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firtatirtut
To
olumgrrial
Bank & Quotation Section
Railway Earnings Section
INCLUDING
Railway 8z Industrial Section
Bankers' Convention Section
iiirk
Electric Railway Section
State and City Section
SATURDAY, JUNE 17 1916
VOL. 102
The Thranirit.
Week ending June 10.
Clearings at
19.16.
PUBLISHED WEEKLY.
410
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Chicago ti
ClevelandC in lnzla
Detroit
Milwaukee
Indianapolis__
Columbus
Toledo
Peoria
Grand Itapids
Dayton
Evansville
Youngstown _ _ _ _
S.Ringfield, Ill_ _
Fort Wayne _ __ _
Canton
Akron
Lexington
Rockford
South Bend
Springfield, Ohio.
$
353,388,787
35,055,000
40,068,994
41,362,821
18,388,319
11,213,351
9,887,400
9,566,727
3,900,000
4,094,922
3,410,248
1,504,187
2,169,145
1,681,072
1,473,419
2,471,400
3,580,000
679,039
951,446
1,001,502
958,491
879,626
754,792
654,130
595,294
700,054
800,000
527,073
675,804
1,544,372
295,917
366,036
78.225
554,657,593
1915.
Inc. or
Dec.
$
°o
t
285,477,696 +23.8
24,196,500 +44.9
26,802,595 +49.5
29,813375 +38.7
15,728,998 +16.9
8,156,708 +37.5
6,647,900 +49.9
5,787,953 +63.6
3,142,418 +24.1
3,368,334 +21.6
2,153,481 +58.4
1,234,891 +21.9
1,535,127 +41.3
1,143,274 +45.3
1,255,222 +17.4
1,650,000 +49.8
2,034,000 +76.0
582,486 +16.7
904,518 +5.2
723,559 +38.4
648,198 +47.8
757,342 +16.1
647,908 +16.5
494,378 +32.4
476,172 +25.0
478,163 +46.4
561,920 +42.4
259,912 +102.8
450,000 +50.2
634,844 +143.3
312,388 -5.3
263,266 +39.1
67,13t +16.5
427,890,820 +29.6
1914.
$
310,380,851
25,045,800
24,447,871
26,103,385
17,180,073
8,753,409
6,932,400
6,484,607
3,382,378
3,363,306
2,092,344
1,406,260
1,578,104
1,245,461
1,200,476
1,491,505
2,184,000
605,055
1,002,056
623,682
721,410
785,721
786,094
449,202
538,595
496,208
550,000
263,745
471,418
494,622
386,930
223,291
51,534
449,701,853
1913.
$
306,879,987
24,737,850
26,110,422
26,219,728
15,753,405
9,379,570
7,180,100
5,706,612
3,380,627
3,364,155
2,457,243
1,499,836
1,564,532
1,150,109
1,358,244
1,752,046
1,919,000
816,859
1,313,663
725,367
860,678
788,665
811,347
539,110
497,208
499,226
558,728
363,400
512,157
516,045
375,746
207,059,
25,342
449,824,566
$4 20
Transient matter per inch space(14 agate lines)
Two Months
(8 times)
22 00
'.13c ,t, 0n ths (13 times)
1ri7 1%llis
Months
29 00
es)
Standing Business Cards
50 00
(26 times)
Twelve Months(52 times)
87 00
CHICAGO OFricE-39 South La Salle Street, Telephone Randolph7396,
.
LONDON OFFICE-Edwards 84 Smith,1 Drapers' Gardens, E C.
I lonmington.._ _ _
Q lio eY
il
Decatur
WILLIATII B. DANA COMPANY,Publisher's,
Mansfield
Front, Pine and Deperster Sts., New York,
Danville
Jackson
Published every Saturday morning by WILLIAM B. DANA COMPANY
Jacksonville, Ill_
Jacob Seibert Jr., President and Treas.: George S. Dana and Arnold G. Dana, Lima
Vice-Presidents; Arnold G. Dana, See. Addresses of all, Office of the Company.
Lansing
Owensboro
Ann Arbor
CLEARING-HOUSE RETURNS.
Adrian
The following table, made up by telegraph, &c., indicates that the total
Tot.Mid.West.
bank clearings of all the clearing houses of the United States for the week
L s Francisco
ending to-day have been $4,796,138,663. against $4,787,494,618 last week San A naeies
59,217,835
47,180,382 +25.5
47,021,489
47,182,318
23,193,507
and $3,196,458,943 the corresponding week last year.
20,434,576 +13.5
22,566,071
23,568,224
Seattle
15,194,946
11,798,926 +28.8
12,730,603
13,607,922
Portland
10,245,027
8,705,144 +17.7
9,857,366
11,922,186
Per
Clearings-Returns by Telegraph.
Salt Lake City
6,073,503 +41.1
8,570,710
5,685,891
5,420,183
Cent.
1916.
ending June 17.
1915.
Week
Spokane
4,758,236
3,634,654 +30.9
4,778,152
4,581,949
2,275,840
1,957,273 +16.2
2,301,630
3,085,649
$2,445,311,916 $1,511,079,157 +01.8 Tacoma
New York
Oakland
4,385,413
3,475,176 +26.2
3,505,778
3,668,471
180,740,253
117,247,368 +54.2 San
Boston
Diego
2,528,829
1,939,182 +30.4
2,191,673
3,156,089
204,116,931
132,652,275 +53.9
Philadelphia
1,845,787 +27.5
2,353,856
2,041,345
1,916,316
38,764,150
25,385,434 +52.7 Sacramento
Baltimore
863,427 +16.6
1,006,871
831,655
699296065:,843391544
331,563,479
253,704,792 +30.7 Pasadena
Chicago
1,182,931
842,737 +40.3
78445233425
903,827
87,010,530
67,686,594 +28.5 Stockton
St. Louis
1,155,574
913,630 +26.5
20,943,680
15,945,117 +31.3 Fresno
New Orleans
San Jose
680,000
2 7 537 +17 9
5 9 16 +3 7
7 :7
9
.
74 :
428508,758
4
512,839
412,612 +24.3
331
446
$3,308,450,939 $2,123,700,737 +55.8 North Yakima
448,308
Seven cities, 5 days
725,413,241
423,803
564,043,268 +28.9 Reno
cities, 5 days
Other
Long Beach
6W 79
3" , 468,292 +34.0
27:6
598,454
64,033,864,180 $2,687,744,005 +50.1
Total Pacific__ 138,190,093 111,421,554 +24.0 117,190,269 122,287,668
Total all cities, 5 days
762,274,483
508,714,938 +49.8
All cities, 1 day
Kansas City__
83,292,910
71,793,224 +16.0
50,140,611
50,303,546
$4,796,138,663 $3,196,458,943 +50.0 Minneapolis __
Total all cities for week
22,330,053
19,794,810 +12.8
22,374,313
23,477,280
Omaha
23,035,918
18,785,117 +22.6
16,000,000
17,016,475
The full details for the week covered by the above will be given next St. Paul
14,990,558
11,234,058 +33.
10,451,077
9,252,326
Saturday. We cannot furnish them to-day, clearings being made up by the Denver
13,826,204
10,329,555 +33.8
9,308.176
9,289,864
at noon on Saturday, and hence in the above the last day St. Joseph
clearing houses
10,833,635
7,976,532 +35.8
7,509,152
8,143,779
of the week has to be in all cases estimated, as we go to press Friday night. Des Moines
6,507,158,
5,191,381 +25.3
5,738,668
5,403,350
We present below detailed figures for the week ending with Saturday Sioux City
4,338,765
3,605,314 +20.3
3,396,025
3,451,008
noon, June 10, for four years:
Duluth
4,320,647
3,490,071 +23.8
3,240,673
3,913,418
Wichita
4,405,427
3,849,951 +14.4
3,157,447
3,273,338
Lincoln
2,389,943 +32.1
3,155,268
1,978,290
1,985037
1Veek ending June 10.
1,903,904
Topeka
1,702,487 +11.8
1,539,530
1,747,940
Clearings alDavenport
1 537,134 +33.4
2,050,676
1,700,043
1,471,107
Inc. or
Cedar Rapids__ _
1,796,714
1,724,277 +4.2
1,870,344
1,643,516
1915.
I
Dec.
1916.
1914.
1913.
Colorado Springs
819,004
856,234 -4.3
660,222
743,142
Fargo
1,746,395
1,404,314 +24.4
1,249,073
548,880
511,424
418,326 +22.2
594,597
587,817
2,979,387,287 1,724,706,416 +72.8 1,691,828,817 1,951,240,463 Pueblo
New York
Fremont
611,294
533,331 +14.6
473,335
442,525
Philadelphia _ _ 237,203,393 154,224,921 +53.8 143,055,993 170,199,632 Waterloo
2,156,634
1,599,315 +34.8
1,416,305
1,924,320
47,833,394 +25.3
59,947,917
49,407,879
56,591,623 Helena
Pittsburgh
1,413,046
1,041,079 +35.7
1,124,692
1,043,363
29,237,159 +43.6
41,992,639
35,537,962
40,470,142 Aberdeen
Baltimore
888,981
592,971 +50.0
554,377
434,425
10,492,136 +48.8
10,607,536
15,609,732
Buffalo
12,548,612 Hastings
327,811
210,163 +58.0
147,416
172,997
8,562,976 +33.4
8,701,274
11,426,012
8,302,760
Washington
700,191
505,629 +38.5
481,275
436.899
5,346,765 -11.3
5,898,672
0,234,282 Billings
Albany
4,741,395
5,020,818 +53.4
Tot.Oth.West. 205,962,617 170,565,216 +20.8 145,105,641 146,706,362
5,351,586
7,701,622
5,204,455
Rcchester
3,554,570 -4.2
3,377,105
3,128,543
3,405,759
Scranton
107,467,235
75,778,572 +41.8
2,899,378 -1.7
3,308,990
2,763,075 St. Louis
80,444,241
Syracuse
2,848,838
82,949,553
23,943,101
16,026,901 +49.4
1,951,962 +20.4
1,937,935
2,033,687 New Orleans
Reading
2,350,471
16,847,047
16,550,107
17,836,036
14,659,535 +21.7
2,014,332 +10.5
1,611,504
1,837,670 Louisville
12,379,028
Trenton
2,226,070
12,717.266
2,469,635
7,791,898
6,650,227 +17.2
1,933,677 +106.8
2,197,761 Houston
8,294,376
7,739,333
4,000,000
Wheeling
15,857,558
9,007,335 +76.0
1,688.816
1,628,178 +17.7
1,419,610 Richmond
7.750,651
Wilkes-Barre_ _
1,917,400
7,300,950
Atlanta
16,463,719
+66.8
12,046,071 +30.2
2,107,404
Wilmington
2,013,092
14,532,828
3,249,519
12,747,980
1,947,095
3,150,000
3,750,000 -18.0
York
971,805
997,832
950,070 +4.3
947,501 Galveston
3,429,000
3,603,000
7,590,349
5,596,265 +35.6
Erie
1,183,782
1,298,197
1,116,800 Memphis
6,345,562
1,016,729 +27.7
6,562,397
Cheater
8,780,210
8,228,785 +6.7
745,709
1,154,555
6,853,140
678,312 Fort Worth
705,872 +63.6
7,385,656
Greensburg
6, 46,596 +29.1
43
8,190,096
832,616
900,000
6,589,462
733,932 +22.6
670,880 Nashville
6,560,997
Binghamton .._ _
5,701,115
3,297,470 +72.9
954,400
695,600
770,900 Savannah
3,728,826
686,200 +39.1
3,937,038
Norfolk
594,249
Altoona
5,180,398
4,111,152 +26.0
, 546,571 +8.8
571,139
633,256
3,972,190
3,693,274
Lancaster
3,294,236
2,317,681
2,252,911 +46.3
1,617,446
1,557,402 Birmingham_...
2,822,036
1,752,226 +32.3
2,929,255
461,103
3,618,265
Montclair
2,191,863 +65.1
524,218
462,595 Oklahoma
2,011,148
443,462 +4.1
1,802,795
Jacksonville
3,881,997
2,948,001 +31.7
3,690,814
3,898,928
2,540,408
1,778,405 +42.8
2 343 580
Total Middle_ 3,386,666,071 2,008,196,339 +68.6 1,973,753,079 2,273,421,657 Little Rock
2,170,350
3,008,176
2,677,955 +12.3
Chattanooga......
3,110,877
2,726,970
200,556,911 149,028,912 434.0 139,379,276 154,167,772 Knoxville
2,461,462
1,712,717 +43.7
Boston
2,113,506
1,513,421
9,238,400
1,465,919
7,713,000 +19.8
1,116,208 +31.3
8,504,200 Augusta
1,742,429
Providence
7,434,500
1,387,961
9,210,046
Mobile
1,207,978
5,636,407 +03.4
1,112,487 +8.6
lIartford
4,953,019
1,218,035
5,411,847
1,375,000
3,939,962 +11.0
2,068,461
1,608,427 +28.4
4,371,629
1,665,446
3,591,254
3,058,598 Charleston
New Haven
1,412,773
3,398,745 +15.6
2,586,653
3,930,502
2,535,101 +2.0
2,708,055 Macon
3,690,761
Springfield
3,012,835
2,839,581
2,544,665 +36.2
2,000,000
2,043,437 -2.1
3,466,598
1,875,419
2,680,953 Austin
Worcester
2,602,915
2,489,257
2,281,784 +25.2
326,791
308,890 +5.8
2,857,410
2,251,849 Vicksburg
260,062
Portland
1,843,375
263,071
1,202,693 +41.2
407,924
418,261 -2.5
1,098,339
1,220,434 Jackson
1,294,962
405,860
583,841
Fall River
1,100,483 +32.4
4,817,149
1,428,595 +237.3
1,457,519
1,163,548
1,153,649 Tulsa
1,653,011
New Bedford -.1,084,375
904,740 +10.8
1,001,682
841,504 +19.0
1,002,309
855,203
550,669 Muskogee
876,437
Lowell
679,108
854,052 -0.3
851,202
680,494
600,397
Holyoke
414,991 +78.1
Total Southern 262,638,816 191,073,6711 +37.5 200,646,779 198,884.437
738,503
473,628
521,332
Bangor
4;787;494,618 3,038,767,994' +55.0 3,056,140,458 3,373,666,593
Total all
Tot. New Eng.. 239,379,428 179,620,394 +33.3 167,743,837 182,430,932
Outside N. Y_ 17808,127,33111,364,061,578-7 5273 1,364,311,6411,422,326,130
77
Note.
-For Canadian clearings see "Commercial and Miscellaneous News.
2192
THE CHRONICLE
THE FINANCIAL SITUATION.
Paul M. Warburg of the Federal Reserve Board
delivered a notable address before the convention of
the New York State Bankers' Association at Atlantic
City, N. J., on Friday of last week, and we print
the greater part of it on subsequent pages. The portion of the remarks that attracts chief attention is
that dealing with the amendments to the law proposed by the Reserve Board. Speaking as a member
of that Board, what Mr. Warburg has to say must of
course be regarded as authoritative. Our readers
are well aware that we are not in sympathy with
some of these amendments; that, indeed, we consider
them fraught with more or less peril to the Reserve
system and to the country, and it is for that reason
that we make room for the arguments adduced
by Mr. Warburg in support of them.
We have more than once indicated our respect for
Mr. Warburg's eminent ability and for his theoretical and practical knowledge of banking, and we
regret exceedingly to be obliged to differ with him
in such important particulars,but we cannot get ourselves to believe that it is for the best interest either
of the Reserve banks or of the country that the three
principal amendments suggested be incorporated in
the Reserve law. In the first place we do not think
that the Federal Reserve banks should be allowed to
issue Federal Reserve notes against deposits of gold,
and in the second place (even should we be inclined
to waive objections on this score, could that amendment stand as a separate and distinct proposition)
we would consider it a grievous mistake to have the
law further amended so as to allow gold thus obtained
to count as part of the 40% gold reserve which the
Federal Reserve banks are required to hold against
Reserve notes issued on the security of commercial
paper. The most serious mistake of all, however,
would be in extending the note-issuing function
so that the Federal Reserve notes could be put out
against paper which the Reserve banks may acquire
in the open market.
All these are related propositions and they cannot
be considered independently, but must be treated as
a whole. The combined effect of the three is to
change the whole purpose and scope of the Reserve
Act, providing for the broadest scheme of currency
inflation ever devised by the wit of man. In saying
this we do not mean to assert that the present
Reserve authorities would deliberately embark on a
policy ofinflation—in parts of his speech Mr.Warburg
distinctly cautions against excessive currency issues
—but the elements of inflation are there,and it would
be open to any succeeding Board to avail to the
utmost of the extraordinary and unlimited powers
granted in that respect. And as bearing upon the
possibility of changes in the personnel and character
of the Reserve Board, we would remind the reader
that the Reserve Board is a semi-political body,
that two of its most influential members are the
Secretary of the Treasury and the Comptroller of the
Currency, that the appointment of these two incumbents rests always with the incoming President,
and that the latter also during his four-year term
has the appointment of two of the five regular
members of the Reserve Board; furthermore, that a
new Presidential term is no more remote than the
[Vol.. 102.
fourth of next March, when all these changes will
come within the range of possibility.
Mr. Warburg in his argument does not attempt any
justification of the proposition to allow the Reserve
banks to issue Reserve notes against purchased paper,
but he frankly admits that the object in wanting to
coral large masses of gold is to increase the lending
power of the institutions. Thus he points out that"the
process of substituting, as a means of circulation,
the Federal Reserve note for the gold certificates has
the most important effect of strengthening the potential
lending and note-issuing power of Federal Reserve
banks in case of need." With his keen perceptive
faculties he is conscious of the possible dangers in
such a course, but he meets this objection by arguing
that "to refuse this larger power of protection for
fear that it might be misused would be paramount
('tantamount' is unquestionably meant) to refusing
to give a modern revolver to a policeman for fear
that he might shoot at the wrong man and at the
wrong time." Mr.Warburg's simile proves too much.
In speaking of the "misuse" of the power he touches
the weak spot in the proposal and in comparing the
possible consequences with the havoc that may be
done by a policeman's revolver he indicates the extreme nature of the danger. It is our opinion that
the country cannot afford to take any chance with
revolvers in the banking world.
Last week's proceedings in Chicago will probably
be long memorable for their disappointing of expectations. Twelve years ago, Mr. Roosevelt, then the
popular idol, declared, with all the seriousness and
emphasis which language can import, that he would
not be a candidate again, in any circumstances.
Eight years ago, having the convention in his hand,
he nominated Mr. Taft. Four years ago, having repented of his pose in 1904 and having consumed .all
the fuel it could supply for his insatiable vanity, he
said that his pledge referred only to a third "elective"
term. Failing to control the party convention, he
bolted; drew his followers about him; nominated himself, unanimously, on the first ballot; split his party
which he could no longer rule, and thus elected the
man who now, in his turn, disregards a pledge that
he voluntarily accepted, although he did not propose
it. So much of our recent political history, largely
forgotten, and disregarded for convenience sake by
politicians who cannot forget it, was preliminary to
last week's surprises.
Cincinnatus preferred to remain with his plow at
Oyster Bay, which he left only to speak for "Americanism;" but the spontaneity of demand that he
come and save the country would not permit denial.
The Progressives went to Chicago avowedly to nominate him; they howled 93 minutes for "Teddy,"
breaking all previous records, and almost began a
march around the walls of the Coliseum; the unconcealed object of it all was to force him upon the
Republicans; when that had failed, they did what
they had with difficulty been held from doing at
the first. The suggestion of Mr. Lodge as an acceptable compromise was not only a rank political
blunder but cannot be deemed sincere, for if it had
been such it would have been made at the proper
time. The queer "conditional" declination,to stand
as final if approved, and if not approved (in the ad-
JUNE 17 1916.]
THE CHRONICLE
2193
mission that Mr. Hughes is on the whole the best anybody has betrayed them their own idol whom
man for the country) to be reviewed and possibly they have vowed to be the "only" living man equal
withdrawn, bears the characteristic Rooseveltian in- to the times is the one; they can allege nothing
sincerity on its face. Yet the probable explanation against Mr. Hughes, and nothing against the Reis this: blinded, as any mere human being would be, publicans except the refusal to be caught by the
by the irrational flattery bestowed on him, Mr. shouting; what will they do? The answer must wait
Roosevelt expected to force himself on the Repub- till November; but present indications are that most
licans, or, at least, to dictate their course, to the of them will slip under the canvass into the RepubMight of the world; having failed in this, he realized lican tent, and it will not be astonishing (in this year
that he is on the wane; yet, so hard was it to awaken of surprises) if the only man in the world gradually
that he phrased his declination so as to leave a re- becomes willing to save the country in some other
treat open, although inwardly feeling it to be final way than sending frequent messages to Congress.
and himself "out of politics," as he told the correThe present outlook is therefore that there is at
spondents he is.
least a good fighting chance to beat Mr. Wilson, as
Mr. Hughes is, on the whole, the strongest man there might not have been if last week had ended
that could have been named, on the score of avail- differently. It will be a striking example of Time's
ability. The outcry against the alleged danger to revenges if the man whose selfish ambition wrecked
the Supreme Court is an evidence of this, showing his party and put its opponents in power, four years
how the Wilson adherents fear him and how keen is ago, has now overleapt himself and restored the party
their chagrin at losing the benefit of a repetition of he then sought to .destroy.
the split in 1912, upon 'which they had confidently
reckoned. The danger to the highest tribunal is not
Gold production in the Transvaal the last two
so much in rarely taking a member from it to re- months has eased up a little, the average daily outenter politics as in putting men into it according to put of the mines having fallen below that of preceding
a partisan balance or on the theory that some in- months of 1916 and the corresponding periods of 1913
terest or class should be "represented" in it. Perhaps as well. This is seemingly to be ascribed, however
something might be said for the amendment already to a reduction in the working force rather than a
offered for keeping politics out of the Federal courts; failure of the ore taken out to yield as well as heretobut that would have seemed more proper had it been fore. At any rate the decrease is not marked enough
deferred until next winter.
to give cause for fear that a period of declining proMr. Hughes is perhaps not the man whom the duction has set in, especially as last year's results,
"electoral college" as intended by the framers of the which in the aggregate were close to the record mark
Constitution would now select for the Presidedcy; of 1912, have in the period since Jan. 1 been exyet the plea that he and Mr. Wilson are about the ceeded to the extent of over 200,000 fine ounces.
same and avowedly stand for the same things has Briefly the average daily production of the mines
no real substance, since it overlooks one important for May was 25,086 fine ounces, giving a total yield
fact. The "things" thus said to be the same with for the month of 777,681 fine ounces, this comparing
both men, wherefore no cause appears for a change, with 24,630 fine ounces and 763,548 fine ounces in
are "Americanism;" but the entire case is not thus 1915 and 23,233 fine ounces and 720,229 fine ounces
covered. The country is not choosing a man just to in 1914. For the 5 months the output aggregates
"keep us out of the war" (as Mr. Wilson is inaccu- 3,870,103 fine ounces against 3,652,768 fine ounces
rately said to have done) but to be at the head of last year, 3,368,921 fine ounces in 1914, and 3,893,344
our domestic affairs also. The worst to be cited fine ounces and 3,788,971 fine ounces, respectively,
against Mr. Hughes is legible in his Public Service in 1913 and 1912.
Commission law, of which he was author; the'worst
of Mr. Wilson is legible in his comparatively bad apBuilding operations in the United States for May
pointments and in his persistent and ignorantly pre- 1916, notwithstanding the continued
comparasumptuous attacks upon business, of which much is tively high cost of practically all kinds of
material
already put into statutes and more is pending now. entering into construction work—the labor situation
This is too recent to need recounting; suffice it, as having been in great part adjusted—were very
between the two men, that Mr. Hughes, according active. In fact the projects for which permits were
to all reasonable expectations by record and char- issued during the period covered contemplated exacter, would be fully as safe and good and "Ameri- penditures not only in excess of May of any earlier
can" as Mr. Wilson in respect to all foreign policies year, but also greater than ever before reported for
and problems, and as to our own domestic matters• a single month according to our record. This is
would be much the safer and abler. This is of opinion, in no sense a cause for surprise, as with the current
necessarily, and therefore need not be discussed; but activity in almost all lines in the country as a whole
it demands mention, since the clamor of the hour and the future promise encouraging, the building
seeks and is liable to make it overlooked.
industry should be expected to be stimulated. As
The Progressives were never a party, and they regards labor, it is to be noted that there has
been
have now ceased to be even a cult; had the attempt a quite general return to work locally, those with
on their leader's life in 1912 succeeded, they would whom a satisfactory adjustment of the wage question
have instantly dissolved then. In the interval, they has not been made, comprising bricklayer's helpers,
have been dissolving; but now he drew them into a electrical workers and a few minor unions. A
mass again, as a magnet draws a heap of iron filings. further recent favorable development is the downThe current has gone out of the magnet, and the ward tendency in the price of some classes of mateatoms have begun to scatter away. Some of them rial—steel and brick for example.
have declared for Mr. Hughes; what can the others
Our compilation for May embraces 162 cities
do? The Wilsonites will court them, with all the with the total intended outlay reaching $121,232,667,
political sweets that can be honeyed together; but if this contrasting with $94,714,366 a year ago and
2194
THE CHRONICLE
86 million dollars in 1914. Greater New York's
exhibit is very satisfactory, the May total at
$28,625,037 for the five boroughs being 332 millions
more than in 1915 and 12 millions heavier than for
the period in 1914. Moreover, all of the boroughs,
except the Bronx, share in the increase over last
year, with Manhattan showing the greatest measure
of gain. For the cities outside of New York, the
month's aggregate is 23 million dollars greater than
for last year ($92,607,630 comparing with $69,713,017) and runs some 15 millions ahead of the previous
high record of 1912.
The exhibit for the five months is also a very
favorable one, the aggregate our compilation discloses being much the largest of recent years and
practically the same as that of 1909. At 23 New
England cities there is a gain in the total over the like
4
period of last year of about 11 million dollars,
gains elsewhere more than offsetting a loss at Boston.
An increase of 123/ millions at 39 Middle States
municipalities (not including Greater New York),
while quite generally contributed to, is mainly found
at Philadelphia, Pittsburgh, Baltimore and Washington. An excess of 32% millions is shown in the
Middle West division (28 cities) with Chicago and
Deroit the principal gainers and Cleveland alone
exhibiting a loss worthy of mention. The result at
the South (33 cities) is 5 2 millions better than for
1915,thanks in greatest measure if not wholly to the
more satisfactory cotton price situation this year.
On the Pacific Slope 14 cities report an augmentaion
of 33/ millions in contemplated expenditures. The
remainder of the West, 24 municipalities, also makes
a good showing with an increase of 143, millions
over last year, almost 73' millions of which is at
Duluth, and is explained by a large steel project for
which a permit was issued in May. The combined
returns for the 161 cities outside of New York give
an aggregate of $341,326,207 against $271,291,385
in 1915. Greater New York's totals are $86,537,712
and $81,690,219 respectively and those for the whole
country $427,863,919 and $352,981,604.
Contrasting sharply with the situation in the
United States, but not unnaturally so considering
that although not involved territorially the country
in every other way is most vitally interested in and
influenced by the war in Europe, Canadian building operation returns continued in the main to furnish
evidence of absolute inertia or dulness. For 14
cities in the Western Provinces the outlay arranged
for in May this year was only $598,745 against
$976,025 a year ago and some 6 millions in 1914,
with the total for the five months but $1,969,704
against $2,132,140, and 18 millions. From the
Eastern Provinces 30 cities report an aggregate of
estimated expenditures of $3,750,103 against $3,674,034 and over 9 millions, and for the period since
Jan. 1 the contrast is between $8,652,763 and
$10,045,761 and nearly 30 millions. For the whole
of Canada (44 cities), therefore, we have an aggregate for May of $4,348,848 against ,650,059 in
1915 and some 16 millions in 1914, and for the five
months of $10,622,467 and $12,177,901 and 48
millions respectively.
Argentine commercial statistics for the calendar
year 1915, recently made public, furnish clear evidence of the marked changes that have occurred in
the foreign trade of the country since the outbreak
of the war in Europe. Reflecting the complete
[voL. 102.
embargo upon direct intercourse with Germany and
difficulties attendant upon getting many classes of
commodities from other countries in Europe, there
was a very considerable decrease in imports in 1915,
the total reaching only 226,892,733 (gold) pesos
(1 peso = $0.965), against 271,817,900 pesos in
1914, or a falling off of 44,925,176 pesos. In the
iron and steel schedule the decline was no less than
16,512,164 pesos, in vehicles, boats, Sm., including
accessories, 16,160,436 pesos; in construction material, 6,000,552 pesos; in electrical supplies, 3,266,910 pesos, and in wool and manufactures, 5,616,267
pesos. Some important gains are to be noted, however, particularly in crude oil used in many places
as a substitute for coal, this notwithstanding increased activity in the exploitation of the oil fields
of the country to meet the growing demand for the
product for fuel. As regards exports, however, a
very decided expansion resulted in the latest year,
the aggregate rising from 349,254,141 pesos to 558,-,
280,643 pesos or an augmentation of 209,026,502
pesos, which was shared in by almost every article
entering into Argentina's outward trade. Exports
of wheat accounted for a gain of 95,466,222 pesos in
1915, of frozen beef 40,889,728 pesos, of corn 15,771,432 pesos and of quebracho extracts 10,686,426
pesos. The net balance of exports for the year 1915
was of course of great magnitude, reaching 331,387,910 pesos against but 77,436,241 pesos the previous year.
In connection with the foregoing a report to the
Department of Commerce under date of Buenos
Aires, April 8, from the American Commercial
Attache possesses considerable interest. Pointing
out the necessity of developing a merchant marine
to serve American manufacturers competing for
foreign trade with South America, the Attache,
Mr. Albert Hale, cites the recent loss of a large
Argentine contract by American bidders in New
York merely because of a lack of ships to carry the
material promptly. The contract, which involved
a matter of some $1,500,000, covered supplies for
sanitary work throughout the country. The engineers of the Obras Sanitarias (a Governmental department) were inclined to accept the New York
bid, which was the lowest, but insisted on definite
statements as to when delivery could be made in
Buenos Aires. Cargo space, however, could not be
obtained, the purchase of vessels not even being
possible, and the contract finally went to English
manufacturers. This circumstance, it will naturally
be inferred, enforces the fact that the United States
is able to compete for foreign trade, but success in
obtaining orders depends upon ability to make
prompt delivery, for which adequate shipping facilities must be available.
While Berlin and Vienna in their War Office statements have several times this week announced that
the great Russian drive has been checked, Petrograd
each day has reported additional spectacular gains.
The advance is now being directed both against the
Austro-Hungarians and the Germans, and extends
on a frontage from the Pripet marshes southward to
Bukowina. Yesterday was the thirteenth day of the
attack. Petrograd announced the capture of Czernowitz, the capital of Bukowina. Before abandoning the city the Austrian authorities arrested a number of persons, who were forced to accompany the
retreating troops. The railway rolling stock was
JUNE 17 1916.]
THE CHRONICLE
2195
sent to Ilskani and the tracks about the city were probably in preparation for another infantry atdestroyed. Trainloads of wounded were dispatched tack with the hope of a further advance toward the
to Dornavatra, 77 miles southwest of Czernowitz. fortress. Only artillery activity is in progress on the
The offensive is now reported to be driving west- remainder of the front in France and Belgium. The
ward toward Stanislau in an effort to cut the Canadians are holding positions they recaptured
Austrian communications between Lemberg and from the Germans in the vicinity of Zillebeke, where
all southern points of the line. If this move is there is intermittent shelling by both sides. The
successful, the Austrian Czernowitz army either fighting on the Austro-Italian line in the Tyrol seems
will have to stand its ground or retreat through to have settled down from the violence that recently
the Carpathians to the plains of Hungary. Should was such a feature. Italians have captured a numthe Russians succeed in occupying the rich farming ber of Austrian positions a short distance from the
country of the plains, it would be a serious blow head of the Gulf of Trieste. A dispatch from Petroto the Central Powers, which now are practically grad says that most of the effectiveness of the Russian
dependent on the coming harvest for food. Accord- artillery in their great Galician drive is due to the
ing to the London "Times," the fate of Czernowitz use of big Japanese guns, which are said to be more
was sealed when the Russians took Sinatuin at the powerful than any that the Russians have had herePruth, cutting the most important railway communi- tofore and are charged with shells filled with a new
cations, while the recent surrenders of troops in explosive the destructive power of which is terrific.
Bukowina had been of such a wholesale character
Rumors have been current that Rumania is about
that the strength of the defenders of Czernowitz
had been seriously weakened. Such of the Austrian to formally enter the war on the side of the Allies.
forces as have been able to escape, the "Times" adds, It is reported from Athens that the Bulgarians are are now forced to take the branch railway lines run- withdrawing the majority of their forces from
ning toward the Carpathians, and their position can- Saloniki to the Rumanian frontier.
not be regarded as hopeful. It is estimated that the
King Victor Emmanual on Monday accepted the
losses of the Central Powers along the front from the resignation of the Salandra Cabinet. A short
• Pripet to the Rumanian border now total 300,000, stormy discussion in the Chamber of Deputies folor nearly half the original effectives, according to lowed the announcement of the Cabinet's resignaa press dispatch from Petrograd, which adds an tion, the attack on the Ministry being led by Signor
official statement that 164,000 have been captured, Turati, leader of the Intransigent Socialists, who
including 14,000 men and 100 officers mentioned charged the Ministry with the responsibility for antiin yesterday's report, the Czar's troops continue Austro-German riot at Milan and other cities when
to advance steadily in the indentation they have Italy declared war. A leading member of the
made in the line at Lutsk. The most decided Neutralist Party in an official statement declared
gains in this direction are along the line of the that it is a mistake to suppose that the Italian ParRovno-Lutsk-Kovel railway, with Kovel the real liament is opposed to war, since of 508 members,
goal. The official Austrian war bulletin issued on only 37 Official Socialists form the anti-war party.
Thursday night reports a repulse of the Russians The followers of ex-Premier Giolitti, numbering
north of Czernowitz, but admits that the Czar's about 250 members, supported the Cabinet, and
troops are sweeping around to the west of the city only 50 of them had joined the Opposition forces.
and have crossed the Horodenka-Sniatyn line in the The remaining Deputies, including the Catholics,
direction of Kolomea.
voted in favor of the Government, while about
Evidence is certainly accumulating that the Rus- 100 members did not participate in the division.
sian advance is preliminary to the great combined Thus, the Cabinet was forced to resign, owing to
drive of the Allies, which has so long been expected, the votes of the so-called Interventionists, consisting
and which obviously has begun where least expected. of 20 Reformist Socialists, 35 Radicals, 25 RepubSignificance now seems to attach to the fact that Earl licans and 20 Democrats, besides the Nationalists
Kitchener was on his way to Russia just before the and a few others who until yesterday were united
drive started. It is surmised that his visit had direct in their support of the Government.
association with the broad military situation. A
Advices from Rome state that King Constantine
statement by the French War Office on Wednesday of Greece has left Athens for Larissa as a precaution,
seems to bear out this view when it declares that fearing that there may be a revolution. From
"the Germans in front of Verdun are maintaining an Larissa he will be able to seek refuge in Monastir.
attitude of expectation in view of the menace of Athens dispatches say that the complete demobilievents which they feel are becoming more and more zation of the army has been ordered by the King,
imminent." Advices cabled from London state that thus placing Greece under the control, for all practhe interpretation given this statement is that the tical purposes, of the Allies. It is reported that
big drive is to start at the strategic moment when David Lloyd George, without giving up his entire
the increasing momentum of the Russian drive will supervision of the office of Minister of Munitions
leave the German commanders with no choice but in the British Cabinet, will take on the duties of
to have their lines smashed somewhere, either in Secretary for War made vacant by the death of
France or elsewhere. The French Chamber of Dep- Earl Kitchener.
uties went into secret session yesterday afternoon to
interpellate the Government on the defensive prepaAdvices from Peking state that all parts of China,
rations made by France prior to the attack on Ver- including the rebellious provinces of South China,
dun. In the Verdun section the French on the slope have agreed to support the new Chinese President,
south of Le Mort Homme,northwest of Verdun, have Li-Yuan-Hung. The feeling in South China is
attacked and captured a German trench. The Ger- shown by the fact that the Provinces of Shensi and
mans still are violently bombarding the sectors of Szechuen, which recently declared their independThiaumont and Fort Souville, northeast of Verdun, ence, have canceled the declaration and have sent
2196
THE CHRONICLE
messages of congratulation to the new President
on his peaceful accession to the office. Among the
South China leaders who have sent messages of
good will and promises of co-operation are Tsen
Chunhsuan, former Viceroy, who was proclaimed
President by the revolutionary forces in 1913;
Liang Chih-Chao, former Minister of Justice and
one of the chief organizers of the recent rebellion;
Tang Shao-Yi, Premier of the first Republican Cabinet, and Wu Ting-Fang, former Minister to the
United States.
Accounts cabled from London this week agree that
unusual activity has been displayed at the British
centre in the investment markets. The Russian
successes seem in large measure to have been responsible for the optimism that has been behind the
demand for securities. A check upon what unquestionably would have been still further progress has
been the inability to make deliveries, the London
Stock Exchange regulations providing that sellers
must hold possession of the securities that they offer.
Hence on Wednesday—which probably is representative of conditions on other days—there were hundreds of orders that it is reported could not be executed, owing to the scarcity of actual stock. On the
day in question somewhat of a reaction occurred after
a sustained advance. This was described by one
correspondent as an indication that the investment
demand had begun to "boil over," war loans and
consols reacting sharply. On Thursday, however,
general strength was resumed and the close yesterday
was confident. The strength in the London marketis,
too,ascribed to the re-investment of proceeds of American securities sold to New York as well as to the growing
confidence in the future of British long-term securities. More complete accounts of the naval battle
likewise seem to have militated as a further source
of confidence. It is suspected in London that the
full truth of the result was concealed by Berlin in
order to insure the unopposed passage of the German
war credit. Financial London agrees with Mr. Asquith, the Premier, "that with a couple more of
such German victories, nothing would be left of the
enemy's navy worth speaking about, and that
British command of the seas has been more firmly
established."
Official details still are lacking as to the amount
of the deposits of American securities that have been
made with the British Treasury. The proposed
extra tax of 10% on the income from such securities
has probably brought out the major part of these
holdings, though it is understood that instead of
selling their property to the Treasury holders have
favored the alternate plan of loaning it, the British Chancellor having given assurance that the stocks
and bonds that are so loaned will not be sold until
opportunity has been given the owners to redeem
them. The Treasury has announced that the additional two shillings tax upon securities it is willing
to purchase applies only to incomes assessable under
the British income tax. This presumably relieves
Americans domiciled in England from a tax on that
part of their incomes from American securities held
in the United States.
There is some question as to the method that the
British Treasury will consider most advantageous
for the utilization of the securities acquired under
lhe loan part of its mobilization plan. If they cannot
[vol.. 102.
be sold they obviously are available only as collateral
for loans. The feeling in important banking circles
here is that it will be considered to be below the dignity of either the British or French Governments to
furnish collateral as security for any long-term State
loans. How, then, can the securities that have been
accumulated be used on a comprehensive scale?
Money conditions in our own country are showing
definite signs of hardening. One object of the active
importations of gold from Ottawa that has been going
on since the early days of May is understood to be
the desire of the British Treasury officials to maintain
easy money in New York at a time when the London
rates are being advanced. Such a relation of the
two markets would in itself, under more normal conditions, prove an effective aid in supporting the
sterling exchanges. It is of interest to note that at
a meeting of prominent London bankers at the Bank
of England on Thursday action was taken resulting
in the open market discount rates as well as Treasury
bills being raised to a 5% basis. Furthermore, it
is understood that the Bank of England will offer to
pay an attractive rate for the balances of the jointstock banks for the purpose of aiding the foreign exchanges. But the supply of gold in Ottawa cannot
be expected to prove large enough to provide a much
longer continuance of the movement toward New
York. As exports of munitions are continuing on
an almost sensational scale from this side of the Atlantic, it is obvious that the British Treasury must
resort to either a transfer of gold from some other
centre—presumably London—or must begin to
utilize in a more practical way than has been the case
during the last month or so, the securities that it
has accumulated.
Since it is taken for granted that a British Government loan with a direct deposit of collateral is out
of the question, a suggestion that is under discussion
in banking circles in New York is whether some form
of trust loan to be offered to investors and having
the mobilized securities as security may not be the
way out. Active selling of Anglo-French bonds in
the New York market on Thursday was ascribed in
some measure to reports that such an issue of collateral
bonds was under consideration. Hence the liquidation was attributed to a desire to realize on the older
securities in order to re-invest in the newer, which,
it is presumed, will be on a rather more attractive
basis. It is only fair to say that there is no authoritative information showing any actual basis for this
alleged plan for utilizing the securities. We give
the reports merely as an indication of current discussion in entirely unofficial circles. Some have
gone still further and have included French-owned
securities in this alleged collateral bond plan. The
latter would, at any rate, add an element of novelty
to the scheme, since it would introduce in an indirect
way foreign securities to American investors on a
scale not heretofore attempted. It will be recalled
that the French plan of mobilizing securities contemplates the borrowing by the French Treasury from
French holders of securities of South American and
neutral European countries and such American
stocks and bonds as are at present in the hands of
French investors. Obviously, a bankers' collateral
trust bond issue would be likely to prove the source
of no little confidence in New York Stock Exchange
circles, since its first influence would, with one
swing, be to tie up the great mass of securities
JuNE 17 1916.]
THE CHRONICLE
collected by the British Government that might
otherwise be considered a menace to the general
market position.
Another view that seems to be quite freely entertained in local financial circles is that even under
existing conditions the British Treasury may be
considered in some measure sponsor for the stability
of the price list of our railroad securities,since any
substantial break in quotations would necessarily
severely affect the value of the property yet to be
sold and would not be unlikely to interfere with the
large loans that already have been arranged and for
which the stocks and bonds borrowed by the Treasury
constitute the collateral held by American banks
and trust companies and other lenders. Wall Street
interests who have had opportunities placing them in
touch with some of the large financial concerns
which are known to be associated in placing mobilized
securities in this country state frankly that they find
distinct optimisn among these concerns as to the
ability of the British officials to handle the securities
they have accumulated without depressing quotations.
2197
"complaint is made of rising food prices. For
months it has been a supreme topic of conversation
among wives and husbands. Now they talk about
the cost of a Sunday dinner as formerly they talked
about the weather. The tendency of prices is higher
and the people see no limit. They feel that it is up
to the Government to take action. The Government, with the experience of Germany before it,
appears loath to embark upon the step of fixing
maximum prices, but public opinion is beginning to
harden in favor of vigorous action." The London
"Statist's" index figure of commodity prices (which
is a continuation of Sauerbeck's figure) for the end
of May, as published last Saturday and received by
cable, is 135.4, which is an advance of 1.2 for the
month of May and of 28.2 as compared with the end
of May a year ago. The effect that the war has had
upon English commodity prices may be judged from
the fact that the average price of the commodities
named in 1914 was only 85; in 1915 it was 108,
while, as we have already noted, the end of May
this year price is 135.4.
The same degree of enthusiasm that has been such
an outstanding feature of the London Stock Exchange
this week does not appear to have been experienced
on the French Bourse. But industrial securities, especially of concerns identified with war necessities, are
in demand in spite of the high prices and the small
advances that thus far have taken place in dividends.
The latter, it is explained by press advices, have been
kept down because of the fear that the Senate will
pass the war profits bill in its entirety. The bill
was, however, returned to the Chamber of Deputies
on Friday of last week with several amendments.
Russian securities ruled strong in Paris in response to
the victories of the Czar's troops. French exports
are improving despite the scarcity of labor. Agricultural conditions, however, are not improving and
it is predicted that there will have been a large importation of cereals for the needs of the country.
The wheat acreage, for instance, both winter and
spring, is 9% lower, while taking the average of all
the grain crops the area planted is 16% lower. The
war, says one correspondent, has had a bad effect
on that part of the population of France in which it
has been impossible to take a census and gather
statistics. The figures are available for seventyseven Departments, which had in 1911 a population
of 33,079,000. In 1913 these record 248,000 marriages. In 1914 there were only 169,000. In 1913
there were 604,000 births, while in 1914 there were
594,000. Deaths, on the other hand, increased from
The British Government has taken entire control 588,800 in 1913 to 647,000 in 1914. Thus,
in 1914
of the new wool clip of the United Kingdom and will there was an excess of deaths over births even with
prohibit business therein until further notice. This losses in battle excluded.
action has resulted in a general feeling of unsettlement in wool and woolen circles. An official invenOfficial bank rates at the leading European centres
tory is being taken of all the foodstuffs in the United continue to be quoted at 5% in London,
Paris, BerKingdom. Farmers are receiving requests for a lin, Vienna and Copenhagen; 53/2%
in Italy and
report to the Board of Agriculture on their stocks of Portugal; 6% in Russia
and 432% in Switzerland,
wheat, corn and barley, the extent of their growing Holland, Spain, Norway
and Sweden. The Swedish
crops and the amount of their live stock. No farmer rate, it appears, was reduced
from 53'% on May 1,
is to be permitted to sell hay or straw except at the but was not reported by cable. In London
the priarmy rates, which are considerably below those that vate bank rates have been advanced
to 5% for
private dealers are offering. The Engineering Trade short and 53/% for long bills, against
4 9-16% for
Union has sent an appeal to Mr. Asquith urging that sixty-day bills and 4%% for ninety days
a week
immediate steps be taken either to limit the price of ago. Cables from Berlin still give W
I% as the
commodities or agree to a commensurate wage ad- private bank rate at that centre. No reports
have
vance. On every hand, says the "Daily Mail," been received by cable of open-market rates
at
No indication yet is available of the approximate
date for the announcement of the new British longterm war loan that sooner or later must be brought
out. The Chancellor is having considerable success
in financing the war's requirements by means of
short-term Treasury obligations. The revenue of
the United Kingdom last week was £4,548,000 and
the expenditures £41,179,000. Sales of Exchequer
bonds aggregated £15,980,000 and the proceeds from
the other short-term securities amounted to £20,946,000. Very few new investments are being made
available to British investors. A Southern Nigerian
Government loan which was recently offered, and
which has virtually the British Government's guarantee, was much of a disappointment, the underwriters finding themselves with 40% of the entire
issue remaining when the books were closed. The
issue is a five-year one. It was offered at
the
underwriters receiving a commission of 1%. It is
argued that the poor success emphasizes the increasing favor which long-term or irredeemable securities
containing speculative possibilities are regarded. It
is reported that Mr. Hartley Withers,formerly financial editor of the London "Times," and subsequently
of the "Morning Post," and who succeeded Sir
George Paish as Treasury adviser, is to leave the
Treasury to become editor of a well-known financial
weekly of London.
2198
THE CHRONICLE
[VoL. 102.
stand at
other European centres, so far as we have been year preceding. Bills discounted now
Money on call in London is 2,293,918,000 francs. At the corresponding date
able to discover.
last year they totaled 883,544,000 francs and in
3M@3%%.
1914 2,352,700,000 francs. Treasury deposits are
0
The Bank of England reported the nominal increase 31,342,000 francs, compared with 131,950,00
and 203,994,654 one and two years ago,
in its gold item for the week of £7,429. Note cir- francs
culation decreased £129,000; hence the total reserve respectively.
was increased £136,000. The proportion of reserve
The weekly statement of the Imperial Bank of
to liabilities declined to 31.95%, which compares
and 19.56% at this date a Germany as of June 7 gives the gold reserve 2,499,• with 33.59% last week
year ago. Public deposits this week registered a 000,000 marks, an increase of 900,000 marks for
gain of £1,964,000 and other deposits of £5,255,000. the week. A year ago the total was 2,381,976,000
Government securities, however, were unchanged. marks and for the corresponding week of 1914 it was
Loans (other securities) showed the large expansion 1,325,387,000 marks; commercial paper and Treasof £7,101,000, against a decrease of £9,051,000 the ury bonds, 5,637,000,000 marks, increased 840,000
week previous. The bank's holdings of gold aggre- marks; circulation and banking notes decreased to
gate £61,577,700, compared with £56,529,572 last 6,697,000,000 marks, against 5,289,679,000 in 1915
year and £38,681,596 in 1914, before the outbreak and 1,909,765,000 in the year preceding. Deposits
of the war. Reserves total £44,671,000, against increased to 1,750,000,000 marks, against 1,437,1914.
£42,032,722 in 1915 and £28,713,611 the year pre- 907,000 marks in 1915 and 883,908,000 in
which com- During the week 10 7,000,000 marks were paid in on
ceding. Loans amount to £70,704,000,
thus
pares with £139,488,965 and £37,462,213 one and installments for the fourth war loan, the total
%
2
y. The Bank reports as of far being 9,533,000,000 marks, or 883/ of all subtwo years ago respectivel
June 10 the amount of currency notes outstanding scriptions. Loans from loan establishments for
as £110,766,842 against £109,359,574 a week ago. war-loan purposes decreased 30,000,000 marks to
The amount of gold held for the redemption of such 405,000,000 marks.
notes still remains at £28,500,000. Our special
In local money circles there is a feeling that a period
correspondent furnishes the following details by
and out of the of more profitable rates for lenders is at hand. New
cable of the gold movement into
Bank for the Bank week: Inflow, £804,000, wholly York bank officers, however, had an experience in
bar gold bought in the open market; outflow, connection with their advance of call money rates to
£797,000 (of which £700,000 bars sold in the open 4% last week that is likely to render them rather more
market, £8,000 exported to Spain, £7,000 to the cautious in the future. It will be recalled that the
United States and £82,000 net sent to the interior of 4% rate ruled for a short time only. As explained
Great Britain). We add a tabular statement com- by an officer of one of the largest banks, this 4% rate
paring for the last five years the different items in had hardly been telegraphed to the interior than it
brought forth offerings of funds to be loaned in New
the Bank of England return:
York on an embarrassing scale. The interior situaBANK OF ENGLAND'S COMPARATIVE STATEMENT.
1912.
1913.
1914.
1915.
1916.
tion seems to be that the banks there are well supplied
June 19.
June 18.
June 17.
June 16.
June 14.
but are not disposed to enter into long commitments,
35,351,000 32,946,850 28,417,985 28,232,885 28,576,360
Circulation
evidently awaiting the approach of the crop-moving
52,696,000 113,042,229 17,637,031 15,080,249 23,380,848
Public deposits_ _
87,542,000 101,759,087 41,869,267 40,960,032 40,526,646 period, when they expect to place their funds to betOther deposits
Governm't securities 42,137,000 51,043,491 11,046,570 12,758,173 13,983,707
Meanwhile, it is obvious that their
70,704,000 139,488,965 37,462,213 32,379,121 36,378,096 ter advantage.
Other securities_
Reserve notes dr coin 44,671,000 42,032,722 28,713,611 28,710,626 31,383,683 supplies available for call loans are large as the result
61,577,700 56,529,572 38,681,596 38,493,511 41,510,043
Coln and bullion
of this policy and any return of such an attractiveProportion of reserve
49.13%
51.25%
48.25%
19.50%
31.95%
to liabilities
ed by a repeti3% rate as 4% is likely to be accompani
6
,
0 %
3%
5%
5%
Bank rate
already outlined. New York
tion of the experience
drawn down as a result
again recorded an increase in bank reserves are not being
The Bank of France
of new capital. The same conditions to
its gold holdings, this week of 5,264,000 francs. In of offerings
referred a number of times in the
its corrected statement it gives the figures of its stock which we have
"Chronicle" continue in this respect, namely that
of gold at home and abroad. In France it reports
securities formerly held in Europe are
4,580,000,000 francs, which shows a loss of 95,660,- the sales of
supply of attractive investments fully
000 francs, while abroad its stock is 170,000,000 furnishing a
the new capital available.
francs, which shows a gain of 100,924,000francs. The equal to
The weekly statement of New York Clearing
silver item decreased 1,250,000 francs. Notes in cirHouse banks and trust companies last Saturday made
culation were expanded by81,445,000francs. General
favorable showing. It registered several
deposits registered a decrease of 48,112,000 francs. a more
the most noteworthy being a deBills discounted were also decreased 6,932,000 francs, striking changes,
loan item of $61,597,000, suggestive
although Treasury deposits increased 11,348,000 crease in the
calling in of loans by the banks for the
francs and the Bank's advances showed a gain of of widespread
strengthening their position. Net de12,707,000 francs. The Bank's gold holdings now purpose of
recorded the corresponding reduction
stand at 4,749,444,000 francs, against 3,921,225,000 mand deposits
$73,403,000, although net time deposits increased
francs in 1915 and 3,875,300,000 the year preceding. of
Reserves in "own vaults" increased
Silver on hand aggregates 348,767,000 francs, com- $10,505,000.
$1,063,000, to $414,614,000, of which $348,232,000 is
paring with 373,975,000 francs last year and 641,ago the total in own vaults was
600,000 francs in 1914. Note circulation is 15,746,- specie. A year
including $381,684,000 in specie. The
644,000 francs. A year ago it was 12,043,650,000 $450,963,000,
Reserve banks increased $663,000,
francs and 5,917,359,000 the year previous. Gen- reserves in Federal
00, against $127,577,000 last year.
eral deposits total 2,353,378,000 francs, against to $159,973,0
s were increased $1,745,2,215,650,000 francs in 1915 and 944,575,000 the Reserves in other depositarie
THE CHRONICLE
JUNE 17 1916.]
2199
16
. San Francisco. I
New York.
000, to $59,910,000, comparing with $31,578,000 the fers and have in this way aided in maintaining a
year preceding. Note circulation decreased $73,000. fairly firm tone in the market. In addition.gold has
Aggregate reserves showed a gain of $3,471,000, and continued to come forward freely from Ottawa.
now stand at $634,497,000, which compares with This week's importations, amounting to $15,945,000
$610,118,000 in 1915. The reserve requirements, as and bringing the total of the current movement
a result of the heavy decrease in deposits, were re- which began on May 11 up to $57,546,000. The
duced $12,951,960. Surplus reserves, for the first large amounts are coming forward without affecting,
time in a number of weeks, recorded the large in- so far as can be seen, the stock of the precious metal
crease of $16,422,960, bringing the amount of excess in the vaults of the Bank of England. One possible
reserve up to $72,273,300. This compares with explanation of this failure of the movement to show
$195,156,500 at the corresponding date last year. in Threadneedle Street's statement is that the supply
The bank statement in greater detail will be found on of the precious metal in Ottawa may as a matter of
fact be Government gold deposited there entirely
a subsequent page of this issue.
Referring to money ratee in detail, loans on call independent of the Bank's control. The news
have ranged at 2%@33/2%, against 23'@4% last that English bankers at a meeting held in the
week. In contrast with the activity of the previous Bank of England on Thursday had decided to
week, the range was not changed from 2%@3% raise open market rates and virtually place the
on Monday, Tuesday and Wednesday, with renew- English private discount market on a 5% basis
als at 3%. On Thursday the maximum was ad- should aid the sterling exchange situation to some
vanced to 332%, while the low and ruling quotations extent by drawing funds to the British centre.
remained at 29% and 3%. Friday 332% was high, There does not appear to have been any very importwith 3% low and also the renewal basis. In fixed ant out-and-out selling movement of mobilized sematurities the week has been somewhat quiet. curities by the British Treasury this week in the
Despite the improvement in Saturday's bank state- stock market here. A $50,000,000 credit has been
ment, rates for fixed commitments continued firm arranged by a group of New York banking instituand still further advances were recorded in nearly tions and bankers for Russia, and it is understood
that an important French loan is to be announced
all maturities, sixty-day money closing at
1
against 2Y@33j%; ninety days at 33'%, against about July 1. Other reports speak of some form of
3@33%; four and five months at 3%%, against a new British credit to be based on the deposit as
3@3%, and six months at 39%, against 39%. collateral of American securities belonging to EngA year ago sixty-day funds quoted at 2%@2%%, lish holders. We refer to this report more specifically
ninety days at 2%%, four and five months at in a preceding paragraph. It is significant that
1
29'@3%, and six months at 3@34%. Commer- despite the activity in exports the supply of shipping
cial paper quotations have remained firm and islbecoming more abundant. This may be merely
unchanged from 332@3%% for sixty and ninety the result of a temporary lull which is not unnatural
days' endorsed bills receivable and six months' in the summer months or it may be a permanent
single names of choice character. Names not so reaction from the intense and unbridled activity
well known require 4%. Offerings have been that was not unnaturally enacted with the earlier
restricted, with only a light volume of business stages of a world-wide war.
Compared with last Friday, sterling exchange on
transacted. Banks' and bankers' acceptances were
quoted at 2%@3% for sixty days, against DA% Saturday showed very little change; trading was dull
and 2%%@33g% for ninety days, against 2%@3% and lifeless, with quotations at 4 75 11-16 for delast week. There have been no changes in the mand, 4 76 7-16 for cable transfers and 4 72% for
sixty days. On Monday dulness continued the chief
rates of the Federal Reserve Banks.
FEDERAL RESERVE BANK DISCOUNT RATES
feature, although the tone was steady, at unchanged
levels; demand ruled again at 4 75 11-16, cable
transfers at 4 76 7-16 and sixty days at 4 72%; the
CLASS
OF
1 i i
• c; 4
.
stiffening in money rates served to restrict operaREDISCOUNTS.
tions. Notwithstanding further arrivals of gold
i
z
g 1 1 1 1 1 1 1 1
from Ottawa, sterling rates on Tuesday remained
Commercial Paper
3 3% — --- 3% 3
3
___ 4
_ 3
pegged at 4 75 11-16 for demand, 4 76 7-16 for cable
1 to 10 days maturity
3%
4 4 4 4 4 4 4 4% 4 3%
11 to 30
"
4 4 4 4 4 4 4 4% 4 4
4
transfers and .4 72% for sixty days; it was rumored
"
31 to 60 "
4 4% 4 4 43 4 4% 4% 4 43
4
"
31 to 90 "
Agricultural and
—
that the British Treasury, through its fiscal agents
Live-Stock Paper—
5
5 4% 5% here, was a heavy buyer of exchange, this serving
)1 days to 6 months maturity:1 5 4% 5
—
—
Trade Acceptances
to counteract the effect of the extraordinary volume
___ 3% 31 3
1 to 10 days maturity
3 34 3 3 33 35 — 3
3 3% 3 3 334 3% --- 3 3% 3% 3% 3
31 to 60
"
from New York. On Wednesday the
3% 3% 33 3% of exports
31 to 90 "
3 3% 3 33 3% 3% .-- 334
"
tone was firm; trading, however, was quiet and inCommodity Paper
3
_ 3% 3% _ 3 3% 3 3 3%
1 to 30 days maturity
3
3
active, and demand was still quoted at 4 75 11-16,
3% 3 3 4
11 to 60 '
"
334 — 3 ___ 3% 3% -___
3 3 3 4%
11 to 90 "
"
cable transfers at 4 76 7-16 and sixty days at 4 72%.
11 days to 6 months maturity --------- --------- --------- ------5
--- ----- --- --A decrease in the supply of commercial bills caused
Authorized rate for discount of bankers acceptances, 2 to 4%.
A rate of 3U 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 some firmness on Thursday and rates advanced
of any bank, was approved Dec. 16 1915. A rate of 4% for 10 days and 43% for
to 4 75 11-16@4 75% for demand,
from 10 to 90 days on commercial paper for the New Orleans branch bank of the fractionally
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 4 76 7-16 @ 4 763' for cable transfers and 4 72%@
with or without member-bank endorsement has been authorized.
Open market rates for purchases of bills of exchange: Atlanta, 3% to 534%; 4 72 11-16. On Friday the market ruled strong, in
Dallas, 3% to 5%.
sympathy with an advance in London discounts,
exchange there is no really new feature. with demand at 4 75 13-16@4 75%, cable transfers
In sterling
Rates are maintained within a shade of 4 76 for de- at 4 763'@4 76 11-16, and sixty days at 4 72%@
mand bills as a basis. Very little of a free movement 4 723'. Closing quotations were 4 72% for sixty
is possible in the market. Messrs. J. P. Morgan & days, 4 75 13-16@4 75% for demand and 4 76M(4)
Co. have continued to be free buyers of cable trans- 4 76 9-16 for cable transfers. Commercial sight
THE CHRONICLE
2200
[VOL. 102.
3
The following table indicates the amount of bullion
closed at 4 75%, sixty days at 4 71% and ninety
days at 4 69%, documents for payment (sixty days) in the principal European banks:
finished at 4 713j and seven-day grain bills at
June 15 1916.
June 17 1915.
4 74%. Cotton and grain for payment closed at Banks of Gold.
Silver.
Total.
Gold.
Silver.
Total.
75M@4 75%.
In the Continental exchanges little of interest has
developed in the week's operations. The trend of
rates has been towards an easier basis, though French
exchange has ruled about steady; showing firmness in
the closing days of the week on a renewal of the
rumors that a new French loan is soon to be arranged.
As against this, reichsmarks were easy, demand
bills in Berlin at one time receding to 759, principally as a result of the success of the new Russian
drive. Dealings, however, have been somewhat restricted, with only narrow fluctuations. Lire were
easy throughout, and kronen, following the lead of
Berlin, have ruled heavy. The sterling check rate
on Paris closed at 28.18, unchanged from the final
quotation of the previous week. In New York sight
bills on the French centre finished at 5 913/, and
2
cables at 5 91, against 5 913/ and 5 90% a week
ago. Demand bills on Berlin closed at 75 13-16 and
cables at 75%, compared with 76 1-16 and 761 last
4
Friday. Kronen finished at 13.14, against 13.20
the week preceding. Lire closed at 6 40 for bankers' sight and 639M for cables,which compares with
6.39 and 6 38, respectively, the previous close. A
noteworthy feature this week has been the strength
and activity in rubles, which *as based chiefly on
the military successes and the news of the completion
of arrangements for the placing of a large Russian
loan here. Russian rubles finished at 30.75, against
30.55.
The neutral exchanges have ruled dull and
inactive, with a tendency towards lower levels.
Scandinavian rates have shown declines, although
guilders were comparatively steady. Bankers' sight
on Amsterdam closed at 41%, against 41%; cables
at 41 11-16 plus 1-16, against 419; commercial
sight at 419'@413/, against 41 7-16, and com2
mercial sixty days at 4131@41%, against 41 5-16
Friday last. Swiss exchange finished at 5 249's for
bankers' sight and 5 24% for cables. A week ago
the close was 5 24 and 5 23. Greek exchange continues to be quoted at 5 17
Copenhagen checks
finished at 29.62, compared with 30.00. Checks on
Norway closed at 29.77, against 30.20, and checks
on Sweden at 29.82, against 30.15 on Friday of last
week. Spanish pesetas closed at 20.10, which compares with 20.25 last week.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $1,163,000 net in cash as a result of the currency movements for the week ending June 16.
Their receipts from the interior have aggregated
$8,347,000, while the shipments have reached $7,184,000. Adding the Sub-Treasury operations and
the gold imports, which together occasioned a gain
of $17,742,000, the combined result of the flow of
money into and out of the New York banks for the
week appears to have been a gain of $18,905,000,
as follows:
Week ending June 16.
Banks' Interior movement
Sub-Treas. oper. and gold Imports
Total
Into
Banks.
Out of
Banks.
Net Change in
Bank Holdings.
58,317,000
37,971,000
$7,184,000 Gain $1,163,000
20,229,000 Gain 17,742,000
$46;318.000
527.413.000 Gain 318.905.000
England_ 61,577,700
61,577,700 56,529,572
56,529,572
Francea _ _ 190,020,360 13,951,280 203,971,640 156,848,800 14,959,160 171,807,960
Germany_ 123,214,600 1,981,100125.105,700 119,110,700 2,562,700 121,673,400
Russia. __ 154,149,000 6,605,000 160,754,000 157,380,000 5,542,000 162,922,000
Aus- Hunc 51,578,000 12,140,000 63,718,000 51,578,00 12,140,00 63,718,000
Spain ---_ 40,477,000 30,663,000 71,140,000 27,123,000 29,622,000 56,745,000
40,085,000 3,985,001 44,070,000 47,719,000 4,500,00 52,219,000
Italy
Netherl'ds 45,241,000
495,600 45,736,600 26,836,000
209,200 27,045,200
Nat.BeIgh 15,380,000
600,000 15,980,000 15,380,000
600,000 15,980,000
Switz'land 10,232,700
10,232,700 9,620,200
9,620,200
Sweden __ 9,239,000
9,239,000 6,301,000
6,301,000
Denmark_ 8,013,000
229,000 8,242,000 5,947,00
320,000 6,267,000
Norway _ 6,835,000
6,835,000 3,437,00
3,437,000
Tot. week 756,042,360 70,649,980826,692,340683,810,272 70,455,060754,285,332
Prev.week 764,220,271 70,324,880834,545,151 688,023,081 68,432,100758,455,181
a Gold holdings of the Bank of France this year include £6,800,000 he d 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.
THE PRESIDENTIAL NOMINATIONS.
The first and unmistakable conclusion to be drawn
from the nomination of Mr. Hughes last Saturday,
by the Republican convention at Chicago, and the
renomination of President Wilson by the St. Louis
Democratic convention on Thursday of this week,
is that the coming political campaign will be one of
sober and intelligent discussion of the great public
issue's of the day. To the public at large, irrespective of party, we believe that this will be recognized
as a genuine source of gratification. Whatever else
may be said of candidates, platforms or electoral
probabilities, the selection of Mr. Hughes to run
against President Wilson at least insured a dignified
campaign, based on the real controversies of the hour,
and not made up, on one side or the other, of claptrap
appeals to passion and political prejudice or of angry
and insulting personalities. We imagine that both
the course of events at Chicago and the popular reception of the Republican nomination testify to the
fact that the campaign of 1912 is remembered as a
political contest of which, in that respect, the electorate itself is heartily ashamed, and which the people
were resolved should not be repeated.
The renomination of Mr. Wilson had long been a
foregone conclusion. Quite aside from the President's very evident personal domination over his
party, the selection of any other candidate would
have amounted to repudiation by the Democratic
Party of its own political record since March 4 1913.
The reasons for the Republican Party's selection of
Justice Hughes were different. His nomination was
by no means a sudden happy thought of the party
leaders. The more influential members of the National Committee were probably disposed, on the
whole, to favor the candidacy of ex-Secretary Root,
while political organizations of various interior States
had concentrated on the nomination of such candidates as Senator Cummins of Iowa, ex-Senator Burton of Ohio and Senator Sherman of Illinois. in
behalf of Mr. Hughes, the only original organized
support was a faction of the New York delegation,
headed by Governor Whitman, and the solid delegation of Oregon.
Mr. Hughes's candidacy was, in fact, exceptional
in our political history because of the absence, during
the convention sessions, of any declaration by the
candidate as to his opinions, or even of a statement
that he would accept the nomination. This silence
was readily recognized as proper on the part of a
Justice of the Supreme Court, but under ordinary
circumstances it would have been surely fatal to
the chances of a candidate. The test had been con-
JUNE 17 1916.]
THE CHRONICLE
2201
vincing, however, even before the convention, as to and vigorous. As to the tariff, it merely states that
a strong underlying preference, in the party member- protection "should be reasonable in amount, but sufship throughout the country, for Mr. Hughes— ficient to protect adequately American industry and
partly because of his previous career, as Governor American labor, and be so adjusted as to prevent
of New York, partly because of his effective Western undue exactions by monopolies or trusts." Naturspeeches of 1908 for Mr. Taft, and partly because, ally, the platform is urgent in insisting that the existhaving been removed from politics in 1912 by the ing business activity ought not to be associated with
fact of his previous appointment to the Supreme the tariff of 1913, but that it came in spite of that
Court, he had not been personally identified with the tariff and because of the abnormal influences of the
political feuds and animosities of that year's Repub- war.
lican campaign.
It is recognized by everyone that platform declaraOn the first ballot of the _convention, on Friday tions represent merely the preliminary and tentative
of last week, Mr. Hughes received 2533' votes out manoeuvres of a campaign. It is quite as impossible
2
of 9813/; these coming chiefly from the delegates to,day, as it has been in the past,at the outset of a
of New York, Kansas, Kentucky, Missouri, New campaign, to be sure in advance even as to what
Jersey, Oregon, Rhode Island and Wisconsin. will be the actual drift of campaign discussion. That
2
Mr. Weeks of Massachusetts received 1053/ votes; has repeatedly defined itself in a totally different
Mr. Root, 103; Senator Cummins, 87; Mr. Burton, way from what had been contemplated either by
82; Mr. Fairbanks, 72; Mr. Roosevelt, 67, and Mr. party leaders or party candidates, at the outset.
Sherman, 63. On the second ballot of the same day, But the truth is that the course of events in the
the Hughes vote rose to 3283/2, chiefly through gains Republican Convention was mostly directed by the
from Michigan, Massachusetts, Virginia, Missouri party's final and successful struggle to shake off the
and New Jersey. The vote for Fairbanks rose to strangle-hold of ex-President Roosevelt and the Pro89, for Roosevelt to 81 and for Sherman to 65; but gressive Party.
all other leading candidates lost ground. On the
That Mr. Roosevelt and his friends should actually
third ballot, taken Saturday afternoon, the candi- have undertaken to press his name at all for the
dacies of Sherman, Weeks and Fairbanks were regular Republican nomination, after his desertion of
withdrawn, and the New York minority which had and vicious attack upon the party and its nominees
favored Mr. Root transferred its support to Mr. in the campaign of 1912, will possibly be described
Hughes. The familiar "convention landslide" fol- in future political history as an unexampled piece of
lowed to Justice Hughes, who received 949 votes audacity. Long before the convention the evidence
against 183/ for the next highest candidate, Mr. of local and State elections had indicated that the
Roosevelt.
Progressive Party was a moribund organization, and
Justice Hughes, on being notified of his nomi- very recent testimony of careful observers of interior
nation by the Chairman of the convention, promptly politics had been all but unanimous to the effect that
resigned his seat on the Supreme Bench, and broke the "Roosevelt movement" itself was practically exsilence in a telegraphic response briefly outlining his tinct as a force in national politics. Neither the
views, of which the salient points were that he stands Progressive Party, however, nor its sole and only
"for the firm and unflinching maintenance of all the candidate, was willing to abandon the field, to recogrights of American citizens on land and sea," and nize actual conditions, or to consent to any Repub"for a patriotism which is single and complete;" lican candidacy which interfered with the personal
that "we have suffered incalculably from the weak ambitions of the third-party nominee of 1912.
and vacillating course which has been taken with
It was accordingly arranged, with a very superregard to Mexico," and "that at the outset of the ficial cleverness, that the Progressive Convention
Administration the high responsibilities of our diplo- should be held at Chicago on exactly the same days
matic intercourse with foreign nations were sub- as the Republican; whereby it was imagined that the
ordinated to a conception of partisan requirements threat of nominating Roosevelt on a third ticket
and we presented to the world a humiliating spectacle would coerce the Republican Convention into nomiof ineptitude." It will be observed that the central nating him as its own candidate in self-defense. For
point of attack is Mr. Wilson's Mexican policy, and a few hours, this scheme seemed actually to promise
that censure of the Administration's European policy success. It reminded political observers of the similar
is practically confined to criticism of his diplomatic tactics employed by the so-called "Silver Republican"
appointments. This obviously refers to Bryan in Convention of 1900, which held its sessions at the
the first place, then to the inferior personality of same time as the Democratic Convention,and which
certain other diplomatic representatives in high by displaying its own purpose of nominating Bryan,
European posts—a criticism the force of which can- helped to coerce the regular convention into taking
not very well be denied. Justice Hughes concluded that unlucky step on its own account. But the
by saying that he could "fully endorse the platform precedent had its warning. Most people rememyou have adopted."
bered, also, with what suddenness the Silver RepubThat platform also was somewhat more cautious lican Party disappeared from view when it had
than is the declaration of an opposition party on achieved that end, and how complete was the overmost occasions of the sort. By so much it recog- throw, in November, at the polls, of the candidate
nized the wide existing cleavage of opinion on certain named by the two conventions.
important issues. The platform declares regarding
The Republican leaders last week held firm to the
Europe that "the present Administration has de- policy of refusing consideration to Mr. Roosevelt's
stroyed our influence abroad and humiliated us in nomination. The holding back of the Progressive
our own eyes," but stops with that rather general nomination until Saturday, while that party's constatement and adds its belief in "pacific settlements vention, vociferously and with a faint reproduction
of international disputes." Regarding Mexico its of the hysterical enthusiasm of 1912, demanded
declaration, as was to be expected, is more positive Roosevelt, merely resulted in the Progressive Con
2202
THE CHRONICLE
vention's nomination of that candidate when the
Republican Convention's selection of Hughes was
already certain. The result clearly placed Roosevelt
himself in an awkward position. An unselfish Progressive leader, especially the third party's candidate
of 1912, would have accepted the nomination as a
duty and, if necessary, would have fought a losing
battle for principle.
But this is not Mr. Roosevelt's habit. Knowing
that acceptance of that party's nomination for the
second time, under existing conditions, would mean
sure political death, the Progressive Party's nominee
replied to the convention, in regard to his nomination, that "I cannot accept it at this time; I do not
know the attitude of the candidate of the Republican
Party toward the vital questions of the day; therefore, if you desire an immediate decision, I must decline the nomination." But nothing came from the
unwilling candidate when Mr. Hughes, a few hours
later, made public his opinions. The inference drawn
by all experienced observers (even including members
of the Progressive Party) was fairly unanimous to
the effect that the third party was now as completely
dead as the Populist Party of 1896, and that Roosevelt himself was eliminated from the field of national
politics.
We regard this achievement as in itself a matter
of high and salutary importance to our national politics; especially this year. How far our Presidential
contests of the past twelve years have drifted away
from sober consideration of public issues, and have
been given over to personalities, class demonstrations, and appeals to emotional sentiment or halfbaked plans for upsetting existing institutions, every
one knows. But every one also is aware how evil
was the effect of this policy, not only on the party
dominated by such candidates and issues, but on
the opposition party, which endeavored to meet on
their own ground campaign expedients of the sort.
That we are now apparently rid of this is good evidence
of the seriousness and intelligence with which our
citizens look on the grave political questions of the
present hour. It is not our purpose to indulge at
this moment, when the campaign is not yet begun,
in predictions as to electoral results. A good deal of
water has yet to flow under the mill before Nov. 7.
But it is much to be able to feel that serious citizens
will be permitted this year to hear the great public
issues of the hour discussed in a manner and on
grounds which will appeal to a sober electorate.
COMPTROLLER WILLIAMS WOULD LET SMALL
BANKS ENGAGE IN OUTSIDE BUSINESS.
The recommendation of Comptroller Williams that
the law be amended to permit national banks in small
towns to act as agents for placing all kinds of insurance and for negotiating loans on farms or other
neighboring real estate has several substantial reasons
against it.
As to fire insurance, the compensation of agents
has been a vexed subject for many years and is still
apparently far from settlement; neither party is
satisfied, and in the desire to reduce rates legislatures
have threatened to take up the subject of commissions (by forcing them downward) if the companies
did not soon do so for themselves. The most intelligent view is that agents ought to receive more,
rather than less, earning more than at present by a
more skilled and earnest effort to lower fire waste
usroL. 102.
by improving the physical hazards of insured property; without stopping to argue this, it is obvious
that such a change would be for the beneft of agents,
companies and the public. The application to Mr.
Williams's proposition is that such an undoubted
reform would be more retarded by it than aided.
These small banks could not offer inducements to
agents now in the field; they could not afford to pay
for experience and would, therefore, have to use inexperience. If the service they could offer were
attractive to property owners, it would be by tending
or trying to push rates down, rather than by improving the character of risks; therefore, the result
in this field of underwriting could not be of public
advantage.
As to life insurance the case is similar in essence,
although different in the matter involved. The
savings bank scheme of Massachusetts, of which
Mr. Brandeis was mainly the author, founded itself
on two incorrect propositions: that the industrial
form of insurance is unjustifiably costly, and that the
people would naturally go to their savings bank for
insurance purposes also. Only four banks have
dabbled with it, and it has proved a failure, having
outstanding, at the last report, only 10,215 policies
for a trifle over four millions; an officer of a large
bank in Worcester has condemned it, after a careful
investigation, and Commissioner Mansfield of Connecticut, having investigated it as head of a much
larger bank than either of the four in Massachusetts,
went over the subject in his recent report and condemns it as ineffective and unadvisable. It has been
recalled to mind of late by the step taken by a bank
which has begun an adverof deposit in St.
Louis,
tising campaign on behalf of life insurance; but that
is not entirely altruistic, since this bank has a savings
department, as banks of deposit in some States are
permitted to have. As in the case of fire insurance,
life insurance business would not come to the national
banks in these small towns, nor could they offer inducements to agents in competition with the companies; if they accomplished any business it would
be of unimportant volume, and of no advantage to
the insured. The objection could be stated more
strongly, for an intelligent placing of life insurance is
now so important, and the desirability of having it
such (for the sake of all concerned) is now so recognized, that for these banks to putter in it would be
much more hurtful than helpful.
Casualty, liability and compensation insurance
ought also to be preserved from incompetent undertaking. All these lines are in a state of uncertainty,
under the new and crude legislation which has not
yet been tested by results; the best companies would
not accept such representation as this, and the
problems are now too many and difficult for any
except good companies to cope with.
The proposition that national banks be set or
allowed to dabble in real estate loans is, perhaps, less
hopelessly bad, but so far as such loaning can be
done safely it will naturally seek other agencies and
may easily find better ones. If these propositions
were authorized, another step might be to turn the
struggling institutions into some degree of promoting
new concerns. Mr. Williams would not open these
side lines to banks in large cities, "where the legitimate business of banking affords ample scope for
the energies of trained and expert bankers." But his
proposed beneficiaries, presumably not being "trained
and expert" in banking, would not help themselves
JUNE 17 1916d
THE CHRONICLE
2203
brought up at a conference meeting about a year
ago, when the Association's attorney asked the Union's attorney what an employer could do if he found
he had more hands than he needed and the latter
frankly answered that "we are strongly opposed to
the employer's correcting his error of judgment at
THE STAND OF THE GARMENT MANUFAC- our expense." One employer declares that under the
TURERS AGAINST LABOR TYRANNY.
treaty which was to secure permanent peace he spent
The garment-making trade in this city has for some most of his time "in court" and then found he could
years been deeply involved in the perennial troubles not discharge an employee without having an appeal
with labor, although little public attention has prob- to the Union and then a review of all the circumably been drawn to the fact, outside of the metro- stances and perhaps an order to pay him for lost
politan district. But now the Cloak, Suit and Skirt time. "If a man were strong enough in the Union
Manufacturers' Protective Association, organized in (says this employer) he could be the most unsatis1910, has issued a statement, in booklet form, re- factory employee imaginable and still retain his posisorting to publicity as a means of strengthening its tion; now we have determined to break the Union or
stand. This statement, issued "in response to nu- break the business."
After a series of strikes and quarrels and after
merous requests that have been made by civic bodies
and individuals for information regarding the exist- appeals to the Mayor to act as pacificator, the eming condition in the cloak and suit industry," is ployers say they have taken their stand. Combining
worthy of public attention, for two reasons: the con- the closed shop with the restricted right of discharge
troversy narrated bears directly upon the contest,still "and the mastery of the shop chairman," this statenot fully won, between individual liberty of contract ment now says, leads to, "first, absolute nullification
and the closed shop; next, because these employers of the principle of industrial efficiency; second, deannounce that they have drawn the line and will creased output; third, domination of the industry by
the Union." After trying for six years to solve the
stand upon it.
between the Associa- problems by arbitration and conciliation, these emAfter a series of conferences
tion and the Union before the Council of Conciliation ployers say they have yielded "everything except the
(a body created for the purpose indicated by its two vital principles of the right of discharge and the
title) a collective agreement or treaty, to run for two closed shop." These they deem non-arbitrable, and
their final
years, was entered into on Aug. 4 last. This con- upon them they have taken
tained a stipulation that, "when hiring, Union men stand.
It is reported that many members of the Associaare preferred;" hardly had the treaty been concluded
before the Union, through the Council, attempted tion have opened shops outside, supposedly in New
to add the words "and retention in employment," Jersey and Connecticut, and it is predicted that this
the obvious aim being the closed shop, so long fought city will soon lose most of this particular industry.
for in the Danbury Hatters' case. The Council twice This remains to be seen, but shifting the field will
refused; then, in February last, turned about to the not dispose of the contest, for contests upon permaUnion, whose attorney said the manufacturers ac- nent principles must be fought through. Ultimately,
cepting the "preferential Union shop" must concede cooperation may be the effective solvent of the
the Union right to say to the workers, "you either trouble, for when employer and employee become
pay your dues, or you will either not work in that the same they will view all questions from a different
shop or we will not work with you in that angle and they can employ or discharge themselves
•
according to industrial and trading conditions which
shop."
This is the closed shop, frankly explained. A will then become their own affair and they cannot
treaty of peace is no sooner made than one party to override.
In the foregoing we have cited only detail enough
it demands a material alteration. Preference in hiring
must be given to the holder of a Union card, and the to state the case in the bare issue it raises; rather,
Unionists contend (the employers now say) that while which it once more presents in its unavoidable sterna worker may be discharged for a specific act of in- ness. The issue is one of personal liberty, and there
subordination his competence and suitableness must is no peace except on the basis of liberty and prinbe deemed proved, after a fortnight's employment, ciple: the right of men to employ and hire, without
and he becomes a permanent part of the shop. This dictation by any third party. The open shop is not
does not seem overstated, when set against this frank won yet,and when the issue is evaded and the gap once
declaration by the Union's attorney, some 15 months more patched over the patch breaks and the issue
reopens. So it will continue, until liberty is estabago:
lished.
"In regard to retaining men, we absolutely militate
Meanwhile, and as especially pertinent to the pendrecognizing merit as a ground
against the principle of
ing propositions to set the Government into the posifor retention, as a ground for preference over the man
that is less skilled; and we say this, that this is the tion of employer on a greatly increased scale, we
principle upon which our organization rests and with may well note that the dominance of unionism means,
which it will have to stand or fall, and that is the first, sacrifice "of the principle of industrial efficiency,
principle that the organization is not here to allow the second, decreased output." The Labor men in Conso-called free plan of Nature or competitive forces." gress are waiting now to attach to an appropriation
This position has the merit of frankness and intel- bill a rider abolishing the stop watch and other effiligibility. It means that the employer may hire ciency tests on Government work. Have the troubles
Union men but cannot discharge them except for of union-ridden England on her work in making
some particular insubordination; dulness of trade and munitions which could not wait no lesson for us
consequent lack of work are his affair. His right to while outcries about preparedness and "America
regulate the number in his factory was specifically First" fill the air?
or the public by trying to handle other lines, also
difficult, in which also they are not trained and
expert, and for which they could not hire persons
who are.
2204
THE CHRONICLE
RAILROAD GROSS AND NET EARNINGS FOR
APRIL.
Returns of railroad earnings, both gross and net,
continue of the most gratifying character. We present to-day complete tabulations for the month of
April, covering 246,615 miles of road for 1916 (or
not far from the entire railroad mileage of the United
States), and in the favorable tenor of the showing
made, the comparison stands on a par with the
exhibits of the months preceding. The amount of
the gross exceeds that for April 1915 by no less
than $50,941,052, the increase being 21.45%, while
the total of the net runs ahead of that for last year
by $25,695,857, or 38.13%. The increase in both
ratio and amount is a little smaller than in previous
months—the addition for March,for instance, having
been $58,731,563, or 24.66%, in gross, and $29,378,627, or 42.96%, in net—but so long as the gross
continues to be enlarged by over . $50,000,000 a
month and the net by over $25,000,000 a month, it
is obviously of little consequence whether the maximum of previous expansion is being fully maintained
or not. Furthermore, it is to be remembered that
April this year had five Sundays, where April 1915
had only four, so that the roads labored under the
disadvantage of having had one less working day,
which alone would account for a considerable portion
of the difference in increase between April and
March.
April (475 Roads)—
Miles of road
Gross earnings
Operating expenses
.
Net earnings
1916.
1915.
246,615
245,773
$288,453,700 $237,512,648
195,361,305
170,116,110
$93,092,395
$67,396,538
Increase
%
+842 0.34
+850.941,052 21.45
+25,245,195 14.84
+825,695,857 38.13
[Vol,. 102.
For instance, in April 1912,our tabulations registered
$4,538,251 gain in gross, but accompanied by
$10,465,870 addition to expenses, causing, therefore,
a loss of $5,927,619 in net. In April 1911 there were
losses in both gross and net—$7,514,070 in gross and
$1,941,639 in net. In April 1910 gross earnings
were satisfactory enough, having recorded an increase of no les than $28,831,397, but in the net
the outcome was disappointing, owing to the great
expansion in expenses, which left a gain of only
,316,266 in net. In 1909 there was very substantial improvement in both gross and net, but this
followed the tremendous losses of the year preceding.
The results then showed $21,921,500 gain in gross
and $11,593,087 gain in net. In 1908 the losses
were of prodigious magnitude. As registered by our
tables there was a decrease then of $30,544,943 in
gross and of $10,095,121 in net. That, however, by
no means represented the full amount of the loss, as
the aggregates were based on only 153,007 miles of
road, whereas the total railroad mileage of the
country was close to 230,000 miles. Careful computation made by us later in the year indicated that
for the .whole railroad system of the country the
loss in gross in April 1908 must have been no
less than $45,000,000 and the loss in net about
$16,000,000.
In the following we give the April figures back to
1896. The totals are our own, except that for 1911,
1910 and 1909 we use the Inter-State Commerce
figures, the Commission having for these three years
included all the roads in the country, while Dow the
smaller roads are omitted. Prior to 1909 the totals
are also our own, but a portion of the railroad mileage of the country was then always unrepresented
in the totals, owing to the refusal of some of the
roads in those days to furnish monthly figures for
publication.
As far as the net is concerned, this year's improvement follows a substantial improvement in 1915, too
—and in a much more considerable measure than
was true in March. Of course, last year's gain in
net was due entirely to a great curtailment of the
Gross Earnings.
Net Earnings.
expense accounts; in the gross there was then a Year.
Year
Year
Increase or
Year
Increase or
Year
falling off, though not a very large one. In brief,
Given.
Preceding. Decrease.
Given.
Preceding. Decrease.
we are comparing with April figures last year, which
$
14,484,626 14,657,119
had shown a decrease of $3,394,464, or 1.41%, in 1896-- 50,608,569 49,766,803 +841,766 15,419,768 14,974,156 —172,493
1897_ _. 54,751,130 54,704,841
+445,612
+46,289
63,443,166
+8,015,248 18,740,860 15,695,627 +3,045,233
the gross, but an increase of $8,249,222, or 13.92%, 1898_ 68,357,884 55,427,918 +3,469,684 20,458,833 19,119,604 +1,339,229
1899...
64,888,2
+9,764,444 23,300,034 20,416,810 +2,883,224
78,077,472
in the net. The truth is, the gain in net last year 1901... 94,439,377 68,313,028 +10,107,965 29,511,141 24,975,190 +4,535,945
84,331,412
+9,168,136 31,260,129 27,801,119 +3,369,010
1902._ 100,562,3
91,394,
was more or less forced, the railroad outlook then 1903...107.517,31 94,172,420 +13,344,890 33,892,999 29,788,830 +4,104,169
1004... 98,798,874 100,535,597 —1,736,723 28,552,275 31,092,626 —2,540,351
104,474,716 +7,386,005 31,958,503
being decidedly dismal, so that railroad managers 1905...111,860,721 104,598,565 +5,399,836 31,548,660 30,192,485 +1,766,018
1906._ _ 109,998,401
30,137,596 +1,411,064
1007... 142,884,383 115,863,354 +27,021,029
33,639,112 +8,882,437
found it absolutely incumbent upon them to cut 1908 _ _ __ 134,513,535 165,058,478—30,544,943 42,521,549 47,537,110—10,095,121
37,441,989
196,903,104175,071.604 +21,921,500
50,787,440
expenses in every direction, but that there should 1909_,__ 225,856,174 197,024,777 +28,831,397 62,380,527 62,409,030 +11,593,087
1910_ _
60,725,896
+4,316,266
1911
218,488,587226,002,657
64,768,090 66,709,729 —1,941,639
have been such a large further expansion in the net 1912__ 220,678,465216,140,214 —7,514,070 57,960,871 63,888,49 —5,927,619
+4,538,251
1913
245,170,143,220,981,373
58,082,336
in 1916 with the managers under no restraint what- 1914 236,531,600245,048,870 +24,188,77 60,122,205 60,024,235 +2,039,809
—625,524
—8,517,270 59,398,711
1915
237,696,378,241,090,842 —3,394,464 67,515,544 59,26,6,322 +8,249,222
ever as regards the expense accounts, is a highly 1916 288,453,700.237.512,048 +50,941,052 93,092.395 67,396,538 +25,695,857
significant and a decidedly encouraging circum- Note.—Includes for April 129 roads In 1896; 127 In 1897; 134 In 1898; 124 in 1899
127 in 1900; 127 In 1901; 120 In 1902; 109 In 1903; 96 In 1904; 96 in 1905; Olin 1906:
stance.
91 in 1907; in 1908 the returns were based on 153,007 miles of road; in 1900, 233,829;
Of course, if we go still further back, we find un- In 1910, 239,793; In 1911, 244,273; in 1912, 230,722; in 1913, 240,740; In 1914,
1015, 247,701: in 1916. 246,615. Neither
nor the
favorable or indifferent results for several successive 243,513: In operations of the anthracite coal roads arothe Mexican roadsof these
coal-mining
included in any
returns.
years, but the rate and amount of improvement now
For the separate roads of course the results for
is of such striking proportions as more than to make
up for all this. In April 1914 gross fell off $8,517,- this year are extremely favorable, the same as is
270, or 3.48%, and net $625,524, or 1.04%. In the case with the general totals, and there is a long
April 1913 there was a gain in the magnificent sum and imposing list of gains both in the gross and in
of $24,188,770, or 10.90%, notwithstanding unprece- the net. It would be tedious to enumerate separdented floods in the Middle and Middle Western ately even the most prominent of these gains, but
States. These same floods, however, caused such a the figures of those two great railroad systems—the
great augmentation in expenses that only $2,039,869 Pennsylvania and the New York Central—will fur'of the improvement in the gross was carried forward nish a pretty good idea of the showing of the separate
as a gain in the net. Entirely apart, however, from roads, the returns of these two properties being
the additions to expenses occasioned by the floods, typical in that respect. On the lines directly operrising expenses had then been a growing feature in the ated both Eastand West of Pittsburgh, the Pennsylreturns year by year for several successive years. vania RR. added no less than $6,138,569 to its gross
JUNE 17 19164
and $2,498,838 to its net-this for a single month,
be it remembered. Including all lines owned and
controlled, which make monthly returns to the
Inter-State Commerce Commission, the result is a
gain of yet larger proportions, namely, $7,157,303 in
gross and $3,269,388 in net. Last year, in April,
the Pennsylvania' System recorded $702,346 gain in
gross and $579,714 gain in net, this including all lines
owned and controlled. In April 1914, however, this
system suffered a decrease of $1,439,305 in gross
with a gain of $1,401,515 in net.
The New York Central (including the lines
recently merged in it) the present year has $3,532,591
increase in gross and -$1,487,974 increase in net.
Including the various auxiliary and controlled roads,
like the Michigan Central, the Big Four, the Nickel
Plate, &c., the whole going to form the New York
Central System, the increase is raised to $6,643,762
in gross and to $3,170,115 in the net. In April last
year the New York Central System likewise recorded
gains to which the 1916 gains are additional-the
increase amounting to $883,996 in gross and
-but in April 1914 the System
$2,709,112 in net
registered $2,095,182 loss in gross and $875,933 loss
in net.
In a few cases it happens that the augmentation in
expenses the current year has overbalanced the rise
in gross revenues, but the number of such roads is
very limited, and usually some special circumstance
accounts for the augmentation in those cases. Thus
the Baltimore & Ohio, with $1,612,020 gain in gross,
reports $625,736 loss in net; and the Delaware &
Hudson, with $128,332 gain in gross, has $220,140
loss in net. The Missouri Kansas & Texas and the
Lehigh Valley are among the very few which have
a loss in gross as well as in net. The former reports
$44,478 decrease in gross and $378,839 decrease in
net, and the Lehigh Valley $90,269 decrease in gross
and $228,358 decrease in net. The following shows
all changes for the separate roads for amounts in
excess of $100,000, whether increases or decreases,
•
and in both gross and net.
PRINCIPAL CHANGES IN GROSS EARNINGS IN APRIL.
Increases.
Increases.
Pennsylvania
a$6,138,569 Denver & Rio Grande_ __
$294,355
'53,532,591 Atlantic Coast Lino
New 'York Central
287,979
Union Pacific
2,185,326 Western Pacific
247,168
Southern Pacific
2,089,880 Duluth Missabe & Nor_ _
238,793
Great Northern
2,016,135 St Louis Southwestern.._
214,029
Chicago Milw & St Paul- 1,871,520 Grand Trunk Western_ _
212,486
Northern Pacific
1,767,206 Buffalo Roch & Pitts._ _
198,945
Baltimore & Ohio
1,612,020 Chicago & Alton
188,712
Chicago & North West
1,475,755 Internat & Great Nor_ _
187,669
Atch Topeka & Santa Fe 1.414,081 Texas & I'acific
182,525
1,370,914 Chicago Great Western_
Chicago Burl & Quincy
158,259
NY N H & Hartford_ _ _ 1,101,237 San Pedro Los A & S L_ _
155,971
1,036,531 Can Pac Lines in Me_ _ _ _
Louisville & Nashville
154,651
1.015,685 Nash Chatt & St Louis.. _
Erie
151,023
974,399 Seaboard Air Line
Michigan Central
148,806
968,714 Mobile & Ohio
Southern Railway
147,809
923,922 Western Maryland
Missouri Pacific
138,576
917,789 (inc New On & Tex l'ac
Norfolk & Western
136,121
883,575 Union (Pa)
Chic Rock Isl & Pac Lines
128.808
746,468 Delaware & Hudson_ _ _ _
Clove eine Chic & St L._
128,332
739,501 West Jersey & Seashore_
Illinois Central
127,145
709,861 Indiana Harbor Belt_ _ _ _
Pitts & Lake Erie
126,326
696,489 Lake Erie & Western_ _
St Louis & San Fran_ _ _ _
121,182
641,075 Central of New Jersey_ _
120,205
Wabash
637,797 Colorado & Southern_ _ _
119,838
Minneap St P & S S M
East Ill
Boston & Maine
631,475 Chicago &
116,498
Phlla & Reading
537,012 Maine Central
114,741
Elgin Joliet & Eastern
113,981
453,882 Atlantic & St Lawrence_
Chesapeake & Ohio
106,015
402,215 Kansas City Southern_ _
Phila Bait & Wash
389,310 N Y Phila & Norfolk_ _ _ _
105,840
Chic St Paul Minn & Om
101,782
374,079 Duluth & Iron Range
Florida East Coast
100,420
361,520 Long Island
N Y Chic & St Louis_ _ _ 355,168
Wheeling & Lake Erie_ _ _
340,928
Pere Marquette
Representing 68 roads
324,775
El Paso Southwestern__ 303,430
in our compilation_ _$47 015,
824
-All the figures in the above are on the basis of the returns filed
Note.
with the Inter-State Commerce Commission. Where, however, these returns do not show the total for any system, we have combined the separate
roads so as to make the results conform as nearly as possible to those given
in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR., together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR.reporting $3.557,534 increase, the Pennsylvania Company
$1,719,920 gain and the P. C. C. & St. L. $861,115 gain. Including all
linos owned and controlled, which make monthly returns to the Inter-State
Commerce Commission, the result is a gain of $7,157,303.,
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads,like the Michigan Central, tho "Big Four," the "Nickel Plate," &c., the whole going to
. formIthe New York Central System, the result is a gain of $6,643,762.
2205
THE CHRONICLE
PRINCIPAL CHANGES IN NET EARNINGS IN APRIL.
Increases.
Increases.
$226,575
Pennsylvania
a$2,498,838 Atlantic Coast Line
224,903
New York Central
51.487,974 Grand Trunk West
221,346
Union Pacific
1,448,592 Chicago & East Ill
216,279
Southern Pacific
1,390,716 Chic St Paul M & Om
210,995
Chicago Burl & Quincy
1,222,123 Texas & Pacific
205,712
1,154,383 El Paso Southwestern..
Great Northern
204,762
1,090,824 Wheeling & Lake Erie
Northern Pacific
186,890
826,301 Pere Marquette
Louisville & Nashville_ _ _
184,518
Southern Railway
775,515 Elgin Joliet & Eastern_
174,180
644,990 Western Pacific
Atch Top & Santa Fe_ _ _
132,003
621,769 Colorado & Southern..
Chic Rock Isl & Pac Lines
120,829
610,335 Toledo St L & West
Chicago Milw & St Paul_
116,495
602,387 Chicago Great Western_
Norfolk & Western
110,251
578,029 Lake Erie & Western.._ _ _
Wabash
109,527
561,072 Missouri Pacific
Erie
108,503
544,814 International & Gt Nor.,
Boston & Maine
107,426
540,125 Nash Chatt & St Louis
Michigan Central
N Y New Haven & Hart506,388
Representing 47 roads
484,333
Minneae St P & S S M
in our compilation__$24,057,665
474,748
Philadelphia & Reading_
Pittsburgh & Lake Erie_
438,762
Decreases.
Illinois Central
429,677
$625,736
373,899 Baltimore & Ohio
Chicago & North West
378,839
Clev Cinc Chic & St L
339,017 Missouri Kansas & Texas
228,358
Phila Balto & Wash
288,583 Lehigh Valley
220,140
St Louis & San Fran_
279,806 Delaware & Hudson_ __ _
152,859
261,641 Delaware Lack & West__
Florida & East Coast_
N Y Chic & St Louis_
247,251
Representing 5 roads
Chicago & Alton
238,305
in our compilation__ $1,605,932
Denver & Rio Grande..
235,274
a This is the result for the Pennsylvania RR.,together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR.reporting 51,408,165 increase,the Pennsylvania Company
$831,702 gain and the P. C. C. & St. L.$258,971 gain. Including all lines
owned and controlled which make monthly returns to the Inter-State
Commerce Commission, the result is a gain of $3,269,388.
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads,like the Michigan Central, the "Big Four," the "Nickel Plate," &c., the whole going to
form the New York Central System, the result is a gain of $3,170,115.
Arranging the roads in groups according to their
geographical location, we find what of course would
be expected, namely that every group records improvement in gross and likewise every group improvement in the net. Our summary by groups is
as follows:
SUMMARY BY GROUPS.
Gross EarningsSection or Group1916.
1915.
Inc.(+)orDec.(-).
April
-$
Group 1 (18 roads), New England_ _ 14,008,398 11,610,845 +2,397,553 20.65
Group 2 (83 roads), East & Middle__ 79,452,860 67,671,548 +11,781,312 17.41
Group 3 (64 roads), Middle West____ 35,516,144 27,373,058 +8,143,086 29.75
Groups 4 & 5 (94 roads), Southern..._ 37,633,807 32,061,019 +5,572,788 17.38
Groups 6 & 7 (77 roads), Northwest__ 61,503,363 47,966,611 +13,536,752 28.22
Groups 8 & 9 (93 roads), Southwest... 42,712,789 36,689,481 +6,023,308 16.42
Group 10 (46 roads), Pacific Coast__ 17,626,339 14,140,086 +3,486,253 24.0
1916.
288,453,700 237,512,648 +50,941,052 21.45
Net Earnings1916.
1915. Inc(+) orDec.(-).
1915.
7,461
29,327
23,235
41,908
68,687
57,187
18,810
7,459
29,188
23,660
41,709
68,234
56,949
18,574
Total (475 roads)
-Mileage--
Group No, 1
Group No. 2
Group No,3
Groups Nos. 4 & 5____
Groups Nos.6 & 7_ __ _
Groups Nos.8 &9.__
Group No. 10
Total
4,670,561
24,852,853
10,904,622
13,395,741
19,850,792
12,505,064
6,912,762
3,259,196 +1,411,365 43.30
21,357,557 +3,495,296 16.37
6,473,146 +4,431,476 68.46
9,836,463 +3,559,278 36.18
12,268,309 +7,582,483 61.81
9,665,021 +2,840,043 29.38
4,536,846 +2,375,916 52.37
246,615 245,773 93,092,395 67,396,538 +25,695,857 38.13
NOTE.
-Group I. includes all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia,
Group III. includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of
New Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso,
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.
BOOK NOTICE.
by Srinivas R. Wagel,
Author of Finance in China-North China Daily News
and Herald, Ltd., Publishers, Shanghai, 1915. [Mr.
Wagel, who is an East Indian, now has an office at
52 Wall Street in this city.]
It has become trite to say that China is awakening from
the sleep of centuries. Yet the phrase has little real value
when applied either to the present or past of that country.
An attempt at a republican form of government, the policy
of an open door, introduction of railroads, importation of
foreign-made goods, so far, have had little effect upon the
customs or conditions of the masses of the people. Practically, the awakening is yet to come.
Nor has China been asleep. One of the oldest countries
of the earth, vast in extent, densely populated, isolated from
the world, philosophic in religion, oriental in cast of mind,
China, for many centuries, has not only been seething with
CHINESE CURRENCY AND BANKING,
2206
THE CHRONICLE
change, but in a primitive and ineffectual way has traveled,
within itself, many of the paths of progress which have led
other countries and peoples to a free and fostering civilization.
This history spreads itself over thousands of years, and
it is the long perspective and the comparative advance
which suggest the idea of lethargy. Yet inventions such
aslgunpowder and printing, early products of a racial mind
intensive and active; together with, efforts toward governmental unity, internecine strife, domestic trade really foreign
as between provinces, the production of a literature, and
studies in science; all indicate a solidarity of development,
an activity of mental and spiritual life, an unfolding from
within, more and more astonishing as they come to be adequately perceived.
China will be changed, not wholly transformed. The
introspective and contemplative quality of the oriental
mind must leave its impress on the occident even as it
absorbs the practical therefrom in thing and thought and
tendency. With the opening of the Panama Canal, with
the rapid growth in population and commercial power by
our west coast States, with a new alignment of world-trade
consequent upon the European war, China, now admitting
in principle at least the investment of foreign capital, must,
in the decades immediately to follow, take great strides
forward, and the activities of her four hundred millions of
people will become not only more efficiently powerful in
behalf of her own upbuilding, but will exert a profound
influence upon the toil and trade of the whole world.
No study can more clearly set forth the trials, accomplishments and tendencies of a people than that unfolded by
money and banking. In his work "Chinese Currency and
Banking," the author has produced an important and instructive contribution to the world's knowledge of China
and the Chinese.
Money, we learn, was in circulation more than twentynine centuries before the Christian era, and it has undergone
practically all the changes of which money, using the term
in its broad sense, is susceptible, and yet to-day there is perhaps no country upon earth where an equally complex conglomerate of coinage and issue exists. Carefully appraising the schemes for financial and monetary reform, many of
them brought in from the outside and often good within
themselves, which are being offered for the amelioration of
China, the author declares: "What China lacks at the present time is a sufficient number of constructive statesmen—
men who are not visionary and will take into consideration
the conditions prevailing at the moment, and judge how far
a proposed change would fit in with existing realities of the
situation." With reference to the currency problem, he
illustrates this in a comprehensive and yet pertinent way,
thus:
It is well known that several kinds of dollars, cashes and notes are in
circulation, the multitude of which is, to say the least, a nuisance; if all
these moneys could be replaced by a single or uniform currency it would
prove of great advantage to the administration and trade. The Government ought to remedy the situation and no doubt is endeavoring to do so;
but if the Government were to issue a proclamation that only one kind of
the tael or dollar should be accepted, and that the dollar should be only
worth a hundred cents—no more and no loss, it would result in a series
of riots all over the country and the people as a whole would do everything
In their power to prevent the objects of such a regulation.
The author argues for a comprehensiveness of plan which
shall take into consideration all the underlying elements,
for a unity in the general advance. He shows that while;
banking fosters commerce, it also depends upon commerce
that commerce depends on means of communication by land
and water, on improvement in the productive quality of the
soil, on the safeguarding of large areasfrom drought and overflow, on industrial activity and on foreign markets. Yet
with all these advanced, there must be a proper regulation
of taxation and a utilization of abundant natural resources.
"China," he remarks, "is loaded with a huge debt, partly
through her own fault; but it would be a fleabite if only the
resources were fully developed, either on her own initiative
or with the aid of foreigners." As to means of communication, only a beginning has been made. In a total area, including dependencies, of 3,300,000 square miles, there are
only 5,000 miles of open railways, and, including projected
lines, but 12,000 miles. Navigable rivers have been allowed
to fill with silt. The Yellow River, known as "China's sorrow," alone, "almost every year floods thousands of square
miles and brings devastation to the homes of hundreds of
thousands." And the destruction of timber has gone on for
hundreds of years, out of a dire necessity of providing fuel,
until there are extensive sections of the country entirely denuded. As to increasing the output of the soil, he says:
[VOL. 102.
It is, of course, out of the question to expect the Chinese farmer to use
modern implements and modern methods of agriculture by means of which
he would be able to increase the harvest. The farmer in this country is
as a rule too poor to do anything of the kind. When it is remembered that
the average holding is less than five acres per head of a family, it may easily
be seen how futile it would be to attempt any modern methods.
And reform in all these conditions he finds, very properly,
precedent to the inauguration of a banking system possessing
the unity and efficiency of that of European countries or the
United States.
In a chapter devoted to "Currency in China" the reader
gains a perspective of historic conditions which reveals the
magnitude of the reform problem within itself. In our limited space we can scarce do more than give a suggestion of
these chaotic "currencies." China has used gold and silver
for thousands of years, but there has been no continuity in
the use of either, for they "were only currencies in so far as
they were multiples of cash value." Copper, or cash, the
author holds to have been the real standard of value, although the silver tad, in a way, was an independent standard. This "cash" or copper coin of small denomination, has
never, for any great length of time, had any fixed value as
to weight, fineness, size, shape, or in its relation to silver.
We read that 1000 B. C. coins in daily use and popular were
spade-shaped, bell-shaped, knife-shaped, from their resemblance in shape to these articles, that there were round
copper coins with a square hole in the center, that there was
a gold unit called chin or catty "1 cubic inch in size," and
that gold, precious stones and pearls formed an upper grade
of currency. At 7 to 22 A. D. "there were 28 different
kinds of money; there were gold, silver of two qualities,
four grades of tortoise shell, five grades of cowrie shell, ten
grades of Su or bell-shaped money and six grades of copper
coinage." At 220 A. D. metallic money was abolished by
Imperial decree and measures of grain and rolls of silk substituted as circulating media. This failed as did other efforts of the same kind. About 620 A. D. mints were established, attempts were made to provide a standard coin,
counterfeiting was made punishable by confiscation and
death. "Especially after 1890," the author states, "up to
today there have been the following to reckon with: the
cash coinage, now complicated by the issue of ten-cash
pieces, which are really token coins; silver bullions, based
on the unit of the tael and only to be found in the shape of
the sycee or horse-shoe of varying weights, touch and fineness; actual silver coins, which are, however, mostly Mexican dollars and dollars of other foreign countries, and, quite
recently, of provincial mintage; lastly, subsidiary silver coins
which have been brought out Of the several provincial mints
—practically all of them ten- and twenty-cent pieces—circulating independently of the dollar and with varying values
as compared with the dollar."
When to these elements are added the changes in metal
valuesfrom time to time;issues of paper money,inconvertible,
by certain dynasties and sweeping repudiations by others;
private coinage sometimes, as well as public; more or less
counterfeiting all the time, easily accomplished because coins
were cast in a mould, and sometimes counterfeits passing
equally current with good coins; the silver tad, though divisible in multiples, a measure really of weight, worth varying
amounts of "cash" in different provinces and in no two of
them an equal unit; changing ratable values between provinces; in later years a plethora of provincial mints working
independently and turning out immense quantities of ten.
and twenty-cent silver peices that soon suffered a change
in value; money-changers always at work and a fire always
burning under the melting pot; the bulkiness and weight of
"cash" being about 8 pounds averdupois to the value of a
Mexican dollar; almost constant exportation of gold and importation of silver, in foreign "dollars" of varying weight
and fineness; we begin to realize the truth of a statement
made by the North China "Herald," which the author
quotes, that: "these chaotic eccentricities would drive any
occidental nation to madness in a single generation."
Turning to the chapters on "Banking in China" we learn
that banking in a primitive form dates from a remote antiquity, that the use of "bills of exchange" is as old as the
art of printing, that "Italian merchants learned in China
the art of book-keeping as combined with banking," that
"bills of credit" were is use even before the age of silver and
traders came early into the use of blank forms, invoices,
manifests and delivery orders. Banking, as carried on by
the government, has existed since the ninth century A. D.,
and traders were accustomed to deposit their strings of coins
at the capital treasury and receive therefor paper notes that
were cashable at any provincial treasury, these notes being
JUNE 17 1916.)
THE CHRONICLE
known as "flying money." Later, exchange offices were
opened, at which merchants could deposit money and receive a certificate which on presentation to the treasury
could be changed into a treasurer's "circular letter" upon
which the magistrate of any city was directed to pay cash.
A system grew up by which merchants undertook to collect
taxes and the government undertook to issue "bank paper in
one city, cashable on demand, in another." "Another
method by which banking by the administration was fostered was by lending money from the official treasury on
the security of land, houses, gold or silk goods." The government profits were large, and in time officials came to
loan the government funds and appropriate the revenues
therefrom. The author remarks: '"In this connection it
may be interesting to note that even as late as 1910 the
viceroys and taotais were lending government money freely
to the native banks, without even a shadow of security."
Up to the twelfth century practically all the banking business in China was done by the government.
Aside from the banking -operations of .the government
treasuries there grew up three classes of banks; native
banks (these were not stock company institutions but individual or family enterprises), originally merely institutions
for changing one kind of money into another and doing for
the most part a purely local business; the Shansi banks,
provincial banks having branches, aiding provincial commerce, performing certain treasury functions, patronized
by government and traders, and eventually doing an interprovincial business the chief part of which was the forwarding of money for payments by means of orders resembling bank drafts such as we know today, and lending money
to and encouraging the native or local banks; and provincial
government or official banks having the quasi-support
of the government, receiving the provincial revenues and
forwarding these through the Shansi banks to Peking—
doing a general banking business but chiefly distinguishable
by their official authorization to issue bank notes. The
history of these bank note issues by official banks, backed
by no fixed reserve, circulating mainly in the ports and
large cities, unregulated and unchecked save by the insistence
of keeping a face of metallic redemption forced upon them
by the fact that,with a few exceptions in latter years, the
native banks paid in coin, and to a degree refused to receive
this paper, is an interesting and importantfeature of banking
in China, and became a highly perplexing one, until it was
suddenly solved by the crisis following the revolution of
1911 which "made all paper money issued by Chinese
banks absolutely valueless."
It is very evident from the above brief summary, inadequate as it is because of many conflicting factors which
could not be stated, that reform in currency and banking
is one of the chief needs of the China of to-day. The author
treats at length many collateral subjects such as the standard of value and foreign exchange and reserves, and he
discusses and appraises the many theories of reform which
are being advanced, offering a solution of his own, which,
as we understand it, in its relation to money, is a unification
of local currencies on a silver basis.
We find in this octavo volume of 446 pages a wealth of
information on the two subjects treated. Mr. Wagel is
entitled to great credit for his wide investigation of a field
little known to students in the western world. It is a source
of regret, however, that the author did not build his treatise
on a more concise plan. Too much he mingles historical
narrative and economic discussion with analysis of practical
banking. No doubt this method throws a certain light on
the confused and complex conditions, but renders it more
difficult for the reader to grasp the essential and major
elements of the subject.
ORDEAL BY BATTLE, by Frederick Scott Oliver. Published
by Macmillan & Co., Ltd., London, 1915. Price $1 50.
Britain, not wanting war, lulled into indifference and inadequacy by certain of her statesmen who could not or would
not heed the fact that another nation held no such dream of
world peace, and thus unready as compared with the conscript nations of the Continent; with never even a secret
dream of world domination, attaining her colonial possessions through no fixed and continuous foreign policy, because,forsooth, of her democratic politics; sometimes making
mistakes but always right at heart; proving her absence of
any desire to control world commerce by the permission of
free trade in her colonies; refusing to believe in the war-fostering enmity of Germany though sufficiently warned; joining France and Russia in the present conflict, not so much be
2207
cause of the Entente or the independence of poor Belgium,
as the solemn duty of bringing "at all costs to a complete
demonstration of failure" "the life of the Prussian System—
that joint invention of the most efficient bureaucracy in the
world and of a priesthood whose industry can only be matched
by its sycophancy and conceit;" in a word Britain, pure in
motive but hitherto lacking in a consistent foreign policy
backed by a sufficient military force; Britain, fully aware
of the menace of the alleged dream of world-power that by
way of Turkey would once again cause the ancient valleys
of the Tigris and Euphrates to blossom as the rose, though
indeed it should mean the control of some six hundred millions by some seventy-five; Britain, throwing her weight into
the scale to prevent the spread of this "power" and thus becoming, in the event of the success of the Allies, the moral
savior of the small, weak States of Europe, and incidentally
of the world; this is one phase of the book called the "Ordeal
by Battle."
The other is: Germany,a union first under Bismarck,and
under his iron hand devoted to internal development and forgetful of conquest, neglecting opportunities for colonial expansion which might have been had for the asking; Germany,
developing a wonderful system of local government,in many
ways surpassing that of England; devoting herself to science,
letters, manufactures and foreign trade.and in them all making, between 1870 and 1900, remarkable strides; and then—
then, after the "dismissal" of Bismarck in 1890, in the thrill
of her material greatness, Germany developing the "madness
of the swollen head" and at the very time Britain was "in
some ways a great deal too modest," listening in receptive
mood to Treitschke, whose obsession was Power, ever more
Power, in the State; to Nietzsche, who forgot the State in a
Superman, who should rule by the vastness of his intellect
and Love, a sort of benevolent despot next to God; to Bernhardi, who painted war as holy in that it maintained national
honor and self-respect and preserved the virility of a race
and incidentally became the force to put idealism into concrete form through the beneficence of conquest; and, listening to these Voices, a changed Germany, that began to feel
the cramping of an invisible ring, began to look about and
wone.er why territorial expansion was not forthcoming coequal with commerce, began to envy other great nations with
more territory and sea room, began to look upon Britain
as in some indefinable way an obstacle and enemy to her
progress; and then a Germany where, slowly, envy turned
into hate, and the pedantocracy and bureaucracy corrupted
the people, until Kaiser and Court, professor and student,
soldier and priest, people and dynasty, were one in mind and
heart; a Germany where arose an efficiency of militarism
unknown elsewhere in the world, a system of spying and intrigue far more dangerous than this to the integrity of other
nations; and finally a Germany, filled full with pent-up but
fiercely burning hate and wrath for Britain which, if it did
not directly cause this war,at least, by a sudden declaration of
war against Russia, prevented a pending "accommodation"
by Austria with that country, which might have ensured
peace, and with malice aforethought, precipitated the conflict which now drenches Europe in blood, and all this on the
belief that Britain would, through inability as well as selfinterest, stay out, and, after France and Russia were subdued, the blow might be struck, which would dismember the
British Empire and give Germany mastery of the world.
A book of brilliant rhetoric, and not a little rhodomontade;
of violent and continuous assumptions, unaccompanied
by proofs; of sweeping vision, but strabismic perspective;
of critical acumen, but biased judgment; a defense of
militarism with an apology to peace; interesting though
sophistical; the plea of an advocate who condemns professors and lawyers in national and international politics;
an argument setting up the doctrine "with respect to all
problems of defense" that a "Policy depends on Armaments
just as certainly as Armaments depend on Policy" in the
face of a previous contention that "two rival systems of
civilization, of morals, of religion, approach one another like
thunder-clouds and come together in a clash," that "it is
not sufficient either with statesmen or peoples to set before
them a chain of'reasoning which is logically unanswerable;"
a book, finally, to be read for its vivid pictures, its spotlight views of current English feelings, ambitions, and
events, its keen analysis of British conditions and policies,
but always with the conviction that history is made but
not written on the battlefield, and that the partisan however
much he may strive to be fair and impartial cannot become
the just judge. Certainly it is an intensive discussion of
Britain vs. Germany, but what of France and Russia?
2208
THE CHRONICLE
As one reads one wonders if, after all is said, this stupendous war is an inevitable conflict between a dream of world
empire hoped for and one already realized. If so, when
these two "thunder clouds" of wrath and hate have spent
themselves will the New Day dawn, and in the liberal light
of self rule for every valley people on the globe will the fedderation of the world begin?
HOLDERS OF RAILROAD BONDS AND Nos; THEIR RIGHTS
AND REMEDIES. Treating Particularly of the Receivership
and of the Reorganization of the Road, of the Foreclosure of the Mortgage and of the other Proceedings to
Realize on the Security. By Louis Heft, of the New
York Bar. E. P. Dutton & Company, Publishers,
New York, 1916. 419 pages, including a full index.
Price $2 00 net.
The spread of ownership of railroad bonds renders a
work of this character timely and valuable. Written by
a member of the New York Bar it sets forth the general and
specific bearing of the law upon the rights and remedies
of the owners and holders of this class of securities.
The Introduction discusses the three values, and their
co-relation, which attach to railroad bonds, namely market,
intrinsic and legal. Then follow seven extended chapters
which unfold in plain terse language free from technical
legal terms the rights and remedies of owners as to the
various kinds of railroad bonds and notes according to their
form,security,purpose ofissue and mode of retirement; rights
and remedies which obtain under the mortgage or deed
of trust by virtue of its provisions, together with the powers
and liability of the trustee; those arising out of the relation
between bondholders and the trustee generally; those in
relation to foreclosing the mortgage and realizing on the
security; those obtaining under the receivership; those relating to the assets of an insolvent railroad company with
reference to the rights and priorities of all the creditors;
and the rights and remedies inuring in the reorganization,
as minority, or other holders, under process of court and
by means of Committee.
Starting with a description of the various forms of bonds
and their legal standing the reader is led through the various
steps that may become necessary to realize upon them
either in payment or by participation in: reorganization.
Consolidations, mergers, and all incidental procedures and
relations are fully discussed.
The author's purpose is thus declared in the preface:
"Recent governmental investigations have pointed clearly
to the extreme ignorance of the investing public as to
their rights as holders of corporation securities. It is hoped
that the information contained in these pages may help
to a better understanding of the nature of railroad securities
and of the rights and remedies they confer on their holders,
and that such knowledge may help to safeguard investments."
Prepared, evidently with painstaking care, covering all
phases of these intricate and often conflicting rights, and
written from a wide study of principles, statutes, precedents
and decisions, this work should perform an important public
service, and be of distinct benefit to those who are wont to
purchase first and investigate afterward.
[VOL. 102.
The same things will eventually happen in the cases of copper, lead
and aluminum. That it has not already happened with those metals is
due to the facts that the production of them could not be increased so
quickly and moreover, the business in those metals is more concentrated
and better organized than in other cases, and for that reason, partly, the
advances in them were not so extravagant.
The alarming thing about the return to normal conditions is that so
many people have forgotten what normal conditions are. Tungsten miners
are grieving about the depression in their industry arising from a decline
of the price for ore to $50 per unit. Previous to the war tungsten ore was
worth about $667 per unit. In the Joplin district there is resentment
respecting the fall in the price of zinc ore to $85 per ton. Previous to the
war it was worth about $40(345. Both in the tungsten and zinc districts
mass meetings are being held to consider what stops should be taken to
relieve the suffering miners, threats are being made to the effect that
ore will be held back until smelters pay what it is worth, that mines will
be closed down if necessary, that the wages for labor will be reduced,
that there will be stops to secure a tariff that will keep ore prices up to
what they ought to be, namely,.the maximum attained during the war
period.
This exhibition of greed is human, but nevertheless is mortifying by
reason of its childishness. However, there is no doubt that many people
are going to lose money in the further decline of prices for ores and metals
from levels that oven now are extravagantly high. High prices had the
natural effect of bringing into production mines and works that normally
could not pay. Mines were equipped and new works were built. The
phenomenal profits that were expected were sadly eaten into by the insatiable demands of labor and the increasing inefficiency of labor. When
some people talk about being unable to produce zinc ore for less than $75
or $80 per ton they are probably telling the truth. Deposits yielding only
, 01 to 1357 zinc have been opened in the Joplin district.
Those miners and smelters who started early and have recouped themselves will prepare to go out of business when the bell rings. This will
relieve the labor situation and will pave the way for the reduction in
wages and weeding out of the inefficient that is inevitable. It is to be hoped
that this will come about with no great disturbance, but it will not come
about until there is a surplus of mon and the good ones are anxious to
keep their jobs. There will be, of course, a good many miners and smelters
who started late and will never recoup their investments. This will hap-.
pen to many who bought properties at high prices from the far-seeing
who cashed in early. They will have to console themselves with the
unsatisfactory thought that they took a chance and lost.
The recession in the metals does not indicate slackening in business so
much as it does increased production stimulated by the high prices. Nobody is responsible but the producers themselves. They could not eat
their cake and have it too.
GEORGE E. ROBERTS ON THE WAR, AND AFTER.
"Business After the War" was discussed by George E.
Roberts, Assistant to the President of the National City
Bank of New York, before the convention of the Michigan
Bankers' Association at Flint, Mich., on the 13th inst.
Observing that "if anybody had told us at the beginning of
the war that it would be going on ,at the end of two years,
at a cost of nearly $100,000,000 per day, few would have
believed him," Mr. Roberts added that we see that the war
is not likely to come to an end from mere financial exhaustion.
Referring to the fact that people have said that all the gains
and accumulations of the past were being swept away, he
contended that this is not true, even in the warring countries,
and continued:
The wealth of the world is in the land, the forests, mines, water powers
and other resources of nature, and in the plant of buildings, machinery,
railways, and equipment of every kind that has been gradually acquired
for working those resources, and for converting them into the commodities
of trade and for distributing them in the exchanges. Besides these the
gains of the past are in the stock of knowledge, the progress that has been
made in the arts and industries, in command over the resources of nature,
and in the organization that has been developed for carrying on the work
of the world. In short, tho wealth of the world is in its productive properties, and the gains of the past are not so much in what has been accumulated as in the knowledge of how to produce it.
The general position which society has attained in the arts and industries will not be lost, and the amount of productive property destroyed,
as compared with the total amount of property, is comparatively small,
even in the countries at war. The two leading industrial countries,
Great Britain and Germany, are practically untouched. The class of
LOWER METAL PRICES—THE HANDWRITING ON
productive property that is suffering most is shipping, and the world
Is building ships almost as fast as they are sunk.
THE WALL.
The greater part of this enormous destruction is of equipment and sup(From The Engineering & Mining Journal of une 10 1916.)
plies of current production. It is a consumption of powder, shells, guns,
During the last year we have witnessed extraordinary rises in many of
motor cars, gasolene, food, clothing, shoes and stores of many kinds, for
the metals—figures having been attained that five years ago would have
the armies and ships. And all over the world, in neutral as well as in
been characterized as preposterous if anybody had talked about thorn.
the warring countries, we see tremendous activity in the production of
Among the major metals zinc has been the most spectacular; among the
these things. Thousands of factories are converted from other purposes
minor metals aluminum, antimony and tungsten have been the star persupplies
and vast new works are constructed, for the making of war
formers. Of late there has been a sharply declining tendency in the markets
men are working long hours, women literally by millions are
tungsten that probably foreshadows the return of Everywhere
for zinc, antimony and
entering shops and offices, new machinery and new methods are invented
those metals to normal levels. There is nothing mysterious or malevolent
meet the emergency.
and installed, and industry is speeded to the limit to
in the recent behavior of these markets. On the contrary their action is
Furthermore, this demand and scarcity causes a rise of prices throughout
precisely what ought to be and what has been expected all along.
restraint upon trade and consumption and normal enterthe world, and a
The cycle is obvious. Extraordinary and insistent demand elevates
things,
prise, which helps to supply the war's requirements. It is those
price. High price stimulates new production. Sooner or later the time
are being
which all the world is working night and day to produce, that
comes when the supply outstrips the demand, whereupon tho price deis being actively
destroyed, while the productive capacity in many lines
clines, eventually reaching the normal level at which the business may be
enlarged.
conducted with the ordinary percentage of profit. The time of such a
is the
But it will be said that the most important factor in production
cycle is determined primarily by the facility with which now production
these are being
able-bodied and skillful workman, and that millions of
may be organized.
most depressing factor in
killed or disabled. This is true, and it is the
In spelter the deficiency was never of ore supply, but rather of smelting
situation, but there is a possible offset even to this, in the effect of the
capacity. During the last year now smelting capacity has been provided the
upon the men and women who survive. The efficiency of a people,
rapid and even romantic manner. Since the first of 1916 the reports war
in a
is not always the same.
the capacity of a given population for production,
of the organization of new smelting companies have been so frequent that
that that
The most profound and important truth in the world is the fact
t became a good deal of a job to keep track of them. Similarly has the
development. Lloyd George has said
to unlimited
tungsten ore boon stimulated in all parts capacity is subject
production of antimony ore and
control ot the
the improvements in industry, and the more effective
of the world, but especially in the United States. Lot anybody run over that
traffic, resulting from the war, will compensate for all the economic
the weekly record of mining news in the "Journal" and note the number liquor
industry, and the
And then there is the entrance of women into
of now antimony and tungsten mines being worked in all quarters. Even losses.
the stirring experience upon millions. The greatest forces in
the old antimony mines of Arkansas and the old tungsten mine of Con- effect of
may revolutionize
he world are the invisible ones; a single invention
necticut have been reopened. Declines in prices wore inevitable.
JUNE 17 1916.1
THE CHRONICLE
an industry, and these peoples may be more alert, more fertile, more
enterprising and capable than ever before.
But what about tho debts? Is it true that these countries are drawing
on the future, that they are expending capital before it is created, and
heaping burdens upon generations yet unborn? There is very groat exaggeration about that. If you say that they are wasting capital which should
be passed down to the future, and that the progress of the world is retarded, I will agree, but that is a different thing.
In the first place, there is no such thing as expending capital before it
is created. Capital must exist in tangible form. There are no
economic losses except in tangible things. Tho war, as we have soon.
is carried on with tangible things—with equipment and supplies—and
these must be furnished now, not after tho war is over. The armies are
not being fed this year from next year's crops, nor are they using supplies
of next year's make. Whatever else may no obscure about the incidence
and effects of this body of indebtedness, one thing is clear, viz.: that all
of the production of the future will belong to the future, and none of it
will belong to the past. A popular speaker Is quoted as saying that 500
years after the war is over, the people will he toiling to pay the interest
on these loans. That may be so, but if it is, it is certain that the payments will be made to people then living, and that their use of the capital
will react upon the entire community.
In discussing the indebtedness the fact is commonly overlooked that
the payment of indebtedness does not extinguish the capital transferred
or involve an economic loss. If we were to conceive of these payments
as required to be somehow made to the inhabitants of another planet,
with whom no other intercourse was possible, or of the products of the
country to the value of these payments as regularly heaped up and burned,
then we would have the idea that is generally accepted as to the burden
of this indebtedness. But nothing of this kind will occur. The capital
raised by taxation will flow from the public into the treasury, and from
the treasury back to the people, practically undiminished.
This proposition should not be confused with the fallacious excuse that
is often given for wasteful extravagance, to wit: that it gives employment
to wage-people and puts money in circulation. In the latter case the expenditure represents an economic loss because the wage-earners are not
productively employed. The war indebtedness also represents an economic
loss, but the loss occurred when the proceeds of the loans were expended,
and does not occur again when the loans arc paid off.
The war loans do not represent a conversion of fixed property, for the
fixed property will be there when the war is over. They are a capitalization of labor and production during the war, and if they are held at home,
and paid off by savings, the countries will be richer than before the war.
If every tax-payer held a corresponding proportion of the bonds, his income and outgo on account of the debt would cancel. The problem of the
indebtedness is that of levying taxation in such a manner that it will not
fall unfairly upon any portion of the community, but that all will be
speedily reimbursed by the return flow. The portion of the public which
participates in the loans will receive tiro return flow direct, but if all payments upon the loans are considered to be new capital, which did not exist
before the war, then the investment of this capital in productive industries
is bound to react favorably upon all classes, so that a moderato degree of
taxation can be paid by all without being worse off than before the war.
The taxation will amount to enforced saving for the capital fund, and if
wisely applied will help the country to recover from the failure to make
normal progress during the war.
If this view is correct, recovery from the war will be more rapid than has
been anticipated, and there is no reason why, after order and confidence
are restored, enterprise and industry should not go on in these countries
about as before.
The critical period witl be at the end of the war, when the armies are
dissolved and millions of men must find their places in civil lifo, and while
there is still bewilderment and uncertainty as to what the state of industry
and trade will be. The problem will be to integrate the industries, not
only at home but throughout the world, and got them on a mutuallysupporting basis, for every man who has work will be able to buy the
products of others.
Unfortunately the animosities of the war will prevent an immediate re
gumption of many former trade relationships, and legislation may increase
the confusion and intensify the struggle for markets. This confusion and
uncertainty, and the apprehension which it engenders, creates the real
danger of industrial prostration after the war, rather than lack of capital.
or buying power. The buying power of every country is in its own powers
of production.
With reference to the problems confronting the United
States after the war, Mr. Roberts had the following to say:
And now what about the effect of the war in the United States? Business
in the United States was not in normal condition before the war. Industry
was dragging, machinery was idle, and labor was unemployed. The war
created an acute world scarcity of labor and products, and we have gained
by the complete employment of our machinery and our people, and by
the fact that we have a huge trade balance which includes extraordinary
profits.
Even hero the principle of a harmony of interests is sustained in a degree.
despite the confusion of a world war, for this prosperity results trees supplying other people with things they want and from mitigating a world
scarcity. And it remains to be said that the account is not yet fully made
up. We are comparing our earnings now with our earnings in a time of
unnatural depression, and without allowance either for the reaction that
may come from this abnormal stimulus or for the indirect losses which will
be our share of the world waste of capital.
On the surface of the situation it has looked as though the United States
had an extraordinary opportunity to introduce its manufactures in neutral
markets, while Great Britain and Germany were otherwise engaged, but
the same conditions which create the opportunity throw enormous oh.
stades in the way. The scarcity of shipping, the rise of freight charges;
the pressure of war orders, the revival of the home demand, the scarcity
of materials, the shortage of labor, all combine to interfere with the growth
of new trade. The trade of the world is interdependent, and must be kept
in balance. You cannot suddenly shift a large body of it without making
a multitude of shifts.
If we have learned anything in the last year it is that you cannot have
a permanently one-sided trade. You soon reach the point where you have
to lend money to your customer in order that he may continuo his purchases, and of course there is a limit to that. If it was possible for us to
take over all the business in South America that Great Britain and Germany have had, we would have to take the South American products that
Great Britain and Germany have taken, and if we were going to do all of
this business permanently, and Great Britain and Germany were to do that
much less permanently, then there would have to be a shift of population
from those countries to the United States. These world relations are the
result of growth and gradual readjustments rather than of sudden changes.
We will gain trade as other peoples gain in purchasing power, rather than
by supplanting rivals.
2209
One of the grievances urged against the labor organizations is that they
deliberately restrict the output, acting upon the theory that there is only
a limited amount of work to be done, and that it is good policy for them
to make it go as far and pay as much in wages as possible. It is a mistaken
theory, but I think the idea that this country will do better in world trade
with Great Britain and Germany out of it is based upon the same error.
It assumes that there is only a limited amount of work to be done in the
world, and only a limited amount of trade to be had, whereas there is no
limit to the amount of work to be done or the amount of trade that may
be had, or the wealth that may be created from the resources of nature.
The greater the production of every country, the greater its purchases will
be, and the greater the trade of the world will be.
Great Britain and Germany have built up most of the trade they have
had in South America by advancing capital for the development of those
countries. They have literally created out of the dormant resources of
those countries the wealth from which they have received their pay. They
have invested about $4,000,000,000 in South America in the last twentyfive or thirty years, and sent most of it out in the form of materials and
machinery. No wonder they have had the bulk of the trade, and if we are
to rival them there, we must do the same work, we must help in the de
velopment of those countries.
But here again the difficulties of the present situation appear. We are
buying back our own securities from Great Britain and Europe on an
enormous scale, and must continue to do so. We are granting credits to
other countries to assist their purchases here. Furthermore, we have no
spare capacity at the present time for the equipment of new enterprises,
and, finally, war prices are prohibitive upon new enterprises.
When the war is over, we will be stronger in some respects, and weaker
in others, than before. We will be richer, owe less abroad, have greater
productive capacity, and have an introduction in foreign trade. All that
would strengthen out position in world affairs if other things remained the
same. But conditions have not remained the same, and here we have
another striking illustration of the law of compensation.
There is a natural balance or equilibrium in affairs which in the long run
is bound to be maintained because it is fixed in the very constitution of
things; and when that balance is disturbed all the natural forces work for
its restoration. The world of affairs has a way of righting itself, something like the facility of a cat for lighting on its feet. And it is a good thing
that this is so, for life wouldn't be worth living if the confused councils
of statesmen could put everything permanently out of joint.
The enormous demand upon our industries, and for labor and materials, together with the influx of capital, has placed us upon a higher basis
of costs than we were before. Our people are pleased and sanguine over the
influx of gold, and for the time being, this gold is an element of strength.
Curiously enough, as long as we do not use it, it is an element of strength,
but as it comes into use, we see that it becomes an element of danger.
Capital can do nothing without labor, and we are not getting more labor.
Capital cannot dig a ditch, or lay a wall, or turn a furrow, without labor;
they must be used together, a blessed necessity that, again, is fixed in
the constitution of things. When all the forces of production are in full
action, you cannot make a country richer by pouring gold into it. You
reach the point then where every addition means dilution, and you run
the risk of demoralizing the entire economic situation.
In all advanced countries, in normal times, capital increases faster
than population, and this is a truth which does not receive the attention
it deserves. For with capital increasing faster than population, the demand for labor increases faster than the supply, with the result that there
is an inevitably increasing wage rate. This, I say, is the law of normal
progress, and where it is operating in all countries at the same time, and
its effects are gradual and continuous, there is no disruption of relations,
and the effect is beneficent. But when a great amount of capital is suddenly forced into one country, without any corresponding increase of labor,
the whole situation is thrown out of balance. There is danger then that
with an increased amount of capital bidding for labor and materials,
wages and prices will be forced upwards,until the levelofcosts upon which
business is done in that country will be raised high above what it is in
other countries, with the result that when normal conditions are restored,
exports will be cut off, Imports will increase, the balance of trade will
turn over, and the newly acquired gold will flow out, leaving an inflated
fabric of wages, prices and indebtedness without an adequate foundation.
Fortunately a spirit of conservatism has pervaded the country. There
has been no undue inflation of credit. It is true that bank loans are high
above what they were a year ago, but when we consider the enormous
expansion of business within the year, the amount of our securities repurchased from Europe, and the loans made to facilitate our exports, the
increase in loans is well accounted for.
The country, although its industries are running at full tilt, is not overbuilding or over-expanding. The industrial management has been such
as to conserve as far as practicable, the benefits arising from this extraordinary period, for the good of the industries in the future. Indebtedness has been paid, reserves have been created.capacity has been enlarged,
equipment and methods have been improved with a view to all possible
economies in the future. All this fortifies the industries and strengthens
the whole situation for the trials that are to come. The policy is better
In the long run for both shareholders and wage-earners than would be a
payment of dividends or wages which cannot be maintained.
Commodity prices are high, due to world conditions, but property
values are not generally inflated. The country Is plainly doing business
in the consciousness that present conditions are temporary, and it
has been now under this restraint so long that there is a strong likelihood
that it will follow the policy of caution until the transition of peace conditions is made. Certainly this is the policy for bankers to advise.
If this course is pursued there will be no danger of anything like a financial panic, and the change from war conditions will be made with the
minimum of disturbance. There are good reasons for believing that a
largo amount of domestic work is being held back now on account of
high construction costs, and that this will come along when prices are lower
The country has been going a slow pace in construction work in recent
years and much needs to be done. We are bound to remember, however,
that a change from a rising market, when everybody is eager to buy ahead
of his wants, to a fallinglmarket, when everybody refrains from buying
as long as he can, is always a breeder of apprehensions. When the war
is over, the war demands cease and the soldiers are released to industry,
everybody has notice that prices will reverse the course they have followed
since the war began.
The question of costs will then be the serious one in the United States
for if our exports are cut off and our production must all be marketed
at home, prices are bound to be unremunerative. None of us want to
say anything about reducing wages. The high wage
-scale of this country
and the great distribution of goods which accompanies it, is one of the conditions of our prosperity. Nobody wants to disturb it, but there is only
one way to avoid •disturbing it, and that is by increasing the efficiency
of our industries.
We want higher and higher efficiency, in organization, in management
ar in
at the work bench jand in co-ordination of all. We won't
2210
THE CHRONICLE
foreign trade by ordinary and routine methods; we must have highly
organized and concentrated effort, and genuine leadership in industry.
The United Sta tea Steel Corporation has fifteen warehouses in South
America where it carries full stocks of goods wanted in those localities.
Furthermore, If there is a building to be put up or a bridge built, or any
contract to be let in South America that calls for a considerable amount
of steel, some bidder will be after it who will use American steel. More
than half of all the steel buildings in South America were put up by a
subsidiary company of the United States Steel Corporation. That is the
kind of an organization and management that makes headway in foreign
trade.
The automobile has shown how industry may be revolutionized by high
organization, we have one great advantage in this country. We have the
greatest home market in the world; and Michigan has helped to show
that volume of product is the most important factor in costs. The most
important thing about wages is not the rate per day or per week, but the
rate per unit of product. That is the golden key by which the industrial
problem may be solved. It 's possible to reconcile the interests of employers and wage-earners and consumers, and it is possible to pay higher
wages here than are paid in other countries and still sell goods abroad,
if we can lead the world in methods of production.
STATEMENT OF IDLE CARS.
The number of idle freight cars continues slowly to increase.
The latest statement of the American Railway Association
giving the figures for June 1 shows a net surplus on that date
of 55,244 cars, comparing with a net surplus on May 1 of
33,361. The total surplus on June 1 stands at 67,588,
against 63,344 on May 1, whereas the total shortages on
those dates were 12,344 and 29,983, respectively. The
surplus cars a year ago were over 300,000. The following is
the statement just issued by the association:
THE AMERICAN RAILWAY ASSOCIATION.
New York, June 10 1916.
The Committee on Relations between Railroads presents herewith
statistical statement No. 17, giving a summary of freight car surpluses and
shortages for June 1 1916, with comparisons:
67,588
June 1 1916
63,344
Total surplusi May 1 1916
300,146
Junell 1915
The surplus for May 1 1916 includes figures reported since the issue of
statistical statement No. 16.
There is a small increase in the total surplus over May 1. The principal
box car surplus is west and northwest of Chicago, in which territory the
surplus of this class of equipment shows a large increase, with a smaller
Increase on the Pacific Coast. The coal car surplus shows a reduction
west and northwest of Chicago and in C. F. A. territory. The miscellaneous car surplus is mostly in the West (Group 6) and on the Pacific
Coast.
12,344
(June 1 1916
29,983
Total shortage( May 1 1916
218
Pune 1 1915
The shortage for May 1 1916 includes figures reported since the issue of
statistical statement No. 16.
The total shortage shows a large reduction from May 1, bringing the total
down to 12,344; there is very little shortage of any class of equipment in
any one section.
The figures by classes of cars follow:
Surplus. Shortage.
Classes—
5,225
26,227
Box
770
3,874
Flat
5,556
14,373
Coal and goldola
793
23,114
Miscellaneous
Total
12,344
67,588
J. E. FAIRBANKS, General Secretary.
UNTOWARD RESULTS OF GOVERNMENT RAILROAD
OWNERSHIP IN CANADA. •
In an open letter to the newspapers this week, Frank
Trumbull, Chairman of the Board of the Chesapeake &
Ohio RR., cites the results of governmental ownership of
the railroads in Canada in contradiction of the claim
that the "Shortest Road to Honest Government is by Way
of Public Ownership." We quote Mr. Trumbull's letter
below:
May I trespass on your courtesy to call attention to an editorial article
in the New York "American" of May 26 last entitled "Shortest Road to
Honest Government is by Way of Public Ownership," in the hope of correcting some wrong impressions that might be gathered therefrom?
From the tenor of this editorial article it is impossible not to conclude
that Government ownership and operation of railroads in Canada is a pronounced success. Since this is not true it seems fitting that the facts
about this situation should be stated.
The Canadian Government has operated the Intercolonial for forty-seven
years and the Prince Edward Island By. for forty-three years. It has
built and is now operating tho National Transcontinental. The aggregate
mileage of these Government roads is 3,800. Not one of these systems
earned its operating expenses for the fiscal year ended June 30 1915. The
combined operating deficit was $350,000.
For twenty-five years of the forty-seven aforementioned the expenses of
the Intercolonial exceeded its earnings, the aggregate operating deficit
being $11,500,000. For twenty-two years its earnings were greater than
Its expenses, the gain being $1,967,000. The net deficit from operation
for the whole period of forty-seven years is therefore $9,500,000.
During every one of the forty-three years of its operation by the Government the Prince Edward Island's operating expenses exceeded its earnings,
resulting in a total operating deficit of $3,280,000. Together with the net
loss on the Intercolonial, the deficit of the two Government roads is $12.800,000.
In 1914 both roads lost $445,000, the joint difference between operating
expenses and earnings; and, as previously stated, these roads showed expenses heavier than earnings for the fiscal year of 1915.
With such losses confronting the taxpayers of Canada, It is pertinent to
mention that these Government railroads do not pay taxes. Last year
Canada's privately owned railroads paid the public in taxes $3,049,728.
[VOL. 102.
Apropos of "honesty" under Government railroad ownership and operation, the building of Canada's latest acquisition, the National Transcontinental Ry., has led to a scandal. The cost of this road was estimated orginally at $34,083 a mile; it has actually cost $99,000 a mile.
In 1914 a Government commission on this operation said that there had
been gross mismanagement, extravagance and waste in connection therewith running into many millions of dollars, and the Grand Trunk Pacific,
because of the enormous expense of this line, declined to lease and operate
It at a rental of 3% of its cost.
Work on the National Transcontinental was directed and supervised by
four Government commissioners. The commission subsequently appointed
to investigate the whole transaction reported that "$40,000,000 was needlessly wasted," and that the cost of the National Transcontinental for principal and interest up to 1921 will amount to $234,651,251.
Speaking of the work of the Government's commissioners who directed
the road's construction, this investigating commission says:
Having decided upon a design the commission proceeded to find a country
to fit the design. It may seem incredible, but it is the fact that it was
assumed that the road would at once receive the maximum business it was
possible to earn with a single track. That there was an entire lack of
business along the line does not seem to have occurred to them. * * *
and in our opinion the interest payable to the Government and the operating
expenses taken together will be about the same as the dividends, interest
charges and operating expenses of the competing roads (privately owned
-half as much
railroads), which are only capitalized at from one-third to ono
a mile as is the National Transcontinental.
Continuing the report says that contracts were not let to the lowest
bidders; that contractors were overpaid $3,300,000 on improper classifications; that certain contractors were paid two prices for one handling of
material; that the Chairman of the commission paid one man $7,950 on a
pretended damage claim for election activity; that money was spent improperly on unnecessary fences, on unsuitable rails, on the building of unauthorized shops, and of double track in violation of the statute, which
called for single track.
The report further condemned the premature construction of the New
Brunswick section of the railway, pointing out that if one-third of that cost
had been expended on the Intercolonial all the trunk line facilities necessary
or the Province of New Brunswick for many years would have been prof
vided.
It may interest your readers to know that the Montreal "Gazette" once
commented upon these roads thus:
There are not in North America anything like the records of the Government made last year in connection with the Intercolontal and Prince Edward Island railways. These records were made, too, after the properties
had been for eight years under control of the present Ministers and after
tens of millions had been spent in improving and strengthening the relic,
for carrying traffic at a loss. It does not seem that incompetence alone
even of the worst kind, can account for such a shameful and threateninglY
ruinous state of affairs.
In view of these established and indisputable records, "the people in
*their organized capacity, through their Government" (to quote the "American's" own words), do not seem to have surpassed nor, indeed, to have
equaled "the haphazard, disorganized" effort of the individual railroad
owner in Canada, whose lines are operated at a profit. Furthermore, these
records do not warrant the •'American's" conclusion, "The shortest road
to honest government is by way of public ownership of the public service
corporations."
A major cause of the poor showing made by the Intercolonial has been
the influence of politics. The part which/politicq formerly played is freely
admitted by the officers of the road, although they say that conditions are
somewhat different now. "Almost every abuse known to railroading,"
says the Canadian newspaper mentioned above,"took root and flourished,
such as underbilling—that is, permitting a favored shipper to load the cars
with a larger quantity of goods than he paid for, while his competitors
on the other side of politics were restricted to a standard load and mulcted
for any excess;the granting ofsecret rebates the maintenance of an excessive
number of stations and employees in order to swell the political influences o
the road at election times; absurd classifications; unjust tariffs; the acquistion of more or less useless branch lines to seevo partisan ends," &c.
Statistics relative to public ownership of railroads in Australia and New
Zealand, of which the "American" made passing mention, prove that the
system is similarly unprofitable and unserviceable. And, indeed, this result must ever follow under a system which capitalizes all its errors and
omits the strongest incentive to improvement—the hazard of the private
builder, who knows that in error lies loss and probable bankruptcy,and who,
accordingly,strives for economy, efficiency and real service.
"While private individuals perform a public function they will constantly
resist public regulation," said the "American." Surely it could not mean
this for the railroads of this country. Regulated by Congress and on Federal commission and by forty-eight State Legislatures and their respective
State railroad commissions, our carriers to-day are over-regulated if not
strangulated by an unco-ordinated, conflicting, illogical and unbusinessllke
system of supervision. It is not regulation but forty-nine masters that are
proving too much for the railraods, whose strength, after all, is limited.
Fa,:from resisting regulation, all the railroads of this country are:in favor
of regulation; but they ask that regulation be sane and consistent. The
inquiry proposed by the Newlands resolution, now before Congress, would
give every citizen an opportunity to be heard on this vital question, and
pothaps lead to a sensible, consistent policy of railroad supervision.
FRANK TR UMBULL.
RESOLUTION ON THE DEATH OF JAMES J. HILL.
Louis W. Hill was elected a director of the First National
Bank of this city on the 13th inst., to succeed his father, the
late James J. Hill. The following resolution on the death
of the latter was presented to the Board by George F.Baker,
Chairman, and was unanimously adopted:
Since the last meeting of the board, James J. Hill, ono of its greatly
valued members, in the full vigor of manhood and, until stricken with a
sudden illness, in the full possession of all his extraordinary faculties and
powers of mind, has passed away.
No words can express the depths of sorrow every member of the board
feels at the personal loss suffered by this bereavement of an associam, whose
helpfulness was ever at the service of the board, and whose unvarying consideration and gentleness won all hearts.
In any company that Mr. Hill might be placed he would ho distinguished.
