000 3 815 000
B o n d s d a t e d F o b . 8 1906
’ w
D u o F o b . 1 1931
I n t . ra to 5 % F & A
4 .0 9 1 .0 0 0 1 .327,000 725.000 2 .0 30 .0 00
D u o J a n . 1 1932
I n t . ra to 5 % J & J
N . Y . & C u b a M a il
SS. C o .
. . 12,000,000 10,826,000 3 ,4 8 8 ,0 0 0 1,1 54 ,0 00
B o n d s d a t e d M c h .1 8 1907
D u o J a n . 1 1932
I n t . ra to 5 % J & J
N . Y . & P o r t o R ic o
N a v . C o ----------- 1 , 5 .0 0 0 .0 0 0 2 ,9 6 8 ,0 0 0
992,000 503,000
B o n d s d a te d M a y l 1907
D u e M a y 1 1932
I n t . ra te 5 % M & N
*11. S . & P o r t o R ic o
S S . C o _________ 3 ,0 0 0 ,0 0 0 1,946,000 1,7 61 ,0 00
6 6,000
B o n d s d a te d M e h . 1 1901
D u e M c h . 1 1921
I n t . ra te 5 % M & S
C a r o lin a T e r i n ’l C o _ 1 .000,000
700,000
40,000
85,000
B o n d s d a te d N o v . 1 1912
D u o N o v . 1 1937
I n t . ra to 5 % M & N
635,000
80,000
19,000
C ly d e S S . T o r m ’l C o .
700,000
B o n d s d a te d O c t . 1 1909
D u e O c t . 1 1934
I n t . ra to 5 % A & O
♦ W ilm in g t o n T e r .C o .
50,000
50,000
10,000
B o n d s d a te d J u l y 23 1 9 i3
D u e J u l y 23 1918
I n t . ra to 6 %
S a n A n t o n io C o --------250,000
100,000
.......... 100,000
B o n d s d a te d D e c . 1 1906
D u e D o c . 1 1956
I n t . ra te 5 % J & D
♦ M o rtg a g o , c lo s e d .
6,1 84 ,0 00
1 ,473,000
129,000
-'1
575,000
■a*
536,000
4
40,000
The properties of tho principal subsidiary companies are
described under thoir appropriate headings as follows:
C LYD E
S T E A M S H IP
COM PAN Y.
Successor to tho Clyde Steamship Company of Delaware,
which in 1871 or thereabouts succeeded to tho business of
William P . Clydo & Company, said to have been inaugurated
with the building of tho steamship John S. McICim in 1844.
Tho Company to-day owns twenty-two steamships, with a
minimum of 459 (St. Johns River boat), a maximum of 5,179,
and a total gross tonnage of 58,017 tons, operating soven
soparato and distinct routes as follows: _
New York Charleston & Jacksonville Lino, Boston Charles
ton & Jacksonville Lino, Now York Wilmington & George
town Line Now York & Philadelphia Line, Philadelphia &
Norfolk Lino, St. Johns River Line and W est India Line
plying between New York and all ports of tho Republic of
Santo Domingo. W ith its railroad connections at Norfolk,
Wilmington, Charleston and Jacksonville, tho Clydo Lino
reaches territory covered by nearly overy railroad in tho South
and Southeast. Tho Company lias open accounts and
monthly settlements with nearly fifty railroads, and sells
passongor tickets to and from any railway station m tho
South Atlantic States, via Charleston and Jacksonville. _
Tho Company also has under construction a freight ship
of about 3,000 gross tons, costing about $300,000, which will
bo delivered within tho next few months, and owns thirtyseven tugs, lighters, etc., now in operation, and has tlireo
lighters under construction.
The property of tho Clydo Steamship Terminal Company,
comprising water front terminals at Jacksonville, Florida, is
leased for ninety-nine years to Clydo Steamship Company,
tho Steamship Company agreoing, in lieu of a fixed rental,
to pay tho principal and interest of tho bonds, now amount
ing to $555,000; also sinking fund of $20,000 per annum,
taxes, insurance, maintenance, etc.
Tho Company also leases the property of tho Carolina
Terminal Company, comprising water front terminals at
Charleston, S. C ., for ninety-nine years, guaranteeing, in
addition to an annual rental of S I ,000 per annum, to pay
principal and interest of its issue of $660,000 first mortgago
bonds now outstanding, sinking fund of $20,000 per annum,
taxes insurance, maintenance, etc.
The capital stock authorized and issued is $7,000,000, con
sisting of 140,000 shares of tho par valuo of $50 each. Divi
dends haVo been paid as follows:
1908
1909
1910
1911
1912
.......................... _ ........................$4
.................... 3 00 p e r s h a ro
_________ 4 00 p e r s h a ro
.......................... .......................... 4
.......................... .......................... 2
S'2 50
1913__________________
00
p o r s h a ro
19T4__________________ 3 00
1915__________________ 3 00
1916
e ________ 2 50
00
p etro sdhaatro
50 p e r s h a ro
per
por
per
por
s h a re
s h a re
s h a ro
s h a ro
Tho total dividends paid during those years amounted
to $3,990,000.
A statomont of tho bondod indebtedness is givon abovo.
All bonds aro subject to call at 110 and interest on any inter
est dato, or through operation of sinking fund, which at pres
ent time amounts to $230,000 per annum. Secured by first
mortgago on all property owned. Columbia Trust Com
pany, Now York, Trustee. Under tho terms of tho mortgago
tho Company must at all times carry insurance to an amount
equal to twonty-fivo per cont. in excess of tho outstanding
bonds. Tho $207,000 unissued bonds can only bo issued for
additional steamships or for acquisition of terminals, tho
actual cost of which has boon twenty-five per cent in oxcoss
of tho par valuo of tho bonds so to bo issued. Principal may
bo registered. Interest paid without deduction for normal
incomo tax at Bankers Trust Company, New York City.
General Offico: Pior 36 North River, Now York City.
M ALLO R Y
S T E A M S H I P C O M P A N Y '.
Successor to tho New York & Texas Steamship Company,
which succeeded to tho business of C . H . Mallory & C o.,
who started the lino in 1866, after tho close of tho Civil W ar.
Tho Company to-day owns fourteen steamships, with a
minimum of 2,358, a maximum of 6,223, and a total gross
tonnago of 52,588 tons, plying botwoon Now York and Gal
veston, Texas; Ivey W est and Tampa, Florida, and Mobilo,
Alabama; and Now York and Brunswick, Georgia. W ith
its railroad connections at Galveston, Brunswick, K ey W est,
Tampa and Mobilo, tho Mallory Lino as distributors reaches
territory covered by nearly overy railroad in tho South,
Southwest, Mexico and on tho Pacific Coast. Tho Com
pany has opon accounts and monthly settlements with noarly
fifty different railroads, and sells tick otsto and from any
railroad station in Texas, Colorado, Kansas, Arkansas,
Wyom ing, Utah, Missouri, Arizona, California, Georgia,
Alabama, Florida, New Mexico, otc.
Tho Company also has under construction a fast froight
and passengor ship of about 5,500 gross tons, costing about
$900,000, which will bo delivered within tho next few months,
and owns twenty-six tugs, lighters, otc., now in operation,
and has three lighters at presont under construction. Tho
Company also owns its own terminals at Key W est, Florida.
