Full text of Commercial and Financial Chronicle : June 3, 1916, Vol. 102, No. 2658

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Q u o ta tio n

S e c tio n

R a ilw a y &

E a r n in g s

S e c tio n

B a n k e rs’ C o n v e n tio n

l m

In d u s tr ia l S e c tio n
S e c tio n

1916.

T e r m s o f S u b s c r ip tio n — P a y a b le in A d v a n c e
..$10 00
For One Year .....................................................
00
F or Six M onths....................................................
00
=European Subscription (including postage).......... ..................................
... 7 o y
European Subscription six months (including postage)........................
( 50
... £2
Annual Subscription in London (including postage)
...................... 148. 14a.
.. 1 llfl.
Six Months Subscription in London (including postage)......................^£1 118.
,..$11 50
Canadian Subscription (iucludiug p o s ta g e !...................................
S u b s c r ip t io n in c lu d e s f o l l o w in g S u p p le m e n t s —

B INK AND QUOTATION (monthly)
H ailw ay E minings (monthly)
STATE and cu 'Y (semi-annually)

r a il w a y and I ndustrial (3 times yearly)
elect iuo H ailw ay (3 tunes yearly)
b a n k e r s ’ C onvention (yearly)

T erm s o f Advertisiud— Per Inch Sp ace
matter per inch space (I t agate lin es)...................................... $ 4 2 0
T w o Months
(S tim es).............................. 22 00

(

„
) Three Months (13 times)........................... 29 00
Standing Business Caids < six Months
(20 times)........................... 50 00
(. Twelve Months (52 times)........................... 87 00
Chicago Office—39 South La Salle Street, Telephone Randolph 7396.
L ondon O f f ic e —Edwards &
Smith, 1 Drapers’ Gardens, E. C.
A V IL L I A HI 15. D A N A C O M P A N Y , P u b l i s h e r s ,
F ro n t, l ’ ino an d D e p o y ste r S ts., N ow Y o r k .
___
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr.. President and Treaa.; George S. Dana and Arnold G. Dana.
Vice-Presidents; Arnold G. Dana. Seo. Addresses of all, Office of the Company.
C LE A R IN G -H O U SE RETURN S.
The following tablo, mado up by telegraph, &c., indicates that tho total
bank cloarings of all tho clearing houses o f tho United States for tho week
ending to-day havo been $4,335,595,452, against $4,696,735,703 last week
and $3,236,949,291 the corresponding week last year.

Cea g R rn b T ra h
rin s— etu s g eleg p .
W en in J n 3.
eek d g u e

P
er
C t.
en

1916.

1916.

New Orleans...........................................

52,200,806,030
130,974,572
184,870,522
36,049,569
282,039,232
75,069,189
21,336,810

$1,603,110,374
101,938,663
139,046,561
24.551.241
234,750,111
03,189,310
12.847.242

+ 37.3
+ 28.5
+ 32.1
+ 46.8
+ 20.5
+ 18.8
+ 06.1

Seven cities, 5 days............................
Other cities, 5 days_________________

$2,932,045,924
653,279.814

52,180,333,602
474,271,284

+ 34.5
+ 37.8

Total all cities, 5 d a y s .....................
All cities, 1 day____________ ______ —

$3,585,325,738
750,269,714

$2,054,004,780
582,384,505

+35.1
+28.8.

Total all cities for week— ..............

$4,335,595,452

$3,230,940,291

New Y o r k ---------------------------- -------Philadelphia...........................................

+33.9

Tho full dotails for tho week covered by tho abovo will bo given next
Saturday. Wo cannot furnish thorn to-day, cloarings being mado up by tho
clearing houses at noon on Saturday, and henco in tho abovo tho last day
of tho week has to bo In all cases estimated, as wo go to press Friday night.
Wo present below detailed figures for tho week ending with Saturday
noon, M ay 27, for four years:_________________
Week ending M a g 27.
Clearings at —

1916.

Erie..................

Binghamton___
Greens burg........
Chester..............
Altoona - ............
M ontclair..........

1915.

Bangor................

I n c . or
D ec.

1914.

1913.

%

$
5
$
$
2,964,293,414 1,729,485,264 + 71.4 1.325,393,007 1,520,990,260
232,497,549 149,771,549 +48.0 132,507,778 139,469,064
69,717,444
50,306,294 + 38.4
43,856,540
49,387,105
38.7G9.180
28,151,306 + 37.7
28,152,823
27,951,593
13,996,802
10,110,052 +38.3
10,087,203
11,420,542
8,508,000
9,352,978
+9.9
0,400,991
8,074,263
4,508,302 + 12.0
5,151,614
4,041,010
4,919,158
4,283,249 + 25.4
5,370,871
3,244,319
3,670,704
2,863,215 — 1.0
2,817,335
3,017,909
2,780,382
2,689,314 — 1.2
2,056,030
2,427,437
2,271,584
1,794,414 + 21.9
1,514,266
2,187,121
1,520,119
1,001,580 + 80.1
1,476,200
2,992,989
1,377,559
1,553,802
1,378,818
1,685,136
+ 8.5
1,321,193
1,595,802 + 65.9
1,539,321
2,646,006
1,840,203
1,594,700 + 21.2
1,252,835
1,932,307
1,500,228
1,152,982
1,491,221 + 15.6
1,724,312
1,306,321
704,859
1,163,334
830,490 +39.1
735,232
854,210
1,144,900
033,670 +22.0
939,380
560,400
848,200
570,400 + 48.7
584,500
650,089
1,050,000
047,303 + 10.9
653,701
554,004
1,022,008
711,552 + 43.7
547,824
670,151
475,272
527,499
+ 8.1
449,019
398,801
348,362
375,047
+ 6.2
360,184

Total Middle. 3,363,988,002 2,005,337,377
Boston................

and

191,044,506
8,584,200
9,002,465
4,548,832
3,525,965
2,208,302
3,400,000
1,520,857
1,169,833
923,310
907,183
098,408

138,955,289
0,525,800
6,734,949
3,708,229
2,651,828
1,790,037
2,455,971
1,042,803
897,957
839,837
895,678
342,688

+ 62.8 1,572,311,397 1,790,173,390
+ 37.5

+31.0
+ 58.0
+20.7
+ 33.0
+ 22.9
+ 38.5
+ 45.8
+ 30.3

+ 10.0

+ 1.3
+ 101.4

114,566,491
5,801,300
4,002,283
2,593,820
2,279,083
1,320,512
2,037,410
1,291,578
1,005,000
577,785
665,021
334,231

110,791,120
5,919,300
3,673,520
2,455,209
2,442,063
1,640,700
1,907,320
782,029
707,731
380,537
027,547
376,204

Tot. New Eng. 227,584.921 165,907,600 + 37.2 136,535,120 131,709,904
N o te .— For Canadian clearings see "Commercial and Miscellaneous Nows.”




C ity

S e c tio n

N O . 2658
Week ending M a g 27.

Clearings at—

PUBLISHED WEEKLY.

Now York..........
Philadelphia-----Pittsburgh..........
Baltimore..........
B u ffa lo________
Washington........
Albany_________
Rochester..........
Scranton............
Syracuso............
Reading..............
Wilmington........
Wilkes-Barre_
_
Wheeling............
Trenton________
Lancaster______
Y o r k ..................

S ta te

S A T U R D A ^ 7 U N E T T 9 l6

~

© to w itlje .

T r a n s ie n t

E le c tr ic R a ilw a y S e c tio n

1915.

Chicago________
Cincinnati...........
Cleveland______
D e tro it..............
Milwaukee........
Indianapolis___
Columbus...........
Toledo.................
P eoria................
Grand Rapids__
Evansville______
D a y ton ..............
Springfield, III..
Fort Wayne___
Youngstown___
Rockford_______
A k ro n _________
Lexington..........
South Bend........
Quincy............ .
Canton ..............
Bloomington___
Springfield, O__
Jackson.............
Decatur________
Mansfield______
D anville............
Jacksonville, 111.
L im a ..................
Owensboro.........
Lansing..............
Ann Arbor..........
Adrian.................
Tot.Mld.WC8t.

$
358.541.972
30.912.050
41.794.170
38,217,740
10,836,593
9.489,683
11.520,300
8,734,555
3.700,000
4,134,072
1,700,000
3,296,247
1,316,198
1,272,674
2,547,957
964,117
4,954,000
619,065
806,288
745.301
2,123,793
663,859
895,935
886,275
609,483
690,902
453,833
243,984
578,829
311,321
1,068,086
300,000
61,112
550,940,400

$
283,873,392
23,162,850
23,950,252
24,129,337
13,389,296
7,184,609
5,993,700
5,768,205
2,718,108
2,948,685
1,004,447
1,806,674
1,008,246
1,353,109
1,558,744
1,013,041
1,837,000
632,226
655,835
641,724
1,350,000
557,073
669,908
500,000
435.595
508,346
422,187
263,862
409,342
316,534
518,067
196,510
107,903
410,884,807

San Francisco...
Los Angeles........
Seattle_________
Portland_______
Salt Lake C ity ..
Spokane________
Tacoma..... .........
Oakland............
San Diego..........
Sacramento........
Pasadena_______
Fresno................
San Joso..............
Stockton_______
North Yakima..
R e n o .......... .......
Long Beach........
Total Pacific..

I In c . or
D ec.

1914.

%
+26.2
+33.5
+ 75.5
+ 58.4
+ 25.7
+32.1
+ 9.2
+ 51.4
+ 36.1
+40.2
+ 69.3
+ 82.5
+ 31.5
—6.0
+ 63.4
— 4.8
+ 169.7

S

1913.

S

+35.8
+ 7.5
— 7.6
+ 41.3
— 1.7
+ 106.2
+ 52.4
— 43.4
+ 34.1

242,818,170
19,252,600
20,423,560
19,050,074
12,197,729
6,423,490
5,025,900
5,051,658
2,623,411
2,538,119
882,780
2,043,036
982,197
1,115,734
1,247,415
825,240
1,676,000
429,525
456,337
595,167
1,183,564
607,876
011,669
450.00C
378,685
463,048
389,742
165,973
419,365
252,786
399,737
159,685
56,314
351,196,586

250,157,923
20,281,700
18,141,946
19,471,466
12,350,103
6,214,552
5,550,800
4,354,607
2,803,587
2,718,346
970,090
2,397,455
913,147
1,032,128
1,223,287
1,047,192
1,792,000
531,327
600,163
564,287
1,258,367
658,351
552,122
481,181
437,744
436,975
308,355
238,666
394,852
316,492
376,251
174,913
51,279
358,796,104

68,639,435
23,416,142
14,049,510
11,832,210
7,502,404
3,873,883
2,088,615
3,805,517
2,469,377
1,932,991
778,493
934,747
623,652
960.346
441,381
325,000
483,774
134,157,477

47,020,554 + 24.7
18,013,292 + 30.C
12,131,208 + 15.8
8,487,190 + 39.4
5,277,068 +42.2
3,210,368 + 20.7
1,438,595 + 45.2
2,902,688 + 31.1
1,551,395 + 59.2
1,509,304 + 28.0
730,276
+ 6.6
970,143 + 17.0
501,047 + 24.4
752,663 + 27.0
297,015 +48.1
250,000 + 30.0
409,222 + 18.1
105,272,628 + 27.4

35,404,099
17,611,192
10,080,368
9,932,901
4,5OO,O0C
3,031,952
1,452,279
2.400.00C
1,732,771
1,502,010
719,199
801,226
446,921
719,158
300,000
225,006
638,732
91,397,814

36,879,596
19,028,360
10,030,904
9,063,333
4,708,016
3,237,720
1,995,421
2,394,183
1,909,458
1,730,946
753,559
1,012,523
379,973
006,150
304,177
230,000
94,264,739

Kansas City___
Minneapolis___
Omaha................
St. Paul..............
Denver ..............
St. Joseph..........
Des Moines____
Duluth................
Sioux City______
Wichita..............
Lincoln ..............
D avenport____
T op ek a ............ .
Cedar Rapids__
Fargo____ _____
Waterloo.............
Colorado Springs
Pueblo.................
Helena................
Frem ont_______
A berdeen..........
Billings..............
Hastings_______
Tot. oth.West.

77,176,243
21,267,110
20,448,775
13,696,479
12,300,000
9,191,710
5,864,735
3,987,730
3,300,561
4,568,353
2,484,500
1,532,552
1,530,800
1,837,170
1,492,115
1,960,944
691,800
441,532
1,124,788
479,000
794,062
601,745
295,820
187,068,624

61,190,805
17,316,949
16,336,345
10,993,019
8,691,058
7,447,498
4,681,765
2,816,663
2,648,206
3,413,803
2,406,607
1,281,030
1,297,635
1,706,022
969,726
1,469,765
600,000
343,140
1,035,318
340,761
494,690
400,384
188,852
148,070,041

+ 26.1
+22.8
+ 25.2
+ 24.6
+ 41.5
+ 23.4
+ 25.3
+ 41.6
+ 24.6

+33.8
+ 3.2
+ 19.6
+ 18.0
+ 7.7
+ 54.0
+ 33.4
+ 15.3
+ 28.6
+ 8.6
+ 40.9
+ 60.5
+ 50.3
+ 56.4
+ 26.3

39,424,956
16,257,657
12,784,519
8,645,263
7,000,000
0,808,260
4,997,505
3,153,103
2,553,330
3,115,937
1,657,330
1,164,284
1,352,863
1,369,951
998,786
1,380,380
470,000
610,533
748,649
366,926
459,956
310,091
141,915
115,698,480

40,416,030
16,863,892
13,494,733
7,122,983
7,037,396
7,392,897
3,723,334
3,223,922
2,679,492
3,287,465
1,330,778
1,180,663
1,338,871
1,197,187
270,314
1,432,945
620,000
450,341
788,966
254,064
250,304
284,534
170,516
114,717,627

St. Louis............
New Orleans___
Louisville______
H ouston_______
Galveston_____
Richmond...........
Atlanta..............
Memphis............
Fort Worth____

93,620,298
20,888,324
16.524.0S9
9,037,618
4,010,355
14,642,996
14,044,769
6,008,543
8,118,889
0,837,767
4,335,147
4,425,867
2,508,097
3,115,044
2,618,571
2,193,291
1,397,234
2,218,022
2,286,372
1,046,901
3,206,575
2,869,288

70,462,533 +32.9
14,673,455 + 42.4
13,891,910 + 19.0
5,516,102 + 63.8
+ 4.6
3,834,933
7,734,017 + 102.2
10,417,167 + 38.6
4,491,880 +33.8
7,606,404 + 67.2
4,942,034 + 38.3
3,266,077 +32.7
3,397,498 + 30.2
2,031,072 + 23.5
2,594,427 + 20.1
3,130,099 +22.9
1,543,884 +41.8
1,029,136 +35.7
1,587,898 + 39.7
1,699,203 + 34.6
+ 3.3
1,013,988
1.956,600 + 63.9
2,034,904 + 41.0
1,220,043 — 9.8
143,611 + 22.5
218,352 + 115.1
1,144,371 + 184.5
476,391; +118.7

62.914,317
16,017,579
10,759,219
6,819,027
2,619,000
6,300,000
11,793,817
4,613,898
5,429,208
4,662,677
3,892,890
3,725,265
2,607,652
3,164,705
2,366,826
1,425,149
1,532,857
1,844,994
1,605,393
1,239,364
2,066,800
2,091,687
2,652,789
179,159
274,746
1,477,702
844,367

65,192,592
16,014,022
10,486,123
6,580,798
3,126,500
0,054,797
9,258,984
4,868,636
5,952.504
4,791,428
3,540,319
3,583,842
3,043,644
3,131,998
2,221,940
1,266,181
1,617,917
1,624,685
1,319,815

Nashville......... .

Savannah ...........
N orfolk..............
Birmingham___
Jacksonville___
Chattanooga___
K noxville______
Augusta..............
Little Rock........
Charleston_____
Mobile................
Oklahoma..........
Macon.................
Austin................
Vicksburg...........
Jackson..............
Tulsa..................
Muskogee..........

1,100,000

175,948
469,013
2,255,010
1,041,751

—2.1
+ 23.0
+ 16.2
+ 57.3
+ 19.9
+33.8

+ 77.2
+ 40.0

1,100,000

1,376,860
2,405,000
1,576,637
168,270
233,244
924,110
635,852

Total Southern 232,995,779 171,057,089 + 36.2 164,921,087 162,096,698
Total all______ 4769677357703 37^06,529,608 + 56.2 2,432,060,490 2,65177847022
Outside N. Y . 1,732,442,289 1,277,044,344 + 35.7 l71067667+83 1,124,767,756

2016

THE CHRONICLE

THE FI NA NC IA L SITUATION.
As the months pass and the wonderful expansion
in railroad revenues which has been the feature of
current returns since about last September continues,
the phenomenal character of present exhibits as
sumes steadily widening importance. It puts these
properties in a favored state such as they have not
enjoyed before in over a decade. Two of the
country’s greatest railroad systems, namely the
Pennsylvania and the New York Central, have the
present week submitted their statements for the
month of April, and these give added emphasis to
the point referred to.
The Pennsylvania, on the combined lines east and
west of Pittsburgh and Erie, shows a gain as com
pared with April 1915 of no less than $7,151,736 in
gross and of $3,136,644 in net— this for a single
month. For the four months ending with April 30
this system has gained $31,267,847 in gross and
$16,095,298 in net. In the gross the addition is over
30% and in the net it exceeds 100%, by which, of
course, is meant that this year’s net is more than
double that of last year for the same four months.
What a change this is working in the return on
capital investment is evident from a little computa
tion that has been added at the bottom of the state
ment and which throws a great deal of light on the
current situation of the roads, for the experience of
the Pennsylvania R R . in this respect is typical. The
computation to which we refer gives the “ per cent
o f return on property investment” for the system
East and West for the twelve months ending April 30
1916 as compared with the corresponding twelve
months of the previous year. In not all of the
past twelve months has the prevailing prosperity
been in evidence, and yet the investment return for
the twelve months of 1915-16 works out 6.59% , as
against only 4.22% in the twelve months preceding.
The return even now is moderate and modest— only
a trifle over 6 ^ % — and yet what a great change for
the better it reflects.
The April statement of the New York Central R R .
is of the same strikingly favorable character. For
the Central itself the gain for the month is $3,120,442
in gross and $1,305,586 in net, and for the four
months $14,510,311 in gross and $8,659,889 in net.
Including the various subsidiary and controlled
roads, the whole going to form the New York Central
System, the addition for the four months reaches
$28,978,959 in gross and $18,447,473 in net. Here,
also, as in the case of the Pennsylvania, the ratio
of gain in the gross is over 30% and in the net con
siderably in excess of 100%.
If we combine the results for the New York Central
and the Pennsylvania we find that for the four
months the two systems have enlarged their gross
by no less than $60,000,000 and their net by nearly
$35,000,000. In other words, the gross of the two
systems— quite large systems, to be sure— is expand
ing at the rate of $180,000,000 per annum and the
net at the rate of over $100,000,000 per annum. In
point of mileage the two systems hardly represent
1 0 % of the length of road in the country, from
which it can be judged what the improvement for
the entire railroad system of the country amounts to.
In the New York Central case also, computations
are added to show the per cent of return on operating
investment for the twelve months, but the figures
are given for each road separately instead of for the



[Yol. 102.

entire system. The New York Central proper, it
appears, earned 7.45% for the twelve months on its
“ operating investment.” No corresponding figuers
are given for the preceding twelve months, but,
judging by the gains during the last few months, it is
evident that the return on investment in this pre
ceding period of twelve months could have been
hardly one-half what it is now found to be.
Equally noteworthy is the fact that there is not
the slightest indication yet of any check to the expan
sion going on. It is manifest that for some months
to come at least the record of improvement will con
tinue uninterrupted, swelling still further the current
large aggregates of gain.
Truly these are wonderful results, and if it were
not for fear of the effects of European liquidation
and the further fear that railway labor will gobble a
considerable portion or the whole of the improve
ment, a great revival in speculation in railroad se
curities on the Stock Exchange would be a foregone
conclusion. As a matter of fact, railroad securities
have latterly been showing no little strength on
the Stock Exchange, even as it is. At the moment,
however, the most significant feature is that not
withstanding the great augmentation in net income,
the railroads are making absolutely no attempt at
borrowing on any extensive scale. Supposing that
railway labor does not throttle the roads, will not
the situation change with the termination of the
war? And when the railroads once again embark
on improvement and extension work, will not busi
ness activity receive a new stimulus and may not
this serve to offset the loss from the falling off in
war orders?
Somebody writes from Baltimore to the New York
“ Times” inclosing a new piece of proposed moral
legislation, of which he says he learned by mention
“ in a small Masonic paper.” This bill, which he
says is now with the House Committee on Post
Offices, and not likely to be reported soon, yet might
suddenly pop out and be shoved through without
attracting attention, is “ H . R . 491, a bill to amend
the postal laws.” Its one section provides that
whenever a written complaint is made to the Post
master-General that any publication “ making use
of or being carried through the mails” contains any
article therein which tends to expose any race, creed,
or religion to either hatred, contempt, ridicule or
obloquy,” that official shall forthwith cause an
investigation, and if the allegation made is found
correct he shall within twenty days forbid “ the fur
ther use of the mails to any such publication.”
There is a saving clause that nothing in the section
“ shall be deemed to prevent” him from revoking
this suspension when satisfied that the offending
publication “ has ceased to print or publish such
prohibited matter and given him satisfactory assur
ances in writing that there will be no further repe
tition of the same.”
The language of this bill is not good, as a piece
of composition, but good enough to match its pur
port. That such a thing could be proposed, unless
in burlesque, would have seemed impossible, in the
last century; but so wild has legislation become that
hardly any attempt can now be received as in
credible. The terms in which the possible offense
is described are broad enough to include almost
anything, either in comment or in news; for a recent
instance, the news matter concerning the alleged

June 3 1916.]

THE CHRONICLE

wrongful tapping of the telephones in this city
could be denounced as tending toMefame a religion,
and, further, almost any issue of any publication
could be denounced as having matter tending to
expose a race to hatred or contempt.
But the Postmaster-General would be reasonable?
He might be, or he might not be; so might any
master be reasonable. Is the country ready for
masters, or for a public censor? People clamor for
a strong government; do they want to accept all
which goes with such? The first amendment of the
Constitution, back in 1789-91, forbade Congress to
pass any law “ abridging the freedom of speech, or
of the press,” and a slogan of the Presidential cam
paign of 1856, called for “ free speech, free press,
free soil, free men.” T o exclude printed matter
from the mails would stop the press as effectually
as to deny transportation would stop wheat-grow
ing.
Because some Congressmen disliked the criticism
of the free press which has always been held an
integral part of democracy under our form of govern
ment, an inquisitorial law was enacted, not long ago,
which was sustained by the Supreme Court, by what
did not seem sound reasoning and was palpably
based upon an incorrect statement of facts. This
was the thin edge of an interference which tends to
be progressive, and suppression of any business
might be attempted by a further stretch of the
already overworked “ commerce clause,” for what
Cannot be transported cannot be sold and what can
not be sold cannot be produced.
Any journal that prints incorrect statements soon
finds punishment by losing caste and support; the
appetite for false news is not lasting. A publication
that is unfair and defamatory will also be brought to
account by the public, and the law against libel has
always been ample. So there was no excuse for
prying into the private affairs of newspapers. Most
important journals already exclude certain classes
of advertisement, and a few go so far as to hold
themselves responsible for not only the correctness
of the claims of advertisers but for the satisfaction
of the customer. The next step may be to attempt
exclusion from the mails of publications containing
advertisements that arc not true, and who shall
decide what is truth in advertising? If it is said
of some article that it is “ the best,” or that it is
delightful to the taste and “ builds you up,” who
except the purchaser shall decide?
The descent to Avernus is “ easy,” said an old
Roman classic, and it certainly is. The worst of the
ease is that it is gradual. Step by step, each so
little as not to arouse alarm and each preparing the
way for the next— this is the process of the loss of
individual liberty. We are reproducing in this
country the commissions, the bureaus, the inter
ferences and the withes, from which the oppressed in
Europe have been fleeing. D o we really care about
the individual freedom for which our fathers fought,
or are we so wrought up in a fury of preparation
against imagined danger from without that we are
blind to the dangers within? Are we ready to have
speech and thought brought under censorship?
The cotton condition report of the Department of
Agriculture, issued on Thursday, and covering the
status of the staple on M ay 25, the earliest date for
which official information is furnished, was hardly
up to general expectations, but its influence was



2017

neutralized later by a favorable weekly weather re
turn. The report made the average condition in
the whole belt on M ay 25 lower than on that
date in all but three of the last ten years, and 2.3
points under the ten-year average, drought in im
portant sections until quite recently evidently ac
counting for the current situation. Specifically, the
Department gave the condition on the date men
tioned as 77.5% of a normal (expectation had centred
around 80 or a little higher), that figure contrasting
with 80% a year ago, 74.3 in 1914 and 79.1 in 1913,
with the average for the ten-year period 1906 to
1915, inclusive, 79.8.
Deterioration, as compared with last year, is most
pronounced in the Carolinas and Georgia, where lack
of moisture had been cause for much complaint, and
this, coupled with low temperature, served to check
development. Around the date to which the report
was brought down, however, there were beneficial
rains and quite generally favorable seasons since
have undoubtedly improved the situation there
materially. In the Gulf section marked improve
ment, as contrasted with last year, is indicated in
Louisiana; condition is better also in Florida and
Mississippi and only 2 points lower in Alabama west
of the Mississippi River; or, to be more exact, in
Texas, Oklahoma and Arkansas, the situation on
the whole is better than at this time a year ago, for
while in Texas condition is 1 point lower, it is higher
by 3 points in Arkansas and 9 points in Oklahoma.
Furthermore, in California, where the cotton area
has apparently been very largely increased, the crop
starts out excellently well, a condition of 97 com
paring with 82 a year ago. A fact which should not
be overlooked is that acreage has been appreciably
increased this season, that in itself guaranteeing,
under normal conditions, a marked increase in the
aggregate yield.
The Fall River cotton mill dividend record for
the second quarter of 1916 furnishes more cause for
satisfaction than have those for recent previous
similar periods, reflecting, as it does, the improve
ment in the cotton goods business during the last
few months. It is to be said, moreover, that belief
in the cotton manufacturing industry is strong that
the present comparatively favorable situation is
not of an evanescent nature. In other words, there
is a feeling prevalent that the improvement has come
to stay for some time. At the moment all the mills
in Fall River (except the Barnaby, a comparatively
small concern, which is in the hands of creditors and
has been idle for some little time) are reported to be
operating on full time and some cloth mills are
working overtime. The only machinery not active,
in fact, is such looms for which operatives are not
obtainable. Furthermore, the prices offered for
goods are stated to assure a good margin for profit.
An indication of the improved situation is that
nine of the corporations increased their rate of distri
bution for the second quarter and two concerns
which distributed nothing in the preceding period,
have resumed payment. Of the remaining mills
seven declared no dividends and twenty, adhering
to a definite conservative plan, maintained the rate
of 1915. In all, the amount to be paid out in the
second quarter of 1916 is $409,675 (some $67,000
more than for the first three months of the year),
or an average of 1.35% on the aggregate capitaliza
tion of $30,336,670, this comparing with $258,025,

2018

THE CHRONICLE

or 0.87% in the like period a year ago, $315,667, or
1.07% in 1914 and $357,675, or 1.22% in 1913.
The return for the elapsed half-year, moreover, at
$752,092, or 2.48% , is 0.73% above 1915 and a little
greater than in 1914.
The military deadlock at Verdun continues. The
German troops still are pressing forward slowly
without regard to loss of life. They are finding the
defense always on the alert and prepared to make
counter-attacks. Latest press dispatches indicate
that they have switched their offensive from the
region of Le M ort Homme (Dead M an’s Hill) north
west of Verdun, to the sector between the Thiaumont
Farm and Vaux, northeast of the fortress, and have
succeeded here in entering French first-line trenches
between Fort Douaumont and Vaux Pond. The
attack was made over a front of about two miles and
was preceded by violent artillery preparation. The
French met the German onslaughts with their ma
chine guns and succeeded in holding back the attack
ing forces everywhere except at the point between
Fort Douaumont and the Vaux Pond. Fighting
around Le M ort Homme and the Avocourt W ood has
dwindled to intermittent bombardments since the
repulse earlier in the week of German attacks and
the launching of a counter-attack by the French,
which gave them German trenches 400 metres in
extent southeast of Le M ort Homme. The artillery
activity on the remainder of the front also has less
ened in violence. By a violent infantry'attack (ac
cording to yesterday’s statement of the French War
Office) the French troops progressed 100 metres into
the German trenches south of Caurettes Woods
(northwest of Verdun), and a German attack between
Caurettes Woods and Cumieres was stopped by a
curtain of fire. On the other hand, the Berlin War
Office’s statement yesterday announces the capture
of the Cailette Woods, south of Fort Douaumont,
and of adjoining trenches. The capture of 76 offi
cers, 2,000 men, 3 guns and more than a score of
machine guns is also reported.
Paris advices attribute the desperate energy shown
by the Germans and their apparent disregard of
losses as being engendered by the fear of an early
British offensive. In the Vosges mountains, near
Altkirch, the Germans report the occupation of
French positions 350 metres long and about 350
metres deep. Reports from Rome announce that the
Italians continue to hold back attacks by the Aus
trians at various points along the Tyrol front.
Especially active fighting has taken place in the
region of Posina torrent, and southeast of Arsiero,
where the Austrians, it is reported, either were
stopped or driven back in disorder. Artillery duels
are in progress in the Lagarina Valley and between
the Posina and the Upper Astico rivers. The Aus
trians are obstinately attacking Buole Pass— the
“ Pass of the D ead,” as the Italian soldiers call it— in
order to be able to besiege Corni Zugna, whence the
Italians are checking the Austrian movement in
the Adige and Arsa valleys. Along the whole
of the Russian front, artillery engagements and
infantry firing continue active without important
changes of positions on either side, however. The
Turks have taken the offensive at three points in
Asia Minor against the Russians. They seem to
have, temporarily at least, checked the Russian
advance toward Mesopotamia. All Turkish attacks
were repulsed except at Manakhatum, 50 miles




[Vol . 102.

west of Erzerum, which was evacuated by the Rus
sians. Attempts by the Turks, who are said to have
been heavily reinforced by Austrians and Germans, to
thrust back the Russians near Bairburt and Diabekr,
failed. That the Serbs, who were recently reported
as having landed at Saloniki are now on the Entente
Allied front on the Greek-Serbia border, is indicated
by the latest German official communication, which
says that a weak attack made by the Entente forces
at the southern end of Lake Doiran was repulsed,
and that, northeast of the Lake, Serbians who wore
British uniforms were made prisoners.
A declaration of war between Greece and Bulgaria
growing out of the invasion by the latter of Eastern
Macedonia is believed in Athens to be imminent.
The Bulgarian Minister is reported to have protested
to King Constantine’s Government against the firing
upon Bulgarian troops by Greeks at the frontier.
Premier Skouloudis declined, it is reported, to re
ceive the protest. This curt refusal has resulted in
a tense situation. Macedonia now is divided into
two distinct sections by the Struma River. The
Allies are in military occupation of the western part
while the eastern section seems to be fast passing
under the control of the Bulgars. As a result of
growing political unrest over conditions imposed
upon Greece by the war and by the intervention of
Anglo-French forces in the Greek territory the
Skouloudis Cabinet resigned on Saturday of last
week after lasting six and a half months, an unusual
period for Greek Cabinets sine-1 the outbreak of the
war. Skouloudis was widely regarded as a “ neu
trality statesman,” although his political enemies
charge him with being pro-German and against
intervention in behalf of the Allies.
What is unquestionably the most important naval
engagement of the war began on Wednesday and
continued into the night, between the German high
seas fleet and a considerable part of the British
fighting fleet in the North Sea. In this engagement
the Germans were by long odds the victors. The
British losses, as officially admitted by the Admiralty,
include the battle cruisers Queen Mary, Indefatigable
and Invincible; the cruisers Defence, Black Prince
and Warrior; the destroyers Tipperary, Turbu
lent, Fortune, Sparrowhawk and Ardent. The
British Admiralty admits that six other destroyers in
addition to the list announced as lost are unaccounted
for. Latest advices from London state that a
Zeppelin fleet co-operated with the German naval
forces and worked heavy execution among the
British vessels. “ The German fleet was greatly
aided,” the Admiralty statement said, “ by its low
visability. It avoided a prolonged action and ac
complished its results by a quick thrust and with
drawal. The main British forces have returned to
port.”
The German Admiralty statement gives the follow
ing account:
During an enterprise directed northward our high
seas fleet on M ay 31 encountered the main part of
the English fighting fleet, Avhich was considerably
superior to our forces. During the afternoon, be
tween Skagerak and Horn Riff, a heavy engagement
developed, which was successful for us and continued
also during the night.
In this engagement, as far as known until now,
we destroyed the large battleship Warspite, the
battle cruisers Queen Mary and Indefatigable, two
armored cruisers, apparently of the Achilles type,

June 3 1916.)

THE CHRONICLE

one small cruiser, together with the destroyers Tur
bulent, Nestor and Alcaster, a number of torpedo
boat destroyers and one submarine.
By observation, which was free and clear of any
obstruction, it was stated that a large number of
British battleships suffered heavy damage from the
fire of our ships and the attacks of our torpedo boat
flotillas.
Among others of the large British ships, the battleshipIMarlborough Avas hit by a torpedo. This is
confirmed by prisoners.
Several of our ships rescued parts of the crew of the
sunken British ships. Among those rescued were
only two survivors of the Indefatigable.
Among our losses was the small cruiser Wiesbaden,
which was sunk by British gunfire during the day
engagement, and Ilis Majesty’s ship Pommern,
whichTwas sunk during the night.
The fate of His M ajesty’s ship Frauenlob is as
yet undetermined, and there is a possibility that this
boat has been lost, together with a number of torpedo
boats which have not yet reported and whose fate is
unknown.
The high seas fleet returned to its base to-day.
The British Admiralty denies that the battleship
Warspite, which is mentioned in the German report,
Avas destroyed.
The battle took place in the Skagerack and the North Sea waters adjacent. The full
complement of the British ships sunk Avas probably
not far from 7,500. The German objective seems to
have been to break through the blockade, presumably
for the purpose of initiating a neAV campaign of com
merce destruction.
Earl Kitchener, the British Secretary for War,
faced a meeting of about 200 Parliamentary critics
of the British Avar policy yesterday and defended the
course of the Government. Complying Avith the
promise made on his behalf early in the Aveek in the
House of Commons by the Parliamentary Under
Secretary for War, Mr. Tennant, in response to com
plaints of members that they had not an oppor
tunity to question the Secretary, Earl Kitchener
Avent to one of the committee rooms of the House
prepared to ansAver such questions. He faced, as
already noted, some 200 members, including Avhat
are knoAvn as the “ ginger group,” composed of men
avIio demand more vigorous prosecution of the Avar.
The public A 'as excluded. The conference Avas the
A
direct result of an attack upon Kitchener by Col.
Winston Spencer Churchill on the occasion of a
vote on the salary of Kitchener as Secretary for War.
Mr. Asquith had made a Avarm defense of Kitchener,
announcing that having been closely associated Avith
him he accepted the full share of responsibility. As
to Col. Churchill’s complaint respecting the great
force of men kept at home, Mr. Tennant explained
that they Avere being trained Avith a vieAv of being
sent abroad; “ if Col. Churchill Avere to investigate
this matter,” he said, “ he Avould see that large rein
forcements are about to be sent out.” Col. Churchill
referred to the statement in King George’s message
to the nation, issued on signing the Military Service
Bill last Aveek, that no feAver than 5,041,000 men had
been raised voluntarily. After careful examination,
Col. Churchill said, he had come to the conclusion
that there Avere 1,700,000 of these men unaccounted
for. He desired to knoAV Avhat had become of them.
Believing this to be a fit subject for investigation,
he suggested that a small committee of Members of
the House be appointed to look into this matter and
report, in secret session if necessary. Col. Churchill




3019

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The revolt in China appears to be increasing in
seriousness. Reports have been current during the
Aveek that Yuan Shih-Kai had been poisoned. These
subsequently Avere denied. The important Province
of Hunan has been added to the list of those that have
declared independence, making six, if not seven, of
the fourteen Provinces of China that have AvithdraAvn from the republic. Reports are current that
this is the Avorking out in a practical Avay of a pre
arranged scheme Avhereby all Provinces will, one by
one, renounce their allegiance and thus leave the
Yuan Shih-Kai Government nothing but an empty
shell. The neAvs, hoAvever, that is becoming avail
able from the East is conflicting. There seems slight
faith in local banking circles in reports that a large
loan has been or is being arranged in this country to
aid the revolution. The American International
Corporation confirms the report that it is conducting
negotiations looking toAvard the purchase of threeyear Chinese Government Treasury notes. Details
have not yet been Avorked out, but it is not expected
that the amount of th° issue will exceed $5,000,000.
The proceeds are to be used by the Chinese Govern
ment for the construction of the Shantung Canal,
and the tolls to be collected are to form part of the
security. It is understood that American contrac
tors Avill construct the Aratenvay.
A
Under date of May 24 our State Department sent
a formal note to England and France protesting
against mail seizures. It states that “ the Govern
ments of the United States, Great Britain and France
appear to be in substantial agreement as to principle.
The method of applying the principle is the chief
cause of difference.” No threats are made, but it
Avas stated frankly that only a reversal of the policy
of England and France can satisfy the United States.
The note Avas delivered by the British and French Am
bassadors in Washington. Its full text appears on a
subsequent page.
The Carranza note to President Wilson Avas de~
livered on Wednesday. While not an ultimatum, it
contained the direct request that American troops
be AvithdraAvm from Mexican soil. The Mexican Am
bassador Avhen delivering the document left the im
pression that his chief did not expect the defiant
Avords of the note to be taken at their face value.
On handing the communication to Acting Secretary
Polk, he gave notice that it Avas not intended as an
untimatum, but as a continuation of the negotia
tions Avhich have been in progress between the two
countries. The impression created at Washington
Avas that the note Avas intended for Mexican home
consumption. At any rate, intimation has been
given at the White House that there is no intention
of immediately AvitlidraAving American troops. The
note is referred to at greater length on another page.

2020

In the House of Commons on M onday the British
Chancellor of the Exchequer moved the resolution
promised last week designed to force deposits with
the Government of American securities in the hands
of English owners. The measure becomes effective
July 1. It imposes an additional tax of 10% (2s. to
the pound) on all American securities, but exempting
those that are deposited with the Treasury. Cana
dian Pacific R R . shares have been added to the
mobilization list. These, however, will be loaned
only, not sold, as there is fear entertained in some
circles that the control of the road might pass into
the hands of American capitalists. Advices cabled
from London report an overwhelming supply of
American stocks offered on the deposit plan as dis
tinct from that to sell the securities outright to the
Government. One correspondent cables that “ the
Department of the Treasury, which is receiving
American securities for deposit or sale is inundated
and the machinery of the office is unable to cope
with the situation.” American bonds, he says, are
coming out which have been locked up for thirty
years, representing investments of small savings.
The Chairman of the American Dollar Securities
Committee, which is the official name of the Govern
ment body responsible for carrying out the mobiliza
tion scheme, is Sir Thomas Whittaker, M .P . He is
quoted by a press correspondent as stating that the
additional income tax on all American securities not
voluntarily offered to the Treasury does not involve
sudden heavy sales in the American market. “ Al
though the scheme has been a success,” he said,
“ securities have not recently come forward at the
rate we wish. M any holders have failed to realize
that we want all American securities to enable us
to handle them in bulk. Although it is impossible
to formulate an estimate of the amount held here,
yet we know that an enormous quantity is still held
in private ownership. The effect of the new impost
will be to force all into the possession of the Govern
ment. There is no intention of dumping them.
They will be offered regularly and slowly when the
market is favorable. A large portion will not be
bought outright, but accepted on loans, which we
shall use as collateral for any further advances which
may be arranged with the United States.” A large
number of Americans resident in England, the
holders of American securities there and in the
United States, having protested against the new tax
of 2s. in the pound on these holdings being applied to
them, the American Embassy has addressed an in
quiry to the British Foreign Oft ice. The latter
referred the matter to the Treasury Commissioners,
who have before them the whole question of applying
the next tax to foreign residents.
There seems encouragement to place a favoring
interpretation upon news that has been cabled that
the smaller holders are resisting the desire of the
Chancellor that the securities shall be sold outright.
London newspapers are commenting on dispatches
cabled from New York, which indicate how genuine
is the demand in America for the gilt-edged class of
American railroad securities that are being returned
as a result of the current enforced liquidation.
These securities in many instances have been in the
lock-boxes of English holders for more than a gen
eration. They now are just as freely entering into
the lock-boxes of American holders, where they most
probably will remain until, in the case of bonds, they



[Vol . 102.

THE CHRONICLE

mature. We have in recent issues of the “ Chronicle”
drawn attention to this fact, and have shown that
when the war ends and there is a tendency to re
purchase supplies of our securities, which everybody
agrees will be a natural development, there will be
great difficulty in obtaining former selections. What
will in fact be available will be the securities of our
industrials and also the newer securities offered by our
railroads. The transportation lines of this country
need hundreds of millions of new capital to place
themselves in position to conduct their work as com
mon carriers in an effective manner. Notwithstand
ing the probably unexampled prosperity that they
are enjoying at the present time, they unfor
tunately are unable to take advantage of the situa
tion, for the reason that the English holdings of their
older securities arc coming back at attractive prices
in a constant stream— in stream more than sufficient,
is anything, to meet the investment demand. When
the end of this great inflow of stocks and bonds is
reached and the market has had opportunity to di
gest them, there will be opportunity for the American
railroads to offer newer securities. This favorable
position presumably will not arrive until after peace
has come and after there has been some opportunity
for the foreign markets to recover from the trying
ordeal through thich they have been and now arc pass
ing.
As we have remarked before, there are huge for
tunes being accumulated abroad quite as well as at
liome as a result of the urgent requirements accom
panying the war. In Holland, in Switzerland and
the Scandinavian countries the situation cannot
differ very widely from that existing at homo here.
But in the belligerent countries themselves there
seems slight reason to doubt that huge profits are
being made in one form or another that eventually
must become available for outside investment.
Freedom from taxation, combined with the safety
of the securities, can hardly fail to recommend
American railways for such investments. This
demand, we believe, will constitute in turn a valuable
one that will aid materially in distributing the newer
class of railroad securities whose proceeds arc so
urgently needed at the present moment. Mean
while, as we have just intimated, the older securities
that have already been sold to this side will have
been securely deposited in the American investors’
strong boxes. • It is not surprising to learn, therefore,
that English holders arc fighting shy of the plan to
sell their securities outright and prefer to loan them
to the Government on the understanding that when
they have served their purpose as collateral for
credits they will be returned to the original owners.
We referred last week to the fact that the British
Government, before Chancellor McKenna announced
his income tax provision, had been advertising in the
English newspaper press urging deposits of dollar
securities. Copies of the advertisement have arrived
in this week’s mail, and its text, which is appended,
will give a clear idea of the plans of the Treasury:
IM PORTANT NOTICE
AM ERICAN DOLLAR SECURITIES.

The American Dollar Securities Committeo desire to call
the attention of the public to the importance from a national
point of view of utilizing to the full the resources of the coun
try in the shape of American securities. The committee
invites all holders of the American Dollar Securities (specified
in the various lists published by the committee), who have

June 3 1916.]

THE CHRONICLE

not y et done so, to sell to, or deposit w ith , the Treasury their
holdings of such securities without delay.
T h e operations of the com m ittee up to the present have
been extremely satisfactory.
In view , how ever, of the largo
sums required in Am erica for the purchase of m unitions of
war and to safeguard the stability of the exchanges, it is
very im portant that there should be no falling off in the v ol
um e of sales and deposits.
A ll holders of the securities specified, who have not already
done so, are requested to com m unicate either through a
banker or stockbroker or directly with the Am erican Dollar
Securities C om m ittee, from w hom full particulars of tho ar
rangem ents both for sale and for deposit can bo obtained.
T he address of the com m ittee is

2021

British and India funds declined 0.04% ; foreign
government stocks are 0.7% lower, Avhile Americans
advanced 2% .

The London “ Economist’s” end of M ay index num
ber, to be published to-day (as cabled to the “ Jour
nal of Commerce” ), will show a still further advance
of 129 points, following an advance of 177 points in
April. The current number, 4319, indicates an in
crease of 96.3% over the average quotations for the
five-year period 1901-05, which is the basis of the
compilation. This is a further rise of 3 % from April
A M E R IC A N D O L L A R S E C U R IT IE S C O M M IT T E E ,
and of 14% from March. The month’s advances
N ation al D e b t O ffice, 19 Old Jew ry, E . C .
included one from 9703^ to 1024 in cereals and meat,
from 511 to 529 in other food products (coffer, sugar,
Shipping shares have attracted the attention of in &c.), from 7943/2 to 805 in textiles and from 895 to
vestors and speculators on the London market this 942 in minerals. Heavy goods like timber, leather,
week, due, primarily, to the talk of working agree &c., remain stationary at 1019.
ments between such companies as the Cunard Line,
the Commonwealth & Dominion Line, and possibly
The market on the Paris Bourse is reported by
the Royal Mail Steam Packet Co. Reports of enor cable to have been quiet this week, which is not al
mous profits of individual ships have, too, exerted together unnatural in view of the severe and pro
an influence. The Whitmonday bank holiday, tracted contest that still continues on the Verdun
which ordinarily would have fallen this year on front. It has been decided that the Bourse shall re
June 12, has been postponed officially until Aug. 8 main closed on Saturdays hereafter until the end of
for all classes. The Premier, M r. Asquith, made September. Shipping shares and those of the Suez
announcement to this effect in the House of Commons Canal have been in demand. The Chamber of Depu
on Wednesday, stating that, owing to the urgent
ties is declared by press correspondents to be greatly
requirements of munitions it was proposed by
enraged by the Government’s proposal for aiding the
proclamation to postpone the holidays.
Banking
merchant marine. The Government proposed to
interests, he said, were agreeable to the arrangement.
set aside 100,000,000 francs for buying ships from Al
The courts have dismissed with costs the appeal of lies or neutrals, but the Chamber, it is said, proposes
alien brokers seeking to force their own reinstate to vote 200,000,000 francs for building ships by loan
ment on the Stock Exchange. The test case was ing to owners up to 80% of the value. One-quarter
that brought by Nathan Cassel, who was refused of the ships thus financed, it is provided, must be
re-election last March. One source of the firmness devoted exclusively to trade between France and its
that marked the London market toward the close of colonies, while after the war for the first two or three
the week was the demand for reinvestment of June years no French ships can trade with countries not
dividend and interest payments which were distrib now neutral or among the Allies. Advances to
uted to the extent of about £27,500,000.
A owners must be repaid in ten years. This bill has
£4,500,000 5% redemption loan of Southern Nigeria not yet been enacted. Another feature that has
has been underwritten at 973/2- The revenue of the been forced on the Deputies, this time by the So
United Kingdom for last week was £3,610,000, and cialists, is a proposal to increase the income tax to
the expenditure £17,249,000. Sales of Exchequer 5% from 2% . There is, too, discussion of attacks
bonds were £6,477,000. The amount of Treasury
on war profits, which is leading to talk of scandalous
bills outstanding was increased £7,650,000. The
benefits resulting from certain contracts with the
Government inaugurated yesterday (Friday) a plan State. The Senate has voted a law prohibiting the
for the issuance of three-year Exchequer bonds which selling of stocks, either French or foreign, without
will be made easily transferable. These bonds are the permission of the Minister of Finance. M . Ribot
expected to attiact a considerable part of the money intimates that he will be very liberal in the interpre
that now is being paid out for dollar securities. I 11 tation of the law.
other words, so far as is possible the transaction
will be one where payment will be made for American
Official Bank rates at the leading European centres
securities to their English holders in Exchequer continue to be quoted at 5% in London, Paris, Ber
bonds. The Treasury withdrew on June 1 the issue lin, Vienna and Copenhagen; 5 }^ % in Italy, Sweden
of Exchequer bonds due Dec. 1 1920, of which and Portugal; 6% in Russia and 43^% in Switzerland,
£213,000,000 had been sold up to last Saturday, and Holland and Spain. The rate of the Bank of Nor
substituted two new issues, one due Oct. 5 1919, and way was reduced from 5% to 4 )^ % on Monday, the
the other Oct. 5 1921. The monthly compilation 5% rate having been current since M ay 25 1915.
of the “ Bankers’ Magazine,” London, as cabled to In London the private bank rate has been reduced to
this side, representing the aggregate value of 387
4 9-16% for sixty and 4 % for ninety-day bills, com
securities dealt in on the Exchange, shows a depre
paring with 4^4j and 4 % % , respectively, a week ago.
ciation during M ay of £16,397,000, or 0.6% . This Cables from Berlin still report 4 % % as the private
follows a decrease of £7,068,800, or 0 .2% , during
bank rate at that centre. No reports have been re
the previous month. A feature of the report is a ceived by cable of open-market rates at other Euro
decline in British railway debentures and preference pean centres, so far as we have been able to discover.
shares of 15.5 and 15.8%, respectively. This is Money on call in London is now 3 % % against 4 @
explained by the removal of limited prices, which 434j% a week ago. This decline is incidental to the
has permitted the market to assume a normal level. distribution of the regular June 1 interest and divi
The British railway ordinary shares advanced 1.5% . dend payments and to the release of funds by the




2022

THE CHRONICLE

[Vol. 102.

larger deposits of American securities under the mo francs in 1915 and 2,470,350,000 francs in 1914.
Treasury deposits are 40,927,000 francs. At the
bilization plan.
corresponding date last year they totaled 74,175,000
The Bank of England reported a further increase francs, and in 1914 132,850,000 francs.
for the week in its gold item of £182,371. Note
circulation showed an expansion of £645,000; hence
the total reserve showed a reduction of £463,000.
The proportion of reserve to liabilities declined to
31.75% from 32.23% last week and 20.20% at this
date in 1915. Public deposits were further decreased
£717,000, while Government securities, which have
remained unchanged for many weeks, registered the
substantial increase of £5,000,000. Other deposits
also expanded £1,452,000. Loans (other securities)
decreased £3,794,000. The Bank's holdings of gold
total £60,214,657. This compares with £58,643,601
at the corresponding date last year and £35,992,318
in 1914, which was before the outbreak of the war.
Reserves now total £43,275,000, against £43,562,726
in 1915 and £25,448,268 the preceding year. Loans
aggregate £72,654,000, comparing with £138,883,108
one year ago and £41,133,709 in 1914. The Bank
reports as of M ay 27 the amount of currency notes
outstanding as £108,285,971, against £108,021,607
a week ago. The amount of gold held for the re
demption of such notes remains at £28,500,000.
Our special correspondent furnishes the following
details by cable of the gold movement into and out
of the Bank for the Bank week: Inflow £1,074,000
(of which £703,000 bar gold bought in the open mar
ket and £100,000 released from Egyptian account
and £271,000 net received from the interior of Great
Britain); outflow, £892,000 (of which £5,000 sold in
the open market, £275,000 exported to Spain, £12,000
to the United States and £600,000 earmarked mis
cellaneous) . We add a tabular statement comparing
for the last five years the different items in the
Bank of England return:

While local money rates for fixed maturities have
not been appreciably advanced, there is, neverthe
less, evidence of much greater independence by lend
ers. Supplies of loanable funds in the banks are
getting down to a point that conveys a direct sugges
tion of the need of caution. Call money loaned as
high as V/l% on Thursday. Last Saturday's bank
statement indicated a further decrease of 811,980,960
in the surplus above reserve requirements, and the
total is now only $64,975,350, which compares with
$224,122,990 on Sept. 11 1915, which is the highest
point reached under the new form of bank statement
which was necessitated by the operation of the
Federal Reserve Banking Law. There has been an
almost uninterrupted decline in the surplus since
Jan. 29, when $175,069,700 was held.
Bank officers are watching with considerable in
terest the influence of additional credits which are to
be sought through English banks on behalf of the
British Government in the local markets. These
credits will, it is to be presumed, be secured by the
deposit as collateral of American securities that have
been accumulated under the deposit part of the
British Treasury’s mobilization plan, but many of
the banks already have a considerable volume of
such funds. At any rate there seems slight reason
to believe that there is to be a continuance for a
considerable period of the extremely easy conditions
that have ruled in the money market for some little
time. Commercial paper is not in excessive supply,
and is perhaps in somewhat of an easier position than
that of direct loans.
The w'eekly statement of New York Clearing House
banks last Saturday recorded another large increase
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1912.
1913.
1914.
1915.
1916.
in the loan item of $22,890,000. Net demand depos
J u n e 5.
J u n e 4.
J u n e 3.
J u n e 2.
M a y 31.
£
its likewise showed a gain of $10,764,000 and net time
£
£
£
£
Circulation............. 35,385,000 33,530,875 28,994,050 28,369,505 29,084,390
deposits of $77,000. Reserves in “ own vaults" were
Public deposits----- 53,966,000 131,752,578 17,547,433 13,675,725 21,740,115
Other deposits------- 82,858,000 84,025,076 42,365,614 38,743,388 40,314,228 again reduced $13,366,000 to $419,815,000, of which
11,046,570 12,802,651 14,155,013
Governm’t securities 38,137.000 51,043,491
A year ago the total in own
Other securities----- 72,654,000 138,883,103 41,133,709 29,986,899 35,632,328 $354,665,000 is specie.
Reservo notes & coin 43,275,000 43,562.726 25.448,268 27,411,092 30,051,064
vaults was $437,786,000, including $367,205,000 in
Coin and bullion ... 60,214,657 58,643,601 35,992,318 37,600,597 40,685,454
Proportion of reserve
specie. The reserves with Federal Reserve banks
48.50%
42.50%
52.25%
20.20%
31.72%
to liabilities------3%
4>S%
during the week increased $2,341,000 to $162,964,000,
3%
5%
5%
Bank rate_________
against $117,430,000 in 1915. Reserves in other
The Bank of France recorded another increase— depositaries were increased $458,000 to $61,306,000,
7.721.000 francs— in its gold holdings this week, comparing with $35,298,000 last year. Note circu
while the silver item also showed a small gain of lation registered a small gain, $25,000, and now stands
100.000 francs. Note circulation is 96,158,000 at $31,671,000. Aggregate reserves suffered an
francs higher, which contrasts with a reduction the other substantial loss of $10,567,000, thus reducing
week previous. General deposits, however, de the amount to $644,085,000, compared with $590,
creased 3,181,000 francs. Bills discounted registered 514,000 a year ago. The reserve required, reflecting
an increase of 20,337,000 francs. Treasury deposits the increased deposits, was again increased $1,413,
were again reduced— 50,990,000 francs— and the 960, which resulted in a further decline in surplus
Bank's advances declined 8,194,000 francs. The reserves, as already noted, of $11,980,960, and brings
Bank's gold holdings now stand at 4,738,169,000 the total of excess reserves to $64,975,350, and com
francs, against 3,916,475,000 francs in 1915 and pares with $183,332,440 at the corresponding date
3.783.050.000 francs in the year preceding. Silver of the preceding year. The bank statement in more
on hand totals 352,321,000 francs, comparing with complete detail will be found on a subsequent page
375.325.000 francs last year and 626,825,000 francs of this issue.
Referring to money rates in detail, call loans cov
in 1914. Note circulation is now 15,531,093,000
ered a range of 2)^@ 33^% this week, as against 1%
francs. A year ago it was 11,926,250,000 francs, and
6.130.975.000 the previous year. General deposits @ 3 % the week previous. Monday and Wednesday
aggregate 2,351,539,000 francs, against 2,111,525,000 (Tuesday was a holiday) the high was 3% and the
francs and 764,550,000 francs one and two years ago, low and renewal quotation 2 )^ % . On Thursday the
^
respectively. Bills discounted amount to 3,184, maximum figure advanced to 3 j^ % , while 23 % still
257,000 francs, which compares with 883,085,000 represented the low and renewal basis. On Friday




THE CHRONICLE

J une 3 1916.]

the range was 2 % @ 3 % , with renewals at 2 % % .
For fixed maturities the market has a firm tone, al
though actual rates continue without change from
2 % @ 3 % for sixty days, 2 % @ 3 % for ninety days
and 3 @ 3 % % for four, ^ ve anc^ s^ months. Only
x
a small volume of business was transacted. A year
ago sixty and ninety-day funds were at 2 % @ 2 % % ,
four months at 2 % @ 3 % and five and six months at
3 @ 3 % % . Commercial paper quotations remain as
heretofore, at 3 @ 3 % % for sixty and ninety days’
endorsed bills receivable and six months’ names of
choice character. Other names not so well known
still require 3 % % , with the movement quiet. Banks’
and bankers’ acceptances continue at 2 % % for sixty
days and 2 % % for ninety days. There were no
changes in rates by the Federal Reserve banks.

2023




S an F ra n c is c o .

K a n s a s C ity .

| D a lla s .

M in n e a p o lis .

L o u is .

St.

A t la n ta .

C h ic a g o .

C lev ela n d .

R ic h m o n d .

J

P h ila d e lp h ia .

N ew Y ork.

| B o sto n .

with the banks which have paid interest thereon.
The Province of Ontario is offering $4,000,000 bonds
in New York. Of the total, $3,000,000 is required
to take up maturing bonds. The new bonds, pay
5% interest and are offered at 101% and interest.
Compared with Friday of last week, sterling ex
change on Saturday was practically without change;
demand bills were quoted at 4 75 11-16@4 75% ,
cable transfers at 4 76 7-16@4 76% , and sixty days
at 4 72% . M onday’s market was essentially of a
pre-holiday character; trading was almost at a stand
still, though the tone was firm, being influenced by
the arrival of another shipment of gold from Ottawa;
rates, however, continued at 4 75 11-16@4 75% for
demand and 4 72% for sixty days; cable transfers
were quoted at 4 76 7-L6 and remained at this figure
FEDERAL RESERVE BANK DISCOUNT RATES
all day. Tuesday was a holiday. On Wednesday
the dulness which had prevailed for several days was
still in evidence and sterling quotations were again
CLASS
.
OF
R E D IS C O U N T S .
pegged, with demand at 4 75 11-16@4 75% , cable
transfers at 4 76 7-16, and sixty days at 4 72% ;
trading was inactive and the volume of transactions
C o m m e r c ia l P a p e r —
_
3
3
1 to 10 days maturity........ 3
3 A __ _ 3 A 3
4
3
small; an additional factor in restricting operations
4
4
4
4
4
4
4
4
------- 3 A
11 to 30 “
'•
3A
4 A 4
4
4
4
4
4
4
4
4
31 to 60 "
“
........ 4
4
4A 4
was the lack of mail facilities until the end of the
4
4
4
61 to 90 "
■
'
........ 4
4A 4
4A 4A 4
4A
4A 4
week. Fresh gold imports served to further strength
L iv e -S to c k P a p e r —
5
5
5
5
5
5
91 days to 6 months maturity 5
5
4A 5
4A BA
en rates on Thursday, and demand bills advanced
T r a d e A c c e p ta n c e s —
to 4 7 5 % @ 4 75 13-16; cable transfers ranged be
_ 3
_ 3A 3A 3
_
1 to 10 days maturity........ 3
3
3A 3A _
3A 3
__ 3 A 3 A 3
3
31 to 60 "
“
........ 3
3
3A 3
3A 3A
tween 4 76 7-16@4 76% , while sixty days were un
61 to 90 “
"
........ 3
3A 3
3 A 3A 3 A . . . 3 A 3 A 3 A 4
3A
C o m m o d ity P a p e r —
changed at 4 72% . On Friday the market ruled
_
_
_ 3A 3 A _ 3
_
1 to 30 days maturity........ 3 A _ 3
3
3A
3 A 3
__ 3 A 3 A
3
31 to 60 "
"
------- 3 A
3
4
3
firm with demand at 4 75 13-16@4 75 15-16, cable
3 A 3
_ 3 A 3A _ 3
_
_
61 to 90 "
"
........ 3 A __ 3
3
3 A 3
4A
91 days to 6 months maturity
...
5
transfers at 4 7 6 % @ 4 76 9-16, and sixty days at
Authorized rate for discount of bankers' acceptances, 2 to 4% .
4 7 2 % @ 4 72% . Closing quotations were 4 72%
A rate of 3 *A to 4% on purchases of trade acceptances by the New Orleans branch
of tho Atlanta Federal Reserve Bank In the open market, without the endorsement for sixty days, 4 75 13-16 for demand and 4 76%
of any bank, was approved Dec. 16 1916. A rate of 4% for 10 days and 4 A % for
from 10 to 90 days on commercial paper for the New Orleans branch bank of the for cable transfers.
Commercial sight closed at
Federal Reserve Bank at Atlanta was approved by the Federal Reserve Board Apr. 7.
In the caso of the St. Louis Federal Reserve Bank, a rate of 2 to 4% for bills
4 7 5 % @ 4 75%, sixty days at 4 71% and niney days
with or without member-bank endorsement has been authorized.
Open market rates for purchases of bills of exchange: Atlanta, 3 A to 5 A
at 4 69% ; documents for payment finished at
Dallas, 3% to 5% .
4 71% , and seven-day grain bills at 4 7 4 % @ 4 74% .
Despite the steady influx of gold from Ottawa and Cotton and grain for payment closed at 4 7 5 % @
the heavy deposits by British holders of American se 4 75% .
curities with the British Treasury, the market for
sterling exchange has not responded. It has ruled
In the Continental exchanges there have been no
about stationary at a slight fraction below 4 76, at noteworthy developments during the week. A firmer
which rate the British Chancellor plans to maintain tone has been evident, particularly as regards francs,
demand bills on London. Exports of merchandise which have advanced steadily on the better feeling
are going forward at a spectacular rate and promise occasioned by the substantial success reported by
to continue active. Very little serious thought-seems the French Government in its mobilization of neu
to be given to the current peace talk in sterling ex tral securities for borrowing purposes. Another fa
change circles. One argument that is heard quite voring influence on French exchange is the restric
freely is that a long period of negotiation must neces tion of imports of luxuries into France. Berlin ex
sarily follow the initial step in any peace move, change was firm early in the week, principally as a
namely an armistice. Meanwhile it will be neces result of active buying for account of a large interna
sary for all belligerents to keep up their equipment tional banking concern, but later turned easier and
and their efficiency to the very highest point, else fractional declines were recorded. Kronen were
there will undoubtedly be encouragement on the without special feature, moving, as usual, in sympa
part of their opponents to take advantage of any thy with reichsmarks. Lire, after an advance to
laxity. Thus credits must be arranged and renewed 6 35% for sight on Monday, became irregular. The
for some time to come. This week’s importations of sterling check rate on Paris closed at 28.19% com
gold from Ottawa have amounted to $8,300,000, pared with 28.24% a week ago. In New York sight
bringing the total for the current movement up to bills on the French centre finished at 5 91 and
$27,006,000. Gold coin to the amount of $60,000 cables at 5 90% , against 5 92% and 5 92% last
has been withdrawn this week from the Sub-Treasury Friday. Demand bills on Berlin closed at 77 and
for shipment to Cuba. Announcement has been cables at 77 1-16, which compares with 76 9-16 and
made that the $50,000,000 4 % % credit which was 76% the week previous. Lire finished at 6 35% for
extended six months ago by a syndicate of American sight and 6 34% for cables, against 6 37 and 6 36 at
bankers to a syndicate of London bankers for em the close on Friday of last week.
The exchanges of the neutral countries have ex
ployment in the foreign exchange market, and which
matures June 20, has been extended for a full year perienced another dull week. The outstanding fea
at the rate of 5 % . This credit, it is understood, has ture has been the recovery in Scandinavian rates,
been held in reserve and has never been utilized in attributable in considerable measure to speculative
a practical way, its proceeds being kept on deposit operations. Guilders have also ruled firm. Bank-

THE CHRONICLE

3034

ers’ sight on Amsterdam closed at 41 7-10, against
413/6; cables at 41 9-16, against 4 1 ^ ; commercial
sight at 41 3-16, against 41 3-16; commercial sixty
days at 41 3-16, against 41}/g@41 3-16 last week.
Swiss exchange finished at 5 23 for bankers’ sight and
5 223^ for cables, compared with 5 223^ and 5 213^
the previous close. Greek exchange continues to be
quoted at 0 17}/£. Copenhagen checks closed at
29.90, against 29.90. Checks on Norway finished
at 30.05, against 30.05, and checks on Sweden closed
at 30.10, against 30.10 Friday last. Russian rubles
finished at 30.45, against 30.65. Spanish pesetas
closed at 20.10, which compares with 19.95 last
week.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $719,000 net in cash as a result of the currency
movements for the week ending June 1. Their re
ceipts from the interior have aggregated $7,858,000,
while the shipments have reached $7,139,000. Add
ing the Sub-Treasury operations and the gold im
ports, which together occasioned a gain of $5,756,
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 $6,475,000, as follows:
2.

W e e k e n d in g J u n e

In to
B a n ks.

O ld o f
B a n k s.

Sub-Treaa. oper’ns and gold Imports.

87.858.000
22.136.000

T o ta l..............................................

829,994,000

N et C hange in
B a n k H o ld in g s .

87.139.000 Gain
16.380.000 Gain

$719,000
5,756,000

823,519,000 Gain $6,475,000

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

1 1916.

June

3 1915.

B anks o f
G o ld .

S ilv e r.

T o ta l.

G o ld .

S ilv e r.

T o ta l.

£

£

£

£

£

£

60,214,657 58,643,601
England.. 60,214,057
58,643,601
France_ 189,529,360 14,093,440 203,622,800 150,659,280 15,012,840 171,672,120
_
Germany . 123,172,500 2,000,000 125,172,500 118,972,750 2.603.000 121,575,750
Russia* . . 163,062,000 6,180,000 169,242,000 157,077,000 5.542.000 162,619,000
Aus-Hunc 51.578.000 12.140.000 63.718.000 51.578.000 12.140.000 63.718.000
Spain___ 39.979.000 30.544.000 70.523.000 26.859.000 29.757.000 56.616.000
Italy........ 40.085.000 3,985,000 44.070.000 50.666.000 2.500.000 53.166.000
192.000 45.049.000 26.403.000
Netherl’ds 44.857.000
260,700 26,663,700
Nat.Belgh 15.380.000
600.000 15.980.000 15.380.000
600,000 15.980.000
10,270,700 9.620.000
9.620.000
Switz ’land 10,270,700
9.167.000
6.301.000
Sweden . .
9.167.000 6.301.000
207,000 7.960.000 5.953.000
Denmark. 7.753.000
324,000 6.277.000
Norway . .
0,794,000
6.794.000 3.437.000
3.437.000
Tot. week 761,842,217 69.941.440 831,783,6571687.549,631 68,739,540756,289,171
Pro v. week 760,946,106 69.742.440 830,688,540:689,601,894 68,304,320757,906,214
* The gold holdings of the Bank of Russia for both years In tho above statement
have been revised by eliminating the so-called gold balance held abroad,
c July 30 1914 In both years, h Aug. 0 1914' n both years.

THE PRESIDENT ON FUTURE ENFORCEMENT
OF PEACE.
In his address of last Saturday at Washington,
before the League to Enforce Peace, President
Wilson very wisely refrained from any direct allusion
to peace mediation or peace proposals between the
European belligerents. There had been rumors of
such a purpose, but there was never any reason to
credit them. Europe was notified in general terms,
early in the conflict, that the good offices of the
United States Government would be at the service
of the combatants if at any future time they should
wish to avail themselves 'of our friendly neutrality
for treating with one another. That notification
still holds. Further than that, in the absence of a
formal expression by both sides in the war, of their
desire for negotiations, neither we nor any other
neutral State can properly go.
It is well known that when the Roosevelt Admin
istration openly proffered mediation in 1905 between
Japan and Russia, that action was taken only after
both the belligerent governments had expressed their
wish for it. The fact that t e German Government



[Vol. 102.

has expressed a wish for peace negotiations at this
time gives no such right to us, so long as the Entente
Powers publicly declare (as they have done once
more, this week) that they are not ready to consider
terms of peace under present conditions. The
position in which an attempt to urge the question
would place our Government may be judged by
recalling how a similar attempt in 1862 by the
Emperor of the French, to urge peace officially
between the North and South in our own Civil War,
was received by the people of the North. It was
many years before the French Government was
able to live down the impression of deliberate un
friendliness, created by its action at a time when the
very fact of the reverses of the Union armies made
the Northern people resolute against talking of peace
on the enemy’s terms.
Although Mr. Wilson committed no such blunder,
we cannot help feeling that he at least overstepped
international good taste in laying down publicly the
lines on which he is “ sure that the people of the
United States would wish their Government to
m ove,” “ if it should ever be our privilege to suggest
or initiate a movement for peace.” Quite aside
from the question of what would be inferred from the
words “ suggesting” or “ initiating,” it was scarcely
altogether tactful to assume that the mediator would
undertake his task with a pre-arranged program of
his own for the subsequent international arrange
ments. And this Mr. Wilson, in his speech of last
week, avowedly did. No criticism can be rightly
made on the President’s statement that our own
interest “ is only in peace and its future guarantees;”
nor could there have been any proper objection to
his outlining the international arrangements and
conditions, in the world at large, which would in his
judgment, secure those ends when the present war
is over. But plans and purposes of this sort cannot
be made part of the apparatus of mediation.
As for the actual suggestions of Mr. Wilson, they
are too vague to make it easy to measure their full
scope. A very large number of thoughtful men
have already become convinced that some inter
national league or tribunal must be created, to pre
vent future attacks by one nation or another without
due cause and without decent submission of their
differences to outside arbitrament. How this can
be done— how a league of nations, pledged to enforce
either peace or arbitration on the rest, could be
held together by its mutual agreement any more
surely than the present belligerents were held to
gether by their Hague conventions— this is a problem
of enormous difficulty.
It will be solved, if it is to be solved at all, only
through the most thorough and careful study, not
of general principles, but of the practical details
which would be involved and the whole field of
practical consequences which the agreement would
entail on each separate nation. Mr. Wilson has
resented and repudiated the newspaper criticism
that his plan involved the rejection of Washington’s
advice against “ entangling alliances.” His own mean
ing, he declared, was that our government should
commit itself only to “ disentangling alliances.” But
these are merely words, until the full and actual
scope of the proposed arrangement is set forth with
the utmost clearness and subjected to the severest
analysis.
On the three principles laid down by the President
last Saturday as fundamental, two will occasion

June 3 1916.]

THE CHRONICLE

little or no dispute, in this country at any rate.
That “ the small States of the world have a right to
enjoy the same respect for their sovereignty and for
their territorial integrity that great and powerful
nations expect and insist u p o n /'a n d that “ the world
has a right to be free from every disturbance of its
peace that has its origin in aggression and the dis
regard of the rights of people and nations,” are
principles which our Government and people have
long accepted. But the statement (which, as a
matter of fact, M r. Wilson places first among his
fundamental principles) that “ every people have a
right to choose the sovereignty under which they
shall live,” ought hardly to be so sweepingly enunci
ated, especially in the very political juncture to
which the President was referring, without a more
careful examination of exactly what it means.
Stated as an abstract principle, it is undoubtedly
in line with the assertion of human rights and popu
lar rule. But abstract principles, considered apart
from their possible immediate application, have had
their dangers, long before even Rousseau’s “ Contrat
Social.” Applied to existing circumstances and con
ditions, it would be necessary— if M r. Wilson’s
speech were a declaration committing the United
States Government to a policy— to ask how far the
declaration should be held to justify the independence
of Ireland, or the complete disruption of the Austrian
Empire. We are aware that many people of stand
ing advocate both these.results, even independently
of general principles. But a formal outline of the
terms on which the existing nationalities of the
world were to be invited into a mutual league for
peace would scarcely be the place for precisely those
suggestions, even by indirection. We are not sure
how far Mr. Wilson’s comprehensive statement might
not have been applied by the dialecticians of the
Southern States in 1861, as an argument for seces
sion. It is far from our purpose to intimate that the
President had in mind, or would approve, any such
deductions from his general principle. But that is
only to say that the possible consequences involved
in the full application of a statement of the sort ought
to have been more carefully examined and guarded
against, before stating it.
The obstacles surrounding even the most sincere
attempt to solve this problem of the future preserva
tion of international peace have been strikingly illus
trated in the recent attemptof Maximilian Harden, in
his Socialist organ, “ Der Zukunft,” to outline the
necessary conditions precedent.
Harden imagines
himself the President of the United States , and his long
article-—remarkable not least because the Imperial
censor permitted its publication— is constructed in
form as M r. Wilson’s declaration. But the words
and the ideas are Harden’s, and they express a vehe
ment, almost passionate, desire to ensure the future
peace of the world.
He docs not spare his own country when he deals
with culpable actions in connection with this war.
“ The question whether there is to be friendship or
hostility between two great nations can no longer de
pend on the eyelashes and nerves of a young subma
rine commander, * * * in whose ear conscience
speaks only one command: ‘Sink whatever can be
laid hold of’ ” — this is his reference to the subma
rine dispute. “ If he [the American of foreign birth
or descent] wished to remain in every fibre of his be
ing a German or an Irishman, to plunge under all
conditions into activities for his native land, he should



2025

have stayed at home and endured unfavorable con
ditions of life, and co-operated for the improvement
of the political and social system” — this is his refer
ence to agitation in this country in behalf of Europe
and against the actions of the Government at Wash
ington.
“ In all wars of modern times, German industry,
in spite of the Empire’s neutrality, has supplied one
party, often both parties, with arms and munitions;
* * * what was allowed to her to an unlimited
extent cannot be prohibited to the industry of Amer
ica” — this is Harden’s comment on the “ munitions
export controversy.” Yet with all this fairness of
view, Harden’s proposals for the future guarantee of
peace are of a character so fantastic as to impress the
thinking mind as little short of pathetic. An inter
national police force or militia; manufacture of mu
nitions of war exclusively by an international cor
poration; subscription to that company by all the
governments— something like this may have been
intimated before. But Harden, when he asks how
subscriptions by the present belligerents shall be paid
in their exhaustion from the war, would have “ Eu
rope’s war debt become a fund of atonement” ; “ the
loan coupons be valid money, guaranteed by all the
debtors” ; whereupon “ the Continent would be freed
from money tightness” and “ would not need to
frighten its citizens by the threat of crushing taxa
tion.” “ North and South America will, for the sake
of custom and a market, if for nothing else, take the
new paper money in payment.” In other words,
the remedy for the threatened ills is to be, not grad
ual reduction of war-time paper issues, but immensely
increased paper inflation for the world at large, to
continue an indefinite period after the present war.
This is not the least striking, among many passing
illustrations, of the danger of giving rein to aspira
tions and emotions on the question of readjustment
after war, uncontrolled by the hard teaching of
experience.
JAMES J. HILL.
In the front rank of American builders, if not
leading them, the large man whose loss we now
deplore once summed up his own career as “ first a
farmer, then a merchant’s clerk, then a farmer, a
laborer, a clerk, a builder of steamboats, a con
structor of railroads, a sub-contractor, and then a
stockholder, manager and owner.” He was no
child of Fortune, and he owed nothing to luck—
unless what is called luck but may be a wise provi
dential selection of instruments for times and needs
sent him across the Canadian border in his youth.
Various incidents and movements towards a goal
he could not see in outlines, but must have felt
took him to St. Paul, where several ventures in
river transportation ended in bringing him into an
unimportant personal connection with an un
important railroad and to an opportunity which he
recognized with a prophetic vision.
The story of how he seized opportunity and
obtained this bankrupt road which became the
nucleus of the Great Northern and reached the
Pacific before the century closed has been told,
and its details need not be recounted. He had
all the faith in this country upon which the elder
Morgan insisted. To him, grasshoppers and crop
failures were merely unfortunate incidents; he be
lieved in agriculture, in mining, in production along
every line, and emphatically in hard work. He was

2026

THE CHRONICLE

incidentally a financier, necessarily, but in the. best
sense of that term. A constructor always, he was
one of the earliest men in railroading to recognize
that the prime business of a railroad (especially one
pushing into new territory) is as much to create
stuff to carry as to carry it. Without the aid of a
land grant, he made farms by teaching practical
agriculture, showing men how to improve, and
spurring them to improvement by an individual
force which seemed self-renewing. Easy grades,
heavy power, large trainload, and low rates were his
transportation creed; when somebody spoke of his
importation of choice foreign cattle as philanthropic
he disavowed it: “not philanthropy,” he said, “more
tonnage in a few years for the Great Northern.”
As one man has now explained his success, “by en
couraging settlers, furnishing them the best seeds,
showing them the best methods of culture, and
importing the best breeds of cattle, he changed the
wilderness into prosperous country, which in turn
made the road prosperous and enabled it to obtain
all the money necessary to extend and expand its
usefulness.” The educational train has been a
familiar railroad instrument for many years, and
in all this Mr. Hill was a pioneer.
If to make two blades of grass grow in place of
one is fit for praise, nothing higher need be said
than that a man has caused the wilderness to blos
som. This man attained wealth himself, but only
a moderate share of that to which he had contributed.
He was always democratic, being “Jim Hill” amon£
his friends and in the every-day thought of his
employees— a ’ man who knew details minutely,
could match anybody in hard work, pushed straight
to results, and had no tolerance for inefficiency.
Being such, he could not view without honest
indignation the interferences of politicians who
persist in meddling with what they do not under
stand. Of some of the radical pieces of legislation
in the last few years he said that “if they are not
enough to deal business a body blow I don’t know
what is.” He did not like their interfering with
his plans of empire-building by bringing the Orient
hither, commercially; he protested vigorously against
the Seamen’s Act, urged its repeal, and was not
among the indorsers of the pending Shipping Bill,
for his belief about the maximum of governmental
undertaking went only to “regulation and not
strangulation.”
He had a direct, epigrammatic way of phrasing
serious truths, of which an apt instance is his oftquoted remark that the trouble now is not so much
the high cost of living as the cost of high living;
this was not a mere catchy play upon words for
antithesis, nor merely the thrust of a plain man at
the extravagances of society. Evidently he meant
to include in his thrust the wastes of materials, time
and effort, which are such an unhappy habit in this
country: the consumption of natural resources with
out careful replacement, the defects in distribution,
the preventable destruction by fire, the frittering
away of time and effort in labor quarrelling and
otherwise. When somebody asked him how long
the Avar will last, he cut to the substance and
gave the only possible answer by saying that it
will end when somebody “is licked” and not until
then.
Of late years Mr. Hill had been w i t h d r a A v i n g from
active labor and had been among the elder states
men, the men'who should command respect and



h e a r in g

[Vol . 102.

am ong

th e

com m on

p e o p le

yet

are

little

h e e d e d e x c e p t b y t h o s e Avho r e s e m b l e t h e m in s e r i o u s 
ness

of

th ou g h t

s e r v ic e .

He

and

a im

and

in

r e a lity

A v o u ld h a v e m a d e a n

of

p u b lic

a d m ir a b le

P r e s i

d e n t o f th e U n ite d S ta te s , b u t th e s u g g e s tio n o f s u ch
a

nam e

fr o m

A v o u ld

th e

have

v ie A v p o in t

p r e s id e n t ia l

s iz e

been
of

r e ce iv e d

as

“ a v a ila b ilit y ,”

m u st

be

sou gh t

in

v is io n a r y ;

th e
th e

m an

of

p o litic ia n

c l a s s , a n d in t h a t c l a s s t h e s m o o t h e s t t a l k e r a n d t h e
m o s t a d r o it p la y e r u p o n
je a lo u s ie s

d ra w s

govern m en t

th e

p o p u la r p a s s io n s a n d

la r g e s t

is r e g a r d e d

f o llo A v in g .

as an

So

c la s s

lo n g

in s tr u m e n t

fo r

as

com 

p e llin g fa ir p la y a n d p r o m o t in g in d iv id u a l h a p p in e s s
by

d is tr ib u tin g

th e

good

th in g s

of

life

m ore

u n i

f o r m l y , a n d s o l o n g a s t h e b a l l o t is d e e m e d a w e a p o n
fo r

in d iv id u a l

a ll

th e

b e tte rm e n t

p e o p le ,

r e m a in

th e

ra th er

a n c ie n t

th an

je a lo u s y

a

of

tru st

fo r

w e a lth

Avill

th e b e s t a sse t o f th e m e re o ffic e -s e e k e r a n d

“ b u s in e s s ”

Avill lie

under

p o p u la r

s u s p ic io n .

M r . H ill u n d e r s t o o d th e u n in t e llig e n t a n d fe v e r is h
u n rest

fr o m

stru cts
m ade

A v h id U c o in e s

p rogress
th e

best

of

th e

ju d g m e n t ,
needed,

th e

of

a lte r a t o n c e .
sen se

in

c o n d itio n s

H e Avas
A v o rd ,

sou n d

A vith

so

p u b lic

m ay

be

lo s s .

a

sen se,
m any

Y et

ta k e n ,

in

of

he

he

c o u ld

one.

Aviso

d iffic u lt

not

H is

cou n sel

and

r ip e
seem

fa r -r e a c h in g

h is d e a t h is a d i s 

t h e lle s s o n
th a t

ob

but

m a n ,* in th e b e s t

stron g

us, an d

p a rt,

th a t

p rogress,

w h ic h

and

o b s t a c l e s A vith c o u r a g e a n d
in t h e g r e a t f u t u r e

le g is la t io n
of

a “ g rea t”

and

p r o b le m s lo o m in g b e fo r e
tin c t

t h is

nam e

of

Ave

r e ta in

h is

u s e fu l life

s h o u ld

fa ce

th e fa ith

th is c o u n t r y .

a ll

h e h e ld

.

CHINA AND JAPAN IN THE NEAR FUTURE.
We may hope that the end of the war is approach
ing. Japan directly and China][indirectly A ill be
v
involved in the terms of settlement— perhaps
prominently. It is desirable for us to Ic i io a v their
relations J;o^one~another(and theirjoint relation to
the Western PoAvers.%Out of this arises America’s
relation to^them both.
T h e q u e s tio n o f p r e p a r e d n e s s fo r th e U n it e d S ta te s
s t a n d s in im m e d ia t e c o n n e c t i o n .

W e have no

con 

c e r n A vith t h e p u r e l y p o l i t i c a l i s s u e s , b u t Ave h a v e a
real an d
s o c ia l

p r o m in e n t c o n c e r n

p o s itio n s ,

i.

e .,

O r ie n t , in s u r in g t o
jo y e d

A vith t h e e c o n o m i c

Avith

th e

O pen

u s th e r ig h t t o

a m o n g c iv iliz e d

D oor

and

in

th e

th e fr e e d o m

en

p e o p le , o f te a c h in g , o f tra d e ,

a n d o f t r a n s i t a n d r e s i d e n c e , A vith i m m u n i t y t o o u r
c itiz e n s

a g a in s t

p erson al

in ju r y

or

in fr in g e m e n t

of

r ig h ts .

Japan has definitely taken her place among the
Western nations, and in dealing with them on equal
terms. Since the opening of the Avar and her union
with the Allies she has assumed the responsibility
of seeing that China does the same, i. e., of seeing
that China, Avithin her OAvn territory, and any
European nation gaining control of any part of
China, shall not impair the equal rights in trade and
opportunity of any other State.
To
to

u n d ersta n d

knoA v

p e r a tiv e ly

im p e n d in g

A vh y r e s p o n s i b i l i t y
on

Japan.

fa c t t h a t C h in a

The

is s u e s
fo r

it

is

C h in a

so

im 

lie s

in

th e

e x p la n a tio n
fo r

a lo n g t im e t o

c o m e Avill n o t b e a b l e , t o m a k e s u c h

p r o v is io n o r to

o ffe r

su ch

is n o t a b l e , a n d

e s s e n tia l

fa lls

g u a ra n ty

h e r s e lf.

The

p lig h t

a s th e r e s u lt o f h e r in t e r n a l c o n d it io n

sh e

is

in

is i n s t r u c t i v e

t o o t h e r S t a t e s a n d t o a ll Avho h a v e n a r r o w v ieA vs o n
p rep a red n ess to -d a y .

THE CHRONICLE

June 3 1916.1

The moment an armistice to consider peace is
declared the rush will begin for the nations to recoup
themselves for losses and to secure as large a share
as possible in the business of the world. The success
of any State in that debate and subsequent contest
will be determined mainly by its visible force.
It will be a contest of diplomatic skill, but of that
skill as backed up by immediate resources of offense
and defense. The world is tired of war; but it has
lost none of its respect for physical force. On the
contrary, that respect has greatly increased. The
nation that enters the diplomatic contest physically
weak, either alone or in its union with others, will
find itself in the attitude of a suppliant. Its acknow
ledged rights will be few and its guaranty will have
small consideration. Now China is of all countries
to-day the weakest in all that will constitute influ
ence at that hour; at the same time it offers the
greatest opportunities for aggression and the vastest
amount of available plunder.
England, France, Germany and Russia have all
at various times deprived China of part of her
territory. The habit so generally acquired will
not lightly be abandoned. China’s situation in
consequence is hardly debatable. The only ques
tion is likely to be, who will bite first and hardest;
or what will be left when all have got through.
China cannot protect herself, and is not likely to
be able to do so for a long time. The path for her
from Oriental ineptitude to Occidental efficiency
is long and devious. Japan has made the change
in a little more than a generation, but China cannot;
her weakness springs from causes too deep seated,
her vast area, her immense population with diverse
interests, the long established systems of official
corruption, the penetration of foreign greed and
commercial domination, the indifference of the
better classes to the welfare of the people, her
traditional despite of all foreign ways and dislike
of foreigners, and her union of church and State.
There is already much good leaven in the lump,
but time is needed for recreation or adequate re
construction. As Dr. Griffis has lately said, “China
has again and again raised hopes amongst Occidental
peoples that-she was about to modify her laws and
people, only to dash the expectations of optimists
to the ground. Whatever modifications China
has made in her system are as yet simply external,
nor will there be any real progress in the Western
sense of the word until China’s bigotry and perse
cution are abandoned and the union of church and
State given up.”
Meanwhile, Japan has assumed the role of pro
tector. She must face some similar danger in her
new territories in Korea and Manchuria and the
Lao Ting Peninsular, all of which she has had to win
and hold against European opposition, at times
expressed in her hours of greatest exposure. As
Professor Ladd says, * “The superficial and tem
porary interests of the two nations, Japan and China,
seem to be antagonistic, but the most essential and
permanent interests of the two nations are largely
similar, if not absolutely identical. Succinctly,
stated, they may be summed up in the following
way: to preserve the economic resources, social and
political institutions, and their development, of the
Orient, by the Orient and for the Orient, free from
the aggressions and domination of the Western
nations, so far as their essential features and essential
* "T h e

Journal o f Race




Development,"

January

1916.

2021

advantages are concerned.” Japan, therefore, tak
ing advantage of the opportunity the war has given
her, has set out to exercise her influence in China
to check foreign scheming, constantly exercised, and
eventually to prevent foreign aggression. It may
be for her own commercial and selfish interest,
though Professor Ladd, who was a close friend of
Marquis Ito, and was invited to be with him for
many months in Korea, and who has had exceptional
opportunities of knowing Japan, says that the
better class of Japanese take a loftier and more far
sighted view. Be that as it may, nothing is more
natural than that Japan, conscious of new power
and having been taught by her own experience,
should demand the right of guiding Chinese affairs,
at least so far as to protect China and herself from
menace from the West.
China’s most recent infliction was from Germany,
both from the barbarous course pursued by her
soldiers in the expedition to avenge the death of the
German Ambassador at the time of the Boxer out
break (witness John Hay’s account of the expedition,
which he says, created such excitement among the
natives as to imperil the life of every foreigner in
the Empire) and from her seizing of the Shantung
Province. While, on the other hand, Germany
makes no attempt to conceal her hatred of the
Japanese and her determination to re-establish
herself in China and to punish Japan, and is per
petually stirring up trouble by her active emissaries
in both countries.
Whether Japanese motives be pure or not, it is
easy to see that it is clearly to her advantage and,
from an Oriental standpoint, also to China’s, that
the two countries should largely pool their interests,
and that the leadership should for the time at least
be in the hands of Japan. How Japan may eventu
ally adjust her relations to China and particularly
as to such former Chinese territory as she now holds,
is not of importance to America. As Professor
Ladd points out, Japan has possession of Manchuria
and Shantung, not by trespass on China, but by
capture from Russia and Germany, who had taken
them some time before under one form of forced
concession or another, from China. China’s account
is, therefore, directly with them when the day of
accounting arrives. The recent treaty between
Japan and China turns on this situation.
Article I reads: “ The Chinese Government engages
to give full assent to all matters upon which the
Japanese Government may hereafter agree with the
German Government relating to the disposition
of all the rights, interest and concession which in
virtual treaties or otherwise Germany possesses;
vis-a-vis, in relation to the Province of Shantung.’’
It provides definitely for the Open Dobr for all, and
for the withholding of all her territory along the
seacoast, both mainland and island, from cession
to any third party.
Japan’s other demands of special concessions to
herself in the enjoyment of opportunities and privi
leges, commercial and the like, and which also are
intended to bar out other nations from aggression
upon the territorial and economic interest of China,
may be regarded as incident to the situation and the
role she feels compelled to assume. In any case,
they are not new in China, and must be left for final
adjustment with China herself when the proper time
comes. The situation is at least not difficult to
understand, and if to understand is the first step to

2028

THE CHRONICLE

judging justly, America, which, by reason both of
her history and her position among the nations, has
so much in common with Japan, ought to be able
intelligently and sympathetically to adjust her own
relations to both Japan and China, as each needs
the help of the other in establishing relations not
only between themselves, but with the world, that
shall rest on a firmer and higher basis than that
which is merely economic and commercial.
It has long been our habit to regard distant nations
of different speech and color as inferior; we are fast
rising above this temptation. If, now we can help
China, with her many excellencies and vast possi
bilities, to take her place in the councils of the
nations, it may be no small contribution to the peace
and prosperity of the world.

THE SHIPPING BILL
A hile this bill in its latest form is hanging in the
\
Senate, after coming thither from the House, there
may be hope from the careful summary of the points
against it made by a committee consisting ofPresident
Farrell of the U. S. Steel Corporation, Mr. Robert
Dollar of San Francisco and Vice-President Franklin
of the International Mercantile Marine. They re
fute (of course without mentioning it) Chairman Al
exander’s loose assertion in the House that the
patched and repatched measure of which he stands
as spokesman “has the support of all the commercial
bodies in the United States.” So far as it has their
assent, that assent seems to be in the line of seeking
to put into the least harmful shape a proposition
which it has not appeared feasible to suppress en
tirely; we should have preferred a more uncompro
mising opposition, yet opposition has clearly made
the measure less vicious than at first. As first pre
sented, it was big with possible international com
plications and was slain in the Senate, in the last
session, largely for that reason; next, it assumed to
license and control all foreign commerce with this
country in every particular; now it would set up a
regulatory scheme considerably analogous to what we
now have as to land carriage.
The report of this practical committee is of great
length. On the question of the adequacy of the
means proposed in the bill to attain the assumed de
sideratum of making possible the carrying of Ameri
can commerce under our flag, England’s experience
shows that no nation can carry all its commerce un
der its own flag; but, supposing American shipping
large enough to carry about 00% of our commerce,
as approximately in the British merchant marine
(instead of carrying only about 14% as in 1915),
then it is estimated that in course of the next decade
between six and ten million gross tons of all sizes and
types would be required. Incidentally, the report
says that present war experience shows that a mer
chant shipping suitable for a diversified commerce
automatically provides vessels best adapted to trans
porting troops and supplies in case of war.
The value of this assumed additional six to ten
millions of tonnage would be somewhere between
$50 and $100 a ton deadweight, those being the ex
tremes before and now in wartime, a total cost of
520 to 1,040 millions, which would need to return
from about 3 1 ^ to about 62Yi millions a year in order
to cover depreciation and earn 6% average. AVith
the 50 millions from the bond issue proposed in the
bill, not more than 600,000 gross tons could be had,




[Vol . 102.

or less than 10% of the amount required to establish
this country in the desired position; furthermore,
not more than that amount could be derived from
foreign nations which allow alienation of their mer
chant vessels during war, and Admiral Benson has
testified that, if assured prompt delivery of material,
the best the Government yards could do is to provide
six 10,000-ton ships in the next two years. There
fore, as the report puts it, “the effect of the bill upon
the country’s aspirations for larger shipping is more
important than its possibilities of immediate relief
of the present restriction of American commerce,
due to scarcity of vessels and abnormal rates.”
So much for the emergency view which is urged as
the all-compelling reason for enacting such a measure
and doing so quickly. An important point of which
little has been said is that the greater part of both
our exports and imports is bulky and cheap commodi
ties, which can move only at low rates. This means
the tramp ship, which is a marine free lance, caring
little for nationality or flag and utterly devoid of
sentiment; it demands (as well as implies) liberty in
competition, and its irregularity of movement is a
condition of its ability to get freights by paying low
wages and working for low rates. Return cargoes
are essential and are not always obtainable on direct
return routes. The report cites several interesting
and suggestive illustrations: a ship with cotton from
Savannah to Liverpool may next charter to take
Welsh coal to Argentina rather than return to this
country in ballast; if unable to pick up a cargo at
Argentine ports, she may go in ballast to Chile to
take nitrate to Europe and thus stay away from the
United States until some cargo hitherward or else a
profitable charter from this country impels her. One
of these illuminative examples must suffice; but as
our Consul-General at Rio said, owners and charterers
“maneuver a cargo vessel all over the map with the
sole end of profitable cargo in view.” Yet not only
does this bill make no provision for the tramp ship,
but militates against it, proposing to embark this
country “in an industry normally costing more to
conduct under the United States than under foreign
flags, and to restrict that operation to what often
proves the least remunerative branch of shipping,
established lines.” So long as these unfavorable
comparative conditions of cost continue, the increase
of American shipping “will depend upon the willing
ness of taxpayers to increase appropriations for new
construction and continued deficit in the Government
shipping account.”
When capital is asked to come in, “it finds this
country without a definite shipping policy,” whereas
all policies in England have long leaned towards ship
ping. Until 1913 no vessel could fly our flag unless
built here. Then came the Seamen’s Act, designed
to make all foreign ships which touch here operate
on the same high-cost plan as our ships must, but
in operation putting on our ships restrictions not ap
plying to those of certain other nations. In compe
tition, our ships must encounter foreign ships that
never touch American ports and so escape all our
regulating. “To live on our own export and import
trade, American tramp steamships must be able to
live on the odd legs of the circuitous voyages neces
sary to avoid return in ballast; the fact that American
shipping is now highly profitable is no criterion of
its ability to compete during a shipping depression
such as may follow, a few years after this war, and

J une 3 1916.]

THE CHRONICLE

such as did follow the Boer war.” Ocean shipping,
says the committee, is the most competitive of all
industries, a constant struggle for existence, chiefly
among nations for centuries engaged in ocean carry
ing; it is difficult to conceive of success for the Amer
ican entrant if burdened by legal restrictions not
borne by the older and stronger opponents; if such
laws apply equally to all vessels they increase our
freight rates and handicap our trade, and if they do
not apply to foreign vessels they drive our own out
of existence.
This bill, as is further pointed out, would endow
the Board with two inconsistent functions: that
of regulator of rates and practices and of ship
owner. It is charged with vindicating the outlay of
50 millions and the general policy of Government
ownership, and also with prescribing rates and prac
tices for its competitors; “such a condition is compara
ble only to the unthinkable possibility of a single rail
road in the United States being given the power to
regulate the rates and practices of all its competi
tors.”
The report includes recommendations as well as
destructive criticism. It advises creation of a per
manent Shipping Board of men “ experienced in ship
ping and foreign trade” which is noticeably unlike the
pending proposition; this Board to be permanently
advisory of Congress upon measures necessary to
keep American shipping on an equitable competitive
basis; for this end it should investigate all costs of
construction and operation, and this, we may re
mark parenthetically, is very unlike the proposition
to launch the country into a scheme on unknown seas
of navigating before making any investigation of facts
and on the assumption that the conditions of to-day
are going to stand permanently. The Board should
also, according to the committee’s recommendations,
report on the measures “ necessary to render invest

ment in American shipping safe and attractive to pri
vate c a p ita l and the President should be empowered
so suspend operation of such portions of the Sea
men’s Act as he may deem detrimental to the inter
ests of American shipping, “until Congress, having
before it the advice of the Shipping Board, has revised
and modernized the U. S. Navigation laws.”
We have only touched upon the principal points
in this report, which is fair in tone throughout and
has what ought to be enough of the thought of “de
fense” and of Americanism to satisfy reasonable
persons. So far as commercial bodies and business
men in the country are agreed upon Government
intervention of any kind and in any degree, they are
consenting to and in favor of a permanent shipping
board as outlined in this report, which nobody can
deny comes from men best qualified to understand
the subject; against them are arrayed theorists who
mean well but have the rashness and obstinacy that
often accompany ignorance of the matter in hand.
After some filibustering, the bill went through the
House on May 20, by a party vote of 211 to 161,
with 11 present and refusing to vote. It is now
with the Senate Commerce Committee, whose Chair
man opposed the bill of the last session and is
counted as against government ownership. The
fate of the bill is uncertain, and the report on it may
be temporarily halted by the convention excitement
of the next fortnight. It is now for business inter
ests and business men to rally for defeating or
deferring it, or, at least, for eliminating some of its
worst features.




E X T E N S IO N

2029
OF

$50,000,000

CRED IT

TO

LONDON

BANKS.

The $50,000,000 credit arranged for in this city last
November on behalf of oight London banks for a period of
six months, has been extended for a year. The present
credit expires Juno 20. The interest rate, which for the
six month period had been 4 b 6 % , has been fixed at 5 % for
tho now term, the increase in the rate, it is stated, being
duo to tho change in money market conditions. The credit
is tho several obligation of tho following London banks—
tho London City & Midland Bank, Lloyds’ Bank, the Lon
don County & Westminster Bank, tho National Provincial
Bank of England, Barclay & C o., L td ., Parr’s Bank, the
Union of London & Smith’s Bank, and tho London Joint
Stock Bank. Tho loan was secured by the deposit with the
Bank of England of £1 1,000,000 in British Government
bonds. It is stated that none of tho credit has thus far
boon availed of by the banks.
C O M P A R A T I V E F I G U R E S OF C O N D I T I O N
C AN AD IAN BANKS.

OF

In tho following we compare the condition of the Canadain
banks, under the last two monthly statements, with the re
turn for Juno 30 1914:
Gold and subsidary coin—
In Canada.............. . ..............
Elsewhere............................ .
Total ...................................
Dominion notes_______________
Deposit with M in’er of Finance
for security of note circulation
Deposit in central gold reserves
Due from banks................
Loans and discounts__________
Bonds, securities, &c_________
Call and short loans in Canada.
Call and short loans elsewhere
than in Canada____________
Other assets__________________

ASSETS.
A p r . 29 1916. M a r . 31 1916. J u n e 30 1914.

$
45.26.r
i,875
21,070,695

$
45,434,783
20,938,119

$
28,918,841
17,160,111

66,336,554
147,479,821

66,372,902
151,203,493

46,108,952
92,114,482

6,726,663
l4 ,410,000
212,335,593
883,286,657
190.638,037
82,527,448

6,756.377
12,010,000
162,312,364
866,191,857
141,335,035
81.747,512

6,667,568
3,050,000
123,608,936
925,681,966
102,344,120
67,401,484

147,146,443
74,494,237

141,889,989
76,017,182

137,120,167
71,209,738

1,825,381,453

Total

LIA B IL IT IE S.

1,705,836,711 1,575,307,413

Capital authorized___________
Capital subscribed___________
Capital paid up_______________
Reserve fund...............................

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

$
188,866,666
113,242,066
112,815,581
113,022,933

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

C irculation.................................
Government deposits_________
Demand deposits____________
Time deposits.............................
Duo to banks.................
Bills payable..............................
Other liabilities...........................
Balances due to Imperial G ovt.

119,233,330
45,223,292
594,102,546
748,359,957
33,409,777
6,423,799
13.135,306
24,035,500

114,804,604
47,776,899
509,844,347
738.169,212
32,424,869
6,725,080
13,080.222
----------------

99,138,029
44,453,738
458,067,832
663,650.230
32,426,404
20,096,365
12,656,085
----------------

Total, not including capital
or reserve fu n d ..................1,583,923,507 1,462,825,233 1,330,488,683
N o t e .— Owing to the omission of tho cents in the official reports, the
footings in the above do not exactly agree with the totals given.
A D D IT IO N A L

T A X B Y B RITISH G O V E R N M E N T
A M E R I C A N SECURITIES.

ON

In accordanco with his announcement of last week, Regi
nald M cK enna, Chancellor of the Exchequer, moved in the
House of Commons on M onday last (M ay 29) that an addi
tional income tax of two shillings to tho pound be charged
on American securities other than those held by tho Treas
ury under the mobilization plan. The resolution was
adopted. It will go into effect July 1 and will continue for
one year. Tho measure is intended to compel tho sale to
the Government of American securities which have hitherto
been withheld by their owners. Harold J. Tennant, Parlia
mentary Under-Secretary for W ar, explained that, as the
balanco of trado was against England, there was a limit to
tho exportation of gold. A loan already having been raised
in America, tho Government had resorted to the mobiliza
tion of securities to meet tho balance of liabilities. This
plan, M r . Tennant said, had been carried out with great
caro and without any injury to tho American market. Tho
Government had been able to pay its way and preserve a
substantial balance in New York to enable it to meet the
charges which might become due. For some months past,
however, tho supply of American securities offered to the
Government had dwindled from a torrent to little more than
a trickle. It had been suggested that this was due to natural
exhaustion of the supply.
Tho debato revealed that the resolution was applicable
to any foreign securities, but that the Treasury must bo
willing to buy a security before it could be affected by tho
tax. The resolution is said to have met with considerable
hostile criticism. On M a y 31 it was stated that the ma
chinery of tho Treasury was taxed beyond its facilities to
meet the conditions which have developed; the new measuro
has brought out a large amount of small stock and bond is
sues, including American bonds which have been locked up for

2030

THE CHRONICLE

years. On the ls tin s t.it was reported that a large number or
Americans resident in England, the holders of American se
curities, having protested against tho new tax being applied
to them, the American Embassy addressed an inquiry to
the British Foreign Office. The latter referred the matter
to the Treasury Commissioners, who have before them the
whole question of applying tho now tax to foreign residents.
SECR ETAR Y M cA D O O ON C O U N T R Y ’S PROSPERITY—
IIIS W A R N I N G A G A IN S T IN F L A T IO N .

Declaring that the United States is enjoying tho greatest
era of prosperity in its history, and describing tho Federal
Reserve Act as “ the greatest contributing factor in this happy
condition,” Secretary of the Treasury M cAdoo, in a speech
before the Raleigh (N . C .) Chamber of Commerce on M a y
31, cautioned the bankers against speculation and infla
tionary tendencies. In commenting upon the country’s
prosperity, M r. M cAdoo said: “ Wo have not alone tho full
dinner pail, but tho overflowing dinner pail.” He further
said in part:
Tho United States is enjoying the greatest era o f prosperity in its history
and tho outlook for the future of the country was never so bright. Unlike
all provious periods of groat business activity, tho present ascendancy in
all linos of industrial endeavor possesses ail the olomonts of permanence,
provided wo avail ourselves o f tho opportunities which are boing literally
thrust into our hands, with that intelligence, energy and enterprise so char
acteristic of the spirit of tho American people.
Prosperity has pormoated every corner of tho country. Every lino of
business is pulsating witli it. Evory industry is driving at (op speed of
profitable activity. Labor is employed throughout tho land at tho highest
wages over known, and tho demand for labor in all parts of tho country
seems to bo in excess o f tho supply. Never in American history havo con
ditions boon so favorable to American business and American industry.
The Federal Reserve Act, which is now generally conceded to bo tho most
constructive measuro placed upon our statute books in a half century, is tho
greatest contributing factor in this happy condition. Tho Federal Reserve
system has been in operation less than two years, during which time the na
tion has passed through tho groatest crisis and strain tiro world has over
seen. We have successfully withstood the shock of tho European cataclysm
and have rebounded into tho most unexampled prosperity any nation has
ever known. The Federal Reserve system has provided tho elastic and
responsive credit resources roquired for the expansion and growth of tiro
business anti tho development of our country.
The straightjackot in which tho business and industry of tire United
States havo been cramped and limited by tho old financial laws of tho Re
publican Party has been shattered and tho country may grow without re
striction to tho full limit of healthful anil logitimato expansion. Not only
has tho Reserve system provided ample credit resources and strengthened
tho financial structure of the country immeasurably, but it has caused a
more equitable diffusion of credits, has reduced rates of intorost and has
mitigated already, and in groat measure, tho abuses of usury in those parts
of tho country whore usury has been a serious handicap to business and en
terprise.
It was tho leadership and action of tho Government at Washington that
saved the country in this great crisis. This is said in no spirit of deprecia
tion of tho important co-operation the leading bankers and business men of
the country gave to tho Government in that critical time.
What a contrast this is to the ineffectiveness of the Republican Adminis
tration at Washington during the panic of 1907. which left tho country prostrato for many years and brought immeasurable disaster upon tho Ameri
can people.

M r . MeAcloo cited the legislative enactments of the Wilson
Administration, which could be pointed to as instrumentali
ties of service to the American business men and tho American
farmer. He praised tho Federal Reserve Act and tho Rural
Credits bill, about to be adopted, as measures by which “ tho
ghost of panic has been securely laid.” Tho Government at
Washington, he said, “ saved tho country” in tho financial
crisis which developed at the outbreak of tho European war.
He also defined his prediction that the close of tho war will
witness even greater prosperity in the United States than now
exists. Ho said that tho depleted resources and weakoned
economic power of tho European nations after tho war did
not create a picture in his mind which caused him to fear
their competition in behalf of American business. Further
more, ho said that tho trade with Germany, which amounted
to nearly $400,000,000 before tho war, and which once more
will be open to the United States at the end of the war, will
go a long way toward making up for the war orders of tho
Allies; while trade extensions with South America and the
industrial exports to Europe, needed for the work of rebuild
ing the structures which have been destroyed by war, will
operate in tho same direction.
In warning against the perils of inflation, the Secretary
stated that tho great resources which the country has been
enabled to gather in the past years of prosperity havo thrust
upon tho men who have control of them “ responsibility so to
use these resources that they will be employed in legitimate
and wholesome enterprise and development, and not for
speculation or inflation.” He added:
Tho duty dovolvos upon tho bankors of the United States because tho
responsibility rests primarily upon them to curb speculation and to restrain
inflationary tendencies. Tho Federal Rosorvo Board at Washington will
uso its groat power to assist in-tho wholosomo use of tho great credit resources
o f tho country, and to provent unhealthful tendencies; but tho banks them
selves have tho chiof power and responsibility; tho Federal Reserve Board




[Vol . 102.

can only contribute toward this result to tho oxtent that the law gives it
tho necessary authority.
Whon I speak this word of caution about speculation and inflation, I
must at the samo time express my lack of sympathy with tho vlows so stren
uously put forward, and I think for selfish motives primarily, by some peo
ple, and by many partisans, for political purposes, that the United Statos
must faco a poriod of serious depression, if not possible disaster, upon the
conclusion of poaco in Europo. Some peoplo are undoubtedly honostly im
pressed by these claims and are genuinely apprehensive about tho future.
Asido from tho partisan purpose of this progaganda, unreasonable fear alone
seems to mo to bo at tho basis of all honest apprehension on this scoro.

P R E S ID E N T W IL S O N ON F U N D A M E N T A L S
I N C I D E N T TO L A S T I N G P E A C E .

President Wilson in outlining before tho League to Enforce
Peace, at Washington on M a y 27, tho fundamentals incident
to effecting a lasting peace of the world, and signifying the
willingness of the United States “ to become a partner in any
feasible Association of Nations” formed to realizo tho objects
embodied in these fundamentals, delivered one of tho most
important speeches he has made since tho war’s inception.
The longer the war lasts, said the President, tho more deeply
do wo become concerned that it should bo brought to an end,
the world be permitted to resume its normal lifo and course
again. Only when the great nations of tho world have
reached some sort of agreement as to what they hold to bo
fundamental to their common interest, ho continued, and
as to some feasible method of acting in concert when any na
tion or group of nations seeks to disturb those fundamental
things, can we feel that civilization is at least in a way of
justifying its existence and claiming to bo finally established.
Tho President led up to his enunciation of policy by telling
what he conceived to be tho fundamental things in which tho
American people believed. These were: Frist, that every
people has a right to choose the sovereignty under which
they shall live; second, that tho small States of the world
have a right to enjoy the same respect for their sovereignty
and for thoir territorial integrity that great and poworful
nations expect and insist upon; third, that tho world has a
right to be free from every disturbance of its peace that has
its origin in aggression and disregard for tho rights of people
and nations. The President essayed that: “ If it should ever
bo our privilege to suggest or initiate a movomont for poaco
among tho nations now at war, I am suro that tho people
of the United States woidd wish thoir Government to move
along these lines:
“ First— Such a settlement with regard to their own immediate interests
as the bolligeronts may agree upon. Wo havo nothing material of any kind
to ask for ourselves, and aro quite awato that wo ate in no senso or degree
parties to tho present quarrel. Our interest is only in peace and its future
guarantees.
“ Second— A universal association of nations to maintain the inviolate
security of the highway of the seas for tho common and unhindered uso of
tho nations of tho world, and to provent any war begun oithor contrary to
treaty covenants or without warning and full submission of tho causes to
tho opinion of tho world— a virtual guarantee of territorial integrity and
political independence.”

The President disavowed in his speech any intention
to discuss a pregram; the object of his remarks, ho pointed
out, was only “ to avow a creed and givo expression to tho
confidence I feel that the world is oven now upon tho ovo of a
great consummation, when some common force will be
brought into existence which shall safeguard right as tho first
and most fundamental interest of all peoples and all govern
ments; when coercion shall bo summoned not to tho service
of political ambition or selfish hostility, but to the servico of
a common order, a common justice and a common peace.”
His remarks in full follow:
When the invitation to bo here to-night came to mo I was glad to accept
it— not because it offered mo an opportunity to discuss tho program of the
League; that you will, I am sure, not expect of mo— but because tho desire
of tho whole world now turns eagerly, more and more eagerly, toward tlio
hopo of peace, and there is just reason why wo should talco our part in cotinso
upon this great theme. It is right that I, as spokesman of our Government,
should attempt to givo expression to what I beliovo to bo tho thought and
purposo of tho peoplo of tho United Statos in this vital matter.
This great war that broke so suddenly upon tho world two years ago and
which has swept within its flame so great a part of tho civilized world has
affected us very profoundly, and we aro not only at liberty, it is perhaps our
duty, to speak very frankly of it and of tho great interests of civilization
which it affects.
With its causes and its objects wo aro not concerned. Tho obscure foun
tains from which Its stupendous flood has burst forth wo aro not interested
to search for or oxploro. But so great a flood, spread far and witlo to overy
quarter of the globe, has of necessity engulfed many a fair province of right
that lies very near to us. Our own rights as a nation, tho libortios, tho priv
ileges and the property of our peoplo havo boon profoundly affected.
Wo aro not mere disconnected lookors-on. The longer tho war lasts tho
more deeply do wo becomo concerned that it should bo brought to an end
and the world bo permitted to resume its normal lifo and courso again.
And when it does como to an end wo shall bo as much concerned as tho na
tions at war to see peaco assume an aspect of permanence, give promiso of
days from which tho anxiety of uncertainty shall bo lifted, bring some as
surances that peaco and war shall always hereafter bo reckoned part of
tho common interest of mankind.
Wo aro participants, whother wo would or not, In tho life of tho world.
The interests of all natious aro our own also. Wo aro partners with tho rest.

J une 3 1916.]

THE CHRONICLE

203

What affects mankind is inovitably our affair as well as the affair^of the men shall not think of what divides them, but shall recall
nations of Europe and of Asia.
“ I have,” said tho President, “ no hard
One observation on the causes of the present war wo aro at liberty to what unites thorn.”
make, and to make it may throw some light forward upon the future as well ships in m y heart even for the extremists in this thing which
as backward upon tho past. It is plain that this war could have come only I havo been trying in moderate words to describe, but I
as it did, suddonly and out of secret counsels, without warning to tho world,
without discussion, without any of tho deliberate movements of counsel summon them, and I summon them very solemnly, not to
sot their purpose against tho purposo of America. America
with which it would seem natural to approach so stupendous a contest.
It is probable that if it had been foreseen just what would happen. Just must come first in ever}7 purpose we entertain, and every
what alliances would be formed, just what forces arrayed against one an
other, those who brought tho great contest on would have boon glad to man must count upon being cast out of our confidence, cast
out ovon of our tolerance, who does not submit to that great
substitute conference for force.
I f wo ourselves had been afforded some opportunity to appriso tho belliger ruling principle.”
The President’s speech of M a y 30 also
ents o f tho attitude which it would be our duty to tako, o f the policies and
practices against which wo would feel bound to uso all our moral and contained a reference to the address made by him on M a y 27
.economic strength, and in certain circumstances oven our physical strength in which he stated it as his belief that the people of the
also, our own contribution to tho council which might havo averted the United States were ready to becomo partners in any alliance
strugglo would havo been considered worth weighing and regulating.
And tho lesson which tho shock of being taken by surpriso In a matter so of tho nations that would guarantee public right above
deeply vital to all tho nations of tho world has made poignantly clear is that selfish aggression.
Taking occasion to reply to some of the
tho poaco of tho world must henceforth depend upon a new and more whole public prints which had reminded him of General Washing
some diplomacy. Only when the groat nations of the world havo reached
some sort of agreement as to wliat they hold to bo fundamental to their ton’s warning against entangling alliances, President Wilson
common interest and as to some feasible method of acting in concert when in his speech of this week said:
any nation or group o f nations seeks to disturb thoso fundamental things
I shall never myself consent to an entangling allianco, but I would gladly
can wo feel that civilization is at last in a way of justifying its existence and
assent to a disentangling alliance, an alliance which would disentangle the
claiming to bo finally established. It is clear that nations must in the future
peoplo of tho world from thoso combinations in which they seek their own
bo governed by tho samo high code of honor that wo demand of individuals.
separate and private interests, and unite tho people of the world to preserve
Wo must indeod in the very samo breath with which wo avow this con
tho peaco of tho world upon a basis of common right and justice. There is
viction admit that wo havo ourselves on occasion in tho past been offenders
against tho law o f diplomacy which wo thus forecast; but our conviction is liberty there, not limitation. There is freedom, not entanglement. There
not tho loss clear, but rather the more clear on that account. If this war has is tho achievement o f the highest things for which the United States has
accomplished nothing else for tho benefit o f tho world, it has at least dis declared its principle.
closed a groat moral necessity and set forward tho thinking of the states
Another feature of tho President’s Memorial D ay address
men o f tho world by a whole age.
liopoatod utterances of tho leading statesmen o f most of tho great nations was his reference to the referendum of the National Chamber
now ongagod in war havo mado it plain that their thought has come to this, of Commerce, which showed 9 9 % of the chambers of the
that tho principle of public right must henceforth tako prccedonco over tho United States in favor of preparedness, and he coupled this
individual interests o f particular nations and that tho nations o f tho world
must in somo way band themselves together to see that that right prevails with a declaration that “ we are now going to apply tho acid
as against another sort of selfish aggression; that henceforth allianco must tost to these gentlemen,” namely, whether they will give
not bo sot up against alliance, understanding against understanding, but the young men in their employment freedom to volunteer.
that thoro must be a common agreement for a common objoct and that at
tho hoart of that common object must lie tho inviolablo rights o f peoples Tho President’s Memorial Day speech is given in part below:
Whenever I seek to interpret the spirit of an occasion like this I am led
and o f mankind.
Tho nations of tho world havo become each other’s neighbors. It is their to reflect upon tho uses of memory. Wo aro hero to-day to recall a period
interest that they should understand each other. In order that they may of our history which in ono sense is so remote that we no longer seem to
understand each other It is imperative that they should agree to co-opcrato keep the vital threads of it in our consciousness, and yet is so near that men
in a common causo and that they should so act that tho guiding principle who played heroic parts in it are still living, aro still about us, are still here
of that common causo shall be oven-handed and impartial justice.
to receive tho homage o f our rospect and our honor. They belong to an
This is undoubtedly the thought of America. This is what wo ourselves ago which Is past, to a period the vital questions o f which no longer vex
will say wlion thero comos a proper occasion to say it. In tho dealings of tho nation, to a period of which it may bo said that certain things which
nations with ono anothor arbitrary force must bo rejected and wo must move had been questionable in the affairs of tho United States were onco for al
forward to tho thought o f tho modern world, tho thought of which peaco is settled, disposed of, put behind us, and In the course of time have almost
tho very atmosphere. That thought constitutes a chief part o f the passion- been forgotten.
It was a singularly complete work that was performed by tho processes
ato conviction of America.
of blood and iron at the time of the Civil War, and it is singular how the
Wo believe theso fundamental things:
First, that ovory pcoplo havo a right to choose tho sovereignty under which settlement has ruled our spirits since It was made. I see in this very
they shall live. Like othor nations, wo havo ourselves no doubt onco and audience men who fought in the Confederate ranks. I see them taking
again offonded against that principle when for a little while controlled by part in these exercises in the same spirit of sincere patriotism that moves
selfish passion, as our franker historians havo boon honorable enough to those who fought on the side of tho Union, and I reflect how singular and
how handsome a thing it is that wounds such as then were opened should
admit; but it has becomo more and more our rulo of lifo and action.
Second, that the small States of tho world havo a right to enjoy tho samo bo so completely healed, and that tho spirit of America should so prevail
respect for their sovereignty and for thoir territorial integrity that great and over tho spirit of division. It Is the all-prevailing and triumphant spirit
of America, whero by our common action and consent governments are
powerful nations oxpcct and insist upon.
And third, that tho world has a right to be froo from every disturbance sot up and pulled down, where affairs aro ruled by common counsel, and
of its poaco that has its origin in aggression and tho disregard o f tho rights whero by tho healing processes of peaco all men are united in a common
enterprise of liberty and of peace.
of pooplos and nations.
And yet, ladies and gentlemen, tho very object for which wo aro met
So sincerely do wo boliovo in thoso things that I am sure that I speak tho
mind and wish of tho peoplo of America when I say that tho United States is 'together is to renew in our hearts the spirit that mado theso things possible.
willing to bocomo a partner in any feasible association o f nations formed in Tho Union was saved by the processes of tho Civil War. That was a
order to realize thoso objects and make them secure against violation.
crisis which could be handled, it seems, in no other way, but I need not
Thoro is nothing that tho United States wants for itself that any other tell you that tho peculiarity of this singular and beloved country is that its
nation has. Wo aro willing, on tho contrary, to limit ourselves along with task, its human task, is apparently never finished, that it is always making
thorn to a proscribed course of duty and respect for tho rights of others and to bo mado. And there is at present upon us a crisis which seems to
which will check any selfish passion o f our own, as it will check any ag threaten to be a new crisis of division. We know that the war which is to
ensue will be a war of spirits and not of arms. Wo know that the spirit
gressive impulse of theirs.
If it should over bo our privilege to suggest or initiate a movement for of America is invincible, and that no man can abate Its power, but wo
peaco among tho nations now at war I am suro that tho pcoplo of tho United know that that spirit must upon occasion be asserted, and that this is
one of tho occasions. America is mado up out of all the nations of the
Statos would wish thoir Government to movo along these lines:
First, such a settlement with regard to thoir own immediate Interests as world. Look at tho rosters of tho Civil War. You will see names there
tho belligerents may agreo upon. Wo havo nothing material of any kind drawn from almost every European stock. Not recently, but from the
to ask for ourselves and aro quite awaro that wo aro in no sense or dogreo first, America has drawn her blood and her impulso from all tho sources
partios to tho present quarrel. Our interest is only in peaco and its future of energy that spring at tho fountains of every race, and because she is thus
compounded out of the peoples of the world her problem is largely a problem
guarantees.
Second, a universal association of tho nations to maintain tho inviolato of union all the time, a problem of compounding out of many elements a
security of tho highway o f the seas for tho common and unhindered uso of singlo triumphant force.
Tho war in Europe has done a very natural thing in America. It has
all tho nations of tho world and to provent any war begun cither contrary
to troaty covenants or without warning and full submission of tho causes stirred tho memories of men drawn from many of the belligerent stocks. It
to tho opinion of tho world—a virtual guarantee of territorial integrity and has renewed in them a national feeling which had grown faint under the
soothing influences of peace, but which now flares up when it looks as If
political independence.
Hut I did not como hero, lot mo repeat, to discuss a program. I came nation had challenged nation to a final reckoning, and they remember tho
only to avow a creed and give expression to the confidence I foci that tho nations from which they were sprung and know that they aro in this lifeworld is ovon now upon tho ovo of a great consummation, when somo com and-death grapple. It Is not singular, my fellow-citizens, that this should
mon forco will bo brought into existence which shall safeguard right as tho havo occurred, and up to a certain point it is not just that wo should
first and most fundamental interest of all peoples and all Governments, when criticiso It. Wo havo no criticism for men who love the places of their
coercion shall bo summoned not to tho servico of political ambition or solfish birth and the sources of their origin. Wo do not wish men to forget their
hostility, but to tho servico of a common order, a common justice and a mothers and their fathers, their forebears running back through long,
laborious generations which have taken part in the building up of the
common peaco.
God grant that tho dawn of that day o f frank dealing and of settled strength and spirit of other nations. No man quarrels with that. From
such springs of sentiment wo all draw somo o f tho handsomest inspirations
peaco, concord and co-operation may bo near at hand.
of our lives; but all that we do criticise is that in some Instances—they are
not very numerous— but in somo instances men havo allowed this old ardor
P R E S I D E N T W I L S O N A G A I N S T E N T A N G L I N G , B U T of another nationality to overgrow their ardor for tho nationality to which
thoy have given their new and voluntary allegiance. And so the United
I N F A V O R OF D I S E N T A N G L I N G , A L L I A N C E S .
States has again to work out by spiritual process a new union when men
In a Memorial D ay address delivered at tho Arlington shall not think of what divides them, but shall recall what unites them;
National Cemetery, President Wilson, referring to tho in when men shall not allow old loves to take the placo of present allegiances;
stances whero men of foreign extraction havo allowed tho when men must, on the contrary, translate that very ardor of love of coun
try of their birth into the ardor of love for tho country of their adoption
ardor of tho country of thoir origin to supplant that of tho and the principles which it represents. I havo no harshness in my heart
country to which they havo givon thoir now and voluntary even for tho extremists in this thing which I have been trying in moderate
words to describe, but I summon them, and f summon them very solemnly,
allegiance, dwelt upon tho fact that “ tho United States has not to set their purpose against the purpose o f America. America must
again to work out by spiritual process a now union when come first in every purpose we entertain, and every man must count upon




2033

THE CHRONICLE

being cast out o f our confidence, cast out even of our tolerance, who does
not submit to that great ruling principle.
But what aro the purposes o f America? Do you not see that thero is
another significance in tho fact that we aro made up out o f all the peoples
of tho world? The significance o f that fact is that we aro not going to
devote our nationality to tho same mistaken aggressive purposes that some
other nationalities have been devoted to; that because wo are made up,
and consciously made up, out o f all tho great family o f mankind, we aro
champions o f the rights o f mankind.
We are not only ready to co-operate, but wo aro ready to fight against
any aggression, when It is tho sort o f aggression which would bo unworthy
o f America. Wo are ready to fight for our rights when those rights are
coincident with the rights o f man and o f humanity. It was to set these
rights up, to vindicate them, to offer a home to^vcry man who believed in
them, that America was created and her Government sot up. We have
kept our doors open becauso we did not think we in conscience could close
them against men who wanted to join their forco with ours in vindicating
tho claim of mankind to liberty and justice.
America does not want any additional territory. She does not want any
selfish advantage over any other nation in tho world, but she does wish
every nation in the world to understand what sho stands for and to respect
what sho stands for; and I cannot conceive o f any man o f any blood or
origin failing to feel any enthusiasm for the things that America stands
for. or failing to see that thoy aro infinitely elevated above any purposo of
aggression or selfish advantage.
I said the other evening in another place that one of tho principles which
America held dear was that small and weak States had as much right to
their sovereignty and independence as largo and strong States. Sho
bolieves that becauso strength and weakness havo nothing to do with her prin
ciples. Her principles are for tho rights and liberties o f mankind. and that is'
the haven which we have offered to those who boliove that sublime and
sacred creed o f humanity. And I also said that I believed that tho peoplo
of tho United States were ready to becomo partners in any alliance of tho
nations that would guarantee public right above selfish aggression. Some
o f tho public prints have reminded mo, as if I needed to bo reminded of
what General Washington warned us against. lie warned us against
entangling alliances. I shall nover myself consent to an entangling allinco, but I would gladly assent to a disentangling alliance, an alliance
which would disentanglo tho people o f tho world from those combinations
l n which thoy seek their own separate and private interests, and unite the
p copie o f the world to preserve tho peaco o f tho world upon a basis of
com m on right and justico. Thero is liborty there, not limitation. Thero
freedom, not entanglemont. Thero is tho achievement o f tho highest
hings for which the United States has declared its principle.
We havo been engaged recently, my fellow-citizens, in discussing the
processes of proparedness. I have been trying to explain to you what wo
are getting prepared for, and I want to point out to you tho only process
o f preparation which is possible for the United States. It is possible for
the United Statos to got ready only if tho mon o f suitable ago and strength
will volunteer to get ready. I heard the President o f tho United States
Chamber of Commerce report tho other evening on a referendum to 750
o f tho Chambers o f Commerce o f tho United States upon tho question
o f preparedness, and ho reported that 99% o f them had voted in favor
o f proparedness. Very well; now, wo are going to apply tho acid test to
thoso gontlemen, and tho acid test is this: Will they givo the young men'in
thoir employment freedom to volunteer for this thing? I wish the referen
dum had included that, because that is of the essence o f tho matter.
It is all very well to say that somebody elso must preparo, but aro the
business men o f this country ready themselves to lend a hand and sacrifice
an interest in order that wo may got ready? Wo shall havo an answer to
that question in tho next few months. A bill is lying upon my tablo now
roady to be signed which bristles all over with that interrogation point, and
I want all tho business mon o f tho country to see that interrogation point
staring thorn in the face.
I have heard a great many peoplo talk about universal training—uni
versal voluntary training, with all my heart, if you wish it, but America
does not wish anything but tho compulsion o f tho spirit o f America. I for
my part do not entertain any serious doubt o f tho answer to these questions
becauso I suppose thero is no place in tho world where tho compulsion
of public opinion is more Imperative than It is in tho United States. You
know yourself how you behavo when you think nobody is watching; and
now all the peoplo o f tho United States aro watching each other. There
never was such a blazing spotlight upon the conduct and principles o f every
American as each ono o f as now walks and blinks in. And as this spotlight
sweeps its relentless rays across every square mile o f tho territory of tho
United States, I know a great many men, even when thoy do not want to,
are going to stand up and say, “ Here,” because America is roused, roused
as sho has not been in a generation. And this spirit is going out conquering
and to conquer until, it may bo in tho Providence o f God, a now light is
lifted up in America which shatl throw tho rays o f liberty and justico far
abroad upon every sea, and even upon tho lands which now wallow in
darkness and refuse to see tho light.
A N E W S E N A T E B I L L P R O V I D I N G FOR C H A N G E S I N
RESERVE L A W .

As a substitute for tho IIouso bill permitting national banks
with a capital and surplus of SI ,000,000 to purchase and hold
stock in foreign or domestic corporations, other than na
tional banks, Senator Owen, on bohalf of tho Sonato Com
mittee on Banking and Currency, favorably roported to tho
Senate on M a y 24 (legislative day of M a y 18) a bill embody
ing recommendations of the Federal Resorvo Board con
tained in tho bill submitted by Senator Owen in March.
Tho House bill, passed by that body on M a y 4, and which is
replaced by the bill now before the Senate, dealt only with
the purchase of stock in foreign and domestic banking cor
porations; as it had come from the House Banking and Cur
rency Committee it had also empowered national banks in
a city or incorporated town of more than 100,000 inhabi
tants and having a capital and surplus of $1,000,000 or
more, to establish branches within tho corporate limits of
tho city in which it is located, subject to tho rules and regu
lations of the Federal Reserve Board. This latter provision
was not, howevor, carried in the bill as it passed tho
House. Under tho existing law] national banks undor cer
tain conditions aro allowed to establish foreign branches.




[Vol. 102.

The bill roported to tho Senate on M a y 24 permits the
operation of both foreign and domestic branchos by nat
ional banks with a capital and surplus of $1,000,000 or
more. As to domestic branches, such banks in towns hav
ing a population of at least 100,000 inhabitants would be
allowed to establish not exceeding ton branchos within the
corporate limits of thoir town; the bill further provides
that national banks in any other place may, with tho ap
proval of tho Reserve Board, establish branches not
exceeding ten in number, within the limits of tho county
in which they aro located or within a radius of 25 miles of
the place where they are situated.
Tho other provisions of the Senate bill aro much tho more
important. They deal with the acceptance by inombor banks
of drafts and bills of exchange, change completely tho con
ditions under which Federal Reserve notos may bo issued
as also tho reserve against the samo, and embraco provisions
regarding loans on farm lands, &c. Owing to tho importance
of tho changes wo print hero in full tho report of Senator
Owen’s Banking and Currency Committee, sotting out tho
nature of the amendments proposed and tho reasons for tho
same, and also giving tho entire text of tho Sonato bill, the
differences from tho oxisting law being indicated by special
kinds of typo. Tho original Senate bill containing tho Fed
eral Reserve Board’s proposed amendments, was printed in
our issue of March 25, pages 1116 aud 1117. Tho report says:
Tho Committee on Banking and Currency, to which was referred tho hill
(II. R. 13391) to amend the Act approved Dec. 23 1913, known as the
Federal Reserve Act, having given long and careful consideration to theso
proposed amendments of tho Federal Reserve Act, recommends that tho
House bill (II. R. 13391) be amended by striking out all after tho enacting
clause and inserting tho following:
(In tho following print existing law is shown by Roman type, and whero
now words are inserted they are shown by italics. That part of existing
law which it is proposed to eliminate is printed in black-faced typo and
enclosed in black-faced brackets ( ] )
DOMESTIC ACCEPTANCES, AND OTHER MATTERS.
That Section 13 of tho Act approved December 23d 1913, known as tho
Federal Reserve Act, be amended to read as follows:
“ Any Federal Reserve bank may receive from any of its member banks,
and from the United States, deposits of current funds in lawful money,
national bank notes, Federal Reservo notes,-or checks, and drafts [u p o n
solvent member b a n k s ], payablo upon presentation, and also, for collec
tion, maturing bills or solely for purposes of exchange or of collection [ p u r 
p o s e s ,] may receive from other Federal Reservo banks deposits of curront
funds in lawful money, national bank notes, or checks [ a n d d r a ft s ] upon
[s o lv e n t member o r ] other Federal Reservo banks, anil checks anil drafts,
payablo upon presentation within its district, and maturing bills payable
within its district.
“ Upon tho indorsement of any of its member banks, with a waiver of
demand, notice and protest by such bank, any Federal Reserve bank may
discount notes, drafts, and bills of exchange arising out of actual commercial
transactions; that is, notes, drafts, and bills of exchange issued or drawn
for agricultural, industrial, or commercial purposes, or tho proceeds of
which have been used, or are to bo used, for such purposes, tho Federal
Reserve Board to have tho right to determine or define tho character of tho
paper thus eligible for discount, within tho meaning of this Act. Nothing
in this Act contained shall be construed to prohibit such notos, drafts, and
bills of exchange, secured by staplo agricultural products, or other goods,
wares, or merchandise from being eligible for such discount; but such defi
nition shall not Include notes, drafts, or bills covering merely investments
or issued or drawn for tho purpose of carrying or trading in stocks, bonds,
or other investment securities, except bonis and notes of tho Government
of the United States. Notes, drafts, and bills admitted to discount under
tho terms of this paragraph must havo a maturity at tho time of discount
of not more than ninety days [ . ] , exclusive of days of grace.
"Provided, That notes, drafts, and bills drawn or issued for agricultura
purposes or based on live stock and having a maturity not exceeding six
months, exclusive of days of grace, may bo discounted in an amount to bo
imited to a percentage of tho [ c a p i t a l ] assets of tho Federal Reservo
lbank, to bo ascertained and fixed by tho Federal Reserve Board.
[ “ Any Federal Reserve bank may d iscou n t acceptan ces w hich are
based on the im portation or exportation o f goods, and w hich have
a m aturity at the time of d iscou n t of not more than three m onths,
and indorsed by at least one member bank. T ho am ount of a ccep 
tances so discou n ted shall at no time exceed one-half the paid up and
unim paired capital stock and surplus of the bank for w hich tho re
d iscou n ts are made, except by a u th ority of the Federal Reserve
Board, under su ch general regulations as said Board may prescribe,
bu t n ot to exceed the capital stock and surplus of su ch b a n k .]
“ Tho aggregate of such notes, drafts, and bills bearing tho signature or
indorsement of any ono borrower, whether a person, company, firm, or cor
poration rediscounted for any ono bank shall at no time exceed ten per
centum of tho unimpaired capital and surplus of said bank; but this re
striction shall not apply to the discount of bills of exchango drawn in good
faith against actually existing values.
"A ny Federal Reserve bank may discount acceptances of the kinds herein
after described, which have a maturity al\the time o f discount of not more than
three months’ sight, exclusive of days of grace, and which are indorsed by at
least one member bank.
“ Any member bank may accept drafts or bills of exchango drawn upon
it [a n d grow ing ou t of transactions involving the im portation or
exportation of g o o d s ] having not moro than six months’ sight to run,
exclusive of days of grace, which grow out of transactions involving the impor
tation or exportation of goods or which grow out of transactions involving the
domestic shipment of goods provided shipping documents conveying or securing
title arc attached at the time of acceptance; or which are secured at the time of
acceptance by a warehouse receipt or other such document conveying or securing
title covering readily marketable staples. No member bank shall accept, whether
in a foreign or domestic transaction, for any one person, company, firm, or
corporation to an amount equal at any time in the aggregate to more than ten
per centum of its paid-up and unimpaired capital slock and surplus unless
the bank is secured either by attached documents or by some other actual security
growing out of the same transaction as the acceptance and [ b u t ] no bank

J une 3 1916.]

THE CHRONICLE

shall accept such bills to an amount equal at any time In the aggregate
to moro than one-half of Its paid-up and unimpaired capital stock and
surplus, except by authority of the Federal Rcservo Board, under such
general regulations as said Board may prescribe, but not to exceed the capi
tal stock and surplus of such bank, and such regulations shall apply to all
banks alike regardless of tlio amount of capital stock and surplus.
“ Any Federal Reserve bank may make advances to Us member banks on their
promissory notes for a period not exceeding fifteen days at rates to be established
by such Fedcra Reserve banks, subject to the review and determination of the
Federal Reserve board, provided such promissory notes are secured by such
notes, drafts, bills of exchange, or bankers' acceptances as are eligible for re
discount or for purchase by Federal Reserve banks tinder the provisions of this
Act, or by the deposit or pledge of bonds or notes of the United States.
‘ ‘Section 5202 of tho Revised Statutes o f the United States is hereby
amended so as to read as follows: No national banking association shall
at any time be indebted, or in any way liable, to an amount exceeding the
amount of its capital stock at such time actually paid in and remaining
undiminished by losses or otherwise, except on account of demands of the
nature following:
“ First. Notes of circulation.
“ Second. Moneys deposited with or collected by tho association.
“ Third. Bills of exchange or drafts drawn against money actually on
deposit to the credit of the association, or duo thereto.
“ Fourth. Liabilities to the stockholders of the association for dividends
and reserve profits.
“ Fifth. Liabilities incurred under the provisions of the Federal Bescrve
Act.
“ The discount and rediscount and the purchase and sale by any 1 ederaj
*
Reserve bank if any bills receivable and of domestic and foreign bills of
exchange, and o f acceptances authorized by this Act, shall bo subject to
such restrictions, limitations, and regulations as may be imposed by tho
Federal Reservo Board.”
,
Any member bank may accept drafts or bills of exchange drawn upon i
haring not more than three months' sight to run, exclusive of days of grace,
drawn under regulation to be prescribed by the Federal Reserve board by
banks or bankers in foreign countries or dependencies or insular possessions
of the United States for the purpose of furnishing dollar exchange as required
by the usages of trade in the respective countries, dependencies, or insular
possessions. And such drafts or bills may be acquired by Federal Reserve
banks in such amounts and subject to such regulations, restrictions, and
imitations as may be prescribed by the Federal Reserve board. Provided,
however. That no member bank shall accept such drafts or bills of exchange
referred to in this paragraph for any one bank to an amount exceeding in the
aggregate ten per centum of the paid-up and unimpaired capital and surplus
of the accepting bank unless the draft or bill of exchange is accompanied by
documents conveying or securing title or by some other adequate security: Pro
vided further, That no member bank shall accept such drafts or bills in an
amount exceeding at any time the aggregate of one-half of its paid-up and
unimpaired capital and surplus except by authority of the Federal Reserve
board, but in no contingency to exceed the unimpaired capital and surplus
of such accepting bank.
FEDERAL RESERVE NOTES.
That Section 16, paragraphs 2, 3, 4, 5, 6 , and 7 of tho Act approved
Dec. 23d 1913, known as the Federal Reservo Act, bo amended and roenactcd so as to read as follows:
“ Any Federal Reservo bank may make application to tho local Federal
Reserve agent for such amount o f tho Federal Reserve notes herein
before provided for as it may requiro. Such application shall bo accom
panied with a tender to tho local Federal Reserve agent of collateral In
amount equal to tho sum of tho Federal Reserve notes thus applied for and
issued pursuant to such application. The collateral security thus offered
shall bo notes, drafts bills of exchange, or acceptances [a c c e p te d for re
d iscou n t ] rediscounted under the provisions of Section 13 o f this Act,
or bills of exchange indorsed by a member bank of any Federal Reserve district
and purchased under the provisions of Section 14 of this Act, or bankers ac
ceptances purchased under the provisions of said Section 14, or gold or gold
certificates, [ a n d ] Tho Federal Reserve agent shall each day notify tho
Federal Reserve Board of all issues and withdrawals of Federal Reserve
notes to and by the Federal Reserve bank to which he is accredited. Tho
said Federal Rcservo Board may at any time call upon a Federal Reservo
bank for additional security to protect the Federal Reserve notes issued
to it.
“ Every Federal Reserve bank shall maintain reserves in gold or lawful
money of not less than thirty-fivo per centum against its deposits and
reserves in gold of not less than forty per contum against Its Federal Rcservo
notes in actual circulation: Provided, however, That when the Federal Reserve
agent holds gold or gold certificates as collateral for Federal Reserve notes issued
to the bank such gold or gold certificates shall be counted as part of the gold
reserve which such bank is required to maintain against its Federal Reserve
notes in actual circulation [a n d not offset by gold or lawful m oney
deposited w ith tho Federal Reserve a g e n t .] Notes so paid out shall
bear upon their faces a distinctive letter and serial number, which shall bo
assigned by the Federal Reserve Board to each Federal Reserve bank.
Whenever Federal Reserve notes Issued through ono Federal Reserve
bank shall be received by another Federal Reserve bank they shall bo
promptly returned for credit or redemption to the Federal Reserve bank
through which they wero originally Issued, or, upon direction of such Federal
Reserve bank, they shall be forwarded direct to the 'lrcasurer oj the United
States to be retired. No Federal Reserve bank shall pay out notes issued
through another under penalty of a tax o f ten per centum upon tho face
valuo of notes so paid out. Notes presented for redemption at tho treas
ury of tho United States shall bo paid out of tho redemption fund and re
turned to tho Federal Reserve banks through which they wero originally
issued, and thereupon such Federal Rcservo bank shall, upon demand of
the Secretary of tho Treasury, reimburse such redemption fund in lawful
money, or, if such Federal Reserve notes havo been redeemed by tho
Treasurer in gold or gold certificates, then such funds shall bo reimbursed
to tho extent deemed necessary by the Secretary of tho Treasury In gold
or gold certificates, and such Federal Reservo bank shall, so long as any of
its Federal Reserve notes remain outstanding, maintain with the Treasurer
in gold an amount sufficient In tho judgment of the Secretary to provide
for all redemptions to bo mado by tho Treasurer. Federal Reserve notes
received by tho Treasurer, otherwise than for redemption, may bo exchanged
for gold out of tho redemption fund hereinafter provided and returned to
tho reservo bank through which they wero originally issued, or they may be
returned to such bank for tho credit of tho United States. Federal Reserve
notes unfit for circulation shall bo returned by the Federal Reserve agents
to tho Comptroller of tho Currency for cancellation and destruction.
"The Federal Reservo Board shall requiro eacli Federal Reserve bank to
maintain on deposit in tho Treasury o f tho United States a sum in gold
sufficient, In tho judgment of tho Secretary of tho Treasury, for tho redemp
tion of tho Federal Reserve notes issued to such bank, but in no event less
than five per centum of the total amount of notes issued less the amount of
gold or gold certificates held by the Federal Reserve agent as collateral security;




2033

but such deposit of gold shall be counted and included as part of tho forty
per centum reserve hereinbefore required and shall be counted and considered
as if collateral security deposited with the Federal Reserve agent. The Board
shall have the right, acting through tho Federal Reserve agent, to grant,
in whole or in part or to reject entirely, the application of any Federal
Reservo bank for Federal Reserve notes: but to the extent that such appli
cation may be granted tho Federal Reserve Board shall, through its local
Federal Rcservo agent, supply Federal Reserve notes to the bank so
applying, and such bank shall be charged with the amount of such notes
issued to it and shall pay such rate of interest [ o n said a m o u n t] as may
bo established by the Federal Reserve Board [ a n d the am ount o f ] on
only that amount of such notes which equals the total amount of its outstanding
F'ederal Reserve notes less the amount of gold or gold certificates held by the
Federal Reserve agent as collateral security. Federal Reserve notes [ a s ]
issued to any such bank shall, upon delivery, together with such notes
of such Federal Reserve bank as may b o ‘issued under Section 18 of this
Act upon socurity of United States two per centum Government bonds,
become a first and paramount lien on all the assets of such bank.
“ Any Federal Reserve bank may at any time reduce its liability for out
standing Federal Reserve notes by depositing with tho Federal Reserve
agent its Federal Reserve notes, gold, gold certificates, or lawful money
of the United States. Federal Rcservo notes so deposited shall not be re
issued, except upon compliance with tho conditions of an original issue.
“ Tho Federal Reserve agent shall hold such gold, gold certificates, or
lawful money available exclusively for exchange for tho outstanding
Federal Reserve notes when offered by the reserve bank of which he is a
director.
“ Upon tho request of the Secretary of the Treasury the Federal Reserve
Board shall requiro tho Federal Reserve agent to transmit [ s o m uch of the
said g o ld ] to tho Treasurer of the United States so much of the gold held
by him as collateral security for Federal Reserve notes as may be required for
tho exclusive purposo of tho redemption of [s u c h n o t e s ] F'ederal Reserve
?iotes.
“ Any Federal Reserve bank may at its discretion withdraw collateral
deposited with tho local Federal Reserve agent for the protection of its
Federal Reserve notes [d e p o site d w ith i t ] issued to it, and shall at the
same time substitute therefor other [ l i k e ] collateral of equal amount
with tho approval of tho Federal Reserve agent under regulations to be
prescribed by the Federal Reserve Board.
LOANS ON REAL ESTATE.
That Section 24 of tho Act approved December 23d 1913, known as the
Federal Reserve Act, bo amended to read as follows:
LOANS ON FARM LANDS A N D OTHER REAL ESTATE.
“ Any national banking association not situated in a central reserve city
may make loans, secured by improved and unencumbered farm land
situated within its Federal Reserve district or within a radius of one hundred
miles of the place in which such bank is located, irrespective of district lines,
and may also make loans secured by improved and unencumbered real estate
located within one hundred miles of the place in which such bank is located,
irrespective of district lines but no [ s u c h ] loan made upon the security of
such farm land shall be mado for a longer time than five years, and no loan
made upon the security of such real estate as distinguished from farm land shall
be made for a longer time than one year nor [ f o r a n ] shall the amount of
any such loan, whether upon such farm land or upon such real estate, [e x c e e d 
i n g ] exceed fifty per centum of the actual valuo of tho property offered as
security. Any such bank may make such loans, whether secured by such
farm land or such real estate, in an aggregate sum equal to twenty-fivo
per centum of its capital and surplus or to one-third of its time deposits
and such banks may continue hereafter as heretofore to receive time de
posits and to pay interest on the same.
“ Tho Federal Reserve Board shall have power from time to time to add
to tho list of cities in which national banks shall not be permitted to make
loans secured upon real estate in the manner described in this section.”
BANKING

CORPORATIONS AU THORIZED TO DO FOREIGN
BANKING BUSINESS.
That Section 25 of tho Act approved December 23d 1913. known as tho
Foderal Reserve Act, be amended to read as follows:
"Seci 25. Any national banking association possessing a capital and
surplus of $1,000,000 or moro may file application with the Federal Reserve
Board for permission to exercise, upon such conditions and under such regu
lations as may be prescribed by said Board, [ f o r the purpose o f securing
a u th ority to establish branches in foreign cou n tries or d epen 
dencies of the United States for the fu rtheran ce o f the foreign com 
merce of the United States, and to act, if required to do so, as fiscal
agents o f the United States. Such ap p lication shall sp ecify, in
ad d ition to the name and capital of the banking association filin g it,
the place or places where the banking operation s proposed are to
be carried on , and th e am ount of capital set aside for the co n d u ct
of its foreign business. T he Federal Reserve Board shall have
power to approve or to reject su ch a p p lication if, in its ju d gm en t,
the am ount of capital proposed to be set aside for the c o n d u ct of
foreign business is inadequate, or if for other reasons the granting
o f su ch ap p lication is deemed in e x p e d ie n t.] either or both of the fol
lowing powers:
[ ‘ ‘Every n a tion al banking association w hich shall receive a u th or
ity to establish foreign branches shall be required at all times to fu r 
nish inform ation con cern in g the con d ition of such Lranches to the
Com ptroller of the C urrency up on dem and, and the Federal Reserve
Board may order special exam inations of the said foreign branches
at su ch time or times as it may deem best. Every su ch nation al
banking association shall con d u ct the a ccou n ts o f each foreign
bran ch ind ep end ently of the a ccou n ts of other foreign branches
established by it and of its home office, and shall at the end of each
fiscal period transfer to its general ledger the p rofit or loss a ccru in g
at each branch os a separate it e m .]
“ First. To establish branches in foreign countries or dependencies or
insular possessions of the United States for the furtherance of the foreign
commerce of the United States, and to act if required to do so as fiscal agents
of the United States.
“ Second. To invest an amount not exceeding in the aggregate ten per centum
of its paid-in capital slock and surplus in the stock of one or more banks or
corporations chartered or incorporated under the laws of the United Stales
or of any State thereof, and principally engaged in international or foreign
banking, or banking in a dependency or insular possession of the United
States, either directly or through the agency, ownership, or control of local
institutions in foreign countries, or in such dependencies or insular pos
sessions.
“ Such application shall specify the name and capital of the banking asso
ciation filing it, the powers applied for, and the place or places where the
banking operations proposed are to be carried on. The Federal Reserve Board
shall have the power to approve or to reject such application in whole or in part
if for any reason the granting of such application is deemed inexpedient.

2034

THE CHRONICLE

and shall have power from time to lime to increase or decrease the number of
places where such banking operations may be carried on.
“ Every national banking association operating foreign branches shall
be required to furnish information concerning the condition o f such branches
to the Comptroller of the Currency upon demand, and every member bank
investing in the capital stock of banks or corporations described under sub
paragraph 2 of the first paragraph of this section shall be required to furnish
information concerning the condition of such banks or corporations to the
Federal Reserve Board upon demand, and the Federal Reserve Board may
order special examinations o f the said branches, banks, or corporations at
such time or times as it may deem best.
“ Before any national bank shall be permitted to purchase stock in any such
corporation the said corporation shall enter into an agreement or undertaking
with the Federal Reserve Board to restrict its operations or conduct its business
in such manner or under such limitations and restrictions as the said Board
may prescribe for the place or places wherein such business is to be conducted
I f at any time the Federal Reserve Board shall ascertain that the regulations
prescribed by it are not being complied with, said Board shall be authorized and
shall have power to institute an investigation of the matter and to send for
persons and papers, subpoena witnesses, and administer oaths in order to
satisfy itself as to the actual nature of the transactions referred to. Should such
investigation result in establishing the failure o f the corporation in question,
or of the national bank or banks which may be stockholders therein, to comply
with the regulations laid down by the said Federal Reserve Board, such national
banks may be required to dispose of stock holdings in the said corporation upon
reasonable notice.
“ Every such national banking] association shall conduct the accounts
of each foreign branch independently of the accounts of other foreion branches
established by it and of its home office, and shall at the end of each fiscal
period transfer to its general ledger the profit or loss accruing at each branch
as a separate item.
“ Any director or other officer, agent, or employee of any member bank
may, with the approval of the Federal Reserve Board, be a director or other
officer, agent, or employee of any such bank or corporation above mentioned
in the capital stock of which such member bank shall have invested as herein
before provided, without being subject to the provisions of Section 8 of the Act
approved October 15th 1914. entitled 'An Act to supplement existing laws
againqt unlawful restraints and monopolies, and for other purposes.’ ”
DOMESTIC BRANCHES.
That the Act approved December 23d 1913, known as the Federal Re
serve Act. be amended by adding a new section, as follows:
DOMESTIC BRANCHES.
“ Sec. 25o. That any national banking association located in a city or
incorporated town or village of more than one hundred thousand inhabitants
and possessing a capital and surplus of $ 1 ,000,000 or more may, under
such rules and regulations as the Federal Reserve Board may prescribe, estab
lish branches not to exceed ten in number within the corporate limits of the
city, town, or village in which it is located.
“ Any national banking association located in any other place may, with
the approval of the Federal Reserve Board and tender such rules and regula
tions as such Board may prescribe, establish branches not to exceed ten in num
ber within the limits of the county in which it is located or within a radius of
twenty-five miles of the place in which such bank is situated, irrespective of
county lines: Provided, That no such branch shall be established outside of its
State or of its Federal Resetve district, nor shall such branch be established
unless the capital of the parent bank is at least equal to the aggregate of the
amounts which would be required of each branch under the provisions of Sec
tion 5138, Revised Statutes, if it were organized as an independent associa
tion, together with the amount required of ihe parent bank itself by that section.”
These proposed amendments havo also been long considered by tho
Federal Reserve Board and by the Governors o f tho Federal Reserve
banks, and tho amendments, substantially as presented, have been recom
mended by tho Federal Reserve Board as necessary for tho improvement of
the Federal Reserve Act in tho light o f tho last two years’ experience.
DOMESTIC ACCEPTANCES, ETC.
In relation to tho first amendment proposed to Section 13 o f the Fedora
Reserve Act, relating to domestic acceptances, tho amendment provides
for the collection of maturing bills, as well as of checks and drafts, and
provides for domestic acceptances whore such acceptances are accom
panied by shipping documents conveying or securing title, with certain
limitations upon tho volumo of such acceptances so that no member bank
shall accept for any ono person, company, or firm, in an amount equal
in tho aggregate to more than 10 per cent of its paid-up and unimpaired
capital and surplus unless tho bank is secured either by attached documents
or by some other actual security growing out of the same transaction as
the acceptance.
This section o f tho bill is further amended so as to permit Fedoral Reserve
banks to make advances to member banks on their promissory notes for
a period of not exceeding 15 days, providing said promissory notes are
secured by such notes, drafts, bills of exchango, or bankers' acceptances
as are eligible for rediscount or for purchase by Federal Reserve banks under
the provisions o f the Act or by pledge of bonds or notes o f tho United
States. The purpose o f this proposed amendment is to facilitate tho con
venience o f tho transaction and to economize in bookkeeping.
The letter of tho Governor of the Federal Reservo Board in relation to
these proposals is respectfully submitted for tho information of the Senate:
Federal Reserve Board,
Washington. March 10 1910
Hon. Robert L. Owen, Chairman of Committee on Banking and Currency
United Stales Senate.
Sir: At your request, I take the liberty o f handing you herewith a draft
of an amendment embodying tho Board’s recommendations concernin'' tho
modification of Section 13 of the Federal Reserve Act.
The changes in lines 1 to 7, on page 2, aro self-explanatory. They
simply amplify tho language of the old Act so as to cover some requirements
that have become desirable during tho operation of tho system.
Lino 8 has been stricken out upon the joint recommendation of all
Federal Reserve banks, inasmuch as tho member banks havo frequently
raised the point that they may lose rights of their own by consenting to
this waiver.
On page 3, lines 10 to 19 havo been stricken out so as to bring tho para
graph beginning with line 20 in direct connection with the preceding para
graph. Thero has been a great deal of confusion caused by tho fact that
it was not quite clear how this paragraph should apply to acceptances.
The paragraph beginning at line 20, on page 3, has been changed so as to
restrict the rediscount of notes, drafts, and bills bearing tho signature and
indorsement of any ono borrower. This amendment is suggested becauso,
as the Act reads at present, a bill which may otherwise be eligible for re
discount is rendered ineligible by tho extra or additional indorsement of
a person, firm or corporation which lias already borrowed up to its limit.
By inserting tho word “ borrower” tho restriction is made analogous to that
contained in Section 5200 o f the Revised Statutes which limits the liability
of a national "bank for money borrowed.”
Tho proviso inserted at tho end of this paragraph excepts from its limi
tations bills of exchange drawn in good faith against actually existing
values, as provided in tho existing law, and also excepts commercial or
business paper which represents an actual debt for goods sold and which is
owned by the person, firm or corporation discounting it. Commercial or
business paper of the character described must necessarily bo incident to




[Vol. 102.

an actual commercial transaction and generally speaking is as liquid as
bills of exchango, which are already excepted by tho Act. Tho suggested
amendment also follows tho analogy of Section 5200, Rovised Statutes,
which excepts both bills of exchange and commercial or business paper.
Tho Board has put in a new paragraph containing tho restrictions bearing
upon acceptances on page 4.
Lines 14 to 19, on page 3, have been completely eliminated inasmuch as
it is tho unanimous opinion of the Board anti of all Federal Reserve banks
that it is an anomaly that there should bo no limit on tho aggregate of notes
that a Federal Reserve bank may rediscount or purchase from a momber
bank, while there is a limit of 50 to 100 per cent on the bankers’ acceptances
owned and rediscounted by a member bank, even though they are the best
and most liquid paper. Moreover, this limitation stands in the way of
developing a free discount market and particularly tho habit of member
banks, which the Board greatly desires to encourage, of freely indorsing
these bankers’ acceptances to the Federal Reserve bank.
The main change in this section will be found on page 4, whero tho addi
tional power has been given to member banks of accepting for certain kinds
of domestic transactions and the Federal Reserve banks have been given
the power of rediscounting similar acceptances. It is tho sincero hope of
the Federal Reserve Board that these additional powers will bo granted.
State banks enjoy this power to-day and the Board, considering that in ex
ercising this power they fulfill an eminently useful function, has ruled that
domestic State bank acceptances of this kind shall bo eligible for pur
chase with Federal Reserve banks. The Board has dono this in tho hope
that similar powers will also bo given to national banks. Nothing wili do
more to widen tho field of operation of Fedoral Reserve banks than tho
granting of this power, the exercise of which will bo a useful factor in bring
ing about uniform interest rates all over tho country and in making the
lower discount rate available for those sections where high interest rates
now prevail.
On pago 5, a paragraph has been added permitting Federal Reserve banks
to make advances for 15 days to member banks against their promissory
notes secured by su, h notes, drafts, bills of exchango or bankers’ accept
ances as are eligible for purchase or rediscount. This additional power
granted to Federal Reserve banks will enable them to exorcise those func
tions which correspondent banks in reserve (and particularly central reserve)
cities exercise to-day for their customer banks, and it will be a useful factor
in developing the habit for these banks to use their paper rathor than stock
exchange collateral as a basis for their requirements.
Tho Board, on page 4, lines 16 to 25, provides that no bank shall accept
for more than 10 per cent of its capital and surplus for any ono single
person, company, firm, or corporation unless tho acceptor is secured as
explained in tho amendment.
Tho words “ exclusive of days of grace” havo been added becauso three
States of tho Union provido for such days of grace in tho payment of obli
gations. Thoso days of grace also exist in several European countries,
particularly in Great Britain.
Very respectfully yours,
C. S. HAM LIN, Governor.
DOLLAR EXCH ANGE.
It is proposed to further amend Section 13 by adding a now paragraph,
as follows:
Any member bank may accept drafts or bills of exchango drawn upon
it having not more than three months’ sight to run, exclusive of days of
grace, drawn under regulations to be prescribed by tho Federal Reserve
Board by banks or bankers in foreign countries or dependencies or insular
possessions of tho United States for the purpose of furnishing dollar exchange
as required by the usages of trade in the respective countries, dependencies,
or insular possessions. And such drafts or bills may bo acquired by Fed
, era! Reserve banks in such amounts and subject to such regulations, re
strictions, and limitations as may be prescribed by tho Federal Reserve
Board.
The reasons for this amendment are set forth quite clearly in a letter
from Hon. Paul M . Warburg, a member of the Fedoral Rosorvo Board,
who recently made a tour of tho South American Republics and found
that tho foreign business of the United States required this more liberal
provision for transacting foreign business.
Federal Reserve Board,
^
„
Washington, May 11 1916.
Dear Senator Owen: I beg to inclose herewith a draft of a paragraph
which, if added to Section id, would prove a groat help for our American
banks in establishing dollar exchango in foreign countries.
While in Brazil, the Argentine anti Chile, my attention was drawn to
the fact that the means of payment employed by tho South American
merchant when settling his obligations in Europo or tho United States,
was generally not by check but by tho old established usage— a three months’
draft on foreign bankers, primarily British bankers. If dollar exchange
is to bo used as freoly as sterling exchange, tho foreign bankers in these
South American countries must bo in a position to draw a threo months’
draft on American bankers as easily as they can draw it on British bankers.
Our law permits them only to draw against transactions involving tho im
portation or exportation of goods, and wiillo these three months’ drafts are
required by the foreign merchant either in payment of importation or these
drafts are being sold in advance of exportations (that is to say, forinstanco,
exchange is high and Argentine bankers would wish to draw in advance
of tho documentary paper that is bound to bo furnished them within a
low weeks or months), it is difficult or impossible for tho bank wishing to
draw in compliance with these requirements to trace or to provo a direct
connection with importation or exportation. When tho exchango broker
enters tho offico and asks for a threo months' draft to bo used as a remittance
of this kind, ho can not be asked to furnish a pedigree of tho underlying
transaction but he has to be served quickly in viow of tho fluctuating rate
of exchange, and tho bank must bo in a position to act as freely when
drawing on an American bank as when drawing on a British bank.
The usago of paying in long drafts is, as a matter of fact, so well estab
lished that tho Chilean law provides that export dues aro to be paid in long
drafts on British bankers.
.la m fully conscious of tho fact that a draft of this kind, if permitted,
might be classified as closely approaching or being a species of the financo
draft; but to tho extent as abovo outlined I think this draft has to be sanc
tioned in order to place our banks on a par with the British banks and other
foreign banks operating in South and Central America.
If Congress will trust the Federal Reserve Board to supervise these trans
actions and keep them within proper bounds, I boliovo that an amendment
as hero proposed would remove a great handicap now burdening tho Ameri
can banks, while any abuso of these facilities could bo stopped at any time
by the Federal Reserve Board.
We had an informal discussion of this proposition after my return from
South America, and I may stato that all of my colleagues present at that
meeting were favorably impressed with tho suggested expedient as a valu
able, not to say necessary, aid to tho development of our trade relations
with South and Central American countries.
If there is anything further that you wish me to state in this connection,
I shall be most happy to do so.
With assurances of tho highest esteem, I am,
Respectfully yours,
RAUL M . W ARBURG.
Hon. Robert L. Owen, United States Senate.
FEDERAL RESERVE NOTES.
Section 16, as amended, adds to tho collateral security which may
bo placed with tho Federal Reserve agents drafts and acceptances re
discounted under Section 13, or bills of exchango indorsed by a momber
bank and purchased under Section 14, or bankers’ acceptances purchased
under tho provisions of Section 14, or gold or gold certificates.
Tho other changes made in Section 16 are necessary in order to havo all
tho provisions of this section consistent with tho cliango horoinbeforo re
ferred to.
Tho purpose of permitting tho Fedoral Resorvo bank to omit Its Fedoral
Reserve notes in lieu of gold or gold certificates which come into Its vaults
in daily business is to gradually substitute in tho Federal Resorvo banks
gold certificates in lieu of Federal Reserve notes, for tho substantial reason
that gold certificates have, under tho Federal Resorvo Act, tho function of
satisfying tho demand for a 40 per cent gold rcservo against Federal Re
serve notes In circulation and performs also tho function of tho 35 per cent
gold reserve required by tho statute to bo held against current deposits.
In this way the bank is strengthened in its gold holdings, while tho Federal

June 3 1916.]

