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B ank &
Q u o ta tio n
S e c tio n
R a ilw a y &
R a ilw a y
E a r n in g s
S e c tio n
B a n k e r s '" C o n v e n t i o n
VOL. 102
In d u s tr ia l S e c tio n
<& h v m i c X & .
F o r Ono Year ............................................................................................................$10 0 0
For Six M od Mis...........................................................................................................
0 00
European Subscription (Including postage).................................................. 13 0 0
European Subscription six months (including postage)..........................
7 60
Annual Subscription in London (including postage)............................... £ 2 1 4 s .
Six Months Subscription in London (including postage)........................ £ 1 l l s .
Canadian Subscription (including p o sta g e )................................................. $ 1 1 5 0
S u b s c r ip t io n in c l u d e s f o l l o w i n g S u p p le m e n t s —
B INK a n d QUOTATION (monthly) I R a il w a y AND I nd ustr ial (3 times yearly)
R a il w a y E arnings (monthly)
electr ic R a il w a y (3 times yearly)
S t a t e an d c i t y (semi-annually) | B a n k e r s ’ C on vention (yearly)
T e rm s o f A d v e r tis in g — P e r I n c h S p a c e
Transient matter per inch spaoo (14 agate lin es)..........................................
Tw o Months
(S tim es)............................
croo,linn-niLiness Cards ■? Three Months
(13 tim es)............................
Standing Business earns ' g ix Months (20 tim es)........................................
v. Tw elve Months (52 t im es)...............................
C hicago O ffice —39 South La Salle Street, Telephone Randolph7396.
L on don o f fic e —E dwards & Sm ith, 1 Drapers’ Gardens, E. C.
(
$4
22
29
50
87
20
00
00
00
00
W I L L I A M K . D A N A C O M PAN Y, P u blish ers,
Front, Fine and Depeyster Sts., Now York.
Published every Saturday morning by W IL L IA M B. D A N A C O M P A N Y ,
Jacob Seibert Jr., President and Treasurer; George S. Dana and Arnold G . Dana,
Vice-Presidents; Arnold G . Dana, Sec. Addresses of all, Olilce ot the Com pany.
C L E A R IN G -H O U SE RETURN S.
Tho following tablo, made up by telegraph, &c., indicates that tho total
bank clearings of all the clearing houses of tho United Statos for tho week
ending to-day havo been $ 4 ,4 1 3 ,1 2 2 ,6 2 6 , against $ 4 ,8 2 1 ,3 5 5 ,2 9 0 last week
and $2,96 5 ,9 0 0 ,7 3 6 tho corresponding week last year.
Clearings— Returns by Telegraph.
Week ending M arch 11.
Per
Cent.
1916.
1915.
New York__
Boston_____
Philadelphia Baltimore___
Chicago____
St. Louis___
New Orleans.
$2,189,719,137
152,456,687
176,254,698
35,259,215
342,449,965
76,491,170
21,881,849
$1,296,739,295
110,660,978
115,511,452
24,787,541
260,573,609
63,456,092
17,031,078
+ 68.9
+30.7
+52.6
+ 42.3
+ 31.4
+ 20.5
+ 28.5
Seven cities, 6 days.
Other cities, 5 days__
$2,994,512,721
720,109,918
$1,894,760,045
543,016,204
+58.0
+32.1
Total all cities, 5 days.
All cities, 1 day_______
$3,714,622,639
698,499,987
$2,439,776,249
526,124,487.
+ 52.3
+ 32.8
$4,413,122,626
$2,965,900,736
+ 48.8
Saturday. Wo cannot furnish thorn to-day, clearings being mado up by tho
cloaring houses at noon on Saturday, and honco 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 dotailed figures for tho week ending with Saturday
noon, March 4, for four years:
Week ending M arch 4.
Clearings at —
1916.
1915
In c . or
Dec.
1914.
1913,
$
$
2,879,479,556 1,878,411,215
252,334,030 169,944,993
40,163,826
61,201,862
48,711,491
48,631,052
11,315,241
14,591,405
10,136,186
8,546,918
6.463.2G7
5,368,140
6,748.593
0,182,896
3.845,631
3,414,755
3,307,142
3,172,262
2,249,408
1,517,803
2,650,045
1,845,550
1,788,198
1,773,140
2,818,607
2,110,787
2,425,331
2,194,311
1,997,531
1,591,202
1,020,903
844,248
088,130
1,229,264
710,034
910,555
720,900
885,200
552,328
1,260.320
571,057
613,984
419,976
401,410
%
S
$
+ 63.3 1,920,070,148 2,050,321,801
+ 48.6 183,903,805 174,609,112
+ 32.0
62,306,908
55,759,391
—0-2
40,241,708
43,315,192
14,104,912
12,143,174
+ 29.0
+ 18.6
8,373,333
7,653,588
+ 20.4
6,731,980
7,443,502
5,608,704
5,150,234
+ 9.2
+ 12.0
3,349,009
3,369,848
+ 4.3
3,579,935
3,528,029
+ 48.0
1,717,922
1,581,472
+ 43.0
1,912,550
1,740,538
+ 0.8
2,027,674
1,434,019
+ 33.6
2,108,523
2,262,790
+ 10.5
1,521,331
1,766,843
+ 25.5
1,635,149
1.453,670
+ 21.0
844,501
948,977
+ 24.4
1,253,134
985,771
+ 28.2
793,119
650,000
+ 22.9
715.000
742,400
+ 12.8
581,441
701,802
+ 7.5
535,845
494,236
—4.4
392,207
402,085
Total Middlo. 3,306,995,600 2,197,071,215
+ 50.5 2,253,378,165 2,379,361,285
M ontclair..........
Boston................
Provldcnco.........
Hartford.......... .
Now Haven........
Springfield........
Portland_______
Worcester........ ..
Fall River..........
New B edford...
Lowell _ .......... Holyoko________
Bangor_________
205,508,541
9,023,300
8,883,470
4,295.040
3.828,001
2,171.735
3.857,241
1,788,115
1,234.279
801.015
806,959
680,362
156,064,760 + 31.7
7,680,500 +17.5
7,075,270 + 25.0
+ 0.4
4,280,030
2,837.841 + 34.9
+ 5.3
2,062,932
3,113.014 + 23.0
1,279,397 + 39.8
1,032,547 + 19.6
749,305 + 15.0
737,722 + 17.5
469,558 + 45.0
107,602,941
8,153,500
5,914,114
3,465,299
3,202,352
2,278,290
2,724,428
1,539,001
1,256,908
718,835
799,331
499,828
180,046,355
8,150,100
5,430,300
3,428,238
2,809.196
2,615,680
2,409,392
1,073,604
1,038,703
533,780
678,374
495,469
Tot. New Eng.
242,998.058
187,382,883 + 29.9
198,054.827
208,700,157
N ote .—For Canadian clearings see "Commercial and Miscellaneous News."
* Owing to the consolidation tho latter part of March 1915 of the First National
Bank and tho Security National under tho name of the First & Security Bank,
Minneapolis bank clearings are being materially reduced.
and
C ity
S e c tio n
NO. 2646
Week ending M arch 4.
Clearings at—
T e r m s o f S u b s c r ip t io n — P a y a b le In A d v a n c e
Greensburg.........
Binghamton----Chester..............
S ta te
SATURDAY, MARCH 11 1916
PUBLISHED WEEKLY.
Now York..........
Philadelphia___
Pittsburgh..........
Baltlmoro_____
B uffalo..............
Washington___
Albany_________
Rochester_____
Scranton_______
Syracuse ............
Reading-----------Wilmington........
Wllkes-Barro----Wheeling---------Trenton.............
Lancaster..........
Y o r k ..................
E le c tr ic R a ilw a y S e c tio n
S e c tio n
1916.
1915.
In c . or
D ec.
1914.
S
S
%
S
C h ic a g o .............
Cincinnati______
C levelan d______
D etroit ................
M ilw au k ee_____
Indianapolis____
C olum bus______
T oled o__________
P e o r ia __________
Grand R a p id s ...
D a y t o n ________
Evansville______
Springfield, 111..
R ockford_______
L exington______
You ngstow n____
Fort W a y n e ____
Q uincy__________
A k r o n ..................
Bloom ington____
Springfield, O ___
South Bend.........
Canton ................
D ecatur________
D a n v ille _______
Jackson________
M an sfield ......... ..
Jacksonville, i ll .
L im a ___________
O w en sboro.........
Lansing................
Ann Arbor............
Adrian__________
T o t . M id.W est
451,157,42-;
35,182,30(
37,655,39:
35,756,36:
19,420,002
10,764,092
7,800,00(
8.086.5SC
4.900.00C
4,097,674
2,939,969
1,933,410
1,711,421
1,074,991
1,186,134
1,769,358
1,800,000
1,549,808
2,886,000
2,156,044
1,363,595
707,346
3,445,457
869.461
666,209
630,000
617,905
597,785
991,266
396,263
448,09C
300,000
83,718
644,854,072
369,793,582 + 22.(
25,081,45( + 40.;
25,505,717 + 47.6
23,663,181 + 51.1
17,626,9 + + 10.2
9,017.79-; + 19.1
6,515,40( + 19.7
6,239,584 + 29. (
3,922,39: + 24.E
3.223.69C + 27.1
2,339,130 + 25.7
1.386.40C + 39.5
1,598,271
+ 7.1
837,943 + 28.3
1,336,390 — 11.2
1,301,720 + 30.0
1,610,700 + 11.8
1,289,105 + 20.2
1.637.00C + 76.3
1,701,941 + 22.4
769,568 + 77.2
— 1.1
715,388
1,980,000 + 74.0
637,024 + 36.4
674,229
— 1.0
525,000 + 20.0
+ 8.4
669,672
605,148
— 1.2
500,000 + 98.2
431,631
— 8.1
597,191 — 25.0
264,614 + 13.4
70,671 + 18.5
514,088,456 + 25.4
San Francisco___
Los Angeles_____
Seattle__________
P o rtla n d ..............
Salt Lake C it y ..
Spokane................
T a com a..............
Oakland________
Sacramento_____
San Diego............
Pasadena_______
Fresno__________
S to ck to n ..............
San J o s e .......... ..
North Y a k im a ..
R e n o _____ _____
Long Beach_____
Total P a cific ..
65.303,482
20,879,547
12.606,491
11,304,586
9,460,ISO
4,292,800
2,023,872
3,918,584
1,761,942
2,210,175
1,175,173
■ 932,556
1,399,866
751,341
392,344
261,969
594,854
145,269,762
59,401,335
20,898,673
11,512,871
12,448,581
5,399,436
3,907,005
2,329,015
3,835,554
2,041,183
1,975,994
979,293
1,040,183
886,232
611,823
352,892
336,825
607,685
128,564,580
+ 9 .9
+ 28.6
+ 9.5
— 9.2
+ 75.2
+ 9.9
— 13.1
+ 2.2
— 13.7
+ 11.9
+ 20.0
— 10.3
+ 5 7 .8
+ 22.9
+ 11.3
— 22.2
— 2.1
+ 13.0
Kansas C ity ____
M in neapolis____
Omaha................
St. Paul________
D e n v e r ________
St. Joseph......... ..
Dos M oines_____
Sioux C ity______
W ich ita ................
Duluth__________
L in c o ln ......... ......
D a v e n p o r t_____
T o p e k a ................
Cedar Rapids__
Colorado Springs
Pu eblo__________
Fargo..................
F re m o n t..............
W aterloo..............
H elena....... ..........
B illin g s________
H a stin gs..............
Aberdeen_______
T o t. oth. West.
89,028,661
*30,639,922
26,000,000
14.894,557
11,652,145
10,615,699
12,079,864
5,195,878
4,735,788
5,365,332
4,234,926
3,431,299
1,751,190
3,074,744
521,312
487,511
1,351,702
643,004
2,699,185
1,107,404
535,118
469,863
799,796
231,315,700
73,367,345
33,237,807
22,875,788
13,760,989
9,090,150
9,527,557
10,442,570
4,701,868
3,578,504
3,624,275
3,094,921
2,778,194
1,553,532
3,540,477
778.800
594,902
1,213.552
740.052
2,420,268
986,062
465,744
301,837
494,341
202,769,537
+ 21.4
— 7.8
+ 13.7
+ 8.1
+ 28.2
+ 11.4
+ 15.7
+ 10.5
+ 32.3
+ 20.4
+ 36.8
+ 23.5
+ 12.7
— 18.8
— 33.0
— 18.0
+ 11.4
— 13.1
+ 11.5
+ 12.3
+ 15.0
+ 55.7
+ 61.7
+ 14.1
St. Louis_______
N ew Orleans____
L o u isv ille ______
Houston
_____
G alveston ______
R ichm ond______
Fort W orth.........
A tla n ta ________
M em phis..............
Savannah ______
Nashville_______
N o rfo lk ________
Birm ingham ____
A u gusta..............
Jacksonville____
Chattanooga____
K n o x v ille ...........
M obllo__________
Little R ock .........
C h arleston _____
O klahom a............
M a co n ..................
Austin..................
V icksburg______
Jackson________
T u ls a ....................
M u sk o ge e______
95,156,302
23,522,291
19,161,314
10,760,658
3,231,501
15,438,127
6,627,729
15,278.039
7,232,654
5,284,328
7,785,202
4,156,971
2,785,469
1,572,014
3,387,896
2,170.219
2,329,972
1,136,831
2,515,945
2,307.462
3,256,109
3,260,941
7,000,000
217,563
409,153
2,589,196
1,020.843
83.796,708
19,881,005
13,194,711
8,201,592
3,999,333
9,208,560
7,332,019
14,214,320
7,873,128
5,906,948
7,626.319
4,188,021
2,989,709
1,430,391
2,850,000
2,864,584
1,830,994
1,203,773
2,143,137
2,128,013
2,404,387
3,027,409
5,078,449
299,942
409,153
1,148,475
754,278
+ 13.6
+ 18.3
+ 45.2
+ 31.2
— 19.2
+ 67.7
— 9.6
+ 7.5
— 8.1
— 10.5
+ 2.1
"■—0.8
— 3.9
+ 9 .9
+ 1 1 .8
— 24.2
+ 27.2
— 5.6
+ 17.4
+ 8.4
+ 3 5 .4
Total Southern 249,922,098 215,895,358
Total all............ 4,821,355,290 3,445,773,027
Outside New York 1.941,875.734 1,567.361,812
+ 7.7
+ 37.8
— 27.5
+ 80.0
+ 125.4
+ 3 5 .3
1913,
1
400,990,526
28,528,750
22,795,146
25.861,032
18,509,25!
8,516,08!]
7,106,006
5,613,41!
5,229,747
3,392,707
3,675,800
1,241,898
1,576,186
910,235
987,909
1,825,195
1,515,212
1,724,611
1,634,000
1,658,452
1,133,391
704,078
1.903.56C
708,157
641,928
513,289
469,225
548,193
570,990
580,758
531,081
253,217
88,615
656,838,667
s
369.331,671
28,815,300
22,564,914
23.190.196
16,135,872
9,238.994
6,618,600
5,031,155
5,144,530
3,503,528
2,608,276
1,220,923
1,813,486
1,212,529
1,455,016
2.549,239
1,547,921
1,466,594
2,154,000
2,352,423
809,452
657,160
1,679,817
746,939
750,092
553,144
759,338
819,699
510,772
524,921
437,000
297,490
79,577
517.580,568
56,531,476
27,010,546
12,660,092
12,334,412
5,734,128
4,188.910
2,632,382
3,776,909
2,164,833
2,352,384
947,795
969,068
870,593
634,490
411,490
319,159
58,257,762
29,425,345
12,916,087
13,800,874
5,882,278
4,334,070
2,861,414
4,265.463
1,893,216
3,138,597
1,155,005
1,150,414
904,740
720.000
451,877
308.401
133,538,667
141,465,588
58,328,287
27,243,342
24,593,598
12,831,318
9,439,092
11,126,214
12,478,659
5,877,495
3,468.602
3,150,833
3.195,385
3,358,092
1,773,164
4,152,537
630,836
719,507
501,724
668,928
2,183,907
1,075,012
377.832
309,000
525.643
188,009,007
68,372,784
25,136,314
23,717,111
14,000,046
10.838,831
11,035,240
11,340.015
5,296,837
3,554.083
3,336,327
2,964,311
3,201,956
1.839,668
3,863,288
692,869
751.548
555,055
733,383
2,455,502
977,967
364.609
300.000
399,754
183,727,498
83,761,076
19,122,949
15,636,984
8,200,000
3,702.500
8,183,594
7,928,842
15,636,430
9,151,861
4,263,320
8,011.181
4,127,501
3,889,579
1,907,037
3,599,369
2,892.025
1,876,410
1,645,592
2,758,403
2,429,210
2,114,891
3,846,765
0,913,800
364.783
716,089
1.831.441
915.565
83.810,360
18,756,849
16,620,586
10.797,172
3,715,000
8,300,000
7,952,714
14.428,547
8,679,263
4,692,448
8,435,890
4,119,776
3,588.374
2,308,230
3,962,959
2,742,250
1,961,890
1,519,102
2,422,114
1,889,131
1,712.287
3,698,182
4,347,339
348,706
320,760
1,107.422
844,917
+ 15.8 225,427,197 221.610.488
+ 39.9 3,550,246,530 3.652,926,364
+ 23.9 1.630.176.382 1.602,604,463
THE CHRONICLE
916
THE FIN A NCIA L SIT UA TION.
Gradually there is coming a realization of the dis
turbing possibilities involved in the present country
wide movement for higher pay on the part of the loco
motive engineers, firemen, conductors and train
men of all the railroads in the United States. The
result of the referendum vote of the men on the propo
sition whether a demand for an increase shall be made
was announced on Thursday, and of course it was
“overwhelmingly” in favor of the idea. It is not
difficult to perceive that should the demand for a
further increase in the pay of this body of 400,000
employees be refused, the alternative will be a strike
on the part of this vast army of men and that such a
strike will mean the tying up of the entire railway
transportation system from one end of the country
to the other, which in turn will mean the paralyzing
of the industrial activities of our whole population
for the time being.
Manifestly, the prospect of such a serious calamity
is not to be viewed lightly. Obviously, too, it is
the duty of the press and the public, and not less so
that of the railroad officials in whose custody the
control of these great transportation agencies rests,
to avert the possibility of such an occurrence by every
means in their power. It is a duty they owe their
country, as well as the security holders of the prop
erties.
In view of the menace inherent in the movement,
the Chicago “Tribune” on Thursday of last week
gave expression to some vigorous editorial utterances
in which the public aspect of the matter is presented
with cogency and force, and arbitration demanded.
Said our contemporary:
The business interests of the country are beginning
to line up on their side of the controversy between
the railroads and the 300,000 train service employees
that threatens the country with a strike that will
paralyze industry for months, even if it lasts but
twelve hours for the contestants.
^
The business men want arbitration. They in
tend to fight just as hard for arbitration as the rail
roads and the men are going to fight each other.
The campaign already has been started in Chicago
with a flat demand by the Chicago Association of
Commerce for an arbitration that will apply to all
differences and grievances that the railroads may have
as well as any grievances that the employees may
have.
The resolution that has been passed by the Asso
ciation will go directly to the two parties that threaten
industrial peace.
As it happens, the employees are evincing decided
disinclination to submit their demands to the ar
bitrament of tribunals provided for that purpose
under the law. Our readers may recall that in April
of last year, where an arbitration board had been ap
pointed to pass upon the demands of the locomotive
engineers and firemen on Western roads for increased
pay, the award proved unsatisfactory to the men, with
the result that the two representatives of the em
ployees on the board declined to sign the award.
Not alone that, but the unions announced that they
would never again agree to refer any of their demands
to one of these arbitration boards. We do not forget
that on Feb. 10 at Cleveland the chiefs of the four
railroad brotherhoods engaged in the present attempt
to force increased pay gave a qualified denial to the
[Vol . 102.
charge that they would refuse arbitration in this
instance, saying: “The railroad organizations are
not opposed to arbitration, neither are they pledged
to accept it. . . . There is neither warrant nor
authority for saying that arbitration will or will not
be accepted.”
But joint meetings of the train employees’ unions
held since then throughout the country to back up
the brotherhood chiefs in the proposed demands,
have been taking a positive stand against any arbi
tration. Thus, at a joint union meeting at Eagle’s
Hall, Salt Lake City, by the members of the four
organizations, on Feb. 23, resolutions were passed
declaring opposition to mediation or arbitration as
a means of effecting a settlement, and the following
reasons were advanced for the assumption of this
attitude: “First, That the demands are reasonable
and just, and that we are entitled to a larger product
of our labor than that which we are receiving at the
present time. Second, Past history has taught us
that arbitration and mediation generally result in a
victory for the masters and defeat for the workers.”
But is arbitration the only moans of averting a
general strike that is meant to cripple the entire
transportation agencies of the country? It is not to
be denied that arbitration is to be highly commended
in individual cases. But in the present instance
what is called for is something more than mere insistancc upon arbitration. What is imperatively
required is that a situation shall not be allowed to
occur where it would be possible for these railroad
employees to tic up by abstention from work all
the railroads in the country. This done, no general
strike could occur, and the matter of arbitration
would not then have to be worried about.
Four great railroad brotherhoods in several differ
ent sections of the country have joined forces for
the purpose of making a simultaneous and united
demand upon all the railroads, with the view to
forcing compliance with their demands bj' holding
over the heads of the managers this very threat of
a general strike. It is shrewdly figured that the
managers would yield rather than risk the public
inconvenience and disturbance that would thereby
be produced.
The action which these employees contemplate is
clearly illegal and in contravention of the provisions
of the Federal Anti-Trust Law. The courts have
time and again held that labor organizations are
amenable to the anti-trust statute. It is true that
in one particular the status of labor unions has been
improved by the Clayton Anti-Trust Law of Octo
ber 1914. As previously pointed out by us, Sec
tion G of the Clayton law provides that “nothing
contained in the anti-trust laws shall be construed
to forbid the existence and operation of labor, agri
cultural or horticultural organizations, instituted for
the purposes of mutual help * * * or to forbid
or restrain individual members of such organiza
tions from lawfully carrying out the legitimate
objects thereof; nor shall such organizations or the
members thereof be held or construed to be illegal
combinations or conspiracies in restraint of trade
under the anti-trust laws.”
In other respects, however, labor organizations still
remain subject to the law, and when four great labor
organizations, operating in several different sections
M a r . 11 1916.
C H R O N IC L E
of the country, combine with the view to coercing
the railroads into granting a demand for higher pay,
they are plainly engaged in a conspiracy which the
law forbids and condemns.
But whether the Anti-Trust Law applies or not,
there is nothing that requires the managers of the
roads on their part to act jointly in meeting this
simultaneous and collective demand on the part of
400,000 railroad employees. It is as plainly illegal
for the different railroads to combine together for
the purpose of resisting the demands of the men as
it is for the men to combine together in the first in
stance to make the demands. Waiving that point,
however, in the one case as in the other, it is plainly
against public policy that the roads should confer
together and act together in dealing with such a
simultaneous and all-embracing collective demand for
increased pay.
Each large railroad system should consider the
proposition independently and dispose of it in its own
way and solely on its merits. From a practical
standpoint it is in the highest degree absurd to group
all the roads in the country together and demand
that one and all shall accede to the same scale of pay.
In such a movement what justification can be offered
for an attempt to put the bankrupt roads of the
Southwest— the St. Louis & San Francisco, the
Missouri Kansas & Texas, the Missouri Pacific, &c.,
&c.— on a plane of equality with the New York
Central or the Pennsylvania or the Chicago Bur
lington & Quincy.
It may well be that on some specially favored
systems it would be possible to grant the demands
in part, where, for the railroads as a whole, the same
demands would have to be denied in toto. There is
therefore the best of reasons for urging that each large
system shall dispose of the matter in its own way,
wholly uninfluenced by the course that may be pur
sued by other roads, and least of all by those in re
moter geographical groups. If the treatment of the
matter by any particular system brings the possibility
of a strike on that system then the suggestion of arbi
tration can properly be urged and insisted upon. ,
The best way, therefore, to avert the danger of
a general strike is for railroad managers not to fall in
with the plans of the men, which, as we have shown,
come in the form of a conspiracy against the public
weal, but to insist that each road shall take separate
jurisdiction in the matter as individual entities or
units, each responsible for its own course and con
duct. Collective bargaining is proper enough, and
to be commended, where it applies to the 30,000
or 40,000 employees of some one large system, but
when this body of men undertakes to combine with
a dozen other large bodies, the act becomes a menace
to the public welfare and every endeavor should be
made to prevent the carrying out of the scheme.
Never before has a common demand been made
upon all the roads in the country for higher wage
schedules. Indeed, it is less than a decade since it
was the practice for every road to deal alone with
its own employees. It is only a very few years ago
since the managers fell easy prey to the artful de
signs of the labor unions and consented to deal in
matters of wages collectively with the unions in
distinct geographical groups. In this way it has
happened that the question of wages has received
general treatment in Trunk Line territory or in
Western territory, or in Southeastern territory, each
group of roads remaining distinct. The action of
the managers in thus consenting to act together in
thesedistinct territorial groups, was plainly a mistake,
for since then the roads have been obliged on each oc
casion when there has been a collective demand for
wage increases to accede in large measure to the
demands made, so as to avoid a general tie-up in the
group concerned.
This threat of a strike has been the powerful
weapon employed in all the groups for coercing the
roads into compliance. The managers ought not
to be permitted to allow the labor unions to forge
a still more powerful weapon in the shape of a strike
threat that would not be confined merelv to some
one particular group, but would take in the whole
country. What is demanded, therefore, at the
present juncture is that each railroad shall in labor
matters resume control of its own affairs and thus
live up to its charter requirements. There can be
no threat of a strike to involve the whole country
when this *s done.
The press has a high public duty to perform in
insisting that railroad managers shall henceforth
act for themselves, each for his own system, instead
of delegating some general body to act for them in
conference with a similar general body from the
employees.
The principle at stake is one that cannot be lightly
yielded up. The issue is one of grave importance.
We could wish that the press and railroad managers
alike could be got to recognize its gravity. Both
have an opportunity of rendering an inestimable
service to the country. The peril that would be in
volved in letting railway employees, acting through
several large unions, hold in subjection the entire
activities of the country, at their pleasure, cannot be
overestimated. Such a situation can only be created
by letting the railroads placidly surrender their func
tions into the keeping of a general body instead of
once and for all putting an end to the steadily widen
ing reach which the different labor unions are under
taking to assume.
Do we want to invite a repetition in this country
of the spectacle that has been enacted in Great
Britain before the eyes of the whole world during
the last two years, and which has rendered British
efforts so impotent against a foreign foe? On that
point we would again recall that in the House of
Commons on Sept. 16 last, James Henry Thomas, a
Laborite member and Assistant General Secretary
of the Amalgamated Society of Railway Servants,
declared in the course of a debate that every lodge
of the railway union had informed its executive com
mittee that on the introduction of a certain measure
by the Government, the men would stop work,
bringing railway operations to a standstill.
Let the engineers and other trainmen succeed in
their present endeavor to extend the scope of their
operations so as to include the whole country, making
it possible for a few labor leaders at any moment to
precipitate a strike, and the predicament of the
United States will be the same as that which Great
Britain has been confronted with during the whole of
the present gigantic war in Europe. A power
will be set up outside the Government more powerful
918
THE CHRONICLE
than the Government itself— art infinitely dangerous
power too, since it will owe public accountability
to no one. The effort can be easily thwarted now
while the movement is in its incipiency. On the
other hand, if it once succeeds, future struggle
against it will be utterly futile.
The issue is a vital one. The money consideration,
even though it involves hundreds of millions of dol
lars a year, is of minor consequence alongside the
principle at stake. And the only action necessary
to balk the railway unions is for the roads to take a
resolute stand in defense of the right to conduct
their affairs as separate units instead of as helpless,
impotent parts of a general confederation. If we
may make an appeal to the patriotic instincts of
our railroad managers, every consideration of
patriotism demands the taking of such a stand.
Will the patriotism be found lacking?
The commercial failures statement for February
1916 fitly supplements that of January in furnishing
added evidence of satisfactory conditions in the
mercantile and industrial affairs of the United States
as a whole. The numerical reduction in defaults in
the late month was conspicuously great, as com
pared with the corresponding period of the previous
year, all divisions sharing in it, but trading branches
most largely. In fact, the commercial mortality
in that division was the smallest for the period since
1911, the liabilities were not much in excess of half
of those o f. 1915 and, furthermore, very material
decreases in volume of debts were reported in many
important lines. Among manufacturers, too, a
distinctly better condition is apparent. Another
indication of the more favorable current situation is
that large failures (those for $100,000 or more)
as was the case in January, have been a rather negli
gible feature of recent statements. In February
they were fewer in number than for the month in
either of the two preceding years, and the aggregate
of debts contributed by them was the smallest for
the period since 1907. Specifically, this class of
defaults numbered 27 and covered $6,239,356,
these comparing with 36 for $13,894,005 in 1915
and 31 for $10,369,329 in 1914.
According to Messrs. A. G. Dun & Co.’s compila
tions, the basis upon which is founded the various
deductions we draw, the number of commercial
failures in February 1916 was 1,688 with indebted
ness of $18,744,165, this being a marked improve
ment over 1915 when the figures were 2,278 and
$32,404,630 respectively. Contrast with 1914, how
ever, reveals a greater number of insolvencies in the
current year, but a contraction in liabilities of some
thing over 3)/£ million dollars and there is a drop of
9% millions from 1913.
For the two months of 1916 the showing is especi
ally favorable, as contrasted with the like period
last year, when failures, both as regards number and
amount were the heaviest on record. Liabilities in
1916, however, were also smaller than in either 1914
or 1913 and only very moderately greater than in
1912. Briefly, the number of disasters in the two
months this year was 3,697 with liabilities of $44,
607,451, against 5,126 for $82,045,205 last year and
3,368 for $61,728,540 in 1914. Manufacturing debts
of $18,986,961 for the period contrast with $36,
687,625 in 1915, the Rumely failure accounting for
some 16 millions of this latter total. Trading in
debtedness of $21,550,752 compares with $36,345,
[Vol . 102.
364, and among brokers, agents, &c., the liabilities
stand at only $4,069,738, against $9,012,216.
Reports from Canada also reflect a distinct im
provement in the failures situation thus far in 1916.
January witnessed a very large decrease from 1915
in the business mortality and the same is true of
February, the number forced to the wall having
reached only 207, with debts of $3,033,472, against
270 and $7,406,404 respectively and comparison
with the smaller figures of 1914—227 and $3,526,070
—is also seen to be quite favorable. Manufactur
ing indebtedness was only $537,363, against $4,
094,603 in 1915; trading debts $1,795,380, against
$1,716,697 and miscellaneous $700,729, against
$1,595,104. The two months’ grand total of
liabilities for 1916 is $6,072,277, against $10,930,114
in 1915, of which $2,147,559 and $5,200,808 in manu
facturing, $2,997,384 and $3,996,799 in trading and
$927,334 and $1,732,507 in miscellaneous branches.
Germany declared war on Portugal at 3:30 o’clock
on Thursday afternoon, handing the Portuguese Minis
ter his passports at that time. The German declara
tion emphasized the fact that this step became neces
sary as a result of the recent illegal seizures of Ger
man ships in Portuguese ports. In addition the
declaration enumerated a long series of alleged
breaches of neutrality by the Portuguese Govern
ment, including, among others, the permission of
free passage to English troops through the colony
of Mozambique, the permission to English men-ofwar to use Portuguese ports for a time exceeding
that given to neutrals; the permission given the
English navy to use Madeira as a naval base, actual
engagements between Portuguese and German troops
on the frontier of German Southwest Africa and of
Angola, and frequent insults to the German nation
by members of the Portuguese Parliament, who never
were reprimanded. The declaration concluded:
“The Portuguese Government by these acts openly
gave evidence that Portugal considers herself Eng
land’s vassal for whom England’s interests and
wishes are paramount in comparison with other con
siderations.”
On the other hand, rumors have been current,
coming from various parts of the world, that Turkey
is desirous of concluding a separate peace with
Russia. Nothing of an official character developed,
however, in connection with these rumors. Cable
advices by way of Rome mention the probability
that Greece will follow Rumania on the side of the
Entente Allies when the latter decides to enter the
war. According to these reports, Rumania’s inter
vention is not likely to be delayed more than a
month longer. The Allies, it is said, have consented
to advance $4,000,000 to Greece which is needed
for the expenses incidental to mobilization until
April 1.
The First Lord of the British Admiralty, A. J.
Balfour, announced in the House of Commons on
Tuesday that the British navy had been increased
by one million tons since the outbreak of the war
and the strength of the air division of the navy had
grown tenfold. Never before, said the speaker,
had there been so much naval construction in Great
Britain as in the last nineteen months. He asserted
that the fleet was far stronger than at the outbreak
of the war, except in regard to armored cruisers,
some of those which had been lost not having been
Mar. ll 1916.]
r e p la c e d .
b itte r
THE CHRONICLE
T h is s ta te m e n t w a s a
w r a n g le
d itio n .
in
P a r lia m e n t
W in s t o n
S p en cer
p r e lim in a r y
over
th e
C h u r c h ill,
to
n a v y ’s
a
con
fo r m e r
F ir s t
th e
919
a s s a ila n ts
ta ck s
upon
and
a t th e
th e
C ham pagne
v illa g e
d is tr ic ts
sam e
of
th e
tim e
deal
w ith
a t
In
th e
D ou a u m on t.
F ren ch
have
ca p tu re d
a
L o r d o f th e A d m ir a lty , o p e n ly a tta c k e d th e A d m ir a lty ,
t r e n c h n e a r M a is o n s d e C h a m p a g n e a n d a r e s h e llin g
c la im in g
G e r m a n p o s itio n s n e a r N a v a r in , th e B u t te d e M e s n il
th a t
r e v it a liz e d
it
la c k e d
b e fo re
d r iv in g
too
la te
fo r c e
by
and
m u st
b r in g in g b a c k
be
L ord
F is h e r , fo r m e r F ir s t S e a L o r d , t o h e a d th e A d m ir a lt y
a d m in is t r a t io n .
M r.
B a lfo u r
had
ju s t
c o n c lu d e d
and
M a s s ig e s .
In
U pper
A ls a c e
a
s e c tio n
of
a
G e r m a n tr e n c h t o t h e e a s t o f S e p p o is h a s b e e n ta k e n
by
th e F ren ch .
In
th e E a stern
th e a tre o f w ar th e
h is o p t i m i s t i c s t a t e m e n t t h a t t h e n a v a l o u t l o o k w a s
R u s s ia n s a t v a r io u s p o in t s a re r e p o r t e d t o h a v e t a k e n
h ig h ly
th e
s a tis fa c to r y ,
a
sta tem en t
w h ic h
n a tu r a lly
o ffe n s iv e
a g a in s t
G erm a n
advan ced
p o s itio n s ,
a p p e a le d s t r o n g ly t o th e p a t r io t ic s e n tim e n ts o f th e
b u t a c c o r d in g t o B e r lin t h e y n o w h e r e h a v e m e t w it h
H ou se.
su ccess.
H en ce
c o ld ly
C h u r c h ill’s c r itic is m s
r e c e iv e d ,
g r a d u a lly
b u t,
g a th ered
a tte n tio n
c lo s e d
a m id s t
som e
s tir
by
scen e
of
k e e p in g
th e
s h ip b u ild in g
at
fir s t
d is p a tc h e s ,
a p p la u s e
m u ch
a s k in g
w ere
p ress
and
cau sed
w as
a
q u o tin g
u n til h e
p rogram
in g .
H e d e c la r e d th e r e s h o u ld
o f w h ic h
m u st be
resou rces.
th e
th e
s a id
G erm an
th ere
w as
p rogram .
C o lo n e l C h u r c h ill,
a n a lm o s t c o m p le te s u s p e n s io n
R u s s ia n s o n t h e B la c k S e a c o a s t
c o n tin u e t o p ress o n t o w a r d T u r k e y ’s p r in c ip a l p o r t ,
to
th e
tim e
b e n o lim it o f la b o r
fir s t c h a r g e
The
T r e b i z o n d , a n d a ls o a r e m a k in g p r o g r e s s a g a in s t t h e
t h e B r itis h f le e t , t h e v it a l u n its
M e a n w h ile ,
v e il o v e r
fa c t ,”
w ith
o f a c tiv itie s .
He
t o w h ic h h e a n d t h e p r e v io u s B o a r d h a d b e e n w o r k
in c o n n e c t i o n
I n th e A u s tr o -Ita lia n z o n e th e b a d w e a th e r
a g a in h a s c o m p e lle d
A d m ir a lty
e n th u s ia s m .
w h e th e r th e
he
on
B r itis h
la b o r
an
im p e n e tr a b le
“ T h a t is a
“ f o r , w h ile
O tto m a n s
R om e
P e r s ia n
secto r.
d is p a tc h
fr o m
w a r s h ip s in t h e
A
A d r i
th e B la c k
Sea to
a id
th e
T u r k is h
navy
a g a in s t th e R u s s ia n s .
The
H ou se
of
R e p r e s e n ta tiv e s
on
T u esday
la s t
fo llo w e d th e a c tio n o f th e S e n a te , ta k e n o n th e p re
n o t h i n g y e t , w e m a y b e s u r e t h a t s o m e t h i n g is g o i n g
c e d in g
o n th ere.
d e te r m in a t io n
T h a t th e G e r m a n n a v y , b u ilt u p b y th e
th e
a t ic a re p r e p a r in g t o a t t e m p t a ca s h t h r o u g h t h e D a r
d a n e lle s t o
grave
we know
in
d e c la r e s t h a t A u s t r a in
S a tu rd a y ,
s u s ta in in g
th a t
th e
th e
r ig h ts
P r e s id e n t
of
A m e r ic a n
in
h is
c itiz e n s
K a i s e r ’ s g r e a t e s t e f f o r t s , is r e m a i n i n g i d l e i n t h e K i e l
to
C a n a l w it h o u t s o m e fu r t h e r s u p r e m e e f f o r t f o r its d e
a r m e d f o r t h e p u r p o s e o f d e fe n s e s h a ll n o t b e a b r id g e d .
v e lo p m e n t
T h e M c L e m o r e r e s o lu t io n in t h e H o u s e , w h ic h w a s
assum e
is
u n th in k a b le .
th a t
G erm an y
W e
has
s h o u ld , th e r e fo r e ,
c o m p le te d
p ro g ra m , a n d if ou rs h as n o t b een
som e
w e ig h ty
reason s
s h o u ld
be
her
tra vel o n
m e r c h a n t s h ip s o f b e llig e r e n t
c o u n tr ie s
naval
fo r p r a c tic a l p u r p o s e s th e c o m p a n io n r e s o lu tio n t o th e
c o m p le te d , th e n
G o r e m e a s u r e in t h e S e n a te , w a s la id o n t h e t a b le b y
g iv e n .”
a v o te o f 276 to 142.
O n W e d n e s d a y B a lfo u r r e p lie d t o C o lo n e l C h u r c h
C h a ir m a n F lo o d o f th e H o u s e
F o r e ig n A ffa ir s C o m m it t e e a n n o u n c e d t h a t h is c o m
ill’s a s s e r tio n s , w h ic h h e d e c la r e d t o b e “ p a r a d o x ic a l
m itte e ,
and
c a r e fu lly , h a d r e a c h e d th e fo llo w n ig d e c is io n :
of
th e
H e th rew
ran k s
jo in
w ild e s t
and
th e b la m e o n
of
s k ille d
m ost
e x tra v a g a n t
k in d .”
C h u r c h ill fo r d e p le t in g
s h ip w r ig h ts
and
a llo w in g
th e m
a fte r
c o n s id e r in g
th e
M cL em ore
r e s o lu tio n
“ U nder
th e
t h e p r a c t ic e a n d p r e c e d e n t s in th is c o u n t r y , t h e c o n
to
d u c t o f d ip lo m a t ic n e g o tia tio n s h a s b e e n le ft t o th e
t h e a r m y , t h u s h in d e r in g t h e s h ip b u ild in g p la n
P r e s id e n t,
and
w ith
th is
p r a c tic e
th e
c o m m itte e
w h ic h h e s a id t h e G o v e r n m e n t h a d n e v e r t h e le s s s u c
d o e s n o t fe e l it p r o p e r fo r t h e H o u s e o f R e p r e s e n t a
ceeded
tiv e s
in
k e e p in g
a b r e a s t w ith
th e n eed s.
“ I f th e
fle e ts a t th e c o m m a n d o f th is c o u n t r y a t th is m o m e n t
a re in s u ffic ie n t t o
know
th a t if th e
P r e s id e n t
e r n m e n t s w it h w h ic h h e h a s e x h a u s t e d h is p o w e r in
t h e p r e m is e s , h e w ill in t h e u s u a l w a y r e p o r t a ll f a c t s
w a s o n e o f th e p a r tin g s h o ts u tte r e d b y M r . B a lfo u r .
a n d c ir c u m s t a n c e s t o C o n g r e s s fo r its c o n s id e r a t io n .”
G reat
B r ita in
th ey
M r . C h u r c h ill’ s s u g g e s t io n
o f L o r d F is h e r , fo r m e r
of
never
th e
F ir s t S e a
th e
W e
w h o le
of
in
in t e r fe r e .
b e e n ,”
h is to r y
secu re s a fe ty , th en
to
r e a c h e s a p o i n t in a n y n e g o t i a t i o n s w it h f o r e ig n g o v
have
r e c a ll
to
o ffic e
L ord , w as opposed
T h e H o u s e h a d b e e n g iv e n fo u r h o u rs t o d e b a te th e
r e s o lu tio n b e fo r e th e m o tio n t o ta b le w a s p u t .
S ecre
b y M r . B a lfo u r o n th e g r o u n d it w o u ld b e a n in s u lt
t a r y L a n s in g o n T h u r s d a y d e n ie d fo r m a lly a r e p o r t
t o S ir H e n r y
t h a t t h e D e p a r t m e n t w a s p r e p a r in g t o w a r n A m e r i
B r a d w a r d in e J a c k s o n , w h o
p ie d th e p o s itio n
s in c e
had
occu
M ay.
ca n s in d ir e c tly
e n t s h ip s .
I t is a d i f f i c u l t m a t t e r , i n v i e w
a c c o u n ts fr o m
in t e r e s te d
o f th e c o n flic tin g
sou rces, to
o b ta in
a con
b er o f N o rth
lu tio n
F ren ch
re q u e s te d
G erm an s
in
th e
V erdu n
s e c tio n .
The
on
arm ed
b e llig e r
D a k ota on
th e flo o r o f th e S e n a te o n
th a t a fte r n o o n as o n e r e a s o n fo r w ith d ra w in g a re s o
n e c t e d id e a o f th e r e s u lts o f t h e c o n t e s t b e t w e e n t h e
and
a g a in s t t r a v e lin g
T h e r e p o r t w a s c ite d b y S e n a to r M c C u m -
o f w a r n in g h e h a d i n t r o d u c e d .
p u b lic a tio n
of
th e
M r . L a n s in g
fo llo w in g
sta te m e n t:
G e r m a n s h a v e c o n t in u e d th e ir d r iv e s a n d a re m a k in g
“ I w i s h t o d e n y t h a t t h e r e is t h e s l i g h t e s t f o u n d a t i o n
h u g e s a c r ific e s .
fo r a s t o r y s e n t o u t o f W a s h in g t o n la s t n ig h t b y a n e w s
O n th e o th e r h a n d , th e F re n ch are
c o n fid e n t o f th e ir a b ilit y t o s t e m
th e torren t.
D is
s e r v ic e a n d a p p e a r in g in t h e n e w s p a p e r s t h is m o r n
p a t c h e s fr o m B e r lin s t a t e d t h a t t h e G e r m a n s h a d e n
in g , t o t h e e f f e c t t h a t A m e r ic a n c it iz e n s w ill ‘ r e c e iv e
te r e d t h e v illa g e o f V a u x a n d h a d c a p tu r e d F o r t V a u x
in d ir e c t b u t e ffe c t iv e
and
on
a d jo in in g
re p orts
y esterd a y
R enew al
ten d ed
p o s itio n s .
of
by
heavy
The
a fte r n o o n
fig h tin g
o ffic ia l
d e n ie d
east
a s e r ie s o f a s s a u lt s o n
of
F ren ch
th ese
th e
w ar
rep orts.
M eu se,
D ou a u m on t,
a t
arm ed
w a r n in g ’ n o t
m erch a n tm en .
end.
The
N o th in g
I
to
story
b e g in n in g
to
have
con stru ed
a s h a v in g s u c h a m e a n in g .”
ta k e
is
s a id
passage
fa ls e
fr o m
c o u ld
be
has
c e n t e r e d in t e r e s t o n c e m o r e o n t h is p a r t o f t h e f r o n t .
M e x ic o h a s a g a in c o m e t o t h e fo r e a s a m a t t e r o f
A g o o d r o a d ru n s th r o u g h th e g e n tle s lo p in g r a v in e u p
an n oyan ce
to
of
t a c k b y F r a n c i s c o V illa a n d a b a n d o f 1 ,5 0 0 b a n d it s
w h ic h w o u ld e n a b le t h e a t t a c k in g fo r c e s t o t a k e t h e
o n C o lu m b u s , N e w M e x ic o , a n d th e c a m p o f th e 1 3 th
d e fe n s e s .
U.
th e
p la te a u
b e fo re
M assed
D ou a u m on t,
in fa n tr y
w e ll
p o s s e s s io n
su p p orted
by
ar
S.
and
C a v a lr y
a n x ie t y
at
th a t
th rou g h an u n p ro v o k e d
p la c e .
N in e
c iv ilia n s
a t
w ere
t ille r y s t r u g g le d h a r d t o w in c o m m a n d o f t h is e a s ie s t
k ille d in t h e a t t a c k a n d s e v e n s o ld ie r s , w h ile s e v e n
a p p roa ch , b u t
s o l d i e r s in a d d i t i o n
th e
F ren ch
w ere
a b le
to
h o ld
o ff
w ere w o u n d e d .
A fte r a c o n fe r
[Vol. 102.
THE CHRONICLE
920
e n c e w it h h is C a b i n e t t h e P r e s id e n t d e c id e d t o s e n d
a g em en t.
U n ite d
s e c u r it ie s m a d e t o t h e T r e a s u r y d u r in g t h e w e e k , b u t
S ta te s tro o p s
in
p u r s u it
o f V illa .
The
fo l
lo w in g s t a t e m e n t w a s fu r n is h e d a t th e W h it e H o u s e
th u s
a fte r th e C a b in e t m e e tin g :
n o u n c e m e n t c o n c e r n in g t h e B r it is h C h a n c e llo r ’ s p la n
be
sen t
o b je c t
at
on ce
in
p u r s u it o f
o f c a p tu r in g
fo r a y s .
“An
h im
and
a d e q u a t e fo r c e w ill
V illa w it h
p u ttin g
th e
c a b le s
have
s in g le
fo r b o r r o w in g A m e r ic a n
to
are
th e
a stop
fa r
T h e r e w e r e f u r t h e r lig h t s a le s o f A m e r ic a n
h is
T h i s c a n a n d w i l l b e d o n e in e n t i r e l y f r i e n d l y
not
d is p o s e d
d is tr ib u tio n
of
to
not
brou gh t
s e c u r it ie s fr o m
s e ll o u t r i g h t .
h a lf-y e a r ly
hom e
w as
s c r u p u lo u s
d e n d s h a v e b e e n m a in ta in e d a n d h a v e a b o u t m e t e x
fo r
th e
s o v e r e ig n ty
of
th a t
R e
(F r id a y ).
r a ilr o a d s
a id o f t h e c o n s t i t u t e d a u t h o r i t i e s in M e x i c o a n d w it h
resp ect
y esterd a y
an
ow n ers w h o
The
d iv id e n d s o n B r itis h
c o m p le te d
d e fin it e
T hese
d iv i
p u b l i c . I t is b e l i e v e d t h a t C a r r a n z a w ill n o t o p p o s e
p e c ta tio n s .
th is a c t io n .
i n f o r m a t io n a s t o t h e d e ta ils o f t h e d a t e o f is s u e o f t h e
O n t h e o t h e r h a n d , t h e r e is s o m e r e a s o n
t o b e lie v e h e w ill c o - o p e r a t e .
O ffic ia ls o f t h e M e x i
T h e r e is , t o o , s till a n a b s e n c e o f o f f ic ia l
n e w w a r l o a n , t h o u g h i t is i n t i m a t e d t h a t t h e T r e a s
ca n B u re a u o f th e S ta te D e p a r tm e n t are q u o te d b y
u r y h a s u n d e r c o n s id e r a tio n
p re s s d is p a t c h e s a s s a y in g a f o r c e o f 2 5 ,0 0 0 t o 3 0 ,0 0 0
m e n w ill b e n o n e t o o la r g e t o c a p t u r e t h e b a n d it c h ie f.
h o ld e r s b e in g p e r m it t e d t o s h a r e in t h e d i s t r ib u t io n b y
“ The
d r a w in g s o f b o n u s e s .
c r o s s in g
M e x ic o
to
of
an
ca p tu re
arm ed
A m e r ic a n
V illa /’ on e
fo r c e
in to
o f f i c i a l is q u o t e d
as
p r iv ile g e
w ill b e
s a y in g , “ w ill d r a w m a n y t h o u s a n d s o f ig n o r a n t M e x i
A p r il
cans
lo tte r y
to
know
th e
fr o m
b a n d it
V illa ’s
g r in g o e s
are
jo in
V illa
th e
le a d e r ’ s c o lo r s .
sca tte re d
c o m in g .’
fo r c e s
T h ose
w ill
T hey
fo llo w e r s
who
r e m a in
do
w ill o n ly
th a t
not
b e h in d
The
a c tu a lly
to
h a ra ss
w ill
no
1,
be
a lo t t e r y p la n w h e r e b y
a
a tta ch e d
th e
I t is n o w
fo r m a l is s u e
w h ic h
to
b e g in s
w a r lo a n
new
u n til a fte r
fis c a l y e a r .
th e L o n d o n
co rre s p o n d e n t o f th e N e w Y o r k
n e c e s s itie s , b u t a s a p la n
to
ch eck
u n a ccu stom ed
of
M e x ic a n s
“ E ven
e x t r a v a g a n c e in
s o ld ie r s
H u n d red s
th e
in g P o s t ,” n o t b e p r im a r ily b e c a u s e o f th e E x c h e q u e r ’s
p e r s o n a l e x p e n d it u r e a m o n g w a g e e a r n e r s
th e ir g o a l.
If
c h a r a c t e r is a d o p t e d , i t w o u l d , a c c o r d i n g t o
in e v e r y w a y p o s s i b l e t h e p r o g r e s s o f t h e U n i t e d S t a t e s
tow a rd
flo ta tio n ,
e x p e cte d th a t th ere
o f th e
th e
next
la r g e s u m s o f m o n e y .
h a n d lin g
F a ilin g a lo t
w h o h a v e b e e n a p a t h e t ic in t h e ir e s p o u s a l o f t h e C a r
te r y d e v ic e , th e re m a y b e p ro p o s e d so m e c o m p u ls o r y
r a n z a c a u s e w ill b e s u c c e s s f u lly u r g e d t o jo i n t h e V illa
r e q u is it io n
fo r c e s
w ith
fo r
m itte d
th e U n ite d
e ig n ty .
To
th e
argu m en t
th a t
S ta te s t o
th o u sa n d s
of
C arranza
has
v io la te M e x ic a n
ig n o r a n t
p e o p le
p er
sover
su ch
an
on
s tip u la te d
excess
w ages— n o t
in v e s t m e n t .
a n n ou n ces th a t 4 ^ %
The
as
ta x a tio n ,
B ank
of
but
E n g la n d
w a r lo a n s c r ip s h o r t ly w ill b e
e x c h a n g e a b le fo r b e a re r b o n d s .
In
v ie w
o f th e a p
p r o a c h in g is s u e o f t h e n e w w a r lo a n , in t o w h ic h t h e
a r g u m e n t w ill a p p e a l a b o v e a ll o t h e r s .”
T h e F e d e r a l t r o o p s a re c r o s s in g th e b o r d e r u n d e r
o l d l o a n w i l l b e c o n v e r t i b l e , t h e c o m i n g e x c h a n g e is
th e te r m s o f a t r e a t y o r ig in a lly r a tifie d w ith M e x ic o
c o n s id e r e d
in 1 8 8 2 a n d s u b s e q u e n t ly r e n e w e d .
t h e s c r ip c o u ld ju s t a s r e a d ily b e c o n v e r t e d in t o th e
I t p r o v id e s th a t
bu rd en som e
new
R u s s ia n
c lo s e
The
R u s s ia n m e r c h a n t s w it h s t e r lin g r e m it t a n c e s a t e a s ie r
th e
r a t e s is e x p e c t e d t o f a v o r a b l y a f f e c t t h e R u s s i a n e x
of
s tip u la te s
of
savage
c o n d itio n s ,
a
band
am ong
In d ia n s .
th e m
th a t
b o u n d a r y lin e s h a ll b e c r o s s e d “ o n ly in u n p o p u la t e d
ch an ge
or
th a t
desert
p o r t io n s ,”
th a t
n o tic e
s h a ll
be
g iv e n ,
if
The
c o m m e r c ia l
p o s itio n
th e
at
sch em e
an
p o s s ib le , t o c iv il a u th o r it ie s o f th e e n te r e d t e r r it o r y ,
a n d t h a t t r o o p s s h a ll n o t e s t a b lis h t h e m s e lv e s lo n g e r
grad
t h a n is n e c e s s a r y t o c a p t u r e t h e “ s a v a g e s .”
s e n ta t iv e o f E n g lis h
to
th e
b ills
w ill
$ 1 ,5 0 0 ,0 0 0 m o n t h ly .
appearan ce
in
e a r ly
L ondon
d a te.
p r o v id e
A
L ondon
m it t e e w ill ta k e p la c e o n M a r c h 2 0 .
T h e a d v is a b ility
is
p r e d ic te d
a m o u n tin g
rep orts
C a lifo r n ia n
fir s t
p r o v id e
c a b le d is p a tc h fr o m
a r r iv e d a t th e R u s s ia n c a p ita l fr o m
T h e e le c tio n o f th e L o n d o n S to c k E x c h a n g e C o m
th e
to
It
c r e d its
“ T im e s ”
and
of
s in c e
c i p r o c a l l y c r o s s t h e b o u n d a r y l i n e w h e n t h e y a r e in
p u r s u it
d ir e c t.
u n n ecessa ry,
r e g u la r F e d e r a l t r o o p s o f t h e t w o R e p u b lic s m a y r e
tre a ty
is s u e
becau se
to
P ctro-
th a t a repre
s y n d ic a te s h a s
th e U ra l M o u n
t a i n s , w h e r e , h e is r e p o r t e d t o h a v e b o u g h t a t a u c
t io n 2 5 2 d e p o s it s o f g o ld a n d p la tin u m fo r a t o t a l su m
o f r u n n in g a t i c k e t in o p p o s i t i o n t o t h e r e g u la r o n e ,
o f £ 2 ,0 0 0 ,0 0 0 .
w h ic h w i ll, i t is u n d e r s t o o d , n a m e f o r r e - e l e c t i o n t h e
S to ck
m e m b e r s w h o s e t e r m s e x p i r e , is b e i n g d i s c u s s e d .
T h e r e g u la r m o n t h ly c o m p a r is o n o f
E xch an ge
p r ic e s
p u b lis h e d
by
th e
L ondon
The
“ B a n k e r s ’ M a g a z in e ,” sh o w s a d e cre a s e fo r th e m o n th
m a i n i s s u e , i f a c o n t e s t is f i n a l l y d e c i d e d o n , w i l l b e
e n d i n g F e b . 2 0 o f £ 1 8 , 7 2 2 , 0 0 0 , o r 0 . 6 % , in t h e a g g r e
t h e p e r m a n e n t e x c lu s io n o f A u s t r o -G e r m a n m e m b e r s .
g a t e v a l u e o f 3 8 7 s e c u r i t i e s d e a l t in o n t h e E x c h a n g e .
T h e p re s e n t C o m m itte e h a v e n o t b o w e d
t o t h e w ill
o f th e m o r e r a d ic a l m e m b e r s b y m a k in g a n a b s o lu t e
F o re ig n
G o v e r n m e n t s t o c k s d e c lin e d
£ 4 ,1 7 5 ,0 0 0 , o r
0 . 7 % ; B r itis h a n d I n d ia fu n d s d e p r e c ia t e d £ 2 ,1 9 6 ,0 0 0 ,
o f A u s tr ia n s o r G e r
o r 0 . 4 % ; A m e r ic a n r a ilr o a d s t o c k s d e c lin e d £ 1 2 ,7 6 5 ,
m a n s , h a v i n g , i t is u n d e r s t o o d , h a d s o m e d o u b t s a s
0 0 0 , o r 3 . 4 % ; A f r ic a n m in e s fe ll £ 9 1 1 ,0 0 0 , o r 2 . 2 % .
to
An
r u le p r o h ib it in g t h e r e -e le c t io n
th e ir le g a l r ig h t t o
ta k e su ch
a c tio n .
H ow ever,
w i t h i n t h e l a s t f e w m o n t h s t h e r e h a s b e e n m u c h le s s
c r itic is m
o f th e
C o m m itte e
am ong
th e
m em bers
a d v a n c e o f £ 3 2 4 , 0 0 0 , o r 0 . 4 % , w a s r e g i s t e r e d in
B r itis h r a ilw a y s .
of
th e E x c h a n g e , a n d a c c o r d in g t o so m e c o rr e s p o n d e n ts
L a s t w e e k th e B r itis h G o v e r n m e n t im p o s e d a d e fi
it w o u ld n o t b e s u r p r is in g if t h e e le c t io n w e r e t o p a s s
n it e p r o h i b i t io n u p o n s p e c u la t io n in w a r m e t a ls , a n d
w ith o u t c o n te s t.
it w a s fe a r e d
A t a m a ss m e e tin g o f m e m b e r s o f
th a t th e
L ondon
and
G la s g o w
M e ta l
t h e E x c h a n g e a ft e r t h e c lo s e o f b u s in e s s o n T h u r s d a y ,
E x c h a n g e s w o u ld b e fo r c e d t o c lo s e d o w n c o m p le t e ly .
a r e s o lu t io n w a s a d o p t e d u n a n im o u s ly r e q u e s tin g th e
The
C o m m it t e e t o r e fu s e r e -e le c t io n fo r n a tu r a liz e d m e m
by
bers.
t o a u t h o r iz e t r a d in g in f u t u r e c o n t r a c t s o n t h e m e t a l
T h e to n e o f th e L o n d o n m a rk et has b een m o re or
order
is s u e d
by
u s la s t w e e k .
It
th e
G overn m en t
w a s fo u n d
w as
p o s s ib le ,
g iv e n
how ever,
ex ch a n ges to b e resu m ed o n M o n d a y , a rra n g em en ts
le s s n e r v o u s a n d ir r e g u la r d u r in g t h e w e e k , w it h s o m e
h a v in g
im p r o v e m e n t t o w a r d th e e x tr e m e c lo s e , r e s u ltin g fr o m
fo r th e p r o m u lg a t io n o f n e w r e g u la tio n s .
th e
e r n m e n t w a s in d u c e d t o m a k e th is c h a n g e a s t h e r e
m ore
fa v o r a b le
in t e r p r e t a tio n
a ccord ed
F r e n c h d e fe n s e in t h e V e r d u n d is t r ic t .
n G erm an
e x c h a n g e a ls o
to
th e
T h e d e c lin e
w a s th e so u rce o f e n co u r
been
m ade
w it h
th e
M in is tr y
s u lt o f a v is it fr o m a d e le g a tio n
in te r e s ts .
It
is
u n d erstood
of
th a t
o f M u n it io n s
The G ov
im p o r ta n t
th e
m e ta l
M in is te r
of
mar.
11 1916.]
M u n it io n s ,
THE CHRONICLE
D a v id
L lo y d
G eorge,
s tr o n g ly th a t h e o b je c t e d
to
th e
t r e n d in m e t a l p r ic e s , w h ic h
tio n .
To
in t im a te d
c o n tin u e d
very
u n d erstood
upw ard
h e a s c r ib e d t o s p e c u la
m e e t th is o b je c t i o n , it w a s a g r e e d t o
th a t
te le g r a p h
im
and
e lim in a te
an n ou n ced.
o f m a n ip u la tiv e
in flu e n c e .
L l o y d G e o r g e f u r t h e r a n n o u n c e d in c o n n e c t i o n w it h
la s t w e e k ’ s o r d e r t h a t t h e
“ r e g u la t io n s w ill n o t b e
G overn m en t
te le p h o n e
S u b s c r ip tio n s t o
file d
p o s s ib ility
th e
ex p ects
to
r a is e
a b o u t 2 0 0 ,0 0 0 ,0 0 0 m a r k s fr o m th e in c r e a s e in p o s t a l,
p o s e n e w r e s tr ic tio n s o n fu tu r e c o n t r a c t s t h a t w o u ld
th e
931
a c tiv e ly ,
th e fir m
ra tes.
th e n ew
a lth o u g h
The
G erm an
to ta ls
lo a n
have
are
b e in g
yet
been
not
fir s t s u b s c r ip t io n s w e r e
o f F r ie d r ic h
K r u p p , w h ic h
m ade
by
s u b s c r ib e d 4 0 ,
0 0 0 ,0 0 0 m a r k s , t h e C e n t r a l A g r ic u lt u r a l L o a n B a n k
e n f o r c e d in t h e c a s e o f p u r c h a s e s m a d e o u t s id e t h e
s u b s c r ib e d
U n it e d K i n g d o m u n t il t h e m e t a l r e a c h e s t h is c o u n t r y .
S a v in g s B a n k
E x p o r t o r d e r s a n d s a le s t o A llie d o r n e u t r a l c o u n t r ie s
o f 3 0 ,0 0 0 ,0 0 0 m a r k s h a s b e e n ta k e n f o r th e R a iffe is e n
th rou g h
a u th o r iz e d c h a n n e ls w ill b e t r e a te d as c o n
s u m e r s ’ o r d e r s .”
The
B r itis h
o f tr a d e , r e ce iv e d
£ 2 ,1 4 7 ,0 0 0
in
w ith
of
by
c a b le ,
im p o r ts
th e
T r a d e ’s
and
F ebru ary
sh ow ed
in c r e a s e
£ 1 0 ,1 5 8 ,0 0 0
c o r r e s p o n d in g
Im p o r ta tio n s o f fo o d
an
report
in
of
ex p orts,
m on th
of
1915.
a n d r a w m a te r ia l in d ic a t e d a n
in c r e a s e , t h o u g h t h e r e w a s a r e d u c t io n o f £ 1 ,5 5 0 ,0 0 0
in w o o l a n d o f £ 1 ,0 0 0 ,0 0 0 in n o n -d u t ia b le f o o d
d r in k .
in m a n u f a c t u r e d
c o u n tin g fo r
and
of
and
In t h e ca se o f e x p o r t a t io n s , t h e in c r e a s e w a s
c h ie fly
m e ta l
a r tic le s , c o t t o n
£ 2 ,5 0 0 ,0 0 0 , w o o le n
m a n u fa c tu r e s
co tto n
goods
as co m p a re d
w ith
t e x tile s a c
t e x tile s
£ 2 ,5 0 0 ,0 0 0 .
a g g re g a te d
£ 1 ,2 5 0 ,0 0 0
The
ex p orts
4 1 0 ,7 7 5 ,0 0 0
yards,
3 0 9 ,9 8 2 ,0 0 0 y a r d s in
e x p o rts o f th ese g o o d s
1915.
The
(in y a r d s ) t o le a d in g fo r e ig n
c o u n tr ie s fo llo w s :
To—
1916.
United States________
India......................
C h in a __ _____
Netherlands___
Franco...........
E g y p t.........................
Central and South America
All other countries..
1915.
4,528,000
121,618,000
30,364,000
6,714,000
15,005,000
16,273,000
104,331,000
Total all countries___
The
m ark s
309,982,000
£ 1 6 ,0 0 0 ,0 0 0 f o r
e x p o rts o f y a rn s a g g re g a te d
and
C r e d its
banks
The
I iir s c h
th e
C o n tin e n ta l
w ith
C opper
th e
an n ou n cem en t
m ark s.
The
&
B r a s s C o . , 4 ,0 0 0 ,0 0 0
C o .,
C o lo g n e
m a rk s, th e
2 5 .0 0 0 .
000,
2 0 .0 0 0 .
000.
and
th a t
O t h e r la r g e s u b s c r ib e r s a r e :
T ir e
0 0 0 ,0 0 0
N a s s a u is c h e
O n e s u b s c r ip tio n
5 ,7 5 0 ,0 0 0
P r o v in c ia l In s u r a n c e I n s titu tio n
000
th e
2 0 ,0 0 0 ,0 0 0 m a r k s .
it m a y b e r a is e d la t e r .
B oard
c o m p a r in g
R u ral
3 0 ,0 0 0 ,0 0 0
o f B e r lin ,
S a v in g s
B ank
P r o v in c ia l B a n k
th e
W ar
m ark s;
m ark s;
th e
1 5 ,0 0 0 ,
took
2 0 ,
o f W e s tp h a lia
L ea th er
S o c ie ty ,
L t d .,
T h e s u b s c r ip t io n lis ts w ill r e m a in o p e n
u n til M a r c h 2 2 .
N e w Y o r k b a n k e r s , in r e s p o n s e t o
t h e d e c lin e in B e r lin e x c h a n g e , o ffe r th e fo u r t h
p e r ia l G e r m a n
pei
1 ,0 0 0
is
9 8 )4
5 .%
w a r lo a n
m ark s.
m ark s
H ie
per
B e r lin
p r ic e
1 0 0 -m a r k
T r e a s u r y n o te s , o ffe r e d
to
s u b s c r ib e r s
bond.
The
5%
w ar
lo a n
4 )4 %
in B e r l i n a t 9 5 , a r e o f f e r e d
h e r e o n t h e b a s is o f $ 1 8 0 p e r 1 ,0 0 0 m a r k s .
v io u s
Im
a t th e ra te o f $1 8 7 5 0
w as
o r ig in a lly
T h e p re
o ffe r e d
h ere
at
$ 2 0 5 )< £ p e r 1 , 0 0 0 m a r k s , b u t t h e p r i c e w a s l a t e r r e
d u c e d t o $ 1 9 0 , w h e n e x c h a n g e o n B e r lin d e c lin e d .
O lfic ia l
B ank
ra tes
at
a ll
th e
E u rop ean
le a d in g
c e n te r s r e m a in a s la s t q u o t e d , n a m e ly , 5 %
in L o n
d o n , P a r is , B e r lin , V ie n n a a n d C o p e n h a g e n ; 5 ) 4 %
I t a ly , N o r w a y , S w e d e n a n d P o r t u g a l; 6 %
and
4 )4 %
L ondon
in
S w itz e r la n d ,
H o lla n d
and
in
in R u s s ia
S p a in .
In
t h e p r i v a t e b a n k r a t e s t i l l is m a i n t a i n e d a t.
F e b r u a r y , a g a in s t £ 1 0 ,1 1 8 ,0 0 0 in 1 9 1 5 a n d £ 1 8 ,0 7 4 ,
5 )4 %
1 0 0 in 1 9 1 4 .
c o r r e s p o n d e n t s c a b le t h a t m o s t o f th e b u s in e s s p a s s
T h e fo llo w in g ta b le s h o w s th e tra d e o f
f o r s ix t y a n d n i n e t y - d a y b ills , t h o u g h L o n d o n
t h e U n it e d K i n g d o n in F e b r u a r y 1 9 1 6 , c o m p a r e d w it h
i n g is a t a s h a d e b e l o w t h i s f i g u r e .
th e sa m e p e r io d
lin
in
1915:
----------- F e b r u a r y -----------.
1916.
1915.
Imports.................£67,415,814 £65,268,814
Exports................. 36,334,937 26,176,937
Excess of imp'ts £31,070,877
The
£39,091,877
e p o c h -m a r k in g
in th e V e r d u n
--------- S in c e J a n . 1--------- .
1916.
1915.
£142,518,820 £132,669,820
73,091,529
54,424,592
b a ttle
£69,427,291
th a t
has
£78,245,228
been
d u c iv e t o in v e s tm e n t a c t iv it y
on
th e P a r is B o u r s e .
N e v e r th e le s s , w e a k n e s s h a s n o t d e v e lo p e d .
F r e n c h N a t io n a l b o n d s h a v e r u le d fir m .
d e c is io n
to
r e s tr ic t
s p e c u la tio n
in
In fa ct
T h e B r itis h
m e ta ls
had
an
u n s e t tlin g in flu e n c e o n c o p p e r s h a re s e x c e p t fo r th e
A m e r ic a n
grou p.
The
p rop osed
in c o m e
ta x
is o n e
o f t h e c h i e f s o u r c e s o f d is c u s s i o n in fi n a n c i a l c i r c le s .
It
is
p rop osed
to
ta x
A m e r ic a n
and
oth er
fo r e ig n
r e s id e n ts as a w a r m e a s u r e .
T h e M orocca n G overn
m e n t h a s b e e n a u th o r iz e d
fr a n c s fo r p u b lic w o r k s .
to
borrow
cen ter.
2 4 2 ,0 0 0 ,0 0 0
p rop osed
in c r e a s e
of
p o s ta l,
te le g r a p h
and
te le p h o n e ra te s , c o m p r is in g a p a r t o f th e G e r m a n w a r
t a x a tio n s c h e m e , h a s b e e n s u b m itte d t o th e B u n d e s ra th .
n ig s
T h e s c h e d u le p r o v id e s fo r a s u r ta x o f 5 p fe n
on
o r d in a r y
le tte r s ,
2
p fe n n ig s
on
p o stca rd s
a n d lo c a l d e liv e r y le tte r s , 2 5 p fe n n ig s o n e v e r y te le
g r a m , a n d a 2 0 % in c r e a s e in t e le p h o n e c h a r g e s .
The
r a te s o n p a r c e l p o s t p a c k a g e s , m o n e y o r d e r s , s p e c ia l
d e liv e r y
le tte r s
in c r e a s e d .
and
oth er
p o sta l
fa c ilit ie s
are
a ls o
W h ile n o e s t im a te o f t h e in c r e a s e d r e v e
n u e is g i v e n i n t h e p r e l i m i n a r y a n n o u n c e m e n t , it is
N o
as
th e
oth er op en
p r iv a te
C a b le s fr o m B e r
bank
ra te
at
th a t
m a rk e t ra tes h a v e b e e n re
p o rte d fr o m o th e r E u r o p e a n ce n te rs so fa r as w e h a v e
q u o te d
I he
to
le a r n .
M oney
on
c a ll
in
L ondon
is
at 4 @ 4 )4 % .
B ank
of
E n g la n d ’s
sta tem en t
r e g is t e r s
w e e k a d e c r e a s e o f £ 3 1 ,3 3 3 in t h e g o l d it e m .
th is
W it h a
c o n t r a c t i o n o f £ 2 0 2 ,0 0 0 in n o t e c ir c u la t io n , t h e t o t a l
reserve
in c r e a s e d
£ 1 7 1 ,0 0 0 ,
th e
p r o p o r tio n
to
lia
b ilitie s r is in g t o 2 7 .7 6 % a g a in s t 2 7 .0 2 % la s t w e e k a n d
2 4 .5 0 %
lic
of
a t th e c o r r e s p o n d in g d a t e la s t y e a r .
d e p o s its
w ere
in c r e a s e d
£ 1 ,5 4 4 ,0 0 0
by
Pub
th e
s a le
t r e a s u r y b ills a n d t h e e x c e s s o f r e v e n u e o v e r e x
p e n d itu re s .
O th er
000.
(o t h e r s e c u r it ie s ) a r e
L oans
d e p o s its
w ere
redu ced
£ 4 ,9 8 3 ,
£ 3 ,5 6 2 ,0 0 0
lo w e r
a n d n o w a g g r e g a te £ 9 3 ,1 8 1 ,0 0 0 a g a in s t £ 1 2 7 ,0 1 0 ,0 1 7
at th e
a t t h is
The
4 )4 %
b e e n .a b le
r a g in g
d i s t r i c t in F r a n c e h a s n o t b e e n c o n
q u o te
c o r r e s p o n d in g
t im e
in
d a te
1914
B a n k ’s g o ld
sta n d s
£ 5 9 ,8 7 6 ,9 5 5
and
of
(b e fo r e
at
in
1915 a n d
th e
£ 4 0 ,1 1 5 ,7 8 1
w a r b e g a n ).
£ 5 6 ,0 7 8 ,3 5 9 ; in
1914
1915
£ 4 1 ,6 4 2 ,0 8 4 .
The
it
The
w as
B ank
le p o its as o f M a r ch 4 th e a m o u n t o f c u rre n cy n o te s
o u ts ta n d in g
at
£ 9 3 ,6 0 5 ,3 2 7
th e
g o ld
h e ld lo r
£ 9 5 ,4 7 2 ,5 0 4 ,
w eek
th e r e d e m p tio n
a t £ 2 8 ,5 0 0 ,0 0 0 .
w h ic h
p r e c e d in g .
com p ares
The
w ith
am ount
of
o f s u c h n o t e s r e m a in s
O u r s p e c ia l c o r r e s p o n d e n t fu r n is h e s
t h e fo llo w in g d e ta ils b y c a b le o f t h e g o ld m o v e m e n t
in to a n d o u t o f th e B a n k fo r th e B a n k w e e k : I n flo w ,
£ 1 ,6 4 3 ,0 0 0
in
th e o p e n
la n e o u s
(o f
w h ic h
m a rk e t,
a c c o u n t);
g o ld
bought
£ 4 0 0 ,0 0 0 r e le a s e d fr o m
£ 1 ,2 4 3 ,0 0 0
m is c e l
o u tflo w ,
bar
£ 1 ,6 7 4 ,0 0 0
(o f
w h ic h
[Vol. 102.
THE CHRONICLE
922
£ 7 9 ,0 0 0 e x p o r t e d
t o t h e U n it e d S t a t e s , £ 3 5 0 ,0 0 0 t o
c o m p a r e s w ith
$ 1 2 9 ,5 9 3 ,7 4 0 a y e a r a g o .
T he bank
S p a in , £ 2 5 ,0 0 0 t o o t h e r C o n t in e n t , £ 2 5 ,0 0 0 t o U r u
s t a t e m e n t in m o r e c o m p l e t e f o r m
guay,
s e q u e n t p a g e in t h is is s u e o f t h e “ C h r o n i c l e .”
£ 5 0 0 ,0 0 0
earm arked
In d ia ,
£ 3 3 0 ,0 0 0
to
A r
R e f e r r in g t o m o n e y r a t e s in g r e a t e r d e t a il, q u o t a
g e n t in a a n d £ 3 6 5 ,0 0 0 n e t s e n t t o t h e in t e r io r o f G r e a t
tio n s
fo r
f o r t h e la s t f i v e y e a r s t h e d if f e r e n t it e m s in t h e B a n k
ran ge
of
o f E n g la n d re tu rn :
21
/ 2%
la s t w e e k .
B r ita in ).
W e
add
a
ta b u la r
sta tem en t
c o m p a r in g
1916.
1915.
M arch 8.
£
M arch 10.
£
Circulation.....................33,104,000
Public deposits..............52,174,000
Other deposits............... 97,035,000
Government securities..32,838,000
Other securities............. 93,181,000
1914.
1913.
1912.
M arch 11. M arch 12. M arch 13.
£
£
£
34,296,300 28,237,535
50,126,012 24,943,039
129,763,979 39,922,243
27,137,797 11,152.689
127,010,017 40,115,781
27,949,504 28,118,725
26,769,109 23,771,213
40,530,584 43,589,822
13,034,257 14,283,036
44,642,671 43,055,918
Reserve n otes and c o i n . .4 1 ,4 2 5 ,0 0 0
4 4,0 3 0 ,6 5 5 3 1 ,8 5 4 ,5 4 9 2 7 ,9 1 7 ,9 9 4 2 8 ,3 1 1 ,6 1 4
Coin and bullion............56,078,359
Proportion ot reserve to
liabilities................... 27.75%
Bank rate____________
5%
59,876,955 41,642,084 37,417,499 37,980,339
24.50%
5%
49.13%
3%
dem and
lo a n s
have
w h ic h
On
41.25%
5%
42%
3H %
r u lin g
and
fig u r e
234%
w eek
covered
w ith
w a s t h e h ig h e s t
2%
w ith
1 ^ %
th e
h ig h e s t, T u e s d a y ’s fig u r e s
p ea ted on W ed n esd a y ; on T h u rsd a y 2 %
w as
1% @ 234% ,
fix e d
m a tu r itie s
w ith
fu n d s
re
w a s th e lo w
F r id a y ’s
r e n e w a ls a t 2 % .
s ix ty -d a y
ch an ge at 2 ) ^ @ 2 ^ % ,
lo w e s t
b e in g
e s t a n d 23<£% t h e h ig h e s t a n d r e n e w a l b a s is ;
ran ge
a
1 H @
t h e lo w e s t ; o n T u e s d a y th e
c o n tin u e d
th e
th is
com p ares
M onday 2 %
a n d r u lin g r a te a n d 1 % %
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
ap p ears on a su b
r e m a in
F or
w ith o u t
b u t a s in g le r a t e o f 2 % %
is
n a m e d fo r n in e t y d a y s , a g a in s t a r a n g e o f 2 % @ 3 %
a w eek ago.
F o r fo u r m o n t h s th e c lo s in g q u o t a t io n
is w i t h o u t n e t c h a n g e f r o m
3 % , w h ile r a te s f o r f iv e
o f 3 , 9 0 4 , 0 0 0 f r a n c s i n g o l d h o l d i n g s is r e g i s t e r e d a n d
and
3@ 334% *
a r e d u c t i o n o f 2 3 4 ,0 0 0 fr a n c s in s ilv e r .
s ix ty -d a y
fu n d s
la t io n o n c e a g a in p r e s e n t s a la r g e e x p a n s io n , o f 1 8 9 ,
2 / 4 @ 3 % ,
fo u r
5 1 3 ,0 0 0
m on th s
In th e re tu rn
o f t h e B a n k o f F r a n c e , a n in c r e a s e
N o t e c ir c u
fr a n c s , b r in g in g th e t o t a l o u t s t a n d in g u p t o
s ix
m on th s
are
s till
w ere
m on th s
334% .
B ank
3% ,
G en
e r a l d e p o s it s d e c r e a s e d fo r th e w e e k 8 ,4 3 2 ,0 0 0 fr a n c s ;
b ills
m o n t h s ’ s in g le
d is c o u n te d
w ere
red u ced
4 0 ,7 6 3 ,0 0 0
fr a n c s ;
fiv e
days’
en d orsed
nam es
b ills
of
not
s ix
been
fo r n in e ty d a y s .
lo r s ix ty a n d
r e c e iv a b le
c h o ic e
ago
days
and
have
C o m m e r c ia l p a p e r r e m a in s a t 3 @ 3 3 4 %
n in e ty
year
n in e ty
and
a ccep ta n ces
fr a n c s , a g a in s t 1 1 ,0 9 2 ,5 2 5 ,0 0 0 fr a n c s c h a n g e d fr o m 2 % f o r s ix t y a n d 2 3 4 %
1 4 ,6 4 9 ,6 1 1 ,0 0 0
o n e y e a r a g o a n d 5 ,8 1 3 ,2 2 5 ,0 0 0 fr a n c s in 1 9 1 4 .
A
2 3 4 @ 2 % % ,
and
f o r s ix
ch a ra cter.
N am es
T r e a s u r y d e p o s it s w ere w it h d r a w n t o th e n e t a m o u n t
n o t s o w e ll k n o w n r e q u ir e 3 3 4 % •
o f 1 2 ,6 5 5 ,0 0 0 fr a n c s , a n d t h e B a n k ’ s a d v a n c e s w e r e
a t th e F ed era l R eserv e b a n k s h a v e n o t b een ch a n g ed ,
redu ced
except
4 ,0 3 7 ,0 0 0
fr a n cs .
The
B a n k ’s
g o ld s t a n d s a t 5 ,0 1 8 ,8 8 9 ,0 0 0 fr a n c s .
The
s ilv e r
a g g re g a te s
a g a in s t 3 7 7 ,3 7 5 ,0 0 0 f r a n c s in
fr a n c s in 1 9 1 4 .
B ank
3 6 0 ,5 2 6 ,0 0 0
e x c e e d in g
1915 an d
fr a n c s
6 3 7 ,1 5 0 ,0 0 0
G e n e r a l d e p o s it s s h o w t h e la r g e t o t a l
o f 2 ,1 9 1 ,5 5 7 ,0 0 0 fr a n c s a g a in s t 2 ,2 9 0 ,4 0 0 ,0 0 0 fr a n c s
of
m a tu r itie s
if
F ederal
C le v e la n d
60
at 3 %
are
a b sorb
a v a ila b le .
The
e x te n d e d
a b r o a d b e in g q u ite s u ffi
th e v o lu m e
s itu a tio n
com m en t,
o f c a p ita l th a t m a y
th is
s in c e
w eek
does
c o n d itio n s
T ru st
C om pany
has
be
n o t m e r it
th a t
have
r u le d fo r t h e la s t fe w m o n t h s s till a r e p r e s e n t .
G u a ra n ty
arran ged
a
The
lo a n
of
$ 1 5 ,0 0 0 ,0 0 0 t o t h e A r g e n tin e G o v e r n m e n t , t h e p r o
ceeds to
be
m a tu r in g
fo r
in
la r g e m e a s u r e f o r e x t e n d in g
o b lig a tio n s .
p u b lic
4 % %
u t iliz e d
The
p a r tic ip a tio n
b a s is .
on,
n otes
d e p o s its .
lo w e r .
000 to
A
m a tu r itie s
m a tu r itie s
fr o m
not
61
to
fr o m
61 t o 90
are t o
be
i t is r e p o r t e d ,
o ffe re d
about
a
Commercial Paper —
1 to 10 days maturity____ 3
11 to 30 "
"
........ 3 H
31 to 60 “
“
........ 4
61 to 90 "
"
........ 4
3
g
|
3
J
3s
1
55
§
__
4 4
4 4
4 4H
3
4
4
4
__ 3 H
4 4
4 4
4H 4
fi
6
8
>i
§
*
£
l
3
4
4
4
3
4
4
4
3 H __
4 4
4 4
4H 4
5
6
6
3V< 3
3* 3
3H 3
3
3
3M 3H
A gricultural and
Live-Stock Paper —
91 days to 6 months maturity 6
Trade Acceptances —
1 to 10 days maturity____ 3
31 to 60 “
"
........ 3
........ 3
61 to 90 “
"
Commodity Paper —
1 to 30 days maturity____ 3 H __ 3
31 to 60 ”
"
........ 3^ __ 3
3
61 to 90 "
"
........ 3 «
91 days to 6 months maturity
3X
fi
3
w,
jii
5
|
8
6
2
s
£
C
3
__
4
4
4
3
3H
4
4M
4H 6M
3H 3H __ 3H __ 3 H 3 H 3
3H
3H 3M 3
3M —- 3H — 3 « 4 3 H
4
__ 3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3H
4
4H
6
Authorized rate for discount of bankers' acceptances, 2 to 4 % .
A rate of 3H to 4% on purchases of trade acceptances by the Now Orleans branch
of the Atlanta Federal Reserve Bank In the open market, without the endorsement
Of any bank, was approved Dec. 16.
In the case of the 8t. Louis Federal Reserve Bank, a rate of 2 to 4% for bills with
or without member-bank endorsement has boon authorized.
L a s t S a t u r d a y ’s b a n k s ta te m e n t in d i
a n a c c o m p a n y in g
$ 3 ,1 9 9 ,0 0 0 ,
fo r
s
w.
1
ft;
F o r s te r lin g e x c h a n g e th e m a r k e t h a s b e e n d u ll a n d
c a t e d t h e la r g e r e d u c t io n o f $ 2 6 ,7 8 4 ,0 0 0 in lo a n s a n d
m and
fo llo w s : F o r
3% ;
CLA SS
OF
R E D IS C O U N T S .
B a n k e r s s t ill c o n
t ie s a s a t e s t o f t h e a b u n d a n c e o f c a p it a l, t h e la r g e
c ie n t t o
ap p roved
days.
o ffe re d
t in u e t o a d v is e a g a in s t a n y la r g e o ffe r in g s o f s e c u r i
a r r iv a ls o f s e c u r it ie s f r o m
B oard
FEDERAL RESERVE BANK DISCOUNT RATES.
a n y th in g
fo r s ix m o n t h s .
as
d ays,
m o r e lib e r a lly , a fa ir v o lu m e o f b u s in e s s h a v in g b e e n
rep orted
R eserve
fo r m a tu r itie s u p t o 6 0 d a y s , a n d 4 %
T h e l o c a l m o n e y s i t u a t i o n is s t i l l r u n n i n g i n a d u l l
F orw ard
th e
90 d a y s , 3 3 4 % ; th e ra te h a d p r e v io u s ly b e e n 3 3 4 %
in 1 9 1 5 a n d 6 5 4 , 3 5 0 , 0 0 0 f r a n c s i n 1 9 1 4 .
ru t.
th a t
ra tes fo r tra d e a c c e p ta n ce s fo r th e F e d e r a l R e s e r v e
1 9 1 4 3 ,6 1 0 ,0 0 0 ,0 0 0
w a s 4 ,2 4 1 ,9 7 5 ,0 0 0 f r a n c s a n d in
fr a n c s .
s u p p ly o f
O n e y e a r a g o it
R e d is c o u n t ra te s
w h ile
c o n tr a c tio n
N et
tim e
n ote
o f $ 2 5 ,6 2 6 ,0 0 0
d e p o s its
c ir c u la tio n
R e s e r v e in “ o w n v a u lt s ”
$ 4 9 7 ,7 9 3 ,0 0 0 , in c lu d in g
w ere
w as
in d e
redu ced
$ 1 7 3 ,0 0 0
d e c r e a s e d $ 5 ,4 3 0 ,
$ 4 2 5 ,9 1 4 ,0 0 0 s p e c ie .
y e a r a g o t h e a m o u n t in v a u lt s w a s $ 3 6 5 ,5 4 7 ,0 0 0
a n d t h e a m o u n t o f s p e c ie $ 2 9 4 ,0 7 7 ,0 0 0 .
R e s e r v e in
F e d e r a l R e s e r v e b a n k s in c r e a s e d $ 2 ,8 9 0 ,0 0 0 t o $ 1 6 9 ,
stea d y
at
about
4 76
fo r
dem and
b ills .
in
th e
th is
m a rk e t,
have
not
th ou g h
assum ed
tra n s a c tio n s
r e s u ltin g
g re a t im p o r ta n c e .
ex p orts
o f a ll k in d s o f m e r c h a n d is e
5 5 4 ,3 6 6 , c o m p a r in g w it h $ 2 5 ,4 7 8 ,9 9 7
$ 5 6 2 ,0 0 0
to
th e
a g g re g a te
re
fr o m
E x p orts
fr o m
N ew
Y o r k f o r t h e w e e k e n d in g M a r c h 4 a g g r e g a te d $ 5 7 ,
w h ile r e s e r v e s in o t h e r d e p o s it a r ie s in c r e a s e d s p o n d in g w e e k o f la s t y e a r , w h ile f r o m
m a k in g
re
o f m u n it io n s a re g o in g fo r w a r d o n a s u s ta in e d s c a le .
The
6 4 4 ,0 0 0 ,
$ 5 9 ,0 4 1 ,0 0 0 ,
Som e
n e w a l o f s p e c u la t iv e in t e r e s t h a s a t t im e s b e e n s h o w n
d a t e m e n t io n e d th e s h ip m e n t s fr o m
fo r
th e co rr e
J a n . 1 t o th e
N ew
Y ork
have
s e r v e $ 7 2 6 ,4 7 8 ,0 0 0 , a d e c r e a s e o f $ 1 ,9 7 8 ,0 0 0 fo r t h e
h a d a n e x p o r t v a lu e o f $ 4 1 3 ,8 3 7 ,3 4 8 , a g a in s t $ 2 2 5 ,
w e e k , a n d c o m p a r i n g w it h a t o t a l o f $ 5 0 9 ,5 8 0 ,0 0 0 in
3 4 0 ,2 7 1 f o r t h e c o r r e s p o n d in g p e r io d o f 1 9 1 5 .
1915.
T h e s u r p lu s b e c a u s e o f a r e d u c t io n in r e s e r v e v e r y
r e q u ir e m e n t s , r e s u ltin g fr o m
t h e c u r t a ilm e n t in d e
p o s it s , in c r e a s e d $ 2 ,5 2 1 ,6 5 0 t o
la r g e
p art o f
m a te r ia l a n d
th ese e x p o r ta tio n s
a re fin a n c e d
A s ]a
c o m p r is e | w ar
as a se p a ra te p r o p o s itio n
$ 1 3 7 ,5 2 0 ,4 4 0 , w h ic h ' f o r th e E n t e n t e G o v e r n m e n t s , t h e y d o n o t e n t e r in t o
933
THE CHRONICLE
Maii. 11 1916.]
t h e r o u t in e b u s in e s s o f t h e s t e r lin g e x c h a n g e m a r k e t ;
o f J a n . 2 9 th e a d o p tio n o f a r e s o lu tio n b y th e B u n d e s -
hen ce
r a t h , c r e a t in g a m o n o p o l y u n d e r t h e a u s p ic e s
it
is
not
e x c e p tio n a lly
s u r p r is in g
d u ll
at
th a t
th e
th e
la t te r
m o m e n t.
is
r u lin g
R ep orts
are
c u r r e n t o f im p o r ta n t n e w o r d e r s a b o u t t o b e p la c e d
T h e n e w sy s te m w e n t in to
w ith
p rod u ced
A m e r ic a n
m a n u fa c tu r e r s
fo r
w ar
s u p p lie s .
S te r lin g e x c h a n g e in te r e s ts a re w a t c h in g th e p r o g r e s s
n ess.
t e m p o r a r ily
S u b s e q u e n tly
o f t h e w a r , e s p e c ia lly th e o p e r a t io n s a r o u n d V e r d u n ,
p r o m u lg a te d
w ith c o n s id e r a b le in te r e s t, as h a v in g a b e a r in g u p o n
p a ren t,
th e d u r a t io n o f th e w a r it s e lf.
som e
at
ban k ers
are
s u b s ta n tia l
b ills .
ra tes
fo r
c o n c e s s io n s
fr o m
th ose
rep orted
th e E n g lis h
to
be
under
and
d o m e s tic
th e
cu rren t
not
a p p ly
im p o r ta
of
q u ite
its
th rou g h
ra tes
in
N ew
Y ork
chan ge
and
on
w ith
F r id a y
S a tu rd a y
q u o ta tio n s
dem and,
o f la s t w e e k , s te r lin g
w as
w ith o u t
c o n tin u e d
at
4 76 1 5 -1 6 @ 4 77
4 72% @ 4 72%
w a s d u ll, a n d
c a b le
fo r s ix ty d a y s .
a s lig h tly
e s s e n tia l
ex
ch an ge
4 76% @ 4 76%
fo r
can
its
w h ic h
e q u iv a le n t.
re
G er
g r e a tly re
th e
w ar.
fr e e ly
N orw ay,
M e a n w h ile ,
G erm an y
m e r c h a n d is e
Sw eden,
of
D en m ark
is
v a r io u s
and
im
k in d s
H o lla n d ,
a n d it fo llo w s th a t p a y m e n t m u s t b e m a d e fo r th e
a t t h e a c c e p t e d b a s is o f a b o u t 4 .7 6 .
C om pared
con
b e lie v e d t o h a v e b e e n p r o m p t ly liq u id a te d a t th e b e
g in n in g
s te r lin g
under
p r in c ip le s
G o ld
p o r tin g
m a in ta in
su c
o b lig a tio n s ,
or
ap
th e
p la c e d
sam e
q u ite
I t s h o ld in g s o f fo r e ig n s e c u r it ie s a r e g e n e r a lly
u p o n its s u p p ly o f m o b iliz e d A m e r ic a n s e c u r it ie s f o r
to
g o ld
o ffic ia lly
be
du ced.
T r e a s u r y a p p a r e n tly d e p e n d in g
a b ilit y
in
m ay
m a n y ’s e x p o r t s o f m e r c h a n d is e a re v e r y
t io n s fr o m E u r o p e h a v e t e m p o r a r ily a t le a s t b e e n s u s
p e n d e d , th e B r itis h
th e
o f fir m
w as
has becom e
w hen
in te r n a tio n a l
s e ttle m e n t
p la n
w h a te v e r
G ov ern m en t,
to
Jan . 28 an d
lo a n s t h a t a re
F ren ch
n e g o tia tio n .
It
fin a n c e
of
of
T h u s fa r th e r e h a v e b e e n n o d e fin it e a n n o u n c e
m en ts as to
s im ila r
th a t
cess
q u ir e
a
A u s tr ia .
trol
fo r w a r d
fo r
by
o p e r a tio n o n
a s u b s ta n tia l d e g r e e
h ow ever,
d a tes
I t is s i g n i f i c a n t t h a t
q u o tin g
o f th e
R e ic h s b a n k , f o r b u y in g a n d s e llin g f o r e ig n e x c h a n g e .
fo r
tr a n s fe r s
and
O n M o n d a y tra d in g
e a s ie r t o n e
d e v e lo p e d ;
de
in c r e a s in g
ad v erse
b a la n c e
of
tra d e
th u s
cre a te d .
U n d e r c u r r e n t c o n d i t i o n s i t is n e c e s s a r y f o r s u c h p a y
m e n t t o b e m a d e in g o ld , a p r o c e s s w h ic h t h e R e ic h s
b a n k is n o t d i s p o s e d u n d e r c u r r e n t c i r c u m s t a n c e s t o
fa v o r .
R ep orts h ave been
p r in te d th is w e e k a s a n
e x p la n a t io n o f t h e w e a k n e s s in r e ic h s m a r k s t h a t t h e r e
is a n a c c u m u l a t i o n o f G e r m a n c r e d i t s i n t h i s m a r k e t
m a n d d e c lin e d t o 4 7 6 % @ 4 76 5 -1 6 a n d c a b le tr a n s
fo r use a fte r th e w a r e n d s.
fe r s t o 4 7 0 % @ 4 7 6 1 5 -1 6 , a lt h o u g h s i x t y d a y s w a s
th e s e r e p o r ts a re o b v io u s ly h ig h ly im p r o b a b le .
T h e L o n d o n c h e c k r a t e in P a r i s c l o s e d a t 2 8 . 1 5
u n c h a n g e d a t 4 7 2 % @ 4 7 2 % ; t h e f a c t t h a t n o m a il
s te a m e r w a s s c h e d u le d
w eek
a ls o
served
w eak n ess
w as
to
to
s a il u n t il t h e
r e s tr ic t
record ed
on
end
o p e r a tio n s .
T u esday,
on
of
th e
F u rth e r
in c r e a s e d
U n d e r cu rre n t c o n d itio n s
fr a n c s , a g a in s t 2 8 .0 5 fr a n c s la s t w e e k .
dem and
b ills o n
P a r is fin is h e d
In N ew Y o rk
at 5 9 0 %
and
c a b le
tra n s fe r s a t 5 8 9 % ; a w e e k a g o th e c lo s in g r a te s w e re
5 88%
and
5 87%
r e s p e c tiv e ly .
S w is s
exch an ge
o ff e r in g s o f b ills a n d a lig h t in q u ir y , w it h s lig h t r e
fin is h e d a t 5 2 3 %
c e s s io n s
c a b le s , a g a in s t 5 2 3 % a n d 5 2 2 r e s p e c t iv e ly la s t w e e k .
to
4 76 1 - 1 6 @ 4 76 3 -1 6
fo r
dem and,
4 7 6 1 1 - 1 6 @ 4 7 6 1 3 -1 6 fo r c a b le t r a n s fe r s a n d 4 7 2 %
@ 4 72%
fo r s ix ty
days.
W e d n e sd a y ’s m a rk et w as
a q u ie t o n e a n d f r a c t io n a l d e c lin e s w e r e a g a in r e g is
te re d ;
c a b le
dem and
ran ged
tra n s fe r s
4 72% @ 4 72% .
T h u rsd ay,
F o llo w in g
som e
d a y , th ou gh
b etw een
4 7 6 @ 4 76 3 -1 6 ,
4 7 6 % @ 4 7 6 1 3 -1 6
a
s te a d in e s s
and
w eak
s ix ty
days
o p e n in g
w as sh ow n
la te r
in
on
th e
d e a lin g s w e r e m o r e o r le s s p r o f e s s io n a l
in c h a r a c t e r , a n d
th e v o lu m e
fo r
tra n s fe r s
and
dem and,
4 76 9 -1 6 @ 4 7 6 %
4 72% @ 4 72%
fo r
fo r
s ix ty
c a b le
days.
On
F r id a y th e m a r k e t r u le d s lig h t ly fir m e r w it h d e m a n d
at
4 7 6 % @ 4 76 5 -1 6 ,
c a b le
tr a n s fe r s
at
4 76% @
4 7 6 1 5 -1 6 a n d s ix t y d a y s a t 4 7 2 % ® 4 7 2 % .
in g q u o t a t io n s w e r e 4 7 2 %
banks
(s ix ty
days)
c lo s e d
4 7 1 % ,d o c u m e n t s f o r p a y m e n t (6 0
4 72% @ 4 72%
C o tt o n fo r
fo r
a n d s e v e n -d a y g r a in
paym ent
C lo s
fo r s ix t y d a y s , 4 7 6 5 -1 6
fo r d e m a n d a n d 4 7 6 1 5 -1 6 fo r c a b le t r a n s fe r s .
m e r c ia l o n
c lo s e d
at
at
C om
4 7 1 % ,@
d a y s ) fin is h e d a t
b ills a t 4 7 5 % .
4 76@ 4
A s e n s a t i o n a l f e a t u r e in t h e C o n t i n e n t a l e x c h a n g e s
h a s b e e n t h e e x t r e m e w e a k n e s s in t h e G e r m a n
q u o ta tio n s , d e m a n d
b ills o n
p r e c e d in g lo w fig u r e h a v in g b e e n 7 2 %
and
e a r ly in J a n
A u s t r ia n k r o n e n c lo s e d a t 1 2 .5 0 , w h ic h c o m
p a r e s w i t h 1 3 .1 5 f o r s i g h t b i l l s a w e e k a g o .
T h e c lo s
in g r a te fo r b a n k e r s ’ s ig h t o n B e r lin w a s 7 2 7 -1 6 , c o m
p a r in g w it h 73 5 - 1 6 @ 7 3 %
e r s ’ c a b le s w e r e
72%
o n e w e e k a g o , w h ile b a n k
a g a in s t 7 3 7 - 1 6 @ 7 3 % .
It
is
th u s e v id e n t th a t th e e ffo r ts o f th e G e r m a n a n d A u s
tr ia n G o v e r n m e n t s , b y m e a n s o f a r tific ia l m e a s u r e s ,
t o s u s t a in t h e v a lu e o f t h e ir fu n d s in n e u t r a l c o u n t r ie s
h a v e r e s u l t e d in f a i l u r e .
s ig h t a n d 6 6 9 % fo r c a b le s , a g a in s t 6 7 0 a n d 6 6 9 % .
G r e e k e x c h a n g e s i g h t is 5 1 5 % , u n c h a n g e d f o r t h e
w eek.
C o p e n h a g e n c h e c k s a re 2 8 0 5 , a g a in s t 2 7 8 0 ,
a n d c h e c k s o n N o r w a y a n d S w e d e n a re 2 8 2 5 , a g a in s t
28 10.
R u s s ia n
r u b le s
are
%
h ig h e r
at
31% .
P a s e t a s , c h e c k s a re 19 0 4 , a g a in s t 19 0 2 .
The
N ew
o p e r a tio n s
Y ork
w ith
C le a r in g
in t e r io r
H ou se
b a n k in g
in
t h e ir
in s tit u t io n s ,
banks,
have
g a in e d S I , 9 2 2 ,0 0 0 n e t in c a s h a s a r e s u lt o f t h e c u r
ren cy
m ovem en ts
T h e ir
r e c e ip ts
fo r
fr o m
th e
th e
w eek
e n d in g
in t e r io r
M a rch
have
10.
a g g re g a te d
8 8 .8 6 3 .0 0 0 , w h ile t h e s h ip m e n t s h a v e r e a c h e d 8 6 ,
9 4 1 ,0 0 0 . A d d i n g t h e S u b - T r e a s u r y o p e r a t i o n s , w h ic h
o c c a s io n e d a lo s s o f 8 5 ,5 5 1 ,0 0 0 , t h e c o m b in e d r e s u lt
o f th e flo w
o f m o n e y in to a n d o u t o f th e N e w
b a n k s fo r th e w eek
ap p ears to
have been
Y ork
a lo s s o f
8 3 .6 2 9 .0 0 0 , a s fo llo w s :
Week ending M arch 10.
N et Change in
Bank H oldings.
Out o f
Banks.
Into
Banks.
Hanks' interior movement..............
Sub-Treasury operations--------------
$8,803,000
15,641,300
$6,941,000 Gain $1,922,000
21,192,000 Loss 5,551,000
Total......... .................................
$24,504,000
$28,133,000 Loss $3,629,000
T h e fo llo w in g t a b le in d ic a t e s th e a m o u n t o f b u llio n
in t h e p r i n c i p a l E u r o p e a n b a n k s :
B e r lin s e llin g
o n T h u r s d a y a t 7 2 % , w h i c h is a n e w l o w r e c o r d , t h e
u a ry.
B a n k e r s ’ s ig h t b ills o n A m s t e r d a m fin is h e d a t 4 2 % @
4 2 % , a g a in s t 4 2 1 -3 2 la s t w e e k ; b a n k e r s ’ c a b le s a t
4 2 % @ 4 2 7 -1 6 , a g a in s t 4 2 % , a n d c o m m e r c ia l s ig h t a t
4 2 % , a g a in s t 4 2 5 - 1 6 @ 4 2 % .
I t a lia n lir e a r e 6 7 0 f o r
7 6 % ; g r a in
p a y m e n t a t 4 7 6 @ -4 7 6 % .
A u s t r ia n
fo r
o f t r a n s a c t io n s s m a ll;
s t e r lin g r a t e s r u le d w it h in n a r r o w lim it s , a t 4 7 5 1 5 -1 6
@ 4 76%
fo r b a n k e r s ’ s ig h t a n d 5 2 2 %
W e e x p l a i n e d i n o u r is s u e
M arch 11 1915.
M arch 9 1916.
Banks o f
a old.
Silver.
Total.
Gold.
Silver.
Total.
£
£
£
£
£
£
59,876,955
56,078,359 59,876,955
14,421,640 215,179,400 169,679,120 15,094,880 184.774.000
2,100,000 125,205,550 114,680,700 2,078,150 116,758,850
4.712.000 242,502,000 170,861,000 4.954.000 175.815.000
12.140.000 63.718.000 51.578.000 12.140.000 63.718.000
30.294.000 67.282.000 23.530.000 28.970.000 52.500.000
4.157.000 46.681.000 49.305.000 2.763.000 52.068.000
103,700 22,420,700
437,400 41.696.400 22.317.000
600,000 15.980.000
600,000 15.980.000 15.380.000
9,541,400
10.107.400 9,541,400
8.941.000 6.034.000 ............. 6.034.000
309,000 6.261.000
196,000 6.388.000 5.952.000
3.938.000 2.598.000 I ............. 2,598,000
Tot. week 834,639,069 69,058,040903,697,109 701,333,175 67,012,730 768,345,905
l’rev week 833,021,042 68,766,400901,787,442 '699,533,467 67,194,950766,728,417
Eng’and.. 56,078,359
Franco__ 200,757,760
Germany. 123,105,550
Russia . . . 237,790,000
Aus. Ilunc 51.578.000
Spain___ 36.988.000
Italy____ 42.524.000
Notherl'ds 41.259.000
Nat.Heigh 15.380.000
Swltz’land 10,107,400
Sweden . . 8.941.000
Denmark. 6.192.000
Norway.. 3.938.000
c July 30 1914 In both years,
h Aug. 6 1914 In both years.
924
THE CHRONICLE
CONGRESS AND THE “ARMED MERCHANT
MEN” CONTROVERSY.
I he controversy between our State Department
and the German Government on the one hand, and
between President Wilson and a large part of Con
gress on the other, has passed through several dif
ferent stages, each one of which has presented new
considerations. To what extent the situation has
been definitely cleared up by the vote of House
and Senate during the past week, or by the supple
mentary memoranda presented by the British and
German Governments, is by no means wholly
plain. It is not even possible to say as yet
whether the dispute itself has reached a satisfactory
conclusion.
In view of the confusing and conflicting influences
which have repeatedly obscured the main question,
it may be well to review briefly the actual series of
events which led up to the present week's develop
ments. It was on Feb. 11 and 12 that the German
and Austrian Governments announced that, after
Feb. 29, armed enemy merchantmen would be treated
as belligerent warships; that is to say, would be tor
pedoed by submarines without warning. The rea
sons for that decision were in general stated as based
on the theory that “merchantmen acquire a belliger
ent character through arming with cannon, no mat
ter whether the guns shall serve only for defense or
tor attack.” The German memorandum quoted the
British Admiralty as instructing its own merchant
men as follows:
(Vol . 102.
The adoption of this formula was definitely pro
posed to the Allied Governments and the State
Department also added:
I should add that my Government is impressed
with the reasonableness of the argument that a mer
chant vessel carrying an armament of any sort, in
view of the character of the submarine warfare and
the defensive weakness of undersea craft, should be
held to be an auxiliary cruiser and so treated by a
neutral .as well as by a belligerent Government, and
is seriously considering instructing its officials ac
cordingly.
That note was followed, first, by the refusal of
one Allied Power to adopt such policy, then by in
troduction of resolutions in the House and the Senate
warning American citizens from embarking on such
vessels and providing for refusal of passports to citi
zens contemplating such embarkation. The Ad
ministration was by this time seemingly convinced
that it had been placed in a false position; hence Presi
dent Wilson's letter of Feb. 24 to Senator Stone,
Chairman of the Foreign Relations Committee, in
which, after reasserting his determination to keep
the United States out of war, he added:
No nation, no group of nations, has the right,
while war is in progress, to alter or disregard the prin
ciples which all nations have agreed upon. * * *
To forbid our people to exercise their rights, for fear
we might be called upon to vindicate them, would be
a deep humiliation.
The British Admiralty now gave out an official
statement, in which were published its own instruc
tions to merchantmen. Of these the salient provisos
“If a submarine is obviously pursuing a ship by were:
day, and it is evident to the ship's master that she
The right of the crew of a merchant vessel to
has hostile intentions,” the ship pursued shall open
fire in self defense, notwithstanding that the sub forcibly resist visit and search and fight in self-de
marine may not have^committed any definite hos fense is well recognized in international law, and ex
pressly admitted by the German prize regulations in
tile act, such as firing a- gun or torpedo,
an addendum issued June 1914, at a time when it
L- Therefore,tthe memorandum proceeds:
was known that numerous merchant vessels were be
fe Enemy merchant ships which are armed with ing armed for self-defense.
Armament is supplied solely for the purpose of
guns have no right longer to be considered as peace
ful merchant ships. The German sea forces will resisting attack by an armed enemy vessel and must
therefore, after a short period designed to protect not be used for any other purpose whatsoever.
The armament is supplied for the purpose of de
the rights of neutrals, receive an order to treat such
fense only. The object of the master should be to
ships as warships.
avoid action whenever possible.
There were special reasons why this declaration
Experience has shown that hostile submarines
placed our Administration in a position of perplexity. and aircraft have frequently attacked merchant ves
Under date apparently of Jan. 18, and therefore sels without warning. * * * Consequently, it
prior to the date of the newGerman order, Secretary may be presumed that any submarine or aircraft
Lansing had delivered to the belligerent Govern which deliberately approaches or pursues a merchant
vessel does so with hostile intention. In such cases
ments a note, which, after outlining international fire may be opened in self defense in order to prevent
law regarding the rule of visit and search at sea, pro the hostile craft from closing in to a range at which
ceeded to state:
• resistance to a sudden attack with bomb or torpedo
would be impossible.
the use of the submarine, however, has changed
these relations. Comparison of the defensive strength
It is evident from these preceding circumstances
of a cruiser and a submarine, shows that the latter, that the case was not wholly clear. In particular,
relying for protection on its power to submerge, is our State Department’s own memorandum of Jan.
almost defenseless in point of construction. Even 18 might have been construed as encouraging the
a merchant ship carrying a small-caliber gun would
be able to use it effectively for offense against the German Government to adopt precisely the course
it did. Congress at first appeared to take that view;
submarine.
hence
arose a controversy of great bitterness. On the
It would, therefore, appear to be a reasonable
and reciprocally just arrangement if it could be agreed one hand, it was contended that the United States ought
by the opposing belligerents that submarines should to be protected from being dragged into war through
be caused to adhere strictly to the rules of interna the rash action of one or a few American citizens;
tional law in the matter of stopping and searching on the other, that for Congress in any way to tie the
merchant vessels, determining their belligerent na
tionality and removing the crews and passengers to hands of the President in his conduct of foreign rela
places of safety before sinking the vessels as prizes tions would weaken the prestige of our Government
ot war, and that merchant vessels of belligerent and encourage further encroachments by belliger
nationality should be prohibited from carrying any ent Powers on the rights of neutrals. In the end the
armament whatsoever.
Senate on Friday, March 3, adopted the course of
Mar . l l 1910.]
THE CHRONICLE
925
laying on the table the Gore resolution warning Amer that “the United States cannot change its position
with respect to the legal right of merchantmen to
icans from armed merchant ships.
That action was taken by a vote of G8 to 14, with arm (though it is impressed with the reasonableness
only two Democrats voting against it. But the deci of the argument that merchantmen should not carry
sion was confused by the fact that Senator Gore at armament) until there is general assent among the
the last moment amended his resolution so as to pro belligerents.” It is still admitted by our Govern
vide that the sinking of an armed merchant ship with ment that, at a given point, armament on any mer
out warning by a German submarine would be a chant ship may so far exceed the permissive provi
cause of war between the United States and Germany. sions of international usage as to convert it theoreti
He himself joined in the vote to table the amended cally into a warship. The British Government’s
resolution. That this was an unworthy parliamen instructions to merchantmen are not wholly clear
tary trick, under all the circumstances, we think can as to just what circumstances would authorize a
hardly be denied. The House Rules Committee merchantman to fire on a submarine.
Yet, on the other hand, it must also be recognized
took measures against any similar manoeuvre in the
matter of the corresponding resolution on which it that German submarines on more than one occasion
was to vote this week, and the House sustained the last year did attack without warning and destroy
Committee in demanding a straight vote on the ques enemy passenger ships, which by no possible con
tion of tabling the McLemore resolution as originally struction were violating the rule regarding armament.
presented. The vote was taken on Tuesday, and the If the present position of the United States is com
result was 276 in favor of thus disposing of the mat plicated by the conflict between strict interpreta
ter, against 142 against it. That result was achieved, tion of international law and the feeling as to public
however, only after angry and vigorous debate, in welfare, the position of Germany is certainly not
cluding a demand for amendment of the resolution less complicatedfby what appears to have been de
fiance of the will and purposes of the civil Govern
before the vote.
The vote was almost immediately followed by a ment of the Empire by the German naval authori
memorandum from Ambassador Bernstorff, pre ties. We imagine that the outcome on the present
sented to our Government last Wednesday, which re occasion will depend on the extent to which the Ger
iterated the general grounds on which the German man civil Government now holds control of the sub
Government based its new policy toward armed mer marine situation. There is little question that the
chantmen, declaring that policy to have been adopted preponderating American opinion is against the forc
because of England’s own orders to its merchant ships ing of the United States into war through disregard
and as reprisal for the violation of international law of ordinary sense and prudence by one or more citi
in other matters by England. The only novel fea zens. But our people are also deeply convinced of
ture of this note, but not an unimportant one, was three other facts—first, that the German submarines
the extremely friendly character of the language used violated both international law and common human
in it, which produced an undoubtedly good effect ity by their actions of last year; second, that the un
qualified pledge given by the German Ambassador
on the Stock Exchange and elsewhere.
What, then, are we to say of the situation as it now to our Government on Sept. 2 has been modified by
stands? In some respects the answer is easy; in |the subsequent declarations regarding enemy pas
others it is still surrounded with obscurity. We are senger ships; third, that it is impossible not to take
warranted in assuming that Congress has declared by a different view regarding violation of international
a large majority that the Administration’s hands shall law which affects only neutral property and viola
not be tied in its conduct of foreign policy, through tion which destroys neutral lives.
what would amount to instructions fromthe legislative
HELPING TO SUCCESS.
branch of Government. This result we believe to be
altogether desirable; because persistence in such pol
The Federal Trade Commission having called
icy of interference, even if the resolutions were upon 260,000 corporations for answers to a batch
vetoed or disregarded by the President, could not fail of ten questions, a letter has appeared in print from
to create an unhappy political situation, and to be a friend of that body (who perhaps rates himself a
misinterpreted by foreign Governments in their mutual friend of all parties) reciting, at length and
view of the prestige and responsibility of our foreign correctly, the provisions of the law relative to pro
office. But on the other hand, neither the Gore curing reports and information and fixing the penal
resolution nor the McLemore resolution has actually ties for non-compliance. The questions call for
been voted down. Hence it is impossible to assert statements, in some detail, of the articles produced
that Congress has declared itself against restricting or the kinds of business done; the amounts of com
the rights of American citizens to travel even on mon and preferred stock, of outstanding bonds, and
armed merchantmen. Still, in default of actual de of outstanding surplus or deficit; the net sales for
struction of such a vessel by a German submarine, the year; the net profit or loss from operations, less
with incidental loss of American life, the legislative expenses save interest; “net income from other
controversy is closed. We do not profess to say what sources during the year;” depreciation on plant and
would be the legislative situation in case just that equipment charged off during the year, and bad debts
thing should happen.
charged off or provided for.
On its actual merits, the German contention re
These questions may be pertinent to obtaining
garding armed merchantmen presents many difficult knowledge, but some of them at least may be re
problems. The Administration itself certainly blun garded as also impertinent. The law does empower
dered in taking two apparently inconsistent positions, getting and compiling information, and demanding
in the Lansing note of Jan. 18 and in the President’s of “corporations engaged in commerce,” both annual
subsequent letter to Senator Stone. This is so, not and special reports, in such form as the Commission
withstanding the statement in our Government’s prescribes; also, “reports or answers to specific
recent memorandum to our own embassies, declaring questions.” The scope of inquisition is virtually
926
THE CHRONICLE
unlimited, covering “such information as it may
require as to the organization, business, conduct,
practice, management and relation to other cor
porations, partnerships and individuals of the re
spective corporations.” This is really an unrestricted
roving, and although the law nominally applies only
to corporations (under the overworked commerce
clause of the Constitution) the private affairs of
partnerships and individuals may be pried into,
under the clause just quoted.
The framers of the Federal Constitution were
deeply concerned to safeguard personal liberty
against all encroachments by governmental authority;
this was one of the subjects which afterwards seemed
not sufficiently covered in the original document,
and therefore, only two years later, the fourth
article of a supplementary twelve which completed
the work until 1865 declared that “the right of the
people to be secure in their persons, houses, papers
and effects, against unreasonable searches and
seizures, shall not be violated, and no warrant shall
issue, but upon probable cause, supported by oath
or affirmation, and particularly describing the place
to be searched and the persons or things to be seized.”
It is a matter of almost-forgotten history that within
the last half-century books and papers of some im
porters were seized and carried off, for the purpose
of making a roving search for something to sustain
charges against them, and this in clear disregard
of the above provision requiring a particular des
cription in advance. But as the law of 1914 does
not specifically cover laying hold upon any private
documents, we cite the article only to show the
original determination to hold inviolability for law
ful private affairs, in accord, also, with the ancient
rule, always respected in judicial though not in
inquisitional proceedings, that no person may be
made to testify against himself.
But this is all benevolent, not hostile and punitive,
according to its own profession. The Vice-Chairman
of the Commission discoursed at length about it
to an association meeting here, a few months ago.
He was astonished to find that over 100,000 corpora
tions have no net income, that another 90,000 make
less than $5,000 a year each; that of the remaining
60.000 only one-third sell over $100,000, that another
10.000 sell $250,000 or more, that only 4,500 reach
a million of business, and only 462 do five millions
or more. These striking figures, he said, show that
although big business is important it is only a small
fraction of the total, and that “there is an unduly
large proportion of unsuccessful business concerns.”
So then, notwithstanding the current govern
mental assumption that size and success in corporate
work make a strong prima facie case of something
to be probed and punished, so that the little fellow
and the common citizen may get their rights, the
little corporations are to be steadied on their weak
feet and brought from toddling to a firm stride; this
is a great part of the “something” to be done for
business. The speaker went on to utter some truisms
which ought to be already known to the youngest
student in a commercial school, as that a producer
who does not know what his production and his
selling cost him is not armed against competition;
that proper accounting systems, at once correct and
pertinent, are indispensable, and so forth. Pie went
on to paint a pretty picture of how the Commission
is going to fix all these matters by devising a stand
ard bookkeeping; it will keep a force of trained
[Vol . 102.
experts, whose service, “in an advisory capacity,”
will be at call. The individual enterprise will be
helped to success and prosperity, the employees will
be elevated, the investor will be enabled to place
his money with more safety, the public will not have
to pay for inefficiency.
“The Commission has no power and no desire to
use compulsory methods,” said the Vice-Chairman.
This sounds well. If we could conceive that a
Government commission, composed of men chosen
for party reasons, could possibly attain advisory
competence and produce better accounting systems
than exist otherwise, they might publish broadcast
a notice to all the struggling that the key to quick
success could be had gratis, by return mail (or by
sending a tutor in person) on application, and that
all communications should be held as confidential.
Why not undertake the recuperation in this
manner?
The obvious explanation is that the members of
each additional commission which is to be set upon
business naturally take themselves seriously, and
try to magnify and justify themselves, as Mr.
Gompers does in his different line. Business might
be simply invited to avail itself, but perhaps business
would not respond; the Commission might open its
office as universal healer, but what if no ailing ones
came to its door? They must be made to come;
so this practitioner carries a club to compel sub
mission to his diagnosis. The recusant “person”
who disobeys the Commission’s order is liable to a
fine of $5,000 or a year’s imprisonment, or
both.
But this assuring speaker did drop, perhaps in
advertantly, one suggestive remark which dulls the
brilliancy of his word-painting. “Speaking generally,”
he said, “the real constructive help must come from
within.” Precisely so, but the qualification can
be omitted. Advice, when sought or when offered
in a kindly manner to accept or reject, may be
helpful; but the individual must achieve his own
climb to success. The worst method of producing
equality is the unionist plan of repressing the more
competent and energetic; the next bad is an outside
attempt to coddle the slow, instead of bidding him
raise his head and use his own powers. And, if
anybody really wants to know what is the reason
why business is not better, a very large reason is in
Governmental competition or intervention, either
actual, promised, talked of or feared.
FARM RESERVES OF CEREALS.
The official report on the supply of cereals in farm
ers’ hands in the United States on March 1 1916 was
issued by the Department of Agriculture on Wednes
day last, and seeming to be well in agreement with
recently-formulated opinion based upon reliable pri
vate advices, was a rather negligible factor in the
grain markets. As was to have been expected,
with the production of the leading grains in the
late year well in excess of 1914 (and in most cases es
tablishing new high records), and the export demand
less urgent, the reserves waiting to be marketed show
a considerable augmentation as compared with this
time a year ago. The stocks of wheat on hand on
farms on March 1 were in fact the largest on record
for that date oats stocks were close to the high mark
and the reserves of corn above the average of recent
years, even though exceeded by over 150 million
bushels in 1913 and 1907 and slightly in 1911.
Maii. 11 1916.]
THE CHRONICLE
It is apparent, therefore, that no anxiety need ex
ist as to the adequacy of the supply on hand to meet
all export and consumptive demand until the next
harvest, and even leave a surplus to augment reserve
stocks against a possible decline in production the
coming season. Especially is this so when it is called
to mind that there is an invisible supply, consisting
of mill stocks, country elevator stocks, grain in tran
sit, &c., which there is no way of measuring or even
approximating with any degree of definiteness, not
to say anything of the visible supply at lake and
seaboard points of accumulation, which in the case
of wheat is comparatively large. In the case of this
latter cereal, moreover, it is to be noted that Canadian
reserves are of greater magnitude than usual at this
921
mated the area seeded in wheat last fall as 1.3% less
than in the preceding year, giving, however, an acre
age second only to that then planted, but no official
report on condition will be available until next
month. In the meantime, private reports refer to
damage in some important sections, and these are in
a measure confirmed by the official weather review
for the month of February, which states : “There
was a good covering of snow on the ground in extreme
Northern States during most of the month, especially
during the coldest weather. Across the greater part
of the winter-wheat belt, however, there was little
snow covering, and some damage has been reported.
In the more Southern States the winter grains are
growing well, except that more moisture is needed for
small grains in Texas.”
The wheat stock on farms March 1 is officially
stated to have been about 23.9% of the 191.) yield
(the heaviest proportion since 1911), or 241,717,000 THE COUNTRY’S PIG IRON PRODUCTION IN
1915.
bushels, with the reserves in such States as Ohio,
The
official
statistics
of pig iron production, as
Indiana, Illinois, Minnesota, the Dakotas, Nebraska,
compiled
by
the
Bureau
of
Statistics of the American
Montana, Washington and Pennsylvania much above
Iron
and
Steel
Institute,
confirm
the figures given
those at the same time last year, and Kansas and Mis
souri alone showing any decrease worthy of mention. by private investigators and furnish eloquent tes
With 242 million bushels in first hands on March 1, timony to the noteworthy character of the year in
it is evident that up to that date approximately 769 the iron and steel trade. Whatever the future course
million bushels had been consumed or distributed. of affairs, 1915 will always remain memorable for
This is a moderate increase over the like period of the the record established in production and in prices.
previous year—31 million bushels, in fact but in The results in that respect are the more significant
the meantime the outflow from our ports has been by reason of the complete reversal of the situation
quite materially less in the last eight months than in which had existed in the iron and steel trade in 1914,
the corresponding period of 1914-15. It becomes the year 1915 having been one of striking contrasts
clear, therefore, cither that home takings of wheat in that respect as in others.
In 1914 the demand for iron and steel in their
for consumption have been considerably larger than
various
forms was at an extremely low ebb in
a year ago, or that the invisible items to which refer
part
because,
as pointed out by us at that time,
ence is made above have been largely augmented.
business
enterprise
was dead, in part because the
The stock of corn in farmers’ hands on March 1,
at 1,138,773,000 bushels, or 37.3% of the 1915 pro railroads, ordinarily very large consumers, were in
duct, is, as intimated, noticeably greater than a year no condition either to purchase or to need extended
earlier, and even more in excess of 1914, but shows supplies, and in part because of the previous year’s
a drop of 150 millions below 1913. The significance tariff changes. At the same time, and as a conse
of the 228 million bushels increase over 1915 is some quence of the same causes, prices ruled exceedingly
what minimized by the fact that the last crop was low, so that the year was a dismal one throughout.
much below the average in quality, materially reduc In 1915 war orders on a prodigious scale wrought a
ing its food value. In other words, the merchantable complete transformation in the situation and the
proportion of the 1915 crop (frost damage in October outlook. These orders, as the year progressed, served
having been the adverse factor) is 71.3%, or only to revive activity even in the lines of domestic
2.178.943.000 bushels, against 84.5%, or 2,259,755, trades not directly concerned in the execution of
000 bushels, of the previous yield. It is to be in war contracts, and the latter part of 1915 a sudden
ferred, therefore, that the amount on hand on farms revival of railroad traffic, which later developed into
March 1 includes much more than an average pro freight congestion, brought large orders for material
portion of corn not commercially available—grain and equipment even from the rail carriers, whose
that will be used for poultry and stock feeding on orders were now added to those which were being
the farm. As to the 1916 reserve, notable increases executed for the belligerent countries of Europe.
appear in Virginia, Illinois, Missouri, Kansas, Texas, That phenomenal buoyancy and advances in prices
Oklahoma and Arkansas, and large decreases in Wis should have ensued in this state of things is not to
be wondered at.
consin, Minnesota and Iowa.
The Iron and Steel Institute reports the make of
Reserves of oats show a gain of 117 million bushels
over a year ago, the carryover March 1 having been iron for the calendar year 1915 29,916,213 tons,
596.600.000 bushels, or 38.7% of the 1915 yield. which compares with an output of only 23,332,244
This total, as already stated, is close to the high tons in the calendar year 1914, but falls a million
record, falling below the surplus reported in 1913 by tons below the record output of 1913, which was
less than 8 million bushels. Barley, also, shows a 30,966,152 tons. It must not be forgotten, however,
large surplus, 60,511,000 bushels, or 25.5%, against that the activity was progressive throughout the
42.889.000 bushels, or 22% a year ago, with practiyear and that in the last six months the make of iron
exceeded that of the first six months by nearly 5l
A
cally every producing State sharing in the increase.
In connection with the foregoing, it is to be noted million tons, the product for the first half of 1915
that most recent advices indicate a somewhat un having been 12,233,791 tons and for the second half
certain situation as concerns the coming winter- 17,682,422 tons. This latter, it will be seen, was
wheat crop. The Department of Agriculture esti thus at the rate of over thirty-five million tons a
938
THE CHRONICLE
year. Moreover, if we take the monthly figures,
as compiled by the “Iron Age” of this city, we find
that each and every one of the twelve months
showed an increase on its predecessor and that the
product for December reached 3,203,322 tons, which
was at the rate of 39 million tons a year, as against
only 1,515,752 tons in December 1914, or at the rate
of but 18 million tons a year. We may note, too,
that the United States Steel Corporation on Decem
ber 31 1915 had unfilled orders for iron and steel
on the books of its subsidiary corporations aggre
gating 7,806,220 tons, against only 3,836,643 tons
Dec. 31 1914. The half-yearly record of production,
according to the official records, is as follows back
to 1900.
PRODUCTION OF PIG IRON IN HALF-YEARLY
G r o ss T o n s .
1900— 1st half.......... .............. 7,642,569
2d halt.......... .............. 6,146,673
1901— 1st half_____ .............. 7,674,613
2d half.......... .............. 8.203.741
1902— 1st half.......... .............. 8,808,574
2d half.......... .............. 9,012,733
1903— 1st half_____ .............. 9,707,367
2d half.......... . . ........... 8,301,885
1904— 1st half.......... .............. 8,173,438
2d half.......... .......... . 8,323,595
1905— 1st half.......... ........ ...11,163,175
2d half_____ ________11,829,205
1906— 1st half........ . .............. 12,582.250
2d half______ .............. 12.724,941
1907— 1st half.......... .............. 13,478,044
2d hall........ . .............. 12,303,317
1908—
1st half...............
6,918,004
2d half............................ 9,018,014
1st half.......................11,022,346
2d half...........................14,773,125
1910— 1st half.......................14,978.738
2d half...........................12,324,829
1911— lat half.......................11 000.990
2d half...........................11,982,661
1912— lat half_______
14,072,274
2d half...........................16,054,663
1913— lat half....................... 10,488,602
2d half...........................14,477,550
1914— lat half....................... 12,536,094
2d half.......................... 10,796.160
1915— lat half....................... 12,233,791
2d half...........................17,682,422
1909—
Basic.
1,072,376
1,448,850
2,038,590
2,040,726
2,483,104
4,105,179
5,018.674
5,375,219
4,010,144
8,250,225
9,084,608
8,520,020
11,417.886
12,536,693
9,670,687
13,093,214
alleAll
otal.
Bessemer. Foundry. M
able. Forge. Other. GroTssT
ons.
7,979,327
9,596,793
10,393,168
9,989,908
9,098,659
12,407,116
13,840,518
13,231,620
7,216,976
10,557,370
11,245,642
9,409,303
11,664,015
11.590,113
7,859,127
10,523,306
3,376,445 173,413 793,092 394,589
3,548,718 256,532 639,454 388,007
3,851,276 311,458 833,093 393,722
4,409,023 473,781 783,016 312,798
3,827,229 263,529 550,836 273.676
4,758,038 635,236 727.817 358,994
4,773,011 699,701 597,420 377,867
5,151,209 920,290 683.167 419,856
3,637,622 414,957 457.164 199,155
5,322,415 658,048 725,624 281,789
5,260.447 843,123 564,157 305,590
4,468,940 612,533 408,841 229,910
5,073.873 825,643 469,183 276,337
5,220,343 993,736 324,407 300,860
4,533,254 671,771 361,651 235,754
4,864,348 829,921 310,214 289,210
13,789,242
15,878,354
17,821,307
18,009,252
16.497,033
22.992,380
25,307,191
25,781,361
15,936,018
25,795,471
27,303,567
23,649,547
29,726,937
30,966,152
23,332,244
29,916,213
The part played by war orders in exciting activity
is seen when we look at the volume of the exports.
Turning for this purpose to the foreign trade statis
tics, as compiled at Washington by the Bureau of
Foreign and Domestic Exports, we observe striking
results. Taking only the articles reported by weight
it is found that the exports of iron and steel in 1915
reached no less than 3,532,342 tons, as against only
1,638,829 tons in 1914. We believe the 1915 figures
have never been equaled. In some of the articles
the increases have been phenomenal in extent; thus,
the exports of wire (for use presumably in erecting
barbed wire obstructions) aggregated no less than
1,060,837,124 pounds, as against only 405,146,289
pounds in 1914. Of rods the exports were 1,323,
874,143 pounds, against 414,074,672 pounds. Of
nails, the outward shipments were 265,107,474
pounds, against 111,202,766 pounds, of sheets 936,
989,137 pounds, against 627,413,557 pounds. As
illustrating the need of the cavalry branch of the
military service, it is a fact of interest that the
exports of horse shoes aggregated 35,534,062 pounds,
against 13,223,439 pounds. Of steel billets the
exports were 560,728 tons, against 50,496 tons, of
rails 391,491 tons, against 174,680 tons, and of
structural steel 232,937 tons, against 182,395 tons.
In value our exports of iron and steel, and manu
factures thereof, reached $388,703,720, against
$199,861,684 in 1914 and $293,934,160 in 1913.
A summary of the imports and exports by weight
for the last six years is furnished in the exhibit we
now present.
1915.
1914.
1913.
1912.
1911.
1910.
Imports............. tons 282,433
289,775 317,260 225,072 256,903 487,967
Exports.................... 3,532,342 1,638,829 2,745,635 2,947,551 2,187,811 1,537,942
Excess ol exports.3,249,909 1,349,054 2,428,375 2,722,479 1,930,908 1,049,975
It is always interesting to have the figures of pig
iron production by States. We accordingly present
the following table. Very few of the States are
able to show for 1915 totals equal to the maximum
reached in 1913, but Michigan forms an exception
to the rule, and reports for 1915 the largest quota
on record.
PRODUCTION OF PIG IRON BY STATES.
V a . ..
251,346
Tenn.
177,729
W Va. \
K y .i .
291,040
Ga__
Texas
Md . .
251,548
1
1
271,228
216,738
341,815
280,541
230,393
256,167
338,238
/ 274,360
315,731 1 68,766
293,642
324,648
291,472
95,202
1,200
444,976
397,569
174,661
100,509
14,725
391,134
333,845
228,282
86,371
26,072
195,594
289,959
255,816
320,214
286,856
219,546
Total- 3,021,116 2,740,882 3,285,957 3,019,752 2,974,191 3,397,801 3,116,177
Penna 12,790,668
Ohio . 6,912,962
N Y . . 12,104,780
N J._
Illinois 2,447,220
Mlcha 1,986,778
Wise
372,966
271,921
Mo c.
Massd
7,802
1
b
9,733,369 12,954,936 12,552,131 9,807,073
5,283,426 7,129,525 6,802,493 5,310,506
1,559,864 2,187,620 (1,939,231 1,562,756
40,663
1 30,876
1,847,451 2,927,832 2,887,359 2,108,002
1,557,355 1,775,883 1,770,628 1,163,932
329,526
367,326
303,370
276,807
267,777
324,263
397,731
395,968
6,594
12,810
17,366
9,649
11,272,323
5,752,112
1,938,407
264,781
2,675,640
1,250,103
307,200
428,012
16,582
10,918,824
5,551,545
1,733,675
294,474
2,407,156
904,289
348,177
382,766
18,388
GrTot 29,916,213 23,332,244 30,966,152 29,726,93723,649,54727,303,567 25,795,471
a
b
Including Indiana,
Including Minnesota, c Including Colorado, Washing
ton and California,
Including Connecticut,
Including Mississippi.
PRODUCTION OF PIG IRON RY GRADES. 1900 1915.
l'«ars.
IMPORTS AND EXPORTS OF ALL KINDS OF IRON AND STEEL.
Tons
2240
1914.
1915.
1913.
1912.
1911.
1910.
1909.
lbs.
Southern
PERIODS,
tes. Tons.
Tons.
Tons.
Tons.
Tons.
Tons.
Tons.
Gross Tons. ASta
la ... 2,049,453 1,826,929 2,057,911 1,862,681 1,712,211 1,939,147 1,763,617
We insert a second table to indicate the production
of pig iron by grades for the period from 1900 to
1915.
1900............
1901............
1902............
1903............
1904............
1905_______
1906............
1907............
1908............
1909............
1910............
1911............
1912............
1913............
1914_______
1915_______
[VeL. 102.
d
x
As regards the changes in prices the record of the
.previous year is precisely reversed. In 1914 the
trend was strongly downward and the lowest quota
tions were all made the latter part of the year.
In 1915, on the other hand, the end of the year
reveals the highest and best prices. And the ad
vances have been of extraordinary extent. This
remains true, even though since the close of the year
there have been further advances to still higher
levels. Steel billets, which January 1 were quoted
at only $19 a ton, sold December 31 at $32 a ton.
In finished steel the advances have been yet more
striking. Steel bars at Pittsburgh during the year
advanced from 1.05 to 2.0 cents, tank plates at Pitts
burgh from 1.05 cents to 2.25 cents, steel beams from
1.05 cents to 1.90 cents and galvanized sheets from
2.75 cents to 4.75 cents. In the following table
we show the prices for a few grades of iron and steel
at the opening and the closing of 1914, with the low
and high points for the twelve months and the dates
when reached. A much more elaborate combina
tion showing the fluctuations in all grades of iron
and steel for each week of the last two years will
appear in the forthcoming number of our “Financial
R e v i e w . ,,
Price
Jan. 1
1915.
Old Iron T rallsa
No.2fdy.p.lrona
Basic, pig Iron.a
Gray forgo pig
Iron______
Bess, pig Iron.
Steel billets at
mills............
Steel bars___
Tank plates...6
Beams, A c___
Gal vanlz. sheets
No. 28........
Wire nails___
RANGEFOR YEAR 1915.
Low.
High.
Price
Dec. 31
1915.
$
S
S
$
13 00 13 00 Jan. 1 to Apr. 14 19 50 Dec. 22 to Dec. 31 19 50
14 25 14 25 Jan. 1 to July 21 19 50 Dec. 15 to Dec. 31 19 50
13 50 13 25 Apr. 14 to Juno 2 18 50 Dec. 22 to Dec. 31 18 50
b 13 45 13 35 June 10 to Juno 30 18 20 Dec. 29 to Dec. 31
b 14 70 14 55 Jan. 13 to May 1920 45 Dec. 29 to Dec. 31
b 19 00 19 00 Jan. 1 to Jan. 13 32 00 Dec. 22 to Dec. 31
b 1 05 1 10 Jan. 1 to Feb. 24 2 00 Dec. 22 to Dec. 31
1 05 1 10 Jan.
to Mar. 31 2 25 Dec. 22 to Dec. 31
b 1 05 1 10 Jan. I1 to
Feb. 24 1 90 Deo. 22 to Dec. 31
b 2 75 2 75 Jan. 1 to Jan. 20 5 00 Juno 17 to Juno 23
b 1 50 1 50 Jan. 1 to Jan. 6 2 10 Dec. 22 to Dec. 31
aAt Philadelphia, bAt PItt8burgh.
18 20
20 45
32 00
2 00
2 25
1 90
4 75
2 10
We add one other table to complete our review,
namely a comparison of the yearly averages for a
series of years. Here, however, the high level of
values reached at the end of 1915 is in great meas
ure hidden.
THE CHRONICLE
Mar. 11 1916.]
939
We have already stated that as far as the gross is
concerned the gain came entirely in the later months
Old Iron T rails at Phlla____t o n . 15.53 14.53 17.54 16.74 16.90 19 09 19.42 18.60
............. 15.26 14.74 16.47 16.56 15.71 17.36 17.80 17.70
of the year. In the net there was improvement in
No. 2 anth. fdy. pig at Phlla
Gray forge pig Iron, Lake ore,
14.25 13.60 15.23 14.64 13.96 15.24 15.55 15.23 the early months and the later months alike, but
at Pittsburgh.................. 15.78 14.90 17.10 15.94 16.71 17.19 17.41 17.07
Bessemer pig Iron at Plttab. .
28.00 28.00 28.00 28.00 28.00 28.00 28.00 28.00 fully three-quarters of the year’s huge improvement
Steel rails at mills In Penn..
22.44 20.08 25.74 22.38 21.46 25.38 24.61 26.31
Steel billets at mills at Plttsb.
Best refined bar Iron from
came in the later months. In the following we
store at Philadelphia. 100 lbs. 1.37 1.18 1.48 1.76 1.64 1.85 1.75 1.70
divide the year’s results into half-yearly periods and
this serves to bring out sharply the distinction be
RAILROAD GROSS A N D NET EARNINGS FOR tween the two semi-annual periods :
THE CALENDAR YEAR.
----------F ir s t S ix M o n th s --------- --------------- L a st S ix M o n t h s ----------1915.
1914.
1915.
1914.
Supplementing the extended analysis and tabula Gross.....................$1,407,465,982
$1,447,464,542 SI,758,748,634 $1,566,210,309
tions of the gross earnings of United States railroads Expenses.............. 1,012,782,434 1,103,396,335 1,113,127,881 1,084,628,115
Net.................... $394,683,548
$347,068,207
$645,620,753
$481,582,194
for the calendar year 1915, which we gave in our
In the first six months, it will be observed, gross
issue of February 12, we present to-day complete
statements covering both the gross and the net earnings fell off from $1,447,464,542, to $1,407,earnings of the roads. In our earlier article we 465,982, but net earnings ran up from $347,068,207
reviewed at length the influences and conditions that to $394,683,548, owing to a reduction in expendi
governed the course of railroad traffic and railroad tures of no less than $87,613,901. On the other
revenues during the year, and shall not undertake hand, in the last six months gross earnings increased
to rehearse what we then said further than to note from $1,566,210,309 to $1,758,748,634 and with an
that, on the whole, a quite substantial improvement augmentation in expenses of no more than $28,
in the gross revenues of the roads, as compared with 499,766 net earnings were raised from $481,582,194
the calendar year 1914, was disclosed, the whole of to $645,620,753, the percentage of gain in this last
the gain, however, being made in the closing months case being over 33% . The monthly record reveals
of the year. In the case of the net, the record of the change from the declining or indifferent results
improvement is still more noteworthy and still more of the early months to the marvellously good results
striking. This is so whether we have reference to of the closing months in still more graphic way.
the absolute amount of gain or the ratio. As a mat We accordingly now insert here the monthly com
ter of fact, the amount of gain in net exceeds the parisons as to both gross and net. We also furnish
amount of the gain in the gross. In other words, a footing for the twelve months which, however,
we had in 1915 the very unusual conjuncture of a differs somewhat from the totals above.
large increase in gross receipts accompanied by a
N e t E a r n in g s .
G r o ss E a r n in g s .
considerable reduction in expenditures.
1914.
|I n c . o r D e c .
1915.
1914.
jI n c . o r D e c \
1915.
The decrease in expenses, indeed, constitutes the
s
1
S
$
$
$
|
$
1
16,598,551 51,582,992 52,473,974
— 890,982
most salient feature of the year’s results. It may be FJanuary220,282,196236,880,747'—
e b ’ary 210,860,681 212,163,967 — 1,303,286, 51,257,053 39,274,776,+ 11,982,277
.1238,157,881 253,352,099— 15,194,218 68,452.432 67.452.0S2: +1,000,350
taken as an index to the conditions which prevailed AMarch
p ril... 237,696,378 241,090,842 — 3,394,464 67,515,544 59,266,322, +8,249,222
244,092,738243,367.953 +1,324,785 71,958,563 57,339,166 +14,619,397
in the early part, and indeed through the whole of JMuanye...
... 248,849,716247,535,879 +1,313,837 81,649,636 09,481,653 +12,167,983
. . . 262,948,115 260,624,000 +2,324,115 87,684,985 77,833,745 +9.851,240
the first half, of the year when the outlook for the July
August.279,891,224 274,618,381 +5,272,843 99,713,187 89,673,609 +10,039,578
Sept’ ber294,241,340276,458,199 +17,783,141 111,728,276 93,181,915 +18,546,361
railroads appeared exceedingly discouraging and October311,179,375274,091,434
+37,087,941 119,324,551 89,244,989 +30,079,562
N ov’bcr306,733,317,240,422,095 +66,310,622118,002,025 07,999,131 +50,002,894
when, therefore, the managers were called upon to Dcc’ber. 295,202,018^32,763,„70 +62,438,948105,878,758 61,lS6,558: + 44,692,200
practice the most rigid economy in order to avoid
Total 315073497912993309266 +157365713 1034748002824,407,920. +210340082
disaster. Outlays were accordingly curtailed in
N o t e . — Percentage ol Increase or decrease In gross for the above months has
Jan., 7.01% dec.: Feb., 0.61% dec.: March, 5.99% dec.; April, 1.41% d e c .;
every direction, repair and renewal work in the case been:
May, 0.54% Inc.; June, 0.53% Inc.; July, 0.89% Inc.; Aug., 1.93% Inc.; Sept.,
Inc.; Oct., 13.57% Inc.; Nov., 27.58% Inc.; Dec., 26.82% Inc.
of the great majority of roads being confined to what 0.43%
Percentage of Increase or decrease In net for the above months has been: Jan.,
1.70% dec.; Feb., 30.51% Inc.; March, 1.48% Inc.; April, 13.92% Inc.; M ay,
requirements of safety demanded. The effect was 25.50% Inc.; Juno, 17.51% Inc.; July. 12.66% Inc.; Aug., 11.21% Inc.; Sept., 19.90%
luc.; Oct., 33.70% Inc.; Nov., 73.52% Inc.; Dec., 73.04% Inc.
that even during the early months of the year, when
In Jan. the mileage represented was 246,959; In Feb., 246,186; In March, 246,848;
In April, 247,701; In May, 247,747; In June, 240,219; in July, 243,042; In August,
gross earnings were recording declines, the net 247,809; in Sept., 245,132; In Oct., 248,072; In Nov., 246,910; in Dec., 248,437.
earnings showed improvement, the decreases in
Our readers, of course, are familiar with the fact
expenses overtopping the losses in gross revenues that the improvement for 1915 is qualified by the
and thus producing a gain in net. In the closing circumstance that comparison is with heavily dimin
months of the year, with the tremendous expansion ished totals in 1914 and, in the case of the net, also
in gross revenues, expenses also showed some aug in 1913. As far as the gross is concerned, therefore,
mentation, but it was relatively slight and left gains the 1915 increase is merely a recovery of what was
of huge magnitude in the net. Work schedules lost in the previous year and only a partial recovery
had been planned when the railroad situation was at that. On the other hand, in the case of the net,
still wearing a dismal aspect and there was no change the 1915 gain is of such magnitude as to wipe out
in that respect to the end of the year.
the whole of the losses of both 1914 and 1913 and
Briefly epitomizing the year’s results, it is to still leave a very considerable balance to the good.
be stated that there was an addition to gross receipts For 1914 our compilations showed a loss of not less
in amount of $152,539,765, and that this was at than $208,178,035 in gross and a loss also of $75,
tended by a reduction in expenses in amount of 925,113 in net. In 1913 there was a gain in gross in
$59,114,135, the two together producing a gain in the very considerable sum of $142,521,797, but the
net in the tremendous sum of $211,653,900. In ratio, augmentation in expenses reached no less than $176,
the gain in the gross is 5.06% and the improvement 008,897, leaving an actual loss in net in amount of
in the net over 25% , the precise percentage being $33,487,100. Nevertheless, the loss in net for 1913
25.54%, as will be seen by the following table :
and 1914 combined amounts to no more than $109,
412,213,
whereas the gain in net for 1915, as we have
J a n . 1 to D e c e m b e r 31.
In cr ea se or D ecrea se.
fAQi rnn/1
101/S.
1014.
Am
m onu
iint
07
1914.
1915.
A
n t.
(481
roado
s .)\
%
seen,
reaches
$211,653,900. In the last analysis
249,081
247,936
Miles of r o a d _________ .
+ 1,145
0.46
Gross earnings........ ........ .$3,166,214,616 $3,013,674,851 + $152,539,765
5.06
the
returns
of
net
earnings may be said to have been
2,185,024,450
.
2,125,910,315
Operating expenses........ .
— 59,114.135
2.71
$828,650,401 + $211,053,900 25.54 poor and unsatisfactory, with only occasional excepNet earnings................ .$1,040,304,301
A V E R A G E Y E A R L Y PR ICES OF IRON AN D ST EE L. 1908 TO 1915.
1915. 1914. 1913. 1912. 1911. 1910. 1909. 1908.
A r ticles—
$
S
$
8
I
$
I
J
THE CHRONICLE
930
tions, for a long period preceding 1915. The year
1912 was like 1913 in having yielded a large gain in
gross earnings. Indeed, the gain in gross aggre
gated no less than $221,579,969, but $161,229,136
of this was consumed by augmented expenses, leaving
thegaininnetonly$60,350,833. Moreover, the gains
here were qualified by the circumstance that compari
son was with losses in gross and net alike in 1911. In
the gross the loss in 1911 was $30,024,816, or 1.06%.
As it was found possible to offset this in only small
degree by reductions in expenses, the greater part
of the shrinkage in gross counted as a loss in the
net. In other words, there was a decrease of only
$5,736,428 in expenses, leaving a loss in net of $24,
288,388, or 2.67% . Carrying the comparison fur
ther back, we find that in the calendar year 1910,
when the additions to gross earnings reached $239,
011,258, expenses rose in the prodigious amount of
$230,014,410, leaving, therefore, the insignificant
gain of $8,996,848 in net.
In recent years, prior to 1915, 1909 has been the
only one recording a substantial addition to the
net. But the results then were wholly exceptional.
At that time the roads were still economizing in
every conceivable way, cutting down their outlays
in all directions, and accordingly, they were able
in their returns to show very satisfactory increases
in both gross and net. The 1909 improvement,
moreover, represented to a considerable extent
merely a recovery of what had been previously
lost. The increase in gross in 1909 was $282,453,959
and in n e t' $151,040,332.
For 1908 our tables
showed very large losses in both gross and net—
$301,749,724 in the former and $53,371,196 in the
net.
But our compilations at that time were not
so nearly complete as they are now. They covered
only 199,726 miles. Careful compilations which we
then made showed that if we could have had returns
for the whole railroad mileage of the country, the
decrease in gross earnings for 1908 would have reached
no less than $345,000,000 and the loss in net earnings
about $60,000,000.
In the following we show the yearly comparisons
as to both gross and net for each year back to 1890.
For 1910 and 1909 we take the aggregates of the
monthly totals as given out by the Inter-State
Commerce Commission, but for preceding years we
give the results just as registered by our own tables
each year— a portion of the railroad mileage of the
country being always unrepresented in the totals
owing to the refusal of some of the roads at that time
to furnish monthly figures for publication.
C ross E a r n in g s .
N e t E a r n in g s .
Y ea r
Y ea r
G iv e n .
Y ea r
P r e c e d in g .
In crea se or
D ecrea se.
Y ea r
G iv e n .
Y ea r
P r e c e d in g .
In crea se or
D ecrease.
$
$
S
$
S
S
1890 995,911,844 923.921.519 + 71,990,325 325,070,666 310,533,311 + 14,537,355
1891 1068,333,463 1025,147,383 + 43,180,080 348,999,840 327,648,764 + 21,351,076
1892 1068,570,963 1013,500,678 + 55,070,285 341,021,517 334,279,273 + 6,742,244
1893 950,257,148 966.601.520 — 16,344,372 292,489,300 302,900,174 — 10,410,874
1894 930,303,005 1049,745,525 — 119,442,520 286,160,115 325,605,016 — 39,438,901
1895 976,821,976 920,006,966 + 50,815,010 308,915,881 283,227,325 + 25,688,556
1896 970,867,270 972,173,718 — 1,306,448 293,856,099 299,637,327 — 5,780,628
1897 1050,003,222 998,025,924 + 51,977,298 341,280,498 300,365,696 + 34,914,802
1898 1118,561,053 1050,691,611 + 67,869,442 364,293,656 342,385,415 + 21,908,241
1899 1209.137.161 1099,217,301 + 109,919,860 413,354,253 307,336,951 + 46,017,302
1900 1374.123.161 1265,982,763 + 108,140,398 401,790,985 432,565,578 + 29,225,407
1901 1522,309,165 1383,335,544 + 138,973,621 528,962,185 404,161,655 + 64,800,530
1902 1528,344,977 1446,397,592 + 81,947,385 489,879,407 493,045,517 — 3.166,110
1903 1733,784,055 1547,759,417 + 186,024,638 552,260,597 503,557,044 + 48,703,553
1904 1774,971,552 1766,512,970 + 8,458,582 553,586,219 557,485,916 — 3,899,697
1905 1895.473,120 1745,392,445 + 150,080,675 591,875,952 543,770,532 + 48.105,420
1906 2103,087,760 1894,008,617 + 209,019,143 665,080,905 592,176,002 + 72,904,903
1907 2287,501,605 2090,595,451 + 190,906,154 660,753,545 665,280,191 — 4,526,646
1908 2235,164,873 2536,914,597 —301,749,724 694,999,048 748,370,244 —53,371,196
1909 2605.003.302 2322,549,343 + 282,453,959 901,720,065 750,685,733 + 1510-10332
191012836,795,091 2597,783,833 + 239,011.258 909,470,059 900,473,211 + 8.996,848
1911 2805,084,723 2835,109,539 — 30,024,816 883,626,478 907,914,866 — 24,288,388
1912 3012,390,205 2790,810,236 + 221.579,909 937,968,711 877,617,878 + 00,350,833
1913 3162,451,434 3019,929,637 + 142,521,797 907,022,312 940,509,412 — 33,487,100
1914 2972.614.302 3180,792,337 — 208,178,035 828,522,941 904,448,054 — 75,925,113
1915 3160,214,616 3013,674,851 + 152,539,765 1040304301 828,650,401 + 211653900
N o t e .—Tho number of roads Included was 202 In 1890, 214 In 1891, 206 In 1892,
192 In 1893, 199 In 1894, 202 In 1895, 196 In 1896, 185 In 1897, 176 In 1898, 165 In
1899, 175 In 1900, 155 In 1901, 166 In 1902, 167 in 1903, 170 In 1904, 148 In 1905,
159 In 1906, 152 In 1907, 164 in 1908. 814 In 1909, 796 in 1910, 774 in 1911, 458 in
1912, 462 in 1913, 476 In 1914, 481 In 1915.
Neither the Mexican roads nor the coal mining operations of the anthraettte coal
roads are Included In this table.