Tho capital stock authorized and issued is $7,000,000,
consisting of 140,000 shares of tho par valuo of $50 each.
Dividends havo boon paid as follows:
1912
S I . 50 p e r s lia ro | 1 9 1 4 -................................. S 2.00 p e r s h a ro
1 0 l. l_ ......................... ..
.50 p e r s h a r e 11915.................................... 1.00 p e r s h a ro
Tho total dividends paid during tlioso years amounted
to $700,000.
A statement of tho bonded indebtedness is givon abovo.
All bonds aro subject to call at 110 and interest on any inter
est date, or through operation of the sinking fund, which at
159
THE CHRONICLE
July 8 1916.]
present amounts to $208,000 per annum. Secured by first
mortgago on all property owned. Columbia rI rust Com
pany, Now York, Trustee. The $1,009,000 unissued bonds
can only bo issued for additional steamships or real estate,
or other property or rights, tho actual cost of which has been
twenty-five per cent in excess of tho principal of the bonds
so to bo issued. Principal may be registered. Interest paid
without deduction for normal income tax at Mechanics &
M etals National Bank, New York City.
General Office: Pier 36 North River, N ew York City.
N EW
YO R K
& C U B A M A I L S T E A M S H I P C O M P A N Y '.
Successor to a company of tlio same name, incorporated in
1881, under New York Laws and generally known as the
W ard Line, which began business at close of Civil W ar.
The Company and its subsidiary, Compania Cubana do
Navegacion, owns and operates a fleet_of fourteen steam
ships, with a minimum of 1,816, a maximum of 6,391, and
a total gross tonnage of 57,741 tons, plying between New
York and Havana, Guantanamo, Manzanillo, Santiago,
Cienfuegos, Cuba; Progreso, Vera Cruz, Tampico, Puerto
Mexico, Mexico, and Nassau, Bahamas.
The Company also has under construction s fast freight
ship of about 5,000 gross tons, costing about $500,000, which
will be delivered within tho next few months, and owns fiftyseven tugs, lighters, etc., now in operation, and has five
lighters under construction. The Company also operates
under term charter to-day nino ships of approximately 23,197
gross tonnage.
_
.
Tho capital stock authorized and issued is $10,000,000,
consisting of 200,000 shares of tho par value of $50 each.
Dividends have been paid as follows:
1910___________________ S I . 25 p e r s h a re ! 1914---------------------------------------------------- $ 2.50 P e r s h a re
1912
___________ 1.00 p e r s h a re 1915-------------------------------------------------------5 .0 0 p e r s h a re
_____________ 2.5 0 p e r s h a re ! 1916 t o d a t e ------------------------------------ 8.5 0 p e r s h a re
1913
The total dividends paid during these years amounted to
A statement of tho bonded indebtedness is given above.
All bonds aro subject to call at 110 and interest on any inter
est dato, or through operation of sinking fund, which at
present timo amounts to $460,000 per annum. Secured by
first mortgage on all property owned. Columbia Trust
Company, New York, Trustee. Tho $1,174,000 unissued
bonds can only be issued for additional steamships or real
estate, or other property or rights, the actual cost of Yvhich
has been twenty-fivo per cent in excess of the principal of the
bonds so to be issued. Principal may be registered. Inter
est paid without deduction for normal incomo tax, at Farm
ers’ Loan & Trust Company, New York.
General Office: Pier foot of W all Street New York City.
N E Y V Y O R K & P O R T O R IC O S T E A M S H IP C O M P A N Y .
Successor to United States & Porto Rico Navigation Com
pany of New Jersey.
Tho Company owns a fleet of tYvelve steamships, with a
minimum of 1,836, a maximum of 5,093, and a total gross
tonnage of 39,145 tons, plying between New York and San
Juan, Ponce, Mayaguez and ether ports of Porto Rico; also
between New Orleans and other Gulf ports and Porto Rico.
Tho Company also owns all of tho capital stock ($50,000)
of Tho New York & Porto Rico Steamship Company, which
was incorporated under the Laws of New York in 1890.
This New York Company is tho operating company and owns
certain valuablo wharf properties in Porto Rico. It also
owns all of tho $2,000 stock of tho United States & Porto
Rico Navigation Company.
The capital stock authorized is $5,000,000, of which $4 ,
000,000 lias been issued, consisting of 80,000 shares of the
par value of $50 each. Dividends have been paid as follows:
_________ S l-5 0 p e r s h a re ! 1915___________________ § 4.00 p e r s h a ro
iq n n
1 9 1 0 * 1 .-1 1 ___________4 .0 0 p e r s h a re ! 1916 t o d a t o .................... - 4 .0 0 p e r s h a ro
1_________________ 4 .0 0 p e r s h a ro I
1911
Tho total dividends paid during these years amounted to
$1,400,000.
_
A statement of the bonded indebtedness is given above.
All bonds subject to call at 110 and interest on any interest
dato, or through operation of sinking fund, which at tho pres
ent timo amounts to 8127,000 per annum. Secured by a first
mortgago on all tho property, subject to the United States
& Porto Rico Navigation Company mortgage on certain
ships, which is assumed. New York Trust Company,
Trusteo. Of tho unissued bonds, $1,837,000 can only bo
issued for additional ships, real estate, other property or
rights, or for extensions, additions or improvements of a per
manent nature to or upon other property. Tho bonds may
bo registered. Interest paid without deduction for normal
incomo tax, at Now York Trust Company, New York City.
General Office: 11 Broadway, New York City.
SO U TH ERN
S T E A M S H IP
COM PAN Y.
Incorporated in Delaware January 7 1903. The Com
pany to-day owns three steamships of a gross tonnage of
6,207 tons, and has under charter five freight ships owned
by the Atlantic,Gulf & W est Indies Steamship Lines, Yvhich
wore purchased from the Brunswick Steamship Company
in 1910. The ships are operated between Philadelphia,
Tampa, Port Arthur and Texas City, and between New
York and Houston, Texas.
The capital stock authorized is $160,000, of which $90,000
has been issued, tho par value of each sharo being S100.
N o dividends have been paid. Tho Company has no mort
gago indebtedness.
General Office: Bourse Building, Philadelphia,'Penn.
THE CHRONICLE
1 6 0
T E R M IN A L S .
The subsidiary companies are well equipped with the
following terminals:
In New York City, the Clyde Steamship Company has
under lease from tho C ity, Piers 36, North River, expiring
1931, and 44 and 45, North River, expiring 1929. Pier 44
at tho present time is sub-let to tho Southern Steamship
Company. Mallory Steamship Company has under lease
from tho City, until 1954, Piors 37 and 38, North River.
During the past year the Mallory Steamship Company has
practically rebuilt Pier 38 at a cost of approximately $210,000,
of which amount the major portion, with interest thereon,
will bo refunded by tho City during tho term of the lease.
New York & Cuba M ail Steamship Company also has under
lease from the City, until 1944, Piers 13 and 14, East River,
with adjacent bulkhoads. All of the above leases givo the
Companies the right to certain renewals.
In the City of Brooklyn, tho New York & Cuba M ail
Steamship Company has under lease from Now York Dock
Company Piors 12, 16 and 17, and New York & Porto Rico
Steamship Company has under lease, until 1926, Piers 34
and 35.