THE CHRONICLE

Rcservo notes will gradually take tho place o f gold certificates, which will
bo in this way gravitated to tho Federal Hcsorvo banks, and thus tho finan
cial system o f tho United States will bo strengthened.
The section is very properly amended so as to permit tho gold certificates
which may be turned over to tho Federal Reserve agent in lieu of Federal
Reserve notes to still bo counted as available for redemption purposes as
against outstanding Federal Reserve notes in circulation and as against
outstanding deposits.
The letter of tho Governor o f tho Federal Reserve Hoard, lion. Charles
S. Hamlin, recommending this amendment, is submitted herewith in further
explanation of tiio reasons for these amendments:
Federal Reserve Board,
•
Washington, May 11 1916.
Hon. Robert L. Owen, Chairman Committee on Banking and Currency
United Slates Senate.
M y Hear Senator Owen: At your request the Federal Resorvo Board
presents hcrowith some suggestions for an amendment of Section 16 of tho
Federal Rcservo Act.
Tho changes contemplated in tho appended draft express tho unanimous
recommendations of all Federal Reserve banks, which have been most
anxious to securo a modification on these lines.
The amendment lias for its object tho greater simplification of tho noto
issue, both as to operation and accounting, and tho strengthening of tho
entiro Federal Rcservo system by encouraging and providing for a greater
accumulation in tho hands o f tho Federal Reserve banks o f gold now
scattered all over tho country in the pockets o f the people.
The operation of tho Federal Reserve system under the present provisions
of tiio Act has led to tho accumulation of about 8175,000,000 of gold in tho
hands of tiio Federal Reserve agents. In itself this result is a most wliolesoino ono, inasmuch as it has had tho effect of putting into circulation the
elastic Federal Rcservo note and of withdrawing there against an equal
amount of gold certificates in order to accumulate it where, in caso of
necessity, it may bo made available for the Federal Reserve banks when
tho latter should desire to substitute for it as collateral eligible commercial
paper. In certain cases and to a certain extent gold accumulated in this
manner may thus provo a very important protection. It is felt, however,
that this process could bo carried on to a larger extent and in a manner
which would insure greater strength and a wider scope of operation to the
Federal Reserve banks if tho gold, instead o f (as at present) being deposited
with tho Federal Reserve agent for the purposo or “ reducing the liability
of tho Federal Reserve bank” and thus becoming the property of the
United States, would be permitted to remain an asset of tho Federal Re
serve bank, although it would be pledged with tho Federal Resorvo agent
as security, while the Fedora Reserve notes, until retired, would continue
to remain as liabilities of tho issuing banks.
The proposed amendment permits tho issue of Federal Roserve notes
against the deposit with the 1 ederal Reserve agent of collateral of equal
face value consisting oi commercial paper or gold or gold certificates. Tho
security to bo given to the United Statos is thus not weakened— indeed,
it is strengthened.

cash, that feature remains unchanged, no matter whether this uninvested
money is held in tho vaults of tho banks or by the Federal Reserve agent
Tho amendment provides for some changes o f a technical nature as to re
tirement of notes, which follow as a necessity from tho now modus operand!
proposed and which simplify tho operation, in addition, it is proposed to
admit as collateral for tho noto issue bankers’ acceptances bought in the
open market, which form tho most liquid asset of tho banks and of which
there are now held by them over 810,000,000, and bills of exchango bought
in tho open market and bearing tho signature of a member bank
It*does
mod!Scationn0CeSSary l° argU° th° advisablllty o f this eminently desirable

in gold.
Tho present modus, moreover, is a circuitous and cumborsomo ono and
lias, furthermore, the groat disadvantage of weakening tho showing of tho
banks which in thoir statements can not carry as an asset this gold which,
5s .a matter of fact, has boon brought under their control. Tho consoli
dated statement of tho federal Reserve banks, published in tho last “ Fedoral Resorvo Bulletin, shows a percentage of cash cover of 70 por cent.
If tho gold held by tho Federal Resorvo agent wore treated as an asset of
tho federal Reserve bank and the notes outstanding there against wore
carried as a liability, tho percentage of cash cover would bo 78.3 per cent.
(I append tho two comparative statements.)
Hut tho main point is not that tho appearanco is improved, but that tho
power o f operation, the strength of tho system, actually would bo increased
both if purchases aro to bo paid for in gold, or by tho issue of Federal Re
serve notes. It is true that in tho latter caso, i. o., increased noto issuo
under tho present modus operand! tho gold deposited with tho Federal"
Reserve agent may bo freed, but this process is hmitod and can only con
tinue as long as tho “ freo gold" o f tho Federal Resorvo bank can provide
tho additional 40 per cent for each 8100 withdrawn from tho Federal Re
servo agent against deposit of commercial paper. Tho “ freo gold" of tho
Foderal Resorvo bank, which is tho basis of its powor o f operation is con
stituted by tho uninvested balanco of its capital and its doposits 'loss tho
35 per cont reserve. Tho amendment contemplates strengthening this
“ free gold by adding to ‘deposits less 35 per cont” tho "notes issue
less 40 per cent.” An examination o f the balanco shoots in mormal years
of tho Hanquo do Franco, tho Reichsbank, tho Hank of tho Netherlands ttho
latter is appended) , & c„ will show that i f is tho large amount o f m eta/accumulated through tho noto issue, much rather than through tho doposits.
which gives thorn their strength and elasticity. Tho Federal Reserve banks
have a much moro difficult problem than most of thoir European s'isto'r
institutions, becauso, with us, whatever demand thero is for note clrciiin
tion is still being satisfied by tho national banks. While it is hoped gradu
ally to absorb this circulation, it is all tno moro important, at this time and
in order to bo ablo to carry out this plan, that every thing be dono to removo
any obstacle in tho way of tho absorption of gold by tho Federal Resorvo
banks through tho medium of their issuo of Federal Resorvo notes
It has boon claimed by some superficial critics that tho substitution of
Federal Reserve notes for gold certificates has been inflation. Tho rovorso
is tho truth, for, as a matter of fact, resorvo money has been withdrawn
from circulation and notes substituted therefor which can not bo used as
reserve by tho banks of tho country. The not addition by tho Federal

represents tho decreaso in bank-note circulation secured by Government
bonds.
Circulation can not bo increased by tho Federal Resorvo banks unless
there is a demand for it, but tho Hoard’s duty is to look ahead. Conditions
aro unparalleled and no ono can foretell what demands may bo mado upon
our country at tho conclusion of the war. Tho opportunities for our coun
try will bo Immonso, and its duties toward other nations will bo numerous
anil heavy. It can not bo a matter of indifferonco to tho Hoard to see a
stroam ol gold coming into this country without its touching tho Federal
go d certificates. Present conditions call for prompt action in strength
ening our Foderal Itoservo banks in every proper way so as to onablo them
successfully to moot tho great problems that, without doubt tho future
has in storo for thorn.
’
u
Very truly yours,
______
C. S. HAM LIN , Governor.
Memorandum for Senator Owen:
May 11 1916.
If wo analyzo tho consolidated status of all Federal Roservo hanks we
find that these banks havo as liabilities:
resorvo oanks wo
(1) Liabilities:
Government deposits.................................................................... 838,000,000
Reserve deposits
...................................................................... 417,000,000
Fedoral Resorvo notes-------------10,000,000
T o ta l............................................................................................. 8465,000,000




2035

Against this they havo in gold and legal tender a total of $326,000,000
Doing 70 per cent.
If tho amendment passed and tho 3176,000.000 now in tho hands of the
ederal Reserve agents could bo added to tho resources of tho Foderal
Reserve banks, and, on tho other hand, the Federal Reserve notes issued
against these 8176,000,000 could bo added to tho liabilities of the Federal
Reserve banks, our consolidated status would show as follows:
(2 ) Liabilities:
Government deposits------------ --------- -------------------------- ------ 838.000 000
Rcservo deposits------------------------------------------------------------------ 417 O O O O
O O
I ederal Reserve notes______________________________________ 186|000]000
T o ta l..............................
-.8641,000,000
Resources:
Se°ttld ' >7,n7f ’ ■--................................................ - ........................... 8416,000,000
Rc^emnt d --------------------------------------------------------- --------—
75,000.000
,J ota I.........- --------------------- -------------------------- -------- ----------- 8502,000,000
^
3
his would show a cash reserve o f 78.3 per cent against 70 per cent.
undcr tho new status o f liabilities of six hundred and forty-one mil
’ we " 'ere to reduce our reserve condition to our to-day’s
nnnnnn^f
Per cent, it would be necessary for us to havo only 8449,nnn’nnn o f, -'g,a tender. As against this we would own, under (2), $502 o o o ’nnn’ which would indicate an increase in our purchasing power of 853 r r ’ 9^0 , Provided that we pay for everything we buy, as wo havo done in
effect in tho past, by a loss of gold.
OPr prMent investments (taking the April 21 statement) amount to
8151,000,000, an increase of $o3.000,000, which amounts to 35.1 per cent.
Principal Assets and Liabilities of the Banks of France, Russia, the Netherlands
and of the Reichsbank on Dates Specified. [In thousands of dollars.]
Bank of
France,
Jan. 2
1914.
Metallic reserve_______
Capital and surplus___
Total deposits _____
Bank notes in circulation

800,228
36,767
200,921
1,164,683

Russian
Bank of the
State Bank, Netherlands,
Jan. 1-14
March 31
1914.
1914.
818,027
28,325
632,515
857,296

68,212

10,051
3,613
127,522

Reichs
bank,
Jan. 7
1914.
354,288
59,512
191,302
548,129

LOANS ON REAL ESTATE.
It Is proposed to amend Section 24, relative to loans on farm lands, so as
to permit banks lying contiguous to the lines of a Federal Reserve district
to exercise its functions in making a loan on farm lands within a radius of
100 miles, regardless of district lines, and to make loans on other improved
and unencumbered real estate within tho samo district, but for not exceeding
a period of ono year.
The reason for this amendment Is that tho State banks havo a more
liberal provision in this respect which subject national banks to difficult
competition, and tho limitation of tho Federal Roservo Act being confined
to 25 per cent of tho capital and surplus o f tho member bank, or ono-third
of its time deposits, thero is no risk whatever in liberalizing this provision
as proposed.
BANKING

CORPORATIONS AUTHORIZED TO DO FOREIGN
BANKING BUSINESS.
Section 25, relating to foreign banking, is mado moro liberal by the
proposed amendments recommended by the Federal Reserve Board, per
mitting the national banking associations possessing a capital of $ 1 ,000,000
or moro, upon filing application with tho Federal Rcservo Board, to invest
an amount, not exceeding in tho aggregate 10 por cent of its paid-in capital
stock and surplus, in tho stock of banks or corporations chartered or in
corporatcd under the laws of tho United States or of any State and prlnci
pally engaged in international or foreign banking.
In this way it is believed that foreign banking can be carried on with tho
participation of all largo banks in tho United States moro economically
and much moro efficiently.
This is substantially the bill as it passed tho House, except that its form
is changed so as to make Section 25 complete in itself, instead o f adding an
additional section (Sec. 25a) containing tho now matter separately.
DOM ESTIC BRANCHES.
Section 25a, relating to domestic branches, permits a bank o f a million
dollars or more capitalization and surplus, within a city, to havo branches
not to exceed 10 in number, and permits a county bank to have within the
county, or within a radius of 25 miles, branches not to exceed 10 in number.
Tho purposo of this provision is to enable tho national banks to compote
with State banks having this privilege in certain States, and tho limitation
being so strictly local it is believed that this law will prove beneficial to
tiio system.
Tho objection to branch banks as they exist in Canada is that the banks
of the chief centres havo branch banks throughout tho entiro country, and
in that way concentrate tho banking power in a few hands. This would
not bo tho caso under tho branch banking system permitted by tho proposed
a m e n d m e n t . ___________________
PR ESIDENT

W IL SO N

A S K S C E L E B R A T I O N OF F L A G
DAY.

A proclamation declaring that American citizens should
ro-dcdicato themselves “ for an America which no man can
corrupt, no influence draw away from its ideals, no force
divide from itself,” and calling upon tho populace of the
United States to celebrate Flag D ay, June 14, with patriotic
exercises, was issued on the 30th ult. by President Wilson.
Tho text of tho proclamation reads as follows:
M y Fellow Countrymen:
Many circumstancos havo recently conspired to turn our thoughts to a
critical examination of tho conditions of our national life, of tho influences
which havo seemed to tlireaten to divide us in interest and sympathy, of
forces within and forces without that seemed likely to draw us away from
tho happy traditions of united purpose and action of which wo have been
so proud.
It lias, therefore, seemed to mo fitting that I should call your attention
to tho approach of the anniversary of the day upon which tho flag of the
United States was adopted by tho Congress as tho emblem of the Union,
and to suggest to you that it should, this year and In the years to come,
bo given special significance as a day o f renewal and reminder, a day upon
which wo should direct our minds with a special desire of renewal to thoughts
of tho Ideals and principles of which wo have sought to make our great
Government tho embodiment.
I, therefore, suggost and request that throughout tho nation, and, if
possiblo, in overy community, tho llth day of Juno bo observed as Flag
Day with special patriotic oxercises, at which moans shall bo taken to givo
significant expression to our thoughtful love of America, our comprehension
of tho groat mission of liberty and justice to which wo havo devoted our.

selves as a people, our pride in the history and our enthusiasm for the
political program o f the nation, our determination to make it greater and
purer with each generation and our resolution to demonstrate to all the
world its vital union in sentiment and purpose, accepting only tlioso as true
compatriots who feel as we do the compulsion of this supromo allegianco.
Let us on that day re-dedicate ourselves to tho nation, “ one and in
separable,” from which every thought that is not worthy of our fathers’ first
vow of independence, liberty and right shall be excluded and in which wo
shall stand with united hearts for an America which no man can corrupt,
no influence draw away from its ideals, no force divide against itself a
nation signally distinguished among all tho nations o f mankind for its
clear, individual conception alike o f its duties and its privileges, its obliga
tions and its rights.
. .
.

To enable the Government employees to participate in the
preparedness parade in Washington on June 14, the Senate
yesterday adopted a resolution declaring Flag D ay a legal
holiday in the District of Columbia.
DENY

(Vol. 102.

THE CHRONICLE

2036

REPORT

THAT

SECRETARY
RESIGN .

L A N SIN G

IS

TO

A report that Secretary Lansing was contemplating resign
ing from the Cabinet, which was published in several news
papers on M a y 20, has been characterized by the State D e
partment as absolutely unfounded, and it is said that an in
vestigation m ay bo made into tho story’s source. Tho Sec
retary, after being confined to his home for nearly a week by
an attack of indigestion, attended a Cabinet meeting on the
26th ult.
In denying the report that the Secretary in
tended to resign because of differences with President Wilson,
the State Department issued tho following statement:
This story is part of a propaganda tho deliberate purposo of which is to
create an appearance o f dissension in tho Government which does not exist.
Tho story was first born last February or March, when tho relations be
tween tho United States and Germany wero somewhat strained. It was
sent to Ilerlin by wiroless in press dispatches. It was picked up In transit
in an Allied country and subsequently published thoro. In that way tho
Stato Department became cognizant of tho story and instructions woro
sent to Berlin to watch out for it. Apparently the persons responsible found
out that wo woro propared for the story, because it never was published in
Germany. Tho directors of this propaganda have now taken advantage of
Secretary Lansing’s illness to put out tho story again.
D E A T H O F J A M E S J. H I L L .

In the death this week of James J. H ill, pioneer railroad
tnan, banker and developer of the great Northwest, the
country loses one of the most important factors in its up
building. M r . H ill, whose death occurred at his St. Paul
home, had been ill only since M a y 16, and first reports
indicated merely a slight indisposition; his condition, how
ever, became gradually worse, and on M a y 27 an operation
was performed for an intestinal trouble; while this operation
appeared successful, fears for the outcome wore entertained
on account of his age— 77 years. Increased anxiety de
veloped the following day when his condition was pro
nounced as extremely serious. M r . Hill continued to lose
ground and his death occurred at 9:30 a. m . on M a y 29.
His demise is a distinct loss to the nation. Country-wide
expressions during the week commendatory of his character
and his notable achievements have given evidence of the
enviable regard in which he was held.
James J. Hill was born near Guelph, Ontario, Can
ada, on Sept. 16 1838. In 1856 he located in St. Paul
and become identified with the transportation industry on
the Mississippi River. In the early 7 0 ’s ho became inter
ested in an abandoned railroad venture and at tho ago of
forty-one years he began his railroad career when, with his
partners, control was acquired of that property— tho St.
Paul & Pacific road— this marking the beginning of the
present Great Northern system. The St. Paul Minne
apolis & M anitoba R R . was formed to operate tho property
and M r . Hill was made General Manager; he became Vice
President in 1882 and was elected President in 1883.
Under his administration the property oxpandod and
grew until its lines reached to tho Pacific Coast. As ho
pushed his lines westward M r . Hill built up tho territory
it traversed, leaving a trail of farms in what had previously
been almost unpopulated country. He introduced the live
stock industry in the Northwest and his efforts and success
in developing that section rightly earned for him his title
of “ empire builder.” In 1889 the Great Northern R y . was
formed to consolidate the various Hill properties and M r.
Hill took the Presidency, continuing as such until 1907,
when he retired and became Chairman of tho board of
directors; he retired from that position in 1912. During
the last few years M r . Hill has been gradually unburdening
himself of business responsibilities, most of which have been
transferred to the shoulders of one of his sons, Louis W .
H ill. Some of the properties controlled by James J. Hill
at the time of his death are the Great Northern R y . C o .,
Northern Pacific R y ., Chicago Burlington & Quincy R R .




and the Great Northern Steamship Co. Although he was
interested principally in railroads M r . Hill was also a power
ful figure in the banking community of St. Paul, having in
1912 acquired control of the Second National Bank, the
First National Bank and the Northwestern Trust C o. of
that city. Tho Second National Bank was subsequently
absorbed by the First National and an arrangement was
made whereby a close affiliation was established between
tho First National Bank and the Northwestern Trust Co.
The latter two institutions have combined capital and sur
plus of over $6,500,000.
M r . Hill was a director of the First National Bank of
Chicago and was also interested in the Chase National Bank
of this city; he retired as a director of that institution early
this year. As a tribute to M r . H ill’s memory all trains
on the Great Northern and the Chicago Burlington & Quincy
R R . were silent for five minutes on M a y 31, the day M r .
Hill was buried, and a general cessation of business in St.
Paul for a five-minute period occurred at the same time.
N O M I N A T I O N OF L O U IS D . B R A N D E I S C O N F IR M E D

B y a vote of 47 to 22 tho nomination of Louis D . Brandeis
as Associate Justice of the United Statos Supreme Court,
was confirmed by the Senate on the 1st int. The injunction
of secrecy was, by order of the Senate, removed from the
vote and the Judiciary Committee’s majority and minority
reports. Senator Newlands of Nevada was tho only Dem o
crat to vote against confirmation, while three Republicans
cast their votes in the nominee’s favor, and two paired in
the same direction. M r. Newlands, who had never been
included in the list of those supposed to be opposed to M r.
Brandeis, in explanation of his vote, said “ I have a high
admiration for M r . Brandeis as a publicist and propagan
dist of distinction; I do not regard him as a man of judicial
temperament, and for that reason I have voted against his
confirmation.”

_______

REPORTS O N T A V E N N E R B IL L P R O H IB IT IN G S C IE N 
T IF IC SHOP M A N A G E M E N T B Y G O V E R N M E N T .

The Tavenner bill was reported to the House last month
when a majority report was filed by Representative Edward
Keating, of Colorado, and a minority report was submitted
by Representative Edward E . Browne, of Wisconsin. The
Tavenner bill makes it unlawful for any officer, manufac
turer, superintendent, foreman or othor person having charge
of the work of any employee of the United States Government
to make or cause to be made with a stop watch or other time
measuring device or system a time study of any job of any
such employees or of the movements of any such employees
while engaged upon such work. It also prohibits tho pay
ment of premiums or bonus or cash reward to any employee
in addition to his regular wages, except for suggestions re
sulting in improvement or economy in tho operation of any
Government plant. Commenting upon the reports on the
bill, “ The Iron Age” of M a y 25 says:
Tho chiof feature of the majority report is an attack on Goneral Crozier.
Chief of the Buroau of Ordnance of the War Department, bocauso of his
failuro to extend tho prohibition of scientific management contained in
tho last army appropriation bill to work done at tho Watortown arsonal
under tho fortifications bill, which contained no such provision. Ho is
also assailed because of tho opportunity which ho gave tho employees at
Watertown and Frankford to protest against the Tavonner bill boforo that
moasuro was adopted as a rider on tho army and navy bills in tho last
Congress.
As in the case of nwich of tho testimony against scientific management
taken by tho House Committeo, this report grossly mtsreprosonts the func
tion of tho stop watch, seoking to mako it appear that each individual
operative is roquired to work under a supervisor with watch in hand.
M uch of tho roport is mado up of extracts from tho various reports of tho
Federal Commission on Industrial Relations, but, as thoso oxtracts are
chiefly tho testimony of labor representatives, thoy aro neither illuminating
nor convincing. The narrow scopo of tho majority report and tho oxtont
to which it avoids discussion of tho real merits of scientific shop manage
ment may bo gathered from tho following statemont of its “ conclusions” :
Tho systom so persistently urged by Gonoral Crozier Involves a funda
mental, not to say revolutionary, change (a) in determining what Is a
reasonable day’s work for an employee in tho national arsenals and work
shops, and (b) in tho method of compensating tho workers, to wit: tho
substitution of tho “ bonus” or "premium” system for tho ago-oid day s
pay” systom. Tho workers affected scorn to bo almost unanimous in their
opposition to tho change. They insist it will bp opprosslvo to thorn and
will bo without benefit to tho Government. So intense is this fooling that
an attempt to install tho system in all tho Government workshops would. In
tho judgmont of your committeo, load to very sorious consequonces. In
vlow of theso well-established facts, it seems to your committee it would
bo the height of folly to permit Goneral Crozier to porslst in his plan.
Apparently, tho only way to restrain him Is to enact tho bill under discus
sion. and your committeo trusts the House will tako prompt and favorable
action.
Tho minority report prosonts very forcibly tho chief objections to the
Tavenner bill. Tho author of tho report statos that in dissonting from the
views of tho majority of tho committeo ho is not dofondlng any particular
system of scientific management. Continuing, ho says:
Under the day-work system an unscrupulous, sol fish employer lias It In
his power to dismiss a workman bocauso ho doos not do a day-and-a-hair
work in one day, and thus koop his workmen in foar o f losing their jobs fully
as much as ho would undor tho time-study system. Under tho tlmo-study
I system a workman can show that he is doing as much as tho othor men in

June 3 1916.]

THE CHRONICLE

his own factory, and other like establishments, which is a comparison he
cannot make when working by the day.
Any system that the ingenuity of man can doviso can bo abused by an
employer as long as bo has the right that, overy employer has, to discharge
the workmen. Even Government employees under Civil Service appoint
ment can be discharged for inefficiency and the good of the servico, two
very olastic words that can bo stretched so that it amounts to a very small
protection for an omployoo. Tho employees in tho arsenals or shipyards
can be arbitrarily dischat god.
It has beon demonstrated that it is profitable for an employer of labor
to treat his employees fairly and generously, and that by so doing ho will
rccoivo moro efficient servico from them.
Tho report oxprossos the belief that the men who are representing labor
and are demanding tho passage of tho Tavcnner bill, do so in good faith
but are mistaken and aro moro apprehensive o f what thoy think may bo
tho result o f efficient management than what has really liappenod or
will happen. This has been tho history o f tho agitation on tho part of
tho laboring classos and those who represent thorn in tho attitude thoy
have takon toward many inventions, especially labor-saving devices. Tho
mobbing o f Samuel Arkwright, tho inventor of tho loom, tho opposition
of tho owners o f sailing vessels to Pulton’s steamboat, and tho movements
against tho introduction of tho sowing machino, tho linotype machino and
other labor-saving devices aro casos in point.
Concerning tho nocossity o f time study tho roport says
This bill prohibits all time study. The three groat components o f tho
cost o f any artlelo aro labor, material and overhead or expense account.
Labor, of course, is tho most important component part o f tho cost of any
article. The knowlodgo o f the cost o f producing an article is essential to
fixing tho selling prico of tho articlo. The ascertaining of tho cost of labor in
producing any articlo is determined by tho time it takes in producing tho
article at tho going wago. Time is, therefore, tho fundamental and vital
factor in determining the price. Under tho old system of compensation,
tho principle o f time was recognized when men were paid by the day, week
or hour. For fifty years tho “ in and out” clock has been used which, of
courso, is a time-measuring device in a goneral way. Tho stop watch is
used principally as a laboratory instrument. Tt Is seldom used in the
plant b y a foreman standing over tho workman timing him. It is used by
tho way of experimenting In taking the operation that is to be performed
and making a laboratory study of it boforo sotting tho time or determining
what is a reasonable time in which to do or perform tho operation.
Tho minority roport emphasizes the peculiar hardships tho Tavcnner
bill would imposo upon Government cmploycos and the Increased burdens
to bo borno by the taxpayers. Quoting from Goneral Crozier’s testimony,
it states that tho labor cost in the Watortown arsenal, undor tho Tavennor
bill, would bo doubled, and with tho loss o f premiums tho laboror would
not rccoivo nearly tho amount o f wages ho rccoivos to-day. To logislato
against tho premium and bonus system o f paying labor is to logislato
against tho opportunity o f a working man forming a sort o f partnership In
connection with Ills work. Profit-sharing cannot bo rosorted to in a
Government ostablishmont but premiums may bo givon a man to stimulate
his intelligence and reward him for his industry.
The nocossity of proparing to meet tho extraordinary industrial conditions
that will follow tho war in Europo is emphasized. Preparation must bo
mado. It is said, for an industrial war of far-reaching consequences. "The
American workman,” tho roport declares, “ should bo backed by tho
greatest efficiency that human ingenuity can deviso. Groat Britain has
presented tho spoctaclo o f a great industrial nation suffering sevoreiy In a
national crisis from industrial inefficiency and restriction seriously en
dangering her capacity for self-defense. Tho United States may woll
learn, by tho moral of an experionco not her own, to avoid at this timo tho
doliborato public condemnation of efficiency In tho public servico by threat
ening with fino and imprisonment officials who havo consecrated their livos
to tho sorvico o f their country, if thoy endeavor to apply methods which in
private establishments aro daily demonstrating thoir economic and social
value.”
No plans havo yet been mado for tho consideration o f tho Tavonnor bill,
and, as already foreshadowed in this correspondence, it is probablo that tho
moasuro will first bo brought forward as a rider to bo attached to tho
national dofonso and tho chief supply bills. Tho House Post Offico Com
mittee, to which tho toxt of tho Tavonnor bill was recently roferred by
Senator Hughes o f Now Jersry as an amondmont to tho annual Post Offico
appropriation bill, has reported that moasuro without tho proposed ridor,
doubtloss in doforonco to the protest o f Postmaster-General Burleson,
who is endoavoring to install scientific systems throughout the postal
servico. Sonator Hughes will seek to attach tho rider when tho Post Offico
bill is called up on tho floor o f tho Senate.
NEW

D E S I G N S FOR S I L V E R C O I N S .

MOVEMENT

2037
IN
NEW
D A Y L IG H T

Y O R K FO R A D O P T I O N
SA V IN G P L A N .

OF

A t a meeting of representatives of various business or
ganizations and concerns in tho office of Borough President
Marks in the Municipal
Building on tho 29th ult.,
a New York campaign looking to the adoption of the
daylight-saving plan was discussed and a c o m m it t e e
appointed to consider the matter further and to investigate
tho daylight-saving bill recently introduced in Congress by
Representative Borland. President M arks, in opening the
conference, said:
Having noted that England, Germany and Austria have for economic
and other reasons, as nations, turned the clock forward an hour, it seemed
to mo that tho United States would be well justified in adopting, as a nation,
this most beneficial plan. It has already been enacted in several prominent
cities in this country, ihcluding Cleveland and Detroit, and is now under
discussion in Atlantic City. I just received a telegram that the bill, which
was recently introduced by Representative Borland, making this plan
effective for the District o f Columbia, will be amended to extend the move
ment over the entire country.

M any communications indorsing the scheme, said M r .
M arks, had been received by him since sending out notices
of tho conference which ho arranged. Some of those who
spoko in favor of the plan at tho conference were: John P .
Truosdell, New York Produce Exchange; George F . Kunz,
of tho Amorican Scenic and Historic Preservation Society;
T . Edgar Wilson, of the National Jewellers’ Board of Trade,
and others. Among those who havo signified their approval
of tho plan are said to be several members of the Cotton
Exchange.

B U SIN ESS

MEN

FOR A D E Q U A T E
DEFENSE.

N A T IO N A L

In a referendum of the C ham ber of Com m erce of the
U nited States, a m ajority o f 120 to 1 business m en was re
corded in favor o f preparedness. According to the v o te
cast, it is now said to be known exactly where the business
m en of the country stand on the goneral question o f prepared
ness and also w hat their viows aro for an adequate a rm y , a
largely increased n a v y , a thorough-going industrial pre
paredness and tho basis on which all those features m u st
rest— universal m ilitary training. T h o referendum on n a
tional defense is also said to have brought o ut the largest
voto ever recorded from the commercial organizations which
m ako up tho Ciiam ber o f Com m erce o f tho U n ited S ta te s.
T h e heaviest voting was on tho general preparedness recom 
m endation and resulted in 9 7 0 in favor as against 8 opposed ,
a proportion o f 120 to 1. T h e lowest voto was on universal
m ilitary training, 8 8 9 in favor and 5G opposed; b u t even here
tho proportion was more than 15 to 1.
Forty-three States
wero represented, tho D istrict o f C olu m bia, A la sk a , H aw aii,
tho Philippines and the Am erican C ham ber o f C om m erce
in Paris, France. W hereas the essential question presented
to tho business organizations of tho country was to ratify
or. roject a general plan o f national defense, E lliott I I . G o o d 
w in, tho Secretary of the N ation al C ham ber, explained, th e
referendum itself was divided into ten recom m endations to
facilitate balloting. T h e vote on tho several questions which
com posed tho schem e, according to the preliminary c ou n t,
was as follows:
For. Against.
8
1. For general preparedness________________________________ 970
2. For a Council of National Defense_______________________ 912
46
3. For a Staff of Industrial Mobilization__________
925
47
10
4. For an adequate navy___________________________________ 952
5. For a General Staff of tho Navy__________________________ 946
19
6. For a regular array with trained reserves, such as recom
mended by the General Staff or Council of National Defenso when established________________________________ 946
21
7. For universal military training___________________________889
56
8. For prearrangement with private companies for war sup
plies-----------------.9 4 0
26
9. For reserve supplies of war material______________________ 935
29
10. For additional commissioned and non-commissioned offi
cers of tho regular army and a properly trained officers’
reservo corps_________________________________________ 960
9

It was announced by Secretary McAtloo on M a y 30, that
after July 1, dimes, quarters and half-dollars of a now design
will bo minted. This will bo tho first timo since 1891 that
a chango in tho design of these pieces has beon made. The
faco of the now half-dollar, which was designed by Adolph A .
Woinman, it is stated, bears a full-longth figuro of Liberty
with tho Amorican flag as a background. Tho Goddess is
shown as striding toward tho dawn of a now day. Sho is
carrying laurel and oak branchos symbolic of civil and military
glory. On tho rovorso sido there is shown an oaglo perched
upon a mountain crag. From a rift in tho rocks is springing
a sapling of mountain pine, symbolic of Amorica. This dosign, it is hoped, will bring tho half-dollar, which has practi
cally fallen into disuse, into moro general circulation.
The design of tho ton-cont pieco, also by Woinman,shows
Liborty with a winged cap on tho face and on tho rovorso
sido, a bundle of rods and a battlo-axo, denoting unity. P A N A M E R I C A N I S M A N D I T S B E A R I N G O N D E V E L O P 
Tho modol for thonowtwonty-fivo-cont pieco, by Herman A .
M E N T OF C E N T R A L W E S T .
M acN eil, is intondod to typify tho awakoning of Amorica.
Pointing out that tho Central W est has a vital and vast
Liberty, full-longth, is picturized as 'stopping toward tho
intorost in tho development of Pan American commerce
gateway of Amorica bearing an upraised shiold from which the
and Pan American friendship, John Barrett, Directorcovering is boing takon. In tho right hand is an olivo branch
Gonoral of tho Pan American Union in addressing the
____________________________
of peaco.
Missouri Bankers’ Association on M a y 23 added that the
N E W YO R K CURB M A R K E T .
futuro prosperity of that section will bo most directly affected
A t a meeting hold this week of representatives of tho fifty- by the building up of tho closest relations of trade and
ouo Stock Exchange houses which opposed the plan for re finance botween tho United States and its sistor republics.
organization of tho Curb M arket it was decided to appoint M r . Barrott’s remarks were presented under tho title of
a committeo of fivo to formulate tho objections to tho plan. “ Tho Now Pan Americanism— W hat it Moans to the
Stanloy D .-M cG raw presided at the mooting and it is prob Commercial and Financial Development of tho Central
ablo that ho will head tho committee.
W e st.” W o quote therefrom the following:




2038

THE CHRONICLE

There la hardly an article manufactured or an agricultural product
produced In the Central West that will not bo wanted in increasing quanti
ties in Latin America, if the United States appreciates tho future value of
Latin American markets and leaves no stop neglected to master them.
It Is no argument against tho value o f future trade that tho present
value Is not as largo as it should bo and is surpassed by present demands
o f the trade of Europe. Wo have only just begun to build up Pan American
commerce and yet wo have made astonishing progress. During tho ten
years I have been the executive officer of tho Pan-American Union, the
official international organization o f tho American republics— tho United
States and its twenty sister Latin American republics— dovoted to the
development of commerce, friendship and peace among them, I have seen
the volume and value o f tho annual trade o f tho United States with these
countries grow from less than $500,000,000 to the magnificent total of,
approximately, $850,000,000. Associated with this Is a remarkable fact
surprising and unknown to most men, and that is that during this period
tho United States has advanced from a position far behind Groat Britain
and Germany to one o f leadership over them. In proof of this I submit
the figures for 1913, tho last regular year before the war broke out. In
that year the value o f tho total trado o f the United States, including exports
and imports, with Latin America oxceeded $810,000,000; tho figures for
Great Britain wore $610,000,000, or $170,000,000, less than those of tho
United States; and for Germany $410,000,000, or barely half tho total
trade o f tho United States.
Looking squarely In tho face tho practical requirements of tho hour, tho
United States Government and people must first equip themselves with a
first class merchant marine, for it will bo absolutely impossible for the
United States to stand successfully future competition without tho facilities
o f a largo fleet of merchant vessels carrying tho American flag. It is just
as illogical for tho United States to depend upon tho vessels o f other coun
tries to conduct its foreign trade as it is for a great department store to
depend upon the delivery automobiles o f a rival store to carry to its patrons
tho articles which thoy have purchased, and yet at tho outbreak of tho
European war over 90% of tho shipments o f tho United States to foreign
lands were carried in vessels flying the flags of tho nations which aro now
at war. As a result o f this sad situation, tho United States, during tho
first year o f tho European war, from lack o f ships, lost over $200,000,000,
in tho trado with Latin America, and would at this moment bo doing
almost double its present commerco if it had adoquato steamship facilities.
The noxt and second important stop to bo taken is tho establishment of
banks controlled by United States capital throughout Latin America
for only in this way can tho problems o f exchange and o f credits be solved
to tho advantage o f thi3 country. Already tho National City Bank of
Now York City has led tho way for eastern banks. Now tho financial
Interests o f tho Central West, headed by the bankors o f Chicago, St. Louis,
Kansas City and other commercial and financial centres, should tako
Immediate steps to establish banks in the principal commercial centres
of Latin America controlled by the capital o f this section. Every quell
bank will bo a direct agency for tho export and import trado o f tho Central
West.
Tho third need o f tho day is tho investment of United States capital in
tho public loans and private enterprises o f Latin America. Ilorotoforo our
sister republics have obtained their borrowed money from Europe. That
supply is now cut off. Unless tho United States steps into tho broach,
tho great material development o f theso southern nations will bo seriously
retarded. Every dollar that tho United States may put into Latin America
will bring back a dollar of added trado. If this country will invest $500,
000.000 in Latin America during the next five years, It will witness an
Increase o f $500,000,000 in the value of its exports and Imports exchanged.
The fourth, and also a crying need, is tho enactment of legislation by
Congress which will permit tho small manufacturing and exporting firms
of tho Central West and o f all tho country to combine in organization and
in agreement upon prices to do business in foreign countries and especially
in Latin America. Only in this way can such firms successfully meet
the competition of their rivals o f Europe and Asia.
Fifth, tho commercial and financial interests o f tho Central West must
consider carefully tho education o f young men in the Latin American lan
guages, in Latin American geography, Latin-Amorican commorco, and
Latin-American customs and history, in order to havo qualified men coming
forward to build up tho commerce o f this section. Chambers o f commerce,
boards o f trade, banking organizations, civic societies, universities,
colleges and high schools must givo more attention to everything con
nected with Latin America and thereby promoto tho cause of practical
Pan Americanism.
Sixth, there aro tho considerations, moreover, o f travel, o f our gotting
acquainted in these countries, o f proper packing to meet conditions of
transportation and climate, o f advertising, in Latin American nowspapers
to make known what wo havo to sell and what wo want to buy, of improve
ments by international agreement, of tariffs, laws for salesmen, copyrights,
trade marks, &c., so that Pan American trade may bo properly fostered
and protected.
Pan America and Pan Americanism havo In this year, 1916, a greater
meaning for tho Central West, tho United States and all tho world than
thoy havo ever had before. Pan America and Pan Americanism havo
such a possible direct bearing not only upon the commercial and financial
relations o f tho Americas but upon the settlement o f tho European war
that they aro deserving of tho attention of overy patriotic American, Pan
America, meaning tho twenty-one republics o f tho Western Hemisphere,
and Pan Americanism, meaning the united effort and co-operation of theso
countries for their own good and the good of tho world, present to-day the
most potential and only peaceful combination o f nations under tho sun.

[Vol. 102.

P H O T O -E N G R A V E R S ' P R I C E - F I X I N G A G R E E M E N T
BE IN V E S T IG A T E D B Y G R A N D J U R Y .

TO

Following the alleged failure of the Photo-Engravers’
Board of Trado to live up to its agreement to abandon its
price-fixing arrangement, District Attorney Swan announced
on M a y 26 that an investigation would bo undertaken by tho
grand jury. This announcement was made by tho District
Attorney after a conference with Milton W eil, representing
the Now York Trade Press Association. As noted in those
columns last week, the Photo-Engravers’ Board submitted
to the District Attorney on M a y 16 an agreement indicating
its purpose to withdraw tho standard scalo of prices in pro
mulgating which, it was held, tho board was acting in viola
tion of tho State Anti-Trust Law. Tho District Attorney
in accepting the agreement suspended tho proposod investi
gation, on tho understanding that there would be no attompts
to ovade the law. In making known his intontion to bring
tho matter to tho attention of tho grand jury, District A ttor
ney Swan is quoted as saying;
The now scalo has not boon changoi in tho loast. What appoars to havo
been dono is to adopt a “ gontloman’s agroomont” in place of tho system b y
which tho Board of Trado established prices f > all of its mombors. I shall
r
immediately prepare to present tho ovidonco to tho grand jury.

F R E IG H T C O N G E STIO N — D IS S O L U T IO N OF E A S T E R N
FR E IG H T A C C U M U L A T IO N CONFERENCE.

The Eastern Freight Accumulation Conference, composed
of tho executives of tho Eastern railways and Intor-Stato
Commerco Commissioner Edward E . Clark was dissolved
on M a y 31, its work having been discontinued bocauso of
the improvement in the freight situation in tho Eastern
territory. A . II. Smith, President of the Now York Contral
Lines, and Chairman of the Executive Committeo of tho
Conference, in a statement issued on M a y 29, with regard
to the discontinuance of the latter said:
Tho latest reports made to tho Committeo show that tho grand total oj
loaded cars hold by all of tho Eastern railroads at all points, either for
local delivery, for export, or for delivery to their connections, including
loaded cars for delivery to tho New Haven Railroad, is now 25,000; which,
in view of tho business conditions oxisting at tho presont time, may bo
considered normal. This compares with the total of 61,400 loaded cars
hold on March 23rd, shortly after tho Committeo instituted its work.
Tho total number of loaded cars held by connections for tho Now Haven
Railroad as of Friday midnight. M ay 19th, was 2,137; which compares
with tho total of 15.213 loaded cars held for tho New Haven Railroad by
connections on March 16th.
Tho situation as regards embargoes has shown steady improvement
during tho last few weeks, as indicated by tho frequent announcements
of modifications of tho New Haven embargo to permit of acceptance of
freight for points previously closed and for classes of freight previously
restricted.
The Committeo is hopeful tho situation will continuo to improvo so that
unrestricted movement of freight to Now England territory will soon bo
possible and it feels, thorefore, that no further necessity exists for its
continuance.
Tho Committeo heroby expresses its thanks and appreciation to tho
Public Service Commissions of tho several States, organizations of shippers
and consignees, boards of trado, chambers of commorco, and individuals,
in tho territory covered by its efforts, for their helpful co-operation in
making effective tho measures which it doomed necessary to enforco in tho
interests of all concerned.
In addition, tho railroads subscribing to tho Conference wish to mako
acknowledgment to tho Inter-Stato Commorco Commission for its assist
ance in dealing with tho difficult situation that confronted tho receivers
of freight and tho railroads at tho timo tho Conference was instituted, and
for tho untiring efforts of Commissioner E. E. Clark, who represented tho
Inter-Stato Commission on tho Executivo Committeo, and acted as Chair
man of tho special Embargo Committeo.
Nothing has occurred in recent history of transportation that has demon
strated moro fully tho need for co-oporation between tho business interests
of tho country and tho transportation interests, for a continued realization
of the necessity of fair treatment of tho subjocts essential to this necessary
servico to our country to permit tho railroads to bo fairly compensated and
placo them in a position to furnish reasonable and nccossary facilities.
A proper appreciation of thoso conditions and co-oporation by tho ship
ping public will avoid theso costly, undesirable congestions. In closing its
labors tho Committeo urges such co-operation on tho part of all Interests.

Tho N ew Haven Railroad has sent a circular lottor to
shippers, consignees and commercial organizations in Now
England outlining the manner in which thoy can assist and
D A V I D L A M A R T A K E N TO F E D E R A L P R I S O N
expedito tho termination of tho ombargo on shipments into
TO S E R V E S E N T E N C E .
David Lamar, tho so-called “ W olf of W all Street,” is now New England. Tho letter also thanks shippers and con
serving the two-year prison sentence imposed upon him for signees for their co-operation with tho railway, and urges
impersonating Congressman A . Mitclioll Palmer. Tho that it bo continued in order that it may not bo nocossary
U . S. Supreme Court, which on M a y 1 upheld his conviction to resort to an embargo again in tho futuro. In order to
(as we noted in our issue of M a y 6), on M a y 22 issued a man prevent further embargoes tho company offors nino practical
date confirming tho sentence and calling for his romoval to suggestions whoreby co-oporation may bo attained and
prison. Lamar, who was out on $45,000 bail, surrondorod service restored to normal conditions. In these suggestions
to tho Fedoral authorities in this city on M a y 24. An appeal the company states that its operating, transportation and
for a stay of execution was made on M a y 20 by Lamar’s engineering forces aro at tho service of tho shippers and con
attorneys before Judgo Wolverton in tho U . S. District signees to work out and perfect improvements in tho facilities
Court hero, but tho application was overruled, and on M a y 27 for unloading froight, so far as its financos will permit.
Lamar was taken to the Federal penitentiary at Atlanta, G a ., The letter states that tho capacity of tho N ow Haven is
no greater than tho rato at which tho cars aro unloaded, and
to begin his sontonco.




June 3 1916.]

THE CHRONICLE

shows the conditions under which more freight was delivered
and unloaded in 1915 than has been the case during the
past few months. It is the congestion at the terminals
where cars are held up owing to the inability of consignees
to take the freight away that causes the wholo system to
become blocked. It is with the viow of curing the situation
at the source that the company offers the suggestions so
that co-operation may be brought about, embargoes lifted
and the service restored to normal conditions.
REPORT

OF

C O N D IT IO N S I N ST. L O U IS
RESERVE D IST R IC T .

FEDERAL

In his report of business conditions in the St. Louis
Federal Reserve District during M a y , William M c C . M ar
tin, Chairman of tho Board and Federal Reserve Agent of
the St. Louis Federal Reserve Bank, states that “ conditions
continue favorable, and while increases are not in the same
ratio as heretofore, it would seem that this slight slowing
down is due to a conservative attitude. It is perhaps a
favorable sign and indicates that businoss mon are carefully
examining the future situation. M r. M artin’s report further
says:
The railroad earnings in tho District continue to show increases. Trans
portation problems duo to tho shortage of cars and tho congestion at
froight terminals have received tho careful attention o f railroad operators
for tho past few months. While tho volum eof froight tonnage remains
at a high level, it appears that it is being handled more expeditiously and
on M ay 1 tho roads throughout the country reported a surplus o f cars as
compared to a shortage tho first of the previous month.
Generally speaking, labor conditions in this district are satisfactory.
From indications it appears that there is little or no unemployed labor in
tho district. Wages have gone up in practically every industry. A few
strikes liavo been reported from various sections of the District, but these
have been settled with little or no difficulty.
Reports on tho principal crops are of especial importance at this timo
of tho year. Figures on tho wheat crop in tho States within this district
taken from tho Government report of condition as of M ay 1, show that tho
per cent of abandoned acreage this year In the principal wheat-producing
States of tho district Is unusually largo and the report o f condition is boiow
both tho 1915 and tho ton-year average. Reports o f condition, howovor,
show improvement as compared to April 1 in each State o f this district
except Mississippi. Reports on tho wheat situation from correspondents
and personal investigations are, however, somewhat pessimistic. Tho stand
of wheat in Central Missouri and Illinois is light. Correspondents report
tho wheat Is making a poor showing and the complaints of injury to the
crop by chinch and green bugs aro quite frequent. Many farmers report
that they have had to plow up their winter-wheat and put in other crops.
It is possible, however, that with favorable conditions from now on the
crop will exceed present expectations.
P H IL A D E L P H IA RESERVE B A N K O N IN C R E A S IN G
W A G E S A N D D E C R E A SIN G O U T PU T .

Tho fact that while wages have become abnormally high,
a largo class of wage earners havo become less productive
is brought out in the monthly report of Juno 1 of the Federal
Reservo Bank of Philadelphia, which states that the result
ant failuro of industrial plants to make sufficient or reason
able output is preventing the realization of much, if any
profit, from operations. Tho roport in part is as follows:
Last month wo called attention to the rising prices and brisk trado in
m ost lines o f business. Since then, so much has been heard about tho
unsatisfactory aspect of tho labor situation, that wo havo mado a special
investigation of tho subject.
Both skilled and unskilled labor has been scarce for some time, and in
many lines o f industry, wages havo been increased again and again until
they aro abnormally high. There is almost universal complaint, however,
that as wages aro increased, a largo class o f wago earners become less pro
ductive, and tho failuro of industrial plants to make sufficient or reasonable
output is preventing tho realization of much, if any, profit from operations.
Tho attltudo o f such wago earners is disappointing, as instead o f taking
advantage of tho present wonderful opportunity to mako largo earnings,
they aro apparently not netting much more than formerly when wages
wero much lower; tho cost of living for them, as for others, is much higher,
and tho whole country is suffering a great economic loss through tho failuro
of our industrial establishments to produce tho volumo o f goods for which
there is at present so great a demand.
Tho situation with many manufacturers, as reported to us, is so un
satisfactory, that there is a tendency on their part to curtail operations
until they can bo conducted under more favorable conditions, and thero is
a deep feeling that unless better results are obtained from a day’s work, it is
useless for this country to try to compete for the world’s trade.
Our reports indicate that with a few exceptions, the high prices o f all
goods aro being maintained. A slight doclino in lumber prices is noted,
duo, It is said, to difficulties in shipping, and tho holding up of building
operations arising lrom delay in receipt of material, strikes and other
unusual interruptions. Coal tar products aro cheaper, tho supply evidently
catching up with tho demand, duo to tho great incroaso in tho output oj
thoso materials that has boon mado in tho last olghtoen months.
U N IT E D

S T A T E S PROTESTS A N E W
SEIZU R ES.

A G A IN S T

M A IL

Tho text of tho latest protest made by tho United States
to tho British and French Governments with regard to the
seizuro of neutral mail was mado public at Washington on
M a y 20. A provious protest was forwardod to Great
Britain in January, and was printed in these columns Jan. 29.
Tho Alliod Powors, through Sir Cecil Spring-Rice, tho British
Ambassador, presented a joint memorandum to Secretary of




2039

State Lansing under date of April 3, setting out their conten
tions in the matter, and reference to the same was made in
our issue of April 8. In the present protest, which bears date
M a y 24, the United States asserts that “ the British and
French practice amounts to an unwarranted limitation on
the use by neutrals of the world’s highway for tho transmis
sion of correspondence.” Secretary Lansing cites instances
to show “ the unprecedented and vexatious nature of the in
terference with mails persisted in by British and French
authorities,” and adds that “ this continuing offense has led
to such losses to American citizens and to a possible responsi
bility of the United States to repair them, that this Govern
ment will be compelled in the near future to press claims for
full reclamation upon the attention of His M ajesty’s Govern
ment and that of the French Republic. The note, further
more, sets out that:
Tho Govornment of the United States, in view of tho improper mothods
omployed by tho British and French authorities in interrupting mails
passing between the United States and other neutral countries and between
the United States and the enemies of Great Britain, can no longer tolerate
tho wrong which citizens of tho United States havo suffered and continue
to suffer through these mothods. T o submit to a lawless practice of this
character would open tho door to repeated violations of international law
by tho belligerent Bowers on tho ground of military necessity, of which tho
violator would bo tho sole judge.

It concludes with the declaration that “ only a radical
change in tho present British and French policy restoring to
tho United States its full rights as a neutral Power, will satisfy
this Government.” The full text of the protest is as follows:
DE PA RTM E N T OF ST A T E .
,
Washington, Mag 24 1916.
Excellency:
I have tho honor to acknowledge receipt of your Excellency’s note of
April 3 last, transmitting a memorandum dated Feb. 15 1916 and communi
cated in substanco to tho American Ambassador in London on Feb. 28,
in which aro stated the contentions of tho British and French Governments
in regard to tho right to detain and examine parcel and lotter mails on route
by sea botween tho United States and Europo.
After a discussion of the use of the mails for the transmission of parcels
and of tho limitations to be placed on ’’inviolablo mail,” the joint memoran
dum of Fob. 15 closes with the following assertions;
“ 1. That from the standpoint o f their right of visitation and oventual
arrest and seizure, merchandise shipped in post parcels need not and shall
not bo treated otherwise titan merchandise shipped in any other manner.
“ 2. That the inviolability of postal correspondence stipulated by the
olovonth convention of The Hague of 1907 does not in any way affect tho
right of tho Allied Governments to visit and, if occasion arise, arrest and
seize merchandise hidden in the wrappers, envelopes or letters contained in
the mail bags.
"3 . That, true to their engagements, and respectful of genuine ‘corre
spondence,’ tho Allied Governments will continue for tho present to refrain
on tiro high seas from soizing and confiscating such correspondence, letters
or dispatches, and will insure their speediest posslblo transmission as soon
as tho sincerity of their character shall have been ascertained."
In reply tho Govornment of tho United States desires to state that it
does not consider that tho Postal Union Convention of 1906 necessarily
applios’ to tho interferences by the British and French Governments with
tho oversea transportation o f mails of which tho Government of the United
States complains, Furthermore, tho Alliod Powers appear to havo overlooked
tho admission of the Government of the United Statos that post parcels
may bo treated as merchandise subject to tho exercise of bolligercnt rights
as recognized by international law. But tho Government of the United
Statos doos not admit that such parcels aro subject to the “ exercise of the
rights of police supervision, visitation, and eventual seizure which belongs
to belligerents as to all cargoes on the high seas,” as asserted in tho joint
noto under acknowledgment.
It is noted with satisfaction that the British and French Governments
do not claim, and, in tho opinion of this Government, properly do not claim,
that their so-called "blockade” measures are sufficient grounds upon which
to base a right to interfere with all classes of mail matter in transit to or fiom
tho Contral Powors. On tho contrary, their contention appears to bo that,
as "gonuino correspondence” is under conventional stipulation “ inviola
blo,” mail matter of other classes is subject to detention and examination.
While tho Government of tho United States agrees that “ gonuino corre
spondence” mail is inviolablo, it does not admit that belligerents may search
other private soa-borne mails for any other purpose than to discover whethor
thoy contain articlos of onemy ownership carried on belligerent vessels or
articles of contraband transmitted under sealed covers as letter mail,
though thoy may intercept at sea all mails coming out of and going into
ports of tho enemy’s coasts which aro effectively blockaded. Tho Govern
ments of tho United Statos, Great Britain and France, however, appear to
bo in substantial agreement as to principle. Tho method of applying the
principle is tho chief cause of difference.
Though giving assurancos that they consider “ genuine correspondence”
to bo “ inviolablo,” and that they will, “ true to their engagements,” refrain
“ on tho high seas” from seizing and confiscating such correspondence, the
Allied Governments proceed to deprive neutral Governments of the bene
fits of thoso assurancos by seizing and confiscating mail from vessels in
port, instead of at sea. Thoy compel neutral ships without just cause to
enter thoir own ports, or thoy induce shipping lines, through some form of
duress, to sond their mail ships via British ports, or thoy dotain all vessels
merely calling at British ports, thus acquiring by force or unjustifiable means
an illegal jurisdiction.
Acting upon this enforced jurisdiction, the authorities remove all mail,
gonuine correspondence as well as post parcels, take them to London,
whoro every ploco, even though of neutral origin and destination, is opened
and critically examined to determine the “ sincerity of their character,” in
accordance with tho Interpretation given that undefined phrase by tho Brit
ish and French censors. Finally, the expurgated remainder is forwarded,
frequently after irreparable delay, to its destination.
Ships aro detained on route to or from tho United States or to and from
other neutral countries, and mails: are held and delayed for several days,
and, in somo cases, for weeks and even months, even though not routed
to ports of North Europe via British ports. This has been the procedure
which has boon practiced since the announcement of Feb. 15 1916. To
somo extent tho samo practice was followed before that date, calling forth
tho protost of this Government on Jan. 4 1916. But to that protest the

3040

THE CHRONICLE

[Vol. 102

memorandum under acknowledgment makes no reference and Is entirely
The Government of the United States is inclined to the opinion that the
unresponsive.
class of mall matter which includes stocks, bonds, coupons and similar
The Government o f the United States must again insist with emphasis securities is to bo regarded as of the same nature as merchandise or other
that the British and French Governments do not obtain rightful jurisdiction articles of property and subject to the same exercise of belligerent rights.
o f ships by forcing or inducing them to visit their ports for tho purpose of Money orders, checks, drafts, notes and other negotiable instruments
seizing their mails, or theroby obtain greater belligerent rights as to such which may pass as the equivalent o f money are, it is considered, also to be
ship than they could exercise on the high seas, for there is, in the opinion classed as merchandise.
o f tho Government, o f tho United States, no legal distinction between the
Correspondence, including shipping documents, money order lists, and
seizure o f mails at sea, which is announced as abandoned, and their seizure papers of that character, even though relating to “ enemy supplies or
from vessels voluntarily or involuntarily in port.
exports,” unless carried on the same ship as the property referred to, are,
Tho British and French practico amounts to an unwarranted limitation in the opinion of this Government, to be regarded as “ genuine corres
on the uso by neutrals of the world’s highway for the transmission of corre pondence," and entitled to unmolested passage.
spondence. The practice actually followed by tho Allied Powers must be
The Government of the United States, in view of tho improper mothods
said to justify the conclusion, therefore, that the announcement o f Feb. 15 employed by the British and French authorities in interrupting mails
was morely notice that one illegal practico had been abandoned to make passing between the United States and other noutral countries and between
place for tho development o f another more onerous and vexatious in char the United States and the enemies of Groat Britain, can no longer tolerato
acter.
tho wrongs which citizens o f tho United States havo suffered and continue
Tho prosent practice is a violation not only o f the spirit o f the announce to suffer through these methods. T o submit to a lawless practice of this
ment o f Fob. 15 but of the rule o f The Hague Convention upon which it is character would open the door to repeated violations of international law
concededly based. Asido from this it is a violation o f the prior practice by tho belligerent Powers on the gound of military necessity of which the
of nations which Groat Britain and her ailies have in tho past insisted violator would be the sole judgo. Manifestly a noutral nation cannot
to establish and maintain, notwithstanding the statement in the memo permit its rights on the high seas to be determined by bolligorents or the
randum "that as late as 1907 tho letters and dispatches themselves could exercise of those rights to be permitted or denied arbitrarily by tho Govornbe seized and confiscated.”
mont of a warring nation. Tho rights o f neutrals are as sacred as the rights
During the war between the United States and Mexico the United States of belligerents and must bo as strictly observed.
forces allowed British steamers to enter and depart from the port of Vora
The Government of tho United States, confident in tho rogard for Inter
Cruz without molosting tho mails intended for inland points. During national law and the rights of neutrals which tho British and French
the American Civil War Lord Russell endeavored to induco the United Governments have so often proclaimed and the disregard of which they
States to concede that “ her Majesty's mails on board a private vessel have urged so vigorously against their enemies in the prosont war, oxpects
should bo exempted from visitation or detention.” This exemption of the present practice of tho British and French authorities in tho treatment
mails was urged in October 1862, in the case o f British mails on board the of mails from or to the United States to cease, and bolligorent rights as
Adela. On Oct. 31 Secrotary Seward announced that “ public mails of exorcised to conform to tho principle governing tho passago of mail matter
any friendly or neutral Power duly certified or authenticated as such shall and to the recognized practico of nations. Only a radical change in tho
not bo searched or opened, but be put as speedily as may be convenient prosent British and French policy, restoring to the United States its ful
on the way to their designated destination.” In accordance with this rights as a neutral power, will satisfy this Government.
I havo. &c.,
ROBERT LANSING.
announcement tho Government o f tho United States in tho case of tho
British steamship Peterhoff, which had boon seized with her mails against
tho protest o f hor M ajesty’s Government, had hor mails forwarded to
W A R N B R IT IS H CONSULS.
destination unopened.
Tho same rule was followed by France, as I am advised, in tho FrancoBritish consular officers in the United States havo received
Prussian war o f 1870; by the United States in tho Spanish-American war
of 1898; by Great Britain in the South African war, in the case o f the the following official notice warning them to refrain from
Gorman mail steamers, Bundesrath and General; by Japan and substan interfering in American politics:
tially by Russia, in the Russo-Japaneso war of 1904. And oven in tho
As tho elections are approaching British officials will no doubt receive
present war, as tho memorandum o f Groat Britain and France states, their letters from self-styled British Americans, genuine or otherwise, asking
enemy, Germany, has desisted from the practice o f interfering with neutral advice as to how thoy ought to vote. Such lottors aro generally of a nature
mails, even on board belligeront steamers.
of a trap for electioneering purposes.
This is illustrated by the caso o f tho French steamer Florido, captured
British subjects have no votes. American citizens cannot proporly be
by tho auxiliary crusler Prinz Eitel Friedrich, cited by the British and advised by foreign officials as to the exerclso of thoir suffrage. Such ad
French Governments in support of thoir argument regarding parcel mails. vice would be regarded as unduo interference in American Internal politics.
In this case, tho letter mails of the Florido, amounting to 144 sacks, were Writers of letters of this nature should therefore not bo answored, or If
forwarded to their destination by the commander at tho first opportunity answered, informed that British officials cannot advise American citizens
upon arriving in the United States. It would seem, therefore, to bo con as to tho exercise of their rights.
clusively established that tho interferences with mails o f which this Govern
ment justly complains are wrong in principle and in practico.
G R E A T B R I T A I N ’S S T A T E M E N T C O N C E R N IN G
Tho arbitrary methods employed by the British and Fronch Governments
h ve resulted most disastrously to citizens o f the United States. Important
R E M I T T A N C E S F R O M U . S. TO G E R M A N Y .
papers which can never bo duplicated, or can be duplicated only with great
It was announced by the British Embassy on M a y 27,
difficulty, such as United States patents for inventions, raro documents,
legal papers relating to the settlement o f estates, powers o f attorney, fire according to advices from Washington, that every effort was
insurance claims, incomo tax returns, and similar matters, have been lost.
Dolays in receiving shipping documents have caused groat loss and in being made to regulate British contraband orders so as not
convenience by preventing prompt delivery of goods. In tho caso of the to inconvenience Americans in Europe who depend on the
M acniff Horticultural Co. o f Now York, largo shipments o f plants and mails to bring them money from the United States. A
bulbs from Holland wore, I am informed, frozen on tho wharves because
possession could not be obtained in the absence o f documents relating to statement issued at the Embassy reads as follows:
In view of tho statements which have boon telegraphed to tho press of
them which had been removed from the Nleuw Amsterdam, Oosterdyk,
America from Germany, depicting the distress allogod to bo caused to Amor
and Rotterdam.
Business opportunities are lost by failure to transmit promptly bids, ican citizens there by British intorforonco with moneys passing in mails,
specifications and contracts. Tho Standard Underground Cable Co. of the British Embassy havo beon authorized to mako it generally known that,
Pittsburg, for example, sent by mail a tonder and specifications for certain notwithstanding the recent contraband proclamation, tho British authori
proposed electrical works to bo constructed in Christiana; after several ties havo beon given strict Instructions not to hold up remittances from the
weeks o f waiting the papers have failed to arrive. Tho Amorican company United States to Germany or Austria where there is roason to bollovo that
was told that tho bids could not bo longer held open and tho contract was they aro genuinely intended for tho maintenance of United States cltizons
in enemy countries. Tho efforts of tho authorities to distinguish those
awarded to a British competitor.
Checks, drafts, money orders, securities and similar property are lost from other and loss objectionablo kinds of remittances would be much fa
cilitated if tho senders took care to accompany them by covering letter or
or detained for weeks and months.
Business correspondence rolating to legitimate and bona fide trado bo- other document o f a nature to afford convincing proof of Innocence.
In connection with tho Gorman statement as to British interference
tween neutral countries, correspondence o f a personal nature, and also
certain official correspondence such as money order lists and other matters with moneys in transit and tho distressing results to Amorican citizens.
forwarded by Government departments, aro detained, lost, or possibly It may be of interest to draw attention to tho following statement issued in
destroyed. For instanco, tho Postmaster-General Informs mo that certain the advertisement of tho fourth German war loan: “ Wo absolutely guarantee
International money order lists from tho United States to Germany, Greece, prompt arrival in Berlin of all amounts Intrustod to us in payment of war
and other countries, and from Germany to the United States, sent through loan subscriptions.”
tho mails, have not reached their destination, though dispatched several
months ago. It was necessary to have somo of theso lists duplicated and
T R A D IN G W IT H
THE
again dispatched by tho steamship Froderik V III, which sailed from New G R E A T B R I T A I N A M E N D S
York on April 19, and from which all tho mails intended for Germany
E N E M Y PR O CL AM A TIO N .
have been taken and held in British jurisdiction.
The following decree, amending the trading with the
As a further example o f tho delay and loss consequent upon the British
practico the Postmaster-General also sends me a copy o f a letter from the enemy (neutral countries) proclamation, has, according to
British Postal Administration admitting that the mails were removed from
the steamer Medan In the Downs on Jan. 30 last and not forwarded advices from London on M a y 3, been issued by King George:
Whereas, It is dosirablo to amond our proclamation of the twonty-ninth
until somo time “ between the 2d of February and the 2d o f M arch,” and
that 182 bags o f theso malls “ wore lost during transmission to Holland on day of February, 1916, callod tho Trading With tho Enomy (Noutral
the 26th day of February by the Dutch steamship Mecklenburg.” The Countries) Proclamation, 1916:
Now, therefore. We have thought fit, by and with tho advice of our
Medan arrived safoly at Rotterdam a day or two after she loft the Downs.
Numerous complaints similar to tho foregoing havo been received by Privy Council, to issuo this our Royal Proclamation, declaring, and it Is .
hereby doclared, as follows:
this Government, the details o f which aro available, but I believe I havo
Paragraph 4 (a) of tho Trading With tho Enomy (Noutral Countries)
cited sufficient facts to show the unprecedented and vexatious nature
of the interference with mails persisted in by British and Fronch author Proclamation is hereby revoked, and in lieu thoroof tho following paragraph
shall, as from the dato hereof, bo insertod in tho said Proclamation:
ities.
"4. (a) Any person or body of porsons, incorporated or unincorporated,
Not only are American commercial interests injured but rights of prop
erty aro violated, and the ridos of international law and custom are palpably resident, carrying on business, or being in tho United Kingdom, who is
disregarded.
I can only add that this continuing offenso has led to such ongaged in any non-enemy country in tho business of insurance from carry
losses to American citizens and to a possible responsibility o f tho United ing on in that country such business other than tho business of marine in
States to repair them that this Government will be compelled In the near surance or of tho Insurance against fire or any risk of goods or merchandise
future to press claims for full reclamation upon the attention o f his Majes during transit from shipper’s or manufacturer’s warehouse until deposited
in warehouse on tho termination of tho transit, if any part of tho transit is
ty's Government and that o f the Fronch Republic.
Tho principle being plain and definite, and tho present practice o f tho by sea, with or through tho agency of any of tho persons or bodlos o f per
sons mentioned in the statutory list.”
Governments of Great Britain and France being cloarty in contravention
Tho said proclamation o f tho 29th day of Fobruary, 1916, shall bo called
* the principle, I will state more in detail the position o f the Government
•
tho United States in rogard to the treatment o f certain classes of sealed "Tho Trading With tho Enomy (Statutory List) Proclamation, 1916.”
ails under a strict application o f the principle upon which our Govern
Tills proclamation shall bo callod “ Tho Trading With tho Enomy (Statu
tory List) Proclamation, 1916,*No. 2," and shall.bo road as one with t
ment seems to be in general accord.




THE CHRONICLE

June 3 1916.]

Trading With tho Enemy (Statutory List) Proclamation. 1916, and that
proclamation and this proclamation may bo citod together as tho Trading
With the Enemy (Statutory List) Proclamations, 1916.
TH E IRISH S IT U A T IO N .

Announcement to the effect that John M acNoill, 1 lesident of tho Sinn Fein Volunteers, was on the 30th ult.
sentenced to life imprisonment by the court martial beforo
which ho was tried, was contained in advices from Dublin
of that date. A list of tho names and addresses of tho men
purporting to havo been arrested in Ireland for participa
tion in the recent uprising has been published by tho “ Irish
W orld.” According to this publication, around 2,000 pris
oners aro now confined in English detention camps, and the
addresses of these are said to show that every county in
Iroland is represented. It is stated that of tho sixty-soven
men sentenced to death by court-martial, fifteen were
executed. Sentences of from one year to imprisonment for
life aro said to havo been imposed on soventy-nino men im
plicated in the revolt. Tho casualties among tho civilian
populace aro roported to bo: Killed, 180; wounded, 604.
Tho authorities are said to have stated that tho names of
tho two other men who wero executed at Portobello Barracks
with Shoohy Skeffington, to whoso death reference was made
in our issuo of M a y 13, aro given as M clntyro and Dixon.
In rosponso to complaints by John Dillon in tho IIouso
of Commons on tho 1st inst. as to tho treatment accordod
Irish prisoners now hold in England, Promior Asquith is
roported to havo stated that lonioncy and clemency formod,
as far as possible, tho guiding principle of tho Government
in its dealings with tho robels. The Promier statod that
800 prisoners already havo been released and of tho prisoners
still remaining, only thoso whose return to Ireland might
endangor the peace would bo detained. Tho exercise of
clemency, he said, was perforce limitod by tho “ vindication
of tho law and necessity to prevent a recurrence of tho out
break.” M r. Dillon declared that tho treatment accordod
tho prisoners thus far was “ barbarous and worse than that
accordod Gorman prisoners of war.”
DEVELOPMENTS

IN

THE

M EXIC AN

SITU ATIO N .

The immediate withdrawal of tho American troops from
Moxican territory is called for in a noto from tho Carranza
do facto Government delivered to tho Stato Department at
Washington on M a y 31 by Eliseo Arredondo, Ambassador
Designate. Tho note was entirely in Spanish, and is ex
tremely lengthy; an English translation was mado public
by tho Stato Department on the day of tho receipt of tho
noto. Reviewing the incidents which havo occurred since
tho invasion of American territory by Genoral Villa on
March 9 atIColumbus, Now Mexico, tho noto recites that
tho Amoricanltroops crossed tho border after tho Columbus
incidont without the permission of tho Moxican Govornmont.
Tho act was not considered ono of invasion then, sololy
because tho United States said they had misinterpreted tho
attitude of tho Moxican Govornmont. Whon the second
expedition crossed the lino, after tho Glenn Springs incidont
of M a y 5, tho note maintains, tho pleas that this was done
with tho consent of tho Moxican Consul at Dol Rio, T ex., is
untenable, and that act can only bo considered as ono of
invasion. Tho note concludes with tho statomont that:
Tno Moxican Government, therefore, formally invites tho Government
of tho Unitod States to causo tho situation o f uncertainty between tho two
countries to cease and to support its declarations and protests of amity
with real and effective action, which wiil convinco tho Moxican pcoplo
of the sincerity of it3 purposes. This action in tho presont situation
cannot be other than the immediate withdrawal of American troops now
in Moxican territory.

Discussing tho movements looking to tho withdrawal of
tho troops the noto according to tho Now York “ Times”
says in part:
Tho Moxican Government was not Informod that tho American troops
hadlcrossod tho frontier until Marcli 17, at which cimo it was unofficially
known, through private channels from El Paso, that tho American troops
had ontcrod Into Moxican territory. This Govornmont then addrossed
a noto to the Government o f tho Unitod States stating that, inasmuch as
tho preciso terms and convictions of an agroemont which should bo formally
entered into between both countries for tho crossing of troops had not
been stipulated, tho American Government should not consider itself
authorized to send tho expedition.
Tho Washington Government explained tho sending of such expedition,
expressing its regret that a misinterpretation had occurred in regard to tho
attitude of tho Mexican Government concerning tho crossing of American
troops over tho boundary lino in pursuit of Villa, but that this had been
dono under tho impression that tho previous exchange of messages implied
tholfull consont of the Mexican Government, without tho necessity of
furthor formalities.
Tho American Government explained also that its attitude was duo to tue
necessity of quick action, and stated that it was disposed to roceivo any
suggestions tho Mexican Government would wish to make in regard to tho
terms of a definite agreement covering the operations of troops on either
do of the boundary.




2041
T

Both Governments then began to discuss the terms of an agreement in
accordance to which tho reciprocal crossing of troops should be arranged,
and to this end two projects from tho Mexican Government and two counter
projects from the American Government were exchanged. During tho
discussion of this agreement the Mexican Government constantly insisted
that the above-mentioned crossing should bo limited within a zone of
operations for tho troops in foreign territory, that tho time the troops
should remain within it, the number of soldiers of an expedition and the
class of arms they should pertain to should bo fixed.
The Government of tho United States objected to tho above limitations,
and when at last the American Government submitted tho last counter
draft, accepting them in part, it stated, nevertheless, that while agreeing
to sign the agreement, the latter would not apply on the Columbus expedi
tion.
This attitude of the American Government brought forth tho Moxican
noto of April 12. in which, deferring tho discussion of the agreement, since
the latter was not to apply to tho Columbus case, the Mexican Govern
ment requested tho American Government to withdraw its troops since
the stay of them was not based on any agreement, and the expedition
was then unnecessary, inasmuch as tho Villa bandits had been dispersed
and reduced to impotency.
While tho American Government was delaying its reply to the aforesaid
note of April 12, and took no action to withdraw its troops, it was con
sidered convenient that military commanders o f both countries should
meet in some point of tho frontier to review the military aspect o f the
situation and endeavor through this channel to arrive at a satisfactory
solution, which on the part of Mexico consisted in the withdrawal of
American troops from its territory.
To this end Generals Hugh L. Scott and Frederick Funston, representing
the American Government, and General Alvaro Obregon, Secretary of
War and Marine, representing Mexico, met at Ciudad Juarez and El Paso,
where they held a series of conferences within an open spirit of cordiality.
During these conferences full explanations and data wero exchanged con
cerning the military situation on the frontier.
As a result of these conferences a draft of a memorandum was submitted
to tho approval of tho Washington and Mexico Governments in accordance
with which General Scott declared that the destruction and dispo -sion of the
Villa band had been completed, and, therefore, tho American Government
was decided to begin tho withdrawal of its troops under tho promise that
tho Mexican Government would endeavor to maintain efficacious guard
on the frontier against new incursions similar to that at Columbus.
The Mexican Government refused to approve that sort of agreement,
because it was stated in it, besides, that the American Government could
suspend the withdrawal of its troops if any other incident should occur
which would serve to change tho belief of the Washington Government in
tho ability of the Mexican Government to protect the frontier.
Tho Mexican Government could not accept this condition to suspend the
withdrawal, because the evacuation of its territory is a matter entirely
affecting the sovereignty of tho country which should at no time be sub
jected to the discretion of the American Government, it being possible
on tho other hand that another incident might occur, which would give
the indefinite stay of the American troops in Mexican territory a certain
coior of legality.
.
General Scott, General Funston and General Obregon were discussing
this point, when on the 5th of tho present month of May a band o f outlaws
assaulted an American garrison at Glenn Springs, on tho American side,
crossing tho Rio Grande immediately after to enter into Mexican territory
via Boquillas.
On this account, and fearing that the American Government would
hasten the crossing of new troops into Mexican territory in pursuit of the
outlaws, the Mexican Government instructed General Obregon to notify
tho United States that the crossing o f American soldiers on this new account
would not be permitted to enter into Mexico and that orders had already
been given to all military commanders on the frontier to prevent it.
When tho attitude of tho Mexican Government becamo known Generals
Scott and Funston assured General Obregon that no movement of American
troops had been ordered to cross the frontier on account of the Boquillas
incident, and that no more American soldiers would enter into our territory.
This assurance, which was personally made by Generals Scott and Fun
ston to General Obregon when tho conferences were about to be adjourned,
was reiterated by General Scott himself in a later private conversation
ho had with Licenciado Juan Neftali Amador, Sub-Secretary for Foreign
Affairs, who had had the opportunity to take part in the conferences be
tween tho American and the Mexican military commanders.
Tho conferences between Generals Scott, Funston and Obregon adjourned
on M ay 11 without reaching any agreement concerning the unconditional
withdrawal of tho American troops. General Scott insisted in the form
of tho memorandum concerning tho conditional withdrawal of tho American
forces but did not take into consideration tho plan proposed by tho Mexican
Government for tho protection of tho frontier by moans of detachments
along tho same.
Under theso conditions it was left for the Governments of Washington
and Mexico to conclude tho arrangements initiated during the conferences
of Ciudad Juarez and El Faso. Up to that time no complication had oc
curred on account of tho now Boquillas incident, and all tho assurances
given by Generals Scott and Funston led us to suppose that tho above inci
dent would not bring about new difficulties.
The Moxican Government, however, has just been informed that 400
inon of the Eighth Regiment of tho American Army aro in Moxican terri.
tory, having crossed the lino in tho direction of Boquillas approximately be
tween the 10th and 11th of M ay, and aro at presont near a place called
“ El Pino,” about sixty miles south of the frontier. * * »
Tho Mexican Government cannot assume that an error has boon com
mitted a second time by tho American Government ordering tho crossing of
its troops without tho consent of tho Government of Mexico. It fails to
understand also that a commander of troops of tho Unitod States Army
would enter into Mexican territory without tho duo authority from his
superiors, and believing that ho could sccuro permission for the crossing
of his troops from a consular agent.
Tho explanation given by the American forces in regard to the
crossing of troops at Columbus has never been satisfactory to the Mexican
Government; but tho new invasion of our territory is no longer an isolated
fact and tends to convince the Mexican Government that something more
than a mere error is involved.
This latter act of the American forces causes new complications for
tho Mexican Government in the possibility of a satisfactory solution and
increases the tenseness of the international situation between both coun
tries.
t .

In questioning the purpose of the Columbus expedition
tho note says:
The American Government stated that its purpose in causing the Ameri
can troops to enter Mexico was only to defend tho frontier against probable
Incursions. This statement, howover, is in conflict with the attitude as
sumed by the same American Government in discussing the agiecment

204t2

THE CHRONICLE

[Vol . 102.

concerning the reciprocal crossing of the frontier, because while the Moxican
Government maintained that said agreement should limit the zono o f opera perjury indictment against the three officials was returned
tions of the troops of one and the other country, as well as the time which the last October, and concerned the making of an affidavit
expeditions should last, the number o f soldiers and tho arm to which they setting forth that tho bank had never engaged in stock mar
should belong, the American Government constantly eluded these limita
tions. This attitude o f the American Government, which is tho one ex ket transactions and had no dealings with the stock brokerage
pecting to have froquent occasion to cross the frontier on account of in firm of Lewis Johnson & Co.
Tho case hinged on the
cursions of outlaws, is clearly indicating the purposo o f having powor to wording of the affidavit; the bankers in their defense con
enter Mexican territory beyond the limit which tho necessities of defonso
tended that they had meant to swear that the bank had nover
could roquire.
Tho Columbus punitive expedition, as it has been called, had not, ac dealt in stock on its own account, but had carried on the
cording to tho statements o f President Wilson, any other purposo than to transactions for depositors and customers. While the G ov
reach and punish tho band of outlaws which had committed tho outrage,
and it was organized under tho supposition that the Moxican Government ernment contended that entries in the name of tho Riggs
had givon its consent to it. Such expedition, however, has had a character Bank were found in the books of the brokerage concern, the
of such clear distrust toward Mexico and of such absoluto independence,
that it cannot justly bo considered as anything but an invasion mado with bank argued that accounts executed at the order of its
out tho consent, without tho knowledge and without tho co-operation of officers for customers might have been kept in that way, but
tho Mexican authorities. * * *
that the bank had no individual concern in the same.
It is indisponsablo that tho above contradiction botween the protests of
In his decision of M a y 31 Justice M cC o y, in making
amity on tho part o f Washington and tho acts of distrust and aggression on
permanent the injunction restraining the conversion into tho
tho part of American military authorities should be brought to an end.
Tho Mexican Government and people, thoroforo, are anxious to know Treasury of the $5,000 interest duo the bank, held that the
what tlioy should expect, and they want to bo sure that the expressions so
many times mado by tho Government o f the United States should bo really Treasury had no right to withhold this interest, since it
in keeping with tho sincere desires for peace between tho two countries, was justly the property of the bank. IIo further held that it
a friendship which should exist not only in declarations, but crystallize had been interpreted that the Comptroller had no right to
in deeds.

Ambassador Arredondo is said to have informed the State
Department in delivering the note that the latter was not
to be regarded as an ultimatum, but merely as a continuance
of the diplomatic correspondence. Tho reply of the A d
ministration, it is understood, will not be forwarded for a
week or ten days, and no action toward complying with tho
request of Gen. Carranza for the withdrawal of the troops
will be taken until the Government is assured that the
situation warrants their recall.
A statement formally denying that the Carranza Govern
ment had sent envoys abroad to arrange secret alliances
with Germany and Japan was issued on M a y 15 by Ambassa
dor Arredondo as follows:
In contravention o f the press statements to the offect that envoys o f the
Constitutionalist Government have been sent to Germany and Japan for
tho purpose o f arranging secret alliances with thoso empires, a propel ex
planation o f the circumstances seems to the Bureau o f Information o f the
Mexican Government to bo at this time dtsirablo.
Perez Romero has recently returned to his post in Japan after a brief
sojourn in Mexico and the United States. Rafael Zubaran has boon ac
credited as diplomatic representative o f Mexico to tho Governments of
Germany. Austria. Bulgaria, Denmark and other European nations.
Tho appointment of neither of these officials has any purposo othor than that
they should exorcise the ordinary functions o f diplomacy. These appoint
ments have no otner significance than tho appointment o f Sanchez Asconos
as Envoy to Great Britian, Franco, Spain, Norway, &c., and Isidro Fabcla
as Envoy to Argentina. Brazil, Chile and the countries of South Ainorica.
All of theso selections mark only tho restoration o f M exico’s diplomatic
relations with the outside world, and aro preliminary to tho roinstitution
of the complete diplomatic servico of the Republic.

According to the New York “ Tim es” Ambassador Arre
dondo also made public on M a y 22 the following statement
concerning the taxes collected which are to form the basis
of the new currency issue:
State taxes collected in gold and silver aro bolng sent to the national
Treasury at Mexico City in pursuance o f tho orders o f M r. Carranza.
Thoso consignments of specie form tho basis for tho new currency issue,
which is being sent back into the States in recompense to tho States for tho
support of tho national currency. Out o f tho great mining States o f Hi
dalgo, Guanajuata, and Zacatecas already thoro has come to tho national
Treasury $66,000,000 in gold and silver bullion. A largo proportion of
this hugo sum was tho mining tax, o f courso, but also it represents specio
and bullion exchanged for tno now currency, in which tho operatives o f tho
mines are bei ng paid at the ratio of 10 paper pesos for $ 1 in American gold.
*
*
*
*
*
*
*
*
*
*
*
*
Tho suppression o f tho railway strike on tho linos of the National Railways
o f Mexico was accomplished through a notification by tho military authori
ties that they still regard the employees as part o f tho military establish
ment and subject to military regulations tho same as aro tho employees
of tho railway systems of Franco. This notification sufficed to bring tho
strike to an abrupt termination.

assess fines upon the bank for refusing to make the special
reports demanded in this instance. He maintained that the
Comptroller should not assess any such fine for past refusals
nor assess fines for refusal in tho future to make reports of
this nature. For the purpose of enforcing this mandate in
tbe futuro, the court retains jurisdiction of the case. The
power of the Comptroller to require a bank to mako special
reports was upheld by the Court. W ith reference to the
opinion, Frank J. Hogan, counsel for the bank, said:

Justice M cC oy’s decision affirms tho right of a national bank to obtain
relief in a court of equity from the illegal or tyrannical acts of a Comptroller
of the Currency, thus rejecting tho contention of tho Government that an
equity court cannot review and determine tho acts of tho Comptroller
because he has been vested by Congress with discretionary powers. It is
this phase of the question which the attorneys for tho Riggs Bank contend
will afford the utmost satisfaction, and iasom o instances relief, to national
banks. It is known, for instance, that even at this time Comptroller
Williams is seeking to impose on the First National Bank of Bell City, Ala.,
McLano Tilton, President, penalties amounting to $100 a day for failure
to comply with certain of his demands.
Following immediately on the overwhelming vindication of the Riggs
Bank, Justice M cC oy’s decision cannot but be regarded as a great triumph
for tho bank. It makes clear tho failure of Comptroller Williams to
comply with tho law and denies his right to assess tho penalties he had
attempted to Impose, and which, when tho bank brought its suit, amoun
ted to between $150,000 and $160,000, whilo it requires tho payment to
the bank of the $5,000 which John Skelton Williams had unlawfully seizod
Tho main contention of the Department of Justice that the District
Supreme Court was without jurisdiction to grant to a bank redress against
tho acts of the Comptroller of the Currency is rejected by Justice M cC oy’s
decision.
What tho future of tho litigation will be cannot now be foretold. The
Riggs Bank is not being harassed at this time as it was when tho suit was
filed a year ago, and with tho payment of tho $5,000 at issue an abstention
from all effort to impose additional penalties, it may well be that tho liti
gation will be terminated.

Tho following statement, given out on M a y 31 by the
Department of Justice, summarizes the decision as follows:

The decision o f Mr. Justice M cCoy In tho Riggs Bank case, filed to-day,
contains seventy-three typewritten folio pages, and, as the Department
understands it, decides the following points:
(1) That tho Court had jurisdiction of tho case (pp. 17-30).
(2) That as "the bill does not state facts sufficient to constitute a cause
of action against tho Secretary o f tho Treasury as to a conspiracy, nor as to
anything dono or threatened by him, it must bo dismisoed as to him, unless
he is a necessary party in order to give relief by way of directing a purely
ministerial act, namely, tho payment o f interest withheld beeauso of tho
penalty of $5,000 assessed by the Comptroller” (pp.32-36).
(3) That tho plaintiff’s construction of the nature of “ special reports,”
which the Comptroller was entitled to call for, was wrong, and that tho
Comptroller’s contention was correct (pp. 37-53); and that “ tho statuto
thus construed makes lawful any inquiry by tho Comptroller for the pur
pose of obtaining information, not only as to current items on tho books
of the bank, but also for the purposo of Informing himself generally as to
tho management o f tho bank;” and that it is certain ‘ ‘ that Congress in
tended that national banking associations should bo under tho strictest
RIGGS N A T I O N A L B A N K O F F I C I A L S A C Q U I T T E D . supervision by him (the Comptroller) for tho protection of creditors and
The officials of the Riggs National Bank, of Washington, stockholders and of tne public generally” (p. 47); and “ that tho power of
the Comptroller under Revised Statutes, Section 5211, is to call for a
D . C ., were acquitted of the charge of perjury on M a y 27. report on the affairs of a bank just as fully, at least, as might a bank
Tho verdict was returned by a jury in the Supreme Court examiner” (p. 50).
(4) That thero was no such arbitrary action on tho part of tho Comp
of the District of Columbia (Criminal Division N o . 1), tho
troller as to amount to total lack of authority (pp. 55-60); but that “ the
jury’s deliberations consuming but nine minutes. The action of the Comptroller on tho basis of which specific charges aro made
officials against whom the charg<s rested were Charles C . to the effect that he was acting in excess of his powors, examined in the
Glover, President; W . J. Flather, Vice-President, and Honry light o f tho views abovo expressed, must bo upheld as lawful” (p. 60).
(5) That tho plaintiff’s contention that tho Comptroller had no right to
II. Flather, formerly Cashier. In addition to their acquittal, call for reports as to past transactions was wrong, and that "valid reasons
for going back over tho books of tho bank for several years may bo suggested
Justice M cC o y of the Supreme Court of the District, decided
on M a y 31 that tho Treasury Department may not retain by what is discovered as to recent transactions” (p. 58).
(6) That tho Information called for by the Comptroller in regard to list
tho $5,000 alleged to have been due tho bank as interest on of loans in excess of $5,000 secured by collaterals was rightly called for by
him and should havo been furnlshod (p. 60).
$1,000,000 Government bonds deposited with the Comp
(7) That the Information called for by tho Comptroller as to whether
troller of the Currency against the institution’s note circula
tho plaintiff was maintaining a private telegraph wlro connected with
tion, and which had been claimed by the Comptroller as stock brokerage houses, "was an eminently proper Inquiry” (p. 60).
(8) That tho Comptroller’s call for information as to tho ownership o f
penalty for the failure of tho bank to make certain reports.
tho Flather & Flather account, may well havo been justified (p. 60).
Tho court proceedings were instituted in April 1915 when
(9) That the Comptroller had the right to specify a longer time than five
tho bank sought to restrain John Burke, Treasurer of the days within which to make certain reports, and that thoro was no reason
for the bank’s complaining of the giving of a longor time (p. 61).
United States, from paying the $5,000 into the Treasury; a
(10) That the Comptroller’s request for information in regard to loans
emporary restraining order was obtained at that time. Tho mado by tho bank to former United States officials was a proper one (p. C l)




Junk 3 1916.]

THE CIIHONICLE

(11) That the Comptroller's call for information in regard to commercial
paper carried by the plaintiff was clearly proper (p. Cl).
(12) That the Comptroller’s call for information as to tho expenditure of
monoy for printed copies o f tho correspondence, & c., was rightly made
(p. 62).
(13) That tho demand for information in regard to the direct loans made
by tho bank to certain o f its officers, and for information in regard to tho
indirect, or dummy, or concealed, loans, made since tho organization of
tho bank, for tho benefit, directly or indirectly, of thoso officers, including
all loans which any o f tho officers had endorsed, or for which they had
furnished the whole or any part o f tho collateral, wero "entirely within his
(tho Comptroller’s) powers” (p. 62). These are the two demands for tho
failure to comply with which tho penalty o f §5,000 was assessed.
(14) Tho Comptroller’s requirement that certain facts bo laid before tho
Board o f Directors, even if made for tho purpose of discrediting the plain
tiff’s officers before tho Board of Directors, was proper (p. 63).
( 1 5 ) That the allegation in the bill that tho acts o f the Comptroller were
dono maliciously, is merely a statement o f a conclusion of law (pp. 63-64).
"T h e Comptroller was acting within his powers in performance of his duty,
so far as calling for tho reports is concerned. Therefore, as no right of tho
plaintiff was infringed, he was not acting maliciously.”
(16) That tho actions o f tho Comptroller as Treasurer of tho Red Cross
funds wero ” j)erfectly proper steps to obtain tho largest possible revenue
from it while on deposit. The plaintiff was given tho same opportunity
that was given to others to have those deposits made in its bank” (p. 64).
(17) That tho plaintiff’s contention that the bank is not required to fur
nish a special report, which b y Revised Statutes tho Com ptroller is author
ized to call for, is incorrect” (p. 65).

(18) The plaintiff’s contention that Revised Statutes, Section .5213, does
not imposo a penalty for failure to make a special report, is incorrect
(pp. 65-67).
(19) Tho plaintiff’s contention that the Comptroller’s construction of
tho Revised Statutes would necessitate a holding by the court of their
unconstitutionality. Is incorrect. “ The plaintiff cannot object to giving
tho Information demanded o f it by tho Comptroller, nor urge any constitu
tional ground as a basis for refusing, having accepted its charter under a
statute giving the right to call for special reports” (pp. 68-69).
(20) As to tho merits o f the case, tho single point on which tho Court
finds against tho defendants is tho following: That the Comptroller, in
making his demand of Jan. 22 1915 for the special report called for, required
that it should be made under tho oath of the President, Cashier and three
named officers and directors, whereas the statute. Section 5211, only
required that tho report be sworn to by tho President or Cashier and
attested by tho signatures o f at least three of tho directors. Tho Court
said: "Therefore, it must bo held in this caso that tho Comptroller having
called for a report not verified and attested as provided in tho statuto, did
not place himself in a position where ho could lawfully assess a penalty for
a failuro to comply with a demand which ho made” (p. 70).
(21) The plaintiff’s petition in their bill in equity that the Court should
enjoin tho Comptroller from revoking any designation of tho plaintiff as a
depositary, and from refusing to approve of tho plaintiff bank as such, is
refused, and the Court states that “ it cannot bo granted” (pp. 70-72).
(22) The plaintiffs’ potition In their bill that tho Comptroller should bo
enjoined generally from future violations o f the law is refused: “ Tho Court
will not stop an officer vested with powers to bo exercised at his discretion
from performing his statutory duty for fear that ho should perform it
wrongly” (p 72).
Tho result of tho whoto decision is that the temporary injunction re
straining tho payment of §5,000 is continued as against the Treasurer of the
United States, but not as to tho Comptroller, and that, except for tho
purpose of compelling payment o f the interest duo tho bank and retained,
and o f enjoining tho assessment of penalties because of the failure to com
ply with tho demands (held defective in form as above stated) for reports,
tho bill is dismissed as against all tho defendants.

E F F E C T OF P A S S A G E B Y CONGRESS OF B I L L D E A L I N G
W IT H USURY.

Under tho title of “ Frontier Banking,” an address by James
K . Lynch of tho First National Bank of San Francisco, deal
ing with intorest rates, was delivered at tho convention last
month of tho Texas Bankers’ Association. M r . Lynch in his
talk stated that if Congress should agroo upon and pass ono
of tho many bills dealing with usury, tho effects would vary
according to tho locality; in tho largor cities, ho noted, thoro
would bo no effect, but in tho smaller cities tho caso would be
different— tho banks best situated would find a small cur
tailment in their profits while others would find it difficult
to cam a fair dividend. A part of M r. Lynch’s romarks,
as printed at tho time in tho Houston “ P ost,” aro given below:
Frontlor as tho adjective, and not as tho noun, is tho way in which I wish
to consider tho word in connection with banking. Not so many years ago
California, my homo State, was a frontior, and frontlor conditions prevailed,
even in her largest city. I do not mean to say that our host citizens tucked
their trousers into thoir boots or wore forty-fives in their belts, but 1% por
month was tho ruling interest. Both are frontier customs and tho interest
habit has outlived tho revolver habit in many places.
I do not recall that there was then any more complaint about tho rato of
12% than there is now of 4 % , as tho compensation for tho uso of money;
borrowers aro always prone to think tho iato too high, as lenders aro to con
sider it unreasonably low, and tho difference is adjusted by tho law of supply
and demand, a law which up to dato has not been repealed. Tho rato of
12% was a reduction from much higher ratos which had prevailed. It was
tho completion of tho Central Pacific and Its junction with tho Union Pa
cific, completing a transcontinental lino, which marked the end of pionoor
days and destroyed frontior conditions in San Francisco.
There has boon no chango in tho California laws on tho subject of intorest;
7 % is tho rato established, where no rato is fixed by contract, and any rato
contracted for is legal; yet rates have dropped from, lot us say, 12% t o 5%
on tho samo grade of loans.
It should bo remembered that, no matter how poor a bank may bo, when
considered as an agent for tho upbuilding of a community, tho community
is better with the bank than without it. No matter how much of a skin
flint tho banker may bo, he is moderate in his requirements as compared with
tho village money loaner.
As far back as history extends, we find priests preaching against usury,
and lawmakers legislating against usury, and it is to bo remembered that
tho collection of any rato for tho uso of money was regarded not only a sin
but a crime, which should bring swift punishment on tho criminal.




2 0 43

Should Congress agree upon and pass ono of tho many bills dealing with
usury, tho effects would vary according to the locality. In tho larger cities
there would be no effect, as the rates collectable aro below any rate the law
makers arc likely to establish. In the smaller cities and villages, one will
find the case somewhat different. Tho banks best situated will find a
small curtailment in their profits; the next grade will find it difficult to earn
a fair dividend, but may hold on, hoping to profit from the increase in vol
ume, which possibility is always before us. And last will come the banks
largely founded on hopes that are tilling barren fields and waiting for the
rain of prosperity, w'hich somehow seldom comes for thoso who greatly
need it. Some of these banks will bo liquidated by their directors, and per
haps a remnant may flourish through tho lessening of competition.
There is one other alternative: Where the State laws are more liberal,
banks will naturally desert the national system. State banking require
ments are growing more rigid and there are but few States where there is
much inducement offered to the national banker to make the chango.
Kxcessively high prices for land have much to do with the agitation for
farm loans. It is now taking the form of a demand that tho Government
should put its credit at tho farmers’ service and enable them to borrow
money at much lower rates than paid by solvent merchants in the same lo
calities. I have read most of tho bills introduced in Congress on this sub
ject , and I doubt if any will work in the way the farmer wants them— that is,
r
by greatly increasing his borrowing power.
I have spoken as a banker speaking to bankers, but I have tried to keep
tbo depositor and the borrower, particularly where he is tho cultivator of
the soil, or rides tho range, strongly in mind. I would urge on the bankers
of this commonwealth to take the long view wherever it can be safely taken,
and do away with methods that bear harshly on the borrower.
It is from large deposits and moderate rates of interest that you will pay
your highest dividends, and do your best work as builders of the State.
As the frontier vanishes, let frontier conditions go also.

A . C. M I L L E R O N T H E F E D E R A L R E S E R V E S Y S T E M .

“ How the Federal System Is Meeting the Requirements”
was discussed by A . C . Miller of tho Federal Reserve Board
at the annual convention of the Missouri Bankers’ Associa
tion at St. Louis on M a y 24. The new banking organiza
tion, said M r . M iller, has found its place in the American
financial system and has already made an enviable history
for itself. Four aspects of the new system calculated in
his judgment to disclose tho capabilities of the system and
tho temper and wisdom of its administration were cited by
M r . Miller as follows:
1. It has facilitated the growth and financing o f tho country’s enormous
foreign trade.
2. It has met the requirements of domestic trade, particularly the re
quirements of the crop-moving season and has shown a capacity to ease
and steady discount rates.
3. It lias shown capacity to absorb the redundant gold of tho country
and restrain inflation.
4. It has shown capacity to maintain an atmosphere of confidence.

W o quote herewith what M r. Miller has to say with regard
to tho third in the above list— that respecting the absorption
of redundant gold and checking of inflationary tendencies:
I am afraid that the great influence exerted by the Federal Reserve banks
in steadying the movement and level of rates is not generally appreciated
at its full value and significance. The wiso policy of conservatism and self
restraint which has been pursued by the Reserve banks as a whole has
given to tho movement of industrial expansion which has been under way
for the past year, taking the country by and large, a quality of health and
solidity that it would almost certainly not otherwise have possessed. In
this, tho first substantial trial of tho Federal Roservo system’s capacity
for leadership, its success has been unquestionable. It has, so far as its
situation permitted, created an atmosphere conducive to healthy expansion,
and lias used such influences as it could command to temper tho spirit of
reckless adventure and prevent it from becoming a menace to tho country’s
welfare. Tho result has been that tho forward movement in industry
which every part o f the country has been experiencing in greater or less
degree, has been one of tho most substantial that tho country has ever
known, llow easily it might have been otherwise can be conjectured by
those who have not forgotten how often incipient industrial prosperity
has boon turned into misadventure and collapse in tho olden days, because
of the lack o f tho guiding and steadying influence of such authoritative
and competent leadership as the country now enjoys.
You will recall how frequently and confidently, up to tho very last
moment preceding the passage of tho Federal Reservo Act, tho prophecy
was mado that tho new banking system would bring about inflation,
especially inflation of currency. One of tho primary purposes of the Fed
eral Reservo Act was to provide a method of elastic note issue. It is, of
course, obvious that there can bo no elasticity of circulation without the
possibility of expansion which may, if tho management of note issues is
in incompetent hands, lead to inflation. Discretion must lodge somewhere,
and if it be abused, bad consequences will result. How carefully tho new
system has functioned in this respect, and how prudently it has used its
issuing power to diminish, rather than aggravate, any tendency toward
inflation of credit is one of tho most gratifying evidences of the wisdom
of our new banking law and the ability of its managers. This deserves
to bo mado clear, for there has been much misconception of the policy which
has been pursued by the banks with respect to note issues.
Tho statement is sometimes mado by persons who have not taken the
trouble to inform themselves that there has been a great expansion of the
Federal Reserve note circulation at a timo and under conditions when there
was no need of additional currency. What are the facts?
If you look at the “ Daily Statement of tho Treasury” for M ay 13 1916
you will find that $187,166,000 of Federal Reserve notes have been issued
by tho Federal Reserve agents or tho Government to the Federal Reserve
banks. The Federal Reserve notes are of course obligations of the Govern
ment as well as of the issuing banks and are issued by the Government to
the banks and by them to the public. Before we can determine what, if
any, influence has been exerted by the Federal Reserve notes issued by the
Government in augmenting the money supply of the country, we need,
of course, to know on what basis the banks have issued the notes to the
public, and also what portion of the notes that have been issued by the
Government to the banks are held in the bank’s vaults.
On M ay 13 1916 it appears that $27,218,000 of Federal Reserve notes
issued to the banks had not yet been issued to the pubHc, and of the $159,
948,000 outstanding and issued to the public all but S9,567,000 had been
bsued in exchange for gold. That is to say, that except for §9,567,000

2044

THE CHRONICLE

of Federal Reserve notes outstanding against which the Government holds
commercial paper for an equal amount and the banks hold a gold reserve
of 40% . thero was for every dollar o f Federal Reserve notes issued to the
public by the Reserve banks a dollar o f gold taken from the public by the
banks and deposited with the Federal Reserve agents, representing the
Government. In brief, to this extent tho Federal Reserve noto is tanta
mount to a gold certificate or warehouse receipt for gold.
A dollar of reserve money is, by usual computation, estimated to be capa
ble of supporting a volumo o f credit in tho customary form o f deposit lia
bilities, of four or five times itself. When, therefore, it is recalled that the
Federal Reserve note is not legal tender and cannot therefore bo counted
in the reserves o f tho national banks, you can readily see how the policy
and method which the Federal Reserve banks have pursued in tho manage
ment of their Federal Reservo issues, so far from inflating tho bankable
funds of the country, has actually reduced them by a large amount. In
other words, o f the vast amount of $419,356,000 o f gold which tho country
received in settlement of the international balance during tho year 1915,
and which, if allowed to accumulate in tho reserves of tho banks, would
havo threatened a serious unsettlement and disturbance in our credit
situation, 36% (or $150,381,000) has been drained o ff and stored up in
tho keeping of tho Federal Reserve agents until such timo as changed con
ditions and tho interests o f commerco and industry may require its use.
The note-issuing policy pursued by tho banks has thus had tho twofold
effect of actually diminishing tho tendency to inflation through substituting
the note in place of gold and, at the samo timo, has provided a definite
eservoir of gold which can bo tapped without producing any shock or
anxiety when the inevitable demand begins for the return to Europe of
some considerable part, if not tho whole, of the gold which necessity has
obliged Europo to part with to us. So far from being a source or cause of
inflation, tho very opposite is tho caso, and the country owes much to tho
salutary action of tho Federal Reserve issues in mitigating the effects o f the
gold influx.
Whether we could or how wo would have dealt with the problem of tho
increasing gold supply had we not fortunately had tho agency of tho Federal
Reserve banks, may well bo questioned; but it is worthy of remark and
careful consideration that, although a condition so extraordinary as this
was probably never contemplated by tho framers of the Federal Reserve
Act, and therefore no special provision made for it, nevertheless, so weil
conceived was the general framework and machinery o f tho system that it
was found that it could bo turned to useful account in meeting tho situation
created by the presence' of the redundant gold supplies.

In addition to the other features covered in his address
M r . Miller also dealt with tho question as to how State banks
are meeting their test. On this point he said in part tho
following:
Speaking to a convention made up largely o f State bankers I should bo
remiss in my duty if I did not avail myself o f this opportunity to speak
plainly to you. You know that tho Federal Reserve Act was purposely
planned upon a broad and generous scalo in order that every bank in tho
country, whether Stato or national, doing a commercial banking business
in safo and legitimate ways, might secure for itself and its customers tho
advantages and protection o f the Federal Reserve and at tho same time
contribute its quota o f strength to it. The Stato banks surpass in numbor
the national banks and represent a substantial part o f the commercial bank
ing power o f the nation. T o what extent tho proportion has declined sinco
the establishment o f the Federal Reserve system cannot bo approximated
with accuracy, but it is a fact that the national banking system has since
the establishment o f the Federal Reservo system shown an accelerated
rate of growth and a greater capacity for growth than Stato banking during
the same period, the increase in the deposits o f tho national banks having
been estimated to bo threo or four times as great as those of tho Stato banks
since tho inauguration o f the new system. What the relative growth of
member and non-member banks will bo in the future, I shall not undertalco
to prophesy, but as long as there is a considerable portion o f tho banking
power of the nation organized as Stato banks and which Is eligiblo for
membership in the Federal Reserve system and has not joined, tho system
will not have attained its fullest strength and its widest field o f usefulness.
It is almost a year now since this Hoard issued its regulations concerning
the admission o f State banks. Thirty-four banks havo joined. Tho strong
conviction which tho business community in overy part o f tho land has
formed of tho benefits of tho new system require that it should be known
why tho growth o f State bank membership has been so slow. Are any of
you holding back because of dissatisfaction with the provisions of tho
Federal Reserve Act or with its administration? The Federal Reserve
Act and the Federal Reserve system are hero to stay. They havo won tho
sanction o f public opinion and are regarded as tho ossential bulwark of our
financial safety. As to tho administration o f tho Act and o f tho twelve
Reserve banks, little but good has been heard. But if tho Stato banks are
holding back becauso o f dissatisfaction with tho administration o f tho law
or the banks, they should make it known in order that tho defects may bo
remedied and tho country given tho full advantage o f a banking system
carried to tho highest point o f strongth and efficiency.
Coming to another reason, 1 havo sometimes heard it suggested that
financial conditions have so changed that there is no longer need o f tho kind
of protection and security which tho Federal Reserve system was designed
to provide. It must be admitted that tho financial situation during the
past year has been so exceptionally easy that It might well havo begotten
in the minds o f these who aro not in tho habit of looking beneath tho sur
face of things, the idea that financial strain and convulsion is a thing of the
past. They aro likely to experience some surprises. I have already given
my reasons for oxpectlng that the years which aro ahead and which will
reap the consequences o f the financial disorganization and demoralization
growing out o f the great war, will be years o f uncertainty and disturbance
for us in common with tho rest o f tho world; years filled with anxiety, and
requiring for the good management and tho protection o f our national
interests the guidance and support o f the Federal Reserve system. What
ever other mistakes wo make, let us not deceive ourselves on this piont,
and be lulled into a blinding passivity; for when trouble comes, as sooner
or later it will, and State banks in overwhelming numbers run to cover
under the shelter o f the Federal Reservo banks, they may find some diffi
culty in getting in as quickly as they would like.
There is also a feeling abroad in some parts o f the country that in some
mysterious way tho Federal Reserve system, with the membership of the
national banks, has produced a situation in which tho beneficent effects of
tho new banking system, like the rains of heaven, which fall alike upon
the just and the unjust, will be so inovitably and widely diffused that non
member banks, no less than member banks, will reap tho full advantages.
Let me say very frankly that I believe thero is some truth in this— yes,
much truth— but not so much as is frequently assumed.
To the extent that tho success and effectiveness of tho now system
will depend upon tho feeling of security that It inspires— In other words,
to tho extent that tho success o f the system depends upon what may bo
entitled its psychological reserve— it is no doubt true that all the banks,




[Vol . 102

Irrespective of their connection with the now system, will participate in the
result. But it may readily happen, and it will probably happen, that from
timo to time— no one can say in the face of tho critical yoars that aro ahead
of us how frequently these times will occur— the needs which tho community
will have of the Rescrvo banks will call for more than psychological reserves
and will at times cut deeply into their gold reserves, and then will it become
clear that the strength of tho system is measured also by the cash that it
holds in hand. The State bank, therefore, which conducts a banking
business that qualifies it for membership in tho system under tho liberal
conditions laid down by the Federal Reserve Board, and which sustains
relations with tho business community of the kind that give rise to financial
difficulties and embarrassments of the sort which havo callod forth tho es
tablishment of the Resorve banks as a means of protecting tho community,
aro taking tho responsibility for themselves and, what is of far more serious
consequence, for the communities o f customers which they serve, of keeping
tho new system from becoming in the fullest sense an American system,
equal to any demands that may bo mado upon it.
Tho Reserve bank affords an ever ready means by which good commercial
paper can, at a moment’s notice, on presentation at the counters of the
Federal Reserve bank, be turned into either credit or currency. No such
thing as a currency famine can overtake the customer of a bank that, by
reason of its membership in tho Federal Reserve system, has the right and
ability to go to that bank and get gold, credit or currency. Non-member
banks may get it as a matter of favor, but I believo that pcoplo as they como
to understand these matters more fully, will see tho difference between
dealing with a bank that, as a matter of right and of course, can go to a
Federal Reserve bank for assistance in tho certain knowledge that it will
be forthcoming, and those banks which, if they get such assistance at all,
will get it indirectly and as a matter of favor and of public-spirited gen
erosity on the part of the member banks and of tho Resorve banks. In
matters of such vital concern to its industry and agriculture, no community
can afford, or will be willing, to pin its faith to banks which aro on the out
side of tho Federal Rescrvo system.
Those of you who need a more personal and cogent reason for becoming
member banks will soon find it, I believe, when tho plan which has been de
vised for the clearing and collection of checks has been put into operation
by tho Federal Reserve banks. The Federal Reserve Bank of St. Louis
will soon issue a circular giving complete.information and I am confident
that tho plan will have been in operation but a short timo before many
non-member banks will realize the necessity of joining tho Federal Reserve
system in order to participate in its new collection plan.
The plan is well conceived. The Fedoral Reserve banks will extend
unsurpassed collection facilities to such of their members as choose to avail
themselves of them, but tho system is optional. No member bank will be
obliged to clear through its Federal Resorve bank. Tho only element
of compulsion is that every bank, whether member or non-member, will
be obliged to pay without deduction checks drawn upon it and presented
at its counter for payment by tho Federal Reservo bank or its representa
tive, eithor in acceptable exchango or in lawful money. Tho plan is reas
onable; many letters that aro coming to the Federal Reserve Board from
those who havo been the victims of excessivo exchango charges prove this.
Tho plan is also practicable and is going to bo effective; this is proved by
tho objections that aro being urged against tho plan by thoso banks that
aro now taking tribute from tho commerco and business of the country
in tho shape of unreasonable exchange charges. It has been estimated that
as soon as the plan has been put into operation checks upon at least fifteen
thousand banks— national banks, State banks and trust companies—
throughout tho United States can bo handled at par through Federal Re
serve banks, subject to a small servico charge. Par collections will be the
rule. Stato banks whose checks cannot bo collected at par will bo a small
and rapidly diminishing minority and, as they will find it difficult to retain
much good business when checks drawn upon them aro at a discount,
while checks drawn upon tho majority of banks can circulate at par, the
day is near at hand when checks upon practically all banks can bo handled
at par by Federal Reserve banks.
TEXAS

B A N K E R S C H A R A C T E R IZ E RESERVE BOARD
CLEARANCE PLANS A S UNSOUND.

The belief that the proposed clearance plan of tho Federal
Reserve Board is “ economically unsound’ ’ and will prove
“ injurious rather than benoficial to general business” is
expressed in a resolution adopted as a special meeting of
the Toxas Bankers’ Association at Dallas on M a y 24.
The resolution proposes that a conference of delegates of
various Stato associations be hold with a viow to securing
“ the repeal of tho section in tho Federal Resorve Act making
it compulsory for member banks to accopt at par all checks
drawn upon thomselves when sent from tho rogional bank,”
and directs that tho Board bo potitionod to postpone the
adoption of tho plan until such timo as will enable tho busi
ness interests of tho country to mako propor representations
to Congress for the repeal of tho provision in quostion. Tho
intention of the Resorvo Board to delay tho inauguration of
tho plan until July 15 was noted in theso columns last week.
Tho conference called for in tho resolution of tho Toxsa bank
ers, it is expected, will bo held on Juno 10 at St. Louis. Be
low is the resolution:
W h erea s, Tho Toxas Bankers’ Association, in extraordinary sossion as
sembled at Dallas on May 24 1916, believes that clearances as announced
by the Federal Reservo Board to becomo operative on July 15, is econom"
ically unsound and will, in its last analysis, prove Injurious rather than
beneficial to general business; therefore, bo it
R eso lved , That it is tho sentiment of this meeting that tho Fedoral Reserve
Board at Washington be memorialized to postpono putting tho proposed
plan into operation for such reasonable poriod of time as will onablo the
business interests of the country to mako proper representations to Con
gress looking to tho repeal of this particular provision of the Fodoral Re
sorvo Act.
R eso lved , That tho Secrotary of this Association comnninicato tho intent
of theso resolutions to tho other State banking associations, inviting from
them concerted action toward tho desired end.
R eso lved , That a conference bo callod and hold in somo convenient city
at as early a date as possible, said conference to bo composed of delegates
from tho different Stato associations, and that this conforonco bo charged
with dovising ways and moans of putting Into execution tho purpose of
these resolutions;|naniely,5tho’ repeal of tho’ soction of tho Federal Reserve

THE CHRONICLE

June 3 1916.]

Act making it compulsory for member banks to accept at par all checks
drawn upon themsolves, when sent from tho regional bank.
R eso lv e d , That a committoe of fourteen, to be composed of two mombors
from each banking district of this State, bo namod by tho I’ residont of this
Association to attend tho proposod conference from Texas, and that tills
Association hereby confers plenary powors upon this committco to employ
such moans as, in thoir judgment, will protect tho vest interests of tho mem
bers o f this Association.

Last week’s special meeting of the Texas Bankers’ Asso
ciation was held as a result of a referendum vote taken to
determine the attitude of the members as a whole concerning
the desirability of such a meeting, tho Executive Committee,
to which tho matter was referred by President J. W . Butler,
having decided on M a y 11 not to assume tho responsibility
for calling tho members together in special session. The
special meeting follows closely that of tho annual conven
tion, which was concluded at Houston on M a y 4. Presi
dent Butler in calling a meeting of the Executive Committee
to consider the advisability of a special session, took occasion
to refer to the effect of tho adoption of the new clearance
plan upon somo of tho smaller banks of Texas. He is quoted
in tho Dallas “ Nows” as saying:
The rocont ordor of tho Fedoral Resorvo Board in Washington acting
under authority conferred by the Act, wherein tiro Board directs tho na
tional banks of tho country to clear checks and mako collections without
chargo will groatly affoct tho banks of tho Wost and tho South. It Is unfortunato that tho ordor coinos at this timo. For a long while tho banks
havo realized that compensation for movomont of monoy from one point
to anothor was gradually growing loss. But to havo a swooping ordor
liko this is a surpriso.
Tho action of tho Foderal Board is ton yoars promaturo. In tho Wost,
whoro shipping facilities aro not so good, it will mean a groat loss to the
smaller banks and a hardship on banks removod from a railroad, which
banks incur risks in tho transfer of curroncy. Tho transition should havo
been "evolutionary” and not “ revolutionary.” It is an ontranco into tho
banking business not contoinpiated when tho Foderal Kosorvo Association
was broached.
Tho ordor would not havo caused such a jar had tho Board applied same
east of tho Mississippi River and announced a reasonable rato for tho West.
Tho diffcronco in „he zones is rccognizod in tho intorest ratos which tho
Board authorizes. Tho rato In Boston and Now York is usually one-half
to 1% lowor than at banks in Portland or Dallas. For tho same roason
that a preferential intorost rato is afforded in tho East, tho cxchango cloth
that fits tho East is a bad fit for tho Wost.
Tho rovonuo derived by some of tho smaller banks in Texas from tho
handling o f collection paper and tho clearing of checks amounts in dollars
and cents to tho sum they doclaro as dividends. To tako this rovonuo away
from these banks will bo a serious blow.
I do not question tho fairness of tho Federal Board, rather I am under the
improsslon that tho men constituting that body do not understand tho
situation as it exists in many parts o f tho South.
GROWTH

OF

B A N K S I N RESERVE
RESERVE C IT IE S .

In calling attention
in tho resources and
Central Roservo and
Curroncy on M a y 27

AND

CENTRAL

to tho increase sinco tho call of Marcli 7
doposits of tho national banks in tho
Reserve cities tho comptroller of tho
said:

•Tho abstract o f condition o f all national banks in tho Central Reserve
and Resorvo citlos as o f May 1st shows that their resources havo reached
another high-water ma’rk, total resources being reported at 7,976 million
dollars, an increase o f 259 million over tho call o f March 7th.
Tho doposits in these national banks wero 6,593 million dollars, an increaso o f 249 million, while loans and discounts increased only 48 million
dollars, or from 4,164 million, to 4,212 million on M ay 1st.
In tho Contral Roservo cities o f Now York, Chicago and St. Louis do
posits Increased 186 million dollars, while there was an actual reduction
in loans for tho period of over 24 millions.
In Roservo cities deposits increased 62 million dollars, while loans in
creased 73 millions.
W E S T V I R G I N I A B A N K E R S TO R E D U C E I N T E R E S T ON
DEPOSITS.

Action toward reducing tho rate of intorest on savings
doposits from 4 to 3 % was taken by tho W est Virginia
Bankers’ Association at its annual meeting in Wheeling on
M a y 25, whon a resolution was adopted expressing it as tho
senso of tho Association that beginning Jan. 1 1917 not
moro than 3 % shall bo paid on deposits. Tho members of
tho Association also indicated their intention not -to carry
any portion of their reserves with any bank paying moro
than 3 % . Tho resolution is as follows:
W h erea s, A great number of tho banks of this State havo been paying in
terest at tho rato of 4% per annum upon interest bearing deposits, and
W h erea s, It has been determined by careful and accurato accounting
that It is impossibio to so Invest such doposits so as to earn any profit
thereon: and
W h erea s, It is Inconsistent with good and sound banking and with tho
proper protection o f depositors that banks should pay a rato o f interest
resulting In an actual loss; now, therefore,
B e it R eso lved , That this association urges upon each o f tho banks of this
State not to pay moro than 3% per annum on interest bearing doposits
and that same may become effective throughout this State, wo urgo upon
each’ o f them to subscribe to tho agreement that will bo placed beforo them
by a committco representing this association, and thus maintain a higher
ideal of safe banking; and
R eso lved , That it is the sense o f this association that, if tho banks of West
Virginia do not pay moro than 3% per annum upon interest bearing do
posits, neither should thoy countenance or look with favor upon any insti
tution paying moro than 3% and that the banks of this association should
not carry any portion o f their resorvo with any bank that docs pay moro
than 3% per annum upon interest bearing deposits; and




3045

R eso lv ed , That it is the sense of this association that Jan. 1 1917, shall bo
tho dato from which not moro than 3% shall be paid upon interest bearing
deposits; and
R eso lved , That a committee of five shall be appointed to draft a form of
agreement looking to the solution and safe-guarding of this problem.

The Association in urging in another resolution that the
intorest rato on daily balances of tho State, counties and
municipalities bo reduced to 2 % , called upon tho Legislature
and State officials “ to realize the element of bad banking
imposed upon us in the charging of 3 % . ” In recording its
conclusions in this matter the Association said:
R eso lved , That it is as truly essential that the Legislature and State
officials should promote better and safer banking conditions within our
State as It is that tho officers and directors of each banking institution
should do so, and tills association therefore calls upon our Legislature and
State officials to realize the element of bad banking imposed upon us in
tho charging o f 3% interest per annum upon daily balances deposited by
tho State, counties and municipalities; that such interest rate should not
exceed 2% per annum, and wo respectfully urge upon our Governor and
Legislature the granting of this principle of good and sound banking, and
reduce such rato to 2% per annum: and,
R eso lved, That it is the sense of this association that tho law requiring
banks to furnish bonds to secure the deposit of public money is pernicious,
unjust and is unfair to tho general depositors of the banks; that the capital
and surplus and the known management of each bank is a sufficient guaran
tee for tho safety of such deposits, and wo therefore respectfully urge that
tho law shall bo so amended that tho banks of this State will not be imposed
with tho burden of additional expense in tho furnishing of such bonds.
It is a well known rule of law that public money deposited with a bank has
a priority of right over the general depositors as to tho assets of a bank.

Tho question of interest rates on deposits was discussed
in tho address of the President of the Association, R . E .
Talbott, Cashier of the Citizens National Bank of Philippi,
W . Va. M r. Talbott made known in his address that the
matter would bo taken up at the convention and in indicating
tho attitude of the bankers, he is quoted in the Wheeling
“ Register” as saying:
The feeling prevails among bankers of West Virginia that 4% interest is
cxccsslvo. Sentiment favors a reduction of 1%, but it cannot be denied
that a warm fight may develop before all the bankers can bo persuaded to
agree to a payment of 3% instead of 4 % .
It is a matter of competition, this payment of 4% . Tho practice first
began in Pittsburgh then crept to Wheeling and by now has spread over
tho greater part of West Virginia. And it has come to be a burden to the
banker.
No bank can ask moro than 6% interest on loans at tho best, and with
prosperity so much in evidence at this timo— money plentiful— it is difficult
to get 4 and W % % . In some of tho larger cities banks are doing well to get
3 'A % on loans.
Thus it can bo seen readily that the banker’s margin Is pitifully small
when ho is compelled by custom or tradition— it is nothing moro— to pay
4% on savings deposits.
In addition to this, every bank is forced to maintain a reserve fund from
which it can mako no loans. The money therein is, therefore, incapable
of earning interest. I mention this as another argument why tho interest
on savings doposits should be 3% instead of 4 % . It costs a bank consider
able to handlo savings accounts, also.
The amelioration of this condition will not bo brought about with one
sweep. It is a problem that demands local solution. Tho bankers in
each city, or in several cities closely connected, will have to get together
and form an agreement to adopt and maintain a 3% interest rate. I
believe this eventually will be done.

In urging that more liberal appropriations be given toward
the development of the agricultural resources of the State,
the Association placed itself on record as follows:
R eso lved, That it is the senso of this association that more encouragement
and help upon tho part of the State and tho members of this association
should be extended to the advancement of our agricultural resources,
realizing that through tho betterment of farming conditions and tho possi
bilities of thus cheapening the cost o f living our industrial growth will
moro easily movo forward; and we therefore urge upon our Legislature and
Governor tho necessity of hereafter giving more liberal appropriations to
the agricultural departments of our university.

Tho candidacy of Charles A . Hinsch, President of the
Fifth National Bank of Cincinnati, for the Vice-Presidency
of tho American Bankers’ Association, was endorsed unani
mously at tho meeting.
The association also endorsed the Pomereno and McFadden
bills relating to changes in the Federal Roservo Bank A ct,
now ponding in the Senate and House, respectively, in re
lation to roserves of country banks.
M I S S O U R I B A N K E R S OPPOSE N A T I O N A L B A N K
B R A N C H E S — PROPOSED T A X C O M M I S S I O N .

A resolution in which it placed itself on record as opposed
to tho bill ponding in Congress permitting tho establishment
of branches by national banks was adopted by the Missouri
Bankers’ Association in convention at St. Louis on M a y 24.
Tho bankers, it is stated, base their opposition to the pro
posal on tho ground that it would work a hardship to the
banks alroady established in sjburbs and small towns,
sinco it would place them in competition with branches of
largor banks. Tho Association also adopted a resolution
recommonding the adoption by its members of the “ no
protest, cash item transit plan,” proposed by the Clearing
House Section of the American Bankers’ Association. It
also signified its approval of the Pomerene bill providing for

2046

THE CHRONICLE

uniform bills of lading. Tiio appointment of a committee
of five to co-operate with other State organizations for the
purpose of bringing about the establishment of a tax commis
sion is called for in another resolution. This resolution sots
out, according to the St. Louis “ Republic,” that the Missouri
Bankers’ Association “ dees hereby declare itself to bo in
favor of the next General Assembly of the Stato of Missouri
making provision for the appointment of a tax commission.
Tho purpose of this commission shall be to investigate the
defects of tho revenue laws of the State; to secure information
as to modern scientific methods of taxation both theoreti
cally and as in practical use in other States; and to recommond such changes in the rovenuo laws of Missouri as may
bo deemed advisable in tho light of their investigation.”
As a preliminary to this recommendation tho bankers
express themselves as bolioving “ that the rovenuo laws of
Missouri aro obsolete and unjust, working hardship upon tho
business interests of tho Stato, discriminating against some
classes of property and favoring other classes, creating con
ditions which encourage and foster evasion and misrepresen
tation by tho tax-payers and in general requiring compre
hensive roview and rovision.”
NO

L I M I T O N A M O U N T O F U . S. B O N D S B A N K S
M A Y SELL I N R E T IR IN G C IR C U L A T IO N .

Tho Federal Reserve Bank in an informal ruling sets out
that while a limit is placed on tho amount of bonds securing
circulating notes which tho Federal Reserve banks may
purchase in any ono year, there is no limitation or restriction
as to tho amount which a national bank may sell, and accor
dingly national banks aro not required to maintain a minimum
amount of bonds. Tho ruling is as follows:
Under tho provisions o f tho National Bank Act any national bank
desiring to withdraw its circulating notes in wholo or in part may, upon
tho deposit of lawful money with tho Treasurer, tako up tho bonds deposited
with tho Treasurer for tho security o f such notes, provided, however, that
tho amount of bonds on deposit shall not bo reduced below 550,000 in tho
caso of a bank having a capital of moro than $150,000, nor below one-fourth
tho amount of tho capital in tho caso of a bank whoso capital Is $150,000
or less.
,
Section 18 of tho Federal Reservo Act provides in part that—
“ Any member bank desiring to rotiro tho wholo or any part of its cir
culating notes may filo with tho Treasurer of tho United States an applica
tion to sell for its account, at par and accrued interest, United States bonds
securing circulation to bo retired."
Ono o f tho purposes of this section, as its titlo indicates, was to provido
for tho refunding of bonds deposited by national banks to securo circulation.
It will bo observed that, whilo a limit is placed on tho amount which tho
Federal Itoservo banks may purchaso in any ono yoar, no limitation or
restriction was incorporated in this section on tho amount that any national
bank may sell.
You are accordingly advised that under tho interpretation of this section,
which has been adopted by tho Treasury Department, national banks aro
not required to maintain a minimum amount of bonds on deposit witli the
Treasurer, provided such bonds aro sold through tho Treasurer under tho
provisions of Section 18.
April 8 1916.
______________________________
R E D I S C O U N T S W I T H R E S E R V E B O A R D N O T TO B E
CO N SID ER ED I N
D E T E R M IN IN G L IA B IL IT Y .

In an informal ruling with respect to rediscounts of momber
banks, published in its latest “ Bulletin,” tho Federal Reserve
Board states that a bank, in determining tho total amount of
its liability, would not have to take into account paper re
discounted with the Federal Reservo Bank. Wo annex tho
ruling herewitii:
In answer to your letter of April 8, I would stato that our counsel advises
us as follows:
(1) Section 5202 o f tho Rovised Statutes of tho United States, providing
that no national banking association shall bo indebted or liablo to an
amount exceeding tho amount of its capital stock actually paid in and
remaining undiminished by losses or otherwise, was amended by tho
Federal Reserve Act, by inserting another exception, namely, liabilities in
curred under tho Federal Roservo Act. You would not, therefore, under
Section 5202, as amended, havo to tako into account, in determining tho
total amount o f your liability, paper rediscounted with tiio Federal Roservo
bank.
•
(2) There is no limitation in tho law as to tho total amount o f rediscounts
which a member bank may take from tho Federal Reservo bank. There is,
however, a provision in Section 13 of tho Federal Reservo Act providing
that tho aggregato of notes bearing tho signature or endorsement o f any ono
person, corporation, &c., rediscounted by tho Federal Reserve bank for
any ono bank shall at no time exceed 10% of tho unimpaired capital and
surplus o f said bank. This clause o f tho Act contains an oxcoption as to tho
discount of bills o f oxchango but no oxcoption is mado as to tiio discount
of promissory notes.
If, therefore, any particular paper which you present for rediscount to tho
Federal Rescrvo bank, either singly or added to tho paper of tho samo
makers or endorsers which tho Federal Roservo bank has already redis
counted for you, amounts to a total of moro than 10% o f tho unimpaired
capital and surplus of your bank, tho Federal Reserve bank, under tho clauso
abovo quoted, has no authority to rediscount.
April 17 1916.
_______________________________
N E G O T IA B IL IT Y

OF

B ILL S

OF

EXCHANGE.

An opinion dealing with tho negotiability of bills of ex
change appears in tho M a y issuo of tho “ Federal Reserve
Bulletin.” Under tho finding of counsel for tho Board, it is
held that tho negotiability of a bill of exchange is not affected




[Vol . 102.

by provisions which waive demand, notice and protest, or
which waivo homestead exemption rights or provido for tho
costs of collection and attorney’s fees.
Tho opinion is as
below:
A p r i l 13 1916.
S i r . — Tho attached form of acceptance has been roferred to tills offico for

an opinion as to whether it is in form a negotiable draft or bill of oxchango.
Tho instrument in question is undoubtedly in tho form of a bill o f ox
chango and not a note. It is an unconditional order addressed by ono
person to another requiring tho person to whom it is addressed to pay on
demand or at a fixed or determinable future time a sum certain in money
to order. (Seo Sec. 126, Negotiable Instruments Law.)
Tiio only question to bo determined, therefore, is whother certain sfijHilaions contained in the bill relating to tho payment of fees, waiver of protest,
&c., render it non-negotiabie.
Section 5, Subsection 3, of tho Negotiable Instruments Law provides that:
“ Negotiability is not affected by a provision which waives tho benefit
of any law intended for tho advantage or protection of tho obligor.”
It is certain, therefore, that tho waiver of homestead and exemption
rights does not destroy tho negotiability of tho bill.
So, also, a provision to pay tho costs of collection and attorney’s fees
does not invalidate tho instrument. (Seo Negotiable Instruments Law
Sec. 5, Subsec. 5: First National Bank of Shawana v. Miller, 139 Wise.,
126). Tho fact that tho drawer and endorsers waivo domand, notico and
protest does not in any way affect negotiability. (Seo Norton on Bills and
Notes, 4th cd.. Chap. 9, Sec. 1486.)
It scorns, therefore, not only that tho attached instrument is in form
a bill of exchange but also that tho various stipulations contained therein
do not affect its negotiability. If drawn on tiio purchaser of goods by tho
seller of such goods, as certified in tho margin of tiio bill, it would when
accepted become a trado acceptance within tho definition fixod by tho
Federal Reserve Board in Regulation I1, Series of 1915, and would bo
cllgiblo for rediscount by tho Federal Reservo Bank fo Atlanta at tho rato
established for trado acceptances.
Respectfully,
M . C. ELLIOTT, C o u n se l.
T o Hon. C. S. HAM LIN, G o vern o r F e d e r a l R eserve B o a rd .
F A R M L O A N S P E R M I S S I B L E TO B A N K I F
M A T U R IN G W IT H IN FIV E YEARS FROM
AC Q U ISIT IO N .

A national bank m ay discount or purchaso a noto secured
by improved and unencumbered farm land, oven though such
note is payablo more than fivo years after its date, provided it
matures within fivo years from tho dato it is acquired by tho
bank. An opinion to this effect is printed in tho “ Roservo
Bulletin” for M a y as follows:
A p r i l 8 1916.
S i r . — Tho following question has been referred to this offico for an

opinion:
Can a national bank, under Section 24 of tho Act, discount or purchaso a
noto secured by improved and unencumbered farm land, which is payablo
moro than fivo years after tiio date such noto was mado but which will
mature within fivo years from tho dato of acquisition by a national bank?
Section 24 of tho Federal Reservo Act provides in part:
Any national banking association not situated in a contral rosorvo city
may make loans secured by improved and unencumbered farm land, situated
within its Federal Rescrvo district, but no such loan shall bo mado for
a longer time than fivo years.
In an opinion of this offico published on pago 120 of tho March 1916 issuo
of tho "Federal Roservo Bulletin,” tho conclusion was reached that tho
power to “ malco loans” included tho power to purchaso or discount loans
already mado as well as to mako such loans in tho first instanco.
Prior to tho passage of tho Federal Reservo Act, national banks wore not
permitted to accept real estato as security for loans except whore this
becamo necessary to provont losses on dobts previously contracted. It is
generally understood that this class of loan was not authorized becauso
of its non-liquid character.
Tiio purposo of Section 24 seems cloarly to havo been to authorize a
national bank to invest a limited amount of its resources in farm loans,
provided it invests no part of its funds In any ono loan for a longer period
than fivo years.
In this view tho dato of tho noto Is immaterial, in tho opinion o f this offico,
if tho obligation matures within five years from tiio dato that tho national
bank makes tho loan.
Respectfully,
M . O. ELLIOTT, C o u n s e l.
T o Hon. JOHN SKELTON WILLIAMS, C o m p tro lle r o f tho C u r r e n c y .
A SSIG N M E N T

OF O P E N A C C O U N T S
FOR R E D I S C O U N T .

NOT

E LIG IB LE

Tho assignment of an open account is not negotiable papor
and is not eligible for rediscount by a Federal Rosorvo bank
under tho terms of Section 13 of tho Federal Roservo A ct,
according to a ruling of M . C . Elliott, Counsel for tho
Reservo Board. The opinion is given as follows in the “ Fed
eral Reserve Bulletin” for M a y:
April 17, 1916,
S i r . — Tho attached letter raises tho quostion whother a valid assignment
of an open book account is rediscountablo by a Federal Rescrvo bank.
It appears that certain national banks located in Pennsylvania, desiring
to accommodato somo of their customers, who aro coal operators, havo
purchased written assignments of tho open accounts duo to such customers
from various railroads. The quostion submitted is whother such assign
ments can bo discounted by tho Federal Rosorvo Bank of Cleveland.
Section 13 of tho Federal Reserve Act authorizes any Federal Roservo
bank to discount for its member banks “ notes, drafts, and bills of oxchango
arising out of actual commercial transactions.” Tho obligation in question
is not a note, draft or bill of oxchango, and therefore does not come within
tho express terms of that section.
Tills omission was evidently not an oversight on tiio part of Congress.
An assignment in tho form under consideration is not negotiable paper
and has nono of tho eloments of negotiable paper. It does nothing more
than grant to tho assignee tho rights which tiio coal operator has agalns
tho purchaser; that is, rights which are subject to all tho equities and off ts

June 3 1916.]

THE CHRONICLE

which tho purchaser or obligor may have against such coal operators
Furthermore, tho assigneo bank may bo disbarred as against tho original
debtor by a bona fido payment by such debtor to tho coal oporator without
any notice whatover to tho bank.
These facts in themselves would seem to bo sufficient to indicato that tho
paper in question not only is not expressly authorized by tho Act, but also
does not como within the intent or spirit o f tho Act. It is not bankable
paper, and should not, theroforo, bo considered as a propor discount for a
Federal Reserve bank.
Respectfully,
M . C. ELLIOTT, C o u n s e l.
o lion. C. S. IIAMLIN, G o vern o r F e d e r a l R eserve B o a rd .
E D W A R D N. H U R L E Y ON D IF F IC U L T IE S I N C E M E N T
I N D U S T R Y A N D M E E T I N G FOREIGN C O M P E T I T I O N .

In reiterating anew that there should bo a greater degree
of organization and of mutual helpfulness in all lines of
trade and industry, so that American business m ay bo
welded into a commercial and industrial whole, Edward N .
Hurley, Vico-Chairman of tho Federal Trade Commission,
in addressing tho Portland Comont Association in Chicago
on M a y 10, drow attention to tho fact that in Europoan
countries tho comont industry is organized and centralized
to a considerable extent. W o tako tho following from M r.
Ilurloy’s addross:
There has boon over-anxioty to onlargo our industrial plants before wo
have worked our present equipment to its capacity. Consequently, when
there is depression in business in this country, wo havo an over-production
for our homo requirements; and with no largo foreign markets for our
surplus o f manufactured goods, wc immediately start to cut prices, on the
plea that such action is necessary in order to keep tho plants running to
their largo potential capacity. This always results in a general demorali
zation of our industries.
If wo can stop tiiis over-production wo will havo a surplus o f money to
nvost in foreign countries, instead of having millions tied up in plants that
aro running three days a week to supply our domestic marlcot, with no
returns on tho investment.
In Europoan countries tho cemont industry is organized and centralized
jto a considerable extent. Wherever cement is manufactured, associations
and combinations havo been formed among manufacturers and dealers.
Wo find such combines among tho cement producers o f England, Franco,
Belgium, Russia, Sweden, Norway, Denmark, Austria, Switzerland, Italy,
and ovon Rumania. England once virtually monopolized tho world’s
markots in tho cement industry, and by moans o f preferential tariff agree
ments with its colonies, which placed other countries at a disadvantage,
English cement is still exported in considerable quantities to Australia,
Canada, Egypt and other British possessions.
In rocent years tho German cement industry has mado such remarkablo
progress that its product has superseded very largely thoso of English
manufacture in soveral countries. Tho secret o f success achioved by tho
German comont industry is to bo found in tho co-operation o f manufac
turers and dealers with a common aim to promote and improve their mutual
business interests, and tho employment o f the most up-to-dato results of
chemical research and tho application of officient technical methods and
standards.
Virtually tho whole cement industry o f Germany is organized into and
controlled by five largo cartels which combino about ninety stock com 
panies. Theso different cartels aro again interrelated with ono another
and havo agreements and understandings among themselves as well as with
ccmont syndicates In other countries.
Belgium is an important factor in tho comont business o f the world.
Tho seventeen loading Belgian cement producers aro combined in a syndi
cate whoso central selling agoncy is located in Brussels. They act as a
unit and export ccmont to many countries. Their chief markots aro
Holland and Argentina.
Tho estimated production o f Portland cement in tho United States for
1915 was 85,732.000 barrels. This production is about 70% o f tho capacity.
I f a foreign business could bo developed that would tako up this surplus
capacity and allow tho mills to run at a maximum it would provo a great
benefit to tho country and to tho cemont industry.
Tho roason for tho advantage enjoyed by Europoan countries in exporting
cement is duo partly to their better transportation and credit facilities,
but to a far greater extent to tho co-operation or combination within the
industry itsolf. Not only havo combinations existed among comont pro
ducers o f each Europoan country, but agreements or combinations havo
existed between different countries.
Tho German cemont syndicates also havo separato agreements with
Belgian, Swiss, Danish and Austrian cartels. A few years ago tho SouthGerman, Belgian, English and Norwegian syndicates mado a joint agree
ment witli regard to supplying Holland, which produces llttlo or no cement.
Conservation is tho handmaiden of prosperity so far as our foroign trado
is concerned. Right hero I want to emphasize the fact that tho owners of
our vast natural resources aro tho trustees o f tho American people. When
they sell tlicir products at ridiculously low prices—tho lumber, tho copper
and tho coal that come from nature’s storehouses— they aro violating their
trust, for ruinous trado spells a waste that brings nothing in exchange.
Let mo call your attention to a few facts pertaining to our foreign trade in
its relation to natural resources, and to facts concerning tho methods to
prevent wasto that aro employed by somo o f our competitors in tho com
merce o f tho world. With thoso facts tho members o f your association aro
well acquainted, but this is a propitious time to givo special thought to
them.
Frankfort-on-thc-Maln is tho homo o f a combination o f German metal
buyers who control tho world market for coppor, load, zinc and various
other metals. It Is a family affair, and has subsidiary companies in
England, Franco, Belgium, Switzerland, Australia, Africa, Mexico and tho
United States.
It owns zinc mines in Oklahoma, smelters in Colorado, and controls
ono of the greatest metal trading companies In New York City. This giant
organization with its affiliations dominates tho metal markots o f tho worldTlmo and again it has depressed tho prico o f our copper. It is a notorious
fact that it has compelled our producers to sell copper to foreign buyers
at lower pricoslthan to our homo users. In spito of tho fact that this country
supplies two-thirds o f tho world s copper and ought to set tho prices, tho
combination lias boon able to do tills because it deals with our producers
as individuals and plays ono against tho other.
Wo don't export much coal, but wc sell a great deal to foreign ship
owners to bunker their vessels which call at our ports. At Newport News
tho Pocahontas and New River operators o f West Virginia aro dumping




2047

somo o f tho finest coal in tho world into foreign bunkers. The price is set
for a year by a combination of English brokers. Last year it was $3 30 per
ton, but this year in tho face of rising labor costs the combination was able
to cut that prico to S3 l'l because it could got certain mine operators to
make low bids. When freight and other charges aro deducted this nets
SI 38 to SI 43 per ton at the mine, an average of G to 7 cents pet ton under
that charged our own manufacturers. That advantage will bo given
to foreign shipowners on nearly 2,000,000 tons of West Virginia coal this
year.
When conditions arise to threaten waste of the natural resources of our
commercial rivals, prompt measures to stop it are taken.
Several years ago two German potash miners were competing among
themselves and selling potash to foreign countries at a ridiculously low price.
Finally they formed a cartel to regulate prices, and were encouraged by
tho German Government. After this cartel had been in existence for sev
eral years a difference of opinion developed and several members withdrew
and started negotiations with American buyers for the sale of their potash.
Ono of tho largest opened up negotiations with Armour & Co. o f Chicago,
and a contract was made with this firm below tho cartel prices. After the
contract was sealed, signed and delivered, the German Government noti
fied tho independent potash producers that they would have to break the
contract; that the prices quotod to Armour & Co. were too low; that while
tho individuals were the owners o f the mino they were in reality the trustees
for tho German people; that the selling of potash to American packers at
tho prico quoted affected every man, woman and child in Germany; and
that when tho potash was gone one of tho most valuablo resources for
Germany’s future was destroyed.
That is what Germany does with ono of her natural resources. We have
a precisely similar opportunity and duty. Down in Tennessee and Florida,
and out in tho Rockies, are the greatest known deposits of phosphate rock,
a fertilizer material oven more essential to general agriculture than is pot
ash. Wo produce nearly half tho world’s output of phosphate rock, and
40% of our production, made up of the high-grade output, goos abroad,
chiefly to Europe. Under normal conditions wo send 1,000 tons to Ger
many every day of the year. Do we follow tho wisdom of Germany by
combining our producers, charging tho prices wo ought, and conserving
our limited supply of tiiis vital natural resourco, so necessary to tho future
of our agriculture and the low cost of living hero? You know tho answer.
Wo aro selling tho best we havo as fast as we can at Europe’s prico.
There aro many instances where foreign nations have taken govern
mental action to jirevent wasto of natural resources. Italy thus saved its
sulphur industry in Sicily from ruin threatened by over-production and
unbridled competition. Rumania has safeguarded its rich oil fields in
tho same way.
Tho outstanding fact that confronts us is this: When wo buy abroad
we aro at tho mercy of tho foreign seller, and when we sell abroad wo are
at tho mercy of tho foreign buyer. In the language of the street, they “ get
us a-comin’ and a-goin’ .” And the reason Is that tho European industries
aro organized scientifically to capture foreign trade and to get all there is
out of it, while wo in America have suffered tho consequences of this one
sided organization. Thero is no agency more ablo to put American trade
on tho footing it ought to occupy at the end of tho war than tho Associa
tion of American Portland Cement Manufacturers.
Our method of disposing of our natural products, containing our valuable
raw materials, and constituting the chief wealth of our country, should be
stopped by tho adoption of some practical, reasonable business method.
If our business mon are to be factors in tho world’s markets they must
receive encouragement to do as our foreign rivals are doing, and the Fed
eral Trado Commission has recommended to Congress that a bill bo passed
giving tho American manufacturers the legal right to form co-operative
selling agencies in export trade.

T H E R U R A L CR E D ITS B I L L -A S S I S T A N T TREASURER
'
M A LB U R N ON IT S A D V A N T AG E S .

In commending the proposed rural credit legislation
William P . Malburn, Assistant Secretary of the Treasury,
speaking beforo the W est Virginia Bankers’ Association last
weok, roferred to the fact that tho proposed system would
bo under the closest Federal supervision and control; whilo
noting that this is objected to by somo, he declared that
Governmental supervision and control is absolutely neces
sary to a successful rural credits system. Ho also alluded
to tho objection raised with regard to tho financial assistance
which would bo given by tho Government in tho new legis
lation, and expressed the opinion that this financial assist
ance would bo only temporary. W ith respect to one great
advantage to bankers in tho bill M r. Malburn said:
Tlioro is ouo probablo development of tho system which ought to bo
of great advantage to bankers. In Europe there is a ready market at
all times for debentures issued by land banks, and they bring as good
or better prices than Government securities bearing tho same rate of in
terest. Thoro is every roason why our debentures should bo equally de
sirable. With tho largo number of banks, insurance companios, trust
companies and privato investors which we havo, thero is no reason why
land bank debentures should not have an open market where they can
bo readily bought and sold as our corporate and government securities.
Good loans secured by mortgages on farm property are always attractive
to local investors oven in times of stress, and land bank debentures, which
aro in effect gilt-edged farm loans, will not bo limited in their appeal to
thoso familiar with conditions in any single locality, but will havo the
samo value from Maine to California. When they becomo generally
traded in they will become tho best possible secondary reserve for banks.
I boliove they will bo moro liquid and therefore better adapted for reserve
purposes than stocks and bonds dealt in on tho stock exchanges.

Commenting further upon the proposed legislation and
tho importance of it to fanners M r. Malburn is quoted as
follows in tho Wheeling “ Register:”
Over one-third of our people aro farmers or aro dependent on them.
Tho value of our farms is not loss than 340,000,000,000, and the value o f
tho annual product is calculated to bo $8,000,000,000. It was estimated
by President Taft in 1912 that farmers were paying 8 H % interest on
borrowed capital of approximately $6,000,000,000, a much higher rate
than is paid by merchants, manufacturers, transportation companies or
thoso engaged in any other lino of industry at all comparable in size with
that of agriculture.
Tho averago intorcst rate charged the farmer in tho State where condi
tions aro the most favorablo is nearly 6% , or 33 1-3% moro than the highest

THE CHRONICLE

30 48

rato paid by tho farmer in Germany to his Iandschaft, where tho prevailing
rate varies from 3 'A to 4 }£ % .
Tho result of this enormous burden which tho farmer is obliged to carry
is tho creation of a great social and economic problem. Tho social problem
is the trend of population from the farm to tho city. The economic prob
lem is tho increased cost of living, tho greater part of which is duo to tho
increased non-productivo population and tho diminishing returns to thoso
engaged in agriculture.
There have been many attempts to turn back tho tide from tho farm
to the cities, but thoy havo proved unsuccessful because thoy wore based
on uneconomical principles. It is very well to teach tho farmer to build
better roads, to make his homo more comfortable, to give his children a
bettor education, to keep himself and his family in closer touch with tho
lifo of tho community, but ninety-nino times out of a hundred tho farmer
lacks tho moans to tako these steps that would mako farm lifo moro at
tractive. Tho way to mako tho cry “ back to the farm” practical is to
make farm lifo moro profitable, and one way of making it so is through
a plan which will enable the fanners who have tho best security In the
world to borrow money moro readily and moro cheaply than they have
done heretofore.
This will benefit you bankers, gentlemen. It may seem strange to say
that lower interest rates will bo to tho advantage o f bankers whoso pro
fits are drawn principally from interest payments, but it is a short-sighted
philosophy that oidy looks to the immediate results, nigh interest rates
may, and in this caso do, prevent a groat part o f the community from at
taining a degreo o f prosperity the effects o f which woidd bo felt by overyono. If your farmers had twice as much money to spend, do you not believo that your banks would bo moro profitable even if a few of your loans
brought a few dollars less interest? It is a trite saying that when the
farmer is prosperous tho country is prosperous, and I repoat that it is a
short-sighted philosophy that will not permit a man to look boyond tho end
of his noso and will not allow him to see a largo future bonefit to bo de
rived from a small presont loss.
Tho rural credits bill, which contains the best o f tho European systems,
provides for amortization, for debentures, for organizations to bring tho
borrower and the lender together, which can mako long time loans and
receive payment therefor in annual installments, and which can issue
long timo dobonturcs that will appeal to tho investor. Tho system pro
vided is under the closest Federal supervision and control. That is objected
to by somo, but Governmental supervision and control is absolutely neces
sary to a successful rural credits system. Tho financial asslstanco given
by tho Federal Government is objected to by somo, but this financial
asslstanco is only temporary.
Tho rural credits bill provides three organizations for this purposo
instead of one, as in tho caso of tho Iandschaft, or two, as in the case of
the French rural credit system, tho farm loan board, tho land banks and
tho local associations. Tho Act provides for dividing tho continental
United States into twelve districts, in each o f which shall bo situated ono
Federal land bank. Theso Federal land banks issue debentures, and there
by reach tho investor. Tho borrower comes Into immediate contact with
tho system through farm loan associations, which are local associations
of borrowers. Theso borrowers compose and control theso farm loan as
sociations; only borrowers can bo members. Tho borrower makes his appli
cation for a loan through his association to tho land bank, which lends
him tho money. This money comes in the first place from the capital stock
of tho Federal land banks, which may bo subscribed by private individuals
or by tho United States Government; but as tho system becomes established
theso mortgago loans will bo used by tho land banks as tho basis of an
issue o f debentures which will bo offered to tho investor. These deben
tures run for specified minimum and maximum periods; that is, thoy are
payablo in, say, not less than thirty nor moro than forty years, and thoy
are subject to be retired at tho option o f the land bank at any timo after
ten yoars from tho dato of issuo. Over the twelvo land banks, uniting
them and controlling them, is tho Federal farm loan board. So it is
seen that tho regional banks aro tho business units o f tho system; thoy
make tho loans and they issuo tho bonds; thoy aro under the supervision
of tho Federal farm loan board, and thoy mako loans through tho medium
of tho farm loan association.
Tho loans aro not made direct by tho land banks, but are made through
tho medium o f theso associations for tho reason that only by moans of a
local organization can tho valuo of tho security offered and the character
o f tho borrower bo known. This ensures close scrutiny o f the security
offered for every loan, as tho farm loan association guarantees its mort
gages, and each member who is himself a borrower has a liability for tho
debts of tho other members. By means o f this mutual liability of the
members it seems certain that only tho best class o f loans will bo mado.

BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Only nineteen shares of bank stock were sold at the Stock
Exchange this week, and no sales of either bank or trust
company stocks were made at auction. Extensive tables re
porting bid and asked quotations, deposits, surplus, & c., of
banks and trust companies in all important cities in the
United States are published monthly in tho “ Bank and
Quotation” Section, tho Juno issue of which accompanies
to-day’s “ Chronicle.” Bid and asked quotations for all
N ew York City bank and trust company stocks aro also
published weekly in another department of this papor, and
willjbe found to-day on page 2066.
S h a re s . BAN K — N e w Y o r k .

19

L o w . H ig h .

Commerce, Nat. Bank o f---- 169

170

C lo se.

169

L a s t p re v io u s s a le.

M ay 1916— 170

Two N ew York Stock Exchange memberships were posted
for transfer this weok the consideration in each caso being
$65,000, an unchanged price from the last preceding trans
action.
A . Barton Hepburn, Chairman of tho Board of directors
of the Chase National Bank, has roturned to this city after
a vacation trip to Alaska. H e left this city with his family
in April.
Secretary Frederick R . Fenton advises that a meoting of
tho Board of Governors of the Investment Bankers’ Asso
ciation of America has beon called to meet in Kansas City




[Vol .. 102

next M onday and Tuesday, June 5 and 6. “ The meoting,”
says M r . Fenton, “ is of especial importance owing to the
great number of matters comiDg up for discussion. Just
at this time the attention of all investment bankers is turned
toward the decision of the Department of Internal Revenue
on its latest ruling declaring that non-resident alions must
pay the American income tax. An effort will be made to
secure a reversal of this ruling.”
The Mechanics & Metals National Bank of New York
City has prepared a digest of the country-wide check collec
tion plan that is to be put into effect by the Federal Reserve
Board on July 15. It is in pamphlet form, and shows how
the project is expected to operate by which tho facilities
of the Federal Reserve Banks are offored for a universal
collection of bank checks. The custom has been followed
by banks throughout the country of charging “ exchange”
on checks received from distant points. The plan of the
Federal Reserve Board comprises the collection of checks
in all parts of the United States without any deduction
whatover for exchange. The pamphlet seeks to analyze
tho method by which this will bo brought about, and is
prepared expressly for those who havo found difficulty in
gaining a full knowledge of the Federal Roservo Board’s
check collection project.
The American Mercantile Bank of Peru, Incorporated,
authorized capital $5,000,000, has been incorporated in
Connecticut by interests identified with tho Mercantile
Bank of tho Americas, tho foreign trade organization, whose
main office is in Hartford. James Brown of Brown Bros. &
Co. of this city, who is President of the Mercantile Bank of
tho Americas, will bo President of tho now financial institu
tion, which will bo located in Hartford. Tho incorporators
aro given as James Brown of Brown Bros. & C o.; Albort
Strauss of the firm of J. & W . Seligman & C o .; Albort Bre
ton, Vice-President of the Guaranty Trust C o ., and Jason
A . Noilson of tho foreign department of Brown Bros. & C o.,
all of this city and all of whom aro officorsof tho Mercantile
Bank of tho Americas. The new financial institution was
formed for tho purpose of taking caro of tho Peruvian busi
ness of the Mercantile Bank of the Americas, which was
organized in 1915 with an authorized capital of $5,000,000,
and established by tho private banking firms of Brown Bros.
& Co. and J. & W . Seligman & Co. of this city to carry on a
commercial banking business in and with Latin-American
republics. As wo noted in our issuo of April 22, tho paid-in
capital of the latter corporation was recently increased from
$400,000 to $1,000,000; wo also mentioned at that timo the
identification of Guaranty Trust interests with tho bank.
Institutions similar to the American Mercantile Bank of
Peru are contemplated to carry on the business of the M er
cantile Bank of tho Americas with other South and Contral
American countries; tho lattor bank is doing business in Nica
ragua through tho National Bank of Nicaragua, in which it
owns 51 % of the stock, the remainder being hold by tho Nica
raguan Government.
The stockholders of tho Central Trust C o. of this city
yesterday approved tho proposed increaso of $2,000,000 in
the capital of the company, whoroby it will bo raisod to
$5,000,000. The 20,000 shares of now stock will bo offered
at par to stockholders of record Juno 3. Warrants will be
issued for the new stock and all subscriptions must be paid
at the office of tho trust company on or before the close of
business July 3 1916; warrants for fractions of shares must
be converted into full shares on or boforo Juno 29 1916.
The Guaranty Club, composod of tho officers and clorks
of the Guaranty Trust Co. of Now York, has leased tho
property formerly known as tho Terra Marino Inn, located
at Huguenot Park, Staton Island, N . Y . , and will operate it
exclusively for members of tho club as a country house.
Tho country house will be maintained by tho Club on tho
basis of cost of operation, which will mako it possible for
practically every employee of tho company to avail himself
of its advantages. The formal opening of the houso will
be celebrated on Juno 10th in connection with tho sixth
annual outing of tho Guaranty Club.
Alexander Phillips, formerly Secretary of tho Unitod States
Mortgago & Trust Co. of Now York, has bocomo associated
with the Guaranty Trust Co. of Now York as thoir Special
Foreign Representative. M r. Phillips has had previous
foreign banking experience with tho Comptoir National

June 3 1916.]

THE CHRONICLE

2049

affairs.

tution by 8100,000, raising it to 8200,000. If the resolution
is adopted the following plans will be carried out:
On Sept. 1 1916 the bank m il distribute to its stockholders
a cash dividond of 5 0 % (850,000) and at the same time offer
them tho opportunity to subscribe at par (8100 per share)
to an amount of new stock equal to their present holdings
thus giving tho bank a paid up capital stock of 8200,000 and
a surplus fund of 8100,000, the new stock having a book
value of 8150 per share. Should any of the present stock
holders prefor not to subscribe to the now issue of stock the
bank will endeavor to obtain S50 per sharo for their “ rights”
to such stock. It is expected that a dividend rate of 8 % per
annum will bo paid on the total amount of 8200,000 of stock,
thus continuing tho same income to any stockholder who
increases his holdings by the amount of the 5 0 % dividend.
The First National Bank has a surplus fund of 8100,000
and undivided profits of 852,695. The last statement
showed deposits of 8947,431.

Henry B . Wessolman of tho law firm of Wessehnan &
Kraus and II. B . Rosen of the N . Y . Lifo Insurance C o ., have
been elected directors of tho Ilarriinan iNational Bank of
this city; they succeed William A . Taylor of Taylor, Clapp &
C o ., and Charles A . Boody, President of the Peoples Trust
C o. of Brooklyn.
____

The business of the private bank conducted by the depart
ment storo of D ey Brothers & Co. of Syra use was taken
over on M a y 31 by the National Bank of Syracuse. The
private bank had a capital of S35.000 and deposits of about
8300,000. Tho National Bank of Syracuse has capital of
8600,000 and deposits of over 85,700,000.

d’Escompto do Paris, and tho Credit Industriol of Paris.
Sigmund M otz, Assistant Manager of the Foreign Depart
ment, has been appointed South American Representative,
and Adam H . Morham an Assistant Manager of tho
Foreign Dopartmont.
Announcement is made by the Atlantic National Bank of
this city of tho resignation of E . V . Gambier as a Vice
President of that institution, taking effect on the first day
of June. In 1881 M r. Gambier entered the service of tho
Merchants’ Exchange National Bank, tho former namo of
the’ Atlantic National Bank, and after filling various clerical
positions ho was appointed Assistant Cashier in 1890, and
subsequently ho was Cashier and later Vice-President.
Completing more than thirty-fivo years’ service with the
bank, he is now courting retirement from the activities of
business lifo so that ho may dovote his time to personal

The trust, reorganization, trausfor and coupon departments
of tho Equitablo Trust C o. of this city have been moved into
now quarters at 43 Exchange Place, which adjoins its build
ing at 37 W all Street. W ith the additional office tho Equita
blo Trust Co. claims tho largest ground floor banking space
of any trust company in Now York.

Tho Third National Bank of Springfield, M ass, on M a y 30,
moved into its now home in the first and second floors of the
handsome “ skyscraper” erected for it under the Hoggson
Building M ethod by Hoggson Brothers, contracting de
signers of Now York and Chicago. The bank will open for
businoss in its new quarters on Juno 5 ; a recoption was
Tho Union Trust Co. of this city has declared the regular hold in the new building on June 3 . Tho new structure
quarterly dividond of 4 % and the usual annual extra divi is designed with low polished granite base, Indiana limestone
walls for tho first tliree stories and brick above, with terra
dend of 1 % , payable July 1 to holders of record Juno 24.
cotta trimmings and cornice. The first two stories have
Stephon M . Griswold, retired banker, formor State Sena boon treatod as a unit to form a base for the whole building.
tor and well-known citizen of Brooklyn, died yesterday at Tho oight floors above the banking rooms are entirely given
tho ago of eighty years. M r . Griswold rotired from active ovor to office space, twenty-five to each floor. The ninth
business many years ago. Ho was formerly President of floor has been set aside and is especially equipped for the
tho Union Bank of Brooklyn, resigning in 1905. lie was exclusive use of physicians, surgeons and dentists. More
Vice-President of tho Now York Stato Bankers’ Association than 7 5 % of tho ontiro office space has been rented. The
in 1893, President of that body in 1903, and had sorvod as a Third National Bank was incorporated in 1864. The present
member of tho Executive Committee of tho American Bank officers of tho bank are: President, Frederic Harris; Vice
ers’ Association and as Chairman of Group V II of tho New President, O. E . D oty; Vice-President, Frederic M . Jones;
York Stato Bankers’ Association.
Cashier, G . C . Stebbins and Assistant Cashier, H . S. K aplinger.
Tho real estato holdings of tho defunct Williamsburgh
Trust C o. of Brooklyn, offered through a liquidation salo on
The Gorman-Ameriean Bank of Nashville, Tenn., capital
M a y 24, were bought for 8310,750 by tho Nowcomb Assets
8500,000, was recently chartered under the laws of Ten
Corporation, which was organized with tho viow to acquiring
nessee, which trake each shareholder liable to double the
the bank’s realty. Included in the salo was tho Williams
iamotmt of his subscription to the stook.
burgh Trust C o .’s modern six-story office building at 391
Fulton S t., which was bid in for 8200,000. Tho trust com
John Tyler, Assistant Cashier of the First National Bank
pany suspended in 1907.
_
of Richmond, V a ., died on M a y 27; he was forty-two years
Tho Plainfield Trust Co. of Plainfield, N . J ., has decided
to increaso its capital stock from 8100,000 to 8300,000,
thereby creating a capital surplus and undivided profit
account of ovor 8000,000 and giving tho company a larger
working capital than any bank in its homo city. A special
meeting of tho stockholders was hold on Thursday, at which
tho now issuo of stock was formally approved. Tho terms
of tho stock increaso provido that each stockholder shall bo
given tho privilege of purchasing at par (8100) two shares
of the now stock for each sharo of tho old which ho now holds.
Since its organization in 1902 tho Plainfield Trust C o. has
becomo the largest financial institution in both the city and
county in which it is located. In fivo years it has practically
doubled its deposits. These, in M a y 1911, amounted to
83,200,000 and in M a y 1916 exceeded 80,400,000. Tho
growth has been based not only upon tho efficiency of its
service but also on tho activity and high standing of its board
of directors, which is composed of the following gentlemen:
Ernest R . Ackorman, J. Herbert Case, Frederick Geller,
Augustus V . Ileoly, James W . Jackson, Edward H . Ladd Jr.,
Charles W . M cCutchcon, Harry H . Pond, Charles A . Reed,
Isaac W . ltushmoro, Frank II. Smith, Samuel Townsend,
Cornelius B . Tyler, Lowis E . Waring and Orvillo T . Waring.
William A . Baldwin, Vice-President of tho Bloomfield
National Bank of Bloomfield, N . J ., died on M a y 20.
A meeting of tho shareholders of tho First National Bank
of Gouvornour, N . Y . will be held on Juno 27 for tho purposo
of voting on a resolution to increase tho capital of tho insti




of age. M r . Tyler was formerly for a number of years
Secretary and Treasurer of the old Southern Trust C o,
In 1910 ho was appointed Assistant Cashier of the National
Bank of Virginia and in 1912, when tho latter institution
was consolidated with the First National Bank, he became
Assistant Cashier of that bank.
Tho Comptroller of the Currency has approved an increase
of 850,000 in the capital of the City National Bank of
Wichita Falls, Toxas, raising it from 8200,000 to 8250,000.
Tho Morris Plan Company of San Francisco,
8150,000, started business on the 15th ult.

capital

J. L . Williams, heretofore Assistant Cashier and outside
representative of the Irving National Bank of New York, has
been electod an active Vice-President of the Bank of Italy
of San Francisco, with the powers of a general executive.
Tho Morchants^Bank of Canada (head offico Montreal)
in its statement for tho year ending April 29 1916 shows
total assets of 896,361,363, against 886,190,464 April 30
1915. Liquid assets at 840,960,486, constitute about 5 0 %
of the liabilities to tho public. Profits for the year amounted
to 8950,713, equivalent to 1 3 .5 7 % on tho 87,000,000 capital,
a falling off (owing to the conditions prevailing) as compared
with tho yoar before when they aggregated 8995,431, equal
to 14.22% on tho capital. W ith the amount carried for
ward from tho previous year (8245,140) there was 81,195,854

THE CHRONICLE

2050

available for distribution; from that sum thero was appro
priated §700,000 for dividends, $27,000 for patriotic funds,
$67,870 for war tax, and $150,000 for contingency fund,
leaving $250,984 to bo carried forward to now profit and loss
account. Interest-bearing deposits have increased to $54,
995,069 from $50,037,101 a year ago; non-interest-bearing
deposits have also increased and now aggregate $17,181,959,
against $12,692,061 the year before.

[Vol . 102.

Tho stock in Bombay consists of 5,800 bars as compared with 4,200 bars
last week. Tho stock in Shanghai on April 7 consisted of 804 bars and about
30,300,000 ounces in sycoo, as compared with 1,408,bars and about 38,
000,000 ounces in syceo on March 31. No shipment was made from San
Francisco to Hong Kong last week. Quotations for bar silver, per oz.
standard:
Bank rato_____________________ 5%
M a y 5— 37
cash f
No
Bar gold per oz. standard..77s. 9d.
6— 3 6 1 5 -1 6
“
q u o ta tio n
French gold coin per oz___ Nominal
8—
35 H“
1
fixed
_
U. S. A. gold coin per oz_ Nominal
9—
3 5 1 -1 6 “
I or
f
10—
3 6 ^ “
11— 3 6 ^
“ [
A v g . fo r w e e k ..3 6 .2 7

I orw ard
f
d e liv e r y .

The quotation to-day for cash is 5-16d. below that fixed a week ago.

1915.— The computations we
presented under this head last week were not intended to
show the results for any particular company. The figures
were purposely grouped so as to avoid conclusions of that
kind, and no names of companies were mentioned, the
character of the business alone being disclosed. Of course,
however, where there was only one company in the group it
was possible to identify the company. This was the case
as regards the asphalt group, and this has led one of the
officials of that company to write us and point out that our
figures hardly do his company justice. He states that we
should have reported the net earnings as $934,470, instead
of as only $776,686. Our tabulation in all cases stated the
results on the most conservative basis, making all deduc
tions that appeared in the reports. In order that thero
might be no misunderstanding on that point, wo permitted
ourselves the following observation: “ It must bo here
stated that the net profits given in the tabulation are after
deducting amortization and depreciation in all cases where
such provisions were m ade.” Our correspondent points
out that in the case of his company the deductions all repre
sented items belonging to other years. He also argues, and
his contention in that regard is well founded, that in figuring
the per cent earned on capitalization we should have taken
the capital actually outstanding and not tho full amount of
capital authorized. W ith these two changes made, jthis
company earned 4 .0 6 % on its capitalization instead of
2 .1 8 % , as given in our table.
I n d u s t r ia l

P r o f it s

in

IM P O R T S A N D

E X P O R T S FOR A P R I L .

Tho Bureau of Statistics at Washington has issued the
statement of the country’s foreign trade for April, and
from ‘ it and previous statements wo have prepared the
following interesting summaries:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) aro In all cases omitted.)
MERCHANDISE.
1910.
January____ $330,147
February___
402.991
March..........
410,803
April........... 404,302

— Exports —

1915.
$267,879
299,806
296,012
294,746
274,218
268,547
268,975
261.025
300,677
335,233
327,671
359,306

July.............
August_____
September__
October____
November__
December__
Total........

1914.
$204,007
173,920
187,499
162,553
101,733
157,072
154,139
110,367
156,052
194,711
205,878
245,633

$3,554,095 $2,113,624

July.............
August_____
September__
October____
November__
December__

1915.
S692
1,054
924
814
1,277
2,822
2,192
1,128
2,034
2,939
3,061
11,889

1914.
$0,914
9,079
2,032
407
16.835
48,107
33,009
18.126
21,887
50,202
14,527
131

$31,426




1915.
$122,148
125,123
157,982
160.570
142,285
157,695
143,245
141.804
151,236
149,173
155,497
171,833

1914.
$154,743
148,045
182.555
173,762
157,529
159,677
129,768
139,711
138.080
120,467
114,657

$1,778,597 $1,789,276

222,610

1910.
$10,213
13.685
10,774
11,503

January____
February___
March_____
April __........

T H E E N G L IS H GOLD A N D S IL V E R M A R K E T S .