In the case of the separate roads we have, of
course, a long list of gains in gross, most of them,
[Vql. 102.
too, of considerable magnitude. Yet there are
exceptions to the rule where, instead of increases,
we have decreases. These decreases are confined,
however, almost entirely to Southern roads, the
outbreak of the European war in 1914 having dealt
the South a blow from which it took a long time to
recover. In the net, on the other hand, gains are
the rule, even among Southern roads, owing to the
great saving in expenses effected by the policy of
retrenchment so rigidly adhered to. As a few
typical instances, we may mention that the Louis
ville & Nashville with $989,439 decrease in gross has
$2,639,222 gain in net; the Southern Railway with
$2,723,807 loss in gross has $3,670,673 gain in net;
the Atlantic Coast Line with a falling off of $2,
518,592 in gross has improved its net $862,550, and
the Seaboard Air Line with $1,139,169 decrease in
gross has only $60,332 decrease in net. As a matter
of fact, there is only one company or system which
has suffered a loss in net of any considerable magni
tude, and that is the Missouri Pacific, which reports
a decrease in net of $766,609, and that, as it happens,
is the result entirely of an augmentation in expenses,
the gross for 1915 in the case of this company having
been $402,678 better than in the preceding year.
It would be tedious to undertake to enumerate
the many large gains in both gross and net, but we
may refer, in passing, to the changes in the case of
the Pennsylvania system, inasmuch as it is the
system of largest earning power in the country.
On the Pennsylvania lines directly operated east and
west, there was an addition to gross earnings of no
less than $17,732,839, and an addition to net of
$19,899,235. Including all lines owned and con
trolled that make monthly returns to the Inter
State Commerce Commission, the gain in gross on
this system was swelled to $20,748,824 and in the
net to $23,078,624.
Speaking generally, the gains in gross on the
individual roads represent merely a recovery of what
was lost in 1914, but in the net this year’s gains in
most cases, far outstrip the previous year’s losses.
In the following we show all changes for the sep
arate roads and systems, whether increases or
decreases, both in gross and net, for amounts in
excess of $500,000.
P R IN C IP A L . C H A N G E S IN G R O S S E A R N IN G S IN 12 M O N T H S .
ITICT6CLS6S.
Tnrrt>n9t>*
Pennsylvania (3 )______ a$17,732,839 Great N orthern.............. $1,019,497
N ow Y ork Central_____ 616,775,928
Chicago & A lto n ______
1,016,176
A tch T o p & Sa Fe (4 ). .
9,917,313 Y a zoo & Miss Valloy—
986,269
953,575
Southern P acific ( 1 0 ) ..
9,243,710 l ’ hila B alt & W ash-------Baltimore & O hio-------8,105,719 Contral N ow E n gla n d -944.968
934,681
N orfolk & W estern____
7,023,083 W heeling & Lake E r io ..
880,831
6,770,497 R ock Island (2 )-----------Erie (2 ).............................
878,096
Chesapeako & Ohio____
5,597,830 Western P a cific-----------832,481
N Y Now H av & H a rtf.
5.112,825 Grand C an yon-------------813,899
Chic M ilw & St Paul___
5,018,239 M issouri Kans & Tox__
800,726
Duluth MIssabo & N o r .
4,910.360 Boston & M aine_______
769,783
Philadelphia & Reading c 3 ,496,686 Donvor & R io G r a n d o ..
721,250
M ichigan C e n tra l.____
3,075,696 Buffalo R och & P it t s ..
Clev Cin C hic & St L ._
2,998.394 T oledo St L & W estern .
693,503
Lehigh Valloy......... ........
2,993,402 Grand Trunk W estern.
615,409
Union Pacific (2 )............
2,785,619 Cin Ham & D a y to n ____
686,535
Pitts & Lake E rie............
2,598,703
M inneap St P & S S M .
2,570,712 Reprosontlng 69 roads
Delaware Lack & W e st.
2,240,752
In our com pilation___ $143,477,725
Poro M arquette_______
2,016,287
D ecreases •
Western M arylan d____
1,721,856
Central o f N ew Jersoy. .
1,709,443 Southorn R ailw ay_____
$2,723,807
2,518,592
W abash.............................
1,611,297 Atlantic Coast L ine-----1,139,169
C hic Burl & Q uincy-----1,603,487 Seaboard A ir Lino— . .
989,439
Duluth & Iron R a n g e ..
1,432,928 L ou isvillo& N a sh v illo ..
Bessemer & Lake E rie ..
1,425,671 M obile & O h io................
759,225
753,466
St Louis & San Fran (4)
1,368,381 Kansas C ity Southern. _
759,362
Elgin Joliet & Eastern. .
1,343,449 Central o f O oorgia-------630,757
N Y C ldc Sc St Louis___
1,241,411 T rinity & Brazos V a l ..
535.739
Chicago & N orth W est.
1,175,884 Illinois C entral................
Union ( P a t .-------- --------1,134,358
Northern P acific______
1,131,692 Roprosenting 9 roads In
our com pilation_____ $10,800,556
Colorado & Southn (3 ).
1,074,900
Delaware & H udson___
1,064,677
N o t e .— Figures in parenthesis aftor naino o f road indteato tho number o f
lines or companies for which separato returns aro givon In our com pilations.
a This Is the result for the Pennsylvania R R ., togothor with the Pennsyl
vania C o m p a n y and the Pittsburgh Cincinnati C hicago & S t. Louis, tho
Pennsylvania R R . reporting $9,334,804 lncroaso, tho Pennsylvania C o m
p a n y $5,959,008 gain and the P. C . C . & St. L . $2,439,027 gain.
Includ
ing all lines owned and controlled which mako m onthly roturns to tho Inter
sta te Comm orce Commission, tho result Is a gain o f $20,748,824.
b These figures cover moroly tho operations o f tho N ew Y ork Central
itself. Including tho various auxiliary and controlled roads, llko tho M ich i
gan Central, the the “ Big F our,” tho “ N ickel P la to ," & c.,
the
MAlt. 11 1916.J
THE CHRONICLE
wholo going to form tho N ow Y ork Central S y s t e m , tho result Is a gain o f
$27,360,955.
c These figures are for the Railroad C om pany and d o not include tho
operations o f the Coal & Iron C om pany.
P R IN C IP A L C H A N G E S IN N E T E A R N IN G S IN 12 M O N T H S .
I n crca scs.
In crea ses.
N ow Y ork C entral_____ 6$21,087,601 Dolawaro & H udson___ $1,441,312
Pennsylvania (3 )______ al9,89 9 ,2 3 5 Central o f N ow J e rs o y ..
1,394,114
Baltimore & O hio-------9,587,011 Union (P a )____________
1,324,723
Erlo (2 ).................
8,890,390 Contral N ow E ngland.1,318,897
Southern Pacific (1 0 )-8,382,271 St Louis Southw (2 )___
1,314,981
N Y N ew H av & H a rtf.
7,158,071 W estern P acific_______
1,262.628
N orfolk & W estern-----5,761,611 N Y C hic & St L o u i s ...
1,231,939
Great N orthern-----------5,136,672 Cin Ham & D a y ton ____
1,171,112
Pore M arquette_______
5,108,550 C hicago & A lton ______
1,160.364
Chicago Milw & St Paul
4,959,794 Phila B alt & W ash____
1,105,389
N orthorn Pacific---------4,898,414 Grand Trunk & Wost__
1,804,426
A tch T op & Sa Fo (4 ). .
4,820,802 D etroit T ol & Iro n to n -.
915,654
Philadelphia & Reading
4,472,818 R ock Island (2 )_______
898,803
Duluth Mlssabo & N o . .
4,433,569 Y azoo & Miss Valley___
895,974
Clove Cin C hic & St L ._
4,424,993 A tlantic Coast Lino____
862,550
3,965,590 San I’ eil Los Ang & S L .
Pitts & Lako Erio______
808,258
3,838,715 Grand C anyon------------Chesapeake & O hio____
717.405
714,141
Boston & M aino..............
3,750.935 Chic Ind & Louisv-------687,353
Southern R ailw ay_____
3,670,673 Colorado Sc So (3 )_____
637,870
Chicago & N orth W est3,177,826 Central o f Georgia-------St Louis & San Fran (4)
3,152,646 M obile A O hio------------612,861
596,149
Chicago Burl & Q u in cy.
2,845,540 B uff R och & P itts..........
M inn St P & S S M o . . .
2,810,150 Lake Erio & W estern___
577,787
557.411
Louisvillo& N ashville-2,639,222 D etroit Gr H av & M ilw
M ichigan Central_____
2,529,694 V andalia_______________
556,920
Western M arylan d____
2,450,001 W heoling & Lake E r io ..
545,613
Dolawaro Lack & W est.
2,340,830 M innoap & St Louis___
536.577
Union Pacific (3 )............
2,286,565 H ocking V alloy_______
521,649
W abash..............
1,895,773 Alabama Groat S outhn.
510,122
Denver & R io G rande. 1,837,640
Bessemer & L a k o E r io ..
1,712,295 Representing 87 roads
Lehigh Valloy..................
1.709,576
In our c o m p ila tio n ..$194,663,733
D n rrp nsn
Elgin Joliet & Eastern. .
1,591,837
D uluth & Iron R a n g o ..
1,473,431 M issouri P a cific_______
$766,609
a This is tho result for tho Pennsylvania R R ., togothor w ith tho Pennsyl
vania C o m p a n y and tho Pittsburgh Cincinnati Chicago & St. Louis, tho
Pennsylvania ItR . reporting 811,156,967 increase, tho Pennsylvania C o m
p a n y $6,708,191 gain and the P. C . C . & St. L . $2,034,077 gain.
Including
all linos owned and controlled which make m onthly returns to tho Inter
sta te Com m orco Commission, tho result is a gain o f 823.078.624.
b These figures merely cov er tho operations o f tho N ew Y ork Central
Itself. Including the various auxiliary and controlled roads, Iiko tho
M ichigan Central, tho "B ig F our.” tho "N ickol P la te,” & c., tho wholo
going to form tho N ew Y ork Central S y s t e m , the result is a gain o f $34,
576,397.
It is needless to say that when the roads are
arranged in groups or geographical divisions every
division shows an increase in gross and net alike.
This is the reverse of the situation in the previous
year when every group recorded a falling off in both
gross and net. Our summary by groups is as fol
lows :
S e c tio n o r C r o u p —
SUMMARY BY GROUPS.
------------------------ C ro ss E a r n ln g s -
1 to D e c . 31—
Group 1 (18 roads), New England
Group 2 (87 roads), East. & Mid
Group 3 (03 roads). Mid. W est..
Groups 4 A 5 (90 rds.). Southern.
Groups 0 & 7 (77 rds.), Northw't.
Groups 8 & 9 (95 rds.), Southw’t.
Group 10 (45 roads), Pao. CoastJan.
1915.
$
140,144,938
804,001,485
374,055,475
394,844,887
090,578,590
494,120,401
190,408,840
1914.
S
140.340.070
803.744.070
343,241,025
391,940,304
072,015,843
478,213,547
184,100,780
In crea se (+ ) or
D e c r e a s e (—).
S
%
+ 5,798,802 4.13
+ 00,250,815 7.50
+ 30,813,850 8.99
+ 2,.898,583 0.74
+24,562,747 3,05
+ 15,900,854 3.33
+ 12,302,054 6.07
Total (481 roads)___________ .3,166,214,010 3,013,074,851 + 152,539,765 5.00
------ M i l e a g e ----—N e t E a rn in g s1915.
1915.
1914.
1914.
I n c . ( + ) o r D e c . (— )
S
S
S
%
46,017,182
7,830
Group No. 1
7,831
33,824,828 + 12,192,354 36.05
Group No. 2
29,270 29.173 280,207,724 208,597,941 + 71,609,783 34.43
112,155,012
71,418,048 + 40,736,304 57.04
Group No. 3 - . - 23,000 23,704
124,709,759
102,485,751 + 22.224,008 21.68
G r'p sN os.4 A 5 42,280 41,900
Gr’ ps Nos. 0 & 7 08,701 68,545 253,508,399 217,430,473 +36,131,926 16.02
147,229,384 129,427,097 + 17,801,087 13.70
Gr’ ps Nos. 8 & 9 58,463 58.173
Group No. 10-. 18,810 18,551
70,416,841
65,459,003 + 10,957,778 16.74
Total............ 249,081 247,930 1,040,304,301
828,650,401 +211,653,900 25.54
N OTE .— C r o u p I . Includes all of tho New England States.
C r o u p I I . Includes ail of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Dciawaro and Maryland, and
tho extreino northern portion of West Virginia.
C r o u p I I I . Includes all of Ohio and Indiana; all of Michigan except tho northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
G r o u p s I V . a n d V . combined lncludo tho Southern States south of tho Ohio and
east of tho Mississippi River.
G r o u p s V I . a n d V I I . combined include tho northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; ail of South Dakota and North Dakota
and Missouri north or bt. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a lino parallel to tho State lino
passing through Denver.
C r o u p s V I I I . a n d I X . combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis an<l Kansas City; Colorado south
?f D ®®V®L t!l° wholo of loxas and tho bulk of Louisiana; and that portion of
Now Mexico north of a line running from tho northwest corner of tho Stato through
Santa Fo and east of a lino running from Santa Fe to El Paso.
C r o u p X . Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and tho western part of New Mexico.
We now insert our detailed statement for the last
two calendar years classified in groups in the same
way as above and giving the figures for each road
separately :
EARNINGS OF UNITED STATES RAILWAYS JAN, 1 TO DEC. 31.
—--------- Gro S3 ----------------- N e t -----1914.
1915.
1915.
C rou p I .
1914.
I n c . or D ec.
$
S
$
N e w E n g la n d —
s
$
1,681,560
Atlntlc & St Lawr.. 1,610,013
267,572
— 87,544
355,110
3,729,118
3,748,078
Bangor A Aroostook
1,449,819
+ 174,748
1,275,071
Boston f t Maino__ 47,703,919 40,903,193 12,985,174
9,234,239 + 3,750,935
1,324,522
Can Pac lines in Mo. 1,418,821
312,227
+ 248,415
03,812
3,989,121
Central Vermont__ 3,990,179
997,963
+ 337,064
060,899
120,799
120,821
31,111
Grafton St U pton..
— 14,147
45,258
100,244
Hoosac Tun A wilin
97,782
30,991
18,313
+ 12,678
Maine Central........ 11,425,135 11,692,712
3,453,857
3,248,410
+ 205,441
290,845
277,702
Montpelier* WellsR
50,219
04,130
— 7,911
70,100,584
04,993,759
24,735,729
N Y N II & Ilartf. .
17,577,658 + 7,158,071
190,959
193,050
def 1,100
Newport A Richford
def51,614
+ 50,454
236,954
228,730
117,535
Portland Terminal.
118,990
— 1,401
3,526,094
3,549,592
1,077,481
799,119
+ 278,302
341,449
330,490
37,807
St Johnsbury & LCh
20,007
+ 11,200
171,000
182,290
55,082
Sandy Itlv & It Lako
42.478
+ 12,004
522,563
537,839
189,872
Sullivan County__
149,941
+ 39,931
135,774
33,545
134,157
Union Freight____
35,349
— 1,804
489,404
186,298
483,078
VcrmontValicy___
100,980
+ 25,318
l Total (18 roads .146,144,938 140,346,076
46,017,182
33,824.828 + 12.192,354
Croup II.
E a s l& M id d le —
931
1915.
S
----- N e t -----1914.
1914.
1915.
S
$
S
92,611,946 33,065,064 23,478,053
42,837
1,012
def24,826
83,596
28,052
23,105
1,446,196
159,494
323,465
345,545
def26,069
def33,425
9,678,782
2,273,667
2,869,816
. 280,505
75,634
77,826
3,699,143
2,258,376
939,479
67,457
110,149
2,904
147,065
50,094
61,151
113,532
28,845
23,125
836,278
92,527
117,235
128,042
17.040
13,114
22,668,688 8,969,571
7,528,259
42,545,979 17,029,784 14,688,954
173,241
def2,760
def 1,854
74,070
def42,430
def54,716
308,705
195,978
158,281
144,292
15,462
defl2,373
54,075,958 20,751,011 13,516,062
I n c . or D e c.
S
Baltimore & Ohio.-lOO,717,665
+ 9,587,011
Benwood & Wheel'g
61,480
+ 25,838
BloomsbA Sullivan.
75,309
— 4,947
1,532,862
Buff & Susq R R ___
+ 163,971
Buff St Susq R y ___
247,580
+ 7,356
Buff Roch &Plttsb. 10,400,032
+ 596,149
Cambria & Indiana.
289,582
+ 2,1 9 2
Cent New England. 4,644,111
+ 1.318,897
Connecting Term’l .
185,970
+ 107,245
Cornwall_________
134,921
— 11,057
Couderspt A Pt All.
120,967
+ 5,720
Cumberl'd & Penn.
804,003
— 24,708
Delaware & North.
125,473
+ 3,926
Delaware & Hudson 23,733,365
+ 1,441,312
Del Lack & Western 44,786,731
+ 2,340,830
172,602
Sussex........ .........
— 906
Dorora Southern.. .
103,596
+ 12,286
E BrTopRRACoal.
333.835
+ 37,697
E Jers RR & Term.
190,947
+ 27,835
Erie........ ................ 59,510,035
+ 7,234,949
Chicago & Erio— SeeGroupIII.
Fonds Johns & Glov
886,369
927,096
427,848
428,107
— 259
Genesee & Wyoming
229,438
189,570
135,161
98,148
+ 37,013
Greenwich & Johns.
117.367
111,550
60,634
58,580
+ 2,054
Hoboken Mfrs____
148,791
135,850
12,622
9,641
+ 2,981
Hunt* Brd Top M t
597,633
552,958
276,272
243,647
+ 32,625
Ironton....................
307,725
244.051
189,431
135,896
+ 53,5 3 5
L E Frank &CIar__
141,103
138,331
55,044
52,502
+ 2 ,5 4 2
L Champlain & Mor
167,483
147,482
65,945
44,595
+ 21,350
Lehigh & Hud River 2,006,429
1,757,895
795,859
+ 235,076
560,783
Lehigh & New Eng. 3,074,265
2,659,731
1,466,875
+ 259,025
1,207,850
Lehigh Valley........ 44,650.152 41,656,750 13,507,055 11.797,479 +1,709,576
Llgonier Valley___
238,568
228,098
131,493
68,830
+62,663
Maryland & Pcnna.
480,083
524,080
129,268
134,029
— 4,761
McKeesport Connec
263,842
207,923
41,733
def22,927
+ 64,660
Monongahela Conn.
952,968
800,569
179,775
122,189
+ 57,586
Montour................
582,148
309,395
def86,401 def292,699
+206,298
Morgant’n & Kingw
332,928
350,244
53,871
48,301
+ 5,570
Morristown & Erie.
116,300
97,845
52,305
23,077
+ 29,228
New Jersey & N Y .
861,697
841,547
253,524
214,923
+ 38,601
N Y & Pennsylvania
97,157
100,962
5,788
8,069
— 2,281
New York Central. 184,930,48 1*168,164,552 64,051,027 *42,963,426 + 21,087,601
St Lawr & Adlron
677,716
689,790
195,528
188,093
+7,435
For Lines West of Buffalo see Group III.
N Y Ont & Western
8,779,753 9,177,716
2,566,463
2,371,468
+194,995
N Y Susq & W est..
3,359,987 3,112,201
1,188,606
951,274
+237,332
NorthamptonABath
157,292
139,019
1,668
defl5,676
+17,344
Nonvood St St Lawr
73,682
80,173
28,092
25,724
+2,368
Pennsylvania— Lines Eastijof Pitts & Erie—
Pennsylvania ft«..o l9 6 ,628,170al87,293,366 053,891,609 042,734,642 + 11,156,967
B a lt* Sparr Pt._
78,381
98,759
14,565
40,491
— 25,926
Bait Ches & Atlan
1,154,423 1,250,246
53,253
146,377
— 93,124
Cornwall* Leban
360,967
300,299
111.617
42,088
+69,529
Cumberland Vail.
3,079,429 3,227,052
1,199,830
1,025,547
+174,283
Long Island........ 13,553,781 13,220,334
4,426,860
4,104,557
+322,303
Maryl’d Del & Va
904,156
949,286
54,898
101,700
— 46,802
1,158,898
Monongahela___ 1,475,340
783,667
595,696
+187,971
N Y Phila & Norf
4,154,984 3,743,271
1,013,785
728,390
+285,395
Penn Term— See Groups IV & V.
Phila Balt* Wash 21,311,138 20,357,563
4,864,915
3,759,526 +1,105,389
Susq Blooms&Bcr
222,991
118,293
97,564
2,685
+94,879
Union R R of Balt
1,620,021 1,569,782
1,340,622
1,293,083
+47,539
Wayncsb & Wash
114,926
128,281
8,944
19,327
— 10,383
W Jer A Seashore
6,942,485 6,472,600
1,500,799
1.295,038
+211,761
ForLines West of Pitts & Erie seeGroup III.
Pitts Alleg& M cKR
116,861
97,374
def3,445
def20,722
+17,277
Pitts Shaw & North 2,078,115
1,934,582
622,362
339,759
+282,603
Potato Creek______
266,672
214,684
26,977
1,224
+25,753
Reading Company—
Atlantic City___ 2,350,210
2,386,30!
444,464
+ 23,074
421,390
Catasau & Fogels
225,276
186,584
107,084
+ 43,542
63,542
Cent RR of N J - . 30,568,904 28,859,401 10,714,613
9,320.509 + 1,394,114
Chester* Del Rlv
284,727
192,043
181,061
86,722
+ 94,339
Gettysb & Harris.
231,484
221,571
61,636
36,426
+ 25,210
Northeast’n Penn
124.483
131,589
dcf701
dcfl0,313
+ 9,612
673,927
Perkiomen...........
614,692
359,388
308,712
+ 50,670
Phila A Reading. 50,746,960 47,250,274 19,172,986 14,700,168 + 4,472,818
Phila Newt* N Y
169,072
170,510
8,540
defl4,372
+ 22,912
Port Reading___
1,691,308
1,564,108
925,297
724,629
+ 200,668
Reading & Colurn
383,360
374,997
73,178
+ 37,449
35,729
Raritan River____
354,641
230,125
191,818
+ 94,200
97,618
Reyn & Falls Creek
81,293
63,899
30,061
+ 12,676
17,385
St Clair Terminal..
256,247
165,307
128,732
+ 94,959
33,773
South Buffalo____
657,703
469,130
195,348
97,650
+ 97,698
Staten Island........ ..
379,146
367,009
51,879
72,735
+ 20,850
Staten Island It T . 1,205,806
1,203,472
646,211
537,350
+ 8,855
Susquehanna & N Y
255,733
244,759
34,801
13,995
+ 20,806
Ulster & Delaware. 1,028,548
1,048,946
209,865
186,986
+ 22,879
Union RR Co, Penn 4,617,978
3,483,620
1,323,341
def 1,382 + 1,324,723
West Side Belt___
473,386
488,766
241,565
+ 41,194
200,371
Western Maryland- 9,888,600
8,166,744
3,235,242
785,241 + 2,450,001
Wilkes Barre & East
747,048
779,892
306,791
+10,306
296,485
Williamsp & No Bch
140,383
138,965
35,484.
— 951
36,435
Total (87 roads).864,001,485 803,744,670 280.207,724 208,597,941+71,609,783
* No comparison made In report to Inter-State Commerce Commission. Com
parative figures here shown are the combined results of the N. Y . Central, the Lake
Shore & Mich. Southern, the Chic. Ind. & 8ou. and the Dunkirk Allegheny Valley &
Pittsburgh, all of which are now merged In the present New York Central R R.
a Includes Northern Central.
-C ro ss-
1915.
$
Akron Canton & Y .
200,555
Allqulppa & South.
247,012
Ann Arbor.............. 2,434,186
Bessemer & LakoE.
9,870,393
Boyno City G A A l.
236,162
Chicago A Erie___ 6,926,684
Chic Det A Can G T
1,003,491
Chic Ind A Louisv.
6,977,061
Chicago River A Ind
400,206
Cldc Terre II A 8 . .
2,203,876
Cine Georget'n A P .
183,354
Cine Ham A D a y .. 10,422,568
Cin Sag A M a ck ...
255,033
Dayton A Union__
143,690
Delray Connecting.
124,004
Detroit A Mackinac
1,087.105
DetA Tol Sh L ine..
1,519,678
Dot Gr Hav A Milw
2,917,320
Detroit Terminal..
502,236
Det Tol A Ironton.
1,811,511
Grand Trunk West7,816,169
Hocking Valley___ 6,441,443
Kal Lako Sh A Ch.
130,519
Kanawha A M ich ..
3,139,103
Kanawha* W V a ..
136.060
504,075
Lako Terminal___
Lakeside A Marbleh
146,195
Lorain* West V a ..
270,713
Manistee A N East.
465,308
Marietta Col A Clov
98,587
Michigan Air Line.
218,765
New York Central— See Group II.
Chic Kal A Sag..
201,882
C rou p i n .
M id d le W es t—
Cine Northern___
1,628,040
1914.
$
139,672
210,621
2,247,450
8,450.722
262,260
5,584,264
961,484
6,667,026
365,812
2,185,537
183,255
9,836,033
258,941
138,180
104,086
1,149,328
1,476,713
2,575,208
405.504
1,723,043
7,200,760
6,278,196
151,638
2,944,182
147,489
398,143
121,945
289,783
527,160
102,284
218,981
193.470
1,471,472
Cl Cin Ch A StL* 38,364,085 35,365.691
Det A Charlevoix
69,099
85,616
Ind Harbor Belt—See Groups VI A VII.
— N e t—
1915.
1914.
I n c . or D ec.
$
5
$
108,618
51,030
+57,588
66,642
39,771
+ 26,871
703.489
001,883
+ 161,600
4,821,235
3,108,940 + 1,712,295
88,786
93,173
— 4,387
2,269,024
613.583 + 1,655,441
282,521
97,478
+ 185,043
2,284,946
1,570,805
+ 714,141
146,869
128,970
+ 17.893
708,492
479,855
+ 228,637
35,964
— 7,224
43,188
1,647,333
476,221 + 11,171,112
def46,997
def78,469
+ 31,472
21,331
58
+ 21,273
def 10,198
def48,772
+ 38,574
314,106
319,739
— 5,633
798,635
715,539
+ 83,096
761.023
+ 557,411
203.012
284,275
197,680
+ 86,595
399,460 def516,194
+ 915,654
2,121.391
1,036,965 + 1,084,420
2,368,581
1,846,932
+ 521,649
30,495
42,462
— 11,967
1,078,484
+258,230
820,248
19,354
23,200
— 3,846
78,444
def26,218
+ 104,662
70,075
15,153
+ 54,922
199,029
206,131
— 7,102
87,769
105,187
— 17,418
18,264
13,765
+ 4,499
def51,945 def 95,971
+ 44,026
86,127
417,931
10.835,716
def6,923
+ 19,642
66,485
+ 164,244
253,687
6,410,723 + 4,424,993
def13,393
+ 6.470
-G ro ss-
-N e l-
VdH .
In c . or D ec.
1915.
1915.
1914.
S
S
$
New York Cen— C o n
8
S
1,148,914
+577,787
1,726,701
Lake Erie A West 0,239,646
5,602.771
8,283.484 +2,529,694
Michigan Central 36,540,664 33,464,968 10,813,178
1,982,315 +1,231,939
3,214,254
N Y C h i c A S t L . 12,536,380 11,294,969
St Law A Adirond— Seo Group II.
5,240,162 +3,965,590
9,211,752
Pitts & Lake Erie 18,190,067 15,597,364
903,122
+209.434
1,112,556
4,930,624
Toledo & Ohio C - 4,722,351
+ 52,883
340,260 def62,895 def 115,778
Zanesville A West
316,612
+ 157,242
73,341
.
230,583
525,156
Newburgh & South .
731,711
+ 158
2,458
2,616
218,684
Ohio River A W est.
208,323
Pennsylvania— Lines West of Pitts & Erie—
+
15,989
def23,388
def7,399
Central Indiana.
208,574
203,715
+ 21,410
110,055
137,471
541,654
Cine Leb& N or..
080,858
+ 104,221
1,180,774
1,344,995
5,387,880
Grand Rap A Ind 5,330,927
Pennsylvania Co. 60,857,678 54,898,670 19,759,899 13,051,708 +6,708,191
116,395
+105,730
222,125
319,160
Pitts Char & You
419,944
9,143,980 +2,034,077
Pitts CIn ChAStL 41,445,690 39,006,663 11,178,057
Tol Peor & West— Seo Groups VI A VII.
2,722,112
2,165,192
+556,920
Vandalia.............. 11,426,271 10,946,594
Waynesb & Wash— Seo Group II.
401,105 +5,108,550
5,509,655
Pero Marquette___ 19,207,919 17,191,632
+ 53,448
defl7,120
36,328
277.382
Pontiac Oxf & N or.
290,282
— 265
17,311
17,046
110,450
Pullman R R ______
99,516
— 51,130
228,596
177,466
345,067
St Clair Tunnel C o.
332,811
+
20,088
46,206
66,294
207,677
TIonesta Valley-----219,874
+ 29,055
def98,635
def69,580
178,356
Tol Sag A M u sk ...
180,193
+ 287,535
1,216,623
1,504,158
4,445,219
Toledo St L A West 5,138,722
+
166,140
70,799
236,939
416,999
Toledo Terminal__
478,029
5,412,157 + 1,895,773
7,307,930
Wabash .................. 30,684,319 29,073,022
+ 30,490
154,991
185,481
804,815
Wabash-Pltts Term
843,976
+21,415
24,238
45,653
182.382
Western Allegheny.
241,844
+ 545,613
1,754,613
2,300,226
6,029,199
Wheel & Lake Erie. 6,963,880
+ 3,487
129,578
133,065
278,338
Youngst & Ohio Rlv
289,040
Total (63 roads .374,055,475 343,241,625 112,155,012
71,418,648 + 40,736,364
* Includes Peoria A Eastern.
— N e t ----•G ross ■
I n c . or D ec.
1914.
1915.
1914.
1915.
S
S
S
S
S
+ 73,284
208,915
282,199
1,668
156
1,536,818
Ala & Vicksburg—
+ 10,886
140,582
151.468
398,838
483,246
Ala Tenn A North.
— 3,880
36,608
32,728
178,244
148,215
Appalachlcola N or.
+ 11,800
28,935
40,735
145,572
152,090
Ashland Coal Alron
— 901
52,700
51,799
195,791
191,754
Atl A St And B a y ..
249,943
+ 90,678
340,621
1,235,729
Atlanta A West Pt. 1,252,124
+
38,457
408,537
446,994
2,945,029
Atl Blrm A Atlantic 2,852,043
+ 802,550
8.961,230
9,823,786
Atlantic Coast Line 31,936,963 34,455,555
— 25,598
42,845
17,247
109,868
Birmingham A N W
109,156
+ 13,115
32,208
45,323
105,325
Birmingham A S E .
105,183
+ 6,521
181,020
187,541
976,069
Birmingham South.
800,711
—
10,663
119,479
108,810
451,988
Carolina A N W .. 425,774
+ 68,308
1,096,505
1,164,813
2,220,379
Caro Clinch A Ohio 2,376,361
— 3,400
68,929
65,529
138,238
Car Cl A O of S C . .
138,711
+ 637,870
2,961,814
3,599,684
Central of Georgia. 12,254,154 13,004,516
+ 368
74,454
74,822
174,595
Cent W V a A S o u ..
169,249
+ 158,536
383,933
542.469
1,919,179
Chariest A W Caro. 1,778,345
+ 4,855
47,157
52,012
264,183
Charleston Term Co
212,831
— 1,617
dcf28,317
dcf29,934
419,830
Char liar A North.
301,757
+ 16,787
42,973
59,760
99,432
Chattahoochee Vail
123,273
ChesA Ohio............ 43,580,841 37,983,011 14.582,215 10,743,500 +3,838,715
-11,455
13,771
2,316
101,290
Chesapeake Beach.
103,975
— 36,994
81,256
44,262
225,293
Chic Memphis A G .
184,967
+ 450,977
2,589,423
3,040,400
Cln N O A Tex Pac. 9,853,973 10,222,634
+ 82,156
161,010
243,166
977,140
Coal A Coko........... 1,016,214
— 27,276
81.023
53,747
318,558
Col Newb ALaurens
282,904
+ 7,067
146,605
153,672
315.009
Durham A Southern
314,384
— 2,940
def 8.101
def 11,041
48,733
Eastern Kentucky.
42,499
+ 4,887
90,457
95,344
202,036
E TennA W N o Car
208,181
+ 8,850
43,888
52,738
165,336
Fernwood A G u lf. .
175,567
+
336,852
1,935,055
2,271,907
5.443,175
Florida East Coast. 5,933,192
+ 4,321
11,016
15.337
90,406
Frankfort A C ine..
84,971
+ 14,555
36,291
50,846
178,833
Calnesvlllo Midland
185,165
—
70,760
56,407
def
14,353
778,083
Ceorgla A Florida..
675,892
+ 86,425
683,193
669,618
3,080,683
Georgia ................ - 2,857,548
+ 55,093
59,403
114,496
538,119
Georgia Fla A A la ..
503,885
+ 9,664
75,241
84.905
223,636
Georgia Northern..
210,087
— 5,132
37,503
32,371
114,308
Georgia S W A Gulf
97,268
+ 217,738
486,460
704,198
I,
758,920
Gulf A Ship Island. 1,775,207
— 5,705
39,016
33,311
97,340
Harrlman A N East
98,518
— 3,311
23,681
20,370
162,028
Hawkinsv A FlaSoil
124,206
+ 8,554
def26,268
defl7,714
125,200
Interstate.............. 153.928
—6
35,227
35,221
90,988
Kan Glen Jean A K
84,928
+ 18,891
68,123
87,014
154,023
Kentucky A T enn ..
151,367
—
10,236
67,282
51,046
202,180
Kentwood A E ast..
164,667
+ 26,643
3,012
29,655
101,279
Lancaster A Chester
95,501
+ 48,158
46,100
94,258
165,147
Live Oak Perry A G
204,750
— 7,014
26.147
19,133
121,603
Louisiana Southern
105,734
+2,639,222
Louisville A Nashv. 54,026,982 55,016,421 15,464,162 12,824,940
343,213
—
10,321
332,892
1,402,484
Loulsv Hcnd A St L 1,447,835
— 26,001
,304
def20,697
150,804
Macon A Blrm’ham
128,247
+ 57,333
88,949
146,282
478,624
Macon Dublin A S .
470,859
— 20,973
300,'49
279,176
863,059
Mississippi Central773,452
+ 245,076
2,287,642
2,532,718
973,871
Nashv Chatt A St L 11,539,844 II,
+ 12,110
15,768
27,878
110,463
Natchez Col A M . .
96,379
+ 213,059
815,776
1,028,835
3,700,435
New Orl North East 3,606,882
— 50,055
029,140
579,085
1,711,886
New Orl Great N or. 1,658,477
+ 4,169
533,069
537,238
1,970,881
New Orl Mob A Ch. 1,841,291
+ 5,90!
det8,428
def2,527
112,380
N O Natalb A N at.
83,649
+ 8,345
50,918
59,263
217,593
• Norf A Ports Belt L
237,624
*950,200
+
163,888
*1,114,088
Norfolk Southern.. *4,135,348 *4,128,811
+5,761,611
Norfolk A Western- 49,654,907 42,631,824 19,965,832 14.204,221
+ 3,705
34,487
38,192
128,823
N W A Sou Caro—
113,963
+ 4,412
26,051
30,463
105,477
Ocilla Southern___
119,267
+ 14,812
189,194
204,006
487,350
Pennsylvania Term
491,815
+
130,100
1,044,727
1,180,833
2,954,014
RIchm Fred A Poto 2,981,947
+ 60,220
35,697
95,917
198,216
Sandy Vail A Elkh.
265,432
— 44,222
2,797
def41,425
201,981
Savannah A N W ..
172,409
— 60,332
Seaboard Air Lino..022,678,194 a ‘23,817,363 « 7 ,183.500 a7,24.3,832
— 31,783
75,887
44,104
224,331
184,109
South Georgia____
+3,670,673
Southern R y _____ 63,810,726 00,534,533 19,470,662 15,799,989
958,538
+510.122
1,468,660
5,020,593
Ala Great South. 5.041,466
+ 6,601
34,230
40,831
160,606
Augusta South .
174,387
+ 19,860
40,110
59.976
184,355
Blue Ridge..........
189,444
+
26,206
127,801
154,067
342,430
Danville A West- • 350,713
+ 70,840
420,448
491,288
2,441,791
Georgia So A Fla. 2,236,416
+ 612,861
2,587,335
3,200,196
Mobile A Ohio.. . 11,197,362 11,956,587
+ 56,622
171,016
227,638
559,803
584,516
North'n Alabama
— 50,315
182,199
131,884
1,162,727
999,169
Sou Ry In M iss..
— 13,376
18,319
4,943
130,908
111,733
Tallulah Falls—
— 44,629
541,972
497,343
I,
922,515
Virginia A S W .. 1,813,162
+ 2,150
105
2,255
71,231
26,123
Standard A Heman
— 23,773
21,659
dcf2,114
139,022
106,814
Tampa Northern.— 17,154
def 16,208
def33,362
80,444
74,733
Tenn Ala A Georgia
+ 778
278,657
279,435
1,585,570
Tennessee Central- 1,530,540
— 2,668
69,981
67,313
122,246
132,329
Tenn A North Caro
— 12,655
18,489
5,834
110,204
94,447
Union Ry (Memphis)
+ 7,922
41,898
49,820
106,852
114,392
Virginia A Caro Sou
+ 33,448
42,431
75,879
98,956
173,657
Virginia Carolina..
+ 280,649
2,486,780
2,767,429
5,998,836
6,252,014
Virginian ............ .
— 5,707
def2,314
def 8,021
106,097
95,865
Wadley Southern..
+ 118,390
353,680
472,070
1,279,812
Washington South. 1,356,306
+ 39,678
233,924
273,602
1,352,195
1,280,619
Western Ry of Ala.
+ 12,513
60,405
72,918
115,622
124,494
WlU’son A Pond Cr
— 23,436
208,080
184,644
514,468
472,705
Wins Sal Southbo'd
—
14,521
71,783
57,262
305,567
275,373
Wrlghtsv A Tennillo
+ 895,974
3,424,668
4,320,642
851,124
Yazoo A Miss Vail. 12,837,393 I I ,
G roups I V . A V .
S ou th ern —
[Vol . 102.
THE CHRONICLE
932
-N e tG r o u p s V I . ct- V I I .
N o rth w est —
1915.
S
107,785
1,608,528
2,907,472
120.478
14,852,314
15,204,746
256,676
170,313
83,754,445
173,603
93,589,722
844,225
14,119,321
2,122,826
397,019
97,048,052
1914.
$
122,266
1,529,046
3,237,926
121,188
13,836,138
14,735,526
205,935
149,448
82,578,561
253,844
91,986,235
865.942
14,152,865
1,936,514
376,332
92,029,813
1915.
S
34.105
Ahnapce A Western
502,594
B A O Ch Ter Trans
1,157,098
Belt Ry of Chicago.
52,632
Big Fork A Int Falls
3,553,625
Chicago A Alton__
2,852,426
Chic A East Illinois
66,658
Chic A 111 Midland44,320
Chic A Illinois West
26,691,871
Chic A North West571
Chic A Western Ind
33,462,645
Chic Burl A Quincy
51,871
Quincy Om A KC
3,662,564
Chicago Great West
426,955
Chicago Junction . .
66.756
Chic Mtlw A Gary.
34,876,519
Chic Milw A St P-\
Chic Milw APSJ
210,190
1,675,867
Chic Peoria A St L . 1,609,188
5,944,230
Ch St P Minn A Om 18,200,613 18,035,276
10,079
129,417
Chicago Short Line.
81,244
82,264
204,669
Chic W PullmanASo
236,726
326,934
601,643
Copper Range____
811,385
dell3,923
86,027
Dav R I A Northw.
93,779
3,908
106,389
Denv LaramleAN W
124,709
80,136
18,537
Des Moines Union.
99,827
3,064,985
4,534,003
Dui A Iron Range.. 5,966,931
33,175
234,184
Duluth A Northeast
137,494
37,565
325,105
Duluth A No Minn
297,292
6,008,528
4,999,182
Dul MIssabo A N or. 9,909,548
823,508
3,110,363
Duluth So Sh A Atl 3,207,796
473,401
1,457,542
Dul Winnipeg A Pac 1,329,905
165,086
478,635
E St Louis Connect.
448,369
4,639,028
9,206,664
Elgin Joliet A East. 10,550,113
96,710
344,005
Escanaba A L Super
278,635
23.756
82,192
Farm Grain A Ship.
94,372
27,314
112,813
112,765
Gallatin Valley___
Great Northern___ 72,211,326 71,191,829 34,453,361
87,909
260,773
Great Western____
230,363
242.481
776,330
Green Bay A West.
780,423
def
5,399
97,085
Hannibal Conncct'g
77,078
Illinois Central------ 63.804,082 64,339,821 14,784,140
139,959
329,211
Illinois Northern__
351,646
160,057
537,925
Illinois Southern—
609,385
78.105
295,817
Illinois Term R R ..
326,290
1,226,244
3,329,172
Indiana HarborBelt 3,458,052
82,810
221,638
215,175
Kewaunee Gr B AW
239,068
350,922
625,562
Lako Sup A Ishpem
77,325
208,967
219,717
Litchfield A Madis.
22,540
135,120
124,003
Malnstiquo A L Sup
15,508
80,032
73,675
Manufact'rs’ Junc..
38,183
93,224
99,478
Mlneral Pt A North
305,689
738,652
Mineral R ange------ 1,001,552
def22.120
160,298
104 330
Mlnneap A Rainy R
3,408,249
9,912,891
Mlnneap A St L ..\ 10,319,210
Iowa Central
M i n n S t P A S S M l 30,861,366 28,290,654 12,753,134
Wisconsin Cent./
265,744
879,597
801,728
Minnesota A Intern
94,203
174,595
195,704
Mont Wyom A Sou
142,938
476,887
619,574
Munis Marq A S E .
47,802
127,149
149,883
Muscatine No A So
Northern Pacific__ 66,992,430 65,860,738 30,892,224
182,899
931,558
Peoria A Pekin Un.
900,290
42,876
211,115
238,338
Peoria Ry Term Co
def.38,017
299,133
306,226.
Pierre Rap Cy ANW
90,739
215,581
229,557
R y Trans of Mlnnca
81,198
271,085
246,193
Rock Island South.
20,692
230,339
246,114
St Louis A Hannibal
117,759
186,096
214,014
St Louis A O'Fallon
114,604
281,147
298,518
St L Troy A Eastern
103,147
208,951
264,841
St Paul Bdgo A Ter
131,988
333,847
365,511
South Dakota Cent
13,115
105,160
111,483
Stan Merr A Phillips
74,141
1,212,843
Toledo Peoria A W . 1,182,995
Union Pacific_____ 54,175,281 51,945,646 22,737,110
Oregon Short Line—Seo Group X .
Ore Wash RR A Nav— Seo Group X .
350,594
St Jos A Gr Isl’d . 1,549,177
1,593,085
144,058
Un Stk Yard, O m ..
519,568
489.634
15,741
Wabash Chest A W
115,797
121,011
21,018
Wisconsin A M ich ..
128,728
130,677
156,427
Wyoming A Northw
504,201
415,516 __________
van
s
In c. or D ec.
52,389
338,909
1,483,269
45,048
2,393,261
3,109,393
42,220
11,856
23,514,045
50,278
30,617,105
53,836
3,448,167
404,094
dcfl0,790
29,916,725
— 18,284
+163,685
— 326,171
+ 7,584
+1,160,364
— 256,967
+24,438
+32,464
+3,177,826
— 49,707
+2,845,540
— 1,965
+214,397
+22,861
+77,552
+4,959,794
141,110
5,545,216
23,703
51,625
180,9S0
dof!4,177
dof7,851
98,537
1,591,554
39,231
74,435
1,634,959
545,926
204,124
125,055
3,047,191
113,761
10,021
23,916
29,310,689
112,016
250,383
def 1,264
14,938,812
110.407
114,995
97,075
927,559
1,11,582
21,038
56,090
20,336
12,741
13,838
199,271
27,594
2,931,672
+ 69,080
+ 399,020
— 13,684
+ 30,639
+ 139,954
+ 254
+ 11,759
— 12,401
+1,473,431
— 6,056
— 36,870
+4,433,569
+277,582
+269,277
+39,431
+1,591,837
— 17,051
+13,735
+3,398
+5,136,672
— 24.707
— 7,902
— 4.135
— 154,672
+ 29,492
+ 45,002
— 19,510
+ 298,685
— 18,772
+ 218,030
+ 21,229
+ 2,204
+ 2,767
+ 24,345
+ 106,418
— 49,714
+ 536,577
9,942,984 +2,810,150
+ 47,407
218,277
+ 12,609
81,594
+ 69,233
73,705
+ 34,519
13,283
25,993.810 +4,898,414
133,032
+49,867
+ 24,074
18,802
— 87,011
48,994
— 147
90,886
— 13,913
95,111
+ 947
25,745
+ 30,850
80,909
+ 37,715
70,889
+ 27,405
75,742
+ 61,248
80,740
+ 37,003
dcf23,888
-7,701
81,842
21,580,233 +1,156,883
+ 86,535
264,059
+ 14,288
129,770
— 154
15,895
+ 5,451
15,567
—
2,190
158,617
__________ _ __________
Total (77 roads).696,578.590 672,015,843 253,568,399 217,436,473 + 30,131,926
------------- G r o s s -------------- ----------------------- - Net'
1914.
In c. or D e c .
1915.
1914.
G r o u p s VIII. & I X.
1915.
S
$
S
S
S o u th w est.
S
96,992
+38,862
135,854
200,215
Abilene A Southern.
280,836
21,693
— 9,843
11,850
104,169
Arkansas Central..
98,989
103.912
+11,879
115,791
137,347
Atch A East Bridge
145,910
Atch Top A S F c .. . 102,871,966 95.300,851 40,332,258 34,870.700 +5,401,558
4,203,666 — 1,227,006
2,976,660
Gulf Colo A S Fe. 15,672,671 14,807,038
+ 579,530
023,641
1,503,180
3,240,170
Panhandle A S Fe 4,693,117
+ 0,711
41,300
48.071
278,935
Rio Gr El P A S F
300,553
Grand Canyon— See Group X .
— 14,506
23,504
8,998
95,448
Brimstone RRACan
70,375
— 1,897
34,909
30.072
123,029
Blythev L A Ark S.
144,823
+ 02,815
dcf7,434
55,381
132,719
Butler Co R R ........
180,108
+ 29,814
1,377
31,191
54,784
75,466
Colorado A S E ----+ 217,121
2,199,884
2,417,005
7,644,881
Coiorado A South.. 7,958,945
+ 315,083
1,431,037
1,746,120
5,022,483
Ft W A Den City 5.507.988
+ 155,149
320,417
481,506
788,409
Wichita Valley. . 1,063,746
+ 50,162
defl03,155
dcf52,993
1,528,840
898,089
Trln A Brazos Val
+ 74,440
244,944
319,390
725,019
757,154
Colorado A Wyom.
—48,075
119,130
71,055
1,810,389
Colorado Midland. 1,495,981
+ 28,419
41,956
70,375
123,509
122,615
Colorado Wyom AE
+ 76,048
534,605
610,713
1,217,741
Cr Crk A Col Spgs. 1,373,499
7,054,799 +1,837,640
8,892.439
Denver A Rio Gr_. 23,138,798 22,309,015
414,352 +142.874
557,226
1,507,971
Denver A Salt Lake 1,762,830
+ 53,445
35,217
88,062
633,412
013,918
Ft Smith A Western
+ 1,346
21,987
210,174
23,333
230,542
Ft Worth Belt........
+ 11,031
04,955
306,533
75,986
352,853
Galv Ilous A Hend.
— 59,232
654,315
1,342,495
595,083
Gaiveston W harf.. 1,484,974
+ 52,915
defl0,010
128,403
30,905
154,162
Gulf A Sabine River
— 16.701
def13,040
107,505
dcf29,801
183,557
Gulf Tex A Western
+ 349,851
1,257,336
9,178,579
1,607,187
Intcrnat A Gt Nor. 9,092,900
+ 49,430
40,300
89,730
282,673
309,208
Jonesboro L C A E — 35,620
93.179
57,559
387,996
357,309
K C Clin A Springf.
— 48,845
123,069
74,224
2,161,796
K C Mex A Orient. 2,525,503
— 2,521
3,872,735
3,870,214
Kan City Southern. 10,076,170 10,829,036
+ 402,050
25,230
427,280
484,666
Kansas City Term.
896,908
+ 78,777
536,254
615,031
1,691,873
1,709,703
Louisiana A Ark —
+ 04,111
dcf‘20,907
37,204
271,995
260,821
Louisiana A N W -+ 122,774
45,334
108,108
250,451
312,184
Louislana A Pacific .
431,704
+ 242,407
074,111
1,940,269
Lou Ry A Nav C o .. 2,228,434
+ 75,002
13,923
88,985
60,397
182,032
Manitou A Pikes Pk
— 67,428
131,387 def 103,951 def36.523
35,805
Mfrs Ry of St Louis
+ 24,072
dcf30,032
def
12,560
160.233
181.000
Marshall A E Texas
+ 21,783
63,753
85,536
259,093
347,034
Memphis Dal A G . .
— 5,020
43,079
28,859
111,982
115,372
Midland Terminal.
+149,388
271,319
420,707
1,478,155
1,551,460
Midland Valley----+ 35.248
320,610
355,864
692,550
750,384
Miss Rlv A Bon Ter
— 5,172
def60,695
def65,867
1,250,418
M o A Nor Arkansas 1,158,372
— 51,557
9,281,202
31,639,563
9,229,645
M o KanAT e x a s... 32,453,462
— 41,687
18.179
def23,508
121,670
M o Okla A G of Tex
169,250
dcfl0,475 — 151,237
1,105,114 def 167,712
M o Okla A G u lf.. . 1.255,889
+ 293,603
0,189.200
6,482,803
Missouri Pacific— 28,828,550 27,416,002
9,534,195 10.594,407 — 1,060,212
St L Iron Mt A S. 30,672.042 31,681,852
14,845
50,025
35,180
165,169
101,324
Missouri Southern.
+ 1,830
dcf22,187
def20.357
98,505
94,210
Total (96 roads .394,844,887 391,946,304 124,709,759 102.485.751— 22,224.008 New Iberia A N o r..
— 13,737
18,843
5,106
135,071
100,374
New Orl So A Gr Isl
+20,669
dofl4,575
0,094
180,639
218,012
Ouachita A N W —
* These returns are for that portion of road operated by steam only,
+ 12,903
33,457
46,300
135,213
122,585
Paris A MtPleasant
a Includes Carolina Atlantic A Western.
Mab . 11 1916.]
THE CHRONICLE
----- N e t ------1914.
-G ro ss-
1914.
1915.
1915.
In c. or D ec.
S
t
t
%
$
Prescott & N W ___
83,232
124,101
37,654
def 1,441
+ 39,095
322,992
Quanah Acme & Pac
224,521
166,462
104,822
+ 61,640
Rio Gr & Eagle Pass
110,270
118,081
32,251
29,623
+ 2,628
Rio Grande South..
557,182
570,072
191,990
177,951
+ 14,039
Rock Island—
Chic R I & G u ll.. 2,905,146
2,877,083
793,407
705,827
+ 87,580
Chic R I & P a c.. 68,327,780 07,536,018 10,898,383 16,087,160
______
+811,223
St Louis & San Fran 42,502,591 40,936,414 14,089,625 10,956,319 +3,133,306
Ft W & Rio G r ..
842,780
802,302
85,492
111,983
— 26,491
Paris & Gt North
80,123
102,314
def47,714
def74,443
+ 20,729
St L S F & Texas. 1,083,298
1,299,321
22,918
3,816
+ 19,102
Beau S L & West.
600,987
573,254
121,797
def22,149
+ 143,946
Louisiana Southern— See Group IV. & V.
New Orl Tex & M 1,519,664
1,551,528
194,843
101,497
+ 93,346
Orange & N W ..
169,298
188,266
15,292
14,738
— 554
St L Urowns & M 2,506,296
2,559,115
790,036
665,593
+ 224,443
St Mer Bdge Term. 1,944,894
1,842,655
615,457
420,710 + 194,747
St Louis S W .......... 7,253,309
7,564,937
2,467,431
2,983,692
+ 516,261
StLSVV Ry of T 4,021,713
3,913,742
442,542 def356,178
+ 798,720
St Louis Transfer..
409,926
422,269
58,814
93,705
— 34,891
San Ant &Aran Pass 3,927,027
241,579
4,130,355
448,836
+207,257
San Ant Uv& Gulf.
543,731_
433,815
17,676
67,204
+ 49,528
Southern Pacific—See Group X .
Arizona Eastern—See Group X .
Galv IIous & S A . 11,766,577 11,760,547
2,872,222
1,894,499
+ 977,723
Hous & Shrevep’t
260,333
182,420 — 113,572
364,908
68,848
IIous & Tex Cent 6,082,332
6,385,009
1,738,930
937,786
+ 801,144
Hous E & W Tex. 1,431,641
394,746
1,382,107
290,452
+ 104,294
Lako Chas&North
237,321
237,500
93,524
99,802
+ 6,278
Louisiana West. 2,204,527
2,340,300
722,708
704,581
+ 18,127
Morgan’s La & T
R R & SS........ 4,278,968
4,595,207
938,959
1,013,370
— 74,411
Texas&New Orl. 4,165,312
4,124,172
724,284
247,248
+477,030
195,624
Sugar Land............
134,534
112,683
65,282
+ 47,401
Ter RR Assn of St L 2,772,837
2,722,329
1,347,340
1,133,843
+ 213,497
Texas & Pacific___ 18,490,246 18,157,015
4,579,964
4,145,373
+ 434,591
Texas City Term__
202,123
175,974
79,326
41,694
+ 37,632
Texas Mexican___
353,546
331,847
90,077
63,557
+ 26,520
Texas Midland___
650,893
632,941
100,299
112,019
— 11,720
Texas Okla <&East.
313,363
228,538
98,296
39,729
+ 58,507
Texas Southeastern
154,513
104,882
37,749
def9,158
+ 46,907
Tremont & G u lf.. .
275,273
233,682
+ 63,573
106,899
43,326
Uintah.................. ..
+ 70,741
331,905
276,625
31,049
101,790
Vloks Shrev & Pac. 1,473,377
261,924
— 3,600
1,609,413
258,324
Vlctorta Fisher & w
138,286
— 3,485
143,173
5,470
1,985
Weath M W & N W
47,353
+ 176
137,587
138,232
47,529
Total (95 roads).494,120,401 478,213,547 147.229.384 129,427,697 + 17,801,687
-G ro ss-
-N e t-
1915.
1914.
1916.
1914.
In c. or D ec.
s
S
S
$
S
Arizona & New Mex
622,016
773,746
251,591
388,161 — 130,670
Bellingham & North
190,105
255,287
50,900
91,102
—40,202
Bingham & Garfield 1,778,598
1,475,973
1,144,042
867,335
+ 276.707
Boca& Loyalton...
31,977
63,067
def4,151
3,507
— 7,718
Bullfrog-Goldfield..
137,041
09,391
34,647
3,888
+ 30,759
Butte County........
{/I ll,905
1/114,882
1/54,253
1/43,591
+ 10,662
Colum & Puget Sd.
344,051
414,775
111,669
143,520
— 31,851
El Paso & S W C o. 8,982,026
8,482,488
3,588,848
3,432,947
+ 155,901
Gilmore* P lttsb ...
135,178
100,009
42,474
+41,694
780
Grand Canyon___
1,069,242
236,761
724,822
7,417
+ 717,405
Idaho & Wash Nor.
378,766
423,387
100,001
128,632
— 22,631
Las Vegas & Tonop
137,475
163,410
31,925
16,219
+ 15,706
McCloud Rlv RRCo
287,145
315,883
63,679
65,500
— 1,827
Morencl Southern. .
77,429
94,995
defl6,101
def30,069
+ 13,968
Nevada-Cal-Oregon
383,807
375,248
19,374
40,701
— 27,327
Nov Co Narr Gauge
141,005
131,851
47,515
35,714
+ 11,801
Nevada Northern.. 1,558,801
824,389
1,373,280
664,267
+260,122
Now Mexico Central
66,850
defl9,501
84,580
12,915
— 32,410
Northwestern P a c.. 3,907,787
1,286,543
3,690,828
1,014,470
+ 272,073
Oregon Trunk........
108,858
180,254
57,314
13,085
+ 44,229
Pao & Idaho North .
132,609
143,153
24,330
19,688
+ 4,648
Pacific Coast_____
204,106
52,864
212,531
52,069
+ 195
Ray & Glia Valley.
505,228
439,806
332,419
330,324
+ 2,095
Salt Lake & Los Ang
124,191
91,800
57,222
32,099
+ 25,123
San Diego & So East
270,678
359,766
def54,154
20,036
— 80,190
San Joaquin & East
38,716
47,479
def44.565
def63,987
+ 19,422
San Ped L A & S L . 10,359,453 10,057,051
4,043,100
3.234,842
+ 808,258
Sierra R y of Calif..
324,970
382,242
146,125
174,143
— 28,018
Southern Pacific—
Pacific System ... 108,225,934 90,096,120 41,235,477 35,311,085 +5,923,792
Arizona & East’n 2,677,895 2,461,254
1,213,435
951,575
+261,860
For remainder of system, 8eo Groups VIII & IX .
Spok Portl & Scattio 4,542,083 4,721,792
2,032,499
2.051,070
— 18,571
Spokane Internat..
710,450
864,050
237,049
323,189
— 86,140
Sumpter Valley----328,961
312,309
120,085
48,051
+ 72,034
Sunset......................
298,100
384,883
78,630
151,417
— 72,787
Taooma Eastern...
448,485
489,177
135,147
90,014
+ 39,133
Tonopah & Goldf'd.
688,717
674,913
326,729
277,054
+ 49,676
Tonopah & Tldewat
367,567
345,871
101,115
122,326
+38,789
Tooele Valley........
195,614
184,060
57,550
47,932
+ 9,024
Union Pacific—See Groups VI & VII.
Oregon Short Line 21,767,965 20,955,450
0,740,010
8,722,172 +1,017,844
Ore-WashRR* N 16,018,990 16,265,528
6.686,812
5,674.974
+111,838
198,860
United Verde & Pac
134,429
defl8,891
defl2,690
— 6,201
258,837
275,243
Virginia & Truckee.
61,637
45,795
+6,842
384,477
279,904
Wash Idaho & Mont
44,271
137,670
— 93,399
5,691,523
Western Pacific___ 6,569,619
2,101,837
839,209 +1,262,028
281,141
Yoscmlte V alley...
255,257
442,205
115,458
+139,799
G roup X .
P a c i f i c C oa st —
Total (45 roads). 190,468,840 184,166,786
76,416,841
65,459,063 + 10,957,778
Gr’d total (481 rds.) .3106214616 3013674851 1040304301 828,650,401 +211653900
V
These figures are for eleven months only.
RAILROAD GROSS EARNINGS FOR FEBRUARY.
933
all around. In addition, Western roads had a heav
ily increased grain movement, but Southern roads
had to contend with a great contraction in the cotton
movement, last season’s crop having been a small
one and the export demand continuing unsatisfac
tory, with the German market completely cut off
by reason of the vigilance of the English fleet.
Including the Canadian roads, our compilation
covers 90,557 miles of road, and on this there is an
increase of $10,999,465. The ratio of improvement,
it deserves to be noted, is still large, being 19.88%.
In January our early statement, comprising sub
stantially the same mileage, registered $11,475,887
gain, or 20.48%, but in December the gain was
no less than $20,778,954, or 32.81%. Comparison,
of course, is with poor returns, both last year and the
year before. In February 1915 our early statement
showed a loss of $3,230,377, or 5.27%. In Febru
ary 1914 there was likewise a decrease, the amount
being $6,465,140, or 9.61%. As it happens, too,
in the year preceding (1913) though there was then
a gain it was not of unusual extent— that is, our
preliminary statement for February 1913 registered
a gain of no more than $3,440,529, or 5.56%. In
1912 the gain was of larger proportions, the reason
being that it was leap year, and February, therefore,
contained an extra day. Our early statement for
February 1912 showed $6,221,900 increase in gross,
or 11.32%. The year before (1911) the total regis
tered only a slight increase, and if the Canadian
roads had been excluded, the increase then would
have been of mere trifling extent. Prior to 1911,
of course, the returns were quite satisfactory as a
rule, though in 1908 there was a falling off because
of the business depression which followed the panic
of 1907, and there were also losses in a few other
years arising generally out of bad weather con
ditions. In the following we furnish a summary
of our early February totals for each year back to
1897 :
M il e a g e .
G r o ss E a r n in g s .
F ebru ary.
Y ear
G iv e n .
Y ea r.
1897..
1898. .
1899..
1900..
1901..
1902..
1903. .
1904. .
1905. .
1900. .
1907..
1908..
1909. .
1910..
1911..
1912..
1913..
1914..
1915-.
1918..
R oa d s
125
126
118
103
105
92
78
67
61
58
67
59
53
49
51
50
48
48
40
43
1 to F e b
1897-. 125
1898.. 125
1899.. 117
1900.. 102
1901 - . 104
1902..
92
1903..
78
1904..
67
1905..
60
1906..
57
1907..
07
1908-59
1909..
53
1910..
49
1911. .
51
1912..
60
1913..
48
1914..
48
1915. .
46
1910..
43
Jan.
Y ea rP re- i n c e d in g . j cr 'se.
M iles .
M ile s .
91.864
95,506
92,273
94,042
08,076
94,914
90,646
82,882
82,193
83,265
93,497
84,405
81,871
82,149
88,651
87,783
88,333
92,300
87,973
90,557
91,177
94,571
91,211
91,829
95,283
93,269
94,496
80,691
80,429
81,405
91,740
83,328
80,308
80,622
86,351
86,159
86,054
90,921
80,985
88,314
.28-29—
91,864 91,177
%
0.86
0.99
1.16
2.41
2.93
1.76
2.27
2.71
2.19
2.28
1.91
1.29
1.29
1.89
2.66
2.00
2.58
1.52
1.14
2.54
*
Y ea r
G iv e n .
Y ea r
P r e c e d in g .
S
33,393,769
39,207,730
37,059,046
43,739,672
50,430,204
50,301,694
55,694,648
45,889,825
43,651,281
53,838,607
65,168,022
47,582,490
49,515,764
52,393,827
56,078,284
61,178,619
65,275,208
60,934,916
55,056,314
66,292,940
$
34,087.463
34,335,397
37,580,536
36,447,592
40,733,346
48,404,740
48,912,743
40,032,562
44,914,739
42,850,373
63,850,213
53,289,074
45,382,258
46,357,018
55,363,388
54,956,719
61,834,079
67,400.050
58,280,691
55,293,481
In crea se
or
D ecrease
(+ )
(—).
s
%
—693,694 2.03
+ 4,872,333 14.19
—521,490 1.38
+ 7,292,080 20.01
+ 3,696,858 7.91
+ 1,896,954 3.75
+ 6,781,905 13.87
— 142,737 0.31
— 1,263,458 2.81
+ 10,988,234 25.64
+ 1,317,809 2.06
— 5,706,584 10.71
+4,133,506 9.02
+ 0,036,809 13.02
+ 714,896 1.57
+ 0,221,900 11.32
+3,440,529 5.56
— 6,465,140 9.61
— 3,230,377 6.37
+ 10,999,465 19.88
0.80 07.321.230 70,779,471 — 3,458,241 4.88
95,357 94,427 0.99! 80,195,211 69,217,374 + 10,977,837 15.86
The preliminary statement of gross earnings
92,230 91,174
1.16 79,001,425 76,844,948 + 2.156,477 2.81
93,769 91,556 2 .4 V 92,056,260 78,114,962 + 13,941,298 1.78
which we have made up for the month of February,
98,039 95,246 2.98 106,690,137 98,151.022 + 8,539,115 8.70
94,914 93,269
1.73 108.781.813 102,330,497 + 6,451,316 0.30
comprising the roads which furnish approximations
96,646 94,496 2.27, 117,867,542 105,478,219 + 12,389,323 11.75
82,882 80,691 2.71 94,786,420 96,803,491 — 2,017,065 2.08
of their gross revenues immediately after the close
80,087 78,369 2.19| 92,756,575 91,098,787 + 1,657,788 1.82
82,729 80,928 2.23 111.888,088 91,312,897 + 20,575,191 22.53
of the month, reveals an encouraging situation in
93,497 91,740
1.91 136,240,193 133,124,581 +3,115,612 2.34
84,405 83,328 1.29! 99.975,812 110,477,618 — 10,501,806 9.51
showing a continuation of the gratifying gains
81,871 80,308
1.29 101,458,518 95,122,719 + 6,335,799 6.66
82,149 80,622
1.891108,400,071 94,482,570 + 13.917,501 14.73
noted in the months immediately preceding, but
88,651 86,351 2.66 116,017,536 113,504,641 + 2,512,895 2.21
87,783 86,159 2.00 119,046,338 112,969,100 + 6,077,238 5.66
on a somewhat reduced scale. In this early state
88,333 86,054 2.58 134,937,855 120,187,874 + 14,749,981 12.27
92,300 90,921
1.52 128,976,533 138,566,413 — 9,589,880 6.93
ment we always include the Canadian roads, and
87,973 86,985
1.14 112,416.981 123,417,841 — 11,000,860 8.78
90,557 88,314 2.54 135,194,687 111,754,768 +23,439,919 20.98
these likewise show diminished amounts of gain,
N o t e .— W e do not Include the Mexican roads In any ot the years.
though still recording very satisfactory improve
ment, as compared with the poor returns of the
We have spoken above of the gains in the Western
preceding year. This being leap year the roads had grain movement. This extended to all the different
the advantage of an extra work day and the great cereals. For the four weeks ending February 26
revival of business activity was also an advantage the receipts of wheat, corn, oats, barley and rye at
[Vo l . 102
THE CHRONICLE
934
To complete our analysis we annex the following
the Western primary markets reached no less than
six-year
comparisons of the earnings of leading roads
95.794.000 bushels in 1916, as compared with only
71.375.000 bushels in the corresponding four weeks arranged in groups.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
of 1915 and no more than 58,218,000 bushels in the
same four weeks of 1914. The details of the West
1911.
1912.
1913.
1914.
1916.
F eb ru a ry.
3
ern grain movement in our usual form are set out in
3
3
S
S
S
Canadian Pacific 8.546.000 6.503.000 7,594,172 9,747,685 8,931,907 6,375,576
957,877
the following :
Chic Great West* 1,243,096 1,003,157 1,007,034 1,070,607 1,001,400
190,805
223,763
237,387
242,367
WESTERN FLOUR AND GRAIN RECEIPTS
B a r le y .
O a ts.
C orn .
W h e a t.
Four weeks end- F l o u r .
(b u s h .)
(b u s h .)
(b u s h .)
(b u s h .)
Ing I'cb. 26.
(b b ls.)
C h ica g o —
2.794.000
6.840.000
15,218,000
11,511,000
1916............... 867,000
1915
. 747,000 5.066.000 9,411,000 10,616,000 2.323.000
M il w a u k e e —
422.000 1,681,000 3.250.000 1.831.000
1916
. 90,000
407.000 1.786.000 2.370.000 1.678.000
1915-............. 155,000
S t. L o u i s —
313.000
1916............... 386,000 3.277.000 1.734.000 1.539.000
114.000
1915
. 266,000 1.908.000 2.329.000 1.659.000
T o le d o —
273.000
661,000
436.000
1916
.................
317.000
461,000
527.000
1915
.................
D e tr o it—
388.000
564.000
153.000
1916
. 25,000
201.000
441.000
233.000
1915
. 33,000
1 ev e la n d —
6,000
389.000
712.000
74,000
1916
. 84,000
11,000
484.000
618.000
124.000
1915
. 122,000
P e o r ia —
160,000
710.000
210.000 4.481.000
1916
. 185,000
150,000
553.000
1915
..................... __368.000
340,000 1.230.000
D u lu th —
1916
.................
915...............................
M in n ea p o lis—
1916...............................
1915
.................
K a n s a s C ltv —
1916
.................
1915
.................
Om aha—
1916
.................
1915...............................
T o ta l o f A U —
1916
R ye.
(b u s h .)
435.000
216.000
257.000
223.000
EARNINGS OF M IDDLE AND M IDDLE WESTERN GROUP.
41,000
4,000
14.000
21.000
572,000
90,000
638.000
128,000
370,000
10,000
89,000
9.910.000
6.879.000
1.115.000
1.045.000
2.950.000
1.640.000
2.843.000
2.283.000
392.000
348.000
3.069.000
3.416.000
452.000
729.000
3.093.000
476.000
3.191.000
2.011.000
736.000
808.000
1,646,000 31,834,000 32,416,000 22,294,000
1915IIIIIIII 1,663,000 19,473,000 23,920.000 20,081,000
* Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
Includes Iowa Central.
a
67.000
30.000
1.708.000
1.500.000
5.711.000
1.985.000
246,424
257,636
Dul So Sh & A tl.
Great Northern. 4,297,549 3,914,717 3,859,038 4,589,743 4,322,292 3,572,001
629,611
585,729
761,175
727,725
772,298
871,319
Mlnn&StLouls.a
M St P & S S M . 2,245,996 1,942,062 1,977,444 2,069,413 1,052,287 1,469,779
Northern Pacific 4.846.000 4.125.000 4,335,798 4,611,326 4,252,927 4,058,532
22,307,596 18,506,658 19,743,578 23,087.336 20,370,305 17,254,181
T o ta l.........
1916.
F eb ru a ry.
3
1,043,391
593,631
Buff Roch Sc Pitts
Chic Ind & L ou ..
Grand T ru n k ..'
Grand Tr’k W .
Det Gr II & M
Canada Atl—
Illinois Central _c
Tol Peo & West.
Tol St Louis & W
W abash......... .
Western Maryl'd
1915.
1914.
1913.
1912.
1911.
$
715,099
454,555
S
746,327
457,253
S
803,424
485,323
3
760,204
493,348
$
044,342
433,564
4,032,715 3,325,036 3,544,016 3,763,463 3,259,943 3,103,166
5,784,239 4,729,205 4,973,153 5,159,269 4,742,580 4,832,222
100,972
109,832
110,138
96,746
90,655
97,426
200,432
283,437
360,835
326,964
406,180
435,943
2,833,995 2,186,333 2,049,062 2,295,952 2,031,013 2,091,079
470,436
553,290
576,896
567,910
594,213
764,676
T o ta l.............. 15,586,016 12,501,276 12,761,43lll3,555,300 12,239,647 12,948,213
c
Includes earnings of Indianapolis Southern.
EARNINGS OF SOUTHERN GROUP.
As regards the cotton movement in the South, the
shipments overland for the even month in 191G were
249,397 bales, against 239,274 bales in February
1915 and 169,324 bales in 1914. At the Southern
ports, the receipts were on a very small scale, re
ing only 573,144 bales, against 1,447,471 bales in
1915 and 734,567 bales in 1914, as will be seen b
the following :
RECEIPTS OF COTTON AT SOUTHERN PORTS IN FEBRUARY AND
FROM JANUARY 1 TO FEBRUARY 28-29 1916, 1915 AND 1914.
1912.
1911.
$
$
378,378
429,935
Ala Great SouthAla N O & Tex P
297,472
334,589
330,479
330,667
280,759
New Orl & N E. 0280,759
140,141
138,310
143,852
137,902
105,724
Alabama* Vicks 0105,724
112,404
128,979
133,478
142,975
89,957
089,957
Vicks Shrev & P
2,409,195
2,666,019
2,878,271
2,534,013
2,867,273
Ches & O h lo.c.. 3,717,897
759,004
781,081
948,749
906,958
725,007
940,550
Cln N O & Tex P
4,151,881
Loulsv & Nash-6 4,848,800 3.839.947 4,443,829 4,797,819 4,687,043
843,088
908,593
978,824
941.089
809.118
872,469
Mobile & Ohlo..
Southern R y----- 5,573,045 4.017.407 5,310,007 5,286,575 5,167,035 4,793,156
911,320
783.804
986,380
848,935
979,379
970,797
Yazoo & Miss Va
T o ta l.............. 17,829,933 14,664,447 10,151,969 16,767,781 15,982,049 14,794,208
S
349,876
8,075,000 1.175,000
0,929,000 972,000
1913.
1914.
1915.
1916.
F eb ru a ry.
3
420,799
$
417,543
U
1V1U1U11 UUv /Vt ICJWl
b
Includes the Louisville & Atlantio and tho Frankfort & Cincinnati.
Includes Chesapeake & Ohio of Indiana.
c
luaou euuiv mu
J vv”
3
385,305
*
EARNINGS OF SOUTHWESTERN GROUP.
Colorado & South
Denver & Rio Gr
Mo Kan & Tex.a
St Louis So West
T exas* P acific..
T o ta l..............
1914.
1915.
1916.
F ebru a ry.
$
1,144,883
1,710,900
2,513,810
935,000
1,468,496
1913.
1912.
1911.
3
3
3
$
3
913,521 1,150,122 1,054,538 1,001,559
1.109,434
1,333,800 1,536,045 1,707,656 1,613,552 1,445,736
2,818,684 2,357,484 2,509,160 2,184,488 2,229,683
936,079
979,198 1,040.084 1,008,160
837,000
1,441,867 1,403,641 1.324.284 1,371,944 1,159,412
7,773,089 7,540,785 7,219,889 7,731,306 7,232,682 0,772,469
GROSS E A R N IN G S A N D M IL E A G E IN F E B R U A R Y .
Galveston____ bales.
Texas City, &c-------New Orleans_______
Mobile.
Pensacola, & c__
Savannah -------Brunswick-------Charleston____
Georgetown, &c.
Wilmington-----Norfolk
Newport News.&c...
Total
1916.
46,956
92,660
37,366
734,567 1,243,081 3,246,551 1,900,862
In the case of the separate roads, the gains are
large and they are general, coming from all sections
of the country. The only exception is the Missouri
Kansas & Texas in the Southwest, where a loss of
$304,874 is recorded, owing, no doubt, to thedimin
ished cotton movement, and the grain movement
doubtless was also smaller. Besides this road
four other roads register insignificant decreases.
In the following we show all changes for the separate
roads for amounts in excess of $30,000, whether in
creases or decreases.
P R IN C IP A L C H A N G E S IN G R O S S E A R N IN G S IN F E B R U A R Y
Ty ip y p h
Chic Ind & L ou lsv............ $139,076
Canadian P acific------------99.021
Illinois Central.................. 1,055,034 M lnneap & St L ou is-------98,000
Louisville & N ashville— 1,008,853 St Louis So W est-------------Alabam
a
Great
Southern.
80,059
Southern R ailw ay..............
955,638
63,351
Chesapeake & O hio---------850,624 M obilo & O h io----------------47,701
N orthern P acific-------------721,000 Denver & Salt Lako-------Atlanta Birin & A tl-------46,064
Grand T ru nk....... ...............
Ann A rb or-------- ---------—
41.439
35,449
Canadian N orthern............
48J/000 C olorado & Southern-----35,102
Great N o r t h e r n ..- - -------382,832 Georgia South & Fla-------D enver Sc Itio Grande-----377.100
Representing
26
roads
__
B uffalo Rochester & Pitts
328,292
in our com p ila tion ..$11,179,907
M lnneap St P & S S M —
303,934
D ecrease.
Chicago Great W est..........
Missouri
Kansas & T exa s- $304,874
Cine N ew Orl Sc T ex P a c .
215,543
W estern M arylan d---------170,463
M ile a g e .
G ross E a r n in g s .
N a m e o f R oad.
1915.
A labam a Great South
A nn A rb or----------------Atlanta Birm & Atlan
B cllefonte Central—
Buffalo R och & Plttsb
Canadian N o rth e rn ..
Canadian P acific-----Chesapeake Sc O h lo ..
Chicago Great W e s t ..
C hic Ind & L oulsv—
Cin N O Sc T ex P a c . . .
Colorado & Southern.
Denver & R io Grande
Denver & Salt L a k e ..
D etroit & M a ck in a c..
Duluth So Sh & A t l ..
Georgia Sou Sc F l a ..
Grand Trunk o f Can
Grand T rk W e s t ..
D et G r H av & M il,
Canada A tla n tic--j
Great N orthern---------Illinois Central---------Louisville Sc N ashv—
M ineral R ange-------M lnneap Sc St L ouis.
Iowa C entral......... ,
M lnneap St P Sc S S M
M o Kan Sc Texas a . . .
M obile & O h io----------N evada-Cal-Oregon . .
N orthern P acific-------R io Grande Southern.
St Louis Southwestern
Southern R ailw ay-----T enn Ala Sc G e o r g ia ..
Texas & P acific---------T oledo Peor Sc W e s t ..
T oledo St L Sc W e s t ..
Virginla Sc Southwest.
W a b a sh _________- —
W estern M arylan d—
Y azoo Sc M iss V alley.
429,935
205,394
243,689
7,032
1,043,391
2,089,200
8,546.000
3.717.897
1,243.096
593,631
040,550
1,144,883
1,710,900
142,900
90,993
257.636
193,158
349,876
163,955
197,625
5,955
715,099
1,602,200
6,503,000
2,867,273
1,003,157
454,555
725,007
1,109,434
1,333,800
95,139
77,329
246,424
158,056
4,032.715
3,325,036
4,297,549
5,784,239
4,848,800
78,809
871,319
3,914,717
4,729,205
3,839,947
67,954
772,298
2,245,996
2,513,810
872,469
13,724
4,846.000
34,717
935,000
5.573.045
17,356
1,468,496
97,426
435,943
155,780
2,833,995
764.676
970,797
1,942,062
2,818,684
809,118
17,313
4,125,000
36,261
837,000
4,617,407
8 ,2 10
1,441,867
90,655
406,180
126,758
2,186,333
594,213
979,379
T otal (43 roads) —
N et increaso (19.88% )
66,292,946
a
I n c . ( + ) or
D e c . (— ).
1910.
1915
309
309
+ 80,059
300
300
+ 41,439
638
+ 46,064
645
27
27
+ 1,077
586
586
+ 328,292
+ 487,000 8,270 6,886
+2,043,000 12,921 12,319
+ 850,624 2,374 2,371
+ 239,939 1,427 1,428
622
622
+ 139,076
337
337
+ 215,543
+ 35,449 1,798 1,797
+377,100 2,577 2,569
255
255
+47,761
400
393
+ 13,664
627
627
+ 11,2 12
395
+ 35,102
395
+ 707,679
4,533
4,533
+ 382,832 8 ,10 2 8,077
+ 1,055,034 4,767 4,772
+ 1,008,853 5,038 5,034
119
119
+ 10,855
+ 99,021 1,646 1,646
gg
+ 303,934 4,228 4,103
— 304,874 3,865 3,865
+63,351 1 , 1 2 2 1 , 1 2 2
238
272
— 3,589
+ 721,000 6,509 6,498
180
180
— 1,544
+ 98 ,00 0 1,753 1,753
+955,638 7.023 7,036
97
97
+ 9 ,1 4 6
+ 26 ,62 9 1,944 1,887
248
248
+ 6,771
450
450
+ 29,763
240
240
+ 29,022
+ 647,662 2,519 2,517
661
664
+ 170,463
— 8,582 1,382 1,382
55,293,481 + 10,999,465 90,557 88,314
Includes Texas Central in b oth years.
-Mar. li 1916.]
THE CHRONICLE
GROSS E A R N IN G S F R O M J A N U A R Y 1 T O F E B R U A R Y 29.
N am e
of
R oad.
1916.
1915.
In crea se.
S
$
S
A labam a Great S ou th ern ..
885,943
705,078
180.865
A nn A rb or________________
404,613
343.882
60,731
A tlanta BIrm & A tlantic.
487,093
408,178
78,915
B ellefonte Central_________
13,872
12,847
1,025
B uffalo Rochester & P itts.
2,037,193
1,387,393
649,800
Canadian N orthern_______
4,176,000
3,041,600 1,134,400
Canadian P a cific......... ........ 17,134.826 12,612,027 4,522,799
Chesapeake & O h io_______
7,780,977
5,989,140 1,791,837
Chicago Groat W ostern___
2,468,811
2,145,987
322,824
Chicago Ind Sc L o u is v lllo ..
1,172.230
910.196
262,034
Cine Now Orl & T ex Pac__
1,870,164
1,501,563
368,601
C olorado & Southern_____
2,447,736
2,306,034
141,702
D enver & R io Grande
3,435,456
2,816,496
618,960
D onvor & Salt L ako.
292,413
216,843
75.570
D etroit & M a ck in a c. .
175,340
152,805
22,535
Duluth So Sh Sc A t l. .
514,859
462,498
52,361
Georgia Southern & Fla
406,681
333,761
72,920
Grand Trunk o f Canada
Grand Trunk Western
8,290,131
6,735,849 1,554,282
D ot Gr H av & M i l w . . .
Canada A tla n tic____
Groat N orthern....................
8,998,912
7,660,846 1,338.066
Illinois Central____________
11,444,898 10,008,519 1.436,379
Louisville Sc N ashville____
9,889,944
7,966,378 1,923,566
M ineral R ange___________
129,324
147,609
18,285
M inneap & St L ouis_____
1.747,543
1,617,460
130,083
Iowa C entral__________ ,
M inn St Paul & S S M ____
4,813,290
3,815,943
997,347
M issouri Kansas & Toxas a
4,985,256
5,646,476
M obilo Sc O h io____________
1,810,217
1,648,823 " 161",394
Nevada-Californla-Orcgon .
18,793
36,146
Northern P a c ific ................. 10,302,701
8,151,536 2,151,165
R io Grande Southern_____
70,856
75,117
St Louis Southwestern____
1,916,597
1,750,490
166,107
Southern Railway
11,161,066
9,270,409 1,890.657
T onn Ala & G e o r g ia .. I I I I
27,557
12,543
15,014
Texas & P a cific___________
3,027,415
2,996,831
30,584
T olod o Peoria & W estern.
189,107
188,908
199
T oled o St Louis Sc Wostern
895,294
783,794
111,500
Virginia Sc Southwest_____
311,980
272,872
39,108
W abash.................. .................
5,693,279
4,417,407 1,275,872
W estern M arylan d_____ II
1,251,061
407,166
1,658,227
Y a zoo & M iss V alley..........
1,971,708
2.089,808
118,100
Total (43 roads) — ......... 135,194,687 111,754.768 24,122,753
N et increase (2 0 .9 8 % )............................................ .......... 123,439,919
a
D ecrease.
S
hours’ operation each day w ould be necessary to supply all the coal the coun
try needed. This was not presented b y m o as a dem and, but as a trade
con dition, supported b y official statistics pertaining to excessive coal p ro
duction. Some news reporter m isunderstood or misinterpreted a statisti
cal statem ent and credited it to m e as one o f our demands.
F R A N K J. H A YE S.
V i c e - P r e s i d e n t , U . M . IF. o f A .
N ew Y ork , M arch 1 1916.
MODIFICATION OF GOVERNMENT BOND CONVER
SION PLAN.
661,220
’ 17*353
4*261
L ast w eek’s announcem ent b y Secretary o f the Treasury
M c A d o o regarding the conversion of $ 3 0 ,0 0 0 ,0 0 0 2 % bonds
was supplem ented this week b y a statem ent m aking known
a m odification o f tho plans w ith regard thereto.
In his
statem en t last week M r . M c A d o o announced that the 2 %
bond s, bearing the circulation privilege, b u t against which
no circulation is outstanding, would be exchanged for oneyear gold notes o f the U nited States w ithout the circulation
privilege to an am ount not to exceed one-half the volum e of
the bonds retired, and th irty-year 3 % gold bonds w ithout
the circulation privilege for tho remainder of tho bond s.
It is now decided that for the purposes o f the A c t and the
public interests the banks asking for the exchange will be
required to receive one-half their offerings o f bonds in oneyear gold notes and the other half in tho 3 % bonds.
NEWTON D. B A K E R SUCCEEDS B IN D L E Y M. GARRI
SON A S SECRETARY OF WAR.
682,834
Includes tho Toxas Central in both yoars.
B A N K S OF DISCOUNT I N N E W YORK FORM
SEPARA TE ORGANIZATION.
Tho m ovem en t to divide the national and Stato banking
interests o f N o w Y o rk State through tho form ation o f a now
bankers’ association to bo com posed solely o f institutions
operating under the Stato banking law , has been abandoned,
and instead it has been decided to creato a now organization
com prising within its m embership the State banks o f discount.
T ho now organization will have no headquarters, no paid
officers, no conventions and no annual trips.
I t is expressly
designed not to interfere in any w ay with the N o w Y o rk
Stato Bankers A ssociation , this latter stipulation, it is said,
being tho only condition under which E lliott C . M c D o u g a l,
President o f tho B a n k o f B u ffalo, consented to accept the
Presidency o f tho now organization. A s noted in our issue
o f Jan. 2 9 , a com m itteo of nine was appointed last m onth b y
Stato Superintendent o f Banks Eugene L a m b Richards to
work out plans for tho organization o f a now association
which would include all tho institutions under tho jurisdic
tion of tho Sta to .
I t was finally decided, how ever, th at tho
objects sought w ould bo accomplished tlirough a banding
togethor of tho interests representing tho banks o f discount,
their organization to be similar to that o f the separato bodies
representing the savings ban k s, tho trust companies and tho
privato bankers in tho S ta te .
It has been contended that
tho interests of tho banks o f discount have n ot boon guarded
to tho extont of thoso o f tho trust companies and tho savings
banks, and th is, coupled w ith tho possibility o f conflict
botweon tho national and Stato banks, has served in tho
developm ent of tho present plans. Besides, M r . M c D o u g a l
the now association will have as officers John I I . G regory,
who will servo as V ice-P resident, and Paul E . Bonner,
who is to act as Secretary-Treasurer. M r . Gregory is Presi
dent o f the Central B a n k o f R ochester, while M r . Bonner
is President o f the N o rth Side B a n k o f B rooklyn .
UN ITED M I N E WORKERS AN D A FOUR-HOUR D AY.
In answer to the roports th at tho U n ited M in e W orkers o f
Am erica would ovontually seek a four-hour d a y , F rank J.
H a y e s, Vico-Presidont of tho organization, to w hom tho romarlc was attribu ted, has written a lotter to tho N ow Y o rk
T im es,
stating that his utterances wore misinterpreted,
and th at w hat he sought to set out w as “ that thoro aro too
m an y mines and miners in A m erica, and that if every mine
received its sharo o f tho nation’s m arket, n ot m ore than four
hours’ operation each day would bo necessary to supply all
the,coal tho country n eeded .”
W o annex tho lottor herewith:
I have just noticed your editorial articio on m y alleged a d voca cy o f the
four-hour workday.
Y o u base your article on wrong inform ation. W e aro not advocating
such a dem and. T h e remark I m ado was in reference to coal statistics
which show that there aro too m any mines and miners In Am erica and that
i f every mino received its share o f tho nation’s markot not moro than four
935
N ew to n D . B ak er, former M a y o r o f C leveland, was this
week appointed Secretary o f W a r b y President W ilso n , to
succeed Lindley M . Garrison, who resigned last m on th ; the
appointm ent was confirmed b y the Senate on the 7th inst
M r . B ak er is forty-four years of ago and is a prominent
Ohio D em ocrat.
H e has won distinction in Ohio as a lawyer
and was prom inently identified w ith the three-cent fare fight
in Cleveland and in tho so-called “ L ake-fron t”
caso.
M r . B ak er was elected C ity Solicitor o f Cleveland in 1902,
serving till 19 12 , when he was elected M a y o r ; he was re
elected M a y o r in 1914.
H o declined to bo a candidate fo rreelection a t the election last fall and retired on Jan. 1 1916 to
the practice o f law .
M r . B ak er is a close friend of President
W ilso n .
M r . B ak er was offered the post o f Secretary of
tho Interior in the original W ilso n C abinet but declined it
because he was M a y o r o f Cleveland a t tho tim e.
EFFORTS TO M A I N T A I N STERLING
A T 7 4 76 .
In declaring recently that it was the purpose o f the B ritish
Treasury to hold domand sterling rates to a rato not over
4 76 , Reginald M o K o n n a , Chancellor o f the Exchequer is
quoted as having said in discussing British credits in the
H ouse o f C om m ons :
our credit, particularly with roference to American exchange. I m erely
ask the House to com pare our Amorican exchange with that o f any o f the
othor belligerents. A t the present tim e tho rate o f 4 76, and tho G overn
m ent does not wish it higher than that. It is still ten cents below norm al,
but wo d o n o t wish it to go either up to or above normal, for tho simple
roason that wo aro discouraging im ports b y keeping the exchange a little
bolow par and checking the export o f gold to America
It is an absolute marvel that after eighteen m onths o f war we are still
almost the only open gold country in tho w orld. Our paper can be ex
changed fo r gold at tho B ank. E very sovereign In paper m oney has gold
fc‘ ^ w° uld nevcr have been believed two years ago that British
crodit cou ld stand the extraordinary test to which it has been subjected.
BRIT ISH EXCHEQUER BONDS M A D E A V A IL A B L E TO
SM ALL INVESTORS.
A n appeal to all classes to invest in the British 5 % E x
chequer bonds to the end th at the war m a y bo shortened
and the success o f the country ensured, was recently m ado in
prominont advertisem ents in the British papers. In a d
dition to tho provision contained in the prospoctus for the
issuance o f tho bonds in denom inations o f £ 100 , £ 200 , £ 5 0 0 ,
£ 1 ,0 0 0 and £ 5 ,0 0 0 , it was also m ado know n that the’ bonds
w ould bo issued in m ultiples of £100 and that £ 5 , £20 and
£ 5 0 bonds could be had.
l sum m ary ot the recom m endations contained in the re
port o f the C om m itteo on W a r Loans for the Sm all Investor,
issued rocently, a t L ondon, has been given out as follow s :
W e have already recomm ended :
1 . T he rem oval for tho period o f tho war and six m onths thereafter
o f the restrictions on the am ount deposited b y any one depositor in the
savings banks.
2.
The issue o f Exchequer bonds in denom inations o f £5 , £20 and S50
and the provision o f facilities for the registration o f such bonds at post offices
W o now further recomm end :
3. T h e organization on an extensive scale o f voluntary saving associa
tions.
4. T ho issue to such associations only o f Treasury bills in smaller
denom inations than £ 1 ,00 0 .
THE CHRONICLE
936
[Vol. 102.
Among other information the author of tho articlo presents
5 . T ho adoption o f tho installment scheme sot out in the appendix to
this report.
tho following concerning the Government’s war loans :
6 . Tho appointment o f committees to doal with mothods of propanganda
For tho purposo o f providing extra resourcos necessary for financing tho
and doviso model schomcs.
war, according to tho latest available roports, tho following now loans have
Tho appendix referred to is as follows:
been contracted sinco tho beginning o f tho war :
1. Each doposit would cntitlo tho subscriber to recoivo £1 on tho fifth
5 % Short Torm Loans at various d a te s ._ R s .2 ,0 5 0 ,0 0 0 ,0 0 0 $1,36 4 ,7 5 0 ,0 0 0
anniversary of tho dato o f deposit.
First 5 % W a r Loan of 1914 (Oct. 1 9 1 4 ) -5 0 0,000,000
2 5 7,500,000
2 . Tho amount o f each deposit would bo 15s. 6 d .— approximately tho
First 5 % W ar Loan of 1915 (Feb. 1 9 1 5 ).
5 0 0,000,000
257,50 0 ,0 0 0
present value of £1 fivo years honco at 5 % compound interest.
Second 5 ' A % W ar Loan of 1915 (M ay
3 . Facilities would bo given for tho accumulation o f installments until
1,0 0 0 ,0 0 0 ,0 0 0
5 1 5,000,000
1 9 1 5 ) _______________
they reached 15s. 6 d .. either through tho ordinary machinery of tho savings
4 % Sories of tho Treasury (Aug. 1 9 1 4 )-3 0 0 ,0 0 0 ,0 0 0
154,500,000
banks or by means of tho issue o f cards with spaces for 31 sixpenny stam ps,
4 % Series o f tho Treasury (M arch 1 915)3 0 0 ,0 0 0 ,0 0 0
154,500,000
or otherwiso.
.
Short Torm Treasury Obligations dis
4 . A ll deposits would bo registered in tho name o f tho depositor at tho
counted in Great Britain, £132,000,000
1 ,248,324,000
6 4 2,886,860
post o ffice, tho depositor being given a record of his deposits in a pass-book.
Short Term Treasury Obligations, dis
5 . Tho deposits would bo rcpayablo at any timo at tho end of any period
counted In France, F rs. 6 2 5 ,0 0 0 ,0 0 0 -234,75 0 ,0 0 0
120,8J6,2o0
less than a year at 15s. 6d. without addition, upon tho completion o f a year Special Currency Loan (April 16 1 9 1 5 )-2 0 0,000,000
103,000,000
from tho dato o f deposit at 15s. 9 d . and thereafter with tho addition of a 5 > 3 % Short Torm W ar L oan o f 1915
further Id . for each comploto m onth in excess o f twelve since tho dato of
(N o v . 1 9 1 5 )-......................... - .......................
1 ,0 0 0 ,0 0 0 .0 0 0
515,000,000
Issuo.
R s .7 ,9 3 3 ,0 7 4 ,0 0 0 $ 4 .0 8 5 ,533,110
6 . Tho accumulated intorest would bo free of incomo tax, but deposits
Thus tho nowly contracted loans amount to about nino-tonths of tho
would be receivable only from persons whoso total incomo from all sources
does not exceed £300 a year. Depositors would bo required to sign a de total Russian Government dobt on January 14 1913.
Owing to war conditions, in spito of this enormous growth of tho dobt
claration to that effect, tho doposit to bo liable to forfoituro if tho declara
of Russia, thoro is only a slight incroaso in tho budgots for 1915 and 1916
tion were untrue.
of am ounts, under tho heading “ Public D obt Sorvicos,” devoted to intorest
7 . T ho deposits would pass as part of a deceased depositor’s estato in
tho same way as savings bank doposits, but otherwise bo transferable and redemption paym ents, as can bo seen from tho following :
only by permission of tho Postmastor General or (in tho caso of doposits
1912.
1913.
1914.
1915.
1916.
received otherwiso than through tho post office) tho National D ebt C om
$ 2 0 2,733,572
$207,4 2 1 ,2 7 2
$207,4 4 8 ,5 9 4
$226,4 4 8 ,8 9 8
$298,866,392
missioners.
. .
In viow of this, it is most likely that again in 1916 it will bo necessary
to mako special assignments for this purposo, as was tho caso in 1915 wlion
somo additional fifty million dollars had to bo allotted for tho “ Public
SECRETARY OF TREASURY MoADOO S A IL S TO
D obt Services.”
.
AT TE N D L A T IN -A M E R IC A N CONFERENCE.
Largo as tho figures and problems dealt with in this articlo m ay appoar
Secretary of the Treasury McAdoo and the other members they aro small in comparison with tho amount of wealth which a young,
of the United States Section of the International High Com vigorous nation numbering now ovor 170,000,000 and inhabiting vast and
lands can produce within ono generation, especially when freed from
mission, sailed from Hampton Roads on the rlonnesseo rich
tho curso o f drunkenness and inspirod by a patriotic dosiro for a bottor
on the 8th inst. for Buenos Aires to attend tho meeting of lifo and future. Towards this ond much has boon dono In Russia sinco tho
the Commission which will open on April 3. Tho Inter momorablo dato of August 2 1914.
national High Commission was created by tho Pan-American
Financial Conference, held in Washington last May. Others
P H IL A D E L P H IA ’S HISTORICAL PRE-EM INENCE.
who are making tho trip with Mr. McAdoo, are: John
The “ Evening Public Lodger” of Philadelphia printed in
Bassett Moore, John H. Fahey, ox-President of the its Fob. 7th issue an interesting commentary on tho pros
Chamber of Commerce of the United States; Archibald perity which tho city of Philadelphia is enjoying, and at the
Kains, Governor of the Federal Reserve Bank of San Fran same timo took occasion to refer to tho city’s initiative and
cisco; Andrew J.Peters, Assistant Secretary of tho Treasury; originality. Wo reprint in part tho articlo so far as it boars
Samuel Untermyer, Paul M . Warburg of tho Federal Re upon the banking interests of tho city :
serve Board; Leo S. Rowe, J. Brooks Parker and U. S.
It is Interesting, therefore, to look back a few yoars and soo how in tho
wholo financial history of tho United Statos this city has boon tho originator
Senator Duncan U. Fletcher of Florida.
NEW YORK POST OFFICE AN D FOREIGN R E M IT
TANCES.
An indication of tho volumo of the international transac
tions of New York City’s Post Office is furnished in tho
statement that last year it bought foreign exchange to an
extent of $31,046,051, compared with $55,367,605 in tho
year preceding. According to figures supplied by Postmaster
Edward M . Morgan for tho annual report of tho New York
Chamber of Commorco, the Now York office did a total
business in 1915 in monoy orders, transfers, &c., amounting
to $420,742,391. This was an increaso of $121,959,969, or
22.4%, over that of 1914. Certified money orders^ to
foreign countries in 1915 reached tho total of $39,978,733,
while tho monoy orders certified from foroign countries to
this office woro $5,992,636. Tho calendar year’s operations
in monoy orders alone amounted to $155,160,493, including
nearly 20,000,000 transactions for both domestic and foroign
account. The average of the 16,779,568 domostio monoy
orders paid and issued was $6 06 each. There were 431,240
international money ordors paid or issued, roprosonting an
amount of $7,456,494. This compared with 521,789 trans
actions in 1914, totalling $9,196,084. International money
orders paid and issuod during 1915 averagod $17 29 each,
compared with $17 62 in 1914. During tho calendar year
1915 the Now Yorjc Post Office contributed a not rovonue
to tho United States Post Office Dopartmont of $19,211,
849 02. The total recoipts were $30,127,062 01 and ex
penditures for that year woro $10,915,212 99. Tho increaso
of net revenues was 2.18% comparod with the calendar
year of 1914. During tho fiscal year 1915, ending Juno 30,
the recoipts of tho Now York Post Office of $28,840,236 20
wero 10.04% of the total receipts for tho United States
Post Office Department of $287,248,165 27.
R U SSIAN GOVERNMENT’ S WAR LOANS.
An interesting articlo on “ Russian Imperial Finance” by
Alexander Znamiecld, in charge of tho Russian Division
of the Foreign Trade Department of the National City Bank,
appeared in tho February number of “ Tho Americas,”
published by tho bank. Tho articlo deals with the revenues,
the resources and tho finances of tho Russian Government.
According to Mr. Znamiecld, tho country’s debt on Jan. 14
1913 amounted to 8,858,053,843 rubles, or $4,561,897,729.
of big things.
•
Philadelphia occupies tho m ost unique position financially of any city in
tho United States. Ono cannot disassociate tho history o f this country
from that of Philadelphia. Tho first bank chartered by Continental Con
gress, in 1781, was tho Bank o f N orth Am erica, located in Philadelphia.
Tho first institution to transact a general trust business was tho Pennsyl
vania C o. for Insurances on Lives and Granting Annuities, chartered in
1812 and located in Philadelphia. Tho oldest savings bank in tho United
States, tho Philadelphia Savings Fund Society, will colobratod its 100th
anniversary this year. I t has 2S6.000 depositors, with an aggregate
of $ 1 25,000,000 doposits. Tho first bank in tho United Statos to rocoivo
a charter undor tho National Bank A ct was tho First National Ilank of
Philadelphia. W hen tho first United Statos bank was organized in 1791,
and tho second United States bank, in 1816, Philadelphia was soloctcd as
tho logical city in which to locate tliom. Tho American Bankors’ Asso
ciation was organized in Philadelphia in 1876, and tho Pennsylvania bankers
wore largely responsible for its early succoss. Tho first building and loan
association, tho first United Statos postofflco, tho firstU nltod States mint
and tho first stock oxehango wero all located In Philadelphia.
Philadelphia was ono of tho 12 cities in tho Unitod States where a Federal
Rosorvo bank was located under tho recont Federal Roscrvo A c t. During
the country’s direst needs in soveral wars it was Philadelphians who came
forward and financed tho Governm ent. It was Robert M orris who gave
$1,5 0 0 ,0 0 0 to clotho W ashington’s half-naked and half-starved troops; it
was Stephen Girard who financed tho war o f 1812; it was E . W . Clark who
financed tho war with M exico and Jay Cooko tho Civil W ar.
During tho last year tlicro wero 138 national banks chartered In tho
Unitod States; 84 wero conversions from State banks and trust companies
and 54 wero newly organized.
, ^ .
_
Thoro wero 65 appointments o f Philadelphia banks to bo Rosorvo agonts
for other national banks. Thoso 65 appointments wero divided among
eleven banks.
C A P IT A L REQUIREMENTS OF CHICAGO A N N E X E D
DISTRICT B A N K S WHEN MOVING TO C IT Y PROPER.
Tbo Illinois Supremo Court under a decision rondorod
last month holds that State banks in what was formerly
Morgan Park, now a portion of tho city of Chicago, will not
be permitted to movo to a downtown location in Chicago
as long as they operate undor their original capital. The
decision was handed down in tho caso of tho Adams State
Bank and the Metropolitan State Bank, both Morgan Park
institutions. Following tho annexation of Morgan Park
to the city of Chicago tho Circuit Court of Cook County
enjoined the banks from romoving into Chicago proper,
sinco they were not organized with tho capital required by
banks in tho city. Tho Supremo Court sustained tho Circuit
Court in its conclusions. In addition to tho two banks
mentioned, tho Fidelity Stato Bank, tho Kimbark Bank and
soveral others aro affected by the decision. In tho caso of
the Fidolity State Bank plans aro alroady undor way to in
crease its capital from $25,000 to $200,000. Vico President
Frank Collins is quoted as saying:
Mar.
ii
1916.]
THE CHRONICLE
Arrangements havo beon under w ay for a long tim e to increase our capital
stock so that regardless o f the outcom o wo had planned on a $200 000
capitalization. The bank was placed In this neighborhood as a sort o f a
feeler. W ith deposits o f m oro than $250,000 wo could not servo the business
domands o f the com m unity on our original capitalization. T ho change will
bo mado soon.
937
and em ployers every opportunity to settle their ow n dif
ferences, w ithout let or hindrance or outside interference
of a ny kind
Second, offer, in a spirit o f friendliness and
good-w ill, plans looking tow ard m ediation or arbitration,
in ir d , the G overnm ent through constituted authority
representing the people, m ust step in and force the warring
railroad factions to arbitrate.
This last m o v e , o f course,
will only be resorted to should the others fa il.”
TIio banks concerned Iiavo decided to petition tho Illinois
Suprome Court for a rehearing, and in tho event o f the donial
o f their application will appeal, it is stated , to tho U nited
States Supreme C ou rt.
T R A IN M E N ’ S D EM A N D S FOR A N EIGHT-HOUR DAY.
S E T T L E M E N T OF B IT U M IN O U S M IN E R S ’ D EM AN D S.
According to an official announcement made in Chicago
on the 9th inst., tho vote of the 400,000 engineers, firemen,
conductors and trainmen of the railroads of tho United
States is overwhelmingly in favor of union heads being
authorized to enter into negotiations with tho railroads for
an eight-hour day, with timo and a half for overtime. The
statement, signed by A. S. Stone, Grand Chief of the Broth
erhood of Locomotive Engineers; A. B. Garretson, Presi
dent of tho Order of Railway Conductors; W . S. Carter
President of tho Brotherhood of Locomotive Firomon &
Enginemon, and W. G. Leo, President of the Brotherhood of
Railroad Trainmen, says:
A n adjustm ent of the differences between the soft coal
m iners and operators was effected this week.
Conferences
with regard to tho dem ands of tho m iners, involving the so ftcoal fields o f O hio, Indiana, Illinois and W estern P ennsyl
vania, were opened in this city on F eb . 2 4 , following the in
a b ility of tho miners and operators to reach an agreem ent dur
ing their deliberations a t M o b ile earlier in tho m onth.
The
original dem ands of the m en called for an increase of 10 per
cent, at the basing points, a 10 % increase in all dead work
and yardage, a 20 % increase on all day labor and p aym ent on
a m ine-run basis.
Increases of from 5 to 1 3 % on tonnage
yardage and day wage rates are granted in the agreem ent
reached, and tho establishm ent of a universal run-of-m ine systom is provided for.
T h e day laborers and those engaged
on yardage receive an increase of 5 % and there is a scaling
down of the dom ands for a 10 % increase a t the basing points.
H ie follow ing is the agreement entered into:
Wliilo tho returns from tho membership of those four organizations aro
not completed, it is ovidont that tho voto is overwhelmingly in favor of
presenting to the railway companies o f tho United States tho requests for
tho eight-hour day and timo and one-half for ovortimo. Consequently the
m ovem ent with that object in viow will bo carried forward in its regular
course.
°
Tho presont voto has no significance oxcopt as an Indication o f tho desire
of tho men that this m atter should bo pressed to a conclusion, and all roports
that it has significance as a striko voto aro erroneous and misleading. In
tho immediate future tho requests will bo presented to tho railway manage
ments and tho nocossary steps takon to make the same effoctivo.
0 h l0 , Indiana and I1,lD 0,3lb 0
we,
A preliminary announcement estimated that 80,000 votes
wero recorded in the negative. According to Mr. Stone,
returns not yet in cannot possibly affect the result. On the
8th inst. Mr. Leo is reported to have said:
trict o f W estern 'P ^ w l v a n k a ^ h a T S E a s S l o h k T t h e H
b e ^ h e T m e tT ^
P»«*
o d ^ ^
n > ln £ in ™ t 'e
Thoro is littlo quostion that tho voto will bo in favor of tho eight-hour day
and for immediate action. If that is tho caso, tho railroads will bo notified
that tho mon demand an eight-hour d ay , and they will bo given thirty davs
in which to prepare their reply. I f the demands aro refused our next step
will bo to call foi a roforondum striko voto and negotiations will be begun
throughout the balance o f Ohio, unless otherwise agreed to, o le In the bim
minous district o f Indiana and 64c. in tho Danville district o f i Hnois
^ m U H ^ L r'U|rr?,dS' T h f r® ,S a prospect o f a striko, but thoro aro m any
conditions which m ay arise botwoon tho prosont and tho final calling out of
tho mon which m ay provont such action.
Yostorday’s dispatches quoted Mr. Stono as declaring that
there is no immediate cause for fear of a railroad striko:
He is furthor quoted as saying:
° 'ilr committee meeting lioro can do is to canvass tho roforondum voto
o f tho Brotherhoods on our wago domands. A t least sixty days will elapse
boforo any further action will tako placo. I havo heard reports that tho
railroad managements havo launched a publicity campaign to scaro the
country. I won’t com ment on it.
S
S
r :* ™
S
S
r f -
" - -
The roads have indicated their intention to oppose the l o ^ I ^ T InC° rporatcd ,n l i s t i n g contracts shall remain in force un.
hy agreement between operators and miners’ representatives
proposed conditions. On their refusal to accede to the re
and
ending3
Marclf
31 l i l t *
°f tW° ^ beginn,ngApril 1
quests committees representing both sides, it is stated, will
bo appointed to negotiate a settlement if possible. ' Tho
" " “ ,opt“ 1 ,h°
»
railroads, it is said, will insist on arbitration under the ErdW hereas. It is absolutely necessary to adopt such rules as will safes-.,
man Act if tho private negotiations fail. The inference that Jherefore^be0 itthe
the marketabIe condition o f the c o ll;
tho unions will refuse arbitration in the present proceedings
R esolved, T h a t this Inter-State join t conference agrees that all r iu tr w
„
district
is had in the following resolution adopted at a joint mooting organizations herein represented shall take un tho
of the Trainmen’s and Firomon’s Brotherhoods at Fanouil 2 ,;h' r ' r : ^
will best suit the condition o f each district herein represented
Hall, Boston, on Oct. 31 1915:
W h e r e a s , Arbitration for bottormont o f conditions and settlement of
wago disputos botwoon tho railroad companies and tho mon has proved itself
to bo a ono-sidod affair in overy sense of tho word, and inasmuch as oxnerionco provos that arbitration contomplatos only tho support and welfare
of tho railroads and is a monaco to tho mon; bo it
R e s o l v e d , T hat wo will novor again submit to arbitration in any move for
the Increase o f wages or bottormont of conditions: bo It further
R e s o l v e d , T hat a copy o f thoso resolutions bo submitted to each of tho
executive officers of tho several organizations represented h o r r o r their
information and guidance.
or tnolr
A similar resolution waa passed a t a Joint m eeting ot tho
Trainm en a t SaH Lake C ity , U ta h , on F e b . 23 10 10 , as follows
Tho representatives o f our oreanlz-itlon
:
h’
going to ontor into negotiations with tho management o f tho
futu.r,c
roads throughout tho United States and Canada for n . ,
° va^lous raU"
an eight-hour day and time and on o-h airfofovertim oP for^T . ° I
engaged in ongino, yard and train sorvico, oxcopt passenger'
P ° ye° 3
Therefore, Bo It resolved by the members of tho i L ™
, ,,
assembled in Joint union mooting at Eaglo’s H all, Salt l i k e
day of February 1910. that wo are opposed to m e d ^ i o n or S b T t r S n «
a moans o f effecting a settlomont in this m atter, for the follow!.,
at 01 as
P M . T h at tl,„ demands are reasonable and lua, a „S S
w fa r ^ n S e d
W h erea s,
X n ” S ,r
UOt ° f
“ “
" hlC" " » " «
A a condition precedent to the acceptance by the coal operators o f Tin
nois o f tho ponding Inter-State join t agreement, and in the hone th a tth o
introduction o f mining machines into the long-wall m in i,
^
Illinois m ay enable that field to operate on a basis which shall preservo the
miners earning power, and at the same tim e reduce the operaUne e l l ln ,?
save the field, it is agreed that a join t commission con sist^ g o f S e “ m ,n( ™
and threo operators shall bo appointed by the tw o organizations who I h J u
s z m r r rat°
zszzsz
W h i l o t h e g e n e r a l c o n f e r e n c e c o m m i t t e e is s a i d t o h a v e
a n n o u n c e d th a t th e s e ttle m e n t h a d b e e n e n d o rs e d u n a n b
m o u s ly , a c c o r d in g to th o “ T im e s ” it w a s a d m it t e d t h a t th e
I n d ia n a m in e r s a p p o in t e d t o th e g e n e r a l c o n fe r e n c e c o m m it
te o b a d v o t e d
s o lid ly a g a in s t
tw o o th e r S ta te s h a d
s to o d
th a t
th e
it,
“ b o lte d ”
a ccep ta n ce
of
and
th a t d e le g a te s
th e m e e tin g ,
th e
it
agreem en t
fro m
is u n d e r e
w a s fin a lly
e ffe c t e d t h r o u g h th e a c t io n o f J o h n P . W h it e , P r e s id e n t o f
M i n e W o r k e r s o f A m e r i c a , in a s s u m i n g r e s p o n
s i b i l i t y f o r t h o m i n e r s ’ d e l e g a t e s f r o m I n d i a n a .. O p p o s i t i o n
m
th e o th e r
fr o m
I llin o is
tw o
in s ta n c e s
w a s a v o id e d
(A d o lp h G e r n e r )
a n d O h io
by
th e
d e le g a te s
(C h a r le s A l b i o n )
Second, Past history has taught us that arbitration and mediation
orally result in a victory for tho master and defeat for tho workers
v o lu n t a r ily r e t ir in g f r o m th e m e e t in g , th u s e n a b lin g th e r e
c o r d in g o f a u n a n im o u s v o t e .
Charles L . Bornhoimor, C hairm an o f the Standing C o m
m ittee on A rbitration o f tho C ham ber o f Com m erco o f the
Sta te o f N ow Y o rk , and a m em ber of its executive com m itteo
proposes a plan for arbitration o f tho proposed dom ands of
tho trainmen for an eight-hour d a y . According to M r .
M r . W h i t e is s u e d a s t a t e m e n t a t t h e c o n c l u s i o n o f t h e c o n
fe r e n c e w h ic h s a id :
Bornhoimor, “ There aro threo fundam ental principles in
volv ed in those plans. Tho first is th at o f giving the employees
Increases o f from 5 to 13% on tonnage, yardage and d ay wage r a t «
measure up to the prosperity o f the times, and will better m nin th „
thousands o f union miners who have b e e n ’ S 5 Z 2 ,'S S S f i * S . ‘ £ £ £
The miners aro highly gratified with the agreement reached for tho hit,,
THE CHRONICLE
938
[VoL. 102.
3. That tho Inter-State Com m erco Commission creato a central em bargo
com m itteo to suporviso congestion relief in its broadest aspect, and
to co-ordinato tho efforts o f tho railroads with this in view . This was ad
vocated by J. C . L incoln, tra ffic manager o f the M erchants’ Association
o f N ow Y ork .
4. That tho per diem chargo for borrowed freight cars bo increased, forc
ing tho congested roads to return extra equipment m oro rapidly, urged
strongly by representatives from tho M iddle W est.
5. That lighterage facilities in N ew Y ork bo placed under tho manage
m ent o f one com pany, owned or controlled by the railroads.
T ho N ow Y ork D ock C om pany advocated an increaso in tho chargo for
Iighterago sorvico in N ew Y ork from 3 cents a hundred pounds to 7 or 8
cents. This was opposed by tlio argument that it w ould injure tho Port o f
N ew Y ork , though it was adm itted that this would encourage terminal de
velopm ent.
o f our negotiations to meet the ever clim bing cost o f food and other neces
sities o f life.
Peace for tw o years is now assured, and the readjustm ent necessary to
put the new wage scale in operation will in no w ay hamper the industry.
T h o peaceful settlement o f tho soft coal wage matters should clearly dem
onstrate to tho American public the need o f a strong yet reasonable organ
ization. such as the United M ine W orkers, and tho soundness o f tho basic
wago conference plan, which has adjusted satisfactorily all wage differences,
which in the aggregate affect four hundred thousand m en, without the
slightest interference with tho industry.
In asserting th at the bitum inous agreem ent would have
no bearing whatever on the anthracite negotiations, M r .
W h ite added:
Com parison o f bituminous wages with those o f tho anthracite workers
will p rove to the satisfaction o f the m ost careful observer that tno hard coal
miners are entitled to a m uch larger increase, and I feel confident that our
wago negotiations will bring anthracite rates up to the bituminous wages.
Thoro is no reason why a strongly fortified industry liko tho anthracite
should not grant to its employees every beneficial condition now enjoyed
b y the miners in tho bituminous coal regions, whero com petition is keen and
profits m uch smaller.
_
.
One of tbo interesting points brought out a t tho conference
w as contained in a statem ent m ade on T uesd ay b y Charles
J. A u stin , T raffic M a n a g er of tho N e w Y o rk Produce E x
change; M r . A ustin laid the principal blam e for tho conges
tion upon tho A llies, declaring that a ship which loads w ith
out tho permission of the British G overnm ent is im m ediately
requisitioned, and that tho same condition applies to tho
French lines. M r . A ustin expressed his viows as follow s:
U nder the agreem ent it is stated an increase of approxi
m ately $ 8 ,000,000 will be effected in the wages of the so ftcoal m iners.
I t is also reported th at the settlem ent carries
w ith it an increase of 12 cents a ton in the cost of m ining
bitum inous coal.
THE FREIGHT EMBARGOES.
T h e im provem ent in the freight situation in Philadelphia
has brought abou t the virtual rem oval of the embargoes
placed b y tho P ennsylvania R R . on F ebruary 2 5 .
T ho
following statem en t announcing tho m odification o f tho
restrictions was issued b y tho com p an y on tho 7th in st.:
T ho Pennsylvania Railroad C om pany announced to-d ay that tho accumu
lation o f loaded freight cars at and dostined for Philadelphia has been
sufficiently relieved to permit o f tho romoval o f tho greater part o f the
restrictions which it has been necessary recently to impose.
E ffective tom orrow , W ednesday, all restrictions will bo rom oved on all
shipments o f freight for local uso or for coastwiso transportation to any o f
tho com pany’s stations, or to private sidings in Philadelphia, with tho
following exceptions :
, , . . ,
..
Anthracite for tho W ashington Avenue district, coastwiso freight for tho
C lyde Lino and for tho M erchants and M iners B oston lino and freight for
certain public storage warehouses for which tliero is still an excessive
accumulation o f cars on tho w ay here.
T h o restriction upon export freight shipped b y w ay o f Philadelphia is
m odified to tho extent that such freight will bo accepted whero satisfactory
assuranco is given that definite and adequate arrangomonts for reasonably
prom pt ocoan transportation havo boon m ado.
W o havo taxed tho capacity o f tho carriers to tho utm ost in tho last year,
but in spito o f this wo havo m oved an enormous am ount o f grain without
sorious d ifficu lty . W e therefore protest strongly against additional storago charges. Our grain has m oved gradually, naturally and as occasion
dem anded.
.
.
,
, .
,
I d o not soe what reason tho roads havo for com ing hero and as.dng for
tho application o f extra charges, as this would havo no effect in causing
grain to m ove m oro rapidly. T ho ch ief obstruction to tho freo m ovem ent
o f grain is tho requisitioning policy o f tho British Governm ent. It is well
known that tlio British Governm ent dictates what wo shall ship and what
wo shall not ship. A ship which loads w ithout permission o f tho British
Governm ent is im m ediately requisitioned. T ho samo condition applies
now to French linos. T ho Altios havo their fingors on nearly ovorything
a float.
„
H e is further quoted as saying that tho dictatorial power ot
G reat B ritain and Franco extended only to their own ships,
and not to thoso of H o lla n d , D enm ark and othor noutral
nations.
Shippers’ contracts, ho contended, aro condi
tional on tho requisitioning of boats b y bolligoront govern
m en ts. According to the N o w Y o rk “ C om m ercial,” in stat
T lio N e w Y o rk N e w H a v en & H artford announced yester
d a y tho tem porary lifting of its em bargoes in tho following
ing that “ it is a situation you cannot control and there is
no argument about i t ,” he expressed the belief that tho pres
ent congested conditions would be best corrected b y a swoop
ing embargo on traffio to N e w Y o r k , but indioatod his oppo
sition to “ a ny additional burden, in tho form of olevator
charges or storage charges.”
M r . A u stin ’s contention that
G reat Britain is responsible for tho congested freight condi
tions has been followed b y a similar statem ent in tho “ E v en
s ta t e m e n t :
ing M a il” o f the 9th in s t., as follows:
,
.
In order to afford relief to industries in N ew England that are in urgent
need o f material to avoid closing o f plants all existing embargoes issued
b y tho N ow Y ork N ew Haven & H artford Railroad except upon soft coal,
will be suspended from midnight o f F riday, M arch 10, until m idnight o f
T uesday. M arch 14, after which tim e oxisting em bargoes wnl bo re-m-
A crisis lias boon precipitated b y tho action o f tho British Governm ent
in regard to tho vessels o f tho Cunard Lino and such ships o f tho Interna
tional M orcantilo M arino as aro under tho British flag . B y direction o f tho
British W ar O ffico, tho Cunard C om pany has announced that, until fur
ther notico, It will refuso to accept any freight oxcopt amm unition or grain
consigned to tho British authorities. T h e International M orcantilo M arino
St This arrangement will afford all now in need o f material and supplies has announced that all shipments b y private concerns are canceled for the
tim o to adviso shippers that shipments o f car-loads and loss than car-loads M anhattan, which is scheduled to sail next Saturday: that all tlio cargo
receipted for b y tho carrier until and including Tuesday, M arch 14, m ay so ace on tlio Lancaster and Philadelphia has been taken b y tho British
go forward without interference from em bargoes placod b y tho N ew H aven Governm ent, and that m ost o f tho spaco in tho C eltic, C ym ric and Adriatic
C om pany, although such shipments cannot be m oved m ore rapidly than has beon com m andeered b y tho British.
their regular turn will perm it.
, ..
T his means tho tying up and indefinito delay o f m any thousands o f tons
T he congestion on tho N ow Haven R oad continues very acute and the o f freight scattered about tho terminals o f tho N ow H aven, tho N ow Y ork
temporary lifting o f em bargoes, as is herein provided, is not an indication
Central, tho Erio, tho Lehigh V alley, tho Pennsylvania, tho Lackawanna,
o f easier conditions, but tho action is takon in order that whero extreme tho N ow Y ork Ontario & W estern, tho Baltim ore & Ohio and various other
conditions now prevail opportunity will bo affordod to arrange for the roads. A ll Eastern lines havo beon m oro or less blockaded, but this new
loadin g o f material at prim ary points to bo takon to destination as soon com plication makes tho work o f tho railroad men almost hopeless. Orders
as the com pany’s present congested circum stances will porm it.
havo gono out to refuso all now business, and em bargoes havo been put on
Consignees are urgently requested not to ordor material loaded that so m any classes o f shipments that tho on ly stu ff that is m oving with any
they are not in need o f to moot immediate necessities.
regularity is that which is sent by express.
■
Various railroads havo given proforenco to froiglit dostined for tho Brit
ish
or
French
authorities.
A
ll
such
shipments
are
branded.
and tho cars
IN T E R -STA TE COMMERCE COMMISSION’ S HEARIN G
bear signs "F o r Governm ent U so.” Dosplto tho host efforts o f tho rail
ON FREIGHT PROBLEMS.
roads a n d 'o f tho tra ffic m en. om ployed b y tlio British and Fronch to oxT b o informal conferonco called b y tho In ter-S tate C o m pedito such goods, they too suffer delay.
merce C om m ission for tho purpose o f giving a hearing to
Y esterd ay , the 10th, the N o w Y o rk “ T im os” quoted Fred
railroad and shipping interests on the freight congestion erick P . G askell, General Freight M a n ager of tho Cunard
problem s in tho E a s t, was concluded on T u esd ay w ithout C om p an y, as saying:
F or m onths past tho British Governm ent has boon requisitioning much
any agreem ent being reached as to tho necessary measures of
spaco in our steamships. W o voluntarily offered to dovoto h alf o f tho spaco
relief. T h o hearing occupied tw o d a ys, M o n d a y and T ues o f our vessels to carrying grain. This was dono for private shippers, how
d a y , and a num bor of proposals were advanced for rem edying ever. Thero has been no sudden action b y tho British G overnm ent, and
tho situation. Suggestions offered b y tlio railroads that no crisis has been created. T ho conditions which oxist aro, o f courso, duo
to tho war, but wo aro not in a worse position now than wo havo been for
tho conditions be adjusted b y an increaso in tho demurrage
somo tim e.
and storage charges a t terminals and a reduction in the tim o
A . C . Setterolf, General Freight M a n ag er of tho Inter
allowed receivers o f froiglit to unload cars without extia
national M ercantile M a rin o , was quoted to tho following
charge, were opposed b y the shippers, on behalf of w hom
J . C . L incoln, Traffio M a n ager o f tho M e rch a n ts’ Associa ^ ’rh e statements in tho newspapers aro not correct. I think some o f tho
tion of N o w Y o r k , proposed that tho problem bo m et newspapers aro trying to make a groat deal m ore out o f tlio situation than
Is necessary
T ho steamship lines aro doing all that is posslblo for them to
through a com m itteo created b y tho In ter-S tate Com m erco d o . I can’t see how any such agitation as bogun b y tho newspapers can
C om m ission . Som e of the remedies proposed^ for relieving help matters any.
So far as tho hearing had this week bofore tho Intor-Stato
tho situation are set out in the “ Joiumal o f Com m erce of
Com m erco C om m ission is concom od, Chairm an M c C h o rd ,
the 8 th as follow s:
„„
__ .
1. That freight bo diverted from the congested districts o f N ow A ork,
Baltim ore and Philadelphia to tho com paratively open ports o f tho South .
This was tho suggestion o f representatives from Charleston, Galveston ana
^ 0^ Orleans.
2. T h a t embargoes bo applied at the sourco and rigidly enforced until
tho roads and terminals havo cleared to tho point o f greatest e fficie n cy,
rocom m ondod b y com m ercial organizations o f tho Eastern seaboard.
in pointing out its purpose on M o n d a y , said:
T ho Commission hopes that hoipful suggestions m ay hero bo presented
and that thero m ay bo co-operation botwoon carriers and shlppors and re
ceivers o f freight in efforts along right linos to amollorato, as spoedily as
passible, tho present situation, which is and apparently for som o tim o has
beon oxtromoly troublesom e.
•
Mar. li 1916.1
THE CHRONICLE
T h e argum ents were heard b y the entire Com m ission;
representatives of 15 railroads and 45 commercial organiza
tions wero prosont a t tho opening of tho conference. T h e
opposing views of tho two interests wero indicated in reso
lutions which wero presented at tho first d a y ’s hearing, tho
ono on behalf of tho carriers being as follows:
939
CONTROVERSY REGARDING TREATM EN T OF ARMED
M ERCHANTMEN.
Following tho action of tho Senate last week, tho H ouse
this week loft the President free to pursue his own policies
in tho conduct of negotiations with G orm any on the sub
marine issue. A s indicated in our issue of Saturday last
R e s o l v e d , That in tho opinion o f the carriers existing em bargoes should bo
continued and additional embargoes placed until tho excossivo num ber o f tho Senate in effect placed itself on record as against inter
cars on each railroad bo reduced to a number which can bo handled with
ference w ith the President by the tabling on tho 3d inst. of
reasonable expedition; and
tho Goro and M cC u m b e r resolutions. B o th the original
R e s o l v e d , That, reaffirming and ratifying tho action o f tho American Rail
w ay Association, as communicated to tho Inter-State Com m orce Comm is
G ore resolution and that of Senator M c C u m b e r warned
sion in its resolution o f N ov . 29 1915, tho carriers favor tho follow ing action:
Am ericans against traveling on arm ed m erchantm en, though
Substantially reduco the froo tirno on export business.
M ako storago charges on freight in railroad warehouses after forty-eight
tho substitute resolution of Senator Gore (introduced to
hours o f froo time enough to stimulate tho m oving o f goods, so as to reliovo
confuse the issue) declared that the sinking o f an arm ed
such warehouses.
M ake demurrage chargos, after forty-eight hours free tim e, $1 for first vessel by a Gorm an submarine without warning w ould con
throe days, $3 for next throe days, $5 a day thereafter; and
stitute a just causo o f w ar.
T h e vote in favor of tabling
Annul tho average agreement.
the resolution and all am endm ents was 68 to 14.
T ho resolution o f tho shippers in opposition to tho above
So far as the H ouse is concerned the issue was disposed of
road:
on .Tuesday, tho 8th inst.
On the d ay of the tabling of the
R e s o l v e d , That in tho opinion o f tho shippers a change in tho storago and
national codo o f demurrage rules which imposos increased storage or de resolutions in the Senato (tho 3d in s t.), the H ouse C o m
murrage chargos anil practically eliminates the average agreement demurrage m ittee on Foreign Affairs b y a vote of 17 t o 2 voted to report
rulo will not rom ody tho situation in the East and will work undue and un
the M o L em o re resolution (warning A m ericans against
necessary hardships on tiie shippers o f tho country sa a whole.
traveling on armed ships) with a recom m endation that it
According to tho “ Journal of C om m orco,” A . F . M a c k ,
be tabled.
Tho report adopted by the C om m ittee read as
representing tho U nited States Steol Products C o ., a sub
follows:
sidiary o f tho U n ited Statos Steel Corporation, outlined tho
T hat IIouso Resolution 147, known as tho M cL em ore resolution, reviows o f tho shippers in soveral recom m endations.
H o stated <1nesting tho President to warn all citizens o f the United Statos to refrain
that tho difficulty experienced b y the roads is duo partly to from traveling on arm ed merchant vessels, be reported to the H ouse with
tho recomm endation that it bo laid on the table. Undor the practico and
their a ttem p t to classify freight cars aftor arriving at tho precedents in this cou ntry, tho con du ct o f diplom atic negotiations has been
torminals, “ at tho neck o f the b o ttlo ,” instead o f a hundred left to tho President and with this practico the C om m ittee does not feel it
milos or so inland. H o suggested as remedies for freight proper for tho H ouse o f Representatives to interfere. W e know that if
tho President reaches a point in any negotiations with foreign Governm ents
congestion tho following changes:
with which ho has exhausted his power in tho premises, he will, in the usual
1. That tho roads spend part o f tlicir surplus earnings to provide addi
tional facilities.
2. That cars be classified in tho interior instoad o f at seaboard.
3. That toam track facilities at torminals bo increased.
4. That all supplies for tho East bo shut o ff absolutely, especially a j New
Y ork, until tho roads can clear up existing congestion.
5. That somo sort o f supervision bo providod to seo that tho roads do this
fairly and effectively.
H ow ard Elliott of tho N ow Y o r k N ow H av en & H artford
R R ., a t M o n d a y ’s hearing, in ascribing tho congested con
ditions partly to war shipm ents, said:
W o aro strangling fro n congestion. Something must bo dono imme
diately. and if permission could bo obtained to place in effect a sliding scale
ot demurrage on cars in detention, quick rolief could bo socured. Shippers
as well as tho railroads are to blamo for tho freight congesion. Shippers
havo not tho facilities to unload cars (illicitly and tho railroads have been at
fault for accepting too much businoss.
T ho business the N ew Ilavon is doing to-day is probably from 33 to 60%
in excess o f tho business it was doing a year ago, and at least 25% in excess
o f tho business it has over attem pted to carry on.
In 1915, M r . E lliott stated , 3 9 ,0 0 0 cars wero sidetracked
in terminal yards and in 1914 about 4 0 ,0 0 0 .
T o -d a y , he
add ed , 4 2 ,0 0 0 foreign ears and 2 4 ,0 0 0 of its own cars wore
tied up in N ow E ngland.
“ W o cannot recoivo a n y more
business until tb is congestion has a b a te d , ” he asserted. Con
tinuing, ho said:
W ar munitions havo contributed to a limited extent to this congestion.
T ho m ovom ent o f such freight amounts to lass than 5 % o f our total ^traffic
Tho hauling o f fuel amounts to about 2 0 % , while the remainder consists o f
gonoral froiglit. T ho export business o f tho road has boon overrated as a
causo o f congestion. Tho real causo lies deeper. For soveral years the
cou ntry has boon upon a quiet Ievol o f businoss. Stocks wore depicted and
business men had been conducting thomsolvos gonorally upon a piano o f
depression. A rovival was duo, which canto sooner than was expected|
becauso o f tho stimulus o f war orders, and tho purchasing power o f 10 0 000 •
000 people produced an enormous impetus in trade. It is this dom estic
business that has caused tho congestion o f freight and a situation which
tho transportation facilities o f tho country aro unable to moot.
T h o following remarks of M r . Lincoln o f tho Merchants’
A ssociation, urging tho appointm ent of an embargo com
m ittee, aro takon from tho “ Journal o f Commerce” o f tho
8th in st.:
w a y , report all facts and circum stances to Congress for its consideration.
Throe other proposals wero voted down by the Committee.
One, offcreel b y Representative Shackleford, declaring
confidonco in the President and containing a warning
feature, recoivcd only four votes.
The Gore resolution,
offered by Representative Thompson, got ono vote. Rep
resentative Harrison’s motion to report the McLomoro
resolution, and recommend its tabling without further com
ment, was defeated without a record vote.
It was decided on Saturday that no vote should bo taken
b y tho H ouse on tho issue until T u esd ay , some of the factors
which served to effoct delay being the absence on Saturday
o f some D em ocratic moinbers on week-end trips and the
insistence of Leador K itch in and other m ajority m embers
that instead of voting on tho C om m ittee report a straight
voto bo taken on a warning resolution.
On M o n d a y , the
6th in st., tho IIouso C om m ittee on Rules agreed to present
to tho H ouse on T uesd ay the follow ing special rule for four
hours debato on tho M cL e m o re resolution:
R e s o l v e d , T h a t im m ediately upon tho adoption o f this resolution, the
House shall procoed to tho consideration o f House Resolution 147, that there
shall bo four hours o f general debate, one-half to be controlled b y the
gentleman irom Virginia, M r. F lood , and one-half b y the gentleman from
W isconsin, M r. Ooopor; that at tho conclusion o f said general debate, the
said resolution shall bo considered under tho general rules o f tho House.
T h e Republicans of tho Rules C om m ittee voted solidly
against tho rulo, while tho D em ocrats unanim ously supported
it. W lion tho H ouse finally acted on the issue on T u esd ay
threo separate proposals wore disposed of by large m ajor!
ties. T h e first proposition, designed to open the M c L o
moro resolution to am endm ent and unlim ited debate, w a 3
voted down b y tho Adm inistration forces b y a voto of 25 6
to 160; on this question 192 D em ocrats, 6 3 Republicans
and ono Progressive supported the A d m inistration.
A ction
was then takon upon the special rule providing for four
hours dobato on tho M cL em o re resolution; this was adopted
b y a voto o f 27 2 to 13 7.
Tho final action o f the H ouse con
sisted m tho tabling, b y a v o te of 276 to 142, of tho M c
Lomoro resolution.
T ho voto to table was cast b y 182
D em ocrats, 93 Republicans and one Progressive.
T hose
who registered them selves against the tabling of the M c
Lomoro resolution consisted of 33 D em ocrats, 102 R epubli
cans, 5 Progressives, 1 Indopondont and 1 Socialist.
T h o toxt of tho M cL om oro resolution follows:
T ho present congested situation began with the railroad strikes in August
and Soptombor. This was m ade worse by tho closing o f the Panama Canal
and the final withdrawal o f tho American-IIawaiian and Luckenbach
steamship lines from tho East and West trade. There jwas m ore m oney
in other servico for tho vessels and the operation o f tho Panama 1 1 1 1 was
not satisfactory.
Tho unusually slow m ovom ent o f cars from W est to East has causod addi
tional difficulties. In July and August cars wero m oved from C hicago to
Now Y ork In from soven to eight days. A t present twonty days or more is
tho requirod time. In other words, the] efficiency o f transportation be
R e s o l v e d , T h a t tho IIouso o f Representatives o f the Sixty-fourth Congress
tween Chicago and N ow York is one-third that o f last August. The cars o f tho United States d o, and it hereby solem nly does, request the President
aro not delivered with usual dispatch at tho p orts. There arc delays in to warn all Am erican citizens, within tho borders o f the United States or its
iightcrago and terminal servico. Further delays take placo at railroad and possessions or elsewhere, to refrain from traveling on any and all ships o f
steamship piers. Shippers send trucks for freight and find that tho roads 1 any and all o f tho Powers now or in future at war, which ship or ships shall
aro unable to find it.
m ount guns, whether such ship bo frankly avow ed a p a n o f the naval forces
Embargoes should bo placed at tho source, so as to permit clearing o f the o f tho Powor whoso flag It flies, or shall be called a merchant ship or other
tracks, which would enable tho carriers to m ove freight from Chicago (o
w ise,and whether such gun or guns or other armament be called “ offenisve”
Now York in eight days, Instead o f tw onty days. An incrcaso in storage or “ d efensive," and in caso Amorican citizens d o travel on such armed
charges is not ncodod to require shippers to rem ovo their goods quickly! belligerent ships, that they do so at their own risk.
Undor tho present regulations freight is sent to a warehouse unless called
T hat when tho President o f the U nited States or the Secretary o f State
for within sovonty-tw o hours.
shall com o into possession o f tho actual m emorandum o f tho German G o v
T he shippers opposo l reduction in froo storago tim e from 30 to 15 days, ernment, containing photographic fac-similas o f alleged secret inform ations
becauso tho railroads would not guarantee delivery, and under that condi issued b y tho British Governm ent which alleged secret instructions direct
tion tho change was a hardship to tho shipping public.
that so-called “ defensive arm am ent
merchant ships” shall be used
940
[Vol. 102.
THE CHRONICLE
offensively, and that so-called “ defensive armament for merchant ships’
shall bo m anned and directed b y naval officers and men o f tho navy o f
Great Britain, and that such so-called “ defensive armament for merchant
ships” and such naval officers and men shall bo as far as possible concealed
and disguised when in neutral waters and ports, w ith tho ovident intention
to deceive, tho President o f tho United States or tho Secretary o f Stato
shall at tho earliest possiblo m om ent transmit such actual memorandum
o f tho German Governm ent with such fac-similes o f alleged secret instruc
tions o f tho British Governm ent and w ith all appendices w hatsoovor, to tho
Speaker o f tho House, that it and they m ay bo laid before tho H ouse fo r its
full inform ation and for its assistance in perform ing its d u ty and function
o f guarding tho welfare o f tho country and its citizens, and for its assistanco
n perform ing its constitutional duty o f advising tho President o f tho
U nited States with regard to foreign relations.
T h a t tho House expresses the determ ination o f tho people and G overn
m ent o f tho United States both to uphold all American rights and to exercise
caro, consideration and wisdom in avoiding actions which tend to bring
Am erican citizens and Am erican interests into tho zone o f con flict, where
tho passions o f war aro raging.
N e w Y o rk on Sunday and on M o n d a y was tendered a
luncheon in W ashington b y Sonator B ailey of P ennsylvania,
which was attended b y a num ber of Congrossm on. On the
5th inst. Representative Stophons was quoted as saying:
M r. Bryan is very plain-spoken about his views on tho warning resolution,
but ho will not start an open figh t. A t his request I introduced a resolution
at tho opening o f Congress to warn Americans o ff ships, and ho still stands
for it. W hy should we beat tho devil about tho bush on this proposition?
It is weak-kneed to try to dodgo tho real issuo. T ho proposed voto on tho
M cL em ore proposition is not what tho President wants, nor it is not what
wo friends o f a warning resolution w ant, so w hy should we v o to on it?
T h e withdraw al on tho 9th in st. o f the warning resolution
o f Senator M c C u m b e r , which had been re-introduced in the
Senate on tho 3d in s t., follow ing tho tabling of the several
propositions in tho m atter, served to bring tho issue to a
closo in tho Sonate.
In withdrawing the resolution M r . M c
C u m ber said:
In Viow o f the rather sharp turn o f ovents during tho last twenty-four
hours in our international tangle, and in viow o f what seems to bo an
authorized statement from the Secretary o f State “ that seagoing Americans
will presently find them selves as effectually warned against passago on
armed mere antmen as though this G overnm ent had, in fa ct, put into force
either the Gore or M cL em oro resolution,” and in view o f t e fact that new
proposals and counter-proposals aro being presented b y tho contending
nations, all o f which indicate a tendency toward settlement o f tho U -boat
controversy, I feel that any resolution dealing with this question would
be improper and possibly embarrassing at this tim e. T ho resolution intro
duced b y m e, and pertinent at a tim e when tho President him self was
asking for an expression from Congress, and in response to that requost,
under thoso changed conditions, ought, in m y opinion, now be withdrawn.
A s the resolution is a conciso expression o f m y own views as to the duty o f
American citizens during this controversy, if occasion demands it in tho
future. I shall reintroduce it. I ask. therefore, permission to withdraw
________
the resolution.
O n the samo day Socrotary o f Stato Lansing took occasion
to issue a statem ent denying reports th at Am ericans would
“ receive indirect bu t effective w arning” against traveling on
arm ed ships. M r . Lansing’s statem ent is as follow s:
I wish to deny that there is tho slightest foundation for a story sent out
o f W ashington last night b y a nows servico and appearing in tho nowspapers
this morning to the effect that American citizens will “ recoivo indirect but
effective warning” not to take passage on armed merchantmen. T ho story
is false from beginning to end. N othing I have said cou ld bo construod
as having such a moaning.
O n the preceding d a y , tho 8 th , Senator Stone m ado
known th at a speech on tho question which ho had propared
for delivery on the 9th w ould not bo presented; incidentally,
he declared it to bo the “ supreme w ish” o f tho President to
avoid w ar.
W o give M r . Stono’s statem ent bolow:
M r. President, I havo a notice standing on tho calendar to tho effect that
I would on to-m orrow addross tho Senate on tho subject o f armed merchant
ships and on other related subjects. W ith m uch caro I havo propared a
speech which I purposed to deliver and in which I joined issuo with somo
Senators who have spokon on these questions, particularly as to tho law, if
Indeed there bo a law established and recognized, touching tho subject o f
armed m erchantm en. There are potent reasons w hy I would bo glad
to lay these matured view s on this and correlated subjects beforo tho
Senate: but some o f m y colleagues in whoso judgm ont I have great con fidonco, a number o f them being substantially In accord with m y views, havo
expressed to mo their belief that it would bo wiser nd better in every
way if I should defer tho delivery o f this address for tho tlm o being. I
recognize tho force o f what they havo said to m o and in fact sympathize
with their suggestions.
Last night I had another very frank talk with tho President— I say frank
talk, for that is the w ay wo talk with each other, as we should. I am
sure I will not offend if I say that so far from tho President desiring to in
volve this country in this disastrous European war, his supremo wish is
to avoid that calam ity. I m ay not bo in accord with somo o f his views; I
have already stated on tho Scnato floor that I am not; but it should be im
possible for any Senator to bellevo that tho President has so changed tho
attitude ho has so long maintained as an advocato o f peaco as to wish now
to make this country a party t o this conflict.
A s Senators well know , I havo from tho first been earnestly opposed to
having any o f these questions presented in any formal way to tho Sonato,
and I havo been equally opposed to any public discussion o f these questions
wliilo thoy wero tho subject o f diplom atic consideration. In view o f this
situation I havo determined that I could bettor servo tho cause I havo at
heart— that is tho maintenance o f peaco in this country— b y withholding
any expression o f m y opinoins so long as tho questions at issuo aro tho
legitimate subject o f diplom atic negotiations.
I profoundly hope that no
occasion will ariso when I shall feel obligod to take theso subjects up in a
public w ay, but if perchanco such an occasion should ariso, I will speak and
act as I think. In tho meantim e I shall give tho President whatover sup
port I can, in the discharge o f those duties devolved upon him b y tho
C onstitution. All through his servico as President I havo co-oporated
w ith him , and with all m y heart I wish to continue that co-operation, and
so I havo concluded not to say anything at this juncturo that might be
m isunderstood, especially in foreign capitals, and which might b y any
chance contribute to the difficulties with which tho President is beset.
“ Sufficient unto the d a y is tho evil thereof.”
M r . B rya n on M o n d a y is said to have insisted that tho
luncheon was only a “ friendly gathering.”
In another column wo have givon a t considerable length
tho remarks of Senator M c C u m b e r in dofonso o f his posi
tion on tho arm ed ship question. Follow ing tho tabling of
the resolutions beforo tho Sonate on F rid ay , M a rch 3 ,
Senator Jones (R epublican) is quoted as saying:
I d o hopo that this agitation and what has boon dono will sorve tho pur
pose o f inducing Amorican citizons to refrain from putting themselves on
thoso armed belligerent ships. I hopo that no one horoafter until this
terrific contest is closed, will place him self in a position whoro ho m ay not
only lose his own life, but bring our country into war.
A man m ay bo so reckless o f the rights o f othors as to forfeit rights ho
m ay havo. T ho nation’s honor should hang on no m an’s foolhardinoss.
Hom es should not bo m ado desolato and hoarts should not bo broken and
tho land should not bo bathod in blood in bolialf o f any m an’s cupidity or
plcasuro. U phold tho nation’s h on or? Y os, with ovory drop o f American
blood if need bo. But Am orican blood is too precious for a single drop to
bo shed on tho altar o f solfishnoss, rocklossnoss or com m ercialism . W o
denounce tho man w ho will not offer his life in tlm o o f war to dofond Ills
country as cow ardly and unpatriotic. Such denunciation is not too sovoro
for tho man who is unwilling to forogo tho oxorclso o f a mere personal right
o f p rofit or pleasuro in tim o o f poaco to savo his country from tho horrors
o f war.
In
bis reference
to
tho issuo and
tho results Sonator
Clarke of Arkansas said:
I must confess that I am not satisfied with tho courso things havo takon
hero to-d ay. I think that tho quostion which was presented to tho Sonato
called for m oro definito, rational and courageous action than it has received.
I think tho Sonato o f tho United States has, in a manner not crodltablo to it,
abdicated its Constitutional authority to bo hoard upon groat questions that
affect tho poaco and wolfaro o f this country. W liilo I say that, I d o not
say it offensively. B ut I cannot refrain from expressing tho opinion that
tho manner in which this groat quostion was disposed o f was not consistent
with tho dignity nor com patible with tho courago that characterize public
action hero.
_
„ ..
T hoso who aro particularly anxious to.m ag n ify tho importanco o f tho
Presidency pretend to think that onco tho President has declared an
opinion or defined a purpose to onforco an existing law, thereupon all logislativo powers aro paralyzed. I liavo about as m uch respect for tho Presi
dent and about as m uch intorost in him personally and politically as any
body on this floor. B ut I havo not any such intorost in him nor havo I
any such interest in tho D em ocratic Party, nor havo I any such intorost in
a scat in this b od y as will justify mo in doing or om itting to d o anything
I can to prevent this country from boing ongagod in tho prosont European
con flict. I shall not remain silent; I shall not occupy an ambiguous atti
tudo with reforenco to tho matter.
Senator Borah was another one who gavo voice to his
ideas, and we take tlio following from his remarks:
M r. President, I havo had but ono rulo to guido m y conduct sinco this unfortunato con flict in Etiropo bogan and som o difficulties closer hom o began,
and that was, “ whonover I conceived Amorican right to exist and it was
challenged upon tho part o f any country or nation, to moot that challongo
without vacillation or com prom ise.” It was immaterial to mo whether
tho parties, being Amorican citizons, wero slain upon tho sea or in M oxico,
whother tho nation responsible for it was largo or sm all. I measured m y
duty b y tho fact that an American citizon’s life had boon sacrificed and an
American right had boon invaded.
I should, therefore, had I boon perm itted to d o so, havo voted for the
principle that an American citizen has a right to travel upon a morchant
ship armed for defensive purposes. It is a right which has boon established
under international law for theso 500 years, and in m y judgm ont this is
not tho tim o for tho great American republic to bogin to tomporizo and com
promise with reference to thoso national rights which havo boon so long
established and which overy bolligcront Power has at som o timo in its his
tory recognized. I f thoso principles o f international law aro mado unsound
b y changed conditions o f warfare, now is not tho timo for us to chango them .
Our purposos in doing so would bo m isundorstood and m isconstrued. In
deed, I think thero is nothing so dangerous in great emergencies as vacilla
tion, nothing so calculated to bring on war as a timid p olicy with reference
to national rights.
W o aro now in tho midst o f an ordeal, tho m ost trying o f our tim o, and
perhaps or all timo, and in m y Judgment any policy o f com prom iso or any
tim idity in asserting our rights, any policy loss than absolutely firm , wil
lead hastily to national degradation, and from national degradation to war;
for thero com es a tim o when tho Am erican peoplo will no longer submit to
thoso things and will take tho m atter practically in their own hands, as thoy
did on tho occasion o f tho blowing up o f tho M aine.
Decision, firmness in upholding your rights under all circumstances
will bo respected b y all tho nations o f tho earth. I say. tlioreforo, I am
ready and willing for tho American R epublic to go on record to tho effect
that Americans havo tho right to travel upon merchant ships armed for
defensive purposes and that tho nation which challenges that right or vio
lates it will bo hold to a strict accountability. B ut I was not permitted to
d o so, or in any intelligent way to so record m yself.
I was not permitted to voto on tho quostion. W o donounco Germany be
cause wo d o not liko her system o f govornm ont, wo s a y , and hor militarism.
W o are told that in that marvelous nation all power, all action proceeds from
tho royal nod. T ho great Sonato o f tho United States, tho prldo o f Hamil
T h o arrival of W illiam Jennings B ryan in W ashington on ton, the creation o f tho host thought and tho best concoption o f the fathers,
was Germanized to-day. W o took precisely tho samo attitudo and followed
Saturday last engendered a fear that he m igh t bocomo a vital
tho samo instruction and roached tho samo results b y tho samo m othod and
factor in tho submarine agitation, though ho took occasion to process as tho highest logislativo b od y o f Germany reaches it whon tho
stato th a t his advont had nothing to do w ith tho arm ed Kaiser directs action from tho throno. Thero was no free, open discussion.
Thero was fear, thero was subserviency, thero was shrinking from du ty.
ship question. M r . B ryan delivered an address on Satur
d a y night before tho W ash ington Econom ic C lu b ; he was In
Mar . 11 1916.]
THE CHRONICLE
Sonator G al linger of N ow H am pshire, m in ority loador of
tho Senate, in explaining his voto against talbing tho a m ended
Goro resolution, was quoted in tho “ T im es” as follow s:
I voted against tabling the resolution because I thought this question
ought to bo dobatcd, fully dobatod, and voted upon intelligently. I confess
I did not understand what tho amendment was that tho Sonator from Okla
hom a (M r. Goro) subm itted. I liavo bolioved that it would bo a wise thing
fo r our Governm ent to advise American citizens not to travel on armod
bolligeront ships, and I should liavo voted for that if the question had beon
presented in that form . I think it m ight bo put In tho form o f a statute
that American citizens traveling on armed ships in tim o o f war did so at
their peril.
I liavo folt intensely, very deeply, that wo ought not to allow anything to
occur in that connection that could b y any possibility involvo tho United
States in tho war that is now devastating Europe. T h a t has been m y only
purpose, and had I had an opportunity to voto for a resolution advising
tho President to rocomm end to tho citizons o f this R epublic that thoy should
not travel on thoso ships I should have voted for it. I think wo aro en
titled to debate this question in tho opon, fu lly , at somo tim o, and I trust
that somo resolution m ay bo subm itted that will givo us a chance to do
that thing.
Senator Sherm an, R epublican, of Illinois, argued in favor
o f a declaration b y Congress warning Am ericans o ff bel
ligerent ships. M r . Sherman m ado tho sapient rom a rk th a t
m ost o f tho sentim ent in opposition to such a resolution
em anated from a group o f oditors in tho E a st who wore
prom pted b y the business profits from exporting m unitions
o f w ar.
•
Senator Ilitch cook of N eb ra sk a , Chairm an of tho C o m
m ittee on tho Philippines, who favors an em bargo on m u
nitions, said:
Somo explanation o f tho m otion to tablo Senator G oro’s resolution seoms
necessary. I favored his original resolution, and should liavo voted for it
if an opportunity had beon afforded. T hat opportunity was cut o f f b y a
m otion to tablo it, which also cut o ff dobato. I should have voted against
tho m otion to tablo tho resolution had it not beon for tho sudden action o f
Sonator G oro him self in amending it boforo tho voto to lay tho resolution
on tho tablo was taken.
His amendment changed tho wholo resolution b y adding a very contra
d ictory paragraph in tho nature o f a jokor. This paragraph doclarcd that
tho loss o f American lives, which m ight ariso from tho sinking o f an armed
vossol o f ono o f tho bolligeront counrties, would bo a causo for tho United
Statos to go to war. I could not subscribe to such a doctrino b y voting for
It, and I expressed m y opposition to it b y voting to lay it on tho tablo.
Sonator Goro him self voted tho samo w a y. So did m any others who favored
warning Americans to keep o ff armed bolligoront ships.
Somo voted against tabling tho resolution bocauso thoy did hot roalizo
that Sonator Gore’s amendment changed tho wholo charactor o f tho resolu
tion. M a n y o f tho oppononts o f Sonator G oro’s original resolution now
find that ho has entrapped thorn. T hat is to say, b y voting to lay his reso
lution on tho tablo, they havo been forced also to declare against war as
a possible outcom o o f tho ponding controversy. T ho voto on tabling tho
resolution was in no sonso a tost o f anything. It was sim ply a postponomont o f tho tost which m ay com o lator on.
A roport curront last week th at tho President contem plated
resigning his offico or declining to accept renom ination in
caso Congross should fail to sustain his foreign policy brought
from tho W h ite H ouso on tho 4 th tho follow ing disavow al:
" When Secretary Tum ulty's attention was called to tho story appoaring
lncortain papers that tho President had resigned, or was considering resign
ing, ho said:
'A n Amorican nowspapor that would publish a story o f that kind in a
situation like tho ono which now confronts America, dishonors itself.’ ”
T ho N o w Y o rk “ W o r ld ” o f tho 7th inst. published an articlo intended to show th at tho N ation al G erm an -A m erican
Alliance was “ tho driving forco” back of tho Goro and M c Lomoro resolutions. A num ber o f docum ents woro printed
b y tho “ W o rld ” a t tho sam e timo w ith a viow to substantiat
ing tho charges, theso including lotters, onosaid;to havo been
addrossed to A . G . K oolblo, a law yor, of 8 0 M a id en L ane,
b y D r . C . J . llexa m er, President of tho G orm au-Am orican
N ation al Allianco, urging support o f tho Goro and M cL om oro
resolutions; and others claimed to havo been written to M r .