In tho City of Philadelphia, Clyde Steamship Company
has under lease Piers 1, 2 and 3 . Southern Steamship Com
pany has tho use of Piors 41 and 57.
In Norfolk, V a ., Clydo Steamship Company owns its own
terminals, having a frontage on Elizabeth River of approxi
mately 467 feot, the book value of which is $100,000, but
these terminals could not to-day be duplicated at this price.
In Wilmington, N . C ., Clyde Steamship Company leases
the terminals owned by Wilmington Terminal Company,
having a frontage of approximately 396 feet on Capo Fear
Rivor. Theso wooden terminals, consisting of a substantial
wooden bulkhead and suitable offico and warehouse, woro
completed in September 1914, and togethor with the real
estate, represent a cost of approximately $110,000. All
of the stock of the Wilmington Terminal Company is owned
by Atlantic, Gulf & W est Indies Steamship Linos.
In Charleston, S. C ., Clyde Steamship Company leasos all
o f the property of Carolina Terminal Company, having a
frontage of 1,000 foot on Cooper Rivor. During the years
1913 and 1914, three new wooden piors with corrugated iron
extorior and creosotod piling wore erected. Pier N o. 1 is
112 feet wide, with docking facilities on one side and four
railway tracks on tho other. Piers N os. 2 and 3 are 275 feet
wide, built as a unit, with docking facilities on oithor sido
and eight railway tracks in the centre. Theso piers aro
425 feet in longth, with a bulkhead of 75 feot, making a total
from tho street line to tho pier edge of 500 feot. Thoro is
also an old wooden pier located on tho property. Tho prop
erty being located adjacent to tho business centro of the City,
and having connection with all the railways ontering Charles
ton, could not, it has been estimated, bo to-day duplicated
for $1,000,000. All of the stock of Carolina Terminal Com
pany is owned by Atlantic, Gidf & W est Indies Steamship
Lines.
In Jacksonville, Fla., Clydo Steamship Company leases
all of the property owned by Clydo Steamship Terminal
Company, having a frontage of 735 feet on tho St. Johns
River, and covering approximately two largo city blocks.
Tho Company also owns a plot 116x262 feet on the corner
of B ay and Market Streets, tho principal business section of
Jacksonville. In 1912 tho Terminal Company completed
threo piers, known as N os. 1, 2 and 3, each approximaetly
440 feet in length and 125 feot, 150 feet and 100 feot wide,
respectively, with about 200 feot of open water botweon each
pier. Bulkhead platforms aro built for the entire longth
botweon tho piers, and tho railroad tracks running through
the centro of tho piors aro depressed, so that tho platforms of
tho cars are on a level with tho floor. Tho piors havo a total
capacity of sixty-nine cars. The piors rest on creosotod
piling driven down to rock bottom , about 40 feet bolow tho
lovol of the river. Tho buildings aro steel framed through
out.
Tho exterior is of corrugated iron, thus providing a
structure practically fireproof. It is estimated that tho
terminals and property are worth upwards of $1,000,000.
Tho Clyde Steamship Company owns $10,000,and Atlantic,
Gulf & West Indies Steamship Lines tho remaining $90,000
of tho capital stock of tho Clydo Steamship Terminal Com
pany.
A t K ey W est, Florida, Mallory Steamship Company owns
its own terminals, which have a book valuo of $250,000.
Tho terminals were practically rebuilt in 1913.
A t Tam pa, Florida, Mallory Steamship Company has
under lease for a term of years what is known as Henry &
Knight Terminals.
A t Galveston, Texas, Mallory Steamship Company has
under lease for a term of years from Galveston Wharf Com
pany Piers 23 to 27, inclusive.
In Boston, M a ss., Clyde Steamship Company loases what
is known as Lewis Wharf.
In Havana, Cuba, New York & Cuba M ail Stoamship
Company has an agreement with Port of Havana Docks
Company, whereby it has practically tho exclusive use of
tho Docks Company’s modem pior. Tho Company likewiso
discharges and loads its cargo from time to timo at various
other docks, and to effoct quick despatch, also largely makes
use of its own and other lighters in tho harbor.
A t Santiago, Cuba, Now York & Cuba M ail Steamship
Company makes use of tho terminal owned by Tho Santiago
[Vol . 103.
Torminal Company, sixty per cent of tho capital stock of
which company is owned by tho Atlantic, Gulf & W est Indies
Steamship Lines. This terminal in Santiago is located in
tho central business portion of tho city, adjacent to tho Cus
tom House, and tho pier is directly connected with tho Cuba
Railroad. Tho Santiago Terminal Company’s property
may to-day conservatively bo valued at $150,000.
In San Juan, Porto Rico, tho Now York & Porto Rico
Steamship Company of New York owns its own pier,
N o . 1, costing over $200,000, which was practically rebuilt
two years ago. Tho Company also has under lease tho termi
nals owned by San Antonio Company, all of the capital stock
and bonds of which is owned by Atlantic, Gulf & W ost Indies
Steamship Lines. Modern bulkhoads and corrugated iron
warehouses wero completed in 1912 at a cost of approxi
mately $300,000. The San Antonio terminal property,
consisting of about five acres, costing ovor $110,000, con
nects with the only railway entering San Juan, and is vory
conveniently located. It would bo difficidt to-day to esti
mate its actual value, as it is tho only property of its land
located in the harbor of San Juan. Title to tho real estate is
vested in San Antonio Docking Company, all of whose
stock is owned by San Antonio Company.
A t tho other coastwiso ports and those served in Mexico,
Cuba, Porto Rico and Bahama Islands, various torminal
arrangements aro in force.
In Now York Harbor, tho needs of tho various lines are
extensively served by their own numorous tugs, lighters,
barges, & c., without which it would bo practically impossible
to do business. A number of tugs and lighters aro also
maintained at Boston, Philadelphia, Brunswick, Jackson
ville, Tampa, Havana, Santiago, Guantanamo, San Juan,
Progreso, Tampico, Vora Cruz and Nassau. Tho subsidiary
companies now own 157 of those tugs and lightors, and are
constantly adding to the fleet.
A T L A N T IC , G U L F & W E S T IN D IE S S T E A M S H IP L IN E S — IN C O M E
A C C O U N T A S O F J A N U A R Y 1 T O J U N E 15 1916.
In c o m e :
D iv id e n d s f r o m s u b s id ia r y c o m p a n ie s ______ 8 2,352,235 50
I n t e r e s t a c c ru e d o r re c e iv e d o n in v e s t m e n t s
a n d lo a n s , c h a r t e r s , & c _____________________
131,829 03
-------------------------------- $ 2,48 4,06 4 53
E jm o n d it u r e s :
I n t e r e s t o n b o n d e d d e b t a c c ru e d o r p a id ____ $282,439 17
I n t e r e s t p a id o n b o n d s a s s u m e d a n d g u a r a n
te e d _____________________________________________
11,500 01
O t h e r in t e r e s t a n d ta x e s a c c ru e d o r p a id --------18,132 96
S u n d r y E x p e n s e s , & c ____________________________
3 8,625 01
D e p r e c ia t io n o n M a r in o E q u ip m e n t ________
28,645 81
M a r in o In s u r a n c e --------- -------------------------------------18,988 62
-------------------------------398,331 58
B a la n c e t r a n s fe rr e d t o p r o f it a n d lo s s ____________________ $ 2 ,08 5,73 2 95
P r o f it a n d L o s s A c c o u n t:
B a la n c e , J a n u a r y 1 1916_____________________ $4,121,391 12
S u n d r y c r e d it s _________________________________
105,853 75
B a la n c o f r o m In c o m o A c c o u n t _______________ 2 ,0 85 ,7 32 95
D e d u c t : P r e f e r r e d D iv id o n d N o . 1_________
$ 6,31 2,97 7 82
149,689 00
S u r p lu s p e r B a la n c o S h e e t_________________ $6,16 3,28 8 82
B A L A N C E S H E E T A S O F J U N E 15 1916.