GOLD.
Tho external movements have boon substantially in favor of tho Bank
of England. Tho following amounts woro received by tho Bank:
M ay 4— £738.000 in bar gold.
M ay 7— 225,000 in sovereigns released on miscellaneous account.
M ay 10— 1,096,000 in bar gold.
Withdrawals woro mado as undor:
May 4— £202,000 in bar gold.
M ay 4— 315,000 in sovereigns for Spain.
M ay 4—
4,000 in sovereigns for Uruguay.
During tho week tho not influx amounted to £1,538,000. Tho not im
port of gold into India for the month of April 1916 was about £582,600.
SILVER.
After rising l-16d. on May 5 tho price returned to 36 15-16d. on tho 6th
Inst., and a considerable amount of profit-taking ensued, with tho result
that tho quotation fell 1 7-16d. on tho following working day, tho 8th inst.
The fall had tho effect o f shaking out speculators in tho Indian Bazaars,
who wero fearful of seeing too much of thoir apparent profit dissipated. A
further fall followed, bringing tho price to 35 l-16d., whereupon the market
bocamo much hoalthior, and purchases from various quarters, for coinage
and otherwise, sot in with such strength that tho price recovered 1 7-16d.,
exactly tho samo figures recorded in tho fall earlier in tho week. Tho quo
tation gained a further >4d. to-day. An important factor in the recovery
was tho nows published in tho Now York “ Chroniclo” that tho Mexican
Government has forbidden the export o f gold and silver from Mexico.
This policy was foreshadowod in cur circular lotter of Nov. 26 last, when
attention was drawn to tho pressure being exerted upon Mexican banks
to hold 50% in specie against their noto issuo, and to tho effect that such
a step would havo of retaining tho production of Mexico within its borders.
It should bo romombered that civil strife in that country has largely dimin
ished tho output during recent yoars, so that tho dccreo, though likely to
reduce supplies in other markets, will not do so to as great an extent as it
would havo done if it had been put in forco somo years ago. Tho prohi
bition is not directed against concentrates. During tho poriod that tho
Moxican output has been shrinking that o f tho United States has been on
tho upward grado. Tho influence of tho groat war upon currency is very
far reaching. For oxamplo, it was stated in the "National Review” of
Shanghai that merchants, Shangtung and olesewhero, especially of a cortain
nationality, wero buying up copper and othor coins and molting thorn down
for sale and export abroad. This practice is, of course, illegal, and very
fow Chineso aro engaged upon it because thoy roalizo tho risk of heavy
punishment which they run. Tho moro, however, tho practico is extended
tho more need will arise for small silver coins, and it is not impossible that
tho loss of a cortain amount of copper curroncy is ono of tho roasons why
China is not in a position to export silver on tho scalo that recently took
placo, notwithstanding tho groat rise that has sinco occurred in tho prico.
It will bo noticed from tho details that follow that another heavy fall of
135 lacs has taken placo in tho total o f silvor rupcos held by tho Indian
Treasury. The last threo Indian curroncy returns received by cablo givo
details in lacs of rupees as follows:
A p r i l 22.
A p r i l 30.
M a y 7.
64,94
Notes in circulation______________________ 63,93
64,00
Reserve in silver coin and bullion__________ 20,01
19,50
18,15
Gold coin and bullion_____________________ 12,25
12,24
12,24
Gold in England— .................
11.92
11,92
11,92

— Im ports ■

GOLD.

Total____

W o reprint the following from tho weekly circular of
Samuel Montagu & Co. of London, written under date of
M a y 11 1916:

1916.
$184,351
193,935
2.13,590
217,759

1916.
$15,008
0,010
9,777
0,099

July.............
August_____
September__
October____
November__
December__
Total . . .

$57,388

-Im ports

1915.
$5,188
3,425
3,156
4,371
4,741
3.909
3,965
3,378
3,300
5,237
5,971
6,831

$ 4,009
3,592
3,882
4,543
4,845
4,639
3,953
3,027
5,390
3,972
3,838
5,3 2

$53,599

$4,630
4.947
5.748
4,856

1914.
$10,442
3,209
7,842
3,400
1,973
3,817
3,392
3,045
2,702
5,945
7,392
4,109

$451,954

-Exports ■

January____
February___
March..........
April______

1915.
SO,896
12,727
25,620
10,203
31,130
52,342
17,203
61,641
42,002
79,609
60,982
45,413

1915.
$2,287
2.400
2,477
2,003
2,352
3,623
3,003
3,804
2,737
3,219
3,370
2,003

$51,602

$1,852
2,596
2,880
2,158

$34,484

$2,318
1,914
2,567
2,214
2,097
1.864
2.724
2,705
2,739
$25,959

EXCESS OF EXPORTS OR IMPORTS.
1916.

1915.

1914.

S

S

-H old1 0 10 .
1915.

-S tiver1 0 16 .
1915.

$
§
+ 145,731 +49,324 —4.795 —0,204 + 2,784 +2,901
+ 174.683 +25,875 + 7,009 — 11,073 + 2,351 +1,025
+ 997 —24,090 + 2,868 +079
M arch.........+ 1,797,213 + 138,630 +4,944
A p ril.......... +186,543 + 134.170 — 11,209 + 5,404 — 15,389 + 2,098 +1,708
M ay_______
______ + 131.933 —2,549 ..........—29,859
.......... +2,389
—457 ..........— 49,520
June_______
______ + 110,852
J u ly................................. + 125,730 —5,538 ..........—15,071
August____
______ + 119,221 — 19,401 ..........—60,513
September..
______ + 149.441 +10,341
..........— 40,028
October___
______ + 186,000 +50,031
..........—70,730
Novem ber..
______ + 172.174 +79,411
..........—57,321
December. .
______ + 187.473+130:970
..........—33,524
Total___
. + 1,770,098 + 324,348 ..........— 420,528 ........... + 19,115
$

January____

+115.790

February__

+209.050

+ Exports.

— Imports.

Totals for morohandiso, gold and silver for ten months:
Ten
Months,

(000s

omitted)

M erchandise.
Ex
ports.

Im 
ports.

Excess \
of
I Ex
Exports ports.

Im 
ports.

Excess
of
Ex
Exports ports.

S I S
$
$
s
$
1915-16 3 401,1301 ,722,4221078708 70,019343,930/2739111 48,935
1914-152 225,824 1,374,190851,034 142,125 88,091 54,031 42,232
1
1913-142 045,774 1,572,114 473,000 47,090 60,749 13,053' 45,481
1912-13 2 107,8721 ,548,039 559,833 04,720 61,240 3,480 61,553
1911-12 1 890,708 1,300,530 524,172 45,700 39,9791 5,727: 53,1 IP
.
1910-111, 754,461 1,274,005478,850 12,610; 63,823/51,207i 53,918

Im 
ports.

S
28,228
23,130
20,749
35,810
37,820,
38,875

Excess
of
Exports

$
20,707
19.090
18,732
25,743
15,293
15,043

/ Excess of Imports.

Similar totals for the four months since January 1 for six
years make tho following exhibit:
M erchandise.
Four
M onth.

(000s

omitted)

Ex
ports.

Im 
ports.

a old.
Excess
Ex
of
Exports ports.

im 
ports.

Silver.
Excess
Ex
of
Exports ports.

2
.8
%
$
$
$
1916.. 1,548,243 809,635 738,608 40.17G 30,900 9,270
.
1915.. 1,159,043 505,830 593,213 3,483 01,440 /57.903
.
1914.. 728,038 059,105 09,733 19,032 24,954 /5,922
.
1913.. 808,270 014,017 193,053 50,098 19,061 30,737
.
1912.. 786,002 597,923 188,079 21,775 10,307 5,408
.
1911.. 692,961 511,125 181,830 3,300 23,991 /20.031
.
/ Excess of imports.

Im 
ports.

Excess
of
Exports

t
$
%
20,180 9,480 10,700
10,139 9,707 0,372
10,020 9,013 7,013
23,201 12,073 10.5S8
21,897 10,040 5,857
23.G11 14,898 8,713

June 3 1916.]
E N G L IS H

THE CHRONICLE

F IN A N C IA L

M A R K E T S — PER CABLE.

Tho daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:

Ln o ,
o dn
W en in J n 2.
eek d g u e

My 27. My 29. My 30. My 31 J n 1 J n
a
a
a
a
u
u
Sl. M . T es. W . T ers. F e
a
on
u
ed
h
u
ri.

Silver, per o z ................ _.d.
Consols, 2E Per cents.- . . . .
British 4E Per cents__ . . . .
French Rentes (In Paris) __fr.

34 1-16
57E
95E
63.00

33 E
57E
95E
63.00

32 E
___
___
63.00

32 E
58
95 E
62.75

32 E
57E
95E
62.75

2

31
c57E
95 E
62.75

The prico of silver in New York on the same days has boon

Silver In N. Y., per oz.. .Cts. 71E

c E x -c o u p o n .

HOL.

70E

68E

68 E

64 E

§ 0 m m m m l a u clI B i s c e i Vauco u s
DIVIDENDS^
Tho following shows all the dividends announced for tho
futuro by largo or important corporations:
D iv id e n d s a n n o u n c e d th is w e e k a r e p r i n t e d i n it a li c s .

P Wen
er h
C t. Py b
en aa le.

Nm of Cma y
a e o p n.
R a il r o a d s (S t e a m ).
A la b a m a G ro a t S ou th ern , o r d in a r y ..........
C o m m o n (e x t r a )........................... ..................
P r e fe r r e d ...................... ........... ......... ................
P referred (e x t r a )...........................................
A lb a n y A S u sq u eh a n n a ....................................
A tla n tic C oa st L ino C o . (q u a r .)_________
A tla n tic C o a st L ino H R ., c o m m o n _______
B o s to n & A lb a n y (q u a r .)_________________
B o s to n & L o w e ll.......... ......................................
B o s to n R e v e ro B ea ch A L yn n (q u a r .)-----B u ffa lo A Susquehanna, p referred ---------C a n a dia n P a c ific, co m m o n (q u .) (N o . 80)
C h estn u t Illll (q u a r .)_____________________
C h ic. A N . W ., co m m o n (q u a r .)_________
Preferred (q u a r .)_______________________
A
..........
.......... ......................................
_____ ___________________
D ela w a re A H u d son C o . (q u a r .).................
E rie A P ittsb u rg h ( q u a r . ) , .............................
H o ck in g V a lle y _____________ ________ ______
_____
M o b ile A B irm in gh a m , preferred _____
N o r fo lk A W estern , c o m m o n ( q u a r . ) . .
C o m m o n (e x t r a ).................................. .......
P h ila. G erm a n tow n A N orris, (q u a r .)____
R ea din g C o m p a n y , first pref. (q u a r.) . .
R cn ssa la er A S a ra tog a ................................
S outhern P a cific C o . (q u a r.) (N o . 3 9 ) . .
U n ion P a c ific, co m m o n (q u a r .)________
S t r e e t 8c E l e c t r i c R a ilw a y s .
A m erica n R a ilw a y s, co m m o n (q u a r .)____
A
AB r o o k ly n R a p id T ra n sit (q u a r .)_____
C ities S erv ice, com m on (m o n t h ly )___
C o m m o n .................................... ..............
________
D o m in io n P o w . A T ra n s m ., c o m .(N o . 1)
E ra n k ford A S ou th w ’ k P a s s.(I'h lla .) (q u .)
.......... ..
N ’ p ort N e w s A H a m p to n R y .,G .A E .,c o m .
N orth ern O h io T r a c . A L ig h t, c o m . (q u .)
S econ d A T h ird Sts. P ass., P h ila . (q u a r.)
T h ir d A v en u e R y . (q u a r .)_________

C . N O T a P cific, co mn
ln . . ex s a
mo
Cm o (.ex )
o mn tra
P
referred (q a
u r.)
Mh n g Ca R ., co mn (extra
a o in o l R m o
)

A . Vl. R., L Pw p (q a
rk a y I. o er, ref. u r.)
B zilia T L Pw p (q a
ra n r. . o ., ref. u r.)

Cn en l P ss., P ila elp ia
o tin ta a h d h

Lu ille T ctio , co mn(q a
o isv ra n m o u r.)
T inC Rp T n co . (q a
w ity a . ra ., m u r.)
P
referred (q a ........................... ..
u r.)
V in R. A Pw p
irg ia y o er, referred
____

2E
2
3
1
4E
$1.5 0
2E
2E
4
IE
2
2E
7 5 c.

J une 29 H olders o f rec. J u n o
June 29 H olders o f rec. J u n e
A u g . 28 H olders o f rec. J u ly
A u g . 28 H olders o f rec. J u ly
J u ly 1 Juno 16
to
J une
J une 10 June 1
to
June
J u ly 10 H olders o f rec. J uno
Juno 30 H olders o f rec. M a y
J u ly
3 H olders o f rec. M a y
J u ly 1 H olders o f rec. J une
J u ly 15 H olders o f rec. J une
June 30 H olders o f rec. J u n o
June 5 M a y 21
to
Juno
J u ly 1 H olders o f rec. Juno
2
J u ly
1 H olders o f rec. June
3
J une 15 H olders o f rec. J uno
2E
J uno 15 H olders o f rec. Juno
l / ( June 2 H olders o f rec. M a y
2E
Juno 20 H olders o f rec. M a y
1E
June 10 H olders o f rec. M a y
2
June 30 H olders o f rec. June
515
June 11 H olders o f rec. J uno
2
J u ly
1 June 2
to
June
IE
Juno 19 H olders o f rec. M a y
1
June 19 H olders o f rec. M a y
$ 1 .5 0 J une 5 M a y 21
to
J uno
5 0c
June 8 H olders o f rec. M a y
4
J u ly
1 June 16
to
June
IE
J u ly
1 H olders o f rec. M a y
2
Ju ly
1 H olders o f rec. J une
1

J une 15 H olders o f rec.
IE June 15 H olders o f rec.
IE Ju ly 1 H olders o free.
IE
Ju ly
1 H olders o f rec.
E
A u g . 1 H olders o f reo.
3i
July
1 H olders o f rec.
S3
June 30 H olders o f rec.
2
June 15 H olders o f rec.
$ 4 .5 0 J u ly
1 H olders o f rec.
1
J u ly 1 June 11
to
3
J u ly
1 H olders o f rec.
IE
Juno 15 H olders o f rec.
S3
J u ly
1 H olders o f rec.
1
J u ly
1 H olders o f rec.
IE
J u ly
1 H olders o f rec.
IE
J u ly
1 H olders o f rec.
3
J u ly 20 H olders o f rec.
IE
A u g . 1 July 23 t o
IE
J u ly 15 J u ly
2 to
2 E * J u ly 15 J u ly
2 to
$ 1.7 5 June 30 H olders o f rec.
J u ly
July
J u ly
J u ly

1
1
1
1

June
J u ly
ftlE J u ly
J u ly
IE
IE
June
IE J u ly
E J u ly
IE J u ly
IE July
IE Ju ly
1
June
4
June
1
June
E Juno
IE J u ly
2E J u ly
June
1
J u ly
5
June
2
Juno
3
J uno
3E J u ly
7E J u ly
IE J u ly
IE J u ly
IE Juno
7E June
IE J u ly
1
July
$1
June
$2
June
$15
June
IE A u g .
IE J u ly
2
June
IE J u ly
2
Ju ly
E J u ly
200c
June
2
June
1
J uno
IE Juno
10
June
2
June
3
J uno
IE J une
3
J uno
$1.5 0 J uno
$1
Juno
75c. June
J u ly
2E
IE J u ly
IE Juno
J u ly
IE

A erica Cn p (q a
m n a , ref. u r.)
A er. Cr. F ry co . (q .) (N
m a d ., m u o.
P
referred (q a (N
u r.) o.
A er. G p o hn co mn(q a
m ra hp o c, m o u r.)

A erica T rea , p
m n h d referred

Bth hmS e co mn(q a
e le e te l, m o u r.)
P
referred (q a
u r.)
Bo F eries, p (q a
o th ish
ref. u r.)

Cn d S m ipL es, p
a a a tea sh in ref
Cn lo nG (qlee., co . (q .) (N
a did o . u r.)
C a ia Cen Fa m u o
ellu
.
f^hnm lerM Cr (mon- \
Ca d Afnfnr f^nr (q a
h nllpr otor a u r.)
Ktra
x
C h cscb rou
.
Cica o Tg h hn. (qoa(p a y a b le In sto c k )
h g elepMof ge C u r.)
C hilds C o m p a n y , co m m o n (q u a r .)_____ ~
Preferred (q u a r .).......... .......................
C en Gs, In ia a o (sp l) ..........
lttz s' a d n p lis ecia
C it y A S u burban IIom e3 _________________
Cn ecticu R e Pw p
o n t ivr o er, referred
...............

f 'h f r n n n

'V olen h ryn o ( n u n r \

C o n solid a ted G a s, N ew Y o r k (q u a r .)____
C on tin en ta l OH (q u a r .)..................— ...........
C o p p e r R a n g e C o . (q u a r.) (N o . 3 0 )_____
E x tra (N o . 3 1 ) .......................... ......................
C rescen t P ip e L ine (q u a r .).............................
C u b a n -A m erlca n Sugar, c o m . (q u a r .)___
P referred (q u a r .)...........................................
D ia m o n d M a tch (q u a r .)__________________
D istillers' Securities C o r p o ra tio n (q u a r .).




12a
12a
22a
22a
31
9
19a
30a
27a
10
30a
la

29a
27a
31a
17a
ia
30
31a
31a
4
23a
30
31a
ia
31a
31
15
7
15a
15a
3 ia
31
la
15
la
25a
la
15
12
12
30a
1
16
16
15a

a

15
15
15
1
30

Uio (quar.)..
nn
R
xtra

A h lm M p (q a
llls-C a ers fg., ref. u r.)
P (o a u t of a m d id d .
ref. n cco n ccu . iv en s)

M ay
M ay
J une
Juno
J u ly
June
M ay
M ay
J uno
J une
J u ly
M ay
J une
J une
J une
J une
J une
Aug.
J u ly
J u ly
J une

6m
0

H olders o f rec.
Juno 16
to
H olders o f rec.
H olders o f rec.

June 1
J u ly
2
J une 24
J une 24

H olders o f rec. M a y 31
H olders o f rec. June 30a
H olders o f rec. J une 3 0 a
H olders o f rec. June 15a
H olders o f rec. J uno 14a
H olders o f rec. J une 16a
H olders o f rc c. J uno 10a
H olders o f r c c. J uno 10a
H olders o f rec. M a y 31a
H olders o f rec. J une 15
10 J uno 1
to
J une 10
30 J uno 22
to
J uno 30
15 M a y 27
to
J uno 4
15 M a y 27
to
June 4
3 H olders o f rec. J uno la
1 M a y 15
to
M a y 31
15 H olders o f rec. M a y 15a
1 H olders o f rec. J uno 15a
15 H old ers o f r c c . M a y 2 0 a
10 Juno 1
to
J uno 10
10 Juno 1
to
J une 10
1 H olders o f r c c. J uno 10a
1 H olders o f r c c. J u n e 15a
1 H old ers o f rec. J u n o 15a
1 H olders o f rec. J uno 20
15 Juno 2
to
J une 15
30
(See n o te
1 H olders o f r c c. J uno 15a
1 H olders o f rcc. J une 15a
15 H olders o f r c c. M a y 31
lu June
to
J u n e 11
24 H olders o f rcc. J uno 3
1 H o ld e r s o f rec. J u ly
1
1 H olders o f rec. J uno 15
30 H olders o f rec. J uno 15a
1 H olders o f rec. J uno 10a
1 'H old ers o f r c c . J une 12
1 H olders o f rec. J une 12
10 M a y 23
to
June 11
30 H olders o f r c c. J une 29
10 June 3
to
June 10
10 Juno 3
to
J uno 10
30' June 2
to
J une 30
4 June 2
to
Juno 4
1 M a y 25
to
M a y 31
15 H olders o f rec. M a y l l a
..
15 H olders o f rcc. M a y ’ 29
15 H olders o f rec. M a y 29
15 M a y 23
to
J uno 15
1 H olders o f rec. J uno 15a
1 H olders o f rec. June 15a
15 H olders o f r c c. M a y 31a
5 H olders o f r c c. J uno 3a

"n")

d
'i

P W
er
C t. Py en
en ah le.
a
b

Nm of Cma y
a e o p n.
M i s c e ll a n e o u s ( C o n c l u d e d ) .
D istillin g C o . o f A m erica , p ref. ( q u a r . ) . .
D o m in io n G la ss, L t d ., pref. (q u a r .)____
D o m in io n T e x tile , L t d ., com m on (q u a r .).
D rlg g s-S ca b u ry O rd n a n ce, c o m m o n _____
F irst preferred (q u a r .)_________________
S econ d preferred (q u a r .)........................ ..
A
_____ _______ __________

E J u ly
IE J u ly
IE J u ly
5
J une
IE June
IE J une
IE J une
5 8-10 J une
H9.2 J une
IE A u g .
IE A u g .
IE J une
2E Ju ly
7E Ju ly
IE J u ly
IE J une
3
June
3
June

Bo s C sed
o k lo .
Dy In siv
a s clu e.

H old ers o f rec. J u n e 12a
H old ers o f rec. J une 12
H old ers o f rec. J une 15
H old ers o f rec. J u n e 1
H old ers o f re c . J une 1
H old ers o f rec. J une 1
H old ers o f r e c . M a y 31
H old ers o f rec. M a y 31
H old ers o f r e c . M a y 31
H old ers o f rec. J u ly 22
_________________________
H old ers o f r e c . J u ly 22
E astern 8 teel, 1st preferred (q u a r .)_____
15 H old ers o f rec. J u n e 1
E a stm a n K o d a k , co m m o n (q u a r .)_______
H old ers o f rec. M a y 31a
C o m m o n (e x t r a ).............................................
H old ers o f rec. M a y 31a
P referred (q u a r .)_______________________
1 H old ers o f r e c . M a y 31a
____
10 H olders o f re c . J u n e 1
________
15 H old ers o f re c . J u n e 1
_______
15 H olders o f re c . J u n e 8
F ederal M in in g A Sm eltin g , p ref. (q u a r.)
1
June 15 H old ers o f re c . M a y 22a
G alena -S igna l O il, co m m o n (q u a r.)
3
June 30 H old ers o f re c . M a y 31a
P referred (q u a r .)_______________________
2
June 30 H olders o f re c . M a y 31a
G eneral C h em ica l, preferred ( q u a r ! ) " ! ! !
IE J u ly 1 H olders o f rec. June 19a
G eneral E le ctric (q u a r .)__________________
2
J u ly 15 H olders o f re c . J u n e 14a
G lo b e S o a p , c o m m o n ( q u a r . ) . ! ! ! ! ! ! ! ! !
1
June 15 June 1
to
J une 15
F irst, secon d A sp ecial pref. ( q u a r . ) . . !
IE J une 15 June 1 t o J une 15
__________
2
J une 10 H olders o f rec. M a y 31
G o o d r ich (B . F .) C o ., co m m o n ( q u a r . ) . .
1
A u g . 15 H old ers o f r e c . A u g . 4a
_________
IE J u ly l June 16 t o J u ly 2
G re a t N orth ern Iron O re________________ !
5 0 c. June 27 June 11
to
J une 27
G u lf Sta tes Steel, first preferred (q u a r.)
IE J u ly 1 H olders o f r e c . J u n e 15a
H a rrison B ros. A C o ., I n c ., co m . (q u a r.)
2
June 15 H olders o f rec. J une 10a
A
.).
J une 30 H olders o f rec. J u n e 20a
IE
1 1 )_______
IE J u ly 1 H olders o f r e c . J u n e 20
Illinois P ip e L in e __________________________
12
J une 25 H old ers o f re c . M a y 26
________________ ”
J u ly
3
H old ers o f rec. J u n e 10a
__________________
E J u ly 1 J une 16 t o J u ly 2
__________________ ______ ___________
J u ly
1 J une 16
1
to
J u ly
2
_________
IE J u ly 1 H old ers o f r e c . J u n e 17
Jew ell T e a , preferred ( q u a r . ) . . .
IE J u ly 1 H old ers o f rec. J u n e 20a
3 ) _____! 10 c
M a y 31 H old ers o f r e c . M a y 29
K err L ak e M in in g (q u a r.) (N o . 4 3 )..........
25c. J une 15 H olders o l rec. J une 1
I
_________
2
June —
L acled e G as L ig h t, co m m o n (q u a r .)____
IE J une 15 J u n e 2 t o J u n e 15
P re fe r re d ______________________
2E June 15 J une 2 t o J u n e 15
ls f
'( N o !I )' ! ! ! !
3E J une 30 June 21 t o J une 29
L ig g ett A M y e rs T o b a c c o , pref. (q u a r.)
IE J u ly 1 H old ers o f rec. J une 15a
44)
IE J u ly 1 H olders o f rec. J une 9a
5 0 ).......... ................
1
J u ly
1 H olders o f rec. J une 9a
.......... ....................... ..
50c. June 30 H olders o f rec. J une 9
__________
IE J u ly 1 H old ers o f rec. J une 24
M a x w ell M o t o r , in c . , 1st p ref. (q u a r .).
IE J u ly 1 H olders o f r e c . J une 10a
..........
IE J u ly 1 H olders o f rec. J une 15
M ergen th aler L in o ty p e (q u a r .)___
2E J une 30 H old ers o f rec. J une 3a
M o n ta n a P o w e r , c o m . (q u a r.) ( N o ! 1 5 ) '
1
J u ly
H olders o f rec. J une 15a
P referred (q u a r.) (N o . 1 5 ).
H olders o f r e c . J u n e 15a
IE Ju ly
A
H olders o f re c . J u n e 20
IE J u ly
M o n tr e a l C o tto n s , L t d ., c o m m o n (q u a r.)
1
J une 15 H olders o f rec. J une 5
Preferred (q u a r .).
IE J u n e 15 H old ers o f rec. J u n e 5
..........
A
IE J u n e 15 H old ers o f r e c . M a y 31
N a t. B iscu it, co m m o n (q u a r.) (N o . 7 2 ) . .
IE J u ly 15 H old ers o f rec. J u n e 28a
N a tion a l C a rb o n , co m m o n (q u a r .).
*
2
J u ly 15 H old ers o f rec. J u ly
5a
N a tion al L ead , co m m o n (q u a r .)___
1
June 30 H olders o f rec. J une 9a
P referred (q u a r .)_________________
IE J une 15 H olders o f rec. M a y 26a
N a tion a l Sugar R efin in g (q u a r .)___
J u ly
3 H olders o f rec. J une 7
IE
N a tion al S u rety (q u a r .)____________
Ju ly
3
H old ers o f rec. J une 20a
.......... ................ _ _ ! .
5
J une 10 H old ers o f rec. M a y 31
N ew Y o r k A ir B rake (q u a r .) .............
2
J une 2; H old ers o f re c . J une 2a
N ew Y o r k T ra n sit ( q u a r . ) . . .............
4
J u ly 15 H olders o f rec. J une 24
N lle s -B c m e n t-P o n d , co m m o n (q u a r .)___
IE June 20 J une 7 t o J une 20
N orth A m erica n C o . (q u a r .) ______
H olders o f rec. J une 15
IE J u ly
..................................
J u ly
5
H olders o f rec. J u n e 10
O h io O il (q u a r .)________________ _
$1.25 J une 20 M a y 27 t o J une 13
E x t r a ..................................... ...................
$4.75 J une 20 M a y 27 t o J u n e 13
P ab st B rew in g , preferred ( q u a r ) . .
IE J une 15 H old ers o f rec. J une 6 a
..................
IE J une 15 H olders o f rec. M a y 31a
IE M a y 31 H old ers o f rec. M a y 24a
A
10)
J u ly
1 H olders o f rec. J une 19
1
P hiladelphia E le ctric (q u a r .)_____________ 39Ec. June 15 H old ers o f rec. M a y 20a
_____________
2E J u ly 15 H olders o f rec. J u ly la
............................................!
IE A u g . 31 H old ers o f re c . A u g . Ia
R a ilw a y Steel-S prin g , pref. (q u a r .)____
IE J une 20 H olders o f rec. J u n e 3 a
R e a lty A ssocia tes (N o . 2 7 )...........................
J u ly 15 H old ers o f rec. J u ly
3
5
R e p u b lic Iron A Steel, preferred (q u a r .).
H old ers o f r e c . J une 17a
IE J u ly
P re f. (on a cco u n t o f a ccu m u la ted div a.)
2h Ju ly
H olders o f rec. J u n e 17a
____
Ju ly
3
H olders o f rec. J une 20
................................................
J u ly
2
H olders o f rec. J u n e 2 0
.......... .............................. . . "
IE J u ly
H olders o f rec. J une 20
69)".".
H
IE June, 15 : old ers o f rec. J une 9
S a fety C a r H ea tin g A L tg . (q u a r .).......... ..
2
J u ly
1 H olders o f r e c . J une 15a
8 t. J oseph L ead (q u a r .)__________________
25c J une 2 0 ,June 10 t o
J une 20
S axon M o t o r C a r C o r p o ra tio n (N o . 1 )___
IE J u ly 1 H olders o f rec. J une 20a
A
________
IE J u ly 1 H olders o f rec. J u n e 15a
S ola r R e fin in g ______________________________
5
J une 2 0 .June 1
to
J u n e 20
..... ..............
IE Ju ly 1 H olders o f r e c . J une 17
S ou th P en n O il (q u a r .)....................................
5
J une 30 J une 16
to
J une 30
E x t r a _____________________
3 ! ! ! ! J une 3 0 .J une 16 t o J une 30
’ ! ’_ ! ! ! !
3
J u ly
1 H olders o f rec. J une 15a
Sta n da rd G as A E le c ., p ref. (q u a r .)..........
1
J une 15 H old ers o f r c c . M a y 31
S tandard O il (C a lif.) (q u a r.) (N o . 3 0 ) . .
2E J une 15 H olders o f r e c . M a y 20
Sta n da rd OH C lo th , I n c ., co m m o n (q u a r.)
J u ly
1 J une 16
1
to
J u n e 19
P referred , C lass A (q u a r .) _____________
IE J u ly 1 June 16 t o J u n e 19
P referred . C lass B (q u a r .)_____________
IE J u ly 1 J une 16 t o J u n e 19
Sta n da rd O il (K a n sa s) (q u a r .)____________
3
J uno 15 June 1
to
J uno 15
Sta nda rd O il (K e n tu c k y ) (q u a r .)__________
4
J u ly
1 J une 16
to
J u ly
2
E x t r a ...............................................................
i
J u ly
1 J une 16
to
J u ly
2
S tandard O il (N e b r a s k a )__________________
10
J une 20 H olders o f rec. M a y 20a
S tandard O il o f N ew Jersey (q u a r .)_____
5
J u n e 15 H old ers o f re c . M a y 19a
Sta nda rd O il o f N . Y . (a u a r .)........ ...............
2
J une 15 H old ers o f re c . M a y 26a
Sta n da rd O il (O h io) ( q u a r . ) __________ .
3
J u ly
1 June 3
to
J u n e 21
E x t r a __________________________ -_________
3
J u ly
1 J une 3
to
J u n e 21
____
J u ly 31 J u ly
6
to
J u ly 25
S w ift A C o . (q u a r.)
(N o . 1 1 9 ) . ............. . ”
2
J u ly
H old ers o f r e c . J une 10
T h o in p so n -S ta rr ctt C o ., c o m m o n ________
4
J u ly
H olders o f r e c . J u n e 20
10c. J u ly
T o n o p a h E x ten sion M in in g (q u a r .)____ "
June 11
to
J u n e 20
E x t r a ...............................................
5 c . J u ly
J une 11
to
J une 20
___ 12 E c .
J u ly
H olders o f r e c . J u n e 15
........................ .........
3E
J u ly
H olders o f r e c . J u n e 15
U n d erw ood T y p e w rite r , co m m o n (q u a r.)
1
J u ly
H old ers o f r e c . J une 20
P referred ( q u a r . ) . . .......... ......... ................
IE
J u ly
H old ers o f rec. J une 20
U n ltedC Ig a rS tores o fA m .,p f .(q u .) ( N o . 15)
1 E
J une 15 H old ers o f rec. M a y 31a
U n ited D ru g , 1st p ref. (q u a r.) (N o . 2 ) . .
IE
A u g . 1 H olders o f rec. J u ly 1 5
U . 8 . G y p s u m , preferred (q u a r .)..................
IE
J une 3 0 ,June 20
to
J u n e 30
U . S . Industrial A lc o h o l, p f .(q u .) (N o .3 9 )
IE
J u ly 15 : olders o f rec. J une 30a
H
1 )_____________
1 J u ly
1 , u ly 17
J
to
J u ly 21 j
U nited Sta tes Steel C o r p ., c o m . (q u a r .).
IE
June 2 9 ;J u n e 2
to
J u n e 11
_________________
75c. J une 26 H olders o f re c . J une 10
................................
o$1.67 J u n e lO iJune 6
to
June 11
...................... $2
J u ly 21 H olders o f re c . J une 30a
W o m e n ’s H o t e l....................................................
2E
J une 14 H old ers o f r e c . J une 7
W o o lw o r th (F . W .) C o ., p ref. ( q u a r . ) . . .
IE
J u ly
1 H old ers o f r e c . J une 9a
A
8 2 )_______
1E
J u ly
llH o ld e r s o f rec. J u n e 23
8 3 )_________________________
1 0 June 7 H old ers o f re c . M a y 3 i
1 )_________ $ 1
J une 3 0 June 9
to
J une 11
...........
7 E c . J u n e 30 J une 10
to
J une 14

d Pn (UI.) d N o rs C.co .(q .)
u ot .
e emu
o mu
Cm o (sp l)
o mn ecia
Cm o (p y b inA g -F chbn s
o mn a a le n lo ren o d)
d Pn (U I.) d N o rs Pw co (q )
u o t . e emu o d m u
P
referred (q a
u r.)

E P p C ., p (q a
lectric ro erties orp ref. u r.)
U H Ca C ., p
lk orn o l orp referred
Uu b III. Gs L h P ila p
q ila le
a ig t h ., ref

1
1
3
15
15
15
15
15
15

G b ern e, co mn(q a
lo e-W ick m o u r.)
Ge t L k Tw g p (q a
r a a es o in , ref. u r.)

D
'i

W e st P enn R a ilw a y s, p r e f. (q u a r.).
W e st P enn T r a c tio n , p ref. (q u a r.).
P re f. (on a c c t . a ccu m u la ted div id en ds)
W iscon sin E d ison C o .. I n c ________________
T r u s t C o m p a n ie s .
C e n t r a l ____________________________________ $60 2-3
L a w y ers' T itle A T ru st (q u a r.) (N o . 7 1 ) . .
IE
________ ___________________
4
____________________________________
1
M is c e lla n e o u s .
A ja x R u b b e r (q u a r .)........ ................ ................
$1.25
...............
IE
A m erica n B a n k N o te , p ref. (q u a r .)..........
A m or. B eet S ugar, p ref. (q u .) (N o . 68) . .
______________
A
5 5 ) ..
6 9 ) ________ ______
A m erica n E xpress (q u a r .)_____ __________
_____
A m e r . L au n d ry M a ch in e ry , c o m m o n ____
A m er. R a d ia tor, co m . (q u a r .)................. ..
A m er. Sm eltin g A R efin in g , c o m . (q u a r.)
C o m m o n (e x t r a ).................... .........................
A m er. Sugar R e fg ., c o m . A pref. (q u a r .).
.............................
A m er. Z in c, L ead A S m elting, c o m m o n ..
A t l. G u lf A W . I. SS. L ., p ref. ( q u a r . ) . .
A tla n tic R efin in g (q u a r .)_________________
A tla s P o w d e r, co m m o n (q u a r .)___________
C o m m o n (e x t r a )_____ ___________________
B a ld w in L o co m o tiv e W ork s, p r e fe r r e d ..
__________
...................... .......................
______________
B o r d e n ’s C o n d . M ilk , p ref. (q u .) (N o . 58)
B rltlsh -A m crlca n T o b a c c o , L t d ., ord inary
B r o o k ly n U n ion G as (q u a r.) (N o . G O )...
E x t r a __________________________ _______ _ _
B u ck ey e P ipe L ine (q u a r .)___
C a lu m et A A rizon a M in in g ( q u a r . ) . . . ! "
C a lu m et A I lc c la M in in g (q u a r .)___
______ ! ” "
68)
_____ . . . . . . .
C en tral L eath er, preferred ( q u a r . ) . ! ! ! ! !

Bo s C sed
o k lo .
Dy In siv
a s clu e.

2051

a

Hrt, S a er Mrx, In p (q
a ch ffn
a c., ref. u
H d M p (q a (N
en ee fg., ref. u r.) o.
In crso a d p
g ll-Rn , referred
In a n l Slt (q a
tern tio a a u r.)
U
ltra
In a n l S e , p (q a
tern tio a tivr ref u r.)
K efickZ c Crp (m ly (N
en
in o . th .) o.
L B Iron Frk p (q a
a elle
o s, ref. u r.)

Lk Trp oBa p
a e o ed o t,
ref.
Mck yCma ies, co . (q .) (N
a a o p n m u o.
P
referred (q a (N
u r.) o.
Mg aCp er (q a
a m o p u r.)
Mn ti S g r, p (q a
a a ua ref. u r.)
MyD a en S res, p (q a
a ep rtm t to ref. u r.)

Mn o ery Wrd C p (quar.)...
o tg m a
o., ref.

Msk g Gs U pref’'(q a
u o ee a lec., . u r!)'.

N J zin (extra
. . c
)

Nrth P eL e
o ern ip in

Pck rdMto Cr, p (q a
a a o r a ref. u r.)
P n lv n L h g co mn(qu r.)..
en sy a ia ig tin , m o a
P n lv n Wter Pw (q .) (N
en sy a ia a
o er u o.
Qa er Ots, co mn (q a
u k a m o u r.)
P
referred (q a
u r.)

R nld (II. J Tb cco co . (q a
ey o s .) o a , m u r.)
Cm o (extra
o mn
)
P
referred(q a
u r.)
Rb e Go sM p (q .) (N
ubr o d fg., ref. u o.
S rs, Reb ck C p (q a
ca o u
o., ref. u r.)
Su ern U
o th tilities, p (q a
ref. u r.)
Su W P . P e L es (q a
o th est a ip in u r.)

S c d id d
lok iv en

el0
0

Tnp h elmn D elo m t (qu
o o a -B o t ev p en ar.)
Trrln to C p
o g n o., referred

UitedS te S m ip(N
n ta s tea sh o.
U hCn lid tedM in
ta o so a in g
Wrw Iron&S
a ick
teel
W g o se A B k (q a
estln hu ir ra e u r.)

Y le Ticn M (q a (N
a o e fg. u r.) o,
Etra(N
x
o.
Y k n la aT st (q a (N
u o -A sk ru u r.) o.
Y k nGldC. (quar.)..
uo o o
aT ra n sfer b o o k s n o t closed fo r this d iv id e n d , bL ess B ritish In com e ta x . dC o r 
rection . e P a y a b le In 6t o c k . f P a y a b le In co m m o n s t o c k , g P a y a b le In sc r ip ,
ft O n a cco u n t o f a ccu m u la ted d iv id en d s. * P a y a b le In co n v e r tib le 5 % d eb en tu res.
11 iiyab lo In Anglo-I<rcnch 5 % b o n d s a t 96 e x .- i n t . mP a y a b le In new preferred
s to c k , nAll transfers receiv ed In ord er a t L o n d o n on o r b efore J une 14 will b e In
tim e t o b e passed fo r pa y m en t o f d iv id en d t o tra n sferees, o D is tr ib u tio n In a c c o r d 
a n ce w ith term s o f lease b etw een the c o . and the E astern Steel C o .

THE CHRONICLE

2052

[Vol . 102

By Messrs. Francis Henshaw & Co., Boston:
Canadian Bank Clearings.— The clearings for the week
$ per sh. Shares. Stocks.
ending May 27 at Canadian cities, in comparison with the Shares. Stocks.
Hood Rubber Co., pref..
1 Lawrence Mfg., cx-dlv_______183
same week in 1915, shows an increase in the aggregate of 40 Collateral Loan Co.................. 110 25 Stafford Mills.................
10

6 .2 0 % . _______________________________________________________________

1916.
C anada—
M ontreal..............
T oron to ________
W innipeg..............
Vancouver______
O tt a w a ................
V ictoria_________
C a lga ry................
H am ilton..............
Edm onton...........
Quebec..................
S t.J oh n ________
Halifax ...............
London ________
R egina..................
Saskatoon ______

Moose

J a w ...........

L eth b rid ge_____
B ra n tford ...........
Brandon _______
Fort W illiam ____
New W estmln’er
M edicine H at___
Peterborough . . .
Sherbrooke_____
Berlin..... ..............
Total Canada.

By Messrs. R. L. Day & Co., Boston:

Week ending Mag 27.

Clearings at—

Inc. or
Dec.

1915.

$
S
63,689,115
38,214,453
29,389,234
46,715,898
16,568,110
35,808,067
4,652,149
5,016,452
3,416,964
3,941,367
1,181,100
1,084,953
2,361,459
3,938,706
3,219,717
2,409,498
1,861,483
1,571,913
2,877,976
2,413,300
1,186,594
1,635,733
1,846,987
1,614,592
1,499,128
1,358,329
1,630,360
1,086,228
939,157
607,801
678,147
489,488
254,632
394,766
541,874
436,722
414,091
370,715
313,774
427,996
213,730
257,569
190,970
312,961
371,898
351,252
392,477 N o tin cl. in to
452,951 N o tln c l. in to
179,156,709

%

+ 66.7
+ 59.0
+ 116.1
+ 7.8
+ 15.4
+ 8.9
+ 66.8
+ 33.6
+ 18.4
+ 19.2
+ 3 7 .8
+ 14.4
+ 10.4
+ 50.1
+ 54.6
+ 3 8 .6
+ 55.0
+ 2 4 .1

+ 11.7

+ 36.3
— 17.1
+ 63.9
+ 11.7
tal.
tal.

110,600,699

+ 62.0

2 Boston Library Society.

40 Nantucket Beach Steamboat Co.140

$ per sh.
— 113>4
— SOH
...0 -7

1914.

1913.

$
46,566,397
34,093,399
21,826,918
8,198,519
3,259,891
2,118,245
4,768,434
2,727,272
3,110,950
2,882,418
1,227,729
1,652,903
1,418,264
1,401,287
919,970
664,275
385,282
525,591
365,164
721,268
320,721
456,284

139,611,181

$
45,151,658
41,597,047
26,232,170
11,167,402
3,134,898
4,552,458
5,807,259
3,434,971
3,576,389
2,728,654
1,232,381
1,522,586
1,557,622
1,901,603
1,691,826

999,140

447,776
588,692
455,668
850,230
661,795
602,990
___________

159,895,215

Shares. Stocks.
$ per sh.
7 Merchants’ Nat. Bank............. 285
10 Nat. Mt. Wollaston Bank,
Quincy....................... .......... 127
6 Granite Trust Co.,Quincy_____205
26 Brooksldo Mills........................ 1S5H

Shares. Stocks.
$ per sh.
1 Naumkeag Steam Cotton.......... 195X
35 Lanett Cotton Mills................. V25H.
10 Contoocook Mills, pref............... 70>i
50 American Glue, com....... 113-114H
1 Dwight Manufacturing........... 1100

Imports and Exports for the Week.— The following are
the reported imports of merchandise at New York for the
week ending May 27 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
For week end. May 27
T »r tllti WttA.
«Y
1U1 tlia waaV - ------. . . . . . . .

Previously reported_______

1913.

1914.

1915.

1916.

«O Q 1 f A
Q Q A
'3«OiOul| 7U $16,667,036 $19,656,846 $14,936,522
U

512,706,907 382;013!519 413,558,375 393,489,453

Total 21 weeks................. $541,538,673 $398,680,555 $433,215,221! $408,425,975
EXPORTS FROM NEW YORK.
Week ending Mag 27

1916.

1913.

1914.

1915.

For the week_______ - ____ $61,095,278 $26,457,310 $16,417,478 $13,276,969
Previously reported---___ - 956,535,266 600,282,175 384,566,384 386,108,090
W
Total 21 weeks................. $1017630544 $626,739,485 $400,983,862 $399,385,059

Auction Sales.— Among other securities, the following,
were rocently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

n o t u s u a ll y d e a lt in a t th e S tock E x c h a n g e ,

Per cent.
Shares. Stocks.
Per cent. Bonds.
$1,000 Kings Co. Gas & 111. 1st
25 Colonial L. Ins. (Jersey C.)___ 304
5s, 1940........................ 9 7 «
34 Maryland Coal, pref. (Alleghany
Co.), 90% canceled------ $5 per sh. $10,000 Dreamland mtge. St inc.l
6s, ctf. dep.................)*1,000
34 Maryland Coal, com. (W. Va.),
S18 per sh. $7,000 Estates of Long Beach 6s I
5 Rumson Country Club___ $21 per sh. 140 shares Estates of Long Beach j

By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
3 Phil. Life Ins., $10 each........... 10H
20,Northern Nat. Bank_________ 200
4|Flre Assoc, of Phil., $50 each...336
15 Girard Trust Co...... .......... .......900.
25 Land Title & Trust................. -505M
62 Phil. Ger. St Norris. RR., $50
» each_____________________ 14354
12 Philadelphia Trust Co............... 756
181Provident Life & Trust_______ 845
20|Pa. Co. for Insurances, Sec____ 7151S
s|lns. Co. of State of Pa............... 100J*
10 Darby Bank, $50 each................. 55
8:Fourth Street Nat. Bank..285-285}£
27 Girard Nat. Bank................... 360
40'Bryn Mawr Trust C o ........... - 60
17tCommerclal Trust Co._.405M-400}4
4,Pa. Fire Insurance Co___ 410-411
10 Frank. & So’wark Pass. Ry___ 343

Shares. Stocks.
$ per sh.
33 Nor. Liberties Gas, $25 each... 42
2 Keystone Watch Case Co............65 \i
25 Amor. Pipe & Constr. Secur., pf. 95
1 J. B. Stetson, common............. 370M
Bonds.
Per cent.
810,000 New Orleans Ry. St Lt.
deb. 68, 1918..................... 100
4.000 Empire Gas St Fuel 1st &
coll. 6s, 1926____
100
2.000 Am. Pipe Mfg. coll. 5s,
Ser. A, 1927...................... 90
500 Berkeley & So. Norfolk
Wat. & El. Lt. 6s, 1918..-100H
500 Springfield Water 5s, 1926. 89
9.000 Philadelphia, City, 3s, 1918 07H
2.000 U. S. Glass 1st 5s, 1923... 92H
200 Am. Real Est. Co. 6s, 1925 42

Gold.

S ilv e r .

Great Britain--------France------------------Germany............. —
West Indies________
Mexico........... ..........
South America_____
All other countriesTotal 1916.............
Total 1915.............
Total 1914.............

Since
Jan. 1.

Week.

flrpfit. "Rrltftin
______ - - - - - - Frnnnft
fJopmunv
West Indies____________________
__
Mexico -r-.
-■ - - - - - - - - - - - South America _____ . . . . . . . . .
All other countries.........................
Total 1916.............
Total 1915.............
Total 1914.............

Imports.

Exports.

Week ending Mag 27

$5,774,998
$20,200 14,150,841
550,000
150,000
7,284,231
2,607,140

Week.

Since
Jan. 1.

$3,693

$9,398,555
14,840

2,840
1,652
50,405
65,579

9,493,451
1,191,113
3,840,160
1,127,463

$170,200 $30,367,216 $130,169 $25,065,582
558,432
131,820 4,465,328 2,076,934
128,410
142,953
9,121,450 34,610,647
$13,483
3,930

$1,133,039 $18,481,154
2,600
$1,960
8,322
173,280

65,980
,828,893
,256,243
572,187

$1,152,411 $20,151,803! $183,562
524,936 17,431,330, 103,305
1,031,028 17,257,0551 422,946

,740,716
,120,224
,387,960

789,208
29,467
839,074
10,300

4,905
14,467

Of the above exports for the week In 1916, $170,200 were American gold coin.

The Federal Reserve Banks.— Following is the weekly statement issued by theFederal Reserve Board on May 27.
Bank deposits and cash resources o f the Federal Reserve banks show further increases o f 13.7 and 14.8'
aU^nofc
‘ oxcoot
reserve transfers by member banks during tho past week. Combined gold « ® e r v « o f the bulks tacreMedover^10.5^millions,, all the'& & ..•
JJS
New York, Boston and Minneapolis, reporting substantial gains in their gold holdings, mainly as tho result of transfers or gold to tnoir credit
° U 1 The°New°York bank’s®go“ “
ldingsn'decreased since the previous week by 4.6 millions.
Reserve Agent to reduce the banks’ liability on outstanding Federal Reservo notes, rhis decrease

E ffi'ft S K S S

’L £ ‘ U,? " Sp ^ b y T d ^ ™
o f 6abmRra3
A s ^ i o u t 4 X miniums

U

K c V ta in

-m i;

S i ‘ S rS . i r? S o S S go f*.nd
O h0
S S S W tho Federal Braee.e A g . „ « Malnst Vtiera,
eu ttyd tog, total at present $515,255,000, compared with $526,213,000 about three months provious. Tho g r e a s e in the Agontsi gold holdings since
Feb. 25 was $7,659,000, while the banks show a decrease o f gold during tho same period o f $3,299,000, or a total decroaso for.th o system .or
nearly 11 millions, notwithstanding the gain o f about 25 millions in gold deposited by r o ^ b e r b a n k s during the past two weeks. As against
this decrease in gold holdings tho investments o f the banks show an increase during
in fo ld
circulation a
decrease o f $11,979,000. It is evident, therefore, that practically aU investments for tho g a r t e r t P n i the largest gain Acceptances on
Discounted paper on hand increased during tho week over ono-half million, tho St. Louis b a n k n®of the total bills’ on hand 37 7%
hand show an equal gain, notwithstanding tho smaller figures shown for tho Boston » n
d
Yor k tenta. Of tho total bills on hand, 37.( /
a
mature within 3(5 days and 33.9% after 30 but within G days. The amount of agricultm^ and »ve-stock paper^matur ng after 9 0 days was
O
$3,668,000, or 18% o f tho total discounts held. About two-thirds of this class of paper was heldl by the'Dallas, KansasCity ana Chicago banks
The holdings o f United States bonds show an increaso o f $105,000, three banks reporting boH?
for thn week. No chango appea( s in
i
the amount o f one-year Treasury notes held by the banks. Tho not addition to warrants on hand Is less than one-half million dollars, San Iran
cisco reporting the largest gain under this head.

j 111 bll LUlttulUU t aliU dSBlbgavL lirtwiuviui u j/vu

x w .j
w

w

u

.

. .

i •

i t •, •

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^le 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.
apt
Mag 26 1916 Mag 19 1916 Mag 12 1916 Mag 5 1916.\ . 28 1916 Apr.20-21’16 Apr. 14 1910 April 7 1916. Mar. 311916

RESOURCES.
*245,778.000 *258.052,000
Gold coin and certificates In v a u l t . . . . . . . . . __ $242,985,000 $246,812,000 $238,485,000 $232,284,000 $234.304,000 $239,882,000 $245,714,000 80,011.000 75,640,000
91,991,000 77,971,000 71,911,000 72,621,0001 75.421,000 74,785,000 75,690,000
Gold settlement fund...................... ..............
1,549,000
1,648,000
1,473,000
1,495,000
1,692,000
1.457,000
1,778,000
1,825,000
2,163,000
Gold redemption fund with U. S. Treasurer..
$327,338,000 $335*240,000
Total gold reserve_____ . . . . . _____ ___ $337,139,000 $326,608,000 $312,174,000 $306,597,000 $311,182,000 $316,140,000 $322,899,000 11,600,000
9,938,000
9,505,000 11,504,000
7,927,000 10,259.000 12 ,011,000
Legal tender notes, silver. &c.......................... 21,972,000 17,697,000
$338,938,000 *345.178.000
Total reserve_______________ . . . . . . . . . $359,111,000 $344,305,000 $320,101,000 $316,856,000 $323,193,000 $325,645,000 $334,403,000
Bids discounted and bought—
Maturities within 10 days-------------------Maturities from 11 to 30 days_________
Maturities from 31 to 60 days_________
Maturities from 61 to 90 days-------------Maturities over 90 days............................
Total.................................................
•Acceptances (Included in above)....................
Investments: U. 8 . bonds_________________
One-year U. B. Treasury notes..
Municipal warrants...................
Total earning assets_______ . . . . . --------




$9,471,000
18.064.000
24.748.000
17.122.000
3,668,000

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

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

$9,623,000 $9,153,000
13.623.000 15.291,000
27.568.000 t27.598,000
14.487.000 tl4,585,000
2,406,000
2,646.000

$9,048,000
13.868.000
26.137.000
15.124.000
2,127,000

$7,232,000
15.905.000
23.674.000
17.605.000
1,954,000

*6,911,000
13.558.000
21.930.000
20.134.000
1,861,000

$7,126,000
11.721,000
21.409.000
19.453.000
1,966,000

$73,073,000 $71,995,000 $69,203,000 $67,947,000 $69,033,000 $60,304,000 $66,270,000 $64,384,000 $61,675,000
$52,708,000 $52,186,000 $49,196,000 $47,647,000 $47,585,000 $44,237,000 $44,108,000 $42,116,000 $40,408,000
$51,942,000 $51,837,000 $51,268,000 $50,137,000 $45,841,000 $45,204,000 $44,924,000 $45,226,000 $40,275,000
1,932,000
3,234,000
3.840,000
3,840.000
3,840,000
3,840,000
3,840,000
3,840,000
44,946,000 44,482,000 40,285,000 39,154,000 36.933,000 35,892,000 35,706,000 35,256,000 33,015,000
$173,801,000 $172,154,000 $164,596,000 $161,078,000 $155,647,000 $151,240,000 *150.134.000 *146.798.000 $134,965,000

2053

THE CHRONICLE

June 3 1916.]

May 26 1916 May 19 lOiejlMay 12 1916 May 5 1916. Apr. 28 1916 Apr.20-21’ 16 Apr. 14 1916 April 7 1916. Mar. 311916
RESOURCES (Concluded).
Brought forward (total reserve «S cara’g assets) 8532,912,000 $516,459,000 $484,697,000 $477,934,000 $478,840,000 $476,885,000 $484,537,000 $485,736,000 $480,143,000
c
Federal Reserve notes—Net------------------------Due from Federal Reserve banks—Net--------All other resources................................- .............

$26,433,000 $26,472,000 $26,053,000 $26,309,000 $21,604,000 $21,731,000 $22,159,000 $21,761,000 $25,118,000
16,512,000 19,448,000 15,752,000 17,328,000 14,658,000 17,515,000 16,825,000
11,161,000 13,128,000
9,493,000
5,992,000
4,975,000
7,587,000
4,691,000
3,576,000
4,023,000
4,123,000
4,533,000
8585,350,000 $568,371,000 $531,193,000 *525,694 O O $519 635 000 $519,707,000 *527,544,000 S526.245,000 5523,364,000
O

LIABILITIES.
Capital paid In.................. ......... .........................
Government deposits.........................................
Reserve deposits—N e t ..------- ---------------------Federal Reserve notes—Net----------------- -------Federal Reserve bank notes In circulation----All other liabilities...............................................

547930
0

$54,875,000 $54,870,000 $54,850,000 $54,862,000 $ ,
, c $54,843,00C $54,845,00C $54,843,00C $54,888,000
44,131,000 40,475,000 38,153,000
40,414,000
40,660,00(
34.732.00C
37.016.00C
35,291.00C
38,469,000
476,680,000 463,022,000 427,810,000 419,943,000 413.011.00C 417.349.00C 426.507.00C 423.497.00C 419,987,000
7,706,000
8,018,000
8,402,000
8,573,000
9.500.00C
8,851.00C
9.617.00C
9.511.00C
8.903,000
1,732,000
1,736,000
1,751,000
1,694,000
1,669,00C
1.964.00C
1,423,00C
1,251,00C
964,000
226,000
250,000
227,000
208,000
651,000
153,000
643,000
526,000
138,000

Total liabilities...................................... $585,350,000 $568,371,000 $531,193,000 $525,694,000 $519,635,000 $519,707,000 $527,544,000 $526,245,000 $523,364,000
65.8%
70.1%

66.4%
70.0%

68.1%
69.8%

67.9%
70.2%

69.5%
72.2%

71.1%
73.2%

71.1%
73.7%

71.3%
73.9%

73.8%
76.0%

70.6%

70.5%

70.4%

70.7%

72.8%

74.0%

74.4%

74.6%

76.7%

(a) Less Items In transit between Federal Reserve banks, viz_______________________ $16,512,000 $19,448,000 $15,752,000 $17,328,000 $14,658,000

17.515.000

Gold reservo ag’st net dep. & note liabilities (a)
Cash reserve ag’st net dep. & note liabilities (a)
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against aggregate net liabilities on F. R . notes In
circulation ( a ) . . . .......................... ............

16,825,000 $11,161,000 $13,128,000

Federal Reserve Notes—

$187,248,000 $186,000,000 $187,166,000 $187,452,000 $185,424,000 $186,643,000 $186,761,000 $199,536,000 $190,232,000
27,859,000 27,761,000 27,218.000 27,146,000 22,330,000 22,324,000 22,526,000 22,219.000 27,166,000
In hands of banks------------------------- -------

In circulation.......................... ..................... $169,389,000 $158,239,000 $159,948,000 $160,306,000 $163,094,000 $164,319,000 $164,235,000 $168,317,000 $163,068,000
Gold and lawful money with Agent.................. $178,116,000 $176,693,000 $177,599,000 $178,042,000 $175,847,000 $176,433,000 $176,883,000 $180,578,000 $179,281,000
26,433,000 26,472,000 26,033,000 26,309,000 21,604,000 21,731,000 22,159,000 27,161,000 25,118,000
Carried to net assets------------ --------- -------------7,700,000
8,018,000
9,617,000
9,511,000
9,500,000
8,402,000
8,573,000
8,851,000
Carried to net liabilities.....................................
8,903,000

Federal Reserve Notes (Agents' Accounts)—

Received from the Comptroller.............. .. $289,980,000 $289,980,000 $289,980,000 $287,580,000 $286,140,000 $281,140,000 5278,980,000 $278,980,000 $277,9S0,000
43,583,000 42,226,000 41,320,000 40,386,000 39,507,000 38,451,000 37,621,000 33,276,000 32,633,000
Returned to the Comptroller-------------------

Amount chargeable to Agent.............. $246,397,000 $247,754,000 $248,660,000 $247,194,000 $246,633,000 $242,689,000 $241,359,000 $245,704,000 $245,347,000
In hands of Agent---------------------- ----------59,149,000 61,754,000 61,494,000 59,742,000 61,209,000 56,046,000 54,598,000 55,168,000 55,115,000
Issued to Federal Reserve banks____ $187,248,000 $186,000,000 $187,166,000 $187,452,000 $185,424,000 $186,643,000 $186,761,000 $190,536,000 $190,232,000

How Secured—

By gold coin and certificates.................. . $122,387,000 $119,907,000 $119,907,000 $120,317,000 $117,487,000 $117,652,000 $117,823,000 $120,953,000 $120,883,000
I5y lawful money................. .......................
By commercial paper................
9,132,000
9,307,000
9,567,000
9,577,000
9,410,000
10,210,000
9,878,000
9,958,000 10,951,000
8,159,000
Credit balances In gold redemption fund..
8,306,000
8,802,000
8,995,000
9,210,000
9,631,000
9,380,000
9,905,000
9,918,000
47,570,000 48,480,000 48,890,000 48,730,000 49,150,000 49,150,000 49,680,000 49,720,000 48,480,000
Credit balances with Federal Reserve B 'd .
T o t a ..................................................... $187,248,000 $186,000,000 $187,166,000 $187,452,000 $185,424,000 $186,643,000 $186,761,000 $190,536,000 $190,232,000

Commercial paper delivered to F. R . Agent..

$10,208,000 $10,720,000 $10,212,000

*lncludlng bankers' and trade acceptances bought In the open market

$9,978^000 $10,242,000 $10,725,000 $10,743,000 $10,770,000 $11,180,000

t Amended figures.

WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 26 1916
Boston.
RESOURCES.

New York. Philadel'a. Cleveland. Richmond. Atlanta.

Chicago.

S

St. Louit. Minneap. Kan. City
$

$

Gold coin & ctfa. In vault 7,042,000 142,261,000 6,709,000 12,180,000 5,155,000 6,483,00037,658,000 5,876,000, 6,142,000
Gold settlement fu n d ... 10,381,000 2,045,000 14,881,000 11,217,000 13,072,000 4,714,000 3,877,000 4,419,000 4,711,000
464,000
478,000
200,000
51,000]
30,000
661,000!
50,000
70,000
6,000
Gold redemption fund..
Total gold reserve___ 17,428,000 144,867.00021,640,000,23,,467,000 18,691,000 11,675,000 41,735,0
736,000! 1, 061,000
184,000 343,000 2,127,0
334,000 14,441,000
Legal-ten .notes .8 1v . ,&o.
1

Dallas. San Fran.I

3

,

Total.

.

4,234,000 3,859,000!5,386,000^42,985,000
7,538,000 9,033,000 6,103,000 91,991,000
60,000 184,000____ 10,000: 2,163.000

10,346,00010.883,00011.832.00013,076,00011,499.0001337,139,000
995,000
673,000
186.000, 884,000
8,000| 21,972,000

Total reserve________ 17,762,000 159,308,000,22.370,000 24,528.000|l8,875,00012,018,00043.862,00011,341,000|11.556,00012.018,000'13,960.00011,507,000{359,111.000
Bills:
324,000
— ,— . — ,— , 6,344,000 3,028,000 1,809,000
812,000
301,000}
____
905,000] 658,000 1,806,000 4,837,000
— . 20,365,000
405,0001 „ „ „ _____
Discounted—Members 136,000
Bought In open mfct._,10,334,000 17,695,000 8,736,000 2,791,000 806,000 1,239,000 3,059,000 2,139,000 1,360,000 1,278,000 ............ . 3,371,0001 52,708,000
Total bills on h a n d ... 10,470,000 17,919,000 9,548,000 3,092,000| 6,150,000, 4,267,000 4,868,000, 3,044,000| 2,018,000 3,084,000 4,837,000 3,776,000 73,073,000
Investments: U. 8. bds. 3.082.000
250,000
One-yr. U.8. Tr. notes
Municipal warrants.. 4.244.000

3.489.000 3,538,000. 6,352,000 1,605,000 2,034,000 9,753,000 2,959,000--------------- - 9,311,000 2,866,000 3,609,000 51,942,000
,— .---- 3,344,000
„„„
1.532.000
462,000 .'............. ] 456]000.
___ ____} OOV,UW O U U
U ,U U
380,000, 350,000 tiu ,w u ...............j ............... 3,840,000
410,000
“
,00ffl
5,801,000 1,749,000] 2,078,000 1,308,000 .............. 2,850,000 44,946,000
‘

Total earning assets.. 18,046,000, 40,040.00017,627,00015,121,000] 8,271,000 6,301,00020,422,000: 8,132,0

7,790,00014,113.000 7,703,00010.235,000173,801,000

Fed. Rcs’ve notes—Net 1,054,000j 13,986,000
138,000
530,000
1,402,000 1,615,O O 1,049,00Cl| 1,803,000] .............. .............. 4,856,000 26,433,000
O!
| ..............
Duo rrom other Federal
Reserve Banks—Net. 4,660,000 ................ ! 4,062,000 1,359,000' 1,602,000
240,000 7,616,000 1,179,00C1 751,000 1,477,000
230,000 2.131.000al6.512.000
161,000j 3,581,000
All other resources........
211,000
490,000
175,000
982,000
545,000
471.00Cij 127,000
994,000 1,663,000
93,000 9,493,000
Total resources.......... 41,683,000]216,915,000 44,414.000 42,028,000 28,923,000 20,943,000 74,060,00022,172,00022,027,000 28,602,000 23,556,000 28,822,000,585,350,000

LIABILITIES.

Capital paid In........ ..... 4.943.000 11.283,000, 5,216,000 5,066,000 3,350,000 2,469,000 6,672,000! 2,794,000 2,574,000 3,003,000. 2,675,000 3,930,000; 54,875,000
Government deposits... 1.826.000 8:753,000, 3,082,000 1,190,000 6,358,000 7,490,000 2,923,000 2,778,000
678,000
865,000 6,236,000 1,952,000 44,131,000
Reserve deposits—Net- . 34,861,000 188,084,00036,116,00034,872,00015,052,000 10,866,00064,465,00016,600,000 18,775,000 22,257,000!11,792,000 22,940,000 476,680,000
'
Fed. Rcs’ve notes—Net.
4,108,000 .............. .........
7,706,000
745,000 2,853,000 ..............
F.R.bank notes In clrc'n
1,732,000] ................................. ; 1,732,000
8,795,000
Due to F.R.banks—Net
53,000
55,000, 118,000
All other liabilities.
”'

226,606

Total liabilities........... 41,683,000216,915,000,44,414,000 42,028,000 28,923,000 20,943,000,74,060,000 22,172,00022,027,000 28,602,000 23,556,000 28,822,000585,350,000

Federal Reserve Notes—

Issued to banks.......... 10,558,000 74,742,000 0,485,00010,428,00010,350,00014,432,000 3,673,000' 6,956,000]l3,137,000 9,368,00015,209,00011,910,000187,248,000
138,000
630,000
512,000] 1,402,000 1,615,000: 1,049,000] 1,803,000
340.000
674,000 4,856,000 27,859,000
In hands of banks_ _ 1,054,000 13,986,000
_

F .R . notes In circulation 9,504,000 60,756,000] 6,347,000 9,898,000 9,838,00013,030,000 2,058,000 5,907,000,11,334,000 9,028,00014,035,000 7,054,000159,389,000
Gold and lawfu Imoney
with agent__________ 10.558,000 74,742,000 6,485,00010,428,000] 5,730,00014,432,000; 3,673,000] 6.956,00013,137,000 8,283,000,11,782,00011,910,000178,116,000
138,000, 630,000 .............. | 1,402,000 1,615,000] 1,049,000 1,803,000 _______ _ ________ 4,856,000 26,433,000
Carried to net assets___ 1,054,000 13,986,000;
745,000 2,853,000 .............. ! 7,706,000
Carried to net Uabllltlcs. .............. ................. ! ..................................I 4,108,000 ............... ...............1 ............... ............ .

1

0

a Items in transit, 1. ., total amounts due from less total amounts due to other Federal Reserve banka.

STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS MAY 26 1916.
Boston.

New York. Philadel’a. Cleveland. Richmond: Atlanta.

Chicago.

St. Louis. Minneap. Kan. City . Dallas.

San Fran.

Total.

Federal Reserve Notes—
t
$
S
%
$
$
$
Rco’d from Comptrol’r 20,380,000 116,240,000 15,48*0,000 13,360,000 17,000,00020,400,000 9,38*0,000 9,6(K),000 19,000,000 13,000,000123,580,000 12,56*0,OOoUo.OSO.OOO
Returned to Comptro’r 2,642,000 26,698,000 2,902,000 1,232,000 3,250,000 1,872,000
882,000
826,000
233,000
714,000 1,682,000
650,000: 43,583,000
Chargeable to A gen t... 17.738,000 89.542.000 12,578,000 12,128,000 13,750,000 18,528,000 8.554.000 8.718.000 18,767,000jl2,286,000'21,898,000 11,910,000 246,397,000
In hands of F.R.Agent 7,180,000 14.800.000 6,093,000 1,700,000 3,400,000 4,096,000 4.881.000 1.762.000 5,630,000 2,918,000 6,689,000

59,149,000

Issued to F. R . bank. 10,558,000 74,742,000 6,485,000 10,428,000 10,350,000 14,432,000 3,673,000 6,956,000 13,137,00(^ 9,368,00015,209,000 11,910,000 187,248,000
Held by F. R . Agent—
Gold coin & certfs----- 9,700,000 73,117,000 3.360.000 9,700,000
2.850.000 10,120,000 4,000,000 |9,540,000
122,387,000
Credit balances:
858,000 1,625,000
In gold redemption f’d
530,000
363,000
356,000
728,000
667,000! 583,000
982,000
355,000
762,000
350,000 8.159.000
5,200,000 13,450.000 3,310,000j 3.750.000 2,350,000 3.700.000 1,480,000 11,560,000 47,570,000
With F. R. Board----2.770.000
Notes secured by com4,620,000]
merclal paper_______
1.085.000| 3,427,000
9.132.000
T o t a l...................... 10,558,000 74,742,000 6,485,000 10,428,000 10,350.000] 14,432,000 3,873,000j 6,956,00o' 13,137,000 9,368,000jl5,209,000 11,910,000 187,248,000
delivered to F.R.Ag’t —...........




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

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

............. 4,934,0001 .............

............. 1 .............

_______

1,085,0001 4,189.0001

10,208,000

2054

THE CHRONICLE

[Vol. 102

Statement of New York City Clearing House Banks and Trust Companies.— The following detailed statement
shows the condition of the New York City Clearing House members for the week ending May 27.
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
g ven. In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
a'so the grand aggregates, for the three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
Capital.
MEMBERS.
Week Ending
May 27 1916.
(00* omitted.)

Net
ProfUs.

Loans,
Discounts,

(Nat.B’ksM ar 1
1
State BksMar. 17/

Cold.

tfee.

Members of Federal
Average.
Reserve Bank.
3
S
$
Bank of N. Y., N.B.A
2,090,0 4,844,5
35,155,0
Merchants’ Nat. Bank 2,000,0 2,336.7
29,105,0
Mech. & Metals N at.. 6,000,0 9,522,0 127,130,0
National City Bank__ 25,000,0 a39,109,1 416,576,0
Chemical Nat. Bank__ 3,000,0 8,079,7
36,427,0
Atlantic National Bank 1,000,0
787,9
12,091,0
Nat. Butchers’ & Drov.
83,4
300,0
2,378,0
Amer. Exch. Nat. Bank 5,000,0 4,987,6
79,216,0
National Bank of Com. 25.000,0 18,259,8 235,658,0
Chetham & Phenlx Nat
3.500,0 1,970,6
61,830,0
Hanover National Bank 3,000,0 15,640.3 127,200,0
27,048,0
Citizens' Central Nat.. 2,550,0 2,481,2
10,201,0
Market * Fulton Nat.. 1,000,0 1,981,1
33,005,0
Importers’ & Traders’ - . 1,500,0 7,704,9
National Park Bank__ 5,000,0 15,625,1 149,474,0
72 7
2.107,0
East River Nat. Bank. .
250 0
Second National Bank. 1,000,0 3,358,6
18,123,0
First National Bank__ 10,000.0 23,337,5 164,396,0
Irving National Bank.. 4,000,0 3,922,9
70,086,0
N. Y. County Nat. Bk.
500,0 1,296,4
10,481,0
Chase National Bank.. 5,000i0 10,468^6 189,943,0
Lincoln National Bank. 1,000,0 1,950,7
18,919,0
9,701,0
Garfield National Bank 1,000,0 1,273,3
416,1
5,077,0
Fifth National Bank...
250,0
40,232,0
Seaboard Nat. Bank__
1,000,0 2,860,5
51,200,0
Liberty National Bank. 1,000,0 3.376,1
72S.8
9,399,0
Coal & Iron Nat. Bank. 1,000 0
12,677,0
Union Exchange Nat_ 1.000,0 1.096,1
1,000,0 1.134.4
9^959,0
Nassau Nat. Bank___
19,248,0
Broadway Trust Co__
1,500,0
920,9

Legal
Tenders.

Silver.

May
State Banks.
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co.
Bank of America_____
Greenwich Bank_____
Pacific Bank.................
People’s Bank......... .
Metropolitan Bank___
Com Exchange Bank..
Bowery Bank........... .
German-Amerlcan Bank
Fifth Avenue Bank___
German Exchange Bank
Germania Bank______
Bank of Metropolis___
West Side Bank.........
N. Y. Produce Ex. Bk.
State Bank............... ..

6

2,950,0
1,500,0
500,0
500.0
200,0
2,000,0
3,500,0
250,0
750,0
100,0
200,0
200,0
1,000,0
200,0
1,000,0
1,500,0

2,014.961,0
2,009,706,0
1,998 320 0
.......... 1,981.868,0

4,930,4
6,308,1
1,205,9
1,008,2
447,6
2,015,2
7,026,4
797,4
758,3
2,293,6
826,9
l t077r
0
2,154,1
630,6
1,048,4
581,5

Totals, avge. for week. 15,450,0 33,109,6
May 27
May 20
May 13
May 6
Trust Companies.
Not Members of
Federal Reserve Bank.
1,500,0 3,817,4
Brooklyn Trust Co___
Bankers Trust Co____ 10.090,0 15,914,2
U .S.M tge.A 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____
1,000,0 1,230,3
Lawyers’ Title * Trust. 4,001,0 5,378.0
Columbia Trust Co___ 2,000,0 7,779,1
1,000,0 1,622,5
People’s Trust Co____
New York Trust Co__ 3,000,0 11,268,6
1,000,0 1,311,4
Franklin Trust Co____
Lincoln Trust Co____
1,000,0
514.8
Metropolitan Trust Co. 2,000,0 6,416,7

Addit'al
Reserve DeposUs
with
with
Net
Legal
Legal
Demand
Deposi Deposi DeposUs.
taries.
taries.

170,562,0
175,501,0
177 310 n
181,639,0

45,800,0
32,254,0
11,837,0
6,147,0
2,323,0
14,590,0
86,554,0
4,291.0
5,930,0
17,059,0
4,923,0
6,190,0
13,936,0
4,561,0
11,922,0
22,799,0

46,354,0 51,666,0
51,810,0 53,971,0
48 097 0 fll 281 0
,
io
42]24o!5 68062

7,227,0
3,591,0
1,035,0
210,0
128,0
992,0
7,463,0
363,0
546,0
2,046,0
505,0
663,0
926,0
273,0
1,425,0
1,944,0

289,648,0
291,537,0
287,445,0
278,850,0

1,630,0
1,507,0
1,714,0

..........

+447lo

1,460,0
663,0
460,0
86,0
137,0
661,0
4,616,0
52,0
113,0
1,109,0
150,0
142,0
446,0
179,0
366,0
484,0

97,0
62,0
350,0
120,0
3,0
47,0
660,0
28,0
9,0
30,0
91,0
80,0
43,0
30,0
89,0
161,0

.........

8,299,0 11,124,0

1,900,0

..........

28,875,0 8,871,0 13,827,0
30,449,0 8,865,0 10,251,0
34.403,0 11,906,0 9,919,0
33.401,0 17,907,0 10,705,0

1,785,0
1,739,0
1,888,0
1,904,0

291,116,0 29,337,0

1,190,0
1,655,0
183,0
553,0
73,0
1,020,0
1,332,0
42,0
217,0
400,0
55,0
54,0
344,0
190,0
344,0
647,0

..........

Average. Average. Average. Average. Average.
s
3
3
3
S
2,289,0
31,578,0 +694,0
795.0
2,069,0
1,806,0
29,377,0
10,008,0
138,457,0 2,677,0 4.945.0
33,922,0
434,535,0 12,027,0 1.799.0
2,293,0
3+065,0
450.0
1,123,0
13,239,0
50.0
181,0
2 353 O
188,0
47.0
8,460,0
76,545^0 3,618,0 4.893.0
18,213,0
239,479,0
580,0
155.0
4,806,0
6+402,0 5,294,0 1.771.0
11,728,0
148,102,0
130.0
2,209,0
24,669,0 +308,0 1.026.0
709,0
10,55+0
188.0
2,245,0
29,138,0
51.0
12,001,0
152,428,0 1,468,0 3.556.0
2,408 0
227,0
50.0
1,223^0
696.0
15,78+0
12,174.0
155,842,0
125,0 4.919.0
5,965,0
124,0
640.0
77,153,0
737,0
10,617,0
198.0
15,100;o
207,796,0 9,130,0
450.0
1,318,0
19,0
893.0
19,265,0
777,0
398.0
9,84+0
381,0
5,290,0
10+0
248.0
3,944,0
24.0
46,164,0
4,358,0
54,353,0 2,86+0
500.0
0 121 0
626,0
200,0
412.0
934,0
12,557,0
21,0
395.0
666,0
9,536,0
32,0
50.0
l,530i0 ..........
305,0
20,332,0
2,708,0 162,215,0 ......... 2,079,074,0 4+765,0 31,535,0

2,515,0 162,964,0
2,076,577,0 41,760,0 31.671.0
2,571,0 160,623,0
2,083,458,0 40,962,0 31.646.0
41 1 *5 n 31.730.0
3
165 053 O
2^15910 16441+0 .......... 2,060,568|o 40!722[0 31.682.0

5,0

3,282,0 1,669,0

900,0

.........
44,0 13,207,0 16,969,0

52,142,0
30,419,0
12,782,0
5,45+0
2,622,0
13,243,0
10+705,0
3,884,0
5,993,0
17,896,0
4,910,0
6,210,0
13,387,0
4,679,0
13,447,0
25,286,0
314,056,0

+032,0

.........

40,0 12,373,0 17,362,0
42,0 12,90+0 16,753,0
47.0 8,705,0 18,159,0
46,0 8,424,0 15,882,0

314,473,0
315,610,0
316,723,0
313,604,0

1,032.0
1,032,0
1,092,0
1,092,0

27,58+0
211,818,0
44,25+0
24,38+0
20,617,0
376,190,0
7,559,0
17,704,0
72,399,0
19,417,0
56,239,0
17,937,0
12,582,0
67,934,0

6,869,0
2+419,0
12,206,0
7,353,0
78+0
29,943,0
839,0
+320,0
16,410,0
+429,0
7,750,0
3,829,0
658,0
7,595,0

717,0

157,0

2,0
17,0

198,0

4,24+0 5,759,0
233,0
17,0
215,0

_

290,0
98,0
295,0
803,0 1,770,6
28+0
9+0
+176,0 6,155,0
1,517,0 1,212,0

20,6

35,383,0 1,882,0
224,567,0 20,656,0
56,579,0 3,389,0
30,942,0 2,277,0
41,131,0 1,884,0
390,617,0 31,211,0
612,0
9,489,0
25,414,0 1,330,0
87,987,0 6,035,0
20,496,0 1,425,0
70,221,0 4,135,0
21,330,0 1,343,0
12,897,0
793,0
64,382,0 4,993,0

159,0
160,0
66,0
10,0
400,0
3,171,0
61,0
518,0
172,0
126,0
542,0
189,0
73,0
712,0

436,0
356,0
856,0
150,0
207,0
4,313,0
101,0
56,0
800,0
315,0
641,0
209,0
344.0
519,0

233,0
19 0
161,0
39,0
200,0
482,0
33,0
17,0
207,0
129,0
30,0
68,0
57,0
323,0

..........

28,0 1,379,0 2,945,0
20 0 10,59+0 12,340,0
5,0 2,212,0 9,392,0
1,166,0 1,285,0
14,0 1,33+0 3,43+0
_.
18,809,0 1,360 0
377,0
364,0
11,0
885,0
770,0
87,0 3,020,0 3,299,0
22,0
97+0 2,087,0
45,0 2,841.0 6,133,0
4,0
897,0
810,0
8,0
629,0
577,0
6,0 2,897,0 2,510,0

Totals, avge. for week. 64,750.0 104,447,0 1,091,435,0 81,965,0

6,349,0

9,303,0

2,004,0

..........

250,0 48,605,0 47,303,0

1,098,286,0 80,412,0 6,193,0 9,323,0
1,078,762,0 83,941,0 6,251,0 8,416,0
1,084,594,0 82,452,0 8,810,0 5,256,0
.......... 1,079,066,0 82,511,0 8,371,0 5,786,0
Grand Aggregate, avge. 185,550,0 327,184,1 3,396,593,0 284,719,0 62,329,0 71,497,0
Comparison prev. week ..........
.......... + 17,376,0 —8,987,0 —5,521,0 — 4,222,0
Grand Aggregate.actual condition May 27 3,402,895,0 279,849,0 61,418,0 74,816,0
Comparison prev. week ..........
.......... + 22,890,0 — 10042 0 —5,508,0 + 2,178,0
condition May 20 3,380,005,0 289,891,0 66,926,0 72,638,0
condition May 13 3,370,359,0 294,165,0 68,813,0 76,456,0
condition May 6 3,339.784,0 297,551,0 68,518,0 74,553,0

1,947,0
1,987,0
1,947,0
1,934,0

Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

condition
condition
condition
condition

National
Net
Bank
Time
Circula
DeposUs. tion.

Average. Average. Average. Average. Average. Average.
$
S
$
S
$
S
1,935,0
979,0
877,0
4,0
1,456,0 1,384,0 1,413,0
17,0
6,0
17,552,0 2,498,0 3,790,0
76,0
25,0
51,431,0 6,060,0 4,728,0
109,0
770,0
1,432,0
958,0 1,364,0
47,0
1,315,0
105,0
347,0
28,0
42,0
86,0
41,0
191,0
6,0
3,921,0 1,710,0 1,343,0
92,0
33,0
5,712,0 3,964,0
17,489,0
24,0
10,0
3,274,0 1,378,0 2,029,0
349,0
184,0
21,785,0 3,617,0 2,393,0
18,0
18,0
389,0 1,099,0
1,123,0
50,0
9,0
867,0
439,0 1,461,0
52,0
348,0
1,328,0 1,444,0
7,0
____ _
70,0
7,891,0 3,011,0 5,553,0
73,0
34,0
275,0
10,0
152,0
32+0
432 lO
1,269,0
51,0
44,0
54,0
12,227,0 1,509,0 2,750,0
14,0
4,601,0 1,697,0 3,286,0
49,0
413,0
151,0
664,0
104,0
15,0
10,199,0 9,536,0 6,783,0
78,0 1,213,0
1,507,0
505,0
327,0
140,0
45,0
700,0
143,0
967,0
38,0
80,0
139,0
125,0
338,0
3,0
7,0
3,085,0 1,108,0 1,513,0
49,0
25,0
3,269,0 2,062,0
855,0
11,0
626,0
180,0
144,0
31,0
4,0
778^0
16,0
307jo
3061
0
368,0
525,0
34,0
109,0
497 iO
+670 jo
206,0
66 iO
26,0

115,350,0 189.627,5 2,014,042,0 173,417,0 47,681,0 51,070,0
May 27
May 20

Nat .Bank Nat .Bank Federal
Notes
Reserve
Notes
[Reserve
Bank
[Not
for Stale Counted
Notes
Institu
[Not
as
tions] . Reserve], Reserve].

May 27
May 20
May 13
May 6

235,0
248,0
274,0
285,0

48,933,0 46,585,0
47,947,0 44,162,0
47,249,0 58,652,0
48,733.0 4+123,0

35 0

6
,0
25,0

60,0

972,609,0 118,40+0
977,55+0
958,769,0
945,359,0
944,925,0

118,480,0
119,20+0
137,582,0
137,813,0

3,904,0
— 105,0

__ __
..........
1,630,0
— 10,0

3,002,0 224,027,0 64,272,0 3,365,739,0 16+198^0 31,535,0
—69,0 + 1,966,0 + 17130 + 1,786,0 —3,518,0
— 02,0

3,732,0
+ 6,0

1,507,0
—207,0

2,790,0 224,270,0 63,947,0 3,368,601,0 16+272,0 31,671,0
—71,0 + 2,799,0 + 3032 0 + 10,764,0
+ 25,0
+ 77,0

3,726,0
3,835,0
3,838,0

1,714,0
1,550,0
1,447,0

2,861,0 22+47+0 60,915,0 3,357,837,0 10+ 195,0 31.646.0
3,081,0 22+007,0 76,81+0 3,343,293.0 179,809.0 31.730.0
2,490,0 222,568,0 57,005,0 3,319,097,0 179,627,0 31.682.0

a Includes capital set aside for Foreign Branches, 53,000,000.
STATEMENTS OF RESERVE POSITION.
Averages.
Cask Reserve Reserve in
in Vault. Depositaries
Members Federal
Reserve Bank__ 272,168,000 162,215,000
State Banks*.......... 50.660.000 13.207.000
Trust Companies*. 99.621.000 48.605.000

Total
Reserve.

8

,383,000
,867,000
,226,000

a Reserve
Required.

Actual Figures.
Surplus
Reserve.

Inc. or Dec
Cash Reserve Reserve in
from
Previous Week in Vault. Depositaries

Total
Reserve.

b Reserve
Required.

Surplus
Reserve.

Inc. or Dec.
from
Previous Week

8
5
5
s
:
$
8
,321,570 68,001,430 -15,910,660 268,582,000 162,964,000 431,546,000375,871,860 55,674,140 —9,100,320
,530,080 7,336,920 — 1,389,780 53,358,000 12.373.000 65,731,000 56,605,140, 9,125,860 + 1,730,060
,891,350 2,334,050
+ 601,300 97,875,000 48.933.000 146,808,000,146,032.6501
175,350 — 1,551,300

Total May 2 7 ... 422.449.000224.027.000646.476.000 578 ,743,000 67,733,000 —16,729,140 419,815.000224,270,000644,085,000579,109,050 04,975,350—11,980,960
Total May 2 0 ... 441.284.000
222,061.000 663.345,000 578
,882,800 84,462,140 —5,975,940 433,181,000221,471,000054.652,000,577.695,690! 76,956,310—
-11,830,970
Total May 1 3 ... 442.303.000 220,783,000 603,146,000 572, 707,920 00,438,080 —2,598,570 443,269,000221.007,000 664,276,000575,488,720 88,787.280 —7,114,910
Total May 6. . . 445.327.000223.334.000688.661.000 575, 624,3501 93,036,650 —3,294,740.444.460,000222.568.000 607.028.000571,125.810 95,902,190 —2,344,920
• Not members of Federal Reserve Bank.
a This Is the reserve required on Net Demand Deposits In the case of 8tate Banks and Trust Companies, but In the case of Members of the Federal Reserve Banks
Includes also the amount of reserve required on Net Time Deposits, which was as follows: May 27, 32,088,250; May 20, $2,052,250; May 13, 32,043,150; May 0, $1,609,450.
b This Is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Banks
Includes also the amount of reserve required on Net Time Deposits, which was as follows: May 27, $2,088,000; May 20, $2,048,100; May 13, $2,050,750; May 6, $2,030,100




June 3 1916.]

THE CHRONICLE

2055

The State Banking Department reports weekly figures,
In addition to the returns of “ State banks and trust com
showing the condition of State banks and trust companies panies in New York City n o t i n th e C le a r i n g H o u s e , ” furnished
In New York City n o t i n th e C le a r in g H o u s e , and these are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering a ll the institutions of this class
SUMMARY OK STATE BANKS AND TRUST COMPANIES IN GREATER
in the whole State. The figures are compiled so as to distin
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.) Differences from
guish between the results for New York City (Greater New
May 27. previous week.
Loans and Investments............................ — .......... S728,000,800 Inc. $2,309,900 York) and those for the rest of the State, as per the following:
Gold........... __.......................................................... 62,031,500 Inc. 1,188,700
For definitions and rules under which the various items
Currency and bank notes_______________________
9,105,800 Dec.
50,100
Total deposits_______________________________ 921,608,400 Inc. 1,563,400 are made up, see “ Chronicle,” V. 98, p. 1661.
Deposits, eliminating amounts due from reserve
The provisions of the law governing the reserve require
depositaries and from other banks and trust com
panies In New York City, and exchanges............. 769,987,900 Inc. 7,432,200
Reserve on deposits____________________________ 215,861,400 Dec. 5,675,000 ments of State banking institutions were published in the
Prcccntage of reservo, 28.7%.
“ Chronicle” March 28 1914 (V. 98, p. 968). The regula
RESERVE.
-------State Banks------ - • Trust Companies---- tions relating to calculating the amount of deposits and what
—
Cash In vaults.................................$11,957,300 10.90% S59,180,000 9.23%
deductions are permitted in the computation of the reserves
Deposits In banks and trust cos___ 19,016,700 17.36% 125,677,400 19.62%
were given in the “ Chronicle” April 4 1914 (V. 98, p. 1045).
Total

$31,004,000 28.26%

$184,857,400 28.85%

The averages of the New York City Clearing House banks
and trust companies, c o m b in e d with those for the State banks
and trust companies in Greater New York City outside of the
Clearing IIouso, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in all these figures.
Demand
Deposits.

Specie.

Other
Money.

Total
Entire
Money Reserve on
Holdings. Deposit.

$
4,155,597,7
4,127,014,0
4,134,635,0
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

$
483,314,7
481,883,7
474,291,6
463,977,4
456,661,0
453,312,5
448,433,5
442,480,4
440,501,8
431,781,2
429,750,4
430,267,8
418,247,5

$
78,935,4
78,406,1
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

S
562,250,1
560,289,8
551,265.0
544,594,9
536,982,0
534,827,4
629,385,3
523,477,1
521,649,5
513.749,1
511,751,0
511,282,7
493,586,3

Week ended— Loans and
Investments
Mar. 4........
Mar. 11........
Mar. 18........

Mar. 25........
Apr. 1........
Apr. 8........
Apr. 15........
Apr 22 ........
Apr 29........
May 6........
May 13____
May 20____
May 27........

$
4,056,861,1
4.941,443,5
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

$
941,712,7
923,885,2
916,177,3
919,390,2
914,934,9
913,158,1
895,711,1
890,474.7
879,258,8
868,409,1
872,018,5
884,881,4
862,337,4

STATE BANKS AND TRUST COMPANIES.
Week ended May 27.

State Banks
Trust Cos.
Stale Banks
Trust Cos.
in
in
outside of
outside of
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
%
23,350,000

Surplus as of March 17..

$
75.550,000

40,158,600

Capital as of March 17__

$
11,783,000

S
14,050,000

171,767,100

14,654.000

13,362,500

Loans and Investments..
Change from last week.

379,571,100 1,723,071,000
+ 1,212,600 + 11,713,300

156,257,900
+ 623,000

227,317,500
+ 711,600

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

41,555,G O 140,552,800
O
— 1,257,800
— 458,400
21,058,100
+ 179.800

1

20,717,500
+ 3.792.100

Deposits______________
Change from last week.

526,343,700 2,046,124,600
+ 623,100 +24,920,300

168,993,100
— 1,539,700

243,024,900
+442,300

Reserve on deposits____
Chango from last week.

120,011,100
—3,114,400

401,550,000
+ 66,100

31,568,700
— 1,390,100

36,725,100
—638,000

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

28.3%
29.1%

23.9%
24.1%

2 1 .8%

18.7%
19.0%

22.7%

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

Non-Member Banks and Trust Companies.— Following is the report made to the Clearing-House by clearing nonmombor institutions which are not included in the “ Clearing-House return” on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
Week Ending
May 27 1916.
Members of
Fed’l Reserve Bank
Battery Park Nat..
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
Hudson Co. N., J.C.
First Nat., Hoboken
Second Nat., Hobok.

Net
Profits.

Capital.

Loans,
Discounts,
[Nat. bks. May. ll
Invest
[State bks. Mar. 171 ments, ifee.
S

200,000
300.000
300.000
400.000
250.000

220.000

125,000

Total__________
State Banks.
Nat Members of the
Federal Reserve Bank.
Bank of Wash. H’ts. 100,000
Colonial Bank_____ 400.000
Columbia Bank___ 300.000
Fidelity Bank_____ 200.000
Mutual Bank_____ 200,000
New Netherland___ 200,000
100,000
Yorkvlllo Bank____
Mechanics', Bklyn.. 1,600,000
North Side, Bklyn.. 200,000

Legal
Tenders.

Average. Average. Average. Average. Average. Average. Average. Average. Average. Average
$
s
%
$
$
$
$
$
$
S
74.000
4.173.000 601,000
83.000
5.000
573.000
266,000 4.778.000
36.000 120,000
5.097.000 144.000
13.000
7.000 597.000
192.000 4.771.000
62.000 110,000
5.240.000 155.000
7.000
164.000 5.324.000
8.000 656.000
4.877.000 203.000 345,000
96.000
17.000
1,000 505.000 6,240,000 4.209.000
4.150.000 120.000
11,000
73.000
109,000
3.000 392.000
420.000 3.264.000
16,000
5.781.000 168,000
46.000
6.000 400.000 399.000 2.530.000
16.000
4.612.000
52,000
31,000 104,000
3,000 250.000
4.000
482.000 2.417.000
4,501,500 33,930,000 1,443,000 575,000 638,000
28,000 3,373,000 8,163,000 27,293,000
171,000
S
193.100
675.800
644.100
1,264,500
757.100
048.800
318.100

401,500
861,200
680,900
186,600
462,700
250,200
581,000
825,800
196,400

2.142.000
8.544.000
7.590.000
1.355.000
6.241.000
3.979.000
5.993.000
17,865,000
3.876.000

130.000
516.000
724.000
87,000
677.000
248.000
348.000
806.000

212,000

Total__________ 3,300,000 4,446,300 57,585,000 3,748,000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamll'onTrust.Bkln.
Mechanics’ .Bayonne
Total.

Silver.

Nat .Bank Nat .Bank Federal Reserve Additional
Notes [Re Notes[Not Reserve
with
Deposits
serve for Counted
Bank
Legal with Legal
Net
State In
as
Notes[Not Depos
Depos
Demand
stitution] reserve] Reserve], itaries.
itaries.
Deposits.

1,000

181,000
33.000

11.000

45.000
49.000
105.000
172.000
54.000

50.000
4*2,000
242.000
26.000
169.000
137.000
297.000
787.000
117.000

651,000 2,307,000

500.000 1,093,500 7.894.000
200.000 294,100 4.544.000

450,000
81,000

21,000

44,000

20,000
86,000

700,000 1,387,600 12,438,000

537,000

65,000

23.000
35.000
85.000

5,051,000 1,513,000

371,000
99,000

21,000 3,689,000 5,450,000 60,582,000

552,000

12.000

191,000

165,000

572,000

165,000

60,000
39,000

18,000

21,000

3,000

282,000 1,489,000 5.641.000 1.433.000
94,000
762,000 1.872.000 2.552.000

18,000

24,000

376,000 2,251,000 7,513,000 3,985,000

20,000

106,000

Grand aggregate___ 5.795,000! 10,335,400
Comparison .prev.wk
$29,8601decrease
Excess reservo.
Grand aggr’to May 20 5.795.000 10.250,900 103182000 5.665.000 1,231,000 3,108,000
Grand aggr’ to May 13 5.795.000 10,250,990 102879000 5.738.000 1,220,000 3,103,000
Grand aggr’te May 6 5,795.000!l0,259,900 102555000 5,550,00011,281,000,2,896,000
Grand aggr’to Apr.29 5.796.000. 10.259.000
102103000 5,548,000] 1.209,000 3,064,000
101514000 5.404.000 1,291,000 3,000,000
Grand aggr’te Apr.22 6.795.000. 10.259.000

National
Bank
Circu
lation.

Average. Average.
S
S
148,000 196.000
295.000
119.000
392.000
196.000
2.885.000 217.000
2.018.000
98,000

206,000 1.721.000
103.000
546.000
429.000 9.103.000
666.000 8.175.000
491.000
74,000
53,000 1.231.000
904.000 6.387.000
438.000
162.000 4.144.000
248.000
389.000
396.000 6.482.000
1,149,000 2,035,000 19,153,000
251.000
599.000 4.186.000

75.000
43.000

88.000

Net
Time
Deposits.

82,000

73,000 7,438,000 15,864.000,95,388,000 9,588,000 1,513,000
+ 4,000 + 77,000 -1,337,000 +1161000 + 25,000 + 3,000
045.000
755.000
852.000
734.000
623.000

69.000 7,301.000
72,000:7,360.000
71.000!7,290,000
72.000 7,241,000
70.000 7,180,000

17.201.000,94,227,000
15.683.000 93,659,000
14.824.000 93,334.000
14.933.000 92,767,000
16.347.000 92,179,000

9.563.000
9.559.000
9.574.000
9.664.000
9.692.000

1.510.000
1.512.000
1.516.000
1.520.000
1.615.000

Philadelphia Banks.— Summary of weekly totals of
Boston Clearing House Banks.— We give below a
Clearing IIouso banks and trust companies of Philadelphia: summary showing the totals for all tho items in the Boston
Clearing House weekly statement for a series of weeks:
We omit two ciphers (00) In all these figures.
BOSTON CLEARING HOUSE MEMBERS.

Capital
and
Surplus.
$
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3

Loans.
i
499.145.0
500.354.0
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

Reserves.
t
117.978.0
117.010.0
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

Deposits.
a
$
615.496.0
604.519.0
612.836.0
617.022.0
625.197.0
621.791.0
618.559.0
618.026.0
615.855.0
610.168.0
605,511,0

Circula
tion.
%
9.797.0
9.716.0
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

Clearings.

$
227,728,7
214.195.5
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
JVa Includes Government deposits and tho Item "duo to other banks” (May 27
$168,029,000): also “ Exchanges to Clearing IIouso” (May 27, $18,530 000) Due
fromjbanks May 27, $73,649,000.
Mar.
Mar.
April
April
April
April
April
May
May
May
May

18.............
25.............
1.............
8----------15— ........
22_______
29.............
6_______
13.............
20_______
27...........




May 27
1916.

Change from
previous week.

$6,308,000 Dec.
Loans, dlsc’ts & Investments. 414.683.000 Dec.
Individual deposits, lncl.U.S. 335.261.000 Dec.
Due to banks....................... 132.903.000 Dec.
Time deposits____________ 27.455.000 Inc.
Exchanges for Clear. House. 15.898.000 Dec.
Duo from other banks.......... 37.049.000 Dec.
24.884.000 Dec.
Reserve In Fed. Res’vo Bank 20.719.000 Inc.
Reserve with other banks__ 57.180.000 Dec.
1.447.000 Dec.
Excess with Reserve Agent.. 41.556.000 Dec.
Excess with Fed. Res've B’k.
1.189.000 Inc.

May 20
May 13
1916.
1916.
S48 oooi 86 356 W $6,355,000
in
2,251,000 416.934.000 416.384.000
3,935,000 339.196.000 330.890.000
0,728,000 139.631.000 139.536.000
1,282,000 26.173.000 27.008.000
683,000 16.581.000 16.597.000
3,232,000 40.281.000 39.084.000
713,000 25.597.000 25.457.000
673,000 20.046.000 16.083.000
4,072,000 61.252.000 61.557.000
569,000 2,016,000 2,319,000
3,976,000 45.532.000 42.277.000
793,000
396,000
659,000

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

[Vol . 102

THE CHRONICLE

2056
W v d n liz x s 7

< $ > x izziU

W all Street, Friday Night, June 2 1916.
T h e M oney M arket and F in an cial S itu a tio n .— A t tho
Stock Exckango business throughout the week has beou of a
strictly holiday typo until to-day. N ot since last July
have the transactions been so limitod, especially in stocks,
and the narrow, irregular movement of prices is unmis
takable evidence of tho general lack of interest which has
characterized tho market. Perhaps this marks the begin
ning of what may bo expected in W all Street to accompany
the political agitation, already started, which will steadily
increase in intensity during the next five months. N o
issue now known to exist between the political parties is
likely to affect financial affairs to any considerable extent,
but the contest to bo waged and tho principles involved
will as usual have a more or less distracting and retarding
influence in business circles generally.
International affairs have changed very littlo. A formal
request to have tho Unitod States troops recalled from
Mexico is not taken seriously by tho officials at Washington
and tho matter will evidently not bo acted upon hastily.
The war in Europe is being prosecuted with groat vigor at
several points but excopt on the Italian border and in the
North Sea no decisivo results have recently been attained
and a suggestion from the Imperial Gorman Chancellor as
to the torms under which his Government might bo induced
to consider negotiations for peaco does not strengthen tho
hope that an end of tho war is near.
The Government report on the cotton crop was somewhat
less favorablo than had been oxpected, but any possible
shrinkage on this account is doubtless moro than offset by
increased acreage.
Ratos for sterling exchange have been held at about their
previous level by further shipments of gold from Canada.
The latter have now reached a total of over §27 ,000 ,00 0,
which the Bank of England’s statements indicate has not
been drawn from tho reserve of that institution.

Foreign E xch an ge.— Tho market for storling exchango
has ruled quiet but steady during tho week. Additional im
portations of gold amounting to §8,3 00,0 00 , from Ottawa,
were reported. Tho Continental exchanges wore irregular
but on the whole steady.
To-(lay’s (Friday’s) actual rates for sterling exchange woro 4 72 % @
4 72% for sixty days. 4 75 13-16@4 75 15-16 for checks and 4 76% @
4 76 9-16 for cables. Commercial on banks (sixty days), 4 71% @ 4 71 A
and documents for payment (sixty days) 4 7 1 % . Cotton for payment
4 75 % @ 4 75% and grain for payment 4 7 5 % @ 4 75%.
There were no rates posted for sterlingby prominent bankers this week.
To-day’s (Friday's) actual rates for Paris bankers' francs were nominal
for long and 5 92 for short. Germany bankers’ marks were 77 for sight
and nominal for long. Amsterdam bankers’ guilders were 41 % for short.
Exchange at Paris on London, 28.19% fr.; week’s range, 28.19% fr. high
and 28.24 fr. low.
•
Exchango at Berlin on London, not quotable.
Tho rates for foreign exchango for the week follows:
C a b les.
C h ecks.
S te rlin g A c tu a l —
S ix ty D a y s .
4 76 9-16
4 75 15-16
High for tho week_
_ 4 72%
4 76 7-16
4 75 11-16
Low for tho week_
_ 4 72%
P a r is B a n k e r s ' F r a n c s —
5 90%
5 91
nigh for tho week_
_ ______
5 92%
Low for tho week__ ______
5 93
G erm a n y B a n k e rs' M a r k s —
77%
77%
High for tho week_
_ ______
76%
Low for tho week_
_
______
76%
A m s te rd a m B a n k e r s ’ G u ild e rs —
41 9-16
41%
High for tho week_
_ ______
41 9-16 less 1-16
41 7-16
Low for tho week_
_
______
Domestic Exchange.— Chicago, 25c. per SI,000 discount. Boston,
par. St. Louis, 10c. per SI.000 discount bid and 5c. discount asked.
San Francisco, 20c. per $1,000 premium. Montreal, SI.815 to $2.1875
per SI ,000 premium. Minneapolis, 15c. per Si ,000 premium. Cincinnati,
par. New Orleans, sight, 50c. per $1,000 discount, and brokers, 50c.
premium.

S tate and R ailroad B on d s.— Sales of State bonds at tho
Board this week include $7,000 New York Canal 4 } ^ s at
115 to 115J4, §41,000 Virginia 6s tr. co. receipts at 57 to
58
§6,0 00 New York Canal 4s, 1961, at 105.hs to 1 0 5 % ,
and §1,000 New York State 4s, 1962, at 105.
The volume of trading in railway and industrial bonds at
the Stock Exchange was considerably smaller than a week
ago, while prices show a general decline. From a list of
20 most active issues, 10 fell off while only 4 advanced, tho
movement in most cases being fractional. Trading in St.
Louis & San Francisco securities (when issued) continued to
bo a market feature. The adj. 6s, w. i., declined, presum
ably on sales induced by tho 6 % rise which was noted a week
ago. Tho other w. i. securities of tho road, however, showed
slight gains. In sympathy with the upward movement in
the shares, Norfolk & Western conv. 4 % s advanced from
126 to 1 3 2 % , while activity was noted in the various Balti
more & Ohio and Southern Pacific bonds.
Among tho Government securities largo sales wero regis
tered in tho Anglo-French 5s, the several issues of Dominion
of Canada 5s and Japanese Government 4 % s , German stamp,
with prices showing a general advance.
Sales on a s-20-f basis, indicating, presumably, sales on
foreign account, have advanced, being §137,000 par valuo
as against $44,000 a week ago.
U n ited States B on d s.— Sales of Government bonds at tho
Board are limited to §2,000 3s, coup., at 1 0 1 % to 1 0 1 % .




For to-day's prices of all the different issues and for week’s range
see third page follow ing.

R ailroad an d M iscellan eou s S to ck s.— Tho stock mar
ket, as noted above, has been exceptionally dull, narrow and
irregular. Only about 260,000 shares wero traded in on
M onday, when, between tho two holidays, tho floor of the
Exchange was almost deserted and while business steadily
increased in volume it did not reach normal proportions until
to-day. T o-day’s market was more activo and generally
strong until near the close, when news of a naval battlo in
the North Sea, resulting in serious losses to tho British fleet,
caused a sharp decline in all classes of shares.
Tho railway list as a whole has been relatively strong and
a few issues have made notoworthy advances, including
several anthracite carriers. Norfolk & Western led this
movement with an advance of nearly 4 points. Lohigh
Valley is 2 % points higher and Pennsylvania 1. On the
other hand, Reading has lost 2 % of its 9 point rise last week;
Canadian Pacific has declined 3 % points, and Union Pacifio
is over 2 points lower.
Tho miscellaneous list has been extromely irrogular.
Willys-Overland has covered a range of 22 points and closes
at the highest. Chandler M otor shows a not gain of 6 %
points, American Beet Sugar 3 % and Leo Rubber 3 % . On
tho other side of tho account is Butto & Superior with a loss
of almost 5 points, and Crucible Steel, American Zinc, Ameri
can Stool Foundries and Mexican Petroleum aro from 2 to 3
points lowor.
_
For daily volume of business see page 2065.
The following sales have occurred this week of sharos not
represented in our detailed list on tho pages which follow:
STOCKS.

Week ending Ju n e 2.

Sales
fo r
Week.,

Range fo r Week.
Lowest.

Par Shares $ per share

Adams Express........ 100
American Express__ 100
Am Writing Paper pi 100
Associated O il-........ 100
Batopllas Mining___ 20
Bklyn Union G a s ... 100
Brown Shoe________ i00
Preferred ...............100
Buff Koch & P itts.. . 100
Cent & So Am Teieg. 100
Cluett Peabody & ColOO
Preferred________ 100
Computlng-Tab-Rec 100
Deero
C o prof___ 100
Detroit United____ 100
Eleo Stor Battery__ 100
Gulf St Steel trctfs..l0 0
1st preferred tr ctfslOO,
2d preferred tr ctfs 100
Holme (G W ).......... 100
Int Harvest Corp__ 100
Preferred________ 100
K C Ft S M pref..l()0
Keokuk & Des M __ 100
Laclede Gas............... 100
Mackay Cos pref___ 100
Manhattan Slilrt___ 100
May Dept Stores__ 101
Michigan Central__ 100!
Nat Cloak & SuitllllOoj
N Y Chic St Louis. 100
2d preferred______100
Pac Mail S3 rights........
Preferred, when Issued
Pitts Steel pref____ 106
Peoria & Eastern___ 100
St L&S F (old) 2d pf 100
Sou Pacific tr rccts........
Tex Pac Land Trust. 100
Underwood T ’writer 100
Preferred________100
U S ltedue & Itefg.. . 100
Preferred ...........100
Vulcan Dctin pref__ 100
Wells, Fargo Expr_.100

&

&

&

\

Highest.

Range since Ja n . I.
Lowest.

I Highest.

5 per share 5 per s h a r e s per share

900 130 May 29 140 Juno
200125 May 29 125%Juno
3,700 21%May 27 25% May
100 66%Juno 1 66%Juno
1,300 2 May 29 2% May
100128 May 31 128 May
400 57%May 29 58 Juno
May
100101 May 29
May
5 92 May 29
25141 May 29 141 Juno
800 73 Juno 1 74%May
100110%Juno 2 110%Juno
245 45 May 27 45 May
500 90 May 29 90 May
1,679 lll% M a y 31 116 Juno
200 03%May 27 64% June
3,800 70 May 27 90% Juno
1,400 97% May 31 101% Juno
3,125 78 May 27 90 Juno
180 June
1 180 June
82% May
800 81%June
400 104%May 27 106% Juno
500 71 Juno 1 71% June
200 5 May 31 5% May
100106%May 29 106%May
300 68%Juno 1 68% May
100 66 May 27 66 May
67%May
2,950 64%June
3 110 May 31 110 May
1,400 76 May 27 79 May
1,700 40%Junc 2 43 Juno
100 62%June 2 62%Juno
1,500 75c Juno 1 95c Juno
100 91%June 2 91% June
1,000 98 May 31 98%May
100 ll% Juno 2 11% Juno
300 6 May 31 6 May
127 120%May 31 120% May
12 116 May 29 116 May
100103 May 27 103 May
100 117%May 27 117% May
500 1 June 1 l% M a y
400 1 June 1 l% M ay
10 20 June 1 20 Juno
900125 June 1 128%Juuo

2 132%
2 124%
31 11
1 62
27 2
31 126
1 50%
29 95%
29 92
1 135
31 68
2 109
27 44
31 89
2 70
2 58
2 71
1 87
1 72
1 180
31 68%
1 104%
2 60
31 3
29 103%
31 65%
27 55
29 50%
31 105
31 71
2 33
2 50
1
%
2 91%
29 93%
2 8
31 2
31 150%
29 115
27 100
27 110
1
31
1
31
1 20
2 123%

Mar 154%
Mar 140%
Jan 25%
Jan 77
Feb 3%
Apr 132
Jan 60%
Jan 102
May 94%
Jan 141
Apr 70
Mar 112
Jan 52%
May 98 %
Jan 116
Apr 66
May 90%
May 101%
May 90
Mar 180
Mar 84%
Apr 108
Mar 71%
Mar 5%
Mar 107%
Jan 68%
Feb 67%
Jan 68%
Apr 130
May 81%
Apr 45
Apr 66
June 1%
June 91%
Feb 100%
Mar 13
Apr 8
Mar 120%
May 116
Jan 109%
Jan 117%
June 3%
Jan 4
June 25
May 135

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

O u tside Secu rities.— Business at tho “ cui’b ” was of consid
erably loss volumo than a weok ago, while pricos woro ir
regular. Acme Tea, w. i., advancod from 5 8 xi to 59,
/
falling away at the close, howover, to 57. Ajax Rubber,
Inc., from G 7 m o v e d steadily forward to 69, tho closing
prico being at that figuro. Atlantic, Gulf & Wost Indies
SS. common and preferred fell off from 43 and 53 to 4 1 %
and 5 2 K , respectively, while Chevrolet Motors advancod
from 240 to 261, that being tho final quotatoin. Cuban
Cano Sugar fell off from 56 y 2 to 55 % , while tho preferred
dropped from 98 to 95, recovered half a point and closed
at 95. M axim Munitions and Midvale Stool fluctuated
within naiTow boundaries, while Perlman Rim, conspicuous
last weok for wide fluctuations, moved up 4 points to 153,
but fell away at tho close to 150. Submarine Boat kopt be
tween 38 and 40, while tho high, low and last prices for
Tobacco Products, United M otors, w. i., and White Motors
wero 44, 4 2 H , 4 2 ^ ; 84, 7 8 % , 82, and 57M ,. 5 0 ^ , 5 7 % .
As was the case last week, Standard Oil securities wero vory
dull, with no marked changes in valuo. Ohio Oil declined
from 231 to 230, Standard Oil of New Jorsoy from 520 to
518, whilo Standard Oil of New York foil from 208 to 207,
advancod to 209, tho final figuro being at that point. Among
tho other oil issuos traded in, Cosdon Oil & Gas com. pushed
up from 9 % to 11
closing at 1 0 % , whilo the preferred
stock registered a fractional advance. California Oil cov
ered a range of 3 points, closing at 16 Vi, \Yi points below
the high mark. Among the bonds traded in at tho “ curb”
woro §825,000 Chesapeake & Ohio 5s at 9 V % to 95
§60,000
Chicago Union Station at 9 9 % and §23,000 Midvalo Stool
conv. 5s at 9 6 % to 97. A comploto record of “ curb” trans
actions for tho week will be found on pago 2065.

New York Stock Exchange—Stock Record. Daily. Weekly and Yearly
_

2057

OCCUPYING TWO PAOES.

Por record of sales during the week of stocks u s u a l l y inactive, see preceding page.
H I G H A N D L O W 3 A L B P R IC E S -— P E R
S a tu r d a y

My 27
a
Sp
er

share

105% 105%
10 1
112

10 1

% 112 %
91% 91%
76% 77
87% 87%
178 179
•290 330
*62% 63
13% 13%
38
38
97% 97%
129% 129%
131 131
*169% 172
20% 21
*115 125
*133
____
*50
52
*81
83
*2912 30
*5-1
55
*45
60
*150 155
*225 230%
*13
15
26
26%
38% 39
53% 53%
*45
47%
120% 121
40% 41%
103% 103%
*17% 18%
*76
76%
26
26%
*60% 61%
*14
14%
*30
39
79% 81%
*29
31
*128 129%
129% 129%
*558
0^2
*16
18%
•120 123%
*132 137
*4
4%
*11
12%
6%
6%
6%
6%
23
*____
*6%
7%
105% 105%
60% 60%
27% 28
126% 126%
*87% 89
113% 113%
57% 57%
83
83
*94% 96
100% 102%
*43
44*2
*46% 48
16% 16%
*18
*40
*16
38
99%
22%
05
12^8
62%
598
139
82%
*9
*19
*14%
49
28%
*31%
*44
5
*14
*5
•37

20
42
17
39
100%
22%
6512
1258
62%
98
139%
82%
10%
21
14%
49%
28%
32
47
5
16
6
39%

SH ARE, N OT PERCEN T.

u a
A n a T esd y W n a
fo d y
ed esd
My 30
a
My 31 y J n 1
a
My 29
a
ue
S p sh re S p
er a
$ p sh re S
er a
er
105% 105%

T h u rsd a y

p er share

105% 105%

10 1

18%
*40
*16
*37%
99%
22%
*05
12 %
*62
*97
138%
82%
*9%
19%
14%
49%
28%
31%
*43
*4%
*14
*5%
38%

18%
42
16%
39%
100%
22%
06^2
12 %
63
100
139%
82%
10%
19%
15%
49%
28%
32%
47
6
16
0
38%

18% 19% *18
20
39% 39% *39
40
22% 22%
22% 22%
*8<8
9%
9%
9%
27
27%
26% 27%
81% 81%
81% 81%
68% 69
68% 68%
97% 97% *97
99
74
74%
74
74%
96% 97
96
96%
*100% 102 ♦100% 102
*156 184 *150 184
56% 50%
50
50%
•110 112
110 110%
59% 60%
60
60%
117 117 ♦116% 118
159% 162%
158% 159
*116% 117 *116% 117
*52% 53% *52% 54
100 100
*98% 100%
*8%
9
8%
8%
4‘J58 4983 *49% 51%
29
29%
29
29%
22
22
22l.| 22%
49
*48
49% *48
72% 73
72
73%
101% 101%
*102 103
*7
9
*7
8
*35
37
*35% 37
*87
88
*86*2 88*2
95
95%
*94% 95
98
98%
97% 99%
*113% 114
113% 113%
•145 155 ♦145 155
*103% 110 ♦103% 110
52% 52%
*52% 52%
112% 112% ♦112 113
*117
120 *117% 120
129% 129% 129% 129%
*202 206 ♦202 205
•106 107 *100 107%
44% 45
45
45
•98
08% *98
98%
82% 84%
82
84%
84% 85
83% 85

share

10 0 % 10 1
112 % 112

10 1

*112 114
90% 91%
76% 77
87% 8 8 %
177 178%
*290 325
62% 63%
*13
13%
37% 37%
97% 98%
129% 129%
*130 132
____ ____
20% 2 1 %
*115 125
*133
____
*50
52
*81
83
*29% 30
*54
55
*45
55
*150 155
*225 230%
*13
15
26
26
38% 38%
53% 54
*45
48
12 0 % 1 2 1 %
40
40%
103 103%
*18
18%
76
76
*25% 27
*60% 61%
14% 14%
*30
40
81
83%
*29% 31
*124 130
129% 129%
6
6%
*16
18%
*120 122%
*130 137
4l.i
4%
*11
13
6%
6%
6%
6%
*____ 23%
*5%
7-%
105% 106
61% 61%
*27% 281.i
126% 127%
*87
89
112% 114
57% 38
*82
84
*94
96
100% 102%
43
43
46% 46%
16% 16%

10 1

10 1

8,600
10 1
10 1
2,050
*112% 114
300
91% 92% 15,500
77
77%
1,10 0
88
88%
4,600
176 178*4 1 0 , 1 0 0
*295 325
63% 65% 18,450
13
13%
1,300
600
37
37%
98 100%
8,800
129% 129%
900
500
*128 130
*166 170
200
20% 2 1%
7,400
*116 125

114
92%
77
88%
177%
325
63%
13%
37%
99%
130
130%
168

m i
6*8
6%
23
7*4
106%
60*4
28%
130
89
115%
58%
84
95
102%
43%
47
16*4

*10 M
6
6%
♦____
*55«
105*4
61
28*s
129*8
89
114%
57%
83
96
99%
*42%
47
15*4

18%
18%
42
4178
16
15%
40
39%
99
98*8
22%
22%
65%
65%
12%
11%
62%
62%
99
98
140% rl37%
82%
82-34
9%
9%
19%
19%
15
143t
50
49*8
283
4 28
32%
32*8
*43
*4%
5
4*4
*14
15
*13*8
*5
8
*5%
*38
40
*38

18%
43
16%
39l->
99%
23%
65%
12
62%
98
138%
823.1
9*1
19%
15
50%
28%
32%
47
43,i
14%
5*4
40

♦18%
43
16%
39*4
98%
22%
66%
113i
62%
*98
137
*82*8
8%
19*8
14%
49%
28%
31%
*43
*4
14%
*5
♦38

*34

O
s
W

105% 1057g 105% 106%

% *112
91%
91%
77
77
88 % *8 8
179% zl75%
325 *298
63
62
13%
13
38
37%
99
98
129% 129%
131 *128%
170 xlOS
2 1%
20%
125 *115
____
52
*50
82
*80%
30
29*4
55
53%
55
*45
155
153
230% 230
15
*13
27
26%
38%
38%
54%
53%
47%
121% 121
40%
39
104
104%
18
18
7634 *76
27
26%
01
61%
1412 *14
39
*34
85
82%
32%
31%
130
129
130
129%
7
6%
18% *16
122
12 0
136 *130
4%
*4
12% *10
6%
6%
6%
6%
23 * ____
7%
*6
106% 105*4
01
60%
27%
27%
125% 125
89
{89
114
113*4
07%
57%
83% *82
94%
95
103% 100*8
44
*42%
47
47
16%
15*4

91%
70%
88%
178%
*295
62%
13%
*37%
98%
129%
131
*169
20%
*115
*133
*50
82
*29%
*53
♦45
*150
*225
*13
27
38%
53%
*45
121
39%
10334
18
*76
♦2534
*60%
*14

Q

F r id a y

Jn 2
ue

Slefor
as
th
e
W
eek
Sa
h res.

83
30%
*127
*129%
7
*16
*120
*130
*4
*11
6%
6%
*____
*6
100
01
27%
z 12434
*87
§114
57%
*82
94l2
101%
*42%
47
10%
*18
42
16
*38%
*98%
22%
05
11%
62%
{97%
139%
82%
9%
19%
14%
49%
28%
32

21

125

51
50%
82%
83
2934 30
53%
55
45
50
153 *150
230% *225
*11
15
27
27%
38%
39%
53%
54
*46
122% 1 2 1 %
393.1 38
101% 104
18
17*8
76%
75%
26%
26%
61% *60%
14%
14%
39%
39
84 % 82%
35*4
34
1293.1 *129%
129% 130
6%
*6
18*2 *16
12 0

12 0

137

*130

4%

*4

8,500
58%
84
900
2,200
32%
400
55
48
200
153
100
234%
200
15
27%
1,800
39% 41,100
54%
5,300
48
12 2 %
4,750
7,700
39*8
104*4
1,500
1,600
1734
76
600
26%
1,100
613t
100
14%
500
39%
100
84% 94,000
5,700
361,1
131
800
131%
800
7
650
18
12 1%
811
136
4%
100
12 14

6%
6%
23*t

1,800
4,800

73.1

107*8 24,800
6 1* 4
2,500
2,000
28*4
62,095
133
89
150
115%
8,700
583| 14,800
85
900
300
96
103% 164,700
100
43%
500
47
3,600
16

Hh
ig est

L ow est

p
er

pr
a
-N p r
oa

500
200
5,900
2,600
3,000
5,350
1,500
100
44,900
2,350
6,500
600
5,610
400
3,700
300
100
180
700
600
1,800
1,800
700
17,700
1,300
200
300
680
9,800
600
1,800
600
100
3,800
500
400
3,025
400
29,170
37,100

In d u stria l 6 c M iscella n eou s
Advance R u m e ly ..............100
D o p r e f ...........................100
Alaska Gold M ines.............. 10
Alasku Juneau Gold M in 'g.10
Allls-Chalmers M fg v t o 100
Do
preferred v t o ____100
Amor Agricultural C hem ._100
Do
prof......... ................. ioo
American Ileet Sugar......... 100
Do
prof....... .............
io o
Amer Brake 8h A F ctfs d e p ..

15 Apr 27
39 Apr 28
17% M ar 6
8*4 M ar 3
23% Apr 22
72% Apr 22
63 Apr 22
96 Mar23
61*4 Feb 1
93 Apr 24
100 Apr 11
165 Feb 24
52% Apr 22
American C an....... .............io o
Do
pref....... ................... io o 109 Apr 22
55 Apr 22
American Car A Foundry. 100
Do
pref______________ 100 116 Mar20
American Coal P ro d u cts.. 100 140 Apr 24
Do
pref_____ _________ 100 115 Jan 20
60% Apr 22
American Cotton O il......... 100
Do
pref______________ 100
98 Jan 6
8% M ay20
American n id o A Leather. 100
45 M ar 1
Do
prof.......................... 100
25 Jan 20
American Ico Securities___100
20 M ar 1
American Linseed................100
38% M ar 1
Do
pref.......................... 100
60*4 Jan 11
American L ocom otive____100
09*4 M ar 2
Do
pref......... ................. 100
7% Apr 22
American M alt C orp......... 100
Do
p r e f ................... .. 1 0 0 z 3 1%Jan 14
85 Apr 20
Amer Smelters Sec pref B .100
92 Jan 3
Do
prof Ser A stam ped. .
88% Apr 22
Amer Smelting A Refining.100
Do
pref...........................100 109% Apr 22
American Snuff.................... 100 130 Mar23
106% Mar22
44 Apr 24
Ainor8teel Foundry______ 100
American Sugar R efining. .100 105% Apr 22
Do
pref...................... ..1 0 0 115% M ay 5
Amer Telephone A T elog-.lO O 126% Feb 1
American T o b a c c o ..............100 188 Feb 16
Do
prof (now )..............100 105% Apr 24
Am Woolen o f M ass. .
100
42 Jan 11
Do
pref............. .............100
92 Jan 10
Amer Zlno Load A S ............25
05*4 Jan 31
Anaconda C o p p e r ________ 50
77 Apr 22

a

Ex-dlv. and lights,

b New

stock,

L ow est

H ig h e s t

5 p er share
$ p e r share $ p e r sh a re
108% Jan 4
92% Feb 111% N ov
102 Feb 24
96
Jan 102% N ov
115 Jan 3
98 M ar 116 N ov
96 Jan 4
63*4 Feb
96
Deo
SO Jan 15
67
Feb
79 * 4 N ov
8 8*4 M ay 31
83% Aug
93
Apr
183*4 Jan 3 138 July 194 N ov
{310 M aylS {250
Sep 325
Jan
6 6 % Jan 5
64*4 N ov
35% July
15^8 Jan 3
10% Jan
17% N ov
3 9 *4 Jan
4
41% N ov
25% M ay
102% Jan 3
7 7 * 4 July 101% Deo
136% Jan 5 120% Sep
134%Jan 3 118% July 135% N ov
175 Jan 11 163 July {180 N ov
22% M ay 9
38*8 Apr
123 M a y l5
123 N ov
124
Sep
58% June 2
62
Oct
84 June 2
63% Feb
77
Oct
32% Jan 8
38% N ov
55 Jan 13
60 N ov
48 Jan 11
52 N ov
155% M ay23
138% Aug 154% N ov
230% June 1 1 9 9 % Jan 238 N ov
15% M ay24
16% N ov
29 M ay22
43% Jan 3
19% Feb
59% Jan 3
32% Feb
59% N ov
54% Jan 3
127% Jan 4
128% N ov
50 ’^4 Jan 3
109% Jan 3
Apr
99 July 113
21% Jan 3
25% N ov
77% Jan 3
82 N ov
70 July
32% Jan 4
35% N ov
20% Feb
64% Jan 3
65% N ov
54% Feb
16% Jan 3
16% Deo
41 Jan 3
41% Deo
85 M ay 31
83% N ov
64% Feb
36% June 2
27% Oct
13 l*s M ay 23 104% July 130% N ov
131*8 Jan 28
132
Dec
15% Jan 4
19% Feb
24
Sep
125 Jan 3
7% Jan i3
lfli2 Jan 4
7*8 M a y l5
7% M ay23
24 Feb 18
111%Jan 19
77% Jan 10
31 Jan 3
133 June 2
89% M ay22
118%Jan 4
59*4 Jan 4
85 June 2
9.8*4 Jan 13
110*4 M a y 23
46 Feb 29
52 M ay 19
16% May31

16 M a y 4
20 M a y l9
200 St Louis Southwestern____100
20
40 M ay 9
Do
pref------------- -------- 100
45 Jan 14
1,100
43%
14 Apr 22
18%Jan 13
2,100 Seaboard Air Lino.............. 100
17
Do
pref....... .......... ........100
34% Apr 24
42 Jan 13
900
40
100
94% Apr 22 104% Jan 4
1,050 Southern Pacific C o ___
99%
inn
18 Apr 24
24% M a y l9
8,200 Southern R ailw ay.
24
Do
prof.......................... 1 6 0
56 Apr 24
2,600
68
68*4 M a y l9
inn
6% Feb 14
2,600 Ioxa3 A Paclflo____
13% M ay25
11*4
69% Jan 31
62%
700 Third Avenuo (New Y ork ) . 1 6 6
63% M ay22
210 Twin City Rapid T ra n sit.. 100
94 Mar24
98 M ay20
100
inn 129*4 Apr 22 143*8 May23
39,500 Union P acific____
139
Do
pref...........................1 0 0
z81% M ar 1
82%
800
84 Jan 28
7*4 M ay 9
800 United Railways In v e s t...1 0 0
9
21% Jan 4
Do
p r c f . . » .................... jno
18*4 M a y 9
600
39^4 Jan 3
19*8
inn
14*t
2,400 W a b a s h ...............
13*8 M ar 7
17 Jan 3
io o
D o pref A ....................
41% M ar 1
50%
9,000
51*4 M ay22
D o pref B d o ____
inn
25 Apr 22
28%
7,000
32% Jan 15
33% 14,300 Western M arylan d ..
100
24% Feb 28
34% Mar27
io o
Do
pref________ .
47
40 M ar 7
49 Mar27
2% Jan 20
5
400 Wheeling A Lake Erlo____100
5% M ay23
10% Apr 27
14%
D o. 1st preferred......... 100
16 M ay 16
100
3% Jan 18
6
Do
2d preferred........... 100
33 Apr 19
40% May22
39%
100 Wisconsin C e n tra l............100

*18
20
*18
20
*18
20
*39
40
*38
40
*38
40
23
23%
23
23%
22*4 23lo
9%
9%
9*8
9%
9%
9%
27% 27%
27*4 27*4
26*i 27%
82
83%
82% 84
82*4 83*4
08-% 68s4 ♦68
683!
67
68
*90j2 98*2 *97
99
*97*4 98%
74% 76
76*8 78%
76% 79
96
96
97
98%
98
98
*9934 102 *100 102 *100 102
*156 184 *156 184 *156 184
56% 56%
56% 56*4
55% 56*8
*109% 111% *109*4 111% 111 111
59% 60%
59% 59%
59
60%
117 117 *11612 117% 117% 117%
160 161 % *159 160
160% 162*8
116% 116% 117 117% *117% 118
*52% 54
*53
54
53
53
♦98% 100% {100% 100% *98 100%
*8%
9
8%
8%
8%
8%
49% 49%
49% 49% *49% 50%
*29
29%
28% 29
28
29*8
*21% 22%
21
21%
21% 21*4
*47% 49
48% 49
*47% 49
72% 73%
72
72%
70*i 73
*101% 102
101% 101% 101% 101%
7%
7%
*7
8
8%
8%
35% 35% *35
37
3512 35*2
*87
88% *86% 88
*87
88
95
95
95% 95%
95
95%
97% 98%
96*4 97%
96*4 97%
11134 11134 *111% 112%
112 112
*145 155 *145 155 *145 155
*103% 110 *103% 110 *103% 110
52*4 63
52% 52%
50% 52
*112 114 r lll3 8 11%
111 111%
*117% 120 *115% 119
117% 117%
1295 130
s
129*4 130
129% 129%
*202 206
202% 20478 203 205
107 107
107 107 *10612 107%
45
45*4
45
46
44% 44*8
*98
98%
98
98
98
98%
83% 85*4
83% 84%
82% 83*4
84% 85%
83*4 84*8
82*i 84%

PER SH ARE.
R a n g e f o r P r ev io u s
Y e a r 1916

S ce
in

R a ilro a d s
Par
$
share
Atch Topeka A Santa F e ..l0 C 100% Apr 22
Do
pref...........................10C
98% Jan 4
Atlantic C oast Line R R ...1 0 C 106% Apr 19
Ilaltl more A O hio________ 10(1
82% Apr 24
Do
pref...........................10C
75 M a y 4
Brooklyn Rapid T r a n sit.. 10C
83% Apr 22
Canadian P acific________ 1 0 C il6 2 % M ar 1
Central of New Jersey____10C 290 Jan 3
Chesapeake A O hio..............100
58 Apr 24
Chicago Great W e s t e r n ... 10C
1 1 * 4 Apr 24
Do
pref______________ 10C
33 Apr 24
Chicago M llw A St Paul..10C
91 Apr 22
Do
pref....... .......... ........ ion
127% Mar30
Chicago A N orthw estern..100 124% Mar30
Do
pref---------------------- 100 {165 Apr 13
Chicago R ock Isl A Pao___100
15% Apr 22
Chic St Paul M inn A O m . 100 120 Jan 19
Do
pref---------------------- 100 131*4 Apr 12
Clov Cln Chic A St L o u is .. 100
38 Apr 27
Do
pref......... .............. . 1 0 0
70 Feb 2
Colorado A Southern_____ 100
24*4 Apr 24
Do
1st pref.................... 10 0
46 Apr 1
Do
2d p r e f .. ...............100
40 M ar 13
Delaware A H udson............100 149% Apr 20
Delaware Lack A W estern ..5 0 216 M arl8
Denver A R io Grando____100
8% Mar30
Do
pref______________ 10 0
15 M ar 8
Erie......... ................................ jon
32 Apr 22
48 Apr 22
Do
1st pref___________100
Do
2d p r e f................... 100
41 Apr 22
Groat Northern prof______ 100 118 M a y 5
36*4 Apr 22
Iron Ore properties..N o
99*4 Apr 17
Illinois Central..................10fl
Interbor Con C orp, v t c
15*4 Feb 15
Do
pref______________ 10 0
71 Feb 15
Kansas C ity Southern____100
23% Apr 28
.
Pref------------- -------- 10 0
58% Apr 20
Lake Erie A W estern.
10 c
10 M a y 2
32 Apr 20
. P,0 , r r cf........................... 1 0 0
fin
Lehigh Valley..............
74% Jan 31
Long Island_______
fin
20 Jan 31
Louisville A N ashville____100 121% M ar 1
Manhattan E levatedinn 128 Apr 28
Minneapolis A St L o u is ... 100
4 M ar 1
Do
pref----------------10 0
15 M ar 17
M inn St Paul A S S M .
100 116% Apr 24
Do
pref_______ _______ioo
135 Jan 13
Missouri Kansas A T exas. 100
3% Apr 25
Do
p r e f..................... ..1 0 0
Missouri P a c ific ______
10 0
3% Apr 22
Trust co certlfs of deposit.
3% Apr 22
Nat R ys of M ex, 1st p r e f..100
23% Jan 21
Do
2d pref.................... 100
6% Mar28
N Y Central A Hud R iver. 100 100% A pr 22
N Y N II A H artford......... 100
57 Apr 26
N Y Ontario A W e s te rn ... 100
26 M a y 5
N orfolk A W estern_
_
100 114 M ar 1
84% Feb 25
Do
adjustment p r e f.. 100
Northern Pacific................ 1 6 6 109*4 Apr 24
55% M ay 5
Pennsylvania________
fio
Pitts Cln Chic A St Louis. .100
78 Feb 17
Do
prof...........................100
88 Jan 26
R ea din g......... ......................... go
75%Jan 31
41% Feb 19
1st preferred......... ............ 50
2d preferred___________ 5 0
41% Feb 21
15% M ay 18
St Louis A San Fran new (w 1).

• Bid and aakod prioes; no sales on this day. t Ex-right*. I Leas than 100 shares,
Paid * Ex-dividend, s Full-paid.




PER SH A R E .
R ange
Jan. 1
O n b a s is o f 1 0 0 -s h a r e lo ts

STO C K S
N E W Y O R K ST O C K
EXCHANGE

21% Apr 29
43 Apr 28
26% Jan 7
10% Jan 7
33% M arl4
84% M ay 16
72% Jan 3
99%Jan 5
79 June 2
98% June 1
103% Jan 28

15% Apr
7% N ov
81% M ar
43
Feb

99% Feb
6 1 % Feb
65 M ay
69*8 M ay
40

Feb

11
29
11%
30%
81%
12%
42

Sep
Sep
July
July
Feb
July
July

35

Jan

i7 9

M ar

21%
12%
43%
25%

M ar
Oct
Oct
Oct

23
45%
20%
43*4
104%
26
65
17%
64%
100
141%
84%
27%
47*4
17%
49%
32%
35%

N ov
Dec
N ov
N ov
Deo
N ov
N ov
Apr
Oct
Apr
N ov
N ov
Oct
Oct
N ov
N ov
N ov
Oct

6% N ov
19*4 N ov
28

July

21% Dec
9*4 Dec
33
48
90

Feb
Jan
M ar

83
Feb
87% Feb
132i 2 Mar
25
Feb
91% Jan
40
Feb
111% M ay

65*8 M arl6
113% Jan 26
78 Jan 3
119% M a r ll
175%Jan 19
117% June 1 {105
Jan
57% Jan 17
39
Jan
102 M a rl5
91 June
12 Jan 3
4% Feb
57 Jan 18
19*4 Jan
31% Feb 19
20% Jan
25% Jan 26
7% Jan
53% Apr 25
24
Jan
83*4 M arl4
19 M ar
104*4 Apr 3
75 M ar
10 Apr 7
3% Apr
37% M a yl3
21% M ay
88 M ay25
78
Jan
95% M ay 29
88
Oct
113*8 Jan 4
56
Jan
114% Feb 3
148%Jan 10 144
Jan
110 Jan 27
61% Jan 4
24% M ar
116% Jan 8
99% Feb
119 M ay25
109
Feb
131 Mar27
116
Jan
209*4 Feb 3 195% D ec
10812 Feb 8 103% Jan
55% M arl4
46 N ov
102 MarlO
97% Apr 10
67% D ec
92*8 Feb 14
c24*4 Feb

c Par

110% Deo
89
Oct
35
Apr
122% Deo
90 June
118% Deo
61% N ov
86 N ov
98% June
85% N ov
45 June
44
Apr

*25 per share,

t

45

N ov

40% Apr
13% N ov
49% Oct
74% Nov
101% N ov
72% Deo
95 N ov
109*4 Aug
219*4 Oct
681* Oot
113% N ov
98
Oct
118 Aug
170% July
120
Sep
64
Oct
102% N ov
14% Oct
69lj Oct
35
Apr
31% Oct
50% Oct
74*4 Oct
105 N ov
13% Oct
37% Deo
88% M ay
113
105

N ov
Apr

74%
119%
119%
130%
252%
111
66
98%
71%
91»ii

Oct
N ov
N ov
N ov
Apr
N ov
Oot
N ov
Deo
N ov

First Installment

3058

New York Stock Record—Concluded— Page 2

For record of sales during the week of stocks usually inactive, see second page preceding.

P RS A E
E HR
STOCKS
Rne S ceJ n 1
a g in a .
S L P IC S P R S A E N T P R C N . Sle/r NEW YORK STOCK
A E R E —E H R , O E E T a s o
O b sil of 100-sh re loll
na
a
EXCHANGE
o d y Tesd u W n a T u a
u a
Stu 27y Mn a
a rd
ed esd y h rsd y F a W
rid y
eek
Hh
ig eit
L
ovett
Mg a My 29
a
a
My 30 My 31
a
a
Jn 1
ue
J n 2 Sa
ue
h res.
In d u s trla l& M Is c.fC o n ). Par $ p ih re
er a
S p< a
e sh re
3 p sh re $ p sh re s p s a
er a
er a
er h re $ p sh re $ p s a $ p s a
er a
er h re er h re
Baldwin L ocom oU ve_____ 100
83*2 May
118*8 Jan
877g 88*4
H IG H A N D LOW

8 8 *s 89*8
*109 110
*445 459
*135 145
___ ___
90
92*8
*22*4 23
*49
523,
54*2 5412
*1 1 1 * 2 1 1 2
1033g 106*2
21
21
2034 20*4
5278 53*8 5234 527
8
4234 43*s 4212 43
137*2 137*2 137 137*2

*109
*445
*135
*72
91
*22*4
49*2
5414
11134
102

10 0 *2 10 2
•111
112

10 0
112

10 1

*10 0

10 0 *2

*130 131 *130 131
*163 166
165 165*2
234 234 *2*2 3
*33g 37
8 *33g 4
40*2 41
413g 42
*97*8 99*8 *97*2 99
2234 23
*2234 23
47*8 47*4 47
47*4
•11134 1117 §11134 11 134
8
183 183 *182*2 186
*125 126*2 126*2 126*2
31*8 31«4 *317 32*4
8
*5312 54
*5312 5412
*208 2 2 0 *208 218
*117 120 *117 120
*102 104 §104 104
94
93*8 93*8 §94
137 139
13734 1395s
*108 1 1 1 * 2 *108 1 1 1
44*2 44*2 *44
45
19212 19212 *190 195
*5
5*2 *5
5*2
*28*2 31
30*2 3034
*58*2 60
*58*2 60
*108 1 1 2 *108 1 1 2
96
96*4 *95
97
*118*2 119 *118*2 119
158 158*2 *1577 161*2
s
*21
22
2134 2 134
•50
52
*50
52
157*2 159*4 157*4 159*4
§104 104 *104 107
5512 56*4 5512 56*4
109*2 109*2 1095s 10934
74
73*2 74*4 *----*513g 51*2 *50*8 51*2
85
85*8 8478 857
8
11634 1167 117 117*8
8
80*2 803, 80*2 80*8
*16*2 17*2 *165g 17
*42
43*2 4234 4234
*108 11 0 * 2 1087 1087
8
8
96*8 963g 96
96*4
61*8 62
61*2 62
*70
75
*70
75
270 276
271*2 276
106*8 106*8 ___
*13412 136 *134*2 136
•125 126 *124 126

3
3
«
0

2
w
S

• Bid and asked prices; no sales on this day

x Ex-dlvldend.




90*2
109
456
145
80
923,
22l2
52*2
5434

89*4
10934
455
145
76
88*2 90*2
*21
2234
50*2 50*2
54*4 54*4
88*2

87*2
*109*4
435
*135
*73
87*4

90
110
435
140
80
89

27,400

107*2 Jan
415 Jan 11
Do
pref_______________ 100 130 Jan 24
Burns Brothers..................... 100
74i2May
fc
71 Jan .
57,630 Butte < Superior C opper___10
20*4 Apr 27
500 California Petroleum, vto.1 00
21*2 2 112
pref______________ 100
45 Apr 22
300 D o
*50
52
2,600 Central L e a th e r................... 100 49 Apr 22
54
'54
Do
pref______________ 100 1087 Jan 3
8
1 1 1 * 8 1 1 1 * 8 1 1 1 * 8 11134 11178
600
88>2 Apr 24
108*2 107*2 108*2 108*2 1 1 1 * 2 24,025 Chandler M o t o r c a r _____ 100
20*2 20*4
1,400 Chile C opper........................... 25 20*8 Apr 24
20*2 20*2
20*2 2 0 1 2
525g 53
5234 5234 525* 53*4 3,300 Chino C opper_______________5 51 Apr 22
3818 Apr 2 2
43
4458 43*8 44
42*4 4312 11,700 Colorado Fuel & Iron_____ 100
138 138
1,693 Consolidated Gas (N Y ) ..1 0 0 130*2 Mar _
138*4 139
139 1395i
102 103
10 1
10 2
100 IOH2 5,400 Continental Can__________ 100 75>4 Jan 31
Do
pref______________ 100 100 Feb _
*11134 114 *111 114 ♦111 114
20 0
17*4 Apr 22
193g 19*2 19*4 193,
19
19*2 5,900 Corn Products R e fin in g ... 100
p r e f......................... 100
91 Apr 24
*94
95*2 *94*2 95*2 95
150 D o
95
835s 8412 83
84*4 81
8434 41,700 Crucible Steel of Am erica. 100 52*4 Jan 12
pref______________ 100 108U Jan 1
116*2 116*2 116*8 116*4 *116 117
600 D o
Cuban-Amerlcan Sugar...1 0 0 152 Jan
*220 230 *220 230 *220 235
Do
pref______________ 100 104*4 Feb
*107 112 *107 110 *108 1 1 0
41l2Jan 31
51*8 515g 51
51*8 z4834 50*4 8,800 Distillers’ Securities Corp.100
263, 267
8 263s 26*2 26*2 26*2 1,400 D om e M ines, L td ................... 10 23 Feb 23
Federal M ining & Smelt___100
*17
19
147 Apr 19
8
*17
20
*17
19
pref______________ 100
37
37
35'a Apr 24
*36
40
37
37
300 D o
§320 322 *320 325 *320 330
25 General Chemical_________ 100 §265 Jan
*115 117 §116 116 *115 117'
Do
pref______________ 100 1113 Jan
20
171*2 172
171 171
1693s 1 7 1
1,500 General Electrlo__________ 100 159 Apr 22
♦470 519 *471 515 *480 520
300 General M otors...................1 0 0 405 Apr 24
pref.......................... 100 110 * 4 Feb 4
*1163 117*2 116*2 116*2 11634 117*8 1,470 D o
4
76*4 7712 767 77*8 755s 77% 12,750 Goodrich C o (B F )...............100 67*4 Jan 31
8
pref...........................100 110 Jan 24
115*4 115*4 1153g 115*8 1157 116
600 D o
8
84 Apr 22
*84
89
87*2 87*2 87
2 0 0 Granby Cons M S A P ___100
87
47
47
46*2 46*8 4512 4612 1,300 Greene Cananea C o p p e r .. 100 41*8 Apr 22
42*8 Apr 22
45
45
44*8 45
9,300 Inspiration Cons Copper___20
44*4 45*4
15 Apr 25
17*8 17*8 *17
18
10 0 Internat Agrlcul C orp____100
*17
18
Do
pref______________ 100
47 May 5
*50*2 55
*50
55
400
*52
54
113 11334 113 113
11212 11234 2,600 Intern Harvester o f N J ...1 0 0 108*2 Jan
Do
pref______________ 100 114 Feb 29
117 117 *116 117*8 *117 1175
10 0
8
2434 255s 2434 25*8 24*8 26*4 27,500 Int Mere Marine ctfs of dep.
13*8 Feb 15
pref ctfs of d e p ______
6 D4 Mar 1
93*8 95*2 93*8 95*8 9412 98*4 209,400 D o
4534 46
45*4 46
12,500 Intern Nickel (The) v t o . . 26 42 Mar 1
45*2 46
9*2 Mar 1
11
11
* 10 *2 1 1
10*4 1034 1,0 0 0 International Paper______ 100
pref______________ 100
42*2 Feb 1
*48*2 49*2 48*8 48*8 49
49*2 3,100 D o
86
86
86
87
85*2 85*2 1,400 Jewel Tea, In c____________ 100 67 Mar 9
Do
pref______________ 100 106 Mar 13
*108 1 1 0 *107 110 *107 110
68 i 2 Apr 22
73
74*4 73*2 75
7412 76*8 9,000 Kelly-8 prlngfleld T ir e ......... 25
*9534 98*2 *9534 98*2 *9534 98*2
957 Apr 24
s
Do
pref______________ 100
52 Mar 1
54*8 547
s 5234 545s 75,800 K ennecott Copper___N o par.
5412 55
64 May 5
71
71
69*2 70
69
69*2 1,850 Lackawanna S t e e l............. 100
40*4 Mayl9
5212 54*4 53
56
06,500 Lee Rubber & T ire___N o par.
53*4 56
*240 250 *240 250 *245 250
10 0 Liggett A M yers T o b a c co . 100 240 Apr 14
Do
pref.......................... 100 118 Mar30
*119*2 121 *11912 121 *119 121
15 Mar 3
*18*2 20*3 *17
Loose-W iles Blso tr co otfs. 100
20*4 *17
20*J
84
85
78 Marie
*8234 84
1st preferred_____ 100
900 D o
81
81
*56
60
SO Mar 3
*56
60
Do
2d preferred______ 100
*56
60
*212*2 250 *211 215 *211 225
Lorlllard C o (P )...................100 179*4 Jan 19
*117*2 121*2 *117*2 121*2 *117*2 121*2
Do
p r e f......................... 100 115*2jan .
10 0
85
86*2
84*2 85*8 845 8 > S 17,500 Maxwell M otor Inc tr c tfs. 100 67*4 Mar 3
S 63
90*4 90*4 90
90*2 8934 90% 2 ,2 0 0
78 Apr 22
Do
1st pref stk tr c tfs. 100
5734 58
57*2 5734 573g 58*4 3,200 D o 2d pref stk tr ctfs . 100 42*4 Mar 2
89 Apr 22
108*2 11 0 * 2 106*2 108*4 106*4 10812 38,900 Mexican P etroleu m ______ 100
93 Apr 26
*------ 967
8 96*2 96*2 96
Do
pref______________ 100
20 0
96
3538 35*4 35*4 36
s
3512 357
s
4,500 Miami C opper_______________6 337 Mar 1
*78
807
8 8 0 78 8 0 78 81
600 M ontana Power__________ 100 68*4 Mar 1
81*2
*115 ___ *115 ___ *115
Do
pref.......................... 100 109 Jan 3
___
*12 1
12 2
8
* 120 *4 1 2 2
12 1
12 114
20 0 National Biscuit__________ 100 1187 Apr 24
*125 127*2 125*4 125*4 125*2 125*2
pref______________ 100 125 Jan 3
300 D o
23
23*2 22 *2 22*2
19*4 Apr 22
2234 2314 1,0 0 0 N at Enam 'g A 8tam p’g . . . l 0 0
*94
97
*93
97
Do
pref.......................... 100
92 Jan 19
*91
97
67
67
67
67*8 6612 67
1,550 National Lead____________ 100 60*2 Apr 22
*11334 115*4 §114 114 *114 115
Do
pref.......................... 100 112 Feb 9
10
1734 177
8 17*4 177
15 Jan 31
8 175g 173, 2,500 Nevada Consol Copper_____ 6
*132 137
135*2 136 zl30 131
1,500 New Y ork Air Brake......... 100 125 Apr 22
65*2 Apr 20
*65*2 68*8 *6 6
68*4
300 North American C o ______ 100
66*8 66*2
6*8 Jan 31
8*2
8*2
8*4
8*4
1,600 Ontario Silver M ining____100
8
8*4
2334 24
*22
2334 2 2 78 2 2 78
300 Pacific M all........................... 6 11* 4 Jan 3
*33
35
*33
34
32*4 Apr 25
Pacific Telep A T eleg_____ 100
*33
34
10 2
10 2
10 1
10 1* 2 1 0 1
10 1* 2
1,400 People’s O L A C (C h ic ).. 100 100*8 May 5
41
41
40*8 40*2 40
39*2 Apr 22
40*8
500 Philadelphia C o (P ltt s b )...6 0
*26
28
*26
28
300 Pittsburgh C o a l ...................100 22*8 Apr 24
*26
28*2
*100*8 104 *100 103*2 1 0 2 10 2 *2
pref.......................... 100 100 Mar 8
500 D o
*46
47
*40
46*2 46
46
400 Pressed Steel Car________ 100 43 May 5
*10 0
100*2 *997 10012 *9978 10012
8
Do
pref.......................... 100 100 Feb 9
130 130
130 130
132 132
400 Publlo Serv Corp o f N J ...1 0 0 114 Jan 31
1645s 165
16412 1643s 161 164*8
1,2 0 0 Pullman Com pany________100 1597 May 10
8
*212
3
*2*2 3
2*8 Mar22
10 0 Quicksilver M ining________100
*2*2 3
*312 4
*312 4
pref______________ 100
3*2May25
4
4
300 D o
42
43*4 43*4 44*8 4234 437 15,100 Railway Steel Spring......... 100
32 Apr 22
8
*97
98*2 ♦97
95*4 Mar 9
98*2 *935g 98
pref.......................... 100
400 D o
225g 227
8 22*8 2 2 78 22% 23
2,900 Ray Consolidated C o p p e r.. 10 21*4 May 5
47
47*4 47*4 48*4 47*2 48's 4,300 Republic Iron A Steel____100
43*8 Apr 24
4
8
111»4 111*4 *111*4 1113 1113, 1117
pref______________ 100 107*4 Apr 24
345 D o
183*4 184
184 184
18312 1837
8
700 Sears, Roebuck A C o......... 100 168*4 Mar 1
*125 ___ 126*2 126*2 *12612___
300 D o
pref.......................... 100 125*8 Jan 8
317 32*4 31*2 315g 31
8
3H2 1,800 Sbattuck Aria C op p er_____ 10
30*4 Apr 22
54
54
*53
54*2 53*2 54
400 Sloss-Sheffleld Steel A Ir._100
47 Apr 24
*208 215 *208 2 2 1
2 10
2 10
350 South Porto R ico S u gar...1 0 0 146 Jan 29
*117 120 *117 120 *118 12 0
Do
pref______________ 100 106 Feb 2
103 103 §103 103
270 Standard M illin g .................100 8 6 MarlO
1 0 0 1 2 100*2
94
94
*93*2 94
93*8 9338
310 D o
pref......................... 100
85*2 Mar 1
138 140*8 137*2 13812 1373, 141
20,300 Studebaker Corp ( T h e ) .. . 100 121 May 5
*108 1 1 1 * 2 *108 1 1 2 *107*4 111*2
Do
pref.............
100 109 Apr 27
43*4 44*2 423g 431, 4234 433, 5,100 Tennessee Copper__________ 25 42 May 5
19334 193*, *190 194
300 Texas C om pany (T h e )____100 180 Apr 22
190*4 190*4
*5
5*2
5
5
700 Union Bag A Paper............100
4*4 May 9
*30*4 30*4 30*4 30*4 30
28 Jan 27
pref.......................... 100
600 D o
30*4
*58*2 60
58 MaylO
585s 58*8 *5812 60
10 0 United Cigar M frs............ 100
♦108 1 1 2 *108 1 1 2 *108 1 1 0
Do
p r e f..............
100 108 Mar 14
953, 953, 95
*95*4 97
957
8 1 , 1 0 0 United Cigar Stores.......... 100 69 Feb 9
*118*2 119 *117*2 119 *116 119
Do
pref.......................... 100 61 1*2 Feb 10
159 159*2 159 16138 159 162*8 13,500 United F r u it.................. ..1 0 0 130*8 Jan 31
2 1 * 2 2 1*2
21*2 233S 2234 2438 1 1 , 1 0 0 U S Cast I Pipe A F d y ____100
15*8 Jan 31
50
50
*48
52
48*2 Feb 5
Do
pref.......................... 100
50
51
400
158*4 159*8 15734 15934 158*4 16012 19,100 U 8 Industrial A lcohol____100 126*4 Jan 11
*104 107 *104 107 *104 107
pref.......................... 100 102 Mar 2
50 D o
55*8 56*8 5534 565
8 55% 57*4 10,950 United States Rubber___ 100 47*4 Mar 1
109*2 109*4 *109*8 1097 109*4 10934 1,300 D o
8
1st preferred.........100 106*8 Feb 5
73
74
7134 73*8 71*4 723, 4,600
S Smelting Ref A M ____50
65 Apr 22
*5012 52
*50*2 51*8 51*2 51*2
ioo| Do pref.
51 Apr 24
................ 50
85% 86
833 843, 101,450; inlted States
s
z84*4 845s
z 79*4 Mar 1
117 117*8 117*8 117*4 117*4 11738 3,110 Do pref.
115 May 3
80*2 81*2 8 0 58 81
80*2 813s 10,500]
77 Jan 31
16*8 16*4 16*2 16*2 163, 163,
500.
16*2 June 1
42
*42
43*2 42
42
421,'
700
30 Apr 24
109 109 *108 109 *108 109
1 0 0 ’ Do pref......................... 100 108 Apr 22
95*2 96*8 95
96*8 95
3,200 Western Union Telegraph.100 87 Mar 1
95
615^ 62*4 61*2 62
61*8 62*4 11,800 Westlnghouse Eleo A M fg.,60
63*8 Apr 22
*70
75
*72
73*2 *72
73*2
Do 1st preferred............ 50 70 Apr 19
272 275*2 272 275
275 294
1 1 , 2 0 0 Wlllys-Overland (The)___ 100 199*4 Jan 31
1063 107
4
10658 107
6,800 Do pref Sub recta full pd. 100 102 Mar 2
108*2 1 1 0
135 135 *134 136
135 137
500 Woolworth (F W ).............. 100 118 Jan 5
*125 126 *124*2 126 *124*2 125*2
Do pref...... ....................100 123*. Jan 4
109
*445
*135
*73
90
22*4
*49l2
54
*1 1 1 * 2
106

10 2
112

*19*8 193s 19*8 2 0
*94
95*2 §95
95
8334 84*2 82*4 84*4
*116 1173, 116*8 116*8
*216 230 *200 230
•107 110 *107 110
50*8 51*4 50*8 51*8
2612 26*2 26*4 27
*17
19
*17
20
*37*2 40
*37
40
*322 325 *322 330
*116 117 *115 117
1703s 170’s *170 173
51934 519*4 462 462
116*2 116*2 116 116*4
76
76*s 75*4 767
8
’ 115*4 115*4 115*4 115*4
*8 8
90
*84*2 90
47
47
*47
48
45
45*4 447 45*8
8
*17
18
*17
18
54
54
5234 53
•111*4 1127S 1 1 2
112
*116 118 *116 118
2434 25*4 2412 25
91*4 92*2 92
927
8
457 46U 45*s 46
8
10*4 11
11
11* 4
48*2 49
48*8 49*2
86*8 87
85*4 87
*108 1 1 0 *108 1 1 1
72*4 72*4 723g 727
8
*95*4 98*2 *9534 98*2
5434 55*4 543s 547
8
70*4 70*4 70*8 70*4
50*4 50*8 50
527
g
•245 250
245*4 245*4
•119 121 *119 121
*18*2 20*8 *18*2 20*8
*84
91
847 85
8
*56
60
*56
60
*212 250 * 2 1 1 250
119 119 *116*2 1 2 1 * 2
85
86*8
8514 8 6
90
90
*87
91
58 . 58
*5712 58*2
109*8 10934 108 109*4
_
_
*95*2 96
357g 36*s 35*4 357
8
*79
807s *79
82
*115 ___ *115 ____
* 1 2 0 78 1 2 2 *120*4 122
*125 128 *125 127*2
24
23*8 23*8 *23
*92
98
*93
96
*67
673g 67
67*8
*114 115*4 *11334 115*4
1734 177
s 173,, 173,
1363s 137*2 *134 138
*65*2 69
6 8 78 6 8 78
8*8
8*8
8*2
834
*22
2412 *22
2334
*33
35
*33
35
*10214 103*4 10 2 12 10 2 *2
*40
41
*40
41
27
27*4 *26
28
10314 103*4 *100 103*4
47
47
46
46
* 10 0

88*2

110
460
145
80
9234
23
50
54*8
11134
103*2

*109*2
455
*135
*73

5 Less than 100 shares,

Do
pref______ ________ 100
10 0
2 0 0 Bethlehem Steel__________ 100

t Ex-rlghts.

a Ex-dlv. and rights.

ftNewstook

110 M ay24
550 Marl4
145 Jan
87 Jan
105*4 Mar
42*8 Jan
80*8 Jan
56*8 Mar20
1117 May 16
8
1 1 1 * 2 June
25*8 Jan
60 Feb 19
63 Jan
144*4 Jan 104*2 May25

112 Mayl

25*4 Jan 25

10 1* 2 Jan 14
99*2 Marie

P RS A E
E HR .
RneJrP u
a g o recio s
Y r 1915
ea
L
ovett H h
ig lit
$ p th n $ erth n
er a p a
Mar 154*2 Oct
Sep
Mar 114
Oct
Jan 600
Oct
Jan 184
94*8 Oct
79 12 Dec
8
56*2 Aug 797 June
8 July
38*8 Deo
30 July 81 Deo
32*8 Feb
61*4 Nov
100*8 Jan 1 1 0 * 2 Nov
26*8
92
46*4
91

233S Dec
32*4 Jan
2 1* 4 Jan
113*4 Jan
40*4 Jan
8 8 is Jan
8
Jan
65
Jan
18*4 May
84 May
38
Jan
93 Mar
5*2 Mar
116 June
8 Mar
20 Mar
165
Jan
106 Mar
138 Mar
82
Jan
90*8 Jan
24*2 Jan
95
Jan
79*4 Apr
37
Oct
16*8 Jan
5*2 Mar
8 Mar
00 May
HO July
18 Dec
55*2 Nov
179*4 Dec
8
Jan
33 Feb

26*8 Nov
67*8 Nov
Sep
15012 Oct
127
Oct
109*2 Deo
2H* Oct
96*4 Deo
10978 Sep
11 2 * 2 Sep
177 Deo
110
Sep
50*2 Oct
30*4 Deo
60 June
65 June
360
Oct
J116*2 Nov
185*2 Oct
558 Deo
136 Deo
80*4 Oct
114*4 Oct
91 June
52*a Deo
47*2 Oot
29*4 Nov
71*4 Deo
114 June
120 Nov
20*2 Deo
77*2 Deo
2 2 3 12 Oot
12 7 g Deo
60*4 Deo
66*2

119 Marie
245 Mar28
109*4 Feb
5412 Apr 29
29*2 Feb
35 Jan
57*2 Jan
350 M arl 8
116 Jan 27
178*2 Jan 17
525 May25
12 0 * 2 May 2
80 Apr 10
116*4 Marie
99 Feb 10
63*8 Mar 9
49*4 Marie
297 Jan
8
74 Jan
1 1 4 1 2 Apr 27
119*2 Jan 4
29*4 May 1
98*4 Juno 2
5 6% Jan 17
12*8 Mar20
50*4 Jan
96 Apr
113 Apr
767 Mar20
8
97*2 Marl4
69 Apr 3
8 6 Jan 0
28 Jan 94*4 SeP
56 June 1
265 Jan 4 207
Jan 200 Deo
122 Mar 3 113*4 Jan 120 Deo
21 Jan 18
Jan
16 Feb 31
9112 Jan 13
86
Fob 105*8 Jan
50 Jan 25
Oct
55 Dec 67
220 May22 16 5 12 Jan 189 Nov
120l8 Apr 10 112
Jan
Sep 118
89*4 MaylO
Oct
15*4 Jan 92
93 Jan 3
43*4 Jan 103*4 Deo
6 O 4 MaylO
I
18 Jan 68*2 Oct
129*8 Jan 3
51
Jan 124*2 Deo
105*8 Jan
67 Jan 104*2 Dee
39ls Apr
17*4 Jan 36*8 Deo
81i2 Apr
42
Jan 79*4 Deo
115 Apr
99
Jan 120 Deo
125*4 Mar20 116 Apr 132
Jan
129*8 M ayl2 119 May 127*8 Deo
29*4 Jan 5
36*8 Oct
9*2 Jan
97*2 Feb 18
79 Apr 97 Deo
737g Jan 19
44
Jan 70*4 May
116 M ayl 6 104*4 Jan 115 Nov
18% May 24
17 Nov
11 * 4 Feb
153U Jan 16
56*2 Feb 164*4 Sep
76 Jan 3
Apr
64
Jan 81
11*8 Jan 7
12*8 Deo
2 Feb
38 Aug
29*8 Mar 2
z8*4 Dec
44 Jan 15
26*8 Feb 49*2 Oct
1117s Jan 3 106*2 Dec 123*2 Apr
46 Jan 17
49
8 ep
35*2 Apr
36*4 Jan 17
15*4 Jan 4212 Oct
111*4 Jan 13
Oct
81*8 Jan 114
65*8 Jan 4
25 Mar 78*4 Oct
1047g Jan 4
Oct
86
Mar 106
132 MaylO 10 0 *2 Aug 120 Deo
171*4 Jan 17 150*8 Mar 170*4 Oot
6*4 Jan 19
5*4 Nov
*4 Mar
07g Nov
8*4 Jan 26
*4 Mar
44l2 May 0
Oct
19 Mar 54
100 Jan 4
87 Mar 102 Nov
26 Feb 21
15*4 Jan 27l2 Nov
5514 Jan 3
19 Feb
57*4 Deo
112 Marl4
72
Jan 112*8 Deo
188 Jan 3 *131*4 Mar 209*2 Feb
127*4 Mar 3 1 2 1 * 3 Jan 126 Deo
40*4 Feb 14
63*4 Jan 3
24
Jan 607 g Deo
225 May 9
40 Feb 164 Deo
118 May 8
89*8 Feb 110 Oct
103*2 May25
96 Deo
43*2 Feb
04 M ayl7
66
Feb 85 Nov
167 Jan 3
Oct
35*4 Jan 195
114 Marl4
91
Jan ll9 ia o ct
60*2 Jan 6
70
Sep
2 5 12 Feb
235*2 Jan 3 120 May 237 Deo
8*8 Marl7
9*8 Deo
4*8 Jan
35 Mar 18
227* July 3U8 Dec
64 Mar20
42
Jan 66*4 Oct
111 M a yll 100 June 110
Oct
610 Feb 19
69 Dec 610*2 Oct
612 MarlO 6 IU 2 Oct 612*8 Nov
1643, May 8 139 Nov 163 Nov
8
Jan 317g Oct
26i2 Marl4
55*2 Nov
54*4 Mar20
32i2 Mar
170i2 Apr 6
15 Jan 131*4 Deo
114 Jan 13
70
Jan 107 Nov
58*2 Jan 3
44 July 74*4 Apr
112 Apr 4 101*8 Feb 110 Apr
78i2 May 9
53i2 Apr 11
38 Feb 8912 Deo
89 Jan 3
Feb 117
118*2 Jan 25 zl02
Oct
86*4 Feb 19
48*2 Jan 8 H4 Deo
20*, Fob 3
51 Jan 17
Oct
16 Jan 52
112 Jan 3
80 Jan 11378 Deo
967 g May26
57 Jan 90 Nov
7478 Oct
71*8 MarlS
32 Feb
85
Oct
79 MarlS
68*2 Mar
294 Juno 2
87 Feb 288 N ov
110 June 2
90*4 Jan 120*2 Deo
139*2 Mayl2
125 M ayl7 115 Jan 124 Aug
« Par $25 per share
Ex-stock dividend.

s

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

J n 1009 I *Rch nemthdotlootin bn *tea ch ned a dp a n na "a dirU
n.
k z ag e o
g o d t a g , n rice* re a ll— n ereil"— cep forin m a dd u b n t.
ex t co e n efa lted a d
P
rice
F a
rid y

BONDS
W. Y. STOCK EXCHANGE
Week Ending Juno 2.