Koolblo b y T . L . M arsalis, a real ostato operator, who was
said to havo intorviowod sovcral Congressm en on bohalf of
tho N ational G erm an-Am erican A lliance, in an effort to
secure tho passage of tho resolutions. M r . K oolblo, in deny
ing tho charges, is quoted in tho “ E voning P o st” o f tho
7th in st. as saying:
I know M r . M arsalis. IIo frequently has com o to seo m o, and written
to m o— not at m y invitation, how ever. Ho is a man who becom es greatly
interested in things, and puts himself to great trouble in connection witli
thorn. Ho has gono to W ashington a number o f tim es at his own exponso
to oxpross his own ideas. Y ou will notice that the “ W orld ” itself says that
ho did not go to Washington until after tho Gore resolution had boon intro
duced. In any ovent, M r. Marsalis was not em ployed b y m e, not havo I
beon em ployed or retained by any German officials or representatives in
this cou n try.
Personally, I am not pro-German, but anti-British. I was anti-British
beforo tho war. I know m y American history. I was born in this country,
and I ’m for America, first and last, against anybody.
T ho Congressmen whose names appoarod in the article
prom ptly issued denials or explanations concerning any
connection with tho alleged efforts.
Officials o f the N ation al
Gorm an-Am erican Allianco in Philadelphia likewise denied
interest in or knowledge o f tho alleged lobbying.
D r . IIoxamor is quoted in tho Philadelphia “ Inquirer” o f tho 8th inst.
as saying:
941
I know nothing o f any p lot for a German lo b b y to work at W ashington.
I also am In ignorance o f any m ove to control th e R epublican Convention
or elect a pro-Germ an as P resident. This talk is all m oonshine.
I have absolutely no connection w ith this m an M arsalis. T he letter
which I sent to Alphonso G . K oolblo, o f N ow Y o rk , and which is printed in
this story, is genuine. I t is a co p y o f tho letter which I wrote to the
various branches o f the Allianco urging them t o ask their Senators and
Congressmen to support tho resolutions which Senator Gore introduced in
the Senate. These bills prohibit tho passage o f Am erican citizens on
belligerent ships, tra ffic in contraband and tho use o f national bank reserves
in foreign loans, which sorious.y interfere w ith or damage the American
merchant marine service.
There is nothing illegitim ate about tho letter. I t represents m y views
on theso m atters. I have always been against sending m oney and contra
band to belligerents, becauso our cou ntry can m ake better use o f them
itself.
T h e W h ite Star liner C anopic, which sailed from N ow Y o rk
on the 3d for N ap les w ith several Am ericans on board, w ill
m ount two four-inch guns at G ibraltar for the M editerranean
voyago and will dism antle them again a t G ibraltar on the
return voy ag e.
T h e Cretic o f the sam e line, also bound for
N ap les w ith Am ericans on b oard , it was said w ould also
probably m ou n t guns a t G ibraltar.
T h e Cretic was due a t
G ibraltar the 3 d .
SENATOR McCUMBER’S POSITION REGARDING
ARM ED M ERCH ANTM EN.
In the discussions in tho Senate on the 4 th in st. on th e
armed ship issuo, following the tabling on the .preceding d ay
o f tho G ore resolution, Senator M c C u m b e r m ad e a lengthy
explanation, setting out his reasons for proposing th at
Am ericans bo cautioned against traveling on arm ed m er
chantm en: W e reproduce, in p a rt, his rem arks below :
M r. President, we all concede that the action taken b y the Senate yes
terday in no possible w ay m et tho views o f tho President o f tho United
Statos. I f I could givo any credenco whatever to tho expressions m ade
b y tho Senators who spoke one w ay after they had voted another in the
tabling o f a resolution, I think I can assume that tho m ajority at least o f
tho Senate aro in favor o f notifying Americans to refrain from exercising
tho right to travel upon armed merchantmen.
The President dosiros a speedy determination o f this question. The
resolution which I have offered directly meots tho proposition mado b y the
President. Sooner or later we will have a v o te on that resolution, and
whether it is voted upon under a m otion to tablo it, or whether it is voted
upon on its merits, it nevertheless will carry to tho President an expression
o f tho views o f tho Senate o f tho United States.
T he settlement o f differences which m ay arise between tills cou ntry
and any other nation primarily falls within the dom ain o f Executive
diplom acy. T he correspondence must bo initiated and carried on b y
tho State D epartm ent, and in such D epartm ent theso differences should
remain until tho President has either arrived at a settlement satisfactory
to Congross and the cou ntry or has inform ed Congress o f his inability to
secure such adjustm ent. A nd so I feel it would have been not only proper
but far better had no resolution directly affecting the point in controversy
been introduced whilo tho President was attem pting to secure an agreement.
There could be no danger in following this ancient rule o f procedure, be
causo, after all, Congross is supremo, and if it believes that any settlement
socurod b y tho President is not for tho best interests o f the cou ntry, or that
it either demands or concedes to o m uch. Congress has the power to so de
clare; and, M r. President, it is its d u ty, representing the people o f tho coun
try, to declare its conviction.
, Had we follow ed tills course, and had a satisfactory settlement been so
curod through diplom atic channels, wo should havo avoided an unnecessary
con flict o f authority between tho legislative and executive branches o f
G overnm ent. Had tho attem pted settlement failed or ono been secured
w hich Congress could not indorse. Congress would then have been clearly
within tho rules o f propriety and constitutionality in assuming Jurisdiction
over tho subject and taking prom pt action thereon.
But this is now past history. A resolution has beon offered which, if
passod, clearly would havo overridden ono o f tho contentions o f tho Presi
dent. T ho President now asks us to record our verdict on the point raised.
T ho tabling o f tho Gore resolution did not meet the President’s proposal.
If this voto means anything, it means that the Senato disagrees absolutely
with tho President's views and that, therefore, tho President is not sus
tained. B ut I will bo charitable and assume that it was intended to mean
a desire o f tho Senate to push the whole subject aside. I f that bo true, then
the request o f tho President “ that all doubts and conjectures m ay be swept
aw ay” has not been m et.
I d o not agree with the President that it would bo improper to suggest
to tho American traveling public that they refrain from doing that which b y
every principle o f patriotic d u ty they ought to refrain from doing without
any suggestion from any source. I am not in accord with Ills views as to
tho full extent o f our right to control the m ethods which m ay bo adopted
b y belligerents to prosecute their warfare to a successful issuo; and I fu r
ther bcllovo that Congress, representing tho sentim ent o f the country, can
v ery properly givo expression to its views, although, as I havo suggested,
I feel that j ust at this crucial and critical period o f our diplom atic con tro
versy wo m ight well havo deferred our action until the E xecutive Depart
ment had announced either an agreement or a disagreement.
N o person who has given the subject any consideration whatever can fail
to seo tho far-reaching consequence o f our action , whatever It m ay be.
W liatover conclusion wo m ay arrive at w ith reference to the submarine
controversy, wo will bo im m ediately beset with m any others o f equal con
cern and grav ity .
N o ono questions what tho rule o f international law heretofore has been.
That rule Is that a merchant vessel, armed w ith a stern gun for defense
only, has tho samo rights and the same status as an unarmed merchant ves
sel. Ono o f those rights is that it is not to bo sunk or its passengers or crow
destroyed or their lives endangered b y an enem y war vessel unless it at
tempts to escape after warning. That rule would forbid such vessel being
torpedoed or sunk without notice b y a submarine. T hat rule, founded on
justico and hum anity, m et tho conditions o f warfare at the tim e it became
an international rule. Against a powerful war vessel, with its heavy armor
and immenso guns, this mere defensive rear gun would be as harmless as a
to y . I t could not sink a war vessel. Such war vessel could well afford to
givo notico o f its presence and demand a surrender w ithout endangering
itself.
942
THE CHRONICLE
(Vol. 102
I t Is equally truo that writers o f International law agree that, as all na trying to re-establish international law as it had been in force before tho war.
Germ any was asked to adapt tho uso o f her new weapon to tho rules which
tions aro supposed to conform to international law and practice obtaining
boforo war, and to m ake thoir preparations for war in the light o f such rules, had boon existing for tho form er naval weapons, and England not to interforo
with tho food supplies intended for tho non-com batant German popu
and in the expectation they will he followed should war onsuo, and, there
fore, the insistence b y a neutral Power that such rule bo m odified during lation, and to admit their distribution under American supervision.
Germany on M arch 1 1915 declared hor willingness to com ply with tho
tho progress o f the war would bo an unneutral act.
B ut tho scienco o f war m ay develop so rapidly during a great world strug proposal o f tho American G overnm ent, while England, on tho other hand,
gle like that now prevailing, and such exigencies involving tho very life declined t o do so. B y tho Order-in-Council o f M arch 11 1915, Groat Britain
abolished oven what had remained o f the freedom o f neutral trado with
o f a belligerent nation m ay ariso, as w ould not only ju stify but necessitate
G erm any and her neutral neighbors. England’s object was to starve Ger
that nation to doclino t o follow a rule adopted under conditions which no
longer prev ail, or winch aro so m aterially m odified b y new instrumentalities m any into submission b y theso illegal means.
Germ any, after neutral citizens had lost their lives against tho wish and
o f warfaro as to require a change.
W hilo a noutral m ay d o nothing to weaken or m od ify tho rule, thero m ay intention, nevertheless in tho further courso o f tho war, com plied with tho
wishes
o f tho Am erican G overnm ent regarding tho use o f her submarines.
bo justification for the belligerent, in defending its very existence, to do so.
A nd tho sam e exigoncy that w ould ju stify a warring nation in tho throes T ho rights o f neutrals regarding legal trading were, in fa ct, nowhero lim
o f a desperato encounter to doviato from old rules o f international law ought ited b y Germany.
•rhen England mado it impossible for submarines to conform with tho old
to appeal to overy neutral nation to lessen tho rigor o f its demands for con
rules o f international law b y arming nearly all merchantm en and b y order
form ity b y a bolligerent in every detail to previous international law .
ing
tlie uso o f guns on m erchant vessels for a tta ck . Photographic reproduc
A nd, M r. President, when like disputes arise between this nation and tho
tions o f those instructions have been transm itted to neutral governments
Entento Powers, I shall ask tho same charitablo consideration.
U ow is international law mado or m odified? It is m ade and m odified with the m emorandum o f tho German G overnm ent o f Feb. 8 1916. Theso
b y tho action o f a nation, acquiesced in b y other nations. A nd tho justi orders aro obviously in contradiction with tho note delivered b y tho British
fication for tho action by tho nation m odifying it becom es tho reason for the Am bassador in W ashington to tho American Governm ent on A ug. 25 1914.
On account o f the proposal m ado b y tho United States on Jan. 23 1916’
acquiescence o f tho other nations.
Our contention and insistence upon any rule o f conduct to bo followed b y regarding disarm ament, tho Imperial German Governm ent hoped that those
any belligerent ought to be founded upon justice, not alono to ourselves, facts w ould enable tho neutral Governm ents to obtain tho disarmament
but to the nation against which it is urged. Our contention should be un o f m erchant ships o f her opponents. T he latter, how ever, continued with
groat energy to arm their merchantmen with guns.
questionably right, absolutely fair, and overlastingly consistent.
T he principle o f the United States Governm ent not to keep their citizens
I confess I cannot seo anything fair in tho proposition th a t, while a sub
o
ff belligerent merchant ships, has been used b y Great Britain and her A l
marine— which m ay easily bo sunk b y a single shot from ono o f these de
lies to arm m erchant ships for offensive purposes. Under theso circum
fense guns— must give notice before it fires at the armed merchant vessel,
tho armod merchant vessel need not give notico that it purposes to fire at ; stances, merchantmen can easily destroy submarines, and if their attack
fails, still consider themselves in safety b y the prcsenco o f American citi
tho submarine. I f I know that you aro armed for tho very purpose o f
shooting m o if you seo m o com ing toward you , I cannot convince m yself zens on aboard.
T ho order to uso arms on British merchantmen was supplemented b y
that a codo o f action which says that you can shoot m o at sight but that I
instructions to tho masters o f such ships to hoist false flags and to ram
must givo you tim oly notico to surrender, is entirely fair.
U -boats. R eports on paym ents o f premiums and bestowal o f decorations
W o havo already exercised tho power o f refusing passports. I do not
to successful masters o f merchantm en show tho effect o f theso orders.
concedo that such action would bo an admission o f tho claim o f any belliger
ent to any now right. M r. President, I am not proposing that w o, a neu England’s Allies havo adopted this position.
N ow Germany is facing tho following facts;
tral, shall attem pt to declare any now international law. On tho contrary,
(A) A blockade contrary to international law (com paro American noto to
I adm it that an enforced change b y us would bo an unneutral act. W hat
England o f N o v . 5 1915) has for ono year been keeping neutral trado from
I maintain is that wo ought not to blind our eyes to changed conditions o f
warfaro, due to tho use o f now instrumentalities o f destruction, involving German ports and is making German exports im possible.
(B) For eighteen m onths, through tho extending o f contraband provi
such m ighty consequences to a belligerent that it m ight justly and fairly
sions in violation o f international law (com paro American noto to England
question tho old rule; and that thero being reasonable grounds for conten
o f N o v . 5 1915) tho overseas trado o f neighboring noutral countries, so far
tion , wo ought not to allow any o f our citizens to precipitato us into armed
as Germany is concerned, has been ham pered.
con flict; that if it Is the patriotic d u ty o f an American citizen to refrain
(C) T ho interception o f mails in violation o f international law (com paro
from exercising oven an undoubted right to travel abroad to avoid a basis
American memorandum to England o f Jan. 10 1916) is m eant to stop any
o f war, then it is clearly within tho province o f tho cou ntry— yes,further,
it is tho duty o f tho cou ntry— to enforco that moral duty upon him . As intercourse o f Germany with foreign countries.
(D ) England, b y system atically and Increasingly oppressing noutral
between a naked legal right that affects one individual only, and a moral
countries, following tho principle o f “ might before rig h t," has prevented
obligation that m ay affect very seriously 1 0 0 ,000,000 people, tho moral
neutral trado on land with Germ any, so as to com ploto the blockado o f
obligation should porvail over the logal right. Our peoplo ought to refrain
tho Central Powers intended to starvo their civil population.
fro m traveling on armed m erchantm en. Congress ought to so inform them
(E) Gormans m et b y our enemies on tho high seas aro deprived o f their
o f thoir moral duty; and when wo have inform ed them , it Is m y conviction
liberty, no m atter whether thoy aro com batant or non-com batant.
that there is sufficient patriotism in tho country that not a slnglo passenger
(F) Our enemies havo arm ed their merchant vessels for offensive pur
will attem pt to go abroad upon ono o f those armed m erchantm en.
poses, theoretically making it impossible to uso our U -boats according to
tho principles sot forth in London Declaration (com paro American m emo
randum o f Feb. 8 1916).
■
GERMAN GOVERNMENT’ S MEMORANDUM ON
Tho English W hite B ook o f Jan. 5 1916 on tho restriction o f German trade
SU B M A R IN E POLICY.
boasts that by British measures G erm any’s export trado has been stopped
A m em orandum in defense of the position G erm an y has almost entirely, whilo her im ports aro subject to England s will.
The Imperial Governm ent feels confident that tho peoplo o f tho United
taken in its submarine warfare against arm ed ships was de States, remembering tho friomlly relations that for tho last hundred years
livered to Secretary of State Lansing on the 8th inst. b y havo existed between tho tw o nations, will, in spito o f tho difficulties put
tho G erm an A m b assad or, C ou n t von B crnstorff.
T ho m em into the way by our enemies, appreciate tho German viewpoint as laid down
above.
orandum roviows tho ovonts leading up to G erm a n y ’s rocent decision to treat arm ed m erchant ships as auxiliary
oruisers and indicates a willingness to conduct undersea war
faro in accordance w ith the law prevailing at tho outbreak
o f tho war providing G reat B ritain and hor Allios will agree
to the same rule. T h o hopo is expressed th at tho people of
tho U n ited States, rem em bering tho long-existing friendly
relations between tho two nations, will appreciate tho Gor
A statem ent in answer to the above m em orandum was
m ado public b y tho British E m bassy on tho 9th in st.; this
statem ent seeks to show that while G erm an y contonds that
tho submarine warfare is in retaliation for British violations
of international law , m a n y of tho G erm an acts wero com
m itted beforo the first O rder-in-Council com plained o f was
issued. T h o following is tho statem ent of tho British E m
m an position.
bassy :
T h o text of tho m em orandum is as follow s:
T ho Imperial German G overnm ent, on account o f tho friendly relations
which havo always existed between tho tw o great nations, and earnestly
desiring to continue them , wishes to explain tho U -boat question onco more
to tho American G overnm ent.
A t tho outbreak o f tho war tho German G overnm ent, acting on tho sug
gestion o f tho United States, im m ediately expressed its readiness to ratify
tho D eclaration o f L ondon. A t that tim e a German prizo codo had already
been issued which was entirely— and without m odification— based on the
rules o f tho Declaration o f L ondon. Germany thereby proved her willing
ness to recognizo fully tho existing rules o f International law, which ensuro
tho freedom o f the seas for tho legitim ate trado o f noutral nations, not only
am ong tliom selvos, but also w ith belligerent countries.
Great Britain, on tho other hand, declined to ratify tho Declaration o f
London, and, after tho outbreak o f tho war, began to restrict tho legitimate
trade o f tho noutrals in ordor to hit Germ any. Tho contraband provisions
wero system atically extended on A ug. 5 and 20, Sept. 21 and O ct. 29 1914.
On N o v . 3 1914 tho order o f tho British Adm iralty followed, declaring
tho wholo N orth Sea a war zone in which com m ercial shipping would bo
exposed to the m ost serious danger, from mines and m en-of-war. Protests
from neutrals wero o f no avail and from that tim o on tho freedom o f neu
tral com m erce with Germ any was practically destroyed. Under theso
circum stances, Germany was com pelled to resort in February, 1915, to re
prisals in order to fight her op ponent’s measures, which wero absolutely
contrary to international law. Sho chose for this purposo a new weapon,
tho use o f which had not yot been regulatod b y international law, and in
doing so could and did not vlolato any existing rules, but only took into
account tho peculiarity o f this now weapon, tho submarine boat.
Tho uso o f tho submarine naturally necessitated a restriction o f tho free
m ovem ents o f noutrals and constituted a danger for them which Germany
Intended to ward o ff by a special warning analogous to the warning England
had given regarding tho N orth Sea.
A s both belligerents— Germany in her noto o f Fob. 17 and Great Britain
tfiose o f Feb. 18 and 20 1915— claimed that their proceeding was only
nacted in retaliation for tho violation o f international law b y their opponi nts, the American Governm ent approaehod both parties for tho purposo o f
According to tho Gorman statem ent, Gorman submarine warfare was
enforced 01” F ob. 18 1915, as an act o f reprisal against Illegal acts o f Great
Britain.
T he Amiral Ganteaum o, with 2,000 unarmed refugees on board, m ostly
wom en and children, was torpedoed and sunk b y a German submarine on
O ct. 26 1914. T w o British merchant vessels wore torpodood without
notice on Jan. 30 and tho British hospital ship Asturias fired at with a tor
pedo on February 1.
T ho illogal acts complained o f aro apparently tho non-accoptanco o f tho
London Convention o f 1909, tho enlargement o f tho list o f contraband,
tho warning to merchantmen as to mines In tho N orth Seas, and tho capture
o f the Wilhelmina with foodstuffs on February 9.
T ho Declaration o f London o f 1909 was never ratifiod b y tho British
G overnm ent, and was nover binding on them . Ono o f tho reasons o f tho
non-ratification o f tho convention was the claim o f tho German Govern
ment as to tho right to treat foodstuffs as contraband.
Tiie enlargement o f the list o f contraband is an acknowledged belligorent
right. T ho warning to m erchant vessels in N ovem ber was duo to tho fact
that the Germans had sown mines in tho high seas, resulting in tho destruc
tion o f m any innocent merchant vessels foreign as well as British.
T h e W ilhelm ina, with a cargo o f foodstuffs for H amburg, was only
stopped after the German cruisers had destroyed the Dutch vessel Faria
(September 1914) and tho Frye (January 1915), which were convoying grain
from California to Ireland.
British Em bassy, W ashington.
It was stated from W ashington on tho 9th inst. that tho
j U nited States has asked G reat B ritain for a cop y of tho
| confidential instructions to com m anders of British m erchant
! vessels, which G erm any contonds prove that m erchantmen
| armed ostensibly for defensive purposes have ordors to aot
' offensively against G erm an and Austrian submarines. T h e
Mar.
ii
1916.]
THE CHRONICLE
943
request is understood to have been m ade through Sir Cecil
Spring-R ice, British A m bassador.
T h is is the fh’st stop
E u rop e—
it is said, that tho U n ited States has taken since A dm ini
Austria-Hungary__________
Azores and Madeira Islands.
tration officials began studying the com plete m em orandum
in which G erm any announced its intention to treat as war
Bulgaria
ships arm ed m erchantmen o f the E n ten te Pow ers, its appen
dicos and the subsequent m em oranda on the subject subm itted
b y C ou n t von B e m sto rff.
T h e British G overnm ent already
has given out for publication a cop y of instructions said to Gibraltar.
have been issued to the com m anders of British m erchantmen
Iceland and Faroe Islands.
T h e Germ an version of the contents, as subm itted to the
Stato D ep artm en t, is reported to be m aterially different
T h e Stato D epartm en t has no official knowledge o f the
British version, although officials have read tho press dis
patches containing the instructions as given out in London Roumanla.
for publication.
Serbia, Montenegro and Albania.
Pending receipt of the copy of tho instructions asked for
the State D epartm en t, it w as said, will not consider tho
question as to whether tho British G overn m en t, as oharged
Turkey In Europe.
b y G erm an y, has violated tho assurances given during the
early days of tho war in regard to tho peaceful character United Kingdom:
which would be assum ed b y British m erchantm en.
EXPORTS AND IMPORTS DURING CALENDAR YEAR
B Y COUNTRIES.
W e published last week, pago 8 5 6 , statem ents showing the
leading articles and classes exported and im ported during
tho calendar years 1915 and 1914, and to-d a y supplem ent
those tables b y the following giving the exports and im ports
b y countries. T h e striking feature of tho statistics is tho
groat increaso in tho exports to tho U n ited K in gd om and
Franco, and the decline in tho shipm ents to G erm any and
A u stria.
T h e com pilation is as follows:
IM PO R TS
E u rope—
Austria-Hungary..............................
Azores and Madeira Islands..........
Belgium.............................................
Bulgaria...........................................
Denmark...........................................
Finland.............................. .
Gibraltar....................................... .
Greece........................................... .
Iceland and Faroe Islands______
Italy__________________ ______ ..
Malta, Gozo, &c_______________
Netherlands . .................................
Norway________________________
Portugal.........................................
Roumanla.......................................
Russia In Europe........ ............. .....
Serbia, Montenegro and Albanla.
Turkcy In Europe.
1915
1914
S
S
5,324,750 15,683,880
499,187
587.748
30,362,019
104,809
3,844,827
104,852
104,215,131
149,389,306
..
1.849
9,893
4,054,919
..
56,153
83,381
-61,559,765 55,207.274
-31,181
15,828
..
28.493,844 37,499,623
11,976,758
..
5,555,143 5,900,970
20,204
475,613
..
2,433,222 12,306,334
.........................
1,084,939
..
18,692,122 22,0-41,000
..
11,373,079 11,715,316
..
19,900,191 21,513,025
.
3,058,950 7,948,495
1913
S
19,083,392
484,493
41,458,370
381,778
2,400,910
123,083
138,933,883
184,211,352
11,133
3,256,038
87,787
55,322,304
19,282
37,038,809
8,412,129
6,351,078
140,387
22,322,957
1,331,248
24,411,953
11,875,403
24,361,740
10,019,001
241,141,622
27.069,299
19,180,522
287,391,443
783,517,509
229,175,204
25,250,349
17,529,434
271,954,987
804,600,103
..
..
United Kingdom:
.
.
.
-
219,330,834
22,188,605
10,770,414
258,295,853
540,352,507
N o r th A m e r ic a —
515,459
459,159
687,985
1,045,526 1,717,684 1,788,780
177,594,210 104,031,910 142, 127,982
21,258,289 18,013,070 17,989,283
Greenland.........................................
82,750
40,920
91,340
83.551,993 80,2S0,900 81,735,434
M iq u e lo n , I.a n g le y , A c ..........
734
55
N e w fo u n d la n d a n d L a b r a d o r .
1.046.400 1,521,980 1,255,604
- 224.363,654 109,055,768 144,410,942
- 509,458.281 441,400,758 389,814,744
- 322,282,189 229,520,375 198,259,005
- 305,623,891 206.804,028 281,407,363
60,341,270 48,312,360 34,719,505
- 34,638,491
19,660,971 23,729,760
Grand total.
.......... 1,778,590,095 1,780,276,001 1,792,590,480
Bermuda................
British Honduras. .
C a le n d a r
E u rop e.
-
North
S outh
A s ia and
A m e r ic a .
A m e r ic a .
O c e a n ia .
A fr i c a
•S
S
5
$
S
1 0 0 4 ..
.507.247,-101,
1 9 0 5 ..
.580.480.645
1 9 0 0 ..
.700.007.050,
1 9 0 7 ..
. 730,948,340
,
1 0 0 8 ..
.548.882.652,
1 9 0 9 ..
.763.017.523,
,
1 9 1 0 .. .790.134.594
,
1911 ...770,293,230
1 9 1 2 ..
.900.003.944,
,
1 9 1 3 ..
.801.000.103
1 9 1 4 ..
.783.517.509,
,
1 9 1 5 ..
.540.352.567
Y ears.
Total.
S
204423,583 140,059,039 174,912,598 9,200,109 1 35,9
09,190
241824,519 144,990,099 198.831,80013,011,487 1,.0
1
7
9
, 114,550
240709,681 147,941,781 219.331,415 12,451,045 1,320,501,572
207024,700 147,080,943248,800,70522,715,072 1,423.109,820
224023,181 132,431,434 195,283,552 15,153i208 1 10,374,087
277802,210 193,202,131 223,250,720 17,588.134 1,,417
,520,724
324212,084 189,400,428239,732,090 19,358,355 1505
2,904,151
290361,250 187,514,909254,434.91723,754,782 1,,5
3
2
,359,100
373809,910233,731,935284,887.24325,010,017 1818,073,055
389814,744 198,259,005310,120,86823,729.700 1,,7
92,590.480
441400,758229,520,375315,170,388 19,000,971 1,,789,270,001
509458,281 322,282,189365,805,10734.038,491 1,778.590,095
Total Europe____
CPORTS.
..
..
1915
3
104,525
235,297
..
..
..
..
..
..
..
.
.
.
.
.
-
73,114,753
351,745
499,944,440
11,788,852
3,653,645
27,165,197
311,789
270,668,448
1,613,225
143, 131,046
46,871,914
8,993,790
467,677
124,663,050
1.239,747
45,712,581
84,806,759
5,922,634
47,073
1914
S
12,801,195
173,961
34,771,023
263,855
41,945,344
2,136,623
170,104,041
158,294,986
2,400,517
8,796,142
106,896
97,932,200
662,408
100,743,803
19,635,207
3,949,106
1,210,116
22,260,062
11,578
27,815,504
30,961,285
769,612
1,738,157
1913
9
22,244,599
235,499
64,317,469
108,128
18,617,05S
3,890,339
153,922,526
351,930,541
519,151
1,102,239
32,825
78,675,043
538,295
121,552,038
9,255,868
5,251,589
3,236,943
25,965,351
4,955
30,773,476
13,586596
836,182
2,244,255
11011295,738 546,091,059 541,107,928
58,905,753 37,724.964 37,212,748
31,368,290 15,995,672 12,411,722
. 1, 191,569,781 599,812,295 590,732,398
. 2.565,060,269 1,339.295,910 1,499,573,363
. ,
.
.
N o r th A m e r ic a —
1,568,249 1 ,361,623
1,619.211 1 ,526,689
310,610,232 403,191,392
36,871,434 40163,487
33,215,501
052,137
102,372
79,150
5,258,046 5, 569,749
92,330,516 101 231,932
. 557,794,018 481,588,221 601, 176,159
. 145,338,862
91,013,339 146,514,635
. 150,034.043
99,193,210 126,122,651
. 91,439,976
77,209,541 81,702,676
. 37,213,204
25,323,823 28,928,808
................................ 3,547,480,372 2, 113,624,050 2.484.018.292
Bermuda....................................................
1,756,996
British Honduras......................................
1,327,285
CaniMla...................................................... 344,988,827
Central American States ........................
30,540,100
Greenland___________________________
2,203
Mexico.......................................................
41,071,140
Miquelon, Langley, A c..........................
100,155
5,836,840
Newfoundland and Labrador................
West Indies................................................ 126,170,400
Grand total.
Cal.
E u rope.
$
N o r th
S o u th
A m e r ic a .
A m e r ic a .
A s ia and
O c e a n ia .
A fr ic a .
T o ta l.
s
s
s
S
1904. 1,011,618,603248,7S
39,265 53,019,431 117,803,61020, 137,831 .451.318.740
1905. 1,093,972,205280,067,432 06,405,368 168,069,481 18,470,309 1
1
,626,990,795
1906. 1,246.573.103325,886,319 78,822,379 128,591,905 18,369,608 1,798.243,434
1907. 1,313,067,256362, 189,112 85,612,408 143,670,685 18,880,744 .923,426,205
1908. 1,233,974,092 294,002,660 76,597,635 129,852,280 18,408,774 1
,752,835,447
1909. 1, 109.072,726344,761,290 83,509,838 113, 130,487 17,124,298 1
1,728, 198,645
1910. 1, 194,062,988425.976,553 100.303,616 124,859,91021,055,831 1
66,258,904
1911. 1,293,072.862482,438,006 121,736,604171,490,31723,788,957 ,.8
092.526.740
1912. 1,467,451,834 573,298,563 138,944,930191,832,60227,690.0642
2.399,217,993
1913. 1,499,573,303 601, 176,159 146,514,635207,825,32728,928,8082
84.018.292
1914. 1,339,295,910481,588,221 91,013,339 176,402,751 25,323,8232,.4
113,624,050
1915. 2,565,000,269557,794,018 145,338.862241,474,01937,213,2043,5
47,480,372
Y ears.
FOREIGN POLICIES PROMPT RE T IR E M E N T OF
REPRESEN TA TIV ES PAGE A N D SHERWOOD.
A nnouncem ent that he would not becom e a candidate for
ro-election because he is not in sy m p ath y with tho A d m in is
tration’s foroign policy was m ade b y Representative R obert
N . Pago o f N o rth Carolina on tho 6th inst.
M r . Pago is a
brother o f W a lter H . Pago, tho Am erican Am bassador to
G reat Britain.
Representative Isaac R . Sherwood of Ohio
has also similarly declared him self, and there are roports that
other m em bers o f Congress have indicated that there is a
possibility o f their pursuing a like course.
In his statem ent
Representative P age, in alluding to tho armed m erchantm en
issuo, said that b y this vote ho ran tho danger of “ staining
m y hands with tho blood o f m y cou n try m en .”
Referring to
tho A nglo-F rench loan, he declared:
Jesus Christ never uttered a m ore profound truth than when he declared.
Where your troasuro Is, there will your heart bo a lso ." T he loan o f .$500,
000,000 to England by American capitalists, to say nothing o f the profits
o f munition manufacturers, has destroyed tho semblance even o f neutrality
in tho United States, and will probably lead us into war. I havo no p ro orman, nor pro-anything sentiment or inclination other than pro-Am eri
can. 1 realize very forcibly m y obligation to m y immediate constituency
and to tho American people. I will not stultify m y conscience or stain m y
hands with tho blood o f m y countrym en, neither will I d o violence to m y
conscientious convictions o f d u ty, thereby forfeiting m y self-respect.
And now , while so far as I am informed I would havo no opposition for
renomination in tho approaching prim ary, I desire to announce that I will
not bo a candidate for the nom ination.
M r . Pago in addressing tho D em ocratic voters o f the S e v ontli Congressional D istrict o f N o rth Carolina with regard
to his intention, also said:
M any patriotic citizens o f N orth Carolina are writing and wiring mo to
support tho President in his diplom atic controversies with European coun
trios. M a n y just as patriotic are telling me to support a resolution warn
ing Am erican citizens against taking passage on armed vessels o f belligernt countries.
THE CHRONICLE
944
T ho Constitution vests in tho President all diplom atic questions, and I,
as one m ember o f Congress, am willing that ho should oxorciso this pre
rogative. I d o not think that Congress or any other largo b od y o f mon can
successfully negotiate m atters o f diplom acy with other countries. W hen the
President demanded that Congress pass on a resolution warning American
citizens against taking passage on armed vessels o f bolligerent nations, 1
suggested the follow ing resolution:
W h e r e a s , Tho Constitution o f tho United States vests in tho I resident
NEW
[Vol . 102.
Y O R K R E S E R V E B A N K TO P U R C H A S E $5,000,000
OF G O V E R N M E N T BO N D S.
Following last week’s announcement of Secretary of the
Treasury M cAdoo with regard to tho arrangements for con
verting $30,000,000 of 2 % Government bonds, tho Now York
Federal Reserve Bank has made known its intention to
purchase 85,000,000 of tho bonds during tho year, at par and
accruod interest. Its lettor to membor banks sont out undor
T h a tPth“ sCenate and House o f Representatives, in Congress
assembled hereby express confidence in tho President in tho oxorcise ot this
prerogative for tho protection o f tho lives and liberty o f Am erican citizons
and tho honor and peace o f tho R epublic.
T ho President is not satisfied with an unreserved expression o f confidence dato of tho 3d inst. says:
F E D E R A L R E S E R V E B A N K OF N E W Y O R K .
on tho part o f tho Congress, but demands a voto on tho warning o f Am eri
62 C e d a r S t . . N e w Y o r k , M a r c h 3 1916.
can citizens to refrain from using armed vessels o f bolligerent countries,
P u r c h a s e o f U n ite d S ta le s B o n d s .
asking that it bo voted dow n.
, , , - .
This shifts to tho consciences and convictions o f members o f Congress a T o t h e C a s h i e r :
Sir— In our Circular N o . 35, dated N o v . 12 1915, you wore advised o f the
responsibility that tho Constitution imposes upon tho E xecutive. Having
formalities necessary to bo taken b y membor banks which desire to sen
tho responsibility thrust upon m o, I claim tho right to oxerciso m y own judg
United States bonds securing circulation to Federal Reserve banks unde
m ent and convictions, and not have thorn dictated b y somoono else.
tho provisions of Section 18 of tho Federal Reserve A ct.
I d o not believo that an American citizon should insist upon tho exerciso
T ho amount o f bonds which this bank m ight thus bo required to purchase
o f any abstract right that will jeopardize tho peaco o f this country. T o vote
during tho present year is approxim ately $5,000,000. Inasmuch as several
against a resolution o f warning places upon mo tho responsibility for tho
Federal Reserve banks havo offered to purchase bonds directly from their
death o f all Americans who in tho absenco o f such warning m ay lose their
member banks, tho directors o f tills bank havo authorized it to P ^ h a s e at
lives b y tho destruction o f an armed vessel o f somo ono o f tho warning
par and accrued interest from m ember banks in this district So,000,000 or
P owers, and perhaps thereby plungo this country into war. I cannot gain
United States 2% bonds bearing circulation privilege and actually owned b y
tho consent o f m y conscience, m uch as I w ould like to gratify tho President
tho banks offering them . An offering under this circular will not Preclude
and m eet what seems to bo tho dem ands o f m y constituents, regardless of
offerings to tho Treasurer o f tho United States In accordance with tho terms
m y conscientious con victions, to in evory m atter voto as tho President re
o f our Circular N o . 35, and this action is taken by the directors o f this
quests, thcroby assuming responsibility for the loss o f a singlo Amorican
bank in order to assuro to its m em ber banks tho m aximum benefits or
life or oven indirectly stain m y hands with his blood.
In this instanco I am suro i am in possession o f facts o f which a partial
^ M e m b e r 'banks desiring to sell United States 2% bonds b a r in g tho cir
press has kept tho peoplo I represent in ignorance.
culation privilege are requested to make offerings o f such bo ds to this
M r. Pago is serving his seventh term in tho IIouso.
bank b e f o r e 12 o ' c l o c k n o o n o n T u e s d a y , M a r c h 14 1916. Should tho offer
ings thus received exceed in am ount $5,000,000, tho Federal Reservo Bank
o f Now Y ork reserves tho right to pro rate its purchases among m em ber
Representative Sherwood is quoted as saying:
So long as I am in Congress I shall voto to sustain tho President, but as banks making such offers and further reserves the right in pro rating such
I d o not want to bo hero and lie overridden on everything I beliovo in, I purchases to adjust tho same in even thousands in fts discretion. Each
have decided not to bo a candidate for rc-olection. I think m y district bank will bo advised o f the am ount o f bonds which will bo purchased fio m
should bo represented b y somo ono who is in sym pathy with tho Adminis it as soon as possiblo after tho offerings havo been received, and aiso o f any
special steps necessary for tho retirement or the circulation based upon
tration, so I am notifying m y constituents at this tim o in order that they
m ay havo amplo time to pick out somo ono who is in sym pathy with the pre such bonds, if any, and for tho transfer and assignment o f the bonds.
Enclosed herewith is a form which m em ber banks are requested to use in
paredness domands o f tho Adm inistration. I cannot scok re-election on
a platform that pledges tho party to militarism. M y con victions against tho offering bonds under this circular.
R espectfully
p olicy o f oxtremo preparedness are sucii that I canuot and will not sock re
, , 11, - r r t a v n h n t r m n n .
o f D ir ecto r s.
election on tho President’s proparedness platform .
Board
RESERVE
BOARD R ECO M M EN D S IN C R E A S E D
B U L L IO N RESERVES.
GOLD
C H I C A G O F E D E R A L R E S E R V E B A N K S TO P U R C H A S E
$3,100,000 G O V E R N M E N T B O N D S .
Tho Chicago Federal Reservo Bank has advised its mem
A recommendation that tho Secretary of tho Treasury
bo authorized to receive doposits of gold bullion and foreign bers that it will purchase, at par and accrued intovost, $3,
gold coin against gold certificates to tho extont of one-half 100,000 2 % Government bonds, actually owned by moinbor
of the outstanding amount of tho latter, instead of one-third banks on Fob. 20, whether securing circulation or not.
as at present, has been made to Congress by tho Federal Offers will bo received up to March 15.
Reservo Board. It is stated that tho recommendation is
an outgrowth of tho piling up of tho gold in this country C A L D W E L L H A R D Y B E C O M E S R E S E R V E A G E N T O F
R IC H M O N D RESERVE B A N K .
as a result of the European war and tho increasing balance
Tho Federal Reservo Board on the 6th inst. announced
of trade. To fulfill tho requirements of the present law,
it is stated, it would bo necessary to coin $100,000,000 of the appointment of Caldwell H ardy, President of tho N or
foreign gold at a cost of $125,000 to this Government, such folk National Bank of Norfolk, V a ., as Federal Roserve
coinage being unnecessary for circulation. Tho recom Agent of tho Richmond Federal Rescrvo Bank. M r .
Hardy succeeds William Ingle, who recently resigned to
mendation made by tho Rescrvo Board is as follows :
That the Secretary o f tho Treasury m ay, in his discretion, rcceivo, with become President of the Baltimore Trust C o ., as we noted
tho Treasurer or any Assistant Treasurer o f tho United States, deposits
in our issue of Feb. 5. M r . Hardy has beon President of
o f gold bullion bearing tho stamp o f tho coinago mints o f tho United States,
tho Norfolk National Bank sinco 1899 and had previously
or tho Assay O ffico o f Now Y ork , certifying their weight, finenoss and
valuo, in amounts o f not less than $1,000 in valuo, and issue gold certificates beon its Cashier. Ho was President of tho American Bank
therefor o f tho description herein authorized. B ut tho am ount ot gold
ers’ Association in 1902 and has sorvod two terms as a mem
bullion and foreign coin so held shall not at any tim e exceed one-half o f the
ber of the Executive Council of tho Association. H e was
total amount o f g old certificates at such tim e outstanding.
The Now York “ Times” of yesterday printed the following the first President of tho Virginia Bankers Association.
statement made by Secretary M cAdoo in bohalf of tho
Reservo Board in explanation of tho advisability that tho W I T H D R A W A L S F R O M F E D E R A L R E S E R V E S Y S T E M .
law bo changed so that gold may be held in bars and not
Tho applications for State charters mado by tho following
banks in New York State: tho First National Bank of Cort
coined :
The present law perm its tho Issuance o f gold certificates against gold land; the Second National Bank of Utica; tho First National
bullion and foreign gold coin to tho extent o f ono-tliird o f tho total gold
certificates outstanding, tiio other two-thirds being secured b y gold coin Bank of East Aurora and tho Citizons National Bank of
Patchoguo, L . I ., were referred to in those columns last
stored in tho vaults o f tho Treasury D epartm ent.
There is at present a total o f gold coin so hold am ounting to approxi week.
Tho reasons for the changes woro sought in the
m ately ono billion, and the amount o f gold bullion held as a roservo against
and it
gold certificates has reached tho prescribed one-third, owing to tho heavy several instances by tho “ Journal of Commorco”
influx o f gold since tho com m encem ent o f hostilities in Europe.
prints the following roplios to its quorios in the matter :
T ho Treasury is placed in tho position o f having to coin upward o f ono
C o r t l a n d , N . Y . , M a r c h 4.
hundred millions in order to offset tho bullion receipts and the expense o f E d i t o r " T h e J o u r n a l o f C o m m e r c e : "
such coinago is deemed totally unnecessary when ono considers that the
In reply to your inquiry, would say that wo consider tho banking business
am ount o f gold coin used as a circulating medium is Infinitely small com in tills locality can bo m oro advantageously conducted under tho law
pared to the stock o f gold coin stored in our valuts. Again, under the relating to trust companies than undor tho national banking system .
present provisions, it will bo necessary to immediately turn into coin all W o d o not intend to retain our membership in tho Fodoral Roservo Bank
further bullion received, or at least two-thirds o f it, to permit the issuance
o f N ow Y ork.
o f additional gold certificates with which to p ay for the bullion, as pay
F IR S T N A T IO N A L B A N K OF C O R T L A N D ,
m ent is almost invariably requested in certificates.
O. U. K E L L O G G , S e c r e t a r y o f B o a r d .
The cost o f coining one hundred millions in gold is approxim ately S125.000
E a s t A u r o r a , N . Y . , M a r c h 4.
and thero is no actual demand for such additional coin for any purpose E d i t o r “ T h e J o u r n a l o f C o m m e r c e : ’ ’
other than to storo it in our vaults to bo held as a basis for further issuo
Our main reason for changing to a Stato charter is tho ability to loan
o f gold certificates. It m ight just as well bo stored in tho form o f fine freely on roal estate m ortgages. East Aurora is essentially a residonco
gold bars, thus eliminating tho expense o f coining it.
tow n, with steady and healthy grow th, surrounded by an oxcollont farming
Tho bill I am subm itting would permit the increaso o f our bullion reserve district. Fivo years’ experience lias demonstrated to us that wo can best
and eliminato tho necessity for further coinago o f gold to bo stored as a sorvo our banking territory if enabled to loan on real estato securities.
roservo against gold certificates until such tim o as tho amount o f bullion W o d o not expect to rotain tho Federal Roservo membership.
so held equaled tho am ount o f coin hold, thereby effecting a considerable
F IR S T N A T IO N A L B A N K OF E A S T A U R O R A .
saving.
,
As wo havo previously noted, tho Second National Bank
Another phase which has a direct bearing on this situation is that when |
gold is wanted for export purposes, tho dem and is invariably for fine gold !; of Utica has applied for a charter for a now organizationJ;o
bars, and tho enactment o f tho proposod bill ivould permit us to accumulate
i bo known as tho Oneida County Trust Co.
i good stock o f such bars.
Mar . l i 1916.]
THE CHRONICLE
COST OF B A N K
E X A M IN A T IO N S .
The cost of national bank examinations beforo and since
the passago of tho Foderal Reserve Act is disclosed in a tablo
presented in the latest number of the Foderal Reserve
“ Bulletin.” The tabulation shows tho cost to the countrybanks to bo considerably higher now than before the adoption
of the Reserve system, while for banks in reserve and central
Reserve cities, oxcept in the case of institutions with capital
of $5,000,000 and over and resources of $2 5,00 0,0 00 and
moro, the cost has boon reduced. W e presont tho tablo
and the Board’s remarks in the matter herewith:
A good many questions have boon askod as to tho cost o f exam ination
o f banks under tho old system prior to the Federal Reservo A ct and under
the new system . Under the old system tho cost o f examination varied
som ew hat in different sections o f the country, but a very large section o f
the cou ntry was em bodied under one general rule, in which Section the
cost o f exam ination varied in Central Reservo and Reservo cities on tho
one hand and country-bank districts on the other. Tho maximum charge
for exam ination in country-banks districts was $75.
Under tho now system , described In Section 21 o f tho Federal R eserve
A ct, national-bank examiners were put on a salary basis instead o f a feo
basis, and a charge for examination stipulated in tho A ct was required to
" b e assessed b y tho Com ptroller o f the Currency upon tho banks exam ined
»n proportion to assets or resources held b y tho banks upon the dates o f
exam ination o f the various banks.”
Tho subjoined tablo, therefore, shows In parallel colum ns the cost o f
examination before tho Federal Reserve A ct and since.
C ost
of
n a tio n a l-b a n k
e x a m in a tio n s b e fo r e a n d
F ed era l R eserve A c t .
S ite o f ba n k exp ressed
i n c a p ita l s lo c k .
O ld s y s te m .
sin ce
S iz e o f
bank
exp ressed
i n to ta l
resou rces.
B a tik s i n c e n tr a l
R eserve a n d
R eserv e c itie s .
N ew sys
te m .
B e fo r e
A c t.
(1)
(2) Less than $ 1 0 0 ,0 0 0 ..
(3)
(4)1 $100,000 and under
$ 300,000-................
$50,000
100,000
200,000
300,000
400 000
500,000
600,000
700,000
800,000
900,000
i f ! 1$300,000 and under
$40 0 ,0 0 0 ____
1,000,000
(7) $400,000 and under
$500,000 ..........
1,500,000
(8) 8500,000 and under
8600,000 ................
2,000,000
(9) $600,000 and under
„
7 5 0 ,0 0 0 ..................
3,000,000
(10) $750,000 and under
$1.000,0000_______
5,000,000
(11) $1,000,000................
7,500,000
(12) $2,000.000................ 10,000,000
(13! $5,000,000________
25.000,000
(14) $10,000,000.............. 50,000,000
$50
51
52
53
54
55
60
57
58
59
50
00
00
00
00
00
00
00
00
00
A fter
A ct.
$26
26
28
30
32
34
36
38
40
42
00
50
50
50
50
50
50
50
50
50
th e
p a ssa ge
of
J
th e
C o u n try b a n k s.
B e fo r e
A c t.
$20
20
20
20
20
20
25
25
25
25
00
00
00
00
00
00
00
00
00
00
After
Act.
$26
26
28
30
32
34
36
38
40
42
00
50
50
50
50
50
50
50
50
50
70 00
44 50
35 00
75 00
. 54 50
40 00
54 50
100 00
64 50
50 00
64 50
945
Hove that greater facilities than now exist should be offered to perm it re
liable tenant farmers to secure adequate cre d it.
I f sufficient safeguards can be thrown around loans o f this class, fiveyear obligations with partial annual paym ents o f principal would be a great
incentive to better agriculture among tho tenant farmers who now com prise
a substantial proportion o f the farmers o f this country.
I believe that rural credit legislation should n ot be hastily undertaken
anr r . ! ht Wel1 be deferrod untI1 th0
laws on tho statute books have had
sufficient opportunity to prove their efficiency to tho agricultural com
m unity. I refer to the Smith-Lever Law that was enactod to im prove
agricultural conditions through the assistance o f the Agricultural Depart
m ent o f tho State Agricultural Colleges, and t o that part o f tho Federal
Kesorvo A ct which provides for the rediscounting o f farmers’ paper that
nas six months m aturity. A campaign o f education with regard to the
Benefits o f both laws would be exceedingly beneficial to the agricultural
com m unity.
N othing in m y opinion could work greater injury to the progress o f the
agricultural developm ent o f our country than tho legalizing o f any plan
wnich would make easy tho obtaining o f funds through Governm ent aid
° L aP? r0Val b y which persons not equipped w ith proper knowledge o f
agriculture or other elements necessary to reasonably insure success. I
wish to bo understood as favoring legislation which will aid the farmers o f
our country and those who desire to engage in agriculture to finance their
operations on as favorable basis as m ay bo necessary for their highest cuscess, yet preserving their integrity and independence.
i ®e,vcral attem pts have been made to inject into so-called rural credits
legislation plans or suggestions related to co-operative buying. I believe
that nothing could be m oro unwise or detrimental than to attem pt to
couple tw o functions so unrelated. T h e sale o f farm tools and m achinery
as now conducted is from the m anufacturer to the dealer and from doaler
to farmer. Service is an indispensable fa ctor In tho distribution o f this
com m odity to tho consum er. Thousands o f dealers maintain supply de
pots In every farming com m unity to render service in tho sotting up and
putting machines into operation, furnishing repair or duplicato parts in
case o f breakage, and to bring forward now and Im proved tools from tim e
to tim e. But for this wido distribution o f this stock o f machines and re
pairs and tho service o f tho dealer, tho planting o f crops and tho gathering
o f the harvest would bo impossible in m any parts o f tho country rem ote
frmn m anufacturing centers. T im e and weather make for conditions in
seed tim o and harvest which cannot be m ot b y co-operative buying, which
contem plates buying collectively w ithout service; tho increasing use o f
power-driven m achinery gives further emphasis to tho consum er’s reliance
on the expert help o f tho retail dealer. It is necessary also for tho m anufac; " re,r, to gather from tho retail doaler in advance o f tho season specifications
of.rrt ? r‘:? U ror!1CntS ln 0rdcr that t,loy m ay bo m anufactured and shipped
sum ctontly early in the season to enablo prom pt delivery to tho farm er. It
would be impossible for tho m anufacturer to anticipate such needs or to
m anufacture and store ahead o f domand tho vast tonnage required and par
tia l arly to distribute them to every part o f the country in tim o to meet
local necessity.
44 50
FORM S OF
S T A T E M E N T FOR S T A T E B A N K S ,
BERS OF RESERVE S Y S T E M .
MEM
The roports of condition of State banks and trust com
panies membors of the Federal Reserve system are the sub
ject of an opinion by M . C . Elliott, Counsel for the Federal
Rosorve Board, in the Maroh number of the Reserve “ Bulle
tin.” In presenting his conclusions on the subject M r .
Elliott states that “ this office is of tho opinion that the Comp
troller may adopt tho form prescribed by State authorities
R U R A L C R E D IT TH RO U G H RESERVE S Y S T E M SUG
if, in his opinion, it exhibits the resources and liabilities under
G E S T E D — A L S O A I D FOR T E N A N T F A R M E R .
proper heads, or he may adopt so much of the form used by
In a statement made to tho Rural Credits Committee o f .
national banks as ho considers appropriate and necessary,
tho Chamber of Commerce of tho Unitod Statos at Washing
and may prescribe this as tho form to be used by State banks
ton on February 14 F . E . Myers of tho firm of F . E . Myors
and trust companies which become mombers of the Federal
& Bro. of Ashland, Ohio, stated that if it is deemed nocossary
Reserve system .” Below is tho opinion in full as printed in
to have tho Government interest itself in farm loans, ho tho “ Bullotin:”
would suggost that the organization of tho Federal Rosorve
„.
,
J a n u a r y 29 1916.
£>ir. — Tho following questions have been referred to this office for an
Board be used rathor than to create a new and expensive
opinion :
organization as recommended in many of tho‘ bills recently
th0 C om ptroller o f tho C urrency, under tho provisions o f the
introduced in Congress. M r . Myers also indicated his m m n ? i cscrv? A c t ’ accep,t, s p o r t s o f condition o f State banks and trust
com panies on form s prescribed b y the Stato authorities?
behot that rural orodit legislation should not bo hastily
Uan t,\° C om ptroller o f the Currency authorize Stato banks and
reports o f condition to fill out only the first page
undertaken and might well bo doforrod until the new laws nf S i 0mpa.nlrby,making
national banks and exem pt them from furnishing all or
now on tho statute books have had sufficient opportunity any pa ri o f the details called for on subsequent pages o f such form ?
Section 9 o f the Federal Reserve A c t, which relates to State banks as
to prove their efficiency. W e quo to from M r. M\rors’s statom ombers o f tho Federal Reservo system , requires such banks to com ply
mont as follows :
110 00
150
195
230
410
710
84 50
00
124
00
174
00
224
00
524
00 1.024
75 00
84 50
50
50
50
50
50
t h J h°oimTl“oTonn r^ 1onfFl?rrai ° p? rat,n» Equipm ent Industry which I have
conducted
For m m v v n a r /J
, p rovido that a11 farming operations are
id°d^h?nC\ aC^hmm°^a^ Pst^nn*b°™ ^r^ ^ sr®°°f ^ ^ cn alp m en t
the prosperity o f the f a r m e r . a T r ^ s . s . ° h ^ b ^ s o m ^ r k id 'th a T th o T n g
terms on which lie has been sold his Implements have becom e unnecessary
and steps are now being taken to reduce them to tho basis o f those o f other
merchandise ho roquiros.
Frankly I boliovo that with tho stimulus given to argiculturo b y fa vorablo national and State legislation and through tho educational efforts o f
tho Federal Departm ent o f Agriculture and like agendas t l m L m owner
who Is also a good moral risk has amplo facilities to secure funds fo r land
developm ent.
Farm mortgages are to-day regarded as choice Investments and carry
a rato o f intorost and run a length o f tim o favorable to tho borrower
I f it Is deom od nocossary to have the Governm ent intorost itself in farm
loans, I would suggest that the organization and facilities o f the Federal
Reservo Bank Board bo usod rathor than create a now and expensive or
ganization as recomm ondod in m any o f tho bills recently Introduced
I bellovo that tho tenant farmer is m uch m ore in need o f facilities for
borrowing m onoy than is tho farm er who owns his own land. This Is a
subjoct that would require considerable stu dy and I suggost that the Foderal
ltosorvo Bank Board take tho m atter under consideration to tho ond that
member banks bo porm ittod to offer adequate facilities. I roalizo that overy
safeguard w llljia v o to bo thrown around loans o f this kind, but I d o be-
with tho provisions o f Sections 5211 and 5212 Revised Statutes.
Section 5211 requires each national bank to m ake not less than five
reports during each year on a form to be prescribed by the Com ptroller,
tills Section provides in part that—
H E ach sucb report shall exhibit, in detail and under appropriate heads,
any pa st'd a y b y h/m specified^ th° associatIon at tho closo ^ business on
Section 5212 provides that—
ci-V? additi,?n to t'h* reports required b y the preceding Section, each asso
c ation shall report to C om ptroller o f the C urrency, within ten days after
declanng any dividend, the amount o f such dividend, and tho am ount
o f net earnings in excess o f such dividend.
am ount
It will bo observed that the form o f the report is left to the Com ptroller,
tho statute m erely providing that such report shall exhibit, in detail and’
under appropriate heads, tho resources and liabilities o f tho association.
It would seem, therefore, that if the form o f report prescribed b y any o f
tho Stato authorities shows under appropriate heads tho resources and
liabilities o f State banks and trust com panies which are members o f the
Hcdcral Roservo system , when such form has been approved and adopted
b y tho C om ptroller. Section 5211, Revised Statutes, will have been com
plied w ith.
Section 5211 further provides that—
C om ptroller shall also have power to call for special reports from any
paiticular association whenever in his judgm ent tho same are necessary
to a full and com plete knowledge o f its con dition.
p e ssa ry
T his Section gives tho C om ptroller tho right to call fo r additional in
form ation from any particular bank and precludes the assumption that
all reports must bo ln tho same form .
Since State banks and trust com panies are n ot limited b y law to the
same class and character o f investments as national banks, their resources
and liabilities m ay differ in som e particulars from the resources and lia
bilities o f national banks and there is nothing in tho A ct to indicate that the
[Vol . 102.
THE CHRONICLE
946
form o f report used b y such State banks and trust com panies should be
Identical with the form used b y national banks.
In answer to the specific questions subm itted, this office is o f the opinion
that tho C om ptroller m ay adopt tlxo form prescribed b y Stato authorities
ir, in his opinion, it exhibits the resources and liabilities under proper
heads, or ho m ay adopt so m uch o f the form used b y national banks as lie
considers appropriate and necessary, and m ay prescribe this as tho form
to be used b y State banks and trust com panies which becom e members
o f tho Federal Reserve system .
R espectfully,
^ c E L L IO T T . C o u n s e l .
T o H on. C . S. H A M L IN ,
G ov ern or F ed era l R eserve B o a rd .
In its report regarding the work of tho Federal Reserve
Board during the past month tho Reserve
Bulletin for
March has the following to say regarding tho form of state
ment to bo used by State member banks :
T he B oard has had under advisement during the past m onth tho question
o f statements to be m ade b y State bank members and has determined that
in all cases where the form o f statement prescribed b y State banking de
partments is satisfactory and the m ember bank so advised, it shall be
regarded as fulfilling the requirements o f tho Fedoral Reservo A ct with
reference to a statem ent, the C om ptroller o f tho C urrency concurring in
this view . W henever, therefore, a call is simultaneously m ade b y tho
C om ptroller o f the Currency and the State banking departm ent, tho Stato
member banks merely prepare a co p y o f the statement and forward it under
oath to the C om ptroller o f tho C urrency. In those cases where tho call for
condition m ade b y the State banking department falls upon a date differ
ent from that m ade b y the C om ptroller, the Stato member banks m ay fill
out a blank identical with that prescribed b y tho State banking department
under tho conditions hereinbefore stated. E ffort is, how ever, being made
to obtain simultaneous action b y Stato banking departments in order that
Federal and State calls m ay fall on the same date whenever possible.
CLEVELAND
RESERVE B A N K ' S LETTER
ACCEPTANCES.
tioned. Form N o . 1 is for use directly between tho seller and tho purchaser,
as outlined above; form N o . 2, for use where a different payee than tho
drawer is desired.
T h o Federal Reserve Bank o f Cleveland stands ready to rendor any
assistance within its pow er in this w ork.
F E D E R A L R E S E R V E B A N K OF C L E V E L A N D ,
E . R . F A N C IIE R , G o v e r n o r .
W ith tho letter the Cleveland Federal Reserve Bank included tw o accept
ance form s which are also reproduced.
F O R M N O . 1.
— - ............................... I " S- ...................
N o ............- ..................... ..
T h irty
(date
,
„
,
Sixty
\ days after j
pay to the order o f ourselves
N in e t y )
_________Isight................ ...................................................... D o liars.
T he obligation o f tho acceptor hereof arises out o f the purchase o f goods
from tho drawer.
T o ___________________________________
F O R M N O . 2.
......................................................... 191 —
S.....................
a fte r_______________________ pay t0 t*10 or<l cl’ o f -------
No
T he obligation o f the acceptor hereof arises out o f tho purchase o f goods
from tho drawer.
.
(Across face.)
, ,
_____________________191------(Designate bank or
placo o f paym ent.)
ON T R A D E
W e take from, the Federal Reserve Bulletin for March tho
following letter on trade acceptances sent out by tho I ederal
Reserve Bank of Cleveland on January 20 and reprinted in
the “ Bulletin” because it “ so well covers tho matter
(Signature o f a cceptor.)
RATES
FOR
In r e p ly to
BANKERS’ ACCEPTANCES
DO I E S T I C A C C E P T A N C E S .
a
q u ery
as
t o w l i o t li o r
a
APPLY
ra to o n b a n k ers
TO
ac-
c o p t A n c e s i n c l u d e s c lo m o s t io A CC optuncG S, A n i n i o m i A l r u l i n g
Sinco the Federal Reserve Board issued its circular and regulation relating
in t h o M a r c h n u m b e r o f t h o R o s e r v e B u llo t in s ta t e s t h a t
to ‘ ‘trade a cceptances,” constantly increasing interest in this form o f com merical paper is being manifested b y alert and resourceful bankers, manu- “ t h o B o a r d c o n s i d e r s d o m e s t i c a c c e p t a n c e s t o b o i n c l u d e d . ”
acturers, wholesalers and dealers.
B riefly, the “ trade acceptance” is a draft o f definite m aturity, drawn
RESERVE
to order on a buyer b y a seller, and bearing across tho face o f tho instrument N U M B E R OF S T A T E I N S T I T U T I O N S I N
SY STEM.
the signed acceptance o f the buyer, without qualification or conditions.
There can be no question o f the desirability o f developing this class o f
The Foderal Resorvo Board announces tho admission o f
credits in the United States, in the interests o f banking, com m erce, and
industry. In all m odern banking system s, tho acceptance is tho m ost tho Peoplo’s Bank of Sumter, S. C ., to tho Foderal Rosorvo
desirable form o f investment and it is the m ost satisfactory m ethod o f settle system in Fobruary, the number of Stato institutions which
ment in the business world.
T he directors o f the National Association o f Credit M en have recorded have now joined tho system boing thirty-three.
their belief “ that trade acceptances present conveniences and economies
which should appeal to the encouragement and support o f com m ercial LO AN S BY N A T I O N A L B A N K S O N B I L L S P A Y A B L E .
credit grantors,” and that "th e trade acceptance system would eliminate
Concerning loans on bills payablo, tho Fedoral Roseivo
certain serious evils which have developed with tho increase o f commercial
' credits on an open-account system and o f which the unearned discounts, Bulletin, under the heading “ Informal Rulings of the
the abuse o f sales terms and the assignment o f accounts receivable are the
Board,” says;
m ore prom inent.”
I have your letter o f Jan. 27. Under Section 5202, Rovisod Statutes, a
A cceptance is o f benefit to the seller o f goods in a great m any ways,
national bank m ay not borrow as bills payablo an am ount In excess o f its
among which the follow ing are noteworthy:
(1) It com pletes the transaction, joining tho paym ent with the shipment capital stock. Under tho Federal Reserve A ct. how ever, It m ay rediscount
actual items o f paper in its possession to any amount that tho I<ederal
or invoice;
(2) It eliminates open-book accounts and substitutes bills receivable, or Reserve Bank o f its district is willing.
J a n . 29 1916.
actual cash from discounted bills, in tho assets o f tho seller;
(3) It gives to the seller additional credit facilities, in that such business
R U L I N G S OF F E D E R A L T R A D E C O M M I S S I O N .
paper discounted does not necessarily count in the amount o f credit extended
o r authorized;
Tho
Federal Trade Commission made known on Feb. 6
(4) B y reason o f its “ double nam e” aspect, it has a broader and better
a series of forty conference rulings involving tho inter
m arket and lessens interest rates for tho seller;
(5) It assures prom ptness and avoids unjustified extensions;
pretation of the Trade Commission Act and tho Clayton
(0) It prom otes econom y and efficiency o f operation b y establishing
Anti-Trust Law, bearing on unfair competition. In issuing
co-op era tion .
A cceptances are advantageous to tho purchaser—
tho rulings, tho Commission said;
(1) In eliminating open accounts;
These rulings are published for tho inform ation o f business men engaged
(2) In closing the transaction at the tim e o f purchase;
in Inter-State com m erce and others interested in tho work o f the C om
(3) In providing paym ent coincident with purchase;
mission. They are not decisions in formal proceedings, but meroly oxpres(4) In facilitating adjustm ents and settlements.
sions o f opinion o f tho Comm ission on applications for tho issuance o f com
Am ong the plans which have been suggested by banks and business plaints and informal inquiries with regard to particular facts which involve
institutions for developing “ trade acceptances" tho follow ing detailed tho interpretation and construction o f the Federal T rade Comm ission A ct
m ethod is given as an example, from which other means, suitable to special and o f thoso sections o f tho C layton A ct with tho enforcement o f which
conditions, will be apparent:
tho Commission is charged. W hile theso rulings m ay bo regarded as prece
T he m anufacturer or wholesaler, upon making shipment o f good s, sends dents in so far as they aro applicable in proceedings before tho Com m ission,
with the invoice a draft according to his terms o f credit (o. g ., 1% discount a more extensive presentation o f facts In later cases m ay result in thoir
fo r paym ent in 10.days, 60 days net) accom panied b y a lotter to tho pur m odification, and they should not, thereforo, bo regarded as conclusive
chaser, explaining the d raft, emphasizing its advantages and requesting in the determination b y the Commission o f any future action.
tiie purchaser, if he desires the credit to run for its agreed term , to accept
N o names are given in any of tho rulings; it is stated that
and return it. T he purchaser will enter the acceptance upon his books
and arrango for paym ent upon presentation either at his placo o f business, when formal complaints aro announced, names of tho partios
or, preferably, at his bank, and return tho acceptance to the seller, who concerned will bo givon.
According to tho statement of tho
will enter it upon his books and placo it in his note files, unless he desires
to discount it at his bank at once. If he does not need the proceeds at once, Commission, ten of tho forty cases related to inquiry by per
the seller will deliver the bill to his bank for collection as if approaches sons who wanted to know tho application of tho Clayton and
m aturity, and it will then becom e a banking transaction, tho same as
Fedoral Trade Commission Acts. As to tho other thirty
other item s forw arded for collection .
Bankers and business men are urged to exert earnest efforts in the de cases, inquiry showed that no unfair competition oxistod, or
velopm ent and establishment o f this m ost desirable im provem ent in our where it did, the concerns agreed to ceaso the practices com
credit m achinery, and are assured that such action is in accord with the
plained of. The complaints dismissed included charges of
best thought o f tho financial and com m ercial w orld.
B y encouraging custom ers to send such drafts with their invoices, accom misbranding, unfair advertising methods, boycott, coer
panied b y an explanation o f their advantages, m em ber banks can secure cion, refusal to sell, unfair use of corporate name, exclusive
perhaps the m ost liquid class o f investments, available at any moment
Under
for imm ediate rediscount at the Fedoral Reservo bank, at tho m ost favor agencies, underselling and patent law violations.
one of the rulings tho Commission holds that manufacturers
able rates.
.
T h e trade acceptance eligible for rediscount is m oro fully defined in engaged in inter-State commerce, irrospectivo of tho size of
Regulation P , accom panying circular N o . 16 o f the Federal Reservo Board,
their business, and all jobbers and wholesalers thus engaged,
series o f 1916, which has been sent you b y this bank.
A s samples, there are inclosed tw o blank form s o f drafts, satisfactory aro subject to tho provisions of the Clayton A ct.
As to tho
for use in this Federal Reserve district , which meet tho requirements o f tho
right, of a manufacturer engaged in inter-State commorco
Federal Reserve Board as set forth in lth e circular and regulation men-
M
ar
. l l 1 9 1 6 .]
T H E
C H R O N IC L E
9 4 7
— =r
to buy out a competitor, the Commission announced its
ruling as follows:
H e l d , T h a t the only jurisdiction o f the Comm ission in respect o f such
transactions is to enforce tho provisions o f Section 7 o f the C layton A ct,
prohibiting the acquisition by any corporation engaged in inter-State com
merce o f the capital stock, in whole or in part, o f another corporation thus
engaged, where tho tendency o f such acquisition m ay be to substantially
lessen com petition between such tw o corporations, or to restrain interStato com m erce, or to create a m onopoly; and also possibly to enforce Sec
tion 5 o f the Federal Trade Comm ission A ct, if such purchase either o f
property or o f capital stock in connection with other circumstances m ight
constitute an unfair m ethod o f com petition. H e l d , a l s o . T h a t the mere
purchase o f the property o f such com petitor other than capital stock is
n ot prohibited b y tho C layton A ct or the Federal Trade Comm ission A ct.
As to the validity o f such purchase o f property or capital stock, under the
Sherman A ct, tho Comm ission expresses no opinion.
The direct selling by mining operators of their product,
eliminating retailers, is upheld in one ruling. In this case tho
applicant charged that certain mining operators were selling
direct to consumers at wholesale prices, and coercing retail
dealers into handling their pi’oduct. An informal inquiry
satisfied the Commission that the direct sale method in this
case was the only one by which the producers could market
their wares. The Commission, therefore, holds that “ tho
sale by a mining operator of his product direct to the con
sumer is not of itself an unfair method of competition.”
Another of tho rulings follows:
A corporation engaged in the refining and sale o f cane sugar whose prin
clpal m arket is in tho State in which its refinery is located, alleged that a
larger corporation having, refineries in other States and disposing o f its
product in inter-State com m erce in m any States, refined and sold exclu
sively in the State o f the applicant, and in com petition with it, sacked sugar
which is branded "pure cane granulated sugar." The applicant alleged
that this sugar is not a standard fine granulatod sugar as the branding loads
consumers as well as m any in tho trade to believe, but is what is known as
“ o ff” sugar, in the m anufacture o f which an expensive part o f the refining
process which is necessary to extract tho final residue o f from 2 to 3 % o f
molasses is om itted; that this " o f f " sugar is sold to jobbers at about 10 cents
per hundred pounds less than the market price for standard granulated
sugar; and that b y reason o f tho alleged falso brand or label on tho sacks
retailers and consumers are deceived into tho belief that they are buying
granulated sugar equal to standard. As a rosult, tho applicant stated, it
was com pelled to m eet the com petition o f this " o f f ” sugar in tho sale o f its
standard fino granulated sugar, in tho m anufacture o f which it uses the
com plete rofining process, a part Of which its com petitor om its in manu
facturing tho " o f f ” sugar.
U pon consideration o f the above allegations, the Comm ission instituted
an investigation and shortly thereafter tho corporation com plained o f issued
a notice to tho trade announcing that it had discontinued tho salo o f tho
‘o ff” brand o f sugar, and tho applicant requesting to be perm itted to with
draw its application, and tho corporation com plained o f assuring tho C om
mission that it had discontinued the salo o f sugar branded in tho manner
com plained o f and had no intention o f resuming the salo o f tills package;
H e l d , T hat the m ethod o f com petition com plained o f having been perm a
nently discontinued, it did not appear to the Commission that a proceeding
b y it would bo to tho interest o f tho public.
Still another ruling deals with exclusive ton*itory, as fol
lows:
Exclusive Territory— Refusal to Sell.— On application for the issuance o f
a com plaint, it appeared that a m anufacturer engaged in inter-Stato com m orco, having designated an exclusive dealer in a certain local territory,
refused to sell to another dealer within this territory. I t furthcr-appearod
that such exclusive dealer was under no obligation to refraiu from dealing
in the products o f other manufacturers o f the same com m od ity. H e l d ,
T hat neither tho Federal Trade Commission A ct nor the C layton A ct pro
hibits manufacturers selling their product exclusively through ono dealer
in a given territory. A refusal to sell to others in such territory, under such
circum stances, is therefore not unlawful.
Some of tho other rulings of tho Commission woro the
following:
to withdraw their patronage unless the management o f the paper changed
its p o licy. H e l d , T h a t tho facts alleged d o no disclose the violation o f any
law which the Comm ission has jurisdiction to enforce.
B A N K IN G , L E G IS L A T IV E A N D F IN A N C IA L NEW S.
The sales of bank stocks at the Stock Exchange this week
aggregate 36 shares. N o bank or trust company stocks
were sold at auction.
S h a res. BAN K — N ew Y o rk .
Low .
36 N at. Bank o f C om m erce.......... 172
H ig h .
C lo s e .
L a st p r e v io u s s a le .
173
172
M a r. 1916— 171
The work of compiling tho report of the proceedings of the
1915 Convention of the American Bankers Association
(held at Seattle, W ash .) was recently completed by Secre
tary Fred E . Farnsworth, and the volume makes its appear
ance in its usual handsome form. The report, in addition
to giving tho history, by-laws, lists of officers and members
of the American Bankers Association, presents the details
of tho various Sections and gives the organization and pro
ceedings of the now National Bank Section.
The New York State Bankers Association has definitely
decided to hold its annual convention at Atlantic C ity on
Juno 8 and 9. The Hotel Traymore has been chosen as the
headquarters of the organization. William J. Henry of
11 Pine S t., New York, is Secretary of the Association.
A course of six lectures by Fred. W . Ellsworth, publicity
manager of the Guaianty Trust C o ., New York, on “ How to
Build tho Business of Your B an k ,” was begun on the 8th inst.
iat tho New York Chapter of the American Institute of Bankng.
Tho lectures will be giVen on Wednesday evenings
at 7 o’clock.
Following tho retirement of Albert E . Goodhart, the
Governing Committee of the Stock Exchange on Wednesday
adopted resolutions expressing their appreciation of his
services and their deep regret at his retirement. The fol
lowing are the resolutions:
R e s o l v e d , T hat in M r . A lbert E . G oodh art’s resignation the Governing
C om m ittee loses a wise counsellor and an earnest worker whose sixteen
years o f service has been o f great benefit to the Association.
A s a m ember o f the C om m ittee on Com m issions and as Chairman o
th e com m ittee fo r m any years he was constantly vigilant in the enforce
m ent o f the Comm ission Law so that any possible infringement o f it would
be prevented, and his efforts m et with marked success.
A s a m em ber o f the C om m ittee on Admissions he always endeavored to
elevate the standard for membership and to this end ad vocated a thorough
investigation o f candidates fo r admission through special com m ittees a p
pointed for that purpose, which plan was adopted with m ost successful
results. H e also served on various special com m ittees whose work was
m p o rta n t in prom oting the w elfare o f the Exchange.
It is prim arily due to him that the plan o f dealing in bonds with interest
added to tho market price was a dopted, which has greatly increased the
ibusiness o f the Exchange.
R e s o l v e d , T h a t the Governing C om m ittee hereby expresses to M r . G ood hart its sincere appreciation o f his services to the Exchange and its deep
regret at his retirem ent, and b e it further
R e s o l v e d , T h a t a co p y o f these resolutions be engrossed and presented
to M r. Goodhart.
In line with tho prevailing movement for preparedness
in this country, many of the larger corporations are lending
their practical assistance by making it possible for their
employees to obtain military training. Prominent among
theso is the Guaranty Trust Company of New York, which
has just completed arrangements for the organization of
sharp-shooter teams among its employees, the members of
which will have definite, regular instruction in rifle and re
volver practice— two very important features of military
training. This training will be under the supervision of an
advisory board of nine members, selected from the various
departments of the company. A recent canvass of the
members of tho Guaranty Club, which is composed of the
officers and employees of the Guaranty Trust C o ., reveals
tho fact that there are in the club at the present time more
than fifty men who have had either military or naval
training.
Refusal to Sell. On application for the issuance o f a com plaint, it ap
peared that certain manufacturers, pursuant to their established sales
p olicy o f selling only to local retail dealers, refused to sell to the applicant,
a retail doalcr doing business principally b y m ail, a certain com m odity for
shlpmont direct from the mills to consumers in a Stato where tho applicant
maintained no place ot business. On investigation b y tho Commission it
appeared that thcro was no agreement or understanding among tho manu
facturers com plained o f to prevent tho applicant or others doing a similar
business, b y refusal to sell or otherwise, from securing this com m odity,
nor did it appear that such manufacturers had boon coerced or intimidated
b y retailers affected b y tho com petition o f tho applicant. H e l d , T h a t,
under tho circum stances, a refusal o f a manufacturerr to sell to the applicant
for direct shipment from the mill to territory covered b y local dealers is not
a violation o f any law which tho Com m ission is authorized to cnforco.
W hether a refusal to sell undor other cim cum stances is contrary to the pro
visions o f tho C layton A ct or tho Federal Trade Comm ission A ct, tho
Comm ission does not now decide.
C orporate Name—-Private Rights—-Public Interest.— On application b y
a corporation for the issuance o f a com plaint it was alleged that ono o f its
stockholders, whose name had been adopted b y tho applicant as a part
o f its corporate name, had form erly been a stockholder in a com peting
corporation and had then permitted the latter to use his name as a part o f
Richard A . M cC urdy, former President of tho M utual
its corporate nam e, but that after tho withdrawal o f said stockholder from
the com peting corporation it had, in violation o f an alleged agreement Life Insurance C o ., and to whom it owed much of its growth
betwoon one o f its officers and said stockholder, retained his namo in its
and development, died in Morristown, N . J ., on March 6 at
corporate namo, to tho injury o f the applicant. H eld , T h a t as the appli
M r. M cCurdy was Vice
cation presents questions concerning purely private rights, in which tho the ago of eighty-one years.
interest o f tho public is quito remote and indirect, it does not appear to
President of tho M utual Life Insurance Co. from 1865 to
tho Commission that a proceeding in respect thereof would bo to the inter
1885 and President thereafter till 1905, his withdrawal from
est o f tho public.
tho company and the retirement of other members of his
Railroads— Jurisdiction.— On application for the issuance o f a com plaint
as to abandonm ent by an inter-State railway com pany o f part o f a branch
family from official connection with it following the insurance
Mno and its purposes to abandon m ore o f it. H eld , T h a t tho Commission
investigation of 1904-05. M r . M cCurdy was a director of
has no Jurisdiction o f tho subject-m atter o f this com plaint.
Inter-State Comm erce— Local B oycott— Jurisdiction.— On application tho Morristown Trust C o. of Morristown, N . J ., and during
for tho issuance o f a com plaint, it appeared that certain advertisers in a ; his life had served as a director of tho Guaranty Trust C o .,
local newspaper, and some o f its subscribers, all apparently residing in :
the Lawyers’ Surety C o ., the United States Mortgage &
tho com m unity where it was published, com bined together and threatened
948
THE CHRONICLE
Trust C o ., tho M orton Trust C o ., the International Boll
Telephone C o., the Amsterdam Bank, the National Bank of
Commerco, tho Continental Insurance C o. and the New
York New Haven & Hartford R R .
Albert Breton, formerly Vice-Presidont of tho Canal Bank
& Trust Co. of New Orleans, who recently becamo associated
with tho Guaranty Trust C o. of this city as special foreign
representative, was elected a Vice-President of the Guaranty
on the 6th inst.
George A . Jones has been appointed manager of tho 125th
Street brancli of tho United States Mortgage & Trust C o.,
to succeed Henry E . Thomas, who was last month elected
an Assistant Treasurer of tho company, as noted in our issue
of Feb. 26. William Van Thun has been appointed Assist
ant Manager of the branch.
Tho Fifth Avenue offico of the Metropolitan Trust Co.
of this city opened for business in its new building at 716
Fifth A v e ., between 55th and 56th streets, on March 6.
A s wo noted in our issue of Jan. 15, former Stato Bank
Examiner Roger P . Kavanagh has charge of tho now branch.
Charles D . Sticknoy, a lawyer, and a director of the Sher
man National Bank of this city, died on March 9; ho was
in his fifty-eighth year.
Charles G . Balmanno, President of tho Mechanics’ Bank
of Brooklyn and Vice-President of tho Greater Now York
Savings Bank of Brooklyn, died of pneumonia on tho 7th;
he was fifty-one years of age. A t its meeting on tho 7th
the board of directors of the Mechanics’ Bank unanimously
adopted a resolution recording tho sense of their loss in his
death. M r . Balmanno was a director in the Bank of Flatbush, tho Bank of Conoy Island and the Brooklyn Storage
& Warehouse C o ., a trustoo in tho Now York Title Insurance
C o. and a membor of the Chamber of Commorco.
A five per cent dividend calling for a distribution of $70,000
was paid the depositors of tho dofunct First National Bank
of Bayonne, N . J ., on Fobruary 21st. This payment bringsthe
total dividond distribution thus far up to fifty-eight per cent.
The State Banking Department of Now Jersoy on the
15th ult. approved an application to organizo tho Southside
Deposit & Trust C o. of Paterson, N . J .; incorporation
papers for tho same wero filed in Paterson on February 16th.
The now institution will have $100,000 capital and $50,000
surplus.
A branch office of tho Bankers Trust C o. of Buffalo,
known as tho Cold Spring Branch, was opened on March 1
at M ain and Utica streets, that city.
A n application for a charter for tho Citizens’ Bank of
Rochester, N . Y . , with $250,000 capital, has been filed with
the Stato Banking Department. A board of directors for
the new institution has been chosen, and it is stated tho bank
will begin business on Juno 1 at M ain Street East and East
Avenue. The stock will be in shares of $100 and will be
disposed of at $150 oach, thoroby creating a surplus of
$125,000.
The Morris Plan C o. of Syracuse, N . Y . , capital $125,000
opened for business on March 1. The organization of tho
company was reported in our issue of Fob. 19.
The Philadelphia Stock Exchange’s three-year option on
its building on W alnut Street, Philadelphia, expired on
March 1. Dissension among members with regard to tho
purchase of the building by the Exchange resulted in tho
Governing Committeo allowing the option to lapso. A first
mortgago on the property of S I ,000,000 and a second mort
gage of $350,000 aro held by the Land Title & Trust Co.
Tho structure is owned by a building company, subject to
the two mortgages, with $250,000 capital. An option was
given the Stock Exchange in 1912 permitting tho purchase
of tho building for $1,550,000, free of all encumbrances.
[Vol . 102.
For the purpose of making provision for tho directors
of the National Bank of tho Northern Liberties, the stock
holders of tho Bank of North America at a special meoting
on the 9th authorized an amendment to tho bank’s by-laws
which allows an increase in tho number of directors from
twelvo to not more than twenty-four. Tho present board
at a special meeting to be held later will determine the num
ber of directors and will fill tho vacancies. Tho details of
the consolidation were printed in our issuo of Fob. 12.
A new Cleveland banking institution, the Union Trust
& Savings C o ., with $125,000 capital, has been incorporated
in Ohio.
Plans for tho merger of the North Side Bank and tho Com
mercial Bank, both of Evansvillo, Ind., have been abandoned
for tho time being, according to tho Cincinnati “ Enquirer”
of tho 1st inst.
Louis E . Fricko, Vice-Presidont of the North
Side Bank, was elected Prosidont of the Commercial Bank
early in January. It is stated that ho will continue as head
of tho lattor. William Folz of Newburgh, In d., is to bocomo Cashier of tho Commercial Bank.
Tho stockholders of tho W ayne County & Homo Savings
Bank of Detroit at a special meoting on tho 8th unani
mously approved tho recommendation of tho directors that
the institution’s capital be increased from $2,500,000 to
$3,000,000. As wo stated in our issue of Feb. 26, tho stock
holders will bo offered tho 5,000 now sharos of stock at $250;
$100 of this will go to capital, $100 to surplus and $50 to
undivided profits, raising tho capital to $3,000,000 and sur
plus and undivided profits to over $1,000,000.
A first paymont of about 5 0 % will bo made on April 19
to the depositors of tho defunct Broadway Bank of St.
Louis, which closed its doors in November 1915, an announce
ment to that effect having been made by Special Bank Com
missioner E . II. Benoist, according to tho St. Louis
Re
public.” A large amount of unmatured paper is held by tho
'bank, collection of which must wait until maturity; tho
/R ep u b lic” quotes M r . Bonoist as saying that it is thoroore impossible for me to estimate what percontago of the
claims will be paid or when tho final settlement will bo made.
I feel satisfied, however, that tho depositors will got a good
deal moro than was expeoted at the tiino tho bank closod.”
Morris Lasker, a well-known business man and philan
thropist of Galveston, T ex ., died on Fob. 28 at the ago of
seventy-six years. M r . Lasker founded tho Island City
Savings Bank and was President of that institution for
thirteon years. He was also formerly Vico-Presidont and
Chairman of tho finance committeo of tho First National
Bank for eighteen years.
The Federal Bank & Trust Co. of San Antonio, Toxas,
closed its doors on Feb. 23 and a notico to tho effect that tho
institution would not be opened for business until tho bank
examiners had completed an investigation was posted on
its doors. Attornoy-General Loonoy gavo out tho fol
lowing statement, according to tho San Antonio “ Express” :
T he A ttorney-G eneral's Departm ent was having conducted an examina
tion o f the bank when the authorities o f tho bank voluntarily closed It.
Our examination is still in progress.
Tho “ Express” also quotes a statement mado by John S.
Patterson, Commissioner of Insurance and Banking, as
follows:
I wish to have it distinctly understood that tills Institution was not
under the suporyision o f m y departm ent, but that it was operating under
a special charter granted by the Legislature some forty-fiv e years ago.
This is tho same character o f charter under which tho Union Trust C o . o f
San A ntonio. Fort W orth Savings Hank & Trust C o . o f Fort W orth. Western
13ank & T rust C o. o f Dallas and Texas Guarantee Hank & Trust C o . o f
W aco, attem pted to con du ct a banking business. There aro about ten o f
these charters in existence, all o f which will expire b y limitation within tho
next seven years. T h e C onstitution, amended in 1870. put an end to tho
Legislature granting special charters for banks.
An application for tho appointmont of a receiver for tho
institution was filed on Feb. 25 in tho District Court in
San Antonio by the stockholders, their potition alleging
misappropriation of funds and mismanagement by tho
officers and directors.
Tho Comptroller of tho Currency has approved an in
The stockholders of tho National Bank of tho Northern
Liberties of Philadelphia at a meeting on March 6 formally crease of $200,000— from $150,000 to $350,000— in tho capi
atified tho merger of that institution with the Bank of tal of the First National Bank of Redlands, Cal. As we
N orth America; on the 7th they rocoived a payment of $295 noted in our issuo of Fob. 26, tho First National Bank has
share for thoir holdings in accordance with tho terms been consolidated with the Citizens’ National Bank; tho
i latter institution has been placed in voluntary liquidation.
he merger.
Mar . l l 1916.]
9 4 9
THE CHRONICLE
dimensions. A continuous though slight demand came from China until
yestorday, when the rally of the quotation to 26 15-16, as a consequence
of Continental and other demand, carried the prico beyond tho buying limit
for that quarter. Tho Indian Bazaars continue quiescent, notwithstanding
that tho silver holdings in the currency reserve continuo to contract, and
that the stock in Bombay is very moderate in size. An Indian currency
return for tho 7th inst. gave tho following details in lacs of rupoos:
Notes in circulation__________ 60,15|Gold coin and bullion_________ 12,74
Reserve in silver coin_________ 25,24 |Gold in England______________8,17
Tho stock in Bombay consists of 4.400 bars, as compared with 4,500 last
week. Tho stock in Shanghai on Jan. 21 1916 consisted of 1,395 bars and
about 48,800,000 oz. in syceo, as compared with 1,417 bars and about 49,
700,000 oz. in syceo on Jan. 14 last. No shipment was made from San
Francisco to Hong Kong during tho week.
“ Lo Temps” in its issuo of Feb. 9 1916 states that the French Mint has
received instructions to coin silver for Serbia and Montenegro. Tho former
coinago will be taken first in hand. Naturally, tho dies of tho respective
countries will bo used, but will bear a small star to indicato their foreign
origin. Quotations for bar silver per ounce standard:
Feb. 11— 27
cash
No
Bank rate_________________
5%
12— 26 15-16
quotation Bar gold per oz. standard__ 77s. 9d.
G.
F. Clark, who has been Cashier of tho National Bank ““ 14—26
%
fixed
French gold coin__________ Nominal
“ 15—26 13-16
for
U. S. A . gold coin________ Nominal
of Commerce of Seattle, Wash., since 1911, has beon elected
“ 16—26 15-16
forward
“ 17— 26%
“
delivery.
Vico-Prosidont of both tho Doxter-Horton Trust & Savings
A v. for week 26.906 cash
Bank and tho Doxtor-IJorton National Bank; at tho annual
Tho quotation to-day for cash is %d. below that fixed a week ago.
As a result of a decision by Chief Justico White of the
U.S. Supremo Court at Washington in the case of the defunct
Boiso State Bank of Boise, Idaho, Vernon W . Platt, formor
State Bank Examiner, and his surety, the Title Guarantee
& Suroty Co. of Scranton, Pa., are called upon to return
$30,241 with interest to 219 depositors, tho monoy represent
ing the amount deposited with the bank betweon Oct. 27
1911 and Dec. 11 1911, when tho bank closed its doors.
Mr. Platt concluded an examination of the bank on Oct. 27
1911 and it was claimed tho bank was insolvent at that date
and should havo beon closed. Tho case had been before the
District Court of Ada County and tho Idaho Supremo Court,
and Justico White’s decision affirms tho judgments of tho
lower courts.
mooting in January ho was elected a director of the two insti
tutions. It is understood Mr. Clark will resign from the
E N G L IS H F I N A N C I A L M A R K E T S — P E R C A B L E .
National Bank of . Commerce to tako up his now duties.
Tho daily closing quotations for securities, &c., at London,
Prior to his election as Cashier of tho latter institution in
1911 ho was an Assistant Cashier of the Doxtor-IIorton as roported by cablo, have beon as follows tho past week:
London,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
National Bank. At the annual stockholders’ meeting of
W
eek ending Mar. 10.
Mar. 4. Mar. 6 . Mar. 7. Mar. 8. Mar. 9. Mar. 1 0 .
Silver,
per
o
z
........................
d
.
27
26
15-16
27
27
27
27
tho Doxtor-IIorton Trust & Savings Bank, C. E. Burnside,
Consols, 2% per cents______ 57%
57%
57%
57%
57%
57%
Cashier of tho Dexter-Horton National Bank, was elected British 4% per cents_______ 90%
96%
96%
96%
96%
96%
French War Loan, 5 % ......... 84%
84%
.......
— ....................
.......
an additional director.
French Rentes (In P a ris).fr. 62.20 62.50
62.50
62.50
62.40
62.50
The prico of silver in Now York on the samo days has been:
56%
56%
56%
56%
56%
Tho annual roport of the Standard Bank of Canada (head Silver in N. Y., per o z - .c t s - 56%
offico, Toronto) for tho fiscal year ending Jan. 31 1916 indi
cates a highly satisfactory period for that institution. Gross Mew York City Banks and Trust Companies
deposits are roported at $43,099,050, as against $38,040,107
Bid
Ask
H
id
B a n k s.
B anks.
Ask
T r u s t G o ’s.
the preceding year, and net profits, after providing for
M
eto York
Manhattan * 295
305
Bid
.41*
A 'emYork
540
Mark A Fult 240
255
America*___ 530
A s to r ............ 420
430
management oxponsos, interest, &c., aro $563,401, or at tho truer Exch. 207 212 Mech A Met 260 270 Bankers T r . 435 445
Merchants' _ 176
180
182
B’way Trust 116
150
Atlantic____ 175
rate of 18.78% on tho $3,000,000 capital, comparing with Battery
105
M etropolis*. 295
Park 145
CentralTrust 1140 1155
305
$621,463, or 21.28%, the year before. Tho usual dividends, Bowery * . — 390 ____ M etropol’n • 174 180 Colum bia__ 540 550
____ M u t u a l____ 325
Bronx Boro* 200
Commercial. 110
amounting to $390,000, or at tho rate of 13% per annum, Bronx
____ New N eth*. 215
225
Empire_____ 290
300
N a t .. 175
135
145
New York Co 725
825
Equitable T r 440
450
BryantPark*
were paid, $15,000 was contributed to officers’ pension Butch A D r. 95 105 New Y o r k .. 378 385 Farm
L A Tr 1275
F idelity____ 200
•____ 275
210
fund, $20,900 was applied to patriotic and othor funds, Chase........... 610 620 Pacific
Park............. 425
206
430
300
200
280
tho Government tax on circulation eallod for $28,995 and Cheslsca Ex* 120 127 People’s * ___ 220 235 Guaranty Tr 414 419
Prod Exch*. 200
210
400
H u dson ____ 145
ical__ 395
$100,000 was reserved for depreciation, leaving a balanco Chem
182
175
Public *____ 125
Law T it A T r 123
128
CltizensCent 177
440
Seaboard__ 415
430
LlneolnTrust 120
125
C it y _______ 430
to bo carried forward of $61,647. Tho total assets in tho Coal
A Iron. 170
180
Second_____ 395
410
Metropolitan 420
430
Sherm an___ 125
135
M u t’l (W estJanuary statement woro $53,822,121. Georgo P. Schol- Colonial*__ 450
335
C olum bia*.. 325
State * _____ 100
125
Chester). . 130
133
fiold is Gonoral Manager of the bank.
Com m erco— U 72 1173
23d W ard*. 100
135
N Y Life Ins
T H E E N G L IS H G O LD A N D
S IL V E R M A R K E T S .
Wo reprint tho following from tho weekly circular of
Samuol Montagu & Co. of London, written under date of
Fob. 17 1916:
GOLD.
External movomonts havo beon again in favor o f tho Bank of England.
Tho following amounts woro recoived by tho Bank:
Fob. 1 0 — £ 1 2 ,0 0 0 in bar gold.
IFob. 1G— £482,000 in bar gold.
“ 14—• 7,000 in bar gold.
“
“ — 175,000 in sovereigns re“ 15— 1 2 0 ,0 0 0 in bar gold.
|
leased on miscellaneous account.
Withdrawals woro made as under:
F eb.10— £5 .0 0 0 in bar gold.
Fob.11— £64,000 in sovs. for U. S. A.
■• ••— 1 0 0 ,0 0 0 in sovs. for Spain.
“
12— 2,000 in bar gold.
“ “ — 93,000 in sovs. for Cont't. “ 14— 13,000 in bar gold.
“ “ — 50,000 in sovs.for So. Am. “ 15—■ 5,000 in bar gold.
“ l l — 9 ,0 0 0 in bar gold.
“
“ — 25,000 in sovs. for Cont’ t.
During tho weok tho net increase amounted to £430.000.
Tho total gold output for the Transvaal for tho month o f January 1916
was £3,334,948, as compared with £3,037,058 In January 1915 and £3,317,949 in Docombor 1915.
Attention was drawn in our last annual bullion lettor to tho apprehensions
entertalnod in tho United Statos of America as to tho possibility of a glut
of gold in consoquonco of tho unusually hoavy imports of that metal in pay
ment for munitions, Ac. Tho samo fear obsosses other neutral nations.
Tho Swedish Parliament has recontly passed a bill releasing tho National
Bank from its obligation to purchaso and coin gold. In December last tho
gold holdings o f tho Bank were £6,300.000. Early in February tho amount
reached £9,000,000. The “ Svonska Dagbladet” says that Sweden has
sufficient gold, and that there is no reason to continuo overwhelming tho
Bank with capital on which no interest is earned at a time whon tho value
of gold is gradually diminishing. The visible supplies of gold in tho Do
minion of Canada really far exceed tho holdings in tho Central Noto Roservo
to which wo alono alluded in our last annual letter, and represent a handsomo contribution to tho strength o f tho Empire. Tho grand total held in
Canada under date Doc. 31 last is made up as follows:
Hold b y Dom inion Governm ent as reserve against noto issuo
and savings bank deposits...........................................................$ 120,334,881
Gold and subsidiary coin hold by Chartered Bank o f Canada,
$67,995,610: estimated gold....................................................... 60.000,000
Gold in tho Contral Gold ltcservo.......- ........................................
6,210,000
$186,544,881
A total equivalent to............................................ - ........................£38,330,000
Including this amount, but excluding amounts held privatoly and other
wise by Banks in tho United Kingdom and Ireland and in South Africa,
as well as tho coin in tho possession of tho public, tho total visible British
stocks may be taken to havo been about £160,000,000 at tho end of 1915.
SILVER.
Tho market has boon very inactlvo and tho prico inclinod to sag, dipping
to 26 13-16 on Tuesday. Buyers were not so keen in tho absence of sup
port from tho homo Mint. On tho other hand, American supplies were
almost cut o ff as tho prico foil away, and businoss shrank to vory small
Corn Exch*. 320
Cosniopol'n* 100
70
East R iv e r ..
Fidelity * . . . 155
Filth A v o*._ 4400
Fifth.............. 250
First_______ 910
185
G a r fie ld ....
Gcrm-Amer* 135
German Ex* 350
Germania * . 375
G otham ____ 200
Greenwich*. 265
Hanover — . 600
Hardman — 340
Imp A Trad . 495
I r v in g _____ 187
Liberty ____ 720
Lincoln ____ 310
327
80
165
4800
275
Union Exch.
Unit States*
Wash l l ’ ts*.
Westch Av*
West Side*.
Y o rk v llle*..
135
500
275
160
400
475
140
175
450
550
Coney Isl’d*
First_______ 255
Flatbush __ 134
Grcenpolnt . 115
Hillside * . — 100
Homestead *
M echanics*. 130
M ontauk*—
85
Nassau_____ 195
N atlon’lClty 270
North Sldo*. 170
People’s ____ 130
110
270
142
130
115
90
140
110
205
280
185
140
Brooklyn
195
145
390
450
____
2S0
610
350
505
192
750
330
•Banks marked with a (•) aro State banks.
change this week, v Ex-rights.
A T r u s t.. 990
N Y T r u s t.. 600
T ltle G u A T r 385
Transatlan 'c
Union Trust 370
U S M tg A Tr 395
UnltedStates 1020
Westchester
130
1010
610
390
155
380
405
1050
140
Brooklyn
BrooklynT r.
F ra n k lin __
Hamilton___
Kings C o ___
M anufact’ rs
Citizens . .
People’s ____
Queens C o . .
510
254
265
630
620
260
275
650
140
2S0
145
287
85
—
tSaie at auction or at Stock Ex
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.—
Tho United States Steel Corporation yesterday issued its
regular monthly statement showing the unfilled orders
on tho books of the subsidiary corporations at the close of
February. From this statement it appears that the aggre
gate of unfilled orders on Feb. 29 was 8,508,966 tons, an
inereaso of 646,199 tons over last month. These figures
establish a new record in the history of the Steel Corporation,
surpassing by far any previously reported. The nearest
approach thereto was made on Dec. 31 1912, when the
amount of outstanding orders was 7,932,104 tons. In tho
following wo give the comparisons with the previous months :
Tons.
Tons.
F eb .
Jan.
D oc.
N ov.
O ct.
Sept.
Aug.
July
June
M ay
Apr.
M ar.
Feb.
Jail.
D ec.
N ov.
O ct.
Sept.
Aug.
July
Juue
M ay
Apr.
29
31
31
30
31
30
31
31
30
31
30
31
28
31
31
30
31
30
31
81
30
31
30
1 9 1 6.-.8 ,56 8,96 6
1916...7,922,767
191 5...7 ,806 ,22 0
1015— 7.189,489
1915.-.6,165,452
1 9 1 5...5 ,317 .61 8
1915— .4,908,455
191 5...4 ,928 ,54 0
191 5...4 ,678 ,19 6
1915.-.4,264,598
191 5.-.4,162,244
1 9 1 5.-.4 ,25 5.74 9
1915___4,345,371
191 5.-.4.248,571
191 4...3 .836 ,64 3
1 9 1 4.-.3 ,32 4,59 2
1 9 1 4...3 ,461 ,09 7
191 4...3,787,667
1914...4,213,331
1 9 1 4 .-4 ,1 5 8 ,5 8 9
1 9 1 4 .-4 ,0 3 2 ,8 5 7
1 9 1 4...3 ,998 ,16 0
1 9 1 4 .-4 ,2 7 7 ,0 6 8
M ar.
Feb.
Jan.
D ec.
N ov.
O ct.
Sept.
Aug.
July
June
M ay
Apr.
M ar.
Feb.
Jan.
Deo.
N o v.
O ct.
Sept.
Aug.
July
June
M ay
31
28
31
31
30
31
30
31
31
30
31
30
31
28
31
31
30
31
30
31
31
30
31
1914...4 ,653 ,82 5
1 9 1 4 .-5 .0 2 6 ,4 4 0
191 4...4 ,613 ,63 0
191 3...4 ,282 ,10 8
191 3...4,396,347
1913— .4.513.767
1913...5 ,003 ,78 5
1913...6 ,223 ,46 8
1913.-.5,399,356
191 3...5 ,807 ,31 7
1913— 6,324,322
191 3...6,978,762
1 9 1 3 .-7 ,4 6 8 ,9 5 6
1913— 7,656,714
1913...7 .827 .36 8
1 9 1 2 .-7 ,9 3 2 ,1 6 4
1912— .7,852,883
1912— .7,594,381
1912 — .6,551,607
1912— .6,163,375
1 9 1 2 .-5 .9 5 7 ,0 7 9
1 9 1 2 .-5 ,8 0 7 ,3 4 6
1 9 1 2 .-5 ,7 5 0 ,9 8 3
Apr.
M ar.
Feb.
Jan.
D ec.
N ov.
O ct.
Sept.
Aug.
July
June
M ay
April
M ar.
Feb.
Jan.
D ec.
N ov.
O ct.
Sept.
Aug.
July
30
31
29
31
31
30
31
30
31
31
30
31
30
31
28
31
31
30
31
30
31
31
.
Tons.
191 2...6 ,664 ,88 5
1912— .5,304,841
191 2...5 ,454 ,20 1
1912— 5,379,721
1 9 1 1 .-5 ,0 8 4 ,7 6 5
1 9 1 1 .-4 ,1 4 1 ,9 5 8
1911— 3,694,327
1 9 1 1...3 ,611 ,31 5
1911— 3,695,985
191 1...3 ,5 8 4 ,0 8 8
1 9 1 1 .-3 ,3 6 1 ,0 8 7
1 9 1 1...3 ,113 ,15 4
1 9 1 1 .-3 .2 1 8 ,7 0 0
1 9 1 1 .-3 ,4 4 7 ,3 0 1
1 9 1 1 .-3 .4 0 0 ,5 4 3
1 9 1 1 .-3 ,1 1 0 ,9 1 9
1910— .2,674,750
1 9 1 0 .-2 ,7 6 0 ,4 1 3
1910— 2,871,949
1910— .3,158,100
1910— 3,537,128
1910— 3,970,931
fV0L. 102.
THE CHRONICLE
950
By Messrs. R. L. Day & Co., Boston:
The figures prior to July 31 1910 were issued quarterly
$ per sh.
.
Stocks.
S per sh. Shares. Stocks.
only. These, extending back to 1901, wore given in the har5esMerchants
8 Tremont &Suffolk M ills___ 123)4
N at. Bank__ 290-290)4
“ Chronicle” of March 13 1915, pago 876.
5 Waltham Bleach & D ye W ks.l 10
5 Old Boston National B a n k .. 132)4
)4 Nashua Manufacturing C o . .392
1 National Shawmut Bank____197)4
ANTHRACITE COAL PRODUCTION.— Anthracite
18 Ludlow M fg. Associates-130-130)4
3 Appleton N at. Bank,Low ell. 103)4
1)4 Nashua M fg. C o .($503 ea.) 781-800
45 Arlington M ills.................... 112-114
coal shipments for the month of February, as reported to
8 Pacific M il l s .........................138)4
10 Massachusetts Cotton M11I3.130
the Antliracito Bureau of Information at Wilkes-Barre, 1,116 Rights Ipswich M ills.............. 2)4 200 Rights Merrimac Chem .Co. 16)4-17
5 Worcester Gas Light C o ___ 220
2 Bay State Cotton Corp, 1st
aggregated 5,696,306 tons, against 4,349,915 tons in Febru
10 Saco Lowell Shops, prof......... 106)4
pref_______________ 99)4 & int.
ary 1915. The monthly statements as now prepared include
10 Collateral Loan C o ................. 116
30 Bigelow Hart. Carpet C orp.,
15 Sullivan Machinery C o ------- 127
pref................
111)4-112
the shipments by the Lehigh & New England RR. which
10 U .S . Envelope C o..pref ,10S-108)4
3 Boston Manufacturing C o __ 70
were formerly not reported to the Bureau, and comparison
50 Plymouth Rubber C o ., pref. 108)4
2 Great Fails M fg. C o ________ 192)4
24
Boston Personal Prop. Trust. 100)4
20
York
Manufacturing
C
o
-----110)4
with years prior to 1915 is therefore impossible. On the
Bonds.
Per cent.
15 Pacific M il l s ................... . .. 1 3 9
old basis, however— that is, excluding the tons carried by the
10 Dartmouth M fg. C o ., p r e f.. 102)4 $500 Peterboro <fe Hillsboro R R . 1st
M
.
4)4s,
1
9
1
7
....................
........
99 flat
Lehigh & New England RR.— the tonnage for February 1914
1 Boston Belting C o _________ 120
$1,000 Portland (M e.) Ltg. & Pow.
8 Laurel Lake M ills..................- 90
amounted to 4,121,451, for 1913 5,074,169 tons and for
C o. 4)4s, 1921_________________ 98)4
4 Appleton C o ---- ------------------- 200
3 Greenfield Elec. Lt. & P. C o . 141
1912 5,875,988 tons. In the following we compare the ship
15 Hamilton Manufacturing C o. 75
ments by the various carriers for the months of Feb. 1916
Braadstuffs Figures brought from page 993.— Tho
and 1915 and for the two months ending Feb. 29 1916 and
statements below are pronavc-d by us from figures eollootod by
Feb. 28 1915 :
- T w o M o s . E n d in c itho New York Produce Exchange. Tho receipts at Wostern
F e b .29 ’ 16.
1915.
R o a d —1916.
693,743 2,181,047 1,454,500 lake and river ports for tho week onding last Saturday and
Philadelphia & Reading, toils. 1,074,148
8.87,267 2,015,728 1,841,339 since Aug. 1 for each of tho last throo years havo boon:
Lehigh Valley_______________ 997,030
473.928
630,246
544,325
372,374
535,883
137,341
74,808
Jersey Central_______________ 597,094
Delawaro Lacka. .V W estern.. 839,472
Delaware & Hudson_________ 009,325
Pennsylvania_______________ 504,332
E r i e . . ................
099.700
New York Ontario & Western. 185,890
Lehigh & Now England______ 188,109
T o ta l____________________ 5,690,300
1.221.554
1.699,702
1,236,284
1,145,240
1,366,694
360.916
353,491
1,082,224
1,205,784
1,168,272
823,574
1,112,890
321,059
173,872
ceIXatxeoxxs U-ems
Canadian Bank Clearings.— The clearings for the week
ending March 4 at Canadian cities, in comparison with the
same week in 1915 show an increase in tho aggregate of
27.5%.
W
eek ending March 4.
Clearings at—
1915.
1916.
Lcthbridgo........
Fort William___
New Westminster
M edicine H at___
Peterborough . . .
Total Canada.
Inc. or
Dec.
1914.
1913.
%
S
$
S
55,616,480
43,492,729
39,362,557
6,564,778
3,600,637
2,781,987
1,930,571
3,429,371
1,426,111
1,863,221
3,817,475
1,785,996
2,082,124
1,670,367
451,82.8
399,396
976,194
586,405
895,573
398,882
197,322
325,643
411,115
S
43.981.533
36.921,104
24,109.605
5.101,089
4,323,275
2,624,255
1,711,436
2,732,575
1,402,769
1,825,281
2,960,683
1,589,041
2,092,688
1,193,567
390,579
299,947
722,161
446,926
670,048
492,518
261,640
181,806
439,446
+ 26.5
+ 17.8
+ 62.4
+ 28.7
— 16.7
+ 6.0
+ 12.8
+ 25.6
+ 1.7
+ 2.1
+ 29.0
+ 14.2
—0.5
+ 40.0
+ 15.7
+ 33.2
+ 35.2
+ 31.3
+ 33.7
— 19.1
— 24.5
+ 79.2
— 6.4
55,626.887
44,145,826
21,596,394
9,264,910
4,642,835
2,618,213
1,698,804
3,183,493
1,364,352
1,726,093
3,487,624
2,703,546
3,254,040
1,713,731
466,03:3
417,318
1,182,37£
574,544
903,154
697,375
390,132
466,020
53,206,481
45,655,277
25,688,732
12,136,860
4,129.803
3,194,775
2,260,569
3,336,960
1,546,900
1,991,932
4,446,847
3,928,051
4,147,009
2,282,665
516,043
544,181
2,152,412
608,002
1,195,894
907,143
592,203
174,066,7621
136,534,065! +27.6
162,123,715
174,498,865
Auction Sales.— Among other securities, tho following,
woro recently sold
at auction in Now York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, Now York:
Per cent.
Shares.
Slocks.
Per cent.
I Clinton Hall Association------27
M atrix C o . . )
10 Crowell Pub. C o ., p rcf.c u m .. 9 4 )i
100 H ickory Farm OU C o.,$25ca. I
125 Aincr. Tube & Stamping C o .,
5 Green M tn . Sum. Hom e C o. |
com m on, receipt_______
3
$25 each....... ..................... I
1,100 Nortli Butto Exton. Copper
$250 Green M tn. Summer Homel
M ining C o ________10c. per sh.
C o.. 1890 coupon o n ......... }$27
50 Western Lt. & Pow . Co..prof. 5514
50 Omaha & St. f.ouls R y . C o. I lot
53 First M ortgage Guar. C o . . . 91
trustee’s certlf., com m on. |
8 M anhattan Life Insurance
48 O m .4 St. I,. R y . C o., p r e f._ I
C o., $50 cacti...........$125 per sh.
0 Block Isl. Land &Im p. C o . , I
11 M ason Au & Magenhclmer
$25 each...................... ........ J
Confectionery M fg. C o .$755 lot
14 P. R . Mitchell C o., com ------25
300 B. & U. Corporation......... $250 lot
137 P. R . M itchell C o., pref------100
30 Manhattan Pharmacy C o — $4 lot
Bonds.
Per cent.
100 Newhouso Wheel C o., pref.)
$25,000 Pero M arq. U R . C o. 0% ~
100 Newliouse Wheel C o ., com . )$9
coll, notes, 1916, ctfs. of d e p .$1,000 lot
10 Canal Street Bank, N . Y — j lot
$0,200 Elko Realty & D evel. Co.
23 Lincoln Safe D eposit C o ------215
1st 7s, 1918................................. $100 lot
5 P t. M orris Land & Im p. C o .200
By Messrs. Barnes & Lofland, Philadelphia:
Sper sh.
Stocks.
S per sh. Shares. Stocks .
187 Camden F. Ins."A ssn., subs.
1,176 Thos. Kent M fg. C o. (Clifton
rights........... .........
35 c.
Heights, P a .)......... ............
1
5 Fire A&soc. of Phila.,S50 e a .,3 4 4
4 Girard Trust C o .......................925
25 Homo Life Ins. C o. of Am cr.,
5 Atl. City & Ocean City C o . . 1
S10 each...........................
15
242 Centen. M kt. C o., $50,each. 2
10 Victor T a lk .M a c h .C o ..c o m ..890
100 Ilealth-by-M all, In c.............. 1
90 H.IC.M ulford C o ..$50 c a . .95-955-4
3 Girard National Bank............357
28 D e Long Ilook <fc E y e........... 60
23 Philadelphia City Pass. R y ..l4 6 ) $
100 N at. Oil C o ., Tam pico,M ex.,
400 Victoria G old M in. of A r iz .-S l lot
SI each-----------l)s
30 American Clay C o ................. $3 lot
15 Mutual Trust C o ................ 35
Pierce, Butler & Pierce M fg.,
Per cent.
1st pref_________________ $7 lot Bonds.
S I,000 York Ilaven’ W ater & Power
35 M arket Street N at. Bank— 180
1st 5s, 1951.................................
82)4
00 .1. B. Stetson, pref.................160-163
27 13th & 15th Streets Pass. R y _235)i S200 Giant Port. Cement 1st6s, ’22 90)4
$403 Philadelphia, City 3)$s, 1931. 92
10 N at. Bank of Germantown,
$50 each......... ...............
140 S100 Philadelphia C ity 4s, 1932...102J4
$3,000 Spring. Cons. W at. 1st 5s,
15 Fidelity Trust C o . . ................ 720
1 9 5 8 .............................
81)4
5 Finance C o. of P a ., 2d p r e f ..108)4
9 Guar. Trust & S. D . C o ------158)4 $2,000 ChattanoogajRy. 1st 53,1956 90)4
39 Real Est. Title I. & T .305H -30644 32,030 W atcrtow niLIght & Power
1st 5s, 1959.. . . " .......................................
1 Real Estate Trust C o., p r e f.. 82
Shares.
By Messrs. Francis Iienshaw & Co., Boston
S per sh.
S per sh. Shares.
10 Plym outh Cordage................. 194)£
Pacific M ills............................ 138)4
Great Falls M fg ......................192)4 1,000 Porcupine Premier G . M g .,
SI each................................. 40c.
U . S. Envelope, com m on------142
25 Cabot M fg ................................ 125
Plym outh Rubber, pref.......110
Shares.
5
25
25
10
217,000
26.000
7,000
D e tro it........
Cleveland__
St. Louis___
P eoria___ . .
Kansas City.
20,000
98.000
54.000
2.427.000
3.562.000
760.000
106.000
148.000
73.000
4,000
515.000
61.000
889.000
293.000
2,178,000 2,396,000
210,000 1,040,000
_____ !
58,000
441.000
494,000
241,000!
73,000
203.000
110,000
175.000
100,000
237,000,
304,000
729.000
85,000
913.000
69,000
414.000
80,000
8.838.000
3.698.000
4.532.000
5,741,000'
3.283.000
6.465.000
428.000
384.000
405.000
Total wk. ’ 1(1
Same wk. ’ 15
Same wk. ’ l l
709.000
560.000
54,000
319.000
69.000
89.000
4,000
60.000
"2,666
6,000
11,0 0 0
6,000
4,839,000 1.996.000
4,454,000 1.228.000
4,971,000 1,384,000
239.000
155.000
40,000
228.000
Since Aug. 1
1915-10___ 13,015,000 388,655,000 148.390,000 127,312,000 84,316,000 18,244,000
191+15___ 13.124.000 316,179,000 180,653,000 199,640,000,08,245,000 17,430,000
1913-14___ 13,087,000 222,000,000154,244,000150,229,000 67,951,000 19,406,000
Total roceipts of flour and grain at the seaboard ports for
tho weok ended Mar. 4 1916 follow:
W
heat,
j
Bushels,
j
Receipts alDarrels.
1.561.000
89,000;
701.000
1.215.000
667.000
240.000
1,000
891.000
582.000
Rye.
Barley.
Bushels.
!
Bushels.
182,000
2,000
50.000
Bushels.
100,000
20,000
294,000
206,000
70.000
540,000,
138.000
690.000
1,364,000
9,000
32,000
Bushels.
New Y o rk —
B oston ............
Portland, M e.
Philadelphia .
Baltimore . . .
NewportNews
M o b ile___
NcwOrloans a
G a lveston ___
M ontreal____
St. J o h n ..
173,000
22,000
Total wk. ’ 16
SinceJan.1’ 16
1,000,000 2,800,000
517,000
131,000
413,0001 6,357,000
5,481,000 65.761.000 10,423,000 22,463,000 5,979,000 2,780,000
W eek 1915 . .
Since Jan.1’ 15
539,000: 6,738,000 1,893,000
1,917,000!
356,000
225,000
5,666.000 60,669,000 18,127,000 20,538,000 3,630,000 3,679,000
59,666
31.000
12.0 0 0
11,0 0 0
68,000
To',666
210.000
200,000
27,000:
Ys'ooo:
222,000
11.0 0 0
1,000
T .6 6 5
15.000
22,000
104,000
186,000
4,000
73~666
19.000
60.000
a Receipts do not include grain passing through New Orleans fer foreign ports on
through bills o f lading.
n o t u s u a ll y d e a lt i n a t■th e S tock E x c h a n g e ,
Shares.
Stocks.
3 7 'A Amer. Electro
Ciilcago_____
Minneapolis .
Rye.
bbls.im ibs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. bush.5Glbs.
Milwaukee . .
4,340,915 11,580,656
Commercial
Barley.
Receipts at—
Tho exports from tho several seaboard ports for the week
ending Mar. 4 aro shown in the annexed statomont:
Corn,
bushels,
W
heat.
Exports from—
bushels.
New Y o rk ............2,323,151
Portland, M o ------ 701,000
B o s to n __________ 697,229
Ph iladelphia____ 1,058,000
Baltim ore.............. 471,1S7
Newport N e w s .. 240,000
1.000
M o b ile ..................
New Orleans____ 590,000
G alveston_______ 730,000
St. John, N . B . . . 200,000
Flour,
O
ats,
Rye, Barley,
Peas,
barrels,bushels, bushels,
bushels, bushels.
472,519 155,625
815,003 ............ 99,493
............................... ...........
50,000
200
40,431 23,169
. 132,000
............ 13,000
10,000 555,404 635,352
509,665 62,687
---------- 12,000 1,364,000
9.000
36.000 11,0 0 0
2.000
90.000 16,000
4,000
27,000
60,000
60
............
Total week____7.011,567 1,114,384 341,743 2,223,177 555,404 976,845
Week 1915______ 6,128,192 1.S35.4S3 409,294 1,142,050 47,143 470,820
00
9,075
Tho destination of thoso exports for tho week and since
July 1 1915 is as below:
---------- Flour---------Exports for week
and since
July 1 to—
W
eek
Mar. 4
Since
July 1
1016.
bbls.
1915.
bbls.
United K in g d o m .. 102.241
Continent_________ 164,052
So. and Cent. Amer. 33,966
W est Indies______ 32,217
Brit. N o. Am . Cols. -------Other Countries___ 9,267
-WheatSince
W
eek
July 1
Mar. 4
1916.
bush.
------------ Corn
1915.
W
eek
Mar. 4
1910.
bush.
bush.
3,710.069 2,585,099 95,529.625
3,189,590 4.420,220 127,829.085
5,000
2,056,852
1,653,312
1,242
51,608
1,246,322
36.507
.........
170
201,558
.........
021,961
127,770
873,773
46,485
00,138
200
18
Since
July 1
1915.
bush.
2,772,758
7,856,344
1,785,570
1,029,797
8,706
19,003
T o ta l....................341,743 10037,364 7,011,507 226.9S9.301 1,114,384 14,373,204
Total 1914-15......... 409.294 9,952,717 0,128,192 229,938,090 1,835,483 19,595,073
The world’s shipments of wheat and corn for tho week
ending Mar. 4 1910 and since July 1 1915 and 1914 are
shown in the following:
___
_____
Exports.
1915-16.
| 1914-15.
1915-10.
1914-15.
W
eek
Mar. 4.
Since
July 1.
Since
July 1.
W
eek.
Mar. 4.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
N orthA m cr* 9.233,000 328,047,000 314,556,000
4,386,000 12.074.000
2.347.000
D a n u b e -----Argentina . . 2,864,666 21.132.000 21.343.000
9.732.000
8.996.000
Australia___
1,248,000
9 8 Yt
11.668.000 18.024.000
9.040.000
5.457.000
O th.countr’s 280,000
917,000 15,919,000 20,202,000
4.811.000
______
9.431.000
____ i
______
604,000 128,712,000 113,052,000
481,666
5,618,000
iid
T o t a l ____ 13625000 384,905,000 332,797,000 1,982,000 150,249,0001148,398,000
* North America.— The Canadian Government has officially prohibited the
issuance of both manifests and exports until after ten days. This is cffcctlvo
d uring the continuance of the war.
Mar . 11 1916.]
THE CHRONICLE
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
951
Per
Name of Com
pany.
M iscella n eou s (C o n tin u e d ).
Calumet & H ecla Alining (quar.)____
Cambria Iron______________________
W
hen
i Cent. Payable.
Alar. 23
Apr. 1 Holders of rec. M ar. 15a
Apr.
1
U
nited |
United
Preferred _________________
Apr. 1
Kingdom. Continent.
Total.
Kingdom. Continent. \ Total.
Canadian Locom otive, pref.
Apr. 1
Case (J.I.) Threshing Mach.,
Apr. 1 Holders of rec. M ar. 13a
Bushels. ] Bushels.
Bushels.
Bushels.
Bushels. | Bushels.
Celluloid Com
pany (quar.)___
Alar. 31 M ar. 8
to
M ar. 3i
M ar. 4 191 6..
51.970.000
15,377,000
Apr. 15 Apr. 1
to
Apr. 15
Feb. 26 1910..
50.680.000
................ 17*036,000
Central Leather, preferred (quar.).
April 1 Holders of rec. Alar. H a
Alar. 6 191 5..
52.770.000
. 21,446,000
Central Petroleum, preferred.........
April 1 Holders of rec. M ar. 23
Alar. 7 191 4 .. 27,856,000 18,336,000 46.192.000 2,423.666 4,803,666 7/220 [000
Apr. 1 Holders of rec. M ar. 10
April 1 Holders of rec. M ar. 7a
Chesebrough Alfg. Cons. (quar.).
M ar. 1$ Holders of rec. M ar. la
E x tra ________________ ________
Alar. 18 Holders of rec. Alar, la
DIVIDENDS.
Apr. 1 Holders of rec. M ar. 15a
Preferred (qmr.)____________________
Apr. 1 Holders of rec. Alar. 15a
Tho following shows all the dividends announood for the Chicago
Telephone (quar.)____________
Alar. 31 Holders of rcc. Alar. 30a
Chino Copper C o. (quar.)......... ............
Alar. 31 Holders o f rec. Alar. 10a
future by largo or important corporations:
Citizens Gas of Indianapolis (N o. 13).
Alar. 27 M ar. 12
to
M ar. 27
C
l
e
v
e
l
a
n
d
A
S
a
n
d
u
s
k
y
B
r
e
w
i
n
g
,
p
r
e
f.
(
q
Apr.
15
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 i t a l i c s .
Cluelt, Peabody A Co., Inc., pref. (quar.)
Apr. 1 Holders o f rec. M ar. 20a
Colorado Power, common (N o. i ) ____
April 15 April 1 to
April 15
Preferred (quar.)___________________
Alar. 15 Alar. 1 to
Alar. 15
Per
W
hen
Books Closed.
Colt's Patent Fire Arms Mfg. (quar.)___
April 1 Holders o f rec. Afar. 13a
Name of Com
pany.
Cent. Payable.
Days Inclusive.
Extra ............................ ...... .......... ..........
April 1 Holders of rec. Mar. 13a
Computing-Tabulating-Record, ( q u ') .'
Ip
April 10 Holders o f rec. M ar. 25a
R a ilroad s (Steam ).
Cons. Gas, Elec. L . & P ., B alt., com .(qi
April 1 Holders of rec. Alar. 15a
1
4
Iloston <fc Albany (quar.)______________
2
M ar. 31 Holders o f rcc. Feb. 29a
Preferred______________________________
3
April 1 Holders of rec. Alar. 15
lioston Revere Reach A Lynn (quar.)____
14 Apr. 1 Holders o f rcc. M ar. 15a Consolidated Gas. New York (quar.)____
1 4 Alar. 15 Holders of rec. Feb. 10a
Canadian Pacific, com . (quar.) (N o. 79)
2 >4 Apr. 1 Holders of rcc. M ar. la
Continental Can, In c., common (qu ar.)..
1 4 April 1 Holders o f rec. Afar. 20a
Preferred............................................. ......
2
Apr. 1 Holders of rec. M ar. 1
Preferred (quar.)_____________________
1 4 April 1 Holders o f reo. Alar. 20a
Chicago Burlington A Quincy (quar.)____
2
M ar. 25 Holders o f rec. M ar. 20 a Continental Oil____________________ _____
3
16 Feb. 26
to
M ar. 15
Chicago A North Wee tern, com . (quar.).
14 Apr. 1 Holders of rec. M ar. la Copper Range C o. (quar.) (N o. 29)......... $1.50 Alar.
A la r .15 Holders o f rec. Feb. 25
Preferred (quar.)______________
2
Apr. 1 Holders of rec. M ur. la
Cosden & C o ., com mon (quar.)___
2
Apr. 10
Delaware & Hudson Co. (q u a r .)..
2 4 M ar 20 Holders of rec. Feb. 20a
Common (extra)________________
5
Apr. 10
Grand Trunk guaranteed s t o c k ...
2.4
Crescent Pipe Line (q u a r .).......... .
75o. Mar. 15
to
M ar. 15
Interborough Consol'd Corp., pref________
14 Apr.
Holders of rec. M ar. 11
Cuban-Amorlcan Sugar, com . (quar.)__
2 4 April 1
Interborough Rapid Transit (quar.).........
5
Apr.
Holders o f rec. M ar. 20a
Preferred (quar.)_______________
Apr. 1
1
4
M
anhattan Railway (quar.)......... ...............
1 4 Apr.
Holders o f rcc. M ar. 15a
Diamond M atch (quar.)__________
1 4 M ar. 15
M inn. St. Paul & S. S. M ., com . A pref.
Holders of reo. Mur. 24u
3 4 April
E x tra______ ___________ _________
1
Alar. 15
Norfolk A Western, common (quar.)____
Holders of rec. Feb. 29a
1 4 M ar.
Dominion Glass, L td., pref. (qu ar.)_____
1
4 April 1
Ritlsb. Bessem
er A Lake Erie, common____
Holders of roe. M ar. 15
1 4 Apr.
Dominion Iron A Steel Lid, preferred____
3 4 April 1
Ptllsb. Ft. W
ayne A Chic., spec. gu. (qu.)
Afar. 12
Apr. 4
to
1 4 Apr.
Dominion Textile, L td., com . (quar.)___
1 4 April 1
Regular guaranteed (quar.)......................
Mar. 16
to
Apr. 2
14 Apr.
Drlggs-Seabury Ordnance, com . (qu ar.).
2 4 Alar. 15
Reading Com pany, second pref. (quar.)
Apr.
Holders of roc. M ar. 28a
1
First preferred_______________ _______
Mar. 15
34
Mar.
M ar. 11
1
St. Joseph South Rend & Southern, com .
to
M ar. 15
Second preferred____________________
3
Alar. 15
M ar. 11
Preferred ___________________________
to
M ar. 15
2 4 Mar.
Dululh Edison Elec., pref. (qu.) (No'40).
Apr.
1
1
4
Southern Paclflo Co.(quar.) (N o. 38)____
Holders of rcc. Feb. 29a
1 4 Apr.
d u P on t(E .I.)d c Nera. & C o ., com . (qu.)
1 4 Alar. 15
Apr.
2
Southern Ily., M. >6 O
. stock trust ccrtlfs. .
M ar. 10
to
M ar. 31
Com m on (special)______________
Mar.
15
1
3
'A
d
Apr.
Union Paclflo, common (quar.)__________
Holders of rcc. M ar. la
Debenture stock (quar.)..........................
1 4 April 25
Preferred_________________________
2
Apr.
Holders of rec. Mur. ia
d u P on t(E .I.)d e Nemours Pow ..com . (qu)
1 4 Alay 1
Wisconsin Central, preferred............. .
2
April
Holders of rec. M ar. 11a
Preferred (quar.)_____________________
1 4 Alay 1
to
M ay 1
Street and E lectric R ailw ays
Eastern Shore Gas & E l., pref. (q u a r .)..
1 4 Alar. 1 ;
t rec. Feb. 28
Arkansas Valley R y ., L. & P ., pref. (qu.)
1 4 Mar. 15 Holders o f rec. Feb. 29
Eastern Steel, first preferred (quar.).
1 4 Alar. 15 i
r rec. M ar. 1
Brasilian Trac., I,t. A Pow ., pref. ( q u .)..
1 4 Apr. 1 Holders of rec. M ar. 15a
Eastman K odak, common (quar.)______
2 4 April 1 I
’ rec. M ar. 4a
Rrock. A Plymouth St. R y ., pref. (N o. 14)
3
M ar. 15 Holders o f rec. M ar. 6a
Common (extra).........................................
2
24
4 April 1 J
’ rec. Alar. 4 a
Rrooklyn Rapid Transit (quar.)................
1 4 Apr. 1 Holders of rcc. M ar. 9a
Preferred (quar.)_____________
April
1
1
1
4
’ rec. M ar. 4a
Chicago City Railway (quar.)....................
2
M ar. 30 M ar. 6
to
M ar. 16
Electric Boat, com
. A pref. (quar.)
8
Alar. 30 1
Cleveland Railway (quar.).............................
1 4 Apr. 1 Holders of rcc. M ar. 15a
Com
m
on tfe preferred (extra)....................
7
Mar. 30 ]
Duluth-Superior Trac., pref. (qu ar.)____
1
April 1 Holders of rec. M ar. 15a Elec. Stor. Battery, com . & pref. (quar.)
1
Apr. 1 1
Eastern Power A Light Corp., pref. (quar.)
1 4 M ar. 15 Holders of rec. M ar. 2a
Federal Afining A Smelting, pref. (quar.)
1
Alar. 15 1
El Paso Elec. C o., com. (qu.) (N o. 1 9 )..
2 4 M ar. 15 Holders of rec. M ar. 3a
Galena-Signal OH, common (quar.).
3
Alar. 30 1
Frankford A Southw. Pass., Phlla. (q u .). S4.50 Apr. 1 Holders of rcc. M ar. la
Preferred (quar.)..... .........................
2
Mar. 30 I
Galveston-Hous. Elec. C o., prof. (N o. 18)
M ar. 15 Holders of rec. M ar. 6a
3
General
Chemical,
preferred
(qu
ar.)____
1 4 April 1 ]
Illinois Traction, pref. (quar.)..................
1 4 April 1 Holders o f rcc. M ar. 15a
General Electric ( q u a r . ) . .. .................. ......
2
Apr.
15 1
Louisville Traction, common (quar.)____
Apr. 1 M ar. 11 to
1
M ar. 15
General Fireproofing, com
m
on (quar.)____
Apr. 1 1
14
P referred-........................ ...........................
2 4 Apr. 1 M ar. 11 to
M ar. 15
Preferred (quar.) (No. 36)........................
1 4 Apr. 1 i
Manila Electric H
R
. A Ltg. Corp. (quar.)..
1 4 Apr. 1 Holders o f rec. M ar. 18a Globe Soap, com m on (quar.)____________
1
Mar. 15 1
M ar. 1
M ar. 15 Holders of rec. Feb. 25a
Northern Ohio Trac. A L t.. com . (uuar.)
14
1st, 2d and special pref. stocks (quar.)
1 4 Alar. 15 1
Alar. 1
Northern O
hio Trac. A Light, pref. (quar.)
1 4 Apr. 1 Holders o f rec. M ar. 10a
Goodrich (11 . /•’ .), Co., com
m
on (quar.)____
1
M ay 15 1
Alay 4a
$2
Apr. 1 Holders of rcc. M ar. 10a
Philadelphia Traction____________________
Goodrich (U. F.) C o ., pref. (quar.)_____ m 1 4
April 1 !
M ar. 21a
S3
Apr. 1 Holders o f rcc. M ar. la
Second A Third Sts. Pass., Phila. (quar.)..
Goodyear Tire A Rubber, pref. (quar.)____
April
1
J
14
M ar. 31
Springfield (Mo.) Ry. A L., pf.(qu.) (No.5)
1 4 Apr. 1 Holders o f rec. M ar. 15a Great Lakes Towing, preferred (quar.).
1 4 Apr. 1 A
Apr. 2
1
Stark Electric IIR
. (quar.)________________
Apr. 1 Holders of rec. M ar. 25a
G ulf States Steel, first pref. (quar.)____
1 4 Apr. 1 I
Third Avenue Ity. (quar.)______________
1
Apr. 1 Holders o f rcc. M ar. 15a
Hart,
S
ehaffner*
Alarx,
Inc.,
pref.(qu.)_
1 4 Mar. 31 I
Twin City R ap. Tran., M inn., com . (qu.)
1 4 Apr. 1 Holders o f rec. M ar. 15a Holme (Geo. W .) C o ., common (q u a r .)..
Apr. 1 I
24
Preferred (quar.)_____________________
1 4 Apr. 1 Holders of rec. M ar. 15a
Preferred (quar.)......... .....................
1 4 Apr. 1 I
United Light A R y s., first preferred.........
1 4 Apr. 1 Holders of rcc. M ar. 18a
Hcndce Alfg., pref. (quar.) (N o. 10).........
14 Apr. 1 Holders o f rec. M ar. 20
United Trac. A E lec., Prov. (quar.).........
1 4 Apr. 1 M ar. 8
to
M ar. 12
Hercules Powder, com
mon (quar.)________
2
Afar. 25 M ar. 16
W
est End Street Ry., Boston, com
mon.........
to
M ar. 25
S I.75
Com
m
on (extra)................................... .
8
Alar. 25 Alar. 16
W
est Penn Railways, pref. (quar.)..............
to
Mar. 25
1 4 M ay 1 Apr. 23
to
M ar 1
H
orneslake Mining (m
onthly) (No. 498)
'
65c. M ar. 25 Holders of rec. Alar. 20a
W
est Penn Traction, preferred (quar.)____
1 4 Apr. 15 Holders of rcc. Apr. 1
Ini.‘H
arvester ofN. J.,com.(quar.) (No.25)
1 4 Apr. 15 Holders of rec. Alar. 25a
Pref. (on account of accum
ulated dies.)..
H Apr. 15 Holders o f rec. Apr.
1
International Salt (quar.)..........................
4 Apr. 1 Alar. 16
Banks.
to
Apr. 2
International Silver, pref. (quar.)_______
14 April 1 Feb. 24 to April 1
Coal A Iron National (quar.)......................
2
Apr. 1 Holders o f rec. M ar. 8
Inlerocean Oil, first preferred____________
3
4 Apr. 1 Holders of rec. M ar. 26
Yorkvllle_________________________________
0
Alar. 31 M ar. 21
to
M ar. 31
K
a
u
fm
a
n
n
D
e
p
t.
S
t
o
r
e
s
,
p
r
e
f.
(q
u
.)
(N
o
.
13)
1 4 April 1 Holders o f rcc. M ar. 20
T r u s t C om panies.
Kayser (Julius) A Co., com
m
on (quar.)__
___
1 4 Apr. 1 Holders of rec. M ar. 21a
Guaranty (quar.)...........................................
4
Alar. 31 Holders of rcc. M ar. 23
First A second preferred (quar.)_______ I 1 4
M ay 1 Holders o f rec. Apr. 21a
Extra ......................................... .................
1
Alar. 31 Holders of rec. M ar. 23
Kelly-Springfleld Tire, pref. (quar.)_____
1 y2 Apr. 1 Holders o f rec. M ar. 18
Latcyers Title A Trust (quar.) (No. 7 0 ) ..
1 4 Apr. 1 M ar. 10
to
Apr. 2
Konuccott
Copper
Corp.
(qu.)
(N
o.
1
)
..
$1
Alar. 31 M ar. 11
Union (quar.)..................................................
to
Alar. 19
4
Apr. 1 M ar. 25
to
M ar. 26
Kerr Lake Mining (quar.) (No. 42)______
25c Mar. 15 Holders o f roc. M ar. la
M iscella n eou s.
La Belle Iron W orks, pref. (quar.)______ | 2
Mar. 31 M ar. 19
to
M
ar. 20
Ahm
eck Mining (quar.).................................
Holders of rec. M ar. 15a
Laclede Gas Light, common (quar.).........
14
Mar. 15 M ar. 2
to
M ar. 15
Ajax Rubber (quar.) (N o. 1)......................
$1 25 M ar. 16 Holders of rec. Feb. 28
La Rose Consolidated Mines (quar.)______
1‘
Apr. 20| Alar. 22
to
Apr. 18
Allls-Chalmors M fg ., pref. (quar.)...........
1 4 Apr. 15 Apr. 1
to
Apr. 15
Liggett & Alyers T obacco, prof, ( q u a r .)..1 14 Apr. 1'Holders o 1 rec. Alar. 24a
S1.5C Apr. 5 Holders of rec. M ar. 15a
Allouez Mining........... ...................- ..............
Loose-Wiles Biscuit, first preferred (quar.)
1 4 Apr. 1 Alar. 21
to
Apr. 2
1
Apr. 15 Holders o f rec. M ar. 20a
Amer. Agric. Chem
ical, com
. (qu.) (No. 18)
Lortliard (P.) C o ., common (quar.)_____
3
Apr. 1 Holders of rec. M ar. ISa
Preferred (quar.) (No. 43)......... ..............
1 4 Apr. 15 Holders of rec. M ar. 20a
Common (extra).
5
Apr. 1 Holders of rec. M ar. 18a
American Bank Note, preferred (quar.)__
1 4 Apr. 1 Holders o f rcc. M ar. 15a
Preferred
(quar.)____________
_________
1 4 Apr. 1 Holders of rec. M ar. 18a
Amer. Beet Sugar, pref. (uu.) (N o. 0 7 )..
1 4 April 1 Holders of reo. M ar. Ina
M ackay Companies, com . (qu.) (N o. 43)
14 April 1.Holders of rec. M ar. 10a
American Can, preferred (quar.)...............
1 4 Apr. 1 Holders of rec. M ar. 16a
Preferred (quar.) (N o. 4 9 )___________
1
April 1:Holders o f rec. M ar. 10a
Amer. Car A Fdy.,com. (qu.) (No. 5 4 ) . . .
4 Apr. 1 Holders of rec. M ar. 14a
M agna Copper Co. (quar.)............... ......
50c. Alar. 31:Holders o f rec. Alar. 10
Preferred (quar.) (No. 6 8 )........................
14 Apr. 1 Holders of rcc. M ar. 14a
Alaxwell Alotor, Inc., 1st pref. (q u a r .)..
1 4 April 1 Holders of rec. M ar. 10a
American Cigar, preferred (quar.)
1 4 Apr. 1 Holders of rcc. M ar. 15a
M
a
y
Department
Stores,
prof,
(quar.)___
14 Apr. 1 Holders of rec. M ar. 15a
American Express (quar.)............................. S I.50 Apr. 1 Holders of reo. Fob. 29a
Alergenthaler Linotype (quar.)__________
2 4 Alar. 31 Holders o f ree. Alar. 4a
Amer. Iron A Steel Mfg..corn. .{• pf (ait)
1 4 Apr. 1 Holders of rec. M ar. 20a
Mexican Petroleum
, Ltd., preferred (quar.)
2
Apr. 1 Holders o f rec. Alar. 20
Amer. Pneumatic Servlco, 1st pref
' SI .75 Alar. 31 Mar. 12
to
M ar. 17
Milwaukee
&
Chicago
Breweries,
L
td____
5 3 4 April 1 Alar. 3
Second preferred...............
• *
to
April 2
75c. Mar. 31 M ar. 12
to
Afar. 17
M ontana Power com . (quar.) (N o. 14)._
4
April 1 M ar. 15
to
Amer. Public Utilities, pref. (guar.)...........
Apr. 3
1 4 Apr. 1 Holders of rec. M ar. 20a
Preferred (quar.) (N o. 14)......... ............
14
April 1 Alar. 15
Amer. Radiator, com . (quar.)_____
to_ ____
Apr. _3
4
to
Mar. 31 M ar. 23
Alar. 31
M
o
n
tg
o
m
e
r
y
W
a
r
d
A
C
o
.,
p
r
e
fe
r
r
e
d
(
q
u
a
r
.)
14
Apr. lj Holders o l rec. Alar. 2 i
Amer. Smelt. A R efg.. com. (qiiar.jl
1
Mar. 15 Feb. 20
to
M ar. 6
M ontreal Cottons, L td., com . (quar.)__
1
Alar. 1.5 Holders o f rec. Alar. 5
Amer. Smelters Securities, pref. A (qu.)
Apr. 1 M ar. 18
to
M ar. 20
14
Preferred (quar.)_____________________
1 4 Alar. 1.5iHolders of rec. Afar. 5
Preferred R (quar.)_______ ________‘ "
to
1 4 Apr. 1 Mar. 18
Alar. 20
M
uskogee
Gas
A
Electric,
pref.
(q
u
a
r
.)..
1 4 Alar. 15;HoIders of rec. Feb. 29
American Snuff, common (quar.). E l I ”
3
Apr. 1 Holders of rcc. Afar. 14a
National Biscuit, com . (quar.) (N o. 71)
1 4 Apr. 15 Holders o f rcc. M ar. 28a
Preferred (q u a r .).......... ......................."*
1 Holders of rec. Alar, l la
1 4 Apr. 1,
National Candy, 1st A 2d pref. (N o. 27)
3 4 Alar. lo jF e b . 23 to
Feb. 29
Amer. Sugar Refg., com. (qu.) (N o. 98)
1 4 Apr. 3 Holders of rec. Afar, la
National Carbon, common (quar.)...........
2
April 15 Holders o f rec. April 5a
Preferred (quar.) (No. 9 7 )......................
1 4 •Apr. 3 Holders o f reo. Afar. I a N at. Enatn. & Stamping, pref. (q u a r .)..
H 4 Alar. 31 Alar. 12
to
M ar. 31
American Tobacco, preferred (qu ar.)____
April 1 Knb. 15 to
Afar. 15
National
Lead,
common
(quar.)________
1
Alar. 31 M ar. 11
to
M ar. 15
American Woolen, com . (quar.) (N o. 1)._
1 4 April 15 Alar. 16 to
Afar. 29
National Lead, preferred (quar.)_______
Feb. 22
> 4 Mar. 15 Feb. 19 to
Preferred (quar.).......................................
14 April 15; Afar. 16 to
M ar. 29
Natlona! Refining, pref. (quar.)__________
2
April 1 Holders of ree. M ar. 15a
Ansco Co. (quar.)____________ _____ _____
2 4 April 1 Alar. 14 to
M ar. 31
National
Sugar
Refining
(q
u
a
r
.)..............
14 Apr. 3 Holders of rec. Alar. 0
1
Associated C
H
I (quar.)____________________
Apr. 15H olders of rcc. M ar. 24a
National Zinc A Lead (monthly)__________
4
M ar. 31 Alar. 24
to
Alar. 31
1
Atl.Gulf A W . I. SS. Lines, pref. (N o. 1).
Apr.
Holders of rcc. Alar. 31a
Nevada Consolidated Copper C o. ( q u . ) . . 3 7 4 c . Mar. 31 Holders o f rec. Alar. 10a
5
Atlantic Refining (quar.)............................
M ar.
Feb. 20 to Alar. 7
E x tr a ........................................................... 1 2 4 c . Alar. 31 Holders of rec. Alar. 10a
Barren Co., com
m
on (quar.)_____________
14 Apr.
Afar. 26
to
M ar. 31
New York Air Brake (quar.) (N o. 5 3 ) . .
2
M a r . 23 Holders o f rec. Alar. 2a
Preferred (quar.).......................................
14 Apr.
Apr. 11
to
Apr. 14
Now York Transit (quar.)...................... ..
4
'Apr. 15 Holders o f rec. M ar. 25
2
B
ell Telephone of Canada (quar.)________
Apr.
rcc. M a r .:3 D
Nlles-Beinent-Pond, common (quar.)___
1 4 [Alar. 21 M ar. 8
to
M ar. 20
Bethlehem Steel Corporation, com . (qu.)
7 4 * April i
’ rcc. Alar. 15
North Amer. C o. (quar.) (N o. 48)......... ..
Preferred (q u a r.).......................................
14
; April 1 Holders of rec. Afar. 16a
1 4 * April
rcc. Alar. 15
Ohio Cities Gas, preferred (quar.).............
14
Apr. 1 Holders o f rec. M ar. 15
Booth Fisheries, preferred (quar.)......... ......
1 4 Apr.
M ar. 22
to
Apr.
1
Ohio Oil (quar.)_________________________ SI.25 .Mar. 20 Feb. 22
to
Afar. 14
Rorden's Cond. M ilk, pref. (qu.) (N o. 57)
1 4 Alar.
Afar. 2
to
M ar. 15
E x tra ............. .............................................. $4.75 Afar. 20 Feb. 22
to
Afar. 14
Rrlcr Hill Steel, common (qu ar.).............
14 April
Mar. 21
to
April 2
Old Dominion Co. (quar.)| (N o. 33)_____ S2.50 AIar31d Afar. 16 to
M ar 22
Brier Ilill Steel, preferred (quar.)................
1 4 April
M ar. 21
__
....
to
April 2
Old Dominion Cop. M in. A Smelt, (q u .).
$2.50 M ar. 30 Afar. 16 to
Alar. 22
Ilrltlsh-Amer. Tobacco, L td., ordin ary..
2 4 Alar.
..
See note (o)
Ottawa Light, Ilcat A Power, com . (qu.)
14
April 1 Holders o f rec. M ar. 20a
Rrooklyn Union Gas (quar.) (N o. 60)__
1 4 April
M ar. 10
to
Afar. 31
Common (on account of deferred d iv .).
1
4
April
1
Holders
o
f
rec.
Afar.
20a
Brunswlckc-llalke-Collender, pref. (quar.)..
14 Apr.
Holders of rcc. Alar. 10a
Pabst Brewing, preferred (qu ar.)......... ..
1 4 IM ar. 15 M ar. 7
to
M ar. 15
$2
Alar.
Ruckeyo Pipe Line (quar.)______________
Holders of rec. Feb. 23
Packard M otor Car, pref. (quar.)..............
1 4 Mar. 15 [Holders o f rcc. Feb. 29a
Buffalo General Electric (quar.)....................
1 4 Afar.
Holders o f rec. Alar. 20a Penmans, Limited, common (qmr.)______
1
[Alay 151 Holders of rcc. Alay 5
75c. Alar.
Rutto A Superior Copi>er C o., Ltd. (q u .).
Holders o f rec. Alar. 10a
Preferred (quar.).........................................
1 4 M ay ljlloldera o f rec. Apr. 20
Extra ________ _______________________ $ 10
Mar.
Holders o f rcc. Alar. 10a Pcnnsylv. Water & Pow . (quar.) (N o. 9)
1
April 11Holders of rcc. M ar. 17
Calumet A Arizona Mining (quar.)...........
$2
Afar.
Alar. 4
to
Alar. 19
Yettlbone-Mulllken C o., 1 s t* 2d p f.(q u .)' 1 4 [Apr. 11Holders of rec. M ar. 16
W
heat.
Corn.
$15
Books Closed.
Days Inclusive.
14
34
14
14
14
14
14
24
14
14
6
4
24
14
2
$1.25
5
1
14
1
14
24
10
[Vol . 102
THE CHRONICLE
952
Name of Com
pany.
Per
Cent.
W
hen
Payable.
Boohs Closed.
Days Inclusive.
M isce lla n e o u s (C o n c lu d e d ).
M iscella n eou s (C o n tin u e d ).
M ar. 31 Holders o f rcc. M ar. 20 a
3H M ar. 31 Holders of rec. M ar. 20a
M ar. 15 Holders of rec. Feb. 19a
39%
o.
Philadelphia Electric (quar.)......................
April 1 Holders o f rec. M ar. 16
IK
Pittsburgh Plate Class, com
m
on (.guar.)-----April 1 Holders of rec M ar. 16
12
Preferred (annual) ............................ - - - M
ar. 15
25c.
Pittsb. Term . W ’h’se & Transf. (monthly)
M ar. 8
to
M ar. 15
Pure OH, com m on----------------------------------- 30c. M ar. 15 M ar. 8
to
M ar. 15
M
ar. 15
S2.50
Common (extra)----------------------------------Holders
of
rec.
April
la
April
15
2A
Quaker Oats, com mon (quar.)....................
M ay 31 Holders of rec. M ay la
IK
Preferred (quar.)--------------------------------Holders of rec. Feb. 29a
M
ar.
27
$3
Quincy M ining (quar.).......................... - -
to
M ar. 20
I K M ar. 20 M ar. 5
Railway Steel-Spring, preferred (q u a r .)..
50c. M ar. 31 Holders o f rec. M ar. 10a
R ay Consolidated Copper Co. (quar.). . .
M
ar.
21
to
April 19
April
IK
Republic Iron & Steel, pref. (qu.) (No.50)
M ar. 21
to
April 19
April
lh
Preferred (extra)----------- -------- ---------- Holders
of
rec.
M ar. 21
Apr.
3
Reynolds (R . J.) T ob acco, com . (quar.).
Holders
of
rec
M ar. 21
Apr.
2
Common ( e x t r a )..............- .......... ..........
Holders of rec. M ar. 21
I K Apr.
Preferred (quar.)--------- . . . - — - - - - - - Holders of rec. M ar. 10a
M
ar.
15
I
K
Rubber Goods M fg ., pref. (qu.) (N o. 6 8 ).
M ar. 10 to
M ar. 20
St. Joseph Lead (quar.)-------------------------- 25c. M ar. 20 M ar. 22
to
Apr. 1
I'A Apr.
Sapulpa Refining, com. (monthly)------------Holders of rcc. M ar. 15
M
ar.
25
1
Savoy O
il (monthly)----------------------------------M ar. 25 Holders of rec. M ar. 15
1
Extra___________________________ _____
I K April 1 Holders of rcc. M ar. 15a
Sears, Roebuck & C o ., pref. (quar.)-----50c. Apr. 20 Holders of rec. M ar. 31a
Shattuck-Arlzona Copper Co. (quar.)
75c. Apr. 20 Holders of rec. M ar. 31a
Extra..................................... ..
I K April 1 Holders of rec. M ar. 20
Sloss-Sheffield Steel & Iron, pref. (quar.).
M ar. 31
M ar. 31 M ar. 15 to
5
South Penn Oil (quar.)....... ............ .......... ..
April 1 Holders of rec. M ar. 11a
5
South Porto R ico Sugar, com mon (quar.)
Holders of rec. M ar. 11a
April
1
2
Preferred (quar.) ......... - - - - - - - - - - — Apr. 1 Holders of rec. M ar. 15
3
South West Pennsylvania Pipe Llnes(qu.)
M ar. 15 Holders of rcc. Feb. 29
1
Standard Gas & Electric, pref. (q u a r .)..
M ar. 15 Holders of rec. Feb. 9
2
K
Standard Oil (California) (quar.)...............
Apr. 15 Holders of rec. M ar. 4
Stock dividend............................ .............. 50e
to M ar. 31
April 1 M ar. 16
1
Standard Oil Cloth, Inc., c o m m o n ..—
to M ar. 31
April
1 M ar. 16
I
K
Preferred Classes A and B (quar.) —
to Apr. 2
Apr. 1 M ar. 16
4
Standard OH (Kentucky) (quar.)............
to Apr. 2
Apr. 1 M ar. 16
1
E xtra.......................- .................................
Holders of rec. Feb. 18a
M
ar.
15
6
Standard Oil of New Jersey (quar.).........
M ar. 15 Holders of rec. Feb. 25a
2
Standard OH of New York (quar.)
to M ar. 22
April 1 M ar. 4
3
Standard Oil (Ohio) qu a r.)............
to M ar. 22
April 1 M ar. 4
3
E x tra _____________________ - —
Apr. 1 Holders of rec. M ar. 20
6
Standard Screw, com
m
on (extra)...
Holders of rcc. M ar. 31
Apr.
15
$1.50
Subm
arine Boat Corporation............
I K Apr. 1 Holders of rcc. M ar. 20a
Subway Realty (quar.)-------------------April 1 Holders of rec. M ar. 10
2
Swift & C o. (quar.) (N o. 1 1 8 )--.
2'A M ar. 31 Holders of rec. M ar. 20
Texas Com
pany (quar.)----------- I K Apr. 1 Holders o f rec. M ar. 20
Tobacco Products Corp., preferred (quar.)..
to
M ar. 21
Tonopah-Uelm ont D evelopm ent (quar.) 12 H e. April 1 Mar. 16
April 1 Holders of rec. M ar. 11
5c.
Tonopah Extension M ining (quar.)-----April 1 Holders of rec. M ar. 11
5c.
E x tra .................... ....................... ..............
April 1 Holders of rec. M ar. 20a
1
Underwood Typewriter, com mon (quar.
I K April 1 Holders of rec. M ar. 20a
Preferred (q u a r .)..
to
Apr. 4
Apr. 1 M ar. 15
2
Union Carbide (quar.)
$2.50 M ar. 25 Holders of rec. M ar. 3
Union Tank L i n e ----------I K M ar. 15 Holders of rec. Feb. 29a
U n. Cigar Stores of Am .,pf.(qu.) (No. 14)
Apr. 15iHolders of rec. M ar. 31a
SI
U
nited G
as Im
provem
ent (quar.).. . . . .
M ar. 30 M ar. 16 to
M ar. 22
$15
United Globe Mines (quar.) (N o. 1 9 ) ..
50c. Apr. 5 Holders of rec. M ar. 14
U
nited Shoe Machinery, com
m
on (quar.)..