His general reading was of the widest and most varied extent, and hardly
any branch of literature or science failed to obtain his attention and to
furnish him material, which his unusual memory kept always ready for
use.
His public achievements have been of the grandest kind, and he well
deserves the appellation of "Empire Builder" which has been fastened to
his name forever by tho gratitude and admiration of his countrymen. If
the English dean's estimate was just, of the value of the person who makes
JUNE 17 1916
THE CHRONICLE
2211
one
'two ears of corn or two blades of grass grow on the spot where only
of
grew before" what can be said of a man who opened up a wilderness
red Indian,
fifteen hundred miles in length, inhabitated by the buffalo and
step of
to civilization and happy homes of millions of people. In every
at the head,
the amazing progress of the great Northwest, Mr. Hill has been
sparingly of his advice, his means, his cattle and
giving freely and never
vision, clearer
all that he possessed for the benefit of the people whom his
•
than that of others, saw were to inhabit that great region.
cattle raising and in every
In agriculture, mining, lumbering, banking,
to that wide territory, almost by common consent he
industry pertaining
judgment and
came to be regarded as the best informed citizen, whose
opinion will be quoted for generations.
on by land and water, which business
But, in the business of transportati
discoverer.
transcends all others in a growing country, he was a master and
practices he
In reducing rates in train loading, and in various economical
the country
of
has been a leader, to whom most of the railroad managers
have acknowledged an indebtedness.
comes to enumerate the men of great ability, whose peaceful
When history
been to build
deeds have largely benefited their fellows, whose labors have
cs have been
rather than to destroy, and whose marked characteristi
Mr. Hill will stand high on the
generosity and unselfishness, the name of
roll.
ARRANGEMENTS COMPLETED FOR RUSSIAN CREDIT
IN UNITED STATES.
Announcement was made on Tuesday of the consummation
of negotiations for the establishment in this country of a
Russian credit of 850,000,000 by a group of bankers consisting of J. P. Morgan & Co., the National City Bank,
the Guaranty Trust Co., Lee, Higginson & Co. and Kidder,
Peabody & Co. The negotiations had been under way for
some months,and with a view to furthering the arrangements
two of the Vice-Presidents of the National City Bank,
Samule McRoberts and Charles V. Rich, sailed for Russia
in April. The Guaranty Trust Co. is also understood to
have been personally represented in the proceedings. The
credit will bear interest at 6M% and is to run not longer than
three years. The syndicate has the option of purchasing
5M% five-year dollar bonds of the Russian Goveriunent
3
making the net price
at 94%, less a commission of 4
The distributing bankers
Chairman of the Board of to the bankers equal to 903%.
3
Louis W. Hill, President and
re- may in turn sell them at not less than 94%,unless a majority
.
the Great Northern By., made the following statement
of the participants consent to a lower price. The official
on Tuesday:
garding the road, while in New York greatest year in its history, announcement of the completion of the negotiations, issued
The Great Northern is now rounding out the
favorable. We have a splendid on the 13th inst., is as follows:
and the outlook for the property is highly
of stock can feel the greatest
organization on the road and the holders
efficient operating results on the
assurance of the continuance of highly
organization has grown up with the
property. Practically everyone in the
interest in the property as they could
road, and all have as earnest an
own personal affairs. The company serves a wonderpossibly have in their
and expansion are
ful country, and the opportunities for development
still very great.
lines to sezve undeveloped sections, and those
We are pushing out new
enterprises are by no means doubtful as to results. In Washington, where
selling
we are building lines, land in tcre country to be served is already
at $20 an acre. That is very different from the conditions which prevailed
are coming in rapidly and large new areas are
a few years ago. Settlers
going under cultivation. In Montana the growth is very rapid and town
are springing up practically over night.
The relations between the road and the communities which it serves are
cordial, and the public appreciates the company's efforts to serve them.
activity.
The crop outlook is fine, and we look for a continuance of business
Definite cable advices have been received to-day announcing the closing
of a loan of $50,000,000 to the Russian•Government by an American banking group, consisting of the National City Bank, the Guaranty Trust Co.
of New York, J. P. Morgan & Co.. Kidder, Peabody & Co. and Lee, Higginson & Co. Negotiations for the loan have been going on for several
months in Russia between representatives of the Guaranty Trust Co.,
the National City Bank and the Russian Government. The plan of the
loan is unique and the terms unusually attractive, both in interest return
and in possibilities of substantial exchange profit to the participants.
The conditions of the loan are as follows:
The American banking group will establish in this country a credit of
.
$50,000,000 to run for three years in favor of the Russian Government
Simultaneously, the Russian Government will establish in Petrograd a
credit of 150,000,000 roubles in favor of the American group, or at a fixed
ratio of 3 roubles to $1. Interest on the credit arranged here at the
rate of 634% per annum will be paid by the Russian Government in dollars
in New York. The rouble credit may be used by the American group at
any time at the rate of 3 roubles to $1.
The Russian Government further extends to the American group an
option to purchase at any time within the three-year period 534% five-year
TAX ON AMERICAN
EXTRA BRITISH INCOME
Imperial Russian Government bonds at 94M less a commission; the bonds
SECURITIES.
to run for five years from date of purchase—principal and interest payable
in dollars in New York. Should the American group elect to exercise its
Announcement of the promulgation by the British Govern- option, the purchase price of these bonds may be paid with the rouble
in credit at the rate of 3 roubles for $1.
ment of a ruling to the effect that Americans domiciled
to or
The unusual advantage of the plan lies in the prospect of exchange
England who are subject to the income tax must sell
profits during the life of the loan. Rouble exchange now rules in New
with the British Government their American securi- York at about 31 cents per rouble, whereas the normal is 51 cents, or at
deposit
was present a discount of about 39%. The terms of the credit and the option
ties under penalty of the additional tax of two shillings
bonds both provide against any possible loss in exchange
made by an official of the American Dollar Securities Com- on the five-yearthe opportunity for profit if exchange advances, which, in
and leave open
9th inst. Considerable concern was mani- view of the present low rate, seems probable.
mittee on the
If the American group should desire to make use of its rouble credit,
fested in the further announcement that the ruling would
at any time buy the use of 3 roubles in Russia for $1 here,
apply whether the securities were held in Great Britain or in it can, in effect rate of exchange may have improved from the Russian
even though the
On the 11th inst., however, the Official Press standpoint so that $1 is worth substantially less than 3 roubles, and if,the
America.
five-year Imperial Rus
its option
Bureau at London gave out the following indicating that the American group desires to exerciseit can pay on the bonds at the rate of
for these
sian Government bonds at 94U,
extra tax would be applicable only to securities assessable $1 for 3 roubles, even though on other transactions the rouble has increased
under the British income tax:
in value and the dollar is worth less than 3 roubles. In other words, there
The Treasury Deparment announces that the additional two shillings is added to the exceptional rate of interest, and to the undoubted security
willing to purchase applies only to incomes assess- of the loan, a speculative value in exchange, which it seems very likely
tax upon securities it is
from present prospects, will accrue to the advantage of the American lenders.
able under the British income tax.
from
The Russian Government is to receive one-half of the profits arising
Referring editorially to the resolution imposing the addithe possible exchange profit in the rouble credit, which, under the circumtax the London "Statist" in its issue of May 27 stances, and with the prospect of this added profit, is only fair to the Govtional
printed the text of the resolution, as follows:
That there shall be charged for the year beginning April 6 1916 and for
tax is charged on the income derived
any subsequent year for which income
from any stocks, shares or other securities which the Treasury is willing to
with any arrangement for the regulation and mainpurchase in connection
tenance of the foreign exchanges, an additional duty of income tax at the
no exemption, abatement, or relief under
rate of 2s. in the pound,and that
given in respect of such additional duty.
the Income Tax Acts shall be
ernment.
In view of the present success of the Russian arms, and the great volume
of business which has developed between this country and Russia during the
war, it is expected that there will be a very heavy demand for participation
in the loan syndicate which the members of the American group are now
taking steps to form.
The following is a copy of a circular that has been sent out
in connection with the credit:
The Chancellor of the Exchequer in announcing that this
IMPERIAL RUSSIAN GOVERNMENT $50,000,000 CREDIT.
June 14 1916.
resolution would be proposed, went on to add:
will be made in favor of the Income
I shall propose also that exceptions
being deposited with the Treasury under
from any securities for the time
mainenance of the foreign exchanges; and
any scheme for the regulation or
securities belonging to any institutions tradsecondly, of the income of any
for the time being required to be held in
ing in foreign countries which are
of local law.
such countries under any requirements
The London "Financier," in setting out the advantages
to the holder of American securities in loaning his securities
to the Government, is quoted as saying:
If he does not desire to part with his holdings outright, the alternative
method of deposit offers him an opportunity for assisting his country and,
incidentally, for obtaining 34% extra of income during the currency
of the deposit, or, at all events, up to such time as the Government exercises its option to sell. If he refuses to accept the Government's offer, he
In other words, in the case of a 5%
must pay 7s. in the pound income tax.
security, his interest will be subject to a deduction of 35s, per cent, making
If, on the other hand, he deposits his stock with
the net yield only 3g %.
the case of a 5% security, receive 534%, or,
the Government, he will, in
deduction of income tax at the maximum rate, 3 %•
even allowing for the
extent of IN % if he deposits his security
He is, therefore, better off to the
it in his own possession.
than he would be were he to retain
The amount of American securities which the British
Government has already purchased from investors in England is placed by the London "Financier" at over £100,000,000.
Dear Sir.—The undersigned are arranging a credit in New York on behalf
which
of the Imperial Russian Government. The amount of this credit, in
we will participate, will not exceed $50,000,000 and the proceeds are to
the
be expended in the United States. The Government agrees to retire
credit at the end of three years unless sooner retired as hereinafter set
forth, with interest at the rate of 634% per annum, both principal and
semi-annual interest being payable in New York City in dollars.
To provide for the possible retirement of the credit before maturity,
the undersigned hold the two following privileges:
(a) We may, in our discretion, sell roubles, which are credited to us at
each
the State Bank of Russia to an amount equal to three roubles for
dollar of credit. The Government is to receive 50% of the profits resulting
from such transaction, and the net balance is to be distributed ratable
among the participants upon final settlement of the account.
(b) We retain the privilege to purchase from the Government in lots
-year 534% Imperial
of not less than $5,000,000, $55,402,000 par value 5
to our
Russian Government gold bonds, which are to be held subject
at
order and which, if purchased, will be paid for out of the rouble credit
on these
the rate of 33 1-3 cents per rouble. Both principal and interest
York City.
bonds will be payable in dollars in New
The price at which we have the right to purchase these bonds from the
Government is to be 94Y, and interest, less .04%, and to the extent that
of
such privilege is exercised, the proceeds of the bonds to the extent
of the
$902 50 for each $1,000 bond will be applied to the liquidation
be
credit. The net profit arising from the sale of any of the bonds will
distributed pro rata among the participants upon final settlement of the
account.
2212
THE CHRONICLE
Out of the proceeds of the sale of these bonds to any syndicate formed
for their distribution, we shall be entitled to reimbursement for our expenses in forming the syndicate and in addition, compensation not exceeding
1%. Such syndicate shall bo formed at a price not less than 94U unless
a majority in interest of the participants herein shall consent to a lower
price. We may participate in any syndicate formed to purchase any of
such bonds.
We make no other charges to the participants, being compensated by the
Imperial Russian Government for our services in arranging the credit.
• In all cases where the exercise of our discretion is required, the decision
of a majority of the undersigned shall be conclusive upon participants.
Obligations, transferable in form, will be deliverable as soon after July
1st as possible.
Kindly advise any of the undersigned by wire as to the amount of participation, if any, that you may desire in this business. We reserve the
right to reject applications in whole or in part or to allot an amount less
than that applied for.
Yours very truly,
J. P. MORGAN & COMPANY,
.
THE NATIONAL CITY BANK,
THE GUARANTY TRUST COMPANY,
LEE, HIGGINSON & COMPANY,
KIDDER, PEABODY & COMPANY.
The following circular bearing on the national currency of
Russia, and showing the range of exchange since 1913, has
been issued by the National City Bank:
RUSSIA.
National Currency.—According to the content of pure gold the rouble is
equal to $0.5145673. The Russian State Bank in its official statement,
dated May 14 1916, reports the gold reserve held in Russia (the rouble
figured at $0.515) as $839,767,526; the gold held abroad, at $630,286,918;
and the bank notes in circulation as $3,199,672,050. Russia thus has a
reserve, including the balance abroad, of over 45% against the State Bank's
circulation.
At the present time, Russian exchange is quoted at about $0.30 U. The
following table shows the range of exchange from 1913 to date:
Low.
High.
1913
51M
5111-16
1914 to August 1
51
513
1914 after August 1
42
51
1915
44%
293i
1916 to June 13
295-16
32;4
Although the rouble has declined about 40% abroad, its purchasing
power in Russia is more nearly holding its own, advances and decreases in
prices of commodities being duo chiefly to changes in supply and demand.
The transformation of what is normally a substantial credit trade balance
into an enormous debit balance (together with the stopping of gold shipments from Russia, the closing of the international trade in securities,
heavy purchases by the Government abroad and the paralysis of exports)
is the chief cause of the present depreciation of rouble exchange.
Market for Russian Securities.—The market for Russian loans during
the war has been fairly stable, the depreciation in prices not being maierially larger than that of such first-class funds as English Consols and French
Rentes. Taking as an example two typical Russian securities dealt in on
the London Stock Exchange, we find that the 5% Loan of 1822, sold on
May 24 1916 at 95h, to net 5.30%, and the 4% Series 1, Consolidated
Railroad Loan, sold June 1 1916 at 683i,to not 5.8%, whereas in 1914, the
average price for these securities was respectively 12034, to net 4.2%, and
84,to net 4.7%.
PAUL M. WARBURG ON THE PROPOSED AMENDMENTS TO FEDERAL RESERVE LAW.
Paul M. Warburg of the Federal Reserve Board was
one of the chief speakers at the annual convention last week
of the New York State Bankers' Association at Atlantic
City. Mr. Warburg addressed the bankers at Friday's
session, and his discourse, which was on "The Federal
Reserve System and the Banks," dealt partly with the
pending amendments to the Federal Reserve Act. He
chided the State banks because of their action in holding
aloof from the Federal system, and had a word to say about
the furore over the par collection plan of the Reserve Board.
On the latter point he said:
I am particularly anxious to speak to you about the broader and more
fundamental questions involved, for there is an indefinite feeling of apprehension in my mind that at this time we may be losing the big point
of view of financial statesmanship, and that petty and technical questions may be claiming perhaps, too much of our consideration.
While in South America, I had an opportunity to get a bird's eye view
of the operation of the Federal Reserve system. With the keenest enjoyment and pride I saw our system hitting its mark many thousands of
miles away, and became deeply impressed that we are now firmly establishing ourSelves as a great financial power in the world's market. Upon
my return, I felt a very chilling change of atmosphere, when I met American
bankers appearing to hold the view that the future of our great monetary
and banking system depends upon the question whether or not—a country
bank might charge exchange of one-tenth of 1% when remitting for checks
drawn on itself.
The banking system of the world power can not possibly be constructed
upon so small a foundation.
Some further extracts from Mr. Warburg's address, which
was of considerable length, follow:
One of the most tangible results of the operation of the Federal Reserve
system is the establishment and growth of the American bankers'acceptance
business. In addressing a group of bankers, it is unnecessary to dwell at
length upon the fundamental importance of this development for the general safety of our banking system. We have now a substantial market for
bankers' acceptances to which all member banks will look for the investment of some of their idle means and in which at any time they may reconvert these holdings into liquid funds.
The more important this:market grows, the stronger will be the position
of the Federal Reserve banks, for the greater or lesser volume of purchases
of such acceptances will offer one of the Federal Reserve banks' most etfeztive means of exercising a wholesome influence upon the fluctuations of
interest rates. As normalconditions are re-established in the world, this
acceptance market willibecome an important factor in protecting our exchange position with foreign countries, and, Incidentally, our gold holdngs. It has taken some time_to develop this market, but I am confident
[Vol,. 102.
that from now on its growth will be rapid. One of the obstacles that mad°
the start difficult was found in the fact that many acceptances, which are
made for the purpose of financing importations and exportations, have to
be drawn and sold in foreign countries. In order to make them negotiable
in those countries as a popular and current means of exchange, it was first
necessary to find banks there which would be willing to purchase them freely
whenever offered. It is unnecessary to say that European banks operating
in these foreign fields were not over-anxious to see American bankers enter
a business which they themselves monopolized up to the beginning of this
war. It is only since our own banks went out into foreign lands and established their own branches that the necessary foreign market for American
acceptances has been developed. The establishment of foreign branches
of American banks has been a most important step in advance, and without
It our acceptance system could not have progressed as far as It has to-day.
The advent of these American branches forced the other banks to modify
their resistance and to compete for our bills, which, up to that time, they
had tried to disregard. It is to be hoped that other American banks will
soon follow in establishing themselves in foreign .countries. As you know.
the Federal Reserve Board has recommended an amendment to the Act
to enable national banks, singly or jointly, to hold stock in foreign banks
organized "principally to do business in foreign countries." One bill has
already passed the House, and another has been reported favorably by the
Senate Committee on Banking and Currency. The Board hopes that a
satisfactory bill will be agreed upon by both houses in the very near future.
FOREIGN ACCEPTANCE CREDITS DEPRECIATED.
It is a strange fact, however, that many of our business men, who enjoy
the reputation of being keen and progressive, are actually wasting their
funds by still using foreign acceptance credits instead of American. At
Rio I found, to my surprise, that the majority of American coffee importers
were still using letters of credit in sterling, for which they were paying a
discount rate of about 4 Yi %,as against the American discount rate of 2%.
Moreover, in doing so, they wore often paying two commissions, one to the
the foreign banker who issues and one to the American banker who opens
the credit, instead of paying a single commission to the American banker.
It is true that the wool and hide business done by New England with the
Argentine is to-day financed by dollar acceptances drawn on Boston and
New York, and that the Oriental trade has begun to use dollar bills, but
It is surprising that so large a number of Now York importers are stilt clinging to their old pound sterling acceptance arrangements.
Let me venture to urge most earnestly that our bankers canvass their lists
of importing and exporting firms and point out to them the folly of not using
American banking facilities. Since my return I have tried to see personally
some of these large iniforting firms and explain to them the anomaly of
their action. I believe, however, that an association like yours is particularly well adapted for carrying on a campaign of education of this
kind.
While our foreign competitors, with few noteworthy exceptions, are
still trying to keep our dollar acceptaneeljn obscurity, our machinery is
now firmly organized. There are now local banks almost everywhere
abroad willing to buy American drafts going forward for acceptance and to
deal in dollar exchange on practically the same narrow margin which
prevails in dealings in sterling, marks or francs, and the Federal Reserve
banks are willing, whenever desired, to do their share by quoting favorable "forward discount rates" to assure the rate of discount pending the
time of transit. This new feature of American banking, which is to be
one of the roots of our strength and, at the same time, a now source of
profitable and sound banking, ought to be developed energetically by both
our bankers and our business men.
RESULTS OF CENTRAL AND SOUTH AMERICAN CONFERENCE.
In this connection it may not be amiss to give you a short account of the
conference of the International High Conunission at Buenos Aires.
In our deliberations, the question of banking was given particular
attention, and I am happy to report that the general tendency at the
conference was to do everything possible to foster trade relations between
the United States and her neighbors to the South, and mutually to open
the doors wide to one another's banks.
It would lead too far to enumerate all the topics discussed by the conference. I should not omit, however, to mention that a resolution was
passed recommending that all the republics of North, Central and South
America adopt a uniform standard of money of account on the basis of a
gold coin 9-10 fine and weighing 0.33437 gramme. This unit, which might
be called the Pan-American franc, though nearly the value of the European
franc, is not its exact equal, but is precisely one-fifth of the United States
gold dollar. Delegates to the conference had suggested making the gold
dollar of the United States the unit for all American countries, but against
this it Was pointed out that the dollar would be too largo a denomination
for many of the Southern republics, where small coins circulate, and
where, it was feared, the larger unit of money of account would bring
about an increased cost of living. Moreover, the United States gold
dollar could not be divided into subsidiary coins small enough to comply
with the known demands of many of these countries. It was thought,
therefore, that a unit of the approximate size of the franc would be better
adapted to the needs of these countries, but, by adopting as the standard
unit the exact one-fifth of the United States dollar, the foundation will have
been laid for a Pan-American union of coins which, sooner or later, may
become of great importance. If this plan should be carried into actua
-franc piece could ultimately circulate with us
effect, the Pan-American 20
as a $4 gold piece and our $5 gold piece could circulate as a 25-franc piece in
South or Central American countries. A unity of standards of this kind
will, of course, have great advantages in facilitating trade between nations.
Amongst republics having actually introduced a gold currency on this
basis it might ultimately lead to an understanding for the establishment
of international gold trust or clearing funds, having for their object the
elimination of the costs and risks caused by our present wasteful method
of shipping and remelting gold coins. A plan on these broad lines, submitted by the American delegates, was recommended by the conference for
closer study to all governments concerned.
A PAN-AMERICAN MONETARY UNION,
A Pan-American monetary union now appears a more natural basis for
the future monetary systems of American republics than a Latin union
based upon an agreement with France, Italy, Switzerland and Belgium.
Our friends in South America consider the creation of our Federal Reserve
System as one of our greatest achievements, and their willingness to rely
upon our ability to provide—to a certain extent at least—such financial aid
as Europe gave them in the past is predicated upon Cie confidence that
our new system inspires. Some of these republics are carefully studying
this system with a view to establishing, at the proper time,a similar banking
machinery. In view of the fact that several of these countries are federations like the United States and cover tremendous areas of territory, it is
evident that certain features of our system would be particularly well
adapted to their needs
It is well within the bounds of this address to mention that the British,
French and German banks for generations have been entirely free to go
JUNE 17 1916.]
THE CHRONICLE
2213
banks and to suffer if this took place. It would be the height of folly if States were to
into foreign countries to open branches or acquire foreign
banking trade. On the other lower their requirements for no other reason than to underbid the requiredo everything and anything to further their
e
the Federal Reserve Act, ments of national banks. To a certain degree this has been done—wher
hand, our national banks, until the passage of
drafts for importa- State governments lowered the reserve requirements for their banking inwere forbidden by law to enter these fields or to accept
other functions necessary to stitutions because the Federal Reserve Act lowered the reserve requiretions or exportations or to exercise many
It is a relief to feel that ments for national banks. The lowering of the reserve requirements for
develop foreign banking and foreign commerce.
was predicated, however, upon their joining the Federal
has come when a clear recognition of our country's bank- national banks
at least the time
part of their
of those old shackles have been Reserve System,subscribing to the stock and putting some
ing needs is asserting itself and when most
to
confidently hope to see reserves into the joint insurance fund, and being bound ultimately
removed. Whatever obstacle remains we may
and to keep them instead
abandon the method of pyramiding reserves
gradually eliminated.
The
present under consideration either entirely in metallic form or with the Federal Reserve Banks.
Some amendments along these lines are at
reserves of State institutions, on the other hand, were lowered without
reported.
by Congress, and have already been favorably
being required to join the system, make any such contribution, or
NTS. their
THE FEDERAL RESERVE BOARD'S PROPOSED AMENDME
discontinue pyramiding reserves. Moreover, lower reserve requirements
member banks to are justified for member banks because they may have direct recourse to
The Board has recommended that Congress permit
transactions involving the rediscount facilities of the reserve system, but non-member banks have
give their acceptances not only for the financing of
and under the no such direct access.
importations and exportations, but also, to a limited degree
months'
I wish I could adequately impress upon the minds of all our bankers
supervision of the Federal Reserve Board, for bankers' clean three
remittances abroad. that there is no such thing as doing anything for the Federal Reserve
drafts, such as are required in foreign countries for
to foreign lands System. Whatever the member banks do, and whatever the State banks
As most of you know, in South America, such remittances
drafts, and it is do, they do for themselves and for the country. The Federal Reserve
arQ generally not made by checks but by three months'
for this kind of System, as such, is not a self-seeking and profit-making organization. It
necessary that national banks be permitted to accept
used as freely in belongs to the entire country. It is there for the benefit of everybody;
foreign exchange transaction, if the dollar bill is to be
semark exchange.
for the greater security of the banks, and, through the banks, for the
foreign lands as is the sterling, the franc, and the
operations, we have recom- curity of the people. If you strengthen the Federal Reserve System, you
Turning to amendments touching domestic
drafts or bills growing strengthen yourselves. If you raise the standard of banking, it is for your
mended that national banks be permitted to accept
shipment of goods, pro- own benefit---not for the benefit of the Federal Reserve Banks, or least of
out of the transactions involving the domestic
the time of acceptance, and all, for that of the Federal Reserve Board.
vided shipping documents are attached at
or similar receipts covering
drafts and bills which are secured by warehouse goods actually sold.
THE PYRAMIDINGOF RESERVES.
We
of
readily marketable staples, or by the pledge
opposing
The Federal Reserve System and all it moans is felt as an
enlarging the powers of national banks to accept
feel confident, that by
banks a new and profitable factor where It comes into conflict with had banking practices. It is
n this manner we shall open for our member
t of this kind of true that the law has for one of its objects the removal of certain habits
free developmen
field of operation, and incidentally the
soon be an important factor in equal- which have crept into the old banking system, but it is equally true that,
bankers' domestic acceptance will
our country
rates in the various parts of the country and will be of great by removing them,financial catastrophes such as used to befall
izing interest
with uncanny regularity, are to be avoided in the future.
benefit in this respect alike to producer and consumer.
bank,
the strongest case in point, the pyramiding of reLet us consider, as
We have also proposed an amendment authorizing any national
out this evil within a short
located in a city of more than 100,000 inhabitants and possessing a capital serves. I wish it had been possible to stamp
As it is, many
surplus of $1,000,000 or more, to establish branches within the cor- time after the opening of the Federal Reserve System.
and
any of the smaller banks are still in the condition of a patient who knows that
porate limits of its city, and authorizing any national bank located in
be fully cured, but whose mind
other place, with the approval of the Federal Reserve Board, to establish he must undergo an operation in order to
miles of every now and then iebels at the thought, and who continually relapses
branches within the limits of its county or within a radius of 25
ng the into arguing with himself that, after all, he might possibly prefer to conits banking house, irrespective of county lines. In recommendi
of the certain recurrence
county lino for branches, the Board was moved by tho thought that it tinue to live with his disease and take his chances
business in the of acute convulsions and intense suffering rather than to have the operation
might be found convenient for several small banks doing
the overhead performed. The country, however, has decided that the operation is
Barn o:county to combine into one larger bank,thereby reducing
vast majority of our
charges and making the deposits of one part of the county available for necessary for our future safety and growth, and the
to do. The pyramidthe demands In another, it is the hope of the Board that in some districts, bankers are in full accord that it is the wisest thing
But, as I said, I
through such co-operation, it will be possible to reduce the exorbitant ing of reserves will thus end on November 16 1917.
interest rates which, in some instances, have been charged by small country wish the operation had already been performed.
at
At present our national banks apparently have excess reserves approachbanks. The Senate committee has stipulated that, for the beginning
ten. ing one billion dollars. Of these, a substantial proportion represents
least, tho ntimber of branches of a national bank shall be restricted to
bank, items in transit between the depositing and the depository banks; the
We have further recommended to Congress that any national
excess cash in vault held by all
not situated in a central reserve city, be permitted, within the same limits balance, excepting about $100,000,000
is kept entirely in central reserve
now existing for loans on farm lands, to make advances maturing in not national banks outside of New York,
of New York. There it is on deposit—
over one year on improved real estate located anywhere within a radius cities, tho bulk being in the City
not drawing interest at the rate of 2%—and loaned out on stock exchange
of one hundred miles of its place of business. While the Board does
in commercial paper, except as to the
favor the idea of having national banks make heavy investments in mort- and other collateral, or invested
within required reserve of 18% and the small total excess reserve of about fifty
gages, it was felt that they should not be precluded from taking,
security for their million dollars. This is a reduction of excess cash reserves in New York
certain reasonable limits, first mortgages as collateral
of about $100,000,000 since January 22.
loans.
recommended to be given
If Farmer Jones deposits $1,000 in a bank of Elk River, Minnesota, and
These are the additional powers that we have
wo have suggested this bank should in turn deposit this amount in a bank at Minneapolis
to national banks. As to the Federal Reserve Banks,
member banks on and the Minneapolis bank in turn deposit it in Now York at 2% interest,
their
that Congress permit them to make advances to
such loans to be for periods and New York invest this money in a piece of commercial paper at 3%
the latters' own notes secured by eligible paper,
Elk
days. This has been done with a view to enabling interest, it is a most extraordinary and unique method to permit
not exceeding fifteen
members who,in the check clearing River and Minneapolis to count these deposits as reserves, while if the
Federal Reserve Banks to accommodate
and wish to have short bank of Elk River had itself bought the piece of paper it would have carried
balances
or otherwise, might be short in their
if granted to it as a loan and all the rest of the structure of reserve bank deposits and
advances at moderate rates. We believe that this power,
liave been wiped out.
Banks, will greatly increase their ability Se take care, reserves woulds
Federal Reserve
In other words, in the final analysis, if we consider the system as a
in a simple and effective manner, of the requirements of their members,
unit,there is not an excess reserve of one bililan but only about $150,000,000:
and particularly of country banks.
g
We have further recommended that Congress permit Federal Reserve the balance is invested to-day in the "float," representin uncollected
loans and securities.
Banks to issue Federal Reserve notes, not only against commercial paper, items in transit, commercial paper, stock exchange
New York Clearing House
but also against the deposit of gold. This amendment, if granted, would If we study the changes in the condition of the
31 1914 and May 1
greatly strengthen the lending power and the note issuing power of Federal national banks which have occurred between October
Reserve Banks. It is the same method that has always been followed in 1916, we find the following increases estimated at:
May 11 1916.
Oct. 31 1914.
Europe by the Banque de France, the Retchsbank, the Bank of the Neth$547,000,000 to $954,000,000 or $407,900,000 Inc.
erlands, the Bank of Italy and many other government banks. These Collateral loans
280,000,000 or 174,000,000 Inc
to
106,000,000
institutions are enabled, through their note issue, to assemble a largo Investments in securities
part of the gold of the country in a central reservoir. 'With us, up to Unsecured loans, which in667,000,000 or 261,000,000 Inc.
406,000,000 to
to only a
clude commercial paper..
the present time, this accumulation of gold has taken place
to the
$842,000,000
moderate extent and has not benefited the Federal Reserve Banks
A total Increase of
were. to be passed, the gold,
fullest possible degree. If the amendment
Federal Reserve Agent, would re- During that period deposits
Instead of being segregated with the
$1,200,000,000 to $2,100,000,000 or $900,000,000 Inc.
increased from
on the other hand, the
nonmain an asset of the Federal Reserve Bank, and,
In addition, collateral loans and holdings of securities of New York
rethe end
notes issued against it, instead of being, as at present, technically
member trust companies increased by about half a billion since
deemed, would remain the liability of the Federal Reserve Bank.
of 1914.
whether
In case the amendment should pass, it is hoped that the Federal Reserve
These are phenomenal increases and we might well ask ourselves
Banks may count upon the cooperation of their members in order to facili- or not we may take it as a certainty that so extraordinary a growth will
tate this substitution of Federal Reserve notes for gold certificates at
of more nearly normal
prove to have come to stay or whether a return
present carried in the pockets of the people in the old-fashioned and unconditions will not bring about a contraction. Wel'should well consider
economic manlier. As in modern European countries, the gold should
this question, because an increase of 90% in securities and collateral loans;—
accumulate in the Federal Reserve Banks and the people should use inCity Clearing
that is, an increase of over $1,000,000,090 in New York
stead the Federal Reserve notes. The amendment would be an important
than
House institutions—might well suggest a policy of liquidation rather
step in the ultimate simplification and consolidation of our circulation.
Our national bank cash reserves in Central Refurther expansion.
are the principal amendments recommended by the Board at this one of
Those
cities (including balances with Federal Reserve Banks, figured at
time. You will notice, gentlemen, that they move in two directions. serve were, as of March 7, 22.88%; in Reserve cities, 11.53%, and in
100%)
The one is an increase of the Reserve Bank's general strength and lending
country banks, 9.80%*. Notwithstanding that the aggregate cash held
power and an enlargement of their scope of usefulness in dealing with their
members; the other is the removal of limitations heretofore placed upon
reserve
* If we figured these balances at 70%, being the present cash
the operations of national banks. The Board feels keenly that, as a matter condition, and the actual metallic reserve, and added to cash in vault the
State banks
of equity, national banks should be placed on a parity with
agents' balances, the present cash
reserve
safety metallic cover maintained against
and trust companies, wherever this can be done consistently with
Reserve, 20.51%; Reserve cities.
clear that cover would show as follows: Central
and conservative banking principles. But I wish to make it
and country banks, 11.83%.
has recommended, and will recommend, only such measures as 13.66%,
the Board
from May 1915 to March 1916 by over
should be re- by all national banks increased
will eliminate old-fashioned or unwise restrictions such as
Central Reserve cities, we are today materially below the
circumstances, irrespective of whether or not the State $100,000,000 in
moved under any
situation like the present had existed
recom- old cash reserve requirements, and if a
have conbanks exercise greater or lesser powers. The Board would never
during any ante-Federal Reserve System period, we should
granting national banks any powers or privileges which are contrary
mend
to the creation of our new banking
is to the interest of both State institutions sidered it a cause for alarm. Thanks
changed conditions, and the
to good banking principles. It
completely
should be raised wherever prac- system, we are now dealing with
and national banks that banking standards
power of the banks would not mean a
be lowered. Between the national and spectre of the end of the lending
ticable and not that they should
in the past because of the reserve lending power of the Federal
systems, there must not be any competition to secure more panic as
But, gentleStatt banking
Reserve Banks and the confidence created by their existence.
members by a lowering of banking standards. The whole country would
2214
THE CHRONICLE
[vol.. 102.
men, that must not lead us into the illusion that this billion of so-called but
I niignt at the same time ask their powerful sister institutions how,
unexcess reserves may be considered as a basis for a loan expansion of four der
present conditions, they can justify themselvse in staying out of the
billion dollars or more, as appears to be the general belief. Theoretically system
and in throwing the entire responsibility and burden upon the
there is the foundation for so large an expansion as long as we adhere to shoulders
of the national banks and those few trust companies and State
the old custom of counting bank balances with Reserve agents and uncolbanks that have become members? They do not contribute their fair
lected items in transit as reserve, yet, in the last analysis, it is the metallic
share of gold to the general reserve fund of the nation, nor do they
provide
cover—not the redeposited and actually invested reserves—which must
be their share of the capital of the Federal Reserve Banks. Indeed, not only
considered in dealing with this question of expansion of loans, The excess
do they fail to contribute their share of strength to the system, but
unconof our metallic reserve, plus the free gold of the Federal Reserve Banks, constitute
sciously, perhaps, they become forces that make for the direct weakening
the basis of the reserve lending power of our country.
of its efficiency.
We are at present in a condition of extraordinary strength. We
have
Do the large trust companies and State banks claim that
pyramiding
bought back our own securities and made foreign loans to an aggregate
of reserves is sound? Would they prefer to see our ancient
system perpetamount far in excess of $2,000,000,000. Our financial position
for the uated and the reforms contemplated by the Federal Reserve
Act abandoned,
future has thus been greatly fortified. But the process of absorption
of our so as to make room again for the good old conditions of
1893 and 1907?
securities returning from abroad should be conducted on such basis
and scope Unless they are willing to subscribe to that doctrine, how
can those large
as to turn the individual depositor into an investor so as to free our
gold re- banking institutions, some located in central reserve cities, justify
themserves rather than increase our loans on an enlarged floating supply of
securities. selves in considering as reserve, after the manner of the country
banks,
We must not forget for a moment that not even the most experienced their
interest-bearing deposits with other banks?
can foretell what demands may be made upon us in the future.
At the end
If a call loan on the Stock Exchange made by a trust company is
not a
of the war our opportunities will be gigantic, but ultimately they
will be reserve but a loan, is it sound banking to call a reserve deposit made
by a
limited by the extent to which we are able to control our gold.
There can- trust company in a national bank a reserve, when 82% of it is
loan on call
not be any doubt that the demand for gold at that time will be very
keen on the Stock Exchange? Still, it is just through these deposits that,
in
and determined. Wise statomanship, to my mind, therefore, would
indi- emergencies, the trust companies will lean on the national banks
and the
cate that everything should be done by the Federal Reserve
System and national banks, in turn, will fall back on the Federal Reserve
System.
by all the banks that are interested in our strength to watch carefully
fur- The net result is that the trust companies, in building up their
ther expansion at this time and to accumulate the floating
business
gold supply in structure, must rely to
-day on the greater assurance provided by the Fedthe hands of the Federal Reserve Banks so as to enable them,
when the eral Reserve System, though permitting the member banks to carry
time comes, if necessary, to spare large amounts without thereby
the
crippling .entire burden of its support. Our small country banks will have
to stop
their lending power. We are in a period of wide-spread prosperity
at this pyramiding of reserves; do the large trust companies and State
banks plan
time and it must be our serious concern not to weaken its solid
foundation. to continue this practice?
The ease of this summer might well be used to strengthen
and prepare
What is it that powerful and prominent institutions (some
of which, in
ourselves for the large problems that may be in store for
us.
their foreign and acceptance business, derive the greatest possible
advantage
THE GOLD HOLDINGS IN RELATION TO NOTE
from the discount market and the general prestige of the Federal
ISSUES.
Reserve
If we want more than a strong instrument of defense and
protection, System) may say in justification of such attitude?
if we desire—as we are entitled to—that the Federal Reserve
At first they feared that, by entering the system they might lose
System be
some of
the foundation of a banking structure contributing its full share
in rebuilding their present powers and privileges. But the Board has made regulations
the world and at the same time assisting our own country to
meet all the permitting them to continue to exercise practically all legitimate banking
new demands, whether domestic or foreign, that the future
may make functions enjoyed by them in the past.
upon it, then we must do all we can to preserve its strength
Some of the State institutions have raised the point that, by
and to broaden
joining the
its foundation by further perfecting methods of systematical
Federal Reserve System,they would be called upon to make
ly accumuinvestments
lating and economically using our vast treasure of gold.
In the stock of the Federal Reserve Banks upon which, in the case
Too large a
of most
proportion of this gold still remains wastefully scattered and
decentralized. of the Federal Reserve Banks, no return has as yet been paid.
The gold stock of this country is estimated at $2,320,000,0
But,gentlemen, while for many reasons some of us would favor an
amend00. Of this
amount, only 5335,000,000 is held in the vaults of the
Federal Reserve ment permitting a Federal Reserve Bank to pay back a portion of the capiBanks and about $180,000,000 is in the hands of the Federal
tal paid in (leaving the liability upon the subscribed but unpaid
Reserve
capital
Agents. The national banks and State institutions
hold about $800,- otherwise unchanged), provided the member would in turn agree to increase
its required reserve balance by a certain proportion of its optional
000,000, and there is estimated to be in actual circulation about
balance,
$870,000,000. If we deduct from the $335,000,000 held by all Federal Reserve this question in itself cannot possibly be of sufficient importance
to keep
Banks a minimum reserve of only 40%, that would leave
as their free any strong State institution out of the system. These dividends are
gold about $200,000,000. This is an invaluable item of
strength as a cumulative, and anybody having a moderate degree of foresight can readily
basis for a note issue of $560,000,000 in case additional currency
should appreciate that sooner or later, the back dividends will all be paid. Even
be demanded by our people; and the Board, by permitting the reduction at the present low rate of return of 2.4%,secured by Federal Reserve
Banks
from their investments, they would have to employ only an
of the 40% gold reserve, could, in case of emergency, sanction the
additional sum
issue
of less than $50,000,000 for the entire system to earn the full six
of even larger amounts. When, however, it comes to exportations
per cent
of
on the stock at present paid in. When the "'nal installment of
gold you can readily see that the $180,000,000 now accumulated
with the
reserves
has been transferred and with the return of more nearly normal rates
Federal Reserve Agents would serve as a very welcome additional
of
prointerest, there will not be the least difficulty for these banks to
tection. For we have learned, gentlemen, that this is a period of
earn their
economic history, where balances between nations are not dealt with in millions, dividends without investing a larger proportion of their resources than
would
be consistent with safety and conservatism.
but in hundreds of millions.
Think of the strength that our system might possess if we carried into
THE NEW CLEARING SYSTEM.
effect the policies pursued by the Banque de Franco, the Reichsbank or
We think our new clearing plan is fair and equitable, free from
other powerful central banks, and if, for a substantial part of the $870,unsound
000,060 of actual gold circulation, there were substituted our Federal principles and bound to become a very effective instrument for the general
Reserve notes, and if national and State banks kept in their vaults only good. It offers to take from you at par all your checks on any member
what they needed for till money and deposited with the Federal Reserve bank of the entire United States, and ceetain State banks in addition, and
will refund you any actual expense that you may incur in case
Banks the rest of their idle gold.
you have
We talk of preparedness as the need of the hour. If we contemplate to remit currency. All it asks of you in return is that you remit without
what European nations have done, before and during the war, to strengthen charge to your Federal Reserve Bank in payment of chocks drawn on yourtheir grip on their gold, and compare it with our own efforts, we find that self. But oven if we did not believe that, by the service we render and by
our financial preparedness is just in its first stages. The amendment relieving you of the necessity of maintaining bank balances all over the
recommended by the Board should prove an important step in advance country, we shall compensate you for what you think will be your loss,
we have to hold to the view that you must pay the price—whate
in this direction.
ver your
In view of the statement made by some of our critics that this substi- little share may be—for the larger benefit of all. _
The new system brings now opportunities; as an illustration,
tution of Federal Reserve notes for gold certificates means inflation, it
lot me remight be timely to point out that, by a simple substitution of one note for mind the country banker that his exchange loss will appear to him very
the other, there is, of course, no increase in the volume of circulation unimportant if he will adopt the habit of paying for his deposits a fluctuating
whatsoever. It is merely a change in the form of circulation. As a matter rate of interest, which should always remain a certain percentage below
of fact, we find that the operation of all Federal Reserve Banks for a period the ninety day discount rate of his Federal Reserve Bank. The unreasonof one and a half years has caused a net increase in the circulation medium able rates paid for deposit money are a serious menace to the safety of our
of the country, by the issue of Federal Reserve notes and Federal Reserve banking system and the economic development of our country.
And, with this same spirit, and even with greater emphasis,
Bank notes, of less than $10,000,000. On the other hand, the national
we must
bank circulation has decreased during the period November 2 1914 to say to the State banks and trust companies:
At this momentous period of its financial history, the country is entitled
June 1 1916 by $53,000,000, exclusive of the redemption of the approximately $385,000,000 of emergency currency issued under the so-called to have its banking system attain its maximum strength. Irrespective of
Aldrich-Vreeland Act. While it is evident, therefore, that the Federal burdens involved—imaginary or real—it is the duty especially of those large
Reserve System has not increased the volume of circulation, the process State institutions to come in promptly and contribute their share, making
of substituting, as a means of circulation, the Federal Reserve note for whatever suggestions they think helpful as friends and members rather
the gold certificate has the most important effect of strengthening the than as critics from the outside.
potential lending and note issuing power of Federal Reserve Banks in ca.se NO DISCRIMINATION AGAINST NON-MEMB
ER BANKS, BUT
of need. To refuse this larger power of protection for fear that it might
THE LATTER MAY SOON REALIZE THEIR DISABILITY.
be misused would be paramount to refusing to give a modern revolver
A great deal of pressure has been brought to bear upon the Federal
to a pliceman for fear that he might shoot at the wrong man and at the Reserve Board, particularly
during the early stages of the development of
wrong time.
American bankers' acceptances, to cause discrimination against the
acceptBut,let me ask you, gentlemen, is this the proper time for country bank- ances of non-member
banks. So far the Board has been disinclined to
ers to urge us to recommend to Congress the further reduction of their favor such a policy,
as it was thought to be in the general interest of the
reserve requirements or to recommend that they be granted permission to country
to give encouragement to the freest and fullest development
of
continue to hold a certain percentage of their reserves with their central
this acceptance business, which is of the greatest benefit to the trade
of
or reserve city correspondents?
our country. The Board thought further that time should be given
to the
Some day, no doubt, it will be proper to reduce reserve requirements State banks
and trust companies to acquaint themselves fully with the
but that can only be brought about by a systematic strengthening of the policies
to be pursued both in dealing with State institutions in general and
central reservoirs. The stronger the Federal Reserve banks, the easier
the acceptance business in particular. Nor does the collection plan just
the access to their resources by sale of liquid paper, the less will become the approved by the Federal
Reserve Board contain any element of discriminecessity for member banks to maintain in their own vaults, as a legal renation against non-member State banks collecting at par, without cost.
quirement, large segregated gold holdings.
their out of town checks through member banks of the System. The
Steps in this direction are,first, the substitution of Federal Reserve notes Board believes,
however, that the time has now come for these large
infor the gold circulation in the pockets of the people;second,the maintenance stitutions to recognize
their duty to join the System. It will not be long
with Federal Reserve banks of larger member banks' balances, created by before the banks that
stay out of the System will become conscious of the
depositing part of the "optional" now kept in vault by member banks, and
fact that member banks will command the greater confidence,and there is
finally, the increase of the number of depositors to be secured through the
no doubt that the public will begin to resent having its interests sacrificed
entrace of the State institutions into our system.
for the benefit of institutions unwilling to join the general protective system,
TRUST COMPANIES AND STATE BANKS SHOULD ASSUME and that before long their resentment will
have to be hooded.
THEIR SHARE OF RESPONSIBILITY.
Before closing, I should like to make it clear that,
I want to compliment our largo member trust companies and State banks the New York State Bankers' Association. whatever though speaking to
I have said is meant
upon the broad point of view which guided them when entering the system; to apply to the State institutions of the entire country.
I should not wish
JUNE 17 1916.]
THE CHRONICLE
2215
things off in your elbows you do not work them off in your
to give the impression that I am particularly critical of the New York If you work
work them off in your purposes.
institutions. Quite the contrary, I am very glad to have this opportunity mind; you do not
So my conception of America is a conception of infinite dignity, along
of testifying publicly to the spirit of good citizenship that you have maniof the System from the very first with quiet, unquestionable power. I ask you, gentlemen, to join with
fested in every phase of the development
conception, and let us all in our several spheres be soldiers
beginnings—when we were dealing with the gold and cotton funds in the me in that
it.
fall of 1014. In the negotiations, resulting in the creation of these two together to realize
financial history a broad
funds, there asserted itself for the first time in our
work of patriotic cooperation national banks,
national spirit uniting in a
NOMINATION OF CHARLES E. HUGHES FOR PRESIState banks and trust companies of every section of the country. That
the physical
DENT—ATTITUDE OF ROOSEVELT.
was the first effect of the coming of the Federal Reserve System,
It is
organization of which at that time had not even been completed.
The nomination of Charles E. Hughes and Col. Theodore
conception of banking functions and ideals,
this same spirit, this larger
that will ultimately lead into the Federal Reserve System all elements Roosevelt as President on the Republican and Progressive
worth having—that is, all elements of financial and moral strength.
effected almost simultaneously
PRESIDENT WILSON ANEW ON MILITARISM AND
PREPAREDNESS.
In an address at the graduation exercises at the West
Point Military Academy on the 13th inst. President Wilson
spoke anew on the subjects which have before figured in
his recent speeches—preparedness, militarism and hyphenated Americans. Americanism, said the President, consists
in utterly believing in the principles of America and putting
them first as above anything that might by chance come into
competition with it. "We ought to let it be known," he
continued, "that nobody who does not put America first
can consort with us. But we ought to set them the example.
We ought to set them the example by thinking American
thoughts, by entertaining American purposes, and those
thoughts and purposes will stand the test of example anywhere in the world." The President also remarked "that
the chief thing that is holding many people back from enthusiasm for what is called preparedness is the fear of militarism." "There is as yet in this country," he added, "no
taint of the spirit of militarism," and he argued that "there
is no danger of militarism if you are genuine Americans."
Wo quote parts of his speech as follows:
You are not militarists because you are military. Militarism does not
consist in the existence of an army, not even in the existence of a very great
army. Militarism is a spirit. It is a point of view. It is a system. It is
a purpose. The purpose of militarism is to use armies for aggression.
The spirit of militarism is the opposite of the civilian spirit, the citizen
spirit. In a country where militarism prevails the military man looks
down upon the civilian, regards him as inferior, thinks of him as intended for
his, the military man's support and use; and just so long as America is
America that spirit and point of view is impossible with us.
You have read a great deal in the books about the pride of the old Roman
citizen, who always felt like drawing himself to his full height when he
said."I am a Roman," but as compared with the pride that must have risen
to his heart, our pride has a new distinction, not the distinction of the mere
imperial power of a great empire, not the distinction of being masters of the
world, but the distinction of carrying certain lights for the world that the
world has never so distinctly seen before, certain guiding lights of liberty
and principle and justice.
We have drawn our people, as you know, from all parts of the world,
and we have been somewhat disturbed recently, gentlemen, because some
of those—though I believe a very small number—whom we have drawn
Into our citizenship have not taken into their hearts the spirit of America
and have loved other countries more than they loved the country of their
adoption; and we have talked a great deal about Americanism. It ought
to be a matter of pride with us to know what Americanism really consists in.
Americanism consists in utterly believing in the principles of America
and putting them first as above anything that might by chance come into
competition with it. And I, for my part believe that the American test is
a spiritual test. If a man has to make excuses for what he has done as an
American, I doubt his Americanism. He ought to know at every step o
hisaction that the motive that lies behind what he does is a motive which no
American need be ashamed of for a moment. Now, we ought to put this
test to every man we know. We ought to let it be known that nobody
who does not put America first can consort with us.
But we ought to set them the example. We ought to set them the example by thinking American thoughts, by entertaining American purposes,
and those thoughts and purposes will stand the test of example anywhere in
the world, for they are intended for the betterment of mankind.
So I have come to say these few words to you to-day, gentlemen, for a
double purpose; first of all to express my personal good wishes to you in
your graduation, and my personal interest in you, and second of all to
remind you how we must all stand together in one spirit as lovers and
servants of America. And that moans something more than lovers and
servants merely of the United States. You have heard of the Monroe
Doctrine, gentlemen. You know that we are already spiritual partners
with both continents of this hemisphere and that America means something which is bigger even than the United States, and that we stand here
with the glorious power of this country ready to swing it out into the field
of action whenever liberty,and independence and political integrity are
threatened anywhere in the Western Hemisphere. And we are ready
—nobody has authorized me to say this, but I am sure of it—we are ready
to join with the other nations of the world in seeing that the kind of justice
prevails anywhere that we believe in.
So that you are graduating to-day, gentlemen, into a new distinction.
Glory attaches to all these men whose names we love to recount, who have
made the annals of the American Army dinstiguished. They played the
part they were called upon to play with honor and with extraordinary
character and success. I am congratulating you, not because you will be
better than they, but because you will have a wider world of thought and
conception to play your part in. I am an American, but I do not believe
that any of us loves a blustering nationality, a nationality with a chip
on its shoulder, a nationality with its elbows out and its swagger on.
We love that quiet, self-respecting, unconquerable spirit which does not
strike until it is necessary to strike, and then strikes to conquer. Never
since I was a youngster have I been afraid of the noisy man. I have always
been afraid of the still man. I have always been afraid of the quiet man
I had a classmate at college who was most dangerous when he was most
affable. When he was maddest, he seemed to have the sweetest temper in
the world. Ile would approach you with a most ingratiating smile, and
then you knew that every red corpuscle in his blood was up and shouting.
tickets respectively, was
at the convention of the two parties in Chicago last Saturday.
Charles W. Fairbanks of Indiana is named as Vice-President
on the ticket with Mr. Hughes, while John W. Parker
of Louisiana is the Progressive nominee for Vice-President.
The naming of Justice Hughes as the Republican candidate
for President occurred at 12.47 p. m. on the 10th—just two
minutes before Col. Roosevelt was chosen to head the Progressive ticket. Three ballots were cast at the Republican
convention for the Presidential candidate, the first two on
Friday; on the first ballot Mr. Hughes polled 2533/i votes
and Mr. Roosevelt 65 votes; on the second ballot Mr.
Hughes had 3283' votes and Mr. Roosevelt 81 votes,while
on the third ballot Mr. Hughes received 9493/i votes out
of 983 cast altogether. The votes for Mr. Roosevelt on the
third ballot registered 183'. Justice Hughes signified his
acceptance of the nomination in the following message
addressed to the Convention at Chicago:
Washington, D. C., June 10 1916.
Mr. Chairman and Delegates:
I have not desired the nomination. I have wished to remain on the
bench. But in this critical period in our national history, I recognize
that it is your right to summon and that is my paramount duty to respond.
You speak at a time of national exigency transcending merely partisan
considerations. You voice the demand for a dominant, thorough-going
Americanism, with firm, protective, upbuilding policies essential to our
peace and security; and to that call, in this crisis, I cannot fail to answer
with the pledge of all that is in ma to the service of our country. Therefore, I accept the nomination.
I stand for the firm and unflinching maintenance of all the rights of
American citizens on land and sea. I neither'impugn motives nor underestimate difficulties. But it is most regrettably true that in our foreign
relations we have suffered incalculably from the weak and vacillating
course which has been taken with regard to Mexico—a course lamentably
wrong with regard to both our rights and our duties. We interfered
without consistency, and while seeking to dictate when we were not concerned we utterly failed to appreciate and discharge our plain duty to our
own citizens.
At the outset of the administration the high responsibilities of our
diplomatic intercourse with foreign nations were subordinated to a conception of partisan requirements, and we presented to the world a humiliating spectacle of ineptitude. Belated efforts have not availed to recover
the influence and prestige so unfortunately sacrificed, and brave words
of
have been stripped . their force by indecision.
I desire to see our diplomacy restored to its best standards and to have
these advanced; to have no sacrifices of national interest to partisan
expediencies; to have the first ability of the country always at its command
here and abroad in diplomatic intercourse; to maintain firmly our rights
under international law, insisting steadfastly upon all our rights as neutrals
ana fully performing our international obligations, and by the clear correctness and justness of our position and our manifest ability and disposition to sustain them to dignify our place among the nations.
I stand for Americanism that knows no ulterior purpose; for a patriotism
that is single and complete. Whether native or naturalized, of whatever
race or creed, we have but one country and we do not for an instant tolerate
any division of allegiance.
I believe in making prompt provision to assure absolutely our national
security. I believe in preparedness, not only entirely adequate for our
defence with respect to numbers and equipment in both army and navy,
but with all thoroughness, to the end that in each branch of the service
there may be the utmost efficiency under the most competent administrative heads. We are devoted to the ideals of honorable peace. We wish
to promote all wise and practicable measures for the just settlement of
international disputes. In view of our abiding ideals, there is no danger
of militarism in this country. We have no policy of aggression, no lust
for territory, no zeal for strife. It is in this spirit that we demand adequate
provision for national defence, and we condemn the inexcusable neglect
that has been shown in the matter of first national importance. We
must have the strength which self-respect demands, the strength of an
efficient nation ready for every emergency.
Our preparation must be industrial and economic as wall as military.
Our severest tests will come after the war is over. We must make a fair
and wise readjustment of the tariff, in accordance with sound protective
principles to insure our economic Independence and to maintain American
standards of living. We must concerve the just interests of labor, realizing
that in democracy patriotism and national strength must be rooted in
even-handed justice. In preventing, as we must, unjust discriminations
and monopolistic practices, we must still be zealous to assure the foundations of honest business. Particularly should we seek the expansion of
foreign trade. We must not throttle American enterprise here or abroad.
but rather promote it and take pride in honorable achievements.
We must take up the serious problems of transportation, of inter-state
and foreign commerce, in a sensible and candid manner, and provide an
enduring basis for prosperity by the intelligent use of the constitutional
powers of Congress, so as adequately to protect the public on the one hand,
and, on the other, to conserve the essential instrumentalities of progress.
I stand for the principles of our civil service laws. In every department
of government the highest efficiency must be insisted upon. For all
laivs and programmes are vain without efficient and impartial administration.
I cannot within the limits of this statement speak upon all the subjects
that will require attention. I can only say that I fully indorse the platform you have adopted.
I deeply appreciate the responsibility you impose. I should have been
glad to have that responsibility placed upon another. But I shall under-
2216
THE CHRONICLE
take to moot it, grateful for the confidence you express. I sincerely trust
that all former differences may be forgotten and that we may have united
effort in a patriotic realization of our national need and opportunity.
I have resigned my judicial office and I am ready to devote myself
unreservedly to the campaign.
CHARLES E. HUGHES.
With his acceptance of the nomination, Mr. Hughes
sent to President Wilson his resignation as Associate Justice
of the Supreme Court, in the following letter:
Washington, June 10 1916.
To the President:
I hereby resign the office of Associate Justice of the Supreme Court
of the United States.
I am, sir, respectly yours,
CHARLES E. HUGHES.
The President's letter, accepting the resignation, was
similarly brief, and followed immediately. We quote it
below:
The White House, Washington, June 10 1916.
Dear Mr. Justice Hughes:
I am in receipt of your letter of resignation and fool constrained to
yield to your desire.
I, therefore, accept your resignation as Justice of the Supreme Court
of the United States to take effect at once.
Sincerely yours,
WO0DROW WILSON.
Mr. Hughes was named as a :Justice of the Supremo
Court by President Taft in 1910; he was at that time Governor of the State of Now York; while his consent to serve
on the Supreme Bench to fill the vacancy caused by the
death of David J. Brewer was received in April, he made it
a condition that he would not be required to assume his
judicial functions until the following October and that he
might continue the governorship until that time. His
term as Governor did not expire until December 31 1910.
A conditional refusal of his nomination as President on
the Progressive ticket was received from Col. Roosevelt
when advised by the Convention of the placing of his name
at the head of the ticket. His message to the Progressive
Convention was as_ follows:
To the Progressive Convention:
I am very grateful for the honor you confer upon me by nominating
me as President. I cannot accept it at this time. I do not know the
attitude of the candidate of the Republican Party toward the vital questions of the day. Therefore, if you desire an immediate decision, I must
decline the nomination. But if you prefer it, I suggest that my conditional
refusal to run be placed in the hands of tho Progressive National Committee.
If Mr. Hughes' statements, when he makes them, shall satisfy the
committee that it is for tho interest of the country that he be elected, they
can act accordingly and treat my refusal as definitely accepted. If they
are not satisfied they can so notify the Progressive Party, and at the same
time they can confer with me and then determine on whatever action
we may severally deem appropriate to meet the needs of the country.
THEODORE ROOSEVELT.
[VOL. 102.
We desire peace, the peace of justice and right, and believe in maintaining
a straight and honest neutrality between the beligerents in the great war
in Europe. We must perform all our duties and insist upon all our rights
as neutrals without fear and without favor.
We believe that peace and neutrality as well as the dignity and influence
of the United States cannot be preserved by shifty expedients, by phrase
making, by performances in language, or by attitudes ever changing in
an effort to secure groups of voters. The present Administration has destroyed our influence abroad and humiliated us in our own eyes.
The Republican party believes that a firm, consistent and courageous
foreign policy, always maintained by Republican Presidents in accordance
with American traditions, is the best, as it is the only true way to preserve
our peace and restore us to our rightful place among the nations. Wo believe in the pacific settlement of international disputes and favor the establishment of a world court for that purpose.
MEXICO.
We deeply sympathize with the fifteen million people of Mexico, who for
three years have seen their country devastated, their homes destroyed,
their fellow citizens murdered and their women outraged, by armed bands
of desperadoes led by self-seeking conscienceless agitators, who, when temporarily successful in any locality, have neither sought nor been able to
restore order or establish and maintain peace.
We express our horror and indignation at the outrages which have been
and are being perpetrated by these bandits upon American men and women
who were, or are, in Mexico by invitation of the laws and of the Government of that country, and whose rights to security of person and property
are guaranteed by solemn treaty obligations.
We denounce the indefensible methods of interference employed by this
Administration in the internal affairs of Mexico, and refer with shame to
its failure to discharge the duty of this country as next friend to Mexico,
its duty to other Powers who have relied upon us as such friend, and its
duty to our citizens in Mexico, in permitting the continuance of such conditions, first by failure to act promptly and firmly, and second, by lending
its influence to the continuation of such conditions through recognition of
one of the factions responsible for these outrages.
We pledge our aid in restoring order and maintaining peace in Mexico.
We promise to our citizens on and near the border, and to those in Mexico.
wherever they may be found, adequate and absolute protection in their
lives, liberty and property.
MONROE DOCTRINE.
We reaffirm our approval of the Monroe Doctrine and declare Its maintenance to be a policy of this country essential to its present and future
peace and safety and to the achievement of its manifest destiny.
LATIN AMERICA.
We favor the continuance of Republican policies, which will result indrawing more and more closely the commercial,financial and social relations
between this country and the countries of Latin America.
PHILIPPINES.
We renew our allegiance to the Philippine policy inaugurated by McKinley, approved by Congress and consistently carried out by Roosevelt
and Taft. Even in this short time it has enormously improved the material
and social conditions of the islands, given the Philippine people a constantly increasing participation in their government, and if persisted in
will bring still greater benefits in the future.
We accepted the responsibility of the islands as a duty to civilization and
the Filipino people. To leave with our task half done would break our
pledge, injure our prestige among nations and imperil what has already
been accomplished. We condemn the Democratic Administration for its
attempt to abandon the Philippines, which was prevented only by the
vigorous opposition of Republican members of Congress, aided by a few
patriotic Democrats.
We reiterate our unqualified approval of the action taken in December
1911 by the President and Congress to secure with Russia, as with other
countries, a treaty that will recognize the absolute right of expatriation
The New York County Progressive Committee, at a meet- and prevent all discrimination of whatever kind between American citizens,
whether native born
ing in this city on the 15th inst., declined to endorse Charles political allegiance. or alien, and regardless of race, religion or previous
E. Hughes, the Republican candidate, and adopted a resoWe renew tho pledge to observe this principle and to maintain the right
lution declaring it the sense of the meeting "that if Colonel of asylum which is neither to be surrendered nor restricted, as we unite
in the cherished hope that the war which is now desolating the world may
Roosevelt does not accept the Progressive nomination the speedily end, with a complete and lasting restoration of brotherhood among
National Progressive Party should nominate candidates of the nations of the earth and tho assurance of full equal rights, civil and
its own party for the offices Jf President and Vice-President religious, to all men in every land.
PROTECTION OF THE COUNTRY.
of the United States." The resolution further declared that
In order to maintain our peace and make certain the security of our
"in no event should the National Committee of the party
people within our own borders, the country must have not only adequate,
endorse the candidates of any other politcal faith for such but thorough and complete national defence, ready for any emergency.
offices, or either of them; and further, in the event that no We must have a sufficient and effective regular army and a provision for
drilled
substitution is made that the National Progressive Committee ample reserves, alreadyhour and disciplined, who can be called at once
to the colors when the
of danger comes.
should advise Progressives throughout the country to use
We must have a navy so strong and so well proportioned and equipped,
their own judgment at the polls on Elect:on Day and should so thoroughly ready and prepared, that no enemy can gain command of
on either
effect
the sea
advise the various State and local Progressive organizations coast. andsecure a landing in forcemust have our Western or our Eastern
those results we
To
a coherent and continuous
to use their own discretion regarding State or local tickets or policy of national defence, which even in these perilous days the Democratic party has utterly failed to develop, but which we promise to give to
candidates."
The resolution was adopted despite the efforts of Oscar S. the country.
TARIFF.
Straus, Chairman of the State delegation to the Progressive
The Republican party stands now, as always, in the fullest sense for the
policy of tariff protection to American industries and American labor and
National Convention, to secure the support of Mr. Hughes.
does not regard an anti-dumping provision as an adequate substitute.
Such protection should be reasonable in amount, but sufficient to protect
adequately American industry and American labor and be so adjusted as
THE REPUBLICAN PLATFORM.
to prevent undue exactions by monopolies or trusts, it should, moreover,
give special attention to securing
The following is the platform adopted by the Republican States in the case of dyestuffs. the industrial independence of the United
National Convention on the 8th inst.:
Through wise tariff and industrial legislation our industries can be so
In 1861 the Republican party stood for the Union. As it stood for tho organized that they will become not only a commercial bulwark, but a
Union of States it now stands for an united people, true to American ideals, powerful aid to national defence.
The Underwood tariff act is a complete failure in every respect. Under
loyal to American traditions, knowing no allegiance except to the Constitution, to the Government and to the flag of the United States. We believe its administration imports have enormously increased in spite of the fact
that intercourse with foreign countries has been largely cut off by reason
n American policies at home and abroad.
of the war, while the revenues of which we stand in such dire need have
PROTECTION OF AMERICAN RIGHTS.
been greatly reduced.
We declare that we believe in and will enforce the protection of every
Under the normal conditions which prevailed prior to the war it was
American citizen in all the rights secured to him by the Constitution, clearly demonstrated that this act deprived the American producer and the
treaties and the law of nations, at home and abroad, by land and sea. American wage earner of that protection
which entitled them to meet
These rights, which in violation of the specific promise of their party:made their foreign competitors, and but for the adventitious conditions
created
at Baltimore in 1912 the Democratic President and the Democratic Con- by the war would long since have paralyzed all forms of American
industry
gress have failed to defend, we will unflinchingly maintain.
and deprived American labor of its just reward.
JUNE 17 1916.1
THE CHRONICLE
constantly
It has not in the least reduced the cost of living which has
our people deadvanced from the date of its enactment. The welfare of
substitution of a measure which in peace as well
mands its repeal and the
reasonable protection to all
as in war will produce ample revenue and give
and factory.
forms of American production in mine, forest, field
commission with complete power to
We favor the creation of a tariff
information for the use of Congress in all matters
gather and compile
relating to the tariff.
BUSINESS.
strict
The Republican party has long believed in the rigid supervision and
regulation of the transportation and groat consolidated corporations of the
country. It has put its creed into its deeds, and all really effective laws
regulating the railroads and the great industrial corporations are the work
of Republican Congresses and Presidents.
For this policy of regulation and supervision the Democrats, in a stumbling and piecemeal way, are undertaking to involve the Government in
business which should be left within the sphere of private enterprise and
is sure to result
in direct competition with its own citizens, a policy which
in waste, groat expense to the taxpayer and in an inferior product.
The -Republican party firmly believes that all who violate the laws in
regulation of business should be individually punished. But prosecution
no matter how
is very different from persecution, and business success,
honestly attained, is apparently regarded by the Democratic party as in
and stifle prositself a crime. Such doctrines and beliefs choke enterprise
perity. The Republican party believes in encouraging American business,
American interests.
as it believes in and will seek to advance all
RURAL CREDITS.
opposed to the ineffective
We favor an effective system of rural credits as
n.
law by the present Democratic Administratio
RURAL FREE DELIVERY.
system and condemn the
We favor the extension of the rural delivery
and crippling it.
Democratic Administration for curtailing
MERCHANT MARINE.
In view of the policies adopted by all the maritime nations to encourage
their shipping interests, and in order to enable us to compete with them
for the ocean carrying trade we favor the payment to ships engaged in the
foreign trade of liberal compensation for services actually rendered in
carrying the mails, and such further legislation as will build up an adequate
American merchant marine and give us ships which may be requisitioned
by the Government in time of national emergency.
We are utterly opposed to the Government ownership of vessels, as proposed by the Democratic party, because Government owned ships, while
effectively preventing the development of the American merchant marine
for the vast volume
by private capital, will be entirely unable to provide
of American freights and will leave us more helpless than ever in the hard
grip of foreign syndicates.
TRANSPORTATION.
Interstate and intrastate transportation have become so interwoven that
the attempt to apply two and often several sets of laws to its regulation
has produced conflicts of authority, embarrassment in operation and inconvenience and expense to the public.
The entire transportation system of the country has become essentially
national. We therefore favor such action by legislation, or, if necessary,
through an amendment to the Constitution of the United States, as will
result in placing it under exclusive Federal control.
ECONOMY AND NATIONAL BUDGET.
The increasing cost of the national Government and the need for the
greatest economy of its resources, in order to meet the growing demands
of the people for Government service, call for the severest condemnation
n, of its
of the wasteful appropriations of this Democratic Administratio
to and rejection of
shameless raids on the Treasury, and of its opposition
efforts to secure econPresident Taft's oft repeated proposals and earnest
of a simple business-like
omy and efficiency through the establishment
support and which we hold to be
budget system, to which we pledge our
n of national finances.
necessary to effect any real reform in the administratio
CONSERVATION.
We believe in a careful husbandry of all the natural resources of the
nation, a husbandry which means development without waste; use without
abuse.
CIVIL SERVICE REFORM.
The civil service law has always been sustained by the Republican
renew our repeated declaration that it shall be thoroughly
party and we
and honestly enforced and extended wherever practicable.
The Democratic party has created since March 4 1913 30,000 offices
outside of the civil service law at an annual cost of 344,000,000 to the
taxpayers of the country.
We condemn the gross aouse and the misuse of the law by the present
Democratic Administration, and pledge ourselves to a reorganization of
this service along lines of efficiency and economy.
TERRITORIAL OFFICIALS.
Reaffirming the attitude long maintained by the Republican party, we
administer the government of any territory
hold that officials appointed to
territory in which their duties aro to
should be bona fide residents of the
be performed.
LABOR LAWS.
faithful enforcement of all Federal
We pledge the Republican party to the
We favor vocational education;
laws passed for the protection of labor.
a Federal child labor law; the
the enactment and rigid enforcement of
comprehensive workmen's compensation law,
enactment of a generous and
and an accident compensation
within the constitutional power of Congress,
law covering all Government employees.
of the DepartWe favor the collection and collation under the direction
ment of Labor of complete data relating to industrial hazards for the information of Congress, to the end that such legislation may be adopted
as may be calculated to secure the safety, conservation and protection of
labor from the dangers incident to industry and transportation.
SUFFRAGE.
The Republican party, reaffirming its faith of government of the people,
people, for the people, as a measure of justice to one-half the adult
by the
people of this country, favors the extension of the suffrage to women, but
recognizing the right of each State to settle this question for itself.
Such are our principles, such aro our purposes and policies. Wo close
are dangerous and the futuie Is fraught with
as we began. The times
peril. The great issues of the day have been confused by words and phrases.
made the country and saved the Union, has
The American spirit, which
with the responsibility of power.
been forgotten by those charged
or native born, to
Wo appeal to all Americans, whether naturalized
in thought and in deed, with
prove to the world that we are Americans
on all Americans to be
We call
one loyalty, one hope, one aspiration.
great traditions of their common
true to the spirit of America, to the
things, to keep the faith.
country and, above all
2217
RENOMINATION OF PRESIDENT WILSON AND
TEXT OF DEMOCRATIC PLATFORM.
President Wilson and Vice-President Marshall were renominated by acclamation by the Democratic National Convention in St. Louis just before midnight on Thursday, the
15th inst. While Delegate-at-Large Robert E. Burke of
Chicago indicated that he would not give his consent to the
nomination of the President, 011ie James, Chairman of the
convention, declared the motion to nominate had carried by
acclamation; in some quarters the vote has been given as
1,092 to 1. The convention recessed at 12:31 a. m. on the
16th until 11 a. m.,to await the completion by the Committee
on Resolutions of the party platform. This platform was
adopted at yesterday's session of the convention. It contains more than twenty planks, including those on Americanism, with a denunciation of foreign-born citizens who conspire to influence the international and domestic policies of the
United States. In general it embodies the President's suggestions; his recommendations regarding the statement of
the attitude of this country toward foreign Powers were
adopted, except that the committee added a paragraph regarding Mexico, declaring it to be the duty of this country to
hold American forces in Mexico until danger to American
interests shall become improbable. The following is the text
of the Democratic platform:
The Democratic Party, in national convention assembled, adopts the
following declaration to the end that the people of the United States may
realize the achievements wrought by four years of Democratic administration and be apprised of the policies to which the party Is committed for
the further conduct of national affairs.
We indorse the Administration of Woodrow Wilson. It speaks for itself.
it is the best exposition of sound Democratic policy at home and abroad.
We challenge comparison of our record, our keeping of pledges and our
constructive legislation with those of any party of any time.
We found our country hampered by special privilege, a vicious tariff,
obsolete banking laws, and an inelastic currency. Our foreign affairs were
dominated by commercial interests for their "selfish ends."
The Republican Party, despite repeated pledges, was impotent to correct
abuses which it had fostered. Under our Administration, under a leadership which has never faltered, those abuses have been corrected, and our
people have been freed therefrom.
CURRENCY REFORM.
Our archaic banking and currency system, prolific of panic and disaster
under Republican administrations—long the refuge of the money trust—has
been supplanted by the Federal Reserve Act, a true democracy of credit
under Government control, already proved a financial bulwark in a world
crisis, mobilizing our resources, placing abundant credit at the disposal of
legitimate industry and making a currency panic impossible.
We have created a Federal Trade Commission to accommodate the perplexing questions arising under the Anti-Trust laws, so that monopoly may
be strangled at its birth and legitimate industry encouraged. Fair competition in business Is now assured.
We have effected an adjustment of the tariff, adequate for revenue under
peace conditions and fair to the consumer and to the producer. We have
adjusted the burdens of taxation so that swollen incomes bear their equitable
share. Our revenues have been sufficient in times of world stress, and will
largely exceed the expenditures for the current fiscal year.
We have lifted human labor from the category of commodities and have
secured to the working man the right of voluntary association for his protection and welfare. We have protected the rights of the laborer against
the unwarranted issuance of writs of injunction, and have guaranteed to
him the right of trial by jury in cases of alleged contempt committed outside of the presence of the court.
We have advanced the parcel post to genuine efficiency, enlarged the
postal savings system. added 10,000 rural delivery routes and extensions.
thus reaching two and one-half millions additional people, improved the
postal service in every branch, and for the first time in our history placed
the Post-Office system on a self-supporting basis, with actual surpluses
In 1913, 1914 and 1915.
The reforms which were most obviously needed to clear away special privilege prevent unfair discrimination, and release the energies of men of all ranks
and advantages, have been effected by recent legislation. We must now
remove, so far as possible, every remaining element of unrest and uncertainty from the path of the business men of America, and secure for them
a continued period of quiet, assured, and confident prosperity.
TARIFF.
We reaffirm our belief in the doctrine of a tariff for the purpose of profor the operation of the Government economically
viding sufficient revenue
administered, and unreservedly endorse the Underwood Law as
truly exemplifying that doctrine. We recognize that tariff rates are
necessarily subject to change to meet changing conditions in the world's
production and trade. The events of the last two years have brought
about many momentous changes. In some respects their effects are yet
conjectural and wait to be disclosed, particularly in regard to our foreign
trade. Two years of a war which has directly involved most of the chief
industrial nations of the world, and which has indirectly affected the life
and industry of all nations, are bringing about economic changes more
varied and far-reaching than the world has ever before experienced. In
order to ascertain just what those changes may be,the Democratic Congress
is providing for a non-partisan Tariff Commission to make impartial and
thorough study of every economic fact that may throw light either upon
our past or upon our future fiscal policy with regard to the imposition
of taxes on imports or with regard to the changed and changing conditions
under which our trade is carried on. We cordially endorse this timely
proposal and declare ourselves in sympathy with the principle and purpose
of shaping legislation within that field in accordaca with clearly established
facts rather than in accordance with the demands of selfish interests or
upon information provided largely, if not exclusively, by them.
AMERICANISM.
The part that the United States will play in the new day of internationa
relationships which is now upon us will depend upon our preparation
asserand our character. The Democratic Party therefore recognizes the
tion and triumphant demonstration of the indivisibility and coherent
strength of the nation as the supreme issue of this day, in which the whole
world faces the crisis of manifold change, it summons all men, of what-
2218
THE CHRONICLE
[VOL. 102.
ever origin or creed, who would count themselves Americans, to join in
against aggression from another continent. It implies, as well,
the more
making clear to all the world the unity and consequent power of America.
scrupulous regard upon our part for the sovereignity of each of
them.
This is an issue of patriotism. To taint it with partisanship would We
court their good will. We seek not to despoil them.
be to defile it. In this day of test, America must show itself not a nation
The want of a stable, responsible government in Mexico, capable
of
of partisans but a nation of patriots. There is gathered here in America
repressing and punishing marauders and bandit bands, who
have not
the best of the blood, the industry and the genius of the whole world,
only taken the lives and seized and destroyed the property of American
the elements of a great race and a magnificent society to be melted into
citizens in that country, but have insolently invaded our soil, made war
a mighty and splendid nation.
upon and murdered our people thereon, has rendered it nedessary
Whoever, actuated by the purpose to promote the interest of a foreign temporarily
to occupy, by our armed forces, a portion of the territory
power, in disregard of our own country's welfare, or to injure this Govern- of
that friendly state.
ment in its foreign relations, or cripple or destroy its industries at home,
Until, by the restoration of law and order therein, a repetition of such
and whoever, by arousing prejudices of a racial, religious or other nature, incursions
is improbable, the necessity for their remaining will continue.
creates discord and strife among our people so as to obstruct the whole- They
must remain. Intervention, implying as it does military subjugasome process of unification, is faithless to the trust which the privileges
tion, is revolting to the people of the United States, notwithstanding the
of citizenship repose in him and is disloyal to his country.
provocation to that course has been great and should be resorted to, if at
We, therefore, condemn as subversive of this nation's unity and inall, only as a last resort. The stubborn resistance of the President and his
tegrity,and as destructive of its welfare, the activities and designs of every
advisors to every demand and suggestion to enter upon it is creditable alike
group or organization, political or otherwise, that has for its object the
to them and to the people in whose name he speaks.
advancement of the interests of a foreign power, whether such object is
promoted by intimidating the Government, a political party, or repreMERCHANT MARINE.
sentatives of the people, or which is calculated and tends to divide our
Immediate provision should be made for the development of the carrypeople into antagonistic groups and thus to destroy that complete agree- ing trade of the United States. Our foreign commerce has
in the past
ment and solidarity of the people, and that unity of sentiment and national been subject to many unnecessary and vexatious obstacles in
the way of
purpose, so essential to the perpetuity of the nation and its free institu- legislation of Republican Congresses. Until the recent Democratic
tariff
tions.
legislation it was hampered by unreasonable burdens of taxation.
Until
We condemn all alliances and combinations of individuals in this country. the recent banking legislation it had at its disposal
few of the necessary
of whatever nationality or descent, who agree and conspire together for Instrumentalities of international credit and exchange.
Until the formuthe purpose of embarrasing or weakening our Government or of Improperly lation of the pending act to promote the construction of
a merchant marine,
influencing or coercing our public representatives in dealing or negotiating it lacked even the prospect of adequate carriage by
sea. We heartily
with any foreign power. We charge that such conspiracies among
a endorse the purposes and policy of the pending Shipping bill and favor
limited number exist and have been instigated for the purpose of advancing all such additional measures of constructive or remedial
legislation as may
the interests of foreign countries to the prejudice and detriment of our be necessary to restore our flag to the seas and to provide
further facilities
country. We condemn any political party which in view of the ac- for our foreign commerce, particularly such laws as
may be made to retivity of such conspirators surrenders its integrity or modifies its policy. move unfair conditions of competition in the dealings of
American merchants and producers with competitors in foreign markets.
PREPAREDNESS.
Along with the proof of our character as a nation must go the proof of
CONSERVATION.
our power to play the part that legitimately belongs to us. The people
For the safeguarding and quickening of the life of our own people, we
of the United States love peace. They respect the rights and covet the
favor the conservation and development of the natural resources of the
friendship of all other nations. They desire neither any additional territory
nor any advantage which cannot be peacefully gained by their skill, their country by means of a policy which shall be positive, rather than negative,
industry, or their enterprise; but they insist upon having absolute freedom a policy which shall not withhold such resources from development, but.
of national life and policy, and feel that they owe it to themselves, and to which, while permitting and encouraging their use, shall prevent both
the role of spirited independence which it is their sole ambition to play,but waste and monopoly in their exploitation, and we earnestly favor the
they should render themselves secure against the hazard of interference passage of acts which will accomplish these objects, and we reaffirm the
from any quarter, and should be able to protect their rights upon the seas declaration of the platform of 1912 on this subject. The policy of reclaiming our arid lands should be steadily adhered to.
in any part of the world. We, therefore, foster the maintenance
of an
army fully adequate to the requirements of order, of safety, and to the
THE ADMINISTRATION AND THE FARMER.
protection of the nation's rights, the full development of modern
We favor the vigorous prosecution of Investigations and plans to render
methods of sea-coast defense, and the maintenance of an adequate reserve
of agriculture more profitable and country life more healthful, comfortable,
citizens trained to arms and prepared to safeguard the people and territory and attractive, and we believe that tills should
be a dominant aim of our
of the United States against any danger of hostile action which may
unex- nation as well as of the States. With all its recant improvement, farming
pectedly arise, and a fixed policy for the continuous development of a
navy still lags behing other occupations in development as a business, and the
'worthy to support the great naval traditions of this nation, and
fully advantages of an advancing civilization have not accrued to rural comequal to the international tasks which the United States hopes and
expects munities a fair proportion.
to take a part in performing. The plans and enactments of
Much has been accomplished in this field under the present Administhe present
Congress afford substantial proof of our purpose in this exigent
tration—far more than under any previous Administration. In the
matter.
Federal Reserve act of the last Congress and the Rural Credits act of the
INTERNATIONAL RELATIONS.
The Democratic Administration has throughout the present war
scru- present Congress the machinery has been created which will make credit
pulously and successfully held to the old paths of neutrality and
available to the farmer constantly and radily, and he has at last been put
to the
peaceful pursuit of the legitimate objects of our national life, which
states- upon a footing of equality with the merchant and the manufacturer in
men of all parties and creeds have prescribed for themselves in
America securing the capital necessary to carry on'his enterprises. Grades and
since the beginning of our history. But the circumstances of the
last two standards necessary to the intelligent and successful conduct of the busiyears have revealed necessities of international action which
no former ness of agriculture have also been established, or are in the course of
generation can have foreseen. We hold that it is the duty of the United establishment by law.
States to use its power, not only to make itself safe at home, but also
The long-needed Cotton Futures act, passed by the Sixty-third Congress,
to
make secure its just interests throughout the world, and both for
this end has now been in successful operation for nearly two year.. A Grain
and in the interest of humanity, to assist the world in securing
settled Grades bill, long needed, and a Permissive Warehouse bill, intended to
Peace and justice.
provide better storage facilities and to enable the farmer to obtain certifiWe believe that every people has the right to choose the sovereignty cates upon which he may secure advances of money, have been passed
under which it will live; that the small States of the world have a right
to by the House of Representatives, have bean favorably reported to the
enjoy from other nations the same respect for their sovereignty and for
their Senate, and will probably become law during the present session of the Conterritorial integrity that great and powerful nations expect and insist upon, gress. Both houses have passed a good roads measure, which will be of a
and that the world has a right to be free from every disturbance
of its far-reaching benefit to all agricultural communities.
peace that has its origin in aggression or disregard of the rights of peoples
Above all, the most extraordinary and significant progress has been
andnations.and we believe that the time has come when it is the duty
of made, under the direction of the Department of Agriculture, in extending
the United States to join with the other nations of the world in any feasible and perfecting practical farm demonstration work, which is so rapidly
association that will effectively serve those principles, to maintain
invio- substituting scientific for empirical farming. BUS It is also necessary
late the complete security of the highway of the seas for the complete
and that rural activities should be better directed through co-operation and
unhindered use of all nations.
organization, that unfair methods of competition should be eliminated,
and the conditions requisite for the just, orderly, and economical marketAIM FOR WORLD PEACE.
The present Administration has consistently sought to act upon
ing of farm products created. We approve the Democratic Adminisand
realize in its conduct of the foreign affairs of the nation the principle
tration for having emphatically directed attention for the first time to
that
should be the object of any associtaion of the nations formed to secure
the the essential interests of agriculture involved in farm marketing and finance,
peace of the world and the maintenance of national and individual
rights. for creating the office of markets and rural organisation in connection
It has followed the highest American traditions. It has preferred
respect with the Department of Agriculture, and for extending the co-operative
for the fundamental rights of smaller States, even to property
interests, machinery necessary for conveying information to farmers by means of
and has secured the friendship of the people of these States for
the United demonstrations. We favor continued liberal provision, not only for the
States by refusing to make a more material interest an excuse for the
asser- benefit of production, bat also for the study and solution of problems
tion of our superior power against the dignity of their sovereign
indepen- of farm marketing and finance, and for the extension of existing agencies
dence. It has regarded the lives of its citizens and the claims of humanity for improving country life.
as of greater moment than material rights, and peace as the best
GOOD ROADS.
basis for
the just settlement of commercial claims. It has made the honor and
The happiness, comfort and prosperity of rural life, and the developideals of the United States its standard alike in negotiation and
ment of the city, are alike conserved by the construction of public highaction.
ways. We therefore favor national aid in the construction of post roads
PAN-AMERICAN CONCORD.
We recognize now, as we have always recognized, a definite and
common and roads for military purposes.
interest between the United States with the other peoples and republics
GOVERNMENT EMPLOYMENT.
of the Western Hemisphere in all matters of national independence and
We hold that the life, health and strength of the man,women andshildren
free
political development. We favor the establishment and maintenance
of of the nation are its greatest asset, and that in the conservation of these
the closest relations of amity and mutual helpfulness between the United the Federal Government,
wherever it acts as the employer of labor,should,
States and the other Republics of the American continents for the support both on its own account and
as an example, put into effect the following
of peace and the promotion of a common prosperity. To that end we
principles of just employment:
favor
all measures which may be necessary to facilitate intimate
(1) A living wage for all employees.
intercourse
and promote commerce between the United States and her neighbors to the
(2) A working day not to exceed eight hours, with one day of rest in
south of us, and such international understandings as may be practicable seven.
and suitable to accomplish these ends.
(3) The adoption of safety appliances and the establishment of thorWe commend the action of the Democratic Administration in holding
the oughly sanitary conditions of labor.
Pan-American Financial Congress at Washington in May 1915, and
(4) Adequate compensation for industrial accidents.
organizing the International High Commission, which represented the
(5) The standards of the "Uniform Child Labor law," wherever minors
United
States in the recent meeting of representatives of the
Latin-American are employed.
Republics at Buenos Aires, April 1916, which have so greatly promoted
(6) Such provisions for decency, comfort and health in the employment
the
friendly relations between the people of the Western Hemisphere.
of women as should be accorded the mothers of the race.
MEXICO.
(7) An equitable retirement law providing for the retirement of superThe Monroe Doctrine is reasserted as a principle of Democratic
faith. annuated and disabled employees of the civil service to the end that a
hiet,e- standard of efficiency may be maintained.
JvNE 17 1916.]
THE CHRONICLE
We believe also that the adoption of similar principles should be urged
and applied in the legislation of the States with regard to labor within
their borders, and that by every possible agency the life and health
of the people of the nation should be conserved.
LABOR.
We d ;dare our faith in the Seamen's Act, passed by the Democratic
Congress, and we promise our earnest continuance of its enforcement.
We favor the speedy enactment of an effective Federal Child Labor
Law and the regulation of the shipment of prison-made goods in inter-State
commerce.
We favor the creation of a Federal Bureau of Safety in the Department
of Labor, to gather facts concerning industrial hazards and to recommend
legislation to prevent the maiming and killing of human beings.
We favor the extension of the powers and functions of the Federal Bureau
of Mines.
We favor the development upon a systematic scale of the means already
begun under the present Administration, to assist laborers throughout the
nation to seek and obtain employmem, and one extension by the Federal
Government of the same assistance and encouragement as is now given to
agricultural training.
We heartily commend our newly established Department of Labor for
ts excellent record in settling industrial strikes by personal advice and
through conciliating agents.
PUBLIC HEALTH.
We favor a thorough reconsideration of the means and methods by
which the Federal Government handles questions of public health, to the
end that the human life may be conserved by the elimination of loathsome
disease, the improvement of sanitation, and the diffusion of a knowledge
of disease-prevention.
We favor the establishment by the Federal Government of tuberculosis
sanitariums for needy tubercular patients.
SENATE RULES.
We favor such an alteration of the rule; of procedure of the Senate of
the United States as will permit the prompt transaction of the nation's legislative business.
ECONOMY AND THE BUDGET.
We demand careful economy in all expenditures for the support of the
Government, and to that end favor a return by the House of Representatives to its former practice of initiating and preparing all appropriation
bills through a single committee chosen from its membership, in order
that the responsibility may be centred, expenditures standardized and
made uniform, and waste and duplication in the public service as much
as possible avoided. We favor this as a practicable first step towards a
budget system.
CIVIL SERVICE.
We reaffirm our declaration of the rigid enforcement of the civil service laws.
PHILIPPINE ISLANDS.
We heartily endorse the provisions of the bill recently passed by the
House of Representatives, further promoting self-government in the
Philippine Islands as being in fulfillment of the policy declared by the
Democratic Party in its last national platform, and we reiterate our endorsement of the purpose of ultimate independence for the Philippine
Islands, expressed in the preamble of that measure.
WOMAN SUFFRAGE.
We recommend the extension of the franchise to the women of the
country by the States upon the same terms as to men.
PROTECTION OF CITIZENS.
We again declare the policy that the sacred rights of American citizenship
must be preserved at home and abroad, and that no treaty with any other
Government shall receive the sanction of our Government which does not
expressly recognize the absolute equality of all our citizens, irrespective
of race, creed, or previous nationality, and which does not recognize the
right of expatriation. The American Government should protect American
citizens in their rights not only at home but abroad, and any country
having a government should be held to strict accountability for any wrongs
done them, either to person or property.
At the earliest practical opportunity, our country should strive earnestly
for peace among the warring nations of Europe and seek to bring about
the adoption of the fundamental principle of justice and humanity, that
all men shall enjoy equality of right and freedom from discrimination in
the lands wherein they dwell.
PRISON REFORM.
We demand that the modern principles of prison reform be applied in
penal system. We favor such work for prisoners as shall give
our Federal
them training in remunerative occupations, so that they may make an
honest living when released from prison; the setting apart of the net wages
of the prisoner to be paid to his dependent family or to be reserved for his
own use upon his release; the liberal extension of the principles of the
Federal Parole Law, with due regard both to the welfare of the prisoner
and the interests of society; the adoption of the probation system, especially
in the case of first offenders not convicted of serious crimes.
PENSIONS.
We renew the declarations of recent Democratic platforms relating to
generous pensions for soldiers and their widows, and call attention to our
record of performance in this particular.
WATERWAYS AND FLOOD CONTROL.
We renew the declaration in our last two platforms relating to tho development of our waterways. The recent devastation of the lower Mississippi Valley and several other sections by floods, accentuates the movement for the regulation of river flow by additional bank and levee protection
below, and diversion storage, and control of the flood waters above, and
their utilization for beneficial purpose; in the reclamation of arid and
swamplands, and development of water power, instead of permitting the
floods to continue as heretofore, agents of destruction. We hold that the
control of tho Mississippi River is a national problem. The preservation
of the depth of its waters for purposes of navigation, the building of levees,
and wozics of bank protection to maintain the integrity of its channel and
prevent the overflow of its valley, resulting in the interruption of interState commerce, the disorganization of the mail service, and the enormous
loss of life and property, impose an obligation which alone can be discharged by the National Government.
We favor the adoption of a liberal and comprehensive plan for the development and improvement of our harbors and inland waterways with
economy and efficiency, so as to permit their navigation by vessels of
standard draft.
ALASKA.
It has been and will be the policy of the Democratic Party to enact
the speedy development of Alaska and its great
all laws necessary for
natural resources.
2219
TERRITORIES.
We favor granting to the people of Alaska, Hawaii, and Porto Rico the
traditional territorial government accorded to all territories of the United
States since the beginning of our Government, and we believe the officials
appointed to administer the Government of those several territories should
be qualified by previous bona-fide residence.
CANDIDATES.
We unreservedly endorse our President and Vice-President, Woodrow
Wilson, of New Jersey, and Thomas Riley Marshall, of Indiana, who
have performed the functions of their great office, faithfully and impartially and with distinguished ability.
In particular, we commend to the American people the splendid diplomatic victories of our great President, who has preserved the vital interests
of our Government and its citizens and kept us out of war. Woodrow
Wilson stands today the greatest American of his generation.
CONCLUSION.
This is a critical hour in the history of America, a critical hour in the
Upon the record above set forth which shows great
history of the world.
constructive achievement in following out a consistent policy for our domestic and internal development; upon the record of the Democratic Administration,which has maintained the honor, the dignity, and the interests
of the United States and at the same time retained the respect and frieddship ofall the nations of,the:world,andupon the great policies for the future
strengthening the life of our country, the enlargement of our national
vision and the ennobling of our international relations, as set forth above,
we appeal with confidence to the voters of the country.
The following minority report on suffrage was submitted
to the Convention by Ex-Representative Bartlett, of Georgia;
James R. Nugent, of New Jersey; S. B. Fleming, of Louisiana, and Governor James B. Ferguson, of Texas:
We, a minority of the committee on platform and resolutions, respectfully beg leave to submit the following minority report, to wit:
Section 19 of the majority report reads as follows: "We recommend
the extension of the franchise to the women of the country by the States
upon the same terms as men." The following report was offered to said
committee on platform and resolutions, to wit:
"The Democratic Party has always stood for the sovereignity of the
several States in the control and regulation of elections. We reaffirm the
historic position of our party in this regard and favor the continuance of
that wise provision of the Federal Constitution which vests in the several
States of the Union the power to prescribe the qualifications of their
electors."
Which said last-quoted provision was voted down in said committee by
a vote of 26 to 17, and we hereby tender said provision as a minority report
and ask its adoption by the Convention.
REJECTION OF TRAINMEN'S DEMANDS BY
RAILROADS.
The declination of the railroads to accede to the proposals
of the trainmen, brought the conferences between the
National Conference Committee of the railways and the
representatives of the brotherhoods to an end on Thursday.
The conferences for the consideration of the trainmen's
demands were opened in this city on the 1st inst., and were
adjourned on the 8th until Monday last, the 12th inst., in
order to permit the committee representing the railroads to
draw up their answers to queries submitted by the trainmen's representatives respecting the interpretation to be put
upon certain points in the statement of the roads bearing on
the demands of the men. One of the mooted points concerned extra pay for overtime; the railroads made known
that there would be no double compensation for the same time
or service, and the Brotherhood leaders called for a more
specific declaration from the railroads as to their attitude on
this point. When the conferences were resumed on Monday
the railroad committee, through Chairman Elisha Lee, presented to the trainmen what Mr. Lee termed a "yardstick"
answer to the trainmen, which he said "must be considered
as understood as applying to all answers made here at this
time." The decision of the railroads was announced by
Chairman Lee as follows:
A road man's time will start from the time he is required to report for
duty and except where tied up between terminals, in accordance with
existing agreements, all work and delay required at initial terminal and
on route will be paid as continuous time or mileage. At final destination,
existing rule or rules covering additional service after arrival, final terminal
delay, &c., are not to be disturbed and will be paid for pro rata until the
time on duty equals the overtime limit of the run. Time paid for under
one rule is not to be paid for under another rule or rules.
In answer to a query from A. B. Garretson, President of
the Order of Railway Conductors,as to whether it was to be
understood that this answer "would abolish all initial and
intermediate arbitraries, Mr. Lee indicated that it would.
With the suggestion by the latter that mutual modifications
might be possible, Mr. Garretson, in indicating that the
trainmen would not yield to any modification, said:
Our proposition for an eight-hour day and time and a half overtime is
peculiar in this, that it is not a modifiable one because it contains, in
reality, only one proposititon, and that is the establishment of the eight
hour day. Lee me say frankly that if the "yardstick" represents your
attitude, then there is no reason for continuing these conferences.
While the representatives of the two sides continued to
meet up to and including Thursday, a deadlock between
them developed with the rejection of the "yardstick" proposition by the union leaders on Monday; the conferences were
finally brought to an end on Thursday when Chairman Lee
of the railroad committee made known the latter's decision
2220
THE CHRONICLE
to decline to meet the trainmen's demands. In his statement Mr. Lee proposed that the controversy be submitted to
the Inter-State Commerce Commission for arbitration.
Mr. Garretson, however,in reply to the railroads' ultimatum
indicated that the sentiment of the trainmen was against
arbitration, and that the question of a countrywide strike
would immediately be put before the men. The union
leaders expect to notify the railroads within ten days when
the vote is likely to be completed. It is the expectation that
the result of the vote will be known in about a month and a
half or two months. Below we give the statement of the
railroads, as presented by Chairman Lee on Thursday proposing that the matter be submitted to arbitration.
The National Conference Committee of the Railways has carefully considered your proposals and your explanations of their meaning and intended
application. In our judgment, no reasons developed during our conferences to justify the extraordinary changes in operating methods and practices and the large expenditures of additional facilities which your proposals involve; nor was anything presented to justify your requested radical
revision of the established bases of compensation for men in engine, train,
and yard service. The present rates and rules are largely the result of
recent arbitration awards, and, in our judgment, now provide for the men
liberal compensation and favorable working conditions. Moreover, the
best obtainable estimates indicate that to accept your proposals would
increase the cost of operation of the railroads approximately $100,000,000
a year, all of which must eventually be borne by the public.
We are confident that you and the men you represent appreciate the
responsibilities of this committee to three substantial interests, viz.:
1. (a) To the employees here involved whose efficient service is acknowledged and with whom the railways have no differences which cannot be
considered fairly and decided justly by some impartial body.
(b) To all other employees of the railways, whose material welfare should
not suffer because of the preferment of any particular group of fellowworkers.
2. To the owners of the railways, who have a right to participate in the
earnings of their business on a fair and equitable basis.
3. To the public, who are vitally interested in the maintenance of an
uninterrupted and efficient transportation service, and whose ultimate
control of the situation we all recognize as fundamental.
We reiterate the statement given by the railways to their men, and repeated to you by this committee, that the railways have no desire to change
either the existing rates of pay or working rules, nor to reduce the earning
possibilities of the employees under their existing schedules; but your proposals in connection with the interpretations given during our conference
are so inherently and fundamentally opposed to the views of this committee that we feel constrained to decline and do hereby decline them.
Our conferences have demonstrated that we cannot harmonize our differences of opinion and that eventually the matters in controversy must be
passed upon by other and disinterested agencies. Therefore we propose
that your proposals (consisting of Articles 1 and 4, inclusive, referred to
during our conferences as Form 35) and the proposition of the railways, viz.:
That in connection with and as a part of the consideration and disposition
of your proposals there shall be open for consideration and disposition those
provisions in the schedules or practices thereunder governing compensation in the classes of service affected by your proposals or those in conflict
with the following principles as they apply to such classes:
(a) No double compensation for the same time or service.
(b) The same classification for the purposes of compensation to be applied
to all members of a train and engine crew.
(c) Two or more differently paid class of service performed in the
day or trip to be paid proportionate rates according to class of service,same
with
not less than a minimum day for the combined service.—
be disposed of by one or the other of the following methods:
1. Preferably by submission to the Inter-State Commerce Commission,
the only tribunal which, by reason of its accumulated information bearing
on railway conditions and its control of the revenue of the railways, is in
a position to consider and protect the rights and equities of all the interests
affected, and to provide additional revenue necessary to meet the added
cost of operation in case your proposals are found by the Commission to be
just and reasonable; or, in the event the Inter-State Commerce Commission
cannot, under existing laws, act in the premises, that we jointly request
Congress to take such action as may be necessary to enable the Commission
to consider and promptly dispose of the questions involved; or
2. By arbitration in.accordance with the provisions of the Federal law
entitled,"An Act Providing for Mediation, Conciliation and Arbitration in
Controversies between Certain Employers and their Employees," approved
July 15 1913, and commonly known as tho Newlands Act.
This committee urges the most careful consideration of the proposal
herein made for submission of the controversy to a Federal tribunal to the
end that a peacable and equitable adjustment may be brought about.
[VOL. 102.
If your proposition is a direct declination there is nothing left for us to
do but to vote the men. The men back home will never go into arbitration on any principle that will prevent them from selling their time as an
offset to their demands. We cannot recommend this untenable thing to
them.
H. A. Wheeler, Chairman of the Railroad Committee of
the United States Chamber of Commerce, was present at
Tuesday's conference and directed attention to the results
of the referendum taken by the Chamber on the latter's
resolution calling upon the Inter-State Commerce Commission to investigate the railroad controversy. He expressed the hope that if Congress acts favorably upon the
request it would be possible for the Commission to work out
remedial measures which would permanently aid in the solution of the problems confronting the trainmen and the roads.
RAILROAD TRAINMEN'S DEMANDS—INVESTIGATION BY COMMERCE COMMISSION URGED.
Congress will be asked to direct the Interstate Commerce
Commission to investigate at once certain phases of the
threatened interruption of railroad traffic of the country.
Business men, through a referendum of the Chamber of
Commerce of the United States by the largest vote ever cast
by the affiliated organizations of the National Chamber,
have indorsed the proposal that the Interstate Commerce
Commission go into the matter as soon as possible. Through
a joint resolution endorsed by the referendum the Commission will be asked to report to Congress as soon as practicable upon wages paid with hours of service to each class
of railroad employees and other relevant matters. According to the preliminary count given out by Elliot H. Goodwin,
general secretary of the National Chamber, the majority
was overwhelmingly in favor of the proposition, 981 votes
for and only 30 opposed, each organization being allowed
from one to ten votes according to its membership. Participating in the vote were 364 organizations representing
forty-three states, the District of Columbia, and Hawaii.
The Congressional resolution which will be asked for by
the National Chamber in compliance with the referendum
vote, will direct the Commission to go thoroughly into the
question of minimum, maximum and average wage paid,
with hours of service to each class of railroad employees
in the United States, and so far ap they are comparable,
the minimum, maxim um and average with hours of service
paid in other industries where similar skill and risk are
involved the relation of wages to railroad revenues, the
question of whether railroad revenues based on existing rates
for transportation will admit of equally favorable terms
of all classes of railroad employees, and any other matter
in this connection that the Commission may deem relevant.
ST. LOUIS FEDERAL RESERVE BANK CIRCULAR ON
NEW CLEARANCE SYSTEM.
The Federal Reserve Bank of St. Louis in a circular issued
under date of the 7th inst. dealing with the principles which
will govern the handling of the new check collection and
clearance plan, points out that the cost of maintaining its
clearing and collection department will be borne by the
member banks using it in proportion to the service rendered.
No charge will be made on the items deposited prior to July 15;
beginning with that date, and until the Federal Reserve
Board fixes the charges which may be imposed for the service
Mr. Garretson's answer, which was verbal, and not a for- the St. Louis Reserve Bank will make a "per item" charge,
based as near as possible on the actual cost of performing
mal printed one, is given as follows in the "Times":
The declination of the National Conference Committee of the Railways the service. 'Our experience," says tho circular, "indicates
to grant our propositions is accepted.
that this charge should not be in excess of 1M cent per item."
In regard to the proposals as to a method of settlement: As for the first,
The following is the circular in full:
in view of recent actions and decisions of the Inter-State
Commerce Commission, I believe the Commission would regard itself as incompetent to
FEDERAL RESERVE BANK OF ST. LOUIS.
alt. Otherwise, we would not choose it to settle this issue because we comCheck Clearing and Collection.
bat the right of a Federal tribunal to fix wages; it is a rate-fixing body.
St. Louis, Mo., June 7 1916.
As for arbitration, the attitude of these men as long as arbitration was an To the Member Banks of District No. 13:
untried theory was in favor of it. Our experience with arbitration has
Federal Reserve Board in its circular No. 1, series of 1916, which
The
driven most of the men to be against it because of the difficulty of obtaining was mailed to you on May 1st, announced that the provisions of the Federal
neutral arbitrators who know the intricacies of the issues. You have had Reserve Act relative to the clearing and collection of checks would go into
experience and you know of the inability of men chosen to comprehend the effect June 15th or so soon thereafter as the Federal Reserve Banks could
principles involved and their inability to inculcate into language their in- arrange to handle the business. This circular also briefly outlined certain
tentions. You have seen that arbitrators with the best of intentions have principles which will govern the Federal Reserve banks in the handling
seen the language of their findings construed in a manner they did not in- of this business.
tend.
Since the issuance of the above circular No. 1 the Federal Reserve Board
The sentiment of the men has become more than general. Speaking for has postponed until July 15, the time when the complete system, both
myself, I say that until a condition has arisen that may threaten the in- within each Federal Reserve district and between the twelve districts,
terruption of traffic, I and the men behind me will never consent to arbi- shall be in full operation.
trate. That danger is not yet imminent and we will not arbitrate at this
To avoid the confusion which might result from taking on the handling
stage of the game. Only the strongest influence has restrained the men from of a largo volume of checks at one time, the present clearing system of this
instructing us not to submit to arbitration. We have given pledges not to bank will be converted gradually to meet the requirements of the Federal
arbitrate until the men say so. We cannot now accept arbitration, be- Reserve Board relative to the new plan of check clearing and collection.
cause none of us by threat has suggested the danger of the interruption of
On and after June 15th 1916 checks will not be charged to the drawee
t:affic.
member bank's account until the minimum time has elapsed within which
The Newlands Act does not justify Federal interference until traffic is to receive an advice of payment; at the same time member banks will disthreatened, and it is not yet threatened. So we de, not recognize that continue withdrawing or counting as reserve, balances with us consisting
method of solution.
of uncollected funds. Provided, however, that excass or uncalleztoi funs
JUNE 17 1916.]
THE CHRONICLE
on deposit with us not yet available to be counted as minimum required
reserve with us may be counted in your optional reserve. The optiona
reserve is that part of the reserve to be carried either in your own vaults,
with the Federal Reserve bank, or with other approved reserve agents.
Accompanying this circular is a par list and time schedule. At the
present time the par list is a revised list of the member banks in this district. This list will be ultimately enlarged to include those member and
non-member banks of all districts upon whom items may be collected at
par.
In compiling this list the transit number has been placed to the left of
each bank, and, to the right, the number of business days that will elapse
after the receipt of items by this bank until the proceeds will be available
for withdrawal or reserve purposes.
Checks forwarded to us for credit and collection may be listed in one
letter and under one total, but for a member bank to be able easily to tell
when the chocks forwarded to us will be available for withdrawal or to
count as reserve, it is suggested that they be listed and totaled according
to the different classes embraced in the time schedule; for instance, those
immediately available, those available in one day, those available in two
days, &c.
The Federal Reserve banks, realizing the desirability of uniform instructions under which items are handled, have agreed upon the following general
instructions:
Protest all items over $10 except those on the face of which appears this
stamp (N. P. and Transit No. of forwarding bank) or similar authority
that can be identified by the collecting bank as that of a preceding endorser.
Telegraph non-payment of items $500 and over.
When ordering a new supply of remittance letters it is advisable that the
instructions conform with the above. In the meantime, member banks
using our facilities will please execute the enclosed form authorizing us
to handle items deposited with us in accordance with the above instructions.
Any items which are to be handled under instructions not in accord with
these shall be forwarded to us as collections for credit when paid.
In receiving items for credit and collection this bank takes such items
for the member bank's accommodation at its risk; and in no case shall this
bank be liable for more than ordinary care and diligence on its part with
respect to such items; and it shall not be liable for the negligence or failure
of any person or corporation to whom such items may be sent for payment,
nor shall it be liable for returns on such items until such returns have been
cashed. In case any item is lost through failure to collect, or failure of
returns to be paid, this bank shall have the right to charge back such
items to the depositing member bank. In the absence of written instructions to the contrary by the depositing member bank in each case, items
may be sent for payment to the bank, banker or trust company on which
they are drawn. This bank will accept items for collection Or credit only
on the above terms and conditions and the delivery to this bank of such
items shall constitute an acceptance of such terms and conditions by the
member bank.
An analysis will be kept of the account of each member bank which will
show daily, the amount of uncollected funds included in the balance appearing to its credit. For the purpose of determining whether member banks
have their required reserve with us they will, when called upon, furnish
us with reports of their reserve requirements. These reports shall be made
on simple forms furnished by us.
It is essential that the law in respect to the maintenance of reserve by
member banks, shall be complied with and the penalty to be imposed on
member banks which are deficient in their reserve will be announced at
an early date by the Federal Reserve Board.
On and after July 5th 1916 we will receive for credit and collection at par,
checks on all member banks in this district. Until that date we will receive only chocks on member banks belonging to the present clearing
system.
While no provision is made for exchange charges by banks on checks
received from us, in order to relieve our member banks of the expense
of placing funds with us to cover any excess of checks received from us
over the amount of checks available for collection through us, a member
bank may ship lawful money or Federal Reserve notes from its own vaults
to cover, at our expense.
All shipments of lawful money and Federal Reserve notes made to us
under this ruling shall be prepared for shipment in accordance with our
circular No. 20 of Jan. 12 1916, entitled "Money Shipments." Such
shipments shall be accompanied by an advice of the cost of transportation
of funds shipped.
The cost of maintaining the clearing and collection department will be
borne by tho member banks using it in proportion to the service rendered.
No charge will be made on items deposited prior to July 15th 1916. On and
after that date and until the Federal Reserve Board, by rule, fixes the
charge which may be imposed for this service, the Federal Reserve Bank
of St. Louis will make a "per item" charge, based, as near as possible,
on the actual cost of performing the service. Our experience, to date,
indicates that this charge should not be in excess of 1%c. per item.
No service charge will be made on items drawn on the Treasurer of the
United States, Federal Reserve banks, bank drafts on member banks when
drawn to our order, and, until otherwise advised, on chocks drawn on
banks located in St. Louis. The charge to cover the service will be made
monthly under proper advice to the member bank.
Under this plan, all member banks have the privilege, and are encouraged
to have printed on all checks of whatever character drawn on them the
following clause:
"Collectible at par through the Federal Reserve Bank of St. Louis or
any other Federal Reserve bank."
This privilege will later be granted to those non-member banks who
will remit to us at par.
To facilitate assorting checks, member banks of this district are requested as soon as convenient to have the number 8 clearly and boldly
printed on all their checks and drafts, preferably in large skeleton figures
in the centre of the check form, although not necessarily in ink of a different color from the other printing on the chock. This number should not,
however, be placed to the left of the centre of the chock form. The district
number should be shown whether or not the clause referred to above is
used.
Realizing that the development, by the Federal Reserve banks of a
national clearing system will probably create an active market for exchange
on the various Federal Reserve cities, this bank will publish rates at
which it will buy and sell exchange on such cities.
The proceeds of exchange so purchased will be immediately available for
withdrawal or to count as reserve.
Telegraphic transfers of funds to other districts will be made at the
prevailing rate for selling mail transfers, plus Sc. per thousand dollars for
each day's time It would take to make the transfer by mall.
Exchange quotations will be furnished member banks by mail or telegraph upon request.
Respectfully,
ROLLA WELLS, Governor.
2221
FURTHER DETAILS BY NEW YORK RESERVE BANK
CONCERNING CHECK COLLECTION PLAN.
In a circular issued on the 12th inst. with regard to the
new check collection plan, the Federal Reserve Bank of
New York announces that for the present it is proposed to
establish direct collection facilities with non-member banks
in towns where there are no member banks. The circular
also requests that the banks in the District which are agreeable to the new collection system advise the Reserve Bank
to that effect by the 20th inst. in order that their names
may be forwarded to Washington for incorporation in the
lists to be prepared by the Reserve Board. We quote the
circular below:
FEDERAL RESERVE BANK OF NEW YORK.
June 12 1916.
To the Cashier:
Sir:—The Federal Reserve Board on May 1 issued a circular letter advising the Federal Reserve banks and their member banks that the full
provisions of the Federal Reserve Act in relation to the clearing and collection of checks would be put into operation in the near future. This
comprehensive collection system will be inaugurated July 15 1916.
To make the operation of this collection system as broad as possible, the
Federal Reserve Bank of New York will receive and collect all items
drawn on members of the entire Federal Reserve System and such items
drawn on non-member banks as it can arrange to collect at par. For the
present it is proposed to establish direct collection facilities with nonmember banks in towns where there are no member banks. Opportunity
is given to you to receive direct from the Federal Reserve Bank of New
York checks on yourselves to be remitted for at par on day of receipt.
Payment for such items may be made by shipping properly assorted Federal
Reserve notes or lawful money at our expense or if more convenient, by
draft on New York.
To all non-member banks cooperating in this arrangement will be extended the privilege of having printed on all checks drawn on them the
words "Collectible at par through the Federal Reserve Bank of New York."
Checks bearing the indorsement of non-member banks who agree to remit
at par to the Federal Reserve Bank of New York will be accorded all the
collection facilities of the Federal Reserve System when such chocks are
received from a member bank.
In order that a list may be prepared for the member banks and other
Federal Reserve banks, advice on the enclosed card of your willingness to
remit on day of receipt at par will be appreciated. In view of the fact
that this list must be prepared in Washington and forwarded to all Federal
Reserve banks and member banks throughout the country prior to July 15.
it is important that your reply be received by us not later than June 20.
if you desire to have your name appear upon the list.
Respectfully,
BENJ. STRONG, JR., Governor.
RICHMOND RESERVE BANK ON AMOUNT OF BALANCES MAINTAINED TO SUPPORT PRESENT
COLLECTION SYSTEM.
The Federal Reserve Bank of Richmond in its circular to
member banks on the operation of the new collection system
says:
The Federal Reserve Bank extends its collection services to its members,
and through them to the public, at the cost of performing the service.
It is wholly impracticable to create any other organization as comprehensive and effective as the Federal Reserve system for the economical
performance of this service, and it is confidently anticipated that the cost
to the country of the present indirect and unsound methods of collection
will be greatly reduced by the operation of the new system.
The average amount of balances of national banks maintained chiefly to
support the present collection system during the five years immediately
preceding the inauguration of the Federal Reserve system was $858,000,000
In excess of the reserve required by law. Of this huge sum the country
banks alone maintained $358,000,000.
The release of balances for loans, without considering other manifest
advantages of a direct system of collection, and the other forms of profitable
business which now for the first time may be done under the Federal Reserve system, and the growth of banking under the system will with cer•
tainty, eventually, if not immediately, recompense for any loss of exchange
revenue.
ST. LOUIS CONFERENCE PROPOSES TEST OF CONSTITUTIONALITY OF RESERVE CLEARANCE PLAN.
A resolution characterizing the country-wide clearings of
checks as proposed by the Federal Reserve Board as "unwise, unnecessary, economically unsound, and in its last
analysis, prejudicial to the best interests of general business,"
were adopted at last Saturday's conference in St. Louis of
bankers from twenty States. The meeting, as noted in
our issue of June 3, was held at the instance of the Texas
Bankers' Association. The resolution adopted at the St.
Louis conference directed that a telegram be sent to the
Reserve Board urging that execution of the order be deferred
until a judicial interpretation of Section 16 of the Reserve
Act could be secured,and the American Bankers' Association
is asked to take such immediate steps as in its judgment
will bring about a repeal of the sections of the Act which have
been interpreted as requiring member banks to receive and
remit checks at par. The following is the resolution in full:
Whereas, at a conference of bankers from twenty States, held in the
City of St. Louis, June 10 1916, it was the unanimous opinion that the
proposed system of country-wide clearing of chocks as promulgated by
the Federal Reserve Board,in its order of May 1st, to be put into operation
July 15, is unwise, unnecessary, economically unsound, and, in its last
Analysts, prejudicial to the best interests of general business, therefore
2222
THE CHRONICLE
Be it Resolved. That this conference, while fully appreciating that the
Federal Reserve Board, in performance of its duty, proposes to carry out
the provisions of Section 16 of the Federal Reserve Act as interpreted by
its counsel, nevertheless, hereby expresses its disapproval of the plan as
embodied in the said order: and the chairman and secretary of this conference are hereby instructed to send a telegram to the Federal Reserve
Board at Washington respectfully urging that execution of the said order
be deferred until a judicial interpretation can be secured, as should be done
In a matter of this magnitude.
Resolved,further, That the American Bankers' Association be, and hereby
Is, earnestly invited and urged to take such immediate steps as in its Judgment will bring about a repeal of those particular sections of the Federal Reserve Act which have been interpreted as requiring member banks to receive
and remit at par for checks drawn upon them. This conference believes
that it is a duty which the American Bankers Association owes to its
members, to lend its undivided efforts toward securing relief, either through
the courts or through remedial legislation, or both.
Resolved, further, That this conference hereby creates an Administrative
Committee, which committee shall have for its chairman and secretary
the chairman and secretary of this meeting of June 10 1916 and shall consist of one member, to be appointed by the chairman for each State in the
Union. The Administrative Committee is authorized to co-operate with
(
th American Bankers Association.
Resolved, further, that as grave differences of opinion exist—first, as to
the proper interpretation of Section 16 of the Federal Reserve Act, and,
second, as to its constitutionality, if interpreted as indicated by the said
order of May lst—it shall be the duty of this Administrative Committee
to take such steps as may be necessary to obtain a final judicial interpretation.
Resolved, further, that this conference hereby bestows plenary power upon
the Administrative Committee to do not only the things herein specially
set forth, but such further things as may be necessary to put into practical
operation the intent of these resolutions.
Resolved, further, that this Administrative Committee, after estimating
the cost of its necessary work, shall forthwith proceed to raise necessary
funds by voluntary contributions from banks that are in accord with the
spirit of these resolutions.
NATHAN ADAMS,
T. H. DICKSON,
Chairman.
Secretary.
The Missouri and St. Louis delegates not being in accord
with the object of the meeting, refused to participate.
Richard E. Hawes and E. B. Claire-Avery of St. Louis, and
F. D. Hodgson of Hannibal, the delegates from the Missouri
Bankers' Association, withdrew because they were not
authorized to bind the Missouri Association by the finding
of the conference. Delegates from Colorado, IndiAna and
Ohio are also said to have withdrawn from active participation in the proceedings since they likewise felt that they did
not have the power to bind their associations to the policy
outlined. The attitude of the St. Louis bankers and the
St. Louis Advisory Committee of the Federal Reserve Board
was explained by Festus J. Wade and F. 0. Watts. The
St. Louis bankers, it is said, uphold the section on the
ground that it is the fundamental purpose of the Reserve
Act that all checks shall be collected at par and that merchants shall not be taxed by exchange charges for the transfer
of funds.
In accordance with the resolution a telegram was immediately forwarded to the Federal Reserve Board by the
chairman and Secretary of the Conference, namely, Nathan
Adams and T. H. Dickson, respectively, urging on behalf
of the Conference that the installation of the proposed
system be postponed until judicial interpretation of the
Reserve Act'could be secured through a friendly test case.
In a telegram to Mr. Dickson advising him that there
could be no postponement, Secretary of the Treasury
McAdoo, as Chairman of the Reserve Board, said:
Washington, D. C., June 12 1916.
T. H. Dickson, St. Louis, Mo.
Reply to your telegram, the Federal Reserve Board regrets that It cannot consent to postpone the installation of the chock clearing system
heretofore announced. It feels obliged to do its duty in carrying out the
terms of the act and is prepared to defend any action that any parties
may seek to bring in the courts. The plan, including details of practical
operation and points of law, has been carefully considered by the Board
during a period of several months. The Board feels confident that there
will be no inconvenience, hardship or expense except to those banks which
may choose to take part in the proposed litigation.
W. G. McADOO, Chairman, Federal Reserve Board.
[vol.. 102
Reserve Act had resulted in great benefit to the country at large as well as
to the banking interests, and we take this occasion to express to you our
appreciation of the action by yourself and by Congress in the creation of a
Federal Reserve Act.
Mr. Warburg's address appears in detail elsewhere in
to-day's issue of our paper. Both Mr. Jay and Mr. Hendricks explained the new par collection system of checks,
and Mr. Jay in depicting the benefits of the new system,
stated that "it will help to cure some of the ills of half a
century of competition through co-operation. It will help
to correct many abuses, among them the payment of excessive interest for deposits, one of the most insidious evils
of the banking business." The convention adopted a resolution recommending the adoption of the "no protest cash
item in transit" symbol. Contrary to expectations, the
Association failed to declare itself on the collection plan of
the Reserve Board. Several weeks ago Group VI of the
New York State Bankers' Association adopted resolutions
expressing its opposition to the plan and directing the
Secretary of the Group to send a copy of the resolutions to
each bank in the State advising them that similar resolutions
would be introduced at the annual convention of the State
Association. In addition to President Smythe, the officers
of the Association for the ensuing year are Vice-President,
J. H. Gregory, President of the Central Bank of Rochester;
Treasurer, A. D. Snyder, Vice-President of the Broadway
Trust Co. of New York, in charge of the Flatbush (Brooklyn) branch of the institution; and Secretary (re-elected),
William J. Henry of New York.
CURTAILMENT OF CREDIT SEEN BY TEXAS BANKER
AS RESULT OF RESERVE CLEARANCE PLAN.
A curtailment of credit to the extent of $150,000,000 in
the entire country and $15,000,000 in Texas is looked for
by J. W. Clifton, President of the Texas Bankers' Association, in the event that the new clearance system of the
Federal Reserve Board is put into operation on July 15 as
proposed. Mr. Clifton is quoted to this effect in the Dallas
"News" of the 9th inst., which states that aside from the loss
of revenue which the small banks will suffer Mr. Clifton
sees a still greater menace in the inevitable shifting of bank
balances from the present Reserve city banks into the Federal
Reserve banks in each district. The "News" quotes Mr.
Clifton as follows:
For example, thb bank deposits in Reserve cities in Texas are estimated
at $60,000,000. Under the operation of this order at least one-fourth or
$15,000,000 will be moved from these Reserve commercial banks to the
Federal Reserve bank at Dallas. There can be only two results. Either
the commercial banks must borrow to cover the depletion or they must
decrease their loans $15,000,000.
No healthy bank will continue to borrow. The curtailment of credit is
bound to result, and this seriously threatens general business. The money
is shifted from the reach of the commercial men, for it can be obtained
from the Federal Reserve bank only by member banks and they will not
borrow except for emergency or a crop movement.
The Eastern advocates of this new exchange regulation urge that it is
in the interest of the greatest good to the greatest number. They argue
that it incurs only a small expense to the banker, while rendering to the
public a vast benefit that will popularize the circulation of personal checks
and that a profit will evolve to the banker in the increase of deposits.
There is some merit to the argument in the densely populated sections
of industrial centres in the East. However, in the great West we are yet
with meager transportation facilities, we have risks of robbery, unstable
collateral, undeveloped lands and vast areas unsettled. Yet our Eastern
idealists will urge the infliction of a blanket interest rate for the whole
country and abolishment of a reasonable charge for a transfer of funds.
The Federal Reserve Board recognizes a difference in the sections of our
,
country and authorizes an interest rate in New England of 36 of 1% less
than In the West and South. In the face of this recognition this order
under the Federal Reserve Act proposes to place the entire country on a
parity as regards the expense of the movement of money.
OREGON BANKERS OPPOSED TO FEDERAL CLEARANCE PLAN.
A resolution declaring against the proposed check clearing system of the Federal Reserve Board was adopted by the
Oregon State Bankers' Association in convention at Portland on the 7th inst. In addition to expressing its opposition to the new system the resolution also called upon
the Oregon members of Congress to aid in securing the
nullification of the arrangements. The bankers further
went on record as opposed to tne passage of the bill which
would enable national banks with a capital of $1,000,000
or more to operate branches.
NEW YORK BANKERS COMMEND ADMINISTRATION
FOR CREATION OF FEDERAL RESERVE ACT.
During its convention at Atlantic City last week the New
York State Bankers Association approved an amendment to
the constitution of the Association providing for a division
of the latter into five sections, comprising the national,
State, savings, private and investment banks and trust
companies. Before adjourning on the 9th inst. the bankers,
through the newly elected President, Benjamin E. Smythe
of Bronxville sent to President Wilson the following telegram
expressing their appreciation for the creation of the Federal
PROPOSAL TO EMPOWER COUNTRY BANKS TO ACT
Reserve Act:
At the twenty-third annual convention of the New York State Bankers
AS INSURANCE AGENTS.
Atlantic City, this morning, the
Association at the Hotel Traymore,
A bill which would enlarge the powers of national banks
Federal Reserve Act was discussed in detail. We had the pleasure of listening to the Hon. Paul M. Warburg and Mr. W. P. G. Harding, of the in communities having a population of not over 3,000, by
Federal Reserve Board: Mr. Pierre Jay, Federal Reserve agent at New
permitting them to act as agents for any fire, life or insurance
York, and Mr. L. B. Hendrick, transit manager Federal Reserve Bank
of New York, and others. It was the concensus of opinion that the Federal company and as agents for the negotiation of loans on farms
JUNE 17 1916.]
THE CHRONICLE
or other real estate located within a radius of one hundred
miles, has been drafted by Comptroller of the Currency,
Williams. The proposed legislation has been submitted
to Representative Glass and Senator Owen, together with
a letter in which the Comptroller sets out his reasons for
suggesting that these increased powers be given the country
banks. In this letter the Comptroller states that "it seems
desirable from the standpoint of public policy and banking
efficiency that this authority should be limited to banks in
small communities. This additional income will strengthen
them and increase their ability to make a fair return to
their shareholders while the new business is not likely to
assume such proportions as to distract the officers of the
bank from the principal business of banking." The text
of the bill is as follows:
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That in addition to the powers
now vested by the law in national banking associations organized under the
laws of the United States any such associations located and doing business
In any place the population of which does not exceed 3,000 inhabitants,
as shown by the last preceding decennial census, may under such rules
and regulations as may be prescribed by the Comptroller of the Currency,
act as the agent for any fire, life, or other insurance company authorized
by the authorities of the State in which said bank is located to do business
in said State, by soliciting and selling insurance and collecting premiums
on policies issued by such company; and may receive for services so rendered such fees or commissions as may be agreed upon between the said
association and the insurance company for which it may act as agent;
and may also act as tho broker or agent for others in making or procuring
loans on real estate located within 100 miles of the place in which said
bank may be located, receiving for such services a reasonable fee or commission, provided, however, that no such bank shall in any case guarantee
either the principal or interest of any such loans or assume or guarantee
the payment of any premium on insurance policies issued through its
agency'by its principal; and provided further that the bank shall not
guarantee the truth of any statement made by an assured in filing his
application for insurance.
The following is the Comptroller's letter in full urging
the adoption of the amendments:
•
2223
It is certainly clear that the Comptroller of the Currency has no right
to authorize or permit a national bank to exercise powers not. conferred
upon it by law.
My investigations lead me respectfully to recommend to Congress an
amendment to the National Bank act by which national banks located
in villages and towns having a population of not exceeding 3,000 may be
permitted to act as agent for insurance companies in the placing of policies
of insurance—fire, life, etc., and that they may also be authorized to act
as agents for the negotiation of loans on farms or other real estate in their
respective sections of the country, where they may be in position to have
some direct knowledge as to the value of the property upon which such
loans are to be secured.
It seems desirable from the standpoint of public policy and banking
efficiency, that this authority should be limited to banks in small communities. This additional income will strenghten them and increase their
ability to make a fair return to their shareholders, while the new business
is not likely to assume such proportions as to distract the officers of the
bank from the principal business of banking. Furthermore, in many
small places, the amount of insurance policies written or mortgages to be
placed on commission is not sufficient to take up the entire time of an
insurance broker, and the bank is not, therefore, likely to trespass upon
outside business naturally belonging to others.
I think it would be unwise, and therefore undesirable, to confer this
privilege generally upon banks in large cities where the legitimate business
of banking affords ample scope for the energies of trained and expert
bankers. I think it would be unfortunate if any movement should be made
in the direction of placing the banks of the country in the category of
department stores. The business is one requiring training, skill and
application, and I think that the profeasion of banking would suffer if
there should be a departure from the principles which should govern and
have heretofore governed.
I enclose with this a draft of a proposed amendment to the National
Banking act designed to empower national banks located in towns of not
over 3,000 population, under such regulations and restrictions as may
from time to time be approved and promulgated by the Comptroller of
the Currency, to act as agents for the placing of insurance policies and also
to act as agent in making and procuring loans on real estate. I respectfully
recommend and urge the adoption of such an amendment for the reasons
I have given.
JOHN E. ROVENSKY ON ECONOMIC AND CREDIT
CONDITIONS IN SOUTH AMERICA.
"Present Economic and Credit Conditions in South
America" was the theme of an address delivered by John
E. Rovensky, Vice-President of the National Bank of Corn.'
merce in New York at the annual convention on the 15th inst.
of the National Association of Credit Men in Pittsburgh.
Mr. Rovensky pointed out that in analyzing these conditions
we must avoid, as we should in dealing with many of the
South American problems, looking upon that Continent as
a unit. Each of the ten different Republics, he added, hasi
had a separate national existence of sufficient duration to
develop its own distinct national individuality and its own
national problems. Geographically, he continued, the whole
of South America may be divided into four regions, viz.:
The original National Bank act of February 25 1863, as re-enacted by
the act of Juno 3 1864, authorizing the formation of national banks throughout the country, provided that no national bank should be authorized
with a capital of loss than $50,000 in any place; that in a place with population exceeding 6,000 the capital of the bank should not be less than
$100,000, and further provided that no national bank with a capital of
less than $200,000 should be organized in any place having a population
of over 50,000.
Later on it became manifest that there were many country towns and
villages which needed banking facilities, but which did not have sufficient
business to justify the organization of national banks with a capital of
as much as $50,000. To extend the benefits of banking facilities to these
small places the National Bank act was amended by the act of March 14
1900, so as to authorize the organization in towns and villages with a population not exceeding 3,000, of banks with a minimum capital of $25,000.
Since this amendment to the bank act went into effect there have been
organized throughout the country 3,084 national banks having a capital
of $25,000. Four hundred and thirty-eight of these $25,000-banks have
(1) The Amazon region, consisting of northern Brazil and the Ciseither failed or gone Into liquidation, some have increased their capital Andean part of Peru and Bolivia, where coffee, rubber,
cotton, sugar, and
and the number of such banks with a capital of $25,000 now in operation tobacco are the most important products.
Is 2,079, or 27% of the total number of national banks.
(2) The River Plate region, consisting of southern Brazil, Argentina.
The average deposits (individual and bank) at this time of all $25,000 Uraguay and Paraguay. This region is one of the world's most important
banks is $178,138, or 7.13 times their capital, and 4.6 times grain and cattle producing regions. Statistics show that nearly 50% of
their surplus and profits. A country bank with $25,000 capital r the population and a far larger proportion of the wealth of South
America
and with the average deposits Is able, with good management, to are concentrated in this region.
lend its money at rates authorized by law and at the same time
(3) The West Coast, consisting of Chile, Western Bolivia, Peru and
to return a reasonable dividend to its shareholders. But there are Ecuador. Minerals—especially copper, tin and nitrate are
the chief
many banks located in country communities where the small deposits products, although fruit, cotton, sugar and cacao are
abundantly raised
which the banks receive may make it somewhat difficult for the in the fertile sections.
banks to charge on their loans only the rates of interest permitted by law
(4) The North Coast, consisting of Colombia,Venezuela and the Guianas,
and at the same time yield a satisfactory return to shareholders, and in whose chief products are coffee, sugar, tobacco, and tropical fruits.
This
many such cases banks have been tempted to exact excessive and in some region is also reported to be quite rich in mineral deposits, but these,
to
cases grossly usurious rates on accommodations which they extend to a largo extent, remain unexplored.
local borrowers. It is unfortunately true that in many other cases banks
Discussing the governmental banking and mercantile
have been demanding usurious rates of interest even though they had
more than the average deposits and although adherence to the legal rates credit of the South American country, Mr. Rovensky said:
would still yield them liberal dividends on their shares.
GOVERNMENTAL CREDIT.
For some time I have been giving careful consideration to the question
In considering the credit standing of the various South American govas to how the powers of these small national banks might be enlarged so
ernments, each country must be studied on its own merits. A few general
as to provide them with additional sources of revenue and place them principles
apply to all countries, but they are outweighed by far by the
in a position where they could better compete with local State banks
specific conditions prevailing in each country. Ganerally speaking, it
and trust companies which are sometimes authorized under the law to
may be safely said that the governments of South America are today on
do a class of business not strictly that of commercial banking.
a staple basis and the revolutionary upheavals of formur Years are not
Under Section M3(3, U. S. R. S., the business of national banks at this
time is limited to the exorcise of"such incidental powers as shall be necessary likely to recur.
Such couhtriee as Argentine, Brazil, Chile and Uraguay have today a
to carry on the business of banking by (a) discounting and negotiating
promissory notes, drafts, bills of exchange or other evidences of debt; stable form of government whose obligations are entitled to full faith and
credit. Of course, the debt paying power of each country depends upon
(b) receiving deposits; (c) buying and selling exchange, coin and bullion;
(d) loaning money on personal security; (e) obtaining, issuing and circu- its resources and the consequent income of the government. The form of
government must be taken into consideration, as in some countries it
lating notes according to the provisions of this title."
Under the Federal Reserve act the banks are further authorized under will be found that the federal or national government has but a comparatively small amount of revenue, the greater part of the taxation going to
specified restrictions to make certain loans on real estate.
National banks are not given, either expressly or by necessary impli- the states or municipalities thereof.
While the debt paying ability of most of the South American governcation, the power to act as agents for insurance companies, or as brokers
ments is good, it cannot be denied that many of them are suffering from
or agents for others in procuring or making real estate loans.
the excesses of previous administrations, which, like many other elective
The courts have uniformly held that such corporations can exercise
governments, desired to improve their standing in the eyes of the populace
only those powers which are expressly granted or which are necessarily by spending tremendous
sums on all sorts of public works and exceeded
incidental to powers that are granted.
their actual income.
As stated by Justice Harlan in delivering the opinion of the United States
Any but an exhaustive study of the fiscal position of each of the South
Supreme Court in the case of Logan County National Bank vs. Townsend
139 U. S. 67: "It is undoubtedly true, as contended by the defendant, American governments would be productive of but little real good. In
that the National Banking act is an enabling act for all associations or- judging the relative merit of the obligations of each of these governments,
ganized under it, and that a national bank cannot rightfully exercise any it is necessary that we carefully analyze the volume of their debt, the propowers except those expressly granted by that act, incidental powers as visions for its retirement, the income of the government, their customs,
are necessary to carry on the business of banking for which it was estab- duties and taxation, the extent of which this income has been pledged,
lished."
etc., etc.
Again, in the case of National Bank vs. Matthews, 98 U. 8. 625, Justice
I assume that this body is not so deeply interested in the governmental
Swan, in delivering the opinion of the court said: "Section 5136 does not, credit conditions as to warrant such exhaustive study as I have mentioned
in terms, prohibit a loan on real estate, but the implication :to 'that effect and the above outline of a geneeal situation in that respect I think
will
is clear. What is so implied is as effectual as if it were expressed."
suffice.
2224
THE CHRONICLE
[vol.,.
102.
BANKING CREDIT.
IVARSPITE COMMANDER REFUTES GERMAN CLAIM.
I shall likewise treat only in a general manner the banking credit situaCaptain E. M. Phillpotts, commander of the British
tion. As in the case of governmental credit, there are certain general
conditions that affect all South Amerizan countries with respect to the dreadnought Warspite, which was claimed by the Germans
credit standing of their banks, but local conditions by far outweigh in
to have been sunk in the naval engagement on May 31
Importance the general conditions.
off Jutland, bore out the British Admiralty in its claim
The banks of South America may be divided into two classes:
(A) Domestic institutions organized and controlled by local interests.
that the vessel had returned safely to port when, on the
the branches of institutions organized in
(B) Foreign banks; generally
10th inst., according to reports from London, he described
.
foreign countries.
various
Asthe domesticinstitutions confine themselveslargely to domestic business the Warspite's miraculous escape from the concentrated
they are seldom brought to our notice, and, as a result, we are apt to greatly German fire, to an Associated Press correspondent, as
underestimate their importance. For instance, Buenos-Aires has a large
number of local banks of excellent ttanding, one of which has a capital follows:
I am not surprised that there have been reports that the Warspite was
and surplus of about $50,000,000 and has 54 branches throughout Argenbattleships,
tina. This bank is seldom heard of in the United States, but it is one of sunk, as, from our position between our fleet and the Gorman
times we
the most influential organizations of that country and its officers and direc- our escape from such a fate was simply miraculous. Several
of our own
tors are amongst the leading citizens of the Argentine. In Uraguay the disappeared from sight in the smoke and spray. Even some
had sunk. As we left the
Banco de la Republica is an institution of such predominant standing that officers on other ships believed the Warspite
spray.
no other institution in the country can be compared with it. It is very fighting line we disappeared in a complete veil of
close to the government and dominates the financial affairs of that country.
pounding than the Lion received in the Doggerbank fight,
Under a worse
It is my opinion that we aro apt to underestimate the tremendous inin action without a single vital injury, our chief difficulty
fluence of those excellent local banks. We must bear in mind that in tho we remained
our difficulties we
family ties and local pride are important factors, being from the mishap to the steering gear. During
Latin-American countries
credit for protecting the cruiser Warrior, which
naturally follows that institutions such as I have mentioned whose received considerable
and it
helpless, but I must admit that sheer good fortune, rather
affairs are so closely interwoven with the economic fabric of the country was practically
was responsible for this, for the Warspite came across
wield a great influence. The bank with which I have the honor to be con- than intention,
while drifting and almost helpless.
nected has been in the South American field for over 50 years, and It has her bow
always been our aLm to closely cultivate our relations with these local
institutions, and the results thus obtained have been eminently satisfactory.
Admiral Jellicoe, commander of the British fleet, in a
The branches of the foreign banks that operate in South America message made public officially on the 12th inst. in London,
French, German, Italian, Spanish,
represent the past efforts of English,
gallant manner in which the
Swiss and Dutch bankers. The prevalent method in England, Germany, expressed appreciation of the
Franco and, in fact, all European countries has been to organize banking fight was conducted by the British seamen. The message
field.
institutions for the sole purpose of entering the South American
says:
As these banks engage largely in the foreign business of these countries,
At this stage, when full information Is unavailable,it is impossible to
we most frequently come in contact with them and their names are more
enter into details, but quite sufficient is known for me to state definiteiy
familiar to us than those of the local institutions. Some have passed and
that the glorious traditions handed down to us by generations of gallant
some are passing through various stages of development, and today there
seamen were most worthily upheld.
are a number of English, French, Dutch, Italian, Spanish, Swiss and
Weather conditions that were highly unfavorable robbed the fleet of
German banking institutions operating in South America whose standing
complete victory expected by all ranks. Our losses were heavy. We
is excellent. In almost every instance the various branches have been the
many most gallant comrades. But although it is difficult to obtain
successful in proportion to the quality of their local management and the miss
information as to the enemy's losses, I have no doubt we shall
extent to which they have succeeded in amalgamating themselves with accurate
certainly were not loss than our own. Sufficient information ,
the business fabric of their locality, in fact, in aome cases it may be said find they
already has been received for me to make that statement with confidence.
that they have become practically South American institutions.
I hope to give the fleet fuller information on this point at an early date.
The passage of the Federal Reserve Act authorized national banks in
wish to delay appreciation of the work of the fleet, and my conthis country to open branches in South America. So far, only one national I do not
in a future complete victory.
bank has used this provision of the Federal Reserve Act for the purpose fidence
The wonderful spirit and fortitude of the wounded fills me with the
of entering South America. There are several bills now before Congress.
admiration. I am more proud than over of the honor of commandsome of which will undoubtedly be passed, that will enable the banks of greatest
by such officers and men.
the United States to follow the example of the European banks in entering ing a fleet manned
An official statement issued at Berlin on the 15th inst.,
this field by jointly organizing a separate institution for the sole purpose
already
of engaging in foreign business. One or two state institutions have
according to advices from that place via London, takes exbeen organized for this purpose.
ception to Admiral Jellicoe's expression, in his message to the
MERCANTILE CREDIT.
less
mercantile credits, the following points seamen, of the opinion that the German losses were not
In judging South American
should be considered:
than those of the British. The statement says:
(A) The moral character of the risk.—In no section of the world is this
Against this we point out the comparison of losses officially published on
factor of more importance than in South America. Latin Americans are the 7th, showing a total loss in tonnage of German war vessels of 60.720.
they value their honor above all against the British loss of 117,150, where only those English vessels and
a people of high-strung temperament;
else, but it is a singular fact that in practically every instance once a man destroyers were taken into account whose losses until now have been
has committed a breach of their code of honor he becomes a moral wreck. officially admitted on the English side.
The South American character may be likened to an arch, which, while
According to statements of English prisoners, further vessels were sunk,
tremendously strong in its integrity, collapses utterly once it is broken. among them the dreadnought Warspite.
Fortunately, firms of a dishonorable character can readily be detected by
No other German vessels were lost than those made public. They are
the usual credit inquiries, so that losses from this cause are, in most cases, the Lutzow, Pommern, Wiesbaden, Frauenlob, Eibing, Rostock and five
easily avoidable.
torpedo boats. This shows that the human lasses to the English in the
(II) Capital at the disposal of the enterprise.—This will be found to be battle were considerably greater than the Gorman.
the weakest element of a largo number of the risks that will come before
While from the English side the officer losses announced were 313 dead
you for consideration. It is also one of the most difficult points to thor- or missing and 51 wounded,our losses in officers, engineers,sanitary officers,
to
oughly oover in a credit inquiry. It is not customary for a merchant
paymasters, ensigns and potty officers are 172 dead or missing and 41
render statements, and the only manner in which an opinion of the worth wounded.
of a concern can be formed is through estimates obtained through various
The total losses among the English crews as far as published by the Adsources.
miralty are 6,104 dead or missing, 513 wounded. On the German side
a proportion of able
"(0) Ability.—South America has just as large
the losses are 2,414 dead or missing, 449 wounded.
merchants as any other country, but unfortunately our merchants come
During and after the battle our vessels rescued 177 English, while up to
in contact most frequently with concerns that are engaged in selling every- now no German prisoners from this battle are known to be in English hands.
thing from a needle to an anchor and are willing to enter almost any line The names of the English prisoners will be communicated to the British
that seems to show a possibility of profit, whether they have any expe- Government in the usual manner.
rience in that line or not. Concerns that have been successful in a certain
lino frequently are wrecked by entering a line of business with which they
aro utterly unfamiliar. Care should therefore be taken to deal only with RURAL CREDIT LEGISLATION AS VIEVED. BY CORN
concerns of established standing, that are devoting themselves to business
EXCHANGE NATIONAL BANK, PHILADELPHIA.
in which they are thoroughly experienced.
A criticism of the pending rural credit legislation is conOf course, general business conditions must also be taken into consideration. The withdrawal of European capital has caused a contraction tained in the monthly circular of the Corn Exchange National
of credit throughout South America that is most keenly felt in the sections
issued under date of May 27. The
that have not enjoyed a compensating benefit in the form of high war Bank of Philadelphia
prices for their products.
circular points out that "it took Germany a hundred and
Losses in connection with South American mercantile risks have been fifty years to work out its system of rural credits. It took
largely due to the negligence of the American merchant in failing to obdiscuss and pass the new law."
tain sufficient information regarding the standing of his customer. I Congress only a few weeks to
venture to say that, if the same negligence was practiced in connection In the estimation of the bank,persons with large incomes,
with selling goods in any State of the Union, losses just as great would
bond houses and politicians are the ones who will benefit
occur. It is a singular fact that merchants who would not think of making
To the bank "it seems as if our law makers
a shipment to a State 200 miles away without making a thorough credit by the bill.
investigation will ship a bill of goods to South America on an inquiry are studying foreign legislation, not with the idea of learning
resulting from a magazine advertisement, simply because the South
the mistakes of foreign countries, or profiting by their
American concern states that shipment may be made on "sight draft bill by
experiences, but simply with the idea of selecting those
of lading attached" conditions.
points that will appeal to the selfishness of the particular
MERCHANTS' ASSOCIATION WOULD SEND GOLD TO class benefited and enacting laws for political gain." We
SCANDINAVIA FOR PULP SIIIPMENTS.
quote further from the circular in part as follows:
The Bill provided under the 13,41ky number "23" Section that:
Announcement that it has undertaken, through its IndusFederal. Land Banks, or to Joint Stock
"First mortgages
trial Bureau, to induce the State Department to influence Land Banks, under executed to this Act, shall he deemed and held to
provisions of
Great Britain to permit the export of gold to Scandinavia be instrumentalities of tho Government of the United States, and as such
to pay for pulp imported, was recently made by the they and the income derived therefrom shall be exempt from Federal
local taxation.
MerchaAts' Association of New York. The movement was State andloan bonds issued under the provisions of this Act and the in"Farm
instituted on behalf of members of the association who are come derived therefrom shall be exempt from Federal, State and local
interested in the importation of Scandinavian wood pulps. taxation."
JUNE 17 1916.1
THE CHRONICLE
2225
The tax free provision will appeal most strongly to men with large in- money that has bought
Government bonds into short-time money for
comes who have been scouring the markets for municipal and other tax general business.
free securities.
The Postal Savings banks, the deposits of which in the main is longAt first there may be some little delay on the part of the general public time money, is re-deposited in
national banks and becomes short-time
in accepting these investments. But people with large incomes are usually money, and the Reserve banks
are nearly altogether creators of short-time
keen to judge the real value of an investment, and many of these bonds credits.
will quickly find their way to the largo safe deposit boxes.
The theory is that short-time loans are fluid loans and that the banker
There are over four billions of dollars in farm mortgages now issued or holder of such paper is master of the
financial situation. The theory is
in this country. Many of these will be refunded under the new plan, as that four months' paper will be paid
at maturity in cash. Practically it is
interest rates will be lower than most existing contracts.
seldom paid in cash,but is taken up by extension or a new security in form
The Senate Bill authorizes Farm Loan Associations with both limited and a new note; but the debt itself
is the same.
and unlimited liability. The House only limited liability. It makes
The farmer who wishes credit on his land must meet the requirements
little difference which Bill is finally passed, as few, if ally, will make mort- that others in business must
meet. Has he sufficient capital invested in
gages under the unlimited liability plan.
his business to justify the loan? Is there a market at paying prices for
These Federal Land Bank Bonds will be secured by:
that which he manufactures of raises? And finally, has he the character
1. Obligations of borrowers.
and knowledge necessary to make the business a success?
2. Mortgages about one-half value of property.
To answer those questions needs an intimate familiarity with the land;
3. Capital, reserves and earnings of the Local Land Associations.
its history, a knowledge of local markets, and personal touch with the
4. Individual liability of the members of the local Association which borrower and
those who know him. This knowledge cannot be had
endorses the loan. This is a double liability, same as stockholders in through
any single examination, however searching. No State or examNational Banks. Everyone who borrows on a mortgage must become a ining
officer can meet the requirements, but we have in the local banker
stockholder, at least, to the extent of 5% of mortgage requested.
the exact person to use. He will be glad to loan the money if he can get
5. By the capital, reserves and earnings of the Land Bank in the terri- the money to loan. For bankers
belong to the borrowing class. They
tory in which the local Association is located.
loan only money they have previously borrowed from their depositors or
. 6. By the capital, reserves and earnings of all the other eleven, or otherwise.
more Land Banks. The capital of each of the twelve banks organized
There is at the present time no reason for any wide distinction between
at the beginning will be from $500,000 to $750,000, whichever is finally oans with real estate security and loans of any
other kind of security.
decided upon.
