Full text of Commercial and Financial Chronicle : March 18, 1916, Vol. 102, No. 2647

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I N C L U D I N G
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 rs ’ C o n v e n tio n

VOL. 102

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

and

in clu d e s fo llo w in g

S u p p lem e n ts —

B ank a n d q u o t a t io n (monthly) I R a il w a y a n d I nd ustr ial (3 times yearly)
R a i l w a y E arnings (monthly)
E lectric r a i l w a y (3 timos yearly)
State a n d C it y (semi-annually) |B a n k e r s ’ C on vention (yearly)

T e r m 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 space (14 agato lines)...................................
' Two Months
(8 times)..........................
(13 times)..........................
Standing Business Cards j six Mon^M* 8 (20 times)..........................
t Twelve Months (52 times)..........................
C hicago O ffice — 39 South La Sallo Street, Telephone Randolph7396.
L on d o n o f fic e — Edwards «fc Smith, 1 Drapers’ Gardens, E. O.
W I L L I A M I*. D A N A C O M P A N Y , P u b l i s h e r s ,
____________ F ro n t, F in e an d D c p o y ste r S ts,, N ew Y o r k .

$4
22
29
50
87

20
00
00
00
00

Published every Saturday morning by W IL L IA M u . D A N A C O M P A N Y ,
Jacob Seibert Jr.. President and Treasurer: George S. Dana and Arnold O . Dana,
Vice-Presidents Arnold O. Dana. See, Addresses of all, o f f i ce of the Com pany.

C L E A R IN G -H O U S E R E T U R N S.
The following table, mado up by telegraph, &c., Indicates that the total
bank clearings of all tho clearing houses of tho Unitod States for the week
ending to-day have been 84,898,403,701, against $4,414,916,731 last week
and $2,983,919,931 tho corresponding wook last year.
Clearings— Returns by Telegraph.
Week ending M arch 18.

Per
Cent.

1915.

New York...........................................
Boston .
Philadelphia_______
Baltimore.................
Chicago — ...............
St. Louis____ _____
Now Orleans.............
fc
Seven cities, 5 days.
Other cities, 5 days__

52,563.364,129
180,733,040
191,678,711
32,923,181
330,324,166
80,660,202
22,819,074

51,393,316,852
114,997,767
116,028,355
25,328,186
251,435,779
64,035,657
17,504,988

+ 84.0
+57.2
+ 65.2
+ 30.0
+ 31.4
+ 26.0
+ 29.8

53,402,502,503
698,474,217

SI.982,727,584
544,469,287

+ 71.6
+ 26.5

Total all cities. 5 days.
AI1 cities, 1 day------------

54,100,976,720
705,426,981

52,527,196,871
456,723,060

+ 62.3
+ 54.4

_Total all cities for w
e
e
k
$4,006,403,701 52,983,919.931
+61.1
Tho full details for tho wook covorod by tho abovo will bo given noxt
Saturday. Wo cannot furnish them to-day, clearings being mado up by tho
clearing houses at noon on Saturday, and honco in tho abovo tho last day
of tho wook lias to bo in all cases ostimatod, as wo go to press Friday night.
Wo present below dotadod figuros for tho wook ending with Saturday
noon, March 11, for four years:
Week ending M arch 11.

Clearings at—■

In c . or
Dec.

1910.

1914.
5
*
%
!,645,102,248 1,602,714,277 + 65.1 1,793,764,584 1,887,299,267
New York__
Philadelphia___ 212,171,455 138,902,359 + 52.7 145,027,806 159,120,955
45,274,348 + 22.9
55,633,995
Pittsburgh___
52,855,321
50,394,834
29,950,336 + 38.3
41,423,800
Baltimore___
41,143,146
33,725,420
. 9,281,890 + 42.8
13,251,259
Buffalo_____
10,822,612
11,298,535
9,028,108
7,532,469 + 19.9
Washington . .
7,913,069 . 7,949,417
4,695,924
4,666,807 + 0.6
Albany...........
5,030,054
5,862,280
4,569,688
4.469,748 + 2.2
Rochester___
4,753,993
4.333,499
2,952,761
3,095,029 — 4.6
Scranton____
2,733,687
3,073,345
2,790,838
2,608,644 + 7.0
Syracuso____
2,836,147
2,732,495
2,059,534
1,712,510 + 20.3
Reading.........
1,987,110
1,703,082
2,457,695
1,528,321 + 60.8
Wilmington...
1,763,628
2,120,595
1,589,310
1,459,545 + 8.9
Wilkes-Barre__
1,394,046
1,413,199
2,332,607
1,787,198 + 30.5
Wheeling___
2,293,051
2,387,901
1,519,201 + 11.1
1,687,840
Lancaster__
1,539,554
1.473,015
1,440,444 + 35.3
1,948,597
Trenton____
2,108,948
1,705,333
831,925 + 17.3
975,492
Y o rk ______
928,429
890,058
830,687 + 37.2
1,139,980
Erlo.... ........
1,010,033
1,037,395
022,900 + 1 1 . 1
692.000
Binghamton _
747,400
702,500
008,138 + 20.0
730,038
Orcensburg..
739,306
643,642
481,487 + 14.2
550.000
Altoona ___
641,963
650,571
665,450 + 48.7
989,480
Chester........
710,355
619,969
396,098 + 1.8
Montclair___
403,221
419,849
411,640
Total Middle. 3,009,175,930 1,862,379,871 + 61.6 2,073,985,852 2,191,454,672
+ 30.6
+ 24.2
+ 22.5
— 0.2
+ 26.2
+ 24.8
+ 30.3
+ 14.3
+ 40.0
+ 28.0
+ 16.3
+ 92.2

Boston........... .
Providence.......
Hartford...........
New Haven.......
Springfield.......
Portland.........
Worcester.........
Fall ltlver.........
New Bedford__
Holyoke.............
Lowell________
Bangor...........

188,309,726
8,178,600
8,350,620
3,490,012
3,322,458
2,208,500
3,070,635
1,398,529
1,171,669
799,488
862,480
639,702

144,204,580
6,583,700
6,815,094
3,502,410
2,633,069
1,817,118
2,356,571
1,223,415
837,359
624,598
741,131
327,851

Tot. New Eng.

221,868,419

171,666,950 +29.2

154,824,932
7,770,200
5,213,749
2,990,507
2,010,597
1,999,090
2,812,595
1,363,092
1,194,623
623,171
749,120
430,428

156,354,130
8,563,000
4,873,400
2,962,288
2,750,470
1,760,607
2,813,301
1,277,523
1,004,791
597,589
612,957
429,368

182,588,1041 183,999,442

N ote .—For Canadian clearings sco "Commercial and Miscellaneous News."

* Owing to tho consolidation of the 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.

C ity

S e c tio n

NO. 2647
Week ending M arch 11.

Clearings at-

PUBLISHED WEEKLY.
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
$ 1 0 00
For One Year ..........................................................................................$10
00
For Six Months......................................................................................... 0
00
« 00
European Subscription (Including postage).......................................... 13 00
00
" ' ' '
;postago)...................... 7 50
■ft‘2 14fl.
_________
_
. ( I n c l u d i n g p o s t a g e ) _______ ___________________
S . l 1 1 fl.
Canadian Subscription (including postage)......................................... .$11
$ 1 1 50
50




S ta te

SATURDAY, M ARCH 18 1916
e C ffe w m M * .

S u b sc rip tio n

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

S e c tio n

1916.

1915.

C h icago_______
Cincinnati_____
C levela n d _____
D e t r o i t _______
M ilw a u k e e____
Indianapolis___
C olum bus_____
Toledo ............
1 Peoria __......... ..
Grand R a p id s ..
i D a y t o n ________
Evansville_____
! Springfield, 111..
i Fort W a y n e ___
L exin gton ______
R o ck fo rd _______
A k r o n .................
Bloom ington___
Q uin cy_________
Y ou ngstow n___
Canton ...............
Springfield, O .. .
South Bend.........
M a n sfie ld ______
D ecatu r...............
Danville .............
J a ck so n ......... ..
Jacksonville, 111.
Lima ........... .......
L ansing...............
O w e n sb o ro .........
Ann A rbor______
A d ria n .................
T o t.M id . West

$
397,713,168
30.360.05C
33,791,027
38.000.00C
18.354.25C
8,845,961
8,206,501
8,193,884
5.200.00C
3,588,322
3,071,707
2,088,694
1,792,274
1,328,034
894,304
1,331,284
2,952,000
1,110,277
1,566,547
3,603,041
2,176,139
1,076,852
747.30C
842,645
762,744
660,404
600.00C
417,175
662,281
796.42S
373.48S
275,00C
80,721
581,462,503

5
308,173,35c
23,093,001
24,360,62
23.847.13C
15,703,582
7,726,357
6.563.40C
6,172,872
3.041.41S
3,359,69E
1.875.23C
1,110,852
1.308.94C
1,316,22:
1,109,428
1.420,431,450,00C
858,46'
1,209,30-:
1,473,492
1.690.00C
872,755
606,257
555,38-i
433,092
609.72C
475.00C
381.24S
507,97f
483,83-S
363,807
238,062
73,904
442,470,864

San Francisco___
Los Angeles_____
Seattle_________
P o rtla n d _______
Salt Lake C i t y ..
Spokane________
T a co m a ________
Oakland________
Sacram ento_____
San D iego______
San Jose........... ..
S to c k to n _______
F re sn o ..................
Pasadena......... ....
North Y a k im a ..
R e n o ......... ..........
Long Beach.........
Total P a cific ..

62,701,206
23.620.02S
12,524,704
10,950,644
8.236,775
4,053,116
2,163,243
4,093.561
2,055,662
2,499,665
700,000
1,082.972
900,000
959,739
375,514
340,973
693,898
137,951,700

Kansas C ity____
M in n eapolis____
O m aha..................
St. Paul................
D e n v e r ________
St. J osep h ..........
D cs M oines_____
Sioux C ity ...........
W ich ita .........
D uluth................
Lincoln ..............
D a v e n p o r t____
Topeka ..............
Cedar R a p id s ..
F a rgo..................
Colorado Springs
P u e b lo ............
F r e m o n t____
W aterloo____
H elena...........
B illin g s _____
H astin gs____
A berdeen____
Total oth.W est

82,383,862
*25,977,955
29,000,000
13,543,964
10,116,532
12,788,600
9,189,184
5,248,983
4,507,665
4.459,429
3,263,890
2,152,179
2,116,681
2,586,992
2,049.905
934,686
384,192
706,627
3,323,486
1,220,739
551,271
264,097
738,254
217,509,173

St. Louis____
New Orleans____
L o u is v ille ______
H o u s t o n _______
G a lve sto n ______
R ich m on d ______
Fort W orth_____
A tla n ta ________
M e m p h is ...........
Savannah ______
Nashville...........
N o r fo lk ................
Birm ingham ____
Augusta................
K n o x v ille ............
J ack son v ille____
Chattanooga____
Littlo R o ck _____
M o b ile..................
C h a rle sto n _____
O klahom a______
M a c o n ....... ..........
Austin ............... ..
V ick sbu rg............
Jack son ________
T u ls a ......... ..........
M u sk o ge e......... ..

90,071,342
20,796,257
17,963,501
13,214,987
4,500.000
15,172,272
9,758,278
15,828,353
7.951,056
5,000,000
8,139,242
4,121,041
2,199.670
1,467,412
1,985,606
3,590,800
2,038,904
2,432,663
1,009,713
2,066,687
3,186,294
3,367,833
5,70 .003
314,766
827,706
3,379,869
894,754

In c . or
D ec.

1914.

%

S

1913.

+ 29.
358,384,421 331,095,711
+ 31.
26,974,550
26,625,250
+ 38.7
23,286,951
22,898,221
+ 59.:
26,847,698
24,875,033
+ 16.1
16,316,025
14,735,811
+ 14.5
7,622,615
8,366,414
+ 25.C
7,754,600
6,377,800
+ 32.S
6,129,470
6,154,012
+ 00 .C
4,285,230
3,915,253
+ 6 .S
3,221,870
3,258,151
+ 63.S
2,282,193
2,136,084
+ 8 8 .S
1,228,618
1,262,247
+ 35.5
1,319,086
1,322,694
+ 0.1
1,195,988
1,289,914
— 19.858.045
1,347,839
— 6.7
1,368,490
1,304,769
+ 103.0
1,416,000
1,969,000
+ 29.-;
910,152
959,862
+ 29.5
1,370,348
1,199,569
+ 144.6
1,693,729
1,756,301
+ 28.S
1,546,482
1,563,976
+ 23.-4
809,291
700,267
+ 23.C
609,301
577,673
+ 51.7
495,165
510,295
+ 76.C
708,157
608,241
+ 8 .E
571,573
488,108
+26.5
441,891
481,639
+ 9.-4
433,078
389.002
+ 30+
452,978
427,161
+ 64.7
497,718
527,370
+ 2.7
518,662
613,449
+ 15.C
254,239
209,219
+ 9.2
87,613
46,893
+ 31.4 501,892,227 470,071,344
45,911,659 + 36.6
47,547,783
52,251,455
20.765.04C + 13-7
26,250,631
25,021,214
12,553,45C — 0 .2
15,168,275
13,839,590
+ 1.7
10,767.029
11,706,038
15,143,106
5,486,367 + 49.4
5,930,932
5,808,133
3,821,834 + 6.1
4,203,031
4,108,293
2,504,531 — 13.2
2,853,773
3,587,168
3,047,547 + 20.1
3,614,751
4,215,076
1,727,574 + 19.0
2,030,395
2,130,740
2,141,427 + 16.7
2,676,013
3,407,216
590,139 + 18.6
626,080
727,419
839,784 + 28.9
883,219
965,158
923,902 — 2.6
1,031,151
1,033,853
890,787 + 7.7
1,095,817
1,182,507
398,808 —5.8
415,000
424,058
245,805 + 38.7
210,264
244,408
638,513 + 8.6
113,614,196 +21.4 126,243,153 134,089,394
67,218,813 + 22.6
54,517,622
28,599,756 —9.2
24,838,239
19,316,181 + 50.1
19,562,699,
11,486,339 + 17.9
11.017,140
8,940,557 + 13.2
8,231,099
+
49.0
8,580,627
9,827,052
6,775,224 + 35.8
7,277,810
3,980,893 + 34.9
4,527,721
3,434,625 + 31.2
3,354,144
3,308,549 + 34.8
2,827.708
2,122,193 + 53.8
2,248,148
1,509,710 + 42.6
1,929,277
1,490,420 + 42.0
1,914,726
2,023,824 + 27.8
2,344,630
1,318,945 + 55.4
657,829
961,681 — 2.8
673,055
594,235 —35.4
703.265
474,512 + 48.9
509,373
+
57.7
2,107,277
1,967,259
1,027,816 + 18.8
885,079
531,129 + 3.8
368,447
168,679 + 56.6
195,000
488,064 + 51.2
540.092|
176,370,849 + 23.3 160,917,414!
74,165,445 + 21.4
83,969,275
17,010,401 + 22.3
17,933,869
13,247,640 + 35.6
14,475.464
+
62.4
8,130,604
9,000,000
3,728,394 + 20.7
3,245,500
9,583,145 + 58.3
8,360,139
6,946,425 + 40.5
7,916,633
13.184,186 + 20.1
16,028,954
7,815,684 + 1.7
9,065,645
5,079,150 — 1 .0
4,100,054
6,506,451 + 24.0
7,466,771
3,669,686 +12.3
4,019,799
2,269,525 —3.1
2,950,535
1,442,863
2,304,016
1,614,634 + 23.0
2,049,250
2,958,569 + 21.4
3.749,346
2,353,047 — 13.4
2,759,307
2,235,153 + 8.9
2,635,324
1,074,783 — 6 .1
1,263,930
2,311,520 — 10 .6
2,352,218
2,218,300 + 43.6
2,191,594
3,080,274 + 9.3
3,642,212
6,989,363 — 18.4
8,244,589
303,697 + 3.6
308,944
412,378 + 100.7
600,834
1,245,561 + 171.3
1,813,041
720,530 + 24.2
911,418

Total Southern 246,979,006 200,368,907 +23.2 223,358,931 214,465,903
Total all......... 14,414,946,731'2,966^717643 + 48.8 3,268,985,681 3,3517295^889
Outside N . Y .1 17769,844,483+^6471577366 + 29.71,475,22+7697 1,46379977622

THE CHRONICLE

1006

THE FINANCIALISITUATION.
We do not know what qualifications for the office
the powder manufacturer possesses who this week has
indicated that he would not be unwilling to accept the
nomination of the Republican Party for the! Presi­
dency, and we do not wish to be understood as ex­
pressing any opinion in the matter, but it seems nat­
ural that the suggestion should have given rise to the
reflection that, after all, it might not be a bad idea if
our people could be educated to look occasionally in
the business world for Presidential timber of the right
sort, instead of contentedly accepting the candidacy
of the demagogue and the self-seeking politician. It
cannot but be that the results would be infinitely
better.
Looking back over the record shows that in the
thirty-one terms and 124 years of American history
from the first inauguration on the spot signalized by
the heroic statue in our financial district, down to
March of 1913 there have been twenty-two different
men holding the office of President by original
election, besides four who came to it from the Vice­
Presidency. Washington himself was a planter or
farmer; Harrison was soldier and farmer; Taylor
was a successful soldier; the one other and illus­
triously successful soldier was Grant; Roosevelt has
had various literary diversions but has been an office­
holder throughout his adult life. The other seven­
teen elected Presidents were lawyers. Admitting
that the elder Adams, also Garfield and Cleveland,
were teachers in early life, as is true of thousands of
others who used teaching as a step to some other oc­
cupation, we have to admit that the Presidency has
been held by lawyers for more than twenty terms
out of the total thirty-one to 1913.
It is pertinent to remember that the lawyer of the
early days was not like him of this present, for a
reason akin to that which has made business now so
unlike business of old, the reason being that the con­
ditions and the scale of everything have so greatly
changed and enlarged. The significant fact is the
almost total non-participation of business in our
public administration in the persons of men whose
life-work is business. Mr. Wilson adds to the list
of Presidents one whose permanent occupation is
education, and he has sometimes candidly confessed
his ignorance of business, notwithstanding he has
not yet been able to bring himself to the stage of
willingness to stop poking at it for the purpose of
making it over according to an ideal he has con­
ceived in his own visions. There have been profes­
sional and genuine business men as executives of
States, and some have been executives of municipali­
ties; but, while some exceptions which need not be
tabulated must be allowed, it remains a safe generali­
zation to say that men of business have been absent
from the work of governing and law-making, our
public offices and our legislatures having been over­
whelmingly dominated, in point of numbers, by law­
yers for many years past. The business man has
felt a half-despairing disgust at the modes and results
of governing and has thought it pleasanter and
cheaper for him to keep at his own line and get on
as best he might.
Now, using several names merely as types of men
of proved constructive and business ability, how
would that of Mr. E. H. Gary, or Mr. J. J. Hill, or
Mr. Howard Elliott, or some like man, who has ac­
complished large things, be popularly received as a



[Vol . 102.

Presidential proposition? Unless some unexpressed
and quiet change towards a shrewd sense of things
has been working among the masses, there would be
a sort of half-shudder at the very idea, and we may
be sure the ranters who try to be leaders of the masses
would scream their loudest at it. But why, consid­
ering it calmly? For no other or better reason than
the notion, so sedulously and loudly cultivated, that
success in large business means public spoliation, and
that successful men are particularly self-seeking and
dangerous men. The man who tries and succeeds
is assumed to have done so by some rapacious trick,
perhaps not yet' probed into and found out; the man .
who tries and fails, or who moans and denounces with­
out trying, is assumed to be at least sincere and hon­
est.
Utter drivel, such assumptions; the rich man is
not often bad, nor is the poor man always virtuous.
If anybody imagines that a government in the hands
of a considerable minority or even a fair majority of
men whose occupation is producing or trading or
banking or constructing of some sort would be self­
ishly managed, have we found unselfishness and
statesmanship exhibited in the governing we have
had ?
Amid all the country's unprecedented troubles by
wars, this is a Presidential year, and unhappily we
cannot escape the added distraction of having to
choose a President and a great number of legisla­
tors. The politicians to whom all this is occupation
and livelihood will cheerfully do it for us, letting us
amuse ourselves with primaries and other modern
fads. Perhaps we shall not be able to overcome those
just yet, but we may well begin to do some serious
thinking. Are not the methods wrong which have
produced such bad results in public affairs, and should
we not commit those, at least for a hopeful trial,
to persons of a different training?
Gold mining in the Transvaal made further satis­
factory progress in development in February, the
month's per diem output having been not only the
heaviest for the period on record but actually exceed­
ing the bona fide yield of the mines for any month
in the history of the workings. Specifically the
February yield was 753,594 fine ounces, or a daily
average of 25,986 fine ounces, this contrasting with
787,467 fine ounces and 25,402 per diem in January
and 676,221 fine ounces and 24,151 per diem for
the like period in 1915. Contrasted with 1914,
moreover, the increase is even more marked. In
just one month (March 1912) did the mining result
for the Transvaal, as officially reported, disclose
a greater average per diem yield than this February
production, but the figures as given out—830,732
fine ounces, or 26,798 daily— included 52,533 fine
ounces withdrawn from the reserves of the mines.
It follows, therefore, that the actual daily product
then was smaller than now— 25,103 fine ounces,
comparing with 25,986 fine ounces as above. For
the two months of the current calendar year the
world’s foremost gold field has furnished a new
supply of the precious metal of 1,541,061 fine ounces,
or 149,856 fine ounces (10%%) more than for the
period in 1915, and 17,549 fine ounces in excess of
the former record of 1913. It seems safe to predicate
that now, with operations established on a normal
basis, the year 1916 will witness another new high
record set in the Transvaal.

Mar . 18 1916.]

THE CHRONICLE

1007

Building operations in the United States in Feb­ past, they furnish evidence of marked inactivity.
ruary 1916, although not universally active, were The total estimated expenditure at 15 cities in the
quite generally so in all sections of the country and Western Provinces is merely $112,271, against
the aggregate intended outlay for the construction $280,652 in 1915 and $1,775,024 in 1914, and in the
work arranged for during the month runs much East the comparison for 28 municipalities is between
ahead of the corresponding period a year ago. $512,436 arid $1,081,492 and $2,358,947. For the
To some extent, of course, the advancing cost of two months of 1916 the aggregate outlay arranged
materials and labor has had a checking tendency, for in the West is only $169,844 and in the East
deterring in a measure what might be called anticipa­ $1,203,057, or a total of $1,372,901 for the 43 cities,
tory building; and this, in itself, is not to be de­ against $2,341,580 ($642,889 West and $1,698,691
plored. It is a notable fact that in the compilation East) in 1915, over 8 millions in 1914 and 12 millions
for this latest month we find evidence of improve­ in 1913.
ment in the building situation in every section, if
not in every city, as compared with a year ago.
Brigadier-General John J. Pershing with approxi­
In the Middle division (including Greater New mately 4,000 troops started formally in pursuit of the
York) a slight gain is recorded and the returns from Mexican bandit leader, General Villa, on Wednesday,
New England and the Middle West furnish a number crossing the international boundary line just south
of instances of great activity. A better situation of Columbus, N. M. Colonel Bertani, the command­
than a year ago is disclosed by the returns from the ing officer of the Carranza garrison at Palomas on
territory west of the Mississippi River and at the the south side of the International Line, promptly
South, notwithstanding the reduced yield of its joined General Pershing. While the Mexican force
staple product (cotton) and its restricted movement consisted of only 400 men, they are reported to have
to market, a greater outlay has been arranged displayed willingness and even eagerness to join in
for.
the chase. As a body the Mexican troops will
Our February statement covers reports from remain under their own commander. A number of
161 cities and indicates prospective expenditures them are being employed as scouts by General Persh­
for construction work of $60,169,524, against ing. Colonel George A. Dodd, heading a smaller
$49,583,977 in 1915, or an increase of 21.3%. This column of American troops that had already entered
latest total, moreover, shows a very satisfactory Mexico some distance west of Columbus, is also
gain over 1914 and is not materially less than for moving south and will probably eventually join forces
1913. The result for Greater New York is below with General Pershing. Most reports from Mexico
that for the month last year, with all Boroughs, indicate that the American troops have in the main
except Brooklyn, sharing in the decline, the current been unmolested, though there have been six or
aggregate being $10,344,482, against $12,159,733, seven wounded by snipers. Andreas Garchia, the
but contrasted with two years ago there is a gain Carranza Consul at El Paso, Tex., announced that
of some 2 million dollars. Outside of this city the he had information in his possession which satisfied
approximate outlay under the permits issued in him that Villa had disbanded most of his men and
February totals $49,825,042, against $37,424,244 intended to take refuge in the heart of the Sierra
in 1915, and about 47 millions in 1914. As arranged Madres with only three or four trusted companions.
by us in groups, the cities of New England as a All reports of the movement of troops are unofficial,
unit exhibit an increase in costs of 1)4 million dol­ as the position at Washington is to maintain com­
lars, as compared with a year ago, in the Middle plete reserve on this subject.
division (exclusive of Greater New York) there is
On Monday President Wilson replied to a request
a gain of 2)4 millions, in the Middle West 7)4 millions, by General Carranza that Mexican troops be per­
at the South about % million, on the Pacific a little mitted, if necessary, to cross the border in pursuit
over Yi a million and in the “Other Western” slightly of bandits escaping from Mexico. The request was
under that amount.
cordially granted, the President’s letter concluding
For the two months of 1916 the total estimated with the following paragraph: “ With the same spirit
outlay at the 161 cities reaches $117,813,262, against of cordial friendship the Government of the United
$93,565,006 in 1915 and 103 millions in 1914, Greater States will exercise the privilege granted by the de
New York’s share of the aggregate being 23)4 facto Government of Mexico in the hope and confi­
millions, 24% millions and 17% millions. Outside dent expectation that by their mutual efforts law­
of New York this year’s quota is 94 1-3 millions, lessness will be eradicated and peace and order
which compares with 69 millions and 85)4 millions maintained in the territories of the United States
respectively. The New England group of 21 cities and Mexico contiguous to the international bound­
furnishes a total of $15,680,544 for the two months, ary.” At the same time Secretary Lansing also issued
or 2 1-3 millions more than for the period a year a statement for the purpose of indicating the exact
ago, and the Middle section (42 cities outside of intention of the American military operations.
Greater New York) shows a gain of 4 1-3 millions. All the documents are published in a subsequent
The aggregate for 27 municipalities in the Middle part of this issue. The position of the United States
West, at $34,274,665, exceeds 1915 by 14 millions— as regards the campaign in Mexico was placed in
nearly half at Chicago—and the 14 Pacific Slope official form by the unanimous adoption by the
cities furnish an augmentation of close to a million. Senate yesterday of the following resolution:
The Other Western Division, represented by 23
Resolved, by the Senato (the House of Representatives
cities, makes a favorable comparison with 1915— concurring), that the use of the armed forces of the United
$8,852,185, against $6,593,318— and the South’s States for the sole purpose of apprehending and punishing
total of $7,388,384 for 33 municipalities is 1)4 mil­ the lawless band of armed men who entered the United States
from Mexico on the ninth day of M arch 1916, committed
lions more than that of the preceding year.
outrages on American soil and fled into Mexico, is hereby
Canadian building operations for February were approved, and that the Congress also extends its assurance’ to
without feature, except that as for some months 1the de facto Government of Mexico and to the Mexican people



1008

THE CHEONICLE

that the pursuit of said lawless band of armed men across
the International Boundary Line into M exico is for the single
purpose of arresting and punishing the fugitive band of
outlaws; that the Congress in approving the use of the armed
forces of the United States for the purposes announced, joins
with the President in declaring that such military expedition
shall not be permitted to encroach in any degree upon the
sovereignty of M exico or to interfere in any manner with the
domestic affairs of the Mexican people.

[Vol. 102.

in touch with the British forces at Kut-el-Amara
and the relieving columns under Generals Lake and
Aylmer. The Russians are said to be within 50
miles of the last difficult pass. This should place
them in the rear of the Turkish Bagdad army, their
object being to cut the railway to the north, thereby
preventing the Turks from receiving supplies.
The Russians will then co-operate with the British
against Bagdad. In East Africa the Boer General,
Smuts, is pressing the Germans actively. The
latter are reported to be retiring. along the Tanga
River.

The resolution was offered by Senator La Follette
and was supported on behalf of President Wilson by
Senator Stone, Chairman of the Foreign Relations
Committee. President Wilson yesterday signed the
joint Congressional resolution authorizing the in­
crease of the standing army to its full strength of
As to the new campaign of German submarine war­
approximately 120,000 men.
fare, which went officially into operation March 1,
there have thus far been none of the spectacular re­
The French seem to be holding their lines against sults that were first expected. A Norwegian vessel,
the German movement to capture Verdun. The the Silius, with a number of Americans on board,
fighting this week has been intermittently of a was sunk early in the week, and later the Dutch
desperate character. Both sides are claiming posses­ steamer Tubantia, also having Americans on board,
sion of Le Mort Homme (Dead Man’s Hill). A was sunk. Official disavowal of the sinking of the
very strong assault has been delivered by the Ger­ Silius was made on behalf of Germany and the ques­
mans against the French position on that crucial tion of responsibility for the Tubantia has not
height, according to the War Office statement from yet been established. Thus far, however, the Ger­
Paris, which adds that the foe advancing in waves man efforts have not extended so far as the sinking
was forced to retire in the direction of Bois des of a liner connected with American operations.
Carbeaux (Crow’s Wood). There the French artil­ Meanwhile, the retirement of Admiral von Tirpitz,
lery caught them, it is stated, causing heavy losses. German Minister of Marine, has given rise to re­
On the other hand, an official German statement ports that the Kaiser is unwilling to risk a break with
on Thursday night declared that “on the left bank the United States and has insisted upon a revision of
of the Meuse further attempts made by the enemy the submarine program. This is denied by dis­
to dispute our possession of the height of Le Mort patches cabled from Berlin, which quote German of­
Homme and our positions to the north of it were ficials as repeating the statement that submarine
frustrated at the outset.” Aside from the Verdun warfare will go on on the lines set by thp German
sector the chief activity on the Western front has i1memorandum of last month to the neutral Powers.
been in Champagne, where the Germans report They declare, however, that the demands of those
the repulse of several attacks by the French on their who wish to see the indiscriminate torpedoing of
lines south of St. Souplet. Important infantry “whatever comesin frontof torpedo tubes,” to use the
assaults on the French lines east of Verdun were expression of one of those who advocates this policy,
made by the Germans during Thursday night. Five will not be fulfilled. This also is the deduction which
successive onslaughts in force were repulsed, accord­ those acquainted with the situation declare can be
ing to French statements. In the Argonne forests drawn from the resignation of Admiral von Tirpitz, a
the French guns are still shelling the German positions conclusion that seems to be strengthened by the fact
northwest of the road from Varennes and the German that Admiral von Capelle, who has been chosen as
batteries near Montfaucon.
the new Minister, is kriown merely as an excellent
Only engagements between patrols seem to have administrative officer, not having had ship command
taken place on the Russian front this week. The for the last 25 years.
Italians continue a strong offensive against the
Dr. von Bethmann-Hollweg, the German Imperial
Austrians on the Isonzo front, especially on the Chancellor, may follow Admiral von Tirpitz into re­
Podgora Heights sector and southwest of San Mar­ tirement, according to a dispatch from Geneva to
tino. On Podgora the Italians entered the Austrian the London “ Daily Express,” which also states that
lines, but according to Vienna were repulsed in Prince von Beulow, the former Chancellor, will soon
vicious hand-to-hand fighting. Both Austrians and leave Lucerne for Berlin. It should also be men­
Italians claim successes around San Martino, the tioned that Gen. Gallieni, the French Minister of
former asserting that an Italian attack in this sector War, has resigned, either as a result of ill-health or
failed. The Italian official statement declares that because of differences with General Joffre, and has
after severe military and musketry preparation been succeeded by Gen. Roques, formerly commander
the Austrians launched two strong attacks and of the Twelfth Army Corps, and who is a member of
succeeded in reaching the edge of the trenches taken Gen. Joffre’s staff.
from them recently, but were on each occasion re­
pulsed. A semi-official dispatch from Berlin repeats
Forty-four German ships are reported to have been
an Athens report that British warships have bom­ seized by the Brazilian Government, the vessels hav­
barded Vurla, near Smyrna, almost entirely destroy­ ing been interned in Brazilian ports at the outbreak
ing the town and killing a large number of Greeks of the war. It is understood that Brazil has acted
who constituted the majority of the population. to meet a shortage of transport requirements. But
Advices from Petrograd assert that remarkable it is pointed out in London that Berlin has persist­
progress has been made in Persia by Russian troops ently disregarded Brazil’s efforts to obtain the re­
who are moving swiftly over difficult roads in the lease of coffee seized by the Germans and valued at
face of considerable opposition towards the Mesopo­ $7,000,000, this coffee being the property of the
tamian frontier, where they expect shortly to be Sao Paulo Government. Advices from Berlin state



Mar . 18 1916.]

THE CHRONICLE

that Premier Skoulouclis of Greece has informed the
Entente Powers that his Government would not ac­
cept certain demands made by them, and that in­
sistence on them would disturb the relations between
Greece and the Entente. It is reported from Athens,
says the report, that Premier Skouloudis read before
the Cabinet a collective note from the Entente
Powers. After a short discussion the Cabinet re­
solved not to accept the demands made in the note.
In accordance with this decision, the Premier in­
vited the Entente Ambassadors to meet him, and
communicated to them the following points decided
upon by the Government: “ The Greek Government
is not disposed to transfer to the Entente adminis­
tration of railroads in northern Greece and M ace­
donia. The Government does not consider it con­
venient to withdraw Greek troops from Fiorina and
Kavala. The Government must oppose military oc­
cupation by Entente troops of the Corinth Strait,
and at the same time advises the Entente that such
attempts would disturb the present relations between
Greece and the Entente. Furthermore, Greece is
opposed to the establishment of wireless stations.”
Rumanian banks are, it is stated, withdrawing gold
from circulation. This is interpreted as indicating
preparations for the entrance of that country into
the war on the'part of the Allies. A Bucharest mes­
sage states that Rumania and Russia have reached
an agreement whereby the Czar is to grant Rumania
a section of Bessarabia as a compensation for her
co-operation.
The London Stock Exchange Committee on Satur­
day took definite action in response to the recom­
mendations adopted at a meeting of the members
of the Exchange held last week. The action will
probably prove satisfactory to the members since
it is expected to accomplish the results desired,
namely to exclude from the membership of the
Exchange persons born in enemy countries. The
Committee’s announcement was that no special
rule excluding such members will be made. Each
application of a candidate for re-election to member­
ship, however, is to be considered on its merits and
facilities granted other members of the Exchange
to lodge objections to the re-election of any individual.
All cases, the Committee stated, are to be judged
individually and not collectively. It is considered
probable by the members that objectionable Germans
and Austrians will be excluded. The election of
the Stock Exchange Committee will take place next
Monday. There are 40 candidates for the 30 seats.
The minimum prices of sixteen Colonial and rail­
way issues on the Exchange were removed at the
commencement of business on Monday. The action,
however, did not result in any increase in the activity
of this department. Agitation for the removal of
such minimum quotations as still remain in other
departments of the market continues. The definite
announcement by the Chancellor of the Exchequer
that the Government had decided not to introduce
the lottery of any description of premium drawings
in the approaching war loan exercised a beneficial
influence on the gilt-edged section of the market,
notwithstanding that at a meeting of important
financial interests in the financial district on Friday
night the proposed issuance of premium bonds was
endorsed. The Bank of England announced on
Saturday that Treasury bills, principal and interest,
will be free from all present or future taxation to




1009

holders not resident in the United Kingdom. The
object of this move is to encourage foreign interests
to leave balances in London. The Treasury bills
yield 5% , except yearlings, on which the yield is
How scarce capital available in London for
investment really is, is indicated by the fact that
virtually all the new issue of the Royal Mail Steam­
ship Company, recently offered, will remain in the
hands of the underwriting syndicate. This result
is partly due to the fact that the price at which the
new stock is offered to stockholders is higher than
the quotation on present stock, which is cumulative.
This feature is interpreted as indicating a belief that
the underwriters see large profits for shipowning
interests after the war.
1 he first definite movement for a permanent trade
alliance between the Allies is suggested by the news
that the London County & Westminster Bank and
Lloyds Bank, as representative of British interests
have signed an agreement with the Credito Italiano
of Milan representing Italian financial interests for
the purpose of developing economic relations between
Great Britain and Italy. It is proposed to form an
association to finance commercial and industrial
undertakings in Italy. A similar arrangement be­
tween British and Russian banks is understood to be
under negotiation for a similar movement in the latter
country. Both measures have the definite object of
permanently displacing German economic activities
in Italy and Russia. So far as the Italian movement
is concerned it will result in the formation of two new
companies, one of which will be called the BritishItalian Corporation, with a capital of £1,000,000, to
operate in England; the second corporation will be
named Compagnie Italio-Britanice, with a capital
of 10,000,000 lire, to operate in Italy. The Italian
company will bring to the notice of the British only
such economic projects as are suitable for it to
finance.
o

Securities said to be valued at about $10,000,000,
which are suspected by the British authorities of
German ownership, have been seized from the mails
and. are now in the possession of the Prize Court,
according to announcement made this week by the
British Foreign Office. Some of these securities
were seized from the steamship Noordam at Fal­
mouth. They were said to be valued at about
$1,200,000. A similar amount was taken from the
steamer Rotterdam, though the latter securities were
not all American, there being a considerable amount
of Japanese bonds. Securities have not yet been de­
clared absolute contraband, the delay in so declaring
them, it is reported, being due to a half-formulated
plan among American investors to whom the bonds
are addressed to have the seized securities canceled
by mandamus proceedings and replaced with scrip.
Meanwhile seizures will, it is stated, be continued on
the ground that under the Order-in-Council securi­
ties establish credit for hostile belligerents and there­
fore legally can be held up. The British authorities
take the ground that innocent ownership easily can
be proved by reference to the banks which hold any
of the detained securities; therefore nothing in the
nature of hardship beyond slight delay is likely to be
suffered by such owners. Foreign Office attaches
in charge of contraband work argue that it is an easy
matter to establish German ownership by examina­
tion of the securities. In the case of American se­

1010

THE CHRONICLE

curities being forwarded to the United States from
Scandinavia, for instance, if the stubs show that cou­
pons have been detached over the period of a year by
Scandinavian owners it hardly is likely that the se­
curities will be seized. But should the stubs for the
last quarter show that they have been in possession
of a German bank or other German holder this will
be taken as evidence that Germany has received the
equivalent value in gold and the seizure of the securi­
ties therefore certainly will follow. The American
Government has not yet protested against the seizure
of these securities.
The French Treasury on M onday next will resume
issuing 5% national defense bonds. N o bonds have
been issued since last November. The issue price
is to be 96.50 and the bonds are to be redeemable
between 1920 and 1925 at par. The credits required
by the French Government for the second quarter
of 1916 amount to 7,800,000,000 francs ($1,560,­
0 0 0 ,000), according to the statement prepared by
Raoul Peret, reporter of the Budget Committee of
the Chamber of Deputies, and presented this week in
the Chamber. This is equivalent to a daily ex­
penditure of 87,000,000 francs ($17,400,000). The
figures show that the cost of carrying on the war is
steadily increasing, as the total expenditure for 1915
amounted to 22,000,000,000 francs, whereas that of
the first six months of 1916 amounts to 15,500,000,­
000. The total national expenditure from the be­
ginning of August 1914 to the end of June 1916 will
be nearly 47,000,000,000 francs, of which 37,000,000,­
0 0 0 is for purely military purposes.
An international commercial Congress opened in
Paris yesterday (Friday) and will continue to hold
sessions until April 13. Thirty members will repre­
sent England, including fourteen from British
colonies, though Mr. Asquith, the British Premier,
has declared that the English Government will not
be bound by any of the decisions reached by the
Congress. The program includes an entente among
the Allies on all legislative measures intended to
regulate commercial relations among belligerents,
the execution of contracts, collecting of debts,
sequestration of property and patents; second, meas­
ures against German commerce during the change
from war to peace; third, the repairing of the damages
of war; fourth, the reduction of postal, telegraph and
telephone rates to a minimum in favor of the Allies;
fifth, agreements on international freight rates;
sixth, an international patent bureau; seventh, regu­
lations for commerce with allied colonies; eighth, in­
ternational corporation laws; ninth, reduction of the
circulation of metallic money and the establishment
of an international clearing house; tenth, interna­
tional trade-mark laws; eleventh, international bank­
ruptcy laws; twelfth, laws on loss and theft of stock.
M ost of these plans present great difficulties for
agreement. “ It will,” cables the Paris correspondent
of the “ Tribune,” “ be hard for France to boycott
Germany after the war without closing down her
own industrials, as France takes more than five
million tons of coal from Germany yearly. More­
over, how can freight rates be controlled without
affecting neutrals as well as Germany? In regard to
controlling false trade-marks, that would mean, for
example, that all the eau de cologne would have to
be made in Cologne, which would be good for Ger­
many. Many think this Congress is premature, as



[Vol. 102

it starts argument at a time when there is great need
of unity of action.”
The Stock Exchange at Vienna reopened its doors
on Thursday for the first time since the war began.
There will be no attempt to conduct a speculative
ousiness, transactions being limited, to quote a press
dispatch from Vienna, to “ Austrian investment
needs.” Dealings in futures and speculative sales
of all kinds are to be strictly prohibited. Sales must
be for cash and precautions have been adopted to
prevent great fluctuations in prices. For the present
the exchange will be opened for one hour only each
day. Transactions in stocks of enemy countries
will, the dispatch says, be watched closely. Special
steps have been taken to prevent moneys or securities
reaching countries at war with Austria.
It is expected that the German Reichstag will
devote Friday and Saturday of next week to an open
discussion of the international situation and the
political problems which have arisen from Germany’s
methods of submarine warfare. A special committee
of the Reichstag, which met on Wednesday, found
that there is a general desire for a debate on the
motives underlying the Government’s attitude
toward neutral Powers and in particular towards
the United States. Correspondents cabled from
Berlin that Dr. von Bethmann-Hollweg, the Imperial
Chancellor, will make a speech explaining the policy
in accordance with which Germany has conducted
her Foreign Affairs Department and its reflex action
on her internal policies. There seems some dispo­
sition to regard the resignation of Admiral von
Tirpitz as Minister of Marine, which has been
announced this week, as indicative of a change of
German submarine policy. This is suggested by a
semi-official German news agency, which declares
that the belief prevails that the resignation was con­
nected with Emperor William’s decision not to extend
submarine warfare beyond the limits announced to
neutrals in the German Government’s memorandum,
and not to direct it against neutral ships. “ Admiral
von Capelle’s appointment as Minister of Marine is
not of importance in relation to the question of sub­
marine warfare,” the news agency continues, “ since
direction of naval warfare is in the hands of the Chief
of the Admiralty.”
Official Bank rates at the leading European
centers remain as last quoted, namely 5% at London,
Paris, Berlin, Vienna and Copenhagen; 5}^ % in
Italy, Norway, Sweden and Portugal; 6% in Russia,
and 4]^ % in Switzerland, Holland and Spain. In
London the private bank rate still is maintained at
5 % % for sixty and ninety-day bills. Cables from
Berlin continue to quote 4 ^ % as the private bank
rate at that center. No reports have been received
by cable of open market rates at other European
centers, so far as we have been able to learn. Money
on call in London remains at 4 @ 4 )^ % .
A further loss of £950,634 is reported in the Bank
of England’s item this week. This follows a de­
crease of £31,333 in the week preceding. With a
loss of £193,000 in note circulation, the total reserve
suffered a reduction of only £758,000, the proportion
of reserve to liabilities now being 27.53% against
27.76% last week and 25.63% one year ago. Public
deposits are £229,000 higher, but other deposits show
the large decrease of £1,759,000. Loans to the net

mar .

18 1916.]