Apr. 5 Holders of rcc. M ar. 14
37H
c.
Preferred (quar.)----------------------------------M ar. 19
I K M ar. 31 M ar. 16 to
U . S. Gypsum , preferred (quar.)------------M ar. 9
I K M ar. 30 M ar. 2 to
United States Steel C orp., com . (qu ar.). .
75c.
United Verde Copper C o. (N o. 8 ) . ............
$1.50 M ar. 31 Holders of rec. M ar. 10a
Utah Copper C o. (quar.) (N o. 3 1 ) ---------M ar. 31 Holders of rec. M ar. 10a
$1
Extra (N o. 1)-------------------------------------50c Apr. 1 Holders of rec. M ar. 20
Warren Brothers, com
mon-----------------------75c. Apr. 1 Holders of rec. M ar. 20
First preferred-------------------------------------Apr. 1 Holders of rcc. M ar. 20
Second preferrel --------------------------------- 87 H e.
M ar. 31 Holders of rec. M ar. 24a
$2
W
estern Electric, com
m
on (quar.)................
1H M ar. 31 Holders of rec. M ar. 24a
Preferred (quar.)----------------------------- - - Apr. 1 Holders of rec. M ar. 15a
3
. W eym an-Bruton C o., common (q u a r .)..
Holders of rec. M ar. 15a
I K Apr.
’
Preferred (quar.)------------Holders of rec. M ar. 21a
I K April
W
illys-Ocerland, pref. (quar.)
.
..
..
.
.H
o ld e r s of rec. M ar. 8
Apr.
$6
W olverine Copper M in in g ..
IK
April 1 Holders of rec. M ar. 10a
W oolworth (F. W .), preferred (q u a r .)...
I K IAprU llM a r .2 4
to
M ar. 31
Yale & Tow no M fg . (quar.) (N o. 8 0 ) - - 2A
Phelps, Dodge & Co. (guar.)........................
Extra ...................... ......................................
Apr. 1 M ar. 19
Apr. 1 M ar. 19
M ar. 31 M ar. 11
2
Youngstown Sheet &Tube, com. (quar.).
Preferred (quar.)-------------------------------
Books Closed.
Days Inclusive.
W
hen
Payable.
Per
Cent.
Name of Com
pany.
IK
7Kc.
to
to
to
M ar. 31
M ar. 31
M ar. 1
Yukon G old C o. (quar.)
a Transfer books not closed for tills dividend,
b Less British
iS 'in ^ s c ilo "
motion
e Payable In stock.
/P a y a b le In com mon stock, a Payable in scrip.
h o n account of accumulated dividends,
i Declared 7% payable In quarterly ln8t?im cntsbeldnntng with M arch 31. ft Declared 30% on the
thn nr of
navable in quarterly Instalments of 7 'A% and }K % , respectively.
I \lso 19% payable in Anglo-French 5% bonds at 95.
m Declared 3)4 ,{>on pref.,
payable I K % April 1 and 1 K % July 1. o Transfers received In order n London
onyor before7 M arch 13 will bo in time to be passed for payment of dividend to
transferees. PDeclared 4 % , payable In quarterly Instalments.
.____________
Imuorts and Exports for the Week.— The following are
the reported imports at New York for the weok ending
Mar. 4 and sineo the first weok of January:
F O R E IG N IM P O R T S A T N E W Y O R K .
For W
eek ending Mar.
1913.
1916.
4.
S4,695,004'
18,707,262
$3,700,949
20.352,851
$19,724,300 $23,402,260
$24,053,800
$2,782,132
16,942,168
D ry G oods------------------------1 *$28,000,000
General Merchandise--------- J
$28,000,000
T o t a l .........................
Since Jan. 1.
D ry G oods............. ..
General M erchandise-
$206,564,140 /S24,012,261
(1,37,231,382
$38,741,157! $30,877,801
143,337,905 159,070.846
Total 9 weeks------------------ $206,564,110 $161,243,643 S182,079,062 $189,948,647
* Estim ated.
EXPO RTS FROM N EW Y O R K .
Week ending Mar.
1916.
1915.
$57,554,366
356,282,982
$25,478,997
199,801,274
4.
For the week..............
Previously reported.
Total 9 weeks____________ $413,837,348
1013.
$19,904,088
161,015,317
$21,051,057
164,904,252
$225,340,271 $185,955,309 $180,919,405
E X P O R T S AN D IM P O R T S O F SP E C IE A T N E W Y O R K .
Week ending Mar.
Exports.
4.
Gold.
Imports.
Since
Jan. 1.
Since
Jan. 1.
Week.
Great Britain....................................... $1,002,190 $5,031,998
France____________________________
G erm any---------------------------------------4,096,950
570,300
West Indies...........................................
100,000
100,000
M exico------------------------------------------6.261,576
1,209,713
South America....... .............................
1,939,592
1,419,240
All other countries-------------------------
$317,740 $7,521,051
808
80S,
Total 1916....................................... $4,301,443 $18,030,110
1,670.300
35,000
Total 1915.......................................
,151,706 17,722.829
Total 1914.......................................
Silver.
$451,190 $6,742,460
Great Britain.....................................
France____________________________
G erm any------------------------ -------------458.461
38,940
West Indies--------- -----------------------M exico-----------------------------------------95,269
South America--------- ------------------3,310
700
All other countries.............................
$7,299,500
$490,830
Total 19167,383.478
714,678
Total 1915.
7,081,379
700,037
T otal 1914.
$523,002 $17,066,079
657.831
3,947,512
2,553,027
191,407
7,027,328
231,055
1,501,757
184,090
63,970
40,514
92,911
1,059
$7,963
2,376
$157
2.376
4,086
19,038
84,512
1,263
$111,432 $2,917,922
135.985,
909,902
108,499! 1,996,680
Of the above exports for the week In 1910, $1,165,300 were American gold coin.
The Federal Reserve Banks
T lio s ta tem en t in dica tes an increase
chases o f U n ited S tates b o n d s an d c it y w arrants
6 .9 m illion s.
s h o w d i s c o u n t s o T h a n d Y n e x c e s s o f T m i l U o n 'd o l l a r s .
T h e t o t a l Of' a c c e n t a n c ^ .m e m a
i , , i r , V t h i q n a n e r b e in g r e p o r t e d b y t h e D a l l a s b a n k .
&
K
e
I
« or t e a
s e
ouboes and
. ,.v
u
^
^
o
banks
h .f c *
-
t M
K a n s a s C i t y a n d C h i c a g o le a d i n g in t h e h o l d i n g s
w
»
»«* « .
L ia b il it ie s o p t h e F e d e b a l R e s e b v e B a n k s a t t h e clo se
RESOURCES.
G old coin and certificates in vault.
G old settlement fund ............- - - - - ____
G old redemption fund with U . S. Treasurer.
Total gold reserve....................... - .......... ..
Legal tender notes, silver, & c.............................
T otal reserve-------------------------------------------Bills discounted and bought—
M aturities within 10 days---------------------M aturities from 11 to 30 days----------------M aturities from 31 to 60 days----------------M aturities from 61 to 90 days----------------M aturities over 90 d a y s . . . ..........- ............
T o ta l.........................................................
•Acceptances (Included In a b o v e )-----------------Investments: U . fl. bonds----------------------------M unicipal warrants------------------
t
i s s f d s s f r ." ™ i w s & ’ s s W
3
T otal earning assets.
__
u
fie l d r e p o r t i n g s m a l le r t o t a l s
o n l y o t h e r t w o b a n k s w h ic h
m il lio n d o lla r s a ll t h e f o u r
c o m m e r c ia l p a p e r o n h a n d , 8 8 . 4 % m a tu r e
V „ . 2 5 1010. m . IS 1016.
11 1016. m . A
on
b u sin e ss
lOlO. ■'m.SSlOie.'-'.n.OllOm.
* *
M a b o ii
<*•
4 19Ul _
14 1016. 060^7^1016.
I $263,865,000 $259,106,000
84.850.000
81.620,000
1,146,000
1,002,000
S261.822.000 $262,491,000
74,890.000
76,435,000
1,538,000
1,512,000
$349,861,000 $341,788,000
$338,250,000 $340,438,000 $338 317.000 $340,342,000 $342,004,000
15.496.000
14,132,000
18!274,000
15.248.000, 14,637,000
12,994,000
17,678,000
$355,590,000 $356,641,000 $365,357,000 $355,920,000 $361,983,000 $367,306,000
$351,244,000 $358,116,000 $356,591,000
$6,786,000
13.365.000
18.115.000
11.911.000
2,321,000
$7,477,000
11.750.000
16.758.000
13.630.000
2,266,000
$5,987,000
13.115.000
18.224.000
13.060.000
2,428,000
$52,498,000
$51,881,000
$52,814,000
$30,783,000
$29,054,000
$29,136,000
$33,063,000
30.539,000
$7,744,000
11.259.000
18.518.000
12.185.000
3,509,000
$7,517,000
12.790.000
18.838.000
13.115.000
3,608,000
$52,728,000
$51,323,000
853,215,000 $55,868,000
$55,750,000
$55,679,000
$28,074,000
$26,279,000
$26,314,000 $27,910,000
$20.258,000
$25,048,000
$21,372,000 $20,242,000
20.002,000
20,624,000
$17,613,000 $16,734,000
19.484.000
17,097,000
$95,189,000 $90.734,000
$92,853,000
$29,632,000
25,403,000
$116,100,000 $106,916,000 $104,200,000 $103.609.000 $96.520,000
$89,410,000
Mar . 11 1916.]
THE CHRONICLE
953
M a r. 3 1910 Feb. 25 1916 Feb . 18 1916 Feb. 11 1916 Feb. 4 1916 Ja n . 28 1916 Ja n . 211916 Ja n . 14 1916.1Ja n . 7 1916.
R E S O U R C E S (Concluded ).
1
Brought forw ard (total reserve & earn’g assets) $467.344,00C $465,032,000 $460,791,000 $459,199,000 $453,161,000 $460,546,000 $452,654,00C
$456,716,000 $441,886,000
Federal Reserve notes— N e t - - - .......................... $25,507,000 $23,793,000 $28,576,000 $28,344,000 $33,710,000 $36,469,000 $34.895,00<]
20,576,000
6,969,000
13,274,000
15,223,000
10,761,000
9,994.000
13.089.00C
1 0 ,688,000
$29,943,000 $24,156,000
12,995,000, 11,137,000
9,805,0001 7,078,000
Total resources---------------------------------- $519,456,000 $513,500,000 $509,551,000 $513,396,000 $513,997,000 $517,770,000
$511,326,000 $507,579,000 $499,087,000
L IA B IL IT IE S .
$5 4 mo non
$54,889,000 $54,899,000 $54,895,000
Government deposits__________________________
36,043^000 32,501,000 28,946,000 26,881,000 29,850,000 27,760,000
Federal Reserve notes— N et_______________
All other liabilities..........................................
28.073.000 26,879,000 23,841,000
416,656.000 413,719,000 407,244,000
11.571.000 11,948,000 12,982,000
137,000
134,000
125,000
418,718,000
140io00
14R000
14R000
Total liabilities.......................................... $519,456,000 $513,500,000 $509,551,000 $513,396,000 $513,997,000 $517,770,600
$511,326,000 $507,579,000 $199,087,000
Gold reserve ag’st net dcp . & note liabilities (a)
76.5%
76.4%
76.5%
76.2%
77.1%
77.4%
77.1%
79.1%
81.9%
Cash reservo ag’st net dep. & note liabilities (a)
80.1%
80.4%
79.8%
79.1%
80.4%
80.8%
80.3%
82.4%
84.8%
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against a g
gregate net liabilities on F . R . notes in
81.8%
81.4%
83.6%
86.2%
circulation (a ).............. .............. ...... ............
81.3%
81.5%
80.0%
80.7%
81.3%
(a) Less items In transit between Federal R e-
$20,576,000 $13,274,000 $12,255,000 $12,964,000
$10,761,000 $13,089,000 $12,995,000 $11,137,000
Federal Reserve Notes —
Issued to the banks_______________________ $191,303,000 $196,992,000 8206,978,000 $211,661,000 $217,177,000 $218,945,000
In hands of banks________________________
27,501,000 25,624,000 30,760,000 30,459,000 36,409,000 39,721,000 $220,380,000 $219,030,000 $215,525,000
37,675.000 32,866,000 27,009,000
$163,802,000 $171,368,000 $176,218,000 $181,202,000 $181,368,000 $179,224,000 $182,706,000 $186,164,000 $188,516,000
G old and lawful m oney with Agent______
$179,734,000 $185,775,000
$199,989,000 $205,112,000 $205,380,000 $206,029,000 $204,159,000 $199,690,000
28,344,000 33,710.000 36.469.000 34.895.000 29.943.000 24.156.000
Carried to net liabilities................................. J - I I
9!635!000
9,386,000
9,089,000
9,557,000
9,966,000 10.313.000 11.571.000 11.948.000 12.952.000
Federal Reserve Notes ( Agents’ Accounts )—
Received from the Com ptroller__________ $275,420,000 $275,420,000 $275,420,000
$275,120,000 $275,420,000 $275,420,000 $275,420,000 $267,640,000
Returned to the Com ptroller_____________
29,540,000 20,976,000 11,851,000
71526,000
1,756,000
1,691,000
1,671,000
1,631,000
Am ount chargeable to Agent________ $245,880,000 $254,444,000 $263,569,000 $267,894,000 $273,174,000 $273,664,000 $273,729,000
$273,749,000 $266,009,000
In hands of Agent____________
54,577,000 57,452,000 66,591,000 56,233,000
53.349,000 54,719,000 50,484,000
Issued to Federal Reserve banks____ $191,303,000 $196,992,000 $206,978,000 8211,661,000 $217,777,000 $218,945,000 $220,380,000
$219,030,000 $215,525,000
B o w Secured —
By gold coin and certificates_____________ $120,293,000 $121,628,000 8123,258,000 $127,700,000
$144,040,000 $144,529,000 $145,029,000 $142,580,000
By lawful m on ey _________________________
B y commercial p a p e r._____ ______________
11.569.000 11.217.000 11.273.000 11.672.000 12.665.000 13.565.000 14.351.000 14.871.000
15.835.000
Credit balances in gold redemption f u n d ..
9,871,000
9,847,000 17.097.000 16.919.000 16.532.000
2,840,000
650,000
650,000
650,000
Credit balances with Federal Rcscrvo B 'd
49.570.000 54.300.000 55.350.000 55.370.000 55.680.000 58.500.000
60.850.000 58.480.000 56.460.000
In circulation__________________________
T o t a l________________________________ $191,303,000 5196,992,000 8206,978,000 $211,661,000
$217,777,000 $218,945,000 $220,380,000 $219,030,000 $215,525,000
Commercial paper delivered to F . R . A g e n t..
$13,039,000 $13,140,000 $14,005,000 $13,819,000 $14,897,000 $14,790,000 $15,144,000 $15,572,000
$16,190,000
•Including bankers’ and trado acceptances bought In the open market.
tAraencled figures.
W E E K L Y STATE M EN T O P RE SO UR CE S AN D L IA B IL IT IE S O F EACH O F T H E 12 FE DE RA L RESE RVE BA N KS A T CL OSE O F BUSINESS M A R . 3 1916.
Boston.
N ew York. P h ila d el'a . Cleveland. Richmond
Atlanta.
Chicago.
St. Louis. M in n ea v. K a n . City
s
$
S
S
S
Gold coin & ctfs. in vault 12.905,000 159,530,00r 1 7,864,000 11.452.000 4,723,000 5.607.000
Gold settlement fund... 3.389.00C 0,738,00r 10,695,000 10.037.000 ,1 0 ,886,000 6.132.000 36,303,000
4,677,000
Gold redemption fund..
3.00C
250,00C
50,000
303,000
354,000
200.000
.........
Total gold reserve___ 16.297.00C 169,524,000 18,609,00021,489,000 15,912,000 12,093,000 41,080.000
Legal-ten .notes ,sllv., &c
73,000 4,318,000 4.107.000 1,316,000
129,000
180,000 701,000
Total reserve_______ 16,370,000 173,842,000 22,776,00022,805,000 16,041,000 12,273,000 41,781,000
Bills:
DIscounted—Members
140,000
256,000
2 1 1 ,OOo| 170,000 6,316,000 4,260,000 1.791.000
Bought In open mkt. . 8,834,000 I S . 580,000 1,869,000 1,033,000
176,000 361,000 1.936.000
Total bills on hand__ 8,974,000 13,836,000 2.080,000| 1,203,000 6,492,000 4,621,000 3,727,000
R ESO U R C ES.
Dallas.
San Fran
Total.
S
$
$
$
$
$
5,223,000 3.372.000 4.676.000 4.046.000 6.115.000 261,822.000
987,000 4.238.000 3.765.000 9.092.000 1.354.000 ; 74.890.000
23,000
30.000
92,000
223,000
10,000
1,638.000
6,233,000! 7,640,000 8,533,000 13,361.000 7,479,000'338,250.000
692,000; 455,000
152,000 806,000
5,000j 12,994,000
6,925,000 8,095,000 8,685,000!l4,167,000 7.484.000351,244.000
728.00o!
761,000;
853,000 1,967,000 4,542,000 481,000 21.715.000
558,000 522,000
1,153,000 30.783.000
1.489,OOo| 1,411,000 2,489,000 4,542.000 1,634,000 52.498.000
Investments: U. 8 . bds.
986,000
3.490.000 3,726,000 1,370,000
158,000 6.357.000 3,339,000| 1.902,000 7,405,000 1,295,000 3.035.000 33.063.000
Municipal warrants. - 3,642,000 12,738,666 2.684.000 3,881,000
81,000
2.590.000 1,226.000; 1.204,000 998,000
1.495.000 30.539.000
—
Total earning assets 13,602,000 26,574,000 ■8.254,000| 8,810,000 7,943,000 4,779,000 12,674,000 6,054,000; 4,517,000
10,892,000 5,837,000 6,164,000116,100,000
Fed. Rcs'vo notes—Net755,000 15,132,000
157,000| 640,000
.........
........- 1,917,000| 569,000; 1,009,000
_____
5,388,000 25,567,000
Due from other Federal
Reserve Banks—Net. 1,790,000
1,973,000| 446,000 1 ,6 01,060
400,000
8,358,000'
3,390,000|
4,067,000
1,369,000
821.000
3,961,000a20.576.000
All other resources........
80,000
383*666 136,000j 564,000
86,000 1,035,000
373,000: 2,474,000, 130,000 284,000 248,000
170,000! 5,969,000
Total resources_____ 32.597,000 215,931,00033,296.00033,265,000 25,871,000 18,487,000
65,103,00019,412,00017,818,000 21,230,00021,073,000 23,173,000519,456,000
L IA B IL IT IE S .
Capital paid In............. 5,159.000 11,107,000 5,256.000 5,945.000 3.337.000 2.417.000 6,653,000 2.785.000 2.555,000 3.005.000
915,000 10,819,000; 350,000 767,000 6.808.000 6.446.000 733,000 1.571.000 618,000 477,000 2.753.000 3.947.000 64.919.000
Government deposits__
5.213.000 1.326.000 36.043.000
Reserve deposits—Net.. 26,523,000 180,405,00027,690,000 26,553,000 11,027,000 8.287.000 57,717,000 15,056,000 14,645,000
16,696,000 10,219,000 17,900,000 418.718.000
Fed. Res’ve notes—Net4,457,000 1.238.000
1.052.000 2 .888.000
9,635,000
7,66o,66oj
Due to F.U.banks—Net
All other liabilities........
42*666
99,000
141.000
Total liabilities.......... 32,597,000 215,931,000 33,290,00033,265,00025,071,000 18,487,000 65,103,000!19,412.000!17.818,00021.230,000!21.073,000!23,173.000 519,456.000
Federal Reserve Notes —
Issued to banks_____
In hands of banks___
9,380,000 75.897.000 7,672,000'l0,286,000 12,395,000 15,461,000 4.191.00o! 7,714.00013,200,000 10,190.000 13,847,000 11,070,000 191.303,000
755,000 15.132.000
157,000 640.000 613,000 1,057,000 1,917,000! 669,000! 1,009,000 153,000
1 1 1 ,0 0 0 5,388,000 27.501.000
F.R. notes In circulation 8,625,000 60,765,000 7,515,000| 9,646,000 11,782,000 14,404,000 2,274,000[ 7,145.00012.191,00010,037,000
13,736,000 6,682,000 163,802.000
Gold and lawful money
with agent........... ..... 0,380,000 75.897.000 7,672,000^10,286,000 7,325,000 13,166,000 4,191,OOo| 7,714,000^13,200,00o! 8,985,000
10,848,000 11,070,000 179.734,00J
Carried to not assets___
755,000 15.132.000
157,000: 640.000
1,917,000 569,000 1,009,000
..........
5,388,000 25,567,00J
Carried to net liabilities4,45*7,666 1,2*38*666
........ - 1
---------1
_____ 1 1,052,000 2 ,8*8*8*666
9,635,00
a Items In transit, I. e ., total amounts due from less total amounts duo to other Federal Reserve banks.
STATE M EN T O F FE D E RA L RESE RVE A G E N T S ’ A C C O U N T S M A R . 3 1916.
Boston.
N ew York. P h ila del'a . Cleveland. Richmond
Atlanta.
Chicago.
St. Louis. M in n ea v . K an .C ity .
D allas.
San Fran.
Total.
$
$
Federal Reserve Notes—
$
S
$
$
$
$
$
$
$
$
$
Reo’d from Comptrol’r 19.380.000 108,240.000 15.480,000 13,000.000 17,000,000 20,400,000 9,380,000
9.600.000 19,000,000 13,000,000 19,580,000 11,360.000 275.420,000
Returned to Comptr'r 1,280,000 20,343,000 1,715,000 1.354,000 1,805,000 1,138,000 308,000
124.000
312,000 871.000 290.000 29.540,000
Chargeable to Agent- 18,100,000 87,897,000 13,765,000 11,646,000 15.195,000 19,262,000 9.072.000 9.476.000'19,000,000 1 2 ,688,000 18,709,000 11.070,000
245,880,000
In hands of F.R.agent 8,720,000 1 2 ,000,000 6,093,000 1,360,000 2,800,000 3,801,000 4.881.000 1.762.000j 5.800,000 2.498.000 4.862,000
54,577,000
Issued to F. R. bank.. 9,380,000 75,897,000 7.672,000 10,286,000 12,395,000 15,461,000 4.191,000 7,714,000[13,200,000 10.190,000
13,847,000 11,070,000 191,303,000
Held by F. R. agent—
Oold coin A certfs___ 8,715,000 71,398,000 3.530.000 9,760,000
2.850.000 10,200,000 4.300.000 9.540.000
120.293,000
Credit balances:
665,000 4.499,000
In gold redemption I'd
542,000 526,000 475,000 716,000 431,000 374,000 650,000 585,000
118,000 290.000 9.871,000
With F. R. Board___
3.600.000
6.850.000 12,450,000 3,760,000 4.490.000 2,350,000 4.100.000 1.190.000 10,780,000 49.570.000
Notes secured by com
mercial paper_______
5.070.000 2,295,000
1.205.000 2.999.000
11.569.000
T o t a l ....... .............. .. 9,380,000 75,897,000 7,672,000 10,286,000 12,395,000 16,461,000 4,191,000 7,714,000 13,200.000 10,190.000 13,847.000
11,07(1.000
191,303,000
Amount commer’l paper
delivered to F.R.agent
5,339,000 2,297,000
1,217,000 4.186.000
13,039,000
THE
------ CHRONICLE _
954
Statement
[V o l . 102
___________ ____ _______ __
New York City Clearing-House Banks and Trust
of
C om p an ies.— The following dotailed statement
shows the condition of the New York City Clearing-House inombors for the week ending March 4.
The figures for the
separate banks aro the averages of the daily results. In the case of the totals, actual figures at the end of the week are also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of tue three groups and
also tiro grand aggregates, for the three preceding wooks.
N E W Y O R K W E E K L Y C L E A R IN G -H O U S E R E T U R N .
Addit'al
Deposits
toith
Legal
Deposi
taries.
V at. Bank Net. Bank
C L E A R IN G -H O U SE
M EM BERS.
Leans,
Discounts.
Imesm'ts,
Net
HOW *.
W ecii E n d in g
M arch 4 lu ll.
(00» emitted.)
filter
for State
Institu
tions] .
Notes
[Net
Counted
as
Reserve].
Attrage.
i
Average
Average.
5
$
Notes
G
old
Legal
Tenders.
Average.
Average.
-
[EfjfTte
<fcr.
?Nat B’ ks D ec. 311
State B ’ ks D e c.31/
Average.
Sscmbers o f Federal
%
i
R eserve B a n k .
4.720.1
2,000,
Bank of N . Y ., N .B .A .
2.197.0
2,000,
Merchants' N at. Bank.
8.052.5
6.000,
M ech. A M etals N a t .. .
National t lty B a n k ... 25.000 a37,427.6
7,911,3
3.000
Chemical N at. Bank —
774.0
1.000
Atlantic National Bank
81,7
300
N at. Butchers’ A D rov .
5,104,9
5.000
Aiuer. Exeh. N at. Bank
17,574,8
National Bank of C om . 25.000
2.063.2
Chatham & Phenlx N a t. 3.500.
15.459.5
3.000,
Hanover National Bank
2.450.3
2,550,
Citizens’ Central N at.
1.964.6
1.000,
Market A Fulton N at.
7.562.0
1.500,
Importers’ A T rad ers'.
5,000, 15.258.0
National Park B ank.. .
72,4
250,
East River N at. Bank.
3.234.7
1.000,
Second National Bank
23.759.0
First National Bank — 10,000,
3.837.0
4.000,
Irving National B a n k ..
1.186.4
500
N . Y. County N at. nk
9.821.6
5.000,
Chase National B a n k ..
1.864.0
1.000,
Lincoln National Bank.
1.243.7
1.000
Garfield National Bank
399.4
250
Fifth National B a n k ...
2.810.8
1,000
Seaboard N at. Bank—
3,085,8
1.000
Liberty National Bank.
706.1
1,000
Coal A Iron N at. Bank.
1,018.7
1,000
Union Exchange N at.
1.101.4
1,000
Nassau N at. Bank-----902.5
1,500
Broadway Trust C o . . .
5
S
2,225,0
35,993,0
1,203,0
32,007,0
131,576,0 18,441,0
380,080,0 101,870,0
686,0
30,457,0
791.0
12,697,0
82,0
2,083,0
4,343,0
85,367,0
236,832,0 18,928,0
2,665,0
58,815,0
127,913,0 23,522,0
1,747,0
29,610,0
1,690,0
9,215,0
1,994,0
35,639,0
150,640,0 10,467,0
135,0
2,306,0
1,145,0
17,723,0
164,730,0 10,810,0
4,529,0
68.943,0
435,0
10,167.0
203,499,0 10,755,0
2,065,0
18,253,0
660,0
9,785,0
155,0
4,841,0
3,556,0
39,204,0
3,785,0
58,197,0
648,0
9,053,0
229,0
11,784,0
303,0
9,500,0
1,484,0
18,537,0
Totals, avge, for week 115.350,0 184,554,0 2,017,512,0 237,354,0
Totals, actual condition M ar. 4! _______ 2,004,S07,0 236,797,0
Totals, actual condition Feb. 20 ............ 2,018,253,0 248,615,(1
Totals, actual condition Fob. 19; ............ 1,993,179,0 257,443,0
1,993,334,0 248,811,0
Totals actual condition Feb. 11
J
1,142,0
668,0
2,928,0
4,246,0
1,232,0
321,0
27,0
4,450,0
5,026,0
684,0
1,534.0
708,0
892,0
1,470,0
2,385,0
28,0
237,0
5,827,0
1,519,0
389,0
9,081,0
371,0
246,0
111,0
1,305,0
1,521,0
122,0
310,0
152.0
220.0
551,0
1,035,0
2,966,0
5,308,0
2,138,0
620,0
63,0
6.073,0
4,003,0
2,455,0
3,686,0
751,0
701,0
528,0
5,475,0
253,0
490,0
6,920,0
3,406,0
324,0
5,108,0
167,0
626,0
259,0
1,957,0
1,415,0
116,0
508,0
544.0
519.0
[S e t
fl
.
4,0
32,0
97,0
91,0
47,0
40,0
0,0
183,0
32,0
207,0
12,0
55,0
101,0
27,0
61,0
7,0
52,0
52,0
24,0
130,0
32,0
158,0
20,0
4,0
50,0
25,0
18,0
11,0
30.0
59.0
______
______
______
______
______
______
______
______
______
______
______
______
______
______
______
............
1
hank
Notes
A'd Haiti
Net
Demand
Devosits.
Net
Tim
e
Deposits
Bank
Circula
tion.
Average.
Average.
Average,
s
33.050.0
31.937.0
145.721.0
466.328.0
31.688.0
13.493.0
1.045.0
90.055.0
240.517.0
57.102.0
149.731.0
27.520.0
10.393.0
33.017.0
155.430.0
2.397.0
15.090.0
165.307.0
75.893.0
10.395.0
234.974.0
18.840.0
9.012.0
4.792.0
47.481.0
64,000,0
8.880.0
11.410.0
9,008,0
19.899.0
20,0
*84.6
6,0
178,0
28,0
10,0
1,0
‘ "*79,6
’ " 68,6
‘ *75,6
16,0
38.0
41.0
58.0
11.0
24.0
50.0
4.0
18.0
7.0
30,0
49,152,0
59,565,0
............
1,740,0
1.534.0 171,043,0
50,313,0
50,484,11
51,950,C
53,266,0
59,313,0
56.750,0
59,099,0
68,874,0
............
______
______
............
1,884,0
1,838.0
1,947,0
2,307,0
1.353.0
1.608.0
1.863.0
1.855.0
86,0
124,0
345,0
118,0
4,0
46,1
643,1
36,0
9,0
30,0
58,0
100,0
41,0
______
______
______
______
______
______
......... ..
............
............
............
$
S
1.234.0
2,192,6
1.468.0
" *125,0
3*153*6
145,0
5.184.0
1,145*6
1,575,0
125.0
112.0
1,408,6
47,0
*1*27*6
i,*0*00*6
200,0
0,0
94,0
797.0
1.853.0
4.954.0
1.799.0
450.0
389.0
48.0
4.593.0
2.030.0
1.775.0
130.0
1.636.0
217.0
50.0
3.558.0
50.0
698.0
4.927.0
740.0
199.0
450.0
897.0
399.0
248.0
283.0
500.0
413.0
396.0
267.0
.......... 2,185,692,0 20,300,0 34,740,0
169,644,0
160,754,0
168,100,0
171,059,0
Scute Banks.
Sot M
em
bers of
Federal Reserve Bank.
45,370,0
34,324,0
11,034,(
5,400,1
2,313,1
13,007,6
82,416,0
3,874.0
5,964,0
16,763,0
4,493,0
6,150,0
14,827,0
Bank o f Manhattan Co.
Bank of Am erica------Greenwich Bank.........
Pacific Bank..................
People’s Bank________
M etropolitan B3nk___
Corn Exchange B a n k ..
Bowery Bank__________
German-Amerlean Hank
Fifth Avenue B a nk..
German Exchange Bank
Germania Bank--------Bank of M e tro p o lis ...
West Side Bank_______
N . Y . Produce Exch.Bk
State Bonk_________
Totals, avge. lor week
7,039,0
3,875,1
855,1
217,1
187,1
859,1
0,453,1
300,1
602,1
1,396,1
516,1
579,1
971,0
2,413,0
1,843,1
234,1
438,1
84,1
942,1
1,948,1
46,1
140,1
1,252,1
50,1
103,1
261,0
925,0
1,481,0
474,1
109,1
93,1
743,1
4,321,1
61,1
184,0
977,1
128+
135,C
511,0
3.228.0
783,0
1,0
480,6
2,0
21,0
78,0
‘ *20,6
4.028.0 5,6*72*6
208.0
13,0
214.0
100,0
i*5*5*,6
25,0
‘ 390,0
...........
24,0
'414*6
47,0
12,412,0 11,587,0
309,9.55,0
175,0
40.0
56.0
50.0
65.0
12.298.0
nr,857,0
11.278.0
11.230.0
309.901.0
313.954.0
175.0
103.0
157.0
161.0
29,0
15.450.0
32,509,8
284,492,0; 27,574,0
10,600,0
11,306,0
2,100,0
26.360.0 11.971.0 12,082,0
286.695.0 29.511.0 10.783.0 11.380.0
285.054.0 27.624.0 8,351,0 9,052,0
292.387.0 29.748.0 10.056.0 12.160.0
283.378.0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
300.043.0
320.044.0
T r u s t C om panies
Not M
em
bers of
Federal Reserve Bank
1.895.0
35.829.0
236.956.0 21.852.0
3.344.0
56.478.0
2.151.0
28.787.0
1.706.0
37.685.0
385.665.0 34.677.0
485.0
8,306,0
1.308.0
24.293.0
5.419.0
83.750.0
1.280.0
19.516.0
3.954.0
66.383.0
1.543.0
21.700.0
797.0
13.821.0
4.641.0
55.345.0
18,0
23,0
3.0
134.0
482.0
118.0
25.0
304.0
1.341.0
53.0
436.0
433.0
103.0
1.770.0
188.0
80.0
740,0
Brooklyn Trust C o____
Bankers Trust C o _____
U. 3. M ig . A Trust C o .
Astor Trust C o .............
TitleG uar. A Trust. C o.
Guaranty Trust C o ____
Fidelity Trust C o .........
law yers Title A Trust.
Columbia Trust C o ____
People's Trust C o _____
New York Trust C o __
Franklin Trust C o ____
Lincoln Trust C o_____
M etropolitan Trust C o
3.730.7
1,600.0
10,000,0 14.094.1
4.241.6
2.000,0
1.541.1
1,250,0
6,000,0 11.965.7
20,000.0 22.999.2
1,204,8
1.000,0
5.386.1
4,000.0
7.659.7
2.000,0
1.603.8
1.000,0
3,000.0 11.247,1
1.257.9
1,000.0
503,9
1.000,0
6,087,3
2,000,0
Totals, avge. for week
54,760,0
94,123,0 1,074,514,0
85,052,0
6,272,0
4,740,0
actual condition M ar. 4
actual condition Feb. 26
actual condition Fob. 19
actual condition Feb. 11
1.073.934.0
1.084.015.0
1.050.936.0
1.041.826.0
86.142.0
79.336.0
83.774.0
95.405.0
5.730.0
6.806.0
4.800.0
8.090.0
5.220.0
4.986.0
5.961.0
6.149.0
Totals,
Totals,
Totals,
Totals,
Grand Aggregate, avge. 185.550.0 311.1S0.8 3,376,518,0 349,980,0
+ 7,288,0 -11,631,0
JociParlson prev. week
9.0
93.0
22.0
47.0
3.0
10.0
1.0
Grand Aggregate, ijctua! condition M ar.
Comparison prev. week
Grand Aggregate actual condition Feb.
Orand Aggregate actual condition Feb.
Grand Aggregate actual ooudltlon Feb.
26 3.388.963.0 357.512.0 *63,0733) 73+16.0
19 3.340.169.0 368.841.0 65.101.0 74.712.0
11 3.327.547.0 373.904.0 71.412.0 77.183.0
240,0 47,195,0 50,013,0
044,704,0 131,805,0
235.0 47.047.0 59,07
225.0 47.252.0 55,8)
290.0 46.020.0 56.600,0
201.0 45.960.0 74,707,0
041.919.0
044.925.0
921.567.0
918.471.0
131.086.0
134.749.0
133.073.0
130.001.0
1.827.0 230,650,0 I
— 370,0 + 2,845,0
i 3,440,351,0 152,280,0
+ 2,427,0 — 1,225,0
1.884.0 1,028.0 228,685,0 ;
+ 46,0 — 261,0 + 3,452,0
152.022.0
— 3,199,0
1.740.0
— 99,0
60,120,0 75.677.0
— 25,0 + 1,251,0
4 3,302,179,0 340,299,0 68.014.0 76.615.0
— 59,0 + 3,499,0
20,784,0 — 8,213,0
a
2,128,0
7.729.0
27.199.0
228.254.0 20.900.0
99,000,0 10.682.0
5.727.0
24.100.0
444.0
23.680.0
360.271.0 39.350.0
839.0
0,204,0
916.0
17.051.0
60.450.0 18.834.0
1.396.0
18.292.0
8.711.0
52.157.0
3.959.0
18.310.0
667.0
13.737.0
5.012.0
49.993.0
1.359.0
11.413.0
1.949.0
1.162.0
1.184.0
18.013.0
309.0
853.0
3.323.0
915.0
2.612.0
910.0
687.0
2,500,0
1.889.0 225.233.0 05.739.0 :
2.203.0 227.182.0 67.944.0 I
2.181.0 229.030.0 85.937.0 :
1.838.0
1.947.0
2.307.0
34,746,0
+ 222,0
155.221.0 34,873,0
153.307.0 33,865.0
150.470.0 34,082,0
Includes capttnl set aside for Foreign Branches, $3,000,000.
S T A T E M E N T S OF R E SE R V E POSITIO N
A ctu a l F igu res.
Averages.
Cash R
eserve Reserve in
In Vault Depositaries
Members Federal
Reserve Bank.
State Banks*____
Trust Companies*
Totul
Total
Total
Total
M ar. 4 . .
F e b .2 6 ..
Feb. 1 9 ..
Feb 11
Total
Reserve.
Surplus
Reserve.
Inc. or Dec.
from
CashReserve Reserve In
PreviousW
eek la Vault. Depositaries
Total
Reserve.
b Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
from
PrevioutWstk
$
*
S
$
I
S
$
— 3,210,790
346,071,000171,043,000 517,114,000 394,439,560 122,674,440 — 3,980,760 346,423,000 169,644,000 510,067,000 391,887,530 124,179,470
— 33,460
+ 839,240 52.411.000 11,994,000' 04,405,000 55,782,180 8,022,820 + 5,771,900
51.736.000 12,412,000 64,148,000 55,791,900 8,356,100
141,287,850 4,718,150
47,047,000.140,006,000
98.959.000
3,087,400
—
4,960,950
98.198.000 47,195,000145,393,000 141,705,600
137,520,440 +2,521,650
496.005.000230.650.000720.055.000 591,937,060 134,717,940 — 8.114,470 497,793,000 228.685.000 726,478,000 583,957,560 134,998,700— 17,009,750
............. ... 591,590,590,
.......” “ •” ' 503,223,000 225.233.000 728,456,000 593,457,210
506.618.000
227,805,000 734,423,000
152.008,540,— 16,814,410
515.250.000227.933.000 743,183,000 587,336.560155.840.440— 42,114,850 512.807.000 227.182.000 739,989,000 587,980.460, 168,822,9501 — 1,582.920
527.094.000
523.041.000
230.593.000 753.634.000 585.072,711) 167,961.290 —
i.840,690 229.630.000 756.724,0001587.901.050
•Not m em bers o f Federal R eserve B ank.
■ Tt h lsistU
IO e ICOCI
»P IVtJUII VU Vll
»IVV
»' ~ -- ----- P,eDOS^
- ' ------- ---re^ ‘rve™eq(Tlred
on N
et "Demand
|n t]16
>113
1
J
11 .
includes
also the amouut of Ireserve
required on Net Time Deposits,which was as follows:
___________________
________
Ik m aiu*•*,.
b This is the reserve required on Net Demand Deposits lntheea.se of
includes also the amount of reserve retjulred on Net Time Deposits,which was as follows:
j
^ o ^ O m T fc^ 26%\h,01°0,20o/
.
.
.
.
n ^ l!o i4 ,2 O 0 l*
inhere of the Federal1 Reserve
Bank*
°
,006,850; Feb. 11+11^)12,400.
055
THE CHRONICLE
Mar. 11 1916.]
In addition to tho returns of “ State banks and trust com
The Stato Banking Department reports wookly figures
showing tho condition of State banks and trust companies panies in New York City n ot in the C learin g H o u s e ” furnished
In Now York City not in the C le a r in g -H o u s e , and those are by the State Banking Department, the Department also
shown in tho following table:
prosents a statement covering all tho institutions of this class
S U M M A R Y O F S T A T E BA N KS A N D T R U S T C O M P A N IE S IN G R E A T E R
in tho wholo State. The figures are compilod so as to distin
N E W Y O R K , N O T IN C L U D E D IN C L E A R IN G -H O U SE S T A T E M E N T .
guish between the results for Now York City (Greater New
(FInures Furnished by State Banking Department.)
Differences from
p
rec.................
ious w
eek.
March 4.
......
York) and thoso for the rest of the Stato, as per tho following:
Loans and Investments----------------------------------------------$680,343,100 Inc. $5,398,700
For definitions and rules under which the various items
683,600
____________________________________________________
57,657,700 Inc.
525,000
Currency and bank notes--------------------------- ------------ 8,587,400 D ec.
are
made up, see “ Chronicle,” V. 98, p. 1661.
4,471,000
Inc.
Total deposits___________________________________ 870,277,000
Deposits, eliminating amounts duo Irom reserve de
The provisions of the law governing the reserve require
positaries and from other banks and trust com
4,047,400
ments of State banking institutions were published in the
panies In Now York City, and exchanges_________ 715,246,700 Inc.
244,700
Reserve on deposits-------------------------------215,057,700
D ec.
“ Chronicle”
March 28 1914 (V. 98, p. 968). Tho regula
Percentage of reserve, 30.2% .
R E SE R V E .
tions relating to calculating the amount of deposits and what
---------State Banks--------— Trust Com
panies—
deductions are permitted in the computation of the reserves
10.92%
854,931,700
9.06%
Cash In vaults........................................ $11,313,400
Deposits In banks and trust cos____ 18,421,800
17.79%
130,390,800 21.50%
wore given in the “ Chronicle” April 4 1914 (V. 98, p. 1045).
T o t a l ................................................... $29,735,200
28.71%
8185,322,500 30.56%
The averages of tho New York City Clearing-House banks
and trust companies, com bin ed with thoso for the State banks
and trust companies in Greater Now York City outside of the
Clearing-House, comparo as follows for a series of weeks past:
C O M B IN E D
RE SU LTS O F B A N K S A N D T R U S T
G REA TE R N EW YORK.
C O M P A N IE S
IN
Dec
Deo.
Deo.
Deo.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
M ar.
11.........
18.........
24.........
31.........
8.........
15.........
22.........
29_____
5 _____
11.........
18.........
20_____
4 .........
Loans and
Investm
ents
S
3,769,648,5
3,799,286,4
3,834.525.9
3.885,457,0
3,894.605,2
3,919,527,2
3,923,580,8
3,933,590,0
3,950,998,9
3,974,792,2
3,997,810,9
4,044,174,4
4,056,861,1
Dem
and
Deposits.
$
3.870,658,9
3,887,606.2
3,922,901,2
3,965,801.4
3,983,842.6
4,027,009,7
4,044,949,0
4.059,083.1
4,076,781,0
4,092,402,4
4,110,734,8
4,149,123,3
4,155,597,7
Specie.
Total
Money
Holdings.
O
ther
Money.
$
515.147.8
600.809.0
485,603,5
467.747.8
170.414,4
487.114.0
500.007.9
501.005.1
5Q2,3.32,0
504.583.7
501.007.7
Week ended M
arch
Trust Cos.
State Banks
Trust Cos.
State Banks
outside of
outside of
in
in
reater N. Y.
Oreater N. Y. Greater N. Y. 0renter N. Y. G
4.
67,232,0
67,010,8
75.404.5
81.015.6
84.800.4
90.940.4
85.688.3
87.113.3
84.379.3
83.599.2
79.682.2
79.093.4
78.935.4
582.380.4
567.819.8
561.068.0
549.303.4
555.274.8
578.001.0
686,356,2
588.718.4
580.711.9
588.182.9
580.749.9
572.699.5
562.250.1
Entire
Reserve on
Deposits.
970,899,9
955.474,5
952.051.3
954.094.4
957,540,1
973.780.8
981,669,0
980.825.8
983.403.3
978.220.4
907.571.4
949.725.4
941,712,7
Loans and Investm ents..
Change from last w eek.
S
11,613,000
$
14,050,000
$
23,350,000
$
65,550,000
38.833.300
163,857,800
14,966,300
12,887.000
367,235,400 1,665,019,300
— 2,605,700 + 12,941,300
150,940,900
+ 1,308,100
216,197,800
+ 1,358,200
Capital as of D ec. 31-----Surplus as of D ec. 31------
We om
it ciphers in all these figures.
W
eek ended—
ST A T E B A N K S A N D T R U S T C O M P A N IE S .
Change from last w eek.
41,341,400
+ 284,400
140,684,200
+ 4,774,900
Currency and bank notes.
Change from last w eek.
21,709,000
— 932,800
14.767,200
— 9,143,400
___________
....................
495,74S,600 1,997,180,400
+ 7,28S,800
— 3,443,000
162,758,500
+ 1,079,600
232,503,900
+ 2,162,000
D eposits_________________
Change from last w eek.
Change from last w eek.
113,145,700
+ 160,700
409,079,100
— 5,074,600
30,361,500
+ 480,600
34,576,200
+ 43,800
P . c. of reserve to deposits
Percentage last w e e k ..
27.9%
27.6%
25.2%
25.5%
21.7%
21.5%
18.3%
18.4%
+ Increase over last week.
— Decrease from last week.
Non-Member Banks and Trust Companies.- —Following is tho report made to the Clearing-House by clearing nonmember institutions which are not included in the ‘Clearing-House roturn” on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING-HOUSE.
C L E A R IN G
N O N -M E M B E R S .
Net
Profits.
Capital.
Loans,
Discounts,
Invest
m
ents, &c.
N at. b ’ ks D ec. 311
State b'ks D e c. 31J
W eek E n d in g
M arch 4 1916.
Average.
Average.
M e m b e rs o f
F e d ’l R e s e r v e B a n k
$
200,000
S
$
Legal
Tenders.
$
Average.
$
T o t a l ...................... 1,795,000 4,319,700 32,120,000 1,130,000
558,000
614,000
5.000
154.000
37.000
9.000
07.000
24.000
115.000
109.000
40.000
53.000
511.000
125,000
202.000
135.000
101.000
61,000
30.000
60.000
342,000
12,000
10,000
Average.
Average.
Average.
S
$
Average.
Average.
Average.
S
$
$
$
$
35,000
220.000
350.000
139.000
158.000
National
Bank
Circu
lation.
Average.
Average.
$
39,000
300.000
300.000
400.000
250.000
103,000 2,861,000
608.300 4.973.000
575.300 5.322.000
1,249,800 4.810.000
757,090 4,000,000
623.300 5.605.000
281,900 4.489.000
Net
Tim
e
Deposits.
Reserve
w
ith
Legal
Depos
itaries.
Average.
40.000
117.000
115.000
84.000
71.000
74.000
107.000
Battery Park N a t—
First N at., Brooklyn
National C ity, Bklyn
First N at., Jors. City
Hudson C o. N ..J .C .
First N at., H oboken
Second N at., Ilob ok .
Additional
Deposits
Net
with Legal
Dem
and
Depos
Deposits.
itaries.
Nat. Bank Nat. Bank Federal
Notes [R
e Notes[Not Reserve
Bank
Counted
serve for
Notes[Not
as
State In
stitutions] Reserve], Reserve].
3.000
2,000
10,000
10,000
10,000
10,000
5,000
91.000
10,000
10.000
5.000
360.000
330.000
168.000
572.000
060.000
179.000
496.000 3.867.000
382.000 1.203.000
375.000
695.000
589.000
274.000
$
192.000
297.000
119.000
396.000
198.000
218.000
99,000
4,880,000 1,519,000
7,091,000 24,872,000
27,000 3,199,000
145,000
109,000
2.997.000
4.604.000
5.323.000
4.137.000
3.186.000
2.344.000 2,800,000
2.281.000 1,971,000
S ta te B a n k s.
Not M
em
bers of the
Federal Reserve Bank.
100,000
Bank o f Wash. Hgts.
400.000
Colonial Bank--------300.000
Columbia Bank-----Fidelity Bank............ 200.000
M utual Bank---------- 200,000
200,000
New N ethcrland-----100,000
Yorkvlllo Bank-------M echanics', B k ly n .. 1,600,000
200,000
North Side, B k ly n ..
T o t a l ...................... 3,300,000
393,600
813,500
645,100
184.900
460,300
243.700
552.900
772,400
193.700
2,008,000
8.409.000
7.687.000
1.253.000
5.837.000
3.775.000
5.753.000
17,318,000
3.282.000
108,000
435.000
568.000
99,000
014.000
234.000
349.000
704.000
184.000
4,260,100 55,322,000 3,355,000
20,000
68,000
200.000
78.000
138.000
202.000
56.000
34.000
96.000
166.000
177,000
615,000
245,000
28.000
157.000
127.000
767.000
127.000
626,000 2,238,000
11.000
10.000
198.000 1.556.000
438.000 8.991.000
272.000 8.243.000
105.000 1.135.000
68.000
416.000 1.032.000 5.907.000
369.000 3.743.000
3,000 224.000
371.000 6.264.000
376.000
1,115,000 2.377.000 18,578,000
394.000 3.517.000
211.000
93.000
539.000
495.000
363.000
214.000
77,000
5,556,000 57,934,000
3,000 3,537,000
T r u s t C om p a n ies.
Not M
embers of the
Federal Reserve Bank.
HamlltonTrust ,Bkln
M echanics’ , Bayonne
Total .
600,000
200,000
700,000
Grand aggregate____ 5,795,000
Com parison, prov wk
$390
Excc&s reserve
Grand a ggr'tcM ar 4 ,795,000
Grand aggr’ to Feb 19 ,795,000
Grand aggr'te Feb 11 ,795,000
Grand aggr’ to Feb ~ ,795,000
Grand aggr’ te Jan 2915 ,795,000
1,085,900
279,000
7.553.000
4.335.000
460,000
83,000
1,304,900 11,888,000
9.944.700 99,330
................ + 3 6 8
decreaso
———
9,944,700:98,902
9.944.700 99,145
10.038.300 98,734
10.038.300 97,320
10.038.300 90,735
21.000
14.000
17.000
09.000
40.000
35.000
35,000
80,000
75,000
Capital
and
Surplus.
D ec. 24..................
D e c . 31...............
Jan. 8 ---------------
Jan.15-----------Jan.22...............
Jan.2 9 -----------Feb. 5...............
F e b . 11...............
F e b . 19...............
F e b .26..................
Mar. 4________
S
103.084.3
103.084.3
103.684.3
103.684.3
103.684.3
103.084.3
103.084.3
103.684.3
103.684.3
103.684.3
103.084.3
Loans.
(00) In
5.052 000 1,188 000
5,003 000 1,133 .000
5,023 ,000 1,172 ,000
5.052 .000,1,066 ,000
4,947 .00011,172 ,000
520.000
459.000
304.000
298.000
388.000
all these /iguret
Reserve.
Deposits.
a
$
475.715.0
474.890.0
472.705.0
471.990.0
473.454.0
477.748.0
482.190.0
481.708.0
478.243.0
479.731.0
485.129.0
$
91.042.0
95.802.0
115.972.0
123.009.0
121.739.0
111.788.0
110.009.0
109.242.0
130.945.0
140.053.0
135.289.0
S
556.534.0
505.845.0
588.453.0
593.907.0
592.800.0
582.743.0
585.686.0
586.003.0
017.401.0
620.904.0
624.209.0
1,887,000
944,000
5.273.000
1.632.000
1.503.000
2.446.000
17,000
345,000
2,831,000
6,905,000
3,949,000
52.000 7.027.000 15.352.000
49.000 7.070.000 16.760.000
50.000 6.951.000 16.208.000
51.000 0,802,000 17.749.000
52,000 \
6,840,000.16,204,000
89,870,000
90,432,000
89,154,000
86,952,000
87,217,000
Boston Clearing-House Banks.— We give below a
summary showing the totals for all the items in the Boston
Cloaring-Houso weekly statement for a series of weeks:
BOSTON C L EA RIN G -H O U SE M E M B E R S .
Circula
tion.
S
10.518.0
10.517.0
10.589.0
11.043.0
10.975.0
10.900.0
10.960.0
10.575.0
10.508.0
10.519.0
10.455.0
M
arch
Clearings
$
188.429.4
219.124.2
319.992.0
232.607.7
222.977.1
207.825.7
239.873.4
195.420.3
290.161.8
200.789.1
254,334,0
1 c Includes Government deposits and the Item "due to other banks” (M arch 4,
$185,888,000); also "Exchanges for Clearing House (M arch 4, $25,175,000). Due
from banks March 4, $80,824,000.
263,000
82,000
47,000 7,001,000
— 5,000 — 26,000
Philadelphia Banks.— Summary of weekly totals of
Clearing-Houso banks and trust companies of Philadelphia:
W
e om
it tw
o ciphers
5,000
5,034,000 1,219 000
-18,000 + 31 000
3,000
14,000
1916.
Circulation.................................
Loans, dlsc’ts & investments.
Individual deposits, lncl.U . S.
D uo to banks________ _______
Tim e deposits______________
Exchanges for Clearlng-II’se.
Due from other banks--------Cash reserve_______________
Reserve In Fed. lies’ ve Bank
lleservo with other banks—
Reserve excess In bank...........
Excess with reserve agent—
Excess with Fed. Iles’ ve B ’k .
4
Change from
previous tceek.
$8,112,000 D e c .
403.236.000 I n c .
341.157.000 D ec.
144.086.000 Inc.
17.870.000 D ec.
18.369.000 D ec.
40,806,000,D ec.
24,303,OOODec.
15.947.000 D ec.
76.842.000 D ec.
1,632,000 D ec.
57.952.000 D ec.
835,000 D ec.
$58,000
1,087,000
4,338,000
987,000
281,000
306,000
2,392,000
625,000
130,000
1,704,000
686,000
1,75-1,000
170,000
26
1916.
Feb.
$8,170,000
402.149.000
345.495.000
143.099.000
18.151.000
18.675.000
43.198.000
24.928.000
16.077.000
78.546.000
2.318.000
59.760.000
1.005.000
19
1916.
Feb.
$8,232,000
401.164.000
352.871.000
132.031.000
16.836.000
18.511.000
41.428.000
25.333.000
17.248.000
74.193.000
2.586.000
55.238.000
2.084.000
Imports and Exports for the Week.— See third page
preceding.
THE CHRONICLE
956
[Vol . 102.
4s reg. at 1 1 0 % .
Por to-day's prices o f all the different issues
and for the week's range, see third page following.
R ailroad a n d M iscellaneous S to ck s.— The stock mar
ket has been stronger but less aetivo than of late. The tone
Th e M oney M arket an d F in an cial S itu a tio n .— There was steady during the early part of tho week, especially in
tho railway list. Beginning on Thursday there has been a
has been very little to encourage activity at tho Stock E x
better demand in all departments and prices have responded
change this week. Somewhat more interest has developed with a general upward movement. T o-day’s market has
since the excitement at Washington subsided, but it has been somewhat irregular, however, especially in the miscel
been chiefly of a professional character. This is not to bo laneous department, but a display of strength during the
wondered at, in view of current news from the Eastern and last hour of trading carried final quotations in many cases
substantially above those of yesterday.
Western war zones of Europe, the declaration of war against
A s a result of the week’s operations Southern Pacific and
Portugal by the German Government and recent Mexican Reading are nearly 2 points higher, while N ew Haven and
raids on the Texas border. General business is not adversely Canadian Pacific are an average of 1
points lower. Other
affected by these developments, but capitalists and investors changes in the railway list are less important.
Fluctuations in the manufacturing stocks have been wide,
are, as every one knows, slow to make new commitments
as usual, and practically all are substantially higher.
under conditions of uncertainty such as now exist.
Cuban A m . Sugar has covered a range of 2 1 )4 points and
There is, however, no uncertainty about the favorable closes at the highest. Beth. Steel is next with a rango of
status of leading industries in this country. W hen the 19 points. American Zinc has covered 10 points, Cruo.
daily output of iron reached 103,300 tons in December that Steel 12, Butte & Sup. and Texas Co. 8 , and others from
was regarded as the limit of capacity, but in February, the 4 to 7— nearly all closing at or very near the highest.
For daily volume of business see page 965.
average was 106,406 tons, and with the advent of March
The following sales have occurred this week of shares not
107,500 tons was reached. Moreovor, wo have frequently represented in our detailed list on tho pages which follow:
of late called attention to the steadily advancing prices of.
Range for Week.
Range since Jan. 1.
STOC KS.
Sales
this product and there is no conclusive evidenco that the
for
W
eek ending March 10.
limit in this particular is yet reached.
Highest.
Lowest.
Highest.
Lowest.
W
eek.
The Government report of cereals of tho crop of 1915 in
$ per share S per share $ per share
Par Shares S per■ share
M ar 9 140% MarlO 135 % Feb 154% Jan
140
producers hands caused some surpriso, as it was much Adams Express_____ 100 1.100
700126% M ar 9 128% MarlO 126% M ar 140% Jan
American E x p r e ss ... 100
Jan 13% Jan
M ar 8 11% M ar 8 11
300 11
larger than any private estimate. It shows in the case of Am Writ Paper, pret.100
Jan 77
Jan
700 67% M ar 8 68% M ar 6 62
Associated Oil........... 100
wheat a total of 241,717,000 bushels. This quantity far Batopllas M ining____20 4,350 2 Mar 4 2% M arlO 2
Feb 3% Jan
Jan
Union G a s ...1 0 0
300 131% M ar 4 131% M ar 4 129% Feb 132
exceeds all previous records and assures tho needy countries Bklyn
Jan
M ar 6 12% M ar 9
9% Jan 14
Brunswick Terminal .100 3,100 11
M
ar
4
93
Feb
94%
M
ar
M
ar
4
73
94%
94%
Buff
R
och
&
Plttsb-100
of Europe that a supply is available. Of corn and other
M ar 8 90
Jan 121
Feb
M ar 8 115
100 115
Bush Term inal......... 100
Feb 53% Jan
6 58% M ar 8 58% M ar 8 57
crops there is also a largo surplus. Latest news from tho Canada Southern___100
M arlO 85
Feb 88% Jan
M arlO 85
200 85
Case (J I), prof......... 100
coal mines leaves little, if any, doubt that agreements be Cluott, Peabody AColOO 225 70 M ar 7 70 M ar 7 70
Feb 76
Jan
Jan 62% Jan
MarlO 46% M ar 9 44
300 46
Com
put-Tab-Record
100
tween operators and miners will be effected and thus strikes Deere A C o, pref____100
300 94% M arlO 94% M arlO 94% M ar 98% Feb
M ar 7 130% M ai 141% Jan
506 130% M ar 6 133
D etroit E d is o n ......... 100
avoided.
760 4% M ar 9 4% M ar 6
R ig h t s ......... ................
4% M ar 4% M ar
328 86% M ar 7 87% M ar 8 70
Jan 88% Feb
Exchange on Berlin declined to 7 2 )£ to-day, a now low D etroit U n ite d ......... 100
Jan
300 103% M ar 6 105
Diam ond M atch____100
M arlO 102% M ar 103
level, and sterling exchange has beon quoted fractionally Elec Storage Battery. 100
Jan
100 63% M ar 8 63% M ar 8 60% Jan 66
M ar
M ar 8 119
M ar 8 119
Mar, 119
Helme (G W ), pref. .100
100 119
lower than last week. Tho Bank of England reports a slight Int
M ar 9 68% M ar 78
Jan
Harv C orp--------100
300 68% M ar 9 70
100 110% M ar 8 ,1 0 % M ar 8 109% Jan 111% Fob
reduction in its gold holdings, owing to shipments of the Int Nickel pf v t c ___100
M ar 9 72% M ar 9 67
M ar 72% M ar
Jewel T e a ___________100 2,700 67
metal to India, Argentina and elsewhore, but as its liabilities
600 106
M ar 9 106% M arlO 106
M ar 106% M ar
P referred................100
10 62% M ar 8 62% M ar 8 62% M ar 02% M ar
K C Ft S A M , pref. 100
have been reduced its pex’centago of reservo is somewhat Kayser (Julius) A C o 100
Jan
50 84% M ar 9 84% M ar 9 84% Feb 85
M ar 9 69% M ar 70
M ar
Kelly-8prlngf T i r o . . . 25 1,456 69% MarlO 70
higher.
M ar 6 129% M arlO 128
M ar 131
Feb
820 128
Kings Co El L A P ..1 0 0
W all Street, Friday Night, M a r . 10 1916.
Foreign E x ch an ge.— Tho market for sterling oxchange
has ruled quiet with very slight changes in rates. The Ger
man and Austrian exchanges have been weak, but otherwise
continental rates have been maintained.
To-day’s (Friday’s) actual rates for sterling exchango were 4 72% @
4 72% for sixty days, 4 76% @ 4 76 5-16 for checks and 4 76% @ 4 76 15-16
for cables. Commercial on banks (sixty days) , 4 7 1 % @ 4 71 % , and docu
ments for payment (sixty days), 4 7 2 % @ 4 72% . Cotton for payment
4 76@ 4 76% , and grain for payment 4 76@4 76%.
There were no rates posted for sterling by prominent bankers this week.
To-day’s (Friday’s) actual rates for Paris bankers’ francs were nominal
for long and 5 90% for short. Germany bankers’ marks were nominal.
Amsterdam bankers’ guilders were 42% @42 3-16 for short.
Exchango at Paris on London, 28.15 fr.; week’s rango, 28.05 fr. high
and 28.15 fr. low.
Exchange at Berlin on London not quotable.
Tho range for foreign exchango for tho week follows:
C a b le s.
C h ecks.
S te r lin g A c t u a l —
S ix ty D a y s .
4 77
Iligh for tho week__ 4 72%
4 76 7-16
Low for tho week__ 4 72%
4 76 9-16
4 75 15-16
P a r is B a n k e r s ' F r a n c s —
____
5 88%
High for the week__
5 88
Low for tho week__
___
5 91
5 90%
G erm a n y B a n k e r s ' M a r k s —
High for tho week__
Low fpr the week----
____
------
A m s te rd a m B a n k e r s ’ G u ild e rs —
73%
72%
73 7-16
72%
42%
42%
High for the week__ ____
Low for the week__ ____
42%
42 3-16
D om estic Exchange.— Chicago, 20c. por 81.000 discount. Boston, par.
St. Louis, 5c. per 81,00 discount bid and 5c. premium asked. San Fran
cisco, 30c. per 81,000 premium. Montreal, S4 375@85 00 per 81.000
premium. Minneapolis, par. Cincinnati, par. New Orleans, sight, 50c.
per $1,000 discount, and brokers, 50c. premium.
State a n d R ailroad B o n d s.— Sales of State bonds a t tho
Board include S1,000 N ew York 4J^s, 1965, at 99, and
$23,000 Virginia 6s deferred trust receipts at 50 )^ to 51 % .
The volume of business in railway and industrial bonds is
substantially smaller than last week, and prices have moved
irregularly. Of a list of 26 active issues, 13 have advanced,
9 are lower and 4 unchanged. Of the exceptional features,
Insp. Cop. 6s, 1922, are conspicuous for an advance of 6 ^
points. D ist. Sec. Corp. 5s, Inter. M ere. M ar. 4 ^ s , and
Rock Island ref. 4s have advanced a point or more within
the week. A ll declines, on the other hand,have been frac
tional and are found in the railroad list.
Bonds sold “ s-20-f” amount to $712,000, of which $585,
000 are Anglo-French 5s. A list of the notably active issues
includes, besides Anglo-French 5 s ,U .S . Steel, Inter. M erc.
M a r ., St. Paul, Northern Pacific, Southern Pacific, Atchison,
B alt. & Ohio and New York Railways.
U n ited S ta tes B on d s.— Sales of Government bonds at
the B oard include $3,000 3s coup, at 102)^ to 102)4, $1,000
3Sireg. at 102 \ i, $1,000 Panama 3s"coup. at 10 3)4, and S500
Laclede G as________ 100
M ay D ept Stores, p f. 100
M oline Plow 1st pref.ioo
Nashv Chatt A St L . 100
Natl Cloak A S u it.. 100
P referred------------- 100
N Y Chic A St Louis. 100
Old Dominion C o p p ..2 5
Ontario Silver M i n .. 100
Pacific Coast----------- 100
Plttsb Steel, pref____100
Texas C o rights________
Tobacco Prod, p r e f.. 100
Un Fruit subs 1st pd____
U S Realty A Im p t .. 100
U S Reduc A R cfln -.1 0 0
P referred................100
Utah Securities v t o.lOOi
Virginia Iron C A C.100|
Vulcan Detinn!ng-_-100;
Wells, Fargo Express 1001
100 106
100 105
100 98
167 136
100 73
100 110
100 37%
500 72%
1,900 6%
100 55
100 94%
1,400 15%
2,600 103
200 141
200 45
500
1%
900 1%
1,900 17
200 51
100 7
790 125
M ar 9 106
M ar 9 105
M ar 7 98
M ar 8 136
M ar 8 73
M arlO 110
M ar 8 37%
M ar 9 73%
M ar 8 7%
M arlO 55
M ar 9 94%
M ar 4 16
M ar 4 109
MarlO 141%
M ar 6 46%
M ar 8 1%
MarlO
1%
M ar 7 18%
M ar 6 52
7
M arlO
M ar 6 126
M ar 9
M ar 9
M ar 7
M ar 8
M ar 8
M arlO
M ar 8
MarlO
M ar 4
M arlO
M ar 9
M ar 8
M ar 6
M ar 7
M ar 7
MarlO
M ar 4
M arlO
Mar 8
M ar 10
M ar 9
H IP ,
102%
98
130
73
110
33%
72%
6%
55
93%
15%
100
141
33%
1%
1
17
50
7
125
Jan
Jan
M ar
Jan
M ar
M ar
Feb
M ar
Jan
M ar
Feb
M ar
Jan
Feb
Feb
Jan
Jan
M ar
Feb
M ar
Fob
107%
105
98
136
81%
113
45
73%
11%
55
100%
16
109
141%
49
3%
4
20%
02%
9%
135
Feb
Feb
M ar
M ar
Jan
Feb
Jan
M ar
Jan
M ar
Jan
M ar
M ar
M ar
Feb
Jan
Jan
Feb
Jan
Jan
Jan
O utside M a rk et.— Except for a slight reaction in the
middlo of tho weok, tho “ curb” market was oharactorizod by
strength and aotivity. Especially toward the close the
better fooling was more pronounced, with many issues show
ing substantial gains. Cuba Cano Sugar com. was a contor
of intorost, and on heavy transactions advancod from 4 8 )4
to 5 7 )4 . closing to-day at 57. Ajax Rubbor sold up 1)4
points to 70)4- Atlantic Gulf & W . I. SS. Lines issues con
tinue strong, tho com ., after early loss of a point to 28,
moving up to 30 )4 - Tho prof, gained 3 points to 49 and fin
ished to-day at 48)4* Chevrolet M otor Car was conspicuous
for a gain of about 10 points to 148. Driggs-Seabury Ord
nance cased off a point to 137at first, ran up to 144, and react
ed to-day to 141. Intercontinental Rubbor was more than
ordinarily active and improvod somo 3 )4 points to 16,
resting finally at 15)4- Midvale Steel moved down at first
from 63 )4 to 6 2 )4 . rose to 6 4 )4 . dropped back to 6 2 )4 , and
recovered finally to 63 )4 - Tho “ rights” were active botwoen
J4 and 1 5-16, with tho closo at 1. Submarine B oat, aftor a
gain of over 2 points to 3 6 )4 , to-day jumped to 3 8 )4 , and
closed at 38 )4 - Tobacco Products com. doolined from 4 4 )4
to 4 3 )4 , but advanced lato in tho weok to 47 )4, with the final
figure at 47. Standard Oil issuos quiot and strong. Ohio
Oil sold up from 225 to 237 and clown to 233. Standard Oil
(Calif.) gained 7 points to 259 and sold finally at 255. Stand
ard Oil of N . J. improved from 506 to 516, and Standard
Oil of N . Y . from 208 to 215, with tho oloso at 514 and 214,
respectively. Low-pricocl issuos continue aotivo. Cosden
& Co. advanced from 21 to 2 3 )4 and roaotocl to 22. Bonds
higher. Among mining issues, Butte Copper & Zinc was
conspicuous for an advanco from 7 )4 to 12 )4 , and dosed at
11)4- Cerro do Pasco sold up 2 points to 39 and rocodod to
38 )4 - United Vordo Extension assumed prominonco and
roso some 4 points to 18 )4 , with the closo to-day at 17)4.
Outsido quotations will bo found on page 965.
New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
957
O C C U P Y IN G T W O P A G E S .
F o r r e c o r d o f s a le s d u r i n g t h e w e e k o f s t o c k s u s u a l l y i n a c t i v e , s e o p r e c e d i n g p a g e .
PER SH ARE.
HIGH AND LOWSALEPRICES--PER SHARE, NOTPERCENT.
aaiuraay
March 4
M
onday
March 7
Tues lay
M
arch 7
W
edru
Mareh 8
day
M
arc h 9
Friday
M
arch 10
Salesfor
the
W
eek
Shares
STO C K S
N E W Y O R K ST O C K
EXCHANGE
'
Lowest
R a ilro a d s
Par S per share
S per share S per share
4,100 Atch Topeka & Santa F e.-lO O *101% Jan 31
102% 103
102% 103
102% 102% 103 103%
9878 Jan 4
Do
pref______________ 100
1,100
101% 101% U 101% 101*2
♦10034 10 13.t 101*4 101*2
300 Atlantic Coast Line R R .. . 1 0 0 110 M ar 1
*109 111
110 110
110 110
85 M ar 1
6,967 Saltlmoro &O hio________ 100
87- 87*2
87*4 88
87*2 88%
8038 88
Do
pref______________ 100
75*4 Feb 24
1,550
76% 76% *70*8 76%
*70
76*2
70 ~ 70
84% Feb 15
800 Brooklyn Rapid T r a n sit.. 100
*85% .85%
85
85
80
80>2 86% 86%
9,600 Canadian P acific........... ......100 *162*2 M ar 1
105% 166% 164*4 160*2
165 106*2 160% 106%
Central of Now Jersey____100 290 Jan 3
*270 310 *270 320
*270 310 *270 310
60*8 Jan 31
9,000 Chesapeake & O h io .. ......... 100
60% 61*2
60% 61*2
61*4 62*4
60*4 61*8
1,200 Chicago Great W estern___100
12% Jan 26
12% 13
12% 12%
*12% 13
12*2 12%
1,200
34
Jan 31
D
o
pref..........................
100
35%
35*4
35*2
35%
35
35%
35
35*4
5,400 Chicago M llw &St P a u l.. 100
92% M ar 1
93%
93
92% 93%
93
93*s
93% 93%
700
Do
pref______________ 100 128 Feb 16
1291s 1293.1 1291s 1293,
*129 129% 129% 129%
380 Chicago & N orthw estern..100 *125*2 M ar 1
120 120% *120 127
*125 127 §127 127
100
Do
pref_______ _______100 174 M ar 8
♦170 180 *170 175
*170 180 *170 180
1534 M ar 8
16% 17% 14,400 Chicago R ock Isl A P a c.-.IO O
17
17
1634 17U
17*2 18
Chic St Paul M inn &O m .-lO O 120 Jan 19
*115 120 *115 125
*115 125 *115 123
§135 Jan 14
140 *130 140
140 *130
100 Clev Cln Chic A St L o u is .. 100
*40
43
39 Feb 10
42
*40
*40
45
*40
44
40
42
*40
40
200
Do
pref______________ 100
70 Feb 2
74
73
73
*72
*70% 75
*70*4 75
70% 7()3g *70U 74
300 Colorado A Southern_____ 100
26 M ar 3
20
*26
27
26
20
*26
27
26
*20
27
*20 ’ 27
200
Do
1st pref___________ 100
*47% 60
47*2 M ar 7
*47*2 52
52
*47
50
*47
50
4712 48*4 *47
*40
* to
48 Jan 11
*40
48
300 Delaware A H udson______ 100 149% M ar 1
*149 151 *149 15 U2 149% 1497. *149*2 151 *149% 151*2 *149% 151
200 Delaware Lack A W e s te rn ..50 218 M ar 4
218 218
218 218 *200 225 *200 219 *200 219 *215 218
9 Feb 19
Denver A Rio Grande____100
*8
10
*8*2 10
*7
10
*8
10
*8
10
10
*8
15 M ar 8
*14% 10
200
Do
pref_______ _____ .100
15
15
15*8 15*8
*13
19
*12
17
*14
17
35 Jan 31
36% 37%
36% 37*4 30,400 Erie............. ........................... 10(J
35% 30%
30*4 30%
36
36%
30*8 30%
50*4 Jan 31
5,000
Do
1st pref___________ IOC
52*2 53
51% 52*2
52
52
52
52%
5U 2 5D 2
52%
43 M ar 3
*42
45
*40
46
*43
900
Do
2d pref.................... IOC
44% 45
*44
45
40
43% 43%
4,220 Great Northern pref______ 10C 119*8 Jan 21
120*4 120% 120*4 121
121-i8 121% 121% 121*2
120*2 120% 120*4 121
*39*4 M ar 1
41*2 41%
43% 44% 18,500
Iron Ore properties________
42%
42*2 43%
41% 42%
42
42
42%
102 102 *102 103
102 102
625 Illinois Central___________ 10C 101 M ar 2
102 102
101% 101% 102 102
1534 Feb 15
1,900 Interboro Cons Corp, v to ____
17
17
17
17
16% 16% *16*4 16%
17
17%
16*2 17
71 Feb 15
1,800
73% 74
Do
pref______________ 10C
73*8 73*8
72*2 74
2:73*2 73%
73% 73%
73*8 73*4
1,900 Kansas C ity Southern____10C
24*2 Feb 28
25
25% *25
25%
25*2 25*2
25%
25
25
25%
25% ♦25
100
60 Feb 17
Do
pref______________ 10C
62
60
60
*00
01% ♦60
*59
603g 00% *60
61
01
12 Jan 26
14
35 Feb 22
*32
40
10
4,500 Lehigh Valley.........................50
74*2 Jan 31
77% 77%
77% 78*2
77% 78*4
77% 77%
77% 78%
77*2 78*8
20 Jan 31
22
200 Louisvlllo A Nashville____ 100 121*8 M ar 1
122 122 *121% 128
*121
122 * 121 la 123% 121*4 121*4 *121*4 122
300 Manhattan Elevated_____ 100 129% Feb 15
♦129 132
130*4 130*4 130*4 130*4
130 130 *129 131 ’ *129 132
300 Minneapolis A St Louis___100
*4%
4 M ar 1
*4*4
5
5*4
*4%
6*2
*478
5%
5
4*2
*13
17
*13
10
15*2 Feb 2
100 M inn St Paul A S S M ____100 119 M ar 4
119 119 *118 12278 *118 122% *118 121% *118 124 *118 124
100
135 135 *127 130
Do
pref______________ 100 135 Jan 13
*127% 140 *127 140 *127 140 *127 140
3,700 Missouri Kansas A Texas. 100
4
4
3%
*4%
5
4*8
3% M ar 8
3%
4%
4%
4
4%
4*8
11
11
2,000
10% 10%
Do
pref______________ 10C
10% MarlO
13% 13*8 *13
12
11
13*8
11*4 12
4%
4%
650 Missouri P a c ific .................100
*4*2
4 Jan 3
§4%
4%
5
5
4%
*4*2
4*4
4*4
200
5
*4i2
*4*2 ____
4 Jan 3
Trust co certlfs of d e p o s it..
6
*4*4
4%
4%
4*2
4*2
*4*2
4*2
23%
23% Jan 21
*0%
71s
101 101% 104*4 104% 103% 104% 14,100 N Y Central A Hud R iver. 100 101% Feb 28
104 101
104% 1047; 103% 105
64%
6,250 N Y N II A H artford_____ 10C
05%
66
60*2
0734
00%
64*2 M ar 9
67
67
60*2
67'% 07%
07*2
1,700 N Y Ontario A Western___100
28
28*4 *27*4 28*4
26*4 Jan 31
28*2 *27
*27*2 28
27*2 28
*27*2 28
6,230 Norfolk A W estern............_10C 114 M ar 1
115 115
115*2 115*2 115*8 115*4 115% 115% 115% 117% 117 118*2
*85
200
86
Do
adjustment p r e f.. 10(1
84% Feb 25
*84*4 84%
85
85
80% *85
84% 84% *84% 80
112% 112% 112*4 112% 112*2 112% 112 112% 112% 112% 112 113
3,200 Northern Pacific__________10C 111% Feb 28
55% Feb 4
56% 57*8
50% 57
5678 57
14,370 Pennsylvania..... .......... .......... 50
56% 57*8
50% 57*8
56% 57
*____
78 *
100 Pitts Cln Cldc A St L o u is.. 100
78 Feb 17
78
78
78
78
*70
78 *
78
*88
90
88 Jan 26
90
*88
90
10c
90
Do
pref______________ 100
♦88
90
*88
90
90
*88
75*8 Jan 31
81*2 82%
84
85*4
81% 83%
82% 85
84*8 84% 117,800 R ea d in g___________________ 50
81*4 82*2
4534 *45
350
41% Feb 19
*45
1st preferred____________ 60
*44*2 45*2 *44*2 40
4512
45
45
45
45
200
41*4 Feb 21
46*2
•44% 47*2 *44% 47*2
*44*2 46% *45
2d p re fe rre d ......................50
44% 44%
45
45
300 R ock Island Com pany____100
*lo
s8 Jan 4
*%
%
*12
%
%
*%
%
%
%
%
*n8
*5*
7g
*%
*2 Feb 1
*%
%
♦%
%
%
200 St Louis A San F ran cisco.. 100
5
*4
4%
*4
*4
5
37g Jan 31
5
4*4
*4*4
4*4
4*4
4*4
5^4
1,680
5%
*6%
8*s
03,1
6
6
5 M ar 7
5
6%
Do
1st preferred_____ 100
0%
0*4
0*2
4^8
458
*4%
4%
1,700
0*2
4 M ar 1
434
4%
43,1 *4%
Do
2d preferred______ 100
*1%
7*2
4%
*____ 20 +__
20
18%
18% * _
19 Jan 17
18% +___
18%
St Louis Southwestern____100
*____ 44 +
44
44
44 *
44 *
44
44 Jan 28
200 Seaboard Air L i n e . . . ......... 100
*15
16*4
15*2 15*2 *15*2 16*4
*15
16
16
15*2 Feb 28
10*4 *15*2 10*4
*35
36% *35*2 30*2
400
*35
36*2 *35
30
36
30
35
30*2
35 Feb 26
Do
p r e f . . . ............... ..1 0 0
96% 97*4
97% 97%
96% 97*8 96% 97
90% 97*4
97*4 99% 21,100 Southern Paelflo C o ............100 • 96*s M ar 1
20
20*8 20%
0,500 Southern Railway................100
20*2 21*8
20*8 20%
20
20*8
19% M ar 1
20%
20*4 20*4
59
59
1,000
*57*2 59
58% 59
57
57
58
5!)
58
*57
Do
p r o f . . . .................... 109
57 Feb 28
7
7
6%
6%
1,100 Texas A Pacific......... .......... 100
*6*2
7%
7%
7%
*6*2
7*4
7%
7*4
6*2 Feb 14
01
01
61*4 *01
1,350 Third Avehue (New Y ork). 100
60% 60*2 *00
61*2
60*4 60*4
59*2Jan 31
60*4 61
*4 ,
*4
7
7
*4
*4
7
*5
7
7
*5
7
Toledo St Louis A W e s t .. . 100
6*2 Jan 7
*8
12
*8
12
*8
12
12
*8
12
*8
12
10 Feb 15
*8
95*8 95*8 *95
95% 95*2
96
*95
96
450 Twin City Rapid T ra n sit.. 100
95 Jan 27
*95
96
*95*2 96
132 13234 132 132*2 15,500 Union Pacific_____________ 100 *130*4 M ar 1
131% 132
131*8 132% 131*2 132% 131*4 132
82% *82*4 82*2 82*2 82*s
82*2 83%
82
82
1,210
82% 82*2 *82
Do
pref......... .................100 *81*2 M ar 1
14% 15
14% 14%
13*2 14
*13% 14% *12*2 15
1,100 United Railways Invest__ 100
14*4 14*.|
12% Feb 24
28
29*2 29*2
30
28*2
27% 27%
30
1,000
*27*2 28%
27% 28*4
27*2 M ar 1
Do
pref.................... . .. 1 0 0
13% 14
13% 13%
*13% 14
13% 13%
13% 13%
1,810 W a b a s h ________ _____ ___ 100
13% M ar 7
13% 13%
42% 43%
43*4 43%
42% 43%
42*2 43
43% 43%
8,400
42*2 42%
41*2 M ar 1
Do pref A _____ ________100
25% 20%
26*4 26%
26
26*4
25% 26
26
0,400
20*4
20% 20*2
25*8 M ar 1
D o pref I) d o . . . ..............100
27
27%
*25% 26*4 *25
27
25% 20%
20*4 27*|
5,000 Western M aryland_______ 100
26
24*2 Feb 28
27*4
41% 43*2 *41
*39
42
41% 41*4
43
42
40
41%
1,500
*38
40 M ar 7
Do
prof....... ...................100
*3
*3
4
*3
3*2
*3
3
600 Wheeling A Lake E rie____100
3%
3*2
*3
3*2
3*4
2% Jan 20
*11
15
14
♦11
*11
*12
15
14
15
*11
15
*11
11 Jan 19
Do
1st preferred_____ 100
*4
5
4
*4
4
1,100
4*2
4*2
4*2
4%
4
4%
4*2
3*4 Jan 18
Do
2d preferred______ 101)
*33
30
*33
36
*35
30
100 Wisconsin C e n tr a l............. 100
*35
36
35 M ar 2
*34
36
35
35
In d u s tria l & M iscella n eou s
20% 22*4
20% 21% 104,600 Alaska Gold M i n e s .. . ......... 10
19% 20*4
17*8 M ar 6
17% 19*8
17*8 21%
17*8 18%
10
9*2 10
11,250 Alaska Juneau Gold Mining
8%
9
834
9%
834 M ar 3
8%
8%
8%
8%
30%
30
30
31*4 19,900 Allls-Chalmers M fg v t O ..100
28
29
25 Jan 12
28% 30
29% 30%
29% 31*4
77
77
78*2 7834 *70*2 79
4,625
75*4 M ar 2
77
77*2 78
78
78
Do
preferred v t c ____100
79*2
*65
07*2
07% 08
68
750 Amer Agricultural C h e m .,1 0 0
08
073t 07%
65 Feb 28
08
08
67% 07%
*97*4 98*2 98
97*2 98
350
*97*4 98
93% Feb 7
98
*97% 98*2 *97*2 93
Do
pref..... .......... .......... 100
00*2 07*2
68
09
9,200 American Beet Sugar_____ 100
08
68*2 09*2
6134 Feb 1
09*4
073g 08*2
67
08*4
*10412 100
*95
90*s
200
90
*94
95*2 95*2 *93*2 96
94 Jan 4
*94
90
Do
pref. __ _________100
♦
_
.
*90 106 *101
100 Amer Brake Sh A F ct.fs d e p .. 100*4 M ar 8
100*4
100*4
100*4 *100*4 100*4 100*4 100*4
*155 175 *158 105
100
105 165 * 105% 190 *160 190 *155*2 190
165 Feb 24
Do
pref ctfs deposit____
58
59
58*2 00
6931
59
60*4 61% 39,000 American C a n ____________ 100
59*8 61
57*4 M ar 2
58% 59%
$110 IK)
111 l i t
973
*109*2 111% 111*8 111*8 111% 111% 111*2 111%
Do
pref______________ 100 109*2 Feb 15
66*2 07*8
06% 08%
07
6334 Jan 31
*>8*2 07
07*2 67% 09-1.1 68% 70% 21,820 American Car A Foundry. 1(M)
*11734 119*2 *11734 119*2 5118 118 *117% 119% *117% 119*2 ♦117 119*2
14
Do
pref......... .................100 117 Feb . 1
157*4 159
158 159*2 158 158 *158 100
3,500 American Coal P rod u cts.. 100 15473 Jan 11
160% 164
101*4 161*4
*115*2 110*2 *115% 116*2 *115*4 117 *114*4 117 *115% 117 *115% 117
Do
p r o f .____ ______ 100 115 Jan 20
63
*51*2 52%
600 American Cotton O il_____ 100
53
52% 52*2
52
53% 53%
51*4 Jan 31
621? ♦52
53%
2
*99*2 102
*99*2 103
*9912 102
98 Jan 6
*99*2 102 ♦100 102 §100 100
Do
pref......... .................100
*9% 10%
9%
1,500 American Hide A Leather. 100
*9% 10
9%
9%
9% M ar 1
*9% 10*2
9%
9% 10*4
*47
50
2,000
*47
49
47
♦47
47
50
45 M ar 1
49%
49
48
49%
Do
pref______________ 100
29
*28% 29
2,500 American fee Securities___100
29
25 Jan 20
28% 2834 2878 29*2
29
29% 29%
29*2
20% 2133
4,810 American Linseed......... ......100
22
21% 21% *21
20*2 21%
20 M ar 1
21
21
21%
21%
2,100
*39% 41
39*4 40*2
38*2 39%
39
38% M ar 1
*39% 42
39%
39*2 40
Do
pref......... ............ ..1 0 0
69% 71*2
6838 70%
69*i 70*2
69% 70%
69% 71%
60% Jan 11
70*2 73% 110,810 American L ocom otive____100
101% 101% 101*2 102
101% 101% 102 102
102 102
1,710
99% M ar 2
102 102*2
Do
pref______ ________100
8
8
9
*8
9
700 American M alt C orp_____ 100
8*2
8*8 Jan 18
9*2
10
*8
*8*4 12
9*1
33
,53
33*2 .15*8 34% 35%
2,435
33*8 33*8
35*2 30*2
35% 35*2
Do
pref______________ 100 *31% Jan 14
*80*2 87
300 Amer 8melters See pref B . 100
80*2 80*2 *80% 87%
80*2 86*2 *8612 87*2
85% Jan 10
86*2 86*2
93
U3
*92*2 93
93
2,050
93
93
*92*2 93
93
92 Jan 3
93*4 93*4
Do
pref Ser A stam ped..
98^8 99% 100 102*4 100% 103% 101,793 Amer Smelting A Refining.100
97*4 98*8
97% 99*8
98% 100%
95*8 M ar 1
112 113
112 112
111% 111% *111*2 H 2 ‘ 2 112 112 ♦ m u 112*4
680
Do
pref...........................100 111*2 Feb 15
*140 149 *140 149 *140 149 *140 149 ♦140 149 *140 149
1487s Jan 10
*105 108*2 * 105 109 * 105 108*2 *105
108% *105 108*2 *105 103*2
108 Jan 17
50
50%
48*2 60
50*2 51%
51% 51%
49*4 52*4
0,150 Amer Steel Foundry______ 100
48*2 M ar 8
50*8 53*2
110% 112% 10734 111
109 109% 108% 109
110 111
111*4 112
12,000 American Sugar R efin in g..100 10734 M ar 8
430
116*2 116*2 110*2 116% *115 118*2 ---- - ____ ♦115 120
110% 116%
Do
pref______________ 100 110 Feb 15
127% 127*2 127% 127% 127% 127% 12734 127% 127% 128
6,200 Amer Telephone A T eleg--1 00 126*4 Feb 1
128% 128*2
197*2 199
197 199% 199*4 199*4
197 200
19412 199
199
2,950 American T o b a c c o _______ 100 188 Feb 16
199
300
*106
107% 107*2 107*2 *106 109 *100 109 *100
107*2 100% 107
Do
pref (new )......... ..1 0 0 105*2 Feb 28
52*4 53's
52% 53*4
51% 51%
52
52%
52*2 53%
42 Jan 11
53*4 51% 20,150 Am Woolen certlfs o f deposit
98% 99%
98% 99%
99% 99%
98*2 98*2
0,800
92 Jan 10
99 102
98*4 98%
Do
pref certlfs o f deposit.
$ per share
102% 102%
101*2 101*2
*109 110
86% 86*1
*75% 76%
*86
80*,i
165% 16612
*270 310
60*s 61*4
*12% 13
31% 31*8
93
93%
*128*2 129%
*126 127
*173 180
17% 17%
*115 125
S per share
10234 102%
101 101%
*109 i n
87
87*4
70
76%
86% 87
165 166*4
*270 310
60% 61%
*12*2 13
34% 35*4
92% 93%
1291s 129*5
126 126
174 174
16%
*115 123
9.9.
• Bid and asked prices; no sales on this day. t Ex-rlghts. § Less than 100 shares,
paid, x Ex-dlvldend. t Full-paid.
a
Ex-dlv. and rights,
PER SHARE.
Range for Previous
Year 1915
Range Since Jan. 1
On basts of 100-sftare lots
b
New stock,
e
Highest
$ per share
108*2 Jan 4
102 Feb 24
115 Jan 3
96 Jan 4
80 Jan 15
88 Jan 17
183*4 Jan 3
290 Jan 3
66% Jan 5
15% Jan 3
39*4 Jan 4
102*2 Jan 3
136*8 Jan 5
134% Jan 3
175 Jan 11
20% Feb 7
120 Jan 19
27
477g Jan 11
76 Jan 17
32*2 Jan 8
55 Jan 13
11
154*4 Jan 19
225 Jan 6
14 Jan 3
24 Jan 3
43% Jan 3
59% Jan 3
54*2 Jan 3
127*2 Jan 4
50% Jan 3
109*2 Jan 3
21*8 Jan 3
77% Jan 3
32% Jan 4
647s Jan 3
3
3
83 Jan 4
17
130%Jan 13
1313a Jan 28
15% Jan 4
f)
125 Jan 3
137 Jan 15
7*4 Jan 13
10*2 Jan 4
6% Jan 17
6*2 Jan 15
12
111*2 Jan 19
77% Jan 10
31 Jan 3
122%Jan 4
88*1 Jan 7
1187, Jan 4
5934 Jan 4
82*2 Jan 13
98% Jan 13
85*4 M ar 9
46 Feb 29
48 Feb 29
% Feb 21
IS
6 Jan 7
10 Jan 7
8 Jan 7
19 Jan 17
11
187g Jan 13
42 Jan 13
1041s Jan 4
24*8 Jan 4
65 Jan 13
10 Jan 3
62% Jan 15
6*2 Jan 7
8
96*2 Jan 11
140*4 Jan 4
84 Jan 28
21*4 Jan 4
39% Jan 3
17 Jan 3
4878 Jan 5
32*2 Jan 15
31% Jan 4
45*2 Jan 12
4*4 Jan 5
15 Jan 8
478 Jan 17
38 Jan 15
Highest
Lowest
S
per share
$
per share
92% Feb 111% N ov
96
Jan 102*8 N ov
98 M ar 116 N ov
63*4 Feb
96
D ec
79*4 N ov
67
Feb
93
Apr
83% Aug
138 July 194 N ov
§250
Sep 325
Jan
6434 N ov
35% July
10% Jan
17*2 N ov
25*2 M ay
41% N ov
77% July 101*8 D eo
D eo
120% Sep 135
118*2 July 135% N ov
163 July §180 N ov
38% Apr
10% July
§114
Apr 123 N ov
124
Sep 135
Deo
§21
Jan
52
Oct
77
Oct
53*8 Feb
24 M ar
3812 N ov
60 N ov
45
Jan
52 N ov
138*2 Aug 154% N ov
1 9 9 % Jan 238 N ov
10*2 N ov
4
Jan
29*8 N ov
6*2 Jan
45% N ov
197g Feb
32% Feb
59*2 N ov
54*4 Deo
27
Feb
112*4 Jan 128% N ov
54
Oct
25*4 Jan
Apr
99 July 113
25% N ov
187g July
82 N ov
70 July
35% N ov
20% Feb
65*2 N ov
54% Feb
16% Deo
19 M ay
83% N ov
64% Feb
27% Oct
104% July 130*2 N ov
125 June 132 Deo
19-% Feb
8
Sep
24
Pep
106
Jan 126*2 N ov
123 June 130 Deo
15% Apr
4
Sep
40
Apr
10*8 Sep
18% Apr
1% July
7% N ov
3
D ec
28*2 Oct
93; Oct
81% Mar 110% Deo
89
Oct
43
Feb
35
Apr
2134 Jan
99*2 Jan 122% Deo
90 June
80*2 Sep
99*8 Feb 118% Deo
6U2 N ov
5 1 % Feb
86 N ov
65 M ay
98% June
90 June
85% N ov
69% M ay
45 June
40% Sep
44
Apr
40
Feb
1*8 Apr
*8 July
2% Apr
8 N ov
1% M ar
14*2 N o v
7 Aug
1034 N ov
3
Jan
23 N ov
11
Sep
45% D eo
20% N ov
11*8 July
43-% N ov
30*4 July
8K4 Feb 104*8 D eo
26 N ov
12% July
65 N ov
42 July
1778 Apr
8*2 July
64*2 Oct
35
Jan
878 N ov
1
Jan
14*2 N ov
Apr
90 July 100
115% Jan 141% N ov
84% N ov
z79 M ar
8
Jan
27*2 Oct
4734 O ct
21% M ar
12% Oct
17*2 N ov
49% N ov
43% Oct
32*2 N ov
25% Oct
35% Oct
9*4 Jan
50% Oct
25
Jan
6% N ov
*2 July
1934 N ov
2 Aug
8*s N ov
% Aug
45 N ov
28 July
26*2 Jan 7
21*4 D ec
40*2 Apr
10*4 Jan 7
9% Dec
13% N ov
734 Jan
49% Oct
33*4 Feb 9
857g Deo
83 Jan 3
33
Feb
74% N ov
72% Jan 3
48
Jan
90 Mar 101% N ov
99*-* Jan 5
727g Deo
7134 Feb 10
33% Jan
83
Feb
95 N ov
90*2 Feb 8
103*2 Jan 28
87*4 Feb 10934 Aug
195% Jan 3 132*2 M ar 21934 Oct
64*4 Jan 17
25
Feb
68*2 Oct
113%Jan 20
91*2 Jan 113% N ov
40
Feb
98
Oct
78 Jan 3
118% Jan 12 111% M ay 118 Aug
82
Jan 170*2 July
175% Jan 19
Sep
Jan 120
116*2 Feb 15 §105
64
Oct
39
Jan
57% Jan 17
100 Feb 7
91 June 102% N ov
43g Feb
14% Oct
12 Jan 3
1934 Jan
59*2 Oct
57 Jan 18
35
Apr
20% Jan
31% Feb 19
31% Oct
7*4 Jan
25% Jan 20
24
Jan
50% Oct
43% Jan 15
74*1 Oct
19 M ar
73% M arlO
75 M ar 105 N ov
103 Jan 27
3% Apr
13% Oct
9% Jan 25
21% M ay
37*2 Deo
36*2 Mar 9
78
Jan
88% M ay
87*4 Jan 25
93*4 Jan 7
92
Deo
SO
Oct
56
Jan 10878 D ec
113% Jan 4
114% Feb 3 100
Jan 113 N ov
Jan 165
Apr
1487g Jan 10 144
110% N ov
110 Jan 27
24% M ar
74*2 Oct
61% Jan 4
116*2 Jan 8
99*2 Feb 1197g N ov
Feb 119*2 N ov
118%Jan 4 109
Jan 130*4 Nov
128*2 Jan 15 110
209% Feb 3 195% D ec 25212 Apr
108*2 Feb 8 103% Jan 111 N ov
46 N ov
56
Oct
54% MarlO
98% N ov
102 M arlO
95
D ec
Par J25 per share, e First Installment
flew Yorfc Stock Record —Concluded — Page 2
958
a ia a
Por r e c o r d o f s a le s d u r i n g t h e w e e k o f s t o c k s u s u a l l y i n a c t i v o , s e e s e c o n d p a g e p r e c e d i n g .
an d
Saturday
March l
|
lo w
sa le
M
onday
March 6
j
:
p r ic e s
Tuesday
M
arch 7
—p
e r
sn a r e
,
not
per
Thursday
M
arch 9
W
ednesday
M
arch 8
c e n t
.
Friday
M
arch 10
Salesfor
the
W
eek
Shares.
STOCKS
N E W Y O R K ST O C K
EXCHANGE
PER SHARE.
Range Since Jan. 1
O
n basts of 100-share lots
Lowest
In d u s trla l& M Is c.fC o n ). Par $ per share
$ per share 3 per share S per share
65% Jan 31
91,300 Amor /In c Lead A S _____ .25
87
89
80
8378
84i.| 88%
79% 82%
81% 82%
77*s 79*i
82% Jan 31
88% 87% 72,800 Anaconda C o p p e r --------- .50
85% 80%
80
87-% 85*8 8678 88% 87%
85-% 85%
99% M ar 1
100
_____
Baldwin
L
ocom
otlv
h
179,409
105%
108%
101 103
101% 105% 104% 107% 103U 105% 101% 100%
100 107% Jan 3
*108% 110 *108 109% *108% 110
103 10912 *108 109% *108 109%
1,835 Bethlehem Steel__________ 100 415 Jan 11
480 495
478 484
477 477
476% 479
*457 470
467 479
Do
pref..................... . . 100 130 Jan 24
110
250
131 13
130 135 *131
131% 131% 131 131
*126 133
81 M ar 3
100
847S
*81
84
*81
S3
85% *81
84
*81
*81
84
*81
71 Jan 3
101% 105% z94*8 99
81,100 Butte A Superior C o p p e r .. .10
94% 98%
971* 99%
971.1 103
92% 95
21 M ar 7
217g 25
24% 25% 3.8,050 dallfornta Petroleum, vto. 100
21
27%
21
23l.|
28
29%
28%
28
48% M ar 8
Do
pref........................... 100
53
54% 17,900
4S7t 52% 51
54%
59
61%
49% 55%
59% 60%
51% Jan 31
52% 54% 10,800 Central L e a th e r.................. 100
53%
53
52*4 53
52% 52%
521.t 53%
52*4 53%
Do
pref........................... 100 1087g Jan 3
400
*110 112
*111
*110% 111
111 111
I II
111%
89% Feb 28
92
92%
92%
92
4,500 Chandler M otor C a r ......... 100
92%
92
94
92% 92%
92% 93
93
22% Feb 1
9,100 Shllo C op per____________ .25
22% 227g 227g 23% 22*4 23
22% 22%
22% 23
22% 23
51% Jan 31
57% z55% 50% 19,700 3hIno C op per_____ _______ . . 5
57
56% 57%
56% 57
57% 58%
56% 57%
39% M ar 1
100
Colorado
Fuel
A
Iron
_____
417g
44%
17,900
43%
44
42
41
42
42%
41% 41%
41% 43
2,500 Consolidated Gas (N Y)__ 100 130% M ar 1
132% 132% 132% 133% 133% 133% 133 133% 133 133% 133% 133%
75% Jan 31
82% 82%
9,800 Continental C a n .................. 100
84
88
82% 82%
80*.1 81%
80% 80%
80% 81
Do
pref..... ................. 100 106 Feb 1
100
108 108 *108 ItO
106 108
*106 10S *106 108 *106 103
19% Jan 6
23% 47,350 Corn Products R e fin in g ... 100
22% 23% 227S 23% 23
22% 23
22% 23
22% 23l,i
93 Jan 5
Do
pref.......................... 100
3,000
99 100
98% 99
93
98
97% 98
97% 97%
97% 98
82
86 260,900 Crucible Steel of America. 100 52% Jan 12
78% 81% 80% 83%
74
80% 83%
73
73% 82
Do
pref......... ................ 100 108% Jan 11
114% 1147g 1147g 115%
2,100
115 115% 113% 115
*111% 114
113% 115
202 204% 2047g 205
3,320 Cuban-Araerlcan Sugar— 100 152 Jan 5
188% 192
193 204*4 200 201% 200% 203
Do
pref......................... 100 101*4 Feb 1
*104 107 *104 106
200
*104 107
105% 106 * 104 107
45% 40%
47
47%
45% •18
4614 47% 46% 4878 47% 48% 18,750 Distillers' Securities C orp. 100 41% Jan 31
23 Feb 23
24% 24%
*24
25%
24% 25
2,500 Dome M ines, L td.............. .10
23% 24%
2 4% 25
24% 24%
28 M ar 7
*
*26
31
30% 31
600 Federal Mining A Sm elt__ 100
30
28
28
30 *
31
50% Feb 29
Do
pref______________ 100
*50% 54
53
54%
53
54
1,500
54
*50% 52
53
53
*50
305 310 §310 310
300 300
§285 285 §294% 294% §295 295
591 General Chem ical________ 100 §265 Jan 5
115% 115% *115% 117%
Do
pref_____________ 100 §113 Jan 5
486
*114 11712 114*2 11712 §115 115 §115 110
1677g 169
169 169
lG67g 107
169% 170% 170 170%
2,750 General Electric_________ 100 165 M ar 1
1671.1 168
400 469% 469% 470
400 465
1,700 General M otors vot tr ctfs. 100 415 Jan 7
*440 460
470 470 *460 473
Do
pref vot tr c t fs .. 100 110% Feb 4
100
*11212 113% *112 113’ .i *112% 113-74 *111% 113% 111% 113% *111% 113%
07% Jan 31
72
73% 27,900 Goodrich C o (B F ) ............. 100
70% 72%
70% 71%
70% 71l.t
70% 70-18 7 OI4 72
Do
pref......... ................ 100 110 Jan 24
900
1147s 11478 115 115lS 115% 115% *115% 1157g 1157g 116 *115% 116%
85 Jan 13
92% 92%
91
92%
91
91%
3,200 Granby Cons M S 3c P . . 100
92*5
91
89
89
91<2 92
44 M ar 2
497g 53%
50% 52% 26,600 Greene Cananea C o p p e r.. 100
49
50
♦44'g 45
44 <2 4412 45% 50%
21
21% 5,300 Guggenheim Exploration. .25 207g M ar 1
21% 21
21
21% 21
21
21
21
21U 21
447g 451g
4478 45% 45% 46% 45% 46% 46*8 4678 46% 4678 47,950 Inspiration Cons C o p p e r.. .20 43 Jan 31
19% M arlO
20% 22% 19% 20%
1,200 Internat Agrlcul C orp ------ 100
20% 20% *19% 22
* 1912 2ll4 *2012 22
56% Jan 13
00
64
58% 61%
00% 01
9,900
Do
pref.......................... 100
61
62%
63
62
*0012 62
109% 109% *109% 111
400 Intern Harvester of N J . . 100 108% Jan 7
•109 111
111 111 *109% U074 109% 110
Do
pref......... ............... 100 114 Feb 29
200
114 114
114 114 *114 119% *114 119% *114 119% *114 119%
13% Feb 15
16
16%
17% 24,100 Int M erc Marine ctfs o f d ep .
17
16% 17%
15*4 16%
151.1 1678
15
151.1
61% M ar 1
65% 6678 65% 68%
68% 71% 6878 71% 113.600 D o pref ctfs of d e p ..
6212 6312 63l2 67
42 M ar 1
461.1 471,1 15,800 Intern Nickel (The) v t o . 25
45
46%
46% 47
45% 45*4
4f
44%
9% M ar 1
10%
♦9% 10%
*9% 10% *10
200 International Paper......... 100
*9% 10%
*9% 10%
10% 10%
42% Feb 1
100
45
*43
45
*43
*43
45
*44
45
*43
45
*43
45
52 M ar 1
50% 150,636 Ke.nnecott C opper----------64% 57%
56% 57*4
57
57% z5G
54% 54%
54% 55*2
72% M ar 1
7
&
>
$ 76%
77% 78% 12,110 Lackawanna Steel.............. 100
74% 75
75% 76%
76
78%
70
76%
48% M ar 1
50% 51
50% 61%
5,900 Lee Rubber A T ire______
50
50
50*4 *50
5012
50%
49% 50
200 Liggett * Myers T obacco 100 249% M ar 3
250 250
255 255 *245 257 *245 257 *240 257 *245 265
____
*120
Do
pref........................ 100 119 Jan 12
*119%
111
*119
122 122 §120% 120% *119
15 M ar 3
*15
18*4 *15
200 Loose-Wiles Blse tr co ctfs 100
15
15
18*4 *15% 18*4
16% 16%
*16*3 18%
*
82% M ar 7
90
90
82% 82% *80
Do
1st preferred____ 100
82% 82% _*___
200
85 *
90
*
*
*
59
M ar 3
♦
♦
_
_
59
100
59
55
59
*47
59
59
196 196 *196 1977g *156 197%
*195 198% * 195 198 *195 198
166 Lorlllard C o (P )................ 100 179%Jan 19
____
*118
*117%
*118
*113
*118%
Do
pref_____________ 100 115% Jan 6
*118%
70 Jan 7
83
80%
80% 80% *79
83
81% 81% *80
200 M ackay Com panies_____ 100
*80
83
*80
65% Jan 20
68
Do
prof........................ 100
63
*07
63
68
67
67
*06% 63
68*4 *65*4 68
500
57% M ar 3
61%
60% 61% 16,000 Maxwell M otor Inc tr ctfs 100
627g
60
58% 6014
59% 60%
59
60
62
82 M ar 1
Do
1st pref stk tr ctfs 100
84%
84
3,012
83% 83%
83% 84
81% 84% z84% 85
83% 85
42% M ar 2
Do
2d pref stk tr ctfs 100
45% 46%
45% 46
4678
2,800
44% 45
46
46
4512 45%
46*4
93% M ar 1
97% 100% 101 104% 102% 10473 99% 102*4 101*4 103% 100 105% 151,050 Mexican P etroleum ......... .100
95 M ar 1
99% 100
2,000
Do
pref-------------------- 100
97
98
99 100
98% 101% 101 101 *100 102
337g M ar 1
35*4 36%
36
36% 11,050 Miami C opper----------------- . . . 6
35% 35*.| 35% 35%
35% 36
36% 36%
68% M ar 1
74% 77
72
74
77
1,800 Montana Pow er— ......... .100
72
74% *74
75
*76
76*4 77%
____
*107
*103
§112% 112% *111%
*111
Do
pref.................... .. .100 109 Jan 3
*108
50
121% 120% 121*4 *120 123
*120% 124% 121% 121% *120 121% *120
800 National Biscuit................ .100 120% Feb 28
126% 126% *121 126% *122 126 *121 126*i *122 126% *122% 120%
100
Do
pref....... ................. .100 125 Jan 3
22% Feb 1
25
25% 26%
25
*23% 25
25
25
25
3,750 Nat Knam’g A S ta m p 'g .. .100
25
25% 20%
92 Jan 19
*95
98
*98
98
97
*96
98
*95% 98
♦96
93
97
20C
Do
prof_____________ .100
61% Feb 28
66
67% 68
60%
66% 67%
67% 68%
68% 69% z67% 68%
6,500 National Lead.................... .100
113% 113% *113
115 *113 115
*113 115 *113
115 *113 115
10C
Do
pref....... ................. .100 112 Feb 9
15 Jan 31
16% 16%
16% 16%
16% 16%
4,300 Nevada Consol C o p p e r.. . . . 6
16% 16%
10% 16% zl5% 10
141
141
§139% 139% 140 142% 142*4 143
142 145% 145 145%
3,600 New York Air Brake------ 100 zl38% M ar 2
68% M ar 7
69% 69%
68% 63%
*68
*69
08% 69
69% 69%
70
70
930 North American C o ......... .1(H)
11%Jan 3
5
25% 26%
27% 28%
21% 25
20
28%
26% 267g
24*4 26%
6,400 Pacific M all........................
34 M ar 2
.100
40
*35
40
*35
*35
*35
*35
39
37
♦35
38
40
104 105
*103% 104 *103 104 *103% 101
104% 104% 104% 104%
1,400 People's O L A C (C h ic). .100 100% Feb 9
39% M ar 1
42
41
41
*40
1,90C Philadelphia C o (P lttsb). ..5 0
40% 41
41
41
41*4 42% *40% 42%
26% M ar 8
26% 29%
28% 28*4
301,t 301.1 *30% 32
29% 30
9,800 Pittsburgh C o a l ________ .100
28% 29
104% 104% *104 105
100 102
102 104
102% 102% 102 102
2,800
Do
pref_____ ________ .100 109 M ar 8
49% M ar 2
53
52% 53%
56*8
50% 50%
50% 53%
52% 53%
7,200 Pressed Steel Car_______ .100
51*2 52
103 *101
102% ♦101 102%
*101 102 *101
102 102 *101
102
400
Do
pref........................ .100 100 Feb 9
119% ♦117 119%
*116% 117% 116% 116% *116
117*4 117*4 118 *117
300 Public Serv Corp of N J . . .100 114 Jan 31
*162
162 162
162 162% 162% 102%
500 Pullman C om pany______ .100 162 Feb 28
164
163 163 *162 163
IJ
4 Jan 11
*4%
5
4%
100
4%
4*.|
4%
5
*4%
5
4%
900 Quicksilver M ining_____
4*4
5 Jan 4
0%
6%
G%
67g
6%
6%
0%
0%
6%
80C
Do
pref........... ............ .100
6%
6%
6'.|
37% Jan 12
39% 41
33% 38%
40
38% 38%
39
40
39
3,450 Railway Steel Spring____ .100
38*4 39
95% M ar 9
96% 98%
♦98
99
*95
98
98
98
98%
95% 95% *95
400
Do
pref...................... .100
22% Jan 31
24% 24%
24% 2478 21% 2 1*4 24*4 24% z24% 24*8 14,000 Ray Consolidated Copper ..1 0
24% 24%
48% Jan 31
507g 51*4
52% 52^4 17,000 Ropubllo Iron A S te e l.. . .100
52
52%
50% 51%
51% 52%
51% 52%
108
Jan 21
1 11*4 111% 111% 111% 111*8
111 111 *110% 112% 111% 111% *111
100
400
Do
pref_____________
11 Jan 24
*11
14
14
14
*12
*12% 14
*11
Ruraely C o (M ) ctfs o f deposit
*12% 14
*12
14
21 Jan 21
*22
27
Do
pref certlfs of deposit.
27
*22
28
*23
*23
*22
*22
27
27
27
*173 176
300 Sears, Roebuck A C o ____ .100 108% M ar 1
176 176 *172 178 *175 177
177 177 *175 178
*126% ____
*126%
10C
Do
pref...................... .100 125% Jan 8
*126%
127% 127% *126% ____ *126%
33% Feb 9
36% 37'.|
37% 38*3 16,550 Shattuck Aria C o p p e r ... ..1 0
36% 30%
36% 37%
37
37%
37% 38%
53% M ar 3
55
55%
54% 54%
55
55
56% 57
54% 55
58
1,600 Sloss-Sheffleld Steel A Ir. .100
58
170 170
176 176 *176
174 178
178 181
185
2,240 South Porto Rico S u g ar.. .100 140 Jan 29
110 110% *109% 110% §111
111% 111% §112
112 *109% 109%
111
Do
p r e f . . . .................. .100 106 Feb 2
570
86 MarlO
86
*82
90
88
*80
*82
87% *80
90
*80
90
90
100 Staudard M illin g _______ .100
85% M ar 1
*85
87
*84
*st
87
87
87
88% 86% *85
87
*84
10c
Do
p r e f .................... .100
133
M ar 1
140%
142%
.100
136% 138
137% 141
139 141% 137% 140
139% 142%
51,500 Studebaker Corp ( T h e ) ..
*110
114
113
113 113
113 113 *113
113% 113% *113 113%
400
Do
pref-------------------- 100 110 Jan 22
53 M ar 1
54% 55%
55% 57
51% 57
56*4 57
5612 57%
10,000 Tennessee C opper........... .. ..2 5
50*4 57%
199 203% 202 20S% 1190 193
199% 201
200% 201
201% 204
15,800 Texas Com pany (The) — .100 190 Jan 31
6% Jan 31
7%
*7%
7%
7*4
*7%
7%
7%
7%
7%
7%
600 Union Bag A Paper-------- 100
7*4
7*4
28 Jan 27
30%
29% 30
30
*28
*28
30
*28
30
30% 30% *29
300
Do
pref........................ . 100
59% M ar 2
60
*59
59% *59
60
*59
60
1 *59
60
United Cigar M frs........... .100
*59
__
110
100 109% Jan 5
*105 110 *105 110 *105 110
*105 110 *105
9 Feb 9
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
*9%
9*8
2,900 United Cigar Stores......... ..1 0
11% Feb 10
12
12
*lt78 12
Do
pref..... ................... ..1 0
900
11% 11%
11^8 11% *117g 12
*11% 12
141% 115
143 141
144 145% 143% 144
142% 143% 143 1U>
12,000 United F r u it ...................... 100 130% Jan 31
15% Jan 31
19%
17% 17%
18
19
19*4 21
*16% 17% *10% 18
18
2,300 U S Cast I Pipe A F d y .. .100
48% Feb 5
49
49%
49% *47
49% *47
49%
49% 49%
*47
Do
pref_____________ .100
49% *47
300
45 Feb 16
*45
45
49
49
*45
49
45
*45
45% 45% *45% 48
200 U S Express_____________ .100
149% 152% 149% 153% 151 153
113% 151
149 152% 150% 151% 29,600 U S Industrial Alcohol__ 109 120% Jan 11
100
106 *103
105% 105% *102 106 *104 106 *103 106 *103
Do
pref_____________ .100 192 M ar 2
10C
50% 52% 10,700 United States R u b b e r ... .100
47% M ar 1
49% 53%
49% 50
50
50%
49% 49%
50% 50%
*107 107% 107% 107% 107% 107% 107% 107% 107% 107% *107% 10S%
800
Do
1st preferred___ .100 100% Fob 5
82
83% 84% 255,450 United States Steel______ .100 z79% M ar 1
81% 83lS 82% 827g
83
84%
83
81% 82
r ll5 % Jan 31
115% 116% 110% 116% 116 110% 118% 110% 116% 116*4 116% 110*4
Do
pref........................
5,010
77 Jan 31
83% 44,200 Utah C opper......... ............ ..1 0
84% 85%
84% 85%
84% 81%
34% 85%
85% 86% z83
42 M ar 2
45
*44
44
43% -14% 44
4 1% 43
43*1
44
44
44
1.70C Vtrglnla-Carollna C h o m .. .100
111
*109 111 *109 111 *109 111 *100 111 §109 109 *109
30
Do
pref........................ .1(H) 109 Jan 29
87 M ar 1
8,373 8912
88%
90
90
89
90
89% 90
89
90
6188
3,000 Western Union Telegraph .100
60% M ar 1
64% 65^4 48,020 Westlughouse Elee A Mfg ..5 0
04
63% 61
65
63
63% 64%
64
b 62% 63%
75 Jan 31
*75
*75
77
79
*75
79
77
*75
79
*75
*75
79
Do
1st preferred____ ..5 0
210 224
225 230
228 228% 230 230
229*4 229*i
212 212
3,845 Wlllys-Overland (T h e ).. .100 199%Jan 31
105 105
103 103
103 103
103*4 101% 101*4 1017g *103 105
1,260
Do pref Sub rects full pd . 100 102 M ar 2
121% 121%
121
120% 120% 120% 120% 120 120% §121
*119 121
70C Woolworth (F W )______ _ . too 118 Jan 5
*123*i —
*125
*125
—
*125
*125
—
*125
—
—
—
Do
pref____________ .100 123% Jan 4
............
5
per share
S
per share
S
per share
.
• Bid and asked prices; no sales on this day.
dividend, x Ex-dlvldend.
§ boss than 100 shares.
t Ex-rights.
a
Ex-dlv. and rights.
PER SHARE.
Range ior Previous
Year 1915
Highest
Highest
$ per share
$ pershare $ pershare
89 MarlO
07% Dec
71% Deo
92% Feb 14 c24*i Feb
91*3 Nov
118% Jan 3
26*8 Mar 154% Oct
109% Feb 23
92 M ar 114
Sep
Oct
495 M arlO
46% Jan 600
91
Jan 184
Oct
145 Jan 6
79% Dec
87 Jan 3
9438 Oct
56% Aug
105% Mar 9
79% June
42% Jan 3
8 July
38*8 Deo
Dec
30 July
81
80% Jan 3
61% N ov
56% Jan 18
32% Feb
111% M ar 7 100*8 Jan 110% N ov
91 M ar 6
25% Jan 5
26*8 N ov
23% Dec
60 Feb 19
57*8 N ov
32*4 Jan
53 Jan 4
66% Sep
21*4 Jan
144% Jan 8 113*4 Jan 150% Oct
40% Jan 127
Oct
88 MarlO
88% Jan 10912 Deo
108 Jan 4
25% Jan 25
21% Oct
8
Jan
Jan
101% Jan 14
65
96*4 Deo
18% M ay 109% Sep
86% Feb 4
117% Feb
84 May 112% Sep
Jan 177
Deo
38
206 Feb
93 Mar 110
Sep
109% Feb
5% M ar
50% Oct
50% Feb
30% Deo
29% Feb
t ie June
60 June
35 Jan
8 M ar
65 June
57% Jan
20 Mar
Jan 360
Oct
310 M ar 9 165
110 Jan 27
106 Mar §116% N ov
178% Jan 17 138 M ar 185% Oct
495 Jan 3
82
Deo
Jan 558
116% Jan 3
Dec
90*8 Jan 136
24% Jan
76% Jan 3
80% Oct
Jan 114% Oct
116 M ar 9
05
91 June
99 Feb 10
79% Apr
37
Oct
53% M ar 9
52*8 D ec
Dec
24% Jan 3 x22 Dec
83
47% Jan 13
47% Oct
10*8 Jan
5% M ar
29*4 N ov
29% -fan 5
7134 Deo
71 Jan 5
8 M ar
112% Feb 1
90 May 114 June
119% Jan 4 111) July 120 N ov
23% Jan 18
18
Dec
20% Dec
85% Jan 17
55% Nov
77% Dec
5 0 % Jan 17
179*4 Dec 223% Oct
12% Jan 4
8
Jan
12% Deo
50% Jan 3
33
Feb
50*4 Deo
57% M ar 8
80 Jan 6
Jan
91*4 Sep
28
53 Feb 19
Dec
Jan 260
265 Jan 4 207
122 M ar 3 113*4 Jan 120 Deo
Feb
31
Jan
16
21 Jan 18
Feb 105% Jan
91% Jan 13
80
Dec
Oct
55
07
56 Jan 25
198% Mar 1 165% Jan 189 N ov
112
Sep 118
Jan
119% Mar 2
91 Feb 10
84 N ov
72% Jan
68 M ar 4
64*4 Oct
69*4 Jan
75% Jan 3
15% Jan
92
Oct
93 Jan 3
43% Jan 103*4 Deo
57 Jan 3
Jan
IS
68% Oct
129% Jan 3
51
Jan 124% Deo
105% Jan 3
67
Jan 104% Deo
39 Jan 4
17% Jan
36% Deo
77% Jan 17
42
Jan
79*4 Deo
114% Feb 23
Jan 120
Dec
99
Jan
125 Jan 11
Apr 132
116
129 Feb 8
119 May 127% Deo
29% Jan 5
36% Oct
9% Jan
Dec
Apr
97% Feb 18
79
97
Jan
73% Jan 19
44
70*4 M ay
115 Jan 22
10 1*4 Jan 115 N ov
ll*| Feb
10% Feb 23
17 Nov
153% Jan 15
56% Feb I6H4 Sep
Apr
75 Jan 3
Jan
81
01
Aug
29% M ar 2
zS% Dec
38
44 Jan 15
26% Feb
49% Oct
1117g Jan 3 100% Dec 123% Apr
46 Jan 17
Sep
35% Apr
49
30% Jan 17
42% Oct
15% Jan
111%Jan 13
Oct
81*8 Jan 114
65% Jan 4
25 Mar
78% Oct
1047g Jan 4
80 Mar 106
Oct
118 M ar 8 100% Aug 120
Deo
171%Jan 17 150% M ar 170% Oct
6% Jan 19
% Mar
5*4 N ov
8% Jan 20
6% N ov
*4 M ar
Oct
19 M ar
54
44% Fob 11
100 Jan 4
87 Mar 102 N ov
15% Jan
27% N ov
20 Feb 21
55% -Ian .3
Feb
19
5714 Deo
111% Mar 7
72
Jan 112*8 Deo
3% N ov
14*4 Deo
29 N ov
26 Jan
7% Oct
813134 Mar 209% Feb
188 Jan
Deo
137% Mar 3
121*8 Jan 126
40% Feb 14
Jan
24
63ti Jan 3
66% Deo
181 Mar 7
40
Feb 104
Deo
111% Mar 8
Oct
89*8 Feb 110
96 Jan 22
43% Feb
Deo
96
87% Feb 9
00
Feb
85 N ov
107 Jan
Oct
35*4 ■Ian 195
113%Jan
91
Jan 110% Oct
66% Jan
Sep
70
2512 Feb
235% Jan
Deo
120 M av 237
8% Feb 23
9% Deo
•1*8 Jan
3112 Dec
30% Fob 23
22% July
42
Jan
03% Jan 20
66*4 Oct
Oct
100 June 110
110 Jan
10% Oct
Dec
9
10 Feb 19
12% N ov
11% Oct
12 MarlO
150% Fob 11 139 N ov 163 N ov
Jan
31% Oct
8
25 Jan
32% M ar
65% N ov
51% Jan 4
73% Mar
43% Dec
47 Jan 0
15
Jan 131*4 Deo
109 Jan 21
70
Jan 107 Nov
114 .
44 July
74*4 Apr
58% Jan 3
1 to Jan 12 101*8 Feb 111)
Apr
89 Jan 3
38
Feb
89% Deo
zl02
118% Jan
Oct
Feb 117
48% Jan
86% Feb 19
81*4 Deo
51 Jan l
Oct
15
Jan
52
112 Jan
80
Jan 113% Deo
92 Jan 1
90 N ov
57
.Ian
74% Oct
89% Jan
32
Feb
Oct
85
78 Jan
58% Mar
Feb 268 N ov
235 Jan
87
106 Feb
90% Jan 120% Deo
125% Feb
Aug
Jan 124
121% Feb 18 115
6 Now Stock,
t
Par S25 per share,
s
Ex-stock
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
959
Price
Friday
March 10.
Bid
Ask
U. S. Govern meat.
D B Da consol registered.. 41939 Q - J 9 9 3 4 ____
D H 3s oonsol coupon------- >11930lQ - J 99*4____
O 8 8 e registered_________ *1018 (J F 102% 102%
U 8 8 s ooupou...... ..............*1918 Q - F 102is Sale
O S 4a registered................. 192.r> U - F 11034 ____
cou pon________
1925 Q - F 111% 112%
99 ____
0 S Pan Cana! 10-30-yr 2a.*193«
0 8 P n Canal 10-30-yr 2a_-193a
3 Panama Canal 3s g___ 1001 Q -M 103% Sale
- 100
0 8 Philippine Inland 4s. 1914-34
US6a
V
P trilea Government
Anglo-French 5-yr 5s Exter loan.
Argentine— Internal 5* ol 1 9 0 s..
Chinese (Hukuang Ry)— 5s of M I
Cuba— External debt 5? of 1901
Exter dt 5s ol 14 acr A __ 1949
External loan I
. 1949
fapanese Govt— £ loan 4 :4 s 1925
8 econd scries tjs............. 19 3 5
Do do "German stamp".
Sterling loan 4s
____ 1931
Mexico— Extor loan £ 5s 01 1899
Gold debt 4s of 1904 _____19
Prov of Alberta—deb 4 14 s . . 192!
Tokyo City—5s loan of 1912 ..
1
on i.ts
'theseart prices
basis0'
Slats and City S*ciirit<«».
........ ...........1909
W Y City—4
4 %a Corporate stock. . . 1081
4>4s Corporate s to c k ___ 1985
4}*s Corpora's stock ...i9 0 3
1% Corporates t o c k ____1959
1% Corporatestock . . .1953
S% Corporate stock.........1957
4% Corporate stock_____1958
New S tis.............
1937
New
io n
»H % Corporate stock ...1957
444 % Assessment bonds..1917
514% Corporate stock.. 1954
* Y Htato—4s.......... ... ...1901
Canal Improvement 4s ...1901
tie
Low
High No.
99% Jan To ___
0714 Oct '15
1
102%
102%
3
102%
102%
111% Mar'16
111% M ar'll ___
98 U Oct ’ 15
97 July* 15
1
103%
103%
t()0 Feb •1.
2376
89*4
89*4 11
77
78% 20
2
100
100%
96% Mar'16
4
84
85%
86
80% 52
28
84%
85
117
76%
77
7
63
63
60 Feb ’ ll ___
50 Feb T6 —
J - D ____ S5
95% Jan T5
F- A J
7834 33
M- S t 78% Sale 78%
S3to£
94 Sale
t 893.t 91%
t 78% Sale
100%____
94% 96%
8 4% ____
t 80% Sale
t 85 Sale
t 7078 Sale
68*4
3 - J t 65
A -O
;vi- d
.1 -D
M ■8
P-A
F. A
F- A
J - J
t» 8
a- 8
J -D
M- 8
M- N
M- N
iVI-N
M -N
M- N
M -N
M -N
f»- 8
J - J
J - J
J - J
J *J
v/t»u<Ai *ui ,.Mu vuiuuu l
iwo.j s
J* - *J>
Highway Improv't 4 14s.. 1983 M- S
Highway Improv’ t 4U s._ 1986 M
" - 8
"
Virginia funded debt 2-3S ...199 j - j
8s deferred Brown Bros otfs..
Railroad.
sea Arbor 1st g 4s ........ 11.1995 Q - J
A -O
A •O
adjustment gold 4s____*1995 Nov
Registered .................. *1995 Nov
Stamped..................... *1995 M -N
Conv gold 4 s ....... ..............19 55 J -D
Conv 4s issue of 1909____ 1955
Coav <a Issue of 1910 ___ 1000 J -D
10-year 5 s ........ .........
1917 J -D
'Cast Okls Dlv 1st y 4s . . . 1 9 2 8 m - a
Rocky Mtn Dlv 1st 4 s ...1965 j - j
Trans Con Short 1st 4«, 195s j - j
Cal-Arls 1st A ref 4 14s " A " 1902 M- 8
6 Fe Pres 4 Ph 1st g 5a ...1942
ail Coast r. 1st gold is ___ *1932 M- 8
Gen unified 4 % , . . .......... 1804 J - D
Ala Mid 1st gu gold 5s . . .192,-. M- H
Bruns * W 1st gu gold 48.1030 J - J
Charles A 8av 1st gold 7s. 1930 J - J
L A N ooll gold i s ______ el9V2 M -N
9sv F A W 1st gold 6n___ 1934 A - O
1st gold 6s....................... 1934 A -O
011 Sp Oca A G gu g 4a___ 191S j - 1
Salt 4 Ohio prior 314a_____ 1925 j - j
Registered................... *1925 t j . j
et 50 year gold 4s____ *1943 A -O
Registered
............ *1943 Cl - i
SO-yr conv
1933
-fMtts Juno 1st goto fls........ 1922 J - J
? Juno A M Dlv let g 314s 1926 M-N
P L E 4 W v* Sys ret is .1941 M- N
Southw Dlv 1st gold 3 14s 1925 J - i
Cent Ohio R late g 4 14 a .. 1930 M- S
Ol Lor A W eon 1st g 5 s..1933 A - O
Motion ltlvor 1st gu g 5s .1910 f - A
Ohio River RR 1st g 5s . .1930 J -D
Geueral gold os . . . . .1937 A -O
Pitts Clev A Tol 1st g 0».. 1922 A - O
Pitta 4 West I -f g 4s .. .1917 J - J
Btat III Ry 1st *11 « 4 14s 1943 J - D
nclivla Ry 1st 5s _______ 1927 J - J
H- Halo K . t r geo g 6a........1937 M- S
’.mnaol 414 s .................. .1957 fW- N
411 4 West 1st g Is g u __ 1938 A -O
Clear 4 Mali 1st gu g 3s..194.3 J i
Roob A Pitts Is. gold Bj .1021 f A
Consol 1st g Os . . . 1922 i O
Canada 8ou cons gu A 5 s.. .1962 a O
Registered__
1992 A - O
Car Clinch 4 Ohio 1st 39-yr 6s '3 3 i O
Central of Ga 1st gold 5s
*>;o«5 Y A
Consol gold 6s . . . _ .tot.’, M- M
Obatt Dlv pur money g is 1051 4 D
Mao 4 Nor Dlv 1st g 5s.. 1940 J J
Mid Ga A Atl Dlv 5j ___ 19t7 i i
Mobile Dlv 1st g 8 s . . .Il9ifl 1 J
'Jen UR 4 B of Ga col 3 3 s 19.37 M-N
TJvut of N J gen’! gold H.> . 1937 1 ■ J
Registered . __
.* 1 9 8 7 y - j
toi Dock 4 tmp go 5s ... 1921 j - j
Leh 4 Hud Ulv gon gu g 5sl920 j - j
N V 4 Long Br gen g Is .1941 M- 5
•.lent Vermont 1st gu g 4s .<1920 Q - r
JUres 4 O fund A Impt 5s. .1929 j j
1at consol gold 6S ______ .1939 M-N
Registered ______
1939 vi -N
General gold 4 H a______ 1992 M S
Registered.. ______
1&9-'
Convertible 4 4 s _____ .1930 F A
Big dandy 1st I s .......... 1941 J •D
Call River Ry 1st go 4s .1945 » - D
Craig Valley 1st g « s . .. .1940 J 1
Putts Creek Br 1st 4s . . 1916 .J - J
*t 4 A Dlv 1st con g is _10.89 J - J
2d oonsol gold 4s . . . .1989 J * J
Greenbrier Ry 1st g j g ts 1940 M- N
M- 8
Warm Springe V 1st g 5 s.. 1941 ...
•onto A Alton UK ref g 3 s ... 1949 A O
g<l4!sr jt 1st lien 3 4 8 ...... 195!) j' - j
Chic B 4 Q Denver Dlv i s . .1922 F - A
•.Mlnols Dlv 3 4 s . .............1049 } - J
J - J
J - i
A -O
A -O
Week’s
Range or
Last Sale
Bonds
Sold
BONDS
N . Y . STOCK EXCHANGE
Week Ending March 10.
Interest
Period
Jan. 1909 ffla Rzchange method of quoting bonds was changed, and price* are now all— "and interest"— except for income and defaulted bonds.
94
94%
102% Sale 101*4
102% 49
102% 102% 102%
102% 26
107% Sale 107
107% 23
107% 107% lu67s
28
107
99% 99% 98*8
991.1 203
99
99i4 99
99*4 59
99
99% 98*8
83
99
98% 98*4 9714 Jan TO ___
0
1007s 107 100%
10G78
100 102
7
100*4 Sale 100*4
106*4
100 10112
------ 887J SS*a Feb TO ___
104*4 105% 105 Mar’ 16 —
------ 105% 102 Jan TO --- - ____105% 102% Jan 'If
102% Jan 'If —
114*4 115 115 Feb TO . . . .
107% Feb 'If —
114% U47g 115 Mar'16 ___
1
105% . . 107
107
____ 89% 88% Jan TO ___
50% 51
50%
51% 23
Range
Since
Jan. 1.
Loto High
99% 99%
102%
102%
109*4
110%
102*4
102*4
111%
111%
101% 103%
93% 90
89*4 95*8
69
78'.i
90% 100%
91% 90%
81% 85%
82% 86%
78% 85
73
77*4
63
61%
60
60
50
50
________
74
SO
101
101
106%
1057g
97%
98
97*8
97%
105*4
102%
102%
108
107*8
99%
9934
99%
97%
107*2
LOG 107%
8 8 *s 88*4
102% 105*8
102 102
102% 102%
102% 102%
113 115
100% 107%
112% 115
107 107
88% 88*s
50% 50
03
64% 11 63
65%
91%
94% 81 94
95%
93% Feb 'Mi ___ 93
93%
2 86*4 8 8
87%
87%
80% Jan TO ___ 81% 80%
87%
87% 18 87
88%
1 103 107%
103
103
102*4 103% 99>g May'l3
49 103 107*4
103% 104 “ 103%
104
3 101% 10134
101%
101*8 101% 101%
93 ____ 90% Feb TO - - - - 90
96%
80% 88
89
88% Feb TO ___ 80
13 89
91 Sale 9078
91
91%
97 % 973,4 98*8 Feb TO ___ 98
99
103 105
92% Sale 92
92% 40 9134 91*8
9134 92% 91%
92% 60 91*8 02*g
100%____ 106% Feb TO . . . . 100% 107*8
94 ____ 94*3 Mar’ lG —
93*4 95
Am; 16
133*4 . .
40 S0% 87%
80% Sale 86%
87
120 ____ 121 Feb T6 . . . . 121 8122
108% ___ 105 iulvT.5
99
. . . 99% Feb TO ___ 99% 99%
93 Sale 92%
93% 51 92% 93*4
92 > 4 ____ 92% Feb TO . . . . 92%' 92%
91*8 Sale 91%
91*4 139 01% 92%
- — 9 h 2 91 Mar'10 ___ 89% 91%
907s Sale 90*4
174 96*2 08*8
97
105
9U* 9 2
01 *4 Feb TO __ _ 91
91*4
89% Sale 88*4
89% 25 88% 90
91% 9H% 91%
91% 39 91% 92%
100*4 __
100 Apr ' 13
107%____ 107% Feb TO ____ 107% 1077g
t0l5s ___ 101 Deo '15
106%
102% Oct '15 ___
104*4 . .
9S34 N ov'15
105-*4
113% Feb T2
9 9 % ____ 09% Fob TO
99% 99%
*91% _
____
109% 110% 109*8
2 107U 109*8
109*8
102% ____ 103 Feb TO
102 103
92*8___ 92 Nov'15
104 ____ 103% Feb TO
103% 103%
107*4 .
108% Feb TO
107% H)8%
110% 110*4 107*4 Feb TO ___ 107*4 h o t
____104
2 103 101*8
1*3
103
- - - - - 108% Apr '14
971* j j co -ifi ___
93
94
107%____ 107*8
2 107% 108
107*8
100% 101% 100%
1 100% 102
1001?
83*4____ 83% Jan To
83% 83%
103% ___
10134____ 100% Mar i-,
___
103% .
102% Jan TO
102% ii)2‘ %
____ 96*4 95 Feb TO
95
97
3 110 118%
117*4 118 117*4
118
117% Sale 117%
4 115% 117%
117%
103*8 101 103%
1 103% 103*8
103*8
____
102 ____ 100 lone 13
98 100
80
81
80
S3
80
81
------ 97
90
9.8
97 Feb TO
10512 Sale 105%
105% 107*8
105%
102
7j
9178 Sale 91%
92*8 29 91
93%
89*4 91
90% Feb TO
90% 91
87*4 Sale 37%
20 80% 89
(8
------ 85
85
85
83
83% 81 Fob TO
84
81*4
96*4 93% 90*4 Feb TO
96*4 90*4
63
94%
93%
87%
...
87%
05
Sale
.
Safe
86
88
BONDS
N . Y. 8TOCK EXCHANGE.
Week Ending March 10.
Price
Friday
March 10.
Ohlc Bari A Q iCots.)—
Joint bonds, ice Great North
Nebraska Extension 4s__ 1927 M ..N
Registered...................... 1927 M -NN
Southwestern Dlv 4s____ 1921 M S
General 4s...............
.1958 M 8
Chic 4 E II! ref A Imp 4s g..l9 5 5 J J
1st consol gold 0s________ 1931 A G
General consol 1st 5s____ 1937 M N
Registered...... ................ 1937 " N
Pur money 1st coal 5s___ 1942
A
Ohio & ind C Ry 1st 5 s ... 1936
J
Ohlc Great West let 4s____ 1959 ..
S
Chic Ind 4 Loulsv— Ref 6s. 1947 J J
Refunding gold os............1947 ‘
i
Refunding 4s Series C ___ 1917
s
Ind 4 Loulsv 1st gu 4s__ 1956
1
Ohlc Ind 4 8ou 60-year 4s..1956
J
Ohio T 8 A East 1st 4 4 s ____1969
D
Chicago Milwaukee A St Paul—
Gen’ l gold 4s Scries A___ £1989
J
Registered....................£1939
J
Gen 4 ref Ser A 4 4 s ____a2011
O
Gon ref conv ser B 5s__ a2014
A
Gen’I gold 3 4 s Ser B___ «1989
J
General 4 4 a Ser G______el9S9
J
35-year deben 4s________ 1934
J
Convertible 4 4 s ________ 1932
D
Ohio 4 L 8up Dlv g 6s____1921
J
Ohio A Mo Rlv Dlv 5s___ 1928
J
Ohlc 4 P \V 1st g 5s........ .1921
J
J
O M 4 Puget 8d 1st gu 4s. 1949
J
.Dubuijne Dlv 1st s f 6s__ 1920
J
Fargo 4 Sou assum g 6s. .1924
J
La Crosse 4 D 1st 5s____ 1919
3
WIs A Mien Dlv g 5s____ 1921
WIs Vail Div 1st 6s.......... 1920
J
D
Mil 4 No 1st ext 4 4 s ___ 1934
D
Cons extended 4 4 s ___ 1934
A
Chic 4 Nor '.Vest Ext 4s 1386-1926
A
Registered_______ 1888-1926
General gold 3 4 s ________ 1987
N
Registered__________ pt987
F
General 4e_______________ 1937
N
Stamped is ...... .......... _.19S7
N
General 6s stamped . . 1987
N
Sinking fund 9s___ 1879-1929
0
O
Registered............. 1879-1929
o
Sinking fund 5s.........1879-1929
o
Registered ............. 1879-1929
Debenture 6s___________ 1921
o
Registered____ ______ 1 9 2 1
o
Sinking fund deb 5a.......... 1933
N
N
Registered........................ 1933
Prem Elk 4 Mo V 1st 6 s.. 1933
O
Man G B 4 N W 1st 3 4 s 1941
J
Mllw A 8 L 1st gu 3 4 s . . . 1941
J
Mil L 8 A West 1st g 6 s ... 1921
8
Ext 4 Imp s f gold 6 s ... 1929
A
Ashland Dlv lit g 6s. 1925
8
J
Mich Dlv 1st gold 6 s...1924
8
Mil Spar 4 N W 1st gu 4s. 1947
8
Northw Union 1st 7s g . . . 1917
J
8t L Peo 4 N W 1st gu 6s. 1948
D
Winona 4 at P 1st ext 78.1916
Chicago Rook Isi 4 Pso 6 s .. 1917 J
Registered_____________ 1917 J J
Xu general gold 4s________ 1988 J J
Registered___ _________ 193 3 J J
Refunding gold 4s_______ 1934 " O
20-year debenture 5s_____1932 J
Ooll trust Scries P 4s____ 1918 M N
H I Ark 4 Louis 1st 4 4 a . .1934 M 8
Bur C R A N— 1st g 5s. ..1931 A O
O R I F A N W 1st gu 5s__1921 A o
M A 8t L 1st gu g 7s____ 1927 J D
Choc Okla 4 O gen g 5s.ol919 J J
Consol gold 5s.............. 1952 ** N
Keok 4 Dea Moines 1st 5s 1923 A O
St Paul 4 K C 8b L ist 4 4 s ’41 F A
Ohio St P M 4 O con 6s___ 1930 J D
Cons 6s reduced to 3 4 s . . 1930 J D
Debenture 5s.................... 193 0 M 8
Ch St P 4 Minn 1st g 6s. .1918 M N
North Wisconsin 1st 6 s . . . 1930 J J
8t P 4 8 City 1st g 6s ...1 91 9 A O
Superior 3hort L 1st 5s g.tf 1930 M 8
Ohio T II 4 3o-enst 1st 5s__ 1960 J D
Chic A West Ind gen g 6 s..,1932 Q M
J
Consol 60-year 4s________1962
J
Oin H 4 D 2d gold 4 4 s ........ 1937
}
1st 4 refunding 4a............. 1959
J
1st guaranteed 4 s.............. 1959
N
Cln D 4 I 1st gu g 5s. .. 1941
N
C Find 4 Ft W let gu is g. 1923
J
Cln l A W 1st gu g 4s . . . 1953
J
D a y * Mich 1st cous 4 4 s . 1331
Ind Deo4 W i>t g s3___ _ 193".
J
let guar gold 5a_______ 1935
D
Cieve cm C A St L gen 4 s.. 1993
J
20-yr deb 4 4 ,1 . _ . ______1031
J
Cairo Dlv !st gold Is
1939
J
Cln W A M Div in g 4s 199)
N
1990
St L Dlv 1st coll tr g 4s
N
Registered_______ . 1990
S
Spr A Col Dlv 1st f 4s
194u
W W Val Dlv 1st g 48.
J
1911!
0 18,* L 4 C consol os . 1920
__ IVJ- N
1st gold 4s _______ .4 1 9 3 6 Q r
Registered____ ____r 1936 Q-F
Cln 8 4 Cl coo 1st g 5s. . 1923 J
C C C A 1 gen con g 6 3 . . . 1934 J - J
Registered
.
1931 J - J
led a 4 W 1st pref. 4s.. 1940 A - O
itid 4 W 1st pref 5s . . r'193 Q-J
Peo 4 East 1st coo 4 s ... 1940 A - O
Income i s ___ _____ 1990 Apr
Clevo Short L 1st gu 4 %s. .1901 A - O
Col Midland 1st k 4 s . . . . . . 1947 J - 1
Trust Co cortfs of deposit
Colorado 4 Soil 1st g 4s . 1929
Refund <t Ext t '4s. __ 1935
1921
Ft W 4 Den C 1st g 6 3 . ___
Conn 4 Pas Rlvs Is! e 4s _ 19(3
Cuba RR 1st 50 yr 6s g . 1952
Del Lack i Western Morris 4 Es 1st gu 3 4 s 2000 J O
N Y Lack 4 W 1st 6s___ 1921 J - J
Construction 5s_______ 1923 P - A
Term 4 Improve 4s...... 1923 M -N
Warreo 1st ref gu g 3 4 s . .2000 F - A
Del A Hud 1st Pa Dlv 7 s ... 1917 M- 5
Registered.......... .......... 1917 M S
10-yr conv deb 4a _____ 1916 -J -D
1st lien euulp g 4 4 s _____ 1922 J 1st 4 ref 4s_____ _______ 1943 M20-ycar Conv 5 8 ___ ____1935JA Alb 4 Sus conv 3 4 a _____ 1940 A Rens A Saratoga 1st 7s__ 1921;M -
85% Sale 85%
85%
2 81% 85*4
8318____ 83% Feb TO
82
83%
*Sl«2 . . .
90%
113% Feb ' 15
58*4 59% 58% Mar’ ioj
57"
59%
44
45
44%
44%
5 43
17
99*4___ 99*4 Mar'10
09 100
85% 8573 85%
8534! 43 85
87
95 Sale 95
95
3 9 1 % no
_________ 97% Dec Tfi
1027*____ I027g Feb TO __ 102% 10278
0 9 % ____ 99*4
9934
2 90*8 00*4
d Due April. * Due May. g Due June, ft Due Julv. ft Due Aug
0 Due Oct
Week's
Range or
Last Sale
Low
Range
Since
Jan. 1.
High No. Low High
98 Sale
96*4
99%
933s Sale
24
25
____ 105%
79
79
—
98
98
98 Jan '16
99% Juue'
92*4
93%
24
24
10412
1041;
79
79
71 June’ 15
97=4 Feb '13
15
21
24 Jan ’ 16
72 Sale 717S
72
112 114 113% Feb ’ 16
97*4 101% HO F e b ’ 16
SI
85
95*8 Apr 'l l
70
55 Dec '15
90% 91% 9112 Fob ’ 16
97*4 —
98% Deo '15
7
9734 995s
96
96
9234 943g
24
251*
IO4 I4 105
79
825g
21 24
7134 74
11 U2 1131*
100
90
100
911*
92% 92*4 91%
9234 38 91is 94
92^8 Feb '16
925s 925s
93% ’ 94% 9413
17 93l2 941*
9414
107*8 Sale 107
1073s 09 106i8 110
20 80i2 8U*
80% Sale S012
8 OI2
103% 103% 1034
10338 10 102i2 101
92% 92*4 92ls
9234 26 92
93lj
101 Sale 1003.1
10114 114 100l2 1033*
103*4 104 103~8 Feb ’ 16
103's 1037s
105*4
10 ,% Feb ’ 10
105U 1051*
li 13*4 Sale 10334
1037s
IO.314 1037g
9178 Sale 9 U4
917s
9034 917g
107 107% 10738 Feb ’16
107>8 1073g
111%
11C June'13
102%
10234 Feb ’ 16
1025s 102*4
10334 104 10334
10334
103J2 104
107 107% 10714 Feb TO
107U 10714
102%
100% Nov'15
101*4
101 Feb '15
i o i " ioi‘ *
98*4
96is Feb '16
95 lg 97*s
95
HI1* Nov'15
82 Sale 813s
82
81% 84
78i2 Jan T4
94% Sale 91%
9412
94% 951*
____ 94% 94 Feb '16
94
96
116 116% 116
114% 116*4
116>2
1 12
112>2 Jan TO
112% 1121*
111 111*4 1054 Dee '13
104*4
10434 Jan TO
104*4 104*4
10334
104 Feb '16
104 104
103 104% 103 Feb '16
103 103
101 1 iee '12
104% 10178 IOH4 Feb '16
104 1047g
10U* Mav" (6
121% —
117 Aug '16
90lt Sep '09
83
107*4 108 I0S3s Feb T6
108% 109
107%
107*2 Feb '16
106% 1071*
1125S
1114 Dec '15
112 113 112i2 Feb TO
112% 1121*
91
91% 91 sg Mar’ 16
91% 94
10:i*8
1073s May’ 14
106% 107 li:6i2
107
106*8 109
102
1024 Dec '15
102*8 102*8 1 0 2 12 Feb T6
io fi2 102%
102
102
102
i o n 2 102
85% 86
8512
84% 87
8558
83% 85
84 Mar’ 16
83
84
66% Sale 654
63*4 691*
66i2
44
45
43
45
41% 49
79
9434 June' 11
52
58
58 Feb '16
55
65%
99*8 100*8 100 Feb TO
99*4 100
99 —
ICO7* Mar'14
99%
90
60*8
66%
118%
89*4
____
118
118
104%
981s Jan '16
973s July'In
58 Jan '16
65
66i2
1185s Jan TO
____ 8734 Feb '17
102*8 102*2 Mar'16
118i8
May *09
105%
Feb T6
____
Sale
68
80
100% 1067s
79% Sale
85
80
75
87
27% —
78%
85%
84%
75%
80
Safe’
86%
85
77
80%
SO
84"
83%
105
91%
Oil's
10134 ____
110 —
80
—
'67% ’ 69*4
30
101 Sale
9
10
8% Sale
92 Sale
84% 85%
105 106
87
95
Jan '14
; Feb '16
79
SO
86% Jan T6
86% June 12
25 July'15
88 M a r'll
05 J'ly 'l l
94% Doc K
65 J ly T4
107% Der 'OV
77%
78%
85% Feb TO
84*4
84*4
77
77
80
80
82% Mar'14
85 Deo ' 15
84*4 Jan TO
i16 Nov'15
OUs Feb T6
SH
If 2i2 Mar’ 16
106** JutyT4
94
ioou
iooi2
10112 -----97
97U
10634 Sale
87i2 Sale
112)4____
58’
65
118%
87*4
102%
118%
’ 58”
71
118%
87*4
103
118%
105
105*8
106% 107%
79
81%
86% 88f*
77%
85%
843*
77
79
81
87
87
77
841*
8434 84*4
91% 91%
102% 102%
Julv'03
67l2
671;
30 Feb TO
101
9
9
8i2
8l2
92
92l2
8434
85'4
10514
94
87i2 Sale
1075s 10834
1035s-----9834 99l2
84 -----10412 10478
98% 98%
Feb '16
87i2
87i2 15
109 Feb TH
ii.4l* Feb '16
95'x Sep T6
102 G Feb 01
101»s Dee T5
1 0 4 4 Feb TO
3
100%
100%
10134 Mar'16 ___
9
96%
97
19
106%
11)7
87%
87*s 69
113 Feb T6
6634 70
29
36
t00% 101%
8
10
7
8%
91% 93%
84% 87%
105% 1053*
94
94
86% 87%
10.8% 109
104% 1041*
1041*
100%
100%
96%
106
85*4
113
104%
100%
10134
97*4
108
8734
113
p Due Nov. t Due Deo. , Option Bale.
960
BONDS
N . Y . STOCK EXCHANGE
Week Ending March 10.
[Vol. 102.
flew York Bond Record—Continued-Page 2
P r ic e
F r id a y
M a r c h 10.
B id
W eek’s
R a n g e or
L a st S a le
A sk Low
H ig h
BONDS
N . Y . STOCK EXCHANGE.
Week Ending March 10.
II
P r ic e
F r id a y
M a r c h 10.
B id
W eek ’s
R ange or
L a s t S a le
A sk L o w
H ig h
R ange
S in c e
J a n . 1.
Low
H ig h
89 Deo '15
Leh A N Y 1st guar g 4s_____1945 M- S 90% 92
78
Denv A R Gr 1st coa 2 4s_1936
J-J
77% 77% 7714
Registered_______________ 19 45M- S
83's
Consol gold 4J-*s............ 1936
J-J
83% 8312 83's
105%
104% 106%
105%
105%
Long laid 1st cons gold 5s. .01931 Q - J
Improvement gold os____ 1928 3 - D
77*4 79% 79 Mar’16
S9 4 Oct '16
1st consol gold 4s__ ____A1931 Q - J 94%
56
57
1st A refunding 5s________1955 F - A 56*2 Sale
88
90
90 Feb TO
88
85*2
General
gold
4s____
_____
1938
J
-D
loo
D
o
o
’
12
iUo Gr June 1st gu g 5 s..1939 J - D 8534 90
99% 99%
99%
Fsrry gold 4>*s__________ 1922 M- 8 95*2 99% 99%
Rio Gr So 1st gold 4s..........1940 J - J
33
35'4 61*2 Apr ’ l l
99% Oct '06
Gold
4s........
......................
1932
J
-D
35
N
ov’
15
Guaranteed__________ 1910J - J 35
85% 86
86% 85% Mar'16
Unified gold 4s.................... 1919 M - S 86
74-i.i
75i2 21 74% 78*2
Rio Gr We.it 1st g -is........ 1939 J - J 74% Sale
97
97
96% 97 Jan TO
Debenture gold 5a________ 1934 3 -D
62
65
Mtge * eol trust 4s A . . 1949 A -O
02
64'2 64 Feb T6
88%
87
88%
87%
Salo
83*8
Guar
refunding
gold
4
s
...
1949
5
1
-3
Apr
'14
90
Utah Cent l3t gu g 4s.al917 A - O
Jan
’
l
l
95
Registered_____________ 1949 51- S
9012____ 100 M ar’ 15
Des Mol Un Ry l3t g 5s___ 1917 M- N
101% 103%
103*2
103*2
N Y B A M H 1st con g 5s. 1935 A - O 102
90
90 Jan '18
80
85
Det A M ao. 1st Hen g 4s__ 1995 J -D
102% 103
N Y A R 13 1st gold 5 s . .. 1927 M- S 103 103*2 103 Feb TO
85
85 Jan '16
80
90
Gold 43.......
1995 3 -D
102 102
102 Feb TO
Nor Sh B 1st con g gu 5s.ol932 Q - J 10 1
94
93 Mar’ 16
Oat Riv Tun-Ter Tuu 4^3.1961 M -N ____ 93-34
97% 97%
Jan '16
90
86*4
97*2
Louisiana
A
Ark
1st
g
5s____
1927
MS
104-14
Deo
'15
104
106
Dul Mlsaabo A Nor gen 53.. 1941 J - J
111%
112%
1
1
1
%
1
1
2
%
112*2
1
1
2
%
102% 103% Loulsv A Nashv gen 6s______1930 3 - D
Oul A Iron Range 1st 5s___ 1937 A -O 102% . . . 102 U Feb '16
108% 108%
108% Jan '16
Gold 5s...............
..1937 M -N 109%
100 Mar'OS
Registered......................... 1937 A - O
94% 96
95
95
95%
94*2
Unified
gold
4s...................