We "a
ek
ag
Rne o S 3 Rn*
ag r
S ce
in
Lst Sle
a a
J n 1.
a.
B
id A Lw IHb
sk o
o
Lw H
o igh
99% 100
99% Apr ’ 16
Ju n e 2

U. S. Government.
0 8 3! oonsol registered__>11930 Q R • 3s eoneol coupon____ 41930 Q 0 8 3s registered________ *1918 U - F
B 3a coupon__________ *1918 Q - F
D i l i registered__________ 1926 Q - F
C H 4s coupod.................
1925 Q fl Pan Canal 10-30-yr 2s.*1936 Q •F
B S P n Canal 10-30-yr 2a..1938 Q -N
O O Panama Canal 3s g___ 1961 Q -M
U S Philippine Island 43.1914-34 Q -F

P
rice
F a
rid y

BONDS
N . Y . STOCK EXCHANGE.
Week Ending Juno 2.

Wee*'*

Rneo
ag r
Lst Sle
a a
B
id A Lw H h
ik o
ig
1023.1____
Ju n e 2.

A Cn
o

2059
Rne
ag
S ce
in
J n 1.
a.
Lw H h
o ig

Ohio BnrI
q (
.)—
iowa Dlv sink fund 6 s___ 1919 A - O
102% Apr '16
102% 102%
Sinking fund Aa_______ 1919 A - O
99% Sale 99%
99%
99% 99%
101U 102
10 1* 4 102*4
Joint bonda.
Great North
101%____
101% 1 0 2 %
Nebraska Extension Aa___ 1927 M -N
98% 98% 98%
98%
97*4 100
llO U ___
109*4 111%
Registered____________ 19 2 7 M -N
96-% . . .
96 Jan T6
96
96
111 ___
110% 112%
Southwestern Dlv As____ 1921 M- S 9934 ____ 99% June’ 15
9 9 U ____
General Aa_______________ 19 6 8 M- S 93 Sale 92%
93*4
92% 94*4
Oble E ill ref Imp As g. 19 5 5 J 21
32
21% Apr T6
21% 25%
102 ____
101% 103%
U S Mge & Tr Co ctfs of dep._
20% 25
21 May’ 16
20 22
100 ____
1 st eoneol gold 6 e.............. 1 9 3 4 A - 6 100 ____ 106 May’ 16
04 107
General consol 1st 6 s_____ 1937 M- N 85% Sale 84%
85%
85%
Foreign QoTornment
Registered_____________19 3 7 M- N 79
85
82 May’ 16
82
Anglo-French 5-yr 6 a Exter loan. A - O
95% Sale 95%
96% 4607 03% 9e%
U S Mge & Tr Co ctfs of dep
85*g Sale 85
85*s
85%
Argentine— Internal 5a ol 190y_ M- S t 92i2 95
2 89*4 95%
93
93%
Guar Tr Co ctfs of d ep ____
85 ____ 85
85
85
Chinese (Hukuang R y)— 6 aof 'l l J -D 1 7134 Salo 71%
72%
69
78%
Pur money 1st coal 5 s____ 19 4 2 F - A
97*4 Feb '13
Cuba— External debt 5s of 1904 w - s
99% 100U 99%
99%
96% 100*4
Okie Ind C Ry 1st 5s___ 1936 J - J
15 ___
22% May’ 16
21
24
Exter dt 5s of T4 ser A . 1949 F - A 96 Salo 96
96% 13 9 4 % 9 7
Ohio Great West 1 st 4 s_____ 19 5 9 M- £
71% Sale 70%
71%
70*4 74
External loan414s........
19 4 9 F - A
84% 88
86% Apr TO
81% 87
Chic Ind < Loulav— R e I 6 a_ 19 4 7 J - J 113%___ 115 May’ lG
k
111% 115
Dominion of Canada g 5 a wl 1921 A -O 100U Sale 100
100% *609 98% 1 0 0 %
Refunding gold 6 s_______ 19 4 7 J 100 ____ 100 Apr T6
100 100
Do
do
1926 A -O 1007* Salo 100%
101% 198 97% 101%
Refunding 4a Series C .I l l 1 9 1 7 J - J 80 ____ 95% Apr ’ l l
102% 163 96*4 102%
Do
do
1931 A -O 102 Salo 101
Ind
Loulsv 1st gu 4s___1956 J
70 ____
Dec T5
38 8 2 % 86% Ohio Ind <t Sou 60-year As.. 195e J - J 89% 90*8 55 May’ 16
Japanese Govt— £ loan 4 4 s 10 2 5 F - A t 84% Salo 84%
85
89
91%
89
2 78% 8 6
Second series 4Ha..............igu J t 841 84% 84%
4
81%
Ohio t 8 East 1st AU s____ 1060 J -D -------96%
97% Apr T6
97% 97*4
89 73
81% Salo 80
81%
Do do "German stamp",
81*4 Chicago Milwaukee
St P a u lsterling loan 4a________ 1 9 3 1
09 M ay’ 16
63
72%
Gen’I gold 4s Series A____ *1989 J 92% Sale 92
J 68'4 69
92% 41 91% 94
60 Feb TO
79
60
60
Registered___________ <1989 Q - J
*42 [*f9 T Exter ,oan £ 58~Y 1899 q - J 1 45
o
92% Feb '16
92% 92%
50 Feb T6
Gold debt 4g of 1904_____ 19 5 4 J • D ____ 50
50
50
Permanent 4 s ________ 7.1925 J - D
94% 94% 94%
95
94% 95%
95% Jan To
rrov of Alberta—deb 4 K b. .1924 F - A
94% Sale 94
Uen < ref Ser A AUs____a2014 A - O
k
94%
92% 94%
77%
Tokyo City—fig loan of 1912___ M- S t'77'% Sale" 77%
Gen ref conv ser B 5s.._a2014 F - A 108*8 Sale 108
10S38
106 110
(&>
*
*6fo£
Gen’I gold 3Us Ser B____<ig89 J - J 78% 80
78% May'16
78
81%
••*«! City SscurftU*
General AUs Ser O______ «1989 J - J 102% Sale 102%
102%
100% 104
102%
® Y City — 4 Us..................... i960 M- 8 102% Salo 102%
101 103
35-year deben 4s_______ 19 3 4 J 92 Sale 92
92%
91% 93%
102% Sale 102%
102%
4t<a Corporate stock____ 19 64
101 103
Convertible 4 U s............... 19 3 2 J -D 101% Sale 101
10134
100 103*4
108%
•Us Corporate etook____ 1965 J -D 108% Sale 108
106% 108%
Ohio * L Sup Dlv g 5s____ 1921 J - J 103%____ 103% Feb T6
103% 103%
107%
•Us Corporate stock____ 1963 IW 8 107% 108 107%
105% 107*4
Chlo Mo Rlv Dlv 6 s____1926 J - J 104%____ 105% Mar’ 16
105% 105%
99% 100% 100
100%
M -N
Corporate stock..........1959
97% 100%
Chic < P W 1st g 5s______ 1921 J - J 103% 103% 103*8
fc
103%
103% 104%
99% 100% 100
100%
Corporate stock..........1958 M98 100%
O M A Puget 8 d 1st gu As. 1949 J - J 90-34 90% 90% May’ 16
89% 91%
4% Corporate etook..........1957 M -N 100 100% 100%
100%
97% 100%
OubuQue Dlv 1st s f 8 s . . . 1920 J - J IO634 Sale 106*4
106*4
10634 107%
09% ____ 97% Jan TO
4 Corporate stock.......... 19 5 6 M-N
97% 97%
Fargo 4 Sou assum g 6 s .. 1924 J - J 110%____ 110 June’ 13
107% 107% 107%
New *U s........................... 1957 M107%
105*4 107%
L aC rosse* D 1st 6 s_____ 1919 J - J 102%____ 102*4 Feb '16
102% 102**4
New «U s ........ .................. 1 9 1 7 M N 100 102 101% Deo T5
Wis * Minn Dlv g 6 s_____ 1921 J - J 103%____ 103% May’ 1 6 ------ 103% 104
*H % Corporate stock ..1957 M-N 107% Sale 107%
107%
106 107%
WIs Vail Dlv 1st 6 s........... 1920 J - J 106%____ 106% May’ 16^------ 106% 107%
«H % Assessment bonds.. 1917 M-N 100% 101% 100% Mar’ 16
100% 100%
101% . . . 100% Nov'15
Mil 4 No 1st ext 4U*____ 1934 J -D
90
9034 93 May’ 10
• W% Corporate stock ... 1954 M-N
88% 93
Cons extended AUs____ 1934 J -D 101% . . . 101%
101%
101 ’ ioi’%
» Y State—4 s . . . .............
1961 8 101% 105% 105% Apr TO
M102% 105% O jIc * Nor West Ext 4 s 18 8 6 -1926 F - A 97 . . .
97
97
95% 97%
Canal Improvement 4 s ... 1961 J - J ------ 105% 104%
105%
102 105%
Registered............ 1886-1926 F - A 90% . . .
97 Apr T6
97
97
Canal Improvement 4s
1962 - J
102% Jan TO
102% 102%
General gold 3 U «________ 1987 M- N 81% 81% 81% May’ 16
80
84
Canal Improvement 4 s ...I960 J - J ------105% 102% Jan T6
1021* 1021*
Registered________ p l 9 S7
q -F
78% Jan T4
Canal Improvement 4 U» 1964 - J 115% Sale 115
115%
113 115%
General 4s_______________ 19 8 7 M- N 95% 95% 95%
95%
94% *95%
Canal Improvement 4 Us. 1965 J - J 108%____ 107% Feb TO
106% 107%
Stamped 4 s___________ 19 .S M- N ------ 94
7
94% May’ 16
93*4 96
Highway Improv't 4US-.19G3 M- S 1143* u s 114% Mar’ 16
112% 115
General 8 s stamped. . . 1987 M- N 114% 114% 114% May’ 16
114% 116*4
Highway Improv’ t 4 Us 1965 M- P 108% 109% 10934 May’ 16
107 109*4
Sinking fund 6 s___ 1879-1929 A - O 111%____ 112% Jan T6
112% 112%
♦'rglnla funded debt 3-3s
19 9 1
- J 55% 57
80 Apr TO
86
883,
Registered............ 1879-1929 A - O 110 . . . 109% Apr TO
109% 109%
8* deferred Brown Bro* etfs..
58 Sale 57
5S%
50% 58%
Sinking fund 6 e........ 1879-1929 A - O 10134 . . . 10434 Apr '16
101% 104*4
Rallread.
Registered............ 1879-1929 A - O 103*4 . . . 103% Apr '16
103% 104
70
66%
Arbor.
« 4S...........*_ 1996 q J 66
66%
66%
63
103% 103*4 103*8 May’ 16
Debenture 5s___________ 1 9 2 1 A - O
103 103%
93% Salo 93%
A leh T op A S F egen g 4 s...1995 A - 0
93%
92% 95%
Registered________ IIl921
A- O
101 Dec '12
Registered......................... 19 9 5 A •O
92%
92%
91% 93%
■Inking fund deb 5 s . . . I l l 1933 M-N 101% Sale 104%
104%
163’ % ids’ *
85% 87% 85% May TO
Adjustment gold 4s___ 1*1996 Nov
Registered.............. ....... 1 9 3 3 M -N
85
88
101% May'l/s
Registered...................» i 995 Nov ------ 85% 8 6 % Jail TO
84 % 86%
Frem Elk * Mo V 1st 0 s..1933 A - O 120% I I I I 117 Aug '15
o tamped . . . . . .
isinoR M-N
85% Salo 85%
85-14
85
88%
Man G B * N W 1st 3US.1941 J - J 80 ____ 90% Sep ’09
I -D 100 Sale 105
100
10034 107%
Mllw * 8 L 1st gu 3 U s ... 1941 J - J 80 ____
OoUul01? 4" ............ II1 1 .1955
oonv 4s Issue of 1910____ i 960
-V 10534 Salo 105
10 514
10134 107*4
Mil L 8 * West 1st g 6 s . . . 1921 M- S 108 10S3s 108 May’ 16
108 109
10-year fin________
19 17
-D 101% Salo 101%
101%
101 10U,
Ext * Imp s f gold 5 s ... 1929 F - A 106%____ 106%
106%
106% 107%
EastOkia Dlv lstg 4 sH Ii9 2 8 M- 8 9 6 % ___
90% May’ 16
96%
Ashland Dlv 1st g 6 s . . . 1925 M- S U134 ____ 111% Dec T6
88
Rocky Mtn Dlv 1st 4 s ...1965
J 86
87% Apr TO
111*4 112% 112% Feb T6
89
Mich Dlv 1st gold 6 s...1924 J 12% 112%
Trans Con Short 1st 4s. 1958 J - J 91 Salo 91
91%
92
Mil 8 par 4 N W 1st gu 4 s. 1947 M- S 91% 92*4 91% May’ 16
91
94
97
97% 97
97
Northw Union 1st 7s g___ 1 9 1 7 M- 8
99
■ wlA * 18**W t4 M «,,A"1982 IH
n
107% May'14
„ ! . ! * P, eJ * Rh 1st g 6s— 1942 M- S 104% ------ 104% May’ 16
r
103*4 104%
Bt L Peo * N W 1st gu 5s. 1948 J - J sl06 Sale 106
106
106 109
92
V ,? 0Mt 1- 1st gold 4s___ *1952 M- S 92 Sale 91%
Winona * St P 1st ext 7s. 1916 J -O 101%___ 102% Dec T5
91
94%
90% 91%
91
101%____ 101% 101%
91
92% Cbloago Rock 1st 4 Pao 6 s .. 1917 J 9 ? " WMfi ea 41” ............... 1904 J - D 100% 107% 91
101% 102%
Registered____________ 1 9 1 7
106% 107%
- J 101% 102% 101% May’ 16
R ..„ 2 I f* BU 8oM 58 -..1028 M- N 92-%------ lOOli May TO
101% 102
9 4 % May’ 16
Sr^0. * w l«t gu gold 4s. 1938 J
8
85% 85
93*4 95
*y genera! gold As________ 1988 J - J 85
85%
84% 87
132%____ 129% Aug T5
Charles * Sov 1st gold 7s. 19 3 6 J - J
Registered____________ 19 8 8 J - J 83% 84% 83 Apr '16
83
84>4
80% 80% 8 6 %
80%
p 4 N coll gold 4s_______0 19 5 2 M -N
Refunding gold 4s_______ 19 3 4 A - O 74% 8ale 74%
85% 87%
7434
63*4 75%
*ar
1st gold Os___ 1934 A - O 119% 121 120 Apr TO
30-year debenture 5 s_____ 19 3 2 J - J
58% Sale 57
120 *122
5S*4
41% 59
108%------ 105 July T 5
1** Bold 5s.......................1934 A -O
Coll trust Series P 4s......... 1918 M -N
95% 95% 94*4 June'l 1
99% 100
oil 8p Oca
gu g 4s___ 1918 J
99% Fob T 6
55
58*4 54% May’ 16
09% 99%
B I Ark * Louis 1st A U s ..1934 M- 8
54
65%
92% Salo 9234
wait * Ohio prior SUs___ 19 2 5 J
92%
35 92% 93%
99
99*4 99-4 May’ 16
Bur C R 4 N— 1st g 6 s . . . 1934 A - O
i
9,*4 100
9 2% ____ 92 May TO
Registered___________ * 1 9 2 6 u
91% 92%
O R 1 F 4 N W 1st gu 5S...1921 A - O ____ 99 100% Mar’ 14
91 Sale 91
let 50-year gold 4s____ *1948 A -O
91%
M * St : 1st gu 7s......... 1927
91
92%
D
____ 91% 91 Mar’ 10
Registered__________ *1948 q Cboo Okla 4 G geo g 5s.01919
89% 91%
J "99% I I I I 99*4 Apr '16
98% 99*4
Id-yr oonv 4 U s ........ ..1933
96% Salo 98
96%
95 ____ 97% July 15
Consol gold 6 a________ 19 5 2 M -N
95% 9.8%
Refund gondaSerlos A..1995 J - D 100% Sale 100% 100%
65
Keok 4
Moines 1 st 5 s 1923 A - O 60
100 101%
60
60
55
63
Pitts Juno 1 st gold 6 s..
1922 112 Jan T2
f 8 U lA K C 8 h L ls t A U B ’4l F - A 68%____ 67% May’ 16
65
71
91% 92
P Juno A M Dlv 1st g 3 Us 1925 M-N
91% May’ 10
Ohio St P M * O con 6 s_1930
01
92
-D 117%____ 118 May’ 16
117*4 118%
r L & 4 W Va flys ref 4 s.. 1941 M- N 87% 88% 88
88
90% ____ 87*4 Feb T7
Cons 6 s reduced to 3 U * --1930 J -D
86% 90
87*4 87*4
90% Sale 90*4
louthw Dlv 1st gold 3 Us. 1925
91
Debenture 5s___________ 19 3 0 M- 8 102 102% 101% May’ 16
90
92%
101% 103
Cent Ohio R 1st c g 4 U s. 1930 M- S 100%____ 10 0 Apr T3
Oh St P * Minn 1st g 6s.Il918 M -N 117% ____ 117% May'16
117% 118%
01 Lor 4
con 1st g 5s .1933 A - O 107% 108 107%
107%
North Wisconsin 1st 6 s...1030 J - J 117%____ 129% May'09
107% 107%
Monon River 1st gu g 6s.. 1919 F - A 101 ____ 101 Deo T5
8 t P 4 8 City 1st g O s... 1919 A - O 104 105% 104
104
104 105%
Ohio River RR 1st g BS...1936 J -D 100%----- 107*8 May’ 10
Superior Short L 1st 5 s g.o!930 M- 8 105% 106%
107% 107%
General gold 6s............... 1937 A -O 104%____ 105% Mar’ 16
105% 105% Ohio T H * So-east 1st 6 s .. 1960 J -D ------ 80
85 Jan T4
Pitts Clev 4 Tol lstg 6 s . 1922 A - O 100%____ 113% Feb T2
107% ____ 107%
Chic * West Ind gen g 0 s ..,1932 q -M
107%
106% 107%
99% ------ 09% Apr TO
Pitts 4 West 1st g 4 s..
1917 J
99% 99%
Consol 60-year 4 s_____ 1952 j • J 76% 76% 76%
70%
76
81%
Btat Is) Ry 1st gu g 4US--1943 I -D
91 June’ 12
Cln H 4 D 2d gold 4 Us....1937 J
- J 85 ____ 86% Jan TO
86% 86%
Bolivia Ry 1st Si____
1927 J 1st 4 refunding 4s____ 19 5 9 J
- J 74
80
109 ____ 109% May TO
■ slfalo R A P gen g 6s___ * 1 9 3 7 M- S
1st guaranteed As______ igso
J - J 75% ____ 8*6% Ju"ne*T2
107% 110
Oonsol 4 U s ........................1957 M -N 1023* Salo 102%
102%
♦30 ____ 25 July’ l f
102 103
Cln D * 1 1st gu g 5s........ 1941 M -N
A H * West lstg 4s gu___ 1998 A - O 90% 93
92% Mar’ 16
92% 92%
C Find * Ft W 1st gu 4s g. 1923 M- N
88 Mar’ 11
2 w 2 £fah ,st *u « 6 s..1943 J - J 107%------ 103% Feb TO
103% 103%
Cln I * W 1st gu g 4s___ 1953 J - J
65 July'14
Rooh 4 Pitts 1st gold 0 s . .1921 F - A 107%------ 107*4 May’ 16
107% 108%
943g Dec '14
D a y * Mich lstcon s4U s 1931 J - J
J - D 109% 110% 110% Apr TO
r ._ ®on801
6s............... 1922
107*4 110%
Ind D e c * W 1st g 5a........ 1935 J J
65 July'14
Caoada Sou eons B st ...io fl2 A - O 102 103% 103 May TO
D
103 104*4
1st guar gold 5s..........1936 J - J
107% Dec ’02
Hfglstdred . . . ,
1982 A -O
106% Apr T4
80% Sale 79%
Cieve Cln C * St L gen 4s
1993 J- D
80%
77% 81
91
93% 92*4 May’ 16
2 0 -yr deb 4 U «_______
jom j - j
89% Sale 88%
92
93%
C ?n t«l|
D°,hr? ? hl° l8t ™-Vr 5S '38 J -D
90%
83% 90%
107%
° Ann. gold Bs______
801,1 5s___pl945 P - A 107%----- 107%
107% 108
Gen 58 series B ___ IIIII1993 J - D 100 100% 100% 100%
99% 100%
Consol
19 4 5 M- N 101 Sale 10034
101
83% 84
100 102
83% May’ 16
Cairo Dlv 1st gold 4 s ._ .
1939 J - J
82
87
84% ------ 84% May’ 16
2 £ “ D '* t> money g*4*if 1951 J -D
or
78
83% 84%
Cln W 4 M Dlv 1st g 4s 1991 J - J 77
77
77
75% 77
10 1* 4 May’ 10
Mhl Qa a Ati Dlv fig 5»- .1916 I - J 103 —
8
101*4 10134
St L Dlv 1st coll tr g 4s
1990 M- N 80% 86
80*4 May’ 16
79
84%
Min
ini?
- J 101 — - 100% M ar’ 15
Registered................. 19 9 0 M82% Mar'14
Mobile Dlv 1st g fi? ......... q J - J 103% . . . 102% Jan TO
a
84
102% 102%
Bpr * Col Dlv 1st g4s
1940 M- S 81
85 Dec T6
01% 903 96 May’ 16
4
M -N
76% 83
94
97
Ci Su / n j ’ ° f •?“ 001 8 6"-11937
W W Val Dlv 1st g 4 s..I 1940 J - J
84*4 Jan T6
84*4 84%
J - J 117 U8 117
117
116 118%
O I St L * Cconsol 68
1920 M -N 105 105*4 105*4 May’ 16
105 105*4
RegHtJ
e?ed ' f ^ l Y l o i ? q - J 116% -  116% May TO
92 ____ 91% Feb T6
115% 117%
1st gold 4s..................... *1936 q-F
91% 91%
A i5 kn*r>r
imD 8U 6s. ' . 1921 j - j 103% 104 103% May TO
90 ____ 88% vi ay ' 1 5
103% 10334
Registered..............*’ *1936 q-F
„ v . t
R1V 8Bn k't « 681920 J - J 100 - -  inn JuneTH
Cln 8 4 Cl con 1st g 5 s ... 1923 J - J 102%___ 102% Mar'16
102% 1021,
rl Y 4 Long Br gen g 4s_ 19 4 1 M- 3 97% 100 1 0 0 % Jan T3
. 105*4 July’ 14
C C C * I gen con g 0s_1934
- J 115%
Cent Vermont 1st gu g 4 s . 1 9 2 0 q - f
80% 82
83 May’ 10
80
83
Ind B * W 1st pref. 4s
1940 A - O 85% 91
94 July'08
Oheea * O fund 4 Im5t s i.'. 1929 J - j
90% 96% 96%
97
96
98
O Ind * W 1st pref 5 s . ..<1938 q-J
1st oonsol gold 6 s..
19 3 9 M -N 105% 107
105*4
105*4
104*4 107*,
Feo 4 East 1st con 4 s ... 1940 A - O *7*7*% *80 * 77 May’ 16
63
77
Registered ............IIIIl930 M -N 104% Sale 103
104%
30
32
103 104%
Income 4s..................... 1990 Apr
30 May’ 16
23
36
General gold 4U s_____ I 1992 M- 8 90-% Sale 90%
911
90
93% Jleve Short L 1st gu 4 U * -. 1961 A - O 100% Sale 100% 100%
99*4 101%
Registered.............. 11*1992 M- 8 ___ 01
90% Fob TO
13
15
90% 91
Col Midland 1st g 4s___
1947 J 14%
15
7
16%
Convertible 4 Us________ 19 3 0 F - A 85% Sale 85%
85%
13
1434 14%
85
89
14%
Trust Co certfs of deposit
6
15*4
Big Sandy 1st 4s.............. 1044 J -D ____ 85
83% May TO
90% 92% 91*4
83% 85
Colorado * Sou 1st g 4 s ... 1929
A
91*4
90
93%
Coal River Ry 1st gu 4s.. 1946
D ____ 84
83 Mar’ 16
83
84-%
84%
N 84% Sale 84%
Refund 4 Ext 4 U s ..
1935
82% 87%
Craig Valley lstg 5s____ 1940 J - J 96»4 10J
96*4 Fob '16
96*4 98*4
Ft W * Den C 1st g 0 s ... 1921 J - D 105*4 106% 105*4 May' 16
105 106%
Potts Creek Br 1st 4s . . . 1946
J
84*4 Jan '13
Conn 4 Pas Rlvs 1st g 4 s ... 1943 A - O 87 ____
B A A Dlv 1st con g 4a. . . 1980 J - J 86% 87% 80% May’ 16
841, 88
94 F e b ’ 16
Cuba RR 1st 50 yr 5s g ___ 1952
94
94
Ud oonsol gold 4s..........1989
• J 81% 823g 81% May'16
81% 83% Del Lack 4 Western—
Greenbrier Ry 1st gu g 4s 1940 M N 88 ----- 00 Apr T4
87% 87 May'16
M orris* Es 1st gu 3US--2000 J - D 87
86% 87%
Warm Springs V 1 st K 5s. 1941 M- 8
113% Feb ' 15
N Y Lack * W 1st 08___ 1921 J - J 108% 108*4 108%
108%
108 109
Okie A Alton RR ref g 3 s.. 1949 A - O 58% 60
58%
59%
2 57
59%
Construction 5s.............. 1923 F - A 103% ------ 103*4 Mar’ 16
103*4 104%
Fadway let lien 3 Us........ 1950 J - J 49% 49% 49%
49%
8 43
49%
Term * Improve 4s____ 1923 M -N
98
98*4 98 Apr '16
98
98
nuio B 4 Q Denver Dlv 4*.. 1922 F A 99*4____ 99-%
99*4
1 99 100
Warren 1st rpf gu g 3U »--2000 F - A 86 ___ 102% Feb '03
Illinois Dlv 3 Ue_________ 1949
J 85% ------ 85%
86
15 85
87
Del * Hud 1st Pa Dlv 7 s ... 1917 M- S 103% 104% 104% Apr TO
104% 104%
Illinois Dlv 4s_______ ::._1P4P
95% Salo 95%
95%
10 04% 06
104% Feb '16
Registered.............
1917 M- S
104% 104%
___R egistered.....
1* 19 4 9
J
97% Dee T6 —
10 v m iw dph 4«
1916
D 99% 100% 100 May’ 16
100 100%
0 9% ____

V

f

V

99% 99%
99% 100

99% M ay’ 16
IOD4 Apr ’ 16
101%
1013g
110 3 4 May’ 16
112 M ay’ 16
98% Oct ’ 15
97 July’ 15
1 0 2 % May’ 16
100 Feb To

S
u

A

4
4

A

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A

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A

J

A

i

A

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J

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k se r*
n n

J

f»- P

*%
i%
%

A

N

N

I
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I

J
J

J

*

J

J

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I
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D
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No price F riday, latest this Wtek.




d

Duo April,

e Duo

May.

g Duo Juno.

A Due July,

k

Due Aug.

0 Due

J

Oct.

v

Due Nov. * Due Dec. < Uptlon sale

BONDS
Y . STOCK EXCHANGE
Week Ending June 2.

&

[Vol. 102

flew York Bond Record—Continued— Page 2

2060
I

Price

D
M

(Cr )
on

Rn*
ag
W 's
eek
S ce
in
Rneo fQl
ag r
a.
Lst Sle O J n 1.
a a
o.
ig N o ig
A Lw H h___ Lw H h
sk o

BONDS
N . Y . STOCK EXCHANGE.
Week Ending June 2.

F a
rid y

Ju n e 2.

Del
Hud
IOOI2 102
let Hen equip g 4Ha------- 1922 J - J 101*8------ 101*8 Apr ’ 16
3 96*4 93
96*4
9634
96*2 97
lat A ref 4a_____________ 1943 M -N
7 106 108
10734
20-year Conv 5a_________1935 A -O 107 Sale 107
13 85*4 88
87
87
8712 8634
Alb A Sua conv 3)4s........ 1946 A -O
113 113
113 Fob ’ 16
Rena A Saratoga lat 7a_ 192 i M-N 112% .
_
7834 13 76
79*2
78*4 78
Deny A R Or lat con g 4a_ 193b J - J 78
_
5 83
80
86
857
8
857
8
Consol gold 4)4 a________ 1936 J - J 85
84
84l2 35 78*4 85
83l2 85
Improvement gold 6 a___ 1928 J -D
71*4 27 55*2 73
1st A refunding 6 s_______1955 F - A 6934 Sale 69*2
90 109 Dec ’ 12
Rio Or June lat gu g 6 a .. 1939 J - D 85
61*2 Apr 'l l
Rio Or So lat gold 4a......... 1940 J - J
35*4 Apr ’ 16 ___ 35*4 35*4 !
J 34 . . .
Guaranteed__________ 1940
23 74
74*2
75
78*2
Rio Or West lat g 4a_____ 1939 J - J 74i2 70
62
05
65 Apr ’ 16 —
62
70
Mtge A col truat 4a A .. 1949 A -O
Utah Cent lat gu g 4s.al917 A - O 92i2 ____ 90 Apr '14
Dea Mol Un Ry lat g 5a___ 1917 M- N 09l2 ____ 100 M ar’ 15
_
76
85
90 Jan ’ 16 _ _ 90
90
-D
Det A M ae. lat Hen g 4a__ 1995
85
75
80
85 Jan ’ 16 ___ 85
Gold 4 a .............................. 1995 J -D
94
M -N ____ 92% 93 May’ 16 ___ 93
Det Rlv Tun-Tor Tun 4)48.1901
___ 104 104
J 104 ____ 104 Apr ’ 16
Dul Mlaaabe A Nor gen 5 s..1941
1 102*8 103*4
102*2
Dul A Iron Range lat 6 a___ 1937 A - O 102l2 ------ 102*2
106 Mar’08
Registered_______
1937 A - O
93*8 Apr ’ 16 ___ 93*8 95*2
Du Ho Shore A At g 5s......... 1937 J - J I I I I 93
103 104
Elgin Jol A Eaat lat g 5a___ 1941 M -N 103*8------ 103*4 M ay’ 10
7 10934 1 1 1 * 8
no
1103s n o
no
Erie lat conaol gold 7s______ 1920 M- S
U612 ____ 97*2 Juno’ 14
N Y A Erie lat ext g 4a. . . 1947 M -N
2 1017 102*4
s
s
1017
s
2d ext gold 5a_________ 1919 M S 10178 Sale 1017
____ 98*2 Juno’ 15
8 d ext gold 4)4 a............ 1923 M S 10 0
4th ext gold 5s............. 1920 A O 102*8------ 102*8 Mar’ 16 . . . . 102*8 10 2*8
92
94 N ov’ 15
D
6 th ext gold 4a........ ......1928
____ 10934 109*2
109*2 15 109*2 lH
N Y L E A W lat g fd 7a.. 1920 M
857
8 99 84*2 86*2
Erie lat con g 4a prior___ 1996 J - J 85i2 Sale 85*2
80 Oot '15
J - J
Registered____________1996
7434
75
7434 75
737 77
8
lat consol gen Hen g 4 a ... 1996 J
76*2 Jan ’ 16
76*2 76*2
Registered___________ 1998 J
89
88*4 90
89*8 89
Penn coll tr g 4s_________ 1951 F - A 89
70
72*2
71 *4 Sale 71*4
717
8
60-yr conv 4a A _________ 1953 A -O
74*4 84
7734
do
Series B ______1953 A - O 7734 Salo 77
8634 Sale
84*8 88*2
86*2
87*s
Gen conv 4a series D ____ 1952 A -O
100 Mar’ 16
10 0
10 0
Buff N f A Erie lat 7 a ... 1916 -D
105*4 107*8
8
Cblo A Erie lat gold 5s_ 19.82 M -N 1067 108*4 100% M a y'16
_
Clev A Mahon Val g 5a_ 1938 J - J 103i2 ------ 101 Feb ’ 15
_
121*2 123*4
Long Dock conaol g 8 a___1935 A - O 122*8 - - - 123 Apr ’ 16
102 102
Coal A RR lat cur gu 6 a .. 1922 M -N 100*4 104 102 Mar’ 16
106 ------ 106 May’ 10
102*8 100
Dock A Imp lat ext 5a__ 1943 J
103i2 auk '12
N Y A Green L gu g 5 s ... 1946 M-N
____ 98
99 M ay’ 16
93*2 99
N Y Sua A W lat ref 5s. ..1937 J
100*4 Deo ’06
2d gold 4)4 a.................. 1937 F - A
78
72
81
General gold 5a_______ 1940 F - A 78 Salo 77
105*2 105*2
Terminal 1st gold 5s........ 1943 M -N 105*2------ 105*2 May’ 16
Mid of N J lat ext 5a_____ 1940 A - O 105*8------ 1 1 1 * 2 May’ lc
86
90
86
Wllk A Ea lat gu g 5s___ 1942 J -D ____ 8 6 78 86
____ 40
106 May’ 12
Ev A Ind lat con gu g 6 a___ 1926 J
92 ------ 91 Mar' 1
,0
Evans A T n lat cona 0a___ 1921 J
45 ------ 63 M a y'16
lat general gold is ............ 1942 A -O
108 N ov’ ll
Mt Vernon lat gold 6 a____ 1923 A - O
95 June'12
A -O
Bull Co Branch 1st g 5a__ 1930
9234 93
93 May’ 16
92
937
s
Florida E Coaat lat 4)4s.._1959 J -D
Fort St D D Co lat g 4)4s..l041 J - J 80 ____ 92 Aug '10
69
09
61*4 09
Ft W A Rio Gr lat g 4s.........1928 J - J 68*8 71
Great Northern—
977 99
8
93*8
O B A Q coll trust 4a_____1921 J - J 98*2 Salo 98*2
* ____ 98*8 98*4
97*4 98*4
98*4
Registered ................... 1921 Q
99*4 Sale
99 100*8
99*4
99*8
lat A refunding 4 iia aer A 1961 J
98 June‘ 13
Registered___________ 1981 J - J
97*8 973s
97*4------ 97*3 Fob ’ 10
8 t Paul M A Man 4s..........1933 J - J
120*2 122
1st conaol gold 6 s______ 1933 J - J 121 121*8 120 *4 May’ 10
12 0 *2 Apr ’ 16
120*2 121*2
Registered_________ 1933 J - J
1013s 103*4
103*2 - — 103*8 May’ 10
Reduced to gold 4)4s. 1933 J
10 2 *2 May’ 16
102*2 102*2
Registered_______1933
957 96*2 95*4 May’ 16
8
95*8 96*8
J -D
Mont ext 1st gold 4 s . . . 1937
96*2 Mar’ 10
90*2 90*2
Registered_________1937 J -D
Pacific ext guar 4a £ ___ 1940 J - J 8 8 ------ 85*2 N ov’ 15
92*4 91
89*4 Juno’ 15
E Minn Nor Dlv lstg 4s..1948 A -O
109*8 109*8
Minn Union lat g 6 s........ 1922 J - J 109*4------ 109*8 Apr ’ 16
1233s------ 120U Deo ’ 15
Mont C 1st gu g 6 s_______1937 J 136U May'06
Registered........ ......... 1937 J 110*4 149*8 110 * 4 Mar'10
110*4 110*4
lat guar gold 6 s____ 1937 J Registered............ 1937 J s
1107 1107
s
s
Will A S Flat gold os ..1938 J -D 110 * 8 H I 1107 Apr ’ 16
75 Jan TO
74
75
Or B A W deb ctfs ‘A” (J100 par) Feb ____ 78
12
12
12*2 12
11
14*4
Deben ctfs ’B’’ (1100 par)___ Feb
84*4 88*8 88*2 May TO
84*4 83*2
Gulf A S I 1st ref A t g 5 s..61952 J Registered_____________ 61952 J ____ 94*8 94*2
91*8
93*4 96
Hocking Val lat conag 4)4a. 1999 J 9734 Jan ’ l l
Registered______________ 1999 J 873s------ 87 Apr T O ----87*s
Col A II V lat ext g 4s__ 1948 A -O
80
Col A Tol 1st ext 4a____ 1955 F - A 84*4------ 86 Feb TO
Houston Belt A Term lat 5s. 1937 J - J 88*4 97*2 94*2 Fob T5
90*2 97*8
IlUnoIa Central lat gold 4s . 1951 J - J 97*4------ 97*2 May’ 10
92 A ug' 15
Registered______________ 1951 J - J
85*4 85*4 May’ 10
83
85*4
lat gold3)4s......................1951 J - J 85
Registered...................... 1951 J - J 83*4------ 83 N ov’ 15
84
90
84*4 Fob TO
84*4 80*s
Extended lat gold 3)4a ...l9 51 A - 0
Registered_____ ______ 1951 A -O
80 J’ly ’09
1st gold 3s sterling............ 1951 M- S
Regtatered_____ _____ .1951 M- 8
88*4 89>s 8 S78
8 8 78
88
91*2
Coll trust gold 4 s . ............ 1952 A -O
95*4 Sop T2
Registered.............
1952 A -O
89*2
8 8 7 91*2
s
1st refunding 4s.......... ...... 1955 M- N ____ 89*2 89*4
81
83
81 May’ 10
Purchased lines 3)4s......... 1952 J - J ____ 81
80
85*4 87*4
L N O A Tex gold 4s........ 1953 M- N 80 Sale 85*4
84 May’ 14
Registered....................... 1953 M- N
90
9212
Cairo Bridge gold 4s____ 1950 J - D 90 ------- 92 Mar’ 10
J 69 ------ 74 Fen T4
Litchfield Dlv 1st g 3s___ 1951
80
79
79
78*4 8134
J 78
Loulav Dlv A Term g 3 ) 4 a. 1953
83 Aug T2
J
Registered____________ 1953
101*4
101*4 101*4
A 10 1* 4 Sale 101*4
Middle Dlv reg 5 s . .......... 1921
72*2 71 Jan TO
71
71
A 67
Omaha Dlv 1st gold 3s___1951
68*2 Sep T 6
08*8 70
8 t Louis Dlv A Term g 3s. 1951 J - J
81*8 Jan TO
81*8 81*8
Gold 3J4a....................... 1951 J - J
81 N ov’ 15
Registered................... 1951 J - J . . 80
81*8 78*4 Jan T 8
78*4 78*4
Spring! Dlv 1st g 3)4s____ 1951 J - J 79
89
90*2
F - A 88*2------ 90*2 May’ 16
Weatern llnea lat g 4a___ 1951
Registered____________ 1951 F - A
117*2 May’ 10
Bellev A Car lat 6 a_____ 1923 J -D
80 - - 9 412 J’ly T2
Carb A Shaw 1st gold 4a.. 1932 M- 8
107*8
107*8 109
Chic St L A N O geld 6 s .. 1951 J -D 107 109 107*8
Registered____________ 1951 J -D 105 ----- 114 Feb ’ l l
90 Oot '09
Gold 3)4a....................... 1951 J -D
Registered__________ 1951 J -I)
s
100 103>s
8
Joint 1st ref 6 s series A . 1963 J - D 1017 Sale 100*4 1017
s
8
Memph Dlv lat g 4a_ 1951 J - O 867 ------ 8 6 7 Deo T 6
_
Registered__________ 1951 J - D
93*2 98 J’ ly ’08
0t Louis Sou lat gu g 4 s.. 1931 M- S 90
90
92*2
ind III A Iowa 1st g 4s_____ 1950 J - J 91*4------ 91*8 Apr T 6
96
98
97
97*4
Int A Ore3 t Nor 1st g 6 s___ 1919 M- N 97*8 99
90*8 9134 92*2 Feb TO
92*2 92*2
James Fran A Clear 1st 4 a .. 1959 J -D
09
70*2 69 May’ 16
68*8 71
Kansas City Sou lat gold 3s. 1950 A -O
63 Oct ’00
Registered_______________1950 A - O
90*2 91
917
8
92
R efA Im ptS s........ ..A p r 1950 J - J ” 01*3 "92
115 85*4 89*8
8
88*2
Kansas City Term 1st 4 s ... 1960 J - J 88*3 Salo 877
99*2 27 96*4 100
Lake Eric A West lat g 6 a .. 1937 J - J 99*2 Salo 97
8 U2 80
80
75
83*2
2d gold 5s....................... 1941 J - J 80
98 Mar’ 14
North Ohio 1st guar g 6 s . . 1945 A -O
100’s 103
Leh Vail N Y 1st gu g 4)4a..l940 J - J 101*4------ 10 1* 2 May’ 16
100*2 102
Registered_______________1940 J - J 100*4 101 10 0 *2 May’ 16
89*2 92*4
91 May’ 10
90*2 93
Lehigh Vail (Pa) cona g 4 s ..2003 M -N
100*4
___General cona 4*4s_____ 2003 M -N 100*4 9a>0 100*4
100*4 101*4

I

h

J

* No price Friday; latest bid and aaked thla week, a Due Jan. 6 Due Feb.
Nov. 4 Option sale.

V Due




ag
W ’s *32 Rn*
eek
P
rice
S ce
in
F a
rid y
Rne o
ag r
J n 1.
a.
J n 2. L st Sle
ue
a a
o.
ig N o ig
B
id A o
skLw H h ___ Lw H h

HI

Leh V Term R 7 lat gu g 6 s . . 1941 A - O
Registered______________ 1941
Leh Val Coal Co lat gu g 68.1933 J - J
Registered_________
1933
1st int reduced to «s_____ 1933
Leh A N Y 1st guar g *«___ 1945 M- S
Registered_______________1945 M- S
Long laid 1st cona gold 5*. .A 1931 q - J
1st consol gold 4 a . . . . _ 61931 q - J
_
General gold 4s__________ 1938 J -D
Ferry gold 4Ms--------------1922 M- S
Gold 4a.............................. 1932 J -D
Unified gold 4a................... 1949 M- S
Debenture gold 5s---------- 1934 J -D
Guar refunding gold 4a__ 1949 M - 8
Registered.................
1949
N Y B * M B 1st con g 5s. 1935 A - 6
N Y A R B 1st gold 5 s ... 1927 M- S
Nor Sh B 1st con g gu 5s.ol932 q - J
Louisiana A Ark 1st g 5s____ 1927 M- S
Loulav A Nashv gen Oa_____ 1930 J -D
Gold 5a.............................1937 M -N
Unified gold 4a................... 1940 J * J
Registered____________ 1940
Collateral trust gold 6 a___1931 M- N
E H A Nash 1st g 6 3 ......... 1919
I, Cln A Lex gold 4 H a____ 1931 M- N
N O A M 1st gold Os......... 1930 J - J
2d gold 6 s .......................1930 J - J
Paducah A Mem Dlv 4 s.. 19 46 F - A
St Louis Dlv 1st gold 6 s .. 1921 M • S
2d gold 3s....................... 1980 M- S
Atl Knox A Cln Dlv 4 s ...1955 M -N
Atl Knox A Nor 1st g 5 s.. 1940 J -O
Hendcr Bdge lat s f g Os.. 1931 M S
Kentucky Central gold 4a. 1987 J > J
Lex & Eaat 1st 50-yr 5a gu. 1905 A - O
L A N A M A M lstg 4)^8 1945 M- S
L A N-South M Joint 4a.. 1952 J - J
Reglsiored___________ 61952 q - J
N Fia A S 1st gu g 5s____1937 F - A
N A C Bdge gen gu g 4)48.1945 J - J
Pena A Atl 1st gu g 6 s____ 1921 F - A
S A N Ala cons gu g 5 a ... 1936 F - A
Gen cons gu 50-year 53.1963 A - O
L A Jeff Bdgo Co gu g 4 a ... 1945 M - 8
Manila R R —Sou linos 4a__ 1936
Mex Internat 1st cona g 4 s.. 1977 M - S
Stamped guaranteed.........1977 M - S
Midland Term— 1st s f 5s g.1925
Minn A St L lat gold 7a___ 1927 J -D
' Pacific Ext lat gold 6 a_ 1921 A - O
_
lat consol gold 5s________ 1934 M- N
lat A refunding gold 4a . 1949 M - R
Ref A ext 50-yr 5s ser A . 1902 q - f
Des M A Ft D 1st gil 4 s.. 1935
Iowa Contral 1st gold 5a.. 1938 J -D
Refunding gold 4a____ 1951 M- S
M StPASSM cou g 4s Int gu 193s J - J
_
1st Chic Term s f 4s_ ..1941 M- N
M S S A A 1st g 4s Int gu.1926 J Mississippi Central 1st 5 _ 19 49 J - J
_
Mo Kan A Tex lat gold 4a.. 1990 J -D
2d gold 4s.........................01990 F - A
1st ext gold 5s__________ 1944 M- N
1st A refund 4s_______ ...2 00 4 M S
Gen sinking fund 4)4a____1930 J - J
St Louis Dlv Is ref g 4a ..2001 AAO
Dal A Waco 1st gu g 5s_ 1940 M- N
_
Kan C A Pao 1st g 4a........ 1990 F - A
Mo K A E 1st gu g 5s___ 19 42 A - O
M K A Ok lat guar 5a___ 19 42 M -N
M K A T of T 1st gu g 5 s .. 1942 M- S
Sher Sh A So 1st gu g 5 s.. 1942
Texas A Okla 1st gu g 5 s.. 1943 M- S
M tssourl Pac 1st cons g Os— 1920 M- N
Trust gold 5s stamped_ al917 M- S
_
Registered__________ al917 M- 8
lat collateral gold 5s____ 1920 F - A
Registered___________ 1920
M- S
IstA ref conv 5a_________ 1959 M- S
3d 7a extended at 4 % ___ 1938 M N
Boonv St L A S 1st 5s gu.1951
_
Cent Br Rv 1st gu g 4a_ 1919 F - A

110 112*8
111*2____ 112 May TO
____ 113
111*8 Dec’ It
2 101*8 100*8
10434 105*4 104*8
101*8
105 Oct '13
9 2 __
90
89*2____ 90 May’ 10 . . . . 90
5
10534
IO534
sOt Oot '16
1
88
88
99*8 Apr TO —
99*4 Oot ’06
____ 85’s 857 Mar’ 16 ___
8
94
9G7 97 Jan TO ___
8
7
89 Salo 89
89%
95 Jan ’ l l
103*2 Mar’ 16 ___
101*8
102*2 103*2 103 Apr TO
100*4 101*2 101 Apr TO ___
5
04 Sale 94
94
1
112 112*3 112*8
112*8
109*8 110 1093| May’ 10 ___
94*8 Salo 94*2
91% 30
94 June’ 14
5
101*2 105*4 105*4
105*4
107*8____ 107*8 DOC '16
101 ____ 102 Mar’ 10 ___
115*8 115*2 115 May’ 10 —
107*2____ 109% May’ 15
88*4 90
89*s May TO ___
100*2 107*8 108 Apr TO ___
01*8 64
03*2 May’ 10 ___
17
87»a Salo 80*4
87*8
10 9 19
111 Jan T3
i
100*4 Salo 100*4
100*4
_
8 8 % 89's 8 8 78 May’ 10 _ 17
101*8 Salo 100*4
101*4
_
100*4____ 100*4 May'10 - _
1
7734 78*2 77*2
77*2
95 Feb '05
106*4____ 107*4 Apr TO
08*s____ 97*3 May’ 10 ____
108*8____ 108*4 May’ 10 . . . .
108 ____ 108*8 May’ 10 . . . .
____ 10 2
102 Apr T 6 . . . .
80
81
81*8 Apr TO —

1057
8
9434
88
____

J

8t

F- A
J - J
L Ir M A S gen con g 5s 1931 A - O
Gen coh stamp gu g 5 s.. 1931 A - O
J - J
M -N
M- S
J -D
q - J
M- s
F-A

J - J
A- O
J
Jasper Branch 1st g 6 s___ 1923
J
McM M W A A1 1st O a...1917
T A P Branch 1st 6 s_____ 1917 J - J
Nat Rys of Mex pr lien 4X a . 1957 J - J
Guaranteed goneral Is___ 1977 A -O
Nat of Mex prior lien 4XS..1920 J - J
1st consol 4s_____________1951 A - O
N O Mob A Chic 1st ref 5a.. 1960 J - J
New Orleans Term lat 4s__ 1953 J - J
N Y Cen RR conv deb 6 s ..1935 M -N
Consol 4a series A _______ 1998 F - A
Ref A Imp 4Ms ’ ’ A " ........ 2013 A - O
N Y Central A H R g 3 )* s .. 1997 J - J
Registered___________ 1997 J - J
Debenture gold 4s_______ 1934 M- N
Registered____________1934 M- N
Lake Shore coll g 3)Ss___ 1998 F - A
Registered____________1998 F - A
J P M A Co ctfs of dep.
Mich Cent coll gold 3 s- -1998 F - A
Registered____________1998 F - A
Battle Cr A Stur 1st gu 3s. 1989 I - D
Beech Creek 1st gu g 4s__ 1930 J - J
Registered ____________ 1930 J 2d guar gold 5s________ 1936 - J
Registered_________ 1930 J - J
Beech Cr Ext lat g 3 X s . . 61951 A -O
Cart A Ad lstg u g 4 s ------- 1981 J - D
Gouv A Oswe 1st gug 5 s.. 1942 J -D
Moh A Mai 1st gu g 4s_ 1991 M- S
_
N J Juno R guar 1st 4a_ 1986 F - A
_
N Y A Harlem g 3)4s____2000 M -N
N Y A Northern la tg 5 s._ 1927 A - O
N Y A Pu lat cona gu g 4a. 1993 A - O
Pine Creek reg guar 6 s___ 1932 J - D
R W A O con 1st ext 6 s..61922 A - O
R W A O T R lat gug 5a.. 1918 M -N

4 Due

H

J

J

April. « Due May. « Due Juno.

____
____
89
99*8

77 Mar’ 10
79 N ov’ 10
101 Oot ’09
110 114 115 Mar’ 10 - - - 103 104 103 Apr TO . . . .
____ 89
89 May’ 10 - - - 9
59 Salo 54
69
53
00
65 May’ 10 —
02*4 68
60 Feb T 6
84
87
87 May’ 10 ___
3
53
557
8
6518
91*2 927 92*2
8
93*4 79
97*4 June’ 12
_
97
98*4 97*4 May’ 10 _ _
91*4 92*2 92 May’ 10 ___
55
75*2 Salo
74*8
77
4
43*2 Salo
43*2
43*2
3
____ 4578 45*2
45*8
2
63*8 55
59
59
38*4 38*4 38*4 May’ 10 ___
____ 45
46 Apr TO —
99*4 Deo T3
3
09
70
08*2
09
81*2 Salo 81
81*2 1 2
5H 4 0 1
3
01 May'10 . . . .
0
01*4 Salo
01*4
61*8
96 May’ 13
1
50
55
50*8
50*8
5
101*8 Salo 1 0 1 %
10 1* 2
4
91
95
94*8
95
82 Oot T5
89*8____ 89*2 May’ 10 . . . .
2
40*2
40*2
6
47*2
48
82 M ay’ 10 —
100 Feb T3
50 ------ 60 May’ 16 . . . .
57 ____ 77*3 Deo T3
110 Mar’05
90*4 91
1
9034
9O t
T
10034 ____ 100*8 May’ 10 ___
102 Salo 10 1* 8
48
10 2
102 J’ly T4
2
79
82
81
81*2
807 Oct ’ 12
s
9
09*4 70
09
09*4
87 Sep T5
113*4 114*2 113 May’ 10 ___
107 110 109 Fob TO
2
75*4____ 70*4
70*4
99 102 102 Fob TO —
90
97*4 89 Deo T 6
88*2 Apr TO
87*8 89
2
107 108 100*4
107
108*4____ 110 * 4 Mar’ 16
1007 ___ 10 1* 2 Fob T 6
8
1007 . •- 113 J’ ly ’04
8
30
50
30 Mar’ 16
08 Oct T 6
9fl7 Feb T3
a
30 Aug T 6
40 May’ 15
70 Apr T 6
____ 74
1137 Salo 113*2
8
114*8
84*4 85*3 84*4
85's
94*8 Sale 94
94*8
8234
82*8 8 2 78 82*8
81
82*s 82*8 May’ 10
91*2 92
91*4
92
____ 92
917 Deo T5
8
75*2 Sale
75*2
75*8
74*2 75
74 May’ 10
86
Mar'16
77*8 78*8 70*8 May TO
____ 77* 77 Apr T 6

40*2 Sale
47*2 49
82 ____

95*4 96*8 90
99
101*4 191*4 104

80
90
99*4 9934
85*2 80
97
97
87
90*4
101*2 103*2
10212 103
101 102
88
97*2
111*4 113
108% 110*2
93*2 90
IOU2 105*4
100»4 102
115 110*2
89%
107
01
85*4

90*8
108*4
04
90

100*4
8734
100
99%
77*2

107
89*s
IOH4
100*8
82

fools
97%
108>s
105*4
101%
80*s

107*4
07%
108%
108*8
103*4
8212

115
103

115
103*4
90
52*4 64*2
50
60

88*2

87
00*8
51*2 60
92*2 93%
97%
90
70*2
40
45*2
51
30
40

09
02%
78%
60*2
62%
59
42*2
40

60
74
50
48

69
89*4
06
06*2

49'
10 0

03
10 1* 2

89*4 95
83% 89*2
39*8 47*4
40
48
82
82
50

50

89

92
10 0 %
99*4 102*2

10 0

74i2 81*2
08

74*2

112

108
75

115
109
70*4

10 2

10 2

88*2

88*4

103*4 107*2
110*4 110*4

101*2 101*2
30

30

70 70
1107 1177
s
s
84*2 8 6 7
g
93*8 95*8
817 83*s
s
8 U4 82*a
91*2 93U
74
74
84*a
70*8
76

79*4
78
89
80*4
7734

95-3s 00*2

May TO
May’ l l
May’ lC

89
104*4 -

l"047 10038
8

N ov’ 15

8 8 *a

104

94 94
89*4 89*4

933s____ 94

Mar’ 10
89*4 Feb '16
85 Juno’ 15
100*2------ 105*2 Mar’ 16
89*4 93*4 90*2 Mar’ 10
118*2------ 113 May’ 15
8
103*8 104*2 1037 May’ ll)
lODs . . . 104 June'10
82*s------

Due July, t Due Aug.

104

105*2 105*2
89*8 91*2
103*4 104*2

0

Due Oot.

June 3 1916.1
BO N DS
I f . Y . ST O C K E X C H A N G E
Week Ending June 2.
R Y C e n & H R R ( C o n .)
Rutland let con g 4 H a— 1941 J
Og d L Cham lat gu 4a gl948 J
fc
Rut-Canada lat gu g 4a. 1949 ■
*
St Lawr A Adlr lat g 6a___1990 J
2d gold 6a......................... 199fl A U tica A Blk RIv gu g 4a. - -1922 J •
Lake Shore gold 3 H a--------1997 J R eg istered ....................... 1997 • ■
*
Debenture gold 4a_____1928 M26-Fear gold 4a_________ 1931 MR eg latered...................1931 MK a A A G R lat gu c 5 a .._ 1938 J •
M ahon C ’ l R R 1st 5a......... 1934 J •
Pitta A L Erie 2d g C a ...01928 APitta M cK A Y lat gu 0 a .. 1932 J
2d guaranteed Ga........... 1934 J
M cKees A B V lat g Go. 1918 J
Michigan Central 6s......... 1931 M
R eg istered ....................... 1931 Q
4a.........................................1940 J
R eg istered ...................1940 J
J L A 8 lat gold 3 H S ...1 9 5 1 Mlat gold 3 H s..................... 1952 M
30-year debenture 4a. . . 1929 A
N Y Chlo A 8t L lat g 4*. _ 1937 A
R eg istered ....................... 1937 A
Debenture 4a...................1931 M
West Shore 1st 4s g u a r . .. 2301 J
R eg istered .......................2361 J
N Y C Lines cq tr C s.. 1916-22 M
Equip trust 4 H « - - 1917-1925 J
N Y Connect lat gu 4H a A . .1953 F
N Y N H A H artford—
Non conv eben 4 s . ...........1017 M
N on-conv d ben 3 H s ____ 1947 M
N on-conv deben 3 H s _____1954 A
N on-conv deben 4s.............1955 J
N on-conv doben 4s_______ 1956 M
Oonv debenture 3 H a_____1950 J
Oonv debenture Ga................1948 J
Cons R y non-conv 4a_____ 1930 F
N on-conv deben 4s_____1954 J
Non oonv deben 4s_____1955 J
N on-conv deben 4 s_____1955 A
Non-conv deben 4s_____1956 J
Harlem R -P t Chea lat 4a. 1954 M
B A N Y Air Line lat 4 a .. 1955 F
Cent New Eng 1st gu 4s__ 1961 J •
Hartford St Ry lat 4a____1930 M
Houaatonlc R cons g 5 s . . . 193/ MNaugatuck HR 1st 4a___ 1951 M
i f Y Prov A Boston 4a_ 1942 A •
_
N Y W 'chesA B lat aor I 4 Ha ’ 46 J •
N B A D erby cona cy 5a. _ 1918 IY
IBoaton Terminal 1st 4 a ...1 9 3 9 A
New England cons 5s____1945 J •
Consol 4s........................... 1945 J ■
Providence Secur deb 4 s. . 1957 M
Prov A Springfield lat 5s. 1922 J
Providence Term lat 4 a .. 1950 M
W A Con East 1st 4 H s - - - 1943 J
N Y O A W ref lat g 4s____g 1992 M
Registered $5,000 o n l y ..(71992 M
General 4s............................. 1955 -*
N orfolk Sou lat A ref A 5 s .. 1961 F
N orf A Sou lat gold 6a......... 1941 M
N orf A West gen gold 6 s . . . 1931 M
Improvement A ext g 6 a .. 1934 F
New River lat gold 6a____1932 A
N A W R y lat cona g 4s. . 1996 A
R e g is te r e d ......................1990 A
D lv’l lat lien A gen g 48.1944 J
10-25-year conv 4a......... 1932 J
10-20-year conv 4s......... 1932 M10-25-year conv 4 H s . . . 1938 M*
Pocah C A C Joint 4s . . . 1941 J
O C A T 1st guar gold fia.. 1922 J ■
Solo V A N E 1st gu g 4s. _ 1089 M
N or Pacific prior Hen g 4 a ...1 0 9 7 Q Registered......................... 1997 Q General lien gold 3s......... <j2047 Q Registered...................... u2047 Q St Paul-Duluth D iv g 4a . 1996 J Dul Short Line let gu 5 a .. 1916 M8t P A N P gen gold Os.. . 1923 F Registered certificates. . 1923 Q St Paul A Duluth lat 5j 1931 F 2d 6a.................................1917 A lat consol gold 4a......... 1968 J Waeh Cent lat gold 4 s . . . 1948 Q N or Pao Term C o lat g 6 s .. 1933 J Oregon-Wash 1st A ref 4 s . . . 1961 J Pacific Coast C o lat g 6 a . .. 1946 J Pennsylvania R R lat g 4 a .. . 1923 M Consol gold 5a..................... 1919 MConsol gold 4s..................... 1943 MConsol gold 4s..................... 1948 MConaol 4 H « ...........................I960 F General 4 Ha when Issued 1965 J *
Alleg Val gen guar g 4 s .. . 1942 M D R R R A B *ge lat gu 4a g 1936 F Phlla Balt A W lat g 4 a .. 1943 MBodua Bay A Sou 1st g 6a .2924 J Sunbury A Lewis lat g 4a. 1936 J U N J R R A Cau gen 4 s .. 1944 MPennsylvanla Co —
uuar lat gold 4 H a............. 1921 J Registered........................ 1921 J Ouar 3H a coll trust reg A . 1937 MQuar 3 H a c o .l truataer B .1941 F Truat Co ctfa gu g 3 H a _ 1916 M_
Quar 3 H s trust etfa O ____1942 J Guar3Ha trust ctfa D ._
1944 J Guar 15-25-year gold 4s 1931 A 40 year guar 4a ctfa Ser E . 1952 MCln Leb A N or gu 4a g . _ . 1942 MC1 A M ar lat gu g 4 H a .
1035 M Cl A Pgen gu g 4H a aer A . 1942 J Seriea B ......................
1942 A Int reduced to 3 H a .. 1942 A Borlea C 3 H s _________ 1048 M Serlea D 3H * .............. I960 F Erie A Pitta gu g 3H a B. _ 1940 J Seriea C .............................1940 J ◦ r R A I ex 1st g u g 4H a__194l J Ohio Connect lat gu 4 s . . . 1943 MPltta Y A Ash lat cons 5a. 1927 M T ol W V A O gu 4H 3 A . 1931 J 8erles B 4H fl------------..1 9 3 3 J ♦
Seriea O 4s....................... 1942 M P O C A St L gu 4 H s A . . 1940 A Series B g u a r ...................1942 A Series C g u a r ...................1942 M 8erle8 D 4a guar----------- 1945 M 8erlea E 3 H s8u ar gold-1949 F 'erlea F guar 4a gold___1953 J Berlea O 4a guar____. . . 1957 M Serlea I cons gu 4 H 3 --1 9 G 3 FC St L A P lat. cona u fia 1932 A -

New York Bond Record—Continued—Page 3
P r ic e
F rid a y
J u n e 2.

t i

R ange
sin ce
J a n . 1.

BO N DS
I t . Y . ST O C K E X C H A N G E .
Week Ending June 2.

P r ic e
F r id a y
J u n e 2.

W eek ’s
R ange or
L a s t S a ls

R a u gs
sin ce
J a n . 1.

B id
A s * L ow
H ig h
L ow
H ig h
Peoria A Pekin Un 1st g 6 a ..1921 Q - F 101 ____ 102 N o v ’ 15
86 ____ 87 M ar’ lG
87
2d gold 4 H s .......................01921 M -N
14
Pere M arquette— R ef 4a___ 1955 J - J
11*8 14*8 14 A pr TO
Refunding guar 4a..............1955 J - J
15 M ar’ lO
15
85 ____
85
C hic A W est M ich fls____ 1921 J - D
85
85
Flint A P M gold 6 a . .. 1920 A - O 101 104 101 M a y ’ 16
101 101
83*8 86
74 ____ 75*2 A pr TO
74
76
lat consol gold 5a........... 1939 M - N
83
83
Pt Huron D iv 1st g 5 s .. 1939 A - O ____ 68
68 J u ly ’ 15
94*8 95*4
Sag Tus A H lat gu g 4a . 1931 F - A
94
95*4 Philippine Ry lat 30-yr s f la 1937 J - J ____ 55
50 A pr TO
50
51
94
94*8 Pitts Sh A L E lat g 58......... 194 j A - O 10634 ____ 105 D ec '15
1st conaol gold 5a.................1943 J - J
113*4 N o v ’ l l
10412 Doo *15
106U
Reading Co gen gold 4 >
< ____ 1997 J - J
95*8 Sale
95
95*8
93*4 96*8
104
102 104 104
Reglatercd.................
1997 J - J ____ 96*4 95 M ar’ lG
92*4 95
13018 Jan ’09
116*t
967 07*4 97 M a y ’ 16
8
Jersey Central coll g 4 s . . . 1951 A - O
91*2 97
12314 Mar* 12
ll3 ia
Atlantic C ity guar 4a g ___195?. J - J
101
St Joa A Or Isl 1st g 4a____ 1947 J - J
65*4____ 63 M a y ’ 16
59
03
1041* Deo ’ 15
106
St Louis A San Fran (reorg C o)—
104 D ec ’ 15
105
Prior Hen aer A 4 s ............... 1950 J - J
G
9*2 Sale 69*2
70*4 664 68*8 70*4
98 Apt '12
89*4
Prior lien aer B 5 a ________ 1950 J - J
87
88
87*2 M a y ’ 16
87*2 87*2
87 Feb '14
80*2 Salo
Cum adjust ser A 6 a ......... 1955 J - J
82*4
80*4
82*4 313 74
90 June’08
Incom e series A 0 a ............I960 July
46*4 Salo
45
46*2 367 39
46l2
827g 8314 83 M a r '16
83
85
St Louis A San Fran gen 68.1931 J - J 110*4____ 110*4 Apr TO
109 110*4
89 U M a r '16
89
88*a 00*2
87
General go*d 5a...................1931 J - J 101 105 102l 2
102*2
1007 103*4
8
93
95*2
03*4
93 U 94*2 93
St L A S F U R cons g 4 a _ . 1996 J - J
76*4____ 78 M a y ’ 16
68*2 78
62
___
General 15-20-year 5 s .. 1927 M -N
93*4 Apr TO
93*4 93*4
59*2 M a y ’ 16
45*4 59*2
84
66*4 Sale 66*4
194 46
83
84*4
" 8 4 " "85 ‘ 84
Trust C o certify o f d e p o sit..
673s
67*8
02
90
93
91*4
62*2 64
170, 43*4 64
G3
G4
do
S tam ped..
91*4 Salo
91
03
877
8
87*4 88i2 877a
Ccuthw D iv 1st g 5 a . . . 1947
87*4 90
89 M ar’ 10
89
89
102 Apr TO
79
81
102 102
10012
80
80*2
Refunding gold 4s_____ 1951
G
7*4 80*2
100
lOOU M a y ’ 10
100*4 100*8
80*4 M ar’ l l
Registered..................... 1951
00i2
80 Salo
9S12 99>2 09
79*4
80
Trust C o ctfa o f de p o sit.,
97*4 100*8
62*8 80
72*4 Sale
72*4
74l2!
do
S tam ped..
61*4 74l2
____ 81t2 80i2 M ar’ 16
80** 8 U4
110*4
K C Ft 8 A M cona g 8 a .. 192S M - N 110*4 Sale 110
109*2 1107
8
73 F e b 'l l
76*4 Sale
73
73
76*8
77*2
K O F t S A M R y ref g 4a. 1930 A * O
75
78
I I I I *70
70 M ay’ 10
87 ____ 91*2 Deo T 5
697g 72
K C A M R A B 1st gu 58.1929 A - O
____ 80i2 80i2 M a y ’ 16
80
8 U 2 St L 8 W lat g 4s bond c t fs .. 10S9 M - N 77*4 78*4 77*8
77*4’
77*8 80
____ 80i2 78*4
78*4
63
64*4 64*4 M a y ’ 16
62
64*4
78*4 82
2d g 4a Income bond ctfa_pl939 J - J
____ 6912 70U M a y ’ lfl
64 Sale
70
73
64
65*8
Consol gold 4s....... ............. 1932 J - D
61
05*4
112i2 112*4 I12i2
1127a
68 Sale
1117s 110
lat terml A unlf 5a........... 1952 J - J
60
70
67*4
68*2
79
G ray’s P t Ter 1st gu g fia.. 1947 J - D 100 ------ 98*4 Jan T 4
------- 79lo 01i2 Jan T2
63 Sale
67
68
8 A A A Pass 1st gu g 4a____1943 J - J
6278 70*4
70i2 Apr TO
8
79*4 79*2 8 F A N P lat ak fd g 5a......... 1919 J - J 1017 ____ 101*4 Apr TO
101*8 101*4
Seaboard Air Line g 4a......... 1950 A - O ____ 83*8 81*2 M a y ’ 16
8 U 1 84*2
G old 4s stam ped......... .......1950 A - O
81*4 Sale
____ 79>2
80*2
81*4
80
83*4
91*2 M ay TO
67*2 Sale
91*2 93
921 ..
2
Adjustment 5a.................. ol949 F - A
67*2
67*4
64
70
68*4 Sale
99*2 June’ 12
Refunding 4a....................... 1959 A - o
68*4
69
68*4 72
81 M a y ’ lG
81
82
88 . -92*4 86 M a y ’ 16
807 83
8
Atl Birrn 30 yr lat g 4 a ..<1933 M- 8
85
SO
88
92U 85*4 M a r '15
Car Cent lat con g 4a____1949 J - J
100i2 ___ 105*i M ay'15
Fla Cent A Pen lat g 5a .. 1918 J - J 100*8 101*4 99*4 Sep T5
87 J’ ly '14
1st land gr ext g 5a____1930 J - J 101*8 - - - 101 D ec '15
88 Aug '13
103*8 M a y ’ 16
Conaol gold 5a.................1943 J - J 103
75*4
75*4
75U Salo
103 M ar’ 16 ____ 103 103*4
G a A Ala R y 1st con 58..01945 J - J 103*8 - - 107 Aug *09
G a Car A N o 1st gu g 5 a .. 1929 J - J 102*8 103 102*4 Apr TO —
102*4 103
99*4 A u g '15
1926 J - J 102
Seab A Roa lat 5s.........
Southern Pacific C o—
99*2 M ar’ 12
19 85
88
Gold 4a (Cent Pao c o ll) .*1949 J - D
86*2
85*2 86*2 80
70
75
70 May* 16
70
70
Registered.......................*1949 J - D ____ 84
90 Feb T 4
997 Deo '14
a
88*4 Sale
20 year conv 4a................ 0 1929 M - 8
877
a
88*4 25
80*4 89*8
83*8 Fob T 4
104r 32 103*8 1077
20 year conv 5a...................1934 J -D 104*2 Sale 104*4
8
86
89*4 90
Cent Pac 1st ref gu g 4 a .. 1949 F - A
89*4
90
88*2 91
7
82 Salo
82
82*4
80*8 84
Registered......................... 1949 F - A ____ 89
86*4 M ar'15
92i2 June'12
89*2 897 89*4 M a y ’ l l . . . .
8
M ort guar gold 3 H a .-*1929 J - D
84*4 01
------- 79*8 79 Apr TO
84*8 8478 8478 M ay’ 161
76
79
84
86*4
Through St L 1st gu 4a. 1954 A - O
80 M a y ’ 10
------- 80
79
80
102 102
G H A S A M A P 1st 5a. .1931 M -N 102 104*2 102 M a y ’ 16
98 101' 97 Jan TO
Gila V G A N 1st gu g 5 s .. 1924 M -N 100*2 102*2 100*4 Jan TO
97
97
100*4 IOOI4
119*2 11978 119*2 Apr T6
Hous E A W T 1st g 5s. . . 1933 M- N 101*2------ 102 M a y ’ 16
119*2 120
101*2 102*4
122 . . . 121*2 M ar’ 10
I20»f 122
1st guar 5s red................ 1933 M -N 102*8 102*2 101*2 Apr TO
101*4 103i2
2 106 106*2
1191* 120*2 119*2 M ay'10
H A T C 1st g 5s lot gu _ 1937 J - J 106 ____ 100*2
_
119*2 120*4
106*2
—
03*2
93 «2 Salo 93
92*2 94
Gen gold 4s Int guar___1921 A - O
95*4------- 95*8 M a y ’ 16
94*4 055,
93*4 Deo '15
W aco A N W div lat g O 1930 M - N
a
109*j N o v ’ 15
89*8 9 1 3
Oda 90*2 90 M ay'16
A A N W 1st gu g 53.......... 1941 J - J 100 ------- 103 N o v ’ 16
—
—
124 M a y ’ 10
129
113*2 1241
Louisiana West lat 6a____1921 J - J 105*8------ 109 June’ 14
129
129 ____ 129
111 129J
M organ’s La A T 1st 7a ..1918 A - O ____ 105*4 104*4 Feb TO . . . . 104*2 104*4
132*4
115*2 132*4
132 U ____ 125
1st gold 6a......................... 1920 J - J 104 105*2 105 Jan '16 —
105 105
89
89l2 89*4 M a y ’ 16
89*4 90*4
N o o f Cal guar g 5a........... 1938 A - O 108 HO 105 O ct '16
103 l g ____ 103*2 Jan T6
103*2 103*2
Ore A Cal 1st guar g 6s_ 1927 J - J 101*2 102*8 101*8 M a y ’ 16
_
101*4 102*1
92
92
92
93
917 94
a
e o Pac of Cal— Gu g 5 a .. . 1937 M- N 108 ____ 101*2 N o v ’ 13
92*4
9234 Sale 92*8
So Pac Coast 1st gu 4s g . _ 1937 J - J
917 94*4
8
9 3 * 2 ------ 97 Apr TO ____ 97
97
92i2 ____ 92*2
92*2
92
"
84
84*8 85 M a y ’ 16
San Fran Terml 1st 4a___1950 A - O
84*4 se
6OI4
66*4 Sale
60*8
65*2 07 "
Tex A N O con gold 5a_ 1943 J - J
_
94 ------- 96 Apr
65
65
01*8 05
73 89*g 91
So Pac R R 1st ref 4a......... 1955 J - J
90*8 Sale
63*2 05*4
90*8
1
01*8____ 90*a N o v '1 5
Southern— lat cons g 5s____1991 J - J fllOUg Sale. 101*4
100 103*f
101*4
100*2 Jan '16 —
73
100*2 100*2
Registered......................... 1994 J - J 100i4 102*8 98 June’ 15
l i o i j I I 053 110*8 M ay'10
96 09
Develop A gen 4s Ser A . . 1956 A - O ’ 71*2 Sa,°
73*4
109*8 110*8
71*8
71*4
109*2 O ct T 5
2 75
78
76
78
M ob A Ohio coll tr g 4 a .._ 1938 M - 8
75*4
75*4
107 "
107 M ar’ 16
167’ 167"
100 104
M em D iv l a t g 4 H 5a____1996 J * J 100 101 100 M a y ’ 16
101 10118 101 M ay'16
101 101*8
82
St Louis div 1st g 4a......... 1951 J - J
81*2 82*2 82
a 80*1 841,
90*8 M ar’ 10
Ala Cen lat g 6a................... 1918 J - J 103*8------- 103 M a y ’ l
90
90*8
102*8 103
86*2 89*2 90*2 Fob T6
Ala G t Sou 1st cona A 5a .. 1943 J - D
98*2 ^9*8 98*2 M a y ’ l —
90
90*2
98*2 99
111 1121* 111 M ar’ 16
93
04*4 94*4 M a y ’ lOjAtl A Char A L lat A 4H al944 J - J
ill
11 Ha
94*4 96
85
85*4 85*8 M a y ’ 16
5 102*4 103*4
85
88
1st 30-yr 5a ser B ......... 1944 J - J 102*4 103*8 102*4
'
93i 2 Sale
OG**
100 ” 26 93 100
82
841 83*4 1
2
Atl A Danv 1st g 4s______ 1948 J - J
83*4 85*8
98 * 4 ____ 99*2 M a y ’ 16 . . . .
. - 82
2d 4s ..............................1948 J - J
81*2 M ar’ 10 ____ 79*2 8 U2
98*4 99*2
102l2 103 102*2
102i2
76
78
Atl A Yad lat g guar 4s_ 1949 A - O
_
75*4 D eo T4
102*2 103*4
08*4 99*2 99*2 M a y ’ 16
E T Va A Ga D iv g 5s____1930 J - J 104*8------- 104*s Apr TO
103*2 104*2
98*2 99*2
99i 2 Salo
99*g
99*g ’ * 3 l 98*2 100
2 105*8 106
Con 1st gold 5s............... 1950 M -N
105*8
105*8 10° 105*8
105*8 Sale 105
105*4
50 I047g 106*8
E Ten reor Hen g 5a______ 1938 M - S 100 1007s 100*1 Apr TO
99l 2 lO lij
102*8 161 100*4 1027
1017* Sale 101*8
56
60
57
60
Ga Midland lat 3a...............1946 A - O
57*4 Apr TO
8
97
97
96*8 97
5 92*2 97
Ga Pac R y 1st g 6a........... 1922 J - J 107*4 107*4 107*2 Apr TO
107*4 107*8
94*2____ 00 Jan T6
Knox A Ohio lat g 6a____1925 J - J 1097 ------- 109*4 M ar'lG
90
90
8
108 110*2
98*8____ 99*4 N o v ’ 15 ____ 1
____ 104*2 105*2 N ov'12
M ob A Blr prior Hen g 63.1945 J - J
102 Jan '03
70 ------- 71*4 M a y ’ 16
M ortgage gold 4a........... 1945 J - J
71*4 71*4
93 ____
Rich A Dan deb 5sstm p d . 1927 A - O I 0 3 * j------- 103*8 M a y ’ 16
103*8 103*8
100
100 ____ 100
1 99*a 100
Rich A Meek lat g 4a____1948 M N
73 8 ep *12
So Car A Ga 1st g 5a_____ 1919 M -N
101 102
101 Apr TO
101*8 22 101 10212
1015 102 101*2
8
102 Apr TO
Virginia M id ser D4-5a ..1 9 2 1 M - 8
102 102
100*8 101*4 101 M a y ’ 16
Series E 5s....................... 1920 M - fe
101 101*8
102 M ar’ 10 —
102 102
86*2 Jan TO
85*4
86*8 80*j
Seriea F 5a....................... 1931 M - S
104 M ar’ 13
85*4 ’ " 4
85*4
85*4
General 5a......................... 1936 M -N
85
85U
102*4 Apr TO . . .
102*4 1057
t
Jan TO
100>8
99*4
Va A So’ w’n lat gu 5a ..2003 J - J
8 102*2 105
99*4 100*8
105
105
83 Feb ‘ 15
85*4
1st cona 50-year 5 a .. 1958 A - O
89*2 90*2
9C*4 M a y ’ 16 —
84I2
85*g M ar'lG . . . .
W O A W lat cy gu 4a____1924 F - A
85
85*8
93 D ec T 5
95
95
98*2 95
93
94*| 95*8 Spokane Internat 1st g 5 s ._ . 1955 J - J
93
93 Jan TO
92
92*8 M ay'14
Ter A o f St L 1st g 4 H a____1939 A - O
99*a Apr TO ____ 98*2 100*2
90 Deo T 5
90*4
1st con gold 5a___1894-1944 F - A
106*2 Apr TO ____ 103*2 106*2
99 106 ‘ 09*4 Apr TO —
Gen refund s t g 4s________ 1953 J - J
13 847* 88
99*4 99*4
85
86
105 Apr TO
103*4
St L M Bridge Ter gu g 5a 1930 A - O
104*8 105*2
100*4 Apr TO ____ 100*4 101*4
103*4 105 104 D ec *15
Tex A Pac lat gold 5a............2000 J - D
98 M a y ’ 16
95
98*s
91*4 Feb '12 . . . .
89*2
2d gold Inc 5s___________ j2000 M a r
40 M a y ’ 16 ____ 35
37
...................
89*2
00*a O ct T 2
La D iv B L 1st g 5 s......... 1931 J - J
90 Jan TO —
90
90
89*2 *901* 83*4 June’ 15 . . . .
W M in W A N W 1st gu 5a 1930 F - A
106*2 N o v ’04
...................
87*8
86*4 M a y ’ 14
103*4 M a y ’ 16
T ol A O G 1st g 5a................... 1935 J - J
103 104*4
90 'n J’ ly T 2
87*8
Western D iv 1st g 5a......... 1935 A - O 100
9 101 102l 2
101*2
101*2
98** Feb TO . . . . 95*2 987
09*8
94
94 M a y ’ 16
General gold 5a..................... 1935 J - D
s
93
93 M a y ’ 14
98*4
Kan A M 1st gu g 4s......... 1990 A - O
83 M a y l 6
83
84U
104*4
109 M ay’ 10 . . . .
93
98
2d 20-year 5a................... 1927 J - J
I 97
99
...................
09*2
981* O ct T5
T ol P A W 1st gold 4s........... 1917 J - J
50 Apr TO
50
01
99*2
June’ 15
98*4
81 M a y ’ 16
T ol St L A W pr lien g 3 H »- 1925 J - J
78*2 83
94
94 Apr T 6 . . . .
93*| 04
27 54
50-year gold 4s..................... 1950 A - O
55
56
60
1023g
102*8
102*8
C oll tr 4a g 8er A ...............1917 F - A
18*8 M ar’ lO
101*8 102*8
lS*a 18*8
102
102*8 M ay'16
83 Apr TO
101*8 102*8 T or Ham A Buff lat g 4 a ..*1946 J - D
83
86
100
97*4 July'15
99*8 M a y ’ 16
Ulster A Del 1st con g 5 a . . 1928IJ - D
99*2 101*8
94*4 M a y ’ 16
94*4
1st refund g 4s.................. 1952 A - O
74 M a r ’ 15 IIII
94*4 95*2
93
02 Fob T6 — - 92
92
33 95*4 98*8
Union Pacific 1st g 4s........... 1947 J - J,
96*4
97*8
95*4 Jan T4
96 M a y ’ 16 . . . .
95
97*8
Registered........................ 1947 J - J|
92*a Aug T6
20-year conv 4s_________ 1927! J - J
65 92*2 94*8
93*4
93101 .
102*2 A pr TO . . . . 101*8 102*2
1st A ref 48....... .......... ......02008 M - 9'
iu
89*i 91*2
89*4
90
104 N ov'15
IO6I4 .
Ore RR A Nav eon e 4 s . . . 1946! J - Dl
92
1 91*i 921.

B id

L ow

85*2 81*4
75
____ 69
92
97 ____ 100
100 ____ 1l9*a
971a
OOU
835s 85*4 835g
83 Sale
83
9512 Sale
95U
9473
95 Sale
94&s
82

• N o p r ic e F r id a y ; la t e s t b id a n d a s k e d ,
• O p t io n s a le .




W eek ’s
R a n g e or
L a s t S a le

2061

a D ue Jan.

H ig h

L ow

H ig h

Deo '15
D eo ’ 15
Juno'09
O ct '15
M ar’ 12
N o v ’ 15
83*8
83
9512
95
Fob '10

&D uo Feb.

s Due M ay.

a D uo June.

5 D u e J u ly ,

k D ue

A ug.

« D u e O ct.

v

D ue

N ov.

f D ue D ec.

BO N DS
N . Y . ST O C K E X C H A N G E .
Week Ending June 2.
Union Pacific

gsj
SS

(C ) —
on

Quar refund 4a...............1929
andalla cons g 4s Ser A _ . 1955
Virginian lat 5s Series A ____196;
Wausau 1st gold oe................1939
3fl gold 5s....... ..................... 1939
1st lien equip a fd g 6 s . . . 1921
D et A Ch Ext 1st g 6s____1941
Om D lv 1st g 3 .4 s ..............1941
Tol A Ch D lv lat g 4s____194!
Wab Pitts i erm 1st g 4a____1954
Cent and Old Col T r Co certs.
Columbia T r C o certfs_______
Col Tr ctfs for Cent Tr ctfs . .
2(1 gold 4s.............................1954
Trust C o certfs. ........... ......
Waab Terml 1st gu 3 4 s
1945
1st 40-yr guar 4s ______ 1945
West Maryland 1st g 4a____1952
West N Y A Pa 1st g 5s......... 1937

Frice
Friday
June2.
B
id

F- A
J - J
J - D
J - J
J - J
F- A
M- N
J- J
M -N
M -N
F- A
J - s
M S
J - J
J - J
A- O

iw- e
J -D

J -D
r -

FAJ A-

A
A
O
J
O

Ask

108 ____
106 10612
92i2 Sale
IO H 2____
91 100
91 ____
91
____ 87
98U Sale
10334 101
9812 9S34
80 110
9634 ____
68
104 107
76 _
69
72
86 Sale
1%
3U
2l2 284
1
3
1
3
------*8
------I4
83 7 84i.i
s
93 ____
72?s 73
104D 105
8 1 Sale
34
40
100 102
9512____
963s 97
71
7112

W
eek’s
R
ange or
L
ast S
ale
L
ow

108
106
92
102
90
91

H
igh

R
ange
S
ince
Jan. 1.

____
---- ....

B
id

Union Elec Lt A P 1st g 5 s .. 1932 M - S
M -N
Utah Power & Lt 1st 5s____1944 F - A
Utica Elec Lt A P 1st g 6s. 1960 J - J
J - J
Westchester Ltg gold 5s____1950 J - D

GranbyCons M SAP con 6s A '28
S ta m p e d ______________ .1928
Great Falls Pow 1st s I 5 s . .1940
lu t Mercan Marine 4>4a____1922

M- N
M -N
M -N
A- O

98
96
97
63

102
99%
97
72

Int Navigation 1st s f 5s____192') F - A
M ontana Power 1st 5s A . . 1943 J - J
Morris A Co 1st s f 4 Ha_ 1939 J - J
_
A-O
10-20-yr 5s series 3 _______ 1932 j - j
N Y Dock 50-yr 1st g 4s____1951 F - A
Nlag Fails Pow 1st 5s_......... 1932 J - J
A-O
Ontario Power N F 1st 5s . 1943 F - A
Ontario Transmission 5s____1945 M -N
Pub Sorv Corp N J gen 5s_ 1959 A - O
_
F - A

A
sk L
ow

100
89
95% Sale
95
102%
98 ____ 98
105% Sale 105%

72
73
82
87
1%
4%
l
3*4
1
3%
l
3%
%
%
%
*4
83% 84%

Alaska Gold M deb 6s A ____1925
Conv deb 6s scries B ____1926
Armour A C o 1st real est 4 >48 '39
A- O
Consol 5 s .............................. 1955

Sale
Sale
105
Sale
87%
87*4
Salo'

104% 105*4
104% 105
100% Sale
103*8 Salo
99 102
97% Salo
9 1 % ____

102
78%
100%
100%

103%
81
101%
102

100
100%
82%
82%
75
95*4
99%

102
102%
86%
86%
76*4
98*499%

74% 83%
87
69%
26>2
101
72%
98
91
91%

94
75%
31%
102
76%
90*4
93
93%

98% 10014
99% 100
99*4 101
io i

162'%

100% 100%
93%
80
73%
55
85%
93%
79%

95
86
79
63%
88%
94%
80

95
96
__________
81
83%
79% 84*4
106 108
98*4 100%
68

69

73
59%
55
32%
89*4

74
62
59%
46*4
92

105

107

120
101

126%
102%

103 104%
100% 101*4
103
91
104

103%
91
105

126
88
100%
100%
91%
103%
103

128
88*4
102
102%
93%
103%
105%

108 109
160% 101%

M a n u fa ctu rin g & In d u stria l
Am Ac Chem 1st c 5s_____ 1928
Conv deben 5s_
_
1921
Am Cot Oil debenture 5s__ 1931
Am Hide A L 1st s f g 6 s_ 1919
_
Amer lee Secur deb g Os
1925

Am T obacco 40-year g 0 s .. . 1941 A - O
am d 4 s . . : : : . : ; : : ; ; - : : - i 9 5 i F - A
F - A
Am Writ Paper 1st a f os
1919 j - j
Baldw Loco Works 1st 5 s ... 1910 M -N
Beth Steel 1st oxt i f 5 s .. .
1926 J - J
N
Cent Leath 20-year g 5s
1925 A - O
F - A
Corn Prod Ref s f g 5 s . . .
1931 M -N
1st 25 year s f 5s _
_
_ 1934 M -N
Cuban-Am Sugar coll tr Os 1918 A - O
Distil Sec Cor conv 1st g 5s 1927 A - O
E I du Pont Powder 4% s
1930 J - D
General Baking 1st 25-yr Os 1930 J -D
Gen Electric deb g 3 %s
1942 F - A
Debenture 5s____
1952 M- 8
III Steel deb 4 Ws
.
1940 A - O
Indiana Steel 1st 5s. . .
195? !W-N
j
(nger8oll-Rand 1st 5s
#1935 j
Int Agrlcul Corp 1st 20-yr 5 s . 1932 M -N
Consol conv s f g 5 s ..

93
93%
85
86%
9234 Sale

Certfs of deposit
Lackaw Steel 1st g o s . . .
1st conus Series A
Liggett A Myers Tobac 7s.
5s ............. ........ ...............
Lorlllard Co (P> 7s
5 s _____ ____________ .
Mexican Petrol Ltd con Os A
1st lien A ref 6s series O .

Nat Starch 20-yr deb 5s
'
National Tube 1st 5s
N Y Air Brake 1st conv 0*
Railway Steel Spring—
Latrobe Plant 1st s f 5 s . . . 1921 J - J
Interocean P 1st s f 5s . .1931 A - O
A -O
Standard Milling 1st 5 s . .. " " l 9 3 0 M - N
J « J
Union Bag A Paper 1st 5s. 1930 J - J
S t a m p e d ....................
1930 J - J
U 8 Realty A I conv deb g 6s 1924 J - J
J
U S Red A Refg l s t g 6 s ._
1931 J
U 1 Rubber 10-yr coll tr Os 1918 J - D
4
U S Smelt R y A M conv 6s 1926 F - A

95

925*
92%
80
92%
92%
111%
103%

Ffib ’ lfi
92%
M a r'lb
923.i
Feb T4
112*4
Jan '14

R e g is te r e d ....................
2397
Climb T A T 1st A gen 5s_ 1937
_

101% 102*4
101 101%

M etropol Tel A T el 1st s f 6s 1918
M ich State Telep 1st 5s____1921

100%
*96%
90%
98%
99*4

N Y T elep 1st A p e n s ! 444a. 1939
Pac Tel A Tel 1st 5s................1937
South Bell Tel A T 1st s 1 58.1941
West Union coll tr cur 6e___1938
Fd and real est g 4 44 s____1954

79% 80
-------104*4
101% Sale
102 102%
102% Sale
82%
99
99%
98 Sale
102% Sale
77% Sale
101% Salo
82% 83%
104 10434
91
91%
102% Sale

78%
80%
104% Apr TO
104%
l 4%
102%
102%
102
102%
97*4 Jan T5
99% M ay'16
98
98%
102%
102%
76*4
77l.|
101
101%
85 M ar’ 10
82%
82%
104%
105
00%
91 %
102%
103
100 O ct’ 13
77% M ay’ 16
102
102
90%
9012
75 M ar’ 15
73
73%
99%
90%
92
9234
125
125
102
102%
125%
1253.1
100*4
101
114
114
115 M a y ’ 16

100%
96% 97

92i.t Sale
J - J
M- S 100 102%
M- S 10S% Salo
J - O 102% 103%
75
Q - J ____
Q - J ____ 84
J - J 100% Salo
98 100
J - J
M -N 101 % ____
F - A 99% 100%
M-N 100%
M- N
98% Sale
J - J 101 Salo
J - J 100% Salo
J - J 101
101%
M-N
95 Salo

M N
Northwest T el gn 444s g . . 1934 J - J

96

1 104% 105%

9
84
104
8
M a y ’ 16
19
93*4
1
87%
1
88%
2
87%
128%
55
1|
84*2
104
5
105
9
8
100%
M a y ’ 16
103% I n s
M ay'16
98
40
Apr TO

100% M a y ’ 10
97 M a y ' 16
08%
98%
99%
99% Sale’ 99%
101% 105 105
105
83% 85
82%
821.|
82% . .
82% M a y ’ 16
71% 72
72 M ay'16
10
15
11 Apr '16
103
102?8 Sale 10234
111
111 Sale 111
105*i
105*8 Salo 105
101*4
10134
M -N
98%
98*4
98% Salo
Va Car Chem 1st 15-yr 5s 1923 J - D
101%
Conv dob 0s_____
<1024 A - O 100 101 101
102*4
West Electric 1st 5s Dec
1922 J - J 102% Salo 102%
Wcstlngh'se E A M conv 5s 1931 J - J 124 129*4 128 M ay'10
101
101
101 101%
Coal & Iron
90 . . .
92 J u ly '14
J -D
93
95% 03 Feb TO
Debenture 5s.............."_~ cl926 M - a
94% 98
F- A
76 Salo
76
70
Col Indus 1st A coll 5s g u .. 1934 F - A
i -D
18
. . . 73 M ar’ 14
92 Sale
92
92
Cons Coal of Md IstAref 5a. 1950 j - 0
F- A
35
90*8 Feb ’ 14
Gr Rlv Coal A C 1st g 6s. 51919 A - O ------- 93*4 04*4 M ar'16
J - J 35
90 July 15
90% 91
90% M ay'10
Pocah Con Collier 1st s f 5s 1957 J - J
86
87
86*4
87
St L Rock M t A P 5s stropd 1955 J - J
101*1
101*4
Tenn Coal geD 5s.................. 1951 J - J 100%
Blrm Dlv 1st consol 6s.
1917 J - J 101% 102 101% Apr 'HI
Tenn Dlv 1st g 0s............(.1917 A - O 1 0 1 % ____ 101% M ay'10
J - D 100
101 Deo T4
_ _ 87*2 73 Apr '14
J - J
87
86% 88% 87
Va Iron CoalACoke 1st e 5» 194 M- 8

93%

100*4
98%
93%
102%
100%

Low Hitt

82
101%
99%
93%
80*2
87%
86
127
81
104
103*4
09%
95
95%
91*4
95%
92%

85*8
117
105
95
89
92
91
135%
85
109%
109
101%
102%
103%
100
98
03

94
94%
73
75%
100*4 102%
1
31

92
95%
86
86
89*4 93%

2 110

43
____
1
1
34

I25

92%

91*4
102
108%
101%
88%
71
100%
98
101%
100

80%
106
104%
103%
102*8

72% 79%
97% 100*8
90*4 97%
124*4 127
101% 103%
122% 127
100% 102%
106*8 128
105 125%
96% 99
87
88%
99% 101*8
101 105%

____ 99*4
____ 04%
38 95*4
31 05%
2 104%
5 80%
82%
____
70
____
11
42 102
14 110%
236 103*4
1 103%
6 98
23 100%
33 101%
____ 112%
5 101

8
4
____

100%
97
90*4
100 '
106
83%
82%
73
11
103%
112%
105*2
105%
09%
103%
103*8
141%
101%

90
03
92*4 951^
74% 7 7 "
90

93"

94*4 94*4

____

89
90%
84
88%
4 101% 103*8
. . . . 101% 102
—
101% 102
10

87

90%

90%
100
105*8
101%

92%
102
10S*4
102*8

71
99%
9.8
101%
99*2

71
100*8
98
101%
101

156 98
26 99%
29 99%
4 100
16 94%
101%
95

99%
101%
101%

92%
97
102
t
108%
50
M ay’ 16
June'14
M ay'16
100%
14
Apr '16
1
101%
M ay'16 ____

981-1
98%
100*4
101
100
100*8
101%
101%
95
95%
101% Apr TC
95% 1 95 M ar’ 16

65%
104%
102%
100%
100*4

____ 99" 100"%
7 96% 99%
21 101% 103
109 09% 77%
3 101 107%
85
85
6 78
83%
7 103*4 106%
17 90% 92*4
53 101% 103%
__
_________
____ 76
79
10
4 81
0012

76% 77%
1011j> 102
90% 91%
70
15
73 Sale
13
99% 99*4
1923 A O
92 Sale
27
1950 M - 8
8
1944 A O 125 125%
21
1951 F - A 102 ’g Sale
2
1944 A - O 125% Salo
21
1951 F - A 10034 Sale
4
A - O 112 114%
1921
___1921 A - O 111% 115
98% 99
J -D
88% M ay'16 ___ _
87
92
1930 j - j
2
101%
1952 M -N 101 101% 101%
6
103%
1928 M -N 103% 103% 103%

il4"% 115%
100% 102%

93

H
igh No.

Sep '15
M a r ' 15
96
M ar'15
Aug ‘ 16
105%

R
ang*
Sim
s
Jan. 1.

102% 102% 102 M a y ’ 10 ____ 101% 103
22 97
97% 97% 97%
97%
99%
13 96% 97*4
97% Sale
97
97%
1 103% 104%
103%
103*4 104D 103%
2 85
8S34 Sale
87
88*4
8S3,i
()
4 97?8 983*
98% 9S% 9838
9838
1 18 % ____ 118% M a y ’ 10
118 " 118*4
121*4 M ay’ 14
83% . .
83*4 Apr '16 ____ 83% 86%

1935 j - j

Ain Telep A Tel coll tr -is .. 1929
Convertible 4s.............
1930
20-yr convertible 4 44s. ..1 9 3 3
Cent D lsl Tel 1st 30-yr 6s. 1943

97% 100

A- O
F- A
M -N
M- 8
A-O

82
102
102
93%
87%
88%
87%
127
8334
104
105
100%
102%
102
100
97%
92%

CO
OQ
O

94
95% 94 Feb '16
72% 74
74 M ay'10
102 104% 102% Apr TO

111% 113
84% 87'84 ' 87*4
85
00%

W
eek's
R
ange or
Last S
als

____ 101

Chile Copper 10-year conv 7s 1923

____
16. 71
75
3 103*4 105
10 81% 84%

____
Wheeling A L E 1st g 5a___ 1920 A - O
....
Wheel D lv 1st gold fis____1928 J - J
— .
Exten A Irapt goUl 6s____1930 r - A
1
M- S
J - J
87% Apr '16
88
J - J 87
6
86
86
8612 80
Wla Cent 50-yr 1st gen 4s. . 1949 J - J
86
88l2 87 M ay'10 . . . .
Bup A Dul dlv A term 1st 4a '3fi M N
S trcst Railw ay
2
103
103
Brooklyn Rapid Tran g 6s. .1946 A - O 103 .
80
78% M ay'16 . . . .
lat refund oonv gold 4 s . . .2002 J - J 78
56
101
8-year seoured notes 6 s . . . 1918 J - J 101 Sale 100%
1
101%
Bk City 1st eon 5 s . . 1916 1941 J - J 102 ____ 101%
98 Apr '14
------- 94
J - J
101 M a y '13
23
101%
Bklyn Un El 1st g 4 -6 s ..'ll9 5 0 r - a 10114 Sale 101%
2
1013.1
V- A
IOD4 Sale 101%
83 M ay’ 16 ____
F - A
8334 85
Sings County El 1st g 4a. 1940
86
33% M ay'16
F - A 84
Nassau Elec guar gold 4s. 1951 J - J 7412 7534 76% M a y’ 16 ____
u
97%
97i« Sale 96*4
Chicago Rya 1st 5a............... 1927 F - A
Conn Hy A L 1st A ref g 4 4 n 1951 J - J IOOI4____ 99% Jan '16 — .
J- J
10014____ 96% June’ 14
83
8234 Sale
82%
83%
D»l United 1st cons g 4 4 a . . 1932 J - J
W- 9
93% M ay'16 ____
93% 94
Havana Eleo consol g 6s. . 1952 ? - A
70
72
72%
72i2 Sale
Hud A Manlint 5s Ser A . .
1857 F - A
23
29
293.1
293.1 Sale
Adjust Income 6a________ 1967
N Y A Jersey 1st 6s______ 1932 F - A 100 10 n 2 101 Apr '16 —
82
73%
7334
73i2 Sale
laterboro-M etrop coll 4 4 s . I960 A - O
98% Sale
98%
9834 201
(aterboro Rap Tran lat 5s. loeo J - J
Manhat R y (N Y) cons g 4s. 1990 A - O
9112 91% 91->g M ay' 16 —
1
91%
91%
917g 92
Btamped tax-exem pt......... 1990 A - O
M etropolitan Street R y —
2
100%
Bway A 7th Av 1st e g 5a. 1943 J - O 100'%____ 100
20
100
Col A 9th Av 1st gu g 5 « . . 1993 M - S 100 Sale 100
Lex Av A P P lat gu g 5s. 1993 M - S ____ 100% 100% Apr TO . . . .
30 M a r '14
F A
102% M ay'16 ____
Mllw Elec Ry A Lt cons g 6s 1920 P - A IO2I4 . .
92% Feb T o
J - J
Mlnneap St 1st cons g 5 s .. .1910 J - J ll 0% . . " 100% M ar'16
Montreal Tramways 1st A ret
4
30-year 6s Ser A ............... .1941 J - J 893 95% 93% M ar'10 ____
86 M ay'16
Hew Orl Ry A L; gen 4 4 s . . 1935 J - J ____ 88
6,
78%
78l.|
78% Sale
H Y Rys 1st R E A ref 4s . . 1942 J - J
42
57%
57%
57% Sale
80-year ad) Inc 5s..............ol942 A - O
84
85% 87% M ay'16 —
S Y State Rys 1st cons 4 4 s . 1902 M - N
92% 93% 93% M ay'16 —
Portland R y 1st A ref 5s____1930 M - N
Portld Ry Lt A P 1st ref 6s. 1942 F - A
7 9 % ____ 80 M ay’ 16 ____
J - J
9534 ____ 96 M a y ’ 16 ____
■J Jos R y. L, H A P 1st g 5a. 1937 M - N
at Paul City Cab cons g 5s. 1937 4 J 1 0 2 % ____ 100 Sep '15 . .
17
81
81%
J
81% Sale
Yhlrd Ave 1st rsf 4a.............. 1900 i
37
79%
79%
79% Sale
AdJ loo 5s........... ...............olOOO A O
J 107% 108 108 A p r '16 . . . .
Third Ave R y 1st g 5s.
1937 J
12
99
100%
99 Sale
Trl-CIty Ry A Lt 1st s f 6 s .. 1923 A - O
95% J'ly ' H
J - J ____ 96
69 Jan TO ____
Incom e 6s......... ............... 1948
____ 86
84 O ct 08
A O
. . 80% 7334 Apr 'HI
United Rys Inv 5e Pttts Isa. 1920 M-N
1
60
00%
J
G
O
65
United Rys St L lat g 4 s . . . 1931 J
55 Apr '16 . . . .
. 60
St Louis Transit gu 6s
1924 A - O .
35%
36%
36
35% Sale
United RRs Sao Fr s f 4e
1927 A - C
*a Ry A Pow 1st A ref 6s
1934 J J
89% 90% 89'% M ay'16
Q a« an d £ l» c t r lc L ight
J D 103
103 Sep '15
5
107
Bklyn Un Gas 1st cons g Ee_1946 M -N 106% Sale 108%
54 June' 13
Buffalo City Cas 1st g 6 s .. . 1947 A - O
97 Feb 15 __
Columbus Gas 1st gold 6s
1932 J - J
30
124%
Consol Cas conv deb 0s
1920 Q - F 124 Sale 123%
2
1013g
Detroit City Qas gold 5 s ..
1923 J - . 1013g 101% 101*8
F ■ A 98*j
4
■ 104% ____ 104
104%
Detroit Edison 1st coll tr 6s 1933 i
M - 9 100 ____ 101% Apr TO
=
100% M ay’ 16 ____
Eq G L N Y 1st cons g 6s.
1932 M- r
J -D IOOI4
100 Feb ’ 13
2
1023.1 1033t 103
103
Hudson Co d a s '1st g 6s” . 1949 M -N
i\ <
*
91 Jan '16
Kings Co El L A P g 5s .
1937 A - O 104 105 104 M ay'16 ____
1
11734
11734
Convertible deb 6s '
1925 M S 126 ' 129% 126 M ar'16
J
J
10
101%
LSO Gas L of St L 1st g 5s rl919 G - f 101% 101% 101%
2
101%
Ref and ext
- 5s .
1934 A l> 101% 1013.! 101%
Milwaukee Gas i. 1st 4s
1927 M N
93
93% 93% M a y’ 16 ____
103% M ar'16 __ Newark Con Gas g 5s___
194s J C 104
10
105
W Y G E L H A P g 5 s ___ 194s J U 105 Sale 105
1[
J - J 108 34 110 108*4 Apr '16
N YA Q El I. A P 1st con g 6s i930 F - A 10034____ 101 M a y ’ 16 ____
92% July’09
E H * Rich Gas 1st g fis
1921 rd N
Pacific G A El C o Cal G 4 IC
16
9834 99
98%
99
Corp unifying A ref 6s____1937 M - N
Pao Pew A Lt 1st A ref 20-yr
93 Feb T6
5s Intcrnat Series_
_
1930 F - A
M- 8
Peop Gas A C 1st cons g 6s. 1943 A - G 115 ____ 115% M a y ’ 16
2
101%
Refunding gold os............. 1947 M- S 10134 Salo 100%
99 Sep '13
M- S
Ch G -L A Cke lat gu g 5s. 1937 J - J 1 0 1 % ____ 101% M a y ’ 16
Con G Co of Chi 1st gu g 6sl930 J D 101 % ____ 101% M a y ’ 16 ____
M - N 87
88
Mu Fuel Gas 1st gu g 5a. 1947 M- N 1 0 6 % ____ 100-% M ar'10
98% Apr TO . .. .
Philadelphia C o conv 6s___ 1919 F A 98%
91 M a y ’ 16
Conv deben gold 5s........... 1922 M -N
91
92
100%
31
Stand Gas A El conv s f 6a.. 1920 J - D 100% Salo 100%
Syracuse Lighting 1st g 5 s .. 1951 J D 100 % ____ 100% M ay'16
J - J 84 ____
Trenton G A El 1st g 6s_
1949 M- S 1 0 1 % ____ 101% June'14

Pries
Friday
June 2.

104%

96% 100

____ 103
____
1
2
7

(Vol. 102.

IW- H 84
IY - S 102
1
M - S 103
J -D
93*4
86% 87%
87
j - j
86%
A-O
M -N 128

138 97% 98*4
7 103 105
8 93 100

M ay'16 ____

104% M ay'16
80 Aug '12
72 Apr T 6
86
80
2%
3%
2%
2%
1% M ar’ 16
2 M ay'16
3g M a y ’ 16
% M ar’ 16
84% Apr TO
91% Aug '15
72
727g
104%
104%
84%
843.1
20 D eo '16
100 M a y ’ 16
98 Apr '16
97 M ar' 16
71
71

BO N D S
N . Y . ST O C K E X C H A N G E .
Week Ending June 2.

N
o. L
ow H
igh

2 107*4 109
108
1 106 107%
100
21 91% 94
92%
M a r'lb
102 102
Apr T6
90
95
Apr '16 ____ 91
91

42% Aug '15
97%
9S3g
103%
103?g
9S-%
9S34
100

■Ss
S0
3

Interest
Period

N8w York Bono Record—Concluded — Page 4

2062

101%

96%
101%
96

*N pic Fid y la s b a dak d aD eJ n dDeA r eDoM y t D o u e A u J ly U A i D e c pD eN v {D e De «Otio s le
o r e r a ; tet id n s e ,
u a
u p . u a . u J n . D e u . ii u
u O t. u o
u e. p n a .




June 3 1916.]

BOSTON STOCK EXCHANGE—Stock Record

S H A R E P R IC M S — N O T P E R C E N T U M
S a tu r d a y
M a y 27

M onday
M a y 29

T u esd a y
M a y 30

1
*105 105*4 *105% 105*4
*100*4 101L *100*4 101*4
180 180 186 187%
*7312 74% 73% 73%
*131
131 131
50
49
49
48
*23512 240 235*2 235*2
*
*
4
4
*
40
40 *
5
*4
*4
5
*
*
47
47
*
155
155 *
*105U 109 *105% 108
*156 162 *150 162
78
7812 78*2 78
120% 126%
*12512 127
*88
*88
*100 10()i 2*100 100%
♦ I4 71? *6*4 7%
6 36 *35 36
*35
*60% 60*4 60*4 01
102l2 102*2 *102% ___
*151 151*2 151 151
24'%
25 *
*24
8
*139 139*4 *139% 1397
*115
*58
*75

*3*2 4
100 100
22*8 22*4
1g 18
7
7
*6712 68*2
83
85
8*8 8*8
2*4 3
907g 92*2
73U 73*4
660 560
16
16
*5212 53
00*2 07
*27g 3*4
1213 12*4
8
8*4
88

8 8 I4

*3% 4
98 100
22% 22%
*178 2
*08
0S%
82 % 84%
9
9
3
3
92
90
73% 74
557 500
17
*10
*523.i 53%
£03*4 64%
3
3
12% 12%
9
*8 %
88

88

*40*2 47*2 ♦46% 47%
14% 14% 14% 14%
•
24
24 * _
3%
*313 3*4 *3 49%
*49
49l2 50
92
*91
*91
92
277g 28
28
28
*473 5
*47g 5
5%
5 5% 6% 15%
14
*15% 16*2 15%
4
4
4
4is
3%
*3> 3*8 *3
8
12U 121i 12% 12%
3
3
*3
3i2
*3512 36
*35*4 36%
3% 3%
3*2 3'2
94% 95
94
94
17% 17%
•1712 18
7
7
7% 7%
*143i 15
14
14%
*
7% 7%
7*4 7 .|
237g 23*4 24
23
*1
1%
1
*4 *1
*2
2l.t *2
2%
*212 2*4
2% 2%
*08*4 091 08*4 68%
2
94
94
*93% 94
15
15
15
15
95U 95*2 95% 95
%
*22*4 2312 *22% 23%
74
75 *
75
2% 2%
2*2 2*2
8% 8%
8'2 8*2
*31% 32
*31*2 32
7
7%
7*2 7*4
*1012 17*2 *10% 17
*47g 5
47g 5
53
52
62*2 *52
*
7
7
7
.51 .58
.58 .58
73% 74
73*2 74
51*2 5U? 51% 51%
47S 4%
47S 47g
14*2 14*4 14% 14%
*80% 81
*80i2 81
87g 9
«7 9
8
312 3*2 *3% 3%
0 i4
0% 6%
6>
2
55
65
*56
67
*17S 2'4
1 g 17s
7
'Bid and asked p ric e , a




i

P R IC E S .
T h u rsd a y
J u n e 1.

F rid a y
J u n e 2.

106
Last Sale 105%May’I6
101%
Last Sale 100%May'10
189 185 185
185 185%
71% 70% 72
73% 71
___ *130 ___
51% 50
50% 49% 50%
235% *235 235% 235 235%
*__
4
Last Sale 4% May’ 16
*
40
Last Sale 59 May’ 16
Last Sale 4% Apr’ 16
*4
5
*
Last Sale 12 May’ 16
47
*
155
Last Sale 160 Sep'15
Last Sale 108 May’ 16
*105 108
Last Sale 162 May’16
*156 102
78
*76% ___ ___ ___
78
*126% 127 *125% 127 *126%___
Last Sale 90 May'16
*88
Last Sale 100%May’1
0
*100 100%
7
7
7%
*6
7% *6
34
34
35
35
34
35
61%
61% 60% 60% 01
61
___ ___
103 103
*102% 104
151 151
151 151% *151 152
24
24
25
25
25
*24
Last Sale 141 May’ 16
*137% 138
Last Sale 82% Mar’ 16
Last Sale 116 May’ 16
*112 123
57
58
58
58% 58
58
75
76
70
75
76
*75

Q
b)

w
3

STOCKS
BOSTON STOCK
EXCHANGE

S a les
o f the
W eek
S h a res

*105%
*100%
*185
71
*130
50
*235

123 *112 123
5812 58% 59
76
70
76

69
69
69
69
98
98
98
98
*212 3
2*2 2%
*14
14
14*4 14
*112 113
112 112
117*2 118*2 118*2 118*2
12912 129*4 129L 129*8
447g 45
45%
*44
98%
98*4 98*4 98
71
*70
71
*70
*100 100*2 100 100
214 42%
42*i 42*4 *4
5234 53
52 52%
14
*10
10%
10*8 *10
*238 240 238 238
171 171 *170 171
*100
*99
*8114 82
81% 81%
84
8412 84*2 84
163% 164
161 162
*
1%
1*2 *
*16
*10
*42
*42
30
30
*25
*25
50
50
55
*50
*133 135 *133 135
*152 155
*152
164 165
*164 165
16*2 16% 16%
*16
139*2 139*2 137*4 138%
54
54
53*2 55
31
31
31
31
*1'8 1*4 ___ ___
158 15912 157% 159
59*2 60
59% 60%
29*2 29*2 *29% 29%
85%
85*8 85*2 85
110*4 110*4 117 117
9% 9%
9> 9*8
4

W ed n esd ay
M a y 31

69% 67 67%
69
*68
69
98
98
98%
98
97% 98
27g 278
*2% 234
2% 2%
14% ___ ___
14
*14
14
111 111% 110% 111%
z lll 111
£116% 116% 117% 117% 117% 117%
129% 130
129% 130
129% 130
45
45
45
*44% 45% *44
98% 97% 98% 98
98%
98
*70
71
*70% ___
70% 70%
100 100 ___ ___ 100 100
42%
41% 42% 41% 42% 41
52% 52
52% 517g 52%
62
Last Sale 10% May’ 10
10%
*10
*238 240 238 238 238% 238%
*171 172% *170% 171% *169 170
100 100
*100 ___ 100 100
82
81% 81% 81% 81% 82
83% 83% 83% 83% 83% 83%
1047s 165 £162% 162% 163 163
*
Last Sale 1
May’ 16
1%
*16 ___
Last Sale 16% May’ 16
*42 ___
Last Sale 43
Apr’ 16
30
*25
Last Sale 25 May’ 16
*50
65
55
*50
133% 133% *134 135
134% 135
*152 153% 152 154
152% 152%
165 165
165% 165% 165 105
16% 16% 16% 16%
137% 138
138 138
137 137%
65
55
54
54%
55% 54
♦31
31% *31
31% 31% 31%
*1
Last Sale 1
1%
May’ 16
159 159% 158 161% 159% 162%
595s 61
60% 60% 59% 6078
29% 29% *29% 29% 29% 29%
z84% 84% 84% 84% 83% 84%
117% 117% 117 117
9% 9%
9% 97a
9% 9%

Last Sale 3% May TO
*3% 3%
'99 100
100% 101
*98 100
23
23%
23
22% 23% 23
17
8 17
8
2
2
*17g 2
68% *66% 67
681? 68
*08
82% 83%
837g 85% 83% 84
8% 8%
8% 8%
8% S34
3
2% 21? *2% 3
3
92% 88% 90% 87% 891.1
90
73% 70% 72
73% 74% 73
555 660 500 560 540 540
10% *16
16% *16
16%
*16
*52% 53
53
53
*52% 53
63% 61% 63
63% 63% 63
*27S 3
3
3
*27« 3
12% 12% 12% 12% 12% 12%
8%
8%
8
8%
7% 8%
*87% 89
8 6 % 87
*86% 87
46% 46% 46
46
14% 14% *14% 14% *14
14%
24
Last Sale 24 Mar’ 10
*3% 4
3% 3% *3
4
49% 49% 49% 49% *49% 50
92
*91
90% 90% ♦90 92
27% 27% 27% 28
277 28
8
*4% 5
£4% 4%
4% 4%
5% 5% *5% 5%
5% 5%
15% 15*2 1 1 15% 15
5 .1
15
4
4
4
4
3
3 1234 278 27g *3% 4
27g 3
* 12%
12
12
l7
*3 3% 3 3 13 s 12
3
*3514 35% Last Sale 36 May’ 16
3%
3% 3% 3% 3%
3% 95 91% 95
9
5
94% 95%
*17% 18
*17% 18
*17% 177S
6% 7
7%
*7
6% 6%
15
15 *14
14% 14%
*14
7% 7% *7% 7%
7% 7%
23% 24
23% 237S
23% 24
.90 1
.90 1%
.60 .90
2% *2
2%
2% 2is *2
2% 2%
2% 2% *2% 3
69% 69% 68% 69% 68% 69
93
93*2 91
92
94
*93
14% 14% *14% 14%
14% 15
95
95% 95
95
93
94%
*22% 23
*22% 23% 227g 23
76
76
74
76
*74
76
2% 2%
2% 2%
2% 2 .1
1
8% 8%
8% 8%
Last Sale 32% May’ 16
*31% 32
*6% 7
7
7
*6% 7
16% 16% 16%
*16% 17 *16
47g 4'%
478 5
*52
*52
53
53
52
62
*6% 7
0% 7
6% 678
.55 .60
.53 .59
•50 .50
73
74% 71% 73
71
7278
8
51% 51% 507 51% 51
51%
47g 4%
478 4%
47a 4%
14% 14% 14% 15
14% 14%
81
81
*80% 807g 807g 8 0 78
9
9%
87S 9
8% 87
8
*3% 312
3% 3% *3% 3%
6% 7*2
6% 7
0% 6%
57
57% *56% 57
55
60%
*1% 2% 3 *2
2%
1% 2
EnHrMend and right*. 5 Ex-stock dividend, o

R a n g e S in ce J a n .

1.

R a n g e f o r P r e v io u s
Y e a r 1916.

H ig h est.

Do

pref.

293
441
10
2,903
13
Do [iref _
oaton A Wo
Do pref.
Do
23
50

3063

pref.

Do

pref.

102 Mar 2
99 Jan 5
182 May 8
651* Apr 24
129 Jan 4
35 Jan 28
2271* Mar27
41* Feb 29
39 Mayl9
4 Marl8
42 Feb 28

108 Jan 3
lOllt Mar 9
198 Feb 16
88i2Jan 19
145 Feb 11
52 Feb 14
23512 May29
5 Jan 8
40>2 Feb 29
5i2Jan 5
44 Jan 18

102i2Apr 26 108 May 26
150 Jan 5 162 Feb 19
75 May 2 87 Feb 14
122 Jan 3 12.8 MaylO
£86 Jan 10 90 May25
99*4 Apr 7 102 Jan 17
8 Feb 14
5i2Mayl0
31 May 2 40 Feb 11
57 May 5 7 *4Jan 3
7
97 Jan 3 105 Feb 14
150% Mar21 157 Feb 26
20 May 1 30 Jan 3
130 Apr 26 1427 May23
8
817 Mar 1 83% Jan 3
s
115 Apr 25 125 Mar 1
57 June 2 6 Jan 19
712
75 May 4 8 Feb 25
6

H ig h e st.

92*4 Feb
97 Jan
170 Mar
73 June
109 Feb
20 Feb
225 Jan
5 Dec
40 Sep
5 Nov
39 Jan
157 Feb
IOH2July
140 Feb
51 Feb
114 Apr
84 Aug
92 Mar
47g June
33 July
43 Feb
89 Oct
140 Aug
15 Mar
II 62Jan
I
7 *4Mar
9
105 Feb
61 May
80 July

109*8 N ot
IOH2N ot
198 Jan
96 Jan
13812 Oct
37ig Oct
240 June
10 Mar
66 Mar
9 Sep
47 July
160 Sep
110 Apr
165 Jan
76 Nov
120 Feb
88 Mar
10312 Nov
10 Sep
66 Jan
87*4 Oct
98 Apr
157 Apr
30 N ot
141*8 Nov
817 Oct
8
125 Apr
72*2 Jan
93iz Feb

10
34 Do prof stamped____ 100
327
16
226
11 Rutland, pref__________ 100
Union Pacific..................... ’ 00
Do
pref------------------ 100
Vermont & Massachusetts. 100
405 West End Street_________ 50
pref_____________50
60 Do
Miscellaneous
73*4 N ot
48 Jan
560 Amer Agrlcul Chemical___100 64 Apr 24 717g Feb 11
512
pref____________ 100 9 Mar23 99ig Mayl8
N ot
281 Do
314Apr 12 87% Mar IOII2Oct
2 Jan 18
1,200 Amer Pneumatic Service.. 50
1*4Mar 4%
pref_____________60 13% Jan 5 16 May 4
19*2 Jan
242 Do
13 Dec
77 Amer Sugar Refining____ 100 106 Apr 22 116*2 Jan 8 100 Feb 11912 N ot
pref____________ 100 11412 Mar 1 118*4 May26 109 Feb 119 Dec
130 Do
2,870 Amer Telep A Teleg_____ 100 126ia Jan 31 131 Mar29 116 Jan 130*2 Nov
43 Jan 11 55 Marl4
57U Oct
175 American Woolen tr c tfs ___
16% Apr
92 Jan 11 101*8 Marl4
9 12Oct
9
215 Do preferred trc tfs___
77 Feb
66 Jan 3 71 Mayl7
67 Apr
10 Amoskeag Manufacturing___
69*8 Jan
pref_______________ 99% Jan 20 IOH4Feb 10
304 Do
97% May 101 Feb
1,720i Atl Gulf A W I S S LInes.100 27 Jan 14 47 Mayl2
4
Feb 36 N ot
prof____________ 100 42 Jan 15 5 *4May 8
4
2,220 Do
97g Mar 49 N ot
East Boston Land______ 10 10 Jan _ 133s Jan 19
13U Apr
8i2Dec 260 Jan
105 Edison Electric Ilium____ 100 234 Apr 27 250 Mar 7 230 May
15 General Electric________ 100 159*4 Apr 22 178 Jan 17 138*4 Feb 18412 Oct
21 McElwaln (W II) 1st pref. 100 98 May 6 102 Feb 24
9612 Aug 104 Mar
6
94 Aug
272 Massachusetts Gas Cos___100 80i2May 17 8 *2Jan 6 78 Apr
pref___________ 100 80 May 3 89 Feb 14
73 Do
84 Nov 92ig Jan
_
171 Mergcnthalcr Linotype_ 100 155 May 4 172 Jan 19 154 Feb 200 Jan
214Jan 15
1 Mar 8
3 Sep
Mexican Telephone______ 10
U Apr
Mississippi River Power..100 15 Jan 18 19 Apr 10
10 June 16*8 Deo
Do
prof___________ 100 43 Apr 5 44 Feb 8 35 Feb
46>2 Jan
30 N ot
Now Eng Cotton Yarn___ 100 25 Apr 22 30 Jan 7
20 Apr
..
25 July 55 Deo
2 Do pref____________100 50 Jan 24 58 Jan 7
13 New England Telephone..100 I3114Jan 11 140 Mar 17 x!27% June 143 Jan
35 Nlpo Bay Company_____ 100 102ig Jan 11 160 May 5
79 Pullman Company_____ 100 158% Apr 28 171 Jan 17 150 Feb 170 Oct
18*4 Jan
15 Sep
120 Reece Button-Hole______ 10 15 Feb 3 16i2May23
151 Swift A Co.........................100 125 Feb 5 140 May26 104*4 Jan 128 N ot
1,720 Torrlngton______________ 25 35 Jan 14 55% June 1 28 Mar 36i2 Deo
26 Mar 30% Sep
30 Do pref_____________ 25 28 Jan 14 32 Mar 2
2 Feb 23
.90 Mar28
Union Copper L A M _____ 25
1*4 Apr
.95 Jan
412
884 United Fruit.....................100 13612 Jan 31 16 May 8 110 Feb 163 Nov
312
65 May
48 Aug
5,117 United Shoo Mach Corp.. 25 51 Jan 3 6 May 12
28 Mar 30 Aug
470 Do pref_____________ 25 28% Jan 3 29*4 Feb 11
88
8912 Deo
1,409 U S Steel Corporation___ 100 79*4 Mar 1 8 7 Jan 3
38 Feb
S3 Do pref____________ 100 115U Feb 5 11S'2 Jan 25 102U Jan 117l4 0Ct
8 Feb 16 13 Jan 3
14*8 N ot
6,390 Ventura Consol Oil Fields. 6
10*8 Deo
Mining
5ig Apr 11
25
Advonture Con______
1*4 Feb 17
47g Apr
1 Jan
536 Ahmeck________________ 25 95 Jan 15 108 MarlO
92ig Deo 103 Aug
1,027 Alaska Gold____________ 10 17*8 Mar 6 26>2Jan 7
21*2Dec 40*4 Apr
2 Apr 7
44Apr
*
*4 May 3
900 Algomah Mining_________ 25
.45 Feb
66
20 Allouez_________________ 25 64?8Jan 14 741* Feb 21
35*2Jan 72U Deo
N ot
13,870 Amer Zinc, Lead A SmeitI 25 66 Jan 31 97*8 Apr 10
16*4 Jan
735 Arizona Commercial_____ 6 7% Mar27 10 Feb 14
512Feb 5 3U Jan 9*2 Apr
2% June 1
4*4 Apr
700 Butte-Balaklava Copper.. 10
2 Jan
5,011 Butte A Sup Cop (L td )... 10 71% Jan 3 105U Mar 9
35 Jan 80 June
*4
1,958i Calumet A Arizona_______ 10 67% Jan 31 75*4 May20
5U2Feb 78*4 Apr
75 Calumet A Hecla............... 25 540 June 2 586 Feb 14 350 Jan 630 Apr
25 16 Feb 1 19 Jan 6
25 Apr
10 Centennial...... .........
15 Jan
67 N ot
10i Chino Copper__________ 6 51*4 Jan 31 60 Feb 19
327g Jan
2,120 Copper Range Cons C o...100 69*4 Apr 22 68*4Mayl9
65 Deo
30 Jan
21* Mar 1
37g Marl7
64Apr
*
125 Daly-West______________ 20
17 Jan
8
735 East Butte Copper Min___ 10 11*4 Apr 24 16*4 Jan 3
8 Jan 16*2 Deo
*2
7i2June 2 10*4 Jan 8
25
14U Apr
740 Franklin_____ ______
4i2Feb
94i2 Apr
155 Granby Consolidated____ 100 84 Apr 26 98*4 Feb 10
58 Jan
62% Deo
30 Greeno Cananca________ 100 42i4 Apr 22 6212 Mar 9
23U Feb
24 Apr
12
11 Jan
25 Hancock Consolidated____ 25 13 Mayl6 19i2 Jan 4
Hedley Gold___________ 10 24 Mar 9 27% Jan 26
29*4 Jan
Oct
312May 16 6 Jan 3 26i2 Jan 1012Apr
2U
25 Indiana Mining__________ 25
41 Mar 52 Aug
65 Island Creek Coal_______ 1 44i* Mar30 64*4 Apr 11
27 Do pref____________ 1 88 Jan 29 92 May23
8 Jan 91% Apr
512
26 May 9 31*4 Jan 6
34 Apr
400 Isle Royalo Copper___ ___25
Jan
312 Mar 4 5*8 May 3 1712Aug Sis Apr
3
100 Kerr Lake____ _________ 6
8 Apr 6
2*4 Feb 11
4*2 Apr
535 Keweenaw Copper_______ 25
1% Aug
197g Deo
5iz Jan
295 Lako Copper Co_________ 25 14i2 Apr 22 19i2Feb 10
5 Jan 3 3>Jan 9 Apr
*4
4 May25
8
105 La Sallo Copper_______ 25
14
212Feb 23 4 Jan 4 1 Mar 6 Deo
300 Mason Valley Mine_____ 6
17 Apr
3 Jan
430 Mass Consol____________ 25 III4Feb 1 15 Feb 23
5 Feb 10
3 Mar31
8 Apr
3 Aug
125 Mayflower______________ 25
Miami Copper__________ 6 35 Jan 3 39% Apr 4
3618 Deo
16*4 Jan
4 Apr 6
1*2Jan 5
3 Apr
665 Michigan_______________ 25
.60 Mar
98 Deo
350 Mohawk________________ 25 89 Jan 31 1031* MarlO
46*4 Jan
17 Apr
25 Nevada Consolidated____ 6 15 Jan 28 18*8 May25
Feb
64June 1 10 Jan 4 11*8 Feb 1414June
*
*4
465 New Arcadian Copper____ 25
4 July 1312 Aug
12
200 New Idrla Quicksilver___ 6 10U Jan 3 24*4 Jan 19
4
6 Mar 1 82May 1 5*8 Aug 871 Nov
i
526 Nlplsslng Mines________ 5
8
1,321 North Butte____________ 15 227 May26 32 Jan 3
2 *4Jan 387g Apr
2
.60 June 2
4% Jan 3
1,702 North Lako_____________ 25
4lg Apr
1 Jan
27
sApr' 6
1% Jan 15
3*2 Apr
Mar
200 OJlbway Mining__ _______ 25
212 Mar 9 4 Jan 3 .50 Nov 718 Apr
2
14
350i Old Colony_____________ 25
62 Jan 31 7 Marll
3*4
510i Old Dominion Co________ 25
38*2 Mar 64 Deo
113 Osceola_________________ 25 82 Jan 20 IOU2Marl4
9312Apr
64 Jan
12 Jan
890 Pond Creek Coal_________ 10 111* Mar 7 16 Apr 11
19*8 Aug
25 87 Jan 20 98*4 Mayl6 50 Jan
95 Apr
180 Quincy___ ______
20 Ray Consolidated Copper. 10 22 Apr 24 26 Feb 14
15*4Jan 27*8 N ot
U
107 St Mary’s Mineral Land.. 25 6 2Jan 31 77% May 19
6512 Deo
28 Jan
37g Jan 8
2i8
MaylO
5
1 Mar
560 Santa Fe Gold A Copper.. 10
1212Feb 14 4 Jan 11U Oct
88Jan
*
Apr
300i Shannon________________ 10
Shattuck-Arlzona________ 10 31*8 Jan 31 40*8 Feb 14
38 N ot
18*4 Jan
6 Mar 6 8>2Jan 4 5 Nov 7*4 July
*s
14
285i South Lake_____________ 25
10i Superior________________ 25 15 Mar 18 28i2Jan 3
4U2 Apr
22*2 Jan
5*8 Mayl5
1*2Jan 13
1,362 Superior A Boston Copper. 10
4»2 Apr
1 Mar
64
35. Tamarack______________ 25 47 Feb 28 8 * Jan 14
25 Jan
Aug
*4
68June 2 12 Jan 3 2*8 Feb 68*8 Oct
*
330i Trinity................................25
1512
.15 Jan 26
.60May31
8,400i Tuolumne Copper_______ 1
.63 Apr
.20 Jan
64 Deo
5,915 U S Smelt, Refln A M in.. 60 Si's Jan 3 78*8 May 9
20 Feb
2,485 Do pref_____________ 60 49 Feb 1 63*4 Apr 11
60*2 Deo
28 Jan
5>8 Apr 10
2 Jan
2,180 Utah-Apex Mining______ 6 3 Mi Feb 11
6*8 June
837 Utah Consolidated_____ _ 6 12i2Jan 15 15*4 Feb 11
9U Feb
16*8 June
64
100 Utah Coppor Co______
10 77 Jan 31 8 * Feb 21
48*4 Jan
81*4 Deo
*
1,500 Utah Motal A Tunnoi______ 1 84May 5 1U2Marl3
24Jan 3 47g Feb 14 1 Feb 4 Apr
*
270 Victoria____ ____________25
12
3 Mar27 712May 31 1*4Jan
*4
7,170 Winona________ . . . . . . . 25
5> May
8
170 Wolverine ________ . . . 25 65 Apr 22 67*2 Feb 10
70 Apr
32 Jan
*
1*4Jan 3 24Feb 14 .60 Mar 214 Apr
1,300 Wyandott . . . . . . __ . . . ___25
Assessment paid. 6 E x - r lg h ta .
U n s t a m p e d . • 3a p a id ,
ts H a lf - p a id .

2064

THE CHRONICLE

______ Outside Stock Exchanges
B o s t o n B o n d R e c o r d .— Transactions in bonds a t B o s
ton Stock Exchange M a y 2 7 to June 2 , both inclusive:
F r id a y
L ast
W e e k 's R a n g e
S a le.
o f P r ic e s .
P r ic e . L o w .
H ig h .

Bonds—

Am Agric Chcm 5 s ... 1924
Am Tel A Tel coll tr 4sl929 92
Convertible 45*s__ 1933 108
Anglo-French 5-yr 5s____
955*
Atl G & W I SS L 5s. . 1959 825*
Cent Vermont 1st 4 s ..1920
Chic June & U S Y 4s. 1940
Cumberland Tel 5s__ 1937
Gt Nor-C B & Q 4s__ 1921
985*
Registered........ ..... 1921
985*
Miss River Power 5s. 1951
N E Cotton Yarn 5 s.. 1929 825*
N E Telephone 5s___ 1932
New River 1st 5s........ 1934
75
Pond Creek Coal CS..1923
Swift A Co 1st 5s___ 1944 100
United Fruit 45*8___ 1923
985*
4 5 * s ____ _____ ...1 9 2 5
975*
U S Smelt R A M conv 6s. 111
Western Tel A Tel 5s. 1932

975*
92
1075*
955*
825*
805*
865*
87
ioo
985*
985*
775*
82
1035*
75
95
100
985*
975*
111
100

975*
92 5*
108
955*
83 5*
81
86 5*
87
100
985*
98 5*
775*
82 5*
104
75
95
1005*
985*
975*
1115*
1005*

S a les
fo r
W eek.
S h a r es.

1.

R an ge s in ce J a n .
L ow .

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

C h ic a g o S t o c k E x c h a n g e .— C om p lete record o f transac
tions at Chicago Stock Exchange from M a y 27 to Juno 2 , both
inclusive, com piled from the official salos lists, is as follow s:

Stocks—

P a r.

American Radiator___ 100
Preferred - .........
100
Amer Shipbuilding pref 100
Booth Fisheries, com .. 100
Preferred................... 100
Chic Pneumatic T o o l.. 100
Chic Rys part ctf "2” . .
Commonwealth Edison 100
Diamond Match.......... 100
Hart Schaff & M pref. 100
Illinois Brick........ ........ 100
Kan City RAL pref ctl__
Lindsay Light__ ________
National Carbon.......... 100
Preferred............... ..100
People’s Gas L & Coke. 100
Pub Serv ot No 1 1 com 100
1
Preferred__________ 100
Quaner Oats C o.......... 100
Preferred.......... ........ 100
Sears Roebuck com__ 100
Preferred............... ..10 0
Stewart-War Sp com .. 100
Swift & C o.....................100
Union Carbide C o____ 100
Ward, Montg, A Co, pref.
Bonds—
Chicago City Ry 5 s..1927
Chicago Rys 5s.......... 1927
Chic Rys 5s scries "A ” . .
Commonw Edison 5s. 1943
Metr W S El 1st 4 s .. 1938
Morris A Co 45*s____1939
Ogden Gas 5s........ ..1945
Pub Serv Co 1st ref g 5s ’56
South Side Elcv 45*3.1924
Swift & Co 1st g 5s__ 1944
x

73
141
1115*
525*
195*
122
101
111

1835*
895*
1375*
1145*
985*
97
88
1025*
7154
965*
945*
915*
1005*

397
136
885*
325*
75
72
14
141
rll05*
117
SO
525*
155*
170
122
101
109
10154
345
10954
1835*
126
885*
137
182
11454

398
136
88 J*
32 5*
755*
735*
14 5*
1415*
112
117
80
52 5*
19 5*
172
122 5*
1035*
1115*
1015*
348
1105*
184 5*
12654
92
139
183
1145*

985*
97
88
102
7154
925*
965*
945*
91
1005*

985*
97
88
1025*
715*
92 5*
97
945*
915*
1005*

9
14
46
10
165
475
35
291
318
5
50
25
4,589
149
204
264
322
25
75
10
275
63
8,009
684
60
396

R a n ge s in ce J a n .
L ow .

385
1335*
755*
25
66
635*
13
140
102
1145*
7654
525*
65*
170
1205*
100
107
100
309
107
1695*
125
8254
1265*
170
1125*

$10,000 985*
11,000 96
5,0ij0 88
16,000 102
2,u00 71
1,000 895*
4,000 955*
2,000 94
4,000 885*
23,500 985*

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

1.

H ig h .

400
1365*
915*
33
75 54
79
185*
1465*
112
117
835*
60
195*
185
1225*
1125*
U55*
104
363
11054
188
127
92
1395*
190
116

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

Apr 100
May 985*
June 925*
May 102J*
May 735*
Jan 93
Jan 975*
Jan 945*
Jan 925*
Jan 1005*

Feb
Feb
Feb
Jan
Jan
Feb
Mar
Feb
Apr
May

Ex-dlvldend.

B a ltim o r e S t o c k E x c h a n g e .— C om p lete record of the
transactions at the Baltim ore Stock Exchange from M a y 27
to June 2 , both inclusive, com piled from the official salos
lists, is given below. Prices for stocks are all dollars per
share, not per cen t.
For bonds the quotations are per cent
o f par valu e.

Stocks—

F r id a y
S a les
W ee k ’s R ange
fo r
L a st
W eek.
S a le.
o f P r ic e s .
H ig h . S h a r es.
P a r. P r ic e . L ow .

Arundel Sand A Gravel 100
Baltimore Tube.......... .100 1185*
Preferred................ .100
9754
Chalmers Oil A Gas____ 5
Consol Gas E L & Pow. 100 107
Preferred__________100 1085*
Consolidation Coal___ 100
Cosden & C o.................... 5
235*
Cosden G as..................... 5
105*
Preferred____________ 5
45*
Davison Chemlcal.no par 5454
Houston Oil trust ctfs.100
MtV WoodMlIls pf v t rlOO
Norfolk Ry * L igh t... 100
Oklahoma Produc A R ef.5
Pennsyl Water A Pow. 100
Sapulpa Refining_______5
United Ry A Elec_____ 50
Way land OH & Gas........ 5
Bonds—
Anac A Potom gu 5s. 1949
Balt Electric stpd 5s. 1947
Chicago Ry 1st 5s___ 1927
Consol Gas gen 45*s_1954
Consol Coal ref 5 s .-.1950

7554
2654
55*

36
1175*
95
6
4
107
1085*
99
235*
95*
45*
50
175*
51
255*
88
7
735*
101
125*
2654
55*

99
100
9654
93
93
915*
10354
Cosden & Co 1st conv 6s’26 12154 1215*
Elkhorn Coal Corp 6s 1925 97
97
Elkhorn Fuel 5s........ 1918
1005*
100
Fair & Clarks Trac 5s 1938
1005*
98
Fairmont Coal 5s___ 1931
Florida South 1st 4s. .1945
88
Ga Car & Nor 1st 5 s .. 1929
103 5*
1025*
Md Electric Ry 1st 5s 1931 9854
985*
Merch A Miners Trans 6s. 1025* 102
Mllw El Ry A Lt 45*s 1931
93
MtV Woodb notes 6s. 1918
9954
84
Norf A Ports Trac 58.1936 84
United Ry A E 4s___ 1940
825*
Income 4 s ........ ..... 1940
605*
605*
Funding 5s.............. 1936
855*
855*
Sm all.................. 1936
8654




R a n ge s in c e J a n .
L ow .

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

99
100
96 5*
93
91 5*
10354
130
975*
1005*
100
1005*
98
88
1035*
1025*
985*
102 5*
93
995*
84
825*
63
855*
8654

Mar 9954
Jan 100
May 995*
May 945*
Jan 93
Apr 105
Jan 1385*
May 985*
1005*
1005*
Jan 1015*
Jan 995*
90
May
May 10354
103
Jan 99
Jan 1025*
Jan 94
Mar 995*
Jan 845*
May 85
June 64
Jan 875*
May
875*

31,000
1,000
5,000
3,000
2,000
2,000
216,000
6,000
30,500
500
15,000
10,000
2,000
1,000
1,000
5,000
14,000
2,000
17,000
2,000
23,000
30,000
3,000
400

985*
9954
96
9254
915*
103
1015*
97
100
100
995*
965*
88
1025*
1025*
965*
101
9054
98
8154
82 5*
605*
8454
835*

1.

H ig h .

210 36
365*
1,215 63
11954
1,110 825*
9754
6
50
6
4
20
35*
288 107
1075*
108 5*
85 1075*
100
165 96
26
29,408
145*
6
115* 37,433
37,736
5
45*
55 5*
1,788 50
18
110 15
51
7 51
25 5*
8 25
90 87
8854
560
6
7
1,235 72
75 54
101
5,000 100
9
75
125*
214 255*
27 5*
600
45*
55*

Mar
Mar
Jan
Jan
Jan

P it t s b u r g h S to c k E x c h a n g e .— T h e com plete record of
transactions at the P ittsburgh Stock Exchango from M a y 2 7
to Juno 2 , both inclusive, com piled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.

H ig h .

S10.000 975* May
99
19,000 905* Jan 93
2,100 1055* Mar 1085*
1,100 94
Mar 955*
32,000 74
Jan 845*
5,500 80
Mar 835*
1,000 85
Mar 91
8,000 85
01
1,000 99
Jan 100
Id,000 98
Apr 99
1,000 975* May
99
1,000 775* Apr 81
7,000 75
Jan 825*
9,000 1015* Jan 104
20,000 75
Jan 75
2,000 87
Feb 965*
18,000 985* Jan 1005*
10,000 975* Jan 99
2,000 97
Jan 975*
12,500 1095* Apr U254
7,000 99
Jan 101

F r id a y
S a les
L a st
W e e k 's R a n g e
fo r
S a le.
o f P r ic e s .
W eek.
P r ic e . L o w .
H i g h . S h a r es.

[Vol. 102.

42
120
9954
8
4
1155*
1155*
103
26
115*
6
715*
235*
55
26
90
75*
775*
102
165*
29
95*

Feb
Apr
Apr
Jan
Jan
Jan
Jan
Feb
Juno
Feb
Jan
Jan
May
Jan
Jan
May
Feb
Feb
Feb
Feb
Jan
Feb
Feb
J;ai
Jan
Feb
Jan
Feb
Feb
May
Apr
Jan
Mar
May
Apr
Apr
May
Jan
May
Feb
Feb

Stocks—

P a r.

F r id a y
W e e k 's R a n g e
L a st
S a le.
P r ic e . L ow .
H ig h

American Sewer Pipe. .100
Am Wind Glass Mach. 100 595*
Preferred............ ..... 100 1395*
Am Wind Glass, pref. .100
Caney River Gas.......... 25
36
Columbia Gas A Elec. .100
Consolidated Ice, p re f..50 35
Crucible Steel, pref___ 100 1165*
Harb-Walker ltcfrac-.lOO
Preferred__________100 102J*
Independent Brewing..£0 ____
Preferred.... ............... 50
La Belle Iron Wks___ 100
Lone Star Gas............ .100
Mfrs Light A Heat........ 50
505*
Nat Fireproofing, c o m ..50
85*
Preferred___________ 50

16
59
138
1025*
36
155*
35
11654
925*
1025*
35*
185*
515*
90
505*
85*
185*
1654
41
Ohio Fuel Supply __ 25
405*
_
Pittsb Brewing, com___ 25 __ ■_
45*
Preferred............ ....... 50
20
185*
Pittsburgh Coal, co m .. 100 275*
265*
Pittsb Oil A Gas.......... 100
8
85*
1175*
Pure Oil, common.......... 5
185*
IS
Ross Milling A M illing.. . 1 15c
15C
San Toy M in in g.......... 1 16c
16C
Union Natural Gas___ 100 145
145
Union Switch A Signal. .50 H I
11054
20
U S Steel Corp, c o m ... 100 845*
845*
117
West'houso Air137rake..50
B
1365*
Wcst’houso El A M fg .. .50
62
615*
725*
W ’housc Tr A W P com 100
1754
Bonds—
Indepciul Brewing 6s. 1955
Pittsburgh Coal deb 5 s.’31
x

51
98

51
975*

16
615*
139 5*
103
365*
16
35
116 5*
935*
103
3 5*
185*
52 5*
9054
50 5*
10
19 H
17
42
45*
20
27 5*
85*
1175*
185*
17c
18c
145
111
20
845*
117
137
62 5*
73
175*
51
98

S a les
fo r
W eek.
S h a r es.

50
2,815
115
454
615
880
10
13
70
117
90
100
105
71
412
1,995
380
270
3,496
125
227
470
150
10
3,800
1,400
1,200
230
25
125
200
25
707
415
120
100
513,000
5,000

R an ge s in ce J a n . 1.
L ow .
15 X

345*
132
100
365*
145*
34
1095*
715*
100
25*
155*
50
90
49J*
7
165*
165*
38
45*
165*
235*
65*
115
*175*
5c
15c
141»*
109
26
805*
1165*
1335*
545*
70
17

H ig h .

Mar
175*
Jan 645*
Jan 155
Feb 105
May 425*
Mar
17
May
35
Jan 117
Jan 98
Jan 103
Mar
35*
19
Jan 5554
93
Apr 515*
Apr
12
Apr 24 %
May
19
Feb 4354
Mar
65*
Feb 215*
Apr 365*
Mar
95*
120
May
2154
Apr 30c
Mar
25c
Apr 145
May 126
345*
Jan 885*
Feb 117
Apr 11054
Apr 715*
Apr 795*
Jan
18

Mar
49
965* May

Jan
May
Jan
Jan
Mar
May
Mar
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
Jan
Apr
May
Mar
Apr
Jan
Jan
Jan
Jan
May
Jan
Mar
Mar

60
985*

Jan
Jan

Ex-dlvIdcnd.

P h ila d e lp h ia S t o c k E x c h a n g e .— T ho com ploto roeord
of transactions at tho Philadelphia Stock Exchango from
M a y 2 7 to Juno 2 , both inclusive, com piled from tho
official sales lists, is given below .
Prices for stocks aro all
dollars per share, not per cent. F or bonds tho quotations
are per cent o f par value.

Stocks—

F r id a y
W ee k ’s Range
L a st
o f P r ic e s .
H ig h
P a r. P r ic e . L ow .

Amer Railways, pref.. 100
Buff A Susq Corp v t c . 100

Conso Trac of N J___ 100
Elec Stor Battery........ 10
General Asphalt_____ 100
Preferred__________100
Harrison Bros, pref__ 100
Insurance Co of N A ___ 10
J G Brill C o ................. 100
Keystone Telephone, pf.50
Lake Superior Corp__ 100

6454
34
71
25!*
38
6854
105*

Lehigh Valley................ 50

835*

Preferred...... ............. 50
Northern Central.......... 50
North Pennsylvania___ 50
Pennsyl Salt M fg.......... 50
Pennsylvania...... ......... 50
Pennsyl Steel, pref___ 100
Philadelphia Co (Pitts).50

43
885*
1005*
5854
985*

Pref (cum 6 % ).......... 50
l’hiladel Electric........ 2254
Phlla Rapid Transit___ 50
Voting trust rects___ 50

42
27J*
185*
195*

Reading...... ................... 50
2d preferred................ 50

102
47
4 9-10

45
United Cos of N J
IOO
United Gas Impt___ 50 885*
U S Steel Corporation. 100 845*
115*
Warwick Iron A Steel.. 10
20
Western N Y A Pa........ 50
West Jersey A Sea Shore 5C 50
Westmoreland Coal___ 50 _____
85
Wm Cramp A Sons___ 100

Amer Gas A Elec 5s. .2007
Amer Rys coll tr 5s. .1917
Baldwin Locom 1st 5s 1940
Consol Trac N J 1st 5s 1932
Elec A Peoples tr ctfs 4s ’45

8054

Inter State Railways—
Lehigh Coal A Nav—
Consol 45*s______ 1954
Lehigh Val Ry 454s.. 1940
Lehigh Val Transit—
Kef & impt 5s
1960
1015*
P W A B ctfs 4s___ 1921
Cons A coll tr 5s__ 1951

106

R a n g e s in c e J a n .
L ow .

35
1754 175*
1754 May
66 935* Feb
985* 985*
10 38
Jan
515* 515*
595* 595*
10C 545* Jan
4 44
45
45
825* 825*
80 7CJ* Jan
Mar
100 70
72
72
523 585* Apr
6354 645*
May
1,057 32
33
34
422 6954 May
70
71
25 94
June
94
94
Jan
220 25
25
255*
120 34
Apr
38
39
25 675* May
6S 5* 6854
1,409
85* Jan
95* 105*
May
65 74
765* 77
745* Jan
82
3,001
85
18
20C
Jan
215* 215*
38
Jan
43
201
43
Apr
5 87
8854 885*
3 9254 Mar
93
93
59 985* Jan
100 101
2,317 555* May
57 5* 585*
45 795* Feb
98
98 5*
90 40
Mar
41
41
106 355* Feb
385* 385*
747 415* May
415* 425*
Mar
1,882 27
275* 275*
125 17 May
185* 185*
9,343
17 May
17
195*
76
May
46 75
765*
5
100
5
May
5
2,523 755* Jan
1005* 10354
20 425* Jan
405* 47
4
Mar
45* 4 11-16 2,360
735
65* Mar
654
05*
2,971 415* Jan
43
45
8 2245* Mar
2255* 22554 .
943 875* May
88
885*
5,485 795* Mar
845* 855*
1,244
10
Feb
105* 115*
14
10
968
Mar
205*
lit
49
May
4954 50
1 655* Apr
675* 675*
82
80
Mar
1,849 70
Feb
190
1454 145*
30
310 3454 Jan
3654
93
93
100
104)*
1025*
805*
805*
58

10254
915*
1005*

S a les
fo r
W eek.
S h a res

20
Jan
100
Mar
545* May
625* Jan
47
Feb
90
May
72
June
665* Feb
38
Mar
735* Mar
94
Juno
27
Jan
4854 Jan
705* Apr
125* Fob
795* Jan
85
May
2354 Mar
4454 Mar
90
Jan
945* Jan
10254 Feb
595* Jan
995* Jan
4554 Jan
39
Apr
45
Apr
285* Jan
21
Jan
215* Jan
795* Jan
5
May
1105* May
5 l f j May
5 7-10 May
7
Jan
455* Jan
2275* Jan
925* Jan
885* Jan
115* Juno
2054 June
51
Jan
Feb
69
Jan
87
1454 May
39
Mur

93
$3,000 895* Jan 935*
93
200 895* Jan 935*
2,000 995* Apr 100
100
May 106
104
4,000 104
5,000 1015* Jan 102><i
1025*
32,000 795* May 815*
81
Apr 83
700 76
8054
58

500

58

Mar

1.

H ig h .

69

Apr
Mar
May
Mar
Apr
F
’eb
Jan
Mar

6,000 1015* Mar 1035* Feb
1025* 1025*
May 94
11,000 91
Feb
915* 92
1005* 1005* 36,000 1005* May 1015* Apr
May
1,000 101
May 101
101
101
915*
69
1015*
1055*
995*
106
101
9154

915*
69
102
1055*
99 5*
106
101
915*

2,000
900
15,000
5,000
1,000
11,000
3,000
1,000

915* Jan
May
67
1005* Jan
105
May
Jan
99
Jan
101
1005* Mar
Jan
90

03
7054
103
1065*
995*
10/
1015*
94

Feb
Apr
Feb
Feb
Feb
Mar
Feb
Feb

Bonds

F rid a y
W eek ’s R ange
L a st
o f P r ic e s .
S a le.
H ig h .
P ric e. L ow .

( C o n c l .)—

103X
104 X
82X

100X
95 X

83
84

95
102

102

100X

100X

74
99
105

74
99
105

85X

84X

R an ge s in ce J a n . 1 .
L ow .

10
0x

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
R a ilr o a d ,
& c ..
B on d s.

S to ck s.

W e e k en d in g
J u n e 2 1916.

P a r V a lu e .

S h a r es.

S ta te. M u n
A F o r e ig n
B on d s.

U . S.
B onds.

Friday.............. .........

§508,000
206,160 §16,424,750 §1,308,500,
l,837,500i 1,343,500
263,106 22,192,600
IlOLI D A Y .......... 1............... .
2,493,500! 1,796,500
345,938 27,389,800
2.289.500! 1,156,500
3.r 872 29,937,700
>4
3,646,500 1,295,000
62,973.300
721,415

T o ta l......................

1,891,491 §158,918,150 §11,575,500| §6,099,500

Wednesday................

Jan.

W e e k e n d in g J u n e 2 .

S a le t at
N e w Y o r k S tock
E xch a n g e.

1 to

June

1916.

1915.

1916.

§1,000
1,000

§2,000
2.

B onds.

§1,000
404,500
9,895,000

§549,950
112,880,000
357,927,500

$476,500
8,988,000
338,649,200

§17,677,000 §10,300,500

§471,357,450

§348,113,700

§2,000
0,099,500
11,575,500

Total bonds----------

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
B o s to n .

Wee*
June

2 1916.

S h a res.

S ha res.

B o n d S a les.

16,933
16,193

20,000
31,600
50,500

108,674

S ha res.

B on d S a les

§54,000
5,077!
82.600
5.9081
HO LI DAY.
88,700
11,516,
91,000
11,812
43,200
ll,594j

§33,000
24,100

26,767
24,441
24,340

| o n d S a les.
B

§165,200

12,349
17,535

§24,000
117,100

24,005
32,593
31,078

98,500
100,500
54,400

§360,100

117,560

$400,500

45,907!

N e w Y o r k “ C u r b ” M a r k e t .— Below wo givo a record of
tlio transactions in the outside socurity m arket from M a y 2 7
to Juno 2 , both inclusive.
It covers all the sales for the
week ending F riday afternoon.

W e e k e n d in g J u n e

Stocks—

2.
P a r.

Acme Tca.w 1
-------------100
First preferred____ 100
Aetna Explos.r— (no par)
Ajax Rubber, Inc.......... 50
Amer Druggist Synd.r.10
Am Writ Paper, com r 100
Atl Gulf & W I S3 LlneslOO
Preferred----------------100
Brit-Amcr Tob, ord’y --£ l
Ordinary bearer------- £1
Butler Chemlcal.r---------5
Canadian Car & Fdy r . 100
Preferred r............... 100
Canadian Natural G a a .-.l
Car Ltg & Power.r........ 25
Charcoal Iron of A m ... 10
Preferred------------------10
Chevrolet Motor---------100
Consolidated Ordnanco.25
Cuba Cane Sugar r(no par)
Preferred r_________ 100
Curtis Acrop & M . (no par)
Driggs-Scabury Ord-.-lOO
Edmunds&Joncs r (no par)
Electric G u n .r--------------Emerson Phonograph----- 5
Fisk T ire......................100
Flemlsh-Lynn Phonog r.5
Preferred, r __________ 5
Gaston Williams & Wlgmoro, Ino.r___ (no par)
Grant Motor Car Corp.10
Hartman Corporation. 100
Haskell & BarkCar(no par)
Hendco Mfg, com .r— 100
Holly Bug Corp r.(no par)
Preferred r_________ 100
IIupp Motor Car C orp .. 10
Int Arms & Fuze Sec__ 25
Kathodlon Bronze, pref..6
Koncflck Zinc Corp (no par)
Kresgo (S 8) Co, com r . .l 0
Kress (S H) * C o . r . . . 100
Preferred r_________ 100
Lako Torpedo B o a t.r .. 10
Lynn Phonograph r........ 1
Manhattan Transit----- 20
Marconi Wlrcl Tel of A m .5
Maxim Munitions r----- 10
Midvale Steel & Ord r..5 0
Peerless Truck A Motor.50
Perlman Itlm r ...( n o par)
Poolo Eng A Mach r-.-10 0
Pyrene M fg .r.......... — 10
Rlkcr A Hcg (Corp fo r )..5
St Joseph Lcad.r---------10
Saxon Motor C ar.r----- 100
Springfield B ody.r----- 100
Preferred r-------------- 100
Submarine B oat--(no par)
ThomasAcrop w I r(no par)
Tobacco Prod c o m .r .-100
United Mot w l.r.(n o par)
United Profit Sharing----- 1




F r id a y
L a st
W e e k 's R a n g e
S a le.
o f P r ic e s .
P r ic e . L o w .
H ig h .

17X

69

41X
52 X
z l7 X
x l7 X
3X

IX
5X
s x
o x

261

55H
95
48
126
39X
IX
12X
OX

57
98
17
67

59
98)4
18
69)4

55)4
11)4

46

36
35
26
25
44)1 40

97X

90 X

97 X

17
22
13X
12X
70

103
8

U X

150
104
16M
83
60
107 X
30
28 X
42 X
82

13-16

73 X

10
10
17
17
20
22)4
13)4 13 X
12
12)4
75
70
103 105
8)4
8
11)4 11X
IX

3X
8X
02X

S h a r es.

R a n g e s in c e J a n .
Low .

4,300 48)4
1,400 98
7,050
16)4
1,910 65
200 12
13X
13 X
3
2,330
2
2X
2,000 26
42 X
41X
735 42
52
63
100 16
17)4
x\7X
100 15)4
x !7 X
17 X
2,070
4%
3X
2)4
70
68
100 55
89
88
90 74
1,200
IX
IX
IX
800
5X
OX
4)4
9,900
7X
7)4
8X
4,300
6)4
OX
o x
237 265
38,600 115
25 X 25)4
75 25
55 X 5 0 X 10,100 43
2,950 87
94 X 95 X
50
600 42
47
750 118
118 132
41
3,100 37
30X
1,250
1
IX
IX
1,630 11
13
12
600 100
1 2 9 X 134
13,000
7X
5)4
OX
300
4
4
3)4
51X
11
73X

51 X
11

S a les
fo r

Wee*.

3)<
8
61)4
25)4
147
99
16
5)4
16)4
79)4
62
106
38
27)4
42)4
77)4
X

IX
3X

9)4
03 X

26)4
153
111
10
5X
10X

84
60
108
40

28 X

44
82 X
15-16

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

1.

H ig h .

59)4
98 X
25
73 X
14)4
3)4
47
64 X
19
19)4
7)4
82
101
2X
7X

8)4
o x

205
*26
71)4
*102
60
155
43
IX
14 X

134
7)4
4)4

S a les
fo r
W eek.
S h a r es.

3
5)4

2,500
3,200
3,600
600
67,890
2,800
2,300

U S Light A H eat.r___ 10
Preferred r__________ 10
U S Steamship.r_______ 10
Virginia Chemical Dev_
_
White Motor__________ 50
World Film v t c________ 5
Zinc Concentrating, r_ 10
_

3
5

2%

57 X

1
4)4

5
7
7)4
50)4
1
4)4

Standard OU Subsldlar les.
Anglo-American Oil___ £1
15)4
169
Illinois Pipe Line______100
230
Ohio Oil.......... ................25 230
Penn-Mex Fuel________ 25
59
Pierce Oil Corp..................
13)4
14)4
216
Prairie Pipe Line______100 216
518
Standard Oil of N J ...1 0 0
207
Standard Oil of N V ...1 0 0
Vacuum OU__________ 100
250

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

8.600 48)4 May t o 7 0 X Apr
825
Apr
7
11)4 M ay
200 70
Apr u>70)4 Jan
1.000
35
May
54)4 Jan
55 25
Jan 32
Jan
606 41
Apr 50
Apr
850 95
Apr 98
Apr
150 10
May
10
May
100 13)4 Apr 26)4 Jan
1,900
14)4 Feb 33
Jan
470
12)4 Mar
15)4 Apr
900 10)4 May w 16)4 Jan
May 75
5.70C 67
May
3,400 102)4 May 105
May
8
May
2,100
13)4 Jan
900
2)4 Mar
12)4 May
Apr
3,100
1)4
2)4 Jan
900
Apr
3
4)4 Jan
8,400
Mar
4
13
Jan
10,200 57
Apr
77)4 Jan
750 20)4 May 32
Jan
8,500 111
Apr 153
May
1,105 90
Feb 150
Jan
100 16 June 20)4 Feb
6,100
4)4 Mar
0)4 Feb
3,600
14)4 Jan
17)4 Mar
2,600 60
Apr 86
May
800 51
Apr 66
Juno
335 101
Apr 108
May
7,300 33
Jan 4 3 X Jan
1,200 22)4 May, 28)4 Juno
1.350 29)4 Jan 51)4 Mar
17U.000 62
May , 82
May
2,500
2 1-16 Jan
X M«J

7X

8
59 X
IX
4X

15)4
169
232
59
14)4
217
520
209
251

100
3
51
1
3,200
27
38
20
20

Other Oil Stocks
1 1-16
Amer Oil A Gas_________ 1
IX
IX
Barnett OU & G as.r____ 1
3)4
3)4
3X
15c
18c
California Oil r (prospect) 1 1 0 X c
78c
76c
78c
Preferred .r (prospect) .1
26
Cosden A C o .r _________ 5 23)4
23 X
10)4
9)4 11)4
Cosden Oil A G as.r____ 5
5
4)4
Preferred . r __________ 5
4X
7X
7)4
Empire Petroleum_____ 5
1
X
Federal O ll.r____ ______ 5 15^6
17)4 17 X
Houston OU com .r___ 100
ii
10)4 11
Internat Petroleum .r..£l
73c
67c
Kcnova Oil (prospect).. 1 73c
36c *41c
36c
Lincoln OU, Gas A Coal.,1
22)4 2 3 X
Metropolitan Petroleum.5 22)4
49c
47c
Midwest OU com .r______1 47c
67 X
67
Midwest Iteflnlng.r___ 50
00
31c
32c
Mountain States Oll.r
3 2 15-16 3
Muskogee Refining.r ___ 1
15c
18c
16c
Oklahoma Oil com .r___ 1
1
1
X
Preferred.r .................1
Oklahoma Prod A R efg..5
7X
7)4
48)4 49
Pan-Am Petr A Trans r 50 49
Sapulpa Refining.r____ 5
11)4
11)4 12)4
14)4 14)4
Savoy OU______________ 5 14)4
47)4
40X
48 X
Sinclair Oil A Refg(no par)
OX
5X
U S Consolidated Oil___ 5
I X 1 7-16
United Western O ll.r___ 1 1 5-16
10
Ventura Cons’d O ll.r___ 5
9)4
9X
IX
1)4
IX
Victoria O ll.r...................1
5
5)4
5X
Wayland OU A Gas com .5

2,600
4.050
24,700
1,900
14,700
24,500
7,500
1,200
8,700
100
1,125
32,920
2,086
3,400
13,500
300
2,400
3,300
114,000
4,150
6,400
600
2,595
2,650
7,900
400
29,975
1,000
4,800
1,850

ox

.

B a ltim o r e .

P h ila d e lp h ia .

e n d in g

(.C on .)—

F r id a y
W e e k 's R a n g e
L a st
o f P r ic e s .
S a le.
H ig h .
P a r. P ric e. L o w .

x

1915.

73,208,104
53,271,462
2,478,311
1,891,491
Stocks— No. shares—
Par valuo_________ §158,918,150 §191,394,425 §6,417,642,945 § 4,516,153,270
200
§103,500
§190,900
§1,900
Bank shares, par------Government bonds—
State, mun.,&c..bonds
R R. and mlsc. bonds..

Stocks

H ig h .

Jan 105
Jan
Jan 104 X Juno
Feb
May
84 X
May
Feb
84X
June
June
Jan
May
96H
May 1 0 2 X Feb
Jan 1 0 2 X May
Jan 7 5 X Jan
Apr
Jan 99
May
May 105
Jan 8 5 X June

8,000 103 X
300 103
19,000 S I X
500 82
1,000 106 X
45,000 0 3 X
3,000 1 0 I X
1,000 0 8 X
1,000 74
58,500
04X
5,000 104 X
87,000 8 1 X

104X

83

9 5)?

S a les
fo r
W eek.
S h a res.

104X

100X

Phila Elec tr cifs 5a .. 1948
do
small____ 1948
Trust ctfs 4s_____ 1950
do
small____ 1950
Phila & Erie gen 6 s.. . 1920
Reading gen 4s.......... 1997
Spanish Am Iron Os. .1927
Standard G & E CS...1920
United Rys gold tr ctf 4s’49
Welsbach Co 5s.......... I960
West N V 4 Pa 1st 5 s.1937
General 4s________ 1943

Saturday ....................

2065

THE CHRONICLE

June 3 1916.]

M in in g

63c
Adanac Silver Mines_ r ____1
Alnska-Brit Col M eta ls..1 97c
Alaska Westover Copper. 1 45c
Atlanta Mines, r________ 1 12c
Bingham Mines________ 10 13)4
B ooth.r________________ 1 16c
Boston A Montana Devel 5 1 15-16
Bradford Mines Ltd____ 1
IX
Buffalo Mines, Ltd
IX
Butte Copper A Zinc v t c 5
5X
Butte A N Y Copper..
2)4
Calaveras Copper.r _____5
4)4
Caledonia Mining_______ 1 72c
2
Canada Copper.r-----------5
8c
Cash Boy
Ccrro do Pasco Cop (no par)
35 X
Comstock Tunnel.r........ 2
Consol Arizona Smelt.
Consol Ncvada-Utah___ 3
1)4
Dundee Arizona Cop <__1
Dupont Copper
2X
Eagle Blue BeU.r_______ 1
2X
Emma Copper, r________ 1 70c
First National Copper__ 5
4X
2
Fortuna Mines C o r p .r ..l
Goldfield Consol M ines.10 94c
10X c
Goldfield M erger.r...
Granite Gold Mining
5
Hecla Mining________ 25c.
Holllnger Gold M , L td ..
Howe Sound__________
5X
Int A Intercon M A R _ 5
_
Iron Blossom.r_____ 10c. 1 15-16
Jerome Verde C op p er.!.. 1 1 15-16
Jim Butler.r...............
1 91c
89c
Jumbo Extension
13
Kcora Mln'g (prospect) .r .
12c
Kewanus.r
71c
La Jara G o ld .r .............1
Louisiana Consol____ 10c.
Magma Copper____
Marsh.r___________
McIntyre........................... 1
McKlnley-Darragh-Sav.r 1
Mojave Tungsten.r........ 2
Monitor Sll LAZ M AM .r 1
Montana Consolidated.r
Mother L odo.r_________ 1
Murdock Min A MU.4— 1
N Y A Honduras RosarlolO
Nlplsslng Mines------------ 5
North Butte Devel.r
Oatman Big Jim........ 10c.
Oatman Lexington.4____1
Oatman Southern.r 4.10c.
Oro.r.................
1
Peterson Lako__________ 1
Rex Consolldated.r......... 1
Rllla Copper.r-------------- 1
Rochester Mines Co_____ 1
Round Mountain.r--------1

18c
16c
IX

55c

ox
2

30c
45
17
7X
IX

65c
38o
5)4c
4
1
71c
74c

San Toy Mining.
X

10c
IX

Stewart Mining_
_
Success Mining.r.
Tonopah Belmont.r.
Tonopah Extension.
Tuolumne, r ______
United Eastern________ 1
U S Continental.r____ 4.
United Verde Exten.r.50c
United West (prospect)..!
Virginia M ln cs.r..
West End Consolidated..!