THE CHRONICLE

amount of £747,000 were paid off at the Bank during
the week. The Bank’s gold is now £55,127,725,
which compares with £59,405,251 at this date one
year ago and £41,170,028 in the pre-war period of
1914. The reserve aggregates £40,667,000 against
£43,849,781 in 1915 and £31,185,218 in 1914. Loans
are £92,434,000; in 1915 at this date they aggregated
£115,749,996 and in 1914 £43,818,944. The Bank
reports as of March 11 the amount of currency notes
outstanding at £96,647,393 against £95,072,504 for
the week preceding. The amount of gold held for
the redemption of such notes remains at £28,500,000.
Our special correspondent furnishes the following
details by cable of the gold movement into and out
of the Bank for the Bank week: Inflow, £838,000
(of which £636,000 bar gold bought in the open
market and £202,000 net received from the interior
of Great Britain); outflow, £1,789,000 (of which
£40,000 exported to the United States, £219,000 to
the Continent, £200,000 to South America, £500,000
earmarked India, £730,000 to Argentina and £100,­
0 0 0 to Egypt).
We add a tabular statement com­
paring for the last five years the different items in
the Bank of England return:

1011

4,904,140,000 marks in 1915 and 1,856,880,000 marks
in 1914. The gold reserve covering circulation and
banking notes increased during the week to 37.6%
from 37.5%; money borrowed by loan banks on
collateral decreased for the week 164,400,000 marks
to 1,442,000,000 marks.

A shade of improvement in point of activity may
be noted in the local money situation, with lenders
inclined to advance their views slightly for earlier
maturities. The position still remains one of ab­
normal ease, however, in view of the reports from all
sections of the country showing such enthusiastic
activity in both manufacturing and mercantile circles.
But conditions in this respect are not altogether
surprising when we consider that a substantial part
of the manufacturing activity is itself abnormal.
That is to say, it represents transactions payments
in which are arranged more or less on a cash basis and
cover funds that are the proceeds of formal loans in
this country to the Entente Governments or of se­
curities sold to us by the British and French Govern­
ments. Ihus a very large part of the important
orders for munitions are being financed outside the
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
routine
loan market. This undoubtedly is one of the
1910.
1915.
1914.
1913.
1912.
M a r . 15.
M a r . 17.
M a r . 18.
M a r . 19.
M a r. 20
leasons for the anomaly of a remarkably easy monej7'
Circulation.............£32,911,000 £32,205,470 £28,434,810 £28,484,150 £28 050 700
Public deposits----- 52,403,000 70,950,454 27,448,023 25,020,955 24,997 010 situation existing at a time when our national ac­
Other deposits........ 95,270,000 100,403,688 40,440,760 40,657,155 41,006,508 tivities are moving under such high pressure.
There
Govt, securities----- 32,838,000 30,049,177 11,152,689 13,034,257 14,283,036
Other securities----- 92,434,000 115,749,996 43,818,944 44,823,090 41,899,307 have been no very important direct demands on the
Res'vo notes & coin 40,667,000 43,849,781 31,185[218 26,827,955 28,736,859
capital market this week.
Tentative arrange­
Coin and bullion... 55,127,725 59,405,251 41,170,028 30,862,105
38,337,559
Proportion of reserve
ments have been completed, subject only to legisla­
to liabilities........
27.50%
25.63%
45.83%
40.50%
43.12%
Bank r a t e .............
5%
5%
3%
5%
3*4%
tive confirmation, for a new $75,000,000 loan to
Canada by a syndicate of New York bankers. The
The Bank of France statement records an increase proceeds will in part be used for caring for maturities.
of 4,199,000 francs in gold and of 1,487,000 francs ir Now York exchange in Montreal has recently been
silver. There was a further expansion of 70,050,001 ruling at about $4 for $1,000 premium. This has
francs in note circulation, of 12,458,000 francs ir
in a measure been responsible for reports that im­
general deposits and of 185,000 francs in advances,
portations of a considerable amount of gold into
Meanwhile discounts were reduced 15,912,000 francs
New York. I he new loan will necessarily preclude
and treasury deposits registered a contraction oi
the possibility of such importations.
13.665.000 francs. The Bank’s gold stock is 5,023,­
Last Saturday’s statement of the New York
088,000 francs, which compares with 4,244,350,00C
Clearing House, which appears in greater detail
francs in 1915 and 3,624,475,000 francs in 1914.
on another page, showed a contraction of $18,464,­
Silver aggregates 362,013,000 francs against 377,­
0 0 0 in the loan item and of $26,602,000 in net demand
665,000 francs at this date in 1915 and 633,750,000
deposits. Time deposits were increased $3,660,000.
fiancs in 1914. Aotc ciiculation has reached a total
Reserves in “ own vaults” decreased $560,000 to
of 14,719,661,000 francs. In this week in 1915 it
$497,233,000, of which $430,968,000 was specie.
was 11,109,475,000 francs and 1914 5,803,200,000
A year ago the total in own vaults was $371,604,000,
francs. General deposits showed the large total of
including $298,848,000 specie. The surplus in
2.204.415.000 francs against 2,451,375,000 one year Federal Reserve banks decreased for the week
ago and 640,225,000 francs in 1914. Discounts are
$910,000 to $168,734,000 and reserves in other
3 .1 0 8 .4 0 4 .0 0 0 fra n cs.
O n e y ea r a go th e to ta l w as
depositaries were reduced $4,413,000 to $54,628,000.
o n ly 9 1 7 ,1 0 0 ,0 0 0 fra n cs.
In 1 9 1 4 th e a m o u n t w as
Thus, the aggregate reserve declined $5,883,000,
2.176.100.000 francs. Treasury deposits aggregate
but with a reduction of $4,589,440 in the reserve
55.045.000
francs against 117,550,000 francs in 1915
requirements, the surplus was reduced only $1,293,­
and 169,600,000 francs in 1914.
560, bringing the total down to $136,226,880, which
compares with 8129,739,530 in 1915.
The Imperial Bank of Germany in its statement as
Referring to specific money rates, call money
of March 9 reports an increase for the week of 1 700 each day this week has covered a range of
0 0 0 marks in gold and of 71,000,000 marks in loans !
On Monday the ruling figure was 2% , but this was
and discounts, while circulation indicated a decrease I
on Tuesday reduced to 1 % % , which was the re­
of 22,000,000 marks and deposits a contraction" of
newal basis for the remaining days of the week.
89,000,000 marks. The increase in the gold item
Rates for early maturities have been advanced to 2
brings the total of the precious metal up to 2 458 @ 3 % for sixty days (against 23^@ 2% % last week),
800,000 marks against 2,293,620,000 marks in 1915
2 % @ 3 % for ninety days (against 2 % % ), 3 @ 3 ^ %
and 1,299,260,000 marks in 1914. Loans and dis­
for four months (against 3 % ), and have not been
counts aggregate 5,852,000,000 marks. In 1915 at
changed from 3@,S}4 for five and six months. A
this date the amount was 4,298,020,000 marks and
year ago sixty-day funds were 2y 2% , ninety days
in 1914 970,440,000 marks. The Reichsbank’s note 2 M @ 3 % and four, five and six months 3 @ 3 )4 % .
circulation stands at 6,532,000,000 marks against
Bank acceptances are still % higher at 2 l/s for sixty



THE CHRONICLE

1012

and 2 % % for ninety days. Commercial paper has not
been changed from 3 @ 3 % % for sixty and ninety
days endorsed bills receivable and for six months’
single names of choice character. Names not so
well known require 3 % % . In regular rediscount
rates at the Federal Reserve banks no changes have
occurred.

C o m m e r c ia l P a p e r —

11 to 30
31 to 60
61 to 90

'*
"
"

"
*•
'*

____
____
____

3
3«
4
4

D a lla s

K a n s a s C ity .

3 'A
4
4
4
4
4M 4

4
4
4

3M
4
4
4H

3
4
4
4

3M
4
4
4
4
4
4
4
4H 4

6

5

6

6

5

3
4
4
4

3
4
4
4

5

4M 5

1
1

|

S t. L o u is

M in n e a p o lis

|

s

C h ic a g o

1
I
§

R ic h m o n d .

P h ila d e lp h ia .

| B o s to n .

CLASS
OF
R E D IS C O U N T S .

N ew Y ork .

FEDERAL RESERVE BANK DISCOUNT RATES.

3
3«
4
4H

A g r ic u ltu r a l a n d
L ic e -S to c k P a p e r —
01 days to 6 months maturity 5
T r a d e A c c e p ta n c e s —

31 to 60
61 to 90

"
**

“
"

3
____ 3
_____ 3

C o m m o d ity P a p e r —

3H
3H
61 to 90 "
"
........ 3 M
91 days to 0 months maturity

3M 3
3H 3
3W 3
3
3
3

3
3M 3M
3
3H 3M
3M
3M 4
3
3
3

3
3
3

4M 6M

3M 3M 3
3H 3
3H
3M 4

3M
3H
3H
3
3
3

5

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 3 H to 4% on purchases of trade acceptances by the New Orleans branch
of the Atlanta Federal Reserve Bank In the open market, without the endorsement
of any bank, was approved Dec 16
In the case of the St. Louis Federal Reserve Bank, a rate of 2 to 4% for bills with
or without member-bank endorsement has been authorized.

The market for sterling exchange has ruled quiet
but steady. Quotations are being maintained on
the basis of a shade above 4 76 for demand bills
on London, this figure, as we have explained in
recent issues, having been decided on definitely by
the British Treasury as the level to be maintained.
There have been no important demands for re­
mittances. Payments for munitions for the Entente
countries are being arranged, apparently, as separate
transactions and there is very little passing in the
market aside from transactions of this character.
It is an interesting fact that exchange transactions
that formerly were handled through London are
now on a constantly increasing scale, being handled
direct with other countries, which explains the in­
creasing dullness in sterling exchange circles. Ex­
ports for the week ending March 11 showed the
large total of $60,204,165 from New York, com­
paring with $57,554,366 the week preceding, while
since January 1 to March 11 the exports from New
York have aggregated $474,041,513, against $266,­
204,608 for the corresponding period of 1915. A
very large part of these shipments have been muni­
tions. No importations for gold were reported this
week except one lot of $350,000 from London,
and there has been noticeable diminution of the
open offerings, at least, of American securities,
for foreign account. Should sterling exchange
decline to an important extent below the rate of
4 76 for demand bills, there undoubtedly would
be a prompt resumption of the selling movement.
As yet no definite announcements concerning the
English and French loans that are expected to be
issued in the near future have been made. It
seems reasonably certain now that the British war
loan will not be offered until after March 31, the
end of the current fiscal year. Meanwhile, nothing
further has been heard of the proposed “ dollar”
loan. Mr. J. P. Morgan left London last Saturday
to sail from Liverpool on the steamer Philadelphia,
which is due in New York either to-day or tomorrow.
The following statement was made public at the
office of J. P. Morgan & Co. in this city. It re­
ferred to a report published in a morning paper



[Vol. 102.

that American securities to the value of one billion
dollars had been accumulated under the control
of the British Exchequer and that $750,000,000
of these securities would be used as collateral for
a new British loan in this country. The official
Morgan statement follows : “ There is no truth in
the reports that Mr. Morgan has arranged in London
for a large credit against American securities. We
are informed that the mobilization of such securities
is proceeding in a manner satisfactory to the British
Treasury, but we have received no suggestion that
the British Government desires to issue a fresh loan
to America, either secured or unsecured.”
Compared with Friday of last week, sterling ex­
change on Saturday was firmer and demand ad­
vanced to 4 76 5-16@4 76% , cable transfers to
4 76 15-16@4 77 and sixty-day bills to 4 7 2 % @
4 72% . On Monday the opening was weak, largely
as a result of a considerable week-end accumulation
of bills and also a lack of immediate mail facilities;
later the market steadied, though trading was light
throughout; the range was 4 76@ 4 76 3-16 for de­
mand, 4 7 6 % @ 4 76 13-16 for cable transfers and
4 7 2 % @ 4 72% for sixty days. Dullness marked
sterling exchange transactions on Tuesday and quo­
tations moved within a very narrow range, at prac­
tically unchanged levels; demand bills ruled at 4 76%
@ 4 76 3-16, cable transfers at 4 7 6 % @ 4 76 13-16
and sixty days 4 7 2 % @ 4 72% . On Wednesday
dealings in exchange were again inactive, although
the tone was steady and rates ranged a trifle higher
for demand at 4 76 3-16@4 76% and cable transfers
at 4 7 6 % @ 4 76 15-16; sixty days remained un­
changed at 4 7 2 % @ 4 72% . Very little change was
in evidence on Thursday and trading continued
extremely dull with demand showing a fractional
advance to 4 7 6 % @ 4 76 5-16 and cable transfers to
4 76 15-16@4 77; sixty days, however, were still
quoted at 4 7 2 % @ 4 72% . On Friday the market
ruled quiet but firm, with demand at 4 76 5-16@
4 76% , cable transfers at 4 77@ 4 77 1-16 and sixty
days at 4 7 2 % @ 4 72% . Closing quotations were
4 72% for sixty days, 4 76% for demand and 4 77 1-16
for cable transfers. Commercial on banks (sixty
days) closed at 4 7 1 % @ 4 71% , documents for pay­
ment finished at 4 7 2 % @ 4 72% and seven-day grain
bills at 4 75% . Cotton for payment closed at 4 76%
@ 4 76% ; grain for payment at 4 7 6 % @ 4 76% .
In the Continental exchanges there has been dis­
tinct weakness in the rates for all belligerent countries
and firmness in the instances of neutral ones. In
Paris the London check rate closed at 28.47 francs
against 28.15 francs a week ago. In New York de­
mand bills on the French center finished at 5 94%
against 5 90% on Friday of last week, while cable
transfers closed at 5 94% against 5 89% . This
weakness may to some extent be ascribed to the
violence of the military operations before Verdun,
though in addition is the fact that preparations are
necessary for loans to France that are maturing in
London and New York; hence an active pressure of
francs for sale. Exchange on Berlin again established
a new low level, declining on Tuesday to 71 15-16
though closing last evening at 71% , which compares
with 72 7-16 a week ago. Some reports were current
of business at 71% on Tuesday, but transactions at
this figure could not be definitely confirmed. Austrian
kronen declined to 12.45 on Tuesday but closed at
12.46, which compares with 12.50 a week ago. Bank­

THE CHRONICLE

Ma.ii. 18 1916.]

ers’ cables on Berlin finished at 71 15-16 against 72%
last week. Swiss exchange finished at 5 23% for sight
and 5 23 for cables against 5 23% and 5 22% last
week. Bankers’ sight on Amsterdam closed at
4 2 % @ 4 2 % against 4 2 % @ 4 2 % ; bankers’ cables at
4 2 % @ 4 2 % against 42 % @ 4 2 7-16 and commercial
sight at 42% @ 4234 against 42% . Italian lire are
% weaker at 6 70% for sight and 6 70% for cables.
Greek exchange remains at 5 15% for sight. Copen­
hagen checks are 28.65 against 28.05 last week.
Checks on Norway arc 28.83 against 28.25 and checks
on Sweden at 28.83 against 28.25. Russian rubles
are % higher at 32. Spanish pasetas, checks, are
19.15 against 19.04.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $1,758,000 net in cash as a result of the cur­
rency movements for the week ending March 17.
Their receipts from the interior have aggregated
$9,684,000, while the shipments have reached $7,­
926,000. Adding the Sub-Treasury operations, which
occasioned a loss of $7,931,000, the combined result
of the flow of money into and out of the New York
banks for the week appears to have been a loss of
$6,173,000 as follows:
W e e k e n d in g M a r c h

17.

Out o f
B anks.

In to
B an ks.

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

$9,684,000
17,076,000

$7,926,000 Gain $1,758,000
25,007,000 Loss 7,931,000

526,760,000

$32,933,000 Loss $6,173,000

The following table indicates the amount of bullion
in the principal European banks:
M a rch

16 1916.

B anks o f

M a rch

18 1915.

G o ld .

S ilv e r .

T o ta l.

G o ld .

S ilv e r.

T o ta l.

£

£

£

£

£

£

Eng’a nd.. 55,127,725
France__ 200,925,720
Germany. 122,903,050
Russia* . . 101,881,000
Aus. llunc 51.578.000
37.091.000
Spain
Italy........ 42.160.000
Netherl’ds 41.294.000
Nat.Belgh 15.380.000
Swltz’land 10,099,200
8.938.000
Sweden . .
Denmark. 6.659.000
N orw ay.. 4.014.000

55,127,725 59,465,251
59,465,251
14,481,120 215.406,840 169,774,160 15,107,160 184,881,320
2.250.000 125,153,050 115,794,750 2,119,750 117,914,500
166,740,000
156,861,000
4.859.000
4.954.000 161,815,000
12.140.000 63.718.000 51.578.000 12.140.000 03.718.000
30.269.000 67.360.000 23.530.000 28.970.000 52.500.000
4.193.000 46.353.000 50.300.000 2.708.000 53.008.000
399,800 41,693,800 22.317.000
103,700 22,420,700
600,000 15.980.000 15.380.000
600,000 15.980.000
10,099,200 9.541.000
9.541.000
8.938.000 6.287.000
0,287,000
176,000 6.835.000 5.952.000
309,000 6.261.000
4.014.000 2.693.000
2,693,000

Tot. week 758,050.695 69,367,920 827,418,615 689,473,161 67,011,610 756,484,771
I‘rev week 700,639,069 69,058,040 829,697.109 687,333,175 67,012,730 754,345,905
* Tho gold "holdings of the Hank of Russia for both years in the above statement
have been revised by eliminating tho so-called gold balance held abroad,
c July 30jl014jln both years, h Aug. 0 1914 In both years.

OUR EXPEDITION INTO M EXICO.
After almost exactly two years of anxious and at
times embittered controversy, as to whether or not
the armed intervention of the United States in
Mexico could possibly be avoided, our army has this
week actually crossed the border. But the cir­
cumstances under which that action has been taken
are so completely different from those under which
a similar necessity was threatened during 1914 and
1915, that the news seems to have been accepted,
on the markets and in the community at large, as
promising solution of the Mexican problem rather
than fresh complications. Like everything else in
military affairs, it is easily possible that the first
inferences regarding such an expedition may turn
out to have been very premature. Yet the turn
which it marks in our relations to Mexico is un­
doubtedly important.
On Thursday of last week, March 9, the Mexican
General Villa— who was commonly described as a
“ revolutionary commander” prior to the recognition
of Carranza as de facto President, but who has
been designated as a “ bandit chieftain” since that




1013

time— crossed with perhaps 1,500 men into New
Mexico. Pie raided the United States town of
Columbus, burning buildings, looting stores and
killing eleven civilians. Attacked by a small detach­
ment of United States cavalry, the Mexican raiders
were driven back, after a fight in which eight United
States soldiers were killed and seven wounded.
Next day, March 10, President Wilson declared
that Villa would at once be pursued into Mexico
by a sufficient force of United States troops. This,
the Administration stated, “ can be done and will be
done in an entirely friendly aid of the constituted
authorities in Mexico and with scrupulous respect
for the sovereignty of that republic.”
At the close of last week, a momentary crisis
seemed to be threatened in our relations with the
Carranza Government; which, whatever its indi­
vidual views of the matter might have been, had
necessarily to take account of the Mexican people’s
suspicion of our motives, and which itself was by
no means in a wholly secure political or military
position. Through our Consul on Saturday, Car­
ranza transmitted a note to the United States in
which, after expressing regret over the incident at
Columbus, he conditioned his assent to our army’s
entering Mexico on the granting of permission for
Mexican forces to cross into American territory
under similar conditions. This, the note declared,
would amount to “ acknowledging due reciprocity
in regard to forces of the United States crossing into
Mexican territory, if the raid effected at Columbus
should unfortunately be repeated at any other points
on the border.” Simultaneously, Carranza gave
out a public statement to the effect that no cicrumstances would “ justify the armed invasion of Mexican
territory without reciprocal rights being granted to
the Mexicans.”
On Monday, however, the United States Govern­
ment in form accepted Carranza’s condition, stating
that it would grant “ permission for military forces
of the de facto Government of Mexico to cross the
international boundary in pursuit of lawless bands
of armed men who have entered Mexico from the
United States, committed outrages on Mexican soil,
and fled into the United States, on the understanding
that the de facto Government of Mexico grants the
reciprocal privilege that the military forces of the
United States may pursue across the international
boundary into Mexican territory lawless bands of
armed men who have entered the United States
from Mexico, committed outrages on American soil
and fled into M exico.” This was coupled with an
explicit statement by Secretary Lansing, disclaiming
in the President’s name any purpose of interven­
tion.
Preparations for the military movement were
promptly made. Under the direction of General
Uunston, and under the immediate command of
General Pershing, United States forces crossed the
border last Wednesday night. The avowed purpose
of the expedition is the capture and the eventual
punishment of Villa, presumably in co-operation
with Carranza. Precedents are sufficiently numer­
ous for such crossing into another country, in pursuit
of outlaws who have committed violent acts in one
nation’s territory when the Government of the
neighboring State is unable to control them. The
reassuring facts of this series of incidents are that
they place the United States formally in the position
of co-operating with the recognized Mexican Govern-

1014

THE CHRONICLE

[Vol. 102.

ment in restoring order, and that they do so under hold the worst opinion of General Huerta’s record
circumstances in which the immediate motive of and personality, and who for that reason would re­
the United States Government for its action is so gret to see Huerta in the Mexican Presidency, the
obvious that the inference as to ulterior purposes conclusion has nevertheless been reached that Mr.
of occupation and intervention may easily berepudi­ Wilson overstepped both the rules of diplomatic
ated. If all goes well, the expedition should result precedent and the limits of practical wisdom in re­
in suppressing definitely the activity of these bandit fusing to recognize a defacto Government, because
forces on our border, with the subsequent retirement the character of the de facto President was objec­
of the United States forces into our own territory. tionable.
Shouldthis result beachievedin areasonably short If Huertahadbeenrecognizedby theUnitedStates
time, the doubts and suspicions of the Mexican peo­ —having been already recognized by European Gov­
ple ought to be allayed, as were the similar misgiv­ ernments—some solution of the Mexican situation
ings of the Cuban people after our occupation of the would probably have been reached, at least to a rea­
island in sequence to the war with Spain. There sonable degree, long before this, and the long subse­
remain, however, and will remain until the character quent chapter of anarchy and plunder might have
of the task undertaken by our expedition is more been avoided. It is not to be forgotten that the
clearly ascertainable, two uncertainties —first, sequal totheill-managed Huerta episode at onetime
whether a prolonged and vexatious campaign in actually drove our Government into a position where
Mexico will not be necessitated through pursuit in a it seemed as if the United States was about to recog­
mountainous country of outlaws long familiar with nize as President of Mexico the very bandit chieftain
its topographical advantages for attack and escape; whom our army is now pursuing. We must also
and second, whether the ill-feeling of the Mexicans confess that, in common with many other American
towards us, even among the adherents of Carranza, people, we have never been able to understand why
may not result in hostile actions against our soldiers, the fleet was sent to Verz Cruz and the city occupied
or a revolt against Carranza himself. If Carranza by our marines in April, 1914, at amoment socritical
should be killed or deposed by some rival chieftain in our relations with Mexico, and then so quietly
among his own supporters, an awkward problem withdrawn when the situation had in no visible de­
would certainly arise. Meantime, every one recog­ gree been changed. The two actions were mutually
nizes—not least our own military commanders—the inconsistent. One or the other was certainly a mis­
necessity for the utmost caution and circumspection take, or perhaps it might rather be said that the
in the behavior of the United States troops toward making of one blunder involved the making of what,
in the logic of the situation, was merely another
the Mexican soldiers and civilians.
This newturn of affairs may conceivably alter in a blunder.
very radical degree the situation created by thetwo Happily, there are at least some grounds to hope
past years of our Mexican diplomacy, caused by the that the developments of the past ewck will prepare
deposition of Diaz. Yet even so fortunate a result the way for return of something like orderly govern­
would hardly place our Government’s policy, at fre­ ment in Mexico. That will be, however, because
quent junctures during that period, in any better fortune has favored the United States, rather than
light than that in which it has long beenregardedby because of skillful management of our relations with
thesettled opinion of theAmerican people. The one that country. And meantime, it remains to be seen
qualifying fact in favor of that chapter of the Wil­ howthis newand unusual experiment with our army
sonAdministration’shistory is thefact that the coun­ will result. _______________________
try was kept out of war with Mexico. During the RAILROAD NEEDS—SHALL WE REASON
first few months of 1914 that danger was unques­
TOGETHER?
tionably grave—not less so, certainly, in view of the
fact that a considerable portion of our people and An advertisement by the New York Central has
legislators were openly declaring that a war of vir­ madeits appearance in thedailies whichis sopeculiar
tual conquest was advisable. How fatuous such a that it not only seems to merit some comment but
course of action would have been can be judged bet­ also raises the query howfar the prominent adver­
ter to-day than when our marines were landed at tising of the carriers (and also of the telephone com­
Vera Cruz on April 21 of that year. The embar­ pany) during the past year or more has accomplished
rassment with which our Government’s position its purpose or has even been read and its meaning
would have been surrounded during the past twelve caught by the throng who hurriedly skimthe dailies
months, if all our civil and military energies had been of this present time. This latest advertisement,
engagedin war withMexico, at the moment whenwe spread across three columns and going downmore
were also confronted with violation of our neutral than half the length of the page, has a bold cut of a
rights by belligerent Europe, needs only to be stated train upon a viaduct whose piers have human fig­
ures as caryatides, holding up the structure, the
in order to be admitted.
But the fact must also be recognized that actual figures being labeled “friendly public sentiment,”
war with Mexico was at that time averted only by “just railroad laws,” “fair compensation forservice.”
the narrowest margin—primarily through the ex­ The little text below is headed “pillars” in large
ceptional expedient of mediation, betweenthe United black type, and sets forth the quality of roadbed,
States and Mexico, by the three South American re­ equipment, terminals and train service which en­
publics, Argentina, Brazil and Chile. This undoubt­ ablethelines tobeuseful, andadds thecorollary that
edly proved a fortunate solution; but it never should in order to support these physical excellencies these
havebeennecessary, andin all reasonableprobability lines, in common with other roads, “needthe pillars”
it never would have been necessary, but for the Wil­ which are shown and designated in the cut.
son Administration’s gravely mistaken policy re­ It is probably a safe general assumption that
garding Mexican affairs during the precedingtwelve­ this quite long series of advertisements (many of
month. We suppose that, even among people who themreferring to the full-crew laws) have not been



Mar. 18 1916.]

THE CHRONICLE

1015

without a compensatory effect. They do not an­ do that? Are they ready to reason it out wtih
nounce time-tables, nor offer loans on the market their managers and agents?
and argue about them, nor allude totherate problem
in more than an indirect way; they are an attempt to
get the people, the ultimate and real owners of the | THE UNITEDJ STA TES STEEL CORPORA TION
* INIA%YEARJPF PROSPERITY^
roads, to come and sit down and reason things out
with their managers and agents. We are set and The annual report of the United States Steel
required to serve you, these agents say; we must Corporation for the calendar year 1915 is the record
serve you, or neither you nor we can live; the de­ of a remarkable corporation for a remarkable year.
mand for service is expanding and apparently un­ The showing is in marked contrast with that for
limited; neither physically nor financially (and these the year preceding. When 1915 opened no one
two are almost correlative terms) can we possibly would have dared to predict an outcome for the
render this service unless the indispensable condi­ twelve months such as has actually been witnessed.
tions which produce ability are granted.
The year 1914 had been one of depression through­
Whatever sins have been committed in railway out, depression caused by trade prostration, but
building and extension in times far past are not ger­ which the occurrence of war in Europe had served
mane to the situation of to-day. Those sins were greatly to intensify, leaving the situation on the
partly the result of an over-eagerness for rails on whole dismal, with little prospect—soit then seemed
part of sections without carrying facilities; that —of early improvement.
eagerness was so keen as to offer large concessions, In reviewing the report for this previous year
sometimes unwisely extravagant, perhaps; but this we took occasion to point out that everything had
is all matter for the historian; it is not pertinent just conspired to reduce the volume of business and that
now. The question nowis solely of present, poten­ in addition prices had dropped to an abnormally
tial and continually responsive service. If any rail­ low level. Trade depression in the United States
road managers have worn a lofty air or have been and the vanishing in the later months of the. year
closeted with lobbyists (partly in a defense not ap­ of the export business, owing to the European war,
parent in other ways) that also is past; certainly the had made the situation as to prices hopeless and
railroad managers of 1916 are trying to meet the disheartening. The truth was that conditions for
great public frankly, openly, and on the basis of the Steel Corporation had become more trying than
straight practical sense. Does anybody dispute in any previous period of its existence. A pass had
this? For what other endis this campaign of public been reached where even good management, high
advertisement?
efficiency and splendid resources appeared to avail
The “Chronicle” has likened the railroad to the nothing. As an illustration of the unfortunate
mechanic's tool or the farmer’s horse, and has | state of things then prevalent, Chairman Gary took
urged howinsane it would be to dull the one or over­ occasion to point out that in the closing quarter
load and starve the other, and then expect to work of the year operations had reached the lowest aver­
the implement as a means of livelihood. We have age, as related to capacity, experienced in any quar­
used this homely figure because it is apparently ter since the organization of the Corporation.
more graphic than any labored argument. But As far as earnings were concerned, the statement
the artisan and producer not merely use the tool and•for that December quarter was the very worst of
must depend upon its efficiency; they also own the any submitted in the entire history of the Corpora­
tool. To recall the detailed figures which prove tion. Not only was nothing earned for the common
this would be tedious, but here is a sample state­ shares during that quarter, but only $567,359 was
ment, only a fewmonths old, to the effect that the earned toward the payment of the $6,304,920 re­
Pennsylvania’s stockholders are nowlarger in num­ quired for the quarterly dividend on the preferred
ber than ever before, and that women are 48.57% shares.
of the total number. The direct ownership of rail­ It is instructive to recall these facts with refer­
roads, through bonds and stock, is much morewidely ence to the unfavorable nature of the conditions
distributed than the inattentive public realizes, and and results for 1914 in order to make more clearly
of course the indirect ownership through the many apparent the wonderful transformation which
financial corporations of popular concern which are occurred in 1915, and of whichthere appeared to be
based uponsuch securities is still larger. The presi­ no premonition when the year opened. In 1914
dent of one of the life insurance companies of this Ithe company suffered from shrinkage in business
city is so impressed by this that in his recent report and decline in prices combined. In 1915, on the
to his policyholders he referred to it (and not now other hand, it enjoyed the double advantage of an
for the first time), remarking that the receiverships expandingvolume of business and steadily advancing
and the outlook make “a most serious situation in prices. The report makes it plain that as in 1914,
which each policyholder is vitally interested.”
the export business had been particularly poor,
Probably the attitude of either hostility or in­ so in 1915 the improvement was most marked in
difference towards railroad problems and needs is this same class of business; and thestatement applies
less general than it was not very long ago; we may both to tonnage and prices.
take encouragement so far, but there is very much For the twelve months of 1915 the profit reached
awakening and educational work yet to be done. $140,250,066, as against only $81,746,517 for the
The roads are essaying this work; they are trying twelve months of 1914. This is obviously a marvel­
to make the people pause and reflect.
ous change for the better and yet it affords no ade­
The need of such public reflecting is no less than quate idea of the real extent of the change, since
ever before; perhaps it is even now at its greatest in 1914 the trend was steadily downward, with
thus far, with the roads facing a fresh labor out­ December making the poorest showing of the whole
break. Somebody must care for and support the period, whereas in 1915 improvement proceeded
roads, or efficiency will fail; are the people ready to on a steadily ascending scale, with the last quarter



1016

THE CHRONICLE

[Vol. 102.

tons, against 11,826,476 tons in 1914, but 16,656,361
(and particularly the month of December) surpassing tons
; the output of rolled and other finished
all its predecessors.
. steel infor1913
sale
11,762,639 tons, against 9,014,512
As the best indication of the transformation which
tons
in
1914
and
12,374,838 tons in 1913. And
occurred and of the uninterrupted trend upward, these illustrations m
ight be further extended, all
we may note that in January the profits, after going to show that under
every leading head the
charging off merely the interest on the indebtedness production of 1915, while very
uch larger than the
of the subsidiary companies, was no more than small output of 1914, fell short om
f
the outputof 1913.
$1,687,150, the most diminutive monthly total There are only two minor exceptions
to the rule.
ever reached. Starting with this as a basis, each On the other hand, the profits derived fro
1915
and every month recorded further improvement tonnage came very closeto those for 1913m, the
notw
until in December the corresponding item of profit standing that the production fell so much shortith­
of
was more than ten times as large, or no less than that for that year. These profits were (before the
$17,722,682. By quarters the comparison was as deduction of interest on the bonds of the subsidiary
follows : $10,935,635 for the December quarter of corporations) $140,250,066, against $81,746,517 for
1914; $12,457,808 for the March quarter of 1915;
$27,950,055 for the June quarter; $38,710,644 for 1914 and $147,166,616 for 1913, showing again the
the September quarter, and $51,277,504 for the effect of the higher level of values.
December quarter. The result was that whereas The greater part of the additional profits resulting
in the December quarter of 1914 the showing was fromthe rise in prices camefromthe export business.
the latter part of the year, the report tells us,
the worst, as already stated, of any submitted in Until
the
advances
in the prices received for domestic
the entire history of the Corporation, on the other
hand, in the December quarter of 1915 the profits business were moderate and the average selling
were the very largest of any quarter in the com­ prices received for the year on this domestic business
were only slightly in excess of those for the pre­
pany’s annals.
If the profits made in the December quarter, ceding year. In the closing months, however, the
namely $51,277,504, should be maintained for a demand for products for the domestic trade for
delivery exceeded the producing capacity
full periodof twelve months—andjust at themoment future
o
f
the
country
and caused further sharp advances.
they are doubtless running even larger than that On the other hand,
the demand for products for
thetotal of profit for theyear wouldbe$205,000,000,
export
w
as
active
throughout,
and the business done
as against the $130,396,011 profits (after deducting
$9,854,054 for interest on the bonds of the sub­ by the Steel Corporation in such export trade was
largest of any year in the history of the Cor­
sidiary corporations) for 1915 and the $71,663,615 the
poration.
Aggregate production for the year 1915
for the calendar year 1914. This shows at what a of all classes
f rolled and other finished steel pro­
phenomenal rate the profits were at theend of 1915, ducts for saleow
to about 85% of the annual
and still are. However, even on the basis of the capacity of theasmequal
ills.
During the last quarter of
actual results for the calendar year 1915, with the the year the output equaled
maximum steel
poo reamings of the early months averaged with the producing capacity. The domthe
estic
ents of
good earnings of the later months, the showing is all kinds of material, except cement,shipm
ag
g
ated
a most gratifying one. After the deduction of all 10,982,748 tons in 1915, against 9,710,401 reg
to
ns
sinking fund and depreciation charges, a balance 1914, but comparing with 12,570,423 tons in 1913in.
of $75,833,832 remains, whereas the call for the full
7% dividend on the preferred shares is only $25,­ On the other hand, the export shipments were 2,­
219,677, leaving available over $50,000,000 for the 429,739 tons, against 1,144,214 tons in 1914 and
tons in 1913.
common stock, equal to 10% on the $508,302,o00 1,813,072
comparison of the values of therespective classes
of common shares outstanding. rlhe company has ofAshipm
shows still more strikingly the promi­
just resumed dividends on the common stock by nent partents
played
the export trade, which the
paying l xA % quarterly, calling for $6,353,781, or Steel Corporation by
has
almost from the beginning
at the rate of a little over $25,000,000 per annum. of its existence been developing
with great assiduity,
In 1914 the Corporation had available only $23,­ in the improved results of the year.
The domestic
496,768 over and above charges and sinking fund
shipm
ents
w
e
re
valued
at
$
391
,
188,661
in 1915,
and depreciation allowances, whereas the dividend $337,444,052 in 1914 and $451,181,531 in 1913
The
on the preferred shares alone called lor $25,219,­ export shipments for 1915, on the other . hand,
677.
those for 1913 as well as those for 1914,
While production steadily increased throughout surpassed
the
figures
being $95,163,393 for 1915, $42,784,091
the year the aggregate output for the twelve months for 1914 and
$67,818,074 for 1913. The prices
did not- come anywhere near that for any of the best received in 1915
based on the total tonnage of
previous years, and the good showing for the twelve rolled and other, finished
products shipped,
months is attributable to the happy conjunction showed in respect to domsteel
estic
ents an in­
of a tonnage up to about the average, combined crease of only 26 cents per ton shipm
over
average
with a high level of values, this latter being by no price per ton realized in 1914, but inthe
respect
to
means the least important itemin the improvement. export shipments the increase was no less than
The output as to nearly every one of the leading $4 19 per ton. On domestic and export business
products failed to come up to that for the calendar combined the average increase realized was $1 05
year 1913, showing the part played by higher prices
ton.
in the improved results. Of iron ore 23,669,676 perThe
expenditures during the year on capital
tons were mined in 1915, as against only 17,034,981 account,
for additions to the properties and new
tons in 1914, but comparing with 28,738,451 tons in construction
and for development work at the
1913. The blast furnace production was 13,641,508
m
ines,
equaled
e net sum of $15,337,432. For
tons, against 10,052,457 tons in 1914, but 14,080,730 1916 a much moth
re
elaborate program of new contons in 1913; the steel ingot production 16,376,492



Mar. 18 1916.]

THE CHRONICLE

1 0 17

struction and improvement work has been mapped for the last sixteen years have aggregated no less
out, these improvements and extensions, we are than $729,824,200. For the year under review
told, being largely for the purpose of economizing the new plant outlay was smaller than the average
in cost of operation through installation of the and yet amounted to$32,863,700. But the manage­
latest and most modern type of facilities and for ment are all the time planning for the future and
diversifying lines of finished products. The estim­ the outlays for the current year are estimated at
ated total cost of the additions and improvements $57,000,000.
specifically mentioned in the report is about $70,­ Everything connected with the company’s affairs
000,000.
is of huge magnitude. The gross revenue in 1915
Notwithstanding the $15,337,432 spent on new of the Bell Telephone System, not including the
capital account, the bonded debt of the company connectedindependent companies, was almost $240,­
was reduced $10,612,407 during the twelve months; 000,000—in exact figures $239,909,649. This was
there was also a reduction of $5,415,770 in the out­ an increase of $13,957,526 over the year preceding.
standing amount of mortgages and purchase money The net revenue increased from $59,247,279 to
obligations of the subsidiary companies. On top $66,181,757. After the payment of interest and of
of it all, the Corporation added over $32,000,000 the usual dividends on the enlarged amount of
to its holdings of cash, which on December 31 1915, stock, a surplus remained on the operations of the
stood at the huge figure of $94,083,804. Reference twelve months of 1915 in the sum of $15,189,049,
is made by Chairman Gary to the advance an­ which was $5,186,597 better even than the surplus
nounced since the close of the year in the wages on the operations of the twelve months of 1914,
and salaries of the employees of the subsidiary which was $10,002,452.
companies. This, it will be remembered, averages Comparison is made in the report between the
approximately 10%. Mr. Gary states that on results for 1907 and those for 1915 and that com­
the basis of an annual payroll equal in numbers to parison serves to indicate in most striking fashion
that of 1915 the advance will call for an increascc the truly remarkable rate of growth. In this eightdisbursement of roughly $14,000,000 per annum, year period gross revenues, after eliminating all
while on the basis of an employment equal to the duplications, rosefrom$128,579,800 to$239,909,649,
average during 1913 the increased amount will be showing a gain of $111,329,849, or not far from
about $18,000,000 annually.
100%. In the later year the companies paid out
$50,992,708 for interest and dividends, as against
only $28,660,200 in 1907 and yet had left a surplus
THE AMERICAN TELEPHONE & TELEGRAPH balance in amount of $15,189,049, as against $12,­
REPORT.
524,600 in 1907. The outstanding obligations in
The wonderful growth and development from the same eight years, as represented by capital
year to year of the Bell Telephone System still at­ stock, funded debt and bills and accounts payable,
tracts attention as the most noteworthy feature in increased from $551,821,400 to $825,391,711.
the annual report of the American Telephone & Not only has the parent company, with its sub­
Telegraph Co., which has been issued the present sidiaries, been able to take care of the additional
week for the calendar year 1915. Very naturally, capital, but during the same eight years they have
the telephone has had its share in the general re­ succeeded in swelling the total of surplus and
vival in trade, which came in the last half of the reserves from $61,312,100 to $223,401,663.
year. As a matter of fact, however, the telephone The report tells us, too, that all of this surplus
system continues to grow in good times and. in and reserves “is invested in tangible and productive
bad times alike, the only difference being that property, the revenue from which enables the
in thelatter instance therate of growthis diminished. companies to maintain their efficiency without
The increase in subscribers’ stations was 206,100 paying capital charges on this amount.” The
in the first half of 1914, but only 125,900 in the telephone plants stand on the books of the com­
second half of that year. On the other hand, in panies at $880,068,520 as of December 31 1915,
1915 the addition to the number of subscribers’ but the management believes from appraisals made
stations was 158,700 in the first half and 225,300 by its engineers that the cost of reproduction of the
in the second half. The greater gain here shown physical plants of the Bell System would exceed
in the latter part of 1915 reflects the improvement their book cost by some $61,000,000 aside from all
in general business conditions, but it will not escape intangible values. A further noteworthy feature
attention that the gains have been continuous, is that even on the basis of the book valuation, so
though they vary in amount.
considerably less than the replacement value, the
The report tells us that the Bell Telephone System per cent of net earnings to total plant and other as­
was able to respond quickly and efficiently to sets in the late year was only 5.84%, while the per
the demands made on it because of the policy con­ cent of dividends and interest disbursements to
sistently followed for years of providing plants plant andother assets was no more than 4.76%. It
in advance of the requirements. This statement is well said that these low percentages of return
is not exaggerated. It is one of tjie marvels of should convince the most skeptical that under no
the country’s industrial advance and development possible different conditions could the public.get
howthis great concern has been able to make enor­ cheaper service.
mous new capital outlays from year to year for The year was marked by notable progress in
plantadditions, has succeededimmediately in finding scientific achievements. On January 25 1915 the
the new revenue needed to take care of the ad­ formal opening occurred of the trans-continental
ditional capital, and at the same time has been telephone line extending from Boston and New
able to furnish gradually widening service and York on the Atlantic seaboard to San Francisco
with it all has reduced the cost of the service. A on the Pacific, and this was followed by the exten­
little table in the report shows that plant additions sion of “extreme distance” transmission into all of



[Vol. 102.

THE CHRONICLE

1018

just as registered by our own tables each year a
the States of the Union by applying these now portion
of the railroad mileage of the country being
improvements to the plant of the Bell System. always unrepresented
in the totals, owing to the re­
During the year also there was very notable de­
fusal
at
that
tim
e
o
f
so
me of the roads to give out
velopment in radio-telephony, that is, the trans­
mission of speech without wires. Without detail­ monthly figures for publication.
ing the successive steps of this development, it is
sufficient to say that on October 22 speech was
successfully transmitted from the Arlington Tower
in Virginia across the Atlantic Ocean to the Eiffel 1896.. .
.
Tower at Paris. Simultaneously, the words spoken 1897..
1898..
.
1899..
from Arlington to Paris were transmitted in the 1900--­ .
other direction and heard by the engineering repre­ 1901.-­
1902...
.
sentative of the systemat Pearl Harbor, Hawaii. 1903..
1904..
.
N e t E a r n in g s .

G ro ss E a r n in g s .

Y ea r
G iv e n .

Ja n u a ry

RAILROAD GROSS AND NET EARNINGS FOR
JANUARY.

1905..
1906..
1907..
1908..
1909..
1910..
1911__

Y ea r
\ I n c r e a s e or
P r e c e d in g . I D e c r e a s e .

Y ea r
G iv e n .

Y ear
P r e c e d in g .

In cr ea se or
D ecrea se.