ASSETS.
In v e s t m e n t s in s to c k s o f s u b s id ia r y c o m p a n ie s a n d o t h o r
s e c u ritie s a c q u ire d in e x c h a n g e f o r s t o c k a n d b o n d s o f t h is
c o m p a n y ______________________________________________________ $ 42 ,299,872
P le d g e d u n d e r t h o m o r t g a g o :
T a r V a lu e.
C ly d o S . S . C o ................................................... ..$ 6 ,6 5 7 ,4 0 0
M a l l o r y S . S . C o ................................................... 6 ,8 61 ,7 00
N . Y . & C u b a M a i l S . S . C o ......................... 9 ,6 96 ,8 00
N . Y . & P o r t o R ic o S . S . C o . . .................... 3 ,9 00 ,0 00
M a r in o e q u ip m e n t , c o n s is tin g o f 5 s h ip s n o w c h a rte re d to
1,250,009
S o u t h e rn S te a m s h ip C o ______________________________________
M a r in o e q u ip m e n t u n d e r c o n s t r u c t io n , p a y m o n t s o n a c c o u n t
371,493
I n v e s t m e n t in b o n d s , s to c k s a n d o t h o r s e c u ritie s s u b s e q u e n tly
a c q u ire d — n o t p lc d g o d ___________
486,671
N o t o s R e c e iv a b le _______________________________________________
224,250
A c c o u n t s R e c e iv a b le ___________________________________________
685,653
A c c r u e d In t e r e s t ________________________________________________
19,839
U n e x p ir e d In s u r a n c e ___________________________________________
4 ,769
C a s h in B a n k s a n d o n h a n d _____________________________________
2 ,8 37 ,4 82
18
00
93
34
00
64
38
93
03
$ 49 ,180,032 43
L IA B IL IT IE S .
C o m m o n S to c k , a u t h o r iz e d a n d is s u e d -------------- $20,0 00 ,0 00 00
D e d u c t : S to c k in T r e a s u r y -----------------------------------5 ,0 36 ,6 00 00
----------------------------------- 14,963,400 00
P r e fe rr e d S t o c k , a u t h o r iz e d a n d is s u e d ----------------$ 20,0 00 ,0 00 00
D e d u c t : S to c k in T r e a s u r y ------------------------------------- 5 ,0 20 ,1 00 00
„
, , _ ^
14,979,900 00
B o n d ed D o b t:
F i f t y - Y e a r 5 % C o lla t e r a l T r u s t G o ld B o n d s :
A u t h o r i z e d - ............................
$ 15 ,000,000 00
Is s u e d ..................................
D e d u c t : B o n d s in T r o a s u r y ......... ..............
$13 ,0 00 ,0 00 00
622,000 00
— ---------------------------- - 12,378,000 00
A c c o u n t s P a y a b le _______________________________________________
4 5,395 17
A c c r u e d In t e r e s t o n B o n d e d D o b t _____________________________
281,943 3,3
R e s e rv e s f o r D e p r e c ia t io n , & c _________________________________
368,105 11
S u r p lu s ___________________________________________________________
6 ,1 63 ,2 88 82
$ 49 ,180,032 43
A T L A N T IC .
G ULF
& W E S T IN D IE S S T E A M S H IP L IN E S
S U B S ID IA R Y C O M P A N IE S .
AN D
Comprising tho following:
Clyde Steamship Company, Mallory Stoamship Company,
New York & Cuba M ail Steamship Company, Compania
Cubana do Navegacion, Now York & Porto Rico Steamship
Company of Maine, Unitod States & Porto Rico Navigation
Company, Tho Now York & Porto Rico Steam ship Company,
Southern Steamship Company, Jacksonville Lighterage
Company, Tho Tampa Towing & Lightorago Company,
Clydo Steamship Torminal Company, Carolina Torminal
Company, San Antonio Docking Company, San Antonio
Company, Tho Santiago Torminal Company, Tho Santiago
Warehouse Company, Wilmington Torminal Company.
Ju ly 8 1916.]
THE CHRONICLE
161
CONSOLIDATED INCOME ACCOUNT FOR YEAR ENDED DECEM
SURPLUS ACCOUNT.
BER 31 1915.
Operating Revenues.....................................................
$21,348,074 08 Balance January 1 1915................................ ................... ..........$3,199,362 78
861,947 57
Operating Expenses................................................................... 16,517,772 77 Sundry credits.................................................. ....................... ..
Net Operating Income................................................ . ......... $4,830,30T3l
$4,061,310
35
Other In co m e .............................................. ................. ...........
415,755 74
Surplus for the year................................................ ................. 2,663,478 95
Gross Income...................... - ................................................. $5,246,057^5
Deductions—
Bond Interest, Interest on Notes, & c --------- $1,405,910 98
$6,724,789 30
Additional Depreciation for the year...........
225,584 71
Dividends on stock, not held by A. G. W . I ...........................
16,236 00
Rentals and Miscellaneous items...............
951,082 41
— -------------------- 2,582,57810 Surplus Dec. 31 1915, per^Balance Sheet................................ $6,708,553 30
Surplus for the year........................
$2,663,478 95
CONSOLIDATED BALANCE SHEET AS OF DECEM BER 31 1915.
ASSETS.
Capital Assets—
Marino Equipment including payments on account of
ships under construction---------------------------------------- $20,306 507
Terminal Property and Equipment, Equities in Terminal,
& c______________________________________________
3 0 Q2 152
Cash held by Trustees under Mortgage........................ ’990 605 87
Good will, Franchises, &c_________________________ _
44 851 062
’
Investments pledged under the Mortgage, and other
Securities..............................................................................
548,756
L IA B IL IT IE S .
79
53
48
86
Total capital assets at book value.....................................$70,299,085 53
Current Assets—
Inventories.................................................... - $148,815 40
Notes Receivable. .........
51,816 24
Accounts Receivable-------------------------------415,348 76
Agents’ Balances-------------1,221,504 92
Interline Freight Balances------------------------27,711 10
Ships’ Accidents and General Average Claims 270,666 91
Claims in Suspense, less Reserve__________
98,444 91
Unexpircd Insurance.....................................
170,674 99
Rents paid in advance...............
22,299 72
Markotablo Stocks and Bonds____________
98,713 41
Cash deposited to meet coupons falling duo
585,075 00
Jan- 1 1916.
..................................
Cash in Banks and on hand______________ 2,549,427 82
Total Current Assets___________
.
Deferred Charges to Operations—
-----------------------Open Voyage Accounts, &c............................................ ..