The distinctions that exist are owing entirely to laws and practices long
7. The indirect guarantee of the Government by reason of its being obsolete.
a stockholder and the intimate association between Government and
Very little, if any, relief can be expected through any fixed fund probanks.
vided by State or nation. Such a fund is like a reservoir with an outlet
In addition to the bonds secured as above, provision is made for the but no inlet, and would soon be exhausted.
On the other hand, the general
issuing of mortgage bonds by Joint Stock Land Banks. These banks fund of business and investing
capital is continually being added to by the
will be nothing more or loss than Stock Companies with same liability very loans they make.
of stockholders as in National Banks. Capital to be, at least, $250,000,
Every dollar loaned to a farmer goes, and at once, to pay his previous
and bonds may be issued by each bank up to fifteen times the amount of debts or for improvements he
has made, and through general business
capital and surplus. They shall in no case charge interest on farm loans channels
finds its way to the financial centre. Every dollar loaned directly
exceeding by more than 1%, the rate established by the sale of the last
or indirectly to a farmer by a San Francisco financial institution commences
series of bonds issued by them.
to roll towards San Francisco, and before a week has passed is safely home,
Here are two classes of bonds that will be tax free—National. State and to be loaned
again.
local. They will, in a short time, be listed on all important Exchanges
This fund is not a fixed fund, but a revolving fund, and the only limit
and many commissions will be earned by brokers in the sale of such se- to the ultimate
amount of loans is their desirability and the financial concurities.
dition of the country at large.
Those Rural Credit Bonds will come in active competition with highThe way, in my judgment, to help land loans is to do away with our
grade, active securities and, with the tax free provision, will likely become present
burdensome and antiquated method of proving title and giving
the most popular.
pledge, and making such loans taken by a local banker with his endorseAfter the surtax payers and the bond brokers, this Bill seems to have
ment subject to discount upon the same conditions as other well-secured
been passed for the benefit of the politicians, who have a strenuous cam- paper.
paign this Fall and a sop in the shape of lower interest rates to the farmers
will make very interesting speech material.
At the Rural Credit Conference, held in this city last November, there
GROWTH IN RESOURCES OF NATIONAL BANKS.
was unqualified condemnation of the doctrine of direct Government aid
for the farmer. It was felt the growth of co-operation, and not the quesAccording to an announcement made by the Comptroller
tion of interest rates, was the most important—co-operation in buying,
of the Currency on the 12th inst. the analysis of the rein marketing and in financing.
It was hoped by the friends of the farmer that the Rural Credit Bill, ports of all the - national banks of the country on May 1
when passed, would help the establishment of actual co-operative asso- shows total resources of 14,195 million dollars, that
total
ciations.
Under this new law there will be some growth of co-operative societies, exceeding by 356 million dollars the record figures of March
but we are sailing off on the wrong tack. Paternalism is not co-operation, last. The Comptroller's statement which deals also with
and what would be necessary for the lowest classes of European peasants the increase in deposits, the total reserve
holdings, etc.,
is not needed hero.
Indulgent Uncle Sam says to the child of Rural Co-operation, "Lot me says:
The capital, surplus and undivided profits of all national banks on
do it for you" instead of teaching the way for individual growth and develMay 1 1916 amounted to 2,109 million dollars, exceeding by approxiopment.
There seems to prevail in our legislators' minds the thought that what- mately a million dollars the maximum amount ever shown in any previous
ever exists is wrong and whatever is now is better. No thought was ever statement.
The increase in capital, surplus and profits since March 7 1916 was
given by them to the upbuilding of Rural Credit through co-operative
associations and present financial institutions. But we must have ex- 11 million dollars; and as compared with May 1 1915 30 million dollars.
As compared with the last previous call of March 7 1916 individual
perimental legislation, on a scale greater than has over before been tried
by any country. Experimental legislation that will exempt one class at deposits increased 419 million dollars; and deposits from other banks declined 78 million dollars, making the net increase in deposits 341 million
the expense of another.
Real Rural Co-operation has been pushed back many years by the dollars. against an increase in loans and discounts for the same period o
116 million dollars.
necessity of quicKaction3before a Presidential election.
As compared with the statement of May 1 1915 the national banks
increased their total deposits 2,243 million dollars, while
THOMAS D.CARNEAL ON WAY TO HELP LAND LOANS. discounts increased during the year 962 million dollars. their loans and
Of the increase of 340 million dollars in deposits since March 7, 186
The declaration that "there never was a time when it was
million was in the
necessary to take as much care in the granting of rural cities, and 93 millionCentral Reserve cities, 61 million in other Reserve
in country banks.
credits as right:now," was made by Thomas D. Carneal of
Of the increase in loans and discounts for the same period, the Central
Reserve city banks decreased 25 millions. other Reserve city banks inLivermore at the recent annual convention of the California
creased 73 million, and country banks increased 68 million.
Bankers' Association. Mr. Carneal in expressing the view
United States bonds held show a reduction since March 7 1916 of 15
way to help land loans is "to do away with our million dollars, and a reduction since May 1 1915 of 45 million. The
that the
national banks of the country now hold of bonds other than Governments
present burdensome and antiquated method of proving title 1,525 million dollars, being an increase since
March 7 1916
and giving pledges, and making such loans taken by a local dollars, and an increase since May 1 1915 of 367 millions. of 60 million
The national banks held on May 1 1916 777 million dollars of specie
banker with his,:endorsement subject to discount upon the
and legal tenders, a reduction since March 7 1916 of 56 million dollars
same conditions as other well-secured paper," said in part:
and an increase since May 1 1915 of 42 million dollars.
There has been a nation-wide agitation in the newspapers and periodiCirculation was reduced as compared with March 7 1916 13 million
cals of all classes and kinds on the subject of "back to the land." It has
dollars, and as compared with May 1 1915 45 milUon dollars.
been taken for granted that any one can make more than a living on land,
Bills payable and rediscounts were reported May 1 1916 at 63 million
and that all that is necessary is to bring the man—any kind of man—and
land—any kind of land—together to establish a happy home and a suc- dollars, a reduction of one and one half million dollars as compared with
March 7 1916 and a reduction of 27 millions as compared with May 1 1915.
cessful business.
The total Reserve held by the national banks on May 1 1916 was 2.160
This crusade has been largely dictated by their advertisers. All classes
million dollars, a reduction as compared with March 7 1916 of 127 million
of land have been forced on the market, and all except those having real
dollars, but an increase as compared with May 1 1915 of 386 million dollars,
merit have been sold to other than farmers, people that through
ex- and an increase as compared with the reserves held on October 31 1914,
perience can never make successful tillers of the soil, and the
greater Immediately before the opening of the Federal Reserve System, of 600
part of such lands have been sold for more than its worth on a small per- million
dollars.
centage of cash payment. The sellers of such property naturally want
The Surplus Reserve, or Reserve held in excess of the legal requiretheir money and the same power and influence of advertisers is a large elements, on May 1 1916 was 869 million, being a reduction as compared
ment of this sudden demand all over the United States for some special with
March 7 1916 of 123 million dollars, but an increase as compared
method of advancing money on land. Right here it may be emphatically with May 1 1915 of 142
million, and an increase as compared with the
said that the American farmer will never stand for any system of credits surplus reserve held on
October 31 1914, under the old reserve requirebased upon the plans worked out for the peasantry of Europe,involving the ments, of 743 million dollars.
loss of management of his business and official and officious interference
Of the 123 million reduction in surplus reserves since March 7 1916 43
with his personal rights.
millions was in the Central Reserve cities, 66 millions in the other ReThe farmer needs a largo and a cheaper market for his securities, but serve cities, and 14 millions in
country banks.
in the getting of a larger and bettor market he wants simple justice and not
The three Central Reserve cities now hold 01 million dollars of excess,
eleemosynary supervision.
or surplus, reserves: other Reserve cities hold 253 millions, while the
Legislation heretofore has been entirely in tho interests of short-time country banks at this time
hold 523 million dollars of reserves over anti
money. The national banking law is but a way to convert investme,sz, above the amount
they are required to hold.
I
2226
THE CHRONICLE
1916 was
The total reserve held by Central Reserve cities on May 1
Reserve cities
21.39%, the amount required by law being 18%. Other
on May 1 held 25.15% reserve against a legal requirement of 15%, while
to 26.64%
the reserve held by country banks on May 1 1916 amounted
against the legal requi:ement of only 12%.
1 1916
The percentage of reserve held by all national banks on May
24.64% on
was 24.60% as compared with 26.05% on March 7 1916 and
May 1 1915.
[VOL.. 102
-- —
skins (tanned) with hair; manufactured gold and silver, goldsmiths' and
silversmiths' wares and gold and silver plate; jewelry and precious stones;
automobiles; building stones, rough, in statues and sawn, engra,ved or
polished (not including whetstones or millstones); mineral pitch; stones,
earths and non-metallic minerals not specified, not including asbestos
kaolin, mineral phosphates, marl, cement, refractory earths, sand for foundries and glassworks, criolite, bauxite or carborundum; manufactures or
terra cotta, majolica and porcelain, not including articles for industrial
for
use or "gres" (stoneware); plates of glass or crystal, not including those
photography; mirrors, common bottles and manufactures of glass and crystal in general; dates; household ornaments; manufactures of ivory, amber,
mother-of-pearl and tortoise shell; women's trimmed hats, feathers and artificial flowers; valises; toys, imitation jewelry, fans and musical instruments
Applications for the admission of goods paid for or shipped prior to
June 4 1916 must be made to the Ministry of Finance, Rome, and requests
for special permits for the importation of prohibited products should be
directed to the same office through the medium of a chamber of commerce.
FRENCH CUSTOMS COMMITTEE OPPOSES "FAVORED
NATION" TREATIES.
the 9th inst, according to reports from Paris, a resoOn
lution was drawn up by the Customs Committee of the
Chamber of Deputies, urging denunciation by the French
Government of all commercial treaties with foreign nations
in which there is contained a "favored nation" clause.
CAPTAIN HANS TAUSCHER TO STAND TRIAL.
This action is endorsed,according to the resolution,in order
A demurrer interposed by Felix D. Levy and Herbert C.
that France may be accorded complete liberty of economic Smyth, on behalf of Captain Hans Tauscher, husband of
committee, was
action. Deputy Reville, president of the
Mme. Gadski, the singer, who with Wolf von Igel, former
delegated to acquaint the Minister of Commerce of the desire secretary to Captain von Papen, Alfred A. Fritzen, Captain
action be taken without delay.
of the committee that
von Pa,pen and Constantine Covani, alias Corani Gonzales,
is under indictment charged with having conspired to blow
GREAT BRITAIN PROHIBITS DEALING IN BRITISH- up the Welland Canal, was on the 12th inst. overruled by
GROWN WOOL.
Judge Wolverton in the Federal District Court at New York.
Notification to the effect that until further notice no deal- The demurrer asked for the dismissal of the indictment on
ings will be permitted in British-grown wool is contained in the ground that a party of five unorganized irresponsible
the following cablegram from the American Consul-General men, even though supplied with revolvers and dynamite
at London, published in "Commerce Reports" of the 12th does not within the meaning of the law, constitute a "miliinst.:
Wolverton, however, upheld all
buy,sell, or tary expedition." Judge
No person shall, from date of this order until further notice,
grown on sheep in Great Britain or Ireland six counts of the indictment.
raw wool grown or to be
deal in
during season of 1916.
A cable dispatch from the Melbourne representative of the
DOMINICAN SENATE NAMES PRESIDENT
JIMENEZ'S SUCCESSOR.
Textile Alliance, Inc., dated June 10,states that the exportation of wool from Australia to the Allied Governments is
The name of Jacinto de Castro, according to reports
now permitted,but its shipments to neutral countries is still from Santo Domingo, was sent to the Dominican Chamber
disallowed. Particulars of the wool embargoes were con- of Deputies on the 14th inst. for approval after the Senate
tained in these columns last week, page 2136.
had designated him to succeed President Jimenez as the
head of the Dominican Republic. A vote for Provisional
REVISED BRITISH EMBARGO LIST.
President, it will be remembered, was taken once before,
The exportation (from England) of the following articles but was indefinitely postponed (see Chronicle of May 27)
to all destinations is prohibited, according to a telegram from because of Rear Admiral Caperton's request that action in
the American Consul-General at London which was pub- that direction be deferred until quiet was rostorediin the
lished in Monday's "Commerce Reports," issued by the Republic.
Bureau of Foreign and Domestic Commerce, Department
THE IRISIJ SITUATION.
of Commerce, viz.:
prohibited
The proposals of David Lloyd George, formulated as a
Acetones and their compounds and preparations; potatoes (formerly
the exonly to certain European Countries).—In the list of goods of which
result of his consultations with the different parties after
portation is prohibited to all destinations other than British possessions
"electric his appointment as mediator in the Irish uprising are conand protectorates the following changes are made: The item
filament tained in an official report issued by the Irish Nationalist
lamps" is modified by the addition of the words except carbon
and arc lamps; emery, corundum, carborundum, crystolon, and manufac- party at Dublin on the 11th inst. The proposals are:
thereof (formerly prohibited only to certain European countries),
tures
varbinder and reaper twine, linen ducks, jute cordage and twine, and
cardigan
nishes containing lac are added. The item "woolen scarfs, jerseys,
is extended to include such
jackets, socks, men's gloves, and underwear"
articles if only partly of wool.
to all
One new item, viz., talc, is added to the list of articles prohibited
Seas
foreign countries in Europe and on the Mediterranean and Black
and Portugal. Potato flour reother than France, Italy, Russia, Spain
mains subject to this prohibition.
COMMERCIAL RUSSIA.
The American-Russian Chamber of Commerce has just
published a pamphlet entitled "Commercial Russia," the
first of a series of pamphlets which it intends to issue on
the possibilities for American capital in the/development
of American trade in the Russian Empire. This introductory pamphlet has been prepared by a well qualified Russian
Economist, and it presents the salient features of the present
industrial and commercialconditions in Russia and emphasizes the importance of the investment of American capital
in Russian enterprise as a means of securing a larger share
of the Russian trade. The facts and figures presented tell
the story of the remarkable financial and economic strength
of Russian business during the strain of the war, and of the
great opportunities of the future.
ITALIAN IMPORT RESTRICTIONS.
Particulars of the order prohibiting the importation of
certain articles of luxury into Italy, mention of which we
made in these columns last week, have been received in a
cablegram from the American Consul at Genoa. It reads as
follows:
First, to bring the Home Rule act into immediate operation; second,
to introduce forthwith an amending bill as a strictly war emergency act;
third, that during the interim the Irish members were to remain in Westminster in their full numbers; fourth, that during the war emergency period
the six Ulster counties should remain under the Imperial government;
fifth, that immediately after the war an imperial conference of representatives of all dominions be held to consider the future government of
the empire, including the government of Ireland; sixth, that following
this conference and in the interval provided by the war emergency act,
a permanent settling of all great outstanding problems should proceed.
John Redmond, the Nationalist leader, at a recent meeting in Dublin of the Nationalist party, in referring to the
above proposals, stated that no conference had as yet
been held between the opposing factions, each party submitting its proposals to its own followers. Before the
meeting adjourned resolutions were unanimously adopted
protesting against the continuance of martial law in Ireland
and condemning the personnel and conduct of the commission appointed to probe the recent uprising.
The Ulster Unionist Council at a meeting in Belfast on
the 12th, authorized Sir Edward Carson who presided over
the meeting, to continue the negotiations on the home rule
question. No enthusiasm was shown for the proposed
home rule legislation; but, in compliance with the government's desire, the members are said to have signified their
willingness to make sacrifices to procure a settlement.
The Counties of Cavan, Monaghan and Donegal, which
protested against their inclusion in the territory to be under
the authority of the Nationalists, are said to have agreed
to abide by the decision of the other Ulster counties. A resolution is reported to have been adopted reserving to Ulster
complete freedom of action to oppose the entire Home Rule
policy in the event of the failure of the negotiations.
The importation into Italy of the following articles of luxury is prohibited,
with certain exceptions, beginning Juno 4 1916, according to a notice
published in the Italian "Official Gazette" for.June 3 Mineral waters,
GAINS AND LOSSES IN THE FOREIGN TRADE.
sparkling wines, cognac and other sweetened or perfumed spirits; confectionery and biscuits; manufactured tobacco; fatty acids; perfumery and
An analysis of the country's imports and exports for April
scented or glycerin soap; lace and tulle (linen, cotton and wool); woolen by geographical divisions serves to emphasize anew the part
carpets; unmanufactured cork; furniture and frames; wall paper; illustrated
States exports. Great
post cards, printed and lithographed material andlcardboaxd; kid gloves; , played by the war in swelling United
2227
THE CHRONICLE
'JUNF 17 1916.1
coastwise and foreign trade of the United States; and to what extent they
are consolidated, directed or operated by and through holding companies,
interlocking stock, interlocking directorates or interlocking officers.
Second. (a) The prevailing rates upon the principal commodities carried
between Atlantic and Pacific ports of the United States whollyibyjwater
or partly by water and partly by rail across the Isthmus of Panama or
Tehuantepec, and the prevailing rates between the same points,wholly
by rail; and
(b) The prevailing rates upon similar commodities transported under
like conditions wholly by water by vessels not under United States registry
for distances similar to the distance between the Atlantic and Pacific ports
of the United States.
Third. The prevailing rates upon the principal commodities carriediby
vessels in the coastwise trade or the United States as compared with the
rates on similar commodities for similar distances carried by vessels in
- the foreign trade of the United States; and
-Month of April- -10 Months ended with April
Fourth. The prevailing rates upon similar commodities transported
1915.
1916.
1915.
1916.
Importsfromwholly by water by vessels not under United States registry for:similar
Grand Divisions:
52,953,660 46,471,025 489,650,645 527,466,270 distances under similar conditions as compared with the rates in the coastEurope
North America.._ - 59,815,057 46,919,448 454,705,102 372,765,578 wise trade of the United States.
South America.. 40,964,497 32,905,164 312,205,689 216,194,667
The report states that tne data submitted shows that
46,786,275 24,625,786 333,571,506 201,355,226
Asia
27 railroad systems were engaged or were interested in the
78,538,143
38,895,256
7,902,668 5,807,544
Oceania
53,697,030
17,512,752 transportation of freight by water, either directly or indi9,283,240 3,847,139
Africa
Britain and her allies are taking perfectly enormous amounts
of merchandise and goods from us. The United Kingdom
leads with $135,072,616 to its credit for April, this year, as
against $94,318,789 last year. Germany in April of both
this year and last year received no shipments from the
United States, because of the British blockade, and for the
ten months of this year the exports to that country amounted
to but $283,385. The figures for the month and ten months
for the separate countries, as compiled by the Bureau of
Foreign and Domestic commerce of the Department of Commerce, are printed below:
Total
217,705,397 160,576,106 1,722,368,115 1,374,189,749
Principal countries:
1,293,206
9,118,260.
302,898
30,101
Austria-liungary_
1,199,102
10,053,226
575,193
62,565
Belgium
83,673,004
66,413,391
9,804,732 5,489,613
France
12,682,015
86,372,191
432,128 2,663,613
Germany
45,484,668
45,180,901
5,916,768 6,665,210
Italy
25,618,793
27,460,825
2,501,957 2,284,304
Netherlands
440,565
5,867,718
9,745,513
583,085
Norway
47,091
144,854
2,812,793
2,317,844
Europe_
Russia in
1,488,445
2,743,654
15,226,172
21,296,998
Spain
569,878
1,302,401
10,287,551
9,827,466
Sweden
16,296,348
1,489,962
1,381,067
17,295,468
Switzerland
United Kingdom.. 24,889,717 23,489,999 245,052,118 211,451,308
15,913,365 9,751,954 165,224,688 133.115,161
Canada
61,038,769
79,023,437
Mexico
9,275,585 5,678,619
27,477,120 26,054,740 165,121,402 138,534,461
Cuba
61,088,455
90,638,024
Argentina
11,603,755 9,441,931
84,396,342
Brazil
13,206,712 11,698,528 108,590,045
21,462,068
46,496,765
6,911,40/
3,952,920
Chile
30,727,247
56,446,685
3,207,487
China
8,752,809
69.998,125
British East Indies 18,574,976 10,495,944 133,083,467
83,414,255
14,840,437 8,319,695 116,986,207
Japan
Australia and
17,659,998
4,372,710
54,162,344
New Zealand.... 5,231,716
20,266,228
31,421,077
1,282,232
Philippine Islands 2,586,013
13,870,029
29,337,464
5,609,454 3,052,456
Egypt
-Month of April- -10 Months ended with April
1915.
1916.
1915.
1916.
Exports toGrand divisions:
259,870,609 217,491,915 2,356,223,753 1,588,804,936
Europe
North America _ 73,408,366 41,554,105 582,293,651 388,608,662
73,603,809
South America___ 14,464,527 10,843,481 141,831,663
91,259,248
Asia
40,545,598 14,998,246 197,344,075
60,803,573
81,856,876
Oceania
8,123,282 7,807,699
22,743,554
35,832,089
Africa
3,448,775 2,050,467
rectly through subsidiary rail line or water line carriers.
These systems, with the number of vessels owned, controlled
or leased by them, and the registered tonnage of such vessels
as of June 30 1914 were:
Steam Vessels.
System
Desigxation.
A
B
C
13
E
F
G
H
I
J
X
L
M
N
0
P
Q
R
S
T
U
V
W
X
Y
51
52
Names of Railroad Systems.
Barges.
Totalof Vessels,
Gross
Gross
Gross
No. Ton'ge. No. Ton'ge. No. Tonnage.
13,373
b6 13,373 _------- 36
Atlantic Coast Line Co_a
Bessemer dr Lake Erie RR.Co_c_
5,146
dl 5,146 ____ ...... dl
Buffalo Roth. & Pitts. Ry. Co
__
.
..
Chesapeake & Ohio Ry. Co.e..
17,335
3 2,336 18 14,999 21
Del. Lack. & Western RR_/
523
1
1
623 ____ .._
Erie & Mich. Ry.& Nay. Co_ _
8 20,343 15 10,265 23
30,608
Erie RR. Cog
_..- ______ .._ _
Florida East Coast Ry.Co_h_..--_
29,206
3
3 29,206
Great Northern Ry.Co.3
43,484
9
9 43,484
Illinois Central RR Co
49,467
12 21,233 49 28,234 61
Lehigh Valley RR.Co_g
7
--8,080
7 3,080 ---Maine Central Ry. Co
88,721
2 1,562 k32
N. Y. Cent.& H.Ely. RR. Co../ k30 87,159
74 134.'784 4'7 26,792 121 161,578
N. Y. N. H.& II. RR. Co_l
Norfolk & Western Ry.Co_e_
1,101
9
962
6
139
3
Norfolk Southern RR
1,640
m3
m3 1,640 ____ _ _
Northern Pacific Ry. Co
47,164
3 2,728 19
16 44.436
Pacific Coast Steamship Co
95,122
69 73,194 33 21,928 102
Pennsylvania RR.Con
14,315
02 4,315
02
Pere Marquette RR.Co
88,907
15 8,171 8'7 80,736 102
Reading Co
35,583
p20
p20 35,583 -___
Seaboard Air Line Ry
70 245,756 24 14,239 94 259,995
Southern Pacific Co
15,428
qg
q8 15,428 ____ ______
Southern Ry. Coe
16,205
10
10 16,205 ____ ______
Union Pacific RR.Co
19,990
r7
r7 19,990 ____ ______
Canadian Pacific Ry. Co
30,006
11
11 30,006
Grand Trunk Ry.Co. of Can_s
Total
388 855,530 284 202,445 672 1,057,975
I
a Also interested with Chesapeake & Ohio Ry. Co., Norfolk & Western Ry. Co.,
Seaboard Air Line Ry.and Southern Ry.Co.,in 15 of the 20 steam vessels, included
under system V, and with Southern Ry. Co. in the eight steam vessels included
X.
Total
399,861.157 294,745.913 3,395,382,107 2,225,823,782 under systemthree steam vessels referred to in note h below.
b Includes
c Interested with Pere Marquette RR. Co. in the two steam vessle shown under
Principal countries:
system T.
hags
1.249
152,916
1,219,924
Austria-lItmgary
d Steam vessel referred to in note s below.
355,482
1,415,825
16,163,724
e See note a above.
18,210,028
Belgium
f Also interested with Erie RR. Co., Lehigh Valley RR. Co. and New York Cen2,937,155 7,445,860
46,983,907
70,549,822
Denmark
55,709,141 51,688,836 477,615,253 276,576,310 tral & Hudson River RR.Co.in 12 of the 30 steam vessels included under system M.
Franco
g See note f above.
283,385
28,861,187
Germany
h Interested with Atlantic Coast Line Co.In three of the six steam vessels included
4,808,162
1,798,018
26,914,005
21,776,723 under system A.
Greece
i Also interested with Northern Pacific Ry. Co. In the three steam vessels shown
20,292,937 19,375,299 220,605,330 158,153,469
Italy
under system Q.
8,239,541 20,798,799
Netherlands
80,408,549 122,691,172
Also interested with Pennsylvania RR. Co. and Canadian Pacific Ry. Co. In
6,348,840
3,493,420
43,604,875
Norway
35,894,976 two of the seven steam vessels included under system Z1.
k Includes the 12 steam vessels referred to in note above and the two steam vesRussia in Europe_ 15,830,742 4,876,974 144,359,883
16,841,540
referred to in
3,971,234
Spain
4,663,037
42,930,259
30,137,401 sels Also interested note I below. Central & Hudson River RR. Co. in two of the
with New York
I
3,238,913
5,930,314
Sweden
46,394,910
71,911,063 30 steam vessels included under system M.
United Kingdom_135,072,616 94,318,789 1,185,680,135 724,941,561
m Steam vessels referred to in note I above.
n See note J above. Also interested with Canadian Pacific Ry. Co. in one of the
48,997,966 25,616,947 366,257,320 245,566,742
Canada
steam vessels included under system Z1. Connected with the interest in
Central America.. 3,074,544 2,873,277
33,749,507
27,131,317 seven transportation of Norfolk & Western Ry. Co. and Southern Pacific Co.
water
3,972,139 3,121,168
40,063,324
Mexico
27,249,659 through stoqk ownership in these companies.
12,337,508 6,464,622 102,381,773
o Steam vessels referred to in note c above.
Cuba
61,480,743
p Includes the 15 steam v.ssels referred to in note a above.
6,044,423
3,693,501
Argentina
53,189,863
21,875,408
q Steam vessels referred to in note a above.
2,182,263 2,864,282
31,292,440
Brazil
20,029,871
r Includes the two steam vessels referred to in note above, and one steam vessel
1,969,861
1,298,545
18,537,421
8,562,457 referred to in note n above.
Chile
s Also interested with Buffalo Rochester & Pittsburgh Ry. Co. in one steam
2,509,006
1,708,148
18,659,270
12,375,531
China
vessel shown under system C.
2,332,305 2,130,610
20,071,472
Indies
all
British East
Japan
Russia in Asia_
Australia and
New Zealand....
Philippine Islands
British Africa....
8,033,337
26,537,049
3,530,160
6,076,582
56,166,665
85,082,320
13,131,118
33,298,865
18,379,891
6,112,937
1,880,194
2,190,812
4,152,977
3,558,352
1,295,832
62,198,054
18,578,378
23,946,198
39,057,209
19,991,944
14,380,328
A summary of the vessels operated by the 27 railroad systems or their subsidiary companies is published in the report
as follows:
Operating Companies.
Class.
Steam Vessels.
Barges.
TotalofVessels.
I Gras
Gross
Gross
No. No. Ton'ge. No. Ton'ge. No. Tonnage.
INTER-STATE COMMERCE COMMISSION'S REPORT
17 121 191,008 121 111,940 242 302,948
Rail carriers
ON WATER AND RAIL CONNECTIONS.
40 248 637,916 158, 89,350 406 727,268
Water carriers
Commission presented to the
The Inter-State Commerce
57 3691828,924 279 201,290 a648 1,030,214
Total
I
1
Senate last month a report of its investigation of the relations
a Does not include 12
between rail and water carriers, in response to the Senate gross tonnage 1,155 tons,steam vessels, gross tonnage 24.580 tons, and 5 barges,
not operated on June 30 1914, and 7 steam vessels, grcss
resolution of May 16 1914. Under the resolution the Com- tonnage 2,026 tons, operated by companies not shown in Exhibit 1.
mission was called upon to ascertain, by requiring special
Of the 648 vessels in the above table 498 with a gross
reports of rail lines, coastwise vessel lines and of such other tonnage of 596,225 operated on the Atlantic and Gulf coasts,
lines as in the judgment of the Commission seemed advisable: 71 with a gross tonnage of 234,499 on the Pacific Coast and
First. (a) To what extent vessels and steamship lines are engaged in 69 of a gross tonnage of 199,490 on the Great Lakes. The
transporting freight between Atlantic and Pacific ports and in the coastwise
report states that the inquiry was pursued "through the
trade of the United States, wholly by water, or partly by water and partly
by rail, under the joint ownership, common control, community of interest medium of two forms of special report series circulars which
or otherwise, with railroad companies; and
were mailed to individuals, firms and corporations engaged
(b) What vessels or steamship lines are so owned and controlled, and the in the business of transporting freight and in which each
owners, stockholders, trustees, holding companies, directors
names of the
and officers of all steamship lines and railroad companies engaged in the individual, firm or corporation addressed was directed to
rns
THE CHRONICLE
[VOL. 102.
makefull and true answers to the interrogatories propounded." the rate was 60 cents by water and $3 20 by rail. Water
The report continues:
rates on iron and steel were given as 25 to 35 cents, as comOne form of circular was mailed to each of 1,148 railroads and the other
form to each of 841 carriers engaged in transportation by water. Of the pared with 65 to 80 cents by rail. On agricultural products
latter, 17 were railroads whose transportation by water was conducted the water rate was almost uniformly 67% less than the allas an auxiliary operation; 646 were firms or corporations engaged solely rail rate.
In coastwise or inland water commerce, and 178 were firms or corporations
engaged in water commerce involving the foreign trade of the United States.
It developed from the attested returns made that the circular of inquiry BANKING, LEGISLATIVE AND FINANCIAL NEWS.
was inapplicable with respect to 1,033 rail and water linos and they were
The public sales of bank stocks this week aggregate 30
therefore returned unanswered by those carriers. The circulars addressed
to 69 rail and water lines were returned unanswered or undelivered, appar- shares, of which 15 shares were sold at the Stock Exchange
ently because the companies addressed were no longer conducting their and 15 shares at auction.
No trust company stocks were
operations. Of the carriers addressed, 550 made no return at all. As to
these latter companies our records disclosed that 157 were railroads per- sold. A sale of 15 shares of Hanover National Bank stock
forming only a road-haul service; that 50 wero switching and terminal com- was made at auction at 6431 —an advance of 373'2
A
points
panies; that 252 were domestic carriers by water; and that 91 were foreign
carriers by water. The 157 non-reporting rail carriers are largely located over the price paid at the last previous public sale in Febin interior territory and their operations are relatively small. Inasmuch ruary.
as our files fail to disclose any corporate or other relations with carriers Shares. BANKS—New York.
Low. High. Close. Last Previous Sale.
by water it was deemed unnecessary to make special examinations of the *15 Commerce, Nat. Bank of____ 168
170
168
June 1916— 171
non-reporting rail carriers.
15 Hanover Nat. Bank
643% 6434 643% Feb. 1916— 606
It is upon the returns made by 337 reporting carriers, 170 of which are
railroads and 167 carriers by water, that this report Is based. These railThree New York Stock Exchange memberships were posted
roads represent substantially all the railway mileage operated under corporate or other relationship with water carriers. The report deals with con- for transfer this week, the consideration in each case being
ditions as of June 30 1914.
$65,000, an unchanged price from the last preceding
Among the exhibits presented in the report is one showing
the names of carriers by water in which railroad companies
are interested through stock ownership or otherwise, the
waters traversed by the boat lines and the terminal ports
reached by their vessels. This exhibit also shows the railroad companies which own securities of the water carriers,
the details as to the stock owned, and in cases of controlling:
interest the form and extent of the control, whether the control is direct or indirect, and the name of the intermediary
through which the control, if indirect, is exercised. There
is also an exhibit in which is furnished the names of the individuals, companies or corporations interested in water
and rail carriers, the particular companies in which each is
interested, and the character of his or its connection with
each company, whether director, officer or stockholder.
Reference is made to the fact that the resolution requested
the names of all stockholders of steamship lines and railroads
engaged in the coastwise and foreign trade of the United
States; and the report states that as a literal compliance with
that part of the resolution was quite impracticable the
carriers were required to show only the names of the largest
stockholders; the stockholders shown in the exhibit are therefore only those holding 100 shares or more of the capital stock
of railroads, who likewise were the largest holders of voting
securities of steamship lines. Still another exhibit sets out
the number of water carriers operated in community of
interest with railroads through interlocking stocks, interlocking directorates or interlocking officers and not through
corporate relationship. This exhibit also includes the
New York & Cuba Mail SS. Co., known as the Ward Line,
and the Southern SS. Co., because of their intercorporate
relationship to the Atlantic Gulf & West Indies SS. Line.
With reference to these exhibits the report says:
From these three exhibits it appears that 121 railroads were interested
n 86 carriers by water through intercorporate relationship, interlocking
stocks, directorates or officers. Of the railroads, the interest of 69 was
through interlocking stocks, directorates and officers only, and of 52 railroads through intercorporato relationship. Of the latter, 50 railroads were
also among those whose interest in water carriers was through interlocking
stocks, directorates or officers. Of the 86 carriers by water 40 had no
corporate relationship with any railroad. Railroads were interested in
these water carriers through interlocking stocks, directorates or officers
only. These 40 companies owned and operated 426 vessels, which have a
combined gross tonnage of 1,883,966 tons.
There is likewise an exhibit setting out the principal commodities handled. In this exhibit are shown representative
ports between which shipments of each of these commodities
have been made; the approximate distance between such
ports, and representative rates wholly by water, by water
and rail and wholly by rail. The rates applicable to all
water transportation are segregated as between the rates on
shipments in the coastwise trade and the rates on shipments
in the foreign trade; the rates on shipments in the foreign
trade are further subdivided so as to show the *rates on shipments carried in vessels under United States registry and the
rates on shipments carried in vessels under foreign registry.
During the time covered by the Commission's report vessels
were operating actively through the Panama Canal, furnishing real competition with the railroads. Soon afterward the great,slide in the,Canal blocked traffic entirely for
many months, and it has been resumed only on a comparatively small scale. The report said that in most cases the
water rates through the Canal were from 50 to 60% lower
than the rail rate from coast to coast. Virtually the only
exception was in the case of leather, upon which the rate
was $1 25 per hundred pounds, both by rail and by water.
The greatest difference was on gin and whiskey, upon which
trans-
action.
In anticipation of a record attendance at the American
Institute of Banking the Cincinnati chapter is busily engaged in perfecting arrangements for the accommodation
and entertainment of delegates on Sept. 20, 21 and 22.
Under the leadership of Gus. G. Hampton of the Fifth-Third
National Bank, as:Chairman of the Hotel's Committee,
reservations are being made. The Hotel Sinton will be the
official headquarters, while the Gibson, Emery, Grand,
Havlin, Metropole, Palace and Savoy Hotels will accommodate many of the delegates and their friends.
Portraits of George F. Baker, Chairman of the Board of
the First National Bank,and of William A. Nash, Chairman
of the Board of the Corn Exchange Bank, both of whom are
former Presidents of the New York Clearing-House Association, have been hung in the assembly room of the Clearing
House. Mr. Baker's portrait was donated by Francis L.
Hine, President of the First National Bank, while that of
Mr. Nash was presented by Walter E.Frew, President of the
Corn Exchange Bank.
The payment of the unsecured depositors of the defunct
West Texas Bank & Trust Co. of San Antonio, Texas, which
has been held up since the failure of the institution in April
last by a temporary injunction obtained by the City of San
Antonio, was authorized by a recent decision of District
Judge F. G. Chambliss upholding the constitutionality of the
Texas State Bank Guaranty Law. The city had applied
for a receiver and for an injunction restraining Commissioner
of Insurance and Banking John S. Patterson (in charge of
the defunct institution) from paying the depositors, who are
guaranteed under the State Bank Guaranty law. The city
asked damages of $517,437 (the amount of its deposits in the
bank), claiming, according to the San Antonio "Express,"
that it had a priority right to payment on the ground that
the $402,676 of its special funds on deposit in the bank are
trust funds. In refusing to grant the city's application,
Judge Chambliss, held that the suit was against the State of
Texas and was not permitted by law "for the reason that the
State has a preference lien on all the assets of all State banks
operating as such in this State when such bank is taken in
charge by the Commissioner of Insurance and Banking."
The suspension of the West Texas Bank & Trust Co. was reported in these columns on April 22.
Commissioner Patterson has announced, says the Dallas
"News," that he had devised and would submit to the Texas
Legislature an amendment to the State Bank Guaranty Law
whereby there need be no more "consumptive" banks in the
Texas system. He will ask that the Commissioner be empowered to make pro rata assessments against stockholders
of State banks that might otherwise have to be liquidated
for the benefit of creditors. Mr.Patterson said that he had
conceived the plan as a result of the failure of the West Texas
Bank & Trust Co. of San Antonio. If he had been empowered to make assessments in this case, he said, die bank
need never have discontinued business.
Frederic G. Lee, President of the Broadway Trust Co. of
this city, was tendered a dinner on the 14th inst. in celebration of the institution's achievement in reaching the $25,000,000 deposit mark. Mr. Lee was presented with a silver
traveling set. The Broadway Trust Co. was organized in
1902 with $700,000 capital and $350,000 surplus. The corn-
JUNE 17 1916.1
THE CHRONICLE
2229
profits to surplus, bringing surplus account
pany now has $1,500,000 capital and surplus and undivided from undivided
to the same figure as the capital—$100,000. During the adprofits of over $900,000.
ministration of R. A. Patteson as President, since March 1
Chairman of the Board of American 1895, the institution has paid $219,500 in dividends and has
Logan C. Murray,
surplus and undivided profits of $180,000. The
Southern National Bank of Louisville, Ky., has accepted accumulated
of Southern Adviser for the Southwestern States bank has deposits of over $1,000,000.
the position
in the business of the Irving National Bank of New York,
George W. Coleman, former bookkeeper of the National
and will devote his time to this work at the office of the
City Bank of Cambridge, Mass., whose peculations of about
the Woolworth Building.
Irving in
$300,000 were responsible for the failure of that institution
of exporters and importers in in 1910, has been granted a Federal parole, after serving
To assist its large clientele
proceedings in
the development of their business with oversea countries, six years of a fifteen-year sentence. The
Irving National Bank, New York, has appointed G. A. equity brought by John L. Bates, receiver of the bank,
the
O'Reilly, formerly Assistant Secretary of the Latin-American against its directors to hold them responsible for Coleman's
Return Visit Committee, Foreign Trade Representative. defalcations, was reported by Robert 0. Harris, master, in
Mr. O'Reilly spent seventeen years in foreign countries as favor of the defendants; on an appeal from the master's
Judge
a special representative of the Government,a part of the time report the findings in the case were reversed by
An appeal to the
being devoted to the study of industrial, commercial and Bingham of the U. S. District Court.
pending.
economic conditions in Europe and Asia. In the capacity U. S. Court of Appeals from the decision is
Latin-American Return Visit
of Assistant Secretary of the
At a meeting this week of directors of the State Street
Committee, Mr. O'Reilly had charge of the arrangements
visits of parties of United States bankers Trust Co., Boston, Clifford L. Lyall, formerly Assistant
'concerning the
and business men to South and Central America, in connec- Treasurer, was elected Treasurer; relieving Ashton L. Carr
of the duties of that office. Mr. Carr has been acting both
tion with the Federal foreign trade campaign.
as Vice-President and Treasurer.
T. D. MacGregor, Vice-President of the Harvey Blodgett
William H. Wellington has been elected Vice-President of
Co., bank advertising specialists, of St. Paul, Minn., has
resigned to accept a position in the Department of Publicity the Boston Safe Deposit & Trust Co. of Boston; he succeeds
and New Business of the Guaranty Trust Co. of New York. the late James Longley.
Mr. MacGregor is known both as a writer and speaker on
An application for a charter for the South Boston Trust
financial advertising, and as the author of several books on
a half years he has been Co., capital $200,000, has been made to the Massachusetts
that subject. For the past eight and
editor of the Banking Publicity Department of the "Bankers Board of Bank Incorporation.
Magazine," New York. Mr. MacGregor addressed the
J. D. C. Bradley and George H. Davenport have been
North Carolina Bankers' Association at its convention at
Asheville on the 15th inst. His subject was "Spending the elected directors of the New England Trust Co. of Boston.
Advertising Appropriation of the Bank."
The directors of the Exchange Trust Co. of Boston held
their regular monthly meeting on the 13th inst. at 124
At the invitation of H.P. Davison, the "Bankers Club,"
This meeting was an innovation owing to
composed of the directors, officers and employees of the Boylston Street.
the fact that it was the first directors meeting held at the
Bankers Trust Co., of this city, held its annual outing last
Street Branch, where the Company's safe deposit
Saturday at Peacock Point, Long Island, Mr. Davison's Boylston
quarters have been enfirst time, ladies were .vaults are located. The banking
country estate. This year, for the
larged, and material changes made,due to increased business.
included in the party, and the entire staff of the Astor Trust
this meeting the regular quarterly dividend of 1M%
Co. participated in the outing as guests of the Club. The At
was declared, payable July 1, 1916, to stockholders of
excursion steamer Mandalay, chartered to accommbdate the
June 20 1916.
entire party of 700 guests, loft the Battery Landing at 1:30 record
One of the attractions was a championship match
p. m.
The directors of the Dorchester Trust Co. of Boston have
between the baseball teams of the Astor and Bankers.
declared a quarterly dividend at the rate of 8% per annum
Supper was served on the boat on the home trip.
on the$200,000 capital, an increase of 2% in the annual rate.
J. Pulleyn, President of the Emigrant Industrial
John
The Boston Morris Plan Co. opened for business on
Savings Bank of this city, has been elected a director of the
June 14 at 40 Court Street. The organization of this comBroadway Trust Co.
pany was referred to in these columns on May 20. Two
L. Gerry and Parker D. Handy were elected other Morris Plan Companies in Greater Boston will soon
Robert
directors of the Farmers Loan and Trust Co. of this city start business, namely, the Malden Morris Plan Co., capital
$50,000, and the Chelsea Morris Plan Co., capital $50,000.
at the annual meeting on the 13th inst.
John H. Wood has been appointed Assistant Treasurer;
The Transatlantic Trust Co. of this city has declared a
George W. Brown, Jr., Assistant Treasurer, and H. B. V.
dividend of 3% payable June 30to holders of record June 28.
Mecke, Assistant Secretary of the Logan Trust Co. of
The company began business May 22 1912 and paid its first
Philadelphia, all newly created offices. Mr. Wood conon Dec. 31 1915.
dividend of 6%
tinues as Secretary of the company and Mr. Mecke as
Mott, President of the Mechanics' Bank of paying teller. The changes were made to facilitate the
Harry M. De
Brooklyn, has been elected a director of the Bank of Flat work of the company during the absence of the President,
Rowland Comly, who has been granted an indefinite leave
bush, to succeed the late Charles G. Balruanno.
of absence on account of ill-health. The company, during
The Citizens' Trust Co. of Patchogue, Long Island, with the time occupied in the erection of its new four-story build$100,000 capital and $50,000 surplus, started business this ing at 1431-1433 Chestnut Street, will be housed in temweek as successor to the Citizens' National Bank, capital porary quarters at the southwest corner of 15th and Chest$50,000. The organization of the institution remains the nut Streets. Reference to the proposed new building was
same, the only changes being in name and capitalization. made in our issue of April 22.
The bank had deposits of over $60),000 and surplus of
John McGlinn, Vice-President and a director of the Conti$50,000.
nental-Equitable Title & Trust Ca. of Philadelphia, died on
The Fourth Ward Trust Co., capital $150,000, will shortly the 11th inst. Mr. McGlinn was one of the founders of the
begin business in Passaic, N. J., at the corner of Madison old Continental Title & Trust Co. and served as Vice-PresiStreet and Lexington Avenue. Mayor George N. Seger dent and a director of that institution from the date of its
will be President of the new bank and S. D. Scudder will organization in 1898 to 1912, when the company was merged
with the Equitable Trust Co.; he thereupon became Vicebe general manager and Cashier.
President and a director of the consolidated concern—the
The directors of the Tarrytown National Bank of Tarry- Continental-Equitable Title:&;Trust Co.
town, N. Y. have authorized the payment on July 1 of the
John R. McLean, multi-millionaire publisher of the Washregular semi-annual dividend of 3% and an extra dividend of
4%. The directors also authorized the transfer of $50,000 ington "Post" and the Cincinnati "Enquirer,'! died in Wash
2230
THE CHRONICLE
[VOL. 102.
ington on June 9; he was sixty-seven years of age. Mr.
THE ENGLISH GOLD AND SILVER MARKETS.
McLean was for many years prominent in Ohio politics; he
We reprint the following from the weekly circular of
was interested in several traction enterprises in Washington
and was also at the time of his death a director of the Ameri- Samuel Montagu & Co. of London, written under date of
can Security & Trust Co. and the Riggs National Bank of May 25 1916:
GOLD.
Washington.
The external movements were again in favor of
The Cleveland Trust Co. of Cleveland in a brochure entitled "Battening Down" describes and explains its Lake
Marine Savings Plan through which sailors on the Great
Lakes are offered exceptional facilities for saving. By the
plan sailors are enabled to deposit their savings through the
captains, who send the various amounts to the trust company
by draft. As a special inducement to sailors to make deposits under the plan, cash prizes are to be awarded by the
trust company for the largest deposits in proportion to
earnings.
A proposition to double the $250,000 capital of the American State Bank of Detroit will be submitted to the stockholders on June 20 for their approval.
Lyman G. Bournique has resigned as Second Vice-President of the Wisconsin National Bank of Milwaukee, effective
Aug. 1. Mr. Bournique has been with the institution a
number of years, having served successively in the capacities
of Assistant Cashier, Cashier and Vice-President. He withdrawsfrom the management of the bank to become associated
with the Fagg-Taylor Grain Co.
The sale of the First National Bank and the Commercial
Savings Bank of Merced, Cal., to the Bank of Italy of San
Francisco has been ratified by the stockholders of the Merced
banks; the latter are affiliated institutions and have practically the same officials. A merger of the two Merced institutions will be effected and the combination operated under
a State charter as a branch of the Bank of Italy. The present officials of the consolidating banks will remain in charge
of the branch, L. G. Worden and J. B. Hart, respectively
President and Cashier of the two Merced banks, being made
Assistant Cashiers of the Bank of Italy; Mr. Worden will act
in the capacity of local manager. Under the new arrangenent a local advisory board will serve the functions of a
board of directors. John B. Olcese has been appointed an
Assistant Cashier and a member of the advisory board. We
mentioned in these columns last week that the Bank of Italy
had secured control of the Merced institutions.
Charles Mayo, one of the founders and President of the
Hibernia Savings & Loan Society of San Francisco, died on
the 7th inst.; he was eighty-six years of age.
the Bank of England.
The following amounts were received by the Bank:
May 19—£30,000 in sovereigns released on Egyptian account.
" 22— 75,000 "
" 23-798,000 in bar gold.
Withdrawals were made as under:
May 18—£130,000 in sovereigns for Spain.
100,000"
"
" South America.
23—
5,000" "
" U. S. A.
24— 116,000" "
" Spain.
During the week the net influx amounted to £552,000.
The Rhodesian gold output for April 1916 amounted to £339,386, as
compared with £315,541 in April 1915 and £335,368 in March 1916.
SILVER.
The current week has been noteworthy for a considerable reduction in
the price. The retention of the quotation for several days at the same
figure—a feature commented upon last week—was followed by the shedding of Md.,on each of the two succeeding days, bringing the price to 36th
on the 20th inst.
On the following day the Indian bazaars betrayed a sudden eagerness
to sell, not only the slight holdings they possessed on this side of the water.
but also considerable amounts for delivery some weeks ahead, the latter
apparently being "bear" operations. This unexpected freedom of supplies
coincided with an absence of competition, and as a result the price fell
twopence to 34d. So sensational a movement in any one day, either as
a rise or a fall—has not been recorded in recent times.
It is impossible to overlook the act that the statistical position of silver
is extremely strong—the amount of the nominalstock in London available
for sale is but a mere fraction of the total. There is no reason to believe
that hoarding of silver has yet taken place in America, at any rate to any
important extent. The heavy expenses of freight and insurance tend to
retard, if not to deter, exports from India.
The amount of silver coin and bullion in the Indian Treasury, as will be
seen below, has increased by 61 lacs, but it should be noted that the value
of the notes in circulation has increased to a larger extent, namely 91 lacs.
The last three Indian Currency returns received by cable give details
in lacs of rupees as follows:
May 7.
May 15. May 22.
Notes in circulation
64.00
63,96
64,87
Reserve in silver coin and bullion
18,15
17,71
18.22
Gold coin and bullion
12.24
12.19
12,15
Gold in England
11,92
11,92
11,92
The stock in Bombay consists of 6,000 bars, as compared with 6,800
last week.
The stock in Shanghai on April 28, consisted of 762 bars and about
35,000,000 ounces in sycee, as compared with 1,722 bars and about 35,600,000 ounces in sycee on April 14th.
No shipment was made from San Francisco to Hong Kong during the
week.
Quotations for bar silver per oz.,standard:
May 19-3634
cash
No
Bank rate
5%
" 20-36
' quotation Bar gold per oz., standard_778. 9d.
11
" 22-34
fixed
French gold coin per oz Nominal
11
" 23-3454
for
U. S. A. goal coin per oz Nominal
" 24-34 3-16 "
forward
" 25-34 3-16 "
delivery.
Av.for the week 34.77 cash.
The quotation to-day for cash is 2 1-16d. below that fixed a week ago.
ENGLISH FINANCIAL MARKETS—PER CABLE.
The daily closing quotations for securities, &c., at London,
The Merchants' Bank of Canada (head office Montreal) in
have
as follows the past week:
its statement for the year ending April 29 reports net profits as reported by cable,June 10.been12. June
London.
June
13. June 14. June 15. June 16)
Week ending June 16.
Sat.
Mon. Tues.
of $950,713. With the amount carried forward from the
Wed. Thurs.
Fri.
Sliver, per (Ns
d. 3034
31
3034
30 1-10 30 3-16
3034
previous year ($245,141), the bank had $1,195,854 available Consols, 234 per cents
61
61
61
6134
6134
6034
9634
9634
9634
9634
9634
9634
for distribution, from which the following appropriations British 434s per cents Sr. 63.00 Holiday 63.00 63.00 62.00 62.25
French Rentes (in Paris),
81
were made: dividends at the rate of 10% per annum,$700,- Russian 434s
Russian 5s
90
8834
000; donations to patriotic and relief funds, $27,000; war
The price of silver in New York on the same days has been:
tax on note circulation,$67,870,and transferred to contingent Silver in N. Y., per oz__cts_ 6334 6434 6334 63
6234
6334
fund, $150,000, leaving $250,984 to be carried forward to
new profit and loss account. The interest-bearing deposits
TRADE AND TRAFFIC MOVEMENTS.
of the bank on April 29 1916 (including interest accrued to
UNFILLED ORDERS OF STEEL CORPORATION.—
date of statement) amounted to $54,995,069, as compared
with $50,037,101 on the same date in 1915, while non-inter- The United States Steel Corporation last Saturday issued its
statement showing the unfilled orders on
est-bearing deposits aggregated $17,181,959, as against $12- regular monthlysubsidiary corporations at the
the books of the
close of May.
692,061 the previous year. The statement shows total as- The record-breaking movement was continued during the
sets of the bank of $96,361,363, which compares with 6,- month, the aggregate of unfilled orders on May 31 being
190,464 on April 30 1915. The bank has paid-in capital of 9,937,798 tons, an increase of 108,247 tons over last month,
$7,000,000 and a reserve fund of the same amount. At the when the amount of outstanding orders was 9,829,551 tons.
In the
annual meeting on the 7th inst. it was decided to increase months: following we give the comparisons with the previous
the number of directors from 12 to 14 and the by-laws were
TOM.
TOM.
Tons.
May 31
May 31
May 31
amended accordingly. H. Montagu Allan is President of April 30 1916...9,337,798 Apr. 30 1914_3.998,160 Apr. 30 1912_5,750.083
1916___9,829,551
1914___4.277.068
1912_6,664,885
Mar. 31 1916_9,331,001 Mar, 31 1914___4,653,825 Mar. 31 1912-__5,304,841
the bank and E. F. Hebden, General Manager.
Feb. 29 1916___8,568.966 Feb. 28 1914...5,026.440 Feb. 29
At the annual meeting, of the National Bank of South
Africa, Ltd., held in Pretoria (Transvaal) on June 9, the
board of directors recommended a dividend at the rate of
6% per annum, absorbing £168,000. The sum of £173,000
has been provided out of the profits for the year to cover the
war depreciation of the bank's holdings of Government and
other gilt-edged securities, thus writing them down to market
quotations as of March 31 last, with the exception of the last
war loan, which has been taken at issue price. The bank's
capital and reserve fund amount to £3,313,000 and floating
deposits to £22,000,000.
Jan. 31 1916-__7,922.767
Dec. 31 1915_7,806.220
Nov. 30 1915___7,189,489
Oct. 31 1915-__6,165,452
Sept. 30 1915_5.317,618
Aug. 31 1915_4.908,455
July 31 1915..__4.928.540
June 30 1915_4,678,196
May 31 1915___4,264,598
Apr. 30 1915_4,162,244
Mar. 31 1915-4,255.749
Feb. 28 1915_-_4,345.471
Jan. 31 1915___4,248,571
Deo. 31 1914___3,836,643
Nov. 30 1914_-_3,324.592
Oct. 31 1914._.3.461,097
Sept. 30 1914-3,787.667
Aug. 31 1914.-4.213.331
July 31 1914-4.158.589
June 30 1914...4,032.857
1912_5.454.201
Jan. 31 1914-4,613.680 Jan. 31 1912_5.379,721
Dec. 31 1913___4,282,108 Dec. 31 1911___5,084,765
Nov. 30 1913-4.896,347 Nov. 30 1911_4,141,958
Oct. 31 1913-4.513.767 Oct. 31 1911___3,694.327
Sept. 80 1913.-_5,003,785 Sept. 30 1911_3.611,315
Aug. 31 1913___5.223,468 Aug. 31 1911-3.695,985
July 31 1913.-5.399,356 July 31 1911___3,584,088
June 30 1913_--5.807,317 June 30 1911-3,361,087
May 31 1913___6,324,322 May 31 1911-3,113,154
Apr. 30 1913-6.978,762 April 30 1911_3,218,700
Mar. 31 1913...7.468.956 Mar. 31 1911_3,447.301
Feb. 28 1913...7,656,714 Feb. 28 1911_3,400,543
Jan. 31 1913_7.827.368 Jan. 31 1911_3,110,919
Dec. 31 1912...7,932,164 Dec. 31 1910_2,674,750
Nov. 30 1912__-7.852.883 Nov. 30 1910_2,760,413
Oct. 31 1912___7,594,381 Oct. 31 1910_2,871,949
Sept. 30 1912_6.551,507 Sept. 30 1910_3,158,106
Aug. 31 1912-6.153.375 Aug. 31 1910-3,537.128
July 31 1912_5,957,079 July 31 1910-2,970.931
June 30 1912-5.807,346
The figures prior to July 31 1910 were issued quarterly
. only. These, extending bank to 1901, were given in the
"Chronicle" of March 13, 1915, page 876.
gommerciat ant:MatsceliantousBews
-The clearings for the week
Canadian Bank Clearings.
ending June 10 at Canadian cities, in comparison with the
same week in 1915, shows an increase in the aggregate of
28.0%.
Week ending June 10.
Clearings at
1916.
1915.
Inc. or
Dec.
'
Canada-.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
Victoria
St. John
London
Edmonton
Regina
Brandon
Saskatoon
Moose Jaw
Lethbridge
Brantford
Fort William__
New Westm'ter_
Medicine Hat
Peterborough
Sherbrooke
Berlin
Total Canada_
201,979,1521 157,792,005 +28.0
1914.
$
$
50,435,501 +45.7
73,485,382
47,596,060 +9.0
51,892,167
22,819,221 +46.8
33,492,174
L729,049 +16.6
6,683,624
4,753,945 +17.9
5,603,478
3,720,817 +19.1
4,431,553
2,009,482 +39.6
2,805,860
2,919,657 +41.5
4,122,456
2,997,375 +34.2
4,023,429
1,545,954 +36.3
2,106,429
1,732,986 +23.3
2,136,436
2,290,198 -11.7
2,021,649
3,419,009 -39.4
2,072,759
1,536,573 +19.8
1,841,030
484,800 +10.9
537,913
801,576 +26.2
1,011,813
544,228 +49.2
812,224
304,238 +47.4
448,131
721,040
591,546 +22.0
554,921
517,754 +7.1
307,188
296,993 +3.7
313,846
228,446 +37.2
553,650
5 6,597 +7.2
653,391 Not incl. in total.
594,237,Not incl. In total.
61,759,240
43,320,326
27,689,234
10,005,140
4,479,602
4,036,019
2,096,680
2,905,642
5,648,026
2,657,636
1,712,171
1,098,775
4,074,571
2,662,258
533,382
1,392,139
949,139
492,815
653,319
1,007,314
476,845
614,681
1913.
$
63,592,224
43,918,838
31,994,210
12.728,600
4,087,098
3,557,489
2,330,192
3,289,869
4,977,770
3,718,596
1,542,240
2,087,182
4,418,251
2,594,161
548,011
1,945,279
1,117,990
515,800
684,768
1,210,463
611,798
672,695
181,104,9541 192,143,524
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Diuidends announced this week are printed in italics.
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam).
23
Alabama Great Southern, ordinary
2
Common (extra)
3
Preferred
I
Preferred (extra)
4%
Albany dr Susquehanna
3
Allegheny & Western, guaranteed
234
Atchison, Topeka dc Santa Fe, preferred_
234
Atlantic Coast Line RR., common
2
Bangor & Aroostook
50c.
Beech Creek, guaranteed (guar.)
234
Boston & Albany (quar.)
4
Boston de Lowell
134
Boston Revere Beach de Lynn (quar.)
2
Buffalo dc Susquehanna, preferred
134
Canada Southern
Canadian Pacific, common (au.)(No.90) 234
2
Chicago, Burlington & Quincy (quar.)
Chicago Indianapolis & Louisville, corn_ _ _
33(
2
Preferred
Chic. dr N. W.,common (quar.)
15i
Preferred (quar.)
2
1g
Cleveland Gine. Chic. & St. Louis, pref_ _ _
2
Connecting Railway (Philadelphia)
3
Cuba RR., common
Preferred
3
Delawa e & Hudson Co.(quar.)
23(
2
Detroit Hillsdale & Southwestern
Detroit & Mackinac, common & preferred 234
3
Detroit River Tunnel
Fitchburg, preferred (guar.)
13
3
Greene RR., guaranteed
Harrisb. Portsm. Mt. Joy & Lancaster_ _ _
334
g
Extra
2
Hocking Valley
2
Illinois Central, leased lines
134
Interborough Consol. Corp., pref. (qu.)_
Interborough Rapid Transit (guar.)._ 5
1q
Joliet & Chicago (guar.)
13(
Kanawha & Michigan (guar.)
1
Lackawanna RR. of N. J. (quar.)
$1.25
Little Schuylkill Nay., RR. & Coal
334
& Nashville
Louisville
$5
Mahoning Coal RR., common
$1.25
Preferred
1g
Railway (quar.)
Manhattan
2
Michigan Central
2
Mobile & Birmingham, preferred
$1.75
Morris & Essex
131
New York Central RR.(quar.)
$2.50
N. Y. dc Harlem, corn. & pref
N. Y. Lackawanna & Western (quar.)- 13(
Norfolk dc Western, common (quar.)... 131
I
Common (extra)
Philadelphia Baltimore & Washington_- 2
Pitts. Ft. Wayne & Chic., spec. gu. (qu.) 13
in
Regular guaranteed (quay.)
I
Reading Company, 2d pref. (quar.)
4
Rensselaer & Saratoga
St. Louis cfc San Francisco cifs.K. C. Ft. S. & M., pref. tr. ells. (qu.). 1
134
Southern Pacific Co.(quar.)(No.39)
2
Union Pacific, common (quay.)
214
Valley RR. (N. Y.)
5
Vermont Valley
Street and Electric Railways.
Books Closed.
Days Inclusive.
June 29 Holders of rec. June 12a
June 29 Holders of rec. June 12a
Aug. 28 Holders of rec. July 22a
Aug. 28 Holders of rec. July 22a
July 1 June 16 to June 30
July 1 Holders of rec. June 23a
Aug. 1 Holders of rec. June 30a
July 10 Holders of rec. June 19a
July 1 Holders of rec. June 30
July 1 Holders of rec. June 20a
June 30 Holders of rec. May 30a
July 8 Holders of rec. May 27a
July 1 Holders of rec. June 10
July 15 Holders of rec. June 30a
Aug. 1 Holders of rec. June 30a
June 30 Holders of rec. June la
June 26 Holders of rec. June 20a
June 29 Holders of rec. June 19a
June 29 Holders of rec. .1une 19a
JUIY 1 Holders of roe. June la
July I Holders of rec. June la
July 20 Holders of rec. June 27a
June 30 Holders of rec. June 204
Nov. 1 Holders of rec. June 15a
Aug. 1 Holders of rec. June 30a
June 20 Holders of roe, May 27a
July 5 June 21 to July 5
July 1 Holders of rec. June lba
July 15 Holders of rec. July 8a
July 1 Holders of rec. June 1
June 19 Holders of rec. June I5a
July 10 Holders of rec. June 20a
July 10 Holders of rec. June 20a
June 30 Holders of reo. June 17a
July 1 June 11 to July 4
July 1 Holders of rec. June 104
July 1 Holders of rec. June 204
July 3 Holders of rec. June 23a
June 30 Holders of rec. June 26a
July 1 Holders of rec. June 04
July 15 June 13 to July 14
Aug. 10 Holders of rec. July 20a
Aug. I Holders of rec. July 15a
July 1 Holders of rec. June 19a
July I Holders of rec. Juno 15a
July 29 Holders of rec. June 30a
July 1 June 2 to June 30
July I Holders of roe. June 7a
Aug. 1 Holders of rec. July 7a
July I Holders of roe. June lba
July 1 Holders of rec. June 15a
June 19 Holders of rec. May 31a
June 19 Holders of rec. May 31a
June 30 Holders of rec. June 14a
July 1 Holders of rec. June 10a
July 5 Holders of rec. June 104
July 13 Holders of rec. June 29a
July 1 June 16 to June 30
July
July
July
July
July
134 July
American Cities Co., preferred( No. 11)__
Asheville Pow. & Lt., pl. (qu.) (No. 17).. 13( July
$1.50 July
Boston& Worcester Elec. Cos., pref
Brasillan Trite., Lt. & Pow., pref. (quar.) 13 July
134 July
Brooklyn Rapid Transit (quar.)
California Ry. & Power, prior pref. (qu.) 131 July
Carolina Pow. & Li., pi. (qu.) (No. 29).. 131 July
2231
THE CHRONICLE
JUNE 17 1916.]
1
I
1
1
1
June 17 to July 2
Holders of roe. May 31a
Holders of roe. June la
Holders of rec. June 22a
Holders of roe. June 22
Holders of rec. June 19
Holders of roe. June 23
Holders of rec. June 15
Holders of roe. June 7a
June 18 to June 30
Holders of rec. June 19
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Street and Electric Rys. (Concluded).
Cities Service. common (monthly)
34 Aug. I Holders of roe. July 156
3k July 1 Holders of rec. June 15a
Common
134 July 1 Holders of rec. June 144
Cleveland Railway (par.)
July 1 Holders of rec. June 16a
Columbus(Ga.)Electric Co., pref.(No.20)_
Col. By.,Pow.& Lt., pref. A (qu.)(No. 10) 134 July 1 Holders of roe. June 15
July 1 Holders of rec. June 15
1
Prior preferred (guar.)
Aug. 1 Holders of rec. July 17a
Commonwealth Pow., By. &14.,com.(quar)
I g Aug. 1 Holders of rec. July 17a
Preferred (guar)
June 30 Holders of me. May 314
$3
Continental Passenger, Philadelphia
July 1 Holders of rec. June 156
Duluth-Superior Trac., pref. (quar.)..
July 1 Holders of rec. June 16a
2
Eastern Texas Elec. Co.. corn. (No. 1)...
July 1 Holders of rec. June 16a
3
Preferred (No.9)
131 June 30 Holders of rec. June 15
Water L. dc RR., lot pref.(qu.)_ _
Elmira
131 June 30 Holders of rec. June 15
Second preferred (guar.)
July 10 Holders of rec. June 29a
3
El Paso Elec. Co., preferred (No. 28)Frankford&Southw'k Pass.(Phila.) (qu.) $4.50 July 1 Holders of rec. June la
July 1 June 18 to June 30
Heslone. Mantua & Fairm., Phila., com_ _ $1
$1.50 July 1 June 18 to June 30
Preferred
134 July 1 Holders of rec. June 15a
Illinois Traction, preferred (quar.)
1131 June 30 Holders of rec. June 20
Internat. Traction, Buffalo, corn.(No. 1)
June 30 Holders of rec. June 20
7% 1st preferred (quar.)
p June 30 Holders of rec. June 20
4% 2nd preferred (quar.)
June 30 Holders of rec. June 20
4% 2nd pref. (on acct. of accum. div.) h42
July 1 June 11 to June 15
1
Louisville Traction, common (quar.)
Manila Elec. RR.& Ltg. Corp. (quar.). 1% July 1 Holders of rec. June 17a
134 July 1 Holders of rec. June 22a
Mohawk Valley Co. (var.)
131 July 1 Holders of rec. June 26
Nashville Ry. & Light, pref. (quar.)
July 1 Holders of rec. June 23
2
National Properties, common
July 1 Holders of rec. July la
3
N'port News&Hampton Ry..0.&E..com.
New York State Railways, corn. & pref.(qu) 131 July 1 Holders of rec. June 22
134 July 1 Holders of rec. June 104
Northern Ohio Trac. & Lt., pref. (quar.)_ _
75c. July 1 June 22 to June 30
Reading Traction
July 1 June 16 to July 2
$3
Ridge Ave. Pass., Phila. (guar.)
Holders of roe. June la
July
Second & Third Sts. Pass.. Phila. (quar.) $3
Sp'gfield(Mo.)Ry.& Lt., pi.(qu.)(No. 6) 131 July 1 Holders of rec. June 15a
July 1 Holders of rec. June 156
1
Third Avenue Ry. (quar.)
July 1 June 21 to June 30
1
Tr -City Ry. & Light, com. ((mar.)
134 July 1 June 21 to June 30
Preferred (quar.)
Twin City Rapid Transit, corn. (quar.)
134 July 1 Holders of rec. June 126
Preferred (quar.)
131 July 1 Holders of rec. June 12a
84.75 July 1 Holders of rec. June I5a
Union Passenger By., Philadelphia
81.50 July 1 Holders of rec. June 9a
Union Traction (Philadelphia)
United Lt. & Rys., 1st pf. (qu.) (No. 23) 131 July 1 Holders of rec. June 154
131 July 1 June 14 to June 18
United Trac. & Elec. Providence (qu.)
July 20 Holders of rec. June 30a
Virginia Railway & Power, preferred- _ - _
134 June 30 Holders of rec. June 17a
Wash. Bait. & Annap. El. RR., pref.(qu.)_
July 1 June 21 to July 2
West End St. Ry., Boston, preferred___ _ $2
1Vestern Ohio By.. 1s1 pref. (guar.)
131 July 1 Holders of rec. June 22a
West India Elec. Co., Ltd.(qu.)(No. 34) 131 July 2 June 24 to July 1
14( Aug. 1 July 23 to Aug. 1
West Penn Railways, pref. (quar.)
134 July 15 July 2 to July 16
West Penn Traction, pref. (guar.)
Prof. (on acct. accumulated dividends) 2gh July 15 July 2 to July 16
$1.75 June 30 Holders of rec. June 15a
Wisconsin Edison Co. Inc
Banks.
234 July 1 June 21 to June 30
Chatham & Phenix National (par.)
Chemical National (bi-monthly)
234 July 1 June 27 to June 30
2
July 1 Holders of rec. June 14
Coal de Iron National (quar.)
July 1 Holders of rec. June 304
7
First National (guar.)
3
July 1 Holders of rec. June 30a
First Security Co. (quar.)
July 1 June 21 to July 2
2
Homestead (Brooklyn)
July 1 Holders of rec. June 24
4
Mechanics, (Brooklyn)
734 July 1 Holders of rec. June 304
Liberty National (guar.)
2
July 1 June 18 to June 30
Metropolitan (guar.)
July 1 Holders of roe. June 22
7
Mutual
July 1 June 15 to July 2
3
North Side, Brooklyn (No.44)
July 1 Holders of rec. June 24
5
Peoples (No. 130)
July 1 Holders of roe. June 23a
3
Seaboard National (guar.)
June 30 June 21 to June 30
4
Union Exchange National
June 30 June 22 to June 30
6
Yorkville
Trust Companies.
July 1 Holders of rec. June 21a
5
Brooklyn (quar.)
$662-3 July 1 Holders of rec. June 1
Central
June 30 Holders of rec. June 22a
5
Columbia (guar.)
2
June 30 Holders of rec. June 22a
Extra
3
June 30 Holders of rec. June 29a
Franklin, Brooklyn (guar.)
July 1 Holders of rec. June 19
5
Fulton (No. 48)_
4
June 30 Holders of rec. June 22a
Guaranty (quar.)
1
June 30 Holders of rec. June 22a
Extra
July 1 June 25 to June 30
3
Hudson
Lawyers' Title & Trust (quar.)(No.71)- 131 July 1 June 16 to July 2
20
June 10 June 7 to June 11
N. Y. Life Insurance & 7'rust
3
June 30 Holders of rec. June 28a
Transatlantic
4
July 1 Holders of rec. June 24a
Union (quar.)
1
July 1 Holders of rec. June 24a
Extra
July 1 Holders of rec. June 22a
25
United States
Fire Insurance.
Hanover Fire (guar.)(No. 139)
Miscellaneous.
Ahmeek Mining (quar.)
Allis-Chalmers Mfg., pref. (quar.)
Prof. (on acct. accumulated dividends)
Allouex Mining
Amer. Agric. Chem., corn. (qu.) (No. 19)
Preferred (quar.) (No. 44)
American Bank Note, pref. (quar.)
Amer. Beet Sugar, pref. (qu.) (No. 68)..
Amer. Brake Shoe & Fdy., corn.(vs.)
Preferred (quar.)
American Can, preferred (quar.)
Amer. Car & Fdy.. corn. (qu.)(No. 55).
Preferred (quar.) (No. 69)
American Cigar, preferred (guar.)
American Cyanimid, pref. (No.8)
American Express (guar.)
Amer. Gras & Eke., cons. (go.) (No. 25)._
Common (payable in common stock)...
Preferred (guar.) (No. 38)
Amer. Graphophone, corn.(qu.)(No.45)
Amer. Iron & Steel Mfg.,corn.& pi.(qu.)
American Locomotive, pref. (quar.)
Amer. Public Utilities, pref. (qu.)
Amer. Radiator, corn. (quar.)
Amer. Smelters Securities, pref. A (quar.)
Preferred B (quar.)
American Snuff, common (quar.)
Preferred (guar.)
Amer. Sugar Refg.. corn. & prof.(quar.).
American Thread, preferred
American Tobacco, preferred (quar.)___ _
Amer. Type Founders, corn. (guar.)
Preferred (guar.)
American Woolen, common (quar.)
Preferred (quar.)
Ansco Company (guar.)
Arkansas Light & Power, pref. (goat.)....
Armsby Co. of N. Y pref. (guar.)
Associated Oil (guar.)
All. Gulf & W. I. SS. L., pref. (quar.)_
Baldwin Locomotive Works. preferred._
Baltimore Electric, preferred
Baltimore Tube, Inc., corn. (qu.) (No. 1)
Preferred (quar.)
Barnhart Bros. & Spindler, lat&2d pf.(qu.)
Barrett Co., common (quar.)
Common (payable in common stock)._
Preferred (guar.)
Bell Telephone of Canada (guar.)
Bethlehem Steel, common (quar.)
Preferred (quar.)
2;1 July
$3
134
h1g
$2
1
134
134
134
134
2
1,i
12
34
134
1;§•
3
234
1A
134
131
154
134
114
1x
4
131
3
134
134
231
134
1
134
134
134
234
131
13.4
I
1
334
54
$11.25
134
134
134
17
134
2
734
134
1 Holders of rec. June 24
July d10 Holders of rec. June 14a
July 15 Holders of rec. June 30a
July 15 Holders of rec. June 304
July d5 Holders of rec. June 14a
July 15 Holders of rec. June 19a
July 15 Holders of rec. June 19a
July 1 Holders of rec. June 154
June 30 Holders of rec. June 14a
June 30 Holders of rec. June 23a
June 30 Holders of me. June 23a
July 1 Holders of roe. June 16a
July 1 Holders of me. June 104
e.
1 Holders of roe. June 10a
July 1 Holders of ree. June 15a
July 1 Holders of rec. June 20
y
July 1 Holders of rec. May 31a
July 1 Holders of rec. June 19
July 1 Holders of me. June 19
Aug. 1 Holders of me, July 18
July 1 Holders of rec. June 15a
July 1 Holders of rec. June 20a
July 21 Holders of rec. July 5a
July 1 Holders of rec. June 20a
June 30 June 22 to June 30
July 1 June 17 to June 25
July l'June 17 to June 25
July 1 Holders of rec. June lba
July 1 Holders of rec. June 15a
July 3 Holders of rec. June la
July I May 15 to May 31
July 1 Holders of rec. June 15a
July 15 Holders of rec. July 104
July 15 Holders of rec. July 104
July 15 June 17 to June 29
July 15 June 17 to June 29
July 1 June 20 to June 30
July 1 Holders of rec. June 20
June 30 June 17 to July 6
July 15 Holders of rec. June 304
July 1 Holders of rec. June 15e
July 1 Holders of rec. June 104
1 Holders of rec. June 15
July 1 Holders of rec. June 20
July 1 Holders of rec. June 20
Aug. 1 Holders of rec. July 27
July 1 Holders of rec. June 204
July 1 Holders of rec. June 204
July 15 Holders of rec. July ba
July 15 Holders of rec. June 30
July 1 Holders of rec. June 156
July 1 Holders of roe. June 15a
2232
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Bliss (E. W.) Co., common (guar.)
131 July 1 June 23 to June 30
Common (extra)
1131 . July 1 June 23 to June 30
Preferred (guar.)
2
July 1 Juno 23 to June 30
Booth Fisheries, 1st preferred (guar.) __ IU July 1 Holders of rec. June 20a
Brier Hill Steel, common (guar.)
lyi July 1 June 21 to July 2
Preferred (guar.)
131 July 1 June 21 to July 2
British-American Tobacco, Ltd.,ordinary 731 June 30
(See note "n")
Brooklyn Union Gas (guar.) (No. 60)___
131 July 1 Holders of rec. June 15a
Extra
July 1 Holders of rec. Juno 15a
1
Brunswick-Balke-Collender, pref. (guar.)__
131 July 1 Holders of rec. June 10a
Buffalo General Electric (guar.) (No. 87) 134 June 30 Holders of rec. June 20
Burns Bros. Ice Corp., let pref. (No. 1)_ 231 July 1 Holders of rec. June 15a
Butte & Superior Mining (guar.)
75e. June 30 Holders of rec. June 16a
Extra
June 30 Holders of rec. June 16a
10
California Petroleum Corp., pref.(guar.)_
July 1 Holders of rec. June 17a
1
Calumet & Arizona Mining (quar.)
June la June 3 to June 11
$2
Calumet & Hecia Mining (guar.)
June 24 Holders of rec. June 3a
$15
Canada Steamship Lines, preferred
131 Aug. 1 Holders of rec. July in
Canadian Cons. Rubber, pref. (quar.)___
13j June 30 Holders of rec. June 23
Canadian Cottons, Ltd., common (guar.) __
1
July 4 June 24 to July 3
Preferred (guar.)
131 July 4 June 24 to July 3
Canadian Gen. Elec., corn.(qu.)(No.68) 131 July 1 Holders of rec. Juno 15
Canadian Locomotive, pref. (guar.)
131 July 1 Holders of rec. June 20a
Canton Company
dJuly 1 dJuno 26 to July 1
2
Cardenas
-American Sugar, pref. (guar.)__
131 July 1 Holders of rec. June 25
Case (J. I.) Thresh. Machine, pf. (qu.)...
131 July 1 Holders of rec. June 12a
Celluloid Co.(guar.)
June 30 Holders of rec. June 15a
2
Central Aguirre Sugar Cos., common
July 1 Holders of rec. June 26
25
Central Coal & Coke, pref. (guar.)
131 July 15 Holders of rec. Juno 30
Central Leather, preferred (guar.)
lh July 1 Holders of rec. June 10a
Central States Elec. Corp., pref. (guar.)_
131 July 1 Holders of rec. June 10
Chandler Motor Car (guar.)
July 1 Holders of rec. June 12a
2
Extra
3 July 1 Holders of rec. June 12a
.
6
Chesebrough Mfg. Consolidated (guar.)
June 29 Holders of rec. June 20
3
Extra
31 June 29 Holders of rec. June 20
Chicago Telephone (quar.)
2
June 30 Holders of rec. June 29a
Chino Copper (quar.)
$1.25 June 30 Holders of rec. June 16a
Extra
June 30 Iolders of ree. June lea
$1
Citizens' Gas, Indianapolis (special)
June 30 Juno 2 to June 30
10
Cleve. Sr Sandusky Brewing, pref. (guar.) 135 July 15 Holders of rec. June 300
Cluott,Peabody&Co.Inc.,p1.(qu.)
(No.14) 131 July 1 Holders of rec. Juno 19a
Computing-Tabulating-Recording (guar.)._
July 10 Holders of rec. June 24a
I
Cons. Gas,El. Lt.& Pow.
,Balt.,com(qu.) 131 July 1 folders of rec. June 15a
Consumers' Elec. L. & Pow., pref. (qu.). IU June 30 June 10 to June 30
Consumers Power (Mich.), pref.(guar.)_ _ _
131 July 1 folders of rec. June 19a
Continental Can, Inc., common (quar.). 131 July 1 Holders of rec. June 20a
Preferred (guar.)
131 July 1 Holders of rec. June 20a
Cuba Cane Sugar Corp., pref. (quar.)___
131 July 1 Holders of rec. June 16
Cuba Company,common
July 1 Holders of rec. June 15
10
Preferred
331 Aug. 1 Holders of rec. Juno 30a
Cuban-American Sugar, corn. (quar.)__
231 July 1 Holders of req. June 15a
Preferred (guar.)
131 July 1 Holders of rec. June 15a
Dayton Power dr Light, pref. (quar.)---- 131 July 15 Holders of rec. July in
Distillers' Securities Corporation (guar.). 134 July 5 Holders of rec. June 3a
Distilling Co. of America, pref. (guar.)._
fi July 1 Holders of rec. June 12a
Dominion Glass, Ltd., pref. (quar.)____
If( July 1 Holders of rec. June 12a
Dominion Iron & Steel, pf.(Nos. 28 & 29) h7
July 1 Holders of rec. June 17a
Dominion Textile,,
Ltd., common(quar.)., 134 July 3 Holders of rec. June 15
Dominion Textile, Ltd., pref. (guar.)
131 July 15 Holders of rec. Juno 30a
duPont(E.I.)de Nemours Pow.,com.(qu.) 131 Aug. 1 Holders of rec. July 22a
Preferred (guar.)
131 Aug. 1 Holders of rec. July 22
Eastern Steel, 1st preferred
July 15 Holders of rec. July 1
h7
Eastman Kodak, common (guar.)
231 July 1 Holders of rec. May 310
Common (extra)
731 July 1 Holders of rec. May 31a
Preferred (guar.)
131 July 1,Holders of reo. May 31a
Edmunds dc Jones Corp., corn. (pu.) (No.1) $1
July 1 Holders of rec. June 20
Electrical Securities, common (quar.)___
July 1 Holders of rec. June 26a
2
Preferred (guar.)
131 Aug. 1 Holders of rec. July 22a
Electric Boat, corn. & pref. (extra)
June 30 Holders of rec. Juno 30a
16
Electric Light & Power of Abington &
Rockland, Mass. (No. 46)
July 1 Holders of rec. June 15a
4
Elec. Storage Battery, corn. & pf.(qu.)_ _
July 1 Holders of rec. June 19a
1
Empire Steel & Iron, preferred
July 1 June 21 to July 2
3
Galena-Signal 011, common (guar.)
3
June 30 Holders of rec. May 310
Preferred (guar.)
June 30 Holders of rec. May 31a
2
Gas & Electric Securities, common
July 1 Holders of rec. June 15
12
Preferred (on acct. of accum. dividends)_ h14
July 1 Holders of rec. Juno 15
Gas Securities, common
12
July 1 Holders of rec. June 15
Preferred (on acct. of accum. dividends). h12
July 1 Holders of rec. June 15
General Chemical, preferred (quar.)---136 July 1 Holderi of rec. June 100
General Electric (guar.)
July 15 Holders of rec. June 140
2
Goodrich (B. F.) Co., common (guar.)._
Aug. 15 Holders of rec. Aug. 40
1
Goodrich (B. F.) Co., pref. (guar.)
131 July I Holders of rec. Juno 20a
Gray & Davis, Inc., pref. (quar.)
131 July 1 Holders of rec. July 1
Great Lakes Towing, preferred (guar.).- 13( July 1 June 16 to July 2
Great Northern Iron Ore
50c June 27 June 11 to June 27
Guantanamo Sugar
$6 July 1 Juno 21 to July 4
Extra (payable in stock)
e$4.50 July 1 June 21 to July 4
Gulf States Steel, first preferred (guar.).- 131 July 1 Holders of rec. June 15a
Gulf Slates Steel, 2d pref. (No. 1)
131 Aug. 1 Holders of rec. July 1
Hart, Schaffner & Marx, Inc., pref. (qu.) 131 Juno 30 Holders of rec. June 20a
Helme (George W.) Co., common (guar.) 231 July 1 Holders of rec. June 17a
Preferred (guar.)
131 July 1 Holders of rec. June 17a
Hendee Mfg., pref. (quar.) (No. 11)
131 July 1 Holders of rec. June 20
Hercules Powder, common (quar.)
June 25 June 16 to June 24
2
Common(extra)
June 25 Juno 16 to June 24
13
Homestake Mining (monthly)(No. 501). 65c. June 26 Holders of rec. Juno 200
Houston Gas & Fuel, pref. (guar.)
131 Juno 30 Holders of rec. June 12
Hupp Motor Car Corp., pref. (qu.)(No.3) 131 July 1 Holders of rec. June 20
Illinois Pipe Line
12
June24d May 27 to June 14
Ingersoll-Rand, preferred
July 1 Holders of rec. Juno 10a
3
Int. Harvester of N. J., corn. (qu.)(No.26) 131 July 15 Holders of rec. June 24a
International Salt (guar.)
% July 1 June 16 to July 2
Extra
July I June 16 to July 2
1
International Silver, preferred (quar.)
131 July 1 Juno 18 to
July 1
Jewell Tea, Preferred (guar.)
131 July 1 Holders of rec. June 20a
Joplin Ore & Spelterj(monthly)
5fi c. June 22 Holders of rec. Juno 15a
Kaufmann Dept. Stores, pf. (qu.)(No. 14) 131 July 1 Holders of rec. June 20
Kayser (Julius), common (guar.)
131 July 1 Holders of rec. June 20
Kelly-Springfield Tire, pref. (quar.)
131 July 1 Holders of rec. Juno 17a
Kennecott Copper Corp.(guar.)(No. 2). $1.50 June 30 June 14 to Juno 22
Kresge (S. S.) of Mich., corn. (No. 1)_ _ 150. July 1 HolderS of rec. June 26
Preferred (guar.)
1731c. July 1 Holders of rec. Juno 26
La Belle Iron Works, preferred (guar.)._ 2
June 30 Juno 21 to Juno 23
Lake Torpedo Boat, first pref
35c. June 30 June 21 to June 30
Laurentide Co., Ltd. (guar.)
2
July 3 Holders of rec. Juno 22
Library Bureau, pref. (guar.)
2
July 1 Holders of rec. Juno 20
Pref. (on account of accum. dies.)
h2
July 1 Holders of rec. June 20
Liggett & Myers Tobacco, pref. (guar.)_ _
131 July / Holders of rec. June 15a
Lone Star Gas (guar.)
131 June 30 June 25 to June 30
Loose-Wiles Biscuit, let pf.(qu.)(No. 17) 13( July 1 Holders of rec. June 170
Lorillard (P.) Co., corn. (guar.)
July 1 , Holders of rec. June 15a
3
Preferred (guar.)
13j July 1 Holders of rec. June 15a
MacAndrews & Forbes, corn. (guar.)
231 July 15 Holders of rec. Juno 30a
Common (extra)
231 July 15 Holders of rec. June 30a
Preferred (guar.)
131 July 15 Holders of rec. June 30a
Mackay Companies, corn. (qu.) (No. 44) 131 July 1 Holders of rec. June 9a
Preferred (guar.) (No. 50)
1
July 1.Holders of rec. Juno On
Magma Copper (guar.)
500. June 30 Holders of rec. June 9
Manati Sugar, preferred (guar.)
131 July 'Holders of rec. Juno 24
Manhattan Shirt, pref. (guar.)
13j July 1 Holders of rec. Juno 22a
Maxwell Motor, Inc., 1st pref. (guar.).- 131 July 1 Holders of rec. June 100
May Department Stores, pref. (guar.)._
131 July 1 Holders of rec. Juno 15a
McCrory Stores Corp,, pref. (guar.)
131 July 1 Holders of rec. June 20
Mergenthaler Linotype (guar.)
231 June 30 Holders of rec. June 3a
Mexican Petroleum, preferred (quar.)
2
July 10 Holders of rec. Juno 17a
Michigan Light, pref. (guar.)
131 July I Holders of rec. June I5a
Montana Power, corn. (guar.) (No. 15). 1
July 1 Holders of rec. June 15a
Preferred (guar.) (No. 15)
lf( July I Holders of rec. June 15a
Montgomery Ward & Co., pref. (guar.).131 July 1 Holders of rec. June 20a
Montreal L. II. & Pow.,(qu.)(No.61). _
231 Aug. 15 Holders of rec. Jelly 31
Name of Company.
[voL. 102.
When
Per
Cent, Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Muskogee Refining (monthly)
lc. June 25 Holders of rec. June 15
Nat. Biscuit, common (guar.) (No. 72)... 1% July 15 Holders of rec. June 280
NationalCarbon, common (guar.)
2
July 15 Holders of rec. July 50
Nat. Gas, Elec. Lt. & Power, corn. (gu.)
1
July 1 June 24 to June 30
Preferred (guar.)
1% July 1 Juno 24 to June 30
National Lead, common (quar.)
1
June 30 Holders of rec. June 90
National Licorice, pf. (qu.) (No. 56)
1% June 30 Holders of rec. June 26
National Paper de Type, common (guar.)
1% July 15 Holders of rec. June 30
Preferred (guar.)
131 July 15 Holders of rec. June 30
National Refining, pref. (guar.)
2
July 1 Holders of rec. June 154
National Sugar Refining (guar.)
1% July 3 Holders of roe. June 7
National Surety (guar.)
July 1 Holders of rec. June 20a
3
Nat. Zinc (cc Lead (monthly)
4
June 30 June 23 to July 1
Extra
1
June 30 June 23 to July 1
Nevada Consolidated Copper (quar.)
3731c. June 30 Holders of rec. June 16a
Extra
3731c. June 30 Holders of rec. June 16a
New York Air Brake (guar.)
June 23 Holders of rec. June 2a
2
New York Transit (guar.)
4
July 15 Holders of rec. June 24
Niagara Falls Power (quar.)
2
July 15 Holders of rec. June 30a
Niles
1% June 20 June 7 to June 20
-Bement
-Pond, common (guar.)
Nipe Bay Co. (guar.)
2
July 15 Holders of rec. June 240
North American Co (guar.)(No. 49)
g July 1 Holders of rec. June 150
Northern Ontario Light & Power, pref_--_
3
July 15 Hollers of rec. July 1
Northern Pipe Line
5
July 1 Holders of rec. June 10
Northern States Power, coin.(No. 1)
1% July 20 Holders of rec. Juno 30
Northwestern Electric Co., pref. (guar.)_
1% July 1 /folders of rec. June 24
Northwestern Power, pref. (No. 1)
1% July 1 Holders of rec. June 20
Ogilvie Flour Mills, Ltd. corn. (guar.)
2
July 3 Holders of rec. June 20
Ohio 011 (guar.)
$1.25 June 20 May 27 to June 13
Extra
$4.75 June 20 May 27 to June 13
Oklahoma Producing & Ref. (pa.) (No. 1). 1231c. June 30 Holders of rec. June 26
Old Dominion Co. (guar.)
$3
June 30 June 16 to June 21
Old Dominion Copp. Min.& Smelt.(qu.) $3
June 29 June 16 to June 21
Omaha Elec. Light & Power, preferred___ 2% Aug. 1 Holders of rec. July 20a
Otis Elevator, common (guar.)
131 July 15 Holders of rec. Juno 30
Preferred (guar.)
1% July 15 Holders of rec. Juno 30
Ottawa Lt., Ht. & Pow. (guar.)(No. 40)__
1% Jelly 1 Holders of rec. June 20
Packard Motor Car, common
Aug. 1
/50
Pan-Am. Petrol. & Transp pf.(gu.)(No. 1) 87310. July 1 Holders of rec. June 17
Penn. Water dr Power (guar.) (No. 10)-July 1 Holders of rec. June 19
1
Pettibone-Muillken, 1st 4:2nd pref.
(guar.) 131 July 1 Holders of rec. June 200
Phelps, Dodge & Co.(guar.)
$2.50 June 30 Holders of rec. June 19a
Extra
$3.50 June 30 Holders of rec. June 19a
July
Prairie Oil & Gas (guar.)
3
2
Extra
July
July
Prairie Pipe Line (guar.)
5
Extra
July
5
Quaker Oats, common (guar.)
2% July 15 Holders of rec. July la
1% Aug. 31 Holders of rec. Aug. la
Preferred (guar.)
Quincy Mining (guar.)
June 30 Holders of rec. Juno 10a
34
Railway Steel-Spring, pref. (quar.)
131 Juno 20 Holders of rec. June 30
Ray Consolidated Copper (guar.)
500. Juno 30 Holders of rec. June 160
Realty Associates (No. 27)
July 15 Holders of req. July 5
3
Republic Iron dr Steel, preferred (guar.). 134 July 1 Holders of rec. June 170
Pref.(on account of accumulated diva.) 2h July 1 Holders of rec. June 170
July 1 Holders of rec. June 20
Reynolds (R. J.) Tobacco, corn. (guar.). 3
July I Holders of reo. Juno 20
2
Common (extra)
131 July 1 Holders of reo. June 20
Preferred (guar.)
June 30 Holders of rec. June 15a
Royal Baking Powder, common (guar.). 2
1% June 30 Holders of rec. June 15a
Preferred (guar.)
Safety Car Heating & Ltg. (guar.)
2
July 1 Holders of rec. June 15a
St. Joseph Lead (quar.)
2.5c. June 20 Juno 10 to June 20
St. Joseph Stock Yards (guar.)
131 July 1 Juno 20 to June 30
St.L.R'ky t.& Pac.Co. (qu.)
,pf
(No.16) 134 Juno 30 Juno 21 to June 29
Sapulpa Refining, common (monthly)
734c. July 1 Hollers of rec. Juno 20
June 24 Hollers of rec. June 15
Savoy 011 (monthly)
I
June 24 Holders of rec. Juno 15
I
Extra
Saxon Motor Car Corporation (No. h)_
1% July 1 Holders of rec. Juno 200
Sears, Roebuck & Co., preferred (queer,). 131 July 1 Holders of rec. June 15a
Shattuck Arizona Copper (qu.)(No. 16)...... 50o. July 20 Holders of rec. June 30
75c, July 20 Hollers of rec. June 30
Extra (No.4)
Shawinigan Water & Power (guar.)
134 July 10 Holders of rec. June 30
Sloss-Sheffield Steel & Iron, pref. (guar.)- 134 July 1 Holders of rec. June 19
Solar Refining
5 1June20 June 1 to June 20
Southern Utilities, preferred (guar.)
134 July 1 Holders of rec. June 17
South Penn Oil (quar.)
5
June 30 June 16 to June 30
3
Extra
June 30 June 16 to June 30
July 1 Holders of rec. June 17a
South Porto Rico Sugar, common (guar.) 5
Common(extra)
July 1 Holders of rec. June 17a
20
July 1 Holders of rec. June 17a
Common (payable in common stock)__ 118
July I Holders of rec. June 17a
2
Preferred (guar.)
July 1 Holders of rec. June 15a
South West Penn. Pipe Lines (quar.)......_ 3
Springfield Body Corporation, pref_______ 3
July 1 Holders of rec. June 22
Juno 30 Holders of req. June 240
Standard Coupler, common
1
Preferred
Juno 30 Holders of rec. June 24a
4
Standard Gas Light, common
1% June 30 June 20 to June 30
Preferred
3
June 30 June 20 to June 30
July 1 Juno 16 to June 19
Standard Oil Cloth,Inc.,common (quar.) 1
Preferred, Class A (quar.)
134 July 1 June 16 to June 19
Preferred, Class 13 (quar.)
lf( July 1 June 16 to June 19
July 1 June 16 to July 2
Standard 011 (Kentucky) (guar.)
4
Extra
July 1 June 16 to July 2
1
Standard 011 (Nebraska)
June 20 Holders of roe. May 20a
10
July 1 June 3 to June 21
Standard 011 (Ohio) (guar.)
3
Extra
July I June 3 to June 21
3
6100 July 31 July 6 to July 25
Stock dividend
_
Submarine Boat (guar.)
$1.50 July 15 Holders of rec. June 300
1% July I Holders of rec. June 204
Subway Realty (guar.)
Sulzberger & Sons Co., pref. (guar.)
134 July 1 Juno 21 to June 30
July 1 Holders of rec. June 10
Swift & Co. (guar.) (No. 119)
2
Taylor (II. P.) & Co., pref.(guar.)
134 July 1 Holders of rec. Juno 28
Texas Company (guar.)
2% June 30 Holders of rec. June 16a
Thompson-Starrett Co., common
July 1 Holders of rec. June 20
4
Tobacco Products, pref. (qu.) (No. 14)
ln July 1 Holders of rec. June 19a
Tonopah-Belmont Development (guar.). 12%c. July 1 Juno 16 to June 21
Tonopah Extension Mining (guar.)
100. July 1 June 11 to June 20
Extra
5c. July 1 June 11 to June 20
Torrington Company, preferred
334 July 1 Holders of rec. June 15
Underwood Typewriter, common (guar.) 1
Oct. 2 Holders of roe. Sept. 200
Preferred (guar.)
134 Oct. 2 Holders of rec. Sept. 200
Underwood Typewriter, common (quar.) 1
July 1 Holders of rec. June 200
Preferred (quar.)
134 July 1 Holders of rec. June 20a
Union Carbide (quar.)
to June 30
2
July I June 21
Union Ferry
2
Jelly 15 Holders of rec. July 30
Union Switch & Signal, corn. & pf. (qu.)_ _ $1.50 July 15 Holders of rec. June 30
United Drug, 1st pref. (guar.) (No. 2)-- 134 Aug. 1 Holders of rec. July 15
July 15 Holders of roe. June 240
United Fruit (guar.) (No. 68)
2
Jelly 15 fielders of rec. June 30a
2
United Gas Improvement (guar.)
Juno 29,Holders of rec. June 15a
$15
United Globe Mines (guar.)
United Shoe Machinery, common (guar.)_ _ 1 50e. July 5 Holders of rec. June 22
31.501 July 5 Holders of rec. June 22
Common (extra)
3734c 'July 5 Holders of req. June 22
Preferred (guar.)
131 June 30 June 20 to June 30
U.S. Gypsum, preferred (quar.)
U.S. Industrial Alcohol, pf.(qu.) (N0.39) 134 July 15 Holders of roe. June 300
July 1 July 17 to July 21
United States Steamship (No. 1)
1
United States Steel Corp.. corn, (guar.). 131 June 29 June 2 to June 11
75c, June 26 Holders of rec. June 10
Utah Consolidated Mining
Utah Copper (guar.) (No. 32)
31.50 June 30 Holders of rec. June 164
$1.50 Juno 30 Holders of rec. June 16a
Extra (No. 2)
Utah Power de Light, pref. (guar.)
131 July 1 Holders of rec. Juno 19
July 1 Holders of rec. Juno 20
Washburn Wire, common (guar.)
2
Preferred (guar.)
134 July 1 Holders of rec. June 20
June 30 Holders of rec. June 23a
Western Electric, common (guar.)
$2
Preferred (guar.)
134 Juno 30 Holders of rec. Juno 230
1Vestern Power Company, preferred
134 July 15 Holders of rec. June 30
July 15 Holders of rec. Juno 30
1
Western Power Corp.. pref. (guar.)
iVestern Union Ttlearlph (qu.)(No. 189)
134 July 15 Holders of rec. June 20a
July 21 Holders of rec. June 30a
Westinghouse Air Brake (guar.)
$2
July 1 Holders of rec. June 170
NVeyman-Burton Co., common (guar.)... 3
July 1 Holders of rec. June 17a
4
Conimon (extra)
3
Preferred (queer.)
134 July 1 Holders of rec. June 17
THE CHRONICLE
JuNE 17 1916.]
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
15( IJuly 1 Holders of rec. June 21a
Willys-Overland, pref. (guar.)
- 13( 1July 1 Holders of reel. June 9a
Woolworth (F. W.) Co., pref. (guar.).
Worthington Pump & Mach., pref. (qu.) 134 !July 1 Holders of rec. June 21
134 !July 1 Holders of rec. June 23
Yale & Towne Mfg.(Quar.)(No.82)
2 !July 1 June 21 to July 1
Youngstown Sheet & Tube, coin. (guar.)
134 !July 1 June 21 to July 1
Preferred (guar.)
!June 30 June 9 to Juno 11
-- $1
Yukon-Alaska Trust (quer.) (No.
734c.'June 30 June 10 to June 14
Yukon Gold Co. (guar.)
a Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable in stock. !Payable in common stock. g Payable in scrip.
h On account of accumulated dividends. k Payable in convertible 5% debentures.
14 will be
n All transfers received in order at London on or before June distribute in time to
on or after
be passed for payment of dividend to transferees. 1 Also to
July 15 to common stockholders of record June 22 15-1,000ths of a share of the
Thomas G. Plant Co. 7% pref. stock for each share of the common stockof the
United Shoe Machinery Corp.
2233
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
15 Merchants' Nat. Bank
2 Nashua Mfg., $500 each
10 Contoocook Mills, pref
14 Tremont & Suffolk Mills
2 Hamilton Mfg
25 Bourne Mills
25 Granite Mills
25 Border City Mfg50 Pepperell Mfg
40 Hamilton Mfg
7 Lyman Mills
19 Boston Belting
2 Great Falls Mfg
1 Dwight Mfg., $500 par
$ per sh.
290
790
65
12634
8034
112
10234
11734
150
8034
125
116
190
1115
$ per sh.
Shares. Stocks.
10 Mass. Mills in Georgia
98
2 Lancaster Mills
8534
4 Bay State St. Ry., 1st pref
10034
1 Boston R B. de Lynn RR
127
2 Plymouth Cordage
19334
50 Puritan Brewing
5
3 New Home Sew. Mach., pref..
.375 lot
2 New Home Sew. Mach., corn._325 lot
10 Adirondack Elec. Power, pref
79
Bonds.
$21,420 Costilla Estates Develop.
Co. 1st ref. 6s, 1924, ser. B and
$721 corn. stk. certf. of dep.-34,000 lot
Imports and Exports for the Week.
-The following are
the reported imports of merchandise at New York for the
week ending June 10 and since the first week of January:
Auction Sales.
-Among other securities, the following,
FOREIGN IMPORTS AT NEW YORK.
not usually dealt in at the Stock Exchange, were recently sold
For week end. June 10
1916.
1915.
1914.
1913.
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
For the week
$28,989,6061 $18,939,167 $17,543,712 815,958,117
Per cent.
Shares. Stocks.
45
375 S. Telfeyan & Co.,Inc
50 Minnesota Ry. Constr. Co_$10 lot
500 California Med.Springs Co_333 lot
100 Western Power Co., com32034 per sh
mon
1,000 Bathgate Realty & Constr.,
$5 lot
$10 each
141 Aeolian-Weber P.&P.Co.,com.2134
Per cent.
Shares. Stocks.
15 Hanover Nat. Bank
64334
10 Stewart Construe. Co.-.32,000 lot
Bonds.
Per cent.
$8,000 Acker, Merrell & Condit Co.
debenture Os, 1923
65
Certf. of beneficial int. in
$1,546
assets of Berkeley School
$12 lot
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh. Shares. Stocks.
per sh.
Shares. Stocks.
115
31 Phila. Ger. & Norris. RR.,
5 Bank of Commerce
166
$50 each
14334
34 West End Trust Co
4 Fourth Street Nat. Bank __ _284
10 Franklin Trust Co., $50 each 59
$60 lot
7 Tradesmens' Nat. Bank_ _ _ _245
30 Cambria Freeman
10 Third National Bank.._250-25034
2 Collingwood Sewerage,$25 ea)
20 Philadelphia Nat. Bank _ _ _498
8,200 Panama Mg. tiv Min. Ld.,1
$1 each
1 First Nat. Bank, Camden__ _183
$35
25 Mutual Trust Co., $50 each. 30
4,000 Giant Power, $10 each
I lot
808 Fries Harley Co., $50 each_ _1
5 Guarantee Tr. & S. D. Co.
..16034
10 Pa.Wareh'g & S. D., $50 ea_ 95
34 int, steam generators patent_ _ _ _ J
314
75 Second Nat. Bank,Phila
20 Robt. Morris Trust Co
6534
900-9003i
6 Pennsylv. Fire Insurance _4113i
11 Girard Trust Co.
9 Phila. Life Insur., $10 each_ 1034
13 Land Title & Trust
508
2 J. B. Stetson, common
6 Philadelphia Trust
37834
76034
134 Lehigh Vail. Coal Sales
30 Provident Life & Trust_ _ _ _868-873
8534
8 Amer. Pipe dr Construction_ 94
4 Fire Assoc. of Phila., $50 ea_33834
9 Smith, Kline & French, corn _ 993.4
4 Insur. Co. of State of Penna_10034
2 Girard National Bank
26 Frank. & So'wark Pass. Ry-339X
360
10334
150 Germantown Pass. Ry
Bonds.
Percent.
142 Green & Coates Sts. Pass.Ry.11734
16 West Phila. Pass. Ry
19934 $500 Ciearf. & Jeff. Ry. 1st (is,'27_113
-B. Ry. 2d
33 2d dr 3d Sts. Pass. Ry__235-2353( 5500 Sun. Has. & W.
185
6s, 1938
0 Union Pass. Ry
113
By Messrs. Francis Henshaw & Co., Boston:
$ per sh.
Shares. Stocks.
10 Old Colony Trust Co
250
3 Great Falls Mfg
190
27 Pacific Mills
14334
15 Farr Alpaca Co
151
4 Waltham Watch Co.,common_ 21
200 Turner Tanning Mach., $10
each
14-1434
63 Jones, Peterson dr Newhall Co_ 75
Shares. Stocks.
$ per sh.
1 American Felt Co., pref
99
10 Harvard Brewing Co
15834
30 Regal Shoe Co.. pref
8534
Bonds.
Per cent
$1,500 Butte Cent. Mg. & Mill.
1934
1st cons. Cis,
92
$1,000 Illinois Cent. (Kankakee &
Southwest RR.) 1st 5s, 1921
102
565,150,2871 416,810,208 453,841,317 427,138,794
Previously reported
3594,139,8933435,749,375 $471,385,029 $443,096,911
Total 23 weeks
Week ending June
EXPORTS FROM NEW YORK.
1914.
10 I 1916. 1 1915.
For the week
Previously reported
Total 23 weeks
*Revised.
EXPORTS AND
1913.
X91,541,624 $24,516,535 $14,768,234 $15,650,994
1068,915,950 *658,246,638 414,997,026 416,951,662
,31160457.574 $682,763,173 $429,765,260 $432,602,656
IMPORTS OF SPECIE AT NEW YORK.
Week ending June 10
Exports.
Imports.
Gold.
Since
Since
Week.
Jan. 1.
Week.
$5,774,998
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$1,201,100 17,096,941
550,000
7,284,931
2,607,146
$1,201,100 $3,314,016
149,800 4,740,128
7,019,710 44,298,009
Total 1916
Total 1915
Total 1914
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Jan. 1.
$90,416 $9,488,971
14,840
83,760
4,488
320,231
5,409
9,577,226
1,216,714
4,413,465
1,136,202
$504,304 $25,847,418
269,083 23,030,172
93,277 4,365,612
$1,042,068 $20,890,465
2,600
$202
$13,685
3,930
804,208
29,467
1,112,774
10,300
1,577
434,891
117,274
2,500
71,001
4,327,603
2,519,944
580,734
1,700
31.043,768 $22,849,814
786,654 18,851,177
1,017,451 18,930,111
Total 1916
Total 1915
Total 1914
$556,444 $7,516,897
583,412 2,954,865
84,393 4,602,647
Of the above exports for the week in 1916, 31,201,100 were American gold coin.
-Following is the weekly statement issued by the Federal Reserve Board on June 10:
The Federal Reserve Banks.
The statement indicates considerable additions during the week to gold and cash reserves. Government and bank deposits likewise show larger
figures than at the end of the preceding week.
The gain of over one million in total reserve reported by the Boston Bank is accompanied by a somewhat larger increase in deposits. In case of
the New York Bank the large increases in gold and cash reserves are due largely to liquidation of New York City warrants and the return of gold
from the agent for redeemed notes. In case of the Philadelphia Bank a gain in gold of about 4.5 millions is accompanied by a change of the favorable
balance due from other Federal Reserve banks of 3.5 millions reported the week before to an unfavorable balance of 1.7 millions. Kansas City reports
gold, largely the result
a gain of 1.7 millions inshow but slight gains of liquidation of about one million of acceptances and warrants.
for the week, the newly discounted paper coming largely from agricultural dLstricts.
Discounts on hand
A total of over 4 million dollars of agricultural and live-stock paper maturing after 90 days is reported by 10 banks, and constitutes at present
over 20% of the aggregate discounts on hand. Over 40% of this class of paper is held by the Dallas Bank. Acceptances on hand-$58,188,000
show an increase for the week of 4.7 millions; the present total, the largest on record, is about 25 millions, or 77%, in excess of the total held about
3 months ago. Of the total bills held by the banks, about 41% matures within 30 days, and 31% after 30 but within 60 days.
Three banks report aggregate purchases of $200,000 of United States bonds. Municipal warrants on hand decreased 13.5 million dollars, the
New York, Cleveland, Chicago and Kansas City banks accounting for the greater part of the decrease. The total earning assets of the banks declined
about 8.4 millions and constitute now 288% of the paid-in capital, as against 303% the week before, and 221% three months previous. Nearly 37%
of the total earning assets is represented by acceptances, over 33% by United States bonds, 14.6% by warrants, 12.8% by discounts and 2.6% by
Treasury notes.
'
Government deposits increased over 1.5 millions, mainly at the three Eastern banks, while net bank deposits sho* a gain of 7.4 millions. No
change is reported in the amount of Federal Reserve bank notes in circulation.
Federal Reserve agents show a total of $179,471,000 of Federal Reserve notes issued to the banks, against which they hold $170,409,000 of gold
and $10.645,000 of paper. During the week Federal Reserve notes were redeemed for each of the twelve banks, the agents returning to the banks gold
held against these notes. The banks report $154.079,000 of Federal Reserve notes in actual circulation and aggregate liabilities on Federal Reserve
notes issued to them by the agents of $7,593,000.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful 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 (the third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 9 1916.
I
June 9 1916. June 2 1916. May 26 1916 May 19 1916 May 12 1916 May
5 1916. Apr. 28 1916 Apr.20-21'16 Apr. 14 1916
I
RESOURCES.
Gold coin and certificates in vault
$255,444,000 $242,253,000 $242,985,000 $246,812,000 $238.485,000 3232,284.000 3234,304,000 $289,882,000 $245,714,000
Gold settlement fund
103,481,000 102,331,000 91,991,000 77,971,000 71,911,000 72,621,000 75,421.000 74,785,000 75,690,000
Gold redemption fund with U. S. Treasurer
1,703,000 1,793.000 2,163,000 1,825,000 1,778,000 1,692,000 1.457,000 1,473,000 1,495,000
Total gold reserve
$360,628,000 $346,377,000 $337,139,000 $326,608,000 $312,174,000 $306,597,000 $311,182,000 $316,140,000 $322,899,000
Legal tender notes, sliver, .f‘c
18,055,000 13.855,000 21,972,000 17,697,000 7.927,000 10,259,000 12,011,000 9,505,000 11,504,000
Total reserve
$378,683,000 $360,232,000 $3359,111,000 $344.305,000 $320.101,000$316.856.000 $323,193,C00 3325,645,000 3334.403,000
5% redemption fund ag'st F.R.bank notes_
450,000
131118 discounted and bought
Maturities within 10 days
$10,030,000 $11,607,000 $9,471,000 $8,849,000 $6,802,000 $9,623,000 $9,153,000 $9,048,000 $7,232,000
from 11 to 30 days
Maturities
Maturities from 31 to 60 days
Maturities from 61 to 90 days
Maturities over 90 days
Total
"Acceptances (included in above)
Investments: U. S. bonds
One-year U. S. Treasury notes
Municipal warrants
Total earning assets
21,061,000
24,310,000
18,890,000
4,052,000
19,227,0001
24,094,000
14,582,0001
3,877,000
18,064,000
24,748,000
17,122,000
3,668,000
17,286,000
35,346,000
17,108,000
3,406,000
18,482,000
26,124,000
14,895,000
2,900,000
13,623,000 15,291,000
27.568,000 t27,598,000
14,487,000 114,585,000
2,646,000
2,406,000
13,868,000
26,137,000
15,124,000
2,127,000
15,905,000
23,574,000
17,605,000
1,954,000
$78,343,000 373,387,0001 $73,073,000 $71,995,000 $69,203,000 $67,947,000 $69,033,000 $66,304,000 366.270,000
$58,188,000 $53,492,0001 $52,708,000 $52.186.000 $49.196,000 $47,647,000 $47,585,000 $44,237,000 $44,108,000
$52,191,000 $51,991,0001 $51,942,000 $51,837,000 $51,268,000 $50.137,000 $45,841,000 $45,204,000 $44,924,000
4,190,000 4,190,0001 3,840,000 3,840,000 3,840,000 3,840,000 3.840.000 3,840,000 3,234,000
23,095,000 36,633,00044,946,000 44,482,000 40,285,000 39,154,000 36,933,000 35,892,000 35,706,000
I
$157,819,000 $166,201,000'$l73.801.000 3172.154.000 3164.596.000 $161.078.000 8155.647.000 3151.20.000 3150.134.000
2234
THE CHRONICLE
[VOL. 102.
June 9 1916.frune 2 1916. May 26 1916 May 19 1916 May 12 1916 May 5 1916. Apr. 28 1916 Apr.20-21'16 Apr. 14 1916
RESOURCES (Concluded).
Brought forward (total reserve & earn'g assets) $536,952,000$526,433,000 $532,912,000 $516,459,000 $484,697,000 $477,934,000 $478,840,000 $476,885,000 $484,537,000
1
Federal Reserve notes
-Net
Due from Federal Reserve banks
-Net
All other resources
$23,923,000 $24,082,000 $26,433,000 $26,472,000 $26,053,000 $26,309,000 $21,604,000 $21,731,000 $22,159,000
17,750,000 15,300,000 16,512,000 19,448,000 15,752,000
17,328,000 14,058,000 17,515,000 16,825,000
8,932,000
5,166,000
9,493,000
5,992,000
4,691,000
4,123,000
4,533,000
3,576,000
4,023,000
Total resources
$583,791,000 $574,747,000 $585,350,000 $568,371,000 $531,193,000 $525,694,000 $519,635,000 $519,707,000 $527,544,000
LIABILITIES.
Capital paid in
Government deposits
Reserve deposits
-Net
Federal Reserve notes
-Net
Federal Reserve bank notes in circulation
All other liabilities
Total liabilities
$54,863,000 $54,858,000 $54,875,000 $54,870,000 $54,850,000 $54,862,000 $54,793,000 $54,843,000 $54,845,000
51,578,000 50,000,000 44,131,000 40,475,000 38,153,000 40,414,000 40,660,000 35,291,000 34,732,000
467,780,000 460,422,000 476,680,000 463,022,000 427,810,000 419,943,000 413,011,000 417,349,000 426,507,000
7,512,000
7,706,000
7,593,000
8,018,000
8,402,000
8,573,000
8,851,000 9,617,000
9,511,000
1,731,000
1,732,000
1,730,000
1,736,000
1,751,000
1,694,000
1,669,000
1,964,000
1,423,000
224,000
226,000
247,000
250,000
227,000
651,000
208.000
643,000
526,000
$583,791,000 $574,747,000 $585,350,000 $568,371,000 $531,193,000 $525,694,000 $519,635,000 $519,707,000 $527,544,000
Gold reserve ag'st net dep. dr note liabilities (a)
68.9%
65.8%
70.8%
68.4%
68.1%
67.9%
69.5%
Cash reserve ag'st net dep. de note liabilities (a)
74.4%
71.7%
70.1%
70.0%
69.8%
70.2%
72.2%
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against aggregate net liabilities on F. R. notes in
circulation (a)
70.6%
74.9%
70.5%
70.4%
70.7%
72.8%
72.1% ,
--,--.
(a) Less items in transit between Federal Reserve banks, viz
$17,750,000 $15,300,000 $16,512,000 $19,448,000 $15,752,000 $17,328,000 $14,658,000
Federal Reserve NotesIssued to the banks
In hands of banks
71.1%
73.2%
71.1%
73.7%
74.0%
74.4%
17,515,000
16,825,000
.
$179,471,000 $184,217,000 $187,248,000 $186,000,000 $187,166,000 $187,452,000 $185,424,000 $186,643,000 $186,761,000
25,392,000 25,582,000 27,859,000 27,761,000 27,218,000 27,146,000 22,330,000 22.324,000 22,526,000
In circulation
$154,079,000 $158,635,000 $159,389,000 $158,239,000 $159,948,000 $160,306,000 $103,094,000 $164,319,000 $184,235,000
Gold and lawful money with Agent
Carried to net assets
Carried to net liabilities
$170,409,000 $175,205.000 $178,116.000 $176,693,000 $177,599,000 $178,042,000 $175,847,000 $176,433,000 $176,883,000
23,923,000 24,082,000 26,433,000 26,472,000 26,033,000 26,309,000 21,604,000
21,731,000 22,159,000
7,512,000
7,593,000
7,706,000
8,018,000
8,402,000
8,573,000
8,851,000
9,617,000
9,511,000
Federal Reserve Notes (Agents' Accounts)
Received from the Comptroller
Returned to the Comptroller
$293,740,000 $293,740,000 $289,980,000 $289,980,000 $289,980,000 $287,580,000 $286,140,000 $281,140,000 $278,980,000
49,249,000 44,453,000 43,583,000 42,226,000 41,320,000 40,386,000 39,507,000 38,451,000 37,621,000
Amount chargeable to Agent
In hands of Agent
$244,491,000 $249,287,000 $246,397,000 $247,754,000 5248,680,000 $247,194,000 $246,633,000 $242,689,000 $241,359,000
65,020,000 65,070,000 59,149,000 61,754,000 61,494,000 59,742,000 61,209,000 56,046,000 54,598,000
Issued to Federal Reserve banks
$179,471,000 $184,217,000 $187,248,000 $186,000,000 $187,166,000 $187,452,000 $185,424,000 $186,843,000 $186,761,000
How Secured
By gold coin and certificates
$114,717,000 $122,387,000 $122,387,000 $119,907,000 $119,907,000 $120,317,0130 $117,487,000 $117,652,000 $117,823,000
By lawful money
By commercial paper
9,012,000
9,062,000
9,132,000
9,307,000
9,567,000
9,410.000
9,577,000 10,210,000
9,878.000
Credit balances In gold redemption fund_
7,558,000
8,159,000
10,732,000
8,306,000
8,802,000
8,995,000
0,210,000
9,631,000
9,380,000
Credit balances with Federal Reserve B'd. 44,960,000 45,260,000 47,570,000 48,480,000 48,890,000 48,730,000 49,150.000 49,150,000 49,680,000
Total
$179,471,000 $184,217,000 $187,248,000 $186,000,000 $187,166,0001$187,452,000 $185,424,000 $186,643,000 $186,761,000
Commercial paper delivered to F. R. Agent
510.645.000 $10,611,000 $10,208,000 $10,720,000 $10,212,0001
$9,978,000 $10,242,000 $10,725,000 $10,743,000
*Including bankers' and trade acceptances bought in the open market. t Amended figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 9 1916
Boston. I New York. Philadera. Cleveland. Richmond. Atlanta.
I
$
i
Chicago. St. Louis.
Kan. City. Dallas. San Fran.
Total.
$
RESOURCES.
3
$
Gold coin & ars. In vault 8,534,000152,385,000 9,624,000 12,466,000 5,053,000 5,855,00 37,875,000 5,818,000 6,302,000 4,248,000 3,803,000 5,481,00025.5,444,000
Gi3id settlement fund_ 13,266,000, 4,718,000 16,485,000 10,961,000 13,166,000 4,133,000 7,511,000 1,8100)0 4,427,000 8,560,00 8,854,00i 9,590,000103,481,000
Gold redemption fund__
420,000
42,000
50,000
250,000
5,000,
200,00
449,000
17,000
168,000
82,000
30,000
10,000 1,703,000
Total gold reserve__.- 19,805,000 157,353,000 26,159,000123,469,00 18,839,00010,437,000 45,586,000 7,645,000 10,759,000 12,870,000 12,825,000 15,081,000 360,628,000
Legal-ten.notes
186,000, 11,080,000
,&c.
170,000 527,000 1,707,000 1,049,000
436,000j 1,034,00
160,00
757,000
932,001
17,0001 18,055,000
Total reserve
19,991,000,168,433,000 28,595,0012403,000 18,809,00010,984,000 47,293,000 8,694,000 11,516,000113,030,000 13,757,00115,098,00(078,683,000
5% redemp.fund
-F.It.
bank notes
•
400,000
450,000
50,000
Discounted-Members 403,000
274,000 5,310,000 2,751,000 1,993,000
452,000
415,000
731,000
750,000 1,793,000 4,867,000
416,000 20,155,000
Bought in open mkt 10,504,000 19,685,000 9,404,000 3,779,000
806,000 1,789,000 3,350,000 2,686,000 1,328,000 1,161,000
3,696,000 58,188,000
Total bills on hand.... 10,907,000 20,100,000 9,856,00
Investments: U. S. bds_ 3,082,000
One-yr. U.S. Tr. notes
250,000
Municipal warrants
2,676,000
4,053,000 6,116,000 4,540,000 5,343,000 3,417,000 2,078,000 2,954,000 4,867,000 4,112,000 78,343,000
3,488,000 3,538,000 6,502,000 1,605,000 1,684,000 9,753,11 2,959,000 3,427,000 9,678,000 2,866,000 3,609,000 52,191,000
1,532,000
462,000
456,000
350,000
410,000
380,000
350,000
4,190,000
60,000
4,658,000 4,204,000 3,991,000
2,928,00)
752,000 1,469,000 422,000
1,935,000 23,095,000
Total earning assets 16,915,000 29,778,000 18,060,000114,546,000 8,237,000 6,574,000 18,024,000 7,508,I I 1 7,324,00013,404.000 7,733,000 9,656,000 157,819,000
Fed. Res've notes--Net
799,000 13,833,000
Due from other Federal
Reserve Banks
-Net.. 4,615,000i
All other resources
353,000
35,0001
Total resources
68,000
308,000
1,629,000 1,695,000 1,119,000 1,065,000
2,507,000 23,923,000
2,579,00 2,305,000 1,063,000 6,998,000 4,237,000 1,379,000 1,102,000
325,000 2,386,000 a17,750,000
18,000
127,000 1,253,000
303,000
602,000
416,000
521,000 1,210,000
121,000
207,000 5,166,000
42,355,000, 12,397,000 44,741,000 42,239,000 29,478,000 21,483,000 74,612,00021,974,000 22,305,000 28,517,000 23,075,00029,854,000 583,791,000
12
LIABILITIES.
Capital paid in
4,925,000 11,281,000 5,216,000 5,966,000 3,355,000 2,469,000 6,673,000 2,789,000 2,576,000 3,005,000 2,675,000 3,933,000 54,863,000
Government deposits__. 3,146,000 10,821,000 4,112,000
786,000 7,088,00 7,815,
739,000 1,064,00 5,911,000 2,155,000 51,578,000
5,299,000 2,642,000
Reserve deposits
-Net _ 34,218,000 182,733,000 33,733,000 35,487,000 14,734,000 11,079,00062,640,000 16,543,000 18,990,00021,950,000 11,007.00023,766,000 467,780,000
Fed. Res've notes
4,243,000
-Net_
768,000 2,582,001
7,593,000
F.R.bank notes in ciro'n
1,730,000
1,730,000
Due to F.R.banks-Net
7,562,000 1,677,000
All other liabilities
120,00
58,000
66,000
3,000
247,000
I
Total liabilities
42,355,000212,397,00044,741,00042,239,000 29,478,00021.483,00074,812,000 21,974,00022,305,000 28,517,000 23,075,00129,854,000583,791,000
Federal Reserve Notes:
Issued to banks
10,413,000 70,653,000 6,122,000 10,105,000l0,108.000 14,345 111 3,658,001 8.893,00013,098,000 9,299.000 14,924,000 9,853,000179,471,000
In hands of banks.427,000 1,629 111 1,695,00 1,119,0
308,000
317,000
68,000
799,000 13,833,000
725,000 2,507,000 25,392,000
1,965,000
F.R notes In circulation 9,614,
56,820,000 6,054,000 9,797,000 9,681,000 12,716,000 1,963,000 5,774,000111,133,000
14,199,000 7,346.000154,079,000
Gold and lawful money
with agent
10,413,000 70,653,00 6,122,000 10,105,00 5,438,000 14,345,000 3,658,000 6,893,00113,098,000 8,214,000 11,617,000 9,883,000170,409,000
Carried to net assets__
1,629,000 1,695,000 1,119,001 1,965,000
68,000
799,000 13,833,000
308,00
2,507,0001 23,923,000
Carried to net liabilities
4,243,000
7,593,000
768,000 2,582,000.
a Items in transit, I. e., total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS JUNE 9 1916.
Boston.
New York. Philadera. Cleveland. Richmond. Atlanta.
Chicago. St. Louis. Mimseap. Kan.City. Dallas. San Fran.
Total.
Federal Reserve NotesS
$
$
$
$
$
$
$
$
S
$
$
$
Reo'd from Comptrorr 20,380,000 119,240,000 15,480,000 13,360,000 17,000,00020,400.000 9,380,000 9,600,000 19,000,000 13,000,00023,580.000 13,320,000293,740,000
Returned to Comptro'r 2,787,000 30,787,000 3,265,000 1,555,000 3,542,000 1,959,000
783,000 1,846,000
272,000
841,000 945,000
667,000 49,249,000
Chargeable to Agent__ 17,593,000 88.453,00012,215,000 11,805,00013,458,00018,441,000 8,539,000 8,655,000 18,728,000 12,217,00021,734,000 12,053.000244,491.000
In hands of F.R.Agent 7,180,000 17,800,000 6,093,000 1,700,000 3,350,000 4,096,000 4,881,000 1,762,000 5,630,000 2,918,000 6,810,000 2,800,000 65,020,000
Issued to F. R. bank. 10,413,000 70,853,000 6,122,00010,105,000 10,108,000 14,345,000 3,658.000 6,893,00013,098,000 9,299,000 14,924,000 9,853,000 179,471,000
Held by F. R. Agent
Gold coin & certfs____ 9,700,000 65,817,000 3,230,000 9,460,000
2,850,00010,120,000 4,000,000 0,540,000
114,717,000
Credit balances:
In gold redemption rd
797,000
514,000
713,000 4,836,000
338,000 895,000
645,000
292,000
348,000
333,000 10,732,000
393,000 628,000
With F. R. Board.
5,100.00013,450,000 3,310,000 3,650,000 2,350,000 3,700,000 1,280,000 9,520,000 44,960,000
2,600,000
Notes secured by commercial paper
4,670,000
1,085,000 3,307,000
9,062,000
Total
10,413,000 70,653,000 6.122,00010,105,000 10,108,00014,345,000 3,658,000 8,893,00013,098,000 9,299,000 14,924,000 9,853,000 179,471,000
Amount of comm'l paper:
dellonrnel tn 17 R Aer't.1
5.136.000
1,099,000 4,410.000
10,645,000
JUNE 17 1916.1
THE CHRONICLE
2235
Statement of New York City Clearing House Banks and Trust Companies.
-The following detailed statement
shows the condition of the New York C437 Clearing House members for the week ending June 10. The figures for the
separate banks are the averages of the daily results.. In the case of the totals, actual figures at the end of the week are also
.
given. In order to furnish a comparison, we have inserted the totali of actual condition for each of the three groups and
also the grand aggregates, for the three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Capital.
11
Loans,
Discounts,
Investmls,
&c.
Members of Federal
Reserve Bank.
$
$
Bank of N. Y., N.B.A. 2,000,0 4,844,5
Merchants' Nat. Bank 2,030,0 2,336.7
Mech. & Metals Nat__ 6,000,0 9,522,0
National City Bank__ 25,000,0 a39,109,1
Chemical Nat. Bank_ _
. 3,000,0 3.079,7
Atlantic National Bank 1,000,0
787,9
Nat. Butchers' & Drov.
300,0
83,4
Amer. Exch. Nat. Bank 5,000,0 4,987.6
National Bank of Corn. 25.000,0 18,259,8
Chetham & Phenix Nat
3.500,0 1,970.6
Hanover National Bank 3,000,0 15,640.3
Citizens' Central Nat__ 2.550.0 2,481,2
Market & Fulton Nat__ 1,000.0 1,981.1
Importers' & Traders'.._ 1,500.0 7,704,9
National Park Bank__ 5,000,0 15,625,1
East River Nat. Bank__
72,7
250.0
Second National Bank_ 1.000,0 3,358,6
First National Bank... 10,000.0 23,337,5
Irving National Bank._ 4,000,0 3,922,9
N. Y. County Nat. Bk.
500,0 1,296,4
Chase National Bank__ 5,000.0 10,468,6
Lincoln National Bank_ 1.003,0 1,950,7
Garfield National Bank 1,000,0 1,273,3
250.0
416,1
Fifth National Bank__
. 1,000,0 2,860,5
Seaboard Nat. Bank_ _
Liberty National Bank_ 1,600,0 3.376,1
Coal & Iron Nat. Bank_ 1,000,0
728.8
Union Exchange Nat__ 1.001,0 1.096,1
Nassau Nat. Bank__ 1,000,0 1.134.4
Broadway Trust Co..... 1,500,0
920,9
Average.
$
34,299,0
28,356,0
120,686,0
417,464,0
36,590,0
12,334,0
2,503,0
76,330,0
230,128,0
63,821,0
125,775,0
27,233,0
10,131,0
31,663,0
144,296,0
2,078,0
17,872,0
159,385,0
70,460,0
10,234,0
187,127,0
18,020,0
9,482,0
5,026,0
41,347,0
48,199,0
9,186,0
12,726,0
10,008,0
20,317,0
Week Ending
June 10 1916.
(00s omitted.)
Net
Profits.
JNat.B'ks May
1State BksMar. 171
Gold.
Legal
Tenders.
Silver.
Nat.Bank Nat.Bank Federal
Notes
Reserve
Notes
[Reserve
(Not
Bank
for State Counted
Notes
Instillsas
[Not
Wm). Reserve]. Reserve].
Average. Average. Average. Average. Average. Average.
$
S
$
$
$
$
1,792,0 1,262,0
580,0
5,0
1,229,0
377,0 1,297,0
22,0
8,0
10,406,0 4,186,0 3,792,0
79,0
24,0
48,675,0 5,261,0 3,278,0
114,0
686,0
1,395,0 1,441,0 1,637,0
56,0
813,0
113,0
307,0
23,0
61,0
63,0
44,0
93,0
5,0
2,306,0 2,451,0 1,811,0
125,0
40,0
19,373,0 3,924,0 2,465,0
5,0
3,294,0 2,021,0 3,311,0
396,0
166,0
21,712,0 1,972,0 2,472,0
18,0
15,0
1,289,0
190,0 1,058,0
27,0
7,0
866,0
402,0
902,0
90,0
1,180,0 1,092,0
717,0
14,0
6,645,0 2,805,0 6,909,0
76,0
76,0
150,0
35,0
233,0
9.0
1,140,0
244,0
413,0
40,0
26,0
10,324,0 5,428,0 5,522,0
64,0
4,334,0 1,043,0 3,294,0
16,0
28,0
462,0
123,0
491,0
110,0
17,0
10,514,0 7,388,0 6,790,0
51,0
867,0
1,484,0
361,0
176,0
83,0
77,0
725,0
120,0
699,0
36,0
109,0
135,0
129,0
322,0
2,0
4,0
2,524,0 1,518,0 1,883,0
14,0
15,0
2,470,0
752,0 1,579,0
15,0
793,0
146,0
185,0
18,0
4,0
285,0
350,0
641,0
29,0
365,0
117,0
568,0
34,0
1,711,0
172,0
534,0
58,0
34,0
Totals, avge.for week1115.350,0,189,627,5 1,983,076,0 158,544,0 45,467,0 53,959,0
Totals, actual condition June 101
Totals, actual condition June 31
Totals, actual condition May 27
Totals, actual condition May 20
-State Banks.
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co_ 2,353,0
Bank of America
1,500,0
Greenwich Bank
500,0
Pacific Bank
500,0
People's Bank
200,0
Metropolitan Bank,..... 2,000,0
Corn Exchange Bank__ 3,500,0
Bowery Bank
250,0
German-American Bank
750,0
Fifth Avenue Bank__
100,01
German Exchange Bank
200,01
Germania Bank
200,0
Bank of Metropolis.... 1,000,0
West Side Bank
200,0
N. Y. Produce Ex. Bk. 1.000,0
State Bank
1,500.0
1,946,541,0 162,910,0
2,008,262,0 162,899,0
2,014,961,0 170,562,0
2,009,706,0 175,501,0
=-
1,241,0
1,934,0
190,0
626,0
82,0
1,009,0
2,325,0
43,0
337,0
569,0
55,0
44,0
335,0
206,0
354,0
659,0
839,0
1,046,0
385,0
85,0
114,0
700,0
4,806,0
52,0
87,0
1,177,0
136,0
138,0
385,0
112,0
371,0
494,0
Totals, avge. for week. 15,450.0 33,109,6
291,444,0 27,346,0 10,009,0 10,927,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
291,805,0
291,594,0
289,648,0
291,537,0
2,269,0 160,128,0
2,027,459,0 45,551,0 31,524,0
2,069,0 159,973,0
2,243,0 159,310,0
2,515,0 162,964,0
2,571,0 160,823,0
1,995,086,0
2.060,301,0
2,076,577,0
2,083,458,0
95,0
86,0
364,0
120,0
5,0
57,0
661,0
30,0
11,0
50,0
53,0
90,0
58,0
33,0
93,0
164,0
June 101
June 3
May 27
May 20
Trust Companies.
Not Members of
Federal Reserve Bank.
Brooklyn Trust Co..... 1,500,0 3,817,4
10,010,0 15,914,2
Bankers Trust Co
H.S. Mtge.& Trust Co
2,000,0 4,627.9
Astor Trust Co
1,250.0 1,632,2
Title Guar.& Trust Co. 5,000,0 12,295,3
Guaranty Trust Co____ 20,000.0 30.638,6
Fidelity Trust Co__
1.030,0 1,230,3
Lawyers' Title & Trust. 4,001,0 5,378,0
Columbia Trust Co.... 2,000,0 7,779,1
People's Trust Co
1,030.0 1,622,5
New York Trust Co__. 3,000,0 11,268,6
Franklin Trust Co
1,030,0 1,311,4
Lincoln Trust Co
1,000.0
514,8
Metropolitan Trust Co. 2.000,0 8,416,7
6,234,0
3,082,0
1,040,0
332,0
160,0
1,000,0
6,709,0
374,0
689,0
1,939,0
490,0
641,0
935,0
304,0
1,436,0
1,981,0
26,476,0 11,584,0 12,149,0
27,558,0 8,638,0 11,182,0
28,875,0 8,871,0 13,827,0
30,449,0 8,865,0 10,251,0
Average. Average. Average. Average. Average.
3
$
3
$
$
2,377,0
30,682,0 1,843,0
795,0
1,925,0
27,135,0
1,811,0
9,392,0
126,292,0 2,668,0 4,949,0
33,805,0
429,360,0 12,920,0 1,799,0
2,326,0
32,054,0
450,0
1,010,0
12,860,0
184,0
50,0
175,0
2,327,0
49,0
7,646,0
71,958,0 4,111,0 4,841,0
19,207,0
232,817,0
847,0
155,0
5,075,0
65,565,0 5,302,0 1,771,0
11,130,0
144,327,0
130,0
2,106,0
24,604,0 1,308,0 1,026,0
732,0
9,939,0
183,0
2,083,0
27,481,0
51,0
11,893,0
147,012,0 1,504,0 3,558,0
203,0
2,438,0
50,0
1,116,0
15,171,0
696,0
11,818,0
155,543,0
125,0 4,949,0
5,792,0
76,380,0
220,0
640,0
754,0
10,224,0
199,0
15,434,0
201,640,0 10,640,0
450,0
1,255,0
17,815,0
892,0
9,0
766,0
9,380,0
399,0
359,0
4,995,0
136,0
248,0
4,174,0
47,651,0
24,0
3,773,0
49,062,0 3,181,0
500,0
640,0
9,150,0
200,0
412,0
962,0
12,522,0
21,0
397,0
670,0
9,628,0
32,0
50,0
1,530,0
21,447,0
300,0
1,629,0
55,430,0
53,665.0
51,666,0
53,971,0
42,275,0
31,307,0
11,654,0
6,429,0
2,233,0
14,580,0
85,760,0
4,267,0
5,921,0
17,073,0
4,919,0
6,262,0
14,408,0
4,880,01
16,578,0
23,092,0
National
Net
Bank
Time
CircuitsDeposits. lion.
1,512,0
1,368,0
1,507,0
1,714,0
42,401,0
46,822,0
46,354,0
51,810,0
4,930,4
6,308,1
1,205,9
1,008,2
447,8
2,015,2
7,026,4
797,4
758,3
2,293,6
826,9
1,077,0
2,154,1
630,0
1,048,4
581,5
Addit'al
Reserve Deposits
with
with
Net
Legal
Legal
Demand
Deposi- Deposi- Deposits.
Myles.
garieS.
5,0
2,935,0 1,125,0
43,416,0 31.531.0
42,957,0 31,604.0
41.760,0 31,671.0
40,962,0 31,848,0
--
900,0
196,0
244,0
827,0 1,107.
226,0
1,186,0 1,752,0
1,545,0 1,020,0
46,898,0
29,640,0
12,401,0
5,943,0
2,578,0
13,279,0
101,364,0
3,873,0
6,183,0
18,138,0
4,685,0
6,195,0
13,786,0
4,515,0
18,116,0
25,729,0
1,970,0
54,0 12,088,0 11,333,0
313,321,0
1,013,0
1,814,0
1,841.0
1,785,0
1,739,0
47,0
47,0
40,0
42,0
11,878,0 9,294,0
13,662,0 11,966,0
12,373,0 17,362,0
12,901,0 16,753,0
315,899,0
316,166,0
314,473,0
315,610,0
1,008,0
1,017.0
1,032.0
1,032,0
25,0 1,414,0 2,645,0
19,0 10,479,0 1,582,0
7,0 2,528,0 6,959,0
1,165,0 1,151,0
13,0 1,452,0 1,204,0
18,299,0 3,144,0
379,0
236,0
13,0
895,0
613,0
103,0 3,349,0 2,349,0
15,0 1,000,0 1,758,0
35,0 2,986,0 3,076,0
6,0
909,0
757,0
9,0
635,0
502,0
10,0 2,897,0 1,813,0
28,289,0
209,582,0
50,562,0
23,843,0
29,036,0
365,989,0
7,598,0
17,908,0
66,990,0
19,987,0
59,547,0
18,174,0
12,709,0
57,941,0
6,644,0
23,086,0
12,567,0
7,421,0
777,0
32,675,0
972,0
1,336,0
18,325,0
1,270,0
8,326,0
3,740,0
666,0
8,358,0
581,0
2,0
27,0
155,0
79,0
3,750,0 6,250,0
228,0
215,0
20,0
33,0
4,0
10,0
.
66,0
.
35,823,0 1,849,0
224,550,0 20,916,0
62,351,0 3,607,0
30,609,0 2,207,0
43,341,0 2,150,0
386,058,0 30,496,0
9,673,0
617,0
25,690,0 1,349,0
84,595,0 5,862,0
20,847,0 1,351,0
73,945,0 4,559,0
21,405,0 1,349,0
12,996,0
754,0
65,281,0 5,136,0
Totals, avge. for week. 54,750.0 104,447,0 1,097,164,0 82,202,0
242,0
50,0
503,0
11,0
543,0
3,921,0
48,0
392,0
162,0
119,0
604,0
233,0
79,0
673,0
621,0
78,0
859,0
153,0
157,0
2,530,0
100,0
70,0
602,0
418,0
351,0
274,0
405,0
185,0
218,0
22,0
147,0
32,0
114,0
523,0
33,0
22,0
195,0
118,0
29,0
56,0
60,0
313,0
7,580,0
8,803,0
1,882,0
255,0 48,387,0 27,789,0
968,155,0 126,163,0
8,532,0
9,339,0
6,193,0
6,251,0
8,518,0
8,393,0
9,323,0
8,416,0
2,051,0
1.727,0
1,947,0
1,987,0
272,6
232.0
235,0
248,0
960,504,0 131,602,0
968.425,0 121,547,0
977,551,0 118,480,0
958,769,0 119,201,0
Grand Aggregate, avge. 185,550,0 327.184,1 3,371,684,0 268,092,0 63,056,0 71,689,0
Comparison prey, week
-28,341,01-8,131,0 +2,337,0 --370,0
1
Grand Aggregate,actual condition June 10 T,331,499,0 272,135,0 62,517,0 76,097,0
Comparison prey. week
-61,597,0 +191,0 --2,282,0 +2,857,0
Grand Aggregate actual condition June 3 3,393,096,0 271,944,0 64,799,0 73.240,0
Grand Aggregate actual condition May 27 3,402,895,0,279,849,0 61,418,0 74,816,0
Grand Aggregate actual condition May 20 3,380,005,0,289,891,0 66,926,0
72,638,0
1
1
a Includes capital set aside for Foreign Branches. $3,000,000.
3,852,0
+109,0
1,629,0
+122,0
2,578,0 220,603,0 39,122,0 3,308,935,0 172,727,0 31,524,0
-69,0 -3,764,0 -153100 --48,562,0 +9,379,0
-26,0
3,865,0
+297,0
1,512,0
+144,0
2,388,0 219.883,0 37,005,0 3,271,489,0 176,026.0 31,531.0
-134,0 +2,408,0-6,500,0 -73,403,0 +105050
-73,0
3,568.0
3,732,0
3,726,0
1,368,0
1,507,0
1,714,0
2.522.0 217,475,0 43,505,0 3,344.892,0 165,521,0 31,604,0
2,790,0 224,270,0 63,947,0 3,368,601.0 161,272,0 31,671.0
2,861,0 221,471,0 60,915,0 3,357,837.0 161,195,0 31,846,0
Totals, actual
Totals, actual
Totals, actual
Totals, actual
condition
condition
condition
condition
June 101
Juno 3
May 27
May 20
1,093,153,0
1,093,240,0
1,098,286,0
1,078,762,0
82,749,0
81,487,0
80,412,0
83,941,0
48,032,027,711,0
44.503,0 31,539,0
48,933,0 46,585,0
47,947,0 44,162,0
STATEMENTS OF RESERVE POSITION.
Averages.
Cash Reserve Reserve in
In Vault. Depositaries
Total
Reserve.
a Reserve
Required.
Actual Figures.
Inc. or Dec.
Surplus
from
Cash Reserve Reserve in
Reserve. Previous Week in Vault. Depositaries
Total
Reserve.
b Reserve
Required.
Inc. or Dee.
Surplus
from
Reserve. Previous Week
Members Federal
$
1
1
$
$
Reserve Bank____ 257,970,000180,128,000 418,098,000 367,220,170 50,877,830
--528,930 260,741,000 159,973,000 420,714,000361,286,280 59,427,720 +9,733,750
50,252,000 12,088,00C), 62,340,000
State Banks.
56,397,780 5,942,220 -1,546,520, 52,023,000 11,878,
63,901,000 56,861,820 7,039,180 +1,068,060
Trust Companies.. 98,467,000 48,387,000146,854,000 145,223,250 1,630,750
+585,050,,101,850.000 48,032.Ill 149,882,000144,075,600 5,806,400 4-5,621,150
Total June 10.-__ 406,689,000220,603,000627,292,000 568,841,200 58,450,800 -1,490,400 414,614,000219,883,$ I
634,497,000 562,223,700 72,273,300 +16,422,960
412,744,000224,387,000 637,111.000 577.169.800 59,041,200
Total flute 3.___
-7,791,800 413,551,000217.475,000631,
Total May 27._.... 422.449,000224,027,000646,476,000578,743.000 67,733,000-16,729,140 419,815,000 224.270,000,6 026,000 575,175,660, 55,850,340. -9,125,010
44,085,000579,109,650, 64,975,350-11.980,960
Total May 20 -- 441.284.000222.06I.000.663,345,000 578.882,860 84,462,140 -5,975,940 433,181,000
221,471,000654.652,000577.695,690 76.956,310-11.830,970
• Not members of Federal Reserve Bank.
a This is the reserve required on Net Demand Deposits in the case of State Banks
Includes also the amount of reserve required on Net Time Deposits, which was as follows: and Trust Companies, but In the ease of Members of the Federal Reserve Banks
June 10,
b This is the reserve required on Net Demand Deposits in the case of State Banks and Trust $2,277,550; June 3, $2,123,800: May 27, $2,088,250; May 20,$2,052,250.
Deludes also the amount of reserve required on Net Time Deposits, which was as follows; June 10, Companies, but In the case of Members of the Federal Reserve Banks
$2,170,800; June 3, $2,147,850; May 27, $2,088,000; May 20,$2,048,100
[VOL. 102.
THE CHRONICLE
2236
In addition to the returns of "State banks and trust comThe State Banking Department reports weekly figures,
showing the condition of State banks and trust companies panies in New York City not in the Clearing House," furnished
in New York City not in the Clearing House, and these are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER in the whole State.' The figures are compiled so as to distinNEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
guish between the results for New York City (Greater New
(Figures Furnished by State Banking Department.) Differences from
previous week.
June 10
and those for the rest of the State, as per the following:
$716,103,700 Dec. $1,053,700 York)
Loans and investments
60,037,300 Dec. 1,171,900
Gold
For definitions and rules under which the various items
215,500
9,272,800 Inc.
Currency and bank notes
863,516,600 Dec. 41,498,900 are made up,see "Chronicle," V.98, p. 1661.
Total deposits
Deposits, eliminating amounts due from reserve
The provisions of the law governing the reserve requiredepositaries and from other banks and trust com747,304,200 Dec. 8,752,700 ments of State banking institutions were published in the
panies in New York City, and exchanges
183,317,300 Dec. 30,862,300
Reserve on deposits
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaPrecentage of reserve, 26.1%.
RESERVE.
deposits and what
- tions relating to calculating the amount of
State Banks- -Trust Companies
9.63% deductions are permitted in the computation of the reserves
$56,988,900
$12,321,200 11.21%
Cash in vaults
95,427,400 16.14%
Deposits in banks and trust cos__ _ 18,579,800 16.92%
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
$30,901,000 28.13%
Total
$152,416,300 25.77%
STATE BANKS AND TRUST COMPANIES.
The averages of the New York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past:
Trust Cos.
State Banks
Trust Cos.
State Banks
outside of
outside of
in
Week ended Junein
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
Capital as of March 17.-_
23,350,000
75,550,000
$
11,783,000
14,050,000
Surplus as of March 17_
40,158,600
171,767,100
14,654,000
13,362,500
Loans and investments._
Change from last week_
381,422,9001,716,644,000
+1,732,800, ---3,434,400
156,965,800
+359,100
227,397,900
+634,500
Gold
Change from last week_
40,366,100/ 139,248,100
i-590,600
---1,019,700;
Currency and bank notes_
Change from last week_
18,725,800
22,203,700/
--199,200; --2,158,300
Deposits
Change from last week_
518,783,9001,972,015,100
+455,6001 --=73,831,900
169,605,400
+997,200
246,565,700
+1,414,000
Reserve on deposits
Change from last week_
::
:
113,127,7001 344,9:5 5
-6,254,800 -43,704,200
31,291,900
+146,800
39,160,200
+1,366,600
21.6%
21.5%
19.7%
19.1%
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in all these figures.
- Loans and
Week ended
Investments
Mar. 18
Mar. 25
Apr. 1
Apr. S
Apr. 15
Apr 22
Apr 29
May 6
May 13
May 20
May 27
June 3
June 10
4,056,746,2
4,050,652,3
4,055.781.1
4,096,708,3
4,084,794,2
4,084,878,5
4,075,574,8
4,075,645,9
4,072,139,2
4,104,967,9
4,124,653,8
4,118,082,4
4,087,787,7
4,134,635,6
4,123,524,8
4,117,806,7
4,157,969,5
4,135,880,7
4,133,566,7
4,108,157,2
4,102,377,2
4,077,522,7
4,126,508,7
4,135,726,9
4,093,553,9
4,056,239,2
Specie.
Other
Money.
Total
Entire
Money Reserve on
Holdings. Deposit.
474,291,6
463,977,4
456,681.6
453,312,5
448,433,5
442.486,4
440,501,8
431,781,2
429,750,4
430,267,8
418,247,5
409,491,2
399,818,3
76,973,4
80.617,5
80,320,4
81,514,9
80,951,8
80,990,7
81,147,7
81,967,9
82,000,6
81,014,9
75,338,8
73,519,3
76,180,8
551,265.0
544,594,9
536,982.0
534,827.4
529,385,3
523,477,1
521,649,5
513.749,1
511,751,0
511,282,7
493,588,3
483,010,5
475,999,1
Demand
Deposits.