77c
5
6 3-10
9-16
4)4
13c
26)4
2)4
7)4
IX

25c

IX

12
Yuscaran Consol.r.

IX

R a n ge s in ce J a n .
L o to .
2X
3X

4

7X
40 X
X
3X

15
169
189
59
12X
205

495
200
216
1
2X

13c
76c

14X

ox

4X
5X
X
14X

iox

51c
25c
17
40c
53
31c

IX
7c
X
5X

46

8X

ox
40 X
4X

54c

8X

1
4)1

Jan
Jan
Apr
May
Jan
Apr
Apr
Feb
May
Jan1
May
Apr
Apr
Apr
Mar
Feb
Feb
Jan
May
Apr
Jan
Apr
Apr
Jan
Feb
Apr
Apr
May
Mar
Feb
Apr
Feb
May
Feb
Mar
Mar
Mar
May
Jan1
Mar
May
Apr
Mar
Feb
Mar
Jan

Apr
19,800 55o
63c
61c
Apr
1.02 26,000 55c
94c
19,110 39c May
39c 46c
H X cM ay
19,900
ll)4 o 13c
3,700
13)4 14)4
1 0 X Mar
12,700 x l 5 c May
zl5c
21c
2
41,900 50c Mar
1)4
3,600
IX
IX
I X May
Feb
1,000
IX
X
IX
4,900
OX
5X
5 X June
1,300
Jan
2)4
2X
2X
2,750
Jan
4X
4)4
2X
65c 76c 28,300 0 5 c May
1 15-16 2 1-16
1,600 1 3-16 Mar
7c
8XC 13,400
3 X c Feb
600 35
May
35)4 36
7c
Apr
3,000
9c
8c
9,600
Mar
IX
IX
IX
Jan
500
7 - 1 0 7-16
X
5,255
I X 1 15-16
I X May
Mar
IX
IX
2)4 12,005
Apr
1,700
2X
IX
2)4
64c
70c 29,200 1 7 X 0 Jan
1,100
4 X June
4)4
4X
7,900
1 1 1 -1 6 2 X
I X May
9,450 75o Apr
92c
95c
lOXcMar
13,000
lO X c H X c
500 39c June
39c
42c
4,320
Jan
5
3X
4X
235 2 5 X Feb
30
*30)4
800
5
Feb
5)4
5)4
400
1)4
IX
I X May
3,690
1 15-16 2
1
Jan
2 3-16 38,000
I X May
IX
7,250 85c Mar
97c
90c
15,600 70c Mar
93c
z86c
3,000
June
13
13
13
8,600 U X o May
U X o 12X C
72c
16,300 30c
65c
Apr
1,800
9-16 Mar
X 11-16
13c
18c 30,325
12c May
800 15
Jan
15)4 16
17c
18,900
15c
14c May
Feb
3
400
3)4
2X
3,700 8 7 X o Jan
1 13-16 I X
62c
6,400 38c Mar
55c
6
6,175
6)4
3 X Mar
Apr
5.300
2)4
X
IX
Feb
300
X
X
X
Jan
32c 42,000 20c
29c
May
17,000 38
42
45
8,000
16 X May
16)4 17)4
3,200
Feb
OX
7)4
7X
1,000 3-16 Mar
X
X
Mar
1 3-16 1 5-16 2,320
IX
6,600 50c May
65c
58c
10,200 30c Mar
37c 43c
5X c
6c 9,700
4c Mar
2,000 23c Mar
29c
28c
4
1,600
4)4
2 X Mar
20c 24Xc
6,300
13c Apr
62c May
X 1 1-16 15,300
73c
Jan
70c
8,700 55c
74c
74c
400 54c
Feb
55c
400 50o
Feb
54c
3,600
15C 16c
15c Feb
7-16
8,800 7-16 May
X
Apr
90C 30c
31c 31c
Feb
7.60C
3c
10c 1 1 X C
6,20C 1 7-16 Mar
1 9-16 1 1 1 -ie
3-16 Feb
9-32 9-32 3.10C
78c 30.10C
74c
63c Mar
69c
6,70C 51c Mar
64c
300
4)4
4)4
4 X Mar
10,700 3 15-16 Jan
OX
6)4
10,500
X
Feb
X
X
9-16 15,000
Jan
X
X
340
Apr
4)4
4X
3X
12c
13c
17,000
Jan
8c
Jan
26)4 27 X
6,300
19c
19c
1,000
19c May
Apr
3,300
2)4
2)4
IX
8
2,150
7 X May
7)4
10,100
68c Mar
i x 1 3-ie
3.00C 25c June
26c
25c
2
1,400
* 1 X May
IX
1.425
5
12
Feb
13 X
20C
Mar
2X
2X
2)4
1,400 1 1-16 Feb
1)4
IX

ox

1.

H ig h .
4X
5%
7X

8
59 X
3
OX

18
190
260
64
17 X

236
548
228
251

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

IX
Mar
4 X May
19c May
79c May
26 X Feb
1 1 X Juno
OX
Feb
9
Mar
IX
Mar
23
Jan
13 X Jan
73c June
43c May
25
May
85o
Feb
70
May
40c
Apr
3X
Apr
20c Apr
I X May
7 X May
49X
Apr
10X
Feb
14X May
50
May
O X May
V / e June
13 X Jan
2X
Jan
9X
Feb

70o
Apr
1.02 May
46c June
23 X o Jan
15X May
44o Jan
2
June
• IX
Apr
I X May
12 X Mar
4 X Mar
4X
Jan
1 5-32 Apr
2 X May
9X cM ay
42X
Feb
17c
Jan
2
Jan
X Mar
2 X May
3 X May
2 13-16Mar
70c Mar
8X
Jan
2 X June
1 3-16 Jan
21c
Jan
84c Mar
5
Mar
• 3 0 X June
8
Jan
I X May
2 .X
Apr
2 X May
1 3-16 Jan
I X May
13
June
22c
Jan
80c
May
1 May
18c May
19 X Mar
41o Mar
4
Jan
2 1-16 May
72c May
8
May
2 X May
IX
Mar
43c
Apr
45
May
1 7 X Juno
8 X May
X
Feb
2 'A e
Apr
68c
Apr
50c
Apr
6c
Jan
5 X Mar
39c May
1
May
18c May
78c May
60c
Apr
26c
Jan
I X Mar
60c
Feb
14c Apr
2
Jan
X
Jan
95c
Feb
81c May
5 X May
7 X May
1
Apr
9-16 May
4 X May
18c Mar
27 X
Apr
34c
Apr
2 X May
8
May
1 3-16 May
26c June
2
Jan
1 0 X May
2X
Jan
I X May

2066

THE CHRONICLE
F r id a y
S a les
L a st
W eek ’s R ange
fo r
S a le.
o f P ric e s .
W eek.
P r ic e . L o w .
H ig h . S h a r es.

Bonds—
Ches A Ohio conv 5s.rl946
Chic Un Sta 4 }$3 .r..l9 0 3
Cons Arlz Smelt 5 s . .. 1939
Midvale St A Ord 5s.rl936
Sulzberger A Sons 6 s .r .’41

95}$
43
96}$

94}$
99}$
40
96}$
99}$

95}$ 851,000
99}$ 61,000
44
25.000
97
38.000
99}$
5,000

R an ge s in ce J a n .
Low .

93}$
99}$
25
96
99}$

1.

Quotations for Sundry Securities

H ig h .

May 98}$ Mar
May 101}$ Feb
Mar 50
Mar
Apr 100
Feb
May 100
Mar

* Odd lots, i A prospect. I Listed on the Stock Exchange this week, where addi
tional transactions will be found. r Unlisted, m 20% paid. t 10% paid, w When
>
Issued, x Ex-dlvIdend. y Ex-rights, z Ex-stock dividend.
N o t e . — Not reported last week: 100 Intercontinental Rubber at 13}$ on May 25.
C U R R E N T N O T IC E .

— Tho brokerage firm o f A. O. Slaughter & Co. o f Chicago is to be reor
ganized. P. W . Seipp will retire from the partnership and a now firm of
A. O. Slaughter & Co. will be formed, composed of Frank W. Thomas,
John T . M cNally and William H. Lake, who will carry on the business as
heretofore. Tho estate o f the late A. O. Slaughter will have no interest
In the new firm.
— In our advertising columns to-day N. W. Ilalsoy & Co. and the National
City Bank of this city aro offering §4,000,000 Province of Ontario, Dominion
of Canada, 5% bonds due June 1 1926, at 101}$ and interest. Tho bankers
Stato that Ontario contains approximately one-third o f tho total population
of Canada and is its wealthiest provinco. Circular on request.
— William A. Read & Co. are offering a block of Detroit Terminal &
Tunnel First M . 4}$ % gold bonds dated 1911, due M ay 1 1961, guaranteed
principal and interest by the Michigan Central R R . Authorized §30,
000,000; outstanding, §18,000,000.
— Commencing to-day, the law firm o f Byrne & Cutcbeon, 24 Broad St.,
will be known hereafter as Byrne, Cutcheon & Taylor. Messrs. Winthrop
W. Aldrich, Albridge C. Smith and Harrison Tweed have this day become
members o f the firm.
— Redmond & Co., 33 Pine St., this city, aro advertising a list of legal
investments for savings banks and trust funds which the firm owns and offers
subject to sale. Income yiolds, 4.05 to 4.85% . See advertisement for
details.
— Kelley, Howell & Co., members o f the New York Stock Exchange,
35 Wall St., this city, have opened an uptown office in the Park Hotel,
Park Ave., 32d and 33d streets, under the management o f James A. Morrow.
— Paul & Co. announce the opening o f offices at 1421 Chestnut St.,
Philadelphia, for the transaction o f genoral investment business. The
members o f the firm are Clyde L. Paul, S. W . Ffoulkes, A. E. Pendergast.
Aemillus Jarvis & Co. o f Toronto, Canada, have opened a branch
office In New York at 43 Exchange Place, under^tho management of Peter
R . Jack, lately o f their Toronto staff.
— Samuel K. Phillips & C o., Philadelphia, dealers In Investment securi
ties, have moved to their new offices in the Farmers & Mechanics’ Bank
Building, 427 Chestnut Street.
»
— E. H. Rollins & Sons announce that John W . Esmond, who for several
years has been a director o f that firm, has been appointed managor o f tho
Chicago office.
— Emery, Peck & Rockwood, investment bankers o f Chicago, have
opened a branch office at 115 Broadway, in chargo o f David B. Peck of
that firm.
— Tho nanchett Bond Company o f Chicago have opened a New York
branch at 115 Broadway under the management o f Ralph II. Parks.
— R . M . Grant & Co. announce the removal o f their Boston office to
85 Devonshire Street.

New York City Banks and Trust Companies
Banks.

B id

A tk

N e w Y o rk

America*__
Amer Exch.
Atlantic___
Battery Park
Bowery *_
_
Bronx Boro*
Bronx N a t..
BryantPark*
Butch A Dr.
Chase..........
Chat A Phen
Cheslsea Ex*
Chemical__
CitlzensCent
C ity............
Coal A Iron.
Colonial*.. .
Columbia*..
Commerce. .
Corn Exch*.
Cosmopol’n*
East River..
F id elity*...
Fifth A vo*..
Fifth............
First............
Garfield___
Germ-Amer*
German Ex*
Germania *.
Gotham___
Greenwich*.
H anover__
Harrlman . .
Im pA Trad.
Irvln g........
Liberty ___
Lincoln___

620
208
180
145
390
200
160
135
100
615
225

635
213
185
165
____
___
____
145
115
625
230
125
395_ 402
182
177
430
435
182
187
___
450
320
325
tl69 tl70
322
317
____
100
____
75
105
155
_ _
_
4600
250
275
980
995
185
200
130
140
350
390
400
425
____
200
____ ___
630
645
___
350
500
510
185
195
___
750
325
300

Banks.
Manhattan *
Mark A Fult
Mech A Met
Merchants’ .
Metropolis*.
Metropol’n *
M u tu al___
New Neth*.
New York Co
New Y ork..
Pacific *___
Park_______
People’s * . . .
Prod Exoh*.
Publlo *___
Seaboard...
Second____
Sherman_
_
State *____
23d Ward*.
Union Exch.
Unit States*
Wash H’ts*.
Westch Av*
West Side*.
Yorkvllle*..
B ro o k ly n

Coney Isl’d*
First........ ..
Flatbush . . .
Greenpolnt .
Hillside * _ ..
Homestead *
Mechanics*.
Montauk*..
Nassau........
Natlon’ ICity
North Side*.
People’s ___

B id

A sk

300
235
268
187
285
176
325
215
725
395
275
470
220
200
190
415
395
125
100
100
138
500
225
160
395
475

310
245
272
195
300
182

_
_
255
120
115
100
130 '
85
195
270
170
130

•Banks marked with a (•) are State banka.
change this week, p Ex-rlghta.

Trust C o’s.
N e w Y ork

Astor______
Bankers T r.
B’way Trust
CentralTrust
Columbia_
_
Commercial.
225
Empire........
825
Equitable Tr
410
Farm L A Tr
Fidelity___
485 * Fulton
235
Guaranty Tr
210
Hudson___
210
Law Tit A Tr
430
LlncolnTrust
420
Metropolitan
135
Mut'l (West
115
chester) . .
135
N Y Life Ins
145
A Trust..
N Y Trust..
TltleGuATr
175" Transatlan ’c
415
Union Trust
550 U SM tgA T r
UnltedStates
140 Westchester
270
140
B r o o k ly n
130
115
BrooklynTr.
90
Franklin_
_
140
Hamilton_
_
no
Kings C o ...
205 Manufact’rs
280
Citizens..
185 People's___
140 Queens C o ..

B id

A sk

460
470
458
465
145
160
zl230 1240
545
555
no
290
300“
445
455
1325
200
2T 0"
280
430
436 "
150
130
135 "
115
120
425
435
125
1000
605
389
156
395 ” 410
392
400
1025 1045
130
140
085
595
383

520
255
265
630

535
265
275
650

145
280
75

150
287
85

tSale at auotlon or at Stook Ex

New York City Realty and Surety Companies
B id

Alliance R ’ty 75
Amer Surety 178
Bond A M G 275
Casualty Co ____
City Invest’g 18
Preferred..
65

A sk

80
183
280
____
21
76 .




B id

A sk

LawyersMtg 167
Mtg B ond.. 114
Nat Surety. 285
NYMtgASeo 80
N Y Title Ins 40

172
119
288
85
40

B id

Realty Assoc
(Brooklyn)
98
U 8 Casualty 195
USTitleGAI
50
Wes A Bronx
TitleAMG 107

A t*

100
210
60

[Vol . 102

All bond price* are “ and Interest’’ except where marked " f . "
Standard Oil Stock*

P e 'S h o r t
P a i • B id

Alt
•15*,;1 10
1 685 695
1 340 360
1 *94 96
e325 335
65 80
315 325
*40 43
82
86
208 212
154 153
143 117
1 167 169
1 *95 98
internat Petroleum ...
£1 *10*4 m 4
1 *10
18
1 185 190
1 100 102
*229 231
•56 60
*13
14
408 411
215 217
280 290
193 196
South Penn O il............... 100 362 360
Southwest Pa Pipe Lines. 100 110 115
Standard Oil (California) 100 249 251
Standard Oil (Indiana)..100 562 566
Standard Oil (Kansas) ..100 440 450
Standard Oil (Kentucky) 100 410 420
Standard Oil (Nebraska).100 345 355
Standard Oil of New Jer.100 518 522
Standard Oil of New Y ’rklOO 207 210
Standard Oil (O h io)___ 100 615 625
Swan A Finch.......... ........100 100 105
84
Union Tank Line C o___ 100 82
Vacuum Oil...................100 248 252
38
Washington Oil................. 10 *34
anglo-Amor Oil new___ £1

Bond*.
Pierce Oil Corn con 8s. 1924
O rdnance Stock *—

82

5 h a rt.

P er

17
70
10
30
192
*14
Rights____________
Preferred.................
100 98
Babcock f t Wilcox..........100 114
Bliss (E W) Co common..60 *425
Preferred.........................50 •75
Canada Fdys A ForglngslOO 190
Canadian Car A Fdry_ 100 08
_
Preferred____________ 100 85
Canadian Explosives comlOO 300
Preferred____ ________100 100
Carbon Steel common_ 100 75
_
1st preferred_________ 1001 86
2d preferred.................100' 62
Colt’s Patent Fire Arms
M f g .............................. 100 820
Crocker -Wheeler Co com .100 100
Drlggs-Seabury Ord CorplOO 125
duPont (E I) de Nemours
Powder com (new)_ 100 327
_
Preferred____________ 100 103
Electric Boat...................100 390
Preferred.......................100 390
Hercules Powder c o m ... 100 368
Preferred........ ............. 100 114
Hopkins A Allen Arm s.. 100 30
Preferred....................... 100 05
International Arms_____ 25 *15
Lako Torpedo Boat com .. 10 *8
Midvale Steel A Ordnance 50 *61
Nlles-Bement-Pond com .100 170
Preferred____________ 100 104
Scovlll M f g .....................100 555
Submarine Boat__ (no par.) •39
Winchester Repeat Arms 100 1800
AetnaExplostvcs new(no par)
Preferred...................... 100

R R . Equipment *—

84

P erC t

20
80
20
65
197
16
IOOI4
116
430
85
200
72
92
350
no
7612
90
64

T ob a cco S tock *—

P e r Sha r e .
P ar B id .

xmerlcan Cigar commonlOO
Preferred_____________100
\mer Machine A F dry..100
Brltlsk-Amer Tobao o rd ..£ l
Ordinary, bearer...........£1
Conley Foil....................... 100
Johnson Tin Foil A M e t.100
MacAndrews A Forbes.. 100
Preferred....................... 100
Porto Rlcau-Amer Tob.-lOO
Reynolds (R J) Tobacco. 100
Preferred_____________100
Tobacco Products co m .. 100
Voung (J S) Co............... 100
Preferred____________ 100

Short Term Notes.

A lt.

125 130
99 101
80 88
•17
18
*1714 181*
325 350
130 150
170 180
99 101
225 235
4G0 480
120 122
42l4 4312
150 170
105 n o

P ercen t.

Amer Locom 5s July 1910 J-J 10018 1003*
5s, July 1917................ J-J 100ij 101U
A r a T A T 4}$s 1918.. ___ 100i2 10034
Anaconda Copper Be T7 M-S 10U8 10114
8
Canadian Pac 0a 1924.MAS3 1021 1023*
95 97
Chic Elev Ry 5s 1916___ J-J
Chin A West Ind 5s ’ 17-MAS 100 IOOI4
Erie RR 5}$s 1917___ A-O 1013s lOlts
General Rubber 6s 1918 JAD 1003s 100'8
Hocking Valley 5s 1917.M-N 101 101<4
Int Harv Be Feb 15 '18.F-A 1017* 1021*
MorganA Wright 5s D cc.1,’ 18 100i8 1003*
New Eng Nav 0s 1917.M-N 100 100U
N Y N H A H 4}$s May 1917 100 IOOI4
Pub Ser Corp N J 5s T9 MAS 10014 100»8
Rom AmsU.M .C. 6s’ 19 F & a 9814 985*
Southern Ry 5s 1917..M-82 1005* 1007*
United Fruit 6s 1918.. M-N 10114 IOU2
UtahSecurCorp 63 ’22 M-S15 95i2 96i2
Winches RepArms5s’ 18M&S 996* 997*
New York City N ote
100% 0 0 %
0s Sept 1910.................. .
1031*40338
0a Sept 1 1917................
Canadian G ovt. Notes—
5s Aug 1 1910................ FAA 100ijl00i2
6s Aug 1 1917................ FAA 10U4 10U2

P ublic Utilities—

Am Gas A Eleo com........... 60 >147 150
60l2
Preferred_____________ 50 •50
Am Lt A Trac com m on.. 100 388 392
Preferred....................... 100 n o 113
68
Amer Power A Lt com_ 100 60
_
Preferred...............
100 8412 8012
40
Amer Public Utilities comlOO 44
Preferred.............
100 77 78
Cities Service Co com_ 100 288 292
_
Preferred____________ 100 86l2 8712
05
Com’w’lth Pow Ry A I , . . 100 64
Preferred____________ 100 84 85
Eleo Bond A Share prcf-.lOO 100 102
11
1312
Federal Light A Traction 100
830
Preferred................. ...1 0 0 45 48
110 Great West Pow 6s 1940.JAJ 89
90
129 Indiana Lighting Co___ 100 85
75
77~
4s 1958 optional___ F-A
332
7812
North’ n States Pow co m .100 78
105
Preferred____________ 100 9534 9734
400
90
90lj
1st A ref 5s 1941___ AAO
400 Paclflo Gas A Eleo 00m .. 100 50
57
372
89
1st preferred_________ 100 88
116
89
91
2d pref (old pref)___ 100
35
34 35
Republic Ry A Light___ 100
75
100 76 7912
Preferred.............
10 South Calif Edison com .100 88
90
9
Preferred.......................100 103 106
63 Southwest Pow A L prel 100 97i2 100
176 Standard Gas A El (D el). 50 *14
15
107
Preferred.............
60 *37l2 38i2
565 Tennessee Ry L A P com 100 l l i 2 I 2I4
40
Preferred____________ 100 62i2 63
1950 United Gas A Eleo C orp.100 18 21
76
1st preferred_________ 100 73
2d preferred_________ 100 19 22
B a sis
United Lt A Rys com ...10 0 52 64
A sk.
B id .
1st preferred_________ 100 76i2 78
4.30 4.10 Western Power common.100 17 18
4.50 4.20
Preferred......................100 04 05
4.50 4.20
4.55 4.25
4.70 4.30
l.i:. 4.00
Industrial
4.5014.20
and Miscellaneous
5.501 4.50
6.62 5.25 Amer Bank Note c o m ... 60 •38 40
6 02 5.25
Preferred_____________ 60 •50 51
4.751 4.40 American Brass------------- 100 287 290
4.45 4.25 American Chicle 00m ___100 41
44
4.30 4.10
Preferred.......................100 09
72
6.30' 4.87 Am Oraphophone co m .. 100 139 142
4.75 4.35
Preferred_________ ...1 0 0 140 145
4.50 4.35 American Hardware____100 130 132
4.50 4.35 Amer Typefounders com.100 41
44
4.60 4.35
Preferred....................... 100 94 96
4.45 4.20 Borden's Cond Milk com.100 114i2 n o
4.45 4.20
Preferred.................
100 107 109
4.30 4.12 Celluloid Company____ 100 171 176
4.30 4.12 Havana Tobacco Co___ 100
1
2
4.65 4.40
2
312
Preferred____________ 100
4.30, 4.10
53
1st g 5s Juno 1 1922.. J-D /48
4*8 4.10 Intercontlncn Rub c o m .. 100 13
14
5.65 5.00 Internat Banking C o___ 100 100 103
5.80; 4.80 International Salt______100 401* 42
1st g 5s 1051............. A-O /74i2 70
International Sliver pref.100 99 102
Lehigh Valley Coal Sales.50 •85 88
Otis Elevator com.......... 100 59 62
92
Preferred.......... - ------ 100 00
Remington Typewriter—
Common--------------------100 13l2 1412
73
1st preferred-------------- 100 71
41
2d preferred................. 100 39
Royal Baking Powd com.100 135 140
Preferred.......................100 100*4 101*4

Baltimore A Ohio 4}$s____
Buff Roch A Pittsburgh 4}$t
Equipment 4s..............
Canadian Paclflo 4 }$ s ...
Caro Cllnchf A Ohio 5s..
Central of Georgia 5s___
Equipment 4}$s_________
Chicago A Alton 4s________
Chicago A Eastern 1 1 6a___
1
Equipment 4}$s..........
Chlo Ind A Loulsv 4}$s.
Chic St L A N O 5s..........
Chicago A N W 4 }$ s ___
Chicago R IA Pac 4}$s____
Colorado A Southern 6s___
Erie 6s....................................
Equipment 4}$s_________
Equipment 4s___________
Hocking Valley 4s_________
Equipment 5s___________
Illinois Central 5s________
4 }$ s ....................................
Kanawha A Michigan 4 }$*..
Louisville A Nashville 5s. . . .
Minn St P A S 8 M 4}$s___
Missouri Kansas A Texas 5*.
Missouri Paclflo 6s................
Mobile A Ohio 6s............ .....
Equipment 4}$s................
New York Central Lines 5 s..
Equipment 4}$s______
N Y Ontario A West 4 } $ s ...
Norfolk A Western 4}$s___
Equipment 4s....................
Pennsylvania RR 4}$s____
Equipment 4s.............. ..
St Louis Iron Mt A Sou 5s..
St Louis A San Francisco 6i.
Seaboard Air Line 6s_______
Equipment 4}$s.......... .
Southern Paclflo Co 4 } $ s ...
4.00
Southern Railway 4}$s____
Toledo A Ohio Central «s_
_ 4.05 4.40
j _

________________________________ _______________________________________ _

17 5 j
• Per share. 5 Basis,
------- / Flat price, s Nominal.

Purchaser also pays accrued dividend,
* Ex-dlvldend. v Ex-rights.

d

t

New stook.

THE CHRONICLE

.Tune 3 1916.]

2067

imrestwmt ami llailrcraxl %nUlliQmu.
R A I L R O A D

G R O S S

E A R N IN G S.

T h e following table shows the gross earnings of every S T E A M railroad from which regular weekly or m onthly returns
can be obtained.
T h e first two columns of figures give the gross earnings for the latest week or m on th , and the last two
columns the earnings for the period from July 1 to and including the latest week or m on th .
W e add a supplem entary
statem ent to show the fiscal year totals of those roads whose fiscal year does not begin with J u ly, b u t covers some other
period.
The returns of the electric railways are brought together separately on a subsequent page.
L a te s t G r o ss E a r n in g s .

J u ly 1

to L a te s t D a te .

ROADS.

L a tes t G r o s s E a r n in g s .

J u ly 1

to L a te s t D a 'e .

ROADS.
W eek or
M o n th .

C u rren t
Y ear.

P re v io u s
Y ear.

C u rren t
Y ea r.

P r e v io u s
Y ea r.

W eek or
M o n th .

C u rren
Y ea r.

P r e v io u s
Y ea r.

C u rren t
Y ea r.

P r e v io u s
Y ea r.

s

3
$
;
$
1
$
Ala N O & Tex P a c134.745 1,516,495 1,323.693
N ew Orl Groat N o r . April
315,549 298,176 3,206,455 2,982,683
166,761
N O & N or E ast. April . . .
118,184 1,426,276 1,270,359
N O M obile & C h ic. April
143,521
187,490 152.775 1,675,3051 1,500,146
Ala & Vicksburg . A p r il_____
N Y N II St Ila r tf. . April
114,760 1,397,870 1,174.952
6,638,131 5,536,894 62,365,096 53,296,468
130,936
V icks Shrov & P . April . . .
42,576 2,373,935 2,061,429 N Y Out & Western April
Ann A rb or_________ 3d wk M ay
55.308
700,599 749,971 7,494,022, 7,498,869
N Y Susq f t W e s t .. April
11049400 9,635,319 109860073 98,111,698
330,530 368,511 3,668,089' 3,245,307
A tch T op & S F o — April ._
46,872 2,732,751 2,391,931
N orfolk S ou th ern .. April
407.308 344,087 3,793,444l 3,254,117
54,161
Atlanta Blrm & Atl 3d wk M ay
999,586 N orfolk & W estern. April
103,646 1,146,509
119,334
4,676,973 3,759,184 47,023,160 34,646.405
A tlanta & W est P t . A p r il____
A tlantic Coast Lino A p r il____ 3,265,144 2,977,165 28,672,597 26,612,265 N orthern P a cific___ 2d wk M ay 1.464.000 1,071,000 64,848,402 55.301,928
174.445 1,408,556 1.341,050 Northwestern P a c. A p r il____
April
327,855 258,405 3,479,116 2.919,247
191,944
Chariest f t W Car M a rch ____
112,532 1,197.904 1.060,128
P acific Coast C o . . M a rch ___
538,989 514.725 5,480,176 4,780,257
143,880
Lon Hentl & St L M a rc h ..
18825483 15267949 180936670 151710560
({Baltimore St O h io. A p r il_____ 9,042,070 7 ,430,050 91,121,549 74,876,636 p Pennsylvania R R . A p r il____
929,480! 1,035,749
114.166 1,456,079 1,293,512
85,249
73.608
Balt Ches St Atl A p r il____
158,321
B & O C h T o r UK A p r il.........
246,374 2,910,756! 2,420,844
312,501
Cum berland Vail. A p r il____
404.622 431,635 2,731.606 2.813.375
Bangor & Aroostook M a rch ____
A p r il____ 1,113,661 1,013,241 11,486,506 10,795,291
Long Island
517.300 482,155 8,498,581 6,460,367
Bessemer St L Erio. A p r il__
788,500
50,597
810,463
741,437
67,039
90,222
679,765
63,293
M a ry ’d Del St Va A p r il_____
Birmingham South- April . . .
405,524! 299,684 3,801,074 3,042,867
N Y Phila f t N orf A p r il_____
Boston & M a ine— A p r il-------- 4,447,447 3,815,972 42,608,110 38,762,508
194,419 10,510,079 8.392,088
Phil Balt St W ash A p r il_____ 2,133,194 1,743.884 19,334,954 16,689,707
B u ff R och Sc Pittsb 3d wk M ay 247,509
113,665 1,425,804 1.220,705
120,762
614,445 487,300 6,242,794 5,406,898
W Jersey & Seash A p r il_____
B uffalo & Susq K R - A p r il-------5,946,168' 4,226,248 57,427,198 43,612,426
_
Pennsylvania C o _ A p r il___
Canadian N or S yst. 2d wk M ay 748.300 364,800
476,214 424,270 4,669,781 4,479,586
Grand Rap & Ind A p r il___
Canadian Pacific . - 3d wk M ay 2,610,000 1,575,000 113082108 88,864,680
990,531 1,012,351 10,629,508 10,423,225
4,023,423 3,162,308 38,947,475 31,901,126
Pitts C C f t St L . A p r il___
Central o f Georgia A p r il_____
Vandalla . .
A p r il___
946,606 864,110 10,397,418 9,258,413
Cent o f New Jersey A p r il_____ 2,989,219 2,793,185 30.142.663 26,393,664
441,068 431,069 3.954.825 3,291,865 T otal lines—
Cent Now England A p r il_____
Central V erm on t., M a r c h ___ 372,285 327,163 3.146.675 2.859.352
East Pitts St Erie April
23862953 19450683 230696035 195860941
940,951
W est Pitts St Erie April
808,189 42,460,113 34.643.377
11549299 8,809,832 112886963 90,518,601
d i e s f t Ohio Lines. 3d wk M ay
Chicago & Alton — A p r i l _____ 1,252,346 1,063,634 13.464.663 11,894,768
All East & W est. A p r il_____ 35412252 28260515 343583000 286379542
Chic Burl & Quincy M a rch ____ 8,946,622 6,856,419 77,418,806 70,218,084
Pere M arquette___ 3d wk M a y 383,646 322.556 18,677,502 16,105,120
Reading C o—
b Chicago & East III M a r c h ___ 1,449,690 1,137.936 12,926.009 11,034,241
Phila St R eading. A p r il_____ 4.805.000 4,272,567 48,161,551 39.323.059
c C hic Great W est- 3d wk M a y 310,580 270,388 13,504,098 12,462,399
Coal St Iron C o . . A p r il_____ 2.407.814 3,606,944 31,008,292 25,826,883
129,992 6,807,172 5,826,894
Chic Ind & Louisv- 3d wk M a y
162,848
T otal both co s ___ A p r il_____ 7.212.814 7,879,511 79,169,843 65,149,942
C hic M llw & St P-\ A p r il__
8,748,558 6,877,038 87,372,275 76,380,308
Rich Fred f t Potom M arch____
321,352 267,603 2,325,567 2,065.366
Chic M il & Pug 8
791,816
749,148
63,724
dChtc & North W est A p r il_____ 7,512,437 6,035,695 77,561,820 69,936,288
R io Grande June_ M a r c h ___
_
73,965
492,851
121,407 1,456,453 1,371,304
136,750
498,283
12,603
C hic Peoria & St I.. A p r il_____
R io Grande S o u th .. 3d wk M a y
11,544
R u tla n d ___________ A p r il_____
C hic Itock Isl St Pac M a rch ____ 6.216.410 5,288.860 54.465,602 52.513,860
378,390 291.281 3,182.373 2,869,759
199,111 2,651,423 2,510,849
242,168
St Jos & Grand Isl. A p r il_____
119,806 1,498,407 1,270,931
Chic It I & G u lf- - A p r il_____
154,095
201.745 1,956,443 1.698,996
209,805
dC hlc St P M & Om A p r il_____ 1,697,600 1,322,875 16,724,021 15,420,563 St L Brownsv & M . M a rc h ____
181,348 2,000,814 1,712,816
260,813
St L Iron M tn & So M a r c h ___ 2,737,957 2,478.580 24,374,739 23,018,788
Chic Torro II f t S E M a rch ____
733,867 739,773 8,695,069 7,935,653
St Louis f t San Fran M a r c h ___ 4,222,978 3,538,777 35,795,976 32,750.843
Cin Ham & Dayton A p r il.........
109,682
101,710 1,284,484 1,483,726 St Louis Southw est. 3d wk M ay 219,000
173,000 10,953,360 9,553,503
C olorado M idlan d. A p r il_____
271,676 249,057 14,033,956 12,879,345 San Ped L A & S L . A p r il_____ 1,019,949 863,978 9,136,668 7,722,496
e C olorado & South 3d wk M ay
M a rch ____
24,898
11,293
Seaboard A ir L in e .. A p r il_____ 2.182,720 2,033,915 20,518,864118,286,227
98,163
142,111
Cornwall 245,714 Southern P acific___ A p r il_____ 12,351273 10164036 126246215 107309779
23,550
41,265
Cornwall & Lebanon A p r il_____
382,276
Southern R ailw ay. . 3d wk M a y 1,339,234 1,086,725 62,113,383 55,905,434
799,779
Cuba Railroad___ M a rch ____
588.628 4,752,922 3,662,565
229,723 10,470,653 9,804,471
M obile & O h io .. 3d wk M ay 244,232
Delaware & Hudson A p r il_____ 2,184,845 2,056,513 21,437,096 18,908,217
185,178 9,697,244 8.399,370
Cin N O & T ex P . 3d wk M ay
219,010
Del Lack & Western V p ril_____ 3,720,735 3,757,255 40,458,656 35,492,528
84.944 4,902,132 4,232.695
120,974
Ala Great S outh. 3d wk M ay
Deny & R io Grande 3(1 wk M a y 453,700 400,400 22,140,721 19,396,373
36,996 2,176,175 2,000,522
38,830
Georgia So St F la . 3d wk M ay
415,850 5,486,534 4,149,904
600,304
Western P acific. M a r c h ___
31,077 1,739,674 1,620,972
36.609
Virginia & So W . 3d wk M ay
28,220 1,665,798 1,458,102
29,700
Donver St Salt Lake 3d wk M ay
374,664 327,607 3,718,945 3,423,056
117.519 1,033,648 1.396,658 Spok P ort & Seattle M a r c h ___
189,935
Dotroit T ol & Iront M a r c h ___
62,211
91.251
1,157
2,548
19,950 1.029,587
964,033 Term Ala St Georgia 3d wk M ay
22,539
Detroit & M ackinac 3d wk M ay
125,863 1,183,775 1,111.431
129,227
117,172 1.303.950 1,126,122 Tonnosse C entral. M a rch ____
186,797
D et & T ol Shore L . M a r c h ___
305,938 296.556 17,705,176 16,187,617
Texas & P acific____ 3d wk M ay
348,948 217.166 4,528,113 3,276,411
Dul & Iron R ange. A p r il_____
18;381, 1,052,674 1.029,305
57,313 3,057,621 2,571,599 T oledo Poor & West 2d wk M ay
21,614
73,047
Dul Sou Shore & Atl 3d wk M ay
99,457, 4.978,068 4,131,248
134,531 1,248,755 1,032,541
129,262
T oledo St L St W est 3d wk M ay
247,032
Duluth Winn & Pac M a rch ____
877,316
791,204
48.737
66,421
Elgin Joliot & East A p r il_____ 1,205,032 751,150 10,893,938 6,899,889 T rinity St Brazos V . A p r il_____
Union Pacific S yst. A p r il_____ 8,479,327 6,294,001 86,632.918 73.046.826
964,898 661,468 8,612,906 6,343,266
El Paso & Sou West A p r il_____
648,537 556,857 6,344,257 5,048.335
6,027,893 5,012,208 59,947,507 50,211,404 V irgin ia n __________ A p r il_____
April . .
Brie.
674,572 4,998,320 3,895,197
990.047
W a b a s h ___________ A p r il_____ 2,984,869 2,343,794 28,641,130 24.398.826
Florida East C oast. M a rch .
73,041
780,06.'
186,692 9,575,525' 7,560,801
82,664
721,535 Western M arylan d. 3d wk M a y
216,122
Fonda Johns St G lov April . .
106,717 1.095,515 1,055,185
269,314 225,709 2,636,556 2,408,271
Western R y o f A la . A p r il_____
109,066
April . .
Georgia Railroad
46,465 5,067,897 3.300,243
101,208
755,730 414,802 7.283,597 4,343,868
W heel & Lake E rie. A p r il_____
Grand Trunk P a c .. 1st w kM ay
Grand Trunk S yst. 3d wk M ay 1,088,679 938,386 48,046,316 43,991,626 Y a zoo & M iss V ail. A p r il_____ 1,048,426 951,116 11,272,871 9,973,214
746,083 36,403,786 34,532,783
Grand Trunk Ity. 2d wk M ay 818,277
P r e v io u s
C u rren t
135,828
128.295 7,489,734 6,217.387
Grand T rk W est. 2d wk M ay
Y ea r.
Y ear.
P er io d .
73,138
47,210 2,778,540 2,225,916
V a r io u s F is c a l Y e a r s .
D et G r II & M llw 2d wk M ay
6,000,968 4,449,056 6 - 717,919 57,1.37,947
Great Nortli System A p ril___
173,641
145,516 1,637,579 1,366,981
Jan 1 to Apri 30 $567,468 $450,3.32
G u lf & Ship Island- A p ril___
Buffalo St Susquehanna R R .
539,571
403.868 5.395,282 4,706,998
IIocking Valley____ M a r c h ..
Canadian Northern System ____ Oct 1 to M a y 14 21,682,300 14.267,800
5,394,780 4,655,280 57,186,356 62.391.378
Illinois C entral____ A p ril___
Delaware f t H udson__________ Jan 1 to A pr 30 8,485,029 6,987,572
798,425 610,757 7,893.571 7,718,577 E r io ......... ..................... ................. Jan 1 to A pr 30 23,124,828 18,994.695
Internat St Grt N or April . . .
892,081
786,066 8,731,713 8,411,796
Kansas C ity South. A p r il___
N ew Y ork C e n tra l./....... .......... Jan 1 to A pr 30 63,076,789 48,566,478
143,755
Lehigh f t Hud Itiv. M arch . .
144,617 1,544,664 1,309,180
Boston f t A lb a n y___________ Jan 1 to A pr 30 6,637,556 5,126,539
Lehigh f t New E n g. A p r il_____
233,600 260,425 2,839,715 2,104,433
Lake Erio & W estern .n ____ Jan 1 to A pr 30 2,246,237 1.817,119
April
3,692,001 3,782,270 38,835,213 35.045,845
Lehigh Valley
M ichigan C entral__________ Jan 1 to A pr 30 14,165,687 10,625,038
142,809
Louisiana f t A rk a n . M a rch -----153,078 1.258.825 1,291,415
C love Cin Chic & St L o u is .. [Jan 1 to A pr 30 14,483,530 11,103,308
456,342
577,721
160,986
165,991 1,850,536 1,676,750
Louisiana lty f t Nav A p r il_____
Cincinnati N orthern_______ Jan 1 to A pr 30
/L ou isville f t Nasiiv 3(1 wk May 1,202,065; 970,16.': 53.402,132 46,126,375
Pittsburgh & Lake E rie____ Jan 1 to A pr 30 7,497,206 4,122,916
973,5291 858,788 9,852,363 9,435,421
M aine C ontral_____ A p r il_____
N ew York Chicago St St Louis Jan 1 to A pr 30 5,019,032 3,700,427
43,124
44,726
M aryland f t Penna. A p r il_____
T oledo & Ohio C ontral---------- Jan 1 to A pr 30 1,760,662 1,314,629
398,007
435,150
825,194
169,419
94,853 1,537,408 1,180,535
M idland Valley____ A n r il_____
Kanawha & M ich igan ______ Jan 1 to A pr 30 1,172,531
22,246
18,375
Mineral R ange____ 3d wk M ay
T otal all l i n e s ____________ Jan 1 to A pr 30 116636951 87,657,992
950.865
738,521
178.255 9,659,390 0,104,175
N Y Susquehanna f t W e ste rn .. Jan 1 to A pr 30 1,564,084 1,339,278
M inneap St St Louis 3d wk M ay 230,195
M inn St 1» f t S S M . 3d wk M ay 596,893 458,811 30.912,873 25,015,176 p Pennsylvania R a i l r o a d _______ Jan 1 to A pr 30 72,467,506 56,198,360
286,846
261,815
67.626
73,569
607.829
Baltim ore Chosap St Atlantic Jan 1 to A pr 30
Mississippi Contral. M a r c h ___
586,258
902,254
600,197 524,545 28,841,889 29,800,636
Cum berland V alley__________ Jan 1 to A pr 30 1,211,529
0 M o Kan f t T e x ___ 3d wk M ay
5,477,491 4,600.583 47.962,404 44,652,650
l o n g Island______ __________ Jan 1 to A pr 30 3,985,727 3,530,209
h Missouri P a c ific .. M arch
231,590
215,956
1,079,954 928,931 10,560,236 9,213,583
M aryland Delaw < Virginia. Jan l to A pr 3(1
fc
N ashv Cliatt St St L April .
6,168
6,561
N Y Philadelphia < N orfolk . Jan 1 to A pr 30 1,512,339 1,092,657
fc
314,827
N evada-Cal-O regon 3d wk M ay
330,072
16203808 130833(56 154758424 127075975
Phila Baltim ore & W ashing’n d an 1 to A pr 30 7,740,435 6,151,071
/ Now Y ork Central A p r il___
West Jersey & Seashore_____ Jan 1 to A pr 30 2,078,531 1,650,630
Boston f t A lbany. A p r il_____ 1,818,310 1,42.3,929 16,213,915 13,559,532
585,091 463,910 5,719,744 1,7.34,628 Pennsylvania C o m p a n y ................ Jan 1 to A pr 30 21,785,743 15,175,717
n Lake Erie St W_ A p r il_____
Grand Rapids & Indiana____ Jan 1 to A pr 30 1,805,383 1,630,371
M ichigan Central A p r il......... 3,837,898 2,863,499 34,148,297 27,827,717
Pitts Cine Chic St St L o u is .. Jan 1 to A pr 30 15,941,397 11,928,707
Clove C C St St L A p r il_____ 3,533,145 2,78(5,677 35,805.355 29,885,153
122,525 1,498,881 1,290,214
142,605
V andalla_____________________ Jan 1 to A pr 30 4,128,146 3.442,526
Cincinnati N ortli. A p r il_____
T otal lines— East Pitts St Erie Jan 1 to A pr 30 90,658,949 70.971.42S
Pitts St Lake Erie A p r il_____ 1,900,769 1,190.908 18,653,331 11,724,705
— W est Pitts & Erie Jan 1 to A pr 30 44,234,945 32,654,019
N Y C hic & St L . A p r il_____ 1,306,062, 950,894 11,873,707 9,432,494
310,000 4.410.950 4,189,304
— All lines E & W_| Jan 1 to A pr 30 134893891 103626047
393,761
T ol & Ohio C en t. A p r il.........
250,298
273,365
R io Grande Junction___________ Dec 1 to M ar 31
269,276 223.256 2,985,817 2.410,790
Kanawha & M ich A p r il_____
1 to April 30 1,266,126 1,023,714
T o t all linos abovo A p r il_____ 29990724 23448964 286070420 232130512 R u t la n d __________________

A G G R E G A T E S O F G R O S S E A R N I N G S — W e e k ly a n d M o n t h ly .
W e e k ly S u m m a r ie s .

C u rren t
Y ear.

P r e v io u s
Y ea r.

In crea se or
D ecrea se.

%

M o n th ly S u m m a r ie s .

C u rren t
Y ea r.

P r e v io u s
Y ea r.

In crea se or
D ecrease.

%

S
$
S
$
C u r. Y r. P rev. Y r.
M ile a g e .
S
2d week M ar (36 roads).
9,907,727 +2,033,951 20.53
J u ly______ .243,042 241 796 262,948,115 260,624.000 + 2,324.115 0.89
11.941,678
3d week M ar (35 roads).
9,851,118 +2,085,115 21.01
11,930,229
A ugu st___ ..247,809 245 ,754 279,891.224 274.618.381 + 5.272.843 1.93
4th week M ar (38 roads).
September ..245.132 243 ,463 294,241.340 276,458.199 + 17,783.141 0.43
20.311,792 16,481.520 + 3,830,272 23.24
9,994,742 + 2,152,037 21.52
O ctobor __ ..248,072 247 ,009 311.179,375 274,091.434 +37.087,941 13.57
12,146,779
1st wepk April 32 roads).
13,369,400 10,662,518 + 2,706,882 25.40
N ovem ber ..246,910 245 ,858 306.733.317 240,422,695 +66,310.622 27.58
2d week April 32 roads).
13,403.730 10.934,698 + 2,469,032 22.58
Docom ber ..248,437 247 ,673 295,202,018 232.763.070 + 62,438.948 26.82
3d woek April .33 roads).
17,252,276 14,337,992 + 2,914,284 20.33
J a n u a ry ... .24 7 ,6 20 246 ,838 267,043,635 220.203,595 + 46,840,040 21.27
4 til week April (38 roads).
13,608.168 10,598.907 + 3,009,261 28.39
February . ..245.541 244 ,809 267,579,814 209,573,963 + 58,005,851 27.6g
1st week AI ay (37 roads).
13,955,903 10,818,158 +3,137,745 29.00
M a r c h ___ ..24 7 ,3 6 3 246 ,548 296,830.406 238.098.843 + 58,731,563 20.4?
2d week M ay (36 roads).
12,245.804
9.664,045 + 2,581,759 26.72
87 ,566 71.611.067 58,481,044 + 13,130.023 22.45
April ___ . . 89,588
3d week M ay (35 roa d s).
a Includes Cleveland Lorain f t W heeling R y .
b Includes E vansville & Terre H a u toan d Evansville & Indiana R R .
c Includes M ason C ity & Fort
D odge and the Wisconsin M innesota & P acific, d Includes not only operating revenue, but also all other receipts, e Does not Include earnings o f C o lo 
rado Springs St Cripple Creek D istrict R y . / Includes Loulsvlllo & A tlantic and the Frankfort St Cincinnati, g Includes the Texas Central and the
W ichita Falls lines, h Includes the St. Louis Iron M ountain St Southern. / Includes the Lake Shore St M ichigan Southern U y ., C hicago Indiana f t
Southern R R . and Dunkirk Allegheny Valley & Pittsburgh R R . n Includes the N orthern Ohio R R . p Includes the N orthern C entral. * W e no
longer include the M exican roads in any o f our totals.




THE CHRONICLE

2068

L a t e s t G r o s s E a r n in g s b y W e e k s .— In tho tal>lo which
follows wo su m up separately the earnings for tho third week
of M a y .
Tho table covers 35 roads and shows 2 6 .7 2 % in
crease in the aggregate over the sam e week last year.
T h ir d

xceck

of

1916.

M ay.

Alabama Great Southern______
Ann A rb or_____________________
A tlanta Birm & A tlantic______
Buffalo Rochester & Pittsburgh
Canadian P acific----------------------Chesapeake & O h io------------------Chicago Great W estern_______
C hicago Ind & Louisville---------Cine N ew Orl & Texas P a cific. _
C olorado & Southern__________
D enver & R io Grande__________
Denver & Salt L a ke____________
D etroit & M ackinac___________
D uluth South Shore & A tla n tic.
Georgia Southern & Florida—
Grand Trunk o f Canada______
Grand Trunk W estern_____
D etroit Gr Haven & M ilw __
Canada A tla n tic------ ---------Louisville & N ashville_______
M ineral R an ge_________________
M inneapolis & St L ouis-----------1
Iowa Central_______________ J
M inneap St Paul & S S M -------M issouri Kansas & Texas---------M ob ile & O hio_________________
N evad a-California-Orogon_____
Pere M arquette________________
R io Grande Southern--------------St Louis Southwestern-------------Southern R ailw ay__________ . . .
Tennessee Alabam a & G eorgia.
Texas & P a cific________________
T oledo St Louis & W estern-----Virginia & Southwestern............
Westorn M a ry lan d ------------------T otal (35 roa d s)-------N ot increase (2 6 .7 2 % ).

s

120,974
55.308
54,161
247,509
2.610.000
940.951
310,580
162,848
219,010
271,676
453,700
29,700
22,539
73,017
38,830

1915.

In crea se.

S
9
84,944
36.030
12,732
42,576
46.872
7,289
194.419
53,090
1,575,000 1,035,000
80S. 189
132,762
270,388
40,192
129,992
32,856
185,178
33,832
22,619
249,057
400.400
53,300
28.220
1,480
19.950
2,589
57,313
15,734
36.996
1,834

1,083,079

938,386
970,465
18.375
178.255

231,600
3.871
51,940

596,893
600,197
244,232
6,561
383,646
1 1,544
219,000
1,339,234
2,548
305,938
129.262
36,609
2 1 0 ,1 2 2

458.811
524,545
229,723
6,168
322,556
12,603
173.000
1.080,725
1.15,
296,556
99,457
31,077
186,692

138,082
75,652
14.509
393
61.090

s

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1.059

N e t E a r n in g s M o n t h ly t o L a t e s t D a t e s .— T h o tablo
following shows the gross and not earnings w ith chargos and
surplus of S T E A M railroads and industrial companies re
ported this week:
------- G r o s s
R oa d s.

C u rren t
Y ear.

E a r n i n g s ---------------- N e t E a r n i n g s ------P r e v io u s
C u rren t
P r e v io u s
Y ear.
Y ear.
Y ear.

S
S
8
S
A tlantic C oast L in e .a .-A p r 3,265,144 2,077,165 1,156,577
955,001
July 1 to A pr 3 0 ______ 28.672,595 26,612,265 8,230,542 6,065.454
B altim ore Sc O h io .b ____Apr 9.042,070 7,430,050
1,913,933 2,539,668
July 1 to A p r 3 0 ............ 91,121.549 74,876,636 26,288,994 21,574,334
Canadian Pacific a ......... Apr 10,881,306 7,455,859 3,733,736 2,687,755
July 1 to Apr 30............ 105,117,108 84.091.680 41,164,004 28,453,594
Contral o f G e o r g ia .b ...A p r
990,531 1,012,351
A267.313
A303.036
July 1 to A pr 3 0 ............ 10,629,508 10,423,225 /i3,246,202 A2,823,630
C hicago & A lt o n .a _____ A pr 1,252,346
1,063,634
*267,292
*37,836
July 1 to A p r 3 0 _______13,464,663 11,894,768 «3.361.662 *2,044,303
C hicago Ind & Louisv b Apr
648,660
559,689
224,141
189,663
July 1 to A pr 3 0 ............ 6,321,095 5,434,023 2,107,623 1,534.745
C hic M ilw & St P . b ____Apr 8,748,558 6,877,038 .2,551,810
1.941,475
July 1 to A pr 30------- .87,372,275 76,380,308 31,452,975 24,188,807
c ’7 *
3’7‘>
53,050
28,785
C hic R ock Isl & G u lf-_.A p r
242,168
199,111
812.356
681,528
July 1 to A pr 3 0 ______ 2,651,423 2,510,849
119,939
22,734
Cin H am & D a y t o n .b --A p r
733,867
739,773
966,871
July 1 to A pr 30______ 8,695,069 7,935,653 1.996,677
234,546
C olorado & S o u t h .b ------ A pr 1,148,502
1,022,213
373,063
4,869,652 3,638,606
July 1 to A pr 3 0 ............13,253.019 12,154.426
680,705
900.845
Delaware & IIudson _b_A pr 2,184,845 2,056,513
Jan. 1 to A p r 3 0 ______ 8,485.029 6,987.572 2,691.696 2.220,749
Del Lack & W e ste rn .b -A p r 3,720,735 ^3,757,256 1,344,415 1,497,273
July 1 to Apr 30............40,458,656 35.492,528 16,389,614 12.898,062
17,761
36,760
91.253
D etroit & M a c k in a c .a --A p r
114,173
179,829
905,113
228,039
July 1 to Apr 30—
958,953
465,778
260,066
661,468
Ei Paso & Southwest b A pr
961,898
Juiy 1 to Apr 30---------- 8,612,906 G,343,266 3.644.216 2,460,656
951,055
5.012,298 1,485,187
.................... A pr 6,027,893 . --------Erie a ____________________ _ ______—
Jan 1 to Apr 3 0 ............23,124,828 18,994,695 5,063,665 3.686,506
535,453
907,085
Illinois Central a _______ A pr 5,394,780 4,655,280
9,717,367
J u l y T t o A pr 3 0 ____ r.57H 8fj;356 52,391,378 11,376,956
35,568
610,757
144,070
798,425
Internat & G t N or b ------ Apr
July 1 to Apr 3 0 ---------- 7,893,571 7,718,577 1,801,283 1,072,294
858,788
317.325
251.425
M aine Central b _______ A pr
973,529
July 1 to A pr 30---------- 9,852,363 9,435,421 3.076,294 2,657,515
750,905
*183,407
*189,349
M inn & St Louis a --------Apr
794,823
July 1 to Apr 30______ 9,032,905 8,576,773 *2,736.374 *2,273,012
N ashv C hatt & St L b ._ A p r 1,079,954
928,931
246,416
138,990
July 1 to A pr 30............ 10,560.236 9,213,583 2,681.413 1,493,451
N Y Susq & W estern a _ -A p r
330,530
368,511
68,717
134,345
Jan. 1 to A pr 3 0 ____
1,564,084 1.339,278
420,415
404,142
R u t la n d - b ._ ......... .......... Apr
378,390
291,281
135,781
95.034
Jan 1 to A pr 30______ 1,266,126 1,023,714
359,328
246,477
St Louis & S F R R . h . . . A p r 3,921,270 3,241,533 l .322,222 l .023,567
Juiy 1 to A p r 3 0 ............ 38.148,369 34,363,143 12.844,240 11,229,317
Seaboard Air Line a ____ Apr 2,182,720 2.033,915
661,292
635,287
July 1 to A p r 3 0 ............ 20,518,864 18,286,227 5,948,890 4,539,371
Southern R a iiw a y .a ____ A pr 6,181,498 5,212,784 2,038,246
1,300.143
July 1 to A pr 3 0 ______ 58,058,277 52.539.019 17,315.927 10.923.084
298,8S2
914,628
234.913
M ob ile Sc O h io .a _____ A pr 1,062,437
July 1 to A pr 30---------- 9,762,494 9,132,151 2,298,614 2,116,992
804,842
269,265
239.435
Cln N ew Orl & T exP a A pr
940,963
July l to A p r 3 0 ............ 9,060,942 7,853,202 2,471,929 1,784,700
414,415
141,515
90,941
A labam a G rt S o u .a .-A p r
476,545
755,962
July I to A p r 30______ 4,578,044 3,9V2,251 1,320,184
25,074
173.251
28,186
Georgia Sou & F la .a _ A p r
191,668
421,600
208,783
July 1 to A p r 3 0 ---------- 2,056,233 1,889,536
141,756
16,392
26,796
Virginia & S ou th w _a --A p r
154,894
1,527,742
324.442
410.437
July 1 to A pr 3 0 ......... - 1,629,656
„
_
130,161
341,156
Texas & P acific b ----------A pr 1,500,811 1,318,286
J u l y T t o A pr 30____ 1 . 16:264,948 15,301,145 4,694,019 3.823,232
367,446
<7139.477
(721,384
T oledo St L & W est a . . - A pr 459,360
July 1 to A pr 3 0 ---------- 4,622,916 3,847,719 g l ,428,610 q 7 66,822
556.857
304,570
258,042
648,537
V irgin ia n .a ___________ A pr
July 1 to A pr 30______ 6,344,257 5,048.335 2.933,115 2,018,717
793,259
346,462
258,912
W estern M aryland b ___A pr
931,835
July 1 to A pr 3 0 ______ 8,936,286 7.000.725 3,093,925 1,841,682
951,116
264.040
226,118
Y a zoo & M iss Valley a .- A p r 1,048,426
9.973.214 3,332,010 2,453.247
July 1 to A pr 3 0 ............11,272.871




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F ix ed Chgs.
Taxes.

B a la n c e ,
S u r p lu s .

S
859.047
709,774
7,877,337

S
460,239
502,901
4.664,842

6 ,7 8 3 ,0 8 5

3 ,9 7 9 ,8 2 4

N e t R ev.
T o ta l O p e r.
E x p en ses. fr o m O p er.

N e t T n c.
a fter d i g s .

N et
E a rn in g s.

S
S
Central o f N ow Jer__Apr *16 2,989,219 1,319.285
Apr T 5 2,793,185 1,212,675
l O m o s ’ 16 30,142,663 12.542,179
10 m o s ’ 15 2 6 ,3 9 3 ,6 6 4
T o ta l O p e r .
R even u e.

Chicago Great W e st.A p r TO 1,179,305
A pr T 5 1.021,046
10 m os T 6 12,619,870
10 mos T 5 11,651,023
G ross
E a r n in g s .

B oston & M a in e____ Apr TO 4,447,446
Apr T5 3.815,972
10 m os ’ 16 42,608,110
i
10 mos 1 5 38,762,508
i
C hic & N orth W est .A p r Tf» 7,512,437
A p r ’ 15 6.035,695
10 mos T 6 77,561.820
10 m os T 5 69,936,288
C h l c S t P M & O m - . A p r T 6 1,697,600
’
A p r ’ 15 1.322,875
10 m os ’ 16 16,724,021
i
10 m os ’ 15 15,420,563
i
M o Kan & T e x ____A pr TO 2,554,503
Apr 1 5 2,598,981
10 m os TO 27,110,115
i
10 m os T 5 28,232,058
i
N Y O n t& W estern. Apr TO
700,599
A pr 15
749,971
10 mos 16 7.494,022
10 m os 1 15 7,498,869

1 0 ,7 6 2 .9 0 9

S
920,006
878,242
9,027,896
8,707,535
N e t a fte r
T a xes.

S
1,289,824
750.802
10,986,725
0.976,947
1,798,815
1.453.928
22,822,136
18.831,572
591,143
382,483
5.083,987
4,377,245
181,417
577,245
4.288.928
7,763.452
153.802
196,652
2,001,673
1,780,636

T o ta l
R evenue.

N et
E a r n in g s .

N o n -O p e r .
In co m e.

C h a rg es
& T a xes.

S

S

5

S

Northern Pacific—
Apr Tfl 6,450,096 2,898,857
Apr T5 4,682,890 1.808.033
10 mos T6 62,741,498 30,030,683
10 mos T5 53,185,818 22.040,596

flj • ^ M Q>
-)
-»
& “
Z
“
S

259,299
142,804
3.591,974
2,883,488

36,683
def85,722
1.375,000
693,273

F ix e d
C h a rges.
9

B a la n c e ,
S u r p lu s .
9

982,595
2370,112
841,143 zdef38,096
9.008,329 22.770,393
8 .5 9 8 ,1902def741.210
870,808
922,007
853,389
600,539
8,693,373 14,128,763
9,277,392 9,554.180
258,218
332,925
233,142
149,341
2,520,052 2.663,935
2.410,793 1,966,452
552,877 def.371,460
614,017 def.36,772
5,813,106 d f 1,524,178
5,854,819 1.908,633
- 1G.020
137,782
59.990
770.322
1,231,351
498,892
1,281,744
N et
In com e.

$

323,959 1,319,338 1,903,478
1,681,718 1,120,472 2,369,279
2,077,387 11,476,152 21,531,918
4,570,605 11,359,421 15,251,880

N et
S u r p lu s .

S
456,811
922,612
7.065.252
785,214

HO

J une

3 1916
G ro ss
E a r n in g s .

N et
E a r n in g s .

$
S
Chesapeake A Ohio—
Apr '16 3,927,523 1,121,501
Apr T5 3,525,308 1,171,023
10 mos TO 39,773,420 13,330,385
10 mos T5 32,304,770 9,020,744
Norlolk & Western—
fc-j Apr TO 4,076,973 1,998,382
Apr T5 3,759,185 1,395,995
10 mos TO 47,023,100 20,483,988
10 mos T5 34,640,405 11,893,486
G ross
E a r n in g s .

N e t a ft e r
T axes.

O th er
In com e.

T o ta l
In com e.

C h a rg es
& T axes.

S

3

$

16,744 1,138,248
— 6,545 1,165,078
91,830 13,422,215
320,229 0,952,973

813,706
786,703
7,987,784
7,875,311

B a la n c e ,
S u r p lu s .

S
324,482
378,375
5,434,431
2,077,002

182,930 2,181,312
79,546 1,475,541
1,372,545 21,856,533
1,565,288 13,458,774

533,976 1,647,330
561,110
914,431
5,397,857 10,458,076
5,502,227 7,950,547

O th er
In com e.

G ross
In com e.

F ix e d
C h a rg es.

B a la n c e ,
S u r p lu s .

S

S

S

859,569
581,897
8,932,119
0,835,401

588,490
580,756
5,913,175
5,851,625

271,073
1,141
3.018,944
983,776

S
S
S
Denv & Rio Grande—
741,074
118,495
Apr TO___ 1,918,001
07,817
514,080
A p r'15___ 1,623,645
10 mos TO.20,783,721 7,506,160 1,425,959
10 mos '15.18,223,273 5,271,522 1,563,879
New York Central—
Apr 1910.-10,203,808 4,979,954 1,533,022
Apr 1915.-13,083,300 3,074,369 1,461,850
4 mos 1910.03,070,789 18,557,062 5,900,408
4 mos 1915.48,506,478 9,768,170 5,370,878
Boston & Albany—
38,997
Apr 1910.. 1,818,310
614,784
20,060
Apr 1915.. 1,423,929
378,136
139,100
4 mos 1916. 0,037,556 1,908,965
114,121
4 mos 1915 . 5,126,509 1,009,313
Lake Erie & Western—
10,482
177,775
Apr 1916..
585,091
9,930
68,523
Apr 1915..
463,910
41,091
070,581
4 mos 1910. 2,240,237
40,092
290,730
4 mos 1915. 1,817,119
Michigan Central—
82,404
Apr 1910.. 3,837,898 1,181,328
72,362
000,554
Apr 1915.. 2,803,499
345,218
4 mos 1910.14,105,687 4,003,727
332,040
4 mos 1915.10,025,038 1,059,748
Cleveland Cincinnati Chicago A St Louis—
94,406
913,135
Apr 1916.. 3,533,145
581,784
81,510
Apr 1915.. 2,780,077
474,094
4 mos 1910.14,483,530 3,990,243
4 mos 1915.11,103,308 1,752,350
363,677
Cincinnati Northern—
29,924
1,060
Apr 1910..
142,005
24,609
2,702
Apr 1915..
122,525
145,674
4 mos 1910. 577,721
4,467
54,418
4 mos 1915. 456,342
7,138
Pittsburgh A Lake Eric—
908,714
Apr 1910.. 1,900,709
124,093
Apr 1915.. 1,190,908
479,153
00,738
4 mos 1910. 7,497,200 3,615,862
422,059
394,335
4 mos 1915. 4,122,916 1,202,525
New York Chicago A St Louis—
350,899
12,233
Apr 1910.. 1,300,002
103,688
27,798
Apr 1915 — 950,894
4 mos 1910. 5,019,032 1,225,475
70,513
322,111
87,254
4 mos 1915. 3,700,427
Toledo & Ohio CcntralApr 1916..
393,701
20,877
88,785
Apr 1915..
340,000
47,238
115,813
268,972
4 mos 1916. 1,700,062
349,708
4 mos 1915. 1.314,029
17,708
178,755
Kanawha A Michigan—
66,242
49,011
Apr 1910..
209,276
64,942
3,497
Apr 1915..
223,250
4 mos 1910. 1,172,531
181,090
349,886
145,832
4 mos 1915.
825,194
57,458
Total all lines—
Apr 1910.-29,990,724 9,249,630 2,034,491
Apr 1915.-23,448,964 0,082,054 1,802,271
4 mos '10.110,030,951 34,730,445 7,934,416
4 mos T 5 . 87,057,992 10,288,972 0,944,747

6,512,976 3,609,501 2,903,415
5,136,219 3,177,432 1,958,787
24,457,470 13,770,781 10,686,689
15,139,018 13,103,106 2,035,942
653,781
404,190
2,048,071
1,183,434
188,257
78,459
711,072
330,828

412,372
241,409
372,513
31,083
1,635,097
412,374
1,497,747 def314,307
77,704
89,384
317,714
404,210

110,493
dcfl0,925
393,958
def67,388

1,203,732
732,910
4,348,945
1.991,788

694,045
509,687
611,325
121,591
2,772,577 1,576,368
2,442,949 dcf451,l61

1,007,541
062,300
4,464,937
2,116,027

589,294
418,247
597,557
04,743
2,323,479 2,141,458
2,455,344 de(339,317

30,984
27,371
150,142
51,558

12,262
14,578
60,017
59,220

18,722
12,793
90,125
2,338

1,032,807
539,891
4,037,921
1,590,860

222,141
138,790
920,850
481,973

810,606
401,095
3,111,005
1,114,887

363,133
131,486
1,301,988
409,305

166,728
196,405
166,179 def34,693
009,022
692,906
744,230 Uef334,871

115,602
103,051
018,740
190,523

120,542 dcfl0,880
125,077
37,974
129,140
489,600
499,112 def302,590

115,253
68,439
530,982
203,290

29,852
29,722
118,100
118,698

85,401
38,717
412,822
84,592

11,284,121 5,940,560 5,343,501
7,944,325 5.322.560 2,021,765
42,670,861 23,023,900 19,640,900
23,233,719 21,805,592 1,428,127

Per cent return on operating Investment for 12 months to April 30 1916 has been:
N. Y. Central, 7.45%: Boston A Albany 7.55%Mich. Cent., 0.77%: Clove. Cine.
Chic. A Ht. L., 5.97%: Cine. Northern, 7.31%: Toledo A Ohio C ent.,3.76%; Pitts.
A Lake Erie, 17.48%: Lako Erie A West., 4.02% N. Y . Chic. A St. L., 5.01%,
and Kanawha * Mich., 7.54%.
G ross
E a rn in g s.

N e t , a ft e r
T axes, A c .

O th er
In co m e.

S
S
$
Pennsylvania UR —
April 1910.18,825,183 4,720,766 1,815,447
April 1915.15,207,949 3,353,529 1,775,243
4 mos 1910.72,407.500 15,972,417 7,017,052
4 mos 1915.50,148,300 7,095,179 0,963,604
Baltimore Chesapeake A Atlantic—
4,061
April 1910.
73,608
1.127
0,030
1,055
April 1915.
85,249
4,715
7,090
4 mos 1916.
201,815
dcf7,649
8,150
4 mos 1915.
280,840
Cumberland Valley—
108,282
11,680
April 1910.
312,501
74,668
10,856
April 1915.
240,374
598,993
04,817
4 mos 1910. 1,211,529
47,669
272,008
4 mos 1915. 902,254
Long Island—
55,302
242,231
April 1910. 1,113,001
53,457
193,761
April 1915. 1,013,241
229,484
539,410
4 mos 1910. 3,985,727
201,095
290,055
4 mos 1915. 3,530,209
Maryland Delaware A Virginia—
189
def 301
April 1910.
63,293
687
3,780
April 1915.
07,039
842
912
4 mos 1910. 215,950
2,837
280
4 mos 1915. 231,590
New York Philadelphia A Norfolk—
3,827
April 1910. 405,524
128,909
3,091
April 1915. 299,084
33,869
27,354
4 mos 1910. 1,512,339
427,399
4 mos 1915. 1,092,057
28,751
101,038
Philadelphia Baltimore < Washington—
fe
April 1910. 2,133,194
020,849
128,113
April 1915. 1,743,884
335,072
121,605
4 mos 1910 . 7,740,435 1,750,315
513,692
4 mos 1915. 0,151,071
010,762
489,945
Philadelphia A Camden Ferry—
April 1916.
72,005
37,395
5,683
April 1016.
01,247
26,316
4,938
110,012
4 mos 1910. 253,779
22,987
90,752
19,720
4 mos 1915.
238,065
West Jersey A Seashore—
107,528
14,230
April 1910. 014,445
14,705
April 1915. 487,300 ' 34,403
140,078
58,798
4 mos 1910. 2,078,531
60,073
4 mos 1915- 1,050,030 def 128,748
Pennsylvania Company—
398,124
April 1910. 5,940,168 1,524,160
729,410
431,242
April 1915. 4,220,248
4 mos 1910.21,785,743 5,052,507 4,227,248
4 mos 1915.15,175,717 1,731,084 3,201,595
Grand Rapids A Indiana
99,121
13,318
April 1010.
470,214
70,820
12,737
April 1915.
424,270
20,694
255,833
4 mos 1910. 1,805,383
23,408
181,451
4 mos 1915- 1,030,371




2069

THE CHRONICLE

G ro ss
In com e.

•
S
6,536,213
5,128,772
23,019,469
14.058,783

F ix e d
C h a rges.

B a la n c e ,
S u r p lu s .

$

$

2,441,971 4,094,242
2,203,374 2,925,398
9,201,806 13,817,603
7,915,767 0,743,010

5,188
7,685
11,811
507

21,057
22,200
80,104
87,321

defl6,469
defl4,575
def74,353
def86,814

179,962
85,524
063,810
320,277

30,473
12,702
115,088
55,920

149,489
72,822
548,122
264,357

297,533
247,218
708,900
498,350

379,237 def81,704
372,042 defl25,424
1,406,724 dnf697,824
1.410,729 dcf912,379

def 171
4,407
1,755
3,123

13,119
14,214
53,017
50,706

dcf!3,291
dcf9,747
def51,802
53,583

132,795
36,960
454,753
129,789

30,700
20,200
137,105
100,813

102,095
10,754
317,048
22,970

748,962
456,677
2,270,007
1,100,707

301,003
290,301
1,173,120
1,138,875

447,359
100,373
1,096,887
def38,168

43,078
31.254
138,999
116,472

1,034
1,069
5,035
5,175

42,044
30,185
133,904
111,297

121,758
49,168
198,870
dcf68,675

05,034
50,724
64,517 11(415,31!)
258,410 (Icf59,534
240,302 dcf315,037

1,925,284
1,160,058
9,279,755
4,933,279

1,659,977
265,307
1,437,902 def277,304
6,251,808 3,027,947
5,582,490 def049,217

112,439
83,563
282,527
204,859

62,373
63,225
274,375
245,023

50,000
20,338
8,152
dcf40,704

N e t a ft e r
T axes, A c .
S
Chicago A St

O th er
In com e.

G r o ss
In com e.

F ix e d
C h a rg es.

S

$

S

805,179
571,077
3,432,175
1,846,015

S
Louis—
39,489
39,044
195,998
207,335

844,608
618,721
3,628,173
2,053,350

612,712
516,493
2,215,969
1,953,460

231,956
102,228
1,412,204
99,890

154,725
121,561
710,813
462,545

4,218
5,737
.16,SOllS,470

158,943
127,298
727,207
481,015

167,427
152,440
590,041
550,732

def8,484
def25,142
137,106
def69,717

G r o ss
E a r n in g s .

S
Pittsburgh Cincinnati
April 1910. 4,023,423
April 1915. 3,162,308
4 mos 1910.15,941,397
4 mos 1915.11,928,707
Vandalla—
April 1916.
946,600
April 1915. 864,110
4 mos 1910. 4,128,146
4 mos 1915. 3,442,526

B a la n c e ,
S u r p lu s .

•
—Total East P . & E .— — Total West P . A E .— -----Total All Lines—
G r o ss
E a r n in g s .

N e t a ft e r
T axes, A c .

G r o ss
E a r n in g s .

S
S
S
April 1916.23,802,953 6,193,866 11,549,299
April 1915.19,450,083 4,162,452 8,809,832
13 mos '10.90,058,949 20,156,618 44,234,945
4 mos 1915.70,971,428 9,330,560 32,054,619

N e t a ft e r
T axes, A c .

S
2,617,480
1,512,250
9,543,083
4,273,843

G ro ss
E a r n in g s .

N et a fte r
T a xes, A c .

•
S
S
35,412,252 8,811,345
28.200.515 5,074,701
134893,894 29,699,701
103626,047 13,004,403

The return on property investment for the system East & West was 6.59% for
the 12 months ended April 30 1916, against 4.22% for the same period In 1915.
G ross
R ece ip ts.

P hila& R eading____Apr TG
A pr '15
10 mbs TG
10 m os T 5
C oal A Iron C o ..A p r TG
Apr T 5
10 m os '16
10 m os '15
T otal both Cos ..A p r TG
A pr '15
10 m os TG
10 m os '15
Reading C o _____ Apr TG
A pr '15
10 m os TG
10 m os T 5
T otal all C o s ____Apr TG
A pr '15
10 m os '16
10 mos '15

R en t, I n t .,
T a xes. & c.

Iia la n c e ,
S u r p l u s '.

S
S
$
1,691,847
770,250
921,597
1,425.778
656,111
769,667
18.359,655 7,702,500 10,657,155
12,039,817 7,696,667 4,343,150
35,166
8,000
27,166
8,000
109,519
101,519
1,791,542
80,000 1,711,542
80,000
467,271
547,271
948,763
1,727,013
778,250
757,630
777,667
1,535,297
20,151,197 7.782.500 12,368.697
12,587,088 7,776,667 4,810.421
101,654
559,321
457,667
92,480
555.480
463,000
5,622,492 4,576,667 1,045,825
933,110
______
5,563,110 4,630,000
2,286,334 1.235,917 1,050,417
850,110
2,090,777 1,240,667
25,773,689 12,359,167 13,414,522
............ 18,150,198 12.406.667 5,743.531

G ross
E a rn in g s.

R io Grande June___M ar TG
M ar ' 15
4 m os TG
4 m os '15

P ro fit in
O p e r a tin g .

S
4,805,000
4,272,567
48,161,551
39,323,059
2,407,814
3 ,GOG.944
31,008,292
25,826,883
7,212,814
7,879,511
79,169.843
65,149,942

73,965
63.724
273,365
250,298

30%

o f G ross
E a r n in g s .

22,189
19,117
82,009
75.089

F ix e d
C h a rg es.

8,333
8,333
33.333
33,333

B a la n c e ,
S u r p lu s .

13,856
10,784
48,676
41.756

IN D U S T R IA L C O M P A N IE S .
G ross
E a r n in g s .

S
Abtngton & R o ck l’d A pr TG
13,414
Klee Lt A P ow er.A p r '15
11,245
4 mbs '1G
57.987
4 m os T 5
48.349
Atlant ic G u lf & W est Indies SS Lines—
(Subsidiary C o s)-M a r TG 2,253,629
M a r T 5 1,810.784
3 m os TG 6,6-17,902
3 m os '15 4,775,965
Blackst Vail G & E .A p r TG
133,359
A pr '15
113,225
4 m os T 6
579,004
4 m os '15
472,204
Connecticut P ow er.A p r TG
55,245
Apr '15
42,406
12 m os T 6
629,350
12 m os T 5
484.074
Edison El 111 (B roc)A pr TG
47,927
A pr '15
42,772
214,238
4 m os TG
4 m os T 5
184,797
Fall River Gas W ks Apr TG
38,688
Apr T 5
36,857
4 mos TG
164,146
160,926
4 m os '15
21.240
Haverhill Gas L t ___Apr TG
A pr '15
18,333
4 mos TG
93,355
83.061
4 m os T 5
29.445
H oughton C o El L t.A p r T 6
Apr T 5
24,244
130,650
4 m os TG
4 mos '15
110,605
H untington D & G -.A p r '16
36,997
A pr '15
21.042
4 mos TG
165,265
4 m os T 5
80,038
Lowell E lec L t Corp A pr '16
51.322
A pr '15
40,984
215,810
4 m os '16
4 m os '15
163,148
Mississipp Itiv Pow A p r '16
138,602
A pr '15
133,904
4 mos TG
565,686
4 m os '15
534,608
St L It M t & I’ a c___A pr TG
199,281
A pr ’ J5
169,013
.845,752
4 m os ' 1G
4 mos T 5
871.492
Sierra Pacific Elec Apr '16
47,528
(and sub c o s )____Apr '15
38,989
4 m os TG
184,147
4 m os '15
156,919
Tennessee Pow C o .A p r '16
109,785
A pr '15
79,062
4 m os TG
442,422

N e t a fte r
T a xes.

$
2,696
1,497
12,344
8,478
537,904
556,776
1,681,518
1,159,751
51,789
41,426
239,572
183,990
27,628
19,731
315,632
219,712
18,482
14,178
84,264
72.768
14,019
9,166
54,389
48,826
6,685
4,190
27,586
21,725
13,075
9.544
63,476
46,999
12,172
12,574
65,203
50,581
21,577
13,629
. 86,949
60,161
110,263
105,993
450.057
423,383
50,686
42,257
220,045
245.513
27.272
22,784
97,472
90,322
53,104
32,805
234.977

F ix e d
C h a rges.

S
190
197
789
2,379

B a la n c e ,
S u r p lu s .

$
2,506
1,300
11,555
6.099

165,745
372,159
178,806
377,970
509,131 1,172,387
507,342
652,409
21,841
29,948
18,880
22,546
81,716
157,856
76,484
107,506
16,164
11,464
10,400
9,331
170,392
145,240
115,668
104,044
1,396
17,086
2,711
11,467
5,669
78,595
11,773
60,995
3
14,016
1,264
7,902
12
54,377
10,893
37,933
3
6,682
9
4,181
549
27,037
549
21.176
3.434
9,641
3,436
6,108
49,740
13,736
13,762
33,237
3,400
8.772
2,592
9,982
13,600
51,603
10,349
40,232
318
21,259
3
13,626
1,080
85,869
6
60,155
105.601
4,662
107,312
d e fl,3 1 9
423,451
26,606
431,293
def7,910
21,858
28,828
31.496
10,761
88,933
131,112
125,984
119,529
8,211
19,061
7.604
*15,556
29,852
67,620
30,800
*61,026
36,644
*22.749
38,173 *def4,202
146,593
*116,243

a N et oarnings hero given are after deducting taxes,
b N et earnings hero given are before deducting taxes.
g A fter allowing for miscellaneous charges to Income for the m onth o f
April 1916, total not earnings were $103,506. againts def. $15,252 last year,
and for tho period from July 1 to A p iil 30 were $1,087,977 this year,
against $505,715.
h After allowing for uncollectible revenue and taxes, operating incom e for
April 1916 was $214,729,’ against $254,276, and from July 1 to April 30
was $2,707,944 In 1916, against $2,344,307 last year.
k A fter allowing for additional income for the m onth o f April 1916, total
net earnings were $149,068, against $132,045 last year, and for the period
from July 1 to April 30 were $2,371,874 this year, against $1,916,093.
s A fter allowing for miscellaneous charges to incom e for tho m onth o f
April, 1916. balanco available for interest was $235,314, against def. $21,
544 last year, and for tho period from July 1 to Apr. 30 was $2,829,388 this
year, against $1,449,058.
* After allowing for other incom e received.

E X P R E S S C O M P A N IE S .
— M o n t h o f F e b r u a r y -----------J u l y 1 t o F e b . 29----1915:
1916.
1915.
1916.
s
$
$
A d a m s E x p r e s s C o .—
$
2,365,201 26,933,576 22,446,661
T otal from transportation___3,122,517
1,110,176 13,277,445 11,437,126
Express privileges— D r _____ 1,5-10,658
1,581,858
39,090

1,255,024 13,656,130 11,009,535
328,102
377,487
35,951

1,620,949
1,573,503

Oper’ns other than transp’n.

1,290,975 14,033,617 11,337,637
1,388,962 12,522,836 12,199,610

N et operating revenue-----Uncollectibe rev. from trans.
Express t a x e s _______________

47,446
562
19,024

— 97,986
681
16,538

1,510,780
4,022
146,787

— 861,973
3,949
135,993

27,859
Operating incom e_________
.$
A m e r i c a n E x p r e s s C o .—
Total from transportation— 4,150,150
Express privileges— D r-------- 2,038,851

C rl 15,207 1,359,970--1 ,0 0 1 ,9 1 6
«
•
S
$
3,076,264 36,295,001 30,165,815
1,590,757 18,208,637 15,147,881

Revenuo from transport’n . 2,111,298
241,060
Oper’ns other than transp’n .

1,485,507 18,086,363 15,017,934
202,842 2,074,379 1,435,848

Total operating revenues. 2,352,358
Operating expen ses_________ 2,197,128

1,688,349 20,160,743 16,453,783
1,871,147 17,746,158 16,594,929

155,230 — 182,797 2,414,584 — 141,146
N ot operating revenue-----1,491
6,451
300
788
U ncollectible rev. from trans.,
275,810
347,415
29,458
42,200
Express t a x e s _______________.
112,241 — 212,555 2,060,717 — 418,448
Operating incm e-------------S
%
$
G l o b e E x p r e s s C o .—
484,742
*1,385
46,142
196
T otal from transportation— .
243,328
447
22,734
Express privileges— Dr.
241,413
938
23,408
196
Revenue from transport’n ..
6,436
10
643
O per’ns other than transp’n .
247,850
949
24,051
197
T otal operating revenues.
234,949
5,817
28,029
.
92
Operating oxp en ses_______
12,900
— 4,868
— 3,977
105
N et operating revenue----8,200
4,200
800
Express taxes---------------------4,700
— 9,068
— 4,777
105
Operating incom e------------$
*
5
$
$
S o u t h e r n E x p r e s s C o .—T otal from transportation.. 1,477,204 1,122,263 10,565,468 9,131,245
581,578 5,390,660 4,691,983
766,128
Express privileges— D r ------- _
530,684 5,174,808 4,439,261
711,075
Revenuo from transport’n .
227,306
200,873
21,252
.
27,046
Oper. other than transport’n._
551,937 5,402,115 4,640,134
738,122
T otal operating revenues.
513,302 4,329,880 4,222,209
557,299
Operating oxpen ses___
417,925
38,634 1,072,235
180,822
N et operating rovenue-----662
639
104
177
Uncollectible rev. from trans..
111,757
117,550
14,627
15,704
Express taxes_______________.
300,005
959,814
23,902
Operating Incom e_________
164,941

E L E C T R IC R A I L W A Y A N D T R A C T I O N C O M P A N IE S .
L a tes t G r o ss E a r n in g s
N am e of
R oad.

[Vol . 102.

THE CHRONICLE

2070

W eek or
M o n th .

A tlantic Shore R y — A p r il_____
cAur Elgin & C hic R y A p r il_____
llangor R y & Electric A p r il_____
Baton R ouge E lec C o A p r il_____
Beaver Valloy T r a c .. M a rch ____
B elt U R y C orp (N Y C ) F eb ru a ry ..
Berkshire Street Ity . A p r il_____
Brazilian T ra c, L & P A p r il_____
B rock & Plym St I iy . A p r il_____
Bklyn R ap Tran Syst F ebruary..
C apo B reton Elec C o A p r il_____
Chattanooga R y & Lt A p r il_____
C levo Painesv & East A p r il_____
C leve Southw & C o l. A p r il_____
Colum bus (Ga) El C o A p r il_____
C olum (O) R y , P & L A p r il_____
y C om ’w ’th P R y & L A p r il_____
C onnecticut C o -------- A p r il_____
C onsum Pow (M ich ). A p r il_____
Gum b C o (M e) P & L A p r il_____
Dallas Electric C orp . A p r il_____
D etroit United Lines M arch _ ..
D D E B & B att(R ec) F ebruary..
Duluth-Superior Trac A p r il_____
East St Louis & Sub A p r il_____
Eastern Texas E le c .. A p r il_____
(/El Paso E lectric C o . A p r il_____
42d St M & St N A ve F ebruary..
g Georgia R y & P o w . A p r il_____
G alv-Ilou s E lec C o . . A p r il_____
Grand Rapids R y Co A p r il_____
Harrisburg Railways A p r il_____
Havana El Ity L & P. M arch . ..
Honolulu It T & Land A p r il_____
H oughton C o T r C o . A p r il_____
b Hudson & M a n h at. A p r il_____
Illinots T ra ction ------ A p r il_____
Inter boro R ap T ra n . A p r il____
Jacksonvillo T rac Co A p r il_____
A p r il_____
Keokuk E lectric—
K oy West E le c tr ic .. A p r il____
Lake Shore Elec R y . A p r il____
Lehigh Valley Transit A p r il____
Loivist Aug & W aterv A p r il____
L ong Island E lectric. February..
Louisville R a ilw a y .. A p r il____
M ilw El R y & Lt C o . A p r il____
M ilw Lt l i t & T r C o . A p r il____
N ashvillo R y & Light A p r il____
N Y C ity In te rb o ro .. F ebruary..
N Y & Long I sla n d .. February..
N Y & N orth Shoro. . F ebruary..
N Y & Queens C o — F ebruary..
N ow York R ailw ays. A p r il____
N Y & Stam ford R y . A p r il____
N Y W ostchos & B os. A p r il____
N ortham pton T r a c .. A p r il____
N or Ohio T rac & L t . A p r il____
N orth Texas Electric A p r il____
Ocean Electric (L I ) . February..
Paducah T r & Lt C o . A p r il____
Pensacola E lectric C o A p r il____
Phila Rapid T ransit. A p r il____
Phila & Western R y . A p r il_____
Pittsburgh R ailw ays. M arch . . .
Port (Ore) Ry ,L& PC o A p r i l ------g Puget Sd T r, L & P. M arch . . .
g Republic R y & L t . . A p ril_____
R hode Island C o ------ A p r il____
R ichm ond Lt & R R . February..
St Jos R y L H & P Co A p r i l ____
Santiago E lecL t & Tr M arch . .
Savannah Electric Co A p r il____
Second Avenuo (Rec) F eb ru a ry..
Southern B oulevard. F eb ru a ry..
Staten Isl’d M id lan d . February..
T am pa E lectric C o . . A p r il____
Third A v e n u e ______ February.




C u rren t
P re v io u s
Y ea r. ' Y ea r.

Jan.

1

to la tes t d a te .

C u rren t
Y ea r.

P re v io u s
Y ea r.

S
$
$
91.496
91 418
23,855
23,576
556,444
594 469
154.830 142,011
249,549
255 138
60,617
62.654
58,910
66 924
14,517
15,747
76,471
91 205
25,965
32,101
118,819
124 151
55,275
58,420
271,139
290 ,841
69,861
78.445
/6678000 /6333460 /25898 ,000 /2 4 ,422060
28,100
30 ,857
7,407
8,403
2099.998 1916,898 4.357 ,557 4,004,119
101,154
118 ,859
25,165
28,235
330,362
397 ,681
87,745
99,983
113,038
127 ,792
30,151
34,436
369,082
409 ,641
96,217
106.612
228,536
268 ,183
64,878
56,409
285,006 247,363 1,151 ,217 1,025,367
1313,207 1093,746 5,437 ,467 4,614,691
744,170 612,898 2,878 ,552 2,395,056
371,398 290,556 1,532 ,625 1,232,506
832 ,900
752,027
211,944 186.786
605.512
647 ,988
151,269 131,945
1237,688 1007.927 3,523 ,118 2,856.696
75,915
77 ,977
35,720
37.840
375,621
430 ,766
87,435
106,730
786,393
926 ,373
237,646 193,827
204,794
50,670
255 ,604
62,996
326,669
368 ,790
76,698
85,799
306,965
310 ,559
146,979 142,402
586,137 527,388 2,322 ,014 2,132,689
612 ,013
623,350
151.417 152.211
376,254
419 ,911
83.353
103,047
303,021
89,702
75.354
355 ,614
1,452 ,233 1,390,314
470.616 472,185
214 ,511
190.225
46,510
55,039
82,331
103 ,959
27,766
21,851
503,689 465,488 1,981 ,711 1,861,908
948.616 850,611 3,971 ,145 3,584,543
3243,930 2926,690 12,869 ,709 11,568,822
212 507
208,855
52,076
54,593
74,645
78 841
18,343
19,930
37,365
8,641
37 816
9,759
391,308
453 ,144
118,622 111,548
591,663
754 032
198,625 147,932
202,436
219 061
53,817
60,400
29,909
30 ,489
14,180
14.655
948,566
983 385
255,028 242,114
562,680 474,382 2,333 ,761 2,004,427
439,090
517 ,845
133,194 108,052
705,982
769 ,582
193,641 176,040
108,427
117 ,790
56,543
51,255
57,739
55 607
27,694
26,205
22,147
22 ,735
10,361
10.570
191,521
209 423
91,226
100,393
1135,802 1127,388 4,405 ,536 4,315,512
93,759
98 ,555
25,508
27,135
162 851
141,391
37,555
44,833
51,156
64 ,517
13,013
17.282
399.830 279,282 1,518 582 1,101,351
518,138
605 ,938
146,494 123,465
10,029
10 588
5,164
4,800
95,559
22,193
103 ,180
24,384
79,875
20,472
93 ,216
23,391
2272,272 1971,599 8,718 ,030 7,831,682
132,076
35,502
149 844
42,803
1074,771 950.135 3,075 ,210 2,735,448
447,967 442,526 1,763 ,089 1,815,637
655,362 615,210 1,922 ,170 1,877,786
962,584
327,672 237,747 1,286 ,494
444,827 349,814 1,735 ,208 1,475,791
50.638
54 .489
24,169
26,254
428,679
456 ,745
98,821
104,215
112.513
135 ,550
36,259
42,974
256 ,699
265,668
65,689
64,898
126 ,059
121.225
55,795
59,880
35 ,204
32,806
15,574
16,782
37,016
41 ,075
19,696
17,677
331,694
338 ,137
81,176
78,960
609.942
667 .640
324.982 284.787

L a te s t G r o s s E a r n in g s .
N am e of
R oad.

(/T orontoR y(asso cos)
T w in C ity R ap T ra n .
Union R y C o o f N Y C
Virginia R y & Power
W ash Balt & A nn a p .
Westchester E lectrlc.
W estchester St R R . _
g W est Penn T rac Co
Yonkers R ailroad___
Y ork R ailw ays______
Youngstow n & O h io.
Youngstow n & South

W eek or
M o n th .

February. .
3d wk M a y
F ebruary-.
A p r il_____
A p r i l _____
F ebruary. .
A p r i l _____
M a r c h ___
February. .
A p r il_____
A p r il_____
M a r c h ___

C u rren t
Y ea r.

P re v io u s
Y ea r.

$
$
846.256 767,326
184,824 172,471
204,277 190,276
475,700 410,944
85,787
92,473
39,616
39,915
19,369
20,071
506.199 394,409
51,942
56,964
60,326
78,675
22,691
26,301
12,770
14,941

Jan.

1

to la tes t d a te

C u rren t
Y ea r.

$
1,752,606
3,862,157
439,046
1.896,382
273,440
84,181
72,690
1,452,444
120,075
317,658
100,307
42,428

P r e v io u s .
Y ea r.

$
1,610,677
3,561,350
401,906
1,639,022
253,463
82,550
71,251
1,167,990
107.934
252,215
92,056
36,787

b Represents incom e from all sources,
c These figures are for consoli
dated com pany. / Earnings now given in mllrels. g Includes constituent
com panies.

E le c tr ic R a ilw a y N e t E a r n in g s .— T h e follow ing table
gives the returns of E L E C T R I C railw ay gross and net earn
ings w ith charges and surplus reported this week:
------- G r o s s
C u rren t
Y ea r.

R oa d s.

E a r n i n g s ---------------- N e t E a r n i n g s ------P r e v io u s
C u rren t
P r e v io u s
Y ea r.
Y ea r.
Y ea r.

$
$
8
$
Brazilian T r L t & P o w ..A p r c6,678,000 c6,333,460 c3,774,000 c3 ,705,770
Jan 1 to A pr 30____ ..c25,898,0 0 0 c2 4,42 2 ,0 6 0cl4 ,73 1 ,0 0 0cl4 ,0 5 4 ,6 70
---------------------317,590
358,335
850,611
Illinois T raction . a --------A pr ■ 948,616
Jan 1 to A pr 3 0 -------- 3,971,145 3,584,543 1,557,804 1,404,359
G ross
E a r n in g s .

Bangor R y & E le c ..A p r ’ 16
A pr 15
4 m os ’ 16
4 m os ’ 15
Baton R ouge E le c .-A p r ’ 16
Apr 15
4 mos ’ 16
4 m os ’ 15
B rockton & P iy m .-A p r T 6
A pr '15
4 mos '16
4 m os ’ 15
Cape Breton E le c. .A p r T 6
A pr T 5
4 mos ’ 16
4 mos ’ 15
Cent M iss V allE lP r.A p r ’ 16
A pr 15
4 m os '16
4 m os ’ 15
C hatt R y & L t -------- A pr '16
A pr ’ 15
4 m os ’ 16
4 m os ’ 15
C leve Painesv & E .A p r ’ 16
A pr '15
4 m os '16
4 m os ’ 15
Cleve South w & Col .A p r '16
Apr 15
4 m os *16
4 m os '15
Colum bus (Ga) E lec A pr T 6
A pr 15
4 mos '16
4 m os '15
Colum (O) R y.P & L .A p r ’ 16
A pr 15
4 m os ’ 16
4 m os ’ 15
Consum P ow (M ich )A p r T 6
A pr 15
4 mos ’ 16
4 m os ’ 15
Dallas E lectric C o . . A pr T 6
A pr 15
4 m os '16
4 m os ’ 15
Duluth-Super T ra c.A p r T 6
Apr 15
4 m os T 6
4 mos ’ 15
Eastern Texas E le c.A p r T 6
A pr 15
4 m os ’ 16
4 mos ’ 15
E St Louis & S u b ...A p r ’ 16
A pr 15
4 mos '16
4 m os ’ 15
El Paso E lectric____A pr ’ 16
A pr ’ 15
4 m os T 6
4 mos ’ 15
G alv-IIouston E le c.A p r ’ 16
A pr ’ 15
4 mos ’ 16
4 m os ’ 15
Grand Rapids R y .- A p r ’ 16
A pr 15
4 m os T 6
4 mos ’ 15
H oughton C o T ra c.A p r ’ 16
A pr l o
4 m os T 6
4 m os ’ 15
Hudson & M a n h a t.A p r T 6
(all sources)-------- A pr T 5
4 m os 16
4 m os ’ 15
Jacksonville T rac. A pr T 6
A pr ’ 15
mos '16
m os ’ 15
K eokuk Elec C o .. A pr ’ 16
A pr T 5
mas ’ 16
m os T 5
K oy W est E le c tr ic ..A p r 16
A pr ’ 15
4 mos ’ 16
4 m os T 5
Lake Shoro E lec___A p r '16
A pr ’ 15
4 mos ’ 16
4 m os ’ 15
Lewis Aug"& W a ter.A p r '16
A pr ’ 15i
4 mos T 6
4 m os ’ 15

62,654
60,617
255,138
249,549
15,747
14,517
66,924
58,910
8,403
7,407
30,857
28,100
28,235
25,165
118,859
101,154
24,179
22,063
96,507
90,178
99,983
87,745
397,681
330,362
34,436
30,151
127,792
113,038
106,612
96,217
409,641
369,082
64,878
56,409
268,183
228,536
285,006
247,363
1,151,217
1,025,367
371,398
290,556
1,532,625
1,232,506
151,269
131,945
647,988
605,512
106,730
87,435
430,766
375,621
62,996
50,670
255.604
204,794
237,646
193,827
926,373
786,393
85,799
76,698
368,719
326,669
151,417
152,211
612,013
623,350
103,047
83,353
419,911
376,254
27,766
21,851
103,959
82,331
503,689
465,488
1,981.711
1,861,908
54,593
52,076
212,507
208,855
19,930
18,343
78,841
74,675
9,759
8,641
37,816
37,365
118,622
111,548
453,144
391,308
60,400
53,817
219,061
202,436

N e t , a fte r
T a xes.

27,388
29,517
115,143
129,215
7,508
5,520
31,960
21,918
146
def 1,024
d ef 1,132
def 1,877
9,939
9,828
42,855
37,309
8,523
5,701
33,527
25,205
39,485
29,212
153,540
97,964
14,214
11,886
50.801
43.911
39,041
28,130
151,702
110,982
37,629
30,978
154,488
123.079
114,252
95,523
472,048
410,008
227,038
179,144
912,538
766,256
54,595
46,637
253,892
243,4c 5
31,997
13,177
118,367
69,981
28,609
21,185
116,849
82,724
96,376
74,289
368,547
308,909
41,908
33,405
182,736
151,928
49,321
53,971
197,903
227,423
35,791
16,328
156,139
109,418
13,376
10,038
41,757
27,517
293,708
274,500
1,124,205
1,084,507
19,948
15,651
71,196
62,968
7,151
5,248
28,070
22,504
3,830
1,424
13,951
8,118
38,558
30,357
141,321
109,132
19,176
18,062
53,123
57,365

F ix e d
C h a rges.

17,697
17,620
70,846
70,466
3,463
2,146
13,858
8,497
1,097
1,111
4,398
4,521
6,499
6,449
25,929
26,271
1,972
1,814
7,687
7,281
29,671
29,291
116,889
116,919
11,463
10.961
44,621
43,779
27,585
27,590
110,692
109,821
28,653
28,791
114,723
115,165
42,875
39,211
172,747
155,882
82,778
73,428
307,578
292,337
34,597
33,394
138,762
133,665
14,029
14,513
56,750
58,145
8,864
8,728
35,383
35,178
62,648
60,996
249,948
250,840
4,670
4,201
18,876
16,814
36,580
30,059
145,966
143,886
13,700
13,702
56,806
54,827
5,453
5,580
21,858
22,240
214,117
211,749
853,982
844,851
15,438
16,255
60,330
58,863
1,044
1,899
7,565
7,601
2,520
2,564
10,037
10,090
30,588
35,963
145,379
143.871
16,120
15,681
04,323
62,500

B a la n ce
S u r p lu s

9,691
11,897
44,297
58,749
4,045
3,374
18,102
13,421
dof951
dof2,135
def5,530
dof6,398
3,440
3,379
16,926
11,038
6,551
3,887
25,840
17,924
9,814
dof79
30,651
d ofl8 ,9 5 5
2,751
925
6,180
132
*11,546
780
%\ 1,382
*1,401
8,976
2,187
39,765
7.914
71,377
56,312
299,301
254,126
144,260
105,716
604,960
473,919
19,998
13,243
115,130
109,790
*19,516
*dof23
*66,999
*16,987
19,745
12,457
81,466
47,546
33,728
13,293
118,599
58,069
37,238
29,204
163,860
135,114
12,741
17,912
51,937
83,537
22,091
2,626
99,333
54.591
7,923
4,458
19.903
5.277
79.591
62,811
270,228
239,655
4,510
def604
10,866
4,105
5,207
3,349
20,505
14.903
1,310
d e f 1,140
3.914
def 1,972
1,970
def5,606
def4,058
def34,739
3,056
2,381
d ef 11,200
def5,135

G ross
E a rn in g s.

N ashville R y & Lt__A pr 16
A pr ’ 15
4 m os '16
4 m os '15
N ew Orleans R y & L t —
3 m os to M ar 31 16
3 m os to M ar 31 ’ 15
N ew Y ork R ailw ays.A pr ’ 16
A pr 15
10 m os '16
10 m os ’ 15
N orth Texas E le c t..A p r '16
A pr 15
4 m os T6
4 mos T 5
Paducah T ra c & L t.A p r '16
A pr T5
4 m os ’ 16
4 m os '15
Pensacola E le c tr ic ..A p r T6
A pr '15
4 m os '16
4 mos T 5
P ortl(O re)R y,L & P .A p r '16
A pr ’ 15
4 m os '16
4 m os T 5
St Jos R L II & P ._ A p r T6
A pr T 5
4 m os T6
4 m os T 5
Savannah E lec C o .-A p r T6
A pr 15
4 mos ’ 16
4 mos '15
Tam pa E lectric------ Apr '16
A pr 15
4 mos ’ 16
4 mos T5

R T & I .’d .A p r ’ 16
A pr 15
4 m os '16
4 m os 15
Hudson Valley R y —
3 m os to M ar 31 16
3 m os to M ar 31 T5
9 m os to M ar 31 T 6
9 m os to M ar 31 '15
Louisville R y ............Apr ’ 16
A pr 15
4 mas '16
4 mos '15
Wash Balt & Annap A pr '16
A pr '15
4 mos ’ 16
4 m os T 5

N e t a fte r
T a xes.

S
193,641
176,040
769,582
705,982

$
80,280
72,091
308,444
284,934

1,835,159
1,807,061
1,135,802
1,127,388
11,351,420
11,176,974
146,494
123,465
605,938
518,138
24,384
22,193
103,180
95,559
23,391
20.472
93,216
79,875
447,967
442,526
1,763,089
1,815,637
104,215
98,821
456,745
428,679
64,898
65,689
256,699
265,668
78,960
81,176
338,137
331,694

724,392
732,947
353,154
326,360
3,560,444
3,119,584
54,510
44,215
229,171
191,014
8,485
7,328
39.884
32,936
10,734
9,039
41,786
32,154
196,999
193,892
747,092
791,995
44,382
43,124
214,770
202,742
21,641
24,730
80,109
93,901
34,365
38,437
160,023
166,455

G ross
E a r n in g s .

H onolulu

2071

THE CHRONICLE

June 3 1916.1

S
55,039
46,510
214,511
190,225
176,584
171,033
599,516
686,534
255,028
242,114
983,385
948,566
92.473
85,787
273,440
253.463

N et
E a r n in g s .
9

F ix ed
C h arges.
9

42,815
41,992
171,602
167,686

B a la n ce,
S u r p lu s .

37,465
30,099
136,842
117,248

462,816
261,577
290,478
442,470
288,616
*110,S97
*83,822
287,516
2,859.712 *1,170,178
*694,168
2,862,891
28,724
25,786
17,000
27,215
113,915
115,260
82,076
108,938
1,349
7,136
dof422
7.750
10,709
29,175
1,936
31,000
7,677
3,057
1,839
7,200
10,776
31,010
29,097
3,157
181,537
15,462
182,985
10,907
726,529
20,563
731,751
60,244
20.833
23,549
20.833
22,291
83.332
131,438
83.332
119,419
23,502
d of 1,861
23,225
1,505
93,185 d e fl3 ,0 7 6
92,999
902
4,395
29,970
4,376
34,061
142,542
17,481
148,851
17,601
F ix e d C h g s.
& T a xes.

B a la n c e ,
S u r p lu s .

25,849
20,644
96,402
74,990

$
7,380
6,288
27,658
25,154

$
18,469
14,356
*73,184
*53,486

58,264
35,502
202,457
239,143
126,416
116,537
497,136
453,807
50,669
41,675
116,277
98.499

89,049
87,307
264,985
259,770
76,813
73,250
307,250
293,000
26,174
24,939
101,496
98,729

*dof29,473
*def51,311
*def58,039
xdefl8,417
*61,905
*56,530
*232,231
*207,312
*26,828
*19,952
*24,898
*9,422

a N et earnings here given aro after deducting taxes,
b N et earnings hero given are before deducting taxes.
csMiireis.
xJAftor allowing for other Income received.

ANNUAL REPORTS
A n n u a l, & c., R e p o r ts.— The following is an index to all
annual, & c., reports of steam railroads, street railways and
miscellaneous companies which have been published since
April 29.
This index, which is given monthly? does noiTincludo’
_____
reports in to-day’s “ Chronicle.”

I n d u s t r ia ls

(C o n tin u e d )—

P age.

Indian Refining C o ., In c.....................1985
International M ercantile Marine C o . 1720
International Salt C o ., Scranton, P a .1623
K ennecott Copper C orporation_____ 1713
Kings County (Bklyn.) Lighting C o . 1900
Laclede Gas Light C o.. St. L o u is ...172 1
Lanston M onotype M ach. C o.181 5, 1892
Locom obile C o. of Am erica..... ........... 1630
Lone Star Gas C o ., F t. W orth, T e x . 1900
Lowell (M ass.) Electric Light C o r p .1721
M acAndrews & Forbes C o ____1814, 1892
M arconi Wireless Teleg. C o. of A m .1624
M ass. Gas C o. (earnings for M arch
and 9 mos. end. M arch 3 1 ) _____ 1721
M exican Eagle Oil C o _________
1901
M ichigan State (Bell) Teleph. C o . .1717
Mississippi River Power C o ., K eo
kuk, Iow a__________
1892

I n d u s t r ia ls

( C o n clu d ed )—

P age.

Pennsylvania Steel C o . . ......... ........... 1714
1722
Price Bros. & C o ...................
Public Service C o. of N o. Ill.............. 1893
Quincy M ining C o ., N . Y . & M ic h .1893
(The) Safety Car Heating &Ltg. Co.1716
San D iego Consol. Gas & Elec. C o . . 1631
Sawyer-Massey C o ., Hamilton, O nt.1631
Semet-Solvay C o. (of N . Y . ) ............ 1901
Southern Bell T el. & T el. C o --------- 1986
Standard Oil C o. of California--------1985
Standard Oil C o. of N . Y .....................1723
Standard Screw C o — -------1815
Steel Com pany o f Canada, L td.,
Hamilton, O nt......... .......................1 7 1 7
Submarine Signal C o ., Boston. Mass. 1991
Tennessee Copper C o ., Copperhlll,
T e n n _____ ______
1892
Tiffany & C o., N . Y . (Jewelers)------1815

Montana Power Co. (inc . sub. cos.) 1630 Tri-State Tel. & Tel. Co., Minneap
TVfttlnnnl Gandy fin
olis and St Paul
..1802
National Fuel Gas Co.......... ............ 1891 United Fuel Gas Co........ ................. 1998
National Starch C o---------- -------------1815 ; U. S. Gypsum Co., C h ic a g o ..----- 1624
United States Realty & Impt. C o .. . 1984
New Jersey Zinc Co. (earnings for 3
mos. end. Mar. 31)_____________ 1901 United States Shoe Machinery Corp. 1984
Niagara Falls Power C o___________ 1630 U. S. Smelt., Ref. & Mining C o___ 1714
United States Steel Corporation___ 1622
Niagara, Lockport & Ontario Power
C o____ __________________ 1630, 1893 Utah Copper Co____________ 1715, 1726
North Butte (Copper) Mining C o ..1630 Vulcan Detlnning Co. (3 mos. to
March 31)_____________________1998
Nova Scotia Steel & Coal C o_______1622
Ohio Cities Gas Co
- -.1722,1891 Westtnghouse Elec. & Mfg. C o____ 1984
Ohio State Teleph. C o., Columbus, 0 .1894 Wisconsln-Minn. Light & Power C o .1898
Pabst Brewing Co., MIIw___ 1983, 1997 1 Worthington Pump & Machinery
Corp. (of W. Va.). N. Y .............. 1891
Pacific Mall Steamship C o.............. 1725
Pacific Mills, Boston...... ................. 1991

Denver & Sa lt Lake R ailroad.

10 1916.)
The report of E. W. McKenna, dated at N. Y., May 10
1916, says ine brief:is in mountainous cou ntry for .its entire length.
.
—T h road
( D ig e s t o f E x p e r t 's R e p o r t M a y

P ro p er ty .

T he air line distance from Denver to Craig is 165 miles, but tortuous
canyons necessitated the construction o f 255 miles o f road, w ith p ractically
no level stretches. The altitude o f Denver is 5,170 ft ., while C orona, the
summit o f the Continental D ivide, has an altitude o f 11,660 ft. T he grades
follow one another going westward as follows:
---- A s c e n d in g —
-------D e s c e n d in g —------ A s c e n d in g --------- D e s c e n d i n g ----Miles___ 12.85 40.37 12.41 15.22 4.27 3.74 62.65 10.19 15.42 19.88 17.13 40.34
Grade % - 1.65 2.00 4.00 4.00 2.00 1.80 1.00 2.00 1.00 1.80 1.00 .05
O f the operated line, 127.42 miles, or 50.0 73 % , is in curvature. There
aro 16.92 miles o f curves in excess o f 10 degrees, all o f which will be elim i
nated (except 5.71 miles o f 12-degree curve) b y the construction o f the tun
nel under the Continental D ivide.
^
_.
There are 12 steel bridge structures, aggregating 1,210 lineal feet, able
to carry any loads likely to be placed upon them , and 259 fram e and pile
bridges, aggregating 19,896 feet, am ply strong for existing loads. A bou t
6 7% o f these wooden structures can be renewed b y earth filling and the
balance should be renewed b y steel trestle structures at a cost o f say
8600,000, o f which 60% would be chargeable to operating expenses and 4 0 %
to capital account. There are 58 tunnels, aggregating 24,763 feet, with
ample clearance for the largest rolling stock; abou t 30 o f these required
no support; in the remainder a strong Oregon pine was used, which Is still
good for 7 years.
..
,
..
The receiver having laid 23 miles o f new rails, the line now has 80-lb.
rail on 191.13 miles and 85-lb. rail on 63.61 miles; total, 254.74 miles.
A bout 4,000 tons (25 miles) o f rails should be provided as early as possible.
The cross-ties, being o f m ountain pine, have an average life o f about four
years, and require 25% renewals, or 230,000 ties per annum . It is esti
mated that there is a deficiency o f 200,000 cross-ties in renewals. Some
156 miles have been ballasted, as follows: Crushed slag, 23 miles; gravel.
25; volcanic cinders, 62; broken stone, 46; total, 156. All ballast required
to com plete the ballasting will be charged to capital account, and the ou t
lay can be provided from surplus incom e if desired. I f the new tunnel is
built, m oro siding capacity will be necessary; $75,000 would provid e yard
capacity for several years.
_,
.
T he road lias 50 locom otives with an average age o f G H years; 24 cars in
passenger service (4 all-steel), average age 9
years; and 1,325 freight ca rs,
average ago 5 1 4 years, viz.: A ll-w ood, 719; steel underframe, 305; all-^teel,
301: also 19 cabooso and 42 service cars. An investment o f $300,000 for
shops, &c. would net a saving o f $34,800 on the repair o f rolling stock, p. an.
C o m m e r c i a l F e a t u r e s . —-The population on the line o f the road, outside o f
Denver, is estimated at 10.000 people. T h e total tonnage carried during
the soven months ended Jan. 31 1916 was 587,869; o f this only 19,040 tons,
or 3 .2 4 % , was west-bound traffic, but this yielded about 18% o f the total
freight rovonuo, while 568,629 tons, or 9 6 .7 6 % . was east-bound. O f the
latter, mine products contributed 515,402. tons, or 8 7 .7 0 % , o f the total

I n d u s tr ia ls ( C o n tin u e d )—
^ P age.
R a ilro a d s —
PaS ? :
Canadian Northern Ry. System----- 1981 American Water Works & Electric
Co. (3 mos. ended March 31)____1719 ^ Y a m p a ^ l o r ^ B e a r R i v e r ) C o a l F i e l d s . — This field, which is located In R outt
Copper River & N. W. R y. (Alaska). 1025
Duluth, Mlssabo & Northern R y ...l8 0 0 Amor. Window Glass Machine C o .. 1989 C ounty, is in touch with the railway for about 40 miles, and embraces 1.200
square miles o f territory containing, so far as thus far explored, from six
Duluth & Iron Range R R ................. 1800 American Zinc, Lead & Smelting Co.
Grand Rapids & Indiana Ry.,1025, 1712
(Port Oregon).................................1895 to 10 workable veins, o f four to twenty feet in thicknass. which, estim ating
Grand Trunk Ry. of Canada.. 1711, 1806 Anaconda (Mont.) Copper Min. C o. 1809 the workable coal at 60 feet thickness, should moan 50 billion tons o f worka
Grand Trunk Pacific Ry. Co............. 1982 Appalachian Power C o.............
1627 ble coal. Tho coal is a pure bituminous, exceptionally free from impuritios, and tho 14 operations alroady established have developed unusually
Green Bay & Western R R _________ 1806 Associated Gas & Electric C o.......... 1899
favorablo mining conditions. Analyses show 8 6.6 % o f com bustibles and
Kanawha & Michigan R y................. 1621 Bell Telephone Co. of Canada.......... 1717
13,686 British thermal units.
,
.
„ „
N . Y. Chicago & St. Louis R R ------- 1806 Blackstono Valley (R. I.) Ga3 &
Tho consum ption o f coal in Denver Is estimated at 2,000.000 tons per
Pennsylvania Company............... ...1 80 5
Electric C o...........................
1720
Rutland Railroad...............................1807 Braden Copper C o . . . .......................1626 annum. A com petent authority is confident that the R outt C ou n ty mines
Toledo & Ohio Central R y................. 1620 British WestlnghousoElec .& M fg. C o. 1627 will oventually take half o f tho Denver consum ption, whiio further forcing
Toronto Hamilton & Buffalo R y ...l6 2 6 Brooklyn Union Gas C o................. ..1890 their way into other com petitive territory, and that their output will show
a reasonably rapid and continuous increase until it reaches at loast 3,000,000
Wabash Ry. (Nov. 1 toM arch31)..1719 Brunswlck-Balke Collendcr C o___ 1984
E le c tr ic s —
___ Butterlck Company...........................1985 tons per annum. T ho capacity o f tho mines on tho D . & 8 . L . R y. can be
increased to any extent necessary: in fa ct, b y pushing underground work,
Brockton & Plym. (Mass.) St. Ry.1810 Calumet & Arizona Mining C o........ 1894
Canada CementCo., Ltd., Montreal 1716 tlioy could in a short tim e get up to a production that would be far beyond
Cape Breton Electric Co., Ltd.,
tho transportation capacity o f the railway.
, , ,
„ ,
Sydney, N. 8 ---------- ------------------1718 Canada SS. Lines, Montreal.......... .1623
On tho distribution o f tho coal through Denver tho division o f the rate
Capital Trac. C o., Washington, D . C . 1808 Canadian Car & Foundry C o., N . Y . 1989
accorded to tho D . & S. L. R y. is inequitable, being only 5 to 6 mills a ton a
Commonwealth Pow., Ry. & Lt. C o .1719 Canadian Consol. Rubber Co., Ltd.,
M ontreal.......... .............................1624 milo, while the linos east from Denver get over a cent. A fair rate, which
Chattanooga (Tenn.) Ry. & Lt. C o. 1625
Canadian Cottons, Limited............... 1899 m ay bo obtained b y an appeal to tho proper authorities, would, on the basis
Eastern Texas Co., Beaumont and
Port Arthur.................. ................ 1811 Central Foundry Co., New Y o r k ... 1985 o f existing traffic, amount to about $70,000 per annum, in gross earnings.
There are 14 coal mines in operation. In tho seven m onths o f tho pres
Central Leather Co. (quarter end.
Galveston-IIouston (Texas) Electric
March 31)...................
1628 ent fiscal year ending June 30 1916 they produced 502,066 tons, com pared
C o..........................................1718, 1983
with 392,391 tons for tho similar period in tho previous year.
Chicago Jet. Ry. & Union Stock
Havana (Cuba) Electric R y., Light
There is a good deal o f prospecting for precious ores along the line o f the
Yards C o . . .......... ..........
1959
& Power C o.................................. 1712
road, and there aro one or tw o small gold mines, one copper mino and one
Illinois Trac. Co., Champaign, III..1807 ; Computlng-Tabulatlng-Rocordlng Co.
Jacksonville (Fla.) 'fraction C o___ 1625 , * Sub. Cos. (quar. end. Mar. 31).1813 tungsten mino in operation. This latter is a very valuable find, and they
Nashvlllo (Tenn.) Ry. & Light C o .. 1626 i Consumcr’sCo. (Coaland Ice). Chic. 1716 have proved up tho ore in sufficient quantity to indicate that it will prove
valuable as a traffic producer. There is no doubt that other discoveries
Oakland, Antioch & Eastern R y___ 1815 1Copper Range Co. of Mich., Boston. 1623
will bo m ade, which will bring in an increase o f population, and stim ulate
Pensacola (Fla.) Electric C o____________________1626jDetrolc (Mich.) Edison Co.1715
Philadelphia Co. of Pittsb___ 1983, 1992 1Dome Mines C o................ ............... 1900 west-bound tonnage.
Pittsburgh Rys. C o........ .................. 1988 1Driggs-Seabury Ordnance C o..........1813 E a s t - b o u n d T o n n a g e — Y e a r s E n d i n g J u n e 39 a n d 7 M o s . e n d i n g J a n . 31.
Portland (Oro.) R y., Lt. & Pow. C o .1807 ; Duquesne Light Co........................... 1990
1912-13 1913-14 1914-15 1915 (7 ‘AJos.) 1916
Public Servlco Corp. of N. J. (3 mos.
Edison Elcc. 111. Co. of Boston.......... 1900 L iv e s t o c k .......................
28,231
26,571
26.349
21,878
26,624
to March 31).....................
.1626 Electric Light & Power Co. of AbM inos.......................
-.3 3 1 ,9 48
346,486 636,075 402,379 515,402
Puget Sound Traction, Light
ington and Rockland..................... 1900 F o r e s t .........................
34,035
41,019
33.459
22.681
26,603
Power Co........................... .1626, 1808 Electric Storage Battery Co., Phlla.1623
Tennessee Ry., Lt. * Pow. C o.1719, 1889 (The) Fajardo Sugar C o., Porto Rico. 1895
T otal tons________________ 394,214 414.076 695,883 446,938 568,629
United Rys. Electric Co_________ 1621 Fall River (Mass.) Gas Works C o .. 1720
A d v e r s e G r a d i e n t s . — The financial future o f this p roperty all turns upon
Winnipeg Electric R y .........................1713 General Asphalt Co., Phila.._l899, 1903 the conditions imposed b y the extraordinary gradients. These grades at
I n d u s tr i a l s —
_ General Chemical Co., N. Y _____ 1629
tho Continental D ivide limit the traffic to trains o f 1,050 tons gross load,
Aeolian-Weber Plano & Pianola C o. 1989 General Electric C o................ 1022," 1632
which require three heavy locom otives. T h e crest o f the m ountain is
General Ry. Signal C o..........
1716 about 1,500 feet above timber line, and the trouble experienced from snow
Allls-Chatmers Mfg. C o........1719, 1724
Amer. Beet Sugar Co., N. Y..1719, 1809 Goldfield (Nov.) Consol. Mines C o. 1894 blockades is oxcoodingly serious. In D ecem ber, January and February
American Gas Co., Philadelphia----- 1716 Great Northern Iron Ore Properties. 1900 practically every train passing over tho crest must bo preceded b y a rotary
----- ----------------1985 snow plow. Under the drift or high winds, a fall o f one or tw o inches o f
American Graphophone C o............... 1890 Griffin Wheel C o...................
American Hardware Corp., New
Hercules Powder C o..........................1720
snow is sufficient to fill the cuts within a few minutes. This, and the un
Britain Conn
.......................... 1717 IIolland-AmcrlcanLine------------------- 1900 usually low temperatures experienced (minus 50 deg. Fahrenheit), fre
American La Franco Fire Engine
HollingerGoIdMines, Ltd.,Toronto. 1815 quently causo a total cessation o f traffic for three days consecutively.
Co., Inc., Elmira, N. Y .............. 1891 Homo Teleg. & Telep. Co., Los A n g.1900
Those conditions impose a positive limitation upon any increase in the
Amcr. Light & Traction Co., N. Y . . 1719 Houghton County (Mich.) Electric
rovonuo during this three-m onths’ period. As the road (as at present con
A e ic n P n C
mr a la o o...... ....... ---1893
LhC
ig t o.................... 1 2 stituted) is a coal-carrying road, this should be its harvest tim e. Orders
70
A e S le B o C L ., T ro to 1 Ime ia T b c o C . (o Ge t
mr. a s o k o., td o n l7 9 p r l o a c o f r a
for 80,000 tons o f coal, which were placed with coal operators last winter
A e ic n S e F u d ie ............1 1 B
mr a te l o n r s
7 9 ritain Ir la d
* e n ).................... 1 9 for delivory during this period, were canceled, and doubtless the traffic
84

&

&




THE CIIROiNICLE

2073

was further affected to somo unknown extent (probably 150,000 tons) b y
tko knowledge that tho railway com pany could not transport it.
P r o p o s e d R e v i s i o n o f L i n e .— T o rem ove this disability, tho m ost practical
plan seems to bo tho construction o f a now lino 17.2 miles long, contained
in which would bo a tunnel 4.1 miles long, at a cost o f 82,952,821. This
would require about two years. Tho saving in distance would bo 15.79
miles [and, would reduce tho grado from 4 % to scarcoly 2 % .— E d.).
T o t a l $5,266,821 N e w C a p i t a l R e q u i r e d t o P l a c e t h e P r o p e r l y i n E c o n o m i c
O p e r a tin g

C o n d itio n .

17.2 miles o f new line (including 4.1 miles tunnel)_______ _______ $2,952,821
P ay o ff equipment obligations, floating indobtednoss, station
buildings, & c., fences and tel. train dispatching systom --------- 1,165,000
A d d ’l passing tracks, $50,000; add’l yard capacity, $75,000-----125,000
N ew rail, $50,000; ballast (60 m iles), $72,000...................... ..........
122,000
New rolling stock (2 mail and express cars, $35,000; 350 stock
480,000
cars, $385,000; 50 steel gondola cars, $60,000)________________
Freight-car safety appliances, $5,000; superheat to 38 locom o
tives, $117,000; repair shop requirements, $300,000___________
422,000
F o r e c a s t o f R e s u l t s .— T he coal tonnago in tho 5-yoar period from Juno 30
1910 to Juno 30 1915 increased 536,073 tons, or 3 41 .41 % , or an avorago
o f 68.28% yearly, whilo for the 8 m onths o f tho current fiscal yoar tho in
crease was 2 7 .9 % . D uo to tho inability to m ove freight over Corona
Summit In D ec., Jan. and Feb. 1915-16, there was a loss o f 200,000 tons o f
rovenuo traffic. It is fair, therefore, to assumo that tho incroaso will bo
10% each year during tho period o f construction and 10% additional for
the first year o f operation o f the new line.
There is a largo tourist traffic in tho threo summer m onths between D en
ver and Corona Summit, but it is estimated that thoro will bo an incroaso
o f travel, without any increased expenso, equal to $50,000 after this part
o f tho lino has been eliminated.
F o r e c a s t o f E a r n in g s f o r th e F ir s t Y e a r o f O p e r a t io n o f th e N e w L i n e .

Passenger service, $386,623, plus $50,000_______________________ $436,623
Coat traffic, l ,026,000 tons at $1 24..................................................... 1,271,799
Other freight tra ffic______________________________________________
517,276
T otal estimated rovenuo_______________________________________$2,225,698
Operating expenses and taxes (7 0 .5 9 % )_________________________ 1,571,120
N et operating revenue_________________________________________
A dd saving effected by reduction o f train-milo co s t_____________
N on-operating income (basis o f fiscal yoar 1915)________________

$654,578
83,316
86,443

Gross incom o_________________________________________________ $824,337
W ith increases in gross rovenuo o f 1 0 % , o f which 60% should
accrue as net revenue—
Tho second year should show total not Incomo o f _____________
957,837
T ho third year should show total net incom o o f ________________ 1,104,687
Unless tho improvements aro m ade, thoro is very little hope o f tho 1st
M tgo. bondholders over receiving full interest on their securities, and for
the securities junior to the 1st M tgo. thoro is practically no hopo to bo ontertained. Tho property gives evidenco o f pronounced im provem ent in
Its maintenance departments within tho past tw o years, and the m onoy ex
pended in these departments has boon judiciously applied. Tho invest
m ent o f this new capital will naturally produce a degree o f efficiency that
is impossible under existing conditions. Tho present official sta ff is proba
bly getting as good results as aro possiblo under tho circum stances.— V . 102,
p. 1987, 1811.

(2d Annual Report— Year ended Dec. 31 1915.)
Pres. T . Ahearn, Ottawa, Feb. 7, wrote in substance:
In com m on with all other street railways throughout the country the
depressing effects o f tho war woro felt by this com pany during the past
year, but not to as great an extent as might have boon anticipated. T ho
m onth o f August showed tho greatest falling o ff in rocoipts, sinco which
tim e business has been normal, and generally showing a slight incroaso
over 1914. In the moantimo no now work is contem plated, our efforts
being directed to the maintenance o f tho roadbed and equipment.
E L E C . R Y . IN C O M E

AC C O U N T

1915.
Passengers carried_____ 24,361,867
Gross earnings__________ $1,041,100
Operating exp. & m alnt.
657,326

FOR C A L E N D A R

1913.
23,987,883
$1,041,282
629,122

1912.
21,815,798
$934,398
534,339

$412,160
$20,772
25,959
55,000
281,535

$400,059
$21,304
22,899
69,000
255,948

$383,266
$28,894

$369,151
$30,908

$383,774
$47,927
36,871
281,535

$431,232
$39,109
32,474
55,000
281,535

T otal deductions_____
Balance, su rp lu s.. ____

$366,333
$17,441

$408,117
$23,115

O T T A W A
A ssets—

ELEC.

1915.
$

R Y.

31
1915.
1914,
S
$
1,876,900 1,876,900
Capital stock
1st M. 4% bonds__ 440,000 458,000
Bills payable_______ 423,600 342,609
40,088
77,373
Accts. pay. & m isc..
112,614
112,614
Dlvs. pay. Jan. 2—
Rest account_______ 200,000 200,000
65,000
10,000
Contingent account.
190,273
Surplus___________ 207,715

BALAN CE

1914.
S

Roadbed & equip,
water-pow. prop’ ty
Sc plant, real est.
& buildings.......... 3,281,212 3,221,475
Cash........ .................
0,695
7,295
Stores...... ............
53,546
50,005
Insurance prepaid..
5,000
5,000
Accounts receivable.
1,750
1,650
T o ta l.................... 3,348,202 3,285,485
— V . 102, p. 713.

YEARS.

1914.
25,321,547
$1,096,459
665,227

N ot earnings_________
B ond, & c., interest _ .
Taxes & mileage paym ’ts
Contingent a c c o u n t ___
Dividends paid (1 5 % )--

SH EET

(Report for Fiscal Year ending Dec. 31 1915.)
Tho o m p a n y ’s rop rt for the year 1915, including the re
marks of President Cyrus H . M cCorm ick, the incomo ac
count for the year ending Dec. 31 1915 and tho combined
balance sheet as of Doc. 31 1915, will be found at length
on subsequent pages.
I N C O M E A C C O U N T F O R C A L E N D A R Y E A R S ( I n c lu d in g A ffilia te d C o s .) .

1915.
Incom e from operations_______ $14,186,623

DEC.

T o ta l.................... 3,348,202 3,285,485

Standard Screw Company, Chicago.

In m y last report I announced that tho com pany had in hand cortain
contracts from which satisfactory roturns might bo oxpectod. These expec
tations havo been realized and, no d oubt, proved pleasing. T ho com pany
still has in hand a considerable volumo o f contracts for deliveries extending
well into tho year and from which satisfactory roturns m ay again bo expected.
I N C O M E A C C O U N T F O R Y E A R S E N D I N G M A R C H 31.
1915-16.
1914-15.
1913-14.
1912-13.
N et profits (co m b in e d )..$2,163,738
$227,336
$460,464
$373,657
B ond interest_____ ______
$15,750
$18,750
$21,750
$24,750
In t. on borrowed m on oy.
26,216
15,121
30,493
21,305
B a la n ce_______________$2,121,772
$193,465
$408,221
Prcf. div. “ A ” ( 6 % ) ____
$64,2661
$153,459/
$120,000
107,023/
\
______
Prof. d iv. " B ” ( 7 % ) ____
Com m on d iv id e n d ._ .(1 5 % )3 7 5 ,000 (3 l 87,500 (4 4$ ) l l 2,500
A

$327,603
$120,000
(3)75,000

Balance................. .s u r.$1,575,483 def.$47,494sur.$l75,721sur.$132,603
B A L A N C E S H E E T M A R C H 31.
1916.
1916.
1915. I
1915.
S
L ia b ilitie s —
S
S
Plant Sc cquipm’t. 4,459,084 5,356,655 Prof, stock “ A ".. 1,071,100 1,071,100
Mater. & supp. at
|Pref. stock "B ” .. 1,528,900 1,52S,900
cost (partly est.) 3,857,209 1,479,934 Common stock ... 2,500,000 2,500,000
300,000
360,000
iDeb. bonds, 5 % ..
Accounts Sc notes
889,000
598,721 Notes payable___
receivable.........2,971,019
Prepaid int., &c_.
78,284
1,188,965
212,481
687,500
Cash...................... 1,274,847
*3,262,188
Divs. pay. April 1 150,000
2,639,290 1.063,807
12,640,443

'
1914.
1913.
$12,206,227 $13,284,671

D e d u c tio n s —

Interest on loans_______________ $1,068,642
Reserve for depreciation, & c___ *3,841,545
Appropriation for fire insurance fu n d 200,000
Appropriation for ponsion fun d ______
2 00,000
Appropriation for profit-sharing_____
300,000
------ 1
Preferred dividends '7 % ) ..................... 2,100,000
2 ,000,000
C om m on dividends ( 5 % )____________

$1,609,444
2,733,552
200,000
200,000

$1,828,745
3,140,400
200,000
200,000

2,100,000
2,000,000

2,109,000
2,000,000

T otal deductions.................................... $9,710,187
$8,842,996 $9,469,145
Balance, surplus______________________ $4,476,436
$3,363,231 $3,815,526
* Includes in I 9 i5 reserves for plant depreciation, $1,158,200, against
$1,156,542 in 1914. and also in 1915, reserve for lossos on receivables,
$810,000: for special maintenance, $628,596; for ore and tim ber extinguish
m ent, $444,749; and for collection expenses, $100,000, against $778,000,
$484,335, $214,674 and $100,000, respectively, in 1914; also in 1915 co n 
tingent reserve (European war losses, & c.), $700,000.
C O M B IN E D
A ssets—
Real est., plant,
property, &c.a40,779,624
C a sh .................b34,214,343
Notes & acc’ts
receivable ...c 2 8 ,831,371
Inventories___ 25,977,504
Fire lnsur. fund.
737,000
Deferred charges
117,679

31.
1914.
1915.
L ia b ilitie s —
$
S
000
Preferred stock. 30,000,000 30.000.
Common stock. 40,000,000 40.000. 000
Bills payable-. . 17,891,280 21,743,300
Acc’ts payable.d 5,665,679 dO,944,753
Pref. div. paid
525.000
March 1.........
525,000
Com. div. paid
500.000
Jan. 15..........
500,000
6,575,100
Reserves______e,8,627,098
Surplus............ 27,448,465 22,972,029

BAL AN C E

1915.
S

1914
S
42,267 ,012
8,145 296
42,589 ,510
35,402 ,598
737 ,000
118 ,766

SH EET

DEC.

T o ta l............ 130,657,521 129,260,182 | T o ta l........... .130,657,521 129,260,182
a After deducting in 1915 $10,521,527 reserves for plant doprecaition.
b Includes timo deposits in 1915. c Includes in 1915 farmers’ and agents’
notes, $21,365,310, and accounts receivable, $10,096,152, less reserves for
losses, $2,630,090. d A ccounts payable include current involcos, pay-rolls,
accrued interest and taxes, & c., e Includes in 1915 reserve for special
maintenance, $1,078,669; collection expenses, $800,000; firo insurance
fund, $2,529,392; ponsion fund, $1,219,036; profit-sharing reserve, $300,000;
industrial accident fund, $500,000, and contingent reserve (European war
losses. & c.), $2,200,000.— V. 102, p. 441.

International Harvester Corporation.
Tho report covering the year 1915, including tho romarks
of President Cyrus H . McCormick, tho incomo account for
the yoar ending Dec. 31 1915 and tho combined balance
sheet as of Dec. 31 1915, will be found at length on subse
quent pages.
IN C O M E A C C O U N T FOR C A L E N D A R Y E A R S

8,312,788

* Includes in 1916 advanco payments received on uncom pleted contracts,
$1,262,188; reserve for contingencies in realizing book profit on con tracts,
$1,000,000; and reserve for rehabilitation, $1,000,000.— V. 102, p . 1815,
1197.

( I n c lu d in g A ff i l i a t e d C o s .)

1915.
1914.
1913.
Incom o from operations_______________ $6,608,466 $7,329,826 $10,356,628
D e d u c t—
Interest on loans.......................................
$878,942 $1,224,041 $1,104,432
Reserve for depreciation, & c___________*1,909,383
1,843,190
1,936,943
Appropriation (firo insurance f u n d ) ..
------------------50,000
______
______
50,000
Appropriation, pension fun d_________
Appropriation (profit sharing)---------100,009
------------------Preferred dividends ( 7 % ) . ...............
2,100,000
2,100,000
2,100,000
Com m on d iv id e n d s_________________
______ (243)1,000,000 (5)2,000,000
T otal deductions.....................................$4,988,325 $6,167,231 $7,301,375
Balance, su rp lu s... .................................x$l,620,141 $1,162,595 $3,055,253
* Includes in 1915 reservo for plant depreciation, $702,293, against $725,
617 in 1914, and also in 1915 reserves for losses on rccoivablos, $902,690;
for special maintenance, $204,400, and for collection oxpenses, $100,000,
against $853,143, $204,400 and $190,000, respectively, in 1914.
x The balance, surplus, as above, $1,620,141, in 1915 is tho amount car
ried to contingent reserve (European war lossos, & c.).

L ia b ilit ie s —

(lG£/t Annual Report— Year ending March 31 1910.)
Pres. W . B . Pearson, M a y 10, wroto in substance:




International Harvester Co. of New Jersey.

(Annual Report for Fiscal Year ending Dec. 31 1915.)

Ottawa Traction Company, Ltd. '

O T TA W A

[Vol . 102

C O M B IN E D
A s sets —

1915.
$

Real est., bldgs.,
mach., Sec __ a22,552,542
Cash____ _____ 2,555,974
Funds retained
in Europo__ b28,041,068
Notes&accts.recct 1,981,208
Inventories___ 24,2:18,077
F'ire insur. fund.
521,950
Deferred chgcs.
123,798

BALAN C E

1914.
$

31.
1915.
$
30,000,000
40,000,000
15,000,000
dO,981,527

SH EET DEC.
L ia b ilitie s —

Preferred stock.
22,897, 831 Common stock.
5,099 879 Bills payable...
Acc’ts payablo.
8,000,
Pref. div., paid
54,888,
March 1____
525,000
34,860,
Reserves.............e7,496,072
521,
Surplus_______ f20,011,120
73,

1914.
$
30.000.
000
40.000.
000
15,389,280
15.000. 533
525,000
c5 ,415,859
20,011,120

T o ta l............120,014,618 126,311,792
T o ta l........... 120,014,618 126,341.792
a After deducting in 1915 $3,808,882 reserves for plant depreciation,
b Includes in 1915 funds accumulated and retained in Europo, owing to un
favorable exchango rates, and in 1914 $8,090,000 in bank balances abroad,
c Includes in 1915 farmers’ and agents’ notes, $34,407,177, and accounts
receivable, $12,250,165, less reserves for losses, $4,676,134. d Includes
current invoices, pay-rolls, accrued interest and taxes, & c. e Includes in
1915 reserves for special maintenance, $798,880; collection oxpenses,
$900,000: fire insurance fund, $1,833,080; ponsion fund, $794,871; Industrial
accident fund, $450,000, profit sharing fund $100,000, and contingent fund
(European war losses, & c.), $2,620,141. f Subject to possiblo war loset-s
not yet ascertained and not covered by reserves.— V. 102, p. 1990.

Tho International Nickel Company, New York.
(13th Annual Report— Year ended March 31 1910.)
Pres. Ambrose Monell, M a y 25, says in substance:
R e d u c t i o n o f P a r V a l u e .— A t a special meeting tho reduction o f tho par
value o f tho shares o f its com m on capital stock from $100 to $25 was
ratified and provided that four shares o f now com m on stock o f tho par
value o f $25 ouch bo issued in oxchaugo for each o f tho old shares o f par
value o f $100, and at every election or whorovor a voto, consent or other
action o f tho stockholders is taken or required, each holder o f preferred
stock bo entitled to four votes for each share o f stock so held, and each
holder o f com m on stock bo entitled to one voto for each share o f com m on
stock held. (V. 102, p. 348).
D i v i d e n d s .— Four quarterly dividends o f I 43 % each woro paid on tho
pref. stock. On O ct. 4 a stock dividend o f 10% , payablo N ov. 1 1915, was
authorized to com m on stockholders o f record o f O ct. 15 and in addition
4 quarterly dividends were paid on the com m on stock, viz.: Aug. 16 1915
(5 % ) on tho old stock or 5 % each on tho stock outstanding after the in
crease o f tho stock b y the Issue o f tho stock dividend, and one quarterly
dividend o f $2 per share ($25 par value), equivalent to 8 % . (V. 101.P-11 02 ;.
C e r t i f i c a t e s , & c .— On Sept. 23 1915 tho shares o f tho com pany and voting
trust certificates wero listed on tho Now York Stock Exchango.
S t o c k h o l d e r s .— T ho number increased materially, and Is now 7,145
against 4,465 ono yoar ago.
[During the year $1,414,808 was oxponded for additional property,
construction and equipment, from which thoro has been deducted on tho
balance sheot recoveries amounting to $14,810. Out o f earnings $806,000
was provided for tho regular allowance for depreciation o f plants, $900,828

June 3 1916.]

THE CHRONICLE

for exhaustion o f minerals. Tho not profits for tho fiscal yoar, after d educt
ing expenses, depreciation, exhaustion o f minerals and all other charges,
were $11,748,279.]
C O N S O L I D A T E D I N C O M E A C C O U N T F O R Y E A R S E N D I N G M A R . 31.
1915-10.
1914-15.
1913-14.
1912-13.
Earnings o f constituent
cos. (m fg. and selling
exp. deducted, & c .)._ $14,091,612 $7,049,112 $6,452,758 $0,802,880
Other incom o..................
249,354
181,649
114,029
120,221
T otal incom e................$14,340,960
General expenses, & c
*870,860

$7,230,701
517,374

$6,500,787
437,812

$6,929,107
542,308

N et incom o__________ $13,470,106
D e d u c t—
Depreciation o f p la n ts ..
$800,000
Mineral oxhaustion____
900,828
Foroign cos. not included
15,000
Sinking fund reservo___
______
Interest on bonds______
______
Prof, dividends ( 6 % ) . . .
534,750
Com m on dividends____ 9,431,803
Per C en t......... .............
(23% )

$6,713,387

$0,128,975

$0,386,799

$720,000
385,315
10,000

$036,915
687,395
12,000

$553,449
498,471

534,756
4,753,938
(1 2 X % )

89,458
225,115
534,755
3,491,049
(1 3% )

534,756
3,803,150
(10% )

T otal deductions------ $11,688,386 $6,404,009 $5,674,216 $5,392,298
Balance, surplus----------- $1,781,720
$309,378
$451,759
$994,501
* Includes in 1915-16 corporation and capital stock taxes, $200,303.
B A L A N C E S H E E T M A R C H 31.
1916.
1915. I
1916.
1915.
S
$
L ia b ilitie s —
8
S
Property sect...n43,709,221 44 ,016,051 Common stock__ 41,834,600 38,031,500
58,210 Preferred s to c k ... 8,912,600 8,912,600
Investments____ 1,987,982
Adv. to const, cos..................
3,157 Accounts payable
and pay-rolls__ 1,478,314
Inventories at cost 4,188,371 3 ,100,381
637,239
223,596
89,582
Accts. receivable. 2,988,782 1 ,416,092 Accrued taxes___
Bills receivable__
______
11,071 Prcf. dlv., duo May 133,689
133,689
39,270 Com.dlv.,duo June. 3,346,768 1,901,575
Interest receivable
79,847
23,019
58,529 IMvs. unclaimed..
Sundry advances.
65,096
7,989
Loans on call (sec.) 1,015,000 1,000,000 Accident and In
950,000 surance funds..
186,957
Certlf. of deposit. 2,030,000
165,501
,542,539 Profit & loss surp_b3,294,195 5,315.625
Cash...................... 3,369,436
C O N S O L ID A T E D

A ssets—

T o ta l................ 59,433,736 55,195,300

T o ta l................ 59,433,736 55,195,300

a A fter deducting amount written o ff for replacements, mineral ex
haustion and depreciation, $1,706,828. b A ftor deducting 10% com m on
stock d lv ., $3,803,150. paid N ov. 1 1915.— V. 102, p . 1720, 1252.

Calumet & Hecla Mining Company (Mich.), Boston.
(Report for Fiscal Year ending Dec. 31 1915.)
Vico-Pres. It. L. Agassiz, M a y 10, wroto in substance:
R e s u l t s . — During the year 1915 tho com pany produced 72,613,320 lbs.
o f copper, o f which 71,030.518 lbs. wero produced from the mine and 1 582 802 lbs. wore recovered from the sand bank at Torch Lake. T ho price
recoived for copper varied from 13Me. to 23c. per lb. Four dividends were
paid during tho year: $5 on M arch 18, $15 Juno 18, $15 Sept. 25 and $15
D ec. 28.
C O M P A R A T IV E R E S U L T S FOR P A S T F O U R C A L E N D A R

YEARS.

[Does not include rosults o f operations on tho sand bank at Torch Lake 1
,
1915.
1914.
1913.
1912.
R ock treated, tons_____
3,188,583
2,592,462
2,035,625
2,806,610
M ine cost per ton o f rock
S I.71
$1.85
$2.38
$1.91
Refined cop . prod., lb s. 1,030,518 53,691,562 45,016,890 67,856,429
C op . per ton o f rock ,lb s.
22/28
20.70
22.11
24.18
C ost per lb. for construe.
0.47c.
1.00c.
1.54c.
0.80c.
T otal cost per lb ______
9.33c.
11.35c.
14.25c.
9.86c.
P rice per lb. copper sold
18.11c.
14.01c.
15.77c.
16.65c.
O p e r a tio n s

on

C o n g lo m e r a te

1915.
1,739,984
R ock treated, tons.........
M ine cost per ton o f rock
(excluding construe'!!)
$2.13
C opper produced, lbs___ 51,738,588
C opper por ton rock, lbs.
29.74
T otal cost copper per lb .
8.69c.
Shaft sinking_______
201.0 ft.
D riftin g....... .....................
5,522 ft.
Crosscuts. & c __________
0 ft.
O p e ra tio n s

on

O s ceo la

L ode

fo r

C a le n d a r

Y ears.

1914.
1,439,986

1913.
1.175,259

$2.37
37,996.045
26.38
10.42c.
228.3 ft.
4 ,3 39 ft.
0 ft.

$2.99
32,731,768
27.85
12.67c.
172.5 ft.
5,929 ft.
0 ft.

L ode

fo r

C a le n d a r

1912.
1.746,960
$2.23
51,935,245
29.73
8.87c.
523 ft.
10,048 ft.
614 ft.

Y ears.

1915.
1914.
1913.
1912.
R ock troated, tons.........
1,448,599
1,152,476
842,162
1,,040.600
M ino cost per ton o f rock
$1.07
$1.19
$1.53
$1.36
Copper produced, lb s
19,291,930 15,695,517 12,051,238 15,692,199
C opper por ton rock, lbs.
13.32
13.62
14.31
15.08
T otal cost copper per l b .
9.71c.
10.20c.
12.62c.
10.36c.
Sh ift sinking....................
O.ft.
103 ft.
2 8 1 ft
451.0 ft.
D riftin g................ ............
10,206 ft.
6,698 ft .
7,252 ft.
,17.736 ft.
, ,
N o work has been dono on Kcarsargo Lodo ,-inco tho boginning o f the st i ike
July 23 1913, and nothing was done on tho St. Louis arid M a n itou -F ro n t^
nac branches ijt 1915.
C o n g l o m e r a t e L o d e . — T he operating shafts on this lodo have attained
depths ranging from 6,102 to 8,132 ft ., Calum et N o. 4 having reached its
81st level, South Ilecla N os. 9 and 10, 142 ft . under S2d level
The work
o f rem oving shaft pillars and arches has been carried on throughout the vear
O s c e o l a L o d e . — The operating shafts on tnis lodo have attained dontiis
ranging front 1,46) ft. to 3,274 ft. T he openings on this lodo continue to
show about the samo grade o f rock as last year, and the product secured
from foot-w all slopes was about 3 1 M % o f tho total p roduct. Shaft open
ings are so far in advance o f drifts that no sinking was done during tho year.
S T A M P M IL L S — C O M P A R A T IV E R E S U L T S FOR P A S T FO U R

YEARS.

---------------- O ld P l a n t ---------------- •
-------------- jy e iD P l a n t
31—
1912.
1913.
1914.
1915.
1915.
C oarsotail’scrushcdtons481,320
388,164
351,929
337,243
168,461
C opper per ton in ma
terial treated, l b s . . .
12.86
11.92
11.52
13.14
13 M
C op.saved per ton, lbs.
4.48
3.94
3.74
4 .0 1
/t‘73
Copper produced, l b s .2,155,292 1,529.09* 1,316,704 1,352,869 796 858
Cost per lb ., ox cl. of
smelting & sellin g ..
4.99c.
5.87c.
7.38c.
6.52c.
4.36c.
As tho amygdaloid rock production has increased, it has been necessary
to use tho regular conglom erate equipment for am ygdaloid, which answer’s
equally well metallurgically, but docs not givo as great capacity per unit
as the coarse stamping practice normally used on am ygdaloid. At present
all the 28 stamps are running, 17 on conglom erate and 11 on am ygdaloid.
R e c l a m a t i o n P l a n t . — This plant is now at work on tho Calum et sand bank
and consists o f drodgo, classifying house and convoyor, and N o. 2 (or now)
rocrushlng plant. A 20-inch suction dredge o f a daily capacity o f 10.000
tons, electrically driven and capable o f digging to a depth o f 100 foot below
the water line, picks up tho tailings from their present position in T orch
Lake and pum ps them through a discharge lino carried on pontoons to a
storage reservoir outside the classifying house.
1 he reclamation plant, went into com m ission on a limited scale in June
the number o f mills in commission gradually increasing, tliough full capacity
was not reached until Docembor. At present there are 48 Hardingo mills
in this plant, rogrinding sand bank tailings; this will bo increase:! b y 16
Hardingo mills now handling stamp mill tailings, as soon as the old (or N o 1)
recrushing plant is remodeled to handle all current tailings from tho stamp
nulls. With three-quarters of^the plant in com m ission, production at
present is at tho rate o f 5,000,000 lbs. o f copper annually.
Y ea r en d . D e c .

R esu lts fr o m

O p e ra tio n

o f R ecla m a tio n

P la n t.

Tailings treated----------- 181,732 tons [C opper produced______1,582 802 lbs.
Copper saved per t o n .......... 8.71 lbs. Cost per lb ., excl. smelting it
'
I sellin g_________
*4 n o c ts
L e a c h i n g P l a n t . — W ork was resumed on tlii, plant in A pril.” A t present
tho building is enclosed and work on tho tanks and piping is well under wav
T he present building contains 8 sand tanks, eacli 54 ft. in diam eter by 12 ft.’
high, with a capacity o f 1,000 tons o f sand. The cyclo o f operations p ro
posed will require about 96 hours’ tim e, so that tho capacity o f the plant
will be 2,000 tons daily.




2073

S m e l t e r s . — An addition to tho large furnace building at H ubbell, 105 ft.
by 106 ft ., has been com pleted. Tho now furnace, with its mechanical
pouring device, will have a capacity o f about 1,750,000 lbs. per m onth,
and should be in readiness for operation b y June 1 1916.
N U M BER

OF SH ARES O W N E D
O w n ed .
Issu ed .

IN

OTHER

C O M P A N IE S .
O w n ed .

Issu ed .

Ahmeelc M ining C o . 98,048 200,000 Superior Copper C o . 50,100 100,000
Ailouez M ining C o . . 41,000 100,000 Laurium M ining C o . 37,823 40,000
C cntonn ialC op.M .C o.41,500 90,000 Soneca M ining C o . . 11,207 20,000
C liff M ining C o ------ 19,400 60,000 Isle R oyalo C o p .C o . 32,910 150,000
Gratiot M ining C o . . 50,100 100,000 Tam arack M in . C o . 19,400 60,000
La Salle C opper C o . 152,977 302,977 W h .P ineC op.C o.com .42,602 85,320
O s ce o la C o n s.M .C o . 32,750 96,150
do
do
p re f. 34,259 34,759
..
, x
.
, Calum otTransp. C o . 3,000 ______
[ l or tho details o f the operations o f these com panies, reference should be
m ado to reports o f the com panies appended to the pam phlet.— E d.]
D IV ID E N D S

P A ID

D U R IN G

C ALE N D AR

YEARS.

1915.
1914.
1913.
1912.
T otal divs. (per $25 s h a r e )..
$50
$10
$32
$42
Am ounting t o . . . .................... $5,000,000 $1,000,000 $3,200,000 $4,200,000
R c c ’d
do
do
do
do

to
in
in
in
in

D iv id e n d s R ece iv ed fr o m O th er M i n i n g C o m p a n ie s .
A h m eek .
I s l e R o y a le .
O s c e o la .
A ilo u ez

D ec. 31 1911 ............
1912_______
______
1913............ $32,300
1914...............................
1915..............................
CURRENT

A ssets—

ASSETS

$49,600
443,400
539,264
147,072
5b3,776

A N D

1915.

Cash at mine o ffic e ____
Cash at N . Y . o ffic e ___
Cash and copper at x$6 ,552,1661
Boston o ffice _______
B ids rec.at Bos.Am ine
1,599,824
Sinking f u n d . ................
D uo from G ratiot, Lake
M illing, I,a Salle, Lau
rium , Seneca, Superior
and W hite Pine______
______
Calum et Transport. C o .
______
Supplies on hand______
1,391,293
T otal assets.....................$9,543,283
L ia b ilitie s —
$29,541
D rafts in transit_______
Bills & accounts payable
at Boston and m in e. .
828,391
Reserve for sm elting,&c.
428,905

$245,625
409,375
343,875
98,250
262,000

L IA B IL IT IE S

1914.
$65,005
15,000

T o ta l.

$295,225
852.775
910,439
245,322
866.776

41,000
31.
1913.
1912.
$45,034
$135,585
15,000
15,000
D EC.

3,704,656
533,730
463,341

3.780,129
334,845
446,466

6,667.509
953,212
1,166,999

772,085
348,511
1,529,908

537,920
348,511
1,772,324

943,800
348,511
1,329,810

$7,432,236

S7.280.229 $11,560,426

$80,133

$516,407

449,237

209,858

$495,261
348,751

T otal liabilities______ $1,286,837
$529,370
$726,265
$844,012
Balanco o f assets______ $8,256,446
$6,902,866 $6,553,964 $10,716,414
x Includes cash, $526,536, and cash at foreign banks and accounts re
ceivable, including copper and silver sold but not delivered.
Capital stock is $2,500,000, in $25 shares, o f winch $12 per share paid in.
Total dividends paid to D ec. 31 1915, 3 129,250,000. N otes outstanding,
10-year 4s, dated Feb. 18 1909, $4,134.000.— V . 101, p . 1628.

Great Western Power Co. of California.
{Report for Fiscal Year ending Dec. 31 1915.)
Pres. M . Fleishhacker, March 31, says in substance:
P r o p e r t i e s . — T ho properties included are those owned and operated b y
tho Great Western Power C o. o f C al., California Electric Generating C o .,
C ity Electric C o . and Consolidated E lectric C o. T hey are situated in
15 o f the central counties o f C alif, and cover an area o f about 4,000 square
miles which has a population o f over 1,000,000.
G e n e r a l a n d F i n a n c i a l . — On N o v . 23 1915 the Great W estern Power C o.
o f C alif, was incorporated for tho purpose o f operating ail the properties
embraced in the present system and eventually o f taking over all the ex
isting companies. T he authorized capital stock is $30,000,000 preferred
and $30,000,000 com m on. O f the com m on stock, $27,500,000 has been
exchanged for a liko amount o f tho old Groat Western Power C o. com m on,
this being the only stock now issued. It is planned to create a bond issue
. o f sufficient size to take over tho bonds now issued and sell from time to
i time new bonds to further develop hydro-electric properties o f the com pany
1 situated in the Feather River C anyon and build additional distribution
lines (V. 101. p. 1888).
During tho yoar the Consolidated E lectric C o . was Incorporated for tho
purpose o f acquiring all o f the properties and business o f the United Light
A Power C o. o f N . J. and its subsidiaries. As the Great Western Power C o.
has not heretofore been operating in the business centre o f Oakland, this
givos us an entirely new and profitable field for our activities, ’rite above
properties wero acquired on June 1 1915. T he Consolidated Electric C o.
will increase our gross incomo b y over $600,000 per year (V . 101, p. 696).
T h e Great Western Power C o. o f California on N o v . 30 1915 created
$5,000,000 10 year 6 % C onvertible gold debentures o f N o v . 1 1915, paya
ble N o v . 1 1925, convertible at par and int. after tw o yoars and until five
years from their date into fully-paid non-assessable preferred stock at 95
ami int. (V . 102, p. 611). These debentures have all been sold, and the
proceeds are being used for extensive additions to our system , retiring $1,
000,000 o f com pany notes, acquiring a largo block o f bonds o f the C ity Elec
t ic C o. and all its capital stock, and paying o ff all floating indebtedness
o f tho Great W estern Power C o. (V. 101, p. 2147).
N e w P r o g r e s s i v e A c t i v i t i e s . — Since April 1 we have installed on our ser
vice lines about 400 electric ranges and 150 electric water-heaters. Through
our i fforts a good start is being m ado in developing the electro-chemical
industry in California. T ho Great Western Electrochem ical C o. was or
ganized by California and Eastern interests and a long-term contract for
2,500 h. p. lias been entered into by our com pany. The Electrochem ical
C o. will, during this com ing summer, com m ence the m anufacture o f caustic
soda and bleaching powder. Considerable work lias been done on the irri
gation canal whicli is being built across tho Sacramento Valley; our contract
for irrigation provides for sufficient water to irrigate 6,000 acres o f land, at
an annual rate o f $6 per acre.
During tho past year the Butto Crook plant. located in Plumas C ountv,
was brought into com m ercial operation, principally through the develop
ment o f copper mining, and is now producing a substantial revenue.
P h y s i c a l P r o p e r t i e s . — T he installation o f an additional cable under San
Francisco Bay is now being com pleted, this being tho third cable extending
from the end o f our power transmission line at Oakland into San Francisco.
T he new bay cable will have a capacity o f 6,000 k. w . and a voltage o f 11,000.
This enables us to supply energy for light and power to the U. S. G overn
ment on Yerba Buena-Island, including the naval training station.
T ho installation o f the sixth unit in our Big Bend power house was com 
pleted, thereby increasing tho capacity o f this station to 87,000 it- p. This
power house now ranks among tho largest in this cou ntry. An entirely
now distribution line in Plumas C ounty was built to take care o f the cop 
per-mining industry, as well as the local market.
O p e r a t i n g R e s u l t s . — T he increase for 1915 over 1914 in kilowatt-hour out
put was 15,000,000. T ho average prico received per k. w. hour was
11.35 mills, against 10.72 mills in 1914. T he number o f connected con
sumers increased 3,155, making a total D ec. 31 1915 o f 20,153. T he in
crease in connected load during tho year was 41.497 k. w ., bringing the total
connected load up to 169,103 k. w ., or about 225,000 it. p. connected load.
Our hydro-electric generating station at Big Bend generated during the
year a total o f 317,133,569 k. w. hours, and our steam stations generated
24,838,649 k. w. h. Included in the steam station output is current gen
erated in Oakland b y the steam plant taken over through our acquisition
o f the properties o f United Light & Power C o ., which current is utilized by
tho San I'raneisco-Oakland Terminal R ys. W e are now preparing to
install the necessary apparatus to enable us to supply hydro-electric en
ergy for this purpose, and thus effect a substantial econom y.
P r o s p e c t i v e D e v e l o p m e n t s . — A m ong the larger construction’ projects now
under contem plation is the erection o f a second tower line from the Feather
River plant to Oakland, which will give sufficient capacity to supply the
growing nteds for electric energy in San Francisco, Oakland and tho entire
Bay region. W o also have plans well under way for a second power house
on the Feather River, with units o f about 20,000 k. w ., as requirements
.shall demand. Rocent financing has placed at our disposal sufficient funds
for all o f the new work contem plated for tho year 1916 and well into 1917
.
current assets are approxim ately $600,000 in excess o f current lia
bilities, without considering the $3,000,000 which was stili duo D ec. 31 1915

B A L A N C E S H E E T S D E C E M B E R 31
— P ie r c e O il C o r p . o f V a . - P i e r c e - F o r d y c e O il A s s n .
D e c . 3 1 '1 5 . D i e . 3 1 '1 4 . D e c . 3 1 ' 1 5 . D e c . 3 1 '1 4 .

f r o m s u b s c r ib e r s t o G r o a t W e s t e r n P o w e r C o . o f C a l i f , d e b e n t u r e s , a n d a ls o
$ 2 5 0 ,0 0 0 o f w o r k in g a s s e ts .
C O N S O L ID A T E D

IN C O M E

AC C O U N T

FOR

CALEN D AR

YEARS.

A ssets—
$
O il la n d s , le a se s, d o v e l’t ,
p i p o l i n e s , & c __________ * 2 0 , 3 8 7 , 8 1 1 * 2 0 , 3 1 4 , 3 4 4
R e a l e s t a t e o c c u p ie d b y
2 ,0 0 6 ,7 0 3
2 ,0 1 1 ,0 1 9
r o fin e r io s , & c ____________
3 ,7 1 3 ,0 7 0
3 ,8 1 4 .1 6 5
B ld g s ., p la n t & e q u i p ..
6 2 2 ,8 1 5
6 2 6 ,0 1 7
T a n 5 st
$ 1 , 8 0 7 , 3 3 6 + $ 2 7 o ,k 3 0e a m e r s
2 8 3 ,6 5 8
2 8 3 ,5 0 6
T a n k c a r s ................................
1 9 5 ,2 7 1
1 7 9 ,9 3 0
S ta b le & g a ra g e e q u ip ’ t .
2 1 4 ,3 2 8
I r o n b a r r e ls a n d d r u m s .
2 1 4 ,4 2 5
1 7 ,9 0 8
1 6 ,1 3 3
D r illin g t o o ls & e q u i p 't .
6 7 ,8 8 3
1 8 6 ,2 7 6
Prepaid int., insur., & c.
M d s o ., m a te r ia ls , & s u p 
— 3 8 ,1 4 4
2 ,5 3 6 ,8 6 4
p lie s ( a t or b e lo w c o s t ) c 2 , 2 3 9 , 5 0 1
2 ,5 6 6 ,6 5 4
N o t e s & a c c o u n ts re c e iv . c 2 . 5 8 6 ,6 8 1
1 ,0 2 1 ,9 3 2
C a s h . . . .................. ....................c l , 5 2 9 , 4 6 0
+ $ 2 3 7 ,3 8 6
S p e c ia l a c c ’ t s r o c e iv a b lo
________
+ 9 1 ,4 1 6

(Inter-com pany items eliminated.)
1915.
1914.
O p e r a t i n g r e v e n u e s ________________________ $ 3 , 0 3 8 , 2 0 4
§ 2 ,6 8 1 ,0 9 9
8 7 3 .7 6 3
O p e r a t i n g e x p e n s e s a n d t a x e s ---------------9 5 5 ,3 3 9
N e t a f t e r t a x e s ____________________________ $ 2 , 0 8 2 , 8 6 5
A d d — In te r e s t c h a rg e d t o c a p ita l a c 
c o u n t : (a ) O n i n v e s t m e n t o v e r r e q u ir o m o n t s f o r o p e r a t i o n s , $ 2 0 4 , 
3 4 3 : (6 ) o n c u r r e n t c o n s t r u c t i o n ,
$ 5 , 3 4 0 _______________________
$ 2 0 9 ,6 9 5 1
M is c e ll.
d e b its .
$ 1 0 7 ,8 9 3 ,
le s s
!
m is c e ll. c r e d its , $ 1 0 6 ,2 9 2 : b a l —
— 1 ,6 0 1 .
T o t a l ..........................................
I n t e r e s t o n f u n d e d d e b t __________________
P r e f . d i v s . o n C . E . G . C o . s t o c k _____
S i n k i n g f u n d a p p r o p r i a t i o n s ____________

In c. or D ec.
+ $ 3 5 7 ,1 0 5
+ 8 1 ,5 7 5

2 4 6 ,2 3 5

$ 2 ,2 9 0 ,9 5 9
1 ,3 7 2 ,2 6 5
1 5 0 ,0 0 0
1 7 2 ,5 4 6

$ 2 ,0 5 3 ,5 7 1
1 ,2 8 0 ,8 4 9
1 5 0 ,0 0 0
5 3 ,2 7 5

T o t a l d e d u c t i o n s ________________________ $ 1 , 6 9 4 , 8 1 1
$ 1 ,4 8 4 ,1 2 4
B a l a n c e , s u r p l u s ____________________________
$ 5 9 6 ,1 4 6
$ 5 6 9 ,4 4 7
C O N S O L ID A T E D
( W es tern

BALAN C E

3,074,071
Unamortized disc
on secs. & e x p .. '
Sundry....................

742,060
39,458

50,381,488
1915.
$
a7,035,396
b 3 ,520,575

SH EET

P o w e r C o r p o r a tio n

1914.
1915.
$
S
42,774,179 49,161,512
1,288,057
868,255
342
Cash in sink, funds
486
155,303
172,923
M aterials & supp
Insur. premiums.
4,292)
74,018
Expense funds and
>
97.145J
prepaid taxes . .
101,169
114,521
Cash_____________
632,421
Special deposits . . 1,670,317
439,442
360,1901
Accounts recelv’le.
61,410/
N otes receiva ble..
Subscribers to Grt
Assets
—

W est. Power C o.:
Preferred stock.

[ Vol . 102

THE CHRONICLE

2074

DEC.

31

Sub.

+ 1 1 9 ,2 7 1
+ $ 2 1 0 ,6 8 7
+ $ 2 6 ,6 9 9

C o s .)

and

1915.