1910
J
J
93%
Jan
'16
93%
95%
*9
2
"
95
Du So Shore A At g 5s........ 1937 3 - J
94 Juno’ 14
Registered_____________1940 J - J
103 104
Elgin Jol A East 1st g 5s___ 1941 i\l-N 103 104% 104 Feb '16
105 105%
105*4
Collateral trust gold 5s___ 1931 M- N 105% 106 105%
110% 111%
110%
Erie 1st consol gold 7s______1920 M- S 11012 11078 110%
107%
Dec '15
107%
112
E
n
A
Nash
1st
g
6s..........
1919
J
O
9712
June'14
9518 —
N Y A Erlo 1st oxt g 4a__ 1947 M -N
100% 101%
L C InA Lex gold 4449_____1931 M -N 101% 102 101% Feb '16
101%
10 1 % 1 0 1 %
2d ext gold 0 3 _________ 1919 M S 101% 10212 101%
115% 110
N O A M 1st gold 0s____ 1930 3 - J 115% ____ 115% Feb '16
3d ext gold 4 H s ,______1923 !*1 S 99% ------ 98>2 Juno’ 15
2d gold 6s ...............
1930 J - J 109 ____ 109% Mav 16
Id ’i % 102’ %
o 10212____ 102is Feb T6
4th oxt gold 5s________1920
90
90*s
90
90
Paducah A Mem Dlv 4a.. 1946 F - A 89% 90
D
9 4%____ 9 4 N o v '15
5th ext gold 4s__ !_____ 1923
107 108%
107
8 t Louis Dlv 1st gold 6s . . 1921 51 - 8 106%____ 107
110% 111
W Y L E A W 1st g Id 7s ..1920 M S 110 11012 110% Feb '16
61
62%
62%
Feb
'16
6
1
%
____
1980
51S
2d
gold
3s.......................
85
84% 86%
J 84% Sale 84%
Erie 1st con g 4a prior___ 1996
87% 90
88%
87% 87% 88%
Atl Knox A Cln Dlv 4 s ... 1955 51-N
80 Oct ' 15
J
Registered___________ 1990
111 Jan '13
103%
Atl
Knox
A
Nor
1st
g
5
s..
1946
J
D
74%
77
74-14
75
7-4%
Sale
J
J
1st consol gen Hon a 43__ 1996
Hender Bdge 1st s f g Os.. 1931 M- S 105 % ____ 105 June 15
76ia Jan '16
76% 76%
Registered___ _______ 1998 3 - J
87% 89
88%
Kentucky Central gold 4s. 19.87 J - J 88% Sale 87%
89%
8914 ------ 8914
88% 90
Penn coll tr g 4s_________ 1951 e - a
99% 100%
L A N A M A M 1st g 44*3 1945 M- S 100%____ 100% Feb '10
71%
72%
71%
7U2
71i«
72
A
-O
60-yr conv 4s A _________ 1953
80
82
80%
Fob
'10
81
84
L A N-South M Joint 4 s.. 1952 J - J
77% 84
78>2
78
781 777s
do
Series B______1953 A -O
95 Fob '<)
Registered___________ A1952 Q - J
Buff N Y A Erie l3t 7a . . . 1916 J -D 101 ___ 102% Juno 15
100%
106%
1061*
Mar’
16
106%
107%
N
Fla
A
S
1st
gu
g
5s___
1937
F
A
105%
107
106'4
Ohio A Erie 1st gold 5s__ 1982 IVl - N 106% 108% 106U
N A C Bdgegengu g 4>*s.l945 J - J 9 7% ____ 97 Deo '14
•Clev A Mahon Val g 5s__ 1938 J - J 10334 10412 101 Feb '15
103*8 108%
103%
Pens A Atl lat gu g 6s___ 1921 F - A 103% Salo 108%
121% 122%
Long Dock consol g 8 3 ... 1935 A -O 1227g____ 122% Mar’ 16
105% 103
S A N Ala cons gu g 5s__ 1938 F - A 107%____ 108 Jan '16
Coal A RR 1st cur gu 03..1922 flfl-N 99% 104 100% Oct *15
102% 103*4
102%
Geu cons gu 50-ycar 5s. 1933 A -O 102 102% 102%
102% Jan '16
102% 102%
- J 105*8
Dock A Imp 1st ext 5s__ 1943
80*8 82*2
82%
821s
81
-----L
A
Jeff
Bdge
Co
gu
g
4
s
...
1945
518
103*2
Aug
'12
N Y A Green L gu g 5s__ 1946 IY1-N 100*2
98*2 9812 Feb '16
98% 98% Manila RIt—Sou lines 4s— 1936 51-N
J 98
N Y S usA W 1st ref 5 s . .. 1937
M ar’ 10
Mex Iuternat 1st cons g 4 s.. 1977 M- S
IOOI4 Dec '06
2d gold 444s.................. 1937 F - A
N ov’ 10
Stamped guaranteed____ 1977 M- S
80 Mar’ 16
80
80
84
General gold 5s__________ 1940 F - A 80
O n *09
Midland Term— 1st s f 5s g.1925 J - D
102 Jan '14
Terminal 1st gold 5s____ 19 43 IYI-N 105
Hep '15
Minn
A
St
L
1st
gold
73-----1927
J
-D
111*2
May’
12
104%
A
-O
Mid of N J 1st ext 5s........ 1940
102% N o v ’ 15
Pacific Ext 1st gold 0 s . .. 1921 A - O
88% 90
89%
89 *2 Salo 89%
W llkA Ea 1st gu g 5s___ 1942 J -D
I 88*2 00
89
1st consol gold 5s________ 1934 M- N 88% 90% 89
106 May’ 12
Ev <t Ind 1st con gu g 6s___ 1926 I - J
60
Salo
60
61% 27 52% 64%
1st
A
refunding
gold
48___1949
5
1
-8
90
90
90
Jan
'16
"9
0
"
95
Evans A T H 1st cons 6s___ 1921 J - J
60
Feb
'15
50
55
Dos M A Ft D 1st gu 4s.. 1935 J - J
99% Dec 13
1st genera! gold 53_______1912 A - O 60 —
87
89%
89% Mar'lO'
87
89
Iowa Central 1st gold 5S..193S J -D
108 N o v 'll
Mt Vernon 1st gold Gs___ 1923 A -O
57 " I I 51% 60
56*2 Sale 50
Refunding gold 4s____ 1951 51- S
95 Juno’ 12
Bull Co Branch 1st g 5s__ 1930 A - O
7 93
03%
93%
92
93% M StPASS.M con g 4s Int gu 1933 J - J 93% Sale 93
93% 93%
93%
Florida E Coast 1st 4 4 is ...l9 5 9 J -D —
97% Junc’ 12
1st Chic Terra s f 4s.......... 19 41 M- N
92 Aug '10
Fort St U D Co 1st g 4>$a..l941 3 - J
2
97%
99
97%
97%
96%
97%
M
S
S
A
A
1st
g
4s
lor.
gu.1926
J
J
63
08%
64
Ft W A Rio Gr 1st g 4s......... 1928 I - J 63 Salo 63
91
9 1 Jan ’ 16 ___ 91
92% 93
Mississippi Central 1st 5 ___1949 J - J
Groat Northern—
74*2 33, 73% 78%
73*2 Sale 73%
97% 99
98% Salo 98%
M o Kan A Tex 1st gold 4 s.. 1990 J - D
98%
O B A Q coll trust 4a_____ 1921 J 44
44
4i)%
50*2
43%
43%
98%
2d gold -Is.........................111990 F - A
97% 98%
98*2 Sale 98%
Registered h __________ 1921 Q 5 51
52*8
51
52
52*8
52*8
99 100%
99%
1st oxt gold 5a__________19 41 M- N
1st A refunding 4 H e ser A 1961 3 - J 99*2 Sale 99%
1 1 51
52%
53
63*2
62*2____
1st
A
refund
4
j
__________
2004
MS
96
June
13
J
J
Registered___________ 1981
39 Sale 33*2
39% 15 38% 42%
97% Feb ’ 16
97% 97%
Gen sinking fund 44*s------ 1930 / 8t Paul M A Man 4a........ 1933 J - J 97%
54 D e o '15
St Louis Dlv la ref g 4s ..2001 AA O 45*2 61
121% 122
121% Feb '10
1st consol gold 8s_____ 1933 J - J 121%
99% Dec '13
Dal A Waco 1st gu g 5s__ 19 40 M- N
121% 118% Apr '15
Registered_________ 1933 J - J
12 GO 61
____ 70
01
01
Kan C A Pao 1st g 4s........ 1990
101% 103%
103%
103%
103%
Reduced to gold 4443.1933 J
6 80% 89%
85
80
86*4
86%
A
O
___
Mo
K
A
E
1st
gu
B
5s----1942
97
109%
Apr
'15
J
Registered_______ 1933
4 GO 06
G
O
G
O
58
60
96%
51
-N
M
K
A
Ok
1st
guar
5s___
1942
95%
96%
Fob
'16
90%
Mout ext 1st gold 4s__ 1937 J -D * _90
22 50
00%
52
_
M K A T o f T 1st gug 53. . 19 42 M- S 50 Salo 50
96%
96% 96%
96% 96%
Registered_________ 1937 J -D
J
-D
Shor
Sh
A
So
1st
gu
g
5s.
.1942
85%
N
ov’
15
89
J
J
Pacific ext guar 4s £ ___ 19 40
63
63
63
Feb
TO
____
02*2
MS
89% June 15
Texas A Okla 1st gu g 5 s.. 1913
92*4
fil Minn Nor Dlv 1st g 4 s.. 1948 A -O
2, 100 101
100%
109 N ov’ 15
Missouri Pao 1st cons g 6s__ 1920 M- N 100% 100*2 100%
Minn Union 1st g 63____ 1922 J - J 109%
91
91% 21 89% 91%
90
91%
MS
120%
DOC
'15
ul917
Trust
gold
5s
stamped__
—
123%
J
Mont C 1st gu g 83_______ 1937
82 Oct ’ 15
136% May'06
Registered__________ al9l7 M
Registered__________ 1937 J
i 83% 89
88%
88%
1st collateral gold 5s--------1920 F - A 88*2 90
110% 110%
1st guar gold 5s____ 1937 J - J 110% 111% 110% Mar’ 16
F
A
Registered___________
1920
Registered________ 1937 J - 3
___
39% 10%
39%
Mar'16
39%
39%
40 year gold loan 4s--------- 1915 IW
Will A 8 Fist gold 5s ..1938 J -D 110% 111*8 109% Deo '15
40 Mar’ lO ___ 40
46%
75
80
IstA ref conv 5s--------------- 1959 M- S 39% 41
75 Jan '16
74
Gr B A W deb ctfs “ A” ($100 par) Fob
82
82
82
Jau
TO
—
____
81%
M
N
3d
7s
extended
at
4
%
----193S
14%
11
12
11
11%
11
Doben ctfs -'B " ($100 par)___ Feb
100 Fab T3
Boonv St L A S 1st 5s gu.1951 F - A
85
84% Mar’ 16
84% 85
Gulf A 8 I 1st ref A t g 5 s..61952 J - J 84
.
.
.
.
50
50
50
Fob
TO
F
A
50
67*2
Cent
Br
Ry
1st
gu
g
4s_
_
1919
J
J
Registered_____________ 61952
50 ------ 77*2 Dec ' 13
Cent Br U P 1st g 4s......... 1943 3 -D
95%
95%
93% 96
Hocking Val 1st cons g 4 14 8-1999 J - J 95*2 90
Leroy A C V A L 1st g 5 s.. 1926 J - J 35 ____ 110 Mar'O'*
97% Jan ' 1*
Registered_______________1999 J
90*2 Feb-TO ___ 89
90%
90% 92
F
A
Pac
R
of
Mo
1st
oxt
g
4S..1938
84
N
ov
’
15
81%
Col A H V 1st ext g 4a___1943 A
2 100 100*2
100*2
2d oxtonded gold 5s___ 1938 J - J 100*2____ 100*2
86 ’ 88
86 Fob '16
Col A Tol 1st ext 4s_____ 1955 F - A 85 —
0 101 102*2
101%
94% Fob ' 1
St L Ir M A S gea con g 53 1931 A - O 101% 101% 101
Houston Belt A Term 1st 5s. 1937 .1 - i
102 J’ly ’ l l
'90% '96% 97 Feb '16
Gen con stamp gu g 5 s.. 1931 A - O
97
97%
Illinois Central 1st gold 4a.. 1951 % 59 74% 81
80
Unified A ref gold 4s__ 1929 J - J 78% 79% 79%
92 Aug 15
Registered_______________1951 J 80% Oct T2
J
J
86
83
86%
Registered_________
1929
85
Feb
'16
84%
3
1st gold 3 4$ 3 ....................... 1951
6 70
73
73
74*2
72%
73
.VI-N
Rlv A G Dlv 1st K i s . . . 1933
83 N o v '15
Registered.......... ......... 1951 J - J 83%
Verdi V I A W 1st g 5s___ 1926 51- S 77 ____ 87 Sep T5
84% Feb '18
84% 84%
90
85
Extended 1st gold 34^ 3... 1951 A -O
2
112
114
113%
114
-----111
J
O
Mob
A
Ohio
new
gold
6s----1927
83%
Registered____________ 1951 A -O
108 109
1st extension gold 63____01927 Q - J 108 109*2 109 Feb TO —
80 J'ly '09
1st gold 3a sterling_______ 1951 M- 8 80
70 Feb '16
70
70
General gold 4s__________ 1938 M- 5 75
83
Registered_____________1951 M - 8
102
Fob
'10
102
102
98
102
F
A
Montgom
Dlv
1st
g
5s-----1947
83
Oil
90%
Coll trust gold 4a________ 1952 A - O 90*4 Salo 90%
89 D e c '15
St Louis Dlv 5s................... 1927 J - D 90
95% Sep ' 12
Registered____ ________1952 A - O *88 —
88% 88%
St L A Cairo guar g 4s------ 1931 J - J 8 8% ------ 83% Feb '16
89%
90
91%
89
1st refunding 4a_________ 1955 M- N 89% 90
103% 107*2
83
Nashville Ch A St L 1st 5 s.. 1923 A - O 107% 107% 103% Fob '10
83
Purchased lines 364s_____ 1952 J - J ____ 82% 83 Jan '16
110%
110% 110%
Jasper Branch 1st g 6s____ 1923 3 - J 110*4 Salo 110%
85% 87%
L N O A Tex gold 4s____ 1953 M- N 85% 86% 85% M ar'18
101% 101%
McM M W A A1 lat 6 s...1917 J - J 101% ____ 101% Feb TO
Registered_____________1953 M- N ____ 86% 8 4 M ay'l 4
90
92%
9212
T A P Branch 1st 6a........... 1917 J - J 3101% ____ 113 J'ly 04
Cairo Bridge gold 4s____ I960 J - D 92 % Sale 92%
60
52% Deo '15
7 4 Feb '14
Nat Rys of Mex pr Hen 44*8.1957 J - J 25
74
Litchfield Dlv 1st g 3s___ 1951 J - J 71
63 Oot ' 15
81% Feb '10
Guaranteed general 4s------ 1977 A - O
81% 81%
Loulsv Dlv A Torra g 3 4*3.1953 J - J 80 ___
96% Fob '13
83 A u g'12
Nat of Mex prior lien 44*s..l92(! 3 - J
Registered____________ 1953 J - J
30 Aug '15
123 May'99
1st consol Is--------------------1951 A -O
Middle Dlv reg 5s............. 1921 F - A
40 May'15
N O Mob A Chic 1st ref 5 s.. 1960 3 - J
71
71
Omaha Dlv 1st gold 3s__ 1951 F - A 69% 72% 71 Jan '16
101
June’ 14
N O A N E prior lien g 6 s . 1915 A - O
76*2 63% Sep '15
3t Louis Dlv A Term g 3a. 1951 J - J 69
72 Deo '15
J ____ 72
81% Jan '16
81% 81% New Orleans Term 1st 4s__ 1953
81% . . .
Gold 343s....................... 1951 J - J
113%
114%
112% 117%
114%
Sate
N
N
Y
Cen
RR
conv
deb
0s
..193'>
81 Nov'15
Registered.............
1951 I - J
80%
80*4 80%
Consol 4s series A ----------- 1998
A 86% Salo 86*2
78% 78%
78% Jan '10
78% 83
Sprlngf Dlv 1st g 34ia___ 1951
9
4%
95%
91% 95%
94%
Sale
A
O
89%
89%
Ref
A
Imp
4
44s
"
A
”
____
2013
8912
Fob
'16
8
8
%
-----Western linos 1st g 4a___ 1951
83%
82% 83%
N Y Central A II R g 3J*s.. 1997 J - J 82% 83's 83
Registered____________ 1951
82
82
81% 82
81% 83
Registered_____ ______1997 J - 3
104 % ____ 117% May’ 10
Bellev A Car l3t 6s_____ 1923
92*3
92*2
92%
Sale
92*8 93%
9
4%
J'ly
'12
!M
N
Debenture
gold
4s_______
1931
88
IY
1S
Carb A Shaw 1st gold 4 s.. 1932
91% Deo '15
Registered....................1911 51- N
108 109
Ohio 3t L A N O gold 5s .. 1951 1 -D 103 109 108*2 Feb '16
76
79%
77*8
Lake Shore coll g 31* 3____ 1998 F - A ' 7 7 ' '77'% 76%
114 Feb 'l l
Registered_____________1951 J -D
75
78
78
Registered___________ 1998 F - A 70 Sale 75
90 Oct '09
Gold 34*3.......................1951 J -D
86% 83
8-1*8 83
80% Feb TO
J P M A Co ctfs of dop____
Registered........ .......... 1951 3 - D
77
80%
78%
78%
78*2
78*2
Mich
Cent
coll
gold
3
44s..
1993
F
A
101%
102%
101%
103*
____
101%
J
D
Joint 1st ref 5a series A . 1963
70
77%
78
77% Jau TO
Registered ___________ 199.3 F - A 77
Meraph Dlv 1st g 4s__ 1951 J - D 83% 89% 86% Deo '15
Battle Cr A Stur 1st gu 3s. 1939 J - D
Registered__________ 1951 J - D
06*4
96%
96%
Mar’
10
98*3
96%
Beech
Creek
1st
gu
g
4s___
1936
J
J
93
J'ly
'08
95
3t Louis 8ou 1st gu g 4 s.. 1931 M- S 90
99 M a y 'll
Registered____________ 1936 J - J
92%
90
92% 93% 92% Jan '18
Ind (11A Iowa 1st g 4s______1950 J - 3
15 97
3d guar gold 5s_________1936 J - J fo o " r.
97%
93
Int A Great Nor 1st g 6a___ 1919 M- N 97% Sale 97%
Registered__________1936 J - J
92% 92%
91
92% 92% Feb '16
Ja nea Fran A Clear 1st 4 s .. 1959 3 -D
Beech Cr Ext 1st g 3 i* s ..51951 A -O
70
71
70%
70%
70% 71
Kansas City 3ou 1st gold 3a. 1950 A -O
83% Nov'15
89% 91
Cart
A Ad 1st gu g 4s____ 1981 J -D
63
Oct
'00
A
O
Registered_______________1950
Gouv A Oswe 1st gu g 5S..1912 3 -D 10 4%
91% 94
92%
Ref A Impt 5 s . ......... Apr 1950 J - J 92% Salo 92
93% 93% 92% Dee T5
Moh A Mai 1st gu g 4s__ 1991 M- S
85% 89
88%
Kansas City Terra 1st 4 s ... 1960 J - J 88% 88% 88%
89% Fob TO
89*4 89%
90
N J June R guar 1st 4s__ 1986 F - A
98 100
99%
Laxo Erie A West lat g 5 s .. 1937 J - J 99*2 Sale 99%
35 June
81%
N Y A Harlem g 3 l*s___ 2000 51 - N
83% Jan '16
83% 83%
83
90
2d gold 5a....................... 1941 J - 3
105*2 105*2
N Y A Northern 1st g 5s..1927 A -O 105*2 . - - 105*2 M.ar’ lO
98 M a r'14
North Ohio 1st guar g 5a.. 19 45 A - O
8’.)% Mar’ 10
89% 91%
N Y A Pu 1st eons gu g 4s. 1993 A - O 89% 90
ido’% 103'
102
101 ” 101% 100%
Leh Vail N Y 1st gug 44*a.. 1940 J 99 . . .
Nor A Mout 1st gu g 5s__ 1916 A - O
100% 1001
J - J *100 . . . 100% Feb '16
Registered_________________1940
114%____
113
Mav’
l
Pine
Creek
reg
guar
69____
1932
J
D
90%
92%
90%
Feb
'16
r»1
N
92%
94
Lehigh Vail (Pa) cons g 4 s..2003
103% 104%
R W A O eon 1st oxt 5 s. . 11922 A - O 10-U2____ 101*2 Feb TO
101% 101%
General cons 4t*a____ 2003 IV1-N 102%------ 101% Jan '16
104 Juno’ 10
R W A O T R 1st gil g 5s._ 1918 51-N 101
110 111
Leh V Term Ry lat gu g 5a.. 19 41 A - O 111%____ 111 Mar’ 16
81%
Deo
'15
8
1
%
____
Rutland
ls
tc
o
n
g
l<-*s__
1941
J
J
111%
Doe
'
l
l
110%
.
.
.
A41- O
Registered....................
19
____ 74
75 Deo T5
Og A L Cham 1st gu 4s gl9 43 J 105%
105% 100%
Leh Val Coal Co 1st gu g 6s. 1933 J - J 105% Salo 105%
92 Jtino’09
____ 69
Rut-Caoada tst gu g 4a. 19 49 3 Registered____ __________ 1933 J - J *106 ___ 105 Oo: '13
100 Oat T5
95 . . .
St LawrA Adlr 1 st e 5s . . .1996 J
lat Int reduced to 4s____ 1933 3 - J
! =
2d gold ea . . .............. 1996 A - O 100 . . . 119*1 M a r'li
• No price Friday; latest bid and asked this week. a Due Jan. ft Due Fob. d Duo April. « Duo May. 9 Due June, ft Due July, k Duo Aug. o Duo Oct.
0 Due Nov. s Option sale.
M ar . 11 1916.]
I n te r e s t
P e r io d
BONDS
N . Y . STOCK EXCHANGE
Week Ending March 10.
New York Bond R e c o r d -C o n tin u e d — Page 3
P r ic e
F r id a y
M a r c h 10.
W e e k ’s
R ange or
L a s t S a le
R ange
s in c e
Jan. 1
BONDS
N . Y . STOCK EXCHANGE.
Week Ending March 10.
H
Pere Marquette (Con.)
Flint A P M gold 6a__ 1920 A - O
1st consol gold 5s______1939 M -N
Pt Huron Dlv 1st g 5a.. 1939 A -O
95% Salo
941a 9534
Sag Tus A H 1st gu g 4s._ 1931 F - A
95 Salo
94
9514 Philippine Ity lot 30-yr 3 14s 1937 J - X
04
94-8 Pitts Sh A L E 1st g 5s_____1940 A - O
102% ____
1st consol gold 5s________ 1943 J - J
100%____ 104% Deo ’ 15
Reading Co gen gold 4s___ 1997 J - J
100 ____ 103 Jan ’ la
Registered_____________1997 J - J
116%____ 130% Jan ’09
Jersey Central coll g 4s__ 1951 A - O
1127s ____ 123% Mar’ 12
Atlantic City guar 4s g__ 1951 J - J
101 ____
St Jos A Gr Isl 1st g 4s_____1947 J - J
105%____ 104% Deo ’ 15
St Louis A San Fran gen 6s. 1931 J - J
10478 ____ 104 Dec ’ 15
General gold 5a_________ 1931 J - J
9 0 % ____ 98 Apt ’ 12
8t L A S F R R cons g 4s. .1996 J - J
87 Feb ’ 14
General 15-20-year 5 s.. 1927 m - n
90 Juue'08
Trust Co certifs of deposit.,
8334 85
83% Feb TO
81% 84
do
Stamped..
88% 89% 88%
88%
Bouthw Dlv 1st g 5s__ 1947 A -O
88>8 90i2
94%
94% 94% 94%
93
95i2
' Refunding gold 4s.........1951 J - J
____ 94% 92% J’ ly T4
Registered__________ 1951 J - J
83
83%
83% 84% 83% Feb TO
Trust Co ctfs of deposit.,
92%
92% Salo 92
91U 93
do
Stamped..
89%
89
90
89% 89% 89%
K C Ft S A M cons g 6a .. 1928 M -N
102
102 Salo 102
102 102
K C Ft S A M Uy ref g 4s.1930 A - O
100 ____ 98 J’ly T4
K C A M R A B 1st gu 5s. 1929 A - O
99% 99% 99%
99% 35 9734100
If Y Connect 1st gu 4>S a A .
St L 8 W 1st g 4s bond ctfs.. 1989 M- N
If Y N U A Hartford —
2d g 4s Income bond ctfa.pl989 J - J
M- S 80% ____ 80% Mar’ 16
80l2 8 U4
Consol gold 4s__________ 1932 J -D
73% 75
73 Feb ’ l l
an- s
73
73
1st terml A unit 5a_____ 1952 J - J
-----71%
72
Jan
TO
A -O
72
72
Gray’s Pt Ter 1st gug 5 s.. 1947 J -D
80% 80% Mar'16
J - J 80
8012 81% S A A A Pass 1st gu g 4s___ 1943 J - J
80
80% 80 Feb TO
M -N
SO 82
S F A N P 1st sk fd g 5a_____1919 J - J
J - J 70% 72% 71% Feb TO
7034 73
Seaboard Air Lino g 4a_____1950 A - O
114%
J - J 114% 115% 114%
114Ij 110
Gold 4a stamped________ 1950 A - O
79 ____
F- \
Registered_______________1950 A - O
91% Jan ’ 12
j - j
Adjustment 5s_________ ol949 F - A
J - J
Refunding 4s___________ 1959 A - O
A -O
Atl BIrra 30 yr 1st g 4s. . e 1933 M- 8
J - J
Car Cent 1st con g 4s___ 1949 J - J
83 ____ 92 Mar’ifl
M -N
92
92
Fla Cent A Pen 1st g 5a..1918 J - J
F - A „ _ . . ___ 99% Juuo’ 12
lat land gr ext g 53____ 1930 J - J
81%
8H2 83
Cent Now Eng 1st gu 4 s..1901 J - J 81% Salo 81%
Consol gold 5a............... 1943 J - J
M- S
Ga A Ala Ry 1st con 5s..ol945 J - J
100%____
105%
May’
15
M-N
Oa Car A No 1st gu g 5 s.. 1929 J - J
91% ____ 87 J’ ly T4
M -N
8eab A lloa 1st 5s.......... _ 1926 J - J
88 Aug ’ 13
A -O
Southern Pacific Co—
78%
Salo
78%
79%
J - J
78i8 82
Gold 4s (Cent Pao coll).tl949 J -D
IH- N 100%____ 107 Aug ’09
Registered___________ jtl949 J - D
A -O
20 year conv 4s________ pl929 M - 8
J - J 100 ____
20 year conv 5s................. 1934 J -D
99% Mar'12
j - j
Cent Pac 1st ref ru g 4 s.. 1949 F - A
04% __
06 Apr T 6
M -N
Registered................. ...1 9 4 9 F - A
09% D00 *14
J - J
Mort guar gold 3Ma..ltl929 J - D
83% Fob ' 14
M- 8 ____ _ _
Through St I. 1st gu 4s. 1951 A - O
85
____
J - J
G H A S A M A P 1st 5 s ..1931 M-N
82%
S2%
M- S 82% 84
8078 84
Gila V G A N 1st gu g 5 s.. 1924 M-N
92% Juno’ 12
M- S
Registered $5,000 onlyl
Hous E A W T 1st g 5s. . . 1933 M- N
J -D ------ 79% 78% Mar’ 16
'7 0 ‘ "78%
1st guar 5s red________ 1933 M-N
80 ____ 83 Deo T5
F -A
H A T C 1st g 5s Int gu__ 1937 J - J
96% 101
97 Jan TO
M-N
97
97
Gen gold 4s Int guar__ 1921 A - O
119%
M -A 119%____ 119%
110i2 120
Waco A N W dlv 1 st g 6s 1930 M - N
F -A 121% 123% 121% Feb TO
Improvement A ext g 6s"
120i2 122
A & N W 1st gu g 5s____ 1941 J - J
A -O 119% 120% 120% Feb T6
120 120>4
Louisiana West 1 st 6a___ 1921 J - J
93% Salo 03%
93%
A- 0
93'8 94
Morgan's La A T 1st 7 s.. 1918 A - O
93% Deo T6
A - O ____ 9 a
1st gold 6s...................... 1920 J - J
90% 90% Mar’ 16
J - J 90
897g 91
No of Cal guar g 5s______1938 A - O
117%
Sale
115
117%
113l2 12U4
J -D
Oro A Cal 1st guar g 5a__ 1927 J - J
M- S 117 113 114 Mar'lli
114 11912
80 Pac of Cal— Gu g 5s. . . 1937 M- N
1 1 S13 122l2
M- 5 117 118 110% Fob TO
80 Pao Coast 1st gu 4s g . . 1937 J - J
89%
J - D 89% 90% 89%
89% 90>4
Ban Fran Terml 1st 4s__ 1950 A - O
101
____
103% Jail TO
103l2 103l2
J - J
Tex A N O con gold 5s__ 1943 J - J
93% 92% Feb TO
M- N 93
91% 94
80 Pae RR 1st ref 4s........ 1955 J - J
93%
Q - J 93% Salo 93%
92*4 94U Southern— 1st cons g 5a___ 1994 J - J
____
92%
92%
Feb
TO
Q- J
92l2 9312
Registered____________ 1994 J - J
00%
Q - F 60% Salo 00
65i2 67
Dovelop A gen 4a Ser A .. 1956 A - O
04% Deo '15
Q - F 03% 06
Mob A Ohio coll tr g 4a__ 1938 M- S
90%
____
90%
N
ov’
15
J -O
Mom Dlv 1st g 4M 5a___ 1996 J - J
M- S 100%____ 100% Jan TO
10012 100l2
St Louis dlv 1st g 4s........ 1951 J - J
F - A 110% 11078 IK) Jan TO
110 110
Ala Con 1st g 6a.............. .. 19 IS J - J
___.......
109% Oct To
Q- A
Ala Gt Sou 1st cons A 5 s.. 1943 J -D
102 Feb ’ 15
0t Paul A Duluth 1st 5s-.1931 F - F 106%
Atl A Char A L lat A 4 Msl944 J - J
A - O 101 ____ 102 Deo T5
Atl A Danv 1st g 4s______1948 J - J
90 ____ 90 Feb TO
J -D
00
90
,
2d 4s _______
.1948 J - J
88
90% 00% Feb TO
Q -M
90
00l2
Atl A Yad 1st g guar 4s__ 1949 A - O
110%
112%
111%
111%
i - J
UH
s IIU 2
ColAGreenv
1st
6a______1916
J - J
8678
J - J 86% Sale 85%
85% 88
E T Va A Ga Dlv g 5a___ 1930 J - J
94% 95
94% Feb TO
J -D
93
90
Con lat gold 5s________ 1956 M- N
____
9
8
%
98% Fob TO
M -N
9SU 98%
E Ten reor Hen g 53______ 193S M- S
Consol gold 5s____
M- S 103%____ lo t Oct T5
Ga Midland 1st 3a............. 1940 A - O
98% 99% 99% Mar’ 10
M -N
98% 99%
Ga
Pao Uy 1st g 6a_____ 1922 J - J
98% 99% 98%
99% 34 98>2 100
M -N
Knox A Ohio 1st g 6a___ 1925 J - J
106
F - A 105% 105% 105%
77 105% 100%
Mob A Blr prior lien g 5a. 1945 J - J
102%
Salo
102
102% 114 100% 1027g
J-D
Mortgage gold 4s.......... 1945 J - J
M- S 96% 97% 00% Mar’ 10
92% 90*4
Rich A Dan deb5sstmpd_1927 A - O
94% _ _
00 Jan TO
F -A
90
96
Rich
A Meek 1st g 4a___ 1948 M N
M- N *99 ____ 99% N ov’ 15
Phlia Balt A W 1st g 4s.
So Car A Ga 1st g .5s......... 1919 M -N
102 Jan '03
J - J
Virginia Mid sor D4-5s ..1921 M- 8
9
2
%
____
J - J
Series E 5s..................... 1926 M- 8
M- S 99 ____ 99% Feb TO
99% 99%
Series F 5s..................... 19 31 M - 8
Pennsylvania Co—
General 5s____________ 1936 M -N
J - J 102 ____ 102 Fob TO
101 102%
Va A So'w’n 1st gu 5 s ..2003 J - J
____ 100% Deo T5
J - J 101
1st cons 50-yoar 5 s..1958 A - O
8
4%
____
86% Jan TO
86t2 80%
M- S
W O A W 1st cy gu 4s___ 1924 F - A
84
88% 85 Jan TO
85
85
F - A
8pokane Internat lstg 5s__ 1955 J - J
99%
100%
Jan
TO
99’4 100% Tor A of St L 1st g 4M s___ 1939 A - O
M- N
Guar 3 ^ s trust *ufs Q „. 104 J - D 84 _
83 Feb '15
let con gold 5s__ 1894-1944 F - A
G u ardis trust ctfs D .11*194, .1 - D 84
85% 85%
85%
85
85%
Gen refund s f g 4s_______ 1953 J - J
Guar 15-25-ycar gold 4sl"l931 A - O 94% 05% 95 Feb TO
94% 95%
St L M Bridge Ter gu g 5s 1930 A - O
02% M a y'll
M- N 93*2
Tex A Pao 1st gold 5s______2000 J -D
M- M 00%
90 Dee T5
2d gold lno 5a__________ f2000 M ar
M-N
99
99% 97% Aug To
La Dlv B L ls tg 5a...........1931 J - J
J - J 104% J05% 105% Feb TO
104% 105%
W Min VVA N W 1st gu 5s 1930 F - A
Horles B....................._.Il942 A -O 104% _ .
104 Dec T5
Tol A O G 1st g 5s................. 1935 J - J
Int reduced to 3 M s..1942 A - O 85%
91% Feb T2
Western Dlv lat g 5a____ 1935 A - O
Series C 3>$s................. 1918 M- N 85*4 __
90% Oct T2
General gold 5s__________ 1935 J - D
Horles D 3 Ms.................1950 F - A 85% __
83% Juno’ 15
Kan A M 1st gu g 4s____ 1990 A - O
J
1
87%
__
Erlo A Pitts gu g 3 Ms B.-1940
80% May’ l l
2d 20-year 5s................. 1927 J - J
Series C.......................... 1910 J - J 87*%
90% J’ly '12
Tol V A W 1st gold 4s.......... 1917 J - J
Or It A I ex 1st gu g 4>ia._19tl J - J 99 .___
98% Feb TO
95% 98% Tol St L A VV pr lien g 3Ms. 1925 J - J
92*4
_
_
Ohio Connect 1st gu 4s__ 1943 ME- S
93 May'14
oO-year gold la__________ 1950 A - O
Pitta Y A Ash 1st cons 5s. 1927 M- M 102*2 __
109 May’ 10
Col! tr 4s g Ser A............. 1917 F - A
Tol W V A O gu 4MS A .-1931 J - J 99 _
98% Oct T5
Tor Ham A Buff lat g 4n_.J41946 J - D
J
J
98% June'15
Series B 4MS-- - 1933
Ulster
A Del 1st eon g 5S..192S J -D
Series C 4s................
1942 M- S 93" .
93% Jan TO
93% 93%
1st refund g 4s__________ 1952 A -O
P 0 0 4 S t l . s u 4 Ms A .. 1940 A - O 10 2% 10 2 % 102%
102%
101% 102% Union Pacific 1st g 4s______1947 J - J
Series B gu ar................. 1942 A - O 102 102% 1017g Feb TO
101% 101%
Registered....................... 1947 J - J
Series C g u ar.............. 1942 M- N 102 ; . . .
97% July'15
20-year conv 4a_________ 1927 J - J
M- N 94% .
95% Jan TO
95%
1st
A ref 4s...... ..........
02008 M- 8
Series E 3 Ms guar gold -1949 F - A 93 _
92 Feb TO
92
Ore RR A Nav con g 4s__ 1940 J -D
'erles F guar 4s g o ld .-. 1953 J O
95% Jan ' l l
Oro
Short
Lino
1st
g
6a__
1922 F - A
Series G 4s guar........ .. 1957 M- N 94" ____ 92% Aug T5
lat consol g 5s________ 1946 J - J
C St I. A P 1st oons g 5s..1932 A - O 100 ____ lo t N ov’ 15
Guar refund 4s________ 1929 J - D
____
___
Peoria A Pekin Un 1st g 6 s.. 1921 Q - F
102 Nov'15
Utah A Nor gold 5a___ 1920 J - J
87 Sale
2(1 gold 4 M>.....................0192! M-N
1st extended 4a_____1933 J - J
15
Pere Marquette—Ref 4s___ 1955 J - J 14
11 % June 15
Vandalla cona g 4a Ser A __ 1955 F - A
Refunding guar 4s_______ 1955 J - J
14%
15
14
15
Conaol 4a Series B_______ 1957 M N
Ohio A WostMIchSs.........1921 J - O 72 ____ 83 Feb TO
83
83
Vera Cru* A P 1st gu 4M8..1934 J - J
Virginian 1st 5a Sanaa a ___ 1982 M N
* No price Friday; latest bid and asked, a Duo Jan. b Duo Feb. «Duo May. <7Duo Juno, h Duo July, it Duo Aug.
« Option salo.
N Y C»n 4 H n il (Coa.)
A sk L ow
9 9 % ____
85% Salo
H ig h
96% N ov’ 15
85%
85%
81% Oct 15
9478
95%
94%
95
94% Feb '16
00
CO
B id
J - J
J -D
J -D
M- S
M -N
M -N
J - J
J - J
A -O
J - J
J - J
J - J
M- S
Q-M
J - J
J - J
M- S
M -N
A- O
A -O
A -O
M -N
J - J
J - J
M- N
J - J
F-A
Low
H ig h
84^4 80
961
P r ic e
F r id a y
M a r c h 10.
B id
A sk
100% 105
75 . . .
* ------ 63
W e e k 's
R ange or
L a s t S a le
L ow
101
75
68
H ig h
Deo '15
Feb '16
J u ly'15
R ange
sin c e
J a n . 1.
Low
H ig h
74
75
------ 55
50
51
’5 0 ’
107%____ 105 Det ’ 15
113% N ov’ l l
95 Sale 9478
95% 105 94%
------ 96% 95 Mar’ 16
92%
95% 96% 95 Mar’16
95
94 ___
59% 60
59 Mar’ 16
59
110% Sale 110
109
110%
102% Salo 102%
102
102%
68%
68%
68% ____ 68%
4778 Sale 47
46%
4778
46%
------ 48
46%
46%
43% 47% 46% Feb '16
43%
90 N ov 15
67%
67% Sale 67%
68%
80% M ar’ l l
67% 73
62%
69 Mar’ 16
62 Sale 61
61
62%
110 lio% 110%
109%
110%
75% Sale 75%
75%
76
*90 __
91% Dec '15
78% 79
78%
78%
78%
62% 63
62
63
63
61% 62% 62%
62%
62%
64
70
66%
66%
65
100 ____ 98% Jan ’ 14
60
65% 66
06
66
101% . . . 101% Feb ’ 16
101%
------ 84
82% Feb ’ 16
82%
80
82% 82%
82%
82
65
70
Sale 65
70% 70
85% 89%
_87%
85%
100-% 101% 99%
101%
101
103 Sale 103
104% 103
103 ’
103
101%
99%
86%
-----88
104%
90%
65%
70
Deo ’ 15
Mar'15
Sep '15
Deo ’ 15
103
Mar’ 16
Jan '16
Aug ’ 15
’ 5 l'
96%
95
95%
60
110%
103%
70
52
51%
48%
72%
70
66%
110%
77
80
64
65%
70
70%
101%
82%
83%
70
72
103
103
103
103
103%
103
Sale 86
86% 26 86
8S
85
90 Feb '14
Sale 87%
83
86% 89%
Sale 104%
105
103% 1077*
Sale 90%
90%
90
91
____ 86% M ar'15
8 9 % ____ 91 Mar’ 16
89% 91
------ 86% 86% Jan '16
86% 86%
101 103 104 Deo ’ 15
100% _ _ __K)0% Jan ’ 16
100% 100%
101
102% Feb T6
- - 102 102%
101 102% 101% Mar’16
— 101% 103%
106
106 Mar'16
- 106 106
— ’ 16
94% 95%
96 _____ 95%
Feb
------ 110
109% N ov’ 15
100 _____ 103 N o v ’ 15
100% 100%
109 June'14
------ 105% 104% Feb ’ 16
104% 104*4
104% 105 105 Jan '18
105 105
------ ----------105 Oct ’ 15
101% 102%
102% 102% 102%
102%
107% ____ 101% N o v ’ 13
92
91%
Sep ’ 12
85% 85% 85%
85%
85
86
------ 97
96 Apr ’ 14
*90% Sale 90%
90%
90
91
102% 102% 102%
102%
102% 103%
100 103
98 June’ 15
72% Sale 72
72% 102 70% 73%
75
78
76% 78
77 Feb '16
103 ____ xo3 Mar’ 16
103 104
82% 84%
81% 83
82% Feb '16
103
10 2 %
Feb 16
102% 102%
98
99% 99 Feb ,16
99
99
95% 96
90 Feb 16
95% 96
83% _____ 84 Dec '15
81
81% 81% Feb ’ 16
79% 81%
76
81
75% Deo ’ 14
---------------- 100% J’ ly ’ 14
104% 105 104% Mar'16
103% 104%
106 Sale 106
106
105% 106
99% 1 0 1 %
100 101% 101 Feb ’ 16
57
60
------ 60 I 60 Feb ’ 16
107%------ !107% Mar’ 16
107% 107%
109%____ \109%
109%
108 H0%
100%--------10 5% N o v ’ 12
68% _____ 79 M ar’ 13
103%_____ 101% Deo ’ 15
68
73
Sep ’ 12
100%--------102 Feb '16
102 102
101% 104% 103% N ov’ 12
102 ____ 102 Mar’ 16
102 102
104%------ lo i Mar 13
104%____ 104%
104%
103% 104%
102% 103 103 Feb 16
102% 103
88
90
89-% Feb ’ 16
89% 90%
90
93
Dec ’ 15
93
93
90
93
Jan '16
98% 997g
99% 102
99% Jan ’ 16
103% 106%
105 105% 106% Feb ’ 16
87
87% 87
87%
80
88
100% 101% 99 N o v ’ 15
97
96 Sale 90
90
35%
35
40
35 Feb TO
____ 88
90
UO Jan TO
____ 95 106% No v'04
103%
103 103%
103% Feb T6
102 102% 102% Feb TO
102 102%
93 ____ 101% Apr ’ 11
83 Sale 83
83
84
84
98% 98% 99 Feb T5
98% 99
55
00
50
61
56 Feb TO
78% 81
83
83
83 Jan TO
57% 59
58
60
59 Feb TO
18%
43 Jane'14
84
S3
84"
83
83
83
100% 101% 100*4
101%
100% 101
80
74 M ar-15
97% Sale 97%
97% 108 97% 98%
97%
97 Feb TO
97
93% 93*4 93%
93% "iio 93% 94%
90% Sale 90%
91% 418 8978 91%
92% Sale 92
2 91% 92%
92%
107% 109
108% 109 109 Feb TO
107 107*4 107 Mar'10
100 107%
93% Sale 93%
93% 60 92% 94
102 103 102 Dec '16
95
95
99
95
95
91
91
91 Mar'16
91
86 8ep '15
____ 87
42% A u g’ 15
98% Sale 98% __ 98%
15 97% 98%
0 Due Oct. v Duo Nov. q Due Deo.
P r ic e
F r id a y
M a r c h 10.
B id
W e e k 's
R ange or
L a s t S a le
A s k L ow
H ig h
B onds
S old
I n te r e s t
P e r io d
BONDS
N . Y . STOCK EXCHANGE.
Week Ending March 10.
[Vol . 102.
New York Bond Record— Concluded— Page 4
963
BONDS
N . Y . STOCK EXCHANGE.
Week Ending March 10.
Range
S in c e
J a n . 1.
N o . Low
H ig h
A 103% 105
If
P r ic e
F r id a y
M a r c h 10.
B id
W e e k 's
R ange or
L a s t S ale
A sk L ow
H ig h
R ange
S in c e
J a n . 1.
L ow
H ig h
M- 8 101%____ lOli* June is
100 Sop T 6
M S
89 Mar-15
Refunding A extension 5s. 1033 M-N
102% M ar115
J - J 102% —
993g____ 96% Jan T6 ___ 96% 90%
Aug T5
................. 1
J - J
70 ____ 65 Dec ’ 15
104% 105
J D 104% 105% 104i2 104i2
................. 4
22 Oct *15
Mltcellanoou*
102 Deo T5
84
84i2
84
85%
85
M- 8 83
105i2
105% Sale 102i2
102 117
................. <
102% N ov’ 15
9434 Sale 94l2
94%
93% 95
i ‘ -i3
86% 89
88% . . . . 8884 Feb '16
a - a
107 Jan T6 ___ 107 107
9 871- 92
92
Consol 5s.......................... . 1955 j - j 92 Sale 92
46% Jan T6 ...... 40% 46%
88% 10 87% 91
Bldgs 5s guar tax ex. ___ 1960 A - O 883s Salo 883s
104% Jan T6 ___ 104% 104%
M b ' 130 Salo 129!2 13012 304 129% 135%
45% Jan T6 ___ 45% 48
(
9 81
83
83
83
85
J - J 82
103 ____ 103% Mar’ 16 ___ 103 103% C
2 104% 109%
107%
M- N 100 108% 107%
................. (
70% ____ 80 Aug *12 —
2
107%
107%
10334
109
106%
108
M-N
Stam
ped_______________
1928
76*2 Dec *15
5 99% 101
101
99% 100% 101
M -N
87
71% 86% 87 Fob TO ___ 87
187% 96 174 191%
M- 8 186 Sale 180
5. 1% 4%
1%
2
234 1%
15
181
187%
174 192
54
1
33,
5-year conv deb 6s______ 1919 J - J
1%
2
1% 2
6 95 102%
0634
98% 90% 96%
A -O
2
1
3%
134 Sale
1*4
2
600
9534
983.4
95% 102%
Sale
98
.
Certificates
of
deposlt.
1
Feb
-16
1
3%
1
2%
97% 93 Mar’ 16
91*4 99%
F -*A 93
% Mar’ 16 ___
%
%
%
*8
97 ” 30 95% 97
97 Sale 9834
J - J
‘8
3,
% Feb '16 ___
%
%
89 N ov’ 15
J - J 92% 93
84 ____ 8334 Jan T6 ___ 83% 83 *4 :
A
nr
14
83
A -O
91% Aug TS ___
93% .
04
94%
0 71
72%
7234
10-20-yr 5s series 3.......... . 1932 J - J ‘ 9 4 " "95% 94 Feb ’ 16
72
72% 72
74
75%
7414
F - A 74% Sale 74
104%____ 104*4 Feb T 6 ___ 1033, 105
10034 101*8
1 81% 84
J - J 101*8 104% 101% Feb ’16
8334 84% 83*8
83*8
20 Deo *15
Ref A gen 6 s _____ . . .<<1932 A -O 106% ____
5 98 102
92*8 ’ 02*8
93*8 92% Feb ’ 16
99
100
100 102
Hag Lock A O Pow 1st 6s.. I9M M-N
95%
94
95%
7 9634 99%
90*4
96*4 Sale 96*4
mtarlo Power N F 1st 5s . 1943 F - A - 9 5 " Salo 95
89 Dec 15
86
3 97
9 4 g ____ 97
97
97
' Ultarto Transmission 5s___ 1945 M-N
90
90U
90 *90%
69% 2 1 09
897g 90%
72
69
71% 69
'ub Scrv Corp N J gen 5 s.. 1959 A -O
127 Deo -15
90 Apr -14
lay Cous Cop 1st conv 6 s.. 1921 J - J
92 u Feb -14
92
86% 86%
Icrra A S F Power 1st 5s . 1949 F - A
86% 87% 86% Jan TO
120
118 125
M -N 120" Sale 119%
8738 u 80% S734 '
87*8 Sale 873g
103% Jan -14
2 89
89
89
J - i
90%
88% 89
lanufast <rln<) & Industrial
10234
102%
102 103
3 102*4 103%
102% 103 102*4 103
,m Ag Chera 1st c 5s.......... 1928 A - O 102% 103
9834
97% 98*4
____ 817g 79% Feb -16 __ 79% 81
Conv deben 5s..................1921 F - A 983, Sale 9,8%
9734
97%
97%
Sale
96% 97*4
64
M
-N
101%
100% 101%
101% Sale 1007s
104
103*8 104%
1 100% 1017g
M- 8 104 104*8 104
101
100*4 1 0 1 % 101
87
87
85
87
85
88%
A -O
____ 94
112
no ns
F - A n o 110% 111%
101 Mav'13
98%
97?s 98%
6 100 102
J - J 983s ____ 98%
102
102 ____ 102
8, 100-% 102
A - O 118 - - - - 119% Dec T6
102
102 102% 102
121*j May’ 14
8 83% 86
84*8
86
Registered...........................1944 A - O
80% 87
85% 85%
84% Mar’ IG ____ 83
85
Gold 4 s.. ..................... ..1951 F - A 83 . . . . 85% Feb -10
86% 87
us Juno’ 14
___
75
70*4
76
761- 76 Mar'10
Registered..................... 1951 F - A
65%
69
65% 71
J - J 65% 68
98% 23 97
98-*4
9S-% 98% 98%
105
105 105
- - 99% 99%
M -N 105% 1 "5% 1H5
100%____ 99% Jan T6
102% 104%
J - J 103% Sale 1037g 104
1017s 103%
i2 74% 78
oar A............1942 M -N liil% Sale 1017S 102%
78
77% Sale 77 '
1u2
100*4 102%
84 Jan T4
eyearg 5s. . 1925 A -O 1013., Salo lul34
F - A 8 5% ____ 07*4 Jan -15
100 June'H
99% 100% 9978 Fob -16
99 * 10'0"%
3 87
5s..........1931 M -N
89%
91
93% . . I I 89%
9314
96% 99%
08% Sale 9734
1st 25 year s f 5s ............ 1934 M-N
73
73% 70 73
75%
101% 102*4
A - O 102 % Sale I023g 102*8
3034 24 30% 31%
30*4 Sale 30%
71%
7234
723
4
Sale
09*8 73%
A
-O
1
101
102
Distil
Sec
Cor
conv
1st
g
5
s
..
1927
101
101
101 Side
105
102% 107%
7334 83 73
70% E I du Pont Powder 4 44s... I93H J -D 105 107 105
73% Sale 73%
87% July’ 14
J -D ____ 85
99% 194 99% 99*4
99*8 Sale 99*8
82
78* *82**8
2 91
82*8 82
F - A 82
92%
92*4
92
93% 92
104%
103*4 105
93
Debenture 6s............ ....... 1952 M- 8 104% Sale 101
92% 29 92
92% 92% 92%
91%
903, 92*4
111 Steel deb 4 44s........ ......... 1940 A - O 91% Salo 01%
103i2
101% 103%
12 98% 100% Indiana Steel 1st 5s________1952 M -N 103% Sale 103
99%
97
97% 99%
1O0 Oct -13
1 100 100
100
Ingersoll-Rand 1st 5s.........»1935 J - J
100 Sale 100
79
77% 79
5 99*4 101
100%
100% 101 100%
lut Agrlctll Corp 1st 20-yr 5s. 1932 M -N *79 ” Safe 79
102%
102% 102% 102%
102 102%
_ _ Int Paper Co 1st con g os__ 1918 f
*0 M ar’ 14 . . . .
84
82% 83% 83%
81
84
Consol conv s f g 5 s .........1935
100%____ 101 % Feb TO ____ 101 101%
78 >sJan -16
75
78*8
1929
Int St Pump 1st s f 5s___
____ 93% 92*8 Feb T5 __ - _________
74
"74 " Sale' 74
74
79%
100*1 Mar’ IG
100*4 100*4
Certfs of deposit________
100
97% 100*8
Lacksw Steel l3t g 6s........... 1923 A O 99% Sale 99%
937g
03
9334
Sale
M8
91%
97%
95
Mar’
16
95
95
1st
con5s
Series
A
...........
1950
9 3% ____
127
124*4 127
i 80
Liggett A Myers Tobao 7 s.. 1944 A - O 127 Sale 126*4
80
80
80
____ 85
102%
101% 103%
77% 72 73% 78*4
5 s ...................................... 1951 F - A 102%'102% 102
77 Sale 7634
127
215 55
122*8 12878
63% Lorlllard Co (P) 7s............... 1914 A -O 127 Sale 127
02
61% Sale 613s
102%
100% 102%
2 85*4 88%
88%
5s......................................... 1951 F - A 10134 Sale 10134
86
87% 88%
110
106% 128
94% Feb TO . . . . 94% 94% Mexican Petrol Ltd con 6s A 1921 A - O 109 1 1 5 110
9334 94
110
105 1251*
80
*15
1st lien A ref 6s scries C . . . 1921 A O »110 Sale 109*4
98
96% 98%
97% Sale 97%
100 May’ 15
Nat Euam A Slpg 1st 5s___ 1929 j n
83 June’ 16
90
08 Mu VOS
Nat Starch 20-yr deb 5s____1930 j - j 85
lol%
106 * 10 1%
li)0 Sep 'U
National Tube 1st 5s.............1952 M -N 101% 101% 101%
104
103% 105%
36 81*4 83*8 N Y Air Brake 1st conv 6 s.. 1923 M -N 104 Salo 104
82
81*4 Sale 81*4
63 80
8434 Railway Steel Spring—
84
83*4 83% 83*3
100%
90*4 100%
Latrobe Plant 1st s f 5a__ 1921 J - J 100 ____ 100%
107 ___ 107 Feb ’ 1C ___ 100 107%
95%
94% 95%
0 98*4 100%
Interoccan P 1st s f 5 s __ 193 A O 05% 90% 95%
100%
100% Salo 100%
99%
99
OSS., 9934
99%
Salo
A
O
Repub I A S 10-30-yr 5s s f . . 1940
9734
98
95% 98
9734 93
09 Jan TO ___ 68
Standard Milling 1st 5a......... 1930 M -N
69
I I I I 84
105%
105 106
105% 105% 105%
84 ‘ "-r ’('S
The Texas Co conv deb 6 s.. 1931 J
80% 80%
J 8 0% ____ 80% Feb ’ 16
74
74
Union Bag A Paper 1st 5s... 1930
70% 73*2 74 Fob T6
M-N
8 61
62
Stamped.............................1930 J - J 80 ____ 91 4 Jan -13
02
J - J 62 Salo 61
72%
72%
71
72%
70
73
J
S
___
57
Feb
T6
57
59%
U
S
RealtyA
I
conv
deb
g
5a
1924
A - O ____ 56
23 Deo -15
10
15
27 423, 40*4 U S Red A Refg 1st g 6s___ 1931 J
423,
43
A -O
102*4
103
103
Sale
10234
103%
J
D
U
8
Rubber
10-yr
coll
tr
Os..
191s
90*4
Feb
T6
9034
92
90%
90*4
J - J
——
105
10334 105
U S Steel Corp— (cou p ____<11963 M -N 105 Sale 104%
Ga* and Electric Light
104%
101%
103*8 105%
8 I 10-60-yr 5s\reg.........<11963 M -N
Atlanta O L Co 1st g 5s .. . 19
98%
99
'9
9
Safe
98% 99%
J
D
11
Va-Car
Chem
1st
15-yr
5
s..
1923
105
106
105*4
106
M-N 105*4 Sale
102 103%
102%
Conv deb Os..................... «1924 A - O 102 1023), 102
54 June’ 12
A-C
101% t033g
1) 3
West Electric 1st 5s Dec____ 1922 J - J 103 Sale 103
<17 Feb "15 . . - - _________
J - J
123% 138%
129
129 Salo 127
20 120 120*2 Westlngb’se K A M conv 5s. 1931 J
122
11 - F 12D8 Salo 121
101% 101%
101*8
10-year coll tr notes 5s____ 1917 A - O 1013))____ 101%
Detroit City Gas gold 5s...... 192;: J - J 101% 102*8 101*4 Mar’ 16 - - - - 101 102%
Coal & Iron
081* Nov*15
92
July'14
95%
____
J
-D
Buff A Suaq Iron s f 5s......... 1932
i - J 103 103% 103% Mar’ 10 - - - - 103% 104'%
90
93
03 ____ 93 Feb T6
____
Debenture 6s...................;il92i> M
M- i . . .
. 100% M ay'15
Eq O L N Y 1st eons g 5a
93*4
9334
02*4 05
95
................
100 Feb T3
Col F A I Co gen s f g os___ 1943 F - A 94
J E 100%
75%
74) 2 77
2 103% 103% Col Indus 1st A coll 5s gu..l934 F - A 75
75% 75
103%
M - > 103 105 0 3%
73 Mar-14
91 Jan -If
91
91
Cons Ind Coal Me 1st 5 s ... 1935 J -D
A »,
93 Jan -16
91
93
105 105
Cons Coal of Md IstAref 5a. 1950 J - I> " I I -94
A - fl 103 104% 105 Feb ’ I)
99% Feb -14
114% 116*8 Continental Coal 1st g 5s___ 1952 F A
Purchase money 6s........... 199' A - 0 1167g 120% 116% Feb ’ Id
9434 04*4
_ _ Or Rlv Coal A C 1st g 6 s..A 1919 A •O " I I " "9434 04*4 Mar-16
122% Dee " lConvertible deb 6s..............192: m - e 125
90 July
i 126 128
126
Kan A H C A C 1st s f g 5s. 1951 J - J
127% 130 126
Convertible deb 6s............. 192.‘ M897g
89*' *90*"
88
88% Pocah Con Collier 1st s f 5s. 1937 J - J 8978 Sale' 893.,
8 8% ____ 88 Mar’ ll
J 87%
84
88%
101%
101-% 102
Rt L Rock Mt A P 5s Stmpd. 1955 J - J 87% Salo 87%
Q - 1 101% Sale 1013,
103%____
103:,s
Jan
"16
101% 103*8
J
J
100%
102-%
Tenn
Coal
gen
5s__________
1951
102*8
A -(
102 ____ 102%
s
Ref and ext
10138
102
101%
102
101*8 1017g
91% 93
93 Mar’ lC
Blrm Dlv 1st consol 6s .. .1917 J - J
’ M >■ 92% 93
Milwaukee Gas <■
1013., 102
101%
Tenn Dlv 1st g 6s__ ___ «1917 X - O 1<>178 ____ 101%
103*)
104 ____ 103*8
* 103*8 103*8
» J -1
Cah C M Co 1st gu 8s___ 1922 J U 105 100 101 Deo '14
105% ?3 101% 105%
< ) £ 105*2 8al« 105%
’ Am- -14
17 85
------ 87% 7 •
Vlotor Fuel 1st a f 5s........ ..1953 J 87
86*5
t f - A
86*3 Sale 86%
8834 90
89 Mar’IC
89
Va Iron CoalACoke 1st. g 5s. 1949 M- R 88
108 108
1)>8 ___ 103 Mar’ ll
5J Telegraph 8t Telophon
9 9 % ____ 101% Feb ’ ll ___ 101% 101%
i F- /
90% 92%
92%
92% Sale 91*4
Am Telep A Tel coll tr 4 s.. . 1929 J 921* July’01 . . . .
If Y A Rich Gas tstg «n
1
100 IOH4
100%
Convertible 4s_'_............... 1936 M- 8 10034101% 100%
Pacific G A El Co Cal G A E
105*s 108
10ti7g
10034 Sale 105%
21 97*8 98%
20-yr convertible 4 44s------ 1933 M983)
M -l
98% Sale 98%
102 102*8
Cent Dlst Tel 1st 30-yr 5 s.. 1943 J - O 102% 10278 102*8 Fob TO
Pao Pow A Lt 1st A ref 20-yr
s3% June’ 14
____ 77
93
93% Commercial Cable 1st g 4s. .2397 Q
93 Feb TC
3F-8
79 An' - I '
. . . 84
Registered.................... 2397 Q 091* Oct 'tl
100% 42 99% 100%
100% Salo 99*4
Cumb T A T 1st A gen 5s. .. 193 J
1147)
J 114% 115
Feop lias A O lot cons g tts 191:1 A - < H4% .I I I 1147s
08 ------ 95 N ov’ 15
101*
8 10F% 102% Keystone Telephone 1st 5s... 1935 ; 101% 101*. 101*3
Refunding gold 5s. ........ 191 7 M_________
vtetropol Tel A Tel 1st s f 5s 19)8 M - N 11)1%____ 101% N ov’ 15
99 Sen t :
Registered.................... 191 7 M100 101
100 100% 101 Feb TO
102*8 102% Mich State Telep 1st 5s . . . 1924 F
1*62% ____ 1023s Feb Tl —
7J
<01% June' 5
101%
1 J C 10138____ 101% Feb ’ ll . . . . 101 lODs N Y A N J Telo ihone 5s g .. 1920 M
98% *99*%
99)
_________
N V l'elep 1st A sen a f 4 44s. 193' M N 99% Sale 98%
___
<>:< M g rT —
0 M-A ..
100 101%
101 Sale 100*8 101
7 M 8 100*4___ 1003s Feb Ti . . . 100*8 100*8 Pan Tel A Tel 1st 5a________ 1937 J
Mu Fuel Gas 1st gu g 5s..
99% 101%
1007g
10078 Salo 10034
s96% 896% South Bell Tel A T 1st a f 5«. 1941 J
96% Jau 'll 1 ..
9 F > 99 .
101 10178
1013.,
101 1013, 101%
20 92% 93% West Cfnloa coll tr cur 5 a ... 193 I
93>
92
931, 93
l M f
94*s 96%
95*1
Fd and real eat g 4 44s____1950 M N 95% 953., 95%
93% 101%
1} J
£
99% 100 100 Mar’ li —
____ 101% 104 June
Mut Un !'ol gu ext 5o._ ..1941 M
i 1 L 100 ____ 100% Jan Ti 1 ----- 993, 100%
92*8
95
I
•
»>
<
M
*"T
J
Northwest
Tel
gu
4
<<s
a
1934
84 ____ 85% June’ ll —
1J .............- Sy
•No price Friday; latest bid and asked, o Due Jan. d Due April. « Due May. g Due June, h Due July, ft Due Aug. oDue Oct. 9 Due N ot. i Dus Deo. * Option sale.
Wabash 1st gold 6s________ 1839 M-N
Id gold 6s........................... 1939 F - A
Debenture Series B ........... 1939
1st Hen equip s i d e 6 s ... 1921 HI - S
1st lien 60-yr g term 4s— 1954
1st rel and ext g 4a............. 1956
Cent Tr ctls asst paid........
Do asst part p a id ........ ..
Cent Tr stpd ctls asst paid .
Do asst part paid. ___
Eqult Tr ctls asst paid___
Do asst part paid_______
Eqult Tr stpd ctls asst paid
Do asst part paid_______
D e tA C h Ext 1st g 5a____ 1941 J J
Des Moln Dlv 1st g 4a____ 1939 J - J
Om Dlv iat if 3 a_______1941
Tol A Ch Dlv 1st g 4s___ 1911
Wab Pitts term 1st g Is___ 1954 J -D
Cent and Old Col Tr Co certs.
Columbia Tr Co cert/a........
Col Tr ctls lor Cent Tr otla 3d cold 4s........................... 1954 J -D
Trust C ocertfs................. .
Wash Terml 1st gu 3J-48..'.- 1940 f - A
1st 40-yr guar 4a ______ 1945 F - A
West ■•'aryland 1st g 4s____1952 A - O
West N Y A Pa 1st g 5«_____ 1937 J - J
Gen gold 4s........ ................ 1943 A - O
Income 5s________
<11943
Wheeling A L E 1st g 6s___ 1926 A - O
Wheel Dlv 1st gold 5s. _.. 1928 J - J
Exten A Impt gold 5s___ 1930' * - A
HR 1st consol 4s................. 1949 M- S
20-year equip s 1 5s_____ 1922
WInaton-Saiem 3 B 1st 4s . . 1990 J - J
Wla Cent 50-yr 1st gen 4s. . . 1949 J - J
8up A Du) dlv A term 1st 4s '39 M -N
Street Railway
Brooklyn Rapid Tran g 5s..l94f. A - O
1st refund conv gold 4 s . ..2002 J - J
6-year secured notes 6 « .. 191' J - J
Bk City 1st con 6 a ..1916-1941 J • J
Bk Q Co A 8 con gu g 6s. .194'
Bklyn Q Co 4 3 1st 5a . . 1941
Bklyn Un El 1st g 4 5s. ..1959 F - A
Stamped guar 4-6s_____ 1950 F - A
Zings County E) 1st g 4s. 1949 F - A
Stamped guar 4s.......... 1949 F - A
Nassau Eleo guar gold 4s. 1951 J - J
Chicago Rya 1st 6 s.............. 1927 F - A
Conn Uy A L 1st A ref g 4 Ha 1951 J - J
Stamped guar 414s______ 195i
Det United 1st cons g 4448—1932 J - J
r t Smith Lt A T r 1st g 6 s ... 1939 IW- 8
Grand Rapids Ry lat g 6 s...1919
Havana Elec consol g 5s___ 1962 F - A
Hod A Manhat 6s Ser A ___ 1957 F - A
Adjust Income 6s________ 1957
N Y A Jersey lat 6s_____ 1932 F - A
interboro-Metrop coll 444s.1959 A -O
Icterboro Rap Tran 1st 5a . 1969 J • J
Manhat Uy (N Y) cons g 4s. 1990 A - O
Stamped tax-exempt........ 1990 A - O
Metropolitan Street R y—
Bway A 7th Av lat e g 6a. 194 J - O
Col A9th Av 1st gu g 3s .. 1993 M- 8
Lex Av A P V 1st gu g 5s. 1993 M- 5
Met W 8 El (Chic) 1st g 4 s.. 1933 F A
Mllse Elec Ry A Lt cone g 5s 1929 F - A
Refunding A exten 444s.. 1931 J - J
MlDneapSt 1st cons g 5s___ 1919
Montreal Tramways 1st A
SO-year 5s Ser A ................. 1941 i - J
I - J
J J
A -O
M- N
M- N
F- A
j - j
M-N
3- J
1 - j
Third Ave 1st ref 4s.
A O
l
J
A-O
J---- -
104% 104% .04%
993), Sale 9914
104%
99-%
25
98
100
1
M
a b
. 1 1 1 9 1 6 .]
BOSTON STOCK EXCHANGE— Stock Record
a n A R B P R IC E S — N O T PE R C E N T U M
S a tu r d a y
M a rch 4
M onday
M arch 0
T u esd a y
M a rch 7
W ed nesd a y
M arch 8
P R IC E S .
T h ursd a y
M arch 9
F rid a y ,
-.M a r. 10
S a les
o f the
W eek
S h a res
STOCKS
BOSTON STOCK
EXCHANGE
963
S « « N ext P a g *
R a n g e S in c e J a n .
1.
R a n g e f o r P r e v io u s
Y e a r 1915.
H ig h est.
.
.
Railroads
10 Atch Topeka <fc Santa Fe._100 102 Mar 2 108 Jan 3
92*4 Feb
102*4 102*4
♦102 102*4 *10213 103 *103 103i2 *102l2 103
15 Do pref.........................100 99 Jan 5 101% Mar 9
97 Jan
101% 101%
101 10 1 *10114 102
*101 101*4 ♦101U 102
190 Jan 3 198 Feb 16 170 Mar
159
Boston
&
Albany________
100
195%
195%
19512
195%
195*4
195!2
195%
196
195
19514
195% 195l2
967 Boston Elevated_________ 100 78% MarlO 8S%Jan 19
73 June
80
80l2 80% 80% 80
80% 78% 80%
80l2 81
80l2 82
50 Boston & Lowell_________ 100 129 Jan 4 145 Feb 11 109 Feb
139 140 *139 140 I 139 140 *133% 139
139 139
35
Jan
28
52
Feb
14
943
Boston
&
M
aine-------------100
20 Feb
45
45%
44%
45
44%
44%
"44*8
45%
45
♦45
45l2 45
Mar 2 225 Jan
L a st Sale 235 Mar’ 10 _____ Boston A Providence______100 230 Jan 6 235
235 235 *230 235 *230 235 *230 235
4% Feb 29
5 Jan 8
5 Dec
412
L a st Sale 4% Mar’ 16 .......... Bostou Suburban Elec Cos___
4i2
*
____________
4i2 4l2 *___
40 Jan 18 40% Feb 29
Do pref_________________
40 Sep
40 * ___
L a s t S a le 40% Mar’ 16 _____
40
40
*
____________
40
5% Jan 5
5% Jan 5
5 N ov
Jan’ 16 ........ . Boston A Wore Eleetrlo C o s..
L a s t S ale 5%
♦5 -----42 Feb 28 44 Jan IS
Do pref...................... .........
39 Jan
Mar’ 16 _____
L a st Sale 44
157 Feb
L a st Sale 160 Sept’ 15 _____ Chic June Ry A U S Y ___ 100
157 *___ 157
*___ 157
*___ 157
101%Jan 31 106% Feb 23 101% July
140
Do pref_______________
*105
___ 106 100
*105
105% 105% 105*4 105*4
*105
9 Connecticut River_______ 100 150 Jan 5 162 Fog 19 140 Feb
159 159 *159 161
158 158
*159l2 161 *159 101
288 Fitchburg pref___________ 100 76 Jan 4 87 Feb 14
51 Feb
78" 78
78%! 77% 78% 78
78
7812 78*4 78>4 78% 78
75 Georgia Ry A Elec stampdlOO 122 Jan 3 126% Feb 7 114 Apr
125*4 126 *120 127 *125% 120 *125% 120
125% 128
•12512 126
88%
Mar
7
z86
Jan
10
100
35
Do
pref...........................
84 Aug
*87%
90
88%
88% 88% 88% *87% 90
90
*8S
*88
90
48 Maine Central___________ 100 100% Jan 4 102 Jan 17
92 Mar
102 102
101% 101% 102 102
*100 10112 i o n 2 101% *101%
8 Feb 14
6 Feb 3
50 Mass Electric Cos________ 100
4% June
*7
8
7% 7% *7
*7
*012
111
Do pref stamped______100 34 Jan 25 40 Feb 11
33 July
37
37
37
37
37
37
37
37
*36
37
65
77%
Jan
3
Mar 9
9 1 1 N Y N H A Hartford.........100
43 Feb
60% 65*4 66
07*41 67% 07*4 60% 67% 65
66*4 67'4 67
18 Northern New Hampshire. 100 97 Jan 3 105 Feb 14
103% 103*2
89 Oct
102 103
'102 103
103% 103% *102 103
105 105
140 Aug
L a st Sale 156 Mar’ 16 ...........Old Colony______________ 100 151 Jan 13 157 Feb 26
*153% 156 *153%
«15312 150 *153l2
24 Feb 18 30 Jan 3
Feb’ 16 .......... Rutland, pref____________ 100
15 Mar
L a st Sale 25
*25
26
*25
26
2 7 ’ *25
*25
27
80 Union Pacific...................... 100 131% Mar 6 138*8 Jan 6 116% Jan
131*4 131% 131% 131*8 *132 132% *131*8 132 *132 132*8
10 Do pref............................100 81% Mar 1 83% Jan 3
79% Mar
82% 82%
11 Vermont A Massachusetts. 100 118 Jan 10 125 Mar 1 105 Feb
125 125
125 126
125 125 *___ 125
*125’ 126
65%
300 west End Street...................50 65 Jan 26 67% Jan 19
65*4 65*4 05
61 May
65%
65% 60
06
66
*65i2 60
83% 83%
78
Do Dref............................. 50 80 Jan 11 86 Feb 25
80 July
83% 84
84% 84% 84
*84l2 85
Miscellaneous
66 Feb 29 71% Feb 11
*67 . . .
175 Araer Agrlcul Chemical__ 100
48 Jan
07% 67% 67% 68
*00% 08
*05
66
66% *05
97% 98% 97% 98
592
Do pref............................100 98*4 Feb 8 99 Jan 3
87% Mar
97% 98
97% 98
97% 98
97% 98
2%
Feb
28
2
Jan
18
*2%
2%
*2%
2%
500
Amer
Pneumatic
Service..
50
1% Mar
*2%
2%
2%
2%
2%
2%
2*4 2 %
14% Mar 4
15
14% 14*2
94
Do pref........... .................50 13% Jan 5
13 Deo
13% 14% 13% 13*4 *13% 14% *13% 11% *14
109
620Amer Sugar Refining______ 100 108 Mar 8 116% Jan 8 100 Feb
111*8 111*8 110*4 1 1 2 % 108 110% 109*4 109% 108%
109% 110
115*4 116% 115% 115%
184
Do pref......... .................. 100 114% Mar 1 118% Jan 13 109 Feb
110% 117
117 117
115% 116
115% 116
127% 128% 128 128*2 4,950Amer Telcp A Teleg............100 126% Jan 31 128% Jan 15 116 Jan
127% 127*4 127*8 128% 127*4 128% 127% 128
53% 5438 2,652 American Woolen tr c t f s ___
53
53
43 Jan 11 54% MarlO
16% Apr
52% 52% 52*8 52*8 52*8 53% 52% 53
99% 101
92 Jan 11 101 MarlO
2,299 Do preferred tr c t f s ____
77 Fob
99
99% 99 % 99*4 99% 100
98% 99% 98*4 99
70
70
70
70% *70 . . .
66 Jan 3 70% Mar 8
150 Amoskeag Manufacturing___
59% Jan
70
70
*70
100 100
100 100
99% Jan 20 101% Feb 10
*___ 101
4
93 Do pref_____ ___________
97% May
101
28% 28% 28% 30% 30" 31
28% 29
1.875 Atl Gulf A W I S S Lines. 100 27 Jan 14 31%Jan 17
4 Feb
'27% 28% 27*4 29
47% 47% 48% 48
49% 5,093
46
47% 40
Do pref........ ................ 100 42 Jan 15 49% Feb 23
9*8 Mar
46% 47% 40% 48
10% 10%
13% Jan 19
*10
10*8 *10
10 Jan 4
10
10*8
20 East Boston Land..._____10
8% Dee
•10% 10% *10% 10*8 10
249 249
249% 249*4 249 249
249 250
390 Edison Electric Blum........ 100 242 Jan 14 250 Mar 7 230 May
218 249
240 246
169 169
171 171
168 108
169*4 170
224 General Electric_________ 100‘ 165% Mar 2 178 Jan 17 138% Feb
107 167
167 107
102 102
101% 102
101*4 101*4
126 McElwnln (W II) 1st pref. 100 100 Jan 4 102 Feb 24
101 102 *101 102
96% Aug
102 102
84% Mar 6 86% Jan 5
85
84% 84% *84% 84% 84% 84%
101 Massachusetts Gas Cos__ 100
78 Apr
*84% 85>4 84% 85% 85
87
87
86*4 80*4
488
Do p r e f ...................... 100 85 Jan 3 89 Feb 14
81 N ov
86*4 80*4 80*4 86*4 . . . 86% 80% 87
160 160
* 102% 167 *160 170 *100 170 *166 168
5 Mergenthaler Linotype__ 100 162 Feb 4 172 Jan 19 154 Feb
2%
Jan
15
1
1
*1% 2
*1% 2
1 Mar 8
*1 % 2
16 Mexican Telephone______10
*1% 2
% Apr
Feb’ 10 L a st S a le 17
*
15 PJan
17 >----17
18 18 Feb 3
17 * ___
10 June
17
..................... Mississippi River
ow er..100
I-’cb’ 10
L a st S a le 44
*42 ___ *42 . . .
♦42*
35 Feb
—
Do pref______________ 100 44 Feb 8 44 Feb 8
*42"
*
_
Jan’ 10
30
L a s t Sale 30
30
30 Jan 7 30 Jan 7
30 * ___
— New Eng Cotton Yarn___ 100
20 Apr
30
Mar’ 16 L a st S a le 55
50 100
Jan 24 58 Jan 7
*56" 55 *50 55 *50 55
55
Do
pref..............
25 July
135% 136% 136% 130% 130 136% 136*2 137
308 New England Telephone.. 100 131%Jan 11 137 Feb 11 zl27H June
136 130
135% 130
135 138
133 130
1,570 Nlpo Bay Company______100 102% Jan 11 136 Mar 9
127 127 *120 127% 127 134
126 127
320 Pullman Company______100 161% Mar 7 171 Jan 17 150 Feb
161*4 161*4 101*4 162*4
162% 102*4 102 102% 161% 162% ►162 . . .
16% Jan 12
*15% 16
15% 15% *15% 16
15 Sep
16
16
10
40 Reece Button-Hole_______ 10 15 Feb 3
10
132% 133% 130*4 131% 1,153 Swift A C o...........................100 125 Feb 5 134 Mar 6 101% Jan
133 133% 132% 133
130% 133% 133 134
47
47% 45
28 Mar
7S3 Torrlngton_______________ 25 35 Jan 14 49% Feb 14
45% 45
45
44*8 45
46% 46*2
26 Mar
*31% 32
101 Do pref_______________ 25 28 Jan 14 32 Mar 2
31% 31% 31% 31% 31% 31% 31% 32
2 Feb 23
1 Jan 14
.95 Jan
100 Union Copper L A M ____ 25
1%
1%
*1%
*1%
1%
1*4
1*4 *1%
144 144% 2,336 United Fruit.............
100 136% Jan 31 150% Feb 11 110 Feb
143 144% 142" 144*t 144 145
142 143% 143 145
54 % 54*4 1,251 United Shoe Mach C orp .. 25 51 Jan 3 56% Jan 11
54
5434 54% 55
48 Aug
54
54% 54% 54% 54% 55
29%
29
29
29
29% 29
1,167 Do pref_______________ 25 28% Jan 3 29% Feb 11
28% 29
28 Mar
29
28% 28% 29
79% Mar 1 88% Jan 3
82*4 83
84*8 8334 84% 2,722 U S Steel Corporation___ 100
82% 82*8 82
38 Feb
81% 82
81*4 83
116 116% 110*8 110*4 116*8 116%
230 Do pref______________ 100 115% Feb 5 118% Jan 25 102% Jan
116% 116% 110 110*8 110 116
9%
9*4
8
Feb
16
13
Jan
3
9%
9*4
7,285
Ventura
Consol
Oil
Fields.
5
9*4
10
0*8
9*8
9% 10%
10*s Deo
9*4 10%
Mining
2% 2%
3 Feb 23
1% Feb 17
23S 2*8
2% 2%
2% 2%
790 Adventure Con___________ 25
2% 2%
2*8 2%
1 Jan
101 101% 102% 104
102% 103% 105*4 100
1,106 Ahracek........................
25 95 Jan 15 106 MarlO
99 100
100% 101
92% Dec
17% 18% 17*8 21% 20% 22% 20% 21% 39,975 Alaska Gold_____________ 10 17% Mar 6 26% Jan 7
19% 20*8 17% 19
21% Dec
L a s t Sale 1*8 Mar’ 16 ---------Algomah Mining___________ 25
1%
.90 Feb 8
1% Jan 3
*1
1% *1
1% *1
1% *1
.45 Feb
73%
72
71
71% 71
71% 72
70
70
70% 70% 71
909 Allouez___________________25 64% Jan 14 74% Feb 21
35% Jan
83% 87% 89
77% 79% 79% 82% 80*4 82% 79% 83% 84
48,698 Amer Zinc, Lead A Smelt. 25 66 Jan 31 89 MarlO
16% Jan
8% 9
8% 8%
8*8 8% *8*8 8%
10 Feb 14
8% Jan 31
8% 8%
.8*8 8*4
1,205 Arizona Commercial______ 5
3% Jan
4
4% 1,545 Butte-Balaklava C opper.. 10
4% 4%
4
4 Hi 4%
5% Feb 5
4%
4% 4%
4 Hu 4%
3 Jan 15
2 Jan
99
92% 95
95
98% 97% 99% 97% 102% 101% 105% z94
71%Jan 3 105% Mar 9
16,326 Butte A Sup Cop (Ltd)__ 10
35% Jan
72
72
72% 71
72
72% 72*8 73
71% 71% 71% 72
3,325 Calumet A Arizona_______ 10 67% Jan 31 75 Feb 10
51% Feb
552
552
550
555
505
552
557%
556
552 552
551 550
145 Calumet A Hecla_________ 25 550 Jan 20 586 Feb 14 350 Jan
17
17
16
♦10
17
*15
*15% 16% 10
19 Jan 6
16
16
16
80 Centennial_______________ 25 16 Feb
15 Jan
57% 57t.| *57% 57% 57% 57% 56% 50% 57% 57% *55% 50
45 Chino Copper___________ 5 51%Jan 31 60 Feb 19
32*8 Jan
04
63
63% 04% 03
63% 64% 63*4 05% 3,414 Copper Range Cons C o__ 100
61%Jan 31 67% Feb 19
63% 03% 04
30 Jan
2% 2*4 *2*4 3
2% Mar 1
3% Jan 5
*2% 3
*2% 3
2*4 2% *2% 3
140 Daly-West.............................20
1% Jan
16% Jan 3
13% 13% 13% 13% 13% 13% 13% 13% 12% 13% 13*4 13*4 1,335 East Butte Copper M in ... 10 12% Mar 3
8% Jan
“10
9% 9%
9
9
474 Franklin.................
*9
9%
9% 9% 10
9 Feb 1 10% Jan 8
9% 9%
25
4% Feb
94
91
02
92% 91
92
93
91
84% Jan 11 98*4 I’’ eb 10
671 Granby Consolidated____ 100
90
91
89% 90
58 Jan
52*4
52% 50
49
49% 50
1,766 Greene Cananea........ ........ 100 44 Mar 6 52% Mar 9
*44
45% 4412 50
45
44
23% Feb
15% 15
445 Hancock Consolidated___ 25
19% Jan 4
15
16% *15% 10
15 Mar 4
15
15% 15% 15% *15% 16%
11 Jan
*
*
«•
24
24
24
24
21
10
27%
Jan
20
24
24
Mar
9
24
24
Hedlcy G o ld ____________ 10
20% Oct
5
*4
4%
4
150 Indiana Mining___________ 25
6 Jan 3
*4
5
*4
4
4 Mar 9
*4
4% 5
5
2% Jan
40
65 Island Creek Coal________ 1 45% Feb 14 49% Jaji
♦45% 47% 45% 45% 45% 45% 46
*45% 47% *45% 46
41 Mar
90*4
37
90
90% 90% *90
90% *90
*90
90% 90% 90
91
85% Jan
Do pref...............
1 88 Jan 29 91 Jan
27
27% 28
28
27% 27% 23
27*8 28% 38% 29*2 1,357 Isle Royale Copper________ 25 26%Jan 31 3134 Jan
23
17% Jan
515 Kerr L ake.................
3*8 3*s
4% Jan
*3% 3%
3% Mar 4
3% 3%
3% 3% *3% 3%
3% 3%
5
3 Aug
4*8 3,340 Keweenaw Copper________ 25
4
2% Feb 11
•3
3% 4%
4*8 MarlO
*3
3% 3%
3*8 3%
3%
3%
1% Aug
18
18*4 1,160 Lake Copper C o__________ 25 16 Jan 31
16% 16% 10% 16%
19% Feb 10
16% 16*8 17
18
10% 16%
5% Jan
5*2
*4%
65 La Salle Copper__________ 25
*4*4
5*4 Jan 3
5
4% Feb 16
*4*4 5
*4% 5
412 5
*4% 5
3% Jan
*2% 3*4 *2% 3%
4% Jan 4
3
3% 3%
2% Feb 23
3
3%
3% 3*8 1,495 Mason Valley Mine______ 5
3's
1 Mar
13*t 13% 13% 14
14*4 4,605 Maas Consol_____________ 25 11% Feb 1 15 Feb 23
13% 14
13% 14% 14
13% 14
3 Jan
*3%
3%
3%
150 Mayflower________________25
3% 3%
5 Feb 10
3*4 3*4 *3
3*8 3*8
3% Feb 18
3 Aug
*35% 35s8 ♦35*8 35% 35% 35% 36
15 Miami Copper___________ 5 35 Jan 3 39 Jan 4
36
*36
30%
16% Jan
1% 1 % *1% 2
*1% 2
2
2*8
775 Michigan_________________25
1% 2
*1% 2
l%Jan 5
2*8 MarlO
.60 Mar
92% 93
93
92% 93% 93
94
90 103*2 3,746 Mohawk__________________25 89 Jan 31 103% MarlO
94
93% 90
46% Jan
10% 16% 10*8 16*8 *10*8 16% *10*8 10% *10% 10% 15*4 15*4
280 Nevada Consolidated_____ 5 15 Jan 28
16*4 Feb 24
11*8 Feb
*8% 9
8% 8*1
8*4 9
8% 8%
500
9
9
8%
8%
8% Mar 9 10% Jan 4
Now Arcadian Copper___ 25
4% Feb
20
19*8 20% 19
19*2 19% 18% 19
821 New Idrla Quicksilver___
18% 19
♦18% 19
5 10% Jan 3 24*4 Jan 19
4 July
0*4 0%
6% 6%
0*8 0%
0% 6%
350 Nlpisslng Mines_________ 5
0% 0%
6*8 6%
7% Jan 3
6 Mar 1
5% Aug
29% 29% 29% 29
29% 29% 29% 29% 29
30% 30*4 5,193 North Butte_____________ 15 27% Feb 1 32 Jan 3
31
22% Jan
1
2
1*2 1*2
1
1
*1% 2
*1%
102 North Lake______________ 25
1% *1*2 1*4
4% Jan 3
1 Feb 4
1 Jan
2
1% 1% *134 2 %
2
♦1% 3%
*1% 2%
115 OJIbway Mining___ _______25
>1*4 2
2*4 Jan 18
1% Jan 15
.50 Mar
*2% 3
3
♦2% 3
3
2% 2% *2*4 3
*2% 3
70 Old Colony ...............
4 Jan 3
2% Mar 9
25
2% Nov
71%
72
71% 72
72
73% 5,226 Old Dominion Co_________ 25 62 Jan 31 73% MarlO
71% 71% 72
71
72% 72
38% Mar
95
95% 95
95% 95
95% 95
95
93
97
95% 95
1,630 Osceola.____ _____________25 82 Jan 20 97 MarlO
64 Jan
12
12
12
12
11*8 11% 11% 12
12
12*2 1,376 Pond Creek Coal__________ 10 11% Mar 7 15*8 Jan 3
11% 12
12 Jan
92%
91% 92% 92
92% 90
91
1,741 Quincy........ ..............
95*2
93
93
.
91% 92
25 87 Jan 20 97*4 Feb 21
50 Jan
24% 25
24% 24% 25
25
*24% 24*8
•24% 24*8 *24*8 25
210 Ray Consolidated Copper. 10 23% Jan 31 26 Feb 14
15% Jan
70%
70
70
70
69%
71
70
71% 70% 73*2 2,296 St Mary’s Mineral L and.. 25 61%Jan 31 73% MarlO
70*8 Z09
28 Jan
3
3%
3%
3's
3
*3% 3%
3% 3%
3
3% 1,190 Santa Fe Gold A C opper.. 10
3%
3*8 Jan 8
3 Jan 13
1 Mar
9% 11
10% 10% 10% 10% 10% 10%
10*8 11
10*8 10*4 1,624 Shannon________________ 10
8% Jan 5 12% Feb 14
4 Jan
37% *36% 37
30% 36% *36% 37% ♦37
♦37% 38% *37% 38%
10 Shattuck-Arizona________ 10 31*8 Jan 31 40*8 Feb 14
18%
Jan
6% 7
0% 7%
0% 6%
7*8 8%
6*8 7
2,883 South Lako______________ 25
8
8
8% Jan 4
6*8 Mar 6
5% Nov
18% 18% *18% 19
18% 18% 19
18% 19
19
19
19
325 Superior__________________25 18% Mar 1 28% Jan 3
22% Jan
3% 3% ♦3% 3%
*3% 3%
3% 3*8
3*g 3% 1,320 Superior A Boston Copper. 10
3 Hi 3%
4 Feb 11
1% Jan 13
1 Mar
53% 51% 53
52
53
53% 52
54% 53
54
52
55
1,298 Tamarack________________25 47 Feb 28 56% Jan 14
25 Jan
9% 9%
8% 10
*9
0
9%
8% 9
10%
9*4 10*4 2,415 Trinity___________________25
8% Mar 1 12% Jan 3
2%
Feb
.20 *.17
.20 ♦.17
.19 *.17
.20 *.17
.19
.20 *.17 .20
100 Tuolumne Copper________ 1
.39 Jan 3
.15 Jan 26
.20 Jan
03% 64% 03% 04% 04
00
61*8 62% 62% 64
00% 70*4 60,294 U 8 Smelt, Re fin A M in .. 50 5-1% Jan 3 70*4 MarlO
20
Feb
50
50%
50% 50% 50% 50% 60*8 50*4 3,369
50% 50*8 50% 50%
Do pref______________ 60 49 Feb 1 51 Jan 8
28 Jan
4%
4% 4*8
4% 4%
4% 4*8
4% 4%
4 We 4*8 10,900 Utah-Apex Mining_______ 6 3 Hi Feb 11
47g Mar 4
2 Jan
14% 14
14
14% 15*8 15% 15*4 2,535 Utah Consolidated_______ 6 12% Jan 15 15% Feb 11
13% 14% 14
*13% 14
9% Feb
84% 88% 85% 85% 85
86
84% 84*8 84% 85
83% 83*8 1,005 Utah Copper Co______. . . 10 77 Jan 31 86*4 Feb 21
48% Jan
9% 9*8
9% 9%
9% 9%
9% 10*8 10,120 Utah Metal A Tunnol___ 1
9% Mar 7 10*8 MarlO
♦3%
4
3*8
4
3*4
*3% 4
4%
4% 4%
*3% 4
305 Victoria___ ______________25
4% Feb 14
2% Jan 3
1 Feb
4% 4%
4*8 4%
4% 4%
4% 4%
4% 4%
4% 4%
330 W inona__________________25
5 Jan 17
4 Jan 4
1% Jan
65
05% 65% 65% 65% *59% 59% 59% 00
00
02%
65
1,207 Wolverine . . . . ___
25 z59% Mar 8 67% Feb 10
32 Jan
*1% 2
2
♦1% 2
2
2
*2
2%
*1% 2
*1%
200 W yandott________________26
2% Feb 14
1% Jan 3
.60 Mar
* Btd and asked prloe. a Ex-dlvldend and rights. 6 Ex-stook dividend, c Assessment paid, h Ex-rlghts. « Unstamped, x 2s paid, to Half-paid.
109% N ov
101% N ov
198 Jan
96 Jan
138% Oct
37% Oct
240 June
10 Mar
56 Mar
9 Sep
47 July
160 Sep
110 Apr
165 Jan
76 N ov
120 Feb
88 Mar
103% Nov
10 Sep
50 Jan
87% Oct
98 Apr
157 Apr
30 N ov
141*8 N ov
81*8 Oct
125 Apr
72% Jan
93% Feb
73% Wov
101% N ov
4% Oct
19% Jan
119% Nov
119 Deo
130% N ov
57% Oct
99% Oct
67 Apr
101 Feb
36 N ov
49 N ov
13% Apr
260 Jan
184% Oct
104 Mar
94 Aug
92% Jan
200 Jan
3 Sep
16*8 Deo
46% Jan
30 N ov
55 Deo
143 Jan
170 Oct
18% Jan
128 N ov
36% Deo
30% Sep
1% Apr
163 Nov
65 May
30 Aug
89% Dec
117% Oet
14*8 N ov
4% Apr
103 Aug
40*4 Apr
4% Apr
66 Deo
72% Nov
9% Apr
4% Apr
80 June
78% Apr
830 Apr
25 Apr
57 N ov
65 Deo
5% Apr
16% Deo
14% Apr
94% Apr
62*8 Deo
24% Apr
29% Jan
10% Apr
52 Aug
91% Apr
34 Apr
5% Apr
4% Apr
19% Deo
9 Apr
6 Deo
17 Apr
8 Apr
36% Deo
3 Apr
98 Deo
17 Apr
14% June
13% Aug
87* N ov
38*8 Apr
4% Apr
3% Apr
7% Apr
64 Deo
93% Apr
19*s Aug
95 Apr
27% N ov
65% Deo
5 Oct
11% Apr
38 N ov
7% July
41% Apr
4% Apr
68** Aug
15% Oct
.63 Apr
54 Deo
50% Deo
5*8 June
16% June
81% Deo
4% Apr
6% May
70 Apr
2% Apr
964
THE CHRONICLE
Outside Exchanges—-Record Transactions
Stocks— (.C on.)
B o s t o n B o n d R e c o r d .— Transactions in bonds at B o s
ton Stock E xchange M a r . 4 to M a r . 10 , both inclusive:
F r id a y
L a st
W eek ’s R ange
Bonds—
P r ic e .
AlaskaGold deb 6s A . 1925
Am Tel A Tel coll tr 4sl929
Convertible 4 % s ...l9 3 3
91%
A tlG A W I SSL 58.-1959
78
Central Vermont 4s. .1920 8 0
Chic June A U S Y 4s. 1940
Det Grd Rap & W 4s_____
Gt Nor-C B A Q 4s. _ _ 1921
K G Mem A Blrm 4 s.. 1934
Mass Gas 4% s............ 1929
4%
........
s 1............... 1931
N E Cotton Yarn 5a.. 1929
New Eng Telep 5s___ 1932 102 %
Swift & Co 1st 5s___ 1944 100
United Fruit 4% s___ 1923
98%
4% s.......................... 1925
07%
Western Tel & Tel 5s. 1932 99 %
Low .
100
91%
105%
94
77%
80
86
67
98%
92
98%
95%
80%
102
90
99%
98%
97%
99%
H ig h .
S a les
fo r
W eek.
S h a r es.
100
92
106%
94
78
80%
86
67
98%
92
99
95%
80%
102%
90
100
98%
97%
100
53.000 100
23,000 90%
4,800 105%
2,000 94
80,000 74
9,000 80
2,000 84
13,500 67
4,000 98%
4,000 83
15,000 97%
94%
1,000
11,000 75
45,000 101%
1,000 87
22,000 98%
42,500 97%
12,000 97
22,000 99
R an ge s in c e J a n .
L ow .
1.
H ig h .
Mar 100
Jan 92%
Mar 107%
95%
Jan 78%
Mar 83%
Feb 86%
67
Jan 99
Feb 92
99%
Jan 96
80%
Jan 102%
Feb 94
Jan 100
Jan 98%
Jan 97%
Jan 100
Mar
Feb
Jan
Feb
Jan
Jan
Mar
Feb
Mar
Jan
Feb
Feb
Mar
Mar
Jan
C h ic a g o S t o c k E x c h a n g e .— C om plete record o f transac
tions a t Chicago Stock Exchange from M a rch 4 to M a rch 10,
b oth inclusive, com piled from the official salos lists, is as
follow s:
Stocks—
F r id a y
W eek ’s R ange
L ast
S a le .
o f P ric es.
H ig h .
P a r . P r ic e . L o w .
395 398
133 W 133 V.
39 ' 41 "
85
85%
Booth Fisheries, co m .. 100
28
28
72
Preferred................ .100
75
75
3%
3%
67
67%
Chic Pneumatic T o o l.. 100
222 230
Chicago Title & Trust. 100
Commonweatth-Edlson 100 142% 142 143
95%
95% 95%
Deere & Co, pref______100
103 K 105
General Roofing p ref.. 100
104 104%
71
71
116
116%
Hart Shaft A Marx pref 100
Illinois Brick................ 100
78% 80
Lindsay Light___________
8%
9%
9%
9%
Preferred........................
9%
9%
61
61
Maxwell Motors com .. 100
172% 172%
121% 122%
Pacific Gas A Elec C o .. 100
62% 62%
People’s Gas L A Coke. 100 104
103% 104%
Pub Serv of No 111com. 100 113% 113% 114%
Preferred__________ 100 103% 103 103%
345
10814 110
175 178
Sears-Roebuck com__ 100 178
127
127
84% 87%
Stew Warn Speed com . 100 87%
131
Swift A C o...... ............. 100 131
134
170 171
Ward, Montg A Co, p ref.. 114% 114% 115
Bonds—
94% 94%
Armour A Co 4 % a ...l9 3 9
83% 83%
Booth Fisheries a i d 6 s.'26
93% 93%
Cal A So Chi Ry Co 5s 1927
Chicago City Ry 5a.. . 1927 99%
99% 99%
ChlcCltyAConRys5s. 1927
71
71
99% 99%
Chic Pncu Tool 1st 5s. 1921
98% 98%
70
lv Chic Rys 4s series "B .
70%
35
35
■ Chic Ry Ad Inc 4 s.. 1927
Commonw-Edlson 5s. 1943 102% 102% 102%
72
72
Met W Side El 1st 4s. 1938 72
92% 93
Morris A Co 4% s___ 1939
99% 99%
Nor Sh El 1st A ref g 5s. '40
96% 96%
96%
Ogden Gaa 6s.............. 1945
101% 101%
Peop G L A C ref g 5s. 1947
102% 102%
Chic Gas I, A C 1st 5s 37
101
101
Mut Fuel Gas 1st 5s 1947 101
94% 94%
00% 90%
South Side Elev 4% s.l924
99% 100
Swift A Co 1st g 5 s ...1944
American Radiator___ 100
Amer Shipbuilding___ 100
40%
S a les
fo r
W eek.
S h a r es.
R a n g e s in c e J a n .
L ow .
15 385
18 133%
660 33”
110 75%
10 25
885 66
100
3%
360 63%
50 222
371 142
170 95%
73 102
19 101%
10 71
183 114%
130 76%
1,140
0%
300
9%
25 61
195 170
130 *120%
10 60”
406 100%
178 107
196 101
20 309
m
107
346 169%
100 125
1,483 83%
2,237 126%
41 170
223 112%
•S14.000
1,000
10,000
12,000
1,000
2,000
10,000
13,000
500
28,000
3,000
11,000
2,000
2,000
4,000
8,000
1,000
17,000
22,000
27,000
93%
83%
03%
99%
71
94
97%
69%
35
102%
72
89%
98%
95%
101%
102%
101
94
88%
98%
1.
H ig h .
Jan 400
Jan
136i* Feb
Jan 41” Mar
85% Feb
Jan 29
Jan
Jan 75
Mar
Feb
Mar 78% Jan
Mar 232
Jan
Feb 148
Feb
Mar
98
Feb
108
Jan 104% Mar
71
Jan 116% Mar
Jan 83%
Jan
10% Feb
Mar
10% Feb
Mar 68
Feb
185
Feb
Feb 122%
Jan 63% Jan
Feb 112% Jan
Jan 115% Feb
Jan 104
Feb
363
110
Feb
Mar 188
Jan
Feb
127
Mar 90% Jan
Jan 134
Mar
Feb 179
Jan 116
Feb
Jan 94%
Mar 86
Mar 93%
Jan 100
Mar
71%
Feb 99%
98%
Feb
75
Feb
38
Jan 102%
Mar 73%
Jan 93
Jan 99%
Jan 96%
Mar 102%
Mar 102%
Jan 101%
Jan 94%
Jan 90%
Jan 100
Feb
Jan
Mar
Feb
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Feb
Mar
Feb
Jan
Jan
Jan
Feb
Feb
Feb
* Ex-dividend.
P h ila d e lp h ia S t o c k E x c h a n g e .— T h e com plete record
o f transactions at the Philadelphia Stock Exchange from
M a rch 4 to M a rch 10, b oth inclusive, compiled from the
official sales lists, is given below . Prices for stocks are all
dollars per share, not per cent. F o r bonds the quotations
are per cent of par valu e.
Stocks—
F r id a y
L a st
W e e k ’s R ange
o f P ric e s .
S a le.
H ig h .
P a r . P r ic e . L ow .
Alliance Insurance__ ..1 0
American Gas of N J . .100
American Milling___
10
American Railways. - ..5 0
Preferred__
.100
Baldwin Locomotive. .100
100
Preferred_______
Buff A Sus Corp v t e. .100
Preferred v t o _____ 100
Cambria Iro n _______ ..5 0
Cambria Steel............ ..5 0
Catawissa 1st pref__ -.5 0
Consol Trac of N J . . . .100
Elec Storage Battery. .100
General Asphalt, pref. .100
Insurance Co of N A . ..1 0
Keystone Telephone-. ..6 0
Preferred............ . ..6 0
Lake Superior C orp .. .100
Lehigh N avigation... 60
Lehigh Valley............ ..6 0
Lehigh Valley Transit—60
Preferred_________ -.6 0
Penn Salt M fg_______ „ 6 0
Pennsylvania............. ..5 0
Pennsylv Steel pref__ .100
Philadelphia Co (Pitts).60
Preferred (5 % )----- ..5 0
Pref (cumulative 6%).50
Philadelphia Electrlc.22%
Phlla Rap Tran v t recta.50
19%
121
7%
30
97
104%
108
108
41
59%
45
_____
81
64
71
63
63%
70%
25%
25%
13%
69
’ io% 10%
75%
77%
78
22
21
43
43%
100%
101
57%
66%
98%
41
42%
36%
43%
27% 27
19
18%
19%
121
7%
30
97
108
109%
41
60
45%
81%
54
71
63%
71
28
13%
69
11
76%
78%
22
43%
101
67%
98%
42%
36%
43%
27%
19%
S a les
fo r
W eek.
S ha res.
R a n ge s in ce J a n .
Low .
19
27
25 121
40
7%
50 28%
59 93%
405 100
130 108
100 38
56 64%
135 44
125 70%
1 64
200 70
1,557 60%
130 70
258 25
5 13
119 68
1,762
8%
140 75%
916 74%
925 18
278 38
141 98%
1,399 65%
861 79%
290 40
2 35%
43 43
6,795 27
1,330 17%
Jan
Jan
Mar
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Feb
Jan
Mar
Jan
1.
H ig h .
20
123
8
31
97
115%
109%
43
62%
47
81%
55%
71
66%
73%
27
14%
70
12%
79%
82%
22%
44
102%
69%
99%
45%
36%
44%
28%
21%
Jan
Feb
Jan
Jan
Mar
Feb
Mar
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
[Vo l .
F r id a y
S a les
fo r
L ast
W e e k 's R a n g e
S ale
W eek.
P a r . P r ic e . L o w .
H i g h . S h a r es.
Philadelphia Traction..60
Reading......................... 50
Second preferred____ 50
13th A 15th Sts Pass___ 50
Tono-Belmont Devel___ 1
Tonopah Mining.............. 1
Union Traction________50
United Gas Improv’t__ 50
U S Steel Corporation. 100
Preferred__________ 100
Warwick Iron A Steel. . . 10
W Jers A Sea Shore___ 50
Westmoreland Coal___ 50
Wm Cramp A Sons___ 100
Bonds.
Amer Gas A Elec 5S..2007
do
small.. . 2007
Baldwin Locom 1st 58.1940
Cons Trac N J 1st 5s. 1932
Elec A Peop tr ctfs 43.1945
do
small
1945
Eqult Ilium Gas Lt 53.1928
Harwood Electric 6 s.. 1942
Inter-State Rys coll 4s 1943
do
small____ 1943
Keystone Telep 1st 5s.1935
Lake Super Corp 5 s.. 1924
Leh CAN fdAlmp 4s.. 1948
Consol 4% s._
1954
Lehigh A New Eng 5s____
Leh Val gen consol 4s.2003
General consol 4%s.2003
Leh Vail Coal 1st 5 s.. 1933
Leh V Tran refAImp5sl960
Market St Elev 1st 4s. 1955
Pennsylvania RR—
Consol 4% s__
1960
General 4% s_____ 1965
Pa A Md Steel cons 68.1925
People’s Pass tr ctf 4s. 1943
Phlla B A Wash 1st 4s. 1943
Phlla Co 1st 5s.......... 1949
Cons A coll trust 5s. 1951
Phlla Elec tr ctf 5 s ... 1948
do
small____ 1948
Trust certlfs 4s___ 1950
do
small___ 1950
Reading general 4 s . .. 1997
J-C collat 4s.......... 1951
Spanlsh-Amer Iron 6s. 1927
Standard G A El 6 s.. 1926
Unit Rys gold tr ctfs4sl949
United Rys Invest 53.1926
Welsbach Co 5s.......... 1930
West N Y A Pa gen 4s.1943
79%
84%
4%
6%
43%
90
84
” 60%
93%
105%
102
102
_____
98
” 93%
102.
R a n g e s in c e J a n .
Low .
79%
78% 79%
317 78% Mar
81% 85
4,157 75% Jan 85
44% 44%
10 42% Jan 45%
Mar 235
235 235
2 235
3,242 4 3-16 Mar
4 3-16 4%
4%
620
7
6%
6%
6% Mar
43
43%
933 41% Jan 45%
89% 90
648 87% Jan 92%
81% 84% 20,725 79% Mar 88%
116% 116%
BO 115% Feb 117%
10
10% 10%
625
Feb
10%
123 60
50% 50%
Jan 51
139 67% Jan
67% 68
69
Mar 87
73
77
160 70
93%
93%
105%
102
81%
82%
106
102
57%
59
98%
33
97%
103
103%
93%
103
105%
92%
96%
105%
102
105%
83%
99%
101
101
93%
93%
104% 104
103
84
83%
82%
95
95%
102%
99%
99%
75
71%
98
98
1 83%
102
1.
H ig h .
Jan
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
93% $12,300 89% Jan 93% Feb
93%
93% Jan
3,200 89% Jan
105% 65,000 104% Jan 106
Mar
102
4,000 101% Jan 102
Jan
81% 20,000 80% Jan 81% Feb
82%
600 80
83
Jan
Feb
106
11,000 106
Jan 106% Jan
102%
Jan 103
Jan
3,000 101
6,000 57% Jan 58
Jan
58
Mar
59
200 58
Mar 59
1,000 96
Jan 100
Feb
98%
Feb
33
2,000 20% Jan 35
Jan 98
Mar
98
5,000 97
103% 37,000 101% Jan 103% Feb
103%
5,000 103
Jan 103%!i Mar
Feb
93% 16,000 91% Jan 94
103
5,000 101% Jan 103% Feb
Jan
105%
2,000 105% Jan 106
Feb
93
11,000 91% Jan 93
3,000 95
Jan 97% Fob
97
105%
102%
106
83%
99%
101%
94
104%
104
84
83%
95
95%
102%
99%
75
72%
98
84%
15.000
42.000
13,000
1,000
1,000
18,000
20,000
12,000
1,900
41,000
2,900
8,000
6,000
1,000
15,000
1,000
61,000
1,000
16,0001
105% Jan 106% Feb
Feb
100% Jan 103
104
Jan 106
Fob
83
Jan 83% Jan
98% Feb
99% Feb
100% Mar 101% Feb
90
Jan 94
Fob
103% Jan 105
Jan
103
Jan 104
Jan
82% Jan 84% Feb
82% Jan 84% Feb
94% Jan 96% Jan
95
Jan
05% Feb
102
Jan 102% Feb
98% Jan 101% Jan
74
Jan 76% Jan
73% Jan
71% Feb
Mar
94% Jan 08
81% Jan 84% Mar
B a ltim o r e S t o c k E x c h a n g e .— Com p lete record of the
transactions a t the Baltim ore Stock Exchango frora_ M a r . 4
to M a r . 10, both inclusive, compiled from tlio official salos
lists, is given below . Prices for stocks are all dollars per
share, not per cen t. F o r bonds the quotations are per cent
of par valuo.
Stocks—
F r id a y
L a s t W e e k ’s R a n g e
S a le
o f P r ic e s .
P a r . P r ic e . L ow .
H ig h .
Arundel Sand A Gravel.. .
Baltimore Brick_____ 100
Baltimore Tin Plate_____
Baltimore Tube__________
Preferred_____________
Baltimore Electric, pref.50
Chalmers Oil A Gas..........
Preferred.......................
Commercial Credit___ 100
Cons Gas, E L A Pow.,100
Preferred............ ..... 100
Cosden A Co......................
Cosden Gas.............. .........
Preferred_____________
Davison Chemical_______
Elkhorn Coal____________
Elkhorn Fuel........ ....... 100
G-B-S Brewing v t c.,100
Houston Oil trust ctfs. 100
Preferred trust c tfs.. 100
Monon Vail Trac, pref. 100
Mt Vernon Wood v t c .
Preferred v t c _________
Norfolk Ry A L igh t... 100
Penn Water A Power.. 100
Pitts Ft W A Chic, p re f...
Poole Engine A Mach___
Sapulpa Producing_______
Preferred_____________
Sapulpa Refining________
Preferred_____________
Rights..............................
Symington (T H ), pref___
United Ry A Elec.......... 50
Way land Oil A Gas........ 5
Ronds.
Ala Coal 4c Iron 5s__
Anacostla & Potom 5s. 1949
Guaranteed 5s____ 1949
Arundel Sand A G 6s. 192.3
Atl CLRR conv deb 4sl939
Balt Elec stamped 53.1947
Balt Spar P A C 4% s.l953
Chicago Ry 1st 5s----- 1927
Coal A Coke 1st 5s__ 1919
ColumSt Ry 1st 5 s ... 1932
Consolidated Gas 5 s.. 1939
General 4% s.......... 1954
Cons Gas.E LAP4% s.l935
Consol Coal ref4 % s..l9 34
Refunding 5s.......... 1950
Convertible 6s.
1923
Cosden A Co new 6s_____
Elkhorn Corporation 6 s ...
Elkhorn Fuel 5s........ 1918
Hous Oil dlv ctfs .. 1923-25
Lexington (Ky) St 5s. 1949
Maryl’d El Ry 1st 5s. 1931
Maryland Steel 5s........ .....
Mcr A Min Trans 6s........
Norf A Ports Trac 58.1936
Pennsyl W A P 5s___ 1940
Rich A Wash 4s........ 1943
United Ry A Elec 4S..1949
Income 4s.............. .1949
Funding 5s.............. 1936
do
small..
1936
Notes 5s______________
Wash A Vandemere 4 % s ..
Wilm A Weldon 4 s ... 1935
40
108
112
22
9%
4%
61%
19
%
______
25%
72%
127%
14%
14%
110
27%
8%
ioo
98
98
92%
92
97%
98%
102
83
92
84
61%
86%
92%
R a n ge s in c e J a n .
L ow .
290 36% Jan 42
1
150
% Mar
%
95
20 90
Feb 98
1,344 63
108%
Jan 115
92%
1,159 82% Jan 92%
43%
26 43
Mar 44%
7
400
7
Feb
8
4
4
300
4
Mar
49
Jan B0
52 46
Mar 115%
602 108
108%
Feb 115%
112
50 111
14% Jan 26
7,675
23%
10%
7,103
8% Feb
10%
14,783
6
4% Mar
5
840 69
Mar 71%
64%
200
18% Mar
19
19
697 18
Jan
19%
10%
100
%
% Mar
%
450
Mar 23%
19%
18
63
200 62
Mar 68
75
5 74% Feb
75
14
298 12
Feb
16%
53%
554 52
Jan 54%
25%
45 25
Mar 26
73%
206 72% Jan 77%
15RIU
34 158% Mar 158%
Mar 148
215 106
127%
18
140
3% Jan
15
Jan
17
392
5
15
9
Jan
16%
2,713
14%
9% Jan
16%
8
14%
2%
% Mar
1% 13,507
200 100
110
Jan 110
277 25% Jan 29
28
5,182
8%
4% Jan
9%
77%
98
98%
102
92%
100
98
98
89
99%
106%
92%
89
92%
92
im u ’
121
97 K
m n«
80
90
98
100
102
83
91%
94%
83%
61%
85%
86%
99%
92%
94%
77%
98
98%
102
92%
100
98
98%
89
99%
106%
93%
89%
92%
92
indtr
130
975*
ioo%
80%
90
98%
100
102
83
02
94%
84
62
86%
87
09%
92%
04%
40
$1,000
1,000
12 000
5,000
8,000
2,000
2,000
2,000
1,000
L0O0
8,000
10,000
28,000
3,000
4,000
2,000
63.000
13,000
2,000
6,000
1,000
17,000
1,000
7,000
18,000
10,000
1,000
28,000
23,000
11,000
2,000
1,000
1,000
1,000
76%
96
98%
101%
92%
99%
95%
97%
85
99%
106%
92%
89
92%
91%
103%
101%
97%
100
80
90
96%
100
101
81%
90
94%
83%
60%
84%
85
99
92%
94%
:l.
H ig h .
95
104%
90%
43
7
4
49
108
112
21%
9%
4%
61
18%
18%
%
18
62
75
13
53
25%
72%
15
115
14%
14
12%
14%
1%
108
27%
8
39
108%
92%
43%
7
4
S a les
fo r
W eek.
S h a r es.
«Jon
c*U
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Fob
Mar
Feb
78
09
99%
102
93
100
98
99%
89
99%
107
94%
90%
92%
93
105
138%
98%
100%
82%
90
98%
100
102
83
92%
94%
85
62%
87%
87%
90%
92%
94%
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Mar
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Mar
Mar
Mar
Jan
Jan
Mar
j an
Feb
Jan
Feb
Mar
Jun
Feb
Fob
Fob
Feb
Feb
Mar
Feb
Feb
Fob
Jan
Jah
Mar
Jan
Feb
Feb
Feb
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Feb
Feb
Feb
Feb
Feb
Jan
THE CHRONICLE
Mak. 11 1916.]
965
—
P it t s b u r g h S t o c k E x c h a n g e .— T h e com plete record of
transactions at the Pittsburgh Stock Exchange from M a r . 4
to M a r . 10, both inclusive, com piled from tho official sales
lists, is given below . Pricos for stocks are all dollars por
sharo, not per cent. _ .For bonds tho quotations aro por cent
o f par valu e.
F r id a y
L a st
W e e k 's R a n g e
S a le.
P a r. P ric e. L ow .
H ig h .
Stocks—
Am Wind Glass Mach. 100
47
Amer Wind Glass pref.100
Columbia Gas A E lec.. 100
155*
Consolidated Ice com ..6 0
5
Preferred.................... 50
Crucible S teel............ 100
83 M
narb-Walk Refract__ 100
84
Preferred .................. 100 102
Independent Brewing__ 50
3
La Belle Iron Works__ 100
51
Mfrs Light A Heat____ 50
Nat Fireproofing c o m ..50
Preferred___________ 50
Ohio Fuel OU___________1
Ohio Fuel Supply______25
Oklahoma Natural Gas 100
Osage A Oklahoma C o. 100
Plttsb Brewing com___ 60
Preferred.................... 50
Pittsburgh Coal com .. 100
51
9 J*
201*
18
39 J*
Pittsburgh Oil A Gas. .100
Pittsburgh Plate Glass. 100
Pittsburgh Stiver Peak__ 1
Pure Oil common............ 5
San Toy Mining_____ .1
Union Natural Gas___ 100
Union Switch A Signal..50
7 1*
18
185*
19c.
United States Glass__ 100
U S Steel Corp com___ 100
West’houso Air B rake..50
Wcst’houso Elec & Mfg-50
Honda—Cent Dlst Telep 5 s.-.1943
Indep Brewing 6s___ 1955
Plttsb Brewing 6s___ 1949
Plttsb Coal 5s............ 1931
x
29M
139
655*
47
143 J*
1001*
39
14?*
45*
35
83>*
835*
102
3
50
127>*
925*
505*
95*
20
175*
395*
71
98
45*
18
27
1025*
75*
116
9c.
*185*
16c.
145
1135*
124J*
295*
825*
137
635*
S a les
fo r
W eek.
S h a r es.
49
145
1005*
40
155*
5
35
835*
84
102
3 5*
515*
129
93
51
95*
21
185*
40
71
98
45*
1.85*
30
1025*
75*
116
9c.
215*
19c.
145
114
1245*
295*
825*
139
655*
97
L ow .
2,635
1,143
125
245
3,810
275
120
500
300
110
576
760
140
38
410
3S0
305
230
140
200
73
20
210
1,685
10
70
285
600
8,369
1,500
10
165
20
120
120
227
250
345*
132
100
385*
145*
35*
345*
56
715*
100
3
50
123
90
505*
95*
20
175*
38
70
98
45*
165*
27
1025*
65*
115
9c.
185*
15c.
1425*
1135*
124 54
295*
805*
1345*
615*
H ig h .
Jan 495*
Jan 145
Feb 105
Feb 425*
Mar
155*
Jan
5
35
Jan 835*
Jan 84
Jan 102
Feb
35*
Jan 54
Jan 129
Feb 93
Feb 515*
Mar
12
Mar 245*
Mar
19
Feb 40
Jan 74
Mar 106
Feb
65*
Feb 215*
Mar 365*
108
Mar
95*
Jan 116
Jan
9c.
Jan 215*
Mar 25c.
Feb 145
Mar 126
Mar 130
Mar
345*
Jan 88
Feb 1405*
Mar
695*
Jan
Jan
Mar
Mar
Jan
Mar
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
SI,000 1015* Jan 1035* Mar
9,000 49
Mar
60
Jan
1,000 64
Mar
675* Feb
7,500 97
Jan 985* Jan
1035* 1035*
49
50
64
64
97
98
49
1.
R a n g e s in c e J a n .
Ex-dividend.
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. W EEKLY AND YEARLY.
R a ilr o a d ,
S tock s.
W e e k e n d in g
M a r c h 10 1916.
P a r V a lu e.
S h a r es.
159,931 $13,177,600
485,231
41,994,600
554.796 47,046,500
538,328 42,795,800
699,142 60,899.950
592,695 52,588,500
Saturday — ................
M onday ------------------Tuesday-------------------W ednesday--------------Thursday------------------F rid a y ..........................
T o t a l ........................
S a les at
N e w Y o r k S tock
E xch a n g e.
S ta te, M u n .
dk F o r e ig n
B onds.
U . S.
B on d s.
$183,560
846,000
877,500
932.500
402.500
898,000
$1,000
500
1,000
3,030,123 5258,502,950 $11,385,000 S4,140,000
$5,500
W e e k e n d in g M a r c h
1916.
51,128,500
1,520,500
2,681,500
2,106.000
1,982,500
1,876,000
10.
1915.
Jan.
1
to M a r c h
1916.
3,000
10.
1915.
3,030.123
1,143,817
32,612,283
11,576,727
$258,502,950 $102,063,700 32,841,774,995 $1,001,974,110
$4,100
32,900
$57,200
$82,800
Stocks— No. shares—
Bank shares, par------B onds.
Government bonds—
State, mun.,Ac., bonds
R R . and mlsc. bonds.
Total bonds............
B onds.
$5,500
4,140,000
11,385,000
3122,000
500,000
12,557,500
$352,000
41,209,500
187,717,000
3363,000
4,475,500
121,974,500
$15,530,600 $13,179,500
$229,278,500
8126,813,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
B o sto n .
W e e k e n d in g
M a r c h 1 0 1916.
S h a r es.
P h ila d e lp h ia .
B on d Sales.
S h a r es.
B o n d S a les.
B a ltim o r e .
S h a r es.
B on d S a les.
Saturday.............
Monday_________
Tuesday_________
Wednesday..........
Thursday________
Friday................ .
23,735
54,983
44,376
45,588
78,881
84,576
$20,200
63,200
34,500
104,200
35,000
53,500
4,047
7,289
8 764
8,942
16,483
9,707
$44,300
82,100
169,000
111,600
89,900
23,300
7,420
14,311
7,160
3,569
5,196
9,501
$59,400
44,600
30,900
102,100
26,000
43,100
T o ta l................
332,139
$316,600
55,232
$510,200
47,157
$315,100
Inactive and Unlisted Securities
All bond price* are “ and Interest" except where marked “ f.
P e rS h are
P a r B id .
Anglo-Ainer OH new.
.100
100
50
.100
100
100
.50
100
100
100
100
100
.60
.£1
.25
100
100
.25
.26
Par
A sk.
Pierce OI1 Corn...................26
•15% 16 Prairie Oil A Gas............. 100
660 670
Prairie Pipe Line............ 100
295 305 Solar Refining_________ 100
•100 103 Southern Pipe Line C o .. 100
740 750 South Penn Oil............ 100
160 ISO Southwest Pa Pipe Lines. 100
283 280 Standard Oil (California) 100
44 Standard Oil (Indiana)..100
•42
65
70 Standard OH (Kansas) ..100
223 227
Standard OH (Kentucky) 100
154 157 Standard OH (Nebraska).100
134 137 Standard Oil of New Jer 100
182 184 Standard OH of New Y ’rklOO
•105 107 Standard Oil (O h io)___ 100
♦11% 12% Swan A Finch______
ioq
•20
22
Union Tank Line C o I I I 'lo o
195 200
Vacuum OH................ too
104 107 Washington OH_______ I . i o
•233 236
Bond*.
•63
65 Pierce Oil Corp con'- 0 s.1924
P e r sh a r e .
D id
A sk.
*15% 15%
423 427
228 231
285 295
210 215
302 300
112 117
255 258
528 532
455 405
357 362
355 305
513 510
213 210
540 550
135 140
82
84
220 225
*42 43
83
85
T ob a cco Stocks— P e r
Sha
Par
American Cigar common 100
Preferred____________ 100
Amer Machine A Fdry__100
Britlsh-Amer Tobac o rd ..£ l
Ordinary, bearer______£1
Conley Foil____________ 100
Johnson Tin Foil A M et. 100
MacAndrews A Forbes.. 100
Preferred____________ 100
Porto Rican-Amer Tob-,100
Reynolds (R J) T obacco.100
Preferred____________ 100
Tobacco Products co m .. 100
United Cigar Stores com . 100
Preferred____________ 100
Young (J S) C o...............100
Preferred____________ 100
B id
A sk.
110 115
09 101
80 90
*14l2 16
16
*15
325 380
140 160
140 150
99 101
215 225
460 475
120 122
4012 47
94
98
115 125
150 170
105 110
Ordnance Stocks— P e r S h a r e
22
Aetna Explosives new com
22,s
Preferred____________ 100 78>2 83
18 28
Amer A British M fg___ 100
Preferred____________ 100 50 80
Atlas Powder common..100 242 250
Preferred____________ 100! 102 105
Babcock A Wilcox_____ 100 130 125
Bliss (E W) Co com m on..50 *358 308
Preferred_____________ 50 *75 83
Canada Fdys A ForglngslOO 160 180
Canadian Car A Fdry__ 100 60 65
88
Preferred____________ 100 82
Canadian Explosives comlOO 300 330
Preferred____________ 100; 102 no
Carbon Steel common__ 100 70 75
1st preferred_________ 100; 78 85
65
2d preferred_________ 100; 01
Colt's Patent Fire Arms
M fg ...............................100 845 865
Crockcr-WheelcrCocom.100 102 105
Drlggs-Seabury Ord CorplOO 140 142
duPont (E I) de Nemours
!
Powder com (new)__ 100*342 352
Preferred____________ 100 104 107
Electric Boat................... loo! 360 370
Preferred____________ 100 300 370
Hercules Powder com__ 100 388 398
Preferred____________ 100 117 120
65
Hopkins A Allen Arms..100 56
96
Preferred____________ 100 90
17 20
International Arms
10
Lake Torpedo Boat com ..10 *9
Midvale SteelA Ordnance . *63 63 >8
Nlles-Bement-Pond co m .100 170 180
Preferred____________ 100' 100 105
Scovlll Mfg .....................100 480 495
Submarine B oat__________ *36 37
Winchester Repeat Arms 1002400 2500
Short Term Notes. P e r C e n 1.
AmcrLocom5s July 1916 J-J 100% 101
5s, July 1917.................J-J 100%;101%
Am T A T Sub Cos 5 s..1916 100 400%
4Hs 1 9 1 8 .........................| 1005810078
Anaconda Copper 5s ’ 17 M-S 101% 101%
Balt A Ohio 4J*a 1917.JAD 100% 101
4Hs, 1918_________ JAD 101% 101%
Canadian Pac 6s 1924.M&H2 102% 103<8
Ches A Ohio 5s 1919..-J -D 99% 100*8
Chic Elev Ry 5s 1916___ J-J 93
06
Chic A West Ind 5s '1 7 .MAS 100% 100%
Consum Pow 6s 1917.-MAN 99*4 IOOI2
Erie RR 5s. April 1916. AAO 100 IOOI4
5He April 1 1917___ A-O 101% 101%
General Rubber 5s 1918 JAD 100% 101%
Hocking Valley 5s 1917.M-N 101% 101%
Int Harv 5s Feb 15 '18.F-A 101% 102%
Lackawanna 8teel 6s’ 17 M-S 101 ;10lt4
Minn Gen El 6s 1917...JAD 101% 101%
New Eng Nav 6s 1917.M-N 99% 100
N Y N H A H 5 s .M a y 1 1916 100% 100%
Pub Ser Corp N J 5s '19 MAS 100% 100%
Schwars A Sulzb 6s '16. .J-D 100% 100%
Southern R y 5s 1917..M-S2 100% 101%
SuIzASonsCoGsJ’ne 1 '16M-S 100% 100%
United FrultOsMay 1’ 17M-N 101% 101%
Gold notes 5s1918--M-N 101 101%
Utah Co 6s 1917............ A-O 101 101%
UtahSecurCorp 6s '22 M-S15 95% 96%
New York City Notes—
6s Sept 1916.......................... 101% 101%
6s Sept 1 1917........................ 103% 103%
Canndlan Govt. Notes—
5s Aug 1 1916................ FAA 100%100%
5s Aug 1 1917................. FAA 100% 100%
R R . Equipments—
Baltimore A Ohio 41*8-Buff Rocli A Pittsburgh 41*8
Equipment 4s........ .........
Canadian Pacific 41*a____
Caro Clinch! A Ohio 5s___
Central of Georgia 5s______
Equipment 41*s________
Chicago A Alton 4s_______
Chicago A Eastern III 5s___
Equipment 41*8________
Chlo Ind A Loulsv 41*9____
C h lcS tL A N O S s ..............
Chicago A N W 41*s...........
Chicago R I A Pac 41*s___
Colorado A Southern 5s__
Erie 6s___________________
Equipment 41*8________
Equipment 4s________i .
Hocking Valley 4s________
Equipment 5s__________
Illinois Central 5s________
4 H s ..................................
Kanawha A Michigan 41*a.
Louisville A Nashville 5s___
M lnn StP A 8 S M 41*8___
Missouri Kansas A Texas 5s.
Missouri Pacific 5s______
Mobile A Ohio 5s_______
Equipment 41*s--------New York Central Lines 6 s..
Equipment 41*8-----------N Y Ontario A West 41*s__
Norfolk A Western 4K s___
Equipment 4s___________
Pennsylvania RR 41*s_____
Equipment 4s----------------St Louis Iron Mt A Sou 5s._
St Louis A San Francisco 5s.
Seaboard Air Line 5s_______
Equipment 41*s-------------Southern Pacific Co 41*s__
Southern Railway 4Ms------Toledo A Ohio Central 4 s ...
P e r C t.lB a s ts
B id . As*.
4.25 4.12
4.45 4.20
4 45 4.20
4.50 4.25
4.60 4.40
4.55; 4.20
4.55! 4.20
5.80 5.00
5.60; 5.00
5.60; 5.00
4 65 4.30
4.30 4.12
4 25! 4.00
6.25 4 75
4.65 4 30
4.50 4.25
4.50 4 25
4.50 4 25
4.45 4.20
4.45 4.20
4.25 4.10
4.25 4.10
4.55 4.25
4 25 4.00
4.35 4.10
6.00 5.00
6.00; 5.00
4.75! 4.25
4.75 4.25
4.50! 4 10
4.50 4.10
4.60! 4.20
4.20 4.00
4.20t 4.00
4 20; 4.00
4.20, 4.00
5.30 4.70
6.00 5.00
4.55 4 35
4.55 4.35
4.25 4.12
4 50 4.20
4.75 4.25
Railroads—
West Pac 1st 68 1933__ M-S
Street Railways—
Com’w'lth Pow Ry A L ..10 0
Preferred____________ 100
Federal Light A Traction 100
Preferred____________ 100
f
B id .
A sk.
24
26%
61
84
11
47
25
70
12
45
51
75
♦83
•80%
4s 1951.........................J-D 80%
62
85
13
49
27
72
13
47
53
77
88%
81
80%
Elec. Gas & Power Cos—
Am Gas A Elec com______50 •130 134
Preferred_____________ 50 ♦50 51
Am Lt A Trac com m on.. 100 376 380
Preferred____________ 100 113 115
Amer Power A Lt com— 100 64 66
87
Preferred____________ 100 86
46 47
74% 76
131 132
76% 77%
Consumers Power (Minn)
1st A ref 5s 1 9 2 9 ...MAN 102 104
100
87
85
85
4s 1958 optional___ F-A
79
81
forth’ n States Pow com . 100 49
50
91% 93
Preferred____________100
62% 63
91
92
91
93
89 90%
103 106
97% 100
•8% 9%
♦30% 31%
10
19
73
70
17
19
17
18
6S% 59%
Industrial
and Miscellaneous
Adams Exp col tr g 4s'47 J-D /83
85
70
80
*42
44
*50
52
256 259
70
68
84
87
105 112
121 125
123 125
105 112
42 43%
94 96
286 293
z l l l 113
zl05% 100%
*1% 1%
174 179
20 27
73
78
73
79
18
20
55
60
*89c. 900.
I
3
3
0
/50
54
18% 19%
15
16
ICO 163
16
17
65
70
40% 41%
/ 75 77
90 95
107 110
99 101
69% 70
La Rose Consol Mines___ 5
♦%
%
172 177
*78 82
*3% 3%
•63 64
114 119
214 217
90 95
40 45
♦6% 6%
63
64
92
94
96 100
Remington Typewriter—
12% 13%
74
76
40
42%
Rlker A Hege'n(Corp for stk) •5
6%
140 145
101 101%
105 108
•13% 14
221 223
22% 30
103 103
•1% 2
150
•3% 4
*1% 1%
185 200
138 141
Preferred____________ 100 zl06
zl06 110
12
16
39 45
96
74 SO
50 60
Westchester A Bronx Title
167 175
*1% 1%
Worthington (H R ) Com105 108
•2% 2%
Preferred____________ 100
Cramp Ship A E Bldg__ 100
Emerson-Brantlngham ..100
Preferred____________ 100
Goldfield Consol M lnes-.-lO
Havana Tobacco Co___ 100
Preferred____________ 100
1st g 68 June 1 1922..J-D
Houston Oil com _______ 100
Intercontinen Rub co m .. 100
Internat Banking C o___ 100
Internat Mere Marine__ 100
Preferred____________ 100
International Salt______100
1st g 5s 1951............. A-O
International Silver pref.100
1st 6s 1948................... J-D
Deb 6s 1933................... J-J
* Per share. 6 Basis, d Purchaser also pays accrued dividend. « New stock,
/F la t nrlce. A Ex special cash dlv. ol 6% and 19% in Anglo-French bonds,
a Nominal, x Ex-dlvldend. v Ex-right*.
[Vol. 102
THE CHRONICLE
966
imwstnxcut irad Maximad ftilelli
R
A
I L
R
O
A
D
G
R
O
S S
E A R N
I N
G
S .
T h e following table shows the gross earnings o f every S T E A M railroad from which regular weekly or m on th ly returns
oan be o b ta in e d .” T h e first two columns of figuros givo the gross earnings for the latest week or m on th , and the last two
oolumns the earning 3 for tho 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 ut oovors some other
period.
The returns of the electric railways are brought together separately o~ ~ — k— " ' 'nnno
J u ly 1
L a te s t G r o ss E a r n in g s .
ROADS.
W eek or
M o n th .
C u rren t
Y ea r.
P re v io u s
Y ear.
P re v io u s
Y ear.
3
$
Ala N O & Tex P a c9
,236,252 2,093,404
310. 214 297, ,298
N O A N o r E ast. January . .
923.812
997,805
117, ,152
147, 178
Ala & V icksburg- January . .
861,375
983,315
99, ,061
135, 767
Vicks Shrev & P . January . .
,742,929 1,558,486
40 ,989
62, 387
Ann A rb o r_________ 4th wk Fob
,633.450 69.923.480
A tch T o p A San F e . January _ . 9,653, 671 ,822, ,427
,059.993 1,785,831
48, ,022
61, 089
A tlanta Brim A Atl 4th wk Feb
698,239
793,190
93, 453
121, 616
Atlanta & W est P t . January . .
,483,050 17,650,699
Atlantic Coast Lino January___ 3,075, 065 ,643, 201
,059,683 1,035,092
140, ,153
153, 783
Chariest A W Car January _ .
840,181
109, 215
916,847
135 234
L on Fiend & St L January _
,484,591 53,624.706
aBaltim ore A O h io. January . . 8.444 287 ,486 ,271
938.916
997.392
117 ,270
122 517
B & O C h Ter HR January___
,003,187 2,039,789
323 587 335 ,908
Bangor A A roostook January . .
,443,286 5,232.441
638 ,801 315 ,333
Bessemer & L Erio- December
514.515
539,924
64 ,766
85 962
Blrmingham S outh. January . .
,840,260 27,975,369
Boston & M a in e---- January___ 4,205 961 ,371, ,634
,015,203 6,445,307
197 ,269
B u ff R och A Plttsb 4th wk Feb 308 788
882,790
,014.112
112 ,417
155, 775
Buffalo A Susq R R - January.
Canadlan N or Syst 4th wk Feb 617 700 448 ,400
,604,990 68,550,153
Canadian F’ a c iflc .. 4th wk Fob 2,665 000 ,815 ,000
,503,497 7,336,412
Central o f Georgia January___ 1.024 147 ,003 ,030
,143.289 19.128,798
Cent o f New Jorsoy January___ 3.084 244 ,258 ,472
,825,608 2.226.329
349 515 339 302
Cent N ew E ngland. January . .
.440,884 2,259,621
362 113 271 ,369
Central V e rm o n t., January . .
,417,267 25,508,626
d i e s & Ohio L ines. 4th wk Feb 1,164 743 777 ,402
,418,061 8,655.659
January___ 1,264, 750 ,109 ,040
C hicago A Alton
,222,870 56,856,818
C hic Burl & Quincy January . . 7,963 992 ,062 ,602
,021,074 8.803.859
,208 ,983
b Chicago A East 111 January . . 1,435 053
,052,862 9,531,403
184 ,825
c Chic Groat W o s t .. 4 th wk Feb 287 ,944
,997,042 4,317,612
165 ,019 121 ,841
Chic Ind A L ou lsv. 4th wk Fob
,047,782 55.486.185
Ohlc M ilw & St P .\ January___ 7,645 037 ,696 ,115
Chic M il & Pug S I
dChic A N orth AVest January___ 6,793,769 6,497,037 54,640.741 51,269,671
875,279
886,559
127,813
143,632
C hic Peoria & St L . Decombor
C hic R ock Isl & Pac January . . 5.565,150 5.420,469 42,500,412 42,069,161
260,768 285,252 1,911,335 1,871,118
C hic R l A G u lf-- January ._
fiChic St P M A Om N ovom bor 1.889.106 1,493,061 8,400,982 8.255,130
197,338 1,488,167 1.361.859
C hic Terre II & S E J a n u a r y __ 246,037
Cin H am A D ayton J a n u a r y __ 700,034 672,515 6,567,044 5,842,929
961,835 1,168,051
122,610
119,221
C olorado M id lan d . January___
e Colorado & South - ith wk Feb 321,141 304,935 10,751,291 10,036,902
76.882
94,356
January . .
10,078
20,819
C o rn w a ll____
179,031
259,758
22,814
39.232
Cornwall & Lebanon January . .
January . .
691,480 544,891 3,231,779 2,551,350
C uba Railroad
Delaware & Hudson January __ 2,140,284 1,585,640 15,092,351 13,506,284
Del Lack A Western Ja tuary___ 4,223,317 3,030,952 28,629,729 25,095,339
D env Sc R io Grande 4th wk Fob 465,700 333,500 10,948.377 15,013.856
437,249 312,205 4,385,965 3,399,427
Western P a cific. January
18,035 1,369,241 1,170,316
41,700
D enver & Salt Lake ith wk Fob
122,702 1,264,046 1,196.390
D etroit T ol A Iront January .
173,427
712,321
744,644
21,527
D etroit A M ackinac 4th wk Fob
27,247
956.110
880,471
170,241
143.121
D et A T o l Shore L_ January . .
80,748 3,960,855 2.817,610
87.667
Dul A Iron Itange. January
47,690 2,285,810 1,964,251
78.233
Dul South Sh & Atl 4th wk Feb
763,479
815,225
124,511
117.122
D uluth Winn A Pac January __
Elgin Joliet & East January___ 1.054,472 558,721 7,312,633 4.808.123
826,647 657,799 5,800,427 4,438,289
El Paso A Sou West January . .
January___ 5,711,593 4,575,291 42,534,273 35,791,998
Erie__________
654,409 512,507 3,183,743 2,622,128
Florida East C oast. January . .
545,720
521,125
61,182
74,169
Fonda Johns & G lov January . .
Georgia R ailroad. January .
259,475 222,557 1.838.312 1,735,435
52,661 3,908,437 2,638,359
87,675
Grand Trunk P a c._ 2d wk Feb
Grand Trunk S ys._ 4th wk Feb 1,174,099 898,187 35,655,685 33,217,957
Grand Trunk R y 2d wk Feb 740,439 647,533 26,088,767 25.293.688
126,894 5,279,198 4,499,529
155,995
Grand Trie W est 2d wk Feb
60,728
42,800 1,985,270 1,650,922
D et G r II & M ilw 2d wk Feb
Great N orth System February . 4,297,549 3,914,717 54,357,010 47,940,922
958,868
122.757 1.142.605
164.294
G ulf & Ship Island. January___
January . .
519,851
400,909 4.319,774 3,940,560
H ocking Valley
Illinois C entral____ February . 5,784.239 4,729,205 45,761,259 42,632,354
Intem at A Grt N or January __ 732,582 851,638 5.565.312 5.675,094
296,620 205,029 1,813,286 1.585.598
Kanawha A M ich . December
778,445 788,351 6,107,295 6,076,927
Kansas C ity S outh. January .
January . 3,532,979 3,003,716 27,774,195 25,120,742
Lehigh Valley
141,235 1.249.312 1,046,180
154,523
Lehigh A Hud R iv . January . .
155,884 2,058.950 1,524,740
Lehigh A New Eng J a n u a r y __ 262,490
138.757 1,006,356 1,007,410
107,087
Louisiana A A rkan. January .
165,412
162,196 1,369,646 1,101.693
Loulsiana R y & N av January . .
/L ou isville A Nashv 4 th wk Fob 1,317,945 961,922 39,155,187 34,810,657
87,682
88,617
10,198
1 1,628
M a con A B lrm ’ham January . .
January___
944,947 836,448 6,930,052 6.746,841
M aine Central
312.801
282.015
32,861
33,666
M aryland A Penna. January___
880,775
120,604 1,065,488
146,596
M ldfand V alley____ January . .
526,140
698,514
19,349
25,196
M ineral R ange------ 4th wk Fob
172,655 7,271,671 6,934,322
4th w k Feb 203,501
M inn Sc St L ouis.
M inn St P & S S M . 4 th wk Feb 710,982 483,879 23,479,573 19,313.432
467,238
478,123
57,759
66,618
Mississippi C entral. January
783,590 708,443 21,742,173 22.848.689
n M o Kan A T exa s. 4th wk Feb
/» M issouri P a c ific .. January . . 4,942,530 4,496,739 37,461,981 35,724,905
N ashv Chatt Sc St L January . . 1,053,222 846,897 7.321.433 6.511,797
) N ew Y ork Central January___ 14889 054 11918983 106570689 90.428.480
Boston & Albany January___ 1,587,518 1,243,980 11,163,877 9,676,979
523,323 436,771 3.996,829 3,354,280
n Lalco Erie A W . January___
M lchlgan Central January___ 3,272,174 2,566,335 23,254,784 19,769,015
Clove O O & St L January___ 3,482,893 2,802,568 24,804.718 21,584,413
942,143
108,271 1.051.433
Cincinnati N orth January___
130,272
892,738 12,903,475 8,494,520
Pitts Sc Lake Erie January___ 1,745,351
N Y C hic Sc St L . January___ 1,260,213 946,234 8,114,887 6.678,301
431,552 354,447 3,081.841 3.229.123
T ol & Ohio C en t. January___
T o t all lines above January___ 27322353 21270333 194942535 164157259
AGGREGATES
• W e e k ly S u m m a r ie s .
C u rren t
Y ea r.
OF
P r e v io u s
Y ea r.
L a tes t G ross E a r n in g s .
to L a te s t D a te .
C u rren t
Y ea r.
GROSS
%
to L a te s t D a le .
C u rren t
Y ea r.
C u rren t
Y ea r.
N ovada-Cal-O rogon
N ew Orl Great Nor
N O M obile Sc C h ic.
N Y N II Sc H a r tf..
N V Ont & Western
N Y Susq Sc W o s t ..
N orfolk S ou th ern ..
N orfolk Sc W estorn.
N orthern P a cific___
N orthwestern P ac.
Pacific Coast C o ___
p Pennsylvania R R .
B alt Ches Sc A t l ..
Cumberland Vail.
Long Island_____
M a ry l'd Del Sc Va
N Y Phila Sc N orf
Phil Bait Sc Wash
W Jersey Sc Soasb
Pennsylvania C o ___
Grand Rap Sc Ind
P itis C O Sc St L .
V a n d a lia _______
T otal linos—
East Pitts Sc Erie
Wast Pitts Sc Erie
All East Sc W est.
Pero M a rq u e tte ___
Reading C o —
Phila A R eading.
Coal Sc Iron C o . .
T otal both c o s ___
Rich Fred Sc Potom
R io Grande J u n e ..
R io Grando S o u th ..
R u tla n d ___________
St Jos Sc Grand Isl.
St L Brownsv & M_
St L Iron M tn Sc So
St Louis Sc San Fran
St Louis Southwest.
San Pod L A A S L .
Saaboard Air L tn e ..
Southern P acific___
Southern R a ilw a y ..
M ob llo A O h io___
Cin N O A T ox P .
Ala Groat South.
Georgia So & F la .
Virginia Sc So W .
Spok Port Sc Seattle
Tenn Ala & Georgia
Tonnesseo C ontral.
Texas & Pacific____
T olodo Peor & West
T oled o St L Sc West
T rinity Sc Brazos V .
Union Pacific S yst.
V lrginlan__________
W nibush_______ ___
Western M arylan d.
W estern R y o f A la .
Wheel Sc Lake E rlo.
Y azoo Sc M iss V ail.
4th wk Fob
January
January . .
January
January___
January___
January___
January - February _
January
December
January___
January___
Jan nary___
January___
January___
January___
January___
January___
January___
January___
January___
January__
$
4,931
153,420
157.739
6,003,545
681,156
391,692
356,175
4,538,356
4,816,000
220,686
589,064
17706 237
59.472
292.466
988,369
18,257
360,247
1,816,327
464,428
5,146.551
430,082
3,920,590
1,035.905
214,440
1,029.437
1,146,083
•> o ic tne
634,389 5,176,599
334,630 2,498,697
288,900 2,579.184
3,038,250 32,70 ),885
4,125,000 49.703,355
203.1441 2,606.902
432.589 3.847,832
13617879 126175402
727,137
63,166
214,139 1,991.693
830,157 8,469.118
573.738
51,115
247.581 2,657,982
1,437,280 13,410.847
358,393 4,628,691
3,419,000 40,788,006
387,286 3,294.479
2,914,778 26,926,669
857.5191 7.305,177
5
259,614
940,011
1,060,381
37,817,094
5,574,024
2.240,659
2.252,737
24,519,571
43,731,410
2,250,273
3.447,013
109130081
812,068
1,732,730
8.095,239
608.025
2.197,790
11,975.917
4,114,661
31,935,769
3,236,502
22,887,197
6,673,406
22013 881
10667553
32681434
1,677,919
t70 5 6 221 162050964
7,764,396 79.319,571
24820616 211370 536
1,408,091112,203,337
141945734
65,028,377
207574 1 11
10,758,799
5,051,071 ,545,,459 33,197 864
4,344,096 ,422,,785 21,381 051
9,395.167 ,968,,244 54,578 915
276.617 219 ,6881 1,698 466
551 ,793
71 ,887
76,010
8 ,009
373 ,832
9,043
277,859 242 .622 2,194 106
102 .687 1,036 711
144.394
166 .168 1,550 ,926
187,933
2,629,137 2 ,409 ,019 19,226 ,893
3,691,054 3 ,429 ,715 27,725 ,776
236,0001 192 .0001 8,43.3 ,376
766,305 687 ,21 ll 6.300 953
2,144,800 1 ,745,,352 13,596 679
9,837,972 9 ,263,,829 89,935 ,284
1,610,922 1 ,200 579 45,537 ,860
197 ,920 7,666 193
263,672
210 ,214 7,061 580
315,091
111 ,172 3,596 576
147,033
43 ,993 1,619 529
55.620
31 ,689 1,301 138
45,081
300.936 288 ,513 2,968 ,538
70 034
4 ,761
9,872
935 301
111),,872
119,437
420,608 362 ,438 13,113 ,586
830 478
28 ,419
33,615
69 ,272 3,689 ,925
87,746
580 ,721
101 ,519
76,107
7.404,021 ,895, ,419 01,424 050
689,947 511, ,843 4,177 ,623
810.618 538 ,762 22,571 ,151
168 ,386 7,253 ,414
189,819
7 72 016
105 ,599
110,515
692.324 313 ,142 5.095 .966
970,797 979 ,379 9,142 ,548
—
— —
- -
770,545
376,478
117,023
567,420
613,405
376,810
088,667
953,142
315,427
.218,364
.919,457
,576,106
,360,300
308,808
758.910
035,985
289,587
264,258
086,233
525,907
2 48,167
820,723
50,028
877.605
,531,394
822,623
,075,764
688,635
,921,499
,565,462
,690,749
,619,644
738,744
,180.974
,024,038
Various Fiscal Years.
*
S
5,873
122,470
1 11,855
C u rren t
Y ea r.
P e r io d .
B uffalo & Susquehanna R R -----Canadian Northern System ------ Oct
Delaware & H udson___________
E rie ____________________________
Now York C e n tra l-!_______ _ __
Boston Sc A lbany____________ Jan
Lake Erie Sc W estern .n_____ Jan
M ichigan Central___________ Jan
Cleve Cine Chic Sc St L o u is .. Jan
Cincinnati N orthern-------------- Jan
Pittsburgh Sc Lake Erie-------- Jan
Now York Chicago Sc St Louis Jan
T oledo Sc Ohio Oontral.
T otal all linos_______
N Y Susquehanna Sc W e sto rn ..
p Pennsylvania R a i l r o a d . .
Baltimore Chesap Sc Atlantic Jan
Cumberland V a l l e y . . . ______
Long Island_________________ Jan
M aryland Dolaw A V irg in ia .. Jan
N V Philadelphia A N o rfo lk . Jan
Phila Baltimore A Washlng’ n Jan
West Jorsoy A Soashoro-------- Jan
Pennsylvania Company------------ Jan
Grand Rapids A Indiana------ Jan
Pitts Cine Chic A St Lo ils— Jan
Jan
V andalia_______________
T otal linos— East Pitts A Erlo Jan
— West Pitts A Erie Jan
— All Linos E A W Jan
Doc
R io Grando J u n c tio n -----R u t la n d -------- ------------------
and
P r e v io u s
Y ea r.
P re v io u s
Y ea r
W eek or
M o n th .
E A R N I N G S — W e e k ly
In crea se or
D ecrea se.
J u ly 1
ROADS.
1
1
1
1
I
1
1
1
1
1
l
l
1
1
1
1
1
I
1
1
l
1
1
1
1
1
1
1
1
1
1
l
31
29
31
31
31
31
31
31
31
31
31
31
31
*11
Jan 31
Jan 31
Jan 31
Jan 31
Jan 31
Jan 31
Jan 31
Jan 31
Jan 31
Jan 31
Jan 31
Jan 31
Jan 31
Jan 31
Jan 31
Jan 31
Doc 31
Jan 31
to Jan
to Fob
to Jan
to Jan
Jan
to Jan
to Jan
to Jan
to Jan
to Jan
to Jan
to Jan
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
P r e v io u s
Y ear.
8155,775 $112,417
14,825,300 9,636,000
2,140.284 1,585,640
5,711.593 4,575,291
14.889.054 11,918.983
1,587,518 1,243,986
436,771
523.323
3,272,17 4 2,566,335
3,482.893 2.802,568
108,271
130,272
892.738
1,745.351
946,234
1,260,213
354,447
4 3 1.552
27.322.353 21.270.333
334,630
394,692
17,706,237 13,617.879
63,166
59,472
214,139
292,466
830.157
968.369
51.115
48,257
247,581
369,247
1,816,327 1,437,280
358.393
464.428
5,146,551 3.499,060
387,286
430,082
3.920.590 2,914.778
857.519
1.035,905
22.013.881 17.056,221
10.667.553 7.764.390
32.681.434 24.820,610
70,010
71.887
242.622
277.859
M o n t h ly .
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 ecrea se.
S
$
M ile a g e .
C u r. Y r . P rev. Y r.
9
$
$
%
245,207 244.692.738 243.387.953 + 1.324,785 0.54
M a y ...........-2 4 7 ,7 4 7
week D ec (37 roads)____ 13,822,654 10,351,984 + 3,4 70 ,6 7 0 34.34
June________240,219 235.828 218,849,711) 247.535.879 + 1.313.837 0.53
week D ec (39 roads)____ 21.419,603 16,177,341 + 5,242,262 32.41
241,796 262.918,115 260.621,000 + 2.324,115 0.8S
J u ly............ .243.042
9,197,838 + 2,294,373 24.91
week Jan (38 road s)____ 11,492,211
A ugu st_____ 247,809 245.754 279,891,221 274.018,381 + 5,272,813 1.93
9,053,327 + 1,830.898 18.97
week Jau (37 roads)____ 11,484,225
S eptem ber--245,132 213.463 294,241,340 270.458,199 + 17,783.141 6.43
9.890.313 + 1,709.896 17.28
week Jan (36 road s)____ 11,600,209
O c to b e r ____ 248,072 247.009 3 1 1,179,375 274,091,434 +37,087.941 13.57
week Jan (36 roads)____ 17.439,353 14,037,388 + 3,401,965 24.23
N ovem b er__246,910 245.858 300,733,317 240,422.695 +00.310,622 27.58
9,790,336 + 1,302,824 13.31
week Fob (37 road s)____ 11,093,160
D e ce m b e r_248,437 247,673 295,202,018 232.703.070 + 62,438,948 26.82
+
1,354,980
13.05
10,369,744
(.37
road
s)____
11,724,704
week Feb
89,183 07,490,700 50,014,873 + 11.175.887 20.40
Jan uary____ 90,860
week Feb (37 road s)____ 12,559,605 10,412,516 + 2,147,089 20.59
88,314 66,292,946 55,293.481 + 10,999,465 19.88
February . . 90.557
week Feb (39 road s)------ 16,473,038 11,856.792 + 4,6 16 ,2 4 6 38.93
a Includes Cleveland Lorain A W heollng R y.
b Includes Evansville A Terre Haute and Lvansvliio x inuiana
earnings
f C oloDodge and the Wisconsin M innesota A P acific, d Includos not only operating revenue, but also all other receipts. „e Does not Include 74’
nVrai o.\„,i
tho
rado Springs A Cripple Creek District R y . /I n c lu d e s Louisville A A tlantic and tho Frankfort A Cincinnati. Q Includes tho Texas Oontral and the
W ichita Falls lines, h Includos tho St. Louis Iron M ountain A Southorn. j T he comparisons here given are with the rraultai o f 0 1 ^ ™ ° “ °£ .