916,177,3
919,396,2
914,934,9
913,158,1
895,711,1
890.474,7
879,258,8
868,409,1
872,048.5
884,881,4
862,337,4
851,290,6
810,609,3
P.0. of reserve to deposits
Percentage last week I
27.3%1
23.4%
+ Increase over last week. -Decrease from last week.
-Following is the report made to the Clearing-House by clearing nonNon-Member Banks and Trust Companies.
member institutions which are not included in the "Clearing-House return" on the preceding page:
HETUUN Ub' NUN-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
Net
CLEARING
NON-MEMBERS. Capital.1 Profits.
Veek Ending
tine 10 1916.
Loans.
Discounts.
(Nat. bks. May. 11 Invest'State bks. Mar. 17 meats, &e.
Members of
Fed'1 Reserve Bank
Bat;ery Park Nut__
Firs I Nat., Brooklyn
Nat. City, Brooklyn
Firs I Nat.,Jere. City
Hu son Co. N.,J.C_
Firs I Nat., Hoboken
See ind Nat., Hobok.
Gold.
Legal
Tenders.
Silver.
Nat.Bank Nat.Bank
Notes(Re- NotesiNot
serve for Counted
as
State Institution] reserve)
Reserve Additional
Federal
Deposits
with
Reserve
Net
Legal with Legal
Bank
Demand
DeposNotes(Not DepotDeposits.
itaries.
Reserve). itaries.
Average. Average. Average. Average. Average. Average. Average. Average. Average.
s
3
$
$
$
$
$
8
3
$
$
193,100 5,574,000 639,000
721,000
75,000
200,000
90,000
6,000
k23,000
33,000 119,000
676,800 5,055,000 152,000
300,000
8,000 578,000
10,000
176,000
644,100 5,423,000 167,000
61,000 117,000
8,000 668,000
300,000
8,000
400,000 1,264,500 4,888,000 203,000 439,000
1,000 560,000 3,948,000
93,000
17,000
846,000
11,000
757,100 4,163,000 120,000
72,000
250,000
3,000 397,000
129,000
563,000
14,000
648,800 5,726,000 164,000
220,000
48,000
8,000 394,000
16,000
457,000
57,000
41,000 111,000
318,100 4,615,000
125,000
4,000 287,000
5,000
1,795,000 4,501,500 35,444,000 1,502,000 674,000 650,000
-=;tate Banks.
Na I Members of the
Fed mg Reserve Bank.
5,000
401,500 2,164,000 124,000
53,000
Bank of Wash. 1Tts_ 100,000
861,200 8,428,000 516,000 166,000 457,000
400,000
Col )nial Bank
26,000 260,000
680,900 7,855,000 627,000
300,000
Col imbla Bank
94,000
10,000
186,600 1,359,000
27,000
200,000
Fid:My Bank
33,000 167,000
462,700 6,425,000 679,000
200,000
Mu Wel Bank
250,200 '4,026,000 262,000
55,000 167,000
200,000
Newr Netherland
581,000 6,023,000 358,000 105,000 328,000
100,000
Yor kville Bank
825,800 17,935,000 796,000 203,000 825,000
Me hanics', Bklyn__ 1,600,000
48,000 124,000
196,400 4,038,000 215,000
200,000
North Side, Bklyn
22,000
91,000
103,000
12,000
60,000
32,000
92,000
174,000
25,000
651,0001 2,417,000
611,000
181,000
191,000
Tiotal
3,300,000 4.446,300 58,253,000 3,671,000
otal
Tr sat Companies
NoI Members of the
Fed !rat Reserve Bank.
Ha oll'onTrust,Bkin.
;hanics ,Bayonne
Met
otal
Net
Time
Deposits.
Nationa
Bank
Circuladen.
Average. Average. Average.
3
$
$
147,000 190,000
6,424,000
295,000
4,695,000
120,000
5,390,000
394,000
4,667,000
195,000
3,307,000
2,482,000 2,874,000 217,000
99,000
2.389,000 2,043,000
32,000 3,605,000 6,113,000 29,354,000 5,064,000 1,510,000
103,000 1,737,000
189,000
460,000 8,096,000
540,000
295,000 8,361,000
502,000
75,000 1,243,000
75,000
545,000 6,499,000
422,000
38,000 4,217,000
4,000 252,000
340,000 6,555,000
393,000
1,156,000 1,754,000 19,261,000
449,000 3,914,000
235,000
371,000
101,000
30,000 3,764,000 4.059,000 60,783,000
904,000
26,000
181,000
82,000
410,000
500,000 1,093,500 8,063,000
294,100 4,629,000
200,000
476,000
78,000
21,000
49,000
21,000
80,000
61,000
47,000
10,000
3,000
21,000
288,000 1,282,000 5,771,000 1,396,000
807,000 1,921,000 2,584,000
96,000
700,000 1,387,600 12,692,000
554,000
70,000
101,000
108,000
10,000
24,000
384,000 2,080,000 7,692,000 3,980,000
5,795,000 10.335,400 106389000 5,727,000 1,395,000 3,168,000 719,000 382,000
86,000 7,753,000 12,261,000 97,829,000 10,008,000 1,510,000
Orend aggregate
+1788000 +37,000 +164000 +70,000 +133000 -24,000 +20.000 +266000 -2,848,000 +2238000 +407,000 -2,000
Co sparison,prev.wk
Excess reserve, $276,660 decrease
66,000 7487.000 15,109,000 95,591,000 9,601,000 1,512,000
Orend aggr'te June 35.796.000 10,335,400 104601000 5,690,000 1,231,000 3,089,000 586,000 406,000
73,0007:438,000 15,884,00005,388,000 9,588,000 1,513,000
Ovand aggete May27 5,795,000 10,259.900 103953000 5,728,000 1,291,000 3,051,000 671,000 354,000
69,000 7,361,000 17.201.000 94,227,000 9,563,000 1,510,000
Gma nd aggr'te May20 5,795,000 10,259,930 103182000 5,665,000 1,231,0003,108.000 045,000 348,000
72.000 7.3130.000 15,683.000 93,659,000 9,559.000 1,512,000
102879000 5,738,000 1,220,000 3,103,000 755,000 300,000
Grand aggete May13 5,795,000 10,259,900
71.0007,290,000 14,824,000 93,334,000 9.574.000 1,516,000
Or nd al/Bete May 65,795,00010,259,000 102555000 5,550,000 1,281,000 2,896,000 852,000 308,000
-We give below a
Boston Clearing House Banks.
-Summary of weekly totals of
Philadelphia Banks.
Clearing House banks and trust companies of Philadelphia: summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
We omit two ciphers (00) in all then figures.
Capital
and
Surplus.
April
April
April
April
April
May
May
May
May
June
June
1
8
15
22
29
6
13
20
27
3
10
Loans.
Reserves.
$
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,884,3
103.684,3
103,684,3
103,684.3
103,684,3
103,684,3
499,682,0
500,299,0
504,361,0
508.139,0
509,220.0
512,268,0
512,210,0
511,097,0
509,043,0
508,838,0
513,163,0
120,964,0
124,721,0
121,124,0
115,113,0
112,445,0
113,168.0
116,098,0
113,289,0
109,586,0
117,690,0
110,875,0
Deposits. Circulation.
a
612,836,0
617,022,0
625,197,0
621,791,0
618,559,0
618,026,0
615,855,0
616,168,0
605,511,0
621,974,0
611.010,0
$
9,694,0
9,648,0
9,634,0
9,626,0
9,608,0
9,427,0
9.435,0
9,432,0
9,442,0
9,442,0
9,440,0
BOSTON CLEARING HOUSE MEMBERS.
Clearings.
215,906,5
254,664,0
233,477,5
221,135,2
247,458,6
258,516,1
229,158,5
239,736,7
232,497,5
235,201,2
237,203,4
a Includes Government deposits and the item 'due to other banks" (June 10,
$170.619,000); also "Exchanges to Clearing House" (June 10, *18,3137,000). Due
from banks June 10, $73,043,000.
June 10
1916.
Change from
previous week.
$6,308,000 Inc.
Circulation
Loans, disc'ts & investments_ 423,183,000 Inc.
Individual deposits, Incl.U.S. 331,926,000 Dec.
135,865,000 Dec.
Due to banks
31,149,000 Inc.
Time &melts
Exchanges for Clear. House_ 16,167,000 Dec.
37,322,000 Dec.
from other banks
Due
24,531,000 Inc.
Cash reserve
Reserve in Fed. Res've Bank 20,715,000 Inc.
51,782,000 Dec.
Reserve with other banks
729,000 Inc.
Reserve excess in bank
Excess with Reserve Agent.. 35,914,000 Dec.
880,000 Idc.
Excess with Fed. Res've 13'k_
June 3
1916.
May 27
1916.
$6,000 $6,302,000 $6,308,000
6,512,000 416,671,000 414,683,000
1,861,000 333,787,000 335,261,000
102,000 135,967,000 132,903.000
2,251,000 28,898,000 27,455,000
390,000 16,157,0J0 15,898,000
487,000 37,809,000 37,049,000
791,000 23,740,000 24,884,000
443,000 20,272,000 20,719,000
5,888,000 57,670,000 57,180,000
437,000 292,000,000 1,447,000
6,121,000 42,038,000 41,556,000
732,000 1.189.000
148,000
-See third page
Imports and Exports for the Week.
preceding.
JUNE 17 1916.
THE CHRONICLE
Vaniters' Gazette.
Wa11 Street, Friday Night, June 16 1916.
The Money Market and Financial Situation.—A
series of noteworthy events this week had all been quite
generally anticipated, and therefore their immediate effect
in Wall Street is of a negative character. The announcement of Mr. Hughes's nomination met with general approval
in the ranks of his party, and his well-known sound judgment
and unswerving fidelity to mature convictions will appeal to
many voters not "dyed-in-the-wool" Republicans. Mr.
Wilson's renomination was a foregone conclusion and encountered no opposition.
The failure of the scheme to consolidate several prominent
motor companies has been one of the much talked of occurrences of the week and caused a sharp decline in some of the
stocks affected.
The Russian loan for $50,000,000, which has been in process of negotiation for some time past, is now announced,
and further progress appears to have been made in plans for
a French loan for a similarly large figure. These loans are,
of course, facilitated by receipts of gold which this week
amount to over$15,945,000,and a total of $57,546,000 since
the movement began last month.
As evidence of recovery from the first shock of the recent
.
naval battle and of increasing confidence in the outcome of
the war, British consols have advanced this week and are
than on June 3.
/
now 41 1 points higher
Foreign Exchange.—The market for sterling exchange
has ruled about steady during the week, under the stimulus
of large importations of gold, the week's receipts amounting
to $15,945,000. The continental exchanges both for the
belligerent and neutral countries have been irregular.
To-day's(Friday's) actual rates for sterling exchange were 4 72% 6114 72%
for sixty days, 4 75 13-16@4 757 for checks and 4 76@4 76 9-16 for
cables. Commercial on banks (sixty days) 4 71% @)4 71% and documents
ip
for payment (sixty days) 4 i(@4 71 . Cotton for payment 4 75%
4 75% and grain for payment ‘2 75% 4 75%.
To-day's (Friday's) actual rates for 'arts bankers francs were nomlna
for long and 5 92 for short. Germany bankers' marks were 75 13-16
sight. Amsterdam bankers' guilders were 41% @)41% for short.
Exchange at Paris on London. 28.18fr.; week's range, 28.18fr. high and
also 28.18 fr. low. Exchange at Berlin on London not quotable.
The range for foreign exchange for the week follows:
Sixty Days.
Sterling, Actual—
Checks.
Cables.
4 75%
4 76 9-16
High for the woolc_ _ _4 72 11-16
Low for the week_ _ _4 72%
4 75 11-16
4 76 7-16
Paris Bankers' FrancsHigh for the week_ _ _
5 91%
Low for the week_ _
55 9 1
5 91%
9 YL
7611
Germany Bankers' Marks—
High for the week__ ___76%
Low for the week__ _
75%
75 13-16
Amsterdam Bankers' Guilders=
High for the week_ _ _
414 +1-16
41% +1-16
Low for the week_ _ _
41%
41 11-16+1-16
Domestic Exchange.—Chicago, 10c. per $1,000 discount. Boston, par.
St. Louis, 15c. per $1.000 discount bid and 10c. discount asked. San
Francisco, 20c. per $1,000 premium. Montreal. $2 50 per $1,000 premium.
Minneapolis, 25c. per $1,000 premium. Cincinnati, par. New Orleans.
sight, 50c. per $1,006 discount and brokers 50c. premium.
(4)
State and Railroad Bonds.—Sales of State bonds at the
Board this week are limited to $9,000 New York Canal 43s
at 114% to 114% and $42,000 Virginia Cs, tr. co. rects.,
at 51 to 54.
The volume of trading in railway and industrial bonds at
the Stock Exchange has been a trifle heavier than last week
with advances and declines about evenly distributed throughout the list and in most cases fractional. In sympathy with
the advance of copper shares during the middle of the week,
due to the great demand and high prices obtained for the
metal, Chili Copper 7s gained a point. Of the railway group,
St. Louis & San Francisco securities, w. i., showed the most
pronounced advance among the active issues- the ;prior lien
.
4s, ser. A, w. i., and income 6s, W.i,advancing over a point
each. Union Pacific 4s, Chicago Milwaukee & St. Paul eon.
Kansas & Texas 1st 4s also showed gains,
43's and Missouri
the latter being 13/i points.
As was the case last week and for many weeks past, the new
Canadian issues and Anglo-French 5s were the most active
among Government issues, the heavy sales of the latter being
presumably induced by the n9w Russian loan already announced, at more attractive interest rates, and by other
foreign loans in process of negotiation.
Sales on a s-20-f basis, indicating, perhaps, sales on foreign
account, have declined this week, being $247,000, as against
$421,000 a week ago.
United States Bonds.—Sales of Government bonds at
the Board are limited to $3,500 3s, coup., at 1013 to 1013.
For. to-day's prices of all the different issues and for week's
range see third page following.
Railroad and Miscellaneous Stocks.—A natural reaction following the advances of the past fortnight, was
noted on the Stock Exchange this week. Sales were of
considerably less volume while prices, as a whole, fell off
among all classes of securities, in some cases sharply. In
the face of this general decline New York, New Haven &
Hartford was the only active railroad issue that showed any
tendency toward advancement. The declines were mostly
fractional, but some of the anthracite stocks have lost a
part of their recent advance. Lehigh Valley and Baltimore
& Ohio having fallen away more than a point.
The abandonment of a proposed merger including several
large motor companies,. excessively capitalized, caused a
sharp drop in the securities of these concerns which have,
for some weeks past, been booming steadily. WillysOverland covered a range of 32 points during the week,
2237
the closing figure, 28531, being 23Y points below the high
i
mark, while the high and low prices for the month cover a
range of 48 points. Chandler Motors registered a net loss
of 7 points while Maxwell Motors, after a sharp advance
from 863/ to 88,fell away at the close to 87. Copper stocks,
notable for their sharp advance during the first half of the
week, due to conditions noted above, fell away sharply at
the close; the high, low and last prices for Kennecott Copper
and Butte and Superior being 54%-523-523 and 96793', ex-div.-793-, ex-div., respectively. American Cotton
Oil, Lackawanna Steel, United States Steel, and American
Beet Sugar showed the only advance in a group of 20 active
industrial issues, the latter being most spectacular with
an advance from 833/ to 943 and closing at 903.
For daily volume of business see page 2246.
The following sales have occurred this week of shares not
epresented in our detailed list on the pages which follow:
STOCKS.
Week ending June 16.
Sales
for
Week.
Range for Week.
Lowest.
Range since Jan. 1.
Highest.
Lowest. i Highest.
1
Pa Shar
S per share S per share liE per share; Per share
Adams Express
100
139 June 10 141 June 1613234 Mar115434 Jan
American Express_ _ _100 2 12554June 13 126 June 15 124% Mar14034 Jan
Am Teleg & Cable_ _100
11 6334June 12 63%June 121 63 June, 69% Apr
Am Writ Paper pref _1
3.1001 24%June 16 2634June 112 11
Jan! 2654 June
Am Zinc L& S pref_ _2 1,901 70 June 16 7134June 16, 70 June 7134 June
Assets Realization_ _100 600 4 June 12 5 June 13' 3
Mar! 8
Jan
Associated 011
66 June 161 66%June 1 62
10
Janl 77
Jan
2001
Batopilas
_ _2 2,000 2 June 10 234June 12 2
Feb! 354 Jan
Tiklyn Union Gas_ _101
3 130 June 1161130 June 1 126
Apr1132
Jan
Brown Shoe
i001 57 June 101 57 June 10 5034 Jan! 6034 May
100
Preferred
100) 550 100 June 16 100%June 15 9534 Jan 102
May
Brunswick Terminal_100
100 8 June 14 8 June 14 8 Mayl i4
Jan
Buff Roch & Pitts pf.
_100
35 115 June 12 115 June 1211034 AF b 110 June
1
Janepr 1415
Butterick
25 29 June 15 29 June 15 28
100
Apr 31
Jan
ent & So Am Teleg_10
72 140 June 16 140 June 16 135
June
Chicago & Alton_ _ _ _1001
100' 10 June 12 10 June 12 8
Jan
Preferred
100
100 20 June 15 20 June 15 20
Jan
Cluett,Peabody&Co _100 2,000 7434June 15 76 June 12 68
jn 7
Apr 2
0
6
Jan
Preferred
100
450 108 June 15 109 June 10 108 June 112
Jan
Computing-Tab-Rea 100 1,400 45 June 101 47%June 12 44
Jan 52% Jan
Continental Insur_ _
100 58 June 14 58 June 14 55
Mae 58
Mar
Deere & Co, pref._ _ _100
500 92 June 101 9234June 15 89
May 98% Feb
Detroit Edison
100
194 136 June 131138 June 15 131
Mar 141% Jan
Detroit United
100
100 116 June 13;116 '
June 13 70
Jan 116 June
Dui 85 & Atl, pref_ _100, 500 12 June 101 1234June 1 10
Jail 14
Elec Storage Battery 100! 550 65 June 141 60 June 16 58
Ap 68
Gulf St Steel tr ctfs_1001 1,6001 863-4June 12 89 June 12 71
May 90% June
1st pref tr ctfs___.100' 200 98 June 13 98 June 13 87 May 101% June
2d pref tr cite
100; 1,300 89 June 12 90 June 15 71
May 90% June
ITomestake Mining_ _100
8 134 June 12 134 June 12 126
Jan 134 june
June
Interboro-Consol_no part 600 1834June 12 19 June 12 1834 Jun 19
Int Harvest Corp_ 100, 600 82 June 16 83 June 12 6834 Mar 84% May
Preferred
lOsa
100409 June 14 109 June 14 10434 Apr109 June
Int Nickel pref v t c_1001 100108 June 14 108 June 14,106
May,411% Feb
K C Ft S & M pref_1001 3001 72 June 10 73 June 12 60
Mae 73 June
Kayser (Julius) & Co 1001 950 93 June 14; 9454June 15 8034 Marl 94% June
1st preferred
100
798 116UJune 12,117 June 12 11154 Jan 117 June
Kings Co Elec L&P_100
185 127 June 18127 June 15 1 2634 May;131
Feb
Laclede Gas
100 800 106 June 13110634June 15 10334 Mar107% Feb
Mackay Companies_100
3001 813iJune 121 84 June 1.1 78
Apr 91
Feb
Preferred
GOO 68 June 12' 68 June 15 6534 Jan' 68% June
100
Manhat Shirt
100. 67 June 121 67 June 12 55
100
Feb 67% May
1 6554June 12 5034 Jan 68% May
May Dept Stores_..i00 1,000' 65 June 13,
Preferred
100
100310734June 14 107%June 14 10234 Jan1109
May
M StPdcSSM leased _10
ma, 74 June 14 74 June 1.1 74 June1 75% Jan
Chatt & St LA
100 140 June 13 140 June 13 130
Jan 140 June
NY Chic dc St Louls_l
1,5001 43 June 12 4434June 141 33
Apr 45
Jan
2d preferred
100
6,503 6434June 101 66 June 13' 50
Apr 66
Jan
Norfolk Southern
100 1,408 22 June 10' 27 June 141 20
Apr 27
Jan
Pao Mail pref subs
700; 9234June 12 93 June 16 90 June 95 June
Peoria & Eastern_ _100 2,800; 12 June 13 1534June is; 8
Mar 153( June
Pitts Steel pref
100
2003 97 June 13 97 June 13, 9334 Feb 10034 Jan
St Lou & S F old_ _ _1
200 534June 16 554June 14' 134 Apr 6
Jan
2d preferred
1
200 634 June 10 1334 June 13 2
Apr 8
Jan
Sloss-Sheff S&I pref..i00
100 96%June 13 9634June 13 9134 Apr 101
Jan
Tobac Products ercf.iOt
100 104%June 16104%June 161 100
110954 Mar
Toledo St L & West-1
1.940 534June 12' 734June 161 5
Ap
7% June
Preferred
1
800 11 June 12 1354June 16, 10
Feb 1334 June
Underwood T'writer_l
200 103 June 12 103%June 101100
Jan 10954 Mar
Preferred
100
250 115%June 16 116 June 16 110
Jan1i17j May
U.S Express
100 206 31 June 14 31 June 141 31
Jun 4934 Apr
US Realty & Impt_.100
7001 35 June i61 3534June 16' 35 Jued 49
Feb
U 8 Reduc & Refg_ J00 800; 134June 101 1%June 15 1
Jun
334 Jan
Preferred
100
13(June 10 I%June 15 1
Jan
JanI 4
Virginia Iron
100 500 50 June 12 5034June 13 12354 m P 135 % Jan
2, 48
Aa 62
Vulcan Detin, prof.
.100
ioi 25 June 16 25 June 163 20 Jun 25
Mar
Wells,Fargo Express 100 1,716430 June 12 134 June
Jan
Weyman-Brut, pref_100
100116%June 12 116%June 123 111
Jan 11834 May
.
C
Outside Securities.—Sales of securities at the Broad
Street "curb" were somewhat larger than a week ago, and
with advances and declines evenly distributed. Atlantic
Gulf & West Indies SS. com. and pref. advanced from 553'
and 57 to 68 and 59%, respectively, closing at 67 and 59.
Chevrolet Motors was erratic. From 259 it advanced to
262, fell to 230, recovered to 257 and closed at 249. Cuba
Cane Sugar corn. and pref. covered ranges of 6 and 23
points each, the final figures being 5932 and 94%; while
Edmunds & Jones fluctuated between 47 and 49. Gaston,
Williams & Wigmore moved between 51 and 523/2, closing at
the former price, while Kathodion Bronze,steady throughout
the week, jumped from 21 to 27 but rested finally at 26.
Maxim Munitions, Midvale Steel and Motor Products covered ranges of 1%, 3% and 7 points each, closing at 632
/
,
673i and 68, while the high, low and last prices of Perlman
Rim, Peerless Truck and Poole Engine & Machine Co. were
147-131-134, 273 -26-27% and 118%410-116. SaxonMotor
A
Car advanced from 81 to 87, the final quotation being 83;
and United Motors,"w. i.," moved between 763/2 and 82.
Standard Oil issues were also more active this week.
Illinois Pipe Line covering a range of 3 points and closing at
164, the low figure, while Ohio Oil and Prairie Pipe Line
jumped from 231 and 215 to 233 and 223, respectively.
Standard Oil of New Jersey moved up from 524 to 536, fell
to 530, closing at that cprice and Vacuum Oil advanced
from 252 to 262, the last price being 260.
Among the active bond issues traded in at the "curb"
were ',.:40,000 Chesapeake & Ohio 5s at 95% to 95%; $112,000 Midvale Steel 5s at 963/i to 973.,and $103,000 Sinclair
Oil 6s at 993-i to 9932. A complete record of "curb" transactions for the week will be found on page 2246.
2238
New York Stock Exchange--Stock Record. Daily, Week.y and Yearly
OCCUPYING TWO PAGES.
For record of sales during the week of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICES- PER SHA h E, NOTPER CENT.
Saturday
June 10
Monday
June 12
Tuesday
June 13
Wednesday
June 14
Thursday
June 15
Friday
June 16
Salesfor
the
Week
Shares
per share $ Per share
$ Per share $ per share $ per share $ per share
106 1063 10638 10712 10618 1073 10614 10738 106 10658 10558 10618
3
8
8
10078 101
1007 1007 1007 101
101 101
8
1007 101
1007 101
8
3
3
•11513 119
11714 11714 117 117
116 117
116 116
116 11618
913 9214 92
4
8
925
8 917 9212 9158 9178 9118 9134 9078 9138
*7612 77
7678 77
7678 77
7634 763
77
s
8 77
4 767 767
*87
8 8712 8712 8712 8712 87
87
8712 8714 873
*86
8712
17678 1767 178 17914 17612 17812 17612 178
8
17634 17714 176 17612
*295 330 *290 330 *295 320 *295 320 *295 320 *295 330
66
8 6412 653
663
4
4 6612 6714 653 67
653 663
4
4 6412 65
*13
1312 1338 1312 *1314 1312 *1313 133 *1318 1312 *13
4
14
3814 3712 39
377 3818 38
8
4
4 3712 373
4
3712 373
4 373 378
100 101
10012 10158 100 10114 10014 101
100 1007
8 983 997
4
s
*1297 1303 13038 13038 13038 13038 13058 13058 13034 130 4 13012 1303
8
8
3
4
130 13014 130 130
;130 130
130 13012 130 130
13034 131
*169. 172
*170 175 *170 175 *170 175
17212 17212
20
2018 -2014 207
.- 2012 2138 2058 207
8 2014 205
8 20
8
2014
*117 125 *117 125 *117 125 *117 125 *117 125 *118 125
*135 143 *135 143 *135 145 *135 145 *135 145 *135 145
5834 587
58
8 5812 59
58
583 583
4
4 5613 5612 56
5618
*83
843
4 843 8434 84
85
4
85
*8114 85
86
85
86
3518 3512 3558 3638 35
3612 35
35
35
35
*34
35
60 60
5912 60
62
*60
5812 5812 5912 5912 5912 5912
*52
*53
58
60
*54
4
60
*53
573 573 *55
60
4
60
•153 15312 *15212 15312 1525 1525 *151 15312 .151 15312 *150 153
8
8
*235 238 *220 236
235 235 *220 234 *220 234 *220 234
•13
15
1434 1512 1512 1614 .15
16
15
15
*10
15
2714 284 285 305
32
33
8
4
8 3114 3412 323 34
3114 323
4
39
393
8
8 3918 397
4
8 387 3912 383 393
8 3812 383
4 373 3858
4
5438 55
553
8 5412 55
54
5414 5312 54
547 5514 55
8
*46
47
47
473
4 463 463 *4513 4714 *4512 4612 *45
4
4
47
12134 12218 122 12212 12112 122
12112 1213 12138 1217 12112 12158
4
8
37ii2 3758 3714 387
8 373 3812 384 3814 3758 377
8 3812 387
4
8
108 108
10738 1073 10634 10712 1067 1067
10/12 1077 10712 108
8
4
8
8
*1812 183
4 1812 1914 1814 183
4 1818 19
185 183 *183 157
8
4
4
8
753 753
7614
4
4 7512 7512 *7512 76
7512 7512 76
2614 2614 263 267
8 2612 2714 27
2714 2612 263
8
4 2618 2612
61
61
6138
613 *61
.61
4
6134 *61
*60
613
4 61
61
14
1414 143 1512 155 183
8
4 177 1812 184 183
4
8
4 19
2014
42
*35
39
4173 4214 4112 42
3934 40
39
413 4312
4
83
8358 8312 84
8218 833
4 8214 827
8 8214 8314 8214 8314
3612 3612 3612 4112 3912 4112 3912 3978 40
39
4012 39
133 133
133 13312 134 13512 134 134
13438 135
1337 13512
8
•129 130 *129 131
1297 1297 *129 130 *128 130 *127 130
8
*614 67
*614 7
*614 7
*614 7
*63
4 7
614 64
*16
*16
1812 *16
18 .16
18
18 .16
18
*16
18
1243 1243 1243 126
4
12512 1267 12512 127
4
8
12714 129
4
12612 12712
*130 135
- *132 136
135 136
135 135
412 412 *414 413
413 - 4
4345
8 43
4
4
43
4 5
458 43
*1118 12
12
1118 1118 *1114 12
12
1214 1212 1212 1314
512 53
4
6
65
8
612 714
6511 63
4
612 65
8
612 612
53
4 812
*53
8 6
612 7
63
4 63
612 653
4
612 612
*--__ 233
4
5_
23 *___ 23
23
4.55
3 77
73
4 *55
73
4 *6
8 73
4 *6
73
4
10658 107
810718 10838 10718 10814 10714 1073 10612 10714 10618 1063
4
4
6114 6178 0134 6312 6234 6412 6312 6412 6338 637
8 6212 6312
2818 2818 2818 2878 28
2814 2753 28
*2712 2814 2712 277
3
135 '1354 13434 13578 13212 1343 13212 1353 133 134
4
132 133
4
.8714 8814 *8714 8814 *8714 88
8714 8712 *85
88
*85
88
115 11514 11514 116
11514 116
115 11534 11478 11512 11412 11458
5858 587
8
3 5812 5914 5812 583
3 5812 583
4 585 587
4 58
5812
86
86
86
87
*82
8678
87
86
*84
87
85
85
4.95
97
6612 6612 *90
97 *___. 97
97
97
*88
10338 1043 10458 10718 105 1073 105 10638 10438 1055 103 10512
4
8
8
*4212 4314 *4214 44 .427 44
*4273 44
4278 4278 *4234 44
*46
48
4734 473
4 4714 4712 *47
48
4658 47
46
4618
1678 161
17
1714 17
17
17
1718 .163 1714 17
17
4
*4213 45
•1614 17
39
39
988 993
4
2334 237
3
69 69
*115 12
8
6518 6512
9914
*96
13814 1383
4
823 823
4
4
914 914
1934 2012
1458 1478
5058 51
29
29
317 32
*44
47
*4
5
*1313 1512
*5
6
4312 4312
161- 20
2
20
161 11 16
4
4512 4512 46
45
45
45
17
17
*16
174 17
17
40
40
3912 40
*3813 40
993 997
8
9938 100
8 99
9912
8
2334 2418 233 2334 2314 233
8
8 6814 684
693 7014 6812 697
4
1214 1214 1212 13
1234 123
4
6514 8718 6558 663
4 6514 653
4
*9612 9812 *9612 9812
*96
99
1383 13934 13812 13912 13812 13914
4
8
8 8212 823
4 825 825
823 823
4
4
912 912
914 914 *9
10
•19
2013 *19
2012 187 187
8
s
8
4 1412 1458
1458 1478 145 143
507 5138 5014 5118 50
8
5038
3 2818 285
2834 2918 2812 287
8
33
32
3212 32
32
3233
47
51
*43
.47
47
50
*4
5
412 5
47
s 48
157 163
8.
*13
4 16
16
16
*434 518
512 614
6
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4312 42
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45
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40
99 993
3
2314 23 2
,
6914 6914
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z6412 643
4
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13818 1387
8
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9
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183 183
4
1438 1438
50
50 8
3
2838 2812
3158 32
*47
50
*4
5
16
16
614
*4113 4212
wii"
4338
*16
39
983
4
2258
6818
1212
6412
*9612
13714
8258
*812
*1812
14
498
4
273
4
3114
47
*4
*1512
.5
413
8
20
44
17
39
995
8
2312
6812
1212
65
9812
13812
823
4
83
4
20
1412
5018
283
8
3112
48
5
1612
6
413
8
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE.
Range Since Jan. 1
-shard Iota
Oa basis of 100
Lowest
Highest
PER SHARE.
Range for Previous
Year 1915
Lowest
Highssi
per share $ per ehato
9212 Feb 11114 Nov
96 Jan 10218 Nov
98 Mar 116 Nov
633 Feb 96 Dee
4
67 Feb 7934 Nov
8314 Aug 93 Apr
138 July 194 Nov
1250 Sep 325 Jan
4
3553 July 643 Nov
171z Nov
1014 Jan
2515 May 4112 Nov
773 July 10118 Dec
4
12073 Sep 135 Dec
11813 July 13518 Nov
163 July 1180 Nov
1012 July 3833 Apr
;114 Apr 123 Nov
124 Sep 135 Dee
;21
Jan 52 Oct
5318 Feb 77 Oct
24 Mar 3812 Nov
45 Jan 60 Nov
35 Sep 52 Nov
13812 Aug 15418 Nov
199% Jan 238 Nov
1612 Nov
4 Jan
3
612 Jan 29 8 Nov
19% Feb 4558 Nov
3214 Feb 5912 Nov
27 Feb 5414 Dec
1123 Jan 12838 Nov
4
2514 Jan 54 Oct
99 July 113 Apr
187 July 2512 Nov
8
70 July 82 Nov
2053 Feb 3518 Nov
54% Feb 6512 Nov
1638 Dec
5 Jan
19 May 4113 Deo
645 Feb 8314 Nov
8
15 Jan 2753 Oct
10412 July 13013 Nov
125 June 132 Dee
8 Sep 1938 Feb
24 Sep 49 Feb
106 Jan 12612 Nov
123 June 136 Dec
4 Sep 154 Apr
1018 Sep 40 Apr
1814 Apr
134 July
712 NOV
3 Dec
1412 Aug 2812 Oct
434 July
4
05 Oct
8112 Mar 11012 Dee
43 Feb 89 Oct
35 Apr
213 Jan
4
9912 Jan 12258 Dec
8012 Sep 90 June
9918 Feb 11838 Dee
51% Feb 611a Nov
65 May 86 Nov
90 June 981a June
693
8May 8558 Nov
4038 Sep 45 June
40 Feb 44 Apr
._
11 Sep 23 Nov
29 Sep 4513 Dee
1113 July 2014 Nov
3014 July 4334 Nov
8114 Feb 10418 Dec
1212 July 26 Nov
42 July 65 Nov
17% Apr
812 July
35 Jan 6412 Oct
90 July 100 Apr
1153 Jan 14113 Nov
4
s79 Mar 8418 Nov
8 Jan 2712 Oct
2114 Mar 4734 Oct
125 Oct 1713 Nov
8
43% Oct 4914 Nov
2513 Oct 3213 Nov
914 Jan 3513 Oct
5
25 Jan 50 8 Oct
614 Nov
lz July
2 Aug 1934 Nov
818 Nov
53 Aug
28 July 45 Nov
Industrial & Miscellaneous
*18
1914 1814 1814 1814 1812 *18
500 Advance Rumely
2014 *1814 1914
1818 1818
100 15 Apr 27 2112 Apr 29
.....
*38
*3612 39
3914 38
300 Do pref
39
*3612 39
4
100 38 June12 43 Apr 28
*38
383 *3613 383
4
2212 225
2218 22
8 2218 2212 22
2114 Dec 4012 Apr
6,200 Alaska Gold Mines
2218 22
2218 2114 22
10 1713 Mar 6 2613Jan 7
87
s 87
934 Dec 1312 Nov
83 Mar 3 1014 Jan 7
*83
4
4 914
9
88 9
7
800 Alaska Juneau Gold Min'g_10
9
*834 914
83
4 84
3
337 Mar14
2634 263
4 2718 2714 27
2714 2658 2634 267 267
734 Jan 4912 Oct
8 2,700 Allis-Chalmers Mfg v t 43_100 2312 Apr 22
8 2612 265
83 83
827 83
8234 83
1,100 Do preferred v t c____100 7212 Apr 22 8412 May16
83
33 Feb 8578 Dec
83
83
83
*8212 84
*68
69
6914 6914 6912 697
89
683
4 683 70
4
48 Jan 7412 Nov
8 2,700 Amer Agricultural Chem_100 63 Apr 22 721s Jan 3
8 6938 695
;9912 9912 9978 100
*9958 10012 *6912 100' *6912 100
2
380 Do pref
90 Mar 10118 Nov
*9912 100
100 96 Nfar23 100 June12
83
9412June14
8
89% 9014 9412 9114 935
8312 833 8712 86
3314 Jan 727 Dee
4
100 6134 Feb 1
8 8912 9214 144,300 American Beet Sugar
*96
98
*96
98
98 100
1,500 Do pref
*96
98 100
83 Feb 95 Nov
99
*97 102
100 93 Apr 24 100 June13
*993 10314 *100 10314 *100 10314 *100 10314 102 .102
4
8714 Feb 10934 Aug
*9934 10314
200 Amer Brake Sh de F ars dep- 100 Apr 11 10312Jan 28
•
156 184 *156 184
17434 1743 *156 184 .156 180 .170 175
165 Feb 24 19514 Jan 3 13212 Mar 21954 Oct
4
100 Do pref etre deposit
5612 5714 57
23,900 American Can
8 573 5813 5734 583
25 Feb 6812 Oct
583
4 573 593
4
4
4 5618 58
100 5212 Apr 22 6538 Mar16
•110 11112 11112 11112 __ ____ .10934 1117 §1117 1117 *109 11014
9113 Jan 11312 Nov
150 Do prat
8Jan 28
100 109 Apr 22 1137
8
8
8
6012 61
4
6012 6112 593 6114 5934 60
40 Feb 98 Oct
7,750 American Car & Foundry-100 55 Apr 22 78 Jan 3
61
60
60
61
•11514 117 .11514 117 *11514 117. *11514 117
Do pref
11538 118 *11558117100 116 Mar20 11912 Marll 11112May 118 Aug
82 Jan 17012 July
1617 162
8
162 16218 161 162 *15914 162 *159 16212 160 160
1,200 American Coal Producta_100 140 Apr 24 1757 Jan 19
*11712 119 *11713 119 *11712 119 *11712 119 *11712 119 *11712 120
Do pref
100 115 Jan 20 11712June 1 1105 Jan 120 Sep
*5212 54
39 Jan 64 Oct
5312 56
55
5512 5538 5738 57
9,500 American Cotton 011
5714 5612 57
100 5012 Apr 22 5712Jan 17
9812 9812 99
91 June 10214 Nov
99
988 987 *98 100
3
*98 100
9912 9912 1,192 Do pref
100 98 Jan 6 102 Mar15
1414 Oct
10
10
43 Feb
8
10
1038 1018 1012 1014 1038 1018 103
3 12 Jan 3
8 1014 1014 2,600 American Hide & Leather_100
8 4 June
3
1934 Jan 5912 Oct
5138 513
8 5153 5212 5153 52
1,900 Do pref
52
5214
5212 *52
53
52
100 45 Mar 1 57 Jan 18
2812 2812 *2818 29
28
205 Jan 35 Apr
8
2818 2812 3012 2912 307
15,100 American Ice Securities_100 25 Jan 20 3112 Feb 19
8 2978 30
*2112 22
714 Jan 3118 Oct
2118 2234 2113 2212 22
22
810 p ricanLinseed
9
*2113 2212 2, 00 American
22
100 20 Mar 1 25's Jan 26
*22
24 Jan 5013 Oct
4858 485
8 4914 4914 4813 4853 48
prof
48
48
48
*4712 49
100 3814 Mar 1 5314 Apr 25
4
7314 7414 735 7434 7212 7312 7212 7314 7214 73
19 Mar 7434 Oct
19,600 American Locomotive
3
8
60 4Jan 11 833 Mar14
713 727
4
100
8
.
102 103
10234 1023 10234 10314 10213 10212 *10212 10312
103 103
4
75 Mar 105 Nov
4
690 Do prof
100 993 Mar 2 10434 Apr 3
512.Tune 3 10 Apr 7
*7
8
378 Apr 1318 Oct
718 73
4 *712 8
500 American Malt Corp
*7
8
*7
9
.6
8
100
*3512 36i2 3512 367 *35
8
37
8
2112 May 3712 Dee
1,900 Do pref
36
36
*35
37
35
35
100 z315 Jan 14 3778 May13
8May
*86
88
*86
88
*8612 8712 8612 8612 8612 8612 *8412 86
100 Amer Smelters See pref B.100 85 Apr 20 88 May25
78 Jan 883
*95
9512 9514 95 4 95 4 95 4 9612 9612 *953 963 .94
92 Jan 3 9612 June14
86 Oct 92 Dee
3
3
1,300 Do prof Ser A stamped_ _
97
3
4
4
3
50 Jan 1087 Deo
9812 9638 9813 967 983
9753 98
98
8
24.016 Amera
4 9714 984 9718 98
715
pref
Smelting & Refining.100 8812 Apr 22 11338 Jan 4
113 11318 11312 1131 *113 114
11318 11318 11314 1133 *11314 114
8
100 10914 Apr 22 11458Feb 3 100 Jan 113 Nov
*147 150 *147 150 *147 150 *147 150 *144 148 *144 148
130 Mar23 14912Juno 8 144 Jan 165 Apr
American Snuff
100
*10313 110 *10312 110 .10313 110 *10312 110 *101 110 *102 110
100 10612 Mar22 110 Jan 27 103 Jan 11038 Nov
Do prof
5112 5112 *51
2418 Mar 7412 Oct
513 517
4
5134 52
4
5112 5112 517
s 5012 5134 2,100 Amer Steel Foundry
100 44 Apr 24 61' Jan 4
111 111
11318 11112 11278 11238 11314 112 1123 11238 11238 8,700 American Sugar Refining_100 10512 Apr 22 11612Jan 8
991z Feb 11978 Nov
11112
4
*117 120 .115 120 *116 120 *116 119 .116 120 *116 119
Do pref
100 11518 May 5 119 May25 109 Feb 11912 Nov
1297 1297 130 13014 130 13038 13013 13058 13013 1305 13012 13118 8,140 Amer Telephone & Teleg-100 12614 Feb 1 13118Junel6 116 Jan 13014 Nov
s
8
2043320438 20434 205 4 205 205 205 205
3
205 .205
205 20612 1,550 American Tobacco
100 188 Feb 16 20934 Feb 3 19513 Dec 25212 Apr
*10714 108
10734 10734 108 108 *10712 109 *105 10612 10613 10612
475 Do pref (new)
100 10514 Apr 24 10812 Feb 8 10314 Jan 111 Nov
4878 4612 4838 4612 4714 4612 4714 *4434 47
47
4712 48
46 Nov 56 Oct
12,700 Am Woolen of Mass
100 42 Jan 11 5514 Mar14
983 987
8
8 983 9812 9812 983
8
95 Dec 9814 Nov
*9814 99
100 92 Jan 10 102 Mar10
4
4 983 983 *9612 9712 1,325 Do pref
4
86
8718 85
8512 86
87
8
19,600 Amer Zino Lead & S
6714 Dec 711s Dec
8512 86
25 x4912June16 977 Apr 10
8412 8514 14913 53
8418 85
8412 8512 847 865
8
837 84
43,235 Anaconda Copper
4
3 8512 865
3 843 86
ao 77 Apr 22 9238Feb 14 e204 Feb 9158 Nov
• Bid and Inked mites; no sales on this day. I Ex-rights. I Leas than 100 shares. a Ex-dly. and rights. D New stock. c Par $25 per share. e First Installmenl
paid. x Ex-dIvldend. a Full-paid.
New York Stock Record-Concluded-Page 2
For record of sales during the week of stocks usually
inactive, see second page preceding.
2239
PER SHARE.
81011 AND LOW SALE PRICES
PER 511AX.E.
-PER SHARE, NOT PER CENT. Salesfor
STOC KS
Range Since Jan. 1
Lange for Preview
NEW YORK STOCK
the
On basis of 100
-share lots
Year 1916
Saturday 1 Monday I Tuesday 'Wednesday I Thursday I
EXCHANGE
Friday
Week
June 10
June 13
June 12
June 14 I June 15 1 June 16
Shares.
Lowest
Highest
Lowest
MOM
i per share $ per share $ per share 1$ per share i per share $ per share
Industrial&Misc.(Coo). Par S per share
$ Pe'share
9038 01
0012 92
8914 903
4 89
9012 89
901 8812 8972 20,000 Baldwin Locomotive
/
4
100 8312 May 5 11852 Jan 3 SW'? Ma" $YuOm
2653 Mar 1644 Oct
•106 108 *106 108 .106 1073 *10513 107
4
10512 10512 110412 10412
pref
212 Do
100 10512 June15 110 May24
92 Mar 114 Sep
*420 449
441 444 *444 450
444 444 2440 442 *430 442
500 Bethlehem Steel
100 415 Jan 11 550 Mar14
4614 Jan 600 Oct
135 135 *132 140 *130 140 *132 140 *130 140 *132 140
, 200 Do pre!
100 130 Jan 24 145 Jan 6
91
Jan 184 Oct
80
__ ____ *73
*73
76
*73
80
*73
Burns Brothers
80
100 7413 May 8 87 Jan 3
7912 Dec 944 Oct
9314 033
4 938 96
/
1
94
96
9413 9514 "ailt "iii 278
2
803 43,400 Butte & Superior Copper-10 71 Jan 3 10514 Mar 9
4
5612 Aug 7972 June
2112 2134 22
2234 2172 2212 *21
/
4
221 *21
2112 *21
700 California Petroleum, vto-100 2034 Apr 27 4253Jan 3
2212
8 July 3853 Dec
4812 4812 4812 483
4 48
49
48
48
473 48
4
*46
4714 1,200 Do pref
100 45 Apr 22 8058 Jan 3
30 , July 81 Dec
55
55% 5438 5513 5434 547
548 55
5514 555
2 5412 5512 14,110 Central Leather
100 49 Apr 22 5633 Mar20
3253 Feb 6114 Nov
*11032 ____ Ill 11114 *11114 11214 112 112
112 112
11214 11214
700 Do pref
100 1087
3Jan 3 11214 June 8 10033 Jan 1104 Nov
118 119 211614 117
114 11514 1115 11512 1121 11312 111 11314 7,600 Chandler Motor Car
8
/
4
100 8812 Apr 24 131 June 5 - __ - ___
2078 207
__ /
4
8 2014 211 2114 2112 211 2178 2154 2233 2112 2112 8,600 Chile Copper
/
4
25 2014 June 8 2532Jan 5 - -- --Dec -538 538 5414 543
---- ___Nov
5452 5438 5578 5412 553 z5218 5212 16,700 Chino Copper
4 54
4
5 51 Apr 22 60 Feb 19
3234 Jan 5733 Nov
4312 4414 44
4552 44
453
2 4414 4434 44
4412 4312 4412 22,000 Colorado Fuel & Iron
100 3812 Apr 22 53 Jan 4
*138 140
2134 Jan 6613
139 139
139 139
13812 13812 13812 13812 *13712 13912
800 Consolidated Gas (N Y)__100 13013 Mar 1 1448 Jan 8 113 Jan 15012 Sep
4
*9912 101
100 10114 *100 102
5
4
Oet
100 100
100 100
99 100
1,800 Continental Can
100 7514Jan 31 10412May25
*110 114 *110 114 *110 114 *110 114 *110 114 *109 114
4014 Jan 127 Oct
Do pref
100
88% Jan 1094 Dec
*183 193
4
8 19
2014 197 203
2
4 193 2032 197 2014 197 2012 21,700 Corn Products Refining„-100 105 Feb 1 112 Mayll
4
3
1734 Apr 22 2514 Jan 25
*9412 9512 95 9512 *9412 95
8 Jan 2112 Oct
96
96
953 96
2
96
9734 2,500 Do pref
100 91 Apr
86
65 Jan 964 Dec
8714 8614 8712 8514 8652 843 857
2
3 847 87
4
8414 8713 82,400 Crucible Steel of America-100 5234 Jan 24 10112 Jan 14
12 9912 Multi
118 118
1814 May 10978 Sep
118 11812 11814 11812 *11714 119
119 119
119 11912 2,800 Do pref
100 1081 Jan 11 11912Junel6
/
4
*220 235 *225 240 *225 235
84 May 11212 Sep
230 230 *220 240
22734 22734
200 Cuban-AmerIcan Sugar-100 152 Jan 5 245 Mar28
*110 111 *107 111 *107 111 *107 111 *105 111 *107 111
38 Jan 177 Dec
Do pref
100 1043 Feb 1 110 June 8
4
4714 4753 48
93 Mar 110 Sep
49% 483 4912 49
4812 49
4
48
497
3
48
7,325 Distillers' Securities Corp_100 411k Jan 31 6413 Apr 29
*27
2734 273 273
513 Mar 501 Oct
2
27
2714 2714 2714 27
4 27
27
27
3,800 Dome Mines, Ltd
10 23 Feb 23 2913 Feb
*15
20
*1512 20
/
1
*1512 20 .16
*1513 20
20
*18
19
Federal Mining &Smelt_--100 1472 Apr 19 35 Jan 8 116 June 304 Dec
7
*33
38
8 Mar 60 June
37
38
*37
397 40
40
2
*38
40
*30
40
600 Do prof
100 35% Apr 24 5712Jan 7
*310 310 *300 310 *300 316 *300 315 1310 310 *310 320
20 Mar 65 June
32 General Chemical
100 1265 Jan 5 350 Mar18 165 Jan 360 Oct
*115 117 *115 117
11513 11512 *115 117 *115 117 *115 117
200 Do pref
100 t113 Jan 5 116 Jan 27 106 Mar 111612 Nov
172 172
17172 1733 172 17414 2170 17114 *17112 17112 *170 172
4
8,280 General Electric
100 159 Apr 21 17813 Jan 17 138 Mar 18512 Oct
*470 549 *470 546 *480 543 *470 550 *470 543 *470 543
General Motors
100 405 Apr 24 560 June 5
*11213 114
114 11414 114 11414 *114 11412 11312 11412 114 114
82 Jan 558 Dec
1,000 Do pref
100 1101 Feb 4 12012May 2
• 773 7814 788 787
4
4
3 773 784 771s 78
3
9053 Jan 138 Dee
/
1
778 7712 767 7712 13,125 Goodrich Co(B F)
3
100 674 Jan 31 80 Apr 10
2412 Jan 80 Oct
11518 11614 *11512 1161 *11518 11514 *11512 11014 *11512 11614 *115 116
/
4
/
1
4
Do pref
14
100 110 Jan 24 11634 Marla
87
87
*85
87
3
863 863
95 Jan 11414 Oct
3 87
91
90
903
4 9014 9112 5,350 Granby Cons M S & P
464 47
/
1
3
467 47
461 467
/
4
794 Apr 91 Juno
3 463 477
4
2 473 4813 *4612 4734 4,900 Greene Cananea Copper 100 84 Apr 22 99 Feb 10
4
_100 411 Apr 22 5333 Mar 9
4578 46
2 46
4
453 463
48
4814 5073 50
37 Oct 5238 Dec
507
8 4914 5014 196,300 Inspiration Cons Copper. 20 4252
Apr 22 5073 June14
*16
4
173 *17
173 *17
4
173
4 173 173 *17
1653 Jan 474 Oct
4
4
18
*17
18
200 Internet Agricul Corp
100 15 Apr 25 297 Jan 5
*5014 52
52
523
4 5153 5152 *5112 55
51 Mar 2934 Nov
8
513 5134 *50
4
55
400 Do pref
100 47 May 5 74 Jan 5
118 11814 118 118
*1173 119
4
118 118 1118 118 .11512 11712
8 Mar 7134 Dec
625 Intern Harvester of N J
100 10312Jan 7 1193
*116 120 *116 120 *116 120 *116 120 *116 120
4June 7
90 May 114 June
*116 120
100 Do pref
100 114 Feb 29 11912Jan 4 110 July 120 Nov
26
2614 2512 2614 255 263
2
8 26
261 2553 26
/
4
255 2612 19,200 int Mere Marine ctfs of
3
4
953 963
de9- 1338Feb 16 294 May 1
4 9512 973
4 9514 973
2 96
18 Dec 2012 Dec
9713 954 963
/
1
4 9514
pref Otis of dep
614 Mar
4512 4512 4512 4613 4614 4732 463 4712 4714 4814 4712 9612 84,150 Do
4 June
5512 Nov 7712 Dec
4
483 37,425 Intern Nickel(The) v to-- 25 42 Mar 1 1003 Jan 5
3
4 1212 1272 12
125 123
2
1212 1213 1213 12
1 56%
17 1793 Dec 22312 Oct
4
12
12
12
3,800 International Paper
94 mar 1
5812 56
100
5812 5914 58
127 June12
5713 551 5612 551 5512 66
2
8 Jan 1278 Dec
57
3,800 Do pref
2 86
100 424 Feb 1 5912 June 8
8712 8712 8712 86
8412 853
33 Feb 504 Dec
86
8612 8612 86
86
1,500 Jewel Tea, Inc.
*1083 1083 *107 109 *107 109
4
4
100 67 Mar 9 96 Apr 4
10718 10713 *107 109 *107 109
---170
Do pref
*74
75
7414 7412 7312 7418 74
100 106 Mar 13 113 Apr 4
7473 73
7314 7313 733
---4 1,400 Kelly.Springfield Tire
*9612 98
*9612 98
25 • 6812 Apr 22 7673 Mar20
*9013 98
*9612 98
*96
9812 *9412 98
------Do pref
100 9572 Apr 24 97% Mar14
2 5352 543 2521 521
5358 535
2
/
4
5234 5313 5212 5314 5213 5234 82,400 Kennecott Copper_
----- ---_No par. 52 Marl 69 Apr 3
7112 715
8 713 7318 71 14 73
4
713 713
2
4 715 715
2
2 71
7152 7,700 Lackawanna Steel
100 64 May 5
5213 5212 52
5312 5112 5212 51
28 Jan 943 -11413
52
5114 52
4
5114 52
7,200 Lee Rubber & Tire _ .No par. 4634 May19 86 Jan 6
*246 255 *245 255
5612 June 5
25012 250% *245 255 *245 260 *245
200 Liggett & Myers Tobacco_100 240 Apr 14
*121 -___ *121 ......_ *120 123 *11912 _.:__ 2120 120 .11813 260
265 Jan 4 207 Jan 260 15;73
122
100 Do pref
.1712 2014 *177 2014 *177 2014 .177 2014 *177 2014
100 118 Mar30 122 Mar 3
2
2
2
*1773 2014
Loose-Wiles Biso tr co ctfe-100 15 Mar 3 21 Jan 18 11334 Jan 120 Dec
*847 99
8
86 86
185
86
16 Feb 31
186
*86
86
Jae
8812 *1514 871
/
4
120 Do 1st preferred
*56
60
100 i 78 Marl() 9118 Jan 13
*56
60
*56
60 .56
86 Feb 1051 Jan
60
*56
60
.
*56
60
Do 2d preferred
*211 228 *215 222 *212 222
100 60 Mar 3 56 Jan 25
66 Dec 67 Oct
220 22212 *213 225 *216 225
200 Lorillard Co (P)
*118 120 *118 120 *118 120 *118 120 *117 120
100 17914 Jan 19 224 June 8 16512 Jan 189 Nov
*119 120
Do pref
853 86
100 11512Jan 6 12018 Apr 10
4
86
8612 851 8614 85
88
8714 8914 87
88
27,800 Maxwell Motor Inc tr otts-100 574 Mar 3 8934 May16 112 Sep 118 Jan
883 89
4
887 89
88
883
1514 Jan 92 Oct
4 89
2
8938 893 893
4 8933 90
0,100 Do 1st pref stk tr cas_100 78 Apr 22 93 Jan
5713 58
58
5813 5713 5914 5872 6012 593 807
4314 Jan 10334 Dee
4
3 59
6038 11,600 Do 2d pref stk tr etts_100 484 Mar 2 6078 June 3
10734 1087 10713 10812 10314 107
2
6
18 Jan 6612 Oct
10333 105
10353 106
10414 10612 70,160 Mexican Petroleum
.91
100 89 Apr 22 12958Jan 3
95
51
Jan 1244 Dee
3578 06 8 96
3 9612
357
3534 90
95
200 Do pref
3578 95
3512 3 4 *93 4 9613 *937 367 *90
53
100 93 Apr 26 10558Jan 3
353 363
4 ma
67 Jan 1044 Deo
d
3 364 3612 10, 00 Miami Co eper
9
2
pmi prpf
85
85
5 3378 Mar 1 394 Apr 3
86
8612 86
865
174 Jan 3618 Dec
3 8612 8713 285
8712 85
8514 2,400 Montana Power
____'116
100 684 Mar 1 8712 June14
115 115 *115 ___ *11314 ---_ 115 115
42 Jan 7914 Dec
12114 12114 *12012 122 .12014 121
100 109 Jan 3 115 Apr 3
121 124 *121 125 *121 12452 1,500 National Biscuit
99 Jan 120 Dec
*122 125
125 125
2
100 1187 Apr 24 12514 Mar20 116 Apr 132 Jan
125 125
125 125
125 125 *125 129
500 Do pref
24
244 2433 2452 24
/
1
100 125 Jan 3 12958May12 119 May 12712 Dec
2433 2412 2434 24
24
2412 2434 2,400 Nat Enam'g & Stampl
*92
97
*92
97
100 1934 Apr 22 2984 Jan5
97
*92
97
*91
97
*91
91 Jan 3613 Oct
97
*65 .6534 6572 6614 *92
Do
100 92 Jan 19 971j Feb 18
61312 68
8752 6814 683 6834 6714 6814 8, 7 Natio pref
2
79 Apr 97 Deo
7 5
250 p
.1213 114 *1121,3 112% *113 114
lLead
et
100 6012 Apr 22 737 Jan 19
113% 11373 114 114 *113 115
44 Jan 7014 May
pref
1812 1813 18
1813 1812 1814 18
100 112 Feb 9 116 May16 1043 Jan 115 Nov
1814 18
1814 21714 1732 11,300 Nevada
4
mg 139
Consol Copper
140 142
139 14112 139 140
5 15 Jan 31
139 13914 139 139
1838 May24
1134 Feb
17 Nov
8,900 New York Air
70
70
6914 71
*69
70 .69
100 125 Apr 22 15312Jan 15
70
*673 70
4
5612 Feb 1645 Sep
4
*6634 701 Brake
100 North American Co
714 714
712 712
00 6513 Apr 26 75 Jan 3
7
733
7
7
714 • 73
84 Jan 81 Apr
4
752 738 3,500 Ontario Sliver
24
2512 24
25
25
Mining
2514 *23
100
63
2Jan 31 1138Jan 7
25
*22
2413 *22
2 Feb 1238 Dec
25
3,600 Pacific Mall
.3214 35
35
35
*3412 37
113
4Jan 3 2953 Mar 2
3712 3712 3914 3914 38
5
3814 Dec 38 Aug
39
1,700 Pacific Telep & Teleg
1017 10212 19212 19212 *10134 10234 102 102
8
100 3214 Apr 25 44 Jan 15
2618 Feb 4912 Oct
102 10212
800 People's CI L & C (Chic)_100 10013
*4012 4113 *4014 4114 4012 403 *40
4
May 5
4113 38
4014 4014 4014
600 hiladelphia Co (Pittab)--50 38 June15 11173Jan 3 10612 Dec 12312 Apr
2872 297
3 2912 3012 2914 2934 2834 29
46 Jan 17
2834
3513 Apr 49 Bop
4 277 28
0,070 Pittsburgh Coal
10312 10312 10318 10312 *102 104 *10212 283
10214 103
8
100 225 Apr 24 361 Jan 17
104
4
1514 Jan • 424 Oct
10212 10213
600 Do pref
49
49
4812 49
48
4834 48
100 100 Mar 8 1113
4812, 4812
4Jan 13
8158 Jan 114 Oct
4
•10013 10012 *10013 10012 *100% 10012 10014 10014'110012 5114 503 5112 6,900 Pressed Steel Car
100 43 May 5 6518 Jan 4
10013 10012 10012
25 Mar 784 Oct
350 Do pref
*129 130 *129 130
130 130 *12912 131 *12913
100 Feb
86 Mar 106 Oct
100 Public Serv Corp of N J__ 100 114 Jan 9 10478Jan 4
164 164 *1631 16414 16414 16412 164 131 *12913 131
164 164
/
4
_100
31 132 May16 10012 Aug 120 Dec
164
1641 16412
/
4
900 Pullman Company
25
2 2% *212 23
4 *213 3
100 1597 May10 1713
3
234 312
4Jan 17 1504 Mar 1704 Oct
312 414
314 414 3,200 Quicksilver Mining
312 312
312 378 *313 4
4
100
47
23 Mar22
3
433
634 Jan 19
2, mar
612
65 Nov
4
512 6
5,700 Do pref
4634 471 4634 4712 457 4712 461 4634
/
4
312 may25
100
/
4
83 Jan 26
4
/ Mar
1
4
443 46% 44
4
678 Nov
4512 15,900 Hallway Steel Spring
*07
90
98
98
977 977 *9612 98
100 32 Apr 22 4712 June12
*9612 98
19 Mar 54 Oct
9752
2
400 Do pref
22% 2212 2252 2272 23
2332 2314 2352 2314 2353 2212 975
100 954 Mar 9 100 Jan 4
87 Mar 102 Nov
23
4714 481 48
/
4
4912 4814 498 48
4814 4753 4813 4713 4712 16,250 Ray Consolidated Copper_ _10 218 May 5 28 Feb 21
1514 Jan 2712 Nov
12,200 Republic Iron
. 11112 11112 11112 1113 11112 11134 11113 11112 *11132 112
4
100 4318 Apr 24 5514Jan 3
19 Feb 574 Dec
210712 10814 3,000 Do pref & Steel
18512 18614 *185 18512 *182 186
185 185
100 10714 Apr 24 112 Mar14
18434 1853 18514 18534 1,200
72 Jan 11258 Dec
4
Bears, Roebuck & Co
*125 12712 *125 1271 *125 12713 *125 12712 *124 12712 *124
/
4
100 16814 Mar 1 188 Jan 3 t13134 Mar 20912 Feb
Do prof
3114 5414
3134 32
32% 3333 323 3312 32 12712
100 12538Jan 8 12714 Mar 3 12138 Jan 126 Dec
4
5414 3114 3114 32
323
5334 55
6,550 Shattuck Arts Copper
*5213 64
53
53
10 3034 Apr
*52
54
*52
54
1,250 Sloss-Sheffield Steel & Ir_100 47 Apr 22 4014 Feb 14
239 240 *237 242
239 239
239 240
236 240
24 6314
24 Jan 6678 Dec
235 235
700 South Porto Rico Sugar___100 146 Jan 29 240 Jan 3
•117 125 *117 125 *117 124 *117 125 *118 121'
June10
115 40 Feb 164 Dec
--- Do pref
.97 101
*97 101
100 106 Feb 2 120 June 6
1005 101
*98 101
3
*98 101
97
8933 Feb 110 Oct
97
Standard Milling
92
92
*91
93
927 927 *9112 93
100 86 Mar10 10313 May25
92
02
*9112 93
8
4312 Feb 98 Dec
400 Do pref
142 143
14213 14312 14014 14214 139 14214 141 142
100 8512 Mar 1 94 May17
13914
66 Feb 85 Nov
.10712 11012 *109 11012 *108 111 *108 111 *109 11012 •110 14132 29,610 Studebaker Corp (The) 100 121 May 5 167 Jan 3
3554 Jan 195 Oct
111
Do pref
4212 43
43
4334 43
100 109 Apr 27 114 Mar14
4314 4252 4713 45
4712 43
91
Jan 11958 Oct
4432 26,900 Tennessee Copper
19212 196
193 194
25 42 May 5 6612Jan 5
195 19513 19212 195
193 19413 2190 190
2512 Feb 70 Sop
5,200 Texas Company (The)
*513 53
_100 ISO Apr 22 23512Jan 3 120 May 237 Dec
8
5la 5%
5118 53
8 154 518 *Ws 512
340 Union Bag & Paper
3012 3012 *2934 3034 3033 3034 3014 3014 *3014 3038 *513 512
414 May 9
100
438 Jan
838 Niar17
91 Dee
3014 303
4
*55
900 Do pref
57
*5012 87
0612 0812 *56
100 28 Jan 27 35 Mar18
5754 *56
58
227j July 3113 Dec
*50
573
4
200 United Cigar Mfrs
*108 110 *108 110 .108 110 *108 110
100 5613 June13 64 Mar20
109 109 *108 110
42 Jan 664 Oct
/
1
*97
unite
Do
9734 9714 9713 97
1
108 Mar14 111 Mayll 100 June 110
97
0612 963
Oct
4 9612 9612 *95
1,000
97
*115 119 .115 119 .115 119 *115
d Cigar Stores
100 b9 Feb 9 510 Feb 19
119 *115 119 *115 119
59 Dec b1011 Oct
160 168
Do pref
1653 168
4
16312 1661 16412 10534 163 16412 16314 16412
100 b1113 Feb 10 b12 Mar10 b1112 Oct 51212 Nov
/
4
11,350 United Fruit
24
24
24% 2412 2312 24
13612Jan 31 16912June 8 139 Nov 163 Nov
100
2314 2352 2338 237
2 23
2332 3,162 1:1 Doast reflpe
•52
00 S C pI P
54
53
5314 *5212 5314 53
& FdY
100 15's Jan 31 2612 Mar14
8
5314 537 5418 5438 543
8 Jan 3178 Oct
8 1,300 Do pre
15912 161
15034 16112 15814 160
100 4812 Feb 5 5453 June16
15853
3212 Mar 5512 Nov
*104 107 *1061 10612 *103 107 .103 16014 159 1597 15714 15912 13.400 II S Industrial Alcohol
/
4
100 12634Jan 11 17012Apr 8
107 *103 107 *10412 19412
15 Jan 13154 Dec
5552 56
3 56
553
55
5512 55
100 102 Mar 2 114 Jan 13
70 Jan 107 Nor
3
3 55
5512 4,000
*10914 1093 10953 1095 1095 1095 1093 55 4 5513 553
4
2
3
3
100 4734 Mar I 5812 Jan 3
4 10973 1097 1098 11018 11013 1,632 United States Rubber
44 July 7438 Apt
2
80
79
Do 1st preferred
7714 793
8012 79
4 78
100 10612 Feb 5 112 Apr 4 10138 Feb 110 API
781 77
/
4
783
3 7614 7714 23,400 U El Smelting
52
52
*5112 5178 52
1351
52
Ref & M_ _ _50 65 Apr 22 8034 June 9
52
*52
5214 *51
5214
500
Do pref
853 8614 863 8733 86
8
3
8713 861k 867
50 51 Apr 24 5312Apr 11
2 8614 863
4 8512 8633 291,720 United States
11734 118
1173 118% 1173 118
4
4
11713 1173 118 118
100 z7934 Mar 1 89 Jan 3
4
38 Feb 8913 Dec
118 11812 3,550 Do pref Steel
823 8314 8314 84
82% 823
8
2 8214 83
100 115 May 3 11812Jan 25 2102 Feb 117
Oct
27914 8012 24,600.IItah Copper
1714 1918 1914 20
1938 1954 1953 1958 8313 84
10 77 Jan 31 863 Feb 19
4
1852 1914 *183 19
484 Jan 8138 Dec
4
5,500 Utah Securities v t c
437
7
4158 4158 417
4213 43
427 4334 43
4453 *43
__ ---441 6,500 Virginia-Carolina Chem-1100 1614 June 9 2034 Feb 3
/
4
*107 109
109 109 *109 112
109 109 *108 112 .108
00 36 Apr 24 51 Jan 17
15 Jan 52 Oct
110
300 Do
94
9414 945 947
9412 9414 944 *9414 95
2 94
3
100 108 Apr 22 112 Jan 3
/
1
947 9513 2,000 Western pref
80 Jan 1137 Dec
3
613 621
Union Telegraph-100 87 Mar 1 9673May26
4
62
634 . s 633
/ 617
1
2
8 617 6214 613 62
8
4
57 Jan 90 Nov
/ 6112 623 21,600 Westingho
1
4
2
*73
74
use Elec & Mfg--50 5332 Apr 22 7153 Mar15
7312 7312 731 76
*7312 76
*7312 76
32 Feb 747 Ocl
*734 75
8
/
1
100 Do let preferred
30434 305
305 309
277 28814 2883 292
30514 309
50 70
4
58% Mar 85 Oct
28514
6,185 Willys-Overland (The) _100 19914 Apr 19 79 Mar15
112 11212 1117 112
110 111
2
108 1084 109 10912 10912 289
/
1
Jan 31 325 June 5
87 Feb 268 Nov
110
2,350
1373 1373 13714 138
4
1373 1384 1377 138
4
4
1375 1373 137 13732 3,100 Do pretSub recta full pd_ IOC 102 Mar 2 117 June 5
3
4
12412 12412 .122 12312 124 124
Woolworth (F
12312 12312 3
%23 124 .112312 12412
100 118 Jan 5 13912Nlay12
9014 Jan 1204 Dec
300 Do prof W)
bci 1921.Ism 4 1251.1,,np 6 118 Jan 124 Aus
•Bid and said mimic no Mika On this day. I Less than 100 share..
Ph-rights, a 11x-dig.and
1111-c1vidend.
AMU. 0 New stock. •Par $25 per share s Ex-stock dividend,
10112 10112
------
2240
Yearly
New York Stock Exchange--Bond Record, Friday, Weekly anddefaulted bonds,
Wows and
changed, and prices are now all-"ars4 iniereat"--escept for
Jas. 190914/ Sze4arig8 +mead,/ of atiotiria bonds was
r.es
Range
Since
Jan. 1.
--High No. Low nigh
Ask Low
Bid
Chic Berl it Q (C011.)-4 10214 1027
High No. Low High
8
Ask Low
4
Bid
1023
Sale 10212
U. S. Government.
tawa Div sink fund 54_ _1919 A - 0 10212
s
997 99721
8
9978 Apr '16
9938 997
9912 100
8
4
1919 a - 0 995 ---- 995 June'16
U S 21 cam! reglstere(1_41930 Q- J
Sinking fund 4s..
9912 100
9912 May'16
9912
• J
41930
coupon
11 2e con5o1
Joint bonds. See Great North
4
10134 1023
8 30 9754 100
983
98
983 93
8
k1918 Q - F 10012 102 10134 Apr '16
al 8 la registered
Igebraska Extension 48_1927 111-N
3 10114 1027
8
96
19114
4
11918 Q - F 10012 102 10114
963 ---- 96 Jan '16 ---- 96
1927 51-N
U I Se coupon
Registered
10934 11118
111 June 16
9918 June'la --1925 Q F
V 11 As registered
1921 M•
Southwestern Div 45
11014 11212
112 May'16
4
8
28 9218 943
933
9 8 92 9318
93, --3
934
-1
1925 Q - F 111
1958 51 0 I 48 coupon
General 4s
9914 ____ 9814 Oct '15
2114 2512
2238 32
2114 Apr '16 U S Pan Canal 10-30-yr 25.k19323 Q • F
ref dr Imo 43 g 1955 J -.5
Chic & E
22
97 July'15
-20 June'16 -- 20
El 8 P n Canal 10-30-yr 28_ _ 1938 Q - N 10214
US Mge & Tr Co Otto of dep. --__
idi4
2
1031- 10212 May'16
_
19
1934 A - 0 10612 _25 _ 10712 June'16 -- - - 101 10712
13 S Panama Canal 38 g___ _1961 Q -M 100 ____ 190 Feb '15
let consol gold 6s
86
75
8612 8712 86 June'16
1937 M- N
U S Philippine Island 421_1914-31 Q - F
General condo' let 58
82
82 May'16 - - -- 82
Registered_
8
853
-- 75
Persian Cieserntsent
9 7 4! 8514 S7'3 85 June'16 3s
Cl S Moe & Tr Co eti of1dep 1' ..:_i
96 5456 9312 9618
85
_ 85 June'16 --- 74
Anglo-French 5-yr 58 Eater loan_ A -0 9533 Sale 9514
Guar Tr Co ctfs of del:2-- ---5 8934 9538
9.112
I 9412 Sale 9412
4
973 Feb '13
Argentine-Internal 58 of 1909_ M1942 F - A
Fur money let coal 5s
1 69
7814
72
34
71.
4
21
21
-id _ _ 2212 May'16
°Mamie (Hukuang Ry)-Ss of '11 -D g 7112 9918 713
Cbic & Ind
4
- 6
RY 18r 58
193
301 0614 1003
10018
9912
97
4
51 703 74
71 Sale 71
71
Cabe-External debt 58 of 1904_ AlOhio Great West let 422
9612 11 9412 97
9618 Sale 9618
11112 115
May'16
Exter dl Sc of '14 ser A. .1910 F - A
1 47 M -1
Chic Ind & Loulsv ftef 05_1959 -T :15 11312 115 115 June'16
87
8112
8512 88
8612 Apr '16
100 101
1949 F - A
Elternsi lonn4348__
J 100 ____ 101
1947 I
Refunding gold 55
1001s 118 9832 10014
10018 Sale 100
80
8
955 Apr '11
Dominion of Canada g 5s w I 1921 A -0 10014 Sale 10018
1017 .1 Refunding 45 Series C
4
1003 207 9718 10114
70 _ _
55 Dec '15,-1926 A -0
do
Do
J
,
Ind & Louis / let gu 48_1950
146 963 10238
4
102
91 13
89
;( 8
89 - -3- 89 May'16'
3
1931 A -0 10114 Sale 101
do
Do
-year 68_1956 J 8512 11 8214 8614 Ohio Ind & Sou 50
851s Salo 85
8
965 9712 Apr '16 ---/aaantee Govt-£ loan 430 1925 F - A I 843 85
1960 J -D
3 7812 86
Ohio r Sit East let 4)4e
8412
8414
8,
1925 .1 - J I
Second series 4348
Chicago Milwaukee & St Paul8212 36 73
81,1
82 Sale 82
94
9134 15 91
9158 91
91
Do do "German staMr_
__/1989 I Gen'l gold 4e Series A.
5 63
7212
6934
6934
4
9258 9258
I 693 70
9258 Feb '16
1931 i
Sterling loan 49
/1989 CI - J
Registered
60
60
943 5a-- 04/s
60 Feb '16
79
e
9412 57 9438 951 2
klextec-Exter loan L 58 of 1899 Q - J t____ 50
Permanent 4s
50
8 9212 9412
50 Feb '16
50
94
9314 Sale 9314
1054 J 0 ____
Gold debt 4a of 1904
1914
Gin & ref Ser A 43i9-___a2025
9512 Jan '15
4
1083 Sale 108
4
1083 189 106 110
Ftov of Alberta-deb 4348_ _ 1924 F - A
Gen ref cony ser B SL._a2014 F - A
80
775s 28 74
8112
7753 Sale 7712
78
7818 80
7818
7818
-58 loan of 1912._ _ _ M- S
I - J
/1989
Tokyo City
Gen'l gold 314e8er B
12 1007 101
8
10214
102
!Three are prices on the basis of $510.0
.41980 - J
General 4a4s Ser 0
9238 46 9112 9312
9112
State an/ City Securities.
1934 J - J
35-year deben 4e
8
8
4 97 101 103
4
1023
10258 239 100 1033
92
10 15814
102
111960 5 8 *1023 1025s 1025 June'16
T Clt? 4.e
Convertible 434e
101 103
8
1023 1027 1023
4
4
s
8
1037 1037
s
1037 Feb '16
1904
448 Corporate•stock
32
1921 1 -D 10318
Cble & L Sup Div 53-1 9 1 -J 104 2
10828 10812
108121
4
10514 10578
10 1112
8
1057 Marl()
965 J -D 1073 108 10734
43i s Corporate stock
Mo Ely Div 5a__ _1928 J Ohio it
8
1075
8 15 10578 1077
10714 Sale 10714
10318 10418
10318 10312 10318 June'16
11149 Corporate stook _ 1963 SI1921 1 - J
Chic & P W Imt g 5a
7 9778 10018
2 8912 017
10018
10018 10014 10013
8
9114
- 9114
4
903
1959 81-N 10013
4% Corporate clock
O M & Puget eld 1st gu 4a_1949 J - J
19 98 100t8
10018
8
1 10612 1073
10612
10612
10612
1058 M- N 100 10014 100
4% Corporate stook
Dubuque Div 1st 5 f ria_ _1920 J 5 9758 1003
8
10018
___ 10012
1105 ---- 110 June'13,
s
4% Corporate stock
1057 111- N
Fargo it Sou assum if 8)1_1924 3 - J
4
9714 97,
997 100
9714 Jan '16
8
1025 10233
10212 ---- 10234 Feb '16 -4% Corporate stock
1910 J
La Crosse it D 1st 53
17 1053 10712
8
4
1073
10718 Sale 10713
-?few 454,
1921 J - J 10338 104 105 June'16 - - - 10318 105
Wis & Minn Div g 5a
- -8
100 1013 1013 Dee '15 _
8
- 10612 10714
New 43e1917 M- N 10718 10738 10714
92 4 J• I 10612 - - - - 10612 May'16
tia
Wie Vail Div let 4348__ 1030 j -D 1013 10212 1017 J1108'161---- 1017 1017
5 106 1071 2
10714
2
2
4
s
‘44% Corporate stock_ 1957 111-N
& No 1st ext
2
2
8
1007 1007
101 1007 June'16
10158
8
4
1934 1 -D 100 --- 1015 May'16 -- -- 101 8 975
434% Asseearnent honda_1917 51-N
Cone extended 4348
95:
11058 93 May'16
8838 93
90
8
97
9758 9712
97581 15
-A
334% Corporate stock__ .1954 RI -N 1015 ____ 10512 Apr '16
10212 10,538 CI1 it Nor West IzAt 4s1886-1926 F
8
97
9613 -- 97 Apr '10 - - 97
1961
Y 8tate 48
p1 86 F A
1886-1927 Q F 8114
Registered
84
102 10514
10434 June'16
.10478
19 80
8134
Sale
Canal Improvement 48_1961
1987 M- 14
General gold 2348
10214 10214
10214 Jan '16
71
8412
8
94,2 , Jan '14 -Canal Improvement 4a_ 1962
Reentered
10212 10212
-- 10518 10212 Jan '16
0114 9514 9512 June'16- 9414 9538
Canal Improvement 48_1060
1987 M- N
General 4e
4
11478
113 11514
1
. 144 Sale 11433
8
10 92 96
945
Canal Improvement 4346_1964
Stamped
10612 10714
8
8
1083 1097 10714 Feb '16
11412 11684
8
N 11412 1147 11412 June'16
Canal Improvement 4422_1965
198
Is stamped_-_ _1037
General
11212 115
11438 ___ 115 June'16
11124 ---- 11212 Jan '16---- 11212 11212
Highway Improy't 4348_1963
81nking fund 8a__ -1879-1929 A - 0 110
107 10934
4
4
8
1083 1097- 1093 May'16
10912 10912
.
013 Au i :10
1091/ j pTc 1(3
Highway Improv't 4318-1965
1879-1920 A - 0
Registeeed
8838
___ 86
86 Apr '16
88
2:-_
10152 10131
111)glnla funded debt 3-3a .__1991
1879-1929 A - 0 10434
allnking fund 55
55
54
51
-52
5014 5812
8
1043
10312 Apr '16 -- 10312 104
Is deferred Brown Bros info_ _
1870-1929 A - 0
Registered
103 1.0312
Railroad.
19211A - 0 10318 1E4 10318 Juno'16
Debenture 58
2 63
6318
6818 Sale 6818
8
667
101 Dee '12
4 1995 Q J
412 Arbor Int g es
192115 •0
Registered
9312 316 9212 9518
Sale 023.1
Sale
,
1038 105 Vert Top & 6 Pa gen g Cs__ _ 1995 A - 0 931s
19:33, - N
Sinking fund deb 55
92 June'16 -- 9112 9358
1 10114 mu,
111114
11134
1995 A • 0 8134 8712 843 June'16
Reentered
Register
Registered
4
4
813 88
121 121
121
121
O
:N
41995 Nov
Adiustment gold 411
9
Prim Elk & laio V lit 6e 1933
85321 8612 Jan '16 -- 8412 8612
80
Sop '09
41296 Nov .8434 8514 85
Registered
Man GB&NW 1st 33422_1941 I - J
8512 52 85
4
88,
Stamped
41905 M- N 10512
11111w & L 1st gu 334s.__1941 I 73 10034 10718
107
Sale 10512
108 8
108 109
J -D
Cony gold is
PlIr 6 i6131955
192I
MII L & West Int g tis
10718 233 1013 10734
4
10512 106 1053
4
65
80
10 3 1
- 169;611:
10633 10713
Cony 4s issue 01 1910
1960 1 -D
Ext imp a f gold 58_1929 F - A 11214
8 101 10134
8
1013
8
1131 1117 Dec '15 -;
8
Fl
10
._ _1917 -D 10114 1013 10114 June'16
-year Is
Ashland Div let g Cs,,1925
9612
96
. 9612
11112 ---- 11212 Feb '16 -- 11211
▪ B
East Okla DIY 1st g 4s____1928
Mich Div let gold 61_1924 89
86
8712 8712 Apr '16 -- 86
91
5 91
9134
9112 ---- 9138
Rocky Mtn Div 1st 4s ___1965 J .3
Mil Spar A NW lit au 45_1917 al92
June'16
8
80
frans ('on Short let 48_1958 3-i 907 0114 91
Northw Union let 78 g_ _1917 M- 8 10541 10623 10738 Me v'14
9718 14 97
99
9718 Sale 9718
10 iod - 109
10612
10612
51- b
Cal-Aria let & ref 45s"A"1002
St L Peo N SV let gu 58_1948 J -2
- 10334 10412
10418 ___ 10412 May'16
10212 Dee '15
8
D 1013
Fe Pres h Ph let g 5e___1942 M- S
Winona & St P 1st ext 78_1916
9238 25 91
8
3
943
9112 9214 92
1017
8
1015s ---- 10158 June'16
1011 idi7
81952 MAll Coast L let gold 4a
0233 Chicago Rock tel & Pao 68_1917 1 - J 101(4 10212 10112 May'16
9112 52 91
8
913 Sale 0133
1011 102
1964 1
Gen unified 412a
1917 .1 - J
Registered
8
1067 1063 May'16 -- 10614 1073
8
10638
4
Sale
85,2 24 8414 87
Ala Mid let gu gold 1e.. _1928 M- 14
1988 1 Sy general gold is
1 83
8411
9212 __-_ 9414 May'16 -- 9334 95
83
85
83 S
885
Bruns & W 1st gu gold 48.1938 1 • J 13212
1988 J - J
Registered_
-4
3
7434 215 633 7512
__-- 1297 Aug '15 -4 Sale 7234
Charles & Say lit gold '78_1936
1934 A - 0 743 Sale 5658
Refunding gold is
230 4112 69
59
8512 Sale 85 4
,
86
5818
13 8511 8712
M-N
L & N con gold Se_
1932 30-year debenture be
2 11914 8122
11978
1 95
05
11912 121 11914
95
95
4a• 7..;" & W let gold (12- - _1034 A • 0 108 __-- 105 July'15
Coll trust Series P 411
1 54
651a
e
56
95 Sale
56
:
let gold Is
1934 A - 0
18 41 4
9
RI Ark & Loula 1st 4345_ _1931 1111E3
9918 1/918
9918 Feb '16
4
1)8
973 100
993 993 June'16
4
4
J 9914 100
ASp Oea & gu g 4a__1918 J
all
1934
Bur C R & N-lat g 55
29' 9214 937
9278
8
5
927 Sale 9234
Mar'14
10078
melt & Ohio prior 8348
1925 I - 1 92 Sale 02
Wlatgu 58....1921 A - 0
ORIF&N.
10 9512 9238
92
_
81925 Q. J
Reentered
MA St . let gu g 7s
9212
9114 08 91
91 Sale 91
4
9818 993
let 50
41948 A -0
-year gold 623
1910 J
Choc Okla & (3 gee g 58_0927 1
91
9012 June'16 -- 8922 9114
90
- -_11948 Q
Reentered
Conaol gold Se
263 953 9858
9614
8
63
9553 Sale 9558
60
9997:84
60 A.Mpilry 1156 -- 55
60
.1033
40-yr cony 449
23 A N
52 M - 0 -99-3:'
19
19
Kook it Des Moines let
322 100 10131
14 65
101
6858
Sale 10053
71
6712 6812 68
Refund & gen 58 Series A_.1995 J -D 10078
rit Paul & K C Sh L 1st 430'41 F • A 11818 119 11858
10 11734 1187
s
---- 112 Jan '12 --__
11858
1922 J - .1
Pitts Juno let gold Si
Chic St P 111 & 0 con Oa__ _1930 -D
91
91
-if - -di
9118
4
9014 ___- 8734 Feb '17 ---- 8734 873
M- N
-D
P Juno & M DIY 1st g 334s 1925
Cons in reduced to 3348_1930 I
8712
8712 11 8618 90
8712 88
10114 103
____ 10212 1017 June'16.8
FLE&W Va Sya ref 4a_ _1941 • h
Debenture Is
8
_ity'16
9212
__ _ 11712 N
4
4
17 90
003 9118 903
911
11712 11811 .
fouthw Div 1st gold 3345_1925 I • .1
B
N 11712
938
_ 1919
Oh St P & Minn 1st g 6s_
Apr '13 -11712 ---112958 may'00
Cent Ohio R lets g 4348._1930 M- 5 10012 _--- 100 June'16
North Wisconeln let 64_1930 I - I 10412 10514 101_12
10713 1077
8
.
.
CI Lor de W eon 1st g 5a 1933 A • 0 1073 - - - 10718 June'16
St P & S City lat 6a__1919 A _
101 101
10513 10612
Monon River let gu g 58_1910 F - A 101 102 101 May'16
g_g1030 MSuperior Short I. let Is
8
80
__
1073 10738
8
85 Jan14
3 Ohio River RR let g 5e__ _1936 • • D 1067 ---- 10738
10514 Chic T U & So-east 1st 5s_1960 Q -M 1067 10714 10712 June'16
Mar'16
10412
10514
10514
8
1037 A General gold 5s
Chic & West Ind gen g 60_51032
4
763 Salo 763
8
815
8 711
7712
1
Pitts Cloy & Tot let g els_ .1922 A - 0 10614 _--- 11312 Feb '12
1952 J • J
Conn!50-year 45
991 9913
- 861 Jan '16
86
8612 8612
1917 3-i 9912 _--- 9912 Apr '16
Putts & West 18t g Ca
19371 • .1
- - cla & D 2d gold 4149
--- 91 June'12
74 ;9
_a_ ---Ftat lel Ry let aug 63.4e_1043 -D
let & refunding 4a
-------7518
.
8614 June 1..
a Ilvls Ry let Is
1927 J - /
let guaranteed 4s......_ .1959 :
19 9
8
10712 110
___-_ __
41) a _ _ 25 July'15
1037 M- 5 10914 1093- 1091.1 J111113'16
8 iffalo R & P gee g 59
Cin D & I 18t gu g 5a
102 103
-__ - _ _ _
88 /quell
1957• N 10128 10214 10238 June'16
Conseil 43ie
92 1 NI:N
C Find & Ft W 18t gu 4s g_ 1943 IVI N 8
8
925 925
____ _ _ _ _
65 July'14
Ins A - 0 0012 ---- 9258 Mar'16
All & West 1st g 43 gu
1953 J - J
Olo I it W let gu g 4s
10318 10318
8
J 10712 ---- 10318 Feb '16
---- 943 Dee '14 -- -___ - _ _ _
Clear & Mah 1st gu g 5a_ .1943 J
J
Day & Mich 18t cona 4348_1031 J
8
8
4
Roth & Pitta let gold 68_ _1021 F - A 1075 108 1073 May'16 --- 1075 10814
10351 J ---- -- 65 July'14 __-_ ---- - - - Ind Dee& W 1st g be
10734 11014
4
8
10712 Dec '02 ____
1922 1-0 1095 1103 11014 Apr '16
Conrail 1st a Cs
lot guar gold bs
1 103 1043
10312
103 10312
4
8
8018 803 80
8058 38 77'm 81
Canada Boo cons an A 66_1062 A- 0 10231
19% j•
Cleve Cla C & St L gen 4o
10678 Apr '14
8612 8812 8938
8912 36 8312 9014
_ _1962 A Reentered_
20-yr deb 414.
9512 16
95 Sale 9158
10014 Sale 10014
2 9914 1005s
10014
J -D
Car Clinch & Ohio let 30-yr be '38
Gen 58 series 13
10712 108
10758 May'16
1075
8
87
11 82
8553 8558
84
8558
.1
9931 .1
9
Central of Oa 1st gold Is, __p1945 F - A 1007 Sale
Cairo Div let gold 45___ .. 193 2
10 100 102
101
8
4
1003
771.1 7812 7712
8
757 7712
7712
1945 M- N
gold Is
Consol
Cin W & M Div lst g 4e- - 1601
831e 8412
2 79
8412
8412 ---- 8412 May'16
4
8
805 823 8012
4
803
N
Chatt Div pur money g 49 1951 J -D
8t L Div lot coil tr g 48._ .1990 M10134 May'16 -- 101134
- - - - -- - 8214 Mar'14
Mao & Nor Div let g 68_1048 ▪ - J 103 _--- 10014 Marl,
Registered
8612
_ 85
6 85
84 _
8612
- J 101 ---- A
.- N
990 M
Mid Cla & Atl Div la__ _1947
1940 M
8pr & Col Div let 04.1
10214
8434 8434
l013O24
83
80
4
843 Jan '10
1946 I- J 10314 _--- 10214 Jan '16 --__
1940 J - .3
Mobile Div 1st g 55
W W Val Div lat g 48
97
-4
94
3
95 4 95 June'16
94
4
1
1920 111-N 105 1053 4053 May'16 ____ 105 10534
RR & B of Oa col g 54 1937 511-N
acn
(3 I Ht L & C consol 68._
11712 26 118 11814
9118 9118
11678 ---- 11712
02 _--- 9118 Feb '16
1987 Cant of N 2 gen'l gold 68
11930
15t gold 48
2 11514 1171 t
8
1165
8
1165 ---- 11653
90 -- 8812 MRY'I5 -41087 Q.
Registered
)
01
( -F
Registered
10213
10314 10334
102(4 _
,
10358 101 2 10358 Juno'16
10212 Mar'16
Dock it Imp gu 5s _1921 .1 am
_1923 J CitI S CI con hit g
11618 20 11618 11618
100 ---- 100 J une•13
11618 . :- 11618
Leb & Huel Ely gen gu g 551020 J CCC&Igencong6e___19341 '13
94 July'03 ---N Y & Long Fir gee a 49..1941 M- S 99 100 10012 Jan
A -(1 8512 91
Ind Bit W let pref. 48_1940
82 June'16
82
-id
80
snt Vermont let 2u g 4s •1920 41938 (14
0 Jed & W let prof 59
2 96
77
22 63
98
--9712
77
9712 ---- 9712
4
763,1 1 411e 763
Amen & 0 fund & Inipt 68 1929 (
Peo & East 1st con 4s____ 1940 A 5 1043 1075,
106
8
373t
106 1063 106
4
4
4 40 23
373
373 Sale 32
let email acid Is
1990 Apr
Income 48
5 9954 10112
103 10112
10012
8
8
1003 10012 1003
1,81-N 1031t 10412 10412 June'16
1939
A - t.
91
9 90
8
1614
7
903
,
14
93 4 Cleve Short L let gu 4348_1961
14 June'16
10
1992 51- 8 9924 91
General gold 4149.
Col Midland let g 45
9012 91
9012 Feb '16
4
153
91
6
1312
3
137 1312
10
1992 RI- S
Registered
Trust Co certfa of deposit 1947 j 8
89
8
855 134 8.5
9314
855 Sale 8514
9 90
91(4 02
4
013
911 1
1030 F - A
Convertible 454e_
1929
& Sou lot g 48_
May'16
Calorado
8314
85
8478
54 8218 871s
8314 85
80
8458 Sale 8458
1044 J - D
Big Sandy let CA_
Refund & Est 43421
83 Mar'16
84
8432
16 105 1061s
83
83
Sale 10512
105 4
3
Coal River Hy let gu Cc..1945 J
3 1 M D 10512
1925 J - N
Ft W & Den C let g 8s
9634 Feb '16
4
963 963
4
94 104
___
87
1940 J Craig Valley let g 6e
corm it Pas Rive let g 423_1943 A - 0
.-14- -64
846% Jan13
8
94 Feb '10
_ 99
Botts Creek Br let 3e_,,_ 19411 J - ./
1952 J
Cuba RR let 50 yr 58 g
May'16
-833
1980 J - I 865o 8713
& A Div lat con g 4e
2 8112 8318 Del Lack it Western
8112
8112 Sale 8112
8614 87
8712 87 June'16
1989 I - J
.
21 coneol gold 4
1921j -111 87
3348_2000 J .
Morris & Es let gu
103 109,.
88 _-_- 00 Apr '14
8
1073.11083 10818 June'16
Greenbrier fly let an g 48_1940 M.N
W 1st 6s
'
N Y Lack
10384 1043
11314 Feb '15
4
warm Springs V lit g 58_1941 M P
10358 -- 1033 Mar'16
2
Construction 59
5912
98'
98
8
9818 9914 983 June'16
Lic & Alton RR ref a /8_1949 A .0 5911 .1912 59 2 May'16 -- - 57
23 MI
123 F
1
19
Term & Improve 4a
4978 2:3 43
8
4912 497 491 4
497
8
1950 1 - J
1st Ilen 8348
10218 Feb '03
gallirce
86
jails
Warren let ref gu g 3341_2000
4 99 190
4
993
4
4
'16
993 -- 993
8
can B & Q Denver Div 48_1922 F - A
8
1917 M- S 10312 16P 1043 Apr '16
87
2 85
8518
Del it Flud let Pa Div 7a
8518 Sale 8518
104f2 Feb
1040 J - J
tlliflOis Dly 3348
2 94r2922
9512
Registered
June'16
J - J 9512 Sale 9512
_1949
100
Illinoli Div 4222
M D
1
10-yr cony deb 4a_ -918 JI:S
9712 Dec '15 _.__I
J Nov. t Due Dec. 8 Option sale.
5 Due July. 1 Due Aug. 0 Due Oct. p Due
• No price triday ;latest this week. 4 Due Aprli. 6 Due May. g Due June.
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 16.
Price
Friday
June 16.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ending June 16.
Price
Friday
June IS.
Week's
Range or
Last Sale
0712 9754
1M IT-
112(2
10 122
10112 10112
lin 10012
JUNE 17 1916.]
BONDS
N. Y. STOCK EXCHANGE
Week Ending Juno 16.
1
1,3
t•='•
••
New York Bond Record-Continued-Page 2
Price
Weet's
i Range N.
BONDS
Price
Friday
•-•
Range or
n
Since
June 16.
Last Sale
Y. STOCK EXCHANGE.
Week Ending June 16.
Jan. 1.
Friday
June 16.
2241
•
43' 3 1
,
E r:8
Week's
Range or
Last Sale
Range
Since
Jan L.
Bid
Del & Hurl (Coat)
Ask Low
High No. Low High
Bid
Ask Low
High No. Low High
let lien equip g 434s
8
1922 J - J 10112 1015 10158 June'16 ..-- 10012 102
Leh V Term Ry let gu g 56..1941 A - o 1113
4
_ 112 May'16
9818 Sale 9712
110 11218
1043 111-N
1st & ref 4s
9314
8 9614 9314
Registered
1941 A - 0
112 1111s Dec' 11
s
1935 A -0 1073 Sale 10718
20
-year Cony 58
10712 27 106 108
Leh Val Coal Co let gu g 58_1933 1 - J 1043 10512 1015 June'16
4
8
10858 iC618
8712 87
194t3 A -0 86
Alb & Sus cons' 334s
1 8534 88
87
Registered
1933 J - J
105 Oct '13
8
Rens & Saratoga Ira 76_1921 111 8 1123 -- _ 113 Feb '18 ---- 113 113
let lot reduced to is
92 __
781s Sale 78
Deny A R (Jr ler, con g 48_.... Mil J - J
7812 191 76
7912 Len A N Y let guar g 4s
33
1945 i S 8912 90 1039 Nl: j
90
8518 86
90
85
1936 .1 - J
Consol gold 434s
35
11 83
86
Registered
8.112 sale 8412
Improveatent gold 5s..
1928 J -D
8112
31 783 85
4
Long Isld let cone gold 54_131945 Q S 106
1931 M J
:
166- 3wiei;
1047 10658
704 Sale 70
lot A refunding 5s
1955 F - A
703.1
70 5512 '73
let consol gold 4e__ _ _J31933 j --1:4 0414 ____ 914
1 1Q- J
9414
941041, 9414
Rio Or Juno 1st gu g 58_1939 J - D 37
90 109 Dec '12 ___ ---- ---General gold 4s
8512 89
88 June'16
86
90
Rio Or So 1st gold 4s
6112 Apr '11 _-_
1040 J - .1
Ferry gold 434s
1922 111
---- 9913 994 Apr '16
Guaranteed
9914 993
4
34 --_
3514 Apr '16
1040 J - J
-ig17i -ii14
Gold 48
1932
9914 Oct '08
7712 757
8
Rio Or West 1st g 45
7712 -10 74
1939 J - 3 76
-7812
Unified gold -te
8313 8412 8412 June'16
8412 86
Mtge & col trust 48 A...1949 A -0 62
65
65
- 65
1 62
65
Debenture gold 56
84
9512 97 Jan '16
97
Utah Cent let gu g 4_a1917 A - o 9212 ____ 90 Apr '14 -- _______
97
Guar refunding gold 48
1919 4- ii: 87
887 8378
8
5 87
887s
Des Mo! Un Ry let g 5e------317 M- N
9014
9912 ____ 100 mar'15 -.
Registered
95 Jan '11
Det & Mao_ let lien g 0_1995 J -D
76
85
90 Jan '16 -- 90
90
NY B & M 13 let con g 58_213
16310312 Mar'16
10111
Gold 4s
75
80
85 Jan' --i
,
1
16
,r
1995 J -D
i
VI
N Y A R B 1st gold 5s__ _1927 M- 5 10212 10312 103 Apr '16 --- 10213 10312
103
Det Rig Tun-Ter Tun 4348_1961 NI - N
Nor Sla B lot eon g gu 5s_o1932 Q - J 100 101 101 Apr '16 -101 102
Dui Missabe A Nor gen 5a_ _1941 J - J 100-4 _92_14 10
3
9358
91 Apr '16 -- 104 104
Louisiana & Ark 1st g 5s
1927 M- S 83
94
94 June'16
88
9713
Dul A Iron Range 1st Is. _1937 A - 0 1025 104 - 10212
8
5
8
10212
1 10218 10314 Loulsv & Nash',
1930 .1 -D 112 11212 11214
gen Co
11238 10 11134 113
Registered
106 Mar'08 _1937 A - 0
Gold 5s
1937 rd-N 10958 ____ 1093 May'16 -- 10838 11012
4
Du So Shore & At g 5e
9338 Apr '16 ___ - 3- -6gli
1937 J - J
93
6i 8
Unified gold 4s
9412 Sale 9412
1940 I - -I
9478
23 9312 96
Elgin Jol & Eaat 1st g 5e_ _ 1941 M-N 103 -- _ 10314 May'16 _
103 104
Registered
1940.3 - J
94 June'14
Erie let consol gold 75
33 1093 1113
110
1920 M- S silo Sale 110
4
8
Collateral trust gold 5s
1931 M- N 10412 105 4 10514 June'16
.110412 iag19612 _ _ 9712 June'14 -4
N Y & Erie tot ext g 4s
_.-_
1947 111-N
li52.1-4
E H Lic Nash lst g 63
1919 J - D 1075 ---- 10758 Dee '15
3
_
2d ext gold 5s
4
/4
- 11317
1919 M S 1013 10214 1011 June'16
-8
L Cin & Lex gold 434s
1931 M- N 10118 ____ 102 Mar'16 ---. 10034 102
3d eat gold 4348
1923M S 100 ____ 9813 June'15 --N 0 .1, 51 let gold 68
1930 .3 - .1 115 Sale 115
11518
4 115 11812
4th en gold 5s
102
1 lad 1920 A 0 102 Sale 102
2d gold (Is
1930 J - J 10314 11012 10978 May'15
5th ext gold 48
_
id, 94 Nov'15
92
1928 J D
Paducah dr Mem Div 4s 1946 F - A
8814 90
8958 May'16
i 4 10912 May'161_ -.7- i1361- iffNYLE&Wlstgfd 78_1920 M S
895s 9018
-_ 2
St Louis Div let gold 6s 1921 IN- S 10612 1075 108 Apr '16 ---- 107
8
Erie let con g 4s prior_
s
851- sale 8514
8512 • 52 841g 8612
10814
1996 .3 - J
2(1 gold 38
1980 11I- 13 63
64
63 June'16 -_-- 61
84
80 Oct '15 -_
64
Registered
1996 J - J
Atl Knox AG CM Div 4s...1955 61-N 56
87
8718
!. .
.
8718
4
let consol gen lien g 0_1996 J - J _72_1 !:1f.. 7412
3 853 90
4
75
23 -ii7i-iiAtl Knox & Nor lot g 5s 1946 J - D •10912 ____ Ill Jan :13
_
7612 Jan '16 ---- 7612 7612
Registered
1996 J - .1
Render Bdge let s f g 68_1931 M- S 10614
10614 June 16,--- 10614 107
89.>8 89
Penn coil tr g 48
1951 F - A 89
89
8, 8834 90
Kentucky Central gold 48_1937 J - J
8878 00
887 June'16..__. • 8734 8918
8
1953 A -0 704 714 7113
50-yr cony 48 A
7138
25' 70
7212
Lex A East 1st 50-yr 5s gu _1985 A -0 10114 1013 1017
4
8
1017
2 100 10178
8
do
Series B
1953 A - 0 7512 77
7512 June'16 ---- 7434 84
LA NA NI & NI 1st g 4348 1945 M- 5 10018 Sale 10018
10018
2 997 10058
Oen cony 45 series D
8
1952 A-0 8614 Sale 8614
8634 301 845 8812
8
L A N-South M Joint 4s.._1952 .1 - J
7712 79
suff N Y & Erie let 7s_...1910 J -D
7812
7812
7i
1 82
100 Mar'16 ---- 100 100
Registered
11952 Q - J
Chic & Erie 1st gold Is. _ _1982 111-N
95 Feb '05 ------------107 June'16 _--- 1053 10718
4
Fla A s 1st gu g 5s..___1937 F - A 106 - 15i1Cloy & Mahon Val g 58_ _1938 l - .1 10112 10514 101 geb '15 ---8 107,4 Apr '18 ---- 0
.18 114
N de C Bdge gen gu g 4348_1945 J - J
9818 ____! 9758 May'16
Long Dock coneol g 68..._1935 A - 0 12:8 i(11 123 Apr '16 ---- iii1- iii16 5- ---.
.
4
975 975
8
8
1
4
Pens A AU let Cu g 6s_ ___1921 F - A
Coal A RR let cur gu (38_ _1922 61-N 10012 104 102 Mar'16 ---. 102 102
10818 10858
8 dr N Ala cons gu g 5s _1936 F - A
Dock & Imp let ext 51...._1943 J - J 106 ---- 106 May'16 ---- 1025
ET' '‘'ITr:1:35 ____ 10514 10818
8 106
Oen cons gu 50-year 59_1983 A -0
_ 10178 102 Apr .16l. 10178 10314
N Y & Groen L gu g 58
1946 111-N --_- ----110312 Aug '12 -- ____ -___
L & Jeff Bdge Co gu g 4s _1945 rd- E
80 ____I 8118 Apr '161- , 8013 8212
N Y Sus & W let ref 56_1937 J - J
9712 99 May'16 ---- 9312 99
Manna 11.1t-Sou lines 48_1936 111-N
2d gold 04e.
1937 F - A
10014 Dee '06
____
Mex Internet lot cons g 48_ _1977 M- 5
77 M eel°
Jeneral gold Ie.__
1940 F - A -78 Sale 78
73 - -2- 72 -if 7
Stamped guaranteed
1977 M- S
_
79 Nov'10
Terminal let gold be
1943 M-N 10512 --_ 10512 May'16 ---- 10512 10512 Midland Termlst s f 58 g_1925 J -0
101
Mid of N J 1st ext 55
1940 A - 0 10558 -- 11112 may'lg ----Mina & St L 1st gold 7s__ _ _1927 1 -D ---- 114 115 Oct '09
Wiik & Ea let au a 58
Mar'16 -- 115 115
8778 Sale 857
1942 1 -D
8
857
8
2 ---7 - Pacific Ext
Ev & Ind lst con gu g Cs
40 108 May'12 -------- ----let consol let gold 85_ _1921 A -0 103 104 103 Apr '18 ---- 103 10314
1926 J - J
- -- - gold 5s
1934 MI- N ---- 95
Evans Al'II let cone Os.
92 ---- 91 Mar'16 --• 00
8812 90
1921 J - J
91
1st & refunding gold 4s _ 194(1 111- 8 61 Sale 89 May'16
59
19
let general gold 15
1942 A -0 45 ___ 83 May'16 ---- 63
63
Ref & ext 50-yr 58 ser A _1962 Q - F 59
60
54 June'16
Mt Vernon let gold 8s
6 16
1" 56
50
_ _ . 108 N ov'll ---- ---- ---6412
1923 A -0
Des M A Ft 1) let gu 18_1935 J - J
655 66
8
Oull Co Branch let g Is. _1930 A -0 ---- ---- 95 Junerig ____
60 Figa '15 -----------Iowa Central 1st gold 5e...1938 J -D _87 S_8 e 5989731.1
95:2 Sale81 l
8:.8. ,
Florida E Coast lot 4348_1959 J -D 925 93
t.
7
2,
la3:2816
un 6903
95 1 8
: 72
8
8
927 June'16 ---- -620 _9521112_2
2
-oils
7
.8
Refunding gold 48._
1951 IN- E
Fort St U D Co 1st a 434e3_1941 J - J
92 Aug '10.- ____ ____ MStPde9SNI con g
49 lot gu 1938 .1 - 4
Ft W & Rlo Cr 1st g 4s
6918 71
1928.3 - J
69 May'16 ---- 6114 69
lot Chic Term s f 4s__ _ _1941 M.N
Great NorthernMSS& A let g 4is lot gu_1926 J - J
07 ____ 93
° B & Q coll trust 48
i
ii1899
98
9814 Sale 981;
1021.3 - .1
984 321 97
/ 99
1
4
MIssiesippi Central 1st .5 _1949
913 9312 92 May'16 ---- 90
4
Registered It
927g
1921 (3 - J
988 0812 9312 June'16 ____I 973 9834 Mo Kan & Tex it gold 49_1990 .1 - .1
4
J -D
4
785%4 Sale 4558
SaleSal
74
let A refunding 4348 ser A 1001 .1 - J
76
32 7012 787
8
9914 Sale 9914
9914
16 99 10018
2d gold 4s
y1990 F - A
4858 22 40
5012
Registered
1081 J - J
96 June'13 ---.1
1st ext gold 5s
50 Sale 4512
1944 M- N
'50
18 45
St Paul M & Man 4e
5218
1933 J - 1 9714 ---- 9718 Feb '18 ...-- -iiii; - 13
6 let & refund 4.1
3
50 Sale 5758
2004 NI- S
let consol gold 68
59
10 51
59
4
1933 .1 - -1 121 1213 1213
s
1213
s
a 12012 122
Gen ;linking fund 4348...„1936 J - J
45 Sale 40
45
44 36
45
Registered
1201 Apr '16 ....--12013 12112
/
1033 J - J
4
St Louis Div Is ref g 48 2001 A&0 36
40
33 June'16 --_ 33
4(3
Reduced to gold 4348_1933 J - J itir 1033 10318
3
1033
s 28,,10138 10334
Dal A Waco let gu g 58_ _ _1940 M- N
9934 Dec '13
Registered
_ 10212 May'16 -410212 10212
1933 J - J
Kan C & Pac lot g 4s
65 ____ 69 June'16
1990 F - A
7
Mont eat let gold U....1937 .3 -I) -136' -66
60
69
0612 20 9558 9658
-14 9014
Mo K AL E 1st gu g 5s
1942 A - 0 84 Sale 83
84
11 74
8914
Registered
9114 ---- 9612 Mar'16 ---. 9612 9613
1937 J -D
M K & Ok 1st guar 53_ _1942 111-N
62
75
625
8
6258
Pacific ext guar 4s £__.1940 .1 - J
3 50
86 __ 851$ Nov'15 ---• ..___ ..-- 66
M K dr T of T lst gu g 5a_1942 M- S
7212 Sale
B Minn Nor Div let g 4s_ _191e A -0 9358 --:_ 48
2
5
73
3914 Jutle'15 ----_ _Sher Sit A So let gu g 5s 1942 1 - D --__ 54
Minn Union let g ge
643
96 May
7
'13
s
__
1922 J - .3 1093s 1097 10918 Apr '16 -. 10918 10918
Texas A Okla let gu
Mont C 1st gu g (3s.
1937 J - J 12338 ____ 12014 Dec '16 .--. _ _ _ ---- Miesouri Pac lot cone g 5s_ _1943 Id- S 54 ____ 5018 May'16
g 69
1020 81-N 31013 Sa5 195 4 ma02
,4 4 9le 013
ly 16
.
189 102
00 ,
4 4 63
5
13614 May'06 --- - --- ---Registered
1937 J - J
Trust gold 5s stamped__ _a1917 M- S
let guar gold 58
4
8
4
1937 J - J il_j_1- ii_j_3- 1103 Merle -- 11014 1103
4
Registered
82 Oct '15
_ - - --Registered
1937 J - .1
1st collateral gold Is
1327 i :4 89 ____ 8958 June'16
‘ 1
i
0 r ;
Will A S Flat gold 58 _ _1938 J -D 110 111 1107- Apr- - - ---. 11078 11078
/
1
4
-' 3
s
11
831s 8058
Registered
1921 F - A
78
Green BaY & W deb ctfs "A".._ Feb
75 Jan '16 --- 74
75
40 year gold loan 48
1945 Ai- Fl -4612 47
4.8000 etre -13"
4612
1212 1312 13
2 3918 48
43
Feb
13
1 11
1414
1st& ref cony 5a
48
(Julf & 14 I lst ref & t g oe_ _51962 1 - J
4912 4612
48
8414 883 8812 May'16 ---- 8414 8812
36
3
48
Id 7s extended at 4%___ 19g Zi- PI 82 ____ 82 May'16 40
19
Registered
11952 .1 - .1
82
82
Boonv St L & S 1st 5s gu_1951 F - A
flocking Val 1st cons g 4345_1999 I • i
100 Feu '13 -i
93 -941- June'16 ---- 9314 96
/
1
4
2
Cent Br lty let gu g 40_1919 F - A
Registered
E1 14 ----; 60
5
60
50
1999 4 - .1 ---- ---- 973 Jan '14 __
60
4
Cent Br U P let g 45
52
C)ol & II V lst eat g 4s.._ _ 1948 A - 0 873s ---- 87 Apr '16 --7712 Dec '13 -87
871s
Leroy & C V A L let g 53_ _
Col & Tel 1st ext 4s
'110 Mar'05
86 --_- 88 Feb '16 ----1 88
1955 I' - A
86
Pac R of Mo let ext g 4e 1938 F - A
9014 91 , 0034 June'16 ____ 89
flOuston Belt A Term 1st 58_1937 J - J
95
92
9712 9412 Feb '15 ---- __ __ ____
2d extended gold 5s
1938 J - J 10058 ___1100 4
Illinois Central 1st gold 4s 1951 J - J
3
10034 15 100 1003
97 ---- 97 June'16 ---- 0(312 973
4
s
St L Zr M & S gen con g 5s 1931 A - 0 10158 Safe ,10158
Registered
10134
1951 J - J
6 9934 10'212
92 Aug '15 ----1
Gen con stamp gu g 5s 1931 A - 0
let gold 3348
1951 J - J
853 May'16 --- 83
4
853
Unified & ref gold 4s
4
1929 J - J
Registered
7.-12 -Zr7 4'124 j'IY80 --Li 1 -ii12 -8112
'14
/
791
1951 J - J 833 ---. 83 Nov'15 4
Registered
1929 J - J
Extended let gold 33-sis....195l A - 0 84
80,e Oct '12
90
8434 Feb '16 --. 813 Ws
4
Riv & (.1 1313, let g 4s
1933 111-N
70 - Safe 70
Registered
7018
1051 A - 0 ---- ---6i---- -- - Verdi V I& W 1st g r
/ _1926 61- S
1
4._
let gold 3s sterling
87 Sep '15
1951 61- 13 ---- ---- -i6 - .11;7 :::: .--.
65
--- Mob Sir Ohio new gold Cm__ _ _1927 J -0 1151- 114 113 May'16
3
Registered
1951 M- S
lot extension gold (le____h1927 Q - J
110 109 Feb '16 _-__ 108 109
Coll trust gold 48
1952 A - 0
-g6-i6- ---i -sii - -6f1-2
General gold 48
7514
7614 June'16 ---- 75
Registered
1952 A - 0 *____ 8912 9514 Sep '12 -7614
Montgom Div lat g Ss__ 1947 i - A
Ni- l 99 ____ 102 Feb '16 --__ 1Ci2 102
1st refunding 4s
8918 89
8912 201 -iii 8
1955 M- N
St Louis 1)1v 58
90
1927 J - D
811. 8113 June'16 ----1 817- -lif1-2
0714 89 Dec '15 ----------Purchased lines 3348
1952.3 - J
83
St LA Cairo guar g 4e_ __ _1931
8S
1. N 0& Tex gold 4s
-8812 i3.
4
1953 M- N 86 Sale 86
861
/ 14. 8514 8714 Nashville Ch A St L let 5-3..1928 J - J 10714 ____ 8812 Apr '16
4
A -0
108 10713
Registered
1074
85
84 May 14 --5 103114 10712
1953 M- N
Jasper Branch let g Os... _1923 .4 - .1 1083
2
4
Cairo Bridge gold 4e
11014 Mar'16 -- 11014 11014
90 ___- 9912
9012
11 ---g - -iii1tag
1‘10.1 M W & Al let 651_ _1917 1 - J
10112 Feb '16___ 10112 10112
Litchfield Div let g 38-.21939 '1:J 6812 -_-_,- 74 Feb '14 -951 .4 D
-_-_-_,_- -g_-_4
4
T A P Branch 1st 68
1917 J - J
_
113 rly '04
Laulsv Div & Term g 334'3.1953 J
SU
79 May'16 --__ 78s
- 1 78
0
Nat Rye of Meg pr lien 434e_1957 J - J
30
50
30 Mar'16
Registered
30
30
83 Aug '12 ---1953 J - J
Guaranteed general 45.. 1977 A -0
Middle Div reg 5s
68 Oct '15
2
---1921 F - A ii5i1- iiii- 10114 June'16 -___ i,0114 ioil- Nat of Mex prior lien
.
4
43-413_1928 J - J ---Omaha Div let gold 3s
961 Feb '13 -.
/
4
1951 F - A 67
/212 71 Jan '16 ---- 71
71
• let consul 49
1951 A - 0
St Louis 141v & Term g 30.1951 J - .1
30 Aug '15
__
681 Sop '15 --- __ - - ___
/
4
76
70
N 0 Mob & Chic 1st
40 May'15
Gold 334e
8113 Jan 'lot -- 8118 811s New Orleans Term ref 58 1960 J - J
1951 J - ./
1st 4s__ _1953 J - -1
74
Registered
70 Apr '16 -___ -id - 70
1951 .3 - J __ . 793 81 Nov'15 --- ____ ____ N Y Cell
4
RR cony deb 68 _ _ 1935,61 - N 11312 Sale 11312
Spring! Div let g 334e
11412 379, 110-3, 11778
1951 J - J
79
4
8118 783 Jan '16 ---- 7854 7854
Consol 48 series A
Western Hues let g 4s
1998 F - A
85 Sale 8413
8514
19 8412 867
1951 F - A
8
8312 ---- 9012 May'16 --_- 89
9012
Ref & imp 4344 "A"
Registered
9314 Sale 9314
94
27 9314 9538
1951 F - A
-- -- ---- N Y Central dt II Kg 334s 2917 J ;.1
Bellev & Car 1st es
1993 A 0 825 82
8
/ 8258
1
4
8278 80 8178 835
1923 J -D ---- - -- iiii; masThi :::: ____ __ __
8
Registered
Carb A Shaw let gold 45 1932 1M- 8 89
81
91.8 sti2
1997 J - ./
8258 May'16
9118
,1,
81, 821 8
9 18 9930,
931 4
5
9413 J'Iy '12 ---Debenture gold 4s
Chic St L & N 0 gold 5s 1951 3 -D 1077s 109 1073 May'16 __-1934 el- N
Sale
245
3
lOils itili Registered
Registered
Da ____ 90
1951 .1 -D 105 -___ 114 Feu '11 ---- ____ ____
90
Lake Shore coll g 334s
Gold 333s
1998 F - N
76 Sale 7512
9 4 rfi - A
3
1951 1 -D --__ --__ 90 Oct '00 ---- ____
7618
27 74
7934
Registered
Registered
1998 F - A
7412 75
75 June'16
1951 .1 -D
74
78
P
J M & Co ctfs of den
Joint let ref 5a series A.1963 J - D iiii3- 150- 1E3
88 Mar'16 ___. 841s 89
3
3
16i1; 3
15 iod - ioili
Mich Cent coil gold 334e_.1998 F - A
Memph Div let g 4e_.1951 J - D 86 ____ 881 Dec '15 ---_
77- 78
77
77
1 7638 8034
/
1
4
/
4
---- - - -.
Regletered
1998 F - A
77 Apr '16 ---- 76
Registered
1951 J -13
773
4
---- -- -Battle Cr & Stur let gu 38_1989 .3 -13 *60
__
tit Louis Sou 1st gU g 43_1931 M- S -66 -E11 -6 -- J'Iy -.1 - -_-_-_-_
-- *8
i
- -I
Beech Creek let gu g 4s.._ _ 1938 J - J
943 96 8 -06"
4
3 .
Ind III & Iowa lst g 4s
1950 J - J
9114 9112 9118 Apr '16 __. -iti - -92l-96';
2
Registered
99 May'll
1936 j j
1 9 .1:J
lot & Great Nor let g (38_ _1919 M- N
93 Sale 93
9812
15 96
9312
2d guar gold 55
iai1- 10414 104 May'16
4
James Fran & Clear lot 46..1959 .1 -D
9014 91
9212 Feb '10 ____ 9213 9213
i6i - 104
Registered
Kangs.13 City Sou let gold 38_1950 A - 0 6938 6018 70 June'16 ...„ 6818
'71
Beech Cr Ext let g 3346...A938 j:0
951 A 1
iteglittered
1950 A - 0
63 Oct '00 _
__ _
Cart & Ad 1st gag 48
-7------ Ref A imps 53
-3- B Apr 1950 J - .1 -51 3 .;;Ie- 9118
9158 28 9012 94
Gouv & °stye let gu g 5s 1942 .1 - D 10414
91 J D
3
Kansas City Terra lot 48_ 1980 1 - J
83 Sale 8734
884 28, 8534 8918
Mott & Mal 1st gu g 4,3_1991 M- S 9338 ____
•
---------------.11..........94
Lake Erie & West let g 56_1937 J - J
___ 1 94
935 9912 99
8
94
99
2 9614 100
N J Junc R guar lot 4s__ _1986 F - A
894 Feb '16
2d gold Is
894
1941 J - J 533 Sale 83
8314
21 75
8312
N Y & Harlem g 334s
2000 111-N
894521
North Ohio let guar g 58-1945 A - 0
85 Jiine'15
98 Mar'14 ____
N Y & Northern 1st g 58..1927 A - 0 10612 _-- 1051 Mar'16 ____
Leh Vail N Y lit gU g 4 As 1940 .1 - J . s itii- 101
/
4
,1
-0.i1- 1 /
.1557- 2 .0:51
101
4
10 i6 - ioi -63
3
N Y & Pir 1st cons git g 48_1993 A - 0 8914 90
8914
Registered
8914
1940 J - J 10014 101 10012 May'16 ____ 10012 102
1'1 8914 9112
Pine Creek reg guar 68_ _ 1932 J -D 11812 ____ 113 May'15
Lehigh Vail (Pa) cons g 45_2003 M-N
9012 93
91 May'16 ___ 8913 9214
R W & 0 con lot ext 58__A1922 A -0 10334 104 1037 May'16 ::::'1033 1.6i18
General cone 4 Vis____ .2003 61-N 10012 10118 10012
4
2
10118
3 100 10114
R W &0 T R let gu a .5s_ .1913 51-N 101 ____ 104 June'10
._
__
• No price Friday; latest bid and asked this week. a Die
Jan 0 Due Feb. if Due April, •Due May,
Due June. 11 Due July, k Due Aug. o Due Oct.
p Due Nov. a Option sale.
'
4--
T -111
-
ioe
s
N
_
IV - LI
-ir -ii-3-4
-giii; -116-
____ ._
2242
BONDS
N. Y. STOCK EXCHANGE
Week Ending Juno 16.
[VOL. 102.
New York Bond Record -Continued-Page 3
Price
'Mau
June 16.
Week's
Range or
Last Bale
/4
$
,..-1,
-4
Range
slam
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ending June 16.
t2
t'a
t
... a.
Pri01
Friday
June 16,
Week's
Range or
Last Sale
Range
sines
Jan. 1.
ii-1
S
°4
High No, Low High
Ask Low
Bid
High NO, Low High
Ask Low
BM
N Y Con & H RR (Con.)
. Peoria & Pekin Un let g (is__1921 Q - F 101 ____ 102 Nov.15 -. _ __ '
8512 8134 Dec '15
87
Rutland let con g 44.514-1941 J - J 80
86 ..___ 87 Mar'16 ---- 97
61921 M-N
2d gold 430
.
J - J 69 ____ 75 Dec '15 ---- ___
14
Og & L Chain 1st gu 4s g1948
14 Apr '16 _-.- 14
151 , __
Pere Marquotte-Ref is____1955 1 - J
92 June'09
15
June'16 ---- 14
Rut-Canada let gu g 49_1949 J • J ---- 69
1 - J --- . ---- 15_
Refunding guar 4s..._......195:s
_-85
83
St Lawr & Adir let g 5e__ _ 1996 J - .1 96 __ ._ 100 Oct '15 ---- ---- --Chic & West Mich 58......192 , J • 0 $514 . -- 85 J une'16 _ -100 105 11912 Mar'12 ---- ---i 101 105
105
2d gold es .___ .__ ____1994 A - 0
lint & P M gold 53_14421, A - 0 105 10512 105
- .
8
76
Utica & Ilik Riv gu g 4s__1922 .1 -2 973 ___- 9614 Nov'16 ---- 7512 Apr '16 -- 74
4
763 __ _
1938 M - N
iti
1
let cons& gold 5s
8414
8
1997 J -D 8412 847 814
.
Lake Shore gold 33-4e
63 Jul y'18 -. ___ - - Pt Huron Div 1st g 5s....1939 A - 0 ____ 60
1997 .1 -D 83 ____ 83 June'16 --,- 83 83
Registered
4s_.1931 F - A -------------------------Sag Tus & H let gu g
8
954 35 944 98
1923 M- S 953 Sale 9514
51
Debenture gold 4e
50 Apr '16 --- 50
15 94
9514 Philippine fly lot 30-yr s f 43 1937 J - 3 .,- - 55
95
943 ale 9453
111-N
1931
75
-year gold 48
194-) A - 0 1063 ____ 105 Dou '15 ---- .-- -.
9458 Pitts 814 & L E 1st g 5s
-1931 M -N --------945 Feb '16 ---- 94
Registered
_
1943 J - J ---- ----11314 Nov'll ---- ____ .
let comsat gold 53
97 0314 9618
Ka A & 0 R let all C 58_ _1938 J - J
96
4
953- Sae 9512
_ Reading Co gen gold 49...._1997 1 J
_
4
1661- ---- ilvil; Den '11) ---1934 J - J
Mahon Cl RR let 5e
2 9234 95
9414
.
1997 J • J . - 9514 94
Registered
5' 944 9714
Pitts & L Erie 2d g 5e.. a1928 A • 0 102 104 10212 June'16 ---- idi ilii
97
1)7
Jersey Central roll g is__ _1951 A 0 97 Sal
Y 1st gu 63_1932 J - J 11512 ____ 13018 Jan '09
Pitts McK &
--- _--- -,Atlantic City guar Is g_195) J - J ------------- ,_
•1134 _--- 12314 Mar'12
1934 J - J
2d guaranteed 8s
4
653
.16
4
6534 --__ 653 June - ---- 59
Isl let g 43._ . 191: J - J
---- ____ _--- St Joe & Or
McKees & B V let g 6s-1913 J - J 101 -_ _.
St Louis & San Fran (reorg Co)
-1931 M- S 106 ____ 10412 Dec 6
Michigan Central 56
7112 824 6812 7112
1950 J - J 714 Sale 704
Prior lien ser A 4s
.,-_ 104 Dee '15
1931 Q-M 105
83
8718 298 87
Regletered
J 87 Sale 87
1950 J
Prior lien ser B 53
98 Apt '12 ---8442
1940 J - J 893 as
8412 292 74
1955 J - J 834 Sale 83
Cum adjust ser A Cis
1940 J - J ---- ----87 Feb '14 ---5234
Registered
5234 326 39
51 Sale 50
1960 July
Income series A 6s
-00 June'08
_
..951 M- S ---- --J L & S let gold 3340. A
1 109 11014
11314
2 110 __ _ 11014
J
St Louis & San Fran gen 9o..1931
8i
2, 83 81
1952 19-N 8312 ____ 88
let gold 334e
8
1931 .1 - .1 10212 Sale 10212 10212 14 1007 10314
General gold 5s
83
9012
'
3 83
A - 0 87 89 88
-year debenture 4s.__1929
20
7614 __-- 78 May'l0 ---- 084 78
St LA S F RR cone g 4a.._1994 J - .1
954
95
15 93
N Y Onto A St L let g 46..1937 A - 0 9518 954 9112
6558 June'16 ..,.„ 453 655
8
4
, 69
-20
General 15 -year 59 1927 41-2
9334 Apr '16 ---- 9334 934
7112
1937 A - 0 --- -__
71121 2244 46
Registered
70 Sale 70
Trust Co eertifs of depoett_ .
8412 8412 June'16 ----, 83 8434
84
1931 611-N
4
6334 115 4314 683
Debenture 43
67
6714 8310
do
Stamped__ .
93
9. 90
9134
4
89
89
West Shore let de guar...2361 J - J 91'4 913 9112
89 Marla 93
1947 A-0 92
Scuthw Div let g 5s
8312 27 8734 9)
2361 J - J 8814 Sale 88
13 6714 82
82
Registered
1951 J - 2 82 Sale 82
)iefunding gold 48
4 10178 102
10118
1014
_
N Y C Lines eq tr 544_1918-22 64- N 10118 Salo
8034 Marll --- _
1951 1 - 1 ---- Registered
623
82
Equip trust 430_1917-1925 J - J 100 _ _ 10014 May'16 ---, 10014 1004
82 Sale 8112
Trust Co ode of depotet__ _ .
9112
4
j 973 1004
7512 118 6114 7512
4
NY Connect let gu 43444A-1953 F - A 9812 10018 9312
7512 Sale 743
Stamped_
do'
8
11018
7 10912 1107
NY N 14 & Hartford
.K 0 Ft S & Ni cons g 8s_ _192 M -N 110 11.12 110
1947 NI- S ---- 793 8012 Mar'16 ---- 8012 8114
78
7' 76
7634
Non cony , eben 444
4
K C Ft S & NI Ry ref g 45.1931 A - 0 763 Sale 764
73
'11
___
Non-cony d ben 314s1947 PA- S -------- 73 Feb70 --,, 73
K C & M II & 13 let go 53_1929 A -0 87 .._ .. 9112 Dec '15 --„, ___ 80
70
10, 6978 72
34 774
78
Non-cony deben 344s ._1954 A -0 ---- 71
7712
4
773 78
, •
7914 10 7941 8112 5t1. S W lot 6 45 bond eds...1.98 M • N
1955 J - J ---- 794 7914
2 62
6412
4
643
Non-cony deben 45
6434 6412
26 g 4s income bond cds..01989 1 j 63
79
2 7834 82
1956 M-N ---- 8012 73
4
653
6,
Non-cony deben 4e
4 3 61
613
1939 J •D 644 Sale 64
2' 6912 73
ronsol gold 4s
6912
6912
1956 J - J- 70
70
67
11 60
Cony debenture 334s
1952 J - J 67 Sale 67
let terml & unit 5s.
8
61 1117 116
11212 11212 113
.
1948 J - J iii4
Cony debenture 6s
Gray's Pt Ter 1st gu g 53_1947 J - D 100 _.,.. _ 0834 Jan '14 ---1 _ 6278 703
...._
79
---- ....__
4
7
6814
Cone Ry non-cony 4e.......1930 F - A
_ _ _ _ ._ S A & A Pass 1st gu g 4s
1943 3 - 3 6814 Sale 63
2 --Non-cony deben 4e. .1954 1 - J ---- 7912 -611 J1111 ii
4
4
1919 J - J 1014 -,-- 1013 Apr '16 .-- 10113 1013
g
1955 J - J --------7912 Apr '16 ---- 794 794 8 FA N P lst skid g 5s
Non-cony deben 43
.1
813 3112 May'16 ---- 8112 8412
1950 A - 0
Seaboard Air Line 4s
1955 A - 0 ---- ---- ---- -----Non-cony deben 4s
8314
4
8012
1950 A - 0 ___- 803 81 2011e'16 ..„- SO
Gold 4s stamped
1 - J -,-- 7912 __ ____
70
Non-cony deben 4s.... 1956
4 55 64
873
4
01949 F - A 673 Sale 6714
Adjustment 5s
ii
9112 May'16
72
4 68
Harlem R-Pt Ches let 4s_1954 11I-N 93 94
6812
68
1959 A - 0 6712 68
Refunding 45.
_
9912 June'12
B & N Y Air Line let 45_1955 F - A ---8714
Atl BIrm 30 yr 1st g 4s....e1933 NI- S -,„- 8612 8714 June'15 ---- 85
ii
80 June'16 ---- id
---- 82
-Cent New Eng let gu 4s_ _1961 J • J
9214 8514 mar'15 --- _ _ Car Cent let con g 4s._ 1949 J - J 88
1930 M- S
.......
Hartford St Ry let 4s
4
4
Fla Cent & Pen 1st g 5e.,1918 J - J 1063 --_- 993 Sep '15 ---- .___
'
- -5
;:
_
Housatonic R cons g 5s_ ....193, IM- N i156 -- -- - i0512 671142- i3 ---- _ _let land gr ext g 5s_1930 J - J 1015s -- - 101 Dec '15 . 9114 _-__ 87 rly '14 ---- ---- ---Naugatuck RR let 4s_1954 NI- N
103
2 iiii 163.
1943 1 - J 103 ....- 103
Consol gold 54
88 Aug '13 ---- ..-_ - - -.
It Y Prov & Boston 43_194'2 A -0 8912 .
4
Ca & Ala Ry 1st con 58_01945 1 - J 10318 - --- 103 Marla ---, 103 1033
NYW'ches&I3 1st ser I 4343'46 J - J 7514 7512 7514 June'16 ---- 73 82
3 10212 103
10212
Ga Car & No 1st gu g 59_1929 1 - .1 10212 103 10212
100--- 107 Au '09
N H & Derby cons cy 5s 1918 M - N
1926 1 - J 10218 ---- 9914 Aug '15 --- __ .......
Scab & Roa lot 53
_ --Boston Terminal let 43_ _ _1939 A - 0 ----------- Southern Pacific Co
:
88
New England cons 5s...._1945 J- J 00
1 85
8512
Gold 4s (Cent Pao coil)./41949 1 - D 8512 Sale 8512
7
1945 J - J -og1 -70 -66 2 mit:qi
___.
Cm:48014s
84
90 Feb '14 -,,, ________
11949 J -0 _-Registered
76
4
Providence Secur deb 43.._1957 111-N708 May'16 ---- ici
4 107 863 895s
8
881
g192;- NI- 0 881; Sale 883
20 year cony 4s
58_1922 J - .1 ---- ----997 Dec '14
Prov & Springfield let
10514 1761 1034 1074
8
1931 J - D 10434 Sale 1045
20 year cony 53
8
835
894 Sale 893
Providence Term let 444_1956 M- 8 --_- ___- ____ Feb '14
8978 69 8812 91
4
Cent Pao 1st ref gu g 48_1949 F - A
____
W & Con East let 4343_1943 J - J 88
1949 F - A ---, 8914 89 June'16 --„ 89 89
2 jos ii
Registered
82
8
815 -833- 82
8 20 8414 91
897
8
N Y 0& W ref let g 4s_ _ _.11992 M- 8
Mort guar gold 314e_k1920 J - D 894 9012 897
-.
.10 ---- 81
8
4
8
863
Registered $5.000 only .g1992 M- 8 -------- 9218 June'12 ---- - --Through St L 1st gu 43_1954 A -0 847 8612 847 June
79
1955 J -D ---- 7918 79 Apr '16 ---- 78
102
---General 4s
OH dcS A MAP 1st 5s._1931 151-N 102 10412 102 May'16 -- 102 10014
80
8
797 80 May'16 ---, 79
10014
Norfolk Sou let & ref A 544_1961 F -A
gu g 53_1924 M- N 10012 10212 10014 Jan '16
Gila V G & N 1st
9914
1 97
9914
9914
1941 151-N ---- Sale 9914
10112
Nod & Sou let gold 15s
Hours E & W T 1st g 544-1933 M-N 10112 ---- 102 May'16 ---- 10114 1024
1 11912 120
1931 M- A 11912 Sale 11912 11912
10312
Nod & West gen gold 13s
1933 111-N 10112 10212 10112 Apr '16 ---let guar 544 red
122
June'16
Improvement & eat g (344.._1931 F - A 12118 12158 12112 May'16 ---- 1204 12014
1937 J - J 106 ---- 10612 June'16 -.. 108 1064
H & TO let g 5s lot gu.
--,, 11912
New River let gold as__ _1932 A -0 1194 12012 11912
1 95
8
4
Gen gold 4s lot guar....1921 A -0 953 ---- 955 May'16 -8
s 1.14 9213 94
933
- 0 93 Sa e 927
..N & W Ry let cone g 444_1996 A
Waco & N W div 1st g 8s 1930 M - N „„- ---- 1094 Nov.15 -----------1996 A - 0 ---- ---- 9314 Dec '15
---Registered
1941 J - J 1011 ---- 103 Noy'15 ----------A A NW lot gu g 5s
9012 12 8938 91
9014 90
_
.i let lien & gen g 43.1944 J - J 90
2. 11312 133
Louisiana West 1st 8s__ _1921 J - J 1054 •, 109 June'14 --133
134 133
1932 J - D ---1014
10
-25-year cony 49
4
4
Morgan's La & T let 744_1913 A - 0 1023 10434 1043 Feb '16 ---- 10412 105
13512
71114 13512
1032 M- $ ---_ 135 135
10 -year cony 4e
-20
1920 3 - J 104 ---- ins Jan '16 ---- 105
1st gold 8s
136
.
83 11512 13712
-25-year cony 4 Ks__ _ 1938 Ni- S -,-- 138 134
10
1938 A -0 108 110 105 Oct '15 -- -------No of Cal guar g 5s
9014
8934 893
'
4
3 894
89
4
893
1941 J - D
Pocah C & C Joint -Is
8
Ore & Cal 1st guar g 5s._1927 J - 2 1014 1024 1015 May.18 --- 10114 10212
'16
.
CC & T let guar gold 53_1922 J - .1 1034 ---- 10312 Jan93 ---,110312 10312
So Pac of Cal-Ou 44 5s___1937 N1- N 108 -__ 10112 Nov'13
8
927
2, 9112 94
9114 93
97
Solo V & NE let gu g 4e.198 M. N
.
91 .- . 97 Apr '16 ---, 97
So Pac Coast lot gu 4s g, 1037 3 - J
9238 175' 9178 9414
1997 Q - J 9212 Sale 9212
86
84
2 84
Nor Pacific prior lien g 43
81
A - 0 8314 84
9244 34' 913 9312
San Fran Terml 1st 43_1950
4
1997 Q - j 914 Sale 914
_
_ _
Registered
96 Apr '14 - - _
_
Tex & N 0 con gold 561943 J - J 93 94
6612 113 654 67
02047 Q - F 664 Sale 66
General lien gold 3s
904 H5 895* 91
1955 1 - J 904 Sale 90
So Pac RR 1st ref 4s
4
a2047 Q - F 654 6614 653 June'16 ---- 6312 654
10112 96 100 10312
s
Registered
10112 Sale 1013
J - J
_ . southern-tot ,•0133 g 5s 1994 J - J 10014 Sale 10014 10014 9 10014 10014
St Paul-Duluth Div g 444..1996 J - D 914 ---- 9018 Nov'15 ---1994
Registered
1004 Jan '16 ---- 16012 16012
4
732
7172 227 69
7142
Dul Short Line let gu 54..1916 M- 6
Develop ric gen 4a SEW A 1956 A • 0 7158 Sale
.
14
2
78
75
& N P gen gold 6s_1923 F - A i_ 117- II!: 11038 June'16 ---- 1094 1104
7514
8
St P
8
_
_Mob & Ohio coll tr g 444._1938 NI- 5 10012 757 757 June'16 ---, 100 104
c
10912 0 t '15 --Registered certificates._ 1923 Q - A
3
10114 10114
1014
Div 1st g 444 5s.......1996 J - J
Mew
St Paul & Duluth let 51_1931 F - F 107 ---- 107 Mar'16 ---- i107 idi
8
1951 3 - J 814 817 82 June'16 ---, 8012 8412
St Louis div 1st g 4s
1917 A - 0 101 ____ 101 May'16 ---- 101 10118
26 5a
1 10218 10318
1034
1918 J - J 10314 10312 1034
Ala Con 1st g 644
8
II92
1968 1 -D -,•,- ---,.. 905 Mar'16 ---- 90 904
let consol gold 4e
8
Sou 1st cons A 1543.._194'3 J - D 9812 995 9812 May'16 ---- 0812 99
Ala Gt
9012
904 Feb '16 ---- 90
1948 Q -M 87
944 98
Wash Cent let gold 4s
9414 May'16 -08
Atl & Char A L let A 4 L2e1944 3 • J
63_1933 .1 - j 111 11112 111 Mar'16 ---, Ill 11112
4 10 10212 10334
Nor Pao Term Co let g
1023
10212
1944 1 - J -__- 103 10212
1st 30-yr 53 ser B
88
4
'
3
85 8
.•-), 21 85 100
Oregon-Wash let & ref 43._1961 J - j 843 8518 8514
1948 J - J 83 84 834 May'16 ---- 334 854
& Deny let g 4e
Ati
93
984
Pacific Coast Co let g 5s1948 J -D 98514 9914 9812
8112 Marl() --- 794 8112
1948 J - J --- 82
2d 4s
9814 9912
9912
4
_
78
Pennsylvania RR let g 4s1923 M -N 983 ____ 10212 May'16 ---- 10212 10314
754 Dec '141949 A - 0 76
Atl & Yad let g guar 4e
May'16 ---82
9 , -_
1919 NI- S 10214 _00
Comoi gold lis
8
s
& Ga Div g 53...._1930 J - .1 10-13 ---- 1043 Apr '16 ---, i(ii12 loisls
3 984 0912
E T Va
09
931 1
1943 FA - N
Consol gold 4s
8
5 1053 10614
10614
4
1956 84- N 1053 --7 10614
Con let gold 5s
11 9812 100
8
8
SI-N 993 997 9912 100
1948
Consol gold 4e
8
1938 M- S 100 1007 1004 Apr '16 ---- 9912 10112
E Ten neon lien g 50
8
10533 110 10478 1063
1960 F - A 105 Salo 105
60
Consol 444s
60
5714 Apr '16 --, 57
1946 A - 0 56
Ga Midland let 3s
4
101744 273 1003 1024
3 1074 10758
General 43.4s when issued 1905 J - D 1014 Sale 10138
10714
1922 J - J 10714 10712 1071.1
Ga Pao Ry 1st g 844
964 97 97 June'16 ---- 9212 97
alley Val gen guar g 444._ _1042 M- IS
8
Knox & Ohio 1st g 6s_1925 J - J 1097 --„- 1094 Mar'16 -- 1CI8 _ 11012
98
_
_
R RR &B 'ge 1st gu 4s g 1936 F - A 941z _-- 98 Jan '16 ---- 96
Mob & Bin prior lien g 5s_1945 J - J -_- - 10314 10512 Nov'12 --15
4
Phi% Bait & W 1st g 43._1943 M- N 985*_-__ 994 Nov. ---• ---- ----34 713
4
1945 J - J 69 ---. 713 May'16 ---- 71
Mortgage gold 4s
102 Jan '03 ---- ---- ---Sodue Bay & Sou let g 53_2924 3 - 2 --_& Dan deb 5sstmpd_1927 A - 0 1034 --- 1034 May'16 ---- 10318 10338
Rich
_
---- .. Sunbury & Lewis let g 4s_ 1936 J - J 93
73 Sep '12 ---- __- - - - 64 N _--_ .
1948
Rich A Meek let g 4s
UN J RR & Can gen 46..1944 FA- S 100 :::: MT' June'16 ---- idis 1.66
1919 10-N 10118 1014 101 Apr '16 .--. 101 102
So Car & (3a 1st g 544
10242
Pennsylvania Co
4
Virginia Mid ser D4-544 _1021 M- 5 102 1023 10212 June'16 ---- 102 102
10138 11 101 10212
8
1921 J - J 10114 1015 10138
Guar let gold 4358
1926 M- S 1034 ---- 102 Mar'16 --- 102
Series E 53
4
J - J 1005* 1013 101 May'16 ---- 101 10118
1921
_ --Registered
1931 M - S 10414 ---- 104 Mar'13 ---Series F 53
4
1
Guar 340 coll trust reg A.1937 Ni- S 8612 --_- 8812 Jan '16 ---- 8612 864
4
1936 M-N 106 __-- 1023 Apr '16 .--. 1023 1057. ,
General 53
8514
105
Guar 344s cosi trust ser B.,1941 F - A 8512 8814 8514 June'16 _--- 85 10018
Va de So'w'n 1st gu 544_2003 J - J 105 --.,- 105 May'16 ....... 10212 9012
4
4
Trust Co ctfa gu g 33414...,_1916 NI- N 993 ---- 1004 Jan '16 --- 993
2
-year 53 1958 A -0 003 914 904 May'16 ---- 81)12
cons 50
let
1942 J - D 8512 ---- 83 Feb '15
Guar 330 trust Ids C
94 954 93 Dec '15 -_ ____ _
W 0& W 1st cY gu 4s_1924 F - A
8518
1944 J - D 8514 8614 851s Mar'16 ---, 85
93 93
Guar344s trust ctfs D
1955 J - J 90 -- - - 93 Jan '16 .95
1 944 9558 Spokane Internal let g 5s
9812 95
2 9812 1004
-25
99
Guar 15 -year gold 431931 A -0 95
99
A - 0 99 100
1039
A of St L 1st g 43is
1 10312 1064
105
40 year guar 4s Ws Ser E_ 1952 PA- N 92 ---- 924 May'14 ---- ---- ---- Ter
let con gold 53___1894-1944 F - A 104 108 105
8
N 903 ---- 90 Dec '15
1942 M5 8478 88
On Leb & Nor gu 40 g
854 847
844
8
1953 J - .1
Gen refunds f g 4s
4
4
4
993 Apr '16 ---- 993- 993
8
CIA Mar let gu g 4%41_1935 M-N 99 100
__-St L M Bridge Ter gu g 5s 1930 A - 0 10012 1013 10012 June'16 _--- 1004 10114
4
Ms
CI & P gen gu g 43i a ser A_ 1942 2 - J 1033 ---- 105 Apr '16 ---- 1044 10512 Tex & Pac 1st gold 5s
8 25, 95
973
8
2000 J -D 973 Sale 07
4
104 Deo '15 -1942 A - 0 1033
404
3' 35
Series B
4178
8
/2000 Mar 407 ---- 4078
2d gold Inc 53
0
lot reduced to 330_1942 A -0 8912 ---- 9114 Feb '12
90 Jan '16-. 90 9
1931 J - J ---- 88
La Div 13 L let g 53
9018 Oct '12 .-1948 M- N 8912 Series C 334s
95 10612 Noy'04- ____ ,
W Min WAN W 1st gu 5s 1930 F - A
4
--1950 F - A 895* ____ 833 June'15 -- Series D 33414
4
1033
4
1935 J - .1 -_- ---- 1033 May'16 -- 103 1044
g Se
8
Erie & Pitts gu g 334e B....1940 J - J 875 -- 864 May'14 ------ --- Tol & 00 1st 1st g 5s
1935 A - 0 9812 1024 10112 May'16 __ 101 1024
904 rly '12I"Western Div
1940 J - J 874 ...
Series C
94 lafaY'I6 ---- 93 91
94
19352 -D -__
General gold 53
8
Gr R & I ex ist gu a 4446_1941 J - J 99°s____ 984 Feb '16 -- 9512 987
8414
1990 A - 0 823; 8312 83 May 16 -_ -- 83
Kan & M let gu g 444
1943 DA- 5 924 .._-- 93 May'14 ---- ---- ---_
99
Ohio Connect let gu 4e
7 97
9812
1927 J - J 9734 9812 974
-year 5s
2d 20
.10 ---- -- ____
Pitts Y & Ash let cone 541_1927 84-N 10414 -..-- 109 May
Al
50 Apr '16 __ 60
52
1917 J - J 50
Tol P & W 1st gold 4e
Tol W V & 0 gu 43444 A 1931 J -2 9912 ___ 984 Oct '15
81
2 784 83
Tol St L & W pr lien g 330_1925 J - J 81 Sale 81
1933 J - J 994 --__ 9814 June'15 ---- ---Series B 431s
60
5512 11 54
5512 55
1950 A - 0 54
-year gold 4e
50
94
9312
94 Apr '18
4
1942 IM- S 913 98
Series C 4s
1917 F - A 2018 ---- 1838 Mar'16 ____ 1838 184
10212
Coll tr 4s g Ser A
9 1014 1025
8
P C C& St L gu 43414 A 1940 A - 0 10212 __ __ 10212
86
83
8 Tor Ham & Buff let g 411._h1940 J - D -__- 8712 83 Ap:'16..
5
1942 A -0 100 ---- 102 8 May'16 __-- 10138 1025
Series B guar
2 9912 1014
7
100 s
& Del let con g 5E4_1928 .1 -D 1004 101 100
1942 M- N 100 --- 9714 July'15 ----„ -,-.. Ulster
Series C guar
-,._.„
A -0 75 -- - - 74 Mar'15 _
1952
let refund 4
4
943 May'16
1
94 4 9512
1945 64- N 9414
Series D 46 guar
3
974 47 95 4 984
4
1947 J - J 963 Sale 9658
Union Pacific let g as
92 Feb '16 ---- 92 92
Series B 334s guar gold_1949 F - A
974
31 95
07
1947 J - J 96 Sale 08
Registered
--erten F guar 45 gold_1953 J - D ---- ----9614 Jan '14 --- ---- --944 131 9212 0414
9418 Salo 9312
1927 J - J
-year cony 4s
20
1*58 Aug '15
1957 M- N 9414 ..
Series 0 4s guar
3
62 89 4 914
90
4
p2008 NI- S 90 Salo 893
let & ref 4e
8
10212 June'16 ---- 1013 10213
Series I cons gu 4343._ 1963 F- A 101---9218 12 9114 923
4
8
917
Ore RR & Nay con g 4s......1946 J -D 92 93
0 St L & P let eons g 5a 1932 A - 0 10712 --- 104 Noy'15 --------Due Nov. q Due Dee.
- No price Friday;latest bid and asked. a Due Jan. 0 Due Feb. •Due May ly Due June. S Due July k Due Aug. 0 Due Oct.