5 660 499 18
o,bbU,4 JJ 18
965,245 29
Capital Liabilities—
Common Stock
Authorized and Issued________________ $20,000,000
Deduct: Stock in Treasury
................ 5,036,600
-$14,963,400 00
Preferred Stock:
Authorized and Issued.............................. $20,000,000 00
Deduct: Stock in Treasury____________
5,020,100 00
14.979,900 00
Stock o f Subsidiary Companies not hold by A. G. W . I.
376,700 00
Bonded Debt :
Fifty Year 5 % Collateral Trust Gold Bonds—
Authorized................................... ......... $ 1 5 ,000,000
....... .............................$13,000,000
Issued
D ed uct: Bonds in Treasury.................
581,000
12,419,000 00
♦First Mortgage 5% Gold Bonds o f the
Brunswick Steamship C o., assumed
and guaranteed by A. G. \V. I _________ $ 1 ,200,000 00
D educt: Bonds retired by Sinking
310,000 00— 890,000 00
Fund.............................................
First Mortgage 5% Gold Bonds of sub
sidiary companies:
$30,950,000 00
Authorized...................
Issued..............................
$26,013,000 00
D ed u ct: Bonds retired by Sinking
Fund or canceled_________________
6,631,00000
$19,382,000 00
Deduct: Bonds in Treas
ury and in hands of
Trustee_____________ $2,881,000 00
Bonds held to be retired
by Sinking Fund Jan 1
1916 ............................
898,000 00—3,779.000 00
15.603,000 00
Bonded Debt o f Underlying Co.:
U. S. & Porto Rico Navigation C o_______________
130,000 00
Mortgages over Real Estate...............................
40,000 00
_
, '?9t?A,£?pital Liabilities.............................................$59,402,000 00
Current Liabilities :
Notes Payable.................................................... .....................
$ 1 ,200 00
Accounts P ayable.......................................
1,175,218 27
Interline Freight Balances______________
225,795 72
Unearned Passage M oney............................
74,942 58
C laim s...............
13,897 56
Matured Rents unpaid__________
20,770 84
Accrued Interest on Bonded Debt________
653,891 67
Total Current Liabilities__________ _______________ 2,165,716 64
Deferred Credits to Operations:
Open Voyage Accounts, &c______________________ ______
1,588,888 37
Reserves:
Depreciation.....................................................$6,445,075 55
614,596
14— 7,059,67169
Sundry...............................................
Surplus.............................................. ......... ............................. .. . 6,708,553 30
$76,924,830 00
Atlantic, Gulf & W est Indies Steamship Lines agrees with
tho New York Stock Exchange:
N ot to dispose of its stock interest in any constituent
subsidiary, owned or controlled company, or allow any of
said constituent, subsidiary, owned or controlled companies
to disposo of stock interests in other companies unloss for
retirement and cancellation, except under existing authority
or on direct authorization of stockholders of the company
holding tho said companies.
To publish at least once in each year and submit to the
stockholders at least fifteen days in advance of tho annual
meeting of tho corporation, a statement of its physical and
financial condition, an income account covering tho previous
fiscal yoar, and a balance sheet showing assets and liabilities
at tho end of tho year; also annually, a consolidated income
account and balance sheet of all constituent, subsidiary
owned or controlled companies.
To publish statements of earnings monthly.
To maintain, in accordance with the rules of the Stock
Exchango, a transfer office or agency in tho Borough of
Manhattan, City of Now York, whore all listed securities
shall bo directly transferable, and the principal of all listed
securities with interest or dividends thereon shall bo pay
able; also a registry office in the Borough of Manhattan
City of Now York, other than its transfer office or agency in
said city, whoro all listed securities shall be registered.
N ot to make any chango in listed securities, of a transfer
agoncy or of a registrar of its stock, or of a trustee of its
bonds or other securities, without tho approval of tho Com
mittee on Stock List, and not to select as a trustee an officer
or director of tho company.
To notify tho Stock Exchango in tho ovent of the issuance
of any rights or subscriptions to or allotments of its securi
ties and afford the holders of listed securities a proper period
within which to record their interests after authorization
and that all rights, subscriptions or allotments shall be
transferable, payablo and deliverable in tho Borough nP
M anhattan, City of New York.
°r
To publish promptly to holders of bonds and stocks any
action m rospect to intorest on bonds, dividends on shares
or allotment of rights for subscription to securities, notices
thereof to bo sont to tho Stock Exchange, and to give to tho
Stock Exchango at loast ten days’ notice in advanco of tho
closing of the transfer books or extensions, or the taking
of a record of holders for any purpose.
$76,924,830 00
♦Since paid.
-nrr^l10 I?lroctors> elected annually, are: Edward J. Berwind,
W . A . Bradford, John E . Liggett, Henry R . Mallory, A . R .
Nicol, Hubert E . Rogers, New York, N . Y .; Frederick C .
Fletcher, Henry Hornblower, Galen L . Stone, Boston.
M ass.
Executive Committee: Galen L. Stone, Henry R . Mallory
A . R . Nicol.
* The Officers are: Galen L . Stone, President; A . R . Nicol,
Secretary and Treasurer; Aaron B . Cole, Clerk.
The fiscal year ends December 31st.
Tho annual meeting of stockholders is held on the fourth
Tuesday in April of each year, at the principal office of the
Company, in Eliot, Maine, or elsewhere in Maine as may
be designated by the Board of Directors and stated in the
notice of the meeting to the stockholders. Executive Offices:
11 Broadway, Now York City.
Tho Transfer Agents of the Company are: Old Colony
Trust Company, Boston, M ass.; Guaranty Trust Company
of Now York in the Borough of Manhattan, City of New
York.
Tho Registrars of stock are: Tho First National Bank of
Boston, M ass.; Tho Equitable Trust Company of New York,
in tho Borough of Manhattan, City of New York.
Certificates of stock are interchangeable between New
York and Boston.
A T L A N T I C , G U L F & W E S T IN D IE S S T E A M S H IP
L IN E S ,
B y A . R . N IC O L , T r e a s u r e r .
This Committee recommends that on and after July 3
1916 tho above-described temporary interchangeable cer
tificates for $14,979,900 Five Per Cent Non-Curaulative
Preferred Stock and for 814,963,400 Common Stock bo ad
mitted to the list, on official notice of issuance in exchange
for present outstanding certificates for Preferred and Com
mon Stock respectively; with authority to substitute per
manent ongravod interchangeable certificates for Preferred
and Common Stock respectively, on official notice of issu
ance in oxchango for outstanding temporary interchangeable
certificates thorofor, in accordance with the terms of the
application.
W M . W . H E A T O N , C h a ir m a n .
A d o p t e d b y th e G o v e r n in g C o m m itte e , J u n e 28 1916.
G E O R G E W . E L Y , S e c r e ta r y .
r£ h e
[Vol . 103.
THE CHRONICLE
163
C o m
m
e r c i a l
together with the estimated quantity afloat for tho United
States, aro about 200,000 tons of raw loss than at this time
last year. To-day futures closed unchanged to 2 points
lower with sales of 9.050 tons. Prices closed as follows:
j i n x e s .
COMMERCIAL EPITOME
F r id a y N i g h t , J u ly 7 1916.
Trade is still brisk with less than the usual midsummer
curtailment. Warmer weather has helped the retail trade.