York Central A Hudson River R R .. Lake Shore A M ichigan Southern R y ., Chicago Indiana A Southorn R R . and Dunkirk Allegheny Valley A I ttsburgh
H R ., which have been com bined for such com parative purposes on ly , n Includes the N orthern Ohio H R. p Includes tho N orthern uontrai.
wo
no longer Include the M exican roads In any o f our totals.
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th
THE CHRONICLE
Ma r . 11 1916.]
L a t e s t G ro s s E a r n in g s b y W e e k s .— In the tablo which
follow s we sum u p separately the earnings for the fourth
week of F ebruary.
T h e table covers 3 9 roads and shows
3 8 .9 3 % increase in tho aggregate over tho samo woek last
year.________________
1916.
F o u r th W eek o f F eb ru a ry .
Alabam a Great Southern
Ann A r b o r ---------------------A tlanta Birmingham & Atlantic
B uffalo Rochester & Pittsburgh
Canadian Northern.
Canadian P a cific. _
Chesapeake & Ohio
C hicago Great Western.
C hicago Indianapolis & Louisv.
Cine N ow Orl & Texas P a c ific ..
C olorado & Southern__________
D enver & R io Grande________
D enver & Salt L a k o ...................
D etroit & M a ckin a c___________
D uluth South Shore & A tlantic.
Georgia Southern & Florida—
Grand Trunk o f C a n a d a .......... '
Grand Trunk W estern-------D etroit Grand H av & M ilw .
Canada A tla n t ic ----------------Louisville & N ashville________
M ineral R ange------------------------M inneapolis & St Louis______
Iow a C entral-----------------------,
M inneapolis St Paul & S S M __
M issouri Kansas & T exas______
M ob ile & O hio________________
Nevada-California-Oregon____
N orthern P a cific______________
R io Grande Southern_________
St Louis Southwestern-----------Southern R a ilw a y ____________
Tennessee A labam a & G eorgia.
Texas & P a cific__________
T oled o Peoria & W estern.
T oled o St Louis & W estern____
Virginia & Southwestern.
W abash---------------------------W estern M a rylan d ______
T o t a l (39 r o a d s ) -------N e t in crea se ( 3 8 .9 3 % ) .
1915.
In crea se.
D ecrea se.
s
$
$
147,033
62,387
61,089
308,788
647,700
2,665,000
1,164,743
287,914
165.019
315,091
321,141
465,700
41,700
27,247
78,233
55,620
$
114,172
40,989
48,022
197,269
446,400
1,815,000
777,402
184,825
121.841
210,214
304.935
333,500
18,035
21,527
47,690
43,993
32,861
21,398
13,067
111,519
201,300
850,000
387,311
103,119
43,178
104,877
16,206
132,200
23,665
5,720
30,543
11,627
1,174,099
898,187
275,912
1,317,945
25,196
203,501
961,922
19,349
172,655
356,023
5,847
30,846
710,982
783,590
263.672
4,931
1,597,000
9,043
311.000
1,640,922
9,872
420,008
33.615
87,746
45.081
810.618
209.182
483,879
708,443
197,920
5,873
1,069,000
8,009
206,000
1,200,579
4,761
362,438
2S.419
69.272
31.689
538,762
163,821
227,103
75,147
65,752
528,000
1,034
105,000
410,343
5,111
68,170
5,196
18,474
13,392
271,856
45,361
16,473,038 11,856,792 4,617,188
4,616,246
................
3
%
C u rren t
Y ear.
R oa d s.
E a r n i n g s ------P r e v io u s
Y ear.
_
a
Z
^
o
iiisisl
sfs£sS
§ § « 3 g !r f
a
x
n
Z
X
Z
Z
0
S
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GOi -f ? hI® i-*8
- -
et
Z Z '
2
x
*
&5- g ? g ? g * g » g 2 g g g S g g g s g n g ^ g S g s
CO‘ Co‘ CO' co, co. co' co® co co' co to' co* to'
fg rs r
b
re r g r iT s rs r i r s
a g sllsl
o' 5 c
toS Ci-gc-, | O
'A
- o n 5 c o 53 d*COto-J 00©
t—© © © CO00
d*co cn® o «m
© C. <*■^
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© ao
c o p
o k* © d*. •-■Co
© © i—© © ®
d*0 HCn ©d*
gi Ip if
______
cn to virf* k*«
-4© (— ©
©cj to w ooVi f
© O ©►- COW
—
4CO toco H-tO ^
©d* -OO t—CO
d*d* © © -0 I—
*
Oo'd* CO© MCI co •—© W coco ©00
d*o> ©to too wk » toco to© o o
©W ©i—©d* COo ,**qo oo to **(—
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W H» ©d*
bo © © to to © .
o»to
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-g W <
CO•“* WOOVj o
0*4 ©to ©oo
©© © © (-W
to
d* K* CDw
H*© ©M © ©
-g
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©JM to© tow
COV|© COCD
oo (-to co©
W*M 030 00W
1
:
i m H
7*® r
S
942
______
942
00to © I- to W tO•—
* *-*tO © -4 ©© “4© Oo© H- © CO© © C
: -400
W M©
g©
M ©001-*
O O»O
ffltf,tO
^O
©O-4Md*©©M©H©W
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8
137,003
C M ,079
1,099
2,045
2.278,074
2 l ’,558i726
247,914
2,182,372
108,189
984.667
101 339
642,543
clef02 873
920,121
316 356
2,835:375
317,112
1,184,330
315,699
792.494
8,610,951
964,033
8,337.824
186,125
2.570.433
n21,566
917,237
8,102,883
510,283
4,864,150
104,714
979,522
395,680
3,057,210
393.383
4,225,805
to I I I
CO (^ Hd*W W I I I© I © —
ICO©—
4© I
(—d* w© •-(*» <-!-•o to w © (—© © w
© © W© W© © © w W o ik t-V| o ©
(—CO © d* ©to >—d*did* K-© ►
—*g © ©
-4© W© (**■►
—©O CO© © -4 -I tO ©W
178,280
377,447
l— | ©
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3 (—© ©d* tO© ©*4 (—© © © ©© GD© d*© (—(—©©
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I n t e r e s t C h a r g e s a n d S u r p lu s .
R oa d s.
— I n t . , R e n t a l s , cfee.—
C u rren t
P r e v io u s
Y ea r.
Y ear.
$
$
B angor & A roostook _____ Jan 115,954
July 1 to Jan 31............
811,420
B ellefonte Central_______ F eb
256
512
Jan 1 to Feb 29______
C uba R ailroad___________Jan
87,121
July 1 to Jan 3 1 ______
539,869
Greenw’ch & Johnsonvillo—
Oct
1 to D ec 31______
9,947
July 1 to D ec 3 1 ______
19,038
38,369
Jan
1 to D ec 31...........
H ocking V alley_________ Jan 141,286
July 1 t o Jan 31...........
964,913
Louisiana & Arkansas____Jan
25,425
July 1 to Jan 3 1 ............
187,973
M o Kan & T exas_________Jan 683,175
July 1 to Jan 3 1 ______ 5,060,236
N orfolk & W estern............Jan 512,115
July
1 to Jan 31______ 3,793,213
R io Grande Junction____D e c
8,333
St Louis Southwest______ Jan 271,733
July
1 to Jan 31........... 1,898,448
— D a l . o f N e t E a r n s .—
C u rren t
P r e v io u s
Y ea r.
Y ear.
S
%
117,877
789.198
269
538
70,960
492,314
231,950 «* 236,761
2d e f1,980 2dofl7,722
830
1,330
2.107
1,988
318,176
246.452
977,010
692,016
9,838
28,600
27.873
18,799
212.137
212,227
41,278
225.180
220.132
136.602
272 ,906 2def20.963
968,258
2837 ,100
2484,258
27,813 d e fl3 , 092
13,639
195,445
127, 916
107,402
679,316 d e f596 ,386
112,066
4,797,793 d efl51 ,459 1,517.097
560,797 21.581 ,24878 2635.046
3.819,798211.201 ,808125,727,675
8,333
14 ,470
13,233
265,736
258 333 2dof54,177
1 ,8 62,151
2948 8832deflS0,G33
IN D U S T R IA L C O M P A N IE S .
43,910
403,o f !
2,857,282
13,966
270,242
(—© ,
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_____ d*CO ©W rf*©
------- d* © © O© to to WGOd*© (—to
. _ ---------------- d^O 0*4 -4d* “4 to ©W ©W ©t—-4t^ -4 00 "gd^ ►
—“4 COCOQOtO
24,070
680,730
730
366
1,123,969
22,354,567
17,021
29.674
58,581
106,955
1,269,472
150,974
968,787
•l 1,452
302,847
276.876
4,084,079
109,438
1,512,501
791.382
6,314,890
CDto 0*
to ©O
to 0 *7* to to *4© l
to -1 (—COoo © tO © d* HO COlO I
©d*©C0b-00©t0©O©d*C0©i
- N c t E a r n i n g s ------C u rren t
P r e v io u s
Y ea r.
Y ea r
•S
S
$
323,587
335,908
Bangor & A roostook ___ Jan
122,639
July 1 to Jan 31______ 2,003,187 2,039,789
680,984
B ollcfonte Central b ___ Fob
7,032
5,955
1,586
Jan 1 to Feb 29..............
13,872
12,847
2,500
C hicago Burl & Quincy b Jan 7,963,992 7,062,602 3,027,579
July 1 to Jan 3 1 ........... 60,222,870 56,850,818 25,087,180
C hic & East 111 b ____ . . . J a n 1.435,053 1,208,983
311,867
July 1 to Jan 31............ 10,024,074 8,803,859 2,494,055
C hic Im l & Louisv b .. - J a n
578,599
455.641
181,340
July 1 to Jan .11---------- 4,103,111 3,863,056 1,461,119
C hic R ock Isl Sc G u lf b _-Ja n
260,768
285,252
87,224
July l to Jan 3 1 ---------- 1,911,335 1,871,118
626,362
Cine llam & D ayton b -_Ja n
700,034
672,515
142,910
July 1 to Jan 3 1---------- 0,567,044 5,842,929 1.618,978
C olorado & Southern b --J a n 1,302,853 1,196,600
457 845
July 1 to Jan 31---------- 9.600,408 8,927,407 3.592:150
C uba R R . . . . .
...J a n
991.480
544,891
399,199
July 1 t o Jan 3 1 ............ 3,231,779 2,551,350 1,510,781
Dclawaro & Hudson b . . . J a n 2,140,284 1,585,640
780,718
D onver & R io Grande—
W estern P acific b ------ Jan
437,240
312,205
107,617
July 1 to Jan 3 1 ---------- 4,385,065 3,399,427 1,577,926
Fairchild & N or East b ._ J a n
3,222
3,659
851
July 1 to Jan 3 1 . .........
19,762
23,730
d ef 1,707
Groat N orthern b ----------Jan 4,701.363 3,746,129 1,395,954
July i to Jan 31---------- 50,059,461 44,026,205 26,745,537
Greenw’ch & Johnsonv b —
Oct 1‘ to D ec 3 1 ______
32,750
30,377
17,842
July 1 t o D ec 3 1---------57,853
55,707
29,767
Jan 1 to D oc 31______
117,367
111,550
60.644
519,831
H ocking V a lle y .b ---------- Jan
400,909
132,022
Ju ly 1 to Jan 3 1 -.......... 4,319,774 3.940,560 1,666,338
732.582
851,638
Internat & G t N or b ------ Jan
135,963
July 1 to Jan 31______ 5,565,312 5,675,094 1,348,786
138,757
Louisiana & A rk a _______ Jan 107,087
12,333
July 1 to Jan 31............ 1,006,356 1,007,416
315,889
1,195,472
M inn St P & S S M a ____Jan 1,751,000
640,962
July 1 to Jail 31............14,446,374 11,529,582
6,285,990
C hicago D iv is io n .a ____Jan
924,202
715,665
288,788
July 1 to Jan 3 1 ............ 6,787,203 5,841,788 2,424,268
M o K a n & Texas b J an 2,471,446
2,827,792
S6.789
July 1 to Jan 3 1 ......... .19,228,363 20,030,005 4,908,777
M issouri P a cific, Including
St L Iron M t & Sou a -Ja n 4,942,530 4.496,739
965,106
July 1 to Jan 3 1 ----------37.461,981 35,724,905
9,124,932
N orfolk & W o s to r n jb -.-J a n 4.538,356 3,038,250 1,894,717
July 1 to Jan 3 1 ----------32,700,885 24,519,571 14,’092i457
Peru M a rq u e tto .a ----------Jan 1,677,019 1,408,091
109,569
July 1 to Jan 31----------12.208,337 10.758,799
3,751.827
R io Grande J u n c t io n ...D e c
76.010
71,887
n22,803
St L & S Fr L in e s .b ------D ec 3,694,054 3,429,715
1 ,033,126
July 1 to D ec 31----------27.725,776 25,919.457 9,227,902
St L Iron M t & So a ------ Jan 2,629,137 2.409,019
691.885
July 1 to Jan 3 1 ........... 19,226.893 18,218.364
5,523,940
St Louis Southwestern a .J a n 981,597
913,490
208,920
July 1 to Jan 31______ 7,262,376 6,547,106 2,224,968
Toxas & P acific b _______ Jan 1,558,919
1,554,964
429,501
July 1 to Jan 3 1 ______ 11,645,090 11,089,527
3,583,744
W abash b ......... ................. Jan 2.859,284 2,231,074
878,153
July 1 to Jan 3 1 ........... 19,737,156 17,504,416
6,117,552
IN D U S T R IA L C O M P A N IE S .
Alabam a Power C o a ___Jan
109,222
70,490
71,678
A tlantic G u lf & W I SS Linos
(Sub com panlas)_____ D ec 2,138,547 1,627,559
562,595
Jan 1 to D ec 31______ 20,573.115 17,548,322 5,094,175
Huntington D ov & Gas a Jan
42,746
20.002
19,518
N orthern States P o w e r ..J a n
560,150
469,428
318,317
Tennesseo Power C o a .-J a n
111,809
---------58,606
U tah Sec C orp (Sub c o s )-F o b
419,428
361,307
235,774
Jan 1 to Feb 29...............
874,407 748,250
493,555
a N et earnings horo given aro after deducting taxes,
b N et earnings hero given aro beforo deducting taxes.
n These figures represent 30% o f gross earnings.
z
”
o H
^ £ *
£ 2 os*® S.M VJ S
N e t E a r n in g s M o n t h ly t o L a te s t D a t e s .— Tho table
following shows the gross and not earnings of S T E A M
railroads and industrial com panies roportod this wook:
------- C r o s s
18
967
—
C o m p a n ie s .
I n t . , R e n t a l s , & c . --------B a l . o f N e t J E a m s .—
C u rren t
P r e v io u s
C u r r e n t^ ,. P r e v io u s
Y ea r.
Y ea r.
P II.Y e a r .
Y ear.
A tlantic G u lf & W I SS Lines
(Sub com panies)............D ec 169,674
Jan 1 to D ec 3 1 ........... 2,046,945
H untington D e v & Gas__ Jan
3,400
Tennessee P ow er C o _____Jan
37,258
x
s
2 6 2 ,2 6 0 5 392,921'S
1 ,9 2 0,76 8 1 3,04 7 ,2 3 0 A
2,606
16,118
_______
128,850
A fter allowing for other Income received.
v
140,777
936,514
11,360
............
E X P R E S S C O M P A N IE S .
- M o n t h o f N o v e m b e r ------- J u l y 1 t o
----------1915,
1914.
1915.
$
G rea t N o rth ern E x p r e s s —
$
289,804
249,397 1,534,368
T otal from transportation —
931,833
151,470
Express privilogos— D r_____
176,413
---- G r o s s
30—
1914.
$
1,462,446
887,677
N ov.
R evenue from tra n s p o rts .
Opor. other than tr a n s p o r ts .
113,411
5,363
97,966
4,178
602,635
27,473
574,968
24,280
T otal operating rov en u es..
Operating expenses_________
118,774
87,858
102,145
88,138
630,107
450,514
599,248
455,721
N et operating rovenuo____
U ncollectible rev. from trans.
Express taxes_______________
30,916
25
3,467
14,007
179,594
119
19,575
143,526
3,801
Operating incom o_________
27,423
10,205
159.900
122,723
20,803
T otal from transportation___
Express privileges— D r_____
1915.
$
124,492
58,967
1914.
$
100.921
56,007
— J u ly 1 to
1915.
S
610,114
284,424
Revenue from tr a n s p o r ts .
Oper. other than transport’ll.
65,525
4,096
44,914
3,069
325,689
18,405
236,416
15,487
T otal operating rovonues.
Operating expenses_________
69,622
54,260
47.984
54,814
344,095
272,617
251,904
269,937
N et operating revenue____
U ncollectible rev. from trans.
Express taxes_______________
15.361
1,299
— 6,830
16
1.138
71,477
24
5,358
— 18,032
50
5,656
Operating incom o_________
14,061
— 7,984
66,095
— 23,739
-M o n th
W e s te r n E x p r e s s C o .—
o f N ovem b cr-
30—
1914.
$
510.842
274.425
N ov.
R oad s.
L a tes t G ro ss E a r n in g s .
W eek or
M o n th .
C u rren t
Y ear.
P re v io u s
Y ear.
Jan.
1
to
C u rren t
Y ea r.
la te s t
d a te .
P r e v io u s
Y ea r.
$
S
508.830 480,710 6,436,895 5,559,534
American R ys C o ___ Decem ber
21,900
23,288
21,900
23,288
A tlantic Shore I t y . . January _ .
144,145
148,860
cAur Elgin & Chic R y January . . 148,860 144,145
65.330
65.330
66,284
66.284
Bangor Ity & Electric January . .
15,633
17,827
15,633
17.827
B aton R ouge Elec Co January . .
681,158
62,627
709.229
66,940
B e ltL R yC orp (N Y C ) N ovem ber
70,363
72,072
70,363
72,072
Berkshire Street l i y . January . .
Brazilian T ra c, L & P Decem ber /6527000 /6010490 /77113.110 /7 3 3 5 1,478
8,076
7,461
7,461
8,076
Brock & Plym St R y . January . .
B klyn R ap Tran Syst N ovem ber 2238.674 2105,114 25,199,758 25,154,491
29,054
34,120
29,054
34,120
Capo Breton Elec C o January . .
81.330
101,420
81.330
C hattanooga R y Sc Lt January . . 101,420
25,813
25,813
28,866
28.866
Cleve Painesv & East January . .
93,315
103,305
93,315
Clovo Southw & C o l. January ._ 103,305
71,947
60,767
60,767
71,947
Colum bus (Ga) El C o J a n u a r y __
274,752
297,417
Colum (O) R y , P & L January . . 297,417 274,752
1,407,552 1,241,902
g C o m ’w ’th P R y & L January _ . 1407,552 1241,902
604,463
701,506
Connecticut C o -------- January . . 701,506 604,463
328,921
399,658
Consum Pow (M ich ). January . . 399,658 328,921
194,212
213,184
Cum b C o (M e) P & L January . . 213.184 194,212
173,132
179,354
Dallas E lectric C o ___ January ._ 173,132 179,354
956.273
D etroit United Lines January . . 1171,585 956.273 1.171,585
469,563
442,372
41,554
40,077
D D E B & Bat (Rec) N ovem ber
99,103
104,856
99,103
Duluth-Superior Trac January . . 104,856
206,162
229.368
East St Louis & S ub. J a n u a r y __ 229.368 206,162
66,094
53.527
53.527
66,094
Eastern Texas E ie c .. January . .
981,889 1.041.793
88,387
101,469
E1 Paso Electric C o ._ Decem ber
164.776 158,058 1,789,025 1,714,440
42d St M & St N A vo N ovem ber
560,305
596,517
596,517 560,305
g Georgia R y & P o w . January . .
161,999
156,439
G alv-H ous E lec C o . . January . . 156,439 161,999
105,817
104,728
Grand Rapids R y Co January _ . 105,817 104,728
79,373
86,317
79,373
86,317
Harrisburg Railways January . .
487,667 457,284 5,542,303 5,396.714
H avana El R y L & P Decem ber
50,243
47,525
50,243
47,525
H onolulu It T & Land January __
24,836
20.016
20,016
24,836
H oughton C o T r C o January . .
495,560
473,192
b Hudson & M a n h at. January __ 495,560 473,192
987,178 920,741 9,958,601 9,875,125
Illinois T ra ction ____ N ovom ber
Interboro R ap T ra n . January . . 3183,744 2878,732 3,183,744 2,878,732
54,760
54,760
53,047
53.047
Jacksonville T ra c C o January . .
20,483
20,725
20,483
20.725
K eokuk E lectric------ January . .
10,148
9,275
10.148
January
_
.
9,278
K e y W est E lectric—
98,336
113.369
98,336
Lake Shore Elec R y . January . . 113.369
185,576
150.720
Lehigh Valley Transit January . . 185,576 150,720
52,883
49.527
49.527
52,883
Lowist A ug & W aterv January _ .
235,846
229,540
16,676
16,240
Electric
L ong Island E
lectric. N ovem ber
243,391
243,661
Louisville R a ilw a y -. January .. 243,661 243,391
603,830
536,479
603.830 536,479
M ilw El R y & L t C o . January
129,057
114,566
M llw L t H t & T r C o . January . . 129,057 114,566
184,546
196.585
196,585 184,546
Nashville R y & Light, January ..
637,959
608,396
56,145
59,144
N Y C ity In te rb o ro .. N ovem ber
384,577
397.230
33.313
32,247
N Y <& Long Is la n d .. N ovem ber
153,582
153,435
13,265
13.285
N Y & N orth S h o re .- N ovem ber
112,640 106,442 1,272,281 1,254,496
N Y & Queens C o — Novem bor
N ow Y ork R ailw ays. N ovem ber 1134,595 1061.863 12,383,957 12.365,915
23,071
24,107
23,071
24,107
N Y & Stam ford lt y . January . .
35,495
41,769
35,495
41,769
N Y Westches & B os. January . .
183,624
180,400
13,690
Decem
ber
16,104
N ortham pton T r a c ..
367,141
280,838
N or Ohio T rac & L t. January . . 367,14' 280,838
150,628
144,672
N orth Texas Electric January . . 150,628 144,672
361.965
361,701
30,962
33,181
Northw' Pennsyl Ity . December .
155,556
145.585
5,515
5,642
Ocean Electric (L I ) . N ovem bor
26,073
27.453
26,073
27,453
Paducah T r & L t C o . January . .
20,232
23,936
20,232
23,936
Ponsacola Electric Co J a n u a r y __
Phila R apid Transit J a n u a r y _ 2153,920 1998,395 2,153,920 1,998,395
36,066
31,702
31,702
36,066
Phlla & W estern----- January
454,988
489,713
P ort(O ro)R y ,L & PCo January . . 454,988 489,713
699.702 717.550 7,559,583 8,450,974
Puget Sd T r, L & P ._ December
320,869 259,659 3,121,297 3,001,285
oR epubllc R y & L t . . Decem bor
395,065
428,216
R hode Island_______ January . . 428,216 395,065
363,819
27.116
368,415
28.301
Richm ond Lt Sc R R . N ovem bor
117.274
123,276
St Jos R y L II & P C o January . . 123,276 117.274
431,883
423,593
37.117
43.239
Santiago El Lt Sc T r . N ovem ber
66,135
70,590
70,590
66,135
Savannah E lectric C o January . .
809,110
849,032
68,773
68,420
Second Avenue (Rec) N ovem ber
210,374
206,371
17.686
18.828
Southern B oulevard. N ovem ber
316,350
301,768
20,781
22,391
Staten Isl M id lan d . N ovom ber
85,360
86,705
85,360
86.705
T am pa E lectric C o . . January ..
320,226 310,511 3,536,010 3,613,013
T hird A venue_____ N ovem ber
501,958 497,424 5.610.291 6,034,508
T oron to Street R y . December
T w in C ity R ap Tran 3d wk Feb 191,550 176,061 1,411,107 1,300,770
226.079 216,444 2,567,951 2,644,638
Union R y C o o f N Y C N ovem ber
436,196
488,780
Virginia R y & Pow er- January . . 488,780 436.196
816,939
845,683
62.434
65.047
Wash Balt & A nnap. Decem ber
604,890
579,916
45,380
44,018
W estchester E lectric. Decem ber
17,394
17,394
18,088
18,088
W estchester St R R - . January . .
721.721
733,249
60.434
59,601
Y onkers R ailroad___ Decem ber
66,510
66,510
January ..
80,240
80.240
Y ork R ailw ays.
22,530
22,530
25,148
25,148
Youngstow n Sc O h io. January . .
177,421
13,262
173.453
14,732
Youngstow n & South Decem bor
b Represents Income from all sources,
c Those figures are for consoli
dated com pany. / Earnings now given In mllrols. 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 tablo
gives the returns of E L E C T R I C railway gross and net
earnings reported this week:
C u rren t
Y ea r.
E a r n i n g s -----P r e v io u s
Y ea r.
$
66,284
Bangor R y & E le c .a ____ Jan
British Col E lec R y _____ Jan
591,949
July 1 to Jan 31______ 3,832,095
C hattanooga R y & L t .a .J a n
101,420
Chautauqua T ra ctio n .b —
O ct 1 to D ec 31______
30,341
89,917
July 1 to D ec 31______
C olum (O) R y , P & L .a .J a n
297,417
Consumers P ow (M ich ) a . Jan
399,658
Cum C o (M o) P & L .a .- J a n
213,184
Duluth-Superior T r a c .a . Jan
104,856
East St Louis & S u b .a .-J a n
229,368
105,817
Grand Rapids R y .a ____ Jan
H onolulu R T & L a n d .b .J a n
50.243
Hudson & M anhattan (all
495,560
sou rcos)_a____________ Jan
52,883
Lowist A ug & W a t e r v .a . Jan
118,149
M onongahela Val T rac. b . Fob
242,191
Jan 1 to Feb 2 9 ______
196,585
N ashvillo R y & L t . a ___Jan
454,988
P ortl (Ore) R y ,L & P .a .J a n
512,591
W est Penn T ra ction ____ D ec
Jan 1 to D ec 31______ 5,262,239
------ N
e t E a r n i n g s ------C u rren t
P r e v io u s
Y ea r.
Y ea r.
65,330
640,495
4,639,395
81,330
$
31,636
114,022
468,867
38,109
$
34,488
143,325
1,067,657
21,122
39,884
118,507
274,752
328,921
194,212
99,103
206,162
104,728
47,525
2,028
28,433
124,498
249,208
79,791
. 23,904
91,386
41,154
22,441
11,133
52,123
110,574
205,999
74,071
19,554
82,483
37,714
17,968
473,192
49,527
65,432
138,772
184,546
489,713
394,279
4,972,761
284,274
12,533
74,033
150,583
80,231
197,256
287,234
2,600,911
273,756
10,919
35,715
74,238
77,570
228,309
185,163
2,195,950
a N ot earnings here given are aftor deducting taxes,
b N ot oarnings horo given aro before deducting taxos.
I n t e r e s t C h a r g e s a n d S u r p lu s .
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 .
N am e of
R oad.
[V o l . 1 0 2
THE CHRONICLE
968
R oa d s.
— I n t . , R e n t a l s , A c .—•— D a l . o f N e t E a r n s .—
C u rren t
P r e v io u s
P r e v io u s
•C u r r e n t
Y ear.
Y ear.
Y ear.
Y ear.
1 7 .7 1 7
Bangor R y & E loctric___Jan
28,855
Chattanooga R y & L t ___Jan
Chautauqua T raction—•
17.359
O ct 1 to D ec 3 1 ______
33,377
July 1 to D ec 3 1 ---------41,122
Colum (O) R y , P & L t .-J a n
Consumers Pow (M ich) .Jan
7 6 ,’ 47
65,851
C um b’d C o (M o) P & L .J a n
14,670
Duluth-Superior T ra c___Jan
61,853
East St Louis Sc Subur__Jan
14,534
Grand Rapids R y _______ Jan
H onolulu It T & Land___Jan
6,759
Hudson & M anhattan (all
213,397
sources)_______________Jan
15,963
Lowis A ug Sc W atorv------ Jan
31,655
M onongahola V al T r a c . .F o b
62,137
Jan l to Fob 29---------43,083
N ashvillo R y & L igh t— Jan
181,762
P ortl (Oro) R y , L & P__Jan
154,842
W est Penn T ra ctio n ------ D ec
Jan 1 to D oc 31______ 1,831,131
x
$
17,515
29,349
$
13,919
9,254
$
16,973
dof8,227
19,102
42,221
38,719
73,604
62,568
15,029
63,285
13,740
6,288
d cfl5 ,3 31
dof4,944
83,376
173,061
13,940
*10,495
29,533
26,620
x 16,679
dof7,969
9,903
71,855
132,395
11,503
*5,797
19,198
23,974
*12,370
211,127
15,578
25,703
51,420
42,018
182,361
152,302
1,717,590
70,877
dof3,430
42,378
88,446
37,148
15,494
132,392
769,780
62,629
dof4,659
10,012
22,818
35,552
45,948
32,861
478,360
A ftor allowing fo r other incom e rocoived.
ANNUAL REPORTS
A n n u a l R e p o r t s .— A n index to annual reports of steam
railroads, street railw ays and miscellaneous com panies which
have been published during tho preceding m onth will be
given on the last Saturday o f each m on th .
T his indox will
not include reports in tho issue of tho “ Chroniclo” in which
it is published.
T h e latest indox will bo found in tho issue
of F e b . 2 6 .
T h e next will appear in that of M a rch 2 5 .
U n it e d R a ilw a y s C o m p a n y o f S t . L o u is .
31 19 1 5 .)
Pros. & G en . M g r . Richard M cC u llo ch says in substance:
(lGth Annual Report— Year ended Dec.
R e v e n u e . — During tho first six m onths o f tho year tho passenger rovonuo
decreased $550,797, or 8 .8 5 % , and tho second six m onths a docroaso o f
$213,918, or 3 .5 3 % . a total decrease o f $764,715, or 6 .2 3 % . T ho net
oarnings showed a docroaso o f only $242,514, owing to economies in tho
operation o f tho road.
, ,
, ,
.
C a p i t a l E x p e n d i t u r e . — During 1915 there was expended and charged to
capital account: Real estato, buildings, tools and fixtures, $14,585; track
and roadway construction, $48,925; eloctric lino construction, $327; power
plant, buildings and equipm ent, S2.782; cars and eloctric equipm ent o f
cars, $1,921; total, $68,540; less sale o f material previously charged to
capital account, $15,000; balance, $53,540.
R i g h t o f W a y . etc.— T ho viaduct at Tow or G rovo A vo. was oponed to tho
public, tnoroby eliminating tho operation o f tw o linos o f this com pany
over steam railroad tracks at grado. During tho construction o f tho via
d u ct, wo wero requirod to m ove tho tracks several times and build sovoral
tem porary viaducts. T ho extra oxpenso in order to keep tho linos open
during construction was about $15,000.
T h o city o f St. Louis bogan tho construction o f a v la d u cfo v e r tho tracks
o f tho Missouri P acific R R . and St. Louis & San Francisco R R . on C houtoau A vo. from 39th St. to Vaiulovontor A v e ., which work will bo com pleted
during 1916. T his com pany was required to pay $10,000 toward tho cost o f
tho viaduct and will bo obliged to relay its tracks over tho viaduct whon
com pleted. T ho now Jefferson A vo. Bridge lias boon com plotod, perm it
ting us to oporato tho Jefferson A vo. lino over its old routo.
M i l e a g e , A c .— Tho total miloago in singlo track on D oc. 31 1915 consisted
o f city track, 344.89 miles, and county track, 112.65 miles; total, 457.54
miles. In 1915 27.53 miles o f road woro reconstructed and 10.47 miles
woro ro-tied and ro-ballasted. O f tho 335.63 miles o f track laid during tho
twelve years 1904 to 1915, inclusive, 191.16miles woro ontirely now track
o f the m ost modern construction, consisting o f lioavy rail laid on concroto
and paved in the m ost approved manner. T ho expenditure for thoso 191.16
miles o f new track was approxim ately $5,560,500.
P o w e r . — T ho average distribution o f powor on a kilowatt-hour basis dur
ing tho year was as follows: From tho Electric C o. o f M o ., 5 9 .5 % ; Union
E lectric Light Sc Power C o ., 3 2 .2 % , and United Railways plants (peak
loa d), 8 .3 % . T ho power acquired from tho Eloctric C o . o f M o . is gener
ated b y water power in Keokuk and roducod at tho St. Louis city limits
from 100.000 to 13.200 volts beforo delivory is made to us; wo purchaso it
on a guaranteed load factor o f 60% and tho average prico por kilowatt hour
during 1915 was 6.4 mills. T ho powor furnished b y the Union Eloctric
Light Sc Power C o. is purchased on a guaranteed load factor o f 4 5% and tho
avorago price perkilow att hour during 1915 w a s8.5m ills. T hoavoragocost
to tho United Railways C o. o f all purehasod powor during tho year 1915
was 7.14 mills. T ho avorago cost o f powor gonoratod in tho United Rail
ways plants was 1.02c. per kilowatt hour, but at least ono-half cont should bo
charged against gonoratod power for fixed charges, such as intorost, taxes,
insurance and depreciation, which would make tho total cost o f our gener
ated powor during 1915 something over 15 mills.
T w o now substations woro built and put into oporation during tho y e a r .
Ono at Broadway and Quincy S t., containing one 1,000 k. w. rotary con
verter, and ono on Union A vo. at tho terminal right-of-w ay, also contain
ing one 1,000 k. w. rotary convortor.
In order to tako caro o f anticipated traffic incroasos, futuro provision
should bo made for additional power at tho rato o f at least 3,000 k. w. por yr.
R o l l i n g S t o c k . — 27 cars wero changed from com bination to closed cars;
273 cars woro robuilt, repainted and provided with closed roar platform s;
Mar. l l 1916.]
THE CHRONICLE
3 utility cars woro built; 32 cars woro equipped with indopondont air co m
pressors for braking, and 337 with autom atic signal lights.
M i l l T a x .— T h e Unitod Railways O o. appealed to tho U . S. Supremo
C ou rt in tho m atter o f tho mill tax which was decidod adversely to tho co m
pany in tho M issouri Supremo Court b y a voto o f four to three. Tho case
has boon set for argumont In tho U. S. Supremo C ourt in A pril (V . 100, p.
1834, 400).
IN C O M E A C C O U N T FOR
Y E A R S E N D I N G D E C . 31.
1915.
1914.
1913.
1912.
R ovonuo pass, ca rried ..232,771,390 248,040,033 253,158,470 244,386,564
Tratisfor passengers____124,043,205 127,444,829 123,266,765 113,001,983
A vor. faro per pass_____
3.23c.
3.27c.
3.33c.
3.38c.
T ransportation...............$11.589,488 $12,359,219 $12,612,787 $12,156,768
Othor than tra n sp orta ..
91,712
91,706
89,858
94,323
.$11,681,200 $12,450,925 $12,702,045 $12,251,091
Opor. oxp. & doproc’n . .. 8,176,356
8,644,736
8,573,618
7,828,502
T a x e s.
. $3,504,844
749,833
$3,806,189
767,794
$4,129,027
653,674
$4,422,589
652,222
O thor incom e.
- $2,755,011
98,484
$3,038,395
87,901
$3,475,353
84,350
$3,770,367
64,917
B on d , &c.
- $2,853,495
. 2,587,968
$3,126,296
2,618,255
$3,559,703
2,660,673
$3,835,284
2,696,196
-
$265,527
GENERAL
$508,041
$899,030 $1,139,088
31.
1915.
1914.
L ia b ilitie s —
.?
§
Pref. shares Issued 16,383,200 16,383,200
Com. shares lssued24,913,800 24,913,800
Funded debt (see
"St.R y.” Sec.).57,145,000 57,826,000
Aud. vouch., A c ..
328,524
316,407
Int. due A accrued 995,930 1,004,284
Deprec. reserve.. 1,987,364 1,413,813
Int. A dam. fund.
300,340
200,000
Insurance fund__
513,612
474 771
414,900
Mlsccll. acc’ts----- b391,847
Profit A loss surp.c3,076,288 2,735,214
BALAN C E
1915.
1914.
A ssets—
S
$
Property.......... al01,873,212 101869,367
U. 8. Gov. 2% bds. 1,600,000 1,200,000
Other stocks and
bonds owned__
926,213
654,375
Material & supplies 397,436
509,488
Cash........................
687,869
959,233
Cosh for coupons.
293,133
37,680
Notes A acc'tsrec.
233,031
413,281
Prep’d acc’ts, A c.
25,012
39,001
SH EET
(W is .)
E le c tr ic
D A L A N C E I S I I E E T D E C . 31.
1915.
1914.
1915.
1914.
s
$
L i a b ilit ie s —
S
s
Property & plant.34,880,916 34,570,380 Preferred s to c k ... 4,500,000 4,500,000
Capital expcndlt..
484,782
391,309 Common s to c k ... 9,850,000 9,850,000
Securities owned..
125,100
975,100 Funded debt____ 18,533,000 18,533,000
Other investments
8,500
6,000 Notes & bills pay.
759,193
741,491
Res’ve, sink, fund,
Matur. Int. unpaid
17,785
169,390
A c...................... 1,050,000 1,050,000 Interest,taxes, Ac.,
Cash.............. .......
179,205
111,520
accrued_______
436,077
277,718
Notes and bills,
Miscellaneous____
165,164
157,409
&c., receivable- 2,897,541 2,573,049 Open accou nts...
184,381
129,389
Materials A supp.
520,795
611,628 Res’ve, sink., Ac.
Prepaid accounts.
321
487
fund................... 5,321,309 4,739,221
Open accounts.. .
952,893
142,024 Profit and lo s s ... 1,333,143 1,333,879
A ssets—
T o ta l................ 41,100,053 40,431.497
— V. 102, p. 800.
R a ilw a y
&
L ig h t
C o.
(Report for Fiscal Year ending Dec. 31 19 15 .)
Pres. Jamos D . M o rtim or, M ihvaukeo, F ob. 10, wroteR e s u l t s .— Operating
rovenuas show a docroaso o f $33,780, duo in nart to
tho industrial depression current during tho early stages o f the Kuropoan
war, and which continued throughout tho country during tho larger nart
o f tho year, was considerably augmented b y tho unrogtilatod operation
o f so-called “ jitnoys” in com petition with tho railway lines o f vm ir
In August 1915 the Legislature o f Wisconsin enacted *
v cffe a W o
Sopt. 1 1915, b y which passongor-carrying autom obiles woro declared to he
com m on carnors and required to provido indem nity bonds or iM urance
quont roturn o f m any o f tho “ Jitney” operators to their rogulw em ploym ent'
esu as
K s * s a 2 !s s f e
T o ta l.................41,100,053 40,431,497
K in g s C o u n t y E le c . L ig h t & P o w e r C o ., B r o o k ly n , N . Y .
(Report for Fiscal Year ending Dec. 31 1 9 1 5 .)
T ho report, including the tex t, incom e account and balance
sheot, will be found a t length in the advertising pages.
The
usual com parative tables were given under “ A nnual R ep orts”
in V . 102, p . 7 0 7 .
DEC.
T o ta l.............. 106,035,905 105682,425
T o ta l.............. 106,035,905 105682,425
$53,540 for now construction during th o’ year and de
ducting $19,696 for adjustments during tho yoar.
b Includes taxos, $ 2 i 1,102: sundry credits, $176,591; om ployoos’ savings
deposits, $2,486, and logal expenses, $1,669.
c A ftor m aking adjustments for tho year, $75,517.— V . 102. p. 802.
M ilw a u k e e
969
L a ck aw an n a
S te e l
C o.
(Report for Fiscal Year ending Dec.
31 19 1 5 .)
T h o report is given on subsequent pages, including the
romarks of President E . A . S . C larke, incom e accou n t, bal
ance sheet, & c.
T h e usual com parative tables fo llow :
R E S U L T S FOR C A L E N D A R
Y E A R S , IN C L U D IN G
1915.
§
Gross sales and earnings 27,792,935
L e s s — M fg .cost& op .exp . 21,061,731
S U B S ID IA R Y C O S.
1914.
1913.
16,281,639
14,057,189
29,879,276
23,008,546
1912.
$
27,266,377
22,296,738
2,224,450
6,870,730
4.969,639
338,489
746,017
267,201
3,328
707,305
(deb.)27,249
N et from m fg. & o p . .
O lh er I n c o m e —
D ivs. on invest, in cos.
not controlled, & c___
Sales o f sub. c o s .’ assets
C onnn. disc. & in t..........
6.731,204
T otal incom o_________
Selling exp., taxos, & c ..
7,075,826
1,098,357
2,535,690
954.311
7,887,275
1.014,313
5.713,408
807.965
N et earnings_________ 5,977,469
D e d u c t i o n s p e r “ I n c o m tf A c c o u n t " —
E xting. o f mines and
mining investm ent___
313,115
p o p re c. & accr. re n e w .. 1,210,528
In t. L ack. Steel bonds,
debentures, & c______
1,633,283
Int. b d s., & c., o f sub. cosi. 309,900
Bentals and royalties___
101,536
D iv . on com . stock (1 % )
D iv . on pref. stock _____
87
1,581,379
6,872,962
4,905,443
226,849
839,789
a452,18S
1,210,020
a577,833
1.135,950
1,749,700
315,950
101,536
1.749,753
325,515
112,402
350
350
1,749,958
331,000
101,890
347,526
344,622
36,464
Balance, sur. or d e f. sr$2,409,020df$1.652,795 sr$3,022.734 sur.$661,286
a Includes in 1913 and 1912 capital expenditure at mines written o ff.
CONSOL.
charges decroasod $29,805, or 3 .6 % , and not incomo increased
nsf
M a i n t e n a n c e , A c .— Maintenance and depreciation o f physical
in railway department was 2 2.2 5% ; electric light and p o w e r i <P<w°IK rt^
steam heating 10% , and tho balances after providing for mUnVen™ ’ and
carried to tho crodit o f depreciation reserve.
r m a'ntenaneo are
A d d i t i o n s .— During tho yoar there was oxpondod for
.
tensions to tho plants and system $484,782, principal 1v°* i sm iV o n5 and ox'
to tho railway utility (tho largest single item o f whichyi f fnr V418iC larBoabI°
tion and paying), $278,671 chargeable to t h e a t r i c
rSVt
t
«
w u a v i uvvvu a m u u u b tu
------ '
LU l.U IfiO m i I n s
~
l h o value o f property replaced or abandoned and
,
,
tion reserve during tho yoar was $106,054
T h o r n w n il . cd J° <loProciamlles o f track. The com bined expenditures' fS? M n S h ? .,^ n Str,,.ct“ l ,9 ’G6
monts wer » substantially
_ t _____
o .t h a n t h o . m o T M ^ e d f S d S ^ l . S X
tho current year from earnings.
R a t e s o f I a r c — C o u r t D e c i s i o n .— The appoal to Mm tt q a
.
from tho ordor o f tho Railroad Comm ission o f u ' m 'i ? ' Snproino Court
1912 was decided adversely to your com pany
The u q e2,t,er<£ Alj ? ’ 23
sustained tho decision o f tho Wisconsin Sunremn n ° m
% proi” e C ourt
the Railroad Commission possessed to e p oT er n e c t a r y to
that
o f a franchise in rcspoct o f rates o f faro. In apnoallng
tt
terms
C ourt on the contractual obligations o f tho franW ise the righ^ b8, Supro,n';
to try the case in tho Wisconsin courts on its merits W f i S , , res2rY?cl
litigation will likely com e up during tho year 1916
feature o f tho
'lh o decrease In rovonuos and tho incroaso in operating o x n e n ««
railway department brought about by external causes, liave rM u U od ^ n a
rato o f return upon tho capital invested In tho railway utility so low
to
make it necessary to seek relief. In N ovem ber we joined with the \niw-n,U
koe Light, Heat & Traction C o. in a petition to tile it ail road Com m X n
m,.,'^lsconis n V sott nB, fortl1 tho essential facts in rospect o f earnings ox
? n<i rotu^u ? n investment, and requested that such relief be grantor?
i 'S
,mMy-Vv 10 Do° - 31
i s r
m
M
s s k is
wfscons’in Avo°onM.r° i* 1 T lth l he approval o f tho Railroad Comm ission o f
business o f i bn p i1nnT/i,!(l,U ?.ia 20-year loaso o f tho proporty, franchise and
i i a y S o fM i W
^
Electric Light & Power C o ., providing for annual
X' together with interest at the rate o f 3 % per annum
p“ank?ntony c “ w a s ^ n g L M e ^ url.nfr tho remainder o f the lease? T he
in a s e c t i o n o f ' t h o W r i t m d M s I n ^ ^ s t ^ n f ' M n » m b ° a t l n ^ H 2 f l n T
s o r p t i o n o f it s p r o p e r t y a n d I)u s L l L
*)J ? £ o f M i l w a u k e e , a n d t h e a b b lo in t h o i n t e r e s t s o f t h o m o T c c o n n
c o m p a n y w a s d e o m o d d e s ir a M ilw a u k o o .
e c o n o m i c a l p r o d u c t i o n o f e l e c t r ic s o r v ic o in
B AL.
A ssets—
Cost of real estate,
plants, A c........ 69,554,005 68,939,362
Investments in ore
companies, A c .. 6,122,051 6,121,244
Deferred charges
481,563
to operations__
332,247
Bond sinking fund,
cash...............
212,303
135,951
Inventories........... 9,893,104 9,139,674
Miso. accounts re
ceivable.............
434,145
289,362
Customers’ accts.
(less reserve)... 5,517,279 3,550,331
Notes receivable..
711,380
542,078
Cash in bank and
on hand............ 2,901,431 2,261,088
Marketable stocks
and bonds........
432,307 3,347,660
ACCO U N T.
OporaU niV™ e¥8es'R^-deparTm oh-t: I f i l l l ' J m
do
do
Light, power, & c ..
1,172,455
1,052,702
N ^ o p e r a t in g cr “ W e s : : ; : : : : : : : : : $1,82 9 :l2 i
$1,765 806
• J E S S ® S o d a s ;;:;;;;;;;
763,375
S U B S ID IA R Y
1915.
s
Preferred stock
x _______
Common stock.y.34,750,000
Sub. cos. stock not
ow n ed..............
13,400
1st M . 5s conv. g . 15,000,000
1st cons.M.ser.A5sl0,000,000
Sub. cos. bonds.. 6,198,000
5-yr.5% conv.debs
______
6% notes due 1917 6,000,000
Current accounts. 3,269,525
Bills payable........
642,718
Taxes & Int. accr’d 677,946
Mines exting’d A
mining lnvest’t . 4,212,709
Depreciation & re
placement funds 6,977,193
Cont.Amlsc.funds.
435,806
Profit & loss acct.z8,082,272
L ia b ilit ie s —
T o ta l................ 96,259,569 94,658,997
COS.
1914.
5
6,000
34,750,000
13,350
15,000,000
10,000,000
6,319,000
9,994,000
1,282,114
701,681
605,461
3,915,518
6,052,503
241,913
5,777,457
T o ta l................ 96,259,569 94,658,997
x Preferred stock auth. as o f D ec 31 1915, $10,000,000, none o f which
yAC£?r deducting S250~,665' s t o c k in ’ lian d s^ of t r u s t e d
gob
nt
llC,^iVg 3104,205 net balance o f discount and com m ission on
goiu notes Issued and discount on gold debentures redeem ed.— V . 102,p .613.
A m e r ic a n B a n k N o t e C o ., N e w Y o r k .
(Report for Fiscal Year ending Dec.
31 1 9 1 5 .)
On subsequent pages will be found the rem arks of President
W arren L . G reen, the profit and loss acoount for tho year
onding D e c . 31 1915 and consolidated balance sheet as o f
D eo. 31 1915.
C O M B IN E D
IN C O M E
B a l a n c e .................................
M isc., less interest p a id .
1914.
$707,648
145,184
1913.
$726,293
1 4 5 ,7 7 9
31.
1912.
$1,002,804
135,799
$562,464
10,045
$580,514
13,936
$867,005
739
AC C O U N T
.. .
1915.
N ot p rofits..................... $1,021,912
D e p recia tion ..................
142,219
M ov in g m ach’y reserve.
20,000
$ 8 5 9 ,6 9 3
30,772
YEAR
E N D IN G
DEC.
2 7 n ’nnn
S'i;0 4 2 ’ l 36
3733,323
7 6 3 .3 7 5
A j& jg fijg jg j
$ 8 9 0 ,4 6 5
A cer, int.& disc.on notes
$105,710
P e n s i o n f u n d ...........................
4 0 ,0 0 0
T o t a l d e d u c t i o n s -------B a l a n c e , s u r p l u s __________
$ 5 0 5 ,3 6 3
S 3 8 5 .1 0 1
$530,422
$42,087
* Includes $10,000 insurance fund.
C O N S O L ID A T E D
1915
s
Real eat. A bldgs. 4,181,482
Mach., equip.,Ac. 4,699,920
Mat Is, supplies A
work In progress 981,715
Accts. receivable. 1,077,082
Notes receivable..
131,976
Marketable Inves’t
______
Contract deposits.
62,500
Special deposits . .
125,231
692,816
Cash......................
Deferred charges.
11,195
A ssets—
‘ Vf8i?8
270 000
IN C L U D IN G
$572,509
$594,450
$867,744
$63,333
$52,778
40,000
40,000
Pref. dividends ( 6 % ) . . .
269,739
269.739
269,739
C om m on' d i videncis 11I ( 2 % ) 8 9 ^ 1 4 (3 M) 1 5 7 ,3 5 0 (6 % ) 269 ,'742 (5 % ) 2 2 4 .785
Rovonue passongors......... ........ ............ 9L 400 04R o v ^ T ^ ’n .e
___ _
Transfers, N o . . . ...............................
37 868 654 l a a i t ' U S 100,073,650
E lectric sales, k .w . h i ; : : : : : : : :
5 3 7 5 1 ErI
3 6 ,96.3 ,9 58
Operating rovenuo, R y . dopartm ont. $3,911,942 $ 4 1 ?r)’7 i «
do
do
Light, power. & c .. ^ 0 5 9 £ 7 3
Preferred dividends ( 6 % )______
.
C om m on d iv id en d s.. _ .
................ ..
D EC.
1915.
$
. T o t a l ................- ....................
IN C O M E
31,
1914.
S
SH EET
31.
1915.
s
Preferred s to c k ... 4,495,692
Common s to c k ... 4,495,742
5% 3-year coupon
n otes.................
600,000
Accounts payable.
313,303
______
Notes payable___
Adv. on account of
custom's orders.
198,410
Pref. div. payable.
67,435
Reserves........ ......
207,884
Surplus................. 1,585,511
BALAN C E
1914.
$
4,231,632
4,706,806
947,271
1,320,661
8,478
40,720
55,000
78,156
390,315
28,516
Total .............. 11,963,977 11,807,555
-V . 102, p. 887.
$592,259
$2,191
SH EET
$534,524
$333,220
DEC.
L ia b ilitie s —
1914.
S
4.495.710
4,495.760
1.000,000
318,364
50,000
67,435
179,876
1,200,410
T o ta l................ 11,963,977 11,807,555
THE CHRONICLE
970
A m e r ic a n
W o o le n
C o .,
B oston ,
{Report for Fiscal Year ending Dec.
( T h e ) A m e r ic a n T o b a c c o C o ., N e w Y o r k .
M ass.
{Report for Fiscal Year ending Dec.
31 19 1 5 .)
Tlio report, including the rem arks of President W illia m M .
W o o d and the income account and balance shoot, will be
found a t length on a subsequent page.
PROFIT A N D LOSS A C C O U N T FOR YEARS E N D IN G DEC. 31.
1914.
1913.
$2,788,602 loss$677.685
8,035,834 12,015,624
1915.
N et p rofits______________$5,160,295
Previous surplus_________ 8,024,436
1912.
$3.722,988
11,597,371
T otal s u rp lu s ..$13,184,731
$10,824,436 $11,337,939 $15,320,359
Preferred dividend (7 % ) $2,800,000 $2,800,000 $2,800,000 $2,800,000
D e p r e c ia tio n ...... 1,079,609
502,105
504,735
Final surplus................ $9,305,121
$8,024,436
$8,035,834 $12,015,624
B A L A N C E SHEET DECEM BER 31.
1915.
1914.
^SSC/5- *
§
§
Plants & invest’ ts.44,805,253 45,181,499
Capital stock Ayer
Mills...................
999,300
999,300
Inventories_______ 18,053,972 18,329,949
Cash____________ 1,102,958 1,013,410
Accts. rece!v.(net)16,963,202 15,146,328
1915.
1914.
Liabilities—
$
S
Common stock__ 20,000,000 20,000,000
Preferred stock__ 40,000,000 40,000,000
Bank loans______ 7,803,700 7,750,700
Current accounts. 4,292,531 4,306,017
Accr.div.on pf.stk. 583,333
583,333
Undivided profits. 9,305,121 8,024,436
T o ta l................ 81,984,686 80,670,486
— V. 102, p . 888, 802.
T o ta l................ 81,984,086 80,670,486
B o o th
F is h e r ie s
C o ., C h ic a g o .
(Report for Fiscal Year ending Dec.
31 1 9 1 5 .)
O n subsequent pages will bo found at longtli the report of
President K . L . A m e s, in addition to the incomo account for
two years, com parative net earnings for the past six years,
and the balance sheet as of Jan. 1 1916.
C O M P A R A T IV E IN C O M E AC C O U N T.
1915.
1914.
1913.
N e tp r o fits .........................1$1,042,770/ $1,210,7241
$779,611
Administration expenses/
\
289,235/
1912.
$1,050,546
$921,489
$344,563
38,667
294,868
60,000
154,000
$779,611
$314,786
38,667
215.705
154,000
140,000
T otal deductions________________ $874,118
$892,098
B alance, surplus_______
$168,652
$29,391
$723,159
$56,452
$786,577
$263,969
B a la n ce _______________ $1,042,770
B on d , & c., interest____
$386,779
Iteorg’n exp. & bond dis.l
Depreciation reservo___[
307,334
R eserve for con tin g------ J
Preferred divs. ( 7 % ) ___
180,005
$1,050,546
$299,736
34,667
312,174
C ON SOLIDATED B A L A N C E SHEET J A N . 1.
1916.
1915.
Liabilities—
Assets—
$
$
First pref. stock ..
Real estate, trade
Common stock__
marks,good-will
&c.......................11,933,746 10,744,006 Debenture bonds.
Sinking fund & int. 697,030
501,600 Bonds on cold-stor
age plants____
Inventories______ 2,164,914 1,847,310
Acc’ts & bills rec. 2,439,386 2,162,521 Acc’ts & bills pay.
Prepaid lnsur.,&c.
189,287
112,285 Conting.,&c.,res..
Cash......................
449,405
452,209 Res. fordeprcc,&c.
Profit and loss__
T ota l................ 17,873,768 15,819,931
1916.
3
2,906,000
5,000,000
4,668,000
1915.
S
2,200,000
5.000.
4.000.
343,814
2,985,333
*345,270
989,544
635,806
385,314
2,696,716
337,475
709,250
491,176
T o ta l................. 17,873,768 15,819,931
♦Contingent, & c., reserves in 1916 include reserves for bad dobts and
doubtful accounts, $122,098, and reserve for contingent and unknown
liabilities and inventories, $223,173.— - V . 101, p . 1976.
C a lifo r n ia P e t r o le u m
C o ., N e w Y o r k .
{Report for Fiscal Year ending Dec.
31 19 15 .)
T h e report o f P res. E . L . D oh en y is given at length on
other pages, together w ith the balance sheet and the cer
tificate o f Prico, W aterhou so & C o .
Sales (barrels) in Calendar Years 1915. 1914, 1913 and 1912.
1915.
1914.
1913.
1912.
3,791.778
4,764.400
4.863.118
5,082,886
277,706
305,964
344,867
17,915
Crude petroleum ............
T o p s .................
T o t a l ............................. 4,069,484
5,070,364
5,207,985
5,100,801
Tho production for the yoar 1915 was 4,440,139 b bls., against 6,516,784
bbls. in 1914. 5,463,600 bbls. in 1913 and 5,700,015 in 1912. Thoro have
been produced from the properties to Dec. 31 1915 abt. 34,000,000 bbls. oil.
IN C O M E AC C O U N TS FOR C A LE N D A R YEARS (Including Subsidiaries).
1915.
1914.
1913.
Gross earnings (all com panies)______ $1,919,878 $2,867,117 $2,885,188
565,711
625,647
708,758
Operating expenses__________________
N et earnings..............................
$1,354,167
Expended com pleting wolls__________
$94,957
Doprec. on im provem ents___________
74,953
Exhaustion o f deposits_______________
*222,007
Losses written o ff___________________
72,371
B ond Interest________________________
115,444
Proportion o f earnings sub. c o ’s _____
a l5 ,2 9 l
Special reservo_______________________
*222,007
Preferred dividends....... ............... .._ (4 M )5 8 6 ,2 9 4
Com m on dividends__________________
______
Total deductions..............
$1,403,324
Balanco, surplus or def________________ def$49;157
$2,241,470 $2,176,430
$383,838
$282,624
67,371
31,978
♦273,180
*325,839
22,153
22.023
121,648
34,953
a l9,44 2
*273,180
*325,839
(7)864,012 (7)865,937
______ (2 ^ )3 7 1 ,9 2 5
CONSOLIDATED B A LA N C E SH EET DECEM BER 31
1914.
1914.
1915.
1915.
Liabilities—
S
Assets—
$
$
Property account.31,603,772 31,771,555 Preferred stock__ 12, 343,026 12,343,026
Common stock...14 , 877,005 14,877,005
Additions & better
850,051
848,443
Cap.stk.(sub.cos.)
ments since Jan.
574,361 Am.OIIflcldsCo. 6 s 1,,103,700 1,163,700
576,972
1914__________
791,100
109,024
108,071 Am. Petrol.Co. 6 s 738,400
Invest’ts (atcost).
Deferred payment
U. S. receiver—
78,667
on land contract
9,296
Cash & acc’ts rec.
110,038
68,413
390,382
Acc'ts payable__
Oil In storage___
36,752
34,549
Accrued interest..
Current assets:
216,003
123,430
309,810
415,625 Dlv. pay. Jan. 1 ..
Cash........ ..........
599,019
821,026
289,514 Special reserve x._
N otes* accts.rec. 202,754
199,330
97,010
177,430 Capital surplus__
54,474
OH Inventories..
469,522
590,275 Undivided profits. y2 903,259 y2,903,259
Oil In storage___
258,228
209,071
292,368 Revenue surplus..
Other Inventories 250,786
200,979
Deferred charges 250,540
T o ta l................ 34,227,333 34,426,178
x Special reservo at 5 conts per bbl. on gross production since Jan. 1 1913.
y Undivided profits o f sub. cos. at dato o f organization.— V . 100, p . 2088.
31 19 1 5 .)
T reas. J . M . W . H ick s, M a r . 8 , wrote in substanco :
Results.— T ho sales for tho year o f this com pany and those com panies
all o f whoso stock is ow ned, aggregated $64,710,286, and tho net earnings
therefrom , after deducting all charges and expenses for m anagem ent, & c.,
wero $8,463,483; being about 13% on tho sales. A dding dividends from
com panies, a part o f whose stock is owned, $2,332,191; interest on bonds,
loans, deposits, & c., net, $368,224, and other incom o, $270,122, tho total
net incomo available for interest, dividends, & c., was $11,434,019. T ho
capital stock o f tho com pany, its outstanding bonds and tho average during
tho year o f its surplus aggregated $130,968,706 and tho not incom o, $11,
419,399, was about 8 % % thereon.
Securities Retired Under Decree o f U. S. Court.— During tho yoar, in
accordance with decreo o f court, the com pany retired $92,000 o f its 6 %
bonds, $123,700 4 % bonds, and $61,500 prof, stock. T ho threo years
allowed for tho exchange o f securities under tho plan having oxpired, the
cou rt further ordered that tho remaining securities o f Llggott & M yors
T o b a cco C o. and P . Lorillard C o ., belonging to this com pany bo sold;
and this has been done. [Compare V . 102, p. 523. ]
As required b y the trust indenture o f Oct. 20 1904 tho Guaranty Trust
C o ., trustee, purchased and canceled $74,000 6 % gold bonds at a cost o f
$88,620. Tho difference between par valuo and cost o f tho bonds so
purchased lias been written o ff as an exponse.
T ho $2,012,120 scrip which was issued Sept. 1 1914, as a dividond on
com m on stock, matured Sept. 1 1915, and was paid in cash. (V. 101, p. 610.)
As o f Feb. 14 1916 the com pany had 8,498 stockholders.
RESULTS FOR F IS C A L YEARS E N D IN G DEC. 31.
1915.
1914.
1913.
Sales (incl. cos. whose stk. is ow n ed )-$64,710,286 $69,339,084 $69,516,932
N et earnings, after chgs., exp., & c___$8,463,483
$9,045,046 $8,755,709
D ivs. from partly-owned com panies- 2,332,190
1,756,773
3,368,862
Int. on bonds, loans, &c. (n e t)_____
368,224
385,087
699,175
Miscellaneous incom o*_______________
270,122
650,025
1,897,892
T otal net incom e.......................
$11,434,019 $11,836,931 $14,721,638
Prem . on bonds purch. and canceled$14,620
$201,746
$232,104
Interest on bonds, & c________________
$184,818
3,167,243
3,171,457
Preferred dividends ( 6 % )___________
3,162,770
8,048,480
8,048,480
8,048,480
C om m on dividends (2 0 % )___________
T otal deductions.................... .............$11,410,688 $11,417,469 $11,452,041
Balance, surplus................................... $23,331
$419,462 $3,269,597
♦Denotes incom e from sundry other sourcos including incom o from securi
ties o f Liggott & M yers T ob b aco C o. and P. Lorillard C o ., prior to exchange
or salo, and profit from those sold as ordered b y tho court.
B A L A N C E SHEET D E C . 31.
1915.
1914.
1914.
1915.
Liabilities—
$
Assets—
S
$
$
Preferred stock. 52,699,700 52,761,200
Real est., mach.,
fixtures, &c._ 6,120,502
6,222,830 Common stock. 40,242,400 40,242,400
824,150
6 % bonds........
Brands, tr. inks.,
990,150
4% bonds a ___
1,365,300
1,489,000
patents*good
will, &c........ 54,099,430 54,099,430 Scrip Issue Sept.
1 1914...............................
2,012,120
Leaf tobacco, op_____
erat’g supp.,&c.38,639,657 4 i ,074,349 Prov.for prcm.,*c.,
69,235
790,496
Stocks & bonds. 22,469,985 20,801,674 Pref.dtv.pay.Jan.
791,580
Cash.................. 6,539,315
5,991,569 Advertising, re
deem. coup.,&c. 3,230,142
3,363,550
456,470
459,470
S crip ...... .........
35,117
79,912
Bills & accts. rec. 5,498,524
5,548,344 Accrd. bond int.
3,656,893
Accts.* bills pay.
871,997
Amts, duo from
000
Amts, duo to cos.
cos. in which
000
In which stock
stk. Is owned. 2,279,649
5,833,780
146,250
Is owned____
50,293
L.&M.T.Co.sccs
...........
1,541,450
Surplus_______ 35,993,937 35,970,606
T o ta l.............136,103,532 141,572,896
T otal............. 136,103,532 141,572,896
aConsists o f 4 % gold bonds and remaining 4 % bonds o f Consolidated
T o b a cco C o. not net exchanged.— V . 102, p . 523.
A m e r ic a n
S n u ff C o m p a n y .
{Report for Fiscal Year ending Dec.
31 19 1 5 .)
Treasurer M . E . Finch, M a r . 1 19 16 , says in substance:
T ho amount o f capital stock outstanding D o c. 31 1915 was $11,000,000
com m on and $3,952,800 p rof., tho prof, having boon reduced b y rotiromont
o f $110,000 thereof purchased at lass than its par valuo. T ho authorized
capital stock was also reduced during 1915 to $11,000,000 com m on and
$4,000,000 preferred.
Calendar Year—
1915.
1914.
1913.
1912.
N ot earnings...................... $1,701,334 $1,685,668 $1,919,304 $2,090,559
Preferred dividends (6 % ) $238,818
$245,442
$248,743
$296,634
Com m on dividends . ( 12 % ) 1,320,000 (9) 990,000 (14 H ) 159o000 (14 % ) 1595000
$450,226
$75,561
$198,925
Balanco, surplus______ $1 42,516
B A LA N C E SH EET DECEM BER 31.
1914.
1915.
1914.
1915.
Liabilities—
S
Assets—
$
$
Preferred stock__ 3,952,800 4,062,800
Real est., mach’y,
Common stock__ 11,000,000 11,000,000
trado-m'ks,good
60,942
will, pat’ ts, *0.12,073,336 12 060,799 Dlv. on pref., Jan.
59,292
330,000
Leaf, mfd. stock,
Dlv. on com., Jan. 330,000
229,154
supplies, &c___ 3,293,284 4 .067,166 Reserved for Insur. 252,145
709,540
Securities.............
806,958
240.281 Res’vcd for depro. 827,573
54,143
83,260
Cash.......... .......... 1,550,783
,127,992 Bills & acc’ts pay.
R e s’d for work .cap. 698,273
698,273
Bills & aco’ts re
ceivable_______
836,732
863,854 Surplus_________ 1,357,750 1,215,234
T o ta l................ 18,561,093 18,360,092
— V . 102, p. 888, 523.
T o ta l................ 18,561,093 18,360,092
A m e r ic a n C ig a r C o m p a n y .
{Report for Fiscal Year ending Dec.
31 19 15 .)
N ot earnings, Incl. cos. owned, aftor all chargos for exp., & c____ $1,850,406
D educt: P re f.d iv . (6 % ), $600,000; com m on d lv. (6 % ), $600,000. 1,200,000
Balanco, surplus, for calondar year 1915_____________________ $650,406
$2,028,928 $2,257,014
Previous surplus, including companies ow ned__________________ 9.003,464
sur$212,542 dof$80,584
* Exhaustion o f deposits and reserves at 5 cents each per barrol on gross
production o f 4,440,139 bbls. in 1915, against 5,516,784 bbls. in 1914,
and 5,463,600 bbls. in 1913.
a Proportion o f earns, applicable to stocks o f sub. cos. in hands o f public.
T o ta l................ 34,227.333 34,426,178
[V o l . 1 0 2 .
T otal surplus as o f Doc. 31 1915______________________________ $9,653,870
N ote.— T ho abovo statement o f earnings includas not only tho dividends
received from thoso com panios, a part only o f whoso stock is owned b y tho
com pany, but includos tho total not profits o f com panies all o f whoso stock
is owned by or hold in trust for tho com pany.
CONSOLIDATED B A L A N C E SHEET D E C . 31 1915.
(Consolidated with companios all o f whoso stock is owned.)
Liabilities (Total $37,004,366).
Assets (Total $37,004,366).
Roal ost., m achinery, & c.*$3,549,607 Preferred stock ......... .......$10,000,000
Brands, trade-marks, & c. 3,310,685 Com m on stock .................. 10,000,000
150,000
L oaf tobacco, m fd. stk .,& cl 1,389,419 P rov. for pref. d ivid on d .
Stocks and bonds_______
6.546,393 A cc’ts and bills p a ya b le. 2,425,566
C a s h ...................................
538,891 D eprec’n , & c., re se rv e s.. 4,774,930
9,653,870
D uo from cos. partly owned7,458,543 S urplus_________________
Bills and a cc’ts rccoivablo 4,210,828
* A ftor deducting depreciation rosorvo -V . 100, p . 810.
(G e o r g e W .) H e lm e C o .
( S n u f f M fr s .), N e w
{Report for Fiscal Year ending Dec.
Y ork
C it y .
31 19 15 .)
1915.
1914.
1913.
1912.
N ot earnings____________ $1,095,016 $1,025,922 $1,069,358
Preferred dividends (7 % ) $280,000
$280,000
$280,000
$280,000
Com m on d ivid en d s..( 1 4 % )560:000 (12)480,000 (12)480,000(7 > j)3 0 0 ,000
Balance, surpplus____
$255,016
$265,922
$309,358
$495,133
Mar , l i 1916.]
THE CHRONICLE
BALA N C E
1915.
S
A ssets—
SH EET
1914.
S
Real eat., mach’y,
fixtures, trade
marks, pats,&c.a3,597,216 a3,674,387
Leaf, mfd. stock,
supplies, A c___ 3,119,196 3,156,887
Cash------------------ 1,693,223
756,118
B ills* accts. re c .. 2,229,577 2,496,926
T o ta l................ 10,639,211 10,084,318
1915.
Liabilities—
$
Preferred s to c k ... 4,000,000
Common stock__ 4,000,000
Pref. dlv. payable.
70,000
Com dlv payable 260,000
Prov. t o r advance,
Insurance, &c__
885,620
Accounts payable.
42,568
Total surplus___ 1,381,023
1914.
$
4.000.
4.000.
70,000
180,000
665,649
42,662
1,126,007
a After deducting depreciation fu n ds— v ! ib"lVp"."i889.39’ 211 10,084,318
H avana
T obacco
C o.
(Report for Fiscal Year ending Dec.
D ivs. on stocks ow n ed . .
♦Operating expenses___
1915.
$277,362
341,516
io n .
$204,748
299,728
Int. on 6 % gold b o n d s ..
def$64,154
375,000
def$94,980
375,000
Leaving this co . to secure
from other sources in
order to m eet fixed chgs. 3439,154
$469,980
sur$65,044 def$192,486
375,000
375,000
$309,956
$567,486
1914.
1913.
1912.
$540,739
$731,527
$857,180
385,946
563.151
680,002
F IN A N C IA L S T A T E M E N T D E C . 31.
1915.
1914.
,
1915.
1914.
$
5
L ia b ilitie s —
$
§
Stock in other cos.39,055,626 39,055,626 Common stock...30,000,000 30,000,000
Stk. In for’n corps. 2,810,692 2,810,692 Preferred s to c k ... 5,000,000 5,000,000
Bills & acc t s r e c ..
142,929
9,061 5% gold b on d s... 7,500,000 7,500,000
Treas. stock, prof. 290,200
296,200 Acer. Int. on bonds
Treas. stock, com.
209,059
209,059
payablo June 1.
34,425
31,250
Cash...................
11,811
2,661 Accts. & bills pay. 5,629,652 5,156,099
Deficit................
5,743,204 5,304,050 Bills rec. discount.
105,444
S ta te s
T ota l................ 48,269,521 47,687,349
R ubber
C o .,
N ew
Y ork.
(24 th Annual Report— Year ended Dec. 31 1 9 1 5 .)
Pros. Sam uel P . C o lt, N e w Brunsw ick, N . J
M a rch 2
wrote in substance:
31------- 9
M o s . en d .
’^
512,088,460 * 10,6! £ ? 1<>
Interest o S f e d d e b t : : : : : : : .........S11 7 0 6 '6 8 l)S31 908 650 ^ a ’ w ’Jrw
1 083 928 51,908,650
2,537,408
Interest on loans, notes, & c Z...........
Cash discount allowed customers for
’
prepaym ent (n et)..............................
1.766 660
1,646,690
624,241
Deductions for bad debts.....................
375 253
271,220
311,875
fed era l incom e tax________________
182 301
170,371
171,103
338 !508
Incom e charges (n et)....... ................... .
223,314
K
. f t a
$7 868 224
87 14 0 19 5
v D u3: s R “RbubS e ? <>d 5 - r - 7 S !:s38
Surplus for period.................
$2,882,048
Capital gain in conversion o f second
25.000
preferred into first preferred............
A d ju stm en ts________________________
49,951
T o t a l ___________________________
Surplus beginning o f period .
ao Q5C QQQ
20,005,323
®
$721,951
$1,811,268
16,100
137,768
89,600
♦492,899
$875,819
19,129,504
$2,393,767
16.735,737
T otal
...........................$22,962,322 $20,005,323 $19,129,504
♦Includes surplus o f sub. cos. not previously consolidated
x Includes for cai. year 1914 dividends to m inority stockholders R G M
Co- aad subsidiary com pany and Canadian ConsolidateS R u b be^ C o. Ltd ’
and subsidiary com pany; and for the year ending M a r 31 1913 dividend
to m inority R . G . M . C o. and subsidiary com p any.
dividend
CONSOL. B A L . S H E E T
.
U n ite d
o t t e ^ e ^ n e t K : : : : : : : : : : : : : ; : ^ 3^
N et p rofits..........................................-$ 8 ,3 5 7 ,5 8 1
1912.
$50,822
243,308
A ssets—
T o ta l................ 48,269,521 47,687,349
- V . 100, p . 810.
— Y ea r en d . D e c .
r o ^ n f ^ 00^
' tires, m ech., & c.$ 9 2 ,8 6L 0 1 6 $83,678^812 $87e,349!692
000 of m fg., selling exp., taxes, & c . . 79,243,882 71,590,343 7 6 ,66 2,082
Cost
000
31 1915 )
1913.
$344,478
279,434
♦Operating expenses include interest on bills payable.
T he com pany for earnings relios entirely on the dividends on its holdings
o f stock o f Henry C lay A B ock & C o., L td ., Havana Cigar & T ob a cco
J as t°Murlast y ’ ’0 ila v a n a Commercial C o ., II. do Cabanas y Carbajal and
1915.
The com bined earns, o f
tho above cos., after
int., doprec’n, & c___
$682,160
P ropor. due H av. T ob.C o.,
based on their security
holdings-------- -----------515,564
971
31.
DECEM BER
U . S. RUBBER CO. A N D
SU B . COS. D E C
31
191$5,
1914, ‘
P rop ., plants & invest, (incl. rubber plantations).126,347,931 123,726 274
A ssets-
^ ^ t^ ^ n c flo M S 0 ecei vable.^*!?!^. ^ 5 . ™ ^ !^ !^ 1111
A ccoun ts" r e c e i v a b l e : : : : ; : : : : : : : ; ; : : : : : ; : : ; ; : : 2 0 8 2 0 3 3 4
U1.S‘ ? ub- C o - held b y s u b !c o s ; 2i272i431
3?2,032,751
^ 6,741
10,276,726
19,107,217
3,546,204
446,708
2,183,799
TOrfesT;o7J.”
L i a b i l i t i e s —- ..............................................................206,551.443 194.926,420
Capital stock, first preferred.................................
59 692 10 0 69.414,600
Second preferred_______ _______________ " : : : "
458 400
558,400
ooft 'nnn 36.000.
C om m on _____ ___ _____________________
000
Outstanding m inority shares o f subsidiary c»s —
’
’
S ib b e r G oods M fg . C o. and subsidiary cos..........a l ,532,300
1,622,400
Can. Consol. R ubber C o ., L t d ., and subsid. co s .
b490,200
489,215
000
i n 'w ’ a & w ^V
s,k - fd ' ? ? ld b51? -' U - S .R .C o - 16,500,000 17.000.
.debentures General Rubber C o . . 9.000,000
9,000,000
! 0 -y£. 6 % debens., Eureka Fire Hose M fg . C o . .
970 000
970,000
M ech . R ub. C o. and N .Y .B elt.& Pack.C o.bds
7 9 1 000
852,500
40l^r h.0 % ^co ll-r tr- g,old bonds. Can. Consol.
R ubber C o ., L td ., $2,600,000 (less owned b y
subsidiary c o ., $3 ,000) . . .................. .................1
2,597,000
2,397,000
C an. Consol. R u b ., L td ., 5 % debentures___” 1 2,500 000
M organ & W right 5 % debentures_____ _________ c3,000.000
19 930 700 1 7 q"tfTTni
N otes and loans payable_____________
A c c e p t a n c e for importations o f crude robber", 19 ,9 3 9 ,7 0 9 17.910,104
$1,135,600: merchandise accts. payable, $6 ,
111,514; accrued in t., taxes, & c., $494,739-total 7 741 854
3 Q59 835
R ( f ^ J . o r d lvs.. $1,200,718; insurlnce fun d.
7 ’7 4 1,8 5 4
3 ,9 5 2 ,8 3 5
$809,499; em ployees accident fun d, $ 2 8 6 ,1 1 0 .. 2,296,327
2,673,812
Reserve for depreciation_________________________
g qqq qqq
7,000,000
Fixed surpluses (subsidiary companies)
15 080 2 3 1
15,080,231
Surplus................ .......... ....................................... I I I l l l d 22,9621322 20,005,323
T o t a l.
.................................................................. -206,551,443 194,926,420
Safes— T he net sales for 1915 were $92,861,016, against $83 678 8 12 in
iO H , an increaso o f a bou t $9,000,000. As tho average soiling p r i c l nf
rubber goods was less in 1915 than In 1914, thei ncreaso fn volum e o f rood*
sold was proportionately greater than tho increaso in cash received therefor
I r o f i t s a n d D i v i d e n d s .— The net profits before deducting interest ch a r g e
woro $11,486,705, and after interest charges, $8,696,089. Those nmHtt
if applied in full to dividends, would cover the dividends u p o n ^ R o n m forred stocks, and leave a sum equivalent to about 10% uponRhn
stock. Full dividends upon the preferred stocks for the year wem n^R
and 1>4% on tho com m on stock m April 1915. A n v furth er^nnu0
o f profits to dividends under existing conditions w o u ld bo m ost nRwt«o tloR
against tho permanent interests o f all our stockholders06 m0St Unwlse and
Indeed, notwithstanding that tho earnings o f the voar h ,™
>*
bo better than in last July they prom ised to bo the
? , p roved to
o f your directors then m ade to suspend d i v i d e n d s of tho decision
has been fully Justified. Owing to the E u r o S ? a° “ the com m on stock $283Ififivd ^ m ^ n f "’
^ m m o n , $43,300. b Includes : P ref.,
havo been created and still exist, notablv
m ^n!Jr inla' ly uncertainties $283,665, ^common, $206,835
c After deducting $2,000,000 ow ned b y
. d O f this s
u
r
............................. *
o f crudo rubber and tho hazards affeSttaS Its^transnoHat?^
tho p5lco
v . °to
9 d 9p.f 528. 72.
102,
In consequenco o f prevailing conditions wo
V i th s c,oun.try- s'tock interRe ^ t s - V
purchaso a m uch larger stock o f crudo ro’h W /},a0X,° folt. A incumbent to
ordinary times and this alone necKsitates the
w o u U [ be necessary Jn
A m e r ic a n S u g a r R e f i n i n g C o ., N e w Y o r k .
capital. M oreover, it is m ost d o a b l e lnh^ ^ P Mym on? ,o f largor 11,11(515
o f our debt D ec. 1 1918 that we should ennHn,? V ti on w l t h tho fllndin8
(Report for Fiscal Year ending Dec. 31 1 9 1 5 .)
position o f tho com pany. A s a ^ fegu a reft|nUvinwStr »ilgtrienMho f,inanclal
P r e s . E a r l D . B a b s t , N . Y . , M a r c h 8 , w r o t e in s u b s t .:
continue to carry a substantial rnimddt d0’f ‘ cash
f the floatlng d e b t- we
P r i c e s , & c .— T h e developm ent o f an export demand fo r refined sugar
com pany in °tho M g h ^ stete o°f “ fic lln c y ^ n d ^ h a ^ t e pr,oportlf ? f th® the com petition o f English refiners for Cuban raw sugar tho unTOrLXty
RnnthmiP fg i,4onnage and deliveries and tho English and French censorship
nvRnH,,i L Kur° ^ n I1,isugar. f tatlst! cs aro am ong tho developm ents o f an
resorved for depreciation, and hSvo f u r t h e r ® ^
ovonWul year. T h e dom estic producers have been tho ch ie fg a in e r, espeincom e on items existing prior to 1 9 1 5
^nargea # 1 ,175,480 against
Rifa s\U !l0^b0? L SUga^mmanuf^ tu^eS , J?y Lho continuance o f the high p n e e
B o n d e d D e b t .— During 1915 tho bonded debt
,
,
» bo world market. High prices d o n ot benefit the refinery
m odified as follows: (a) $9,000,000 o f d e b e n t u r e h o n r i T H h?ks boot] o F itatraw materialC° m Pany’ WWCh “ n0t a p rod ncer directly or indirectly
Itubbor C o. (our crudo rubber com pany) which ton S n ?drS
tno General
„ WiUott & G ray, recognized statisticians, report the cou ntry's total ex
paid b y tho i s s u e o f $9,000,000 o f 5% de&ent“ e bonds o f
1 1915, wcro
r^J^od sufirar as (^ose to 400,000 tons, as against 175,000 tons in
maturing D ec. 1 1918 (V . 100, p-12013); ( b ) $ 9 5 o n m n 8**?0Ii0!npilnir’ ports
bonds o f the Canadian C o n s o lid a te R ubber C o L t S ° 0f i ^ - ? O,Jonf UiO 1914 and 28,000 and 37,000 tons for the normal years o f 1913 and 1Q12
largely owned b y us) maturing D ec. 1 1918 were hnnoA ^ b 080 stock is
YoUrn com pany shared in com p etitw ” proportion in t l ^
e
« s
wh S l pr°mi.sc8 to continue during the com ing year.
subsequent page— E a.l and $1,000,000 o f an issSo o f $ 5 m n t f i ? 6? . ?
R e f i n i n g P r o f i t s — T h e average price o f refined granulated cane sugar for
debenture bonds o f M organ & W right (our largest
com p a n y), maturing D ec. 1 1918, wero sold (V . f o i i> 7 1 V ^
g ■“ r f g S S 1 during 1915 was 5.550 cts. a lb ., anrl for d u ^ p a h l raw r o g ^
coeds or tlio tw o latter issues being used in reduction 'o f Vhn
^
4 ,6 4 2 cts ., leaving a refiner s operating difference o f (L917 cts. a lb !
and for extensions o f tho plants o f those com panies. T h o n h t w n t ^ ? '
to to r^ t
r?flnIngi sllrmkage in weight, packing materials, deliveries,
those obligations m ature D ec. 1 1918 (that being tho d it n ^ r ^ o f having Uvo ami g°en“ i l ™ s ^ UranCe’ dcprocIatIon• Pensions, legal administrao f our collateral trust 6s, which through sinking ftinrl win .i 1 fire m aturity
r I,1)1tho ease o f your com pany the profits left from the refining operations
to $15,000,000)— is that then wo may isfue one d S w n f 1-2J0n.*b e / educo2
am ount and on such tim o as then m ay seem des!rat?lefor / A ,t y £or sucl? Rr ih!>nft<i a m dividend requirements amounted to about 1-10 o f a c e n t ,
o f all these obligations.
“ <»iraoie ror tho retirement ” f a . °,ut 1 mill, on every lb. o f refined sugar producod. T he p rofit from
operations, in other words, was less than 2% on sales
N o morn anrnrato
I n v e n t o r i e s .— Inventories o f m anufactured goods and
, , ,
been taken at cost whero cost was below market
,llatcr als hav0
ft tth»f sev« P1ly com petitive conditions prevailing, due
market was bolow cost. M arket value o f crudo r u b b e r 6 Anarket where earae?vCtR1H,b0f8l^e?hO
S
o f consum ption
ref,ning capacity o f the country is greatly in
inventoried D ec. 31 1915 exceeded CMt b y a sUb s te m i» ? othor materiaIs
U . S . R u b b e r E x p o r t C o . , L t d — Our export b u I t t R am ou nt.
_ ,T d e w m panjr suffered a lass o f volum e and o f profits at N ew Orleans.
consolidated undor one organization and is being saHstorS?, ,!,ccn larg.e l? niw«riJtSi ^balm otto refinery has been forced to suspend at throe different
and has been in tho past year a p p ro x in ia te ly S ^ ^ o K o u /e m ir ,^ expanded
iargei y owlng ,to tl10 IcKal com plications already explained to the
stockholders b y special com m unication.
U . S . T i r e C o — T ho organization under which wo t r a n c e bus'ness. ,
ness, has been recently enlarged and s t r e n g t h e n e d tlr$ b,f u ‘ „
( r o m ^ e t S u g a r I n v e s t m e n t s — T h e p rofit and loss account shows
distribution o f tires through the 51 branches o f ° h o H* q
t0 4 10 ?n E
rei l lru 0ni incom e from investments’ “than in 1914. This is owing
vision has been m ade for a very much wider distribution V w S °i .0 < > ''I 5 ro*
V(
returns from our holdings o f beet sugar stocks, which
through tho m any stores o f tho U . S. R ubber C o! Tho add?Hoaro.tolbro C^ , P;i? l<?.,a'2 Producers o f their own raw material have prospered greatly
form er brands o f tires o f tho new "R oy a l C ord ” tiro a n d t h n n i ° t0
! t atmitii° in lgbcr rang9 o f Prices. There has been a corresponding and sub?taa41al increase in the market value o f these beet sugar holdings, which,
U sco tire gives us a m ost com plete lino o f tiros. Our well k n * ! ^ ”
1 read and "C h ain T read ” aro still having a wido and' incre»!h !S ,t o ° bbX X r ee etheva^ n0fc^
O ! e?tPPraIsod ln, the It<5m o f “ investments general
a.ro carried at tho same value as in form er years. W hile the
an.d aro kn«w n as ono o f tho best non-skid tires in tho market*18 o fir ’ to-n
com pany during the last few years has disposed o f certain beet sugar stocks
(?P P °^ l!nlty offered, and has so reported to its stockholders. It still has
°r“ lsycar■l,0"ravor>>lar*» IncnS, ovS
relatively small com pared with our requirements, but w ™ In o x e i L ^ f
previously estimated prod u ction . From now on the In cre^ o in prod.mHnn
o f pur Sumatra estates will bo rapid as the great n u m bw o f young
arrive at tho bearing age.
youn8 trees
O u t l o o k .— A t no time in tho history o f our com pany has them Pen,,
,
activity in its business. All our factories aro now7 being oporated8at f!m
capacity and steps for enlargement o f certain plants and ter inemn™ ^
ar0 being taken and the work pushed forward with all (Sroatchf
A W H i n 1,la” bs how in process o f enlargement is the tiro factory o f M organ
d ,„!m K!\t at D etroit. This work is under w ay and when com pletedTJi
n,n o „ tho capaclt7 o f t>>at Plant. Since the beginning o f the
T
adjoining property has been ac<iuired tojbetter ca rr y o u t this enlargement!
fo r i n v ^ m e S t j u r ^ r ^ I e l y .
m any yoars ag0 a ,d now carri(5d
~ ^ f 0I f l l i e s T Z p n ^ n g th0 y c? r y ° ’,lr President m ade an inspection o f all the
rt^n^ tn y ’ i n^ udl1)? ,th0 refineries at B oston, B rooklyn!
Jersey C ity , Philadelphia and New Orleans, and the coopergae assembling
dants in conjunction with each refinery, & c. In Missouri Arkansas
W
, » I|d N . Y . there are large tracts o f tim ber land sun,Tying seven s S
and heading plants for the making o f sugar barrels. T he cooperage prot>2 1 0 ,0 0 0 acres o f land hold in fee and stum pago on an adefb
i 75.000 acres. T he tim ber operations em ploy 130 rrules o f railroad
^ b bim ber mills giving em ploym ent to about 3,500
0P^ f c i n th0 Adlrondack hok mgs are full o f promise.
8
During; the yoars 1912 to 1915 tho sum o f $4,112,579 has been spent on
to <
i 9 5nnmVn11
w h iX hhas
nt'Y
° refl
neriS ’ o^ff wWch
$685,471 was
expended
in
1915,
and all onfFwhich
been
charged
as depreciation,
bringing
with
additional special items, the total direct charge to depreciation in the years
named to $4,677,040. This is entirely asido from substantial betterm ents,
renewals and replacements charged direct to current exponsos. Extensive
im provem ents at the B oston reflnory com pleted during the year aro pariiC P e n s u ) r ^ F \ i m L —
B y special appropriation tho pension fund has been In
creased to $1,000,000. During tho year 53 applications for pension have
been approved, bringing tho number on the list to 189, o f ^ a.^erAge
65 years, and with an average service o f 33 years, receiving in the agKregate $61,936 from tho fund. In addition, there has been paid $24,189 to
employees tem porarily incapacitated through illness or in ju ry, exclusive o f
sums paid under W orkm en’s Com pensation A cts in accident cases.
L i t i g a t i o n .— T ho first ouster suit brought b y the State o f Louisiana against
the com pany was decided b y tho Louisiana Supremo C ourt in our tavor.
(V . 100, p. 1834.) T he Louisiana Legislature then passed a number or
A cts, special in purpose, which lecl to a second ouster suit, which during the
year lias progressed through tho Louisiana Supremo C ourt, tasking a re
ceivership and sequestration o f our Louisiana property; tins the courts
have refused. T h o case will shortly bo heard on its merits.
A nother statute passed at this special session attem pted to constitute tho
business o f sugar refining a public u tility , and also to com pel this com pany
to p ay an arbitrary price for raw sugar purchased b y it in Louisiana a bove
that prevailing in the open Louisiana markot. This statute was unani
m ously adjudged unconstitutional b y three Judges o f the fed era l C ourt.
T ho State has since taken an appeal to tho U . S. Supreme Court(V . 102,p.346)
T ho planters' damage suits are still in a condition o f preliminary plead
ing in tho Federal C ourts.
„
...
„
S t o c k h o l d e r s .— Our stockholders now number 19,565, with an average
holding o f about 46 shares each.
P R O F I T A N D L O S S A C C O U N T Y E A R S E N D I N G D E C . 31.
1915.
1914.
1913.
1912.
P rofit from op eration—
$2,991,465 *$2,791,050 $1,015,853 $4,432,262
Int. on loans & deposits.
880,609
934,331
894.204
0 ^ o o 'n a i
In t. & divs. on invest’t s .
2,312,646 1,627,650
2,274,931
2,422,084
N et profit on invest’t s - ---------786,359
------ —
4 J,u< i
N et incom o.................. $6,184,720 $6,139,390 $4,184,988
Form er approp. for im p .
a685,471
a707,178
a903,280
T otal net in com e____$6,870,191
D ividends ( 7 % ) _________ $6,299,972
D eprec. on plant & equip.
790,305
Im provem ent o f plan ts.
— ...
Pension fund reserve___
200,000
C ontingency reservo___
281,907
$6,846,568
$6,299,972
821,113
718,283
-----205,831
$5,088,268
$6,299,965
$7,488,130
a l,8 1 6 ,6 o l
$9,304,782
$6,299,965
3X8’932
388,932
300,000
----------
406,637
250,094
Balanco, sur. or def..def$701,992dof$1198,631def$3196,195 sur$378,030
Previous surplus_______ 17,030,794 18,229,425 21,425,620 21,047,590
T otal surplus..............$16,328,802 $17,030,794 $18,229,425 $21,425,620
♦Includes in 1914 $17,215 additional profits from operations o f form er
years and $59,212 balance o f form er reservations after adjustm ent.
a These aro tho amounts o f form er appropriations for im provem ents o f
plants expended in now construction during 1915, 1914, 1913 and 1912,
and offset in depreciation on plant and equipm ent.
C O N D E N S E D G E N E R A L B A L A N C E S H E E T D E C . 31.
Realest.&planta
General Invest’ts
Inv., ins. fund..
Inv., pension f ’d
M dse.* supplies
Prepaid acc’t s ..
Loans__________
Accts. rcceiv’lo.
Accrued income.
Cash....................
[Vol. 102.
THE CHRONICLE
9 7 2
1915.
1914.
48,763,560
22,577,772
x8,000,000
1,000,000
16,963,385
252,834
3,803,275
4,607,398
468,845
15,624,806
48,477,038
20,968,070
x8,000,000
800,000
15,431,099
254,865
5,137,275
4,350,168
480,123
19,110,779
$
T o ta l..............122,061,875 123,009,417
1915.
L iabilities —
$
Preferred stock. 45,000,000
Common stock. 45,000,000
Res’s— Fire ins. 8,000,000
Imp. of plants
367,515
Pension fund. 1,000,000
Contingencies
770,191
Accts&loans pay 3,999,463
Divs. payable.. 1,595,904
Profit and loss. 16,328,802
1914.
S
45.000.
45.000.
8,000,000
1,034,400
800,000
654,402
3,894,895
1,594,926
17,030,794
T o ta l...............122,061,875 123,009,417
x C om pare list o f investments in V . 94, p. 764.
Output.— W ille tt & G ra y ’s “ Sugar T rad e Journal” of this
city on Jan. 6 gave the following estim ate:
C O N S U M P T IO N O F R E F IN E D S U G A R I N T H E U N IT E D S T A T E S .
----- C a l e n d a r Y e a r
— - P e r C e n t—
1915.
1914.
P r o d u c e d bu—
T on s.
T on s.
Am erican Sugar Refining C o ------------- 1,242,524 1,299,171
Independent refiners.......................... -.1 ,6 1 9 ,2 0 4 1,724,869
Beet sugar factories............- ................... 769,257
624,298
Hawaiian and foreign refiners_________
17,123
14,660
1915. 1914.
%
%
34-06 3o.47
44.38 ^7.09
21.09
04
0.47 0.40
T otal consum ed___________________ 3,648,108 3,662,998
100.00 100.00
A v e r a g e P r i c e —•
1915. 1914. 1913. 1912. 1911. 1910 1909. 1908
Granulated sugar___cts.5 .5 59 4.683 4 .2 (8 5.041 5.345 4.972 4-155
R aw sugar______________ 4.642 3.814 3.506 4.162 4.453 4.188 4.007 4.073
D ifferen ce...................... 0.917 0.869 0.772 0.879 0.892 0.784 0.758 0.884
Granulated sugar opened Jan. 4 1915 at 4.851c. and rose gradually to
5.88c. on M a y 5 and remained m ore or less tho samo until July 28 when it
began to drop. Thereafter it fluctuated downward slow ly to 4.802c. on
Sept. 28, when prices again began to riso gradually to 6.027c. on D ec. 6,
the highest for the year, and finality fell to 5.83c. on D ec. 17, and remained
the samo at the closo o f tho year. Raw sugar opened tho year at 4.01c.
and closed at 4 .64c.; tho highest prlco for tho year being 5.20c. on D ec. 2.
, — V . 102, p . 888, 346.
A m e r ic a n R a d ia t o r C o ., C h ic a g o .
(1 7 th Annual Report— Year ending Jan. 31 19 1 6 .)
Pros. Claron.ee M . W o o lle y , M a r . 1 19 16 , said in substance:
R e s u l t s .— T he general depression early in the year, duo to tho war, was
responsible for a slight decrease in tho volum e o f sales, 'lh e number or
buildings constructed during tho first 6 m onths was less than that recorded
fo r several years preceding, while the dem and for installations in old build
ings also reduced. During tho second half general business conditions
throughout tho country im proved m onth b y m onth. As a consequence
tho volum e o f sales was considerably greater than for tho corresponding
^ P r i c e s .— Tho advance in raw materials continued throughout tho second
half o f tho year, and our selling prices were increased to accord therewith.
Our business is exclusively that o f m anufacturing and selling radiators and
boilers to the heating trade. Thirty years ago there were not to exceed
400 firm s regularly engaged in the business o f installing steam and hot
water heating apparatus throughout tho country. T o-d a y the number
thereof has increased to m ore than 10,000. Im provem ent o f product and
refinements in m anufacturing m ethods have brought about a reduction
o f 50% in the selling prico since 1884, making m odern and sanitary heating
m ethods available to a larger number o f house owners.
S t a t u s .— Tho financial condition o f the com pany is satisfactory.
On
Jan. 31 1916 all current indebtedness, excepting that incident to tho pur
chase o f supplies and materials for January had been paid, and tho cash on
hand was $2,700,581. The aggregate value o f our tangible assets at
hom e and abroad, including reserves, on Jan. 31 1916, was $2b,241,210.
T h e net profits o f tho entire business, dom estic and foreign, woro therefore
equal to 10% o f tho tangible assets.
, ,
„
D i v i d e n d s .— Tho total cash dividends paid during tho year on the pre
ferred and com m on stock aggregated $1,519,696; which sum represents
5 .8 % o f tho tangible assets.
. . . . . .
F o r e i g n B u s i n e s s .— This business during tho year was seriously affected
b y tho war; and while there has been a fair dem and for tho products o f the
Europoan com panies, their output duo to existing conditions was limited
and resulted in a largo curtailment o f their sales. N o dividends havo been
declared b v any o f the foroign companies since their establishment, the
entiro profits having been utilized ior the developm ent o f the business
abroad. For this reason their incom e has not been Included in tho bal
anco sheets o f this com pany.
C o m b i n e d R e s u l t s .— The net profits o f tho parent com pany for tho fiscal
year ended Jan. 31 1916 were $2,364,953. The aggregate net profits o f
tho foreign com panies for tho same period woro $302,580, and tho co m
bined net profits o f the parent and foreign companies: werei $2,667,534.
T ho surplus o f tho parent com pany as o f Jan. 31 1J16 was $7,97 2 , 843, and
tho aggregate surpluses o f the foreign companies wore $6,699,032. T h e
com bined surpluses o f tho parent and foreign com panies as o f Jan. 31 1J16
were $14,671,875.
R E S U L T S F O R Y E A R S E N D I N G J A N . 31 I N U N I T E D S T A T E S O N L Y .
1915-16.
1914-15.
1913-14.
1912-13.
Trading p rofits______ __ $2,364,953 $2,289,075 $2,081,267
7 % div. on preL s t o c k ..
$210,000
$210,000
$210,000 ,,8 2 1 0 ,0 0 0
Cash com m on d iv
(1 6 ) 1 ,3 0 9 ,696* (11H)911,580* (10)717,090* (10)651,900
Balance, su rp lu s.____
$845,257
$1,167,495
$1,154,177
$834,293
* There were also paid extra dividends o f 10% each in com m on stock
in M arch 1912. 1913 and 1914 ($615,000, $676 ,500 and $744,100, respec
tively.) In M ar. 1915 tho regular quarterly cash dividend rate was raised
to 4 % , or 16% yearly. Com pare V . 100, p. 476.
BALAN CE
SH EET
JA N U A R Y
31.
1916.
1916.
1915.
L ia b ilitie s —
S
8
8
♦Plants, pats., &c. 11,978,122 11,637,607 Stock, preferred.. 3,000,000
Cash_____ _________ 2,700,581 3,769,464 Stock, common_ 8,185,600
Notes receivable-.
174,806
267,407 Accounts and bills
payable....
947,493
Acc’ts receivable. 1,291,691 1,430,804
Supplies__________ 3,960,736 2,128,073 Balance........ 7,972,843
1915.
S
A ssets —
T o ta l.................. 20,105,936 19,233,355
T o ta l........ 20,105,936
3,000,000
8,185,600
920,169
7,127,586
19,233,355
♦After deducting $300,000 yearly for depreciation.— V . 102. p. 888.
C o r n P r o d u c ts R e fin in g
C o ., N e w Y o r k .
{Report for Fiscal Year ending Dec.
I n c o m e A c c o u n t f o r C o l* Y c u r s —■
31 19 1 5 .)
1015.
- .......$4,682,058
.nT ’o ? !
Int. on deposits and loans, & c---------- In t., and divs. on securities ow n ed .
191.319
Rents real cst. not used in o p e ra tio n .________4,961
1014.
101.1.
$3,652,828 S3.570.667
o n l ’ucn
c o ’nan
205,360
60,080
T otal Incom e------------------------------------ $4,906,375
Interest on bonded d e b t------------------35305.71U
T a x e s .....................
o o l ’SoI
lusnriinPfl
______
JUi)
D ividend on prefT stock ( 5 % ) ...............
1.491,345
D ep recia tion ................ ..................... - -
Repairs and replacem ents....... .......... 601,414
$3,878,696
$312,453
137,705
141,365
1,493,231
526,450
455,549
T otal deductions---------------------------- $ 3 ,229,352
Surplus______________________________ $1,6/7,023
$3,066,753
$811,943
C O R N P R O D U C T S R E F IN IN G
1915.
Assets—
b ,o S 7
C O .— G E N E R A L B A L
1914.
S
S
L ia b ilit ie s —
$3,665,712
$353,248
127,808
150,033
1,500,000
444,251
305,517
$2,880,857
$784,855
S H E E T D E C . 31.
1915.
1914.
S
$
Plants* securs..087,145,399 87,662,932 Prof, stock outs’g 29,826,867 29,826,867
42,302 Com. stk. outst'g 49,777,333 49,777,333
Furniture, &c
35,898
688,483 lstM .5% gold bda 5,380,000 5,507,000
Cash..................... 2,502,246
25-year 5% deb.
141,293
124,163
Acer.bond,&c.,int
bonds_________ 1,119,000 1,233,000
N otes* accts. rcc 4,038,218 4,638,256
822,043 N.Y.GlucoselstOs 1,090,560 1,181,440
000
Due from aff 11.cos 2,932,501
670,080
000
Merchandise____ 3.410,686 3,926,743 Vouchers payable 1,141,228
288,038
207,901
133,212 Accounts payable
28,210
Prepaid expenses.
78,787
75,011
Acer.
Int.
on
bds.
7,756
Suspense account
370,833
370,833
Dividend payable
Insur. prems.(un
50,201 Outstand g stock
30,499
earned propor.)
46,748
593,848
of merged cos.
484,100
71,597
Nat. Starch C o ..
Retained percent
Claims & unad
1,388
______
age ___________
66,892
justed accounts
559,725
Reserves______
b990,503
Cash adv. on un
3,677,303
140,811 Surplus_______ .cl0,354,326
fin’d contracts.
Cash deposited on
27,510
contracts, & c ..
T o ta l................ 100,386,310 98,765,642
T o ta l.................100,386,310 98,765,642
a Includes $4,705,850 miscellaneous securities for tho 12 montlis (incl.
$1,890,500 pledged under tho mtge. securing tho C orn P rod. R rf. C o.
1st M . 5 % gold b on d s). b Reserves for 1915 include $35,000 for bad debts
and adjustments, $86,350 for general, State and corporate taxes $564,539
for legal expenses and accounts in course o f adjustm ent and $304,614 tor
unfinished contracts, c T he surplus as above for 1915, $10,354,326, in
cludes $5,134,078 proportion represented b y investment in plants and stocks
o f merged companies and miscellaneous securities, $2,887,736 proportion
used for redem ption o f bonds canceled and bonded d ebt under bond sinking
fund requirements, and $2,332,512 proportion reserved for working ca p ita l.
A / y __T he com oanv in addition to its own bonded debt, also guarantees
tho principal andTntorest of*the $5,108,000 Nat. Starch C o 5 % deben bds
o f 1930, which were issued in exchange tor N at. Starch C o. deben. 5s o f
1921 and Nat. Starch M fg . C o. 1st M . 6 % bonds.— V. 102, p. 2o4.
S u lz b e r g e r & S o n s C o . ( I n c lu d in g S u b s id ia r ie s .)
{Report for Fiscal Year ending Dec.
2 5 19 1 5 .)
Y e a r e n d . 15 M o s . e n d . --------- Y e a r s E n d i n g --------D e c . 25 ’ 15. D e c . 26 ’ 14. S e n t . 27 T 3 . S e n t . 28 ’ 12.
N ot p rofits..................................................$2,463,732
l ’ ref. div. ( 7 % ).........................................
683,849
Balance, surplus_____ $1,779,883
$819,199
25 1915 A N D
26 T4
BALAN CE SH EET DEC.
D ec.
25 '15
D ec.
Property_________25,870,209 25,419,737
Investments— .
_____ ,
In sub.cos.own d 8,408,6891
Control’d&affil.
f 8,692,199
not wholly own 1.414.065J
Mdse.on hand,*0.13,057,143 11,963,921
Accts. * bills rec_. 7,081,277 9,507,361
Mtges. & Inv. secs.
120,697
144,235
Cash......................... 4,099,300 5,568,197
Prep. Ins., ln t.,*c.
230,604
419,456
T o ta l..................60,281,984 61,715,106
$1,511,528
692,329
$1,364,245 $1,325,608
700,000 700,000
$625,608
$664,245
26 1914
DEC.
D ec. 25 '15 D ec. 20 '14
Liabilities —
$
5
Common stock___20,000,000 20,000,000
Preferred stock___ 9,706,200 9.834.000
*11,889
Sinking fund_____
*3,700
Debenture notes.. 8,099,000 8.089.000
109,250
Acer. int. on notes
95,014
Bills payable, do
mestic * foreign 14,514,500 17,033,025
980,412
Accts. payable,Ac. 1,033,357
Surplus__________ 0,830,213 5,050,330
T o ta l...................60,281,984 01,715,106
* For redem ption o f preferred stock.— V . 102, p. 442.
C h e v r o le t M o t o r C o ., F lin t , M ic h ., a n d N e w Y o r k .
{Report for 4 ) ^ Months to Dec. 31 19 15 .)
Pres. W illiam C . D u ra n t, N . Y . C ity , M a r . 1, says in s u b .:
Considering tho fact that during tho period reported wo woro handling
a very largo amount o f construction work, roarranging our plants, installing
now equipmont and perfecting our organization, tho position o f tho C om
pany, as shown b y tho roport, is very satisfactory. Our inventory o f Doc.31
was vory carofully taken, materials priced at actual cost (much lower than
presont markot quotations) all obsoloto stock eliminated and propor re
serves created tor depreciation and contingencies.
. ..
Since tho beginning o f tho presont fiscal year (Jan. 1 1916) production
lias shown an incroase o f 55% over tho 4 K m onths poriod reported, ovory
constituent com pany and department m eeting its prearranged production
schedule.
W hile materials at tho moment aro difficu lt to obtain and prices
aro considerably higher in some instances, tho reduction in overhead ex
penses, duo to increased volu m e o f product, enables us to show a reduction
in cost, as com pared to tho
m onths' to D oc. 31 1915. J „^rorr>olv
normal conditions, as a m atter o f protection, wo aro carrying extrem ely
large inventories, fortifying ourselvos to take care o f
roprosenting a value in excess o f $26,000,000 tor d oliv oiy within tho nox t
T ho operating profits o f tho Chevrolet companies>for tho yoar ending
D ec. 31 1916, should approximate $6,000,000, to which will bo added tho
incom o from other sources.
Mar . li 1916.1
THE CHRONICLE
M O S . E N D E D D E C . 31 1915
N et earnings from operations (aftor costs o f m anufacture, advertlsing, soiling, administration oxponses, taxes. &o
« i i o q con
Other Incom o—
----------------- » i ,i - o ,o a u
Cash discounts on goods purchased, $64,130; interest earned
$24,435; dividends received, $2,743; p rofit on sale o f securl
itios, $448,324; miscellaneous, $15,857 . . . . . . . . . _ _ _ _ _ _ _
555,489
C O N S O L ID A T E D IN C O M E A C C O U N T
T otal for
months ending D oc. 31 191 5 ._
D oduct— ltxponses incidental to o r g a n iz a t io n ..!” I
N ot incom o for 4 K m onths to D ec. 31 1915....... ...............
T onnage
P rod u ced ,
S h o w in g E ffe c t
o f th e
V a r io u s
Im p r o v em en ts
A la b a m a C ity (C o n c l .) -
Coal, Virginia mines----- 248,578 170,915 Wlre rods_______
64,145
Coke, Virginia m ines... 138,211 72,295 Wire, plain...................... 57,950 43.078
Coal, Altoona mine.........119,816 1 1 2 158 Wire, galvanized_______ 24,793 47,945
24,302
A la b a m a C ity —
’
Wire, barbed (painted). 2,114
lr°n.......................... 82,382 62,150 Wire, barbed (galvanized) 13,471
l"l",222
Ingots.................
1 35
71,557 Woven wire fence______ 8,960
Billets and slabs______119 5 15
62,260 Bars, plain...................... 8,254 11,195
7,165
’ eia
Bale tic s ..................
578 Bars twisted____ _____
927
1,382
Staples_______
1 552
1,331 Tie plates___________
987
Galvanized nails___
’
'12 2
115 Nails.........................
24,058
s i 684. f>7 Q
..........® an’aQ9
30,392
$1 653 687
B A L A N C E S H E E T D E C . 31 1915 ' U n c i', 's u b s id . C o s .
agJTOStOSo f 019°14r
the°result°of1tVe
1915" ^ T t h e ^ v e r A s s e t s ( T o ta l $23,284,041).
L ia b ilitie s (.T otal $23,284,041).
*
Real est., bldgs., patents,
f
S
and o f th0 use o f by-pfodCucntd^
Capital stock........................ *$19,752,300
good-will, contracts with
Mortgages payable_________
85,000
allied companies, A c ......... S13.G61 591 Accounts payable (not due)
1,202,813 ced in g ^ookin^ to ^th? e m s t r u t u m o ™ b y ^ £ ? , ^ V ~ ^ ° t. ^ 1(i??_ai‘e PJ ° :
Prepayments on contracts...
150,000 Customers’ deposits. .
° f a b y ' product coko oven plant. F o r
138,205
Cash and cash Items________ 4 192968 Accruals.................. ............ ..
103,508 creasing1 business renders im^prTtl5lPrOVe^ ° ntSLwhlcl\ the com Pany’s in
Current investments_______'
029’000 Depreciation (capital assets).
equipment o f the ore
87,381 property, autom atic s to k e r e fo r \ h n
Notes receivable.......... .........
313 049 Depreciation (current assets)
blacksm ith shops, new
r*-?d m l1 bo.ller.s - new machines and
196,330 directors
lmvo offored Y o
^bouses foi galvanized
galvanized _wire
wire products,
products, the
the
Accounts receivable________I 1 018 809 Income tax reserve_________
directors "have
20,007 unon
Mdse., material & supplies
’
’
tfirms
nutiirwvi
in
•
stockholders
certain
unsold
treasury securities
Contingencies reserves
44,810
(at cost or less).................. 3 ,288,272 Surplus.................................... 1,653,687
l
s
t
°
£
r
&
$
v
^
*
*8OTlBiar2deS
S
S
0,t
D
??24
1915
tn
a
m
e
ly
.f7
4
0
00“
Deferred charges....................
30,352
m on stock v . t c f o r the sum o f « l
V ’ £ ’ an-d S I .7.15,692 com derwritten. This sale
offerniS having been unf , ° ? k authorized. $80,000,000, less, $60,000,000 unissued, loss
2nd pref^and S S ^ O O .O I M ^ ^ m o n ^ ^ J ^ o l^ ’p ? 7 i99255S] PrCf'' $ 4 '000'000
$247,700 held in troasury; balanco as abovo, $19,752,300.
C O N S O L ID A T E D
rr ^ ° ‘ e ~ 0 n M a r. 11910 $23,909,000 o f the authorized capital was issued.
T h e cash position o f the com pany, on M arch 1 1 9 1 6 , covering cash a n d
transit item s, was $5,377,080.— V . 102, p . 4 3 9 , 156,
u anU
^
IN C O M E A C C O U N T FOR Y E A R E N D IN G D E C .
^ t V a r S i^ r i^ t a iiq s
E le c tr ic
B ond
and
(Comparative Income Statement Mar.
P eriod. C overed —
Mar. 15 ’05 to Jan. 31 ’06___
Year ended Jan. 31 1907___
Year ended Jan. 31 1908___
Year ended Jan. 31 1909___
11 mos. ended Dec. 31 1909..
Year ended Dec. 31 1910___
Year ended Dec. 31 1911___
Year ended Dec. 31 1912___
Year ended Dec. 31 1913___
Year ended Dec. 31 1914___
Year ended Dec. 31 1915__
S h are
C o.
15 1905
G r o ss
In co m e.
N et
In co m e.
S
284,359
483,243
328,873
442,881
737,759
691,404
966,257
1,566,979
1,554,404
1,558,521
1,820,337
$
236,126
431,824
243,412
311,852
593,720
607,418
707,212
1,2261657
1,129,396
1,137,042
1,401,085
to Dec.
Balance, surplus
P re fe r r e d C o m m o n
D iv id e n d s D iv id e n d s
S
87,500
100,000
100.000
100.000
01.067
100,000
103,333
160,932
277,900
298,392
344,647
$
...
.........
________
..............
80,000
160,000
160,000
225,333
363,000*
400,000
433,778
S u r p lu s .
In com e.
$
148,626
331,824
143 413
211,852
422,053
247,418
443,879
840,392
488,495
438,650
622,660
- T J °lal----- 1 ------------------------ 10,435,018 7,925,744 1,764,371 1 822 111 4 tiq or.o
° f sccurItlcs
the c m - 4 ’339’262
964,705
Net increase in surplus for total operations of co. to Dec. 31 1915
5 a n t.
Surplus at beginning of business, March 15 1905.............. .
.......... ” 440 i
B ALAN C E
T o ta l.................... 9,371,213 8,752,971
don;
N.
o f:
____
S H E E T D E C E M B E R 31.
1914.
,
1915.
1914.
$
L ia b ilit ie s —
5
6,500,049 Preferred s to c k ... 6,000,000 5.000.
Common stock__ 6,000,000 5.000.
2,245,131 Notes payable___
__
800,000
Accounts payable.
2,760
19,290
Preferred
dividend
60,000
50,000
4,166,069 Syndicate and con
1,282,928
tingent liabilities 554.000 1,524,983
93 161 Reserves..............
105,600
02,183
1,296,252 Surplus and undi
G8 568
vided profits... 4,244,560 3,195 697
T o ta l................ 16,966,926 15,652,158
T ota l................ 16,966,926 15,652,158
-V . 102, p. 889.
BALANCE
31 19 1 5 .)
9 371 2 13 8 752 971
Total
I n t e r n a t i o n a l S ilv e r C o .
31 1 9 1 5 .)
eight o f the factories were practically
double tlmo and d o u b le 'p rice f w Sundays
o f a shop com m ittee, and (4) minimum increaso o f 25% in w-iees
As 1
f
tb ? b c«inning o f our b u ly s e a s o i f we were
000 „ „ cally out or ®bo market for the best three m onths o f tho v o s i r
aro concernod these troubles aro now about over- inanv o f our for000
peet
h a ^ T h e ^ nOTmaJFvroNUi^fwce. da^ly apd « IN C O M E A C C O U N T FOR C A L E N D A R
YEARS.
Current depreciationY -
1915.
$766,214
$278,279
1914.
$1,041,813
$276,559
1913.
$1,203,650
$308,290
1912.
$1,326,245
$301,610
.-
$487,935
3,040,568
$765,254
3.028,003
$895,360
3,015,262
$1,024,635
3,424,106
- $3,528,593
$300,918
$3,793,257
$305,362
10,164
$3,910,622
$308,644
31,402
G u lf S t a t e s S t e e l C o ., B ir m in g h a m , A la .
(Report for First Fiscal Period ending Dec.
L ia b ilitiesT 1914'
First pref. stock------1,260,000 1,260,000
Second pref. stock..3,112,069 3,107,069
Common stock------- 3,284,308 3,284,308
Self FluxOre.Co.bds. 286,000 289,000
Purch. money notes.
-------56,890
Notes payable______
241,951
Accounts payable__ 359,729 223,074
Accrued lnt., A c. .
79,476
394
lstp f.d lv. Feb. 15’ 16 lOl.’ lOO
...........
General reserve........
48,875
71,168
Surplus.................... 692,766 276,006
(Statement for Fiscal Year ending Dec.
* Regular quarterly dividends only.
1915.
§
Stocks.................. 7,866,273
Bonds and coupon
a n otes................ 3,441,893
Syndicate holdings
underwritings
and advances.. 2,742,743
Cash..................... 2,066,209
Accts. receivable. 476,206
Notes receivable..
282,995
Accrued Interest..
90,607
31.
. _
4,244,566
A ssets—
Total accum. surplus............. $G92,766
SH EET D EC.
1915.
1914.
Assets—
_
Works A prop, based
on stock p u rch ..*7,725,172*7,468,199
£ ® * b . ----------------- 188,560
77,963
Notes & acc’ts r e c .. 653,540 353.271
Inventories:
Salable.................. 170,452]
Convertible.......... 443,094} 843,659
Consumable_____ 177,0151
Deferred charges, Ac. 13,381
9 979
Special dividend on conunon'sto'ck" paid to* 1913” ” 11” ” ” ” ” ..........l ’soo 000
Surplus and undivided profits Dec. 31 1915....................
' A S ^ ^ ^ plg e M t> ::::::= ::= >27f :8 ^
$417,843
31 1 9 1 5 .)
31 1915.
W ritten o ff.
$4,448,741
$313,912
16,707
*500,000
(9)542,574 (10)602,860
Pres. Jam es B ow ron , Birm in gh am , Jan. 1, wroto in subst •
(7 % )4 2 2 ,002(7 >4)437,073
R e s u l t s .— I ho oarnings for 1 9 1 5 wero $nna o n
... „
T ota l surplus D ec. 31 - $2,805,673 $3,040,658 $3,028,003
lugs o f 1914 a total profit and loss credit baiance o f $883 8 66 h w in ° a!',n'
$3,015,262
addition during tho yoar o f $ 3 5 1 971 t o m
i r $pS-). ob6 . W itli the
* Denotes written o ff from trade-marks and patents.
im proved credit position o f the comDanv
ta l and ^
Kro;lt|y
notes, excepting tho $286,000 Self FluxIni^Sm
I s fr,00 frSm bonds and
B A L A N C E S H E E T D E C . 31.
notes below m entioned, it has b een d oom ed onHr«N?nds and t!10 556,890
on Fob. 15, tho dividends a c c r u ^ to I ^ ^ 3 ,eY 9 K5 ^ f? ? r S?rJ atlvo u > Pay.
1915.
1914.
1915.
1914.
Astft?—
5
prof erred stock o f the com pany, and i t is a n tici
i°, v i ? l u G % , °,n, the 1 -st
$
L ia b ilitie s —
$
S
tho 1 st prof, stock will bo paid hereafter as tluiy accnm k th° dlvWonds on Real estate......... 1,800,435 1,826,874 Common s to c k ...
685,362
685,362
Mach’y, tools, &c_ 3,213,180 3,272,236 Preferred s to c k ... 6,028,588
A conservative policy has been pursued in respect o f sal,« Q„,i
pany s oarnings have grown with tho im provem ent in t i f f ’
d the c,o ln- Trado-mks. & pat. 1,500,000 1.500,000 First mtge. bonds. 3,114,000 6,028.588
T ho business has progressed along Unas o f steady increase
m arket.
Stock on hand___ 3,708,638 3,975,549 Debenture bonds. 1,867,000 3.174.000
its regular output in this country and in tho developm ent
?.8.d T ? d f!or Other investments 1,563,879 1,559,780 Accts. & notes pay 561,344 1.867.000
735,361
6,969
southern republics, in Porto R ico, C uba, and in ImWa Ch^ni^nH^ 6 ln tho lstM.bds.lntreas.
969 Dividends...............
105,500
105,501
Sink.fd. 1stM.bds . .
F i n a n c i a l .— Tho com pany’s operations are being condim tpAdn^apan’ v.
2,816 Surplus................ 2,805,673 3,040,658
Cash...................
1,006,984
basis. Ih o only notes outstanding aro $ 12,0 0 0 roDrr«nn?m™ a# cas 5
602,264
purchase-m oney paym ents on coal lands purchased bv our1, , ,< 0^erre<i Accts. & notes rec. 2,307,383 2,895,982
and assumed by tiiis com pany, and $44,890 for machini^v0^ predecessors
T o ta l--------------15,167,468 15,636,470
T h ffs liir m n basis at which tlio savings therefrom pay fo r t h e <?n«tei,iPm° * t ’
Ih o Self Muxlng Oro C o. bonds oriirinallv « 9ao non , the Installments.
see st<£ k ,ssuod- 36,607,500; in treasury, $578 9i2^ outstanding36$67°
$3,000 b y tiio sinking fund, and will horeaft er b o*reduced^
?
roduco<1 nos
028,588. Comm on stock issued, $9,944,700- in^treasury °$ 0 259338-’ nut
I m p r o v e m e n t s .— ATI Improvements made have been nain1 -r°0 0 p erm o n th .
standing, $685,362.— V . 102, p . 889? 803.
lreasu ryo u tplus earnings. Tho $256,972 spent ra
i n
!?
f? r out o f surequipment for slabs in blooming' mill; N o . 5* open hn^JVi6 . ‘ “ eludes: Hull
soaking pit; two Porter-M iller gas producers- n V ? . ', furnace; N o. 4
S t a n d a r d C h a in C o ., P i t t s b u r g h , P a .
“ ace. 8 ft. 3 in. b y 42 ft ., with f o o - f t s S in r o d r n m -T w n ,nh% t,n"r ful"
ducers; four new sulphuric acid tanks in wiro mill- addm A n^ .Du.ff Kas I)r° (Report
for Fiscal Year ending Dec. 31 1 9 1 5 .)
60x300 1 1 . galvanizing department building extension nr L?4® ? 1 a,ld brick
barbed wiro department building, 60x60 ft .; 18 now 4 nnM. i M l and brick
R E SU LT S FOR C A L E N D A R Y E A R S .
chines; two fine nail machines in nail dep t.; power lln ^ r " ! VarV wiro m a‘
power; 50 now mine cars. &c.
power lines for hydro-electric
T he developm ent o f tho oro slopo has progrossod
.
,
.
K t e 5 o ei ‘ r;?L^.°dJ ^ : : : ;,2S
H jjjjg ♦1j ^ S1l l g
driven a distance o f 809 ft ., making tho total depth Di>c 1 1 in ibavlnK boen
upon tho pitelr o f tlio slopo, 2,364 ft ., and leaving an a stlm if J;. ’ moasurcd
295 ft. yot to he driven ooforo reaching tho ore bed
nat°d am ount o f D i ? S S
In addition to tho abovo bottorments and im o r o v n m n n io __
, ,
rehabilitation program , various extraordinary repairs have K®vorod b y tho
Balance, su rp lu s------------------------ .$128,318
charged to operating expenses.
1
s navo boen m ade and
$62,762 $109,416 $99,089
T ho additional soaking pit perm its tho continuous o da m h ™
D iv id e n d R eco rd
(P er C e n t).
opon-hearth furnace, thus adding practically 3 3 %
ono m,ore
M a r - J u n e . S ept.
D ec.
M a r June
Sont
D ec.
tills being the limit o f tho bloom ing mill cap acity, simile tnrl?o t rn‘? pac, ty>
.......... \ 'A % V 6 % 1 lA % 2 H % ,1 9 1 3 ... -1' H %
Sej~
open-hearth furnace is being com pleted and fitted up -w !! n ^.b® sixth
1%
1%
.......... 1%
1%
1%
1%
!1 9 1 1 & T 2 1 %
safeguard against lost tlm o during repairs. T he unification nt additional
1%
1%
hydraulic linos enables tho bloom ing mill to bo run from thn iJ^ stoa,,n a ,ld
B A L A N C E S H E E T D E C E M B E R 31
ers, and the hydraulic power to bo furnished froi M o Z v
).
m 11 boil1915.
1914. !
1915
1914!
Assets—
o f tw o. with somo saving o f labor, fuel and steam
S
ous? ’ instead
$
5
L ia b ilitie s __
,
S
required for the Joint operation than before t he mtiking o f t h f c lcss bcing Cost of property___
non 1 ,3 ?7 oI q Preferred stock.......... 509,700
509,70h
O u t p u t .— Tlio demand for 4-point wiro for oxnort niirorT s chanK°Deferred charges,Ac 1,49oJ.OOJ
17,943 Common stock_____ 280,471
280,471
in tlio West Indies, lias taxed tho com p any’s resources for « S’ Particularly Cash..........................
74,150
Accts A notes recclv. 314,496 qco’!?c! P|rst M 8- f- bonds. 383^000 389,000
by the addition o f now machines this demand
been m e V Z T
lmb
,? I^ ote3 & accts- pay’le 547.974 544,044
tory trade developed. Heretofore tho galvanizing canacitv
Satisfac- Materials A supplies. 497,926 Joo’n
-izz.yji Accrued accounts___
12,586
11,654
I® run both tho barbed wiro and tlio fence departments f!fnUJ nr
|Miscellaneous_____’
16 900
16,805
such capacity lias recently boon increased 50% by instaliimr -i
Surplus..................... 640,971 512,653
S n H n f ' n 0 o f Which it will bo possible hereafter to run botli tlio barhnrf
and tho fence departments to tlioir full capacity should conditions^wSnwS”
T o ta l.................... 2,391,602 2,264,327
- ^ “ d b v - p V i- * ^ - 391-802 2 -2" - 327
tn.r
I
[Vol. 1U2.
THE CHRONICLE
974
Quaker Oats Company, Chicago.
(R ep ort f o r F isca l Y e a r en d in g D e c . 31 1915.)
Pres. H . P. Crowoll, Chicago, Fob. 23 1915, wrote in subst.:
At nracticallv all foreign points thoro is shown a marked increase in
SSri? in™fioCoiningReason.
3 r J r a f t S f ®
Orders have been placed for the dredging
s r .
minod 't 041 075 cubic yards, which produced $2,456,597, or an average
s i i i i i s l i s p
e5asu?a,% i S j w
l
ss s a s
' t t . J i S ' S * toM» HO',;!' Sfsg SmSlTK*1wSte“ hi,
SZ K K S 51K JSS& & S S f - f f l
«•! 7 ‘,.i 22'i
from which we havo written o ff for depreciation $ 2 0 3 , o i l .
of surplus account, making tho sum now resting there So.913. 8 .
IN C O M E A C C O U N T .
101=
1914.
: § 52i H
B S S K ? " : ! 1” '.’ :
203.M1
267 ,'603
Surplus for year______$2,140,730
$809,069
1913.
1912.
‘" i l l
"ffii
U
! l «
$761,534
B A L A N C E S H E E T D E C E M B E R 31.
A.8SCt$~~~
1915.
1914.
^
^
Plants, & c..............14.382,901 14,430.635
453,730
Stocks o f sub. c o s .
453,730
610,215
D ue from sub. cos.
736,661
Invent., material
and supplies___ 6,362,940 6,318,009
A cc'ts receivable- 3,926,352 3,214,935
591,675
C a s h . . . . _________
215,887
S M 8
$1,175,395
1915.
Liabilities—
$
Preferred stock___ 9,000,000
Com m on stock___ 7,500,000
D ue to subsld. cos.
63,044
Notes payable------ 1,950,000
A cc’ ts payable—
704,364
R eserves_________
947,581
S u rp lu s___________ 5,913,482
Total
...26,078,471 25,619,199
— V. 102 ’ , p. 810.
W M Sffess&sB
rf«
1914.
s
9,000,000
7.500,000
44,387
3,770,000
683,864
848,196
3,772,752
, « u U , *
steadily diminishing*
Railway Steel-Spring Co., Chicago.
F isca l Y e a r en d in g D e c . 31 1915.)
Pres. F . F . Fitzpatrick, M ar. 2 , wrote in substance:
R e s u lt s . __The net earnings amountod to $1,688,466 [against 5713,285
after making liberal expenditures for repairs, renewals and a
chs ; i raf z y o r t h o ' M
severe business depression which existed throughout tho year 1914, and no
fnmrovomont^ was apparent until July, when tho demand for the products
becam^more actfve
From that time forward, there was a steady increase
in business each month, and the aggregate rc^ h tsarodiioentirely to the
improved conditions prevailing during the last half o f tho year.
S in k in o F u n d s .— Of tho Latrobe plant 5% bonds, $ldb, 0 UU, ana oi wiu
Inter-Ocean plant 5% bonds. $134,000 wero redeemed and canceled.
The total amount of bonds so far redeemed is $1,642,000, which roprose t.
a reduced annual interest chargo of $82,100.
I N C O M E A C C O U N T F O R Y E A R S E N D I N G D E C E M B E R 31.
10 15
1914.
1913.
1912.
g a S S s& sM S
w n TiT^r* qi 1 0 1 4 .
O P E R A T IN G R E S U L T S FO R Y E A R E N D IN G D E C ^ I J O U ^
- P r o d u c tio n
1915.
Dawson—dredges------- $2,456,597
Dawson— hydraulics . . .
Total...............26,078,471 25,619,199
(R ep o rt fo r
in 1914]
l!;l i
8;i «
! § §
Not earnings.................$1,688,466
*713,285 *1.472.093 52,081,153
In t. on Latrobo bonds $161,733 ^ 1 7 0 * 9 1 0
^175 000
175 000
In t. on Inter-Ocean bonds
163,504
170,219
175.000
i o .u
D ivs. on preferred (7 % ).
945,000
945,000
915,000
970 000
//u.uuu
Divs. on com m on ( 2 % ) ..
- .........
Balance, sur. or d of-.sur.$418,2 2 8 d e f.$ 5 7 0 ,5 4 6 sur.$176,6 6 0 sur.$5 0 8 ,9 7 8
B A L A N C E S H E E T D E C E M B E R 31.
1915.
1915.
1914.
—
Liabilities
5
J 10
'
Idltarod— dredge...........
California d red gin g-- - Miscellaneous operat ns.
N on-operating in c o m e ..___________ ______________ _________
Total
...............$4,209,809 $4,345,046
M l S t S o and 4 * ™ ; * V r i « : 11 I t I ! Int. charges, general expense and exam inations...
Dividends paid (6 % ).................- ..............................
Balanco, surplus
248.037
050 0 00
'---------- $34,950
“ j l s l '. i o l
534.073
1.050,000
$78,307
'B A L A N C E S H E E T D E C . 31.
1915.
1914.
1915.
1914.
Liabilities—
5 „„
* „„„
$
$
Capital stock___ 17,500,000 17,500,000
Pr^ r S Vi c . ) C
--H .5 6 9 ,4 7 3 11.524,181 Guggenheim Ex1,675,000
ploratlon C o — 1,500,000
♦E quipm ent_____ 7.039,902 7.036.424
600,066 Bills and accounts
Deferred charges.
548,532
134,729
payable_______
1.jS,078
206,519
97,444
Advance royalties.
987,995
942,821 D e p r e c ia t io n ......... 1,223,740
906,729
Supp. & materlal.
Surplus after dlvlAccts. recelv. (lncl.
567,883
(lend D ec. 31—
602,833
360,314
352,842
adv. to sub. cos.)
143,848
400,628
Bullion in transit.
51.435
69,101
Cash_____________ _________
_______________
20 984 652 20,865,608
T o t a l . ................20,984,652 20,865,608
^ Includes "cost o f ditches. dredges, pipe lines, & c .- V . 102. p . 015 .
1914.
* „„„
Plants, prop., & c .32,969,676 33,314,362 Preferred stock___13,500,000 13,500,000
Inventories______ 1,654,968 1,505,072 Com m on stock___13,500,000 13,500,000
403,105 Latrobe bonds___ 3,127,000 3,263,000
Stocks, bonds, & c.
390,978
A cc’ ts receivable. 1,800,303 1,006,075 Inter-Ocean bonds 3,231.000 3,365,000
518,319
155,258
76,712 A cc’ ts payable—
Other Items---------40,827
Cash.............................1701,362 1,669.896 Reserved for dlvldends, taxes,&c.
308,911
£97,307
S u rp lu s__________ 4,372,885 3,954,657
Total
38,558,115 38,035,222
— V. 102, p. 890.
»
Pittsburgh Plate Glass Co.
31 1915.)
Chairman John Pitcairn, Pittsburgh, Fob. 14, wrotolin
(R e p o r t f o r F is c a l Y e a r e n d in g D e c .
SUT t o f n “ L'.o to t o v » . m » .
f f ig E X f f S S S S .
factory Improvements, including the instal
l w Va., and adour new f i r ^ f j ^ d o w g l ^ dOTntb .e
for rcai ostato sold on indltlonal Hood protection.■
.
account until paym ents aro m ade and
& mc°oCoyed.rr Our Belgian plant is still intact! though, of course, not
° PThe*results for the year may bo regarded as moderately satisfactory. In
view of tlio adverse business conditions, but tho margin o f profit was far
from adequate considering tho fact that progress in efficiency has eon
m
^
s s s s r j e
Total .................. 38,558,115 38,035,222
Yukon Gold Company.
(R ep ort f o r F isca l Y e a r en d in g D e c . 31 1915.)
Pres. S. R . Guggenheim, N . Y ., Fob. 29, wrote in subst.:
A d d it io n s .— W o have acquired additional Properties in Alaska and
PaiifnrniA tho estimated Kross gold content of widen is $o,ouu»uuu anu
JSttftSSMSMSMS
?Lough operating costs . w a s * 4 8 3 ,7 8 2 and, after p a y m e n t of d iv id e n d s .
for 1 t s o w ^ t^solut ion. 'rhat company, as is well known, has heretofore
financed Yukon Gold Co. A trust has been formed, to bo known as the
Yukon-Alaska Trust, consisting o f William Loob* Jr., Chariles K.'turnover
r ’Viario* Earl and Roger W . Straus and the Exploration Co. will turn over
to this trust, its entiro holdings of tho capital stock of your cPiKp®?yA
1
will thus bo nractically withdrawn from tho market. (V. 102, p. ol2.)
V tiknn G o lS Co l o a n — Tho Guggenhoim Exploration Go. has loaned
to tho°Yukon Gold Co. $5,000,000 bearing interest at 5% per annum and
3 g to .oriS S i o s tor 5025 000 o.ch, one o f * 6 tolli to PW .bto
by tho war and when imports ceased ana a ioreig
..rices for 1915.
market rtiffened and there were
There was a rolapso and prices
This tendency however, 1 continued until fall, when a renewed foreign
found a l lc '7 |,? IO b lthi(hr domestic demand, and tho continued absence
)!rVr^nnrts 'resiilted manImprovement in quotations. Owing to the fact,
of Imports, resu
durable part of our product is always sold in advanco,
!jrth o nrl^es prevailing when contracts aro made, our averago prlco for tho
entho year w Ps very low, much lower, in fact, than for any previous year,
enure y
O P E R A T IO N S A N D F IS C A L R E S U L T S .
1015
1014
1913.
1912.
Total sales
.............$22,825,075 $22,128,254 *22.770,594 $21,328,883
Profits
: : : : : ............... $ 2 ,2 0 1 ,3 4 4 * 2 .4 0 4 ,0 2 0 * 2 .4 5 5 ,20s * 2 .1 5 8 ,8 8 0
Divs. on'pref. (1 2 % )--5 7 0 '1 3 7
1 5 0 9 ’4 5 a
1,569[456
1,569.446
1‘542,'106 1 665:315
770.081
489,557
Balance, surplus.
..
$71,101
$151,249
$97,761
$81,877
B A L A N C E S H E E T D E C . 31.
irtir
1Q14
1913.
1912.
A ssets—
1 , 7 KA2 $19 404.950$19,778,956
$20,868,464
I n v e s t m e n t ... ...............$20,117,562
5
179,200
179,200
Treasury stock ............... , 159,300
w ffn H
3,053,099
2,746,715
B ¥ * T i £ = sk= s
i| | !
2S «
2«;?3 5
g & iis ji-r s i.v .v i;:
iS ilU
5 .2 7 ^
o .o .s m
S £ p S r ‘ » K i & “ K S i » floattoo Sebl!
Bonds in other cos .........
697.050
7b7,5bu
...........
.......
Guggenheim Exploration Co. tho Gold Run property in tho Yukon territory
T p ta l.......................... *31.461.806 $32,308,370 $31,407,243 $31 ,536,176
< t o S S t e ..............*22.600.000 522,000.000 522.000 000 $22 ,600,000
150.000
150,000
150.000
Preferred s t o c k ..............
,312,071
3.077,761
3,817.577
Bills payable, & c............ 2,889,191
105.000
105.033
D a t a fr o m O . B . P e r r y . C o n s u l t i n g E n g in e e r a n d G e n e r a l M a n a g e r .
108,113
I nsuranco r e s e r v e ..........
110,t>49
62,033
69,017
76.600
Sinking fund— b l d g s . ..
84,784
,307,072
5,404,832
on^Gree^stcme^Crook fn^^o *ItubySDistrict^ A^ska7jand°by^lSw^?ro^the S u rp lu s ________________ 5,627,181 __________
5,556,080
T ota l
$31,461,806 $32,308,370 $31,407,243 $31 ,536,176
mdtable fonrdd ?ed g^e. ^ h e ^ e r p ^ ^ o f w l d c h con'taTnlapproxi.natdy
— V . 101. P. 2*10.
mar.
11 1916.]
THE CHRONICLE
Fisk Rubber Co., Chicopee Falls, Mass.
{Report for 14 M onths ending D ec. 31 1915.)
I N C O M E A C C O U N T F O R 14 M O S . E N D I N G D E C . 31 1915, & C .
14M o .e n d . — Y e a r s e n d . Oct. 31—
.Dec.31 '15.'
1914.
Net, after depreciation, &c_______________ $1,791,579$942,204
Inventory adjustment____________________ $145,000
$160,000
Incorporation expenses_____________
______
First preferred dividends' (7 % )___________
219,041 210,0001
Socond preferred dividends (7 % )__________
140,000 140,000/
Balance, surplus__________________$1,287,538
$432,204
1913.
$606,000
$117,688
15,416
y285,833
$187,063
y Includes in 1912-13 divs. on pref. stock o f the Fisk Rubber Co. of
Dolawaro from Nov. 1 1912 to Fob. 19 1913, $42,778, and also $145,833
on tho first prof, stock and $97,222 on tho 2d prof, stock of the Fisk Rubber
Co. o f Massachusetts from Feb. 19 to Oct. 31 1913.
Assets —
BA LA N C E SH EET
Dec. 31 T5. Oct. 31 T4.
Liabilities —
S
Real estate, bldgs.,
machinery, &c.
Equip., furn.,&c.l
Molds & autos../
Leasehold prop'ty
Good-will & pat’ts
Cash.................
Notes <fc acc’ts rcc.
Stock subscrip, a.
Materials&suppl.
Tires under mile
age contracts__
Prcp'dlnt.,Ins.,<fcc.
3,558,539 1,932,748
802,270/
215,307
\
304,549
8,759
7,754
8,000,000 8,000,000
302,044
991,909
1,330,208 2,131,577
175,482
128,955
4,531,377 2,622,721
40,006
127,273
49,899
84,609
T otal.............. 19,578,352 15,888,295
______
Dec. 31 '15. Oct. 31 '14.
$
S
Common stock__ 8,000,000 8,000,000
1st pref. stock___ 4,775,000 3.000.
2d pref. stock___ 2,000,000 2.000.
Loans payable__ 2,200,000 1,745,000
Acc’ts payable__
577,650
228,524
Unpaid divs. due.
807
37
1st pf. dlv. Nov. 1 ______
52,500
2d pf. div. Dec. 15 ______
35,000
Reserves...........
178,502
207,967
Surp. for rctlrem't
of 1st pref. stock 600,000
Surplus...............bl,246,394
619,267
Total............... 19,578,352 15,888,295
a Duo on collateral notes from employees for subscriptions to cap. stock
b After deducting $225,000; 2,250 shares at par retired Doc. 31 1914
$375,000; 3,750 sharos at par, retired Doc. 31 1915; $10,210 premiums paid
on 2,250 sharos retired and $50,200 commissions paid on sales of 20.000
shares of first prof, stock.— V. 102, p. 889, 714.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Baltimoro & Ohio RR.— Bonds Listed— Earnings .—
The N. Y. Stock Exchange has listod $00,000,000 temporary Refunding
& General Mortgage 5% bonds, series “ A ,” duo 1995, with authority to
substitute permanent bonds on official notice of issuance. See offering
V. 101, p. 1884.
E a r n in g s fo r the F iv e M o n th s en d ed N o v . 30—
1914.
1915.
Gross operating rovonue.........................................$40,404,359 $40 875 542
Not, after taxes................................................ ....... 9,867,710
14,1531953
1,556,719
Other income______________________________________________
T o t a l i n c o m e ________________________________________________________
D e d u c t — Charges, $8,011,320; sinking fund, &c., $21,038"
Prof, dividend, 5 months at 4% on $58,863,182 .
.
Common dividend, 5 months at 5% on $151,946,064...........
§ 1 5 7 1 0 070
8 032 358
981 053
3,165|530
- v “ rPo“ 5 : 2 8 0 ......................................................- ........................W.631.73J
Brooklyn Heights RR.— Nolice— To Guarantee Bonds .—
Brooklyn Union Elevated 4-5% bonds and Kings County Iiiov. 4% bonds
will bo guaranteed on two days each month In 1916 by Brooklyn Iloights
RR. at 85 Clinton St., Brooklyn, between 9 a. m. and 12 in., viz.:
Mar. 15 and 30|Juno 15 and 30|Sopt. 15 and 291 Dec. 15 and 29
April 14 and 28 [July 17 and 31 (Oct. 16 and 3 0 1 .....................
M lay 15 and 3 0 |Aug. 15 and 30|Nov. 15 and 30|— V. 98, p. 155.
Chicago
_ Great Western RR.- -Dividends Not Quarterly.
— This company paid on Dec. 1 1915 an initial dividend of
1 % on its $44,137,402 outstanding 4 % cumulative preferred
stock. N o dividend having been announced on M ar. 1,
and in view of numorous inquiries, tho following excerpt
from a lettor of Pres. S. M . Felton, written Dec. 9 1915, is
portinont as showing that tho December dividond was not
intondod to covor any specific period:
Tho dividond on tho preferred stock of this company was declared nut
of tho surplus for tho year ended Juno 30 1915. It is neither an annual
semi-annual nor quarterly disbursement. It is tho first dividond m id bv
tho company and applies upon tho accumulated dividend since July 1 1914
Tho board o f directors will from tiino to time declare dividends as the earn
ings o f the company seem to warrant.— Vol. 102, p. 603.
(rvj
C leburne (Tex.) Street R y .— Succeeded.—
See Cloburno Traction Co. bolow.— V. 100, p. 1672.
.....
C leburne (Tex.) T raction C o.— Successor Com pany.—
This company has applied for a charter to succeed tho Cloburno Street
R y., sold on May 4 1915 at auction for $7,500. Tho capital stock of tho
now company is $15,000. Incorporators aro F. C. Cotton, Fort Worth,
and Lawronco Hewitt and Daniel llewitt, both o f Cloburno.
C leveland C in cin n a ti Chicago & St. L. R y .— Earns. —
Soo I’ooria & Eastern Ry. below.— V. 102, p. 608, 800.
C olum bia R y. Gas & Electric Securities C orp.— Call.—
Jis.Mi”lpa,,l1y w.!i ,rod(y,m 0,1 April 1 at 101 and Interest all outstanding
ri., f'Aln ,i,l-iUV,?A
f o ., N.
M^vsccU
lrod Kold notos
(authorized
at
thoColumbia
l rust C
Y. Sooconvorslon
privilogo,
&c. $1,000,000)
V.101, p.1370.
C olu m bu s & S o u th ern R y. (O h io ).— Sold.—
Tills road, which extends from Wyandotte, Ohio to 9on(li Bloonilnvvilio, 34 miles, was sold on Feb. 28 under foreclosure.— V . 99,7,. 1214.
Crooked Creek R R . & Coal C o.— Sale.'__
Press reports state that Receiver McClure, through his attomnv his
petitioned Judge II. T. Rood o f the U. S. District Co rt L^authorUv to
sell the property for Junk to pay $20,000 in claims.— V iO l, p 4 1 8 .
y
D allas Electric C orp o ration .— Franchise & c. __
Soo Dallas in "State & C ity” Dept, on another pago.— v . 102, p 250
Dos M oines C ity R y. Co .— Bonds Offered.-— Harris
Forbos & C o ., Now York and Boston, and Harris Trust &
but rodoomablo on any interest paymont dato at 105 and int’
•& J ■.a t New York and Chicago. Donom. $500 and
$ l,000o*. Harris 1 rust & Savings Bank, Chicago, trustoo.
Digest of Letter from Pres. Emil O. Schm idt, Des Moines In M ir 1
P r o p e r ly .— Owns and operates an electric street railway systom serving
Des Moines, tho capital and principal city o f tho Stato o f Iowa
Tho nronerty embraces about 9 5 miles o f electric street railway, m e a s u r e d as single
track, together with power-genoratlng equipment o f ample capacity
As
a result of tho acquisition of tho new franchise, tho company plans to snoml
a sufficient amount o f monoy in tho rehabilitation of Its entiro property
975
and in tho construction of extensions and additions to enable it to render
exceptionally high-grade transportation service. It is expocted that this
additional investment in tho property will result in materially increased
earnings and a lower ratio of operating expenses.
„
, ,
O u tsta n din g C a p it a liz a tio n .
Capital stock ($250,000 is preferred; $1,055,000 comm on)___ $1,305,000
Underlying bonds: Des Moines Street RR. 6s, duo serially to
1919, $156,000; Des Moines City Ry. Ref. 5s, due 1921 ($2,
413,000, less $2,319,000 deposited under this Gen. & Ref. M .),
$94,000; total........................ ..................................................2 5 0 0 0 0
General and Ref. M . 20-year 5s, duo Jan. 1 1936________ I I I I ” 3,600.000
Debenture 6% notes (to be issued shortly)____________________ 1,000,000
E a r n in g s f o r Y e a r e n d ed J a n . 31 1916, S h o w in g N e t T ic ic e P re s en t I n t . C h g es.
g r<?ss earnings...................$1,344,881 lint, present $3,850,000 bds.$194,060
424,272 B alance................................. 230,212
Net, after taxes-------------rn Z r P H }}# I s s u e .— These bonds, which are authorized to the amount o f
$lo,000,000, are secured, in the opinion of counsel, by a direct mortgage
on the entire operating property, subject only to the $250,000 underlying
bonds held by public. Gen. & Ref. M . bonds are reserved to retire the undorlying liens which mature on or before April 1 1921, when these bonds
will become a direct first mortgage on tho property.
,„s.i5°An . 6 P r o w ls ° f the bonds now issued the company has deposited
Y? ( 1' tho trustee $500,600 in cash, which it may withdraw on account of
expenditures
made for construction, reconstruction and rehabilitation, or
000
000
r2^il?5Iu
^ ntA?tS"sL0I??’A5Allar? ements and additions. Of tho $11,150,000
nfCOTn»mmS' tho flr?t V '000'000 of bonds may be issued for the full amount
ro?0J?„itures lnad® foT construction, reconstruction and rehabilitation
«in r^ Pm n tp <!n.t extensions, enlargements and additions; the remaining
f,Hescrow bonds may bo issued for 80% of expenditures made
o-Crn1
S Ons’ onlargements and additions; provided that the
reasen^huw. yn r m r Cn^ Of operating expenses, taxes, insurance and
1 ? ? expenditures for maintenance and repairs are l y . times the
annual interest charge on all bonds outstanding, including' the underlying
bonds and tho bonds for which application is mado.
8
y 8
I lio now niortgago rcQuires tho company to expend, or set aside each
year, beginning with 1920, 20% of its gross earnings for maintenance re
pairs and renewals, for extensions and additions for which no bonds may
be issued, or for the purchase or retirement of outstanding bonds, including
underlying bonds or bonds of this issue.
F r a n c h is e . — Tho Citv Council on Oct. 2 1915 passed unanimously a new
f;>-year franchise which was approved by the voters at a referendum elec
tion on Nov. 29 1915 by a vote of more than four to one in favor of tho fran
chise. I his new franchise is satisfactory to tho company in its terms and,
in tho opinion o f counsel, extends to Jan. 26 1941. Under its terms the
company agrees to render high-grade transportation service, in return for
which there is established the right of the company to charge fares which
assuro a continuance of a satisfactory earning power. Provision is also
» ! ^ A ? J r Pn ^ ibl0, pUrcllase o f Aho P™Perty by the city whenever the latter
may lawfully make such purchase, for which purpose tho valuation o f the
property is established at $5,000,000 as of Aug. 1 1915 (V. 101, n. 1885).
1a
Tn \ c ty 13 now estimated to have a population of about
100,000 people. It has excellent steam railroad facilities, and tho annual
bank clearings have shown in the past and are now showing substantial in
creases. Des Moines is tho geographical center of Iowa, which forms an
integral part of a large territory considered to bo one of tho richest in agri
cultural wealth in tho world. In 1914 tho estimated production of corn,
tow as principal agricultural product, was over 389,000,000 bushels.
Old Underlying Bonds Called for Payment .—
See Dos Moines Suburban
101. p.
n. 2144,
21
uburban Ry. below.— V. 101,
1885.
P,eJLMoines Su b u rb a n R y .— Bonds Called.—
2^0,000 outstanding 1st M . Kef. & Impt. bonds have been called
T?r
at Par anc*
on ^ arch 27 at Iowa Loan & Trust Co..
Des Moines, trustee.
*
E d m on ton D u nvegan & B ritish C olu m bia R y .— Branch
A now branch, extending from Carbondalo, Alberta, northward to
Lac la Bicho, Alberta, 113.2 m.. has been opened for traffic.— V. 96,p.l422.
Empire U n ited R y s., In c .— Payment on N otes .—
“ ° 'ders ° / * de l-yoar 6 % guaranteed gold notes issued under the indenture
19.1 5
Ylth th 0 Bankers Trust C o., N. Y .. as trustee, are called
I1/’ ?.?
t,l° tri 1,stA?„to present their notes for endorsement and to receive
guarantors!— ^ / 1 $?, p . 521°S800>m fUndS recolved from certaln of tf»e
F t. W a yn e (In d .) & D ecatu r Trac. C o .— Successor Co.
cfr.7.1 1
s . company has recently been Incorporated with $ 2 0 0 ,0 0 0 capital
t0, succeed the Fort Wayne & Springfield R y., which was sold at
receivers’ sale on Dec. 2 . See V. 101, p. 2144.
F t. W a yn e & Springfield R y .— Succeeded .—
See Ft. Wayne & Decatur Traction Co. above.— V. 101, p. 2144.
G ary H ob a rt & E astern T raction C o.— Receiver.—
Application was recently mado by S. A. Smith to the Superior Court at
Hammond. Ind., for tho appointment of a receiver.— V. 100, p. 982.
G ary (In d .) & In teru rb a n R R .— Decision A ffirm ed .—
The Supremo Court of Indiana, it is stated, has recently affirmed tho de
cision of tho Circuit Court of La Porte County denying tho remedies sought
by Ferdinand Raff et al. to restrain the directors from merging the company
with other interurban lines in Indiana.— V. 101, p. 1464.
G eorgia Ry. & Power C o., A t la n ta .— Yearly Earnings .—
C a l. Y e a r —
1915.
1914.
|
1915.
1914
Gross earns..$6,507,657 $6,341,1841 Interest and
Net,aft.taxos$2.795.576 $2,583,110! rentals___ $2,270,849 $2,106,272
/ / / vV0•lin
o0meoQK
$166,466|BaI., surplus. $600,067
$643,304
1U^t
P* oou» S" 5 ,3 4 0
G rand T ru n k R y .— Earnings.— For calendar years:
Y e a r to D ec. 31—
19 15
-----J'
1914.
1913.
Gross receipts......................................... £8,292,700 £8,596,770 *£9,620,170
Operating oxponsos................................. 6,138,050 6.514,880 *7.357,610
Not receipts......................................... £2,154.650 £2,081.890 *£2,262,560
ot rovonuo charges_________________
1,519,900 1,417.680 *1,201,570
B alan ce________________________
£634.750
£664,210 £1.060,990
Grand Trunk Western deficiency___
1 2 2 ,2 0 0
135,350
Dotroit Grand Haven deficiency___
1,850
103,740
83,870
Balance, surplus_________________
£510.700
£-125,120
£977,120
Surplus brought forward___________
4,300
16,700
12,780
Total
...........................
£515.000
£441.820
£989,900
Guaranteed dividend .................... (4%)500.000(3 pj) 437.500
(4)496,820
first preferred dividend____________
____
(5%) 170.840
Socond preferred dividend__________
llll.
.(5%)126,420
Third preferred dividend .
-(2^)179.120
Balance fo r w a r d ...........................
£15,000
£4,320
£16.700
♦Includes tho Canada Atlantic, since merged.— V. 102, p. 800, 66.
Guayaquil & Quito Railway.— Coupons .—
At a general meeting of the holders of the 1st M . 5% gold bonds, held
in London Feb. 16. it was unanimously resolved to call on tho bondholders
)?J.Vd? ° w,It!l the Council of Foreign Bondholders coupon 28, due Jan. 2
1913, for the purpose of providing funds for tho vigorous prosecution of the
action brought in the U. S. courts to recover moneys received by bankers
from the customs duties preferentially pledged to the bondholders. See
» • IDii, J). oJl •
Honolulu Rapid Transit & Land Co.— Suit Dism issed.