S
S
S
$
5
5
,494,103 13,189,595 +2,304,568
,726,980 +4,589 ,875
53,310,
,277,924 15,394,495 — 1,110,571
,615,619 — 3,550 ,030
51.065,
,833,662 14,601,313 + 3,232,349
,705.271 + 7,640,,019
60,345,
,744,045 17,447,630 + 1,296,415
,753,141 + 4,396,,847
63,149,
,3,84,125 20,489,925 + 5,894,200
,312,140 + 11,952,,343
78,264,
,135,751 25,911,701 +4,224,050
,994
+8,635,
,878,382
90,514,
,993,370 30,441,463 +2,551,913
,517,103 +8,371,,340
99,888,
+ 270,400
,021,383 29,745,477
,230,740 +8,610,,257
100.840
,043,886 32,139.525 — 8,095,639
,687,145 — 4,847,,915
101,839,
,583,361 23,538,414 +3.044,947
,912,304 + 6,729,,346
103,641
.
,673,269 26,996,772 + 11,670.497
,741,980 +21,824 ,988
128,566
.
— 809,874
,287,044 37,096,918
,604,663 + 10 176 ,033
133.840
.
,059,241 41,155,587 — 11,496,340
,624
—
20,025
,152.717
135,127
.
+
9,258,762
41,036.612
,295,374
,219
,352,799 +9,617
182,970
.
,409,657 50,491,080 + 6,918,577
,204,063 + 27,770 ,971
211,041
.
— 3,483,309
57.373,968
,890,059
,770
+4,248
,808,247
215,057
,940,700 52,960.420 — 7,019,714
,145,078 — 2,440 ,307
210,704
,277,104 45,495,387 + 18,781,777
,535,060 + 38,128 ,677
240,663
,749,869 65.201,441 — 12,451,572
,807
—
10,884
.958,641
233,073
— 890,982
,582,992 52,473,974
196 236.,880,747 — 10,598 ,551
220,282
.
,899,810 51,552,397 + 27,347,413
+40,840 ,040
,203,595
,635.220,
207,043
. _____
_______
________________________________

The recordof railroad earnings continues to beone 1913
of improvement in gross and net results alike. I he 1914
1915..
first month of the calendar year opens very auspici­ 1910..
Note.—In 1890 the number of roads Included in the month of January was 135; in
127* In 1898. 130; In 1899, 115; in 1900, 114; in 1901, 130, in 1902, 109, in
ously in that respect and the compilations which 1807
1903’ 105; In 1904, 103; In 1905, 94; In 1900, 100; In 1907, 07._ In 1908 tho returns
based on 157,629 miles of road; in 1909, 231,970: in 1910, 239^08; in 1911,
we present to-day for January showvery substantial were
242 479; in 1912, 237,888; in 1913. 235,607; in 1914, 243,732; in 1915, 240,959, In
#
improvement in both gross and net earnings over 1910, 247.620.
the corresponding month of last year, though the The separate roads reveal results on a par with
extent of this improvement falls short of the phenom­ the general totals. In other words, there is very
enal gains in ratio and amount registered in the notable improvement in the great majority of cases,
two closing months of 1915. Stated in brief, the in gross and net alike, and the improvement extends
increase in gross (the roads represented covering to all classes of roads and to all sections of the
substantially the entire railroad mileage of the country. As the list of gains is a very long one it
country) reaches $46,840,040, or 21.27%, while would involve tedious repetition to enumerate them
only $19,492,627 of this was offset by an augmen­ all, or even the more striking ones. Taking the
tation in expenses of 11.56%, leaving, therefore, a Pennsylvania and the New York Central as general
types, the former has no less than $6,741,661 gain
gain in net of $27,347,413, or 53.05%.
in gross and $4,366,524 gain in net for the month
on the lines directly operated both east and west
of Pittsburgh. In January last year the Penn­
sylvania Lines recorded $1,521,674 decrease in gross
It is almost needless tosay that comparison is with and $981,549 decrease in net, and in 1914 they
diminished earnings in both 1915 and 1914. But suffered a contraction of $2,870,947 in gross and
while this modifies favorable conclusions, gratifi­ of $1,419,410 in net. The New York Central this
cation is to be derived from the circumstance that time has $3,372,724 improvement in gross and $2,­
this year’s gains overtop the losses for the two pre­ 482,504 improvement in net. Adding the various
ceding years combined, though not in the marked auxiliary and controlled roads, the whole going to
degree witnessed in December and November 1915. form the New York Central SystcTn, the lesult is
In January last year our compilation registered a gain of $6,216,051 in gross andagainof $4,694,001
$16,598,551 decrease in gross and $890,982 decrease in net. In January last year the NewYork Central
in net. In January 1914 the falling off amounted Systemshowed$341,808 loss ingross, but $1,622,506
to $16,884,807 decrease in gross and $12,451,572 in gain in net. In January of the year before there
net. As a matter of fact, the record of losses might was $3,071,698 shrinkage in gross and $3,600,822
be carried still further^ back, barring 1913, when in net.
,
very important gains were disclosed in both gross Generally speaking, this year’s gains for the
and net. These gains, however, in 1913 were separate roads follow losses in 1915 and in not a
themselves, in part, merely a recovery of exception- fewinstances, also, in 1914, but while this is quite
•ally heavy losses in January 1912, when the winter widely true as far as the gross is concerned, there
weather experienced was the worst encountered in a are some marked exceptions to the rule in the case
generation. Stated in brief, our tabulations in Janu­ of the net, for in January 1915 United States rail­
ary 1913 registered$38,128,677 gainingrossand$18,­ roads began to practice most rigid economy, and the
781,777 gain in net. On the other hand, in January saving in expenses, in not a few instances, over­
1912 our compilations recorded a decrease of $2,440,­ topped the losses in gross, thus producing gains in
307 in gross and of $7,019,714 in net. The showing the net.
was unfavorable, too, in January of the year pre­ Losses, the present year, are not altogether lack­
ceding, namely 1911, inasmuch as, though there ing, but they are confined almost entirely to the
was then a gain in the gross, it was very small, Southwest where last season’s short cotton crop
reaching only $4,248,770, while in the netearnings and the shortage of some other crops is now
being reflected in diminished traffic over the roads.
there was an actual loss of $3,483,309. In 1910 The
Missouri Kansas & Texas is anextremeinstance,
a gain of $27,776,971 in gross yielded an addition reporting
$356,346 loss in gross, with heavily aug­
of only $6,918,577 to net. Below we furnish a mented exp
enses, thereby causing a loss in net of
summary of the January comparisons for each year $704,593. The International & Great Northern
back to 1896. For 1911, for 1910 and for 1909 we reports $119,056 decrease in gross and $15,011 de­
use the totals of the Inter-State Commerce Com­ crease in net. The Southern Pacific with $476,989
mission, but for preceding years we give the results gain in gross has $365,294 loss in net. In the follow1012

7nc.(+)

J a n u a r y (473 R o a d s) —
1916.
1915. _ _
247,620
240,838
Mllea of roa d --.......... - .............
Gross earnings..-------------------- 5267,043,635 5220,203,j 9o
Operating expenses____ _____ - 188,143,825
168,651,198

Net earnings ______________




578,899,810

551,552,397

or D ec.
A m o u n t.

(— ).
%

+ 782
+ 546,840,040
+ 19,492,627

0.31
21.27
11.56

+ 527,347,413

53.Oo

Mar . 18 1916.]

THE CHRONICLE

1019

ing we show all changes for the separate roads for
amounts in excess of $100,000, whether increases
or decreases, and in both gross and net.

Group I I I . includes all o f Ohio and Indiana; all o f M ichigan except the northern
peninsula, and that portion o f N ew York and Pennsylvania west o f Buffalo and
Pittsburgh.
Groups I V . and V. com bined include the Southern States south o f the Ohio and
east o f the Mississippi River.
Groups V I. and V I I . combined Include the northern peninsula of M ichigan, all o f
PR INCIPAL CHANGES IN GROSS EARNINGS IN JAN U ARY.
Minnesota, Wisconsin, Iowa and Illinois; all o f South D akota and North Dakota
T iirrp n ftP’i
I n c re a se s . and Missouri north o f St. Louis and Kansas City; also all o f M ontana, W yom ing
Nebraska, together with Colorado north of a line parallel to the State line
Pennsylvania___________a$6,741,66l Bessemer & Lako E rie ..
$290,052 and
New York Central______63,372,724 Pere Marquette...................
269,828 passing through Denver.
Groups V I I I . and. I X . combined Include all o f Kansas, Oklahoma, Arkansas and
Baltimore & Ohio______ 1,958,016 St Louis & San Fran____
264,339
Union Pacific__________
1,508,601 Denver & Rio G ra n d o ...
241,860 Indian Territory, Missouri south o f St. Louis and Kansas City; Colorado south
l-^nver, the whole o f Texas and the bulk o f Louisiana; and that portion of
Norfolk & Western_____ 1,500,106 Western Maryland_____
236,702
Phila & Reading............. 1,482,784 Union (Pa)____________
234,331 New M exico north o f a line running from the northwest corner of the State through
Northern Pacific_______ 1,430,168 Chicago & East 111..............
226,071 Santa he and east of a line running from Santa Fe to El Paso.
Group X . includes all o f W ashington, Oregon, Idaho, California, N evada, Utah
N Y N II Sc Hart ford____ 1,281,744 Nash Chatt & St L ouis..
206,325
Delaware Lack & W est.. 1,192,365 Vandalia..........................
178,386 and Arizona and the western part of New M exico.

Erio..............
1,136,302 Virginian.........................
173,578
Groat Northern________
955,234 El Paso Southwest______
168,848
Chicago Miiw & St Paul.
948,921 Chicago Sc Alton_______
155,711
T H E S T A T E OF C A N A D I A N R E V E N U E S A N D
941,212 Cine New Orl & Tex l ’ ac.
Chesapeake & Ohio_____
153,058
Southern Railway______
935,019 Florida East Coast_____
141,902
FIN A N C E S .
Louisville Sc Nashville__
914,713 Long Island___________
138,212
Chicago Burl & Q uincy..
901,391 Grand Trunk West_____
129,762
In
view
of
the
prospective
offering in this country of a new
Pittsburgh & Lake Erie. .
852,613 Yazoo & Miss Valley____
126,682
Boston & Maine............ .
834,378 Western Pacific________
125,044 Canadian loan (details of which, so far as yet available, will
122,958
Atch Topeka & Santa Fo
831,243 Chicago Ind & Louisv__
121,666 be found in our “ State & City’’ Department on page 1091),
Minneap St P & S S M ._
764,065 N Y Phila & Norfolk___
120,198 the speech on the Budget delivered in the Canadian House
Central of New Jersey__
736,345 Chic Rock Isl & l ’ac lines
118,922
Michigan Central______
705,839 Hocking Valloy__________
Clovo Cine Chic & St L . .
680,325 Maino Central___________
108,499 of Commons last month by the Minister of Finance, Sir
Wabash............................
628,210 Lehigh & New England.
106,607
Delaware Sc Hudson____
554,644 West Jersoy & Soaslioro.
106,035 Thomas White, possesses unusual interest. He dealt first
Lehigh Valloy.................
529,264 Colorado Sc Southern__
105,593
Elgin Joliot Sc Eastern__
495,751 Chic St Paul Minn & Om
102,822 with the revenues, and these are proving highly satisfactory,
Southern Pacific_______
476,989 Alabama Great Southern
100,806 the yield for the current fiscal year promising to reach no less
Missouri Pacific________
445,791
Atlantic Coast Line_____
431,864
Representing 65 roads
than $170,000,000, or $20,000,000 in excess of the estimates.
Seaboard Air Lino______
399,449
in our com pilation..$43,301,660
Chicago & North W est..
384,073
1
^
ecr
ca
ses
. The address also shows that Canadian finances are being
Illinois Central_________
381,344 Missouri Kansas Sc Texas $356,346
Wheeling & Lako Erie__
379,181 Internal Great Northern
119,056 handled with much skill and that the Dominion is adjusting
Phila Balt & Wash...........
379,047
itself to war conditions with rare facility. We make ex­
Buffalo Roch & Pitts____
321,508
Representing 2 roads
N Y Chic & St Louis___
313,979
in our compilation..
$475,402 tended extracts as follows:
N o t e .- -All the figures in the above arc on the basis o f tho returns filed
Tho Budget of February last, by a comprehensive scheme of general and
witli tho Inter-Stato Commerce Commission. Whoro, however, thoso re­ special taxation, aimed to Increase tho revenues of tho Dominion for the
turns do not show the total for any system, wo have combined tho soparato
roads so as to make tho rosidts conform as nearly as possible to thoso given present fiscal year to an aggregate of $150;000,000. I am happy to be able
in the statements furnished by tho companies themselves.
to inform tho House that tho expectations then formed have been realized
a This is tho result for tho Pennsylvania R R ., together with tho Pennsyl­
in a degree beyond our most sanguine hopes, and that for the present fiscal
vania C o m p a n y , and tho Pittsburgh Cincinnati Chicago Sc St. Louis, tho
Pennsylvania RR. reporting $4,088,358 increase, tho Pennsylvania C o m p a n y year ending on March 31 next we confidently anticipate a total revenue of
$1,647,491 gain and tho P. C. C. & St. L. $1,005,812 gain. Including all at least $ 1 / 0 ,0 0 0 ,0 0 0 , that is to say, $2 0 ,0 0 0 ,0 0 0 in excess of our estimate.
lines owned and controlled which make monthly returns to tho Inter-State From tho date of the introduction of tho Budget tho sharp monthly declines
Commerce Commission, tho result is a gain o f $7,887,580.
which had been experienced in our customs duties were at once arrested,
6 These figures cover merely tho operations of the Now York Central
itself. Including tho various auxiliary and controlled roads, like tho Michi­ and our revenues, until August, restored to the basis of the corresponding
gan Central, tho "Big Four,” tho “ Nickol Plato," &c., tho whole going to months of tho year preceding the outbreak of tho war. Since August a
form the Now York Central S y stem , tho result is a gain of $6,216,051.
marked and continually progressive increase has characterized our monthly
rovenues as compared with thoso of tho corresponding period of the previous
PRINCIPAL CHANGES IN NET EARNINGS IN JAN U ARY.
T'tirrpn
I n c r e a s e s . year, when the profound derangement of finance and commerce resulting
Pennsylvania__________ a$4,366,524 Wheeling & Lako E r io ...
$228,868 from the war was exercising so serious an effect upon our imports and
New York Central..........52,482,504
224,516 goneral business. From the beginning of the present fiscal year up to
N Y Chic & St Louis____
Phila & Roadlng............... 1,148,734 Pcro Marquotto...............
221,054
Northern P acific............ 1,007,637 Cine Ham Sc Dayton___
205,783 Fob. 10 the total revenue of tho Dominion from all sources has amounted
Norfolk & Western_____
930,685 Union ( P a ) .....................
196,245 to $145,000,000, an increase of $31,000,000 over tho same period of the
Delaware Lack Sc W est..
863,919 Missouri Pacific________
186,088 preceding year. Of this revenue tho sum of $82,000,000 has been derived
Louisville & Nashvillo__
839,573 Atcli Topeka & Santa Fo
181,760 from duties on customs, $19,000,000 from oxclso, $14,000,000 from post
Southern Railway______
839,501 Grand Trunk West_____
163,641 offico receipts and about $3,000,000 from tho special taxes other than
Union Pacific____________
795,013N Y Chic & St Louis___
160,800
Chicago Burl & Quincy..
749,505 Denver Sc Rio Grando__
158,026 postal levied under tho Special War Rovenuo Act of last year. Of the
Pittsburgh Sc Lake Erio.
700,695 Chicago & Alton_______
154,414 amount of customs duties mentioned, the sum of $19,000,000 was derived
Minneap St P & S S M__
576,064 Vandalia...........................
153,875
Michigan Central______
554,955 Wostorn Maryland_____
145,582 from tho increased duties levied under tho Customs War Revenue Act.
Boston & Maino__________
533,041Colorado Sc Southern__
140,894
C i v il E x p e n d it u r e , 1915-16.
Baltimore Sc Ohio______
516,499 Florida East Coast_____
122,604
In tho Budget of last year I stated it to be the policy of the Government
Clovo Cine Chic & St L__
510,876 St Louis & San Fran___
1 16,l89
that
new
works
would
not be undertaken until tho financial outlook beWabash................................
484,770Buffalo Itoch Sc Pitts___
112,056
Central of Now Jersoy__
474,335 Yazoo & Miss Valloy___
camo clearer, and we should have in view the source of funds from which
1 IL mo
Dolawaro Sc Hudson___
465,019 Virginian.........................
111,102 to meet the expenditure. This policy has been rigidly followed. Only
Erio....... .......................
418,173
St Louis Southwest_____
100,461 works actually under contract have been proceeded with and civil expendi­
Chesapeake & Ohio_____
405,025
ture has been kept within closo bounds. As a result, our outlays for the
N Y N H & H a rtford ...
403,124
Representing 50 road
Phila Balt & W ash..........
289,093
in our com pilation..$25,364,479 year for purposes other than thoso of tho war have been much less than the
Atlantic Coast Lino_____
288,542
estimate
of tho Budget. Up to tho present our expenditure on ordinary
Elgin Joliet & Eastern__
278,182
D e c re a s e s.
account has been in round figures $93,500,000, a decrease of over $13,­
Great Northern__________
271,985Missouri Kan Sc T exas..
$704,503
Lehigh Valley. ....................
255,786Southern Pacific_____
365,294 000,000, as compared with the same period of the previous year. On
Seaboard Air Line______
243,872
capital account our expenditures— principally upon such works as the
Chic Miiw Si St Paul___
243,208
Representing 2 roads
National Transcontinental Railway, the Quebec bridge, Halifax terminals.
Bossomer & Lako Erio__
233,083
in our com pilation.. $1,069,887
Improvements
to the St. Lawrence ship channel, tho 'Welland ship canal
a This is tho result for tho Pennsylvania R R ., together with the Pennsyl­
vania C o m p a n y , and tho Pittsburgh Cincinnati Chicago Sc St. Louis tho and tho Hudson Bay Railway— have amounted to $30,500,000, a decrease
Pennsylvania RR. reporting $2,731,005 increaso, tho Pennsylvania C o m p a n y of $7,000,000 over the corresponding period of tho previous year.
$1,045,606 gain and tho P. C. C. & St. L. $589,913 gain. Including aU
Taking into account our increased revenue on the one hand and our de­
lines owned and controlled which mako monthly returns to tho Inter-State creased ordinary and capital expenditure on the other, it will be seen that,
Commerce Commission, tho rosult is a gain of $5,227,129.
b Thoso figures cover merely tho operations of tho New York Central apart from tho cost of the war, there has been an improvement in tho
itself. Including tho various auxiliary and controlled roads, like tho Michi­ financial position of tho Dominion for tho period since April last of no less
gan Central, tho "Big Four," tho “ Nickel Plato,” S e e., tho whole going to a sum than $51,000,000. The improvement for tho entire fiscal year will
form (ho Now York Central S y stem , tho result is a gain of $4,694,001.
probably reach $57,000,000.
W a r E x p e n d it u r e , 1915-16.
That the betterment of results is common to all
During tho last session Parliament passed a War Appropriation Act for
sections of the country becomes plainly apparent $100,000,000.
This was the second Act of tho kind, the first having been
when the roads are arranged in groups or geograph­ passed at tho special session following upon tho outbreak of tho war and
providing
for
an
amount of $50,000,000. Tho I’rimo Minister will intro­
ical divisions; it then appears that all the groups
duce at this session a further measure providing for an additional sum of at
have larger or smaller gains in gross and also in net. least $250,000,000. The number of our troops having grown by successive
steps to 50,000, to 100,000, to 250,000, with a present authorized establish­
Our summary by groups is as follows :
ment of 500,000, our war expenditure has correspondingly increased and
S U M M A R Y B Y G RO UPS.
has now reached very large figures. From the outbreak of war to the end
-G ross E a rn in g sSectlon or Group.
1910.
of January 1916 it has amounted to $158,000,000.
1915.
Jn c .( + ) o r V e c .(—).
Ja n u a ry —
S
$
$
%
From what I have said it will bo gathered that the general position of our
Group 1 (18 roads), New England— 12,780,793 10,287,742 + 2,493,051 24.23
finances
has been that, while our revenues have been substantially increas­
Group 2 (82 roads), E a s t* M id d le — 75,817,034 58,351,783 +17,405,851 29.93
ing and our ordinary and capital expenditures materially declining, our war
Group 3 (04 roads), M iddle W est____ 33,033,482 24.692,811 + 8,340,071 33.78
Groups 4 & 5 (97 roads), Southern
30,200,888 20.201,713 + 0.999,175 23.97
expenditure has been mounting rapidly. Our problem has therefore been
Groups 0 & 7 (75 roads), Northwcst’n 55,870,831 47,595,392 + 8,2 75,4 39 17.39 ono of raising money to fill the gap between revenue and total outlay, and
Groups 8 * 9 (95 roads), Southwest’n 39,044,000 37,904,151 + 1,7 40.4 55 4.77
I turn now to describe tho financial operations of the year.
Group 10 (42 roads), Pacific C o a s t ... 13,095,401 12,170,003 + 1,525,398 12.53
L o a n I s s u e s , 1915-16.
Total (473 roads).................................207,043,035 220,203,595 +40,840,040 21.27
Wo entered upon the present fiscal year with £3,000,000 of Treasury
----- M ileage -------------------------- N et Earnings ----- --------------bills maturing in June. We had also a bank indebtedness of $5,000,000.
1910.
1915.
1910.
1915.
In c . ( + ) orDcc.t— ).
Tlicso Treasury bills were retired upon maturity and our bank indebtedness
S
Group N o. 1................ 7,832
has been paid off. The Dominion Government has no outstanding Treas­
7,831 3,520.473 2,387 478 +1,132.995 47.45
Group N o. 2 ................ 29,290 29,059 22,042,902 11,880,035 +10,750.207
ury bills in the London market and is not overdrawn with any financial
....
90.48
Group N o. 3 ................ 22,920 23,351 9,044,152 3,473,541 +---------0,170,011 177.04
institution. On tho contrary, wc have, at tho present time, very large
Groups Nos. 4 & 5 . . . 42,329 42,001 12,228,005 7,428,808 + 4,799,737 04.01
balances to our credit both at home and abroad. In fact, the Government
Groups Nos. 0 & 7___ 68,485 08,250 17,040,904 13,401,171 + 4,185,733 31.10
Is
financed until th 3 beginning of next summer.
Groups Nos. 8 * 9 . . . 58,300 58,118 9,731,648 9,502.304
+ 109,344
1.77
Group N o. 10..............___________________________________________
18,458 18,222 3,485,120 3,352,400 ____________
+ 132,720
Our loan transactions for the year have been as follows:
3.90
In March last wo made an issue in London of £5,000,000 of 4 V i % deben­
T o t a l ........................ 247,620 246,838 78,899,810 51,552,397 +27,347,413 63.05
ture stock maturing 1920-25. Tho issuo price was 99H and tho offering
N O T E .— Group I . includes all of the Now England States.
was over-subscribed.
Group I I . Includes all o f New York and Pennsylvania except that portion wost
of Pittsburgh and Buffalo; also all o f New Jersey, Delaware and M aryland, and
In August wo made an issue in New York of $25,000,000 of 5% notes
tho extromo northern portion of West Virginia.
maturing Aug. 1 1916, andjof $20,000,000^.of 5% notes maturing Aug. 1




1020

THE CHRONICLE

[Vol . 102.

this our proposed borrowing for capital expenditure, we are confronted with
an increaso of public debt during the coming year of nearly $250,000,000.
Canada in future years of peace, with the prosperity of which wdl bo her
heritage from the development of unbounded resources, will be well ablo
to meet tho interest and sinking fund charges upon such debt as we shall
be obliged to incur in defense of our country and its liberties. From an
examplo the House will more readily seo what I havo in mind. Let us
assume that our indebtedness on account of this war will reach $500,000,000.
At 5% the annual Interest will amount to $25,000,000. This sum with a
substantial amount added yearly for a sinking fund could. In my opinion,
bo met, provided strict economy bo practiced by Governments, from the
future revenues o f the Dominion.
I havo now to direct the attention of the House to tho matter of tho bor­
rowings by which we shall supplement our revenuos to the full amount
necessary to meet our war expenditure for tho coming year. At present
we aro, as I havo stated, financed as to our requirements in Canada until
tho beginning o f summer. We havo, however, a large body of troops—
over 1 0 0 ,000 — overseas, whose pay and cost of maintenance run into large
figures and will continually increase as its number increases. T o pay and
maintain these forces abroad wo should, if wo relied entirely upon our own
resources, bo obliged to raise the money hero and purchase exchange on
London, as the expenditure in question is made in Britain and on tho Con­
tinent. T o provide this monoy, and as an efficieut safeguard to our own
financial situation in Canada, we arranged last fall for a total authorized
loan of £30,000,000 from the Imperial Treasury, to be availed of, if neces­
sary, at a rate not exceeding £2,500,000 a month during the present cal­
endar year. In connection with this loan I may point out that with the
large invisible balance of interest payments amounting to about $150,000,­
000 annually, which Canada owes to Great Britain on past indebtedness,
and our annual interest debit of $37,000,000 to United States, we should,
if an arrangement of the kind was not effectod, be obliged to export gold
to Great Britain or to the United States to the amount of a part at least
of our war expenditure abroad. While this arrangement absolutely en­
sures tho stability of our finance for the yoar, it will be our most earnost
endeavor to avail ourselves as little as possible of this gonorous provision
on tho part of the Imperial Government, sustaining, as it is. tho heavy
burden of financing Its own unparalleled war expenditures, and making
loans on a vast scale to Allies. Further, it is our intontlon, to tho extent
we may be able, to make advances In Canada to tho Imperial Government
to facilitate its additional purchases hero of munitions and supplies. Some
plan of tho kind, either with the Government or with our banks or business
interests, would seem, in the present stato of sterling exchango, to be necossary if such purchases aro to continue, at least on the largo scale which has
obtained during the past year.
Surplus.................................................................... — ............. $45,000,000
In considering the question of future loans, it is to bo pointed out that
As the proceeds o f the American loan, which was specially made to meet while there Is considerable money on this continent for short-date invest­
capital expenditure, have been more than sufficient for the purpose (the ment, the amount obtainable diminishes and tho rate of interest increases
expected expenditure under this heading being $40,000,000), it has been with length of term. M y personal viow of tho policy to bo followed in
possiblo for tho Government to devote its entire surplus, estimated at war financo is that it is preferable to face the higher rato payable on long­
$ 4 5 ,0 0 0 ,0 0 0 , as stated, in payment of the principal of our war expenditure. term issues rather than to make ropeatocl short-date Issues whoso maturities
Tho House of course understands that In our ordinary expenditure is em­ may have to be provided for by payment or renewal at times when further
braced the entiro interest cliargo upon our public debt, which includes funds have to bo raised for fresh war expenditures. Moreover, it is not,
our war borrowings. Ordinary expenditure also includes pensions.
in my opinion, desirable that in the period Immediately succeeding the con­
Briofly, then, tho result of the present year’s transactions as to revenue clusion of the war the Government of the day should be hampered in its
and expenditure may bo summarized as follows: We borrowed In tho United financing, in the possibly trying conditions of recuperation and reconstruc­
States tho amount required for our capital expenditures. Our rovcnues tion, by the necessity of funding numerous issues maturing due at brief
will exceed our ordinary expenditure by $45,000,000. This $45,000,000 intervals.
wo devote to tho payment of our war expenditure. By tho end of the year
The new taxation proposals of the Government were
tho net national debt will stand at about $580,000,000, an increase of
referred to in our issue of Fob. 19, page 654.
$131,000,000 during the year.

1917, or a total Issue of $45,000,000. These notes were sold at the price
o f par and 99 A . respectively, less a commission of % o f 1 % , and aro con­
vertible Into 5% bonds of the Dominion o f Canada, maturing Aug. 1 195o.
The purpose of this loan was to provide for expenditure upon public under­
takings under contract and other capital outlays throughout the Dominion.
In November we offered to the Canadian public a domestic loan of $50,­
000,000 o f 5% ten-year bonds, the issue price being 97 A •payable in install­
ments extending over the period from November 1915 to M ay 1 1916.
This issue, as is well known to the House, was most enthusiastically and
patriotically received by the people of Canada, with the result that it was
more than doubly subscribed. In view of this responso and the earnost
desire on the part of private investors and financial and other institutions
who had subscribed for large amounts to participate in the loan, the auth­
orized amount was doubled and an allotment made of $ 1 0 0 ,0 0 0 ,0 0 0 of these
securities. It chanced that at the time of this issue the Imperial Govern­
ment, owing to adverse sterling exchange conditions which had for some
time prevailed, wero at a serious disadvantage in making payment for
munition and other orders placed in Canada. T o assist in overcoming the
difficulty and to facilitate further purchases in Canada, the Government
placed the sum of $50,000,000 from the proceeds of the domestic War Loan
to the credit o f tho Imperial Treasury. This credit is now being availed
o f for tho purpose mentioned.
In my last Budget speech I explained to tho House the arrangement
made by tho Government for advances by tho Imperial Treasury towards
our war expenditure. The total amount of such advances to date has been
£27,000,000. It will be gratifying to tho House to learn that since tho
beginning o f tho period of serious decline in sterling exchange from June
onwards, the Government has been able to finance all our war expenditures
in Canada without assistance from the Imperial Treasury. Had wo been
obliged, during tho period in question, to bring funds for this purpose from
London to Canada, wo should not only have mado a heavy loss on tho
transactions but would have been in direct competition with the Imperial
Treasury in selling sterling exchange for tho purpose of meeting their obli­
gations maturing due upon orders for munitions and supplies placed on this
side o f the Atlantic. By reason o f our Improving revenues and our borrow­
ings in tho United States and Canada, it has not been necessary for us to
negotiate any sterling bills since June o f last year.
Outcom e o f 1915-16As closely as wo can estimate, tho financial outcome of tho present fiscal
year will be as follows:
Revenue from all sources.............................................................. Sl70.000.000
Ordinary expenditure.......... ,— ----------- ----------------------------- 125,000,000

E c o n o m ic C o n d itio n s . 1915-16.
Turning from the financial transactions and position o f tho Government
to the general affairs of the country, we find much cause for gratification B I L L FOR R E G U L A T I O N O F R A I L R O A D S E C U R I T I E S
and thankfulness. Business has adjusted itself in a remarkable way to
R E P O R T E D TO H O U S E .
tho altered conditions. We have been blessed with a most bountiful har­
vest, the greatest by far in the history o f the Dominion, and this, coupled
A
favorable
report
on the Rayburn bill, providing for the
with the demand for war material, supplies and munitions, has given such
stimulation and impetus to trado and industry that, notwithstanding the Federal regulation of railroad securities was ordered by the
war, we are experiencing a high degree o f prosperity. Probably the most House Committee on Inter-State and Foroign Commorce
outstanding featuro o f our national economy during the year has been tho
extraordinary change which has taken place in our international trade on the 10th inst. This bill was introduced at the time the
balance. For the fiscal year 1912-13 it was adverse to the extent of over Clayton anti-trust and the Fedoral Trado Commission bills
$300,000,000; in 1913-14 o f $180,000,000, and in 1914-15 of $36,000,000. in 1914, but with the enactment of those two measures
For the present fiscal year it seems certain that we shall have a favorablo
trade balance In the neighborhood o f $200,000,000. That so great a change President Wilson decided upon postponement of action on
has been effected in one brief year is a striking tribute at once to the mar­ the railroad securities bill. During a hearing on tho bill on
velous productivity o f the Dominion, and to the capability, industry and Feb. 25 before the House Committee on Inter-State Com­
thrift o f our people. Our total trade for the year will aggregate approxi­
mately $ 1 ,2 0 0 ,0 0 0 ,0 0 0 , an increaso o f nearly $2 0 0 ,0 0 0 ,0 0 0 in exports, and merce, Alfred P. Thom, General Counsol for tho Southorn
a slight reduction In imports. This is the largest aggregate trado in the Ry., appoarod on behalf of tho Railway Executives.’ Advisory
history o f the Dominion.
Committee, representing 84% of tho railroads of tho country.
*
*
*
*
*
*
*
*
*
*
*
*
The last War Appropriation Act authorized an expenditure of $100.­ Mr. Thom is said to havo doclarod that whilo the railroads
000,000. The War Appropriation Act o f this session will authorize an are unqualifiedly in favor of tho Federal regulation of rail­
expenditure o f $250,000,000. all of which, and possibly moro, will be re­
quired for tho raising, equipping, transporting and maintenance of our road securities which is proposed in the Rayburn bill, he
rapidly increasing forces. The all-important question, therefore, to bo advanced tho wider proposition of Federal incorporation as
considered is, “ How shall wo provido the m oney?" Thoro aro only two being the moro effective way to se3uro such legislation and
sources from which it can legitimately come, namely from rovonuo and from
borrowing. Tho Government Is resolutely determined to maintain the avoid possiblo litigation and dolay. Ho addod that it was
standard o f our currency and not to resort to tho Issue of unsecured paper the desire of tho railroads that consideration of this subject
money, which Is merely a forced loan without lnterost, leading to depre­
ciation and tho gravest economic evils which can afflict a nation. In this be included in the general investigation of tho whole railroad
connection it will be o f interest to the House to know hat our gold reserve problem provided for in the Newlands resolution, which has
is held against Dominion notes amount to $115,147,985, or 64.2% of the passed tho Sonato and is now bofore the House Committee.
outstanding circulation.
The Rayburn bill passed the House in Juno 1914, and was
So far as-wo can estimate, our ordinary expenditure for tho coming year
will amount to about $135,000,000 as compared with $125,000,000 for this roported to the Senate with amendments the following month.
year and $135,000,000 for last year. Our capital estimates aro $30,000,000
as compared witn $46,000,000 for this year. Adding tho ordinary and capi­
tal expenditure we look forward co a total civil expenditure for the year
o f $160,000,000 as compared with $165,000,000 for tho present yoar and H O U S E C O M M I T T E E R E P O R T S N E W L A N D S R E S O L U ­
$187,000,000 for last year. It must be borne in mind that Included in our
T I O N FOR R A I L R O A D I N Q U I R Y .
ordinary expenditure for the coming year is the sum o f $36,000,000 repre­
On the 9th inst. tho IIouso Committee on Inter-State
senting charges upon our public debt, o f which sum no less than $2 0 ,0 0 0 ,0 0 0
represents increased interest due to our war borrowings; and a further sum Commerce decided to report the Nowlands resolution, which
o f $2,000,000 for pensions payable on account of tho war. In making a
comparison between our ordinary expenditure for the coming year and that passed the Senato on Fob. 16, providing for an investigation
o f preceding years, these Important items aggregating an increase due to the by a joint Congressional Committee of tho subject of Gov­
war o f $22,000,000 must be taken Into account.
ernment control and regulation of railroads and other public
Should it seem expedient, we shall feel justified in borrowing, as we did
during tho present year, for our capital expenditure. Assuming that this is utilities. Tho committoo decidod that a preliminary report
accomplished, wo should have on tho basis o f present rovonuo a surplus of of the results of tho investigation shall bo made to Congress
$35,000,000 to apply upon our war expenditures.
This would loavo tho
with the opening of the next session.
urn of $215,000,000 additional to be borrowed for the war. Adding to




L E G I S L A T I O N FOR E N L A R G E M E N T O F I N T E R - S T A T E
COMMERCE

C O M M IS S IO N .

The House Committee on Inter-State and Foreign Com­
merce decided on the 9th inst. to report favorably the
Adamson bill increasing the membership of the Inter-State
Commerce Commission from seven to nine and authorizing
the Commission to divide its members into as many divisions
as may be deemed necessary. A similar bill has been intro­
duced in the Senate by Senator Newlands of the Committee
on Inter-State Commerce. The legislation embodied in the
proposed bill was recommended in the last annual report of
the Commission.
SENATE

PASSES

B IL L

R A IS IN G

POSTAL

SA V IN G S

D E P O S IT L I M I T .

The bill increasing the maximum amount which one person
may deposit in the Postal Savings Banks from $500 to $2,000
was passed by the Senate on the 15th inst. The bill was
passed by the House on January G. It provides for the
payment of interest on the first $1,000, no interest being
paid on the additional $1,000 which may be deposited. The
new legislation was referred to at length in our issue of
January 15.
____________________________
FEDERAL

1021

THE CHRONICLE

Mar . 18 1916.]

TRADE

C O M M IS S IO N ’S

FOR B U S I N E S S

REQUEST

DATA.

W ith the completion of preliminaries for gathering facts
regarding the industries of the country, the Federal Trade
Commission has addressed to the business men of the
country a letter, drafted by Vice-President Edward N . Hur­
ley, calling for specific information concerning their business
interests. The letter says:

This referendum places beyond question or doubt the overwhelming
sentiment of the commercial bodies o f the United States that the Govern­
ment should grant adequate support to American business In exploiting
to the full tho opportunity for the development of American commerce
furnished by tho European war. We are not in any way responsible for
this war. We are not engaged in endeavoring to advance our interests at
the expense of others, but we are engaged in a most legitimate enterprise
in accordance with the recognized rules of business and competition to
benefit both American business on the one side and the countries with which
we deal In foreign trade on the other.
While it is obvious that the House Committee on Appropriations has not
been convinced of the necessity for adequately increasing the field service
of tho United States, as was shown by the bill which tho committee has
reported, we trust that House members will keep in mind the immense
efforts now being made by our commercial rivals both to hold their former
markets in war time and to re-enter the foreign field with redoubled energy
on consummation of peace. In touch as the National Chamber is with
commercial activities all over the world, it is possessed of evidence in
authoritative and official form of this great activity which in comparison
makes tho efforts now put forward by the American Government at a
time of unparalleled opportunity seem extremely small.
Business men as a class are the first to criticize Government extrava­
gance and the quickest to favor movements in the direction of governmental
economy. A t the present time they are well aware of the need for rigid
economy, but they discriminate between that expenditure which would
lead to extravagance and that false economy which means cutting down or
refusing to grant the appropriations which would lead to the development
of American commerce, agriculture and labor and would have a manifold
return in prosperity for all classes, as well as in-the firm establishment of
American commerce in the markets of the world.

The bill which, among its other functions, makes appro­
priation for the work of the Bureau of Foreign and Domestio
Commerce, was reported about a month ago. Tho fund for
promotion of commerce is increased from $75,000 to $125,­
000, where S250,000 was wanted. There is $25,000 addi­
tional for the exploitation of South America, but there is no
provision for more commercial attaches, and the U. S. Cham­
ber of Commerce thinks there ought to be a big increase
in the force.
_________________________

Many requests have boon rocelved by the Federal Trade Commission
from business men for Information which should be of value to them concorning tho Industry In which thoy are engaged. Thoso requests relate
particularly to volume of sales, capital Invosted and tho return thereon.
In order to supply this information a few simple facts must be furnished
by each concom.
Tho information which you supply will not bo disclosed or published In
such a way as to show the business o f any particular concern. It will be
summarized for your ndustry and sent to you as soon as the figures are
compiled.
This information is being collected and prepared for your bonofit and it
hoped that the Commission may have your prompt co-operation.

CRUSADE

A G A IN S T

ALLEGED

BUCKET

SHOPS

IN

sponding most nearly thereto.)
1. Name o f conern___________________________________________________
Main office_______ _______ __________________ (street, city and State).
2. Kind o f business in which ongaged____________ If manufacturing or
producing, state principal product or class of products manufactured or
produced...................... If mercantile, state principal commodity or class
of commodities dealt In and whether retail or wholesale____________
3. Capital stock outstanding at close of yoar: Common stock, $ ________
Preferred stock, $ ________
4. Bonds and similar obligations outstanding at closo o f year__________
6 . Accumulated surplus (including undivided profit) or accumulated
deficit at closo o f year (if deficit, so indicate)....................
6 . Not sales for year (gross sales loss trade discounts and outgoing
froight on sales)____________
7. Net profit (or loss) from operations during the yoar. aftor deducting
all expenses except interest on bonds and on similar obligations..’. _______
8 . Net lncomo from other sources during the yoar---------------9. Depreciation on plant and equipment charged o ff during the year
...............Average rato, 1915............... % ; 1914................% ; 1913................%•
10. Bad debts charged o ff or provided for during tho yoar.............
11. Have items 9 and 10 been deducted in arriving at item 7 ? ---------------Signature_______________________

Early last year Governor Brumbaugh determined that Pennsylvania
would be cleared of bucket shops. T o that end, the Attorney-General,
in connection with the Federal authorities, has been working for months
in preparation.
Since the passage of tho Act o f 1907 prohibiting bucket shops in this
State, all such shops have affiliated, either directly or as correspondents,
with tho so-called Exchange in Pittsburgh for the purpose of giving a sem­
blance of regularity and legality to their operation.
This Exchange was originally organized in 1901 for legitimate purposes,
but shortly after the passage o f the Act its control was taken over for the
purposes it has since been used for. This is the Exchange with which bucket
shops In Ohio, Kansas, New York and many other States are affiliated.
Tho Attorney-General is proceeding with a writ of quo warranto to have
Its charter annulled. The present raids have not Included all of the bucket
shops in Pennsylvania, as there are some which cannot properly be handled
under this one raid. This work, however, will be pushed until this most
vicious form of gambling— and, in many cases, thievery— is abolished in
this State.
In that the matter has been State-wide in its extent, it was deemed ad­
visable to havo all investigations and arrests under the control of the
Attorney-General’s department and the State police. The local officials
and particularly the District Attorneys, in the counties in which the raids
aro inado will have charge of tho prosecutions, under tho direction of the
Attorney-General. The State will also cooperate with the Federal authori­
ties in such action as they may take.

P E N N S Y L V A N IA .

A writ in quo warranto proceedings requiring the Consoli­
dated Stock & Produce Exchange of Pittsburgh to show
cause whether it is operating in violation of the State of Penn­
sylvania anti-bucket shop law was issued by the Dauphin
County Court at Harrisburg on the 10th inst. The writ is
returnable March 27. With its issuance a orusade against
a number of brokerage concerns in the State was instituted
under orders issued by the State’s Attorney-General Francis
The following form, on which the information is to be
S. Brown, who acted in concert with the Federal authorities.
supplied, accompanies the letter:
A statement issued by the Attorney-General’s office at Har­
Information Furnished Is for the Year E n d i n g - - - - 191-(Answers should cover calendar yoar 1916 or your fiscal year corre­ risburg on the 10th inst. regarding its action said:

U . S. C H A M B E R O F C O M M E R C E A S K S C O N G R E S S I O N A L
S U P P O R T FOR A M E R I C A N B U S IN E S S I N F O R E IG N
TRADE.

S T A T E M E N T OF ID L E CARS.

Calling the attention of Congress to tho inadequate appro­
priations for the promotion of American foreign commerce
recommended at tho present session, R. Goodwyn Rhett of
Charleston, S. C., nowly-elected President of the Chamber
of Commerco of the United States, doclared in a letter sent
to tho House members on the 6th inst. that if the smallor
American concerns are to participate with tho larger in
foreign trade, if either of them is to be successful in holding
American markets entered into during the war, it is necessary
thoy should have such governmental aid as is freely given
by other countries. By way of proof of the fact that busi­
ness men of tho country are behind this appeal, Mr. Rhett
said that the situation in all its phases had been carefully
considered in a recent National Chamber roforondum and
almost unanimously endorsed by upwards of 300 commer­
cial organizations situated in 42 States, the District of Colum­
bia and Hawaii. Participating also in tho vote were the
American Chambers of Commerce in Paris and Milan.
In his lotter Mr. Rhett says:

The March statement of the American Railway Associa­
tion reveals a net s h o r t a g e on the 1st inst. of 20,551 cars,
against a net s u r p l u s on the first of February of 20,299.
For the current month the surpluses aggregate 41,724 cars
and the aggregate of the shortage is 62,275, making the net
shortage given. A year ago, on March 1 1915, the surplus
amounted to 322,290 cars, whereas the total shortage at
that time was. but 348 cars, there being thus at that period
a net surplus of 321,951 cars. The following is the state­
ment just issued by the Association:




THE AM ER IC A N R AILW AY ASSOCIATION.
C h ic a g o , M a r c h 10 1916.
The committee presents herewith Statistical Statement N o. 14, giving a
summary of freight car surpluses and shortages for March 1 1916, with
comparisons:
„
Mar. 1 1916.............................. 41,724
Total surplus! Feb. 1 1916------- -------- --------- 53,611
l Mar. 1 1915 -------------- --------- 322.290
Tho surplus for Feb. 1 1916 shown above includes figures reported since
tho issue of Statistical Statement No. 13.
.
Surplus cars show a reduction of approximately 12,000 since Feb. 1.
( The greater part of the reduced box car surplus is in the Southeast. A con -

THE CHRONICLE

1022

siderable surplus o f miscellaneous cars is reported on tho Pacific Coast, and
a small surplus of coal cars on tho Pacific Coast and In tho Northwest.
Thero Is very little surplus o f any class o f equipmont In any other one sec­
tion.
(Mar. 1 1916 .............................. 62,275
Total shortage] Feb. 1 1916...............................33,312
[Mar. 1 1915.............- ............. 348
The shortage for Fob. 1 1916 shown above includes flguros reported since
tho issue of Statistical Statement N o. 13.
The total car shortage on Mar. 1 is the largest reported for this period
in any year since 1907 and is almost 30,000 greater than on Fob. 1. The
larger part of tho total shortage consists of box cars, which is mostly west
and northwest of Chicago; C. F. A. territory also shows a considorablo
shortago of this equipment. The coal car shortage in tho East lias moro
than doubled in tho last month, and amounts to approximately 1 0 ,0 0 0 .
A shortago of coal cars is also reported in C. F. A. territory and in the South­
east.
The figures by classes of cars follow
C la s s e s —
S u r p lu s . S h o rta g e .
B o x .................................................... 9,381
38,654
4,835
2,087
F la t .......................
Coal and gondola.............................. 11,634
17,465
M iscellaneous.._________________ 15,874
4,069
T o ta l............................................41,724

62,275

D A V I D R. F R A N C I S A M B A S S A D O R TO R U S S I A .