Production is now kept within more conservative bounds
by tho scarcity of labor and of raw materials, and tho ob
stacles to prompt deliveries of goods. Summer shutdowns
are much fewer than usual. Collections are good. There is
a steady foreign demand for our wheat, corn and oats, and
with European crops, small, owing mainly to tho war, tho
prospective American exports may be regarded as very
promising. M oney is plentiful. Tho Government has been
a heavy buyer of supplies for the army in connection with the
movement of troops to the Mexican border. Sales of steel
to European Governments are largo, both for prompt and
future delivery. Pig iron production for tho half-year was
tho largest on record. Mills and factories as a rule have all
the business they can easily handle. Building is active.
Cotton and woolen goods have been firm. Mills making
knit goods are unusually busy in spring lines.^ Boot and shoo
factories aro busy on old orders and tho United States G ov
ernment is said to havo placed large new orders. This has
helped the leather trade and hides have advanced. But, on
the other hand, there is some slowing down here and there.
Tho scarcity of labor is a drawback. Lumbor is lower.
Finally, tho Mexican muddle is still with us, even though the
negotiations have taken a favorable turn and tho possibility
of war has for tho timo being, at least, been avorted.
L A R D in good demand and higher, later easy primo
Western, 13.80c.; refined to tho Continent, 14.35c.; South
America, 14.60c.; Brazil, 15.60c. Futures advanced, partly
on a bullish monthly statement of stocks at Chicago and a
good demand there, both from speculative and cash interests.
Prices reached a new high record on this move. Chicago
stocks of now lard aro 58,757,647 lbs., against 62,031,211
lbs. on Juno 1 and 87,104,850 lbs. a year ago; stocks other
than now, 9,495,676 lbs., against 9,380,277 a month ago and
11,295,900 last year. July deliveries at Chicago were tho
largest over known, reaching 39,000,000 lbs. To-day prices
declined a little.
D A IL Y CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sal.
M on.
T u es. W ed .
Th urs.
Holiday.
Holi- 13-80
day. 13.50
13-?5
13.40
M a rch -_cts.4.59 @ 4 01
A
' p ril.............4.02 @4.64
M a y _______ 4.65 @4.67
Juno............ _4.G8©4.70
O ILS.— Linseed dull; city, raw, American seed, 6 4 @ 6 7 c .;
city, boiled, American seed, 6 6 @ 6 9 e .; Calcutta, 81- Lard,
prime $1 1 0 @ $ 1 15. Cocoanut, Cochin 1 4 M @ 1 5 c ., Cey
lon 1 4 M @ 1 5 c . Corn, 8 .4 1 @ 8 .4 6 e . Palm , Lagos 9 % @
10c. Cod, domestic, 5 9 @ 6 0 c . Cottonseod, winter 11c.,
summer white 11c. Spirits of turpentino 43c. Strained
rosin, common to good, $5 65.
P E T R O L E U M quiet; refined in barrels $8 9 5 @ S 9 95;
bulk S5 2 5 @ 8 6 25, cases $ 1 1 5 0 @ $ 1 2 50. N aphtha, 73
to 76 degrees, in 100-gallon drums and ovor, 41 Me. Gaso
line, gas machine, steel, 37c.; 73 to 76 degroos, stool and wood,
3 2 @ 3 5 c .; 68 to 70 degrees, 2 9 @ 3 2 c .
Production in tho W est
ern field is increasing. Closing prices havo boon as follows:
STOCKS OF M ERCH ANDISE AT NEW YORK.
.July 1 TO. .June 1 TO. J u ly 1 '15.
*1,354,274
° "* 0 * ’1,078.934
n ° f' >'*
Coffee, Brazil_____________ bags. 1,230,283
58,204
39,925
Coffee, Java________________
mats.
39,290
752,311
443,701
Coffoo, other_______________________bags. 785,372
57,492
117,519
Sugar
................... - ........... hhtls.
97,700
104,700
136,900
H ides.. . . . . ............................................. N o . 77.400
228,174
225,998
Cotton ______________
.bales. 159,474
1,000
2,731
3,870
Manila hemp_____________________ bales.
42,300
53,500
F lou r_____________________________ bbls.
50,000
July delivery------- cts.13.25
Soptombor delivery___ i.3.40
Novem’r.cts.6.32(3)5.34
December__ 5.12@5.14
January___ 4.84 @4.86
February
4.56 @4.58
July____ccs.5.34@5.30
A ugust____ 5.41 @5.43
September __5.47@5.4S
October____ 5.42 @5.43
F ri.
13.3u
Pennsylvania dark 52
Cabell.......................2
Mercer black_____2
New Castle______ 2
C orning__________ 2
W ooster__________ 2
60
12
10
10
10
00
North Lima______ $1 73 Illinois, above 30
South Lima_______ 1 73 dogrees________ 51 82
Kansas and Okla
Indiana______________158
Princeton____________ 182 homa ------------- 1 55
Somorset, 32 d e g .. 195 Caddo La, lig h t.. 1 55
Ragland--------------90c.
T O B A C C O has been in good demand from manufacturers,
who are having an activo trade in cigars. They have, there
fore, been forced to re-enter tho markot for tobacco. A
brisk business lias boen done in Sumatra tobacco as well as
domestic. Sales, too, of Cuban leaf are activo at firm quo
tations. In sport, it is a busy market with pricos well main
tained.
C O P P E R quiet; Lake hero on tho spot, 2 6 M @ 2 7 c .; elec
trolytic, 2 6 M @ 2 7 c .; for futuro delivery 2 6 M @ 2 7 c . Stand
ard at London higher, but electrolytic lower, partly owing
to the European war nows and the possibility of an earlier
peace than most peoplo havo been expecting. Tin quiet and
again lower on tho spot at 3 9 Me. London and Singapore
higher; arrivals 190 tons thus far this month; alfoat, 2,609
tons. Spelter dull and again lower on tho spot at 10M c.
September to December averaged about 8c; Galvinizers
are, it is said, beginning to show more interest in the market.
London has declined sharply in three days, dropping £5 on
spot and £2 on futures, putting it beloxv the Now York parity.
Lead lower on tho spot at 6.45c. Foreign buyors aro begin
ning to show more interest. Little business has been done
thus far. Pig iron in good demand from foreign sources,
with only a small trade for domestic use; N o. 2 Northern,
$19 7 5 @ $ 2 0 25; N o . 2 Southern, $ 1 4 @ $ 1 4 50, Birmingham.
Steel steady, though slow of late for domostie use. Italy
has been making further purchases of Bessemer iron, but
foundry has been dull. Bessemer has been firm at $21 50,
V alley ‘ furnace. Italy took 25,000 tons in addition to its
recent purchases, and is negotiating for further liberal quan
tities. In a little over a month Italy has bought over LOO,000
tons of Bessemer iron. Tho effect has been to strengthen
tne price. Thero is a big demand for steel plates from do
mestic and foreign buyers for shipbuilding yards. Recently
Russia has placed orders for 350,000 tons of rails, deliveries
of which will run into July 1917. American railroads are
also buying rails. Furthermore, contracts havo been
awarded to Ohio mills for 75,000 tons of shell steel and a
leading corporation has an order for 1,000,000 shell forgings.
P O R K in good demand and again higher; later weaker;
moss 826 5 0 @ 8 2 7 , cloar 824 @ 8 2 7 . Stocks of now pork at
Chicago on July 1, 18,194 bbls., against 23,048 last month
and 61,528 last year. Stock of old pork on July l at Chi
cago, 2,062 bbls., against 4,875 last month and 6,139 last
year. Beef, m.ess, 817 5 0 @ 8 1 8 ; oxtra India moss 8 2 9 @ 8 3 0 .