Liabilities C
ant’d.—

Calif. E l. G en.C o.:
Preferred s to ck .d 1,840,000 1,800,000
1st M . 5% s. f.bds:
C>. W . P. C o . . c 2 1 ,562,000 21,576,000
C ity Elec. C o . . f2 ,481,000 1,979,000
C a l.E l.G en.C o.,
Series " A ” ......... 1,113,000 1,141,000
Cent.Oakl. L. &
143,000
............
P . C o ........... ..
Cons. L. & P . C o.
Gen. M . 6% s.f.
100,000
bond s......... ........
G rt. W . P ow .C o.of
Cal. 6% conv.
d e b s ___________ 4,500,000
---------W est. Pow . C o .6%
n o t e s __________ 1,000,000 1,250,000
236,350
............ Cons. El. C o. Gen.
M . 5% s. f. b d s.tU ,920,050
272,323
405,719
51,686,432 Accounts payable.
175,794
450,500
1914.
Notes payable-----662,414
739,213
Accrued lnt., & c ..
$
147,730
340,120
Sinking funds____
106,604
136,338
Other reserves____
1,905,567
Surplus_________ h 2,468,578

T o ta l................ 50,381,488 51,686,432

c37,800 6,000,000
c588,200 14,670,000

a T n d u d es p re f.~6 % ’"cum ." stock ' $6,340,730, and to bo issued against
certificates o f deposit, $694,666. b Includes com m on stock without par
valuo, $3,084,475, and to bo issued against certificates o f deposit, $436,100.
c After deducting 85,962,200 preferred and $14,081,800 com m on stock
held in treasury, d A fter deducting $660,000 hold in treasury, e In
cludes $707,000 pledged with trustoo o f tho California Electric Generating
C o . bonds and not bearing intorest, and after deducting $1,763,000 held
in treasury, f After deducting $250,000 held in treasury- g A fter de
ducting $i54,950 held in treasury, h After deducting $172,546 sinking
fund appropriations and miscellaneous items aggregating (net) $21,044.—
V. 102, p. 611, 440.

Pierce Oil C orporation— Pierce-Fordyce O il A s3n .—
(Report for Fiscal Year ending Dec. 31 1915.)
Tho Pierce Oil Corporation and the Pierce-Fordyce Oil
Association have issued their reports to stockholders for the
year 1915. An authoritative resume says:
T he reports show that during tho year the com panies, considered as a
system , earnod $1,555,457 available for the paym ont o f interest charges.
Interest paym ents amounted to $696,523, so that tho incomo available for
that purposo was noarly 2 ) 4 times tho requirem ent. During tho year
liberal charges were m ade against incom e for depreciation, bad debts, fire
losses and miscellaneous oxpensos. Tho Pierco-Eordyce Oil Association
(V . 101, p. 2077) mado a charge against its incom o o f $209,441 to provido
for extraordinary damage to its propetty in Texas C ity resulting from tno
severe storm at that placo in August 1915.
T ho operations in M exico during the year aro reported to show a profit in
M exican currency, but owing to tho decline in the exchange market to
have resulted in a loss o f $54,683, which also was charged against tho
incom o o f the year. In normal conditions tho business in M oxico is very
profitable. Tho properties located in M exico havo boon well protected
and the organization maintained during the trying conditions o f tho last
twelve months.
As o f Dec. 31 1915 the companies togethor had curront and working assets
amounting to $8,528,429, whereas their current liabilities aggregated only
$1,964,630. Tho cash on hand at tno end o f the year amounted to $1,586,
163. In the current and working assots tho receivables and other items
subject to fluctuations in M exican exchange had beon written down to tho
nominal value o f $1. This writing down mado necossary an adjustment
o f tho accounts amounting to $921,711 85 in U. S. currency. That amount
was charged to capital surplus, to which account tho final valuo o f tho
items will be credited.
.
.
During the year tho companies materially increased thoir facilities.
W ork was com m enced on tho doubling o f tho capacity o f tho topping plant
o f tho T am pico R efinery. Upon its com pletion tho output o f gasoline and
other products will bo increased considerably. An addition was mado to tho
asphalt plant at T am pico. T w onty-four new distributing stations were
established. Construction was begun on a paraffine and lubricating plant
at Sand Springs, O kla., and on a casing and canning plant at Texas C ity.
Other changes were m ado in tho com panies' refineries and in thoir storing
and shipping facilities.
T o provido for tho cost o f additional facilities and to supply additional
working capital, tho IMerco Oil Corporation issued $2,000,000 5-yoar 6%
C onvertible Notos during tho year (V . 101, p . 2077). It is understood that
tho added facilities constructed with the procoods from tho sato o f tho notos
havo not been put in operation as yet and that in consoquonce tho produc
tivity o f tho now m onoys provided during tho year has not been felt. T ho
increase in earnings from tho additions should bo very material.
Since the beginning o f tho curront year tho business o f tho companies
has increased largely. Tho com bined not incom o availablo for the payment
o f fixed charges for tho quarter onded M arch 31 1916 was $750,960 56.
Officers o f tho com pany havo statod that the profits for M arch wore noarly
equal to tho profits o f tho two procoding months. From present indications
the profits o f April and M ay should show satisfactory increases over those
o f M arch. Should tho earnings o f the com panies continue for the remainder
o f tho curront year, the not incom e, after tho paym ent o f all fixed charges,
should amount to more than $2,500.000— an amount equivalent to over
13% on tho capitalization o f tho companies considered as a unit.
IN C O M E
ACCOU N T
YEAR
E N D IN G
DEC.
31 1915.
P i e r c e O il C o r p o r a t i o n — P i e r c e -F o r d y c e O il A s s o c i a t i o n .
C o r p o r a tio n . A s s o c ia tio n .

Trading profits (sales loss producing
and marketing expense)_____________ $1,085,644
D e d u c t—
Reserves for depreciation, bad debts,
_
fire losses and miscellaneous expenses
164,054
_ $921,590
Extraordinary losses duo to storm at
Texas C ity Aug. 16 1915......................................
Intorost on dobontures________________ $600,000
Other interest___*_____________________
4.803
Surplus for tho year_________________




$316,787

$771,493

T o ta l.

$1,857,137

137.626

301,680

$633,867

$1,555,457

$209,441
---------91,720

$209,441
$600,000
96,523

$332,706

$619,493

$

$

1 4 6 ,9 4 3

2 0 6 ,3 6 4
a 0 1 6 ,8 0 8
1 ,9 0 9 .2 5 4
4 0 9 ,0 8 8
9 8 ,6 3 9
1 1 5 ,8 1 2
3 3 ,6 4 9
2 1 ,7 1 5
6 9 5 .7 4 1
8 4 3 ,2 4 1
5 6 .7 0 3

T o t a l ....................................
3 4 ,0 7 4 ,9 2 4
L i a b i l i t i e s —•
_ _
C a p . s t o c k is s u e d (n e t) _ d l 3 , 8 5 7 , 5 0 0
------------C e r t if. o f b e n e fic ia l i n t .
6 % c o n v . s in k . fd . d o b s . 1 0 ,0 0 0 ,0 0 0
6%
conv.
n o to s ,
due
J a n . 1 1 9 2 1 _____________
2 .0 0 0 ,0 0 0
P u r c h . m o n e y o b l i g ’n s . .
f2 7 3 ,8 1 0
N o t e s p a y . , s e c . & u n so c .
7 0 9 ,2 7 8
A c c ts. p a y . & accr. iia b .
1 .1 2 3 ,7 9 9
C a p i t a l s u r p l u s _____________ h 5 , 7 0 3 , 8 1 4
P r o f i t a n d l o s s ____________
4 0 6 ,7 2 3

3 3 ,5 6 1 ,4 3 1

5 ,0 0 7 ,0 1 4

3 8 3 .8 7 7
1 ,1 3 2 ,5 6 9
1 ,5 1 1 ,1 2 4
6 ,5 8 6 ,4 2 5
8 9 ,9 3 6

g 2 5 ,8 5 8
1 ,4 7 5 .0 0 0
2 6 4 .6 4 2
2 7 2 ,0 6 3
1 ,6 0 9 ,5 8 5

T o t a l ....................................... 3 4 , 0 7 4 , 9 2 4

3 3 ,5 6 1 ,4 3 1

5 ,0 0 7 .0 1 4

7,

1 3 .8 5 7 .5 0 0
e l , 3 5 9 ,8 6 3

10,000,000

1,
7 ,1 0 7 ,6 4 9

* I n c l u d e s a l s o th o c a p i t a l s t o c k o f a n d a d v a n c e s t o M e x i c a n F u e l C o .
a I n c l u d e s r a ilr o a d le a s o s .
b B a l a n c e a r is in g f r o m s a lo o f M e x i c a n I 'u e l
C o . , o u t o f t n o p r o c e e d s o f w h ic h a d i s t r i b u t i o n o n a c c o u n t o f c a p i t a l h a s
b e e n m a d o t o th o h o ld e r s o f t h o c e r t i fi c a t e s o f b e n e f i c i a l i n t o r o s t .
c N et
c u r r o n t a s s e t s s u b j e c t t o f l u c t u a t i o n in M e x i c a n e x c h a n g e , a m o u n t i n g t o
4 , 2 4 9 , 1 3 3 p e s o s , a r o c a r r ie d a t th o n o m i n a l v a l u o o f $ 1 ; t h e n o t c u r r o n t
a s s e t s in M e x i c o a t D o c . 3 1 1 9 1 4 (w h ic h w o r e s h o w n a s o n e a m o u n t in t h o
1 9 1 4 b a la n c e sh e e t) aro fo r p u r p o se s o f c o m p a r is o n d is tr ib u te d u n d e r th e
r e s p e c t iv e h e a d i n g s o f a s s e t s a n il l i a b ilit ie s in t h e a b o v e b a l a n c e s h o o t ,
d C a p i t a l s t o c k a u t h ., $ 3 3 , 0 0 0 , 0 0 0 . le s s 3 1 0 , 0 0 0 . 0 0 0 h e ld f o r c o lv o r s t o n
O f 1 0 -y e a r 6 % d e b e n t u r e s . $ 2 , 5 0 0 , 0 0 0 f o r 5 - y o a r 6 ^ c o n v e r t i b l e n o o s a n d
8 6 ,6 4 2 ,5 0 0 u n issu e d ,
e A f t e r d e d u c t i n g in 1 9 1 5 $ 2 , 2 4 2 , 4 3 2 d i s t r i b u t i o n
o n a c c o u n t o f c a p ita l,
f I n c l u d e s in 1 9 1 5 p u r c h a s e o f o il la u d s a n d l e a s e 
h o l d s , $ 1 2 9 , 7 5 2 . a n d s t e a m s h i p a n d c a r p u r e la s e o b l i g a t i o n s , m a t u r i n g
s e r ia lly , 3 1 4 4 ,0 5 8 .
g D e n o te s ca r tru st n o te s .
Ii A f t e r d e d u c t i n g in 1 9 1 5
$ 9 2 1 .7 1 2 r e s e r v e t o r e d u c o v a l u o o f c u r r o n t a s s o t s in M o x i c o t o $ 1 . — V . 10 1
p. 2077.

Brow n Shoe Com pany, In c ., St. L ou is, Mo.
Six M onths ending A pril 30 1910.)

(Report for

INCOM
E ACCOUNT F R SIX M
O
ONTHS T
O APRIL
30.

1915-16.
1915-16.
1914-15.
N et sales............... 56,880,381 $4,990,507 D epreciation_____ $116,728
1 3 1 ,7 5 0
Sundry Income
10,027
14,470 P rof. d lv . ( 3 4 4 % ) -

1914-15.
$72,767
1 3 6 ,5 0 0

T otal deduc’ n s.$0,305,333 $5,194,418
Total Incom e...$ 6 ,890,408 $5,004,977
$71,481
$85,422 B a la n ce ..............sur. 3 5 8 5 ,070def$189,441
D
educt Interest .
—
Oper. expenses,&c. 5 ,982,379 4,899,729
BALANCE SH
EET APRIL
30.
1915.
1916.
1915.
1916.
$
$
Liabilities
—
$
$
A
ssets
—
3,800,000 3,900,000
694.440
684,328
Ileal est.,blilgs.,&c
0,000,000 6,000,000
564,354
543,303
M achin'y & equip.
2,336,000
4,230,000
113,686
169,502
L a s t s ................—
46,362
341,606
Accounts payable.
Trade names, good
will, & c .............4 ,966,365 4,966,365 Em ployees', & c.,
86,629
81,089
personal a c c t s ..
143,146
223,619
Investm ents-----81,676
97,648
265,530 Em pl. savs. fund.
289,766
Cash......................
10,000
12,500
Accts. receivable. 3 ,101,610 2,356,378 Reserve for taxes.
50,000
Inventories----------5 ,586,628 3,626,169 Contingent res’ ves
285,739
*989,017
16,338
37,939
Prepaid exp., & c ..
T o t a l ..................15,603,060 12,746,406

T o t a l ...................15,603,000 12,740,406

* After adding special surplus from redemption of pref. stock, $200,000, and
deducting $87,955 paid tor $100,000 pref. stock retired and $50,000 contingent
reserve set aside.— V. 102, p. 1813.

C an ad ian Car & F ou n d ry C o., L td ., M ontreal.
(Sixth Annual Report— Year ended Sept. 30 1015.)
Pres. Nathaniel Curry, Montreal, M a y 22, wrote in subst.:
B u s i n e s s . — T ho depression in general com m ercial business continued
throughout tho fiscal year. Business from Canadian railways for equip
ment and supplies during the war period lias been negligible, and, although
some foreign equipment orders have beon obtained, they have not been suf
ficient to keep your plants fully occupied.
.
,
W o h a v e p a r t i c i p a t e d s u b s t a n t i a l l y fn th o m u n i t i o n o r d e r s p la c e d In C a n 
ada
T h o e a r n in g s f r o m t h is s o u r c e , h o w e v e r , o n l y a f f e c t e d t h e p r o f i t a n d
lo s s a c c o u n t d u r i n g t h e l a s t m o n t h o r t w o o f th o fis c a l y e a r .
T h e s e orders
s h o u ld b e t lie c h i e f f a c t o r in o u r o p e r a t i o n s d u r in g t h o fis c a l y e a r o f 1 9 1 6 .

g r e a t s h r i n k a g e in o u t p u t c a r r ie d w it h it a h e a v y r e d u c t io n in p r o f i t s , i c s u l t i n g in a d e f ic it o f $ 5 5 8 , 4 7 2 , a f t e r p r o v i d i n g fo r a ll fix e d c h a r g e s , in c l u d 
i n g b o n d in to r e s t a n d d e p r e c i a t i o n : b u t w e s t i ll h a v e a n a c c u m u l a t e d s u r 
p lu s o f $ 1 , 0 7 3 , 7 9 8 , w h ile d e p r e c i a t i o n a n d o t h e r r e s e r v e f u n d s a m o u n t to
*2 326 927.
.
C a p i t a l A c c o u n t . — T h o a d d i t i o n o f $ 1 1 7 ,4 8 3 t o t h e c o s t o f p r o p e r t ie s a c 
c o u n t w as c h io f lv f o r c o n t i n u e d e x p e n d i t u r e s o n t h o F o r t W i l l i a m w o r k s ,
t h e w o r k h a v i n g b e o n a llo w e d t o p r o c e e d s l o w l y o n a c c o u n t o f th o d e p r e s s e d
c o n d i t i o n o f th o r a i l w a y e q u i p m e n t i n d u s t r y .
E x p e n d itu r e s o f $ o 5 0 ,0 0 0
h a v e b e e n m a d o t o p r o v id o s p e c ia l m a c h i n e r y a n d e q u i p m e n t r e q u ir e d fo r
th o p r o d u c t i o n o f w a r m u n i t i o n s , a ll o f w h ic h is b e in g c h a r g e d o f f a g a i n s t
e a r n in g s f r o m m u n i t i o n o r d e r s .
. . .
.
.
,,
.
S u b s i d i a r y C o m p a n i e s . — T h o c o n t i n u e d d e p r e s s io n in t h e r a i l w a y e q u i p 
m e n t i n d u s t r y a ff o c t o d t h o o p e r a t i o n s o f C a n a d i a n S to o l F o u n d r i e s . L t d . ,
a n l t h e P r a t t & L e t c h w o r t h C o . , L t d . , a n d w o r k w a s c o n d u c t © l a t a lo s s .
C a n a d i a n S t e e l F o u n d r i e s , L t d . , is n o w e n g a g e d la r g e ly in t h o p r o d u c t io n
o f s h e l l s , a n d it s o p e r a t i o n s f o r t h o fis c a l y e a r 1 9 1 6 s h o u ld s h o w s a t i s f a c 
t o r y r e s u lt s .
T h o R h o d e s , C u r r y C o .. L t d ., h a d a fa ir ly su c c e ssfu l y e a r .
I m p e r i a l R u s s i a n G o v e r n m e n t S h e ll C o n t r a c t s . — A f t e r t n o o u t b r e a k o f w a r
in 1 9 1 4 . o f f ic o s w e r e o p e n e d in L o n d o n a n d a r r a n g e m e n t s w e r e c o m p l e t e d
fo r t w o c o n t r a c t s w it h t h e I m p e r i a l R u s s ia n G o v e r n m e n t f o r t h o s u p p l y o f
a t o t a l o f 5 .0 0 .1 .0 0 0 s h e l l s .
U n d e r th o t e r m s o f t h e s e c o n t r a c t s w o u n d e r 
t o o k t h e p r o d u c t i o n o f c o m p l e t e s h e lls . In c lu d in g p r i m e r s , d e t o n a t o r s , t i m e
f u s e s , c a r t r id g e c a s e s a n d b o t h e x p l o s i v e a n d p r o p e lli n g p o w d e r s .
T h e B r itis h W a r O f f i c e b y t h is t i m e h a d c o m m e n c e d t o p la c o la r g e o r d e r s
f o r m u n i t i o n s in C a n a d a , a n d it w a s d e c id e d t h a t t h e In t e r e s t s o f t h e A llie s
w o u ld b o b e s t c o n s e r v e d b y p la c i n g in t h o U n i t e d S t a t e s s u b - c o n t r a c t s f o r
t h e s u p p l y o f la r g e q u a n t i t i e s o f t h o c o m p o n e n t p a r t s o f t h e s e s h e l l s ,
r ills
w a s a c c o r d in g ly d o n e , a lth o u g h a c o n s id e r a b le a m o u n t o f t h e w o r k h a s
b e e n p la c e d w i t h C a n a d i a n m a n u f a c t u r e r s .
„
„
.
T h o te r m s o f o u r c o n t r a c t s a u th o r iz e d 1 2 ) 4 % a d v a n c e fr o m th o R u s s ia n
G o v e r n m e n t u p o n th o s o c u r it y o f s u r o t y b o n d s a c c e p t a b l e t o t h a t G o v e r n 
m e n t.
S u c h a c c e p ta b le s e c u r ity p r a c tic a lly e x h a u s te d th e a v a ila b le r e 
s o u r c e s o f t h o s u r o t y b o n d m a r k e t , a n d It b e c a m e n e c e s s a r y fo r y o u r c o m 
p a n y t o m a k o la r g e a d v a n c e s o n Its o w n a c c o u n t .
E v e n w it h s u c h a s s i s t 
a n c e a s w e w o r e a b le t o g i v e , t h e f u n d s a v a i l a b l o w e r e f o u n d in a d e q u a t e .
V a r i o u s c a u s e s c o n t r i b u t e d t o t h e n e c e s s it y fo r a n e x t r a o r d i n a r i l y la r g o
w o r k in g c a p it a l.
I t w a s b e lie v e d t h a t p r ic e s o f a ll m e t a l s u s e d in s h e ll
m a k i n g w o u ld r a p i d l y a d v a n c o in p r ic e .
W e , th e re fo r e , a t th e o u ts e t,
c o n t r a c t e d fo r t n n n v m i l li o n s o f d o l l a r s ’ w o r tli o f r a w m a t e r i a l s a n d c o m 
p o n e n t p a r ts o f sh e lls .
S i m i la r m a t e r i a l s a r o n o w s o ilin g a t o 0 % t o 3 0 0 /„
h ig h e r.

THE CHRONICLE

.June 3 1916.]

Another cause for large capital requirements arose from tho necessity
o f our em ploying about 100 manufacturers, to m ost o f whom advances had
to bo matte, not only for purchase o f materials, but in m any cases to enable
these manufacturers to eroct buildings and to purchase and install the neces
sary machinery. Very few o f those manufacturers had previous experi
ence in the manufacture o f shells, consequently their calculations and pre
dictions as to deliveries and output were found inaccurate and disappoint
ing.
Your directors, therefore, took up with tho Imperial Russian G overn
ment tho question o f financing these contracts, and m ade the best possible
arrangement for the funds necessary for the. com pletion o f the contracts,
with such securities as the contracts and materials purchased and co n 
tracted for allowed, and at. prevailing banking rates o f interest. In closing
theso negotiations, however, wo were com pelled to accept a stipulation
that all tho moneys your com pany had then advanced for ohe perform ance
o f those contracts should bo retained in tho undertaking, and that no part
o f such advances should bo returned to your treasury until all advances made
by tho Russian Governm ent had beon repaid. In consoquonco o f this pro
vision, as our advances had been ho ivy , we were unable to take any action
in line with the circular o f O ct. 22 1915, and, in fact, your com pany in
operating its Canadian works has experienced tho need o f a part o f the money
Invested in the performance o f the Russian contracts (V . 101, p. 14(56).
In order to effect a com plete separation o f tho Russian contract work
from your com pany’s regular work, the Russian contracts wore assigned to
anil vested in a com pany form ed in N . Y . State and named A gency o f C a
nadian Car A Foundry C o., Ltd ., tho capital stock o f which, subject to tho
perform ance o f the Russian contracts, is owned b y your com pany.
All technical difficulties are being gradually overcom e and shipments
are being regularly m ade. The Russian orders should eventually realizo
to your com pany a very substantial profit.
CONSOL.

SURPLUS

A N D

IN C O M E

ACCT.

YEARS

EN D .

SEPT.

30.

( I n c h C a n . C a r A F d y . C o ., L u l ., C a n . S te el F o u n d r i e s , L i d ., a n d A s s o c . C o s .)

1914-15.
1913-14.
1912-13.
1911-12.
Approx, com bined o u tp . $5,500,000 $11,100,000 $27,000,000
-------------N et profits____________
$321,840
?*}73,036$2,351,325)
$319,166 $1,039,933
$278,077
D oproc’n A roncwals___
325,000
280,506]
460,768
Ilond interest____________
555,312
B a la n c e .................... _def.$558,472 def.$65,809sr.$l.721,653sr.$l,039,933
Pref. dividends_______ _____________ (5)4)307,590 (7)$458,500 (7)$423,590
C om m on divs. ( 4 % )
---------159,000
i'5 2 ’999
155,000
Special roservo fun d -----------------------350,000
B al., sur. or d e f___ def.$55S,472def .$592,309sur.$754,153sur .$461,433
C O N S O L ID A T E D

BALAN C E

SH EET SEPT.

30.

( I n c l . C a n . C a r A F d y . C o ., L t d ., C a n . S te el F o u n d r i e s , L t d ., a n d A s s o c . C o s .)

1915.
A
ssets
—

$

1914.
$

Real cat., bldgs.,
mach.,pats.,Ac. 19,414,606 19,297,122
Inv. for red. Mont.
100,009
St. Wks. bonds100,090
Mater., supp., Ac.
(at or below cost)3,395,505 3,245,710
121,139
Bonds, stocks, A c.
124,331
Accts. A bills rec’lo 2,313,551 2,215.142
106,260
Car trust notes__
80,100
Dopos. on Govt.
68,643
contracts, A c ..
45,660
163,855
51,899
Cash In banks----Imp. Russian Gov.
contract assets.a4,642,120
83,488
Deferred Items__ b437,65S

1915.
$
Preference stock.. 7,009,000
Ordinary stock__ 3,936,700
Can. C. A F.lstM . 5,683,240
Can. Steel F’drles
1st M . A collat. 2,640,459
M ont.St.W .lstM .
749,000
Purch. money note
Nov. 1............ .
..........
Bank loans, A c .. . 2,234,302
Accounts, bills,Ac.
payable............ 1,068,318
Acer. int. A taxes173,712
Imp. Russian Gov.
contract llablls.c3,718,981
Deprec. A sinking
fund reserve__ 1,4.80,830
Special reserve__
500,000
Operating, A c.,fd.
346,088
Profit and lo ss ... 1,073,798
L ia b ilitie s —

1914.
S
7,000,000
3,975,000
5,817,416
2,737,013
749.000
100.000
633,161
706,593
155,433

1,158,156
500,000
237,315
1,632,270

T o ta l................ 30.605.436 25,401,357
T o ta l................ 30,605,436 25,401,357
a Includes expenditures In connection with tho contract and advances
undro contracts with sub-contractors, less amounts received from tho
Russian Governm ent, $3,605,985: balances receivable from sub-contractors
for materials supplied, A c ., $432,623: cash In banks, $593,512, and deposit
with Imperial Russian G o v t., $10,090. b Includes expenditures in con
nection with the rearrangement o f plants and the purchase o f machinery
for the m anufacture o f shells, less amounts written o ff to date $360,256,
and miscellaneous, $77,402. c Includes bank loans, $700,000: bills pay
able, $447,489: .accounts payable, $441,492, and advances due under con
tracts with sub-contractors, $3,130,000.
N o t e .— Dividends on the pref. shares have been paid to Juno 30 1914.
Contingent liability on bills under discount, $30,930.— V . 102,p. 524.253.

Montreal Light, Heat & Power Co.
(\5th Annual Report— Year ended A p ril 30 1916.)

President H . S. Holt, M a y 22, wrote in substance:
R e v e n u e — -Tho gross and net rovonuo and surplus oarnings show substan
tial and satisfactory increases, notwithstanding tho unusual and disturbed
business conditions that have prevailed throughout tho yoar, and tho fact
that thoro are at present upwards o f 8,000 vacant housos and stores in tho
city and suburbs, incident to tho war and recruiting am ongst householders
As a matter o f fact, our increased earnings aro in largo measure duo to
electric power and gas sales for m unition purposes and aro, consequently
o f a moro or loss temporary nature.
S u r p l u s F a m i n e s . — The surplus earnings from the year’s operations
am ount to $987,248, from which lias been deducted tho usual appropriation
to officers’ and employees’ pension fund o f $10,000, also reserve o f $204 730
to meet this year s contribution to tho Business Profits W ar T ax A ct
W ith these provisions the balance amounts to $772,518, and has been
carried forward to general surplus, bringing the accrued surplus as o f
D ec. 31 1915 to $5,742,273.
, ,
,
.
,
,
D e p r e c i a t i o n . — The usual provision for depreciation has beon made.
T ho total reserve to D ec. 31 1915, $3,586,354, has, with our other reserves,
beon invested in revenue-earning plant upon which no dividend has to
bo earned, to tho sole benefit o f tho public.
W a r T a x e s , & c . —-The Business Profits War Tax A ct, as recently enacted
b y tho Dom inion Governm ent to provido for the paym ent o f war debts,
purports to tax for three fiscal periods subsequent to Dec. 31 1914 tho
profits o f all corporations In excess o f 7% on share capital and unimpaired
reserves em ployed In tho conduct o f their business. It has been calculated
that this com pany's contribution will amount in tho aggregate to about
$600,000. Tw o tax periods under tho A ct havo already accrued for your
com pany; the first year’s tax, amounting to $169,344, has been provided
out o f suspenso account, while that for this year has been provided out o f
current year’s earnings.
In addition to this extraordinary item o f expense, your com pany is ex
periencing inovitably higher costs as a result o f abnormal prices and sur
taxes prevalent on all raw materials and supplies used in Its business, not
ably gas oil and copper, o f which, naturally, large supplies aro annually
required, and which are both presently selling at double tho price o f 1915
A d d i t i o n s a n d B e t t e r m e n t s .-—The installation o f conduits and cables for
electric distribution on St. Catherine and llloury streets was com pleted
during tho year and underground servico on those thorouglifaros established
R e d u c tio n in R a le s E f f e c t i v e f r o m J u ly N e x t . —f a ) E l e c t r i c R a le s :
T he net
rate will be 5 cents per k. w. h. on usual 5-ycar contracts, being a reduction
o f 16 2 -3 % . (6) G a s R a t e s . — In order to encourage the more general use
o f gas for dom estic as well as manufacturing and industrial purposes, wo
have decided to adopt a schedulo o f rates in net figures, as follows: First
7.000 cu. ft. per m onth, 85c. per 1,000: next 13,000 cu. fl
75c.; next
80.000 cu. ft ., 65c.; next 100,000 cu. ft ., 60c.; excess, 5 5c. (c) D u a l
S e r v i c e . — 'I'hero will also bo an extra rebate o f 5c. per 1,000 cu. ft. on gas
simply to dom estic customers using both gas and electric Sv„ .
Those reductions together, it is estimated, will represent a saving to tho
gas and electric consuming public o f not less than $300,000 per year, as
verified by our auditors.
P r o p e r t i e s a n d P l a n t s . — T he com pany and Us various subsidiary com 
panies havo expended during tho year on maintenance account, $379,366,
which, with the appropriation for depreciation and renewal reserve, repre
sents a total expenditure and provision o f $1,054,366 for the year.




2075

C H A R G E S , Y E A R S E N D I N G A P R I L 30.
1915-16.
1914-15.
1913-14.
1912-13.
Gross earnings__________ $6,877,168 $6,617,105 $6,245,697 $5,509,556
Operation & maintenance 2,856,798
2,881,198
2,778,451
2,328,440
N et revenue__________ $4,020,370 $3,735,907 $3,467,246 $3,181,116
Int. on bonds, insur., A c . $487,181
$489,164
$467,977
$463,979
Dividends p a id ____(1 0% ) 1,870,940(10)1827,500(10)1700,000 (9)1,530,000
Deprec. A renewals_____
675,000
650,000
600,000
550,000
O fficers’ , A c., pen’ll fund
10,000
10,000
10,000
10,000
W ar ta x ...............................
204,730
______
______
______
S u rp lu s ........................... $772,518
$759,243
$689,269
$627,137
B A L A N C E S H E E T A P R I L 30.
1916.
1915.
1915.
1916.
L ia b ilitie s —
S
A ssets—
S
$
S
Capital stock__ al8 .778,266 18,743,174
Stocks, bonds and
Bonds outstandlnglO ,152,000 10,181,000
Interest in other
281,730
companies_____23 810,361 23,728,986 Accounts payable330,461
72,644
79,747
New construction. 13 330,3S4 12,878,980 Customers’ depos.
Accrued interest-.
114,203
114,332
Investment securi
ties .....................
10,302
64,120
65,913 Divs. unclaimed..
10,072
War loan........ .....
467,500
100,000
........... Dividend May 15467,735
374,074
Bonds In treasury.
712,000
712,000 War tax................
Accts. receivable300,000
300,000
836,549
728,377 Insurance reserve.
stores, gas stoves,
Contlngent reserve 377,926
377,926
A c____________
139,012
140,107 Deprec’n reserve. _ 3 ,586,354 3,028,670
Coal, coke,tar, Ac.
504,884
224,405
351,565 Sub. cos.slnk. fds.
527,303
Cash on hand and
326,629
620,557
Gen. susp. acc’t . .
In b a n k .......... . 2 267,042
892,993 Pension fund____
64,771
78,506
Surplus_________ 5 742,273 4,969,755
E A R N IN G S , E X P E N S E S A N D

T o ta l................ 41,483,872 39,498,921
T o t a l................41,483,872 39,498,921
a Capital stock in 1916 includes $18,709,400, on which dividends were
paid, and $68,866 em ployees’ stock.— V . 102, p. 1829, 1262.

Chicago Junction Rys. & Union Stock Yards Co. (of
New Jersey), New York.
(25th Annual Report— Year ending Dec. 31 1915.)
Pres. Frederick H . Prince, Feb. 8 1916, said in substance:
The results shown om body tho com bine 1 o v ’ ninfs o f tho T ransit C o ., the
Railway C o. and tho Now Jersey C o ., including tho earnings from real
estate investments.
Tho following is a com parative statement o f live stock and car receipts:
C a l. Y e a r .

C a ttle,

1915________ 2,262,752
1914________ 2,237,881
Inc. or d e c . .

j

C a lv e s .

422,221
363,614

H ogs.

7,652,071
6,618,163

S h eep .

3,510,015
5,378,345

|H

orses.

C a rs.

165,253 233,503
106,282 227,443

+ 24,871 +58.607 + 1,033,905 — 1,868,330 +58,971 + 6,0 60

It will bo scon that tho yard’s busino3? during 1915 somewhat recovered
from tho embargo p la ce ! against it b y the o i t b r e i ’c in tho latter part o f
1914 o f tho foot-and-m outh disease, an 1 especially interfered w ith the
purchaso o f sheep in tho Chicago market in 1915 for shipments East.
The largo increase (amounting to 58,971 hoad) in tho receipt o f horses
makos tho receipt o f hor.sos for this year tho largest on record. T his incroaso was largely duo to the purchase o f horses for shipment abroad. The
outlook for tho receipt o f live stock at the C aicago yards for 1916 is co n 
siderably hotter.
T ho 5 % Collateral Trust gold ban Is serurol b y d e e ! o f trust July 10
1890, which bocamo due on July 1 1915, wore refu nie 1 b y a like am ount,
namely, $10,090,033 4 % 49-yoar M ortgage and Collateral T rust R efunding
gold bonds, as provided in the trust d e e l o f April 10 1931, the com p a n y
agreeing to pay an additional 1% per annum in accordance with a supple
mental mortgago and deed o f trust dated April 1 1915. This refunding
was accomplished at a cost to tho com pany o f $335,953, which was totally
charged o ff to surplus during tho past year.
T he dovotopmont o f the Central M anufacturing District o f C h ica go
continued during tho year and a number o f important new industries wore
located. T ho district now comprises spun .375 acres o f land in tho centre
o f Chicago and contains over 153 industries, all o f which are served b y the
Chicago Junction Ity. Funds from sale o f bonds are expended in financing
buildings for industrial concerns and tho resulting tonnage to the Junction
Ity ., as well as tho rovonuo from district operations, is constantly increasing.
C O M B IN E D E A R N IN G S OF T H E C O M P A N Y A N D T H E C O N T R O L L E D
S T O C K Y A R D S C O . A N D C H IC A G O J U N C T I O N R Y .

1915.
Gross e a rn in g s-...............$6,566,836
Taxes, int. A oper. e x p .. 4,943,324

1914.
$5,982,368
4.384,898

Surplus after in t., A c . .$1,623,512

$1,537,470

BALAN CE

SH EET

1915.
1914.
A ssets—
S
$
Investm’t account: !,856,777 33,456,821
Cash......................
192,087
60,556
Interest, Ac., rec.
203,410
44,562
20,068
5,190
Coupon account. .
1,404
176
Miscellaneous___

1913.
$6,329,056
4,654,757

1912.
$5,980,676
4,329,073

$1,674,239 $1,651,603
31.
1915.
1914.
L ia b ilitie s —
$
S
Stock, com m on... 6,500,000 6,500,000
Stock, preferred.. 6,500,000 6,500,000
B o n d s.................. 16,522,000 16,503,000
Accrued Interest..
166,334
4,497
Bills, Ac., payable
153,202
505,190
Miscellaneous___
8,149
20,515
Res. agst. Invest.
.......... 1,196,000
Surplus................ 3,427,062 2,338,103
DECEM BER

T o ta l................ 33,276,746 33,567,305
T o ta l................ 33,276,746 33,567,305
T ho com pany guarantees both principal and intorost, $765,039 C h ica go
River A Indiana R R . 5% bonds duo Oct. 1 1925 and $2,327,000 C hicago
Junction R R . 4 % bonds due M arch 1 1945.— V. 102, p. 1989, 1435.

Dodge Manufacturing Co., Mishawaka, Ind.
(Financial Statement for Fiscal Year ending Dec. 31 1915.)
1910.
1915.
1914.
1913.
1912.
1911.
1910.
$2,128,635 $1,750,184 $1,994,933 $1,947,344 $1,863,851 $2,073,927
T ho not sales sinco 1910 averaged $1,959,812 per annum.
T ho net Income for 1915 was $340,351, after writing o ff the usual de
preciation roservo, A c., against $179,163 in 1914. A fter deducting interest
paym ents, $67,035, there remained $273,320.
Tho stability o f earning power is dem onstrated b y tho fact that the co m 
pany lias operated since its inception w ithout an unprofitable year. T he
com pany has earned m ore than $3,000,000 for its shareholders, a large
portion o f which in various ways has been reinvested in the business.
Unfilled orders on hand Jan. 1 1916 were the largest in the com p a n y’s
history. Sales during January, February and M arch 1916 have largely
exceeded tho avorage m onthly sales in 1915.
D O D G E M F G . C O . B A L A N E S H E E T D E C . 31.
1915,
1914. |
1915.
1914.
L ia b ilitie s —
S
$
Property account-.2,219,537 2,753,003; Common stock........ 1,000,000 1,000,000
Preferred stock........ 874,800
714,900
Invent., receivables,
Bonded debt............ 875,000
925,000
equities, Invests .
at cost, cash, Ac.-1,583,532 1,742,494 Bills A accts. pay.,Ac. 267,290 319,069
Accrd. int.. taxes, Ac.
55,442 60,492
Prepaid exp., defer’d
chgs. to oper., A c. 161,655 156,654 Deprec'n, Ac., reserve ______
798,314
Surplus.................... 892.192 839,376
N E T S A L E S OF T H E D O D G E M A N U F A C T U R IN G CO . S IN C E

T o ta l.................... 3,964,724 4,657,151

T o ta l.................... 3,964,724 4,657,151
31 1915.
A s s e t s — (.T otal $657,161)—
' L ia b ilitie s ( T ota l $657,161)—
Cash, notes A accounts recelvCapital stock.............................. S138.000
able (less reserve)....................$409,274 Due to parent company............. 181,524
Inventories........................
203,398 , Accounts payable......................
22,405
Stock in L. B. A D. Prod. C o ..
6,000 Notes payable............................ 205,000
Furniture, equipment, Ac_____
37,799 i Accrued taxes............................
4,367
Prepaid expenses...............
690 Surplus........................................ 105,865
— V. 102, p. 1165.
DODGE SALES A

E N G IN E E R IN G C O . B A L . S H E E T D E C .

[V . 102.
ol

THE CHRONICLE

2076

American Pneumatic Service Co., Boston.

31 1915.)
Pres. William H. Ames, Boston, May 18, wrote in subst.:
{R eport f o r F isca l Y e a r en d in g D ec.

The contracts for pneumatic mail-tube service expire on Juno 30 1916.
The Postmaster-General has extended thorn to Dec. 31 1916 and our belief
is that they will be renewed. The House has voted to appropriate $976,000
for tho operation of the systems for tho year ending Juno 30 1917 and tho
matter is now in the hands of tho Senate.
The total rentals received from tho United States Post Offico Department
during the year amounted to $791,844. This payment was for tho uso of
an average lenth of 46.5791 miles of double pneumatic tubes. On Dec. 31
1915 the rate of rental paid by tho Post Offcie Dept, was $792,055 per year.
D o u b le -T u b e M ile a g e u n d e r C ontract w ith the G overn m en t

1914.
M i le s —
1915.
M i le s —
1915.
1914.
B o sto n ................... 6.7740
6.7740 New York________ 26.4348 26.4196
1.9880
B rook lyn ............... 1.3500
1.3500 St. L ouis................ 1.9880
T ota l__________ 46.5915 46.5697
C h icago.................10.0447 10.0381
T h e L a m s o n C o .— For 1915 tho operating results of the company wero a
gross completed business of $1,522,195, with net earnings of $80,902 ex
clusive of interest paid to tho parent company. During this period tho now
business taken amounted to .$1,632,942, against $1,888,330 for 1914.
T o offset tho reduction in our regular business, it was necessary to take
on conveyor work of special nature, carrying less than tho usual profit,
and, to further help out, orders wero secured for commercial castings,
tools, jigs, goneral machine work anil munition parts. On war orders tho
company could have dono moro hail its factory equipment been adaptable
and adequate. Labor troubles, together with delays in receipt of raw ma
terials, so seriously handicapped tho completion of contracts as to make it
necessary to carry over into tho now year a largo amount of unfinished work.
Without affecting tho established policies, the operating oxpensas for
tho year wero reduced $61,000 In spite of extraordinary legal and patent
litigation charges.
Our leased carrier systems have been extended since 1914, their value
now being $619,343. Tho improvements to our manufacturing plant at
Lowell, begun in 1914, have been completed. On Dec. 1 we moved our
general and executive offices to tho new location at lOOBoylston St., Boston.
Both tho business taken and tho not earnings for tho first tlu-eo months
of tho year 1916 show a gratifying increase over tho figures for tho cor
responding figures in 1915.
C O N S O L ID A T E D E A R N I N G S S T A T E M E N T FO R C A L . Y E A R S .

1915.
$479,254
Depreciation and adjustment_______
Sinking fund obligations___________
Interest on bonds, &c______________
Divs. on minority stk. Lamson C o ..
Divs. on 1st pref. stock (7 % )_______
Dlvs. on 2d pref. stock ( 3 % ----------Balanco, surplus...
C O N S O L ID A T E D
1915.
Assets —
S
Patents&gooil-will 7,243,597
Plant construction 5,792,309
592,262
Cash...................... 411,007
N otes &accts. rec.
M dse. Inventories.
870,088
158,950
W ork In progress.
Prepaid accounts.
16,090
Deferred chges. to
6,769
operations_____
Sinking fund cash
547
not invested___

1914.

$

7,246,584
5,781,201
595,198
407,250
943,312
94,204
12,908
8,119
439

T o t a l .................. 15,091,620 15,089,215

1914.
$539,506

1913.
$689,593

$63,610
64,180
32,434
165
105,000
188,981

$75,794
61,205
40,492
661
105,000
188,981

$112,629
58.180
46,798
333
105,000
188,981

$454,369
$24,885

D e d u c t—

$472,133
$67,373

$511,920
$177,673

’ D E C . 31 { I N C L . S U B . C O S .) .
1914.
1915.
L ia bilities —
•
S
S
Com m on s tock _ 4,995,663' 4,995,663
_
Preferred s tock _ 6,328,800 6,328,800
_
1,500,000 1,500,000
First pref. stock
Sub. cos.’ stk.held
140,512
141,142
by outsiders_
_
670,500
634,000
Bonded d e b t.........
107,296
122,771
Accounts payable.
130,853
Accd. hit., taxes,Ac
110,938
26,569
26,569
Divs. unp’d& accr.
463,018
525,106
Sink, fund res’ ves.
28,437
29,256
M iscell. reserves-.
686,939
S u rp lu s.................. *678,006
T o t a l .................. 15,091,620 15,089,215

* After deducting adjustments, $33,818.
R E S U L T S F O R Y E A R S E N D I N G D E C . 31.

---------- L a m s i m C o . --------- 1914.
1915.
Total incomo__________ $1,522,195 $1,707,891
1,562,859
Total expensos_________ 1,432,509

1915.
$791,866
373,540

$145,032
8,462

$418,320
7,450

Gross profit_________
Other income _________

$89,680
6,766

e C o s . ------

1914.
$700,826
387,269

$403,557
5,679

$409,236
$425,776
$153,494
$96,452
Total Income________
$281,348
$277,567
$58,636
Interest on bonds, &c._
x$57,965
79.536
60.616
Depreciation and taxes.
Divldends____________ (1 %)20,000 (4%) 80,000 (4% )00,000(3 2-3)55,000
Balance, surplus_____

$18,487

$14,858

$4,892

$16,053

x Includes $42,415 in 1915 and $43,086 in 1914 paid on bonds anil notes
held by Amer. Pneumatic Servico Co., omitting which tho net result was
$80,902, against $137,944 in 1914— V. 100. p. 1748.

I N C O M E A C C O U N T O F C A S E I N CO . O F A M E R I C A FO R C A L . Y E A R S .

Dividends, &c., recoivod.
*Gen. exp., doprec’n, &c_
Dividends on pref. stock.

1915.
$72,108
$19,444
______

Balance ................ ...sur.$52,664

1914.
$10,126
$1,448
______

1913.
1912.
$38,912
$36,356
$21,835
$36,306
______ (4%)40,000

sur.$8,678 sur.$17,077 dof.$39,950

* Includes general oxponsos only in 1914 and in previous years also ac
counts written off. Includes depreciation in 1915.
( T I I E ) C A S E I N C O . O F A M E R I C A {O F D E L .) B A L . S H E E T D E C . 311915.
A s s ets {T o ta l, $2,053,973)—
| _ L ia b ilit ie s {T o ta l, $2.053,973)_—
Capital stock___________ $1,874,400
Casein Co. of America (of
1,620
N. J.) stock__________ $1,876,020 Scrip (fractional shares) . .
546
Notes receivable________
160,330 Accounts payable---------176,668
Accounts receivable_____
3,200 Surplus_________________
739
14,423 Profit and loss__________
C a sh ...............
The incomo (interest) for 1915 was $3,298, and expensos to date, $2,559,
leaving a balanco as above, $739.
C O N S O L . B A L . S H E E T O F C A S E I N CO . O F A M E R . & S U B .C O S . D E C . 31.
1914.
1915.
Assets —
8
S
Land, bldgs., m ach.,
425,133
433,154
&C— ..........
Patents, brands, A c . 5,321,829 5,325,952
Stocks of affil. c o s ..
617,586 599,786
Cash__________
127,846
248.S90
Accts.&bllls rec.(net)
165,226 161,140
Inventories________
164,684
220,285
Prepaid Insurance . .
8,741 16,280
12,446
10,178
Open a cco u n ts _____

1915.
1914.
L iabilities—
$
S
Casein C o. o f Anicr.:
Preferred stock___ 1,000,000 1,000,000
Common stock___ 5,492,000 5,4S7,000
T h e D r y M llk C o .p t .
29,699
29,699
Bills payable........... .. 160,000
230,000
Accounts payable___
64,094
60,077
Surplus account____ *97,699 208,889

T o t a l ......................6,843,492 7,015,665

T o t a l ...................... 6,843,492 7,015,665

* After deducting $196,595 paymont of Wester ot al judgment and sun
dries, $13,785.— V. 101, p. 215.

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Algoma Central & Hudson Bay Ry.— P lan E ffe c tiv e

.—■
Messrs. Linklater & Co., London, announco that they are in
structed by tho bondholders’ convm.ittee to inform tho bond
holders that they have now received cablo advice from Canada
that tho scheme of arrangement which was passed at meetings
of tho Railway and Terminal bondholders, hold March 24
last, has been confirmed by tho Parliament of Canada, and
that the scheme is thereforetobinding upon all into effect. Those
bondholders.
Steps will bo taken forthwith
carry tho scliomo
bondholders who have deposited their bonds with the committee will
receive notico in duo course when their bonds may bo withdrawn from
deposit. All future communications should 1)0 addressed to tho Secretary
of tho joint committee, 80 Dashwood House, Now Broad St., London,
E. C. A letter addressed to tho bondholders by tho committee declares
that tho support obtained by tho Bondholders’ Dofonso Commltteo was
small.— See plan, V. 102. p. 1058, 1539.
Algoma Central Terminals, Ltd. P la n E ffe c tiv e .

—
—The
bondholders’ committee announco that tho scheme of ar
rangement which was approved by tho bondholders on Mar.24
last has been confirmed arrangements havo Canadian Parliament.
by an Act of tho been made, the committee
As soon as the necessary
will notify tho bondholders as to tho payment of tho 3% in rospect of tho
year ending Aug. 1 1915, and as to tho deposit of bonds for tho purpose of
endorsement.— See plan, V. 102, p. 1058.
Boston Elevated Ry. S tatu s.

—
—Gov. McCall, of Mass.,
in a special message to tho Legislature, rocommonds estab
lishment of a special commission at tho roquost of tho com
pany, to report to tho next Legislature as to whether or not
in its opinion it is advisable for tho Stato to tako any action
by way of legislation or otherwise with a viow to enabling tho
company to obtain net revenue adoquato for its corporate
purpose. A communication from tho company addressed to
the Governor pointstho company Is tho following: tho additional
out in brief unable to obtain
At tho present time

necessary capital for the equipment of tho tunnels and rapid transit lines
now in tho course of construction and for other necessary additions and
improvements for the reason that it has already issued the amount of bonds
allowed by law and is unable to sell its stock at par, which is tho minimum
prico required by law.

According to the communication to tho Govornor, an in
crease in fares is felt necessary from 5 to 0 conts per passen
{R eport f o r F isca l Y ea r E n d in g D e c . 31 1915.)
ger, in order to increaso tho rovonuo, yet tho company
Pres. George J. Gillespio, N. Y., Mar. 17, wrote in subst.: despairs of obtaining tho dosired increaso duo to tho fact that
Of tho capital of tho N . J. corporation o f which thcro is outstanding last year, after an investigation, tho Mass. P. S. Commission
10,000 shares of pref. stock, and 54,920 shares of com. stock, 8,785 sharos
of pref. and 48,801 shares of com. stock wero owned on Dec. 31 1915 by determined that tho advance should not be granted.—V. 102,
your company (“ The Casein Co. of America,” incorporated in Delaware on p. 1G25, 1058.
July 12 1915, per plan in V. 100. p. 1513.1, against which stock thoro had
been Issued 18,760.2032 shares ($1,876,020) of tho capital stock of your co.
Boston & Maine RR.— N o te E xten sion O perative. —This
There have been deposited or pledged pursuant to tho plan of reorgani
zation submitted during 1915 to tho stockholders 9,980 shares of pref. and company has declared effective tho plan for extension to
53,023 shares of com. stock of tho N. J. corporation. There remains, there July 17 the $13,300,000 notes duo Juno 2, holders of moro than
fore, only 20 shares of pref. and 1,897 shares of com. stock not committed 97)/;% of tho outstanding notes having already assontod.
to tho plan.
„
„
Tho Casein Co. of America, of N . J., derived an incomo of $72,108 from See V. 102, p. 1986.
dividends from the subsidiary companies. On tho other hand, it dis
(The) Casein Company of America (Del.), New York.

bursed $196,595 to meet final judgment, with interest, in tho Wester suit.
This explains the deficit of the company which stood Dec. 31 1915 at
$130,342.
Tho gross sales of the subsidiary companies for 1915 amounted to $1,516,
645. After making deductions for expenses, adjustments, depreciations
and accounts written off, tho combined not earnings of all tho companies
amounted to $99,189.
Tho earnings of the subsidiary companies for tho present year thus far are
satisfactory, showing a marked iucreaso over the earnings of tho said com
panies for the corresponding period of 1915, and are duo in part to tho
present unusual trade situation in tills country.
All tho shares of tho subsidiary corporations (except tho prof, shares of
tho Dry Milk Co.) are owned by tho Casein Co. of America, of N. J.

O P E R A T IO N S O F A L L C O S. ( S U B . C O S . A N D C A S E I N CO . O F A M E R . ) .

1913.
$1,492,727
$171,942

1912.
$1,450,341
$106,527

1915.
Gross sales sub. cos____ $1,516,645
Net earnings, sub. cos__ 1
Divs. & royalties received) x$99,189
by Casein Co. of Amer. J

1914.
$1,274,941
$98,024
10,000

10,042

36,356

Total net incomo____ 1
Adjustm’ts, doprec’n anil) x$99,189
accounts written off_ )
_

$108,024

$181,984

$142,883

Balance_____________

x$99,189

40.753

38.280

36,306

$67,271

$143,701

$106,577

x After allowing for exponses, adjustments, depreciations and accounts
l




Tho company has petitioned tho Mass. P. S. Commission for an extension
of ono year from July l next within which lo complete tho reorganization of
the system. According to the original bill tho date sot was July 1 of this
year. Compare V. 102, p. 1986. 1539.

Carolina Clinchfield & Ohio Ry.—-E xp ert's R e p o r t .—
L. F. Loreo roports as of March 24 in substance (compare
map on page 83 in of Railway & Industrial Section”): enor
“ tho United Statos has shown the following
The coal production

mous growth [with exports less than 4% — Ed-1- The present European
war is opening the way for future heavy exports of coal.
U . S . O utput—
1810.
1860.
1880.
1900.
1910.
Coal, tons____ 2,070.039 14,610,042 71.481,570 269,084.027 501,596.378
Coal traffic is particularly remunerative to the railroads. 1ho car-mile
earnings thereon at 4.0 mills per ton mile (tho present average coal rate
of C. C . A O. By.) reaches 25.3c., the shipper and tho rocolvor doing tho
handling with their own facilities, while at watersldo tho cost of unloading
with modern mechanical devices does not exceed 2c. per ton. On tho other
hand, merchandise freight will ordinarily not earn over 10c. per car-mile
and must meet terminal labor charges at each end of 20c. per ton.
The coal of tho Clinchfield Basin is situated on tho oast slope of tlio Cum
berland Mountains, in the Southern Appalachian coal field, and has been
proved of prime quality for steaming, railroad fuel coal, coking, general do
mesiic purposes and for export. Tho field to which tho C. C. Sc O. has ac
cess is amplo to supply the maximum tonnage for many years, i he com
pany’s railway was built primarily as a direct outlet for this coal to the
Southeastern seaboard and to supply tho railways of that region with
choap fuel, but sinco extended to Elkhorn, on tho C. Sc O. By., it has
opened a new through route from tho Southeast to Cincinnati. Chicago,

J une 3 1916.]

THE CHRONICLE

Toledo and adjacent territory. There are few breaks In the Allegheny
Mountain chain, and Its territory is well protected from competition.
The road is equipped with 85-lb. steel, or heavior, heavily tie-plated oak
ties, on stono ballast, bridges to carry the company’s heaviest typo of mod
ern steel cars, Mallet enginos, &c.
In order to be conservative, the following official forecast o f earnings
is based upon a coal movement in tho year 1919-20 o f only 3,800,000 tons
Instead of tho 4,800,000 tons predicted below:
O ffic ia l F o rec a st o f C . C . A O . R y . E a r n in g s 1917-1921.
1917.
1918.
1919.
1920.
1921.
C oal.
...$2,000,000 $2,400,000 $2,720,000 $3,035,000 $3,300,000
Merchandise . . . 1,300,000
1,005,000 1,945,000 2,295,000 2,070,000
Passenger, & c ... 315,000
340,000
305,000
390,000
415,000
Total oper. rev. 3,015,000
4,345,000 5,030,000 5,720,000 6,445,000
Oper. exp. & taxes 1,910,000
2,285,000 2,015,000 2,905,000 3,325,000
Mlsc. in co m e ... 375X00
375,000
375,000
375,000
375,000
Net in co m e ...$2,080,000 $2,435,000 $2,790,000 $3,130,000 $3,495,000
Since tho completion o f the line in 1909, tho coal tonnage has boon built
up to an estimated maximum for tho fiscal year 1915-16 of 1,900,000 tons,
with receipts from other sources o f about 200,000 tons per year.
Tho production of coal tonnage in the past has been somewhat retarded
by slow mine development along the line in tho Clinchfield Basin, but the
mines of tho Clinchfield Coal Corporation are now expected, with com
paratively slight capital outlay for equipment and the addition o f one shaft
n the vicinity of the Laurel operations, to produce:
P ro b a b le O u tp u t o f C lin ch field . C o a l C o r p — E s t . by I t s P re s id e n t— J u n e 30 Y r s .
1915-16.
1916-17.
1917-18.
1918-19.
1919-20.
2,100,000
2,670,000
3,270,000
4,000,000
4,800,000
The construction of the Clinchfield lino opened up a practically virgin
country with but little demand for, or supply of, merchandise commodities.
The great supply of forest and non-motallic mineral products along the lino,
together with tho soil conditions, havo brought about rapid development of
Industries, whilo tho extension to Elkhorn, with tho preferential traffic
agreement with the C. & O. tends furthor strongly to stimulate tho mer
chandise business, both through and local. Morovoor, in addition to the
large areas o f timber adjacont. to the original lino, tho extension has opened
up an estimated 1,500,000.000 ft. of merchantable timber, which is now
being developed by the Bitter Lumbor Co. and othor strong interests.
C o m p a ra tiv e S ta tem en t o f G e n e ra l R esu lts (as R ep o rted by the C o m p a n y ],
Y e a r s e n d in g J u n e HQ—
1911.
1913.
1915.
4 m o s . est.
Operating rovonues............$1,811,755 $2,634,634 $2,260,776 $3,000,000
Not income--------------- $904,624 $1,689,238 $1,136,773 $1,738,000
In t., rentals & oth. fixed digs. 1,042,705
946,923
988,967 *1,188,000
B a l ., s u r ., to p r o f i t * l o s s .d f .$ 1 3 8 ,0 8 0

$ 7 4 2 ,3 1 4

$ 1 4 7 ,8 0 6

$ 5 5 0 ,0 0 0

* I n c l u d e s f u l l i n te r e s t c h a r g e o n E l k h o r n E x t e n s i o n a l t h o u g h t o n n a g e
o n l y in f i r s t s t a g e o f d e v e l o p m e n t .— V . 1 0 2 , p . 1 4 3 5 .

— I n te r e s t. —Holders
of First Mtge. 4% gold bonds, due Juno 1 1948, $2,500,000
outstanding, are notified, by adv. on another page, that
Receiver Bush has deposited with Bankers Trust Co., N . Y.,
the amount of the semi-annual interest installment duo
Dec. 1 1915, for payment upon presentation of coupons by
bondholders.—V. 101, p. 1271.
Central Branch Union Pacific Ry.

Chicago & Eastern Illinois RR.— P r o p e r ty . —
S e e E v a n s v ille &

In d ia n a p o lis R R

b e l o w .— V .

102, p .

1059, 885.

— N o te E x te n s io n . —Arrangements
are being made, it is stated, for tho extension of tho $14,
000,000 2-year 5% gold notes which mature on July 1, but
details have not been definitely decided on as yot.—V.
101, p. 1968, 1885.
Chicago & Milwaukee Electric RR.— Sale C on firm ed —
P la n . —Federal Judge Landis at Chicago has confirmed tho
foreclosure sale of the road for $4,500,000.
The plan of reorganization, it is reported unofficially,
contemplates new' issues as follows:
Chicago Elevated Ry.

( 1 ) A f i r s t m o r t g a g e l i m i t e d t o $ 1 0 , 0 0 0 , 0 0 0 c o v e r i n g t h o e n t ir e p r o p e r t y
a s a f i r s t l i e n , u n d e r w h ic h t h e r e w ill n o w b o s o ld $ 4 , 5 0 0 , 0 0 0 1 s t 5 s t o p r o v i d o
fo r p a y m e n t o f t h e $ 1 ,0 8 0 ,0 0 0 Illin o is D i v . 5 % b o n d s o f 1 8 9 9 d u o J u ly 1
1 9 1 9 ( w h ic h h a v o j u s t b e e n c a lle d fo r p a y m e n t o n J u l y 1 a t 1 0 5 a n d i n t . ) ,
a n d a l s o o f t h o $ 1 , 1 4 5 , 0 0 0 r e c e i v e r ’s c e r t i f i c a t e s a n d o t h e r c a p i t a l r e 
q u ir e m e n ts .

(2) A nominal ($100,000) capital stock which would bo held in a voting
trust and against which would bo issued 165,000 equal certificates of boncficlfd interest without par value, viz.: (a) 45,000 Illinois participation cer
tificates, (b) 60.000 Wisconsin participation certificates, (c) 60,000 common
participation certificates. These certificates will bo issued in exchango
lor tho deposited bonds of tho junior issues, namely tho $4,000,000 Illinois
Division 5s of 1902 duo 1922 and tho $10,000,000 Wisconsin D I v 5 s of 1905
due 1925-— V. 102, p. 1895, 1718.
u 'uo’

Cincinnati Hamilton & Dayton Ry.— Cou-pons P a id .—
Kuhn, Loeb & Co., 52 William St., N. Y ., as reorganization managers,
wero on Juno 1 prepared to pay holders o f tho General Mtge. bonds due
1942 o f tho R a ilr o a d company coupons due Juno 1 1915, Dec. 1 1915 or
Juno 1 1916, with 5% interest from tho respective duo dates to Juno 1
or $26 25 for each Juno 1 1915 coupon, $25 63 for each Dec. 1915 coupon
and $25 for each June 1916 coupon.— V. 102, p. 1895, 1718.

Cities Service Co.— Stock — D ividen ds — A c q u is it io n s . —Tho shareholders will vote on Juno 29 on increasing the
authorized capital stock from $65,000,000, consisting of
$25,000,000 com. and $40,000,000 pref. (ot which amounts
$17,577,604 and $32,796,328 are outstanding) to an author
ized total of $100,000,000, to include $40,000,000 auth. com.
and $60,000,000 prof.
D ig e s t o f C i r c u l a r S ig n e d b y P r e s .

H e n r y L . D o h e r t y , M ay 25 1916.

At meetings of tho board held M ay 17 and May 19, action was taken
upon soveral important matters, including a policy of establishing stock
dividends, the calling of a meeting of stockholders to authorize an incrcaso
of tlio capitalization of the company, arranging to take over certain asso
ciated properties, and entering into a new contrac* with Henry L. Doherty
& Co. for tho operation o f tho properties for another five-year period.
Contingent upon a favorablo vote by the stockholders authorizing an
Incroaso in the capitalization of your company, offers will bo mado as follows:
(a) To tho holders of Electric Bond Deposit Co. (V. 94, p. 510; V. 100
p. 1675) pref. stock to exchange, sharo for share, for Cities Service Co. prefstock. This company owns a largo amount of tho securities of Ozark Bower
& Water Co. (V. 94, p. 565, 702; V. 96, p. 207), a hydro-electric company
which supplies electricity to sovoral operating companies, including The
Empire Dfstrict Electric Co. (V. 94, p. 1319; V. 101, p. 1275) one o f tho
present subsidiaries of Cities Service Co.
\b) To tho stockholders of To'edo Traction, Light & Power C o., Lincoln
Gas & Electric Light Co. (V. 102, p. 1991) and Montgomery Light & Water
Power Co. (V. 102, p. 1721; V. 91, p. 340), to tako over tho stocks of theso
companies at approximately their market pricos o f M ay 19.
A contract was entered into for tho services o f Henry L. Doherty & Co.
for a fivo-yoar period, beginning May 1 1916. This contract provides that
llonry L. Doherty & Co. shall turn over to Cities Servico Co. their holdings
in public utility properties and shall also conduct all their operations in
public utilities and oil properties, so far as this can bo dono, for tho account
of Cities Servico Co.; and that Henry L. Doherty & Co. shall not havo
tho right to conduct independent operations in such properties for them
selves or for others, without first offering such opportunities to Cities
Servico Co. Henry L. Doherty Sc Co. are to bo reimbursed In cash for tho
actual oxponscs o f tho operation o f the properties, and aro to bo compen




2077

sated by being given an option on $3,000,000 Cities Servico Co. com. stock
at 225% o f par, with also tho right to buy ono-third o f all common stock
issued thereafter, during such period, at 250% of par.
Tho directors considered tho question of a dividend policy for the com.
stock, and it was decided that after tho stockholders had approved the in
crease in the capital stock, (a) tho 2% dividend payablo in com. stock,
which tho company was expected to pay in 1915, would bo declared and
mado payable on Sept. 1 to holders of record Aug. 15; (6) the 4% stock divi
dend, which it was expected to pay in (916, would be paid on Doc. 1 to
holders of record Nov. 15; (c) tho original plan of paying a 6% stock divi
dend in 1917 would be adhered to; and (d) stock dividends would be in
creased 3% each year thereafter, so long as the company's increased earn
ings wero sufficient to warrant such action.
Tho directors reaffirmed the policy of restricting cash dividends on tho
common stock to 6% , at least so long as tho excess earnings could to advan
tage bo expended for the betterment of the properties of the subsidiary cos.
N o te s C alled. —The company has called for redemption at
102 and int. on or before July 12 the $7,000,000 outstanding
7% 5-year convertible notes.

Payment will be made at the company’s office, 60 Wall St., N . Y ., or
at tho office of Sperling & Co., MoorgatoSt., London.— V.102, p.1625, 1540.

Cleveland Cincinnati, Chicago & St. Louis Ry.—

—J. P. Morgan & Co. have sold approxi
mately $1,500,000 5% Equipment Trust Certificates. This
amount, recently authorized by the Ohio P. U. Commission,
is part of the original issue of $5,600,000 jf 1914 (V. 98, p.
1693). The certificatesWarehouse Co. 1 to 13 years. below.—
run from under “ Industrials"
See Ninth Street Terminal
E q u ip m en ts S old.

V. 102, p. 1445, 1430.

Connecticut River RR.— N o te s E xten d ed . —This com
pany has been granted a 45-day extension on the $2,450,000
1-year 6% notes due June 1-2 and also on the $2,300,000
1-year 6% notes of the Vermont Valley Ry. due June 1,
guaranteed by the Connecticut River Co.—V. 100, p. 1917.
Detroit United Ry. Co.— O ffic e r s .—
J.
C. Hutchins has resigned as President and been mado Chairman of
of tho board, a nowly created office; Frank W. Brooks, formerly V.-Pres.
and Gen. Mgr. of the company, has been elected to succeed M r. Hutchins
as President, but will continuo to serve as Gen. M gr.— V. 102, p. 1896.

Erie RR.— B on d s. —This company has applied to the
New York P. S. Commission for permission to issue $2,380,
000 additional General Lien 4% bonds dated 1895, making
tho amount outstanding of this issue $38,265,000.
The company on June 1 paid off all the $2,380,000 out
standing Buffalo New York & Erie 1st M. bonds which ma
tured on that date.
E q u ip m en t T ru st C ertifica tes . —The company has been au
thorized by the New York P. S. Commission to issue $1,250,
000 4J^% equipment trust certificates, Series DD, at 99.
Tlio proceeds to bo used for tho purchase of 1.000 50-ton self-clearing
hopper cars and three 2-10-2 typo locomotives. The equipment will cost
$1,532,585 and the company will pay $282,585 in cash on it.— V. 102,
p. 1896, 1244.

Evansville & Indianapolis RR.— A c q u is itio n — O fficers.
Tho lino from Terre Haute, Ind., via Saline City to Evansville. Ind.,
with branch from Saline City to Brazil, Ind.. formerly operated by the
Chicago & Eastern Illinois R R .. is now operated by the Evansville &
Indianapolis R R . The officers are Wm. P. Kappes, Receiver, and
W. F. C. Golt, Treasurer.— V. 102, p. 60S.
Lancaster & York Furnace Street Ry., Millersville.Pa.

The reorganization o f this company having been consummated by the
bondholders, the following officers and directors have been elected: Paul
Heine (Pres.) J. B. Ilamish (V.-Pros.), Elan H. Myers (Treas.), John H.
Myers (Sec.), John H. Ware (Gen. M gr.), A . B. Bausman, Eli G. Reist,
J. W . Gardener, Amos M . Landis and Martha H. Davis. Operations of
tho property, discontinued Jan. 1, have been resumed.— V. 102, p. 1625.

Long Island RR.— M ile a g e B ook R a te s . —
This company has applied to the New York P. S. Commission for per
mission to increase the rate charged for 500 and 1,000-mile mileage books
from 2 to 2 H cts. per mile. It is pointed out that an average annual deficit
of about $355,000 would bo materially reduced by the desired increase,
which, It is estimated, would bring in about $310,000 additional revenue.—
V. 102, p. 1163, 1155.
Mahoning Coal RR.— E xtra C om m on D iv id en d . —
This company has declared an extra dividend of $15 (30%) on the $1,
500,000 outstanding common stock (par $50), payable Juno 14 to share
holders o f record June 1. In Feb. last a dividend o f 10% was paid.— V.
100, p. 1918.
Middle West Utilities Co.— N o te s C a lled . —
This company was prepared to pay on June 1 the $3,500,000 6% col
lateral trust notes dated June 1 1913, at the Illinois Trust & Savings Bank,
Chicago.— V. 102, p. 1811, 609.

Missouri Kansas & Texas Ry.— D e p o s its . —The E. G.
Merrill committee, representing tho 100-year Second Mtge.
4% gold bonds due 1990, $20,000,000 outstanding, has noti
fied the holders of the bonds that it has intervened in the
foreclosure proceedings now pending, and has asked the
Court to order payment of interest on the bonds. The com
mittee will continuo -to receive deposits until June 15.
See also advertisement on another page.
C o u p o n s. —Dec. 1915 coupons for interest on tho $39,999,
500 outstanding 1st Mtge. bonds, due 1990, were paid May
29 at the office of the receiver.—V. 102, p. 1987, 1718.
Missouri Pacific Ry.— Votes E xten d ed . — Sub. C o. I n t . —

The Columbia Trust Co., agent for the receiver, announces
that more than a majority of all the $24,773,000 outstanding
gold notes have been extended in accordance with the offer
of the receiver and the holders so extending have received
the Juno Central Branch Union Pacific Ry. above.—-V. 102, p. 1896, 1811.
1 interest and a cash commission paid for extending.
See also
Pere Marquette RR.— P la n S u bm itted to M ic h ig a n RR.

—-A preliminary petition signed by J. L. Cramer,
Vice-Pros, and Comptroller, and presented by Seward L. Merriam, General Solicitor, has been submitted to the Michigan
RR. Commission asking for their opinion regarding a plan
of reorganization. The plan as reported in the press dis
patches provides for the following capitalization, a 50% re
duction in fixed charges and bonded debt, the furnishing of
$16,000,000 new money and the exchange of a large amount
of bonds for sto le.
C o m m issio n .

2078

THE CHRONICLE

P ro p o se d C a p it a liz a tio n $105,000,000, a R ed u ctio n o f $9,500,000.
Series A. first mortgage 5% bonds___________________________$27,652,500
Of v/hich for exchange for present outstanding
securities________
$15,782,500
To refund bonds on Canadian lines____________
5,870,000
T o provide new money_________________________ 6,000,000
Series B 4% first mortgage bonds for exchange purposes______ 8,479,000
Cumulative 5% prior adjustment stock to provide balance of
new money_______________________________________________ 11,200,000
Cumulative preferred stock for exchange put poses___________ 12,449,000
Common stock for exchange purposes_______________________ 45,219,500
— V. 102, p. 1163, 976.

St. Louis & San Francisco RR.— A p p r o v a l .—The Mis
souri P. S. Commission has announced tentative approval
of tho now reorganization plan, excepting only the voting
trust. The voting trust plan, it is thought, will bo submitted
to the Missouri Supreme Court for decision as to its validity.
—V. 102, p. 1718, 1541.
Seattle Renton & Southern Ry.— S a le .—Judge A. W.
Frater in tho King County Superior Court at Seattle on May
25 ordered acceptance of the bid of $1,200,000 made for the
property by Attorney John C. Higgins, representing under the
plan of reorganization the bondholders and common claim
ants. bondholders and common claimants arc to pay approximately $150,
The “Seattle Post-Intelligencer” May 26 said:
The

000 to cover liabilities incurred by tho receivers and will advanco $225,000
for improvements deemed immediately necessary. Juno 2 was fixed as tho
date when tho deal is to bo consummated and tho order confirming the sale
entered.
Attorney F. ,1. Carver, who represented undisclosed clients, likewise bid
81.200,000 when tho road was offered for sale M ay 12 last, but the latter’s
bid was not considered, inasmuch as it would be of no effect if not accepted
by tho bondholders and stockholders. An appeal from Judge Prater’s
order of sale, it is understood, will be carried to the Supreme Court, as well
as an appeal from his order directing the acceptance of the bid of Attorney
Higgins's clients.— Compare V. 102, p- 1988, 1437.

Southern Traction Co., Dallas, Tex.—-M erg er. —
See Texas Electric Railways below.— V. 102, p. 1896, 1812.
Texas Electric Railways.— C on solid ated C o m p a n y . —

This company has been organized as tho result of a merger effected May
24 of the Southern Traction Co. and tho Texas Traction C o., both proper
ties known as tho “ Strickland lines.” Tho new company will begin its
corporate existence July 1, with J. F. Strickland as President. The com
pany will be managed and operated by tho officers of the merged proper
ties. Total mileage of the consolidated company will bo 251 miles, which
is said to be the greatest o f any interurban line in tho world. Tho lines
are operated in and between Denison, Sherman, McKinney, Waco, Waxahatchie, Corsicana and Dallas, Texas. Compare Southern Traction Co.,
V . 102, p. 1896.

6 . Sch om berg & A u rora
a n d e q u ip m e n t o f ro a d .

[Vol . 102.
Ry.

C o .— P u r c h a s e o f sh a ro c a p it a l; b u ild in g

7. Niagara Falls Electrical Transmission Co. (Now York). Niagara
Falls Gas & Electric Light Co. (New York).— Purchase of share capital.
These companies hold the right to distribute power in N. Y. State, and
through them it is expected to make available a profitable market for the
surplus power of the Eiectricai Development. C o.’s plant.
\ o u r d i r e c t o r s , r e a l i z i n g t h e i m p o r t a n c e o f s e c u r in g a n a d e q u a t e s u p p l y
o f [ h y d r o -e le c t r ic ] p o w e r , a v a i le d t h e m s e l v e s o f t h e o p p o r t u n i t y in 1 9 0 8
t o o b t a i n , t h r o u g h t h o T o r o n t o P o w e r C o . , c o n t r o l o f ttie p r o p e r t y o f t h e
E le c t r i c a l D e v e l o p m e n t C o . o f O n t a r i o , L t d . , a n d h a v e s in c e in c r e a s e d t h e
i n it ia l i n s t a l l m e n t o f 5 0 , 0 0 0 h .p . t o t h e f u l l c a p a c i t y — 1 2 5 , 0 0 0 h . p . — t o 
g e t h e r w i t h t h e n e c e s s a r y f a c ilit ie s f o r d i s t r i b u t i n g t h e la r g e r o u t p u t .
F o l l o w i n g t h i s , in o r d e r t o e s t a b lis h a c o n t i n u o u s m a r k e t f o r a t a r g e p o r t i o n
o f t h e o u t p u t , c o n t r o i o f t h o T o r o n t o E l e c t r i c L i g h t C o . w a s a c q u ir e d in
1 9 11 th r o u g h th o p u r c h a s e o f its sh a re c a p it a l a n d fu n d s w o re p r o v id e d t o
e n a b l e t h a t c o m p a n y t o e n la r g e it s d i s t r i b u t i o n f a c i l i t i e s a n d e f f e c t e c o n o 
m i e s in o p e r a t i n g c o s t s .
T o c a r r y o u t t h o a b o v o p r o g r a m t h e s e c u r it ie s
o f t h e T o r o n to P o w e r C o ., g u a ra n te e d b y th e T o r o n to R a ilw a y C o ., w ere
is s u e d a n ti s o l d t o p r o v i d e t h o m o n e y r e q u i r e d .

In addition to assuring an adequate supply of power for tho Toronto
Railway Co., steady progress has been made in tho sale of power. In 1909
tho gross sales of power amounted to $651,830; in 1915 they aggregated
$1,463,639, and in 1916 these aro expected to teach a to„al of $1,800,000.
In 1910 tho Toronto Electric Light Co. had 16,140 customers and a total
k.w.-hour output of 28,180,200; in 1915 25,844 customers and an output
of 51,395,537 k.w. hours.
In acquiring tho several properties now forming tho Toronto & York
Radial Railway Co. and the Schomberg & Aurora lty., our chief object
was to foster tho growth of suburban traffic, to feed tho city system of the
Toronto Railway Co.
T l i e r e s u l t a n t a d v a n t a g e t o t h e s h a r e h o ld e r s o f t h o T o r o n t o R a i l w a y C o .
i s , t h a t s h o u ld t h e C i t y o f T o r o n t o e l e c t t o p u r c h a s e t h o T o r o n t o R a i l w a y
s y s t e m t h e y w i l l h a v e lo f t in 1 9 2 1 a c o n t i n u i n g e n t e r p r i s e , i n c l u d i n g a s u b 
u r b a n e le c t r ic r a i lw a y s y s t e m a n d a n e x t e n s i v e a n d p r o f i t a b l e p l a n t f o r t h e
p r o d u c tio n a n d d is tr ib u tio n o f e le c tr ic ity fo r lig h t a n d p o w e r p u r p o s e s .
C om p are V . 102, p . 7 9 6 , 1719.

Union Pacific RR.— N ew P r esid en t

.—

E d g a r E . C a l v i n , f o r t h o p a s t t w o y e a r s V i c o -P r e s . & G e n . M g r . o f t h e
O r e g o n S h o r t L in o R R . , h a s b e e n e l e c t e d P r e s id e n t o f t h e U n i o n P a c i f i c a n d
o f t h e O r e g o n S h o r t L i n o , s u c c e e d in g A . L . M o h l e r , w h o s o r e s ig n a t io n
w a s a n n o u n c e d in V . 1 0 2 , p . 1 8 9 8 .
A i r . C a l v i n w ill a s s u m o h is n e w d u t i e s
o n J u l y 1 , o n w h ic h d a t e M r . M o h l e r r e t ir e s f r o m a c t i v o b u s i n e s s .—
V . 102, p. 1898, 1812.

Vermont Valley Ry.— N otes E xten d ed . —
See Connecticut River R R . abovo.— V. 100, p. 1919.
Wabash Railway.— N ew D ir e c to r s . —
W i ll i a m A . J a m is o n a n d J . L . R e p lo g ie h a v e b e o n e le c te d d ir e c to r s , su e
c e e d i n g L y m a n R h o d e s a n d L a w r e n c e G r e e r , r e s i g n e d .— V . 1 0 2 , p . 1 8 1 2

Western Pacific Ry.— T im e E xten d ed . —The reorganiza• tion committeo, Alvin W. Krech, Chairman, gives notice that
the timo for deposits of the 1st M. 5% 30-year gold bonds
lias been extended to and including Juno 10.
Sale P r ic e . —U. S. District Court Judge Dooling at San
Texas & Pacific Ry.— S u it. —B. F. Bush, receiver of the Francisco
upset price
Missouri Pacific Ry. and the St. Louis Iron Mountain & sale of thohas fixed $18,000,000 as tho suit brought for the
property
foreclosure
by
Southern Ry., acting under orders of U. S. Circuit Judge Equitable Trust Co. in the Y.—V. 102, p. 1988, 1542. the
of N.
Hook, on May 26 began proceedings in the U. S. District Willamette Pacific RR.— C om p leted .—
Court at Shreveport, La., for the appointment of a receiver.
This suit takes the place of the action brought in the Federal
Court at Dallas, Tex., last December (V. 102, p. 68), but
recently dismissed by the Supreme Court for want of juris
diction. The new suit, it is said, will not bo heard until Oct. 2
the U. S. District Court at Shreveport having adjourned
INDUSTRIAL AND MISCELLANEOUS.
for tho summer. Compare V. 102, p. 1988, 1061.
Allis-Chalmers Mfg. Co .— A d d itio n a l 13/2% D iv id en d .—
Texas Traction Co.— M e r g e r . —
This company has declared a dividend of \ X % on account of accumulated
A
See Texas Electric Railways above.— V. 102, p. 1898, 887.
T h is p r o p e r ty , a p a r t o f th o S o u th e r n P a c ific C o . , e x te n d in g fr o m
E u g e n e , O r e ., e a s t w a r d t o M a r s h f i e l d , O r e ., 1 2 1 . 6 m i l e s , h a s b e e n c o m 
p l e t e d , w it h t h o e x c e p t io n o f a b r i d g e o v e r t h o U m p q u a R i v e r , b e t w e e n
G a r d i n e r a n d I t e e d s p o r t , w h e r e fe r r y o f t h o U m p q u a R i v e r S t e a m N a v i g a 
t io n C o . is u s e d .
C om p are V . 102, p . 1437.

Toledo Traction, Light & Power Co.— O ffer f o r Stock.—
See Cities Service Co. above.— V . 101, p. 1015.

dividends on the $16,422,500 outstanding preferred stock, along with the
regular quarterly distribution of 1)4% on tho same issue, both being paya
ble July 15 to shareholders of record June 30. This reduces the amount of
accumulated dividends to 11 >4%. Tho last previous dividends on this
stock were declared payable Dec. 31 1915, when dividend No. 1, amount
ing to \ ' A % , was paid, along with 114 % on account of accumulations, then
totaling 1414%.— V. 102, p. 1724, 1714.

Toronto Railway.— N ew Stock— Status o f E n te r p r is e .—
The shareholders voted May 29 to incroase tho capital stock
by the creation of $3,000,000 new stock, making tho aggre Associated Dry Goods Co . — C h arter .—The Virginia Cor
gate capital stock $15,000,000.
poration Commission on May 24 granted a charter to this
Di g es t o f O ff ic ia l C ir c u l a r Dated a t T o r o n t o , April 22 1916.
company, with a capital stock of $50,000,000, pursuant to
N e tv S to ck. — Tho proposed increase in tho capital stock is necessary for
the purposo of providing funds to meet the financial requirements of the the plan for the reorganization and merger of tho Unitod Dry
company and for financing tho requirements of subsldlaty companies for Goods Companies and the Associated Merchants Co.
necessary extensions and betterments. It is the intention of tho directors
to have tho new shares available for subscription pro rata by the share
holders, and if not subscribed, to bo offered to the public for the purposes
above mentioned. In addition to the requirements o f tho company, ex
penditures are impeiativeiy required on tho propel ties of tho subsidiary
companies in order to enable these companies commercially anti p'ofitably
to meet future demands for the sale o f electricity for light, heat and power.
In fo r m a t io n R e g a r d in g the V a rio u s S u b s id ia r ie s . — The following informa
tion relates to the companies in which the Toronto Ry. Co. owns all the
equity, by control either directly or indirectly (through the ownership
of companies holding their shares) of practically their ontire share capital.
The Toronto Railway Co. has express power by statute to acquire the
shares and securities o f the following cornranies and to lend its credit to
them or guarantee their bonds or other securities or obligations, namely:
Toronto & Mimico Ry. Co. (now tho Toronto Power u o., I.td.); tho
Toronto & Scaiboro Electric R y., Light & Power Co.; the Metropolitan
Ry. Co.; Schomberg & Aurora Ry. Co.; Toronto & York Radial Ry. Co.
The subsidiary companies owned or controlled by one or moro of the afore
mentioned companies aro: Toronto Power Co., Ltd.; Electrical Develop
ment Co. of Ontario, Ltd.; Toronto & Niagara Power Co.; Toronto Electric
Light Co., Ltd.; London Electric Co.. Ltd. (now part of Toronto & Niagara
Power Co.); Niagara Falls Electrical Transmission Co. (Now York) and
Niagara Falls Gas & Electric Light Co. (Now York).
In acquiring these properties tho Toronto Railway Co. guaranteed cer
tain securities of the various companies, then outstanding or to bo issued,
and has from time to timo guaranteed advances, of which there aro now out:
G u a ra n te ed S e c u r it ie s a n d A d v a n c e s ($25,168,198).
Toronto Power C o., Ltd.—
Debenture stock (due 1918), $2,433,333; loss amount re
deemed and sinking funds on hand, $1,783,583; net______ $649,750
Deb. stock (due 1941), $17,013,998; lessredeomed, $1,015,683-15,998.315
5% gold bonds (duo 1924)_______________________
4,086,800
Gold notos of Toronto Railway Co., endorsed by Toronto
Power Co. (due Dec. 1 1916 and 1917)_______ _____ _______ 1,500,000
Bank loans________________________
243,333
Toionto & York Itadial Ry. Co. 1st M . bonds________ . . ______ 1,640,000
Bank loans_____________________
600,000
Schombcrg & Aurora Rahway C o., bank loans________________
450,000

P u rp o s e s f o r w h ich P ro ceed s o f s a id G u a r . S e c u r it ie s & A d v a n c e s h a ve been U se d .

1. Electrical Development Co. of Ontario, Ltd.— Purchase of pref. and
common stocks and over $5,000,000 of 1st M . bonds, completion of gen
erating equipment and power house, biinging capacity of tho initial in
stallation of 50,000 h.p. un to 125,000 h.p.
2. Toronto & Niagara Power Co.— Additional transmission lino from
Niagara to Toronto, and enlarging terminal stations at Niagara and To
ronto, thus giving two transmission lines with transformer facilities.
3. '1 oronto Electric Light Co., Ltd.— Purchase of share capital; expendi
tures for extensions and betterments to properties, including storage
batteries, additional steam reserve. &c.
4. London Electric Co. (a small company, now part of Toronto &
Niagara Power C o .).— Purchase of share capital; extensions and betterin’ ts.
5. Toronto & York Radial Ry. Co.— Purchase of share capital; extensions
and betterments.




Tho department stores for which tho new company will bo tho holding
corporation are llahne & C o., the Powers Mercantile Co., tho William
Ilengerer Co., tho Stewart Dry Goods C o., Stewart & Co., J. N. Adam &
Co. and James McCreery & Co. Three of thoso companies were formerly
owned by tho Associated Merchants C o., and three wero owned by the
United Dry Goods Companies. See plan under Associated Merchants C o.,
V. 102, p. 69, 64, 610.
Associated Simmons Hardware Cos.— N o te s O ffere d

.—
Drexel & Co., Phila., aro offering for sale., $4,500,000
serial 5% secured gold notos, dated July 1 1916, maturing
$500,000 July 1 1917 to 1920 inch, and $2,500,000 July 1
1921. Authorized, $5,000,000, outstanding, $4,500,000.
Int. J.remainingTrustee, of notes duo July 1 1921 may bo issued only
& J. $500,000 Philadelphia Tr. Co., Philadelphia.
The
with tho consent of Drexel & Co. Callable as a whole on Jan. I 1918, or
on any int. date thereafter at 10014 and int. on olght weeks notice.
D a t a fr o m E d w a r d C . S im m o n s , J a m e s G . C a n n o n a n d W a l la c e D .
S im m o n s , T r u s t e e s , M ay 20 1916.

Tho Associated Companies is a voluntary trust, established In Mass, in
1911. Tho Trustees have acquired tho ontire capital stock (except direc
tors’ shares) of tho Simmons Hardware Co. of St. Louis, M o., and affiliated
companies, which includo distributing corporations in Philadelphia, Toledo,
Minneapolis, Sioux City, la.; Wichita, Kan.; and an export offico inN . Y .,
also of tho Simmons Warehouse Co. and the Hardware Distributors Co.
Tho company has paid regular yearly dividends from 1874 to (late from
current yearly earnings aggregating over $6,000,000. No mortgago dobt
exists against any of tho properties except $94,000 of mortgago bonds of
tho Simmons Warehouse Co., which is a portion of a serial bond issue not
yet matured. Tho Associated companies serial 5% secured gold notes aro
secured by all tho property of tho Associated Companies and its controlled
companies, subject only to the abovo montionod $94,000 mortgago bonds.
No mortgago or other lion may be placod on any of tho properties during
tho lifo of these notes, unless pledged under tho trust indonturo securing
this issuo.
,, ,
,
Tho proceeds of these $4,500,000 notos will bo applied, with additional
funds from surplus account, to retire $5,000,000 notos which are called
for payment on July 1 1916, at 101 and Int. (Soo V. 102, ». 1719.) Tho
aggregate quick assets shall bo always equal in actual value to at least
\)A times the aggregato not dobt.
For tho year ended Doc. 31 1915 not, after taxes, was $1,539,835. Divi
dends of $306,600 wore paid in 1915 and tho balance credited to surplus
and undivided profits. Tho surplus and undivided profits account on
Dec. 31 1915, amounted to $2,443,768.— V. 102, p. 1719.

.—

Beaver River Power Co.— B onds C alled
The Continental & Commercial Trust & Savings Bank, Chicago, as suc
cessor trustee, will redeem at 105 and int. on July 1 all tho outstanding
First Mtge. 6% Coupon gold bonds dated July 1 1908, Nos. 76 to 800, both
inclusive.— V. 100, p. 1260.

2079

THE CHRONICLE

June 3 1916.1

Boston Cape Cod & New York Canal Co.— M e tr o p o lita n
U sin g the C a n a l .—The Massa
chusetts and Bunker Hill, of the Metropolitan Line, are now
using the Cape Cod Canal on their daily trips between New
Yorkusing tho canal the all-the-way-by-water distance between New York
and Boston.
By
L in e Steel S team sh ips N o w

and Boston is reduced from 337 to 260 statute or land miles. The run is
Mms covered in 13 Vx hours between the two cities, instead of 15 hours
when t h l route around Capo Cod was used making it possible to defer
the timo o f departure till 6 o ’clock instead of 5 o clock in the evoning, as
heretofore, and yet arrive at 7:30 a. m. V. 101, p. 1191, 848.

Brooklyn Borough Gas Co

.— Rates R edu ced .—
This company and the Kings County Lighting Co., supplying gas in the
30th and 31st wards of Brooklyn, after July 1 are compelled to reduce the
price o f gas from $1 to 80 cts. per 1,000 cu. ft. as a result of a bill signed on
May 20 by Gov. Whitman in the Legislature at Albany. The action to
obtain this rate reduction was begun in Albany in 1909 but has boon suc
cessively defeated heretofore on tho grounds that it was interfering with tho
prerogatives of tho P. S. Commission.— V . 102, p. 888.

By-Products Coke Corporation.—
.—
Canadian Explosives, Ltd .— B onds C a lled .—
All outstanding 880 ($440,000) bonds of May 1911 have boon called, for

A c q u is itio n
f See Iroquois Iron Co. below.— V. 102, p. 1628, 802.

nayment at 105 and int. (sterling £102-14.10 for each bond with a premium
o f^ S ^ D ) on June 1 at Canadian Bank of Commerce, Montreal, and its
principal agencies in Now York and London.

Casualty Co. of America— C ap ital S tock. —The shareholders on May 26 voted to incroaso tho number of shares of
s t o c k W ithoutChanging the amount of capital. The now arrangement
provides that tho capitalization consist o f 75,000 shares of $10 par valuo, as
compared with a par valuo o f $25 prior to the change.
Cedars Rapids Manufacturing & Power

C o .— M erg er —

Soe Montreal Light, Heat & Power Co. below.— V. 102. p. 1813, 1062.

Celluloid Co.— D ivid en d In c r e a s e d . —
Tills company has declared a quarterly dividend of 2% on the $5,295,000
stoclk navabio Juno 30 to holders of record Juno 15. Quarterly
disbursements Have heretofore been 1A % , withextra dividends of 2% in
December o f each year. An extra dividend of 10% was also paid April 15
last. Compare V. 102, p. 1062.
Chandler Motor Car Co.— E xtra D iv id e n d .—
Tills com nanv lias declared an extra dividond of K o f 1%, along with a

resmlm- q^ rtorfy distribution of 2% on tho $7,000,000 outstanding stock

i- (m» mv^hin iulv 1 to stock o f record Juno 12.
w
k°This co m p a re s with an initial quarterly dividend of 1J4 % paid on April 1.
Tho prosont disbursement puts tho stock on an 8% basis. -V. 102, p. 802.

Cincinnati & Suburban Bell Telep. Co.— D e c is io n
Sco Indianapolis Telephone Co. below.—V. 102, p. 802.

.—

Citizens’ Gas Co. (of Indianapolis).— S p ecial D ivid en d .

Tills company has declared a special dividend, payablo June 30, at tho
rate of 10% per annum on tho stock outstanding Dec. 31 1909, from dato
of issue o f tho respective certificates to Dec. 31 1909, loss dividends already
armlied to that period. This dividond Is payablo to stockholders of record
or Juno 1 1916.
Explanation as to Special Div. from Sec. & Gen. Mgr. .1. D. Forrest.
This form of dividend is made necessary by tho fact that tho franchise
authorizes a maximum o f only 10% per annum. Since stock has been is
sued at various dates, and there Is an accumulation o f dividends running
over a considerable period, it is possibio to declare theso back dividends only
on tlio basis of a rate per annum which will be applied to each individual
certificate, in accordance with its dato of Issue. This dividond of arrears
will make a full payment o f 10% up to Dec. 31 1909. Tho company had
previously paid a dividond applicable to this period amounting to 134 % .
The amount involved in this special dividend is about $125,000. Although
this would bo 10% on tho entire outstanding capital stock ($1,250,000),
only about half of tho stock will participate.
,
,
Tho company paid a dividend o f 5% last March out o f earnings for tho
last half o f 1915. In order to bring all stockholders up to July 1 1915 on
the 10% cumulative basis, a distribution of about $200,000 would beroquired in addition to tho $125,000 above mentioned, lh o earnings at
the present timo, duo to tho favorable prices on foundry coko and by-pro
ducts from the coal, lead us to hope that further payments may bo made
this year on account of such accumulations in the past. V. 102, p. 1252.

10%

.—

Columbus Oil & Fuel Co.—
D iv . o n C o m m on
Tills company has declared a dividend of 10% on tho common stock,
payablo Juno 1 to stock of record M ay 28, and also a dividend of 1 A %
on tlio outstanding preferred stock, payablo Juno 1. Tho common dividend
was declared from sales of oil from tho Ohio fields. All tho common stock
is owned by the Ohio Cities Gas Co.— V. 101, p. 1630.
Commonwealth Edison Co., Chicago.— R ates R ed u ced .
This company has voluntarily reduced its primary rato for electricity
from 10c. to 9c. per k.w.h., effective July 1. Tho reduction affects 258,°46 consumers, making a total saving to them of about $1,000,000 annually.
— V. 102. p. 1349, 888.

Elk Horn Coal Corp

.—

.— In itia l D iv id e n d
This company has declared an initial semi-annual dividend of 3% on the
$6,600,000 authorized and outstanding preferred stock, payable June 15
to shareholders of record June 1. See V. 102,- p. 348.

First National Stores Co., N. Y

.— P r o p o sed C h a in o f D ry
G oods Stores f o r Sm all T ow n s.—
This company, organized last January in Delaware, with $3,000,000
capital, in $100 shares, has just voted to increase capital to $10,500,000,
to consist of $7,500,000 common and $3,000,000 7% cum. pref. The plan
Is to open a largo number of small retail stores carrying dry goods and
kindred lines, in towns throughout the middle West having population of
from 2,500 to 30,000 each.
.. _
.
Tho President is Dudley B. Munger, formerly of the Burnham-MungerRoot Dry Goods Co. of Kansas City; William T . Sabine Jr., Secretary;
George A. White, temporary Treasurer. M r. Munger believes that there
is a substantial profit to be reaped by selling.dry goods, &c., direct from the
mill to the consumer through a chain of stores in relatively small towns. It
is expected that 150 stores can be put in the field in the first year, and that
after Juno 1917 the installation will proceed more rapidly. Important New
York manufacturing interests are said to be interested. Offices in Astor
House Building, New York City.

General Motors Co

—

.—

.— N e w P resid en t
P r o d u ctio n
W . C. Durant, Pros, of tho Chevrolet M otor Co., has been elected
Presidont to succeed Charles W. Nash, resigned, who, however, will remain
on t e board of directors.
Up to tho end of May tho company had produced 105,268 cars and 5,000
trucks. For tho 12 montlis ending July 1 it is expected that the total will
be brought up to 125,000 cars. Between 12,000 and 13,000 cars are now
being delivered each month.— V. 102, p. 1063. 714.

.—

General Petroleum Co.— R e m c o r p o r a tio n
Articles of incorporation of the proposed reorganized company were filed
recently with the authorities in San Francisco. The now capitalization,
according to the plan (V. 102. p. 889), is $16,702,336. divided into 134,902
shares of com. stock and 32,122 shares o f 7% pref. stock, par $100. There
aro also to be new First. Mtgo. 6s, estimated not to exceed $1,500,000.
Suit is pending to foreclose tho S6,000,000 bonds of the old company
(deposited as security for collateral trust notes,to be retired under plan).
Tho sale will probably take place late this month. See V . 102, p. 889, 1720.

.—

Grasselli Chemical Co.— E xtra D iv id en d
This company has declared an extra dividend of 3 A % on the $12,614,800
outstanding common stock in addition to the regular quarterly disburse
ment o f 1 A % ; also 1 A % o n the $3,023.600 outstanding preferred stock, all
payable Juno 30 to shareholders of record June 15. Similar dividends,
regular and extra, were declared, payable Mar. 31 last.— V. 102,p.1814,1165.

.—

Great Lakes Transit Co.— O ffic e r s
The following have been elected officers: W. J. Conners, Chairman of
tho Board; J. C. Evans, Pres.; M . M . Marcus, 1st V.-Pres.; II. S. Noble,
2d V.-Pres.; W. J. Conners Jr., 3d V.-Pres., and R. M . Russell, Sec. and
Treas.— V. 102. p. 1720, 1439.
Hupp Motor Car Co. (Makers of the Hupmobile).—

—Andrews & Co., Chicago, and C. W. Pope &
Co., New York City, are offering by advertisement on an
other pago, the company’s common stock, market 1 0 % bid,
1 1 % asked (par value $10). The bankers say:
Stock O ffere d .

This compan y within seven years, by reason o f stock dividends, increased
their capital to $3,000,000 and du ing the same time paid cash dividends
amounting to $1,159,375. and their business is still growing at the rate of
50% per year. 1916 will be between $16,000,000 and $18,090,000, while
at present market tho entire common stock issue represents only a value of
$4,759,000. Compare V. 101. p. 1977, 2074; V. 1C2, p. 1252.
O u tv u t.

—Tho company reports that its shipments during
May increased 54% over May 1915 and during tho eleven
months ending May 31 have shown an increase of 53% over
the corresponding period of 1914-15. Immediate delivery
orders on hand as of June 1 1916 were 70% en excess of those
on hand as of Juno 1 1915.—V. 102, p. 1252.
Indianapolis Telephone Co.— Stock O versubscribed—
Status o f M erg ed C om p a n y — D e c is io n . —Subscriptions for part
of the new $1,900,000 6-7% preferred stock and $1,150,000
now common stock authorized May 9 by the directors of
the .Ohio State Telephone Co. to be offered to the Ohio
company’s shareholders, closed on May 18, the issue being
heavily oversubscribed. The company was recently formed
by merger of the New Long Distance Telephone Co., the
New Telephone Co. and the Indianapolis Telephone Co.,
all independent companies.

Digest o f Statem ent by Pres. Wm. F ortu n eof In d ian ap olisT cl. Co.
Tho merged company starts with a capitalization of $1,556,500 of under
lying bonds, $1,900,000 of pref. stock, $1,150,000 of common stock and has
$400,000 of cash in the treasury. It has no floating debt and its system
forms part of an independent long distance and local telephone system in
Ohio, 111., M ich., Ky.
[Tho rate of dividend
(E. I.) du Pont de Nemours & Co .— S p ecia l D iv id en d .— Ind.,preferred stock will bo and other States. payable quarterly, andon the
6% cumulative,
after
This company has declared a special dividend o i 2 3 A % and tho regular new
1918 7% cumulative, payable quarterly.—
quarterly dividend o f 1M % on tho outstanding $58,854,200 common stock, Jan. 1 property of the merged company consists Ed.l a local telephone
Tho
of
payable Juno 15 to shareholders o f record M ay 31. Of the 25% doclared, system In Indianapolis, successfully operatod for over(1) years, embracing
15
5.8% is payablo in cash and 19.2% in Anglo-French bonds at 96, plus lnt.
of which property and
With theso dividends, tho company has declared 3 dividends, totaling more than 14,000 stations, the cost or reproductionat $2,809,454 (exclusive
tho business thereof was fixed by engineers, in 1914,
79% on tho common stock since Dec. 15 1915, when tho initial dividond was of $54,863 since expended); (2) a comprehensive system of long-distance
paid. Tho last previous dividends on the common stock wero paid Mar. 15 toll linos within the State of Indiana, having connections with long-distance
1916, l ' A % with oxtra .3'A % in cash and 19% in Anglo-French bonds.
Ohio, 111., K y., Mich, and indiroctly in other States, the
The K. I. du Pont do Nemours Powder Co. (tho old company) has also toll linos in long-distance system embracing more than 4,600 miles merged
of line
declared tho regular quarterly dividend o f 1 A % on the $29,427,100 out company’s its cost of reproduction having recently been sworn to at $1,
standing common stock and I H % on the prof.-stock, each payable wiro, and
203,441; and (3) interests in local telephone systems at Martinsville, Colum
Aug. 1 to stock o f record July 22.— V. 102, p. 1063 , 889.
bus and Lobanon, Ind., recently appraised at $272,213. Thefigures given,
plus tho $400,000 of new money, aggregate $4,739,970.
Durham Hosiery Mills.— P r e f. Stock O ffe r in g . —
Tho merged company's long-distance system enables It, either by itself
or in connection with other indepenent lines, to reach nearly every town and
city in Ind. and very many parts of all the other States mentioned; and
upon tho settlement of details growing out of the arrangement which has
Div. J. & .1. Red. all or part on six months’ notice at any dividend been made between tho Attorney-General o f the U. S. and tho Bell system,
period at $110 and div. Other capitalization consists of (a) common stock, tho long-distance connection of the Bell system will be open to the use of
$1,250,000 and (b) profit and loss and reserve as of Jan. 1 1916, $679,315
subscribers of tho merged company [see below].
Tho business during tho last six years naturally suffered from the continual
D a t a f r o m L e t t e r o f P r e s . J . S. C a r r J r . ,, d a t e d A p r . 1 1916.
Tlio Durham Mills rank as tho largest manufacturers of domestic cotton public discussion of tho proposed merging of the two competing systems,
hosiery in tho world— with a daily production of 15,000 dozen pairs, or and development was not pushed as it would otherwise have been; yet the
180,000 pairs. This manufacturing includes oveything necessary for gross earnings during thoso six years average $554,400 per annum, and after
hosiery, from tho raw cotton through to tho finished product— having in deducting maintenance, operating expenses nad taxes there was left an av
operation over 60,000 spindles, and a completo printing plant, and paper erage annual balanco of $246,498. The bond interest of tho merged com
box shop. Tho lino includes hosiery ranging in retail prices from 5c. to pany will bo reduced to $77,625 per annum and the dividend of 6% on the
25c. per pair. Sales liavo increased in round numbers from $754,000 In pref. stock will amount to $114,000. a total of $191,825. Tho average
1905 to $2,100,000 in 1915.
not oarnings do not include tho earnings of the present subsidiaries, the
Total net assets, exclusive o f good will, trado marks, &c., as of Jan. 1 Martinsvillo, the Columbus and the Lebanon companies. For the six years
1916, wero over $2,400,000, or over 3 A times tho par valuo o f tho out named, the averago annual proportion of the net earnings of thoso subsidiary
standing pref. stock. Tho Durham Hosiery Mills cannot create any companies applicable to the holdings of the three merged companies (still
mortgago or issue any bonds without the consent o f at least two-thirds retained) was $12,047. The above figures do not include any earnings on
eacli of both tho common and preferred stockholders. Tho Durham Mills tho $400,000 of now money.
,.
has its own selling organization, with offices in N. Y . and Chicago. Tho
Tho new policy and tho expenditure o f tho new money, should soon
company has a valuable assot in its registered trado mark brand of hosiroy— show marked gain in gross and net, conservatively estimated at not less
Durablo Durham Hosiery. Tho sales on this brand wero 324,424 dozens than 10% for tho yoar ending Juno 30 1917, and not less than 15% for 1918.
for 11 months In 1914, and for 1915, 666,147 dozens.
1 boliovo that tlio merged company should be able to pay the pref. dividend
M i l l s . — Durham Hosiery Mills Nos. 1, 2 and 6 at Durham, N. O.,
regularly, and in my opinion tho company's net earnings will continue to
No. 3, High Point, N. C.; Nos. 4 and 7, at Carrboro, N. O. (Chapel Hill); Incroaso from yoar to year.
D e c is io n . — Tlio Supremo Court at Columbus, Ohio, on May 16 held that
No. 5. at Goldsboro, N. O.. and No. 8, at)Nebano, N. O.
tho Public Utilities Act, which provides for compulsory physical connection
— Exchangelof Stock
of tolopliono companies to insure service, is not broad enough to compel
a company to give its service to its rivals with whom it is competing in a
Seo Cltlos Sorvico Co. under Railroads above.—V. 100, p. 1675.

This com
pany, a short timo sinco offered at par ($100) a new issue of
$1,250,000 7% cum. prof, stock. Pref. as to assets and divs.

E
lectric B
ond D
eposit C
o.




.—

2080

THE CHRONICLE

givon territory. The P. U. Commission, the Attorney-General and tho
Common Ideas and Appellate Courts of Butler County are sustained in the
ruling which was mado in tho caso o f William A. Shafor vs. tho Cincinnati
& Suburban Bell Telephone Co. and the I*. U. Commission. Tho Bell
company has made connection agreements for districts in which it is not
engaged in the local business, but has refused where it is engaged in tho
local business.— V. 102, p. 1720, 612.

.—

International Agricultural Corp.— B on ds P u rch a sed
Through the operations of tho sinking fund, $426,700 o f the First Mtge.
& Coll. Trust sinking fund bonds havo been purchased and retired, making
the amount now outstanding $11,160,400, compared with the original out
standing issue o f $13,000,000.— V. 102, p. 1720, 255.
International Mercantile Marine Co.— B oats S old . —
This company has sold two ships, the Siberia and Corea, for $4,000,000.
Tho boats were recently purchased from tho Pacific Mail SS. Co., together
with two others, for $5,000,000. Tho vessels wore purchased by Japanese
interests, who, it is understood, will oporate them in the trans-Pacific trade.
E a r n in g s o f S u b sid ia ries.

—English papers report:

A n n u a l S ta te m e n t fo r F r e d e r ic k L e y la n d & C o . f r o m " L o n d o n E c o n o m ist, " M a y 13.
F is c a l
T o ta l
D epreR eserve,
P r e f.
O rd in a ry
C a rr ie d
Y ea r—
P r o fit .
c ia tio n .
& c.
D iv .
D iv .
F o rw a rd .

1908........... £21,107 £115,231 .............................................. deb.£219,610
_______ deb.299,176
1910........... m i t o o 107,281 _____________ _
101,332
1912........... 600,462 124,214 £134,625 £70,717
103,053
1 9 1 3 .......... 517,290 129,707
100,000 141,435
178,483
1914
_ 551,637 139,449
100,000 141,435
207,801
1915
_1,441.690 245,007
750,000 176,794 £294,000
42,255
“ The preference dividends are now brought right up to dato, and tho ordi
nary dividend, o f 24M % , is mado up o f 10% for tho past year and a bonus
equal to l % % for each year since 1904, when the last dividend was paid.
Tho reservo fund, which was closed in 1904, is to be re-opened with £750,
000, tho provious items in reserve column of tho table referring to amounts
w itten on investments and additional depreciation. Tho whole o f tho
debenture debt has now been canceled, except £6,300, which means a
saving in interest o f over £12,300.” Tho fleet and property remain
practically unchanged in the balance sheet, but cash has risen from £293,350
to £714,614, and investments from £323,075 to £1,974,341.

(Vol . 102.

which is the principal city of the group served, has a population of about
2./00. The towns served are all important as small agricultural centres.
Bank deposits aro high and municipal indebtedness is low.

Iroquois Iron Co., Chicago.— S old . —
The “ Chicago Herald” states that the option hold by persons identified
with By-Products Coke Corporation on 40,000 shares of the capital stock
at $80 a share was exercised May 26, $3,200,000 being paid to shareholders.
Tho stock constitutes four-fiflhs of the issuo outstanding. Tho remaining
holders havo until July 1 to accept the samo terms. Compare V. 102,p .1630
Kings County Lighting Co.— N e w B on ds —
This company has been authorized by the New York I\ 8. Commission
to issuo at 95 $472,000 additional 5% general mtge. bonds dated 1904,
due 1954, making the total amount outstanding $2,900,000. The com
pany s application called for $675,000. Sea also Brooklyn Borough Gas
Co. above.— V. 102, p. 1900.
(S. H.) Kress & Co.— N e w P r o je c t. — Heidolbach, Ickelkeimer & Co., jointly with Goldman, Sachs & Co., and Leh
man Bros., all of New York, will receive subscriptions to
$4,000,000 n — cumulative pref. stock; o rdivs, T oQ.-A.s u e d .
7%
C a p ita liz a tio
A u th iz e d .
be Is

7% cumulative pref. (par $100)....................... ....... $5,000,000 $4,000,000
Common stock (par $100)...................... ........... ........12,000,000
(?)
Data from Letter of Pres. S. H. Kress, New York, May 25 1916.
O n tion—-It is proposed to organize a now cotnoany to take over
rga iza .
as of Jan. 1 1916 tho business of S. II. Kress & Co. of N. Y ., and of S. II.
Kress & Co. of Tox., corporations operating a chain of 5, 10 and 25-cent
stores, tho first of which wo started in Memphis, Tonn., in 1896. M.v
capital at tho start was only a few thousand dollars, and tho present total
assets of tho company, amounting to approximately $4,000,000 wore
built up entirely out of earnings of tho business. At the samo time, sub
stantial dividends havo been regularly earned and paid.
At present we operato 123 storos, located mainly in the South and South
west, employing about 4,000 peoplo. Tho management of tho new com
pany will bo identical with that of the old. Tho net tangible assets, over
and above all obligations, will aggregate about $4,000,000, with no cur
rent indebtedness except monthly merchandise bills. Strictly a cash
business is done.
A n n u a l Sta tem en t o f O ceanic S te a m N a v ig a tio n C o . ( W h ite S t a r L i n e ) ,
C a le n d a r Y e a r —
1913.
1914.
1915.
F r o m “ L o n d o n F in a n c ia l N e iv s ” o f M a y 18 1916.
Last year’s profit is brought into account after reserving sums for deferred Gross sales................ .......... ............... $10,776,597 $11,897,989 $12,429,590
1,037,516
1,005,920
repairs and for contingent liabilities, which include tho excess profits duty. Net profits.----------------------------------- 1,069,141
Gross sales up to the present in 1916, compared with 1915. show increases
Thus there is no real basis o f comparison with tho profits o f former years, of
which the largest have been £1,121,268 in 1913, £1,102,756 in 1911 and of over 25%.
S p e c ia l C h a rter P ro v is io n s . — (a) Tho $1,000,000 prof, stock authorized,
£1,070,274 in 1910.
but unissued, may not bo issued except for cash, for tho further development,
C a le n d a r Y e a r s —
1915.
1914.
1913.
£1,968,285
£887,549 £1,121,268 (b) Without tho consent of 75% of each class of outstanding stock givon
Gross profit.........................
Fees and taxes----- --------57,908
39,044
28,474 separately, tho company cannot mortgage any o f its property nor increase
Debenture interest..............................
109,537
65,211
55,258 its present authorized pref. stock nor issuo any prior prof, stock, (c) Tho
General Interest___________________
27,277
84,396
82,714 pref. stock may bo redeemed, all or part, at any time, upon 91) days’ notice,
yearly thereafter,
Depreciation.........................
628,712
398,968
437,168 at $125 and divs. (d) On or before Feb. 1 1918, anil redemption or by
tho
shall, out of
acquire by
Written off_____________
62,182
66,500
......... company$125 per share, surplus profits least 3% of tho largest amount
purchase, at
plus divs., at
stock issued, (o) No dividond on
N etprofit.........................
£1,082,669
£233,430
£517,654 of pref. current quarterly dividond on tho common shall be declared until:
(1) Tho
as
D ividen d...............
(65%)487,500 (35)262,500 (65)487,500 lated and defaulted dividends thereon bopref. stock, All well as all accumu
paid: (2)
arrears in respect
Balance for year, sur. or def.......... sur.£595,169 def.£29,070 sur.£30,154 of tho acquisition of pref. stock, in accordance with tho provisions of tho
abovo subdivision (d) are mado good; (3) A surplus of $500,000 is first
Brought in..............................................
61,600
90,670
60,516 earned, nor shall any dividend bo declared which would reduco that earned
£656,769
£61,600
£90,670 surplus: (4) No dividend in excess of 6% por annum shall bo paid or declared
For reserve, &c..................................
General reserve....................................
250,000
...........
........... on tho common stock until there is first earned a surplus of $1,000,000,
General purpose reserve___________
250,000
______
* ______ nor which would reduce that earned surplus.unless and until two quarterly
Tho pref. stock shall havo no voting power
dividends are in default;
the voting power
Carried forward.............
£156,769
£61,600
£90,670 in the pref. stock until in which caseare made good. shall vest exclusively
all defaults
Comparatively littlo was earned from passenger traffic, “ and it is to be
expected that travelers will continuo to favor vessels o f a neutral flag while
(Frederick) Leyland & Co. (Leyland Line).— E a r n in g s .
war conditions prevail.” Tho bulk of tho profit has been reaped from
See International Mercantile Marino Co. above.— V. 102, p. 1543.
high freights resulting from the general deficiency of tonnage.
Tho company’s largest vessels are out o f sorvice, for vessels approaching
Lincoln (Neb.)
Electric Light Co.— O ffer —
60,000 tons require special accommodation, of which the closing o f South
See Cities Servico Co. under "Railroads” abovo.— V. 102, p. 1991, 1814.
ampton for ordinary trade purposes has deprived tho company, and, be
sides, such ships present a big mark for torpedoes. Tho Arabic of 15,800
Mark Manufacturing Co., Chicago.— B onds O ffered Cov
tons was torpedoed in August, and only the other day the Cymric o f 13,370
tons met tho same fato. In 1914 the almost now Oceanic was wrecked erin g P ip e M ills an d Steel P la n t.
while in Admiralty employment. A year ago the list o f tho fleet specified
six ships aggregating 85,450 tons as building, four of them for joint account
with tho Shaw Savill and Albion Co. Theso six ships are still unfinished
and represent tho lock-up of a largo amount of unproductive capital, though
not so much as is involved by tho laying up of tho Britannic and Olympic.
In viow o f “ tho uncertainties connected with tho future employment of
this typo of vessel," tho directors havo been constrained to sot asido £100,
000 apicco as special depreciation on theso two bQats. So that what with
requisitioned tonnage, the purchase of tho Toutonic by tho Admiralty, and
the consciousness of ovor-present perils the year was as anxious for the Whito
Star Lino as for all big steamship owners.
Changes in tho Oceanic balance sheet aro big and significant. The main
assets aro brought down to £7,177,659, covering a fleet o f 495,327 tons, of
which 126.068 tons are jointly owned and 85,450 tons of incompletcd ships.
On the debit side the debenture issuo, £2,750,000 at its highest, has fallen
to £2,363,740 by the cancellation o f £133,100 during the year.
Other variations may best be shown in tabular form:
1914.
1913.
A s s e ts —•
1915.
£98,784 £1,400,393
£118,040
General investment
329,896
697,450
1,196.416
D ebtors___________
400,076
378,431
78,397
Pending voyage-----31,881
258,329
199,433
Cash....... ...............
L ia b ilit ie s —
Maxim Munitions Corporation.— O p tio n . —
776,070
L o a n s .____ _______________________ 2,011,388
1,326,070
Bros. Hudson Maxim is quoted as having said that his company has
14,564
378,557
Trado bills.........................
195,842
317,419
Creditors.............................................
497,844
1,757,221 only an option on the invention of Dr. Louis Enrlcht’s substitute for gaso
line, and woind not purchaso full rights until tho matter is thoroughly
244,961
Pending voyage-----------------------------330,963
The general investments include Treasury bills. With the two sums of investigated. A chemist asserts that tho material is meroly acetone with
£250,000 now appropriated the general reserve will be raised to £750,000 water as a vehiclo.— V. 102, p. 1814.
and the general purposes fund to £350,000, in addition to which there aro
Missouri-Edison Electric Co.— D e c is io n . —
a capital reserve o f £3,000,000 and an insurance fund maintained at £200,Judge Hook in the U. S. Circuit Court of Appeals at St. Paul on May 3
000.— V. 102, p. 1814. 1720.
last handed down a decree by which tho minority stockholders of tho com
pany, merged with two other companies into tho Union Electric Light Sc
E xtra D iv id en d
This company has declared an extra dividend of 1% on tho $6,077,130 Power Co. of St. Louis in 1902, were awarded $605,000. Tho Court
stock, payable July 1 to shareholders of record Juno 15- Tho usual quar awarded each of 3,189 shares of stock $107 50 principal and $88 25 Interest.
terly dividend of l i of 1% was also declared. Similar disbursements The case was based on tho refusal of tho sharenolders to sell whon the elec
/
tric properties were merged. Seo merger, V. 77, p. 40.
were made Jan. 1 last.— V. 102, p. 1623.
B on d s O ffered .
Montgomery Light & Water Power Co.— O ffe r . —
See Cities Servico Co. under “ Railroads” abovo.— V. 102, p. 1721.

Gas &

—Peabody, Iloughteling &
Co., Chicago, and Kean, Taylor & Co., Now York and Chi
cago, are offering at par and int. (except for the first three
maturities, for which the terms are: 1919 on a 5% basis,
1920 on a 5M% basis and 1921 on a 5K% basis) $4,000,000
1st M. 6% serial gold bonds dated June 1 1916. These bonds
aro a first mortgage on tho company’s plants at Evanston,
111., and Zanesville, 0 ., which have a combined capacity of
200,000 tons of steel pipe per annum, and on tho modern
steel plants now under construction tit Indiana Harbor,
Ind. The net earnings for 1915, it is stated, exceeded
$1,100,000 and were exceptionally high. For tho normal
six-year period, 1907 to 1912, tho averago net earnings were
$597,963, as against a prosont interest chargo on tho afore
said bonds of $240,000. With tho new^steel plant in opera
tion a heavy increaso in profits is anticipated.

International Salt Co.—

.—

Iowa River Light & Power Co.—
—The
Minneapolis (Minn.) Trust Co. is offering at par and int.
$200,000 1st M. Sinking Fund 6% gold bonds dated May 1
1910, duo $10,000 May 1 1931 to May 1 1935, incl., and
$150,000 May registered asInt.principalN. arocircularat 105 on any
1 1936. to M. & and A callable shows:
Bonds may be

Int. date.

Authorized, $350,000: issued, $200,000. Denom. $1,000.
S e c u r ity . — A first lien on all o f tho electric light and power properties at
Eldora, Union, R alcllffo, Hubbard, New Providence and Lawn Hill,
Whitten, Conrad, Beaman, Liscomb, and the transmission lines connect
ing samo, together with the dams and flowage rights at Eldora and Steam
boat Rock, Iowa. Additional bonds can be issued only for future improve
ments at 80% o f tho certified cash cost o f same, and bonds cannot be certi
fied for tho purchase of now properties beyond 80% o f tho physical valuo
of the used and useful machinery and equipment. The physical condition
o f the various properties is good.
E a r n in g s f o r 12 M o n th s E n d in g A p r i l 1 1916.
Gross Income______________ $55,688 j Net earnings (over 2 H times
Operating expenses_________ 22,3601 bond interest)----------------- $33,328
F r a n c h is e s . — Franchises are advantageous and free from burdensome re
strictions.
S in k in g F u n d . — A sinking fund is provided o f $3,000 per year for the first
ten years and $5,000 per year for the next ten years, giving tho company
option of using the amount required by the sinking fund operation to extend
its property up to 80% o f the cost o f now construction. Tho company also
retires $10,000 each year for five years beginning M ay 1 1931.
T e rrito ry S e rv e d . — The company serves towns and rural districts In the
heart of the corn belt o f Iowa, combined population about 8,000. Eldora,




—

Montreal Light, Heat & Power Co. M e r g e r —
The shareholders of this company and tho Codars Rapids M fg. Sc Power
Co. will vote on Juno 7 on ratifying tho agreement approved on May 22
by the directors of both companies for the mefger of tho properties. Reso
lutions were adopted by tho respective boards “ authorizing an agreement
with tho Civic Investment & Industrial Co., providing for tho operation
by it of tho business and undertaking” of tho respective companies.
Tho Civic company was incorporated recontly to becomo tho holding com
pany in tho merger. By its charter rights it can assume at any time the
nanio of a company of which it secures control. The title of tho merger
may therefore revert to “ Montreal Light. Heat & Power C o.” after
tho transaction is comploteil.— V. 100, p- 1829.
Mount Whitney Power & Electric Co.— B on ds A p p r o v e d
The Cal. RR. Commission has authorized this company to issue $450,000
of its First M . 6% bonds at 96 and int. Of tho proceeds $373,582 are to
buy consumers’ transformers. See provious offering in V. 101, p. 927,
and compare V. 102, p. 1815.
Murray-Kay Co.,

Ltd.,

Toronto.— M erg er — R eadjust

.—In connection with it readjustment of tho company’s
finances, to incroaso tho company’sin a circular, saysas tosubstance:
Pres. D. K. Ridout, purchasing power so in purchase in
In order
m ent

tho best markets at tho least expense, and to also increaso our turnover, it
has been decided to purchaso the business of J. A. Ogilvy & Sons of Montreal,
established over 40 years ago. Moreover, to carry out the necossary opera-

tions of the company, it is essential that additional capital and new premises
bo provided.
Securities will have to bo issued in priority to tho prosont shares, and it is
proposed that $1,500,000 of first preference shares shall be sold for cash,
tho shareholders to have the option to share in tho underwriting on the
same terms as the underwriters. Tho 2d preference issued will bo for S2,000 000' 31 500 000 of tnis will be issued to tho prosont preference share
holders. Not more than $100,000 of tho balance will bo used in connection
with the James A. Ogilvy & Sons businoss in Montreal. Tho balance will
bo kept in tho treasury for future use,
„
Tho $4,000,000 o f common stock will bo used: (1) For tho exchange of
common stock of the present shareholders; (2) for the bonus of 25% of
common stock to tho present preference shareholders; (3) $1,250,000 will
be kept in tho treasury for future use, and the balance will bo used in con
nection with the issue of first preference, for additional capital, and a small
amount for bonus to some of tho employoos.
The position of this company has given tho directors most anxious
thought during tho last two years. In July 1914 plans were under way
which would havo given the company ample capital and facilities for doing
businoss—agreements wore drawn and executed, but on tho declaration
of war these plans fell through.
,
[H is reported tnat a new building will bo erected shortly with the pro
ceeds of part o f tho new stock.]— V. 100, p. 559.
N e v a d a -C a lif o r n ia E le c tr ic C o r p o r a t io n .— IVew Bonds
syndicate headed by Spencer T rask & C o . and
W illiam P . B onbright & C o ., In c ., of N ew Y o rk , and Sw eet,
C au sey, Foster & C o . of D en ver, aro offering $ 3 ,9 4 3 ,5 0 0
T h e N evad a-C aliforn ia Electric Corporation 6 % First Lien
gold bonds, Series “ A , ” to be dated Jan. 1 1910, and m aturing
Jan. 1 1940.
T ho total authorized issue of Series “ A ”
bonds is $ 1 5 ,0 0 0 ,0 0 0 .
T ho bankers report:
The bonds are to bo secured by pledge of approximately S7.063.000 6%
bonds of subsidiary companies (of which approximately $3,695,000 are di
rect first mortgage bonds and $3,308,000 First & Refunding Mtge. bonds)
and a p p ro x im a te ly $ 1 4 ,3 1 1 ,8 0 0 (over 99%) of their capital stocks. Upon
tho completion of tho present financing and the retirement of the outstand
ing first mortgage bondsof subsidiary companies in tho hands of tile public,
lie, thenow bonds will bo a collateral first lien upon all subsidiary properties.
The corporation, organized under the laws of Delaware, has acquired

Offered.— A

nia Klectric Oorp., Cain Company and Pacific Power Corporation,
plants so Included havo a present installed capacity of 47,000 h. p., of which
34,000 li. i). is hydro-electric, while on Aug. 1 1910 tho new hydro-electric
development at Mono Lake is expected to begin furnishing 8,000 h. p.,
making the total installed capacity 55,000 h. p. The system also embraces
1 189 miles of high-tension transmission and 417 miles o f distribution lines.
’ The territory served covers tho rich agricultural and industrial sections
of Southern and Eastern California, and also the groat mining districts of
Central, Western and Southwestern Nevada. All of this territory, with
tho exception of a small portion in San Bernardino. Riverside and Inyo
counties, in Southern California, is served exclusively by the subsidiary
companies of this corporation.— V . 102, p. 441.
N ow J erse y Z in c C o . —Extra Dividend.—
Tills company has declared an extra dividend of 5% on tho $35,000,000
outstanding stock, payablo Juno 10 to shareholders of record M ay 31.
Extra dividends in 1916 to date have been as follows: 5% June 10; 5% May
10; 10% April 10; 10% Jan. 10. The regular quarterly dividend was in
creased in .Tan. last to 4% , 23-3% having been the previous rate.— V. 102,
p. 1901,1630.
N e w L o n g D is t a n c e T e le p h o n e C o .— Merger.—
Soo Indianapolis Telephone Co. abovo.—-V. 102, p. 1722, 013.

N ew Y o r k T r a n s p o r t a t io n C o .— Status.— In connection
with tho notice calling a shai-eholdors’ meeting to vote on
reducing tho par value of the stock from .$20 to .$10, Pros.
Richard W . M e ad e said in substance:
Tho earnings, actual and prospective, are highly satisfactory and would
seem to justify from this date a distribution of profits. Owing, howover,
to tho heavy losses sustained by tho company in its earlier and experi
mental days, the books show a deficit. While this has been largely made
up lay an increased value of corporato assets, technical difticulties still
remain in tho way of declaring dividends so long as the nominal capital
stock of tho company remains at its present figure. It has therefore
seemed advisable to tho directors to accomplish a reduction of tho nominal
capital by reducing tho par value of tho certificates of stock from $20 to $10.
The result sought is in lino with sound economic practice, which is to stato
tlio valuo of tho share capital of corporations safely within tho value of
actual assets. Under tho now arrangement, tho valuo of tho assets of this
company, excluding any valuo for franchises, will largoly oxceed its nominal
capital stock, and will remove tho objections which havo heretofore existed
to a just distribution o f profits to tho shareholders. See V. 102, p. 1987
(T h a ) N in t h S tr e e t T e r m in a l W a r e h o u s e C o —Bonds
Offered.— T h e T illotson & W o lco tt C o ., C leveland, Otis &
C o ., C leveland, and Spencer T rask & C o ., N e w Y o rk , are
offering at par and in t. $ 9 5 0 ,0 0 0 1st M . 0 % gold bonds.
T he bonds aro dated June 1 1910. Duo annually, $95,000 from Juno 1
1919 to 1928 inch Int. J. & 1). D enom . $1,000, S500 and $100. First
Trust & Savings C o ., Cleveland, trustee. Redeemable at any int. period
at 102. Norm al Federal income tax paid.
C a p ita liz a tio n —
A u th o r iz ed .
Issu ed .
Preferred s tock ____________________________________ $1,500,000
$500,000
C om m on stock ($300,000 held in treasury)................ 1,100,000
1,100,000
First m ortgage bonds______________________________ 1.500,000
950,000
D ata from L etter o f Pres. R . L in d say . C lev elan d , ()., J u n e 1 1916
O r g a n i z a t i o n .— Organized in Ohio in 1915 to build and operate a fireproof
storage and freight warehouse for cold and dry storago, located on tho
N ew York Central System at Cleveland, Ohio. Tho contract between tho
com pany and tho syndicate managers contemplates an issue o f an addi
tional $500,01)0 o f pref. stock. Proceeds o f tho bonds sold will defray a p or
tion o f the cost o f tho property, building and equipment. T ho balance
m ay bo issued only for G0% o f the cost o f any now building and equipment.
P r o p e r t y . — A m odern, fireproof warehouse and terminal station now in
process o f erection, with real estato recently bought— a total investment o f
over $1,600,000. W orking capital up to .$100,000. Real estate, 130 240
so. ft ., fronting 198 ft. on West N inth St. and 489 ft. on W est 10th St.
Cleveland. Tho warehouse itself is o f concrete and brick, about 6 ,.500 000
cu. ft. contents, with refrigerating and freight-handling equipment 'ele
vators, lifts, carriers and trucks, &c.
'I’he Cleveland Cincinnati Chicago & St. Louis R y. is to uso a lower floor
o f tho building as one o f its freight stations for tho exclusive handling o f less
than carload lot freight in and out o f Cleveland, and for carload lots con 
signed to and from tho station. The railroad rents this spaco, together with
a large part o f tho West N inth St. level, for 20 years, with tho option o f re
newal for tw o 10-year periods additional.
‘
ro
Income
.— Grass earnings are estimated at $354,966; operating exnonsns
$124,609; leaving .$230,357 available for interest and principal navments
o f bonds and dividends.
1
paym ents
Directors (and Officers): R obert Lindsay, Pros.; G . W . Grandin V -P •
W . C . Saegcr, Sec.; S. Scovil, Troas.; A . M . Allen, A . K. Convors George
T . Bishop, F.
Bruch, P. W . Herrick, A . A . M udgo, C . S. Eaton. n

W.

O c e a n ic S te a m N a v . C o .—-W h it e S ta r L in e .—

Earnings.

Sco International M ercantile M arino C o. abov o.— V . 99, p. «02.

Sub. Co. Dividend.—

See Colum bus Oil & Fuel C o. abovo.— V . 102, p. 1722, 1631.




O zark P ow er & W ater C o . — Control.—

See Cities Service C o . under “ Railroads” above.— V . 96, p. 207.

P a ck a rd M otor Car C o . — New President.—

Vice-Pros. & Gen. M gr. Alvin M acaulay has been elected President to
succeed Henry B . Joy, who resigned to becom e Chairman o f tho B oard .—
V . 102, p . 158, 71.

P a ig e -D e tro it M otor Car C o . — Balance Sheet.—

In connection with tho $1,000,000 new stock authorized M a y 24. noted
in last week’s “ C hron icle,” and the 80% ($400,000) stock dividend, bring
ing tho am ount o f the o u t s tin iin ? stock up to $901,000, a financial state
ment has been given ou t, showing $1,863,990 assets, as follows:
Plant ($278,280 less depr’n) $158,733 A ccounts receivable------------$111,161
C a s h _____________ _____ ___ 431,470, Service station accou nts___154,915
B o n d s______________________ 248,338 [ M anufacturing in v e n to r y .. 742,636
N otes receivable___________
9.000] Prepaid expenses----------------4,825
Offsets Current accounts, $351,669; surplus, $509,321, and capital stock,
$1,000,000, after paym ent b y the shareholders for $100,000 new stock.
T h e “ M ichigan Investor” adds: "T h e com pany paid cash dividends in
1914 aggregating 2 5 % . In 1915 cash dividends aggregated 59% and there
was in addition a stock dividend o f 100% . So far this year tho com pany
lias paid 5% per m onth and the 8 0% stock dividend. The directors have
declared a cash dividend o f 3 % , payable Juno 10, to stockholders o f record
Juno 8. This is [more than] equivalent to tho regular 5% on the [$500,000]
old capital stock, as tho 80% stock dividend will participate in this dividend.
T he estimated p roduction o f cars for the fiscal year 1916 is 16,000.—
V . 102, p. 1991, 1901.

P en n sy lv a n ia S teel C o.— Case Appealed.—

An appeal from tho decision o f Judge Rollstab in the U. S. D lst. C ourt at
N owark, N . J ., on M a y 23 last, dismissing a tem porary restraint in the prooscd salo o f the property to tho Bethlehem Steel C o. for about $32,000,000.
as been taken to tlio U. S. Circuit C ourt o f Appeals. C . II. Venner o f
N . Y ., a com m on stockholder, applied to Judge Uellstab for an order to
roview his decision b y appeal. Com pare V . 102, p. 1991, 1722.

E

P itts b u r g h S teel C o .— Use of Surplus Earnings to Redeem

$ 4 ,0 0 0 ,0 0 0 Notes and Build Four New Furnaces.— T h e com 
p a n y, it is announced, will call and pay o ff, a t 101 and in t.,
on July 1 next an additional $ 1 ,0 0 0 ,0 0 0 o f its 6 % notes due
Jan. 1 1920, and will then have outstanding only $ 1 ,0 0 0 ,0 0 0
notes due Jan. 1 1920, having paid o ff during the past year
out of surplus earnings $ 4 ,0 0 0 ,0 0 0 notes of tho original
$ 5 ,0 0 0 ,0 0 0 issued Jan. 1 1915; $ 5 0 0 ,0 0 0 were paid M a y 1 9 1 6 .
T h e com pany is also paying out o f surplus earnings for four new openhearth furnaces being erected to round out its plant. Both the gross and
net earnings,as reported, are the largest in its history.— V . 102, p. 1631,1254.

San J ose W a ter C o. (C a lif.)— Transfer.—

T ho California R R . Comm ission on M a y 12 authorized this com pany to
transfer its properties and franchises to a new corporation to bo known as
tlio San Jose Water W orks, for $1,500,000, the reason for tho transfer be
ing tho expiration o f the charter o f the old com pany, which has been in
effect since 1866. T ho new com pany is to pay the $1,500,000 in capital
stock and .$25,000 in cash and will assume all tho liabilities o f the selling
com pany, which cousist chiefly o f $210,000 outstanding prom issory notes.

S in cla ir O il & R e fin in g C o. —Bonds Sold.— Kissel, K iu nicutt & C o ., W h ite , W e ld & C o ., M o n tg o m e ry , Clothier &
T yler and Spencer T rask & C o ., the managers o f the syndi
cate which purchased $ 1 0 ,0 0 0 ,0 0 0 of tho First Lien 10-year
C onvertible 0 % gold bonds, announce th at the entire issue
has beon sold.
'I'lie syndicate was com posed o f bond dealers throughout the country,
which has resulted in an unusually wide distribution o f the bonds, largely
to privato investors in small amounts. Seeoffering V . 102, p . 1902, 1815.

N e w T e le p h o n e C o .— Merger.—
See Indianapolis Tolophono Co. abovo.— V. 102, p. 1722, 613.

O h io C itio s G a s C o .—

2081

THE CHRONICLE

IUNF 3 1910.]

J

'

^ S o u th e r n C o u n tie s Gas Co. (C a l.).— Bonds Offered.—
E . I I . Rollins & Sons and Pow ell, G arard & C o . aro offering,
at par and in t., to yield 5 H % , $ 2 ,5 0 0 ,0 9 0 First M t g e . 5 3 ^ %
20-year gold bonds.
A circular shows:
T he bonds are dated M a y 1 1916. due M a y 1 1936. Callablo at 102t£
and int. on any int. date. Int. M . & N . at Central T rust C o. o f Illinois,
Chicago, or Los Angelas Trust & Savings Bank, trustees. D onom . $1,000,
$500 and $10 0 :*. The com pany pays the normal Fedora! incotno tax.
D ig est o f L e tte r from Pres. F. R . B ain. Los A n geles, C a l., May 24 1916.
Organization.— Incorp. in Cal. Fob. 27 1911. Has recently purchased a
number o f gas properties from tho Southern California Edison C o ., and also
tho L ong Beach Consolidated Gas C o. (V . 102, p. 614).
N ow supplies artificial and natural gas for dom estic and industrial pur
poses, w ithout com petition, to tho following cities and towns in Los Angeles,
Orange and San Bernardino counties. C al., all within 35 nrles o f L os A n
golas, and com prising some o f tho best residential and farming sections in
Southern California, viz.: Long Beach, San Pedro, W ilm ington, Santa
M on ica, Venice, Ocean Park, Culver C ity , Sawtello, M on rovia, Sierra
M adro, Azusa, Arcadia, South Santa A nita, El M on te, C ovina, Glendora,
San Dimas, Lordsburg, Clarem ont, N orth Pom ona, Pom ona, C hino,
W hittier, East Whittier, La Habra, Fullerton, Anaheim, Placentia, Orange,
Garden G rovo, Santa Ana, El M odena, Buena Park and Tustin. C om 

bined population estimated at 200,000.
C a p ita liz a tio n —

A u th o r iz e d .

Issu ed .

Preferred 6% cumulative stock_____________________S2,500,000 S660.000
Common stock____________________________________ 2,500,000
840,000
5 K % 1st M . 20-yearsinking fund gold bonds_______ 10,000,000 2,500,000
T h i s I s s u e . — A first lien on all tho properties, rights and franchises now
owned and hereafter acquired. Tho $2,503,01) bonds havo boon issued to
retire all outstanding bonds, purchase properties and reimburse tho com 
pany in part for m oneys expended in permanent additions, & c., prior to
Fob. 1 1916. T ho remainder ($7,590,000). bearing interest at not to exceed
t > 'A % per annum, m ay be issu e d fo r8 0 % o f tho cast o f permanent extensions
and additions, provided its not earnings, after taxes, are l? t timas the
annual interest charge on all bonds outstanding, together with those pro
posed, with the further provision that tho first $1,250,000 o f escrow bonds
and bonds necessary to build gas m anufacturing plants m ay lie issued up
to 80% o f tho cost o f tho improvem ents when the net earnings aro l A
times interest charges.
Annual cash sinking fund beginning Feb. 1 1923, 2 % o f bonds outstanding
o f which one-half to retire bonds and tho remainder for perm anent im pts.
E a r n i n g s f o r T i c e l v e M o n t h s e n d e d A p r i l 30 1916.
Gross receipts_____________ S772,71211 year’s int. on bonds issued.$137,500
N et, after taxes____________ $231,6761B a la n ce ____________________S94.176
F r a n c h i s e s . —-Operates chiefly under perpetual rights, the balance under
favorablo long-term franchises.
P r o p e r t y . — C om pany lias eight manufacturing plants in operation or
reserve, sufficient to take care o f the business in artificial gas if required.
Tlio number o f consumers exceeds 40,000 and is increasing. T he transmis
sion and distribution mains exceed 700m iics. Replacem ent value o f physical
properties, exclusive o f allowance for going concern and othor intangibles
was rocontly appraised at $3,440,848.
D i r e c t o r s . — Rufus C . Daw es, Pres. M etropolitan Gas & E lectric C o ..
Chicago; C . H. D ick ey, director Consol. Gas. Elec. Light & Pow er C o ., o f
Baltimore; J. Allen Osman, Pres. W hittier N at. Bank; C. E . H olcom b,
Pres. First N at. Bank, Anaheim; A . S. Bradford. Pres. Placentia N at.
Bank; J. II. Bartlo, Pres. First N at. Bank, M on rovia; Harrison Arms,
retired. Pres. Arms Palace Horse Car C o .; T heodore C . Stevens and Lo R o y
M . Edwards, Los Angelos, C al.— V . 102, p. 614.

S t a n d a r d O il C o . (o f O h io ) .— 1 0 0 %

Stock Dividend.—

This com pany has declared a stock dividend o f 100% , increasing the
capital stock from $3,500,000 to $7,000,000. Tho dividend is payable
July 31 to holders o f record July 5. Com pare V . 102, p. 1991, 1544.

S ta n d a r d O il C lo t h C o .—

Dividend— Status.—

A quarterly dividend o f 1% has been declared on tho com m on stock,
payablo July 1 to holders o f record June 16. restoring the annual rate to

[Vol. 1 2
0

THE CHRONICLE

2082

4 % as against 3 % since D ec. 1912. The regular quarterly paym ents o f
\ % % on b oth Class “ A ” and “ B ” pref. stocks will also bo paid on July 1.
It is officially stated also that the com pany has always earned its 7% pref.
dividends, and sinco organization m ore than $3,500,000 has been put back
into the property. T he present com pany was incorporated July 17 1911 in
Ohio as successor to the Standard Table Oil C loth C o ., organized in 1901.
T h e following has been pronounced correct:
T h e com pany is now producing at the rate o f about 5,000,000 pieces, or
60,000,000 running yards, annually, as com pared with 2,000,COO pieces
when it was form ed. M eritas M ills at C olum bus, G a ., the capital stock o f
which is owned b y Standard Oil C loth C o ., is now producing 8,000,000
yards o f special cotton fabrics annually. Extensions aro under way which
will double the output o f the mills.
On F eb. 18 last the shareholders voted to increase the authorized capital
stock from $7,000,000 (consisting o f $3,000,000 co m ., $1,000,000 Class A
pref. and §3,000,000 Class B p ref., all outstanding) to $9,000,000, said
Increase to consist o f $2,000,000 additional Class A 7% cunt. pref. stock.
Shareholders wore given the right to subscribe for one new share for each
seven shares held. C om pare V . 102, p. 716.

S t a n d a r d R o lle r B e a r in g C o ., P h ila d e lp h ia .— Opposi
T h e stockholders’ com m ittee nam ed below is
calling for doposits of the stock with the Brooklyn T rust C o.
of N . Y . and B rook lyn , as depositary, in opposition to the
plan of reorganization (described in circular of April 2 1 .)
T h e com m ittee says in brief:

tion to Plan .—

H olders o f the present stocks, aggregating $4,298,600, must pay assess
ments to a total o f $730,703 and will receive only $730,703 new 1st prof,
and $1,081,546 com m on. T he syndicate, on the other hand, will pay only
$70,832 cash ($160,832 loss 10% on amount o f 1st pref. issued, $90,000)
and will got $169,297 1st prof, and $1,218,454 com m on, a total o f $ 1,387,
751 along with an option for fivo years on $1,000,000 o f additional com 
m on stock at par.
C om m itteo: Frederick T . A ldridge, Chairman, John S. Stanton and
Fredoric 1*. Fiske, with M errill Bishop as Secretary and attorney, 111
B roadw ay, N . Y ., and with George Quintard Ilorw itz, Rliila., as attorneys.

T h e underw riting agreement issued some m onths ago shows;
N ew

S ec u r itie s P r o p o s e d .

7 % cum ulative, callable at 115, pref. as to assets
and d ivid end s__________________________________________________$2,000,000
2 0 - Y e a r S i n k i n g F u n d I n c o m e C e r t i f i c a t e s , 6 % , cum ulative after
one year, interest payablo only out o f income remaining afterde
ductions for adequate depreciation and 7% on the pref. stock.
A lso subordinate to the pref. stock as to assets. Redeemable
all or part at par upon 30 d a ys’ notice. If com m on stock
dividends are paid an equal am ount shall bo used to retiro
these certificates_______________________________________________ 1,500,000
C o m m o n S t o c k ____________________________________________________ 3,000,000
The Harrison W illiam s group will havo voting control for fivo years.
H o l d e r s o f O ld
A m ount
---------------- W o u l d R e c e i v c A ls o
S e c u r itie s —
O u ls t'g .
I n c o m e C l f s . P r e f . S tk .
C o m . S tk .
C ash .
5 % and 6 % b on d s. $529,000
$423,200
............
$105,800
80%
20%
Bills and accounts!
824,900
6 59 .98 4 /Or optionally 60% cash! 164,996
payable ( n o t ) . . /
80%
\
in full sottlomont
/ 20%
I f P a g in g A s s e s s m e n t—
A s ses sm en t.
1st pref. stock ____
572,750
................
$171,825
$286,376 $171,825
30%
50%
30%
..............
150.000
2d pref. stock ____ 1,000,000
250,000 150,000
15%
15%
25%
C om . stk., par $50 2,725,850
................
408.878
545.170 408,878
15%
20%
15%
Commission to underwr’s (with 5 % or $90,694 cash)
181,389
H . W . ot al. for own acct. (with 2 % or $49,882 cash)
x737,065
P r e fe r r e d S to c k .

past, should show net profits o f $600,000, or over 44% on the present
outstanding capital stock.
O f f i c e r s a n d D i r e c t o r s .— Franklin G . C olb y (R res.), A . B. D ally Jr.
(V .-R res.), W . F . Rupp (Sec. & T rea s.), John W . Leonard, T . U. Cowell,
Jos. H . M cD erm ott, A . F . H olliday, George E . W earing.

U . S. R e a lt y & I m p r o v e m e n t C o .—

Directors.—

Paul Starrett and F. M . Sanders havo been elected directors to succeod
W illiam A . Merriman and R. A . Valentino.— V . 102, p. 1984.

W a r w ic k I r o n

&

S te e l C o .—

Distribution.—

A distribution o f $1 67 per share will bo made on Juno 10 to holders o f
record Juno 5, in accordance with tho lease to tho Eastern Stool C o ., which
becam o effective Jan. 1 1912. Sco V. 93, p. 1791, and V. 98, p. 1699.

W e s t P e n n P o w e r C o .— Pref. Stock Offered.— A syndicate
headed b y A . B . Leach & C o ., N . Y . ; the Continental &
Com m ercial N ation al B an k , C hicago, and N . W . Ila lso y &
C o ., havo recently offered, a t 103 and d iv ., a block of 7 %
cum . pref. stock (par $ 1 0 0 ).
Pref. both as to assets and
dividends. A circular shows:
R edeem able, all or part, at 115 and div. upon 6 m onths’ notice. D ivs.
Q .-F . 15. T h e proceeds will lie used for additions, im provem ents and ex
tensions. N o additional pref. stock, except $1,000,000, may lie issued
unless surplus earnings after paym ent o f bond interest shall equal at least
three times tho annual dividend requirement on ail pref. stock outstanding,
including that proposed to be issued.
G lover & M acG regor, o f Pittsburgh, are also interested in the offering o f
this stock. F or detailed inform ation regarding the property, bonds,
earnings, & c.. see V . 102, p. 1635, 891.

W e s t V ir g in ia P u lp & P a p e r C o .—

Bonds Called.—

T w o hundred and sixteen 5% 30-year debenture bonds dated July 1
1906, o f $100 each, have been called for paym ent on July 1 at par and Int.
at the offico o f the com pany, 200 Fifth A v o ., N ew Y ork C ity .— V . 100, p.
2073.

W illy s -O v e r la n d
C o .— Merger.— “ Financial
yesterday published the follow ing:

A m erica”

L.
G . K aufm an, Rres. o f the Chatham & Phenix N ational Bank, is finan
cing a new autom obile consolidation which will take over a controlling in
terest in tho Willys-Overland C o ., tho Chalmors M otor C o ., the Hudson
M otor C o ., tho A uto-Light C o. and probably tho Fisk Rubbor C o.
A ccording to presont plans, tho hew com pany will also acquire a sub
stantial interest in tho United M otors Corporation. John N . W illys.Rros.
o f the Willys-Overland C om pany, will bo head o f tho new organization.
Tho new com pany will have a capitalization o f over $200,000,000. Details
in tho m atter are now being worked out and an official announcem ent will
bo m ade soon.— V. 102, p. 1902, 1255.

Y a le

&

T o w n e M fg . C o .— 1 0 %

Extra Dividend.—

This com pany has declared an extra dividond o f 10% on tho $4,500,000
outstanding capital stock, payablo June 7 to stockholders o f record M a y 31;
also the regular quarterly disbursement o f 1 M % . payablo July l to stock
o f record June 23. An extra dividend o f 5% was paid M a y 8 last.— V. 102,
p. 1635, 1255.

Y u k o n -A la s k a T r u s t .—

First Dividend.—

An initial quarterly dividend o f $1 was doclared this week on the out
standing shares o f beneficial interest, payablo Juno 30 to holders o f record
Juno 8. T ho com pany was organized to take over tho remaining undis
tributed assets o f tho Guggonlieim Exploration C o. Seo V . 102, p. 1063.
C U R R E N T N O T IC E.

— In an advertisement to-day featuring “ specialized investment recom 
m endations,” John Nickerson Jr., 61 B roadway, this city, and 300 N orth
B roadway St. Louis, states that tho public utility business has becom e
standardized through large developm ent and tho establishment o f utility
x Also option for five years on $1,000,000 additional com m on at par. commissions. It is easier to purchase safo public utility securities now than
O f the cash assessment o f $730,703 (underwritten), $294,996 would go in form er years, m any of the best investment houses consider them among
to the old creditors (incl. $25,000 for claims under $500 to bo paid in cash)
their high-grado offerings. T he firm points out further that tho public
and $434,907 is to bo available for working capital, im provem ents to plant,
utility business as a whole has becom o stablo, m good years and b a d ,o n ly
discount, bankers’ com m ission and oxponsos o f reorg.— V . 102, p. 1544.
slight variations are seen and these aro usually increases. T he firm will
mail a description o f a preferred utility stock yielding almost 7 % and a first
T o r o n to P o w e r C o .— Finances.—
mortgage u tility bond, tax-exem pt in New Y ork State, yielding 5 .4 0 % .
See T oron to R ailw ay under “ Railroads” abov e.—-V . 99, p. 1683, 275.
— Tho Mississippi V alley Trust C o. o f St. Louis, acting join tly with
U n io n E le c tr ic L ig h t & P o w e r C o .— Decision.—
Romick, Hodges & C o. and other Eastern houses, havo purchased $1,150,000
See M issouri-Edison E lectric C o. above.— V . 102, p. 1352.
Kansas C ity , M o ., 4 % and 4 M % gold bonds, duo July 1 1935. An at
tractive feature o f this issue is tho fact that tho constitution o f tho Stato o f
U n it e d S ta te s S te a m s h ip C o . — Initial Dividend, Etc .—
This com pany has declared an initial dividond o f 1% on the $2,500,000 M issouri limits tho debt o f such cities to 5% o f their assessed valuation,
outstanding capital stock (par $10), payable July 1 on shares o f record and that tho actual debt o f Kansas C ity at present is less than 3 % o f Its
June 16.
assessed valuation. R om ick, H odges & C o. aro advertising these bonds in
C . W . M orse and associates (tho U. S. Steamship C o.) have purchased
tho firm ’s general list o f securities offered for sale on anothor pago.
the property o f R obert Rainier & Son, Shipbuilding & M arino Railway C o .,
and will equip it for tho construction o f steel vessels and will operato tho
— II. R. T aylor & C o. o f N ow Y ork . Pittsburgh and B uffalo, and B ab
plant under the old name. Herotoforo only wooden ships havo Leon built cock , Rushton & C o. o f New Y ork and C hicago, aro join tly rocolvlng sub
By this com pany.— V. 102, p . 1816, 1352.
scriptions at par for $1,350,000 capital stock o f tho Universal Oil & Gas C o .
o f Pittsburgh. T ho capital stock o f com pany Is $5,000,000, all com m on,
U n iv e r s a l O il & G a s C o ., P i t t s b u r g h . —Stock Offered.—
par valuo $5 per sharo, fully paid and lion-assessable, o f which $1,350,000
H . P . T a ylo r & C o ., N . Y . , P ittsburgh and B u ffalo, and is outstanding. For full description o f this proporty see advertisement in
B ab co ck , Itushton & C o ., N . Y . and C hicago, aro offering at tho “ Chroniclo” and circular will bo mailed upon request to tho bankors.
par ($5) and d i v .,b y a d v . on another page, S I ,3 5 0 ,0 0 0 capital
— Pursuant to authority vested in tho G ovornor o f tho Territory o f
stock .
A u th . S 5 ,0 0 0 ,0 0 0 ;
outstanding, S I ,3 5 0 ,0 0 0 , fully H awaii, under A ct 111 o f tho Session Laws o f 1915, Govornor Rlnkham has
paid and non-assessablo. Circular shows:
appointed Frank Benner Jr., o f tho United States M ortgage & Trust C o .,
Now Y ork , as Commissioner o f Deeds in tho Stato o f N ow York for the
O r g a n i z a t i o n . — Incorporated in Delaware with $5,000,000 o f auth. capital
stock, in $5 full-paid shares, o f wldch $3,650,000 is in the treasury and can Territory o f Hawaii. Ono Commissioner is appointed in each Stato.
only bo issued for future acquisitions and developm ent work under careful M r. Bonner was recomm ended for tho position b y Charles J. M cC a rth y ,
restrictions. A t present controls tho 101k Natural Gas C o. o f Ra. through
97% o f stock , the Rentress Gas C o. o f West V a. through 98% o f capital Territorial Treasurer, who is now in Now Y ork C ity.
stock, and will control tho Rlym outli Oil & Gas C o. o f Ohio upon com pletion
— A list o f conservative bonds suitable for banks, estates, individuals
o f a present contract for tho purchase o f its entire capital stock.
and others who desire safety and m arketability, aro advortisod in the
S u m m a r y o f N e t E a r n i n g s , A p p i o x i m a t e A c r e a g e , W e l l s , etc.
“ C hronicle" to-day b y Rom ick, Hodges & C o ., members o f the N ow Y ork
N et
A creW ells .
Stock Exchango, 14 W all Streot, this city. T ho municipal bonds rango
C om pany—
P ro fits .
age.
G a s O il.
from a 3.90 to a 4.2 0 % investment yield and tho railroad bonds from 4.25
Elk Natural Gas C o ., gas properties in R enn----- $119,300
2,500 29
to 4 .8 0 % . See advertisement for details and ask for Circular “ C . C .-8 0 ,"
32,000
5,000 17 . .
Rentress Gas C o ., gas properties in W est V a___
Plym outh Oil & Gas C o ., properties in Ohio— Oil 143,0001 2 4,86l 15 48 describing these and many other issues o f similar grado.
do
do
do
do
Gas 117,000/
— T ho new firm o f Berg, Roesler & Kerr, members o f tho Now Y ork
T otal (30% on stock o u t )......................................$411,300 32,361 61 48 Stock Exchange, havo oponed offices at N o . 52 Broadway, this city, to
transact a general brokerage business in stocks and bonds. T ho partner
Elk Natural Gas C o. controls about 2,500 acres o f natural gas territory
in Elk and Clarion counties, R a., about 1,000 o f which are owned in fee. ship includes: Hunter B . Berg and W alter Roesler, who havo specialized
Open flow capacity o f approxim ately 17,000,000 cu. ft. o f natural gas per for years in Standard Oil stocks, and John Kerr, formorly Assistant Secre
day and about 25 miles o f delivery and feed pipe linos, and has a favorable
tary o f the N ew Y ork Lifo Insurance & Trust C o.
M r. Roesler will rep
contract with tho United Natural Gas C o. for Its entiro production.
Rentress Gas C o. owns under lease about 5,000 acres o f oil and gas terri resent the firm on the Board.
tory in M onongalia C ounty, W . Va. T he 17 wells now in operation havo
— Burgess, Lang & C o. havo m oved their Boston o ffico to tho second floor
an open flow capacity o f nearly 17.500,000 cu. ft. per day. Rroduction is
purchased b y tho Hope Natural Gas C o ., which lias a pipe lino to tho field. o f tho Sears Building, W ashingtori'and C ourt Streets, in tho quarters for
Plym outh Oil & Gas C o.: T erritory located in counties o f C oshocton, m erly occupied b y the Comm ercial N ational Bank. T ho firm has long out
Licking, K n ox, M uskingum , W ayne, Holmes, Rerry, Hocking and M edina, grown tho old o ffices at 50 Stato Streot, wiiero tho Boston offico has been
in Ohio. T h e 48 oil wells have a daily averago production o f about 315
bbls.; tho 15 gas wells havo an open flow capacity o f about 15,000,000 cu. ft. located for twelve years. T ho Now Y ork o ffico was recontly m oved from
per day.
T he gas is sold to tho East Ohio Gas C o. and Ohio Fuel Supply 55 W all St. to a larger suito in tho Adam s Express Building, 61 B roadw ay.
C o . under long-term contracts. Eractically all o f the oil produced by tho
— For tho investment o f June funds, A . B . Leach & C o. o f this city , B os
Elyniouth C o. is Rennsylvania grado, present m arket price about $2 60
ton, B uffalo, C hicago, Philadelphia and Baltim ore, offer tho conservative
per bbl.
T h e production o f the various properties acquired by the Universal Oil & invostor a wido selection o f m unicipal, corporation and short-term bonds
Gas C o. should bo increased materially through further drilling and dovolop- at prices yielding from 3.90 to 6 % incom o b y advertisem ent on another
nient o f tho reserve acreago.
Estimated earnings for next year, based upon present production, plus pago. Com plete particulars regarding any o f tho securities mentioned in
the advertisement m ay bo had on request to tho firm .
tho averago yearly drilling maintained b y these various companies in the
$730,703 $2,000,000 $730,703
T o t a ls __________ __________ .$1,083,184
T otal authorized issues____ $1,500,000 $2,000,000 $3,000,000
______




THE CHRONICLE

June 3 1916.]

2083

f^epxrrts and Jpuatrom ts.
IN T E R N A T IO N A L

H A R V E ST E R

C O M P A N Y

A N N U A L R E P O R T F O R T H E F IS C A L Y E A R E N D E D

To the Stockholders:

OF

N E W

JE R SE Y

D E C E M B E R 31 1915.

Brought forward _____________________________

T h e Board of Directors submits tho following report of
the business of tho International H arvester C om p an y of
N e w Jersey and affiliated companies for the fiscal year
ending D ecem ber 31 1915, together w ith a statem ent of tho
financial condition a t that date:
I N C O M E A C C O U N T F O R 1915.
Incom o from Operations, beforo deducting Interest on
Loans and tho necessary annual provision for Oro and
T im ber Extinguishm ent, Plant D epreciation, Special
M aintenance, Losses on R eceivables, & c________________S14.186.622 65
D educt:
Interest on Loans__________________________ $1,068,642 10
Reserve for Oro and Tim ber Extinguishment.
444,748 55
Reserve for Plant D epreciation_____________ 1,158,200 10
R csorvo for Special M aintenance___________
628,596 33
Reserve for Losses on R eceivables__________
810,000 00
100,000 00
Reserve for Collection Expenses____________
Contingent Reservo (European W ar Losses,
&c) ____________
700,000 00
Appropriation for Fire Insurance F un d-----200,000 00
200,000 00
Appropriation for Pension Fund_______
Appropriation for P rofit Sharing---------------------300,000 00
---------------------- 5,610,187 08
N et Profit for Season 1915............

$8,576,435 57

S U R P L U S D E C E M B E R 31 19 15 . ~
Balance at Decem ber 31 1914-------------------------------------------------$22,972,029 21
Add :
$8,576,435 57
N et Profit for Season 1915............
D ed u ct:
Preferred Stock Dividends 7 % .$ 2 ,100,000
Com m on Stock Dividends 5 % - 2,000,000
---------------- 4,100,000 00
---------------------- 4,476,435 57
Surplus at Decem ber 31 1915.................................................. $27,448,464 78

291,748 26
Agency Warehouses, &c.:
Tractor sheds at East St. Louis, 111.,
Grand Forks, N. D ., Omaha, Neb.
Purchase of land for warehouse site at
Minneapolis, Minn..................................
44,185’ 511
----------------335,933 77

Deduct:
$5 2,03 3,02 3^
Property sold, charged off, &c., during 1915. $287,123 35
Provision for amortization of iron ore, coal,
and timber during 1915..............................
444,748 55
-------------------731-871 90
Deduct*at December31 1 9 1 5 -.....................
Reserves for Plant Depreciation.....................

.$51,301,151 48
10,521.527 26

Net Balance at December 31 1915-...........
W O R K IN G C A P IT A L .
Current Assets:
Inventories
................................
Receivables ( N e t ) ------...----- — ..............
Cash (Including Time Deposits)...................

$40,779,624 22

.$25,977,503 54
28,831,370 97
34,214,343 11

„ . t
Deduct:
Current Liabilities.............................................

$89,023,21762
24,581,958 78

Net Working Capital at December 31 1915_____________ $64,441,25884
IN V E N T O R IE S .
At Harvester Works and Twine Mills at close of manu
facturing season:
Raw Materials and Supplies__________________________ . $4 con 401 qq
Work in Process of Manifacturo............................................ 2[638!420 48
I'inished Machines_________________
1 95fi
Repair Parts.................................................. . — " I l l : : : :
1 609! 198 89

79
9

C O M B I N E D B A L A N C E S H E E T D E C E M B E R 31 1915.
ASSETS

Property:
Real Estate and Plant Property, Oro
Mines, Coal and Tim ber Lands, & c____ $51,301,151 48
D educt :
Reserves for Plant D epreciation_________ 10,521,527 26
„ ,
,
$40,779,624 22
Deferred Charges______ ______
117,679 36
737,000 00
Firo Insurance Fund Assets_______________________________ *
Current Assets :
Inventories :
R aw Materials, W ork in Process, Finished
Products, & c....................................
$25,977,503 54
Receivables:
Farmers’
and
A gents’
N o t e s ............................... $21,365,309 65
Accounts R eceivable____ 10,096,151 60
_ ,
$31,461,461 25
D educt:
Reserves for Losses_________
2,630,090 28
___ __
28 831 370 97
Cash (Including Tim e D ep osits)______________ 34,214,343 11
----------------------- 89,023,217 62
$130,657,621 20
L IA B IL IT IE S .

Capital Stock:
P referred _____________________________________ $30,000,000 00
C o m m o n _____________________________________ 40,000,000 00
_
, . i , .....
----------------------- $70,000,000 00
Current Liabilities:
Bills Payable.................. .................................... $17,891,280 00
A ccounts Payable:
Current Invoices, Pay
rolls, Interest and Taxes
Accrued, & c------------------- $5,665,678 78
Preferred Stock Dividend
(payable M arch 1 1916)
525,000 00
Com m on Stock Dividend
(payablo January 15 .
500,000 00
1916).................................
----------------------- 6,690,678 78
„
— -------------------- 24,581,958 78
Reserves:
Special M aintenance------------------------------------$1,078,669 11
Collection Expenses----------------------------------800,000 00
Firo Insurance Fund_______________________ 2,529,392 47
Pension Fund_____________________________ 1,219,036 06
Industrial A ccident Fund_________________
500,000 00
P rofit Sharing.....................................................
300,000 00
Contingent (European W ar Losses, & c .)_ . 2,200,000 00
„
,
8,627,097 64
Surplus................................................................................................... 27,448,464 73
$130,657,621 20

PROPERTY.
Balanco at Decem ber 31 1914....................................................... $51,697,089 61
A dd:
N ot Capital A dditions during 1915:
Harvester W orks and Twine Mills:
Champion W orks: Hydraulic press.
Deering W orks: New section o f pattern
vault; im proved knife grinding ma
chinery. M cC orm ick W orks: C om 
pletion o f new m anufacturing buildingwater purifying plant. Osborne WorksC om pletion o f malleable foundry exten
sion. St. Paul Twine M ill: Equipm ent
for increasing twine p r o d u c tio n ...
«105 563 74
Raw Material Facilities:
o iu o .o o o / ±
Coal mine equipment, dwelling houses
school, water works, roads and parks at
coke works, Bcnliam, K entucky: equip
ment for ore washing plant at Hawkins
iron oro mino in M innesota; com pletion
o f central power station at South
Chicago steel mills; office building at
saw m ill, Deering, Missouri; tenement
houses, boarding house, commissary
building and dimension saw mill at
R ives, M issouri________________________
186,184 52




At Agency Warehouses, Transfer Points and Local Agencies:^10 ’ 1 3 1 ’3
19
8 335 686 37
Finished Machines, Repair Parts, Twine, &c_____
At Oro Mines, Furnaces and Steel Mills:
Iron Oro, Pig Iron, Steel Billets, &c___________
1 668 863 99
At Saw Mills:
i.ooo.ooo
Lumber, Logs, Stores and Supplies_____________________
207 526 97
224,37720
Advertising Supplies and Miscellaneous______________________
Add .
Net Material Purchases, Ac., after close of manufacturing
season.......................- ...........................................................