The nomination of David R . Francis, of Missouri, as A m ­
bassador to Russia, succeeding George T . M a rye, resigned, was
oonfirmed by the United States Senate on tho 0th inst. Tho
nomination had been sent in by President Wilson on that
day, following the receipt of advices from Potrograd that tho
appointment was acceptable to tho Russian Government.
M r . Francis was appointed Secrotary of tho Interior by
President Cleveland in 1896. lie was also formorly G ov­
ernor of Missouri. M r . Francis was offered tho post of
Ambassador to Argentina early in the present Administra­
tion, but declined becauso of tho pressure of personal busi­
ness.
GOVERNM ENT BOND
TENDERS
TO
NEW
YORK,
P H I L A D E L P H I A A N D CH ICAG O RESERVE B A N K S .

An offer for the sale to tho Federal Reserve Bank of New
York of 81,800,000 2 % United States bonds, held by tho
National Bank of Commerce in New York, has been accepted
by Pierro Jay, tho Federal Reserve Agent. Tho prico to be
paid is par and interest. The offer was made in response
to the circular issued by the New York Reservo Bank on
the 3d inst. announcing that it was prepared to purchase
85,000,000 of Government bonds from member banks. N o
information has been furnished as to the amount of tendors
received by tho Now York Reserve Bank as a result of the
issuance of the circular. Tho National Bank of Commerce
at one time held 813,000,000 of U . S. Government bonds.
But that was some time ago. W ith the sale of tho 81,800,000
bonds to tho Reserve Bank its holdings of Government bonds
will be reduced to 8105,000.
It was reported on the 9th inst. that as a result of the offer
of tho Federal Reservo Bank of Philadelphia to purchase
from member banks at par and interest 81,000,000 of United
States 2 % bonds (the offer closing on tho 8th), tenders of
slightly in excess of 82,000,000 were received, about one-half
of tho offerings coming from city banks and tho remaining
one-half from country institutions.
In response to tho offer of the Federal Resorvo Bank of
Chicago to purchase 83,100,000 2 % United States bonds,
tenders to tho sum of $4,200,000 were received. The offer
was open up to tho 15th inst.
J.

P.

M O R G A N 'S R E T U R N FROM EUROPE.
OF N E W B R IT IS H C R E D IT .

D E N IA L

J. P. Morgan, who went abroad on February 2nd, sailed
from Liverpool for New York on tho Philadelphia on tho
11th inst. Coincident with his return tho following state­
ment was issued by his firm denying reports that M r. Morgan
had arranged for a largo British credit against American
securities.
Thero is no truth in tho reports tiiat M r. Morgan lias arranged in London
for a largo credit against American securities. Wo aro informed that
tho mobilization of such securities is proceeding in a manner satisfactory to
tho British Treasury, but wo have received no suggestion that tho British
Government desires to issue a fresh loan in America, cither secured or un­
secured.

Tho reports had it that 81,000,000,000 of American
securities had been accumulated under tho control of tho
British Treasury, and that 7 5 % of that amount would bo
used as collateral for a new British loan in this country.
Arthur M . Anderson, manager of tho bond department
of J. P . Morgan & C o., who sailed for Europo a weok or so
before M r. Morgan, returned soveral weoks ago.




[Vol . 102.

C A N A D I A N B A N K S A U T H O R IZE D
C IR C U LA T IO N .

TO I S S U E E X C E S S

Under a proclamation issued in Canada on Fob. 14 the
chartered banks of tho Dominion havo boon authorized to
issuo excess circulation from March 1 to Aug. 31 to amounts
not exceeding 1 5 % of their combined unimpaired capital
and rest or roservo fund. W o givo tho proclamat on below:

PROCLAMATION.
W h erea s, in and by Section 4 of an Act of tho Parliament of Canada,
passed in tho fourth and fifth years of our reign, it is provided among other
things that in case of war, real or apprehended, and in caso of any real or
apprehended financial crisis, our Governor in Council may, by Proclama­
tion published in the “ Canada Gazette,” authorize tho soveral chartered
banks to issuo excess circulation from and including tho first day of
March in any year to and including tho last day of August next ensuing,
or during any part of such poriod, to amounts not exceeding 15% of
the combined unimpaired capital and rest or reserve fund of their
respective banks, as statod in their respective statutory monthly returns
to the Minister of Financo for Canada, for tho month immediately preceding
that in which tho additional amount is issued,
N o w K n o w Y e that by and with tho advico of our Privy Council for
Canada wo do by these prosonts proclaim and direct that tho several char­
tered banks bo authorized to issuo excess circulation as in the said Act de­
fined from and including tho first day of March 1916, to and including tha
last day of August 1916.

Authority for tho issuo by tho chartered banks of excess
circulation to an amount not exceeding 1 5 % of thoir com­
bined unimpaired capital and rest or reserve funds, was
conferred under an Act passed by tho Canadian Parliament
in August 1914. ____________________________
PAPER M O N E Y IN

M A I L S FOR M E X I C O .

In an announcement issued on the 15th inst., Postmaster
Morgan stated that information has been received from the
postal administration of Mexico that it is prohibited to im­
port into Moxico paper money of any nature whatever in
amounts of one thousand (1,000) pesos or moro, unless cov­
ered by a consular certificate, and in connection therewith
calls attention to the fact that current coin, jewolry and
precious stones are subject to a fine of 2 0 % of tho valuo of
tho articles when received in Moxico in tho regular mails.
D E N I A L OF G E R M A N B A N K

FA ILU R E S.

A wireless from Berlin to Sayvillo on tho 3d inst. in deny­
ing tho recent reports of tho failure of Gorman banks, said:
London newspapers, according to the Overseas Nows Agoncy, announce
in glaring headlines, "Essen Bank Falls; Krupp Workers Loso Their Sav­
ings,” and proceed to say that tho “ Rhenish Bank at Essen lias just en­
tered into liquidation.” French newspapers also tell in a dispatch from
Geneva that tho Middlo Rhenish Bank at Coblonz lias also liquidated.
This nows, tho agency says, reached tho Anglo-French financial exports
rather late, for tho Middle Rhenish Bank was liquidated Aug. 16 1915, whon
its entire business was takon over by tho well-known Schaffhausen Banking
Union, which also paid the shareholders. Not a creditor lost a cent in tho
transaction, which was part of tho movement of concentration in German
banking circles. The Rhenish Bank closed July 19 1915 for similar reasons,
becauso it was amalgamated with tho well-known Disconto-Goscllschaft,
which owns tho Schaffhausen Banking Union. Those transactions aro
along tho same lines as, for instance, the transfer of tho English United
Counties Bank to Barclay & Co.
This kind of news service, the agency concludes, only indicates how
peoplo must distort tho facts in order to find something unfavorable about
Gorman financo.
T H E F R E IG H T EMBARGOES.

Tho New York New Haven & Hartford R R ., which last
week announced a temporary lifting (from the 10th to the
14th inst.) of its embargoes then existing, has this week been
obliged to add to its restrictions a further embargo on account
of tho snowstorms. Its latest statement in tho matter was
issued on tho 16th inst., as follows:
The accumulation of freight at New York piers, resulting in acuto con­
gestion, has increased greatly in consequence of tho porsistont stormy
weather. The streets have presented such slippery footing for horses as
to reduco trucking efficiency substantially one-half, necessarily slowing up
delivery of merchandise. Delivery of lighterage freight in Now York Har­
bor is also very slow. These conditions have resulted In an accumulation
at rail terminals destined to Now York Harbor points, now amounting to
approximately 2,000 cars, and it lias become imperative for tho New York
New Haven & Hartford R R . Co. to temporarily suspend tho acceptance
of freight at stations on its lines for delivery at Bier 39 Group East River
and in connection with tho Now England Steamship Co. via Sound ports.
An embargo to that effect will bo issued by tho New Haven Company to
tako effect at midnight, March 18, and continued for tho briefest possible
time necessary to enable tho company to reduce tho congestion at its New
York piers and cars waiting on the line as mentioned.

Tho Pennsylvania R R . on the 15th inst. removed its em­
bargo against oats for shipment abroad, and tho Baltimore &
Ohio R R . on the 17th inst. liftod its embargo of Feb. 16 1916,
which had restricted shipments of grain consigned or to bo
reconsigned to Baltimore for export, filled after Fob. 17 as
extended M ar. 1 1916, of domestic grain consigned or to be
reconsigned to Locust Point elevators, Baltimore, M d .
Tho order affects grain for export and domestic grain origi­
nating on tho Baltimore & Ohio and tho Baltimore & Ohio
Southwestern systom.

Mar 18 1916.]

THE CHRONICLE

Advices from Houston, T ex ., on the 14th inst. reported
tiiat an embargo against all classes of freight for New York
or points beyond, via Galveston, had boon ordered bv the
Southern Pacific lines. The announcement was made by
Charles K . Dunlap, Traffic Manager, who is quoted as say-

U f J n E V Z AJ
E S G 0 V E R N M E N T D E C IS IO N
CO N CERN
IN G
M IN T IN G
O F C O IN S
FO R
B E L L IG E R E N T S

n
t ? recent/ CPOrtS the United States Government
<
~ ned to mint for the French Government 2,000 000
25-centime pieces, having decided, it is said, that belligerent
nations cannot bo served in this manner. The order it is
understood, was for nickel “ blanks” that were to have’ been
stamped by dies after reaching France. The metal was
h

rgumonts on the tariffs proposed by the trunk lines en­
tering Now York, increasing the storago charges on freight
tor delivery at New York, wero heard this week at tho Pro­
duce Exchange before Examiner Haggerty of tho Inter-State
Gommorce Commission. Chairman C . C . M cCain of the
Trunk Line Association testified on behalf of the trunk lino
roads, all of which wero represented at tho hearing
Chas
J. Austin represented tho Produce Exchange shippers. The
proposed regulations of the railroads, reducing from ten to
five days the time allowed for tho free storago of domestic
freight and increasing the charges for storago after tho fiveday period, wore suspended on Jan. 14 by tho Commerce
Conimission until M a y 14
The hearings were adjourned
? \ Puesday aft,or a two-days’ session.
Formal briefs on
beludf of the railroads will be filed by April 14, by tho ship­
P -n ,
1 rodueo Exchange on April 20, while a final brief
will be filed by the roads on M a y 9.
Ih c Journal of Commerce” in its issue of the 13th inst
printed the following observations on tho freight co gostion
problems made by tho Inter-State Commerce Commission
at tho hearing hold by it in the matter last weokg r o w in g o u t o f th o E u ro p e a n w ar

‘ "

y’

an d
0 t w h o I ,y - d u o t o c o n d itio n s

or Teaching the1 ctm^osted t o ^ n “is * S T S " 1” l ° th° roads operating
of tho freight there congested its i m t i 'i ” tho_consignors and consignees
roads are unable to S onerlv s ^ t t h l \
cPu»*rywlde. and Western railto which their cars -vro detained
patrons because o f tho extent
the lines of he S e r i r o t l
% T r °n
T ° Cuo n g e s to d terminals or on
Plaints from some W
^
^
te r m ln a js ^ ta s^ io ” ^ ^
r o \ fc f°b o ^ u s o their ©are swit* W « ^ ” c m p t y
fr o m th e co n g e s te d d is tric t are s to p p e d a t C h ic a g o o r p o in ts
th e r e o f

gestion ? t t h e S a T S T * '

tUm

contr,blltu ‘ hair share to further eon

A lth o u g h it m a y bo asssum ed th a t th o ra ilw a y o ffic ia ls h a v e d o n e w i,,t
p oa red t o th em best in th eir e ffo r ts t o de a l d a y b v l w ,
W hat a p ~
co n d itio n s a n d t o reliev e th o co n g e stio n o n Y| y tla3,
t l tlL S0 u n u su al

1023

a
b
M ini

r
o
a
d
C^unt ry 0,1 ^ c o u n t of the scarcitv
; Ad,aIn 1Joyce’ Superintendent of the Philadelphia
J. . l ’ lsr; said t0 have intimated on Feb. 18 that the United
b ates Government had probably been moved to decline
th-e ground that whde the “ blanks” might
vont r
? f° r C° mS US ° rdered thcre was nothing to pre­
sent their being converted into munitions once they arrived
T Lur?Pe;

Shipments of coins, therefore, Superintendent

o f ^ i S r ^ im f ht GaSily be construed as a violation
of neutrality aside from any question as to tho contraband
character of the goods. The inquiry concerning the minting
ot tho coins came from the French Government in December
C O N F IR M A T IO N

O F

P U B L IC

S E R V IC E

N O M IN E E S

The nominations of Travis H . Whitney and Charles S*
Ilervey, as members of tho Now York Public Service Com­
mission for tho F irst District were confirmed by the Senate
at Albany on the 16th inst. Both appointments were
forwarded to the ^ n a t e by Governor W hitman on Febru­
ary 7. M r . Whitney was named as successor to J. Sergeant
Cram, whose term expired February 1, and M r . Hervev
was chosen to succeed George V . S. Williams, who tendered
his resignation on Doc. 27 1915 to take effect Jan. 31 1916

tio n fS \ f
° t S ™ Would have exPU*ed. The nominaSnnnt v eSSrS' 7 ‘ l n0y aud Hervey were held up by the
Senate Finance Committee, and it was not until the 14th
nst that the Committee voted to report the appointees
vithout recommendation. The vote on the motion to report
t io nominations was six to four. Senator George F . Thomp­
son, who had opposed the nominations before the Committee
V° tei
was confirmed
case was 31
necessary for
SL A A TOR

i IU the SGnat8 M r - W hituey’s appointment
by a vote of 27 to 23; the vote in M r. Ilervov’s
to 19. Twenty-six affirmative votes were
confirmation.

H A R D I N G OF O H IO O N
A N D P O L IT IC S .

B U S IN E S S

MEN

In a, discussion of “ Commerce and Politics” United States
, enator \\ arren G . Harding of Ohio declared on tho 11th inst
that there can bo no real or no ideal popular Government
mont and facilities
The fact tie>t ,
a I,lompt utilization of tlic equip­
un ess the populace truly governs with an alert sense of the
*
r„r movement
duty of citizenship.” Senator Harding’s remarks on the
bo permitted to operate to ore vent
y, aa,a to tbeso Ports should not
object were delivered at tho banquet of the Pittsburgh
ices nor to stripT hT w ^tern lo ^ is o f t h ^ West from s«<™ing «crvof securing vessel space for export shioment i •,
T h® uncertainty
Chamber of Commerce, which marked tho close of tho fortieth
freight should not bo shipped and hauled to t L T o v e S a x il^ e " T 6 i ^ T '
year of the organization. Asserting that there are crimes of
omission as well as commission, ho contended that “ the crime
of American business is the aloofness of tho American busi­
ness man from participation in politics, while at the same time
boasting our American popular government.” In part he
spoke as follows:

HOUSE
r

(

rJJ®

PASSES

R ESO LU TION
RE PE ALIN G
SUGAR CLAU SE.

FREE

resolution repealing the free sugar clause of tho

“
r dl l a n f f f A c « Was passod by tll° House on tho
tj10 m -ff Y
VO <! ° ddd to ld . Under tho provision in
{
!rp f 81 sugar Would 6o placed on tho free list on
, y L
lho f<)Urteen votes opposing tho repeal of tho

W l i r tho
T nDemocrats
,y hlrfoonwere:
Democrats
and MeyerBailey
London,
Socialist,
Representatives
of
Pennsylvania; Buchanan, Sabath, McAndrews and Taven! n ° T ^ 'a w a y of Texas; Crosser and Gordon of
Kont’„ uu Colorado; Howard of Georgia; Johnson of
Kentucky; I hompson of Oklahoma and Van Dyke of Minnetv

i 'l f i 7 ? T i
voted for the bill 179 were Democrats
and 167 Republicans. M ajority leader Kitchin, who closed
the arguments on the resolution, stated that tho solo cause
<n tho propsed repeal of tho freo sugar clause was that
imports had fallen off. duo to tho European war, making
the sugar taxes necessary to meet tho oxponse of tho Govern
mont
Incidentally, ho declared tho Democratic Party
never had committed itsolf to a freo sugar Act for all time
According to tho estimates of tho W ays and Moans Com­
mittee the retention of tho duty of a little over one cent
a pound on sugar will save to the Treasury about 34 0,00 0,0 00
Oi yoar.




When I hear the eloquent theorist deploring the rorm rwri,i
,
and regretting its influence in lowering tho standard of ideals of tho'hn
mortal founders. I Invariably recall that tho desire to part idea te ta c o m '
c o n v e n ° Wn heroic s t r u g g ' ° t w independence, and It w m a'
contention called to restore and promoto tho commerce of tho colonies

c ja i't 01’, ? 1
«»■ »»»■
malu ? h l T a c W . r i , ? ° r° ' h° t o " 0 m l bceln" " ,|! “ «* ™
» '.,r
Ono cannot pretend there have been no business ills to correct but niv
own observation is that those most prolific in remedies know t h e T L t a b ^ t
ho meaning o f symptoms and less of business itself. I venturo to say after
a hurried glance at State and Federal efforts t h a t
„ „ , say’ a*tor
llomi* hlSS Ief ls.lativo fillin g and more commercial billing. W e'neod 1 ^
political postering with business and more sincerity of assault on c ^ o k ^ !
m»s whether it is business, professional or political.
There Is a taint of commercialism, if taint is to bo tho term to the elo­
quence o f the street orator, because there is little continued agiiatton w S
out compensation, and tho press that appeals to prejudice and preTchL
cost Iv° talk
talk and
™ |latC
ha1 a commcrcial
in
costly
menacing
our stability.axo to ^-ind. Both are growing
8
1 wl“ n0‘ discuss commercial politics, other than to say it is equally ronrehonsiblo to play on popular prejudice for tho petty gain of preferment
or to use big influence to extort unrighteous privilege. It ought to bo said

n f h T i u l ' h,°'V0; Cr’ th,at
havo ,lonc far
to commercialize poliuS
tho aIlteod reformation of the representative system than ever obtainod
i ‘ e the disappointing primary system was given such wide-spread a d o 2
if ® - “ ut r ^ 0pcrure,ati°n of business and government is not e s i o n t X
changed. Tho thought I have in mind Is to emphasize tho duty of business
to come to an understanding with tiio same popular sentiment which makes
our laws and set* to their enforcement. The deserved critTcIsm of A m e r S
commercialLsm is that it Is too wrapped up within itself and too indifferent
to the atmosphere in which it lives. We need as much attention to the

THE CHRONICLE

1024

[Vol. 102.

M r . Davis estimated that under tho Court’s interpretation

conditions ot production ns wo;do to findinglmnrltots. because production
islitself the greatest maker of markets in all the world.
. the estimated yearly income from the Tariff Law would be
There are crimes o f omission as well as commission, and the erhno of reduced $8,000,000. The amount of rebates mvolvod in tho
•American business is the aloofness o f the American business man from par­
ticipation in politics, while at the same time boasting our
Popular dispute is variously estimated at from $12,000,000 to
government. This crimo of omission is magnified bocause we are all the $30,000,000.
_______ ___________
- time broadening tho responsibilities of citizenship, loaning strongly from
•to r o p ^ o n S tfv o type tStvard pur. democracy. In the nm n. ot tbe people .
rule, and the business man is more aloof than evor when duty charges him F E D E R A L T R A D E C O M M I S S I O N TO I N Q U I R E I N T O
with more active participation than heretofore.
. ..muddv
B IT U M IN O U S c o a l IN D U STRY.
When a business man declines to stop into what he designates tho muddy
pool of politics,” ho forgets that wherever it is muddy
chargeabio to
On the 11th inst. it was announced that tho Fedoral Trado
his neglect. But it is not always a ‘ ‘muddy pool.
We have had ten Commission would make an inquiry into tho bituminous
thousand pools as clear as the crystal spring, else we should have no republic
coal industry with a view to paving the way for the enact­
to-day. And tho dirty pools are what they are, or wero what they were
because business men, who usually aro loading citizens— at least possessed ment of laws which would -be helpful aliko to the miners,
of influence to make for leadership-deplored conditions but novor wero
operators and consumers. Joseph E . Davis and W . II.
aroused to the call o f duty which demanded correction at their hands.
Government o f the people, by tho people, domands a peoplos partlci- Parry of the Commission have been delegated to arrange
p a S o r ^ d the terra "people" includes tho business men of every com­ for the inquiry and to fix dates for the public hearing.
munity, big or little. There can bo no real, or no ideal. Popular govern­
Regarding the inquiry M r . Parry is quo tod as saying:
ment unless the populace truly governs, with an'
L ^ e k e re shall
Operators and employees have conferred with the Fedoral Trades Com­
citizenship. Popular government does not moan that office-seekers shall
control our politics, nor that tho easy or capable bosses or tho ward-heelers mission for tho purpose of finding out tho supply of bituminous coal in tho
and their ready followers shall dondnato nominations and elections but country and how best to conserve it, the cost of production, wages paid
that all citizens participating in tho fruits of popular government and on- m i X g and an questions relating to tho industry from tho standpoint of
titled to the rights, privileges and protection of citizenship, have a duty to tho operators and tho men. No plans havo yet boon formulated by the
perform as participants in politics. Tho man who neglects that duty s Commission as to tho manner in which tho investigation is to be carried
, ln_ fho rfl-i
responsible for abuses ho endangers the stability of popular government out, or whon the investigation will begin.
The operators want to ascertain impartially the cost of mining tho coal
and Jeopardizes tho very citizenship ho boasts. How can any man oxpoc
and
tho
employees
as
to
whether
they
are
sufficiently
paid
for
tholr work.
popular government to approximate tho idoal if ho puts tho primal a d
greater responsibility of that government on tho unworthy and ^efficient? The Commission will also study tho devices installed in mines to make
aboring conditions safer.
Government is not wrought in miracles, and most men who complaln o
It is stated that the investigation was decided upon as a
its failures are only criticizing their own neglect of duty, though they are
blissfully unaware or shockingly indifferent to their own remissness.
result of representations made to President Wilson that
CASE IN V O L V IN G 5 % R E B A T E 0 N IMPORTS ASSIG N ED
FOR R E A R G U M E N T .

Federal attention should bo diroctod to conditions that ob­
tained in tho Indiana and Illinois coal fields
According to
tho “ Sun” it was stated to tho President that wastago in
mining is enormous, that profits aro small and that some­
thing should be done to establish the industry on a basis
where miners and operators might denvo more substantial
benefits. It is added that inquiries made by the Commis­
sion showed that the conditions complainod of are not pe­
culiar to Indiana and Illinois, but exist also m the mines ot
Pennsylvania, Ohio, Colorado and other States. In a
statement to the President relative to conditions in the
Indiana-Illinois coal fields it was set out that their product
is sold in eighteon States and that as a result of the anti-trust
law in prohibiting co-oporation among owners overhead costs
eat up the profits and react on tho minors. I he bun

On the 6th inst. the United States Supremo Court reas­
signed the 5 % customs rebato case for reargumont. Tho
case involves the interpretation of the clause in the Tariff
Act of Oct. 3 1913 granting a discount of 5 % on all duties
on imports into tho United States in vessels of American
registry, “ provided that nothing in this subsection shall be
so construed as to abrogate or in any manner impair or affect
the provisions of any treaty concluded between the United
States and any foreign nation.” In November 1913 Attor­
ney-General McReynolds expressed tho view that tho pro­
vision was inoperative, since in his opinion it was in conflict
with existing treaties. In March 1914 tho Board of United
States General Appraisers held that under tho clause in ^ " T h e e f fr e fo f the United States anti-trust law I s t o ^ s o t h o m t o c o m .
question goods imported in vessels of Amorican registry wore pete without restraint.” the statement continues, ‘‘ and this unrestrained
has yieldod a decreasing selling price.
entitled to the 5 % discount, but maintained that the proviso competition
Tt is said also that the State laws which woro enacted to assure the safety
did not mean that the discount was to apply to the vessels and ^ cia l welfare of the miners havo resulted in increased production costs.
“ The effects of theso two sets of laws havo moved in opposite directions,
of countries having favored-nation treaties. The Court ot
it is said
“ The rising cost of production and tho falling selling price have
Customs Appeals at Washington concurred in the findings long since made p r o fit impossible and now threaten the safety of the whole
of the Board so far as it affected American vessels, but also business structure as well as the minors and the people.
decided that all merchandise imported in vessels of nations
with which the United States has so-called “ favored nation
11S E V E N S I S T E R S ” L A W N O T A P P L I C A B L E TO F O R E IG N
treaties is entitled to a similar discount. On June 21 last
C O RP OR ATIO N S I N B U S I N E S S I N N E W J E R S E Y .
tho United Statos Supremo Court, in rosponso to an applica­
tion filed by Solicitor-Genoral Davis, decided to review tho
Foreign corporations doing business in Now Jersey are
case, and it was set for argument in February. The hear­ not affected by the provision in ono of the so-called Soven
ings before tho Court wero begun on Fob. 25 and woro con­ Sisters” laws of 1913 prohibiting ono company from pur­
tinued on the 28th. Of the full membership of nine, only six chasing or holding stock of another corporation, according
Justices sat during tho arguments; Justice McReynolds did to an opinion handed down by tho Now Jersey Court of
not participate because of his original interest in tho case on Errors and Appeals on tho 8th inst. This decision reverses
behalf of tho Government; Justice D ay was absent on account that of the New Jersey Supreme Court, rendered on Oct 29
of illness and tho appointment of Louis D . Brandeis to suc­ 1914 in which Justico Kalisch expressed it as his view that
ceed tho lato Justico Lamar is still awaiting confirmation. rhaDter 18 of the laws of 1913 was applicable to foreign
It is tho belief that tho Court was so closely divided on tho corporations doing business in tho Sta,to. Both decisions
issue that it was considered advisablo to have a hearing boforo wero given in tho suit brought by the Island Iloights & Sea­
a larger number of the bonch. A t last month’s hearing side Park Bridge C o ., a Now Jersey corporation, to compe
Solicitor-Gonoral Davis appeared for the Department of the Brooks & Brooks Corporation, chartered undor tho laws or
Justico and former Solicitor-Goneral Frederick W . Lehmann New York, to carry out an alleged agreement to purchase
represented tho importers. In his brief, Solicitor-General stock in tho Island Heights C o ., which was formed to build
Davis contended that no discount can bo granted on goods a bridge across Barnegat Bay from Toms River to Island
other than those brought in American bottoms, and that no Heights. ’The refusal of the Brooks & Brooks Corporation
discount can bo granted in violation of a treaty. H e stated to carry out its agreement, was based, it is said, on the
that tho interpretation of tho Court of Customs Appeals ground that to do so, would bo a violation of Chapter 18
virtually would mean a horizontal cut in the tariff duties of tho laws of 1913 amending the Fifty-first Section of the
on by far the larger part of all American imports, a proposi­ General Corporation Law of 1898. Justico Kalisch of the
tion which, ho declared, would not have received a singlo vote Supremo Court, in deoiding in 1914, that tho statute
in either house of Congress. M r. Davis pointed out that in applied to foreign corporations doing business in New
the year ended June 30 1914 imports into the United States
in American ships wero valued at about $193,000,000, while
imports in ships of treaty nations, including the loaders m
the carrying trade of tho world, such as Great B rdam , Franee,
Germany and Japan, woro valued at about $S.)0,000,OUO.
Tho value of goods brought in by ships neither American nor
belonging to treaty nations was about $653,000,000, of which
nearly $400,000,000 worth camo in practically free of duty.
under tho same circumstances.
Therefore, placing the average ad valorem duty at 1 4 .8 8 % ,




Ma r . 18 1916.

THE CHRONICLE

The public policy o f tho State, as declared by the Legislature, is to pro*
hibit tho purchase of stock by ono corporation in that o f another and such
policy must control contracts of that kind mado in this State.
Furthermore, a court will not lend its aid to onforco a contract which is
against tho public policy o f tho State in which it is attempted to bo en­
forced, and as tho contract sued upon in this case is clearly against the
declared policy o f this Stato, the court will refuse to enforco it.

Tho ruling of tho Supremo Court was reversed last weok
by tho Court of Errors and Appeals by a vote of 9 to 4.
The findings of tho latter were written by Chief Justice
Gummoro; with reference to tho Supreme Court’s view that
the amendment of 1913 was to bo construed in connection
with the Ninety-sixth Section of tho Corporation Act, which
provides that “ foreign corporations doing business in this
State shall be subject to tho provisions of this A ct, so far as
the same can bo applied to foreign corporations,” Chief
Justico Gummero said :

1025

N o te . — The not operating revenues for 1907 wore $840,589,764. After
paying taxes amounting to S80.3I2.375. tho railroad operating income for
1907 amounted to $760,277,3S9.
Preliminary estimates of tho Buroau of Railway Economics indicate that
tho net operating revenues for 1915 were about $872,000,000; taxes were
at least $133,000,000; leaving not operating incomo of $739,000,000.
I h e raiiroads o f tho United Statos carried 66,000,000 moro tons o f
freight one nnle than in 1907, and carrlod over 4,000,000,000 passengers
ono milo.
During the eight years in which tho facilities to handle that increased
traffic were being provided, our railroads exponded upwards of $4,800,000 000 in new money.
Having rendered this increased service with tho new facilities supplied
r
r 8Te? t exponso> tho railroads, nevertheless, found that at tho end
or m s .t h e ir net operating incomo was S21.000.000 loss than for 1907
beforo that §4,800,000,000 had been spent.

'in.

is this-* thCS0 figUr0S mean t0 th0 invostor and to th0 railroad exchequer

, *'ror t,.'° s a m ° amount of servico as that rendered in 1907 tho public in
191.) paid roads $21,000,000 less than in 1907.
T h e in c r e a s e d servico o f 1915 over 1907 was rendered to tho public
Wo cannot concur in this view o f tho effect o f Section 96. As has
already boon pointed out, tho Legislature, at tho time o f tho passage of tho absolutely fr e e o f ch a rg e.
amendment o f 1913, had full knowlodgo of tho fact that many foreign
* U'’ f ct
th® mvostor in supplying tho increased servico free of charge
corporations were doing business in this Stato under tho authority of tho was not philanthropic or eleemosynary; it was because ho could not help
limsc . In some cases ho had to invest new monoy to protect old; in
Section appoaled to. If it had been tho intention o f tho Legislature to
include within the prohibition of tho amendment foreign corporations doing other cases lie had bohevod ho would recoivo hotter treatment
But results now speak for themselves.
business in this Stato, it would naturally havo expressed that intention in
tho amendment.
In 1915, out of $093,482,770 in new railroad securities listed on tho Now
Tiro fact that it did not do so and expressly limited tho operation of the York Stock Exchango, only $91,535,070 was for now work, and of that
amendment to tho class o f corporations described in it, seems to us con­ amount only $12,910,570 was raised through issues of stock, where the
clusive that it was no more the Legislative intent that it should bo oper­ invostor takes his chances and bocomes a partner rather than a croditor
ative on foreign corporations doing business in this Stato, than that it in tho enterprise.
Tho other new work was paid for through bonds. All tho other securities
should bo operative upon domestic corporations created by statuto other
than the General Corporation Act.
Issued wore for refunding purposes—often at higher ratos of interest than
had
boon paid before.
Somo porsons may think that it would havo been wise for tho Legisla­
ture to havo dono so; others may find it difficult to perceive why tho Legisla­
In judging of railroad credit, ono cannot go by tho existing prices of old
ture should mako any distinction between foreign corporations tempor­ securities. Tho real test o f railroad crodit is tho price which tho railroads *
arily doing business in this Stato, and thoso not doing business therein, so must pay for new money.
far as tho purchaso o f tho stock of corporations “ o f this or any other State” is - T !1®.fac.fc that
money is not boing obtained in substantial quantities
concornod. But, as wo havo already said, it is not a question of what would from the investors of the world Is tho best proor of tho fact that it cannot
havo boon wiso for tho Legislature to havo enacted with which tho courts bo obtained upon terms which railroads can promise over a period of
aro concornod, but what is oxpressed in tho statuto; and when tho terms yoars to pay.
used therein clearly express tho Legislative intent, nothing remains to the
The present situation is improved. Not earnings always incroaso whon
courts except the enforcement of that intent as expressed In tho enactment.
a buret of railroad activity follows a period of depression.
It is of course doubtful to what extent tho end of tho war will curtail
present railroad gross earnings. Those earnings now are undoubtedly
abnormal.
But assuming that prosont gross earnings aro rotainod for a considerable
F O R T Y -T H R E E M IL L I O N DOLLAR C H E C K PASSES
period, tho pressure to onlargo oxpenses Is already growing daily more
THROUGH CLEARIN G HOUSE.
insistent. At tho momont this prossuro exerts itself against railroad
One of tho largest checks that has over been paid in tho managers in;
1. Demands for local improvements.
United States passed through the Now York Clearing House
2. Demands for increased wages.
on Ihursday. Drawn on tho Mechanics & M etals National
It may bo that both kinds of demands aro justified. I do not arguo the
Bank by Leo, Iligginson & C o ., it callod for paymont of desirability or tho Justico of that proposition. I do urge, however, those
tnreo
considerations as in the broadest public interest:
$43,538,131 11 to tho order of tho Guaranty Trust Co.
1. That assessments for expenses to bonefit any particular locality or
This paymont was for tho issue of Midvalo Stool convertible class of people should not bo levied as a burden against thoso who will not
5 % bonds recently sold by a syndicate headed by Loo, Ilig­ participate in tho benefits.
2. That if wages aro to bo increased, tho deserts of all classos o f railway
ginson & C o., tho Guaranty Trust Co.and the National City
employees should bo considered.
Bank. It is claimed that thoro havo been only throo other
At present, demands havo boon mado by 25% o f railway employees,
checks drawn in the wholo history of American finance for i noso demands, if acceded to, would cost tho railroads upwards of $75 000,000
a year. Whatever may bo tho justico of those demands, they should
amounts approaching that represented in this weok’s check
not bo considered except in connection with tho rights and deserts of 100%
0
of $43,538,131 11. Early last year $49,000,000 was paid of tho men.
3. If railroad expenses aro to bo steadily increased, no matter in what
to tho Pennsylvania R R . in a singlo chock, as tho result of
a bond issue. In M a y 1904 Leslie M . Shaw, then Socro- manner, provision should bo mado by tho public to meet tho cost.
Sucli provision can only bo mado through unifying and consolidating our
tary of tho Treasury of tho United Statos, camo to Now York system of regulation.
Do not relax tho regulation, for tho principle o f regulation is sound. But
from Washington with a chock for $40,000,000. That was
mako it definite, and mako it responsible.

the United Statos Government’s paymont to tho French syn­
dicate in tho Panama Canal purchaso. In tho same year a
check for $40,000,000 was turned over to tho Mexican Gov­
ernment in connection with a purchaso of Mexican bonds.
Other than tho checks mentioned, tho largest drawn in tho
recollection of bankers was for $28,000,000, in connection
with tho purchase by tho Lake Shore R R . of Reading stock.
Tho check paid by tho Mechanics & Metals National Bank
was moro than $15,000,000 larger than that.

D A N I E L D W I L L A R D SUGGESTS T H A T EM PL O Y EES'
D E M A N D S BE L E F T W I T H C O M M E R C E C O M M IS S IO N .

In a statement bearing on tho problems of the railroads in­
volved in tho demands of tho trainmen, Daniel Willard, Presi­
dent of the Baltimore & Ohio R R ., indicates that he consid­
ers tho question as much within tho province of tho Inter­
State Commerce Commission for adjustment, as rate matters.
M r . Willard says:

If such cases of management of individual railroads as tho Now naven.
Rock Island, St. Louis & San Francisco and others, involving the interests
of limited sections of the public and of comparatively small bodies of stock­
I V Y L. L E E URGES U N I F I E D S Y S T E M OF R A I L R O A D
holders. were worthy of the attention of Congress, why shouldn’t a matter
REGULATION.
involving tho transportation service rendered tho whole public of tho United
An argmnont in favor of a unified systom of regulation was States and the interests of all holders of railroad securities bo considered
quito as well worth the attention of tho same tribunal?
contained in an address delivered by Ivy L . Leo, a director
Undoubtedly tho public is interested in the rights of train crews to fair,
of tho Westorri Maryland R R ., beforo tho Traffic Club at oven good, rates of pay. and suitable working conditions. If It should d<>
tho Coploy-Plaza Hotel at Boston on tho 8th inst. W o quote velop on investigation that these men aro not now well paid, considering the
nature and circumstancos of their servico, they should havo their wages in­
from his remarks tho following:
creased. If it should then appear that tho railroads aro unablo to add such
Why is it that railroad building lias stopped, that railroad onterpriso is incroaso to their expenses and still render the kind of service that tho public
chilled, that tho "punch” of American railroads is gono?
demands, while returning to owners of tho capital invested the amount of
Tho railroad manager is only too eager to build tracks and improvo profit necessary to attract tho additional capital tho railroads require to
facilities. Ho is as ambitious and as "pushful” as ever.
enable them to take care of tho country’s expanding business, thoy should
But tho manager cannot build railroads without monoy, and tho monoy bo allowed to increase their rates and charges.
must bo provided by tho Investors o f tho world. If tho manager cannot
If, on the other hand, it should appear that the engineers, conductors
show investors whore further expenditures will bo productive o f larger not firemen and trainmon aro already fairly paid, then there is no reason why
earnings, ho cannot obtain tho monoy, and railroad building stops.
tho public should bo compelled to pay higher rates simply because these
Though industrial companies aro now extending plants and issuing large four largo organizations have mado, or expect tojmake, most unusual de­
blocks of securities, it is difficult if not impossible to induco Investors to mands.
embark in now railroad enterprise.
Officers of tho brotherhoods havo expressed their dissatisfaction with tho
T o understand tho full meaning of this situation it is necossary to con­ results of arbitration in the past and havo intimated that they might refuse
sider what has happonod to tho railroads sinco August 1906, whon railroad to arbitrate in this case. If they should do that, it appears to me that a
regulation in earnest bogan in this country.
Congressional investigation, or a thorough inquiry by the Inter-State Com­
On July 1 1907 tho Inter-Stato Commerco Commission required tho rail­ merce Commission, acting under a mandate from Congress, might then
roads to institute a now accounting system. Sinco then, all figures relating become inevitable.
to railroads aro moro strictly comparablo than before, especially in tho
Tho carriers are not permitted to raise tho rates they charge the public
matter of Investment In railroad facilities.
unless permission to do so is first obtained from the proper regulating agency.




1026

THE CHRONICLE

Under proper regulation, also in the interest of tho public, no body o f men,
large or small, should be permitted to add millions to tho operating cost
of the railroads unless permitted to do so after a full hearing of all tho
facts. Logically, this hearing should take place before tho samo body that
fixes the rates and other conditions o f servico— that is to say tho Inter­
State Commerce Commission.
A T T A C K B Y VILLA ON C O L U M B U S , N . M E X . , A N D
R E P R E S E N T A T I O N S B E T W E E N U . S. A N D M E X I C O .

The invasion on March 9 of American territory by Gen.
Villa and 1,500 of his bandits has served to bring Mexican
affairs once more to the foreground. In the raid of Villa
and his band made upon Columbus, New M exico, eighteen
or nineteen Americans, seven of whom wore soldiers, were
killed, while five soldiers were wounded. Tho United States
Government took immediate cognizance of the murderous
assault, issuing orders for the dispatch of troops for the cap­
ture of Villa. Following a meeting of President Wilson and
tho Cabinet on the 10th, the following statement concern­
ing the decision of the Administration was issued:
An adequate force will be sent at once in pursuit o f Villa with tho sin­
gle object o f capturing him and putting a stop to his forays. This can
and will bo done in entirely friendly aid of tho constituted authorities In
Mexico and with scrupulous respect for tho sovereignty of that Ropublic.

Through the Mexican Ambassador, Eliseo Arredondo,
Secretary of State Lansing on tho 9th inst. informed tho do
facto Government of Mexico of the action decided upon by
the United States Government, Senor Arredondo, it is stated,
indicating that he would adviso Gen. Carranza not to inter­
fere with or object to the plans of tho United States. A
statement making it plain that there was no intention on the
part of the United States to enter Mexico by force was issued
on the 10th inst. by Secretary of W ar Baker, following a
conference with President Wilson, tho statement reading as
follows:
Thero Is no intention o f entering Mexico in forco. A sufficient body
o f mobilo troops will be sont in to locate and disperse or capture the band
or bands that attacked Columbus, N. M . So soon as tho forcos of tho do
facto Government can take control of the situation, any forces of the United
States then remaining in Mexico will o f courso bo withdrawn. Tho forcos
of tho United States now on tho border will bo immediately recruited, but
only for tho purpose o f safeguarding tho territory of tho United States from
further raids.

A communication from the Carranza Government, seek­
ing permission for Mexican forces to cross into American
territory in pursuit of the bandits, and a proclamation by
Gen. Carranza declaring that the invasion of Mexican terri­
tory by United States forces would not be permitted without
reciprocal rights being granted the Mexicans, were develop­
ments of tho week, which were followed by tho acquiescence
on the part of the United States in tho privilege requested.
Tho several communications between the two Governments
in the matter are given below. Tho note from Gen. Car­
ranza asking permission to send Mexican troops across tho
bordor into tho United States, was transmitted to the United
States through Consul Silliman, by whom it was received from
Gen. Carranza’s Minister of Foreign Affairs, Jesus Acuna,
undor date of the 10th inst.; this note said:

[Vol . 102.

to you as confidential agent, and addresses tho Government of tho United
States, requesting tho necossary permission for Mexican forcos to cross
into American territory in pursuit of tlioso bandits, acknowledging duo reci­
procity in regard to forces of tho United States crossing into Mexican terri­
tory, if tho raid effected at Columbus should unfortunately bo ropeated
at any other point of tho border.
Tho Moxican Government would greatly appreciate a prompt and favor­
able reply from tho Government of tho United States.
Ploaso accopt, M r. Confidential Agent, tho assurances of my high con­
sideration.
(Signed) JESUS ACUNA.
Secretary in chargo of tho Department of Foreign Affairs.