Cut meats firm , with a good demand; pickled hams, 10 to 20
lb s., 15% @ 1 0 % c .; pickled bellies, 1 5 M @ 1 6 c . Stock of
short ribs at Chicago, 15,492,638 lbs. on July 1, against 18,
094,537 last month and 41,189,166 a year ago; total meats
COTTON
at Chicago on July 1, 124,860,409 lbs., against 130,847,651
a month ago and 184,286,743 a year ago. Butter, creamery
F r id a y N i g h t , J u ly 7 1916.
24 M @ 3 le.Cheese, State, 13 @ 1 6M o .E g gs, fresh, 19 @ 27c.
T H E M O V E M E N T OF T H E CR O P, as indicated by our
C O FFE E in better demand; N o . 7 Rio, 9c.; N o . 4 Santos, telegrams from tho South to-night, is givon below. For tho
1 0 M @ 1 0 ^ c .; fair to good Cueuta, 1 2 M @ l4 c . Futures
week ending this evening the total rocoipts havo reached
advanced on short crop predictions. Tho Brazilian Govern
ment puts tho Sao Paulo crop at 9,250,000 bags, whereas 59,468 bales, against 67,281 bales last wook and 63,870
some rocent unofficial estimates havo boen as high as 11, bales the previous wook, making tho total rocoipts sinco
000,000 to 12,000,000 bags. Cost and freight prices havo Aug. 1 1915 6,990,990 bales, against 10,332,026 balos for tho
advanced to 12 19-32d. Shorts have Coverod to somo oxtont. same poriod of 1914-15, showing a docroaso sinco Aug. 1 1915
It must be added, however, that a good many in tho trado
of 3,3 41,0 36 balos.
hero think tho official Brazilian estimate is too low, and in
any caso thero is a loss tlirough the war to tho Brazilian trado
Thurs.
F ri.
W ed .
Total.
Tu es.
Sat.
A fo n .
in tho absence of sales to the Central Empire of 3,500,000
bags a yoar. To-day futures closed 2 to 7 points lower Galveston______ 4,338 3.458 5.501 3,913 3,814 3,116 24,140
—
Toxas C ity____
—
with sales of 14,000 bags. Closing quotations follow:
Fort Arthur___
July____eta.8 03(3)8.04
A ugu st____ 8.1i@ 8.13
September_8.20@ 8.2l
October____ 8.25 @8.26
Novom’r cts.8.29@ 8.30
December___ 8.33(^8.34
January____ 8.39(3)8.40
February____ 8.44@8-45
M a rch .. cts.8.49@8-50
A pril----------- 8.54@8.55
M a y ------------8.58(3)8.59
Ju n o----------- 8.63@8.64
SU G A R quiet; centrifugal, 96-clegreos test, 6 .1 4 @ 6 .2 7 c .;
molasses, 89-degroes tost, 5 .3 7 @ 5 .50c.; granulated, 7.65c.
Futures advanced a little on covoring of shorts, though on the
other hand, refiners havo not been good buyers. On tho
contrary, they have bought less freely than was oxpqctod,
but the season f6r hot weather is approaching and it is be
hoved that before long they will havo to enter tho market
and buy more freely. In Cuba thero aro now only 15 cen
trals grinding. Cuban recoipts last woek wore 29,950 tons,
against 27,098 in the previous woek and 18,300 last year;
American stocks at Atlantic ports, 92,948 tons, against
117,519 last yoar; rofinors’ stocks aro ostimatod at 151,910
tons, or 128,000 tons less than a year ago. It is said that tho
combined stocks of Cuba, Atlantic ports and Now Orleans,
Aransas Pass, &c
Now Orleans----Gulfport---------M obile-------------I’ onsacola--------Jacksonville, &c_
Savannali —
Brunswick __
Charleston __
Georgetown _
Wilmington .
N orfolk........
N ’port News, &c
Now York__
Boston______
Baltimore______
Philadelphia-----Totals this weok
879
'504
573
302
3,755
1.802
155
"78f5
"45l
295
T 73
959
—
—
"430
::::
—
9,002
—
8.461
3,030
4,455
uni
102
1,570
1,000
821
::::
115
2",563
102
9,826
1,000
1,777
3
15
498
824
—
205
UN
13,234
1.010
100
l".9S6
- - 21
310
* " ii
422
2,356
53
1,495
4,856
472
316
429
21
1,578
429
—
'o.iool
7,912 10,469 14,218 1 59.468
The following shows tho wook's total rocoipts, tho total
sinco Aug. 1 1915 and tho stocks to-night, coniparod with
last year:
163
THE CHRONICLE
July 8 1916.]
in another column. The Toxas condition was put as only
1 % under last year and 3 % better than last m onth. Georgia
was 1 % under last year and 7 % better than a month ago.
T h is
1915.
1 1914.
1916.
1 1915.
W eek .
On the day this report was issued, prices declined 32 to 36
110,541 138,659 points, owing to heavy liquidation.
W all Street, the W est,
Galveston_______ 24,140 2,301,518 9,577 3,974,451
14,115
501,582
8,353
299,135
Texas C ity_____
the South and local traders sold freely. Liverpool was closed
56,976
58,988
1’ ort Arthur___
966 on account of a holiday, but was supposed to have sold here
61,886
66
85,393
Aransas Pass, &c_
196,206 158,625
13,234 1,364,455 5',352 1,855,789
New Orleans__
to some extent. On the following M onday, however, the
5,322
Gulfport_______
15,255 market got a surprise.
164,940
'208
16,859
Instead of a renewal of big liquida
153,811
M o b ile _________ "l'.oio
80,308
61,189
tion and drop in prices, there was a marked falling off in the
Pensacola_______
32,493
1,100
42,706
102
Jacksonville, &c.
69,753 long selling, and prices, after sagging only a little, suddenly
94,524
9,826 1,022,318 4",338 1,747,199
Savannah---------5,500
222,008
1,000 134,900
Brunswick______
404,531
46,765 raided and advanced on covering of shorts, large buying by
29,624
l",205
258,049
1,777
Charleston--------Liverpool to undo straddles and considerable buying also
1,857
728
Georgetown------39,340 "by spot houses. W all Street shorts covered freely.
52,876
'687 277,652
1,495 218,392
Spot
Wilmington------49,528
597,633
42,811
2,147
654,371
4,856
Norfolk-------- - - markets were found to be firm rather than weak. 1 lacL154,509
82,982
N ’port Nows, & c.
21,106 157,357 244,194 cally they ignored the Government report and the big
"6 0
26,959
21
Now Y ork--------14,519
87,382
405
10,339
85,941
1,578
B oston _________
In fact, on Saturday
1,870 decline in futures here last Saturday.
80,667
3,394
295
46,593
429
Baltimore_______
1,925 last, the day on which the Government report appeared,
2,935
783
2,562
Philadelphia-----New Orleans sold no less than 7,770 bales of spot cotton at
59,468 6,990,990 24,259 10332026 724,833 801,014
Totals.
unchanged prices. On M onday Galveston reported a vigor
In order that comparison may bo made with other years, ous demand for spot cotton, and Savannah sent similar le we givo below the totals at leading ports for six seasons:
ports. Besides the war news from Europe was of a kind to
make bears cautious. It was feared that the big drive by
1913.