$20,570,79972
5.406,703 82
$25,977,503 54

R aw materials, work in process, and finished products
are valued at cost, which was lower than m arket at D ecem 
ber 31 1915. A depreciation allowance of § 1 ,7 5 0 ,0 0 0 has
also been deducted from the inventory value of finished
machines carried over on tho territory, repair parts for o ld type machines and other inventory item s subject to deprecia
tion.
N e t material purchases, & c ., after close of m anufacturing
season, include purchases and m anufacture a t works be
tween inventory-taking and Decem ber 31 1915, less the
m anufacturing cost o f goods shipped from the works
during that period, which were either sold in 1915 season or
included in the country inventory.
C A P IT A L S T O C K .
T h e authorized Capital Stock of the International H ar
vester C om p an y of N e w Jersey a t D ecem ber 31 1 9 15 . all
o f which was issued and outstanding, was:
Preferred Stock, 7% Cumulative:
300.000 shares of $100 each, par value_________________ $30 000 000
Common Stock:
’
400.000 shares of $100 each, par value__________________
40,000,000
$70,000,000
N o portion of tho Capital Stock was issued for G oodw ill
or P atents.
T h e C o m p a n y ’s properties are unencum bered,
and it has no bonded indebtedness.
C U R R E N T L IA B IL IT IE S .
Bills Payablo:
Purchase M on ey Obligations_____ ________________ _____ _
$233 000 00
F ive Per Cent G old Notes maturing February 1918.1111 17.269 000 00
389,280 00
lib e r drafts discounted in M anila, P . I .................................
$17,891,280 00
A ccounts Payable:
Current Invoices, Payrolls, & c...................................................$4,655,758 72
Interest A c c r u e d ..........................................................................
3231606 25
Taxes Accrued:
State, M unicipal. & c............................................ ...................
565,519 74
Federal Incom e_______________________________
120 794 07
Preferred Stock Dividend, payable M arch 1 1916.-11111
525 000 00
Com m on Stock Dividend, payable January 15 1916______
500,000 00
$6,690,678 78
T otal Current Liabilities at Decem ber 31 1915................$24,581,958 78
In tho sale o f one-half o f the N et Assets o f International Harvester C om 
pany to International Harvester Corporation as o f January 1 1913 this
C om pany was not relieved o f its liability on $15,000,000 loans then assumed
b y International Harvester C orporation. In August 1914 the Inter
national Harvester Corporation paid $5,000,000 o f such loans, thus re
ducing tho Com pany s contingent liability to $10,000,000.

2084

THE CHRONICLE
RESERVES.

[Vol . 102.

P L A N T D E P R E C IA T IO N .

A t D ecem ber 31 1915 $ 7 3 7 ,0 0 0 of tho Fire Insurance
Resorves was invested in incom e-bearing securities.

T h e annual appropriations from earnings for plant de
preciation reserves constitute the necessary provision for
the im pairm ent and consum ption of the plant assets utilized
in production.
Such depreciation is based on rates estab
lished b y recognized authorities and confirm ed by past
experience in this industry, and should prove sufficient to
reproduce the properties as their replacem ent becomes
necessary.

Pensions aro paid b y the C om p an y w ithout any contri
bution from em ployees.
A t D ecem ber 31 1915 thoro wore
2 1 9 former em ployees on tho ponsion roll. A perm anent
Ponsion F und is being established b y annual appropriations
from earnings until its am ount shall bo sufficient to provide
tho income necessary for futuro paym en ts.

Balance at Decem ber 31 1914______________________________ $9,430,077 85
Add :
Provision for 1915_________________________________________
1,158,200 10
D educt:
R eplacem ent charges, & c., during 1915__________________

P E N S IO N F U N D .

Balanco at Decem ber 31 1914_________________________________$1,033,863 25
A dd:
Incom o from Fund for year 1915___________________________
50,249 68
A ppropriation from 1915 Earnings...............................................
200,000 00

$10,588,277 95
66,750 69

Balance at D ecem ber 31 1915________________________ $10,521,527 26

D educt :
Pension paym ents during 1915_____________________________

$1,284,112 93
65,076 87

Balanco at Decem ber 31 1915____________________________ $1,219,036 06

S P E C IA L M A IN T E N A N C E .

These reserves provide for relining of blast furnaces,
maintenance of docks and harbors, conversion of power
system s, and other renewal work of a current nature, the
expenditure for which occurs a t irregular intervals.
To
provide for such renewals when th ey becom e necessary,
the futuro cost o f the work is apportioned over current
earnings.
$768,646 84

Balance at D ecem ber 31 1914_______________________________
A dd:
Provision for 1915______ __________ ________________________

628,596 33

^
$1,397,243 17
D educt:
Relining, ronowal and other charges during 1915_________
318,574 06
Balanco at Decem ber 31 1915_________________________ $1,078,669 11
R E P A IR S , R E N E W A L S A N D M A IN T E N A N C E .

In accordance w ith the C o m p a n y ’s policy, liberal expendi
tures have been m ade for ordinary repairs and renewals in
order to m aintain tho properties at their m axim u m efficiency.
A ll such expenditures are charged to operating expenses
and have been included in the cost o f production. A com 
parison of these expenses for tho last two soasons is:
_
1915.
Harvester W orks and Tw ino M ills___________ $1,138,412 14
Furnaces and Steel M ills_____________________
422,684 41
Miscellaneous Properties_____________________
53,571 53

1914.
$1,683,773 75
401,917 48
84,599 16

$1,614,668 08

$2,170,290 39

LOSSES ON R E C E IV A B L E S .

T h e annual deductions from earnings to provide for lossos
which m a y ultim ately bo sustained in the realization of
Bills and A ccou n ts R eceivable taken on each season’s galos
are based on long experience in this business and aro con
sidered adequate to cover such contingencies. A system 
atic and carefid investigation into the financial responsi
bility of prospective customers insures to tho C om p any
a high grado of notes and accounts; m oreover, tho greater
portion of the receivables consists o f farmers’ notes or
agen ts’ acceptances, which have proved to bo excellent
credits.
From tho face value of tho notes, as shown on the balanco
sheet, there has been deducted $ 6 0 0 ,0 0 0 , the estim ated
am ou n t o f trade discounts included therein. T h is deduction
does n o t, therefore, form any part of tho reserve for losses
on receivables show on tho balance sheet.
Balanco at D ocom ber31 1914_____________ ________ __________ $2,418,491 99
A d d:
Provision for 1915.............................................................................
810,000 00
D educt:
B ad D ebts charged o f f during 1915________________________

$3,228,491 99
598,401 71

Balanco at Decem ber 31 1915____________________________ $2,630,090 28
C O L L E C T IO N E X P E N S E S .

In m ost lines of business tho tim e which elapses between
tho date of a sale and tho collection o f tho proceeds in cash
is com paratively short, and tho need o f a reserve to meot
tho futuro cost o f collecting receivables outstanding a t the
dato of the balanco sheet would arise only in tho event of
liquidation.
In tho harvester business, whore long credits
in some lines aro extended to tho farm ing com m u n ity,
conservative m anagem ent has adopted tho principle of pro
viding currently for such a resorvo, which will bo gradually
built up to a reasonable am ou n t.
Balanco at Decem ber 31 1914____________________________
A dd:
Provision for 1915_____________ ____________________________

$700 000

Balanco at D ecom bor 31 1915.................. ..................... ..........

$800,000

100,000

F IR E IN S U R A ,C E F U N D .

T h e C om p an y pursues tho policy of carrying a reasonable
portion o f its own fire insurance. This year a special appro
priation o f $ 2 0 0 ,0 0 0 was m ade to tho Fire Insurance F und
out of 1915 earnings in addition to the am ou n t accruing from
regular insurance charges to operations.
Balance at Decem ber 31 1914..................................................... ...... $2,089,248
A d d:
Credit for 1915 from regular chargos to operations_________
149,528
Incom e from Fund for yoar 1915____________________________
119,210
A ppropriation from 1915 Earnings______________ __________
200,000

42
82
24
00

GENERAL.
T h e crop harvested throughout the U nitod States during
1915 was above the average, and tho large acreage of small
grains created a good dem and for im plem ents and twino.
N otw ithstanding the bountiful crops and tho high pricos
received b y tho farm er, im plement dealers, as a rule, pur
sued a policy of conservatism in ordering their stocks.
Tho inventories o f raw m aterials, work in process, and
finished products a t the close o f 1915 wero $ 9 ,4 0 0 ,0 0 0 less
than a t the close of tho preceding yoar. This docroaso,
coupled w ith satisfactory collections and a smaller m anu
facturing outp u t, duo to inability to m aintain tho volum e
of our export trade, resulted in largely increased cash bal
ances.
C onsequently, no seasonal borrowings aro contem 
plated during tho year 19 16 . Curront liabilities, including
bills payable, wero roduced $ 5 ,1 0 0 ,0 0 0 during tho yoar.
A s opportunities offered the C om p an y has purchased its
gold notes, duo February 15 1918. A p proxim ately $ 5 ,0 0 0 ,
0 0 0 of tho $ 2 0 ,0 0 0 ,0 0 0 issue has boon acquirod to tho date
of this report.
N o capital expenditures of m om ent wero m ado during tho
yoar 1915, but all plant properties havo been m aintained in
a high state of efficiency.
T ho difficulties incident to oxport trade havo m aterially
curtailed tho v o lim o of foreign shipm ents, and the conse
quent reduction in output m ado it necessary to operate tho
plants w ith smaller forces and on shorter hours.
D uring tho early part of 1915 considerable difficulty was
encountered in securing a supply of sisal for tho m anufacture
of binder twine on account o f revolutionary disturbances
in tho State of Y u c a ta n .
In Septem ber and October la st,
the Com ision Reguladora del M orcado do Honoquon (R ogulating C om m ittee of tho Sisal M a rk o t), an official b od y of
tho Stato of Y u ca ta n , w ith offices in tho citios of N ow Y o rk
and N ow Orleans, having secured tho com plote control of
tho output of Y u catan sisal, closed tho opon m arket for sisal
that had before oxisted in Y u cata n and tho U nitod S tates.
T his m onopoly has since exacted higher prices for sisal, and
thereby caused the cost of binder twino to tho Am orican
farmer to bo correspondingly raised. A sub-com m itteo of
the Sonato C om m ittee on Agriculture is now ongaged in
a thorough investigation of this Y u cata n sisal m onopoly
and its effect upon binder twino prices in tho U nitod States.
T ho increase in tho cost of materials and labor ontoring
into tho m anufacture of tho C om p an y ’s products for tho
yoar 1916 necessitated an incroaso in tho soiling pricos of
nearly the entire lino. Owing to somo favorablo m aterial
contracts, tho full effect of thoso increases in manufacturing
costs will not bo felt until production for tho soason 1917
begins. A n additional increase in tho pricos of our products
for 1917 will bo necessary to moot this increased cost of
m anufacture.
T h e Agricultural Extension D opartm ont has continued
its vigorous cam paign for im proved agriculture. M u c h
of its work has been done in tho Southern Statos, whoro tho
need for crop diversification and bettor farming was em pha
sized b y the 1914 cotton crop troubles. T ho friondly and
efficient co-operation of tho agricultural colloges, tho rail
w ays and commercial bodies has been a largo factor in tho
successful work of this departm ent.
T h o case of tho G overnm ent against the C om p an y was
argued boforo the U nited Statos Supromo C ourt on April 7
1915.
On Juno 2 1 st, tho last day of tho torm , tho Court
ordered the case restored to tho docket for roargum ont.
It
was roached in regular courso on April 19 1916, but was
postponed b y tho Court until noxt fall.
T ho C o m p a n y ’s policy in regard to tho wolfaro of its em 
ployees is boing aggressivoly continued along well established
lines.
Tho books and accounts for tho fiscal year havo boon audit
ed b y M e ssrs. H askins & Sells, Certified Public A ccou n t
an ts, and their certificate is prosontod herewith.
T h e co-operation and loyalty of tho em ployees increases
year b y yoar, and the Board of Directors has great satis
faction in acknowledging the zeal and enorgy displayed
throughout the entire organization.
B y order of the Board of D irectors,

„ , „
$2,557,987 48
D edu ct :
Lossos by Flro, & c., during 1915____________________________
28,595 01
Balance at Docom bor 31 1915....... ................... ....................... $2,529,392 47




C Y R U S II. M c C O R M IC K ,

President.
C hicago, M a y

1 1916.

THE CHRONICLE

June 3 1916.]

i n t e r n a t i o n a l

ANNUAL

REPORT— FOR

h a r v e s t e r

THE

c o r p o r a t i o n

F I S C A L Y E A R E N D E D D E C E M B E R 31 1915.

To the Stockholders:
T h o B oard of Directors subm its the follow ing report of
th o business o f the International H arvester Corporation
a n d affiliated companies for the fiscal year ending D ecem 
ber 31 19 15 , togother w ith a statem en t o f the financial con
dition a t th at date:
I N C O M E A C C O U N T F O R 1915.

Income from Operations, before deducting Interest on
Loans and tho necessary annual provision for Plant De
preciation, Special Maintenance, Losses on Receivables,
& c....................................................................................... $6,608,466 10
Deduct:
Interest on Loans.......................................... $878,942 27
702,293 08
Reserve for Plant Depreciation..................
Rcservo for Special Maintenance_________
204,400 00
902,689 57
Reserve for Losses on Receivables________
Reservo for Collection Expenses........ .........
100,000 00
Appropriation for Profit Snaring_________
100,000 00
------------------- 2,888.324 92
Deduct:
Preferred Stock Dividends 7% ------------------------------------

3085

$3,720,141 18
2,100,000 00

Balance carried to Contingent Reserve (European War
Losses, &c.)_________________________________________ $1,620,141 18
S U R P L U S D E C E M B E R 31 1915.

The book Surplus has not changed during tho year, the bal
ance of 1915 earnings, after tho payment of the Preferred
Stock dividends, being carried to tho Contingent Reserve
(European War Losses, &c.) until the extent of war losses
can bo determined.............................................................. $20,011,119 60

Brought forward__________________________
$254,905 67
Railroads:
Purchase of real estate for freight sta
tion facilities at McCormick Station,
Illinois Northern Railway; switch yard
extensions..............
140,328 12
Agency Warehouses:
Construction of storage shed at London,
Ont.: completion of warehouse at Odessa,
Russia..................
39,798 48
435,032 27
^ J
$26,590,19191
Deduct
228,76838
Property sold, charged off, &c.. during 1915______________
Balance at December 31 1915..................................................... $26,361,42353
Deduct:
Reserves for Plant Depreciation............................................. 3.808.88166
Net Balanco at December 31 1915_____________________$22,552,54187
W O R K IN G C A P IT A L .

Current Assets:
Inventories....................
$24,238,076 99
Receivables (Net)______________________
41,981,208 22
Funds retained in Europe owing to unfavorable exchange
rates................................................
28,041,068 41
Cash...........................................
2,555.974 27
^ J .
Deduct:
Current Liabilities.......... ...........
Net Working Capital at December 31 1915...........

$96,816,32789
22,506,526 49
$74,309,801 40

IN V E N T O R IE S .
C O M B I N E D B A L A N C E S H E E T D E C E M B E R 31 1915.

ASSETS.
Property:
Real Estate, Buildings, Machinery, Equip
ment, &c----------- ------- ----------- -------- $26,361,423 53
Deduct:
Reserves for Plant Depreciation.......... . 3,808,881 66
-------------------- $22,552,541 87
Deferred Charges_________________________________
123,797 86
Fire Insurance Fund Assets_____________________
’
621 950 00
Current Assets:
Inventories:
Raw Materials, Work in Process, Fin
ished Products, &c...............
$24,238,076 99
Receivables:
Farmers’ & Agents’ Notes $34,407,177 27
Accounts Receivable___ 12,250,164 77
_
$46,657,34204
Deduct:
Reserves for Losses______ 4,676,13382
-------------------- 41,981,208 22
Funds accumulated and retained in Europe
owing to unfavorable oxchango rates------ 28,041,068 41
Cash............................................................. 2.555,974 27
-------------------- 96,816,327 89
$120,014,617 62

At Works and Twine Mills at close of manufacturing season:
United States
Raw Materials and Supplies.____ ______$2,155,961 23
Work in Process of Manufacture_______ 1,787,613 22
Finished Machines and Repair Parts____
933,366 83
------------------ $4,876,941 28
0
„
Canada
Raw Materials and Supplies___________ $1,229,119 50
Work in Process of Manufacture.............. 550,759 95
Finished Machines and Repair Parts____
503,577 46
------------------ 2,274. 456 91
Europe
Raw Materials and Supplies___________ $1,298,055 15
Work in Process of Manufacture_______ 1,037,656 49
Finished Machines and Repair Parts___
455,525 42
Twine........................................ ..............
35.475 41
------------------ 2,826,7.12 47
At Foreign Branch Houses and Distributing Points:
M achines, ltopair Parts, T w ine, & c______ ________

Railroads andMiscellaneous_____________________

$24,238,076 99

Csypltal Stock:
P referred --------------------------------------------------- $30,000,000 00
C o m m o n ---------------------------------------------.*
— 40,000,000 00
~
T
------------------------$70,000,000 00
Current Liabilities:
Bills P ayable.
.............................................. $15,000,000 00
A ccou n ts Payable:
Current Invoices, Pay
rolls, Interest and Taxes
A ccrued, & c.................. .. $6,981.526 49
Preferred Stock Dividend
(payable M arch 1 1916)
525,000 00
------------------------ 7,506,526 49
„
■
----------------------- 22,506,526 49

Reserves:

’

«798 879
900,000
1,833,080
794,870
450,000
100,000
2,620,141

’

62
00
01
72
00
00
18

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

7,496,971 53

$120,014,617 62
N o t e .— In tho Com bined Balanco Sheet, foreign assets and liabilities
havo been converted at normal exchango rates.

PROPERTY.
Balance at Dccem bor 31 1914......................................................... $26,155,159 64
N et Capital A dditions during 1915:

United States Works:

Akron Works: Additional equipment for
Increasing output o f m otor trucks.
T ractor W orks: Construction o f additlonal m anufacturing and warehouse
buildings; equipment for increasing pro
duction o f small tractors. W eber
Canadian W o r lc r 1 ° D ° f no'v wareb ou so.. $142,166 42
Hamilton W orks Equipm ent for manu
facturing cultivators and manure spread-




9 ’027 52

103,71173

Raw m aterials, work in process and finished products are
valued a t cost, which was lower than m arket a t D ecem ber 31
19 1 5 .
A depreciation provision of S I ,2 5 0 ,0 0 0 has also been
deducted from the inventory values o f finished machines
carried over on the territory, repair parts for o ld -ty p e m a
chines, and other inventory item s subject to depreciation.
N o t material purchases, & c ., after close o f manufacturing
season, include purchases and m anufacture at works between
inventory-taking and D ecem ber 31 19 15 , less the m anufac
turing cost of goods shipped from the works during that
period, which were either sold in 1915 season or included in
the country inventory.
C A P IT A L S T O C K .

Surplus (Subject to possiblo war losses not yet ascertained
and not covered b y R eserv es)..................... ............ ................. 20,011,119 60

E urop can'W orks:......... " ................................
Lubertzy W orks, Russia: Com pletion o f
second unit or warehouse and equip
m ent for m anufacturing harvesting ma
chinery. Neuss W orks, Germany: Pat
tern equipment Tor now mallcablo foun
d ry . Norrkoping W orks, Sweden: C on
struction o f new forge building; stables;
com pletion o f twine m ill.............................

226.S69 76

...
$22,197.72561
Add:
Net Material Purchases, &c., after close of manufacturing
season...................................................................................... 2,040,35138

L IA B IL IT IES.

Special M aintenance__________________
C ollection Expenses..........................................
Firo Insurance Fund__________
Pension Fund...................................................
Industrial A ccident Fund...............
P rofit Sharing...................................................
Contingent (European W ar Losses, & c .) ___

11,992,745 19

T h e authorized C apital Stock of tho International H arves
ter Corporation a t D ecem ber 31 19 1 5 , all of which was is
sued and outstanding, w as:

Preferred Stock, 7% Cumulative:
300.000 shares of $100 each, par value_________________$30,000,000 00
Common Stock
400.000 shares of $100 each, par value_________________ 40,000,000 00
$70,000,000 00
N o portion o f the Capital Stock w as issued for G ood will
or P atents. T h e C o m p a n y ’s properties are unencum bered,
and it has no bonded indebtedness.
C U R R E N T L IA B IL IT IE S .

Bills Payable
Five Per Cent Gold Notes, maturing February, 1918____ $5,000 000 00
Loans maturing 1921-----------------------10,000,000 00
$15,000,000 00
Accounts Payable
Current Invoices, Pay-rolls, &c_______________________$6,137,310 87
Interest Accrued____________________________________
185,416 66
Taxes Accrued
State. Municipal, &c.......................................................
600,090 82
Federal Income----------------------------------------------------58.708 14
Preferred Stock Dividend, payable March 1 1916_______
525,000 00
$7,506,526 49
Total Current Liabilities at December 31 1915..............$22,506,526 49

2086

THE CHRONICLE
RESERVES.
PLANT D EPRECIATION .

The annual appropriations from earnings for plant depre
ciation reserves constitute^ the necessary provision for the
impairment and consumption of the plant assets utilized in
production. Such depreciation is based on rates established
by recognized authorities and confirmed by past experience
in this industry, and should prove sufficient to reproduce the
properties as their replacement becomes necessary.
Balance at December 31 1914..................................................... $3,257,328 36
Add:
Provision for 1915......................................................................
702,293 08
_ ,
$3,959,621 44
Deduct:
Replacement charges, &c., during 1915__________________
150,739 78
Balanco at December 31 1915.................................................. $3,808,881 66
SPECIAL M AINTEN AN CE.

These reserves provide for maintenance of docks and har
bors, conversion of power systems, elevation of railroad
tracks, and other renewal work of a current nature, the ex
penditure for which occurs at irregular intervals. To pro
vide for such renewals when they become necessary, the fu
ture cost of the work is apportioned over current earnings.

(Vol. 102.

Balance at December 31 1914______________ _________ _____ $1,658,169 49
Add:
Credit for 1915 from regular charges to operations________
106,934115
Incomo from Fund for year 1915___________________________
90,783'51
^ ,
$1,855,887 15
Deduct:
22,807 14
Losses by Fire, &c., during 1915_________________________
Balance at December 31 1915...................- ....................... -$1,833,080 01

A t December 31 1915, $521,950 of tho Firo Insurance R e
serves was invested in income-bearing securities.
PENSION FUND.

Pensions are paid by the Company without any contribu
tion from employees. It is believed that the accumulation
of the permanent Ponsion Fund established from earnings
should now be sufficient to provide the incomo necessary for
future payments under the present plan.
Balance at December 31 1914______________________________
Add:
Incomo from Fund for year 1915__________________________

$764,214 18
38,054

^ .
$802,268
Deduct:
Pension payments during 1915___________________________
7,397 99
Balance at December 31 1915_________________________

$794,870 72

GENERAL.
Balance at Decomber 31 1914______________ ______ ________ $750,137 38
Tho volume of exports from the United Statos to Europoan
Add:
204,400 00 countries during tho past year was much less than during
Provision for 1915_______ _________ _______ . _____ ______ _
1914, duo to numerous causes incident to tho war. The re
„ ,
$954,537 38
sults of tho year’s business, howevor, were bettor than antici
Deduct:
Renewal and other charges during 1915_____________________
155,657 76 pated at the beginning of the year.
The implement works at Neuss, Germany, and Lubortzy,
Balance at December 31 1915
$798,879 62
Russia, havo been in operation during tho year, but with re
duced forces and subject to delays, owing to tho difficulty in
REPAIRS, RENEWALS AN D M AINTEN AN CE
securing adequate quantities of materials and supplios. The
In accordance with the Company’s policy, liberal expendi
twino mill at Neuss, Germany, has been closed, duo to the
tures have been made for ordinary repairs and renewals in
inability to securo supplies of fiber. Tho works at Norrorder to maintain the properties at their maximum efficiency.
koping, Sweden, havo been running at full capacity, except
All such expenditures are charged to operating oxpensos and
for temporary delays and interruptions duo to tho material
have been included in the cost of production. A comparison
situation. The works at Croix, Franco, havo not been in
of theso expenses for the last two seasons is:
operation since August, 1914. No roport of any damage to
Works and Twino Mills:
1915.
1914.
United States.................................................. $516,688 25
$602,75863 this property has been received.
Canada---------------------------------46,981
77137,59226
Collections in all European countries havo, under tho cir
Europe...............................................
156,537
38371,12596
cumstances, been remarkably good. Tho transfer of funds
$720,207 40 $1,111,476 85 to tho United States has beon prevented by tho high rates
Railroads__________
.
65,992 01
70,419 21 of exchange prevailing. Pending tho readjustment of ex
Agency Warehouses.
.
39,804 82
56,286 97 change rates, every precaution for tho safety of the funds is
being taken in selecting depositories in tho various countries.
$826,004 23 $1,238,183 03
Interest is being received on practically all those doposits.
Canada harvested a large crop in 1915, and as a result our
LOSSES ON RECEIVABLES.
sales increased over tho preceding year. Collections there
The annual deductions from earnings to provide for lossos were more satisfactory than in 1914.
which m ay ultimately be sustained in the realization of Bills
The small tractors manufactured by this Company have
and Accounts Receivable taken on each season’s sales are beon well received by the trade, tho works manufacturing
based on long experience and are adequate to cover bad debts them being taxed to their capacity.
incurred in the ordinary course of business. A systematic
The balanco owing to tho International Harvester Com
and careful investigation into the financial responsibility of pany of New Jorsoy has beon reduced from $12,020,000 at
prospective customers insures to the Company a high grade December 31 1914 to $2,100,000 at Decembor 31 1915, the
of notes and accounts; moreover, the greater portion of the not decroaso in current liabilities during the yoar being $ 8,
receivables consists of farmers’ notes or agents’ acceptances, 400,000. Tho inventories have been roducod $10,000,000.
which have proved to be excellent credits.
N o capital expenditures of moment were made at tho for
Extreme care has been exercised during the year 1915 in eign works, with tho exception of Norrkoping, Sweden, whore
the extension of credit. The percentage of cash obtained a new forge building was erected and tho now twine mill
to total sales in Europe, where a largo portion of the Com  completed. Expenditures at the American plants have beon
pany’s business is transacted, was 7 4 % in 1915 as compared limited to the acquisition of additional oquipmont for our
with 3 5 % in 1914, the latter year, however, being below nor rogular linos of manufacture.
mal, owing to the declino in collections immediately follow
Several factors connected with tho manufacture and mar
ing the declaration of war in Europo. A conservative esti keting of tho Company’s products have necessitated an in
mate of probable bad debts arising in the collection of re crease in soiling prices. The rapid rise in matorial and labor
ceivables outstanding Decembor 31 1915 indicates that the costs throughout tho world has increased tho oxponse of
reserve for losses on receivables is still sufficient.
manufacture, while tho excessive ocean froight rates and ab
Balance at December 31 1914_________________________ ____ $4,587,878 57 normal oxchango conditions havo enormously increased tho
Add:
Provision for 1915............................ ............... . .......................
902.689 57 expense of distribution.
Tho Company’s policy in regard to tho wolfaro of its em
$5,490,568 14 ployees is being aggressively continued along woll-ostablishod
Deduct:
lines.
Bad debts charged off during 1915
. 814,434 32
In determining tho Incomo Account for 1915 and in pre
Balanco at December 31 1915...............................................$4,676,133 82 senting tho financial condition of tho Company at Docombor
31 1915, all known losses havo boon deducted and ample
COLLECTION EXPENSES.
reserves havo been provided for bad debts, depreciation of
In most linos of business the time which elapses between the plant property and inventories, and all other ordinary con
date of a sale and the collection of the proceeds in cash is com tingencies. The balance of 1915 earnings, aftor paymont of
paratively short, and the need of a reserve to meet the future the Preferred Stock dividends, has not beon carriod to Sur
cost of collecting receivables outstanding at the date of the plus Account, as heretofore, but to tho Contingent Rosorvo
balanco sheet would arise only in the event of liquidation. (European W ar Losses, & e.). It is impossible to anticipate
In tho agricultural implement business, where long credits the extent of futuro losses which may result from tho war, but
in some lines are extended to the farming community, con the surplus of the Company, aggregating $20,000,000, in
servative management has adopted tho principle of provid addition to the reserves, affords a substantial margin of se
ing currently for such a resorve, which will be gradually built curity.
up to a reasonable amount.
N o dividends on the Common Stock havo boon doclarod
Balance at December 31 1914.................................. _.................. $800,000 00
by tho Directors during tho year 1915.
Add:
Provision for 1 9 1 5 ---................................................................
100,000 00
The books and accounts for the fiscal year have boon aud
ited by Messrs. Haskins & Soils, Certified Public Account
Balanco at December 31 1915.............................................. $900,000 00 ants, and their certificate is presented horowith.
Tho Directors appreciate tho loyalty and co-operation dis
FIRE INSURANCE FUND.
played throughout tho ontiro organization, and especially
The Company pursues tho policy of carrying a reasonable desire to commend tho individual mombors of tho organiza
portion of its own firo insurance. Investigation has deter tion in tho bolligerent countries for tho courago, loyalty and
mined that tho Fire Insurance Fund should now be sufficient, ability displayed by thorn undor most difficult and trying
with the annual accretions from regular insurance charges conditions.
to operations, and the income from investments, to provido
B y order of the Board of Directors.
ample protection for tho fire risk which the Company as
C Y R U S II. M cC O R M IC IC , President.
sumes.
Chicago, M a y 1 1916.




THE CHRONICLE

J une 3 1916.]
3 pxe

D ir a c s ,
COMMERCIAL EPITOME

Friday N ight, June 2 1916.
Over-enthusiastic buying has ceased, but trade is large for
all that— larger, in fact, than usual at this timo of the year.
In many industries mills and factories are sold well ahead.
Though tho domestic demand for steel has fallen off, tho
foreign demand has increased. Warmer weather has helped
retail trado. Jobbing business is brisk. Tho fall trade is
roported to be surprisingly largo. Some reports say it is of
high record size. The car situation is improving. Collec
tions are good. M oney is firmer as now enterprises increase
in number. Oil production is being vigorously pushed. The
tone in business generally is moro conservative. _ Crop re
ports from grain sections are rather more encouraging. The
weather in the cotton States has improved. W heat exports
are largo. On the other hand, however, prices for grain,
cotton and metals, including iron, steel, copper, lead, tin and
spelter have declined. In fact, in many branches of trade
buyers are beginning to deal moro cautiously, often holding
aloof for lower prices. Tho great riso in commodities and
wages has so increased the cost of production that manufac
turers aro disposed to keep within prudent bounds. M eanwhilo tho war drags on and there is less talk of peace. Corn
planting is late and the wheat crop is said to be some 27 5 ,
000,000 bushels smaller than the last one. In some branches
of tho wholesale trade, transactions favo fallen off. But
allowing for all drawbacks, tho times aro admittedly pros
>porous, and everywhere tho feeling is cheerful and confident.
L A R D dull; primo Western 13.15c. nominal; refined to the
Continent 14.15c.; South America 14.35c.; Brazil 15.35c.
Futures declined on heavy liquidation, partly on stop-loss
orders. Big hog receipts were tho depressing factor. On a
singlo day they wero 132,000. Weakness in grain also
counted. To-day prices declined.
DAILY CLOSING PRICES OF LARD FUTURES IN C H I C A G O .
S a t.

M on.

T u es.

W ed.

T h u rs.

F r i.

July delivery.........cts_12.62}$ 12.42J* Iloli- 12.5214 12.42H 12.30
September delivery ------12.75
12.55
d a y.
12.65
12.5214 12.42

P O R K quiet but steady; mess $25 5 0 @ $ 2 6 ; clear $ 2 3 @ $ 2 6 .
Beef, mess, $17 5 0 @ $ 1 8 ; extra India mess, $ 3 0 @ $ 3 1 . Cut
meats quiot; pickled hams, 10 to 20 lb s., 1 5 H @ lf> H c .;
pickled bellies, 15@ 16c. Butter, creamery, 28 @ 3 1 H e.
Cheeso, State, 1 3 @ 1 5 % c . Eggs, fresh, 1 5 @ 2 5 H c C O F F E E quiet; N o . 7 Rio 9 H e ., N o . 4 Santos 1 0 H @ l l c . ,
fair to good Cucuta l l M @ 1 2 H c . Futures advanced but
later on reacted, owing to liquidation and lessened support.
Y et Rio prices have been steady and primary receipts small.
Buyers are awaiting tho now crop movement, and in tho
meantimo spot trade is light. The movement of Rio and
Santos up to dato is 14,295,000 bags, against 12,387,000 for
tho samo time last season and 13,250,000 two years ago.
To-day futures closed 7 to 10 points lower with sales of 24,500
bags.
Closing prices were as follows:

*" a y ___ cts.8.90@8.91
M
J u n o ............. 8.30 @8.32
July............... 8 .37 @8.38
A ugu st.........8.45@8.46

.
.
S ept____cts_8.54@8.55
October____ 8.58 @8.59
November _.8.G2@8.03
December__ 8 .6 6 @8.67

January.cts.8.71 @8.72
February
8.70 @8.77
M arch_____ 8.80@ 8-8l
April . _ ........ 8-85@9-86

S U G A R quiot; centrifugal, 96-degrees test, 6 .1 4 @ 6 .4 0 c .;
molasses, 89-degrees test, 5 .3 7 @ 5 .6 3 c .; granulated, 7.65c.
Futuros advanced with stocks at Atlantic ports and Now
Orleans, with tho quantity afloat 242,000 tons smallor than
a year ago. The statistical position is considered strong
both in tho United States and Cuba. Planters aro not eager
sellers. A better domestic and foreign trado is oxpectod
horo. Ilim.ely’s figures for Cuba roported 43 centrals grind
ing cano, as against 106 a year ago. The receipts at all ports
last week wero 49,000 tons, against 81,000 in 1915. Tho
exports were 98,500 tons, of which Europe took 41,500 and
tho United States ports north of Uatteras 39,500 tons. The
stocks on tho island are now 895,500 tons, as against 760,500
in 1915. Heavy rains wero roported in Havana. To-day
futures closed unchanged to 3 points higher with sales of
5,150 tons. Tho following aro closing quotations
M a y ___ cts_4.57@4.59
J u n o _______5.46 @5.48
J u ly ............ 5.49 @5.50
A u gu st-------5.50 @5.52

Sopt___ c ts.5.52 @5.53
Octobor_____ 5.46 @5.47
N ovem ber_5.34 @5.35
December___5.09 @5.10

January. cts_4.70@4.72
February . . . 4.48@4.50
March______4.51 @4.53
A p ril---------- 4.54 @4.56

O IL S.— Linseed dull; C ity, raw, American seed, 7 0 @ 7 3 c .;
C ity, boiled, American seed, 7 1 @ 7 5 c .; Calcutta, 9 0 c .@ $ 1 .
Lard, primo, $1 0 5 @ $ 1 08. Cocoanut, Cochin, 1(>H @
l(>H c.; Coylon, 1 6 @ 1 0 H c . Corn, 9 ^ @ 9 ^ c . Palm , Lagos,
12J4j@ 1 3 c . Cod, domestic, 6 2 @ 6 3 c . Cottonseed, winter,
11.10c.; summer white, 1 1 .10c. Spirits of turpentino, 43 H e.
Strained rosin, common to good, $5 10 .
P E T R O L E U M in good demand and firm; refined, in bar
rels, $8 9 5 @ $ 9 95; bulk, $5 2 5 @ $ 6 25; casos, $11 2 5 @ $ 1 2 25.
Naphtha, 73 to 76 degrees, in 100-gallon cases and over,
41 H e* Gasoline, gas machino, steel, 37c.; 73 to 76 degrees
steel and wood, 32 @,35c.; 68 to 70 degrees, 2 9 @ 3 2 c . Now
production is increasing but locating and developing work in
tho oldor fields is oven moro vigorously pushed than opera
tions in now fields. Following are closing quotations:
Pennsylvania dark 82
Cabell....................... 2
Mercer black_____2
Now Castle______ 2
C orning__________ 2
W ooster__________ 2

60 North Lima______ $ 1 7 3 Illinois, above 30
1 2 South Lima _____ i 7 3
degrees.............. $ 1 82
1 0 Indian a_________ 1 5 s Kansas and Okla
10 Princeton________ 1 80
homa _________ 1 55
10 Somerset, 32 d e g .. 195 Caddo La, lig h t.. 1 55
00 Ragland_________ 90c.

TO B A C C O has been as a rulo quiot, as it is apt to bo at
this season, but prices have boon firm with supplies small.
For tho low grades thoro is still a brisk demand for export
to Holland. Tho now crop in this country is undoubtedly




2087

late like most other crops. Sumatra is firm at high prices
and is passing steadily into consumption. Cuban is steady
but rather slow.
C O P P E R quiet and lower; Lake hero on tho spot, 2 8 @
2 8 H e .; electrolytic, 2 8 @ 2 8 H e .; for future delivery, 2 7 H @
2 8 H e. London lower. Exports from Atlantic ports in
M a y were 14,705 tons; since Jan. 1 106,991 tons, against
119,511 tons during the same time last year. Tin weak and
again lower on the spot at 4 5 H e. London and Singapore
have declined. Imports since Jan. 1 , 26,320 tons of all
kinds, against 17,714 tons during the same time last year.
Arrivals here June 1, 110 tons; afloat, 3,607 tons. Spelter
dull and again lower on the spot at 13c. London has de
clined sharply. Exports during M a y were 4,756 tons;
imports of spelter and zinc ores for 3 months, 348 tons,
against 225 in the same timo last year; exports of spelter for
3 months this year, 24,505 tons, against 34,304 tons during
the first 3 months of 1915. Lead dull and again lower on
tho spot at 7.20c. London prices have declined. Imports
during the first 3 months of this year, 8,726 tons, against
12,475 for the same timo last year; foreign exports, 2,269
tons, against 6,385 during the samo time last year; exports
of domestic lead for 3 months, 23,237 tons, against 15,537
for the same time last year. Pig iron in better demand from
France and Italy but is quiet for domestic use. N o . 2
Philadelphia, $20 5 0 @ $ 2 1 ; N o . 2 Southern, $ 1 5 @ $ 1 6 ,
Birmingham. Steel is in less demand for domestic consump
tion but the foreign demand is larger. The foreign sales
are not all for war purposes, either. It is significant that
mills aro ready and able to handle such orders for tho second
half of this year. That is something new. The talk awhile
ago was of nothing sooner than 1917. Semi-finished steel
too continues to decline. M ills aro selling for the last quarter
of 1916, whereas at one timo they showed little desire to do
so, particularly on bars, plates and shapes.

COTTON
Friday Night, June 2 1916.
T H E M O V E M E N T OF T H E C R O P , as indicated by our
tolograms from tho South to-night, is given below. F o il h
week ending this evening the total receipts have reatn
76,931 bales, against 85,340 bales last week and 101,36
bales the previous week, maldng the total receipts since
Aug. 1 1915 6,682,168 bales, against 10,109,535 bales for the
same period of 1914-15, showing a decreaso since Aug. 1 1915
of 3,427,367 bales.
_______________________________ _
S a t.

Io n .

Galveston______
Texas C ity_____
l’ort Arthur___
Aransas Pass,&c.
Now Orleans___
G ulfport_______
M obile................
Pensacola___ __
Jacksonville, &c.
Savannah ______
Brunswick____
Charleston_____
Georgetown___
Wilmington . . N orfolk________
N ’port News, &c
New York______
Boston_________
Baltimore______
Philadelphia___

3,886

2,651
144

1.623
250

Totals this week.

8.797

W ed.

T u es.

F r i.

T h u rs.

3.468

2,896

3,485

2.641

9,847

5,105

2,689

519

3,158

246

1,667

715

941

807

1,897

1,006

180

355
____
488
1,154

261

402
___
151
1,100

149
___
71
541

914
596
20
613
—

157
872
23

243
—

228
—

—

—

533
1,202
1,200
312
____
44
1,689
232

533
6,568
1,200
1,659
____
1,825
5,952
232
20
1,759
361
—

652
361
—

9,836 18,772 76,931

11,797

9,1361 18,593

T o ta l.

4,173 20.559
144
5,195 5,195
276
276
1,439 23,344
____
1,464 7,304

The following shows week’s total receipts, total since
Aug. 1 1915 and stocks to-night, compared with last year:
1915-16.
R eceip ts to
J u n e 2.

T h is
W eek.

S in c e A u g

1 1915.

Galveston_______ 20,559 2,2 :4,744
144 295,888
Texas C ity______
Port Arthur____
5,195
58,988
Aransas Pass, & c.
276
85,076
Now Orleans___ 23,344 1,282,303
M ob ile _________

7,304

Jacksonville_____
Savannah_______
Brunswick______
Charleston______

533
6,568

Wilmington_____
Norfolk_________
N ’port Nows, &c.
New Y ork______
B oston_________
Baltimore_______
Philadelphia___

1.825
5,952
232

Totals________

1 ,2 0 0

1,659

20

1,759
361
—

139,351
54,870
40,450
981,235
125,400
255,288
728
208,508
625,188
82,660
26,901
77,130
44.898
2.562

1914-15.
T h is
W eek

S lo c k .

S in c e A u g

1 1914.

15,431 3.917,770
491 499,377
54,039
61,293
15
8,859 1,745,535
5,322
307 163,773
72.622
32,318
4,9,84 1,729,902
500 221,808
614 401,104
1,857
1,315 274,544
1,489 585,994
994 154,509
21,005
355
84,704
1,003
79,309
1,233
2,750
—

1916.

1915.

193,592
4,329

250,620
25,275

261,908

66

966
200,567

30,053

17,765

1,489
126,498
12,500
56.166

86,974
9,800
58.257

70,386
75,293

43,361
58,835

225,952
8,240
5,508
1,825

237,884
14,727
2,117
4,840

111

76,931 6,682,168 37,590 10109535 1,079,805 1,012,099

In order that comparison m ay be made with other years,
wo give below the totals at leading ports for six seasons: _
R eceip ts a t —

1916.

1915.

Galveston_
_
Texas City ,&c
Now Orleans.
M obile______
Savannah __
Brunswick_
_
Charleston,&c
W ilmington..
N orfolk ____
N ’port N..&C.
All others___

20.559
5,615
23,334
7.304
6,568
1,659
1,825
5,952
232
2,673

15,431
491
8,859
307
4.984
500
614
1,315
1.489
994
2,606

T ot. tills week

76,931

37,590

1 ,2 0 0

1914.
18,135
14,108
5,060
11,224
450
149
3,035
468
2,193
54,822!

1913.
10,119
2,898
12,087
1,569
7,002
215
345

1912.
7,552
4,356
2,902
891
4,481

1911.
3,781
5,431
154
4,596
200

668

69
119
3,166
968

1,880

43.2S4

24,504

18,271

3,388
2,463
2,530

544
15
1.670

Since Aug. 1. 6,682,168 10109535 10290632 9,554.126 11653859 8.485.379

2088

THE CHRONICLE

The exports for the week ending this evening reach a total
of 139,290 bales, of which 67,591 were to Great Britain,
6,261 to France and 57,444 to other destinations.
Exports for the week and since Aug. 1 1915 are as follows:

Ep rts
xo
from
—

W en in J n 2 1916. F mA g 1 1915 to J n 2 1916.
eek d g u e
ro u .
ue
Ep rtedto
xo —
Ep rtedto
xo —
Ge t
ra
Ge t
ra
B in F n O e Tta B in F n
rita . ra ce. thr o l. rita . ra ce. O e Tta
thr
o l.

G alveston.. 10,767
Texas C ity.
Port Arthur 5,195
A r. Pass,&c
New Orleans 30,649
___
M o b ile ____
Pensacola. .
Savannah. . 12,196
Brunswick .
Charleston.
W llmlng’n .
N orfolk . . .
N ’ p’ t News.
New Y o r k .
3,197
B o s to n ____
2,077
B a ltim ore..
2,199
Phlladel’a . .
1,311
Portl’d, Me.
San F r a n ..
S e a ttlo ____
T a com a _
_
Los Angeles
Pem bina___
—
Total . . .

67,591

10,767
5,195
2,440 17,865 50,954
___
12,196

i,6oo
2,821
____

1,000
2,168
,

8,186
2,077
2,199
1,311

916,594
179,523
48,337
503,861
50,540
47,208
183,294
72,535
54,055
__
24,889
884
85,606
71,930
108,792
13,126
3,296

152,732
79,540
13,873
205,869
7,000
65,556
10,806
63,326
21,766
131,993
26,109

10,217 10,217
24,924 24,924
2.27C
2,27C
—

—

—

1,605
............

6,261 57,444 131,296 2,366,085

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

439,530 1,508,856
18,102 277,165
48,337
9,722
23,595
296,833 1,000,563
50,540
1,338
55,546
152,540 401,390
83,341
20,325
74,380
82,949 146,275
350
47,.1 5
884
354,081 572.280
8,931
80,861
50C 135,401
3,155
10,281
3,296
162,076 162,076
215,483 215,483
121,227 121,227
45C
2,055
5,759
5,759

778,570 1,893,951 5,038,606

T o t. ’ 14-’ 15 28,990 36,958 34,551 100,499 3,644,727 636,610 3,608,651 7,889,988
T o t. ’ 13-’ 14 45,160 4,206 42,509 91,875 3,337,903 1,051,830:4,268,161 8,657,894

N
ote.

— New York exports since Aug. 1 Include 2,335 bales Peruvian and 309
W est Indian to Liverpool and 1,100 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. W e add similar figures for
Now York.
On S h ip b o a r d , N o t C lea re d fo r —
J u n e 2 at —

G er
G reat
B r it a in . F r a n c e . m a n y .

Now Orleans.. 27,215 13,076
Galveston____ 21,974
Savannah ____
Charleston____
M obilo_______ 20,146
N orfolk ______
Now York____
*500 2)500
Other ports_
_
2,000
Total 1916..
Total 1915. .
Total 1914. .

Other
C o n t't.

25,041
21,998

Coast
w is e

T o ta l.

3 5 9 65,691
9,150 53,122
1.500
1,500

L e a v in g
S lo c k .

1)247 2 f,493
1,412
1,412
5.000
2.000

196,217
146,470
124,998
56,166
8,560
73,4181
220,952
102,343

71,835 15,576
1 0 0 49,039 13,668 150,218
38,874 3,573
10 0 40,563 35,950 119,060
18,040
858 17,564 33,993 18,003 88,458

929,587
893,039
374,823

*166
2)666

Speculation in cotton for future delivery has been only on
a moderate scale and prices have declined, reaching a new
“ low” level on this movement. The decline was due to
better weather and a cessation of peaco talk. And there
has been steady liquidation of long cotton, both for W all
Street and the South, as well as for other parts of the coun
try. It is true that on Thursday the Government issued a
bullish crop report, but it was easily offset by the weekly
Government weather report which was received an hour
later and proved to be of a much moro favorable tenor.
The Government crop report gave tbo condition at 7 7 .5 % ,
against 80 last year, 74.3 in 1914, 79.1 in 1913, and 79.8
as the ten-year average. This includes very low per
centages in the Carolinas and Georgia. South Carolina is
put at 6 5 % , against a ten-year avorago of 7 8 % ; Goorgia at
7 3 % , against 80 as the ton-year average and North Caro
lina 76, against 82 for ten years. But on the other hand,
Toxas is not so bad; it is 7 8 % , against 79 last year, 69 in
1914, and 80 as the ten-year average. Mississippi is 8 3 % ,
or 3 % above the average for ten years, and Louisiana is
4 % over the ten-year average. Tho report added that tho
drought in South Carolina, North Carolina and North
Georgia was happily relieved by bountiful rains just beforo
the issuance of the report. That announcement of itself
largely neutralized the effect of tho 7 7 .5 % condition. Tho
monthly report was a great surprise. M ost people had been
looking for 8 0 % or a little under. M ost of tho privato
reports had ranged from 79 to 8 2 % , though one, it is true,
had put the condition as low as 77 .4. But it is recognized
that the weather for tho last week or ten days has been
better. The inference is that crop conditions on Juno 1st,
the dato on which the report was issued, were better than
they were on M a y 25, the real dato of the report. Further
more, tho impression is growing that tho acreage will bo
larger than it was at one time estimated. According to tho
Special Committee of the Chamber of Commerce at Washing
ton the outlook is for a cotton acreage 15 to 20% larger
than that of last year. Tho increase, it is said, will be
especially large in Texas, Oklahoma, Arkansas, Mississippi,
and Alabama. Some reports put tho increase in Oklahoma
as high as 2 0 % ; in Louisiana and Mississippi at 15 to 1 6 % and
in Texas it may bo 1 0 % . Meanwhile thero is, as alroady
intimated, less talk of peace. Tho war in Europe seems to
grow fiercer than ever. To many peaco seems remote.
And there is a largo stock of cotton in tho United States.
N ot only is there an expectation of a larger acreage in the
United States, but the samo appears to bo truo of Egypt,
East India and Asiatic Russia. According to the curront
gossip there is, or had been, a largo long interest in July.
Certainly, that month which was recently at a small premium
over October, has latterly fallen to a discount of anywhere
from 10 to 15 points under October. Spot markets in this




[Vol . 102.

country, at least, have been, as a rule, less active and have
declined with futures even if they have not shown an equal
degree of depression. On tho other hand, however, Liver
pool’s spot sales have been large, i. e ., much of the time
10,000 bales per day. And there is at tho samo time moro
or less peace talk. A t any rate many believe that the war
will end some time during tho calendar year 1916, or at
least during the crop year, beginning August 1st. They
are firmly convinced that the great struggle cannot bo pro
longed beyond the limits of tho approaching cotton year
and, therefore, a largo crop, say at least 15,000,000 bales,
is imperatively needed. In other words, they believe that
the announcement of parleys looking to terms of peaco,
or even of an armistice, will be the signal for a great awaken
ing of cotton markets all over tho world, and witli a corres
pondingly big advance in prices. This idea may be all wrong
but thero can be no doubt that it is firmly rooted in the
minds of many members of the trade. Meanwhilo Liver
pool’s stocks are tho smallest for many yeaTs past. They
aro not oven half as largo as they wero a year ago, and yet
it is said that more than half of the abnormally small stock
has already been sold to spinners. Meanwhilo, Liverpool
keeps buying cotton here on a liberal scale, and spot houses
are also steady buyers on reactions. To-day prices were
irregular within moderate bounds, finally closing practically
unchanged. Good weather caused selling for a time early
in the day and so did tho dispatches in tho afternoon report
ing a British defeat in a great sea fight in tho North Sea.
But Liverpool and spot interests bought and thero was, on
the wholo, less long liquidation after tho recent rather heavy
selling. Spot cotton closed at 12.65c. for middling uplands,
showing a decline for the week of 25 points.
Tho official quotation for middling upland cotton in tho
Now York market each day for tho past week has boon:
M a y 27 to J u n e 2—
Sat. Mon. T ues. Wed. T liurs.
It. 12.80 18.70
Middling uplands.......................12.90 12.90

Pri.
12.65

N E W Y O R K Q U O T A T IO N S FO R 32 Y E A R S .
Tbo quotations for middling upland at Now York on
June 2 for each of tho past 32 years have beon as follows:
1916.C. ___ 12.65
_
1915_ ___ 9.60
1 9 1 4 ... ___ 13.75
1 9 13... ___ 11.80
19 12... ___ 11.40
_
1911_ ___ 15.75
1 9 1 0 ... . .14.50
1 9 0 9 ... ___ 11.35

1908-C.. ...1 1 .5 0
1907___ ...1 2 .8 0
1906____ . . . 11.25
1905___ . . . 8.50
1904------ ...1 2 .0 0
1903___ ...1 1 .5 0
1902___ . . . 9.44
1901------ . . . 8.25

1900.C.........
1899_______
1898_______
1897.............
1896............
1896.............
1894.............
1893_______

9.00
6.25
6.50
7.75
7.88
7.25
7.44
7.75

1892.C.. . . . 7.62
1891___ . . . 8.81
1890___ ...1 2 ,5 0
1889___ ...1 1 .1 2
1888___ ...1 0 .0 0
1887___ ...1 1 .4 4
1886___ . . . 9.19
1885____ ...1 0 ,9 4

T H E V IS IB L E SU P P L Y OF C O T T O N to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as tho afloat, are this week’s returns, and consequently
all foreign figures aro brought down to Thursday ovoning.
But to make tho total tho comploto figures for to-night
(Friday), we add the item of exports from tho United States,
including in it tho exports of Friday only.
Ju n e 2 —
Stock at Liverpool_______ bales
Stock at L on d on _____________
Stock at Manchester__________

1916.
1915.
1914.
1913.
677.000 1,707,000 1,010,000 1,068,000
52.000
42,000
5,000
5,000
69.000
175,000
83,000
73,000

Total Great Britain stock......... 798,000 1.924,000 1,098.000 1,146,000
Stock at Hamburg_____________
*1,000
*8,000
Stock at Brem en_______________
*1,000 *272,000
Stock at Havre_________________ 294,000
298,000
Stock at Marseilles____________
19,000
11,000
Stock at Barcelona____________
47,000
45,000
Stock at Genoa ...................
118,000 469,000
Stock at Trieste_______________
*1,000
*3,000
Total Continental stocks..........

481,000 1,106,000

927,000

735,000

Total European stocks............ 1,279,000 3,030,000 2,025,000 1,881,000
146.000
326.000
40,000
145.000
India cotton afloat for Europo—
551,258
266,109
240,496
Amor, cotton afloat for Europo.. 335.468
Egypt,Brazil,&c.,afloat for Eur'po 20,000
39,000
24,000
27,000
60,000
180.000
Stock in Alexandria, Egypt------185.000
149.000
Stock in Bombay, India.
978,000 933.000
974.000
948.000
Stock in U. S. p o r ts .....................1,079,805 1,012,099
463,281
332,355
Stock in U. S. intorior towns____ 585,260
'
268,512
607,369
295,510
U. S. oxports to-day.
16,426
6,603
7,478
15,009
Total visible supply............ ...4,385,011 6,500,152 4,561,911 4,024,964
Of tho abovo, totals of American and other descriptions aro as follows:
A m e r ic a n —
799,000
531,000 1,428,000
iverpool stock__________ 1
883,000
59,000
153,000
54,000
53,000
Manchester stock___________
.
826,000
*373,000 *948,000
Continental stock_______________*373,000
700,000
American afloat for Europo------- _ 335,468
_ 335,468
266,109
240,496
531,258
1,079,805 1,012,099
463,281
332,355
U. S. ports stocks-------------. 585,260
295.510
268,512
U. S. Interior stocks---------607,369
6,603
U. S. oxports to-day----------.
7,478
16,426
15,009
.2,971.011 4,716,152 2,691,911 2,510,964
E a s t I n d ia n . B r a z il, & c .—
211,000
185,000
279,000
Liverpool stock_________________. 146,000
5,000
5,000
42,000
London stock------------------. 52,000
29,000
20,000
22,000
.
10,000
Manchester stock-------------101,000
35,000
Continental stock________________*108,000 *158,000
. *108,000
146,000 326,000
145,000
. 40,000
India afloat for Europo___
39,000
24,000
27,000
Egypt, Brazil, &c., afloat_______. 20,000
185,000
180,000
149,000
60,000
Stock in Alexandria, Egypt_____.
933,000
974,000
918,000
Stock in Bombay, India________. 978,000
.1,414,000 1,784,000 1,870,000 1,514,000
.2,971,011 4,716,152 2,691,911 2,510,064
.4,385,011 6,500,102 4,561,911 4,024,964
7.74(1.
6.67d.
Middling Upland, Liverpool------- .
8.43d.
5.35(1.
12.10c.
13.65c.
9.75c.
Middling Upland, Now York____. 12.65c.
10.30(1.
8.10d.
10.00(1.
Egypt, Good Brown, Liverpool.. 12.03d,
9.25(1.
10.50(1.
8.85(1.
Peruvian, Bough Good, Liverpool1 13.50d.
8.10(1.
5.15(1. 6 5-lGd. 6 5 -lf)(l.
Broach, Fino, Liverpool-----------8.12d.
5.27d.
6Md. 6 5-10d.
Tinnovelly, Good, Liverpool____
♦Estimated.

Continental imports for past week havo boon 66,000 bales.
Tho abovo figures for 1916 show a docroaso from last Avcok
of 140,268 halos, a lossof 2,115,091 bales from 1 9 15, a decrease
of 176,900 bales from 1914 and a gain of 360,047 bales over
1913.

A T T H E IN T E R IO R T O W N S tho movement— that is,
tho receipts for tho week and since Aug. l,t h o shipments for
tho week and tho stocks to-night,_and tho same items for the
corresponding period of tho previous year is sot out m de
tail below.
______________ . ____
_

F U T U R E S .— The highest, lowest and closing prices at
New York for the past week have been as follows:

rid
Stu a, Mn a , T esd y W 'd y T u ’y F na , W .
a rd y o d y u a , ed a , h rsd , u y
eek
a
a I. u e
My27. My29. My30. MyS J n 1. J e 2.
a
a

J n—
ue
R ange.........
Mv en to J n 4 1915.
o em t u e
Mv en to J n 2 1916.
o em t u e
Closing____
S ip S c s J ly
h  tok u —
eceip
h  tok
R ts. \S ip S c s | R ts.
eceip
Range_____
en u e
m ts. J n !------------------ — m ts. J n
en
ue
Closing____
eek ea n eek
W . I S so , j W . 2 | W . | S so . W . 4.
eek ea n eek

17,744'
17i
Ala., Eufaula..
Montgomcry . 2,018 123,690,
58,821
77
Selma........ ..
2 ll
52,318
Ark., Helena. 820 168,289
Little H ock..
36’ 21,302
Ga., Albany.. .
807i 119,978
Athens..........
2,961; 164,793
Atlanta..........
1,298 380,053
Augusta........
690,
Columbus----64,312
60,
44,264
M a co n _
_
63,624
R o m o___
12ll
La.. Shreveport
61 119,180
4
17,021
Miss.,Columbus
62,018
Greenville__
50
700 106,332
Greenwood__
50,725
M eridian___
482
Natchez,____
46
24,283
26,620
Vicksburg___
64
30,094
Yazoo C ity ..
M o., St. Louis. 11,669 691,126
13,268
24
N. C ., Raleigh
8,801
O.
, Cincinnati. 253,963
12,615
Okla., Hugo__
19,131
S.C., Greenw’d
Tenn,,Memphis 5,533 939,227
6,684
Nashville .
20,392
54
Tex., .Urcnham
27,976
Clarksvlllo__
D allas___

Honey,Grove.
Houston____
Paris____
Total, 33

25,073
116
202,821
626
136,420
347
558
62,239
204,753
1,635
32,132
190
1,050
120,419
1,405
187,003
447,344 5,853
1,020
98,106
87
37,577
237
66,186
1,637
156,562
455
33,073
447
73,408
134,679
406
923
52,027
—
21,963
137
38,228
39,574
387
6,033 678,505 6,697
13,835
175
222
6,798 309,234 7,169
10,354
_____
_____
92
26,320
59!
3,393 1,050,260 8,790
18
7,602
18S
82
19,375
45
_____
10(
46,476
80 121,71c
105
24,024
7,300 3,369,12: 15,58!
56
116,254

25)
298
254*
32
131
10
725,
656,
1,380
---1
80
369
207
8
15
150
450
10
3

111 10,027i
3,309 47,534|
550 18,504'
406 6,365'
5,254' IS,870
1,380
112
2,400 17,350
5,405' 57,573
6,600 89,519
3,024' 28,470
170 5,279
1,375 8,175
1,022, 16,324
403 3,570
320 4,300
1,018' 8,260
1,608 11,806
1,900 5.06S
364
24
525 5,852
12,622 13,972
152
75
8,085 9,557

615 4,652
18.464 111,234
1,775
931
35
300
1,200
1,192 8,759
90,754
357
200
600
29.261
6.785 2,038,545 15,223' 65,818
95,405
1,425
2,000
25

43,6115,901,0141 94,372 585,260! 28,8277,903,203

8,855
50,755
21,420
2,548
16,335
9,060
14,892
11,459
97,962
25,483
6,234
7,093
33,599
3,705
5,730
7,900
14,208
4,536
5,656
5,000
27,960
295
24,128
_____

5,122
110,007
726
1,243

12.75- .78 12.75-.78

12.57-.60 12.51 — 12.51 — —

12.66-.80 12.71-.80
12.78-.79 12.79-.80

12.65-.83 12.51-.80 12.50-.63 12.50-.83
12.66-.67 12.58-.59 12.57-.58 —

R ange......... 12.75-.76 12.77-.86
Closing____ 12.85-.87 12.86-.88

12.74-.89 12.66-.79 12.61-.68 12.61-.89
12.72-.74 12.65-.67 12.64-.65 --------------

---------— 12.82-.83
—
12.87-.90 12.88-.90

—
12.82-.88
12.82-.88 —
12.78-.80 12.66-.68 12.66-.68 —

S t.—
ep

R ange_____
Closing____
—
R ange.........
Closing____
—
R ange.........
Closing____

Oto e
c br

Nv b
o emer

12.77-.91 12.83-.93
12.89-.90 12.90-.91
12.95 — 12.96 —

57,053 607,369

O VER LAND M O V E M E N T FOR T H E W E E K A N D
S IN C E A U G . 1.— W o givo below a statement showing the
ovorland movomont for tho week and sinco Aug. 1, as mado
up from telegraphic reports Friday night. The results for tho
week and since Aug. 1 in the last two years are as follows:
_______
S in c e
A u g . 1.

W eek.

694,285
312,0.8.)
6,906
135,482
129,329
153,527
576,846

St. Louis................................... 12.622
Mounds, &c_________________ 2,010
Rock Island________________ ____
Louisville___________________ 4,003
Cincinnati___________________ 2,878
Virginia points_____________ 1,028
other routes, &c_____________25,209

-1914-15;

S in c e
A u g . 1.

W eek.

657,223
317,353
4,380
152,353
114,336
172,335
479,507

6,697
3,345

745
2,060
3,413
12,087

2,000,064

28,347 1,897,487

151,431
175,395
289,480

2,591
187,768
7,606
220,473
7,879 * 153,020

D ed u ct S h ip m e n ts —■

Overland to N. Y ., Boston, &c_ 2,140
_
Between interior towns------------- 9,217
Inland, &c., from South________5,683
Total to bo deducted_________17,040

016,366

Leaving total not ovorland *_____ 30,710

1,392,698

18,076

561,261

10,271 1,336,226

* Including movement by rail to Canada.

Tho foregoing shows tho week’ s not ovorland movomont
has been 30,710 bales, against 10,271 bales for tho week last
year, and that for tho soason to dato tho aggregate not over
land exhibits an increaso ovor a year ago of 56,472 bales.
I n S ig h t a n d S p in n e r s ’
T a k in g s .

1915-16-

S in c e
A u g . 1.

-1914-15-

S in c e

6.682,168
1,392,698
3,322,000

A u g . 1.
37,590 10,109,535
10,271 1,336,226
64,000 2,634,000

195,641 11,396,866
.*50,761
139,298

111,861 14,079,761
*28.226
487,230

W eek.

Receipts at ports to Juno 2______ 76,931
Not ovorland to Juno 2 __________ 30,710
Southern consumption to Juno 2 . 88,000

.144,880
Total in sight Juno 2.
. 24,558

11,536,164
2,947,864

W eek.

83,635

14,566,991

24,484

2,885.892

* Docroaso during week.

Movomont into sight in provious years:
W eek __
1 9 1 4 — Juno 5

Bales. I S in c e A u g . 1 —
B a le s .
____95,25411013-14—Juno 5................14,315,130
1913—Juno 6 l l . I I I . . ........... 8 3 ,9 0 3 1912-13—June 6............. .13,497,139
1912— Juno 7........................... 7 5 ,0 9 1 11911-12—Juno 7................15,370,385

Q U O T A T IO N S FO R M ID D L IN G C O T T O N A T O T H E R
M A R K E T S .— Below aro tho closing quotations of middling
cotton at Southern and other principal cotton markets for
oach day of tho week.
C lo sin g Q uotations f o r M i d d li n g Cotton o n J u n e 2.

S a tu rd a y . M o n d a y . T u e sd a y . W e d 'd a y . T h u r s d 'y .

13.00
12.63
12.63
12 %
12 %
12%
12.63
12%
13.15
12.63
Memphis______ 13.00
13
Houston_______ 13.00
Llttlo Rock___ 12.88

Galveston_____
Now Orleans__
M obile-----------Savannah ------Charleston----Wilmington----N orfolk _______
Baltim ore------Philadelphia —




13.00
12.63
12.63
12%
12%
12%
12.63
12%
.3.15
12.63
13.00
13
13.00
12.88

13.00
12.63
12.63
12%
12%
12%
12.63
____
___
12.63
13.0)
13
13.00
12.88

12.90
12.63
12.63
12%
12%
12%
12.63
12%
13.05
12.56
13.20
13
12.90
12.88

12.9.5
12.63
12.63
12%
12%
12%
12.63
12%
12.95
12.56
13.00
12%
12.80
12.88

12.80-.93 12.66-.95 12.62-.74 12.62-.95
12.81-.82 12.69-.71 12.68-.70 —
12.86 — 12.74 — 12.75 — —
12.94-.08 1 2 .8 0 -.il 12.78-.88 1 2 .7 8 -.il
12.95-.96 12.83-.84 12.84-.85 —

12.99-.13 13.05-.13

13.00-.15 12.88-.15 12.83-.96 12.83-.15
13.00-.02 12.89-.90 12.91-.92 —

Jna —
a u ry

Closing___ 13.11-.12 13.13-.14

F ru ry
eb a —

Closing___ 13.19-.20 13.21-.23

1 3 .0 9 -.il 12.97-.99 12.99 — —

13.14-.25 13.22-.26
Closing------ 13.25-.26 13.27-.28

13.14-.27 13.02-.27 12.99-.09 12.99-.27
13.13-.14 13.05-.07 13.05-.06 —

13.17-.18 _________

_________ 13.25 — _________ 13.17-.25
13.17-.19 13.10-.12 13.10 — ---------

A ril—
p

Closing____ 13.29-.31 13.31 —

My—
a

_________ __ _
—

Closing____ —

__

_________ 13.20-.35 13.14-.20 13.14-.35
—
13.15 — 13.16 —

520
77,372
300

bales less than at tho samo time last year. Tho receipts at
all towns havo beon 14,784 bales more than the samo week
last year.

J u n e 2—
S h ip p e d —

H O L IDAY.

12.92-.08 13.00-.10
Closing____ 13.06-.07 13.07-.08

N E W O R L E A N S C O N T R A C T M A R K E T .— The high
est, lowest and closing quotations for leading contracts in the
New Orleans cotton market for tho past week have been as
follows:

The above totals show that tho interior stocks havo de
crea sed during tho week 50,761 bales and are to-night 22,109

Via
Via
Via
Via
Via
Via
Via

2089

THE CHRONICLE

J une 3 1916.]

F r id a y .

12.95
12.63
12.63
12%
12%
12%
12.50
12%
12.9
12.44
13.00
12%
12.80
12.88

S a tu rd a y , M o n d a y , T u e s d a y , W ed’d a y , T h u r s d 'y ,
M a y 27. M a y 29. M a y 30. M a y 31. J u n e 1.

F r id a y ,
J u n e 2.

Ju n e —

Itango_____
Closing___

Ju ly —

Range____
Closing___
A u g u st—
Range____
Closing----S eptem b er —
Range____
Closing___
October —
Range____
Closing___
D ecem b er —
Range____
Closing___
J a n u a r y —-

Rango____
Closing___
M a rch —
Range____
Closing___
Tone—
S pot_____
Options__

12.55-.60 12.52-.58 12.50-.54 l2.5i-.56 12.30 — 12.35 —
12.57-.71 12.61-.71 12.65-.70 12.55-.69 12.44-.75 12.40-.50
12.69-.70 12.67-.68 12.65-.66 12.56-.57 12.45-.47 12.47-.48
12.67-.78 12.68-.77 12.74-.78
12.71-.78 12.73-.75 12.72-.74
__ __ __ 12.79 —
12.76-.77 12.76-.78 12.75-.76

12.67-.76 12.54-.78 12.50-.56
12.63-.64 12.51-.53 12.53-.55
12.65 — ________ —
12.66-.67 12.54-.56 12.56-.58

12.59-.72 12.65-.75 12.72-.76 12.62-.75 12.50-.83 12.45-.56
12.72-.73 12.72-.73 12.72-.73 12.63-.64 12.53-.54 12.50-.51
12.71-.85 12.78-.87 12.85-.90 12.75-.85 12.62-.95 12.58-.65
12.84-.85 12.85-.86 12.85-.86 12.75-.76 12.64-.65| 12.62-.63
12.81-.96 12.94-.97 12.96-.00 12.85-.95 12.72-.03 12.68-.77
12.95-.96 i2.96-.97 12.96-.97 12.86-.87 12.74-.75 12.73-.74
12.97-.10 13.05-.09 13. .0-12 13.01-11 12.87-.08
13.09-.10 13.09-.il 13.09-.10 12.99-.00 12.87-.89
Quiet
Steady Steady Steady
Quiet
Steady Steady Steady Steady Steady

12.83-.87
12.86-.87
Quiet
Steady

W E A T IIE R R E P O R T S B Y T E L E G R A P H — Our tele
graphic advices from the South this evening indicate that
tho weather has been favorable quite generally during the
week. Texas reports that cotton shows a decided improve
ment in condition.
G alveston , T ex . — D ry, sunshiny weather prevailed over the
major portion of Texas during tho past week and has been of
material benefit to all growing crops. Cotton shows a
decided improvement, but stands are irregular and the crop
is from two to three weeks late. Weevils have appeared in
a few localities. W o have had no rain here during the week.
Average thermometer 80, highest 84, lowest 76.
A b ile n e , T ex . — There has been rain on two days during
the week, the precipitation being one inch and eighteen
hundredths. The thermometer has averaged 83, the highest
being 100 and the lowest 66.
,
B ren h a m , T ex . — W e have had no rain during the week.
Tho thermometer has averaged 80, ranging from 68 to 92.
C u ero , T e x . — W e have had no rain during the week. The
thermometer lias ranged from 64 to 98 , averaging 81.
F ort W o r th , T ex . — W e have had a trace of rain 911 one day
during the week. Minimum thermometer 68, highest 100,
average 84.
H e n r ie tta , T ex . — There has been light ram on two days
during the week, the precipitation reaching eighteen hun
dredths of an inch. The thermometer has averaged 86, the
highest being 98 and the lowest 64.
'
H u n tsv ille, T ex . — There has been no rain the past week.
Tho thermometer has averaged 81, ranging from 70 to 92.
K e r r v ille , T ex . — Dry all the week. The thermometer has
ranged from 58 to 92, averaging 75.
L a m p a sa s, T ex. — Dry all the week. Averago thermometer
79, highest 94, lowest 64.
L on g v iew , T ex. — There has been no rain the past week.
Tho thermometer has averaged 81, the highest being 92 and
the lowest 70.
L u lin g , T ex . — W e have had no rain during the week. The
thermometer has averaged 84, ranging from 70 to 98 . '*4
N a c o g d o ch es, T e x — There has been no rain during the
week. The thermometer has ranged from 64 to 90 , averag
ing 77.
P a le stin e, T e x . — Dry all tho week. Averago thermometer
80 . highest 92, lowest 68.

2090

THE CHRONICLE

P a r is , T ex.
There has been rain on one day during the
week, the precipitation being eight hundredths of an inch.
1 he thermometer has averaged 82, the highest being 98 and
tho lowest 66.

| l . 102.
Vo

W O R L D ’S SU P P L Y A N D T A K IN G S OF C O T T O N .
C otton Takings.
Week and Season.

1915-16.

19 4-15.

Soason.
W eek.
Season .
There has been no rain the past week,
'
'
Visible supply M ay 26___
4,525,279
th e thermometer has averaged 84, ranging from 70 to 98.
6,754,667
Visiblo supply Aug. 1_________
4,633,210
3,176,816
T a y lo r, l e x .
W e have had a trace of rain on one day American in sight to Juno 2 . . 11 144",880 11,536,164
83,635 14,566,991
Bombay receipts to Juno 1___
1)70,000 2,971,000
43.000 2,409,000
during the week. Minim um thermometer 70.
Other India shipm’ts to Juno 1. 610,000
329.000
7.000
343.000
62,000
W e a th erfo rd , T e x .- Rain has fallen on one day during the Alexandria receipts to May 31
613.000
2.000
831.000
Othor supp.y to M ay 31*.........
67,000
239.000
10.000
186.000
week, the rainfall being two hundredths of an inch. Average
Total supply_______
thermometer 81, highest 96, lowest 66.
4,759,159 20,321,374 6,900,302 21,512,807
D e d u c t—
A r d m o r e , O kla . — There has been no rain during the week. Visiblo supply Juno 2________
4,385,011 4,385,011 6,500,152 6.500,152
I he thermometer has averaged 80, the highest being 95
Total takings to Juno 2 - a
and the lowest 65.
374,148:15,936,363 400.150 15.012.655
Of which American_________
258,148111,788,363 283.150 11.530.655
A la rlo w , O kla. — W e have had rain on one day during the
Of which other___
116,000! 4,148,000 117,000 3.482,000
week, the rainfall reaching forty-six hundredths of an inch.
iimiuyu uuiu ur;wu, omyrna, wo.sc males, &c.
Ih e thermometer has averaged 78, ranging from 62 to 95.
o
Ah0 estimated consumption by Southern mills,
M u sk o g ee, O kla. — It has rained on one day of the week, the 3,322,000 bales in 1915-16 and 2,634,000 bales in 1914-15— takings not
rainfall reaching seventy-four hundredths of an inch. The being available—and tho aggregate amounts taken by Northern and foreign
spm u S,J 2 ’£ lA ? 6? baIes, in 1915-16 and 12,378.655 bales in 1914-15, of
0ro
thermometer has ranged from 62 to 91, averaging 76.
which 8,466,363 bales and 8,896,655 bales American.
b Estimated.
E ld ora d o, A r k .
D ry all tho week. Average thermometer
75, highest 95, lowest 66.
A G R IC U L T U R A L D E P A R T M E N T R E P O R T O N C O T 
F ort Sm ith, A r k .— There has been rain one one day during
the week, tho precipitation reaching fourteen hundredths of T O N C O N D IT IO N .— The Agricultural Department at
Washington issued on Juno 1 its roport on cotton condition
an inch. Tho thermometer has averaged 80, the highest
as follows:
being 93 and the lowest 66.
The Crop Reporting Board of tho Bureau
Estimates, IT. S. De
L ittle R ock, A r k . — There has been no rain the past week, partment of Agriculture, estimates, from tho of Crop of tho correspondents
reports
ih e thermometer has averaged 79, ranging from 66 to 92.
and agents of tho Bureau, that tho condition of the cotton crop on M ay 25
A le x a n d r ia , L a . — It has been dry all the week. Tho ther was 7L_5% of a normal, as compared with 80% on May 25 1915, 74.3% on
M ay 25 1914, 79.1% on M ay 25 1913 and 79.8% tho average of tho past
mometer has ranged from 66 to 95, averaging 80.
ten years on M ay 25. Comparisons of conditions, by States, follows:
N e w O rlean s, L a . - e have had rain on one day during
•M a y 25S la tes—
1915.
1914.
1913. 10-y r . avg.
the week, the precipitation reaching five hundredths of an Virginia.............. 1916.
89
88
83
83
86
inch. Averago thermometer 85, highest 95, lowest 74.
North Carolina..76
85
76
76
82
South Carolina..65
80
72
S h reveport, L a .
There has been no rain during tho week,
68
78
Georgia________73
81
SO
69
80
t he thermometer has averged 80, the highest being 91 and
80
Florida_________ 82
82
83
83
the loAvest 69.
Alabam a............ 76
78
85
75
79
M ississippi.........83
82
87
81
80
C olu m b u s, M is s .
W o have had rain on two days during Louisiana_______82
76
82
81
78
79
tho week, tho rainfall reaching sixty-five hundredths of an Texas__________ 78
65
84
80
84
79
85
81
inch.
1 hermometer has averaged 80, ranging from 6 2 to 9 8 . Arkansas_______ 87
Tennessee______76
85
80
87
81
Green w o o d , M i s s . — W o have had rain on one day during M issouri.............87
9)
86
99
84
Oklahoma______85
76
68
87
81
the week, tho rainfall being forty-five hundredths of an inch. C alifornia______97
82
100
96
Ih e thermometer has ranged from 62 to 96, averaging 79.
United Statas.77.5
80.0
74.3
79.1
798
V icksburg, M i s s . — W e have had no rain during the week.
For purposes of comparison, tho condition of tho cotton crop in the
Minimum thermometer 81 , highest 94, average 68.
united States monthly and tho estimated yield per acre for tho past ten
M o b ile ,' A l a . — W arm weather is promoting growth and years are given below:
Yi
chopping is well under w ay. Reports of weevil are numerous. Y e a r s — M a y 25. J u n e 25. J u l y 25. A u g . 25. S en t. 25.e l d Lpbesr. A c r e ..
L in t
80.2
75.4
69.2
60.8
There has been rain on one day of the week, the rainfall being 1915.............80.0
1914..............74.3
79.6
76.4
78.0
73.5
209.2
twenty-four hundredths of an inch. Tho thermometer has
81.8
79.6
68.2
64.1
182.0
1912............... 78.9
averaged 82, the highest being 96 and tho lowest 70.
80.4
76.5
74.8
69.6
190.9
19 11............... 87.8
88.2
89.1
73.2
71.1
207.7
M o n tg o m e r y , A la . — Thcro has been rain on ono'day of tho 1910............... 82.9
80.7
75.5
72.1
65.9
170.7
week, the rainfall being thirty-three hundredths of an inch. 1909 ............. .81.1
74.6
71.9
63.7
58.5
154.3
1908 ...............
81.2
83.0
76.1
69.7
194.9
1 he thermometer has averaged 82, tho highest being 99 and 1907 ............... 79.7
70.5
72.0
75.0
72.7
67.7
178.3
the lowest 64.
1906 ............... 84.6
83.3
82.9
77.3
71.6
202.5
77.0
74.9
72.1
71.2
S elm a,' A la .
There has been only a trace of rain on two 1905 ............... 77.2
186.1
days during the week. Tho thermometer lias avoraged 80 5
10-year avgo.79.8
80.2
____
78.5
67.2
72.5
ranging from 66 to 94.
M a d is o n , F la . — W e have had rain on two days during the
N E W Y O R K C O T T O N E X C M A N G E .— N o m in a tio n s .—
week, the rainfall boing forty-one hundredths of an inch. Tho nominating committoo of tho Now York Cotton E x
I ho thermometer has ranged from 67 to 97, averaging 79.
change has presented the following tickot to bo voted for
, T a lla h a ssee, l la. I hero has been rain on two days dur at the annual election:
ing the week, the precipitation being sixty-five hundredths of
For President—-Henry IT. Royce. Vice-President, Geo. II. Shutt.
an inch. The thermometer has averaged 82, tho highest be Treasurer—-James F. Maury. Managors— Leopold S. Baclio, Edward E.
Bartlett Jr., John A. Ilartcom, Nathaniel L. Carpenter, Edward L.Haning 99 and tho lowest 65.
nemann, W. Hustaco Hubbard, Walter L. Johnson, William H. JudA lb a n y , G a . — W e have had rain on two days during tho son, Philip G. McFaddon, Elwood P. McEnany, Clement Mooro, Win. N.
Scliill, Paul Schwarz,
Trustee' for
week, the rainfall reaching soventy-eight hundredths of an gratuity fund, to serveSponcor Waters and Edward M . Weld. of election—
throe years, William Mohr. Inspectors
inch. Thermometer has averaged 82 ranging from 64 to 100. William A. Bogor, Frank A. Kimball and James D . Gumming.
A u g u s ta , G a. — W e have had rain on one day during the
D O M E S T IC E X P O R T S OF C O T T O N M A N U F A C 
week, the rainfall reaching forty-eight hundredths of an inch.
T U R E S .— W o give below a statement showing tho exports
Tho thermometer has ranged from 54 to 99, averaging 80.
S a va n n ah , Ga.
There has been no rain during tho week. of domestic cotton manufactures for March and for tho
Tho thermometer has averaged 78, tho highest being 90 nine months ended March 31 1916, and for purposes of
comparison, like figures for tho corresponding periods of tho
and tho lowest 65.
C h arleston , S. C .
There has been rain on ono day during previous year aro also presented:
tho week, to the extent of forty-two hundredths of an inch.
M
anufactures
M
onth ending M 31 9 Mos. ending M 31
ar.
ar.
Ih e thermometer has averaged 77, ranging from 67 to 87.
of
G reen ville, S. C . — It has rained on two days of tho week,
C
olton E
xported.
1910.
| 1915.
1915-16. | 1914-15.
the rainfall reaching twenty-threo hundredths of an inch. Piece goods_________________ yards
48,454,811 38,400,053 401,733,833 255,908,090
Ih e thermometer has ranged from 57 to 100, averaging 78.
Piece goods_______ __________ valuo $4,309,452 $2,078,023 $32,980,491 $18,743,910
S p a rta n b u rg , S. C .— 'There has been rain on ono day of tho Wearing apparel, knit goods.valuo 1,713,309 1,708,248 14,022,250 9,740,961
Wearing apparel, all other___value
week, tho rainfall being eighty-three hundredths of an inch. Waste cotton, & c____________ valuo 1,558,314 2,816,449 9,121,870 13,478.164
238,900
110,300
2,920,128
2,590,371
475,403
184,709
3,007,759
1,020,930
1 ho thermometer lias averaged 78, tho highest being 100 and Y a rn ..............................................valuo
Ail other_____________________ valuo 1,500,818
903,149 14,772,915
5,561,433
the lowest 56.
C harlotte, N . C. W o have had rain on two days during tho
Total manufactures o f......... valuoS9,850,310 $8,461,544 $78,085,419 $51,135,775
week, the rainfall reaching fifty-eight hundredths of an inch.
I ho thermometor has averaged 77, ranging from 58 to 96.
— The firm of Grinnoll Willis & Co. selling agents and
G oldsboro, N . C.— There has been rain on three days dur commission merchants of 44-46 Leonard St. Now York
ing tho week, the rciinfiill reaching one inch and sixteen hun which expirod by limitation M a y 31 has boon succeeded
dredths. Tho thermometer has ranged from 53 to 99 aver by W atts Stebbins & Co. Tho partnership is composed of
aging 76.
Ridley W atts, Horace C. Stebbins and Charles II. Murphy
W e ld o n , N . C.
I’hero has been rain on four days during members of tho old firm and Arthur R . Johnson, Benjamin
t h e Aveek, the precipitation being fifty-four hundredths of S. Dennis and C . Whitney Doll who havo long been asso
an inch. Tho thermometer has averagod 72, the highest ciated with Grinnell, Willis & Co.
being 92 and the lowest 52.
D yersb u rg , T e n n . — There has beon rain on ono day of tho
E N G L IS H D Y E R S R E Q U E ST IN C R E A S E D W A G E S .
past week, the rainfall reaching ono inch and seventy-hun — Cable advices from London M a y 23 aro to tho effect that
dredths.
I ho thermometer has averagod 78, ranging from tho operative dyers in Great Britain and Scotland to tho
63 to 02.
number of betweon 60,000 and 70,000 havo mado applica
M e m p h is , T en n.
W o have had rain on ono day during tho tion for an increase in wagos based on tho increased cost of
week, tho rainfall being eighteen hundredths of an inch. living. They were given a war bonus last year ranging from
Iho thermometer has rangod from 62 to 91, avei-aging 77.
Is. to 3s. por week.
San A n to n io , T ex.




W eek .

THE CHRONICLE

O U R C O T T O N A C R E A G E R E P O R T — Our cotton
acroago report will probably be ready about the 21st of
June. Parties desiring the circular in quantities, with their
business cards printed thereon, should send in their orders
as soon as possible, to insure ejtrly delivery.

± UlUl UUIZ3.

S E A T T L E —-To Japan— M a y 25— Ixion, 10,501__________________ 10,501
T o V ladivostok— M a y 25-—Ixion, 2,000 ___M a y 24— Kiku
M aru, 2,563
M a y 26— M ayachi M aru, 4,504 ___M a y 28—
N ichoyo M aru, 4,456
M a y 29— Yeitai M aru , 900- ......... 14,423
T A C O M A — T o V ladivostok— M a y 24— H onolulan, 156___M a y 30
— N anking M aru, 2,114___________________________________ 2,270

M A R K E T A N D SALES A T N E W Y O R K .
F u tu r e s
M a rk e t
C lo sed .

S p o t M a rk et
C lo sed.
Q u i e t ------------------------------S a tu r d a y —
Q u i e t ------------------------------M onday —
HOLI
T u e s d a y -----W e d n e s d a y . Q u ie t, 10 p ts . d e c . .
T h u r s d a y . . Q u ie t, 1 0 p ts . d e c . .
F r i d a y ............ Q u i e t , 5 p t s . d e c ____

T o ta l

SALES.

—

*800

2 ,2 0 0

2 ,2 0 0

3 ,0 0 0

3 ,0 0 0

IN D I A C O T T O N M O V E M E N T F R O M A L L P O R T S.
1915.16.

M ai/ 11.
Receipts at—

Week.
B om bay___________________

Since
A u g . 1.

Week.

A u g . 1.

Bom bay—
1915 1 6 ..
1914 1 5 ..
1913 1 4 ..

1,000
3,000

Ja p a n
& China.

1,000
1,000

2,000
2,000
2,000

12,000
12,000
24,000

52,000
63,000
130,000

2,000

1,000 9,000 42,000 52,000
3,000 38,000 48.00C
7,000
3,000 77,000 79,000159,000

1,000

___
___

___

___

___
___

196,000 1,323,000 1,552,000
267,000 1,038,000 1,361,000
915,000 1,015,000 1,975,000

1,000

5,000

13,000
6,000
35,000

4,000

15,000
6,000
44,000

3,000 4,000
4,000 9,000
4,000 26,000

__

30,000
70,000
44,000

89,000
120,000
385,000

56,000
20,000
39,000

175,000
210,000
468,000

___

1,000

_____

67,000 310,000 1,431,000 1,808,000
128,000 405,000 1,121,0001,654,000
96,0001,359,000 1,188,0002,643,000

A L E X A N D R I A R E C E IP T S A N D
A le x a n d r ia , E g y p t .
M a y 10.

1 9 1 5 -1 6 .

S H IP M E N T S .

1 9 1 4 -1 5 .

T h i s w e e k ___________________
S ln c o A u g . 1 --------------------------

L i v e r p o o l________________
M a n c h e s t e r _____________
C o n tin e n t a n d I n d ia .
A m e r i c a __________________
e x p o r t s ____________

1 2 ,8 5 1
4 ,5 4 1 ,8 7 5

4 1 ,1 0 0
6 ,1 7 8 ,1 7 0

2 6 ,0 0 0
7 ,5 3 6 ,4 8 2

S in c e
W eek. A u g . 1 .

E x p o r ts ( b a l e s ) —

S in c e
W eek. A u g . 1 .

S in c e
W eek. A u g . 1 .

2 ,3 9 6
2 ,8 1 9
903
2 ,2 2 7

1 9 4 ,0 6 8
1 2 6 ,9 7 7
1 5 8 ,9 6 7
1 8 8 ,8 8 1

3 , 3 5 0 ! 1 8 8 ,0 9 9
-------- 1 1 3 8 ,3 8 3
3 ,4 0 0 2 6 4 ,6 1 7
3 ,9 0 0 ,1 4 5 ,4 3 8

1 ,5 0 0 1 9 0 ,8 5 8
3 . 0 0 0 1 9 5 ,6 7 1
6 .0 0 0 3 7 6 ,5 6 4
1 ,2 5 0
6 7 ,2 0 4

8 ,3 4 5 6 6 8 ,8 9 3

1 0 ,6 5 0 7 3 6 ,5 3 7

1 1 ,7 5 0 8 3 0 ,2 9 7

M A N C H E S T E R M A R K E T .— Our report receivod b y
cablo to-night from Manchester states that the inquiry for
Eastorn outlets is disappointing. Tho demand for whites,
fancies and specialties, however, exceeds production.
Wo
givo pricos for to-day below and leave those for provious
weeks of this and last year for comparison:

1916.
in g s , c o m m o n
to fi n e s t .

T w is t

@

d
12)4
12)4
13

* d.
7 0
7 0
7 0

@
('&
@
@

13)4
13)4
13)4
13)4

7
7
7
7

©

5
12
19
20
J unc
2

12)4
12)4
12)4
12)4

@9
C$9
@9

8 d
2
2
2

D 4@ 9
3 «t 9
4)4 C$9
4)4 @ 9

32* C o p

U
pl's

in g s , c o m m o n
to fi n e s t .

T w is t.

d
d
7.78 8 H
7.82 8)4
7 .9 1 8 )4

0
0
©

d. H d
9)4 6 3
9)4 6 3
9)4 6 3

3
4)4
6
6

8.12
8.44
8.74
8.47

©
©
0
©

9
9
9
9

6

8.43 8 5 16 ©

8)4
8)4
8)4
8)4

C o t'u
M id .

3 ,9 0 2

1 3 ,9 6 3

IIII

IIII

@7
@7
@7

9
9
9

it
5.75
5.78
5.66

©7

5.19
5.30
5.36
5.14

©7
@7

3
4
4
4

8)4 6

4

@7

4

5.35

NEW Y ORK— T o Liverpool— May 25—Cedric, 2 ,6 7 5 -..M a y 31—

b a les •

To iVavro-^May 2 6 — iYamiington Court, 2,290; Lincolnshire',
531..................................................................................................
To Genoa— May 26— Napoli. 900------- ------- — ,-------------------To Brazil— May 26— Tocantino, 850---Juno 1— Black Princo,
228............ ......................................................... - ................. ........
T o Venezuela— May 29—Caracas, 190----- - — - - - - - - .............
GALVESTON— To Liverpool— May 27— Scythian, 10,767.............
PORT AR TH U R — To Liverpool—Juno 2— Mercia, 5,195-----------NEW ORLEANS—T o Liverpool— May 26— Hlironian, 16.558;
Norwegian, 4,643.--M a y 29— Glenmorag, 2,746; Orubian,
6 ,7 0 2 -------- ---------------------------------------------------------------------To Havre—May 27— Caroline, 2,440
___________________
To Rotterdam— May 31— Amstcldijk, 792 - - - ....................- .
To G ot henlnirg— M ay 26—Texas ,2,810
____________
To Christiania— May 26—-Texas, 300
________________
To Genoa— May 31— Italia, 13,963
"
______
SAVANNAH— To Liverpool— May 30— Director, 12,196________
NORFOLK— T o St. Nazairo— May 23—Cambrian King (add’l)_
_
BOSTON— To Liverpool—M ay 24— Devonian—8 7 0---M a y 29—
Sagamore, 1,083----- -------------------------------------------------------To Manchester— May 27— Algol, 124_________
BALTIM ORE—To Liverpool— May 25— Grayson, 999_ Line 1 —
_
Annapolis, 1,200--------------------------------PH ILADELPHIA— To Manchester— May 11— Manchester Hero,
l,1 6 0 ---M a y 20—Manchester Exchange, 151.... ..........- ____
SAN FRANCISCO— T o Japan— May 27— Persia Maru, 2,281_
_
May 29— Kwanto Maru, 4,828— May 30— Tjimanock,
3.108.....................................................................................

' '* ’
2,821
900

13)4 7

4 )4 0 9

0.7

SHIPPING NEWS.—Shipments in detail:




T o ta l.
8 ,1 8 6
1 0 ,7 6 7
5 ,1 9 5
5 0 ,9 5 4
1 2 ,1 9 6

1 ,0 0 0

................................................
..........
.............................
..........
............................
_____

6 ,2 6 1

.......... 1 0 , 2 1 7
1 4 , 4 2 3 1 0 ,5 0 1
2 ,2 7 0
_____
1 7 ,9 6 1

3 ,9 0 2

1 4 ,8 6 3

2 0 ,7 1 8

2 ,0 7 7
2 ,1 9 9
1 ,3 1 1
1 0 .2 1 7
2 4 ,9 2 4
2 ,2 7 0
1 3 1 ,2 9 6

M ay 12.

M a y 19.

M ay 26.

5 6 ,0 0 0
3 ,0 0 0
4 ,0 0 0
4 1 ,0 0 0
2 ,0 0 0
6 4 ,0 0 0
7 3 2 ,0 0 0
5 7 2 ,0 0 0
3 2 ,0 0 0
2 5 ,0 0 0
1 7 9 ,0 0 0
1 5 3 ,0 0 0

4 9 ,0 0 0
5 ,0 0 0
3 ,0 0 0
3 7 ,0 0 0
3 ,0 0 0
9 0 ,0 0 0
7 2 8 ,0 0 0
5 7 3 ,0 0 0
8 9 ,0 0 0
8 2 ,0 0 0
1 3 2 ,0 0 0
1 0 6 ,0 0 0

4 8 ,0 0 0
3 ,5 0 0
1 ,3 0 0
3 7 ,0 0 0
5 ,0 0 0
6 5 ,0 0 0
7 0 1 ,0 0 0
5 5 8 ,0 0 0
4 3 ,0 0 0
4 0 ,0 0 0
1 5 6 ,0 0 0
1 2 1 ,0 0 0

Ju n e 2 .

3 ,0 0 0
7 8 ,0 0 0
6 7 7 ,0 0 0
5 3 1 ,0 0 0
5 6 ,0 0 0
4 1 ,0 0 0

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:
Spot.
M arket,
12:15
P. M .

Saturday.
(
(
1

M on day.

Tuesday.

Quiet.

Good
demand

Wednesday. Thursday.

Fair
demand.

G ood
demand.

M oderate
demand.

F rid a y .
M oderate
demand.

8.44

8.52

8.54

8.56

8.47

8.43

Spcc.& exp.

6,000
500

12,000
2,000

10,000
1,000

10,000
1,000

10,000
1,000

8,000
800

Quiet.

Quiet unch.
to 1)4
pts. adv.

Quiet
2 @ 3 pts.
decline.

Futures.
Steady
Steady
M arket
/ 1)4 @ 2 pts. 2 )4 @ 3 pts.
opened 1 decline.
advance.
M arket,
4M
P. M .

Quiet
(
< 3 @ 4 pts.
1 decline.

Steady
5)4 @ 9 )4
advance.

Quiet
2 )4 @ 4 )4
pts. adv.

Quiet
5 @ 6 pts.
decline.

Barely st’y
Steady
Steady
3 )4 @ 6 pts. 3 @ 4 )4 pts. 3 @ )4 p ts.
decline.
decline.
decline.

The pricos of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unloss otherwise stated.
T h e p ric e s a re g iven i n p en ce a n d lOOths.

May 27
to
June 2 .

M a y -J u n o
J u ly -A u g .

S a tu rd a y .
12 K

12H

p .m .

Oct.-Nov —

p .m .
8
8
8
7
7
7

2 0 )4
1 6 )4
0 8 )4
7 9 )4
6 7 )4
64

M onday.

T u e sd a y .

T h u s : 8 2 0 m ea n s 8 2 0 - 1 0 0 4 .
W ed’d a y . T h u rs d a y .

F r id a y .

4X
1
4H
p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m .
1H

28
21
13
85
73
j6 9 )4

4 H

30
22
14
86
74
7 0 )4

1H

27”
18
9 0 )4
79
7 5 )4

4H

3 2 )4
26
1 7 )4
90
7 8 )4
75

....
28
20
92
8 0 )4
7 7 )4
7 4 )4

2 2 )4 !1 9
14
| 1 0 )4
8 7 ) 4 '8 3 ) 4
76
172
7 4 )4 70
72
67

1 9 )4 1 1 5
1 0 )4 0 6
84
1 8 0 )4
7 2 )4 69
7 0 )4 67
6 7 )4 64

16
07
79H
6 8 )4
6 6 )4
6 4 )4

U
ni's

3
4
4
4

@

IIII

O f w h ic h sp e c u la to r s t o o k .
O f w h ic h e x p o r te r s t o o k . .
S a l e s , A m e r i c a n ________________
A c t u a l e x p o r t ____________________

1015,

8)4 lb s . S h in

C orn
M id .

6
6
6
6

12)4

_____

T h e e x p o r t s t o J a p a n s in c e A u g . 1 h a v e b e e n 3 7 9 , 2 0 2 b a l e s f r o m P a c i f i c
p o r t s , a n d 1 2 ,8 4 8 b a le s fr o m G a l v e s t o n , 3 ,5 9 0 b a le s h a v e a ls o g o n e v ia
V ancou ver, B . C .

J a n .- F e b .
A la r .-A p r
M a y -J u n o

|

a q lb s. s h i r t 

321 C o p
d
12
12
12)1

1 ,2 6 8

M ld.U pl'ds

1 9 1 3 -1 4 .

R ec e ip ts ( c a n t a r s ) —

Apr.
14
21
28

900

66,000
77,000
156,000

1,000

Total a l l 1915 1 6 ..
1914 1 5 ..
1913 1 4 ..

T o ta l

_____

Total.

33,000
56,000
45,000

1,000
3,000 2,000
3,000 19,000

To
To
To
To

_____

L IV E R P O O L .— B y cable from Liverpool we have the
following statement of the week’ s sales, stocks, & c., at
that port:

8,000 38,000 47,000
1,000 34,000 38,000
57,000 75,000 132,000

1915 1 6 ..
1914 1 5 ..
1913 14-_
Madras—
1915 1 6 ..
1914 1 5 ..
1913 1 4 ._
All others—
1915 1 6 -.
1914 1 5 ..
1913 1 4 -

__
___

Conti
nent.

Great
Britain .

2,821
____
___
2,440
___
1,000
___
____
____
____
____
____

95,000 3,180,000

Since August 1.

Great Conti Ja p a n \
B ritain. n e n t. & C hlna Total.

New Y o r k ... 3,197
_
Galveston_ 10,767
Port A rthur.. 5,195
New Orleans.30,649
Savannah_ i2,196
_
N orfolk _____ ____
B oston______ 2,077
B altim ore_ 2,199
_
Philadelphia. 1,311
San Francisco ___
Seattle______ ____
T acom a_____ ____
T o t a l .............6 7 , 5 9 1

Since
A u g . 1.

Week.

72,000 2,250,000

60,000 2,775,000

For the Week.
Exports
from —

1913-14.

1914-15.

i Since

H o i ---- O th .E u ro p e —•V la d .,
la n d . N o r t h . S o u th .
& c. Ja p a n .

G reat F ren c h
B r it a in . P o rts.

T o ta l.

"8 0 0

T o t a l _____

1 3 1 ,2 9 6

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:

S p o t. | o n lr'c t
C

S t e a d y ____________
S t e a d y ____________
D AY
S t e a d y ____________
S t e a d y ____________
S t e a d y ____________

2091

■?*.

J une 3 1916.]

1,078
190
10,767
5,195
30 649
2 440
792
2810
300
13 963
12’,196
j 000
1 953

'l24

2.199
1,311
10,217

BREADSTUFFS
Friday Night, June 2 1916.
Flour has been quiet and more or less depressed in sym
pathy with a decline in wheat. New business has been very
poor, although traffic conditions are considered to have im
proved during the last week or ten days. It is announced
that flour, which has been on the railroad anywdiero from two
weeks to three months, is now beginning to arrive here, but
it is no oasy matter to handle it. Still, it is coming through,
and that is a big change for the better. Meanwhile, however,
buyers are still purchasing from hand to mouth and they
seem on tho whole pretty well supplied. Certainly they are
not eagor to purchase for any great length of time ahead.
1 Naturally, improved wheat-crop advices of late have not
tended to stimulate the demand. The export business has
been small for two reasons, first, that bids are generally be
low tho markot, second, because ocean freights have continued
scarce and high.
W heat declined, owing partly to the breaking of the
drought in the Southwest and improved crop accounts from
that section. Also the weather at the Northwest has been
better, and crop conditions there have also improved notice
ably. Tho lowest prices seen since March have latterly been
reached. The weekly statistics, too, were bearish. They
showed an increase in the world’s available suppljr of 5 ,8 3 8 ,
000 bushels in sharp contrast with a decrease during tho same
I week last year of no less than 7,807,000 bushels. The
world’s wheat supply, exclusive of the Continental stocks,
! is 218,216,000 bushels, or more than double what it was a
year ago. The cash demand at the W est of late has been

[Vol. 102.

THE CHRONICLE

2092

slow. Cutting of wheat has begun in Oklahoma. Okla
homa City is offering wheat at Chicago for shipment in two
weeks. In France the weather has improved and also the
crop outlook. Supplies there are increasing through larger
arrivals. In the United Kingdom the weather is favorable.
Berlin advices state that the crop outlook in Germany is
good. In Russia the crops, it is said, were recently helped
by good rains and stocks in Russia aro reported to bo large
though the movement to export channels is light. In
Austria-Hungary the weather has been warm and forcing
so much so that the crops aro said to bo a fortnight earlier
than usual. In Italy the crop outlook is said to be favorable.
The Italian Government announces that the country now
holds sufficient wheat for two months’ consumption. In
North Africa crop prospects are good and in some early
sections harvesting is in progress. In Australia crop indi
cations are cheerful, aside from drought in South Australia,
where the acreage will bo short. The Australian acreage
on the whole, however, it is now stated, will bo larger than
somo recent estimates. On the other hand, toward the close
of the week it was stated that the Northwest needed dry
and warm weather. Some unfavorable crop reports were
received from Western Kansas, where rain is needed. A
private Chicago report stated the condition of the crop at
76% , or 4.4% less than a month ago, suggesting a yield of
495,000,000 bushels of winter wheat against 655,000,000
harvested last year. The spring wheat acreage is said to bo
tho smallest for ten years past and the condition in somo
private reports is put at 86.5, indicating a crop of 220,000
bushels, or a total of winter and spring wheat of 715,000,000
bushels against 1,011,000,000 bushels harvested last year.
The Oklahoma report, it is stated, gives tho condition at 64
against 78 last month, indicating a crop of 30,000,000 bush
els against 33,500,000 on May 1 and 36,500,000 bushels
harvested last year. It is estimated that tho seven leading
Central States will produpe only 245,863,000 bushols, or
138,035,000 bushels less than was harvested last year. Also,
it is stated that the spring wheat acreage shows a decrease
of 9 % in Minnesota, 10% in South Dakota and 18% in
North Dakota. Of late the clearances havo beon largo and
at times thero have been export sales of 500,000 to 1,300,000
bushels per day. Extraordinarily cold weather in Russia
of late with snow and freezing conditions havo damaged tho
crops. To-day prices declined, partly in sympathy with lower
prices in Europe. Favorable weather and liberal receipts
also counted.
D A ILY CLOSING PIIICES OF W H EAT FUTURES IN NEW YORK.
S a t.

M on.

T u es.

W ed . X h u rs .

F r i.

S a t.

M on.

T u es.

W ed. T h u r s .

F r i.

116
N o. 2 red____________________ cts.N om . 120% Holl- 119% 118
July delivery in elevator__________ 117% 116
day. 1 1 5 % -------D A ILY CLOSING PRICES OF W HEAT FUTURES IN CHICAGO.
July delivery in elovator______cts.109% 107% Holl- 107% 105% 103%
September delivery in elevator____110% 108% day. 109
107% 105%

D A ILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
S a t.

July delivery In elevator______cts. 40%
September delivery in elovator____38%

M on.

40%
38%

T u es.

W ed. T h u r s .

Holl- 39%
day. 38%

40
38%

F r i.

39%
38%

The following are closing quotations:
GRAIN.
Corn, per bushel—
Wheat, per bushel—f. o. b.—
No. 2 mixed_______f. o. b. Nom .
N. Spring, No. 1, new____SI 22
80%
N o. 2 yellow--------- c. i. f.
N . Spring, No. 2__________ _____
N o. 2 yellow kiln dried—
79
Red winter. No. 2, new___1 22
Argentina in bags________
____
Hard winter, No. 2______ 1 15
Rye, per bushel—
Oats, per bushel, new—
cts.
Now Y o rk ..............c. 1. f. SI 07
45%
Standard________________
Western__________ c. i. f. SI 07
N o. 2, white____________ Nom.
No. 3, white___________ 44@ 44% M a lt ..................................... 92@94
N o. 4. whito___________ 43%@-44
FLOUR.
Winter, low grades____S4 30@$4 60 Kansas straights, sacks.S5 30©$5 50
clears, sacks---- 4 75© 5 00
Winter patents_________ 5
50@Kansas 5 75
7 20
Winter straights______ 5 30 @ 5 45 City patents__________
u 20
Winter clears__________ 4
90®Rye flo5 r ____________ 5 25© 5 45
80©Buckwheat flour______ __________
6 15
Spring patents_________ 5
Spring straights________ 5
55©Graham flour_________ 4 25@ 5 25
5 75
Spring clears___________ 5 15© 5 40

WEATHER BULLETIN FOR WEEK ENDING M AY
30.— Tho influences of weather on tho crops as summarized
in tho weather bulletin issued by the Department of Agri
culture for the week ending May 30 wero as follows:
Tho week has been exceptionally favorable for tho growth of vegetation
and tho advance of field crops in practically all central and eastern dis
tricts. In some States it is stated that it has been tho most favorable week
of tho season. In tho Rocky Mountain and Plateau regions, as well as
on tho Pacific Coast, it has been much too cold, and crops havo been further
retarded. Farm work has advanced satisfactorily, except wlicro heavy
local showers have occurred in central districts, and in tho few sections
where tho droughts has continued.
CORN .— Thero was a decided improvement in tho condition of corn
during the week in nearly all parts of tho country. Thero was somo com
plaint of damago by cutworms, and heavy local rains caused somo delay
in planting in Central and Northern States. Thero has been more roplanting than usual because of oarlier unfavorable conditions, but this work
is progressing fairly well.
W IN TER W H EAT.— There was an improvement In tho condition of
winter wheat in the northern portion of the region, but in central and south
western districts there wero an increasing number of reports of damage by
hessian fly. Somo rust is reported also in Missouri. Tho plants aro head
ing short in Virginia: heads aro showing in Southern Ohio and in Nebraska.
Tho weather was unfavorable for wheat in tho extreme Northwest, an dam
ago by unfavorable winter weather was indicated in Oregon and Washington.
SPRING W HEAT.— The seeding of spring wheat is in progress in North
ern Wisconsin, fully 20 days later than tho averago dato of the ending of
seeding. Tho temperature in the northwestern spring wheat area was too
low for proper germination, but tho plants that wero up made fairly good
growth.
OATS.— The harvesting of oats is In progress in tho Southern States, and
seeding is well advanced in the northern part of the country. Tho plants aro
growing well in tho Central States, and are beginning to lioad as far north
as Kansas.
, .
,,
R Y E .— Ryo is reported to bo in a satisfactory condition, and it is heading
as far north as Southern Iowa. The seeding of barley and flax is well
advanced in South Dakota, and considerable work lias been dono in pro
paring tho ground for flax in Montana.
COTTON.— Tho weather has been decidedly favorable for cotton. The
rains of tho preceding week, followed by tho considerably higher tempera
tures of tho week just ended, caused a rapid development of tho crop. The
plants aro backward, but aro improving steadily; an uneven stand is re
ported, however, in Texas. Cultivation has beon delayed in places, and
fields aro somewhat grassy, but chopping is going on in the southern part
region. Boll-weovil aro reported in Jackson County, Ida.,
of thoi cotton region
_
and are quite general in Southern Alabama, There aro somo reports of
squares forming in Alabama and Mississippi.
FOTATOEST—The planting of potatoes has been delayed by rains in
Northern Wisconsin, but planting is well under way in Michigan, and
Central and Northern Now York. Planting has been dolayed and potatoes
aro backward on the North Pacific Coast, and the crop is roported to be
light in California. Tho weather conditions havo favorably affected
potatoes in all tno central parts of tho country, however, l’otatoos aro
Doing harvested in practically all Southern States, but at a somowliat later
dato than tho averago. Transplanting of sweet potatoos Is under way.
under favorablo conditions, in Georgia and South Carolina.

Indian com declined, owing to generally favorable weather
and crop news and indications of a larger crop movemont.
Besides, it sympathized to a certain extent with tho declino
in wheat. Planting is said to bo finished in Nebraska. The
cash demand, moreover, has beon small. Chicago’s stock
is much larger than that of a year ago. Tho total available
American supply is close to 18,000,000 bushels, or fully
3.000.
000 bushels moro than a year ago and 12,000,000 more Tho statements of the movomont of breadstuffs to market
than at this time in 1914. The acreage will be larger than indicated below are prepared by us from figures collect 'd by
last year’s. Liverpool advices have reported corn lowor, tho New York Produce Exchange. The receipts at Western
with pressure of River Plate cargoes and light consumption. lake and river ports for tho week ending last Saturday and
Lower Argentine froights and freo River Plate offerings since August 1 for each of tho last three years havo beon:
helped to depress prices in Liverpool. Yet in this country
Rye.
Barley.
com has on the whole shown a certain firmness. May shorts Receipts atcovered freely. From Illinois have come complaints of corn
bushA8lbs bush.bdlbs.
bush. 56 lbs. bush. 32
bbls.lM lbs. bush. 60
436.000
59.000
870 000: 4,220,
rotting in the ground. Heavy rains have washed out the C h lcago____
124,000
985,
434.000
52.000
441
36,000
1,779,
plant to some extent in Kansas. Somo replanting, it is Minneapolis
19.000
69,000
131
312,
D uluth.........
45.000
claimed, will have to bo done in Illinois, Iowa and Nebraska, Milwaukee . .
274.000
772
66,
28,000
51,
02
60,
39,
owing to recent heavy rains. At one time thero was quito a T o le d o ___
134
6,000
231,
0 1,
good cash demand at tho Southwest. Thore has seemingly D etroit
18
8,000
37,
Cleveland
5,
7.000
6,000
338
291,
8 8 ,000 ;
497,
been somo overdoing of tho short sido. To-day prices de St. Louis____
8.000
31,000
203
494,
40,
Peoria . . .
33,000
clined, with better weather and a certain sympathy with tho Kansas C ity .
43
272,
1.113,
239
256,
602,
Omaha___
weakness in wheat.
D A ILY CLOSING PRICES OF NO. 2 M IX E D CORN IN NEW YORK.

287.000
362.000
263,000;

5,675,000
4,124,000
3,302,000

2.422.000
2.493.000
4.222.000

6.607.000 1,250,000
2.455.000
725.000
704.000
3.410.000

190.000
74,000
145.000

S a t.

M on.

T u es.

W ed. T h u r s .

F r i.

Total week’ 16
Samo wk. ’ 15
Same wk. ’ 14

S a t.

M on.

'T u es.

W ed. T h u r s .

F r i.
68%
68%

Since A u g .l—
1915-16 . . 17.465.000463.558.000200.137.000180.459.000 103100000 20.960,000
360,490,000214,521.000243,088,000 79,7
1911-15 . . . 17.131.000
1913-14 . . . 17.359.000259.081.000190.333.000 190,230,000,79.731,00021,323,000

No. 2 yellow...............................cts. 79% 79% Hoi. 79% 79% 80%
D AILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
July delivery in elovator_____cts_ 69
September delivery In elevator____ 69

69%
69%

Holl- 69%
day. 69%

69%
69%

Oats have declined on heavy May liquidation and favorablo
weather and crop reports. The available stock is 14,000,000
Total receipts of flour and grain at tho seaboard ports for
bushels larger than at this time last year. In other words, the week ended May 27 1916 follow:
______________
the American supply available is 33,170,000 bushels against
Barley.
Rye.
Oats.
19.264.000 last year, and oven two years ago it was only Receipts at—
Corn.
F lo u r, j Wheat.
20.476.000 bushels. Last week the available stock increased
Bushels.
Bushels.
Bushels.
Bushels.
Barrels. \ Bushels.
2.065.000 bushels, against a decrease during the same time N ew Y o rk ___ 241,000 4,454,000
30,000
1,160,000
189,000
235,000
648,000
38,000.
547,000
last year of 2,469,000 bushels. Crop reports havo been gen B oston ............
erally favorable, except in the Southwest, whore drought has Portland, M e.
129,000
131,000
92,000
53.0001
915,000
Philadelphia .
61,000
318,000
614,000 1.535.000
51,000: 1,579,000
caused some damage. Thero has been only a moderate cash B a ltim o re ___
1.565.000
5,000
......... 47.0001
demand. Besides, oats havo sympathized with somo de NewportNews
8,666
9.000
pression in other grain, especially as rains of lato in Okla M o b ile______
5,000l
............
28,000
166,000
50,000'
90,000
homa have been beneficial. To-day prices wero slightly N ew Orleans a
1.000
......... .1
68,000
G a lv e sto n ___
378,000
236,000
82,000
lower. There was a fair cash demand. Tho crop movement M ontreal____
73,000; 1,687,000
was smaller. A private report puts tho indicated crop at Total week’ 16 568.000 10,277,000 1,206,000 5.311.000 757.000 348,000
1.230.000. 000 bushels, or 310,000,000 bushels less than tho Since Jan.1’ 16 10.853.000159.024.000 24.684.000 68.577.000 13,366,000 0,030,000
113.000
96,000
797,000 4.311.000
545.000 4,120,000
Week 1915_
_
harvested crop last year.
33.071.000 02.546.000 5,315,000 5,950,000
11.498.000
20,225,000
Since Jan.1’ 15

D A ILY CLOSING PRICES OF OATS IN NEW YORK.
S a t.

M on.

T u es.

W ed. T h u r s .

F r i.

Standards _________ ________ cts. 48% 46% Holl- 46
46% 45%
N o. 2 white_____________________ Nom. Nom. day. Nom. Nom. Nom.




* Receipts do not Include grain passing through New Orleans for foreign ports on
hrough bills o f lading.

THE CHRONICLE

June 3 1916.]

The exports from the several seaboard ports for the week
ending May 27 are shown in the annexed statement:
Wheat.
Exports from —
bushels,
N ew Y ork ..............3,599,263
Portland, M e ____ 937,000
B o s t o n . . ................ 681,721
P h iladelphia____
730,000
Baltim ore................1,302,990

C om , F lo u r,
Oats,
Rye, Barley,
Peas,
bushels, barrels.
bushels, bushels, bushels, bushels.
809,091 ............ 267,300
1,488
88,321 70,033
.
9,282 1,258,142 ............................
500
.............................................
171,000 76.000
932,465 535,339 101,709
464,599 15,993
.....................................
.... . ~~ 10 .0 0 0
5*22? 47.000 1,565,000 ............................
5,000
8,000 ................
9.000
15.000
1,000 ............................
218,000
---------------------

J.'IO IA
IIU ............... .........
Newport News.................

M o b ile ......................... ..........
N ew Orleans____ 225,000
G alveston_______ 299,000
M on trea l_______ 160,000

Total week___ 7,940,974
956,420 248,308 4,573,698 535,339 309,009
Week 1915...........4,624,885 1,414,992 260,831 4,471,850 17,747 21,771

1,488
225

The destination of these exports for the week and since
July 1 1915 is as below:
--------- Flour --------- ----------- Wheat----------- ---------- Corn ---------- Week
Since
Week
Since
Week
Since
Exports fo r week M a y 2 7
Ju ly 1
M a y 27
Ju ly l
M a y 27
Ju ly 1
and since
1916.
1915.
1916.
1915.
1916.
1915.
Ju ly 1 to— bbls.
bbls.
bush.
bush.
bush.
bush.
United K ingdom 51,527
6,033,220 5,070,286 138,905,860
134,000 4,980,303
C ontinent............142,743
5,252,559 2,865,750 169,989,724
721,151 16,181,042
S o. & Cent. A m . 12,910
1,975,199
4,938
2,746,078
64,050 2,567,731
W est Indies____ 36,785
1,746,212
110,707
36,499 2,699,479
Brlt.No.Am.CoIs.
412
39,881
170
500
11,160
Other Countries. 3,931
275,737
923,901
220
26,263
T o ta l................ 248,308 14,322,808
T otal 1914-15...260,831 13,838,136

7,940,974 312,677,100
956,420 26,466,584
4,624,885 291,579,250 1,414,992 37,524,442

The world’s shipments of whoat and corn for the week
ending May 27 1916 and since July 1 1915 and 1914 are
shown in the following:
Wheat.

1915-16.

Exports.

Week
M a y 27.

Corn.

1914-15.

Since
Ju ly 1.

Since
Ju ly 1.

1915-16.

| 1914-15.

Week. | Since
M a y 27. ; Ju ly 1.

1 Since
| Ju ly 1.

Bushels.
Bushels.
Bushels. I Bushels. 1 Bushels.
Bushels.
N or. Amor.* 13532 000 444,362,000 413.036,000 892,000 27,975,000 38,250,000

4,386,000 12.074.000

Russia------

..........1 ..............

4,811,000

......... 1 _______ 1 9,431,000
2.347.000
D a n u b o -----Argentina . . 1,792,666 53.148.000 78.915.000 1,167,000 140,002,000 128,670,000
Australia— 1,032,000 27.768.000
8.996.000
32.000 11.804.000 22.368.000
I n d ia ...........
O tli.countr’s
76.000 10.818.000 5.997.000 3831666 9,758,666j IIIIIIII

1

T o t a l ------ 16464 000 552,286,000 543,733,000 2,442,000 177,735,000 181,162,000
* N orth America.— Tho Canadian Government has officially prohibited the issu
ance o f both manifests and exports until after ten days. This is effective during
the continuance o f the war.

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.

Com .

United
K in g d om .

May 27
May 20
May 29
May 30

Continent.

Total.

United
K in gd om .

Bushels.

Bushels.

Bushels.

Bushels.

Total.

Continent.
Bushels.

63.400.000
191658.968.000
191651.064.000
19151914- 21,328,000 20,512,666 41,840,000 3.766,665 7,863,000

Bushels.

12.198.000
13.167.000
9,665,000
11.629.000

The visible supply of grain, comprising the stocks in
granary ar principal points of accumulation at lake and
seaboard ports May 27 1916 was as follows:
GRAIN STOCKS.
Wheat.
bush.

United Slates —

___ 1,929,000
___
35,000

B o s to n .........
Philadelphia

. . . . 1 ,0 11,0 0 0

Newport N ews.
Now O rlea n s...

....
....
....
___
___
___
...
___
___
___
..

Toledo .
D e tro it.
M iiw aukeo.

On Lakes.
M ay
M ay
M ay
M ay

773,000
317,000
5,637,000
66,000

9,857,000
9,381,000
1,612,000
6 .001,000
16,000
. . . . 277,000
___ 1,353,000
. 744,000

Pcorla______
Indianapolis.

Total
Total
Total
Total

1,694,000
1,262,000

2 , 112 ,0 0 0

27
20
29
30

C orn.
bush.

463,000

Oats.
bush.

736,000
10,0 00
99,000
197,000
410,000
655,000 1,242,000
6,000
600,000
182,000
71,000
75,000
797,000
4521666
220,000
138,000
164,000
370,000
7,758,000 6,243,000
270,000
370,000
441,000
54,000 1,871,000
119,000
235,000
3,851,000
353,000
18,000
223,000
483,000
437,000
371,000
483,000
73,000

R ye.
bush.
88,000

18,000

B a rley .
bush.

888,000

110 ,0 0 0

26,000
124.000
364.000

’ 31666

52,000

271,000
4,000

1,0 0 0

33,000
66,000

270.000
117.000
50.000
119.000
22.000

23*,665

20,000
87,000

37,000
51,000
205,000
7,000
60,000

22,000

1916......... 44,811,000 15,766,000 14,774,000 999,000 2,139,000
1916_____ 45,338,000 17,112,000 13,753,000 1,382,000 2,197,000
1915..........19,079,000 12,795,000 12,486,000 286,000 1,236.000
1914..........29,775,000
4,409,000 8,144,000 595,000 1,762,000

Note.— Bonded grain not included above: W heat, 2,110,000 bushels at New York;
300.000 Baltimore, 226,000 Philadelphia, 189,000 Boston, 1,076,000 Duluth, 5,177,
000 Buffalo; total, 9,078,000 bushels, against 1,775,000 bushels In 1915. Oats,
876.000 New Y ork, 578,000 Boston, 48,000 Philadelphia, 178,000 Baltimore, 340,
000 Duluth, 3,009,000 Buffalo: total, 5,029,000 bushels, against 244,000 in 1915; and
barley, 278.000 N ew York, 27.000 Boston, 61,000 Duluth, 182,000 Buffalo; total,
548,000, against 17,000 In 1915.
Canadian—
M o n tr e a l....... ......................... 2,992,000
99,000 3,330,000
66,000
37,000
Ft. William & Pt. Arthur..12.596,000
............ 3,473,000
Other Canadian*.................. 12,065,000
............ 6,787,000
Total M ay 27 1916*.
Total M ay 20 1916*.
Total M ay 29 191 5..
Total M ay 30 1 9 1 4 ..
Summary —
Am erican........................
Canadian........................
Total
Total
T otal
T otal

M ay
M ay
M ay
M ay

27
20
29
30

191 6..
191 6..
191 5..
191 4..

.27.653,000
.27,753,000
. 8,518,000
.13,811,000

99.000 13,590,000
21.000 13,098,000
101,000 4,146,000
............ 9,986,000

.44,811,000 15,706,000 14,774,000
.27,653,000
09,000 13,690,000

37,000
67,000
126,000
886,000

999,000 2,139.000
66,000
37,000

.72,464,000 15,865,000 28,364,000 1,065,000 2,176,000
.73,091.000 17,133,000 26,851,000 1,450,000 2,264,000
.27,597,000 12,896,000 16,632.000
297,000 1,362,000
.43,686,000 4,409,000 18,130,000
625,000 2,648,000

in c lu d in g Canadian at Buffalo and Duluth.




66.000
68.000
11.000
30,000

2093

THE DRY GOODS TRADE
N e w Y o r k , F r i d a y N i g h t , J u n e 2 1916.
Owing to the holiday Tuesday, the week passed quietly
in the dry goods trade. There is little change in the situa
tion from day to day and a quiet, steady market is expected
until there is some alteration in basic conditions which will
affect values of finished goods. Manufacturers are satis
fied with the volume of orders on their books and do not con
template any reduction in price schedules while the present
high cost of operations obtains. On the other hand, JdJJud
hands have covered their needs pretty thoroughly and'are
not anxious to load up with merchandise at present high
levels. If the present business prosperity continues, with
its attendant large consumption of goods, there will be suf
ficient demand to keep operations and values at or near
their present standard for some time. Jobbers reported a
fair business considering the holiday. The mails contained
liberal requests from out-of-town houses, but most of the
correspondence was devoted to securing deliveries already
overdue. Weather conditions have been favorable for retail
business and should result in better sales in all departments.
The woolen and worsted trade is dull, as a result of labor
troubles among garment and cloak makers, but the,’e are
less requests for cancellations than a week ago. Handlers
of dross fabrics realize that they will be unable to reinstate
orders at the same prices once they are canceled, and are hav
ing the goods held over as long as possible. Exports of cot
ton goods are increasing and are only handicapped by lack
of shipping facilities. New inquiries are reported from
China, India and Red Sea ports, but manufacturers are un
able to make the shipments requested. Those manufac
turers who have secured satisfactory connections in new mar
kets as a result of the war are very reticent about the busi
ness they are doing, although they are known to have entered
heavy contracts for deliveries over a long period.
DOMESTIC COTTON GOODS.— Staple cotton goods
markets rule quiet, without important price changes in either
direction. Commission houses report that considerabe
business for distant delivery is offered, but owing to the un
certainties of the future it is difficult to get mills to guote.
Jobbers in the local market who are taking stock are finding
that their supplies are much lighter than they had expected,
but most of them have a large volume of merchandise due
from mills on which deliveries are late. Some of the larger
jobbing houses’ are beginning to figure their requirements
for the early part of next year, and if selling agents were will
ing to quote that far ahead considerable business could be
done. Several large contracts for dress ginghams for deliv
ery next year have been closed. Bleached goods and sheet
ings are heavily under order and prices are reported to be on
tho verge of another advance. Bleachers and finishers are
handicapping the mills in making deliveries, owing to their
failure to keep abreast of contracts. Coarse cottons and
brown goods are in short supply for the remainder of the year,
with deliveries backward. Print cloths are firm, but only a
moderate amount of new business is being accepted by mills.
Liberal offers are being made on late deliveries at slight con
cessions from mill quotations. Gray goods, 38-inch standard,
are quoted at 6c.
WOOLEN GOODS.— Business is still depressed by the
labor troubles in the garment trade, but otherwise sales are
normal for this season of the year. Mills have had a chance
to catch up with deliveries and are not accepting additional
business unless buyers guarantee to accept deliveries when
duo. Fall re-orders are coming in slowly, the high prices
causing buyers to adopt a hand-to-mouth policy in making
purchases. Selling agents state that mills are not willing
to open the new light weight season,owing to the uncertain
conditions ruling in raw-material markets. They point
out that worsted and woolen yarns are selling at the highest
prices in tho history of the trade and that this, combined with
scarcity and high prices of dyes, makes it impossible for them
to figure very far ahead. Fall business has been confined
largely to staples, as very few new lines have been brought
out since the opening of the season.
FOREIGN DRY GOODS.— Conditions in the linen trade
are unchanged. While recent arrivals from abroad have
relioved the shortage of genuine goods to some degree, they
are far from being satisfactory. Importers report that in
most cases their contracts have been only partially filled,
and that they have no assurance of receiving additional
supplies for some time. Retailers and jobbers are still mak
ing liberal purchases of domestic towelling and damask and
mills making the best class of these goods have booked about
all tho business they can handle. Imported lines of imita
tions aro also in demand but the prices asked are too high
compared with the domestic product. Linen dress goods
aro offered in small volume, although some largo jobbers and
retailers who sent direct representatives abroad are reported
to liavo secured considerable goods, upon which they expect
to realizo profits. Burlaps have been less active during the
past week, with the undertone steady. Light weights are
quoted at 6.85c. and heavy weights at 8.50c.

£094

THE CHRONICLE

S tate

C it y

js fy m n iffE W T .

M U N IC IP A L BOND SALES I N

M AY.

Our records show that the new issues of municipal bonds
disposed of during the month of M a y amounted to $24,064,
696. In M a y 1915 the total was $42,691,129, including
issues of $5,370,000 4s and $6,411,000 4L£s put out by the
State of Tennessee for refunding purposes. Among the
large issues sold during last month were the following:
Butte, M o n t., $690,000 5s; Christian County, K y ., $400,000
4 ^ s ; Daviess County, K y ., $600,000 4 K s ; Davidson County,
T enn., $250,000 4 ^ s ; D ayton, Ohio, $440,000 4 ^ s and $75,
000 4s; Elmira, N . Y . , $200,000 4s; Erie County, N . Y . ,
$280,000 3.95s; Lawrence County, T enn., $350,000 5s;
Marion County, In d ., $456,490 4 ^ s ; Milwaukee, W is.,
$300,000 4L£s; Modesto City (Cal.) School District, $200,
000 5s; New Bedford, M a ss., $306,243 4s; Oakland County,
M ich ., $250,000 4)^ s; Preble County, Ohio, $250,000 4)^s;
Randolph County, W . V a ., $220,000 5s; Richmond, V a .,
$2,000,000 4s; Tacoma (W ash.) School District N o . 10,
$490,000 4J^s and Wilkinsburg (Pa.)
School District,
$250,000 4s.
The total of $24,064,696 given above includes only per
manent bond issues by places in the United States. There
were also negotiated last month $15,373,460 temporary
or short-term loans. The sales of permanent bond issues
in the Dominion of Canada amounted to $9,626,568, in
cluding $2,000,000 5 % bonds of the Province of Alberta,
$2,000,000 5 % bonds of the City of M ontreal, Quebec, and
$3 ,669,000 5 % bonds of the City of Toronto, Ont. In the
following we furnish a comparison of all the various forms
of obligations put out in M a y for the last five years:
1916.

1915.

1914.

1913.

1912.

Permanentloans(U.S.).24,064.696 42,691,129 34,166,614 a83,234,579 a98,852,064
*Temp’y loans (U. S .).15,373,460 20,372,722 26,422,487 35,267,494 23,099,003
Canadian loans (perm.) 9,626,568 12,324,285 15,421,778 10,407,898 2,614,982
Bonds of U. S. Possess.
Nono
None
200,000
None
None
T ota l...................... 49,064,724 75,388,136 76,210,879 128,909,971 124,566,049
* Including temporary securities Issued by New York City, $10,250,000 In May
1916, $12,865,000 In May 1915, $9,421,487 In 1914, $33,117,519 In 1913 and $19,
863,793 In 1912. a Includes Issues of long-term corporate stock by New York
City, $45,000,000 In 1913 and $65,000,000 In 1912.

The number of municipalities emitting permanent bonds
and the number of separate issues made during M a y 1916
were 329 and 501, respectively. This contrasts with 365
and 529 for April 1916 and with 497 and 697 for M a y 1915.
For comparative purposes, we add the following table,
showing the aggregates of long-term issues for M a y and the
five months for a series of years:
Month o f
Mat/.

For the
Five M onths.

Month o f
M ay.

For the
Five M onths.

1916........ ...$24,064,698 $228,270,119 1903............... $14,846,227 $62,649,815
1915........
42,691,129 213,952,380 1902............... 20,956,404 59,211,223
1914____
34,166,614 303,153,440 1901 ............... 14,562,340 47,754,962
1913........
83,234,579 179,493,040 1900............... 9,623,264 58,273,539
1912........
98,852,064 196,803,486 1899............... 7,897,642 33,996,634
1911........
33,765,245 195,791,550 1898............... 7,036,926 34,373,622
1910........
18,767,754 143,476,335 1897............... 8,258,927 56,890,312
1909........
27,597,869 145,000,867 ^896............... 10,712,538 30,384,656
1908........
25,280,431 137,476,515 1895............... 11,587,766 41,084,172
1907........
15,722,336 93,957,403 1894............... 14,349,410 50,067,615
1906........
14,895,937 80,651,623 1893 ............... 4,093,969 30,774,180
1905........
16,569,066 92,706,300 1892............... 7,856,860 36,844,291
1904........
55,110,016 113,443,246

Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month’s bond sales in detail. It will be given later.

News Items.
British Columbia (Province

o f ) . — Proposed N ew Loan .—
Dispatches state that this Province is contemplating placing
a loan of $10,000,000 in New York. Of this amount about
$6,000,000 will be used, it is stated, in assisting the Pacific
Eastern R y . in the completion of its line.

California (State of).— County Water District Bonds Not
a Legal Security fo r State Deposits. — Attorney-General W ebb

[Vol . 102.

outstanding warrants, has issued a statement explanatory
of the same. He holds, according to the Louisville “ CourierJournal” of M a y 26, that the validity of the original debt is
controlling and,
In every instance it is only necessary to ascertain whether the outstanding
warrants were legal when issued. If they were legal they may be refunded.
If they were not legal, of course, they cannot bo made a legal obligation
by issuing refunding bonds. Tho ovil which wo have sought to remedy is
to prevent counties incurring an indebtedness in excess of tho constitu
tional limit, and then issue bonds to take care of such supposed indebted
ness. If we should permit this there would be no restraint and tho coun
ties might issue bonus which would not be legal. That would be a disas
trous tiling not only to the bondholder but to the credit of the county and
to the credit of the State.

The Attorney-General, in speaking of an opinion regarding
bonds of Jessamine County, whicb he considers valid, said
that it was evident some readers had failed to distinguish
between refunding debts which counties might legally incur
and those which they had no legal authority to incur. See
V . 102, p . 1913.

Leavenworth County (P. O. Leavenworth), Kan.—•
County Treasurer's Refusal to Pay Certain Outstanding W ar
rants Upheld by Supreme Court.— The State Supremo Court

on M a y 13, it is stated in the Topeka “ Capital,” handed
down an opinion upholding the County Treasurer in his re
fusal to pay certain warrants held by local banks and which
were issued by the County last year to meet current expenses.
In 1915, it is said, the county had approximately $25,000
more warrants outstanding than it could pay. Local banks
came forward and agreed to cash these warrants with the
understanding that they would be reimbursed when the
taxes for the next year were paid in. When the time came
for payment the County Treasurer refused to recognize the
warrants on the ground that he could not use levies intended
for current expenses to pay off old debts. This contention,
as already stated, the Supreme Court upheld and in doing so
declared that counties in debt to the extent that they cannot
pay current expenses and back debts and keep within the
maximum levy will have to hold an election and vote bonds
or hold an election and authorize the County Commissioners,
to increase the tax levy beyond the maximum. Tho Court
denied a rehearing.

Massachusetts (State of).— Governor Signs Incom e Tax
B ill. — The income tax bill recently passed by both branches
of the Legislature and providing for a tax of 6 % on income
from intangible property, l l % on income from annuities,
A
professions, employment, trade and business and 3 % on
net profits of speculation on trading in securities, is now a law,
having been signed by Governor M cCall on M a y 26. V . 102,
p. 2005.
A ct Passed by Legislature Providing fo r the Holding o f a
Constitutional Convention.— An Act has been passed by the

1916 Legislature calling for tho holding of a constitutional
convention in June 1917, provided the Act is approved by a
majority of tho voters at the election in Novomber. It is
stated that this will bo tho first constitutional convention
held in Massachusetts since 1853.
Mayfield, Graves County, Ky.— Court of Appeals Up
holds City’s Right to Issue Bonds for Purchase of Local Water
and Light Co.— According to the Louisvillo “ Courier-Journal,”

tho Court of Appeals in an opinion by Judge Clarke on M ay
31 affirmed tho Graves County Circuit Court in a judgment
upholding the right of the city of Mayfield to issuo $200,000
in bonds for the purchase of the plant of the Mayfield Water
& Light C o. under a contract entered into before the adoption
of tho present constitution.— V . 102, p. 1178.
Medford, Jackson County, Ore.— Result of Charter
Election.— W o learn that the oloction hold M a y 23 re
sulted in favor of amending tho city charter authorizing
tho city to voto $300,000 bonds for the construction of a
railroad to tho Blue Lodgo M ine. Tho vote was 1331 to 295.
A second election will be held soon to vote on the contract
with a traction company, which if accepted will insure the
construction work as soon as the bonds are marketed.
Elmer T . Foss is City Recorder.
Memphis, T e n n .— M unicipal Light Plant Bonds Upheld .—
The Momphis “ Appeal” states that tho Supreme Court on
M a y 27 rendered a decision upholding the city’s right to
issue tho $1,500,000 bonds voted in April 1915 for tho pur
pose of either purchasing an oxisting plant or constructing
a now one, notwithstanding that tho legal election notice
was published only nine days bofore tho oloction instead of
ten as is required by law. Tho Court held, it is stated, that
the failure to advertiso tho election for one day longer did
not constitute a substantial omission, and that the law with
respect to the advertisement was substantially complied
with. See V . 102, p. 1367.

in an opinion to Friend W . Richardson, State Treasurer,
rules that county water-works districts bonds authorized
by the 1915 Legislature are not a legal security for deposits
of State money. While the legality of such bonds is not
uestioned, there is nothing in the State Constitution that
Ontario, Province of. — Debenture Sale.— The National
esignates them as security for State deposits in the same
manner as other bonds. The next Legislature, it is said, City Bank and N . W . Halsey & C o., both of New York,
will be called upon to correct this oversight.
recently purchased and are offering to investors in an ad
Kansas (State of).— Counties Cannot Use Tax Levies vertisement on a preceding page, a now loan of $4 ,
Intended fo r Current Expenses to Pay Old Debts.— See item 000,000 dated June 1 1916 and bearing 5 % int. These are
below under Leavenworth County.
coupon bonds of $1,000 each, rogisterablo as to principal.
Kentucky (State of).— Attorney-General Explains Recent Due Juno 1 1926. Prin. and semi-ann. int.— J. & D .—
Riding Concerning Issuance of Bonds to Refund Outstanding payable at National City Bank, N . Y . , in U . S. gold coin,
Warrants.— Attorney-General Logan on account of some
misunderstanding of the opinion given by him to R . C. or, at the option of tho holdor, at office of Treasurer of On
Terrell, Road Commissioner, declaring illegal bonds recently tario, Toronto, in gold coin of the Dominion of Canada, or
issued and sold by counties under authority of the fiscal at the Bank of Montreal, London, at tho rate of $4 8665 per
courts, but without a vote of the people, to refund certain ' pound sterling. Total debt Oct. 31 1915 incl. this issue,

Q




June 3 1916.]

$50,389,367, less sinking funds and cash, $5,299,802; net
dobt, $45,089,565; contingent liabilities, $10,345,849; est.
val. of taxable property, 1915, $2,000,000.

Pittsburgh, Pa.— Corrected Debt Statement.— The follow
ing corrected debt statement of the city’s debt, assessed
valuation, & c., was received too lato for use in our “ State
and City Section” issued last Saturday (M ay 27):
P I T T S B U R G H . 15. S.Morrow,Comp.

This city, now known as “ Greater
Pittsburgh.” Is situated In Allegheny
County. Legislature ot 1905 passed
an Act providing tor the annexation
ot Allegheny; on Nov. 18 1907 the
U. S. Supreme Court held the law
valid (V. 85, p. 1352), and annexa
tion became ellectlve Dec. 9 1907.
The boroughs ot Sheradem and Mon
tooth were also annexed In 1907.
Beechvlew annexed on Jan. 1 1909.
All bonds Issued in coupon form with
privilege of registration.
On July 3 1915 tho State Supreme
Court handed down a decision bear
ing upon tho computation of debt
subject to tho 2% limit or “ councilmanic” dobt, that is, debt Incurred
by tho City Council without a vote
o f tho electors, as distinguished from
“ electoral” dobt, which is not subject
to tho 2% limit. See “ Chronicle”
of Aug. 7 1915. pago 465. Tho
constitutional limit for all dobt Is
7% .
INDEBTEDNESS OF GREATER
C IT Y .

Filtration Loan.
3Ms’04 A-OS2,633,700-Oct 1 ,16-'34
Loan o f 1900.
3Ms’00 A-O$3,500,000— Apr 1 1930
($700,000 due trlennially.)
Park Bonds.
_
______
4s ’95 M-NS525.000— M ay 1 1925
($175,000 duo trlennially.)
4Ms'08 M-S $161,600r.Mar 1 (16- 38
P ublic Safety
4s '95 M-N$ 150,000— May 1 1925
($50,000 duo trlennially.)
4s f'95d ^M-n " 15 0,000 - -M ay 1 1925

($150,000 duo trlennially )
Funded Debt Loans.
4s '0-1 J-D$748,000c&r.June 1 1934
($181,000 due qulnquennially.)
4s '07 M-N$349,500cMay 1 '17&27
Funded Judgm ent Loan.
Is '06 J-J $834,000------J u ly ’21-36
($167,000 duo qulnquennially.)
Boulevard Bonds.
4s ’95 M-NS150.000---- May 1 1925
($50,000 duo trlennially.)
Public-Im provem ent Bonds.
4s '07 M-N$247,5<)0.-May 1 ’ 17-’27
(Due $22,500 annually.)
Funding Bonds.
4Ms’08 M-N$191,000.................. 1938
($38,000 qulnquennially until 1933,
4 Us’ 12* J-D$2 70?000- - D ec 1 ,16-’42
$39,000 until 1938.
Playground Bonds.
4Ms’08 M-NS187.000......
1938
4 Ms’ 1 2 J-D$351,000- - Dec 1 16-42
4<4s*13 J-D 81,000.-M ay 1 '17-’43 ($37,000 qulnquennially until 1933,
$39,000 until 1938.
4Ms’ 13 J-D 297,000.-Juno 1 ’ 16-’43 4Ms’08 M-N$100.000.................. 1938
Grade-Crossing A bolition.
($2 0 ,0 0 0 quinquennially.
4*4s’ 12 J-D $378,000-Dec 1 ’ 18-’42 4Ms’08 M -N$35,000---------- . . . 1938
Fire-Apparatus Bonds.
($6,000 quinquennially until 1933,
4Ms’ 12 J-D $108,000-Dec 1 ’ 16-’42
$ 1 1 , 0 0 0 until 1938.
4Ms'14
112,000.-M ar 1 '17-’44 4Ms’ U M-S $2 9 2 ,5 0 0 . Mar 1 ’ 17-’4l
Poor-Home Bonds.
Total o f o ld city o f /h'((s&-.$l 1,506,400
4!4s'12 J-D $432.000-Dec 1 ’ 16-’42
4M s’ 14 J-D 348,000-.Juuo 1 '16-’44 BONDS OF FORM ER C IT Y OF
ALLEGH ENY.
Bridge Bonds.
4s '08 J-I) $46,OOO-.Dec 1 ’ 16-’38 Street rc-paving bonds, pay
4S '08 J-D 184,000..D o c 1 ’ 16-’3S
able from assessments on
4M s’08 M -N 83.600_.May 1 ’ 17-’38
abutting property_______ $111,156
4s ’09 A-O 39,500--Apr 1 ’ 17-'39
North Side Fund. Bds.— 4s '09.
4j4s’ 10 J-D 785.000-.Dec 1 '16-’40 $171,000 — $35,000 quinquennially
4Ms’ 10 J-D 125,000..D ec 1 ’ 16-’44 until ’34, $31,000 until '39.
4Ms’ lO J-D 25 0,000..Dec 1 ’ 16-’40
Bonds.
4M s’ l l . . .
5 5 ,000 ..Apr 1 ’ 17-’41 4s C ity Park $60,000r.June 1 ’ 16-’35
’05 J-D
4 M s 'll . . .
25.000-.M ay 1 ’ 17-’41 4s ’06 F-A 7 ,3 0 0 c.A ug 1 '16-’36
4 K s’ 11 . . .
26,000.-Oct 1 ’ 16-’41
4 Ms’ 11 . . . 520,000..Dec 1 ’ 16-’41 4s F.lectric-Light Bonds.
’91 A-O$160,000r— Apr 1 1921
4J4s'12 . . .
26,000..Jan 1 ’ 17-’42 4s ’93 A-O 14,000r_ Oct 1 1923
_
4Ms’ 12 . . .
21 ,000 ..Mar 1 ’ 17-'23 4s ’94 J-J
“ '
86,000r_ July 1 1924
_
4M s’ 12 . . .
O.OOO-.Dcc 1 ’ 16-’21 3M»’01 A-O 58,OOOr__Oct 1 ’ 16-’31
4M s’ 12 . . . 115.000-.Dec 1 T0-'38 4s ’04 F-A 1 2 .0 0 0 r._Aug 1 '16-’ 18
Public-Safety Bonds.
4s ’06 A-O 14.000c.-Oct 1 ’ 16-’ 29
4Ms’0S M-NS22,000c.May 1 ’ 17-’38 4s ’07 A-O 51,000r._0ct 1 ’ 16-32
Street-Im provement Bonds.
P ublic-Safety Bonds.
4 s ’09 A-O $29,300-..A pr 1 17-39 JMs’01 A-O $48,OOOr.-Oct 1 ’ 16-'31
4s '09 A-O 1 1 ,500..Apr 1 17- 39 4s ’05 J-D 17.000r.June 1 ’ 16-’35
4M s’ 10 J-D 3 2 5 ,0 0 0 . . Dec 1 16-40
Street Improvement.
4 M s'll . . .
9 5 .0 0 0 .-M a r 1 ,17-41 4s '97 J-J $202,000rjan 1 '17-22-27
4}4s’ 11 . . .
3 6 ,0 0 0 . -Sopt 1 16-21 4s ’93 A-O 200.000r_._0ct 1 1923
- 11
4 Ms’ " . . . 429,OOO-.Dec 1 16-41 4s ’ 94 A-O 200,000r_ Apr 1 1924
_
1
4M s’ l l _
_ 234.000-.0ct 1 16-41 4s ’94 J-J 200.000r_-.july 1 1924
78,000 ..J an
17-42 4s ’95 J-J 100.000r.July 1 ’20&’25
4M s’ 12 . . .
6 8 ,0 0
1
4 Ms’ 12 J-D 3 8 ,0 0 0 . -Dec 1 ,16-32 4s ’95 J-J
70,000..Julyl ’20&’25
0 -.D o c
16-32
4Ms|12 J-D
2 ,000.-Dec 1 16-17 3Ms'01 A-O lSl.OOOr-.Odt 1 ’ 16-’31
4s ’05 J-D 336,000r.Juno 1 ’ 16-’35
4M s’ 12 J-D 189|000..Dec 1 ’ 16-’42 4s ’06 F-A 14.600r_.Aug 1 ’ 16-’36
4M s’ 13 - - 135,000.. Doc 1 ’ 16-’43 4s ’07 M -N 400.000c_.-M ay 1 1937
4M s’ 14 . .
40 ,000 ..M ay 1 ’ 17-’24
Highway Improvement,
4M s’ 15 M -N 8 7 ,000 ..May 1 ’ 17-’45
4MsT5 M -N 224.000-.M ay 1 ’ 17-’30 4s '95 J-J $100,000r.July 1 ’20&'25
Judgm ent Fund Bonds.
Public-Park Bonds.
4Ms’08M-N $56,000c.May 1 '17-’38 4s '04 J-J $272,000r..Jan 1 ’ 17-’33
Grade-Crossing Bonds.
4s ’08 M-N 45,000c.Nov 1 ’ 16-’ 18
4Ms’ 10 J-D 153,000..Dec 1 ’16-’ 10 4s '05 J-D $83,900r.June 1 16-’35
Sewer Bonds.
Dept, o f Cliarities I.oan.
$50,000r..July 1 1917
4 Ms’ 0 8 M -N $99,000c.May 1 ’ 17-’38 4s ’87 J-J
55 .000 r--.0ct 1 1923
FIrc-Fngine & Police-Sta. Bds. 4s ’93 A-O 100,000r_ Apr 1 1924
_
4 Ms’08M -N $ll 0,000c. May 1 ’ 17-’38 4s ’94 A-O
4s ’94 J-J 145,000r._.July 1 1924
Public-H ealth Bonds.
(33,OOOr_July 1 1920
4 Ms'0 8 M-N Sl9,400r.M ay 1 ’ 16-’38 4s ’95 J-J
\35,000r__July 1 1925
Incinerating-Plant Bonds.
4Ms’ 10 J-D S75.000-.Doc 1 ’ 16-’40 3Ms’01 A-O 33,000r__ Oct 116-’31
Pension Fund Bonds.
4 ^ n ^ J -D °$ 2 9 0 ’ OOO-.Dec 1 ’ 16-’40 4Ms'0S M -N $44,200..M ay 1 ’ 17-’38
4 Ms’ 11 . . . 1 8 2 ,OOO-.Dec 1 ’ 16-’41 43 Water Bonds.
_
’87 J-J $100,000r_ July 1 1917
4M s’ n d! " K$255n,006..M ar 1 |17-;41 Is ’S9 J-J 175,OOOr...July 1 1919
’95
1 1925
4 Ms’ 14 M-N2668,000 - -N ov 1 10-44 4s '95 J-D 210,OOOr...Juno 1 1924
Is
J-D 208,OOOr....Tune
Public-W orks Bonds.
4s '96 J-D j 6 6 ,OOOr--- July 1 1916
4M s’08M-N$154iOOOc.May 1 17-38
\136,OOOr. July 1 ’22&’26
Water Bonds.
,
,or.
4s '09 J-J $5 3 7 .0 0 0 . -Jan 1 17-39 3Ms’01 A-O 234,000r..O ct 1 ’ 16-’ 31
4s ’05 J-D 150,00()r-June 1 ’ 16-’35
4s '08 J-D 2 3 0 .0 0 0 - .p e c 1 16-38
4Ms'08M-N 4 4 1 .4 0 0 -.M a y 1 17-38 4s ’06 F-A 59.800r.Aug 1 ’ 16-’36
P ittsb.-A llegheny Funding Bds.
4s ’09 A-O 39,500--Apr 1 l ( - 3 9
4Ms'10 J-D 7 5 ,000--D ec 1 16-40 4Ms 08 M-N$386,000......... ...............
4 Ms’ 10 J-D 6 5 0 ,0 0 0 . -Dec 1 16- 40 ($77,000 quinquennially until 1933'
$78,000 until 1938.)
4M s’ 10 J-D 75,OOO-.Dec 1 16-40
A llegheny Funding Bonds.
4M s’ 10 J-D 1 5 0 ,000..D ec 1 16-40
4 Ms’ 10 J-D 70 0,00 0..Dec 1 '16-40 4Ms’ l l . . . $340,000..Mar 1 ’ 17-’41
R efunding Water Bonds.
4 Ms’ l l J-D 858,000.-Dec 1 ’ 16-’41
4 Ms 11 J-D 16 ,000 ..Dec 1 ’ 16-’31 4s ’93 J-J $100,OOOr...Oct 1 1923
C ity Home Bonds.
4 Ms; 12 J-J 156,300.-Jan 1 ’ 17-’42
4Ms 12 J-D 1,377,000..Dec 1 ’ 16-’42 3Ms’01 A-O ($18,OOOr_Oct 1 '16-'21
1 40,OOOr..Oct 1 '22-'31
4M s;i 4 290,000..Sept 1 '16-'44
, W-‘ terI' ,T,2 !'V 1),'rchase Bonds. 4s ’05 J-D 17,OOOr.Juno 1 ’ 16-’35
4s '09 J-Jx$l,514,400. Jan 1 ’ 17-’39 Total fo r m e r city o f A l le g 'y _ $ 5 , 917,056
x'these bonds were Issued to pay
for plant or Monongahela Water Co., SUNDRY BOROUGH IN D E B T 
EDNESS.
purchased by the city.
E llio t t B o ro u g h .
Hospital Bonds.
4Ms’ 10 J-D $200,000.Dec 1 ’ 16-’36 4 s ’00 . . . $15,000.-Juno 1 '20-'30
($5,000 evory 6 years.)
4 Ms’ 1 2 J-D 81 ,000 ..Dec 1 ’ l6-'42
4Ms’03 . . . $27,000.-Juno 1 '16-’31
City-Hall Bonds.
E s p le n B o ro u g h .
4 Ms’ 10 J-1>$1.250,000-Doc 1 ’ 16-'40
4s '00 . . . ($7,500____Aug 1 1930
Filtration Bonds.
\ 7,000----- Aug 1 1920
4Ms’08 M-N$550.000.May 1 '17-’38
iU
T o ta l f o r G reater C it y ------$20,110,200 4s P'10s b u r g h -E sp lc n Ju d g m e n t. ____
...
$3,750__________
DEBT OF OLD CITY OF P IT T 8 ($1,250 each 5 years until 1930.)
b u r g ii.
B cech view B o ro u g h .
4M s'06 . . .
$5 ,000 ..-Aug 15 1921
4s 'o 5 tCM-NS 60*1 ,0O0c&r..M«y 1 '25 4Ms 08 . . .
14,000.._May26 1938
($200,000 payable trlenn ally.)
M o n lo o th B o ro u g h .
4« '06 J-J 350,600c&r_ July 1 17-36 os ’04 . . .
$7,500____Aug 1 1924




2095

THE CHRONICLE

loan of 1910 int. is payable at Pitts
P ittsbu rgh -V Iontooth F u n d in g .
4Ms’08 . . . $25.000---------- ----------- burgh Trust Co.
Summary of Bonded Debt—
($5,000 each 5 years until 1938.)
M a y 31 ’ 16. Oct. 2 '15.
S h e ra d e n B o ro u g h .
s
s
5s '95 . . .
$500____Aug 1 1916
Gross amount 37,991.906 38,615,506
6 .0 0 0 .
. Aug1 ’ 16-’ 21
4s '98 . . .
8,000..Aug 1 ’22-’ 25 Amt. carried
6.000.
-Aug 1’26-’27 in sink. f d . . 5,298,306 8,616.763
4 s '01 —
135,000_____ Nov 1921
40,000_____ Nov 1931 Net bond d ’t.32,693,600 29,998,743
4Ms'04 . . . 140.000— .1924 & 1929 Assessed val. of real and
personal property for
125,000...................1934
purposes of taxation,
5s ’07 . . .
8 5 .0 0 0 _ .N o v 1 '17-'37
1915-1916__________ $782,563,920
($17,000 e v e r y 5 years.)
7% constitutional limit
P itls b u rg h -S h e ra d e n F u n d in g .
of indebtedness_____ 54,779,474
4Ms'10 —
$86.800------($17,800 every 5 years until 1928, Net bonded debt (as
above)......................... 32.693,600
$17,600, 1933 to 1938.)
4s ’ 10 . . . $14,200.........................
($2,800 every 5 years until 1930. Margin of credit for ad
ditional borrowing_ S22.085.874
_
$2,900, 1935 to 1940.)
T o t a l f o r a l l b o r o u g h s — $458,250 Floating debt on M ay 31
1916............................. $1,410,233
INT. on bonds of old city of Pitts
POPULATION.— In 1910 popu
burgh payable at City Treas. office in
Pittsburgh and Colonial Trust Co.. lation was 533,905; in 1900 it was
Pittsburgh, and at Pittsburgh Trust 321,616; in 1890 it was 238,617: in
Co.; on bonds of old city of Allegheny 1880, 156.389; in 1870,86.076. On
int. is payable in Allegheny and at Dec. 311915 population of “ Greater
office of T . Whelen & Co. in Phila.; tdttsburgh” was estimated by the
on Greater Pittsburgh miscellaneous Dept, of Health to be 579,190
Roseburg, Douglas County, Ore.— Result of Charier
Election.— Reports stato that the election held M a y 22

resulted in a vote of 557 to 94 in favor of amending the city
charter so that the proposed Rosoburg & Eastern R R . may
be built by the city with the bond issue of 8300,000 author
ized June 3 1915. See “ Chronicle” of M a y G, page 1735.

Taylor County (P. O. Campbellsville), Ky.— Debt Long
in Litigation to be Paid. — Judge Walter Evans of the U . S.
D ist. Court on M a y 29, granted an extension of a writ of man
damus issued several years ago in favor of representatives of
holders of about 825,000 unpaid refunding railroad bonds
put out more than thirty years ago— V . 97, p. 902. This
ruling now makes it possible, it is said, for the bondholders
to collect their claims. The Louisville “ Courier-Journal”
of M a y 30, in referring to the Court’s action, says:

Tho original mandamus was never heeded by tho Taylor County officials,
who took it upon themselves to appoint a tax collector for each separate item
levied, tho collector resigning in each instance before qualifying.
By tho action taken yesterday, it will be impossible for Taylor County
to collect other county taxes without including the indebtedness for the
unpaid bonds in tho levy, as Judge Evans amended the mandamus so that
tho dobt shall figure in tho county taxes on a pro rata basis with the other
items of taxation, with the exception that the mandamus excludes the
5% of tho tax which is levied for Stato roads and also the tax for State
schools, tho county tax for roads and schools being included.
Under the ruling, with the debt sharing tho tax collections on a pro rata
basis, it will bo possiblo for Taylor County to clear itself of the burden
within a period of throe years.
Tho judgment was also formulated so that tho order to collect taxes to be
applied to tho mandamus as well as other county expense items also would
hold good fo- tax collectors during tho years to come until the debt was
clear, and not to be applied only by the tax collector for the present year.

Bond Calls and Redemptions.
San Juan, Porto Rico.— Bond Call.— Under ordinance of
the Municipal Council, the city of San Juan, P. R ., will re
deem at par on and after July i 191G, at the office of Muller,
Schall & C o., 45 William S t., N . Y . City, 814,000 of its 6 %
bonds of 1902, N os. 524 to 537, inclusive. Interest on said
bonds will cease on July 1 191G.
Spokane, Wash.— Bond Call.— Tho following special im
provement bonds have been called for payment at the City
Treasurer’s office:
ON M A Y 15.

N am e—

N o . b o nd s c a lle d
D is t . u p to & in c lu d .

Paving.
A lle y _________ 1070
Oiivo Ave___
679
Grade.
Ash St_______ 523
Cedar St_____ 399
Freya St_____ 907
Lacy St______ 509
20th A ve_____ 277

2

62
8
12

15
24
28

N am e—

N o . b o nd s c a lle d
D is t . u p to & i n c lu d .

W ater Main.
Calispel St___ W 95
Howard St___ W 96
Washington St.WlOO
Sower.
Third W ard.. .
4
Walk.
Dean A ve___ 1063

4
3
2
37
3

ON JUNE 1.
Paving.
A lle y ________ 676
A llo y ________ 677
Division S t . . . 762
Indiana A v e .. T49
Lincoln St____ 709
Main Ave____ 976
2
Sprague A v e ..
3
2d & 5th Ward
7th Ave______1057
Grade.
_ 1061
Addison St_
Columbus St. _ 602
Empire A ve_
_ 934
Euclid Avo_ 1062
_
Euclid Ave_
_ 960
8 th Avo______ 1051
Fairview Avo. 789
4th Avo______ 920
5th Avo______ 919
4th Ave______ 994
14th Avo_____ 1032
llartson A v e .. 468
Ilartson A v e .. 623
Kiernan A v e .. 582
Lancaster A ve. 440
Morton A v e .. 583
Maple St_____ 936
Alloy

Pavement.
____203
G rad e.

Astor Street____996
Columbus St____806
Crown Ave____ 1003
Division St_____ 567
Denver St........... 723
5th Avenue_____ 137
1st Avenue_____ 287
F Street________ 998
Gordon Ave___ 1000
Glass Avo_____ 1060
Lamont St______ 351
Lamont St______ 791
Madison St_____ 227

4
6
10

3
7

2
12
6

4
4
3
13
46
16
10
8

7

Grade.— (C o n tin u e d )
Rosmond and
10th A v e ... 1056
7th Ave........... 434
Sinto Ave___
611
2d Ave________ 708
7th Ave______1058
34th Ave_____ 513
10th Ave_____ 818
Wabash St___
796
W aitonAve_
_ 798
Walk.
11th Ave. ___ 10 0 2
5
14th Ave. ___ 1029
3
Gordon A v o .. 1072
4
28th Ave. ----- 558
14
27th A ve. ___
559
12
26th Ave. ___
562
1 L
12th A ve. ___
795
5
W ater Main.
Stevens St ___ W 99
3
Sewer.
A lle y ___ ----- 577
9
Alley - . . ___ 1091
2
5tli Ward. ___
58
9
Grant St. ___
821
11
2d A v e_ ___
_
432
13
JUNE 15.
MontgomeryAv. 420
Rich Ave______892
12th Ave______ 47
22nd Ave______372
29th Ave______548
33rd Avo______661
31st Ave______932
23rd Ave______955
York Ave______374
Walk
Division St___ 820
F S t . . ................. 999
Mallon A v e --.S0383’
Main Ave_____851
Nora Ave______ 943

19
29
38
31
22

7

12

5
23
7
8
6

13
4

2096

THE

C H R O N IC L E

U n io n C o u n ty (P. O. U n io n ), So. C aro .— Bond Call —
Payment will be made on July 1 at the County Treasurer’s
office, of refunding bonds N os. 13 to 22 inch, for $1,000
each, issued Jan. 1 1895. Int. will cease on said bonds after
July 1 1916.
The official notice of this bond call will be found among the
advertisements elsewhere in this Department.

B o n d P ro p o sa ls and N egotiation s this week
have been as follows:
ADA COUNTY (P. O. Boise City), Idaho.— B O N D S A L E . — Tho fol
lowing are the bids received for the $200,000 14 -year aver, coupon road
and bridge-construction bonds offered on M ay 22 at not exceeding 6% int.
— v . 102, p. 1825:
R onk G.ra! 'f A ,C o-’ C hicago-F irst proposition: §100,000 at 4M % , §100,
000 at 4 H % ; premium $210. Second proposition, $200,000 at 5% :
premium §8 510. Third proposition, $200,000 at 4>S%; less §1,900.
Til otson & Wolcott Co., Cleveland— 4 U % , premium §3,320.
Ka'man Matteson & W ood, Minneapolis— $200,000 at 4 ) 4 % , premium
bonds’ free
% and *§100,000 at 4 ) 4 % , premium $100,
Lumberman's Trust C o., Portland— 4 ) 4 %, premium §2,360.
f y Sutherlm & C o., Kansas City— 5% , premium §5,105: 4M % , premium
§1,755; bonds free.
Sweet, Causey, Foster Co., Denver— 5% , premium §8,817: free bonds.
Carstens & Earle, Inc., Seattle— 4 ) 4 % , premium §1.280.
Harris I rust & Savings Bank, Chicago— 4 'A % \ premium §1,281.
l a r ner Bond & Mtgo. C o., Salt Lake City— 5% , premium §7,128: 2d,
, 4 H % , premium §2,406; 3d, 4 ) 4 % , less §2,358.
James N . Wright & Co., Denver— 5% , premium, §6,080.
E. II. Rollins & Sons. Denver— 5% , premium §7,565.
SI<io eL ,? pl% e£ * C o a Toledo— 5% , premium $8,340; 4 H % , premium
,.
§2,660; 4 ) 4 % , §1,460 discount.
Union Trust & Savings Bank, Spokane— 4 ) 4 % , promium §720.
Morris Bros. C o., Portland— 5% , premium §7,500.
Boise City Nat. Bank— 4 1 4 % Hat; County furnish bonds; 5% §10,000 prem.
* Reports state that these bids were acceptod.
ALLIANCE CITY SCHOOL DISTRICT (P. O. Alliance), Stark and
Mahoning Counties, Ohio.— B O N D O F F E R I N G . — Bids will bo received

until 12 m. June 15 by James II. Anderson, Clerk o f Bd. o f Ed., for §100 000
5% 10K-yr. aver, school bonds. Auth. Secs. 7629 and 7630, Gen. Codo
and election held Apr. 25. Dato Juno 15 1916. Int. J. & D. Duo §5 000
yearly from 1917 to 1936 incl. Cert, check on an Allianco bank for SI 000
required. Purchaser to pay accrued interest.

AMSTERDAM, Montgomery County, N. Y.— B O N D S

A U T H O R IZ E D

— This city has been given authority by tho Stato Legislature to issue bonds
not to exceed $75,000 for the paving o f Guy Park Avo. Int. not to exceed
4 ) 4 % , payable semi-annually. Duo not moro than §12,000 yearly for
4 years from dato of issue and balanco in 5 years.
t»£ RN£.4 RU.? P EI'

COUNTY (P. O. Annapolis), Md.— B O N D

O FFER-

I N G . — B id B will bo opened at 12 m. Juno 23 by the School Commissioners
Sam Garner, County Superintendent, for tho following 5% coupon tax-free
school bonds:
$20,000 bonds. Denom. §1,000. Int. M . & N. Due §4,000 in 5 10
15, 20 and 25 years after date.
12.000 bonds. Denom. not less than §100 nor moro than §1,000. Dato
M ay 1 1916. Int. J. & J. Duo §2,000 in 5, 10, 15, 20, 25 and
30 years from date.
6,000 bonds. Denom. §300. Date June 1 1916. Int. J. & D . Duo
§1,500 in 5, 10, 15 and 20 years after date.
10.000 bonds. Denom. §500. Date June 1 1916. Int. J. & D . Duo
$2,000 in 5, 10, 15, 20 and 25 years from dato.

estimated, ^ 0 0 0 , 0 0 0 ^ ’ ^

SinWng fUnd’ ?315’215:

taXabl° basls’

ANSONIA VILLAGE SCHOOL DISTRICT (P. O. Ansonla), Darke
County, Ohio.— B O N D O F F E R I N G . — Bids will bo received until 1 p m

Juno 10 by J. C. Poling, Clerk o f Bd. o f E d., for §35,000 5% 13-year aver,
coupon site-purchase, constr. and equip, bonds. Auth. Secs. 7625, 7626
and 7627, Gen. Codo. Denom. §500. Dato day of sale. Prin. and semiann. int. payable at depository o f Bd. o f Ed. in Ansonia. Duo yearly on
June 1° as follows: §500 1917 to 1921 Incl., §1,500 1922 to 1936 incl. and
§2,000 1937 to 1941 incl. Cert, check for 5% of bonds bid for, payable to
tho Dist. Treas., required. Bonds to bo delivered and paid for within 10
days from time o f award. Purchaser to pay accrued int.

ANTHON,

Woodbury County Iowa.— B O N D

E L E C T IO N

PRO

P O S E D . — Tho question of issuing §20,000 municipal electric-light-plan
bonds will be submitted to a vote, it is stated, in the near future.

ARCADIA, De Soto County, Fla.— B O N D

E L E C T I O N P R O P O S E D .—

Reports state that an election will bo held in tho near futuro to voto on the
question o f issuing §100,000 street-lmpt., water and sewer-systems-oxt. and
city-hail-erectlon bonds.