•
Option sale.
gic
a
Div
-.
D
gi
82
JUNE 17 1916.1
BONDS
N. Y. STOCK EXCHANGE.
Week Ending Juno 16.
Pried
Priam,
June 16
Week's
Range or
Last Sala
4'9
O'
4'4
Range
Since
Jan. 1.
High wo. Low High
Ask Low
Bid
Union Pacific (Con)—
10812 12 10734 109
10812
Ore Short Line let g 68___1922 F - A 10812 Sale 106
7 106 10712
106
1946 3-i 1(16 10612
let consol g 5s
933
8 44 9158 94
9212 9314 9212
1929 J Guar refund 4s
102 102
J -J 1013 -- 102 Mar'16
4
1926
Utah & Nor gold 5s
90
95
90 Apr '16
9312 100
1933 J -.1
let extended 4s
91
91
91
91
91
4s Ser A__ 1955 F - A
andalia Cone g
86 Sep '15
_
1957 114Pt 91 _
Consol 4s Series B
4212 Aug '15
Vera Cruz de P let gu 43i o 1934 J - J _ _
083
4 79 9714 99
9812 Sale 9812
fel- la
Virginian let 5s Banes A.
10414 92 103 105
t939 M -N 10418 Sale 10334
Waimea let gold Os
15 98 100
99
98
983 9814
4
1939 F A
IS gold Se
00 Jtme'12
80 110
1939 Debenture Scrion 13
-66 8 1661
4
_100 May'16
lit lien equip e Id g 5s__ _1921 l. S 963 _
_ 65 Deo '15
lit lien 50-yr g term 4e.__1954 3-3 68
i5i- 10413
104 June'16
1941 J - J 104 007
Det & Ch Et let g 53
_
80 Aug '12
76
._1939 J - J
Des Moin Div lot g
73
72
7`• 72 Apr '16
/
1941 A-0 69
Om Div !ot g 330
87
82
86
86
1941 "A- S 8212 86
Tol .116 Ch Div lot g 4s
4, 113 414
312
a
418 313
1954 J -D
Web PRO errn let g 4e
42, 1
34
3
23
4
312
3 Sale
Cent and Old Col Tr Co certs__
1
312
4
13 Mar'16
1
3
Columbia Tr Co certfo
1
37
8
1
278. 2 May'16
Col Tr We for Cent Tr cats
3
14
78
0
14
14 Sale
-1964 .1-13
id gold 4s
18
54
14 Mar'16
____
_14
Trust Co cents
8412 Apr '16
8312 843
4
837 85
8
waoh Terml let gu 3310—__1945 F - A
93 .„--- 9111 Aug '15
1945 F - A
lit 40-yr guar 4s
12 71
'338
75
733 sale 7214
8
West aryland let g 4a.... 1952 A 4 June'16
10334 105
1937 J - J 105 106 1043 June'16
West N Y & Pa lat g 55
4
8112 843
4
1943 A -0 8412 ---- 843 Dec '16
Gen gold 44
_
37- 20
41943 Nov
Income Sc
98 102
No i62- 100 May'16
Wheeling & L E let g le__ 1926 A - 0 951,
3 9(3
0714
9714
9914
Wheel Div let gold 5e__ 1928 J 97 Mar'16
97 97
95% 57
1930 F - A
Eaten dr leapt gold 5,3
7312
73
7312
68
1949 M- S 72 --RR lot consol Ii
50 -- 90 Apr '14
1922 J - J
20
-year equip if Ss
8712 Apr '16
88
8411 8712
45_ _ _l960 J - J 87
Winston-Salem S B lot
-15 84 8734
87
1949 J - .1 8/ Sale 8612
Wla Cent 50-yr let gen 4s
8612 8812 87 May'16
85
901s
OUP & Dul div & term let 4s'36 M-N
Street Railway
102 10312
4
Secoklyn Rapid Tran g 8a_1(145 A - 0 10314 1043 103 June'16
80
12 7812 81
7914
7914 81
2002 J - J
lit refund cony gold de
85 10012 10118
1007
8-year secured notes 60_1918 J - J 10058 Sale 10058
8
10012 102
Bk City lot con /91_1016-1941 J - J 102 10238 1015 June'16
98 Apr '14
--- _
92
94
Bk Q Co & 8 con gu if 6,1_19411M -N
101 May'13 -- J
1941
Bklyn Q Co & S lot bo
10114,
9 1.66- 1521950IF - A 10014 1003 10014
4
Bklyn Un El lit g 4-6s
8
1950 P - A 10014 1003 1013 June'16'---- 10038 10218
4
Stamped guar 4-64
833 8414 83 May'16 _--- 8212 8612
4
MInge County El let g 43_1949 F - A
1 821s 8612
84
84
84
85
1949 F - A
Stamped guar Ii
5 7412 763
7412
4
7412
76
75
Nassau Elea guar gold 48_1951 J - J
975
8 16 953 983
3
4
4
973 9712 973
8
1927 F - A
Chicago Rya let 5s
9912 Jan '16 -- 9912 9912
10014 101
Conn Ry & L 1st & ref g 43as 1951 J Stamped guar 00
1951 J - J 10014 _--- 9614 June'14
7413 8312
8112 8218 82 June'16
DU United lot cons g 431s_1932 - J
84 Jan '14 -B
1936
WI Smith Lt & Tr let g bo
10 -if
9314
94
0314 Sale 9314
1952 F - A
Havana Elea consol g 5e
35 6011 7514
73
73 Salo 7212
1957 P - A
laud & Manhat Co Her A
244 2612 3114
30
4
293
29% 30
Adluot Income to
1957
101 102
1003 10112 101 Apr '16
4
1932
N Y & Jersey let be
125 7258 7612
75
laterboro-Metrop coil 430_1956 A -0 7453 Sale 7414
4
993
983 254 98
4
['Whore Rap Tran lot 5a 1966 1 - 3 0834 Salo 9812
93
91
0118 9158 June'16
Manbat fly (N Y)cans g 4s_1990 A - 0
2 91s, 934
913
3
913
4
913- 92
8
Stamped tax-exemta
1900 A - 0
Metropolitan Street 112—
100 May'16
9814 10014
Elway & 7th Av let 0 g 88_1943 J - D 100
7 9912 1003
3
1003
8
_ 156- 100
12
Col & 9th Av lit gu g 611_1993 M9934 101
Aar
Lex Av & P F let all g 53_1193 M1601- 10112 10014 Mar'16
2
'14
30
Met W El El(Chic) let g 4s 1938 F - A
2 101 - 1E110214
2
10214
alliw Elea Ry & Lt coon g 53 1926 F - A i5i14
8
9312 925 Feb '15
Refunding & eaten 43-46_1931 J 1661- 16614 4
4
1,4Inneau St lit cons g 6o
1910 J .1 1(761- 102 10014 Mar'16
Montreal Tramways let & ref
8
97
3 9278 95
923 927
8
92
80
-year 52 Ser A
1941 J 86
80
873t 86 June'16
Row On fly & Lt gen 43-(s 1935 20 7312 79
4
78
12 Y Rye let R E OG ref 4s 1942 J - J -78 - Salo 773
81 55
583
4
637
8
4
80-year ad!Inc be
a1942 A:2 583 Sale 57%
853 8812
4
84
8512 8712 May'16 _
fl Y State Rye let cons 430_1962 m9314 9412
0212 9312 9312 May'16
'Zealand Ity lot & ref 68____1930 M- N
80 May'16
7912 80
79 _
Fortld fly Lt & P let ref 50_1942 F - A
..--- -- 100 May'15
Portland Gen Eleo lit 58_1935 J -66- -56953 -- 00 May'16
4
It Joe Ry,L,H & P let g 5s_1937 M- N
'15
J
212 Paul City Cab cons g 5e__1937 1 - J 10238 Sale 100 Sep8214 64 -if
8112
8333
1960
3 82
Third Ave let ref 4s
188 7914 8454
80
4
A(11 !no as
a1960 A • 0 7914 793 7933
108 10812 108 June'16
106 108
Third Ave By let g 5,8
4 983 100%
9912
)
100
7 A ( 9912 100
3
.4
fly & It let if 58_12: .1:j
9512 .Fly '14
1933 - J ---- 96
Undetgr of London 431e
60 Jan '16
67
86
69
1948
68
Income Os
84 Oct '08
Union Elev (Chic) let g 5s 1949
733 Apr '16
4
- 80
73
74
United Rye Inv be Pitts' les_1926 M - N
60 May'16
1934 J --__ 65
597 62
8
United Rye St L let 8 48
65 Apr '16
65
55
597
8
St Louie Transit flu 5s-1024 A -0
-351s 99 3218 463
4
United RRs San Fr e f 4s__ _1927 A -0 83234 Sale 3218
90 June'16
893 90
4
8934 92
fly & Pow let & ref 5s...._1934 J - J
Gas and Electric Light
_ 103 Sep '15
1047 J -1) 103
Atlanta 0 L Co let g os
105 107
Bklyn Cu Gee let cons g 5..1945 IVI-N 10012107 107 June'16
64 Juno'13
Buffalo City Gas let g le...j947 A - 0
97 Feb '15
1932 J Columbus Gas let gold 52
122
12312 96 ii6
-Q F l225e Sale
Consol Gan cony deb Ca
10114 Sale 10114 10138 3 101 10212
Detroit City Gat gold be__ 1923 J 9812 Nov'16
100 _
Detroit Gas Co co,as lot g 6e_1918 F 103
103 Salo 103
i66- 10133
Detroit Edison let coil tr be 1933 J _--- -- 10114 Apr '16
10014 10134
let & ref bs ser A
10012 May'15
-- — -- _
leg (3 L N Y
9
cons a te_ _ 5112 M 13
Se_: 49
100 Feb '13
4
D 1501Gas & Eleo Berg Co e g
103- 1E14
2
Hudson Co Oat lit g 5n___1949 M-N 10234 1033 103 June'16
91 Jan '16
91
91
Man City(Mo) Clas lot g Si.1922 A -0
105
104 105
jai- 15E- 11734 June'16
Mingo, Co El L & P g 55
1937 A June'16
11473 11812
4
Purchase money Os
1097 A - 0 11712 1173
126 128
126 12912 126 Mar'16
Convertible dob Os
88
883
4
Rd El I1113kn let con 40_1939 M -- 1 88
8914 88 Apr '16
25 J
1
10112
10053 102
Lao Gas L of St L let g 59....r1919 Q F 10112 1015s 10112
4 1007e 10233
1013
4
Ref and ext i 'So
4
1013 102 10112
1934 A 9273
2 9114 9312
927
3
Milwaukee Gas L let an_ _1927 M111-N
8
927 93
1035 Mar'16
8
10353 10358
Newark Con Gas a be
1948 J - D 104
9 103 10512
10414
NYGELII&I'a 52
1948 J 103 10414 103
5 84 87
Purchase mocey g
8512
1940 F - A
8514 Salo 8514
Ed El III lot cone g le.._ 1005 J - J 1083 109% 1083 Apr '16
4
108 109
4
HY&Q El LA P let con g to_ 1930 F - A 1005
4
10012 10114
8 ---- 1003 June'16
- _
N Y & Rich Oat lat g 50
1921 M-N
9212 July'09
Pacific G & El Co Cal 0 & E
Corp unifying de ref bo
1937 M- N
9814 32 9758 100
9814 Salo 98%
PAO Pow & Lt let & ref 20-yr
1930 F - A
18 93
9312
St /nternat Sales
93
93
96
1949 M1511
4
Pat t Pas.salc 0 dr El 5o
9912 Oct '15
.
11438 115-12
11512 May'16
Poop Ciao OC C let cone g 02_1943 A - 0 11512
1947 M- S 1007 1015:1 10112
8
Refunding gold bei
10112 14 10012 io218
1947 M- S
99 Sep '
Registered
13
10138 May'16
1013- 162 4
3 -3Ch G-L & Cho let au g 58_1937 J - J 10214
1003
8
_ 10118 May'16
101 10118
Con 0 Co of Chi 18t gug 581936 J 88
87 June'16
Ind Nat Oat dc 01130-yr 501936 M- N
87
87
;
4
Mu Fuel Gas let gu g St 1047 M- N 15(13 01 1003 5"lar'16
1003 1003
8
4
9818 _ _ 9812 Apr '16
F- A
89614 981a
Philadelphia Co cony
9118
1922 M- N S9118 S'alO
913
4
0018 9311
Cony deben gold to
94 10012 10014 Juno'16
981 10278
/
4
Stand Gas & El cony it 61-1926 J - D
10018 May'16
9934 10012
Syracuse Llehting let g 60_1951 J -D 10012
84 -___ 8512 June'12
Inaeuse Light & Power 54_1954 J - J
---_ 11111. June'14
Trenton (1 & El let g /Ss__ 1049 P.. si 1011.
---'No price Friday;latest bid and asked. a Due Jan
2243
New York Bond Record—Concluded—Page 4
BONDS
N. Y. STOCK EXCHANGE.
Week Ending Juno 16.
•,;•'
t
a.9
.
Price
Friday
June 16.
Week's
Range or
Last Salo
27;
Raige
Slats
Jae. 1.
High No. Low 'Nab
Bid
Ask Low
101 June'16
Union Eleo Lt & P let g 58__1932 M- S
101 101
Re.funcling & extension 5a_1933 M-N
9313 311 alsela
Utah Power & Lt lot 53..--1944 F - A
9512 Sale 9514
9512 12 -66- -5510214 Marl:,
Utica Lice Lt & P let g 5s_1950 J - J
Utica Gas & Elec ref 1e,
...1957 J - J ;98- :::: 98 Aug '15
Westchester Eta gold 5s____1950 .1 - D 105 ____ 10512 June'16
10414 10512
MIscellansous
1 82
8218 8412 8412
Alamo Ex roll tr 1 43
8412
1.1
1948
8518
Alaska Gold M deb Is A
7
1925 M - S 102 104 102 June'16
10112 10
9, 8 1
14
102
Cony deb Co series B
1926 M - S 101 105 102
29
94
Armour dr Co let real on 435a '39 3 -11) 94 Sale 9358
1 861 89
8712 88
95
Bueh Terminal let 4s
8714
8714
1952 A 8734
4 18267 19
8812 8678
87
8812
Consul 52
86
% 39514
1055 3 - J 88
863 June'16
4
Bldge 58 guar tax ex
1960 A - 0
180
130
Chile Copper 10
-year cony 7s 1923 MN 12812 Sale 127
9
8512
85 Sale 85
Computing Tab-flee s I 6e_1941 J 9 1955 105
106
81 1 8514
0: 9
GranbyCons M S&P con 6o A '28 M- N 106 Sale 10434
12
106
Stamped
1928 M-N 106 Sale 10434
1003
8
3
Great Falls Pow let e I 55_1940 M-N 10038 10058 10038
8
1047
8 13
Int Mercan Marine 4 aas__ 1922 A - .103 105 1047
10314 Sale 10314
1047 250
8
Certificates of depo8it
1994: 100
93 1 11108
059 4 ,1
9
1
101 104 100 May'lt,
9094
1
:
Int Navigation let o f 5s____1929 F :
4
33 95
973
4
98
977 98
8
Montana Power let bs A___1943 J 9le 92
9233 Apr '16
Morris & Co let 8 f 4)4e...,..1939 J - J
83 Apr '14
Mtge Bond(N Y)4s oar 2___ 1966 A 94
94 Sale 94
10-20-yr 58 series 3
1932 J - J
74 June'16
72
74
N Y Dock 50-yr 1st g 4s
1951 F 10214
7921 22
9-3-11
i
00: :
613:4 045-4
179Niag Falls Pow let 5s
1932 J - J 10214 Sale 10214
Ref & gen 6s
al932 A -0
4
Niag Lock & 0 Pow lot 58_1954 M- N 89__ -55E8 Fe11-liti
93 June'16
9212 -93
9512
92
Ontario Power N F 1st 5s. _1943 F - A
86 Mar'16
88
86
87
8934 9314
6
Ontario Transmission 5s____ 1945 M -N
9214 .55
4
92 Salo 913
Pub Serv Corp NJ gen 5s _1959 A 9214 Feb '14
Sierra & S Power lot 5s ___19491F - A
22 iog - 125
111
Tennessee Cop let cony 6a__1925 M-N 116- Sale 10S
Wash Water Pow 1st 5s____ 1939 J - J
---- 10312 Jan '14
-
Manufact .ring 8. Industrial
,
Am Ag Chem 1st c 5s
1928 A-0
Cony debon bs
1924 F - A
Am Cot 011 debenture 5s__ _ 19311M - N
Am Hide & L Islet g 6s_ _ 1919, M - S
Amer Ice Secur deb g (is_ ___ 1925 A Am Smelt Securities s f 68__1926 F - A
Am Thread let coil In 4s_ ___ 1919 J - J
Am Tobacco 40
-year g 6s___1944 A-0
Registered
1944 A-0
Gold 4s
1954 F - A
1
1951 F - A
Am Writ Paper let s f 58
1919 J - J
1
Ilaldw Loco Works Jet 5e_ _ _ 1940 M-N
130th Steel let exte f bs
1926 let & ref 5s liar A
Cent Leath 20
-year g as__ _ _ 1922 51-N
945 A -O
Consol Tobacco g 4e
1951 F - A
Corn Prod Ref s f g 55
1st 25-year f
Cuban-Am Sugar coil tr (35_ 19933 41 MM - NO
:
11918 A
Distil Sec Con cony lot g 50_1927 A E I du Pont Powder43-s...1936 J -D
General Baking let 25-yr 62_1936 J -D
Gen Electric deb g 33as
1942 F - A
Debenture 6s
1952 M- S
III Steel deb 441s
1940 A - 0
Indiana Steel let 5s
Ingersoll-Rand let bs
5
2
e 193 J
9 5 al
Int Agricul Corp let 20-yr bs 1932M -N
Int Paper Co let con g Ce__ _1918 F - A
Congo' cony s f g 58
1935 J - J
Int St Pump let s f be
Certfs of deposit
1929 M S
.
Lackaw Steel let g 5e
ich113
let con5s Series A
Liggett & Myers Tobac 7a 1954 M - 0
949 A 8
Lorillard Co (1') 711
5 ard
A
19V1 F -4-1
fis
Mexican Petrol Ltd con (is A 1921 F -- O
951 A A
let lien dr ref es series C
1921 A Nat Enam & Stpg let 50
1929 -D
Nat Starch 20-yr deb 5s
1930 J - J
National Tube let 5s
N Y Air Brake let cony es_ _ 1952 61 - N
8
92 14Railway Steel Spring—
Latrobe Plant let if 5n......1921
Interocean P 1st s f 5s
1931 A -0
Ropub I & 8 10-30-yr See f 1040,A -0
Standard Milling let be
1930IM- N
The Texas Co cony deb 68_ 1931J
Union Bag & Paper let 58_1930 J - J
Stamped
1930 US Realty& I cony deb g 58 1924 J U S Red & Refg let g (A.__ 1931 J
S Rubber 10-yr coil tr #3,_ 1918 J - D
U S Smelt Itt & M cony 6s 1926 F - A
I/ S Steel Corp—fcoup __ _ _61963 MN
S 1 10-60-yr 5a rcg
Va-Car Chem let 15-yr 50_619 3
_195
2
Cony deb 65
West Electric let 55 Dec.__1 22 J 0
9
'24 A ./
Weetingh'se E & 51 cony 513_1931 J 10-year coil In notes 1e__-_1917 A - 0
Coal 8. Iron
Buff & Slum Iron o f Ls
1926 11 e
al932 .1 -_ D
Debenture 5s
Col F & I Co gen s g La
1943,F - A
Col Indus let & coil 58 gu_1934 F - A
Cons Ind Coal Me let Se__ 1935 J -D
Cons Coal of Md Ist&ref Es_ 19505 - D
Continental Coal let g So.__ 1952 F - A
(Jr Riv Coal & C Ist g 6e 11919 A -0
Kan&HC&Clotsfabs_1951 J -J
Pocah Con Collier lot s f ts_1957 J - .1
St L Rock Mt & P be stmpd.195.5 J - .1
Tenn Coal gen 5s
Birm Div 1st conaol 6s
1917 3
11 .1
95
eann Divc at gt(ka 6e_ a_ 1927 J D
Teh c m lo in u
9 A O
12
-
10258 10 10114 103
10212 Sale 102
973 9712 973
8
8
9712
3 97
991s
16 9614 9734
9718 Sale 96 4
,
9714
5 10338 10414
104
1033 10418 104
4
2 85
86
86 4 873 86
3
4
883
4
10712 41 10612 118
1063 Sale 10612
4
9778 985g
983 985 9838 June'16
3
8
11814 ---- 11812 May'16 -- 118 118 4
,
___
12134 May'14
8334 Apr '16
8312 90
8312 8612
98 June'14
2
9 Sale 79
8018 50 -8E1; -80110412 105
1043 10412 Apr '16
4
10378 21 10212 10412
1037 104 103%
8
___8
10114 67 10012 1031s
1003 Sale 1005
4
10212 Sale 10218
10212 41 10034 10212
9734 Jan '15
8218
8
9918 997- 9912 May'16
8
-66- 15618
9812 29 9614 9912
977
9812 99
10212 22 10112 103
8
1023 10212 1023
8
127 1393 78
78
7712
7712 78
8
49 101 10712
103
10312 105 10112
85
____ 9612 85 Mar'16
85
7 78
8212
8312
8212 823 8212
4
1041e 1043 10412
1043
4
4
4 34 1033 10514
9014 903 9012
90% 61 9018 923
4
4
8
10258 10318 1025
1031s 54 10114 10312
100 Oct' 13
---764 7814 77 June'16
79
76
10114 10112 102 June'16
102 10234
9114
9114
5 81
91
9114
92
71
3 7112 785s
71
-if-'W. 7212 June'16
'
7212 7912
9912 Sale 9912 9934 28 9712 10058
9214 _ _ 92
9278 73 903 97%
4
1 12414 127
125
125 Sale 125
10 10114 10312
1013 Sale 10134
4
10218
3 12258 127
126
12512 12712 12512
102
8 10012 10214
102 Sale 10114
1 10658 128
4
1133
110 115 1133
4
18 105 12512
113
110 Sale 110
1 9612 99
98
9812
9812 99
8812
8812 May'16
87
92
87
12 997 101 8
101
10012 Sale 10012
,
8
4 101 10512
10314
10314 Sale 103
10014 --- 10014 June'16
993 10014
4
97
9714 97
9714 75 9412 9714
9812 51 9534 993
983 Sale 9814
s
4
9912 100 100 June'16
957 100
2
29 10412 106
8
105
1043 1047 1045
4
8
8214 June'16
83
8061 8318
85
8214 May'16
82 _ _ _
8218 8214
2 70
71
73
70
7034 71
1 11
14
14
10
14
15
1025 1023 1025
1023
8
8
4 24 102 10312
4
11518 266 11012 11518
---- 1143 11414
s
453 1033 10512
105
1047 Sale 1043
8
4
4
10514 23 10358 10512
10414 Sale 10458
4 98
4
983
4
995s
9812 983 983
4
8 10011 10314
101 10112 10014
10012
10234 50 10112 1033
10212 Sale 10212
8
127
67 11212 14112
122 125 123
8
5 101 10158
1013 10112 10112
10112
92 July'14
98
99
1- -56- -65'5
93
91 ____ 93,
0458 ____ 95 May'16
9214 9512
757
8
6 7418 77
7512 Sale 7512
18 ____ 73 Mar'14
92 June'16
9112 92
-65- -93 35 ____ 9918 Feb '14
-641- -643;
4
4
- 943 904 Mane
35 _ _ 90 July 15
9112
5 89 9112
9112
923 100
4
84
87 June'16
86
87
8812
10112 1033
4
3
--__ 103 1013 May'16
10114 102
1017 102 10114 Apr '16
8
10118 102
1(03 ____ 10118 May'16
4
100 ____ 101 Dec '14
8712 73 Apr '14
Victor Fuel let e f 5s
1953 J - J
802 9012
88
8612 June'16
Va Iron Coal&Coke lit g 58_1949 M- S 86
Telegraph & Telephone
92
72 904 1072;2
979112 9 58
4
917 Sale 913
8
Am Telep & Tel coil tr 4s
1929 J 10212
10212 ____ 10218
Convertible 45
109
339 19558 199
791 09
0212
S 109 Sale 10814
B
20-yr convertible 434 e
33
19 6
8
10214 10212 10212 June'16 ---- 10112 1025
("cot Dist Tel 1st 30-yr 58_1943 J 8814 June'14
____ 75
Commercial Cable let g 4a-2307 Q
74
71 May'16
71
Registered
2397 Q 8
Cumb T & T let dr gen bs
10012
1937 I - J 10012 Sale 1003
100 98 Apr '16
Keystone Telephone let 513..1935 J - J
19818"
01 10112
Motropol Tel & Tel lets f 5s 1918 M-N 10118 ____ 10112 June'16
2 9912 101
10014
997 10012 10014
1924 F - A
Mich State Telep let 53
5 1003 1003
4
4
3
1003
4
N Y &NJ Telephone 5s g 1920 M-N 101 ____ 100 4
9812 138 98
9912
9814 Sale 98
N Y Telep lost & gen s f 4318_1939 M- N
1007
8
1937.7 - .1 10014 Salo 10018
Pao Tel & Tel 1st 53
4 9% 1 8
9
1
1003 131 9952 901118
4 5
10014 Sale 10014
South Bell Tel & T lot if 58_1941 J 8
10138
3 100 1017
s
10114 10112 1013
West Union coil tr cur 5s_1938 J
955
8 10 9458 9812
9558 Salo 9512
Fd and real eat g 43a e_..1950 M-N
/
4
Mut Un 'I el gu ext 6e__1941 M - N 100 ____ 10114 Apr '16 ---- 1011 10112
95
arnrthwest
95 Mar'16 ---- 95
4411g 1934 - J 9412 95
d Due Apr. s Due May. g Duo June. la Due July. k Due Aug. tDUtOCt. p Due Nov. g Due Dec. a Option sale.
BOSTON STOCK EXCHANGE-Stock Records..121Nage
2244
[VOL. 102.
Bangs &no Jars. 1.
Range for Previous
Year 1918.
-NOT Pitt CENTUM PE10ES.
WARN MCAT
Saturday 1
June 10 I
Monday
June 12
1
I
Tuesday 'Wednesday i Thursday
June 15
June 14
June 13
Friday
June 16
Sales
of the
Week
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Lowest,
Railroads
i
Atoh Topeka & Santa Fo_ _100
Last Sale 10534M'y'16
*106 10838 *107 1073 *10614 10034 *106 10634
4
10634
100
Do prof
Last Sale 10034M'y'16
*10012 101 .•10012 101 ,*10034 10113 *10012 101
100
18 Boston & Albany
18514 18514
184 184
183 183 *183 185 I 184 184 *184 135
100
372 Boston Elevated
74
7212 72
72
72
72
72
71
7112 7113 71
71
100
20 Boston as Lowell
130 130
•130 131 *130 131 *13012 131 *13012 131 *130 131
100
577 Boston & Maine
I
47
48
48
493449
49
493
49
4 4812 4812 48
49
100
12 Boston & Providence
232 232 *230 235 ,*230 235 *230 235 *230 235 *230 235
Boston Suburban Eleo Cos4
Last Sale 413 May'16
4 *_
4 l*__
4 *
Do pref
Last Sale 39 May'16
._ _ _ _ 39 *____ 39* ___ 39 *__ 39
Boston as Woro Electric CosLast Sale 412 Apr'16
5
5
*4
*4
5 I -*4
5
*4
44Do prof
45
44
44
44
47
.
__ 47 •___ 47 5_
Chic Juno Ry & U S Y___100
Last Sale leo-Sep'15
*____ 155 *____ 155 *____ 155 *____ 155
3 Do prat
10512 10512
*107 109 .107 109 .107 109 *107 109
Connecticut River
100
iiii
Last Sale liii-ika*154 162 *154 162 .154 162 *154 162
100
60 Fitchburg pref
77
7812 77
7812 *77
*77
77
7812 77
*764 7812 *77
98 Georgia Ry & Elea stampd100
__
__ *126 ____ 128 128 *126
*127__ 12734 12734 .127
100
32 Do prof
90 -9
0
*8812 90
*8812 -9
0
4 893*8812 90 I 893 - 4 *8812 90
100
60 Maine Central
*100311 10012 *10032 100121 10012 10012 10014 10012 z99 100
Mass Electric Cos
100
Last Sale 7---JuLHo
*6
_ I *6
*6 -- *6
7
7
100
3412 34
31 Do pref stamped
34
34
*3413 _ _
3412 34
35
3412 "3412 *34
100
63 0312 6312
1A NYNIldi Hartford
63
0112 6112 6338l 03
0418 6312 6414
6112 Northern New Hampshire_100
Last Sale 10212J'ne'16
*101
___ *101
__
60 Old Colony
100
14914 14914
- - 150 150 *1494 150
*14914 151 *14914
_ I•150 151
10 Rutland, prof
100
29125
30
25 .26 -- 2' *25
*26
2913 *25
2912
Union Pacific
'10
Last Sale 15Wriiiii
*138 1393 *139 1393 *13813 1387 *13812 139
8
4
4
Do pref
100
4
Last Sale 823 J'ne'16
2 Vermont& Massaohusetts..100
' ifi- i14" 116L114 fili 'Hi" ai" *114 no ____ __-_
Hi"
50
143 West End Street
5814 573 5734
4
58
58
58
60
58 58
5814 5814 *58
euaneou.
50
pr se
45 Do mief
75
75
7412 743
76
*____ 75 *___ 75 .74
4 7412 744
--------------
Highest.
Lowest.
Highest.
102 Mar 2
99 Jan 5
182 May 8
654 Apr 24
129 Jan 4
35 Jan 28
22713 Mar27
413 Feb 29
39 May19
4 Mar18
42 Feb 28
108 Jan 3
10114 Mar 9
198 Feb 16
8812Jan 19
145 Feb 11
52 Feb 14
23512 May29
5 Jan 8
4013 Feb 29
513Jan 5
44 Jan 18
10212 Apr 26
150 Jan 5
75 May 2
122 Jan 3
s8(1 Jan 10
z99 Junel5
512 May10
31 May 2
57 May 5
97 Jan 3
14914 June16
20 May 1
130 Apr 26
3
817 Mar 1
115 Apr 25
57 June 2
7412 Juno15
108 May26
162 Feb 19
87 Feb 14
128 May10
90 May25
102 Jan 17
8 Feb 14
40 Feb 11
7734Jan 3
105 Feb 14
157 Feb 26
30 Jan 3
1427 May23
8
8314Jan 3
125 Mar 1
6712Jan 19
86 Feb 25
9234 Feb
97 Jan
170 Mar
73 June
109 Feb
20 Feb
225 Jan
5 Deo
40 Sep
5 Nov
39 Jan
157 Feb
10113 July
140 Feb
51 Feb
114 Apr
84 Aug
92 Mar
473 June
33 July
43 Feb
89 Oct
140 Aug
15 Mar
11611 Jan
4
793 Mar
105 Feb
61 May
80 July
1093
3Nov
10112 Nov
198 Jan
98 Jan
13812 Oct
374 Oct
240 June
10 Mar
56 Mar
9 Sep
47 July
160 Sep
110 Apr
165 Jan
76 Nov
120 Feb
88 Mar
1034 Nov
10 Sep
56 Jan
87% Oct
98 Apr
157 Apr
30 Nov
1413 Nov
3
817 Oct
3
125 Apr
72'z Jan
9313 Fe'
71% Feb 11
48 Jan
10012 Junel3
874 Mar
314 Apr 12
134 Mar
16 May 4
13 Dec
li8i2Jtill 8 100 Feb
11834 May26 109 Feb
131 Mar29 116 Jan
55 Mar14
1612 Apr
8
1015 Mar14
77 Feb
75 Junel3
5913 Jan
1014 Feb 10
9713 May
6834 June16
4 Feb
6013 Juno!.6
97 Mar
8
1338Jan 19
812 Dec
250 Mar 7 230 May
178 Jan 17 13814 Feb
102 Feb 24
9613 Aug
8613Jan 5
78 Apr
89 Feb 14
84 Nov
172 Jan 19 154 Feb
214Jan 15
14 Apr
19 Apr 10
10 June
44 Feb 8
35 Feb
30 Jan 7
20 Apr
58 Jan 7
25 July
140 Mar17 s12714 June
160 May 5
171 Jan 17 150 Feb
164 May23
15 Sep
140 May26 1043
4Jan
53 Junel3
28 Mar
32 Mar 2
26 Mar
2 Feb 23
.95 Jan
16812 Juno 8 110 Feb
6312 Nfay12
48 Aug
3012 June14
28 Mar
881 Jan 3
s
38 Feb
118's Jan 25 10214 Jan
13 Jan 3
3
103 Dec
7314 Nov
1014 Nov
413 Oct
194 Jan
11913 Nov
119 Dee
13012 Nov
5714 Oat
9913 Oct
67 Apr
101 Feb
36 Nov
49 Nov
134 Apr
260 Jan
184'i Oat
104 Mar
94 Aug
924Jan
200 Jan
3 Sep
16% Dee
464 Jan
30 Nov
85 Des
143 Jan
.0 pre
358 Amer Agricill Chemical_100 84 Apr 24
100 9512 Mar23
427 -13
2 Jan 18
50
20 Amer Pneumatic Service
Do pref
50 1312Jan 5
100 106 Apr 22
129 Amer Sugar Refining
100 1144 Mar 1
101 Do prof
100 1261s Jan 31
2,341 Amer Telep & Teleg
43 Jan 11
35 American Woolen tr ctfs __
92 Jan 11
585 Do preferred tr etre
- 66 Jan 3
3 Amoskeag Manufacturing.
9912Jan 20
Do pref
..iire 1135i2rzie
10
0
- liii
5
*10512 _ _ _ _ **7-112 -_ -_ -_ -. -Tast7
0
7
27 Jan
&
-Li" I9i "5313 165- 58 6014 5814 6178 62 6812 663g 6834 100,534 Atl GulfprefW I S El Lines_100 42 Jan 14
4
8
15
100
5812 6012 19,617 Do
5613 5733 564 58
5614 5714 5613 587 3573 593
8
4
4
10 10 Jan 4
East Boston Land
210
*10
*10
ro3s .to io3s 10 1012
10
1038 10
1038 *10
100 234 Apr 27
37 Edison Electric Ilium
23812 23812 240 240
23912 23913 23912 23912 23912 23912 23912 23912
100 15914 Apr 22
go General Electric
•172 173 *173 17313 17414 17414 *1703 17134 *17012 172*1703 17112
4
4
*100 102
100 100 *100 102 *100 102 *1001210125McElwain(W 11) let pref_100 95 June 8
og Masmottuisetts Gas Cos.._100 8013 May17
83
*82
83
83 83
83
83
83 *- _ _ 83
2
-821. 8213
100 80 May 3
135 Do pref
841 841
84
____
8418 8413 84
844 841
*84
84
84
165 165
165 165
163 163 ---------46 Mergenthaler Linotype_ 100 155 May 4
16313 16312 *161 164
1 Mar 8
Mexican Telephone
10
May'16
*___
114
Last Sale 1
*1
138
Mississippi River Power__100 15 Jan 18
Last Sale 16 June'16
*16 ___ *16 __ *16 ___ *16 ____
Do pref
100 43 Apr 5
Last Sale 43 Ar'16
*42 ____ *42 ____ .42 __ .42 ____
----30 New Eng Cotton Yarn __ 100 25 Apr 22
25
2713 *25
2712 *25
2713 *25
2514 *25
2712 ---- 50 Jan 24
2 Do
.50 ____
*50 ____ *50 -___ *50 ------------2 Do prof
50
50
23 New England Telephone_ _100 13114Jan 11
*13412 135
134 13414 13414 13414 *134 135 *____ 13412 iiiii ilia
100 10218Jan 11
65 Nipe Bay Company
156 156 *155 157
155 155 *152 156 *154 15513 ---- ---100 15812 Apr 28
119 Pullman Company
16333 16412 1644 16412 16412 16412 164 164
1 63
10 15 Feb 3
1612 -------10 Reece Button-Hole
1612 1614 1014 .16
1613 .16
Iiii 161; *16
332 Swift & Co
100 125 Feb 5
137 13712 137 13712 13712 1371;
136 130
13512 13612 138 138
25 35 Jan 14
5_6_5_7_ 2,837 Torrington
54
555 314 57
4
54
544 5534 . 8 58 .
5!
573 .3014 . .._ .
3113 56
31
31
25 23 Jan 14
11 Do pref
31
*31
3112 31
.90 Mar28
118 --- - ---114 4,1
25
118 *1
Its
118
118
118
300 Union Copper L & M
1
100 13612 Jan 31
16614 168
4
166 1673 16312 16612 16414 16538 164 16412 16314 16414 2,554 United Fruit
25 51 Jan 3
12,943 United Shoe Mach Corp
5712 60
56
574 57
5914 5534 57
593 60
4
5914 60
25 2812Jan 3
2934 2934 2958 293
4
4 2912 2912 293 3013 2912 2912 2914 2912 1,132 Do pref
4
100 793 Mar 1
4246 17 8 Steel Corporation
803
8 86
4 863 863
8714 8613 863
3
8538 8614 8614 8712 86
Do prof
100 11514 Feb 5
118 118
*11712 118 *11734 11814 11712 118
11814 11814 --------- 388 Feb 16
3 4,420 Ventura Consol 011 Fields. 8
97
3 97
97 10
8
8
978 10
93
4 94
97 103
8
97
8 97
3
Mining
184 Feb 17
25
250 Adventure Con
3
3
23
4 3
3
3
23
4 24
3
23
*23
4
4 314 *--_25 95 Jan 15
98120 Ahmeek
98
96
98
98
10012 10012 396
100 100
*99 100
10 174 Mar 6
2214 2133 2214 2,580 Alaska Gold
2214 22
2214 22
2214 2212 2214 2212 22
23
3 May 3
4
118 13
4 *13
8 134
113 134
15
3
158
158 *138
112 112
535 mgmah Mining
3Jan 14
25 647
865 Alloues
6712 68
4
68
6812 6812 2653 673
4 6712 68
6812 6812 69
3,722 Amer Zino, Lead & Smelt_ 25 350 Junel6
53
8538 x50
85
86
84
4
8514 8614 853 874 8514 87
5 7% Mar27
914 1,229 Arizona Commercial
9
914 *9
3
838 83
4
8 4 9f
3
83
3 85
87
8 88
7
233 June 9
10
610 Butte-Balaklava Copper
232 232 *232 212
212 212
*213 3
212
212
212 23
4
9413 9514 9214 9458 279
8034 3,359 Butte & Sup Cop (Ltd)._ 10 7112Jan 3
*93
9334 94
96
9412 96
10 6713 Jan 31
2,085 Calumet & Arizona
7134 7114 7413 71
7334 7113 72
704 71
71
7113 71
25 540 June 2
53 Calumet & Heola
550 550
550 551 *550 555
550 550
555 555
550 555
23 16 Feb 1
160 Centennial
1612 1612
165 1653 1613 1612 1612 1612 1612 1612 1634 17
3
a 51%Jan 31
255 Chino Copper
524
554 5512 5513 5534 *52
*5358 54
54
4 54
5414 543
4
6113 6212 62 6234 62 63 62 6413 63 6433 63 6312 5,422 Copper Range Cons Co 100 593 Apr 22
24 Mar 1
20
295 Daly-West
212 213
3
3
*258 278
212 212
212 232
*212 3
4
10 113 Apr 24
8
1212 1212 1214 1212 1212 1212 1212 1212 1212 1212 125 1238 1,611 East Butte COpper Min
714 Junel3
25
460 Franklin
4
712 712
73
4 73
714 712
4
712 712
*713 8
714 73
100 84 Apr 26
89
87
4 9014 9138 1,169 Granby Consolidated
9012 9014 903
*86
4 89
87
863 863
4
loo 4214 Apr 22
189 Greene Cananea
*46
4
4614 4614 463 4738 4714 484 *4612 47
47
48
*47
*1212 1314
663 Hancock Consolidated__ 25 1212 June15
1212 13
14
1414 1414 1338 14
14
14
14
10 24 Mar 9
Hadley Gold
24
Last Sale 24 Marla
24 •_ _ 24
24
34 May16
25
Indiana Mining
313
Last sale 312 June'16
312 *3
3'2 *3
312 ;5
*3
1 4413 Mar30
160 Island Creek Coal
4934 4913 4913
5013 •49
50
50
4912 *50
*49
4934 49
1 88 Jan 29
15 Do prof
9214 *91
9212 9038 903
*91
92
*91
9212 92
*91
92
4
25 28 May 9
897 Isle Royale Copper
283 2834
4
2712 2712 28
4 2812 2812 2812 29
29
*2812 283
5
34 Mar 4
670 Kerr Lake
458 458 *412 434
433 438
4
438 438
453 4 8
43
4 43
7
23 Feb 11
4
25
45
1,335 Keweenaw Copper
413 5
4
434
4
*4
4
4
412
4
4
25 1412 Apr 22
1612 1,220 Lake Copper Co
1514 154 15
1518 1538
15
15
15
1412 1412 15
33 Junel6
4
25
180 La Salle Copper
4
3 4 33
3
4
4
*314 4
4
4
*33
4 4
*3 4 44
3
Mason Valley Mine
a 238 Junei3
4
Last Sale 23 June'16
4 3
*234 314 .234 318 *218 314 *23
25 1114 Feb 1
1114 1213 12 1212 1134 1134 1214 1234 1234 1234 *12 1212 1,220 Mass Consol
212 June 9
25
275 Mayflower
212 234
*213 3
238 212 *213 3
*212 314
*213 3
Miami Copper
a 35 Jan 3
Last Sale 36 May'16
*3512 36
4
*3558 36
8
*3514 365 *3614 363
113 Jan 5
25
405 Michigan
*314 312
3
314 314 *314 312
8
314 314 • 3 8 33
3% 34
25 89 Jan 31
100 10112 2,984 Mohawk
9914 99 101
98
99
98
98
97
96
06
a 15 Jan 28
0 Nevada Consolidated
1814 1814 *18
1814 *18
1812 18
1812 *
1838 *18
1
634 June 1
935 New Arcadian Copper__ 25
-714 73 -------4
714 714
714 714
7
714
*7
7 12
160 New Idris Quicksilver__ 5 1014Jan 3
1414 *1312 144 1313 1313
*13
_
1414 1314 14
*1312 1412
5 6 Mar 1
752 Nipissing Mines
7
-7
7
714
7
734
7
7
74
7
15 21 Juno 9
23 2 7,604 North Butte
23
22
2134 22
2234 2312 "23- -- -122
2178 2214 21
.50 June 2
25
1,836 North Lake
2
2
2
2
2
.75 .75
.75 .75
.70 .95 c2
114Jan 15
25
120 Olibway Mining
*134 2
134
134 *158 2
*113 2
134 *112 2
134
25
17 June 9
3
212
450 Old Colony
*2
2
2
178
17
8
178
*2
178
218 *178 2
25 62 Jan 31
2,880 Old Dominion Co
69 69
z68
69
72
73
73
7312 72
7212 72
71
25 82 Jan 20
255 Osceola
95
95
94
95
96
94
93
94
9313 9312 94
94
*1312 14
10 114 Mar 7
*144
1412
645 Pond Creek Coal
1311 133
4 14
4
1414 1414 133 14
_
25 87 Jan 20
9214
313 Quincy
92
93
9112 9112 -. - 92
92
92
62
.91
93
93
65 Ray Consolidated Copper_ 10 22 Apr 24
*2214 2234 *2212 2278 2312 2612 *2314 233
4 2312 2312 *2232 227
8
267 St Mary's Mineral Land__ 25 6112Jan 31
7712 77
79
7812 79
77
79
794 80
*77
78
z79
2 Junel6
415 Santa Fe Gold & Copper- 10
2
2'/
214 212
2X. 214 *218 212
*214 234
212 212
818Jan 5
10
912 934 3,235 Shannon
97
8
9
9
9
83
4 9
812 813
838 858
10 3114 June 9
70 Shattuck-Arizona
*32
313 313 *3112 3214 *313 3214 334 3313 *3212 33
4
4
4
3213
6% Mar 6
25
610 South Lake
74
738 73
7
753
714 714
7
7
7
3
7
% 712
25 15 Mar18
290 Superior
17
1612 1612 1612 163 1712 17
1612 *16
*16 . 1613 *16
4
112Jan 13
414 5
4,050 Superior. 10
438
& Boston Copper_
414 453
4
438 438
413 413
44 453
3 4712 4712 *47 5025 47 Feb 28
185 Tamarack
*47
50
4812 4812 4812 4812 4712 477
5 June 8
25
555 Trinity
614
6
6
5
4
638 5 8
5
538 5 4
512 53
3
4
5 4 53
3
.15 Jan 26
1
.48 .48 5,450 Tuolumne Copper
.48 .50
.48 .50
.48 .49 *.48 .50 ..47 .48
7714 16,799 U S Smelt, Refln & Min_ 50 5413Jan 3
7812 7713 7812 76
7872 8012 79
5
797
8 77 3 7912 78
50 49 Feb 1
513 5214 1,902 Do pref
4
52
5112 52
5112 513
4 513 52
513
4
5112 52
8
45
%
413 458 1,980 Utah-Apex Mining
a 31 Feb 11
4
43
478 473
43
8 x412 434
4 47
8
44 47
744 Utah Consolidated
5 1212Jan 15
1414 1438 1338 14 1338 14 1358 1418 1334 14 *1312 1334
10 77 Jan 31
547 Utah Copper Co
8214 8214 *8234 83
833 8312 3794 8012
3
8214 8238 8313 8418
8% 9
8% 82
8
81
8 918
g% 94 .8% 94
9
9
812 June 3
1, 60 Utah Metal& Tunnel
501 vi
5
1
24Jan 3
25
34 312
313
314 34
34 312
3% 3%
314 313 *3
53
3 4 Mar27
3
534 1,240 Winona
25
538 57
8
53
4 6
512 6
53
4
5
3
3
53 54
5512 5512 56
55
4
55
*5612 563
4
*55
340 Wolverine
5512 50
4 563 563
25 5412 June 9
113 June 6
100 Wyandott
2
25
214
.131 2
*134 2
*134 2
*13
4 2
*13
4 2
6813 69
100 100
*212 23
4
1412
*14
*11013 11112
117 117
12934 130.
4713 4713
99
99
69
69
100 100
*214 2 4
3
*1414 1412
11212 113
117 11713
1297 13014
3
48 48
9853 99
• Bid and asked prices
0912 697
8
100 10012
*214 212
*1414 1412
111 11234
117 11712
13014 13012
*4612 4712
985 983
3
4
6914 693
4
100 10013
23
8 212
*1414 1412
11212 1123
4
11712 11712
13014 13058
4712
*47
9331, 983
4
693 693
4
693 70
4
4
99% 10014
100 100
*214 23
4
4 *238 23
Last Sale 14 June'16
112 112
112 112
11712 11713 11712 11712
4
13012 1303 13012 131
*4614 47
0
9812 983 -. '7r4 - -jig
4 6
--
170 Oct
1814 Jan
128 Nov
3612 Dee
8038 Set/
134 Apr
163 Nov
65 May
30 Aug
8913 Dec
11714 Oct
1438 No;
473 Apr
Jan
513 Apr 11
A
106 Marl() 924 Duo 103 Aug
2613Jan 7
403 Apr
4
2112 Dec
2 Apr 7
43 Apr
4
.45 Feb
3512381
66 Dee
7413 Feb 21
les 3,
s
7214 Nov
9758 Apr 10
31g Jan
94 Apr
10 Feb 14
41 Apr
4
2 Jan
5':Feb 5
80 June
3514Jan
1054 Mar 9
4
5112 Feb
733 Apr
7514 May20
586 Feb 14 350 Jan 630 Apr
25 Apr
15 Jan
19 Jan 6
57 Nov
8
327 Jan
60 Feb 19
65 Dec
30 Jan
683 MaY19
4
504 Apr
14 Jan
378 Mar17
164 Dee
84Jan
1614 Jan 3
1034Jan 8
1414 Apr
44 Feb
983 Feb 10
4
944 Apr
88 Jan
3
524 Mar 9
523 Den
2314 Feb
2412 Apr
191k Jan 4
11 Jan
294 Jan
2613 Oct
27'5 Jan 26
1012 Apr
214 Jan
6 Jan 3
5134 Apr 11
41 Mar 52 Aug;
92 May23
914 Apr
8512Jan
4Jan 6
313
34 API'
17':Jan
538 May 3
3 Aug
114 Apr
44 Apr
8 Apr 6
113 Aug
1913 Feb 10
8
197 Dee
512 Jan
9 Apr
63 Jan 3
4
8's Jan
6 Dee
414Jan 4
1 Mar
17 Apr
3 Jan
15 Feb 23
8 Apr'
8 Aug
5 Feb 10
3618 Dee
394 Apr 4
16% Jan
4 Apr 6
3 Apr
.60 Mar
10313 Mar10
98 Dec
4614 Jan
18% May25
17 Apr
1153 Feb
1014Jan 4
1414 June
4I2 Feb
2434 Jan 19
134 Aug
4 July
878 Nov
812 May 1
518 Aug
8
32 Jan 3
387 Apr
221g Jan
Oa Apr
412Jan 3
1 Jan
313 Apr
.50 Mar
27 Apr 6
3
718 Apr
24 Nov
4 Jan 3
384 Mar 64 Dec
7334 Marll
9313 Apr
84 Jan
10113 Mar14
12 Jan
1953 Aug
16 Apr 11
50 Jan
9834 May16
95 Apr
8
154Jan
26 Feb 14
275 Nov
80 Juno 9
6512 Dec
28 Jan
37s Jan 8
5 Oct
1 Mar
1114 Apr
124 Feb 14
4 Jan
38 Nov
40% Feb 14
184 Jan
73 July
4
514 Nov
813Jan 4
4113 Apr
221:Jan
284 Jan 3
44 Apr
1 Mar
55 MaY15
8
585 Aug
3
25 Jan
5814 Jan 14
1513 Oct
233 Feb
4Jan 3
123
.20 Jan
.63 Apt
.60 May31
54 Dec
20 Feb
8053 Juno 9
504 Dec
28 Jan
4
533 Apr 11
2 Jan
54 Apr 10
53 June
3
153.1 Fob 11
164 June
914 Feb
814 Dec
8634 Feb 21
4Jan
483
1113 Mar13
412
- Ayr
4 3 Feb 14
7
1 Feb
5'$ May
713 May31
153 Jan
70 AM'
32 Jan
6712 Feb 10
24 Apr
.50 Mar
234 Feb 14
a Ex-dividend and rights. 8 Ex-stook dividend. a Assessment Paid. A Ex-rtstits. s Unstamped. s Is paid Is Hail-paid.
THE CHRONICLE
JUNE 17 1916.]
Outside Stock Exchanges
-Transactions in bonds at BosBoston Bond Record.
ton Stock Exchange June 10 to June 16, both inclusive:
Bonds
-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Price. Low. High. Shares.
Am Ag Chem 58_ _ __1924
Mn Tel & Tel coil tr 4s 29
Convertible 4548___1933
-year 5s.._
Anglo-French 5
At! G & W I SS L 5s_ _1959 -Cent Vermont 1st 4s_ _1920 80%
Chic Juno & U S Y 5s_1940 101%
1940
48
General Electric 5s__ _1952
1929 97
Mass Gas 4%8
1931
4%5
Miss River Power 5s_1951
N E Telephone 58_ _ 1032
Pond Creek Coal 6s_ _1923
Swift & Co 1st 58._ _1944 100%
United Fruit 454s_ _ _ _1923
4%8
1925
S Smelt It & M conv6s_
Western Tel & Tel 58_1932 101
9754 $2,000
92% 72,000
1,200
107%
95% 2,000
83% 107,500
1,000
sosi
101% 5,000
86% 2,000
104% 14,000
12,000
97
1,000
95%
2,000
78
103% 12,000
9,000
95
loon mon 72,000
9854 98% 7,000
1,000
97% '97%
114% 115 181,000
101 101% 13,000
97%
91%
1074
95%
82%
80%
101%
86%
104%
97
95%
78
102%
94
Range since Jan. 1.
Low.
97%
90%
105%
94
74
80
100%
85
104%
96%
93
77%
101%
87
98%
97%
97
109%
09
May
Jan
Mar
Mar
Jan
Mar
May
Mar
Jan
Mar
Mar
Apr
Jan
Feb
Jan
Jan
Jan
Apr
Jan
Mar
Apr
Mar
Jan
May
Jan
June.
Jan
Jan
Jan
Jan
Jan
May
May
June
Apr
Apr
June
June
-Complete record of transacChicago Stock Exchange.
tions at Chicago Stock Exchange from June 10 to June 16,both
inclusive, compiled from the official sales lists, is as follows:
Sales
Friday
Range since Jan. 1.
Last Week's Range for
Week.
of Prices.
Sale.
Low.
High.
Par. Price. Low. High. Shares.
. StocksAmerican Radiator_ -100
100
Preferred
Amer Shipbuilding. .100
100
Preferred
Amer Straw Board_..J00
Booth Fisheries, pref.._ IOU
Chic Cy & C Ity pt sh pref_
Chic Pneumatic Tool_ _100
Chic Rys part ctf "1"____
Chic Itys part ctf "2"____
Chic Rys part ctf "3"
Chic Rya part ctf "4"
Chicago Title tic Trust_100
Commonw-Edison ____100
100
Deere & Co, pref
100
Diamond Match
100
Illinois Brick
Lindsay Light
100
National Biscuit
100
National Carbon
100
Preferred
People's G L & Coke 100
Pub Serv of N Ill, com_100
100
Preferred
Quaker Oats Co
100
100
Preferred
Sears-Roebuck com__ _100
Preferred
100
Stew Warn Speed com_100
Swift & Co
100
Union Carbide Co
100
United l'aper B'd corn 100
Preferred
100
Ward, Montg, dr Co, pref_
Bonds.
Armour & Co 4%8_ _ _1939
Booth Fisheries s f d Os 1926
Chicago City Ry 58_1927
Chicago Rys 58
1027
Chic Rys 4s, Series "B"_
Chic Ry adi Inc 48_1927
1923
Chicago Telep 58
Commonw-Edison 58_1943
Met W S El 1st 48 _1938
Morris & Co 4548___ _1939
1945
Ogden Gas 58
Peop G L& C ref g 58.1947
PubServCo 1st ref g 581956
South Side Elev 4549_1924
Sulzberger&Sonslst 6s 1941
Swift & Co 1st g 58-1944
72
76
15
230
142
109%
20%
122
102%
110
186
98%
136%
184%
15%
51%
114%
93%
85
97%
es%
102%
97
94%
99%
100%
395 395
2 385
Jan 400
136 136
2 133% Mar 136%
45
46
326 33
Jan 48%
89
90%
355 75% Jan 91%
20
20
50 12
May 20
74% 75
135 66
Jan 75%
19
10%
200 17
Mar 19%
71% 74
1,122 63% Mar 79
76
76
Apr 80
35 70
14% 15
Apr 18%
117 13
3
3
4
Mar
50
3
1%
1% 1%
1% Apr
50
Apr 232
230 230
133 220
140 142
657 139% June 146%
20 89 May 98
92% 93
Mar 112
275 102
109% 110%
230 76% Jan 83%
81%
81
20% 21% 4,820
6% Jan 22%
Apr 126
123 123
50 120
170 170
38 168 June 185
122 122
80 120% Feb 122%
101% 102%
210 100 May 112%
Jan 115%
109% 110
. 154 107
Apr 104
101 102
263 100
Jan 363
5 309
340 340
110 110
212 107 • Jan 110%
184 180% 1,308 169% Mar 188
Jan 127
18 125
126% 127
13,386 82% Apr 108%
98% 105
135 138% 1,844 126% Jan 139%
Feb 190
582 170
180 185
629 15% June 15%
15% 15%
32 51% June 52
51% 52
553 112% Jan 116
114 114%
93% 93%
85
85
00% 09%
97% 97
68%
68
34% 34%
102% 102%
102% 102%
71% 72
92% 92%
97
97
101% 101%
04% 95
91
91%
99% 99%
100% 100%
$3,000
8,000
33,000
31,000
13,000
1,000
4,000
11,000
16,000
19,000
4,000
7,000
26,000
9,000
2,000
26,000
93%
83
•98%
96
68
34%
101%
102
71
89%
95%
100%
94
88%
99%
984
Jan
Mar
Apr
May
June
June
Apr
May
May
Jan
Jan
Apr
Jan
Jan
Apr
Jan
94%
88
100
98%
75
38%
102%
102%
73%
93
07%
102%
95
92%
99%
100%
Jan
Feb
Mar
Mar
June
Apr
June
Mar
Jan
Jan
Jan
Apr
Jan
Mar
Feb
May
Jan
June
Jan
Feb
Mar
Jan
Feb
Feb
Jan
Apr
Jan
Feb
June
May
May
June
June
Feb
Feb
Jan
Feb
Feb
Jan
Mar
Feb
Jan
Jan
Feb,
Mar
Jan
June
Apr
June
May
x Ex-dividend.
Pittsburgh Stock Exchange.
-The complete record of
transactions at the Pittsburgh Stock Exchange from June 10
to June 16, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Friday
Sales
Last Week's Range for
Range since Jan. 1.
Week.
of Prices.
Sale.
Low.
Par. Price. Low. High. Shares.
StocksHigh.
2,855 34% Jan 84%
Am Wind Gla.ss Mach_100 5734 55% 59
345 132
Jan 155
139 139%
100
Preferred
110 100
103 103
Feb 105
Am Wind Glass pref_ 100
25 38 June 42%
38
37
Caney River Gas
25
2,570 14% Mar 17
15% 16
Columbia Gas & Elec..
.100 16
250
3% Jan
5
4
4%
Consolidated Ice coin_ 50
230 100
Jan 103
Harb-Walker Refrac Pt 100 102% 102% 1024
2% Mar
1,070
4
3% 4
Independent Brewing__ _50
330 15% Mar 20%
Preferred
20% 20%
50
44 50
La Belie Iron Works.
Jan 55%
..i00 51
50% 51
Jan 131%
55 123
Preferred
131 131%
100
Lone Star Gas
Feb 93
10 90
100
90% NM
Mfrs Light & Heat
760 49% Apr 51%
50 51% 50% 51%
Nat Fireproofing com
Apr 12
7
50
9
300
9
9%
Preferred
50
300 18% Apr 24%
18% 18%
Ohio Fuel Oil
1 16%
460 16% May 19
16% 17%
Ohio Fuel Supply
25 45
Feb 46%
43
46% 10,528 38
Oklahoma Natural Gm 100
Jan 74
70% 70%
20 70
Pittsb Brewing corn-4% Mar
6
1,535
5
50 22
Preferred
21% 22
435 16% Feb 22
Pittsburgh Coal corn._100 28
28
30%
785 23% Apr 36%
100
103% 104%
Preferred
215 101% Apr 108
100
8%
8
Pittsb Oil & Gas
9%
6% Mar
285
120 120
100
PIttab Plato Glass
Jan 120
255 115
5 20% 19% 20% 3,105 z17% May 21%
Pure Oil common
16e
160 1,500 15c Mar 250
1 160
San Toy Mining
147 147
Union Natural Gas_....100
114 141% Apr 147
113 117%
Union Switch & Signal-50 117
510 109
May 120
26
26
100
US Glass
60 25% June 34%
86
87%
325 80% Jan 88%
U(S Steel Corp com____100
2,186 133% Apr 145
WeSt'house Air Brake_ _50 1443( 137 145
62
805 54% Apr 71%
03%
West'house Elec & Mfg_50 62
73% 73%
100 73 Juno 74%
West Penn Rys pref_ .._100
Bonds
80
$1,000 80
80
Feb 81
Columbia 0 & E 58..1927
55
55
10,000 49
Mar 60
Independent Brewing 65'55 55
Ex-dividend.
Baltimore Stock Exchange.
-Complete record of the
transactions at the Baltimore Stock Exchange from June 10
to June 16, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
High.
99
93
108%
95%
84%
83%
101%
91
104%
99%
96
81
104
96%
100%
99
97%
115
101%
May
Apr
Jan
Jan
Mar
Mar
Mar
June
June
Apr
June
Jan
Jan
Jan
Jan
Jan
Juno
Jan
Jan
Juno
Jan
Feb
Apr
May
Mar
Jan
June
Jan
Jan
Jan
June
Mar
Mar
Apr
Jan
2245
Stocks-
Friday
.
Sales
Last Week's Range for
Sale.
of Prices.
Week,
Par. Price. Low. High. Shares.
Arundel Sand & Gravel 100
Bait Electric Prof
5
0
Baltimore Tube
100
100
Preferred
100
Canton Co
Chalmers Oil & Gas
5
Commercial Credit
25
Preferred
25
Consol G E L & Pow__100
Preferred
100
Consolidation Coal_ _100
5
Cosden & Co
Cosden Gas
5
5
Preferred
Davison Chemical no par
Houston Oil pref tr Ws 100
Mer & Min Trans new..100
Mt V-W Mills pref v t r 100
Northern Central
50
Oklahoma Produc & Ref_5
Pennsyl Wet & Power_100
Poole Engineering & M 100
Sapulpa Refining
5
United Ry & Elec
50
Unlisted Shoe Mer pref_
Wayland Oil & Gas
5
BondsAtlan C L(Conn) etfs 5ssm
Bait Elec stamped 55_1947
Charles Con Electric 55-._
1919
Charles Elea 5s
Charles & W C 18t 58_1946
Chicago Ry 1st 5s ...i927
Coal & Coke 1st 5s...1919
Consol Gas general 4%5'54
Consol Coal refund 5s 1950
Convertible Os
1923
Cosden&Co 1st cony Os '26
Elkhorn Coal Corp 65 1925
Elkhorn Fuel 5s
1918
Small bonds
Fair & Clarks Trae 55_1938
Fairmont Coal 5s_ _ __1931
Ga Car & Nor 1st 55_ _1929
Ga Sou & Fla 55
1945
Macon Ry & Lt 55. _19.53
Md Elec Ry 1st 5s_ _1931
Merch & Miners Trans 65_
Minn Lyn & Min 58
Mt V-Wood notes 65.1918
NO Mob dr C 151 5s__1960
Nonf & Ports Tree 55_1936
Penney W & P 58_ _1940
United Ry & E 45__ _ _1949
Income 45
1949
Funding 55
1936
Small
1936
39
127%
99%
28
110%
108%
25%
14%
5%
52%
88
74
121
12%
5%
100
91%
127
96%
10034
9934
82%
61
86%
Range since Jan. 1.
Low.
High.
37
39
575 36
43% 43%
10 43%
126 129
3,159 63
99
99%
180 82%
143 143
125 138
6
6
20
6
47
47
534 46
28
28
76 28
107% 110%
436 107
107% 109%
738 107
100 100
224 96
25
26
15,709 14%
12% 15
43,515
6
4% 5% 67,463
4%
51% 53
430 50
61
61%
165 59
80
14 50%
80
50
14 50
50
408 87
88
88
7%
875
.7
6
75%
74
476 72
119 121
290 100
11% 12% 2,585
9
26% 27
117 25%
29% 29%
20 29%
4% 5% 2,865
434
Apr
Jan
Jan
Jan
Jan
May
Jan
June
Mar
June
Feb
Jan
Apr
Apr
May
Apr
Feb
June
Mar
Mar
Mar
May
Jan
Jan
June
Jan
42
44%
129
100
145
8
50
30
115%
115%
103
26
15
6
71%
68
80
55
90
7%
77%
148
16%
29
29%
9%
Feb
Jan
June
June
Apr
Jan
Feb
Jan
Jan
Jan
Jan
Feb
June
Feb
Jan
Jan
June
May
Jan
May
Feb
Jan
Feb
Feb
June
Feb
99% 99%
5200
99% 99% 1,000
95
1,000
95
2,000
100 100
102% 10234 3,000
07% 9734 1,000
88
88
2,000
9334 9334 3,000
91% 91% 3,000
103% 103% 2,000
125 130 282,000
5,000
96% 97
10034 10034 5,000
500
10034 100%
100% 100% 2,000
96% 96% 5,000
5,000
102% 103
102% 102% 1,000
90
90
1,000
98% 98% 5,000
103 103% 18,000
10034 10034 2,000
1,000
9934 9954
50
7,000
50
8534 85% 1,000
91% 91% 4,000
14,000
82% 83
60% 61% 53,000
87
8734 4,000
1.500
8814 87
Feb
Jan
June
June
June
May
Jan
May
Jan
Apr
Jan
June
Jan
Jan
Jan
Jan
June
Feb
June
Jan
Jan
June
Mar
Apr
Jan
Jan
May
June
Jan
May
99%
100
95
100
103%
9934
89
9454
93
105
138%
98%
10034
100%
101%
99%
103%
103
92
99
103%
100%
9934
52%
85%
92%
85
84
8734
87%
June
Feb
June
June
Apr
Feb
Mai
Jet
Jet
Jar
Feb
Jet
Feb
Mai
Feb
Ma)
Jar
Jan
Feb
Mai
June
June
Api
Jan
June
Api
Jar
Ma)
Feb
Feb
91%
99%
95
100
102%
96
85
92%
9134
103
101%
96%
100
100
9934
96%
102%
102%
90
96%
101
100%
98
49
81%
90
82%
60%
84%
83%
Philadelphia Stock Exchange.
-The
complete record
of transactions at the Philadelphia Stock Exchange from
June 10 to June 16, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Stocks-
Friday
Sales
L431 Week's Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
Amer Gas of N J
120% 120%
100
19 120
Mar
122 934 Feb
American lays, pref._ -100
98% 98%
Baldwin Locomotive_ _100
00% 90%
25 85% May
Buff & Susq Corp v t c_100 55
51% 55
718 38
Jan
Preferred v t c
59% 60
137 54% Jan
100
Cambria Steel
5 70% Jan
83% 83%
50
Consol Tree of N J-___100
73
73
•5 70
Mar
Elec Stor Battery
86
2,142 5834 Apr
100 65% 65
34%
630 32 May
100
General Asphalt
34
100
Preferred
70% 71%
487 69% May
110 110
100
Harrison Bros Co
50 75
Jan
5
5
Hunt & Broad Top
50
35
5 June
26%
Insurance Co of N A__ __10 26% 26
404 25
Jan
36
36
100
J G Brill Co
Apr
60 34
14% 15
Keystone Telephone__ -.50 15
Mar
460 13
69
50 69
69
Preferred
5 67% May
12
10
Lake Superior Corp__ -100 11
22,733
834 Jan
May
313 74
78%
Lehigh Navigation
50 76% 76
82
518 74% Jan
84
Lehigh Valley
50 83
21% 22
175 18
Lehigh Val Transit
Jan
50
43% 43%
135 38
Preferred
Jan
50
5734 58%
208 56
50
Minehill & S II
Feb
88% 88%
20 87
Northern Central
Apr
50
95 98% Jan
Pennsyl Salt Mfg
50 100% 100% 100%
59% 2,582 55% May
Pennsylvania
58
50 58
98
Pennsyl Steel, prof..._100 98
222 79% Feb
98
40% 41
Philadelphia Co (Pitts)_50 41
75 40
Mar
Preferred (5%)
38
60
38
30 35% Feb
42%
41
Prof (cumulative 6%)50
162 41
June
Philadel Electric
22% 29% 28% 29% 8.524 27
Mar
19
19
Phila Rap Transit
25 17 May
50
Voting trust recta.._ _50 19% 17% 19% 5,550 17 May
76% 77
75 75 May
50
Phila Traction
104 107% 3,221 75% Jan
Reading
50 104
47% 47%
10 42% Jan
2d preferred
50
4
Tono-Belmont Devel_ _ _ _1 4 7-16 z4 5-16 4 9-16 2,004
Mar
6% 6% 1,004
5% Mar
1
Tonopah Mining
395 4134 Jan
50 43% 42% 43%
Union Traction
227% 227%
2 224% Mar
United Cos of N J
100
United Gas Impt
50 89% 88% 89% 1,146 877.1 May
U S Steel Corporation _WO 85% 85% 87% 20,285 793-4 Mar
9% 9%
330 x93( June
Warwick Iron & Steel 10
16% 16%
200 10
50
Western N Y & Pa
Mar
49% 49%
18 49
West Jersey & Sea Sh_ _ _50
May
67% 67%
Westmoreland Coal_ _ _ _50
60 65% Apr
84
86
605 70
Wm Cramp & Sons__ __100 84
Mar
16% 1,746
50 16% 14
York Railways
8% Feb
37% 38
Preferred
126 3434 Jan
50 38
Bond.
97
Allegheny Vail gen 4s.1942
Amer Gas & Elec 55_ _2007 93% 93
93
small
2007
do
100
Amer Rys coil tr 55__ _1917
Baldwin Imo 1st 5s_ _ _1940 104% um%
80
Elec & Peoples tr etts 45'45 80
80
1945
small
do
91%
James F & Clear 1st 451959
97
$5,000 96%
93% 10,500 89%
200 89%
93
1,000 99%
100
10434 2,000 104
80% 12,000 79%
82
2,445 76
91%
1,000 91%
High.
123
Feb
100
Mar
115% Feb
55 June
82% Jan
90 May
73 June
66% Feb
Mar
38
7334 Mar
110 June
5% Jan
27
Jan
48% Jan
15
Mar
70% Apr
12% Feb
79% Jan
85 May
23% Mar
44;4 Mar
58% June
Jan
90
102% Feb
59% Jan
99% Jan
45% Jan
Apr
39
45
Apr
2934 June
21
Jan
21% Jan
79% Jan
110% May
51% May
5 7-16 May
7
Jan
45% Jan
227% June
924 Jan
88% Jan
11% June
2054 June
51
Jan
Feb
69
87
Jan
16% June
Mar
39
Jan 97
Jan 93%
Jan 93%
Apr 100
May 106
May 81%
Apr 83
June 92
Jan
Apr
Mar
May
Mar
Feb
Jan
Jan
THE CHRONICLE
2246
Bonds (Concl.)-
Friday
Sales
Last Week's Range for
Week.
Sale.
of Prices.
Price. Low. High. Shares.
Range since Jan. 1.
High.
Low.
Feb
June
Jan 100
Jan 39
10,000 96
98
98
Keystone Telep 1st 5s 1935
28,000 20%
Lake Superior Corp 5s 1924
31% 39
Lehigh Coal & Nay
Gen 4%s
1924
102% 102% 5,000 102%
97% 97% 5,000 97
Funding dr impt 40_1948
102% 102% 15,000 101%
Consol 410
1954
110% 110% 2,000 110
Lehigh Valley reg 6s_ _1923
91
3,000 91
2003 91
91
Gen consol 4s
Gen cons 4%s rects
100% 10034 100% 53,000 10054
Lehigh Vail Coal 1st 5s1933
105% 105% 8,000 105
Lehigh Valley Transit
Ref & impt 5s
1960
9134 91% 1,000 6151
92
92
500 9054
small
1960
do
70
950 65
70
Nat'l Properties 4-6s small
Pa & N Y Canal 5s_ _ _1939
11054 11054 3,000 110
101% 101% 15,000 100%
Pennsyl RR gen 4%8_1965
Consol 4545
1960
105 105% 29,000 105
106% 106% 7,000 104
Pa & Md Steel cons 6s1925
1,000 100%
Phila. Co 1st 55
1949
101 101
103% 104% 3,000 10334
Phil Electric tr ctfs 58_1948
100 103
small
1948
104% 104%
do
15,000 8154
Trust ctfs 4s
1950
8334 84
83
100 82
do
small
1950
83
1,000 110%
Phila & Read terml 5s 1941
113 113
1997 95% 95% 95% 38,000 933-4
Reading gen 48
102 102
2,000 101%
Spanish Am Iron 6s 1927
1,000 98%
Standard G & E 6s_ _ _1926
100 100
74
74
2,000 74
United Rys gold tr ctf 48'49 74
70
United Rys Invest 58_1926
703-4 3,000 70
Welsbach Co 5s
1930
983-4 98% 3,200 943-4
West N Y OC Pa 1st 5s_1937 105% 105% 105% 3,000 104%
1,000 81%
General 45
1943 84% 84% 84%
3,000 92%
York Rys 1st 58
95
95
1937 95
Apr
Jan
Mar
May
May
June
Mar
102%
98
103%
110%
94
101%
106
Jan
Mar
Feb
May
Feb
Apr
Jan
June
Jan
June
May
Jan
May
Jan
Mar
Jan
Jan
May
May
Jan
May
May
Jan
Jan
June
Jan
May
Jan
Jan
93
93
7054
110%
103
106%
107
101%
105
10454
84%
8434
113
9634
102%
1021-4
753-4
74
99
105%
85%
96%
Feb
Jan
Apr
June
Feb
Feb
Mar
Feb
Jan
June
Feb
Feb
June
Jan
Feb
May
Jan
Apr
Apr
June
June
Apr
z Ex-dividend.
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
June 16 1916.
Stocks.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Par Value.
State, Man.
U. S.
& Foreign
Bonds.
Bonds.
Railroad,
etc.,
Bonds.
$330,500
1,592,000
910,500
889,500
1,672,500
797,500
$3,000
500
2,818,127 $224,892,875 $15,962,000 $6,192,500
$3,500
183,468 $16,434,300
700,936 61,384,600
572,999 48,026,900
565,237 38,530,700
399,048 28,481,800
396,439 32,034,575
$839,000
3,656,000
3,371,500
2,920,500
3,040,500
2,134,500
Jan. 1 to June 16.
Week ending June 16.
1915.
1916.
1916.
1915.
58,922,530
Stocks
-No. shares_ _ _
78,985,070
2,818,127
2,540,185
Par value
$224,892,875 $214,155,055 $6,901,052,870 $4,990,138,050
Bank shares, par
194,900
$146,600
$1,500
$3,500
Bonds.
$489,500
$593,450
$3,500
$13,000
Government bonds_ _ _
10,551,500
123,653,000
1,396,500
State, mun.,&c., bonds
6,192,500
364,793,700
13,962,000 14,365,500
388,958,500
RR.and misc. bonds
Total bonds
$22,158,000 $15,775,000
$513,204,950
$375,834,700
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
June 16 1916.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Baltimore.
Philadelphia.
Shares, BondSales. Shares. BondSales. Shares. BondSales.
40,443
49,253
35,976
51,625
47,282
42,403
$159,100
77,000
114,000
81,500
34,000
50,700
4,549
23,087
9,475
13,944
18,565
13,682
$51,000
51,000
62,100
64,245
57,250
32,000
13,035
48,582
30,567
17,048
10,171
23,942
$27,500
131,500
146,000
44,000
79,500
38,300
266,982
$516,300
83,302
$317,595
143,345
$466,800
-Below we give a record of
New York "Curb" Market.
the transactions in the outside security market from June 10
to June 16, both inclusive. It covers all the sales for the
week ending Friday afternoon.
r naafi
Last Week's Range for
Week ending June 16.
Sale.
of Prices.
Week.
StocksPar. Price. Low. High. Shares.
Aeollan Weber Plano &
Planola r
100 25
Aetna Explos_r_ _ _(no par) 18%
Max Rubber, Inc
60
Amer Druggist Synd r_ _10 1334
Am InternCorp 30% pd 100
American Motor w l_r_
Atl Gulf & W I SS Lines100 67
100 59
Preferred
Atlantic Steel
100 62%
Brit
-Amer Tob, ord'y_.f1
Butler Chemical_r
4%
5
Canadian Natural Gas.._ _1
1%
25
5%
Car Ltg & Power_r
Charcoal Iron of Am_ 10
Preferred
10
Chevrolet Motor
100 249
Cuba Cane Sugar r(no par) 59%
Preferred
100 943-4
Driggs-Seabury Ord_ _ _100 130
Edmunds&Jones r (no par)
Electric Gun_r
Emerson Phonograph__ _5 1354
Fajardo Sugar
i00
Flemish-Lynn Phonog r_5
634
Gaston Williams & Wigmore, Ine_r____(no par) 51
Grant Motor Car Corp_10 1354
Guantanamo Sugar_ _ _ _50 84
Hartman Corporation_100 71%
Haskell & BarkCar(no par) 363.4
Holly Sug Corp r..(no par) 54
Preferred r
100 97
Hupp Motor Car Corp.r 10
9%
Intercontinental Rubb_100 12%
Joplin Ore & Smelt r.._ _ 5
5
6
Kapo Manufacturing_r_ _5
Kathodion Bronze, pref_ _5 26
Kresira tS S3 Co.tom r 10
25
25
18% 19%
683-4 69
13
13%
128
1283-4
60% 63%
55% 69%
5534 60%
62%
60
17
17
434 4%
1% 2
534 6
6% 734
5% 63-4
230 262
57% 6334
9434 96%
129 135
*44
4934
5.1,
%
12
14
115 117
634 7%
50%
*11%,
803-4
71%
35
4534
97
934
12%
5
5%
21
10“
Range since Jan. 1.
Low.
High.
100 12
Apr 34
9,000 1654 May 25
Apr 7334
700 65
Feb 14%
700 12
220 v12% Jan 12834
16,500 60 June 65
71,500 26
Jan 69%
Jan 60%
19,000 42
28 55
Jan 6254
100 16
Jan 19
3,220
73-4
254 Mar
12,800
1% Apr
2%
4,575
4% Mar
7%
3,900
6% June
83-4
5% June
1,800
634
40,700 115
Jan 278
71,800 43
Jan 71%
4,950 87
Jan *102
845 118 May 155
Apr 49%
3,050 37
250
% June
13-4
Mar 1434
6,517 11
435 75
Feb 117
7%
7,500
534 May
5254 5,300
6,100
14
86
1,393
7234
300
36% 2,700
54
4,925
97
695
103-4 15,800
200
1234
5% 3,600
6% 16,635
27
7,200
11
18.000
4834
7
62
70
343-4
41
95
9%
12
5
4%
143-4
1044
Jan
Feb
Feb
Jan
June
June
June
June
June
May
Apr
Jan
Apr
May
June
June
Mar
Mar
Jan
June
Mar
Jan
June
June
May 1.0703-4 Apr
Apr 14 June
Apr
Jan 86
Apr to7634 Jan
June 543,4 Jan
Apr 54
June
Apr 98
Apr
June 11% June
Feb 16% Jan
June
5% June
May
634 Jun(
Feb 33
Jan
June w1634 Jac
[VOL. 102.
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale.
Stocks(Con.)- Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
Kress (S H)& Co w r..100
Preferred w l_r
100 103
Lake Torpedo Boat_r_ _10
1
Lynn Phonograph r
Manhattan Transit_ _ _ _20
134
33.1
Marconi Wireless of Am-.5
Marlin Arms v t c_(no par)
100
Preferred v t C
Maxim Munitions r_ _10
Midvale Steel & Ord r__50 67%
Motor Products_r (no par) 68
Peerless Truck & Motor_50 27%
Perlman Rim r_ _(no par)
100 116
Poole Eng &Mach r
Riker & Heg (Corp for)
-5
St Joseph Lead_r
10 16
Saxon Motor Carr__ _i00
Springfield Body_r_ _100
Preferred r
100
Stutz Motor_r
56
Submarine Boat__(no par) 38%
ThomasAerop w 1 r(no par) 28
Tobacco Prod com-r--100 42%
Triangle Film v t c
5
United Mot w
(no par) 76%
_1
United Profit Sharing
U S Light & Heat_r___ _10
33-4
Preferred r
10
6
10
U S Steamship
White Motor
50 57%
World Film v t o
5
Zinc Concentrating.r__-10
434
72
70
300 67
102 103
850 102
73,4
300
73-4 7%
10% 11
1,500
2%
1 1-16 1% 2,000
1
3% 3,700
3
3
23
25
600 23
25 70
74
74
6% 7% 1,300
4
65
68% 43,500 57
68
75
2,250 68
26
27% 7,700 2034
131 150
9,800 111
115 119
1,615 90
4% 5% 11,300
15% 16% 3,700 14%
80% 87
2,800 60
78%
420 51
76
125 101
118 120
800 55
55
65
5,300 33
371i 40
1,000 22%
271•5 28%
1,000 29%
42% 43%
500
2% 2%
72% 82% 136,000 62
5,700
% 1
31
3
3% 11,400
2%
5% 6% 15,500
3%
2,000
6% 7
4
*58% 59% 66,500 46%
1
1,200
1
54
4% 4% 3,400
Standard 011 Subsidiar les.
Galena-Signal 011,com_100
Illinois Pipe Line
100 164
Indiana Pipe Line
50
Northern Pipe Line_ __100
25 233
Ohio 011
Prairie Pipe Line
100
100
South Penn 011
Standard 011 (Calif)__ _100 250
Standard 011 of N
Standard Oil of N Y...._100 208
Vacuum On
100
156
164
93
96
227
215
362
249
522
208
252
156
167
93
96
233
223
362
251
536
209
262
10 151
120 164
1 93
30 96
113 189
419 205
10 325
165 z234
290 495
225 200
293 216
Other OH Stocks
51c 54c
6,300
Alberta Petrol'm (prosp'ct) 52c
34
% 3,000
1
34
Amer 011 & Gas
3% 4% 8,250
3%
.r
1
Barnett 011 & Gas
15%c 151ic 4,500
California 011 r (prospect)1
300
780 78c
Preferred-r (prospect)-1
2,900
61c 62o
Century Petrol_r (prosp'ct)
19,000
26
5 25% 25
Cosden & Co_r
5 14% 12% 16% 83,000
Cosden Oil & Gas r
4% 5% 22,900
5%
Preferred_r
5
h
131 42,500
Federal Oil_r
5 15-16
10% 10% 10% 3,300
Internal Petroleum_r__£1
77c 86o 31,040
Kenova 011 (prospect)_ _1 85c
Metropolitan Petroleum_5 20% 20% 22% 1,600
450 520 31,000
Midwest 011 com_r
1 50c
3,300
790 970
1 88c
Preferred r
340
66
66%
Midwest Refin1ng_r.-_50
12,800
3 215-16 3
Muskogee Refining_r
1
2,950
70c 72c
72c
N Y-Oklahoma Oil r
10e 19c 139,500
Oklahoma Oil com_r_,.1 140
10,350
VI
1
54
Preferred_r
1
7% 7% 12,000
7%
Oklahoma Prod & Refg 5
100
50
50
Pan-Amer Pet & Trans r 50
1 .1h
7,010
1
Pennsylvania Gasoline_ r_l
39,200
Prudential 011 dr Gas_r_ _1 31c 29Mc 34c
11% 12% 10,100
5 12
Sapulpa Refining_r
Sinclair Oil de Refg(no par) 47% 47% 48% 4,350
2
2% 63,000
2
United Western
200
10% 10%
Ventura Cons'd Oil_r
5
14,935
1% 2
2
1
Victoria 011_r
5
5% 3,100
5%
Wayland Oil & Gas com_5
Mining
61c 630 20,000
1 62c
Adana()Silver Mines_r
72c 800 20,500
Alaska-Brit Col Metals.._1 74c
490 550 33,570
Alaska Westover Copper _l 550
lb o 120 18,400
12c
1
Atlanta Mines_r
13% 1,200
13
Bingham Mines
10
Booth_r
1 16%c 16o 17o 16,700
1 15-16 23-4 19,800
Boston & Montana Devel 5
1% 1%
100
1
Bradford Mines Ltd
1
1
1,000
1
Buffalo Mines, Ltd
1
6% 734 1,900
6%
Butte Copper & Zinc v t c 5
2% 5,500
2
Butte & N Y Copper_ _ _ _1
4% 454 3,050
4%
5
Calaveras Coprer_r
64c 1390 29,200
Caledonia Mining
1 68c
5 1 15-16
154 2 1-16 6,450
Canada Copper
7,000
c 8c
fie
Cash Boy
1
363,4 3834 2,600
Cerro de Pasco CoP(110 Dar) 37
13-4 1% 7,000
Consol Arizona Smelt_ _ _ _5
Consol Nevada-Utah _ _ _ _3 13-32 5-16 13-32 7,400
Crystal Copper Co
1 1 1-16 1 1-16 1 1-16 6,100
1% 5,275
13-4
134
Dundee Arizona Cop i....1
2
3% 5,300
Dupont Copper_r
2
2% 2,500
1
Eagle Blue I3ell_r
530 65e 22,300
1 57c
Emma Copper_r
4%
43-4 4% 1,100
First National Copper-- _5
2
1,900
2
2%
Fortuna Mines Corp_r_ _1
90,3 950 11,450
Goldfield Consol Mines-10 91c
90 110 14,300
9c
1
Goldfield Merger_r
700
Granite Gold Mining_r_ _
1, 00
6 0
8
6
5
38
6
5% 5 1-16 3
250.
Hecia Mining
1
Howe Sound
2% 7,300
2
2%
Int di Intercon M & R.. 5
7,300
12e 160
International Mines_r __ _1
1,375
1% 2 •
10e. 1 15-16
Iron Blossom_r
2 2 5-16 50,000
2%
Jerome Verde Copper_i_l
1% 2
5,400
Jerome Victor Extension_l
950 980
4,450
1 970
Jim Butler_r
84e 910 16,750
Jumbo Extension
1 85c
113413 11340 12o 7,700
Kewanus.r
6,000
55
58
57
La Exposition NIining_r_l_
5,000
12c 150
1
La Jara Gold_r
% 11-16 1,000
34
La Rose Consol Mines_ _ _5
15c 180 13,500
18c
Louisiana Consol
10c.
600
15%
15
5
Magma Copper
1 160 14%c 1630 61,100
Marsh r
1% 1 13-16 3,700
1
Nictntyre
55c 590
1,700
McKinley-Darragh-Sav.r 1
6% 6%
9,135
654
2
Mojave Tungsten.r
1% 23-4 9,100
Monitor Sil Leta M&M.r 1
%
400
Montana Consolidated_r- 7-16 7-16
640 740 24,800
Montana Gold Mines _- 74e
26o 400 136,500
1 31c
Mother Loder
18,700
41
45
Murdock Min & MiLi _1 44
17
35
1
% 390 53,000
Newray Mines, Ltd_r_ _1 39c
2,200
N Y & Honduras Rosario10 16%
7
7% 1,300
5
Nipissing Mines
1% 1,900
1
100.
Oatman Big Jim
4,000
60e 600
Oatman Lexington_i__-_1 600
9,100
350 •40o
35c
Oatman Southern--i_10o.
4,000
5340 6o
1
Oro.r..
24e 280 10,20
1 24e
Lake
Peterson
*33.4 3%
100
5
Ray HerCules_r
19c 2014c 12,200
1 19%c
Rex Consolidated_r
High.
May
June
June
Mar
June
Apr
June
May
Mar
Apr
June
May
Apr
Feb
Mar
Jan
Apr
Apr
Apr
June
Jan
May
Jan
June
May
May
Jan
Jan
Apr
Jan
Apr
Apr
75 May
105 May
1314 Jan
1234 May
234 Jan
4% Jan
37% Jan
Apr
82
13
Jan
77% Jan
87 June
32
Jan
162 June
150
Jan
614 Feb
17% Mar
87 June
82 June
120 June
65 June
43% Jan
28;i June
51% Mar
6% Jan
94 June
2 1-16 Jan
4% Jan
6% June
7% June
60 June
Jan
3
6% Apr
Feb
June
June
June
Jan
Apr
Mar
Apr
Apr
Mar
Feb
162
190
107
104
260
236
384
384
548
228
262
Jan
Feb
Jan
Mar
Feb
Feb
Jan
Jan
Jan
Jan
June
June 54e June
June
1% Mar
Jan
434 May
May 190 May
Apr 790 May
June 62e June
Jan 26% Feb
Apr 15% June
Apr
6% Feb
Feb
1% Mar
10% Apr 13% Jan
510 May 86o June
17
Feb 25 May
400 Apr 850 Feb
750 Apr 1 1-16 Mar
53
Feb 70 May
3% Apr
134 Feb
70o June 720 June
70 Mar 210 June
1% May
34 Mar
Mar
7% May
46
May 50 June
1% June
15-16 June
25e Apr 34o June
8% Jan 16% Feb
46% May 50 May
2% June
54e Mar
Feb 1331 Jan
1
Mar
2% Jan
4% Jan
9% Feb
510
34
23-4
13o
760
60o
14%
13%
43.4
550 Apr
55e Apr
390 May
11e June
10% Mar
z15c May
50e Mar
1% May
% Feb
5% Juno
2 Juno
2% Jan
64o June
1 3-16 Mar
330 Feb
35
May
I% Mar
14 Jan
1 1-16 June
1% June
1% Mar
1% Apr
171.0 Jan
4 June
1% May
750 Apr
90 June
310 June
3% Jan
5
Feb
1% May
100 Mar
1
Jan
1% May
1% June
850 Mar
70e Mar
11%o May
50 June
300 Apr
9-16 Mar
120 May
15
Jan
14c May
87%o Jan
38o Mar
3% Mar
34 Apr
% Feb
64o Juno
Jan
20o
38
May
340 Juno
16% June
6% Feb
83e June
500 May
30o Mar
4o Mar
23o Mar
2% Mar
13e Apr
700 Apr
1.02 May
55e June
23%0 Jan
15% May
440 Jan
2% June
*1% Apr
1% May
12% Mar
43-4 Mar
4% Jan
1 5-32 Apr
. 234 May
9%cMaY
42% Feb
Jan
2
% Mar
1 1-16 June
2% May
3% May
2 13-16Mar
70e Mar
8% Jan
234 June
1 3-16 Jan
210
Jan
84o Mar
5% June
Jan
8
2% June
310 Apr
2% Apr
234 May
2 June
1 3-16 Jan
134 May
22o
Jan
58 June
80o
May
1
May
180 May
19% Mar
410 Mar
2 1-16 May
720 May
8 May
2% May
1% Mar
740 June
430 Apr
45 May
390 June
17% June
8% May
Apr
2'4
68o Apr
50e Apr
Jan
60
390
Jan
5% Mar
390 May
THE CHRONICLE
JUNE 17 1916.]
_
Last Week s Range for
Week.
of Prices.
Sale.
Mining (Conel.)- Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
15-16 1 1-16 14,600 620 May 1% June
1
1
Rilla Copper_r
Jan 78o May
680 70e 18,100 55e
1 680
Rochester Mines Co
300 540 Feb 780 May
720 720
1
Round Mountain_r
700 500 Feb 600 Apr
56c 560
1
Ruby Silver_ r
Jan
9,400 150 Feb 26o
15c 160
1 160
Ban Toy Mining
131 Mar
% June
% 3,900
%
Scratch Gravel Gold Min-1 11-16
30 Feb 140 Apr
8310 10c 9,200
1
Pick Cons_r
Silver
Jan
2
1,400 1 7-16 Mar
131
131
Standard Silver-Lead____1 1 9-16
% Jan
3-16 Feb
1
,
3 11-32 17,500
1 9-32
Stewart Mining
78c 830 37,060 630 Mar 95c Feb
1 800
Mining_r
Success
9,800 51c Mar 810 May
63o 68c
1 650
Temiskaming_r
534 May
431 Mar
1
431 431 1,100
Tonopah Belmont_r
61%
751 May
9,400 3 15-18 Jan
531 5ifs
1
Tonopah Extension
731 May
Mar
6
1,500
1 69-16 .6
631
Tonopah Mining
Apr
1
% Feb
1,000
5
34
31
Tr -Bullion S & D
% Jan 9-16 May
4,500
1
% 9-16
31
Tuolumne_r
331 Apr
431 May
1 315-16
331 431 2,315
United Eastern
Jan 18o Mar
8o
10c lbe 15,100
110
f
U 8 Continental_r
634 Jan 3534 June
United Verde Exten-r-500 3331 2731 3531 38,500
3 June
134 Apr
8,000
231
5
231 3
Unity Gold Mines
8 May
634 June
Virginia Mlnes_r
634 751 7,300
950 1 1-32 18,200 680 Mar 1 3-16 May
West End Consolidated__1 96o
Feb 1631 May
5
7
7
1131 5,820
White Oaks Mines Cons.r 5
131 May
Yuscaran Consol_r
131 131 2,000 1 1-18 Feb
131
,
Bonds
June 8231 June
82
_ _1947
8231 8231 $3,000
Adams Express
9334 May 9831 Mar
4s_Ches & Ohio cony 5s_r1946 9531 9534 95% (a)
9934 9931 10,000 9951 May 10131 Feb
Chic Un Sta 431s_r__1963
Mar 50
Mar
16,500 25
44
42
Cons Aria Smelt 55_1939
Apr 100
Feb
Midvale St & Ord 5s_r1936 9631 9631 9751 102,000 96
2247
Quotations for Sundry Securities
All bond prices are "and interest" except where marked
Standard 011 Stocks Pe'Skate
-Per She re.
Tobacco Stocks
Par Bid. Ask
Par Bid. Ask.
Anglo-Amer 011 new.... El *1512 16
American Cigar common100 125 132
Atlantic Refining
100 690 695
100 99 101
Preferred
Borne-Sorymeer Co
100 340 350 Amer Machine & Fd17-100 80 88
Buckeye Pipe Line Co..___50 .88 92 British-Amer Tobao ord_ £1 •17 18
Cheeebrough Mfg Cons..
.100 300 310
£1 *17 18
Ordinary. bearer
Colonial 011
100 70 80 Conley Foil
100 325 350
Continental 011
100 320 330
Johnson Tin Foil & Met_100 130 150
Crescent Pipe Line Co...
.50 .40 43
MacAndrews & Forbes 100 175 185
Cumberland Pipe Line..100 80 85
100 99 101
Preferred
Eureka Pipe Line Co__ 100 203 208 Porto Rican-Amer Tob 100 225 235
Galena-Signal 011 com
100 155 158 Reynolds(R J)Tobacco. 100, 480 500
Preferred
100 140 115
Preferred
100 120 122
Illinois Pipe Line
100 163 166
Tobacco Products
100 4212 4312
150 160
Indiana Pipe Line Co
50 *88 92 Tonne (J 5) Co
1
Internet Petroleum
£1 *1012 11
Preferred
100 105 110
National Transit Co_ 12.50 •15 17
New York Transit Co_...100 185 195
Northern Pipe Line Co _100 93 96
Short Term Notes. Per Cent.
Ohio 011 Co
25 *232 234
25 *58 60
Penn-Mex Fuel Co
25 •13 1312 Amer Locom5s July 1916 J-J 100 10014
Pierce 011 Corp
100 403 407
Be, July 1917
Prairie 011 & Gas
J-J 10014 101
100181063
217 219 Am T & T Ole 1918
s
Prairie Pipe Line
1
8
100321007
Solar Refining
100 270 280 Anaconda Copper be '17 M
8
Southern Pipe Line Co__100 190 195 Canadian Pao 6s 1924_M&82 102 1023
9512
South Penn 011
100 353 357 Chic Elev Ry be 1916_ _J-J
Southwest Pa Pipe Lines_100 104 108 Chic & West Ind bs'17_M&S -6373 0978
Erie RR 534e 1917 ____A-0 101 10138
Standard Oil(California) 100 249 251
Standard Oil (Indiana)_ _100 560 565 General Rubber Si 1918 J&D 1001410038
* Odd lots. a $1,045,000. I A prospect. I Listed on the Stock Exchange this Standard 011 (Kansas) _100 445 455
k
Hocking Valleys,1917_M-N 100381007
week, where additional transactions will be found. r Unlisted. t 30% paid. Standard 011(Kentucky) 100 400 410 Int Harv 5e Feb 15 '18.F-A 10134 102
paid. w When issued. z Ex-dividend. y Ex-rights. z ExU 20% paid. v 10%
8
Standard 011 (Nebraeka).100 340 350 Morgan&Wright be Deo.1.'18 99 410014
stock dividend.
3
Standard 01101 New Jer_100 530 533 New Eng Nay 65 1917_M-N 99 4 1001s
997 1001s
e
Standard 01101 New Y'rk100 208 210 NYNH&H 434s May 191
Standard Oil (Ohio)
100 625 635 Pub filer Corp NJ be'19 M&S 10014 10012
CURRENT NOTICE.
4
Swan & Finch
100 95 100 Rem Arne U.M.C.&Vie F&A 973 9812
8
Union Tank Line Co
100 81 83 Southern Ry 5s 1917__M-S2 100141005
A. W. Seabrease Jr., Chicago, representative of H. A. Kahler & Co.. Vacuum 011
258
100 •30 262 United Fruit 5e 1918.. M-N 10012101
40 wahSecurCorp 6e'22 M-S15 9512 961s
135 Broadway, New York, has for distribution an attractive booklet pub- Washington 011
10
4
Winches RepArms5s'18M&S 983 9914
lished by the United States Bond & Mortgage Co. of Dallas, Tex., giving
Bonds.
New York City Notes
statistics of general interest and photographs of Texas and Oklahoma.
10012100 s
5
Pierce 011 Corp con 80_1924 81 5
3 Se Sept 1916
10234103
6.Sept! 1917
-The investment situation is summarized in a circular issued to-day by
Canadian Govt. Notes
A. B. Leach & Co., 62 Cedar St., this city, and there are also some investOrdnance Stocks
54 Aug 1 1916
F&A 1001g 100S
-Per Shardment suggestions that are particularly appropriate at the present time.
7
54 Aug 1 1917
F&A 100 s 1011s
Ask for circular "No. E. C. 182."
3
AetnaExplosives new(no par) *1812 15 4
70 76
Preferred
1
and accrued interest, Kean,Taylor & Co. of New York and Chi-At 100
10 20
-year Amer & British M fg__ _ _1
cago are offering $2,500,000 Kansas City Terminal Railway Co. 5
Public Utilities
-Preferred
100 30 65
4 3i% Secured gold notes. Descriptive circular on request. See the ad- Atlas Powder common 100 176 181
*145 148
•I4 18 Am Gas & Eleo corn
Rights
vertisement for particulars.
*50 51
Preferred
Preferred
100 98 101
-Hartshorne & Picabia, members of the New York Stock Exchange, have Babcock & Wilcox__ _ _ _1
380 383
113 116 Am Lt&'Frac common__1
100 110 113
issued a circular analyzing the investment and speculative position of the Bliss(E W)Co common__50 610 615
Preferred
69 71
Preferred
50 •75 85 Amer Power & Lt corn__ _1
St. Paul & Sault Ste. Marie Ry., a subsidiary of the Canadian
Minneapolis
Canada Fdys de Forgings100 198 208
100 84 86
Preferred
Pacific.
Canadian Car & Fdry_ _100 65 70 Amer Public Utilities oom100 45 47
100 77 78
Preferred
Preferred
-Andrews & Co., Investment Bankers, 108 So. La Salle St., Chicago,
100 82 88
300 350
100 280 282
announce the opening of branch offices at 34 Pine St., New York, 906 Canadian Explosives com100 100 110 Cities Service Co com
100 8512 8612
Preferred
Preferred
100
Widener Bldg.,Philadelphia,:and 1201 Union National Bank Bldg., Pitts- Carbon Steel common__ _100 73 76 Com'w1th Pow Ry & L 100 64 65
burgh.
100 84 85
Preferred
1st preferred
100 85 90
26
100 60 65 Dayton Pow & Lt pref_ _ 100 95 98
-Stephens & Co.,investment bond dealers of San Diego, Cal.. announce Colt'spreferred
pref 100 100 103
Eleo Bond & Share
Patent Fire Arm'
the opening of San Francisco offices in the Merchants National Bank
Mfg
100 830 840 Federal Light & Traction 100 12 14
Crocker-Wheeler Co oom.100 100 104
100 4512 4712
Preferred
Building, in charge of R. K. Williams, Vice-President of the company.
125 132 Great West Pow be 1946.J&J 89 90
Driggs-Seabury Ord Corp100
-J. Kennedy Block and R. Lee Megowen, formerly with Spencer Trask duPont(E I) de Nemours
85
Indiana Lighting Co
1
& Co., have incorpotated as Block, Megowen & Co., to deal in investment
sis 1958 optional_ _ _ _F-A 77 79
Powder corn (new)_ _ _100 297 302
North'n States Pow com..100 92 94
Preferred
100 102 105
bonds at 105 South La Salle St., Chicago.
100 96 9712
Preferred
Electric Boat
100 380 400
-W. R. Britton & Co., 80 Broadway, this city, announce that Joseph
1st & ref 58 1941_ __ _A&O 96 0612
Preferred
100 380 400
W. Beldon, formerly with the Fidelity Trust Co. of Newark, N. J., has
Hercules Powder corn.._100 365 375 Pacific Gas & Eleo com 100 5814 5912
100 88 89
let preferred
Preferred
100 115 119
become associated with their firm.
100 89 91
2d pref (old pref)
Hopkins & Allen Arms.._100 25 35
100 38 40
Preferred
100 55 65 Republic Ry & LIght
100 76 78
Preferred
International Arms
25 •15 16
•7
9 South Calif Edison oom_100 89 91
Lake Torpedo Boat corn..10
100 104 107
Preferred
Midvale Steel& Ordnance 50 *67 68
Banks.
Bid
Ask
Ask
Bid
Trust Co's.
Banks.
Niles
-Element
-Pond corn _100 173 175 Southwest Pow &L pref 100 9712 100
310
Manhattan• 300
New York
Bid
*16
Ask
New York
Preferred
100 100 105 Standard Gas& El(Del). 50 •41 17
240
Mark & Fult 230
540
Astor
43
460
470
- 530
America.
Preferred
Scovill Mfg
..100 590 600
215
Mech & Met 268
272
Bankers Tr_ 458
465
Amer Each. 210
38 40 Tennessee Ry L & P oom 100 12 13
•
Submarine Boat _ _ (no par.)
.
185
Merchants'- 187
195 B'way Trust 145
Atlantic __ 180
150
100 50 52
Preferred
Winchester Repeat Arms 100 1750 1850
170
Metropolis*. 285
300 CentralTruat 1190 1220
Battery Park 100
United Gas & Eleo Corp_100 15 18
Metropol'n• 176
182 Columbia_ _ _ 555
560
Bowery s... 390
100 74 77
1st preferred
Mutual
325
Commercial_ 110
Bronx Bore* 200
100 17 20
2d preferred
RR. Equipments-PerCi Basis
New Noth*. 215
225 Empire
Bid. Ask. United Lt & Rya oom
290
310
Bronx Nat.. 175
100 52 54
New York Co 725
825 Equitable Tr 445
4.30 4.10
BryantPark• 135
455
100 x76 77
1s1 preferred
Baltimore & Ohio 434e
115
New York__ 400
410 Farm L & Tr 1350
Butch & Dr. 100
Buff Roch & Pittsburgh 434s 4.55 4.20 Western Power common_100 21 22
Pacific •____ 275
645
635
4.501 4.20
Fidelity
_ 200 210
Chase
100 69 70
Preferred
Equipment 4s
235
Park
465 475 Fulton
280
Chat & Phen 230
Canadian Pacific 434e
People's'.... 220
125
235 Guaranty Tr 428
0
5
5 ! 4 35
4..75 4.2
Chesisea Ex*
433
Caro Clincht & Ohio Sc
210 Hudson
Prod Each'. 200
402
4.251 4.00
150
Chemical...
Central of Georgia 5s
210 Law Tit& Tr 132
190
Public'.
182
4.50 4.28
Citiaenseent 177
137
Industrial
Equipment 431s
416 430 LincoinTrust 110
437 Seaboard
430
5.50 4.70
120
and Miscellaneous
City
Chicago & Alton 4s
895
420 Metropolitan 425
197 Second
187
435
Coal & iron
Chicago & Eastern Ill Sc.... 6.65 5.30
135
Mut'l(WestSherman --- 125
_
5.65 5.30 Amer Bank Note corn.- 50 *38 39
Colonial'.._ 450
Equipment 434s
115
100
chester).. 125
State •
4.75 4.35
325
Preferred
Columbia*.- 320
60 *50 51
Chic Ind & Louiav 434e
135 N Y Life Ins
4.50 4.25 American Brass
23d Ward*. 100
100 295 297
Commerce
t168 t170
Chic St L & NO 55
145
de Trust_. 985 1000
41 44
4.30, 4.10 American Chicle coin
Union Excb_ 138
320
Corn Each' 315
10
Chicago & NW 434s
N Y Trust.. 595
69 72
5.25 4.80
Unit States* 500
605
Cosmopol'n• 100
1
Preferred
Chicago RI& Pee 430
Title G u&Tr 378
4.80' 4.38 Am Graphophone com_l
140 142
Wash H'tee_ 225
385
75
East River_ _
Colorado & Southern Si...
ffi
4.S0 4.25
155
foS Weetch Ay* 160 415 Transatlan'o
Fidelity *- 155
100 138 142
Preferred
Erie 5e
Union Trust
405
West Side*. 400
Fifth Ave'.- 4300 4800
American Hardware_...100 130 132
Equipment 434s
550 USMtg&Tr 390
0
4..2 3..50
4 55i 4 25 Amer Typetowaders mm.100 41 44
400
Yorkville•_ _ 475
275
Fifth
250
Equipment 4s
UnitedStates 1025 1045
4.40 4.15
Brooklyn
First
990 1010
100 94 96
Preferred
Hocking Valley 4s
140 Westchester 130
4.50 4.25 Borden's Cond Milk oom.100 117 118
200
140
185
Coney Isi'd• 130
Garfield_
Equipment be
270
255
140
4.32 4.12
First
Germ-Amen' 130
100 107 110
Preferred
Illinois Central 55
Brooklyn
165
175 80
390
German Ex' 350
Flatbush _ 150
1
Celluloid Company
4%5
2
1
165
155
450
Germania •_ 400
Greenpo1nt
100
Havana Tobacco CoKanawha & Michigan 4341.
2
115 BrooklynTr. 520
Gotham _
200
535
4..632 44. 12
4.352 4 . 352
Llillside
12
_ - 100
3
1
Preferred
Louisville & Nashville 5e
Greenwich*. 275
0
265
90 Franklin _ 255
i66- Homestead •
.
4.45 0. 0
0 70 4.2
1st g be June 1 1922 J-D /48 53
Minn St P&SEIM 434e
Hanover ..._ t64312
140 Hamilton... 265
Mechanics'..
275
Intercontinen Rub corn...100 12 13
Missouri Kansas & Texas 5s.
Harriman _ 350
650
110 Kings Co_ 630
Montauk*._
Internat Banking Co-- _100 160 63
Missouri Pacific 58
510
Imp & Trad_ 500
Nassau
.3
195
205 Manufact'rs
4 75 4 8
5;80 4 75 International Salt
100 38 40
Mobile & Ohio 5s
192
187
Irving
Citizens.. 145
150
Nation'l City 270
280
A-0 /7412 76
let g 15e 1951
Equipment 434e
750
North Side. 170
Liberty
292
185 People's.... 282
International Sliver pref _100 99 02
New York Central Lines 5a.
360 People's
325
75
4
Lincoln
85
140 Queens Co__
130
44...5°5 4...20
4 475 4 23°5 Lehigh Valley Coal Balee_50 *87 92
Equipment 430
2
. 3 4. 5
100 58 60
NY Ontario & West 4341._ 4 48 4.10 Otis Elevator corn
100 88 91
Preferred
Norfolk & Western 434s...
e)
w th a( are State banks tSate at auction or at Stock Ex4.28 4.10 Remington Typewriter
'Banks marked
Equipment 4s
1412 15
.0
change this week. p Ex-rights
.
. 0 40
4 25 4.00
1
Common
Pennsylvania RR 434e
73 76
1
lat preferred
Equipment 4e
42 44
5.40 4.75
1
2d preferred
St Louie Iron Mt & Sou fis_
140 145
St Louis & San Francisco Sc. 5.60 5.00 Royal Baking Powd com.1
4.70 4.35
100 101 102
Preferred
Seaboard Air Line Si
4.65 4.25
Equipment 434s
Bid
Ask
. 4.32 4.12
Southern Pacific Co 434s__
Ask
Bid
Bid
Ask
LawyersMtg 167
172 Realty Assoc
Southern Railway 434s..... 4.60 4.30
80
Alliance R'ty 70
4.65 4.35
Is
Bond.. 114
119
Toledo & Ohio Central
Mtg
170
(Brooklyn) 96
100
Amer Surety 160
295 US Casualty 195
Nat Surety_ 290
277
210
Bond & M 0 270
85 USTitleG&I 60
NYMtg&See 75
60
Casualty Co
W- NY Title Ina 40 46 Wes& Bronx
City Invest'g
• Per share. b Basis. d Purchaser also pays accrued dividend. s New stock.
68
Title&MG 167
175
Preferred._
f Flat price. I Nominal. s Ex-dividend. y Ex-rights.
5
5
New York City Banks and Trust Companies
fig
gig"
306
116'85
New York City Realty and Surety Companies
b8
60
THE CHRONICLE
2248
inuestment anti
[VOL. 102:
Iria1intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
solumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
AlaN 0& Tex Pac$
$
N 0 & Nor East_ May
339,657 285,090 3,546,112 3,267,773
Ala & Vicksburg_ May
151,823 127,734 1,578,099 1,398,093
Vicks Shrev & P.. May
136,474 122,632 1,534,344 1,297,584
Ann Arbor
1st wkJune
54,878
43,135 n2,508,960 2,166.066
Atch Top & S Fe__ _ April
11049490 9,635,319 109860073 98,111,698
Atlanta firm & Ad 4th wkMay
64,696 2.813,606 2,456,627
75,466
Atlanta & West Pt.. April
119,334 103,646 1,146,509
999,586
Atlantic Coast Line April
3.265,144 2,977,165 28,672,595 26,612,265
Chariest & W Car April
177,572 172,033 1,586,128 1,513,083
Lou fiend & St L April
138,341 109,394 1,336,245 1,169,522
aBaltimoie & Ohio_ April
9,042,070 7,430,050 91,121,549 74,876,636
B & 0 Ch Ter RR April
158,321 114,166 1,456,079 1,293,512
Bangor & Aroostook April
378,445 325,864 3,110,051 3,139,239
Bessemer & L Erie_ April
517,300 482,155 8,498,581 6,460,367
Birmingham South_ April
90,222
50,597
810,463
679.765
Boston & Maine__ _ April
4.447,447 3,815,972 42,608,110 38,762,508
Buff Roch & Pittsb_ 1st wkJune 223,648 217,234 11,198,775 8,887,062
Buffalo & Susq RR_ April
120,762 113,666 1,425,804 1,220,705
Canadian Nor Syst_ 1st wkJune 629,700 409,400 30,677,500 23,183,500
Canadlan Pacific_ _ _ 1st wkJune 2,674,000 1,585,090 119978,108 92,672,680
Central of Georgia_ April
990,531 1,012,351 10,629,508 10,42:3,225
Cent of New Jersey April
2,989,219 2,793,185 30,142,663 26,393,604
Cent New England. April
441,068 431,869 3,954,825 3,291,865
Central Vermont__ April
387,174 317,731 3,533,849 3,177,082
Ches & Ohio Lines_ 1st wkJune 796,328 700,233 44,734,145 36,528,119
Chicago & Alton..__ April
1,252,346 1,063,634 13,484,663 11.891,768
Chic Burl & Quincy April
8,060,057 6,689,143 85,478,863 76,907,228
b Chicago & East Ill April
1,154.189 1,037,692 14,080,199 12,071,933
c Chic Great West__ 1st wkJune 268,437 258,212 14,062,395 12,996,766
Chic Ind & Louisv_ 1st wkJune 153,829 126,009 7,183,448 6,132,265
Chic Milw & St P_1 April
8,748,558 6,877,038 87,372,275 76,380.308
Chic MU & Pug Si
dChic & North West April
7,512,437 6,035.695 77,561,820 69,936,288
Chic Peoria & St L_ April
136,750 121,407 1,455,453 1,371,304
Chic Rock Isl & Pac April
5,761,977 4,921,460 60,227,580 57,435,320
Chic RI & Gulf__ April
242,168 199,111 2,651.423 2,510,849
dChic St PM & Om April
1,697,600 1,322,875 16,721,021 15,420,563
Chic Terre 11 & 5 E April
143,442 161,253 2,144,256 1,874,069
Chi Ham & Dayton April
733,867 739,773 8,695,069 7,935,653
Colorado Midland_ April
109,682 101,710 1,284,484 1,483,726
e Colorado & South_ 1st wkJune 246,345 216,785 14,657,022 13,377,938
Cornwall
April
26,577
10,155
168,688
108,318
Cornwall &Lebanon April
41,265
23,550
382,276
245,714
Cuba Railroad__ _ _ April
777,660 545,701 5,530,581 4,208,266
Delaware & Hudson April
2,184,845 2,056,513 21,437,096 18,908,217
Del Lack & Western April
3,720,735 3,757.255 40,458,656 35,492.528
Deny & Rio Grande 1st wkJune 456,900 420,500 23 262 921 20,372,773
Western Pacific__ April
686,792 439,624 6,173,326 4,589,528
Denver & Salt Lake 4th wkMay
41,165 1,721,837 1,499,267
52,800
Detroit Tol & Iront April
180,370 118,989 1,814,018 1,515,639
Detroit & Mackinac 1st wkJune
20,430
17,627 1,082,112 1,006,867
Det & 'Poi Shore L_ April
141,012 115,450 1,444,962 1,241,573
Dul & Iron Range__ April
348,948 247,166 4,528,113 3,276,411
Dul Sou Shore & Ad 1st wkJune
60,991 3,230,256 2,694,569
61,405
Duluth Winn & Pac April
172,377
83,509 1,421,132 1,099,474
Elgin Joliet & East_ April
1,205,032 751,150 10,893,938 6,899,889
El Paso & Sou West April
964,898 661,468 8.612,906 6,343,265
Erie
April
6,027,893 5,012,208 59,947,507 50,211,404
Florida East Coast.. April
922,549 561,029 5,920,869 4,456,226
Fonda Johns & Glov April
721,535
82,664
73,041
780,065
Georgia Railroad __ April
269,314 225,709 2,636,556 2,408,271
Grand Trunk Pac__ 3c1 wk May
92,074
48,962 5,262,841 3,393,419
Grand Trunk Syst_ 1st wkJune 1,107,091 958,977 50,635.400 46,242,218
Grand Trunk Ry.3d wk May 822,521 756,361 37,226,307 35,289,144
Grand Trk West_ 3d wk May 190,495 133,294 7.680,241 6,350,692
Det Or H & Milw 3d wk May
48,709 2,854,193 2,274,641
75,635
Great North System May
6,764,853 4,801,733 73,946,196 61,939,630
Gulf & Ship Island_ April
173,641 145,516 1,637,5791 1,366,981
Hocking Valley__ April
479,691 442,497 5,874,973 5,149,495
Illinois Central..___ May
5,875,257 4,838,776 63,061.613 57,230.151
Internat & Grt Nor April
798,425 610,757 7,893,571 7,718,577
Kansas City South_ April
892,081 786,066 8,731,713 8,411,796
Lehigh & Hud Itiv_ April
182,607 177,173 1,727,271 1,486,353
Lehigh & New Eng_ April
233,600 260,425 2,839.715 2,104,433
Lehigh Valley
April
3,692,001 3,782,270 38,835,213 35,045.845
Louisiana & Arkan_ April
163,009 144,189 1,421,834 1,435,604
Louisiana Ry & Nay April
160,986 165,991 1.850.536 1.676.750
Louisville & Nashv 1st wkJune 1,175,370 983,325 56,355,810 48,413,757
Maine Central
April
973,529 858,788 9.852,363 9.435,421
Maryland & l'enna_ April
435,150
43,124
44,726
398,007
Midland Valley__.._ April
169,419
94,853 1,537,408 1.180,535
Mineral Range....__ 1st wkJune
19,361 1,004,263
782,058
21,329
Minneap & St Louis 1st wkJune 205,328 186,695 10,081,277 9,483,015
• Minn St P & S S M_ 1st wkJune 591,739 470,130 32,426,668 26,142,099
Mississippi Central_ April
678,3281' 646,938
70,499
60,680
g Mo Kan & Texas_ 1st wkJune 609,577 558,683 30,319,947 31,078,311
h Missouri Pacific__ April
5,391,144 4,467,223 53,353,549 49,119,873
Nashv Chatt & St L April
1,079,954 928,931 10,560,236 9,213,583
Nevada-Cal-Oregon 4th wkMay
238,786
10.074
8,714
325,568
5 New York Central April
16203808 13083366 154753424 127075975
Boston & Albany. April
1,818,310 1,423,929 16,213,915 13,559,532
n Lake Erie & W_ April
585,091 463,910 5,719,7411 4,734,623
Michigan Central April
3,837,898 2,863,499 34,148,297127,827,717
Cleve C C & St L April
3,533,145 2,786,677 35,805.35529.885,153
Cincinnati North. April
142,605 122,525 1,498,881 1,290,214
Pitts & Lake Erie April
1,900,769 1.190.908 18,655,331 11,724,705
N.Y Chic & St L_ April
1,306,062 950.894 11,873,707 9.432,494
Tol & Ohio Cent.. April
393,761 340,000 4,410,950 4,189,304
Kanawha & Mich April
269.276 223,256 2,985,817 2,410,790
Tot all lines above April
29990724 23448964 286070420 2321:30512
July 1 to Latest Date.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
New On Great Nor.. April
166,761 131.745 1,516,495 1,323,693
N 0 Mobile & Chic.. April
187,490 162.775 1,675,305 1,500,146
NY NH & Hartf_ April
6,638,131 5,536,894 62,365,096 53,296,468
N Y Ont & Western April
700,599 749,971 7,494,022 7,498,869
N Y Susq & West.. April
330,530 368,511 3,668,089 3,245,307
Norfolk Southern__ April
407,308 344,087 3,703,444 3,254,117
Norfolk & Western_ April
4,676,973 3,759,184 47,023.160 34.646,405
Northern Pacific__ 1st wkJune 1,442,000 1,191,000 70,462,498 59,026,818
Northwestern Pac_ April
327,855 258,405 3,479.116 2,919.247
Pacific Coast Co.. April
581,499 422,931 6,061,675 5,203,188
p Pennsylvania RR_ April
18825483 15267949 180936670 151710560
929,480 1,035,749
Ball Ches & Atl_ April
85,249
73,608
Cumberland Vail. April
312,501 246,374 2,910,756 2,420,844
Long Island
April
1,113,661 1,013,241 11,486,506 10,795,291
788,500
741,437
Mary'd Del & Va April
67,039
63,293
N Y Phlla & Norf April
405,524 299,684 3,801,074 3,042,867
Phil Balt & Wash April
2,133,104 1,743,884 19,334,954 16,689,707
W Jersey & Seash April
614,445 487,300 6,242,794 5,406,898
Pennsylvania Co...... April
5,946,168 4,226,248 57,427,198 43,612,426
Grand Rap & Ind April
476,214 424,270 4,669,781 4,479,586
Pitts C C & St L April
4,023,423 3,162,308 38,947,475 31,901,126
Vandalia
April
946,606 864,110 10,397,418 9,258,413
Total lines
East Pitts & Erie April
23862953 19450683 230696035 195860941
West.Pitts & Erie April
11549299 8,809,832 112886963 90,518,601
All East & West_ April
35112252 28260515 343583000 286379542
Pere Marquette
1st wkJune 397,324 324,785 19,766,515 16,899,018
Reading CoPhila & Reading_ April
4,805,000 4,272,567 48,161,551 39,323,059
Coal & Iron Co__ April
2,407,814 3,606,944 31,008,292 25,826,883
Total both cos_
April
7,212,814 7,879,511 79.169,813 65,149,942
Rich Fred & Potom April
346,044 274,124 2,671,57! 2,339,490
Rio Grande June_ _ _ March
749,148
791,816
73,965
63,724
Rio Grande South.... 1st wkJune
523,520 • 518,161
11,736
9,845
Rutland
April
378,390 291,281 3,182,373 2,869,759
St Jos & Grand Isl.. April
154,095 119,806 1,498.407 1,270,931
St L Brownsv & M April
219,339 208,134 2,175,782 1,907,130
St L Iron Mtn & So April
2,753,904 2,338,246 27,128,643 26.357,035
St Louis & San Fran April
4,179,039 3,427,451 40,487,023 36,672,286
St Louis Southwest_ 1st wkJune 217,000 183,000 11,473,525 9,997,639
San Ped L A & S L.. April
1,019.949 863,978 9,136,668 7,722,406
Seaboard Air Line.. April
2.182,t/20 2.033,915 20,518,864 18,286,227
Southern Pacific.. April
12.351273 10164036 126246215 107309779
Southern Railway__ 1st wkJune 1,314,942 1,098,205 65,473,086 58,554,153
Mobile & Ohio......1st wkJune 229,195 205,270 11,055,117 10,304,970
Cin N 0& Tex P_ 1st wkJune 206,144 174,061 10,288,460 8,859,064
Ala Great South_ 1st wkJune
83,386 5,201,842 4,467,730
98,180
27,317 2,277,545 2,092,209
Georgia So & Fla_ 1st wkJune
41,285
Virginia & Sou W 1st wkJune
31,550 1,824,490 2,694,311
35,106
Spok Port & Seattle April
381,248 293,303 4,100,193 3,726,359
Tenn Ala & Georgia 4th wkMay
1,863
94,456
64,075
3,223
Tenntssee Central.. April
141,281' 126,903 1,325,058 1,238,334
Texas & Pacific...... _ 1st wkJune 329,400 309,038 18,008.723 16,932,807
Toledo Peor & West 4thwk May
35,991 1,107,718 1,082,109
36,667
Toledo St L & West 1st wkJune 105,680
94,514 5,212,437 4,326,932
791,204
877,316
Trinity & Brazos V_ April
48,737
66,421
Union Pacific Syst_ April
8,470,327 6,294,001 86,632,918 73,046,826
Virginian
April
648.537 556.857 6,344,257 5,048,335
Wabash
April
2,984.869 2,343,794 28,641,130 24,398,826
Western Maryland.. 1st wkJuna 202,814 195,175 10,110,237 8,034,151
Western Ry of Ala_ April
109,066 106,717 1,095,515 1.055,185
Wheel & Lake Erie_ April
755,730 414,802 7,283,597 4,343,868
Yazoo & Miss Vail.. May
1,101.207 953,529 12,374,078 10,026,743
Various Fiscal Years.
Period.
Buffalo & Susquehanna RR____ Jan
Delaware & Hudson
Jan
Erie
Jan
Jan
New York Contral_f
Jan
Boston & Albany
Jan
Lake Erie & IVestern_n
Jan
Michigan Central
Cleve Cin Chic & St Louis__ Jan
Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan
Jan
Toledo & Ohio Central
Jan
Kanawha & Michigan
Total all lines
Jan
N Y Susquehanna & Western Jan
p Pennsylvania Railroad
Jan
Baltimore Chesap & Atlantic Jan
Cumberland Valley
Jan
Long Island
Jan
Maryland Dolaw & Virginia_ Jan
N Y Philadelphia & Norfolk.. Jan
Phila Baltimore & Washing'n Jan
Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Grand Rapids & Indiana____ Jan
Pitts Chic Chic & St Louis__ Jan
Jan
Vandalia
Total lines-East Pitts & Erie Jan
-West Pitts & Erie Jan
-All lines E & W.. Jan
Rio Grande Junction
Dec
Rutland
Jan
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Current
Year.
Previous
Year.
30 $567,468 $450,332
30 8,485,029 6,987,572
30 23,124,828 18,994.695
30 63,076,789 48,566,478
30 6,637,556 5,126,539
30 2,248,237 1,817,119
30 14,165,687 10,625,038
30 14,483,530 11,103.308
30
577,721
456.342
30 7,497,206 4,122,916
30 5,019.032 3,700,427
30 1,760,662 1,314,629
30 1,172,531
825,194
30 116636951 87,657,992
30 1,564,084 1,339,278
30 72,467,506 56,198,360
286,846
261,815
30
902,254
30 1,211,529
30 3,985,727 3,530,209
30
215,956
231,590
30 1,512,339 1,092,657
30 7.740,435 6,151,071
30 2,078,531 1,650,630
30 21,785,743 15.175,717
30 1,805,383 1,630,371
30 15,941,397 11,928,707
30 4,128,146 3.442,526
30 90,658,949 70,971,428
3044,231,94532.654,619
301134893894 103626047
.31
273,365
250,298
30 1.266,126 1.023,714
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
• Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
41 Monthly Summaries.
Current
Year.
Previous• Increase or
Year.
Decrease.
$
Cur. Yr. Prey. Yr.
Mileage.
$
$
.
week Mar 138 roads)____ 20,311,792 16,481.520 +3,830,272 23.24 August
247,809 245,754 279,891,221 274,618,381 +5.272.813 1.93
week April 32 roads)..__ _ 12,146,779 9,994.742 +2,152,037 21.52 September 245.132 243.463 294,241,310 276,458,199 +17.783,141 6.43
week April 32 roads)____ 13,369,400 10,662,518 +2,706,882 25.40 October
248,072 247.009 311,179,375 274,091,434 +37.087,941 13.57
week April 33 roads)___ 13,403.730 10,934,698 +2,469,032 22.58 November _246.910 245.858 306,733,317 240,422,695 +66,310,622 27.58
week April (38 roads)___ _ 17,252,276 14,337,992 +2.914,284 20.33 December 248,437 247,673 295.202,018 232.763.070 +62,438,948 26.82
week May (37 roads)____ 13,608,168 10,598.907 +3.009,261 28.39 January ___ _247,620 246,838 267,043,635 220,203,595 +46.840.040 21.27
week May (36 roads)_.._.. 13,955,903 10,818,158 +3,137,745 29.00 February
245.541 244.809 267,579,814 209.573.963 +58,000,851 27.68
week May (35 roads)_ _ _ _ 12,245,804 9,661,045 +2,581,759 26.72 March
247.363 246.544
.
..
. _ _ 233.093,843 +54 731 563 20.47
„
week May (34 roads)._ _ _ 20,536.118 14,730,366 +5,785.752 39.23 Ann
.
4.5
„
'tU.
,
, ,
week June (33 roads)..___ 13,927,110 11,169.493 '+2,757,617 24.69 May
88,112 86.187 75.841,360 57,674,478 +18,167,882 31.50
a Includes Cleveland Lorain & Wheeling Ry. b Includes Evansville & Terre Haute and Evansville & Indiana RR. c Includes Mason City & Port
Dodge and the Wisconsin Minnesota & Pacific. d Includes not only operating revenue, but also all other receipts. e Does not include earnings of Colorado Springs & Cripple Creek District Ry. I Includes Louisville & Atlantic and the Frankfort & Cincinnati. g Includes the Texas Central and the
Wichita Falls lines. h Includes the St. Louis Iron Mountain & Southern. 5 Includes the Lake Shore & Michigan Southern Ry., Chicago Indiana &
Southern RR. and Dunkirk Allegheny Valley & Pittsburgh RR. n Includes the Northern Ohio RR. p Includes the Northern Central. * We no
ionger include the Mexican roads in any of our totals.
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
THE CHRONICLE
JUNE 17 1916.)
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the first week
of June. The table covers 33 roads and shows 24.69% increase in the aggregate over the same week last year.
1916.
First Week of June.
Alabama Great Southern
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Great Western
Chicago Ind & Louisville
One New Or!& Texas Pacific
Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Duluth South Shore & Atlantic_
Georgia Southern & Florida___ _
Grand Trunk of Canada
Grand Trunk Western
Detroit Gr Hay & Milw_
Canada Atlantic
Louisville & Nashville
Mineral Range
Minneapolis & St Louis
Iowa Central
Minneapolis St Paul & S S M__
MissoutI Kansas & Texas
Mobile & Ohio
Northern Pacific
Pere Marquette
Rio Grande Southern
St Louis Southwestern
Southern Railway
Texas & Pacific
Toledo St Louis & Western
Virginia & Southwestern
Western Maryland
Total (33 roads)
Not increase (24.69%)
Increase. Decrease.
1915.
$
$
$
14,794
83,386
98,180
11,743
43,135
54,878
6,414
217,234
223,648
409,400 220,300
629,700
2,674,000 1,585.000 1,089,000
700,233
96,095
796,328
10.225
258,212
268,437
27,820
126,009
153,829
32,083
174,061
206,144
29,560
216,785
246,345
36,400
420,500
456,900
2,803
17,627
20,430
414
60,991
61,405
3,968
37,317
41,285
1,107,091
958,977
148,114
1,175,370
21,329
205,328
583,325
19,361
186,695
192,045
1,968
18,633
470,130
591,709
558,683
609,577
205,270
229,195
1,442,000 1,191,000
397,324
324,785
11,736
9,845
217,000
183,000
1,314,942 1,098,265
329,400
309,088
105,680
94,514
35,106
31,550
202,814
195,175
$
121,579
50,894
23,925
251,000
72,539
1,891
34,000
216,737
20,312
11,166
3,556
7.639
13,927,110 11,169,493 2,757,617
Net Earnings Monthly to Latest Dates.
-In our "Railway Earnings" Section or Supplement, which accompanies
to-day's issue of the "Chronicle," we give the April figures
of earnings of all steam railroads which make it a practice to
issue monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplement for full details regarding the April results for all the
separate companies.
In the following we give all statements that have come in
the present week covering a later or a different period from
that to which the issue of the "Railway Earnings" Section
is devoted. We also add the returns of the industrial companies received this week.
Name of
Road.
2249
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current 1 Previous
Year.
Year.
Brazilian Trac, L & P April
f6678000 f6333460f25898,000f24,422060
Brock & Plym St Ry_ April
8.403
7,407
30,857
28,100
Bklyn Rap Tran Syst February 2099,998 1916,898 4,357.557 4,004,119
Cape Breton Elec Co April
28,235 25,165
101,154
118,859
Chattanooga Ry & Lt April
99,983 87,745
397,681
330,362
Cleve Painesv & East April
34,436 30,151
127,792
113,038
Cleve Southw & Col_ April
106.612 96,217
409,641
369,082
Columbus(Ga) El Co April
64,878 56,409
228,536
268,183
Colum (0) By,P & L April
285,006 247,363 1.151,217 1,025,367
g Com'w'th P By & L April
1313.207 1093,746 5,437,467 4,614,691
April
Connecticut Co
744,170 612,898 2.878,552 2,395.056
Consum Pow (Mich) April
371.398 290,556 1,532,625 1,232,506
Cumb Co(Me)P & L April
211,944 186.786
832,900
752,027
Dallas Electric Corp April
151,269 131,945
647,988
605,512
Detroit United Lines April
1278,949 1041,393 4,802,067 3,898,089
D DE B & Batt(Rec) February
37,840 35,720
77.977
75,915
Duluth-Superior Trac April
106.730 87,435
430,766
375,621
East St Louis & Sub April
237,646 193,827
926,373
786,393
Eastern Texas Elec.. April
62,996 50,670
255,604
204,794
gEl Paso Electric Co April
85,799 76,698
368,790
326,669
146,979 142,402
42d St M & St N Ave February
310,559
306.965
586,137 527,388 2,322.014 2.132,689
g Georgia Ry & Pow_ April
Galv-Hous Elec Co_ April
151,417 152,211
612,013
623,350
Grand Rapids Ry Co April
103,047 83,353
419,911
376,254
89,702 75.354
Harrisburg Railways. April
355,014
303,021
Havana ElRy, L & P April
466,554 434,159 1.918,787 1,824,473
Honolulu R T & Land April
55.039 46,510
214,511
190.225
Co April
. 27.766 21,851
IIoughton Co Tr
103.959
82,331
503,689 465,488 1,981,711 1,861,908
h Hudson & Manhat April
April
948,616 850,611 3.971,145 3,584,543
Illinois Traction
Interboro Rap Tran May
3231,008 2904,773 16,100,717 14,473,595
Jacksonville Trac Co April
54,593 52,076
212,507
208,855
April
Keokuk Electric_
19.930 18,343
78,841
74,675
April
Key West Electric_
8,641
37,816
9,759
37,365
Lake Shore Elec By. April
118,622 101.548
453.144
391.308
Transit April
Lehigh Valley
198,625 147.932
754,032
591,663
Lewist Aug & Watery April
202,436
60,400 53,817
219,061
Long Island Electric_ February._
14,655 14,180
30,489
29,909
Louisville Railway.. April
255,028 242.114
983,385
948,566
Milw El Ry & Lt Co April
562.680 474,382 2,333,761 2,004,427
Milw Lt fit & Tr Co April
133,194 108,652
517,845
439.090
Nashville Ry & Light April
193,641 176,040
769,582
705,982
NY City Interboro__ February
56,543 51,255
108.427
117,790
N Y & Long Island__ February
26,205 27,694
55,607
57,739
N Y & North Shore__ February
10,570 10,361
22.147
22,735
N Y & Queens Co___ February
100,393 91,226
191,521
209,423
Railways_ April
New York
1135,802 1127,388 4,405,536 4,315,512
N Y & Stamford By. April
27,135 25,508
93,759
98,555
N Y State Railways_ May
696,993 574,240 3,408,932 2,941,733
N Y Westehes & Bos_ April
44,833 37,555
162,851
141,391
Northampton Trac__ April
17,282 13,013
64,517
51,156
Nor Ohio Trac & Lt_ April
399,830 279,282 1,518,582 1,101,351
North Texas Electric April
146,494 123,465
605,938
518,138
Ocean Electric (L I)_ February
5,164
4.800
10.588
10,029
Paducah Tr Sr Lt Co_ April
24,384 22,193
103,180
95,559
Pensacola Electric Co April
23,391 20,472
93.216
79,875
Phila Rapid Transit_ April
2272,272 1971,599 8,718,030 7,831,682
Philo, & Western By. April
42,803 35,502
149,844
132,076
Pittsburgh Railways_ March
1074,771 950,135 3,075,210 2,735,448
Port(Ore)Ry ,L&PCo April
447,967 442,526 1.763,089 1,815,637
i Puget Sd Tr,L & P. March
655,362 615,210 1,922,170 1,877,786
327,672 237,747 1,286,494
is Republic Thy & Lt__ April
962,584
Rhode Island Co.___ April
444,827 349,814 1,735,208 1,475,791
Richmond Lt & RR_ February
26,254 24,169
54.489
50.638
St Jos Ry L H & P Co April
104.215 98,821
428,679
456,745
Santiago ElecLt & Tr March
42,974 36,259
135,550
112,513
Savannah Electric Co April
64,898 65,689
256,699
265,668
Second Avenue (Rec) February
126,059
59.880 55.795
121,225
Southern Boulevard_ February
16.782 15,574
35,204
32.806
Staten Isl'd Midland_ February
19,696 17.677
41,075
37,016
Tampa Electric Co__ April
78.960 81.176
338.137
331,694
Third Avenue
February__ 324.982 284.787
667,640
609.942
Twin City Rap Tran_ 4th wkMay 284,552 262,912 4,146,709 3,824,262
Union By Co of NYC February-_ 204,277 190.276
439.046
401,906
Virginia By & Power May
478,601 407,693 2.374,983 2,016,715
Wash Bait & Annap_ April
92,473 85.787
273,440
253.463
Westchester Electric_ February
39,915 39.616
84,181
82.550
Westchester St RR__ April
20,071 19,369
72,690
71,251
7 West Penn Trac Co April
504.351 394,078 1,936,508 1,561,816
Yonkers Railroad... February
56,964 51,942
120,075
107,934
April
York Railways
78,675 60,326
317,658
252.215
Youngstown & Ohio_ April
26,301
22,691
100,307
92,056
Youngstown & South March _
14.941 12.770
42.428,
36.787
b Represents income from all sources. e These figures are for consolidated company. f Earnings now given in milrels. g Includes constituent
companies.
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Roads.
Year.
. Year.
Year.
Year.
Grand Trunk of Canada$
$
$
$
Grand Trunk Ry_ ___Apr 3,584,664 3,200,211 1,240.714 1,167,473
Jan 1 to Apr 30
13,568,044 11,725,345 3,229,895 2,631,315
Grand Trunk West___Apr 820,492
17,762
249,164
608,069
628.263 def39,906
Jan 1 to Apr 30
2,913,817 2,272,168
27,739
197,093
def7,786
Dot Or Hay & Milw_ _Apr 279,823
3,893 def92,949
756.496
Jan 1 to Apr 30
1,002,254
8,512
52
6,441
1,559
Tidewater & Western b_Apr
67,974
6,433
67,838
5,205
July 1 to Apr 30
Fixed Chgs. Balance,
Net
Gross
Earnings. Earnings. & Taxes.
Surplus.
$
$
$
$
410
256
.154
Bellefonte Central_ May'166,408
7.015
31
15
269
clef 238
33,634
5,112
1,280
3,832
5 months 1916
32,324
3,287
1915
1,345
1,942
Gi oss Earn. Net, after
Balance,
incl. Misc.
Taxes.
Rentals.
for Int.
$
$
$
St L & San Fr LinesApr '16 4,179,039 1,206,964
60,351 1,146,613
g '15 3,427,451
878,653
57,373
821,280
Electric Railway Net Earnings.
-The following table
10 mos '16 40,487,022 11,720,458
618,867 11,101,591
'15 36,672,286 10,202,568
546,499 9,656,069 gives the returns of ELECTRIC railway gross and net earnGross
Net
Other
Total
Charges
Balance, ings with charges and surplus reported this week:
Earnings. Earnings. Income.
Income. de Taxes.
Surplus.
-Gross Earnings- -Net Earnings
$
$
$
$
$
Current
Previous
Current
Previous
Toledo Peoria & Western
Roads.
Year.
Year.
Year.
Year.
8,025
91,718
May 1916_
12,000
20,025
26,738 def6,713
$
84,546 det12,713
1215_
5,317 def7,396
23,675 def31,071
26,080
27,878
2,210
2,560
141,431
97,010
11 mos'16_ 1,108,893
238,440
290,107 def51,667 Atlantic Shore Ry_b___May
Jan 1 to May 31
117,498
119,374
14,195
11,438
44,484
35,732
'15- 1,082,109
80,216
284,469 def204,254
Gross
Net after
Fixed
Balance,
INDUSTRIAL COMPANIES.
Earnings.
Charges.
Taxes.
Surglus.
--Gross Earnings- -NetEarnings
Current
Previous
Current
Previous
Tr & sub cos.Apr'16
Fed L &
203,175
68,089
48,723
19,366
Year.
Year.
Year.
Companies.
Year
'15
190,021
63,320
$
$
$
$
4 mos '16
861,788
286,947
195,396
91,551
168,818
Louisville Gas & Elect_May 184,080
102,628
89,753
'15
822,103
289,702
199,509
90.193
2,355,602 2,105.612 1,394,988 1,114,065
Juno 1 to May 31
Interboro Rap Tr_ _May '16 3,231,008 1.805,901
993,306 x873,562
Utah Securities Corp
'15 2,904,773 1,624,659
911,861
x786,463
387,314
238,307
Subsidiary cos only_ _May 440,317
188,912
11 mos '16 32,933,752 17,955,332 10,415.878 x8,067,913
2,182,566 1,876,977 1,209.854
Jan 1 to May 31
955,587
'15 30,744,300 16.907,837 10,003.551 x7,470,966
Gross
Net after
Fixed
696,993
201,405
114,427
86,978
Balance, N Y State Rys____May' 16
Taxes.
Earnings.
Charges.
'15
574,240
172.226
Stirplus.
114,098
58,128
$
$
5 mos '16 3,408,932 1,105.591
573,175
532,416
S
$
Keystone Telep_ ___May '16 121,702
61,007
27,453
'15 2,941,733
917,838
590,045
327.793
33,554
58,886
26,511
15 113,548
32,375
Gross
Net
Fixed Chgs. Balance,
5 months 1916
298,823
137,265
595,868
161,558
Earnings. Earnings. & Taxes. Surplus.
1915
281,113
132,119
557,277
148,994
Nor States Pow_5 mos '16 2,508,444 1,382,546
655,212
727,334 Virginia By & Pow_May '16
478,601
237,349
147,458
x98,930
'15 2,087,868 1,163,236
630,746
532,490
May '15
407,693
201,121
136,682
x74,451
11 mos '16 5.160.950 2,728,726 1,596,793 x1,220,417
a Net earnings here given are after deducting taxes.
11 mos '15 4.679,421 2,415,837 1,499,170 x991,010
h Net earnings here given are before deducting taxes.
x After allowing for other income received.
b Net earnings here given are before deducting taxes.
x After allowing for other income received.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.
Latest Gross Earnings
Week or
Month.
Atlantic Shore Ry___ May
cAur Elgin & Chic Ry April
Bangor lty & Electric April
Baton Rouge Elec Co April
Beaver Valley Trac__ March
Belt LRyCorp(NYC),February
Berkshire Street Ity_lApril
Current Previous
Year.
Year.
26,080 27,878
154,830 142,011
62,654 60,617
15,747 14,517
32,101 25,965
68,420 55,275
78.445 69.861
Jan. 1 to latest date.
Current
Year.
117,498
594,409
255,138
66,924
91,205
124,151
290,841
Previous
Year.
3
119,374
556,444
249,549
58,910
76,471
118,819
271.139
ANNUAL REPORTS
Annual Reports.
-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of June 3. The next will appear in that of June 24.
[VoL. 102.
THE CHRONICLE
2250
Washington (D. C.) Railway & Electric Co.
(Report for Fiscal Year ending Dec. 31 1915.)
Pres. Clarence P. King,Washington,Mar.15,says in sub.:
-Extensions and additions to plant, road
Plant, Road and Equipment.
and equipment during the year were for the Washington Ry. & Electric
Co. and subsidiary railways $212,607 and for the Potomac Electric Power
Co. $310,689; a total of $523,296.
Maintenance and Depreciation.-The companies expended out of earnings
in 1915 $921,940 for maintenance and upkeep of their properties, contrasting with $853,327 in 1914, $804,570 in 1913 and $740,501 in 1912, all such
expenditures and allowances are now charged direct to operating expenses.
-On Jan. 16 1915 the Washington Ry.& Electric Co. Issued
Funded Debt.
$1,000,000 general improvement 6% debenture bonds on account of extensions, additions and improvements. These debenture bonds are dated
Feb. 1 1915, payable Feb. 11925, with interest payable semi-annually
on Feb. 1 and Aug. 1, redeemable at the option of the company on any
interest date at 1023, each of said bonds being issued without any preference or priority one over another, the company reserving the right to issue
additional bonds, but agreeing not to create any lien in priority to said debenture bonds.
By order No. 143, of March 23 1915, the Public Utilities Commission of
D.
approved the issue of $353,000 of said debentures, out of $694,000
C.
asked for, leaving unauthorized $341,000, and as to such unauthorized sum
an appeal from the refusal of the Commission to authorize same was taken
to the Supreme Court of D. C., which appeal has not yet been heard.
(By order No. 147, of April 23 1915, the Commission authorized the issue
of $13,500 additional of said bonds.) None of said debenture bonds have
yet been issued.
-In the past 11 years the connected load has
Potomac Electric Power Co.
ncreased from 386.680 to 1,273,818 16 c.p. equivalents; meters installed,
5,861 to 27,755. The number of street lamps, both arc and incandescent,
in service Dec. 31 was 9,317, an increase of 1,102 for the year. Total connected load Dec. 31 1915 was 63,149.4 k.w., increase 4,373.9 k.w.; total
equivalent in 16 c.p., 1,273,818; increase for year 98,308. Total electrical
output for year, 111,082,725 k.w. hours.
This company sold during the year $30,000 of its Consolidated Mortgage
5% bonds previously issued and held in its treasury at beginning of year.
On Jan. 16 1915 this company issued $1,000,000 general improvement 6%,
debenture bonds, proceeds to be used to pay the cost of extensions, additions, betterments and improvements and the bonds to be of similar character to those of the Washington Ry. & Electric Co. above described. By
order No. 146, of April 14 1915, the P. U. Commission approved the issue
and sale of $79,500 of said debenture bonds out of a total of $495,000 asked
for, leaving unauthorized $415,500, and as to such unauthorized sum an
appeal from the refusal of the Commission to authorize the same was taken
to the Supreme Court of the D.of 0., which appeal has not yet been heard.
None of the said debenture bonds have yet been issued.
-In 1915 we carried 86,482,956 passengers, of which
Transportation.
20,378,525 were free transfers. The average fare per pay passenger was,
cents, with an average fare for all passengers carried of 3.252 cents,
4.291
including transfers.
-The jitney, unfolded like the butterfly, had its little day, and
Jitneys.
passed on,demonstrating once more the fact that no vehicular transportation
can maintain a reasonable route and headway,even without regulation, for
a 5-cont fare. Even the so-called "herdic line" succumbed after a struggle
of years, though it traversed an ideal route, through one of the best sections
of the city.
-The extension of our Anacostia division along Portland
Extensions, &c.
St. to Giesboro Point, authorized by Congress, having been started in Dec.
1914, was completed in May,and at once solved the problem of transportation to and from the Washington Steel St Ordnance Co.'s plant. Another
extension of the Anacostia division one-half mile south on Nichols Ave.
was completed during the year; also standard underground construction
was substituted for overhead on a little more than one-half mile of double
track from the Eleventh St. bridge over the Anacostia River along Nichols
Ave., in Anacostia, together with renewal of all pavement. This work
was successfully concluded without interruption to regular car service.
Legal Department.
-600 claims were settled at a total cost of $144.402.
ENTIRE SYSTEM FOR CALENDAR YEARS.
1912 1913
1914
1915
65.978,749 63,537,190
Paying passengers
4.305 cts.
do average fare.. _ _ _ Not stated Not stateli 4.301 cts.
20,003,412 20,424,051
Free transfers
3.221 cts.
3.269 cts.
Total average fare
$5,191,627 $5,048,435 $4,943,315 $4,648,328
Gross earnings
2,528,224
2,669,972
Operating exp. & taxes _x3,009,072 x2,863,736
$2,182,555 $2,184,699
Net earnings
33,891
22,328
Miscellaneous income_ _ _
$2,273,343 $2,120,104
13,233
10,222
$2,204,883
$2,218,590
$2,283,565
$2,133,337
$1,144,582
43,415
Total
Deduct
Interest
Miscellaneous
$1,147,534
29,583
$1,104,576
22,339
$1,087,336
20,271
$1,016,886 $1,041,473 $1,156,650 $1,025,730
Surplus
(54.39)
(54.01)
(56.73)
(57.96)
P.C.of op. exp. to earns..
$425,000
$425,000
$425,000
Div. on pref. stock (5%).. $425,000
Div. on common stock..
(7%)455.000 (7)455.000(63)422,500 (4)260,000
Surplus
$136,886
$161,473
$309,150
$340,730
x Includes depreciation in accordance with Inter-State Commerce Commission classification of accounts effective July 1 1914.
-The surplus income after providing for fixed charges was $1,016,Note.
886. Deducting dividends paid by the Wash. Ry. & Elec. Co., $880,000,
there was a balance of $136,886. Deducting distribution to conductors
and motormen tinder profit-sharing plan, $15,527, and sinking fund requirements, Potomac Elec. Power Co., 3105,400, and crediting misc. items
aggregating $6,958 (net), leaving balance to credit of prof. & loss, $22,917.
INCOME ACCOUNT FOR YEARS ENDED APRIL 30.
1913-14.
1914-15.
1915-16.