The proclamation of Gen. Carranza, declaring that the
United States troops would not be allowed to enter Mexico
unless similar rights were accorded the Mexicans, was issued
on the 12tli inst.; its text is as follows:
Becauso of tho assault which Francisco Villa and tho bandits who accom­
panied him mado on tho town of Columbus, in American territory, burning
houses and killing somo of tho inhabitants, soldiers as well as civilians,
tho international situation in theso moments is very dolicate, as tho North
American press havo excited their people against Mexico and tho Govern­
ment of that country has discussed tho situation in tho American Congross,
members of which havo advised intervention.
Tho Constitutional Government, which I havo the honor to represent,
is also occupied diligently in an effort to solve this delicate situation, try­
ing at all costs to maintain tho dignity and sovereignty of Mexico, and wo
yet hope that this lamentablo incidont may bo decorously arranged, and
that thero will bo no reason for an international conflict.
I havo addressed tho Government of tho United States through tho For­
eign Office, stating that tho invasion of Villa has historical precedents,
as, in tho years 1880 and 1886, two parties of Indians coming from the
United States invaded Sonora and Chihuahua, committing crimes and
depredations on tho lives and properties of Mexicans.
It was thon agreed between tho Governments of tho two countries to
permit tho respective passago of armed forces, resulting in tho extermina­
tion of tho Indians. I havo asked tho American Government to pursuo a
like course in ordor to solve future difficulties, should tlioy arise, noting
that Villa and his companions are a group of bandits, whoso acts the Moxi­
can Government or people would not bo responsible for, and that his reproachablo conduct is duo to instigations of the reactionary element that,
lacking patriotism and convinced of its defeat, is trying by all means to
bring on armed intervention.
I havo not yet received tho answer of tho American Government, and,
from tho reports of my chiefs along tho frontier, I loarn that tho Amoi lean
forcos aro mobilizing to pursuo and capture and dolivor Villa to tho Mexican
authorities, that tho expedition is in tho nature of a punitive campaign and
that the sovereignty of Mexico will bo respected.
The Constitutional Government has givon instructions to its confidential
agent at Washington immediately to make representations that, undor no
circumstances, will any motivo, be tho reasons or explanations of the United
States what they may, justify tho armed invasion of Mexican territory
without reciprocal rights being granted to tho Mexicans, and that not for
an instant will tho invasion of Mexican territory or an outrage to its dig­
nity bo toloratod.
..... .
I am suro that in this I interpret the national sentiment anil that the
Mexican pooplo will worthily comply with their duty, bo tho sacrifices what
they may, to sustain their rights and sovereignty. If, unfortunately, wo
are dragged into a war, which tho United States never can justify, wo will
not be responsible for the disastrous consequences, but will servo as instru­
ments for Mexican traitors within and without our country, who havo la­
bored long to produco this result, and upon their heads will fall tho inexora­
ble justico of tho Mexican people.

In reply to Gen. Carranza’s proposal, tho United States
consented to tho reciprocal arrangement on the 13tli inst. in
tho following letter, addressed to the chief of tho do facto
Government:
The Government of tho United Statos has received tho courteous noto of
Senor Acuna and has read with satisfaction his suggestion for reciprocal
privileges to tho American and Mexican authorities in tho pursuit and ap­
prehension of outlaws who infest their respective territories lying along tho
international boundary and who aro a constant menace to tho lives and
property of residents of that rogion.
Tho Government of tho United States, in vlow of tho unusual stato of
affairs which has existed for somo timo along tho International boundary,
and earnestly desiring to co-operate with tho do facto Government of Moxico to suppress this state of lawlessness, of which tho recont attack on
Columbus, N. M ., is a deplorable example, and to insure peace and ordor
in tho region contiguous to tho boundary botwoen the two republics, readily
grants permission for military forces of tho do facto Government of Mexico
to cross tho international boundary In pursuit of lawless bands of armed men
who havo entered Mexico from tho United States, committed outrages on
Moxican soil and fled into the United States, on tho understanding that tho
do facto Government of Mexico grants tho reciprocal privilege that the
military forces of tho United States may pursuo across tho international
boundary into Moxican territory lawless bands of armed rnon who have
entered tho United States from Mexico, committed outragos on American
soil and fled into Mexico.
Tho Government of tho United States understands that, In viow of Its
agreement to this reciprocal arrangement, proposed by tho do facto Gov­
ernment, tho arrangement Is how complcto and in forco, and tho reciprocal
privileges thereunder may accordingly bo exorcised by either Government
without further interchange of views.
_ ...
It Is a matter of sincero gratification to tho Government of the United
States that tho de facto Government of Moxico has evinced so cordial anil
friendly a spirit of co-opcration in tho efforts of the authorities of tlio United
States to apprehend and punish tho bands of outlaws who seek refuge be­
yond tho international boundary in tho erroneous bolief that the consti­
tuted authorities will resent any pursuit across tho boundary by the forces
of tho Government whose citizens havo suffered by the crimes of tho fugi-

(n due reply to your courteous note, dated yestorday and transmitted to!ay through M r. John W . Belt (Silllman’s Secretary), I havo tho honor to
inform you that, having brought tho abovo noto to tho attention of tho First
f Uilef of tho Constitutionalist army and depositary of tho cxecutivo power
of M exico, ho has directed mo to say to you, to the ond that you may, in
■urn transmit it to tho Department o f Stato o f tho American Government,
that ho learned with rogrot o f tho lamentable incidont which occurred in tho
town o f Columbus, N . M ., on account o f tho assault it suffered yestorday
from tho bandits led by Francisco Villa.
That, although thoro has boon a competont number of forces in tho
Stato o f Chihuahua to re-establish ordor and afford protection to nationals
and foreigners ever since Francisco Villa appeared in tho mountains of the
- bovo Stato, at tho request of tho Governor of tho State, and of tho Consti­
tutionalist Consul in El Paso, Texas, tho First Chief ordored tho timely de­
parture of 2,500 men, commanded by Goneral Luis Gutiorrcz, with instruc­
tions to actively pursuo tho bandits who had just crossed tho lino into
American territory, which they undoubtedly did, compelled by tho tena­
cious pursuit of tho above-mentioned forces.
Tho abovo lamentablo incident Is similar to tho incursions which wore
mado in tho States of Sonora and Chihuahua by Indians from tho reserva­
tions o f tho Government o f tho United States. Incursions into the State
of Sonora occurred more or less about tho year 1880, when Gcronimo, the
Indian chief, who died not many years ago in Fort Mount, Ala., led a
numerous horde and invaded a part of tho north o f tho Stato o f Sonora,
committing many murders and depredations of life and property of Mexican
families until, after a long and tenacious chaso by American and Mexican
forces tho band of malefactors was annihilated and its chief was captured.
Tho incursion into Chihuahua led by tho Indian chief Victoria, com
mandlng about 800 Indians, took place between tho years 1884 and 1886.
Then tho bands of maraudors, committing also many crimes, wont into tho
country as far as tho villages of Tejoloelilc or Tres Castillos, vory near the 41With tho samo spirit of cordial friendship, tho Government of tho United
capital of Chihuahua, and during tho first formal encounter between thorn Statos will exercise tho privilege granted by tho do facto Government of
Mexico in tho hope and confident expectation that by the r mutual efforts
and Moxican forces, after having lost their chief, they woro dispersed.
On those two occasions, through an agreement betweon tho Governments lawlessness will bo eradicated and peace and order maintained in tho torri“
T t h o united States and Mexico contiguous to tho international
of tho United States and M exico, it was decided that tho armed forcos of
one and tho other country might freoly cross from tho territory of ono to boundary.
tho other in pursuit, and for tho purpose of punishing tho above-named
W ith tlio issuance of the above lettor, Secrotary ot htato
bands o f marauders. Recalling these precedents and tho good results Lansing made public a statement, in tho namo of 1 resident
for both countries on account of tho abovo agreement, tho Government
presided over by tho First Chief, anxious to exterminate within tho least W ilson, reiterating that every stop takon by tho Adminis­
oossiblo time tho hordes led by Francisco Villa, who recently has boon placed tration was based on tho deliberate intention to preclude the
beyond tho law, and to capturo him to apply condign punishmont. applies




Mar. 18 1916.]
possibility of armed intervention in Mexico.
said:

THE CHRONICLE
The statement

In order to roraovo any misapprehension that may oxlst either in tho
United States or in Mexico, tho President has authorized me to give in his
name tho public assurance that the military operations now in contempla­
tion by this Government wili bo scrupulously confined to tho object already
announced, and that in no circumstances will they bo suffered to infringo
in any degreo upon the sovereignty o f Mexico or dovolop into intervention
or any kind in the internal affairs o f our sister republic. On tho contrary,
what is now being done is deliberately intended to preclude tho possibility
of intervention.

1037

A resolution upholding the course of the President in send­
ing troops into M exico, and intended to reassure the de facto
Government that the expedition would be limited to the pur­
suit and punishment of Villa, was adopted yesterday by the
United States Senate.

A t the request of the Administration forces, the House of
Representatives on the 14th inst. passed a joint resolution
authorizing the recruiting of tho mobile regular army to
A t the same time M ajor-G en. Funston, who is in command full strength. This means the addition of approximately
of the United States troops along the border, was advised 20,000 fighting men to the infantry, cavalry and field ar­
that the United States regarded the reciprocal arrangement tillery. Tho Senate concurred in the action of the House
as being in force,- and that under it he was free to move the on the 15th inst., and the necessary orders were immediately
punitive expedition of army regulars across the border.
. issued to fill up regiments on border duty. The President
On the 14th inst. the State Department made public the signed the resolution yesterday (the 17th in st.). The step
following telegram from Consul Silliman, sent from Quere- was suggested by the Army General Staff and was urgently de­
taro, concerning the presentation by him to Foreign Secre­ sired because of the weakening of the border force by the ex­
tary Acuna of Secretary Lansing’s note of the 13th, accept­ pedition after Villa. The resolution passed the House by a
ing the Carranza proposals of reciprocal border-crossing priv­ vote of 236 to 1, the one dissenting vote being cast by Meyer
London, of N ew York (Socialist). The total strength now
ileges:
Reply o f tho United States to the do facto Government’s note o f March 10, allowed for the army is 100,000 men, including 12,000
Columbus bordor situation, received at 5 o ’clock this afternoon. Person­ Philippine scouts. The emergency legislation will increase
ally presented this important communication to Foreign Secretary Acuna
tho total to about 119,947 men, exclusive of the quarter­
at 5:30 p. m. Ho read samo in my presence and afterward stated:
" I am pleased to recelvo a reply of this character from the Government of master’s corps. The text of the resolution which was in­
tho Unitod States. It will relieve tho very delicate situation that has de­ troduced by Representative H ay is as follows:
veloped owing to tho Columbus affair. I will immediately transmit this
reply to the Chief Executive and am o f tho opinion that there will be a reply
to this courteous noto expressing appreciation o f tho same. In this ovent
I shall deliver it to you Immediately for transmittal to the Government of
tho United States.”
It was plainly evident that tho reply created a most favorable impression.

To provent any war munitions from reaching Villa from
the United States, the Treasury Department on the 13th
inst. instructed its collectors at San Francisco, Nogales and
Los Angeles to place an embargo on shipment of arms and
ammunition through those points into Mexico. Tho em­
bargo affects tho principal commorical gateways into Chi­
huahua, Sonora and Lower California, and is regarded as
sufficient in extent to make certain that Villa will not bo
supplied from this country.
On the 15th inst., at the request of the State Department,
orders wer9 sent to collectors of customs at seaports of the
United States and along the Mexican border to hold up all
shipments of arms, ammunition or explosives consigned to
Mexico, except such as it was clearly established were designed
for tho de facto Government. Following the demand by
Ives G . Lelevier, Carranza Consul at Douglas, Ariz., that
the local expross agent turn over to him 300,000 cartridges
consigned to General P . Elias Calles and ordered held by
the Amorican military authorities, the ammunition was re­
leased on the 16th inst. on orders from Washington.
.
Tho Mexican situation has been prominently before Con­
gress sinco the attack of the Villa bandits. On tho 10th inst.
Senator McCumber of North Dakota introduced a resolu­
tion directing tho President to send troops to Mexico to hunt
down and destroy the desperadoes. Senator Fall of N ew
Mexico presented a resolution authorizing and directing
the President to use the land and naval forces and call for
500,000 volunteers to protect the lives and proporty of Amer­
icans in Mexico and restore orderly government, but not for
the purpose of territorial aggrandizement. Senator Ashurst
of Arizona was in favor of adopting a resolution authorizing
the President to have Villa followed, seized and brought back
to the United States and legally oxecuted. Tho resolutions
were referrod to the Committee on Foreign Relations. Sentor Stone, Chairman of that committee, counseled the Sen­
ate against any hasty procedure, calling attention to tho
fact that the Executive branch of the Government was “ using
to the utmost all the activities at its command to ascertain
tho exact facts relating to this matter from its inception
to its ending, that is up to date.” Ho added that it “ would
comport bettor with the dignity and responsibility imposed
upon us at this juncture to aAvait a few hours at least until
the Senate, until Congress itself, m ay proceed with that de­
liberation which a subject of such gravity should have at
our hands.”
Chairman Flood later called the Foreign Affairs Committee
together and informed the members of his telephone conver­
sation had with the President on the 11th inst., advising
them that the Administration was proceeding under the prin­
ciple of the treaty allowing troops to pursue marauding bands
of Indians across tho border. It was signed by Jamos G .
Blaine, Secretary of State, June 25 1890, and was in effect
only one year.




Resolved, by tho Senato and House of Representatives, in Congress as­
sembled, That whenever in tho judgment of the President an emergency
arises which makes it necessary, all organizations of the army which are now
bolow tho maximum enlisted strength authorized by law shall be raised
forthwith to that strength, and shall be maintained as nearly as possible
thereat so long as tho emergency shall continue:
Provided, That tho total enlisted strength of any o f said arms of tho
sorvico shall not include unassignod recruits therefor at depots or elsewhere,
but at no timo shall such recruits exceed by more than 5% tho total en­
listed strength provided for such arms; and the onllsted men now or here­
after authorized by law for other branches of the military service shall bo
provided and maintained without any impairment o f the oulisted strength
of any of said arms.

Consul-General Hanna, at Monterey, forwarded to the
State Department on the 16th inst. a message from Consul
C . A . Williams at Torreon, saying that all Americans had
left Torreon for the United States. Consul Williams on
the preceding day reported that ho had turned over tho con­
sulate to the British Vice-Consul.
On the 14th inst. M ajor-G en. Frederick Funston, after
declaring that news dispatches were making public all the
essential facts he was trying to keep secret from Francisco
Villa, ordered a strict embargo placed on news out of Colum­
bus, N . M e x ., where the main body of General John J. Persh­
ing’s expeditionary force was awaiting word to cross into
M exico. General Funston sent orders to General Pershing
to seize the telegraph office at Columbus, guard the telephone
wires leading out of the town, and closely watch all automo­
biles and other routes to telegraph stations in nearby towns.
The Mexican Government was reported on the 11th inst.
to have imposed a censorship on all telegraph and cable mes­
sages from the United States into Mexico. Announcement
to this effect was made by the Western Union and Mexican
Telegraph companies. Tho only land messages which the
Mexican Government received were required to be routed
through El Paso and be written in English or Spanish.
An official decree barring all American newspapers from
Matamoras, the Mexican town across the Rio Grande from
Brownsvillo, was said to have been issued by the military
authorities at Brownsville, T ex., on the 12th inst.
H A IT IA N

T R E A T Y R A T I F I E D B Y U . S. S E N A T E .

Tho United States Senate on Feb. 28 ratified the conven­
tion establishing a financial and police protectorate over the
Ropublic of Haiti. The text of tho treaty, which has already
been ratified by Haiti (see “ Chronicle” of N o v . 20 1915,
page 1658), is as follows:
PREAM BLE.
The Unitod States and tho Republic o f naiti, dosiring to confirm and
strengthen the amity existing between them by tho most cordial co-operation
n measures fo r their common advantage;
And tho Republic of Haiti, desiring to remedy the present condition of its
rovenuos and finances, to maintain the tranquility o f the Republic, to
carry out plans for the economic development and prosperity of the Re­
public and its people;
And tho United States being in full sympathy with all of these aims and
objects and desiring to contribute in all proper ways to their accomplish­
ment;
The Unitod States and the Republic of naiti have resolved to conclude a
convention with these objects in view, and have appointed for that purpose
plenipotentiaries: The President of the United States, Robert Beale Davis
Jr., Charge d'Affairos of the United States, and tho President o f the Re­
public of Haiti, Louis Borno, Secretary o f State for Foreign Affairs and
Public Instruction, who, having exhibited to each other their respective

1028

THE CHRONICLE

powers, which are seen to be full In good and true form, have agreed as
follows:
A RTICLE I.— The Government o f the United States will, by its good
offices, aid the Haitian Government in the proper and efficient development
of its agricultural, mineral and commercial resources and in the establish­
ment o f the finances o f Ilaiti on a firm and solid basis.
A R TICLE 2.— The President o f Haiti shall appoint upon nomination by
the President o f the United States, a General Receiver and such aids and
employees as may bo necessary, who shall collect, receive, and apply all
customs duties on imports and exports accruing at the several Custom
Houses and ports o f entry o f tho Republic o f Haiti.
The President o f Haiti shall appoint, upon nomination by tho President
o f tho United States, a Financial Adviser, who shall be an officer attached
to the Ministry o f Finance, to give effect to whose proposals and labors
the Minister will lend efficient aid. Tho Financial Adviser shall devise an
adequate system o f public accounting, aid in increasing the revenues and
adjusting them to tho expenses, inquire into the validity o f tho debts o f the
Republic, enlighten both Governments with reference to all eventual debts,
recommend improved methods o f collecting and applying tho revonues, and
make such other recommendations to the Minister o f Finance as may be
deemed necessary for the welfare and prosperity o f Haiti.
ARTICLE 3.— The Government o f the Republic o f Haiti will provldo by
law or appropriate decrees for tho payment o f all customs duties to tho
General Receiver, and will extend to the receivership and to the Financial
Adviser all needful aid and full protection in the execution o f tho powers
conferred and duties imposed heroin, and the United States on its part will
extend like aid and protection.
ARTICLE 4.— Upon tho appointment o f tho Financial Adviser, the Gov­
ernment o f tho Republic o f Haiti, in co-operation with tho Financial Ad­
viser, shall collate, classify, arrange and make full statement of all tho
debts o f the Republic, the amounts, character, maturity and condition
thereof, and tho interest accruing, and the sinking fund requisite to tlioir
Inal discharge.
A RTICLE 5.— All sums collected and received by tho General Receiver
shall be applied, first, to tho payment o f the salaries and allowances o f the
General Receiver, his assistants and employees, and expenses of the re­
ceivership, including the salary and expenses o f tho Financial Adviser,
which salaries will bo determined by previous agreement; second, to tho In­
terest and sinking fund o f tho public debt o f the Ropublic o f Haiti, and,
third, to the maintenance o f the constabulary referred to in Article 10, and
then the remainder to tho Haitian Government for purposes of current
expenses.
In making these applications, tho General Receiver will proceed to pay
salaries and allowances monthly, and expenses as they arise, and on tho
first o f each calendar month will set aside in a separate fund tho quantum
o f the collection and receipts o f the previous month.
ARTICLE 6.— The expenses o f tho receivership, including salaries and
allowances o f the General Receiver, his assistants and employees, and tho
salary and expenses o f tho Financial Adviser, shall not exceed 5 por cen­
tum o f the collections and receipts from customs duties, unless by agree­
ment by tho two Governments.
ARTICLE 7.— Tho General Receiver shall mako monthly roports o f all
collections, receipts and disbursements to the appropriate officer of tho Re­
public o f Haiti and to tho Department o f State o f the United States, which
reports shall be opon to Inspection and verification at all times by tho ap­
propriate authorities o f each o f tho said Governments.
A R TICLE 8.— Tho Republic o f Haiti shall not Increaso its public debt ex­
cept by previous agreement with tho President o f the United States, and
shall not contract any debt or assume any financial obligation unless tho or­
dinary revenues o f the Republic available for that purpose, after defraying
the expenses o f tho Government, shall be adequate to pay the interest and
provido a sinking fund for tho final discharge o f such debt.
AR TIC LE 9.— The Republic o f Haiti will not, without a previous agree­
ment with tho President o f tho United States, modify the customs duties in
a manner to reduce the revenues therefrom; and in order that tho revenues
o f the Republic may bo adequate to meet tho public debt and the expenses
o f tho Government, to preserve tranquility and to promote material pros­
perity, the Republic o f Haiti will co-operate with tho Financial Adviser in
his recommendations for improvement in the methods o f collecting and dis­
bursing the revenues and for new sources o f needed income.
AR TIC LE 10.— Tho Haitian Government obligates Itself for tho preser­
vation o f domestic peace, tho security o f Individual rights and full observaanco o f tho provisions o f this treaty, to create without delay an efficient
Constabulary, urban and rural, composed o f nativo Haitians. This con­
stabulary shall bo organized and officered by Americans, appointed by tho
President o f Haiti, upon nomination by the President o f tho United States.
The Haitian Government shall clotne these officers with the proper and
necessary authority and uphold them in the performance o f their functions.
These officers will be replaced by Haitians as thoy, by examination, con­
ducted under direction of a board to bo selected by the senior American of­
ficer o f this constabulary and in the presence o f a representative of the
Haitian Government, are found to bo qualified to assume such duties. Tho
constabulary herein provided for shall, under tho direction o f tho Haitian
Government, have supervision and control o f arms and ammunition, mili­
tary supplies and traffic therein, throughout tho country. Tho high
contracting parties agree that tho stipulations in this article are necessary
to prevent factional strife and disturbances.
ARTICLE 11.— Tho Government of Haiti agrees not to surrender any of
the territory of tho Republic o f Haiti by sale, ieaso, or otherwise, or juris­
diction over such territory, to any foreign Government or Power, nor to
enter into any treaty or contract with any foreign Power or Powers that will
impair or tend to impair tho independence o f Haiti.
ARTICLE 12.— The Haitian Government agrees to oxecute with tho
United States a protocol for tho settlement, by arbitration or otherwise, of
all pending pecu niar claims o f foreign corporations, companies, citizens,
or subjects against Haiti.
A R TICLE 13.— The Republic o f Haiti, being desirous to further tho de­
velopment o f its natural resources, agrees to undertake and oxecuto such
measures as in the opinion of the high contracting parties may bo necessary
for the sanitation and public improvement o f tho Ropublic under tho super­
vision and direction o f an engineer or engineers to bo appointed by tho
President o f Haiti upon nomination by the President o f tho United States,
and authorized for that purpose by tho Government o f naiti.
ARTICLE 14.— The high contracting parties shall have authority to take
such steps as may be necessary to insure tho complete attainment o f any
of the objects comprehended in this treaty, and should tho necessity oc­
cur, tho United States will lend an efficient aid for tho preservation of Hai­
tian independence, and tho maintenance o f a Government adequato for
tho protection o f life, property and individual liberty.
A RTICLE 15.— The present treaty shall be approved and ratlfiod by the
high contracting parties in conformity with their respective laws, and
the ratifications thereof shall be exchanged in tho City o f Washington
as soon as may be possible.




[Vol . 102

ARTICLE 16.— Tho present treaty shall remain In full force and virtuo
for tho term of ten years, to bo counted from tho day o f exchange of
ratifications, and further for another term of ten years if, for specific rea­
sons presented by either of the high contracting parties, tho purpose of
this treaty has not been fully accomplished.
In faith whereof, tho respective plenipotentiaries havo signed the presont
convention in duplicate, in tho English and Fronch languages, and have
thereunto affixed their seals.
Dono at Port au Prince, Haiti, the 16th day o f September. In tho year of
our Lord one thousand nine hundred and fifteen.
(Seal.) ROBERT BEALE DAVIS JR .,
C h a rg e d ’A f f a i r e s o f the U n ite d S ta le s.

(Seal.)

LOUIS BORNO,

S ecreta ry o f State f o r F o r e ig n A f f a i r s a n d P u b lic I n s tr u c t io n .

IF. P. G. H A R D I N G A G A I N

URGES CROP
DIVERSIFICATION.

W.
P . G . Harding of the Federal Reserve Board in
discussing *‘ Tho Present Cotton Situation” before tho Bir­
mingham Chamber of Commerce at Birmingham A la. on
the 10th inst. urged that the farmers, merchants and bank­
ers take counsel together on the subject of crop diversifica­
tion and at the same time solicit the support of the Southern
newspapers in pushing the doctrine of diversification and
pointing out tho dangors of tho one-crop systom. In support
of his argument M r. Harding said:
Supposo peace should bo restored and there springs up a greatly in­
creased demand for cotton. Under such conditions a largo crop would, of
course, sell for a great deal of monoy, but with tho experience of 1910 and
1911 before us, is there any reason to doubt that a modorato crop would
soli for still more? On tho other hand, supposo tho war continues; supposo,
unhappily, this country should become Involved— and romembor that in
times of stress, when it comes to a choice between something to oat and
something to wear, food must bo provided at any cost, wlxllo new clothos
can wait. Then I ask, would we not bo far bottoroff with a modorato sup­
ply of cotton and an abundanco of food supplies? Why plant a largor area
than can be cultivated thoroughly? Why scatter high-priced fertilizer
over a large field whon it would bo moro offoctlvo concentrated on a smaller?
Theso matters must be doterminod now I A month honco will bo too late.

M r . Harding’s remarks dealt witli figures of tho cotton
supply of the world and tho depletion of stocks tho “ Chron­
icle” figures being used in the statistics presented by him.
PROPOSED A M E N D M E N T TO R E S E R V E A C T , C A R R Y ­
I N G O U T R E C O M M E N D A T I O N S OF B O A R D .

Senator Owen on the 15th inst. introduced a bill in the
Senate to amend tho Federal Reserve Act along tho linos
recommended by the Federal Reservo Board. It is reported
that, among other things, the bill would authorize member
banks to loan on farm real estate located within 100 miles
of the bank, without reference to district lino, for a term of
five years, and to loan to other real estate for one year only.
Provision also is made for the organization of branch banks in
15 countries or dependencies of the United States with a
minimum capital of $1,000,000 provided a majority of the
stook is held by American citizens. Tho bill is also said to
enlarge the class of Securities available for part basis for Re­
serve notes so as to include bankers’ acceptances and other
domestic paper. In addition it would permit member banks
in cities having a population of 100,000 to establish city and
country branches within tho county.
BILL A M E N D I N G RESERVE R E Q U I R E M E N T S A F F E C T ­
IN G COUNTRY B A N K S .

A bill to amend Section 19 of tho Fodoral Reserve A ct,
relative to reserves, was introduced on tho 10th inst. by
Representative McFaddon and was roforrod to tho Committee
on Banking and Currency. M r . M cFaddon’s amendment
is designod to enable tho country banks at tho ond of the
thirty-six months whon tho mobilization of rosorvos will bo
completed, to maintain with mombor banks in tho district
3 % of their reserves of 1 2 % . Under tho law as it now stands
this 3 % is required to bo held in tho bank’s own vaults or
in the Federal Reservo bank. W o give tho amendment be­
low, showing tho now matter in italics.
Section 19— (a) A bank not in a reserve or central rcservo city, as now or
hereafter defined, shall hold and maintain reserves equal to 12 por contum
of tho aggregate amount of its demand deposits and 5 per centum of its
time deposits, as follows:
In its vaults for a period of 36 months after said dato f ive-twolfths thereof,
and permanently thereafter four-twelfths.
In tho Fedoral Reservo bank of its district, for a period of 12months aftor
said date two-twelfths, and for each succeeding six months an additional
ono-twelfth, until fivo-twclfths havo boon so deposited, which shall bo the
amount permanently required.
For a period o f 36 months after said dato tho balanco of tho reserves may
bo held in its own vaults, or in tho Federal Reservo bank or in national banks
in reservo or contral rosorvo cities as now defined by law.
After said 36 months’ period said reserves othor than those lioroinbefore
required to bo hold in tho vaults of tho member bank and in tho Fodoral
Roscrvo bank shall bo held in tho vaults of tho mombor bank or in tho
Federal Reserve bank or in both o r i n m em b er b a n k s in reserve or c e n tra l re­
serve c it ie s a s n o w o r h e re a fter d e fin e d by la w w it h in a r a d iu s o f 300 m ile s
o f the m em b er ban k o r w it h in the F e d e r a l R eserve d is tric t i n w h ich the m em ber
ban k i s lo ca ted, at tho option of tho mombor bank.

Mar . 18 1916.]

THE CHRONICLE

In explanation of the object of the change, M r . McFaddon
says:
Tho object o f the bill which I have this day introduced In Con­
gress is, in brief, to enable tho country national bank at tho
end of tho 3G months’ period, when the mobilization o f tho roserves
under the system will have been completed, to exorciso an option to keep
3 of tho required 12% o f its resorves in a national bank within tho Federal
Resorvo District or within a radius of 300 miles of the country bank. Under
tho law as it exists at present, tho bank will havo tho option to keop such
3% in its own vaults or it may keep such amount In tho Federal Roserve
Bank at tho District. There aro many good reasons why tho bank should
havo tho additional option of keeping such 3% in a national bank within
tho District.
Unless this amendment is adopted, tho country national banks, at the
end of tho 36 months period will, in addition to tho required reserve of
12% , which must bo kopt with tho Federal Reserve bank or in its own vaults,
be compelled from business necessity to carry, as thoy now do, balancos with
their national bank correspondents in tho commercial centers. These cor­
respondents render valuablo sorviccs to tho country bank in making up
collections, acting as agent in tho exchange of securities, tho purchase of
bonds and stocks, and in many other ways known only to country banks.
For theso various services, both numerous and necessary, tho only compen­
sation which tho city correspondent receives is tho interest on tho invest­
ment o f tho balance carried by tho country banker; and, unloss this balance
can, after tho 36 months' period, bo counted as legal roservo to the extent
o f 3% , tho country bank will either bo compelled to withdraw samo or to
pay for those services. It is not a vioiont presumption to assert that such
procedure might result in many national banks leaving tho system.
S A N FR A N C ISC O I N T E R -D IS T R I
RATES.

T EXCHANGE

The Federal Reserve Bank of San Francisco issuod on
the 2d inst. the following circular to member banks regarding
inter-district exchange rates:
D e a r S i r s .— Until further notice, drafts on member banks In Now York
and Chicago will be received on deposit for immediate credit at 1 0 c. por
$ 1 ,0 0 0 discount.
Transfers to member banks in this district received under instructions
from other Federal Reservo banks will bo credited on our books at par
Balances will bo transferred to member banks in Now York and Chicago
by mail, at 10c. per §1,000 promium; by telegraph, at 30c. per $1,000
premium, plus cost of telegram.

SENATE
PASSES
B ILL
P E R M IT T IN G
N A T IO N A L
B A N K S TO A V A I L O F S T A T E B A N K G U A R A N T E E
LAW S.

A bill authorizing national banking associations to avail
themselves of State laws providing for tho guarantee of
deposits was passed by tho United States Sonato on the 9th
inst. Undor the bill every national banking association
doing business in a Stato whore there is a Stato law providing
for tho guarantee of deposits in Stato banks, is authorized,
if permitted by tho laws of such Stato, to avail itself of such
Stato law, and to tako tho necessary steps undor the State
laws to that end. Tho bill was introduced by Senator
Norris.
RESERVE BO ARD ’ S R U L IN G ON COTTON L O A N PAPER .

An informal ruling by tho Fcdoral Resorvo Board on cotton
loan paper appears as follows in tho Resorvo Bullotin for
March:
Your letter o f Jan. 24 has been under advisemont by tho Federal Reserve
Board, and this lotter is written In accordance with tho instructions of tho
oard. In your letter you say:
, *
*s a d e p o s ito r o f th o b a n k desires to fin a n c e c o t to n
fo r v a riou s m ills.
H o fin a n ces tlio sa m o L v Kivinor t o th o brink ills n o to se­
cu red b y th o w arehouse re ce ip t o f th o m ill in d o rse d In b la n k , fo r c o t to n
stored in his n a m e and P ro p e rly in s u re d , b u t so ld t o th e m ill f o r a s p e c ific
a m o u n t t o b o p a id a t a s p e c ific tim e , as p e r sales n o to a tta c h e d . S am ple
co p ie s o f th e a b o v e pap ers aro in clo se d .

’ ’The money is deposited to the credit o f tho broker, who in turn, we un­
derstand, charges the mill interest on the satno, and tho loan is paid by tho
broker only when lie receives notice from tho mill that the mill desires to
use and pay for the cotton. Would such loans taken from ono broker in
excess o f the 1 0 % o f the capital and the surplus o f tho bank lie an excess
loan under the federal Rescrvo Act, if the financing for each individual
nl 1
& ° accepted sales noto held o f said mill were not in excess of
said 1 0 % ?
Referring to this point, counsel o f tho Board says:
It will bo observed tiiat the transaction In form is merely a discount of
singlo-namo negotiable paper secured by so many bales o f cotton. The
fact that the maker o f tho noto has entered into an agreement witli a mill
to sell tho collateral at a future date does not alter tho form of tho transac­
tion. 1 hero is no privity of contract as between tho bank or tho holder
of the noto and tho mill. Should tho mill rofuso to purchase tho cotton
under tho agreement referred to, tho bank might, if tho broker assigned his
contract, possibly bo subrogated to tho rights o f tho broker and might, in
this case, sue tho mill for damages arising out o f tho breach o f contract,
but if the bank lias this right, it merely enhances tho value of tho collateral and
doos not affect tho form o f the transaction. Such notes would, thoroforo.
In the opinion o f this office, clearly come within tho provisions of Section
6200 of tho Itovised Statutes, and no national or member bank could dis­
count an aggregate amount o f more than 1 0 % of its capital and surplus
without violating the provisions o f this section.
“ Tho languago o f Section 13 o f tho Federal Reserve Act is still more
comprehensive, and no Federal Reservo bank could. In tho opinion of this
office, rediscount such notes bearing the name o f one broker for an aggre­
gate .amount in excess of 1 0 % o f the capital and surplus o f tho member bank
without violating tho provisions o f Section 13 o f tho Federal Resorvo Act.
" A different situation would result if tho broker should draw,’a bill of ex­
change on tho mill accompanied by tho necessary documents and tho mill
should accept this bill of exchange. In such case, if tho bank discounted it,
it would hold the direct obligation o f tho mill as acceptor; would have the
security o f the broker’s obligation as drawer o f the bill, and would also havo
tho security o f tho cotton pledged as collateral. In this form tho transac­
tion would come within tho proviso o f Section 5 2 0 0 o f t h o Revised Statutes,




1029

which excepts from its operation ‘ the discount of bills of exchange drawn in
good faith against actually existing values.’ ”
The matter has been submitted to tho Comptroller or tho Currency,
who states that he fully concurs in tho view expressed by counsel as set forth
above.
F e b . 9 1916.
THE N E W P H IL IP P IN E B A N K .

Advices that the board of directors of the new Insular
Bank of the Philippine Islands has been organized were last
week reported by the “ Journal of Commerce” as having been
received by II. Parker Willis, Secretary of the Federal Re­
serve Board, the newly-elected President of the bank. M r .
Willis, as we noted Feb. 26, has received a six-months’ leave
of absence from the Reserve Board to organize the institu­
tion. On the 8th inst. tho Board announced that Charles
C . Robinson of the Irving National Bank of New York had
been selected to go to the Philippines to assist M r . Willis
in the organization. M r. Robinson was one of a group of
banking experts who assisted in the organization of the Fed­
eral Reserve system and whose report was submitted to the
Organization Committee. During M r . W illis’s absence,
Sherman Allen, Assistant Secretary of the Reserve Board,
will perform his duties.
In its issue of the 8th, the “ Journal of Commerce” had the
following to say regarding the bank:
M r. Willis is a director of the bank by virtue of his office, and arrange­
ments were made to have him qualify by proxy, the necessary stock being
assigned to him. It is understood that tho board of directors further took
preliminary steps toward securing an adequate supply of notes for the new
bank, to bo manufactured at tho Bureau of Engraving and Printing.
I ho new bank is expected to absorb tho existing Agricultural Bank of
tho Islands, and will take over its assets on a guaranteed basis, while it wil
also tako upon Itself certain foreign exchango work heretofore performed by
tho Treasury of the Philippines and the business of lending in aid of indus­
try. which has been carried on tby the Philippine Government. It is ex­
pected that tho bank will do a regular commercial business, but its principal
object will be that of maintaining sound conditions in currency and a stable
rate of foreign exchango, together with other functions already referred to.
The stock of tho bank is entirely owned by tho Government, except for the
fow shares held by directors, and branches will bo established at different
points throughout tho Islands according as needed. Tho institution wil
bo a central Government bank with branches.
While Mr. Willis will be able to remain only during tho period of organiza­
tion, that being the purpose for which ho has beon granted a leave of ab­
sence, it is understood that ho will bo able to place competent assistants in
chargo of the different departments of the bank. Export bank men have
been invited to accompany him.
It is understood that tho Bank of tho Philippines will devote itself largely
to tho development o f trade betweon tho United States and tho Islands,
discounting this foreign trade paper in tho United States, and endeavoring
to build up better business relations betweon tho Islands and this country,
thereby supplying the capital needed for insular development.
The bank is not expected to interfere with or attempt to occupy the field
now exploited by existing banks In tho Philippines, but to do somewhat the
samo work that is being performed by tho Federal Reservo system in the
United States, although it is true that the institution will have direct re­
lations with tho public, and will supply needs that aro not now adequately
covered by existing banks of the Islands.
Tho new Banking Act of the Philippines gives authority for tho establish­
ment of branches in tho United States, and it is supposed that one or more
such branches will bo provided for within a reasonable time after tho new
institution has been opened for business. How many local branches in
tho Islands will bo created will depend upon tho rapidity with which the in­
stitution is organized and its work outlined.

The current number of the “ Journal of the American
Bankers’ Association” contains an article by L. Ames Brown,
concerning the bank, which says in part:
Dr. Willis wrote tho original draft of the measure by which tho Philippine
Assembly authorized the now Government Bank. Tho measure as written
by Itim was adopted with slight alterations by tho Insular Assembly early
in February, and tho Government of the Islands immediately tendered him
tho position of President at an annual salary of $10,000. lie leaves for
Manila about March 1 .
American bankers havo boon greatly interested in tho character of.the
now Philippine bank, which has been inadequately described in the brief
newspaper dispatches cabled to the United States in February.
Tho following statement of its functions is authoritative: For some years
past the Philippine Government has carried on an agricultural bank. It
has also advanced funds to provincial Governments and to private enter­
prises of certain kinds for tho purpose of assisting in tho economic develop­
ment of tho Islands. In addition to these undertakings, it has performed
certain foreign exchange operations through its Treasury. These, taken
together, constitute a considerable volume of banking operations, and some
months ago It was thought best to consolidate them and to establish an
institution to bo known as tho Insular Bank of the Philippine Islands, with
a definite capital, but with its stock owned by the Government, to carry
on theso functions for the future. The measure in question was passed in
tho early days of February, Just before the adjournment of tho Philippine
Legislature, and Immediately thereafter tho following cablegram was re­
ceived in tho United States from tho Philippine Government:
“ Bank bill as enacted finally provides $10,000,000 capital. Government
to purchase majority stock. Sixty per cent payable now; balance in annual
Installments. Three classes operations: First, real estate; second, liquid;
third, miscellaneous. Real estate bonds to be issued against first class
circulating notes to bo Issued against second class, but never to exceed 60%
capital and surplus. Bank also may Issue notes against gold; may estab­
lish branches In provinces and the United States.”
It is understood to be Dr. Willis’s plan to establish the central institution
at Manila with a number of branches in tho business centers of the Islands.
Governor-General Francis Burton Harrison recommended the establish­
ment of the Insular Bank in his message to tho Third Philippine Legisla­
ture, October, 1915, in this languago:
“ Moreover, additional revenues are needed now and will be needed in the
coming years to meet the just demands and expectations of the people for
further works of progress and economic Improvement. Foremost among

th ese I re co m m e n d t o y o u r co n s id e ra tio n th o n e ce s s ity fo r th e establish ­
m e n t b y th o G o v e r n m e n t, a lo n g co n s e r v a tiv e lin o s, o f an in su lar b a n k .
A d d itio n a l c r e d it fa cilities aro essontial t o th o p r o d u ce rs o f th oso Is la n d s .
I t is o f th o u tm o s t im p o rta n ce th a t th o a g ricu ltu rists o f th o P h ilip p in e s
s h o u ld h a v e m o r o ex ten siv o o p p o r tu n itie s fo r o b ta in in g c r e d it u p o n th eir
la n d s , u p o n th eir liv e s t o c k , a g ricu ltu ra l im p le m e n ts an d g ro w in g c r o p s .
O th er classes o f p r o d u ce rs in th o c o m m u n ity aro a ls o e n title d t o co n sid e ra ­
tio n in th is re g a r d . In th o fo rm a tio n o f th is b a n k d u o con sid e ra tio n
s h o u ld b o g iv en t o th o p r iv a te b a n k in g in terests a lro a d y e x istin g , th a t all
d a n g er o f crea tin g a G o v e rn m e n t m o n o p o ly o f b a n k in g m a y b o a v e r t e d .”

PROPOSED M O D I F I C A T I O N OF R E G U L A T I O N G O V E R N ­
IN G TR AD E ACCEPTANCES.

In an informal ruling on Trade Acceptances the Federal
Reserve Board in its “ Bulletin” for March s ys :
The Federal Reserve Board is in receipt o f a letter, copy of which is
herewith inclosed, suggesting as a temporary modification of Regulation T
that tho statement required under Paragraph V , in regard to bills indorsed
by banks and bankers, in certain cases, bo considered as applying to tho
banks or bankers, rather than to tho drawers and acceptors of bills.
After due consideration the Board expects to meet this request, and
when reissuing tho regidations for tho year 1916, intends to make tho
corresponding change. Pending that, you are authorized to buy such
bills of exchango drawn in foreign countries on American acceptors, pro­
vided, however, that where it may provo impossible to secure information
from the acceptor or drawer, it will bo necessary that a satisfactory state­
ment from tho Indorsing bank or banker should bo previously obtained
covering tho financial condition of said indorsing bank or banker. Such
bills may bo taken at rates within tho rango fixed from timo to timo for
bankers’ acceptance.
January 21 1916.
[Inclosure.]
A considerable volumo o f trade acceptances Is coming forward from tho
Orient, drawn by sellers o f goods In tho Orient upon well known importing
and manufacturing concerns In tho United States. These aro purchased
in tho Orient by tho branches of leading banking Institutions and other
similar banks and bankers. Tho branches of theso banks in tho United
States receive tho bills from tho Orient, havo them accepted, and then
sell them in tho open market with their indorsement. Such bills sell at
a rate equal to or approximating closely tho rato for bankers’ acceptances.
Regulation T provides that “ before purchsing domestic bills of exchango,
tho Federal Reserve bank must secure statements concerning tho condition
and standing of tho drawer o f the paper, and if possible, also of tho acceptor
of tho bill, sufficient to satisfy tho bank as to tho nature and quality of tho
paper to be purchased.”
In tho case of bills of the kind I havo described it would bo manifestly
1 m p o s s ib lo fo r us t o s ccu ro sta te m e n ts o f th o d ra w er an d w o feel th a t it
w o u ld b e Im p ra ctica b le fo r th e p re se n t, a t least, t o o b ta in statem en ts fro m
th e a c c e p to r s , s in co th e y h a v e n o in terest in w h a t b e c o m e s o f th o bill.
Y e t it seem s t o us o f Im p o rta n ce th a t w o sh o u ld b o ab le t o b u y such d rafts
w h en in d o r s e d b y resp on sb ilo ba n k s o r ban k ers (fr o m w h o m w o co u ld
o b t a in s a tis fa c to r y sta tem e n ts o f co n d itio n s .)
P o s s ib ly , In th o fo r th c o m in g re g u la tio n in cases w h ere s u ch bills aro
n d orsed b y ba n k s o r ban k ers an d aro so ld o n their c r e d it, th o statem en t
req u ired m ig h t b o th a t o f th o b a n k o r ba n k e r. W o aro a n x io u s, h o w e v e r ,
t o m a k e p rogress in th e m a tte r p r o m p t ly , a n d I am w ritin g to in quiro
w h eth er it w ou ld n o t b o p o ssib lo fo r th o B o a rd t o ad viso Federal R eserve
b a n k s , as a te m p o r a r y m o d ific a tio n o f R e g u la tio n T , th a t th o statem en t
req u ired u n d er P a ra g ra p h V , in regard t o bills in d o rse d b y ban ks or ban k ers,
m ig h t b o co n s id e re d as a p p ly in g t o th o ba n k s o r b an k ers, rather th an t o
t h e draw ers an d a c c e p to r s o f bills.