The Government will appeal.— V . 100. p) 1078.
International & Great Northern Ry.— Interest.—
Press reports state that an order issued by Federal Judge Bums recites
that no interest on $11,291,000 of 1st M . bonds of the company now in
976
[Vol . 102.
THE CHRONICLE
receivership may be paid until every current biU accruing 6 months prior to
receivership is paid. These bills are est. at $800,000.— V . 102, p. o45.
Inter-State Rys., P h i l a Earns.— For year end. Jan. 31:
1915-16. 1914-15.
J a n . 31 Y e a r — 1915-16. 1914-15.
io . a. is
Total income___ *571,112 *569,923 Pref. d ivid end s... *60.000 *60,000
Balanco,
surplus.
*69.865 $63,432
Int.oncoll.4% bds.$43l,064 $-131,064
Expenses & taxos. 10,183
5,426
— V. 101, p. 288.
Iowa & Omaha Short Line.— Sale Confirmed.—
The sale of this property under foreclosure for *24,000 to the Dana Con
struction Co. o f Council Bluffs, la., a heavy creditor, was recently con
firmed in the local District Court.
increases in stock from *390.000 to *1,500.000 par. the debt was paid o ff
and tho cost of tho investment written down to *44 83, besides which the
Now Haven has been getting dividends thereon at rato of 8% por annum.
— V. 102, p. 800, 886.
Norton & Taunton (Mass.) Street Ry .— Reorganization.
The Massachusetts P. S. Commission was to hold a hoaring March 7 on
the application by the bondholders’ committee which purchased the prop
erty at foreclosure sale on Feb. 7 for permission to reorganize(the pt’operty
as the Norton Taunton & Attleboro Street Ry. and to Tssuo therein *120,000 o f 5% 1st M . bonds and *150,000 common stock.— V. 102, p. 610.
James Bay & Eastern Ry.— Trust Deed .— •
This company, incorporated in 1915 in the interests o f the Canadian
Northern R y., on Feb. 18 deposited with the Secretary o f State of Canada
a trust deed dated Sept. 1 1915 to the G u ardian ! rust C o., ^ tru stee,
securing certain 30-yoar 5% debenture stock or bonds o f ^,9
The company is authorized to build a railway from near Lake Abitibi to the
mouth of the Saguenay River. R. F. Ormsby, Assistant Secretary of the
Canadian Northern R y., is Secretary of the company.
Kansas City R y. & Light Co . — Interest Payment.— The
Reorganization Managers announce, by advertisement on
another page, that the interest to which tho depositors are
entitled pursuant to the plan and also tho interest pa.ya.blo
Jan. 1 1916 upon the new securities issuable under said plan,
will bo paid on March 15 1916 at tho office of tho N . Y .
Trust C o ., depositary, N . Y . , or at the office of any agent
Nova Scotia Tramway & Power Co.— Development .—
Tho Provincial Board of Public Utilities, in authorizing tho company to
raiso *5,575,000 to acquiro the Halifax Electric r ramway and dovolop
power on the Gaspereau River finds that the company should bo perm tted
to issue bonds and shares to raiso tho following amounts. Value of tramway
property *3?450,000; less bonded debt, *600,000. *2,850,000; valuo of
Gaspcreaulands, &c., *300,000: cash for retirement tramway bonds,
*600,000: cash for development Gaspereau St ,500,000; cash for working
capital, *300,000; amount to bo used. So,550,000. — V. 102. p. 886.
Ozark & Cherokee Central Ry.— Reorganization Plan.
The committee representing the 1st M . 5s has entered into an aCTcn'inent
with tlio Reorganization Managers of tho St. Louis & San1 1 ran. R R ., under
which assenting holders of certificates of deposit will, on the consummation
of the reorganization, receivo for each *1,000 of First Mortgage bonds
represented by such certificates;
,
„
, l n l -,
$5 in cash ( V, of 1% interest from April 1 to Oct. 1 1915).
(b)
Either: (1) $1?250 in 4% Prior Lien Mortgage bonds of the New Frisco
C o . , or (2) *1,000 in 4% Prior Lion Mortgage bonds of the New Frisco
Co. and $200 in cash, with interest conditions. See V. 102 p. 886.
0 ^Tlmamounts in question aggregate on each *1,000 o f principal o f securi
ties deposited: For M e tro p o lita n C o n s o ls *72 50. K. C . Ry. & Lt. os,
$77 50, and 6s, $53 33; Central Electric, $65; Corrigans. So2 50, East Side
Electrics, *57 50: notes to banks, *27 50: Westports, *50; K. C. Elevated
6s, *57 50, and 4s, *41 58.
The permanent engraved securities will bo distributed as
soon as prepared, probably in M a y . See plan, V . 101, p.
1628, 1807; V . 102, p. 345, 886.
Kansas City Southern Ry — Liability Established.—
This company on Feb. 21 lost its case in the U. S. Suprome Court, the
verdict being that tho company must pay to ,th°
Trvwt Co. of
Kansas City *639,659 and interest for loans made the Kansas City Suburban
R R . and the Port Arthur Channel & Dock Co. in 1899 and 1900. The suit
was filed in 1900. Notes wero given for money borrowed to construct
terminals. It was alleged that tho company apumetl liability when the
smaller lines wero organized into the Kansas City Southern In 1900. See
plan, V. 69, p. 1012, 1062; V. 101, p. 2144.
Lehigh & New England RR.— Bonds Offered.— Brown
Bros. & C o ., Philadelphia, are offering at 103 and in t., yield
ing about 4 .8 3 % , a block of General Mortgage 5 % gold bonds
series A , dated July 1 1914, being part of the $4,000,000 pre
viously reported as outstanding. Tax-exempt m Pennsyl
vania. Free of normal Federal income taxes.
E a r n in g s f o r Y e a r s e n d ed J u n e 30 1913-15 a n d 7 M o s . en d ed J a n . 31^1916.
Pennsylvania RR.— N ew Vice-President. •
A . J. County, heretofore Special Asst, to the President, has been olectod
to the newly-created office of Vico-Pres., in charge of accounting.
V. 102, p. 892, 880.
Peoria & Eastern R y .— Annual Results.— Tho following
published statement w as.it is statod, sxibmittod to tho board
at thoir meeting on Feb. 17, at which it was docidod not to
mako a payment of interest on tho $4,000,000 income bonds
on April 1 next from earnings:
- .&- E—. B- y .
S p r in g . D i v . P . & E .R y
C a l . Y r . 1915. S p r in g . D ip . P
*449,357 $592,245
Revenues____*1,202,619 $2,183,963 Total income.
194,510 159,774
Net. aft. taxes *447,815 *133.395 Deductions . .
8,436
43,079
Other income.
1,542
158,850 Add’ns & bett.
Total In c .. *449,357 *529,215
Not incomo
$246,411 *389.392
Income from ODor. of Springfield Div. duo froni O. G. G. cc oc. l .
Ry. Co. as per agreement (int. on *5,000,000 pur. money lien)
200,000
Total (including *5,150 from other sources)...............................
D e d u c t— Interest on 1st M . bon ds..
...................
Int. at 6% on *351,225 advances duo tho O. O. C. & St. L.
Ry. Co. as of Jan. 1 1915.........................................................
Debit adjustments f o r y e a r ...........................................................
A<wapeoriaf & S n
Union Ry? debenture bonds redeemed------
*594,542
4U4.Z0U
21,074
0-500
Total surplus...................... ........................................................... *163,778
This surplus was applied to reducing the balance duo O. O. C . & St. L.
R y. Co. from *548,333 as of Jan. 1 1915 to *384,555 on Dec. 31 1915. The
earnings since 1912 have been included in tho operations of tho Clove. Cin.
Ch. & St. L. and are not published separately.— V. 102, p. 8UI, Zol.
Total rovenuo...................... I .^ ° ,0 16,440 *2,707,960 *2,265.741 $1,796,282
Net after taxes____________
953,608 1,160,0.35
965,337
Interest charges, &c______
263,174
467,088
418,21.0445,358
Pere Marquette RR.— Sale Deferred —
Salo of this property under the consolidated mortgage of 1901 sot for
Net income
____ *690.434 * 692,947 *547,112 $358,185
There are alVo'8utstanding closed 1st M 5s *1,000,000: also equipment
trusts *1,725.000 4Ms, which are being reduced by annual payments at AlPress reports stafe that while a plan of reorganization involving tho raising
of from *15,000,000 to *20,000,000 has been agreed upon as to general
present of *150,000. Additional data, V. 99, p. 49—V. 101, p. 1370.
terms!* no details can b o,announced at present. Several months at best
Maine Central RR.— Refunding.— Tho special meeting will be required to put it into effect.— V. 101, p. 2145, V. 102, p. 67, 713.
called for March 8 to mako provision for refunding tho
$6,000,000 5 % notes of 1914 (due M a y 1 1919, but callable
at 102 Yf) has been postponed until Maroh 23.
The meeting is to be held “ to see if the stockholders will designate the
serial letter of the *6,000.000 First & Ref. M . gold bonds dated Dec. 11915,
which were reserved in the indenture of trust securing said bonds, for the
Dtirnoso o f paying a like amount of coupon notes dated May 1 1914, and
thorato o f interest which they shall boar and the premium and time or
times at which they may be redeemable.”
Press reports stato that the company (subject to approval
of the Maino P . U . Commission) has sold to a syndicate
headed by the Fidelity Trust Co. of Portland, M e ., and
Boston bankers, an issue of $6,000,000 20-year refunding
mortgage bonds dated Dec. 1 1915. It is supposed tho i.ssiie
will be used to refund the above-mentioned $6,000,000 o %
notes duo M a y 1 1919, but callable at 102H and int —
V . 102, p. 66, 713.
Mexico Tramways Company.— Committee.—
The bondholders of this company and tho Mexican Light & Power Co.,
Ltd., tho Mexican Electric Light Co., Ltd., and tho I acliuca Light & IPower
Co. are notified that tho below-named protect vo committee urges deposits
at an early date. Committee: R. R. Peacock (Chairman) .Stanley Carr
Boulter, H. F. Chaman, Robert Fleming, Arthur Hill, II. Malcolm Hubard, A. F. P. Roger. Depositaries: Bank of Scotland, London and Edin
burgh; Tho Loudon County & Westminster Bank. Ltd.. London, and the
Union o f London & Smiths Bank. Ltd., London.— V. 101, p. 1886.
Minneapolis & St. Louis R R . —Notes Extended.— This
company announces that the plan to extend the $2,500,000
2-year 6 % gold notes, due Fob. 1, to Aug. 1, has been de
clared effective.
Holders who have already deposited will bo entitled on:ind :after Mar. 13
to receivo their notes stamped at Central Trust Co., N. Y. Holders of
notes not deposited may become parties to tho agreement by presenting
them to Central Trust Co. to be stamped. See plan V. 102, p. 800, 522.
(The) Pine B lu ff (Ark.) Company.— Offering of 1st M .
Bonds Covering Electric Light, Street Railway and W ater Prop
erties.— John Nickerson Jr., New York and St. Louis.,, who
recently purchased from tho owners of tho property $70U,OUU
1st M . 5 % gold bonds of 1912, due Jan. 1 1942, is now offer
ing, by adv. on another page, the unsold portion of the same
at 92 and in t., to yield 5 .5 8 % . A circular shows:
D e s c r in tio n o f Bonds.- Callable at 105 and int. on any interest date.
Nbw^YoFkyi ’rustf C o . J Authorized, **23)00‘,0001°outs^andhig, *88o!oOO;
$560,000 of these bonds aro registered as tax-exempt in N. Y . Stato under
the Secured Debt Tax Law. Tho company pays tho intorost without de
duction for tho normal Federal income tax.
, ,
, ■
This issuo tho only bonded debt of tho company, is securod, in opinion
of counsel, by a first mortgage on all property now owned or hereafter
acquired. Sinking fund, equal to 1% of the bonds outstanding and can
celed in tho sinking fund, is payablo annually Jan. 1 1915 to 1924; 1H %
Tan 1 1925 to 1934, and 2% Jan. 1 1935 to maturity.
P ro p e r ty .— Incorporated March 13 1912 in Arkansas and owns and oper
ates tho electric light and power, street railway and water s'*PI'1y j ;r‘)9 f‘ p.1As
in Pine Bluff. Ark., including: (a) Modern turbine-driven omcUic; generat
ing station of 2,250 k. w. capacity; (ft) water pumping station with two
triple-expansion service pumps of 4,000,000 gats, capacity each, (c) four
Wf,Yia s-ltiI to he over 800 ft. deco: (</) two concroto reservoirs of over 3,000,
000 gals capacity (e) 52 milt's of polo lines, including the street railway dlstpihirMns system and 2 302 meters. Connected loan, 3,600 k. w ., includ“ nd U 1 3 E P . in motors; (/) 37 miles of water mains,
serving 2,400 customers’ motors, and 312 fire hydrants; (</) street railway
with 914 miles of equivalent single-track of 70-Ib. 1 rail, laid in concrete
oxcept 0.8 of a mile; (It) 21 " pay-enter" cars. Tho property has been prac
tically rebuilt sinco Jan. 1 1908 (tho street railway sinco 1912), and is con
sidered to bo in prime condition.
Our engineer has estimated tho reproduction valuo of tho property, which,
neglecting all intangible values, shows an amplo equity over tho bonds.
On Dec. 31 1915 tho net working capital was about $60,000.
O u tsta n din g C a p it a liz a tio n .
Capital stock ($600,000 6% pref. stock and $600,000 com m on)...*1,200,000
1st M . bonds (this issuo), auth., *2,000,000; outstanding, 5%
bonds. *700,000; 6% bonds, *180,000...........................................
880,000
6% bonds, (a) in treasury, *16,000; (6) retired by
Missouri Kansas & Texas Ry.— M a r . In t. Deferred .—
sinking fund, *17,000.............. ..................... ......... . ?Jv’nnn
Escrow bonds for future issuance_________ _____ ____ i,u»t,uuu
Interest duo March 1 1916 on the following was deferred:
After the first *1,000,000 bonds aro outstanding, further bonds ran bo
First and Refunding M . 4s. duei 2004; outstanding------------------- *9-^2,000
M . K. & T . Co. o f Texas 1st M . 5s, duo 1942; outstanding------4,505,000
issued only to a face amount equal to 85% of tho cash
Texas & Oklahoma 1st M . 5s, duo 1943; outstanding................... 2,437,000 additions or extensions when tho annual net earnings, after deducting oper
ating expenses, maintenance, taxes and Insurance, aro l A times tho total
Sub. Co. Committee .—
interest charges, including tho bonds proposed.
Seo Wichita Falls & Southern Ry. below.— V. 102, p. 713, 886.
E a r n in g s fo r Y e a r s e n d in g D e c . 31 (fo r 1915 a s re p o rted by Ifasktns & Sells).
iqno
loin
1911.
1912.
1913.
1914.
1915.
Missouri Pacific R y — Subsidiary Co. Terminal.—
G r o s s ...*197.827 $209,866 *234.723 *247.977 *257.377 $272,249 $252,296
See Transmississlppi Terminal Co. below.— V. 102, p. 609, 886,
Net earnings (after operating expenses and taxos) — .--$115,898 *111,549
(The) Now Orleans Texas & Mexico R y .— Officers of Bond intorost (including in 1915 tho bonds now offered). . 41,090 4o,800
Tho decreaso in earnings in 1915 was duo to tho business depression proN ew Company (Successor o f N ew Orleans Texas & M exico RR).
vailing during part of that poriod and was, we beliovo, only a temporary
Chairman o f the board. Y Van den Berg; Pres., J. S. Pyeatt; Treas., condition, as present earnings aro showing a rapid recovery. Sinco Mar. 13
J. H. Lauderdale; Auditor, J. W. McCullough.— V. 102, p. 154. 886.
1912 *435 322 has been expended for improvements and additions, a con
policy has been pursued regarding maintenance and depreciation
N. Y. New Haven & Hartford RR.— Vice-Pres.— Sale.— servative
and in addition a rcsorvo Is being built up through charges to opor. exp.
E J . Pearson has been appointed a Vice-President, with headquarters
Pine B l u f f .—This city, tho third in population sunong: tlio citiesi of Ar
in Boston. He will act as a general assistant to M r. Elliott, and in particu kansas, is tno county seat of Jefferson County and located on tho Arkansas
lar will have chargo o f all matters relating to construction, operation ana River, surrounded by great timber bolts (pine and oak) .w h ile tho cotton
marketed through tho city is valued at approximately $10,000,000. The
m Thls company has sold its 92% interest In the. Waterbury Gas Light Co. population increased from 1900 to 1910 by 43% . Tho school census of
to residents o f that city at *45 per share, par *25. The original purchase 1915 Indicates a prosent population of 27,000.
for the New Haven was made 20 years ago at *101 per share; but through
Mar . 11 1916.]
THE CHRONICLE
franchises aro considered favorable. Attorneys in
Pino B luff report that the street railway and electric Iijrht system franchise
oxtends to 1051; the water franchise extends to 1017, and unless the nron
S Cn purchased by tho city, is automatically oxtendod to 1047,S u b
ject to the city s right to purchase, if at all, at fivo-yoar intervals
IA small block o f tho bonds purchased from John Nickerson Tr wn*
recently offored by another house — Ed.]— V. 87, p 1163, 1241?
J
977
T » £ : a& chH e s '
C a l CY e ^ - ated^
— V .^0 2 ? p. 65?32’877
wi?hho
75’000
receivers’ certificates due March 1 were replaced
wiJhua liko,ammulF o f 2-year 6% receivers’ certificates dated March l i 916
— V .1 0 2 ? p .S438 y
ar° th0 sanl° as the maturing certificates:
Arkansas L ig h t & Power C o .— Bonds Offered— A d d i« 7^n’ ^ S eP J i ngonho offGFm£ noted last week (page
gold bonds
§??L
n i i ’S S <whM i 30;yoar Smkin£ Fund 6%
dated Oct. 1 1915, tho bankers report:
Public Service Corp. o f New Jersey.— N otes Sold.—
Incorporated Sept. 2 1914 in Arkansas to acquire and ODerato nubile
jility plants in that State. Owns the physical properties serving the
following municipalities: (a) With electric llght and p ^
MaWern. W a'do. McNeil Newport, Camden. EldoFado P?ar,^oidd Slo?:
^5lanlJ,a and Magnolia; (6) also water, Arkadelphia, Camden
^ d orad o. Morrillton; (c) also ice, Paragould and Magnolia. The com
pany has made many additions, extensions and betterments The territheyp?xstToedyebayrs hiS C°mpany Sh°WS an inCreaso ,n Popufatfon of 59% over
r
N e t E a ™ n g s f ° r S ix M o n th s e n d in g D e c . 31.
i ° i 4 the-entire issuo of $7,500,000
5 % 3-year Collatoral Gold N otes, dated M a r. 1 1916 and
duo M a r. 1 1919, but subject to call at par and int. on any
1 1917’ DGnom’ SI,000 c*
F i? r ll8c ’ trustG0’ The;:° notes aro secured
f 5S ? . ° ? | Ubllid Si?rV1?0 ? orp- of N ’ J - General M ort
gage 50-year 5 % gold bonds dated Oct. 1 1909.
101 A T on lhs~
A
0 'f uJ k -
R,aPidMTransit in New York.— Construction, etc.—
Y tliSn,^whe
sumers
Co" oy M »nd terminal have been
Marianna.
f c m T erm^nal
/£ * eve*and» O. ) . — C a p ita l In c r e a s e .
nn E I ’ incorporated Doc. 18 1909 and controlled by tho QuinnoAlining Co. through stock ownership, on Jan. 15 increased its
had no
8t° ^ from Sr,° ' 0 00 to $1,000,000. A t l a s f account.?
Co
™ Z J ? 1,, Company operates a line. leased from River Furnace
t
K fro,rn the Penna. ore docks to tho Erie R R ., 1 . 3 5 miles with
Ridings
and
spurs
.j.77
connecting other roads, docks, factories &c
Pres. Price McKinney;miles,
Sec.-Troas., J. E. Forris, Cleveland. O?
’
’ 12% ’ 1
D ec
T o ta l
•m
These contracM have an avwaee li?o“ r rr'J 'lV S ^O v e S
J 3 ® ) Barrett Company, New York.— Report.—
° ° al Pr° duCts C o’ on a
Bethlehem Steel Corporation.— Plant D evelovm en t __
Co — Purchase.—
^
in
t
Burns Bros. Co., New York (Coal).— Option to Subscribe
Jor Stock in Burns Bros. Ice Corporation.— Pres. M . F Burns
in circular letter dated Fob. 24, addressing tho sharehold
ers, says m substance:
Texas & Pacific R y .— Subsidiary Co. Term inal .—
Early in 1915 It became advisable for your company to engage in the leo
^ rSd\“
d your board duly authorized this step
As a S t we sold I
season and established ourselves as a
Fi’ YXCity on a very modest investment.
a Y'rtner result o f tho step we were approached by other ice dealers
See Transmississippl Terminal Co. below.'—V. 102, p. 610, 887.
Transm ississippi Term inal C o., New O rl.— I n Operation
Co. o f ln d ia n a .
N ov.
1915 there was an increase of 1,106 con-
preSc^dingnp ^ . ^ ? rita2.Upnd439CaPt,0n
Electric R R .— Dividend Increase .—
„
Oct.
Atlantic Sugar Refineries, Ltd .— N e w C on trol.—
by D K t i l n h ^ nC01 that contr, ° ' of the company had been secured
esteri intbo A^IiLGt ? 1?2n a?l£ a group of New York men who are also interPeabodv of C h i^ co anHapMIC
TGrA
eady ’ Lrtd ’ g a m i e r Smith and Augustus
-rs
v ice-i'res. and director, have
r ^ S f f r o m tlm?oard! F 'a
i . S. ’n
A S ^ ? - ^rm er Vice-JTes^and
0 2012?------ -Slr Thomas Tait is now Vice-President.— V. 100,
sec
Pacific
S e p t.
Atlantic Gulf & West Indies SS. Lines.— I n itia l D iv .—
This company has declared a dividend of $1 per share on its non-eumu
lativo prof, stock, payable April 10. Books dose Mar? 31 — V?101 p 1^15?
operate,! bv B^-HByay UManhattan) lino, which when finished will bo
mont for V L t cJ- J 1;,!1 ’ « s,°ufar completed as to permit o f tho advortiso^ !a n d T r i^ v f p iaeo»n3*»Tnlilh 9.°ntracts
tho stations between Morris
CorUamlt st y r f l i l
iou.S3ilar<?; , Thoso stations aro at Rector St..
23d K n d W h s l - v l ’ l o S 345. Pr nco St“ 9th St.. Union Square.’
So u th ern
u 9-
‘t i t S1H
the AcP
lncl«yl>nf?. however, any Federal income tax imposed by
q „“ & ± ° L CS n« r % ? « 0 °t- ? 1913 upon moneys payable to tho holder.
Soo M ap pago 80-81, “ Electric R y. Section. — V. 102, p. 438, 713.
rcce ved°bv t ^ ° ^
$^ ’S i 4 ^ k nt,erest’ & C -S 3 .6 5 M 4 2 S3.4804073
$5'688-523lBal - surplus.$1,381,435 $2,207,550
Am erican Ice C o . - N e w M erqer.—
See Burns Bros. Ico Corporation below.— V. 102, p. 64.
Pittsburgh Shawmut & Northern R R .— Receiv's Certs
? ^ e5Q° & C n ’ i?1? a ' ’i
f t ” 1™ 1 { o W he F ° m p a n v a n d I t S A p i a r i e s
—
■•nbrnF board, 'July authorized the use by the new concern o f the words
32,7561Balance, surplus. $57,333 ^ 4 2 :7 9 5
the assets of'the'ico d ^ S t m ^ t ^ d 6t h e g ^ d ? ^ o f y o w wmp^ny^in\ h l
W e ste rn Pacific R y . — Litigation— Injunction —
Judge Van Fleet in tho Federal Court at San Francisco on w»b 0 1 ,
1
an injunction restraining the Equitable Trust; Co N Y Ffm m2 f ^
prosecution o f its suit in New York a g a i n s t t h o Y ” from further
Is pending in San Francisco which was begun prior to ^the1NewAv i ,? llar„suit
and as there was the possibility o f conffle" Eetw^n the t J o ?»d„aCt? n ’
Fleet ordered the entire matter disposed o f in the West Tn,?^/lrdK0ThY:u‘
also ordered that the Denver & Rio Orando and tkTM i^m H iYarLFlc,et
iiavo the righ ^unU lM a^h i n ' f m f ? f OUY8t°.Yk ’ , Evcry stockholder will
— VOri00?p.°975. 17,890
the Missouri Pacific Ry. and tho Denver & Rio Grande R R . apne^ar L the
proceedings within 30 days.— V. 102, p. 155, 802.
appear m tho
W e st P en n T raction Co .— Dividends Resumed.—
t f™ i<*uartcVIy ^ v^(Icn(l o f 1 ) 4 % has been declared on tho SI,024 900 ruvf
S R j l l i S f f B i i ; al1 st<lckl*“ l'lora ot r«OT‘'. P ~f- » ” <■ common
A syndicate formed by Ladenburg, Thalmann & Co. and Spencer Trask
underwritten the entire lsu e of first prof, stock
P
TraSk
th„fo s t of tho officers and directors of Burns Bros, have decided to avail
t f c F i Y n of
°Pl>or^ nlty to Purchase their full quota o f this stock
( S c o also B u r n s B r o s . Ice C o r p o r a t i o n b e l o w . ) — V. 1 0 2 , p? 70
Burns Bros. Ice Corporation, New York .— M erqer.—
1 his company was incorporated at Albany, N . Y ., on Fob
lo with $6,000,000 of authorized capital stock in $100 shares
to c a n y out tho mergor recently announced. Pres. J W
Scott on Fob. 18 wroto:
’
non ho°iCapitp1si ° ck consists of $1,250,000 1st pref. 7% cumulative $1 000 $ 2 5 0 onnprrf.- 7%. cumu*ative and S3.750.o6o common. Of the above
stock° \21 nf i,«S
111nA°n 8tock- together with $62,500 o f issued 2d pref.’
^
Sale D eferred __
tako1p 1a c ° b ° nulso°< ;ert°?n^ i m V,?/i 1 * f°r Mar. 8^at Cleveland, did not
down. A further definite Dt«tnin^2n£j,.pendln£ 811its, aro not yot handed
docido to merely lot tho sale go ovei- nm1|
ll? y bo, n,ac e, or tho Court may
dato. Comparo V. 102, p. 3 4 0 610^ antl 1)0 advertised again at a later
W h e elin g & Lake Erie RR.^
W ic h ita Falls &' So u th ern R y .— Committee —
Tho below named committee has been furmmi r™.n.lf l e e oldersof tho IstM . 5s, o f which $720 nnnnFYY,,Lfl’ V i0 Protection o f the
^
s s ^
^
s a
s s i . Thcro aro no notes
I h o corporation has taken over, as o f Nov. 1 1915. tho assets nrrmertv
Ico Co H?? sftop0 E°8t«r7Sc° t t Ice C o., tho National Ice C o ., the Summit
S,® Go-, tho Steep Rock Ice C o., and tho ico department of Burns Bros
Tbo equimnont owned or controlled by tho new corporation inctodesYce
° n th0 Hudson River, having"a'capacHy o f
i
tons of natural ice, a number o f ico barges usod to transport
term ln.f^M im ® ‘n° hou5°'s to New York City distributing points a?nnlo
2 ™
1£ac,1Jties ( oases from the city) for the requirements of tho business
ssasss«,s£is1^ i i s a s f f i s a
^ f orporatlon will receive in cash from tho saio of stock and by agree“ bW '
INDUSTRIAL AND MISCELLANEOUS
Acheson Graphite Co., Niagara Falls, N. Y.—-N e w N a m e
This company, formerly known as tho International Acbn■ >7V .
C o. (sco V . 7 5, p. 1357), has changed Its name as abewe.
Graphtt0
Alton-Slater V/ator Co., Slater, Mo.— B o n d s A tr
D
Jan. _
issued,
Loomis,
offori" K
‘ pri“ *»
i U i o ' “ “ k“ s% ,iS ,“ scts “ “ <'“ 1'
sowralLi®.!, Ph° 8llpp^ of artificial ice is purchased under contracts from
T h «Ch L ?f the I?JPs|fc niodern manufacturing plants in Greater New York
s YciinmYSH
, ? VillJ : 0 juanagod by men of wide experience who have b ^ n
succ^sfuliy connected for many years with the consolidating companies * !
^
a ie a a a g c tfa a i^ ^
X i ’a
g
a
y
j ««>•«» *»
0f/v,c.jp' P at9 R egarding First and Second Pref. Stocks as of Mar 1916
? ^ 3 f P™p*a *Iy®^ ™ t>l’ r^.°stock??.aUth' ° r out )
_.
_ ___________
American Cities Co., N. Y .— E a r n in g s .-—
1915.
1914.
I
10 1 x
1n, ,
Gross earns..$1,405,089 S i ,928,6771Interest .
3500 nnn
«Kn},4An«
Net earnings.S 1 ,177,830 Il.833.808 P r e f . ^ v s . ( 3 % ? | § f f i ( 6 ) ® ; ^
|uai.,surp..
$61,225
$100,598
C a l. Y e a r —
an dar?,?!^ 808 of pr,c1
f ’ ^ares are prcto^M 'both a.^to S s and dividollds
and aro non-assossablo. Dividend dates of first oref stock aro O -Tan i
div?dond«°^n ^
se^ f side from surplus funds for the payment o f
a s a s S i K ? j s s e s !1" da" °rL™ ° ° r
»<■
978
[Vol . 102.
THE CHRONICLE
No debenturo or mortgago bonds shall bo Issued, nor shall tho corporation
Increase the au th. ira u e o ff irst prof, stock or Issue or guarantee any notes
honds or other evidence of debt having moro than ono year to run, except
I, 1 , i
,,(■. , holders of 75% o f oach class of the outstanding stock.
lKrom tho ffrst net profits of tho business there shall be set asido each year
(1) th“ sum of 8140.000 annually as a F ir s t R eserve F u n d , to r t h e solo purpose
.• S W S H S S d ? r « » t | e T y T e
trustees of the District bearing no^to e x c e e d ^ jnterest. and —
tag
iiV o S f m a^e
permanent improvements.
a c tio n
Series J
series “ B ” bonds previously
issued1and
p r e / dividends and retire this stock; and (3) after sett tog aside sald^sums.
there shall be set apart as a Special R eserve f C t h P r d y w
«""»*
tU° t0tal
fngs^ORhe/tton ? .^ ^ ^ ^ ^ ^ ^ h /s^ ^ ^ a te ^ ^ ltlt'th ^ o u te t^ tm ^ n g 's e i^ s
•A” nand “ B' ’ bonds th^s/nl^ of llofdobfoOO). this sinking fund must be
increased by 1% for such year.
rises aDDroximately 375 acres
$120 per share for the first pref. and $110 for the second pref., plus accrue
^D irectors- M F Burns, Janies W . Scott, S. M . Schatzkin, John D.
Schoonmaker.James T . Woodward, Robert A. Scott and R. M . Atwater, Jr.
(See also Burns Bros. Co. above.)— V. 102, p. 70.
B u tte & Superior Copper C o., L td .— Extra J^vidend.—
An extra dividend of $10 (100%) has been doclarwl on the $2.726.900
stock (par $10), along with the regular ciuarter y 7|£. (7}| % )
Mar. 31 to holders o f record Mar. 10. In Dec. 1916 $7 50 extra was paid.
— V . 102, p. 802.
C aliforn ia-O regon Power C o.— Bondholders Agreement.
___ W o havo been favorod with this authoritative statoment:
The agreement Is a private arrangement made by the £alifornia-Oregon
Power Co. bondholders and has already been signed by the owners of 90%
of the outstanding bonds. These bondholders have agreed to refrain from
presenting their Coupons for a period of five years The company has
nothing to do with this agreement and is not a party theroto and is not
b°The netwu-n'ings aro almost sufficient to pay all of tho fixed charges and
bond interest, but tho constant need for extensions and betterments makes
it necessary to either obtain additional capital funds or to decroaso the fixed
charges. Moasuros along both of these linos are being undertaken, that is,
stockholders aro paying assessments to enable the completion of the dam
at Copco on the Klamath River, and the principal bondholders have signed
is navigable for the largest-Lake boats.-
The£ totaling ! H h e District has
a b i f e f f i
B S S i n * C o.. William Wrtgl.y « •
Co., Westinghouse'Electric & M
f g
- C
c
Di strl ct territory.
Approximately 15,000 p e o p le aie t npiu^
. water lineSi and over
h m m m n v
thThe compa°nyhase(a voryTaluable and strategic water right position upon
tho Romo River and the Klamath River, which are the most important
stream /in Southern Oregon and Northern California for power purposes.
Th^mincipal generating plant is now located at Prospect upon the upper
R om o River in Oregon. There is also now undor construction a power
plant at Copco u p on th e Klamath River (14 miles east of Thrall on the
Southern Pacific R R .), which will bo completed, to the extent o f ai partial
installation of power, during 1916 at a cost of about $300,000. 1his in
stallation Is now absolutely needed the business having reached a point
where no moro load can be carried by tho present plants, The sale of tho
additional horse power to bo gonorated at Copco, which should bo used up
within tho next ono to two years, should mako the company easy_ffinancially.
Tho territory served contains no very largo cities, and it, 1therefore, takes
longer to build up tho earnings to correspond with the installation than it
does in more thickly settled communities. Tho territory is sound and is
developing. Tho inhabitants and industries aro prosperous and tho earn
ings of tho company aro steadily increasing and can bo developed much
faster when additional power is available.
__.
Tho outstanding bonds and stock aro hold by a comparatively small
group of capitalists, about ono-half of tho bonds boing holcl by five interestsin d a largo part of tho remainder being hold by about 20 persons
Tho
situation of tho company is intrinsically sound, and tho a^ a“ Kement made
by the bondholders will permit the necessary development work and thus
of bulldlngs, the construction of s t r e s s and dw ks and other permanent im-
In 1915, $316,043.
f hose bontlSi without considering any
incroasMn pronertyrvalue certaini t o
rent assets of District, uPPfoximate y,
lnC[Tho°bondhoYde,?s"1committee consists o f J . W . Churchill, J .A . Donohoe,
J. D. Grant, A. S. Holmes, Joseph Hyman, I. Kahn, J . Henry Moyor,
John D. McKee (Pros. Merc. Nat. Bk., San Fr.) and A. J. Itosborough.
The interest on the First & Itof. M . 5% 40-year gold bonds has boon in
default since July 1 1915, and tho bondholders agreement dated Nov. 1
1915, which was made effective when signed by not less than $2,500,000
of tho bonds, provides that tho assenting bondholder shall promptly de
posit with the Mercantile T r. Co., San Fr., all his coupons matured or to
mature from July 1 1915 to and incl. July 1 1920. The trust company Is
Shpowered with' the approval of two-thirds of tho committee (a) to waive
or extend any sinking fund payments, (6) to waive or enforce tho romedios
for any non-payment o f coupons, (c) to submit a plan o f reorganization
whether or not involving foreclosure, (d) to exchange the deposited caHipons
for 6% cum. prof, stock on tho basis of $105 ot pref. stock for $100 of
coupons (in case prior to July 1 1920 tho company shall, with tho approval
of the Cal. R R . Commission, creato not over $1,000,000 of such stock),
(e) to continue or readjust tho rights of the bondholders under an underwrit
ing agreement dated Dec. 20 1912 between William G. I -win Joseph D.
Grant and other subscribers, Siskiyou El. I . & Lt. C o-an d M erc. It. Co.
of San Fr.— Ed.1 Compare V. 102, p. t .13 '
C an adian C on solid ated R u b ber C o., Ltd.
Notes.
A block of tho notes referred to in the report of tho United
States Rubbor C o. on a previous pago was offered anil sold
last December by Lee, Higginson & Co. at par and int.
^ T*hixJw earS % debenture gold notes, guaranteed as to principal and inter
est
endorsement by the United States Rubber C o., dated Nov. 1
1915 a n d d u e D e c . 1 1918 .b u t callable as a whole at 105 and int. on any
int date upon 30 days’ notice. Both principal and Interest Payable.in
U S. gold coin at tho office of tho trustee. Coupon notes of £5,000 denomi
nattoF Trustee, Industrial Trust Co., Providence, R. I. Issued and
” UTh|nS a n y was°S^anized in 1906 under the laws, o f <Canada and its
capital stock is almost entirely owned by tho U . S. Rubber Co. I he Cana
dian Consolidated Rubber C o., Ltd., owns (a) the entire capital stocks of
the Canadian Rubber Co. o f Montreal, Ltd., Granby Rubber C o., Ltd.,
Maple Leaf Rubber C o., Ltd., Berlin Rubber Mfg. C o., Ltd., Merchants
Rubber C o., Ltd., Dominion Rubber Co. .L t d ., Dominion 1 ire Co Ltd.
(ft) A majority of tho capital stock of the Canadian Consolidated Felt C o.,
Ltd. and guarantees principal and interest of its $500,000 1st M . sinking
fund gold 6% bonds due April 1 1940.
^
r
i
e
T
. 0* Io‘,0 lVl-
^ boncjSi this amount will be
F u ^ c ^
C e n tra l M f g . D is t ric t D a l. S h e * D e c . 31 1915 L ™ a l w h s i d e . |7.526.215>.
M . 5% Real Estate &
Lands'
.........- - - S3,963,305 1stImprovement
bonds— $2,0.34,000
Buildings and improve’ts. 2,616,410 Advances
by Ch. Junction
Real estate contracts, reRys.
&
U
n.Stk.Yds.Co.
42,929
rnivnhle
__________
69o,71U Notes & accts. payable..
32,542
Accts. and""notes rccoiv ..
55,161
*1 ,w<o
Qash ___________________
l/2,92o Accrued taxes---------- — Accrued
interest
on
bonds
42,289
Other current a s s e ts -..-24,549 Surplus_________________ 4,852,479
Insurance prom’s prepaid
151 referred to above aro known as tho
underlying bonds
[Tho $3,000,000 underlying,
o o n u y « e i . - > - " j - ~ tion Rys & Union
tho entiro issuo.— Ed.]
s ” 11,0 i“ ymont or ’" ’arly
See also V. 102, p. 888.
paid 75c. and In Dec. 1915 S l.— V. 102, p-714.
.
C in cin n a ti Gas & Electric C o.— N ew Bonds— Plant, A c.
— The shareholders will voto March 27 on authorizing:
1.
An issue of not to exceed $15,000,000 5 % 40-year'
bonds to bo secured by first mortgage on all or such pait ot tho property
“ 2 .' f f i ’S K A f S ofrAprn f f l l f f i l l . Union o » * El.o.rlo Co.
modifying tho loase dated Septt 1 190 •
^
ig l(, betwoen tills com-
oanv
C o lS ii^ M
& Elwtric Co. and tho Union Gas & Electric Co..
T W
a t a M
M
. . ! undo, which .old lo»«o ot Sent. 1 1000
and the agreement modifying said lease is to bo subordinated to tho lion
of said first mortj?&oQ of this company.
* n ^ 1 0 1 hotwcon this
6.
Tho Power House Bonds Agreement as of
‘ , ^ h i 1 7...s & K ectr c
company, tho Union Gas & Electric Co. and tho J o l u . n h & Lloctric
Co. under which tho now electrical generating station is to bo construcre
Divest of D ire c to r s ’ ^ ^ m e n t F e b ^ 23^1 bignfetho y sent poW()r house
N e w E le c tr ic a l S ta tio n ,
.,i(( growrof
growth of tne electrical
business
has
about been r ^ ^ ^ a n d lho
wRh th^rapid
.
ls necessary.
^
1 naio fo^uso of^ water from thocanal for tho Plum St. plant will
oxDlre in 1918 and as renewal of this lease is impossible it is essential that
a new nlant bo constructed promptly on tho Ohio River, where, fortunately,
vom^company now owns land well suited to the purpose. It is proposed
C a p it a liz a tio n .
to construct on tho sito or tho West End Works a modem generating plant
Coll. tr. 6% bds., duel940$2,590,80017% preferred stock---------S3.000.000 with an initial minimum capacity of 50,000 k.w., and ample space for en
Threo-yoar 5% notes____ 2,500,0001Common stock----------------2,80o,500
largement, equipped with the latest and most efficient typo of steam turboE a r n in g s f o r C a le n d a r Y e a r s .
o-onerators which will enable us to compote successfully foi the power
business of the many largo manufacturing plants of tho city, which business
1914
1913. I
1914.
1913.
Operating p ro fit..$962,985 *910.770 Int., disc’t, & «--$62 9,66 3 $593,515 has hitherto been beyond our reach. For the integrlty o f your proporly
Other income
- r45,860
89,8051 B a la n c e .------- - - 479,182
407,060 this now plant must bo owned absolutely by the Cincinnati Gas & Lloc. Co.
Pref. dividends at tho rate of 7 % per annum have been p aid since Jan. 2 ^ B e t t e r m e n t s .—Serious practical questions have arisen f f d e r the pr^ent
1907. Dividends on common stock were paid from A pia 1 lJOJ to Oct. 1 leaso in connection with tho practice ot your company in
payment for betterments, &c. Unless concessions ^ w e made on m u ques
1914 at rate of 4% per annum.— V. 98. p. 1318.
tion by both companies, expensive litigation YwilXi^mFsoauonCM foHow8
C en tral M a n u fa c tu rin g D istrict, C h ica g o.— 1st M . which
dividends might bo suspended and othei harmful coiiscqiilencii s t > >
Bonds O ffe r e d — Guaranteed by Endorsement by Chicago Junction
Railways & Union Slock Yards Co.— The First trust & Sav
ings Bank, Chicago, the mortgago trustee, is ottering, by sub-stations and transformers, will approximate $4. 00,0()0. lh o cost
advertisement on another page, the unsold portion ot then yearato TOme^wVl? bea^S^ASOO.MOj^LBM^OOO of bonds^^UbOiresOTvod
s.*
block of S3,000,000 1st M . 5 % serial bonds, guaranteed by
endorsement of the Chicago Junction Railways cfc Union
Stock Yards C o ., both as to principal and interest, and se
cured upon property estimated to be worth over $1J,000,OOU.
Condensed Data from O fficial Letter Dated at Chicago. lje ^ 2 1 W 1 6 .
B o n d s . — Theso bonds are part ot a total issue ol $10,UU0,0UU secured oy
a first mortgago on the real estate and property now owned, or hereafter
acquired, known as tho Central Manufacturing District, and guaranteed
bv the Chicago Junction Rys. & Union Stock Yards Co., both as to prin
cipal and interest. Of the authorized issuo, $3,000,000 are known as
Series "A ” 5% bonds, duo $ 12 0 ,0 0 0 annually March 1 1917 to March 1 1941
incl but subject to call at 105 and int. on any int. date after 30 days notico.
Of the proceeds of these bonds, approximately $2,700,000 will bo>used1 to
retire outstanding bonds having a lien on tho property, and the balanco will
?
&
gago o'!1part‘ l!f°tho'pro[MirtVamI matuinng .luni) 1 1917; $3,000,000 of bonds
wifi bo held in tho treasury to protect this company's guaranty of a liko
amount of bonds of the Cincinnati Gas Transportation Co. until the latter
hmuLs are retired. The remaining $3,000,000 of the new Issue will be used.
$400 000 to pay for improvements to your property in the past and unpa d,
Ind the balance from time to time, to pay
a
o
property. The Union Co. will bo required to furnish.a substantial p r^
portion of tho costs of such extensions and now property, beginning it j
20% and increasing to 40% of tho cost thereof, all of such extensionsi anu
new property becoming at onco tho property o f^ u r c o m ^ a y .
est on all bonds issued is to bo paid by the Union C o . , which is alto to pay
annnailv a sufficient sum into a sinking fund to retire Donas at maturity.
anD fprtoiafSn— A special depreciation fund will also bo created atTonce
by the Union C o. to?ecelv oil% of the latter’s gross receipts, but not less.
Mar . 11 1916.]
THE CHRONICLE
than $50,000 annually for the first tw o years, and 2 % o f the gross receipts
annually thereafter, but in no year loss than $100,000. This fund is to bo
reinvested in property and equipment to be owned b y you r com pany.
N a t u r a l G a s C o n t r a c t .— Natural gas is supplied to Cincinnati b y virtue
o f a contract between the Union C o. and the Colum bia Gas & E lectric C o .
H itherto your com pany has not been a party to this contract and it has been
deemed wise for tho full protection or you r com pany to have its interest
defined. As one o f the considerations for the new financial plan, tho Union
C o . and tho Colum bia C o. have agreed to turn over to you r com pany,
upon dem and, the contract for natural gas, and in addition tho Colum bia
C o . has agreed to extend the natural gas con tract, which expires in 1931,
for a period o f 25 years, thus postponing its expiration to 1956.
G u a r a n t y F u n d .— T he lease at present provides for a guaranty fund o f
$3,000,000 to bo furnished b y the Union C o. to insure its observance o f tho
covenants o f tho lease. A t present this fund consists o f $400,300 in cash,
and tho balance In a single security, v iz ., Colum bia Gas & Electric C o.
bonds. Under the now arrangement the Union C o. will substitute cash
for the Colum bia bonds now deposited in tho Guaranty Fund, and in
addition thereto will increase tho fund from $3 ,000,000 to $3,750,000.
Upon the signing o f tho agreement the Union C o. will p a y into the Guar
anty Fund $600,000 in cash in exchange for Colum bia bonds, making the
am ount o f cash in that fund $1,000,300 Immediately, instead o f $400,300
as at present, and tho substitution o f cash for Colum bia bonds will continue
at the rate o f $40,000 per m onth for one year, and $50,000 per month
thereafter until the total cash paid, including tho $400,300 now in the fund,
has amounted to $3,000,000 and thereafter the Union C o. will pay $25,000
per m onth until the $750,000 increase has been paid. T ho cash in the
Guaranty Fund m ay be invested and reinvested in United States, State,
cou nty or municipal bonds approved b y your com pany or in other securi
ties only when approved b y vote o f our stockholders, thoreby permanently
insuring tho integrity o f tho fund.
5 % D i v i d e n d s t o b e C o n t i n u e d — O p t i o n t o P u r c h a s e .— During the continu
ance o f the loaso tho Union C o. agrees to pay b y way o f rental an amount
equal to a 5% dividend on all o f the outstanding stock o f the com pany,
thus insuring a continuance o f tho present dividends on the stock.
An option is given to tho Union C o . to purchase the proporty (subject
to any m ortgage indebtedness thereon executed with tho U nion C o .’s
assont) at any tim e within five years b y paying the par valuo o f the out
standing stock, and after five years at 115% o f par.— V . 100, p . 232.
C o lu m b ia G a s & E le c tr ic C o .—
See Cincinnati Gas & E lectric C o . above.
Plant, Bonds, &c .—
Proposition to Supply Baltimore with Natural Gas.—
This com pany on F eb. 29 laid before the Baltim ore Board o f Estimates
C o n s u m e r s ’ P o w e r C o . o f M in n . —Name
Changed, &c .—
See Northern States Power C o. o f D el. below .— V . 100, p . 2169.
C r e s c e n t P ip e L in e C o . —Results
1915.
N et, all sources_______
$187,269
D iv id e n d s ......... .............(6% )180,000
for Calendar Year .—
1914.
1913.
1912.
$269,658
$370,894
$426,111
(9)270,000 (12)360,000 (12)360,000
def.$342 sur.$10,894 sur.$6 6 , l l l
B a l a n c e S h e e t D e c . 31.
1915.
1914.
T,
1915.
1914.
L ia b ilitie s—
$
$
A ssets—
$
$
Invest.(lessd ep .) 926,609
933,022 Capital stock
3,000,000 3,000,000
M a t’ls & s u p p ..
7,324
8,584 A ccts. p a ya b lo.
63,989
54,720
C a sh ,ac.rec.,& c.2,479,669 2,455,459 Profit and lo s s .. 349,613
342,345
Balance, sur. or d e f . . sur.$7,269
T o t a l ..............3,412,602 3,397,065
— V . 102, p. 714.
Cuba
C ane
Sugar
T o t a l .............. 3,413.602 3.397,065
C o r p o r a t io n .—
Officers— Properties.
A n official statement shows that tho list o f directors named in V 102
p . 254, has boon form ally elected w ith A lbort Strauss as Chairman '
'
T ho officers are: R ogino T ru ffin , Frederick Strauss, B . Braga Riondn. and
A lfred Jarotzki, V.-Presidents; W illiam S. C ox, Sec. & Treas • M anuel E
RIonda and Rafol Zooallos, Assts. Sec. & Treas. M anuol R ionda Sr wili
bo elected President as soon as the conveyance o f tho properties h a s ‘been
com pleted.
The following estates, it is announced have boon acquired b y the cor
poration: Jagueyal, M oron , C onchita, A suncion, M ercedes, Julia, Jobo,
A lava, Sta Gortrudis, Lugareno, Persovorancia M V ictoria Socorro
Foliz, S. Ignacio. Soledad and Lequoitio, having an asU
for the current season o f 3,760.000 bags (th ogorigi“ al T t i ^ w ^ Ufo?
0»OUU,UUU WaKSj •
J. & W . Soilgman & C o ., as syndicate managors o f the corporation syn
dicate, are prepared to repay to syndicate mombors an additional 25% o f
. ,
^ - H . 1 in, on subscriptions. This will m ake a total
o f 5 0% returned to participants.— V . 1 0 2 , p. 254, 611.
D a y t o n (O .) P o w e r & L ig h t C o .—
stcSk'frorn1C ^ ^ ^ B a r a o y ic^Co’. o f ^
Cal. Year—
1915.
1914.
Gross oarnings.$ 1,098,065 $943,321
N ot earnings.......... 518,484 415,170
Other incom e____ 12,987
11,842
— V . 101, P- 1275.
D ow
C h e m ic a l C o .,
Stock— Earnings.—
. PY\C*laS0<4 5250.000 o f the
1%
pref.
Cal. Year
r --
1915.
1914.
~
Flxod‘ charges------ $217,932 $207,647
I ref. d iv id e n d s .. 128,346 116,219
Ualanco, surplus. 185,192 103,145
C le v e la n d .— 6 0 %
Dividend.—
Capital Increased.—
G e n e r a l F ir e p r o o fin g C o .—
__The shareholders voted Feb. 29 to increase tho capital stock from $1,
000,000 to $2,000,000 (half each com m on and p r e f.). See V . 102, p . 525.
G e r m a n -A m e r ic a n S u g a r C o .—
Extra Dividend.—
T ho D etroit “ Free Press" on F eb. 27 said: “ A n extra dividend o f 10%
has been declared on the $1,500,000 stock, payable M a r. 10 to holders o f
rocord M a r. 1. T ho regular dividend o f 8 % , payable 2 % quarterly, was
also declared. This is the first paym ent since April 1912.
(B . F .)
G o o d r ic h C o .—
New Directors— Stock.—
T ho board o f directors has been increased from 14 to 18 m embers. The
following have been elected to fill the increased places and one to succeed
A . II. W iggin, resigned: W . O . R utherford, A . B . Jones, D r. W . C . Geer.
II. E . J o y , II. K . R aym ond.
Stockholders in a special meeting on M a r. 8 authorized the reduction o f
tho authorized pref. capital stock from $28,000,000 to $27,300,000.—
V . 102, p . 889, 706.
G r a c e S te a m s h ip C o .—
New Project.—
T his com pany was incorporated in D el. on F eb. 14 with an authorized
capital stock o f $5,000,000, a subsidiary o f W . R . Grace & C o ., and it is
understood will take over a number o f oil-burning freight steamers now being
operated b y the parent com pany in the South American trade. T h e fleet
will sail under the American flag, it being planned to assign to the new com
pany all the American built and Am erican registered vessels o f the parent
concern. D irectors are: J. P. Grace, L . II. Shearman, J. Louis Schaefer.
M aurice B ouvier, D . S. Iglehart and John I I . Rossoter.
G reat L akes
S te a m s h ip
C o .—
Dividend Increased.—
T/ i 0 S y ^ s o - P o s t ” on Feb. 28 said a dividend o f 2% had been declared
1915h-L v 6 ’ l 0 l ’^ ° 2 S074k ’ ThlS com pares wlth U * % in 1913, 1914 and
E x p lo r a t io n
C o .— Yukon-Alaska Trust
T h e shareholders voted on M a rch 9 to ratify
tho creation o f the “ Y u k o n -A lask a (Liquidating) T r u s t,”
which will take over the assets o f the com p any remaining
aftor the distribution of $ 1 2 per share in cash. Com pare
V . 101, p . 1810; V . 102, p . G12.
G u g g e n h e im
Plan Ratified.—
G u lf O il C o r p o r a t io n , P it t s b u r g h , P a .—
1915.
1914.
Earnings .—
1915.
-----1914
$
_
Earsn. (sub.cos.).5,349,560 1,672,112 T otal earnings. 10,721,455 8,450,962
Other earnings. 940,038
714,556 Ohgs.& expenses. 776,322
191,316
Accrued earnings
Balance, surplus.9,945,133 8,259,647
(sub. c o s ) . . . *4,431,857 6.064,294
*D onotes accrued earnings subsidiary com panies, being the corporation’s
share, accrued, b ut not received.— V . 100, p . 1922.
Cal. Year—
Baltim ore N atural Gas C o .,” and calls for a 25-year franchise for that com
pany with a maximum rate o f 50 cts. per 1,000 cu. ft ., scaled to 35 cts. in
direct ratio to additional consum ption. Industrial consumers will receive
special rates. T ho present rate for artificial gas Is 75 cts.— V . 101, p . 696.
979
$
$
H e r c u le s P o w d e r C o .— 8 %
C a l. Y e a r —
Extra Common Dividend.—
An extra dividend o f 8 % has been declared on the $7,150,000 com m on
stock in addition to tho regular quarterly 2 % , payable M ar. 25 to holders
o f record M a r. 15.
Dividend
— 1913— ------------ 1914------------- -------------1915------------- 1916.
Record—
Sept. Dec. Mar. June. Sept. Dec. Mar. June. Sept. Dec. Mar.
Rogular . . .
1H
1H
1«
1M 3>S
2
2
E x t r a _____
___ ___ ___ _
— V . 102, p . 604.
..........................................
I m p e r ia l O il C o .— 4 %
2
4
2
4
2
o
*
Semi-Annual Dividend.—
T his com pany has declared a semi-annual dividend o f 4 % on tho $22,000,
000 outstanding capital stock. T ho last previous semi-annual dividend was
6 % on $ 1 1 ,000,000 stock, which has since been doubled b y the declaration
o f a 10 0 % stock dividend, making the present disbursement equal to 8 %
on tho old outstanding capitalization, or an increase o f 2 % for the half
year. See V . 102, p . 348.
I n t e r n a t i o n a l A c h e s o n G r a p h it e C o .—
See A chcson Graphite C o . above.— V . 75, p . 1357.
J e w el T e a C o ., I n c .—
Name Changed.
Listed— Earnings.—
T ho N . Y . Stock Exchange on M arch 8 listed the $4,000,000 7 % cum .
pref. stock and $12,000,000 com m on stock. See offering, V . 101, p .
1811; V . 102, p . 441.
Sales and Earnings for Years ended Dec. 31, Allowing for Effect of New Capital
_________
1 9 R . _____ 1913.
1014.
__ 1915.
Total sales......... ...............$3,613,287 $5,283,462
$6,313,287 $8,184,548
N o t p rofits f o r th o period
$464,279
$454,501
$901,672 $1,424,273
Prospective econom y In
int. and discount Inci
dent to $ 1 ,000,000
new capital at 4 % p .a .
40,000
40,000
40,000
40.000
A djusted net profits
$424,279
$416,501
$941,672 $1,464,273
N et p rofits, $1,424,273 in 1915, are shown after deducting expenses
aggregating $6,760,275, viz.: Prime cost o f sales, & c., $3,938,359; branch
house expenses, $2,071,924; salaries and wages, including manufacturing
wages. S i c . , $172,641; officers' salaries, adjusted, $80,000; misc. selling and
administration expenses, $497,350.— V . 102, p . 441. , m*>b
K e i t h C a r C o ., C h ic a g o . — Car
Trusts, &c .—
Y a rd , Otis & T aylor and Counselman & C o ., C hicago, recently offered
the com pany s now Issue o f $475,000 serial equipment trust 6 % gold
certificates. A circular shows in substance:
Data from President O. S. Keith, Chicago, Feb. 21 1916.
31 1Q16
Gross operating rovenuos, $1,526,773: operating incom o, $547 7 9 7 miscellaneous incom o, $6,697; gross incom o............
’
’• r .y 404
Deductions from incom o (not incl. paym onts to Gon’ .'G ’ & E T 2 9 1 9 9 7
Am ount applicable to stocks o f subsidiaries not owned b v the
General Gas & E lectric C o ____________________ _____
8 309
Incorporated In Illinois in 1911 with 22 tank cars, which have been grad
ually increased to 790 all standard steel tank cars, constantly and profitably
em ployed. These cars we lease to large shippers o f liquid products, largely
to m eet seasonal needs for specified periods during a number o f years such
as, say, Texas cotton oil mills from Sept, to N o v ., Idaho beet sugar mills
from D ec. to F e b ., and shippers o f California gasoline during the remaining
m onths, thus netting us greater annual rental than would be possible on a
lull 12 m onths basis. As the railroads are under no obligation to furnish
tank cars, and since such equipment constitutes fo r them a non-productive
investment fo r a considerable portion o f each year, both they and the shippors havo uniform ly welcomed our service. T ho 700 all-steel cars securing
this issue havo a capacity o f 6,000 , 8,000 and 10 ,0 0 0 gallons, and their
average ago is about 1 % years.
T h e $475,000 equipment trust 6 % certificates dated D e c. 1 1915 have
been issued b y the M erchants’ Loan & Trust C o . o f Chicago, trustee, which
ho ds unencumbered title to tho cars until all o f these certificates have been
paid, and leases the oars to tho Keith C ar C o . at a rental covering the prin
cipal and interest o f the certificates. T h e Keith C ar C o . also guarantees
both principal and interest b y endorsement and covenants to keep the
equipment insured Intact and in good repair and to report to the trustees
periodically its condition and location. T h e com pany will p ay the interest
on tho certificates without deduction o f the normal Federal incom e tax
so far as m ay be lawful.
E a r n i n g s .— A recent independent audit covering the entire existence o f
tho com pany shows an average annual gross incom e o f $264 7 5 per car,
while tho average annual net incom e has increased from $ 1 1 1 5 5 per car
in 1912 to $150 67 per car in 1915. Annual incom e (700 cars) on lastn>'(mo<I basis: $183,456; net, after expenses and maintenance, $105,4(>9; interest on all these certificates, $28,500; balance, surplus, $76,969.
T ho com pany has in service a total o f 790 cars, and its actual current net
Incomo is therefore in excess o f the results shown above. Price, W ater
house & C o . further report that the com pany’s cars have produced an aver
age revenue o f 9 8.4 % for each year during the period it has been in business.
Balance, applicable to depr. & securities owned b y Gen. G . & E $254 189
o f Gonoral Gas & E lectric C o. (I) adminlstratlon, $10,181; (2 ) intorost on bonds, notos, & c., $ 1 1 3 686total, $123,867, less m lscoll. Incomo, $5,499: balance
’
’ 118 367
Dividends on cum ulative pref. stock (7 % per annu m ).
77’o83
T h e N . Y . Stock Exchango has listed $3,758,200 6 % cum ulative pref.
stock and $3,582,500 com m on stock, with authority to add a further
$1,324,700 com m on stock on official notice o f Issuance, making total amount
authorized to bo listed o f $3,758,200 pref. and $4,907,200 com m on.
C om pare V . 102, p . 606.
B a l a n c o ____________________________ ________ _______________
$58 738
R oports rocoivod from sub. cos. show com bined com parative rovs. for Fob1916.
1915.
In crea se.
p e r C e n t.
S246.958
$199,616
$47,341
23.7
— V . 101, p . 2147.
. TJ.10 balance sheet o f the corporation as o f D ec. 31 1915 was published
b} , ^ 0 'C hronicle o f Feb. 26, page 808, showing assets which aggregate
$110,623,587. Those include: Property accounts, after deducting d ep re
ciation, $18,432,289; investments, including holdings In Utah C opper C o ..
T his com pany on Feb. 29 declared a dividend o f 6 0% on tho com m on
stock, payablo 40% in preferred and 20% in cash, on M ar. 15 to stockhold
ers o f rocord M ar. 4 . In addition, tho regular 7 % dividends on tho com
mon and pref. stocks are being paid on tho total issued.— V . 1 0 2 , p . 70.
E le c tr ic B o a t C o ., N . Y . —
Extra Dividend.—
See Submarine B oat C orp. b elow .— V . 102, p . 606.
G a le n a S ig n a l O il C o .—
A ssets—
P lants...............
P at.& tr.-m ks.
Inventory . . .
Socurltios____
N otes& a c.rcc.
C a s h .................
1916.
$
1,007,086
6,950,000
1,605.125
1,033,097
3,569,065
2,186,815
Balance Sheet Dec
1914.
$
854,095
6,950,000
1,824,092
1.337,920
3,965,315
1,424,970
T o t a l ..........16,351,188 16,356,393
L ia b ilitie s-
3 1 __
191$5-
19i 4’
Gem K^ , ; - - , H ’000'0 °0 2.000,000
9 °™ - « < **--12 .0 0 0 .0 00 12,000.000
PnnHnS £ab o
779,314 1,786.298
793,968
Surplus............
777,905
*570",095
Contlng. ros__
T o t a l -------- 16,351,188 16,356,393
* T ho surplus was charged during tho year with losses accrued n r i o r to
1914, am ounting to $338.449.— V . 10 0 , p . 1352.
accrued prior to
G e n e r a l G a s & E le c tr ic C o .— Earnings .— T h is com pany
which controls the N e w Jersey Power & Ligh t C o . (see be^
low) and other com panies, reports:
E a r n i n g s o f th e C o m p a n y a n d S u b s id ia r ie s f o r t h e 7 M o n t h s e n d e d J a n
L e s s — Requiromonts
K e lly -S p r in g fie ld
T ir e
C o .—
Listed— Earnings .—
K e n n e c o t t C o p p e r C o r p o r a t io n .— Assess $ 1 1 0 ,6 2 3 ,5 8 7 .
[Vol. 102
THE CHRONICLE
980
Braden C opper C o ., Copper R iver & Northwestern R y . and Alaska SS. C o .,
$81,727,492; current and working assets, $10,463,806. On the other h a n d ,
the liability side showed no outstanding obligations other than $218,000
1st M . bonds and $3,108,905 o f current liabilities, these last including
accounts payable, interest and taxes accrued, smelting, refining and selling
charges, not duo. & c.— V . 102, p . 804. 805.
L a c k a w a n n a S te e l C o .— ( See
“ Reports” )—New Director.
Fred. F . Graham, Secretary o f the com pany, has been elected a director
to succeed the late John J. M cC ullough. This brings the number o f direc
tors up to 20 and leaves only one vacancy in the board.— V .102, p. 889, 613.
O ld D o m in io n C o . o f M a in e .—
Dividend— Listed.—
V quarterly dividend o f $2 50 a share (1 0% ) has been declared on the
$7,500,000 stock, payable M a r. 30. to holders o f record M a r. 15. In
D ec. 1915 $2 (8 % ) was paid (V . 101, p . 1811).
T ho Unitod G lobe M ines, all o f whoso 23,000 outstanding shares are
owned b y tho Old D om inion, has declared a dividend o f $15 per share,
payable M a r. 30, com paring with $12 last December.
T he N ow Y ork Stock Exchango has listed $7,333,825 capital stock and
has agreed to list a further $1,416,175 when issued in exchango for prosont
outstanding certificates, making tho total listed $8.750.000.— V . 102. p . 441,
O tt a w a L ig h t , H e a t & P o w e r C o ., L t d .—
Divs.—Earns .—
M e tr o p o lita n C o a l C o ., B o s t o n .— Capital Increased.—
Quarterly dividends N o. 38 and 39, o f l ' A % each, have been declared
T his com pany has filed notice with the M ass. Secretary o f Stato o f an on tho $3,484,400 capital stock, for the quarters ending D ec. 31 1915 and
increase in the capital stock from $1,500,000 to $2,000,000 to consist o f M ar. 31 1916, payable April 1 to holders o f record M a r. 20. lh e last pre
5,000
shares o f com m on stock to be paid for at par in cash, o f which 4,000 vious paym ent was on O ct. 1 1915, when I K % was paid.
shares are now issued.— V . 101, p. 1473.
A n official statement issued F eb. 23 says: ‘The statement for tho quar
ter ending D ec. 31 showed a satisfactory surplus over and above the divi
M id w e s t R e f in in g C o ., D e n v e r .— New Officers.—
dend. Owing to the impossibility o f estimating ahead tho earnings for the
V .-P res. H . M . Blackm er has been elected President to succeed O. II. last quarter o f 1915, on account o f tho previous reduction in electric light
Shoup; R . D . B enooks is now V .-Pres. and Secretary; Thom as A . Dines and gas rates, the directors waited until earnings wore actually dem on
has been elected also Treasurer. Directors: O. 11. Shoup, II. M . Blackm er, strated before declaring the dividend for that quarter. T ho new gas plant
K . C . Schuyler, V. Z . R eed, Henri do B alincourt, T yson S. Dines, N . S. is working very satisfactorily and the lower rates have brought about a
W ilson, II. D . B rooks, T . A . Dines, C . A . Fisher and II. G . N aylor.
gratifying increase in consumers, considering prevailing conditions.
1915.
1914.
I
1915.
1914.
Earnings.— D ou glas Fenw ick & C o ., N . Y . , specialists
r o s s .............. $848,824
$873,654] Dividends — - $210,803
$259,727
in oil stocks, furnish a transcript o f report for 19 15 , showing: G
Net
$254,772
$240,5621B a la n c e ------- sur.$43,969 def.$19,165
G ross.
N et.
I
G ross.
N et.
— V. 101. P- 2149.
M arch q u a r t e r ...$164,363 $31,290 Sept, quarter------ S219.283
$6,292
Juno quarter.......... 145,460
14,6281 D ec. quarter--------- 291,358 12b,561
P a c ific C o a s t C o llie r ie s, L t d ., M o n t r e a l.— Plan, tfee.—
T he bondholders voted on M arch 9 in M ontreal on (a) canceling the
T otal for year______ - _________________________________ $820,464 $178,770
M iscellaneous, $6,144, and cash, $96,634, paid into sinking fu n d — 102,778 sinking fund provisions for 5 years, or until M a y 1 1920; (b) deterring tho
bond interest which matured on M a y 1 and N o v . 1 191o and which will
mature M a y 1 and N ov. 1 1916 and M a y 1 1917, until N ov. 1 1917.
lh e s e
T otal
__________________________________ — -------------- ---------------- $281,548
measures were m ade necessary by tho closing dow n tor a year and a h a lf,
D epreciation o f stocks o f other com panies....... ...............— $20,000
owing
to
a
strike
and
tho
adverse
business
conditions
which
follow
ed
th e
D ividend N o. 11 on prof, stock, paid during 1915............ 40,000
-------------60,000
Il/*I°n the^iiit o f tho P acific Coast Coal M ines, L td ., and certain o f its share
Passed to surplus (increasing same to $451,835 D ec. 31 1915).$221,548 holders vs. form er directors, known as the A rbuthnot Syndicate, M r. JusT he balance sheet o f D ec. 31 1915 shows outstanding $4,000,000 com tiee Clem ent, In a judgm ent handed dow n in V ictoria, B . O ., on Jan. 7,
m on stock , $2,000,000 pref. stock, n o bonds and only $116,635 o f notes indicates that the plaintiffs aro justified in all their m ajor claims and d e
clares that the $1,500,000 6 % bonds which the defendants authorized in
and accounts payable.— V . 102, p. 710.
1911 (chiefly in exchange for their own s to c k ), without tho necessary special
N a t io n a l T r a n s it C o ., O il C ity , P a .— Earns. Cal. Year : legislation or a vote o f 75% in interest o f all stockholders are null and void .
T he bonds, where owned by innocent parties, it is held, must bo ex
1915.
1914.
1913.
1912.
$1,482,187 $2,315,556 $1,909,807 changed for stock in the com pany but only to the extent of tho real value
N ot earnings___________ $1,024,631
of
these properties at the tim e the directors sold them *o t h e ‘.'J’ 11y?jjjjy•
D iv id e n d s ____________ (8) 1,018,207 (12)1,527,307 (12) 1.527,307 (12) l.o 2 7 ,307
This valuo is to bo determined but m ay not exceed $50,000. His H onor
also
directs that all m oneys paid on account including interest paid upon
B al., surp., or d eficit- sur$6,424 def$45,120 sur$788,249 sur$382,500
this bond issue since 1911, bo returned to tho com pany, this m eaning, it
1915.
1914.
1914
1915
is said, a refund to the Collieries C o . o f about $450,000. I hose bonds
L ia b ilities—
$
$
$
A ssets—
$
have been considered as underlying tho $3,500,030 6 % bonds which were
Plant(pipo line)6,384,117 6,867,834 Capital s tock . 12,727,575 12,727,575 issued b y tho Pacific Coast Collieries, L td ., and secured by sonio 99</0 o f the
826,387 A ccounts pay
M erchandise .
74,925
capital stock. T ho $105,000 worth o f bonds given to D r. 11. E . Young by
a ble..............
315,285
309,468 M r. A rbuthnot aro found to have been an illegal issue. Appeal expected.
Other invest’ t. 8,125,654 6,619,396
255,187
416,328 Unadj. credits
A ccts. receiv .
594,088
Under tho new management tho property has been much im proved,
715,6901
Surplus............
2,415.017
2,408,592
534,280
C a s h ................
som o 48,000,000 tons o f coal.it is claim ed, having beendoveloped b oyon d
the
amount m ined.— V. 98, p . 1923.
T o ta l............15,713,064 15,445.635
T o ta l............15,713.064 15.445,635
— V . 102, p. 526, 349.
P e n n s y lv a n ia S te e l C o —Bonds Called.—
One hundred and forty-seven ($147,000) Cornwall Ore Banks 5 % loan
N e w J ersey P o w e r & L i g h t C o .— Bonds Sold.— N . W .
O ct. 1 1902, for paym ent at 105 and lilt, on A pril 1 at G iraid lr u s t
H alsey & C o . have sold $ 5 5 0 ,0 0 0 1st M . 5 % gold bonds at dated
C o ., Philadelphia.— V . 98, p . 804, 716.
9 8 and interest.
„
D ated Fob. 1 1916, duo Feb. 1 1936, but subject to call at 105 on any
interest d a y. D enom . $ l,0 0 0 c*. Guaranty Trust C o ., trustee. Inter
est payable F. & A ., without deduction o f normal 1'ederal incom e tax, and
is tax-exem pt in N ow Jersoy. The bonds aro secured b y a t irst mortgage
on tho entire property. Earnings for year ending D ec. 31 1915 show:
Gross, $157,054; operating expenses, taxos, & c., $104,296; net, $ o2,7 j 8;
balance, $25,258. This com pany is controlled b y the General Gas & E lec
tric C o ., which see above.
N e w Y o r k A ir B ra k e C o .—
New Director.
W aiter T . Rosen o f Laden burgh, Thalm aun & C o. has been elected a
director.— V . 102, p . 715, 706.
N e w Y o r k D o c k C o .—
Plans Approved by Commission.—
Plans for the construct ion o f now piers at tho foot o f Joralemon and o f
M ontague streets, B rooklyn, were approved by the P . S. Comm ission on
Feb. 6. Construction is to begin im m ediately.— V. 102, p . 526.
N o r th
A m e r ic a n
C o .—
Earnings.—
C al Y ea r—
1915.
1914.
I C al Y ear—
1915.
1914
Gross e a r n s ..$1,952,503 $2,156,323) D ivs. (6 % ) — $1.489,665 $1,489,665
N ot in co m e -- 1,804,777 l,908,772|B al., surplus.
315,112
419,107
— V . 101. p. 368.
N o r th e r n S t a te s P o w e r C o . o f D e l. (C h ic a g o ).— Slock.
Sec. It . J . G raf in a circular addressed to tho shareholders,
dated M a r . 3 , says:
In Jan. 1916 the Consumers’ Power C o. o f M inn. (V . 100, p. 1921, 2169)
changed its name to Northern States.Power C o. o f M inn, and increased its
authorized com m on stock to $14,000,000 and pref. stock to $16,000,000,
so as to equal the authorized com m on stock and preferred stock o f the
N orthern States Power C o. o f D el. A ll o f the issued capital stock o f the
N orthern States Power C o. of M inn, (excepting the directors qualitying
shares) is owned by the N orthern States Power C o. o f D el., and as addi
tional stocks o f the N orthern States Power C o. oi M inn, are issued tho
N orthern States Power C o. o f Del. will acquire the same, thus always keep
ing in its treasury all o f tho issued stocks o f the N orthern States 1 ower C o.
° f Tho*authorized capital stock o f N orthern States Power C o. o f D e l a w a r e
and its subsidiaries as o f Jan. 31 1916 was: C om m on stock,
J / d ,000,
pref. stock, $8,425,700; bonds, notes, & c., $30,379,000.
E a r n i n g s o f N o r t h e r n S la t e s P o w e r C o . o f D e l a w a r e a n d S u b s i d i a r i e s
1916.
1915.
(1) M o n t h o f J a n u a r y —
1914.
$560,150
$469,428
Gross earnings_______________________
$423,152
270,242
318.317
N et earnings________________________
232,613
(2) 12 M o n t h s t o J a n . 31—
—„
Gross earnings________________________ $4,076,563 $4,551,524 $5,216,719
2,918,880
N et earnings (after taxes)----------------2,080,027
_2,469,620
.— .
D e d u c t — Fixed charges for the 12 m onths to Jan. 31 1916---------1,615,451
Dividends on preferred stock _________________________________
o8< ,-JO
Surplus available for deprec’n, com . stock dividends, & c-----— V. 102, p. 71, 804.
$816,133
N o v a S c o tia S te e l & C o a l C o ., L t d . — Debenture Stock
'The B an k ers’ B on d C o ., L t d ., T o ro n to , is offering
at or abou t 95 and in t. a block of tho com p an y ’s $ 4 ,0 9 0 ,0 0 0
0 % m ortgage debenture stock, which covers tho entire
property, subject to an issue of $ 6 ,0 0 0 ,0 0 0 1st M . 5 % bonds
o f which $ 1 6 5 ,0 0 0 have been redeem ed. T h o com p an y ’s
balanco sheet as o f D e c . 31 1 9 15 , was given on page -X III
o f last w eek’s “ C h ron icle,” showing total assets of $ 2 4 ,
0 0 0 ,0 0 0 , which is said to be “ extrem ely con servative,” since
the com pany owns not only very extensivo iron and steel
plants but also large iron and coal deposits.
C om pare
V . 102, p . 8 8 2 .
Offered.—
O h io C itie s G a s C o .—
Purchase.—
Press advices stato that practically all tho stockholders o f D ayton Gas
C o. have agreed to sell their holdings to tho Ohio Cities Gas C o. in consid
eration o f tiro latter giving its own 5 K % pref. stock, $ for $, for the 5%
pref. stock and $70 a share for tho com m on stock o f tho D ayton C o ., which
is said to have $800,000 com m on and $1,772,500 pref. stock outstanding.
It is stated that form er G ov . C ox will represent tho D ayton interests on
the board o f directors.— V . i0 2 , p. 526.
P e n n s y lv a n ia
Tank
C a r C o . — Equipment Trusts.—
Bioren & C o ., P hiladelphia, are placing tiio total issuo o f
$ 2 0 0 ,0 0 0 equipm ent trust 6 % coupon certificates, sones “ I I , ”
to bo dated M a r . 1 1916.
Free o f P ennsylvania Stato tax.
A circular shows :
Unconditionally guaranteed for principal and interest b y the Pennsyl
vania Tank Car C o. Denom . $1,000. Due $20,000 annually on M a r. 1
from 1917 to 1926, both inclusive. Issued by the Logan lru s t C o. ot
Phila.. as trustee-owner, and specially secured b y 200 new steel under
frame tank cars o f 8,000 gallons capacity .h a v in g a market value o f $1,350
each, aggregating $270,000, with title in the trustee-owner until all install1UT ho Pennsyfvania^Tank Line sub-leases these cars to various responsible
m anufacturing and oil-producing companies at an average rental or $25
to $30 per m onth per car, which is equal to over $00,000 per annum.
E ighty per cent (8 0% ) o f tho capital stock o f the Pennsylvania l ank Car C o.
is owned b y tho Petroleum Iron W orks, Youngstow n, Ohio. G . 1 . W ood Smith is President o f tho Pennsylvania Tank Car C o. and or tho I tnnsylvania Tank L ine.— V . 95, p . 822.
PhelDS. D o d g e & C o .—
Extra Dividend.—
A n e x tra idivid ern iof $3 50 ( 3 K % ) has been declared on the *45,000^000
stock along with tho regular quarterly $2 50 (2 M % ) , pa.} able M arcn
to holders o f record M arch 20. This com pares with $3 extra and $.. 50
regular in Juno, September and Decom ber 1915.— V . 101, p. 1978.
O u in c y (C o p p e r ) M in in g C o .—
Earnings .—
For C a l. year:
c f.i Y ea r
1915.
1914. I C a l Y e a r —
1915.
1914
Gross receipts.$3,983,958 $2,054,6221 Construe., &c.
$47,418
$90,364
N ot p r o f i t s ... 1,905,300
286,9291 Dividends
(32)880,000 (2)55,000
Ot li<*r income
15*787
9*0281H al.t surplus»)93*67o
161*297
^ T he tota ?su rplu s) D e c. 31 1915, after deducting $226,250 paym ent on
land purchased from H ancock Consolidated M ining C o ., was $l,0b4,Job.
— V. 101, p . 1890.
S a n D ie g o (C a l.) C o n s . G a s & E le c tr ic C o .—
— T h e following is pronounced correct:
New Stock.
This subsidiary o f Standard Gas & E lectric C o. is offering to its custom ers,
s u b je ctto th o ^ a p p ro v a l or the Cal. R R . Com m ission, $500,000 7 % pref.
stock at Dar on terms o f 20% cash and tho balance in ten equal m onthly
navmonts
T he proceeds will bo used in connection with tho retirement o f
000 6 % debenture bonds, duo in 1922, to pay floating d ebt and to
provide additional working capital. Prior to the issue o f . this pref .s t o c k
the com pany had outstanding $4,266,000 1st M . 5% bonds, $356,000 6 %
debenture bonds and $2,955,000 com m on sto ck .— Y . 100, p. 98o.
S o r in g V a lle y W a t e r C o ., S a n F r a n c is c o .—
Earnings.—
Cal Y ca c—
1915.
1914.
| C al Y ea r—
1915.
1914
Gross earns..$3 ,6 8 2 ,5 8 6 $3,463,295|D epr.,& c..res. S573.9M
$6b7,558
N e te a r n s ____ 2.441,801 2,141,735 D iv id e n d s .. (3) 840,000 (2 K ) 700,000
Bond &c., int.
776.080
790,7371Balance..........sur$69,298 def$ 16,560
— V. 101, p . 1978.
S t a n d a r d G a s & E le c tr ic C o
— Subsidiary Co. Stock.—
See San Diego Cons. Gas & E lec. C o. abov o.— V. 102, p. ooU, 8 JO.
S ta n d a r d O il C o . o f N .
J
—Gasoline Price Advance.—
R elative to tho continued advance in tho price o f gasolino to consumers
from 16 cents per gallon a year ago to tho prevailing 26 cent rate, 1 ercy A .
Rockefeller is quoted as saying: “ There is no use in talking contraction or
reduction. There aro three big factors which figure in tho high cost o f
gasoline, and until theso difficulties are surmounted tlio price will continue
to bo increased. You m ust not be surprised if you liavo to pay 40 cents
for your gasolino before summer wanes.
,
“ In the first place, wo could sell every gallon wo refine to>tho A llie s a t
prices far in advanco o f those we are now receiving. In fa ct, tlio Allies
would willingly pay 40 cents forou r total output to-day. Then, with the
Panam a Canal blocked, it costs us m ore to got tho oil to Eastern points
4h “ F/nally ,Uthe*M exican situation is such that hundreds o f wells are idle
and we aro unable to get tho crudo oil. These throo obstacles aro insur
m ountable at present.’ ’— V . 101, p. 171J.
S ta n d a rd
S h ip b u ild in g
C o .—
President.—
T hom as Benson has been elected President and General M anager.
Y\". S. Cahill o f Baltimore lias been elected a director o f tho co . V. 102,p.2o6.
Ma r . l i 1916.]
THE CHRONICLE
S u b m a r in e B o a t C o r p ., N . Y
.— Extra Dividend.—
T ho E lectric B oat C o ., nearly all o f whose stock is owned b y this com
pany, has declared an extra dividend o f 7% on its 76,721 shares o f stock
along with tho
the regular 8 % ., payable
navahln M ur.
.30 t.r,
ar. 30
to holders o f record th esam e
quarterly dividend o f $1 50 on nuDinanno
Submarine iio
B oat stock
Th,0.! usual
Apnrr. 15
1h to
f n holders
hnlnprs nf
rnpnrrl M
Man
Q1
IT
ion p . 614.
<>1 i
will bo paid1 A
o f record
ar. 31.—
V . 102,
S y r a c u s e & S u b u r b a n G a s C o .—
Receiver
Judgo Georgo \V. B ay in Utica on Fob. 9 appointed James G T raov
receiver on petition b y Louis Burkhard, a c r e a t o r .^ The liabilities^are
placed at $65,000, wlth assets at $45,762. Tho com pany is controlled by
the International Gas & Electric C o. and has an authorized e m lt i l n f
$50,000, o f which $10,000 is issued. Tho com pany■ M t S S S w ‘’S ? , f r o m
the Syracuse Lighting C o. and supplies 349 consumers
g
“
(J. V .) T h o m p s o n C o a l P r o p e r tie s , U n io n t o w n , P a .—
I h o creditors com m ittee organized to direct tho liquidation o f M r
T hom pson’s indebtedness consists o f tho f o l l o w i n g A o x C
R o b in so ?'
Ik(S YoungstoW^nSlS W
t*
C<V P « tsb u rlh ; James A . Cam pbell;
’V iHe
Sheet & T u b e G o.; A . Plumer Austin, Bros. Fayette
wealth Trust On’ ’ pnt°Kt0W!1’ ? a ‘ UA -„K - Ham ilton, director o fC o in m o n wealth trust C o ., lU tsburgh; A . F . Cooper, attorney, Uniontown, P a .;
G
Pres. Hltchm au Coal & C oke C o ., W heeling, W . V a.;
” ',p,
,,ara?V 4*rector o f tho Second N at. Bank o f Uniontown.
i h o liquidation will bo financed by Samuel Untormyer, 37 W all St.,
em i iL u ^ l0btie dl\ess involved is said to bo som e $14,000,000, as against
coal lands and other assets said to aggregate a much larger sum. T h o Safe
D eposit & tru st C o. o f Pittsburgh, tho Fayette Title & Trust C o. and the
Citizens litle & tru st C o. o f Pittsburgh have been named as depositaries
to receive unsecured claims for tho liquidating com m ittee.
T illa m o o k T im b e r & L o g g in g C o .—
Lease,
tfee.—
See Cincinnati Gas & E lectric C o. a bove.— V . 100, p . 560.
U n io n S w itc h & S ig n a l C o .—
C a l. Y e a r —
1915.
N ot p rofits—
$372,640
Prov. surplus. 1,047,556
Earns, for Cal. Years.—
1914.
C a l. Y e a r —
1915.
1914.
$833,345 D lvs. (c a s h ).. $799,282
$748,960
2,691,975 Stock d iv ......................
*1,665,983
Miscellaneous
_______
62,824
T o t a l ..........$1,420,197 $3,525,320 Total
-------- --surplus. $620,914 ^
,^ ,,0 0 0
$1,047,556
Cash dividends includo 6 % yearly on pref. stock. $60,000, and 12% on
the com m on stock, $739,292 in 1915 against $688,960 in 1914
'
* l1 or particulars see V. 101, p. 899.— V . 101, p. 1633.
U n it e d F r u it C o .—Notes
A f a n a g e m e r it.
Directors are the men who have been responsible for tb«
forTl S ? ? vndp5L0 ^ h Q0 f tb ? business; Chas. D . K endalP ?P res.), B am II K^endall (T re a sT & 8 u p t ,)’ Wll,Iam 11 • Hayden (Sec.) and Frederick
^ r
t cn years the average net earnings after deP " ,year. or 3 ^ times the pref. dividends,
in u ,f h 0ai c h i t P tT ^ ’
whj le o f considerable value, are not shown
Ivc h i [^ ? ? if n?
<Ju’ ck assets equal $180 per share for the pref. stock.
on merchandise bills
due)0 ™ ' ^ m ° ney and ° nly about S20’000
Hec. 31 1915 ( P r e p a r e d b y P u b l i c A c c o u n t a n t s __ A n e t t __ Gash
d h o'5anvento??)tS S24«V4 57? ’
1£ ? 2i note* receivable, $3,373; merchan3246,457, real estate and m achinery, $51,479; total,
$472i594. Offsets Accounts payable, $40,162; notes oavable S120 0 0 0 *
capital stock, $100,000; surplus, $312,432.
p ayaoie, 820,000,
n r p A 2 t i n n Sh ^ ~ h
W a g n e r E le c tr ic M fg . C o ., S t . L o u is .— Capital
Increase.
nn™ s com pany has increased its capitall stock from $1,800,000 to $2,000,
000 b y declaring a stock dividend o f 10% on the $1,800,000 outstanding
T he other $20,000 o f new stock is to bo sold to departm ent managers at p a r'
i t if
made
bra£s
shells,’but
it
is said that the bulk o f thehas
com
pany’s
businessfor
is shrapnel
non-m ilitary
T he
castim r'sinnCnnnr
costing $100,000.
g l o p a c i t y b y the equipment o f a fa ctory addition
2,500 men are em ployed. See V. 101, p. 1979.
W a to r b u r y (C o n n .) G a s L ig h t C o . — Control
Sold.—
See N . Y . N ew Ilaven & H artford R K . abov e.— V . 100, p. 404.
ri^®gk®r n S u g a r & L a n d C o ., C o lo . S p r in g s .—
vatlon ^ t o e aCoIoradoeTiHnavea>in
Receiver
hands o f a roceivcr upon the applil
Committee.—
. I'h ecm m m u ee below named has been form ed to conservo tho interests
o f the holders o f the $3,100,000 authorized 6 % sinking fund o f 1912 bonds
' p l iC \ w l ) s ‘icfanlted M arch 1 last. C om m ittee: Em ile K . Ilo iso t’
Chairman. R alph Van Vochten, E . F. M a ck, J. P . Oloson and Clark i /
i f°9 !; James 1 • Fedoy, Sec.; W inston Payne, Strawn & Shaw counsel all
o f C hicago. D epositary, First T r. & Sav. B k ., C hicago.— V . 96, p . ’ 66.
U n io n G a s & E le c tr ic C o .—
981
Called.—
All the $12,000,000 6 % 4-ycar gold notes duo M a y 1 1 9 1 7 have been
W e s t in g h o u s e A ir B r a k e C o .— 6
Months Earnings.—
1 res. II. 11. W estinghouse says : "T h e total not p ro fit for the six m onths
dan‘ F 1916, exclusive o f the contract for m unitions, is $ 1 918 985
samo^norkMl1!fv ’ 3348,539.
« 34» n^3 0 ’ V’ tA3nH
rcqu.ir?iment,S
o f 31are
-570.446
% )mfor
the
A s depreciation
charges
now m (8
ade
onthly
surnlnf frennnt0 “ a*. °,C Production this am ount represents a net credit to
m f/io
flin
A
amm unition con tract the deliveries are being
shn.ihi11
w llh .no roloctions and unless difficulties now unforet
S,i°iU ^
tho coutract will bo com pleted well within the specified
i { 5 “ aud possibly b y July 31 1916. Our estimates o f cost have been co m
Comparo’ v!*10 1'?!)?^269_sbould show a substantial m anufacturing p ro fit.”
W ic k w ir e S te e l C o ., B u f f a l o .— Bonds.—Wm. A . R ead &
G o ., N ew Y o rk , and B aker & W a tso n , B u ffalo, have rennm 8 1 !5? 0 ’,0^ ? ls t ,M ;
2^ r
gold bonds (auth.
$ 2 , 5 ^ , 0 0 0 ) , (k te d N o v . 1 1914.
F or details o f issue see
v . 1U2, p . 8 9 1 .
H ie bankers say in substance:
H o.'ton!
m ortgage on all property now owned or hereafter acquired at
m odern h?’ “ Prf s ng 85 acres on tho Niagara R iver near B uffalo and two
?aPdem blast furnaces for tho manufacture o f pig iron. It is proposed to
p?ant fnr w ?? n ^ ? el-.manufacturing plant, billet and wire rod mills and a
_ C a l. Y e a r —
1915.
1914.
J ‘
19 1 5
101,
T otal e a r n s ..$9,071,390 $9,084,544 Dividends ...$ 4 ,4 4 0 236 $4 4an 9an
N et p rofits. $ 7 . m ^ 1 $7,896,400 Sinking fu n d .
797,500
8 0 l ’300
— V . 1 0 1 .P 375.
IBal., surplus.$2,759,185 $2,654,864
g y i t h l s m ^ l a i e * t he Va‘ U° ° f tho property tovered
to 3 % ninlni 9 i q n?o0 iq ‘^
^ su cd .p a y a b lo N o v . 1 1917 and 1918.
canoe? 7 n <7
.5?.™ 5 Z° annually in 1924 to 1933 inch, should
cancel 70 % o f the authorized issue b y m aturity. Com pare V . 102, p . 891.
M a y 1 at 01,1 C olon y Trust G «
U n it e d G a s Im p r o v e m e n t C o ., P h ila .—
U n it e d S erv ice C o ., S c r a n t o n , P a .—
Earnings.-
(F . W .) W o o lw o r t h C o .— February
Earnings.__
1915.
1914. I
1915
10 1a
e e i 4; , *
Gross ea rn in g s.. $666,966 $553,118 Pref. divs............ $ 7 3 14 3
N et a ft. dopr.,& c.$277,091 $214,541 [Com m on d iv s.
(?)
n i l 1 a™
M iscoll. ded uc’s
2,941
........... |Bal., surplus .$ 1 0 4 ,4 1 1
'$ 7 6 228
Tho follow ing companies are operated: The Ohio Service On w „ L „
L ight & Power C o ., Warren E lectric C o., Jefferson E lectric
V,X k C
W ater & L igh t C o ., East Penna. Gas & id ee. C o. and the Casho^nn
& B oating C o. T h e stock outstanding o f the United Sorvl™ r£ct0ri
1915 consists o f pref. $1,271.750. and com m on, $l,251?80o!— ^ V .^ O l.^ S S L
C a l. Y ea r—
U n it e d S t a te s S te e l C o r p o r a t io n .—New
Elbert H . Gary announced
Gary.—Chairman
Tube
W o have decided to build and will prom ntlv
,,
,
,
o f a first-class tube plant at G ary, Ind
It is
t }° ccmstruction
Including ore docks or yards, blast f u r n a c f i s m ^ v ^ tho ^ p ro v e m e n ts ,
mills, power station, water works, sheared niatn'nim 1^
mil ? ’ ,bloom ing
sssrs
bus s a fe ,it ”
See "T ra d e and T ra ffic” on a previous page.
n iio 1? /0; +?°innPpnly will_-redeem for tho sinking fund
$ 1 ,0 7 7 ,0 0 0 of its 10-60-year 5 % sinking fund coupon gold
bonds, issued under indenture dated April 1 1903 on M -,v i
a t 110 and h it. a t office of J . P . M organ & C o
N Y
On M a y 1 there will havo been retired through the sinking V. . n i , \ , $18,247-OOObonds. leaving outstanding in the h a n d s o fth e p u b h c'
000 o f the $20 0 ,000,000 bonds issued?— V. 1 0 2 , p ? 615? 717. 5181,753*'
U n it e d S ta te s W o r s te d C o ., B o s t o n .—
Earninas __
T he profit for 1915, after charging interest on floating debt
07a
against $499,324 in 1914. A fter deducting in 1915 .$142 889 'for r e S
and maintenance, and $60,162 for interest on Saxony option the bal™ ™
U ta h C o p p e r C o .— Extra
along with the regular quarterly8
^\^’244,900 stock
W a r r e n L e a t h e r G o o d s C o ., W o r c e s te r , M a s s .— Pref.
& M o o r , W orcostor, rocentlv offored
,,
7 %
c u m u la t iv e ’,t < X % h r iZ * i
^
»iblo
15.
Rodoom.tblo tts ti whole or in ntirt f o r s in k ln ir
“ d on any divid en d .,late a t $ 1 0 5 per s K “ a „ d a ? o u S
latod dividends. A circular shows:
Capitalization: Pref. stock, 7 % cumulative (nrof
■ ,,
.
*200,OOO; com m on stock, $100,000. incorporated in
1902, succeeding to tho business o f J . J . Warren C o
T im ?
s? tt! ln
leather, cane, m atting, fibre and enamel goods, such as t r a v e l O ^ H ^ 0
suit cases, sam ple cases, autom obile trunks, lunch kits and t m i i n bags,
goods at 80 Austin S t., W orcester. Their good s are w fllla n d ^ 11 leat,her
known and are sold all over the United State? by the r o w l t h l l ™ 0 e b y
customers Including nearly every prom inent department S
t S
l™
D ata from P res. Charles D. K en d a ll. W o rce s te r F eb
V o t i n g P o w e r .— The pref. stock has the right to vore
, ,191Gfailure for more than a year to pay a quarterly d i v i d e n d o f 1 V < v '
a' m
p ref stock, or as long as any net quick assets, detOTmlned M
M
any fiscal year, are lass than tho amount o f tho then outetandhur
Vf
S i n k i n g Fund.— Annually not loss than 10% o f 'the nrofits
k sto!'k ’
o ff depreciation and paying the pref. dividends, for purchase and canclfn?8
tion o f pref. shares at not over $105 per share and int
and Cancella— T w o buildings are occupied as a factory; one Is leased for •,
“ yCJ ^ , and tbo ? thcr erected b y tiio com pany in 1910 at a cost o f $54
on Which there is no incumbrance. Branch o f f l w l n v Y
H
1
San Francisco and Binghamton, N Y
111
y - C hicago,
Sales.—
In c.
I 1916— 2 M
18-43% 1$9,996,201
Y u k o n G o ld C o ., N . Y . —
1915
$8,757,820
os.
In c.
14.14%
New Officers.—
I
, r
o e b iY tV htY b e,en elected President to succeed S. R . G u ggen G u g g m ih d ^ — V4 1 0 2 ?p !C615aS beCn electod Treasurer, succeeding M u fra y
Z in c
C o n c e n t r a t in g C o .— Stock Offered.— C . R . B ergC o - ’ tN - Y -» are offering, b y a d v . on another page,
a t 3 3 75 per share (par $1 0) the unsold portion o f the capital
a.IIlount authorized and issued being S 3 ,0 0 0 ,0 0 0 ,
full-paid and non-assessable.” A circular says
in substance:
*■e k } } } ? L eeJJ1pany has purchased all the patents, rights and contracts o f the
o f th e ’most ?m n ort?n P ?W G ^ f0r roasUng and concentrating zinc ores,” one
m ost Im portant developm ents in the treatm ent o f zinc-iron sulphide
°r«5- Tho com pany owns the fundamental and basic patents to n i ihn
,non_ox' ,z *n8 " Htherington-Slnger roasters,” b y which sulphide
ore can be roasted to the magnetic state In ten minutes’ tim e with thn’ nrA°
ervatlon o f the powdered zinc-ore and a large part o f tho sulphur which is
lost in other processes. (2) T he Cam pbell m agnetic separator*^ 2 J S
autom atically extract the iron from the zinc, affording an average 95<7 o f
zinc values In sulphide ores. [Tho circular roproducel a n m i d f f r o r n the
“ Engineering & M ining Journal” o f N . Y . o f June 5 1915 a s t o t h o ? ,? r r f^
o f the process at plants then under lease to tho Linden (W is ) Zinc C o M d
Coi?CV?Sil1o i : npC T o 7\ - E d . 1(:i t y ’ WiS> C ° mpare A naconda C^opper MirSng
ins’nrn
tb c com pany are in the hands o f voting trustees, which will
insure the continuance o f the a bove management for a period o f 3 vears.
e ov.tr a ?;ear z nc (spelter) has advanced in iirice from 4 80 cts"
to 27 cts ., spot spelter now selling at about 20 cts. Prior to the nresent
war Germanv supplied two-thirds o f the w orld’s zinc and America o n h ? 1-31
D ir e c t o r s .-L . N G odfrey (President). Treas. L N . e X y Lumber
CU R R EN T NOTICE.
Dividend.—
Stock— B onnoy
* '0 0 “ < * « « .
e
16—
—4^e b r u a r y — 1915.
— V 4 10274p 605i,51599° 5
p b a r le s W . ^ Iill, for tw enty-one years associated with the Guaranty
st C o . o f this city in various capacities, and m ore recently with the
bond and securities departments o f that institution, has resigned to engage
In a general investment business in bonds, investment securities and bank
and trust com pany stocks. M r. Hill is a director o f the Consolidated
Arizona Smelting C o ., the B oyce Fuel E conom izer C o ., and is a m ember
o f m any New Y ork clubs.
-W illiams, T roth Sc Colem an, investment securities, 60 W all St N ew
Y ork are issuing m onthly a “ Current Letter on Public U tility Securities ”
which along with quotations for numerous well-known issues, contains
news items regarding a number o f Important companies.
G lover & M acG regor, 345 Fourth A v e ., Pittsburgh, P a ., are dealing
‘ “ Y ® 86 Term Power C o . first m tge. 5% bonds. Series “ A , ” due .March 1
1946. Price on application.
— E bert, M icliaells & C o ., investment securities, 60 B roadw ay, New
Y ork, have taken larger offices in the same building to accom m odate their
increasing business.
They have established a bond department.
— Burgess, Lang & C o ., 50 State S t.. B oston, and 55 Wall S t „ this citv
are offering $500,000 State o f M aine 4 % State highway bonds, due serially
M arch 1 191 < to 1936 inclusive. Circular on application.
— Chas. II. Jonas & C o ., 20 Broad S t., N ew Y ork, have issued a circular
on the G u lf States Steel C o. (see Annual Roports on a precoding page.)
Ellis P . Egan, form erly with H oward Simmons & C o . o f Chicago has
becom e associated with the C hicago office o f M egargcl & C o .
[Vol . 102.
THE CHRONICLE
983
A M E R IC A N
B A N K
NOTE
C O M PAN Y
A N N U A L R E P O R T — 1915.
O f tho stock shown b y the balance sheet as issued, $ 1 ,0 8 7 50
represents Preferred Stock scrip, and $ 1 ,0 3 7 50 represents
C om m on Stock scrip, on which am ounts dividends are not
payable until they aro c o n v e r t e d m to whole shares.
Ut
this scrip $ 9 9 5 8 6 of C om m on Stock and $ 1 ,0 4 5 8 8 of Pre
ferred Stock had been purchased and was hold 111 tho tre a s
ury on Decem ber 3 1 , 1915.
,
T h e stock issued, as shown b y the registration book s, con
sists o f 8 9 ,9 1 3 shares of Preferred Stock and 8 9 ,9 1 4 shares
of C om m on Stock , and tho registrar’s certificate has been
obtained verifying the correctness of those am ounts.
Y o u r Directors subm it herewith their A nnual Roport and
Statem en t of A ccou n ts for the yoar 1915.
S H A R E C A P IT A L .
T h e C apital Stock issued and outstanding is:
C om m o n S t o c k ------------------- ----------------------------------Preferred Stock , 6 % C u m u lative------------------------ 4 ,4 9 6 ,7 3 7 oO
T o ta ,
________________________________ _________ $ 8 ,9 9 3 ,4 7 5 00
T h e Authorized C apital Stock is:
C om m on S t o c k ------------------- -- - -----------------------------Preferred S tock , 6 % C u m u la tiv e------------------------
r ’m n ’f K l
o ,0 0 0 ,0 9 0
T o ta l Authorized Capital S to ck ........ ............
$ 1 0 ,0 0 0 ,0 0 0
R espectfully subm itted,
C. L. LEE,
Treasurer.
Thero has been no m aterial change in tlio physical condi
tion of our various plants during the past year.
I ho general
m ercantile conditions have shown a steady bu t gradual im
provem en t.
D u rin g tho latter half of the fiscal year this
has been especially noticeablo in our domestic business.
D espite tho disturbing war conditions our foreign le la tions have m aintained a healthy and satisfactory grow th.
N ecessity has com pelled us to overcom e tho ditticiilty ot
obtaining certain supplies hitherto furnished from abroad,
but tho curtailment of proper shipping facilities to foreign
ports rem ains a serious obstacle.
, ,
„.
,
T h e unfilled orders on our books a t tho closo of tho fiscal
year show a slight gain over the previous year.
All work in progress is token a t factory cost only*
C O N S O L ID A T E D
BALANCE
SHEET,
DEC.
A SS E T S.
C a v ita l A s s e ts :
_
.
Real E state and Buildings in tho Boroughs o f
M anhattan and tho Bronx, N ow Y ork , and
at C hicago, Philadelphia and O t t a w a - ..--$ 4,18 1 ,4 8 2 0J
M achinory, E quipm ent, Dios, R olls, 1 lalus , R„n qr-.q ni
and other permanent investments.................. 4,bJ9,JoJ Jt
M aterials and^Supplies, W ork in Prograss and
, ,’,7 7 ’not
Finished S t o c k ------------------------------------- A ccounts R e ce iv a b le ....... ....................................... 1 ’V o i’07
q.Vroq
N otes Recolvablo .................... - ............................
Contract D o p o s its ....... ...........................................
692 816
31 , 1915.
$8,881,442 00
rq
7n
no
22
$2,946,108 76
_
Insuranco F un d------ - - - - - ----------------------------- 4 , 1 7 0 7 ‘18
Em ployoas’ Pension l u n d .................... .................
4 4 ,/J / o.J
D e f e r r e d C h a r g e s ------------------------------------------------------ "
"
S p e c ia l C a sh D e p o s its f o r R eserv es:
REAL ESTATE.
A ll the real estate of the C om p an y is freo from m ortgage.
T h e property at T rinity Place continues unsold.
$11,963,976 92
COUPON N O TE S.
D urin g the past year the issue of coupon notes of this
C om p an y w as reduced b y $ 4 0 0 ,0 0 0 , m aking this item now
stand $ 6 0 0 ,0 0 0 , in place of $ 1 ,0 0 0 ,0 0 0 .
D IV ID E N D S .
T ho dividends on our com m on stock, in te m ip te d in tho
latter part o f 19 14 , were resumed A u gu st 16 , 1915.
T h e following dividends were declared during the year.
As r f m 5
4p
July
O ct.
Jan.
_ _ _ _ _ a ssfe
7 ,4 3 4 7 5
i ; m i L : : : . ........... ................ ..
1 1915
______
3 , 1 9 1 6 ” ’- - ” - - - - _________
§
6 7 ,4 3 4 75
6 7 ,4 3 4 7 5 $ 2 6 9 ,7 3 9 0 0
Common.
A u g . 16, 1 9 1 5 .....................- ...................... ^ 1 * 9 5 7 no
N o v . 15, 1 9 1 5 ........... ................................4 4 ,9 5 7 00
125,231 00
11,195 17
8 9 ,9 1 4 00
$ 3 5 9 ,6 5 3 00
STOCKH OLDER S.
A s shown elsowhere in this report, t h e t o t a l issued capital
stock o f the C om p an y consists of H 9 ,827 shares o f the par
value of $5 0 each. T h e stock a t the close of 1914 was
divided am ong 1,3 97 holders whch num ber l u t s b e o n i n creased to 1,4 40 holders a t tho close of 1915.
This ropro
sents an average o f about 125 shares to each stockholder.
L IA B IL IT IE S .
C a^R »{astock6 o f American Bank N oto C om pany:
Preferred 6 % C u m u la tive...$ 4 ,4 9 0 ,7 3 7 o0
L e s s — Scrip in Treasury . . .
1,045 88
$4,495,691 62
Authorized— 100,000 Sharas
o f $50 00 e a c h . ..................... $5,000,000 00
C o m m o n ----------------------------------- $4,496,737 50
4,495,741 64
L e s s — Scrip in T reasury— _______ 995 s o
Authorized— 100.000 Shares
o f $50 00 each........................ $5.000.000 00
Fivo-P cr-C ont C oupon Serial
G old N o t e s .....................................................
c o o non no
bUU.UUU uu $9,591,433 26
C u r r e n t L i a b i l i t i e s .*
A dvances om A ccou n t'of Custom ers’ Orders. .
D ividend on Preferred Stock, payablo Janu a ry 3 ,1 9 1 6 .....................................................
*^13 303 40
19 8 ,409 52
67,4,54
579,147.67
80.433 67
Insurance Fund------------- -------------------------------44 797 33
Em ployees’ Pension Fund-----------------------------82 653 40
Other Reserves______________________________ ________ [______ _
R eserves:
207,884 40
1,585,511 59
S u r p lu s .
$11,963,976 92
W o have examined tho head o ffico books o f tho American Bank N ote
C om pany, and also tho books o f its sovoral departm ents, for tlio twelve
m onths ending Decem ber 31. 1915. and have accepted foreign returns as
consolidated balance slo e . <•
E M P L O Y E E S ’ P E N S IO N F U N D .
N u m b er of pensioners January 1, 1 9 1 5 ------------------N u m b er of pensioners January 1 , 1 9 1 6 - - — — — —
Thero wore placed on the pension list during 1 J lo _
(A verage length o f service 37 3 -5 years.)
N u m b er died during 1 9 1 5 - - - ------------------------------- y
T o ta l am ount o f pension paid m on th ly January l ,
61
58
6
9
$ 2 ,8 5 5 53
T o ta l am ou n t "o f pension paid m on th ly "Decern- $2 g()7 ? 8
T o ta l am oim tfof pension paid during 1 9 1 5 - ..........$ 3 3 ,4 8 3 36
T R E A S U R E R ’S R E P O R T .
T h e statem ent o f tho Treasurer, including tho balance
sheet and profit and loss account, as prepared and certified
b y tho A u d itors, is subm itted herewith and m ado a part
hereof*
W ARREN
L. GREEN,
President.
and surplus accounts show correctly tho rasults o f tho business for tho
tw olve m onths ending at that date. p R i 0 E
W ATE R H O U aE & CO.
54 W illiam Street, New Y o rk , Fobruary 17, 1916.
P R O F IT A N D
LO SS A C C O U N T
Y E A R E N D IN G D E C E M B E R 31, 1915.
P rofits o f tho M anufacturing and Comm ercial Businass, after
1 deducting all expenses. Including Itopairs and 1 revisions
for Bad D ebts, but before nroviding for deprociat o
n
$1, 021, 911 89
Less— Depreciation on Buildings, M achinory and
Reserve*for M o v in g "M a ch in e ry IIIIII— - -
* 2 0 \ 0 0 0 .0 0
Miscellaneous Incom o.................................................
1 ^ .2 1 9 36
$859,692 53
30,771 50
$890,464 03
L e s s — Miscellaneous
Interest and other d c-
Interest and discount accrued on gold notos
$37,126 87
68,583 35
$105,710 22
$784,753 81
To the President and Board of Directors:
G en tlem en : T h o balance sheet and statem ent ot the
genoral profit and loss account of tlio C om p an y and its
constituent com panies, as certified b y M e ssrs. Prico, W a te r houso & C o ., the Independent A u d itors, aro shown on the
^ A ll purchases of m atorial, supplies, & c ., aro paid for in
cash, and every possible advantage is taken o f discounts
for suoh settlem ents.
D e d u c t — Dividends:
«960 730 00
On Preferred S tock............................................
r o o m no
On Com m on S tock............................................
89,914 U»
$359,653 00
Appropriation for Ponsion F un d ..................
40,000 00
399,653 00
S385 100 81
78
Balanco. being surplus for tho yoar.......................................... ..
Surplus January 1, 1915---------------------------sheet...................................................$1,585,511 59
T o t a l S u r p l u s per balanco
Ma r . l l 1916.]
THE CHRONICLE
BOOTH
F IS H E R IE S
983
C O M P A N Y
A N N U A L REPORT FOR TH E Y E A R
Chicago, III., March
To the Stockholders of Booth Fisheries Company :
6 1 9 16 .
I herewith subm it statem ent of earnings and C onsolidated
B alance Shoot of B ooth Fisheries C om p an y for the yoar end
ing January 1 1916.
I wish to acknowledge the loyal and
earnest co-operation of the ablo and efficient organization
to which the results for tho yoar aro due.
O ut of tho earnings for the yoar thoro has boon oxpondod
for Ropairs and Renewals $ 1 6 5 ,8 3 2 .
T h is is in addition to
tho am ou n t set up for D epreciation.
A ll of tho properties
and oquipm ont o f the C om p an y Iiavo beon m aintained in
good condition.
D uring tho year 1915 wo have providod from tho earnings
and sot up as a Reservo for Depreciation and to provido for
Dobonturo B on d Sinking F und $ 3 0 7 ,3 3 4 2 7 .
Thoro was outstanding as of January 1 1916 $ 3 ,9 8 2 ,0 0 0 o f
B ooth Fisheries C om p an y Six Por Cont Dobonturo G old
B on d s.
A s at dato April 1 1911 $ 5 ,0 0 0 ,0 0 0 of B o o th Fisheries
C om p an y Six Per C ent Debenture G old B onds were author
ized, of which $ 4 ,0 0 0 ,0 0 0 woro sold and $ 1 ,0 0 0 ,0 0 0 were
hold as a reservo, to bo issuod from tim e to timo to provido
for C ap ital Expenditures.
O f this am ou n t $ 6 6 8 ,0 0 0 wore
sold during tho yoar 1915 to roimburso tho C om p an y for part
of tho C apital Expenditures m ade during tho throe provious
years, loaving $ 3 3 2 ,0 0 0 of those bonds remaining in the
Treasury.
D uring tho poriod from April 1 1911 to January 1 1916,
inclusive, thoro lias beon charged to C apital Expenditures
$ 3 ,3 6 2 ,3 6 5 9 5 .
Of this am ount $ 7 5 3 ,0 0 7 7 8 covered tho
purchaso of tho Salm on cannorios formerly ownod b y G orm an
& C om p an y , in part payinont for which wo issued $ 7 0 6 ,0 0 0 ,
par valu e, of our Sovon Por C ent Preforrod Stock.
In addition to tho above m entioned salo of $ 6 6 8 ,0 0 0 of
Six Por Cont Dobonturo B on d s and issuo of $ 7 0 6 ,0 0 0 , par i
1915
value, of Seven Per C en t Preferred S to ck , we sold, during
o o nnar
Storage B ond s am ounting to 8 1 8 6 ,
813 99.
Y o u will observe th at while our C apital Expenditures
since April 1 1911 have been $ 3 ,3 6 2 ,3 6 5 9 5 , that we have
disposed o f securities aggregating only $ 1 ,5 6 0 ,8 1 3 9 9 ; the
remainder, $ 1 ,8 0 1 ,5 5 1 9 6 , having been provided from profits
and cash resources.
On January 1 1916 our Six Per Cont D ebenture B ond
Sinking F und showed that we have retired $ 6 8 6 ,0 0 0 , par
value, of these bonds.
In addition to this on M a r ch 1 1 9 16 ,
tho C om p an y will purchase and place in tho Sinking F und
an additional am ount of $ 1 5 0 ,0 0 0 of bond s, as required b y
tho provisions of the T ru st D e e d , and on April 1 1916 a fur
* J orr™,l!nt t(\ eover accrued interest on the Sinking Fund
°i
so '“ a t on the latter date tho Sinking F und will
show $ 8 6 1 ,0 0 0 of our Six Per Cont Dobonturo G old B onds
purchased and placed in tho Sinking F u n d .
T h e N o t earnings o f B ooth Fisheries C om p an y for tho six
years, 1910 to 1915, inclusive, have beon as follow s :
1 9 1 0 ------------------------------------------------------------------------- $ 9 9 0 ,1 3 8 4 7
1 9 1 1 ---------------------------------------------7 1 8 ,9 0 4 4 9
J 9 1 2 ------------- -------------------- ------------ ------------------_ _ _ _ _ 1 ,0 5 0 ,5 4 6 16
-------------------------7 7 9 ,6 1 0 63
1 9 1 4 ---------------------------------------------------------------------------9 2 1 ,4 8 8 66
rm-----------------1 ,0 4 2 ,7 7 0 52
I ho average for the six years was $ 9 1 8 ,2 4 3 4 9 .
A fter this period o f exporionce and close contact with
tho business of the B oo th Fisheries C om p an y I have groat
confidonco in the future earning power of your C om p a n y ,
and would call your attention to tho consistent earnings for
tho six years show n, in the face o f varying conditions.
I’ho statem ent of earnings for the year 1915 is com pared,
tor your inform ation, w ith the statem ents for 1914.
K.
A N N U A L REPORT FOR TH E Y E A R
'
N o t Profits from O peration------------- -------------- ---------------------Interest on Dobonturo B o n d s, C old Storage B on d s and Borrow od C a p ita lIZZZZZZZZZZZIIZI
_
President.
1915.
INCOME STA TEM EN T.
Rosorvos for Depreciation and Sinking F u n d _____________ ______ _________
L. A M E S ,
_ _
-soo /u Q s'n n
V3 4 4 ,563 16
3 8 6 ,7 7 9 41
^ 3 9 3 ’534
'^307’.334 2 7
D ividend s Paid on Preferred S to o k ...................................................................................................................
f?S0,O0.3
00
Balaneo to Surplus............. ............................................................................................................................ . . . ' * 1 6 8 ,6 5 1 8 4
CONSOLIDATED BA LA N CE SH EET A S A T JA N U A R Y 1S T
S o o o
~
35
00
$ 2 9 ,3 9 1 15
1 9 16 .
Assets.
Capital Assots—
Roal E state, Buildings, M ach in ery, S team boats, T u g s, In vestm en ts, Trado M a r k s, T rade N a m e s, G o o d B on d Sinking F u n d ------------------------------ZZIZZZZZZZZZZZZ
Current Assets—
nn
6 9 7 ,0 3 0 0 0
B u S K i^ w e p. ! u!!L Z °:L !!l“ d at or bolow 0031..........................................jp
Unoxpirod Insurance____________________________
97
Doforred Exponsos Paid in A d va n co ____________________________________
. ......
, _
~
.
,
. .
Liabilities and Capital.
Current Liabilities—
.
A ccounts aiid Bills P a ya blo ____________________________________________________ ________
«2 9 8 5 333 18
Rosorvo for B ad and D ou b tfu l A ccou n ts__________________________ I I I I I I I I I I I "
...........
’ 122*097 71
ltosorvo for Contingent and U nknow n Liabilities and In v o n to r ie sIZ Z IZ r Z IIIZ Z r ” I I _ I I I
2 2 3 172 91
C ap ital, Liabilities and Surplus—
Capital Stock :
First Preferred S to ck ____
^ 1 5 3 29 2
4 ‘>
$ 1 7 ,8 7 3 ,7 6 8 3 5
3 ,3 3 0 ,6 0 3 8 0
one non on
C om m on s t o c k --------------------------ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ^gSoiooo
00
$.5 OOO OOO nn3 7 ,9 0 6 ,0 0 0 00
Less— Treasury B o n d s______ ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ^’^ 3 3 2 ,0 0 0 00
Dobonturo B o n d s---------------------
B onds on C old Storago P la n t s ------------------------------------ -------------- --------------
^ $ 3 4 3 813
99
diii-nina
""
------------!------------$ 5 ,0 1 1 ,8 1 3 99
Surplus
----------------- ------------------------------------------- ---------------------------- ------------------ $ 6 3 5 ,8 0 6 23
Rosorvo for D epreciation----------------------------------------------------------------------------9 7 4 8 9 5 36
Rosorvo for Repairs and R onow als_______ ______ ..................................................................... " _
14 64 8 97
----------- ------------- $ 1 ,6 2 5 ,3 5 0 56
------------------------ 14 ,5 4 3 ,1 6 4 5 5
P.
$ 1 7 ,8 7 3 ,7 6 8 35
L . S M I T H E R S , Treasurer.
*-pWo* w V?naUdAte<\ tI}°TP ? ol<s aQ.(1 Accou n ts o f tho B ooth Fishorios C om p an y for the year ending^January" 1 1916 and
cortify th at tho attached Balaneo Sheet and Incom e Statom ont prosont a fair and reasonable statem ent o f tho C o m p a n y ’s
financial condition as a t that dato and of tho oarnings for tho yoar.
(Signod) A R T H U R
•
Y O U N G & C O .,
Certified P ublic A ccou n tan ts.
[Vol . 102.
THE CHRONICLE
984
AM ERICAN
W OOLEN
COMPANY
S E V E N T E E N T H 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 I N G D E C E M B E R 31 1915.
Through tho arrangement with the Toxtilo Allianco, Inc.,
however, imports of wool have been facilitated within rocont
To the Stockholders:
months.
.
.
The Seventeenth Annual Report of the American Woolen
The most serious difficulty has been oxporioncod m main
Company, covering the business of the company for the year taining an adequate supply of dyestuffs. The company,
1915 and summarizing its condition at tho close of business because of liberal purchases beforo and early in tho war, has
December 31, is herewith respectfully submitted.
been relatively fortunate in this rospect. Ilowovor, it must
On February 15 1916 the whole of the property of this bo frankly recognized that the hopo of tho toxtilo industries
company was transferred to the new Massachusetts corpora in this particular depends upon a strong and constant ac
tion, and this report is notable as tho last roportof tho year’s celeration of the manufacture of suitable dyestuffs in the
business that will bo presented by the American Woolen United States. Because of the European war, tho manage
Company of Now Jersey under the old rogimo. This is a ment has felt justified in anticipating tho company’s needs
most important change, which incorporates a new American by securing advance supplies of wool and dyestuffs so far as
Woolen Company in tho Stato where the executive offices possible.
of tho New Jersey company have always beon maintained
N E W A C Q U IS IT IO N S .
and its largest mills wore located. Substantial economies
Tho Directors of the company since tho last annual meet
are thereby made possible to tho benefit of all tho stockhold ing havo acquired a valuable group of mills in Maine— tho
ers, whoso prompt and hearty approval of this stop is duly Pioneor, W averly, Newport and Oakland M ills— at favora
acknowledged by tho officers of tho company.
ble prices aggi’ogating about $300,000, and in the year 19L6
have also purchased for $250,000 ono of tho most celobratod
A S U R V E Y OF S E V E N T E E N Y E A R S .
American mills engaged in tho manufacture of fine woolen
This transfer from New Jersoy to Massachusetts is a proper and worsted fabrics— the Globo Woolen Mills of Utica, N . Y .
occasion to reviow certain main features of tho business of
the company in the seventeen year's that have elapsed since
All of tho fifty separato mills of tho company aro free from
its original incorporation in 1899. The plants of tho com
pany Avhen it was first organized wore valued at $40,000,000. loases, bonds or mortgages of any kind . Their physical con
Additions by betterments, purchase of plants and machin dition has beon maintained at the highest efficiency. All
ery since 1899 havo amounted to $21,905,000. There has plants and merchandise aro fully protected by insurance.
Tho operations for tho past fiscal year aro shown m tho
beon marked off during this period by depreciation and pur
chase of shares of common stock for retirement tho sum of Treasiuor’s report, which follows:
W M . M . WOOD,
$17,100,000, leaving a present value of plants, mill fixtures
President.
and investments of $44,805,000. Total sales of tho company
from 1899 to 1915 inclusive have been $697,189,000. Total
dividends paid havo boon $35,667,000, and total wages paid
TREASURER’S STATEMENT.
to manufacturing employees havo beon $175,527,000.
A M E R IC A N W O O L E N C O M P A N Y B A L A N C E S H E E T ,
R E V IE W OF T H E Y E A R 1915.
D E C E M B E R 31 1915.
The year past was ono of sharply varying fortunes. Be C a s h _____________________________________________ $1,162,958 43
cause of the general unsettling conditions by tho groat Euro Accounts receivablo, not--------------------------------- 16,963,201 57
pean war, our business for 1915 began under very unfavor Inventories: W ool and fabrics— raw, wrought
^
able circumstances. Orders for the first six months from the
and in process— and all supplios-------------------- 18,053,972 36
domestic trado wero distinctly below normal, and this de
ficiency was not wholly offsot by tho demand for certain uni
$36,180,132 30
form fabrics for foroign governments. Soum improvement Plants, mill fixtures and investments— -------- 44,805,253 36
in domestic trade was manifest, beginning with the second Capital stock of Ayer M ills-----------------------------999,300 00
half of the yoar, particularly in carded woolen fabrics, but up
to October buyers as a rule wero indifforont and pessimistic.
$81,984,085 72
Then an acuto demand sot in for heavy-weight goods of all
descriptions, and for tho first time in soveral years goods for P R O F IT A N D LOSS S T A T E M E N T FO R T H E Y E A R
immediate dolivory commanded a premium.
A buyers’
1915.
market
sellers’ markot. Staple
marKOi became
oecame a
<b owuwis
uwijnu worsteds again
,
irwr
wero eagerly sought and soon tho largo mills of tho company N ot Profit for tho year 1 9 1 5 ---------------------------- 9 «
non 00
enjoyed"a full volumo of orders. Tho final quarter of the Dividend on Proforrod Stock---------------------------- 2,800,000 00
year was ono of great activity. Only comparatively small
$2,360,294 63
stocks of staple goods of any kind remained on hand when
1,079,609 17
tho yoar ended Docomber 31st. It may be addod that do D epreciation___________________________________
mestic orders recoived since January 1 1916 havo boon tho
Surplus for year 1915----------------------------------------- $1,280,685 46
lioaviest in tho company’s history.
Imports of wool manufactures in tho year 1915 wero re Surplus at Docombor31 1914---------------------------- 8,024,435 86
duced below tho total imports for 1914 by causes growing out
of tho great war, Germany, France and Belgium boing prac Surplus December 31 1915----------------------------------§>1.305,121 32
tically eliminated as competitors. A t the same timo, tho
general improvement in conditions in tho United Statos, duo Current Vouchers and Accounts---------------------- 4,~J2,o31 07
primarily to oxtonsivo war orders in many lines of business,
$12,096,231 07
has had tho effect of greatly increasing tho purchasing power
of the country and quickening tho domestic domand for Accrued Dividends on Proforrod Stock to
Doc. 31 1915 (Payablo Jan. 15 1916)---------583,333 33
woolen goods of all descriptions.
Capital stock (common)---------- $20,000,000 00
Capital stock (proforrod)--------- 40,000,000 00
E X P O R T B U S IN E S S .
1
------------------------- $60,000,000 00
A valuablo export trado developed in 1915, particularly
Su rplu s____________________________________________
9,305,121 32
to Canada and South America, which because of tho war could
no longer procuro thoir accustomed supply of fabrics from
$81,984,685 72
Europo. It has been tho policy of tho company to cover
these foroign markets, first by engaging mon with a thorough
B y approval of tho Board of Directors.
knowledge of tho peculiar roquiroments of tho markot in
W M . H . D W E L L Y JR. , Treasurer.
quostion, and then by sending mon trained in tho company’s
service to co-operate in tho development of oach market as
I horoby certify that tho abovo statement is correct.
soon as it was demonstrated that business could bo dono.
G E O . R . L A W T O N , Certified Public Accountant.
The future of this oxport trado as a whole cannot yot bo de
PRESIDENT’S REPORT.
termined, but in any ovent tho company is now in possession
of important knowledge as to tho fabrics required and also
as to tho best methods of conducting the businoss. This
now trado is being sedulously followed and every effort will bo
made to retain as much of it as possible aftor tho war has
ended.
....
W OOL A N D DYESTUFFS.
W ith reforonce to the wool markot, it has beon a porploxing and abnormal year. N ot only has tho company had to
contond with the rapid rise of prices, which havo boon from
33 to 40 per cont above tho lovels of a yoar ago, but tho action
of the British Government in placing embargoes on British
and Colonial wools has caused considerable inconvenionco.
A M E R IC A N W O O L E N C O M P A N Y .
B E G A N B U SIN E SS April 17 1899.
Present capitalization as follows:
P R E F E R R E D S T O C K (7 % dividends, payablo quarterly,
cum ulative)__________________________________ $40,000,000 00
C O M M O N S T O C K ________________________________ $20,000,000 00
Par value of shares $100 00 oach; all fully paid and non
assessable; no personal liability.
D IV ID E N D S O N P R E F E R R E D S T O C K payablo Jan
uary 15th, April 15th, July 15th and Octobor 15th.
Mar . i i 1916.]
THE CHRONICLE
LAC K A W AN N A
STEEL
985
COMPANY
AND SUBSIDIARY COMPANIES
A N N U A L R E P O R T — F O R T IIE F IS C A L Y E A R E N D E D
City of Lackawanna, Erie County,
N ew York, February 24 1916.
To the Stockholders:
The results of the year 1915 have fully justified the fore
cast of a yoar ago, that orders would continue to increase,
as woll as the hope thon expressed, that the yoar 1915 would
show improvement over 1914.
B y the end of March the domand of steel for oxport had
become considerable and your Company socurod largo orders
at profitable prices. The volumo of domestic businoss grad
ually increased during the first half of the year, with moderate
increase in prices; and the last half showed a gain in volume
or orders and pricos for both domostic and oxport business
that enabled your works, especially during the last quarter,
to run at maximum capacity and large profits, the yoar clos
ing with the greatest volume of ordors on hand and at the
highest prices in your Company’s history.
Shipments increased about 55 per cont over 1914, and the
avorago price per gross ton of $30 75 rocoived thorefor is
$2 67 moro than in 1914, a gain of 9
per cent. Although
tho operations of the first four months showed a deficit of
ovor $600,000 the year ended with not profits of $2 ,4 0 9 ,
107 79, equivalent to 6.93 per cent on your Com pany’s out
standing stock; tho profits of tho last quarter being $1,795 ,
758 13, which is at the rate of 20.66 per cent on the outstand
ing stock.
Your Company received during 1915, from mines which it
owns or is interested in and from othor sources, 1,727,804
gross tons of iron oro and producod a total of 844,684 gross
tons of coke and 918,772 gross tons of pig iron. It also pro
ducod 122,533 gross tons of Bessomer ingots and 1,040 218
gross tons of Opon Hearth ingots, a total of 1,162,751 gross
tons of steel ingots of all kinds.
Shipments of products wore as follows, aU in gross tom the
figures for tho years 1911, 1912, 1913 and 1914 beim* given
for comparison:
°
...................... — 276?692
170,877 330,339 303300 2259199
f f i io K F ittin g Y ,
i l i l l
PKtP«Ural ShapC8.......................... 111,013
4S
7f*io6 $ | $ j l H i l l
85,508 1381,538 116,201 110,' 581
Blooms .........................
07,487
Pig Iron and Miscellaneous------ 94,403
44,404 02,045 09,445 92,907
90,401 142,601 168,495 141,405
‘8 ® * 8 ®
T o ta l.................. ...................-903,832 579,742 984,921 983,540 760,303
D E C E M B E R 31 1915.
Publication of the necessary legal notice of the redemption
and payment on March 31 1916 at 101 per cent and accrued
interest of the entire outstanding issuo of $6,000,000 face
value of your Com pany’s Six Per Cont Two Year Gold Notes
maturing March 1 1917 has beon begun. Of the amount
necessary for this payment, $2,000,000 will bo provided from
cash on hand and tho balance has been borrowed on favorable
terms which will effect a considerable saving in intorost, with
the further advantage that repayments can be made from
time to time as funds aro available.
Orders on hand as of Docembor 31 1915 wore 812,680 gross
ons, and additional sales made during 1916 should ensure
u 1 operations ior this year. Prices aro very profitable and
the outlook for 1916 is the best in your Com pany’s history.
our Board of Directors takes pleasure in acknowledging
the loyal and efficient services of tho officers and employees
ol Lackawanna Steel Company and its soveral Subsidiary
Companies.
J
B y order of tho Board of Directors,
E . A . S. C L A R K E ,
President.
PR ICE , WATERHOUSE & CO.,
t
54
15 1916.
W illia m Street, N e w Y ork , F eb.
1 o the D irectors o f the L a ck a w a n n a Steel C om p a n y:
\\ e h a v e e x a m in e d th o b o o k s o f th e L a c k a w a n n a S teel
C o m p a n y a n d its S u b s id ia r y C o m p a n ie s fo r th e y e a r e n d in g
D ecem b er 3
, a n d c e r t ify t h a t th e B a la n c e S h e e t a t th a t
tl
^ ^ r e la t iv e I n c o m e A c c o u n t a re c o r r e c t ly p r e p a r e d
i 1915
W o h a v e sa tis fie d o u r s e lv e s t h a t d u r in g th o y e a r o n ly a c t u a l
a d d it io n s a n d e x te n s io n s h a v e b e e n c h a r g o d t o P r o p e r t y A c
c o u n t ; t h a t fu ll p r o v is io n h a s b o o n m a d o fo r d e p r e c ia t io n a n d
e x tin g u is h m e n t in a c c o r d a n c e w it h t h o d e fin it e p la n a d o p t e d
b y t h o D ir e c t o r s , a n d a p p r o v e d b y o u r s o lv e s ; a n d t h a t th e
t r e a tm e n t o f d e fe r r e d c h a r g o s is fa ir a n d r e a s o n a b le .
T * ? v a lu a tio n s o f th e in v o n to r io s o f s t o c k s o n h a n d a s
c e r t ifie d b y th o r e s p o n s ib le o ff ic ia ls , h a v e b e e n c a r e fu lly a n d
a c c u r a t e ly m a d e a t c o s t , a n d fu ll p r o v is io n h a s b e o n m a d e fo r
b a d a n d d o u b t fu l a c c o u n t s r e c e iv a b le a n d f o r all a s c e r ta in a b le
lia b ilitie s .
. ^ ® h a v e v e r ifie d th o c a s h a n d se c u r itie s b y a c t u a l in s p e c
t io n o r b y c e r t ific a t e s fr o m th e d e p o s it a r ie s ,‘ a n d
H e certify t h a t in o u r o p in io n th o B a la n c e S h e e t is p r o p e r ly
d r a w n u p so a s t o s h o w t h o tru e fin a n c ia l p o s it io n o f th e c o m
b in e d C o m p a n ie s o n D e c e m b e r
a n d th e r e la t iv e I n
c o m e A c c o u n t is a fa ir n a d c o r r o c t s t a t e m e n t o f th e n e t e a r n
in g s t o r th o fis c a l y e a r e n d in g a t t h a t d a t e .
Your properties have, as usual, been maintained in high
physical condition, so that your Company has beon ablo to
benofit to tho fullest extent by tho increased domand for its
products.
Open hearth ingot producing capacity was ineroasod about
17 per cont by tho completion of four 70-ton furnaces. Four
PR ICE , WATERHOUSE & CO.
moro furnaces of tho samo size aro now under construction
and should all bo in operation early in tho third quarter
1 his will complete all authorized open hearth ingot capacity
LACKAWANNA STEEL COMPANY AND SUBSIDIARY
and should permit of full operation of your Company’s ex
COMPANIES.
isting mills, togothor with the now 8-ineh and 12-inch com PROFIT AND LOSS ACCOUNT FOR YEAR EN DIN G DEC. 31 1915.
_
C07 70 9 nor 19‘
bination Bar M ill which your Directors authorized toward tho Gross Sales and Earnings________
L e s s — Manufacturing and Producing Costs and Operating• ’
end of 1915. I Ins mill is expocted to bo in operation before
Expenses...................... - ....................... ............... ! 21,061,731 46
tho end of this year and will furthor incroaso your Company’s
.Jotal Net Income from Manufacturing and Operating. _ S6.731 203 66
Morchant Bar capacity.
Dividends on investments, Net Income from property
’
rented. &c.................................... ......................... ..
344.622 46
Your Directors also authorized the construction at Buffalo
and Lebanon of plants for tho rocovory from tho gases of tho
_ Total Income—
______ _____
©7 0 7 r ooe in
D e d u c t — Administrative, Selling and" Gen era!
5
By-product Coko Ovens of Bonzol and its homologuos. Tho
E xpen ses............................ ................. 5087,320 64
Buffalo plant began operations in M a y of 1915 and the Leb
I a x es----------------------------------------------- 376,222 37
anon plant in November. Tho results of their operation
Commercial Discount and In te re st!!!! 34)813 54
have boon very satisfactory.
---------------- 1,098,356 55
Prior to March 1st, $375,000 faco Value of your Company’s
Net Earnings for year, per Income Account______________ 55,977,469 57
1 ive-Yoar 1'ivo Per Cent Convortiblo Gobi Debentures woro
purchased m tho open market, making a total of $3,589,000
INCOME ACCOUNT FOR Y EA R EN DIN G DEC. 31 1915.
face value purchased, at a saving of $135,794 64. These Total net earnings of all properties after deducting all ex
penses including ordinary repairs and maintenance
Dobonturos woro eancolod as of March 1 1915 and tho balance
anmunting to 52,932,71 i 1 1 , but not renewal expenditures
of the outstanding issuo of $9,994,000 woro paid at tho samo
and other appropriations for tho current year, which are
time, tho proceeds of tho sale of $6,000,000 faco value of your
D M - bcf° 'V----------------- --------- ----------- - ---- --------- — 55,977,469 57
Company’s Six Per Cont Two Year Gold Notesbeingapplied Interest on Bonds, Debentures and Notes:
Lackawanna Steel Company------------------------51.633.283 34
thereto. Tho profit from tho purchaso of Debenture* wa<
Subsidiary Companies_______ _____ ________
309,900 00
applied against tho extinguishment of tho discount on the
Gold N otes, and tho balanco has boon chartred off nimfnst.
Rontals and Royalties_______________________ ^ 101,530 00
Surplus Account as of Docombor 31 1915.
^
--------- :--------- 2,044,719 34
During tho year $121,000 faco valuo of bonds of subsidiary
Balance (profit)-------------- --------------------eo qqo 7 r, 90
Companies woro redeemed and eancolod. The $6,000 faco L e s s —
Appropriations:
43,43..,<50 23
valuo of Prol'orrod Stock issuod against conversion of Dobon
For extinguishment of mines and mining in
vestm
ents--------------------------------------------5313,114
79
turos was also purchased and is hold in your Com pany’s
For depreciation and accruing renewals___ ! 1,210,527 65
treasury, so that thoro is no Preferred Stock now outstand---------- 1--------- 1.523,642 44
31 1915
Appondod horoto aro tho Balanco Shoot, Profit and Loss
and nicomo Accounts, duly cortifiod by Messrs. Price, Watorhouso & Company. While Working capital as shown by the
surplus of current assets over curront liabilities has decreased
$1,241,479 58, owing principally to tho reduction of capital
obligations during tho yoar, it is still ontiroly sufficient for
your Company’s needs and stands at $15,299,457 25
Cash
on hand and in banks amounts to $2,901,431 27. an increaso
of $640,343 27 ovor 1914.
Profit for the year-----------------------------®o 4 0 0 l n 7 7 0
Surplus at January 1 1915...............................—I ! ! ! ! ! ! ! ! 5 ,7 7 7 ,4 5 7 20
B a Ia n c 0 o f SurPlus...................................- ....................... 58.186.564 99
D ividends______________________
3 0 7 kq
Special Appropriation for Net Balance of en
tire discount and commission on Gold Notes
issued less discount on Gold Debentures re
deemed...........................................
104,205 36
-------------------104,292 86
Surplus at December 31 1915______________________ ___ 58.082 272 1 3
L ess:
W o have audited the books and accounts of tho Lacka
wanna Steel Company and its Subsidiary Companies for the
year ending December 31 1915 and wo certify that the above
Income Account correctly sets forth tho results of the opera
tions of tho combined Companies for tho yoar ending at that
^ a t0 '
[Vol . 102.
THE CHRONICLE
986
Subsidiary Companies’ Bonds.----------------------- --------Six Per Cent Two-Year Gold Notes, Due 1917------------------C u rre n t Liabilities:
.„
,,
„
,,C u rren t A c c o u n ts P a y a b le an d P a y -r o lls — $3,269,524 70
Bills Payable.......................
042,71.8 31
T a x e s and In te re st A c c r u e d .................
677,94b
24
P R IC E , WATERHOUSE & CO.
54 William Street, New York, Feb. 15 1916.
CONSOLIDATED BALANCE SHEET D E C E M B E R 31 1915.
ASSETS.
Coat o f Property, Real Estate, Buildings,
Plant, Machinery, &c.:
As at Dec. 31 1914........................................ $68,939,361 75
Additions during i915----------------------------614,642 98
1,554,004 73
Investments In Ore Companies, &c----------------- - - - — ------ 6,122,051 19
Cash in Hands of Sinking Fund Trustees and Other Trust
Funds
__ _____________- ___________________ ________
Z lZ to O o oo
Stock of Lackawanna Steel Company in hands
Of Trustees at Par (Deducted Contra)-----$250,000 00
CUInventor8f(^t8.:.........- ......... .......................— 59,893 103 96
Miscellaneous Accounts Receivable----------434,145 Rs
Customers’ Accounts (less Reserves)-------- 5,517,278 93
711,379 55
Notes Receivable-........................ - .............
Cash
2,901,431 27
Companies' and other marketable Securitips at
432,307 27 19.889,046 50
ucs
at cost
cost...............
..........................
Deferred Charges-----------------------------------------------------------481,562 86
$96,259,568 66
L IA B IL IT IE S .
S’jw i’ nnn nn
6,000,000 00
^^
Reserves:
For Depreciation and Replacement....$6,977,192
69
For Extinguishment of Minos and Mining
Investm ents___________________
4,212,708 79
For Contingent and Miscellaneous Opera
tion s___________________________
435,805
80
^
11,625,707 28
SUBalanco as at Dec. 31 1914-— - .................$5,777,457 20
Add— Profits for tho year 1915, as per
Income Account.................................... 2,409,107 79
$8,186,564 99
L e s s — Dividends
on Preferred
S tock...................................... $87 50
Net balanco of discount and
commission on Gold Notes is
sued and discount on Gold Dobenturcs redeemed--------------- 104,200 3b
g
^
8,082,272 13
$96,259,568 66
W o havo examined tho books and accounts of tho Lacka
wanna Stool Company and its Subsidiary Companies for tho
year ending Docombor 31 1915, and wo cortify that tho abovo
Balanco Shoot correctly sots forth tho financial position of tho
combined Companies at that date.
Capital Stock:
Preferred 7% Cumulative:
______ _
Authorized_____________ $10,000,000 00
C°lTsued : ...............- ................................... $35,000,000 00
L e ss — Amoimt o f stock in hands of
Trustees__________________________
250.000 00
$34,750,000 00
Capital Stock o f Subsidiary Companies not held by Lacka-*
13.400 00
wanna Steel Company.................- .............................
CALIFO RN IA
B ro u g h t fo r w a r d ________________________________________ $34,763,400 00
Bonded Debt:
Lackawanna Steel Company:
,,
First Mortgage 5% Convertible Gold
Bonds duo 1923________________$15,000,000
00
First Consolidated Mortgage Gold Bonds
duo 1950— Series A , 5% Convertible.- 10,000,000 00
^ 0Q0 QQ
PR ICE , W ATERnOUSE & CO.
54 William Stroot, Now Y ork, Feb. 15 191G.
PETROLEUM
CO RPO R ATIO N
A N N U A L R E P O R T FO R Y E A R E N D E D D E C . 31 1915.
T o the Stockholders o f the C a lifo rn ia P etroleu m C orp ora tion
—
Tho roport of your Company for tho year ending December
31st 1915 is herewith submitted.
Tho Balance Sheet and Income Account for tho Year have
been certified by Price, Waterhouse & Company, Chartered
Accountants. Their certificate is attached hereto.
EARNINGS.
From the Statement of Incomo it will be noted Gross
Earnings of tho California Petroleum Corporation and
Subsidiary Companies amounted to . - - - - - - - - - - 7 - - - - - - - - - - *1.919,878 26
Operating and General Expenses (including Bond Interest)-681,155 77
Net ^ ^ f f i ^ ^ ^ T I O N S ' A N D Y e T TE R M E N t I ’722
Four now wells have been brought In during the past year
.
at a cost o f........................ .. — ...................................... ........
Re-drilling and deepening old wells - - - - - - - - - .......................
b0.4/b
Drilling Wolls and \Vells ready for drilling during year
31.110
Additions to Topping Plant (Refinery), new Pipo Lines, &c
75,823
49
ie
69
17
$302,344 41
Of expenditures on wells completed during year, $94,957 23
has beon written off. The balance, along with charges to
■wells ready or in progress of drilling, lias boon earned into
Deferred Charges. A depreciation ohargo of $74,953 32,
or 1 0 % , has been written off the past year on Additions and
Betterments made since January 1st 1913.
PRODUCTION AND PROVISION FOR EXHAUSTION.
The not production during the year was 4,440,139 barrols.
From tho four new wells brought in at different periods
during the past year, approximately 195,300 barrels gross
oil was produced. Tho total gross production from tho
properties to December 31 1915 amounted to ovor 34,000,
000 barrels. Total number of wells producing December 31
1915, 150; wells shut in, down and under repairs 32; wells
An Exhaustion Charge of $440,013 91, on basis of ton cents
per barrel on net production, was charged against Profit and
Loss. One-half of this sum, or $222,000 95, has been applied
to reduction of tho Property Account. Tho remaining onehalf, or $222,006 96, has been added to the Special Reserve.
tliero has been a decided change for tho better in gonoral oil
conditions. Soveral increases in prioo of orudo oil, gasoline
and distillates have taken placo recently. Instead of an
over-production existing at present, thoro is a decided docreaso of production over consumption, accumulated storago
stocks aro being drawn on. In gonoral, tho California oil
operators look forward to greatly improved conditions.
During tho early part of 1915 ono of your Subsidiary Com
panies, the Petroleum Midway C o ., Ltd. (all stock owned by
your Company), purchased and paid for in full, a 20 aero
tract of land, which your management considered good light
oil territory. W o immediately started the drilling of ono
well thereon, followed by two additional wells. All throe
wells have beon completed during tho yoar, and havo pro
duced 180,619 barrels of gross oil, or a daily avorage of 420
barrols per well. Gravity of oil 26o Beaumo. This pro
duction is sold under a contract which gives your Company
tho benefit of any inoreaso in market prices, tho present
prico boing about 62o. per barrol at well, while at date of
making contract (M ay 1915), market prico was 40o. por
barrel, an inoroaso of about 22o. por barrol.
At tho time of purchasing the 20 aores your Company took
options on 80 acres praotioally adjoining, ono-half of wluoh,
or 40 aores, has beon paid for in full during tho yoar. A
well has beon startod theroon, prosont depth 2,650 feot.
This well should bo completed and on production within
thirty-five days. Material for six otlior wolls has boon
ordered, work to start at once. Tho oxeroiso of tho option
upon tho remaining forty acres will dopond upon results
of your Company’s development work upon tho first men
tioned forty acres, tho option being in forco until Docembor
19th 1916. A t tho present time your managomont profors
to develop light oil territory in preferonco to drilling its
proven holdings containing heavy oil, reserving suoh terri
tory for future drillings, as bottor prices are at prosont
obtainable on light gravity oils.
LANDS IN M E XIC O .
In the month of August 1915 loasos wore procured on about
1,000 acres of land situated in tho Casiano Oil District,
about 70 miles south of Tampico, Mexico. Those lands
SALES.
R even u e r
B a r r e ls
.3,791,778 $1,482,197 24 aro but a short distance from the exceedingly rioh oil lands
Sales o f Crude Petroleum, 1915-------------251,582 82 of tho Huasteca Petroleum Company. Thoro aro aotivo
. 277,706
Sales of Tops 1915--------------------------------$1,733,780
06 oil oxudes within the boundaries, which ovorywhoro in that
.4,069,484
Total, 1915..........................................
.4,764,400 $2,105,270 06 region are indications of extensive pools of oil beneath tho
Sales of Crude Petroleum, 1914-------------382,519 69 surface. It is tho firm belief of tho managomont that pro
. 305.964
Sales o f Tops 1914-------------------------------.5.070,364 $2,487,789 75 ducing wolls can bo obtained upon this proporty of a character
Total. 1914..........................................
similar to tho oil gushers that havo beon developed upon
During the past year tho oil situation in California has been adjoining properties. It is tho intention to commonco
in a most deplorable condition as to prices of fuel oil, gasoline, development work upon this proporty within tho noar futuro,
distillates, &o. This condition brought about by an accumu as soon as a licenso (whioh is required by tho prosont Govern
lation of over-produotion, war and general conditions affeot- ment of Mexico, boforo now development work is pormittod)
ing use and shipments of all classes of oil. Your Companies
havo been compelled to store a considerable quantity of can be obtained.
U. S. RECEIVER.
production monthly. For these reasons your Companies
You will note on Balanco Shoot just abovo Curront Assets,
havo done but a very small amount of development work,
as marketing conditions and prices of oil did not warrant $399,678 28, taken into Balance Shoot under caption U . S.
such expenditures. Ilowover, within tho past 90 days Receiver. This amount consists principally of orudo oil held
98 7
THE CHRONICLE
Mar . 11 1916.]
in storage in some of our steel tanks and concrote reservoirs.
Undor a withdrawal ordor, tlio United Statos Government is
attacking the title of our predecessors in interest to an 80
acre tract of land located in Section 32, Township 12, North,
Rango 23 W est, S. B . M . Ponding results of this suit wo
havo doducted the above mentioned sum from Curront
Assets. The Company is advised by Counsol that, oven
in tho evont of an unfavorable decision as to tho titlo to this
property, tho Company would be ontitled to reimbursement
for devolopmont work and operating oxponses. This prop
erty produced during tho year about 136,000 barrels of oil.
BONDED DEBT.
Bonds of tho Subsidiary Companies (American Potroleum
Company and Amorican Oilfields Company) to tho amount
of $181,700 Par Value through action of their respective
sinking funds havo been purchased and canceled during tho
year, your Company having sold a portion of its bond hold
ings in tho Amorican Oilfields Company for sinldng fund
purposes of tho latter Company.
E D W A R D L. D O H E N Y ,
L IA B IL IT IE S .
C a p it a l Stock— ( I n h a n d s o f P u b lic )
California Potroleum Corporation—
Sharos Preferred of $100 each____________
Shares Preferred in Treasury______________
Sharos Common of $100 each____________
124,530.26
1,100.00
$12,343,026 00
148,770.05
14,877,005 00
$27,220, 031 00
Capital Stock of Subsidiary Companies at Book Value___
848 443 39
B o n d e d D ebt —
Amorican Oilfields Company 6% Gold Bonds,
1930 ...........................- ............. - ....................$1,163,700 00
American Petroleum Company 6% Gold
Bonds, 1920.......................... .........................
738,400 00
C u rr e n t L ia b ilit ie s —
Accounts Payable________________
Accrued Interest_________________
Dividend Payable January 3 1916.
$28,068,474 39
1,902,100 00
$68,413 49
34,549 00
123,430 26
President.
P ETR O LEU M
C O R P O R A T IO N A N D S U B S ID IA R Y
C O M P A N IE S .
CONSOLIDATED BALANCE SHEET DECEM BER 31 1915.
ASSETS.
P ro p erty A c c o u n t —
Oil Lands. Loasas, Wolls and othor proportlos
as at Decomber 31 1914 (based upon ap
praisal of M r. Ralph Arnold as or Fobru
ary 29 1912)_____________________________ $32,370,574 55
Add— Now Properties acqu ired..$166,589 27
Doduct— Proportlos abandoned.. 112,365 50
___
--------------------------------- 54,22377
$32,424,798 32
Loss— Rosorvo for Exhaustion at 5c. per barrol on Production since January 1 1913-----821,1)20
CA LIFO RN IA
IN C O M E
SU B S ID IA R Y
ACCO UNT.
D ed u ct —
$576,972 23
109,023 88
Expenditures on Wells Completed on Old
Properties During Year__________________
$94,957 23
Depreciation on Additions and Betterments.
74,953 32
Exhaustion of Deposits at 5c. per barrel on
Net Production of 4,440,139 Darrels______
222,006 95
Losses Written Off.............................................
72,370 48
---------------------
464,287 98
$889,878 91
D educt —
399.678 28
202,753 95
.
64,474 00
D educt —
Preferred Dividends_______________________________________
459,455 06
10,067 42
250,785 49
--------------------- $1,287,346 10
$145,596 51
100,453 32
4,490 65
---------------------
Intorest on Bonds_________________________
$115,444 40
Proportion of Earnings Applicable to Stocks
of Subsidiary Companies in Hands of Public
15,290 92
---------------------
130,735 32
~ $759,143 59
250,540 48
N O T IC E .
— John Nickerson Jr., 61 Broadway, this city, and 300 N . Broadway.
St. Louis, Is offoring by advertisement on a preceding pago $700,000 Pine
Bluff Company (Pino Bluff, Ark.) first mortgage 5% bonds duo Jan. 1 1942
and callable at 105 and interest on any interest dato. Now York Trust
C o., trustoo. Tho issue constitutes tho only bonded debt o f tho Pino
Bluff C o., which owns and operates tho electric light and power, street rail
way and water supply properties in Pino Bluff, Ark. Tho bonds aro se
cured, hi opinion of Spooner & Cotton, counsel, by a first mortgago on all
tho property o f tho company, and aro protected by strong sinking fund
provisions. Tho property is managed by Ford, Bacon & Davis, engineers,
and accounts audited by Haskins Sc Sells. Price on application. Tho
company pays tho Intorest without deduction for tho normal Fedoral incomo tax and $560,000 of tlioso bonds aro rogistorod as tax-oxompt in Now
York Stato undor tho Secured Dobt Tax Law. Soe to-day's advertisement
for tho features o f this offering and description o f tho proporty in tho
Gonoral Investment News Department.
— J. S. Farleo & Co., 66 Broadway, tills city, announco that Raymond
F. Baby, Mitchell M ay and B. M . Mlnzosheimcr havo become connected
with their bond department. This firm, established in 1882, has always
specialized in Now York and Now England securities, to which J. S. Farleo
will personally continue to devote his energies. Mr. Baby is woll known
throughout Pennsylvania, Maryland and Dolawaro, and with tho facilities
of their trading department tho firm will bo very activo in investment bonds.
— In our advertising columns to-day, C. R . Bergmann & C o., invest
ment securities, 66 Broadway, this city, aro offering for salo a block of tho
stock o f tho Zinc Concentrating Co. Tho firm announco that they havo
placod a considerable portion of tho stock with their customers and friends
and aro now offering the unsold portion at $3 75 por sharo, par valuo $10,
full-paid and non-assossable. Prospectus and dotailod information can bo
had on application to tho firm.
— A booklet issued by tho United States Mortgago & Trust Co. of this
city undor tho caption "Municipal and Corporation Bonds” contains a list
of 465 cltios in 33 States, and 75 corporations, for which tho company has
propared ono or moro issues, aggregating nearly $300,000,000.
— Cunningham-Graham C o., bankers, o f Boston, specialists in oil and
gas properties, havo published three booklets on tho subject o f petroleum,
entitled "Tho Origin o f Potroleum," “ Commercial Discovery o f Potroleum”
and “ Eighty-Fivo Per Cent Success.”
$586,29374
$172,849 85
D ed u ct —
Special Reserve at 5c. per barrel on Net Production for
tho Year______________________________________________
$222,006 96
Deficit for Year Carried to Surplus-----------------------------
$49,157 11
S
$34,227,333 12
AND
Gross Earnings_____________________________ $1,919,878 26
Operating Expenses_______________________
565,711 37
--------------------- $1,354,166 89
Current Assets—
CURRENT
PETROLEUM CO RP O R AT IO N
COM PANIES.
Y EA R ENDING DECEM BER 31 1915.