1912.
1914.
1911.
1915.
1916.
R e c e ip ts a t —
the British and the French, as well as the Russians and the
420 Italians, might at any moment cause a renewal of peace
8,000
9,930
3,290
9,57'
24,140
Galveston —
TcxasCity,&e.
'4 ‘,744
2",533 rumors. And peace is admittedly a bullish argument. At
4,718
’ 3',44 9
"S',352
13'234
Now Orleans.
1,264
4
7 any rate, it is universally so regarded. Another thing which
426
208
1,010
M obilo--------3,165
840
4,398
1,790
4,338
9,826
Savannah ---has attracted attention is reports of persistent Gorman buying
15
1,000
Brunswick---2 of actual cotton in Memphis and thereabouts for delivery
405
17
98
' l ',200
1,777
Charleston,&c
no
41
195
4
687
1,495
W ilm ington..
1,882
126 thirty days after the conclusion of peace. Some, too, have
1,999
3,044
2,147
4,856
Norfolk . . .
1,455
1.39S
taken the ground that the Eastern belt has been getting too
1,764
N ’port N.,&c.
730
75 much rain. On Wednesday Government advices showed
348
359
750
"2", 130
All others__
13,080
It turned
4,198 that there was a big tropical storm in the Gulf.
21.44S
24,319
24,259
59,468
Total this wk.
out that Mobile and Pensacola had been cut off from com
Since Aug. 1.16.990.000 10332026 10497210 9,690,185111753667 8,554.017 munication by a hurricane of /0 to 80 miles an hour.
his,
The exports for the wook ending this evening roach a total with big rains, caused apprehension that they might cause a
of 81,870 bales, of which 112,591 were to Great Britain, spread of the boll-weevil post, and a good many believe that,
6 552 to Franco and 24,169 to other destinations. Exports owing to tlie large rainfall this season, the boll-weevil is
for the wook and since Aug. 1 1915 aio as i:q11oa\s._________
going to figuro very prominently in the futuro calculations
as to the size of the crop. Besides, it is contended that de
From A u g . 1 1915 to July 7 1910.
W eek ending Ju j 7 1916.
fective fertilization in the Eastern belt m ay yet show more
Exported
to
—
Exported to —
or less unfavorably when it comes to the actual fruiting of the
Exports
Great
Great
plant. B ut, on the other hand, Thursday’s reports at iirst
from —
Total.
Other.
Fran ce.
Britain. France. Other. Total. B ritain.
were to the effect that the tropical storm was not likely to do
1,637,784
152,732
482,081
1,002,371
3,404
30,450
33,070
Galveston..
.........
18,102 277,105 any great damage. New Orleans sent selling orders, tiiero
79,540
179,523
Texas City.
48,337 was more or less liquidation, and local traders sold with a
48,337
Pt. Arthur.
9,722 23,595 greater confidence. There is no doubt that the Government
13,873
Ar.Pass, &c
12,434 33,000 581,080 225,141 335,124 1,141,948 report on the crop, though regarded by some as too high, has
NewOrlcans 20,572
74,501
74,501
1,338 01,805 made a more or less profound impression at home and
7,000
53,527
05,556 152,540 422,058 abroad, taken in conjunction with tho big acreage, the high
2,346 203,962
Savannah.. 2,340
105,087
10.S06
94,281
0,511
Brunswick . 0,511
80,800 price, and a not unnatural hesitation in any case to try to
24,334
50,400
—
Charleston.
170,557
95,655
.........
74,902
bull cotton from the level of 13 cents. To-day prices ad
WU mington
00,202
500
32,077
33,115
8,408
Norfolk___ 4,700 3,768
1
vanced on torrential rains in the Eastern belt, including 1 to
350
884
N’p’t News
672,101
New York. 4,920 1,784 5,875 12,585 118,331 149,718 404,052
8,082 95,133 l l i i inches in Alabama and A to 3 A inches in Louisiana,
123 4,842 80,451
Boston___ 4,719
500 154,910 Mississippi, Tennessee and Georgia, and fears that they
5,878 122,307 32,109
Baltimore.. 4,878 1,000
3,155 23,723 will cause a spread of boll weevil.
142 20,508
Liverpool was firmer.
142
Phtladcl ’ia.
3,290
3,296
Portl’il, Me
179,790 179,790 Spot markets were firm and New York 10 points higher.
San Fran.. .......... .......... 2,273 2,273 .......... .......... 253,526
253,526
133,809 133,809 Later came a reaction, partly on weakness in- New Orleans,
2,055 where thero was a rumor that a German submarine had sunk
450
1,005
Los Angelo:
5,522
5,522 an unarmed merchantman. Spot cotton elosod^ _here at
Pemoina. .
13.10c. for middling upland, a decline for tho week of 5 points.
Total----- 81,870 0,552 24,169 112,591 2,681,265 844,057 2,109,832 5,035,154
The official quotation for middling upland cotton in the
000,310
3,702,977
8,192,523
3,709,230
44,800
Tot. 'H -’ lfi 21,90.r 4,168 18,607
^
I 8,798 21,020 3,438,524 1,004,533 4,402,0798,905,130 New York market each day for the past week has been:
1 12,222
1914-15.
1015-16.
R e c e ip ts to
J u ly 7 .
S in c e A u g
T h is
W e ek
S tock .
S in c e A u g
Tot. ’ 13-14
N o te .—New York exports since Aug. 1 Include 2,355 bales Peruvian and 309
West Indian to Liverpool and 1,010 bales Peruvian to Genoa.
In addition to above exports, our telegrams to-night also
givo us the following amounts of cotton on shipboard, not
cleared, at the ports namod. W o add similar figures for
Now York.
____________
O n S h ip b o a r d , N o t C lea red f o r —
July 7
a t —■
New Orleans..
Galveston----Charleston —
M obilo----------N orfolk --------Now York----Other ports---Total 1016 —
Totjil 1915..
Total 1914..
(tr e a t
B r ita in . F r a n c e .
G er
m any.
O ther
C o n t'l.
| C o a sl1 w is e
T o ta l.
820 35,225!
7,137 10,964 ........... 16,304
9,778 3,340 40,554!
8,215
19,221
--------- 1 1,700
1,700,
______j ______ --------10,100
'" 1 6 6
10.666
" " I I I '" 3 6 9
369,
3,000 ...........
6,100
2,566
'" 6 0 0
...........|...........
2,800
2,800
100 20,082
6,229 96,848
39,758 21,679
100 29,912 28,354 80,631
19,957 2,308
884 15.804 16,962 19,766 68,350
14.934
L e a v in g
S lock .
160,981
69,987
92,824
29,624
6,750
42,442
151,257
74,111
627,985
720,383
270.339
J u ly 1 to J u ly 7—
Sat. Mon. Tries. W ed. T hu rs. Fri.
H. 13.0o 13.00 13.10
Middling uplands...................... 12.90 12.95
NEW
Y O R K Q U O T A T IO N S FO R 32 Y E A R S
1916-C.........13.1911908-C--------11.20
1907_______
13.50
1915_______________
9.20
1
3
1906_______ 10.80
1914................--13.25
1905_______ 10.90
1913.................. 12.25
1904......... -.11
@FedFRASER