PU R CH A SE A N D D ISC O U N T B Y N A T IO N A L B A N K S
OF L O A N S SE C U R E D B Y F A R M L A N D .

According to M . C . Elliott, Counsel for tho Federal Resorvo Board, any national bank m ay, under tho provisions
of Section 24 of tho Federal Rosorvo A ct, purchase or dis­
count loans secured by improved and unincumbered farm
land as woll as mako such loans in tho first instanco. W e
quote tho opinion below :
F e b r u a r y 10 1916.

S i r :— This office has been requested to give an opinion on tho question

.

[Vol . 102.

THE CHRONICLE

1030

whether or not national banks can, under tho provisions of Section 24 of
tho Federal Reserve Act, purchaso and discount loans already mado that
aro secured by Improved and unincumbered farm land, provided said loans
meet all of the requirements of Section 24.
Section 24 provides in part that—
Any national banking association not situated in a Central Reserve
city may mako loans secured by Improved and unincumbered farm land,
situated within its Federal Reservo District.
It will bo observed that tho statute does not provide that loans must
bo mado to tho owner of tho farm land but that such loans may bo made
upon tho security o f farm land. If, therefore, the loan complies with tho
other conditions and limitations of tho Section a national bank would, In
tho opinion of this office, bo authorized and empowered to purchaso or
discount such loans already mado as woll as to mako thorn In tho first
Instance to tho owner of tho property.
Tho question Is also submitted whether or not a statement signed by tho
officer of tho bank, as of tho date of tho purchaso or discount of a farm loan
already mado, would bo considered as a compliance with regulation 1 .
This regulation provides that—
A statement signed by tho officer making tho loan and having knowl­
edge of tho facts upon which it is based, must bo attached to each note
secured by a first mortgage on Improved farm land, certifying in detail as
of tho date of tho loan that all of tho requirements havo boon duly ob­
served.
In answer to tho specific question submitted, It seems clear that where
a bank purchases or discounts a farm loan, and one of Its officers certifies
as of the date of such purchaso or discount that tho requirements of law
havo been complied with, this certificate would constitute a substantial
compliance with regulation 1 sinco tho dato of purchaso or discount Is, In
effect, tho date that tho loan is mado by tho purchasing bank on tho secur­
ity of tho farm land In question.
Respectfully,
M . O. ELLIOTT, C o u n sel.
T o n o n . CHARLES S. H AM LIN.
G o vern o r F e d e r a l R eserve B o a rd .




M cL A N E

T IL T O N 'S EFFORTS O N B E I I A L F OF
COUNTRY BANKERS.

A letter sotting out tho result of his visit to Washington
in bohalf of the country bankers on tho question of interest
charges has been sent to the banks by MoLano Tilton Jr.,
Secrotary and Treasurer of tho Alabama Bankers’ Associa­
tion and President of the First National Bank of Poll C ity,
Ala. M r . Tilton reports that a resolution is now beforo the
House Committee on Rules calling for an investigation of the
mattor of usury, and that pending this inquiry it is tho under­
standing that existing banking practices m ay bo continued
without fear of suit for forfeiture of charter. M r . Tilton’s
letter, which also deals with the subject of parring of ohecks,
is as follows:
F e b r u a r y 19 1916.
T o the B a n k A d d r e s s e d :

I havo just returned from Washington and write you as agreed in my
former letter.
Tho outlook Is encouraging. Undoubtedly a sufficient number of banks
spoko out strongly and frankly enough to mako their own necessities and
tho needs of their communities well understood.
It is venturesome to hazard a prediction as to what is to happen in matters
we havo under consideration and this is tho moro difficult because it may
bo unwiso to give tho exact naturo of information received. Tho following
observations, howovor, represent my opinion in tho promises:
F i n a n c i a l L e g is la t io n .

Thero is not likely to bo any at this session of Congress. Tho annual
report of tho Comptroller resulted in a resolution introduced by tho Hon.
W m. Schley Howard, of Atlanta, Ga., which is now beforo tho House Com­
mittee on Rules. It provides that tho IIouso Committeo on Banking and
Currency shall investigate tho matter of usury and mako such recommen­
dations as may bo deemed proper. Representative Howard feels that tho
facts disclosed by tho Comptroller on usury demand such an investigation,
and I suggest that you write for and study tho Comptroller’s report to
appreciate his reasons for this attitude. It is not M r. Howard’s Intention
to support any bill that will work a hardship upon a proporly managed
bank. Ho desires to reach only thoso banks whoso averago rates aro so
high as to mako them a menaco, rather than an aid, to their communities.
Parties with whom I talked expressed tho conviction that a minimum dis­
count charge should bo permitted on small loans, say a chargo of fifty cents
freo of usury taint, and that thero should be a definlto maximum permitted
o f 1 2 % , beyond which no bank can go.
Until this committeo Investigation has been held It is tho impression that
oxisting banking practices may bo continued without fear of suit for for­
feiture of charter, tho only remedy now availabio, and that too drastic.
That this will be true in all cases cannot bo stated, because tho Comptroller
seems to strongly feel that some banks havo gono so far boyond tho bounds
o f reason and righteousness as to deserve discipline.
P a r r in g o f C h ecks.

Tho clearing o f checks between mombor banks Is held by somo authorities
to bo ono of tho primary purposes of tho Federal Reserve A ct. Tills part
of tho law has been tho subject of much discussion and disagreement. It
is certainly truo that this purposo. Incompletely incorporated in tho act,
failed to consider tho loss of incomo that would follow to tho small banks
or tho cost of tho service to tho Federal Rosorvo banks. These two facts
aro now fully appreciated. It is known from tho small rosponso to tho
“ Voluntary Plan” that only a few banks will bo benefited by tho parring
of checks while the loss of this source of incomo will havo unhappy conse­
quences upon tho great majority. It is furthor feared that tho added
expenso of this servico may mako it impossible for tho Federal Reserve
banks to pay dividends within tho period hoped for. In tho faco of theso
facts it is impossible to beliovo that tho Federal Reservo Board will mako this
experiment with tho law as it now stands, and thus far tho Board has asked
for no added powers or amendments to tho law.
F o r m s o f R ep o rt o f C o n d it io n .

Thero is reason to beliovo that tho next form to bo used will omit several
sections of which wo so justly complained. Granting that causo existed
in tho outsot to mako this data of value, now that it Is in hand its further
repetition is unnecessary.
Conclusions:
1 . No need appears for a general meeting of Group 2 and 3 banks at
this time. If tho Howard investigation is taken up, country bankers
must see to it that they aro properly represented at tho hearing.
2. Tho communications o f country bankers to Senators and Congressmen
must bo continued in order that our just needs and tho needs of our com­
munities bo constantly impressed upon them.
3. At this year’s meetings of tho several Bankers Associations wo must
seo that theso needs aro expressed by proper resolutions and forwarded
to Washington.
4. In each Stato an effort should bo mado to pass bills permitting a
•‘contract rateof interest” and allowing a “ minimum discount chargo freo
o f usury taint.”
5 . Our brief efforts having had such excellent results In tho common
welfaro, a permanent organization of somo sort, of, for and by country
bankers, Is advisable.
Very truly yours,
McLANE TILTO N Jr.
M O B ILIZA T IO N

O F F R E N C H S E C U R I T I E S FOR S A L E
I N LONDON.

The fact that Franco has turned its attention to tho mobiliz­
ation of its securities with a view to soiling them on tho Lon­
don Stock Exchange seems to be viowod with somo uneasiness
in certain quarters in London, as reflected by criticism in
the “ London Financier.” In quoting what tho lattor has to
say in tho matter, tho “ W all Street Journal” of tho 3d inst.
printed tho following:
It appears that London Is somewhat apprehensive In regard to a proposal
looking to tho mobilization of certain securities in Franco with an Idea of
selling them, or hypothecating them as loans. In London for tho purposo of
restoring tho abnormal exchango situation between Baris and London.
This situation arises in consequonco of tho heavy purchases of goods by
Franco In England sinco tho war. In ordinary times French oxports.to
England largely exceod tho imports of British goods Into Franco, but sinco
tho war tho situation has boon roversod. Tho result Is that oxchango4has
been extremely unfavorable to Franco, nearly 28 francs being now noodod

Mar . 18 1916.]

THE CHRONICLE

to discharge a debt of ono pound In London, as compared with only a shade
over 25 francs in peaco time.
France's financial relation to England has, in fact, become precisely
similar to England’s recent position in relation to tho United States, and
it is now suggested that by adopting inoasures similar to thoso instituted to
stabilize the Now York sterling rate, Franco will bo able to restore her rate
of exchange on England. Subsequent to a recent visit of tlio French Min­
ister of Finance and tho Governor o f tho Bank o f Franco to London, it was
announced that an agreement had been reached in regard to tho sale of
French-owned securities on tho London Stock Exchango.
Commenting on this situation, tho “ London Financier" says:
" I t is ono thing for a belligerent to sell securities in a neutral market,
as wo aro proposing to do in tho United States, and quito a different thing
for another belligerent to dump its securities in tho market o f ono of its
Allies, as France is apparently threatening to do. The United States,
which has been making huge profits out of tho war, may bo in a position to
buy back its own securities with tho greatest easo, especially as it has hardly
any other moans of employing its surplus wealth. This country, on tho
other hand, needs all its available capital for subscriptions to national war
loans, and is not able to relievo even its closest Ally of her holdings of for­
eign investments.
“ It is to be hoped, thon, that no attempt will bo made to effect realiza­
tions on tho London Stock Exchango of tlio mobilized French-owned se­
curities. Tho mere prospect o f extensive unloading operations has already
created considerable anxiety, and fears aro expressed that if tho Bank of
England is to become a heavy seller of French-owned investments mobilized
under tlio auspices of tho Bank of Franco, tho London market will experience
a spell o f acute depression.
"Possibly it is not intended to dispose of tho securities outright, but
merely to deposit them in tho Bank o f England as collateral against credits.
I f that is the plan, it wero well that tho public should bo informed accord­
ingly with tlio least possiblo delay. The present uncertainty is disconcert­
ing and is proving a chock upon business at tho very tiino when tho markets
need every possible encouragement."

NEW

L IS T OF M O B IL IZ A T IO N

SEC U RITIES.

It was announced from London on tho 4th inst. that the
British Troasury, with a viow to accolorating tho mobiliza­
tion of Amorican securities, has given notico to British banks
that thoy aro requested to call in loans gran tod upon Amorican
railroad sharos.
On Fob. 28 roports from London stated that it was oxpoctod that tho British Government’s plan for borrowing
American mobilized securities, whereby tho holdors deposit
tho soouritios instead of selling thorn and receive an oxtra
half por cont intorost, would bo put in operation shortly.
Tho “ Journal of Commerco” on tho 29th contained a state­
ment to tho offoct that tkoro is roason to boliovo that tho
volumo of securities available for salo has boon virtually ex­
hausted and that tho Chancollor of tho Exohoquor will thoroforo bo compollod to borrow to moot additional foreign ex­
change roquiromonts. In rosponso to a quostion in the Houso
of Commons, on tho 29th, Roginald M cKonna, Chancollor
of tho Exchequer, statod that it would not bo in tho public
intorost to publish tho amount of American securities which
havo boon colloctod in furthoranco of tho Government’s mo­
bilization plan.
An additional list of securities (Nos. 163-207) which the
British Troasury announced itself proparod to purchase for
tho period from Fob. 14 to 19 was published in tho London.
“ Financial News” of Fob. 14. As indicated bolow, tho
Treasury continued to temporarily offor a prico for thoso
socuritios boyond the 19th.
In printing tho list (Nos. 163­
207), which wo givo herewith, tho “ Nows” said:
Tho prices offered for tlio socuritios will bo oxhlbitod each day during that
poriod at tho National Dobt Offico, at tho London Stock Exchango and at
oacli of tho Provincial Stock Exchanges. Tho salo to His Majosty's Troas­
ury should bo offoctod through a mombor o f a Stock Exchango or a banker.
After Fob. 19 1910 tho list may bo entirely withdrawn, or pricos may bo
offered for tho Included socuritios at intervals.
Tho Troasury coasod on Saturday last temporarily to offor a prico for tho
socuritios included in tho list sent out on Fob. 4 1916__Socuritios Nos. 118
to 162.
A D D IT IO N A L LIST (SE C U R ITIE S N OS. 163-207).
Ala. G t. So. Gon. M . 6 , Stg.. 1927.
^ in n . St. P . A 8 . S. M . 2d M . 4, 1949.
Ala. M id . 1st M . G td. 5, 1928.
N . O . T erm C o. 1st M . 4 . 1953.
Atchison 10-Year Conv. 5, 1917.
N . Y . G. 4 )4 C orp. (Coup. B d s.). 1957
Beech Creek 1st M . 4, 1930.
w
L 2ko Erie A w . Cons. M . Fd
Cartilage & Adirondack 1st M . 4, 1981.
Coup. 7, 1920.
Chic. M il. A St. P . (W . & M . D iv.) 1st
T utnam 1st C . M tg. 4, 1093.
M . 6 , 1921.
N orfolk C on v. 10-25-Yr. 4 (1907), 1932
Chic. M il. & St. P . (Chic. & L . Sup.)
xt ‘i °
1938.
1st M . 5, 1921.
w
N . P a c. R efg. & im p t. 4K # 2047. j
Chio. St. L . A N . O. (Memphis) 1st M . Penns. Cons. M tg . 4 194?
G td. 4, 1951.
„
PW ' i * Erie G en. M .’ o , 1920.
1
Chic. & W . Ind. Gen. T r . 6 , 1932.
Reading Jersey Cent. Coll 4 19/51
Cin. Ilam . A D ay. 1st & R e f. 4 (Gtd. by R io Grande W . 1st T r M 4 I 939
B . & O .). 1959.
.
St. Louis Bridge 1st M 7. 1929
Clov. Cin. Ch. A St. L . (C . Vln. A Chic.)
8 t i93<)MerCh' Brldge Term . 1st M . 5,
1st M . 4, 1939.
Clov. Cin. Ch. A St. L . (St. L . D iv.) l 8t St. Louis 8 . W . 1st M . 4 , 1989
Coll. T r. M . 4, 1990.
•^
Ciev. A M arietta M tg . G td . 4 )4 , 1935. Sti94bMlnn‘ * Man' (Pac- Ext-) 4 s t g Clov. A Pitts. G en. M . G td. 4)4 (Ser.
A N . E . (N . A W .) 1st M . 4,
" A " ) , 1942.
i
Erlo C onv. 50-Yr. 4 (Ser “ A ” ), 1953.
Texas A Poo. 1st M . 5, 2000
G r. R ap. A Ind. E xt. 1st M . G td . 4)4,
1041.
U‘4Ni9298ey R R ‘ & Canal C o - G en' MIII. Cent. 1st M . E xt. (1903) 3 )4 , 1951.
R R - & Canal C o. Gen. M .
111. Cent.-Chic. St. L . A N . O. Jt. 5,1963. 4, 1944.
K an. C . S. Itcf. A Im p. M . 5, 1950.
W abash 1st M . 5, 1939
Lou. A Nashv. Gen. M tg. 0, 1930.
W . Va. A Pitts. 1st M .*4, 1990
do
1st Coll. T r. 5. 1931.
W isconsin Cent. 1st A R efg. M 4 1069
do
(N . O . A M . ) l s t M . 6 , 1930.

Following tho issuance of the above additional list, a fur­
ther list of soouritios which tho Troasury was proparod to




1031

purchase from Feb. 18 was made public in an announcement
on tho 17th as follows:
.
Illinois Central R R . Co. Leased Lines 4% .
Minneapolis St. Paul & Sault Ste. Marie Co. common.
do
do
do
7% non-cum. preferred.
Pittsburgh Fort Wayne A Chicago (guar. 7% by Pennsylvania R R .).
Reading Co. 4% non-cumulative first preferred.
do
do
second preferred.
Tho Treasury will also bo prepared on and from tho same date, for a lim­
ited number of days, to purchase certain specified securities from the lists
which havo already been published.
Tho pricos offered for tho socuritios will bo exhibited each day at tho Na­
tional Debt Offico, at the London Stock Exchango and at each of tho Pro­
vincial Stock Exchanges. The salo to Ilis M ajosty’s Troasury should be
effected through a member of a Stock Exchango (or of tho Association of
Provincial Stock and Share Brokers) or a banker.
The Treasury will continue temporarily to offer a price for tho securities
included in tho list sent out on Feb. 11 1916 (Nos. 163 to 207) after Satur­
day, Feb. 19, 1916.

Tho mobilized list of socuritios N os. 118-162, for which the
Treasury on Fob. 12, as noted above, coasod temporarily to
offor a prico, was as follows:
Atlantic Coast 1st Cons. 4, 1952.
Can. Sou. Cons. G td. 5, 1962.
Carolina Clinch. A O. 1st 5, 1938.
Chic. B . A Q. N eb. E xt. 4, 1927.
Chic. A A lt. R efdg. 3, 1949.
do
1st Land M tge. 3 )4 . 1950.
Chic. M il. (Ch. P . W . D iv.) 1st 5, 1921.
do
Gen. 4 )4 . 1989.
do
Gen. A Refdg. 4 )4 ,2 0 1 4 .
Chic. N . W . Gen. 3 )4 , 1987.
do
Gen. 4, 1987.
Chic. R . I. A Pac. Gen. 4, 1988.
do
Refdg. 4, 1934.
Chic. St. P. M inn. A Om. 5 D e b ., 1930.
C h ic. A W . Ind. Cons. 4, 1952.
Col. A Sou. 1st 4, 1929.
do
R efdg. E x t. 4 ) 4 , 1935.
D el. A H ud. 1st A R ef. 4, 1943.
Erie Cons. 7, 1920.
do
Penn. Coll. Trust 4, 1951.
K an. C . Sou. 1st 3, 1950.
Lehigh Gen. Cons. 4. 2003.
do
4 )4 , 2003.

M . K . A T . 1st M . 4, 1990.
Norfolk 1st Cons. 4, 1996.
do
D iv . 1st Lien Gen. 4, 1944.
do
Poca. Jt. 4, 1941.
Oregon Short Lino 1st Cons. 5, 1946.
Penna. C o. 4 Gold Bonds, 1921-31.
do
3)4 Girard C . C . D „ 1942-44.
St. P . M inn. A M an. Cons. 6 , 1933.
do
4 ) 4 , 1933.
do
4. 1933.
S. A n t. A r. Pass. 1st 4 ( G t d .S .P .), 1943.
Seaboard A ir Line 1st 4 ,1950.
do
Refdg. 4, 1959.
So. Pac. Frisco Term . 1st 4, 1950.
Sou. R y . D ev. A Gen. 4, 1956.
Vandalia R R . Cons. 4, “ A ,” 1955.
do
" B , ” 1957.
Wisconsin Cent. 1st Gen. 4, 1949.
Bell Tel. o f Canada 1st 5, 1925.
Cumberland Tel. 1st G en. 5, 1937.
Pac. T el. A T el. 1st Coll. T r. 5, 1937.
Western Un. Fdg. R . Est. 4 )4 , 1950.

Tho original list of 54 bonds which the Troasury announced
that it was proparod to buy, and which still continues ex­
tant, was printed in those columns Jan. 15, while a list of
18 Amorican securities includod in the mobilization plan was
published in our issue of Fob. 5. Thero was later issued what
was tormod a list of “ Supplementary Bonds,” which increased
tho ontire mobilized list from 72 to 117; this S u p p le m e n ta r y
list was replaced on Fob. 7 by tho A d d it io n a l list numbered
from 118 to 162; as a matter of record wo print the S u p p le ­
m enta ry list below:
D errL U M U xT A K I UIWU8 (MOBILIZED).
A tch. Cal.-Ariz. 1st A R ef. 4 )4 , 1962
A tl. Coast 4 (L. A N . Coll. T r .). 1952.
Cent, of Georgia 5 Cons. M .. 1945.
Chic. B . A Q. 4 Gen. M „ 1958.
do
111. D iv . 1st 3 )4 , 1949.
do
111. D iv . 1st 4, 1949.
Cent. Pao. (T h. Sh. L .) 1st G td . 4, 1954.
do
3)4 M tg. G old, 1929.
Chic. G t. W . 1st 50-Yr. 4 G old, 1959.
Chic. M il. A Pug. Sd. 1st 4. 1949.
C . C . C . A S t . L. G e n .M . 4 , 1993.
Denver 1st Cons. 4, 1936.
D etroit T . A T . 1st M . 4 )4 , 1961.
G . N . R y . 1st A R ef. 4 H , 1961.
H ocking Val. 4)4 1st Cons., 1999.
111. Cent. 4 R ef., 1955.
do
3)4 (Louis. D . A T .) , 1953.
do
Cairo Bridge 4, 1950.
Interboro. R ap. T r. 1st R ef. 5, 1966.
L . S. A M ich. Sou. 1st 3 )4 , 1997.
Lehigh Val. 1st 4 )4 , 1940.
Lou . A N ash. (Atl. K . A C . D iv.) 4,1955.
M anhattan R y . Cons. 4, 1990.

M ich . Cent. G old D ebs. 4, 1929.
do
1st 3 )4 , 1952.
N . Y . C . M ich . Cent. Coll. T r. 3 )4 ,1 9 9 8 .
do
L . Sh. Coll. T r. 3)4 (non-assented), 1998.
do
(Assented), 1998.
N . Y . Ch. A St. L . 1st 4, 1937.
N . Y . Ont. A W . R ef. 4, 1992.
Norfolk Genl. 6 , 1931.
do
6 Im pt. A E xt., 1934.
Oregon A Cal. R R . 1st 5, 1927.
Oregon R R . A N av. Cons. 1st 4, 1916.
Phil. A Read. 4 Im p ., 1947.
Pitts. C . C . A St. L . 4)4 Cons., 1940-42.
8 . A N . Alabama, 1st 5, 1936.
So. St. L . D iv . 4, 1st, 1951.
Term , o f St. L . Gen. R ef. 4, 1953.
do
1st Cons. 5, 1944.
do
1st 4 )4 , 1939.
T ol. St. L . A W . Prior Lien 3 )4 , 1925.
Virginian R y . 1st 5, 1962.
Wash. Term . 1st 3 )4 ,1 9 4 5 .
W est Shore 1st G td. 4 (N . Y . C .), 2361.

I T A L Y 'S SEIZ U R E OF G E R M A N SH IPS .

The seizure by the Italian Government of thirty-four of
thirty-sovon German steamers intomod in Italian ports was
announced in the Houso of Commons, London, on Feb. 2 9 .
In Washington tho announcement attracted considerable
attention in official and diplomatic circles and in some quar­
ters tho boliof was expressed that tho seizure was the first
of a sorios of acts which eventually might lead towarbotween
Italy and Germany. Although diplomatic relations between
tho two countries havo been broken off they have not been
at war. An explanation advanced for Italy’s action was
that Groat Britain, short of ocean ships from submarine
activities, wantod to use tho ships in Italian ports and was
urging Italy to war on Gormany. Portugal’s rocont action,
similar to Italy’s, was rocalled in connection with last week’s
announcomont.
Germany has since (March 8) declared
war on Portugal, as the result of the requisitioning of
Gorman merchantmen interned in her ports. It is stated
that tho ships seized by Italy aro worth millions of dollars.
D E N I A L OF I S S U A N C E OF W A R N I N G ORDERS B Y B R IT ­
IS H G O V E R N M E N T D U R IN G R U S S O -J A P A N E S E W A R .

:

A letter from Secretary Lansing to Senator Pomerene con­
cerning tho issuance of British orders warning its subjects
against traveling on belligerent ships was read in the Senate
on the 6th inst. during the discussion on tho armed ship
question. In submitting the letter Senator Pomerene said: •

[Vol . 102.

THE CHRONICLE

1032

M r. President, about ten days ago I received a letter from a constituent,
urging me to support tho resolution o f the Sonator from Oklahoma [Mr.
Gore], and giving as a reason for making that request a precedent which had
been set by the British Government during tho war between Russia and
Japan. I at that timo made some investigation in tho State Department,
and satisfied myself that no such order had over been issued by tho British
Government; at least, that was the information which was given to mo. I
should not have referred to this subject but that on Saturday tho Sonator
from Massachusetts [Mr. Lodge] referred to it and discussed it at some
length, presenting some documentary ovidonco showing that no such order
had been issued. I then took the matter up again with tho State Depart­
ment in order that tho Senato might havo tho benefit o f such knowledge as
tho Stato Department has had upon tho subject, and I now have from the
Secretary o f State a letter which I send to the desk and ask that it may be
read for tho information o f tho Senato.

Tlio following is tho letter:
DE PA RTM E N T OF STATE.
W a sh in g to n . M a r c h 6 191G.
T h e H o n . A lt e e P o m e re n e, U n ite d S ta tes S en a te:
M g d e a r S e n a to r: Referring to your oral inquiry on Saturday last in re­

gard to an official order roported to havo boon issued at Hong Kong or Shang­
hai by tho British authorities, warning British subjects not to travel on
belligerent ships during tho Russo-Japanese War, I am advised that n o
such order or warning has been published in tho British official organ or In
"Tho North China Herald” of Shanghai, and that British representatives
and consular offices were expressly instructed to abstain from giving any
advice to merchants, &c., by a circular of Fob. 15 1904. It isundcrstood
that if any such warning was issued it was without tho authority of Ilis
M ajesty’s Government and contrary to their instructions.
Very sincerely yours,
ROBERT LANSING.

Advices from London on the 4th inst. stated that tho For­
eign Office on that day made a denial of the story that dur­
ing the Russo-Japanese W ar Great Britain had warnod her
subjects at Shanghai not to embark on liners of either bel­
ligerent.
___________________________
SIN K IN G
OF SI L I US B Y
GERMAN
SU B M AR IN E
D E N IE D
BY
GERMAN
EMBASSY.

Advices to tho effect that no Gorman submarine was
concerned in tne sinking of tho Norwegian bark Silius were
received by tho State Department at Washington from
Count von Bernstorff, the German Ambassador on the
16th inst. Information that the Silius, which left New York
on February 4 for Havre, had been torpedoed
without
warning in Havre Roads on tho 9th inst., was contained in
a dispatch which reached the Stato Department on the
11th inst. from John B . Osborne, American Consul at
Havro. The Silius, which had a cargo of grain, carried
no passengers. Its crew is said to havo numbered seventeen,
seven of whom were Americans; three of tho crow were lost,
but no Americans were among those who perished. Consul
Osborno is also said to havo advised tho State Department
that the bark was unarmed. His report that it was tor­
pedoed without warning was based, it is said, on tho state­
ment of American survivors. Cables from Paris on tho 13th
inst. stated that the first officer of the Silius was quoted by
the Paris “ Horald” as expressing the opinion that tho vessel
may have been struck by a bomb from an aeroplane, instoad
of a torpedo. A statement issued by the German Embassy
on the 16th with regard to its advices to the State Depart­
ment, said :

The German Ambassador informed tho Department o f State by order of
his Government, that according to official roports received by tho German
Admiralty, no German submarine is responsible for tho sinking of tho
Norwegian bark Silius. Tho nows published in tho foreign press that a
German submarine had torpedoed tho Silius without warning was, from
tho beginning, not bolioved in Berlin because such an attack on a neutral
ship would not havo beon in accordanco with instructions issued to German
submarino commanders.
_

A wireless to Sayvillo from Berlin on the 15th inst. quoted
the Oversea’s News Agency as saying :
An official investigation by tho German Navy has established tho fact
' that no German submarino was concerned in tho sinking o f tho Norwegian
bark Silius.
____________________
T H E S I N K I N G OF T IIE T U B A N T I A .

The sinking was roported yesterday of tho Holland Lloyd
passenger steamer Tubantia on the 16th inst. off tho Noord
Hinder lightship as the result of striking a mine or an attack
by a submarine. The steamer carried botweon eighty and
ninety passengers and a crew of 300. It is announced that
377 survivors have been landed at various Dutch ports.
According to late advices yesterday from tho Hague, evidence
given by officers of the Tubantia to representatives of the
Dutch Ministry of Marino is to tho effect that the ship was
attacked by a submarine and torpedoed without warning.
Three Americans aro reported to have been on board tho
vessel, the sinking of which will bo inquired into by tho
Stato Department. The Tubantia left Amsterdam on the
15th inst. for tho River Plate and was to stop at Falmouth
for additional passengers and freight. Lord Robert Cecil,
British Minister of the Blockade, is said to have stated to
newspaper men that the vessel was at anchor, fully lighted
and could not, therefore, have struck a mine.




ALLEGED

SU B M A R IN E

ATTACK

ON

TIIE

P A T R IA .

According to tho Captain and mombers of tho crow of tho
Fabre Line steamer Patria, which reachod Now York from
Mediterranean ports on the 16th inst., the vossol was at­
tacked without warning by a submarine on March 1 off tho
African coast. James W . Ewell & C o. of 17 Stato S t.,
agents for the vessel, ai*o said to havo assertod on tho day
of the Patria’s arrival that the Stato Department knew of
the attack soon after it was made, a report to that offoct
having been cabled to Washington from Lisbon. Tho
Patria had twenty-nino Americans among her passengers
when the attack was made. The torpedo, it is said, missed
her by only twenty feet. Tho ship had on board at the timo
1 ,140 persons, 290 of whom constituted tho officers and crow.
The number on board included 332 women and eight babies.
It was stated yesterday that tho allogod attack will bo in­
vestigated by the State Department.
LOSS O F L I F E S U F F E R E D I N S I N K I N G O F
LA PROVENCE.

An announcement of tho French Ministry of Marino at
Paris on tho 3d inst., placing tho number on board the
French auxiliary cruiser, La Provence II at the time of its
sinking at nearly 4,0 00, sorves to make tho disaster, as lar
as loss of lifo is concerned, the groatest of modern times.
Inasmuch as tho number of saved was givon as 870 by tho
Ministry of Marine on Feb. 29, more than 3,000 persons
suffered death in tho disastor. Tho cruisor, formorly of the
FronchLino’s transatlantic servico.was sunk in tho Mediter­
ranean on Feb. 26. It is stated that at tho timo tho vossol
went down there were on board the staff of tho Third Colonial
Infantry Rogimont, tho Third Battalion, tho second company
of tho First Battalion, tho Second Macliino Gun company
and one extra company, in all nearly 4,000 mon. Tho
announcement of the sinking mado by tho French Ministry
of Marino said:
Tho French auxiliary cruiser Provonco II., (so designated to distinguish
her from tho French battleship Provonco), engaged in transporting troops
to Saloniki, was sunk in tho Mediterranean on I'eb. 26. I wo hundred
and ninety-six survivors havo been brought to Malta, and about four
hundred to Melos, by Fronch and British patrol vessels summoned by
wireless.
No signs of a submarino were noticed either boforo or after tho sinking
La Provonco was armed with fivo cannon of fourteen contimotors, two of
fifty-seven millimeters and four of fourty-seven millimeters.

Up to the present timo tho largost number of lives ovor lost
in one wreck was when tho W hite Star linor Titanic struck
an iceborg off tho Newfoundland banks on April 14 1912,
and sank with a loss of 1,517 livos. Tho roscuod numbered
706. In tho caso of tho Cunard Lino steamship Lusitania,
which was torpedoed by a German submarino and sunk off
tho Head of Kinsale, Ireland, on M a y 7 1915, 1,153 livos
were lost.

____________________

BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Only two shares of bank stock were sold at tho Stock Ex­
change this week and none was sold at auction. Of trust
company stock, ono lot of 25 shares was sold at auction.
S h a r e s . BANK— N e w Y o r k .
L o w . H ig h . C lo se. L a s t p re v io u s s a le .
2 N a t . B a n k of Commerco____ 172
172
172 Mar. 1916—• 172
TRUST COM PANY— N e w Y o r k .

25

Mutual Trust Co. of West­
Chester County____________ 125

125

125

Dec. 1913

132

Henry Gassaway Davis, for many years United States
Sonator from W est Virginia and a candidate for tho VicePresidoncy on tho Democratic ticket in 1904, died in Wash­
ington, D . C ., on tho 11th inst. at the ago of ninety-throe
yoars. M r. Davis served two torms in tho U . S. Sonato—
from 1871 to 1883; prior to that timo ho had boon a member
of tho W est Virg nia Stato Sonato for two torms. About
1860 M r. Davis was President of tho old Piodmont National
Bank of Piedmont, W . V a ., which changed its titlo to the
Davis National Bank. Ho later bocamo idontifiod with
many coal mining and lumber ontorprisos and in tho de­
velopment of his properties promoted and projected a
numbor of railroads.
A pamphlet intended to throw somo light on tho financial
and commercial conditions of Russia, and particularly to
indicate tho progress made by tho pooplo during tho decade
preceding the present war, has boon issuod by tho Guaranty
Trust C o. of this city.
Tho Bank of Now York, N . B . A ., on Wednesday of
this weok celebrated the one hundred and thirty-second
anniversary of its organization. Tho institution is tho oldest

Mar. 18 1916.]

THE CHRONICLE

10 33

in the State, its organization having taken place March 15
1784. Alexander Hamilton was ono of the founders of the
bank. The Bank of New York has occupied its present
site at W all and William streets since 1798 with the excep­
tion of a brief period in 1799, when the yellow fever epidemic
forced it temporarily to locate in Greenwich Village, and
again in 1822 because of an epidemic. The institution was
incorporated as a national bank in 1865. Herbert L .
Griggs is President.

March 18 of the People’s Bank of that city, reference to
which was mado in our issue of Jan. 22. Three directors
of the People’s Bank not previously on tho board of the trust
company were elected to tho trust company’s directorate
on tho 6th inst. The new directors are Charles A . Chris­
tian, J. Charles O ’Brien and Samuel H . Dodd. Frank
C . Ferguson, Cashier of the People’s Bank, has been
elected Vice-President and Secretary of the trust company;
George Garrabrant becomes Vice-President; William R .
Bingham, formerly Assistant Treasurer, has been made
Treasurer; Stephen H . Gordon becomes Assistant Treas­
T.
J. McLaughlin, one of the leading business men of the
upper W est Side, was elected Vice-President of the Broad­ urer; Charles O. Geyer, Assistant Secretary, and Jerome
D . Gedney, counsel.
way Central Bank of this city on the 7th.

W illiam C . Edwards and Edgar C . Hebbard, heretofore
respectively Treasurer and Secretary of the Guaranty Trust
C o. of this city, havo been elected Vice-Presidents of that
institution; both men have been associated with the com­
pany since 1892. William P . Conway, heretofore Assitaant
Treasurer, and N . D . Putnam, heretofore Assistant Secre­
tary, have been elected respectively Treasurer and Secretary.
A t a meeting of the stockholders of the United States
Mortgage & Trust Co. of this city on the 16th inst., the
following directors, whose terms of offico expired, wore re­
elected: Nicholas Biddle, B . D . Caldwell, Charles D .
Dickey, Julius Kruttschnitt, Robert Olyphant, James
Timpson, Arthur Turnbull, W m .H . Williams.
C . E . Mitchell of the banking firm of C . E . M itchell &
Co. of this city, has been elected a Vice-President of the
National City C o. M r . Mitchell is withdrawing from the
banking firm and will devote his timo exclusively to the
interests of the National City Co.

Formal announcement has been made by the directors of
the Second National Bank of U tica, N . Y . , of their intention
to organize the Oneida County Trust Co. with $250,000 capi­
tal. As we have already noted, tho directors of the Second
National Bank recently decided to surender their national
bank charter and mako application for a trust company
charter, transferring the bank organization to the new com­
pany, the Oneida County Trust C o. Tho stock of both the
First National Bank and the Second NationalBankis owned by
almost the same interests, and a plan has been evolved for a
transfer of tho stock of the latter institution, as a result of
which the First National Bank will control the now Oneida
County Trust Co. The details of the plan were given in
our issue of Feb. 19.
Louis F . Butler, President of the Travelers’ Insurance Co.
of Hartford, Conn., was elected President of the Travelers’
Bank & Trust Co. at a meeting of tho directors of the latter
institution on the 14th. He succeeds Sylvester C . Dunham,
who died in October 1915.

Frank H . Swan was elected a director of the Rhode Island
T.
M . M u lry, a prominent philanthropist, and President
Hospital Trust Co. of Providence on the 14th inst.
of the Emigrant Industrial Savings Bank of this city, died
of pneumonia on the 10th inst.; he was in his sixty-first year.
A Morris Plan company is in process of organization in
M r . M ulry was a trustee of the M utual Life Insurance C o.
and a director of the United States Title Guaranty & In­ Boston and will open for business probably in April.
demnity Co.
Philadelphia Chapter of the American Institute of Banking
David B . Van Emburglx of the brokerage firm of Van has opened its new and permanent home in the Penn M utual
Emburgh & Atterbury of this city, and a member of the Life Building. W ith a large library, board, committee and
Stock Exchango for forty-seven years, died on March 16; class rooms, completely and attractively equipped, Phila­
ho was in his sixty-eighth year.
delphia Chapter is tho possessor of a plant which will make
tho study of banking and its allied subjects not only a profi­
Tho Franklin Trust C o. of Brooklyn has declared a quar­ table but a pleasurable occupation. A t the recent opening
terly dividend of 3 % , payable March 31 to holders of roeo rd and “ house warming”- President Carl H . Chaffee stated
March 30. Distributions heretofore have been semi-annual, the following pertinent facts: Philadelphia Chapter was
6 % each, Juno and December, the last payment having been organized in 1901; its membership has grown to nearly 1,200,
making it the third chapter in point of size in the Institute;
mado in December 1915.
it has to its credit 147 Institute graduates and is the second
chapter in the Institute in point of certificate holders. In
A special dividend of 2 % % to the depositors of tho old
tho securing of permanent quarters, the chapter officials
Rosevillo Trust Co. of Newark, N . J. (which failed in
had the active co-operation of Charles S. Cal well, President
August 1913), has been declared by tho Mutual Bank of
of the Corn Exchange National Bank; Joseph W ayne Jr.,
Rosovillo, which ropresonts a reorganization of tho defunct
President of the Girard National Bank, and Thomas S.
company; tho payment amounts to $12,500 and is equiva­
Gates, President of the Philadelphia Trust Co. The officers'
lent to a 2 5 % distribution on the Mutual Bank’s $50,000
of the chapter were greatly surprised and gratified when the
capital. Including the last dividend, tho total payments
bankers announced that they would guarantee the total
to tho depositors of tho defunct trust company now aggre­
rental of tho new quarters for tho next three years. This
gate 4 7 K % . Under tho reorganization plan tho depositors
was later followed by an appropriation of $750 by Group 1,
of tho wrecked trust company wero to becomo stockholders
Pennsylvania Bankers’ Association, to be used in equipping
of tho Mutual Bank, and tho 9 0 % of tho depositors who
the chapter library. William A . Law, President of the First
assigned their claims to tho new bank and eamo in under the
National Bank, presented to the new library a splendid
reorganization schemo received 4 0 % of their deposits at the
edition of the Encyclopedia Britannica.
timo of tho Mutual Bank’s opening. Sinco that timo the
Mutual Bank declared a 5 0 % stock dividend, equivalent
A t a meeting of the directors of the Central National
to 5 % to tho Rosovillo Trust’s depositors; tho M utual Bank
has thus mado a 7 5 % distribution on its stock since the Bank of Philadelphia on tho 16th inst., Stanley E . Wilson
institution opened.
was appointed an Assistant Cashier of the bank.
Tho capital of tho Second National Bank of Paterson,
N . J ., is to be increased from $150,000 to $250,000 and tho
surplus from $250,000 to $350,000, tho addition being
deemed advisablo in order to make the capital and surplus
harmonize with tho deposit liability; gross deposits aggre­
gate over $4,500,000.

Theodore Voorhees, President of tho Philadelphia & Read­
ing Railway C o ., died suddenly on the 11th at his home in
Elkins Park, a suburb of Philadelphia; he was sixty-eight
years of ago. In addition to his many railroad connections,.
M r. Voorhees was a director of the Market Street National
Bank of Philadelphia.

A number of changes in tho directorate and in tho official
staff of tho Savings Investment & Trust Co. of East Orango,
N . J ., have taken placo preliminary to the absorption on

Tho Republic Trust Co. of Philadelphia, which next month
is to vote on increasing its capital from $300,000 to $500,000,
has increased its dividend rato from 5 to 6 % per annum, the




[Vol . 102.

THE CHRONICLE

1034

d ir e c to r s h a v in g ju s t d e c la r e d a q u a r te r ly d iv id e n d o f 1 H % -

D r . D . H . D o a n o , h ea d o f th e D e p a rtm e n t o f F a rm M a n ­

T h e d e t a i l s o f t h e p r o p o s e d c a p i t a l in c r e a s e w e r e g i v e n i n

agem ent

o u r is s u e o f F e b . 1 9 .

C ou n ty

of

th o

b e c o m o F ie ld
C o l. A lfr e d H ic k s , fo u n d e r a n d P r e s id e n t o f th e T a r e n t u m
S a v in g s &

T r u s t C o . o f T a r e n t u m , P a ., a n d P r e s id e n t o f

M is s o u r i

A g r ic u ltu r a l

U n iv e r s ity

A g en ts,

and

ro s ig n o d

S ta te

th eso

L oader

of

p o s itio n s

to

S u p e r in te n d e n t o f th o M is s is s ip p i V a llo y T r u s t

C o m p a n y ’s F a rm

L oan

D e p a r tm e n t o n th o 1 5 th in s t.

D r.

D o a n e w a s t h o f i r s t U r e s i d o n t Gf t h e N a t i o n a l A g r i c u l t u r a l

t h e F ir s t N a t io n a l B a n k o f L e e c h b u r g , P a ., d ie d in P it t s ­

S ta te

b u rgh on

th e 8 th in s t.; h o w a s s e v e n ty -n in e y e a rs o f a g e .

d ir e c to r o f th o M is s o u r i A g r ic u ltu r a l A s s o c ia tio n , a m e m b e r

L e a d e rs ’ A s s o c ia tio n , a

p o s itio n

h o s t ill h o l d s ;

is a

C o l . H ic k s w a s a ls o a d ir e c t o r o f th e T h ir d N a t io n a l B a n k o f

o f th e S c o u t C o u n c il o f C o lu m b ia , a d ir e c t o r o f th o C o lu m b ia

• P itt s b u r g h ; h e w a s f o r m e r l y i d e n t i f i e d w i t h m a n y c o a l , i r o n

C o m m e r c ia l C lu b a n d a ls o a d ir e c t o r o f th o F e d e r a t io n o f

a n d s te e l e n te r p r is e s .

M is s o u r i

C o m m e r c ia l C lu b s .

H o is t h o a u t h o r o f “ S h e o p

F e e d in g a n d F a r m M a n a g e m e n t ,” a n d o f n u m o r o u
A t a m e e tin g o f th e d ir e c to r s o f th e B a ltim o r e T r u s t C o .

b u lle tin s

o n v a r io u s p h a se s o f fa rm e ffic ie n c y .

o f B a ltim o r e o n th e 9 th , E d w in M . P o o , V ic e -P r e s id e n t, w a s
g iv e n

th e r a n k o f F ir s t V ic e -P r e s id e n t , s u c c e e d in g S a m u e l

C . R o w la n d , r e s ig n e d .

M r . R o w la n d ’s re s ig n a tio n w a s r e ­

f e r r e d t o i n o u r is s u o o f F e b . 5 .

M a h lo n D . T h a tch e r J r. a n d R a y m o n d C . T h a tch e r h a v e
b e e n e le c t e d d ir e c t o r s o f b o t h th o F ir s t N a t io n a l B a n k a n d
th e I n te r n a tio n a l T r u s t C o . o f D o n v e r .
w as

A

q u a r te r ly d iv id e n d

of

has been

l lA %

d e c la r e d

by

E q u it a b le

T r u s t C o . o f B a lt im o r e , a n in c r e a s e o f 2 %

annum

th o ra te o v e r th o d iv id e n d p a y m e n ts

in

1915.