ASHTABULA COUNTY (P. O. Jefforson), Ohio.— B O N D

I N G .— P

O FFER

............
• • ----—
~ Clerk of
§35,500
_______ ____
1917 to 1924 incl. and $7,500 Oct. I 1925.
25.000 Andover N oi'li No. 1 road bonds. Duo §2,500 yrly. on Oct 1
_
from 1917 to 1924 inch and §5,000 Oct. 1 1925.
Denom. 3500. Dato April 1 1916. Int. A. & O. at tho Co. Treas. office.
Cert, check for §500, payable to tho Co. Treas., required, with each issue.’
Bonds to be delivered and paid for within 10 days from timo o f award.
Purchaser to pay accrued intorest.
Official circular states that there Is no litigation pending or threatened on
any bond issues, nor in connection with official title o f any present county
official, and that no default has ever been made on any bond or interest
obligations o f tho county. Assessed valuo, §96,124,474. Total bonded
debt, §886,500; sinking fund, §81,905.
ATHENS, Clarke County, Ga.— B O N D S A L E . — O n M ay 18 tho
$40,000 water-works bonds which were voted April 29 (V. 102, p 1644)
were awarded to the National Bank of Athens at 102.25 plus exponso of
engraving bonds, it is reported.

AUDUBON INDEPENDENT SCHOOL DISTRICT (P. O. Audubon).

Audubon County, Iowa.— B O N D S V O T E D . — At tho election held in this
district on M ay 29 tho proposition to issue §15,000 building and equipment
bonds carried by a vote of 94 to 15.— V. 102, p. 2005.
AUGUSTA, Ga .— B O N D S A L E — On M ay 25 the §45,000 4 ) 4 % 30-year
coupon (with privilege o f registration as to principal, or both principal and
interest) refunding bonds (V. 102, p. 1915) wero awarded to John W.
Dickey o f Augusta at 104.023. Other bids were:
Security Tr. Co., Spartansb.§46,167 Robinson-IIumphroy-WardW . M . Davis & Co., Macon .145,999
law Co., Atlanta.................§45,606
J. C. Mayer & C o., C Incin../
Citizens’ N. Bk.,Frost’g,Md_ 45,297
T . D . Carey, Augusta______ 45,893 J. II. Hilsman & Co..Atlanta. 45,186
BAKERSFIELD, K ern C ounty, Cal.— B O N D E L E C T I O N .— Reports
state that an election will bo held June 6 to voto on tho question o f issuing
§150,000 5% 40-yr. serial park bonds.
BALDWIN COUNTY (P. O. Bay M inette), Ala.— B O N D S O F F E R E D
B Y B A N K E R S .— Sidney Spltzer & Co. of N. Y. aro offering to investors
the §200,000 internal road-improvement and §55,000 Tensas River Delta
highway-construction 5% bonds— V. 102, p. 541. Denom. §1,000. Int.
A. & O. Duo April 1 1943. Total bonded debt, this issuo, §255 000
Assessed valuation, $8,000,000.
’
BARNESVILLE, Clay C ounty, M inn.— B O N D S V O T E D .— Tho ques
tion of issuing tho §10,000 25-year city-hospital-improvcment bonds__V
102, p. 2005— carried by a vote o f 106 to 49 at tho election hold M ay 29. ’
BAY C IT Y, Tillam ook C ounty, Ore.— B O N D S A L E .— On M ay 18
theSl,485 81 6% street-improvement bonds (V. 102, p. 1826) weroawarded
to tho Portland Trust Co. of Portland at par and interest. ’There wero
no other bids.




[Vol. 102

_ m , v m Ce e l £ T 0 ^ NSHl P (P’ ° ’ Palmer), Christian C ounty, Ills.
— At an election held M ay 20 this township voted in
favor of tho issuance of §5.000 bonds, it is stated.
BELL C pU N T Y (P. O. Pineville), Ky.— B O N D S V O T E D . — The
question of issuing the §150,000 road and bridge-building bonds carried
at tho election held M ay 13, it Is stated.— V. 102, p. 1179.
BELLEVILLE SCHOOL DISTR IC T (P. O. Belleville), Essex
C ounty, N. 3 . — B O N D O F F E R I N G .— Proposals will bo received until
okV/
m‘ *
*une
by James J. Turner, District Clerk, for $4h000 5%
z )vb-voar JLvera.trft rniinnn /'rncvIct-oroKlrt
f^
i\
---- i___
1

1930 and $3,000 yearly on July 1 from 1931 to 1943, inclusive.’ Certified
check upon an incorporated bank or trust com pany for 2% o f bonds bid
for, payable to I’ red P . Fackreil, Custodian o f School M on oys, required.
Purchaser to p ay accrued interest. T ho U. S. M tge. & Trust C o . will
certify as to tho genuineness o f the signatures o f tho officials executing tho
bonds ami the seal impressed thereon, and their legality will be approved
b y Hawkins, Delafield & Longfellow o f N . Y ., whoso opinion will bo
furnished purchaser. Bonded debt (excluding this issue), §316,400; no
floating debt. Assessed value 1915, §7,872,678; actual (cst.), §9,700,000.
B E L M O N T G R A D E D S C H O O L D I S T R I C T (P . O . B e l m o n t ) , G a s t o n
C o u n ty , N o. C a ro.
— S id n e y S p i t z e r

B N SO F R DBYB N E S
O D FEE
A KR.

°T
,'I’V a r° Vf f r r m ? , t o in v e s t o r s § 2 0 , 0 0 0 5 %
?

S

l

$v i u ? a t i o n

§ 1 3 3 f ,0 0 0 .

J a n ’ 1 1946’

school bon ds.

B ° n d cd d ° bt $ 2 5 ’0 0 0 ’

B E N S O N S C H O O L D I S T R I C T (P . O . B e n s o n ) , D o u g la s C o u n t v
N eb.
On M a y 18 the §47,000 5 % 30-ycar coupon building

B N S L .—
OD AE

/Tn,dlV o\ er0 /awarded to Schanko & C o. o f M ason C ity for $49,051
(104.363) and int. D onom . §500. D ate July 1 1916. Int. J.
J. at tho
Nebraska fiscal agency.

&

C O U N T Y (P . O . M o n c k ’ s C o r n e r ) , S o . C a r o .—

O F R D T IN E T R .— Sidney
FEE O V SOS

BNS
OD

Spitzer & C o. o f N . Y . aro offering
to investors $30,000 5 % funding bonds. Denom . §1,000. Int. M . & S.
Duo M arch 1 1936. T otal bonded debt, this issuo, §30,000. Assessed
valuation, §4,310,000.
BEXAR COUNTY

C O M M O N S C H O O L D I S T R I C T N O . 27 (P . O .

BN EET N
O D L C IO .

V o n O r m y ), T e x . —■
— R eports stato that an election
will bo held Juno 10 to voto on tho question o f issuing $7,000 5 % school
building bonds.

BN EET N
O D L C IO .—

B IR M IN G H A M , A la .—
Local papers state that
an election will be he4d June 5 to vote on the questions o f issuing §500 000
auditorium , §500,000 municipal light-plant-construction and §2,000 000
public school-construction and improvem ent
bonds.
B L A C K S T O N E , N o t t o w a y C o u n t y , V a .—
— On M a y 29
the $25,000 20-34-year (op t.) water-works-system -im nrovement bonds
(V . 102, p. 1826) were awarded to Rumpus & C o. o f D etroit at oar for
5 Ms. T he following bids wero for 6 % bonds:
J. O. M ayer & C o ., C in ..§26,770 00 Win. It.ComptonCo.,St.L.$20,032 50
"
H .C .Specr& SonsOo.,Chio. 26.550 00 Hanchett Bond C o., Chic. 20,017 50
Davies-Bertram C o ., C in . 26,505 00 Powell,Garard&Co.,C hic. 25,927 00
W eil, R oth & C o ., C in cin . 26,412 50 F. L. Fuller Co.. C lo v e ... 25,882 00
C . W . M e Ncar& C o..C h ic 20,410 00 Richmond Tr. & Sav. C o.125.875 00
Stacy & Braun, T o le d o ___ 20,315 00
and J. M . Harris, R ich.)
John N uveen & C o ., C h ic. 26,305 00 W.L.Slayton & Co., T o l.. 25,817 00
Spitzer, R orlck& C o .,T o l. 20,282 50 F.E.Notting&Co.,Richm_ 25,572 00
R. M . Grant & C o ., C h ic. 26,140 00 Cummings, Prudden&Co.,
F . C . Hoehler, T o le d o____ 26,132 50
T o le d o ......................
25,537 00

4)4%
,
BN SL.
OD AE

DukoM.Farson&Co.,Cliic. 25,130 00
BLAD ENBO RO H IG H SCH O O L D IS T R IC T (P. O. Bladenboro)
Bladen County, No. Caro.— B O N D S V O T E D .— I t is stated that this
district recently voted §20,000 farm-school bonds.
B LO U N T C O U N T Y (P. O. Maryville), Tenn.— B O N D O F F E R I N G . —
Proposals will bo received until June 15 by Geo. D. Roberts, Chairman of
Finance Committee, it is stated, for §200,000 road bonds.
B L U E E A R T H , Faribault County, Minn.— P R I C E P A I D F O R
B O N D S .— 'Tho price paid for tho §15,000 4 ) 4 % olectric-Iight-plant-ext.
bonds awarded at private salo on April 10 to Wells & Dickey Co. of Minne
apolis— V. 102, p. 1736— was par. Denom. §1,000. Dato M ay 1 1916
Int. M . & N. Due $1,000 M ay 1 1926 and $2,000 yearly M ay 1 from
1927 to 1933 incl.
B O LIV A R SCHOOL TO W N SH IP (P. O. Otterbeln), Benton
County, Ind.— B O N D O F F E R I N G . — It is stated that bids will bo received
until 10 a. m. June 10 by Geo. W. Holder, Township Trusteo, for an issue
o f §12,000 school bonds.
BO STO N, Mass.— B O N D S A L E . —-On Juno 1 the 12 Issues of 4% reg.
tax-free bonds aggregating $4,123,000, wero awarded, roports stato to
R. L. Day & Co., Estabrook & Co. and Harris, Forbes & Co., Inc. jointly
all of Boston at 100.91 and int.— V. 102, p. 2005. Other bidders wereWilliam A. Read & C o., Boston__________________________
100 67
E. II. Rollins & Sons and Lee, Iiigginson & Co.. Boston
100 549
Merrill, Oldham & Co., Blodget Sc C o . , Curtis Sc Sanger and
too 438
Blake Bros. & Co., Boston_____________
John C. F. Slayton...................... ....... ..................... ..........I .par'for'$40,000
T E M P O R A R Y L O A N . — During tho month of May this city negotiated
a loan of 52,000,000 dated M ay 16 1910 and maturing Nov. 1 1916 at
2 7-10% int. to follow.
BO W IE C O U N TY (P. O. Boston), T o x . — B O N D S V O T E D . — Tho
proposition to issue §12,000 road bonds carried, It is stated, by a voto of
114 to 8 at an election held in Road District No. 2 on M ay 16.
B R EV A R D C O U N T Y (P. O. Titusville), F la .— B O N D E L E C T I O N
P R O P O S E D . — An election will bo held in Special Road & Bridge Dist
No. 2 somo time in Juno to voto on tho proposition to Issuo $40,000 Indian
River bridgo bonds.
■,
■
■
B R O O K H AVEN (Town) UNION F R E E SCHOOL D IS T R IC T
NO. 24 (P. O. Patchogue), Suffolk County, N. Y .— B O N D S A U L — O n
M ay 31 the §15,200 sito-purchaso bonds— V. 102, p. 2006— wore awarded
to tho Riverhead Savs. Bank of Riverliead at par and int. for 4 20s. Thero
wero 5 other bidders.
B R O O K SV ILLE, Noxubee County, Miss.— B O N D O F F E R I N G . —
Sealed bids will bo received until 6 p. m. Juno 6 by E. M Chllcoat, Town
Clerk, for tho §10,000 6% 20-yr. schooi-bldg. bonds voted M ay 5 (V. 102
p. 1915). Cert, check for 5% of bonds bid for required
BROW ARD C O U N T Y (P. O. Fort Lauderdale), F la .— B O N D S A L E .
— On May 25 tho §175,000 6% coup. Special Road Sc Bridgo Dist. No. 2
bonds— V. 102, p. 1826— wero awarded to F. L. Fuller Sc Co. of Cleveland
and G. B. Sawyers of Jacksonville for §175,500— 100.285— and int.
BUFFALO, N. Y .— B O N D S A L E . — During tho month o f M ay tho “ Sink,
ing Funds” purchased at par tho following 4% grade and impt. bonds
dated May 1 1916: $30,,580 15 duo Sept. 1 1916 and §24,038 68 duo serially
M ay 1 from 1917 to 1926.
CADDO P A R ISH SCHOOL D IS T R IC T NO. 1 (P. O. Shreveport)
L a .— B O N D S A L E . — On M ay 23 tho §150,000 5% coupon building bonds
— V. 102, p. 1736— wero awarded at public auction to tho Hibernia Bank &
Trust Co. of New Orleans for §155,365— 103.576— and int. Purchaser to
pay cost of printing bonds and attorney fees. Some of tho other bids wereBooth Furnituro Co.,Shrev.§155,355 Powell. Garard & Co.,Cldc §154 920
C. W. McNear& Co., Chic. 155,285 ----- *
....... c,u~
’ ’
Kauffman, Smith, Emert
Inv. C o., Chicago_______ 154,900
.
_ ___
_
Tho Shroveport “ Journal” of M ay 24 states that, though the Hibernia
Bank & Trust Co. was nominally and officially known in tho transcation
at the bidding on M ay 23, it is announced tiiat tho First Nat. Bank of
Shreveport takes half of tho bonds, tho bidder really having represented
tho New Orleans and Shroveport banks jointly.
C A L D W E L L IR R IG A T IO N D IS T R IC T (P. O. Caldwell), Canyon
County, Idaho.— B I D S R E J E C T E D .— All bids received for the §20,000
6% 20-year registered tax-free irrigation-system-improvement bonds
offered on M ay 27 (V. 102, p. 1826) wero rejected.
C APE M A Y C O U N T Y (P. O. Sea Isle C ity), N. J .— B O N D O F F E R I N G .
— F. W. Fowkes, Clerk Board of Freeholders, will consider bids at 11 a.m.
Juno 6 for §109,000 5% road bonds, it is stated. Int. soml-ann. Cert,
check for 2% required.

THT5

June 3 1916.]

CEDAR RAPIDS, Linn County, Iowa.— B O N D S A L E . On M ay 26
thn g io o 000 OU-vcar aver. coupon tax-free refunding bonds— V. 102, p.
I g i ^ e r o awarded to t o . M . Bechtel & Co. o f Davenport at 98.45
g r f r G ^ 5 r .“

l ? o a % t 5 2 S | A . B . Leach & Co.. Chicago. 98.111

It “ I GVant & C o -- - ..........100.267 Mississippi Valley Trust Co.,
Curtis & Sanger Chicago_ 100.19
_
St. L ouis.----------- ----------- 99.50
Geo M Bechtel’& Co., O av. 100.187 Security Savings Bank-- — - 99.725
* This bid was not considered for tile reason that the bidder failed to
sign proposal.
C E D A R V IL L E , Greene C ounty, O hio.— B O N D O F F E R I N G . — Pro•osalswiU 1 received .... J. W . Johnson, aVil. Clerk, until Q’cncc June 14
12 m. hnnda
lU C to V bo. .
Ok
✓ by .........._... ...... ..
f .. : C*
JL
1920 to 1927 lncl. Cert, check for 4% of bonds bid for, payable to the Vil
Treas., required. Bonds to bo delivered and paid for within 10 days from
time of award. Purchaser to pay accrued interest. Successful bidder to
furnish at own exponso tlio necessary bonds, subject to the approval of
the Villago Attorney.
C E N T E R S C H O O L D I S T R I C T (P . O . C e n t e r ) , R o l l s C o u n t y , M o .—

B O N D S V O T E D .— B y a vote o f 101 to 10 tho question o f issuing $13,400
building bonds carried, it is stated, at an election held May lo.
C H E H A L I S S C H O O L D I S T R I C T (P . O . C h e h a l is ) , L e w is C o u n t y ,

W a s h . — B O N D E L E C T I O N Local papers state that an election will be
held to-day (June 3) to vote on tho question of issuing funding bonus.
CHESNEE SCHOOL DISTRICT NO. 94 (P. O. Chesnee), Spartan
bu rg and Cherokee Counties, S. C.—-B O N D S A L E .— On Juno 1 $5,000
6% 30-year building-impt. bonds were sold at private sale to YV. 8 . Glenn o f
Spartanburg at par. Denom. $1,000. Dato Juno 1 1916. Int. J. & D .
r m r A n o T il__ B O N D E L E C T I O N .— Reports stato that at tho June 5
e u S t o n SroTOsitions proWdiig for the issuance o f $5,100,000 bridge and
$ 3 J 50?0^0°s^rect-llglitingVbonds will bo submitted to tho voters.
PT A R K

D IS T R IC T

SCH O OL

D IS T R IC T

(P .

O.

C O U D ER A Y, Sawyer County, W is.— B O N D S A L E . —This town has
sold at par, it is stated, an issue of $5,000 6% road-building bonds recently
voted. Duo $1,000 yearly.
CO VIN GTO N , Tipton C ounty, T en n .— B O N D S V O T E D . — By a vote
o f 168 to 130 tho question of issuing $25,000 6% school bonds carried, it is
stated, at an election held M ay 15.
C RAN STO N , Providence County, R. I .— B O N D S A U T H O R I Z E D . —
Tho City Council on May 19 authorized tho issuance of $40,000 school
bonds, it Is reported.
CRAW FO R D C O U N T Y (P. O. English), Ind. B O N D O F F E R I N G .—
A. II. Flanigan, Co. Treas., will receive bids until 2 p. m. Juno 5 for $7,850
4)4 % 5 2-3-yr. average Jesse J. Conrad et al. road bonds in Jennings Ti,vp.
Denom. $392 50. Date June 5 1916. Int. M . & N. Due $392 50 each
six months from M ay 15 1917 to Nov. 15 1926 incl.
C R AW FO R D C O U N T Y (P. O. Bucyrus), Ohio — B O N D S A L E . — On
M ay 22 tho $25,000 5% 3Ji-yr. average road bondsr-V. 102, p. 1737—
were awarded to tho Security Savs. Bank & Tr. Co. o f Toledo at 101.94
and int.— a basis of about 4.60% . Othor bidders were:
Breed, Elliott& Harrison, Ind.$25,4S0 Hayden.Miller & Co. Cl. $25,402 50
Fifth-Third Nat. Bank, C in. 25,465 Prov.S.B.&Tr.Co., Cin
-.$25,380
Seasongood& Mayer,C i n ... 25,450 Sidney Spitzcr & C o., T o l.. . 25,375
. 25,375
Stacy & Braun, Toledo......... 25,410 J. C. Mayer & C o., Cm
Cummings, Prudden & Co.,
Spitzer Ronck & Co., T o l.. 25,302
Toledoo ....... ..........................t o .
______ 25.403 First Nat. Bank, C o. f T ol__ 25,298
w L slayton & Bucyrus.. 25.132
x o ie a
DENMARK. B rown C ounty, W is.— B O N D O F F E R I N G . — Proposals
will bo received until 4 p. m. Juno 6 by Geo. II. Rathke, Vil. Clerk, for the
following 5 } 4 % coupon bonds (V. 102, p. 1826):
„
...
$15,000 water-works bonds. Due $1,000 yrly. April 1 from 1922 to 1936

C la r k s b u r g ),

H nrrknn C ouiitv W. V a . — B O N D E L E C T I O N . — Reports state that tho
proposition to issue $4 3 ,0 0 0 school bonds w ill be submitted to the voters on
June 6.
C L E V E L A N D , B o liv a r C o u n t y , T e n n .— B O N D O F F E R I N G .— P ro
p o s a ls w ill b e rec e iv e d u n til 7 p . m . J u n o 6 b y L . M . G u y n e s , T o w n C le r k ,
th e fo llo w in g 6 % b on d s:

$14 000 street-paving bonds. Duo $2,500 Apr. 15 1917 and 1918; $3,000
Apr. 15 1919, 1920 and 1921.
12 000 school-bldg.-impt. bonds. Duo Apr. 15 1936.
6 000 watcr-works-plant-impt. bonds. Duo Apr. 15 1936.
l ’()00 Jones Bayou brldge-constr. bonds. Due Apr. 15 1936.
Date Juno 6 1916. Int. ann. on Apr. 15. Cert, check for 2)4% o f
amount o f bid required.
C L E V E L A N D H E I G H T S S C H O O L D I S T R I C T (P . O . C l e v e l a n d ) ,

C u v a h o g a C o u n t y , O h i o . — B O N D E L E C T I O N . — According to reports,
an election will bo held to-day (Juno 3) to vote on tho question o f issuing
$429,000 school-impt. bonds.
CLOVIS, Curry C ounty, N. Mex.— B O N D S A L E . —Un M ay 29 tho
$35 000 5% 20-30-year opt. coupon water-works bonds— V. 102, p. 2006—
were awarded to tho Lumbermen's Trust Co. of San Francisco for $35,906
__ 1 0 2 588— and accrued interest. Other bids received wero:
Porcival Brooks Corfin, Chicago— Par and int. and $172 premium
C. II. Coffin, Chicago— Par and int. and $35 premium, less $1,000 for
attorney's fees and other expenses.
,
„„„„ ,
John Nuveen & C o., Chicago— Par without intorest, less $685 for
attorney’s fees and other expenses.
Soasongood & Mayer, Cincinnati— Par, accrued intorest and $10 pre
mium, if satisfactory agreement could bo reached for tho cost o f attorney s
fees and other expensos.
. ,
.
Provident Savings & Trust C o., Cincinnati— Par, accured
int. and
a premium o f $458 50.
, ,
,
.
J. C. Meyers & Co., Cincinnati— Par, accrued Interest, less $875 for at
torney’s fees and other expenses.
„
. , .
. ,
Bolgor, Mossor & Willaman, Chicago— Par and accrued intorest. less
$700 for attorney’s fees and other expenses.
Guardian Trust C o., Dcnvor— Par, and int. and $63 premium.
Sidney Spitzor & C o., Toledo— Par.accruod int., less $875 for attorney s
fees and other expenses.
....
.
Sweet, Causey, Foster & C o., Denver— Par, accrued int. and $50premium
James N. Wright & C o., Denver—•Par.accruod int. to dato o f delivery.
Ilanchott Bond C o., Chicago— Par,accrued int.. less $l,225for attorney’s
fees.
C O L U M B U S , O h i o . — N O T E S A L E . — A loan o f $200,000, duo Sept. 16
1916, was recently negotiated, reports stato, with the New First National
Bank of Columbus at 2 % % interest.
CONCORD, Cabarrus C ounty, N. C .— B O N D O F F E R I N G .— Sealed
bids will be received until 5 p. m. Juno 15 by Geo. II. Richmond, City
Clork, for $48,000 6% 10 annual Installment street-paving (assess.) and
$28,000 5% 20-yr. street-paving (city’s portion) bonds. Denom. (of
assess, bonds) $500 or $1,000, to suit purchaser.
About $50,000 additional street-impt. bonds will bo sold at tho samo
timo. These bonds to bo divided about equally between 5 and 6% .
Cert, check for 2% o f amount of bid required. Purchaser to bear ex
pense o f printing bonds, &c. Bonded debt, $384,500. Note debt $25,000
Assess, val. 1915, $3,449,635. City tax rate (per $1,000) $16 50.
CONCORD SCHOOL TOWNSHIP (P. O. E lkhart), Elkhart C ou n ty
I n d .— B O N D O F F E R I N G .— Proposals will bo received until 7 p. m. Juno 9
by W. L. Chamberlain, Township Trustee, reports state, for $1,250 5%
school bonds.
CONECUH COUNTY (P. O. Evergreen), Ala .— B O N D O F F E R I N G . —
Proposals will bo received until 2 p. m. June 5 by F. J. Dean, Judge o f
Probate, for $15,000 5% 30-year coupon road-improvement bonds.
Denom. $1,000. Date Jan. 1 1916. Int. J. & J. at tho Hanover National
Bank New York. These bonds are exempt from all taxes. Certified
check for $200, payable to tho above Judge, required. Bonded debt, in
cluding this issue, $184,760. Assessed value 1915, $5,288,429. Total tax
rato per $1,000, $15.

authorized Dy vote of 42 to 28 at tho election held May 17. Int. rato to bo
named in bid. Denom. to suit purchased. Int. payable in Spartanburg.
Tho district has no indebtedness. Assess, val. 1915, $256,645. A deposit
of 5 % required. Walter lioutli is Chairman Board o f Trustees.
COOS COUNTY (P. O. M arshfield), O t e .— B O N D S V O T E D .- Reports
state that tho election held May 22 resulted in favor of the proposition to
the
1362,000 road-construction bonds (V. 1 0 2 , p. 1827)
issue tho $362

COPIAH COUNTY (P. O. Hazlehurst), Miss.— B O N D

O F F E R I N G .—

Proposals will bo received until 2 p. m. Juno 5 by J. O. Smith, Clork Bd
Of Co. Supers., for the $25,000 5% coupon Dist. No. 5 road bonds (V. 102
p. 2006). Auth. Chap. 149, Laws of 1910. Donom. $500. Dato Juno 1
1916. Int. ann. Jan. 1 at Hazlehurst. Duo $500 yrly. from 1927 to 1910
incl. and $18,000 1911. These bonds are exompt from all taxes. Cert
check for $1,250, payable to D. C. Woods, required. Bonded debt, incl
this issue, $175,000. Sinking fund, $5,000. Assess, val. 1915, $1,888,976
Total tax (rato per $1,000), $30 25.

COSHOCTON CITY SCHOOL DISTRICT (P. O. Coshocton)

Coshocton County, Ohio.— B O N D O F F E R I N G .—Proposals will bo ro
ceivod until 12 m. Juno 10 by T. 11. Wheeler, Clerk of Bd. of Ed., for $15,
000 414% school bonds. Auth. Sec. 7629, Gen. Code. Donom. $500.
Dato May 1 1916. Int. M . & S. Duo $500 on Sept. 1 1926, 1927, 1928
and 1929, $500 each six months from March 1 1930 to Sept. 1 1933 incl.,
$2,000 March 1 and Sept. 1934 and $5,000 March 1 1935. Cert, chock for
2% of bonds bid for, payable to Dist. Treas., required. Bonds to bo deliv
ered and paid for within 5 days from time o f award. Purchaser to pay
accrued intorest. Bidders must satisfy themselves as to tho 'egality o f
thoso bonds beforo submittingibids.^The Board of Education will furnish
tho nocessary bonds.




2097

C H R O N IC L E

5,000 sewer bonds. Due $500 yrly. April 1 from 1927 to 1936 incl.
Denom. $500. Dato April 1 1916. Prin. and semi-annual (A. & O .).
payable to tho Vil. Treas. office. Cert, check for 5% of par value of bonds,
navable to the Vil. Clerk, required. Bonded debt, these issues, $20,000.
No floating debt. Assess, val. 1915, $458,000. Total tax rato (per $1,
000), $17.
D ENISON, Grayson County, Tex.— B O N D S A L E . — On M ay 26 the
$50 000 5% 10)4-year (aver.) viaduct construction bonds wero awarded to
Kauffman, Simtk , Emert Invest. Co. of St. Louis at 102.681 and int.—
a basis of about 4.674%. Other bids were :
Denison Bk. & Tr. C o------$51,287 50 Weil, Roth & C o., C i n ..-$50,835 00
A. B. Leach & Co., C h ic.. 51,275 00 Cummings, Prudden &
Co., Toledo__________ 50,816 00
Soasongood & Mayer, Cin. 51,215 0J
State Nat.Bk., Denison— 51,200 JO Wm.R.Compton Co.,St.L. 50,815 00
M cCoy & C o ., Chicago— 51,111 > C.W.McNear & Co.,Chic. 50,795 00
)0
John B. Oldham, D allas.. 51,083 00 U. S. Bond & M tge. Co.,
D allas________________ 50,777 75
E.II.Rollins & Sons, Chic.. 51,070 00
Powell,Garard & Co., Chic. 51,026 09 J. C. Mayer & C o.. C in .. 50,715 00
C.E.Denison & Co., Cleve. 51,015 00 J.E.Jarratt & Co.,San Ant. 50,610 00
Jas.N. Wright & Co.,Denv. 50,525 00
Provident Sav. Bank &
Trust Co., Cin________ 51,000 00 First State Bk., Denison. 50,500 00
Spitzor, Rorick & Co., Tol. 50,925 00 Hanchett Bond Co., Chic. 50,117 00
J. R. Sutherlin & Co..
Kansas City__________ 50,847 00
All bids provided for payment o f accrued interest.
__
Denom. $500. Date July 1 1915. Int. J. & J. Due $2,500 yearly
July 1 from 1916 to 1935 incl. These bonds wero previously awarded on
Nov. 12 1915 to N . W . Halsey & Co. (V. 101, p. 1827) but this sale was
not consummated.

DEUEL COUNTY (P. O. Clear Lake), So. Dak.— B O N D S

V O T E D .—

By a vote of 811 to 616 the proposition to Issue the $75,000 court-house
building bonds— V . 102, p. 1916— carried at the election held M ay 23.
DEWESE TOWNSHIP SPECIAL SCHOOL DISTRICT NO. 1, Meck
lenburg County, No. Caro.— B O N D O F F E R I N G . — Proposals will be
received until 12 m. June 5 by the County Bd. of Ed., J. M . Matthews,
Secy. (P. O. Charlotte), for not more than $15,000 5)4% school bonds.
Denom. $500 to $1,000, as purchaser may desire. Dato July 1 1916.
Prin. and semi-ann. int., payable at such place as purchaser may desire.
Duo serially, final payment in 20 years. Cashier s check for 10% of bid,
required. These bonds were previously offered on May 15 as 4)4s (V . 102,
p. 1827).

DOLTON SCHOOL DISTRICT (P. O. Dolton), Turner County,

So. Dak.— B O N D S V O T E D .— At a recent election the question of issuing
$7,000 building bonds was authorized, reports stato.
DUNKIRK, Chautauqua County, N.

Y .— B O N D S A U T H O R I Z E D .—

Tho Stato Legislature has authorized the Common Council o f this city to
lssuo relief bonds not to exceed $60,000 and bearing int. at not more than
5% payable annually. Denom. $1,000. Prin. and int. payable at office
o f City Treas. Duo within 12 years.

DUNKIRK SCHOOL DISTRICT (P. O. Dunkirk), Chautauqua

County, N. Y.— B O N D S V O T E D . — The proposition to issue the $90,000
school bonds carried, it is stated, at the election held M ay 27.— V. 102.
p. 2007.
DUNMORE, Lackawanna County, Pa.— B O N D S A L E . — On May 22
tho $28,000 4 )4% 26)4-yr. average coup, bonds— V. 102, p. 1917— were
awarded t o R . M . G ran t* Co. of N. Y . at 103.93, a basis of about 4.25%.
EARL TOWNSHIP (P. O. Ringling), Jefferson County, Okla.—

B O N D S V O T E D . — The election held May 11 resulted, it is stated, in favor
o f tho proposition to issuo tho $25,000 road-construction bonds.

EASTLAND COUNTY (P. O. Eastland), Tex.— B O N D

E L E C T IO N .—

Reports state that an election will be held in Cisco District June 6 to vote
on tho proposition to issue $60,000 road-improvement bonds.
EATON, Preble County, Ohio.— B O N D O F F E R I N G . — Bids will be
received until 12 m. Juno 14 by Earl Dalrymple, Vil. Clerk, for $18,500
5% 7-year average coup, taxable Barron St. Impt. (villago s portion) bonds.
Auth. Sec. 3939 Gen. Code. Denom. $500. Dato Juno 1 1916. Int.
M . & S. at Preble County Nat. Bank, Eaton. Duo each six months
from Mar. 15 1921 to Sept. 15 1925, incl. Cert, check for $500, payable
to the Vil. Treas., without restrictive endorsements, required. Bonds to
bo delivered and paid for within 10 days from time or award. Bonded
debt May 29 1916 incl. this issue, $159,310 floating dobt $5,000. Sink
ing fund, $1,415. Assess, val. 1910 $4,200,000. Tax rate per $1,000
$14 30.
EATONTON, Putnam County, Ga.— B O N D O F F E R I N G . — Proposals
will bo received until 8 p. nr. Juno 15 by John W. Adams, City Clerk, for
the $30,000 5% gold coupon school-building bonds voted Feb. 29 (V . 102,
p. 997.5 Denom. $500. Date Juno 1 1916. Int. J. & D. at the City
Treas. office. Duo 85,000 in 5, 10. 15, 20, 25 and 30 years. Cert, check
for 1% of bonds bid for, payablo to tho “ City of Eatonton, required.
Bondod debt, including this issue, $65,000. Floating debt $500. Assess,
val. 1915-16 $1,188,000. Actual val. (est.) $3,000,000. These bonds
have been duly validated by judgment of tho Superior Court of Putnam
County, and any further investigation o f legality will be at expense of
purchaser. Blank bonds will bo furnished by the city.
ELKHART COUNTY (P. O. Goshen), Ind.— B O N D O F F E R I N G .—
Proposals will bo received until 10 a. m. Juno 5 by W . H. Winship, Co.
Treas., for the following 4)4% 5)4-year aver, road-impt. bonds:
$3,000 Jackson Twp. road bonds. Denom. $150.
3,000 Elkhart Twp. road bonds. Denom. $150.
35,800 Clinton Twp. road bonds. Denom. 60 for $500, 20 for $290.
35 800 Benton Twp. road bonds. Denom. 60 for $500, 20 for $290.
28,400 Clinton Twp. road bonds. Denom. $1,420.
Date Juno 15 1916. Int. M .& N . Due one-twentieth of each Issue each
six months from May 15 1917 to Nov. 15 1926 incl.
ELKHART LAKE, Sheboygan County, W is.— B O N D S V O T E D . —
Tho proposition to issuo $15,000 sewerago-impt. bonds carried, it is stated,
by a vote of 82 to 36 at an election held M ay 17.
FANNIN COUNTY (P. O. Bonham), Tex.— B O N D O F F E R I N G .—
Proposals will bo received until June 15 by S. F. Leslie, County Judge, for
tho following 5% 10-40-year opt. road-impt. bonds— V. 102, p. 2007:
$140 000 Road Dist. N o. 6 bonds, auth. by vote of 290 to 128 at an election
’
held March 13. The district has no indebtedness. Assess, val
1915, $2,197,720; real value, $3,000,000. Certified check for
$5,000 required.
80.000 Road Dist. No. 8 bonds, voted M ay 6. The district has no in
debtedness. Assess, val. 1915, $1,214,550; real value, $2,000,
000. Certified chock for $5,000 required.

2098

THE

C H R O N IC L E

Denom. $1,000. Date May 15 1916. Int. M . & N. at Bonham, Austin
or Now York City, at option o f holder. Bonded debt o f county, $3,600.
Sinking fund on hand (county) $2,383 33. Taxable values o f county, 1915,
$24,354,875. Official circular states that there is no litigation pending or
threatened in any way affecting the issuance o f tho bonds and that neither
tho county nor districts has over defaulted in payment o f interest or prin
cipal on any debt.

FARNHAMVILLE SCHOOL DISTRICT

(P. O. Farnhamville),

Calhoun County, Iowa.— B O N D S V O T E D .— Reports state that tho ques
tion of issuing $20,000 building bonds carried at a recent election.
FAYETTE COUNTY (P. O. Fayetteville), W. Va.— B O N D

ELEC

T I O N . — A vote will be taken in Sewell Mountain Dist. on Juno 6, it is
stated, on tho proposition to issue $175,000 road-impt. bonds.
FERNDALE, Bucks County, Pa.— B O N D S A L E . — Lyon, Singer &
C o., of Pittsburgh, were awarded on March 15 $12,000 5% tax-freo school
budding bonds. Denom. $1,000. Date June 1 1916. Int. J. & D . Duo
part in 1926, 1931 and 1936.

. FERGUS COUNTY SCHOOL DISTRICT NO. 34 (P. O. Denton),

Mont.— B O N D S A L E . — On May 22 the $12,000 6% 15-20-year opt.
coupon building bonds— V. 102, p. 1917— were awarded to Wells & Dickey
Co. of Minneapolis for $12,880— 107.333— and int. Purchaser to print
bonds. There were twenty-two other bidders.
(p -

Holland), Allegan County, Mich.—

BONDS V O T E D . — Tho proposition to issue $)0,000 road bonds carried at
tho election held M ay 12 by a vote o f 97 to 15. it is stated.

FINDLAY, Hancock County, Ohio.— B O N D O F F E R I N G . — A. E
Risser, City Auditor, will receive bids until 12 m. Juno 12 for tho following
5% street-improvement bonds:
$690 Main St. west sido impt. bonds. Denom. 1 for $105, duo Juno 1
1917, and 9 for $65, payablo one yearly on June 1 from 1918 to 1926
mcl. Date Juno 1 1916.
1,130 Meeks Avo. impt. bonds. Denom. 1 for $230, due M ay 15 1917, and
9 for $100, maturing $100 yearly on M ay 15 from 1918 to 1926 incl.
Dato M ay 15 1916.
690 Main St. east side impt. bonds. Denom. 1 for $105, 9 for $65.
Date Juno 1 1916. Duo S105 June 1 1917 and $65 yearly on Juno 1
from 1918 to 1926 incl.
1,400 Baldwin Ave. impt. bonds. Denom. $140. Date Dec. 1 1915.
Duo $140 yearly on Dec. 1 from 1916 to 1925 incl.
Int. semi-ann. Certified check for 3% o f bonds bid for, payablo to tho
City Treasurer, required. Bonds to be delivered anil paid for within 10
days from timo o f award. Purchaser to pay accrued interest. City re
serves the right to withhold any bonds not needed for tho said improvement.
FRANKLIN COUNTY (P. O. Columbus), Ohio.— B O N D S A L E . — On
M ay 26 tho $29,000 444 % 514-year average Wilson road bonds (V. 102, p.
1917) wero awarded to tho Ohio National Bank of Columbus for $29,511 26
(101.762) and interest^ a basis o f about 4.14%. Other bidders were:
Fifth-Third Nat. Bk. ,Cin.$29,446 60 Breed, Elliott & Harrison,
New First Nat. Bk., C o l-, 29,415 00
Cincinnati____________ $29,339 30
Seasongood & Mayer, Cin. 29,401 00 Tiilotson & Wolcott Co__ 29,327 70
Provident Sav. Bank &
Spitzer, Roriclc & Co.,Tol. 29,311 00
Trust Co., Cincinnati-. 29,379 90 A. E. Aub & Co., Cin____ 29,295 00
FROMBERG, Carbon C ounty, M ont.— B O N D O F F E R I N G . — Chas. J.
Jones, Town Clerk, will sell at public auction at 12 m. Juno 10 $3,CO 6%
O
i.j-20-yr. (opt.) gold coupon town-hall bonds. Denom. $500. Date
July 1 1916. Int. J. & J. in Fromberg or New York. Cert, cffeck for
$250, payablo to tho Town Treas., required. Bonded debt, including this
issue, $20,500. Floating debt $400. Assess, val. 1915 $164,000. Total
tax rate (per $1,000), $10.
GAINESVILLE SCHOOL DISTRICT (P. O. Gainesville), Ozark
C ounty, Mo.— B O N D S V O T E D . — At tho election May 18 tho proposition
to issue $10,000 high-scliool-bldg. bonds carried, it is reported.
GALLIPOLIS SCHOOL DISTR IC T (P. O. Gallipolis), Gallia
C ounty, O h io.— B O N D S V O T E D — Tho question o f issuing $80,000 bldg,
bonds carried at the election May 23, it is stated.
GAMBLE CREEK DRAIN. DISTRICT, Manatee C ounty, F la.—
B O N D O F F E R I N G . — Proposals will bo received on or before Juno 17 by
Robt. H. Iioesch, Clerk Bd. o f Co. Commrs. (P. O. Bradentown), for $130 000 6% drainago bonds. Denom. $1,000. Dato Oct. 8 1915. Int. ann.
on Oct. 8. Duo $21,000 Oct. 8 1920 and 1925 and $22,000 Oct. 8 1930,
1935, 1940 and 1945.
G A R Y (P. O. Tam pa), H illsborou gh C ounty, Fla.— B O N D E L E C 
T I O N . — Reports state that an election will be held June 6 to vote on tho
question o f issuing $20,000 refunding, fire-cnglno-purchaso, sidewalk-con
struction and street-paving bonds.
GENEVA CONSOLIDATED SCHOOL D IST R IC T (P. O. Geneva),
Franklin C ounty, Iow a.— B O N D O F F E R I N G . — Proposals will bo re
ceived until June 30 by tho Secretary Board o f Education, for the $50,000
444 % school-building bonds authorized by voto of 129 to 88 at the election
held M ay 27 (V. 102, p. 2007).
GERMAN FLATTS SCHOOL D ISTRICT NO. 1 (P. O. Ilion ),
Herkimer C ounty, N. Y . — B O N D S TO B E O F F E R E D S H O R T L Y .—
This district will offer for sale about July 1 an issue of $48,000 444 % sclioolimpt. bonds which was authorized by a vote o f 188 to 25 at tho May 19
election. Due $1,600 yearly in Oct. from 1917 to 1946, incl.
GILA COUNTY SCHOOL D IST R IC T NO. 1 (P. O. G lobe), Ariz.—
B O N D E L E C T I O N .— An election will bo held June 10 to determine whether
or not this district shall issue $7,500 6% 10-20-year (opt.) ground-purchase
and building-improvement bonds. Denom. (7) $1,000, (1) $500. Interest
semi-annually at tho County Treasurer’s offico.
GLANDORF VILLAGE SCHOOL D IST R IC T (P. O. G landorf),
Putnam C ounty, O hio.— B O N D S A L E . — O n M ay 27 tho $8,000 5%
coupon building bonds were awarded to Davies-Bortrain C o ., of Cincinnati,
for $8,081 (101.012) and interest. Other bids wero:
Stacy & Braun, Toledo----- $8,059 401 W. L. Slayton Sc C o., T o l. $8,022 40
F. C. Hoehler, Toledo----- 8,056 751Spitzer, Rorick Sc C o .. Tol "8,009 50
Denom. $1,000. Date June 10 1916. Int. M . Sc S. at Glandorf. Duo
$1,000 yearly from 1918 to 1925, inclusive.
GLENDIVE, Dawson County, M ont.— B O N D S V O T E D . — Tho ques
tion of issuing the $65,000 filtration-plant and water-system bonds (V. 102,
p. 1095) carried, it is stated, by a vote of 63 to 61 at tho election held
M ay 15.
GRANT COUNTY (P. O. M arion), In d .— B O N D O F F E R I N G . — Pro
posals will bo received until 9 a. m. Juno 6 by Uz McMurtrie, Co. Treas.,
for $3,800 Michaud road, $3,800 Toney road, $5,660 Hawkins road, $8,140
Wharton road, $2,960 Love road, $22,240 Rouch road and $10,300 Leffler
road 414% 5 2-3-yr. average highway-impo. bonds. Denom. 20 bonds
of equal denom. to each issue. Date M ay 15 1916. Int. M . Sc N. Duo
one bond of each issue each six months from M ay 15 1917 to Nov. 15 1926,
incl.
G R A Y ’S H ARBOR COUNTY SCHOOL DISTRICT, W ash.— B O N D
S A L E . — On Alay 20 $10,500 1-15-year (opt.) building bonds wero awarded
to tho State of Washington at par for 4Ms. Denom. $500.
GREAT FALLS, Cascade C ounty, M ont.— B O N D S A L E . — Tho fol
lowing are the bids received for tho $150,000 444 % 10-20-yoar (opt.) coupon
Missouri River water-filtering, purifying and softening bonds offered on
M ay 16 (V. 102, p. 1370):
Kalman, Matteson Sc Wood, St. Paul____________________ .-$151 150 00
Wells & Dickey Co., Minneapolis___________ ______ _________ 151 125 00
B. I’ . McNair, Great Falls__________ _______ _______ ” 11111 151 000 00
Capital Trust & Savings Bank, St. Paul___________
*150’917 50
Merchants' Trust Sc Savings Bank, St. Paul, and Montana
’
Trust & Savings Bank, Helena____________ _____ _________ 150,825 00
Harris Trust & Savings Bank, Chicago______________________ 150T>00 00
Minnesota Loan & Trust Co., Minneapolis__________________ 150!500 00
* This bid was not in conformity with the advertisement calling for bids
and was not considered.
GREENWOOD, Leflore C ounty, Miss.— B O N D S V O T E D . — According
to reports, the election M ay 22 resulted 182 to 32 in favor o f the proposition
to issue $10,000 hospital bonds.
, rHA.^PI?EH.,C,9 H T7 J -P • ° • Springfield), Mass.— B O N D S A L E . — O n
M ay 31 th o $140,000 4% 10H-y^ar aver, coup, tax-free training school




[V o l . 1 0 2 .

bonds were awarded to Harris, Forbes Sc Co., Inc., of Boston, at 101 91
and int., a basis of about 3 .78 % . V . 102, p . 2007. O ther bidders were:
Chandler, IV ilbor& C o., B os.101.79 IAdams & Co.. B oston..........101.152
R. M . G rant& C o., Boston-_ 101.29 |Curtis& Sanger, Boston
101.02
Geo. A. Fernald Sc Co., Bos_101.264| Blake Bros. Sc Co., Boston-.100.66
Merrill, Oldham Sc Co., Bos.101.179 Plstabrook & Co.. Boston___ 100.45
Blodgett & Co., Boston------- 101.16 1Arthur Perry & Co., Boston. 100.41
HANCOCK COUNTY (P. O. Findlay), Ohio.— B O N D S A L E .— On
M ay 25 tho eight issues of 5% road bonds, aggregating $95,000, woro
?,Tar,(L to Bree<l. Elliott Sc Harrison of Cincinnati at 103.48 and interest
ed
(V. 102, p. 1917). Other bidders wero:
Weil, Roth & Co., C in ...$98,125 00 Hayden,Miller & Co.,Clev$97,719 00
Tidotson & Wolcott C o .. 98,097 00 Ohio Nat. Bank, C olum .. 97,605 52
Seasongood & Mayer, Cin. 97,882 00 Now First Nat. Bk., C ol. 97,384 50
Security S.B.& Tr.Co.,Tol 97,780 50 Spitzer, Rorick Sc Co.,Tol. 97,272 50
Tho Provident Savings Bank Sc Trust Co. of Cincinnati submitted a bid
for part of tho bonds.
H ARCOURT SCHOOL DISTRICT (P. O. H arcourt), W ebster
C ounty, Iow a .— B O N D S V O T E D .— The question of issuing tho $20,000
building bonds carried, it is stated, at tho election held May 13 (V. 102,
p. 1828.)
HARPSTER VILLAGE SCHOOL D ISTR IC T (P. O. Harpster),
W yandot C ounty, O h io .— B O N D O F F E R I N G .— Proposals will bo recelved until 12 m. June 15 by Adda J. Benton, Clerk of Bd. of Ed., for $17,
000 5% 1014-year aver, school bonds. Denom. $425. Dato Juno 1 1916.
Int. A. & O. Duo $425 each six months from Apr. I 1917 to Oct. 1 1936
incl. Cert, check for 10% of bonds bid for, payable to tho Dist. Treas
required. Bonds to bo delivered and paid for within 10 days from timo of
award. Purchaser to pay accrued interest.
HENDERSON COUNTY (P. O. A thens), Tox .— B O N D S V O T E D .—
Reports stato that the proposition to issue tho $60,000 road bonds carried
by a voto of 157 to 46 at an election held in Precinct No. 4 on M ay 16.
HICKMAN, F u lton C ounty, K y .— B O N D S V O T E D .— Reports state
that the question of issuing $10,000 school-building bonds carried at an elec
tion hold M ay 25.
HILDAGO COUNTY (P. O. E dinburg), Tex .— B O N D S A L E . — E. L.
Twing Sc Co. of San Antonio havo purchased $250,000 Road District No. 1
bonds. Dato May 1 1916. Duo M ay l 1956, subject to call, sorialiy.
Bonded debt $250,000. Assessed val. $12,240,307.
HILLSDALE H IG H W A Y D ISTR IC T NO. 1 (P. O. Eden), I d a h o .—

B O N D S V O T E D .— By a voto of 276 to 44 tho question of issuing $36,000

bridge-construction bonds carried, it is stated, at tho election held M ay 13.
HILLVIEW, Greene County, Ills .— B O N D O F F E R I N G .— Proposals
will bo opened on June 5 for an issue of $20,000 sidewalk bonds.
HOBOKEN, H udson C ounty, N. Y . — B O N D S A L E P O S T P O N E D .—
Tho sale of the $205,000 444% 30-year gold coup, (with priv. of reg.)
streot-impt. bonds, which was to have taken placo on May 31, has been
postponed indefinitely.— V. 102, p. 1918.
HORSE HEAVEN IRR IG A TIO N DISTR IC T (P. O. Prosser), W ash.
■ BOND E L E C T I O N .— An election will bo held Juno 6, it is stated, to voto
on the question of issuing $15,000,000 irrigation-system bonds.
HUNTERSVILLE TOWNSHIP SPECIAL SCHOOL D IS T R IC T
NO. 1, M ecklenburg C ounty, No. Car .— B O N D O F F E R I N G . — Pro
posals will bo received until 12 m. June 5 by tho County Bd. of Ed.
J. M . Matthows, Secy. (P. O. Charlotte), for not moro than $15,000 544%
school bonds. Denom. $500 to $1,000, as purchaser may dcsiro. Dato
July 1 1916. Prin. and semi-ann. int. payablo at such placo, as tho pur
chaser may designate. Duo serially, final payment in 20 years. Cashier
check for 10% of bids required. These bonds wero previously offered on
May 15 as 444s (V. 102, p. 1832).
HUNTINGTON, H u ntington C ounty, In d .— B O N D O F F E R I N G . __
Additional information is at hand relative to tho offering on Juno 10 of tho
$16,900 444% 834-year averago street-lighting city’s share bonds— V. 102,
p. 1918. Bids for these bonds will bo received until 10 a. m. on that day
by It. 1. Young, City Clerk. Denom. 33 for $500 and 1 for $400. Int.
semi-ann. Due $1,000 yearly on Dec. 10 from 1917 to 1931 incl. and $1,900
Dec. 10 1932. Bids must bo for tho entiro issuo.
HUNTINGTON BEACH, Orange C ounty, C alif .— B O N D O F F E R 
I N G .— Reports state that tho City Clerk has been instructed to offer for
sale $10,000 of the $20,000 5% gas-distributing-system bonds voted
Dec. 28 last— V. 102, p. 174.
HURON COUNTY (P. O. N orw alk), O hio.— B O N D O F F E R I N G . __
Proposals will bo received until 10 a. m. June 21 by Chas. E. Bloomer
County Auditor, for ten issues of 5% highway improvement assessment
bonds, aggregating $140,300. Auth., Secs. 6906 to 6954, Gen. Codo.
Dato Juno 1 1916. Principal and semi-annual interest— J. & D .— payablo
at County Treasury. Duo part each six months beginning Juno 1 1917
Certified check on a bank other than tho ono making the bid, for 5% of
bonds bid for, payable to tho County Treasurer, required. Purchaser to
pay accrued interest. Bids must bo unconditional and soparato bids aro
required for each issue.
HUTCHISON, R eno County, K an .— B O N D S P R O P O S E D .— According
to reports, this city is contemplating tho issuanco of $40,000 paving bonds.
INDIANAPOLIS SCHOOL C ITY (P. O. Indianapolis), Ind .—
B O N D S A L E .— On May 30 tho $75,000 344% 3044-year average coupon
school bonds—-V. 102, p. 1738—-wero awarded to J. F. Wild Sc Co. of
Indianapolis at 100.052 and int.
IRONTON SCHOOL D ISTR IC T (P. O. Iron ton ), Iron County,
Mo .— B O N D O F F E R I N G .— Proposals will bo received until 1 p. in. Juno 10
by Geo. Farrar, Secy. Board of Education, for tho $15,000 5% high-school
building bonds voted April 4 (V. 102, p. 1466). Denom. $1,000. Duo
$1,000 yearly.
JACKSON TOWNSHIP (P. O. W arron), W ells C ounty, In d .—■
W A R R A N T O F F E R I N G .— Proposals will bo received until 1 p. m. June 5
by Chas. Plummer, Township Trusteo, for $6,000 444% 4-year township
warrants.
JAMESTOWN, Greene C ounty, O h io .— B O N D S A L E .— On M ay 31
tho $25,000 5 44 % 644-year aver, coupon Washington St. paving bonds
(V. 102, p. 2008) wore awarded to Davies-Bortram Co. of Cincinnati at
104.808. Other bills wero:
A. E. Aub & Co.. C in e.-.$ 2 5 ,980 00 W. L. Slayton Sc Co., Toledo $25,730
Breed, Elliott Sc Harrison,
Hayden, Miller Sc C o., Clev. 25,700
Cincinnati____________ 25,975 00 Now First National Bank,
Weil, Roth Sc C o.. C in e.. 25,890 00
Columbus____ _____
25,690
Ohio Nat. Bank, C olum .. 25,886 26 Stacy Sc Braun, T oledo........ 25,684
Spitzer. Rorick & C o.,Tol. 25,792 50 Hanchett Bond C o., Chicago 25,527
Sidney Spitzer & Co., Tol. 25,787 50 Cummings, Prudden Sc Co.,
Otis & C o., Cleveland___ 25,750 00
T o le d o __________________ 25,286

JEFFERSON SCHOOL DISTRICT (P. O. Jefferson), Ashtabula

County, Ohio.— B O N D S A L E — On M ay 26 the $36,000 4 44 % 25 2-3-year
average coupon school bonds (V. 102, p. 1918) wero awarded to Seasongood
Sc Mayer of Cincinnati for $36,217 (100.602) and intorest— a basis of about
4.46%. Other bids wero:
Weil, Roth A Co., Ciii--.$36,147 6 0 1Prov.S.Il.& Tr.Co., C in ..$36,046 80
Denom. $300 and $500. Date M ay 1 1916. Principal and semi-annual
interest— A. Sc O .— payablo at offico of Treasurer of Board of Education.
Duo part yearly on Oct. 1 from 1917 to 1955, inclusive.
KALAMAZOO, Mich.— B O N D O F F E R I N G .— Proposals will bo re
ceived until 11 a. m. Juno 9 by Claronco L. Miller, City Clerk, for tho
following 444% bonds:
$50,000 street bonds. Denom. $1,000. Duo $5,000 yearly for 10 years.
35.000 city-impt. bonds. Denom. 10 for $500, 30 for $1,000. Duo
$3,500 yearly for 10 years.
25.000 sower bonds. Denom. $1,000. Duo $5,000 yearly.
Dato July 1 1916. No cert, check required. Soparato bids must bo
made for each issuo. Official circular states that tliero lias never been a
default or compromise in tho payment of any of tho city’s obligations, that
no Issue of bonds has over been contested and that tliero is no litigation or
controversy concerning tho validity of bonds, tho corporate existence or
boundaries of tho municipality or the title of tho present officers to their
respective offices, pending or threatened. Total bonded debt July 1 1916,
incl. present issues will bo $750,426, assess, dobt, incl., $128,365, sinking
fund, $67,986; act. assess, val., $47,036,695.

THE

June 3 1916.]

KANSAS CITY, Mo.— B O N D S A L E .— Oil Juno 1 tho $100,000 4 )4 %
sewer (second issue), $200,000 4)4% bridgo and viaduct (second iteue),
$200 000 414% Twelfth St. viaduct traffic-way connection, $200,000 4%
public paries, parkways and Swope Park, $250,000
.Twenty-third St.
traffic-wav $25,000 4 )4 % Chestnut Avo. traffic-way, $75,000 4)4% Work
houses and Iloiisos of Correction and $100,000.4)4% Blue River sower
9 0 -vear bonds__V 102. n. 1828— were awarded jointly to Remick, Hodges
& Co. o f N. Y . and the Mississippi Valley Trust Co. of St. Louis for $1,206,465— 104.91— and interest.
KENTON Hardin County, Ohio.— B O N D O F F E R I N G .— Proposals
will bo received by Grover Thompson, City Aud., until 12 m. Juno 1 5for
the following 5% coupon bonds:
$4 000 refunding bonds. Denom. $1,000 Duo $1,000 yearly on Apr. 1
from 1927 to 1930, inch
4.000 streot-impt. city’s portion bonds. Denon. $500. Duo $500 yrly.
on Apr. 1 from 1926 to 1933, inch
12,800 street assess, bonds. Denom. 10 for $1,000 and 10 for $280 Duo
$1,280 yearly on Apr. 1 from 1917 to 1926, incl.
Date Juno 1 1916. Prin. and semi-ann. int.— A. & O.— payablo at
offico o f City Treas. Cert, check for 5% o f amount of bid, payablo to tho
City Aud., required. Bondod debt, excluding thoso bonds, $470,985.
Floating debt, $8,000. Sinking fund, $6,756. Asses, val., ’ 15, $7,603,
740. Total tax rato (per SI,000), $14.40.

KINGS MOUNTAIN, Cleveland County, N. C.— B O N D

S A L E .—

Wo just learn that an issue o f $30,000 5)4% water and sewer bonds was
purchased during December last by Sidney Spitzer & Co. of Toledo for
$30,190, equal to 100,633. Denom. $1,000. Int. Jan. & July 1. Due
$1,000 yearly from 1919 to 1948, incl. Total debt $42,000. Assess, val.
$900,000.

KINGSTON VILLAGE SCHOOL DISTRICT, Ross County, Ohio.—

B O N D O F F E R I N G .— Proposals will bo received until 12 m. Juno 7 by N. J.

Ford, Clerk o f Bd. of Ed. (P. O. 43)4 N. Paint St., Chillicothc), for tho
$30,000 5% school bonds voted Apr. 25— V. 102, p. 1638. Auth. Secs.
7625-7627 inch Gen. Godo. Denom. $500. Date July 1 1915. Prin.
and semi-ann. int.-'—A. & O. payablo at office o f DIst. lroas. Duo $500
voarly on Oct. 1 from 1917 to 1924 incl. and each six months as follows:
$500 Apr. 1 1925 to Oct. 1 1934, incl., $1,000 Apr. 1 1935 to Oct. 1 1939,
incl. and $1,500 Apr. 1 and Oct. 1 1940. Cert, check for $500, payablo to
tho abovo Clerk, required. Successful bidder will bo furnished a full
transcript o f proceedings. Bonded debt, this issue, duplicate assess. 1916
$1,763,445. actual est. $2,500,000.

KITSAP COUNTY SCHOOL DISTRICT NO. 3, Wash.— B O N D S
N O T S O L D — N E W E L E C T I O N .— Owing to an error in tho proceedings,

no salo was mado of tho $1,500 10-ycar school bonds advertised to bo sold
May 22. A new election will shortly bo called.

LA CANADA SCHOOL DISTRICT, Los Angeles County, Cal.—

B O N D O F F E R I N G . — Proposa s will bo received until 2 p. m. Juno 5 by
J. II. Lclando, ox-i ffleio Clerk Board o f Supervisors (P. O. Los Angelas),for
$25,000 5% 18-ycar averago construction and equipment bonds. Denom.
$1,000. Date Juno 1 1916. Prin. and somi-ann. int. at County Treasury.
Duo $1,000 yearly June 1 from 1922 to 1946 incl. Certified or cashier’s
check for 3% of bonds bid for, payablo to Chairman Board of Supervisors,
required. Purchaser to pay accrued interest. No bonded debt. As
sessed valuo 1915, $806,570.
LAKEWOOD, Lako C ounty, Ore.— B O N D S V O T E D . — Tho election
hold May 19 resulted, it is stated, in favor o f tho question of issuing tho
$10,000 refunding bonds. V. 102, p. 1285.

LAUREL SPRINGS SCHOOL DISTRICT (P. O. Laurel Springs),

Camden C ounty, N. J.— B O N D E L E C T I O N .— Tho question or Issuing
school-building bonds will bo submitted to a vote on Juno 5. H. B.
Eshbach is District Clerk.

LAWRENCE COUNTY

(P.

O.

Lawrenceburg),

Tenn.— B O N D

S A L E . — On M ay 24 tho $350,000 5% 40-year coupon road-construction
bonds (V. 102, p. 1918) were awarded to tho Mercantile-Union Trust.Co.
of Jackson for $362,400 (103.542) and interest. Money to bo drawn from
bank as needed.

LEWIS COUNTY SCHOOL DISTRICT NO. 3 (P. O. Chehalis),

W ash.— B O N D E L E C T I O N P O S T P O N E D .— Tho election to vote on tho
question o f issuing refunding bonds has been postponed, it is stated, from
May 6 to Juno 1.

LIBERTY DISTRICT SCHOOL DISTRICT (P. O. West Liberty),

Ohio County, W. Vtx.— B O N D E L E C T I O N — An election will bo held
June 6 to vote on tho question of issuing $35,000 5% coupon building and
equipment bonds. Denom. $500. Dato Aug. 1 1916. Prin. and annual
int. (Jan. 1) payablo at tho City Bank of Wheeling, Wheeling. Duo $5,000
Jan. 1 1928 and two or moro bonds yearly Jan. 1 from 1929 to 1948, incl.;
subject to call all or anyono or moro o f tho bonds after Aug. 1 1926. Tho
district has no indebtedness. Assess, val. $2,256,093. II. L. McCammon
is Secrotary Board of Education.
LIBERTY UNION VILLAGE SCHOOL DISTRICT (P, O. Balti
more), Fairfield County, Ohio.— B O N D O F F E R I N G . — Proposals will bo

received until 12 m. Juno 12 by J. W. Buchanan, Clerk o f Board of Educa
tion, for $60,000 5% coup, school bonds. Auth. Secs. 7625-7627 inch, Gen.
Codo, and eloction held April 25. Denom. $500. Dato Juno 12 1916. Int.
M . & N. at Bank of Basil, Basil. Duo part each six months from M ay 1
1917 to Nov. 1 1940 incl. Certified check for 2% of bonds bid for, payablo
to tho .above Clerk, required. Tho district has no indobtodnoss. Assess,
val., $1,450,000.

LICKING TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Jack-

sontown), Licking County, Ohio.— B O N D O F F E R I N G . — Bids (scaled
and verbal) will be received until 12 m. Juno 14 by L. A. Osburn, Clerk of
Board of Education, for $20,000 5% 10>4-year average coup, school bonds.
Auth. Secs. 762o to 7630 incl., Gen. Code, and eloction held April 25
Donom. $1,000. Date day of salo.” Prin. and annual Int. payablo at
Newark Trust C o., Newark. Duo $1,000 yearly on Sept. 1 from 1917 to
1936 incl. Certified check on a solvent bank of Licking County for 5%
of bonds bid upon payablo to tho abovo Clerk, required. Purchaser to
pay accrued interest.
1
LILLINGTON, Harnett County, No. Caro.— B O N D S A L E __J B
McCrary Co. o f Atlanta purchased at par during April an issuo of $25’,000
6% 30-year bonds. Donom. $1,000. Dato April 1916. Int. A. & O.
LIPSCOMB COUNTY (P .O . Lipscomb), Tex.— B O N D S

V O T E D .—

Tho proposition to issuo $75,000 road bonds received a favorablo voto. it is
stated, at an election held M ay 13.

Lancaster County,

Pa.— BOND SALE.— On M ay 2o the $95,000 4% 19-year averago school
bonds (V. 102. p. 1919) wero awarded to tho Lititz Springs National Bank
o f Lititz at 100.311, a basis o f about 3.977%.

LITTLETON TOWNSHIP, No. Caro.— B O N D S O F F E R E D B Y
B A N K E R S . — Sidney Spitzer & Co. o f N. Y. are ottering to investors

$40,000 6% road bonds. Donom. $500. Int. J. & J. Duo serially from
1930 to 1956. inclusive. Total dobt, $60,000.
Assessed vaulo $1.
255,046.
LIVINGSTON PARISH (P. O. Springville), La.— B O N D S O F F E R E D
B Y B A N K E R S . — Sidney Spitzer & Co. o f N. Y. aro offering to investors
f80,000 5% road bonds. Denom. $500. Int. M . & S. Duo serially from
«
Inciusivo. Total debt, this issuo, $80,000. Assessed value,
vO,U( 1,000.
J

, OWNSHIP (P. O. Lockw ood), Dado County, Mo.—
T

B O N D S D E I E A T E D . — Tho proposition to issuo $25,000 road-construction

bonds (V. 102, p. 1919) failed to carry at tho election held M ay 27.
LOS ANGELES, Calif.— B O N D E L E C T I O N — Local papers stato that
tho proportions to issue tho following bonds will be submitted to a voto
on Juno
^•MO.OOO municipal telephone-plant, SI.800,000 sewage1
mn a0®0 Ijro-dopartment, $500,000 firo and polico alarm-system
anil $300,000 Second St. tunnel (city’s share.)
McCOMB CITY, Piko County, Miss .— B O N D O F F E R I N G . — This city
will soil on Juno 20, it is stated, tho $90,000 sowcrago-system-installatlon
bonds (V. 102, p. 155b).

MALONE HIGH SCHOOL DISTRICT (P. O. Malone), Hill County,

Tex.—B O N D E L E C T I O N ,.— The question of Issuing $9,000 building bonds
will bo submitted to a voto, it is stated, on Juno 10.
MANATEE COUNTY (P. O. B rad en tow n ), F la .— BOND O F F E R IN G .
— Proposals will bo received on or before Juno 10 by Iiobt. II. Roescb




2099

C H R O N IC L E

Clerk of Board of County Commissioners, for $75,000 6% Englewood
Special Road & Bridge Dist. bonds. Denom. $1,000. Date July 11916.
Int. J. & J. Bids will be received for bonds to mature as follows: First,
a ll to become due July 1 1936; second, $25,000 due July 1 1926,1931 and ’36.
MARBLEHEAD, Essex County, Ma33.— B O N D O F F E R I N G . — Propos
als will bo received until 9 a. m. June 6 by Everett Paine, Town Treasurer,
for tho following 4% coupon tax-free bonds:
$25,000 school bonds. Denom. $1,000. Duo $2,000 yearly on June I
from 1917 to 1926, inclusive, and $1,000 yearly on June 1 from
1927 to 1931, inclusive.
15,500 water bonds. Denom. $500 and $1,000. Duo $3,500 June 1 1917
and $3,000 yearly on Juno 1 from 1918 to 1921, inclusive.
Date June 1 1916. Principal and semi-annual interest—J. & D .—
payable at Merchants’ Nat. Bank, Boston. Tho Old Colony Trust Co.
will certify that the legality of these issues has been approved by Storey,
Thorndike, Palmer & Dodge of Boston, a copy of whose opinion will accom
pany bonds when delivered, without chargo to the purchaser. Debt state
ment M ay 22 1916: Water loans, $107,000: municipal light, $68,000; less
light sinking fund, $29,850; school loans, $144,000; road loans, $20,000;
total debt, $309,150. Assessed valuo 1915, $11,277,306.

MARION COUNTY (P. O. Marion), Ohio.— B O N D

O F F E R IN G .—

Proposals will be received until 12 m. Juno 10 by Harry E. Mason, County
Auditor, for S18.500 5% 3-year average coup, bonds. Auth. Sec. 1223,
Gon. Code. Denom. $500. Date June 10 1916. Prin. and semi-ann. int.
— J. & D.— payablo at tho office of City Treasurer. Due $500 March 1
1917 and $2,000 each six months from Sept. 1 1917 to Sept. 1 1921 incl.
Certified check for S300, payable to the county Treasurer, required. Bonds
to be delivered and paid for within 15 days from time of award. Pinchaser to pay accrued interest.
MARSHALL COUNTY (P. O. P lym outh), Ind.— B O N D S A L E . —
On M ay 25 the six issues of 4)4% road bonds, aggregating S112.700 were
awarded as follows— V . 102, p. 1910 :
$32,000 two issues of bonds to Fletcher Amer. Nat. Bank of Indianapolis
for $32,476.
47,000 threo issues of bonds to tho Marshall County Tr. & Savs. Co.
Plymouth for $47,712.
33,700 1 issue of bonds to Miller & Co. of Indianapolis for $34,103.

MASON COUNTY (P. O. Point Pleasant), W. Va .— B O N D

ELEC

T I O N . — Reports state that an election will bo held in Waggoner District
on June 6 to submit to a vote tho question of issuing $65,000 road-improve
ment bonds.
MAYVILLE (Village), C hautauqua C ounty, N. Y .— B O N D S A L E .—
On May 29 the $10,000 light refunding bonds— V. 102, p. 1919— were
awarded to John J. Hart of Albany at 100.127. There were 5 other bids
received.
MEMPHIS, Tenn.— B O N D S A U T H O R I Z E D . — Local papers state that
the ordinance providing for tho issuance of $175,000 refunding bonds
passed on third reading at the meeting of the City Coihmission held M ay 16
(V. 102, p. 1919).
MIAMI, Dade County, Fla.— B O N D S A L E . — On M ay 25 tho two issues
of 5% gold coupon bonds, aggregating $67,000 (V. 102, p. 1829) wero
awarded to Stacy & Braun of Toledo for $68,246 (101.859) and interest.
There wero four other bidders.
MIAMI COUNTY (P. O. Troy), Ohio.— B O N D O F F E R I N G . — Proposals
will be received until 10 a. m. June 12 by Chas. N. Peters, County Auditor,
for tho following three issues of 5% coup. Piqua-Sidney pike-improvement
bonds, aggregating $80,200:
$53,500 county’s portion bonds, series A. Denom. $500. Duo $10,500
June 1 1917, 1918 and 1919 and $11,000 June 1 1920 and 1921.
13,000 township’s portion bonds, series B. Denom. $500. Due $2,500
June 1 1917, 1918, 1919 and 1920 and $3,000 June 1 1921.
13,700 assess, bonds, series C. Denom. 27 for $500, 1 for $200. Due
$2,500 June 1 1917, 1918 and 1919, S3,000 Juno 1 1920 and $3,200
June 1 1921.
Auth. Secs. 1178 to 1231, Gen. Codo. Dato June 1 1916. Prin. and
semi-ann. int.— J.-D .— payable at County Treasury. Certified check or
cash for 5% o f amount of bid, payable to County Auditor, required. Bonds
to bo delivered and paid for within 5 days from time of award. Purchaser
to pay accrued Interest. Separate bids must bo made for each issue,
and must be unconditional. Official circular states that there is no liti
gation affecting this issue of bonds and that there has never been any default
in the payment of any obligations. Total bonded debt, incl. these issues,
$729,030. Assessed val., $71,903,050; actual valuo (est.), $76,903,050.
MICHIGAN, STATE OF .— B O N D O F F E R I N G .— Proposals will bo re
ceived until 12 m. June 14 by Frank F. Rogers, Stato Highway Commis
sioner. at his office in Lansing for $35,000 (two issues) of 2 to 5-year road
and $165,000 (four issues) of 2 to 10-year road assessment bonds at not
exceeding 6% interest. Denom. to suit purchaser. Certified check for
5% of bonds bid upon, payablo to above Commissioner, required.

MINGO RURAL SCHOOL DISTRICT (P. O. Mingo), Champaign
County, Ohio.—B O N D O F F E R I N G . — Proposals will bo received until

12 m. June 15 by B. A. Aughinbaugh, Clerk of Board of Education, for
the $10,000 5% 20J£-year averago coup, school bonds voted April 11—
V. 102, p. 1556. Auth. Secs. 7625-7627 incl., Gen. Code. Denom. $500.
Date Juno 15 1916. Prin. and semi-ann. int.—J. & D .— payable at Citi
zens’ Nat. Bank, Urbana. Due $500 each six months from June 15 1937
to Dec. 15 1946 incl. Certified check on a Champaign County bank for
$500, payable to the above Clerk, required. Purchaser to pay accrued
interest. Bonded debt, incl. this issuo, $30,000; no floating debt; sinking
fund, $1,033. Assessed valuation, $986,440.

MISSOULA COUNTY SCHOOL DISTRICT NO. 1 (P. O. Missoula),
Mont.— B O N D S A L E . — On May 19 tho $40,000 4)4% 6-20-yr. (opt.)

coupon school bonds (V. 102, p. 1739) wero awarded to tho Union Trust
& Sav. Bank, Spokane, for $40,015 (100.037) and int. Other bids were:
Harris Tr.& Sav.Bk.,Chic.$39,926 001
Cent .Sav .Bk ., Denver____ $39,200
Mont.Tr.& Sav.Bk.,Helena 39,750 00 Internat. Tr. C o., D enver.. 39,010
John E. P rice* Co., Seat. 39,421 601Jas. N . Wright & Co., D env. 38,456
Date June 1 1916. Int. J. & D.

MONMOUTH COUNTY (P. O. Freehold), N. J.— B O N D

O F F E R IN G .

— Proposals will be received until 10:30 a. m. June 9 by Charles F. M cD on
ald, County Collector, for $55,000 4)4% 10-yera court-house bonds.
Denom. $1,000. These bonds are coupon in form, with privilege of regis
tration either as to principal and int. or as to principal only. Date June 1
1916. Prin. and semi-ann. int. at the County Collector’s office. On any
bonds registered as to principal and int., interest will, at tho request of tho
holder, bo remitted by mail in N. Y . exchango. The bonds will be delivered
to the purchaser at the County Collector’s offico at 11 a. in. June 20. unless
another time and place shall bo mutually agreed upon in writing. Cert,
check on an incorporated bank or trust company for 2% of bonds bid for,
payable to the County Collector, required. All bids must be made upon
forms furnished by tho county. Bonds will bo examined as to legality by
Caldwell & Masslich of N. Y ., whose favorable opinion as to tho legality
will be furnished to the purchaser without charge. Tho county has no
bonded debt. Assess, val. $110,982,466.
MONROE, Monroe County, Mich.— B O N D O F F E R I N G . — Bids will bo
received until 7:30 p. m. June 5 by Fred M . Kressbach, City Clerk, for
$60,000 bridge bonds. Date July 1 1916. Denom. to suit purchaser.
Interest, “ at such rate as will insure salo at par," payable semi-annually
at offico of City Treasurer. Duo yearly on July 1 as follows: $2,000 1924,
$3,000 1925 to 1927, inclusive, $5,000 1928 to 1931, inclusive, and 1936,
and $6,000 1932 to 1935, inclusive. Certified check for $500 required.
Bids must Include cost of printing bonds. These bonds wero votod Dec. 6
1915.
MONROE COUNTY (P. O. Bloomington), Ind.— B O N D S A L E . — On
M ay 31 the $17,500 4)4% 5)4-year averago road bonds (V. 102, p. 1919)
wero awarded to tho Salem Bank of Goshen for $17,775 50 (101.574) and
interest, a basis of about 4.385%. Other bids were:
Breed, Elliott & Harrison, Indianapolis_______________________ $17,732 50
J. F. Wild & Co., Indianapolis________ ______ ________________ 17,711 11
Miller & C o., Indianapolis.............................. ......... ....................... 17,701 00
Flotcher-American National Bank, Indianapolis______________ 17,683 50
R. L. DollingsCo., Indianapolis............................ ..................... . 17,675 90
MONROE COUNTY (P. O. M adisonville), T enn .— B O N D S A L E .—
On May 10 the two issues of 5% bonds — V. 102, p. 1740—were awarded;
it Is stated, to Stacy & Braun of Toledo as follows:
$150,000 28-year (aver.) coupon road-impt. bonds at 102.33, a basis of
about 4.848%.
40,000 25-year school bonds at 102.60, a basis of about 4.83% .

2 1 0 0

THE

C H R O N IC L E

C O U N T Y (P. O. McConnellsville), Ohio.— B O N D O F
* E K I N G . — 'Proposals will bo received until 1 p .m . Juno 7 by John Whitnov
’9° ° i 5 ? k inter-county highway improvement bonds.

[V o l . 1 0 2 ,

i b o Board of Township Trustees, for $300 and $500, respectively.
bankbaSer *D P&y accrued lntcrost and accept delivery of bonds at above

iJonom. $500. Date July 1 1916. Principal and semi-annual interest—
PAR OWAN SCHOOL D ISTR IC T (P. O. Parow an), Iron C ountv
I n J LT,£ay , ,
t h2 9,9.ullty Treasurer’s offico. Duo $500 July 1 1917.
?o?o’
1929; ,1600 Jan. 1 1917. $3,000 Jan. 1 1918, $2,000 Jan. 1
F D S y 0 1 0 -— 0n M ay 8 tho proposition to issue $50,006
, ^
*
n
1919, $3,500 Jan. 1 1920 and 1921, and $3,000 July 1 1921. Certified school bonds carried by a vote o f 219 to 2, it is said.
check on an Ohio bank for 5% o f amount o f bonds bid for required. DoPIILHAM MANOR, W estchester C ounty, N. Y . — B O N D O F F E R I N G
livery of bonds to be made Aug. 1. Purchaser to pay accrued interest.
— Sealed bids will be received until Juno 12 l) y P. J. Wilmerding, Mayor
MT. P L E A SA N T , Isabella County, Mich.— B O N D S D E F E A T E D .— checkSfore5%f rLudred°°
° r 4 ^ % so'ver‘ uxtcnsi°n bonds. Certified
held f f i S P z a ° f lssuing ^42,000 sewer bonds was defeated at an election
PERTH AMBOY, Middlesex C ounty, N. J .— B O N D O F F E R I N G —
M USK EGO N, Muskegon County, Mich.— B O N D S A L E .— On M av 15 ^copo-sals will bo received until 4 p. m. Juno 21 by J. A. Rhodes, City
■sinn^ nnnr,J ? t
llowing 414 %
an issue o f $10,000 4M % 12-yr. refunding bonds was awarded to Boiger, $100,000 water bonds Series E. coupon (with privilege of reg.) bonds:
Denom. $1,000. Date Juno 1 1916.
Mosser & Willaman of Chicago at 101.35, a basis o f about 4.35% . Denom.
u u e June 1 1946.
$1,000. Date July 1 1916. Int. J. & J. Due July 1 1928.
49,900 school bonds. Denom. 49 for $1,000, 1 for $900. Date July 1
1916- Due $9,900 July 1 1926 and $10,000 on July 1 1936, 1946,
N ED ER LA N D , Boulder C ounty, Colo.— B O N D E L E C T I O N . — Roli/oo ana i9ob.
^
elortion will be held Juno 6 to vote on the question of
Pcyicipal and semi-annual interest payable at office of City Treasurer.
issuing $20,000 6% 15-year gravity-water-system installation bonds.
Certified check on an incorporated bank or trust company for 2% of bonds
N E LSO N SCH O O L D IS T R IC T (P. O. Nelson), B utte Countv
P Tn?b ie 1 °
treasurer, required. Purchaser to pay accrued
C a h l . —- B O N D S V O T E D — 'The election M ay 16 resulted in favor of tie
™ t t i,
n u t0 be'delivered and paid for on June 26 and July 3, reproposition to issue the $10,000 grammar-school-building bonds, it is said
I 1m
“ ii?,6 b°
forms furnished by the city. The U. S.
vv. 1UJ, p. 1740.).
J iw n ’m i S d S ; wiii,ce£t fy , as t0, th.° genuineness of tho signatures of tho
ioHm f{icianS i? gning tbe bguds and tho seal impressed thereon, and their
!,? £ STLE.> Lawrence County, Pa. — B O N D O F F E R I N G . — Pro- ISSnfnn } i k® aPPr.°yed by Caldwcii & Masslich, of Now York, whose
posals will be received until 10 a. m. June 19 by C. E. Brown Cltv Clerk
opinion will be furnished purchaser.
b?mds160f?mnm
nnn'20n ? r optional coupon tax-free improvement
PLAINFIELD, Union C ou n ty, N. J.— B O N D S N O T S O L D . __N o bids
bonds. Denom. $1,000. Date July l 1916. Int. J. & J. at Citv Treasi
< 2 jk for $500. payablo to the “ City o f Now Cas ^ht^r,iI"w:eiVied een * fay
*
for, tbo $30,000 4% coup, (with priv. of reg.)
. r,eciuh;ed. No bids will be considered for less than $75,000. Bonded schooi bonds offered on that day.— V. 102, p. 1831.
debt, including this issue, $403,515. Assessed value 1916, $21,532,000.
p O II^ P L E A S A N T BEACH (P. O. P oint Pleasant), O cean C ounty,
V» ..t
UP
n Ju n o l tho $21,000 5% 24-year registered sewor
N EW RICHMOND SCH O OL D IS T R IC T (P. O. New Richmond).
f ’f'A non^V'-iF0111?*'7, i W is.— BONDS V O T E D .— The question o f issuing ^ N e w Y o °k a t7 o6 - i l l ’ P‘ 2010~ were awarded to II. L. Crawford & Co.
$40,000 building bonds carried, it is stated, at a recent election.
8
—
Du i c b« s? G ounty> N. Y .— B O N D S D E F E A T E D .
N IC H O LA S C O U N T Y (P. O. Summersville), W. V a __ B O N D
, T b° proposition to issue $240,000 water-main bonds was defeated at th
SuFn
proposition to issue $250,000 road-improvement bonds election held M ay 25 by a vote of 224 “ for” to 401 “ against.”
District8on^ uife110 & VOt° ’ * s stated’ at an election to be held in Beaver v n ' r r n CEt ,S A.N1?,E c.o b Nt 'V (P. O. Princess A nn e), Va.— B O N D S
^
Kempsvillo Dist. on May 22 resulted, it is
N IC O L L E T SCH O O L D IS T R IC T (P. O. Nicollet). Nicollet Countv
a vote °P 137 to 3 the question of issuing ?oaddmprovemen? bonds? 13 ln faV° r ° f th° proposltIon t0 Issuo ^130.000
at an6 d e c t f o n ^ M d ^ l a ^ n f 0 4 < ^° buildlng bonds carried, it is stated,
PR!NEVILLE, C rook C ounty, Ore.— B O N D O F F E R I N G . — Proposals
b
f t
’ ra’ June„6 by, tho City Council for tho
N IL E S , Trum bull County, Ohio.— B O N D O F F E R I N G .— Bids will bo aw1 i a.ln?vlV^ lni % 8, lPcoA \p o a railroad-construction bonds voted$100,000
rv
° i
R e iv e d until 12 m. June 10 by Homer Thomas, City Auditor, for $1 000 iY ’ I02: P; ] 372)^ Ai ltP’ Chap. 105, Laws of Oro. 1915. Denom. Mar. 28
$1,000.
Date Muy 1 1916. Pnn. ancf semi-ann. int. (M . * N .), payablo at the
n ^ o4^nnr fVndl,r
o
A^b0nT
ls; A i*th“ ? ec’ 3916. Gon- Code. Denom. $500
Diite June 10 1916. Interest semi-annual. Certified check for 1% of City Treas. offico, or at tho fiscal agency of Oregon ln N. Y. City. These
bonds bid for, payablo to the City Treasurer, required. Bonds to be bonds are exempt from all taxos. Cert, check for $15,000, payablo to
Mayor, required. Bidders must satisfy themselves in
payV c ^ e d dInterestr wlthln ten days from tlme o f award- Purchaser to
a
fY!0
c i.iCga ln:S
r,of said issue and make their bids unconditional.
The successful bidder will be required to furnish the necessary lithographed
N O B LE S C O U N T Y (P. O. W orthington), M inn.— B O N D S A L E . —
«c°nnnld *$nd? *Sd coupons. Tho city has no bonded debt. Floating
The Capitai Trust & Savings Bank o f St. Paul has purchased the following
4 H % coupon ditch-construction bonds:
g debt $5,000. No sinking fund. Assess, val. 1915 $500, 330.
$37,500 County Ditch N o. 12 bonds. Denom. $1,000 and $500. Duo t> PrFL[A SKI COUNTY (P. O. Somerset), K y .— B O N D O F F E R I N G . —
|3j000 y ^ y M ay 1 from 1924 to 1935, inclusive, and $1,500 Ann , iYYrPUr’ S °- Judge, will sell at public auction at 2 p. m. Juno 9 $300,^ roail-constr. bond.s. Due $25,000 in 5 yrs., $10,000 yrly from
21,500 Judicial Ditch N o. 1 bonds. Denom. $500. Due $500 M ay 1
yrs. incl. anil $15,000 yrly. from 26 to 30 yrs. incl. A deposit of
t 92i/o'ir995’ i 19! 6 and 1927’ and 51,000 yearly M ay 1 from 1928
2
to 19J6, inciusive.
Dato M ay 1 1916. Principal and somi-annual Interest (M . & N .) pay
ablo at the Merchants’ Trust & Savings Bank, St. Paul.
Mwor “ d ,ho m t b RANDOLPH COUNTY (P. O. W inchester), In d .— B O N D O F F E R I N G .
— Proposals will bo received until 11 a. m. June 5 by Elijah Puckett
o^
TOMn lo V to 1 0 3 ° - $ . “ o “ p 830 " rrl“ l ** “ »
or
M M 27 by . ^ V in hn2irC Uwri’ ifOr^ ?6’50-9 4 H % SJi-year average J. G. Johnson et al
bo^ i n Y h tr Rly.er Township. Denom. 20 for $500 and 20 for
,
c
1916. Int. M . & N. Duo $1,325 each six months
NO RTO N, Wise C ounty, V a t.— B O N D O F F E R I N G . __This town is r,?23' a
from May 15 1917 to Nov. 15 1926, inclusive.
SnSuaf T . M°. f i J p T i J K S . ' - 8tr“ WmP' 0V“ ‘ “ “
"U . «JmIRAPIDES PARISH (P. O. Alexandria), La.— B O N D S V O T E D __
Reports state that an election held M ay 16 resulted in favor of tho propo
sitions to issue $80,000 Road Dist. No. 6 and $30,000 Road Dist. No. 10
4£S % bul,ldlnS bonds authorized by voto o f 105 to 38 at an election held road-construction bonds.
RICHFIELD DRAINAGE DISTRICT (P. O. R ichfield), Sevier
» / ? r o bS,, l9b 7 « 0 !n a : T ' * “ *■ 4 ° ° ' ° f Ch"™ > 2
“
C ounty, U tah.— B O N D E L E C T I O N . — An election has been called for
Juno 10 to vote on tho question o f issuing $68,000 drainago bonds, it is
statea.
RICHLAND COUNTY (P. O. S idney), M ont.— B O N D S P R O P O S E D __
a™ rded V.t^ , > p.L^ vr(f 1 O
Sl\ 2009. C nT,rll- t^ ? ,; at 100’25 and l n t .- a Sasis o f about
n
S
3.97%.
102,
Other bidders wero:
This county is contemplating tho issuance of road bonds, it is stated.
H. A. Kahler & Co., N. Y-__100.078|Gco. B. Gibbons & Co., N .Y.100.01
RICH VALE DRAINAGE DISTRICT NO. 100 (P. O. R ichvale),
O KLAHOM A C IT Y , Okla.— B O N D S V O T E D .— Tho question of issuing B^ t e C9u n ty Ca -B O N D S V O T E D . — Reports state that the propo
sition to issue tho $150,000 drainage-system bonds carried at tho M ay 20
election by a vote of 77 to 3. See V . 102, p. 1831.
RIVERSIDE COUNTY (P. O. Riverside), C alif.— B O N D E L E C T I O N .
S lo ^ o V A c ffiln "F A lS °„n “ d
c
20- M lt0
u Y,ug- ,29,
ia stated, to voto on tho proposition
O R AN G E C O U N T Y (P. O. Paoli), In d .— B O N D O F F E R I N G .— Pro to issue about 'oiLA1
$150,000 bridge bonds.
posals will bo received until 2 p. m. Juno 5 by Oscar Standoford Countv
ROCHESTER, Olmstead C ounty, M inn.— B O N D S V O T E D — Tho
Treas., for $4,800, $4,200 and $6,900 4 K % hlghway-topt ^ n d s .
'
question of issuing the $175,000 5% 10-30-year (opt.) water-works-purchaso
O R ISK A N Y (Village), Oneida County,JN. Y . — B O N D O F F E R I N G .— and extension bonds (V. 102, p. 1921) carried at tho election held M ay 25?
Proposals will bo received until 6 p. m. Juno 12 by W . II. Mitchell Villaire A. F. Wright is C ity Clerk.
u
Clerk, for the $40,000 4 % lOK-year average toupon o r r ^ is t e r ^ ’ (
on
ROCK ISLAND COUNTY SCHOOL D ISTR IC T NO 40 (P. O
of purchaser) sewer bonds voted M ay 8 (V. 102, p. 1740). Denom $1 000
Silvis), 111.— BOND S A L E . — On M ay 17 tho $20,000 10j^-yr. average
Date Jib? 1 1916. Principal and seml-annuai I n t e r ^ j r ^ r j ^ p i y a b l o
bo V
lsT7CY6cr0? ’ pr 1831— were awarded to Powell, Garard & Co. of
at Utica Trust & Deposit Co., Utica. Due $2,000 yearly on Julv 1 from
19Vmt0i 1^36i inclusiv0- Successful bidder will bo required to cfeposit™ Hanchett fBondn o.,t0n ^ L '^asls aboub 4 ’37% ’ Other’ bidders were:
H a X
f f l C 5 Chicago
$20,057 50
certified chcck upon a national bank or a Now York State bank or trust
%
company for 1% of bonds bid for, and made payablo to tho Village Treas P. W . Chapman & C o., Chicago.................................. 20,637 50
*20,000 00
urer.
Village has no bonded or floating debt. Assessed value $582 632
20,675 00
20,161 00
^ ^ ^ S^ . ? . R I* I9I,S T R IC T ,(P’
n
.° 3age> Mitchell County, Iowa.’ R. M . Grant & C o., Chicago______________________
>
h D r } lp question o f issuing $65,000 building bonds—
20,726 00
V . 102, p. 1920— carried by a vote o f 378 to 328 at tho election hehl M ay 26. Klssell, Klnnicutt & C o., Chicago...............................
20,160 00
7 n °n R n ^ ° f C? I^ ? y i?,A^ ED INDEPENDENT SCHOOL DISTRICT Powell, Garard & C o., Chicago.................................... 1 lo.’i f ? 50
(P. O. O tranto), M itchell C ounty, Iow a .— •B O N D S A L E __On \r->v on Boiger, Mosser & Willaman, Chicago___________
20 400 O
O
ka/ /0
Hie $17,000 5% building bonds (V. 102, p. 1830) were awarded to S^hanko Chas. II. Coffin, C h ica g o,......................................... I 20,404 00
F .V
* G o- S
ason C ity. Denom. $500. Int. Juno & Dec. 1. Due $500 Cummings, Prudden & C o., Chicago_________
20 4 5 6 00
June 1 1919 and 1920 and $1,000 yearly Juno 1 from 1921 to 1936, inch
John Nuvecn & Co., Chicago.........! ............. ............... 2n’624 00
W
ot ko
r.c?
O TTAW A C O U N T Y (P. O. Port C linto n), Ohio.— B O N D S A L E __-On G w . M . Bechtel & C o., Davenport._
♦Loss a discount of $150.
..................... 30.637 50
5%
MaoootLLh0 565,000 4% 1014-year aver, railroad-crossing bonds— v ’. 101
p. 2009— were awarded to tho Fifth-Third Nat. Bank o f Cincinnati fnr
RUM NECK DRAINAGE DISTRICT (P. O. Holly Hill), Orange$56,050 (101.909)iron nfurnishing of bonds. it n bidders wereOther
oocnnffnnrl & A n and i« O l! O 00 ci
/T
.T C’T
’
Seasongood .9r Mayer,Cin_$56,057 An Security S u n m -~o.,Toll$55,918 50 b Yrg C O M - S. C .— B O N D O F F E R I N G .- T h is district is offering for
B.& T.C
sale $4,000 6% drainago bonds. Int. semi-annual. Due within 25 years’
Hayden, MilIer&Co.,Clov. 56,014 00 Breed, Elliott & Harrison,
Prov. S. B. & T. Co., Cin. 56,000 00
Cincinnati________ _
5 5 9 0 7 150 M . L. Breeland, M . E. Shuler and S. P. Wells, Bil. of Drainago Commrs.
Spitzer, Borick& Co., Tol. 55,942 00 Sidney Spitzer & Co., T o l. 55,880 00
SySH CQUNTY (P. O. Rushville), Ind. — B O N D O F F E R I N G .— ProOtis& Co., Cleveland___ 55,925 00 Tlllotson & Wolcott C o. 55,786 50
Cummings, Prudden & Co. 55,911 0 0 1Stacy & Braun, Toledo * 5 5 7 1 3 7 0
Davit*;-Bertram Co., C in. 55,911 001W. L. Slayton* Co., T o l' 5 5 649 00
Weil, Roth & Co.. C in e .. 55,852 50|First Nat. Bank, Columbus55,550 50 June 1 1916. Int. M . & N . Duo one-twentieth•
of"each lssuePcach?six
months from M ay 15 i917 to N ov. 15 1926, incl.
aC“ X
, . PAY£LING (T o w n )» Dutchess C ounty, N. Y . — B O N D S A L E — On
SALEM, Columbiana County, Ohio.— B O N D O F F E R I N G .— Proposals
& C o 2of N.1YU atOfl^:2800 ^ h e ^ b k H w e r e ^ 3 aWarded l ° H ’ A ’ Kahler will be received until 12 m. Juno 15 by Geo. Holmes, City Auditor, tor tho
S C
following bonds:
Geo.^Bf Gibbons & CmTN.'y II lo llo o I^Yorlc’ ^
& C° -’ ^ 1 0 0 529 $50,000 00 434 % water-works bonds. Denom. $500. Dato M ay 1 toto
1 - n o n OO r r * £ ue f 2-00P year>y on Nov. 1 from 1918 to 1942, inclusive!
gin^ingnAp?.1 ,0 lb l7 DatO Jlm° 1 1916, Int• ®hnT"on Apr7" f " D ue' bel°
15.000 00 5% fire department bonds. Denom. $1,000. Dato Juno 1
1916. Due $1,000 yearly on March 1 from 1925 to 1939,
PAINESVILLE TOWNSHIP (P. O. Painesville) Lake C ountv
inclusive.
S hi£ - O F F E R I N G .— Proposals will bo recelv ^ until 12 m S
fb
15.000 00 5% street bonds. Denom. $1,000. Dato M ay 30 1916.
D
__
b >io $1,000yearly on Feb. 1 from 1925 to 1939, inclusive.
ship9s JoVtombonds:T ° Wn'ShlP ° lerk’ f° r th° f° Uowing 5% c o u p o n 'to U b
8,b30 75 5>S% street assessment bonds. Denom. 1 for $980 7 5 and 9
$9,000 road bonds. ' Duo $1,000 yearly on Sept. 1 from 1917 to 1924
fo r W50. Dato April 1 1916. Duo $980 75 April 1 1917
Inclusive, and $500 on Sept. 1 1925 and 1926.
1J24,
oon
and 5330 yearly on April 1 from 1918 to 1926, inclusive.
15,500 street-improvement bonds. Duo $1,500 yearly on Sept. 1 from 1917
882 00 5H % street assessment bonds. Denom. 1 tor $182 and 4 for
to 1925, inclusive, and $2,000 Sept. 1 1926.
$175. Dato April 1 1916. Duo $182 April l 1917 and
, ^ uthv; ? ccf ••
l20r>, nd 3939. Gen. Code. Denom. $500. Date March 1
a
$175 yearly on April 1 from 1918 to 1921, inclusive.
and s,'mi-annual interest— M . & S.— payablo at PalnesInterest semi-annually,
assessment bonds, which is paid
vlllo Nat. Bank, Painesville. Certified check on a Lako County bank^ annually. Certified check except on bonds bid for, payablo to tho City
for 2% of




June 3 1916.]

THE

T rea su rer, req u ir e d . B o n d s t o b o d e liv e re d an d p a id fo r w ith in te n d a y s
fr o m tlm o o f a w a rd . P u rch a ser t o p a y a c c r u e d In terest. S e p a ra te b id s
m u s t b o m a d e fo r e a ch Issue.

SAN DIEGO COUNTY (P. O. San Diego), Cal.— B O

N D S

D E 

F E A T E D .—

T h o election hold M a y 16 resu lted in th e d e fe a t o f th e p r o p o s i
t io n t o Issue th e §2 ,2 0 1 ,0 0 0 4l)4 % r o a d , b r id g e , p a v in g a n d h o s p ita l b o n d s
( V . 102, p . 183 1 ).

SANFORD GRADED SCHOOL DISTRICT (P. O. Sanford), Leo

County, No. C a r o.— B O N D S O F F E R E D B Y B A N K E R S . — 'T h o $ 2 0 ,0 0 0
5 % 2 0 -y c a r b u ild in g b on d s ( V . 102, p . 634) are be in g o ffe r e d t o in v e s to rs
b y S id n e y S p itz c r & C o . o f N . Y . D e n o m . $ 1 ,0 0 0 .
I n t. J . & J . D u o
J a n . 1 1916. T o t a l d e b t $ 3 0 ,0 0 0 ; assess, v a l. $ 1 ,4 7 4 ,3 4 4 .
SAUGERTIES, Ulster County, N. Y .— B O N D S A L E . — T h o fo llo w in g
b id s w ere received fo r th o $ 2 6 ,0 0 0 7-y e a r a vera go registered h ig h w a y -im p t.
b on d s o ffe r e d o n Ju n o 1:
In terest

U lster C o u n ty S av in gs I n s titu tio n , K in g s t o n _____ _________4 .1 0 %
S au gcrties S av in gs B a n k , S a u g e r t ic s ..................................... .4 . 1 0 %
Isa a c W . Sherrill C o ., P o u g h k e o p s io ________________________4 .2 0 %
I I . A . K a lilcr & C o ., N e w Y o r k _____________________________ 4 .2 0 %
P a rs o n , Son & C o ., N e w Y o r k ______________________________ 4 .2 0 %
C ra n d ell, S h op p crd & C o ., N o w Y o r k ______________________ 4 .2 5 %
W m . It. C o m p t o n C o . , N e w Y o r k ---------------------------------------- 4 .2 5 %
G e o . B . G ib b o n s & C o . , N e w Y o r k _________________________ 4 .3 0 %

b o n d s a w a rd e d jo in t ly o n M a y 10 t o G e o . I I . T ild e n & C o . o f S e a ttle a n d
t h e N a tio n a l B a n k o f T a c o m a fo r $4 9 0 ,3 5 7 50 (1 0 0 .0 7 2 ) an d b la n k b o n d s
as 4 M s (V . 102, p . 1832) are in th e d e n o m . o f $ 1 ,0 0 0 a n d d a te d J u ly 1 191 6.
I n t . J . & J . D u o $ 4 9 ,0 0 0 y e a rly J u ly 1 fr o m 1927 t o 1936 in c l.

TODD COUNTY (P. O. Kllcton), K y.— B O N D

E L E C T IO N R E S C IN D 

E D .—

It is stated that the election which was to have been held on June 10
to voto on tho Issuance of S190.000 road bonds has been rescinded.
TRENTON, N. 3 . — B O N D O F F E R I N G .— Bids will bo received until
2 p. m. Juno 6 by H . E . Evans, City Treas., for tho following 4>4 % bonds:
$23,500 reg. or coup, school bonds. Due June 1 1946. Cert, check for
$470 required.
72,479 reg. street impt. bonds. Due Juno 1 1926. Cert, check for
$1,450 required.
D e n o m . $100 o r m u ltip le s th e r e o f t o su it p u rch aser. D a t e J u n e 1 1916.
P rin . an d sem i-a n n . in t. (J . & D .) p a y a b le a t o ffic e o f C it y T r e a s . o r In N .Y .
exch a n g e . C e r t, ch e ck s fo r a b o v e a m o u n ts m u st b o p a y a b le t o C i t y T r e a s .
O ffic ia l circu la r states th a t th is c it y has n ever d e fa u lte d In p a y m e n t o f
p rin c ip a l o r in terest. T o t a l Indebtedness in c l. th ese Issues, $ 8 ,5 9 2 ,7 5 4 .
S in k in g fu n d s $ 2 ,4 6 4 ,5 7 5 . Assess, v a l. 1915 real e s t ., $ 7 0 ,7 5 7 ,9 2 3 . P e r 
so n a l $ 1 2 ,1 8 5 ,6 0 0 . T a x ra te per $ 1 ,0 0 0 $ 2 2 .8 0 .

TRIMBLE COUNTY (P. O. Bedford), Ky .— B O N D S V O T E D . — B y a
v o t o o f 524 t o 195 th o p r o p o s itio n t o issu e th e $ 9 0 ,0 0 0 ro a d a n d b rid g e c o n s tr u c tio n b o n d s — V . 102, p . 1374— ca rrie d a t t h o e le ctio n h eld M a y 27.
O . S . J o y c e is C le r k o f C o u n t y C o u r t .

SCHLESWIG, Crawford County, Iowa.— B O N D E L E C T I O N . — A n
e lection w ill b o h eld Ju n o 13 t o d e te rm in e w h e th e r o r n o t this c it y shall
issu e $ 5 ,000 w a ter-w ork s-e x te n sio n a n d $ 5 ,0 0 0 ele ctric-lig h t-e x te n sio n
5 % 1 0 -yca r b o n d s .
SELMA Johnston County, No.

3101

C H R O N IC L E

C a .r o .— B O N D S O F F E R E D B Y B A N K 

E R S .—

S id n oy S p itz c r & C o . o f N . Y . aro o ffe r in g t o in v e sto rs $ 1 5 ,0 0 0 5 H %
m u n icip a l b u ild in g b o n d s . D o n o m . $ 50 0.
I n t. A . & O . D u o seria lly
fro m 1917 t o 1946 in c l. T o t a l d e b t $ 5 2 ,0 0 0 . A ssess, v a l ., $ 3 ,0 0 0 ,0 0 0 .
T h o salo o f th ese b o n d s w as r e p o rte d in V . 102, p . 1372.
SENECA, Nemaha County, Kan.— B O N D S P R O P O S E D . — R e p o rts
sta te th a t th is c it y Is c o n te m p la tin g th o lssu anco o f $ 2 0 ,0 0 0 m u n icip a l
b u ild in g b on d s.
'
SEVEN HICKORY TOWNSHIP, Coles County 111.— B O N D
S A L E
___M a t h e n y D ix o n & C o . o f S p rin gfield re c e n tly pu rch a se d 'a n issu e o f
$ 4 0 ,0 0 0 road b on d s at p ar p lu s expensos f o r p rin tin g a n d registerin g o f
b o n d s an d a tt o r n e y 's fees, it is r e p o rte d .
SH AK O PEE, Scott County, Minn.— B O N D E L E C T IO N PR O PO SED .
___A c c o r d i n g t o r o p o r t s , t h i s p l a c e p r o p o s e s t o h o l d a n e l e c t io n t o v o t o o n
t h o q u e s t i o n o f is s u in g $ 2 5 , 0 0 0 b o n d s .
,,
uil
(

TRUMBULL COUNTY (P. O. Warren), Ohio.— B O N D

O F F E R IN G

.—

Bids will be received until 12 m. June 19 by W . L. Iloffman, Clerk of Bd.
of Co. Commrs., for $27,000 5% inter-county highway-impt. assess, bonds.
Auth. Secs. 1178 to 1231-3 incl. Gen. Code. Denom. $500. Date M ay 16
1917.
Prin. and semi-ann. Int.— A . & O.— payable at Co. Treas. office.
Duo $3,000 Apr. 1 and Oct. 1 1917 and $3,500 on Apr. 1 and Oct. 1 1 9 is’
1919 and 1920. Cert, check for $300, payablo to J. C. Cratsloy C o’
Treas., required.

TURIN (Village), Lewis County, N. Y. — B O N D S A L E . — O n M a y 20
an issu e o f $ 3 ,0 0 0 4 M % 6 H -y e a r a v e r . c o u p , s t r e e t-im p t. b o n d s w as
a w a rd e d t o Jere m ia h W illia m s fo r $ 3 ,0 1 0 — equal t o 100 .333— a basis o f
a b o u t 4 . 4 7 % . O th e r b id s w ere:
I I . A . K a h le r & C o . , N . Y -------100.03 I U tic a T r u s t C o m p a n y _________1 0 0 .0 0
W a te r to w n S a v in g s B a n k ____ 100.021
D e n o m . $ 30 0.
D a t e J u ly 1 1916. I n t . J . & J .
D u e $ 3 0 0 y e a r ly on
J u ly 1 fr o m 1918 t o 1927 in cl.
B O N D E L E C T I O N . — An election will bo held Juno 10 to submit to the
voters tho question of whether or not this village shall issue $ 1 , 0 0 0 streetimprovement bonds.

UMATILLA COUNTY

(P.

O. Pendleton),

Ore.— B O N D S

D E 

SH EB O YG A N F A L L S , Sheboygan County, W ise.— B O N D S A U 

F E A T E D .—

S H E L B Y , Cleveland County, No. Caro.— B O N D S O FFE R E d “ b

T h o p r o p o s itio n t o Issue th e $40 0 ,0 0 0 4 1 4 % ro a d -c o n s tru ctio n b on d s
(V . 102, p . 1559) w a s d e fe a te d a t th e e le ctio n h e ld M a y 19. T h o v o t e
w a s 624 “ f o r ” a n d 2,9 6 2 “ a g a in s t ."

T H O R IZ E D . — O n J u n o 6 t h o C o m m o n C o u n c i l p a s s e d a n o r d i n a n c e p r o 
v id in g fo r th o is su a n c e o f $ 3 0 ,0 0 0 5 % c o u p o n b o n d s t o p u r c h a se t h o F a lls
L ig h t & P ow or C o .’s p la n t.
D enom . $500.
D a te A u g . I 1916.
P r in .
a n d s e m l-a n n . in t . ( F . & A . ) p a y a b le a t t h e C i t y T r o a s . o f f ic e .
D u e $ 2 ,0 0 0
y e a r ly A u g . 1 fr o m 1 9 1 7 t o 1 9 3 1 in c l.
F r a n k I t . K r o c g o r is C i t y C l e r k .
y
s t r e e t -i m p r o v e m e n t , w a t e r a n d s o w e r - s y s 
t e m e x te n s io n b o n d s ( V . 1 0 2 , p . 1 6 5 0 ) a r e b e i n g o f f e r e d t o i n v e s t o r s b y S i d n e y
S e ltz e r & C o . o f N . Y .
D e n o m . $ 1 ,0 0 0 .
In t. A . & O .
D u o s e r i a l ly
ft o m 1 9 1 7 to 1 9 4 5 in c l.
N e t d e b t $ 8 5 ,0 0 0 .
A s s e s s , v a l. $ 1 ,5 9 3 ,5 5 7 .

B A N K E R S .— T h o $ 4 0 , 0 0 0 5 %

SH ENANDOAH ,

Schuylkill

County,

Pa .— B O N D O F F E R IN G .—

P r o p o s a l s w ill b e r e c e iv e d u n t i l 1 2 m . J u n o 1 4 b y W . T . K o o n t z , C h a i r m a n
o f F i n a n c e C o m m i t t e o , f o r $ 2 0 , 0 0 0 5 % 3 0 - y c a r s c h o o l b o n d s , It is r e p o r t e d .
C e r t i f i e d c h e c k f o r $ 1 0 0 r e q u ir e d . ,
.
_ _ _ _ _ _ _

SHENANDOAH, Page County, V a .— B O N D S N O T SO LD .— N o s a lo
w a s m a d e o f t h o $ 2 0 , 0 0 0 4 H % 3 0 - y e a r c o u p o n h i g h -s c h o o l -b l d g , b o n d s
o ffe r e d o n M a y 2 6 ( V . 1 0 2 , p . 1 8 3 1 ).
SHILO H V A L L E Y T O W N SH IP (P. O. Belleville), St. Clair County,
111.— B O N D S D E F E A T E D .— T h o q u e s t i o n o f is s u in g $ 6 , 6 0 0
w a s d e f e a t e d a t t h o e l e c t io n h e ld M a y 2 0 , i t Is s t a t e d .
i

b r id g o b o n d s
......

SILV ER T O N , Marion County, Ore.— B O N D S VO T E D — B y '" a ~ v o t o
o f 4 9 1 t o 5 2 t h o q u e s t i o n o f is s u in g t h o $ 1 5 , 1 9 8 5 0 6 %
1 0 - y r . a u x i li a r y
w a t e r - s y s t e m b o n d s ( V . 1 0 2 , p . 1 8 3 1 ) c a r r ie d a t t h o o lc c c io n h e l d M a y 2 2 .
M a r k P a u l s o n is C i t y R e c o r d e r .
SNOHOMISH C O U N T Y SCH O OL D IS T R IC T NO. 30, W ash —

B O N D S A L E . — -O n M a y 2 2 t h e $ 1 8 , 0 0 0 1 - 2 0 - y e a r ( o p t .) b u i l d i n g b o n d s
( V . 1 0 2 , p . 1 8 3 1 ) w ero a w a r d e d t o th e S ta t e o f W a s h in g t o n a t p a r fo r 4 % s .

SOUTH B ETH LEH EM , Northampton County, Pa.— B O N D O FFER 
I N G . — P r o p o s a ls w ill b o r e c e iv e d u n t i l 8 p . m . J u n o 5 b y E . D . M i l l .
C h a ir m a n o f F in a n c e C o m m it t e e , fo r $ 5 5 ,9 0 0 4 %
1 5 -3 0 -y c a r o p tio n a l
t a x -fr e e re fu n d in g b o n d s .
D a to A u g . 1 1916.
P r in . a n d s e m l-a n n . in t.
— F . & A . — p a y a b lo a t o ffic e o f B o r o . T r e a s . _ C e r t , c h e ck fo r $ 2 ,5 0 0 ,
p a y a b l o t o t h o “ B o r o u g h , ” r e q u ir e d .
O f f i c i a l c ir c u la r s t a t e s t h a t t h e r e is
n o c o n t r o v e r s y o r l i t i g a t i o n p e n d i n g o r t h r e a t e n e d c o n c e r n in g t h o v a l i d i t y
o f t h e s o b o n d s , t h o c o r p o r a t e e x is t e n c e o r b o u n d a r ie s o f t h o B o r o u g h o r
t h o t i t l e o f t h o p r e s e n t o f f i c e r s t o t h e ir r e s p e c t i v e o f f i c e s , a n d t h a t tlic r o
lia s n e v e r b e e n a n y d e f a u l t In t h o p a y m e n t o f a n y o f t h o B o r o u g h ’s o b l i g a 
tio n s .
T o t a l b o n d e d d e b t , I n c l. t h i s I s s u e , $ 4 0 0 , 9 0 0 .
F lo a tin g d e b t ,
$ 2 2 ,3 1 5 .
A s s e s s , v a l . o f r e a l a n d p e r s o n a l e q u a liz e d 1 9 1 5 $ 9 , 8 1 0 , 9 2 5 .
T r u e v a lu o o f a ll p r o p o r t y e s t . , $ 2 5 , 0 0 0 , 0 0 0 .

S P A R T A . SCH O OL D IS T R IC T IN G . 1

(P. O. Sparta), Monroe

P u r c h a s e r t o f u r n is h b l a n k b o n d s .
D en om . $100 and $5 00 .
D a to N o v . 1
1915.
P r in c ip a l a n d i n t .— M a r . 1 e x c e p t l a s t m a t u r i t y , w h ic h w ill b e p a y 
a b l o F o b . 1— a t B a n k o f S p a r t a .
D u o y e a r ly o n M a r . 1 a s fo llo w s : $ 1 ,0 0 0
1 9 1 6 ( m a t u r e d ) , $ 1 , 5 0 0 1 9 1 7 , $ 2 , 0 0 0 1 9 1 8 a n d 1 9 1 9 . $ 4 , 0 0 0 1 9 2 0 , .8 4 ,5 0 0
1 9 21 a n d 1 9 2 2 , $ 5 ,0 0 0 1 9 2 3 . $ 5 ,5 0 0 1 9 2 4 , $ 6 ,0 0 0 1 9 2 5 , $ 6 ,5 0 0 1 9 2 6 § 7 0 0 0
1 9 2 7 , $ 7 ,5 0 0 1 9 2 8 , $ 8 ,0 0 0 1 9 2 9 a n d $ 1 0 ,0 0 0 F e b . 1 1 9 3 0 .

S T A N L E Y SCH O OL D IS T R IC T (P. O. Stanley), Page County, Va.
— B O N D S V O T E D .— T h o q u e s t i o n
c a r r ie d a t a n e l e c t io n h e ld M a y 2 5 .

of

is s u i n g

$ 1 0 ,0 0 0

b u il d in g

bonds

S T E L L A , Richardson County, Neb—

B O N D S V O T E D .— B y a v o t o
o f 6 4 t o 5 1 t h e q u e s t i o n o f Is s u in g $ 8 , 0 0 0 6 % 5 - 2 0 - y c a r o p t . c l c c t r i c -l i g h t
b o n d s c a r r ie d a t a n e l e c t io n h e ld M a y 2 9 .
S TE U B EN C O U N T Y (P. O. A n g o l a ) , I n d . — B O N D S A L E . — O n M a y
2 6 th o $ 3 6 ,0 0 0 4 1 4 % c o u p , ro a d b o n d s d a te d M a y 1 5 1 9 1 6 ( V . 1 0 2 , p . 1 9 2 1 )
w ero a w a r d e d to M ill e r & C o . o f In d ia n a p o lis fo r $ 3 6 ,7 2 7 ( 1 0 2 .0 1 9 ) a n d in t .
O t h e r b id s w ero :
,,
B r e e d , E l l i o t t & I la rr ls o n , In d ia n a p o lis -------- ---------------------------------------$ 3 6 , 6 5 5 0 0
F l o t c h e r - A m e r i c a n N a t i o n a l B a n k , I n d i a n a p o l i s --------------------------------- 3 6 , 6 2 5 0 0
M e r c h a n t s ’ N a tio n a l B a n k , M u n c io ------------- --------------------------------------------- 3 6 , 5 0 6 5 0
A m e r i c a n M o r t g a g o & G u a r a n t e e C o . , I n d i a n a p o l i s -------------------------- 3 6 , 3 7 5 0 0

S T R O N G S V IL L E T O W N SH IP SCHOOL D IS T R IC T (P. O. Stron gs
ville), Cuyahoga County, Ohio.— B O N D S VO I E D . — l ’ h o p r o p o s i t i o n
t o is s u e $ 5 , 0 0 0 h i g h - s c h o o l b o n d s c a r r i e d , r e p o r t s s t a t o , a t t h o e l e c t io n
M a y 13 b y a v o te o f 1 0 6 to 7 6 .
S T U T T G A R T , Arkansas County, Ark.— B O N D S A L E .— O n M a y 2 5
th o $ 2 5 ,0 0 0 6 %
1 - 1 5 - y r . ( s e r .) S t r e e t I m p t . D i s t . N o . 4 p a v i n g b o n d s
( V . 1 0 2 , p . 1 9 2 1 ) w e r e a w a r d e d t o E . J . H a h n a t p a r a n d a ll e x p e n s e s .
D enom . $500.
D a to M a y 1 1 9 16 .
In t. J . & J.
SU T H ER LA N D , Lincoln County, Neb.— B O N D E L E C T IO N . — T h o
q u e s t i o n o f w h e t h e r o r n o t t h is v ill a g o s h a ll is s u e $ 9 , 0 0 0 e le c tr ic -1 i g h t - p l a n t c o n s t r . b o n d s w ill b o s u b m i t t e d t o t h o v o t e r s o n J u n o 6 , i t is s t a t e d .

SW EA C I T Y SCH O O L D IS T R IC T (P. O. Swea City), Kossuth

County, Iow a. — B O N D S V O T E D . — A c c o r d i n g t o r e p o r t s , t h o q u e s t io n
o f is s u i n g $ 5 5 , 0 0 0 b u il d in g b o n d s c a r r ie d a t a n e l e c t io n h e ld A p r i l 2 8 .
A
s i m i l a r is s u e o f b o n d s w a s r e p o r t e d v o t e d o n M a r c h 1 3 . S e e V . 1 0 2 , p . 1 0 9 9 .

SYCAM O R E SCHOOL D IS T R IC T NO. 46 (P. O. Sycamore), Mont
gomery County, K a n — B O N D O F F E R IN G — P r o p o s a ls w ill b o r e c e iv e d
u n til 2 p . m . J u ly 1 b y J . F . M a y o , D is t . C le r k , fo r $ 5 ,0 0 0 6 % c o u p o n t a x fr e o b u ild in g b o n d s .
D enom . $500.
D a to J u ly 1 1 9 1 6 .
In t. a n n . J a n . 1
a t S ycam ore.
D u o $ 5 0 0 y e a r l y J a n . 1 f r o m 1 9 1 7 t o 1 9 2 6 In c l.
C e r t, check
f o r $ 5 0 , p a y a b lo t o t h o D i s t . C l e r k , r e q u ir e d .
T h e d i s t r i c t lia s n o i n d e b t e d 
n ess.
A s s e s s , v a l. $ 3 8 2 ,8 7 2 .
T h e s o b o n d s w ero a u th o r iz e d b y v o te o f
9 7 t o 4 0 a t a n e l e c tio n h e ld M a y 2 .

TACOMA SCHOOL DISTR IC T NO. 10 (P. O. Tacom a), W ash—

D S R T N O B N S T o $490,000 1514-yr. (aver.) refu d g
E C IP IO F O D .— h
n in



Tho proposition to issue $1,000,000 road bonds was defeated,
it is stated, at an election held M ay 22.
UNICOI COUNTY (P. O. Erwin), Tenn.— B O N D S V O T E D . — News
paper roports stato that at the election held May 20 tho $100,000 road bonds
carried— V. 102, p. 1651.

UNION COUNTY (P. O. La Grande), Ore.— B O N D S

D E F E A T E D

__

UTICA, Oneida County, N. Y . — B O N D O F F E R I N G . — P ro p o s a ls w ill
b o r e c e iv e d u n til 12 m . J u n e 12 b y S tu a rt W . S n y d e r , C it y C o m p t
fo r
$ 6 ,1 9 5 .0 2 4 % 3> 4 -ye a r a v e r . reg. ta x -fr e e d e lin q u e n t ta x b o n d s. D e n o m .
t o su it p u rch aser.
D a t e M a y 17 1916.
P rin . a n d s e m i-a n n . in t .— M &
N . — p a y a b lo a t C it y T r e a s . o ffic e o r w ill b o re m itte d in N . Y . e x ch a n g e.
D u o $ 1 ,1 9 5 02 M a y 17 1917 and $ 1 ,0 0 0 y e a r ly o n M a y 17 fro m 1918 t o
1 9 2 2 in c l. C e r t . c h e c k fo r 1 % o f b o n d s b id fo r , p a y a b lo t o th o C i t y T r c a s .
r e q u ire d .
„ VALLEY COUNTY SCHOOL DISTRICT NO. 14 (P. O. Tampico).
M o n t — B O N D S A L E . — O n M a y 17 $ 6 ,0 0 0 6 % 10 -2 0 -y e a r ( o p t .) b u ild in g
b o n d s w o re a w a rd e d t o W e lls & D ic k e y C o . o f M in n e a p o lis fo r $6 165
e q u a l t o 1 02 .75. D e n o m . $100 o r $ 1 ,0 0 0 . D a t o Ju n o 15 1916. "

VAN BUREN TOWNSHIP, Montgomery County, Ohio.— B O N D S

V O T E D . — According to reports, a favorable vote was cast at the M ay 23
election in favor of the question of issuing $39,500 school bldg, bonds.

VANDERBURGH COUNTY (P. O. Evansville), Ind.— B O N D

OF

F E R I N G .—

N e w to n T h ra ll, C o . T r e a s ., w ill sell a t p u b lic a u c tio n a t 10 a . m .
Ju n o 24 $ 4 ,8 0 0 R e d B a n k ro a d a n d $ 4 ,4 0 0 Igleh ard A v e . ro a d 4 J 4 % 5 2-,3y e a r a v e r, ro a d b o n d s in P e rry T w p . D u o ea ch six m o n th s fro m M a y 15
1917 t o N o v . 15 1926 in cl.

VENICE SCHOOL DISTRICT (P. O. Venice), Madison County,

III. — B O N D S V O T E D . — T h is d is trict o n M a y 20 v o t e d in fa v o r o f th e
q u e s tio n o f issuing $ 5 0 ,0 0 0 sch o o l b o n d s , it is s ta te d .

VIGO COUNTY (P. O. Terre Haute), Ind.— B O N D O F F E R I N G . —
P r o p o s a ls w ill b o re ce iv e d until 10 a . m . Ju n e 5 b y E v e r e tt E . M a s s ic k ,
C o . T r e a s ., fo r $ 8 ,7 0 0 4 M % 5 ’ f - y r . a v e ra g e Sam uel L e e k et al ro a d b o n d s
in F a y e tt e T w p . D e n o m . $435. D a t e M a y 15 1916. I n t . M . & N .
D u e $43 5 ea ch six m o n th s fro m M a y 15 1917 t o N o v . 15 1926, in cl.
. VISALIA SCHOOL DISTRICT (P. O. Visalia), Tulare County.

Cal.— B O N D S V O I E D . — B y a v o t o o f 366 t o 100 th o q u e s tio n o f issu in g
th e $ 1 0 5 ,0 0 0 g r a m m a r -s c h o o l-b ld g , b o n d s (V . 102, p . 1832) ca r r ie d , it is
s t a t e d , a t th e e le ctio n h eld M a y 16.
WALTON COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 4
(Glendale), Fla.— B O N D O F F E R I N G . — P ro p o s a ls w ill b e re ce iv e d until

12 m . J u n o 5 b y I ) . N . T r o tm a n . S e c. B o a rd o f P u b lic In s tr u c tio n (P O
D o F u n ia k S p r in g s ), fo r $ 1 2 ,0 0 0 b ld g , an d e q u ip , an d $ 3 ,0 0 0 s ite -im p t.
6 % 4 0 -y r . b o n d s . D e n o m . $500 o r $ 1 ,0 0 0 , a t o p t io n o f pu rch a se r. D a t e
J u n o 1 1916. I n t . F . & A . a t th e C o . T r e a s . o f fic e , o r a t th e o p t io n o f th o
h o ld e rs o f b o n d s , a t s o m o n ation a l b a n k in C h ic a g o o r N e w Y o r k C it y
C e r t , c h e c k fo r $ 30 0, p a y a b le t o th e a b o v e S e c y ., re q u ire d .

WARD COUNTY COMMON SCHOOL DISTRICT NO. 1 (P

O

Barstow), T e x . — B O N D S V O T E D — D is p a tc h e s sta te th a t th is d is trict
r e c e n tly v o t e d in fa v o r o f th e issu ance o f $ 1 8 ,0 0 0 s ch o o l b o n d s.
WARREN, Trumbull County, Ohio.— B O N D O F F E R I N G — P r o 
p osals w ill b e re ce iv e d until 12 m . J u ly 1 b y G e o . T . Ile c k lin g e r , C it y
A u d it o r , fo r th o fo llo w in g 4 >4% street an d sew er b o n d s :
$ 2 0 ,0 0 0 c i t y ’s p o r tio n street b o n d s. D u e $ 5 ,0 0 0 ye a rly o n M a y 1 fro m
1933 t o 1936, Incl.
3 .0 0 0 c i t y ’s p o r tio n stre e t b o n d s.
D u o S I ,500 M a y 1 1931 and 1932
8 ,5 0 0 assess, stre e t b o n d s. D u e $50 0 M a y 1 1917 a n d $ 2 ,0 0 0 y e a r ly o n
M a y 1 fr o m 1918 t o 1921 in cl.
J
y
1 7 ,500 s treet assess, b o n d s. D u e $ 2 ,0 0 0 M a y 1 1917, $ 3 ,5 0 0 M a y 1 1918
a n d $ 4 ,0 0 0 on M a y 1 1919, 1920 an d 1921.
4 .0 0 0 sew er assess, b o n d s. D u e $ 1 ,5 0 0 M a y 1 1917 a n d $ 2 ,5 0 0 M a y 1
A u th . S ec. 3 93 9, G e n . C o d e . D e n o m . S500. D a t e M a y 1 1916. P rin
an d se m l-a n n . in t. p a y a b le a t o ffic e o f S inking F u n d T ru ste e s. E a ch bid
m u s t b o a c c o m p a n ie d b y a ce rtifie d c h e c k fo r $ 50 0 an d m a d e p a y a b le t o
th o C it y T re a su re r. B o n d s t o b e d eliv e re d anti p a id fo r w ith in 5 d a y s
fr o m t im e o f a w a rd . P u rch a ser t o p a y a ccru ed in terest. G eneral b o n d e d
d e b t $ 3 2 0 ,6 0 0 assessm ent d e b t , a d d itio n a l $ 27 1,26 0; to ta l d e b t , in clu d in g
this issuo, $ 6 4 4 ,8 6 0 ; sin k in g fu n d (cash and in v e s tm e n ts ), $ 4 0 ,0 0 0 ; assessed
v a lu o o f p erson a l p r o p e r t y , 1915, $ 7 ,9 1 6 ,9 1 0 ; ta x rate, S 13 .80 .

WASHINGTON TOWNSHIP SCHOOL DISTRICT (P. O. Tontog-

any), Wood County, Ohio— B O N D O F F E R I N G . — B id s w ill b e re c e iv e d
u n til Ju n o 24 fo r t h o $ 1 0 ,0 0 0 5 % e q u ip , a n d c o m p le tio n b o n d s a u th o r iz e d
a t a recen t e le ctio n . D u o $ 2 ,0 0 0 each ye a r 1932 t o 1936 in cl.
WATERTOWN, Jefferson County, N. Y.— B O N D S
S H O R T L Y .—- T h is

bridgo bonds.

TO B E O FFER ED

city will shortly offer for salo an issuo of Court Street

WAUKON, Allamakee County, Iowa.— B O N D S A L E . — O n M a y 16
th o $ 1 6 ,0 0 0 l O K -y e a r a v e r . fu n d in g b o n d s — V . 102, p . 1832— w ere aw a rd ed
it is s ta te d , t o w in . R . C o m p t o n C o . o f S t. L o u is fo r $ 1 6 ,1 7 3 — 1 01 .081—
as 4J4s.
WAYNE COUNTY (P. O. Wayne). W. Va.— B O N D E L E C T I O N . — R e
p o r ts sta to th a t an e le ctio n w ill b o h eld Ju n e 6 t o v o t e o n .t lie p ro p o s itio n
t o issu o $95 0 ,0 0 0 r o a d -c o n s tru ctio n b o n d s.
WELLSVILLE SCHOOL DISTRICT (P. O. Wellsville), Columbiana

County, O h i o . — B O N D S V O T E D . — A v o t e o f 606 t o 374 w as c a s t a t th o
e le ctio n M a y 20 in fa v o r o f th o issu an ce o f $ 8 5 ,0 0 0 s c h o o l b o n d s , it is
r e p o r te d .

•

2102

THE

C H R O N IC L E

[Vol . 102

W E S T O N , W o o d C o u n t y , O h i o . B O N D O F F E R I N G .— P r o p o sa ls w ill
—
b o re ce iv e d u n til 12 m . Ju n o 19 b y H . E . J o n e s , V il. C le r k , fo r § 1 ,2 5 0 5 %
l H - y r . a v e r , m o to r -h o s o -tr u c k purch ase b o n d s . A u th . S e c. 393 9, G en .
C o d o . D e n o m . §2 5 0 . D a t e A p r . 1 1916. I n t . A . & O . D u o $250 e a ch
s ix m o n th s fro m O c t . 1 1916 t o O c t . 1 1918 in cl. C e r t, c h e c k fo r 10 % o f
b o n d s b id fo r , p a y a b le t o t h o V il. C le r k , r e q u ire d . B o n d s t o b o d e liv e re d
a n d p a id fo r w ith in 10 d a y s fr o m tlm o o f aw a rd . P u rch a ser t o p a y a c c r u e d
in te r e s t.

1920 in c l. an d $250 ea ch six m o n th s fro m M a r . 1 1921 t o S o p t. 1 1926 in c l.
C e r t. Check fo r 2 % o f b o n d s b id fo r , p a y a b lo t o th o V il. T r e a s ., r e q u ired .
B o n d s t o b o d e liv e re d an d p a id fo r w ith in 10 d a y s fr o m t lm o o f aw ard.
P u rch a ser t o p a y a ccru e d interest.

W E S T P A R K , C u y a h o g a C o u n t y , O h i o . B O N D O F F E R I N G .—
—
F re d F e u ch te r , V il. C le r k , w ill r e c e iv e b id s u n til 12 m . Ju n o 27 fo r th o
fo llo w in g 6 % assess, b o n d s :
$ 3 0 ,8 5 3 sid ew a lk b o n d s. D e n o m . 1 fo r $ 85 3, 30 fo r $ 1 ,0 0 0 . D u o $ 1 5 ,0 0 0
A p r . 15 1917 a n d $ 1 5 ,8 5 3 A p r . 15 1918.
3 ,8 3 5 b o u le v a r d b o n d s. D e n o m . $ 1 ,9 1 7 50. D u o $ 1 ,9 1 7 50 A p r . 15
1917 a n d 1918.
D a t e A p ril 15 1916. I n t . A . & O . C e r tifie d c h e c k o n a b a n k o th e r
th a n th o o n e m a k in g th o b id , fo r 5 % o f b o n d s b id fo r , p a y a b le t o th o
V illa g e T rea su rer, r e q u ired . B o n d s t o b o d e liv e re d an d p a id fo r w ith in
15 d a y s fro m tim e o f a w a rd . P u rch a ser t o p a y a ccru e d in terest. S epa ra to
b id s m u s t b o m a d o fo r each issu o.

County, Minn.— B O N D S V O T E D . — T h o q u e stio n o f issu in g $ 3 6 ,0 0 0 b ld g ,
b o n d s re ce iv e d a fa v o r a b lo v o t e , it is s ta te d , a t a n e le ctio n h o ld M a y 8 .
T h o v o t e w as 302 t o 120.
-

W E S T N E W Y O R K S C H O O L D I S T R I C T (P . O . W e s t N o w Y o r k ) ,
H u d s o n C o u n t y , N . J . B O N D S A L E .— O n M a y 24 an issu o o f $ 1 0 ,0 0 0
—
5 % s c h o o l b o n d s w as a w a rd e d t o I I . L . C r a w fo rd & C o . o f N . Y . a t 108 .375
a n d in t.
H o b o k e n B a n k f o r S a v ____ * 1 0 9 .4 6 7 R . M . G ra n t & C o ., N . Y . . . 106 .0 2
O u tw a te r & W e lls , J e r . C i t y . 107 .8 5 H u d so n T r u s t C o . , H o b o k e n . 103.83
G e o . B . G ib b o n s & C o . , N . Y . 107 .25 W e e h a w k e n T r u s t C o ________ 100
K e a n , T a y lo r & C o . , N . Y . .1 0 6 .5 0
* F la t b id .
W E T Z E L C O U N T Y (P . O . N e w M a r t in s v i l le ) , W . V a . B O N D O F 
—
F E R I N G .— B id s w ill b o r e c e iv e d u n til 1 p . m . Ju n o 15 b y S. M y e r s , C le rk
o f C o u n t y C o u r t , fo r th o $ 2 4 0 ,0 0 0 5 % c o u p o n C h u r ch D is t . r o a d -im p t .
b o n d s a u th o r iz e d b y v o t e o f 449 t o 130 a t an e le ctio n h e ld A p r . 15. D c n o m o .
$ 1 ,0 0 0 . D a t o J u n o 1 1916. I n t . J . & D . a t th o C le rk o f th o C o u n t y
C o u r t o r a t th o G u a r a n ty T r u s t C o . , N . Y . , at th o o p t io n o f th o h o ld e r.
D u o Ju n o 1 1946, c o n d it io n e d th a t th o b o n d s shall b e recalled a n d p a id
$ 8 ,0 0 0 y e a r ly Ju n o 1 fro m 1917 t o 1946 in ct. C e r tifie d c h e c k fo r 5 % o f
th o p r in c ip a l, p a y a b le t o th e C o u n t y S h e riff, r e q u ire d . T h o d is tric t has
n o in d e b te d n e s s . V a lu a tio n o f all p r o p e r t y in d is t ., 1915, $ 5 ,0 1 6 ,5 3 6 .
W H I T E O A K T O W N S H I P R U R A L S C H O O L D I S T R I C T (P . O .
M o w r y s t o w n ) , H ig h la n d C o u n t y , O h i o .— B O N D S A L E . — O n M a y 27
t h o $ 2 ,0 0 0 5 % c o u p , refu n d in g b o n d s — V . 102, p . 1922— -wero aw a rd e d t o
th o F irst N a t. B a n k o f S ardinia a t 101.50 a n d in t . T h o B c llo v illo N a t .
B a n k o f B c llo v illo , P a ., b id $ 2 ,0 0 5 a n d in t.
F W I C H I T A F A L L S . W i c h i t a C o u n t y , T ex.— B O N D S V O T E D .— T h o
p ro p o s itio n t o issuo tn o $ 4 0 ,0 0 0 str e e t-p a v in g b o n d s — V . 102, p . 1832—
c a rried , r e p o rts s ta to , a t th e e le ctio n h eld M a y 23.
W I C H I T A F A L L S S C H O O L D I S T R I C T (P . O . W i c h i t a F a l l s ) ,
W i c h i t a C o u n t y , T e x . B O N D S V O T E D .— A t th o e le ctio n M a y 23 th is
—
d is tric t v o t e d in fa v o r o f th o issu an co o f th o $ 6 5 ,0 0 0 b ld g , a n d e q u ip , b o n d s,
it is s t a t e d .— V . 102, p . 1832.
W I L L I A M S P O R T , P i c k a w a y C o u n t y , O h i o .— B O N D O F F E R I N G .—
P r o p o s a ls w ill b o re ce iv e d u n til 12 m . J u n o 24 b y N e w e l M c N e a l, Vil.
C le r k , fo r $ 4 ,0 0 0 5 % c o u p , s tr e e t-im p t. b o n d s. A u th . S ec. 3939 G e n .
C odo.
D e n o m . $ 25 0. D a t o J u n o 1 1916. P rln . an d se m i-a n il., in t.
p a y a b lo a t o f fic o o f V il. T r e a s . D u o $250 y e a r ly o n M a r . I fr o m 1917 to

NEW LO S.
AN

TOWN

OF

H U D S O N C O U N T Y , N . J.

PROPOSALS F R THE SALE
O
O $41,000 SCH
F
OOL B N S
OD
P U B L I C N O T I C E is h e r e b y g iv e n in a c c o r d 
a n c e w ith th o resolu tion o f th o B o a r d o f C o u n c il
o f th o T o w n o f U n ion , in th o C o u n t y o f H u d 
s o n , N o w J ers ey , passed a t a regular m e o tin g o f
sa id B o a r d on th o F ifteen th D a y o f M a y , N in e 
teen H u n d red an d S ix teen , th a t sealed p rop osals
w ill b o re ce iv e d b y th o T o w n o f U n io n , in tho
C o u n t y o f H u d s o n , N e w J e rs e y , a t tho regular
m e e tin g o f th o B o a rd o f C o u n c il, t o bo held on
th o F I F T H D A Y O F J U N E , N IN E T E E N H U N 
D R E D A N D S I X T E E N , a t e ig h t-th ir ty o ’c lo c k
P . M . , a t th o T o w n H a ll, a t th e s o u th w e s t c o m e r o f
P a lis a d e A v e n u e an d L ew is S tre e t, in th e T o w n o f
U n io n , in th e C o u n t y o f H u d s o n , N o w Je rse y , fo r
th e sale o f F o r t y -o n o T h o u s a n d D o lla rs ($41,000)
S ch o o l B on d s; ea ch o f said b o n d s t o b o o f th o
d en o m in a tio n o f O n o T h o u s a n d D o lla rs ($ 1 ,0 0 0 ),
t o bea r in terest a t an d a fte r th o rate o f fou r
a n d o u o -h a lf p e r c e n t p e r a n n u m , said Interest
t o b o p a y a b le s e m i-a n n u a lly , t o w it: o n tho
F irst D a y o f J an u ary an d J u ly , in each y e a r,
each o f sa id b on d s t o b o d a te d as o f th o F irst
D a y o f J u ly , N in eteen H u n d re d a n d S ix te e n ,
sa id b on d s t o b o p a y a b lo in th o fo llo w in g m an 
n e r, t o w it: E lev en o f said b o n d s shall b e c o m e
d u o an d p a y a b lo o n th o F irst D a y o f J u ly , N in e 
teen H u n d red a n d E ig h tee n : ten o f said b o n d s
shall b e c o m o d u e an d p a y a b lo o n th o F irst d a y
o f J u ly , N in eteen H u n d re d an d N in e te e n ; ten
o f sa id b on d s shall b e c o m o d u o and p a y a b io on
th o F irst D a y o f J u ly , N in eteen H u n d red an d
T w e n t y ; a n d ten o f said b o n d s shall b e c o m o d u e
a n d p a y a b lo o n th o F irst D a y o f J u ly , N in e te e n
H u n d r e d a n d T w e n t y -o n o , u n til th o w h o lo o f
sa id
sum
of
F o r t y -o n o
T h ousand
D o lla rs
($41,000) shall h a v e been fu lly p a id o f f and s a tis 
fie d . Said b on d s t o b e registered o r c o u p o n a t
th o o p t io n o f th o b id d e r.
B id d ers m a y b id fo r th o w h olo o r a n y p a r t
o f said issuo o f b on d s.
B id d ers t o sta to p rices o n b o n d s bearing in
terest a t th o ra te o f fo u r an d o n o -h a lf p e r c e n t
p er a n n u m , p a y a b lo sem i-a n n u a lly , to w it : o n
th e F irst D a y s o f J a n u a ry a n d J u ly , in each
year.
A ll p rop os a ls t o b o d ir e cte d t o th o T o w n o f
U n io n , in th o C o u n t y o f H u d s o n , N o w Je rse y ,
an d shall b o a c c o m p a n ie d b y cash o r a ce r ti
fie d c h e c k fo r an a m o u n t e qu a l t o tw o (2) p e r
c e n t o f th o a m o u n t o f th o b id , draw n o n a n y
N a tio n a l B a n k o r T r u s t C o m p a n y d o in g bu si
ness in th o C o u n t y o f H u d s o n , N e w Je rse y , o r
in th o C i t y , C o u n ty a n d S ta to o f N o w Y o r k
B o r o u g h o f M a n h a tt a n , a n d m a d o p a y a b lo t o
th o o r d e r o f W illia m E . E a g a n , T reasu rer o f th o
T o w n o f U n io n , in th e C o u n t y o f H u d s o n , N e w
Jersey.
T h o v a lid it y o f said b on d s w ill b o a p p ro v e d
o f b y M essrs. H a w k in s, D o la fic ld a n d L o n g fe l
lo w , A t t o r n e y s , o f N o w Y o r k C i t y , w h oso o p in io n
w ill b o fu rn ish ed t o th o su ccessfu l b id d er.
T h o B o a rd o f C o u n c il o f th o T o w n o f U n io n ,
in th o C o u n t y o f H u d s o n , N o w J ersey, reserves
th e rig h t t o r e je c t a n y an d all b id s , i f d eem ed
in th e in terest o f th o T o w n s o t o d o .
B y ord er o f th e B o a rd o f C o u n c il.
D a t e d T o w n o f U n io n , N . J .,
M a y 15th , A . D . 1916.




„ WINNEBAGO SCHOOL DISTRICT (P. O. Winnebago), Faribault

WOODBURY, Gloucester County, N. J.— B I D . — F o r t h o $2,500
413 % 3 -y e a r a v e ra g o registered im p ro v e m e n t b o n d s o ffe r e d o n M a y 29
(V . 102, p . 2 0 1 1 ), th o F irst N a tio n a l B a n k o f W o o d b u r y b id 100 .25.
WOOD COUNTY (P. O. Parkersburg), W. Va.— B O N D S A L E . — O n
M a y 25 $ 7 0 ,0 0 0 T y g a r t D is t . ro a d im p t. b o n d s w ero p u rch a s e d , it is s ta te d ,
b y th o P a rk e rsb u rg N a t . B a n k o f P a rk e rsb u rg fo r $ 7 0 ,0 5 0 , e qu a l t o 1 00 .071 .
WOODLAND, Yolo County, Calif.— R E S U L T

BAU TZ,

T o w n C le rk .

O F B O N D E L E C T IO N .

— R e p o r ts sta to th a t a t th e e le ctio n h e ld M a y 18 th o q u e stio n s o f issuing
th o $ 5 5 ,0 0 0 m u n icip a l w a te r-w o rk s sy s te m an d $ 6 ,0 0 0 sow or-exton sion
b o n d s c a rrie d , w hile th o p r o p o s itio n t o issu o th o $ 1 0 ,0 0 0 m u n icip a l ice p la n t co n s tr u c tio n b o n d s w as d e fe a te d (V . 102, p . 1833).

WYANDOT COUNTY (P. O. Upper Sandusky), Ohio.— B O N D

S A L E .—

O n M a y 27 th o th ree issues o f 5 % 5 M -y e a r a v e r. c o u p , ro a d b o n d s
a ggre ga tin g $ 2 2 ,2 2 0 — V . 102, p . 1922— w ero a w a rd e d t o O tis & C o . o f
C le v e la n d fo r $ 2 2 ,9 2 0 (1 0 3 .1 5 0 ) a n d in t ., a basis o f a b o u t 4 .3 0 % . O th er
b id d e rs w ero:
O h io N a t . B a n k , C o l u m . .$ 2 2 ,8 0 1 7 6 1N o w F irst N a t . B k ., C o L _ $ 2 2 ,7 3 l 00
B re e d , E llio t t & H a rriso n ,
IS eason good & M a y e r , C in . 22,681 25
C i n c i n n a t i - ....................... 22,7 8 6 61 C o m m 'l N a t . B k ., T i f f i n . 22,633 31
S p itze r, R o r ic k & C o .,T o l . 22,7 4 9 0 0 | T iIlo tso n & W o lc o t t C o . . . 22,337 77
Y E L L O W S T O N E C O U N T Y S C H O O L D I S T R I C T N O . 23 (P . O .
B i l l i n g s ) , M o n t . B O N D O F F E R I N G .— P ro p o s a ls w ill b o re ce iv e d until
—
2 p . m . J u n o 17 b y H arry V a n W a g e n e n , C le rk B o a rd o f S ch o o l T ru s tees ,
f o r $ 2 ,5 0 0 5 -2 0 -y e a r ( o p t .) c o u p o n bu ild in g b o n d s a t n o t e xceed in g 6 %
in te re st. D e n o m . $ 50 0. D a t o Ju n o 1 1916. P rin cip a l and ann ual in ter
est (Ju n o 1) p a y a b le a t th o C o u n t y T re a s u re r’ s o ffic o . A ll b id s o th e r than
tlio so s u b m itte d b y o r o n b e h a lf o f th o S ta to B o a rd o f L a n d C o m m issio n ers,
o f M o n t a n a m u st b o a c c o m p a n ie d b y a c e r tifie d c h e c k fo r a t least $300,
p a y a b lo t o th o C o u n t y T re a su re r, re q u ire d .
Y O R K T O W N , Page C ou n ty , Io w a . B O N D E L E C T I O N P R O P O S E D .
—
— R e p o rts sta to th a t an e le ctio n w ill b o ca lle d s h o r tly to v o t o o n th o ques
tio n o f issu in g $ 1 ,5 0 0 to w n -h a ll ere ctio n b o n d s.

Canada, its Provinces and Municipalities.
B R I T I S H C O L U M B I A ( P r o v i n c e o f ).— P R O P O S E D N E W
Seo ite m o n a p r e ce d in g p a g o o f this d e p a rtm e n t.

L O A N . __

C H A N D L E R , Q u e . D E B E N T U R E S V O T E D .— I t is s ta te d th a t a t th o
—
e le ctio n M a y 18 th o p r o p o s itio n t o issuo $ 1 2 0 ,0 0 0 so w e r d e b e n tu re s c a rried .
r iiiiu iK A , u n z . — D E B E N T U R E S V O T E D . — A t recen t e le ctio n s b o n u s
d o b o n tu ro b y -la w s o f $ 6 ,0 0 0 a n d $ 1 5 ,0 0 0 c a rrie d , it is s ta te d .

NEW LO S.
AN

B N CALL.
OD
S IN K IN G

UNION

E M IL

WINNEBAGO COUNTY (P. O. Rockford), Ills.— B O N D S V O T E D .—
A c c o r d in g t o re p o rts, th o q u e stio n o f issuing $ 7 ,0 0 0 b rid g o b o n d s carried at
th o e lo ctio n M a y 23.

F U N D C O M M IS S I O N O F
U N IO N C O U N T Y
U n io n , S. C . , M a y 2 2 d , 1916.

$ 1 0 0 ,0 0 0

Town of Fairfield, Connecticut

Retirement

4 or 4 )4 % Refunding Bonds
Sealed p ro p o s a ls w ill b e re ce iv e d b y th o Se
le ctm e n o f th o to w n o f F a ir fie ld , C o n n e c tic u t,
u n til 5 P . M . , S A T U R D A Y , J U N E 10, 1916, for
th o p u rch a se o f th o w h o lo o r a n y p a rt o f th o fo l
lo w in g d e scrib e d b o n d s, w h ich aro t o b o issu ed to
re fu n d a lik o a m o u n t o f th o n otes o f the T o w n .
$ 1 0 0,00 0 o f to w n b o n d s o f $ 1 ,0 0 0 e a c h , t o bo
d a te d J u ly 1, 1916, an d d u o J u ly 1, 1936, to b o
c o u p o n b o n d s in fo r m an d to be a r interest as m a y
b o d e c id e d , p a y a b lo se m i-a n n u a lly o n th o firs t
d a y s o f J a n u a ry an d J u ly in e a ch y e a r a t th o
o ffic o o f th o T rea su rer o f th o to w n o f F a irfie ld ,
o r also Ln th o C it y o f N e w Y o r k , i f d esired.
W h e th e r tlieso b o n d s w ill be a r in terest a t th o
ra te o f 4 o r 4 >£% has n o t been d e c id e d an d b id s
aro requ ested Tor b o t h rates.
B id s are also requ ested fo r th o sa m o b o n d s i f
m a d o p a y a b lo in serios o f $ 5 ,0 0 0 p e r y e a r o n tho
fir s t d a y o f e a ch J u ly , b e g in n in g J u ly 1 1917, in
s te a d o f all be in g p a y a b lo tw e n ty ye a rs fro m d a to ,
as a b o v o p r o p o s e d .
A ll p ro p o s a ls t o b o en closed in a sealed e n v e lo p e ,
en dorsed o n th o o u ts id e : “ P ro p o s a ls fo r T o w n o f
F a irfie ld B o n d s ,” w h ich sh o u ld bo add ressed to
C h arles A . R o w o , F irst S e le ctm a n , F a ir fie ld ,
C o n n e c tic u t , a n d m u st b o a c c o m p a n io d b y a ce r
t ifie d c h e ck p a y a b lo t o th o o rd e r o f th o to w n o f
F a ir fie ld , C o n n e c tic u t , fo r o n o p e r ce n tu m o f th o
p a r va lu o o f th o b o n d s b id f o r , as a gu a ra n te e o f
g o o d fa ith o n th e p a r t o f th o b id d e r.
T h o rig h t is reserved t o r o je c t a n y an d all b id s.
B id s a t less th a n p a r c a n n o t b o c o n s id e re d .
F a ir fie ld , C o n n ., M a y 2 2 , 1916.
CH ARLES A. ROW E,
F irst S e le ctm a n .

South

of

Union

C arolina,

County

Bonds

P a rties h a v in g in th eir p o ssession bon d !
N u m b e rs 13, 14, 15, 16, 17. 18, 19, 2 0 , 21, 22
o f the d e n o m in a tio n o f $ 1 ,0 0 0 e a c h , issuot
J a n u a ry 1st, 1895. b y U n ion C o u n t y , Sou tI
C a ro lin a , fo r the p u rp o s e o f re fu n d in g a bond
d e b t w h ich w as issued in aid o f th e con stru e
tio n o f th e S p a rta n b u rg & A h s o v illo R a ilro a d
aro h e re b y g iv o n n o tice t o h a v e th em presented
a t th e T re a su re r's o ffic o in U nion C o u n t y , South
C a ro lin a , o n th o fir s t d a y o f J u ly , 1916, fo r retire
m e n t.
U nion C o u n t y , S ta to a fo re sa id , w ill d is 
c o n tin u e p a y in g in terest o n said b o n d s num bers
a fte r J u ly th o fir s t , 1916.
A ttest:
S IN K IN G F U N D C O M M IS S IO N F O R
U N I O N C O U N T Y , S. O .
B y (S ign ed) C . I I . P E A K E , C h a irm a n .
B y (S ign e d ) J . M . G R E E R , S o c y . a n d T re a s.

T a x

S e c u re d

B o n d s

W o keep ourselves and our
clients

supplied

with

city,

school, drainage, levee district
and other municipal bonds of

X u iuttm tfon

Missouri and the Mississippi

TH E

F IR S T N A T IO N A L B A N K
o f R i c h m o n d . M e.
lo ca te d a t R ic h m o n d In th e S ta te o f M a in e , Is
c lo s in g its a ffa irs. A ll n o te h olders and oth er
cr e d ito r s o f th e a sso cia tio n are th erefore hereby
n o tifie d t o p resen t th e n o te s an d o th e r claim *
fo r p a y m e n t.
D a t e d A p ril 5 , 1916.
J O S E P H M . O D I O R N E . C ashier.

Valley.
BOND DEPARTM ENT

M ississippi Valley Trust Co.
C a p it a l, S u r p lu s a n d P r e fit s
o v e r $ 8 ,0 0 0 ,0 0 0

N O T IC E .
T h e S o u th in g to n N a tio n a l B a n k , lo ca te d at
S o u th in g to n , in th e S ta te o f C o n n e c tic u t , is
clo sin g its a ffa irs . A ll n ote h o ld e rs an d o th e r
c ro d lto rs o f th e a sso cia tio n are th e re fo re h ereby
n o tifie d to p re se n t th o n o te s an d o th e r cla im s
fo r p a y m e n t.
C H A R L E S E . S M IT H .
C a sh ier.
D a te d F e b ru a ry 2 8 ,1 9 1 6 .
T h o S E C O N D N A T IO N A L B A N K o f U T IC A ,
lo ca te d a t U T I C A , in th e S ta te o f N E W Y O R K ,
is clo s in g its a ffa ir s . A ll n o te h olders and o th e r
c re d ito rs o f th o a sso cia tio n are th e re fo ro hereby
n o tifie d to p resen t th e n o te s an d o th e r cla im s fo r
p a ym en t.
F R A N K I t . W I N A N T , C a sh ier.
D a te d M a y 6 , 1916.

S T . L O U IS

LOANS
o n L e g a c ie s , I n h e r ita n c e s , S t o c k s , B o n d s ,
W a r e h o u s e R e c e i p t s , R a w M a t e r ia l, N o t e s ,
B i l ls a n d A c c o u n t s R e c e i v a b l e d i s c o u n t e d .

L.

N.

RO SEN BAU M

80 W a l l S t r e e t

&,

CO.

NEW Y O R K

June 3 1916.]

THE

C H R O N IC L E

CARTIERVILLE SCHOOL D IST R IC T , Que.— D E B E N T U R E S A L E .
— Reports state that J. P. L . Stewart of Montreal has been awarded
530,000 5 ) 4 % school debentures.
ESTE VAN, Sask.— D E B E N T U R E S V O T E D . — The election held M ay 26
resulted in favor of the question of Issuing the $4,250 sower debentures
(V. 102, p. 1923).
HULL, Qu e . — D E B E N T U R E S V O T E D . — The election M ay 29 resulted
in favor of the question of issuing the $146,000 5 ) 4 % local-impt. debentures
— V . 102, p. 1923.
H U R ON CO U N TY (P. O. Goderich), O n t.— D E B E N T U R E O F F E R 
I N G .— This county, according to reports, is offering for sale to local inves
tors an issue of $60,000 debentures.
K IN G ST O N , O n t.— D E B E N T U R E S A U T H O R I Z E D . — 1
The Council
authorized the Issuance of $8,800 road-machinery debentures on M ay 8 ,
it is stated.
K N IG H T SCHOOL D IST R IC T , M an.— D E B E N T U R E S A L E . — Tho
Great West Life Insurance Co. recently purchased $6,000 7 % 20-install
ment debentures at 106, it is stated.
M ONCTON, N. B . — D E B E N T U R E S A L E . — A local newspaper dis
patch states that $60,000 15-year serial and $22,000 20-year straight-term
5 % debentures were recently awarded to Hew Ii. Wood & Co. of Montreal
at 98.05.
N EW G L A SG O W , N. S.— D E B E N T U R E S A L E . — On M ay 10 an issue
of $10,000 water debentures was awarded to tho Eastern Securities Corp.,
Ltd., of St. John at 87, It Is reported.
N E W W ESTM INSTER, B. C . — D E B E N T U R E O F F E R I N G . — News
paper reports state that this city is offering for sale to local investors $1,100
5 %
30-year debentures.
■
N O VA SCOTIA, Province of.— D E B E N T U R E S O F F E R I N G . — Reports
state that tenders are invited until June 7 for $1,000,000 5 % 10-year gold
debentures.
O N TARIO, PROVINCE OF . — D E B E N T U R E S A L E . — See “ Nows
Items” on a preceding page.
.—
P A R R Y SOUND, O nt.— DEBENTURE OFFERING•Proposals w ill b o
n til
received until 6 p . m . Ju n e 6 b y J . D . B r o u g h to n , T o w n T re a su re r, fo r
$30,000 5 ))4% 3 0 -installment c o u p o n school debentures. Principal and
4 %
30-in sta llm e n t coupon s ch o o l d e b e n tu re s . P rin cip a l an d
annual interest— ’Dec. 31— payable at office of above Treasurer. Total
assossed valuation, $2,058,081.

2103

SHERBROOKE, O nt . — D E B E N T U R E O F F E R I N G . — According to
reports, this city has for sale $32,400 and $45,000 5 % 5-year debentures.
SIMCOE, O n t.— D E B E N T U R E S V O T E D . — Newspaper reports state
that at a recent election the question of issuing $16,000 bonus debentures
carried.
T AVIST O C K , O nt . — D E B E N T U R E S A L E . — Reports state that the
Canada Bond Corp. of Toronto recently purchased $6,000 5 % 30-year
and $9,000 6 % 2 0 -year debentures.
TO RO N TO , O nt.— D E B E N T U R E S A L E . — On M ay 31 the $417,000
hydro-electric, $584,000 water-works, $1,060,000 public-school, $1,231,000
hydro-electric and $377,000 street-railway paving 5% gold debentures—
V . 102, p. 2013— were awarded jointly to A . II. Martens & Co. of Toronto
and Ilirsch, Lilienthal & Co. of New York at 99.637. The other bids re
ceived were:
Aemilius Jarvis & C o., Toronto, and Kissell, Kin-1
nicutt & Co., New York--------------------------------------(for entire issue.99.539
Dominion Securities Corp., Toronto, and W m . A . I
Read & Co., New Y o r k ________________________ (for entire issue.99.291
Harris, Forbes & C o., Inc., Montreal and Boston:]
Wood, Gundy & Co., Toronto, and A . E . Ames]for entire issue_99.2I
& Co., Toronto_________________________________ j
C . W . McNear& Co., Chicago____________________ for entire Issue.99.18
Canada Bond Corp., Toronto; A . B . Leach & Co.,1
New York; Fifth-Third N at. Bank, Cincinnati;!
Tillotson & Wolcott C o., Cleveland; Jno. B.)for entire issue.99.15
Finn; Bond & Goodwin, N . Y . & Boston; Parkin-1
son & Burr, Boston---------------------------------------------- |
C . Meredith & Co., Ltd., Montreal, and Coffin &lfor entire issue.99.131
Burr, Inc., Boston______________________________ }for 1st 4 issues,
($3.292,000_____ 99.03
National City Bank, N . W . Halsey & C o., Kountze]
Bros., Redmond & C o., New York; C . A . Stim-[for entire issue.99.08
son & Co., Toronto______________________________J
C . H . Burgess & Co., Toronto-------- ------------------------- for entire issue.98.02
Graham McDonald & Co., Toronto--------------- ---------for $417,000____ 98.45
MacNeill & Young, Toronto_______________________ for $377,000___ 99.52
R . Moat & Co., M on treal..__________ ______________ for $ 3 7 7 ,0 0 0 .-.9 9 .4 0
W . A . Mackenzie & Co., Toronto________________-.fo r$ l,4 3 7 ,0 0 0 --.9 9 .1 1
Bull & Eldredge. New Y o r k ._____ _________________ for $ 3 7 7 .0 0 0 --.9 9 .0 5
T R A IL, B. C.— D E B E N T U R E O F F E R I N G . — Proposals will be received
until 7 p. m. June 19 by W m . E . B . Moneypenny, City Clerk, for $7,500
% 20-year straight coupon school debentures. Denom. $500. Principal
and semi-annual interest— F . & A .— payable at Bank of British North
America, Trail, Toronto or New York. Duo Aug. 1 1936. Total debenture^debt, including this issue, $47,500. Assessed valuation for taxation,
6

PRESTON, O n t.— D E B E N T U R E S V O T E D . — Local newspaper reports
state that $25,000 bonus debentures were voted at a recent election:
RED DEER, A l t a . . — D E B E N T U R E S V O T E D . — At tho election M ay 15
the question of issuing $3,000 6 % debentures carried, it is stated.
REDCLIFFE, A l t a . . — D E B E N T U R E S A L E . — H . O’ Hara & Co. of
Toronto recently purchased $7,000 6 % debentures maturing in 1934, it is
stated.
RUSSELL, M a n . — D E B E N T U R E S A L E . — On M ay 22 tho two issuos
of 6% 20-year debentures aggregating $7.000— V . 102, p. 1743— wero
awarded to W . L. McKinnon & Co. of Toronto at 94.674. Denom. $1,000
Dato M ay 3 1916. Int. annually on M ay 3.
ST. JOHN, N. B .— D E B E N T U R E S A L E . — The Eastorn Securities
Corp., L td., of St. John recently purchased $15,850 5 % debentures matur
ing June 1 1936, It is said.

W ELLESLEY TO W N SH IP, O nt . — D E B E N T U R E S A L E . — Reports
state that an issue of $7,500 6 % 20-year debentures has been purchased
by G. A . Stimson & Co. of Toronto.
W O O D STO C K , N. B .— D E B E N T U R E S A L E . — It is stated that the
Eastern Securities Corp., Ltd., of St. John recently purchased $80,000
5 )4 %
1 0 -year debentures at 100.086.
Y O R K T O W N SH IP, O n t.— D E B E N T U R E S A L E . — It is stated that
$17,000 20-installment school and $51,875 46 10-installment local improve
ment 5 % debentures were recently awarded to the Dominion Securities
Corporation of Toronto at 101.176.

ENGINEERS

TRUST COM
PANIES
W e O w n a n d O f f e r , S u b j e c t t o P r i o r S a le

$ 4 9 ,5 0 0

Terrebonne

Parish,
5%

A

STONE&WEBSTER

$ 1 0 0 , 0 0 0 Terrebonne

Parish,

Road

District N o.

1

R oad

L a .,

5% GOLD

District

2

N o.

BONDS

L e g a li t y a p p r o v e d b y D i l l o n , T h o m s o n & C l a y , N e w Y o r k C i t y
EXEM PT

FINANCE pubHc utility developments.

FROM
P r ice

BUY AND SELL securities.

and

BOND

DESIGN steam power stations, hydro
electric developments, transmission
lines, city and lntcrurban railways,
gas plants, industrial plants and
buildings.

L a .,

GOLD BONDS

H IB E R N IA

FEDERAL
C ir c u la r

u pon

IN C O M E

TAX

R equ est

DEPARTMENT

B A N K
N EW

&

T R U S T

C O

O RLEAN S

CONSTRUCT cither from our own de
signs or from designs of other engi
neers or architects.
REPORT on public utility properties,
proposed extensions or new projects.

lU m o is lY u s l& S a v in ^ s Iia n lv

MANAGE railway, light, power and gas
companies.

CHICAGO
Capital,

N EW YORK

BOSTON

Surplus

and

Undivided

Profits

-

*

$ 1 5 ,7 0 0 ,0 0 0

C H IC A G O

Pays interest on Time
Has on hand at all times a variety of ex
Deposits, Current and Reserve
cellent securities. Buys and sells
Accounts. Deals In Foreign ExGovernment, Municipal and
ohange. Transacts a General Trust Business.
Corporation Bonds.
H .

M .

B y lle s b y

&

C o .

Incorporated
NEW Y O R K
C H IC A dO
TACOMA
Trinity Bldg. Cont. & Comm. W ashington
Bank Bldg.

P u rc h a se, F in a n c e , C o n str u c t and
O p era te E lectric L ig h t , G a s , S treet
R a ilw a y a n d W a te r P ow er P r o p 
erties.
E x a m in a tio n s an d R e p o r ts
U tilit y Securities B o u g h t an d S o ld




Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver
Registrar and
Transfer Agent.

C A P IT A L and S U R P L U S , $10,000,000

Interest allowed
on deposits.

E. B. Morris, President.

G ir a r d

T ru st C o m p a n y
PHILADELPHIA
Chartered 1836

3104

THE

C H R O N IC L E

[Y o l . 1 0 2 .

^fin an cial

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55

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Irriga tion * S y s te m
n e a r C a lg a r y

f

V

*

B u ild in g

th e

C a n a d ia n

N a tio n

U n t i l t h e C a n a d i a n P a c if ic R a i l w a y u n d e r t o o k its t h r e e m i lli o n
ir r ig a tio n p r o je c t in A l b e r t a , C a l g a r y w a s a s m a l l r a n c h e r ’ s t o w n .
B u t t o - d a y it is t h e la r g e s t c it y in t h a t p r o s p e r o u s p r o v i n c e —
th e

bu sy

tra d in g

cen tre

of

an

im m e n s e

s t o c k r a is i n g

and

m i x e d f a r m i n g d istric t.
It is the c h ie f su p p ly station o f large
m in in g areas in b o th A lb e r ta a n d British
C olu m b ia, w ith natural gas a n d c h e a p
electric p o w e r to attract th e m anufacturer.
F rom the ro o f g a r d e n o f th e Palliser
o n e see s the R o c k i e s ’ rou n d w h ic h b lo w s
the w arm C h in o o k .
T h e C a n a d ia n P acific h as in vested o ver
$ 1 5 ,0 0 0 ,0 0 0 on this irrigation project
w h ic h h as 1 ,6 0 0 m iles o f ca n a ls and
d itch es in its W e s te r n section a n d w ill
h av e 2 ,0 0 0 m iles in its Eastern.

T h e im m e n se d a m at B assan o, 7 ,0 0 0
feet in length, an d the giant a q u e d u c t at
B rooks, are th e greatest en g in eerin g struc
tures o f their kin d o n the N orth A m e r ic a n
con tinent.
N ea r C algary are lo cated the large O g d e n
sh o p s for the repair o f rolling stock o f the
W e s te r n D iv ision o f the C a n a d ia n Pacific.
The banker or investor desiring to see a pro
gressive Western Canadian City and study the
benefits of a constructive railway policy will find
what he wants in the Calgary district.

The New York Office o f CANADIAN PACIFIC R A IL W A Y is at 1231 Broadway (corner 30th St.)
F. R. P e r r ,y General Agent, Passenger Department




^

T

* ijiiloTre Palliser Hofei .
I
1 1

C a lg a r y

/
n

I i
I

m - B ’i

7
Full text of Commercial and Financial Chronicle : June 3, 1916, Vol. 102, No. 2658

FRASER