$749,533 24
172,561 01
--------------------In vestm en ts a t C o st ____________ _____ ___________ — -------U . S . R eceiver— (Sec. 32-12-23—80 A c r e s .)
Cash and Accounts Receivable---------------$u.2ab 47
Oil In Storage—
„
. ^
, nn
1.115.376.6 barrels—Crudo at 35c-----------300,381 81
---------------------
Improvements in Progress--------------------------Wells Completed on Now Proportlos...............
M iscellaneous..------- -----------------------
W o have examined tbo books of the California Petroleum
Corporation and its subsidiary companies for the year ending
December 31 1915 and have satisfied ourselves that the
above balance sheet and attached income account havo been
correctly prepared therefrom, and we certify that in our
opinion tho balance sheet and income account are properly
drawn up, so as to show the true financial position of the
Corporation and its subsidiary companies at December 31
1915 and the result of the year’s operations.
Los Angeles, California, February 16 1916.
7 7 2 15
Loss Rosorvo for Depreciation----------------------
D e fe r re d C h a rg es —
2,903,258 56
209,070 96
PRICE, WATERHOUSE & CO.
Additions a n d Betterments Since January 1 1913—
Balanco Dccombor 31 1914--------------- -----—
$673,710 07
Additions Slnco—
Buildings______________________ $12,887 52
Tanks and Reservoirs__ ______ 3,258 98
Power Plants._____. . . . --------- 7,161 21
26,200 Rl
Refineries.................
Pipe Linas...................................... 15,296 05
Miscellaneous-------------------------- 11,01850
^ ^
Cash In Banks-------------- -- - - - --------------------Notos and Accounts Receivable.......................
OH Invontorios—
155,640 barrels—Certificated at 35c.........
Oil In Storage— ,
„
,
1,312,728.93 barrels— Crude at 35c...........
10,067.42 barrios— Refined at $1...........
Othor Inventories---------------------------------------
821 ,026 18
97 ,010 28
$34,227,333 12
Los Angeles, California, Fobruary 17 1916.
C A L IF O R N IA
226,392 75
S p e c ia l R eserve —
At 5c. per barrel on Production since January 1 1913----------C a p it a l S u r p lu s ________________________________________
U n d iv id e d P r o fits S u b s id ia r y C o m p a n ie s , at date o f O rg a n
iz a t io n .....................................................................................
R even u e S u r p lu s ________________________________________
URPL US .
Balance at January1 1915________________________________
Deficit for Year 1915_____________________________________
Rovcnue Surplus as per Balance Sheet_________________
$258,228 07
49,157 11
$209,07096
— Tho new German 5% bonds and 4>3 % Treasury notes, constituting tho
fourth war loan by the German Empire, are being offered by Zimmermann
& Forshay, members o f the New York Stock Exchange, 9 and 11 Wall St.,
Now York City, N. Y ., at unprecedentedly low prices. The low rate of
oxchange enables tho bankers to offer these issues on a very attractive in
come basis and largo profit is assured upon the return of rates of exchange to
normal again.
— All the stock having been sold, Raymond, Pynchon Sc C o., I l l Broad
way, this city, Chicago, St. Louis, Milwaukee and London, Liverpool and
Paris, acting as syndicate managers, are publishing, as a matter o f record
only, their recent offering of Kencfick Zinc Corporation preferred and com
mon stock. For further details of this investment see tho record adver
tisement and also our “ General Investment News Department.”
— Perry, Wincklor Sc C o., 52 Broadway, tills city, will open for business
next M onday. The new partnership includes: George Perry Jr., Beecher
WInckler, Winfield S. Fleming and Frederick H. Michel. Messrs. Perry,
Winkler and Fleming were formerly connected with Redmond & C o., and
Frederick H. Michel with A. C. Morgan Sc Co. The firm will transact
a gonoral business in investment securities and curb stocks.
•—E. Modloy Scovil has opened an advertising agency at 25 Pine St.,
Now York, under the firm name of Medley Scovil, Inc., and will specialize
in financial advertising. M r. Scovil was formorly President of Doremus
& Co. of tho “ Wall Street Journal"-Dow-Jones organization. Ho has also
boon in charge of tho financial departments of several of the Now York
dailios, covering a period of nineteen years in Wall Street.
— Ilartshorne Sc Battelle, members of the New York Stock Exchange,
25 Broad St., this city, will deal in: Cinn. Dayton Sc Ironton 5s, 1941;
Peoria & Eastern 4s, 1940, Manila Ry. Sc Elec. 5s, 1953: Vandalia 4s, 1955:
Chicago Sc Alton deb. 6s, 1922: Boston & N. Y . Air Line 4s, 1955, and
Ilarlom River & Portchester 4s, 1954. Telephone or address inquiries to
George Whitefield Blood, manager of the bond department.
— Lamarcho Sc Coady, 14 Wall St., this city, are advertising a list of
their specialties, regarding which thoy invite inquiries. These specialties
aro: Am. Gas Sc Elec, and Am. Lt. & Tr. stocks, Am. Power Sc Lt. Stocks,
dob. 6s and rights; Cities Service Co. stocks: Tenn. R y., Lt. Sc Power
stocks and Kelly-Springfiold Motor Truck stock and rights.
— Tho Guaranty Trust Co. of this city has issued a pamphlet entitled
"Greater Prosperity Through Greater Foreign Trade,” describing tho facili
ties offered to exporters and importers by its foreign trade service dept.
988
S h e
THE CHRONICLE
© o m m je r n a l
[Vol . 102.
Pennsylvania dark $2 50 North Lima.......... SI 63 Illinois, above 30
~
11.
Cabell______
______ 2 00 South Lima.......... 1 63
degrees...............SI 72
Mercer black_____2 00 Indiana_________ 148 Kansas and Okla
New Castle______2 00 Princeton________ 1 72
homa _________ 14 0
C orning...............
_
___ 2 00 Somerset, 32 d e g .. 1 85 Caddo La. lig h t ... 14 0
Wooster_________ 1 8 0 1Ragland____________ 85c.
’Q i n u s .
COMMERCIAL EPITOME
Friday N ight, M arch 10 1916.
Continued activity is the outstanding fact in American
business. Both wholesale and jobbing trade is brisk. Rail
roads are blocked with traffic. All the big industries are
busy. Iron and steel are active and very firm. Labor is
well employed, and in some cases at higher wages. Retail
trade is good, though hindered of late to some extent by
storms. These, however, helped the sale of winter goods.
Collections are good and money is in better demand. Tex
tile trades are unprecedentedly active. The bituminous coal
wage dispute has been settled. M ild weather has helped
business on the Pacific coast. Cotton has advanced with
a good demand for the actual staple. Sugar has advanced
on large trading. The relations between the United States
and Germany seem less strained, but as usual there are draw
backs. The pace in the iron and steel trade is so swift as
strongly to suggest regrettable results sooner or later. The
cost of living, too, is steadily rising. So are wages. Strikes
present and possibly prospective are not to be ignored. Car
shortage and railroad embargoes have become, if anything,
more acture. Dyestuffs are scarcer than ever. Tlio labor
supply is also reported to be small. Rising prices of every
thing cannot be considered an unalloyed good. Also the
war in Europe is always a more or less of a menace to Ameri
can interests of one sort or another. Finally, a punitive
expedition of United States troops has been ordered in pur
suit of Villa and his bandits, and, although this course is
distinctly justifiable and has tlio approval of everybody, it is
well enough to bear in mind that it may ultimately lead to
intervention in Mexico and a more or less prolonged war.
Nevertheless, taking the American business situation as a
whole, though a note of warning is needed here and there,
it is considered very satisfactory.
L A R D in brisk demand and again higher; prime Western
11.10c., refined to tbo Continent 11.30c., South America
11.40c., Brazil 12.40c. Futures advanced to a new high
level for the season, owing to higher prices for hogs and
covering of shorts. To-day prices were higher. Hogs are
up to the highest level ever known, with one exception.
T O B A C C O has been in moderate demand and firm with a
large consumption of cigars. The better grades of binder
and filler are noticeably scarce. Cuban leaf has been firm
but rather quiet. In Sumatra tobacco not much business
has been done either. The supply available is not as a rule
very attractive. M ost manufacturers are, therefore, await
ing the results of the Amsterdam inscriptions this month.
Meanwhile .t,he Avithdrawals of Sumatra on old business reach
quite a liberal aggregate.
C O PPER in moderate demand; Lake hero oil the spot
2 7 H o ., electrolytic 2 7 Ho* Statistics continuo strong; little
copper, it is said, is in second hands. Production in the
Lake districts is restricted by cold weather. London has
latterly advanced. Tin in active demand and higher on
the spot at 51c. London firmer. Stocks in the United
Kingdom are small. They aro also smaller in this country.
Consumers are nervous on the question of futuro importa
tions. Efforts aro being made to induce some consumers to
re-sell. Afloat, 6,558 tons. London and Singapore prices
aro advancing. Spelter quiet and loAver on the spot at 18H °*
London declined. The English Government is evidently
discouraging a rise. Lead in brisk demand and higher on
the spot at 7c. London prices aro firm and higher. Both
domestic and foreign interests are buying freely and the ten
dency of prices is upward. Pig iron has been in active de
mand and higher. The production in February is stated
at 3,087,212 tons, or 106,456 tons a day, compared with the
total for January of 3,185,121 tons, or 10,746 tons a day.
Present production is at the unheard of rato of 39,500,000
tons a year. N o . 2 Phila. $ 2 0 @ $ 2 0 50, N o . 2 Southern
$ 1 5 @ $ 1 6 , Birmingham. In steel the demand is large and
still exceeds tho supply. M an y inquirers show little or no
regard for tho price. M an y mills aro sold far ahoad. Feb
ruary shipments from some of the mills were unprecedentedly
large. Railroad embargoes and ear shortages hampor busi
ness. East of Chicago the scarcity of plates, shapes and bars
hurts manufacturing consumers. Sales continue to run well
into 1917, and prices, needless to say, are very strong.
Billets aro up to$40 at mill. Thero aro largo inquiries for
Bessemer and heavy sales at tho W est. Tho leading steel
company is to spend $35,000,000 on a new plant.
D A IL Y CLOSING PRICES OF LARD FUTURES IN C H I C A G O .
Sal.
M ay dolivery____ cts.10.70
July delivery_________ 10.90
Mon.
Tues.
We d .
Thurs.
COTTON
Fri.
10.87*4 10.80
10,82^ 11.00
11.12
11.10
11.02Y% 11.02*4 11.22J4 1132
P O R K quiet; mess $ 2 2 @ $ 2 2 50, clear $ 2 0 @ $ 2 3 50. Beef,
mess, $16 5 0 @ $ 1 7 50, extra India mess $29 5 0 @ $ 3 0 50.
Cut meats in good demand and higher; pickled hams 10 to
20 lbs., 1 4 H @ 1 6 H c .; pickled bellies 14@ 14J ^c. Butter,
creamery, 2 7 @ 3 8 c . Cheese, State, 1 6 @ 1 8 H c . Eggs, fresh,
18@ 25c.
C O F F E E liigher;N o. 7 Rio 9 % c ., N o . 4 Santos 10@ 1 0J ^ c.,
fair to good Cucuta l l H @ 1 2 H c .
Futures declined, partly
owing to European selling and local liquidation. Stocks are
increasing. Speculation is less active. The spot demand
is moderate. To-day futures closed 2 to 7 points lower Avith
sales of 32,000 bags. Closing quotations follow:
l
Friday Night, M arch 10 1915.
T H E M O V E M E N T OF T H E C R O P , as indicated by our
telegrams from the South to-night, is givon bolow. For the
wook ending this ovening tho total receipts have reached
94,383 bales, against 107,849 balos last Avook and 156,966
bales the previous weok, making the total rocoipts since
Aug. 1 1915 5,496,422 bales, against 8,309,361 balos for the
samo period of 1914-15, shoAving a decreaso since Aug. 1 1915
of 2,812,939 balos.
•
Galveston_____
Texas City__
March . . .cts .7.97 @ 7.99 July___ c ts .8.080 )8.09 N ovembor ct*8.19(3)8.2,| Port Arthur
Pass, &c
A pril............. 8.00@8.02 A ugu st_____8.100 18.12 December__ 8.23 ©8.2., Aran.
Now Orleans___
M a y ............. 8.0.5@8.0'> September . . 8.13@8.14 January___ 8.27048.2J Mobllo
June________8.06@8.08 O cto b e r..__ 8.16 18.18 F ebruary__ 8.31@8.3S Pensacola__
S U G A R more active and higher; centrifugal, 96-degroo; Jacksonville, &c.
______
test, 5 .2 7 @ 5 .3 6 c .; molasses, 89-degreos test, 4 .5 0 @ 4 .5 9 e . Savannah
Brunswick_____
granulated 6.50c. Futures advanced, then reacted. The Charleston_____
Georgetown___
French Government forbade importations either of raw or W
ilm ington-----refined after March 3rd. Receipts at Cuban ports for the Norfolk__
N
’port
News, &c
week were 158,879 tons, against 145,302 for the previous
Now York______
week, and 125,000 last yoar; stocks 459,155 tons, against B o s to n ________
395,416 tons last weok, and 332,550 tons in 1915. There Baltimore
Philadelphia
Sat.
Mon.
Tues.
W e d . | Tliurs.
Fri.
Total.
4,627
5,917
4,029 37,331
4,605
126
338
229
2.688
175
- 106
5',422 5,422
6,995 18,834
904
1,561
1,586
3,140
1,838
873
89
42
337
79
133
86
605
123
2,051
84
1,879
21
945
43
991
46
499
234
721
278
68
334
29
234
46
46
5,999
5,937
10,822
1,399
50
2,809
77
3,548
100
803
803
709 11,694
5,000
5,000
144
824
'178
963
1,939
52
211
108
'535
7,434
1,939
98
2,011
108
689
are 183 centrals grinding cane on the Island of Cuba, as
against 174 a year ago. Drought continues. Exports from Totals this week. 12,655 12.888 22,048 8,40ll 10,934 27,457 94,383
Cuba to date, 739,000 tons, as against 476,000 tons a year
Tho folloAving s Iioavs tho week’s total receipts, the total
ago. Europe took 183,000 tons, against 41,000 tons in since Aug. 1 1915 and tho stocks to-night, compared Avith
1915. The production to date is 1,220,000 tons, as against last yoar:
817,000 a year ago at this time. To-day prices closed 4 to 6
points higher on very active trading, tlio salos being 21,100
1915-16.
Stock.
1914-15.
1
Receipts to
tons. Shorts wore buying and thero was also good buying
This Since A u g
M a r c h 10.
This Since A u g
by trade interests and Wall Street. Prices were as folloAvs:
Week.
1915.
1 1915.
Week
1 1914.
1916.
M arch___cts.4.52 @4.54
A pril............. 4.53 @4.55
M a y ............. 4.60@4.61
June..............4.65© 4.66
July____cts_4.70(i
A ugu st_____4.75<i
September ..4.790
October_____4.81(
>4.711November cts4.74©4.75
>4.76 December__ 4.52(3.4.53
)4.80 January------4.43@4.50
>4.821February— 4.43 ©4.50
O IL S.— Linseed in brisk demand and again higher. City,
raw American seed, 7 8 @ 8 0 c .; city boiled, Amorican seed,
7 9 @ 8 1 o .; Calcutta 90c. Lard, prime, 9 5 @ 9 7 c .; Cocoanut,
Cochin 1 6 @ 1 7 c .; Ceylon 1 4 H @ 1 5 H c *
Corn 9.76c.; Palm,
Lagos, 14c. Cod, domestic, 6 3 @ 6 4 c . Cottonseed, winter,
1 0 .7 5 @ 1 1 .5 0 c .; summer white, 10.5Q @11.25o. Spirits of
turpentine 5 l j^ @ 5 2 o . Strained rosin, common to good,
$5 20.
P E T R O L E U M firm and in good demand; refined in bar
rels, $8 9 0 @ $ 9 90; bulk, $5 2 5 @ $ 6 25; cases, $11 2 5 @ $ 1 2 25.
N aphtha, 73 to 76-degrees test, in 100-gallon cases and over,
41 H e. Gasoline, gas, machine steel, 37o.; 73 to 76-degrees,
steel and wood, 3 2 @ 3 5 e .; 68 to 70-degrees, 2 9 @ 3 2 c . Ilealdton is a busy field, say dispatches from Ardmore, Okla.
Closing quotations were as follows:
Galveston...........
Toxas C ity______
Port Arthur— .
Aransas Pass, &c.
Now Orleans___
M o b ile ___
..
Pensacola_______
Jacksonville, & c.
Savannah_______
Brunswick..........
Charleston______
Georgetown.........
Wilmington_____
N o r fo lk ........... .
N ’port News, &c.
Now Y ork______
B oston .................
Baltimore_______
Philadelphia___
Totals.............
37,331 1,925,252
269,784
166
•IS.5S9
5,422
68,005
18,834 1,035,029
87.034
1,561
43,169
37,337
'803
11,694 860,712
85,700
5,000
824 215,667
728
*535 154,707
7,434 471,382
70,599
1.939
98
25,757
2,011
55,293
108,
37,395
689:
4,283
60,938 3,335,507
10,507 448.229
39,720
47,993
*102
56,458 1.374,718
1,255 136,666
51,879
11,550
28,826
76
28.406 1,495,146
4,000 160,808
9,967 332,958
115
1,249
9.577 195,885
15,351 429,963
487 108,525
14,688
869
4,315
39,524
65.146
2,168
1,931
58
302,706
16,561
___
1,842
377,955
20,627
______
2,808
176,397
8,000
70,765
487,830
64,596
_
3,425
370,583
42,051
l
701
181,578
24,000
86,696
51,159
115,429
*62*127
75,521
______
130.269
12,360
5,133
8,829
313*521
12,747
6,134
1,568
94,383 5,496,422 216,199 8,309,361 1,478,219 1,555,699
In order that comparison may be made with other years,
wo give boloAv the totals at leading ports for six soasons:
Mau. 11 1916.]
R e c e ip ts a t—
1916.
THE CHRONICLE
1915.
1914.
1913.
1912.
989
1911.
2 3 3 .0 0 0 bales last year, 5 ,0 6 6 ,0 0 0 bales in 1914 and 4 ,6 1 0 ,0 0 0
bales in 19 13 .
It is said that 2 5 steamers will load cotton
a t G alveston in M a rch and A p ril.
O n the other hand , there
has been no general bull speculation. M o s t people are
skeptical as to the wisdom of bulling cotton from this level
o f prices so late in the season. A now season is close a t hand,
in which alm ost everybody believes there will be a substantial
increase in the acreage. T h e talk is th at the increase will
"4", 163 am ount to 15 to 2 0 % in T exas and perhaps as m uch as 2 5 %
in O klahom a. W ith prices a t a nything like their present
94,383 216,199. 127,636
T otal this wk.
108,397
58,244
184,055
level cotton is a very profitable crop, n ot only for the cotton
Since A ug. 1 . 5.496,422 8,309,361 9,240,274 8,663,295 10547634 7,915.129 itself, but for the cotton seed.
A n d present stocks in this
country are large. N o t a few think that the advance in
prices this week is only tem porary. T h e y attribu te it more
of
----- -------- >
I
* n u iu HU VI lUtllv AJllttlilll,
1 3 ,7 1 9 to Franco and 4 4 ,9 3 2 to the rest o f the C ontinent. to filling M a rch engagem ents b y exporters who have been
caught napping than to any real or fundam ental change in
Exports for the week and since A u g . 1 1915 are as follow s:
the general situation. T h e European war continues w ith
unabated fu ry , and to m ost people peace seems far o ff,
W e e k e n d i n g M a r c h 10 1916.
F r o m A u g . 1 1915 to M a r c h 10 1916,
E x p o r te d to —
E x p o r te d to —
though som e are m ore optim istic and even predict the end
ing ° f , the war during the present year.
One thing is clear
fro m —
G r ea t
C o n ti
G rea t
1 C o n ti
B r ita in F r a n c e . n e n t , A c T o ta l.
B r it a in .
F ra n ce. n e n t, A c
enough, and that is that while the war continues the w orld’s
T o ta l.
A m erica misses its annual
Galveston.. 12,508
9,200 21,708 727,731 116,796 338,038 1,182,565 cotton trade is partially crippled.
___
___
Texas City.
107,252
To
60,981
7,502 238,735 m arket for 3 ,0 0 0 ,0 0 0 bales in G erm an y and A u stria .
___
___
,
Port Arthur
38,147
38,147 day prices ended slightly low er, after being at one tim e a
___
___
___
Ar.Pass.&c.
13,87.9,722
23,595
NewOrleans 16,692 8,051 4,280 29,023 364,722 105,574 212,792 683,088 shade higher.
D allas is said to h ave sold on T h u rsd ay
M obilo___
___
___
28,091
28,001
1 3 .0 0 0 bales. R ussia and Japan are both reported to be
Pensacola..
- __
___
___
___
35,507
7,000
1,338
43,845
N e w Orleans sold 5 ,6 5 0 bales to -d a y .
Savannah._
___
___ 10,550 10,550 146,824
57,106 124,665 328,595 buying a t the South.
Brunswick . 5,549
5,549
51,916
4,800
T h e announcem ent from W a sh ington th at a punitive ex
Charleston.
___
___
1,525
1,525
54,055
20,325
74,380 pedition will be sent into M e xico after V illa and his bandits
AVUmlng’n .
___
___
___
___
52,226
67,912 120,138
Norfolk___
___
___
325
325
12,543
Spot cotton here closed a t 1 1 .9 0 c .
12,543 had no m arked effect.
N ’p’t News.
742
742 for m iddling uplands, an advance for the Aveek o f 3 0 points.
New York. 4,714 5,668 5,306 15,688
56,698
80,137 255,207 392,042
Boston___
___
3,452
3,452
25,604
Tho official quotation for m iddling upland cotton in the
4,911
30,515
Baltimore..
1,063
1,063
78,057
20,109
500 104,066 N cav Y o rk m arket each day for tho past week has been:
Phlladel’a . .
606
606
10,203
800
G a lv e s to n ___
ToxasCifcy,&c.
Now Orleans.
M o b ilo . . . .
Savannah ___
B runsw ick___
Oharleston,&c
W ilm in g ton ..
N o r fo lk _____
N ’port N..&C.
A1 lothors____
Portl’d, Mo.
San Fran..
Scattlo___
Tacoma . . .
Los Angeles
Pembina__
37,331
5.522
18.834
1,561
11,694
5,000
824
535
7,434
1,939
3,709
___
—
—
60,938
10,609
56,458
1,255
28,406
4,000
10,082
9,577,
15,35l'
487,
19,036
4,673
4,055
6,268
___
—
45,851
8,811
36,803
5,029
15,110
1,000
1,434
1,563
6,394
3,597
2,041
4,673
4,655
6,268
—
39,815
19,182
22,926
939
12,885
155
1.157
1,674
5,590
2,438
1,636
925
..........
..........
41,590
4,594
46,474
5,666
32,542
16,372
5,240
10,510
11,756
1.507
7,804
104,434
118,486
75,944
250
1,701
20,736
6,625
14,406
1,2 0 0
5,863
409
337
2,147
2,682
11,003
925
104,434
118,486
75,944
250
1,761
T o t a l__ 46,434 13,719 44,932 105,085 1,801,927 524,602 1,344,587 3,671,110
Tot. ’ 14-’ 15|121,217 44,044 190,599 355,860 2,590,422 426,035 2.872.369
R9ft
Tot. ’ 13-T4 41,493 15,470 57,304 114,2672,881,598 957,575 3,569,465 7,408.638
— into xor* exports since auk . i inciuao 1,048 bales Peruvian and
West Indian to Liverpool and 1,010 bales Peruvian to Genoa.
In addition to above exports, our tolograms to-night also
givo us the following am ounts o f cotton on shipboard, not
cleared, a t the ports n am ed. W e add similar figures for
N ew Y o rk .
'
M arch
10
O n S h ip b o a r d , N o t (R ea re d f o r —
a t—
N ow O rleans..
G a lv oston ____
Savannah ____
Charleston____
M o b i l e .. . . .
N o r fo lk ______
N ow Y o rk ____
Othor p orts—
G rea t
B r ita in . F r a n c e .
4,818
39,351
8,874
12,114
O th er
C o n i't .
17,820
2,379
1,500
C o a st
w is e
23
12.700
2,800
10 0
4,980
2',666
G er
m any.
f.OOO
l',500
500
Total 1 9 1 6 .- 51,149 21,988
10 0 23,699
Total 1 9 1 5 .. 135,740 39,699
857 148,527
Total 1914 . . 49,7521 30,243 94,657 46,141
1,426
Leaving
T o ta l.
S to c k .
31,535
66,544
4,300
346,420
236,162
172,097
6,317
1,426
2.500
2.500
)
i
[
)
’
18.1861115.122
30,525 355,348
19,076 239,869
4
M “ r c h 10—
S a t. M on . T u e s . W e d . T h u r s . Fr
11.75 11.65 11.65 11.90 11.90
M iddling u p la n d s .................. .1 1 .5 5
1 91 6 .c _____ 11.90
1915................ 8.85
1914............ .13 .1 0
1913------------ 12.40
1912________ 10.80
1911...............14.65
1910...............15.10
1 9 0 9 ............. 9.85
1 90 8 .c . ...1 1 .4 0
1907____ ...1 1 .3 5
1906____ — 11.90
1905____ . . . 7.90
1904------- ...1 6 .6 5
1903............1 0 .1 5
1902.......... . . 9.12
1901_____. . . 8.75
MARKET
Saturday___
M o n d a y ___
T u e s d a y ___
W ednesday.
Thursday . .
F riday_____
AND
1900.C_____
1899..............
1898_____ _
1897_______
1896..............
1895..............
1894..............
1893..............
SALES A T
9.69
6.44
6.25
7.25
7.75
5.94
7.56
9.12
NEW
S pot M a rk et
C lo sed .
F u tu res
M arket
C lo s e d .
Quiet 5 pts dec ____
Steady 20 pts adv . .
Steady 10 pts d e c___
Quiet .........................
Steady 25 pts adv . .
Steady____________
Very s t e a d y ___
Firm . _______
Barely s te a d y ..
Steady______
V ery s t e a d y ___
Steady ___
T o ta l____
1 89 2 .c ______ 6.94
1891................ 8.94
1890________ 11.50
1889.......... ..1 0 .1 9
1888________ 10.19
1887_________ 9.88
9.12
1886..........
1885...............11.25
YORK.
SALES.
S p o t.
C o n tr ’ct
T o ta l.
3,000
10 0
200
3,000
1,500
10 0
200
3 CO
1.8001 3.300
5.100
1,500
300
F U T U R E S .— T h e highost, lowest and closing prices at
N ew Y o rk for the past week have been as follow s:
S a tu rd a y, M o n d a y , T u e s d a y , W e d 'd a y . T h u r s d ’y, , F r id a y ,
M a r . 4. M a r . 6 . M a r .
7. M a r . 8 . M a r . 9. M a r . 10.J
W eek.
M arch —
Range____ 11.36- .48 11.48-.60 11.47-.62 11.42-.47 11.45-.75 11.65-.72 11.36-.75
Closing___ 11.42-.48 11.59-.60 11.44-.46 jll.46-.47 11.74-.75 11.72-.74
|
Range____ —
11.67 — 11.6 6 — ________ ________ ________ 11.66-.67
Closing___ 11.57 — 11.70-.72 11.52-.55 11.54 — 11.80 — 11.78 —
j
2
i
,T
‘
lu iu re aenvery nas Deen on a,
m oderate scale, bu t prices have advan ced, owing to moro M a y —
Range........ 11.50-.64 11.62-.79 11.64-.86| 11.62-.69 11.66-.95 11.80-.94 11.50-95
active and advancing spot m arkets a t tho South. T hoi
Closing___ 11.63-.64 11.79-.80 11.64-.65 11.66-.68 11.89-.90 11.87-.88 —
idea is th at exporters havo been caught short on their M a rch J u n e __
i
Range____
engagem ents and aro having some difficulty in filling them
Closing___ 11.73 — 11.89 — 11.74 — i l l .70 — 11.98 — 11.95 — —
J
u
ly
—
T h o sales a t N e w Orleans, H ou ston and D allas have recently
Range........ 11.69-.84 11.84-.99 11.84-.06!11.80-.89 11.90-.13 11.99-.12 11.69-.13
been largo.
T h e Japanese aro said to havo bought heavily
Closing___ 11.82-.84 11.98-.99 ll.85-.86jll.86-.87 11.0S-.09 12.05-.06
in N ow Orleans, some estim ates pu ttin g thoir purchases, A v g u s t —
1
—
1________ 12.02 — ________ ll.95-.04
Range........
11.95-.04 —
within a couplo o f weeks a t 2 5 ,0 0 0 bales. M ean w h ile,
Closing___ 11.90-.92 12.06-.08 11.93-.95 1F.94-.96 12.16-.18 12.13-.15
cotton goods m arkets aro strong and it is woll known that S ep tem b er—
1
—
—
Range........ —
11.99 — 12.07 — ________ jll.99-.07
tho Am erican consum ption o f raw cotton is tho largost on
Closing___ 11.95-.97 1 2 .10 -.12 11.95 — 11.97 — 12.20 — 12.16 —
record.
Furtherm ore, of lato the political situation has O ctob er —
Range........ 11.86-.98 12.01-.14 11.98-.22 11.93-.03 12.05-.28 12.15-.27 11.86-.28
seemed moro pacific.
There is a growing boliof that tho
Closing___ 11.98-.99 12.13-.14 11.98-.00 1 2 .01-.02 12.23-.24 12.19-.20
submarine question m ay bo settled without a clash with N o v e m b e r —
—
—
________ 12.20 — ________ 12.20 —
Range........ —
G erm a n y.
W h a t will com e of tho latest M exican outrago
Closing___ 12.04 — 12.19 — 12.04 — 12.07 — 12.28 — 12.24 —
on Am erican soil, perpetrated b y bandits with tho ovidont D e c e m b e r —
Range------- 12.06-.15 12.17-.31 12.15-.36 12.08-.19 12.25-.45 12.33-.45 12.06-.45
intention o f embroiling the U nited States and M o xico , re12.14-.15 12.30-.31 12.15-.16 12.18-.19 12.41-.42 12.37-.38
m am s to be seen. M ean w h ile, tho dem and for tho actual J a Closing___
n u a ry—
cotton lias dom inated tho cotton m arkots.
It is said that
Range........ 1 2 .10 -.21 12.24-.36 12.24-.40 12.17-.27 12.34-.40 12.40-.50 12.10-.50
12.21-.23 12.38-.39. 12.23-.24 12.25-.26 12.47-.48 12.45 —
large G erm an interests havo beon buying tho actual cotton F e bClosing___
ru ary—
freely for delivery, after tho w ar, paying tem pting prices.
_________ _________________ 12.15 —
Range........ 12.15 — ------------ -—
Closing___ 12.24 — 12.41 — 112.26 — 12.30 — 12.52 — |12.49 —
Largo spot houses here, if thoy havo sold the now crop
m onths, havo been buying the noar m on th s.
T h e rise in
tho stock m arket has holped tho prico o f cotton as some
W a ll Street shorts have deemed it prudent to covor.
There
has beon somo talk , too, of dry weather a t tho Sou th. T h e
G overn m en t weather report for February shows that the
rainfall in T exas and O klahom a in particular, was consider
a b ly below the n orm al. It also showed that the precipita
tion in other cotton States was also light,
[t would seem
that crop preparations are backw ard, at least in tho Atlantic
section, n otably Georgia. Stocks in Europo are well known
to bo sm all, especially on tho C ontinent. M an ch ester’s
trado appears to havo im provod som ewhat and Barcelona
is doing a good business, owing to tho absonco o f tho usual
Continental com petition. Japan is also having a brisk
trado and has ju st ordered 2 5 0 ,0 0 0 spindles from England
N ow Orleans and tho South havo bought hero to som e extent!
T ho E a st Indian G overnm ent estimato tho E a st Indian
crop a t only 3 ,8 1 9 ,0 0 0 bales o f 4 0 0 lbs. each, against 5 ,-
i
A p r il—
M A R K E T S .— Below aro the closing quotations o f m iddling
cotton at Southern and other principal cotton m arkets for
each day o f the week.
C lo s in g Q u o ta tio n s f o r M i d d l i n g C o tto n On—
W ee k e n d in g
M a rch 10 .
G a lv o s to n _____
N ew Orleans—
M o b i l e ...............
Savannah _____
Charleston.........
AVilmington____
N o r fo lk _______
Baltim ore_____
Philadelphia___
A ugusta_______
M om phis______
St. Louis______
H ouston_______
L ittle R o ck ____
S a tu r d a y . ! M o n d a y .
11.70
11.25
11.13
1 1 ?*
1 1 y»
1 1 ?*
11.38
\\%
11.38
11.50
1 1 ?*
11.75
11.56
11.90
11.38
11.25
1 1 **
1 1 ?*
1 1 ?*
11.38
1 1 }*
12 .0 0
11.50
11.63
1 1 ?*
11.90
11.56
|T u e s d a y .
11.90
ilH
1 1 ?*
1 1 ?*
11.50
1 1 ?*
11.90
11.56
11.63
1 1 ?*
11.80
11.56
W e d ’ d a y . T h u r s d ’y .
11.90
11.50
11.25
1 1 ?*
1 1 ?*
1 1 ?*
11.44
1 1 ?*
11.90
11.56
11.63
1 1 ?*
11.80
11.70
1 2 .1 0
11.63
11.38
1 1 ?*
1 1 ?*
1 1 ?*
11.44
1 1 ?*
12.15
11.69
11.75
1 1 ?*
12 .0 0
11.70
1 2 .1 0
11.69
11.44
12
1 1 ?*
1 1 ?*
11.63
1 1 ?*
12.15
11.69
11.75
1 1 ?*
12.05
11.75
T H E V I S I B L E S U P P L Y O F C O T T O N t o -n ig h t , a s m a d e
u p b y c a b le a n d to lo g r a p h , is as fo llo w s .
F o re ig n s t o c k s ,
a s w e ll as th e a f lo a t , are th is w e e k ’ s r e tu r n s, a n d c o n s o q u o n tly
a ll fo re ig n figu res a re b r o u g h t d o w n to T h u r s d a y e v e n i n g .
B u t to m a k e th e to ta l th o c o m p le te figu res fo r to -n ig h t
( F r id a y ) , w o a d d th e ite m o f e x p o rts fr o m th e U n it e d S t a t e s ,
in c lu d in g in it th e o x p o rts o f F r id a y o n ly .
M a r c h 10—
1916.
1915.
1914.
1913.
Stock at Liverpool . . .
.bales. 926,000 1,368,000 1,209,000 1,375,000
59,000
25,000
5,000
Stock at London__________
Stock at M a n c h e s te r .....______
84,000
112,000
84,000
102,000
Total Great Britain sto c k ____ 1,069,000 1,505,000 1,298,000 1,482,000
*1,000
*28,000
9.000
11,000
Stock at Hamburg_______________
Stock at Bremen________________
*1,000 *357,000
529,000
528,000
Stock at Havre________
309,000
206,000
392.000
422,000
Stock at Marseilles______________
8.000
10,000
2,000
2,000
Stock at Barcelona______________
42,000
39,000
32,000
36,000
Stock at G e n o a _________________ 106,000
456.000
41,000
34.000
Stock at T r i e s t e . . . . . . . . . . . . . . .
*1,000
*4,000
35,000
31,000
Total Continental stocks______
468,000 1,100,000 1,040,000 1,064,000
Total European stocks.............. 1,537,000
India cotton afloat for Europe—
85,000
Amer. cotton afloat for Europe.. 440,005
Egypt,Brazil,&c..afloat for Eur’po
65,000
Stock in Alexandria, Egypt-------- 134.000
Stock in Bombay, India_________ 947,000
Stock in U. S. p orts....................... 1,478,219
Stock in U. S. interior towns____ 1,0*17,632
U . S. exports to-day_____________
22,233
2,605,000 2,338,000 2,546.000
120,000
183,000
93.000
1,252.737
575,438
254,927
70,000
68,000
40,000
274,000
219,000
260.000
630,000
961,000
§49,000
1,555,699
876,365
729,859
1,042,498
723,988
658,890
49,395
18,400
7,500
Total visible supply________ -.5 ,75 6 ,0 89 7,599,329 6,063,191 5,439,176
Of tho above, totals of American and other descriptions aro as follows:
Liverpool s t o c k . ... ..- - - .b a l e s . 680,000
Manchester stock.. . . ___- ______59,000
■Continental stock_______________ *396,000
American afloat for Europe_____ 440.005
U . S. port stocks.............................1,478,219
U . S. Interior stocks...............
1,047.623
U . S. exports to-day____________
22,233
1,064,000
80.000
*981,000
1,252,737
1,555,699
1,042,498
49.395
967,000 1,214,000
48,000
73,000
978,000 1,028,000
575,438
254,927
876,365
729,859
723,988
658,890
18,400
7,500
Total American..........................4,123,089 6,025.329 4,187,191 3.966,176
L iverp oolsu w k f-.!.^ *
____ 246,000
304,000
London stock___________________
59,000
25,000
Manchester stock________________
25,000
32,000
Continental stock. _____ . . . . . . . *72,000 *119,000
India afloat for E u r o p e ...___. . .
85,000
120,000
Egypt, Brazil, & c., afloat______ _
65,000
70,000
Stock in Alexandria, Egypt_____ 134,000
274,000
Stock in Bombay, India________
947,000
630,000
242,000
5,000
36,000
62,000
183,000
68,000
319,000
961,000
161.000
5,000
29,000
36,000
93,000
49»00Q
260,000
840,000
Total East India, &c...................1,633,000 1,574.000 1,876,000 1.473,000
Total American_______________ 4,123,089 6,025,329 4,187,191 3,966,176
Total vlsiblo supply.....................5,756.089 7.599,329 6,063,191 5.439,176
Middling Upland, Liverpool-------7.81d.
5.i7d .
7.02d.
6.85d.
Middling Upland, Now York-----11.90c.
8.80c.
13.20c.
12.50c.
Egypt, Good Brown, Liverpool.. 12.23d.
7.65(1.
9-40d.
10.40d.
Peruvian, Bough Good, Liverpool 12.50d.
9.00d.
9.00d.
lO.OOd.
Broach, Eine, Liverpool________
7.60d.
4.85d. 6 3-16d.
Tinnovelly, Good, Liverpool____
7.72d.
4.93d.
6M d.
6/^d.
♦Estimated.
C o n tin e n ta l im p o r ts fo r p a s t w e o k h a v e b eon 2 8 ,0 0 0 b a le s .
T h o a b o v e figu res fo r 1 9 1 6 sh o w a docroaso fr o m la st w eek
o f 2 1 ,3 5 9 b a le s , a lo ss o f 1 ,8 4 3 ,2 4 0 b a lo s fr o m 1 9 1 5 , a declin o
o f 3 0 7 ,1 0 2 b a le s fr o m 1 9 1 4 a n d a g a in o f 3 1 6 ,9 1 3 b a lo s o v e r
1913.
A T T H E I N T E R I O R T O W N S th o m o v e m e n t — th a t
th e ro ce ip ts fo r th e w e e k a n d sinoe A u g . 1 , th e sh ip m e n ts
th e w e e k a n d th e s to c k s t o -n ig h t , a n d th e sa m e ite m s for
c o rre sp o n d in g p e riod o f th e p re v io u s y e a r — is se t o u t in
ta il b e lo w .
M o v e m e n t to M a r c h
T ow n s.
R e c e i p ts .
W eek.
Montgomery.
Ark., Helena..
Little B ock ..
Ga., Albany__
Augusta........
La., Shreveport
Mlss.,Columbus
Vicksburg___
Yazoo C ity ..
M o.„S t. Louis.
N .C ., Raleigh.
O., Cincinnati.
Okia., H u g o...
S.C., Greenw'd
Tenn.,Memphis
Nashville___
Tex., .Brcnham
Clarksville__
Dallas............
Honey,Grove.
Paris..............
[Vol. 102
THE CHRONICLE
990
S ea son .
10 1916.
S h ip
m en ts.
W eek.
S tocks
10 .
M o v e m e n t to M a r c h
R e c e ip t s .
W eek.
| S ea son .
is ,
fo r
th o
de
12 1915.
S h ip
m en ts.
W eek.
S tocks
M ar.
12 .
684 9,982
23,488
108
16,306
62
1 12 ,111
1,506 105,485 2,256 69,150 1,95 | 187,007 3,599 71,684
54,474
793 28,116 1,698 122,430 5,306 32,018
401
59,483 1,887 14,836
748
50,286
58 li 16,380
247
2,238 140,001 2,979 36,746 3,746 184,796 7,180 45,310
545 13,926
97. 31,323
67 7,118
21
20,530
1,154 104,455 2,250 33,277 1,344 108,540 2,300 22,845
1,191 103,393 1,569 19,568 3,162 165,003 2 ,0 11 10,777
2,735 343,152 7,742151,621 4,476 403,756 6,090138,602
93,487 1,175 45,819
457
911 53,740
419
59,840
984 12,170
36,700
114
264
41,664 1,076 10,191
58,603 1,230 8,709
275 18,339 1 , 1 1 1
56,020
331
484 111,643 1,208 35,374 2,025 140,213 4,255 53,630
868j 6,680
29,058
126
15,402
819 6,154
310
70,580 2,990 15,257
113
60,997 3,957 16,830
287
598
97,321 2,245 21,505 1,076 124,503 2,422 19,570
40,972 2,008 19,153
1,196
38,323 1,173 16,714
892
20,474
505 7,900
100
799 10,314
13
23,225
36,259 1,242 11,291
118
241
25,069
10 1
104
880 11,500
39,100
150
15 11,083;
30,154
14,854 518,118 13,982 19,707 17,166 494,350 16,928 37,035
450
415
574
8,955
125
32(
92
10,336
7,585 179,621 5,792 18,114 8,633 210,717 4,407 17,054
1
10,352
645
12,610
411 8,217
20,311
14 10 ,0 1( ’
628
18,810
10,292 813,513 18,577 261.361 1 19,438 894,268 23,678 217,392
4,640
209
914
18
1,421
6,270
343 1,139
16,612
231
134 3,612
18,422
102
1,170 2,136
44,35£
355
390 5,8041
26,539
793 110,855 1,103 3,849
81,039 1,736 7,932
2,267
239|
852
25
23,977
372 1,866
27,660
183
23,230 1,796.418 32.645 141,296 50,572 2,975,198 55,363 171,956
783) 111,134 1,093 2,814
945 4,081 1
626
84,906
Total, 33 towns 72,494 5,092,014! 105,535.10476324 23,561 6,901,508444,622 1042498
The abovo totals show that the interior stocks havo de
during the week 33,041 bales and are to-night 5,134
balos moro than at tho same time last year. The roceipts at
all towns have beon 51,067 bales less than the same week
last yoar.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—We givo below a statement showing the
ovorland movement for the week and sinco Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in tho last two years are as follows:
creased
M arch
S h ip p ed —
10—
„
,
W eek.
St. L ouis_____________________ 13,982
C a i r o ........................................
890
B ock Island_________________
____
L o u is v illo _____________________ 2,408
Cincinnati_____________________ 3,965
Virginia points_______________ 1,987
other routes, & c______________27,975
via
V ia
V ia
v ia
Via
v ia
Via
.51,207 1,461,647
D e d u c t sh ip m e n ts —
41,556 1,297,451
121,289
135,216
94,278
7,410
4,967
4,188
. 2,906
. 5,026
.15,582
122,728
119,704
180,033
T otal to bo deducted__________.23,514
23,514
422,465
16,565
350,783
.27,693 1,039,182
24,991
946,668
Overland to N . Y ., B oston, &c_
* Including m ovom ent b y rail to Canada.
The foregoing shows the week’s not overland movement
has been 27,693 bales, against 24,991 bales for tho wook last
year, and that for tho season to date tho aggregate not over
land oxhibits an increase over a year ago of 92,514 bales.
-1915-16In
S ig h t a n d S p i n n e r s ’
T a k in g s .
S in c e
A u g . 1.
W eek.
-1914-15S in c e
A u g . 1.
W eek.
8,309,361
946,668
1,890,000
Beceipts at ports to M arch 10— 94,383
N et overland to M arch 10---------- 27,693
Southern consum ption to M ar. 10- 82,000
5,496,422
1,039,182
2,272,000
216,199
24,991
60.000
T otal m arketed________________ 204,076
Interior stocks in excess_________ *33,041
8,807,604
601,670
301,190 11,146,029
*21,061 __________
922,359
Cam e into sight during w e e k .. 171,035
T otal in sight M arch 10______ _____
-------9,409,274
280,129 - - - - - - -
---------- 12,068,388
N or. spinners’ takings to M a r. 10. 67,618
2,202,644
65,558
2,112,867
* Decrease during week.
Movement into sight in provious yoars:
S i n c e S e p t . 1—
S a le s .
D a les .
1914— M arch 13....................... 168,975 1913-14— M arch 13.............12,842,017
1913— M arch 1 4 . . . .................164,451 1912-13— M arch 14............ 12,026,814
1912— M a c h 15................... ..2 4 9 ,7 7 3 1911-12— M arch 15_______13,671,191
W eek —
"~NEW ORLEANS CONTRACT MARKET.—Tho high
est, lowest and closing quotations for loading contracts in the
Now Orleans cotton markot for tho past wook havo been as
ost, lowost and closing quotations for loading contracts in the
New Orleans cotton market for tho past week havo boon as
follows:
S a tu r d a y , M o n d a y ,
M a r . 4. M a r . 6 .
M a rch —
T u esd a y,
M a r . 7.
W e d ’ d a y , T h u r s d 'y ,
M a r . 8 . M a r . 9.
F r id a y ,
M a r . 10.
Bango _____
C losing-----------
11.09-.22 12.28-.33
11.24-.25 11.38-.39
11.30—59 11.49-.63
11.32-.34 11.55-.56 11.53 .55
Range _____
Closing_____
11.25-.40 11.37-.55
11.40 — 11.55-.56
11.42-.50 11.45-.74 1 1.61-76
11.46-.47 11.68-.69 1 1.6 7 -6 8
l l .5 l- .6 7 ll.6 7 -.8 7
11.65-.66 11.80—81
11.66-.74 11.72-.98 11.84-.00
11.70—71 11.92-.93 11.89-.90
May—
J u ly —
Bango _ _
Closing_____
A u g u st—
Bango _____
Closing-------
11.69*.71 11.84-.85
H O L I
DAY.
11.74—76 11.96-.98 11.93-.95
S ep te m b er—
Bango ____
Closing____
O c to b er—
Bange ------Closing------D ecem b er—
Bange ____
Closing------J a n u a ry—
Bange ____
Closing------T on e—
S p o t______
O p tio n s ___
11.72-.74 11.84-.85
11.75—76 11.97-.98 11.95-.97
11.66-.81 11.81—94
11.78-.79 11.93-. 94
11.82-.94 ll.9 5 -.0 6
1 1.93-94 12.06-.07
1 1.78-86 11.8 2 -0 8 11.9 5 -.10
11.8 1-8 2 12.0 3-0 4 1 2 .0 0 -.0 1
•a
12.08-.22
11.93.97i 12.00—19
11.94—
95 12.16—17
12.13—14
1 2.03-05 12.15—16
12.05—07 12.14—30 12.24 —
12.04—06 12.27-.28 12.24—25
Firm.
Steady.
Stoady.
Steady.
Stoady.
Stoady.
Firm.
Stoady.
Firm.
Stoady.
WEATHER REPORTS BY TELEGRAPH—Our tolographic advices from tho South this ovoning donoto that in
thoSouthwost dry weather has boon quite gonoral, and olsowhero the precipitation has been light as a rulo. Toxas re
ports very high temporaturos during a part of tho wook.
Galveston, Tex.—Wo havo had no rain during tho weok.
Tho thermometer has ranged from 50 to 78, averaging 64.
Abilene, Tex.— It has been dry all tho wook. Averago
thermometer 62, highest 92 and lowost 32.
. .
Dallas, Tex.—Wo havo had no ram tho past wook. Mini
mum thermometer 32, maximum 92, moan 62.
Fort Worth, Tex.—Thoro has beon no rain tho past wook.
Tho thermometer lias avoraged 64, ranging from 34 to 94.
Palestine, Tex.—Wo havo had no rain during tho wook.
Tho thormomotor has ranged from 34 to 86, averaging 60.
Taylor, Tex.—Wo havo had no rain tho past wook. Mini
mum thermometer 36.
.
.
San Antonio, Tex.—Thoro has boon no rain during tho wook.
Tho thermometor has averagod 67, ranging from 42 to 92.
New Orleans, La.—Thoro has boon no rain during tho weok.
Tho thermometer has avoragod 61.
Shreveport, La.—Rain has fallen to tho oxtont of forty-four
hundredths of an inch on ono day during tho weok. Maxi
mum tomperaturo, 82, minimum 33.
Vicksburg, diss.— Wo havo had no rain during the wook.
Tho thormometer has avoragod 52, tho highest being 72 and
tho dobile,
lowest Ala.
33. —There has boon ram
. on ,two days
, during
, . ittho
weok, to the extent of oighty hundredths of an inch. Tho
thormomotor has ranged from 35 to 79, averaging 57. i A
Selma, Ala.—Wo havo had rain on ono day during tho wook,
tho precipitation being twenty hundredths of an inch. Tho
thormomotor has avoragod 50, tho highest being 78 and]the
11 1916.]
THE CHRONICLE
Savannah, Ga.— R ain has fallen on ono day o f tho w eek,
to tho oxtont of forty-tw o hundredths of an inch.
M in im u m
thermom oter 3 0 , highest 7 7 , averago 54 .
Charleston, S. C .— W o havo had rain on two days during
tho w eek, tho precipitation being ono inch and oighty-ono
hundredths. Tho thermomoter has averaged 4 9 , tho highost
being 09 and tho lowest 2 9 .
Charlotte, N. C.— It has rained during tho w eek, tho pre
cipitation reaching th irty-tw o hundredths of an inoh.
T ho
thermom oter has averaged 4 4 , ranging from 2 2 to 07 .
Memphis, Venn.— W e havo had rain on one d ay during tho
weok, tho precipitation reaching sixteen hundredths of an
inch.
T ho therm om eter lias ranged from 3 0 to 0 8 , averaging
48.
W O R L D ’S S U P P L Y A N D T A K I N G S O F C O T T O N —
T ho following briof b u t comprehensive statom ont indicatos
at a glanco tho w orld’s supply of cotton for tho weok and
since A u g . 1 for the last two soasons, from all sourcos from
which statistics are obtainable; also tho takings, or am ounts
gono out of sight, for tho like poriod.
Cotton Takings.
Week and Season.
1915-16.
Week.
1914-15.
Season.
Week.
Season.
Vislblo supply M arch 3 _______ 5,777,448
7,607,227
Visible supply Aug. 1_______ _
4,633,210
3,176,516
Am erican In sight to M arch 10.
171,035 9,409,274 280.129 12,068,388
B om bay receipts to M arch 9 ___
690.000 2,026,000
89.000 1 ,2 2 1,0 0 0
66,000
Other India ship’ts to M arch 9 .
161,000
12 .0 0 0
188,000
580,000
Alexandria receipts to M arch 8 .
617.000
19,000
734,000
95,000
Other supply to M arch 8 *_____
65,000
2,000
87,000
C O T T O N C O N S U M P T IO N A N D O V E R L A N D M O V E
M E N T T O M A R C H 1.— Below we present a synopsis o f the
crop m ovem ent for tho m onth o f February and the seven
m onths ended F eb . 29 for three years:
Gross overland for February______ bales.
Gross overland for 7 m o n th s ____________
N et overland for February_______________
N et overland for 7 m onths_______________
Port receipts in February________________
P ort receipts In 7 m onths________________
Exports in February_____________________
Exports for 7 m onths___________ •________
P ort stocks on Fob. 28-2 9 ________________
Northern spinners’ takings to M arch 1__
Soutliorn consum ption to M arch 1______
Overland to Canada for 7 months (inclu
ded in not overland)__________________
Burnt N orth and South in 7 m onths____
Stocks at Northern interior markets
Fob. 28-2 9 __________________ _________
Cam e in sight during February_________
A m ount o f crop in sight M a rch 1______
Caino in sight during balance o f se a s o n ..
T otal cro p _______________________________
Average g r o s s weight o f bales___________
Averago n e t weight o f bales_____________
310.394 11,148,395
266.394 8.509,395
44,000 2,639,000
410.027
271.027
139,000
IN D IA C O TTO N M O V E M E N T F R O M A LL PO RTS.
1915-10.
F e b . 17.
R e c e ip ts a t —
1914-15.
,
S in c e
A u g . 1.
W eek.
S in c e
A u g . 1.
W eek.
Bombay.................... ........... 108,000 1,700,000 107,000
G r ea t
C o n t iB r ita in , n e n t .
Bombay—
1915-10..
1,000
191415
1913- 14..T.OOO
Calcutta—
191510.
191415.
1913- 14.
Madras—
191510.
191415.
1913- 14.
All others—
191510..
3.000
191415..
1913-14.. 2.000
Total ail—
1915-10..
1914-15..
1913-14..
S iu c e A u g u s t
Japan
<fcC h in a
.T o t a l.
G rea t
B r it a in .
01,000 02,000
S in c e
A u g . 1.
C o n t i
n e n t.
1.
Japan
& C h in a
82,000 82,000
10,000 34,000
15.000
29.000
10.000
123.000
140.000
478.000
803.000
512.000
530.000
941.000
081.000
103.000
2,000
3.000
3.000
2,000
1,000
2,000
14.000
7.000
12.000
3,000
30.000
20.000
19.000
38.000
34.000
2,000
10.000
3,000
32,000
45.000
8,000
10.000
110.000
109.000
100.000
2,000
1,000
2,000
3,000
1,000
1.000
1,000
2,000
2,000
5,000
9.000
3.000
25.000
7.000
7.000
9.000
11,000
37.000
23.000
121.000
1,000 9.000 02,000 72.000
3.000 4.000 85.000 92.000
3.000 32,000 13.000 48.000
29.000
07.000
40.000
200,000
214.000
030.000
1,000
1,000
0,000
3.000
7.000
A L E X A N D R IA
W eek.
880,000 124,000 1,747,000
F o r th e W e e k .
E x p o r ts
fro m —
1913-14.
54.000
04.000
R E C E IP T S A N D
851.000 1,080,000
550.000 831,000
574.000 1,250,000
S H IP M E N T S .
Alexandria, Egypt.
Feb. 16.
1915-16.
1914-15.
1913-14.
Receipts (cantars)—
This w eek______________
Since A u g. 1____________
96,281
4,048,128
243,000
4,955,978
10 0 ,0 0 0
6,906,752
Since
This
Week. Aug. 1.
This
Since
Week. Aug. 1.
This i Since
Week. Aug. 1.
Exports (balos)—
To
To
To
To
L iverpool.
M anchester___
Continent & India___
A m erica_______
6,592 163,791 10,500
9,253 95.604
7,872 114.307 15,750
9,502 138.033 5,750
124,930 5.500 161,724
105,310 8.500 158,473
155,648 10.500 293,587
88.081 2,750 36,003
T otal oxports_________ 33,219 511,735 32.000 473,969 27,250 649,787
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
T U R E S .— W o givo below a statom ont showing the oxports
of dom estic cotton m anufactures for D ecem ber and for tho
twolvo m onths onded D ec. 31 1915, and , for purposes of
com parison, like figures for tho corresponding poriods o f
tho previous year aro also presented.
M a n u fa c tu r e s
of
C o lto n E x p o r te d .
M o n t h e n d in g D e c .
1915.
31. 12
| 1914.
M o s . e n d in g D e c .
1915.
1
31.
1914.
Picco goods............................yards 44,743,043 20,424,584 517,800,019 320,477,879
Piece goods________________ value 83,737,808 $1,892,712 $38,731,843 $23,035,599
Clothing, Ac., knit goods___ value 1,705,551 2,198,105 10,874,083
0,423,715
Clothing, Ac., all other.......... value
827,848
553,820 18,259,942 8,320,900
Wasto cotton, A c....................value
105,087
415,901 3,280,554 4,274,985
Yarn..........................................value
492,100
139,710 3,010,872
909,934
All other....................................value 1,501,825
572,748 15,069,130 6,527,794
Total manufactures o f........ value $8,430,339 $5,773,050 $95,827,024 $50,092,993
C O T T O N S H IP S U N K .— T ho steamer Louisiano, which
olearod from N ow Orleans F ob. 9 for H avre w ith 2 ,4 4 9 bales
o f cotton , has been torpedoed and sunk o ff the coast o f Franco.
1914-15.
249,397
1.382,169
158,794
988,825
614,861
5,351,637
698,873
3,542,900
1,500,182
2,109,073
2,149,000
239,274
169,324
1,212,078 1,333,799
165,075
129,260
891,820 1,051,721
1,479,470
741,248
7,847,856 8,982,441
1.521.007
743,824
5.258.007 7,095,393
1,805,631
973,213
1,835,833 2,088,016
1,780.000 1,816,000
105,046
2,522
1913-14.
99,181
421
103,277
1
15,695
13,115
21,903
935,655 1,721,545
960,508
9,144,462 11,517,676 12,501,166
3,549,571 2,108,802
15,067,247 14,609,968
513.38
514.42
515.60
488.38
489.42
490.60
1910.
9.875.875
7.722.875
2,153.000
* E m braces receipts in Europe from Brazil, Smyrna. W est Indios, &c.
a This total Includes tho estimated consum ption b y Southern mills,
2.272,000 halos in IOI.'j-IO and 1,890,000 halos in 1914-1,5— takings not
being available— and tho aggregate amounts taken b y N orthern and
foroign spinners, 8,870,395 bales in 1915-10 and 7,985,875 bales in
1914-15, o f which 0,237,395 and 5,832,875 bales Am erican.
b Estim ated.
1915-16.
M A N C H E S T E R M A R K E T .— Our report received b y
cable to-night from Alan Chester states that fine yarns are
strong. D hootios and jacconets are quiot and
white
goods in m oderate dem and.
M iscellaneous specialties are
in fair request. W o givo prices for to -d a y below and
loavo those for previous weeks o f this and last year for
com parison:
Total su p p ly_________________ 6,066,483 16.904,484 8,009,356 17.475,204
Deduct—
Vislblo supply M arch 10_______ 5,756,0S9 5,756.089 7,599,329 7,599,329
T otal takings to M arch 1 0 .a ..
O f which A m erican__________
O f which oth or______________
991
lb s . S h ir tla g s , com m on
to f i n e s t .
325
C op
T w is t .
Jan
21
28
Pel).
4
11
18
25
1915.
8 If
C o t'n
M id .
U p l's
8X
lb s . S h ir t in g s , c o m m o n
to f i n e s t .
32s
C op
T w is t.
C o t'n
M id .
U pVt
d.
12 %
12 M
©
©
12 X
1254
1254
1254
©
©
©
@
13 X
13X
1354 7
7
7
1354 7
454@9
3 @9
1H @ 9
1>4@9
754 7.89
554 8.00
3
7.82
3
7.72
No
No
No
No
tatlons
tatlons
tatlons
tatlons
5.09
5 07
6.01
4.97
3 12 54
10 1254
A
©
13*4 7
13*g 7
IM aO
154@9
3
3
No quo tatlons
No quo tatlons
4.99
5.17
d. 8. d.
13>< 7 9
1354 7 0
8. d. d. d.
@9 10
8.09
@9 9
7.93
7.84
7.81
d. s. d.
No quo tatlons
No quo tations
quo
quo
quo
quo
s. d.
d.
5.10
5.02
S H I P P I N G N E W S .— A s shown on a previous page, the
exports of cotton from tho U nitod States tho past week have
reached 10 5 ,0 8 5 bales.
T ho shipm ents in detail, as m ade
up from mail and telegraphic returns, aro as follow s:
Total bales.
N E W Y O R K — T o L iverpool— M arch 4— Cedric, 4,314___________
4,314
T o Manchester— M arch 4— Raeburn, 400_____________________
400
T o H avre— M arch 4— A dour, 546: C horley, 1,565___M arch 8
— A thos, 1,002___________ _________ ___ _________ _____________ 3,113
T o Bordeaux— M arch 2— St. A ndre, 827______________________
827
T o St. Nazairo— M arch 4— Strathspey, 1,697__________ I
1 697
T o La Pallico— M arch 4— N orthern, 3 1 .
31
T o Genoa— M arch 2— C anopic, 2 ,4 0 6 ...M a r c h 4— N apoli!
2 ,5 0 0 ------------------------------------------------------------------4 906
T o Venezuela— M arch 4— D icta tor, 1 5 0 ...M a r c h 8— Phila
delphia, 250______________________________________________ . .
400
G A L V E S T O N — T o M anchester— M arch 9— Esperanza do Larrinaga, 12,508.................... ..................... .......... ....................... .............12,508
___ T o Genoa— M arch 3— Kaupanger, 9,200_______________________
9.200
N E W O R L E A N S — T o L iverpool— M arch 4— C ivilian, 12,364
M arch 8— Asian, 1,385..... ..................... ......
..
13 749
T o Belfast— M arch 7— Rathlin Head, 2,943...............................
2,943
T o Iiavro— M arch 4— M exico, 8,051.............................................. 8,051
T o Barcelona— M arch 9— PIo I X , 3,850......... ..................... ........... 3,850
T o M exico— M arch 3— T abasco, 430_________________________
430
S A V A N N A H — T o Barcelona— M arch 6— Ereaga, 6,020
M arch 9
___
— Incs, 4,5 3 0 ..................................................................................... .. 10,550
B R U N S W IC K — T o Liverpool— M arch 8— Belgian, 5,549_________ 5,549
C H A R L E S T O N — T o Liverpool— M arch 9— Grantioy, 1,525_____
1,525
N O R F O L K — T o L iverpool— M arch 6— M axton, 3 2 5 . . ___________
325
B O ST O N — T o M anchester— M arch 3— M em phian, 2,393
M arch
4— Hesperus, 1,059__________________________________________
3,452
1,063
B A L T IM O R E — T o L iverpool— M arch 4— Swanmoro, 1,063______
P H IL A D E L P H IA — T o Liverpool— Feb. 26— D om inion, 606_____
606
SAN F R A N C IS C O — T o Japan— M arch 2— C hiyo M aru, 4 ,673___ 4,673
T A C O M A — T o Japan— M arch 4— Hawaii M aru, 6,268___________
6,268
S E A T T L E — T o Japan— M arch 7— Awa M a ru , 3,839_____________
3,839
T o Vladlvostock— M arch 7— Gishun M aru , 816_______________
816
T o t a l................................................................................................................ 105,085
T h o particulars o f tho forogoing shipm ents for the w eek,
arrangod in our usual form , aro as follows:
Great French
Britain. Ports.
N ow Y o r k ___4,714
5.668
G a lv e s to n ___12,508
N ow Orleans. 16,692 8,051
S a v a n n a h ---- ----------B runsw ick___ 5,549
____
Charleston . . 1,525
____
N o r fo lk _____
325
____
B oston ______ 3,452
____
B a ltim o r e ___i,0 6 3
____
P h ila d e lp h ia .
606
____
San Francisco ____
____
T a co m a _____ ____
____
S oattlo______ ____
____
HoiOth. Europe—
Vlad.,
land. North. South.
&c. Japan.
..................................... 4,906
400
____
..................................... 9,200
..................................... 3,850430
......................... 10,550
-
mar .
816
T o t a l ......... 46,434 13,719
............... 28,506
4,673
6,268
3,839
Total.
15,688
21,708
29,023
10,550
5,549
1,525
325
3,452
1,063
606
4,673
6,268
4,655
1,646 14.780 105,085
T ho oxports to Japan since A u g . 1 havo boon 2 5 4 ,9 9 7 bales
from Pacifio ports, and 1 2 ,8 4 8 balos from G a lv esto n .
L I V E R P O O L .— B y
following statom ont
th at port:
O f which speculators to o k .
O f which exporters took . .
Salas, Am erican____________
A ctual export_______________
Forward (A __________________
cable from Liverpool wo havo the
the w eek’s sales, ito ck s, & c ., a t
...
...
...
...
...
...
...
...
...
...
...
...
Feb. 18.
4.3.000
4.000
4,000
28,000
2,000
76,000
830,000
579,000
85,000
49,000
403,000
333,000
Feb. 25.
37,000
3,000
6,000
23,000
2,000
93,000
858,000
607,000
123,000
98,000
424,000
363,000
Mar. 3.
42,000
5,000
6,000
31,000
12,000
92,000
860,000
622,000
107.000
87,000
418.000
346,000
Mar. 10.
6.000
91,000
926,000
680,000
163.000
128,000
T h e tone of tho Liverpool m arket for spots and futures
each day o f the past week and tho daily closing prices of
spot cotton havo been as follow s:
S p o t.
Market,
12:15
P. M .
(
1
1
S a tu r d a y .
M onday.
T u esd a y.
W ed n esd a y.
T h u rsd a y.
F rid a y .
Dull.
Moderate
demand.
Moderate
demand.
Moderate
demand.
Quiet.
Dull.
Mid.Upl'ds
7.83
7.82
7.78
7.72
7.78
7.81
5,000
500
7,000
700
7,000
1,000
7,000
500
6,000
500
4,000
1,000
Market
opened
Market,
4
P. M .
Quiet,
1 2@ 3 pts.
/ advance.
Quiet,
3@ 4 pts.
advance.
Steady, %
Quiet,
Easy,
Ba’lyst’dy, Steady, 2 Very st'dy,
% © 2 pts. unch.to3% pts. dec. to 2% @ 3% unch'g’d to pt. dec. to
1 decline. 3% pts.dec. 4 pts. adv. pts. adv. 2 pts. dec. 13 pts. adv.
f
T h e pricos o f futures at Liverpool for each day aro given
below .
Pricos are on tho basis o f u plan d, good ordinary
clauso, unloss otherwise stated.
T h e p r ic e s a r e g iv e n i n p e n c e a n d
Mar. 4
S a tu rd a y .
Mar. 10. 1 2 %
12 %
p .7 H .
p .m .
d.
d.
M ay-Jun e
July-A ug.
O c t.-N o v .
J a n .-F ob . ____
7
7
7
7
7
7
62%
62%
59%
54%
34
25
M onday.
100I h s .
T u esd a y.
T h u s,
7 62
m ea n s
12 %
4
d.
a.
d.
d.
57
57
56
54
36%
29
54%
54%
53%
51
34
26
59%
59%
58%
56%
40
32
58
58
58
56
37%
29%
4
12 %
4
d.
d.
d.
63%
63%
61
57
36
27
59
59
56%
53
33 %
25
60
60
58%
55%
38
29%
7 62-lOOd.
W e d ’d a y. T h u rsd a y.
12 %
12 %
4
F r id a y .
12 %
4
p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m
d.
d.
57% 63%
57% 63%
57% . 63%
56% 62%
39
42 %
31
34%
.
d.
60%
60%
60%
59
38%
30%
BREADSTUFFS
Friday Night, March 10 19 16 .
Flour has been qu iet, though considerable flour is gradually
com ing forw ard . B u t tho irregularity and at times tho w eak
ness of the w heat m arket has certainly m ilitated against any
notew orthy revival of business.
In deed , a t one tim o prices
weakened som ew hat.
Shipping directions signify little just
n ow , with railroad em bargoes still a serious draw back.
Tho
In ter-S ta te C om m erce Com m ission m a y take action .
There
is little really new in tho general situation. B uyers hold
aloof as m uch as possible. T h e total o u tp u t last week at
M in n eap olis, D u lu th and M ilw au k ee was 4 0 1 ,9 1 0 barrels,
against 4 2 8 ,3 8 0 barrels in the provious week and 3 0 8 ,7 5 0
last year. T o ta l since Sept. 1, 1 2 ,8 6 4 ,0 0 0 barrels, against
1 0 ,4 8 7 ,0 0 0 during tho same period o f 19 1 4 -1 5 .
W h e a t has been irregular, alternately advancing and de
clining.
Latterly prices have given w ay, partly owing to the
G overnm ent report of the farm reservos M a rch 1. T h ey aro
stated at 2 4 1 ,7 1 7 ,0 0 0 bushels, or 2 3 .9 % of tho 1915 crop
this year, as against 1 5 2 ,9 0 3 ,0 0 0 , or 1 7 .2 % of tho 1914 crop
a year ago, and 1 5 1 ,7 9 5 ,0 0 0 , or 1 9 .9 % of tho 1913 crop in
1914. A lso , early in the week the talk to tho effect that
T u rk ey was ready to sue for peace w ith R u ssia caused de
pression.
I t was assumed that if peaco were granted by
Russia it would open up very large Russian supplies in tho
B la ck Sea.
T h e closing of tho Dardanelles was one cause
of the advance in prices last year. A lso crop reports from
K ansas and N ebraska havo been favorable.
T h e crop m ove
m ent has been large.
T h e Liverpool trade has laid some
stress on tho possibility of a reopening of the D ardanelles,
and also on very favorable crop advices from E a st India and
large offerings from th at cou n try.
English prices, therefore,
at tim es havo shown weakness. Australia and Argentina
have beon offering freely in Liverpool.
In A rgentina tho
weather has been favorable for the m ovom ent of tho crop.
A n official report pu ts the condition in India at 1 0 5 % on a
full acreage. India is offering to Liverpool on an export
p a rity .
Its now crop is being harvested and early samples
aro. of excellent q u ality.
Liverpool cables that private re
ports confirm statem en ts of largo reserves in C an a d a .
Tho
English trado looks for a liberal spring m ovem ont from
C anada to E u rop e.
In France the crop outlook has im
proved .
In Australia the highest drop estim ates havo beon
m aintained.
H arvestin g thero reveals not only a largo crop
but ono of excellent qu ality. A u stralia’s available stocks
are very liboral and the weather is seasonable.
Crop reports
from Spain and N o rth Africa are satisfactory.
It is argued
that tho largo farm reserves in the U nited S tates, as stated
in tho G overn m en t report of M a rch 8 , aro bound to havo a
weakening effect on European prices.
On tho othor hand,
how ever, reports aro persistent o f a good deal of wintor killing
in this cou n try.
One effect has been a gain of July price on
the M a y .
T h e Ohio Stato report puts tho condition at only
7 1 % against 8 5 % in January and 9 7 % a year ago.
It
is said that a considerable wheat acreage in N ortborn
T exas and Southern O klahom a has boen plowed up and
re-seeded to oats.
M a n y reports o f winter killing com e
from
tho
soft
wheat
States.
Thero
has
been
a steady export dem and, oven if salos m a y not havo
boen quite so largo as recently.
In Franco tho native re
serves are very m oderate and foreign im ports aro liberal.
In R ussia tho weather has been bad .
Alternate freezing and
thaw ing has occurred and the outlook for the crop is below
norm al.
Besides the acreage was reduced.
In H ungary
w heat is scarce and prices aro very h igh , as reserves havo d is
appeared.
Italy is said to need more rain.
In Gormairy it
has been milder after frost and the fields lack snow covering.
F e b . 1915.
Feb.1914.
$0.06%
0.0 9 %
0.12
$0.24%
0 .4 3 %
0 .1 4 %
T o -d a y prices advanced, partly ow ing to tho firmness at
Liverpool.
C ountry elevator stocks aro large.
Steady,
Quiet,
Quiet,
3% @4 pts. 1 © 1 % pts. 4@ 5% pts.
advance.
decline.
decline.
Quiet,
2% @ 3%
pts. adv.
H igh ocoan freights hurt trade, though tho U nited States,
b y reason of the shorter voyage to E urope, has a better
chance than some of its com petitors on the European m ar
kets.
T ho relative cost of m oving wheat to English ports
now and in ordinary tim es is given below:
FC&.1916.
United States, bushels_____________________$0.58%
Argentina, bushels________________________ 1.08
India, bushels_____________________________ 0.90
Sales........
Spec.&exp.
F u tu res.
IVol . 102.
THE CHRONICLE
992
D A I L Y C L O S IN G P R IC E S OP W H E A T F U T U R E S IN NOW Y O R K .
S a t.
At o n . T i t c s . W e d . T h u r s . F r i .
N o . 2 r o d _____________________cts .N o m . N om . N om . 123% 124% 124%
M a y delivery in elovator__________121
124
121% 118% 119% 119%
D A I L Y C L O S IN G P R IC E S OP W H E A T F U T U R E S IN C H IC A G O .
S a t.
M on.
T u es.
W ed . T h u rs.
F ri.
M a y delivery in elevator____ c t s _ li3 % 115% 113% 110% 111% 111%
July delivery in elovator_______ ..1 1 0 % 112% 110% 108% 109% 110%
Indian corn has beon irregular, advancing early and re
acting later, only to rally again. B u t there is no denying
the fact th at some of the news has been bearish. For
instance, tho farm reserves as stated b y tho G overnm ent
were 1 ,1 3 8 ,7 7 3 ,0 0 0 bushels on M a rch 1, against 9 1 0 ,8 9 4 ,0 0 0
last year, and 8 6 6 ,3 5 2 ,0 0 0 in 1914. T h is is 3 7 . 3 % of tho
1915 crop in farm ers’ hands, against 3 4 .1 % in 1915 and
3 5 .4 % in 1914. A lso Liverpool prices havo declined. D o
mestic stocks are increasing at tho W e s t, owing to tho freight
blockado. T h o consum ption abroad is smaller and Liver
pool reports large local stocks, adding that corn prices have
been affected b y som e depression in w heat.
T h e weather
at the W e st has been more favorablo for m oving tho crop
and receipts at various centers aro exceeding thoso o f last
year.
It is n ot surprising therefore to learn that tho avail
able A m erican supply increased last week 2 ,8 2 1 ,0 0 0 bushels,
as contrasted w ith a decrease in tho samo tim e last year of
1 ,9 3 0 ,0 0 0 bushels. Still, it is nono tho less true that tho total
available supply in this country is only 2 7 ,7 0 0 ,0 0 0 bushols,
against 4 3 ,7 0 0 ,0 0 0 a year ago.
Som e Argentina advices too
take the ground that the crop outlook is still unfavorable.
In the m ain tho Argentine news has undoubtedly been
bullish, the offerings from that country boing light, while
ocean freights aro reported firm and scarco. T o -d a y pricos
m oved upw ard with wheat and higher prices for hog3. T h e
receipts were com paratively sm all.
D A I L Y C L O S IN G P R IC E S OP N O . 2 M I X E D C O R N IN NEW Y O R K .
S a t.
M on.
T u es.
W ed .
T h u rs.
F ri.
N o. 2 yollow 82% @ 8 3 % 8 4 @ 8 4 % 82% @ 8 3 8 3 @ 8 3 % 83% @ 8 4
89%
D A I L Y C L O S IN G P R IC E S OF C O R N F U T U R E S IN C H IC A G O .
S a t.
M on.
M a y delivery in elevator______ c t s . 74%
76
July delivery in elovator___________ 74% 76%
T u es.
W ed . T h u rs.
75% 74 % 75
75% 7 4 % 7 5%
F r i.
75%
76%
Oats were irregular, advancing at tim es and then reacting
on liberal receipts and the smallness of tho dem and.
A lso ,
farm reserves are stated by the G overnm ent a t 5 9 6 ,6 0 0 ,0 0 0
bushels, against 3 7 9 ,3 6 9 ,0 0 0 bushels a year ago and 4 1 9 ,
4 8 1 ,0 0 0 bushels a t this tim e in 1914.
O f barley, too, the
farm reserves aro stated at 6 0 ,5 1 1 ,0 0 0 bushels, or 2 5 .5 %
of tho 1915 crop, as against 4 2 ,8 8 9 ,0 0 0 bushels, or 2 2 % , of
tho 1914 crop on M a rch 1 1915. A n d the A m erican visiblo
supply of oats last week increased 1 ,2 5 4 ,0 0 0 bushels as again st
a decrease for the samo week last year of 3 ,5 0 6 ,0 0 0 bushels,
or quite a sharp contrast. T h o total A m erican available sup
p ly , m oreover, is 4 0 ,8 1 4 ,0 0 0 bushols, against 3 9 ,7 0 0 ,0 0 0 bush
els a year ago.
T h e oats m ark et, howover, has shown littlo
in itiative .
I t has followed wheat and corn w ith littlo or no
hesitation.
B u t some export business has been dono and
of lato tho receipts a t prim ary points of tho W e st havo been
lightor. M e an w h ilo, cash oats hero aro about 15 conts a
bushel cheaper than a year ago. T h is fa c t , in a moasuro, it is
fe lt, discounts tho yield this year of 1 ,5 4 0 ,3 6 2 ,0 0 0 bushels,
the largest on record, against 1 ,1 4 1 ,0 6 0 ,0 0 0 bushols in tho
previous season. A rgentine advices say that tho m ovem ont
of tho oats crop is increasing and that tlioy aro freely offered.
T o -d a y prices were higher with other grain.
T ho receipts
were very light.
D A IL Y C L O S IN G P R IC E S OF O A TS IN N EW Y O R K .
S a l.
M on.
T u es.
W ed .
J h u rs.
.
F ri.
Standards____ 49%(<•.50 5 0 @ 5 0 % 5 0 @ 5 0 % 4 9 @ 4 9 % 4 9 @ 4 9 % N om .
N o . 2 w h it e ._ 5 0 % @ 5 l 5 l @ 5 1 % 5 1 @ 5 1 % 50@ 5 0 % 5 0 @ 5 0 % N om .
D A I L Y C L O S IN G P R IC E S OF O A TS F U T U R E S IN C H IC A G O .
S a l.
M a y delivory in elovator______ c t s . 43%
July delivery in elevator--------------- 41%
M on.
T u es.
44
42%
43%
41%
W ed . T h u rs.
F ri.
43
41%
4 3%
42%
43%
41%
T ho following aro closing quotations:
G R A IN .
W heat, per bushel— f. o . b .
C orn, por bushel—
N o . 2 m ixed........... f . o . b . nom .
N . Spring, N o. 1. new------ $1 34%
N o . 2 y e l l o w . ------ c . 1. f.
89%
N . Spring, N o . 2 ---------------------------N o . 3 yellow Kiln dried __
80%
Reel wintor. N o. 2. new___1 24%
Argentina in bags------------------Hard winter. N o. 2 _________ 1 2 3 %
Oats, per bushel, now—
cts. Rye, per bushel—
S ta u d a rd __________________ N om . Now Y o r k ., c. 1. f. $1 01
W ostern____ c . i. f . $1 01
N o. 2 , w hite___________ . N om .
M a lt_______________________ 88 @ 90c.
N o. 3 . white................. 4 7 % @ 4 8
N o . 4. white..................47 @ 4 7 %
FLOU R.
W inter, low grades___ $4 6 0 ® $ 5 00 Kansas straights, sa ck s.$5 5 0 @ $ 5 75
Winter patents_________ 6 2 5 ® 6 50 Kansas clears, sacks___ 4 9 0 ® 5 40
Wintor straights______ 5 GO® 5 80 C ity patents___________ ___________
Winter clears___________ 53 0 ® 5 60 R ye flour_____________ 6 0 0 ® 5 50
Spring p a te n ts_________ 5 9 0 ® 6 30 Buckwheat flour______ ___________
Spring straights______ _ 5 8 0 ® 6 00 Graham flour__________ 4 50 @ 4 75
Spring clears____________ 53 0 @ 5 55
A G R I C U L T U R A L D E P A R T M E N T ’S R E P O R T O N
C E R E A L S T O C K S .— T h e Agricultural D ep a rtm en t’s report
on cereal stocks, & c ., was issued on M arch 8 as follow s:
The Crop Reporting Board of the Bureau of Crop Estimates, from reports of
correspondents and agents, estimates that the amount of corn on farms March 1 1918
was about 1,138,773.000 bushels, or 37.3% of tho 1915 crop, against 910,894,000
bushels, or 34.1% of the 1914 crop, on farms March 1 1915, and 800,352,000 bushels.
Ma r . l i 1916.]
THE CHRONICLE
or 35.4% of tlio 1913 crop, on farms March 1 1914. About 18.6% of tho crop will
bo shipped out of the counties where grown, against 18.6% of the 1914 crop and 17 2%
of tho 1913 crop so shipped. The proportion of tho 1915 crop which Is merchantable
Is about 71.3% (euulvalent to 2,188,943,000 bushels), against 84.5% (2,259,755,000
bushels) of tho 1914 crop, and 80.1% (1,901,058,000 bushels) of tho 1913 crop
Tho amount of wheat on farms March 1 1916 was about 241,717,000 bushels or
23.9% of tho 1915 crop, against 152,903,000 bushels, or 17.2% of tho 1914 crop,
on farms March 1 1915, and 151,795,000 bushels, or 19.9% of the 1913 crop on
farms March 1 1914. About 61.7% of tho crop will be shipped out of tho counties
whoro grown, against 60.7% of the 1914 crop and 53.9% of the 1913 crop so shipped.
Tho amount of oats on farms March 1 1910 was about 596,600 000 bushels, or
38.7% of tho 1915 crop, against 379,369,000 bushels, or 33.2% of the 1914 crop,
on farms March 1 1915, and 419.481,000 bushels, or 37.4% of tho 1913 crop, on
farms March 1 1914. About 30% of tho crop will be shipped out of tho counties
whoro grown, against 29.4% of the 1914 crop and 26.5% of the 1913 crop so shipped.
The amount of barley on farms March 1 1916 was about 60,511,000 bushels, or
25.5% of tho 1915 crop, against 42,889.000 bushels, or 22% of the 1914 crop, on
farms March 1 1915, and 44,126,000 bushels, or 24.8% of tho 1913 crop, on farms
March 1 1914. About 43.1% of the crop will bo shipped out of the counties where
grown, against 4 o.l% of tho 1914 crop, and 48.4% of tho 1913 crop so shipped.
STOCKS OF GRAIN ON FARMS, AND PRICES, MARCH 1, BY
IMPORTANT STATES.
W h e a t-
-Million bush— Price, Cts.— -Millionbush. — Price, Cts.1916.
Pennsylvanla...........
8,612
M aryland.................. 2,568
Virginia........... .......... 4,922
North Carolina____ 2,692
G eorgia....................................
Ohio............................. 12,058
Indiana......... ............... 10,106
Illinois......................... 9,576
M ic h ig a n __________ 5,725
M in n esota ................ 20,558
W isconsin__________ _____
I o w a . . . ...................
3,734
M issou ri......... .......... 5,798
North D akota_____ 39,512
South D akota_____ 17,853
N ebraska.....................23,811
K a n sa s...................... 25,569
K en tu ck y........... ..
1,188
Texas.........................
2,515
Oklahoma.................. 4,750
Tennessee.................. .........
A labam a............................... .1
M ississippi________
Louisiana__________ _____
M ontana.................... 8,456
Colorado.................... 3,061
Idaho........................... 3,933
W ashington_______
7,559
Oregon ...................
3,904
Arkansas.............................. ..
1915.
5,462
2,388
2,598
2,126
1916. 1915.
113 142
110 148
122 142
135 150
8,038
6,486
5,550
3,983
10,314
111
111
108
108
105
141
142
134
139
126
3,013
6,933
15,532
6,945
10,899
30,124
1,254
1,547
4,798
‘ 98
107
101
100
94
97
120
119
97
137
137
134
128
131
133
142
139
130
3,488
2,036
2,442
5,021
1,826
120
120
122
128
128
1916.
21,652
31,492
30,744
32,475
62,416
76,380
142,942
15,680
8,694
4,899
87,850
77,496
15,358
27,624
29,120
45,669
58,794
99,011
19,530
26,390
18,863
140,193
38,016
93
94
93
73
70
68
73
62
71
65
76
28,275 23 400
87,330 71,320
70,540 29,221
47,880 34,675
52,522 28,704
37,170 10,000
43,470 32,964
33,150 26,634
33,288 25,641
17,589 13,124
62
64
74
77
96
83
81
93
83
88
26,082
United States___ 241,717 152,903
-----New York...................23 336 15,262
Pennsylvania.......... 18 628 12,554
Ohio.............
26 911 15,601
Indiana......................21 622 10,773
Illinois...................... 72 ,311 36,537
Michigan__________ 27 ,632 20,301
Wisconsin...................42 989 22,356
Minnesota................. 5 5 094 31,494
Iow a ............ ............. 7 9 ,230 61,050
North Dakota........ 52 920 27,909
South Dakota........ 34 052 18,549
Mlasourl.................. 10 510
6,708
Nebraska................ 31 ,680 29,232
Kansas .................... 10 616 19,457
Montana................. 14 664
5,380
Colorado__________
U tah_____________
Idaho_____________
Washington_______
Oregon ....................
California ................
Texas........................ 9 ,762
4,725 48
Oklahoma................ 12, 474
6,958 43
Oats-
United States----- 596,600 379,369
42.7
62
59
52
52
52
51
53
48
50
45
46
57
47
51
48
60
52
52.1
1915. 1916. 1915.
21,762 79
83
11,340
76
1,138,773 910,894 68.2 75.1
--------- -------762
546 78
83
—■
—Barley
496
627
6,521
11,529
2,845
13,440
6,960
438
608
4,423
8,240
2,059
7,069
5,083
65
69
68
56
62
50
52
71
75
73!
63
08
60
62
T,l07
3,204
952
1,264
303
1,702
1,453
930
5,127
” 797
1.940
470
1,031
374
1,336
1,349
549
5,468
44
49
63
59
06
02
04
08
71
54
59
05
69
57
60
76
76
70
60,511
42,889
59.6
07.7
Tho visible supply of grain, comprising tho stocks in
granary a t principal points of accum ulation a t lake and
soaboard ports M a r . 4 1916 was as follow s:
GRAIN STOCKS.
W h e a t,
b u sh .
U n ite d S ta les —
- 3,183,000
M )k“
"
afloat.
Milwaukee_____
.
.
.
.
.
.
.
.
.
.
.
31,000
1,012,000
1,013,000
119,000
2,335,000
1,315,000
2,853,000
6,841,000
1,183,000
368,000
4,113,000
.
67,000
.13,872,000
.
758,000
- 2.119,000
- 7,997,000
.
8.000
- 231,000
. 1,269,000
Corn,
b u sh .
125,000
105,000
219,000
1,918,000
18,000
804,000
495,000
1,386,000
400,000
532,000
8,178,000
618,000
797,000
92,000
393,000
5,624,000
1,096,000
667,000
1.138,000
O a ts,
b u sh .
996,000
41.000
25.000
425,000
703,000
450,000
127,000
B a r le y ,
bush.
63,000
444,000
4,000
99,000
879,000
3,000
60,000
94,000
311.000
1,339,000
277,000
195,000
277,000
7,353,000
46,000
229,000
2,000
113,000
125,000
134,000
49,000
366,000
995,000
544,000
85,000
23,000
90,000
876,000
3,413,000
593,000
764,000
454,000
389,000
905,000
566,000
14,000
78,000
5,000
318,000
39,000
43,000
y
220.000 Baltimore, 352,000 Philadelphia, 819,000 Boston 2 676 ooo Duluth
447.000 Buffalo. 2,125,000 Buffalo afloat; total, 8.198,000 btwhels against 2 140 000
bushels In 1915. Oats- 216,000 New York, 306.000 Boaton S’offo PhlladXhm
1.277.000 Duluth; total, 1,807,000 bushels, against 289,000 In 1915- and barley
92.000 Boston, 5,000 New York, 28,000 Buffalo, 111,000 Duhith total 236 000
against 136,000 In 1915.
'
’ 00,uu ’
h
—•
Montreal.............................. 1,265,000
12,000 1.669.000
23,000
198,000
Ft. William * Pt. A rth u r...22,973,000
8.621.000
*»«.'•
afloat.............
3,425,000
974,000
Other C an ad ia n ............. . 2,905,000
4,429,000
Canadian
Mar. 41916.......... 30,568,000
12.000 15.693,000
23.000
198.000
Feb. 26 1916..........29,912,000
13.000 14,867,000
25.000
198.000
Mar. 61915.......... 10,350,000
127,000 5,119,000
24,000
15.000
Mar. 71914..........20,820,000
15.000 10.082,000
21.000
456.000
—
American.............................. 63,555,000 24.605,000 20,265,000 2,377 000 2 810 000
Canadian-------------.30,568,000
12,000 15,693,000
23*,000 '198',000
Total
Total
Total
Total
Summary
Total Mar. 4 1916_.....91,123,000 24,617,000 35,958,000 2,400 000 3 008 01
Total Fob. 26 1916..........93,021,000 21,918,000 34,748,000 2 603 000 3 373 Of
Total Mar. 6 1915..........57,992,000 40,074,000 35,351,000 l ^ O O O 3 828 Of
Total Mar. 7 1914..:...77,199,000 19,141,000 31,659,000 1,767,000 c!2S2|oc
Por o t h e r ta b le s u s u a lly g iv en h ere, see p a g e 950
993
THE DRY GOODS TRADE
New York, Friday Night, March 10 19 16 .
N o change has taken place in the dry goods situation
during the past w eek . T h e lack of facilities for distribution
and backwardness of deliveries is becom ing a serious m atter
to both buyers and sellers, and conditions have been m ade
worse b y th e storm y weather. M a n y buyers are waiting
for spring goods, which should have com e forward several
weeks ago. M anufacturers of shirts, waists and other read yto-w ear lines are receiving supplies very irregularly and are
becom ing anxious about filling their contracts on tim e. M ill
owners are generally satisfied with conditions, except that
th e y are experiencing difficulty in m aking deliveries. M o s t
mills are booked well into the future and are not in im m ediate
need of new business. Som e fear o f labor troubles is ex
pressed in various sections and is augm ented b y the fact th at
any interruption to operations for som e tim e to com e would
w ork a hardship upon the trade. Jobbers reported an a ctive
week, w ith distribution going on as rapidly as shipping con
ditions w ould perm it. There is a good atten d an ce of buyers
in tho m arket seeking various lines of goods for im m ediate
delivery and trying to hurry the shipm ent o f back orders.
M a n y buyers, particularly retailers, have not m ad e suffi
cient provision for the spring and sum m er requirem ents.
T h e y are now trying to bu y for quick shipm ent, but find few
jobbers interested as the deliveries are too hard to m eet.
T h e sagging tendency in the cotton m arket during the win
ter, which threatened to break sharply a t a ny tim e, owing to
lack o f export sales, led m an y buyers to hold o ff until the
last m om ent in tho expectation that finished goods prices
m ight be m uch lower w ith the approach o f spring.
They
have been disappointed and are iioav com pelled to pay higher
prices. E xport circles were cheered during tho week b y
tho appearance of new business from the Far E a st.
Several
hundred bales of sheotings were reported sold for R ed Sea
ports, with more business pending if shipping facilities can
bo secured. Stocks o f Am erican goods in Eastern m arkets
have readied a m inim um , particularly in C h in a, and a large
volum e o f goods would im m ediately be taken if shipping
channels were open.
D O M E S T I C C O T T O N G O O D S ,— W hiie only a m odicum
o f now business is being placed on staple cottons owing to the
backwardness of deliveries and inability of mills to accept
further business, prices are firm ly m aintained.
Dolivories
on back orders are being m ade as rapidly as possible, but
m an y buyers aro not thinking o f m aking further com m it
m ents until they receive goods duo them and purchased at
m uch Jowor lovels than those now ruling. Bleached cottons
aro firm and active, although considerable com plaint is
heard regarding delay in getting goods through the bleachones.
B ag m anufacturers are again in the m arket for liberal
supplies o f coarso sheetings to replace tho shortage in bur
laps. M ills m aking coarse broad sheetings are turning out
all they can handlo a t present, but dem and is so h eavy that
m an y aro considering setting up additional loom s for this
purpose. M anufacturers o f cotton duck have all the busi
ness thoy can handle, and there still remains a largo export
and dom estic inquiry to be satisfied. Print cloths are quiot
and firm , some small sales o f spot goods aro reported a t slight
concessions, but no forward contracts have been closed at
a ny rovision in prices. G ray goods, 38-inch standard, are
quoted 5o. to 5 j ^ c .
W O O L E N G O O D S .— A largo business is being offered
fall woolens and worsteds in both dross and m en ’s wear,
but owing to tho h eavy volum e already placed manufacturers
aro becom ing moro conservative in booking. Som e aro afraid
that thoy will not bo able to m eet tho dem ands m ade upon
them and aro advising their agents to m ove quietly for awhile.
In consequenco o f the sold-up condition in fall goods, sharp
advancos in prices aro looked for in tho near futuro. Velours
aro well in tho lead as regards sales and m an y soiling agents
aro afraid that thoy have been overbought. A largo busi
ness has been transacted in cloakings and dem and seems to
favor plain high-grado fabrics. Velours and wool plushes
for cloakings havo sold heavily, but a largo yardago o f m ix
tures and plaids have also been disposed o f.
hi
F O R E I G N D R Y G O O D S .— There is nothing new to
report in the linen trade. Stocks of im ported lines havo
reached tho lowest level in the history o f tho trade and there
is no prospect of a ny im provem ent while the war lasts.
Linen tow elling, crashes and dam ask aro obtainable only
in sm all quantities here and there, and the prices are so high
as to be prohibitive to the ordinary consum er. T here is a
good dem and from the waist m anufacturing trade for sheer
goods, both white and colored, and where goods are obtain
able thoy aro being taken regardless of the high prices asked .
Dress linens are also being called for in both h eavy and light
counts, but importers and jobbers are in a position to furnish
only lim ited supplies.
Little change is noted in the m arket
for burlaps, prices holding steady with the trade m oderatelv
activo.
Light weights aro quoted unchanged a t 8 c . and
h eavy weights at 1 1 .50c.
THE CHRONICLE
994
g iv v r E jftTJB
M U N IC IP A L
£ ? /k 1 * T M £ T J T .
BOND
SALES IN
FEBRUARY.
D uring F ebru ary, our records show , sales of m unicipal
bonds am ounted to $ 3 5 ,5 2 8 ,6 0 8 .
T em p orary loans nego
tiated last m onth reached a total of $ 3 5 ,3 3 6 ,6 4 0 , including
$ 3 0 ,4 9 3 ,5 3 8 revenue bonds and bills and corporate stock
notes of N e w Y o rk C ity .
In addition $ 2 ,9 5 8 ,1 9 3 Canadian
m unicipal debentures wore disposed of.
In the following we furnish a comparison of all the various
form s o f obligations pu t out in February of the last five years:
1916.
$
Permanent loans (U .S .).35,528,608
♦Tempor'y loans (U.S.) .35,336,640
Canadian loans (perm’t). 2,958,193
Bonds oI U. S. Possess..
None
1915.
1914.
1913.
1912.
$
$
$
$
42,616,309 37,813,167 27,658,087 29,230,161
23,962,713 29,103,021 33,715,559 30,929,382
20,055,539 38,923,527 13,926,838 2,854,803
889,000
None
None
None
[Vol . 102.
raises tho present lim it o f tho c ity ’s bondod dobt from
$ 8 ,0 0 0 ,0 0 0 to $ 9 ,0 0 0 ,0 0 0 .
A nother raises tho lim it upon tho
issuance of bonds for tho purpose o f acquiring land for oithor
parks or playgrounds or b oth , and tho im proving thereof,
from $ 5 0 ,0 0 0 to $ 7 5 0 ,0 0 0 .
T h e other am endm ents to bo voted upon rolato to tho
granting o f franchises, im provem ent o f streets, police and
firem en’s ponsions, businoss house construction, m othod of
nom inating a C ity A u d itor, segregation of white and colorod
racos and barring liquor a t Fair Park.
B altim ore, M d. — F i n a n c i a l S ta te m e n t. — T h o follow ing let
ter, written b y C ity Register Richard G w inn to tho T reas
urer o f the U nited States, John B u rk , shows the c ity ’s dobt
and assessed valuation a3 o f M a r . 1 1916:
March 1 1910.
M r. John Burk, Treasurer, Treasury Department, Washington, D. C.:
Dear Sir— Referring to your letter o f Feb. 25, asking for tho latest finan
Total................................ 73,823,441 87,523,561 105,839,715 75,300,484 63,014,346
cial statement o f our city, similar to tho form in tho “ Comm ercial and Fi
nancial Chronicle” o f M a y 29 1 9 1 5 ,1 beg to submit the following statement
o f M arch 1 1916:
„„„„„„
Gross water d e b t_______________________________________________ 313,800,000
W ater sinking fu n d _____________________________________________ 5,964,167
♦Includes temporary securities Issued by New York City: $30,403,538 In Feb.
1916: $16,966,624 In Feb. 1915, $23,851,081 In Feb. 1914, $30,174,091 Feb. 1913
and $26,928,314 Feb. 1912.
Funded debt (other than w ater)-------------------------------------------------$82,992,679
Sinking funds (other than w ater)----------------------------------------------- 24,660,444
T h e num ber of m unicipalities placing lon g-term bonds and
the num ber o f separate issues m ade during F ebruary 1916
were 2 7 7 and 421 respectively.
Tliis contrasts w ith 3 0 6 and
4 2 7 for January 1916 and w ith 3 6 3 and 5 8 6 for February 1915.
F or com parative purposes we add the following table,
show ing the outpu t o f long-term issues in this country for
F ebru ary and the two m onths for a series of years :
For the
Month of
February. Two Months.
For the
Month of
February Two Months.
1916......... ......... 535,528,608 586,283,672 1903......... ____ $5,150,926 $21,092,722
1915.......... .......... 42,616,309 76,919,397 1902......... ......... 12,614,459 23,530,304
122,410,261 1901......... _____ 4,221,249 13,462,113
1914......... ......... 37,813,167
1913......... ......... 27,658,087 58,072,526 1900......... ......... 5,137,411 25,511,731
1912......... ......... 29,230,161 54,495,910 1899......... ......... 7,038,318 13,114,275
1911......... .......... 22,153,148 100,663,423 1898......... ......... 9,308,489 17,456,382
1910......... .......... 18,604,453 34,923,931 1897......... ......... 12,670,477 23,082,253
47,260,219 1896_____ _____ 4,423,520 10,931,241
1909.......... ......... 17,941,816
1908.......... ......... 60,914,174 71,857,142 1895......... ......... 5,779,480 16,111,587
1907......... .......... 37,545,720 47,705,866 1894......... ......... 11,966,122 19,038,389
1906......... ......... 28,390,655 36,698,237 1893......... ......... 5,071,600 10,510,177
9,310,031 17,746,884 1892......... ......... 7.761,931 14,113,931
1905......... .........
7,951,321 31,795,122
1904......... .........
Owing to the crowded condition of our colum ns we are
obliged to om it this week the custom ary table showing the
m o n th ’s bond sales in detail.
I t will bo givon later.
Newsiltems.
A b e rd e e n , G rays H a rb o r C o u n ty , W a sh . —
C o m m is s io n
are advised that the
question o f establishing tho com m ission form of govom m on t
w as defeated a t an election hold F ob. 2 8 (V . 102, p . 2 6 6 ).
T h e v ote was 8 6 2 “ fo r” 1 ,8 4 9 “ aga in st.”
F orm
of
G overn m en t
D e fe a te d .— W e
A r g e n tin a . — L o a n . — I t was announced this week that
arrangem ents had boon com pleted betweon tho G u aranty
T ru st C o . of N e w Y o rk and tho Argentine G overnm ent for
a 1-yoar loan of $ 1 5 ,0 0 0 ,0 0 0 , malting a total of $ 7 9 ,5 0 0 ,0 0 0
borrowed hero b y the South Am orican Republic since the
beginning of the w ar.
T h o last previous loan of $ 1 8 ,5 0 0 ,0 0 0
was handlod b y Hallgarton & C o .; N . W . H alsey & C o .;
K ou ntzo B r o s .; and A . B . Leach & C o . B o th loans aro
non-interest bearing, soiling instead, on a discount basis.
— V . 102, p . 7 2 4 .
T h o G u aran ty T ru st C o . is offoring tho $ 1 5 ,0 0 0 ,0 0 0 notes
referred to above on a 5 % basis. T ho notes aro to bo dated
$ 5 ,0 0 0 ,0 0 0 M a rch 1, $ 5 ,0 0 0 ,0 0 0 April 1 and $ 5 ,0 0 0 ,0 0 0
M a y 1.
T h o M a rch and April 1 series aro now being offered
and those dated M a y 1 will soon follow .
T h o notes aro in
denom inations of $ 5 ,0 0 0 , $ 1 0 ,0 0 0 and $ 2 5 ,0 0 0 .
T e n d e r s o f B o n d s R e q u e s te d . — J . P . M o rgan & C o . announce
th at th ey will roceivo tondors until 12 m . April 4 for tho am or
tization on M a y 1 o f 3 3 6 ,0 0 0 Argentine gold posos, say
$ 3 2 6 ,9 2 8 U . S . gold dollars, of tho 5 % internal gold loan of
19 09 .
Tenders will bo received also in Paris b y tho Banquo
do Paris ot des P a ys B a s, in London b y M e ssrs. Baring
B ros. & C o ., L t d ., and in Buonos Aires b y tho Crodito P u b
lico N acion al.
E ach bond has a par value of $ 9 7 3 U . S .
gold dollars and tenders m ust bo m ade at a flat price under
par expressed in dollars per bon d .
Tondors m ust bo inado on
a form obtainable on application.
C h a tta n o o g a , T e n n . — N e g o t i a t io n s f o r P u r c h a s e o f W a t e r
P l a n t . — T h e C ity of C h attan ooga is now ongagod in an effort
to purchase tho plant owned b y tho C ity W a to r C o ., which
is a subsidiary of the Am orican W a to r W o rk s & Eloctric C o .,
o f N ow Y o r k .
U nder a contract now 2 0 years old or m ore,
the city has the privilege of acquiring the property b y pur
chase through arbitration and tho arbitrators aro already
selected and at work. U nder tho terms of tho contract tho
appraisers have until April 8 to com plete their task and
m ako report as to a valuation.
B oth parties aro bound b y
the findings and tho city has until July 1 next to eloct to
b u y or n o t.
In tho event it is decidod to purchaso six
m onths aro allowed to finance tho deal.
T h e city has legis
lative authority to issue and soli bonds to a m axim um of
$ 2 ,0 0 0 ,0 0 0 for this purpose.
D allas, D allas C o u n ty , T exas. —
P rop osed
In crea se
in
B o n d in g L i m i t . — D allas voters on April 4 will pass on nino
proposed am endm ents to tho city chartor.
Ono o f those
N et water d e b t_________________________________________________$7,835,833
N et general d e b t__________ __________________________________ $58,332,235
$96,792,679
. 30,624,611
T otal bondod debt.
T otal sinking fu n ds.
N et general and water d e b t______________________________
Assessed valuation (official assessment reported N o v . 1915):
Real estate_______________________________________________
Personal property________________________________________
.-$66,168,068
$433,621,158
. 402,065,020
T o t a l ...................................... - ...............- ..................... - ................... $835,686,178
For your inform ation I will add that, during the remainder o f tho pres
ent year, tho sinking funds will bo still further Increased b y moro than $ 1 ,
00 0 ,0 0 0 , and it is expected that tho taxable basis, which will bo officially
reported in N ovem ber, will show a normal increase. T he averago increase
in tho taxablo basis for tho past 10 years has been over $28,000,000, and tho
averago increase for tho past fivo years has been m oro than $27,000,000.
Thero Is but $1,990,000 o f tho authorized public debt that remains un
issued. It has not yet been proposed to issue any o f this balance, but if it
were all issued during tho present year it would not impair tho status shown
b y tho foregoing statement.
As a result o f the great firo tho public debt o f Baltimore has in recent years
increased with extraordinary rapidity, and out o f normal proportion to tho
increases in the sinking funds and in tho taxablo basis, which have had
nothing to acceiorato thorn. T h o work ot restoration, however, is now com
plete and this process has now becom e inverted. Hereafter tho public
d ebt will decreaso ($4,662,000 will mature and bo retired July 1 1916),
while tho natural increase in tho sinking funds and taxablo basis will, o f
course, continue.
Yours very truly,
R IC H A R D G W IN N , City Register.
E va n ston T o w n s h ip S c h o o l D is trict (P. O. E v a n sto n ),
C ook C o u n ty , 111.— L i t i g a t i o n . — On M a rch 3 a petition was
filed in tho Circuit C ourt asking a rocount of votes cast on
N o v . 6 1915 approving a bond issue of $ 5 0 0 ,0 0 0 for tho
erection o f tho new high school— V . 10 1, p . 1827.
T h e bill
charges irregularities in tho election and asks that the sohool
board bo restrained from m aking any further tax levy until
the suit is decidod. Tho school-building is now under
construction.
H a iti. — T r e a ty W i t h U n i te d S ta te s . — T h o U . S . Sonato on
F o b. 28 ratified tho treaty establishing a financial and polico
protectorate ovor tho R epublic of H a iti. T h o fidl toxt of
this convention will bo found in our editorial colum ns on a
preceding page.
M in n e so ta . — S ta te S ells H o l d i n g s o f F o r e i g n B o n d s — On
F o b. 29 the Stato of M innesota offered for salo its holdings
of bonds o f cortain othor States.
T ho successful biddors
woro tho Capital T ru st & Savings B a n k , S t. P aul, Brow n
B ros. & C o ., N ow Y o rk ; and Alexander Brow n & Sons,
B altim ore, join t biddors.
T h e successful bid was $ 8 4 5 ,8 1 0
for $ 1 ,1 6 0 ,0 0 0 Virginia Century 3 s, duo 1991, registered;
$ 1 1 3 ,7 3 7 5 0 for $ 1 1 8 ,0 0 0 Stato of A lab am a 4s, duo 19 20 ,
coupon; and par for $ 1 3 1 ,0 0 0 Stato of Dolawaro 3s, duo
1927, coupon; w ith alternative offer for $ 1 ,2 2 6 ,0 0 0 Virginia
C entury 3 s, duo 1991, registered; bid , $ 1 ,0 0 6 ,3 5 0 .
Bids
woro subject to good delivery, according to rules o f tho
N o w Y o rk Stock Exchango.
R h o d e Is la n d . — I n h e r i t a n c e T a x L a w o f 19 1 6 .— C om
plim entary copios o f this A c t are being distributed b y tho
Industrial T ru st C om p an y of Providonco. (See V . 102, p . 81 7.)
Bond Calls and Redemptions.
C h ey en n e, W y o . —
B o n d C a ll. — P aym en t will bo m ado on
A p ril 1 at tho N ation a l B an k of Com m erco, N o w Y o r k , of
refunding wator and soworago bonds of 1 8 98 , N o s . 1 to 4 0 ,
in o l., for $ 5 0 0 each.
F ru ita , Mesa C o u n ty , C o lo .— Bond C a l l — P aym en t will
be m ado M a rch 1 at tho T o w n Treasurer’s offico or a t tho
office of Jamos N . W righ t & C o . o f D enver o f wator-w orks
bond s, dated M a rch 1 1906, optional M a rch 1 1916, duo
M a rch 1 1921, N o s . 1 to 8 4 , inclusive, for $ 1 ,0 0 0 each, boar
ing intorost at tho rate o f 6 % .
T h e bonds will cease to draw
interost on and aftor M a rch 1.
L ew istow n , F erg u s C o u n ty , M on t. —
following bonds woro callod for paym ont
C ity Treasurer’s offico or a t K ountzo
$ 1 0 ,0 0 0 5 % wator and soworage bonds,
dated N o v . 1 19 13 , payablo N o v . 1 1923,
1913.
O ttu m w a ,
W a p ello
C o u n ty ,
B o n d C a ll. — T h o
on M a rch 1 at tho
B r o s., N ow Y o r k :
N o s . 1 to 10 in ol.,
rodoemablo N o v . 1
Iow a . —
B ond
C a ll . —
P a ym en t will be m ade on, or as soon as conveniently as m ay
bo, after April 15 a t tho office o f R . M . G rant & C o ., C hicago,
THE CHRONICLE
Mar . l l 1016.]
o f $ 3 0 ,0 0 0 4 ^ % funding bonds dated O ct. 15 18 97 , duo O ot.
15 1 9 17 , optional a n y timo after O ct. 15 1915, N o s . 1 to 3 0 ,
inol. and $ 1 0 ,0 0 0 AlA % refunding bonds dated O ct. 4 1897,
duo O ct. 4 1 9 17 , optional a n y timo after O ct. 4 19 15 , N o s . 1
to
10, incl.
official notice of this bond call will be found among the advertisements
elsewhere in this Department.
The
P itk in C o u n ty (P. O. A sp e n ), C o lo . —Bond Call.— P a y
m ent will bo m ado a t any tim o w ithin 3 0 days after F ob. 8
a t tho C ou n ty Treasurer’s offico or a t tho office o f Sw eet,
C au sey, Foster & C o . o f Donvor o f tho following 5 % refunding
bonds: Sories “ A , ” N o s . 31 to 9 4 , inclusivo, for $ 1 ,0 0 0 oach;
Sorios “ B , ” N o s . 3 0 to 13 9, inclusivo, for $5 00 oach; and
Sories “ C , ” N o . 3 1 , for $ 1 0 0 , dated M a y 1 1901, duo M a y 1
19 21 , optional M a y 1 1911; also Sorios “ A , ” N o s . 1 to 15 0,
inclusivo, for $ 1 ,0 0 0 each; Series “ B , ” N o s . 1 to 10 0, for
$ 5 0 0 oach, and Series “ C , ” N o s . 1 to 109, inclusivo, for $1 00
oach, dated Jan . 1 19 02 , duo Jan. 1 1 9 22 , op t. Jan. 1 1912.
S p ok a n e, W a sh . —Bond Call.— T h o follow ing special im
provem ent bonds have boon called for paym en t a t tho C ity
Troasuror’s office:
O N J A N U A R Y 15.
D ist.
N o.
Bonds
Called
up to
Incl.
-.1 ,0 8 4
. . 908
. . . 597
.-.1 ,0 5 2
. . . 917
. . . 929
- . 929
3
48
36
3
23
98
13
N am e.
Paving—
Broadw ay A v e ___
F ifth A v o _________
Lincoln S t_______
Thirteenth A v e ___
W all S t................
W all S t....................
W all St. S u p p l___
Grade—
Browno S t_______
8 . E. B ou lev a rd ..
-.
-.
Paving.
Division Street......... M ain A venuo------------Sumner A venuo______
T hird A venuo_______
Grade.
Cochran Street______
Lidgerwood Street___
M on roe Street_______
ltiversido A venu o____
Soventeontli A venu e. .
Sheridan Street______
W alk—
Cleveland A v o _______ 1,082
W averly Place (Park) 1,088
Sower—
A lloy _________________ 957
A l l o y ________________ 977
First W ard___________ 956
First W a rd ___________
15
T w enty-third A v o ___ 1,081
550
23
36
483
O N £ F E B R U A R Y 1.
W alk.
141 Arthur Street_____ . .
517
Planting Trees.
5
9K3
36 M anito Boulevard . .
971
W ater-M ain.
794
40
Blsmark Street___ . .
928
7 Stovens Street_____ . .
Sower.
889
35
10
34 Alley (5th W d „ N o . 18)
778
16 Broadway A venue. . .
474
18 Seventh A venuo (A rt).
741
15 Thirteenth Avenuo . . .
ON F E B R U A R Y 15.
P a v in g —
W ashington S t______
G ra d e—
Crown A venuo______
Louisiana A venu o____
P rovidenco A venue___
17th A von u o_________
N am e.
D ist.
N o.
Bonds
Called
up to &
Incl.
3
3
9
18
11
81
2
10
767
985
5
W 66
W 89
3
2
7
980
331
12
3
17
\927
547
W a lk —
4
47 G ordon A venu o___ ...1 ,0 9 0
W a te r M a i n —
884
23 Broadway A venu o. --W 1 0 7
S ew er—
479
53
529
16 30th A ven u o_____ ...1 ,0 5 9
401 A lloy_____________ — 1,087
905
O N M A R C H 11.
S eiv er—
G ra d e—
E lm Strcot_________858
10 Fourth A venuo____ 569
486
Longfellow S tr e e t..901
6 .Howard Street.
22 Sherman Street____ 1
Sheridan Strcot____ 392
O N M A R C H 15.
G ra d e—
S e iv e r —
18th A vonuo_________ 478
28 14th A venu o_____ ..1 ,0 9 2
18th Avonuo ______ 537
9 M cClellan Street. . . . 182
W a ter M a in —
P rovidence A venu o___W 77
3
897
2
5
2
5
39
20
2
32
Bond Proposals and Negotiations this week
have been as follows:
.
ACW O R T H , Cobb County, Ga.— B O N D S V O T E D . — B y a v o te o f
110 to 1 tlio question o f issuing tho $2,500 water-works-system and $2,500
olectric-light-system 5% bonds (V . 102, p. 630) carried at tho election hold
F ob. 15. Duo $500 yearly D ec. 31 from 1917 to 1922, incl., and $1,000
D ec. 31 1923 and 1924. P . O. M cLairo is C ity Clerk.
ADA C O U N TY (P. O. Boise), Idaho.— B O N D E L E C T I O N . — T h o elec
tion to vote on tho proposition to issue tho $200,000 road and bridgo bonds
(V . 102, p. 725) will bo held M ar. 14.
A IN SW O R TH , Brown County, Neb.— B O N D E L E C T I O N P R O P O S E D .
■—’A ccording to reports, this place proposes to call an election to voto on
tho issuance o f $19,000 sowor bonds.
ALLEN C O U N T Y (P. O. Fort W ayne), In d .— B O N D O F F E R I N G .—
Proposals will lie received until 10 a. m . M arch 22 b y W m . F . Ranke, C o.
T reas., for tho following 4 )4 % 5 5-6-ycar average highway-im pt. bonds :
50.000 Jacob Flaugh road bonds in M adison T w p . D cnom . $300.
13.000 Arthur Fogol et al road bonds in Eel T w p . D onom . $050.
13,200 Ciias. Springer road bonds in W ayno T w p . Denoin. $060.
D ato April 1 1910. In t. M . & N . D u o one bond o f each issue each
six m onths from M a y 15 1917 to N o v . 15 1920, incl.
ALLEN C O U N T Y (P. O. Lima), Ohio.— R O N D S A L E . — On M ar. 3
an Issue o f $8,400 0 % < I f f - y r . aver. coup, ditch-im pt. bonds was awarded
to tho Prov. S. B . & l r , C o. o f Cincinnati for $8,710.35, equal to 103-03,
It is stated. Denoin. $940. D ato Jan. 15 1916. Int. J. & J. at offico
of County rrcas. D u o $940 July 15 1916 and $1,880 each six m onths from
July 15 1917 to Jan. 15 1919 incl.
ALLEN TO W N SH IP SCHOOL D IST R IC T (P. O. Van Buren),
Hancock County, O h io .— BONDS V O T E D . — The question o f issuing
tho $45,000 bldg, bonds— V . 102, p . 817— carried, it is stated, at tho
M a r. 7 election.
ALPAUGH IR R IG A T IO N D IST R IC T (P. o. Alpaugh), Tulare
County, Cal.— B O N D E L E C T I O N l R O P O S E D . — A ccording to reports
an election will bo called shortly to voto on tho question o f issuing $283,000
bonds. These bonds are for tho purpose o f raising m oney so that tho irri
gation district m ay acquire water rights, canals, ditches, pum ping plant
and appurtenances o f tho Second Extension W ater C o ., and for tho pur
pose o f im proving tho same and developing and acquiring further water
rights.
ALPENA SCHOOL D ISTR ICT (P. O. A lpena), Jerauld County,
So. Dak.— B O N D S V O T E D . — A t a recent election tho question o f issuing
school building bonds received a favorablo voto.
ALTOONA, Blair County, Pa.— B O N D E L E C T I O N P R O P O S E D .—
It is proposed to submit to tho voters at tho prim ary election propositions
providing for tho issuance o f $100,000 city-hail, $150,000 sowago, $50,000
garbage disposal and $100,000 Pleasant Valley sewer bonds.
AM ARILLO, Potter County, T e x . — B O N D S A L E . — On F eb. 29 tho
$40,000 paving and $10,000 sewer-ext. 4 )4 % bonds (V . 102, p. 725) wero
awarded to tho Hanchett Bond C o. o f C hicago at par and int.
ANSON, Somerset County, Maine.— B O N D O F F E R I N G . — It is re
ported that tho Treasurer will receive bids until 12 m . M ar. 18 for $75,000
4 )4 % water d ist. bonds dated M ar. 16 1916 and maturing M a r. 1 1941.
995
A N T IO C H S C H O O L D I S T R I C T (P. O. A n t io c h ), M o n ro e C o u n t y ,
O h io .— BOND SALE.— T h o First N at. Bank o f Clarington purchased an
issue o f $10 ,00 0 school bonds on July 17 1915.
A T T L E B O R O , M ass.— LOAN OFFERING.— T h e C ity Treas. will
receivo bids until noon M arch 13 for $50,000 notes, dated M a r. 17 and
payable Sept. 17 1916, it is stated.
A T W A T E R T O W N S H IP R U R A L S C H O O L D I S T R IC T (P . O. A t
w a te r), P o r ta g e C o u n t y , O h io .— BOND OFFERING.— Proposals will be
received until 12 m . M ar. 25 b y II. H . W oolf, Clerk B d. o f E d ., for the $24,
000 5 % 14?4-yr. aver. bldg, bonds voted F eb. 21 (V . 102, p . 818). A uth.
Sec. 7625. Gen. C ode. D enom . $1,000. D ate A pr. 1 1916. Int. A . & O .
at D ist. D epository. D ue $1,000 yearly on O ct. 1 from 1919 to 1922 incl.
and $1,000 each six m onths from A pr. 1 1923 to O ct. 1 1932 incl. C ert,
check for $200, payable to the D ist. T reas., required. Purchaser to pay
accrued interest.
A U B B EE N A U B B EE S C H O O L T O W N S H IP (P. O. L etters F o rd ),
F u lt o n C o u n t y , I n d .—zBOND OFFERING.— Proposals will be received
until 1 p . m . M arch 20 by J. L . H oesel, T w p . Trustee, for $25,000 4 )4 %
cou pon school bonds. D enom . 1 fo r $2,087 , 11 fo r $2,083. In t. J. & J .
at the Leiters Ford Bank, Leiters F ord, without exchange. D ue $2,087
Jan. 1 1917 and $2,083 yearly on Jan. 1 from 1918 to 1928, incl.
A U G L A IZ E C O U N T Y (P . O. W a p a k o n e ta ), O h io . — BOND SALE.—
On M ar. 6 an issue o f $14,300 ditch bonds was awarded, it Is stated, to the
H om o B anking C o. o f St. M a ry 's for $14,520 (101.538) and int.
B A L L V IL L E T O W N S H IP , S a n d u sk y C o u n t y , O h io . — BOND SALE.
— T ho State Industrial Comm ission has purchased at par the $20,000 5 %
15M -year average coupon road bonds which were advertised to be sold on
M arch 1.— V . 102, p. 541.
B A R R E N C O U N T Y (P . O. G la sg o w ), K y .— BOND ELECTION PRO
POSED.— A petition is being circulated asking for an election to vote on the
proposition to issue road-construction bonds.
B A S T R O P C O U N T Y (P. O . B a s tr o p ), T e x .— BOND ELECTION
PROPOSED.— A 11 election will be called in C edar Creek Precinct in the
noar future, reports state, to vote on tho question o f issuing $50,000 road
bonds.
B A Y H E A D , O c e a n C o u n ty , N . J .— BOND SALE.— T ho Princeton
Bank o f Princeton purchased at par on A ug. 4 last an issue o f $4,000 5%
park bonds. D enom . $400. In t. J. & J. D ue $400 yrly. on Jan. 1 from
1916 to 1925 inclusive.
B E L L C O U N T Y (P. O. B e lt o n ), T e x .— BONDS VOTED.— T h e election
held in R oad D istrict N o. 18 on F eb. 21 resulted, it is stated, in a vote
o f 17 to 6 in fa vor o f the question o f issuing the $8,000 road bonds (V . 102,
p . 450.)
B E R E A , C u y a h o g a C o u n ty , O h io .— BOND SALE.— T ho $5,500 4 )4 %
)4 -ycar average coupon generai-im pt. bonds which were offered but not
sold on O ct. 10 1914— V . 101, p. 1733— have been purchased b y the Sinking
Fund Trustees.
„ B E T T E N D O R F SC H O O L D I S T R I C T (P. O. B e t t e n d o r f), S c o t t
C o u n t y , I o w a .— BOND ELECTION .— A vote will be taken on M arch 13,
it is stated, on tho question o f issuing S10 .0 0 0 bldg, bonds.
B E V E R L Y , Essex C o u n ty , M ass.— LOAN OFFERING.— Bids will be
considered until 5 p . m . M arch 13 for a loan o f $100,000 m aturing N o v . 7
1916, it is stated.
B IN G H A M T O N , B room e C o u n t y , N . Y .— BOND SALE.— On M ar. 10
tho $150,000 4 % 13-year average cou pon (registered at option o f holder)
sowago-disposal bonds (V . 102, p . 906) were awarded to Farson, Son & C o .
o f N ew Y ork at 101.079, a basis o f about 3 .8 9 4 % .
B L A C K H A W K C O U N T Y (P . O. W a t e r lo o ), I o w a .— BONDS PRO
POSED.— R eports state that this cou nty is contem plating the issuance o f
$260,000 road bonds.
B L A C K W E L L SC H O O L D I S T R IC T (P . O . B la ck w e ll), N o la n
C o u n t y , T e x .— BONDS VOTED.— B y a vote o f 08 to 3 tho question o f
issuing tho $10,000 building bonds (V . 102, p . 818) carried, it is stated, at
tho election held M arch 4.
B O N N E V IL L E C O U N T Y IN D E P E N D E N T S C H O O L D I S T R IC T
N O . 1 (P. O. I d a h o F a lls), I d a h o .— BOND SALE.— On F eb. 29 the
'999 10 -20-yr. (op t.) coupon high-school-bldg, and equipment bonds
(V . 102, p . 818) wero awarded to the Palmer B ond & M tge. C o . o f Salt
Lake C ity fo r $87,978 (103.503) as 5s.
B O S S IE R P A R IS H (P. O . B e n t o n ), L a .— DATE OF BONDS.— T he
$50,000 5 % 1-30-year (ser.) R oad D ist. N o. 2 road-construction bonds ad
vertised to be sold on April 11 (V . 102, p . 906) bears date o f Sept. 1 1915
and not Sept. 1 1916, as first reported.
The official notice of this bond offering will be found among the advertise
ments elsewhere in this Department.
B O S T O N , M ass.— BOND SALES.— During Feb. tho “ Trust Funds”
purchased at par tho following 4 % bonds:
$43,000 Boylston St. subway bonds. D ate July 1 1915. D uo July 1 1960.
15,000 Rapid Transit, Cam bridge connection, bonds. D ate Jan. 1 1916.
D uo Jan. 1 1961.
B R A C K E N R ID G E SC H O O L D I S T R I C T (P. O. B ra ck e n r ld g e ),
A lle g h e n y C o u n t y , P a.— DESCRIPTION OF BONDS.—T h e $40,000
4 )4 % tax-freo school bonds awarded to Holmes, Bulkley & W ardrop o f
Pittsburgh on Jan. 7 (V. 102, p . 907) bear date o f Feb. 1 1916 and are in
tho denomination o f $1,000. Int. F. & A . D uo $16,000 in 1926, $17,000
in 1936 and $7,000 in 1945.
B R Y A N V IL L A G E S C H O O L D I S T R I C T (P . O. B ry a n ), W illia m s
C o u n t y , O hio. — BONDS VOTED.— B y a vote o f 440 to 311 cast at the
M arch 7 election, the question o f Issuing tho $120,000 building bonds
carried, it is stated.— V . 102, p . 907.
BUFFALO, N. Y .— BOND SALE.— During February the C ity C om p t.
purchased at par $5,101 92 4 % D ep t, o f W ork bonds, to be held in trust
for tho Hertel A v e . Outlet Sewer Sinking Fund. D ate Feb. 15 1916. Due
F eb. 15 1917.
BURLINGTON, B urlington C ounty, N. 3.— BOND SALE.— On
M a r. 7 tho $8,500 4 )4 % 10-yr. cou p, (with priv. o f reg.) drainage-plant
bonds— V . 102, p. 907— were awarded to R eilly, B rock & C o . o f Phila. at
100.83: a basis o f about 4 .3 9 5 % . M . M . Freeman & C o . o f Phila. bid
$8,563 75. D enom . $500. D ate Jan. 1 1915. In t. ann. on July 1 . Due
Jan. l 1925.
_ B U R R O A K S C H O O L D I S T R IC T (P. O. B u rr O a k ), J e w e ll C o u n t y ,
K a n .— BONDS VOTED.— B y a voto o f 225 to 123 the question o f issuing
$17,000 high-school-bldg. bonds carried, it is stated, at an olection held
Feb. 28.
B U T T E S C H O O L D IS T R IC T N O . 1 (P . O. B u t te ), S ilver B o w C o u n
ty , M o n t.— BOND ELECTION.— Local papers state an election will be
held April 1 to submit to a vote the question o f issuing $75,000 building
bonds.
B Y R O N T O W N S H IP (P. O . B y r o n ), O gle C o u n t y , 111.— BOND
ELECTION PROPOSED.— Reports state that petitions are in circulation
asking that an election be held to vote on the question o f Issuing $40,000
road Donds.
C A L E X IC O , Im p e ria l C o u n ty , C a lif.— BOND SALE.— On F eb. 29
tho $64,000 6 % water, sewer and fire bonds (V . 102, p . 818) were awarded
to G . G . B lym yer & C o . o f San Francisco at 107. Other bids were :
Sid. S pitzerjc C o., T o le d o . .*$ 6 9 ,1 6 7 1State Board o f C on trol____$65,385
T o r., Marshall & Co.. San F. 07,5161 Stacy & Braun, T o le d o _____ 65,050
♦This bid appears to be higher than that o f the purchaser’s, but is so given
b y the C ity Clerk.
D onom . $1,000 and $500. D ate M a r. 1 1916. In t. M . & S.
C AM P B E L L C O U N T Y (P. O . J a c k s b o r o ), T e n n .— BOND SALE.— On
M ar. 4 $8,000 5 % 30-yr. coupon road bonds were awarded to W eil, R oth &
C o. o f Cincinnati at 104.81 and Int. Denom . $1,000. Date M ar. 2 1915.
Int. M . & S. at C hicago. B onded debt $371,000. Assess, val. $9,000,000.
C A N A N D A IG U A , O n ta rio C o u n t y , N . Y .— BOND OFFERING.—
Proposals will be received until 8 p. m . M ar. 17 by W . M . C row ly, C ity
T reas., for $16,000 5% 8 )4 -yr. average reg. city-hall bonds. Denom .
31,000. D ate A p r - 1 1916. Int. ann. on Jan. 1 at tho C ounty N at. Bank,
Canandaigua. D u e $1,000 yrly. on Jan. 1 from 1917 to 1932, incl. Of-
THE CHRONICLE
1)96
ficial circular states that there is no litigation pending or threatened against
this or any other issue o f the city or the title o f any official to Ids respective
office, and that the city has never defaulted in the prom pt paym ent o f
principal or interest on its indebtedness. B onded d ebt incl. this issue,
$150,000. N o floating debt. Assess, val. 1915, $4,850,543. R eal value,
est., $9,000,000. T he opinion o f the C ity A ttorn ey as to the legality o f
this issue will b o furnished.
C A N TO N , S ta rk C o u n t y , O h io .— B O N D E L E C T I O N . — An election
will be held A pr. 25, it is stated, to voto on the questions o f issuing the fol
lowing bonds: $106,000 W est E nd sewer, $104,000 East End sewer, $74,000
East Creek dredging, $46,000 M arket A ve. im p t., $37,000 Tuscarawas
St. im pt. and $50,000 for W est Park im pt.
C A R B O N C O U N T Y S C H O O L D I S T R I C T N O . 13 (P. O. R e d L o d g e ),
M o n t.— B O N D O F F E R I N G . — Proposals will be received until 2 p. m . M ar.
14 b y Joseph F. Glenn, Clerk B d . o f E d ., for $1,000 5-10-yr. (op t.) coupon
site-purchase and bldg, bonds at not exceeding 6 % int.
C A R D IN G T O N , M orrow C o u n t y , O h io .— B O N D S A L E . — On M ar. 6
the $4,000 5 % 1 1 % - y r . aver, funding and ext. bonds (V . 102, p. 818) were
awarded to S tacy & Braun o f T oled o for $4,163 67 (104.091) and in t., a
basis of about 4 .5 4 7 % . Other bids were:
H ayden, M iller & C o.,C lev.$4,153 00 Seasongood & M ayer, C in .$4,081 00
Security S. B . & T . C o ., Tol.4,131 20 Citizens’ B ank, Cardington 4,046 00
Otis & C o ., Cleveland_____ 4,120 00 People’s Savings B ank____ 4,045 20
Harry W . H osford ------------- 4,040 00
Breed, Elliott & Harrison,
Cincinnati________________ 4,116 80 A . A . Kirkpatrick, for
$2,000............ - ................... 2,030 00
Tillotson & W olcott C o ___ 4,084 40
C A R L I S L E S C H O O L D I S T R I C T (P. O. Carlisle), W a r r e n County,
Iowa.— B O N D E L E C T I O N . — Reports state that an election will bo held
Mar. 13 to vote on the question o f issuing $32,000 building bonds.
C A R P E N T E R CONSOLIDATED INDEPENDENT S C H O O L DIS
T R I C T (P. O. Carpenter), Mitchell County, Iowa.— B O N D E L E C T I O N .
— On M arch 27 an election will be held, it is stated, to v ote on the question
o f issuing $25,000 building bonds.
B O N D E L E C T I O N . — On
A pr. 3 the question o f issuing $200,000 454% hlghway-im pt. bonds will bo
submitted to a vote, it is stated. D enom . $1,000. Date M a y 1 1916.
In t. semi-ann. D uo $10,000 yearly on A pr. 1 from 1917 to 1936 incl.
C A S S C O U N T Y (P. O. Cassopolis), Mich.—
C H A G R I N F A L L S , C u y a h o g a County, Ohio.—
B O N D O F F E R IN G .—
Proposals will be received until 12 m . M arch 27 b y F . E . Lamson, Village
C lerk, for $3,986 65 5% coupon refunding bonds. A u th ., Sec. 3916.
G en. C ode. D enom . 1 for $86.65, 39 for $100. D ate, day o f sale. Int.
A . & O. at the Chagrin Falls Banking C o ., Chagrin Falls. D uo $186 65
April 1 1919, $300 O ct. 1 1919 and $200 on April l and $300 on O ct. 1 from
April 1 1920 to O ct. 1 1926, inclusive. Certified check on a Cuyahoga
bank for 5% o f bonds bid for, payable to Village Treasurer, required.
B onds to be delivered and paid for within ten days after notice o f acceptance
o f bid. Purchaser to p ay accrued interest. Bids must be made on forms
furnished by the above C lerk. Purchaser will bo furnished with a certified
transcript, showing the proceedings o f tho C ouncil and other matters
relating to this issue.
— B O N D S A L E . — On
F eb. 28 the $5,790 554% 154-year average coupon Stafford Joint C ounty
D itch N o. 411 bonds (V . 102, p . 726) were awarded to the N ational Bank
o f Urbana for $5,900 02. equal to 101.901. Other bidders were:
P ro v . S. B . & T r. C o ., C in .$5,900 02[Spitzer, R orick & C o ., T ol.$ 5 ,8 3 3 00
Secur. S. B .& T r . C o .,T o l . 5,888 80 D etroit A v e. Sav. & B kg.
Breed, E lliott & H a rrison .. 5.862 391 C o ., C le v e la n d ................ 5,790 00
B O N D O F F E R I N G . — W . S. C offey, C ounty A uditor, will offer for salo
at public auction at 12 m . M arch 18 $2,460 554% 154-year averago coupon
Persinger D itch N o . 412 bonds. A uth. Secs. 6492 and 6493, Gen. Codo.
D en om . $410. D ate M arch 18 1916. Prin. and semi-annual interest
— M . & S.— payable at office o f C ounty Treasurer. D uo $410 each six
m onths from Sept. 1 1916 to M arch 1 1919, inclusive. A certified check for
10% o f bonds bid for, payable to C ounty Treasurer, is required if a 10-day
option is given purchaser in which to p ay for bonds. Successful bidder to
satisfy himself at own expenso as to tho legality o f theso bonds.
— B O N D S A L E . — On
M ar. 6 tho $9,800 5% 254-yr. aver. cou p. Black Snake D itch N o. 408 bonds
(V. 102, p. 726) were awarded to tho N a t. Bank o f Urbana for $9,931.15
(101.338) and int., a basis o f about 4 .4 7 % . Other bids wero:
Spltzer, R orick & C o ., T oled o___________________________________ $9,931 00
Breed, E lliott & Harrison, C incinnati____________________________ 9,924 46
C H A M P A I G N C O U N T Y (P. O. Urbana), Ohio.
C H A M P A I G N C O U N T Y (P. O. Urbana), Ohio.
C H E R O K E E , Cherokee County, I o w a . — D E S C R I P T I O N
OF BONDS.
— T he $26,925 6 % sewer bonds awarded on Feb. 26 to M oore-Sieg C o. at
par and int. (V . 102, p. 907) are in the denom . of $500 and dated Jan. 18
1916. Int. annually April 1.
.
C H I C A G O (Lincoln P ark District), Ills.— B O N D S A U T H O R I Z E D . —
It is stated that tho Park Board recently passed .an ordinance providing
for the issuance o f $1,000,000 bonds. T h o proceeds are to bo used to fill
in tho lako between tho Irving Park Boulevard and Cornelius Street.
I l i a . — B O N D O F F E R I N G . — A d
ditional inform ation is at hand relative t o tho offering on M ar. 15 o f tho
$120,000 4 % 20-year serial gold coupon street paving bonds-^-V. 102,
p . 907. Bids for theso bonds will bo received until 12 m . on said day b y
J . F . N eil, Secy, o f D ist. Com m rs. D en om . $1,000. D ato A ug. 1 1916.
In t. F . & A . at office o f Treas. Duo $6,000 yearly for 20 years. C ert,
check or cash for $6,000, payablo to tho South Park C om m rs., required.
B onds outstanding general obligation $4,947,000; special assess, bonds and
vouchers, $229,850; current liabilities, $159,460; Assess, val. 1915 $609,
158,134.
C H I C A G O (South P a r k District),
C H I C K A S H A S C H O O L D I S T R I C T (P. O. Chickasha), G r a y
County,
O k la .— N O B O N D S O F F E R E D . — Tho Sec. B d. o f E d . advises us
that tho roports stating that this district offered for sale on M ar. 1 an issuo
o f $10,000 5 % 20-yr. school-building bonds (V . 102. p. 726) are erroneous
C H I L L I C O T H E S C H O O L D I S T R I C T (P. O. Chillicothe), Ross
County, Ohio. — B O N D O F F E R I N G . — Proposals will bo received until
12 m . M ar. 17 b y R o b t. D . Alexander, Sec. o f Sinking Fund Comm ission,
for $18,000 45-4% 1154-yr. averago school-funding bonds. D enom . $500.
D ato M arch 1 1916. Prin. and semi-ann. int.— M . & S.— payable at
office o f C ity Treas. Duo $1.,000 yrly. on M ar. 1 from 1919 to 1936 incl.
C ert, check for 2 % o f bonds bid for, payablo to F . A . Stacey, President o f
Comm ission, required. Official circular states that thero is no litigation,
has never been any default, and that purchaser will bo furnished transcript.
B onded debt, incl. this issuo, $172,000. D uplicate assess, v a l., $17,425,
915; actual val. (est.), $22,000,000.
T h e s e b o n d s a r e h o ld in g s o f th e S in k in a F u n d C o m m is s io n .
C H I L T O N , C a l u m e t County, Wi3.
— B O N D E L E C T I O N . — An elec
tion will bo held M a r. 21 to decide whether or not this city shall issuo $45,000
454% water-works-plant-erection and equipment bonds. D enom . $500.
In t. semi-annual at any bank in Chilton or in M ilwaukee or Chicago ex
change. Due on April 1 as follows: $1,000, 1917 and 1918; $1,500, 1919,
1920 and 1921; $2,000, 1922 and 1923; $2,500, 1924. 1925, 1926, 1927 and
1928; $3,000, 1929. 1930, 1931 and 1932. $3,500, 1933 and 1934: and $3,000
1935. A . J. Pfeffer is C ity Clerk.
.
C I N C I N N A T I , Ohio.— B O N D S A L E . — O n Mar. 8 tho $100,000 4 5 4 %
40-49-yr. optional coupon municipal bonds for terminal facilities and per
manent betterments for tho lino of the Cincinnati Southern Ry.— -V. 102
p. 631— wero awarded to liemick, Hodges & Co. of N. Y. at 109.193
and int., a basis of about 4.035% to tho optional date and 4.067% to the
full maturity. ,
C L E V E L A N D , Ohio.— B O N D S u i U O R I Z E D .— T h o City Council
passed ordinances on Feb. 14 providing for the issuance of the following
bonds:
$475,000 5 % street-improvement''' bonds. Date April 1 1916. D u o
$25,000 Nov. 1 1917 and $50,000 yearly on Nov. 1 from
1918 to 1925 incl.
_
225.000 4 5 4 % city’s portion bonds. Dato Mar. 1 1916. D u e $9,000
yearly on Mar. 1 from 1917 to 1941 incl.
684.000 5 % street-improvement bonds. Date April 1 1916. D u o $76.
000 Nov. 1 1916 and $152,000 yearly on Nov. 1 from 1917
to 1920 incl.
„
153.000 6 % street-improvement bonds. Date April 1 1916. D u o
$17,000 Nov. 1 1916 and $34,000 yearly on N ov. llfrom
1917 to 1926 incl.
275.000 4 > i % city’s portion bonds. Dato Mar. 1 1916. D u e $11,000
yearly on Mar. 1 from 1917 to 1941 incl.
[Vol. 102.
$104,500 5 % street-im provem ent bonds. D ate April 1 1916. D uo $5,500
N o v . 1 1916 and $11,000 yearly on N o v . 1 from 1917
to 1925 incl.
D en om . $1,000 except tho last issue, which has 1 bond o f $500. Prin.
and semi-ann. int. payable at Am er. Exchange N a t. Bank, N . Y . C .
C O C H IS E C O U N T Y S C H O O L D I S T R I C T N O . 29, A riz .— D E S C R I P
T I O N O F B O N D S . — 1Tho $3,500 6 % 1354-yr. (aver.) school-bldg, bonds
recently awarded to Sweet, Causey, Foster & C o . o f Denver at 101.057,
in t. and blank bonds (V . 102, p . 907) arc in tho denom . o f $500 and dated
July 6 1915. In t. J. & J.
C O L U M B IA S C H O O L D I S T R IC T (P. O. C o lu m b ia ), B o o n e C o u n ty ,
M o .— B O N D E L E C T I O N P R O P O S E D . — R eports state that the question o f
Issuing $75,000 building bonds will be subm itted to a voto at an election
to be hold in tho near futuro.
C O LU M B U S, O h io . — B O N D S A L E . — On Feb. 28 the Sinking Fund
Trustees accepted $25,000 bonds to construct a fire-engine house on Cleve
land A v o ., it is stated.
C O O K C O U N T Y , 111. (F o re s t P reserve D is tr ic t).— B O N D S A L E . —
On M ar. 6 the $1,000,000 4 % 9 1-3-yr. aver, gold coup, bonds (V . 102, p.
907) were awarded to Kissel, Kinnicutt & C o. o f Chicago at 99.583, a basis
o f about 4 .0 5 % , it is stated. Other bids aro reported as follows:
R . M . Grant & C o ., K ean, T aylor & C o. and Union T r. C o ., C hic_.99.2811
Harris T rust & Savings B ank, C hicago-------------------------------------------99.0728
M erchants’ Loan & Trust C o ., E . II. Rollins & Sons, W m . A . Read
& C o. and A . B . Leach & C o ., C h ica go--------------------------------------- 98.909
C O R T L A N D C O U N T Y (P . O. C o r t la n d ), N . Y . — B O N D S A L E . — O n
F eb. 26 tho $64,000 cou p, highway bonds (V . 102, p . 451) wero awarded to
A . B . Loach & C o. o f N . Y . at 104.097 for 454s. D enom . $500. Dato
A pr. 1 1916. Int. A . & O. at C ounty Treas. office or in N . Y . C ity . D uo
$4,000 yearly on April 1.
C O S H O C T O N , C o s h o c to n C o u n ty , O h io .— B O N D S A L E . — On
M a r. 6 tho $6,000 454% 654-yr. aver, fire-apparatus-purcha.se bonds (V.
.............
‘ N at
at. Bank o f Columbus for $6,071 37
102, p. 819) wero awarded
to tho Ohio
(101.189) and in t., a basis o f about 4 .2 9 % . Other bidders were:
P rov. S. B . & T . C o .. Cin_ $6,048 60
Breed, E lliott & Harrison,
Cincinnati_____ ______ ___$6,070 80 A . E . A ub & C o ., C in _____ 6,047 50
Coshocton N at. B k ., C osh . 6,066 9 0 1Seasongood & M ayer, C in . 6,025 50
Commercial N at. Ilk ., C osh .6,057 501 Otis & C o ., Cleveland-------- 6,020 00
Central Bank, C o sh o cto n .. 6,056 03 F. C . Iloehler, T o le d o------ 0 ,0 l9 80
S tacy & Braun, T o le d o ____ 6,050 8 5 1T illotson & W olcott C o — 6,007 80
COUER d’ALENE INDEPENDENT SCHOOL DISTRICT NO. 1
O. Couer d’Alene), Kootonai County, Idaho.—B O N D E L E C T I O N
(P.
P R O P O S E D .—
R oports state that an election will probably be called soon
to voto on tho question o f issuing $35,000 high-school-bldg, bonds.
COVINA, Los Angeles County, Calif.—B O N D S V O T E D . — T ho ques
tion o f issuing $106,000 municipal water system installation bonds carried,
it is stated, at an election held Feb. 28, tho vote being 335 to 142.
CRAWFORD COUNTY (P. O. Denison), Iowa.— B O N D S
PRO
P O S E D .—
Local papers stato that there is talk o f issuing road and bridge
building bonds.
CROOKSVILLE, P o rry County, Ohio.— B O N D O F F E R I N G . — Bids
will bo received until 12 m . M ar. 27 b y C . L . Harper, Vil. Clerk, for tho
following 5 % street-inipt. assess, bonds:
$3,550 Vaughn St. im pt. bonds. D enom . 9 for $350, l for $400. D ue
$350 yrly. on F eb. 1 from 1917 to 1925 incl. and $400 Feb. 1 1926.
8,780 N o . Buckeye St. Im pt. bonds. D enom . 1 for $380, l for $400 and
8 fo r $1,000. D uo $380 Feb. 1 1917, $400 Feb. 1 1918 and $1,000
yrly. on Fob. 1 from 1919 to 1926 incl.
7,350
\Valnut St. im pt. bonds. D enom . 9 for $700, 1 for $1,050. Duo
$700 yrly. on Fob. 1 from 1917 to 1925 incl. and $1,050 Feb. 1 1926.
D a te Feb. 1 1916. Int. F . & A . Cert, check for 10% o f bonds b id ,
payablo to the Vii. T reas., required. Bonds to be delivered and paid for
within 10 days from tim e o f award. Purchaser to p ay accrued int.
CUSTER INDEPENDENT SCHOOL DISTRICT (P. O. Custer),
Custer County, So. Dak.—B O N D O F F E R I N G . — Proposals will bo re
ceived until 2 p. m. M ar. 21 b y W m . A . Sim onton, Clerk B d. o f E d ., for
$25,000 5 % 10-20-yr. (opt.) school bonds. Dato M a y 1 1916. Int. semiann. C ert, check for $500, payable to the D ist. T reas., required.
CUYAHOGA COUNTY (P. O. Cleveland), Ohio.—B O N D
OFFER
I N G . — E . G . Krause, Clerk o f Board o f C ounty Commissioners, will re
ceive bids until 10 a. m . M ar. 22 for tho following 454 % cou p. Som Center
____
R oad N o . 1 bonds:
$9,658 assess, bonds. D enom . 1 for $658, 18 for $500. Duo $658 O ct. 1
1917, $1,000 yearly on A pr. 1 from 1918 to 1924 incl. and $1,000
A pril 1 and Oct. 1 1925.
„
31,388 cou n ty’s sharo bonds. D enom . 1 for $1,388, 30 for $1,000. Due
$1,388 A pr. 1 1917, $2,000 A pr. 1 1918, 1919 and 1920, $3,000
A pr. 1 1921 and 1922, $3,000 O ct. 1 1922, $3,000 on A pr. 1 and O c t.l
1923, $4,000 A pr. 1 1924 and $5,000 O ct. 1 1924.
D ato M ar. I 1916. Prin. and semi-ann. interest April 1 and O ct. 1,
payablo at offico o f C ounty Treas. An unconditional certified check on
a bank other than tho one making tho bid, for 1 % o f bonds bidTor, payablo
to C ounty Treasurer, required. Bonds to bo delivered and paid for within
10 days from tim e o f award. Purchaser to pay accrued interest. Sep
arate bids must bo m ade for each issue.
„
_
,
,
T ho above bonds take tho place o f tho $37,964 Som Center R oad N o . 1
bonds originally advertised to be sold M ar. 11. V . 102, p. 819.
DALLAS, D a llas County, Tex.— B O N D E L E C T I O N . — T he taxpayers
o f this city will voto April 4 on propositions to issuo 454% 40-year serial
bonds for tho following purposes: $500,000 for tho erection o f an electricllght-plant to do a general commercial business, $250,000 for tho purchase o f
tho block in front o f tho now union depot for parking purposes and $300,000
for tho construction o f storm-sowers and culverts. T ho $500,000 light
bonds are to tako tho place o f tho $400,000 bonds voted in April 1913 for the
erection o f a plant to furnish current for lighting streets, parks and public
buildings. Tho bonds authorized in 1913 aro In litigation, tho case now
being before a special court.
DANVILLE, Pittsylvania County, Va.—
BOND
E L E C T IO N
PRO-
.— L ocal papers state that an election will be called shortly to voto
on the question o f Issuing $109,227 50 street-im pt. bonds.
DARBY, Delaware County, Pa .— B O N D S A L E . — On M arch 6 tho
$35,000 4 54 % 20-30-yr. optional tax-free street-im pt. bonds—-V . 102, p . 726
— w ero awarded to Berry B . Strassburger o f Phila. at 105.45 and int.— a
basis o f about 4.098% to tho optional date and about 4 .182% to tho full
m aturity. D enom . $500. D ato Jan. 1 1915. Int. J. & J. D uo 1945,
subject to call after 1935.
POSED
DARBY TOWNSHIP SCHOOL DISTRICT, Pickaway County.
Ohio.—BONDS AUTHORIZED.— Dispatches state that an issue o f $25,000
bldg, bonds has been authorized.
DEPUE, Bureau County, 111.—B O N D S V O T E D . The question of
Issuing $10,000 park-land-purchase bonds carried, it is stated, at a rccont
election.
DERBY SCHOOL DISTRICT (P. O. Derby), Sedgwick County,
Kan.— B O N D S V O T E D . — B y a vote o f 153 to 3 the question o f issuing
$ 12 ,0 0 0 building bonds carried, it is stated, at an election held F eb. 24.
DE RIDDER FIRST SEWAGE DISTRICT (P. O. De Bidder),
Beauregard County, La.—B O N D S A L E . — On March 1 tho $41,000 5%
sower-system and sowage-disposal-plant-constr. bonds (V. 102, p. b32)
wero awarded to tho Suthorlin Constr. Co. of Kansas City ,Mo., for $41,091
(100.221) and interest. Other bids were:
J.R .S utherlin & C o .,K a n .C .$42,800 H anch ettB ond C o ., C hlc.$40,100 00
H amilton B ros., H o u s to n .. 41,000 Peoples’ Bank & Trust C o .,
L a fa y e tto _____________ 40,076 50
Lum berm en’s Bank & T r.
_
C o ., D e R idder__________ 40,180 Sid. Spitzer & C o ., T o l . . . 39,975 00
D en om . $500. D ato M a y 1 1916. In t. ann. M a y. D u o 1935.
D E L A W A R E C O U N T Y (P . O . M u n cie ), In d . B O N D O F F E R I N G . —
Bids will bo received until 10 a. m . M arch 14, it is said, b y G . G . W illiam
son, C ounty Treasurer, for $5,200, $10,400, $7,360 and $3,500 454% high
way im provem ent bonds.
DES MOINES, Iowa.— - B O N D E L E C T I O N .— Local papers stato that
tho question o f issuing $100,000 garbage-disposal-plant-erection bonds will
be subm itted to a v o te on M arch 27.
w . D AW SO N CO U N T Y (P. O. Glendive), M ont.— B O N D S A L E .—-On
M arch 6 the $39,000 10-20-year (op t.) coupon funding bonds offered on that
Mar . l l 1916.1
THE CHRONICLE
997
.‘ 1 °2 . P • 267) were awarded to the Lum berm ens Trust C o . for
. ^ ^ t h . Sec. 3914, Gen. C ode. D ate d ay o f sale. Prin. and semi-ann
Tnc
102.51. as 4 £ s . rh e follow ing bids are for 5% bondsA . & O .— payable at o ffice o f V il. Treas. C ert check on a hank
Jas. N . W right
rig h t&
S I . 778 40 Sec
See. S.
R .. *& T
nv>i
on
& C o ..
., D en ..§1,778
S B
T rr .. C o ., T
o l ..$ l ,1 7 7 80
^ v n har? the one y a k in g the bid, fo r 10% c ^ o n d s b i d f o r p a y
A . B . Leach & C o .. C h i c . . . 1,766 00
Harris T r. & S. B ., Chicago 1,731 00
v s Vfrom r£
B» ndi to be delivered and paid forPwithin 10
‘ •i ! o o ° S
N . W . Halsey & C o ., C hic_/il,601 00
i ion ofl aays from tim e o f award. Purchaser to p a y accrued Interest
D e n v e r _____________
W ells & D ick ey C o ., M in n . 1 ,.r>80 00 Spok.& East.Tr.C o.,Spok"_I L 082 00
P ow ell, Gerard & C o ., Chic. 1,577 00 Kalman, M attson & W ood 1,074 45
International T r. C o ., D en . 1,528 00 Silver B ow N a t. B k ., B utte 1,055 00
N orthwestern Trust C o .,
M inn. Loan& Ir.C o ..M in n . d990 00
St. Paul___________ _____ 1,486 63 R- M . Grant & C o ., C h i c ..
987 00 State Bank o f E v a n s to n ..§52,205 00 C ity N a t. B ank, E vanston..§ 5 1 ,8 9 0
Lumbermens T r .C o .,P o r t l.*1,482 00 L iston , C lifford & C o .,C h ic.
985 00 N . W . Halsey & C o ., C hic. 52,165 00 M c C o y & C o ., C hicago_____ 51,890
First National Bank, B utte 1,410 00 Keeler B ros., D enver
975 25 Bolger, M osser & W illaHarris T r & S B .C h ic a g o .. 51,880
W m . It. C om pton C o .,S t.L . 1,408 00 Farson, Son & C o ., N . Y ’
oaa 03
, , m “ . C h i c a g o -------------- 52,080 00 E lston, C lifford & C o ., C h ic . 51,820
Seasongood & M ayer, C in . 1,390 00 John.Nuveen & C o ., C h i d I
819 nil M erchants L .& T .C o.,C h ic.5 2 .0 7 0 50 Cummings, Prudden & C o .,
M ercantile T r. C o.,S t. L ._ 1,379 00 T illotson & W olcottC o.,C lev
00 1 o i e u o _____
807 50 R
* . ^M .VG ran
1 t’&
• « C o .,wCr .h ic.■ ’ 52’,055 uu
k10 one
>T &
- 5h ic"
1 , 851
5
K eane, Higbio & C o ., D e t. 1,370 00 W m . P . B onbright & C o .,
A . B . Leach & C o ., C h i c .. 52.045 00 IP.
Wed^
. C h- a..........p m a n -&-C-o -""C
@FedFRASER