$4,264,477 $5,737,663 $5,560,240
Operating revenues
$2,645,584 $4,232,864 $4,233,159
Operating expenses
510,568
498,528
223,176
Depreciation
Net operating revenue
Accrued taxes
$1,395,717
7.636
$1,006,271
8,026
$816,513
9,655
Operating income
Auxiliary operations
$1,388,081
$998,245
2,482
$806,858
5,891
$1,388,081
105,579
$1,000,727
46,164
$812,749
36,951
$1,493,660
Gross income
$82,411
Miscellaneous rents
5,799
Miscellaneous fixed charges
250,799
Interest and discount
x102.544
Purchase money notes paid off
Approp. for additional reserve for
549,610
depreciation on steamships
$1,046,891
$143,446
14,964
$849,700
$135,910
2.949
x410,178
x410,178
$502,496
$478,304
$300,663
(net)
Total operating income
Non-operating income
Balance, surplus
x Purchase money notes, SS. Mongolia and Manchuria, paid off
-V. 102. p. 1997. 1983.
Dominion Steel Corporation, Ltd., Montreal, and
Constituent Companies.
(Report for Fiscal Year ending March 31 1916.)
Pres. Mark Workman, Montreal, June 6, wrote in subst.:
-The net earnings for the year, after making provision for bad
Results.
and doubtful debts and writing down depreciated items in inventories
were $7,004,317. From this amount there has been reserved for depreciation of plant and properties, sinking funds, &c., $1,192,824. After providing for bond and other interest and discounts, and dividends on the
preference shares and the pref. stocks of the constituent companies accruing
during the year the net balance to be carried to surplus account is $3,015,225.
-yearly dividends
Provision has still to be made for two of the unpaid half
on the preferred stock of the steel company,amounting to $350,000 (V. 102.
p. 2145.) The balance of undivided profits carried forward is $4,037,389.
-year debentures of the
-All of the 5% $1,500,000 5
Debentures, &c.
corporation due Nov. 1 1915, have been paid off, except $12,000 not
presented. The total amount of bonds outstanding has been reduced
$350,000 through the operation of the sinking funds.
-This item was reduced during the year from $4,Current Liabilities.
222,082 to $2,366,833, while the current and working assets were increased
$823,216. At Mar. 31 1915 the proportion of current assets to current
liabilities was about two to one; at Mar. 31 1916 the proportion was four
to one. All moneys borrowed from the companies bankers have been
repaid and there is a considerable sum in hand for any necessary purpose.
-This new item of $255,000, is payDominion Shipping Co. Debentures.
able monthly until Aug. 1917, relates to the purchase of three steamships.
The total amount will be recovered in the way of freight or charter bfre
within the life of the debentures and the whole transaction may be regarded as a payment of hire in advance.
-The difficulties surrounding the problem of marine transOperations.
portation have continued throughout the year and especially in respect to
the carriage of coal, aro still quite serious, although some relief has been
obtained by the release of two of the ships requisitioned last year by the
Government. Negotiations are in progress for the release of additional
tonnage.
It is estimated that upwards of 3,000 men left the collieries and steel
works to serve in the Allied armies; the collieries contributing the larger
proportion. Vacancies at the steel works have been filled from various
sources, and so far there has been no diminution of output.
Early in January your directors considered it desirable to revise the
scale of wages then In force at the steel works, a now scale being authorized under which the lower rates were advanced and as far as possible all
rates were adjusted to a uniform standard. Since Mar. 31 a general advance of 10% has been granted to all the employees of the steel company.
The agreement with the miners of the coal company, which would expire
on Dec. 31 next, has been renewed for two years from Jan. 1 1917, with 6%
advancefrom July to Dec.,inclusive,and an additional 4% after Jan. 1 1917.
-The tonnage of pig iron produced though greatly in
Iron and Steel.
excess last years production was slightly less than in the year ending Mar.31
1914, when the output was 333,919 tons. The year just past, however,
holds the record for the largest production of steel ingots.
The most important elements in the steel business continue to bo those
which have resulted from the war. One-fifth of the steel shipped from
the works was in forms suitable for the manufacture of shells. Ono-half
of the total output was exported. The destination of the greater part of
this was Great Britain, or France, but considerable tonnages were sent to
South Africa, Australia, and United States. British consignments included many parcels for reshipment to India and the far East. The Benzol
works and the 16-inch mill were completed and have been kept steadily
in operation.
Production for Years ending March 31 (Tons).
1911-12.
1912-13.
1913-14.
1914-15.
1915-16.
5,261,198 4,550,512 5,047,083 5,051,603 4,406,263
Coal company
Misc.
Steel Company- Pig Iron. Steel Ingot. Rails. WireRods. *Bill.,dec.
63,337
142,282
55,106
35,107
329,664
371,086
1915-16
53,164
14,277
38,231
99,929
187,262
1914-15
243,313
*Blooms and billets for sale.
WASHINGTON RY. & ELEC. CO. BALANCE SHEET DEC. 31.
1914.
1015.
1914.
1915.
Liabilities
3
Assets-Cost of property_ _32,443,783 32,215,754 Preferred stock.._ 8,500,000 8,500,000
Common stock _ _ 6,500,000 6,500,000
Wash. Woodside &
Funded debt_a_ _16,471,350 16,471,350
For. Glen Ry.&
118,483
8,000 Accounts payable.: 116,259
8,000
Pow.00.6% bds.
114,483
114,483
97,666 Accrued interest_
99,007
Materials & supp_
59,352
58,795
107,464 Accrued taxes _ _
Accts. rec. sub.cos. 149,489
38,455
29,498
93,867 Matured In, &c..
Accts.receiv.,misc. 116,229
136,350 Reserves for depr.,
LoansPot.EI.P.Co. 163,763
sinking funds & •
12,294
7,269
Prepaid insurance.
630,384
751,873
income tax
340,889
Disci. on oblig'ns. 332,087
63,266
78,158
426,779 Miscellaneous.... _
256,731
Cash
63,264 Profit & loss, sur46,722
Special dep., &c....
plus
*1,057,713 1,020,430
13,870
55,050
Miscellaneous _ _ _
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR YEARS END. MAR. 31.
1912-13.
1915-14.
1913-14.
1914-15.
34,714,058
34,442,032
$7,004,317
$3,571,059
Net earnings
Deduct
$1,009,651
$903,889
3920,093
Sinking funds, deprec., &c.$1,192,824
1,246,951
1,575,904
1,590,086
1,051,522
Interest on bonds, &c
107,323
84,788
144,187
Disc. on secur.(amt.writ.off) 226,182
420,000
437,500
420,000
420,000
-Prof.shares__ _
Dividends
560,000
560,000
210,000
Pref.stock,constituent cos. 560,000
(3%)960,931 (4%)1,277,101
Dividends on common stk.
33,678,130 33,516,203
7,000,000
32,097,700
3,000,000
5,000,000
27,251,509
3,865,958
Total
33,678,130 33,516,203
Total
*After deducting $15,527, distribution to conductors and motormen
under profit-sharing plan, and miscellaneous items (net), $6,958.
a The funded debt,$16,471,350,as above,includes $11,642,350 Washington Ry. & Elec. consol. 4s, $1,850,000 Met. RR. 1st 5s and $2,979,000
Anacostia & Potomac River RR. 1st 5s.
The total funded debt of the system, incl. the debt of the controlled cos.
($8,755,00, is $25,226,350. See page 127 of "Elec. Railway" Section.
-The net income of the whole system for 1915, as shown above in
Note.
the income account, was $1,016,886, of which $117,242 was applied directly
by the subsidiary companies without passing through the profit and loss
-V. 102, p. 438.
account of the Washington Ry. & Electric Co.
Pacific Mail Steamship Company.
(Report for Fiscal Year ending April 30 1916.)
On subsequent pages will be found the remarks of President Geo. J. Baldwin in addition to comparative income
accounts and balance sheets for two years, the profit and loss
account for the year ending April 39 1916 and a table of
steamers and other property owned as of April 30 1916.
$3,989,092
Total deductions
Balance,sur. or def._ _ _sur.$3,015,225
33,345,802
sur.$225,257
34,528,137
der180,105
34,615,991
sur.$98,067
CONSOLIDATED BALANCE SHEET MARCH 31.
1016.
1915.
1916.
Liabilities$
AssetsDom.St.Co.pf.stk. 7,000,000
Cost of properties
do corn. stock..32,097,700
constitu't cos.a68,712,971 69,304,718
do Coal Co. pf_ 3,000,000
Disct. & prem, on
do I. & S. pf._ 5,000,000
securities, &c._ 3,279,104 3,528,108
25,669,076
5,596,854 5,574,723 Funded debt
Inventories
Acc'ts receivable_ 2,601,457 2,125,476 Acc'ts payable, &e. 1,871,413
175,000
151,265 Divs. pay. Apr. 1_
100,211
Notes receiv., &c_
320,420
795,165 Accr'd bond int_
1,120,269
Cash
c1,188,744
Reserves
Prepaid insurance,
365,199 Profit and loss__ _ 5,596,099
507,588
&c
Total
81,918,453 81,844,652
Total
1915.
356,124
695,643
2,577,711
81,918,453 81,844,652
a After deducting reserves for deprec. and exhaustion of minerals, $11,337,982.
b Funded debt includes in 1916(an) Dominion Coal Co. 1st M.55,$6,432,500,and
other bonds and mortgages,$50,000;(bb)Dominion Iron & Steel Co., Ltd., 1st M.55
&
(cc)Cumberland R. Coal Co. 1st M.54
$6,771,000,and consoi. M.5s,$7,515,107;
$1,167.000; (dd) Dominion Shipping Co. serial debentures $255,000 and (ee)
-year notes $3,406,667
-year deb. 5$, $12,000, 6% 5
Dominion Steel Corp., Ltd., 5
secured by £734,000 Consolidated and $975,000 Cumberland bonds; and 6% employees' debentures. $59,803.
c Reserves include in 1916 3903,498 furnace relining, &c., 3280,000 pref. dive.
accrued, and $5,246, outstanding stock interests in constituent companies.
V. 102, p. 2170, 254.
JuNE 17 1916.]
2251
THE CHRONICLE
The Provident Loan Society of New York.
(21st Annual Report-Year ending Dec. 31 1915.)
Pres. James Speyer, Feb. 1, wrote in substance:
75% of the amount of the outstanding capital stock of the company.
The bonds as issued are secured by bonds of subsidiary companies and also
by deposit of a majority of the voting stock of each subsidiary companY,
any of whose bonds are pledged. The proceeds from the sale of these bonds
-year 6% collateral gold notes and
have been used towards retiring the 3
for the general corporate purposes of the company. (V. 101, p. 1714;
V. 102, p. 609.)
-During the fiscal year $1,918,000
Three-Year 6% Collateral Gold Notes.
of the 3
-year 6% collateral gold notes have been purchased and retired and
as of Juno 1 the funds necessary to pay off the remainder shown on the
balance shoot ($1,582,000) will be in the hands of the trustee under the
-year note indenture.(V. 102, p. 2077)•
3
Surplus and Reserve Accounts.
-Our various surplus accounts belonging
to the company now aggregate $2,957,256, made up as follows: surplus
carried on the company's books, $1.398,356; reserve account carried on the
company's books, $240,000; insurance fund, $133,886; company's proportion of the surplus carried on the books of the subsidiary companies
$1,185,014. Of this last amount 8357,039, after all adjustments, due to
consolidation of properties, &c., has accrued since the formation of the
Middle West Utilities Co.
Subsidiary Operating Companies.
Illinois.
-Central Illinois Public Service Co. (V. 97, p. 1583); Mattoon
Clear Water Co. (V. 78, p. 232); Central Illinois Utilities Co. (V. 101,
p. 2073); Eastern Illinois Ice Co.; Illinois Northern Utilities Co. (V. 102
p. 1163); Tri Country Light & Power Co.(V. 97, p. 669); Freeport Railway
& Light Co. (V. 95, p. 480)•
-Inter-State Public Service Co. (V. 96, p. 701); Franklin
Indiana.
Water Light & Power Co.; Southern Indiana Power Co. (V. 100, p. 2014):
United Gas & Electric Co., see "Elect. Ry. Supplement"New Albany
Water Works; Louisville & Northern Ry. & Lighting Co. (V'. 94, p. 1626):
Louisville & Southern Indiana Traction Co. (V. 95, p. 1040); Central
Indiana Lighting Co. (V. 90, A. 979)•
-Kentucky Utilities Co. (V. 99, p. 1532).
Kentucky.
-Marquette County Gas & Electric Co. (V. 94, p. 351):
Michigan.
Constantine Hydraulic Co. (V. 96, p. 363); Three Rivers Gas Co.; Three
Rivers Light & Power Co.; Milling & Power Co.
Missouri.-Missourl Gas & Electric Service Co.(V.102, p. 890)•
-Nebraska City Utilities Co.
Nebraska.
-Twin State Gas & Electric Co. (V. 102, p. 1988.1
New England.
Oklahoma -Public Service Co. of Okla. (V. 101, p. 927); Chickasha Gas
& Electric Co.(V. 101, p. 530).
-Tennessee Public Service Co.
Tennessee.
-Electric Transmission Co. of Va. (V. 102, p. 440, 254.)
Virginia.
-Southern Wisconsin Electric Co.
Wisconsin.
conditions which began in
The improvement in economic and financial banking institutions
of
the latter half of 1915, shown in the reportsSociety. In September generheavy
reflected in the results of this
ally, was also
repayments of loans began and continued until the end of the year. During
180,698, amounting to
these four months the number of loans made was 210,196, amounting to
$6,416,508, while the number of loans repaid was
37,155,930, showing a decrease of 29,498 loans amounting to $739,422.
amountAt the end of the year the number of loans outstanding was 294,093, the being to $9,815,173, showing 4,603 fewer loans outstanding than at again a
ginning of the year. The volume of work done in 1915 marks 571,059,
made
record in the history ofthe Society,the number of loans23 perbeing
loan.
amounting to $19,544,534 50, an average of only 834
The additional issue of $1,200,000 of certificates of contribution, referred
report, was easily sold at par and interest, testifying
to in the last annual
needed
to the good credit our Society now enjoys. No other financing was
short time during the
during the year except temporary borrowing for amaximum point of the
reached the
• summer when our outstanding loans
year, $10,621,460 50, in August.
Our new Brooklyn office, at Smith and Livingston streets, near Borough
done since then
Hall, was opened for business Feb. 1 1915. The work and at the close
Justified our selection of an office in this neighborhood,
months it shows 5,448 outstanding loans amounting to
of its first eleven
than was
$189,489. The operating loss was $2,921, a smaller amount The East
anticipated. It should become self-supporting during 1916.
a surplus for the year of 8522.
72d St. office showed
The Society now owns free and clear ton office buildings exclusively
an investoccupied for its own work, which represent with their equipmentbuilding of
ment of over 31,330,000. The only rented office is that in the
the University Settlement Society, which was taken when that building
was put up in 1898. The building committee has been authorized to purchase a site and erect an additional office in the upper part of Manhattan,
which, it is believed, is needed there. year from claims and insufficient
The losses of the Society during the
the
collateral were very small. The prices realized by able sales of collateral
a handwere satisfactory, and we were greatly pleased to be that to return handled
the staff
many borrowers. The records show
some surplus to
1,146,721 transactions during 1915 amounting to $40452,077, including
Interest collected.
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1914.
1913.
1912.
1915.
StatisticsINCOME & PROFIT & LOSS ACCT. FOR YEARS ENDING APRIL 30.
$19,544,535 $18,824,802 $16,730,889 $14,724,564
Loans made
1914-15.
1915-16.
$9,815,173 $9,725,257 $7,955,435 $6,815 482
outstanding
Loans
$437,123
205,683 Int. rec'd and accrued on bonds and debentures.._ $503,070
294,093
298,696
237,758
Number loans outst'g
354,270
447,175
on stocks of sub. cos....
$11,071,091 $10,300,934 $8,392,348 $7,258,353 Divs. received and accrued
Funds employed
9,864
9,305
Divs, received and accrued on stocks of outside cos.
Income
276,680
247,629
$855,732 Sundry int. on notes receivable, brokerage, Rte._ _
$942,055
$1,260,871 $1,130,699
Interest on loans
45,012
57,024
66,063
57,224
Int. on invest. in bldgs.*
$1,207,179 $1,077,937
Total
9,456
7,714
8,024
10,172
Other interest received_
Profits from securities hitherto carried on books at
54,000
nominal value and now valued by board
$910,200
$1,337,105 $1,195,947 $1,006,793
Total income
Profits from sale of securities carried at nominal
Deductions332,030
139,6941.
value now sold for cash
$352,947
$394,449
$466,036
Int. on funds employed.. $521,478
28,902 Securities received for services rendered and
46,851
35,325
50,700
General expenses
114,900)
valued by board
121,226
130,638
143,051
165,376
Salaries
16,025 Profits from sale of prop. to sub. cos. where pro17,828
20,917
22,553
Insurance
coeds in securities or notes have not all been sold
67,691
81,962
81,376
91,855
Rents
33,956
100,116
arrived at on basis of values fixed by the board
6,663
4,138
8,624
9,323
Miscellaneous
84,932
26,796
Fees for engineering, &c., subsidiary companies.._
8590,929
$755,329
$678,391
$861,285
Total deductions_
$1,642,686 $1,528,855
Total income and profits as aforesaid
$328,402
$319,271
$440,618
$475,820
Balance, surplus
Deduct in 1915-16-Admin. exp., $135,572; int.,
$499,975
$586,268
$450.696
* Includes interest on investment in buildings owned and occupied by
5,380
Depreciation and loss on investments
the Society and charged as rent.
42,184
55,132
Miscel. charges, including taxes, &c
CONSOLIDATED BALANCE SHEET DEC. 31.
80,000
85,000
Writing off discount on securities
1914.
598,048
1915.
1914.
599,062
Divs. on pref. stock paid and accrued to date_ _ _ _
1915.
S
Liabilities (Con.)
x Assets
% gold bonds.. 2,000,000 2,000,000
Total deductions. incl. preferred dividends_ _ _ _ $1,325,462 $1,225,587
Loans outstanding 9,815,173 9,725,257
550,000
$303,268
$317,224
557,550 Loans payable
Balance, surplus,for years ending April 30
Accr.Int. on loans. 565,496
112,767 Accrued bond inThe Middle West
proportion of its subsidiary operating companies
Deposits In banks_ 791,073
33,943 aggregate surplus forCo.'syear was $113.730. making the combined surplus
30,484
,
99,847 terest, &c
the
Cash on hand..___ 114,227
Surplus due bor544
Miscellaneous...._
152,196 earnings accruing to the Middle West Co., $447.954.
175,596
rowers
9,342
8,348
x11,286,513:10,495,421 Miscellaneous..___
Total
BALANCE SHEET APRIL 30.
Profit and loss-y1,871,091 1,420,434
Liabilities1915.
1916.
1915.
1916.
Ctfs. of contrIbu'n 7,200,000 6,000,000
Assetscontribu'n
Ctfs. of
Common stock__ 9,050,300 8,496,300
11,286,513 10,495,421 Secur.,plants, con321,500 Total
subscription _
Preferred stock__ _10,032,100 9,971,800
tracts good-will,
Collateral loans_ 988,000 2,083,560
&c. (book
1915
x Exclusive of real estate, which has cost up toestate$1,330,897, against Adv. to sub.val.):26,039,940 23,164,477 3-yr.6% coll.notes y1,582,000 3,500,000
cos.._ 2,798,006 3,150,818
(Brooklyn office),
$1,305,732 up to 1914. y After deducting real
661,100
10-yr.6%coll.notesz6,500,000
$369; construction (Brooklyn office), $24.796. and Federal income tax, Advances on un26,498 Deferred payments
55,717
closed contracts
$8,998.-V. 102, p. 890.
787,412
124,059 on pur.contr'ts_ 699,032
Accr.pref.divs.,&c. 214,186
51,116
51,067
Acc'ts pay., &c__
Cash to retire 6%
233,881
Middle West Utilities Co., Chicago.
Pf.div.,&c., accr'd 213,640
collat. notes,&c. 932,545
• 1,398,357 1,081,133
400,450 Surplus
474,101
Cash
(Report for Fiscal Year ending April 30 1916.)
President Samuel Insult says in substance:
-It was not until
Business and Earnings of Subsidiary Operating Co.
Sept. 1915 that any marked improvement in general business conditions
also
was shown. The summer of 1915 in was unusually cold and unseasonthe sale of ice and fuel gas, and in
able, causing a marked falling off
passenger receipts on street and interurban railways. To the end of
August the gross income of the subsidiary companies was $107,276 less than
it had been in 1914. To the general improvement in business which immediately followed, the earnings of the subsidiary operating companies
responded remarkably well, with the result that their gross earnings for the
whole fiscal year substantially increased over those of the year 1914-15.
COMBINED EARNS. OF THESE VARIOUS SUB. OPER. PROPERTIES
FOR YEARS APRIL 30.
1915-16.
1914-15.
$8,091,149 $7,634,745
Gross earnings
3,077,761
2,757,729
Net earnings (after oper. expenses and taxes)
191,645
Rentals on leased properties
$2.886,115 $2,757,729
Bond,deben., &c., Int. charges paid.outside holders 1,339,412 $1,307,629
24,642
Yearly amortization of discount on securities._ __
Dividends on stock and proper. of undistributed
236,093
310,428
earnings to outside holders
Total earnings accruing to Middle West. Util. Co.. $1,315,968 $1,139,672
Of those earnings in 1915-16, $503,070 was received and accrued as
interest on bonds and debentures, $234,994 as interest and brokerage on
money advanced, and $447,175 as dividends on stocks, leaving $130,730
Middle West Utilities Company's proportion of the surplus carried to the
aggregate surplus accounts of the subsidiary companies on their own books.
-Two operating companies, the Southern Wisconsin
New Properties.
Electric Co.(see Southern Wisconsin Utilities Co. on subsequent page-Ed.)
and the Electric Transmission Co. of Va. (V. 102, p. 250, 440) have been
organized to take over the company's interest in their respective territories.
The company has also acquired tho Tennessee Public Service Co., which
at present operates only in Cumberland Gap, Tenn., taking its energy
from the transmission lines of the Kentucky Utilities Co.(As to Great Lakes
Power Co. See V. 102, p. 1811.)
"Deferred Payments on Purchased Contracts."-ThIs item of $699,032
on the balance sheet represents payments to be made for properties
spread over a long period of years as follows: 1916,$117,190; 1917, $78,379;
1918, $80,379; 1919, $79,379; 1920, $76,379; 1921, $76,379; 1922, $76,379;
1923, $76,379; 1924, $38 189; total, as per balance sheet, $699,032; less:
"participation certificates maturing between 1919 and 1024 purchased by
the company and now carried in its "securities, &c." account, $61,443;
balance, 8637,589.
-This fund now amounts to $133,886, which is repreInsurance Fund.
sented by securities hold by the trustees of the fund. The value of those
securities does not appear on the books of the company.
-The company now has outstanding
Ten-Year 6% Collateral Gold Bonds.
-year 6% collateral gold bonds. This issue is limited to
$6,500,000 of its 10
Total
30,514,496 26,866,302
Total
30,514,496 26,866,302
x After deducting $240,000 reserve against discount on company's own
securities, &c., provided out of income to date.
y Secured by deposit of bonds (par value, $874,000 and cash per contra,
$930,734.)
a Secured by deposit of bonds of sub. cos. (par value $7,755,000) and the
deposit of their capital stocks as provided by the trust deed.
Total authorize(' stock $12,000.000 each com. and pref.; total issued,
$9,200,700 and $10,032,100, but $150,400 of the cont. stock was hold in the
treasury, leaving outstanding $9,050,300 and $10,032,000.-V. 102.
P. 2077, 1811, 733.
International Motor Co.
(Report for Fiscal Year ending Dec. 31 1915.)
Pres. Vernon Munroe, March 28, says in substance:
Operations during 1913, due to unsettled conditions, resulted in heavy
losses, and in Oct. 1913 an agreement was entered into with the noteholding
creditors and banks by which those debts, aggregating $2,500.000, were
subordinated to the claims of the merchandise creditors and extended principal and interest for three years ending Nov. 1 1916. An additional
8500,000 was subscribed to be called b the company, if necessary, to provide additional working capital for its operations. No commission or
discount was paid for any of these loans and no such commissions are provided in the aforesaid $500,000 subscription.
In the fall of 1913 a change of management took place and a thorough
reo-ganization of the operating methods was begun. This reorganization
included: (1) The writing off at once of all losses. (2) The writing down of
the inventory, investments, plants, equipment and accounts to figures that
were believed to be fair and reasonable. As a result the assets were reduced by the sum of $1,830,487. (3) A reduction of the overhead charges
from about 8110,000 per month to less than 350.000 per month. (4) The
giving of notes to the merchandise creditors for their accounts. (5) Strong
efforts to conserve the quick assets and to operate on as restricted a basis
as was consistent with prudence. (6) Immediate steps for the improvement
of the design of the product.
By Aug. 1 1914 the new model for 1 and 2-ton capacity was near completion. During 1914 operations were conducted on a scale showing practically no loss. The reduction in sales was due in part to the very severe
-in part to general business uncertainty, but chiefly
competition to be met
to the unsatisfactory financial conditions of the company. At the beginning of the European war the factories were again cut down to a minimum
production and the possibliity of selling the trucks to the belligerents was
actively canvassed. The old Mack models about to be discontinued could
not be delivered in quantity for this trade, and as we had no license to sell
the Saurer truck outside of the United States and as there was then a controversy with Mr. Saurer threatening litigation, the difficulty of offering
Saurer trucks for the foreign market was great. After protracted negotiations, however, his permission was secured to sell abroad, the differences
with him were settled, and since that time we have had his full co-operation.
2252
THE CHRONICLE
Due to foreign developments, sales were made during 1915 in large
volume, and the company was immediately able to show largo profits
Instead of small losses and has gained in strength very rapidly since March
,
of last year-1915. The commercial outlook, aside from further sales of
war trucks, is directly dependent upon the domestic truck business and general prosperity in this country. The new small model which has been on
the market for 12 months is selling far in excess of the old type and is believed to promise a real success. The new large model, although on the
market for only a few weeks, is already proving to be relatively as satisfactory as the other. Operations can be conducted at a satisfactory profit
if present sales in the domestic market can be maintained. The volume of
domestic sales during the early months of 1916 is far in excess of our expectations and promises. The new models are in great demand and it is with
difficulty that the factories can keep pace with the orders received and
in prospect.
The service and repair business has been and is profitable and should
continuo to be a large factor in our annual operations. The branches are
operating on a basis where the profits from service and truck sales are
sufficient to carry all expenses and leave a material profit.
The indebtedness maturing Nov. 1 1916. which now aggregates approximately $2,750,000, and which on Nov. 1 1916 may amount to considerably
more than this, if we make provision for the needs of the growing business,
will probably have to be paid promptly at maturity, as it is unlikely that
the creditors will renew or extend.
CONSOLIDATED BALANCE SHEET DEC. 31 1915.
Assets (Total, 310,439,482)
Real estate. plants & equipment, less reserve, $904,974; investments, $12.187
$917,161
Current assets: Cash, $108,891; accts. & notes receivable, less
reserve, $643,799; inventories, $2,537,897
3.290,586
Licenses, pat. rights & good-will, $6,153,266; def. chgs., $78,468 6.231.734
Liabilities (Total,$10.439,482,including cap. stock, but less P.& L. def.)
Cap. stock (a) 7% cum. pref., $3,600,000, dividends paid to
Oct. 31 1912: (6) common,$5,628,125
$9.228,125
Trade accts. and notes pay.,$594,248; loans,demand and •time,
$396,050
990,298
Series "B"& "0" notes. $2,065,000: accr. int. thereon, $288,223 2,353,223
Accruals and miscellaneous
144,987
Bonds and mortgages of subsidiary companies
44,500
Special reserves
135,427
Deficit: Balance at Jan. 1 1915
$3,118,198
Gross earns, from oper. for year 1915.... _$1,390,074
Less: Selling, admin. & gen. expenses_ 728,955
Net profit for year 1915
661,119 df2,457,079
Contingent liability on endorsed notes, $50,127.-V. 98, p. 1611.
Utah Securities Corporation (of Virginia), New York,
Utah Power & Light Co.
-Utah Light & Traction Co.
(Financial and Physical Data as of March 31 1916.)
The Electric Bond & Share Co., N. Y. has issued a financial report made as of May 20 by the Utah Securities Corporation, which controls through stock ownership the Utah
Power & Light Co. and Utah Light & Traction Co.
President S. Z. Mitchell May 20 wrote in substance:
Control, &c.
-This corporation controls the Utah Power & Light Co.
(see "Electric Railway Section") through the ownership of all its outstanding second preferred and common stock, except directors' shares. Utah
Power & Light Co. controls the Western Colorado Power Co. through the
ownership of all its issued securities, except directors' shares of stock, and
the Utah Light & Traction Co. (see "Electric Railway Section") through
the ownership of all its capital stock except directors' shares.
Results.
-The aggregate gross earnings of the operating subsidiaries increased 9% and the net earnings 22% during the year, despite the unfavorable business conditions prevailing during the first three months of the
12 months' period. Of the year's total gross increase of $426,160 all but
$81,720 was made in the last six months of the year, and of the year's total
net increase of $482,135 all but $151,280 was made in the last 6 months of
the 12 months' period.
Other Properties.
-The copper and other mining industries in the districts
served by the operating subsidiaries, which had been much depressed during
the first months of the European war, began to resume normal operations
in April of last year, and from the non metal production was gradually
Increased. General business conditions in the territory served are now
excellent, and it is believed that the earnings of the operating subsidiaries
will continue to show a substantial growth.
Additions.
-The most important addition to property during the year
was in connection with the Utah Power & Light Clo.'s Oneida plant on the
Bear River, where a 10,01)0 k.w. generator was placed in operation in
September. An additional 10,000 k.w. Installation is now under construction at this plant and should be ready for operation soon. Another installation,01 7.500
is now under construction at Cove, near Grace, and will
k.w.'
be completed in 1917. With these new units in operation the company will
,
have sufficient plant capacity for some time to handle all of its business
without operating its steam plant in Salt Lake City, except in emergencies.
Further progress was made during the year in dredging the canals connecting Bear River and Bear Lake, and also in the work of installing a pumping
plant with which to regulate more fully the flow of Bear River. This
pumping plant should be ready for operation within the next few months.
Custorners.-The operating companies increased the total number of
electric and gas customers during the year from 47,762 to 53,397. The sale
of electrical energy for miscollaneous_power purposes was largely increased.
Bonds, &c.
-During the year the Utah Power & Light Co. issued $6,500,000 1st M.5% bonds (V. 101. p. 1374). There was also sold to the pubic
$3,000.000 pref. stock of the Utah Power & Light Co. owned by the Utah
Securities Corporation (V. 101,
1979). Utah Securities Corporation
retired through purchase $7,819,000 of its 10-year 6% gold notes. The
p.
total amount of interest and dividend-bearing securities of your company
and all subsidiary companies outstanding in the hands of the public on
March 31 1916 was $46,312,500, against $43.085,000 outstanding on
March 31 1915.
Current Account.
-The consolidated balance sheet of your company and
subsidiary companies as of March 31 1916 shows aggregate current assets
of $2,267,205 and aggregate current liabilities of $1,161,153.
Notes.
-The authorized 10-year 6% gold notes of the Utah Securities
Corporation as of March 31 1916 amounted to $30,000,000.
The amount issued In payment of calls(75%).$20,625,000: addl
amt.issued to subscribers anticipating payments,$5,829,000-$26,454,000
Amount subject to call
1,046,000
Amount subscribed
27,500,000
Total amount issued to subscribers (as shown above), 826,454,000; amount issued (in addition to the amount subscribed) in
part payment for the property of the San Juan Water &
Power Co., $290,000
26,744,000
Amount retired
16,585,500
Amount outstanding as of March 31 1916
$10,158,500
Properties, Business, &c., of Utah Power & Light Co. and Western Colorado
Power Co. March 31.
(Including properties leased from Utah Light & Traction Co., &c.)
1916.
Pole lines (low
1915.
1916.
1915.
Elec. customers.
51,920
volts) .._miles
46,707
1,003
1,077
Gas customers_
1,471
1,055 Electric conduit, miles 12
12
Gen. capacityHigh volt.lines,miles 11,552
1,552
Hydro-el.,k.w. 106,550
93,750 Artif'l gas outSteam,k.w.__
26,300
26,500
put (Cu. ft.).. 39,732,400 28,682,000
Hydro-el. unGas mains(miles)
21
18
der constr.,k.w 17,500
20,500 K w h feeder
output
z303,156,891 281,134,027
x Includes 130,000 bolt, couble-circuit, steel tower transmission lines,
133 miles; other high-voltage lines (over 6,600 volts) in operation, irrespective of the number of circuits carried, 1,419 miles.
Utah Power & Light Co., together with Western Colorado Power Co.,
owns hydro-electric generating stations with a total installed capacity of
90,400 k.w. and steam-electric generating stations with a total installed
capacity of 1,800 k.w. The electric generating stations leased from the
Utah Light & Traction Co. have a combined rated capacity 01 29,800 k.w.,
of which 13,800 k.w. is hydro-electric and 16,000 k.w. is steam. The cornany also holds under long-term leases steam station capacity of 8,500
.w. and hydro-electric capacity of 2,350 k.w. The total installed capacity
[vol.. 102.
of the plants owned and leased is 132,850 k.w., of which 106,550 Is hydro electric and 26,300 is steam.
PROFIT & LOSS AND INCOME STATEMENTS-YRS.END. MAR. 31.
(1) Profit and Loss Account Utah Sec. Corp. Sept. 10 1912 to March 31 1016
To March 311916.
To March 311915.
1916.
1915.
Int. & dIvidends....$3,854,447 $2,469,848 Exp.& taxes
$482,225 $109,677
*Profit realized by
Int. on notes
3,506,334 2,617,360
redemp. of $16,Comm'n paid on
585,500UtahSec.
underwrg notes 619,221
585,109
Corp. notes_ _ _ _ 1,852,408 1,352,522
Total
$5,706,855 $3,822,370
Dal., surplus__ _$1,099,075
$510,224
* Denotes profit realized by the redemption at a discount of $16,585,500
Utah Securities Corp. 10-year 6% notes.
(2) Earnings of All Properties Now Controlled (Irrespective of the Date o
Acquisition) for years ending March 31
Gross earnings all sources (inter-co. charges elimi- 1915-16.
1914-15.
nated)
$5,014,725 $4,588,565
Net earnings
2.715,049
2,232,914
(3) Earnings of Utah Power & Light Co. for Years ending March 311915-16.
1914-15.
1915-16. 1914-15.
Gross earnings._ _$3,772,852 $2,392,619 Bond int. & (Met_ $714,782 $542,932
Oper. exp.&taxes_ 1,895,342 1,208,713 Other int. (net)._ 297,848
242,566
Net earnings__ _S1,877,510 $1,183,906
Balance,surplus $864,880 $398,408
Note.
-The above statement shows the earnings for the entire period of
all properties now owned by Utah Power & Light Co. and the Western Colorado Power Co., irrespective of the dates of their acquisition, and the earnings since Jan. 1 1915 of the electric light and power and gas properties
owned by the Utah Light & Treaction Co. and now leased to the Utah
Power & Light Co.
(4) Earnings of the Utah Light & Traction C'o. for March 31 Years.
1915-16. 1914-15.
1915-16. 1914-15.
Gross earnings__$1,420,887 $1,048,106 Total income
$837,541 5494,997
Net after taxes-- $475,724 $406,720 Int. charges, &o
812,165
379,301
Other income-- 361,817
88,271 Balance,surplus..- $25,376 $115,690
(5) Combined Net Income All Companies for Years ending March 31.1915-16.
1914-15.
Gross earnings of Utah Secur. Corp., incl. surplus
of subsidiary cos, accruing to it
$1,258,029
$771,298
Expenses,including taxes, of Utah Securities Corp.
30,287
208,911
Net earnings of Utah Securities Corp., incl.
surp. of subisd. cos. accruing to it
31,049,118
Profit on redemption of Utah Secur. Corp. 10
-year
6% notes retired during year,$499,886;less commission paid on underwriting,$34,113in '15-'16..
465,773
$741,011
1,309,657
Income from all sources accruing to Utah Secur.
. Corp. for year ending March 31
$1,514,891 $2,050,668
Deduct-Interest charges on 10-year 6% gold notes
888,973
1,063,009
Combined net income for year ending March 31-
$625,918
$987,659
BALANCE SHEETS MARCH 31 1916.
Utah Secur. Utah P. & Utah Light (St Total, All
AssetsCorporation. Light Co.a Traction Co. Companies.e
Plants, invest'ts, &c.. _ b$12,115,647c$61,358,613 $20,389,669d$50,004,290
Guar. Utah Lt. & Trac.
Cash
bonds (contra)
12,204,000
364,072
559,488
190,295
1,124.609
Notes & accts. recelvle_
530.433
739,266
220,883
594,096
Accrued interest
87,295
34
Supplies
358,542
153,719
512,262
Prepaid accounts
2,542
6,132
Bond discount & expense
2,086,123
2,0-- ;123
86
Adv. for property construction under way
83667:270945
Other assets
9,618
482
24,819
Total
$13,302,482
Liabilities
First preferred stock_
Second preferred stock
Common stock
f$1,256,020
Utah Pow.& Lt. Co.7%
cum. preferred stock..
Funded debt
10,158,500
Notes payable
Accounts payable
171,195
Customers' deposits_
Guar. Utah Lt & Trac.
bonds (contra)
Accrued accounts
29,810
Dividends payable
Other liabilities
Reserves
587,882
Surplus
1,099,075
Total
377,137,978 $20,961,181 $55.225,413
$3,000,000
7,837,000
30,000,000 81,000.000 f$1,256,020
3,000,000
17,500,000 15,654,000 43,312,500
g4,614,9391
240,2831
5,882
125,114J
l
345,462
79,613
12,204,000
370,746
374,939
279,869
932,745
193,952
9,698
1,699,012
1,983,248
663,240
52,500
94,069
3,219,409
3,276,331
$13,302,482 377,137,978 $20,961,181 $55,225,413
a Includes the Western Colorado Power Co. with inter-co. accounts
eliminated. b Includes stocks and notes of sub-cos., $12,115,374; cash on
deposit with trustee, $273; total, $12,115,647. all deposited as collateral
for 10
-year gold notes. c Includes plants, leaseholds and securities of other
cos. d Includes plants, 649.606,371, and investments, $397,919. e Includes balance sheets of the Utah Securities Corp. and its subsidiary, the
Utah Power & Light Co., and the sub-cos. of the latter company. t Stock,
$30,775,100 par value outstanding, issued under laws of Virginia for assets
valued at $1,256,020. g All except $105,881 duo Utah Secur. Corp.
-V. 102, p. 1352, 523.
International Cotton Mills (Massachusetts Corpor'n.)
(Report for Fiscal Year ended Dec. 31 1915.)
The following report for 1915 should be read in connection
with the official statements cited last week (p. 2170)regarding
(a) the reduction of the common stock from $10,000,000 to
$5,000,000 by change in the par value of shares from $100 to
$50; and (b) the offer of $500,000 new pref. to the preferred
shareholders as part of the plan for discharging all accumulated dividends.
PHYSICAL PROPERTIES OWNED AND CONTROLLED AND THEIR
VALUATIONS.
•
Spindles. Looms.
-Valuations as of Dec.31.
Properties owned in fee simple- (1915.) (1915.)
(1915.)
(1914.)
Stark Mills, Manchester, N.II__ _104,096 2,295 $3,229,000 $2,775,000
La Grange Mill, La Grange, Oa__ 9,984
401,000
483.000
100
256,000
Hogansville Mill, Hogansville, Ga.x 5,184
215,000
50
Properties Controlled
Bay State Cotton Corporation:
419,000
Warner Mill, Newburypt.,Mass. 20,520
373,000
--307,000
Lo Roy Mill, Le Roy, N. Y__- 9.120
276,000
Lowell Mill, Lowell, Mass y__ - .-_- "Hi
261,000
231,000
Cosmos Cotton Co., Ltd., 'Yar173
18,068
745,000
839.000
mouth, N.8
Imperial Cotton Co., Ltd., Ham151
368,000
10,200
412,000
ilton, Ont
177,172 2,973 56,206.000 $5.384,000
Total
x An extension now being added will increase tho spindles to 10,368 and
the looms to 100. y An extension now being added will increase the looms
to 332.
THE CHRONICLE
JUNE 17 1916.1
2253
SALES AND PRODUCTION OF FINISHED GOODS (in lbs.)
Sales Of Finished Goods. Product. of Finished Goods
1914.
1915.
1914.
1915.
14,137,000 12,522,000 14,024,500 13,645,000
Stark Mills
3,4‘3,000 2.045,000 3,198,500 2,029.000
La Grange Mills
1,890,590
967,500
2,482.000
1,455,000
Hogansvillo Mill
2,973,000
Bay State Cotton Corp_ 5,402,500 2,881.000 4,967,000
2,000,000 3,191,500
2,155,000
Cosmos Cotton Co., Ltd. 3,337,500
1,750,000
2,247,500
1,700,000
Imperial Cotton Co.,Ltd. 2,363,500
31,215,500 22,165,500 29,519,500 23,957,000
Grand total
INCOME ACCOUNTS OF SUB. COS. FOR CALENDAR YEAR 1915.
Boston
CosmosCot. Imperial
Bay State
Cotton Co.
Co.,Ltd. Cot.Co.,Ltd.
Yarn Co.
Net profits
$243,063
$70.434
$79,990
} $76,818
Depreciation
Adjustment of goodwill
112,100
Debentures redeemed
26,000
First preferred dividends_(7%)35,000
STOCKS AND BONDS OF SUBSIDIARY COMPANIES.
% Owned by % Owned
OutIntern. Cot.
by
standing
Mills.
Par value.
Public.
16.68%
83.32%
Bay State Cotton Corp. 1st ref. 7% cum6500,000
100%
2nd pref. stock.. 321,500
do
do
do
__100%
do
common stock__ 390,600
do
do
65.637
Combined percentage
3417%,
100
Boston Yarn Company
$100,000
78.4%
21.e--Cosmos Cotton Co., Ltd., capital stock_ _6600,000
do
do
debenture bonds 6%.._ 309,000100
68.in;
31.14
Imperial Cotton Co., Ltd., pref. 7% cum_6350,000
36.56 0
63.44
do
do
common stock
250,000
55.49o
44.6%
Combined Percentage
____
100%
Imperial Cotton Co., Ltd., bonds 6% _ _ _$300,000
The company also owns all the outstanding common stock of the J.
Spencer Turner Co., which stock is now without voting power, and 610
shares of its preferred stock.
.
BALANCE SHEETS OF SUBSIDIARY COMPANIES AS OF DEC.31 1915
Bay Slate
Boston
CosmosCot- Imperial
CottonCorp
Yarn Co. ton Co-Ltd Cot.Co.,Ltd.
Assets
Plant, machinery. &c___$1,019,790
$840,652
$1,065,677
600,000
Goodwill account
Investments
10,882
2,500 •
Due from Bay State Cot234,430
ton Corporation
996
21,933
5,153
Cash
25,850
61.622 .
215,388
35,398
Accounts receivable, &c_
11,119
9,282
244,353
186,605
Inventory
941,999
375
6,075
1,461
Unexpired insurance, &c..
4,874
137,225
Bond sinking fund'
Balance, surplus
395.963
$70,434
$53,990
876,818
Total
$481,409 81,378,723 $1,208,994
62,614,514
Liabilities
1st pref. 7% cumulative_ $500,000
$350,000
2d pref. 7% non-cum.,...... 321,500
100,000
600,000
250,000
390,600
Common stock
COMBINED RESULTS (BY QUARTERS) FOR CAL. YEAR 1915.
d309,000
Debentures
300,000
(Internat'l Cotton Mills, Bay State Cotton Corp., Boston Yarn Co., Imperial 6% bonds
Amounts due toCotton Co., Ltd.. and Cosmos Cotton Co., Ltd., Included.)
236,214
Internat. Cotton Mills. 638,243
Quarters ending
Cal.
234,430
Boston Yarn Co
June 30 Sept. 30 Dec. 31
Year
Mar. 31
729
c188,455
e91,486
Accounts payable, &c_ _ _ 361,518
1915.
1915.
1915.
1915.
1915.
128
5,420
Accrued
$231,729 $255,764 $314,305 $354,619 $1,156,408 Surplus wages, &c
Gross profits
f217,508
281,269
144,338
162,803
168,842 225,907 270,667
159.530
824,946
Net profits
Proportion accrd to Int.
$481,409 31,378,723 31.208,994
Total
$2,614,514
Got. Mills (see below). 141,523 151,998 205,785 254,495
753,802
60,000 60,000 60,000 60,000
Int. on 6% notes
240,000
c Includes bankers' note payable, $166,000, and accounts payable,
Series "B"
Includes
Balance (see below)__ $81,523 $91,998 8145,785 $194,495 $513,802 622,454. d 8204,000;first issue debentures,. $105,000, and
e Includes bankers' notes payable, $75,000, and
debentures,
accounts payable, $16,486. f After deducting $13,149 appropriated for
CONSOLIDATED INCOME ACCOUNT (INCL. SAME COS.) FOR 1915. reserve for depreciation of buildings, machinery and tools, (1914 account).
V.
Mfg. and trading profit_61,124,154 Deprec. reserve
$187,156 - 102, p. 2173, 1990.
Miscell. income
25,687 Debenture redeemed
26,000
Interest earned
6,566 Int. & prem. on bonds___
38,592
Current interest
75,094
Gross profits (see abovo)$1,156,408 Bad and doubtful debts
4,620
GENERAL INVESTMENT NEWS
Net profit for year ended Dec.31 1915 (see below)
$824,946
RAILROADS, INCLUDING ELECTRIC ROADS.
Proportion of net profit earned and accrued to the International
Cotton Mills on the basis of its earnings and stock ownership
Bangor & Aroostook RR.
-Dividend.
--A dividend of
,
in subsidiary companies
$753,802 2%
has been declared on the $3,448,600 stock, as against:
I.4ass-Int. at 6% on $4,000,000 5
-year notes due June 1 1918,
paid by International Cotton Mills
240,000 July '16. Jan. '16. July '15. Jan. '15. July '14. Jan. '14. July '13.
1%
2%
1%
Net profit earned and accrued to the International Cotton Mills
1%
V.
(see above)
6513,862 - 102, p. 1810, 1346.
-Of the accrued profit for the year (as above) $753,802, only
Note.
Bay State Street Railway.-Pref. Stock Offered.
-Hay$396,979 was received by the International Cotton Mills.
RESULTS (BY QUARTERS) FOR CAL. YEAR 1915 (EXCLUDING
SUBSIDIARY COMPANIES.)
Quarters ending
Cal.
Mar. 31 June 30 Sept. 30 Dec. 31
Year
1915.
1915.
1915.
1915.
1915.
Gross profit
$117,616 $110,275 $135,372 $182,921 6546,185
Net profits
$74,862 $69,497 $94,558 $141,725 $380,641
Divs. rec'd (see below)
____
8.169
____
16,338
8,169
Total
Int. on 6% notes
Balance (see below)
683,031 669,497 $102,727 $141,725 $396,979
60,000 60,600 60,000 60.000 240,000
$23,031
$9,497 642,727 $81,725 $156,979
INCOME ACCOUNT FOR CAL. YEARS (EXCL. SUB. COS.)•
1915.
1914.
1914.
1915.
Net profits
$380,641 $167,880
Mfg., &c.,profit_$470,765
Div. rec. on Bay
Interest earned_ 49,732 Not
State
Cotton
Miscoll. Income_ 25,687 stated
in
Corporation
16,338
Gross profit (see
16,338
.
$546.1841 1914
above)
Total
Deproc. reserve_..$113,024
$396,970 $184,218
52,519J
Int. on 6% notes. 240,000 244,453
Current interest
Net profits (see
Balance (see
above)
$380,641 6167.880
above)._ sur.$156,979df.$60,235
BALANCE SHEET AS OF DECEMBER 31 1915.
Assets-(Total, $18,225,789)
Real estate, bldgs, plant & machinery, appraised value Dec. 31
1914, $3,391,000; zuld'as & imp'ts to date, $193,688; total_ _*$3,584,688
Extension to Hogansville mill-expended to date
39,687
-Bay State Cotton Corp.
Securities of sub. cos.
-834 shares
1st pref.($500,000 issued),$83.400; 3,215 shs. 2d pref. (entire
issue), $321,500; and 3,906 shs. corn. stock (entire issue),
$390,600; total
795,500
Boston Yarn Co., 1,000 shs. coin. stock (entire issue)
200,000
Goodwill account
5,170,813
Securities representing ownership: 4,704 Wis. Cosmos Cotton
Co., Ltd.,stock (par $470,400),$399;840; 2,410 shs. Imperial
Cotton Co., Ltd., pref. (par, $241,003), 6216,900; and 914
shs. Imperial Cotton Co., Ltd.,cons.(par,$91,400),$22,850;
total
639,590
J. Spencer Turner Co., entire issue of common (par $1,795,662)
and 610 shs, of pref. stock (par $61,000)
210,066
Miscellaneous securities, 617 shs, of pref. and 617 shs. of corn.
stock of Washington Mills (par 6123,400), $67,870; sundry
other securities (nominal value), 31,500; total
69,370
Mt. Vernon-Woodborry Mills, Inc.(V. 99, p. 898. 973; V. 100,
V.816, 1262). 20,000 shs.common (par $2,000,000),$500,000;
Draycott Mills securities, $200.000 total
700,000
Amount due from Bay State Cotton Corp.,$638,243; from Boston Yarn Co., $236,214; total
874,457
Treasury common stock
330,999
Cash, $255,804; J. Spencer Turner Co. account sales, $22,128;
sundry accounts receivable, 610,158; total
288,090
Inventory-Cotton, yarn, &c., $654,071; goods in process,
6328,247; finished goods, $663,144; supplies, $85,172; total
1,730.634
Prepaid insurance and estimated dividends receivable
33,366
Deficit
a3,558,529
Liabilities-(Total, $18,225,789)
stock (7% cumulative) issued
Preferred
$3,063,200
Common stock issued
10,000,000
Five-year 6% notes duo June 1 1918
4,000,000
Notes ppayable, $560,604; accrued interest on notes payable,
$20,000; accounts payable, $468,694; total
1,049,298
Reserve for outstanding underlying pref. stock, Cons. Cot.D.Co
267
Reserve for depreciation of plant, machinery, &c
113,024
*An appraisal of the company's real estate, buildings, plant and machinery (including the value of furniture and supplies not hitherto included)
made as of Dec. 311915, places this figure at $3,968.000.
a The debit balance Jan. 1 1915 was $525,869. After adding sundry
debit adjustments made during the year (not), 620,553. and losses resulting
from an adjustment of book valuation of investments (net), $3,169,087
(see V. 102, p. 2170), and crediting net profits for the year ending Dec. 31
1915, $156,979, the total deficit as of Dec. 311915, as shown above, was
88.558,529.
den, Stone & Co., Boston and New York, are offering at
103 and divs., yielding 5.82%, $250,000 6% cumulative
first pref. stock, preferred as to dividends and assets. A
circular shows:
The stock is redeemable, all or part, at 120 on any div. date. Callable
at 120 and div. Divs. F. & A. Tax-exempt in Mass., including State
income and normal Federal income tax.
Data from Letter of President P. F. Sullivan. June 1 1916.
Outstanding.
CapitalizationFirst preferred stock (including this issue)
$3,484,300
Common stock (owned by Mass Electric Cos.)
20,517,200
Funded debt
24,166,500
The property, with a total trackage of 934 miles, is the largest electric
street railway system in the world in point of mileage. The equipment
comprises 2,111 passenger cars, and the company owns and operates 15
power plants with an aggregate capacity of 66,325 h.p.
Earnings for the Year ending June 30 1915.
$702,550
Gross
$9,604,866 Surplus earnings
Not earnings
2,707,114 Divs, on preferred stock...._ 164,916
Int., rentals and taxes.,.,.,2,004,564 Balance
537,634
The surplus earnings after all interest, rentals and taxes for ten months
ending April 30 1916 were $589,514, as compared to a preferred dividend
charge for the same period of $137,430. The annual dividend requirement
on the present outstanding first pref. stock, including this Issue, is 6209,058.
The company has paid 6% dividends on its outstanding pref. stock since
•
issued in 1908.-V. 102, p. 2165, 1810.
-Earnings, &c.Brooklyn • Rapid Transit System.
Mar.31 16 June30'15.
June30'15.
Mar.31'16
Years
ending3
Gross earns_ _27,378,216
Net earnings_11,900,015
Taxes
1,730,963
$
26,467,686 Gross income_10,619,812 10,205,985
11,467,305 Deduct-Int __ 2,921,675
1,700,035 Rents for lease
of oth.roads,
4,693,424
1,996,271
&c
Oper. inc_ _10,169,052 9,767,270
27,728
438,715 Miscellaneous.
Other income_ 450,760
Total deduc. 4,945,674 4,693,424
Gross inc_ _10,619,812 10,205,985
Bal.for divs__ 5,674,138 5,512,561
-V. 102, p. 1162.
See New York Municipal Ry. below.
-Bonds Called.
Bullfrog Goldfield RR. Co.
Seventeen ($17.000) 1st M.67, bonds have been drawn for redemption at
-V.99, p. 536.
1023 and int. on July 1 at Fidelity Trust Co., Phila., Pa.
-To Refund Receivers'
Chicago & Eastern Illinois RR.
Certificates.
-Judge Carpenter at Chicago yesterday authorized Receiver Jackson to renew the $6,000,000 one-year certificates due July 1 next. These certificates were issued in
1914 and were extended in 1915.-V. 102, p. 2077, 1059.
Chicago Indianapolis & Louisville Ry.-Common Dividend-Director.
-This company has declared a dividend of
33<7 on the $10,500,000 outstanding common stock, along
0
with the regular quarterly disbursement of 2% on the $5,000,000 authorized and outstanding 4% non-cumulative
preferred stock. The common dividend was passed in June
1914, prior to which 1 % was paid semi-annually.
Robert Hall McCormick has been elected a director, succeeding E. C.
-V. 102, p. 1810, 1718.
Field, deceased.
Chicago Kalamazoo & Saginaw Ry.-Earnings.Interest
Balance,
Other
Gross
Net (after
Calendar
Revenue.
Taxes).
Income. and Rents. Sur. or Def.
Yearsue.$13,938
$201,954
$73,799
$5,632
$65,493
1915
def. 5,999
51,709
6,137
63,845
193,469
1914
Profit and loss debit balance, Dec. 31 1915, $426.044.-V. 102, p. 1539.
-Successor Co.
Chicago & Milwaukee Electric RR.
-V.102, p.2077, 1895.
See Chicago North Shore & Milwaukee RR.below.
-Successor Co.
Chicago North Shore & Milwaukee RR.
-Press reports say that this company has been incorporated
at Springfield, Ill., with $100,000 capital to purchase and
THE CHRONICLE
2254
operate Chicago & Milwaukee Electric RR., recently sold
-V. 102, p.
at auction to the reorganization committee.
2077, 1895.
-Refunding ReChicago Rock Island & Pacific RR.
-Judge Carpenter yesterday at Chicago
ceiver's Certificates.
authorized Receiver Dickinson to issue $2,500,000 of 5%
one-year receiver's certificates with which to take up the
same amount of receiver's certificates maturing on July 3.V. 102, p. 2166, 1986.
-Earnings.
Chicago & Western Indiana RR.
Interest, Dividends Balance,
Gross
Net
Other
Cal.
(6%)
Surplus.
Income.
Taxes, &c.
Earns.
Year. Earns.
1915_ _ __$173,606
$573 $3,287,795 $2,758,354 $300,000 $230,014
300,000
428,027
2,682,246
3,359,995
1914____ 253,848 50,278
"Other income" in 1915 includes rentals on tracks and terminals, $1,092,496; joint facility rent income, $2,088,135; hire of equipment (credit),
$83,317, and miscellaneous, $23,847, against $926,685, $2,239,071, $107,933 and $86,307, respectively, in 1914.-V. 102, P. 608.
Cleveland Cincinnati Chicago & St. Louis Ry.-Pre-This company has declared a
ferred Dividend Resumed.
dividend of 1 X% on the $10,000,000 outstanding 5% noncumulative pref. stock, payable July 15 to shareholders of
record June 27. The last previous disbursement on this
issue was 11 %, declared payable July 21 1913.-V. 102,
4
p. 2077, 1445.
-Consolidated Earnings.
Denver Tramway System.
1914-15. iMar. 31 Yr.: 1915-16.
1914-15.
Mar. 31 Yr.: 1915-16.
Gross earns_ _33,174,666 $3,263,954 Total income_31,288,312 $1,333,070
Net, after ta.x.$1,267,704 $1,300,775 Bd., &c., int_ $390,554 $1,010,765
241,862
30,395
Other income_
32,295 Dividends ___
20,608
Total income_ _$1,288,312 $1,333,07 !Bal.,surplus- $267,362
-V. 102, p. 1896.
.
$80,443
Detroit Bay City & Western RR.-Earnings.-Lawronce
Mills & Co., Chicago, report:
Results for the Year ending March 31 1916.
Gross earnings
$199,526 Bond int. ($550,000 1st 5s).$27,500
52,948
80,448 I Surplus
Net, after taxes
-V.95, p. 127.
-Initial Common Dividend.
Eastern Texas Electric Co.
This company has declared an initial dividend of $2 per share on the
$1,400,000 outstanding common stock (par $100), and also a regular semiannual dividend of $3 per share on the $1,400,000 outstanding 6% cumulative preferred stock (par $100), both dividends being payable July 1 to
shareholders of record June 16.-V. 102, p. 1811, 251.
-Listed-Earnings
Havana Elec. Ry., Light & Pow. Co.
The New York Stock Exchange has admitted to list $5,442,000 Gen.
Mtge. 5% Sinking Fund bonds, Series "A," due 1954.
Earnings for 12 Mos. to Dec. 31 1915 and 3 Mos. to March 31 1916.
Light & Power- -Totalfor Both
Railway
3 Mos. 12 Mos. 3 Mos. 12 Mos. 3 Mos. 12 Mos.
$
Divisions$
$
$$
Gross
812,377 3,172,415 639,797 2,368,887 1,451174 5,541,303
Expenses
373,341 1,506,385 187,416 731,132 560,757 2,237,517
Net
Interest
Taxes, &c
439.036 1,666,030 452,381 1,637,755
a303,074 471,5311
J 643,883
1 56,359
a35,180
43,629J b
891,417 3,303,785
303,074 1,115,414
35,180
99,988
[VOL. 102.
between the city and the company. The Poard of Control having general
supervision over construction and operation consists of two members, one
representing the city and one representing the company, while of the 11 directors 5 are selected by the city (see franchise, V'. 99, p. 196, 119).
Capital Value.
-This in Missouri is fixed at $25,648,806, plus capita
additions made since May 31 1913, making the present estimated capital
value of the entire property about $33,000,000, including the portion in
Kansas, or more than $10,000,000 in excess of the entire amount of 1st M.
bonds now issued, including those deposited as security for the Three-Year
534% Notes. The franchise will continue to increase this margin of security. Moreover, not less than 16% of the gross earnings must be applied
to maintenance, renewals, depreciation, &c., and not less than 4% for
damage, claims, an aggregate of not less than 20%•
-The franchise provides that out of gross earnDisposition of Earnings.
ings there shall be paid (1) all operating expenses including maintenance and
taxes; (2) to the company 6% on "capital value" (this insures an ample
margin over all bond interest); (3) claims for injuries and damages; and
(4) the remainder shall be credited to the city on the company's books and
used for extensions and additions until the sum of $6,300,000 is so used'
thereafter, the surplus income shall be divided two-thirds to the city and
one-third to the company. The city's proportion of surplus income shall
be used to reduce capital value through retirement of first mtge, bonds or
-but not so as to reduce
for extensions and additions or to reduce fares
the company's share of income as defined above or for any public purpose approved by vote of the people.
-The city may acquire the property
Right of City to Acquire Property, &c.
on terms specifically set out in the franchise, but only upon payment to the
company, of the entire capital value or assuming payment of the capital
value, including outstanding mortgage bonds, which will thereupon be
closed issues.
Upon expiration of the franchise the city or its licensee may take over
the property upon payment of the capital value. Or the city may grant a
franchise to another company, but if so it shall require such new company
to pay the capital value of this property, otherwise the company may continue operation under the ordinance, pending purchase or other arrangement; if no such purchase or other arrangement be made the city shall
take over the property and assume payment of the unpaid capital value
applying all surplus income to the payment thereof.
Earnings of Constituent Properties for 12 Mos. ending March 31 1916'
Grossearnings$6,889,890
Not earnings available for interest charges, sinking fund and re2,297,904
investment in property
-year notes requires.._ 1,143,220
Interest on outstanding 1st M.bonds and 3
This statement covers the full requirements of the ordinance as respects
maintenance and injury and damage reserves, but excludes those of extraordinary nature prior to acquisition of the property.
-The population of the 81 sq. miles was 181,000 in
Population Served.
1890. 231,000 in 1900 and 354,000 in 1910; at present is over 400,000.
Property.
-(a) Over 300 miles of single track equivalent, about 75%
paved, the remainder being on bridges or private right of way; about 25%
reconstructed in the most modern fashion within the past two years; (6) two
large power houses, combined generating capacity, 60,000 k. w.. and 9
sub-stations; (c) 675 motor cars and trailers in addition to work cars.
-Pros.
•Directors.
-(1) Representing the company: Robert J. Dunham (V.
& Chairman), Chicago; Philip J. Kealy (Pros.); James E. Gibson (Gen.
Mgr.), Clyde Taylor (Gen. Counsel), Charles W. Armour and Edward E.
Swinney, all of hansas City, Mo. (2) Representing the city: William T.
Kemper, Frank C. Niles, Davis M. Pinkerton, John W. Wagner and John
H. Wiles, all of Kansas City, Mo.-V. 102, p. 886.
Kansas City Terminal Ry.-Notes Offered and Sold.
Kean, Taylor & Co., New York and Chicago, announce that
-year 432% Secured
they have sold all of the $2,500,000 5
Gold Notes which they recently purchased from the company
and offered at 100 and int. These notes are dated July 1
1916 and will mature July 1 1921, being secured by pledge
of $3,125,000 of the company's 1st M. 4s, due 1960.
These notes were offered subject to their issuance being approved by the
Railroad Commissions of Missouri and Kansas, and also to all legal matters
being approved by counsel for the bankers. Compare V. 102,p. 1590,2166.
553,163 2,088,383
Balance (after int. and taxes for both companies)__
Callable as a whole only, on any int. date at 101 and int., on 30 days'
13,184 147,875 notice. Central Trust Co. of Illinois, Chicago, and Samuel W. Moore,
Interest on deposits, rents, &c
trustees. Authorized and to be issued, $2,500,000. Denom. $1,000 c*.
Total before deducting dividends
566,347 2,236,258 Interest J. & J. in N. Y. and Chicago.
,
Dividends paid during the periods on pref. stock__ _(135)224,998(6)899,997 Data from Pres. W. M. Corbett, Kansas City, Mo., June 15 1916.
Dividends paid during the periods on corn. stock__(1M)224,227(5M)822166
These notes will be specifically secured by pledge of $3,125,000 of our
1st M.4% bonds due 1960, being at the rate of 80% of their par value,
Balance,surplus,for periods ending
117,121 514,095 against a present market value of about 88. The bonds in question are
part of an authorized $50,000,000, of which $33,094,000 are hold by the
a Includes for 3 months to March 31 1916, interest, taxes, &c., for the public and $9,250,000 are pledged against $7,000,000 additional notes of
-V. 102,p.1712. the company, making with this $3,125,000, $45,469,000 bonds issued.
railway, light and power divisions. b See footnote "a."
608.
Proceeds from the sale of these notes will be used toward the retirement
of $2,500,000 Kansas City Belt Ry. Co. 1st M.6% bonds due July 11916,
-Safety Devices. leaving the Kansas City Terminal Ry. 1st M.4% bonds duo 1960, a direct
Interborough Rapid Transit Co., N. Y.
first lien upon the entire property.
-Pres. Theodore P. Shonts says:
dated June 1 1916, provision is made by
Under the
We are now spending $1,400,000 in adapting to the use of the elevated the followingterms of an agreement for the payment of the interest of these
proprietary companies
lines automatic signals and train-stopping devices on the express tracks, at notes; each company being bound unconditionally to provide an amount
all switch points, and on curves on local tracks where the motorman cannot equal to ono
-twelfth of the principal and interest, when due,of all the 1st M.
for a safe distance obtain a clear view of the track ahead of him.
outstanding, and to pay its agreed share of the total
It would be possible, of course, to install automatic signals and train 4% bonds at any time
expenses of operation and maintenance, as well as its pro rata share of any
control devices on all tracks. The expense involved does not seriously deficiency in case any company defaults.
concern us. We are prepared to go to any expense to insure the safety Atchison Topeka & Santa Fe Ry.Co. Kansas City Southern By. Co.
of the people who travel on the elevated and subway.
RR. Co.
M. K. & T. By. Co. (receiver of)
Chicago
The fact is, however, that the art of train control has not yet developed Chicago & Alton Quincy RR. Co.
Burl. &
Missouri Pee. By. Co. (receiver of).
any automatic system which would make possible the expeditions operation Chicago Great Western RR. Co.
St. L.& S. F. RR.Co.(receivers of).
of the number of trains necessary to handle the crowds on such lines as Chicago Milw. & St. Paul By. Co.
Union Pacific RR. Co.
the local tracks of the Third Avenue Elevated.
Wabash RR.
If anybody can develop a signal system which will promote safer condi- C. R. I. & P. By. Co.(receiver of). the $1,200,000 Co.
capital stock in equal
The proprietary companies own
tions than those under which we are now operating, we will spend all the proportions, and use its property under operating agreements, which latter
money necessary to install it. But such a signal system must be one under are assigned to the trustee of the mortgage as part security for the bonds.
the operation of which we can perform the transportation service which The company owns a passenger station at Kansas City, Mo., the third
the people of New York demand.
-V. 102, p. 1811, 1540.
largest in the United States, opened for operation on Nov. 1 1914; also
from grade crossKansas City Railways.
-Bonds Offered-Partnership with extensive terminal facilities. A four-track main line, freerailroads entering
other belt lines connect the terminal with all the
City.
-N. W. Halsey & Co. have sold, at 98 and in- ings, andand with Kansas City, Kan., and the company's track also roach
the city
-V.102, p. 2166, 1540.
terest, their block of $4,000,000 1st M.5% gold bonds dated several hundred industrial establishments.
July 1 1915 and due July 7 1944, but callable as a whole or
in part at 103 and int. on any int. date upon 60 days' notice.
Denom. c* $1,000, $500 and $100; r* $1,000, $5,000 and
$10,000. Company is paying the Federal normal income tax.
Digest of Letter from Chairm n Robert J. Dunham,Chic., June 1916.
Organization.
-Organized under Missouri laws Juno 6 1914, and now
owns and operates the entire street railway system serVing the cities of
Kansas City and Independence, Mo., and Kansas City and Rosedale, Kan.
Population served, over 400,000 (V. 102, p. 886.)
Capitalization Outstanding or to Be Presently Issued (V. 101, p. 614. 689)•
Capital stock, fully paid up. nominally $100,000, represented
by 62,716.7 pref. and 63,620.5 common parts of no par value
1st M.5% gold bonds (this issue), an absolute 1st M.on entire
property
$14,150,200
2d (closed) M. gold bonds, due July 7 1944 (Series "A" 6%,
$4,291,000, and "B,"5%,$1,000,000). Sinking fund,$105,820 p. a. is calculated to retire entire issue at or before mat'y- 5,291,000
Three-year 534% Gold Notes, due July 1 1918 (secured by deposit of $8,714,200 1st M.5% bonds not included above)
7,922,000
Of the $14,150,200 1st M. bonds now outstanding, $10,150,200 were
issued under the plan in retirement of securities of predecessor companies
(V. 101, p. 614), and $4,000,000 to provide for the receiver's certificates,
the cash requirements of the reorganization,and,$500,000for improvements.
Additional 1st M. bonds may be issued On account of capital expenditures
for new construction, additions, extensions and improvements, made after
May 31 1915 (in Missouri only on certificate of Board of Control), in the
ratio of 31,000 of bonds for each $1,100 of expenditure so made, except
approximately $500,000 bonds may be issued in the ratio of par for par.
-The exclusive franchise granted by Kansas City, Mo., July 7
Franchise.
1914 and expiring July 7 1949, gives the city a direct interest in the construction, maintenance and operation of the property and a joint participating interest in its earnings, thus assuring the most active co-operation
-Improvement Bonds.
Maine Central RR.
outstanding Series "A" 30-year improvement bonds, due July 1,
All
together with unpaid interest coupons, will be paid at maturity at the
-V. 102, p. 1346, 1163.
New England Trust Co., Boston, trustee.
-The
Michigan Central RR.
-Purchase of Sub. Cos.
shareholders of the following subsidiary companies on June 8
voted to transfer their properties, franchises, &c., to the
Michigan Central RR.:
The Detroit Delray & Dearborn, Detroit Belt Line RR., Grand River
Valley RR., Jackson Lansing & Saginaw RR., Detroit & Bay City Ry.,
Toledo Canada Southern & Detroit and the Bay City & Battle Creek By.
Other lines operated by the Michigan Central RR. are expected to take
similar action shortly. Compare V. 102, p. 1540, 1447.
-The
Missouri Kansas & Texas Ry.-2nd Mtge. Bonds.
Farmers' Loan & Trust Co., N. Y., will receive through its
London branch office, 15 Cockspur St., deposits of Missouri
Kansas & Texas 2nd Mtge. 4% gold bonds, acting as agent
for the Union Trust Co. of N. Y., depositary for the com-V.102, p. 2077.
mittee of which E. G. Merrill is Chairman.
-Sale.
Monmouth County Electric Co.
This property, comprising 17 miles of track between Rod Bank and Long
Branch, N. J., which on April 20 was placed in the hands of Charles A.
Sexton of Long Branch and Wm. G. 13exler of Red Bank, receivers, is
advertised to be sold at public auction to the highest bidder. Jitney competition is understood to have been the immediate cause for the receivership.
-V. 72, p. 391. 86.
JUNE 17 11116.]
THE CHRONICLE
2255
The Rhode Island Co. operates 362 miles of street railway in and about
Providence, Pawtucket and. Woonsocket, R. I., serving a total population
from the
of about 500,000. The United Traction & Electric Co. receives dividends
and
Rhode Island Co. rental sufficient to pay all the fixed chargesthe street railNet (after Misc. Bond,
from the lease of
3 Mos.end. Gross
Interest. Replac't. Surplus. of 5% on its stock, the rental being derived &c.,for 999 years to the Rhode
Taxes). Discount.
Mar.31 Earnings.
way properties in Providence, Pawtucket,
$1,835,159 $724,392 $15,952 $446,863 $58,103 $203,474 Island Company.
1916
244,288
46,189
435,371
7,099
732,947
1,807,061
1915
The stock of the United Traction & Electric Co. is pledged as collateral
-V. 102, p. 1987, 1536.
at $80 per share on the notes, or $78 80, based on the selling price of the
is listed on
The
Municipal Ry.-Bonds Listed-Bal. SheetSeres notes. bond stockstock issuesthe Providence Stock Exchange.
New York
of the United Traction & Electric Co. are
and
The
Stock Exchange has admitted to list $2,265,000
The New York507
Since the Rhode Island Co. leased the properties, controlled by the
Sinking Fund bonds (guaranteed by the New York closed. company, it has expended over $8,000,000 on those properties with"A" First Mtge.
Brooklyn Rapid Transit Co.), due 1966. United increase in the outstanding bonds and stock of the United company.
Consolidated RR. Co. and the
(now owned by the out any
with authority to add $57.735,000 of these bonds of the B. R. T. Co. These expenditures should continue with the growth of the territory and
B. R. T. Co. and deposited under the trust agreementissue of $60,000.000 increase the value of the United company's secirities.-V. 102, p. 251.
secure an
to the Central Trust Co., N. Y., trustee, to
1918),on official notice that the
San Diego & Southeastern Ry.-Bonds.-This company
6-year 5% secured gold notes due July 1 in the hands of the public, and
bonds have been sold and are outstanding
secured gold notes equal has applied to the Cal. RR. Commission to rescind its deCentral Trust
on official notice from thesold have been Co. that
retired and canceled; making the cision, made in July 1913, authorizing the company to create
in amount to the bonds so
total amount authorized to be listed $60,000,000.
a bonded debt of $600,000.
Balance Sheet as of March 311916.
None of the bonds have been issued because the company has been unLiabilities (Total,$62,056,448)
suggested that the
Assets (Total, $62,056,448)$200,000 able to earn operating expenses. The Commission hasand rehabilitation.
*$20,848,464 Capital stock
Cash
60,000,000 company expend $88,270 for partial reconstruction last winter's floods.
Funded debt
b37,536,414
Construction
10,255 The road has suffered from jitney competition and from
c793,764 Aud.vouch., affil. cos_ _ Construction "B"
356,523 See V. 97, p. 238.
do outside companies
221,666
Other accounts receiv'le_
692,385
(B.R.T.Co.)
al,005,434 Bills payable
Special deposits
South Pakota Central Ry.-Sold-Bondholders Receive
750,000
374,723 Interest on 1st M. bonds
Materials and supplies
25,439 Par and Interest.
-At the foreclosure sale on June 12 the
d101,102 Miscellaneous
Suspense
21,846
Unapport. debt discount e1,174.881 Surplus
property was bid in by C.0. Kalinaa of St. Paul for $952,000,
accounting the purchaser assuming in addition thereto all indebtedness
*Includes $235,753 free (interest on bond proceeds for which
n),
required as from time to time covered by engineer's determinatio of incurred by the receiver, amounting to about $150,000.
in trust. a;Includes special deposits-Cityex6193,932, and $20,612,711
price is sufficient to pay all of the bondholders
$5,435. b Rapid Transit,
New York, $1,000,000, and miscellaneous, contract of March 19 1913 The purchase
penditures made pursuant to provisions of Municipal By. Corporation. par and accrued interest.
York and New York
by
between the City of New
Statement Made to Depositing Bondholders1916. the Protective
c Rapid transit expenditures in suspense. d Same nature as "c already
Committee, Chicago, June 14
in
covered by issue of stock-but subject to amortization from July 1 1918 at
With your co-operation, your committee was able to bid for the road,
e Denotes unapportioned debt discount charge- competition with St. Paul bankers, to whom the property was sold for an
rate of $510 per annum.
able to cost ofconstruction and equipment,&c., under Rapid'Tran.contract. amount sufficient to pay the trustee's fee and secure for all of the bond-V. 101. p. 2072.
See Brooklyn Rapid Transit System above.
holders par and accrued interest to date of payment. It is expected that the
the
-Listed-Earnings States, and your bonds will be paid in cash District Court of the United
Oregon-Washington RR. & Nay. Co. $131,500 First and sale will be confirmed within 15 days by immediately thereafter. This
The New York Stock Exchange has added to the list
confirms our statement that this property was ample security for the
bonds, Series A, due 1961, for $1,000 each, and $500, amount of the bonded debt.
Refunding Mtge.4%
with authority to add $14,868,500 of the bonds on official notice of issuance
['The reorganization plan, therefore, has no further pertinency, but the
in exchange for sterling bonds, Series B, making the total amount author- general information furnished therewith regarding earnings, &c., remains
ized to be listed $40,000,000.
of value. Compare V. 102, p. 1897.1
Earnings for Six Months to Dec. 31 1915.
69,070.579 Interest on funded debt__$1,890,808
-Listed-Earnings.
Union Pacific RR.
Gross earnings
552,948
2,928,137 Rents
The New York Stock Exchange has added to the list $2,714,000 First
Net,after taxes, &c
92,664) 461.185 Interest on loans, &c....._ 208,458 Lien and Refunding Mtge. 407 bonds due 2008, with authority to add $16,Other inc.(rents,$3
34,164
Miscellaneous
786,000 of the bonds on official notice of issuance in exchange for sterling
to be listed $65,902,000.
$702,944 bonds, making the total amount authorized the public £3,537,200 sterling
Balance, surplus
$3,389,322
Total income
There remain outstanding in the hands of
-v. 102, p. 801.
face value of these bonds, convertible into bonds payable in U. S. gold coin
to the aggregate (if all sterling bonds were converted) of $16,786,000.
-Loan.
Pacific Great Eastern Ry., B. C.
Earnings of the Union Pacific System for 6 Mos. to Dec. 31 1915. onl
on a subsequent
$6,901,993
See "British Columbia"in "State and City" Department
$54,020,029 tnt. on funded debt
Gross earnings
-V. 101, p. 1629.
231,432
page.
-balance..
$22,148,671 Hire of equip.
Net after taxes. &c
701,634
1,413,702 Rents
Add divs. on stirs. owned
-Bonds Listed.
Pennsylvania RR.
25,590
s charges
Exchange has admitted to list $8,171,000 4% Con- Int. on bds. owned,&c__ 3,618,790 Miscellaneou
The New York Stock
716.848
dated May 1 1908, of Rents, &c
solidated Mtge. Sterling, Stamped Dollar, bonds,inclusive, originally for
Total fixed & oth.chgs. $7,860,649
between 63,002 and 82,996, both
various numbers
$27,898,011 Net income for dividends $20,037,362
Total income
with
-V.102, p. 2078, 1898:
£200 each but now stamped payable in dollars as of $1,000 each, have
See Oregon-Washington RR.& Nay. Co. above.
authority to add $11,829,000 of the bonds on official notice that theyto be
making the total amount authorized
-Sub. Co. Bonds.
been presented and so stamped,-V. 102, p. 1718. 1437.
United Railways Co. of St. Louis.
of the United comlisted of this issue $20.000,00.
The $1,000,000 Morame3 River RR. Co. (subsidiary as presented and in
were paid
-A.B. Leach & Co., pany) First Mtge.5% bonds due May 8 last
-Bonds Offered.
Portland (Me.) RR.
lieu thereof were issued $1,000,000 in Gen'l Mtge. bonds of the same comBoston, New York, Phila. and Chicago, are offering pany. These latter bonds were deposited with the Mississippi Valle,y Trust
Co., St. Louis, trustee, under the Gen'i Mtge. bonds of the St. Louis &
for sale 25,000 First Lien and Consolidated Mtge. 5% Suburban By. Co.. another subsidiary, and a like amount of St. Louis &
1945,
gold bonds dated Nov. 1 1915, due Nov. 1 circularmaking Suburban By. Gen'l Mtge. bonds was issued in lieu of same. These
shows:
A
$7,500,000, of which $4.500,000 had
the total amount of this issue $1,825,000. notes due Dec. 1 1916 latter bonds, part of an authorizedin the treasury of the United company
The present issue is to retire the $600,000 4 % are a direct mortgage previously bean issued, will be held
bonds
-V.102,p. 1437.
and for additions and improvements. These to an issue of First Consol. for future use.
on the property of the Portland RR.Co.,subject
$1,400,000 are
-New Company.-This company
Western Pacific RR.
,
(now First Mtge.) 336% gold bonds, a which, however,$1,600,000 outbalance of only
pledged as security for this issue, leaving a
was incorporated in California on June 6 with $75,000,000
in the hands of the public.
standing
divided into $27,500,000 pref.
Cumberland County Power
The company is operated under lease by the lease providing for the pay- of authorized capital stock,
& Light Co. for 99 years from Feb. 1 1912, the (including interest on those and $47,500,000 common, as the proposed new operating
ment of all interest and other current charges
Portland RR.
company under the plan of Dec. 15 1915 (V. 102, p. 155)
bonds), and 5% dividends on the $1,999,0001915.). ortl'd capital stock.
RR. Climb, Co.
tion of the Western Pacific Railway Co.
Earnings- Portl'd RR. Cumb.Co. (Year charges..
6128,833 $790,507 for the reorganiza
income.$1,067,978 $2,636,364 Total
Gross
Balance
131.913
338.163 See that company below.
Net after tax- 260,747 1,128,670 Light Co. has a strong management
The Cumberland County Power &
.Western Pacific Ry.-Successor Company
with which local interests are prominently identified. See V. 101, p. 1553:
See Western Pacific RR. above.
-Earnings.-Bortron,
New Orleans Ry. & Light Co.
Griscom & Co. report for the 3 months ending March 31:
&c. Renew.& Balance,
-Sale of
Quebec Railway, Light, Heat & Power Co.
First Installment of 20%, or $180 per Bond, now Payable
-A bill passed by the House of Commons of Canada on Subscriptions.-The reorganization committee, Alvin
Branches.
on May 16 empowers the Governor in Council to authorize W. Krech, Chairman, gives notice by adv. on another
the Minister of Railways and Canals to acquire, upon such page to the depositors under the plan of reorganization
terms as the Governor may approve, the following lines:
subscribed for the new bonds
Miles. Max.Price. dated Dec. 15 1915 who have
and also their transferees, that the first installment of 20%
(a) Quebec, Montmorency & Charlevcix By., extending43.21
from St. Paul St., Quebec, to St. Joachim its junction
of the purchase price of the bonds has been called for payment
from
m
(b) Quebec & Saguenay By., extending
at the Equitable Trust Co. of N.Y.
with the Quebec Montmorency & Charlevoix Ry. at62.8J$4,019,000 on or before June 26 next
St. Joachim to Nairn Falls extending from Lyster to
or its London branch; also at the offices of the First Federal
(c) Lotbiniere & Megantic By.,
30.0
330,000 Trust Co., San Francisco, the Old Colony Trust Co., Boston,
St. Jean dos Chaillons, about
to be "the
thereof as
The purchase price of these properties is said value value the actual Illinois Trust & Savings Bank of Chicago, and Adolf Boisseto be
Canada;
of
determined by the Exchequer Courtand less depreciation, but not to exceed vain & Co., Amsterdam, Holland.
cost of said railways, less subsidies
bonded indebtedness, which is to be
64,349,000, exclusive of outstanding to exceed in all $2.500,000"
.assumed by the Government, but not By. 1st M. 5s of 1899, duo [being
1923.
the $2,500,000 Quebec-Montmorency
By. as about 87%
The Government reports the Quebec & Saguenay company sold
operation. The
completed, with 9 miles of track in $2,184,000 at 8207, and claims in
to
France $2,500,000 bonds at 84% and
of subhave expended also an additional $1.050,000 (including 3116,000 total of
sidy), which, with $461,000 due on unpaid claims, &c., makes a bondThe
$5,333,315, stated to have gone into the enterprise. cents Frenchdollar.
on the
holders are said to have sold out their bonds at 25 to 40
Div. 58 of
The bonds in question were the Quebec & Saguenay1912. due 1911, duo
Jan. 11942.
and Quebec By., Lt., Ht.& Power 5s of
Feb. 11941.
See p. 134 of "El. By. Sec.," and V. 92, p. 528, 660, 882; V. 93, p. 1726;
V. 94, p. 209; V. 96, p. 203.
The property named under "(a)" above has been many years in opera,
-Min,and in 1914 earned gross, $311,528, and net (after oper. exp.). $83,032.
The line "(C) earned in 1914, gross, $30,259; net, $1,266.-V. 102, p. 523.
-The Industrial Trust
-Notes Offered.
Rhode Island Co.
Co., the Providence Banking Co. and Bodell & Co., all of
Providence, R. I., are offering at 983/2 and int., yielding
-year Se5.35% (when, if and as issued), $1,662,000 5% 5
cured gold notes dated Mar. 1 1916, due Mar. 1 1921, but
callable at 101 and int. Denom. $1,000 c. Int. M. & S.
.at Industrial Trust Co., Providence, or at Old Colony Trust
Co., Boston, Mass. Trustee, Industrial Trust Co., Provi• dence, R. I. See adv. pages.
These notes are secured by the deposit of $2,078,300 of the United Traction dr Electric Co. stock, which has paid dividends since 1897_, and dividends of 5% have boon paid without interruption since 1903 (13 years).
The entire purchase price of each $1,000 principal amount of new bonds
subscribed for is $900 with accrued interest (at 5% per annum) on the new
bonds, which will be dated June 26. The amount payable on or before
June 26 on each 61.000 principal amount of new bonds subscribed for is
$180. Payments must be accompanied by certificates of deposit representing deposited (old) bonds (with properly executed transfers if regist d).
Optional methods of payment and other details connected with the payment for new bonds (including the option to pay for new bonds in full and
to borrow 90%-or less- of the entire purchase price thereon) are explained
in circular letter of committee dated Jan. 24 1916.-V. 102, p.2167,2078.
INDUSTRIAL AND MISCELLANEOUS.
Acme Tea Co., Inc., Philadelphia.--Sales.6 to June 3, incl.,
Tho sales for the period May the correspondingof 31,642,785, an increase
period last year. From
of $285,603, or 21.04%, over
same
Jan. 1 to June 3 the total sales were $7,430,607, or 25.72% over the $15,period last year. Tre sales for 11 months ended June 3 amounted to
306,814. an increase of 52.49% over the gross business for the 11 months
in 1914.-V. 102, 1:. 1988.
1
-Common Stock Dividend.
American Gas & Electric Co.
This company has declared an extra dividend of 2% on the $3,788,500
outstanding common stock in addition to the regular quarterly disbursement of 2%,both being payable in common stock July 1 to stock of record
June 19.-V. 102, p. 1898, 1719.
-Proxies Asked.
American Pneumatic Service Co.
The committee of second preferred and common stockholders
is sending to shareholders a circular soliciting proxies to be
2256
THE CHRONICLE
voted at the annual meeting on June 30 for a board of
directors of their selection, to include:
Hon. William S. Kyle, Plymouth; A. W. Chesterton, Nathan Warren,
William A. McKenny, Andrew Blume, W. E. L. Dillaway and Franklin J.
Burnham, of Boston, and William S. Mlles, of Wilmington, Del.
-V. 100,
p. 1748. 1259.
Arkansas Light & Power Co.
-Preferred Stock Offered.
J. S. Orler & Co., Inc., Boston, are offering for sale $350,000
7% cumulative pref. stock. Divs. Q.
-J. A circular shows:
[VOL. 102.
Capitalization. Auth.
Outstdg.
Auth.
Outstrip.
Common
_35,000,000 $5,000,000 1st M.5s, due
Preferred ____
500,000
500,000
1931
$5,000,000 $2,403,000
Deb.6s,due '25 1,000,000
475,000
Security.
-A direct first mortgage on all physical property. rights and
franchises now owned or hereafter acquired. The balance of the bonds
may only be issued for not to exceed 80% of the actual cost of permanent
extensions and additions, $500,000 of them upon the written consent of the
bankers and the balance only in case the earnings are 1 V times the annual
k
interest charge upon all bonds outstanding and those to be issued.
Sinking Fund to Retire Bonds.
-Beginning Jan. 15 1917 annually a sum
in cash equal to 7% of all bonds certified.
Franchises and Property.-Franchlses are either without time limit or
extend beyond the life of the bonds and contain no burdensome restrictions.
The company owns modern artificial gas plants in Muncie, Marion and
Anderson, with an aggregate generating capacity of 3,300,000 Cu. ft. per
day, and transmission lines connecting all the cities. At Muncie includes
a recently installed plant of the Kionne type, making gas by the coke oven
process. Appraised value of physical property substantially in excess of
outstanding bonded debt.
The company is at present distributing natural gas from the West Va.
fields through its artificial gas distributing system. High pressure transmission lines aggregate 96M miles, distributing system 304 miles, and there
are 15,148 meters connected.
Earnings
-(12 Months ended April 30 1916.)
Gross earnings
$761,015 41[Int. on $2,403,000 1st 5s-$120,150 00
Net, after taxes
210,650 101Balance
$90,500 10
For the ten months ended Apr. 30 1916 the net earnings were at the rate
of practically twice bond interest. It is estimated for the calendar year
they will be substantially in excess of twice interest charges.
Territory.
-Combined estimated population at present of 116,000,
comprising cities of Muncie (population 35,000). Anderson (27,000).
Marion (26.000), Hartford City, Elwood, Alexandria and Fairmont.
Control.
-Officers.
-The control is owned by the Metropolitan Gas &
Electric Co. of Chicago. Its officers and directors include Rufus C.
Dawes, Pres.; Henry M. Dawes, V.
-P. and Treas.; H. B. Hurd, Secy.
-V. 94, p. 1451.
The stock is preferred as to assets as well as dividends, and is free of
normal Federal income tax.
Capitalization
Authorized. Outstanding.
Bonds
$5,000,000
$750,000
Preferred stock 7% cumulative
750,000
430,000
Common stock
1,600,000
1,000.000
Additional pref. stock can be issued only when net earnings applicable to
pref. stock dividend are at least double the pref. stock div. requirements.
The properties have been in operation a number of years (some 25 years)
and have thoroughly demonstrated their earning capacity under varying
conditions. Physical condition is excellent, fuel is cheap and general conditions of operation favorable. The company owns and operates the plants
directly and is not a holding company.
Earnings on Properties Now Owned for Years ending March 31 1915 and 1916.
Year ending
Mar3115 Mar31 16
Mar31'15
Gross income_ _ _ _6298,251 $300,528 Bond interest_ ___ $45,000Mar31'16
$53,700
Net, after taxes_ _6102,296 $128,836 Balance
57,296
75,137
Preferred stock dividend
30,100
30,100
Surplus, applicable to common stock
$27,196 $45,037
The company is now negotiating for the purchase of additional properties,
bringing the population served (at present 60,000) up to 63,000, and the
management estimates that when these are acquired, final net earnings
from present contracts and new business in sight will exceed 23.i times the
pref. div. requirements for the ensuing 12 months, as indicated below.
Estimated Earnings for 12 Mos. After Acquisition of New Properties Now
Charcoal Iron Co. of America.
-Earnings.
-Under .Negotiation.
The net earnings for May,we are
Gross earnings
$370,000Bond interest
1
$60,000 of all overhead and liberal charges informed, were 3115.000, after payment
for depreciation. The net earnings for
Net earnings
$180,000 Preferred stock dividend..__ 52,500
pplicable to corn. stock_ _ _ 67,500 April were $99,000. The May earnings are at the rate of over 37% on the
common stock, after allowing for the pref. stock dIv.-V. 102, p. 1989, 1720.
For further details regarding properties, &c., see V. 102, p. 1627, 977.
American Zinc, Lead & Smelting Co.
-Listing.
-
The N. Y. Stock Exchange has admitted to list $2,500,000 cumulative
preferred stock upon official notice of issuance of permanent engraved
interchangeable certificates on payment in full.
Consolidated Earnings for 4 Months ending April 30 1916.
4 Mos. to
Total Net Exp. c% Other
Reserve
Balance,
Total
Apr. 30: Earnings. Taxes. Income Funds.
Surplus.
Surplus.
1916
$2,848,233 $75,651 $7,025 $1,502,000 $1,277,607 34,074,479
102, P. 1895, 1542.
Associated Gas & Electric Co.
-Note Redemption.
-
Chesebrough Manufacturing Co.
-Extra Dividend.
-
This company haa declared an extra dividend of }4 of 1% in addition to
the regular quarterly disbursement of 3% on the $1,500,000 outstanding
(the amount including the 200% stock dividend, see V. 120, p. 1720)
capital stock payable June 29 to stock of record June 20. This dividend
compares with 4% regular and 6% extra quarterly, or 40% per annum,
paid on the old capital.
-V. 102, p. 1899, 1720.
Chicago Telephone Co.
-Purchase Conditions.
-In connection with the acquisition of the Automatic Telephone Co.'s
property, noted in last week's "Chronicle," a Chicago paper
gives the following as conditions of sale:
The $1,000,000 6% coll. trust 5-year notes have been drawn for redemption at 101 and interest on July 1, at Fidelity Trust Co., Phila., trustee.
The price to
paid
These notes are being paid off out of the proceeds of the sale of a block of Telephone Co. be to shall not exceed $5,536,192, of which the Chicago
is
receive
1st M.5% gold bonds of its subsidiary, the Kentucky Public Service Co., Telegraph Co. $2,300.000. $3,236,192 and the American Telephone &
last April (seo V. 102, p. 1437).-V. 102. p. 1899, 1437.
The Chicago Telephone Co. is to sell that part of the property which is
not usuable to the American Telephone & Telegraph Co. for 6704,134 cash.
Barney 86 Smith Car Co.
-New Directors.
The Chicago Telephone Co. cannot charge to capital account more than
A. Clifford Shinklo, H. W.Lithmann and Edward L. Heinsheimer have
which has been found to be the value of the property to be
been chosen directors, succeeding J. L. O'Neil, E. L. Potter, both of $1,532,058,The sum fixed
acquired.
as the value of the tunnel rights must be authorwhom retired, and the late John Ledyard Lincoln.
-V. 102, p. 1251, 70.
ized in equal yearly amounts out of operating expenses and entirely eliminated from the capital account by Feb. 19 1929, the date of the expiration
Beatrice Creamery Co.-Bal. Sheet Feb. 29 '16&Feb.28'15 ordinances of the tunnel company.
Any sum over $1,532,058 paid by the Chicago Telephone Co. must be
Feb.2916. Feb.23'15.
Feb.29'16. Feb.28'15.
charged to its corporate surplus account and cannot be capitalized. The
Assets$
S
LiabilitiesIS
IS
same condition applies to the American Telephone & Telegraph Co., and
Real est.,b1dgs., &c_3,240,702 3,215,514 Preferred stock
1,800,000 1,800,000
Invest. in other cos_ 255,440 221,031 Common stock
1,800,000 1,800,000 in addition the latter company is prohibited from making any collection
Securities in escrow_ 200,500
Notes payable
300,000 375,000 from the Chicago Telephone Co. or from capitalizing the amount.
The Chicago Tunnel Co. is to pay the City of Chicago $500,000 for the
Cash
257,981 271,941 Accounts payable
60,411
69,387
Notes, accts., &c.,
Patrons cream accts.. 116,688 132,299 privileges granted it in the ordinances of Mar. 11 1916.
It is understood the terms will be accepted. The companies involved
receivable
1,209,724 1,429,541 Reserves
39,399
45,262 are
given 30 days in which to file acceptances.
Inventories
390,293 472,338 Surplus & undivided
-V.102, p. 2169, 1813.
Prepaid interest, &c_ 113,933 126,920
profits
1,552,074 1,515,337
Childs (Restaurants) Co., N. Y. City.
-Bonds Called.
-
Total
5,668,572 5,737,285
Total
5,668,572 5,737,285
Dividends totaling 6% on prof. stock and 18% on common stock were
paid during the year.
-V. 102, p. 1719. 1252.
Beaver Steamship Co.
-Bonds Sold.
-Drexel & Co.,
Phila., have recently sold $265,000 5% serial gold bonds,
dated June 11916, maturing serially 1918-1928. Int. J.& D.
A circular shows:
Forty-nine Series "A" and 10 Series "B" investment gold bonds of the
Childs Real Estate Co.,for payment at 110% and int. on Sept. 1 at Empire
,
Trust Co., N. Y. City. Two Series "B' bonds called for payment on
Sept. 1, are still unpaid.
-V. 102, p. 978, 888.
Colt's Patent Fire Arms Mfg. Co.
-Dividend Increased.
-
This company has declared a quarterly dividend of 4% on the $2,500,000
authorized and outstanding stock, and in addition an extra dividend of
10%,both dividends being payable July 1 to shareholders of record June 15.
The 4% quarterly dividend increases the annual rate from 10% to 16%.
Denom. $1,000 c. Subject to redemption on any int. date at 102 and A similar 10% extra was declared payable with the regular (then) quarterly
int. on 30 days' notice. Trustee, Girard Trust Co. Authorized and out- 2% on April 1 last.
-V. 102, p. 1348, 1062.
standing, $265,000. Maturities: $13,000, June 1 1918, 1919, 1920;
Combination Bridge Co., Sioux City, Ia.-Sale.$28,000, Juno 1 1921 to 1927 incl., and $3.),000 Juno 1 1928.
The sale of this property under foreclosure of the $500,000 1st M. was
Data from Letter of Vice-President H. F. Black, May 26 1916.
These Bands.
-A 1st mtge. on two steamships (cast about 3590,000) postponed from June 8 until July 10,due to the absence of bidders.
-V.101,
operating on the Great Lakes, subject, however, to $75,000 of underlying p. 1716.
bonds that mature 615,000 on Dec.. 1 of each year, 1916 to 1920. The
Connecticut Mills Co., Inc.-Acquisition-Lease.
Cambria Steel Co. has contracted that during 12 consecutive seasons of
See New England Cotton Yarn Co. below.
-V. 102, p. 1252.
navigation on the Great Lakes, commencing with 1916, it will furnish ore
for transportation sufficient to utilize the carrying capacity of the steamConverse Rubber Shoe Co.-Pref. Stock Offered.
-E. Elships at 45 cts. per ton. The earnings from this contract should not only
pay the interest and principal on these bonds and on the $75,000 under- mer Foye & Co., Boston, recently offered at par a block of
lying bonds, but also dividends on the capital stock. Insurance amounting 7% cum. non-red. pfd. stock,
dividend J. & D. 1, and preto 25% greater than the par value of the bonds outstanding is provided for.
Cambria Steel Co. owns 60% of the $340,000 cap. stock, all paid for in ferred as to assets and dividend. Par $100. A circular
cash at par. The bonds are free of Federal income tax as now interpreted. offering the stock says in substance:
No dividends to be paid on common stock when the assets exclusive of
Bryden Horseshoe Co., Catasauqua, Pa.
-Merger.
patent rights, trade-marks and good-will, and after deducting all debts,
See Manufacturers' Iron & Steel Co. below.
-V. 96, p. 490.
are less than the par value of all outstanding stock, plus 25% of the pref.
stock. In case of default on its dividends to a total of 7%,the pref. stock
Burns Bros. Ice Corp.
-Initial Dividend.
dividends are paid in full. No mortgage
will have full voting rights
This company has declared an initial dividend of $2 25 on the $1,C50,000 obligations shall be created until
without the approval of a
outstanding 1st pref. stock, being at the rate of 7% per annum for the per- stock. Common stock auth. and issued, $75,000. majority of the pref.
Pref.
iod from Mar. 6, the date of issue of the stock, to July 1. Dividend is $875,000; issued Dec. 31 1915. $604,800. [The stockholdersstock auth.,
recently aupayable July 1 to stock of record June 15.-V. 102, p. 1165, 1062.
thorized and were given the right to subscribe at par for $250,000 additional
pref. stock.] V. 102, p. 1062.
Butte & Superior Mining Co.
-4510 Extra Dividend.
Manufactures at plant in Malden, Mass., rubber boots and
This company has declared an extra dividend of $10 per share, along with automobile tires, selling direct to the retailer. The sales increasedshoes and
the regular quarterly distribution of 75 etc. per share, on the $2,729,410 ing 1915. Orders already booked will take the entire capacity of 23% durthe plant
outstanding capital stock (par $10), payable June 30 to shareholders of umil Sept. 1 1916.
record June 16.-V. 102, p. 1635, 1628.
Stockholders have authorized an increase in the pref. stock by the issue
additional shares.
about
Cambria Steel Co.
-Subsidiary Company bonds Sold.
- of 2,500 and equip a buildingOf the proceeds output6150,000 will be used
to increase the
to erect
from 8,000 to 15,000
See Beaver Steamship Co. and Johnstown Steamship Co. below.
- pairs of shoes daily. The balance of the proceeds will be used as additional
V. 102, p. 2169, 1055.
working capital.
Eanungs.-The net profits for the cal. year 1915 wore $159,675, being
Central Indiana Gas Co.
-Bonds Offered.
-E.H. Rollins over three and one-half times dividend requirement on preferred stock.
& Sons and A. B. Leach & Co., N. Y. and Chicago, are Prof. dividends have been regularly paid since incorporation.
3
Balance Sheet Dec. 31 1915 (Total Each Side $1,626,043).
offering at 94% and int., $2,100,000 1st M.5% sinking fund
Cash & acc'ts receivabe-$698,639 Notes & acc'ts payable-_-$782,009
gold bonds,dated Sept. 1911. Due Sept.1931. Int. M. & S. Merchandise
604,800
508.8581 Preferred stock
340,734 Common stock
75,000
at the Cont. & Comm. Tr. & Say. Bank, Chicago. A Plant and equipment
Miscellaneous
79.812]Surplus
Officers and Directors.
-M. M. Converse, Pres.; H. Bullock, Tress.;
circular shows:
Arnold, R. M.Saltonstall, Morton L.Paterson.
-V.102, p. 1002.
Denom. $1,000. Registrable as to principal. Redeemable on any int. Harry
date at 102 and int. Authorized, $5,000,000 Outstanding, $2,403,000.
-Acquisition.
Cuba Cane Sugar Co.
Interest payable without deduction of the normal Federal income tax.
This company,it is reported, will shortly acquire the Stewart Sugar Co.
Penn. State 4-mill personal property tax refunded. Trustte, Continental with properties on the eastern end of the island of Cuba. The output o
& Commercial Trust & Savings -Bank and Frank H. Jones.
the Stewart Co. is understood to be 500,000 bags a year.
Data from Letter of Prest. J. H.Maxon, Muncie,Ind., May 15 1916.
The Stewart Sugar Co. was incorporated in N. J. in 1907, and has
Organization.
-Incorporated Feb. 7 1888 in Indiana to supply manu- $2,500,000 stock outstanding and funded debt amounting to $2,750,000.
factured and natural gas in the east-central part of Indiana and operates Acquisition of this company, it is said, was planned when the Cuba Cane
in Grant, Blackford, Madison_and Delaware counties, Ind.
Sugar Co. began business.
-V. 101% p. 1628, 1349.
JUNE 17 1916.1
THE CHRONICLE
2257
The preferred stock, after dividends of 8% upon the common,is entitled
-Bonds.
Cumberland County Power & Light Co.
to participate pro rata in all excess earnings. It may be converted at any
This company has applied to the Maine P. U. Commission for authority time into common stock, par for par. No mortgage or other funded lien
to issue and sell at 94 and interest $350,000 of its 1st & Ref. Mtge. 5% can be placed without the consent of 75% of the outstanding pref. stock.
bonds due 1942, on account of additions and acquisitions. The company The pref. stock has no voting power during five years from the organizaIs proceeding with the development of its water power at Hiram Falls, tion (except as to the creation of mortgage or funded indebtedness), or after
and with other extensive improvements. With the new bonds the total five years so long as 8% dividends upon the pref. stock are being paid.
outstanding of the $10,000,000 authorized will be $2,348,000. See also
Officers and directors are: Charles J. Greenstreet, Pres.; I. M. Sirnonin,
Portland RR ,leased company, below and V. 101, p. 1552.
manufacturer of oils, Phila., Pa.; Franklin G. Colby, Pres. Colby & Co..
oil exporters, N. Y.(Vice-Pres. & Treas.); Henry 0. Evans, Pres. Commer-Merger Company.
Eagle-Picher Lead Co.
cial Union Telephone Co. (Sec'y), and James Scott, each of Pittsburgh.
The shareholders of the Eagle White Lead Co. of Cincinnati, Ohio, on Pa.; Robert Seeger, Welsbach Lighting Co., and Harry B. Fardwell, each
Juno 6 ratified the proposal to (a) increase the authorized common stock of St. Louis, Mo.
is to be outstanding,
from $1,000,000 to39,000,000, of which $7.000,000
Application for listing on the New York and Boston Curb Exchanges will
the remaining $2,000,000 to be held in the treasury; (b) change the name to be made.
the Eagle-Picher Lead Co.; (c) acquire the assets of the Picher Lead Co.,
Accumulated Dividends Paid.
and (d)increase the number of directors from five to nine.
Gas Securities Co.
The new company, just incorporated, has also authorized and outstandThis company has declared a dividend of 12% on the outstanding pref.
ing $1,000,000 preferred stock. The authorized capitalization of the old stock, by which action all accumulated dividends suspended since Aug. 1
Eagle Company was $1,000,000 each of common and preferred stock, while 1914 are paid up; and also a dividend of 12% on the common stock, both
that of the Picher Company was $5,000,000 common stock. The merger payable July 1 to shareholders of record June 15. Beginning with Aug. 1
was effected on an exchange in stock. There is to be no public offering of the company, it is stated, will pay regular monthly dividends of 34 of 1%
the stock. Employees may subscribe to $500,000 of the common stock at on its pref. stock on the first of each month to stock of record the 15th of
par on easy payment terms.
the preceding month.
-V. 99, p. 410.
The new company's business is understood to amount to more than
$15,000,000 a year. The company will engage in the mining and manufac-Sub. Co. Bonds.
General Gas & Electric Co.
spelter, all lead products and pigments, plumbers'
ture of pig lead and
-V. 102, p. 1439, 1349.
See Pennsylvania Utilities Co. below.
lead goods, pipes, traps and bends. The company has plants at Henryetta, Okla.; Galena, Kans.; Joplin and Webb City, Mo.; Collinsville, Ill.;
Goodyear Redwood Co. (San Francisco and GreenCincinnati. Ohio, and Newark, N. J.
-James D. Lacey Timber Co.,
-Bonds Offered.
Directors and officers are: John B. Swift, Pres. of the old Eagle Co. wood, Cal.).
of the board); 0. S. Picher (Pres. and Gen. Mgr.), R. W.Evans Chicago, Geo. S. Fox & Sons, Phila., and the Michigan Trust
Chairman
V.-Pres. and Gen. Sales Mgr.), S. M.Evans (V.-Pres.), Thomas S. Brown
Perrin, Frederick Herten- Co., Grand Rapids, Mich., have sold (see adv. on another
,
Jr. (Treas.), Joseph Hummel Jr. (Secy.) F.
1720.
page) at 100 and int. for all maturities $1,200,000 (closed)
stein and J. Edward Webb. See V. 102. p.L.
First Mtge. 6% gold bonds, principal and int, unconditionally guaranteed by C. A. Goodyear Lumber Co., James D.
-Sold-Bonds Called.
- Lacey Co. and J. A. Mackenzie. A circular shows:
Eastern Pennsylvania Power Co.
-Merger.
Eagle White Lead Co.
-V. 102. p. 1720.
See Eagle-Picher Lead Co. above.
'10.•
All the 82,000,000 outstanding 1st & ref. mtge. 5% 30-year bonds have
been called for payment at 105 and int. on Oct. 1, at Commercial Trust
Co., Philadelphia trustee.
-V. 100, p. 1675, 401.
See Pennsylvania Utilities Co. below.
-Bonds Called.
Edison Electric Co. Los Angeles, Calif.
"First and refunding" mort,age bonds numbered from 988 to 1,037, both
inclusive, and 1,039 to 1,09a, both inclusive, of $1,000 each, have been
drawn for redemption at 110 and int. at the IT. S. Mtge. & Trust Co. of
New York City on Sept. 1.-V. 89, p. 1544, 166.
-Initial Common Div.
Edmunds & Jones Corp.
This company has declared an initial quarterly dividend of $1 per share
on ths 40,000 shares outstanding (no par value), payable July 1 to shareholders of record June 20. See V. 102, p. 1165.
-15% Extra Dividends.
Electric Boat Co.
This company has declared extra dividends of 15% on both the $4,999,600
outstanding pref. stock and the $2,672,500 outstanding common stock,
-V. 102,
payable June 30 to shareholders of record of the same date.
97.p
Flemish-Lynn Phonograph Co.-Merger Approved.
The shareholders on June 10 ratified the proposal to consolidate with
the company the Lynn Phonograph Co.
Directors are: Benjamin B. Englander, John T. Sproul', B. L. Atwater,
Frank Boum,Henry C. Bayliss, M.B. Baer and Clyde H. Slease.-V, 1 02
p. 1990, 1900.
-Bonds.
-The TillotFort William Coal Dock Co., Ltd.
son & Wolcott Co. is placing at par and int. $250,000 closed
1st M.ser.6% gold bonds dated Apr. 1 1916. Circular shows:
Due $30,000 each Oct. 1 from 1917 to 1922 incl. and $35,000 each in
1923 and 1924, but redeemable at 101 on any interest date. Interest
A. & 0. 1 payable at First Trust & Savings Co.. Cleveland, trustee. Federal income tax paid. Denom. $1.000 and $500. Common stock, fully
paid, 8405,000; first mortgage bonds, $250,000.
Digest of Letterfrom Pres. J. A. Paisley, Fort William, Ont., Apr.27.
1916.
-An Ontario corporation organized in 1909 to handle and
Organization.
ship coal and iron pyrites ore at Fort William, Ont. Directors (and officers): Pres., James A. Paisley, Cleveland,0.(Pres. Valley Camp Coal Co.)
Vice-Pres., James Playfair, Midland, Ont. (Pres. Great Lakes Transportation Co.)' Sec. and Treas., W. A. Clark Jr., Midland, Ont.; H. W.
Richardson, Kingston, Out.; Charles Neinaber, Fort 'William, Out.;
W. J. Sheppard, director Royal Bank of Canada; John M. Kennedy,
Pittsburgh, Pa.
-Secured by first mortgage to First Trust & Savings Co. and
Bonds.
Montreal Trust Co. of Canada, trustees, upon the entire property, real and
personal, consisting of (1) a modern dock located on the Mission River,
Fort William, with present storage capacity of 750,000 tons, and just appraised at $532,000, including modern bridges and unloading machinery
and electric power plants capable of handling 1,000,000 tons per annum.
(b) An additional coal storage plant worth $372,000, now being comlpeted
of steel and concrete. This addition, to be partly paid for out of the pro6 Total fixed assets,
ceeds of these bonds will be completed Aug. 1
191.
with the addition, will be $904,000; other assets, account and bills receivinventories, &c., $155,103, by balance sheet of Feb. 29 1916.
able,
-Has had marked success from outset, in 1910, earnings from
Earnings.
Jan. 1 1911 to Apr. 30 1916 having averaged 871,57 per annum. The adshould increase these earnings $75,000 per annum, total 8146,547.
dition
In addition to the stock dividends of from $35% to 60%, the company has
paid to date two cash dividends of 10%.
-We receive our coal from boats loaded at the foot of the
Operations.
Lakes, and after unloading and storing, ship it out over the Grand Trunk
'rho bulk of our coal comas from the Valley Camp Coal co,, which
Ry.
owns 50% of our capital stock. During the winter months this coal is
distributed to dealers and consumers all over Middle and Western Canada.
This is the only dock property at this point on the Grand Trunk, and our
business relations have always been very profitable. Under a five-year
contract we handle the pyrites of the General Chemical Co. of N. Y.
Dated May 1 1916. Serial semi-annual maturities, 1918 to 1931, viz..
-a.
$25,000 s.-a. 1918 to 1919; $40,000 s.-a. 1920 to May 1922; $50,000 s.
Nov. 1 1922 to May 1 1931. Denom.$1,000,$500 and $100. Int. M.& N.
at the Corn Exchange Nat. Bank, Chicago, and the Michigan Trust Co.,
Grand Rapids. Callable on any int. date, upon 30 days' notice, at 102
and int., registerable as to principal. Sinking fund from time to time
prior to cutting, $2 per 1,000 ft. oftimber cut or removed, or sufficient to
retire the entire loan when only half the standing timber is cut.
Security.
-An absolute first mortgage on (a) approximately 30,000 acres
of timber lands, estimated by James D. Lacey & Co. to carry in virgin timber 1,180,000,000 B. M.ft., of which 70% is redwood, 4% sugar pine and
26% Douglas fir; (b) double-band sawmill, present capacity about 90,000
ft. per 10-hour day; planing mill; dwellings and townsite located at Greenwood, and loading facilities at Greenwood and Point Arena; (c) over 30
miles of logging railroad. Estimated values under the mortgage over
$3,600,000.
History.
-A new corporation, organized by C. A. Goodyear Lumber Co.
interests, James D. Lacey and J. A. Mackenzie, to take over the property
formerly owned by the L. E. White Lumbei Co., which was founded some
35 years ago, and includes over 85,000 acres of timber,, grazing and agricultural lands, cattle, mills, town and landings at Greenwood and Point
Arena, and a line of lumber-carrying vessels.
The C. A. Goodyear Lumber Co. operates a large hardwood and hemlock
mill at Tomah, Wis., and has a wholesale organization with offices at
Chicago. They also have extensive holdings of Douglas fir in Clallam
County, Wash.. which are being developed by Goodyear Logging Co. The
Goodyears are prominently identified with Great Southern Lumber Co.(V.
86 p. 1533).
Income Tax.
-The company, in so far as it can now or hereafter legally
so contract, will pay the principal and interest without deduction for any
tax assessment or other Governmental charge under any present or future
law.
-This loan is to provide funds necessary to liquidate the entire
Purpose.
indebtedness of the company and to provide all necessary working capital.
-Tot. $4,518,272.
Balance Sheet as of April 14 1916 (after Present Financing)
Fixed assets
$2,000,000
$4,004,008 Capital stock
Investments in SS. co.,&c. 137,037 Bonds
1,200,000
Inventories
1,000,000
206,088 Surplus
Accts. & notes receivable_
22,625
33,970 Current liabilities
Cash
295,647
130,625 Reserve for contingencies_
Deferred charges
Total each side
6,543
--$4.518,272
Fixed assets consist of: (a) Timber lands, as appraised, 1,180,000,000
B. M. ft. at $2 42 per 1,030 ft., $2,855,600; (b) tanbark, as appraised.
35,000 cords, at $4, $140.000; (c) townsites, farm, grazing and cutover
lands, as appraised. $281,600; (d) properties, as per appraisal, $615,989;
and (e) equipment, per inventories, $110,820.
Ownership and Management.
-James D. Lacey, Chicago, Chairman of
Board; 0. A. Goodyear, Pasadena, Cal. Pres.; Lamont Rowlands.
'
Chicago (V.-Pres. & Treas. C. A. Goodyear Lumber Co.), V.-Pres.; J. A.
Mackenzie, San Francisco, V.-Pres. & Treas.; W. G. Collins, Greenwood,
Cal., Sec.& Gen. Mgr.; Miles A. Goodyear, Chicago (Pres. C. A. Goodyear
Lumber Co.), Asst. Sec.
-Notes Offered.
Great Atlantic & Pacific Tea Co., Inc.
-The Equitable Trust Co. of New York and Edmund
Seymour &Co.,N.Y.,have sold at 102 and int. (See adv. on
another page) $3,000,000 5-yr. 6% convertible gold notes,
dated June 1 1916, due June 1 1921. Int. Q-M., at the
Equitable Trust• Co. of N. Y. trustee. Red. on any int.
date after June 1 1919, at 102 and int. on 60 days' notice.
Denom. $1,0000*. A circular shows:
The company is a N. Y. corporation operating over 2,100 retail grocery
stores in 29 States through subsidiary companies owned or controlled by
it, and so related that by agreement no mortgage on or pledge of any of their
assets, or its assets, may be made until this issue of notes is paid.
The Great Atlantic & Pacific Tea Co., Inc., was organized to take over
the business conducted for many years under the title, The Great Atlantic
& Pacific Tea Co. of N. J. The affairs of the new company will continue
to be administered by the same interests that have been identified with
-Preferred Stock Offered.
-W. I. the business from its inception, the control and management remaining
Gasoline Corporation.
McGowan & Co., Now York, having disposed of $900,000 of unchanged. are convertible into 7% cumulative pref. stock at par on any
The notes
the 8% cumulative participating convertible fully-paid and Interest date on or prior to June 1 1919. This pref. stock is redeemable
less than
funds for this
at
to
now offering 420,000 all or partnet 115, and willprovideaside each year redemption not 1 1919.
non-assessable preferred stock, are
beginning June
earnings
be set
3% of the
shares at par, $5, being the balance of $3,000,000 authorized.
Data from Letter of Frost, Geo. H. Hartford, June 9 1916.
Business.
-The company has the largest retail grocery business in the
The proceeds of the sale of the present issue of $2,100,000 pref. stock
will provide additional plant capacity and working capital, to provide for U. S. and handles groceries of almost every variety on an absolutely cash
an annual capacity of 150,000,000 gallons. The present plants of the cor- basis, thus eliminating any loss from bad accounts. By its perfected
poration and its subsidiary consist of two refineries at East St. Louis, Ill., method of distribution and economical operation it is able to sell to the
and one at Cleveland, Okla., having a present capacity of 10,000,000 gallons consumer at the lowest prices. The present company started in business
per year. Additions now being made, to be completed in Aug. 1916, will in 1858, since which time it has shown steady and continuous growth, and
has been operated under the present name for the last 47 years.
Increase the plant capacity to 20,000,000 gallons.
Authorized. Outstand'g
Authorized.
Outstanding.
Capitalization (no bonds or mortgage)
Capitalization$3,000,000
$3,000,000
85,000,000
$900,000 6% convertible notes
8% cumulative preferred stock
7,000,000
6,100,000
12,500,000
7,000,000 Preferred stock, 7% (par $100)
Common stock
250,000 shs. 250.000 abs.
Data from Letter of Pres, Chas. J. Greenstreet, St. Louis, Mo., May 81. Common stock (no par value)
Of the pref. stock $6,400,000 are reserved for conversion and exchange.
-Organized in Delaware with broad powers, covering the
Organization.
and
manufacture and refining of gasoline and other petroleum products. Owns The $2,000,000 unissued notes are reserved for extensionsFeb.improvements
28 1916, after
-The net earnings for the fiscal year ended
Earnings.
undo: broad and basic patents,and rights to patent, both as to method and
apparatus, a process involving a new principle of refining oils. Territory charging off $305,023 for depreciation, aggregated $1,820,598, and, based
covered by patents, the U. S. A. and dependencies, and Mexico, and, by on the operations of the first three months of the present fiscal year, the
the right to patent in Central and South America, the West Indies, Asia, current year's net earnings should approximate $2,500.000.
I estimate that when the proceeds of the sale of these notes are in operaAfrica, Australia, New Zealand and Japan. We obtain from 65% to 70%
of gasoline from Cushing crude and other like parafine base oils, and pro- tion, the not earnings should approach $3,500,000 each year, or more than
the notes now outstanding.
portionately high percentages from other oils, depending upon the asphalt
Purpose of Issue.
-While the company has sufficient capital to carry on
content. The process has been profitably used upon the residue of other
refineries, thus opening the widest source of supply of raw materials at a present operations it is deemed advisable to occupy new fields, open new
low cost. The process is equally useful in the refining of crude oil. Gaso- stores, and utilize organization to its fullest capacity. The proceeds of
line produced by.the Greenstreet process is being manufactured and sold these $3,000,000 notes are to be used for development and expansion of our
Economy Stores in sections of the country thus far uncovered.
at a profit of 5 cents per gallon net.
2258
THE CHRONICLE
[VOL. 102
Security.—The examination by chartered accountants shows the net of New Brunswick, N. J., and the Bryden Horseshoe Co. of Catasauqua,
assets, representing the equity behind this issue, excluding any valuation Pa. The new corporation will, it is said, be the largest manufacturer of
for good will, aggregate $9,978,435, of which $2,278,840 are fixed, and horseshoes in the world. The plants will be operated under their corporate
$7,699,595 are represented by cash and quick assets equivalent to over names and management as before, the new corporation being a holding
234 times the amount of notes outstanding. They are a direct obligation comany, with James W. Johnson of Johnson & Johnson, New Brunswick.
p
of the company, which has no mortgage indebtedness, and the company N.J., as President. Both companies are said to have large war contracts.
further covenants not to mortgage or permit to be mortgaged any properties
The directors are: James W. Johnson, William J. McCurdy (Pres. the
owned by it or hereafter acquired, nor mortgage or pledge any stock repre- Neverslip Co.), Robert C. Nicholas of New Brunswick; N. Morley Holten
senting such properties, during life of these notes. Compare V. 102, p. 2170. of Catasauqua and Herman Gustow of New York.
[For the 13 weeks ending May 27 1916 the total sales, it is announced,
Maxim Munitions Corp.—Chairman Resigns—Mines.—
aggregated $15,162,725, being an increase over 1915 of $5,452,970.1
Hudson Maxim has retired as Chairman of this company, and the active
Great Western Sugar Co.—Dividend Increased.—
management of the business now rests in tho hands of J. W. O'Bannon,
A quarterly dividend of 1 4 5', has been declared on the common stock, President. Mr. Maxim will continue as Chief Consulting Engineer.
payable July 3 to holders of record June 15. This compares with 134%
The Corporation announces that it has opened a department for the
quarterly previously paid.—V. 94, p. 564.
manufacture and installation of submarine mines, having secured the
exclusive manufacturing rights for a number of patented devices for this
Gulf States Steel Co.—Dividend No. 1 on Second Pref.— kind of harbor defense. Negotiations are in progress for the planting of
This company has declared an initial dividend of 134% on the $18,452,- extensive mine fields for two neutral nations. The company claims to be
000 outstanding non-cumulative 2d pref. stock, payable Aug. 1 to share- the only commercial concern in this branch of the munitions business.—
V. 102, p. 2080, 1814.
holders of record July 1.
The net earnings for May, after all interest, depreciation and other
Metropolitan Gas & Electric Co.—Sub. Co. Bonds.—
reserves, &c., were, it is announced, $204,890, or 3787,913 for the five
See Central Indiana Gas Co. above, and also Southern Counties Gas Co.
months. The tonnage of unfilled orders on the books again stand at a new
in V. 102, p. 2081. V. 94, p. 355.
high record.—V. 102, P. 1900, 1439.
M. A. Gunst & Co.—Preferred Stock Redeemed.—
Michigan Copper & Brass Co.
-25% Common Div.—
This company has declared a cash dividend of 25% on the (about) $440,600 outstanding common stock (par $100), payable June 10 to stock of rec
ord Juno 9. A stock dividend of 125% is also proposed.
The "Detroit Free Press" of June 11 said in substance: The directors
Hartman Corporation.—May Sales.
have recommended that the authorized common stock be increased from
1916 —May
---1915.
Increase. I 1916-5 Mos.-1915.
Increase. $600.000 ($440,600 outstanding) to $1,000.000 and that a 125% dividend
$863,939
$683,528
26.39% 1$4,429.966
$2,991,643
48.08% in common stock be issued to holders of the common stock now outstanding.
—V. 102, p. 1814, 612.
The stock dividend will increase the amount of the common stock issued to
about $991,350. There is also about $133,000 6, cumulative pref. stock
7,',
Hawaiian Sugar Co.—Extra Dividend.—
(par value $100) which is being retired at the rate of about $10,000 a month,
This company has declared an extra dividend cf $1 20 per share on the and the entire amount outstanding is to be taken up on or before July 1 1917.
outstanding capital stock (par $20) in addition to the regular monthly When this is done, the $1,000,000 of common stock will represent the only
distribution of 30 cents. On Doc. 15 1914 an extra of $1 per share, 5%, securities in the hands of the public. Organized in 1906, the company has
was also declared, along with the regular dividend.—V. 100, p. 1352.
regularly paid dividends on its preferred stock. The initial payment on
the common stock was 10%,in Dec. 1915. The officers are: Pres., D. M.
Houston Oil Co. of Texas.—Bonds Called.—
Ireland; 1st V.
-P., J. E. Danaher; 2d V.-Pres., F. T. Moran; Sec., A. L.
One hundred and thirty-five New Series Timber Certificates, issued Simmons; Treas., G. It. Barbour Jr.—V. 95, p. 1476.
under the Kirby Lumber Co. contract, dated Aug. 1 1911, for payment
at par and interest on Aug. 1 at Maryland Trust'Co., Baltimore, trustee,
Midvale Steel & Ordnance Co.—New Officers.—
or the Chase Nat. Bank, New York.—V. 102, p. 435, 255.
r. B. Dickson, heretofore Secretary-Treasurer, has been elected Second
Vice-President, a newly created office, and he has resigned as Secretary.
Indianapolis Telephone Co.—Capitalization—Directors. He retains the position of Treasurer. D. B. Gohley, now Secretary of
—In connection with the merger of the New Long Distance Cambria Steel Co., succeeds Mr. Dickson as Secretary of the Midvale.
Steel & Ordnance Co.—V. 102, p. 1901, 1350.
Telephone Co., the New Telephone Co.
The company has deposited $396450 with the New York Trust Co. to
redeem on July 1 at 10234 and accrued dividends, all the outstanding
pref. stozk.
and the Indianapolis
Telephone Co., the following data is given in a statement by
President Wm. Fortune:
The merged company starts with a capitalization of $1,556,500 of underlying bonds (all sinking fund payments having been anticipated in connection with the merger), $1,900,000 pref. stock and $1,150,000 corn. stock.
Deducting $400,000 cash in its treasury, being new money furnished in
connection with the merger, and set aside for additions and improvements,
the total of the outstanding stocks and bonds of the merged company is
$113,600 less than was the total of the outstanding stocks and bonds of the
three companies merged. (The outstanding bonded indebtedness of the
three companies aggregated $2,050,000, while that of the merged company
is only $1,556,500.)
The pref. stock receives dividends of 6% per annum, cumulative from
May 4 1916 to Dec. 311917, and cumulative at 7% per annum thereafter;
all dividends payable quarterly. The stock is preferred as to assets and
dividends; no dividend on the common can be paid unless all accrued dividends on the pref. stock have been paid. In case of liquidation, holders
will receive the par value plus dividends, before any payment is made on
the common stock. The authorized issue of the pref. stock ($4,000,000)
cdnnot be increased except with the assent of a majority of the pref. stock
at the time outstanding.
The directors are: Louis Hollweg, merchant; Frank D. Stalnaker, Pres.
Indiana Nat. Bank; John H. Holliday, Pres. Union Trust Co.; A. A.
Wilkinson, Pres. Greer. Wilkinson Lumber Co.; Josiah K. Lilly, Pres.
Ell Lilly & Co.; John N. Carey, Pres. Stewart-Carey Glass Co.; Harry S.
Now,Pres. Bedford Stone & Construction Co.: William L.Elder,real estate
Investments; L. C. Huesmann,Pres. Central Supply Co.; George G.Snowden, Snowden Bros. & Co., oil; and William Fortune, all of Indianapolis,
Id.; William L. Moellering, Pres. Home Telep. & Teleg. Co. Fort
Wayne, Ind.; Samuel G. McMeen, Pres. Ohio State Telephone CO., and
F. R. Huntington, Pres. Huntington Nat. Bank, both of Columbus, O.;
and Frederick W. Stevens, Ann Arbor, Mich. For additional data see
also V. 102, p. 2079, 1720.
Midwest Oil Co., Denver, Colo.—Pref. Div. Resumed.—
This company has resumed payment of dividends on the 82,000,000 outstanding pref. stock by declaring a quarterly dividend of 2%, payable
July 20 to shareholders of record July 1. The last previous distribution
on this stock was declared a year ago, making accumulated payments
due, 8%.—V. 102, p. 1064.
Montana Power Co.—Common Stock Listed.—
The N. Y. Stock Exchange has added to the list $2,500,000 of common
stock, making the total amount listed $29,633,300.
Consolidated Earnings.—For 4 months to April 30 1916:
Net
Interest, Pre.
T.Dins. Com.Dirs, Balance,
Cross
Four Mos. to
April 30—Earnings. Income. DisetAc.(144%).
( of17). Surplus.
$1,901,984 $1,458,643 $446,430 $169,257 $'201,806 $641,149
1916
Interest, discount, &c., include interest on bonds, $461,388; bond discount, $31,699; interest on floating debt, $3,000; total. $496.086, less $49.656 charged to construction; bal., as above.$446,430.—V. 102, p. 1991,1630
Montreal Light, Heat & Power Co.—Official Statement
as to Amalgamation.—Touching the offer of exchange of
shares referred to last week as having been extended to the
shareholders of this company and the Cedars Rapids Mfg. &
Power Co., Pres. Herbert S. Holt in circular dated June 8'
says in substance:
Although controlled by practically the same interests, the two companies
have been operated as separate units by different managements. The
Montreal Light, Heat & Power Co. should have available to most its growing requirements an adequate supply of power such as that possessed by
the Cedars Rapids Mfg. & Power Co. The last-named, with its present
installed capacity of 100,000 h.p. and additional 60,030 h.p. which can be
Installed as required, should have a reliable market for its power and the
advantage of a large distributing system such as that possessed by the
International Salt Co.—Extra Dividend.—
Montreal Light, Heat & Power Co. The economies resulting from the
This company has declared an extra dividend of 1%, along with the proposed unification will accrue to the advantage of public and shareholders
usual quarterly distribution of % of 1%, on the $6,077,130 outstanding alike, just as the amalgamation of 1901 has been followed by a reduction
capital stock, payable July 1 1916 to shareholders of record June 15.— in the price of gas from $1 20 per 1,000 to an average 70c. per 1.000, and
V. 102, p. 1623.
of electric light from 12 WI,C. per k.w.h. to 5c. per k.w.h., with in each case
increased return to the
Johnstown Steamship Co.—Bonds Sold.—Drexel & Co., anEach of the companies, shareholders.
with the sanction of their directors and sharePhila., have recently sold at par and int., $1,040,000 out- holders respectively, have entered into agreements with the Civic Investa
for the operation of both
ment &
standing 1st M. 5% serial gold bonds, dated June 1 1916, 98 yearsIndustrial Co. 1 1916 in consideration ofcompanies forby period of
the payment
the lastas from Aug.
maturing serially $130,000 Dec. 1 1918 to 1927, inclusive. named of annual 8% guaranteed dividends to the shareholders of the
Montreal Lt., Ht. & Power Co., and annual 3% guaranteed dividends to
Int. J. & D. Denom. $1,000 c.
the shareholders of the Cedars Rapids Mfg. & Power Co., coincident with
Subject to redemption on any int. date at 102 and int., on 30 days' notice. the privilege of exchange. (The shares of the Montreal Light, Heat &
Trustee, Girard Trust Co. Authorized, $1,300,000; outstanding (June 1), Power Co., surrendered for exchange on or before July 31, will be entitled
$1,040,000, to be issued on completion of an additional steamship,$260,000. to the dividends (as and when declared) for current quarter ending July 31
Data from letter of President F. B. Richard, May 23 1916.
1916, and the company will issue warrants for this dividend at the time
Of the total authorized issue of $1,360,000 bonds, there will be issued on of surrender and exchange of shares. This exchange is on a threefor one
June 1 1916 $1,040,000 bonds covering five steel cargo steamships now basis.)
operating on the Great Lakes, and upon completion and delivery of the
The management of your company is confident that the new company
sixth steamship, now building, will be added, $260,000 bonds. The will be able to pay dividends on its stock from Aug. 1 1916 at the rate of4%
$1,300,000 bonds will then be secured on steamships costing approximately per annum, and we strongly recommend to our shareholders the exchange
$2,547,000. The Cambria Steel Co. has contracted that during 12 con- of shares as proposed. Compare V. 102, p. 2171, 2080, 2075.
secutive seasons of navigation on the Great Lakes, commencing with 1916,
Motor Car Amalgamation.—Merger Abandoned.—
it will furnish ore for transportation sufficient to utilize the entire carrying
capacity of the steamships, at 45c. per ton from the head of Lake Superior,
Because of complications, the proposed motor consolidation has been
free to the vessel. The earnings from this contract should not only pay abandoned. Therefore the Willys-Overland Co., Hudson Motor Car Co.,
the interest on these bonds and their principal as they mature, but also Chalmers Motor Co. and the Auto-Lite Co. will continue to operate individends on the capital stock. Insurance amounting to 25% greater than dependently. All subscriptions in connection therewith are accordingly
par of bonds is provided for. The management of the steamships is in canceled.
the hands of M.A. Hanna & Co., of Cleveland,0. The Cambria Steel Co.
The application for participation In the underwriting was very largely in
owns 60% and the nominees of M. A. Hanna & Co. 40% of the $1,300,000 excess of the stock which it was proposed to syndicate, which amount was
capita* stock, all paid for in cash at par. These bonds are free of the also fully covered by advance subscriptions, after allowing for stock withFederal income tax as now interpreted.
drawn from sale. Signed: William Salomon & Co. J. S. Bache & Co.,
102,
Dominick & Dominick, Laird & Co. Compare V. ' p. 2071.
(S. S.) Kresge Co. (Mich.).—Initial Common Dividend.—
New England Cotton Yarn Co. Boston.—Sale of Mills
This company has declared an initial dividend (presumably semi-annual)
on the $10,000,000 authorized and outstanding common stock (par $10.) —Option to Bondholders.—Pres. C. Minot Weld in circulars
along with the regular quarterly dividend of 134% on the $2,000,000 outin substance:
standing 7% cumulative preferred (par $10), both being payable July 1 of May 26 and June 7 said
Sale—Lease.—Our Nemasket mill, situated at East Taunton, on the
to stock of record June 26. The semi-annual dividend on the common
stock of the old company was 3%. When the Michigan company took Taunton River, a complete plant for the manufacture of cotton yarn, flas
over the Delaware corporation the stock was increased from $5,000,000 been sold to the Taunton Cotton Mills Co., a Mass. corporation. The
last-named, having a capital stock of $400,000, has issued a closed 1st M.
to $10,000,000. See plan, V. 101, p. 1555, 1717.
secure $400,000 20-year
Increase. 1916-5 Months-1915. Increase. (Massachusetts Trust Co., Boston, trustee) to sinking fund of $20.000 a
1916—May-1915.
payable J. & D. with a
$1,691,004
$2,033,711
$342,7071$9,553,837 $7,669,450 $1,884,387 6% gold bonds, interest the bonds at 110 and int. or better. Tho capital
'
year to be used in retiring
—V. 102, p. 1000, 1543.
stock of the Taunton Cotton Mills Co. is owned by the Connecticut Mills
Library Bureau (Boston).
-4% Preferred Dividend.— Co. (of Massachusetts.) Co. has two factories at Danielson, Conn., and
The Connecticut Mills
This company has declared a dividend of 4%, covering two deferred
payments, on the $1,500,000 8% cumulative pref. stock, payable July 1 manufactures tire fabrics.
(Total each side, $1,264,930).
1916 to stockholders of record June 20. On Jan. 1 last a dividend of 4% Connecticut Mills Co. Bal. Sheet Jan. 10 1916
$500,000
stock
was declared payable to holders of record Dec. 22, also covering 2 "deferred Materials, supplies, &c____$157,477 Preferred stock
500,000
57,084 Common
receivable
quarterly payments," including the one due July 1 1915. Similar pay- Accounts
87,500
247,723 Notes payable
Cash
ments were made in Jan. 1913 and Jan. 1914.—V. 102, p. 606.
177,430
302,646 Surplus
Plant, machinery, &c
500,000
Manufacturers' Iron & Steel Co.—New Project.—
Good-will
This company, recently incorporated at Albany with $8,000.000 authorThe Taunton Cotton Mills Co. has leased the Nomasket mill to the Conized capital stock, has been formed as a merger of the Neverslip Mfg. Co. necticut Mills Co. for 20 years. agreeing to pay taxes, insurance on prop
ASP
JUNE 17 1916.I
THE CHRONICLE
erty,keep the property in repair and pay an annual renta 1 which is more than
sufficient to meet all interest and sinking fund payments of the new bonds,
payment to be made directly to the Massachusetts Trust Co. for use in
meeting interest and sinking fund installments as they become due. The
sinking fund will practically retire this issue at maturity. Denominations
of bonds, $1,000, $500 and $100.
-Arrangements have been made by which holders
Option of Exchange.
of bonds of the New England Cotton Yarn Co. are given the opportunity
of exchanging their bonds at the company's office, 77 Franklin St., Boston.
on or before June 12 1916, on the basis of one of their $1,000 bonds for $900
of Taunton Cotton Mills Co.6% bond and $50 in cash [this being the basis
-Ed.]. The allotment will be substantially pro rata
as modified June 7
In case of overacceptance, except for preference to the smaller holders.
(The Boston wrranscript" says: "With the proceeds of the sale of the
Botch mill early this year the company bought in $909,000 of bonds, reducing the issue from $4,713,000 to $3,804,000. After the Nemasket
transaction is completed the bonded debt will stand at about $3,300,11)00.[
Compare V. 102, p. 256, 526. 613.
New River Co.
-Earnings for Years ending March 31.
-
Mar. 31.
Output
Net from
YearSub. Cos.
(Tons).
1915-16
$119,382
1,893,816
1914-15
127,173
1,611,427
There was charged off for depredation $82,437 in
225 in 1914-15.-V. 101. p. 1632.
New River
Net
Co. Losses.
Profit.
$1C0,780
$18,602
109,635
17,538
1915-16, against $75.-
New Long Distance Telephone Co.
-Merger.
See Indianapolis Telephone Co. above.
-V. 102, p. 2081, 1722.
New Telephone Co.
-Merger.
-V. 102, p. 2081, 1722.
See Indianapolis Telephone Co. above.
-Par Reduced.
New York Transportatibn Co.
-
The shareholders on June 14 voted to decrease the authorized capital
stock from $5,000,000, consisting of 250,000 shares of $20 par value. to
32.500,000,consisting of250.000 shares of $10 par value. V.102, p. 2081.
North American Light & Power Co.
-Notes Offered.
Powell, Garard & Co. and Warren, Gorrell & Co., Chicago,
and int., yielding 6%,$300,000 3
are offering at 100
-year 6%
First Lien & Ref. Collateral Trust gold notes dated May 1
and due May 1 1919. A circular shows:
1916
Interest payable M.& N. at First Trust & Savings Bank, Chicago, trustee. Denom. $1,000, 8500 and $100. Callable, all or part, on any int.
date at 101 and int. The company volunteers to pay the normal Federal
income tax.
Business.-Tho company, through ownership of all of the securities and
stocks of the following companies, except the $743.500 of underlying securities and directors' shares, owns and operates under favorable long term
franchises the properties of Washington Gas & Electric Co., Washington
Court House. Ohio; Moberly Light & Power Co., Moberly, Mo.; Adair
County Light, Power & Ice Co.. Kirksville, Mo.; Ardmore City Gas Co.,
Ardmore. Okla.: Durant Ice & Light Co., Durant, Okla.; Caddo Power
Co., Caddo, Okla.; serving a combined population estimated at 55,000.
CapitalizationAuthorized.
Issued.
Preferred stock
$5,000,000
$500,000
Common stock
1 ,000,000
1,000.000
Underlying securities
(closed)
743,500
-year 6% notes (this issue)
3
3,000,000
300,000
This Issue.
-Secured by deposit of the entire capital stock of the companies above mentioned (excepting $50,000 pref. stock of the Washington
Gas & Elec. Co. included in the 3743,500 of underlying securities and directors' shares), representing a total value of over $850,000. The remaining
notes may be issued from time to time to retire underlying securities,
acquire securities and stocks of other public utility companies and provide
part of the cost of extensions. &c.,to the various properties.
Physical value of the properties as of April 1 1916 is appraised at over
$1,600,000, after deducting depreciation, without any allowance for franchises, going value and other intangibles, showing an equity of $456,500
over the underlying securities and this issue.
Earnings for 12 Months ended March 31 1916.
Gross receipts
$348.558
Net, after taxes
•
151,934
Ann.interest on underlying securities (closed),including this issue_ 61,690
Balance
90.244
The company is under the direct supervision of Clement Studebaker Jr.
(Pres.), George M. Studebaker, South Bend, Ind and William A. Baehr,
consulting engineer, Chicago (Vice-Pres. & Gen. Man.).
-Initial Common Div.
Northern States Power Co.
-
This company has declared an initial dividend of 13
,
6% on the $5,975.000
outstanding common stock, payable June 20 for the 3 months ending June
30.-V. 102. p. 1630, 1543.
Northwestern Power Co.
-Initial Pref. Div.
-
This company has declared an initial cash dividend of $1 50 per share on
the $3,600,000 outstanding pref. stock, payable July 1 to stock of record'
June 2:`. This company was incorporated in Mains in Jan. 1905 as a holding compnay. and owns all the $3,000,000 pref. and $8,000,000 common
stock of the Great Northern Power Co., which has an 80,000-h. p. hydroelectric plant at Thompson (near Duluth), Minn.
-V.83, p. 564.
Ohio Fuel Supply Co.
-Stock Increase-Earnings.
--
The shareholders will vote July 18 on authorizing an increase in the
capital stock from $15,000,000 to $20,000,000.
Pacific Mail Steamship Co.
-Report.
-Stock Listed.
--
See "Reports and Documents" on a subsequent page.
The N."Y. Stock Exchange has admitted to list $1,700,000 7% cumulative pref. stock on official notice of issuance in exchange for outstanding
subscription receipts, and $1,150,000 common stock on official notice of
issuance in exchange for outstanding old capital stock of the company, or
in exchange for outstanding subscription receipts.
-50% Stock Dividend.
Packard Motor Car Co.
-
Press reports state that this company has declared a 50% dividend on
the common stock, payable in common stock Aug. 1 to stock of record
June 16. At last advice.s there was $7,771,830 common stock outstanding.
-V. 162, p. 2172, 2081.
Pan-American Petroleum & Transport Co.
-Dividend.
-
This company has declared an initial dividend of 1 % on the $10,000,000 outstanding 7% convertible pref. stock, payable July 1 to shareholder
s
of record Juno 17.-V. 102, p. 1253, 1165.
2259
The $385.000 Delaware and Peoples 1st M. 5s are divisional bonds of
Easton Gas Works, the entire capital stock of which is owned and pledged
under this mortgage. Any further Easton bonds must be acquired and
pledged under this mortgage.
Purpose of Issue.
-These bonds, and the Junior securities named above,
were issued to retire all previously outstanding securities of the Eastern
Pennsylvania Power Co.
-Pennsylvania Utilities Co., system, except the
above-named bonds of Easton Gas Works, and to supply funds for new
construction. Present financing, It is estimated, will, after eliminating
the old securities, furnish ample working capital and about $200,000 for
new construction during 1916.
Earnings for 12 Mos. ending April 30 1916, on Basis of Present Financing.
Gross revenues: Electric & steam,$760,481; gas, $182.567: total_ _$943.048
Operating expenses & taxes, $618,755; rentals, &c.,$31,809; total_ 650,564
Net (after adding $10,000 interest on construction funds)
$302,484
Int. on $3,000.000 Penn. Util. 5s and $754.000 Easton Gas Works
5s will require
187,700
Surplus over First Mortgage interest charges
$114,784
Earnings since Jan. 1 1916 have shown substantial increases over 1915.
Gross for April 1916 increased $16,248, or 23% over 1915. Estimates for
the calendar year 1916 indicate that the net applicable to interest charges
will be about $362,000, or 1.9 times the first mortgage interest charges.
Tazation.-Both principal and interest of these bonds are payable in
U. S. gold coin of the present standard without deduction for any taxes
(other than succession and inheritance taxes and the Federal income tax)
which the company or the trustee may be legally required to pay thereon
or retain therefrom under any present or future law. The company will
also pay the Pennsylvania State tax on these bonds. It is the intention of
the company to pay the present normal Federal income tax without deduction from interest payments on that account,so far as it may lawfully do so.
Property.
-Electric energy is supplied from three steam and three hydroelectric stations, inter-connected by 67 miles of transmission tine, viz.:
steam stations at Easton and Bangor, Pa., total installed capacity 19.000
electrical h. p.; hydro-electric stations at Easton and Stroudsburg, Pa., and
Columbia, N. J., installed capacity 3,000 electrical h. p.. all equipped with
modern apparatus. Present connected load, about 30,000 h. p., which is
being rapidly extended. Serves 5.962 electric customers and 296 steamheating customers. Steam-heating systems in Easton and Bangor have
14.800 ft. of mains and cover practically the business sections of those cities.
The Easton Gas Works have a daily capacity of 800,000 Cu. ft. of gas, with
62 miles of gas mains, serving 9,173 customers in Easton and Phillipsburg.
An appraisal in Dec. 1917 by Stone & Webster shows an equity in physical
property of over $1,000,000 above the 1st M. debt, without any allowance
for franchises, &c. Counsel reports that all the principal franchises are
without time limit.
Business and Territory.
-In addition to Easton, Bangor and Stroudsburg,
Pa., and Phillipsburg, N. J. there are over 15 other localities in and about
Northampton County which are served. Total population served in 1910.
'
about 79,000; estimated about 86.000 in 1916. It is estimated that within
a 25
-mile radius of Easton 50% of the entire output of Portland cement and
60% of the entire output of slate for the U. S. is produced. Easton and
Phillipsburg. N. J., are substantially one community.
New contracts for electric power during the last six months have aggregated 3,145 h. p., which will produce annual gross earnings of $97,650. See
also V. 102, p. 2172.
Pennsylvania Gasoline Co.
-Capital Increase.
-
This company has amended its charter in order to provide for an Increase
In the capital stock from $1.000,000 (par $I) to $1,500,000.
See description of properties, dm, in V. 102, p. 1441, 1351.
Pennsylvania Salt Mfg. Co.
-New Director.
-
William %V. Fitler has been elected a director, succeeding the late Joseph
Tatnall Lea.
-V. 102, p. 1722.
Philadelphia Co. for Guaranteeing Mtges.-Report.-May 31.
Gross
Net (after Divs. Paid Balance, Guarantees
YearEarnings. Taxes,&c.) (6%). Surplus. Outstanding.
1915-16
$231,870 $183,218 $120,000 $63,218 $21,694,950
1914-15
211,619
169.394
120,000
49,394
18.029,530
Capital stock, $2.000.000; surplus May 31 1916, $500,000; undivided
profits, $95,247; cash, $163,235; bonds and mortgages owned, $2,400,350.
-V. 100, p. 2173.
Pittsburgh Coal Co. (N. j.).-Plan Operative-Deposits
Until July 15.
-The readjustment committee gives notice
that holders of more than 90% of preferred stock and 85%
of common stock, having assented to the plan dated Feb. 1.
1916, the committee has determined to declare the plan operative (see plan, V. 102, p. 804, 1166) and proceed to carry
the same into effect, and calls for the deposit of certificates
of stock as provided in the plan. See also adv. pages.
Those stockholders who have already assented to the plan must deposit
with one of the depositaries certificates for all stock now owned by them.
Those stockholders who have not heretofore assented may become parties
thereto by depositing their certificates of stock. All deposits should be made
not later than July 15. The depositaries are Bankers Trust Co. of N. Y.,
Union Trust Co. of Pittsburgh and Guarantee Trust & Safe Deposit Co.
of Philadelphia.
Certificates Listed.
The N. Y. Stock Exchange has admitted to the list certificates of deposit
for $1,000,000 preferred stock and for $1.000,000 common stock, assenting
to plan, with authority to add $26,000,000 of said cortificatse of deposit
for preferred stock and $31,000,000 for common stock on official notice of
issuance in exchange for deposited preferred and common stock, making the
total amount of the interchangeable certificates authorized to be listed for
preferred stock $27,000,000, and for common stock $32,000,000.-V. 102,
p. 1815, 1631.
Pittsburgh & Lehigh Dock Co.
-Bond Call.
-
Twenty-five ($25,000) 1st M.6% gold bonds, dated July 1 1911. have
been drawn for redemption at 1013i and int. on July 1 at Girard Trust Co.,
Phila., trustee.
(Thomas G.) Plant Co.
-Balance Sheet.
-
Balance Sheet May 1 1916.
Assets (Total, $7,351,317)Liabilities (Total, $7,351,317)
Real estate and plant_ _ _ _ $859,620 Preferred stock
12.500,000
Machinery, &c
370,705 Common stock
1,250,000
Goodwill
1,250,000 Notes payable
650,000
Investments
164.176 Accounts payable
651,755
Cash
357,253 Accrued labor, taxes, &c_
104,076
Accounts receivable
1.940,262 Personal balances
12,279
Notes receivable
24.071 Sundry liabilities
6,710
Merchandise
2,331,010 Redemption reserve
175,000
Sundry assets
54.220 Surplus
2,001,497
See United Shoe Machinery Corporation below.