The

com pan y,

w h ic h

has

$ 1 , 0 0 0 ,0 0 0

th o

P la n

B ank

of

o p e n e d f o r b u s in e s s o n M a r c h 8 .

c a p ita l

$ 5 0 0 ,0 0 0 ,

ager.

of

D a y to n ,

on

th e

T h ir d

P r e s id e n t

O h io ,

5 th .

d ie d

M r.

N a tio n a l

of

B ank

of

th o

T h ir d

N a tio n a l

a c c id e n t a l a s p h y x ia t io n

R en ch

had

fo r

been

about

a s s o c ia te d

fo r ty -fiv e

yea rs

B ank

by

gas

w ith

th e

and

had

fill

th e

R e fe r e n c e to th o d e a th

R aym ond

C.

T h a tch er

su cceeds

J.

II.

V o o r h ie s ,

d e c e a s e d , as a d ir e c t o r o f th e tru st c o m p a n y .

T.

A lb e r t B r o o c k s ,

h e r e to fo r e

B ank

of

A s s is ta n t

R ic h m o n d ,

O liv e r , P r e s id e n t o f th e O liv o r C h illo d P lo w

W o r k s o f S o u th B e n d , I n d ., h a s b e e n e le c te d a d ir e c to r o f

C a s h io r

V a .,

has

of

th o

boen

e le c t e d C a s h ie r o f th e F ir s t N a t io n a l B a n k o f C h a s e C it y ,
V a ., s u c c e e d in g J . T . G o o d e J r .

C . C . M c G e h e e , o n e o f th o fo u n d e r s a n d fir s t P r e s id e n t o f
th o

D .

to

D . T h a t c h e r , S r . , w a s m a d o in o u r is s u o o f t h o

th o o ld T ra d e rs ’ B a n k o f A tla n ta ,

b e e n P r e s id e n t f o r t h o la s t fiv e y e a r s .
Joseph

M r . T h a tch er J r.

in s tit u t io n s

o f th o b o a r d o f th e tru st co m p a n y .

B r o a d w a y . N a tio n a l
R en ch ,

tw o

R . J . B u l k l o y is P r e s i d e n t

a n d T h o m a s C o u g h l i n is V i c e - P r e s i d e n t a n d G e n e r a l M a n ­

C h a r le s

th e

b o a r d o f th o F ir s t N a t io n a l B a n k a n d P r e s id e n t a n d C h a ir m a n
o f M a h lo n

C le v e la n d ,

of

in

p a id

4 th .
M o r ris

d ir e c to r

per

i t s i n i t ia l d i v i d e n d in J u l y 1 9 1 5 .
Tho

a

v a c a n c i e s c a u s e d b y t h e d o a t h o f h is f a t h e r , M a h l o n D .
T h a t c h e r , w h o w a s V ic e -P r e s id e n t a n d C h a ir m a n o f th e

of 4 %

c a p ita l,

e le c te d

preso

t F o u rth

G a.

N a tio n a l B a n k ),

(th o

and

fo r o r u n n o r o f

fo r

m any

yea rs

P r e s id e n t o f th o A t la n t a B a n k in g & S a v in g s C o ., d io d o n th o
7 th in s t. a t th o a g o o f s e v e n ty -s ix y o a r s .

th e F ir s t N a tio n a l B a n k o f C h ic a g o .
S t e p h e n J . H a y , a p r o m i n e n t b u s in e s s m a n o f D a l l a s , a n d
P la n s
fo r

fo r

th e

a

t h r e e -s to r y

S ou th w est

bank

M erch a n ts

and

S ta te

c o m m e r c ia l
B ank

of

s tr u c tu r e

C h ica g o

aro

P r e s id e n t
F eb. 29;

of

th o

D a lla s

T ru st

&

S a v in g s

h o w as fifty -o n e y oa rs o f a g o .

B ank,

d io d

on

M r . H a y w a s th o

b e in g p r e p a r e d , th e n o w b u ild in g t o b e lo c a t e d a t th e s o u t h ­

fir s t M a y o r o f D a lla s u n d e r th o c o m m is s io n f o r m o f g o v e r n ­

w e s t c o r n e r o f A s h l a n d A v e n u o a n d F i f t y - f i r s t S t r o o t , le a s e s

m en t.

f o r t h o s it e h a v i n g j u s t b e e n a c q u i r e d .

S a v i n g s B a n k i n M a y 1 9 1 1 , a n d u n d e r h is g u i d a n c o t h o b a n k

He

w a s e le c te d

P r e s id e n t

e x p e r ie n c e d s u b s t a n t ia l g r o w t h ;
The

d ir e c to r s

•C h ic a g o
su cceed
been

of

th o

h a v e e le c t e d
E d w a rd

P.

V ic e -P r e s id e n t

H a r r is

M .

T ru st

H addon

&

M a cL ea n

S m it h , r e s ig n e d .
and

S a v in g s

G en eral

M r.

B ank

S ecreta ry

M a cL ea n

M anager

of

th e

of

J a n u a r y fr o m

$ 3 0 0 ,0 0 0

to

iss u o o f J a n . 2 2 .

of

th e

D a lla s

T ru st

&

t h o s t o c k w a s i n c r e a s e d in

t o $ 1 ,0 0 0 ,0 0 0 , a s w e n o t e d in o u r

had

H a r r is

S a fe D e p o s it C o . f o r th e la s t f iv e y e a r s .

T h e T ra d e rs ’ N a tio n a l B a n k o f F o r t W o r t h , T o x a s , h as
b e e n p l a c e d in v o l u n t a r y l i q u i d a t i o n .
is s u o o f F e b .

W illis L . C h e n e y , C a s h ie r a n d a d ir e c t o r o f t h o S e c o n d
W a r d S a v i n g s B a n k o f M i l w a u k e e , W i s . , a n d w e l l - k n o w n in

A s w e n o t e d in o u r

1 9 , t h e b u s in e s s o f t h o i n s t i t u t i o n

has boon

a b s o rb e d b y th e F a rm e rs ’ & M e c h a n ic s ’ N a tio n a l B a n k o f
F ort W orth .

W is c o n s in b a n k in g c ir c le s , d io d o n M a r c h 3 ; h e w a s fo r t y th re e y e a rs o f a g e .
c ia te d

w ith

M r . C h e n e y h a d fo r m e r ly b e e n a ss o ­

th o W is c o n s in N a tio n a l B a n k

as an

A s s is ta n t

A s t h e r e s u l t o f h is e x p e r i o n c o in m a k i n g u p t h o a m o u n t s
n ecessary

fo r

la r g e p a y -r o lls

o f h is c u s t o m e r s ,

O.

L.

O ls -

C a s h ie r ; f o r t h e la s t t w o y e a r s h o h a d s e r v e d o n th o E x e c u t iv e

h a u s e n , a t e ll e r o f t h e S e c u r i t y N a t i o n a l B a n k o f L o s A n ­

C o m m it te e o f th e W is c o n s in S ta te B a n k o r s ’ A s s o c ia tio n .

g e le s , h a s w o r k e d o u t a t a b le w h ic h g r o a t ly fa c ilit a te s th o
b a n k ’ s w o r k a n d s h o u l d p r o v e o f g r e a t v a l u e t o a ll i n d i v i d u a l s

T h e W e l l s - D i c k e y T r u s t C o . , c a p i t a l $ 2 0 0 ,0 0 0 , h a s b e e n
in c o r p o r a t e d in M in n e a p o lis .
t u t io n w ill b e in c lu d e d in
in v e s tm e n t

b a n k in g

new

th e s p a ce n o w

fir m

M c K n ig h t B u ild in g .

T h e o ffic e s o f t h o n e w in s ti­

of

W e lls

&

o c c u p ie d

D ic k e y

th e

o f s ix d a y s

in

th e

a n d a t m u ltip le s o f 5 0 c e n ts p e r d a y u p to $ 5

tr u s t c o m p a n y ; O . M . C o r w in , V ic o -P r o s id o n t ; W . J .
T r u s t O ffic e r ; L . E .

W a k o fie ld ,

T r e a s u r e r a n d J . F . H o r n , A s s is ta n t S e c r e t a r y a n d
O ffic e r .

M essrs.

W e lls

and

C o r w in

are

T ru st

V ic o -P r o s id e n t s

a t a g la n c e .

m a y b o t o ld

M r . O ls h a u s o n h a s s o c u r o d a c o p y r i g h t o f h is

B a n k , r e c o g n iz in g th o g r e a t v a lu e o f s u ch a t a b lo t o th o la rg o
c o m m e r c i a l in t e r e s t s o f t h e c i t y , h a s h a d a l i m i t o d s u p p l y
p r in te d fo r g e n e ra l d is tr ib u tio n .
th ese

in g fir m

th o

W . J . S te v e n s o n r e c e n t ly

fig u r in g e ith e r e ig h t o r n in o h o u r s t o th o d a y

p a y -r o ll ta b le a n d th o m a n a g e m e n t o f th o S e c u r ity N a tio n a l

a n d L . E . W a k e f i e l d is S e c r e t a r y a n d T r e a s u r e r o f t h e b a n k ­
o f W e ll's & D i c k e y C o .

T h i s t a b l e is

s o a rra n g e d th a t th o a m o u n t d u o a n o m p lo y e o fo r a n y p a r t

by

C o.

S t u a r t W . W e l l s is P r e s i d e n t o f t h o

S to v e n s o n , S e cre ta ry a n d

o r c o n c e r n s w h ic h e m p lo y la b o r b y th o d a y .

t a b le s

S e c u r ity

w ill

bo

N a tio n a l

E m p l o y e r s d e s i r in g o n o o f

a ccom m od a ted

upon

a p p lic a t io n

to

B ank.

r e s ig n e d a s A s s is t a n t A t t o r n e y -G e n e r a l t o b e c o m e a s s o c ia te d
w ith

t h e n ow r t r u s t c o m p a n y .

H e n r y P . L in c o ln , h o r o to fo o C a s h io r a n d G o n o r a l M a n a ­
g e r o f t h o F i r s t N a t i o n a l B a n k o f S a n t a B a r b a r a , C a l . , is t o

H a rm an

R.

C rook ,

fo r m e r ly

at

th o

head

of

th o

bank

h o r o t a in s h is m a n a g e r i a l d u t i o s .

J a m e s D . L o w s l o y is t o b e c o m e C a s h i e r .

a n t s , h s b e e n e le c t e d A u d it o r o f th e S t. L o u is U n io n B a n k

r e s ig n e d a s A s s is t a n t C a s h ie r o f t h o F ir s t N a t io n a l o f S a n ta

and

B a r b a r a t o b e c o m o C a s h ie r o f th o U n io n N a t io n a l B a n k o f

th o S t.

assu m ed

L o u is U n io n

ch a rge

of

th e

M r . C r o c k ’ s e x p e r ie n c e

T r u s t C o . o f S t. L o u is , M o .; he

A u d itin g

D ep a rtm en t

in b a n k i n g a n d

M a rch

8 th .

r e s p o n s ib i l it i e s

and

d u tie s

w h ic h

w ill

d o v o lv o

upon

i m in h is c o n n e c t i o n w i t h t w o o f S t . L o u i s ’ s la r g e s t f i n a n c i a l
i n s t it u t io n s .




I lo n r y D a w o has

S a n L u is O b is p o , C a l.

in a c c o u n t in g h a s

b e e n w i d e a n d v a r i e d a n d h o is u n u s u l l y w o l l q u a l i f i e d f o r
t he
i

b e c o m o a V ic e -P r e s id o n t;

a c c o u n t in g s ta ff o f E r n s t & E r n s t , c e r tifie d p u b lic a c c o u n t ­

T h e s to c k h o ld e r s o f th o N a t io n a l B a n k

of

P asad on a, o f

P a s a d e n a , C a l . , h a v e v o t e d in f a v o r o f i n c r e a s i n g t h o b a n k ’ s
c a p i t a l f r o m $ 3 , 0 , 0 0 0 t o $ 4 0 0 ,0 0 0 .

Mar . 18 1916.]
A

THE CHRONICLE

t r a n s a c tio n in v o lv in g th e tra n s fe r o f^ th e s t o c k ^ o f th e

F resn o

S a v in g s B a n k

o f F resn o,

C a l.,

to

in te re s ts in

U n io n N a tio n a l B a n k o f th a t c it y , h a s b o o n c o n s u m m a te d .
The

b a n k s w ill b e

op era ted

i d e n t i t y i n t h e d e a l;
been

ch osen ,
W .

n o ith e r lo s in g

its

a jo in t set o f o ffic e r s fo r th e tw o h a s

as fo llo w s :

W .

C la r k , F ir s t V ic e -P r e s id e n t;
P r e s id e n t;

s e p a r a t e ly ,
0.

M ile s ,

P r e s id e n t; A .

B.

C . R . P u c k h a b e r, S e co n d V ic e ­

R . P r ic e , S e c r e ta r y -T r e a s u r e r a n d

C a s h ie r ;

W illia m R .W o l l s , A s s is t a n t S e c r e t a r y -T r e a s u r e r a n d C a s h ie r .
A.

B.

C la r k

had

fo r m e r ly

been

P r e s id e n t

of

th e

F resn o

S a v in g s B a n k a n d a V ic e -P r e s id e n t o f t h e U n io n N a t io n a l
B ank.

E N G L IS H

th e

F I N A N C I A L

as re p o rte d b y ca b le , h a v e b e e n as fo llo w s th e p a st w e e k :
L ondon,
M a r . 11 . M a r . 13. M a r . 14. M a r . 15. M a r . 16. M a r . 17.
W ee k e n d in g M a r c h 17.
Sal
S a t.
M on.
F r i.
T u es.
W ed .
T h u rs.
Silver, per ounce...............d_
d . 27
27
27
27
27 1-16 2 7 %
27 3-16
Consols, 2>i per cents...........
5
7
H
57%
57 %
57 %
57 K
57 X
—
British 4 'A per cents............
Q
6
H
. . . 96 %
96 K
96J*
96 %
96H
96K
French Rentes (In Paris)..fr.
.fr. 62.61
62.60
62.60
62.60
62.05
62.60 C61.95
French War Loan, 5 % ______84
}i
— 84K
—
—
—
—
84 H
T h e p r i c e o f s il v e r i n N e w Y o r k o n t h e s a m e d a y s h a s b e e n :
55%
56H
56K
55%
57
Silver In N. Y ., per oz__ cts. 56
c

Ex-coupon.

_________________________________

IM P O R T S

T h e B u reau

A t a m e e tin g o f th e d ir e c t o r s o f th e B a n k o f jT o r o n t o , o f
C a n .,

on

M a rch

1,

W .

G.

G ooderham ,

V ic e ­

fr o m

it

and

V ic e -P r e s id e n t, w a s e le c t e d F ir s t V ic e -P r e s id e n t , s u c c e e d in g
M r. G ooderh am .

A.

C hauveau,

V ic e -P r e s id e n t

of

La^Banque

C a n a d ia n

ju d ic ia r y ,

d ie d

s u d d e n ly

4 t h i n s t . w h il e l a n d i n g f r o m
H avana.

A

q u a r te r ly d iv id e n d o f 7 3 ^ %

te r ly

d is tr ib u tio n ,

5%

Y ork

on

th e

h a s b e e n d e c la r e d b y
Y ork,

p a y a b le A p r il

T h i s is a n i n c r e a s e in t il

h a v in g

T h e c o m p a n y h a s a ls o p a id
yea rs p a st.

N ew

t h o s t e a m s h ip S a r a t o g a f r o m

L ib e r t y N a tio n a l B a n k o f N o w
h o ld e r s o f r o c o r d M a r c h 3 1 .

in

5 %

been

th o

ra te

th e

T h e Y o r k v i l l o B a n k o f t h is c i t y w i l l p a y o n M a r c h 3 1 t o
h o ld e r s o f r o c o r d M a r c h 2 0 a d iv id e n d o f 6 % .
h e r e to fo re h a v e b e o n

1 0 % , ea ch J u n e a n d

D iv id e n d s

D ecem b er,

th e

la s t p a y m e n t h a v in g ]b e e n m a d e o n D e c . 31 la s t.

T H E

W o

E N G L IS H

r o p r in t

th e

G O L D

A N D

fo llo w in g

S IL V E R

fr o m

th e

c ir c u la r

o

S a m u e l M o n t a g u & C o . o f L o n d o n , w r it t e n u n d e r d a t e o
F o b . 2 4 1916:
GOLD.
For the third week In succession the external m ovem ents have been « „ h

S

“ yb X vB ^ * he " “"k or E”K,“ d- Tk«

Feb. 18— £10,000 in bar gold.
t e b . 21 -£50,000 In sovs. released oi
19— 15,000 in bar gold.
19— 100,000 in sovs. released on
i In bar gold.
E gyptian account.
Withdrawals wore m ade as under:
Feb. 17— £10,000 in bar gold.
I Feb. 18__ £10 non in ^
«v.„ tt a

:r a .s is r a - H

i

=

I S

S

m

*

During the week tho not incroaso amounted to £795 000
T he lawt
which control tho issue o f notes in tho Union o f South A frica and Rhodes!*
d o not require that tho issuing banks should earmark gold against theii
respective notes. T ho total gold held b y tho banks In tlicso countries Is
estimated at from six to seven millions sterling, but no official statistics
are published.
S IL V E R .
Tho tendency o f tho price to osclllato within narrow limits has again been
dem onstrated, and tho flguro 2 6 % & . seems to be about tho lowest point
that tho market touches In tho present circumstances.
Throughout tho week tho trend has beon upward, m ainly on account
o f tho ro-entry o f tho H om e M int as a purchaser. W hilst this Is tho case,
demand for other quarters, such as tho Continent, necessitates a hardening
o f quotations. Supplios from America have boon unusually small, but
som o profit-taking on tho part o f recent purchasers at lower prices has broad­
ened tlio'markot during tho last few days. The stock In London Is now fairly
largo, rather moro than seven million fine ounces, but coinago orders, which
as a’ rulo demand prom pt delivery, can easily reduco tho amount to smaller
proportions. Operations on Eastern account continue to bo slight. China
soems m oro likely to sell than buy, should rates advance. T he high rate
o f m oney in India still hinders dealers there from replenishing their stocks.
Under date o f Feb. 5 advice has been received that “ a good deal o f silver
still continues to arrive into B om bay in tho shape o f Persian and Afghan
coinslan d M exican dollars and Ilupch taels." An Indian currency return
for.tho 15th inst. gave details in lacs o f rupees as follows:
N otes in circulation..
Reserve in silver coin.

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

c o u n t r y ’ s fo r e ig n tr a d e

p r e v io u s

s ta te m e n ts w e

th e

fo r J a n u a ry , a n d

have

MERCHANDISE.
—■
.9 5
1914
1916.
$267,879 $204,067 $184,192
299,806
173,920
187,499
296,512
294,746
162,553
161,733
274,218
157,072
268,547
154,139
268,975
110,367
261,025
300,677
156,052
328,018
194,711
327,671
205,878
359,412
245,633

1916.
$335,535
______

_ _____
______
______
______
______
...........

........... $3,547,586 $2,113,624
GOLD.

p rep ared

th e

January___
February...
M arch........
A p ril..........
M ay............
J u n o ..........
J u ly ............
August____
September..
October___
November..
December . .

86,914
9,079
2,632
407
16,835
48,107
33,669
18,126
21,887
50.202
14,527
.131

$222,616
SILVER.
—E x p o r ts —
1916.
1914.
1915.
$4,636
$5,188
$ 4,009
_
_
_
_
_
_
_
_
_
3,425
3,592
3,156
3,882
......
4,371
4,543
......
4,741
4,845
......
3,969
4,639
3,965
3,953
3,627
3,378
3,366
5,390
5,237
3,972
5,971
3,838
6,831
5,3 2

1916.
$15,000
...........
...........
...........
...........
...........
...........
...........
...........
...........
...........
...........

$31,426

January____
February___
M arch______
April ............ .
M ay............ ...
June.............. .
J u ly..............
August...........
September__
October_____
November__
December__
T otal.........

1915.
$692
1,054
924
814
1,277
2,822
2,192
1,128
2,034
2,939
3,661
11.889

— Im p o r ts

1915.
$122,148
125,123
157,982
160,576
142,285
157,695
143,245
141.804
151,236
149,173
155,497
171,833

-

1914.
$154,743
148,045
182,555
173,762
164.282
157,529
159,677
129,768
139,711
138,080
126,467
114,657

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

-E x p o r ts ■

1916.
$10,213

January____
February____
M arch______
A p ril_______
M ay...............
June..............
J u ly..............
August..........
September__
October_____
November__
December__
T o ta l.........

M A R K E T S .

w e e k ly

January.........
February___
M arch..........
A p ril_______
M ay..............
June________
J u ly________,
August..........
September__
October.........,
November___
December__

q u a r­

e x t r a in J a n u a r y f o r s e v e r a l

J A N U A R Y

— E x p o r ts

1 to

p r e v io u s ly .

F O R

FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are In all cases omitted.)

P r e s i d e n t s in c e 1 9 0 5 , w a s e l e c t e d P r e s i d e n t , t o s u c c e e d t h e

C h a r le s

E X P O R T S

f o llo w in g in t e r e s tin g s u m m a r ie s :

la te D u n c a n C o u ls o n ; J o s e p h I lo n d e r s o n , h e r e to fo r e S e c o n d

N a tio n a lo o f Q u e b e c , C a n ., a n d fo r m e r ly a m e m b e r o f th e

A N D

o f S ta t is t ic s a t W a s h in g t o n h a s is s u e d

sta te m e n t o f th e

T o ro n to ,

M A R K E T S — P E R IC A B L E .

T h e d a ily c lo s in g q u o t a t io n s f o r s e c u r it ie s , & c ., a t L o n d o n ,

W . R . P r ic e h a d b e e n C a s h ie r o f t h e la tt e r in s t it u t io n

a n d W . R . W e lls h a d b e e n C a s h ie r o f t h e s a v in g s b a n k .

1035

1916.
$1,852

-I m p o r ts

1915.
$6,896
12,727
25,620
16,203
31,136
52,342
17,263
61,641
42,062
79,669
06,982
45,413

$10,442
3,209
7,842
3,460
1,973
3,817
3,392
3,045
2,762
5.946
7,392
4,109

$451,954

$57,388

—Im p o rts

1915.
$2,287
2,400
2,477
2,603
2,352
3,623
3,003
3,804
2,737
3,219
3,376
2,603

—

1914.
$2,313
1,914
2,567
2,214
1,755
1,822
1,240
2,097
1,864
2,724
2,705
2,739

$53,599
$51,602
$34,484
$25,959
EXCESS OF EXPORTS OR IMPORTS.
- M e r c h a n d is e --------------- ---------- G old -------S ilv er -------1916.
1915.
1914.
1916.
1915.
1916.
1915.
S
$
$
$
S
$
S
+ 151.343 + 145,731 +49,324 +2,784 — 6,204 +4,795 +2,901
+ 174.783 +25,875
— 11,673 ........... +1,025
+ 138.630 + 4,944 ...........— 24,696
+ 679
+ 134,170 -11,209
— 15,389 ...........+1,768
+ 131,933 — 2,549 ...........— 29,859 ............. +2,389
+ 110,852
— 457
— 49,520
+347
+ 125,730 — 5,533
— 15,071
+962
+ 119,221 — 19,401
— 60,513 ____
— 426
+ 149,441 +16,341 ...........— 40,028 .............
+629
+ 178,845 +56,631 ...........— 76,730 ............. +2,018
+ 172,174 +79,411
— 57,321
+2,595
+ 187,579 + 130,976
— 33,524 .......... +4,228
......

T otal........................... + 1,768,989 + 324,348
+ Exports.

........... — 420,528 ............ + 19,115

— Imports.

T o t a l s f o r m e r c h a n d i s e , g o l d a n d s il v e r f o r s e v e n m o n t h s :
M e r c h a n d is e .
S ev en
M o n th s,

(000s
o m itte d )

E x­
p o r ts .

Im ­
p o rts.

G o ld .
E xcess
of
E x p o r ts

E x­
p o r ts .

Im ­
p o rts.

S ilv er.
E xcess
of
E x p o r ts

$
1
s
1 s
s
$
$
1915-16 2,181,312 1,096,97910843331 34,057322,038 /287981
1914-15 1,334,582 930,625403,957,139,333 33,541 105,792
1913-14 1,521,802 1,067,752454,050, 34,978 46,238 f l 1,200
1912-13 1,526,635 1,096,484429,151! 47,495 31,266 16,229
1911-12 1,307,152 912,200394,952 25,847i 28,813 /2,966
1910-11 1,253,5831 894,041364,542 10,182 49,375 /39.193

E x­
p o rts.

Im ­
p o r ts .

E xcess
of
E x p o r ts

%

$
20,594
15,656
20,054
27,338
26,144
27,528

$
12,791
15,625
13,410
17,390
11,105
8,430

33,385
31,281
33,464
44,728
37,249
35,958

/ Excess of Imports.

S im i l a r t o t a l s f o r t h e m o n t h o f J a n u a r y f o r s ix y e a r s m a k e
1,274
817 t h e f o l l o w i n g e x h i b i t :
T ho stock In Bom bay consists o f 4,200 bars, as com pared with 4 400 last
week. T he stock In Shanghai on Jan. 28 consisted o f 800 bars and about
M e r c h a n d is e .
G o ld .
S tiv er.
48.300.000 ounces in sycoo, as com pared with 1,395 bars and about 48 One
800.000
ounces In sycoo on Jan. 21 1916. A shipment o f 620.000 ounces M o n t h .
E x cess
E xcess
E xcess
COOOs
E x­
Im ­
Im ­
j E xof
E x- .
Im ­
of
was m ado from San Francisco to H ong K ong. Quotations for bar silver,
of
o m itte d )
p o r ts .
E x p o rt! | p o r ts .
p o r ts . E x p o rts p o r ts .
p o r ts .
p o r ts . E x p o r ts
per ounco standard:
No
cash |
nm
Bank rato.............................
F o b .1 8 ..2 6 J
$
$
$
$
S
$
$
$
$
quotation
.
Fob. 1 9 ..2 0 J))
335,535
184,192 151,343 1 10,213 15,008 /4,795 4,636 1,852 2,784
Bar gold, per ox. s ta n d a rd iz e s.’ 9d°. 1916..
fixed
207,801
122,265 145,536
Fob. 2 3 .-2 6 15-16
.
691 6,896 /0,205 5,188 2,287 2,901
French gom coln.....................Nominal 1 915..
for
.
154,743 49,324 6.914 10,442 / 3 ,528 4,009 2,318 1,691
204,067
Fob. 2 2 ..2 7
U. S. A . gold c o in ................Nominal 1914..
forward
1913..
.
227,033
163,063 63,970 17,237 ! 6,210 11,027 6,436 4,201 2,235
Feb. 2 3 ..2 7 1-10
delivery.
202,446
143,586 58,860 1.915 5,141 /3.220 6,028 4,358 1,670
1912..
.
Fob. 2 4 .-2 7 1-16
197,083
130,561 66,522
A ver, for w k.26.968
924 9,541 /8.617 5,651 3,551 2,100
1911..
.
T ho quotation to-day for cash is 3-16 above that fixed a week ago.
r Excess of Imports.




?0,2 ,and bullion
2 ,4641Gold in England _
3

aha

I F 0 ilcf

New York City Banks and Trust Companies
Banks.

B id

A sk

530
207
175
145
390
200
175
135
95
610
200
120
395
178
440
175
450
325
tl72
320
100
70
165
4400
250
910
185
135
350
376
200
265
600
340
496
187
720
310

535
212
ISO
166

N ew Y ork

America*--.
Amer Exch.
Atlantic----Battery Park
Bowery •—
Bronx Boro*
Bronx N a t..
BryantPark*
Butch & I)r.
Chase..........
Cheslsea Ex*
Chemical.CltlzensCent
C ity______
Coal * Iron
Colonial*...
Columbia*.
Commerce..
Corn Exch*.
Cosmoporn*
East R iver..
Fidelity*....
Filth Ave*.
Fifth..........
First.......... .
Garfield. . .
Germ-Amcr*
German Ex*
Germania *.
Gotham___
Greenwich*.
Hanover ..
Harrlman ..
Imp A Trad.
Irving ___
Liberty . . .
Lincoln . . .

(Vol. 102

THE CHRONICLE

1036

145
105
620
205
127
400
183
450
185
335
327
80
165
4800
275

Banks.
Manhattan *
Mark & Fult
Mech & Met
Merchants’ Metropolis*.
Metropol’n *
M utual----New Neth*.
New York Co
New York..
Pacific •___
Park............
People’s * ..
Prod Exch*.
Public *___
Seaboard . . .
Second........
Sherman . . .
State *____
23d Ward*.
Union Exch.
Unit States*
Wash H’ ts*.
Westch Av*
West Side*.
Yorkvllle*..

B id

A sk

295
240
260
180
295
174
325
215
725
378
275
425
220
200
160
415
395
125
100
100
135
500
275
160
400
475

305
250
265
185
305
180
225
825
385
430
235
210
190
430
410
135
125
135
140
___
175
450
550

B rook lyn

Trust Co's.
N e w Y o rk

A stor..........
Bankers Tr.
B’way Trust
CentralTrust
Columbia-..
Commercial.
Empire........
Equitable Tr
Farm L A Tr
Fidelity___
Guaranty Tr
Hudson___
Law Tit A Tr
LlncolnTrust
Metropolitan
Mut’l (Westcheater)..
N Y Life Ins
A Trust..
N Y Trust..
TltleOu ATr
Transatlan 'c
Union Trust
US M tg A Tr
UnltedStates
Westchester

B id

420
440
140
1140
540
110
290
450
1275
200
280
414
145
123
120
425

4(1
430
450
150
1155
650
300
456
210
300
418
128
125
435

tl25

___

990
600
385

1010
610
390
155
380
405
1050
140

370
395
1020
130

N a m e o f C om pany.

P er
C e n t.

Banks.
C h a th a m A P h e n lx N a t io n a l ( q u a r .).

Coal & Iron National (quar.)____
C o lo n ia l ( q u a r .) .............. . ...............
F ift h A v e n u e ( q u a r .) ______________
F ir s t N a tio n a l ( q u a r .) .................... .
F ir s t S ec u rity C o . ( q u a r .) ------------F la tb u s h , B a n k o f ( q u a r .) ________
L ib e r ty N a t io n a l ( q u a r .) ___________
M e t r o p o lit a n ( q u a r .) ______________
York vllle...........................................

2 X

2
3
25
7
3

I X

7X
2
6

Trust Companies.
B ro o k ly n (q u a r .) ........................................
C o lu m b ia ( q u a r .) .......... — --------- ----------E x t r a _____________________________
E q u ita b le ( q u a r .) ........................................
F r a n k lin (B ro o k ly n ) . ........................ .......

Guaranty (quar.)_____________________
Extra ____________________________
Lawyers Tltlo & Trust (quar.) (No. 70).
M a n u fa c t u r e r s ', B r o o k ly n ( q u a r .) ............
M e t r o p o lit a n (q u a r.) ( N o . 77)__________
N e w Y o rk ( q u a r .) _____________________
Union (quar-.)____ _______ _____ . _____

1
I X
I X

0

8
4

W hen
P a y a b le .

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.

B o o k s C lo s e d .
D a y s I n c lu s iv e .

1 Mar. 22 to
I Holders of rec
1 Holders of rec
1 Holders of rec,
1 Holders of rec,
1 Holders of rec,
1 Holders of rcc.
1 Holders of rec,
1 Mar. 19 to
31 Mar. 21 to

Apr. 1 Holders of rec.
Mar. 31 Holders of rec.
Mar. 31 Holders of rec.
Mar. 31 Holders of rcc.
Mar. 31 Holders of rec.
Mar. 31 Holders of rec,
Mar. 31 1
s of rec
Apr. 1 1
6 to
Apr. 1 1
s of rec,
Mar. 31 :
8 to
Mar. 31 ;
9 to
Apr. l l
5 to

Mar. 31
Mar. 8
Mar. 21
Mar. 31
Mar. 31
Mar. 31
Mar. 29
Mar. 31
Mar. 31
Mar. 31
Mar. 17
Mar. 22a
Mar. 22a
Mar. 22
Mar. 30
Mar. 23
Mar. 23
Apr. 2
Mar. 20
Mar. 31
Mar. 31
Mar. 26

Miscellaneous.
Mar. 15a
*3 Apr. 10 1
Ahmeek Mining (quar.)____ _____ _
Apr. 15
Apr. 15 .
Allls-Chalmers MIg., pref. (quar.)..
I X
Mar. 15a
*1.50 Apr. 6 :
Allouez Mining___________________
Apr. 15
Mar. 20a
Amer. Agrlc. Chem., com. (qu.) (No. 18)
1
BrooklynTr
610
520
Apr. 15 :
Mar. 20a
Preferred (quar.) (No. 43)....................
I X
260
Franklin . . . 254
280
Mar. 15a
Apr.
l
American
Bank
Note,
preferred
(quar.)..
I
X
275
Hamilton...
265
130
April l
Mar. 16a
Amer. Beet Sugar, pref. (au.) (No. 6 7 )..
I X
650
Kings C o ... 630
85
350
Mar. 31 Holders of rcc. Mar. 24a
A m e r . B ra k e S h oe A F d y ., c o m . (q u a r .) —
I X
Manufact’rs
195
605
Mar. 24a
Mar.
31
Holders
of
rec.
2
Preferred,
(q
u
a
r
.)
........
...............
.
145
Citizens.. 140
192
270
Apr. 1 Holders of rec. Mar. 16a
American Can, preferred (quar.)----I X
287
People's----- 280
170
760
Apr.
1
Mar. 14a
Amer.
Car
A
Fdy.,
com.
(quar.)
(No.
64)
Holders
of
rec.
X
85
Queens
Co.
.
.
.
130
330
Apr. 1 Holders of rec. Mar. 14a
Preferred (quar.) (No. 68).......... .........
I X
Apr. 1 Holders of rec. Mar. 15a
American Cigar, preferred (quar.).
I X
*Banks marked with a (*) are State banks. tSale at auotlon or at Stock Ex­ American Express (quar.)_____________ _ *1.50 Apr. 1 Holders of rec. Feb. 29a
change this week. » Ex-rights.
Apr. 1 Holders of rcc. Mar. 18
A m e r . O a s A E l e c ., c o m . (q u a r.) ( N o . 23).
2X
P re fe r r e d (q u a r.) ( N o . 37)............
May 1 Holders of rcc. Apr. 18
IX
Am. Iron A Steel Mfg., com. & pf. (qu.) 0 2 X c Apr. 1 Holders of rec. Mar. 20a
Mar. 17
Amer. Pneumatic Service, 1st pref
*1.76 Mar. 31 Mar. 12 to
Mar. 17
Second preferred.........................
75c. Mar. 31 Mar. 12 to
American Public Utilities, pref. (quar.)..
Apr. 1 Holders of rec. Mar. 20a
I X
Mar. 31 Mar. 23 to
Mar. 31
Amer. Radiator, com. (quar.)____
4
Apr. 1 Holders of rec. Mar. 31a
A m e r ic a n S eed in g M a c h i n e , c o m . ( q u a r . ) .
1
Apr. 1 Holders of roo. Mar. 31a
P re fe r r e d ( q u a r . ) . ..........................
I X
DIVIDENDS.
Mar. 26
Apr. 1 Mar. 18 to
Amer. Smelters Securities, pref. A (qu.).
I X
Apr. 1 Mar. 18 to
Mar. 26
Preferred B (quar.)......................
I X
T h e f o l l o w i n g s h o w s a ll t h e d i v i d e n d s a n n o u n c e d f o r t h e
Apr. 1 Holders of rec. Mar. 14a
3
American Snuff, common (quar.)..
1
Mar. 14a
Apr.
Holders
of
rec.
Preferred
(q
u
a
r.)........................
I
X
fu t u r e b y la r g e o r im p o r t a n t c o r p o r a t io n s :
Apr. 3 Holders of rcc. Mar. la
Amer. Sugar Rcfg., com. (qu.) (No. 98)
IX
Preferred (quar.) (No. 97)--------Holders of rec. Mar. la
D iv id e n d s a n n o u n c e d th is w e ek a r e p r in te d in ita lic s .
1 X Apr.
Mar. 15
April
American Tobacco, preferred (quar.)___
Feb. 15 to
I X
A m e r ic a n T y p e F o u n d e r s , c o m m o n (q u a r.)
Apr. 15 Holders of rcc. Apr. 10a
1
P r e ferre d ( q u a r .) _______________
B o o k s C lo s e d .
P er
W h en
1 X Apr. 15 Holders of rec. Apr. 10a
American Woolen, com. (quar.) (No. 1 )..
D a y s I n c lu s iv e .
C e n t. P a y a b le .
1 X April 15 Mar. 10 to Mar. 29
N a m e o f C om pany.
April 15 Mar. 10 to Mar. 29
Preferred (quar.).................. .......
I X
•
April
Mar. 31
Ansco Co. (quar.)............................
Mar. 14 to
2X
Railroads (Steam).
Mar. 31 Mar. 7 to Apr. 6
I X
2
Vlar. 31 Holders of rcc. Feb. 29a A r m s b y C o . o f N e w Y o r k , p r e f . (q u a r.) —
Boston A Albany (quar.)_____ ________
Apr. 15 Holders of rec. Mar. 24a
1
Apr. 1 Holders of rcc. Mar. 15a Associated OH (quar.)------- ----------Boston Revere Beach A Lynn (q u a r.)...
IX
Apr. 10 Holders of rec. Mar. 31a
1
Apr. 1 Holders of rec. Mar. la Atl.Gulf & W. I. SS. Lines, pref. (No. 1).
Canadian Pacific, com. (quar.) (No. 79).
2X
1 Holders of rec. Mar. 18
B a ltim o r e T u b e , I n c . , p f . (q u a r .) ( N o . 1 )-. * I.42s Apr.
Apr. 1 Holders of rec. Mar. 1
2
Preferred........ ..... ...................................
Apr. 1 Mar. 26 to Mar. 31
I X
Mar. 25 Holders of rcc. Mar. 20a Barrett Co., common (quar.)........
2
Chicago Burlington A Quincy (q u a r.)...
Apr.
15
Apr. 11 to Apr. 14
Preferred
(quar.)......
...................
I
X
Holders
of
rec.
Mar.
la
Apr.
1
Chicago A North Western, com. (quar.).
IX
Apr. 15 Holders of rec. Mar. 31a
2
2
Apr. 1 Holders of rec. Mar. la Bell Telephone of Canada (quar.)..
Preferred (quar.)....................................
Holders of rec. Mar. 15
7 X k April
Mar 20 Holders of rec. Feb. 26a Bethlehem Steel Corporation, com. (qu.)
Delawaro A Hudson Co. (quar.)________
2X
Preferred (quar.)______________
Holders of reo. Mar. 15
1X k April
2H
Apr.
B lis s (E . IP.), c o m m o n ( q u a r .) ........
Mar. 23 to Mar. 31
IX
Apr. 1 Holders of reo. Mar. 11
Interborough Consolidated Corp., pref..
IX
Mar. 23 to Mar. 31
C o m m o n (e x t r a ) _____________ ___
11M Apr.
Apr. 1 Holders of rec. Mar. 20a
6
Interborough Rapid Transit (quar.)____
Apr.
2
Mar. 23 to Mar. 31
P r e ferre d (q u a r .) ...................... —
Apr. a Mar. 19 to Apr. 3
J o lie t A C h ic a g o ( q u a r . ) . ...................... .....
IX
Apr.
Mar. 22 to Apr. lid
I X
Mar. 31 Holders of rec. Mar. 27a • Booth Fisheries, preferred (quar.).
K a n a w h a A M i c h i g a n ( q u a r .) ........ .........
IX
April
Mar. 21 to April 2
I X
*1.25 Apr. 8 Holders of rec. Mar. 25a Brier Hill Steel, common (quar.)..
L e h ig h V a lle y , c o m . A p r e f . ( q u a r .) _____
April 2
April
Preferred (quar.)..........................
Mar. 21 to
Apr. i Holders of rec. Mar. 15a
I X
M a i n e C e n tr a l, c o m m o n ( q u a r .) ................
IX
See note <«)
Mar. 31
Apr. i Holders of rcc. Mar. 15a Brltlsh-Amer. Tobacco, Ltd., ordinary..
2X
Manhattan Railway (quar.).............. .....
IX
Mar.
31
Mar.
16
to
Brooklyn
Union
Gas
(quar.)
(No.
60)_
_
April
1
April
15
Holders
of
reo.
Mar.
24a
I
X
Minn. St. Paul A S. 8. M ., com. A pref..
3X
Apr. 1 Holders of roc. Mar.d20a
2
Apr. l Holders of rcc. Mar. 20a Brunswicko-Balko-Collender, pref. (qu.)
I X
M i n n . S t. P a u l A S . S . M . , lea sed l i n e . . .
Mar. 31 Holders of rec. Mar. 20a
Buffalo General Electric (quar.) (No. 86)
I X
May l Holders of rec. Apr. 6
N e w Y o r k C en tr a l R R . ( q u a r .) ........ ...........
IX
75c. Mar. 31 Holders of reo. Mar. 10a
$1 Apr. i Holders of rec. Mar. 23a Butte A Superior Copper Co., Ltd. (qu.).
N e w Y o r k A H a r l e m , c o m . A p r e f ______
Extra ...................... .....................
*10 Mar. 31 Holders of reo. Mar. 10a
Apr. i Holders of rcc. Mar. 15a
N e w Y o r k L a c k a w a n n a A W e s te r n ( q u a r .).
IX
Apr. 1 Holders of reo. Mar. 18a
1
Mar. 18 Holders of rcc. Feb. 29a C a lifo r n ia P etro leu m C o r p ., p r e f . ( q u a r . ) . .
Norfolk A Western, common (quar.)___
IX
*2 Mar. 20 Mar. 4 to Mar. 19
Calumet & Arizona Mining (quar.).
Apr. i Holders of rcc. Mar. 15
PIttsb. Bessemer A Lake Erie, common..
IX
*15 Mar. 23 Holders of reo. Mar. 3
Calumet & Hecla Mining (quar.)...
Apr. 4 Mar. 12 to Apr. 4
PIttsb. Ft. Wayne A Chic., spec. gu.(qu.)
IX
Apr. 1 Holders of rec. Mar. 15a
Cambria Iron...................................
SI
Apr. 1 Mar. 16 to Apr. 2
Regular guaranteed (quar.)__________
IX
May
Holders of reo. Apr. 1
I X
2
May 11 Holders of rec. Apr. 24a C a n a d a S te a m sh ip L in e s , L td ., p r e f --------R e a d in g C o m p a n y , c o m m o n (q u a r .) ..........
Mar. 31 Holders of rcc. Mar. 23a
Apr. 13 Holders of reo. Mar. 28a C a n a d ia n C o n so lid a ted R u b b er, p r e f . (q u .)
I X
1
Reading Company, second pref. (quar.).
Canadian
Gen.
Electric,
Ltd.,
com.
(qu.
Apr.
Holders of rcc. Mar. 15
Holders
of
reo.
Feb.
29a
I
X
Apr. 1
Southern Pacific Co.(quar.) (No. 38)___
IX
Preferred........ ......................................
Apr.
Holders of reo. Mar. 15
Apr. 1 Mar. 16 to Mar. 31
3 X
Southern lty ., M . A O ., stock trust certlfs 2
Canadian Locomotive, pref. (auar.).._
Apr.
Holders of reo. Mar. 20
Apr. 1 Holders of rec. Mar. la
I X
2
Union Pacific, common (quar.)_________
C a n a d ia n W e s tin g h o u s e , L td . (q u .) ( N o A 5 )
Apr. 10 Holders of reo. Mar. 31a
2
Apr. 1 Holders of rec. Mar. la
I X
Preferred...............................................
Holders of rcc. Mar. 13a
Apr.
SI.25 Apr. 1 Holders of rede. Mar.15a Case (J.I.) Thresh. Mach., pref. (quar.)
W e s t J e r s e y A S e a s h o r e ................ .............
I X
Apr. 15 Iloldors of rec. Apr. 10a
10
2
April 1 Holders of rec. Mar. 11a C ellu lo id C o m p a n y (e x t r a ) _____________
Wisconsin Central, preferred____ ______
Mar. 31
Mar. 31 Mar. 8 to
Celluloid Company (quar.)....................
I X
■ Street and Electric Railways.
Holders of rec. Mar. 27
Apr.
0
C en tra l A g u i r r e S u g a r C o m p a n ie s , c o m . .
Apr. 1 Holders of rcc. Mar. 21
A s h e v ille P o w e r A L ig h t, p f . (q u .) ( N o . 16)
IX
Apr. 2
Apr.
Mar.
28
to
2
P
re
fe
r
r
e
d
(
q
u
a
r
.)
....................................
1
Holders
of
rec.
Mar.
15a
Apr.
Brazilian Trac., Lt. A Pow., pref. (q u .)..
IX
Apr. 15 Apr. 1 to
Apr. 16
I X
Apr. 1 Holders of rcc. Mar. 9a Central Coal & Coko, preferred (quar.).
Brooklyn Rapid Transit (quar.)..............
IX
April
Holders of reo. Mar. 10a
I X
Apr. 1 Holders of rec. Mar. 18a Central Leather, preferred (quar.).
C a lifo r n ia R y . A P o w e r , p r i o r p r e f . (q u a r.)
IX
April
Holders of rcc. Mar. 23
Central Petroleum, preferred------2X
Apr. 1 Mar. 15 to Mar. 31
C a p ita l T r a c tio n , W a s h ., D . C . ( q u a r . ) . . .
IX
Apr. 1 Holders of reo. Mar. 10
Central States Elec. Corp., pref. (quar.)
I X
Apr. 1 Holders of rcc. Mar. 21
C a r o lin a P o w e r A L ig h t, p r e f . (q u .) ( N o .2 8 )
IX
April 1 Holders of reo. Mar. 7a
Chandler Motor Car (quar.) (No. 1) — .
I X
Mar. 30 Mar. 6 to Mar. 16
2
Chicago City Railway (quar.)____ _____
Mar. 18 Holders of reo. Mar. la
Chesebrough Mfg. Cons. (quar.)..
6
Apr. 1 Holders of rec. Mar. 20
1
C i n c in n a ti A H a m ilt o n T r a c ., c o m . (q u a r.)
4
Mar. 18 Holders of reo. Mar. la
Extra------------------------------------Apr. 1 Holders of rcc. Mar. 20
P r e fe r r e d ( q u a r . ) . . ..................................
IX
Chic.
June.
Rys.
&
U.
Stk.
Yds..corn.(qu)
Apr.
1 Holders of rcc. Mar. 15a
2
X
Holders
of
rcc.
July
15a
Aug.
1
C itie s S e r v ic e , c o m m o n (m o n th ly ) ..............
X
Preferred (quar.)_____________
Apr. 1 Holders of roo. Mar. 15a
I X
3r July 1 Holders of rcc. Juno 15a
C o m m o n ...... ................... ........................
2
Mar. 31 Holders of reo. Mar. 30a
Apr. 1 Holders of rec. Mar. 15a Chicago Telephone (quar.)............ .
P r e fe r r e d (m o n th ly ) ..................................
X
*1.25 Mar. 31 Holders of reo. Mar. 10a
Apr. 1 Holders of rcc. Mar. 15a Chino Copper Co. (quar.)............
Cleveland Railway (quar.)______ ______
IX
C in c in n a ti A S u b u rb a n B ell T e le p . (q u a r .)
Apr. 1 Holders of reo. Mar. 23
Apr. 1 Holders of rec. Mar. 15
2 X
C o lu m b u s B y ., P o w . A L t . , p f . A ( q u a r . ) . .
IX
Mar. 27 Mar. 12 to Mar. 27
5
Mar. 1 Holders of rec. Feb. 26a Citizens Gas of Indianapolis (No. 13)..
3
C o n n e c tic u t V a lley S treet R y ., p r e f ________
Cleveland
&
Sandusky
Brew.,
pref.
(qu
Apr.
15 Holders of rec. Mar. 31a
1
Holders
of
rec.
Mar.
15a
1
April
1
Duluth-Superior Trac., pref. (quar.)___
Apr. 1 Holders of reo. Mar. 20a
I X
Frankford A Southw. Pass., Phlla. (qu.). S4.5C Apr. 1 Holders of rec. Mar. la Cluett, Peabody* Co., Inc., pref. (quar.
April 15
April 15 April 1 to
Colorado Power, common (No. 1).
1
Apr. 1 Mar. 18 to Apr. 1
2
H a l i f a x E l e c tr ic T r a m w a y ( q u a r .) ________
April 1 Holders of reo. Mar. 13a
Apr. 1 Holders of rcc. Mar. 20a Colt’s Patent Fire Arms Mfg. (quar.)..
3
2 X
H o u g h t o n C o u n t y T r a c ., p r e f . ( N o . 16) . .
April 1 Holders of rcc. Mar. 13a
Extra — .....................................
10
April 1 Holders of rec. Mar. 15a
Illinois Traction, preferred (quar.)..........
I X
Computlng-Tabulatlng-Uecord. (qu. ) . .
Apr. 1 Mar. 11 to Mar. 15
1V April 10 Holders of rec Mar. 25a
1
Louisville Traction, common (quar.)___
April 1 Holders of reo Mar. 15a
Cons. Gas, Elec. L. & P., Balt., com.(qu.!
Apr. 1 Mar. 11 to Mar. 15
Preferred............ ....................................
2 X
April 1 Holders of reo . Mar. 15
Preferred................ .......... ..........
3
Apr. 1 Holders of rec. Mar. 18a
Manila Electric RR. A Ltg. Corp. (quar.)
IX
April 1 Holders of rcc . Mar. 20a
Continental
Can,
Inc.,
common
(quar.).
Holders
of
rec.
Mar.
23a
I
X
Apr.
1
N e w Y o r k S ta te R y s ., c o m . a n d p r e f . (q u a r.)
I X
April 1 Holders of reo . Mar. 20a
Preferred (quar.)______________
I X
Apr. 1 Holders of rec. Mar. 10a
Northern Ohio Trac. A Light, pref. (qu.)
I X
Apr. 7
10c. Apr. 10 Mar. 26 to
*2 Apr. 1 Holders of rec. Mar. 10a Cosden & Co., common (quar.)___
Philadelphia Traction...............................
Apr. 10 Mar. 26 to
Apr. 7
Common
(extra)_____________________
25c.
S3 Apr. 1 Mar. 16 to Apr. 2
R id g e A v e n u e P a s s . R y ., P h lla . ( q u a r .) ___
1 Mar. 26 to
Apr. 7
P r e ferre d (q u a r .) .................. .................. 12HC Apr.
Apr. 1 Holders of rec. Mar. 18
S cio to V a lle y T r a c ., 1 st p r e f . A p r e f . (q u a r.)
I X
Mar. 31 Holders of rec Mar. 20
I X
$3 Apr. 1 Holders of rec. Mar. la C r u cib le S teel, p r e fe rred (q u a r.) ( N o . 4 5 ). .
Second A Third Sts. Pass., Phlla. (quar.)
Apr. 1 Holders of rcc . Mar. 20
I X
Apr. 1 Holders of rec. Mar. 15a C u b a C a n e S u g a r C o r p o r a tio n , p r e f . (q u a r.)
Springfield (Mo.) Ry.AL.,pf.(qu.)(No.5;
I X
April
Holders of rec . Mar. 16a
2 X
Apr. 1 Holders of rec. Mar. 25a Cuban-Amerlcan Sugar, com. (quar.) —
1
Stark Electric RR. (quar.)............ ..........
Apr.
Holders of reo . Mar. 15a
Preferred (quar.)_________________ _
I X
Apr. 1 Holders of rcc. Mar. 15a
1
Third Avenue Ry. (quar.)___________ _
Apr.
Holders of rcc . Mar. 20a
I X
2
Apr. 1 Holders of rec. Mar. 15a D a y to n P o w e r A L ig h t, p re fe r r e d ( q u a r . ) . .
T o r o n to R a ilw a y ( q u a r . ) ________________
Mar. 31
Apr.
Mar. 22
D o d g e M a n u fa c t u r in g , p r e fe r r e d ( q u a r . ) . .
Apr. 1 Holders of rec. Mar. 20
I X
T r i - C i t y R y . A L ig h t, p r e f . ( q u a r .) _______
I X
Holders of reo . Mar. 11
April
Dominion
Glass.
Ltd.,
pref.
(quar.)_____
Apr. I Holders of rec. Mar. 15a
IX
Twin City Rap. Tran., Minn., com. (qu.;
I X
Holders of rec . Mar. 20
April
Apr. 1 Holders of rec. Mar. 15a Dominion Iron & Steel, Ltd., preferred..
3 X
Preferred (quar.)....................................
I X
Iloldors of reo . Mar. 15
April
Apr. 1 Holders of rec. Mar. 18a Dominion Textile, Ltd., coin. (q u a r.)...
I X
United Light A Itys., first pref. (No. 22).
I X
Holders of reo . Mar. 20a
Apr.
Duluth Edison Elec., pref. (qu.) (No. 40)
Apr. 1 Mar. 8 to Mar. 12
I X
United Trac. A Elec., Prov. (quar.)........
I X
Mar. 31 Holders of rec. Mar. 18a duPont(E.I.)dcNein.Co.deb.stk. (quar.)
H4 April 25 Holders of reo . April 10
W a s h . B a lt. A A n n a p . E le c . R R ., p f . (q u .)
I X
May
duPont(E.I.)de
Nemours
Pow.,com.
(qu)
114
Apr.
*1.75
West End Street R y., Boston, common..
e
Apr. 22 to
May 1
May
Preferred (quar.)_________ _____ _____
I X
Apr. i Mar. 24 to Apr. 1
W e s t I n d i a E le c . C o ., L td . (q u .) ( N o . 33) . .
I X
Iloldors of reo. Mar. 4a
April
2 X
May i Apr. 23 to May I d Eastman Kodak, common (quar.)..........
West Penn Railways, preferred (quar.)..
IX
Holders
of
reo.
Mar.
4a
April
Common
(extra)......................................
2 X
Apr. 15 Apr. 2 to Apr. 16
West Penn Traction, preferred (quar.)..
I X
Holders of rcc. Mar. 4a
April
Preferred (quar.)____________________
I X
Apr. 15 Apr. 2 to Apr. 16
Pref. (on account of accumulated diva.)
X
200
145
390
450