-V.97, p. 1359.
•
Pennsylvania Utilities Co.
-Supplementary Data.
-In
connection with the offering by Leo, Higginson & Co. of
$3,000,000 First Mtge.57 sinking fund gold bonds, noted in
,0
last week's "Chronicle, Pres. W. S. Barstow, N. Y.,
Rand, McNally & Co.
-Bonds Offered.
-The Merchants'
May 27, reported in substance:
Loan & Trust Co., Chicago, is offering at 101 and int.
Organization.
-Incorporated in 1913 in Pennsylvania and acquired the $750,000 532% Mtge. gold bonds dated June 1 1916,
due
properties formerly owned by the Eastern Pennsylvania Power Co.(V. 94,
p. 210. 354). The company is controlled by General Gas & Electric Co. serially 1919 to 1931 inclusive.
through ownership of more than 97% of the pref. and common stock.
• Capitalization upon Completion of Present Financing.
Penn. Utilities Co. 1st M.5s, duo 1946 (this issue)
-See V. 102.
p. 2172
-------------------------$3,000,000
5s, due io8i)-Easton Ga;Wjrics
--tiisl369,000
Delaware Gas Light 1st M. 5s, duo 1939
305,000
Peoples Light, Heat & Power 1st M. 55, due 1930
80,000
Total First Mortgage bonds
$3,754,000
Penn. Utilities Co. 2d M.6% notes, due 1926
1,250,000
Total interest-bearing funded debt
$5,004,000
Penn. Utilities Co. 5
-year notes, due 1921 (all owned by General
Gas & Electric Co.)
$159,331
Pennsylvania Utilities Co. preferred stock
800,000
Pennsy lvania Utilities Co. common stock
1,804,17
1
Int. J. & D.at Merchants' Loan & Trust Co.,Chicago, trustee. Denom.
$1,000, $500 and $100 c*. Callable at 103 and int. on any int. day upon
30 days' notice. Authorized and outstanding, $750,000. Maturities:
$50,000 June 1 1919 to June 11923. incl.; $55.000 June 1 1924 and 1925;
$60,000 June 1 1926 and 1927; $65,000 June 1 1928 and 1929, and $70,000
Juno 1 1930 and 1931.
Data from Letter of Pres. H. B. Clow, Chicago, June 1 1916.
Organization.
-Started in the partnership of Andrew McNally and William 11. Rand, formed in 1855; in 1873 Rand, McNally & Co. was incorporated with a capital of $200.000, increased to $1.000,000 in 1880. In
1890 the company erected on Adams St., near La Salle, one of the first allsteel buildings in the world. These accommodations were abandoned in
1912 when the present building was erected.
-The bonds are the direct obligation of the company and are
Security.
secured by a closed mortgage on the ten-story building and leasehold estate
at the corners of Clark. Harrison and La Salle Sts., Chicago. The building was completed in 1912 at a cost of over $2,000,000. It is ten stories in
2260
THE CHRONICLE
height with two basements, is of steel, fireproof construction with reinforced concrete floors, especially adapted to carry the weight of heavy machines and material. The exterior is of granite, terra cotta and brick.
Company has its own plant for electric power and light.
The company occupies six floors. About 90% of the remainder, about
225.000 feet, is leased to tenants at an aggregate rental of close to $130,000.
having
The ground on which the building stands contains 60,806 sq.
216
a frontage of 300 feet on Clark St., 300 feet on La Salle St. andft.. ft. on
Harrison St., and is held under long-time leases maturing not earlier than
May 1 2000.
-While the success of the company is largely due to its printing
Business.
business, it has for many years been covering a constantly widening field
with its own publications, particularly in the educational, fiction and juvenile departments, and also maps and atia.sses. "The Bankers' Directory,'
established in 1872, and recognized as the standard work of this class, is
published semi-annually by this company.
Savannah Sugar Refining Corp.-Pref. Stock Offered:
William Morris Im.brie & Co., N. Y.and Chicago, are offering
at 90 and dividend, with a bonus of 25% in common stock,
$1,500,000 7% cum. pref. stock, par $100. A circular shows:
Preferred as to dividends and as to assets at par. Callable at $110 per sh.
Outstanding.
Authorized.
Capitalization-31.500,000
$2,000.000
7% cumulative preferred (par $100)
20,000 shares 20,000 shares
Common stock (no par value)
The property is located about 5 miles north of Savannah, Ga., on the
Savannah River, where it owns 30 acres of land where its docks will be
located. The corporation will enjoy preferential freight rates over territory having a population of approximately 12,000,000.
Data from Letter of B. A. Oxnard, Dated March 1 1916.
-A refinery will be built at Savannah, to be completed before
Location.
1917, with a working capacity of 1,000,000 lbs. a day, or 150,000 short tons
a year. At the present time there are in the U. S. 18 sugar refineries, 12
on the Atlantic Coast. at Boston, N. Y.and Phila.,4 on the Gulf of Mexico
and 2 are on the Pacific Coast at San Francisco. Raw sugar from abroad
will be brought directly to the company's docks just above the city. A belt
line of railroad will allow direct shipment from the refinery to every point
on the railroad system of the U. S. Savannah is well situated for getting
raw material from Cuba and Porto Rico.
-Fully 34 of the manufacturing expenses of sugar
Cost of Manufacture.
refining consist of (a) Packages: abundant sources of supply of the wood
from which barrels are made insure a low cost; (b) Fuel: one of the largest
lumber mills in the South East is already erected next to the site of the
refinery, and an agreement has been arrived at for furnishing sawdust,slabs
and other refuse as fuel at nominal cost; and (c) Labor: the scale of wages
for labor in Savannah is low.
-The profit is a little over 1-6th of a cent per lb., and
Financial Results.
on a daily melting of 1,000,000 lbs., or annual working of 300,000,000 lbs..
this will amount to an annttal profit of $500,000. These figures do not
take into consideration the particular advantages of the Savannah location.
Taking the estimated profits at $500,000 annually, and deducting $140,000
for the dividends on the pref. stock, there remains $360,000, or $18 per
share available for depreciation, reserve and common dividends.
-B. A. Oxnard, Pres., Savannah, Ga.; James G.
Officers and Directors.
Oxnard, V.-Pres., N. Y.; W. S. Pardonner, Sec. & Treas.: Henry T. Oxnard, N. Y.; Robert Oxnard, San Francisco; James Imbrie, N. Y.• Mills
B. Lane,Pres. Citizens & Southern Bank,Savannah, Ga.; John H. Minter,
Pres. Savannah & Northwestern By., Savannah, Ga.; R. M.Hitch. attor-V. 102, p. 1442, 350.
ney, Savannah, Ga.; B. 0. Sprague.
-New Stock.
Semet Solvay Co. (of N. Y.), Syracuse.
Holders of the $8,000,000 outstanding stock of record May 31 will be
permitted to subscribe at $200 a share on or before June 30 for $2,000,000,
subject to pro rata allotment in case of over-subscription. Payment must
be made as follows: (a) 10% witn subscription; 15% on allotment, 25%
1 and 50% Sept. 1. The proceeds will be used for extensions and.
Aug.
additions,"already being made or contemplated, at Solvay, Split Rock and
elsewhere, including large investments for the further protection of the
corporation's coal supply, the insurance of a permanent and increasing
market for coke, and important development work in by-products." The
stock was recently quoted at $308 to 3312.-V. 102, p. 716, 1723. 1901.
-Stock Listed.
South Porto Rico Sugar Co.
The New York Stock Exchange has added to the list $606,800 common
stock on official notice of issuance and payment in full, making the total
amount authorized to be listed $3,977,800
Earnings for Period Oct. 1 1915 to May 6 1916.
Balance,
Total
Int.Chg. Divs.
Net
7 Months' PeriodSurplus.
Surplus.
Paid.
Income.
Oct. 1 '15 to May6'16.33,536,915 (Bonds).
$8.550 3486,133 $3,042,232 $3,629,223
-V. 102, p. 2172.
-New Officers.
Stewart Warner Speedometer Corp.
The following changes in officers have taken place: L. H. La Chance
has been chosen Chairman of the Board, a new office; C. B. Smith, heretofore Sec.-Treas., was elected President, succeeding the late J. K. Stewart;
T. T.Sullivan has been chosen to assume the additional duties of Treasurer,
and W. J. Zucker has been elected a Vice-President and Secretary, also a
-V. 101, p. 1710, 375.
director to succeed Mr. Stewart on the board.
Submarine Boat Co.-Subsidiary Company Dividend.
-V. 102, p. 1167, 981.
See Electric Boat Co. above.
-Purchase-Lease.
Taunton Cotton Mills Co.
See New England Cotton Yarn Co. above.
-No Dividend Increase ContemTennessee Copper Co.
-In contradiction of current rumors the executive
plated.
committee has authorized the following:
There had been no discussion by the directors regarding the payment of
any special or extra dividend. The regular meeting of the board of directors for the discussion of a dividend will be held next week, but it can be
positively stated that no extra dividend will be declared. The company
suffered by reason of the fire at Copper Hill destroying almost entirely its
new trinitrotoluol plant and raw materials in connection therewith, which
plant was constructed for the purpose of performing its contract with the
Russian Government.
The question of the responsibility of the fire insurance companies has
not yet been decided, and the situation regarding the contract with the
-V. 101, p. 2149.
Russian Government is unsettled.
-Bonds Sold.
Toronto Electric Light Co.
This company has sold to Win. A. Read & Co. and Dominion Securities
-year 5% gold bonds. The issue is for the
Co., Ltd.. $1,000.000 First M.3
purpose of retiring an issue of $1,000,000 435% debenture gold bonds
dated 1901 and maturing July 1.-V. 99, p. 1218.
-Merger-ConTodd Shipyards Corporation, N. Y.
vertible 6% Notes Offered.-Bertron, Griscom & Co., White,
all of New York, are offering
Weld & Co. and Palmer &
Co.,
by adv. on another page, at 99M and int., yielding over 6%,
-year 6% Conthe unsold portion of the issue of $3,000,000 5
vertible Gold Notes of this new company, dated June 15
1916 and due June 15 1921. Denom. $1,000 c&r. Interest
J. & D. 15. The same interests are offering the common
stock at $77 per share.
[VOL. 102.
-For any common stock of the Seattle company not immediately
Note.
acquired, a cash reserve will be established.
Outstanding Capitalization of the Corporation and Its Subsidiaries an Completion of This Financing.
85,500 shrs.
Common stock, 116,000 shares
$3,000,000
Convertible 6% notes (closed)
Underlying bonds (closed):
$3,000,000
Robins Dry Dock & Repair Co. 1st 5s, 1961
1,000,000
Tietjen & Lang Dry Dock Co. 1st 5s, 1936
1,500,000
Moran Company 1st 434s, 1926
1,000,000
Seattle Construction & Dry Dock Co. gen. 6s, 1922
3,000,000
Five-year 6% Convertible Gold Notes
The total authorized common stock will be 116,000 shares of no par value,
of which 30,000 shares are to be reserved against exchange for the Convertible Notes.
The indenture securing the notes will provide that no mortgage (except
purchase
-money mortgages) shall be placed on any property of the corporation or its subsidiaries unless all of the notes then outstanding shall be secured by a mortgage prior in lien to such new mortgage. The indenture
will also restrict the creation of indebtedness by the corporation or its subsidiaries.
Earnings Cal. Year 1915, Aver. Last 4 Years and Est.for 1916(3 Ilies. Actual)
[With in each case the fixed charges of the new company.]
Average,
Cal. Year
Year 1916.
1912 to '15. (9 Mo. Est.)
1915.
$2,070,000 $1,260,000 $3,000,000
Net earnings
327,500
327,500
327,500
Deduct-Interest on subsid. co. bds
180,000
180,000
180,000
Interest on new convertible notes
186,000
186,000
186,000
Sink,fund for sub. co. bonds
Sinking fund for new convertible
461,300
275,300
113,300
notes(20% of net income)
$453,200 31,845,200
Balance for stock (85,500 shares)__ $1,101,200
$12 85
321 60
35 30
Equivalent to, per share
-The present management of the Robins Dry Dock
Management,.c.
& Repair Co. will remain in active charge of all properties.
The new corporation, with the two largset plants on New York Harbor,
will do a large part of the ship repairs and dry docking in the greatest port
in the United States. The orders on the books of the Seattle company will
require 18 months to complete. Approximately one-half of the total tonnage in foreign commerce on the Pacific Coast is entered and cleared from
the Puget Sound district.
We now expect to begin payment of dividends on the stock not later than
Sept. 30 1916 at such rate as the earnings and prospects may justify.
-3% Extra Common Dividend.
Union Twist Drill Co.
This company has declared an extra dividend of 307 on the $1,200,000
outstanding common stock, along with the regular semi-annual dividend of
307 , each payable July 1 to shareholders of record June 20. This compares
with a dividend of 4349' declared July 1 1915. being the regular 3% and
134% on a previously omitted payment then due Jan. 1915.See V.101,p.218.
-Extra Distributions.
United Shoe Machinery Corp.
This corporation has declared a quarterly dividend of 134% (373.5c. per
share) on the $9,743,960 outstanding 6% cumulative preferred stock, and
a dividend of 2% (:)0e. per share) with an extra dividend of 6% (31 50 per
share) in cash on the $31.503,707 outstanding common capital stock, all
payable July 5 to stockholders of record June 22. It was voted also to
distribute among the holders of common stock of record June 22 a part of
the surplus assets of the corporation, consisting of shares of the 7% pref.
stock of the Thomas G. Plant Co.(V. 97, p. 1359) on the basis of 15-1000
of a share of said pref. stock ofsaid company for each share of the common
stock of the United Corporation, such distribution to be made on July 15
-V. 162, p. 1998, 1902.
1916, or thereafter.
-Clark, Dodge & Co.
-Bonds, &c.
Woodward Iron Co.
and Curtis & Sanger are placing at 88 and int, a block of the
5% sinking fund gold 1st and consolidated M. bonds of
1912. Due Jan. 1 1952. Int. payable J. & J. in N.Y.City.
Farmers Loan & Tr. Co. N. Y., trustee. Denom. $1,0000*.
A circular reports:
-Authorized, $25,000,000; outstanding, $11,267.000; held in
Bonds.
f
treasury, $733,000; reserved to retire prior liens, $2,000,000; reserved for
extensions
a,
tn unns
or i
ov
expenditures to their facecr r title inkilipio d itnlErooavneaira.,
.
,red mable
and
at 105 and int. as a whole or in any part on any int. date upon 30 days'
notice. Sinking fund for retirement of bonds, beginning in 1907, 3 cents
for every ton of coal and iron mined from the mortgaged premises during
the six calendar months next preceding, but not less semi annually than 34
of 1% of the total bonds outstanding, including bonds held in the sinking
fund, and from 1940 to 1951 such larger amount as may be needed to retire
all tho bonds by maturity.
-The company was incorporated in Delaware on Nov. 15 1911
Properly.
as a consolidation (V. 94, p. 1060) of the Birmingham Coal & Iron Co.
and the Woodward Iron Co. of Alabama. The control and management
are in the hands of the former owners of the Woodward Iron Co. of Ala.,
who have for many years been among the most successful operators in
the Birmingham district.
Subject to $2,000,000 Birmingham Iron Co. 5% bonds duo Mar. 31
1926, on a part of the property, these bonds are secured by a first mortgage
upon all property now owned or hereafter acquired, now comprising:
(a) Five blast furnaces, with a maximum capacity of about 450.000 tons
of pig iron, of which three are located at Woodward and two at Birmingham.
Ala.• (b) 170 by-product coke ovens of the Kopper type, with a combined
'
capacity of about 2,200 tons of coke per day; (c) about 50,000 acres of coal
lands near the furnaces, with four coal mines, fully equipped, capacity
about 4,000 tons of coal daily. (d) about 5,000 acres of red iron ore land
close to the furnaces, with four mines in operation, capacity 4,000 tons
daily; also operates a brown ore mine at Docray, Ala., within 30 miles of
Woodward, capacity about 500 tons daily. (e) 45.1 miles of railroad and
ample equipment,locomotive sand cars, together with electric power plants,
water plants, necessary machine, boiler, wood-working, blacksmith and
electrical repair shops.
At the present rate of production it is estimated that the company has
ore and coal to last approximately 250 years.
The chief products are pig iron, ammonium sulphate and coal tar.
Capital Stock.
-$3,000,000 6% cumulative prof. with preference as
to assets and dividends. and $10,000,000 common stock, both in shares
of $100 each.
Profit and Loss Account for 12 Months ended Dec. 311915.
Sales of iron, coal, coke and by-products, $1,408,103; interest
and discount, $18,771; miscellaneous income, $258,320; total, $1,685,195
Operating expenses, $112,488; taxes and organ. charged off,
179,501
$67,013
158,792
Sundry adjustments
663,350
Interest on bonds
180,000
Reserve for preferred dividends
$503,551
Balance, surplus, for year
During the first half of the calendar year 1915 the price of pig iron was
abnormally low, and the fourth furnace was not finished and blown in until
September. Present indications are that the earnings should be materially larger in 1916. For the four years ended Dec. 31 1915 the net earnings
as reported, were $1,079,905 in excess of the interest requirements for that
period. These earnings were made during a period of great depression
in the iron business, and while the company's plants were being rebuilt,
during which time $3,720,755 were spent for betterments and improvements.
Condensed Ba'ance Sheet, Dec. 31 1915. (Total each side $29,655.558)
$243,388
$383,282 Accounts payable
Data from Letter of Pres. William H. Todd, New York, June 8 1916. Cash
1.058,174
693,675 *Bills payable
-This company is about to be incorporated in N. Y. State Accounts receivable
Organization.
100,914
7.754 Pay rolls
and will acquire immediately, either directly or through ownersnip of sub- Bills receivable
interest
29,055
stantially all of the capital stock, the properties and businesses of the fol- Pig iron and raw materials 430,829 Accured accounts
144,121
16,655 Reserve
lowing companies, all old-established concerns with long records of substan- Miscellaneous assets
Bonds
14,000,000
earning power, the two first named having the largest plants on N. Y. Treasury bonds, W.I. Co.
tial
3,000,000
733,000 Preferred stock
1st M
harbor.
10,000,000
Common stock
Robins Dry Dock & Repair Co., Brooklyn, N. Y.-29 acres of lands and Plants and equipment.
1,079,906
mineral Ids. & real est. _27,491,363 Surplus
basins (434 acres leased); two graving docks, averaging 10,500 tons;
three floating dry docks,6,000 to 18,000 tons.
Of the bills payable 3500.000 represents loan from Woodward Iron Co.
Tietjen & Lang Dry Dock Co., Hoboken, N. J.-21 acres (5 leased) lands of Alabama on date of organization for working fund and is payable at the
and basins, nine dry docks, 500 to 10,000 tons.
pleasure of maker. Compare V. 102, p. 350.
-Largest yard north of
Seattle Construction & Dry Dock Co., Seattle.
For other Investment News see page 2262.
Fan Francisco. Built U. S. S. Nebraska,&c.
THE CHRONICLE
JUNE 17 1916.1
2261
Stports anti Illotuntents.
PACIFIC MAIL STEAMSHIP COMPANY
ANNUAL REPORT-FOR THE YEAR ENDED APRIL 30 1916.
New York, June 10 1916.
To the Stockholders of the Pacific Mail Steamship Company:
The President and Directors submit herewith their report
of the Company's operations for the year ended April 30
1916 and also the statements showing its financial condition
and property at the close of the year.
By authority of the Board of Directors of the Company,
given at a meeting held on August 12 1915, the Steamships
"Manchuria," "Mongolia,""Korea," "Siberia" and "China"
were on August 18 1915 sold to the Atlantic Transport
Company for the sum of $5,250,000.
At a special meeting of the Stockholders held October 13
1915 this action of the Board of Directors was confirmed and
the capital stock of the Company reduced from $20,000,000
to $1,000,000, the par value of each share of stock being
correspondingly reduced from $100 to $5. The amount of
capital over and above $1,000,000 was ordered paid to the
Stockholders pro rata at such time and in such manner as
the Board of Directors should determine.
At a special meeting held November 5 1915 the Directors
ordered a distribution of $25 a share payable on December
15 1915 to the Stockholders of record at the close'of business
on December 4 1915.
Material changes having taken place in the ownership of
the majority of the capital stock, the policy of the Company
was altered by the Board of Directors elected at a special
meeting held February 3 1916,which Board authorized calling a special meeting of the stockholders to be held on
February 18 1916 for the purpose of considering a rescission
of the sale of the seven remaining ships of the Company
and the retention of the remaining assets. The sale was
unanimously rescinded by the Stockholders, leaving the
Company in possession of the steamships "Aztec," "City of
Para," "Newport," "Pennsylvania," "Peru," "San Jose,"
and "San Juan."
Three new steamers were purchased, namely the "Venezuela," the "Colombia" and the "Ecuador" at an appro)dmate
cost of $1,100,000 each. In order to confirm this purchase
and provide funds therefor and for other purposes, the Stockholders were requested to meet on May 16 1916.
At that meeting the Stockholders present unanimously
authorized an increase in the Company's capital stock from
$1,000,000 to $4,000,000, divided into 20,000 shares of 7%
cumulative preferred stock with a par value of $100 per
share, and 400,000 shares of common stock with a par value
of $5 per share, the present outstanding capital stock, consisting of 200,000 shares, to constitute a portion of the 400,000
shares of common stock authorized. It was decided to issue
at once 17,000 shares of preferred stock at $100 per share
and 30,000 shares of common stock at $10 per share, thus
providing the Company with $2,000,000 in cash. The right
to subscribe was granted to the Stockholders of record of
present outstanding capital stock as of May 19 1916, payment to be made on or before June 9 1916.
'
COMPARATIVE INCOME ACCOUNT FOR THE YEARS ENDED
APRIL 30 1916 AND 1915.
Year ended
Year ended
April 30 1916. April 30 1915.
Operating Income
Water Line Operations:
Revenues
$4,264,477 26 $5,737,662 97
Expenses Other Than Depreciation
$2,645,584 01 $4,232,864 17
Depreciation
223,176 32
498,528 19
Total Operating Expenses
$2,868,760 33 $4,731,392 36
Net Revenue
Tax Accruals
$1,395,716 93 $1,006,270 61
7,636 07
8,025 47
$1,388,080 86
Operating Income
Auxiliary Operations:
Revenues
Expenses
$9,899 00
7,41657
Net Revenue
Total Operating Income
Non-Operating Income
Miscellaneous Rent Income
Dividend Income
Income From Funded Securities
Income From Unfunded Securities
Accounts
Total Non-Operating Income
Gross Income
$2,482 43
$1,388,080 86 $1,000,727 57
7,7
-11
-111
$3,431 67
1,501 2'.)
490 63
104,817 65
40,740 27
and
$105,579 14
$46,163 77
$1,493,660 00 $1,046,891 34
Deductions from Gross Income
Miscellaneous Rents
$82,411 39
Miscellaneous Fixed Charges
5,798 98
Interest and Discount
250,799 05
Total Deductions from Gross Income_ __ $339,009 42
Net Income
$1,154,650 58
Disposition of Net Income
Purchase Money Notes-SS. "Mongolia"
and "Manchuria," paid off
$102,544 42
Appropriation for Additional Reserve for
Depreciation on Steamships
549,609 98
Balance Transferred to Profit and losS Account
502,496 18
Total
$1,154,650 58
$998,245 14
$143,445 67
14,963 88
158,409 55
$888,481 79
$410,177 68
478,304 11
$888,481 79
Compared with the operations of the preceding year,
there was an increase in Water Line Operating Income of
$389,835 72 and a decrease in Net Revenue from Auxiliary
Operations of $2,482 43, leaving an increase in the Total
Operating Income of $387,353 29, or 38.71%. This result
was accomplished notwithstanding the fact of a decrease in.
the total revenues due to the discontinuance of the TransPacific line during the present fiscal year. The sale of the
five Trans-Pacific steamers accounts for a decrease in depreciation as these steamers only incurred depreciation for the
portion of the year they were actually in your service.
Income from unfunded securities and accounts increased
$64,077 38, represented mainly by the increase of interest
received on bank balances.
The larger part of interest and discount was interest paid
on the "Mongolia" and "Manchuria" notes in excess of the
amount heretofore charged in the Income Account, such excess being.$248,703 24. Twenty-nine of these notes amounting to a total of $2,973,788 18, were outstanding at the
beginning of the current fiscal year, in which sum there was
included $1,070,663 18 of deferred interest. These notes
were paid off on August 19 1915. The discount earned
thereon ($569,596 04) together with the discount on other
notes previously discounted, made a total discount earning
of $821,959 94. When this amount was applied against
the interest mentioned, there was a loss of $248,703 24,
which was accordingly charged to the account of interest.
STEAMERS AND OTHER PROPERTY OWNED.
The changes during the year in property investments Were
as follows:
Stearners
Decreases:
Cost of S.S. "Mongolia" and S. S.
"Manchuria"sold
$4,160,680 17
Cost of S. S."Siberia" sold
1,988,925 81
Cost of S. S. "Korea" sold
1,986,188 56
Cost of S. S. "China" sold
735,019 54
Total Decreases
$8.870.814 08
Increases:
Cost to date of S. S. "Venezuela"
$1,157,708 93
Cost to date of S. S. "Ecuador"
1,103,733 93
Ballast for S. S. "City of Para" (200
tons pig iron 0$18)
3,600 00
Total Increases
2,265.042 86
Net Decrease
Other Floating Equipment
Decreases:
Cost of other floating equipment sold, viz.:
Acapulco
Hong Kong
Panama
Yokohama
Cost of other floating equipment lost,
destroyed, or written down, viz.:
Acapulco
Panama
$6,605,771 22
$4,241 82
10,200 00
20,203 72
75,754 73
$110.400 27
$10,104 62
6.835 49
16,940 11
Total Decreases
Increases:
Cost of other floating equipment at San
Jose de Guatemala
$127,340 38
9,328 05
Net Decrease
$118,012 33
Real Estate and Other Property
Cost of real estate and other property sold,
viz.:
Acapulco
Hong Kong
Honolulu
Kobe
San Francisco
Yokahoma
Other Items:
Acapulco Property written down
San Francisco-Value of Property
donated
$9,571 77
830 50
1,027 44
1,082 25
7,027 83
95,904 71
115,444 50
$1,041 67
786 33
1,828 00
Total Decrease
$117,272 50
GENERAL REMARKS.
It has been thought wise to appropriate $549,609 98 from
the Income Account as an additional reserve against the depreciation of steamers as a safeguard against a possible
decline in values and to put your Company upon a safe and
conservative basis.
It has also been thought best to set aside a part of the
existing surplus for various reserves; $100,000 having been
appropriated as a reserve for the depreciation of securities
now owned; and $200,000 as a-reserve for doubtful accounts.
The following tables are submitted as additional information:
No. 1. General Balance Sheet,
No. 2, Income Account.
No. 3. Profit and Loss Account.
No, 4. Steamers Owned,
No. 5. Other Floating Equipment Owned.
No. 6. Real Estate and Other Property Owned.
By order of the Board of Directors,
GEO. J. BALDWIN, President.
[VOL. 102.
THE CHRONICLE
2262
TABLE NO. 1.
TABLE NO. 2.
GENERAL BALANCE SHEET APRIL 30 1916 AND 1915.
ASSETS.
Permanent and Long-Term Investments- April 30 1916. April 30 1915.
Real Property and Equipment:
$4,692,520 24 $11,298,291 46
Steamers (Table No. 4)
263,950 57
145,938 24
Other floating equipment (Table No. 5)
Real estate and other property (Table
258,940 33
141,667 83
No.6)
INCOME ACCOUNT FOR THE YEAR ENDED APRIL 30 1916.
DEBITS.
Water Line Operations:
$2,645,584 01
Expense other than depreciation
223,176 32
Depreciation
$2,868,760 33
7,636 07
Water line tax accruals
82,411 39
Miscellaneous rents
5,798 98
Miscellaneousfixed charges
Purchase money note applying on S. S. "Mongolia" and
"Manchuria," maturing Aug. 1 1915, paid off, viz.:
$65,625 00
Principal
36,919 42
Interest
102,544 42
Interest paid on notes given for S. S. "Mongolia" and
"Manchuria" in excess of amount heretofore charges to
• 248,703 24
Income Account
2,095 81
Other Interest
549,609 98
Additional Reserve for depreciation on Steamships
Balance transferred to Profit and Loss Account (Table
502,496 18
No.3)
Total
Deduct-Rese:ye for accrued depreciation
Net real property and equipment
$4,980,126 31 $11,821,182 36
$2,002,313 52 $3,153,768 42
$2,977,812 79 $8,667,413 94
Other Investments:
Securities unpledged
$157,784 41
Deduct
Reserve for depreciation of securities
$100,000 00
$57,784 41
Net other investments
$158,043 82
$158,043 82
Total
$3,035,597 20 $8,825,457 76
Working Assets
$215,505 09 $1,360,543 31
Cash
500,000 00
600 00
Loans and bills receivable
123,545 98
Traffic balances owed by other companies__ _ 200,453 92
Net balances duo from agents, pursers and
257,068 23
63,551 33
stewards
63,681 15
200,497 21
Insurance claims against underwriters
168.978 69
114.314 81
Miscellaneous accounts receivable
145,186 64
44,970 80
Materials and supplies
210 55
94,229 89
Other working assets
$840,103 71 $2.713,233 89
Deduct
Reserve for doubtful accounts included In
above
Net amount
Deferred Debit Items
Temporary advances
Rents paid in advance
Insurance premiums paid in advance
Special deposits
Open voyage expenses
Other deferred debit items
$4,370,056 40
Total
CREDITS.
Water Line Operations-revenues
Dividend income
Income from funded securities
Income from unfunded securities and accounts
$4,264,477 26
517 11
244 38
104,817 65
200,000 00
-. $640,103 71 $2,713,233 89
Total
$4,370,056 40
$12,704 68
142,724 65
25,039 36
126,815 62
66,144 14
6,172 06
167,502 85
TABLE NO. 3.
174,138 31
8,612 79 PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED APRIL 30
1916.
439,191 77
358,437 01
DEBITS.
$11,037,862 87
$379,600 51 $1,147,882 73 Balance, April 30 1915
Total
Profit and Loss
Dividend of $25 per share payable on Decem$11,037,862 87 Distributing
Balance (for 1916, see contra)
ber 15 1915, such distribution to be paid out of surplus
5,000,000 00
resulting from decrease in capital stock
$4,055,301 42 $23,724,437 25
Grand Total
Real property and equipment Debits: Differ-The assets are stated in accordance with the classification preNote.
and
ence between cost (less depreciation)
scribed by the Inter-State Commerce Commission for carriers by water.
$1,883,343 43
amount received for steamers sold
LIABILITIES.
Losses on other floating equipment sold, con21,936 29
April 30 1916 April 30 1915
demned or written down
Stock
in Real Property and
$1,000,000 00 $20,000,000 00 Other adjustments
Capital Stock
1,954,273 19
48,993 47
Equipment accounts
Long-Term Debt
Purchase money notes:
4,243 03
Miscellaneous debits
Principal and interest of notes
Appropriations of Surplus:
issued in payment of S.
$100,000 00
of securities
Reserve for depreciation
'Alongolla' and "Man-S.
200,000 00
$2,973,788 18
Reserve for doubtful accounts
churia'
300,000 00
Less deferred interest included
1,290,576 66
$1,903,125 00 Balance, April 30 1916, per Table No. 1
1,070,663 18
in notes
Working Liabilities
$1,300,000 00
Loans and bills payable
85,926 22
Audited vouchers and wages unpaid
10,765 44
owed to other companies_ __
Traffic balances
18,966 05
Miscellaneous accounts payable
50,185 00
Matured dividends and interest unpaid
29,289 29
Other working liabilities
Total
164,549 07
30,801 02
16,473 51
26,685 07
$1,495,132 00
$238,508 67
$160,320 24
109,272 52
Deferred Credit Items
Open voyage revenues
Other deferred credit items
$618,125 07
964,678 51
$269,592 76 $1,582,803 58
Total
Profit and Loss
Balance, as per Profit and Loss Account,
$1,290,576 66
Table No.3(for 1915,see contra)
$4,055,301 42 $23,724,437 25
Grand Total
Note.
-The liabilities are stated in accordance with the classification prescribed by the Inter-State Commerce Commission for carriers by water.
-Balance Sheet March 31.Waltham Watch Co.
1915.
1916.
1915.
1916.
$
Liabilities-Preferred stock___ 6,000,000 6,000,000
Common stock..__ 7,000,000 7,000,000
214,948
Accounts payable.. 180,766
Notes payable..___ 2,797,000 2,366,000
104,433
124,491
Reserves
646,561
613,247
4,602,000 Surplus
49,302
15,715,493 16,330,942
Total
15,715,493 15,330,942
Total
-V. 102, p. 810.
Assets
1,149,170
Real estate
2,696,158
Machinery
5,313,701
Merchandise
240,243
Cash
Accts.¬es rec.... 1,788,3701
Trade names, &c.. 4,502,000
Deferred assets___ 126,842
1,149,001
2,427,130
5,711,582
1,491,927
-4% Extra Dividend.
West Point(Ga.) Mfg. Co.
$19,586,955 75
CREDITS.
Credit Balance transferred from Income Account (Table
$502,496 18
No. 2)
Reduction of Capital Stock from $20,000,000 to $1,000,000 19,000,000 00
per resolution of stockholders on October 13 1915
Miscellaneous credits:
Principal of Purchase Money Note-S. S.
"Mongolia" and "Manchuria" maturing
$65,625 00
Aug. 1 1915, paid off
69,959 62
4,334 62
Other miscellaneous credits
Real Property and Equipment Credits
Total
14,499 55
$19,586,955 75
amounted in the year
and arc payable from the general revenues, which
capita has decreased
ending June 30 1915 to $9,597.925. The net debt per
details
from $15 63 in 1901 to $14 60 at the present time. For further
see advertising page opposite Clearing house returns,
-Having sold the entire issue, the Equitable Trust Co. of Now York
advertising as a
and Edmund Seymour & Co., 45 Wall St., this city, are
Atlantic &
matter of record their joint offering of $3,000,000 The Great
-year 6% convertible gold notes which was
Pacific Tea Company, Inc., 5
net 534 %. See to-day's
largely over-subscribed. Price 102 and int., to
and our "General Inrecord advertisement in the "Chronicle" for details
for further information.
vestment News Department"
recommend for
-William R. Compton & Co., 14 Wall St., this city,
County, Texas, 5%
safe and conservative investment $70,000 Red River int., yielding 5%.
Road District bonds due Aug. 2 1965, price 100 and
approved by the AtThe firm states the legality of these bonds has been Attorneys, Chicago.
torney-General of Texas and by Wood & Oakley, other features of this
describes
To-day's advertisement in the "Chronicle"
This company has declared an extra dividend of 4% on the $1,500,000
outstanding capital stock, par $100, in addition to the regular semi-annual
June 15.
distribution of 4%,both payable June 30 to shareholders of recordat LangThe company manufactures cotton goods with plants locatedDividends
dale and Shawmut, Ala. The company has no bonded debt. to 1916 8%.
for the years 1909 to 1912 were at the rate of6%,and from 1913
investment.
CURRENT NOTICE.
-Having sold over two-thirds of the issue, Bedell & Co of Providence.
Boston and New York,Industrial Trust Co and Providence Banking Co of
Providence, are offering, subject to sale and change in price, $1,662,000
Rhode IslandiCo.'s 5-yr.5% secured gold notes at 9834 & int., yielding5.35%.
The Rhode Isiand Co. operates 362 miles of street railway located in and
about Providence, Pawtucket and Woonsocket, serving a total population
to
of about 500,000. For all the attractive features of this offering refer
the advertisement elsewhere in the "Chronicle" and our "General Investment News Department."
-J. P. Morgan & Co.. Brown Brothers Sr Co. and Harris, Forbes & Co.
are offering $4,000,000 Province of Quebec, Canaria,5% 10-year gold bonds,
dated June 11916,due June 1 1926,at 10034 and int., yielding about 4.90%.
These bonds are a direct and primary obligation of the Province of Quebec
announce the appointment of
-N. W. Halsey & Co., Inc., Boston,
Manager. Mr White has been
Benjamin F. White as Vice-President and
& Co. for many
associated with the Philadelphia office of N. W. Halsey
resignation of George
years. The firm states that it is with regret that the
for some time past,
A. Lyon, who has been in charge of their Boston office
has been accepted.
Co., 15 Broad Street
-To yield the investor6%, Charles D.Barney &
in this issue the first
this city, are publicly offering by advertisement
Spirits Manufacturing Co.,
mortgage sinking fund bonds of the American
outstanding $1,400,000. Descriptive
due Sept. 1 1920. Authorized and
circular on request to firm's bond department.
& Marckwald has been dis-The Stock Exchange firm of Cumings
and ItichardWhitney '
solved by the mutual consent of Albert H.Marckwald
Richard Whitney, Roger M. Poor
The business will be continued by
co-partnership under the flrm
and John A. Hayes, who have formed a
name of Richard Whitney & Co.
JUNE 17 1916.j
The
THE CHRONICLE
Counurrtial
COMMERCIAL EPITOME
Friday Night, June 16 1916.
Trade, though still large, shows some further decrease,
notably in steel, cotton goods, lumber and leather. Yet a
decline of 20 to 50% in ocean freights is easing the export
situation. The foreign demand for steel is large, mainly
from Russia. European purchases of pig iron show a tendency to increase. It is expected that the foreign demand for
copper will augment as the result of large loans to Russia and
France: England has bought sugar on a large scale, and
there is a demand for this commodity from France, Italy,
Greece and other countries. Jobbing trade in general merchandise is larger than usual at this time of the year. Retail
trade is larger where the weather has improved. Exports of
wheat for the week reach the large total of 11,086,000 bushels and for fifty weeks show the imposing aggregate of 428,562,000 bushels, or 42,000,000 bushels more than during the
same period in the last crop year. The outlook for the wheat
and other grain crops has improved. Gold imports are
enormous. Collections are good. On the other hand, pig
iron prices are reported depressed. Copper, tin and spelter
are quiet. Lumber is lower and grain has also declined.
In the cotton belt, the weather on the whole has been too
cool and wet. Southern Texas needs rain. In most parts
of the country, the weather has been so cool and wet as to
hurt retail trade. Labor is scarce and high. Railroad congestion still hampers trade, though conditions, it is true, are
gradually improving. The general business situation in
this country is considered satisfactory, financially, commercially and industrially, and the opinion of many is that the
Presidential campaign,even when it warms up,as it will later,
will have a less unsettling effect on business than usual for
the reason that the line of demarkation between the policies
of the two great parties is not so distinct as it has usually
been in the past.
LARD dull; prime Western, 13.30c.; refined to the Continent, 13.90c.; South America, 14.15c.; Brazil, 15.15c.
Futures advanced on buying by packers and commission
houses, with receipts of hogs smaller than expected. To-day
prices advanced, but on the rise packers sold. Still, stock
yards interests were buying at Chicago and hogs were 5 to
10 cents higher.
2263
-Linseed quiet; city, raw, American seed,66@69c.;
OILS.
city, boiled, American seed, 68@71c.; Calcutta, 90c.@$1.
Lard, prime, $1 05@$1 10. Cocoanut, Cochin, 15 M(4)
/
i59c.; Ceylon, 153/2c. Corn 9M @93 0. Palm, Lagos,
4
103 @lle. Cod, domestic, 62@630. Cottonseed, winter
11e., summer white 11c. Spirits of turpentine 423/2c.
Strained rosin, common to good, $5 25.
PETROLEUM in good demand and firm; refined in barrels $8 95@$9 95, bulk $5 25@$6 25, cases $11 50(012 50.
Naphtha, 73 to 76 degrees, in 100-gallon drums and over,
41 Mc. Gasoline, gas machine, steel, 37c.; 73 to 76 degrees,
steel and wood, 32@35c.; 68 to 70 degtees, 29@32c. There
are predictions, attributed to very prominent people, that
gasoline prices will soon be reduced. As regards crude production, Kentucky shows active development in the mountains of that State. Closing prices have been as follows:
Pennsylvania dark $2 60
2 12
Cabell
Mercer black
2 10
2 10
New Castle
2 10
Corning
2 00
Wooster
$1 73 Illinois. above 30
North Lima
1 73 degrees
$1 82
South Lima
1 58 Kansas and OklaIndiana
1 55
1 80 homa
Princeton
Somerset, 32 deg__ 1 95 Caddo La, light__ 1 55
90c.
Ragland
TOBACCO has been less active, partly owing to the firmness of holders and the high prices ruling. Under the circumstances, manufacturers are buying from hand to mouth.
One exception to the general dulness, however, is the brisk
demand for low-grade tobacco for export to Europe. The
supply, too, of such grades is being steadily reduced. It
looks as though they might become scarce before very long,.
Sumatra in a way is another exception to the prevailing sluggishness of business. It is in fair demand regardless of its
high cost. Cuban leaf is in moderate demand. As regards
the crop in this country, although there is no doubt that,
owing to the cold, wet weather,for some time past, it is late,
yet on the whole it is now making fair progress.
COPPER dull and lower; Lake here on the spot 27M @280.;
te. Lonelectrolytic 2732@28c.;for future delivery 27@27Y
/
d9n lower. Some are looking for a larger trade in copper
with Europe, especially France and Russia, owing to the
new loans to France and to Russia. Tin dull and lower on
the spot at 423 c. London and Singapore have declined
4
sharply. Later the Singapore market advanced, while the
London market declined, thus putting a premium on Singapore delivery over Straits spot at London of £6 15s. Arrivals 2,510 tons thus far this month; afloat 3,102 tons.
Spelter dull and lower on the spot at 13c. Lead in better
demand for export and firmer on the spot at 6%0. London
advanced; about 250 tons are said to be wanted here for
prompt shipment to Europe. Pig iron is in rather better
demand, mainly from foreign buyers, as prices ease; No. 2
Northern $20 25@$20 75; No. 2 Southern $14 75@$15 50;
Birmingham. Foreign demand for steel has been large.
Orders have been coming from all over the world, stimulated
by lower ocean freights which are down anywhere from 20
to 50% from what they were recently. Domestic buying,
however, is less active. Mills, however, are not apparently
very anxious about new business, as they are sold ahead for
some time to come. Russia is expected to buy 150,000 to
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed. Thurs.
Mon. Tues.
Fri.
Sat.
200,000 tons of steel rails, and 10,000 cars, besides a very
12.82% 12.77% 12.75
cts_12.423 12.70
12.85
July delivery
large tonnage in barb wire. The $50,000,000 Russian loan
12.90
12.82X 12.97% 12.90
September delivery__ _12.52
12.95
is supposed to be stimulating the Russian buying. Some put
PORK dull; mess, $25@$25 50; clear, $22 50@$25 50. thq prospective Russian purchases at 300,000 tons of rails,
Beef, mess, $17 50@$18; extra India mess, $29@$30. Cut 10,000 cars and 600 locomotives, to say nothing of big barb
meats quiet; pickled hams, 10 to 20 lbs., 15%©15%c.; wire purchases. Italy has taken 10,000 tons of malleable
pickled bellies, 15% ®16Yic. Butter, creamery, 2532@31c iron, and a large coupler company, it is reported, wants 10,/
Cheese, State, 13M@15Vo. Eggs, fresh, 15@26c.
000 tons of basic. Some furnaces have eased prices a little.
quiet; No. 7 Rio, 93/2c.; No. 4 Santos, 103/2@
COFFEE
to good Cucuta, 123@14c. Futures declined
10/c.; fair
COTTON
with lower firm offers from Rio and a larger movement of the
Friday Night, June 16 1916.
new crop. Besides the spot trade is unsatisfactory, especially
in the lower grades. Some look for a big crop and a restricTHE MOVEMENT OF THE CROP, as indicated by our
demand, but later a rally occurred on trade
ted European
is given below. For the
buying coincident with some increase in Brazilian stocks. telegrams from the South to-night,
To-day futures closed 9 to 12 points higher, with sales of week ending this evening the total receipts have reached
51,668 bales, against 66,535 bales last week and 76,931
19,500 bags. Closing quotations were as follows:
June____cts_8.128.15 October_ cts_8.39 8.41 February cts.8.58 8.60 bales the previous week, making the total receipts since
November .._8.44@8.46 March
July
8.18@8.20
8.63©8.65
8.67a9.69 Aug. 1 1915 6,800,371 bales,against 10,176,674 bales for the
August
8.26@8.28 December __8.49 8.50 April
8.73 8.75
September _8.34 8.35 January -___8.53 8.55 May
same period of 1913-14, showing a decrease since Aug. 1 1915
SUGAR quiet; centrifugal, 96-degrees test, 6.08@6.40c.; of 3,376,303 bales.
.; granulated, 7.65c.
molasses, 89-degrees test, 5.31 @5.63c
Futures advanced with reports that the British commission
Total.
Wed. Thurs. Fri.
Mon. Tues.
Sat.
has bought 20,000 tons of granulated. Refiners have been
1.999 . 2,046 3.001 2,817 1,994 3,577 15,384
buying raw against sales to Europe. British supplies are Galveston
Texas City
said to be running rather low. France is also in the market, Port Arthur_
according to current rumors. Receipts at Cuban ports last Aran. PEWS, &c_
871 12,514
624 1,658 3.744 1,338 4,279
week were 33,411 tons, against 48,515 in the previous week, New Orleans_ _ _ _
Gulfport
and 49,566 in 1915; exports, 93,282 tons, against 76,768 in Mobile
206 2,788
336
638
103 1,141
364
1915; stocks, 799,970 tons, against 859,841 in the previous Pensacola. Scc
441
441
Jacksonville,
728,299 in 1915; centrals grinding 35, against 32 Savannah
week and
395 6,647
591 1,774 . 811 1.167
1,909
3,090 3,000
In some parts of Cuba rain is needed. The out- Brunswick
a year ago.
383
8
86
139
6
135
9
look in Louisianais favorable. The British commission, it is Charleston
Georgetown
314 1,331
26
337
59
433
62
)
understood, paid around 6.35 to 6.40 for granulated. Later Wilmington _ _ _ _
518 7,312
716 1,239
691 2,978
1,170
it was said that there was a demand not only from England Norfolk
102
102
N'port News,&c.
and France but also from South America, Italy, Greece and Now York
460 1.480
212
125
352
97
234
trading in futures during the week has Boston
Switzerland. The
286
286
Baltimore
been very large. To-day they closed 2 to 6 points lower with Philadelphia
tons. Yesterday they were 17,450 tons and the Totals this weak_ 6.4711 5.754 13.U55 6.921 9.239 10.178 51,668
sales of 6,400
day before 11,450 tons. Closing quotations follow:
The following shows the week's total receipts, the total
June_ ___ cts_5.38 5.40 October.. ccs_5.47 5.48 February cts.4.54 446
5.44@5.45 November _5.37 5.38 March
July
4.58@4.60 since Aug. 1 1915 and the stocks to-night, compared with
5.49@5.50 December-_5.17 5.18 April
4.61 4.63
August
5.53 January _.__4.81@4.83 May
September
4.64@4.66 last year:
2264
THE CHRONICLE
1915-16.
Receipts to
June 16.
1914-15.
Stock.
This Since Aug This •SinceAug
Week. 1 1915. Week I 11914.
Galveston
15,384 2,325,833
Texas City
298,518
Port Arthur
58,988
Aransas Pass,&c_
_
85,076
New Orleans_ _ 12,514 1,313,875
Gulfport
Mobile
2,788 146,318
Pensacola
61,189
Jacksonville, &c_
41,356
441
Savannah
6,647 996,131
Brunswick
3,000 129,900
Charleston
383 256,016
Georgetown
728
Wilmington
1.331 210,649
Norfolk
7,312 638,276
N'port News,&c_
82,898
102
New York
26,901
Boston
1,480
79,768
Baltimore
5,389
Philadelphia ----- ___
---2,562
Totals
1916.
9,7103,942,968 179,717
____ 500,050
7,755
54,039
____
61,501
66
8,598 1,763,449 209,916
5,322
184 164,003
24,098
80,465
3,092
____
32,318
1,248
3,152 1,735,983 112,351
____ 222,008
7,000
586 402,315
41,508
1,857
599 275,621
71,836
2,356 591,136
61,585
____ 154,509
____
21,056 183,319
279
85,165
9,753
481
6,801
80,159
2,750
____
637
51.668 6.800.371 29.037 10176674
917.590
1915.
193,440
26,348
966
186,969
16,600
11
69,269
6,200
55,517
44,138
54,471
249,871
13,796
2,379
4,363
924.338
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1916.
1915.
1914.
1913.
Galveston
TexasCity,&c.
New Orleans_
Mobile _
Savannah ___
Brunswick_ __
Charleston,&c
Wilmington__
Norfolk
N'port N.
,&c.
All others_ _ _ _
15,384
9,710
14,171
12,514
2,788
6.647
3,000
383
1,331
7,312
102
2,207
8,598
184
3,152
15,235
1,375
6,536
586
599
2,356
3,852
318
8
1,958
7,060
1,323
Tot. this week
51,668
29,037
47,984
MineA Alia. 1
1912.
9,328
6,399
225
8,124
2,459
1,063
560
5,817
3,142
145
463
962
513
457 "
1,923
4,398
138
609
2,980
30,264
19,441
1911.
2,170
1,618
58
1,020
102
11
871
340
681
6,871
R R00 :171 1111711R74 10:3R7R.50 0 R10 0411 118024R7 R 521 254
The exports for the week ending this evening reach a total
of 95,969 bales, of which 40,833 were to Great Britain,
10,166 to France and 44,970 to other destinations. Exports for the week and since Aug. 1 1915 are as follows:
Week ending June 16 1916.
Exported to
-
Exports
from
-
Great
Britain. France. Other
Galveston_ _ 8,093
Texas City_
Pt. Arthur_
Ar. Pass,&c
NewOrleans 15,804
Mobile _ _ _ _
Pensacola_ _
Savannah__ 8.073
Brunswick _
Charleston _
Wilmington
Norfolk____
N'portNews
New York_ 5,452
Boston
3,411
Baltimore__
Philadel'a_ _
Portia, Me.
San Fran__
Seattle ____
Tacoma
Los Angeles
Pembina_
From Aug. 1 1915 to June 16 1916.
Exported to
-
Great
Total. Britain.
7,300 15,393 933,233
179,523
48,337
672 14,684 31,160 542,728
62,052
53,527
8,073 191,367
82,289
56,466
6,143
6,143
3,351 12,ao 21;15.
2
98 3,509
s",&ia
8,546
1,713
24,899
884
96,513
75,341
110,592
14,545
3,296
1,713
1,605
France.
aher
Total.
152,732 450,130 1,536,095
79,540
18,102, 277,165
48,337
9,722
3,873
23,595
224,644 317,490 1,084,862
62,052
7,000
61,865
1,338
65,556 152,540 409,463
10,806
93,095
24,334
80,800
63,326 82,949 146,275
28,909
28,909
53,808
1,234
35
137,402 378,658 612,573
83,519
8,178
500 137,201
26,109
17,700
3,155
3,296
170,622 170,622
224,773 224,773
126,058 126,058
450
2,055
5,522
5,522
Total___ 40,833 10,166 44,970 95,9692,477,197 809,897 1,974,871 5261,965
Tot. '14-'15 23,253
Tot. '13-'14 24,040
4,086 32,689 60,028 3,716,481 641,4043,675,092 8,032,977
641,4043,675,0928,032,977
2,478 14,290 40,808 3,390,738 1,054,3084,320,9558,766,001
Note.
-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
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
Spot Market
Closed.
Saturday_ _ _
Monday _ _ _
Tuesday _ _
Wednesday _
Thursday _
Friday
TotaL
On Shipboard, Not Cleared for
Great
Ger- I Other CoastJune 16 at
- Britain. France. many. Contl. wise
New Orleans_ _ 5,042
Galveston _
_ 43,531
Savannah ___ _ 2,000
Charleston_ _ _ _
Mobile
15,486
Norfolk
1,140
New York_ _ _ _
1,000
Other ports_ _ _
500
4,690
5,137
12,261
16,819
Total.
639 22,632
6.350 71,837
1,500 3,500
Leaving
Stock.
564 . 1,704
5,300
1,000
187,284
107,880
108,851
41,508
7,319
59,881
178.019
104,296
Total 1916_ 69,122 12,127
100 31,580 9,823 122,752
Total 1915.. 21,727 10.685
100 31,221 30,789 94,522
Total 1914_ _ 16.423 4.290 25.785 16,686 15,778 78.962
794,838
829,816
337,468
"100
2,300
770 16,779
27,6645
500
Speculation in cotton for future delivery has dwindled to
very small proportions and at times prices have declined.
July liquidation has been under way and some large commission houses have been selling out long holdings of various
months on a considerable scale. The general idea too is that
the crop, despite some drawbacks, is on the whole making
better progress. It is not forgotten too that the acreage
is considerably larger than that of last year,and that American
stocks are large. Besides, Liverpool prices have been declining, partly owing to lower ocean freights on this side of the
water. The Mexican question has been more or less disturbing. Peace talk has subsided and it was on peace talk that the
recent big advance was largely predicated. Exports have been
nothing great. Latterly too Liverpool has on the whole
not been buying so freely as it did last week when
its purchases were at times the chief support of the market.
Besides, the price is considered high. The general public
is not accustomed to bulling cotton at the present level.
Quiet 5 pts adv
Quiet
Quiet 10 pt;dec_ _ _ _
Quiet
Quiet 10 pts adv._ _ _
Quiet 5 pts dec
-
--
Futures
Market
Closed.
Steady
Steady
Steady
Steady
Steady
Steady
SALES.
Spot. Confect Total.
300
300
100
100
40.
400
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, 1Ved'day, Thursd'y, Friday,
June 10. June 12. June 13. June 14. June 15. June 16.
Week.
June
Range
12.73-.78 12.70-.74 12.60-.66 12.63-.68 12.73-.79 12.68-.74- Closing
July
12.73-.86 12.73-.82 12.68-.77 12.61-.72 12.66-.84 12.74-.81 12.61-.86
Range
12.83-.84 12.79-.80 12.69-.71) 12.71-.72 12.81-.83 12.77-.78--Closing
August
Range
12.91 - 12.82 -12.81-.86 12.72-.79 12.83-.91 12.84 - 12.72-.91
2-.79
-12.72-.91
Closing____ 12.91-.93 12.86-.88 12.77-.79 12.79-.81 12.89-.91 12.85-.86--Closing
12.85-.86September
Range
12.87 - - 12.87 Closing___.. 12.95-.97 12.91-.93 12.81-.83 12.83-.87 12.92-.95 12.90-.92-- 12.90-.92October
12.90-.00 12.88-.97 12.83-.91 12.77-.88 12.83-29 12.89-.98 12.77-.00
Range
Closing...- 12.97-.98 12.93-.94 12.83-.84 12.87-.88 12.95-.96 12.92-.93-- 12.83-.84
12.92-.93November
Range
Closing
Closing_--_ 13.05 - 13.00 - 1220 - 12.94 - 13.02 - 12.99 ----13.00 -1220 -12.94 -13.02 -12.99 --December
13.06-.17 13.05-.13 12.99-.07 12.94-23 13.00-.14 13.05-.14 12.94-.17
Range
Closing__ 13.14-.15 13.09 - 12.99-.06 13.03 - 13.13-.14 13.08 ---Closing
-12.99-.06
-13.13-.14
--January
13.15-.24 13.11-.18 13.06-.15 13.01-.10 13.07-.22 13.12-.19 13.01-24
Range
13.15-.16Closing-- 13.20-.22 13.17-.18 13.07-28 13.09-.10 13.19-.20 13.15-.16--Closing
February
Range
Closing__- 13.27-.29 13.24-.26 13.15 - 13.17-.18 13.27-.28 13.23-.24- -13.17-.18
13.23-.24March
13.31-28 13.28-.31 13.22-.28 13.17-.26 13.23-.36 13.28-.34 13.17-28
Range
Closing
Closing____ 13.33-.34 13.30-.32 13.22-.23 13.25-.26 13.34-.35 13.29-.31--13.29-.31April
Range
Closing__ 13.38 - 13.36 - 13.27 - 13.31 - 13.40 - 13.35 --- Closing
-13.36 -13.27
-13.40 -13.35 --May
13.43-.50 13.36-.44- - 13.29-.37 13.38-.41--- 13.29-.50
Range
VInningr
12 4% - 12 42.44 12 24- AA 12 27- 211 12 47- 45 12 42-.43-- -.
THE CHRONICLE
JuNE 17 1916.]
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, i,s as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
1915.
1916.
bales_ 654,000 1,793,000
43,000
51,000
55,000 153.000
June 16Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
770,000 1,181,000
*4,000
*1,000
*1,000 *222,000
285,000 300,000
14,000
15,000
47.000
46,000
125,000 438,000
*3,000
*1,000
474,000 1.028,000
863,000
672,000
4,071,257 6,0/1,396 4,241,306 3,649,529
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
bales_ 528,000 1,521,000 754,000 826,000
Liverpool stock
49,000 132,000
52.000
43,000
Manchester stock
*374,000 *860,000 744,000 626,000
Continental stock
344,749 308,140 227,107 175,988
American afloat for Europe
917,590 924,338 416,430 274,100
U. S. ports stocks
497.622 571,352 220,845 251,024
U.S.interior stocks
6,566
24
4,414
10,296
U.S. exports to-day
Total East India, &c
Total American
2,721,257 4,323,396 2.415,306 2,200,529
136,000 272,000
43.000
51,000
21,000
6,000
*100,000 *168,000
54,000 162,000
25,000
15,000
45,000 175,000
933,000 892,000
-1915-16-Since
Week. Aug. 1.
10,662 716,606
1,260 314,252
50
6,956
2,162 140,293
2,400 134,858
2,436 158,725
22,471 616,601
June 16Shipped'V la St. Louis
Via Mounds &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
-1914-15---Since
Week. Aug. 1.
4,436 668,666
1,475 321,038
4,430
50
1,304 154,999
1,715 113,071
4,208 184,032
13,246 506,027
1914.
1913.
Total gross overland
41,441 2,088,291
26.434 1,952,263
254,000 1,001,000 Deduct shitmzents5,000
5,000
Overland to N. Y., Boston, &c._ 1,766 154,620
760 189,130
74,000
63,000
Between interior towns
3,722 183,166
2,644 226,635
Inland, &e., from South
2,861 295,552
2,047 158,292
1,038,000 1,077,000
29.000
10,000
Total to be deducted
8,349 633,338
5,451 574,057
416.000 358,000
305,000 221,000
Leaving total net overland *
33,092 1,454,953
20,983 1,378,206
3,000
3,000
* Including movement by rail to Canada.
30,000
20,000
28,000
33,000
The foregoing shows the week's net overland movement
52,000
27,600
1,244,000 3,017,000 1,901,000 1,743,000
Total European stocks
India cotton afloat for Europe... 54,000 162,000 321,000 119,000
344,749 308.140 227,107 175,988
Amer. cotton afloat for Europe
34,000
15,000
33,000
Egypt,Brazil,&c.,afloat for Eur'pe 25,000
45,000 175,000 160,000 133,000
Stock in Alexandria, Egypt
60,000 910,000
Stock in Bombay, India
933,000 892,000
917,590 124,338 416,430 274,100
Stock in U. S. ports
497,622 571,352 220.845 251,024
Stock in U. S. interior towns
6,566
10,296
924
U.S.exports to-day
4.417
Total American
East Indian, Brazil, da.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
2265
205,000
5,000
22,000
119,000
321,000
34,000
160,000
960,000
183,000
5,000
20,000
46,000
119.000
33,000
133,000
910,000
1,350.000 1,748,000 1,826,000 1,449,000
2,721,257 4,323,396 2,415,306 2,200,529
has been 33,092 bales, against 20,983 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 76,747 bales.
-1915-16---- -1914 15
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to June 16
51,668 6,800,371 29.037 10,176,674
Net overland to June 16
33,092 1,454,953
20,983 1,378,206
Southern consumption to June 16_ 88,000 3,498,000 64,000 2,762,000
Total marketed
172,760 11,753,324 114,020 14,316,880
Interior stocks in excess
*49,371
51,660 *18,294
451,213
Came into sight during week__123,389
95,726
Total in sight June 16
14,768,093
11,804,984
Nor,spinners' takings to June 16_ 53,886 3,070,948 43,382 2,970,732
* Decrease during week.
Movement into sight in previous years:
Week1914
-June 19
1913
-June 20
1912
-June 21
Bales.
Since Aug. 190,732 1913 -June 19
-14
74,943 1912 -June 20
-13
50,689 1911-12
-June 21
Bales.
14,491,487
13,649,497
15.497,960
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Week ending
June 16.
4,071,257 6,071,396 4,241,306 3,649.529 Galveston
Total visible supply
New Orleans.._
Middling Upland, Liverpool
5.35d.
8.25d.
7.68d.
6.700. Mobile
Middling Upland, New York_ _ -- 12.85c.
12.50c. Savannah
13.25c.
9.80c.
Brown, Liverpool
Egypt, Good
12.41d.
9.75d. 10.25d. Charleston
8.15d.
Peruvian, Rough Good,Liverpool 13.50d. 10.40d.
8.85d.
9.25d. Wilmington...._
Broach, Fine, Liverpool
7.90d.
63,d.
5.200. 6 5-16d.
Tinnevelly, Good, Liverpool__ _ _
7.92d.
63jd. 6 5-16d. Norfolk
5.32d.
Baltimore
Philadelphia _
*Estimated.
Augusta
Continental imports for past week have been 79,000 bales. Memphis
The above figures for 1916 show a decrease from last week St. Louis
Houston
of 138,907 bales, a loss of 2,000,139 balesfrom 1915, a decline Little Rock_ _ _ _
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
13.25
12.63
12.63
12%
12
12
12.81
12%
13.15
12.50
13.00
12%
13.10
12.88
13.30
12.63
12.63
12%
12%
12%
12.81
123i
13.15
12.50
13.00
12%
13.10
12.88
13.30
12.69
12.63
12%
12%
12%
12.75
123,/
13.05
12.50
13.00
12%
13.00
12.88
13.3
12.69
12.63
128
12
12
12.75
12%
13.05
12.5')
13.00
12%
13.10
12.88
of 170,049 bales from 1914 and a gain of 421,728 bales over
1913.
13.30
12.69
12.63
12%
12%
12%
12.75
12%
13.15
12.50
13.00
12%
13.20
12.88
13.30
12.69
12.63
12%
1214
12%
12.75
12%
13.10
12.50
13.00
12%
13.20
12.88
NEW ORLEANS CONTRACT MARKET.
-The highest, lowest and closing quotations for leading contracts in the
AT THE INTERIOR TOWNS the movement-that is, New Orleans cotton market for the past week have been as
the receipts for the week and since Aug. 1, the shipments for follows:
the week and the stocks to-night, and the same items for the
Saturday, Monday, Tuesday, Wed'day. Thursd'y,1 Friday,
corresponding period of the previous year-is set out in deJune 10. June 12. June 13. June 14. June 15. June 16.
tail below.
June- .
Movement to.June 16 1916.
Towns.
Receipts.
Week
Ala., Eufaula__
Montgomery _
Selma
Ark., Helena..
Little Rock._
Ga., Albany.._
Athens
Atlanta
Augusta
Columbus....
Macon
Rome
La.,Shreveport
Miss.,Columbus
Greenville _
Greenwood....
Meridian _ _ _
Natchez,
Vicksburg_
Yazoo City.
Mo.„St. Louis_
N.C., Raleigh
0., Cincinnati_
Okla., Hugo--.
S.C., Greenw d
Tenn„Memphis
Nashville _
Tex.„Brenham
Clarksville _
Dallas
Honey,Grove
Houston
Paris
Ship- Stocks
meats. June
Season. Week. 16.
17,760
124,217
58,937
52,332
169,220
21,310
120,968
168,155
382,115
64,851
44,492
63,906
119,323
17,074
62,725
107,132
51,717
24,302
26,634
30,164
9,.7i14 712,489
152 13,601
6,515 267,649
12,615
_
19,131
3,685 947,826
--6,684
17 20,414
____
27,976
4011 97,320
__I 29,261
7,527 2,050,919
100 95,535,
6
176
55
2
495
8
500
1,555
801
151
25
24
74
1
107
300
517
14
8
32
872
243
1,099
2,122
2
2,000
5,878
6,080
1,785
62
1,254
6,340
633
10,011
46,388
17,953
3,949
13,710
1,385
14,190,
49,655
81,283,
22,771
5,192
5,703
8,879
2,176
4,107
1,000, 6,800
1,370 10,925
582 3,837
319
22
407 5,054
10,662 13,020
191
150
6,363 12,310
-- 188 4,239
15,9921 88,696
1,394
121
937
400,
300
3571 8,571
200!
100
15,044 53,077
600
500
Movement to June 18 1915.
Receipts.
Ship- Stocks
meats. June
Week. I Season. Week. 18.
42
368
397
2
172
33
525
670
1,476
106
21
169
695
25,134
204,102
137,471
62,245
205,013
32,173
121,719
188,753
450,112
98,401
37,618
66,464
158,392
33,428
78 73,493
125 134,904
575 53,380
21,963
109 38,341
39,574
__
3,1382 687,230
145 14,374
3,767 315,374
10,354
73 26,462
2,421 1,056,326
7,634
32
162 19,635
46,476
741 122,504
_ 24,624
8,4223,386,031
.
- 116,254
1141 8,626
179, 56,751
937 20,829
546 1,779
1,926 13,616
93 9,497
700, 11,992
1,360 10,916
4,073 91,623
955 23,663
145 5,879
750 6,315
1,393 32,513
285 3,600
227 5,445
825 6,800
574 14,364
4,636
389 5,066
4,500
4,430 24,242
200
359
5,102 21,930
65 5,082
6,185103,251
567
92 1,354
81
1,160
11,570 70,s3oi
-
100
100
Total„33 towns 32,3806,028,7541 81,751497,622 25,0088,015,9581 43,302 571,352
The above totals show that the interior stocks have decreased during the week 49,371 bales and are to-night 73,730
bales less than at the same time last year. The receipts at
all towns have been 7,372 bales more than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. I.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. I in the last two years are as follows:
Range
Closing
July
Range
Closing
August
Range
Closing
September
Range
Closing
October
Range
Closing
December
Range
Closing
January
Range
Closing
March
Range
Closing
Tone
Spot
Options
12.58 -12.56 -12.45
12.51 -12.61 -12.57 -
12.62-.71 12.59-.67 12.55-.65 12.48-.58 12.54-.70 12.57-.69
12.68-.69 12.65-.66 12.56-.57 12.57-.58 12.58-.69 12.62-.63
12.65-.74---12.77-.78 12.71-.76
:
12.76-.77 12 73-.75 12.64-.65 12.66-.67 12.77-.78 12.70-.72
12.79 12.78-.79 12.74-.76 12.66-.68 12.67-.68 12.78-.79 12.73-.75
12.70-.81 12.69-.77 12.65-.75 12.60-.69 12.65-.81 12.71-.80
12.78-.79 12.74-.75 12.66-.67 12.68-.69 12.78-.79 12.73-.74
12.82-.93 12.82-.90 12.79-.88 12.74-.83 12.80-.94 12.84-.93
12.91-.92 12.88-.89 12.79-.80 12.82-.83 12.91-.92 12.88-.89
42.99-.04 12.94-.01 12.90-.98 12.87-.94 12.91-.06 12.97-.99
13.02-.03 13.00-.01 12.91-.92 12.93-.94 13.03-.04 12.98-.99
13.13-.16 13.11-.17 13.07-.14 13.04-.07 13.05-.20 13.12-.13
13.16-.18 13.14-.16 13.07-.09 13.08-.10 13.19-.21 13.13-.15
Steady
Steady
Steady
Steady
Steady
Steady
Firm
Steady
Firm
Steady
Steady
Steady
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph from the South this evening indicate that rain
has been quite general during the week, and that at some
points there has been rather too much moisture. There has
also been limited complaint of cool nights. In Texas the
rains have been very beneficial and cotton is said to be
making rapid headway. An increasing number of bollweevils is reported in Southern Alabama.
Galveston, Tex.
-Forepart of the week was hot and dry
but during the last few days good rains occurred in numerous
localities and were very beneficial to all crops. Cotton has
made rapid headway, the first bale was received at Galveston
June 10. This week's rainfall has been inappreciabie.
The thermometer has averaged 77, ranging from 68 to 86.
Abilene, Tex.
--,We have had rain on one day during the
week,the rainfall being seventy-eight hundredths of an inch.
The thermometer has ranged from 60 to 98, averaging 79.
Brenham, Tex.
-There has been rain on one day during
the week;the rainfall reaching ninety-two hundredths of an
inch. Average thermometer 78, highest 90, and lowest 66.
2266
THE CHRONICLE
[VOL. 102.
-We have had rain on three days during
Tallahassee, Fla.
-There has been rain on one day during the
Cuero, Tex.
week,the precipitation reaching eighteen hundredths of an the week, the rainfall being one inch and forty-five huninch. The thermometer has averaged 82, the highest being dredths. The thermometer has ranged from 65 to 94,
averaging 80.
98 and the lowest 66.
-Rain has fallen heavily on two days
Albany, Ga.-It has rained on three days of the week, the
Fort Worth, Tex.
during the week, the precipitation reaching two inches and precipitation being seventy-five hundredths of an inch.
eighty hundredths. The thermometer has averaged 76, Average thermometer 81, highest 98, lowest 64.
Augusta, Ga.-There has been rain on two days during the
ranging from 58 to 94.
-There has been rain on three days during week, the precipitation reaching one inch and seventy-eight
Henrietta, Tex.
week, to the extent of forty hu_idredths of an inch. The hundredths. The thermometer has averaged 77, the highest
being 92 and the lowest 62.
thermometer has ranged from 62 to 94, averaging 78.
Savannah, Ga.-The week's rainfall has been thirty-three
-We have had a rainfall of ninety-two
Huntsville, Tex.
hundredths of an inch during the week, on one day. Mean hundredths of an inch, on two days. The thermometer has
averaged 79, ranging f om 68 to 94.
thermometer 76, highest 88, lowest 64.
-We have had rain on two days during
Charleston, S. C.
-There has been rain on one day during
Kerrville, Tex.
the week, the precipitation reaching forty-two hundredths the week, the rainfall being two inches and fifty-nine hunof an inch. The thermometer has averaged 76, the highest dredths. The thermometer has ranged from 68 to 92, averaging 80.
being 94 and the lowest 58.
-It has rained on five days of the week,
Greenville, S. C.
-There has been rain on one day of the
Lampasas, Tex.
week, to the extent of fifty-four hundredths of an inch. the rainfall reaching two inches and nineteen hundredths.
The thermometer has averaged 80, ranging from 64 to 96.
The thermometer has averaged 68, the highest being 85 and
-There has been rain on two days during the lowest 51.
Longview, Tex.
-We have had rain on three days of the
Spartanburg, S. C.
the week, to the extent of thirty-two hundredths of an inch.
The thermometer has ranged from 62 to 98, averaging 80.
past week, the rainfall being one inch and twenty-five hun-We have had light rain on three days during dredths. The thermometer has averaged 70, ranging from
Luling, Tex.
•
the week, to the extent of thirty-two hundredths of an inch. 54 to 86.
-We have had rain on four days during the
Charlotte, N. C.
Average thermometer 81, highest 100, lowest 62.
-We have had rain on two days the week, the rainfall being one inch and thirty-two hundredths.
Nacogdoches, Tex.
past week, the rainfall being fifty-one hundredths of an inch. The thermometer has ranged from 61 to 82, averaging 72.
-There has been rain on four days during
Goldsboro, N. C.
The thermometer has averaged 77, the highest being 92
the week, the precipitation reaching one inch and thirty-nine
and the lowest 62.
-It has rained on one day of the week, hundredths. The thermometer has averaged 74, the highest
Palestine, Tex.
the rainfall reaching sixty-eight hundredths of an inch. being 89 and the lowest 59.
-The week's rainfall has been sixty-three
-We have had rain on four days during
Veldon, N. C.
San Antonio, Tex.
the week, the rainfall being forty-two hundredths of an inch. hundredths, of an inch on three days. The thermometer has
averaged 74, ranging from 57 to 90.
The thermometer has ranged from 64 to 96, averaging 80.
-There has been rain on two days during
Dyersburg, Tenn.
-The week's rainfall has been forty-four
Taylor, Tex.
hundredths of an inch on one day. Minimum thermom- the week, the rainfall being one inch and forty hundredths.
The thermometer has ranged from 59 to 89, averaging 74.
eter 66.
-Too much rain has interfered with cul-There has been rain on one day of • Memphis, Tenn.
Weatherford, Tex.
the week, to the extent of ninety hundredths of an inch. tivation. Dry, sunny weather is needed. There has been
The thermometer has averaged 80, the highest being 96 rain on four days during the week, to the extent of one inch
and three hundredths. The thermometer has ranged from
and the lowest 64.
-Rain has fallen on five days during the 64 to 85, averaging 74.
Ardmore, Okla.
week, the precipitation reaching one inch and sixty-two
hundredths. The thermoireter has ranged from 61 to 95,
WORLD'S SUPPLY AND TAKINGS OF COTTON.
averaging 79.
The following brief but comprehensive statement indicates
has fallen on two days during the at a glance the world's supply of cotton for the week and
-Rain
Marlow, Okla.
week, to the extent of thirty-five hundredths of an inch. since Aug. 1 for the last two seasons, from all sources from
Average thermometer 80, highest 99, lowest 60.
which statistics are obtainable; also the takings, or amounts
-There has been rain on five days during gone out of Sjight, for the like period.
Muskogee, Okla.
the week, to the extent of one inch and eighty-nine hun1914-15.
1915-16.
dredths. The thermometer has averaged 72, the highest
Cotton Takings.
Week and Season.
being 88 and the lowest 57.
Season.
Week.
Season.
Week.
-It has rained on one day of the week,
Eldorado, Ark.
6,224,454
4,210,164
the rainfall reaching thirty hundreths of an inch. The Visible supply June 9
3,176,816
4,633,210
Visible supply Aug. 1
thermometer has averaged 78, ranging from 64 to 92.
95,726 14,768,093
American in sight to June 16...._ 123,389 11,804,984
15____
-There has been rain on five days during Bombay receipts to JuneJune 15 b31,000 3,032,000 40,000 2,494,000
Fort Smith, Ark.
359,000
8,000
340,000
65,000
shipm'ts to
835,0)0
the week, the rainfall being one inch and twenty-six hun- Other Indiareceipts to June 14_
1,000
6500
614,500
Alexandria
204,000
8,000
b6,000
249,000
dreths. The thermometer has ranged from 62 to 86, aver- Other supply to June 14 *
aging 74.
4,376,053 20,673,694 6,377,180 21,836,909
Total supply
-It has rained on four days of the week,
Little Rock, Ark.
Deduct
4,071,257 4,071,257 6,071,396 6,071,396
the precipitation being sixty-three hundreths of an inch. Visible supply June 16
Average thermometer 75, highest 86, lowest 65.
Total takings to June 16_a_...... 304,796 16,602,437 305,784 15,765,513
230,296 12,306,937 269,784 12,124,513
Of which American
-It has rained on one day of the week,
Alexandria, La.
36,000 3,641,000
74,500 4,295,500
Of which other
the rainfall raching sixty,two hundreths of an inch. The
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
thermometer has averaged 78, the highest being 95 and the
a This total embraces the estimated consumption by Southern mills,
--takings not
3,498,000 bales in 1915-16 and 2,762,000 bales in 1914-15
lowest 66.
by Northern and
being
-Rain has fallen on four days of the foreignavailable-and the aggregate amounts taken13,003,513 bales in
New Orleans, La.
spinners, 13,101,437 bales in 1915-16 and
week, the precipitation being three inches and thirty hun- 1914-15, of which 8,808,937 bales and 9,362,513 bales American.
b Estimated.
dreths. Average thermometer 80, highest 91, lowest 68.
COTTON CONSUMPTION AND OVERLAND MOVE-We have had rain on three days of the
Shreveport, La.
-Below we present a synopsis of the
week, the precipitation reaching fifty hundreths of an inch. MENT TO JUNE 1.
The thermometer has averaged 79, the highest being 92, crop movement for the month of May and the ten months
ended May 31 for three years:
and the lowest 66.
.
-There has been rain on one day the
Columbus, Miss.
1915-16. 1914-15. 1913-14.
past week, the rainfall reaching fifty hundreths of an inch.
The thermometer has averaged 76, ranging fro_n 61 to 91.
72,598
194,428
196,946
Gross overland to May
1,995,829 1,885,321 1,670,343
-We have had rain on five days during Gross overland for 10 months
Greenwood, Miss.
34,122
130,785
127,738
Net overland for May
the week, the rainfall being one inch and eighty-seven Net overland for 10 months
1,382,966 1,328,213 1,241,774
283,449
390.6J1
426,973
hundreths. The thermometer has ranged from 61 to 91, Port receipts in May
6,653,560 10,085,456 10,247,527
Port receipts for 10 months
averaging 76.
630,749
399,256
513,065
Exports in May
5,016,295 7,826,549 8,577,805
Vicksburg, M(ss.-It has rained on four days of the week, Exports in 10 months
508,200
1,078,050 1,055,074
Port stocks on May 31
the rainfall reaching one inch and forty-two hundredths. Northern spinners' takings to June 1.._ _ _ 2,936,316 2,869,521 2,620,490
3,293,000 2,592,000 2,602,000
The thermometer has averaged 77, ranging from 64 to 89.
Southern consumption to June 1
to Canada for
-Showers through the week have caused rapid Overland In net overland)10 months(in- 161,401 163,942 131,377
Mobile, Ala.
cluded
1
growth and many blooms are reported. There is a steady Burnt North and South in 10 months
2,522
1,741
18,836
10,576
24,695
increase in boll weevils. There has been rain on four days Stock at North. interior markets May 31 722,711 669,598 428,571
Came in sight during May
during the week, to the extent of one inch and eighty-two Amount of crop in sight May 31
11,484,526 14,510,669 14,238,337
371,631
556,578
hundredths. The thermometer has ranged from 69 to 90, Came in sight balance of season
15,067,247 14,609,968
Total crop
averaging 80.
514.13
513.52
512.53
of bales
Average gross weight
489.13
488.52
487.53
-We have had a rainfall of one inch and Average net weight of bales
Montgomery, Ala.
fifty-six hundredths of an inch during the week, on five days.
-The first bale of new
BALE OF COTTON.
FIRST
Mean thermometer 79, highest 94, lowest 64.
-There has been rain on one day during the Texas cotton, which reached here on Wednesday from HousSelma, Ala.
week, to the extent of fifty-four hundredths of an inch. The ton, was sold in front of the Now York Cotton Exchange
thermometer has averaged 77, the highest being 93 and the yesterday for 20 cents a pound to S. M. Weld & Co. The
sale was for the benefit of the American Red Cross Society.
lowest 63.
-Rain has fallen on three days during the The bale had been previously sold at auction in Houston
Madison, Fla.
week, the nrecipitation reaching seventy-five hundredths of last week to Jesse H. Jones for $950 and was shipped by the
an inch. Thermometer hasaveraged 81,rangingfrom 67to94. purchaser to New York.
2267
THE CHRONICLE
JUNE 17 1916.]
Total bales.
-Five Per GALVESTON-To Liverpool-Juno 13-,I atador, 8,093
8,093
BRITISH COTTON SPINNERS' WAGES.
7,300
-Barcelona, 7.300
date
10
To Barcelona-June
-Cable ad.vices of Tuesday's
Cent Advance Awarded.
cotton wage dispute NEW ORLEANS-To Liverpool-June 12-Atlantian, 15,804-- _ _15,804
672
were to the effect that the award in the
-St. Laurent, 672
To Bordezux-June 13
4,450
-Emilia S. de Perez, 4,450
To Oporto-June 10
was announced by George R. Askwith, the Board of Trade
2,085
-Cadiz, 2,085
To Barcelona-June 14
operative spinners a 5%
100
arbitrator, that day. It gives
-Emilia S. de Perez, 100
To Pasages-June 10
-June 12-Posillipo, 8,049
To Genoa
advance, but permits no further change during 1910. After. SAVANNAH-To Liverpool-June 9-Grantley, 1,100_ _ _June 15- 8,049
will be necessary before any further
8,073
ward six weeks' notice
Eurana, 6,973
6.143
-To Bordeaux-June 9-Yarrowdale, 6,143
NORFOLK
alteration can be made.
1,537
to have been very disappointing to BOSTON-To Liverpool-June 10-Boyne, 1.537
The result is reported
1.874
To Manchester-June 8-Memphian, 1,874
98
-Prince George,98
the operators, but the President of the Operative Spinners'
To Yarmouth-June 10
that it would be abided by until next SAN FRANCISCO-To Japan-June 9-Shinyo Maru,
Association stated
8,546
Marti, 5,123
June 10-Tenyo
1,259
February.
SEATTLE-To Japan-June 9-Shidzuoka Marts, 1,259
454
-Morning Star, 454
To Vancouver-June 10
-Through the
JAPANESE COTTON CONSUMPTION.
95,969
Total
of the Japan Cotton .Merchant's Union we are
courtesy
-Current rates for cotton from
able to present in detail the consumption of cotton by the
COTTON FREIGHTS.
Japanese cotton mills for each of the last ten calendar years: Now York are as follows, quotations being in cents per pound:
NUMBER OF BALES OF COTTON CONSUMED BY THE JAPANESE
SPINNERS DURING THE PAST TEN YEARS.
Indian American Chinese Egypt's: Annain Japan- Others
®
Total.
& Saigon ese t
Years- 300 kin 375 kin 400 kin 550 kin Q300kin 300kin 300kin
982,581
6,720 __ 10,692
1906 ___ 534,756 238,652 182,599 9,161
9,113 1,044,545
'
1907 ___ 664,345 222,438 126,524 9,557 12,568 -___
10,415
1908 ___ 576,753 191,349 142,764 12,826 17,847
N1,22:ggt
99,998 17,847 15,916
1909 ___ 766,339 210,586
__
1910 ___ 933,092 140,156 146,910 15,509 11,829 , _ 13,522 1 261,018
199
4,595 4,
6,437 1,207,852
1911 ___ 744,496 223,082 206,625 18,418
39 8,554 1,446,515
9,307
1912 ___ 920,155 428,537 59,350 20,573
183 10,175 1,631,007
87,414 22,772 18,869
1913 ___1,086,713 404,881
1914 _1,347,672 340,797 68,491 20,674 11,857 1,294 16,603 1,834,388
6,604 2_87 12,310 1,888,280
34,482 18,323
1915 .....1,398,301 418,073
6
--
11,615
Average 899,962 281,855 115,516 16,566
-A kin equals about 1.3 pounds.
Note.
590
10,979
1,337,083
INDIA COTTON MOVEMENT FROM ALL PORTS.
1915.16.
May 25.
Receipts at
Since
Week.1 Aug. 1.
1913-14.
I
1914-15.
Since
Week. I Aug. 1.1 Week.
Since
Aug. 1.
Liverpool, 1.50c. askei; Manchester, 1.75c. asked Havre, 3.00c.;
Rotterdam. 3.00c. nom.; Genoa, 2.75c.; Naples, 2.75c. Leghorn, 2.80c.;
Lisbon, 3.00c.• Marseilles. 2.50c. asked; Japan, 3.00c. nom.; Shanghaj,
3.00c. nom.; Bombay, 3.00c. nom.; Vladivostock, 2.75c 03.00c.
-By cable from Liverpool we have the
LIVERPOOL.
following statement of the week's sales, stocks, &c., at
that port:
2. June 9. June 16.
May 26.
48,000
3,500
1,300
37.000
5,000
65,000
701,000
558,000
43,000
40.000
156,000
121,000
Sales of the week
Of which speculators took
Of which exporters took
••
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
June
38,000
43,000
4,000
3,000
2,000
4,000
29,000
33,000
4,000
3,000
68,000
78,000
677,000 659,000
531,000 519,000
56,00054,000
45,000
41,000
166,000 201.000
137,000 167,000
3,000
69.000
664,000
528,000
77,009
70,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
12,882,0001 54,00(6,366,0001 81,000 3,361,000
55,000,
Bombay
Saturday.
Spot.
Siuce August 1.
For the Week.
Exports
from
Great
Great Conti- Japan
Britain. nent. &China ,Total. Britain.
Bombay
1915-16._
1914-15_
1913-14__
Calcutta
1915-16._
1914-15._
1913-14__
Madras
1915-16__
1914-15__
1913-14...
All others
1915-16_
1914-15_ _
1913-14__
ContiJapan
nent. & China.
Total.
Dull.
Monday. I Tuesday. 'Wednesday. Thursday.
Quiet.
Quiet.
Quiet.
Quiet.
Friday.
Dull.
Mid.Upi'ds
4,000 5,000 42,000 51,000
5,000 10,000 10,000 25,000
16,000 37,000 48,000 101,000
8.40
8.42
8.39
8.32
8.26
8.25
36,000 208,000 1,389,000 1,633,000
67,000 285,000 1,085,000 1,437,000
61,000 989,000 1,113,0002,163,000
Sales
Spec..texp
4,000
500
5,000
500
5,000
500
5,000
1,000
5.000
1,000
3,000
500
2;665
2,000
2,000
Futures.
Market
opened
3,000
2,000
2,000
13,000
12,000
27,000
57,000
73,000
66,00() 80.000
130,000 159,000
2,000
2;65
14,000
6,000
40,000
16,000
6,000
50,000
,
5- 666
5,66
6,000 12,000 1,0001 19,000
5,000 3,000 5,0001 13,000
4,000 27,000 10,000 41,000
5,000
45,000 108,000
76,000 126,000
51,000 431,000
5,000
58,000 211,000
28,000 230,000
57,000 539,000
Total all
86,000 343,000 1,504,000 1,933,000
1915-16._ 10,000 17,000 43,00 70,000
1914-15__ 10,000 13,000 17,000 40,000 145,000, 429,000 1,170,000 1,753,000
1913-14._ 20,000 71,000 58,000149,00!) 1 19,000i1,487,000 1,305,0002,911,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt.
May 24.
1915-16.
1914-15.
1913-14.
19,200
6,218,663
5,500
7,594,223
Since
Since
Week. Aug. 1. lireek. Aug. 1.
Exports (bales)-
I 2,511 197,941
To Liverpool
To Manchester
I ____ 128,897
To Continent and India_ 3,973 163,200
800 190,744
To America
Total exports
Since
Week. Aug. 1.
____ 197,848
6,000 192,618
____ 140,583
____ 208,284
430 265,479 3,250 407,483
6,200 151,4771 -___ 74,693
7,284 680,782 12.630 750.157i 3.250 RgR.30R
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that trade is of a
semi-holiday character. We give prices for to-day below
and leave those for previous weeks of this and last year
for comparison:
1915.
1916.
@CC OSZO OD
32s Cop
Twist.
834 lbs. Shirt- Cot's
ings, common Mid
to finest.
Up1',
s. d
13 7 0 69 2
1354 7 134@9 3
834 lbs. MO:- Cot's
d.
7.91 854
Moe. common
to finest.
32s Cop
5.
0
8.12 8%
13547 3 (4.
4% 8.44834
0
1354 7 454@9 6
8.74894
1354 7 434@9 6
®
8.47894
1354 7 4%(:49 6
8.43 8 5 16 5.
6
1394 7 494@1)
5.
8.42854
1334 7 3545.9 5
8.258
0
Mid
UN',
I' (1.
it S. it
5.66
934 63 457 9
9
9
9
63
64
64
64
@7
5.7
07
@7
3
4
4
4
5.19
5.30
5.36
5.14
5.35
8% 64 67 4
934 66 5.7 434 5.37
5.35
8% 6 3 67 5
SHIPPING NEWS.
-Shipments in detail:
Total bales.
-To Liverpool-June 8
-Celtic, 3,545_ __Juno 9NEW YORK
5.452
Saxonia, 1,907
To Havre-June 9- Strathleven, 1,326
1,326
To Bordeaux-June 9-Strathtay, 276.- _June q0--Californie,
1,750
2,025
-America, 714.._ _June 10-Duca degli
To Genoa-June 9
Abruzzi, 2,055_ _June 13
-Verona, 1,350_ _ _ June 14-Prin7,520
cipe di Udine, 3;401
-June 13,
--Ioannina, 100
100
To Piraeus
-June 9-Cretic, 500
500
To Naples
-City of Norwich, 4,034_ _ _June 15
To Vladivostock-June 12
4,209
-Yorkmoor, 175
300
To Brazil-June 10-Arizonian, 300
Market,
4:30
P.M.
Easy
Idle at Dull,unch., Quiet at Quiet,unch.
Quiet at
1%02% 2@4 pts. to 34 pt. 3@)4 pbs. to 34 pt. 154(53 PM
decline.
advance.
decline.
pts. adv. advance. advance.
Quiet,unch. East,% pt. Quiet at
to 34 pt. dec. to % 3401 pt.
advance. pt. adv. advance.
Easy at Quiet,3% Barely st'y
pts.
9545.12 Pts. dec. to 334
pts. dec. 23-4 pts.adv. decline.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
June 10 Saturday.
to
June 16 1234 194
Monday. Tuesday.
Th-s: 8 14 means 8 14-100d.
Wed'day. Thursday. Friday.
194 43-4 134 434 134 494 134 4341134 454
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
10,284
4,563,658
Receipts (cantars)This week
Since Aug. 1
Apr. d.
28 1254
May
5 12t4
12 112%
19 12%
23 12%
June
2 12%
9 124
16 12%
Market,
1:30
P.M.
June --------8 14
July-Aug. ____ 8 06
Oct -Nov. ____ 7 85
-Feb. ____ 7 75
Jan.
-Apr. ____ 7 73
Mar.
Mav-June
7 71
18
10
89
79
77
75
1494 15 1554 0854 0354 02 00 101 97
0694 07 0734 0954 9554 9494 9234 93 89
84 8334 843.4 79 75 753-4 76 17654 7234
53-4 67 67 63
74 7334 7434 69 65
4 6554 6554 6154
72 7154 7234 67 63
,
70 69 &••6 701 4 65 61 613463 633459
BREADSTUFFS
Friday Night, June 16 1916.
Flour has been quiet and early in the week was more or
less depressed, though latterly somewhat steadier. Still,
buyers show no disposition to take hold freely. Their purchases, in fact, are either very small or else moderate. At
the same time mills seem more disposed to sell. Stocks in
consumers' hands here are not believed to be very large, but
the trouble is that buyers are inclined to hold aloof awaiting
new flour. Besides, traffic conditions and storage regulations here have tended to keep business within narrow limits.
Still, it certainly looks as though consumers were not very
well supplied,and some day they will have to enter the market
for much larger quantities than they are now ready to consider. But at the moment, however, the flour market lacks
snap and interest.
Wheat declined, owing to better weather in both the winter and the spring-wheat belts and some weakness abroad,
together with considerable liquidation. Besides the export
demand has been slow. This, with a pressure of liquidation,
has offset the outlook for a much smaller crop. Meanwhile
the world's supplies are large. On June 1 they were the
largest ever known at that period, being 314,096,000 bushels, against 326,411,000 on May 1, 152,977,000 on June 1
last year, 167,059,000 in 1914, 196,713,000 in 1913, 182,293,000 in 1912, 172,843,000 in 1911, 163,451,000 in 1910 and
only 116,695,000 in 1909. The stock is, therefore, double
what it was a year ago. Speculation for a rise is not active.
In fact,bulls have been selling out all the week. Northwestern markets have shown weakness at times, owing to good
weather and prospects of larger receipts. Meanwhile
prices feel the effects of the big surplus carried over from last
year, especially as the demand has fallen off. Last Tuesday
the first car of new wheat was received at St. Louis. What
the market needs is a better cash demand, both domestic
and foreign. Meanwhile, crop reports from Russia are gen-
2268
THE CHRONICLE
[VoL. 102
erally favorable and stocks in that country are everywhere
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
large. Besides, business in Russia is poor. In Argentina July delivery in
elevator
393
393
,
39
39Y 39;4 38%
weather has been very favorable for planting and the acreage September delivery in elevator_cts_ 38% 384 383- 38
__
383 383
will be greatly increased. Stocks there are large and ocean December delivery in elevator..__ 39% 39, 40
3971 3934 40
The following are closing quotations:
freights scarce. In Australia there have been beneficial
rains. In India the position of the monsoon is favorable.
GRAIN.
Corn, per bushel
Crop prospects in Italy are good. The Italian Government is Wheat, per bushel-f. o. b.
N. Spring, No. 1, new.. __81 193-s
No. 2 mixed
f. o. b. Nom.
making careful preparations for harvesting. Beneficial rains N. Spring, No. 2
No. 2 yellow
c. i. f. 86
Red winter, No. 2. new
1 133-1
have fallen in Spain and the outlook for the crops in Algiers,
No. 2 yellow kiln dried__
85q
Hard winter, No. 2
1 1231
Argentina in bags
Tunis and Morocco is good. The weather in the United Oats, per bushel, newcts.
Rye, per bushel
Standard
Kingdom has been very favorable for the crop and English
4534
New York
C. 1. f. $I 063-'
No. 2. white
Nom
Western
c. I. f. $1 063
reserves are reported heavy, while arrivals are liberal. In
No. 3, white
4404434 Malt
92093
No. 4. white4334(44
France the weather has been favorable and it is now said
FLOUR.
that indications point to a larger crop than was at one time
Winter, low grades____$4 00@$4 35 Kansas straights. sacks_85
expected. Favorable crop reports are also received from Winter patents
09@.$5 25
5 35
560 Kansas clears, sacks___ 4 500 4 90
Germany. On the other hand, it is well to bear in mind Winter straights
5 00cm 5 25 City patents
7 20
Winter clears
4 65dJ 4 90, Rye flour
that the crop in this country is very tn.uch smaller than the Spring patents
5 100 5 35
5 60c 5 90! Buckwheat flour
last one and that the price is 15 cents under the high point Spring straights
5 30 5 50!Graham flour
4 150 5 15
5 00
reached in May. And French advices say that reserves in. Spring clears
525 1
WEATHER BULLETIN FOR WEEK ENDING JUNE
France are Moderate and that export purchases will be necessary during the entire season. In Russia facilities for ex- 13.-The influence of weather on the crops as summarized
porting wheat are very limited. Shipping is scarce in Argen- in the weather bulletin issued by the Department of Agritine ports. In Australia prices have been firm. In Greece culture for the week ending June 13 were as follows:
was delayed in nearly
the acreage will be below the normal and to make matters byFarm workshowers and generally all Central and Northeastern States
frequent
weather conditions. It
worse the weather has been unfavorable. Besides, reserves was too cold for the development of unfavorablecrops, although pastures,
most field
of native wheat in Greece are exhausted and even stocks of meadows, and most grains made good progress. The weather conditions
were generally favorable for the cultivation of crops in the Southern
foreign wheat are light, so that famine exists in some parts States. In all of the upper Rocky Mountain and Pacific coast regions
of the country and large importations will be necessary. it continued too cool and dry for the best growth of vegetation.
-The growth of corn was retarded by cold weather in practically
The East Indian crop is 173/2% less than that of last year allCORN.
the central and northern part of the country. It was warmer in the
and prices are firm. Shipments from East India are small. South, and the plants developed more rapidly, and the weather was favorable for
The rains prevented cultivation in central districts,
In Italy the acreage is 6% smaller than that of last year and and manycultivation. weedy. Corn is maturing in central
fields are
and southern
at one time the weather was certainly not favorable for a Florida.
WINTER
-The weather of the week favorably affected
good yield. To-day prices declined on better weather and winter wheat WHEAT.
in the central and northern part of
country, and the
crop news. World's shipments for the week are estimated crop showed continued improvement. It is headingthefar north as South
as
Dakota, and is
as far
at about 14,000,000 bushels, against 13,300,000 for the same sissippi Valleys.ripening is still north as the lower Ohio and central MisThere
some damage reported by fly In Kansas
week last year.
and in Illinois. Harvesting is nearly completed in the Southern States.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 red
cts_Nom. 115
116% 115
1153 1133
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts_104% 103
104% 102% 103
101%
September delivery in elevator _A063 104% 106
1,i4% 105
104
December delivery in elevator____108% 1073 108% 107% 107% 1073
Indian corn declined at one time and then advanced
slightly. The truth however is that fluctuations have been
within very narrow limits. Nothing very striking has
occurred. Cash houses, however, were reported to be good
buyers at the West. The cash situation in fact is considered
to be the sheet anchor of the market. The receipts continue very small. Last Tuesday the total at Chicago was
only 30 cars and primary shipments that day were 115,000
bushels larger than the arrivals. The country has shown no
anxiety to sell. Stocks at the Southwest have been decreasing, and at times unsettled weather has encouraged
holders to maintain prices. Farmers are believed to be
behind in their field work and therefore no great increase
in the receipts is expected at once. On the other hand the
weather as a rule has been more favorable and crop advices
are on the main cheerful, although it is admitted that considerable replanting will have to be done. Liverpool advices state that there is no change in the statistical situation which remains very favorable to holders; also that
there appears to be very little chance of increased exports
from Argentina or America. Argentina is moving freely
to the seaboard, but actual shipments are curtailed by the
great scarcity of tonnage. The United Kingdom is willing
to pay the freights, but boats are not obtainable. The
Continent is taking American clearances, but these are
moderate. Today prices declined. Crop reports were
generally favorable from the Southern section of the belt.
The Northern section needs dry hot weather.
CLOSINGrrED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
cts_ 83% 82% 82% 85
86
86
• DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts 71
705
713
713
723-i 713
September delivery in elevator....__ 70
693-i 70
703-i 71 y 71
i
December delivery in elevator____ 613- 603
613 61% 61% 61%
pi Oats declined a little and then rallied. The changes in
SPRING WHEAT.
-Spring wheat has shown an improvement
the week, and it is reported to be in a good condition and makingduring
fatory growth, although the seeding of much of the crop was latersatisthan
usual.
OATS.
-Oats progressed well in the Northern States, but there is some
complaint of weedy fields in the Ohio Valley. Harvesting is continuing
In the Southern States, and has begun as far north as southern Virginia.
The oat crop is improving in the extreme Northwestern States, except
where it has been too dry; the crop is backward in the upper Rocky
Mountain region.
RYE, &c.
-Rye is heading as far north as Wyoming and Minnesota,
and has generally been favorably affected by the weather conditions.
Barley is improving, except in a few localities. Grain harvest has begun
in California; the kernels are well filled, and the yield is reported to be
better than was expected. Rice made rapid growth during the week,
and is in excellent condition. Planting of flax is progressing, and is
nearing completion.
COTTON.
-The weather during the week just ended was less favorable
for cotton than prevailed during the first week of June. The rains hindered cultivation in the northern part of the region, and there was considerable complaint of slow growth, due especially to cool nights, in nearly
all sections. Blooms are noted in southern Alabama and Georgia, and
blooms and bolls are reported in western Florida, where some plants are
18 inches in height. While cotton is late in most of Texas, due to earlier
unfavorable weather conditions, the plants have developed so rapidly
in extreme southern Texas that one bale was marketed from Cameron
County on the 10th. The weevil are numerous in southern Alabama,
and are found in Florida as far east as Madison County; some damage
is reported.
POTATOES-Potatoes were injured by frost on the north Pacific
coast on the 10th, and they were unfavorably affected by the weather of
the week in the upper Lake States. The crop is reported to be in a satisfactory condition in central districts. Early potatoes are being marketed
from California, and from other States as far north as Kansas and Virginia.
Sweet potatoes were favorably affected by the weather conditions, except
that the plants are backward in Florida. Setting continues.
The statement of the m.ovement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending hats Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour. I Wheat.
Corn.
Oats. I Barley. I
Rue
'
bbis.1981bs.'bush. 60 lbs.'bush. 56 lbs. bush.32 lbs.thush.481bs.l bush.561bs.
Chicago
594.00
2,454,000 290,000'
916,00
135,0001
72,000
Minneapolis
i,7S6,O0l
47,00
413,000 402,000
55,000
Duluth
545,0001
138,000 372,00
78,000
Milwaukee
45,000
69,00
67.000
468,000 i94,0001
53,000
Toledo
96,00(
)
t
56,000
50,000
1,000
I
Detroit
5,000
19,00
82,000
53,000
Cleveland
22,000
15,000
27,00
42,000
4,000
I
St. Louis_ _
98,1001
428,000
260,00
5,00
255,000
4,000
Peoria
40,00
31,000
48,000
200,000
521,00
20,000
Kansas City.
883,000
282,01
67,000
Omaha
265,000
363,00
188,000
Tot.
3-15,0001 4.829,0Ot 2,556,00
prices were not striking, however. Still, there was at times Sameweek 16 306.000 3,324,000 3,380.100 4,367,000 1.3ii,000t 287,000
week 15
2,550,000 945,00i
88.000
a greater pressure to sell from cash interests. More cheerful Same week 14 291,00' 2,407,000 5,509,00 4,351,000 1,053,00 171,000
crop accounts also told. So did large stocks. July oats Since Aug.1sold at new low level on this crop. The weakness in other
1915-16_ ___ 18,012,00 472,174,000
,205,380,001194,371,000 10533700021,447,000
0
1914-15.._ 17,721,000 337,598.000220,287,000 247,906,00081,440,00018,835,000
grain also affected oats to a certain extent. The acreage 1913-14_ _ _ 17,977,000264,465
,000 204,354,000 199,577,00081.727,000 21,661,000
in Canada is put at 6,919,000 acres in three provinces, or
Total receipts of flour and grain at the seaboard ports for
4/2% more than last year. The American available supply the week ended June
10 1916 follow:
is 33,782,000 bushels, or 18,700,000 bushels more than a year
ago and some 15,000,000 bushels larger than at this time in Receipts at- Flour.
Wheat. I
Corn.
Oats.
Barley.
Rye.
1914. On the other hand, however, the receipts have been
Barrels.
Bushels.
Bushels.
Bushels. I Bushels. I Bushels.
light, the cash demand fair and there have been rumors of New York.. 152,0
3,492,000
190,000 1,356,001
10,000
126,0001
export business which have had more or less effect even if Boston
27,0
502,000
5,004
34,000
852,0001
937,000
they have not been confirmed. So that, as already intimated Portland, Me.
287,0001
33,000
738,000
69.00i
3,000
32,000
101,00
the price changes for the week have not been marked re- Philadelphia_ _ 61,00
Baltimore
560,000
751,000 1,858,00
48,000 180.000
20,000
gardless of the decline in other grain. At Chicago the N port News. 12,1
1,350,00
1,00
1,00
6,000
Chicago Board of Trade has adopted a rule making No. 3 Mobile
New Orleans.
98,000
144.00
177,000
10,00
2,00
white oats deliverable on ordinary contracts. The rule, Galveston _
61.000
882,001
154,00
50.0001
however, provides for three cents a bushel penalty on all Montreal.... 174,00 1,389,0001
such deliveries. To-day prices declined. Crop reports Total wk 1918558, i 1 7,852,0
,
1,248,00
0.410,000 681.00
193,000
SinceJan.1 16:11,979,011 177,153,000 27.138,00CI 80,298,000 14,304,00 6,571.000
were favorable.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts 463-a 463-i 463-i 463-i 463-i 4531
Nom. Nom. Nom. Nom. Nom. Nom.
Standards
No. 2 white
Week 1915_ _ _
462,111 3,208,0Ol696,0001 2,270,000
87,000
117,0001
Since Jan.1 15 12 345 00 26,214,000 34,870,0001 67,337,000. 5,468.0001 6,084.000
a Receipts do not Include grain passing through New Orleans for foreign portion
through bills of lading.
THE CHRONICLE
JUNE 17 1916.)
2269
The exports from the several seaboard ports for the week There have been no noticeable changes in price schedules,
although buyers underbidding the market are known to
ending June 10 are shown in the annexed statement:
Rye, Barley,
Oats,
Corn, Flour,
Peas, have secured concessions. While manufacturers contend
Wheat.
Exports from- bushels. bushels, barrels, bushels, bushels, bushels. bushels. that under the present high operating costs they cannot
2,682
36,008 77,537 532,826 29,883 518,825
2,354,739
New York
287,000
afford to make reductions, it is the consensus of opinion
Portland, Me_ _ _ _ 937,000
400 20,815 939,448
489,513
Boston
among buyers that the high mark in prices has been reached.
143,000
59,000 15,000 150,000
689,000
Philadelphia ___Mill agents are taking advantage of the quiet period to catch
2,148,207 1,432,766 123,793 1,488,306 418,053 148,265
Baltimore
12,000 1,350.000
20.000
Newport News__
up with deliveries and they are not inclined to push for new
1,000
6,000
1,000
Mobile
business until mill operations show signs of slowing down.
2,000
26,000 56,000
New Orleans_ _ _ _ ' 48,000
51,000 42,000
1,952,000
20,000
Montreal
As a result of the quieter conditions in primary quarters,
2,682 jobbers report improvement in deliveries from mills. There
Total week9 138,459 1,610,174 326,145 4,463,580 498,936 1141090
3,045 has also been a slowing up in jobbing circles as a result of
5:031,194 540,590 219,899 1,440,525 71,965 34,309
Week 1915
The destination of these exports for the week and since the poor weather conditions of the past two weeks. While
retail stocks are not heavy, they are sufficient to take care
July 1 1915 is as below:
Corn - of the light consumption as long as the cold weather lasts.
Wheat-Flonr
Since
Week
Since
11Teek
Weck
Since
Exports for week
Juno 10
July 1
July 1 Fair mail orders are received from out-of-town retailers, but
July 1 June 10
June 10
and since
1915.
1916.
1916.
1915. the pressure for prompt delivery of goods under order is not
July 1 to1916.
1915.
bush.
bush.
bush.
bush.
buts.
bbls.
so heavy. While some jobbers express the belief that reUnited Kingdom- 70,694 5,230,526 4,486,690 146,843,020 111,000 5,421,303
Continent
211,791 5,636,455 4,646,366 177,145,524 1,456,466 17,782,629 tailers may have over-purchased their summer requirements
752,081
14,743 2,887,089
5,403
So.& Cent. Amer. 7,103 2,007,232
unsettled season, there are none
110,707
27,071 2,788,808 in the face of a short and
West Indies
35,174 1,823,328
170
400
11,566 who look for cancellations unless there should be a pronounced
40,466
Brit.No.Am.Cols_
50
923,961
494
26,757 recession in values. While prices hold near their present
280,886
Other Countries_.. 1,333
Total
328,145 15,088,913 9,138,459 327,775,463 1,610,174 28,718,152 levels, it would be unprofitable for retailers to make cancelTotal 1914-15__219,899 14,254,929 5,031,194 300,059,265 540,590 38,551,581 lations, as they could not duplicate the orders at original
The world's shipments of wheat and corn for the week prices if they should later find that they needed further supending June 10 1916 and since July 1 1915 and 1914 are plies. Manufacturers and distributors of cotton duck state
that conditions in their line are the best in the history of the
shown in the following:
trade. They have recently made heavy bookings which
Wheat.
Corn.
.a
will carry them well into next year, and as the war is big
! 1914-15.
factor in their trade, they do not look for any let-up in de1915-16.
1915-16.
1914-15.
Exports.
mand while it lasts. Exports of cotton goods are greatly
Week '
Since
1
Since
Week.
Since
Since
hindered by poor shipping facilities, and there is much more
June 10.
July 1. , July 1.
June 10.
July 1.
July 1.
business offered than can be taken care of. There has been
,Bushcls. ' Bushels. I Bushels
Bushels.
Bushels.
Bushles.
NorthAmer* 9,782,000 464,999,000 425,804,990 963,000 30,093,000 39,000,000 a big increase in the amount of colored cottons sold for exRussia
4,380,000 12,074,000
4,811,000 port, and as dye and finishing materials are scarce, many
Danube
2,347,000
9,431,000
shipArgentina ... 1,800,069 55,956,000 85,395,000 1,531,(401) 142,904,009 136,576,000 mills have taken all the business they can handle. If
ping arrangements could be made a very satisfactory business
Australia_
1,072 COO 29,584,000 8,996,000
384,000 12,188,000 27,448,000
India
could be put through with the Far East. Several attractive
63,000 11,022,000 6,129,000 724,000 10,960,000
0th. countr s
inquiries are in the market, especially from China, but manTotal ____ 13106000 578,135,000 568,193,000 3,218,000 183,957,000,189,818,000 ufacturers cannot meet the prices and deliveries named.
* North America.
-The Canadian Government has officially prohibited the
ssuance of both manifests and exports until after ten days. This is effective
during the continuance of the war.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.'
Corn.
Total.
United
Kingdom. Continent.'
Total.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
59,536,000
June 10 1916_
14,900,000
62,632,000
June 3 1916
14,433,000
50,320,000
14,220,000
June 12 1915_
June 13 1914... 22,616,00020,112,000 42,728,000 5,517,000 10,319,000 15,836,000
Bushels.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports June 10 1916 was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
GRAIN STOCKS,
Wheat,
Corn,
Oats,
Rye,
bush,
bush,
bush,
bush.
1,858,000
520,000
755,000
29,000
60,000
12,000
39,000
21,000
804,000
143,000
351,000
2,000
1,228,000
467,000 1,972,000 309,000
68,000
46,000
483,000
4,000
1,554,060
191,000
49,000
1,000
1,400,000
55,000
1,314,000
407,000
118,000
3,000
714,000
139,000
107,000
3,000
281,C00
133,000
258,000
35,000
6,387,000 6,529,000 7,264,000
75,000
63,000
180,000
423,000
6,000
9,245,000
406,000 114,000
8,951,001)
31,000 1,502,000
97,000
1,662,000
108,000
231,000
7,000
6,297,000 2,590,000
340,004
41,000
18,000
16,000
170,000
275,000
416,000
569,000
1,594,000
305,b00
498,000
5,000
425,000
105,000
67,000
Barley.
bush.
784,000
23,000
120,000
354,000
227,000
92,000
460,000
124,000
21,000
20,000
55,000
44,198,000 12,393,000 15,600,000 752,000 2,280,000
Total June 10 1916
44,463,000 14,505,000 16,192,000 951,000 2,105,000
Total Juno 3 1916
14,822,000 9,316,000 8,697,000 308,000 1,016,000
Total June 12 1915
not Included above: Wheat, 3,091,000 bushels at New York::
Note.
-Bonded grain
390,000 Baltimore, 423,000 Philadelphia, 519,000 Boston, 797,000 Duluth, 4,459,
000 Buffalo: total, 9.679,000 bushels, against 1,121,000 bushels in 1915. Oats
1,688,000 New York, 684,000 Boston, 49,000 Philadelphia, 358,000 Baltimore,
110,000 Duluth,2,086,000 Buffalo; total, 4,975,000 bushels, against 225,000 in 1915:
and barley, 245,000 New York, 54,000 Bostop, 59,000 Duluth, 27,000 Buffalo;
total, 385,000, against 48,000 in 1915.
Canadian
Montreal
63,000 418,000
170,000 3,073,000
2,258,000
Ft. William & Pt. Arthur 13,531,000
3,531,000
Other Canadian *
6,166,000
9,678,000
Total June 10 1916*
Total June 3 1916*
Total June 12 1915
Summary
American
Canadian
Total JUne 10 1916
Total JUne 3 1916
Total June 12 1915
25,765,000
25,852,000
6,206,000
170,060 12,770,000
146,000 13,262,000
59,000 4,249,000
44,108,000 12,393,000 15,600,000
25,785,000
170,000 12,770,000
63,000
63,000
11,000
418,000
393,000
167,000
752,000 2,280,000
63,000 418,000
69,983,000 12,563,00028,360,000 815,0002,698,000
70,315,000 14,651,000 29,454,000 1,014,01)0 2,498,000
21,028,000 9,375,000 12,946,000 319,000 1,183,000
*including Canadian at Buffalo and Duluth
THE DRY GOODS TRADE
New York, Friday Night, June 16 1916.
Dry goods markets have ruled quiet and a shade easier
during the past week. Very little new business is being trans-.
acted in primary quarters, as buyers are not disposed to en
ter new commitments except upon more liberal terms.
-Staple cottons have
DOMESTIC COTTON GOODS.
ruled quiet and steady through the week, with a large volume of goods going forward under old contracts. Buyers
are fairly well covered and are not inclined to place new contracts at present price levels. On the other hand, a quieter
period should be expected as a result of the heavy buying
movement of the early months of the year. Brown and
bleached goods are heavily ordered. There is still a go3d demand•for the same for delivery toward the end of the year,
but manufacturers are hesitating to accept forward contracts
at present price levels. Gray goods show an easier tendency,
an eighth of a cent having been taken off the quotations
of certain widths. Colored goods are in a strong position,
.
with prices holding firmly at high levels. A large export
demand as well as limited supplies of fast colors are maintaining values. Wash goods sales during the past fortnight
have decreased, owing to the cold and wet weather. Coarse
cotton goods, suitable for bagging purposes, are being held
at high levels, and the recent rise in burlap prices has served
to increase the demand for cotton substitutes. Gray goods,
38-inch standard, are quoted at 53'c.
-Owing to lack of improvement in
WOOLEN GOODS.
the labor situation of the garment-makers' trade, business in
dress goods is stifled. Leading factors look for an early
settlement, as they believe that garment manufacturers cannot hold off much longer without sacrificing their entire fall
and winter trade. A fair business for fall is being transacted
in the piece-goods trade, but the high prices are compelling
buyers to keep purchases down to well-defined needs. Retailers are anticipating a large public demand for piece goods
as a result of the garment trade conditions, which will promote activity among custom tailors and dressmakers. The
formal opening of spring 1917 season is not yet in sight,
although there are numerous reports of business being put
through. Mills making narrow serges are understood to
have closed substantial contracts at considerable advances
over last season.
-There is no change in condiFOREIGN DRY GOODS.
tions in the linen trade. There is a continued heavy demand
for all descriptions of pure linens, but supplies are scarce
and prices so high as to greatly restrict sales. Advices to
hand from foreign manufacturing centres hold forth no encouragement. In fact, they are depressing to the trade on.
this side. It is reported that a majority of the linen manufacturers abroad are now turning out more cotton goods than
they are linen, owing to the scarcity of flax and flax yarns.
Whether these cotton goods will find their way to this market or not is a conjecture, but the disappointing feature lies
in the fact that foreign manufacturers of linens are not in a
position to accept contracts for linens for any delivery, and
that the trade on this side will have to depend upon such goods
as are now under order to meet their requirements. A large
domestic business is being booked in cotton imitations of
household linens, but this is of very little consolation to linen
factors, who find that their linen business has become almost
completely disorganized. Burlaps developed more activity
during the past week, with business confined mostly to light
weights. Heavy weights rule quiet. Light weights are
quoted 6.85e. to 7c. and heavy weights at 8.25c.
22,0
THE CHRONICLE
STATt A1113 CITY
Dir-P,MITIVPSZT.
News items.
British Columbia (Province of).
-Bond Sale.
-On
June 14 Wood,Gundy & Co. of Toronto,according to reports,
were awarded, at 91M (a basis of about 5.60%), $2,000,000
432% 10-year bonds, the proceeds a which will be loaned to
the Pacific Great Eastern Ry. to assist in the completion of
its line to Fort George. This is in accordance with a recent
Act of the Legislature authorizing the issuance of $10,000,000
4
bonds to mature not later than June 30 1941 Of
this amount the Province, it is stated, will loan for a period of
ten years $6,000,000 to the above-mentioned railway. The
Province is to receive a mortgage of the entire undertaking
and properties of the railway and also $2,000,000 in fullypaid-up shares of the company. The remainder of the loan
($4,000,000) will be used to meet fixed and current charges
of the Province for the ensuing year.
-V. 102, p. 2094.
Canada (Dominion of).
-New Loan Admitted to Stock
Exchange List.
-The $75,000,000 5% gold bonds of the Government of the Dominion of Canada, underwritten in New
York during March, were officially admitted to the New
York Stock Exchange on June 14. V. 102, p. 1461.
House of Commons Passes Bill Empowering Governor in
Council to Authorize Minister of Railways and Canals to Acquire Branches of Quebec Railway, Light, Heat & Power Co.
See item on a preceding page in our 'Industrial and Miscellaneous News Section.'
Essex County (P. 0. Newark), N. J.-Corrected Debt
Statement.
-The following corrected statement of the county's
debt, &c., was received too late for use in our "State and City
Section" issued May 27:
ESSEX COUNTY.
Armory Bonds.
The county seat is Newark.
45 '07 F-A $5,000r_Aug 1 '16-'17
Road Bonds.
4s '10 __- 26,000_ ___Oct 1 1925
4s '08 -_- $40,000_ _Aug 1 '16-'23 48 '11 ___ 30,500--- _Aug 1 1926
4s '09 F-A 177,000r_ _ _Feb 1 1929
War Bonds.
48 '11
100,000_ _ _ _May 1 1931 4s '99 _-_ $300,000_ _ _ _Apr 1 1919
4s g '12 J-D 22,000r_ _ _ Dec 1 1932
Bridge Bonds.
4%g'13 M-N250,000- _- _Nov 1 1923 45 g '04 J-D $50,000c.
..Juno 1 1924
4s '13 ___ 75,000___ _May 1 1933 4s '04 F-A 50,000r___Aug 1 1924
4%s'13
63,000Dec 1 1933 45 '07 -M-N 85,000r__ May 1 1927
43ig'15 F
-A 270,000c- _Aug 2 1935 4s '12 M-N150,000__-_May 1 1932
43ig'15 F
-A 200,000c_ _ _Aug 2 1935 436s'14 _-- 100.000--__Apr 1 1934
,
43is'15
15,C00___Aug 15 1920 43(0'15
30,000__ _July 1 1935
43is'15 __- 18,000_ __ _Sept 1 1920 48 '15 ___ 20,000___Dec 31 1935
4%8'15 __- 25,000_ _ - _Sept 1 1935 43-8'15
25,000. __Dec 1 1935
Hospital Bonds.
4%s'15
10,000____Dec 1 1935
OverbrookPlank Road Bonds.
4s '05 A-0$200,000c&rApr 15 1945 45 '04 -__ $250,000- June 1 1924
4s g '06 F
-A 500,000c_ _ _Aug 1 1946 48 '07 ___ 30,000____May 1 1927
4s g '07 F
-A 500,000c_ _ _Aug 1 1947 4s '10 __- 200,000___ _Mar 1 1950
4s g '08 __ 75,000r__ _Feb 1 1948 434s'11
50,000____Feb 1 1931
4s g '08 M-N500,000c___May 1 1948 44s'll
150.000..... Feb 1 1951
48 g '08 A-0 431,000c_ _ _Oct 1 1948 48 '12 ___ 100,000___ _Aug 1 1952
4s g '09 __- 440,000z_ _ _May 1 1949 4s '1.3 __- 100,000_ __ _Jan 1 1953
4s g '10 F-A 100,000c ..Aug 1 1950 436s'13 _ _ _ 150,000_ _ _ _Aug 1 1953
,
43 g'11 F
,6
-A 100,000c_ _ _Feb 1 1951
4368'13
,
15,000____Dec 1 1918 45 Court House Bonds.
g '00 F-A$900,000c&r_Aug 1 1940
_June 1 1934
4X8'14 _ _ _ 160,000
-A 500,000c---Aug 1 1944
454s'15
50,000_ _ _ _Feb 1 1935 45 g '04 F
-A 200,000c__ _Feb 1 1946
30,000____May 1 1935 4s g '06 F
44s'15
48 g '06 F-A 200,000c___Aug 1 1946
4Yis'16_
50,000 _ _ --Feb 1 1936 4s g '07 F-A
25,000r- _Aug 1 1947
Contagious Diseases.
45 '03 M-N$30,000r _ _Nov 14 1943 45 '11 M-S 250,000____Mar 1 1951
Penal Institution Bonds.
4s g '04 F
-A 207,000c_ __Aug 1 1944
Jail-'
4s '09 ___ 31,000_ _ _ _Aug 1 1949
$25,000__ _June 1 1934
4s '10 ___
6,850_ _July 1 '16-'20 4s'14
Penitentiary
4s g '10 F
-A 100,000c_ _ _Aug 1 1950
4%g'11 F-A 50,000c___Feb 1 1951 434g'15 M-S $145,000c__Sept 1 1935
48
35,000___Mar 1 1936
109,000____Oct 1 1931 43is'16
4348'15 --- 30,000____Dec 1 1955
Parental School Bonds.
Bonds.
onds.
4%s'15
$18,000eb 1 1945
3.65g'95F-A$200,000c&r_Aug 1 1920 43s'15
57,000___ _Apr 1 1945
3.65g'95F-A 200.000c&r_Aug 1 1925
Land Bonds.
3.65g'95F-A 200,010c&r_Aug 1 1930
3.65g'95F-A 200,000c&r_Aug 1 1935 434g'16 J-J $127,000c__ _Jan 2 1946
4s g '96F-A1,500,000c&r_Aug 1 1926 BOND. DT. May 10 '16 $16,089,350
3,450,547
4$ g '98 F
-A 500,000c&r_Aug 1 1938 Sinking fund Dec 1915_
48 g '99 F-A 500,000c&r_Aug 1 1938 Total assess. val. '15_ _ _ _646,289,876
4s g 'GO F
-A 500,000c&r_Aug 1 1938 County tax (per $1,000) 1914_ -$6.94
4s g '03 F
-A 500,000c&r_Aug 1 1943 Popula'n 1910, 512,886; '15, 566,324
48 g '05 F
-A 500,000c&r_Aug 1 1943
INT. on park bonds due 1938 and
4s g '08 M-N300,000c___May 1 1948 1955, road bonds of 1915, land-pur4s g '08 A-0 200,000c___Oct 1 1948 chase bonds, penitantiary bonds,
4s g '09 F-A 250,000c_ _ _Aug 1 1949 hospital bonds and court
-house
4s g '11 F-A 50,000c___Sept 1 1951 bonds payable by U. S. Mtge. &
48 '11 ___ 60,000____Sept 1 1951 Tr. Co., N. Y. C.; $1,500,000 park
4s g '12 J-D 100.000c_ _ _Doc 1 1952 bonds at office of J. & W. Seligman
43ig'13 M-N275,000_ _ _..May 1 1953 & Co. of N. Y. City, and Seligman
43.1g 14 F-A 200,000c_ _ _Aug 1 1954 Bros. of London; on all other bonds
43(s'14 _ _ _ 250.000_ .._..Aug 1 1954 at the Manufacturers' National
43ig'15 J-J 250,000c_ _ _July 1 1955 Bank, Newark.
Newfoundland (Government of).
-Description of Bonds.
-The $5,000,000 5% 3
-year gold coupon bonds recently
purchased by Lee, Higginson & Co. and Wm. A. Read &
Co. of New York are in the denom. of $1,000 and dated
July 1 1916. Prin. and semi-annual int. (J. & J.) payable
in U. S. gold in N. Y. at the agency of the Bank of Montreal; also payable in Montreal and St. Johns. Due July 1
1919.
Quebec, Province of.-Description of Bonds.
-The $4,000,000 5% gold coupon bonds recently purchased by J. P.
Morgan & Co., Brown Bros. & Co. and Harris, Forbes &
Co., of New York, are in the denom. of $1,000 and dated
June 1 1916. Prin. and semi-annual int. (J. & D.) payable
at the Bank of Montreal in N. Y., Montreal or Quebec.
Due June 1 1926. Assessed value of taxable real estate,
Dec. 31 1914, $1,282,206,196. Net debt, including this
issue, $32,986,571. See official advertisement on a preceding
page.
Virginia-West Virginia.
-U. S. Supreme Court Denies
Petition of Virginia for Eexecution of Judgment Against IVest
Virginia.
-The U. S. Supreme Court on June 12 denied the
tVOL. 102.
petition of the State of Virginia for a writ of execution
directing the Marshal of that Court to levy upon property
of West Virginia for the satisfaction of the judgment against
that State which was fixed by the U. S. Supreme Court in
its decree of June 14 1915 as $12,393,929 50. The Court's
action was based solely on the ground that the West Virginia
Legislature had not met in regular session since the judgment
was entered. The next regular session will not convene
until January 1917. V. 102, p. 1915.
West Hoboken, Hudson County, N. J.
-Election on
Commission Form of Government.
-An election will be held
June 20 to submit to a vote the question of establishing the
commission form of government.
Bond Proposals and Nedotiationsthisweek
have been as follows:
ADAMS TOWNSHIP RURAL SCHOOL DISTRICT, Clinton
County, Ohio.
-BOND OFFERING.
-Proposals will be received until
12 in. July 1 by E. M. Hadley, Clerk Board of Education (P. 0. Clarksville, Route No. 1), for $3,400 5% coupon school-bldg.
-completion bonds.
Auth. Secs. 7625, 7626 and 7627, Gen. Code. Denom. $100. Date
July 1 1916. Int. M.& S. Due serially from Mar. 1 1917 to Sept. 1 1934
Inclusive.
ALAMOSA COUNTY (P. 0. Alamosa), Ariz.
-BOND SALE.
-The
$62,000 funding bonds voted April 11 have been purchased by/ Max Duchmann of Alamosa.
ALBANY SCHOOL DISTRICT (P. 0. Berkeley), Alameda County,
Cal.
-BONDS VOTED.
-The proposition providing for the issuance of
$75,000 school bonds was, according to reports, favorably voted on June 3.
-V. 102, p. 2180.
ALBION, Orleans County, N. Y.
-BOND OFFERING.
-William E.
Frank, Village Clerk, will receive proposals until 10:30 a. m. June 21 Tor
$89,600 highway and $10,400 street registered bonds. Denom. to suit
purchaser. Date June 21 1916. Principal and annual interest (Aug. 10)
at Citizens' Nat. Bank, Albion, in New York exchange. Due serially for
25 years, beginning Aug. 10 1917. Bids are requested separately for each
Issue of bonds, bearing interest at 4, 43( or 04%. Cert. check (or cash)
upon a national bank or trust company for 3% of amount of bonds bid for,
payable to the Village Treasurer, required. The bonds will be certified
by the above-mentioned bank and will be examined as to legality by Caldwell & Masslich New York, whose favorable opinion will be furnished to
the purchaser without charge. Bonds will be delivered on June 21 or as
soon thereafter as they can be completed, at the Citizens' National Bank of
Albion.
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.
-BOND SALE.
On June 12 the four issues of 4% bonds, aggregating $2,226,000 (V. 102.
2180) were awarded to the Union Trust Co. of Pittsburgh at 101.399.
p.
Other bids were:
Harris, Forbes & Co., N. Y., and the Colonial Tr. Co., Pittsburgh..101.399
Mellon National Bank, Pittsburgh
100.167
ANDERSON UNION HIGH SCHOOL DISTRICT (P. 0. Anderson),
Shasta County, Cal.
-BOND ELECTION POSTPONED.
-The election
which was to have been held May 27 to vote on the question of issuing the
$60,000 building bonds (V. 102, P. 1915) was postponed until September.
J. II. Girdner is Secretary of School Board.
ANN ARBOR, Washtenaw County, Mich.
-BONDS VOTED.
-The
question of issuing $60,000 school-improvement bonds carried, it is stated,
at an election held June 9.
ANNE ARUNDEL COUNTY (P. 0. Annapolis), Md.-BOND OFFERING.
-Proposals will be opened at 12 in. July 7 by the County Board of
Education for the following 5% coupon tax-free bonds:
$20,000 bonds to erect, furnish and heat an annex to school in Curtis Bay.
Denom. $1,000. Date May 11916. Int. M.& N. Due $4,000
May 11921, 1926, 1931, 1936 and 1941.
10,000 bonds to purchase lot, erect and furnish school bldg. in Glen Burnie.
Denom. not less than $100 nor more than $1,000. Date June 1
1916. Int. J. & J. Due $2,000 June 1 1921, 1926, 1931, 1936
and 1941.
6,000 bonds to erect and furnish annexes to various rural schools. Denom.
$300. Date June 1 1916. Int. J. & D. Due $1,500 June 1 1921,
1926, 1931, 1936 and 1941.
10,000 bonds to purchase site and erect and furnish a school building near
Shipley Sta. and Linthicum Heights. Denom. $500. Date
June 11916. Int.J.& D. Due $2,000 June 1 1921, 1926, 1931.
1936 and 1941.
Int. and principal payable at the office of the County Board of Education.
Bonded debt of county, less sinking fund, $315,125 40. Taxable basis of
county about $23,000,000. Samuel Garner is County Superintendent.
ANSONIA, Darke County, Ohio.
-BOND SALE.
-On June 12 the
-year (average) coup. fire-engine-purch. bonds-V. 102, p.
$2,600 5% 3
-were awarded to the Citizens' Bank Co. of Ansonia.
2180
ANSONIA VILLAGE SCHOOL DISTRICT (P. 0. Ansonia), Darke
-BOND SALE.
County, Ohio.
-On June 10 the $35,000 5% 13-yr. (aver.)
coupon site-purchase-constr. and equip. bonds (V. 102, p. 2096) were
awarded to the Ohio Nat. Bank of Columbus for $36,406 76 (104.019) and
int. Other bids were:
Sid. Spitzer & Co., Toledo_336,316 Breed,Ell't & liar., Cin-$35,920 50
F. C. Hoehler, Toledo
36,141 W.L.Slayton & Co.
35,892 50
Weil, Roth & Co., Cin
36,071 Spitzer, Rorick & Co., Tol. 35,761 00
,Tol..
Seasongood & Mayer, Cin
35,988 Hayden, Miller & Co.,Clev. 35,547 00
New First Nat.Bk.,Columbus. 35,935 Stacy & Braun, Toledo__ 35,535 80
APPANOOSE COUNTY (P. 0. Centerville), Iowa.
-BONDS DEFEATED.
-The proposition to issue $30,000 county-Jail bonds failed to
carry at an election held June 5.
-BOND SALE.
ARCHBOLD, Fulton County, Ohio.
-On June 5
the $5,500 5% 10%-year average coupon refunding bonds
-V. 102, p. 2005
-were awarded to Stacy & Braun of Toledo for $5,622 74, equal to 102.231;
a basis of about 4.73%. Other bidders were:
Seasongood & Mayer, Cin_$5,617 00 Tillotson & Wolcott Co.. $5,596 80
F. C. Hoehler. Toledo_ _ _ _ 5,614 40 W.L. Slayton & Co., TIM_ 5,589 65
Breed, Elliott & Harrison,
Otis & Co., Cleveland
5,583 00
Cincinnati
5,608 90 Spitzer, Rorick & Co., To _ 5,512 00
ARKANSAS COUNTY ROAD DISTRICT NO. 1, Ark.
-BOND SALE.
-This district on June 7 awarded at a price aboVo par $40,0006% macadam
road bonds to Jas. Gould of Pine Bluff. Denom. $500 or $1,000. Date
June 1 1916. Int. J. & D. Due serially 3 to 20 years.
ARROYO GRANDE UNION HIGH SCHOOL DISTRICT, San Luis
-On June 6 the $12,000 5% 636-yr.
Obispo County, Cal.
-BOND SALE.
,
(aver.) gold building bonds (V. 102, p. 1915) were awarded to G. G.
Biymyer & Co. of San Francisco at 103.125. Other bids were:
State Board of Control_ _ _ _812,350 Wm.R. Staats Co
$12,252 50
Bond & Goodwin
12,333 Comm.Bk., San Luis Obis. 12,249 60
Bank of Arroyo Grande
12,315 E. H. Rollins & Sons__ 12,170 00
Girvin & Miller
12,307 Torrance, Marshall & Co_ 12,166 60
Blyth, Witter & Co
12,301 C. E. Woodside &
12,162 00
F. M. Brown & Co
12,263 Union Safe Deposit Co_ _ - 12,154 80
12,065 00
Lumbermen's Trust Co
12.262 A M Clifford & Co
-BOND SALE.
ASHTABULA COUNTY (P. 0. Ashtabula), Ohio.
On June 12 the $35,500 Trumbull-Morgan and $25,000 Andover North
No. 1 434% road bonds
-V. 102, p. 2096
-were awarded to the Provident
Say. Bank & Trust Co. of Cincinnati for $35,901 15 (101.13) and $25,280
(101.12) and interest, respectively. Other bids were:
$35,500 Issue. $25,000 Issue
$25,251 75
Ohio National Bank, Columbus
$35,858 85
25,207 50
Security Says. Bk. & Tr. Co., Columbus
30,794 65
25,190 00
Tillotson & Wolcott Co., Cleveland
35,769 80
25,182 27
Stacy & Braun, Toledo
35,764 97
25,102 00
Seasongood & Mayer, Cincinnati
35,645 00
Spitzer, Rorick & Co., Toledo
35,631 00
JUNE 17 1916.]
THE CHRONICLE
ASTORIA SCHOOL DISTRICT NO. 1 (P. 0. Astoria), Clatsop
-DESCRIPTION OF BONDS.
-The $75,000 school-site
County, Ore.
and building bonds awarded on April 25 to Morris Bros., Inc., of Portland,
bear 5% interest and are dated Mar. 1 1916. Int. M. & S. Due Mar. 1
-V. 102, p. 1915.
1936, subject to call after 10 years.
ATASCADERA SCHOOL DISTRICT, San Luis Obispo County,
-On June 6 the $15,0006% 8-yr. (aver.) gold building
Cal.
-BOND SALE.
bonds (V. 102, p. 1915) were awarded to the Lumbermen's Trust Co. of
San Francisco at 109.02. Other bids were:
$15,526
Union Safe Deposit Bank_$15,877 51 Wm. R. Sta ats Co
id
0. E. Woodse & Co__-- 15,858 00 Com. Bk. San L. Obispo_ _ _ 15,480
Torrance, Marshall & Co_ 15,759 00 G.G.Blymyer & Co.,San Fran. 15,151
15,057
State Board of Control__- 15,700 001F. M. Brown & Co
-BONDS
ATLANTIC HIGHLANDS, Monmouth County, N. J.
-The proposition to issue $75,000 park was defeated
DEFEATED.
at the election June 1 by a vote of 15 "for" to 107 "against."
-TEMPORARY LOAN.
-On June 13 a loan of
ATTLEBORO, Mass.
350.000, due Dec. 19 1916, was negotiated with Curtis & Sanger of Boston
at 3.11% discount, plus 50 cents premium. Other bids were:
. Bond & Goodwin, Boston-3.14% dsicount.
Blake Bros., Boston-3.18% discount plus $1 50.
Cropley, McGaragle & Co., Boston-3.53% discount.
AUSTIN, Tex.
-BOND SALE.
-The Mississippi Valley Trust Co. of
St. Louis and a Chicago associate have been awarded, according to reports,
% refunding bonds.
$1,170,000
-BONDS DEFEATED.
-The
BAKERSFIELD, Kern County, Calif.
-year serial park bonds (V. 102, p.
question of issuing the $150,000 5% 40
2096) failed to carry at the election held June 5. The vote was 595 "for"
and 729 "against."
-BOND OFFERING.BARNESVILLE, Belmont County, Ohio.
Bids will be received until 12 m. July 10 by F. Waldo Hilles, Village Clerk,
for $5,218 5% South Gardiner St. impt. bonds. Denom.(9) $500 and (1)
$718. Date Apr. 1 1916. Int. M. & S. Due $500 yearly on April 1
from 1917 to 1925 incl. and $718 April 1 1926. Purchaser to pay accrued
interest. Cert. check for $100, payable to Village Treasurer, required.
-BOND ELECTION.
BEACH HAVEN, Ocean County, N. J.
-A
proposition providing for the issuance of the $40,000 board-walk and publicdock-improvement bonds will be submitted to the voters on June 30. V.
266.
102, p.
BEACON SCHOOL DISTRICT (P. 0. Beacon), Mahaska County,
-Proposals will be received until 7:30 p. m.
-BOND OFFERING.
Iowa.
June 21 by J. P. McMurray, Secretary of Board of Education, for $4,000
-10-year (opt.) building-addition bonds authorized by vote of 145 to
5% 5
33 at an election held May 4. Denom. $1,000. Date July 1 1916. Int.
J. & J. at Farmers' Nat. Bank, Oskaloosa. Certified check for $250, payable to J. A. Jones, District Treasurer, required. District has no bonded
debt at present.
BEATRICE, Gage County, Neb.-BONDS VOTED.
-By a vote of
-20
534 to 296 this city on May 31 authorized the issuance of $30,000 5% 5 year (opt.) paving bonds. Date of offering not yet determined.
BEAVER DAM CREEK DRAINAGE DISTRICT (P. 0. Salisbury),
-BOND OFF'ERING.-Proposals will be reRowan County, No. Caro.
ceived until 10 a. m. July 1, at the office of the Clerk of Superior Court, for
not more than 36,000 6% drainage impt. bonds. Int. semi-ann. Bids
must state the amount and denomination of bonds desired. Due part
yearly July 1 from 1919 to 1928 incl. H. T. Walker is Secretary Board of
Drainage Commissioners.
BELLE CENTER, Logan County, Ohio.
-BOND SALE.
-Breed,
Elliott & liarrison of Cincinnati were recently awarded, it is stated,$58,000
5% street-impt. bonds.
BELLEVILLE SCHOOL DISTRICT(P.0. Belleville), Essex County,
-On June 13 the $41,000 5% 20%-year aver. coupon
-BOND SALE.
N. J.
-V. 102, p. 2096
-were awarded to the
(reg. as to prin.) school bonds
Citizens' rrust Co. of Paterson at 109.10 and int. Other bids were:
Kean, Taylor & Co. N. Y108.925 H. L. Crawford & Co. and
I M. M. Freeman & Co_- _ _104.381
Harris, Forbes & Co.,., New
es
York
108.301 R. M. Grant & Co., N. Y_104.61
J. S. Rippe!, Newark
105.19 1 Outwater & Wells, Jer. City_104.86
-On Juno 1
-BOND SALE.
BENTON COUNTY (P. 0. Fowier), Ind.
the $3,429 75 5% ditch bonds were awarded to Breed, Elliott & Harrison
-see V. 102. p. 2005. Denom.
of Indianapolis for $3,430, equal to 100.007
$382. Date May 1 1916. Int. J. & J. Due beginning June 1 1917.
-DESCRIPTION OF
BENTON COUNTY (P. 0. Vinton), Iowa.
BONDS.
-The $30,000 4%% funding bona recently awarded to Geo. M.
Bechtel & Co., of Davenport at 101 (V. 102. p. 1736), are in the denom.
of $1,000 and dated May 1 1916. Int. M. & N. Due $6,000 yrly. from
1927 to 1931 incl.
BENTON HARBOR, Berrien County, Mich.
-BOND OFFERING.
Further details are at hand relative to the offering on June 19 of the $25,000
5% coupon viaduct construction bonds (V. 102, p. 2181). Proposals for
these bonds will be received until 8 p. m. on that clay by Harry P. Smith,
City Clerk. Denom. $500. Date July 1 1916. Int. J. & J. at the City
Treas. office. Duo part yrly. Jan. 1 from 1927 to 1936 incl. No deposit
required. The city has no indebtedness. Assess. val. 1916, $10,338,730.
BENTON INDEPENDENT SCHOOL DISTRICT (P. 0. Benton),
Ringgold County, Iowa.
-BOND SALE.
-On Juno 6 $20,900 building
bonds were awarded,it is stated, to Geo. M.Bechtel & Co.of Davenport.
BERLIN, Coos County, N. H.
-BOND OFFERING.
-Bids will be
received until 7:30 p. m. June 22 by the City Treasurer, it is stated, for
$40,000 4% bonds, dated July 1 1916 and due $2,000 yearly from 1917 to
1936, inclusive.
BLOOMINGTON TOWNSHIP (P. 0. Bloomington), Grant County,
Wis.-BOND ELECTION PROPOSED.
-This township will hold an election shortly, it is reported, to vote on the question of issuing $20,000 railroad-aid bonds.
BOISE INDEPENDENT SCHOOL DISTRICT (P. 0. Boise), Ada
-BOND OFFERING.
County, Idaho.
-Proposals will be received until
8 p. m.Juno 27 by Guy Scudder, Clerk Board of Trustees for the following
:
coupon gold refunding bonds, aggregating $180,030
$178,000 Series "A" bonds. Date July 1 1916. Due July 11936.
2,000 Series "B" bonds. Date Aug. 1 1916. Duo Aug. 11936.
The above bonds are subject to call after 10 yrs. at option of the district.
Auth. Session Laws, 1911, Section 130. Denom., to suit purchaser, not
to exceed $2,000. Prinelpal and semi-annual int. at Dist. Treas. office,
or at any bank in the State of Now York, at option of purchaser. Bids
for the above bonds may be made in either or both of the following forms:
bids for bonds bearing int. at 5%; bids, of not less than par, for bonds
bearing less than 5% to be fixed by bidder. Cert. check for $2,000, payable unconditionally to the Treasurer of the Independent School District,
required. Purchaser to furnish blank bonds and to pay all charges of its
counsel for directing the further proceedings, if any, to be taken by the
district relative to the issuance of these bonds. Official circular
that no default in payment of interest or principal has ever been states
made
in any bonds within the district and that there is no litigation pending or
threatening the issue of bonds of said district, or the title of present officers
to their respective offices, or the validity of these bonds. Bonded debt at
present (Including bonds to be refunded) $405,000. Assess. val.
(equalized) $24.500,000. Total cash receipts for 1915 $204,900. 1915
Tax
rate (per $1,000) $6.
BOLIVAR SCHOOL TOWNSHIP (P. 0. Otterbein), Benton Coun-On Juno 10 the $12,000
-BOND SALE.
ty, Ind.
% building bonds
(V. 102, p. 2096) were awarded to the Farmers & Merchants' Bank of
Otterbein for 312,336 50, equal to 102.804. Denoin. $500. Int. J. & J.
Due 1929.
BRADENTOWN, Manatee County, Fla.
-BOND OFFERING.
-Proposals will be received until 2 p. m. July 10 by L. D. Simmons, Mayor,
for $20,000 5% 20-30-yr. (opt.) city park bonds. Date July 1 1916.
,
.
Denom. $500 Int. J. & J. Cert. chock for $500, payable to the "City of
Bradentown, required.
'
BRADEN TOWNSHIP, Le Fiore County, Okla.
-BONDS VOTED.
By a vote of 79 to 26 the proposition to issue $20,000 6% road and highway
°lids carried at the election held May 6.
2211
BRAINERD, Crow Wing County, Minn.
-BOND ELECTION.
The question of issuing $45,000 sewer-constr. bonds will be submitted to
a vote on June 19. A. Mahlum is City Clerk.
BRISTOL COUNTY (P. 0. Taunton), Mass.
-BOND SALE.
-On
June 13 the $7,500 47 434-year (aver.) agricultural school bonds (V. 102,
p. 2181) were awarded to W. L. Raymond & Co. of Boston at 100.94 and
int. Other bids were:
Harry C. Grafton Jr., Bost_*100.91 /Curtis & Sanger, Boston_ _100.331
Van Voorhis, Wilson & Co. 100.85 Crop.,McGar.& Co. Bost_100.135
GeePA. Fernald & Co.. Bost.100.734 Blodget & Co., Boston
. lus s .
10.8
*
BOND OFFERING.
-Reports state that the Co. Treas. will receive bids
until 9 a. m. June 27 for $20,000 4% coupon refunding bonds, dated June
30 1916, and maturing $1,000 yearly from 1917 to 1936, incl.
BROKOSKI TOWNSHIP, Le Flore County, Okla.
-BONDS
VOTED.
-The election held May 6 resulted in favor of the proposition to
issue $20,000 6% road and highway bonds, the vote being 130 to 85.
BROOKE COUNTY (P. 0. Wellsburg), W. Va.-BOND ELECTION.
-Reports state that the election to vote on the proposition to issue the
$800.000 road-constr. bonds (V. 102, p. 1826) will be held June 20.
BROOKSVILLE, Noxubee County, Miss.
-BIDS REJECTED
NEW OFFERING.
-All bids received for the $10,000 6% 20-yr. school
bldg. bonds offered on June 6 (V. 102, p. 2096) were rejected.
New bids are now asked for on an issue of $10,000 5% 20-yr. school bldg.
bonds. Denom. to suit purchaser. Int. semi-annually at Chicago, or
some place suggested by purchaser. E. M. Chilcoot is Town Clerk.
BROWNSDALE, Mower County, Minn.
-BOND SALE.
-The First
National Bank of Austin, Minn., was awarded on June 10 $6,000 57 waterworks
-extension bonds at par. Denom. $500. Date June 1 1916. Int.
J. & D. Due $500 yearly on June 1 from 1919 to 1930, incl.
BUCYRUS CENTRALIZED SCHOOL DISTRICT (P. 0. Bucyrus),
Crawford County, Ohio.
-BONDS VOTED.
-The issuance of $35,000
school bonds was authorized,it is stated,on May 31 by a vote of 129 to 79.
BUFFALO, N. Y.
-BOND SALE.
-On June 16 the nine issues of 43i%
registered tax-free bonds. aggregating $1,297,415 (V. 102, p. 2181), were
awarded, it is stated, to R. M. Grant & Co. of New York at 102.618.
CADIZ, Harrison County, Ohio.
-BOND OFFERING.
-Sealed bids
will be received until 12 m. July 8 by W.H. Lucas, City Clerk, for $10.000
534% street assess. bonds. Due $1,900 yrly. from 1917 to 1926 incl.
Cert. check for 5% of bid required.
CALDWELL, Essex County, N. J.
-BOND SALE.
-This borough on
May 1 awarded $8,000 5% bonds to the Citizens' National Bank of Caldwell at 103.30. Date April 1 1916. Int. A. & 0. Due one bond yearly
beginning 10 years from date.
CAMDEN COUNTY (P. 0. Camden), N. J.
-BOND SALE.
-On June
14 the $9,000 Tuberculosis Sanitarium power-house and inapt. and $28,500
road-impt. 434% 30-year coupon or reg. bonds were awarded to Bioren
& Co. of Philadelphia at 106.88. Denom. (37) $1,000, (1) $500. Date
June 11916. Int. semi-annual at the U. S. Mtge. & Trust Co., N. Y.
CAMDEN SCHOOL DISTRICT (P. 0. Camden), Preble County,
Ohio.
-BONDS NOT SOLD.
-Reports state that no sale was made on
June 2 of the $6,000 school bonds offered on that day, because of injunction proceedings filed by a tax-payer.
CAMPBELL COUNTY (P. 0. Newport), Ky.-BOND OFFERING.
Proposals will be received until 10 a. m. July 7 by Chris. Milius, Co. Clerk,
for $100,000 434% coupon tax-free road-impt. bonds. Denom. $500.
Date July 15 1916. Int. J. & D. at the Central Say. Bank & Trust Co.,
Newport. Due $50,000 in 5 years and $10,000 yearly from 6 to 10 years.
incl. Cert. check for $1,000, payable to the Co. Treas., required.
CARMELO SCHOOL DISTRICT, Monterey County, Cal.
-BOND
-Reports state that $2,000 5Y % bonds have been awarded to
SALE.
F. M.Brown & Co., San Francisco for $2,046, equal to $102.3.
CARMICHAEL COLONY IRRIGATION DISTRICT (P. 0. Sacramento,) Calif.
-BOND ELECTION.
-An election will be held June
24, it is stated, to vote on the question of issuing $90,000 irrigationsystem bonds.
CARROLL COUNTY (P. 0. Delphi), Ind.
-BOND OFFERING.
W. H. Lesh, Co. Treas., will receive bids until 2 p. m. June 20 for $2,640
43 % John Yeakley et al road-impt. Washington Twp. bonds. Denom.
$132. Date June 5 1916. Int. M. & N. Due $132 each six montns from
May 15 1917 to Nov. 15 1926, incl.
CARROLL INDEPENDENT SCHOOL DISTRICT (P. 0. Carroll),
Carroll County, Ia.-BONDS VOTED.
-By a vote of V9 "for" to 386
"against" the voters on June 9 authorized the issuance of $100,000 new
high-school-site and building bonds.
CARROLLTON, Greene County, Ill.
-BOND OFFERING.
-Bids
are asked for until 12 in. July 1 by the City Clerk, for the $2,500
5%
coupon water-power bonds voted April 18 1916-V. 102, p. 1736. Denom.
$500_. Date May 1 1916. Due $1,000 yrly. on May 1 in each of the years
of 1917 and 1918 and $500 May 1 1919. No deposit required. Bonded
debt, including this issue, $9,000. No floating debt. Assess. val. 1915.
$755,791.
CATLIN, Vermilion County, Ill.
-BOND OFFERING.
-Proposals
will be received until 2 p. m. June 24 by the Highways Commrs. for the
322,000 5% coupon road-constr. bonds authorized by vote of 410 to 351
at an election held April 4. Denom. $1,000 and $750. Date July 1
Int. annual. Due $2,750 yearly July 1 from 1919 to 1926, incl. 1916.
Cert,
check for 2% of amount of bid, payable to W. H. Jones, Town Clerk,
required. Bids must be unconditional. The town has no bonded debt.
Assess. val. 1915. $1,626,401. Official circular states that there is no
controversy or litigation pending or threatened effecting the corporate
existence or the boundaries of the town, or the titles of the present officials
to their respective offices, or the validity of these bonds.
CENTERVILLE STATION (Village), Sullivan County, N. Y.
-The Clerk advises us that the reports stating
NO BONDS VOTED.
this village recently voted $35,000 5% 30-yr. bonds are erroneous (V. that
102,
p. 1283).
CHARITON SCHOOL DISTRICT (P. 0. Chariton), Lucas County,
-BONDS DEFEATED.
Iowa.
-The question of issuing $16,000 building
bonds failed to carry at the election held June 2. The vote was 72 "for'
and 245 "against."
CHARLESTON INDEPENDENT SCHOOL DISTRICT (P. 0.
Charleston), Kanawha County„ W. Va.-BONDS VOTED.
-On June 12
this district by a vote of 629 "for' to "33 "against" authorized the issuance
of the $125,000 434% 25
-34-year opt. school-bldg. bonds.
-V. 102, p. 2182.
CHESTER COUNTY (P. 0. Henderson), Tenn.
-BOND
-The proposition to issue $100,000 road-construction bondsELECTION.
mittod to a vote, it is stated, at the regular August election. will be subCHESTER SCHOOL TOWNSHIP (P, 0. Keystone R. R. No, 1),
Wells County, Ind.
-WARRANT OFFERING.
-Proposals will be received until 1 p. m. June 29 by Harvey B. Lancaster, Twp. Trustee, for
37,000 434% 3
-year average school warrants. Denom. 4 for $1,500 and
1 for $1.000. Date June 29 1916. Int J. & J. Due $1,500 July 1 1917.
1918, 1919 and 1920 and $1,000 July 1921. Purchaser to deposit
above trustee a certified check for $100 as a guaranty that he willwith
pay
for bonds within three days from date of sale.
CHILLICOTHE INDEPENDENT SCHOOL DISTRICT (P. 0.
Chillicothe), Hardeman County, Tex.
-BOND OFFERING.
-Proposals
will be received at any time by L. V7. Allred, Secretary of School Board
for $6,000 Prescott school-building-addition and $10.000 refunding school5% gold coupon tax-exempt bonds. Denom. $1,000. Date Mar.
13
1916. Int. annually in March at Hanover Nat. Bank, N. Y., or State
Treasurer's office, at option 'of holder. Due Mar. 13 1956,
call after 10 years. Bonded debt, this issue. Assess. val. 1915, subject to
$1,011,530
CINCINNATI, Ohio.
-BOND SALE.
-On May 26 $250,000
40-49-yr. (opt.) Cincinnati Southern Ry. permanent betterment 4)7
were purchased-by the Trustees of the Sinking Fund at par and int.bonds
Denom. $1,000. Date July 1 1916. Int. J. & J.
CLARINDA SCHOOL DISTRICT (P. 0. Clarinda), Page County,
Iowa.
-BONDS VOTED.
-The question of issuing $60,000
carried, it is stated, at the election held June 2.-V. 102. p.building bonds
2006.
2272
THE CHRONICLE
CLARK, Clark County, So. Dak.-BOND ELECTION PROPOSED.
Reports state that this city will probably hold an election to vote on the
question of issuing electric-light-system bonds.
-The
-BOND SALE.
CLARK COUNTY (P. 0. Jeffersonville), Ind.
-3-year aver. Jefferfollowing are the bids received for the $9,100 44% 5 2
sonville Twp. road-impt. bonds offered on June 12 (V.102, p. 2182):
First Nat. 13k. Jeffersonv*$9,256 00 Merch. Nat. Bk., Muncie_$9,232 75
Gavin L.Payne& Co.,Ind. 9,255 00 Fletcher American Nat.
9,227 50
R. L. Dollings & Co., Ind_ 9,246 00 Bank, Indianapolis
Miller & Co., Indianapolis_ 9,200 00
Breed, Elliott & Harrison,
Indianapolis
9,237 00
*It is reported that this bid was successful.
-BOND OFFERING.
CLARK COUNTY (P. 0. Springfield), Ohio.
Proposals will be received until 12 m. July 3 by the Co. Commrs., J. M.
Pierce, Co. Aud., for $41,000 5% coup. bridge impt. bonds. Auth. Sec.
2434, Gen. Code. Denom. $500. Date July 1 1916. Int. J. & J. at Co
Treasury. Due $1,500 each six months beginning July 1 1917. Cert.
0
check for 57 payable to the Co. Commrs., required. Total debt, not incl.
this issue, $478,500. Sinking fund, $14,640. Assess. val. 1915, $98,017,160; tax rate per $1,000, $3.
-On June 12
-BOND SALE.
CLAY COUNTY (P. 0. Brazil), Ind.
the $63,000 4 % 5%-yr. (aver.) Brazil Twp.road bonds (V. 102, p. 2182)
were awarded to E. G. Bush, for $64,122 50 (101.681) and int. Other
bids were:
R.L.Dollings Co.,Indpls_$64,110 50 Piet. Am. Nat. Bk.,Indpls.$63,851
J. F. Wild & Co., Indpls_ 64,110 50 Breed, Ell. & Har., Indpls_ 63,750
G.L.Payne & Co.,Indpls. 64,016 10 Ger.Am.Nat.Bk.,Ft.Wayne. 63,701
63,700
Brazil Tr. Co., Brazil____ 63,980 00 Miller & Co., Indpls
-An elecCLAY COUNTY (P. 0. Liberty), Mo.-BOND ELECTION.
tion will be held Juno 24, it is stated, to vote on the question of issuing
$1.250,000 road-construction bonds.
-An election will be held
CLEVELAND, Ohlo.-BOND ELECTION.
Aug. 8 to decide whether or not this city shall issue $3,500,000 bonds to
improve various streets.
-The
-BONDS DEFEATED.
CLINTON, Custer County, Okla.
question of issuing the $150,000 6% 25-year water-works-extension bonds
,
(V. 102, p. 2006) failed to carry at the election held May 29. The vote
'
was 139 "for" and 140 "against.
-On
-BOND SALE.
CLINTON COUNTY (P. 0. Frankfort), Ind.
June 3 the three issues of 43i% road bonds, aggregating $23,360 (V. 102,
p. 2006) were awarded to the First National Bank of Frankfort for $23,716
(101.523) and interest. Other bids were:
Amor. Nat. Bk., Frankf_323,715 00I Breed, Elliott & Harrison323,604
Delaw. Co. N. Bk., Mun_ 23,709 75 J. F. Wild & Co., Indianap__ 23,599
R.L.DollingsCo.,Indianap 23,684 45 Flet-Am. Nat. Bk., Ind'ils__ 23,595
Miller & Co., Indianapolis 23,610 00 G.L.Payne & Co., Indianap. 23,586
COAL TOWNSHIP SCHOOL DISTRICT (P. 0. Shamokin), North-Proposals will be re-BOND OFFERING.
umberland County, Pa.
ceived by Michael J. McBride, Secretary,until 12 m. June 24 for $178,000
funding bonds. Denoms. (86) $500 and (135) $1,000. Date
43i%
June 1 1916. Int. J. & D. Duo yearly on June 1 as follows: $2,000 in
1917; $3,000, 1918 to 1923, inclusive; $4,000 in 1924 and 1925;$5,000,1926
to 1931, inclusive; $6,000, 1932 to 1935, inclusive; $8,000, 1936 to 1944,
Inclusive; and $12,000 in 1945 and 1946. Cert. check for 5% of bid, required.
-BOND OFFERING
COLLINGSWOOD, Camden County, N. J.
Proposals will be received until 8 p. m. July 3 by Frank II. Bond, Chair0
man Finance Committee,for $9,000 57 public-library-site bonds. Denom.
$500. Date June 11916. Int. J. & D. at Camden Safe Deposit & Trust
Co. Camden. Due $1,000' yearly. Certified check for 5% required.
Bonded debt-exclusive of this issue and of school district bonds-$225,000.
Floating debt, $8,300; sink. fd., $69,000. Assess. val. 1915. $4,454,000.
-The question of issuing the $40,000 street-improveBOND ELECTION.
ment bonds will be submitted to a vote on Juno 27.
-BOND
SCHOOL TOWNSHIP, Fayette County, Ind.
COLUMBIA
-Further details are at hand relative to the offering onJuno20
OFFERING.
of the $1,500 5% coupon tax-free building bonds (V. 102, p. 2182). Proposals for these bonds will be received until 2 p.m. on that day by Richard
H. Rowe,Twp.trustee (P.0. Connersville R. F. D. No. 5). Denom.$75.
Date June 20 1916. Int. J. & D. at the Farmers & Merchants Trust Co.,
Connersville. Due $75 each six months from June 20 1917 to Dec. 20
1926, incl Bonded debt,including this issue, $8,513. Floating debt,$250.
Assess. val. $456,000.
CONCORD SCHOOL TOWNSHIP (P.O. Elkhart), Elkhart County,
-On June 9 the $1,250 5% 5-yr. school bonds(V. 102,
-BOND SALE.
Ind.
p. 2097), were awarded to the St. Joseph Valley Bank at Elkhart at par.
There were no other bidders. Date June 9 1916.
-On June 1
-BOND SALE.
CONTINENTAL, Putnam County, Ohio.
the $2,300 6% 6-year average coupon funding bonds were awarded to
of Toledo, at 104.07 and interest, a basis of about
W. L. Slayton & Co.,
5.20% (V. 102, p. 2006). Other bids were:
$2,383 25
Security Savings Bank & Trust Co., Toledo
2,380 73
Tillotson & Wolcott Co., Cleveland
2,375 12
Stacy & Braun, Toledo
-BONDS TO BE ISSUED
COOK COUNTY (P. 0. Chicago), Ills.
-We are advised that the $2,000,000 road bonds validABOUT JULY 1.
-will be issued
dated by the State Legislature on Jan. 19-V. 102, p. 539
about July 1.
-On June
-BOND SALE.
COSHOCTON, Coshocton County, Ohio.
-10 the $9,000 43 % 6-year aver. Second St. paving assessment bonds
-were awarded, it is stated, to the Coshocton National
V. 102, p. 2006
-equal to 101.411.
Bank for $9,127
COSHOCTON CITY SCHOOL DISTRICT (P. 0. Coshocton),
-On June 10 the $15,000 4 %
-BOND SALE.
Coshocton County, Ohio.
school bonds (V. 102, p. 2097) were awarded to the Coshocton Nat. Bank
at 102.19.
-On June 6
-BOND SALE.
COVINGTON, Tipton County, Tenn.
-year school bonds were awarded, it is stated, to H. C.
$20,000 5%% 30
Speer & Sons Co. of Chicago at 104.625 and int. Purchaser to print
bonds.
-An issue of
-BONDS DEFEATED.
COWDEN, Shelby County, 111.
$6,000 sewer bonds was defeated on June 9 by a vote of 38 "for" to 155
"against."
-BONDS
COWLINGTON TOWNSHIP, Le Fiore County, Okla.
-The election held May 6 resulted in a vote of 162 to 12 in favor
VOTED.
of the proposition to issue $7,500 6% road and highway bonds.
-An issue
CROFTON, Knox County, Neb.-BONDS DEFEATED.
of $2,000 park bonds was defeated at an election held on April 4.
-BOND OFFERCUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-E. G. Krause, Clerk Bd. of Co. Commrs., will receive proposals
ING.
until 10 a. m. July 1 for $500,000 45i% coupon bonds. Auth. Secs. 2434,
2435 and 2438, Gen. Code,and election held .Nov.8 1910. Denom.$1,000.
Date Feb. 1 '16. Int. A.&0. Due each six months as follows:$8,000 Apr. 1
and Oct. 1 1921; $18,000 Apr. 1 1922 to Oct. 1 1926 incl. and $8,000 Apr. 1
1927 to Oct. 11945. Purchaser to pay accrued interest. Cert. check on
some bank other than the one making the bid for 1% of the amount of
bonds bid for, payable to the Co. Treas., required. No conditional checks
will be received or considered. A complete transcript of all proceedings
relative to the issue of said bonds, together with the form of bond to be
used and the form of bid for said bond can be had upon application to Use
Board of County Commissioners.
DANVILLE, Pittsylvania County, Va.-BONDS VOTED AND DE-On June 13 this city voted to issue $75,000 school bonds.
FEATED.
At the same election a proposition to issue street improvement bonds
was defeated.
-We are advised that $25,000
BONDS TO BE ISSUED IN THE FALL.
43i% serial bonds will be issued Oct. 1.
-BOND ELECTION.
-An elecDAYTON, Webster County, Iowa.
tion will be held Juno 19, it is stated, to vote on the question of issuing
.
$15,000 electric-light-system bonds.
-BOND OFFERING.
DEFIANCE COUNTY (P. 0. Defiance), Ohio.
Proposals will be received until 12 in. June 28 by Roger Daoust, County
1
[VOL. 102.
Auditor, for $15,500 Oi% road bonds. Denom. (15) $1,000, (1) $500.
-at the County
Date July 1 1916. Prin. and semi-ann. Int.-M. & 8.
Treasury. Due $1,500 Sept. 1 1917 and $2,000 yearly Sept. 1 from 1918
to 1924 incl. Delivery of bonds to be at the County Treasurer's office on
July 10 1916. Certified check on a local bank for $500, payable to the
County Auditor, required. Purchaser to pay accrued int. All bidders
will be required to satisfy themselves as to the legality of the bonds. Blank
Iponds will be furnished by the county.
-On June 5 the
DEMING, Luna County, N. Mex.-BOND SALE.
$20,000 5% 20-30-yr. (opt.) coupon sanitary sewer-system bonds-V. 102,
-were awarded to Powell, Garard & Co. of Chicago at par for
p. 2006
serial bonds in denominations of $500. Bids were also received from
Jas. N. Wright & Co. and the International Trust Co. both of Denver
and John Nuveen & Co. of Chicago.
-On June 6 the
DENMARK, Brown County, Wisc.-BOND SALE.
two issues of 534% coupon bonds, aggregating $20,000-V. 102, p. 2097
were awarded to tho Hanchett Bond Co. of Chicago for $21,615 50-108.227
-and int. The following bids were also received.
Devitt, Tremble & Co., Chl.$21,075 Bolger, Messer & Willaman,
20,405
Chicago
H. C. Speer & Sons Co., Chi. 21,025
20,401
Fid. Trust Co., Kansas City.. 20,907 C. H. Coffin, Chicago
Powell, Gerard & Co., Chi__ 20,760 Security S. B. & T. Co., Tol. 20,220
20,466 D.M.Farson & Co., Chicago 20,000'
Fox, Hoyt & Co.
-The
-BOND SALE.
DE SOTO PARISH (P. 0. Mansfield), La.
$250.000 5% Road Dist. No. 4 road improvement bonds offered on June 7
(V. 102, p. 1916) were awarded to the Bank of Commerce of Mansfield at
100.30 and int. plus 2% on net daily balance. Other bids were:
J. C. Mayer & Co., Cin____3250,325 Interstate Tr. &.Bk. Co.NO$250,050
IIibernia 13k. & Tr. Co.,N.O. 250,200 Bolger, Mosser & Will'n,Chi 250,000
,New
Mortgage Security Co.
Cummings, Prudden & Co.,
250,000
Orleans
250,100
Toledo
Watson, Williams & Co.___ 250,094
-BOND ELECTION PRODIAGONAL, Ringgold County, Iowa.
-Reports state that an election will likely be called soon to vote
POSED.
on the question of issuing electric-light-plant bonds.
-We stated •
-BONDS DEFEATED.
DINUBA, Tulare County, Calif.
in V. 102, p. 155, thu the question of issuing the $500 city-jail erection
bonds carried at tho election held April 10, but reports now state that the
issue failed to receive the necessary two-thirds majority, the vote being
312 "for" and 192 "against."
DUBLIN, Laurens County, Ga.-BOND ELECTION PROPOSED.
Reports state that an election will be held in the near future to vote on the
question of issuing $30,000 filter-plant-building bonds.
-The Bank of Cape
-BOND SALE.
DUNN, Harnett County, N. C.
Fear, according to reports, has been awarded $55,000 5% 10-20-Yr. improvement bonds.
EARLHAM CONSOLIDATED SCHOOL DISTRICT (P. 0. Earl-BOND ELECTION PROPOSED.
ham), Madison County, Iowa.
Reports state that an election will be held in the near future to vote on the
question of issuing $75,000 building bonds.
EAST BATON ROUGE PARISH SCHOOL DISTRICT NO 9 (P. 0.
-On June 6 the $125.000 5% 1- 11-yr.
-BOND SALE.
Baton Rouge), La.
(ser.) site-purchase, building and equipment bonds (V. 102, P. 2007).
were awarded to the Bank.of Baton Rouge for $130,626, equal to 104.50;
with choice of depository. Other bids were:
Sidney Spitzer & Co.,Tol._ _3128,237 Louisiana Nat. Ilk., Btn.R. 127,187
Stacy & Braun, Toledo__ _ f *128,125 Hibernia B.& T.Co., N.0....$127,025
I 127,015 Hanchett Bond Co., Chic..._ 123,917
Capital City Bk.,Baton R.- 128,018 Otis & Co., Cleveland
68367
F.L. Fuller & Co., Clev__ _ - 127,825 Interstate B.& T.Co.,N. 0. 12 , 75
Security S. B.& T. Co.,Tol. 127,614 Rudolph Kleybolte & Co.,
Cincinnati
Cummings, Prudden & Co.,126,300
Toledo
127,515 A. B. Leach & Co.. Chicago 126,215
C. W.McNear & Co., Chic.. 126,000
Bolger, Mosser & Willaman.
127,450 Francis, Bro.& Co., St. L..- 125,937
Chicago
Wm.R.ComptonCo.,St.L
127,398 R. M. Grant & Co., Chic.... 125,850
Provident Say. Bank & Tr.
Tillotson & Wolcott Co..
Co., Cincinnati
127,329
Cleveland
Davies Bertram Co., Clev.J*127,266 Spitzer, Rorick & Co., Tel... 125.250
1 126,226 Whitney Central Nat. Bk.,
120,137
J.R.Sutherlin & Co.,Kan.C. 127,187
New Orleans
* With choice of depository, a And ni% on daily balance if allowed
depository.
to name
-BOND
EAST VIEW (P. 0. Cleveland), Cuyahoga County, Ohio.
OFFERING.
-Proposals will be received until 12 m. July 17, by the Vii.
Clerk, for an issue of $29,678 5% coup. Lee road impt. assess. bonds.
Auth. Sec. 3914, Gen. Code. Denom. 1 for $178, 59 for $500. Date
"day of sale." Prin. and semi-tun'. int. A. & 0., payable at office of VB.
Treas. Due $2,678 Oct. 1 1917 and $3,000 yrly. on Oct. 1 from 1918 to
1926 incl. Cert. check on a bank other than the one snaking the bid, for
10% of bonds bid for, payable to the Vii. Treas. required. Bonds to be
delivered and paid for within 10 days from time of award. Purchaser to
pay accrued interest.
EDDYVILLE INDEPENDENT SCHOOL DISTRICT (P. 0. Eddy-On Juno 2 the Peoples
-BOND SALE.
vine), Wapello County, Iowa.
Trust & Savings Co. was awarded $20,000 43,4% school bldg. bonds.
Denom. $1,000. Date July 11916. Int. J. & J. Duo July 1 1936, subject to call $2,000 yriy. after July 1 1926.
ELLSWORTH SCHOOL DISTRICT (P. 0. Ellsworth), Ellsworth
-Reports state that a
-BOND ELECTION PROPOSED.
County, Kan.
petition has been circulated asking that an election be called to vote on the
question of issuing $50,000 high-school-building bonds.
-CERTIFICATE OFFERING.
ELMORE, Ottawa County, Ohio.
Proposals will be received until 12 m. June 19 by Win. Haley. Vii. Clerk,
for $10,000 6% 6-mos. street-impt. certificates of indebtedness. Denom.
$2,500. Date June 19 1916. Cert. check for $100, payable to Vit. Clerk,
required. Bonds to be delivered and paid for within 10 days from time of
award.
EMH017SE SCHOOL DISTRICT NO. 22, Navarro County, Tex.
BOND SALE.
-On June 10 $20,000 5% building bonds were awarded to
Powell, Gerard & Co. of Chicago at 100.69 and int. Purchaser to print
bonds. Other bids were:
Sidney Spitzer & Co., Toledo-$20,126-100.63-and int.
-Par and int., less $400 for att'y's fees.
Spitzer, Rorick & Co., Toledo
Denom. $500. Date May 10 1916. Int. ann. on April 10. Due in
40 years, subject to call $2,500 yearly.
-BOND
ENFIELD (P. 0. Thompsonville), Hartford County, Conn.
-Sealed bids will be received by J. Hamilton Potter, Town
OFFERING.
Treasurer, until 2 p. m.June 26 for $27,500 43,1% 20-year gold town bonds.
Date July 1 1916. Int. semi-annual.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
ENTERPRISE SCHOOL DISTRICT, Merced County, Calif.
-The Merced branch of the Bank of Italy was awarded on
BOND SALE.
DeJune 6 $10,000 5% school bldg. bonds for $10,451, equal to 104.51.incl.
nom. $1,000. Date July 1 1916. Int. J. & J. Duo 1917 to 1926,
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 5,
-Proposals will be received on or before July 5
-BOND OFFERING.
Fla.
by A. S. Edwards. Co. Supt. of Public Instruction (P. O. Pensacola), for
from
$12.000 6% school bonds. Int. semi-ann. Due $500 yearly July 1 Cert.
1919 to 1932 incl. and $1,000 yearly July 1 from .1933 to 193'7 incl. to the
on some bank in Pensacola for 5% of amount of bid, payable
check
Board of Public Instruction, required.
-On June 12 the
-BOND SALE.
EUCLID, Cuyahoga County, Ohio.
22 issues of 43-4% coupon street-impt. assess. bonds, aggregating $132,865Co. of Cleveland for $133,225V. 102, p. 2007-were awarded to Otis &
100.271-and int. Other bids were:
$133,180 l Hayden, Miller & Co., Clev.$133,125
Geo. J. Marott
-Sealed
-LOAN OFFERING.
EVERETT, Middlesex County, Mass.
bids will be received until 12 m. June 20 by Nathan Nichols, City Treas.,
for a loan of $70.000 in anticipation of the revenue for tho present municipal year. Due $1.0,000 Oct. 16, Nov. 15 and Dec. 15 1916,$10,000 Jan. 15.
Feb. 15, March 15 and April 16 1917.
JUNE 17 19161
THE CHRONICLE
2273
FAIRFIELD (Town), Fairfield County, Conn.
-BOND SALE.
GREENWICH, Huron County, Ohio.
On June 13 the $100,000 coup. refg. bonds
-BOND SALE.
-On June 2
-V. 102, p. 2007
-were awarded
to R. L. Day & Co. of Boston at 100.06 for 46. The following bids were the $6,000 5% 834-yr. average refunding bonds were awarded to the
Citizens Tr. & Says. Bank of Columbus at 102.72 and int., a basis
for 4 Si % bonds:
of about
4.61%-V. 102, p. 1917. The other bids were:
For 20
-Year
For Serial Otis & Co., Cleveland
$6,140 00 Hanchett Bond Co.. Chic_ _$6,057 50
Bonds.
Bonds.
Mansfield Say. Bk., Mansf. 6,095 00 Breed, Elliott & Harrison.._
Merrill, Oldham & Co., Boston
6,059 40
102.279
101.289
Tillotson & Wolcott Co
_ 6,090 60
Hincks Bros., Hartford
Toledo
6,057 00
101.919
100.770
W.L. Slayton & Co.. Tol__ 6,075 00 F. C. Hoehler,Mayer,
Frisbie & Co:, Hartford
Seasongood &
Cin_ 6,031 50
102.489
101.238
Harris, Forbes & Co., Boston
101.361
100.583
HAMILTON COUNTY (P. 0. Noblesville), Ind.
Blodgett & Co., Boston
-Proposals will be received until 11 a. m. June 24-BOND OFFERING.
100.288
Estabrook & Co., Boston
by L. G. Heiny, Co.
101.760
Treas., it is stated, for $8,380, $3,220. $2,920, $9.000. $3,320
Kissel, KinileCUtt & Co., Boston
$2,760.
'
101.391
$3,400, $3,500 and $2,740 434% road-improvement bonds.
FALL RIVER, Bristol County, Mass.
-LOAN OFFERING.
-Bids
HARRISON COUNTY (P. 0. Bethany), Mo.-BONDS DEFEATED.
will be received until 10:30 a. m. Juno 20 by the City Treasurer, it is stated,
-The proposition to issue $100,000 court-house building bonds
for a temporary loan of $200,000, dated June 21 and due Nov. 3 1916.
was
defeated, it is stated, at an election held April 18. The vote
FALLS COUNTY (P. 0. Marlin), Tex.
was 1,429
-BOND ELECTION PRO-Petitions were circulated in Marlin and Rosebud Precincts "for" and 2.263 "against."
POSED.
asking for an election to vote on the proposition to issue $500,000 road
HARRISON COUNTY (P. 0. Gulfport), Miss.
bds.
The Hibernia Bank & Trust Co. of New Orleans was -BOND SALE.
FINDLAY, Hancock County, Ohio.
-BOND SALE.
awarded on June 5
-On June
the four issues of 5% street-impt. bonds, aggregating $3,910 (V. 102, 12 the $125,000 5% Mississippi Centennial Exposition bonds authorized on
2098), were awarded to the Davies-Bertram Co. of Cincinnati for $3,961 p. May 5-V. 102, p. 1918
-for $129,325, equal to 103.46.
equal to 101.304. Other bids were:
HASTINGS, Barry County, Mich.
First Nat. Bank, Gallipolis__$3,9531H. H. Pifer, Jenera_ _ s _ _ _
-BOND SALE.
_33.924 43.4% 1-10-yr. serial-paving bonds offered on May 5-V.-The $26,917
FITZGERALD, Ben Hill County, Ga.-BOND ELECTION PRO- were awarded to the Hastings National Bank, Hastings, 102, p. 1647
at par
POSED.
-Reports state that this city proposes to call an election to vote Denom. $600 and $1,000. Date May 1 1916. Int. annually onand int.
May 1.
on the question of issuing school bonds. David L. Paulk is City Clerk.
HAVERFORD TOWNSHIP (P. 0. Llanerch), Delaware County,
FLOYD
Albany), Ind.
-BOND OFFERING.
-BOND
-On June 1 $57,000 4% highway bonds were awarded
- Pa.
Proposals will be received until 10 a. m. June 24 by Claude A. Sittason, to the Phila.SALE.
Trust Co. on
County Treasurer, for 312,800 4%% New Albany Two. road-improvement 1916. Int. J. & D. Dus a 3.90% basis. Denom. $1,000. Date June 1
serially, ending in 1925. We reported the sale
bonds. Deno m.320. Date June 24 1916. Int. M.& N.
m $320,
of $48,000 of these bonds in last weeks' "Chronicle" page 2183.
FOREST, Hardin bounty, Ohio.
-BOND OFFERING.
-Proposals will
HEMPSTEAD (V.), Nassau County, N. Y.
-BOND SALE.
be received until 12 m. Juno 27 by Chas. S. Dome, Vii. Clerk, for $10,000
-The
5% 153 -year aver. streot-impt. (village's portion) bonds. Denom. $500. Hempstead Bank was awarded on May 16 the $20,000 4.12% motor fire
apparatus bonds voted March 21-V. 102. p. 1284. Denom. $2.000.
Date July 1 1916. Int. semi-ann. Duo $500 each six months from Apr.
1 Date June 1 1916. Int. J. & D.
1927 to Oct. 1 1936 incl. Cert. check for 10% of bonds bid for,'sayable to
the Vii. Treas.,required. Bonds to be delivered and paid for within 10 days
HETTINGER SPECIAL SCHOOL DISTRICT NO. 13 (P. 0. Hetfrom time of award. Purchaser to pay accrued interest.
tinger), Adams. County, No. Dak.-BONDS VOTED.
-An issue of
FRANKLIN COUNTY (P. 0. Brookville), Ind.
-BOND SALE.
- $10.500 4% 20-year building bonds was voted at an election held June 6.
On Juno 5 the $8,080 43 % 5k-year average road bonds (V. 102, p. 2007) The vote was 92 "for" to 8 "against." Proposals for these bonds will be
awarded to the Franklin County National Bank of Brookville
received at once. Alex. Stensby is Clerk.
were
at
102.45 and interest, a basis of about 4.01%. Other bidders were:
HICKMAN, Fulton County, Ky.-BOND SALE.
-This city recently
W. J. Zacharias, Brookville
$8,231 40 awarded, according to reports, $15,000 levee-hunt. bonds to Well, Roth &
Farmers & Merchants Bank, Oldenburg
8,216 14 Co. of Cincinnati for $15,909
-equal to 106.06.
National Brookville Bank, Brookville
8,212 90
HILL COUNTY (P. 0. Hillsboro), Tex.
J. F. Wild & Co., Indianapolis
-BOND ELEOTION PRO8,205 50 POSED.
Delaware County National Bank, Muncie
that an election will probably be called in Abbott
8,196 50 District-Reports stateproposition
Miller & Co., Indianapolis
to vote on the
to issue $100,000 road bonds.
8.185 00
BONDS DEFEATED.
-The proposition to issue $140,000 road bonds
FRANKLIN COUNTY (P.O. Columbus), Ohio.
-BOND
-Proposals will be received until 10 a. m. Juno 30 by JohnOFFERINGS. failed to carry at the election held in Hubbard Dist. on May 24.
Scott, Clerk
of Board of County Commissioners, for $98,000 434% 5%-year average
HOBOKEN, Hudson County, N. J.
-BOND OFFERING.
-Attenroad-improvement bonds.
Denom. $500.
Date July 1 1916. tion is called to the official advertisement elsewhere in this
Department
Principal and semi-ann. interest-J. & J.
-payable
County Treasurer. Duo $10,000 yearly July 1 from 1917 toat office of of the offering on Juno 21 of the $100,000 20
-year fire and $65,000 30
-year
1925 incl. and
$8,000 July 11926. Certified check (or cash) on a solvent national bank street-improvement 434% gold coupon (with • privilege of registration)
or trust company, for 1% of bonds bid upon, payable to Board of County bonds. For details and terms of offering see V.
102, p. 2184.
Commissioners, required. Bonds will be ready for delivery on day
of sale.
HOLYOKE, Mass.
-BOND SALE.
-On June 14 the five issues of 4%
A complete transcript of all proceedings had in the issuance of these bonds
will be furnished successful bidder at time of award, and bids conditioned gold coupon tax-free bonds, aggregating $242,000-V. 102, p. 2184
-were
on the acceptance of bonds bid upon only upon the approval of said pro- awarded to Chandler, Wilbor & Co. at 101.18 and int. Other bids were:
Merrill, Oldham & Co., Bost_101.079 E. H. Rollins & Sons, Boston
ceedings by the attorney of the bidder will be accepted and
100.558
a reasonable length of time will be'allowed purchaser for considered, and Harris, Forbes & Co., Bost--100.76 Curtis & Sanger, Boston_ _ __100.521
examination of Blake Bros. & Co., Boston..-100.593 R. M.
same. Purchaser to pay accrued interest.
Grant & Co., N. Y-..-100.519
R.L. Day & Co., Boston_ _ _100.58 Estabrook & Co., Roston___ 100.46
In addition to the offering on June 24 of the $12,000 43 % 3
-year average Cropley, McGaragle & Co.,
Biodget & Co., Boston
100.444
Inter-county highway-improvement bonds
-V. 102, p. 2183
Boston
-proposals
100.573 Adams & Co., Boston
100.34
will also be received until 10 a. m. on that day by the Board a
Supervisors for $6,000 4%% road-improvement bonds. Auth. County Arthur Perry & Co., Boston_100.56
Denom. $1,000. Date June 15 1916. Prin. and semi-ann. int.-J. & D.
Section
6929, General Code (0. L. 105, 6, p. 603), and by resolution of Board of -at the Merchants'
National Bank of Boston.
County Supervisors passed Juno 6 1916. Denom. $500. Date July 1
1916. Principal and semi-annual int.-J. & J.
HOOD RIVER SCHOOL DISTRICT NO 3 (P. 0. Hood River.)
-at County Treasurer's
office. Duo yearly on July 1 as follows: $500 1917 to 1925 inclusive and Hood River County, Ore.
-DESCRIPTION OF BONDS.
-The $45,000
$1,500 in 1926. Purchaser to pay accrued interest. Certified check (or 5% grade and high-school bldg. bonds awarded on May 10 to the Butler
cash) on a solvent bank or trust company for 1% of amount of bonds bid Banking Co. of Hood River for $46,401-equal to 103.113 (V.102. p. 1918)
-are in the denom. of $500 and dated May 1 1916. Int. M.& N. Due
for, payable to Board of County Commissioners.
May 1 1936.
FREEHOLD, Monmouth County, N. J.
-BOND OFFERING.
-ProHOWARD, Miner County, So. Dak.-DESCRIPTION OF BONDS.
posals will be received until 8 p. m. July 3 by Herbert J. McMurtio, Town
Commissioner,for an issue of $35,000 4%% coup. municipal building bonds. The $25,000 municipal-electric-light-system bonds awarded on April 25
Denom. $1,000. Date July 1 1916. Prin. and somi-ann. int.-J. & ..- at par and int. to Wells & Dickey Co. of Minneapolis V. 102, p.
bear interest at the rate of 5% and dated May 1 1916. Int. J. & J. 1918)
payable at office of Town Treas. Due yrly. on Jan. 1 as follows: $1,000 in 193 .
5
Due
1918 to 1940 incl. and $2,000 1941 to 1946 incl, Cert. check for 2% of
bonds bid for, payable to the Bd. of Commrs., required. Bonds to be deH17NTINGTON COUNTY (P. 0. Huntington), Ind.
-BOND OFlivered and paid for on or about July 17 with accrued interest. Bids must FERING.
be made on blank forms furnished by the above Board. The U. S. Mtge. Shaffer, -Sealed bids will be received until 11 a. m. June 26 by A. H.
County Treasurer, for $10,000 434% road-improvement bonds.
Co. of N. Y. will certify as to the genuineness of these bonds. No
& Tr.
litigation. Bonded debt, incl. this issue, $171,500. No
HURLOCK,Dorchester County, Md.-NO ACTION YET TAKEN.
floating debt.
Assess. val. 1915, $3,000,000.
We are advised that no action has yet been taken towards the offering of
the $45,000 sewer and water bonds mentioned in V. 102, p. 268.
FREEPORT SCHOOL DISTRICT, Sacramento.
County, Cal.
-It is reported that the $7.500 5% school-bu
BOND SALE.
IOWA CITY, Johnson County, Iowa.
ilding bonds
-BOND SALE.
-On May 26
recently authorized by a veto of 63 to 19-V. 102, p. 1917-have
$110,000 4 Ws % funding bonds were awarded to the Central Trust Co. of
been
chased by the State Board of Control for $7,770-equal to 103.60. pur- Chicago for $110,250
-equal to 100.227. Denom. $1,000. Date May 1
1916. Int. M.& N. Due 1918 to 1936 inclusive.
FRESNO, Fresno County, Cal.
-BOND OFFERING.
-Proposals will
be received until 5 p. m. July 17 by W. H. Ryan, City Clerk, for the
IRWIN CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
000 sanitary-sewer-system and $150,000 storm-sewer-system 43 % $350,- (P. 0. Irwin), Shelby County, Ia.-BONDS VOTED.
-By a vote
20
yr. (aver.) gold coupon bonds (V. 102, p. 2007).
to 38 this district on May 22 authorized the issuance of $50,000 5% of 116
20-yr.
auly 1 1916. Prin. and semi-annual int. (J. & J.)Denom. $500. Date school-building bonds. Secretary Board of Education
payable at the City
advises us that
Treas. office. Due $12,500 yrly. July 1 from 1917 to
proposals for these bonds will be received at once.
check for 5% of amount of bid, payable to the Clerk and 1956 incl. Cert.
Mayor, required.
ITASCA, Hill County, Tex.
-DESCRIPTION OF BONDS.
Bonded debt, incl. this issue, $802,000. No floating debt. Assess.
-The
val.
-40-year (opt.) sewerage-system-construction bonds awarded
1915-16, $22,126,421. Official circular states that there has been no con- $15,000 5% 10
troversy or litigation pending or threatened affecting the corporate existence on May 30 to Spitzer, Rorick & Co. of Toledo at par and interest (V. 102.
p. 2184) are in the denom. of $1,000 and dated April 13 1916. Int. A.& 0.
or boundaries of this city or the title of any of its officials to their respective
offices or the validity of any of the bonds issued, and that the city has
JACKSON COUNTY (P. 0. Pascagoula), Miss.
-BOND OFFERING.
never defaulted in the payment of any bond or coupon.
-The Board of County Supervisors will receive proposals until 12 m. July 3
for the $50,000 5% bridge bonds
FROMBERG, Carbon County, Mont.
-BOND SALE.
-On June 10 1916 Legislature and approved -V. 102,1s. 1828. Auth. Act passed by
April 8. Denom. $1,000. Date July 15
the $3,000 6% 15-20-year opt. gold coupon town-hall bonds
-V. 102, p.
-were awarded to the German-American Trust Co. of Denver for 1916. PrincIpal and semi-annual int. (J. &, J.)at office of Chancery Clerk.
2098
Due $3,000 yearly on July 15 from 1926 to 1940, incl., and $5,000 July 15
$3,016-100.533
-and interest. Other bids were:
1941. Deposit of $750 cash or its equivalent, payable to C. G. Johnson,
Jas. N. Wright & Co., Denver (less $50 for attorney's fees)
Sweet, Causey, Foster & Co., Denver (less $75 for attorney's foes) _ $3,000 County Treasurer, required. Bonds to be prepared by purchaser and
3,000 delivered and paid for within twenty days from date of sale.
FULTON, Oswego County, N. Y.
Official cir-BOND OFFERING.
-Proposals
will be received until 8 p. in. Juno 21 by Herbert W. Adkins, City Chamber- cular states that there is not now pending or threatened any litigation whatsoever affecting in any manner this issue of bonds, and that no previous
lain, for the following 434% bonds:
issues of bonds have been contested. Total debt, bonded and otherwise,
$67.500 sower-refunding bonds. Denom. 67 for $1,000 1 for $500.
Int. including this issue, and also Road Dist. and Sch. Dist. bonds, $235.300.
F. & A. Due $3,000 yearly on
indebtedness. Cash value of sinking funds. $18.000. Assess.
No
1
check on an incorporated national Feb. or beginning 1918. Cert. val. other
bank
for taxation 1915, $5,872,677. Real value (est.) $9,350,000. Tax
State bank for $1,000,
payable to the City Chamberlain, required.
Bids for this issue rate for State and general county purposes (not including special school tax
must ho made on forms furnished by
and special road tax) $19.00 per $1,000.
15,000 deficiency bonds. Denom. $1,000. said Chamberlain.
Int. J. & J. Due beginJACKSON RURAL SCHOOL DISTRICT (P. 0. St. Paris), Chamning Jan. 1 1918.
paign County, Ohio.
Bonds to no delivered and paid for on Aug. 1 and July
-BOND OFFERING.
-Bids will be received until
1, respectively, at 12 m. July 1 by Francis M. Apple, Clerk of Bd. of
the Farmers' Loan & Turst Co., New York.
for the $25,000 57s
school-bldg. bonds authorized by a vote of 169 to 158 at the election May 16
Ed.,
GERMAN FLATTS SCHOOL DISTRICT NO. 1 (P.
0. Ilion), -V. 102, p. 1828. Auth. Secs. 7625, 7626 and 7627 Gen. Code. Denom.
Herkimer County, N. Y.
-BOND OFFERING.
-Reports state that
J. P. Cooper, Treasurer of the School Board, will receive proposals until $500. Date July 1 1916. Prin. and semi-ann. int.-J. & J.
-payable at
3 p. m. Juno 29 for the $48,000 1534-yr. average school bonds authorized First Nat. Bank, St. Paris. Due $1,000 July 1 and $1,500 Jan. 1 from
July 1 1917 to Jan. 1 1927, incl. Cert. check or cash for $500
by a veto of 188 to 25 at the May 19 election (V. 102, p. 2098).
Interest Purchaser to pay accrued int. The district has no indebtedness.required.
not to exceed 434%. Certified check for 10% required.
GOLDEN SCHOOL DISTRICT (P. 0. Golden), Adams County, Ill. val. 1915 82.600.000.
-BONDS VOTED.
JAMESTOWN SCHOOL DISTRICT (P. 0. Jamestown), Chau-On May 27 this district, it is stated, voted to
-BOND OFFERING.
$12,000 5% high-school-addition bonds. The vote was 191 to 61. issue tauqua County, N. Y.
-M. Falconer, Clerk Board
Int. of Education, will receive proposals, it is stated,
annual.
until 1:30 p. m.July 1 for
the $39,000 57, 434-yr. average school impt. bonds recently authorized.
GRAHAM, Tazewell County, V&.
-BOND OFF'ERING.-Proposals
(V. 102. p. 1828.) Certified check for 2% required.
will be received until 12 m. July 12 by P. C. Nowlin, City Manager, for
$7,500 5% coupon school bldg. and equipment bonds. Denom. $500.
JASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND OFFERING.
Date July 11913. Int. J. & J. at the Hanover Nat. Bank, N. Y. Due Proposals will be received until 1 p. m. June 24 by Charles V. May,County
$500 yriy. July 1 from 1919 to 1933, incl. No deposit required. Bonded Tress., for $15,000 434% George_ Nauninga et al. Keever Twp. road-impt.
debt, incl. this issue, $73,000. No floating debt. Assess. val. $1.109.699. bonds. Denom. $750. Date May 15 1916. Int. M. & N. Due
$r50
City WE rate (per $1,000) $22.50.
each six months from May 15 1917 to Nov. 15 1926 incl.
COUNTY (P. 0. New
2274
THE CHRONICLE
- --On
-BOND SALE.
JASPER COUNTY (P. 0. Paulding), Miss.
May 13 the $15,0006% 21-yr. Supervisors' Dist. No.3 road bonds (V. 102,
to William R. Compton Co. of St. Louis at par and
p. 1648) were awarded
int. Denom. $500. Date Feb. 1 1916. Int. J. & D.
-W. M.
JAVA, Walworth County, So. Dak.-BOND OFFERING.
30
Jesser, Town Clerk, will receive proposals until 2 p. m. Juneon for $8,000
June 1 as
Due yearly
electric-light-plant bonds. Int. semi-annual.
follows: $500, 1918 to 1925 incl. and $1,000 1926 to 1929 incl.
-Propos-BOND OFFERING.
JAY COUNTY (P. 0. Portland), Ind.
als will be received until 10 a. m. June 20 by S. W. Kuder, County Treas.,
Bearcreek
for $12,200 4A % C. G. Beck et al road-improvement& N. Due Twp.
$610
bonds. Denom. $610. Date June 20 1916. Int. M.
each six months from May 15 1917 to Nov. 17 1926, inclusive.
Madison County, Ohio.
JEFFERSON (P. 0. West Jefferson),
-Proposals will be received until 12 m. June 27 by
BOND OFFERING.
VII. Clerk, for the following 5% street-impt. bonds:
F. G. Brown,
1924, incl.
1917
$4,000 assess, bonds. Due $500 yearly on June 1 from June to from 1926
1
6.500 village's portion bonds. Due $500 yearly on
1934 and 1935.
to 1932 incl. and $1,000 June 11933,
Int.
Auth. Sec. 3914 Gen. Code. Denom. 8500.. Date Juno 1 1916.Clerk.
to the VII.
J. & D. Cert. check for 5% of bonds bid for, payable days from time of
within 15
required. Bonds to be delivered and paid for
award. Purchaser to pay accrued interest.
-BONDS NOT SOLD.
JEFFERSON PARISH (P. 0. Gretna), La.
No sale was made of the $13,000 Road Dist. No.3 road-impt. bonds offered
on May 3. F. L. St. Martin is Prest. of Police Jury.
-The following are the bids re-BOND SALE.
KALAMAZOO, Mich.
ceived for the three issues of 4A % bonds, aggregating $110,000, offered on
June 9 (V. 102, p. 2098):
$25,000
$35,000
$50,000
,
Sewer
City Inipt.
Street Impt.
Bonds.
Bonds.
Bonds.
$25,234 50
$35,688 00
City Savings Bank_ _$50,980 00
*Kalamazoo
25,230 00
35,685 00
50,975 00
*Detroit Trust Company
25,195 00
35,581 00
50,830 00
Boston
R. L. Day &
25,157 50
35,485 45
50,693 50
Co.,
Grant Co.,Chicago
R. M.
25,146 00
35,441 00
Cummings,Prudden & Co., Tol. 50,616 00
25,070 00
35,404 25
*A. B. Leach & Co., Chicago_ _ _ _ 50,577 50
25,061 00
35,363 30
50,519 00
Stacy & Braun, Toledo
25,126 00
35,351 00
*Devitt, Tremble & Co., Chicago 50,506 00
25,080 00
35,353 54
50,505 00
Curtis & Sanger, Chicago
25,055 00
35,343 00
50,490 00
*Yard, Otis & Taylor, Chicago
25,105 00
35,339 50
50,485 00
Estabrook & Co., Chicago
25,031 50
35,333 50
50,480 00
Spitzer, Rorick & Co., Toledo
25,092 75
35,269 75
50,385 75
Toledo
Sidney, Spitzer & Co.,
25,039 75
35,179 50
50,267 50
*Hanchett Bond Co., Chicago..
[VOL. 102.
-BOND OFFERING.
LAKE COUNTY (P. 0. Painesville), Ohio.
W. Albert Davis, Secretary of Board of County Commissioners, will receive proposals until 12 m. June 24 for $32,500 4A % coupon Main St. and
Madison Ave. improvement bonds. Auth. Sec. 6906 to 6948 incl., Gen.
-M.& S.
Code. Denom. $500. Date Mar. 11916. Int. semi-annual
at County Treasurer's office. Duo each six months as follows: $3,000
Mar. 1 1917 to Sept. 1 1921 incl., $2,000 Mar. 1 1922 to Mar. 1 1926 incl.
and $1,500 Sept. 1 1922 to Sept. 1 1926 incl. Certified check on a solvent
bank in Lake County for $2,000, payable to the County Treasurer, required.
-Proposals
-BOND OFFERING.
LAKE VIEW, Lake County, Ore.
will be received by Town Recorder H. J. Angstead until 7 p. rn June 30,
it is stated, for the $10,000 6% 1-10-yr. serial funding bonds authorized
by a vote of 199 to 51 on May 19.-V. 102. p. 2184.
-On June 12
-BOND SALE.
LAKEWOOD, Cuyahoga County, Ohio.
-year (average) garbage-disposal bonds (V. 102, p.
the $25,000 45 % 9
1918) were awarded to C. E. Denison & Co. of Cleveland at 102.01. Other
bids were:
Seasongood & Mayer,Cin.$25,410 00 Sec. S. B.& Tr. Co., ToL$25,257 50
Ohio Nat. Bank, Colum__ 25,358 75 Otis & Co., Cleveland.. _ __ 25,221 50
Sidney Spitzer & Co., Tol_ 25,282 50 Prov. S. B.& Tr. Co.,Cin. 25,170 00
Stacy & Braun, Toledo__ 25,272 00 Breed, Elliott & Harrison,
25,142 50
Cincinnati
Tillotson & Wolcott Co.,
25,260 00
Cleveland
LAMOII4E TOWNSHIP (P. 0. Macomb), McDonough County, Ill.
-Reports state that petitions are in cir-BOND ELECTION PROPOSED.
culation asking that an election be held to vote on the question of issuing
and bridge-improvement bonds.
$10,000 road
-An
-BOND ELECTION.
LAURENS, Pocahontas County, Iowa.
election will be held to-day (June 17) to vote on a.proposition to issue $5,000
electric-system bonds, it is stated.
-BOND ELECTION PROLAWTON, Comanche County, Okla.
-The city contemplates calling an election to vote on the question
POSED.
of issuing $10,000 county-fair-site-purchase bonds. F. L. Meadons is
City Clerk.
LAWTON SCHOOL DISTRICT (P. 0. Lawton), Comanche County,
-Clerk Board of Education has just advised
-BONDS DEFEATED.
Okla.
us that the proposition to issue $15,000 school-building bonds was defeated
the election held March 29 by a vote of 257 "for" to 216 "against, "a
at
two-thirds majority being necessary to carry.
-Proposals
-BOND OFFERING.
LEIPSIC, Putnam County, Ohio.
will be received until 12 m. June 26 by C. J. Ericson, Village Clerk, for
refunding water-works bonds. Denom. $800. Date
$2,400 5% coupon
July 1 1916. Int. J. & J. at the Village Treasurer's office. Due $800
July 1 1917, 1918 and 1919. Bonded debt, including this issue, $18,000.
Floating debt, $800. Assessed valuation 1915, $130,500.
* These bidders agreed to print bonds.
-The issuance of
LEWIS, Edwards County, Kans.-BONDS VOTED.
-Prescott & Snider of Kansas
KANSAS CITY, Kans.-BOND SALE.
5% electric-light bonds was authorized on May 9 by a vote of 155
City were awarded on April 22 $32,690 4 % special improvement bonds at $10,000
1921. The bonds, we are advised, will be offered for sale
$269,(60) $500. Date April 11916. Int. Feb 1 to 6. Duo 20.
par and int. Denom.(10)
about June
and Aug. 1. Due one-tenth yrly. from 1 to 10 yrs., incl.
-On June 1
-BOND SALE.
LISBON, Columbiana County, Ohio.
-Proposals will be received
KANSAS CITY, Mo.-BOND OFFERING.
the $4,;100 5% 15-yr. refunding bonds were awarded to Breed, Elliot &
until 10 a. m. July 3 by George II. Edwards, Mayor, and Eugene H. Harrison of Cincinnati at 104.90 and int., a basis of about 4.546%-V. 102,
-year Blue River Impt. p. 1918. Other bids were:
Blake, City Comptroller, for $100,000 4A % 20
Mayer, Cin_34,683 001Secur. S. B.& Tr. Co., Cin.$4,642 65
bonds. Denom.$1,000. Date July 11915. Interest semi-ann.(J. & J .), Seasongood & & Co., Tol_ _ 4,671 90 Stacy & Braun, Tol
4,570 95
W.L. Slayton
payable at the City Treas. office or at the Chase Nat. Bank of New York, Cit. Tr.& Say. Bk., Colum. 4,650 00 R. W.Firestone, Lisbon__ - 4,520 06
at the option of the holder. Delivery of bonds will be made at 10 a. m.
(P. 0. Live Oak), Sutter County,
LIVE OAK SCHOOL DISTRICT
July 8 1916 at the City Comptroller's office. Cert. check upon some na- Cal.
-According to reports this district
-BOND ELECTION PROPOSED.
tional bank doing business in Kansas City, Mo., for 2% of bonds bid for, proposes to hold an election to vote on the question of issuing $20,000 higha blank school-bldg. bonds.
payable to the City Compt., required. Bids must be made on
-BOND ELECTION
form furnished upon application to the City Comptroller or to Dillon,
LONG BEACH, Los Angeles County, Calif.
an election will be held in the near
Thompson 'Sr Clay, New York. The legality of the bonds will be approved PROPSOED.-Local papers state that of issuing $300,000 harbor bonds.
to a vote the question
by the above attorneys, whose opinion, or duplicate thereof, will be deliv- future to submit
-The election held
-BONDS DEFEATED.
LOS ANGELES, Calif.
ered to the purchaser. These bonds are part of $4,560,000 bonds voted
June 6 resulted in the defeat of the questions of issuing the following bonds
June 1 1915. V. 100, p. 1948.
(V. 102, p. 2099):
The official notice of this bond offering will be found among the advertise,.
For. Against.
Purpose.
Amount.
ments elsewhere in this Department.
23,852 30,829
$8,000,000 municipal telephone system
23,094 28,120
the other bids received
1,800,000 sewage-disposal plants construction
KANSAS CITY, Mo.-BIDS.-The following are
24,448 28,742
via300,000 Second St. tunnel construction
for the $100,000 43 % sewer (second issue). $200,000 43 % bridge and con15,086 36,230
750,000 fire department equipment
duct (second issue), $200,000 4 % Twelfth St. viaduct traffic-way
12,749 38,739
500,000 fire and police-alarm system
nection, $200,000 4% public parks, parkways and Swope Park, $250,000
-The proposed new city charter was
NEW CHARTER DEFEATED.
% Twenty-third St. traffic-way, $25,000 4A % Chestnut Ave. traffic% Workhouses and Houses of Correction and $100,000 defeated at the election held June 6 by a vote of 23,562 "for" and 30,839
way, $75,000 434
-year bonds,awarded jointly on June 1 to Remick, "against."
4A % Blue River sewer 20
-On June 14 the
Hodges & Co. of N. Y. and the Mississippi Valley Trust Co. of St. Louis
-BOND SALE.
LOWELL, Middlesex County, Mass.
-and interest (V. 102, p. 2099):
-104.91
-were
for $1,206,465
two issues of 4% bonds, aggregating $130,100-V. 102, p. 2184
G. H. Walker & Co.,St. Louis,and Estabrook & Co., Boston_$1,203,837 00 awarded to the Middlesex Safe Deposit & Trust Co. of Lowell at 101.067
Fidelity Trust Co., Kan. City; Blake Bros., N. Y.; Hornand int. Other bids were:
& Braun, Toledo; Mer100.42
blower & Weeks, Chicago; Stacy
101.056 Adams & Co
Blodget & Co
100.314
cantile Trust Co., Kauffman, Smith & Emert Investment
100.921 Geo.A. Fernald & Co
Curtis & Sanger
Co. and A. G. Edwards & Co., St.f On $1,150,000........ 1,202,532 00 Arthur Perry & Co
100.81 Cropley, McGaragle & Co_100.312
4A % bonds 1,002,411 50
iOn all
'Louis
1,201,600 00
LOWER PROVIDENCE TOWNSHIP (P. 0. Providence Square),
Wm.R. Compton Co., Curtis & Sanger and Blodget & Co_
-BOND ELECTION PROPOSED.-Newspaper
A. B. Leach & Co., Adams & Co., Bond & Goodwin, N. Y., 1,200,715 00 Montgomery County,Pa.
reports state that th% township proposes to hokl an election in the near
and Cummings, Prudden & Co. Toledo
1,199,290 00 future to vote on the question of issuing $30,000 site-purchase and construcTrust & Savings Bank, Chicago
Harris
Prescott &'Snider, Kan.City,and E.H. Rollins & Sons,Chic_ 1,192,305 00 tion bonds.
1,186,695 00
-On June 9
Commerce Trust Co., Kansas City
-BOND SALE.
LUCAS COUNTY (P. 0. Toledo), Ohio.
to Spitzer,
-BOND
KEARNEY SCHOOL DISTRICT, Fresno County, Cal. to the four issues of 5% highway-improvement bonds were awarded
& Co. of Toiedo as follows:
recently awarded an issue of $3,000 6% bonds
Rorick
-This district
SALE.
Road No. 76 bonds for $27,973 50
327,100 Richfield Township Stone
First National Bank of Sanger for $3,150, equal to 105.
equal to 103.223. Due $3.100 in 1917; $3,000 yearly from 1918
-Water-works
-BONDS VOTED.
KENEDY, Karnes County, Tex.
inclusive, and $2,000 yearly from 1924 to 1926, inclusive.
to 1923,
and sower 5% 10-40-yr. (opt.) bonds, aggregating $32,000, were authorized
16,500 Richfield and Spencer Townships Stone Road No. 77. bonds for
-equal to 102.98. Due $2,500 in 1917; $2,000 yearly
at an election held June 6 by a vote of 130 to 16 and 110 to 30 respectively.
$16,992 50
Proposals for these bonds will be asked for, we are advised, in about 30
from 1918 to 1922, inclusive, and $1,000 yearly from 1923 to 1926,
to 60 days.
inclusive.
-equal
-On June 9 • 11,400 Oregon Township Stone Road No. 70 bonds for $11,765 50
-BOND SALE.
KERN COUNTY (P. 0. Bakersfield). Cal.
to 103.206. Due $2,400 in 1917 and $1,000 yearly from 1918 to
the $500,000 5% 133‘-year (aver.) gold coupon tax-free highway-impt.
1926, inclusive.
(V. 102, p. 1918) were awarded, it is stated, to Biyth, Witter & Co.
bonds
8,400 Oregon Township Stone Road No. 80 bonds for $8,631-equal to
of San Francisco for $535,321, equal to 107.064.
102.75. Due $1.400 in 1917 and $1,000 yearly from 1918 to 1924.
-BOND SALE.
KING COUNTY SCHOOL DISTRICT NO.72, Wash.
inclusive.
-An issue of $12,000 coupon building bonds was awarded on April 7 to
Other bids were:
3
$27,100 $16,500 $11,400 $8,400
the State of Washington at par for 4%s. Denom.$500. Due in 20 years,
Issue. Issue. Issue.
Issue.
subject to call. Bonded debt, including this issue, 317.000. No floating
$768 29 $415 47 $302 50 $180 10
debt. Sinking fund, $3,144. Assessed valuation, $287,490.
Braun, Toledo
Stacy &
856 36 460 35 346 56 218 40
KINGSTON VILLAGE SCHOOL DISTRICT (P. 0. Chillicothe), Tillotson & Wolcott Co., Cleveland at County Treasurer's office.
Principal and semi-annual interest
-On June 7 the $30,000 5°4 school
-BOND SALE.
Ross County, Ohio.
-were awarded to the First Nat. Bank of Kingston
-V.102, p. 2099
bonds
LYKENS SCHOOL DISTRICT (P. 0. Lykens), Dauphin County,
-and int. Other bids were:
-This district will sell to local in-105.796
for $31,739
-BONDS TO BE SOLD LOCALLY.
Pa.
Hanchett Bond Co.,Chic_$31,317 75 Otis & Co., Cleveland_ _ _ _$31,035 00 vestors an issue of $20,000 school bonds. John H. Lehr is Sec. Bd. of Ed.
Seasongood & Mayer,Cin. 31,29000 W.L.Slayton & Co.,Tol_ 30,975 00
-WARRANT SALE.
Sidney Spitzer & Co.,Tot.. 31,260 00 Breed, Elliott & Harrison, 30,924 00
MADISON COUNTY (P. 0. Huntsville), Ala.
Cincinnati
Cummings, Prudden &
The Farmers' Loan & Trust Co. of New York was awarded on June 10
-equal to 101.028,
31,254 00 Tillotson&Wol.Co.,Clev. 30,921 00 $50,000 6% temporary loan warrants for $50,513 75
Co., Toledo
Ohio Nat. Bk., Columbus 31,226 75 Spitzer,Rorick& Co.,Tol_ 30,707 50 Denom. $1,000. Date July 1 1916. Due Feb. 11917. Other bids were:
31,218 00 New First Nat. Bk., Col_ 30,675 00 Robert Murphree, Huntsville, $50 premium,5% basis.
Weil, Roth & Co., Cinc
Huntsville, par less $125, 43 % basis.
W. R.
KIOWA SCHOOL DISTRICT (P 0. Kiowa), Barber County, Kans. Sidney Hutton, Co., Toledo, $15 premium,57 basis.
Spitzer &
-On May 20 $43,500 5% school-bldg. bonds were awarded
-BOND SALE.
premium, 5% basis.
City, Mo., for $44,600, equal to 102.528. Robinson, Humphrey, Wardlaw Co., Atlanta, $3
to Prescott & Snider of Kansas
Steiner Bros., Birmingham, par, if allowed $200.
Other bids were.
if allowed $250.
W. L. Slayton & Co., Toledo, par,
Powell,Garard & Co.,Chl.$44,617 00 Central Say.Bank & Trust
$44,347 00 0.11. Coffin, Chicago, par, if allowed M %.
Co., Denver
,KanCommerceTrustCo.
-On
-TEMPORARY LOAN.
44,487 50 Fidelity Tr. Co., Kan. C._ 44,107 00
sas City
MALDEN, Middlesex County, Mass.
Blake
negotiated
Due serially from 1926 to 1931.
Denom. $500. Date July 1 1916.
June 12 a loan of $300,000, due in six months, was premium. with bids
Other
plus $3
SCHOOL DISTRICT (P. 0. Kinderhook), Colum- Bros. & Co. of Boston at 3.04% discount
KINDERHOOK
-The School Board has issued a call were:
-ELECTION.
bia County, N. Y.
3.117' discount
for a meeting to be held June 30 for the purpose of voting on a proposition Curtis & Sanger, Boston
3.12 discount
First National Bank, Boston
3.50 discount
to raise $25,000 to buy a site and erect a new school building.
& Trust Co., New York
Loan
- Farmers'
County, Cal.
LA CANADA SCHOOL DISTRICT, Los Angeles
-TEMPORARY LOAN.
MANCHESTER, Essex County, Mass.
-year average construction
-On June 5 the $25,000 5% 18
BOND SALE.
has been negotiated
six months,
-were awarded to the State Board Reports state that a loan of $40,000 due in discount.
-V. 102, p. 2099
and equipment bonds
Trust Co. at 3.15%
with the Manchester
of Control for $26,531-equal to 106.124.
-BOND SALE.
MAPLE SLOUGH DRAINAGE DISTRICT, Ark.
On May 1 Jas. Gould of Pine Bluff was awarded $50,000 6% bonds of this
district at 103.50. Denom. $1,000. Date July 1 1916. Int. J. & J.
Due serially from 5 to 15 years.
-BOND
MARIANA SCHOOL DISTRICT, Monterey County, Cal.
SALE.
-This district, according to reports, has awarded $3,000 6% school
bonds to the State Board of Control for $3,143, equal to 104.766.
-BOND OFFERING.
MARION COUNTY(P.O.Indianapolis); Ind.
Proposals will be received until 10 a. m.June 24 by Ed. G.Sourbier, County
Treasurer,for $44,0004H% Charles Gass et al. road-impt. bonds. Denom.
(80) $500. (20) $200. Date Mar. 15 1916. Int. M. & N. Due $2,200
each six months from May 15 1917 to Nov. 15 1926 incl.
MARION COUNTY (P. 0. Lebanon), Ky.-BONDS DEFEATED.
The voters of this county on June 10 defeated a proposition to issue, it is
-V. 102, p. 999.
stated, the $250,000 road-impt. bonds.
-BOND SALE.
-On
MARION COUNTY (P. 0. Marion), Ohio.
-year (aver.) coupon State Road impt. bonds
June 10 the $18,500 5% 3
-were awarded to the Security Say. Bank & Trust Co. of
V. 102, p. 2099
Toledo for 318,846-101.978-and int. Other bids were:
Otis & Co., Cleveland_ __ _$18,840 00 Proy. S. B.& T. Co., Cin_$18,781 20
Spitzer, Rorick & Co., Tol. 18,839 00 New First Nat. 13k., Col_ 18,779 55
Seasongood & Mayer, Cin. 18,836 00 Hayden, Miller & Co.,
Cleveland
18,726 00
Fifth-Third Nat. Bk.,Cin_ 18,827 45
Ohio Nat. Bank, Columbus 18,805 76 W.L. Slayton & Co., Tot_ 18,699 80
Tillotson & Wolcott Co.,
Cleveland
18,783 05
-TEMPORARY LOAN.
-On
MELROSE, Middlesex County, Mass.
June 12 the loan of $50,000, due April 10 1917 (V. 102, p. 2185), was
negotiated, It is stated, with Blake Bros.& Co.of Boston at 3.46% discount.
-BOND ELECTION PROMERIDIAN, Lauderdale Cbunty, Miss.
-Reports state that an election will probably be called to vote on
POSED.
the question of issuing $30,000 park-site-purchase bonds.
-BOND SALE.
-On June 12
MIAMI COUNTY (P. 0. Troy), Ohio.
the three issues of 5% coupon Piqua-Sidney pike-improvement bonds,
aggregating $80,200(V. 102.P.2099), were awarded to Seasongood & Mayer
of Cincinnati for $80,525 (100.405) and interest. Bids were also received
from Spitzer, Itorick & Co., Toledo; Provident Savings & Trust Co., Cincinnati, and Davies-Bertram Co.. Cincinnati.
MIDLAND SCHOOL DISTRICT (P. 0. Midland), Beaver County,
-On June 12 $40,000 44% tax-free site and school-BOND SALE.
Pa.
building bonds were awarded to Holmes, Bulkley & Wardrop, Pitts-equal to 103.042. Denom. $1,000. Int. M. &
burgh, for $41,217
N.at Midland Say. & Trust Co. Date!May 1 1916. Due yrly. on May 1
as follows: $1.'00 from 1919 to 1926, inclusive; 82,000 in 1927 and 1928;
$3,000 from 1929 to 1936 inclusive and $4,000 in 1937.
MIKADO TOWNSHIP, Alcona County, Mich.
-BONDS VOTED.
According to Bay City papers this township on May 27 authorized the
issuance of $15,000 road and $5,000 bridge bonds.
MINNESOTA.
-BONDSPURCHASED BY STATE
.-During the month
of May the following nineteen issues of 4% bonds, aggregating $379,000,
were purchased by the State of Minnesota at par:
School District Bonds.
Aitkin Co. No.67
$1,500 Pennington Co. No. 59
$1,500
Becker Co. No. 113
2,000 Ramsey Co. No. 17
1000 0
1, 0
50
Beltrami Co. No. 132
3,500 Ramsey Co. No. 2 (Ind.)._ _ _14,000
Beitrami Co. No.88
5,000 St. Cloud (Ind.)
60,000
Bigstone Co. No. 1 (Ind.)_ - _42,000 Sauk Centre (Ind.)
19,000
Crow Wing Co. No.51 (Ind.)_33,000 Stearns Co. No. 28 (Ind.)_ _ 75,000
Crow Wing Co. No.51 (Ind.)_34,000 Stearns Co. No. 28(Ind.)_25,000
Hennepin Co. No. 17
5,500
Issued for Municipal Purposes.
$12,000 Kosota, Le Suer Co
Detroit, Becker Co
$3,000
20,000 Lakefield, Jackson Co
Gilbert, St. Louis Co
13,000
MINONK, Woodford County, Ill.
-BONDS VOTED.
-The question
of issuing $5,000 water-works-impt. bonds carried, It is stated, by a vote
of 101 to 37 at an election held Juno 6.
-NOTES OFFERED BY BANKERS.
-Wm.
MISSISSIPPI, State °L.
R. Compton Co. of New York is offering to investors an issue of $400,000
3 y% coupon notes, dated June 10 1916 and due Jan. 10 1917.
-BOND SALE.
MONMOUTH COUNTY (P. 0. Freehold), N. .T.
The highest bid received for4ho $55,000 4H% 10-yr. court-house bonds
offered on June 9 (V. 102, p. 2099) was 103.59 submitted by Bioren & Co.
of Philadelphia.
MONTGOMERY COUNTY (P. 0. Rockville), Md.-BONDS TO BE
-This county will offer for sale in the near future
OFFERED SHORTLY.
$24,000 road improvement bonds (V. 102, p. 729)•
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND SALE.
On June 14 the $24,000 4 % 3-yr. (aver.) coupon fair-ground-impt.
bonds (V. 102. P. 2185) were awarded to Seasongood & Mayer of Cincinnati
for $24,145 (100.604) and Int. Other bids were:
Breed, Elliott & Harrison, Cincinnati
$24,074 40
Dayton Sayings & Trust Co., Dayton
24,070 00
MORGAN COUNTY(P.O. Wartburg), Tenn.
-BONDS DE,FEATED.
-The proposition to issue $270,000 road bonds failed to carry at the
election held May 20.
MORRISVILLE, Bucks County, Pa.
-BOND ELECTION.
-An election has been called for Juno 23 to vote on the proposition to issue $27,500
4% water bonds.
MOSSVILLE SCHOOL DISTRICT, Jasper County, Miss.
-BOND
-An issue of $5,000 6% 5-14-yr. (opt.) building bonds was awarded
SALE.
on May4 to C. H. Coffin of Chicago at par. Denom.$500. Date May 1
1916. Int. annually.
MOWER COUNTY (P. 0. Austin), Minn.
-BOND SALE.
-On June 2
an issue of $24,000 4H% refunding bonds was awarded to the Wells &
Dickey Co. of Minneapolis for $24,620, equal to 102.581. Denom. $1,000.
Date June 11916. Principal and semi-annual int. (J. & D.) at office of
Wells & Dickey Co. Due yearly on June 1 as follows: $1,000 from 1921 to
1933, incl.; $2,000 in 1934 and 1935 and $7,000 in 1936.
MULBERRY, Crawford County, Kan.
-DESCRIPTION OF BONDS.
-The $5,350 water-works-ext. bonds recently awarded to the Mulberry
State Bank at par (V. 102, p. 1557) bear int. at the rate of 5% and are in
the denom. of $500. Int. semi-annual. Duo in 1934.
NAVAJO COUNTY (P. 0. Holbrook), Ariz.
-DESCRIPTION OF
BONDS.
-The $63,000 5% bridge building bonds awarded on May 8
to James N. Wright & Co.of Denver for $63.775 (101.23) and int.(V. 102.
p. 1919), are in the denom. of $1,000 and dated April 3 1916. Int. semiannual. Due in 25 yrs., subject to call in 10 yrs.
NEENAH, Winnebago County, Wis.-BONDS VOTED.
-On Apr. 4
$5.000 fire-apparatus
-purchase bonds were authorized by a vote of 855
to 226. Date of offering not yet determined.
NEW BRUNSWICK, Middlesex County, N. J.
-BOND OFFERING.Proposals will be received until 10 a. m. Juno 20 by the Board of City Commissioners, for the following coupon (with privilege of registration) bonds:
$79,000 water-impt. bonds. Due $2,000 yearly on Juno 1 from 1917 to
1955, incl., and $1.000 June 1 1956.
40,000 city-hall bonds. Due yearly on June 1 as follows: $2,000 from
1917 to 1930, incl. and 33,000 from 1931 to 1934, incl.
'
14,000 fire bonds. Due June 1 1926.
Denom. $1,000. Date June 1 1916. Principal and semi-annual int.
at City Treasurer's office. On any bond registered as to both principal
and interest, principal and interest will be payable In New York exchange.
Bids are requestwi for bonds bearing interest at 4%, 4X % or 4 %•
Bids must be made on forms furnished by the city and accompanied by a
certified check for 2% of the amount of bonds bid for, and made payable
to Joseph H. Ridgeway, City Treasurer. The bonds will be delivered to
successful bidder at office of U.S. Mtge. & Trust Co.. New York,at lla.m.,
June 27. Legality of the bonds will be approved by Caldwell & Masslich,
New York, whose favorable opinion will be furnished to the purchaser without charge. The bonds will be prepared under the supervision of the above
mentioned trust company, who will certify as to the genuineness of the
signatures of the city officials signing the bonds and the seal thereon.
Bonded debt (excluding these issues), $1,717,182; sinking funds, $908,434.
Assess. val. real estate (excluding second class railroad property), $14,-
2275
THE CHRONICLE
JUNE 17 1916.1
I
043,310. Assess. val. of second class railroad property, $236.248. Assess.
val. personal property, $2,810,185.
-Reports
-LOAN OFFERING.
NEWPORT, Newport County, R. I.
state that the City Treasurer will receive bids until 5 p. m. June 19 for
a loan of $75,000, due Sept. 5 1916.
NICHOLAS COUNTY (P. 0. Summersville), Ky.-BONDS DE-On June 10 the voters defeated the proposition providing
FEATED.
-V. 102, p. 2100.
for the issuance of $250.000 road bonds
-On June 10 the
-BOND SALE.
NILES, Trumbull County, Ohio.
$1.000 5% 4-yr. funding bonds (V. 102, p. 2100) were awarded to the
Niles Trust Co. at 100.90. Other bids were:
$1,0051 First Nat. Bank, Girard_ ___$1,001.
Dollar Say. Bank, Niles
-BONDS PURCHASED BY STATE.
-During the
NORTH DAKOTA.
month of May the following eleven issues of 4% bonds, aggregating $113,350, were purchased by the State of North Dakota at par:
Building
Apr. 28 1916 Apr. 28 1936
$10,000 Bucyrus S. D
May 1 19161$2,000 yly. be20,000 Buffalo S. D. No. 38_Building
lgin.May 1 1926
Building
Apr. 10 1916 Apr. 10 1936
7,000 Grassland S. D
Building
Apr. 28 1916 Apr. 28 1936
4,800 Lehr S. D
Apr. 28 1916 Apr. 28 1936
1,000 Peaceful Valley S. D_Building
Building
May 8 1916 May 8 1926
1,200 Pearl S. D
Building
Apr. 28 1916 Apr. 28 1936
6,500 Se,andia S. D
Mar. 1 1916j$2,000 yly. beFunding
22,500 Slope County
lgin.Mar.1 1926
Building
Apr. 28 1916 Apr. 28 1936
17,850 Twin Butte S. D..
iiuditoriuml Apr. 10 1916
*
*
13,500 Williston
& armory
May 1 1916 May 1 1936
Building
9,000 Williston S D
* * Due $1,000 yearly Apr. 10 from 1927 to 1932, incl.. and $2,000
Apr. 10 1933. 1934 and 1935, and $1.500 1936.
-BOND ELECTION.
-An
NORTHFIELD; Rice County, Minn.
election will be held June 19 to vote on the question of issuing to the State
of Minnesota $15,000 4% city-hospital-erection and equipment bonds.
-BOND SALE.
NORTHAMPTON, Hampshire County, Mass.
On June 14 the two issues of4% coupon bonds,aggregating $41,000(V. 102.
P. 2186), were awarded, to W. L. Raymond & Co. of Boston at 101.083
and interest.
Other bids were:
Geo. A. Fernald & Co
100.914 Arthur Perry & Co
100.41
Edmunds Bros
100.86 Curtis& Sanger
100.401
Van Voorhiss & Co
100.835 Blodget & Co
100.355
Merrill, Oldham & Co
100.829 R. L. Day & Co
100.34
Cropley, McGaragle & Co_ __100.589 Adams & Co
100.17
Harris, Forbes & Co
100.54
All the above bidders are of Boston.
NORTHAMPTON, COUNTY (P. 0. Eastville), Va.-BOND OFFER-Proposals will be received until 12 m. July 3 by Geo. T. Tyson,
ING.
Clerk Bd. of Supers., for $10,000 Franktown, Magisterial District and
$25,000 Eastville Magisterial Dist. 5-30-yr. (opt.' coupon road-impt.
bonds. Denom. $500. Date Aug. 1 1916. Int. rate to be named in
bid) J. & D. at the County Treas. office. No deposit required.
BOND SALE.
-On June 5 the $20,000 5-30-yr. (opt.) coupon Capeville
Magisterial Dist. road-impt. bonds (V. 102, p. 1920) were awarded to
Frederick E. Nolting & Co., Richmond at $100.755 for 5s. Other bids were:
Powell. Garard & Co., Chicago.$20,645 and furnish bondsas 55(conditional)
{19,600 and blanks as 55
Stacy & Braun, Raleigh__ 20,204 80 and blanks as 5s(without prior opt.)
20,136 and blanks as 5345
21,212 and blanks as 534s (without prior opt.)
Hanchett Bond Co., Chicago, $20,127 75 and blanks as 5s (received too
late to be considered.)
Baker, Watts & Co., Baltimore, $20,065 as 58.
Rudolph Kleybolte Co., Cincinnati, $20,000 as 58 (conditional.
C. W. Holland of Eastville, par as 5.158 for $5,000.
J. C. Mayor & Co., Cincinnati, $20,•40 as 534s.
Provident Say. Bank & Trust Co., Cincinnati, $20,200 as 53(s
Frederick E. Nolting & Co.. $20,351 as 534s.
F. L. Fuller Co., Cleveland, $20,010 as 5 Yis•
D. J. Whealton. Chincoteague, $20,000 as 53s.
OAKDALE, Allen Parish, La.
-BOND AND CERTIFICATE OFFERING.
-Sealed bids will be received until 8 p. m. June 28 by S. A.
Pittman, Secy. Bd. of Aldermen, for $18.000 5% 20-yr. coupon bonds
and $7.500 5% 10-yr. certificates ofindebtednessfor purpose of constructing
a water-works system. Denom. $500. Date June 1 1916. Int. semiannually at the Cale,asied Nat'l Bank, Oakdale. Cert. check for 3% of
bid, payable to the "Town of Oakdale," required. The town has no
indebtedness. Assess. val. $180,500.
OILTON SCHOOL DISTRICT (P. 0. Oilton), Creek County, Okla.
-BONDS VOTED.
-The question of issuing $25,000 school-building bonds
carried, it is stated, at a recent election.
ONEIDA COUNTY(P.O. Rhinelander), Wis.-BOND OFFERING.
Proposals will be received until 10 a. m. June 27 by the Co. Treas. for
$21,500 5% 10-year coupon tax-free State-Highway bonds. Denom. (80)
$250. (10) $150. Date July 1 1916. Int. semi-annually. Cert. check for
25% of amount of issue required.
OREGON SCHOOL TOWNSHIP (P. 0. Georgetown), Starke
-William R. Richey, Trustee, will
-BOND OFFERING.
County, Ind.
receive proposals until June 24 for $12,000 434% coupon school-buildingaddition bonds. Denom. $600. Date July 1 1916. Int. semi-annually
(J. & J.) at Hamlet State Bank, Hamlet.
ORISKANY (Village), Oneida County, N. Y.
-BOND SALE.
-On
Juno 12 the 540,0004% 10 -year aver, coupon or reg.-opt. of purchaser
sewer bonds
-V. 102, p. 2100
-were awarded to the Utica Trust & Deposit
Co. at 100.40 and int.
OTWAY, Scioto County, Ohio.
-BOND OFFERING.
-W. M. Freeman, Clerk and Treas. Board of Education, will receive proposals until
12 m. June 19, it is stated, for 512,0005% 14 1-6-year average school bonds.
Certified check for $500 required.
PALMERTON SCHOOL DISTRICT (P. 0. Palmerton) Carbon
,
County, Pa.
-BONDS NOT YET ISSUED.
-We are advised by the
District Secretary under date of June 10 that no further action has been
taken looking towards the issuance of the $35,000 building bonds voted
March 28.-V. 102. p. 1287.
PALMS SCHOOL DISTRICT, Los Angeles County, Cal.
-BOND
SALE.
-The State Board of Control, it is stated, purchased 355.000 5%
bonds of this district on June 5 for $58,800, equal to 106.909. Int. semiannual. Due one bond yearly from 1921 to 1937, inclusive and two bonds
yearly from 1938 to 1956, inclusive.
PELHAM MANOR, Westchester County, N. Y.
-BOND OFFERING.
-Bids will be received until 8:30 p. m. June 23 by the Board of Village
Trustees,for $35,000 registered sewer-system-extension bonds at not exceeding 5% interest. Denom. $1,400. Date July 1 1916. Principal and
interest at U. S. Mortgage & Trust Co., N. Y., and if so desired, will be
remitted in New York exchange. Due $1.400 yearly on July 1 from 19211945 incl. Cert. check on an incorporated State or national bank of N. Y
State, for 59' of amount of bonds bid for, payable to Village of Pelham
Manor required. Purchaser to pay accrued interest. No conditional
bids will be received. Bonds will be delivered 12 m. July 6 at office of
U. S. Mortgage & Trust Co., New York. These bonds will be sold on
opinion of Caldwell & Masslich of New York. as to validity.
PERRY COUNTY (P. 0. Cannelton), Ind.
-BOND OFFERING.
Proposals will be received until 12 m. June 19 by L. P. Kelly Co., Treas.,
for $11,400 434% Tobin Twrp. highway impt. bonds. Denom. $570.
Date July 15 1916. Int. M.& N. Due $570 each six months from May
15 1917 to Nov. 15 1926, incl.
PERTH AMBOY, Middlesex County, N. J.
-BOND OFFERING.
Attention is called to the official advertisement elsewhere in this Department of the offering on June 21 of the $100.000 water, Series "E." and $49.900 school 434% coupon (with privilege of reg.) bonds (V. 102, p. 2100).
For details and terms of offering see V. 102, p. 2100.
-BONDS VOTED.-Th.
PLACERVILLE, El Dorado County, Calif.
question of issuing the $30,000 Main St. paving bonds carried by a vote
of 547 to 155, it is stated, at the election held May 31.-V. 102, p. 2010.
I
2276
THE CHRONICLE
PLACERVILLE SCHOOL DISTRICT (P. 0. Placerville), El Dorado
County, Cal.
-BONDS VOTED.
-Reports state that the election held
May 31 resulted in a vote of 598 to 135 in favor of the question of issuing
the $35,000 grammar-school-building bonds.
-V. 102, p. 2010.
PLACENTIA-RICHFIELD SCHOOL DISTRICT, Orange County,
Cal.
-BOND SALE.
-The State Board of Control has been awarded,
reports state, an issue of $30.000 5% building bonds at 105.
PLAINFIELD, Union County, N. J.
-BOND OFFERING.
-Bids will
be received until 8 p. m. July 3 by T. J. McMurray, City Clerk,for $30,000
434% coupon with priv. of regis. school bonds. Date June 1 1916. Int
J. & J. Due $2,000'yearly on June 1 from 1955 to 1961 incl. and $4,000
yearly on June 1 from 1962 to 1965 incl. Certified check for 2% of bonds
bid for, payable to the "City of Plainfield," required. The U. S. Mtge. &
Trust Co. will certify as to the genuineness of the signatures of the officials
executing the bonds and the seal impressed thereon, and their legality
will be approved by Hawkins, Delafield & Longfellow of N. Y., City, whose
opinion will be furnished purchaser. Purchaser to pay accrued interest.
Bonds will be delivered at the office of the City Treasurer on July 10,
unless a subsequent date shall be mutually agreed upon. Bids must be
made on forms furnished by the City Clerk or the above trust company.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
POLK COUNTY (P. 0. Benton), Tenn.
-WARRANT SALE.
-Reports state that an issue of $8,000 school-bldg. warrants has been awarded
to N. W. Halsey & Co. of Chicago for $8,075
-equal to 100.937. Due
$1,000 yearly for 8 years.
PORTAGE, Columbia County, Wis.-BONDS VOTED.
-Local
papers state that the election held June 1 resulted in favor of the questions
of issuing the $10,000 high-school-bldg.-impt. and $65,000 school-bldg.
bonds (V. 102, p. 1920). The vote was 937 to 557 and 885 to 604 respectively.
PORTLAND, Me.
-LOAN OFFERING.
-Proposals will be received
until 12 m. June 20 by Arthur W. Beale, City Treasurer, for the purchase
at discount of a temporary loan of $100,000 in anticipation of taxes. Date
July 11916. Due Oct. 2 1916 at First Nat. Bank, Boston.
The notes
will be in denominations to suit purchaser, and in submitting bids the
denominations desired should be stated. Notes will be delivered July 1
1916 at First Nat. Bank, Boston, and will be certified as to genuineness
and validity by said bank under advice of Ropes, Gray, Boyden & Perkins, and all legal papers incident to the loan will be filed with said bank,
where they may be inspected at any time.
PRESTON COUNTY (P. 0.Kingwood), W. Va.-BOND SALE.
On June 12 the $164,000 5% coupon Kingwood Dist. road-Improvement
bonds
-V. 102, p. 1831-were awarded, it is stated, to Sidney Spiczer &
Co.of Toledo for $164,350,equal to 100.213.
PRINCETON, Green Lake County, Wis.-BCNDS VOTED.
-By a
majority of 125 the voters of this town on June 12 authorized the issuance,
it is stated, of $20,000 street bonds.
-BONDS NOT SOLD.
PRINEVILLE, Crook County, Ore.
-The
$100,000 5% 10-30-year (opt.,) gold coupon railroad-construction bonds
-were not sold on account of certain
offered on June 6-V. 102, p. 2100
Irregularities in the proceedings. A new election will be held to correct
the defects, we are advised.
PROVIDENCE, R. I.
-BOND SALE.
-On June 15 the $1,000,000 4%
-year gold water-supply bonds (V. 102, p. 2186) were awarded to Wm.
40
A. Read & Co., Boston, at 101.39 and interest.
Other bids were:
Harris, Forbes & Co., Boston
101.33
Biodget & Co., Merrill, Oldham & Co.and Curtis & Sanger,Boston..101.149
Estabrook & Co. and R. L. Day & Co., Boston
100.64
Hornblower & Weeks, N. W. Halsey & Co. and Wm. R. Compton & Co., New York
98.937
PULASKI COUNTY (P. 0. Somerset), Ky.-BOND OFFERING.
R. F. Jasper, Co. Judge, will sell at public auction at-2 p. m.June 23 $300,000 434% road-constr. bonds. Due $25,000 in 5 yrs., $10,000 yrly. from
6 to 25 yrs. incl. and $15,000 yrly. from 26 to 30 yrs. incl. A deposit of
$5,000 required. These bonds have been passed and held valid by the
Court of Appeals of Ky. See V. 102. p. 1825. A similar issue of bonds
was reported sold on March 29 to Seasongood & Mayer and the FifthThird Nat. Bank of Cincinnati (V. 102, p. 1469).
PUTNAM COUNTY (P. 0. Greencastle), Ind.
-BOND OFFERING.
Proposals will be received until 1 p. m. June 24 for the following 43 %
,
6
road bonds:
$26,600 John R. Cox et al, Greencastle Township road bonds. Denom.
$1,330.
3,800 Geo. W. Potter et al, Russell Township road bonds. Denom.
$190.
Date June 24 1916. Due one bond of each issue each six months from
May 15 1917 to Nov. 15 1926, incl.
-TEMPORARY LOAN.
-This township,
RADNOR TOWNSHIP, Pa.
according to reports, recently negotiated a temporary loan of $15,000 for
current expenses.
RANDOLPH COUNTY (P. 0. Huntsville), Mo.-BONDS VOTED.
By over 100 majority this county on June 6 voted to issue, according to
reports, $30,000 county-infirmary bonds.
RED BLUFF SCHOOL DISTRICT (P. 0. Red Bluff), Tehama
-Byrne & McDonnell of San Francisco were
-BOND SALE.
County, Cal.
recently awarded, it is stated, the $15,000 5% building bonds authorized
-for $15,810, equal to
on April 7 by a vote of 336 to 68-V. 102, p. 1558
103.4. Denom. $750. Due 1917 to 1936, inclusive.
RICHLAND COUNTY (P. 0. Mansfield), Ohio.
-BOND OFFER-Proposals will be received until 12 m. July 1 by the Board of County
ING.
Commissioners, for the following 5% township road bonds aggregating
$17.178:
$1,312 Troy Township bonds. Due $112 Mar. 1 1917 and $150 each
six months from Sept. 1 1917 to Mar. 1 1921, incl.
3,204 Washington Township bonds. Due $300 each six months from
Mar. 1 1917 to Mar. 1 1921, incl., and $504 Sept. 1 1921.
965 Madison Township bonds. Due $215 Mar. 1 1917 and $250 each
six months from Sept. 1 1917 to Sept. 1 1918, incl.
4,310 Washington Township bonds. Due $310 Mar. 1 1917 and $500
each six months from Sept. 1 1917 to Mar. 1 1921, incl.
7,387 Madison Township bonds. Due $400 Mar. 1 1917, $587 Sept.
1 1917 and $800 each six months from Mar. 1 1918 to Sept. 1 1921,
incl.
Auth. Section 1223, Gen. Code and in accordance with resolutions
adopted by Co. Qpmmissioners May 16 1916. Date Sept. 1 1916. Principal and semi-annual int. at County Treasurer's office. The bonds will
be delivered at County Treasury Sept. 1 1916. Conditional bids will
not be considered, except that the legality of the bonds will be subject
to the approval of the proper and qualified attorneys. Cert. check for
$250 payable to Board of County Commissioners, required. John N.
Case is County Auditor.
-BOND SALE.
RICHMOND, Wayne County, Ind.
-The $10,000
-year motor-fire-apparatus bonds offered on June 1 (V. 102, p. 2010)
4% 7
have been purchased,it is stated, by the Second Nat. Bank of Richmond.
RISING SUN, Cecil County, Md.-BONDS AUTHORIZED.
-The issuance by this town of $16,000 coupon water, paving and fire apparatus
bonds was authorized by the 1916 Legislature. Denom. $500 and $1,000.
The bonds will now be submitted to the voters for their approval or rejection. The town has no bonded debt at present. Floating debt June 13
1916 $16,000. Assess. val. 1915 (est.), $400,000-V. 102, p. 731.
RIVERSIDE SCHOOL DISTRICT, Riverside County, Calif.
-The question of issuing the $40,000 5% building bonds
BONDS VOTED.
(V. 102, p. 2010), carried by a vote of 382 to 32 at an election held June 6.
Due $2,000 yrly. from 7 to 26 yrs. incl.
-BOND OFFERING.
ROCHESTER, Olmstead County, Minn.
City Clerk A. F. Wright will receive proposals until 2 p. m. June 22, it is
stated, for the $175,000 4% 18M-yr. average water-works-plant-purchase
bonds voted May 25-V. 102, p. 2100. Cert. check for 2% required.
[VoL. 102.
ROSEAU COUNTY (P.O. Roseau), Minn.
-BOND SALE.
-The Commercial Investment Co. of Duluth has been awarded at par and int. the
following $50,000 coupon Judicial Ditch No. 62 construction bonds:
$27,000
% bonds, due $3,000 June 1 1922, 1924, 1926, 1928 and 1930
and $4,000 June 1 1922, 1934 and 1936.
23,000 6% bonds, due $3,000 June 1 1923, 1925, 1927, 1929 and 1931,
and $4,000 June 1 1933 and 1935.
Denom. $1,000. Date June 1 1916. Prin. and semi-annual int.J. & D.
-payable at the Merchants' Loan & Trust Co. of Chicago.
RUSH COUNTY (P. 0. Rushville), Ind.
-BOND SALE.
-The following bids were received for the two issues of 4M % 5 2-3-Yr. (aver.) roadimpt. bonds offered on June 9:
$34,720
$27,240
Issue.
Issue.
Peoples National Bank, Rushville
$35,344 96
J. F. Wild & Co., Indianapolis
35,302 00 $27,696 00
Gavin L. Payne & Co., Indianapolis
35,296 45
27,692 25
Peoples Loan & Trust Co., Rushville
27,774 50
R. L. Dollings Co., Indianapolis
35,231 05
27,716 50
Rush County Nat. Bank, Rushville
35,231 00
27,676 00
Fletcher-American Nat. Bank, Indianapolis
35,226 26
27,671 26
Delaware County Nat. Bank, Muncie
35,222 50
27,650 50
Breed, Elliott & Harrison, Indianapolis
35,210 00 27,621 00
Miller & Co., Indianapolis
35,120 00 27,590 00
Rushville National Bank, Rushville
35,105 10
27,542 60
RUSK, Cherokee County, Tex.
-BONDS VOTED.
-'A proposition
providing for the issuance of $12,000 high-school bonds was authorized,
It is stated, at a recent election by a vote of 95 to 5.
RUSSELL COUNTY (P. 0. Jamestown), Ky.-BOND SALE.
Rudolph Kleybolte Co. of Cincinnati were awarded on April 6 $40,000 5%
road and bridge-construction bonds at 101 and I. Denom. $100, $500
and $1,000. Date Apr. 1 1916. Int. A. & 0. Due $8,000 in 5. 10, 15.
20 and 25 years.
RUSSELLVILLE, Brown County, Ohio.
-BOND OFFERING.
L. P. Hanselman, Village Clerk, will receive proposals until 12 m. Juno 24
for $1,500 5% coupon electric-light bonds. Denom. $100. Date June 1
1916. Int. annual at Russellville. Due $100 yearly from 1917 to 1931,
inclusive. Purchaser to pay accrued interest. Cert. check (or cash) for
10% of amount of bonds laid for, payable to Village Treasurer, required.
Bonded debt, Including this issue, $8,200. Assess. val. 1915, $259,090.
RUTLAND, Rutland County, Vt.-BOND OFFERING.
-Proposals
will be received until 4 p. m. June 28 by Will L. Davis, for
$25,000 4% gold coupon school bonds. Denom. $1,000. Date July 1
1916. Principal and semi-annual interest (J. & J.) at the First National
Bank,Boston. Due $2,000 yearly July 1 from 1922 to 1933,inclusive, and
$1,000 July 1 1934. Certified check for $250 required.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-BOND SALE.
On June 10 $34,000 43 % 5 YL -yr. (aver.) Haven Hubbard et al road bonds
(V. 102, p. 1921) were awarded to Breed, Elliott & Harrison of Cincinnat
for $34,575 (101.691) and int. There were six other bidders.
SALEM, Mass.
-BOND SALE.
-On June 13 the three issues of 4%
coupon tax-free bonds, aggregating $300,000 (V. 102, p. 2187), were
awarded to Blodget & Co. of Boston at 101.646 and int. Other bids were:
Curtis & Sanger, Boston..-__101.487 Merrill, Oldham Ifs Co.,Bost_100.849
Arthur Perry & Co
101.18 R. L. Day & Co., 13oston__-100.58
Chandler,Wilbor & Co.,Bost.100.79 Adams & Co., Boston
100.52
Blake Fires. & Co., Boston_ _100.71 Harris,Forbes&Co.Inc. Bost.100.40
Harry C. Grafton, Jr.,Bost._100.71 Cropley,NIcGaragle&Co.Bos.100.071
SAN JOSE CITY SCHOOL DISTRICT, Santa Clara County, Cal.
-On June 5 $100,000 5% 1-25-year ser. bldg. bonds were
BOND SALE.
awarded, reports state, to the San Jose Safe Deposit Bank at 107.
SAN JOSE HIGH SCHOOL DISTRICT, Santa Clara County, Cal.
-On June 5 $50.000 5% 1-25-year serial building bonds were
BOND SALE.
awarded, it is stated, to the San Jose Safe Deposit Bank at 107.
SCOTIA, Schenectady County, N. Y.
-BOND OFFERING.
-E. C.
Hoyt, Village Clerk, will receive sealed bids until 8 p. m. June 19, it is
stated, for $11,100 5% bonds. Certified check for 2% required.
SHADY POINT TOWNSHIP, Le Flore County, Okla.
-BONDS
VOTED.
-The proposition to issue the $12,000 6% road and highway
bonds carried at an election held May 6. The vote was 167 to 4.
SHAWANO CITY SCHOOL DISTRICT (P. 0. Shawano), Shawano
County, Wis.-BOND OFFERING.
-John B. Gordon, District Clerk,
will receive proposals until 8 p. m. June 20 for $90,000 0(4% coupon school
bonds. Denom. $1,000. Date April 1 1916. Int. Feb. 1 at Cont. &Comm. Trust & Say. Bank, Chicago. Duo on Feb. 1 as follows: $3,000
1918, $4,000 1919 to 1926 incl., $5,000 1927 to 1931 incl. and $30,000in
1932. Certified check for $2,250, payable to the above-named Clerk,
required. Bonded debt (Including this issue), $94,700. Assessed valuation, 1915, $2.189,671.
SHELBY COUNTY (P. 0. Shelbyville), Ind.
-BOND OFFERING.
Proposals will be received until 10 a. m.June 24 by S. A.Brown,Co. Treas.,
for $13,320 4 % Franklin P. McKay et al road impt. Liberty Twp. bonds.
Denom. $666. Date June 15 1916. Int. M. & N. Duo $666 each six
months from May 15 1917 to Nov. 15 1926, incl.
SOMERS (P. 0. Kenosha), Kenosha County, Wis.-NO BONDS
-The Town Clerk advises us that the $90,000 roadTO BE ISSUED.
construction bonds voted May 27 will not be issued as the election has been
declared illegal.
SOUTH HAVEN, Van Buren County, Mich.
-BOND SALE.
-We are
,
advised that an issue of $50,000 436% city-hall and armory-constr. bonds
has been sold to W. A. Ratcliff at par and a premium. These bonds take
the place of the $50,000 5% issue voted March 20 (V. 102, p. 1185).
SOUTH SAN FRANCISCO SCHOOL DISTRICT (P. 0. South[San
-BONDS VOTED.
-By a vote of
Francisco), San Mateo County, Cal.
300 to 126 this district, according to reports, has authorized the issuance
of $66.000 site-purchaso and building bonds.
SPIRO TOWNSHIP, Leflore County, Okla.
-BONDS VOTED.
The proposition to issue $28,000 6% road and highway bonds carried by a
vote of 237 to 110 at an election held May 6.
SPOKANE, Wash.
-BONDS VOTED.
-The election held June 6
resulted in favor of the issuance of the following bonds at not exceeding
5% int.:
Purpose.
For.
Amount.
Against.
$135,000 Division Street bridge-construction
11,636
1,463
100,000 Trent Ave. bridge-construction
9,753
2,846
40,000 Post Street bridge-construction
10,576
2,145
10,000 Washington St. bridge-strengthening
10,695
1.923
6,500 East Boone Ave. bridge-repair
10,336
2,177
20,000 bridge-construction
9,145
3,248
A. W.Burch is City Auditor.
-On June 12
SPRINGFIELD Greene County, Mo.-BOND SALE.
the $45,000 refunding bonds (V. 102, p. 2187) were awarded to the Commerce Trust Co. of Kansas City, Mo.; for $45,051 (100.113) and Int. as
43.s.
-BOND OFFERING.
SPRINGFIELD, Clark County, Ohio.
-Bids
will be received by the Trustees of the Sinking Fund, R. D. Wise, Secy.,
until 10 a. m. June 21 for the following 4 and 43i% bonds, aggregating
$45,000:
$24,000 4% (city's share) street-Impt. bonds. Denom. $1,000. Duo
$3,000 yearly on Mar. 1 from 1917 to 1924, incl.
9,000 4% (city's share) street-impt. bonds. Denom. $1,000. Due
$2,000 Mar. 1 1917 and $1,000 yrly. on Mar. 1 from 1918 to 1924,
inclusive.
5,000 4% Bechtel Ave. bridge bonds. Denom. $1,000. Due $1,000
yearly on Mar. 1 from 1917 to 1921,incl.
3,000 4% park and boulevard bonds. Denom. $500. Due $1,000
yearly on Mar. 1 from 1917 to 1919, incl.
4,000 4 vi % hospital bonds. Denom. $500. Duo $1,000 yearly on
Mar. 1 from 1917 to 1920.
Date Mar. 1 1914. Int. semi-annual. A deposit of 5% required with
each bid. These bonds were previously offered for sale Juno 9 but all the
bids, which we give below, received on that day were rejected:
J. C. Mayer & Co., Cin__$44,630 80 I Weil, Roth & Co., Cin_ $44,460 00
Tillotson St Wolc.Co.,Clev. 44,618 701Prov. Say. & Tr. Co., Cin. 44,421 60
These bonds are not new bonds but bonds held by the Sinking Fund as an
investment.
JUNE 17 1916.]
THE CHRONICLE
STEWARTSTOWN, York County, Pa.—BOND SALE.—On May 26
the $6,000 4% 5-10-yr. (opt.) road-construction bonds (V. 102, p. 1001)
were sold to local investors at par. Denom. $100. Date June 1 1916.
Int. J. & D.
STONY CREEK SCHOOL TOWNSHIP (P. 0. Anderson), Madison
County, /nd.—BOND OFFERING.—Proposals will be received until
1:30 p. m. June 24 by S. G. Prather, Twp. Trustee, for $5,000 434% schoolbldg. bonds. Denom. 1 for $350, 1 for $150 and 9 for $500. Int. F. & A.
Due $350 Aug. 1 1917, $2.150 Aug. 11918, $2,000 Aug. 1 1919 and $500
Aug. 1 1920. Cert. check for $100, payable to the Twp. Trustee, required.
STREATOR SCHOOL DISTRICT (P.O. Streator), La Salle County,
Ill.—BONDS VOTED.—The voters on June 3 authorized the issuance of
$35,000 5% bonds by a vote of 540 to 17. Due 1923 to 1929. Date of
offering not yet determined.
SUMNER COUNTY (P. 0. Gallatin), Tenn.—WARRANT SALE.—
We are advised that this county has sold $6,000 5% 1-4-year warrants to
the Valley National Bank of Nashville.
SUMNER SCHOOL DISTRICT (P. 0. Sumner), Coos County, Ore.
—BONDS VOTED.—The question of issuing $5.000 building bonds carried,
it is stated, at a recent election.
SUMTER COUNTY (P. 0. Bushnell), Fla.—BONDS NOT SOLD.—
No bids were accepted for the $30,000 Special Bead & Bridge Dist. No. 1
and $20.000 Special Road & Bridge Dist. No. 3 6% 40-yr. road-constr.
bonds offered on June 5 (V. 102, p. 1921.)
SUTTLES LAKE IRRIGATION DISTRICT (P. 0. Grandview) Jefferson County, Ore.—BID TAKEN UNDER ADVISMENT.—The bid
of 90 submitted by Henry J. Kaiser, Pres. of the Kaiser Constr. Co., Lt. of
Vancouver, B. C. for the $600,000 6% irrigation system completion bonds
offered on June 6, was taken under advisement.
TARENTUM, Allegheny County, Pa.—BOND SALE.—On June 12
the $60,000 43-/ street, fire dept. and funding bonds (V. 102, p. 2187)
were awarded to Lyons, Singer & Co. of Pittsburgh at 101.554 and•int.
TANGIPAHOA PARISH (P. 0. Amite), La.—BOND OFFERING.—
Proposals will be received until 10 a. m. July 11 by the Police Jury, J. U.
Vining, Clerk, for the $110,000 Road Dist. No. 3 bonds—V. 102, p. 1186.
All bids must be unconditional and accompanied by a certified check for
$3,000, payable to H. P. Mitchell, President of Police Jury. The successful bidder will be furnished at the expense of the district with a proper legal
opinion as to the validity of the bonds and he will be expected to comply
Immediately with the terms of his bid.
THIEF RIVER FALLS, Pennington County, Minn.—BOND OFFERING.—Addltional information is at hand relative to the offering on June 27
of the $30,000 5%% 30-yr. coupon tax-free water-works bonds (V. 102, p.
2187). Proposals for these bonds will be received until 8 p. m. on that day
by A. H. nisei, City Clerk. Auth. Chap. 253, Gen. Laws, 1915. Denom.
$500. Date July 11916. Int. J. & J. Bonded debt, including this issue,
NEW LOANS.
2277
S205.000. Floating debt $26,572.37. Sinking fund $15,250. Assess. val.
$1,641,661. Total tax rate (per $1,000) $73.30.
TINA SCHOOL DISTRICT (P. 0. Tina), Carroll County, Mo.—
BOND SALE.—On May 12 $8,000 534% 5-20-yr. (opt.) building bonds
were awarded to the Banking House of Wilconson & Co. of Carrollton at
102.40. Denom.$500. Date May 1 1916. Int. M.& N.
TISHOMINGO SCHOOL DISTRICT (P. 0. Tishomingo), Johnston
County, Okla.—BONDS VOTED.—Recently this district voted, it is
stated, to issue $12,000 high-school-addition bonds.
TONAWANDA, Erie County, N. Y.—BOND OFFERING.—Proposals
will be received by the City Clerk until 8 p. m. June 26 for $9,000 registered
street-improvement bonds at not exceeding 5% interest. Date July 1 1916.
Principal and semi-annual interest at City Treasurer's office or if so desired
will be remitted to registered holder in New York exchange. Due July 1
1927. Certified check (or draft) for $500, payable to Edward P. Fries,
City Treasurer, required. Delivery of bonds July 1. The opinion of.
Dillon, Thomson & Clay, New York, as to the legality of the bonds will be
furnished to the purchaser. These bonds were previously offered for sale
June 13, but all bids received on that day were rejected.
TRENTON, N. J.—BONDS PROPOSED.—The City Commissioners
were to have held a meeting June 7to consider an ordinance providing for the
issuance of $16,000 30-yr. coup. or reg. school bonds at not exceeding 4 %
Denom. $100 or multiples thereof. Prin. and semi-ann. int., payable at office of City Treasurer.
TROY, N. Y.—BOND OFFERING.—Proposals will be received until
10 a. m. June 22 by W. H. Dennin, City Comptroller, for $200,000 5%
tax-exempt certificates of indebtedness or revenue bonds. Denom. $25,000. Date June 22 1916. Due Aug. 16 1916. Certified check for not less
than 19 of bonds, payable to "City of Troy," required. Bonds to be
delivered and paid for within five days from time of award. Purchaser to
pay accrued interest. Official circular states that the city has never defaulted on any of its obligations.
TUCUMCARI SCHOOL DISTRICT (P. 0. Tucumcari), Quay
County, N. Mex.—BONDS VOTED.—By a vote of 374 to 80 recently
authorized the issuance of $50,000 school-bldg. bonds, it is reported.
UNION PARISH(P.O. Farmerville), La.—BONDS AUTHORIZED.—
Reports state that the Police Jury has authorized the issuance of $29,000
5% funding bonds.
UTICA, Oneida County, N. Y.—BOND SALE.—On Juno 12 the
$6,195 02 4% 3%-yr.(aver.) reg. tax-free delinquent tax bonds (V. 102, p.
2101) were awarded to the Utica Trust & Deposit Co. at par and int.
There were no other bidders.
VOLUSIA COUNTY (P. 0. De Land), Fla.—BOND SALE.—On June
12 the $250,0006% coupon New Smyrna Special Road & Bridge Dist. bonds
—V. 102, p. 1832—were awarded to Sidney Spitzer & Co., Toledo, C. W.
McNear & Co., Chicago, and J. C. Mayer & Co., Cincinnati, for $252,638
—101.055—and int. Other bids were:
FINANCIAL
NEW LOANS.
$300,000
$598,208.71
Board of Education, Independent District
of Huntington, Well County, W. Va.
CITY OF MINNEAPOLIS, MINNESOTA
1916 Grade School Building Bonds
Notice is hereby given that the Board of EdocatiOn of the Independent District of Huntington,'In the County of Cabell, State of West Virginia, will on the FIRST DAY OF JULY, 1916,
commencing at two o'clock p. m., Eastern
Standard Time, at its offices in the Carnegie
Library Building, in the City of Huntington,
County of Cabell, and State of West Virginia,
make sale of the following bonds:
An issue aggregating $300,000 00, being the
1916 Grade School Building Bonds of the said
District, issued for the purpose of building, completing, enlarging, repairing and furnishing
school houses in the said district and acquiring
necessary sites therefor, under the authority of
the laws of the State of West Virginia, and pursuant to an ordinance or resolution of the said
Board of Education in the Independent District
of Huntington, in the County of Cabell, passed
and adopted on the thirteenth day of March, in
the year 1916, and a vote of the qualified voters
of the said district at a special election duly
called and held on the second day of May, 1916,
ratifying and approving said ordinance and resolution and the bonds therein provided for by a vote
of more than three-fifths of all the votes cast for
and against the same.
The bonds so to be offered for sale will be dated
June 1, 1916, and will be of the denomination of
five hundred ($500 00) dollars each, with interest at the rate of four and one-half per centum
per annum, payable semi-annually, with principal
and interest payable to bearer at the First National Bank of New York,in the City of New York,
and maturing as follows:
One hundred thousand ($100,000 00) dollars,
being Series"A," consisting of two hundred bonds,
on June 1, 1926. The residue of said bonds are
divided into twenty series of ton thousand
($10,000 00) dollars each, each series consisting
of twenty bonds, and designated as Series "B" to
"U," both inclusive. Series "B" matures on
June 1, 1927, and one of said series matures, in
alphabetical order, on Juno first of each year
thereafter, to and including Juno 1, 1946.
Sealed bids must be filed with James K. Oney.
Secretary of the Board, on or before noon of said
day of sale, accompanied with a certified check
for two thousand ($2,000 00) dollars, drawn upon
some responsible bank or trust company, the
amount of the deposit of the successful bidder to
be retained by the Board as and for liquidated
damages in case of the failure of such bidder to
take and pay for said bonds; otherwise to be returned to such bidder or credited upon the purchase price.
The legality of the bonds to be approved by
Messrs.Dillon Thomson & Clay, of New York
City, whose opinion as to the legality, or a duplicate thereof, will be delivered to the purchaser.
The right is reserved to reject any and all bids.
Dated at Huntington, West Virginia, this, the
first day of Juno, 1916.
J. L. HAWKINS,
President of the Board of Education of the
Independent District of Huntington, in
the County of Cabell, West Virginia.
JAMES K. ONEY,
Secretary thereof.
SPECIAL STREET
IMPROVEMENT BONDS
Sealed bids will be received by the Committee
on Ways and Means of the City Council of the
City of Minneapolis, Minnesota, at the office of
the undersigned, WEDNESDAY, JUNE 21ST,
1916 AT 2:45 O'CLOCK, P. M.. for $598,208 71
Special Street Improvement Bonds of forty-six
separate issues, dated July 1, 1916, to become due
and payable one-twentieth each year thereafter,
the last one being payable July 1, 1936, and no
bid will be entertained for said bonds for a sum
less than the par value of the bonds bid for and
accrued interest to date of delivery, and the rate
of interest must be bid by the purchaser and
must not be in excess of 5 per cent per annum,
payable annually or semi-annually.
The right to reject any or all bids is hereby
reserved.
A certified check.for Two Per Cent of the par
value of the bonds bid for, made to C. A. Bloomquist, City Treasurer, must accompany each bid.
Circular containing full particulars will be
mailed upon application.
DAN 0. BROWN,
City Comptroller,
Minneapolis, Minn.
$396,000
COAHOMA COUNTY, MISS.
STONE &WEBSTER
FINANCE public utility developments.
BUY AND SELL securities.
DESIGN steam power stations, hydroelectric developments, transmission
lines, city and interurban railways,
gas plants, industrial plants and
buildings.
CONSTRUCT either from our own designs or from designs of other engineers or architects.
REPORT on public utility properties,
proposed extensions or new projects.
MANAGE railway, not,power and gas
companies.
NEW YORK
BOSTON
CHICAGO
INTERCOUNTY ROAD BONDS
Notice is hereby given that the Board of Supervisors of Coahoma County, Missis.sippi, will offer
for sale at the Court House in Clarksdale. Mississippi, at 9:00 O'CLOCK A. M., WEDNESDAY,
JUNE 21, 1916, the intercounty road bonds of
the said county, in the sum of three hundred
ninety-six thousand dollars. Said bonds are five
per cent bonds, interest payable semi-annually, on
July 1st and January 1st of each year. Said
bonds will mature in from one to ten years. All
bids must be accompanied by a certified check
for five per cent of the amount bid. The right
to reject all bids is reserved.
S. F. CARR, Clerk,
Clarksdale, Miss.
LIQUIDATION
NOTICE.
The Southington National Bank, located at
Southington, in the State of Connecticut, is
closing its affairs. All noteholders and other
creditors of the association are therefore hereby
notified to present the notes and other claims
for payment.
CHARLES E. SMITH.
Cashier.
Dated February 28. 1916.
H. M. Byllesby & Co.
Incorporated
TACOMA
CHICAGO
NEW YORK
Trinity Bldg. Cont. & Comm. Washington
Bank Bldg.
Purchase, Finance, Construct and
Operate Electric Light, Gas, Street
Railway and Water Power Properties.
Examinations and Reports
Utility Securities Bought and Sold
LOANS
The SECOND NATIONAL BANK of UTICA,
located at UTICA,in the State of NEW YORK, on Legacies, Inheritances, Stockst Bonds,
is closing its affairs. All note holders and other Warehouse Receipts, Raw Material, Notes,
creditors of the association are therefore hereby Bills and Accounts Receivable discounted.
notified to present the notes and other claims for
payment.
FRANK R. WINANT,Cashier.
Dated May 6, 1916.
NEW YORK
80 Wall Street
L. N. ROSENBAUM & CO.
THE CHRONICLE
2278
G. B. Sawyers & Co., Jack_$253,8601Security Say. Bank, Tol.,
and Bolger, Masser +250,250
Spitzer, Rorick & Co., Toi_ 251,910
WiHaman, Chicago
Terry, Briggs & Slayton,
Toledo, and U. S. Tr. St{ 251,300 J. H. Hilsman & Co., Ati__ 249,525
Powell, Gerard & Co., Chic_ 248,800
Say. Bank, Jacksonv_
Stacy & Braun, Toledo__ 250,750 F. L. Fuller & Co., Cloy__ 248,250
VOSBURG SCHOOL DISTRICT (P. 0. Vosburg), Jasper County,
Miss.
-BOND SALE.
-C. H. Coffin of Chicago was awarded on May 4
$3,000 6% 5-20-yr. (opt.) building bonds at par. Denom. $250. Date
May 1 1916. Int. annually.
-BOND ELECTION.
WALLER COUNTY (P. 0. Hempstead), Tex.
Reports state that an election will be held in Road Dist. No. 1 on June 22
to vote on the question of issuing $25,000 road-impt. bonds. Allen B.
Hannay is County Judge.
-It is
WARD COUNTY (P.O. Minot), N. Dak.-BONDS VOTED.
stated that the voters of this county had authorized by a large majority
the issuance of $150,000 court-house bonds.
-BOND SALE.
-On June 10 the
WARREN, Trumbull County, Ohio.
two issues of 4M % bonds, aggregating $33,500 (V. 102, p. 1922), were
awarded to the Ohio Nat. Bank of Columbus for $34,266 53, equal to
102.287. Other bids were:
Tillotson&Wolcott Co., Clev.$34,240 Spitzer, Rorick & Co., Tol.- _$34,027
Seasongood & Mayer, Cin._ _ 34,196 Hayden,Mlller & Co., Ciev._ 33,998
Provident S.D.& T.Co.,Cin._ 34,186 Breed,Elliott&Harrison, Cin. 33,881
34,090 W.L. Slayton & Co.,Toledo_ 33,759
Otis & Co., Cleveland
C. E. Denison & Co., elev.. 34,065 First Nat. Bank, Columbus_ 33,675
Rudolph Kleybolte&Co.,Cin. 34,0631F. C. Hoehier, Toledo
33,587
-BOND
WARWICK (T.) (P. 0. Apponaug), Kent County, R. I.
-On June 13 the $100,000 43% coupon school bonds (V. 102, p
SALE.
2188) were awarded, it is stated, to Estabrook & Co. of Boston at 102.04.
Other bids were:
Merrill, Oldham & Co., Bos_101.5491Harris, Forbes & Co., N.Y_ _101.06
Cummings,Prudden&Co ,NY.101.151Cropley,McGaragle&Co.,Bos 98.00
-BOND OFFERING.WASHINGTON COUNTY (P.O. Salem),Ind.
Proposals will be received until 1:30 p. m. June 20 by Otto C. Zink, Co.
Treas., for the following 43-6% highway impt. bonds:
$6,040 Orel W. Gardner et al. Vernon Twp. bonds. Denom. $302.
7,600 Sidney N. Robbins et al. Washington Twp. bonds. Denom. $380.
Date June 5 1916. Int. M.& N. Due one bond of each issue each six
months from May 15 1917 to Nov. 15 1926, incl.
WASHINGTON COUNTY (P.O. Greenville), Miss.
-BONDS VOTED
-The proposition to issue the $950,000 road-construction bonds carried.
it is stated, at a recent election.
WASHINGTON TOWNSHIP, Nodaway County, Mo.-BOND ELEC-On June 24 an election will be held in this county for the purpose
TION.
of submitting to the voters the question of issuing $25,000 road bonds, it
is stated.
WATSONVILLE SCHOOL DISTRICT, Santa Cruz County, Calif.
BONDS VOTED.
-The election held June 3 resulted in favor of the questions
of issuing the $100,000 site-purchase and high school bldg. and $25.000
grammar school bldg. 5% bonds (V. 102. p. 1922). The vote was 639 to
275 and 663 to 255, respectively.
-DESCRIPTION OF BONDS.
WELCH, Craig County, Okla.
-The
$24,000 water-works bonds recently awarded at 100.50 to Robinson &
Taylor (V. 102, p. 1651) bear int. at the rate of 6% and dated Dec. 1 1915.
Int. J. & D. Due $6,000 in 5, 10, 15 and 20 years.
NEW LOANS
$100,000
4% WATER
BONDS, SERIES E
$49,900
43/2% SCHOOL BONDS
of the
City of Perth Amboy, N. J.
Sealed proposals will be received until 4 p. m.
JUNE 21, 1916, by J. A. Rhodes, City Treasurer,
at his office in the City of Perth Amboy, N. J.,
for the purchase of
$100,000 434% coupon Water Bonds, Series E, of
the denomination of $1,000 each, to be
dated Juno 1, 1916, due June 1, 1946,
interest payable semi-annually on the
first days of June and December;
$49,900 454% coupon School Bonds, 49 bonds of
the denomination of $1,000 each and one
bond of the denomination of $900, to be
dated July 1, 1916, duo $9,900 on July 1,
1926,and $10,000 on July 1 of each of the
years 1936, 1946, 1956 and 1966, interest payable semi-annually on the first
days of January and July.
Principal and interest are payable at the office
of the City Treasurer of the City of Perth Amboy.
Bonds will be engraved under the supervision of
the United States Mortgage & Trust Company of
New York City, who will certify as to the genuineness of the signatures of the city officials and the
seal impressed thereon, and their legality will be
approved by Messrs. Caldwell & Alasslich, of
New York City, whose opinion as to legality will
be furnished to the purchaser.
Bonds may be registered as to principal and
interest, or as to principal only.
The Water Bonds will be delivered to the purchaser on the 26th day of June, 1916, at the office
of said Trust Company, No. 55 Cedar Street,
New York City, or at Perth Amboy, N. J. The
School Bonds will be delivered to the purchaser
on the 3rd day of July, 1916, at Perth Amboy,
N. J., or at some other place mutually agreed
upon in the State of New Jersey.
Each proposal must be enclosed in a sealed envelope marked "Proposal for Bonds" and addressed to J. A. Rhodes, City Treasuret.and must
be accompanied by a certified check on an incorporated bank or trust company for two per cent
of the par value of the bonds bid for.
All bonds should be considered to carry accrued
interest from the date of issue of the bonds to the
date of delivery of the same.
The right to reject any or all bids is reserved.
J. A. RHODES,
City Treasurer.
Perth Amboy, June 12, 1916.
WELLINGTON SCHOOL DISTRICT (P. 0. Wellington), Sumner
-BOND SALE.
-The $20,000 4% 20-year coupon tax-frecl
County, Kan.
building bonds offered without success on May 20 (V. 102, p. 2011) have
been disposed of as 4s. Bonds are optional after 10 years.
-BOND SALE.
-On June 12
WEST PARK, Cuyahoga County, Ohio.
the two issues of 5% bonds, aggregating $34.843 (V. 102, p. 1922), were
awarded to Otis & Co. of Cleveland for $36,950 (106.047) and int. Other
bids were:
Hanchett Bond Co.,Chic._ --$36,4771Well, Roth & Co., Cincin._ _ _236,358
W. L. Slayton & Co., Toledo 36,4041Seasongood & Mayor, Cin._ _ 36,193
WESTVILLE TOWNSHIP SCHOOL DISTRICT (P. 0. Westville),
-Bids will be received.
-BOND OFFERING.
Vermilion County, Ill.
according to reports, by A. Lete, Secretary Bd. of Ed., until 7 p. m.June 26
for $50,000 5% 10-yr. serial school bonds dated Aug. 1 1916. Certified
check for $1,000 required.
WICHITA FALLS SCHOOL DISTRICT (P. 0. Wichita Falls),
-Proposals will be received,
-BOND OFFERING.
Wichita County, Tex.
It is stated, by W. J. Bullock, President Board of Trustees, until June 26
for the $65,000 5% 10 to 40-yr. (opt.) school building bonds voted May
23-V. 102, p. 2102. Cert. check for $1,000 required.
WOODFORD SCHOOL DISTRICT NO. 46 (P. 0. Woodford),
-A.Z. Stroman, Chair-BOND OFFERING.
Orangeburg County, S. C.
man Board of Trustees, will receive proposals until 12 m.June 27 for $4,000
20-year coupon school bonds at not exceeding 6% interest. Auth. Acts
of 1907 and amendments thereto. Denom. to suit purchaser. Date
"day of sale." Int. J. & J. in New York. Certified check for $250, payable to the above named Chairman, required.
YORKTOWN SCHOOL DISTRICT (P. 0. Yorktown), Dewitt
-An election will be held June 27.
-BOND ELECTION.
County, Tex.
t is stated, to vote on the question of issuing $10,000 building bonds.
Canada. its Provinces and Municipalities.
-Reports state that
BRANTFORD, Ont.-DEBENTURE ELECTION.
an election will be hold June 26 to vote on the question of issuing $58,000
hosp.tal extens,on debentures.
-BOND SALE
BRITISH COLUMBIA (PROVINCE OF).
See item on a preceding page of this Department.
-Sealed tenders will
-DEBENTURE OFFERING.
CALGARY, Alta.
be received until 3 p. m. June 20 by M. C. Costello, M.D., Mayor and
Chairman of the Finance Comnuttee, for the following 5% gold coupon
sinking fund debentures:
$411,738 50 stores capitalization debentures, duo on Juno 15 from 1915 to
1935.
722.068 49 local improvement debentures, due on June 15 from 1915 to
1935.
375,000 00 Centre St. bridge debentures, due on Juno 15 from 1915 to
1945.
60,000 00 Ninth St. W. bridge-construction debentures, duo on June 15
from 1915 to 1945.
Denom. $500. Principal and semi-annual interest (J. & D.) payable at
principal offices of The Molsons Bank, Montreal, Toronto and Calgary, in
Canadian currency, or at the Mechanics & Metals National Bank, New
York, in gold coin of the United States of America, at par of exchange, at
holder's option. Authority to issue and the legality of the debentures have
been inquired into and certified to by the legal firm of Clarke & SWabey,
NEW LOANS.
NEW LOANS.
$100,000
City of Kansas City, Missouri
$30,000
14
Wall
Street, New York
Public Utility Securities
Is:
CITY OF PLAINFIELD, N. J.
Blue River Improvement Bonds
SCHOOL BONDS
Sealed proposals will be received by the undersigned, the Mayor and the City Comptroller of
Kansas City. Missouri, until JULY 3, 1916, AT
10 O'CLOCK A. M., for the purchase of all or
any part of the following named bonds of the
City of Kansas City, Missouri, in the following
named amounts:
Blue River Improvement Bonds-$100,000 00
Said bonds bear interest at the rate of four and
one-half per cent per annum.
All of said bonds are in denominations of one
thousand dollars each, are dated July 1, 1915,
and mature July 1, 1935. Interest is payable at
the office of the City Treasurer, in Kansas City,
Missouri, or at the Chase National Bank of New
York, in the City and State of New York, at the
option of the holder.
No bid will be received which is in whole or in
part los's than par. The legality of the bonds
will be approved by the firm of Mews. Dillon,
Thomson & Clay of Now York City, whose
opinion, or duplicate thereof, as to the legality
of said bonds, will be delivered to the purchaser
or purchasers of said bonds.
Each bid must be made on a blank form furnished by the city, aRd must be accompanied
by a duly certified check upon some national bank
doing business in Kansas City, Missouri, payable
to the order of the City Comptroller of Kansas
City, Missouri, for two per cant of the par value
of the bonds bid for. The right 13 reserved to
reject any and all bids.
Bids will be received at the office of the Mayor,
City Hall, Kansas City, Missouri, but no bid
will be entitled to consideration unless so received
or before the hour above specified for receiving
bs.
byid
Delivery of the bonds will be made July 8.
1016, at 10 o'clock a. m., at the office of the
City Comptroller, City Hall, Kansas City,
Missouri.
Printed circulars containing more definite and
detailed information with reference to said bonds,
and blank forms for bids, can be had on application to the City Comptroller, Kansas City, Missuer', or to Messrs. Dillon, Thomson & Clay.
Equitable Building, 120 Broadway, New York
City.
GEORGE H. EDWARDS,
Mayor of Kansas City, Missouri.
EUGENE H. BLAKE,
Comptroller of Kansas City, Missouri.
NOTICE IS HEREBY GIVEN that on
MONDAY, THE THIRD DAY OF JULY, 1916,
at 8 o'clock P. M., at the Council Chamber, No.
149 North Avenue Plainfield, N. J., the Common
Council of said City will receive sealed bids for
the purchase of$30,000 School Bonds of said City,
dated June 1st, 1916, bearing interest at the rate
of four and ono-half per centurn (43i%) per annum, payable semi-annually, and maturing serially, $2,000 on June 1 in each of the years 1955
to 1961, both inclusive; and $4,000 on Juno 1
in each of the years 1962 to 1965, both inclusive.
The bonds will be coupon in form but may be
registered as to principal only or as to both principal and interest. A certified check•for two per
cent (2%) of the face value of the bonds bid for,
payable to the order of the City of Plainfield,
must accompany each bid.
No bid for less than par and accrued interest
will be accepted.
The right is reserved to reject any or all bids.
All proposals or bids must ho submitted on
forms of proposal especially prepared for that
purpose, copies of which may be obtained from
the City Clerk or from the United States Mortgage & Trust Co., New York City.
Bonds will be approved as to legality by Messrs.
Hawkins, Delafield & Longfellow, Attorneys, of
New York City, whose opinion will be furnished
to the successful bidder, and tho bonds will be
engraved under the supervision of the United
States Mortgage & Trust Company of New York
City, which will certify as to the genuineness of
the signatures of the officials executing the bonds
and the seal impressed thereon. The bonds will
be delivered to the respective purchasers on Monday, the tenth day of July, 1916, at the office of
the City Treasurer of Plainfield, N. J., unless
another time be mutually agreed upon.
Bids will be received for all or any part of such
Issue.
Dated June 5th, 1916.
By order of the Common Council,
J. T. MacMURRAY,
City Clerk.
FINANCIAL
F. WM. KRAFT
H. D. Walbridge & Co.
[Vol.. 102.
LAWYER
Specializing in Examination of
Municipal and Corporation Bonds
517-520 HARRIS:TRUST BUILDING
111 WEST MONROE STREET
CHICAGO,ILL.
$27,500
ENFIELD, CONNECTICUT
TOWN BONDS
Sealed proposals will be received by the Town
Treasurer at his office in the Town of Enfield
(Thompsonville), Conn., until MONDAY, THE
26TH DAY OF JUNE, 1916, at Two o'clock
P. M., for the purchase of tho whole or any part
of the above-named Bonds, amounting to $27,500,
to be issued July 1st, 1916, and maturing July 1st,
1936, with interest at 43 per cent per annum,
payable semi-annually.
Principal and interest payable in gold coin of
the United States of America.
For further information and conditions governing proposal and sale, address
J. HAMILTON POTTER, Treasurer,
Thompsonvillo, Conn.
JuNE 17 1916.]
THE CHRONICLE
Toronto, and their certificate attaches to the consolidating by-law. De-.
livery of debentures will be made at any one of the above-mentioned places
of payment of principal and interest as the purchaser may elect. Payment
of purchase price, including accrued interest, to be made, immediately on
delivery, to the City of Calgary at par of exchange, Calgary.
CANTON OF CHAMBLY, Que.-LOAN AUTHORIZED.
-The Village
Council on May 30 authorized the issuance of $2,500 6% coupon debentures to Robinson & Lassner, manufacturers of ladies' wear in Montreal,
for the purpose of having them establish a plant in this village. Denom.
$500. Int. annually on July 1. Duo 10 yea'rs.
CHARLOTTETOWN, P. E. I.
-DEBENTURE OFFERING.
-Reports
state that the Commissioners of Sewers and Water Supply are offering for
sale $10,000 5% water-works debentures. Denom. $500.
DUNNVILLE, Ont.-DEBENTURE OFFERING.
-Sealed tenders will
be received until 8 p. m.June 19 by J. W.Holmes,Town Clerk,for $12,800
-year sewer debentures.
6% 10-year paving and $10,000 6% 20
EASTEND,Sask.-DEBENTURE SALE.
-H.0. Hara & Co.of Toronto
purchased during May $6,000 8% 10-installment debentures, dated May 10
1916.
EDMONTON, Alta.
-By-laws providing
-DEBENTURE ELECTION.
for $1,363,000 on taxes in arrears up to 1914 and $1,356,000 on taxes in
arrears for 1915 will be submitted to a vote, it is stated, on June 20. Date
July 1 1916 and duo July 11918.
FARNHAM PROTESTANT HIGH SCHOOL DISTRICT (P. 0.
Farnham), Que.-DEBENTURE OFFERING.
-This district is offering
for sale $10,000 6% 30-year school-building bonds, according to reports.
Denom. $500. J. T. Hesse is Secy.-Treas., Board of Education.
p
2279
HULL, Que.-DEBENTURE SALE.
-On June 5 an issue of $146,000
5% 10-year local improvement debentures were awarded, it is stated, to
the Royal Securities Corporation, Ltd., of Quebec.
LONDON, Ont.-DEBENTURES AUTHORIZED.
-By-laws providing
for the issuance of 83.000 142d Battalion, $6,000 fire department, $6.500
garbage stable, $85.000 utilities commission, $39,000 London and Port
Stanley and $170,000 storm sewer debentures were passed, it is stated, by
the City Council on June 5.
LOAN AUTHORIZED.
-The Council on Juno 5 also authorized, it is
stated, a by-law providing for a loan of $300,000 for current expenses.
MANITOBA RURAL SCHOOL DISTRICTS.
-DEBENTURE SALES.
-During the month of May H.O'Hara & Co.of Toronto purchased $23,800
7% 10 and 15 installment school-bldg. debentures.
NEWFOUNDLAND(Goiernmenrof).-DESCRIPTION OFBONDS...
See item on a preceding page in this Department.
NEW TORONTO, Ont.-DEBENTURES AUTHORIZED.
-Reports
state that an issue of $120,000 sewerage-system-construction debentures
was authorized by the Council on June 5.
ORILLIA, Ont.-DEBENTURE SALE.
-On June 7 $35,000 6% 20installment debentures were awarded, it is stated to Wood, Gundy & Co.
of Toronto at 104.33.
QUEBEC (Province of).
-DESCRIPTION OF BONDS.
-See item on
preceding page of this Department.
RED DEER, Alta.
-DEBENTURE OFFERING.
-Tenders will be
received until 12 m. June 19 by A. T. Stephenson, Commissioner, for
$3,000 6% ten-installment debentures.
ROBSART VILLAGE SCHOOL DISTRICT, Sask.-DEBENTURE
SALE.
-An issue of 63,000 7% 10-installment school debentures was purchased by H. O'Hara & Co. of Toronto. Date June 1 1916.
ST. CATHARINES, Ont.-DEBENTURE SALE.
-On June 12 three
issues of 53(% local improvement debentures, aggregating $83,895 59,
and three issues of 5% debentures, aggregating $111,500, were awarded to
Abou lius1Ja4v & Co., of Toronto, for $193,986 78 (99.279), a basis of
a emit 5. 8 .is
-Tenders
-DEBENTURE OR STOCK OFFERING.
HALIFAX, N. S.
will be received until June 22 by James J. Hopewell, City Treasurer, for
the following 5% debentures or stock:
To redeem consolidated fund debentures. 1880. due July 1 1916-$189,000 00
(Under Chap. 51, Acts 1905, Chap. 84, Acts 1909.)
Morris St. Extension (under Chap. 77, Acts 1914)
6,000 00
Extension of water supply
25,000 00
Construction of permanent sidewalks (city's share)
35,000 00
Construction of public sewers (under Chap. 47, Acts 1915)--- - 78,000 00
STE. GREGOIRE DE THAUMACURGE, Que.-BONDS AUTHORConstruction of public sewers
10,000 00
-This district has authorized the issuance of $310,000 6% 40
Construction of public comfort station
9,000 00 IZED.
-year
school debentures. N. Chamberland is Sec.-Treas., 220 Gamier St.,
Construction of public abattoir
25,000 00
Construction of public bathing place, North-West Arm
5,000 00 Montreal.
Construction of wall about county jail (city's share)
1,136 16
SHERBROOKE, Que.-DEBENTURE ELECTION.
-The question
Improvement of assessment
10,000 00 issuing $300,000 Westbury Basin power development debentures will of
be
Cedar Street extension (under Chap. 38, Acts 1916)
1,500 00 submitted to a vote, it is stated, on June 19.
Now school on Russell Street to replace that burned
114,784 00
TENDERS REJECTED.
-According to reports, the tenders received for
Less insurance money on hand
-year debentures recently offered, were rejected.
Estimated proceeds sale of Acadian School and land thereof
28,
000 00 the $32.400 5% 5
Under Chap. 69, Acts 1909
65,784 00
SUDBURY, Ont.-DEBENTURES AUTHORIZED.
-Reports • state
pi For which coupon debentures of $1,000 each or inscribed stock certifi- that a by-law providing for the issuance of $40,000 public-school-construccates or multiples of $100 will be given, payable in lawful money of Canada, tion debentures was authorized by the Council on May 29.
of the present standard weight and fineness, on July 1 1950.
or in gold
TRURO, N. S.
-DEBENTURE OFFERING.
-Tenders will be received
Interest will be payable semi-annually in lawful money of Canada or in
gold at the Royal Bank of Canada s branches in Montreal, Toronto, until 12m. June 21 by the Town Clerk,it is stated,for $23,700 5% 30
-year
debentures. Interest semi-annual.
Boston or New York, and at the office of the City Treasurer. Parties loaning the money will be required to pay the accrued interest to the time of
SUTHERLAND, Sask.-DEBENTURES NOT SOLD.
-No
paying over.the amount loaned. The loan to be paid in Halifax funds, and bids were received for the following 7% 30-yr. debentures offeredsatisfactory
the securities to be delivered in Halifax at the office of the City Treasurer. $19.350 water-works, $750 sidewalk, $15,500 sewer and $400 on May 18:
grading.
NEW LOANS
MISCELLANEOUS
CITY OF HOBOKEN,
HUDSON COUNTY, N. J.
Notice of Sale of
$65,000 Street Reimprovement Bonds
$100,000 Fire Bonds
Sealed ,proposals will be received by the
proposals
Board of
of the City of Hoboken
at the City Hall, Hoboken, New Jersey, until
WED N ESDA V, JUNE 21, 1916, at 10 O'CLOCK
A. M., when they will be publicly opened for the
purchase of all or any part of bonds of the Mayor
and Council of the City of Hoboken as follows:
$65,000 street reimprovement bonds, dated
June 1, 1916. payable June 1, 1946.
$100,000 fire bonds, dated Juno 1, 1916,
payable June 1, 1936.
Said bonds will be of the denomination of $1,000
each, will bear interest at the rate of 4% per
centum per annum, payable semi-annually on
the first days of June and December in each
year. Both principal and interest will be payable
at tho office of the City Treasurer of the City of
Hoboken, in gold coin of the United States of
America of or equal to the present standard of
weight and fineness. Said bonds will be coupon
bonds with the privilege of registration as to principal only or of conversion into bonds registered
as to both principal and interest.
The bonds will be sold at not less than par
and accrued interest from. the date of the bonds
to the date of delivery. The right is reserved to
reject any or all bids.
Proposals should be addressed to the Board of
Commissioners of the City of Iloboken
closed in a sealed envelope marked on theand enoutside
"Proposal for Street Roimprovement Bonds and
Fire Bonds," and must be accompanied by
certified check upon an incorporated bank a
or
trust company, payable to the order of
of Hoboken for two per cont, of the par the City
value of
the bonds bid for. Ch.ecks of unsuccessful bidders
will be returned upon the award of the bonds.
No interest will be allowed on the amount of
checks of successful bidders, and such checks will
be retained and applied in part payment for the
bonds, or, in case of failure to take up and pay
for the bonds in accordance with the terms of the
proposal, will be applied on account of the damages
Incurred by the city thereby.
The successful bidders will be furnished with
the opinion of Hawkins, Delafield & Longfellow,
attorneys of Now York City, that the bonds are
binding and legal obligations of said city. The
bonds will be prepared under the supervision of
the United States Mortgage & Trust Company,
which will certify as to the genuineness of the
signatures of the city officials and the seal impressed thereon.
Dated June 7, 1916.
By order of the Board of Commissioners.
DANIEL A. HAGGERTY, City Clerk.
Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver
Registrar and
Transfer Agent.
Girard Trust Company
PHILADELPHIA
Chartered 1836
CAPITAL and SURPLUS, $10,000,000
Interest allowed
on deposits.
E. B. Morris, President,
4.11111110
MELLON NATIONAL BANK
PITTSBURGH, PA.
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS MAY 1, 1916
RESOURCES
Loans, Bonds and Investment Securities
Overdrafts
Cash
Due from Banks
$67,224,935 17
18 87
5,840,642 65
13,813,524 22
$86,879,120 91
LIABILITIES
Capital
Surplus and Undivided Profits
Reserved for Depreciation, Etc
Circulating Notes
Deposits
$6,000,000 00
3,425,426 49
238,767 33
3,372,997 50
73,841,929 59
$86,879,120 91
Adrian H. Muller & Son
AUCTIONEERS
Office, No. 55 WILLIAM STREET
Corner Pine Street
Regular Weekly Sales
OF
STOCKS and BONDS
EVERY WEDNESDAY
At the Exchange Sales Rooms
14-16 Vosey Street
SCHMIDT &GALLATIN,
Members of the
New York Stock Exchange
111 Broadway
New York
[VOL. 102.
THE CHRONICLE
2280
JfittanciaI
Cngitteersi
ATLANTIC MUTUAL INSURANCE COMPANY
THE
New York, January
ate Trustees,in conformity with the Chatter of the Company.submit the fottozoiny stmemannfits
1915.
1910,
rs on tee
31st of December.
The Company's business has been confined to marine and indandtranspoNation insurance.
$13.153,886 43
Premiums on such risks from the 1st January. 1915. to che 31st December, 1915
99%965 13
Premiums on Policies not marked off 1st January, 1915
37,147,831 56
Total Premiums
$6,244,,127 90
Premiums marked off from January 1st, 1915, to December 31st. 1915
8
1
Interest on the Investments of the Company received during the year $328.970 7
75,237 06
Interest on Deposits in Banks And Trust Companies,etc
97,835,23 3502,043 09
Rent received less Taxes and Expenses
$2,233,703 62
Losses paid during the year
3205,247 59
Less* Salvages
448,602 85$ 653,850 44
Re-insurances
Financiers
Engineers
Operators
of Public Utility and Industrial
Properties
REPORTS—VALUATIONS—ESTIMATES
43 EXCHANGE PLACE, NEW YORK
$1,579,853 IS
A dividend of interest of Six per cent on the outstanding certificates of profits wW be paid to t26
holders thereof, or their legal representatives, on and after Tuesday the first of February amt.
The outstanding certificates of the issue of 1910 will be redeemed and paid to the holders thereof, cc
their legal representatives, on and after Tuesday the first of February next, from which date al:
Interest thereon will cease. The certificates to be produced at tho time of payment, and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Company ter the year ending
31st December, 1915, width are entitled to participate In dividend,for which, upon apolication, certificates
will be issued on and after Tuesday the second of Ma next.
G. STANTON FLOYD-JONES, Secretary,
By order of the Board,
TRUSTEES.
DALLAS B.PRATT,
ANSON W.HARD,
EDMUND L. BAYLIES,
ANTON A. RAVEN,
SAMUEL T. HITBBARD.
JOHN N.BEACH,
JOHN J. RIKER,
LEWIS CASS LEDYARD,
NICHOLAS BIDDLE,
DOUGLAS ROBINSON
WILLIAM H.LEFFEIYM
ERNEST C. BLISS,
WILLIAM JAY S'IEFFEL119.
CHARLES D. LEVERICH.
JAMES
SAMUEL SLOAN,_
GEORGE H. MACY,
JOHN CLAFLI.N,
WILLIAM SLOANE,
NICHOLAS F. PALMER.
GEORGE C. CLARK,
LOUIS STERN,
HENRY PARISH.
CLEVELAND H.DODGE,
WALTER WOOD PARSONS, WILLIAM A. STREET,
CORNELIA'S ELDERT,
GEORGE E.TUR.NURE,
ADOLF PAVENSTEDT._
RICHA.RD H. EWART,
_GEORGE C. VAN TUYL,Jr.
CHARLES A. PEABODY4
G.STANTON FLOYD-JONES,
RICHARD H. WILLIAMS.
JAMES H.POST,
PHILIP A El FRANKLIN.
R
CHARLES M.PATT,'
HERBERT L. GRIGGS.
A. A. RAVEN, Chairman of the Board.
CORNELIUS ELDERT, President.
WALTER WOOD PARSONS, Vice-President.
CHARLES E. FAY,2d Vice-President.
BROWN,
LIABILITIES.
Estimated Losses, and Leases Unset$ 3,117,101 00
tled in process of Adjustment
903.703 00
Premiums on Untermlnated Risks___
Certificates of Profits and Interest
273,130 08
Unpaid
Return Premiums Unpaid
,
76 949 11
Reserve for Taxes
Re-Insurance Premiums on Termi215,595 72
nated Risks
Claims not Settled, including Com1,3.375 73
pensation,eto
Certificates of Profits Ordered Redeemed, Withheld for Unpaid Pre22,557 84
miums
1,230 26
Income Tax Withheld at thelSource
5,899 75
Suspense Account
Certificates of Profits Outstanding.— 7,187,370 00
CHICAGO
SAN FRANCISCO
LONDON
$1,076,316 36
Re
-Insurance Premiums and Returns of Premiums
Expenses, including compensation of officers and clerks, taxes, stationery,
$ 717,114 89
advertisements.etc
ASSETS.
United States and State of New York
$ 870,000 00
Bonds
New York City, New York Trust
1,783,700 00
Companies and Bank Stocks
2,832,463 65
of Railroads
Stocks and Bonds
386,18.500
Other Securities
Special Deposits in Banks and Trust
2.000.00000
Companies
Real Estate car. Wail and William
Streets and Exchange Place, con4,299,42604
taining offices
Real Estate on Staten Island (held
under provisions of Chapter 481
75,000 00
Laws of 1887)
660,314 60
Premium Notes
788.575 31
Bills Receivable
Cash in hands of European Bankers
to pay losses under policies payable
256,610 85
In foreign countries
1,695,488 03
Cash in Bank
135,000 00
Loans
315,582,763 48
1
GWHI. IL COMPANIES
WILLARD CASE & COMPANY
CONSULTING ENGINEERS
CONSTRUCTION
OF INDUSTRIAL PLANTS
REPORTS
ON OPERATING CONDITIONS
VALUATIONS
OF MANUFACTURING PROPERTIES
NEW YORK
17 BATTERY PLACE
WILLIAM E: WILLIAMS
CONSULTING ENGINEER
EXPERT IN PATENT CAUSES
Special work in originating and
developing new machinery, methods
of manufacture and inventions.
Reports on the commercial value of
inventions and patents.
28 East Jackson Boulevard
CHICAGO
Phone Harrison 5717
Jay:Grant DeRemer
Geo. W. Martin
Martin and DeRemer
Engineers and Managers
$12,025,669 80
33,557.153 88
Thus leaving a balance of
$ 40,528 08
Accrued Interest on the 31st day of December, 1915, amounted to
$ 25,588 11
on the 31st day of December 1915, amounted to
Rents due and accrued
day of
Re-insurance due or accrued, in companies authorized In New York, on the 3186
$ 172,389 50
December, 1915, amounted to
Note: The Insurance Department nas estimated the value of the Real Estate corner Wall and$ 450,573 98
William Streets and Exchange Place in excess of the Book Value given above at $ 83,700 00
And the property at Staten Island in excess of the Book Value, at
the
Ule Insurance Department's valuation of Stocks, Bonds and other Securities exceeds
$1,727,337 20
Company's valuation by
Public Utilities, Industrial
Plants and District Heating
Properties Financed and
Managed.
San Francisco Office
Geo. J. Henry
Rialto Building
New York
City
100 Broadway
36,037,250 59
Cs the basis of these increased valuations the balance would Go
siklASTOW
The Union Trust Company of New York has two well-equipped
Branches for its uptown business— the 38th Street Branch in the
heart of the busy Fifth Avenue shopping district, and the Plaza
Branch at Fifth Avenue and 60th Street, just opposite the entrance to Central Park.
The facilities of all the offices of the Company are offered to
depositors of either Branch or of the Main Office at 80 Broadway.
The Union Trust Safe Deposit Company, entirely owned by the
Union Trust Company, conducts modern safe deposit vaults at
both Branches.
UNION TRUST CO., 80 Broadway
CAPITAL AND SURPLUS - S8,162,000
•
so
.--
INCORPORATED_
CHICAGO
Capital, Surplus and Undivided Profits
-
-
$15,700,000
Has on hand at all times a variety of ex
Pays interest on Time
cellent securities. Buys and sells
Current and Reserve
Deposits,
Government, Municipal and
Accounts. Deals in Foreign ExCorporation Bonds.
change. Transacts a General Trust Business.
Now York
BO Plne Street
Alten S. Mille
Alex. 0. Humphreys
HUMPHREYS& MILLER,Inc.
ENGINEERS
Power—Light--Gas
NEW YOR
III BROADWAY
Alfred it. Fantail
MinoisTrust&SaviingsBank
co
CONSULTING and
CONSTRUCTION ENGINEERS
PUBLIC SERVICE PROPERTIES
FINANCED and MANAGED
Charles D. itobiso
FORSTALL AND ROBISON
ENGINEERS
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions,
NEW YORK CITY
111 William St.,
DANIEL W. MEAD
F.W.SCHEIDENHELM
Consulting
Engineers
INVESTIGATIONS, REPORTS, DESIGNS
AND CONSTRUCTION
Hydraulic and electric developments, water
supply, flood control and reclamation
works.
NEW YORK
120 BROADWAY
@FedFRASER