Coney isl'd*
First............
Flatbush . . .
Greenpolnt.
Hillside
Homestead *
Mechanics*.
Montauk*..
Nassau____
Nation’) City
North Side*.
People’s ___

255
134
115
100

140
270
142
130
115
90
140
110
205
280
185
140

B r o o k ly n

©xrmmer d a l nudlH tscell& uem xB




ix

THE CHRONICLE

MAR. 18 1916.]
N a m e o f C om pany.

Miscellaneous (Continued).
Electric Boat, com. and pret. (quar.)----Common and preferred (extra)---------Elec. Stor. Cattery, com. & pref. (quar.)
Electrical Securities Corp., com. (quar.) —
Preferred (quar.).....................................
Galena-Signal Oil, common (quar.).........
Preferred (quar.).............. - .................General Baking, pref. (quar.) (No. 17)----General Chemical, preferred (quar.)----General Electric (quar.)-----------------------General Fireproofing, common (quar.) —
Preferred (quar.) (No. 30).................. .
Goodrich (13. F.) Co., common (quar.)..
Pref. (quar.)------------------------------------Goodyear Tire & Rubber, pref. (quar.)..
Great Lakes Towing, preferred (quar.)..
Gulf States Steel, first pref. (quar.)___
Hart, Schaffner* Marx, Inc., pref.(qu.).
Hartford City Gas Light, common__
Preferred........................................
Helme (Geo. W.) Co., common (quar.)..
Preferred (quar.)_____________ _____
IIcndccM fg., pref. (quar.) (No. 10)-----Hercules Powder, common (quar.)........
Common (extra)-----------------------------Homcstake Mining (monthly) (No. 498).
Houslon Gas & Fuel, preferred (quar.)----Indiana Pipe Line (quar.).................... - - Int. Harvester of N.J.,com. (qu.) (No.25)
International Salt (quar.)-----------International Silver, pref. (auar.)..
Interocean oil, first preferred........
Kaufmann Dept.Stores, pf. (qu.) (N o.13)
Kayser (Julius) & Co., common (quar.)..
First and second preferred (quar.)----Kelly-Sprlngfleld Tire, preferred (quar.).
Kcnnccott Copper Corp. (qu.) (No. 1 )..
Kenefick Zinc Corp. (No. 1)........................
Kolb Bakery, preferred (quar.)----------------Kresge (S. .S'.), preferred (quar.)------------La Celle Iron Works, pref. (quar.)........ .
La Rose Consolidated Mines (quar.)----Laurentlde Co., Ltd. (quar.)-----------------Lawyers Mortgage Co. (quar.) (No. 58) —
Library Bureau, preferred (quar.)............
Liggett & Myers Tobacco, com. (extra)----Liggett* Myers Tobacco, pref. (auar.)..
Lone Star Gas (quar.)..................................
Loose-Wiles Clscult, first pref. (quar.)..
Lorlllard (P.) Co., common (quar.).........
Common (extra)-------------------------------Preferred (quar.)___________________
MacAndrews <fc Forbes, common (quar.)..
Preferred (quar.)................................ - - Mackay Companies, com. (qu.) (No. 43)
Preferred (quar.) (No. 49).......... .........
Magma Copper Co. (quar.)-----------------Manhattan Shirt, preferred (quar.)---------Manning, Maxwell & Moore, Inc. (quar.)
Maxwell Motor, Inc., 1st pref. (quar.)..
May Department Stores, pref. (q u a r.)...
Mergenthaler Linotype (quar.)........ . . . .
Mexican Petroleum, Ltd., pref. (quar.)..
Milwaukee & Chicago Crewerles, Ltd-----Montana Power com. (quar.) (No. 14)..
Preferred (quar.) (No. 1 4 ) . . . . . ------Montgomery Ward & Co., pref. (quar.).
National Clscult, com. (quar.) (No. 71)
National Carbon, common (quar.) — . . .
Nat. Enain. & Stamping, pref. (quar.)..
Nat. Gas, Elec. LI. <fc Power, com. (quar.).
Preferred (quar.)-------------------------------National Lead, common (quar.)........ —
National Licorice, pref. (quar.) (No. 55)-Natlonal Refining, preferred (quar.)----National Sugar Refining (q u a r.)...
National Zinc & Lead (monthly)..
Nevada Consolidated Copper Co. (q u .)..
Extra_________________________
New York Air Crake (quar.) (No. 53)-Ncw York Transit (quar.)......................
Nllcs-Ocmont-Pond, common (quar.)..
Nipe Bay Co., common............ .............. .
North Amor. Co. (quar.) (No. 48)____
Ohio Cities Gas, preferred (quar.)_____
Ohio Fuel Supply (quar.)____ _________
Ohio OH (quar.)............................ ...........
Extra.....................................................
Old Dominion Co. (quar.) (No. 33)___
Old Dominion Cop. Min. * Smelt, (qu.)
Osceola Consolidated Mining (quar.)___
Otis Elevator, common (quar.)___________
Preferred (quar.)------------------------------Ottawa Light, Heat * Power, com. (qu.)
Common (on account of deferred dlv.)
Penmans, Limited, common (quar.)___
Preferred (quar.).................. ..............
Pcnnsylv. Water & Pow. (quar.) (No. 9)
Peoples Natural Gas <fe Plpeage (quar.)..
Pettlbone-Mulllken Co., 1st & 2d pf.(qu.)
Phelps, Dodge & Co. (quar.)------Extra------------ ------------------------- ----Pittsburgh Plato Glass, common (quar.).
Preferred (annual).......... .............
Prairie Oil cfc Gas (quar.)..................
Extra.............................................
Prairie Pipe Line (quar.)..................
Extra........ .....................- - - .........
Quaker Oats, common (quar.)------Preferred (quar.)..........................
Quincy Mining (quar.)....................
Railway Steel-Spring, preferred (quar.)..
Ray Consolidated Copper Co. (q u a r.)...
Republic Iron * Steel, pref. (qu.) (N o.50)
Preferred (extra).............................. .
Reynolds (R. J.) Tobacco, com. (quar.)
Common (extra)..................................
Preferred (quar.)................ ......... - - - ­
Royal Baking Powder, common (quar.)...
Preferred (quar.)----- --------------- -------St. Joseph Lead (qtmr.)- - - - - - - - - - - - - St. Louis Rocky Mt. <fc Pac. P /-(««) W ol5)
Sapulpa Refining, com. (m thly.) (N o.4)
Savoy Oil (monthly)-------------------Extra...............- ............. ...............
Sears, Roebuck & Co., pref. (quar.).—
Shattuck-Arlzona Copper Co. (quar.) —

P er
C e n t.

W hen
P a y a b le.

B o o k s C lo s e d .
D a y s I n c lu s iv e .

Mar. 30 Holders of rec. Mar. 30a
Mar. 30 Holders of rec. Mar. 30a
Apr. 1 Holders of rec. Mar. 21a
1
Apr. I Holders of rec. Mar. 29a
2
May 1 Holders of rec. Apr. 2Ga
IX
3
Mar. 30 Holders of rec. Feb. 29
Mar. 30 Holders of rec. Fob. 29
2
Apr. 1 Holders of rec. Mar. 18
1April 1 Holders of reo. Mar. 17a
IX
Apr. 15 Holders of reo. Mar. 15a
2
1 X Apr. 1 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 20
IX
May 15 Holders of reo. May 4a
1
April 1 Holders of reo. Mar. 21a
m lH
to Mar. 31
Apr. 1 Mar. 21
IX
Apr. 1 Mar. 10 to Apr. 2
IX
Apr. 1 Holders of rec. Mar. 15a
IX
Mar. 31 Holders of rec. Mar. 20
IX
75c. Mar. 31 Mar. 17 to Mar. 31
50c. Mar. 31 Mar. 17 to Mar. 31
Apr. 1 Holders of roc. Mar. 15a
2X
Apr. 1 Holders of rec. Mar. 15a
IX
Apr. 1 Holders of reo. Mar. 20
IX
Mar. 25 Mar. 10 to Mar. 25
2
Mar. 25 Mar. 10 to Mar. 25
8
05c. Mar. 25 Holders of rec. Mar. 20a
Mar. 31 Holders of rec. Mar. 14
IX
52 May 15 Holders of rec. Apr. 24
Apr. 15 Holders of rec. Mar. 25a
IX
Apr. 1 Mar. 16 to Apr. 2
X
Feb. 24 to April 1
April
IX
Apr.
Holders of reo. Mar. 20
3X
April
Holders of rec. Mar. 20
IX
Apr.
Holders of rec. Mar. 21a
IX
Holders of rec. Apr. 21a
May
IX
Apr.
Holders of rec. Mar. 18a
IX
Mar. 31 Mar. 11 to Mar. 19
SI
10c. Mar. 30 Mar. 24 to Mar. 30
Apr. 1 Holders of rec. Mar. 18
IX
Apr. 1
IX
Mar. 20
Mar. 31 Mar. 19 to
2
Apr. 18
1
Apr.20d Apr. 1 to
Apr. 3 Holders of rec. Mar. 22
2
Holders of rec. Mar. 23
Apr.
3
Holders of rec. Mar. 21
Apr.
2
Holders of rec. Mar. 24
Apr.
4
Holders of rec. Mar. 24a
Apr.
IX
Mar. 25 to
Mar. 31
Apr.
IX
Mar. 21 to Apr. 2
Apr.
IX
Holders of rec. Mar. 18a
Apr.
3
Apr.
Holders of rec. Mar. 18a
5
Apr.
Holders of rec. Mar. 18a
IX
Apr. 15 Holders of rec. Mar. 31a
2X
Apr. 15 Holders of rec. Mar. 31a
IX
April 1 Holders of rec. Mar. 10a
IX
April 1 Holders of rec. Mar. 10a
1
50c. Mar. 31 Holders of rec. Mar. 10
Apr. 1 Holders of rec. Mar. 22a
IX
Mar. 31 Holders of rec. Mar. 31a
IX
April 1 Holders of rec. Mar. 10a
IX
Apr. 1 Holders of rec. Mnr. 15a
IX
Mar. 31 Holders of rec. Mar. 4a
2X
Apr. 1 Holders of rec. Mar. 20a
2
April 1 Mar. 3 to April 2
b3X
April 1 Mar. 15 to Apr. 3
X
April 1 Mar. 15 to Apr. 3
IX
Apr. 1 Mar. 22 to Apr. 2
IX
Apr. 15 Holders of reo. Mar. 28a
IX
April 15 Holders of rec. April 5a
2
Mar. 31 Mar. 12 to
Mar. 31
Apr. 1
i
Apr. 1
IX
Mar. 31 Mar. 11 to
Mar. 15
1
Mar. 31 Holders of rec. Mar. 24
IX
April 1 Holders of rec. Mar. 15a
2
Apr. 3 Holders of rec. Mar. 6
IX
Mar. 31 Mar. 24 to Mar. 31
4
37>*c. Mar. 31 Holders of rec. Mar. 10a
12Mc. Mar. 31 Holders of rec. Mar. 10a
Mar. 23 Holders of rec. Mar. 2a
2
Apr. 15 Holders of rec. Mar. 25
4
Mar. 21 Mar. 8 to Mar. 20
IX
Apr. 15 Holders of rec. Mar. 24
2
April 1 Holders of rec. Mar. 16a
IX
Apr. 1 Holders of rcc. Mar. 15
IX
Apr. 15 Apr. 1 to Apr. 14
2
$1.25 Mar. 20 Feb. 22 to Mar. 14
Mar. 14
$4.75 Mar. 20 Feb. 22 to
Mar. 22
$2.50 Mar. 31 Mar. 10 to
$2.50 Mar. 30 Mar. 16 to Mar. 22
St Apr. 29 Holders of rec. Mar. 31a
Apr. 15 Holders of rec. Mar. 31
IX
Apr. 15 Holders of rec. Mar. 31
IX
April ‘ Holders of reo. Mar. 20a
IX
April
Holders of rcc. Mar. 20a
IX
May 15 Holders of rcc. May 5a
1
May 1 Holders of rcc. Apr. 20a
IX
April 1 Holders of rec. Mar. 17
1
Mar. 25 Mar. 21 to _______
2
Apr. 1 Holders of rcc. Mar. 10a
IX
Mar. 31 Holders of rcc. Mar. 20a
2X
Mar. 31 Holders of rec. Mar. 20a
3X
Holders of rcc. Mar. 16
April
IX
Holders of rcc Mar. 10
April
12
Apr. 29 Holders of rec. Mar. 31
3
Apr. 29 Holders of rec. Mar. 31
2
Apr. 29 Holders of rcc. Mar. 31
5
. 5
Apr. 29 Holders of rcc. Mar. 31
April 15 Holders of rcc. April la
2X
May 31 Holders of rec. May la
IX
53
Mar. 27 Holders of rec. Feb. 29a
Mar. 20 Mar. 5 to Mar. 20
IX
50c. Mar. 31 Holders of rec. Mar. 10a
Mar. 21 to
April 19
April
IX
lh
April 19
April 1 Mar. 21 to
3
Apr. 1 Holders of rec. Mar. 21
2
Apr. 1 Holders of rec Mar. 21
Apr. 1 Holders of rcc. Mar. 21
IX
2
Mar. 31 Holders of rcc. Mar. 10
IX
Mar. 31 Holders of rec. Mar. 10
25c. Mar. 20 Mar. 10 to
Mar. 20
IX
to Mar. 30
Mar. 31 Mar. 21
Apr. 1 Mar. 22 to Apr. 1
IX
1
Mar. 25 Holders of rcc. Mar. 15
1
Mar. 25 Holders of rcc. Mar. 15
fVprll 1 Holders of rcc. Mar. 1.5a
IX
50c Apr. 20 Holders of rcc. Mar. 31a
75c Apr. 20 Holders of rec. Mar. 31a
1
May 1 Holders of rec. Apr. 15a
Sierra Pacific Elec. Co., pf. (qu.j (No. 27)
April 1 Holders of rcc. Mar. 20a
Sloss-Sheffleld Steel & Iron, pref. (quar.)
IX
Apr. 1 Holders of rcc. Mar. 18
Southern Utilities, preferred (quar.)..........
IX
6
Mar. 31 Mar. 15 to
Mar. 31
South Penn Oil (quar.)------------ -----------6
April 1 Holders of rec. Mar. 11a
South Porto Rico Sugar, common (quar.)
2
April 1 Holders of reo. Mar. 11a
Preferred (quar.)........ . .
3
Apr. 1 Holders of reo. Mar. 15
South West Pennsylvania Pipe Llnes(qu.)
31 May 15 Apr. 21 to May 1
Standard Motor Construction...... ........... - 1
April 1 Mar. 16 to
Mar. 31
Standard Oil Cloth, Inc., common -----April 1 Mar. 16 to
Mar. 31
IX
Preferred Classes A and 1) (q u a r .)....
50e
Apr. 15 Holders ol reo. Mar. 4
Standard Oil (California) stock dividend.
4
Apr. 1 Mar. 16 to Apr. 2
Standard Oil (Kentucky) (quar.)............
Apr. 1 Mar. 16 to Apr. 2
1
Extra______________________________




8

7

nx

1037
P er
C e n t.

N a m e o f C om pany.

Miscellaneous (Concluded).
Standard OH (Ohio) quar.)____________
Extra______________________________
Standard Screw, common (extra)............
Submarine Boat Corporation' (quar.)..
Subway Realty (quar.)................ ............
S u lz b erg er <& S on s C o ., p r e fe r r e d ( q u a r .) __
Swift & Co. (quar.) (No. 118)-------------T e m p le C o a l, p r e fe r r e d — ------- -------------Texas Company (quar.)............................
Tobacco Products Corp., pref. (quar.)__
Tonopah-Belmont Development (quar.).
Tonopah Extension Mining (quar.)____
Extra_________________ _________ —
Underwood Typewriter, common (quar.)
Preferred (quar.)___________________
Union Carbide (quar.)............ .................
U n io n S w itch <& S ig n a l, c o m . a n d p r e f ( q u .)

Union Tank L in e _____________________
U n ite d F r u it (q u a r .) ( N o . 67)....................
United Gas Improvement (quar.)_____
United Globe Mines (quar.) (No. 19)___
United Shoe Machinery, common (quar.)
Preferred (quar.)___________________
U. S. Gypsum, preferred (quar.)________
United States Steel Corp., com. (quar.). .
United Verde Copper Co. (No. 8 )_______
Utah Copper Co. (quar.) (No. 31)..........
Extra (No. 1)_______________________
Warren Brothers, common_____________
First preferred______________________
Second preferred.................. .................
Western Electric, common (quar.)_____
Preferred (quar.)___________________
W e s te r n P o w e r C o r p ., p r e f . (q u .) ( N o . 1).
W e s te r n U n io n T e le g . (q u a r.) ( N o . 188)-Weyman-Bruton Co., common (quar.)..
Preferred (quar.)___________________
WUlya-Ovcrland, preferred (quar.)_____
Wolverine Copper Mining_____________
Woolworth (F. W .), preferred (quar.)__
Yale & Towne Mfg. (quar.) (No. 80)___
Youngstown Sheet & Tube, com. (quar.)
Preferred (quar.)___________________
Yukon Gold Co. (quar.)_______________

B ook s C lo s e d .
D a y s I n c lu s i v e .

W hen
P a y a b le.

April 1 Mar. 4 to Mar. 22
April 1 Mar. 4 to Mar. 22
Apr. 1 Holders of rec. Mar. 20a
Apr. 15 Holders of rec. Mar. 31
Apr. 1 Holders of rec. Mar. 20a
IX
Apr. 1 Mar. 22 to Mar. 31
IX
2
April 1 Holders of rec. Mar. 10
2
Apr. 12 Holders of rec. Apr. 3
Mar. 31 Holders of rec. Mar. 20a
2X
Apr. 1 Holders of rec. Mar. 20a
IX
1 2 X C . April 1 Mar. 16
to Mar. 21
5c. April 1 Holders of rec. Mar. 11
5c. April 1 Holders of rec. Mar. 11
1
April 1 Holders of rec. Mar. 20a
April 1 Holders of rec. Mar. 20a
IX
2
Apr. 1 Mar. 15 to Apr. 4
s i .50 Apr. 15 Holders of rec. Mar. 31
$2.50 Mar. 25 Holders of rec. Mar. 3
Apr. 15 Holders of rec. Mar. 24
2
Apr. 15 Holders of rec. Mar. 31a
SI
$15 Mar. 30 Mar. 16 to Mar. 22
50c. Apr. 5 Holders of rec. Mar. 14
3 7 X c . Apr. 5 Holders of rec. Mar. 14
Mar. 19
Mar. 31 Mar. 16 to
IX
Mar. 9
Mar. 30 Mar. 2 to
IX
75c.
$1.50 Mar. 31 Holders of rec. Mar. 10a
Mar. 31 Holders of rec. Mar. 10a
SI
50c. Apr. 1 Holders of rec. Mar. 20
75c. Apr. 1 Holders of rec. Mar. 20
1 Holders of rec. Mar. 20
8 7 X c . Apr.
S2 Mar. 31 Holders of rec. Mar. 24a
Mar. 31 Holders of rec. Mar. 24a
IX
1
Apr. 15 Holders of rec. Mar. 31
Apr. 15 Holders of rec. Mar. 20
IX
Apr
1 Holders of rec. Mar. 15a
3
Apr. 1 Holders of reo. Mar. 15a
IX
April 1 Holders of rec. Mar. 21a
IX
$0 Apr. 1 Holders of rec. Mar. 8
April 1 Holders of rec. Mar. 10a
IX
April 1 Mar. 24 to Mar. 31
IX
Apr. 1 Mar. 19 to dApr. 1
2
Apr. 1 Mar. 19 to dApr. 1
IX
to Mar. 15
7 X c . Mar. 31 Mar. 11
3
3
6
$1.50

a Transfer books not closed for this dividend,
b Less British Income tax. d Cor­
rection. e Payable In stock. /Payable In common stock, g Payable In scrip.
h On account of accumulated dividends,
i Declared 7% payable In quarterly In­
stalments beginning with March 31. k Declared 30% on the common and 7% on
the pref., payable In quarterly Instalments of 7 X % and I X % . respectively.
1 Also 19%, payable In Anglo-French 5% bonds at 95. m Declared 3 X % on p r e t . ,
payable I X % April 1 and I X % July 1. o Transfers received In order In London
on or before March 13 will be In tlmo to bo passed for payment of dividend to
transferees, p Declared 4% , payable In quarterly Instalments, s At rate of 7%
per annum for period from Jan. 18 to Mar. 31 1916. t Declared 6% , payable 3%
as above and 3% Nov. 15 to holders of record Oct. 20.
r Payable In convertible 5% debentures.

N IC A R A G U A C U S T O M S R E C E IP T S — W e append a
s t a t e m e n t s h o w in g t h e N ic a r a g u a n c u s t o m s r e c e ip t s f o r t h e
tw o lv e m o n th s o f 1 9 1 5 , c o m p a r e d w ith 1 91 4 :
In crea se (+ )
D e c r e a s e (— ).
$158,251 36 — $113,186 68
$45,064,68
— 97,450 19
156,910 64
February
59,460 45
— 50,612 52
118.220 40
March__
.
67,607 88
.
.
.
.

May
Juno

$172,133
$68,627
81,187
65,773

$433,382
$115,087
118,306
108,549

01
96
68
53

. $215,589 17
July______
A ugust__
September

.

$387,722
70,044
53,019
72,701

18
50
67
77

.

$196,365 94

40
24
40
52

— $261,249
— $46,459
— 37,118
— 42,775

39
28
72
99

$341,943 16

— $126,353 99

$775,325
95,973
84,532
82,531

— $387,603
— 25,929
— 30,912
— 9,829

56
52
52
38

38
02
85
61

— S66.671 48

$263,037 42

$584,088 12 $1,038,362 98 — $454,274 86
— 14,197 95
77,998 19
63,800 24
+ 7,355 47
55,406 78
.
62,762 25
+ 14,250 91
62,865 59
.
77,116 50
.

October___
November
December .

.

$203,678 99

$196,270 56

+ $7,408 43

Year .................................................

$787,767 11

$1,234,033 54

— $446.866 43

C a n a d i a n B a n k C l e a r i n g s .— T h e cle a r in g s f o r t h e w e e k
e n d i n g M a r . 11 a t C a n a d i a n c i t i e s , in c o m p a r i s o n w i t h t h e
s a m e w e e k in 1 9 1 5 , s h o w a n i n c r e a s e i n t h e a g g r e g a t e o f
2 7 .7 % .
W e e k e n d in g M a r c h
C le a r in g s

11.

at —

1916.

1915.

D ec.

1914.

S

S

%

S

Fort William___
New Westminster
Medicine Hat__
Peterborough__

58.ISO .283
42,092,332
30,013,242
0,323,223
4,190,949
3,077,635
1,927,273
2.895,242
1,575,824
1,888,051
3,297,699
1.926.601
2.155,210
1,643,832
470,873
399,274
974,202
575,036
842,263
418,355
204,877
335,007
474,417

43,020,738
27,927,679
24,210,611
4,453,871
4,705,939
2,586,873
1,708,511
2,240,348
1,506.732
1.524,527
3,521,279
1,437,864
2,082,703
1,225,655
384,468
282,535
761,736
327,452
714,479
400,41£
258.0S9
194,777
375,935

+ 21.1
+ 50.7
+ 23.9
+ 42.0
— 10.9
+ 19.0
+ 12.8
+ 28.9
+ 4.0
+ 23.9
— 6.4
+ 34.0
+ 3.5
+ 34.1
+ 22.4
+ 41.4
+ 28.0
+ 75.7
+ 17.S
+ 4.5

Total Canada.

165,862,306

130,871,219

+ 26.7

H alifax..............

— 20.6

+ 72.0
+ 26.4

1

1913.

S

50,783,230
38,778,924
21,046,503
9.776,821
3,428,115
2,800,377
1,845,288
2,953,044
1,572,897
1,584,612
3,318,391
2,582,130
3,597,161
1,736,485
528,104
469,356
1,341,117
426,994
880,362
692,651
425,985
359,203

51,143,243
40,180,586
24,851,766
10,998,843
3,254,163
2,749,056
1,618,265
3,278,195
1,331,171
2,127,292
4,406,623
3,851,072
3,884,769
2,461,048
549,211
490,294
1,973,982
572,871
1,086,007
669,353
579,060

150,925,750

162,057,320

N a t i o n a l B a n k s . — T h e f o l l o w i n g i n f o r m a t i o n r e g a r d in g
n a t i o n a l b a n k s is f r o m t h e o f f i c e o f t h e C o m p t r o l l e r o f t h e
C u rren cy , T rea su ry D ep a rtm en t:

APPLICATIONS FOR C H ARTER.
F o r O r g a n is a tio n o f N a tio n a l B a n k s.

The First National Rank of Wilder, Idaho. Capital, $25,000.
The First National Bank of Winifred, Mont. Capital, $25,000.

[Vol. 102

THE CHRONICLE

10 88

C H A R T E R ISSU ED TO N A T IO N A L B A N K W E E K E N D . M A R . 3.

B y M e s s r s . B a r n e s & L o fla n d , P h ila d e lp h ia :
$ p er sh .
S tocks.
$ p e r s h . S h a r es. S tocks.
43 Phlla. & Darby Pass. Ry.34J4-.35J4
49 Ontalunee Slate Mfg. C o------- 10
6 J. B. Stetson Co., com----- 389-391
4 Phlla. Bourse, com., $50 each. 6
107 H. K. Mulford Co., $50 each. 96)4
20 IndU3. Trust, T. A S. Co., $50
2 Otis Elevator Co., pref__ 90
176
e a ch .._______
5 Young-Smyth-Flold, p re f... 90
1,200 Humboldt Oil Co., $5 e a ch ..$2 lot
7 Phlla. Bourse, pref., $25 each 21
500 Germania Oil Co., $5 each..52 lot
260 Pratt F ool Co., '51 each----- 2)4
10 Taxi Service Co. of Phtla.,com,10
200 Nat. Oil Co., Tampico, Mex.,
1 Fire Aasn. of Phlla., $50 each.341
$1 each.............................. 1)4
10 Broad Street Bank, $50 each. 60
2 Fidelity Trust C o.............. 720
2 Pennsyl. Co. for Insur., A c ..715
200 Camden Fire Ins. rights___ 35c.
50 Real Estate Trust Co., com. 35
B on d s.
P ercen t.
219 Camden F. Ins. Assn., $5 ea. 10>4
$5,000 Ft. Wayne A W. V. Trao.
5 Home Life Ins. of Ara.,$10oa. 15
1st 5s, 1934.................. .......... . 65
12 Frank. A So’wark Pass. R y ..3 4 U f
2,000 Parr Shoals Pow. 1st 5s.1952 88
2 West Phlla. Passenger R y__ 195)4

O rig in a l O rg a n iz a tio n s.

S h a res.

T ho N ational Bank o f Sylvania, Ga. Capital, $25,000.
IN C R E A S E S OF C A P IT A L A P P R O V E D .
T he First National Bank o f Calexico, C al. Capital Increased from
$50,000 to $100,000.
T ho Citizens National Bank o f W ashington, P a. Capital Increased
from $200,000 to $500,000.
,
,
T he First National Bank o f Arlington, So. D ak. Capital increased
from $25,000 to $50,000.
B A N K S L IQ U ID A T IN G T O C O N S O L ID A T E W IT H O T H E R
N A T IO N A L B A N K S .
T he Traders’ National Bank o f Fort W orth, T ex. Capital, $125,000.
Absorbed b y the Farmers & M echanics National Bank o f Fort W orth.
Liquidating agent: W . R . Edrington, Fort W orth.
T ho First National Bank o f Sumjpter, Ore. Capital, $25,000. D eposit
liabilities assumed b y the Citizens National Bank o f Baker C ity, Ore. Liqui­
dating agents: W . C . F ellow s, Sum pter, and Emil M elzer, Baker, Ore.
O T H E R L IQ U ID A T IO N S .
T h o First N ational Bank o f Cochran, Ga. Capital, $28,000. C onsoli­
dated with the Cochran Banking C o ., Cochran, G a. Liquidating a gent:
J.
B. Thom pson , Cochran, Ga.
T h e First National Bank o f C lyde, T ex. Capital, $25,000. Succeeded
b y a private banking com pany. Liquidating agent: W . C . Lasley, A b i­
lene, T ex.
T h e Citizens National Bank o f Tecum seh, N eb. Capital, $50,000.
Succeeded b y the Farmers State Bank o f Tecum seh, N e b ., which is acting
as liquidating agent.
T h e First National Bank o f Fort T ow son. Okla. C apital, $25,000.
Liquidating agents: Charlie Switzer and W . W . W ilson. F ort Tow son.

I m p o r t s a n d E x p o r t s f o r t h e W e e k .— T h e fo llo w in g a re
th e r e p o r t e d im p o r ts o f m e r c h a n d is e a t N e w Y o r k fo r t h e
w e e k e n d i n g M a r . 11 a n d s in c e t h e f i r s t w e e k o f J a n u a r y :
FOREIGN IMPORTS AT NEW YORK.
F o r w eek e n d in g M a r .

11.

|

For the week........ ................
Previously r e p o r t e d ..........

Auction

S a l e s .— A m o n g o t h e r s e c u r it ie s , th e fo llo w in g ,
i n a t t h e S t o c k E x c h a n g e , w e r e r e c e n t ly s o ld
at a u c t i o n i n N e w Y o r k , B o s t o n a n d P h i l a d e l p h i a :
B y M e s s r s . A d r ia n H . M u lle r & S o n s , N e w Y o r k :

not u s u a l l y
S h a r es.

1913.

Total 10 weeks__________! $228,867,674 $175,689,277 $205,441,492 $208,873,904

d e a lt

S tock3 .

P e r ce n t.

7
12

New Haven Bank................. 202 \i
The Fowler Nall Co,. $25 each
$22 50 per sh.
25 Union Horse Nail Co., $25 each
$27 25 per sh.
43 Merchants Nat. Bank of New
Haven, $50 each___ $70 50 persh.
17 Now Haven Gas Light Co., $25
each.......... .............. $39 50 persh.
25 Mutual Trust Co. of Westches­
ter County.............. ............. 125
100 Fajardo Sugar Co................— 90)$

S h a res.

S tocks.

EXPORTS FROM NEW YORK.
W e e k en d in g M a r .

P e r c e n t.

53 Donohoe-Keliy Bank! ng Co__ 90
15 Downing A Lawrenco Dry
Dock Co______________ $5 per sh.
B on d s.

S to c k s .

$ p er sh .

S h a res.

P e r c e n t.

S tock s.

11.

% p er sh .

25 Plymouth Rubber Co., p r e f ...109
9 Tremont A Suffolk Mills......125
20 Pacific Mills...................139M-139M 73 Mcndraac Chem. Co. rights... 17 %
3 Newmarket Mfg. Co.............. 13SH 20 Sullivan Machinery C o_______127 M
6 Waltham Watch Co., com------21K
5 Cabot Manufacturing Co........ 124H
3 Waltham Watch Co., pref___ 87
6 Chicopee Manufacturing C o .. 70 H
1 Columbian Nat. Life In su r...l2 3
10 Arlington Mills....... - ............. 115
9 Cambridge Gas Lt. Co. rights. 2 Vs
15 York Manufacturing C o_____ 115
10 Phenix Ins. Co., Hartf., ex-dlv.397
80 Harmony Mills, preferred___ 98M
1 Right Ipswich Mills.............. .. 2 Jtf
1 Newport A F. R. St. R y.......... 102H
8 New England Fish Co., pref.-lOO
B o n d s.
P er ce n t.
7 Cambridge Gas Light Co........ 250
8 Walter Baker Co., Ltd.,ex-dlv.416)i $5,000 Saskatchewan Farm & Land
Co. 1st deb. 7s, 1922____ _____ 75
7 Duquesne Light Co., pref-----108
10 Merrlmac Chem. Co., $50 ea.-140)$ $5,000 Alvarado Mg. A Mill. Co.
cons. 6s, 1926................................ 73 M
6 Middlesex Co., com.......... ....... 56
$6,544 W. S. Barstow A Co., Inc.,
2 Quincy Mkt. C. S. A W. Co.,
N. Y ., 5% notes, 1916-18-.$6,300 lot
pref., e x -d iv --........... ......... 101H
B y M e s s r s . F r a n c i s H e n s l ia w & C o . , B o s t o n :
S h a r es.
S to c k s .
$ p e r s h . S h a r es.
S tock s.
$ p e r sh .
25 Apsley Rubber, pref...........101)1-107
5 Pacific Mills...... .......................139%
10 Nnumkeag Steam Cotton........ 194
10 Presbrey Stove Lining C o___ 90
5 Dartmouth Mfg., common___ 192

1914.

1915.

1916.

For the w eek..____ _______
Previously reported________

$4,000 Adams Exp. Co. coll. tr. 4s
of 1907, due 1947, J. A D ...........83
$11,000 Paint Creek Collieries Co.
1st 5s, ctf. of deposit........ .........
$2,100 Lackawanna Coal A Lum­ $300
ber Co. cons. 6s. 1921.............. ..
lot.
$20 Lack. C. A L. Co. cons. 6s, T5
$28,000 McKnight Realty Co. 1st
10-year 5s, Jan. 1914 coupons on.
$100 lot
B y M e ssrs. R . L . D a y & C o ., B o sto n :

S h a r es.

J

1914.

1915.

1916.

$16,384,687 $14,445,634 $23,362,430 $18,925,257
212,482,987 161,243,643 182,079,062 189.948,647

|

1913.

S60,204,165 ! $40,864,337 S20.945.607 $19,047,185
413,837,348 225,340,271 185,955,309 180,919,405

Total 10 weeks__________ $474,041,513 $206,204,608 $206,900,916 $199,966,590
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
W e e k e n d in g M a r .

11

I m p o r ts.

E x p o r ts .

Gold.

S in c e
J a n . 1.

W eek.

1

W eek.

S in c e
J a n . 1.

$48,665 $7,569,716
808
...............
7,627,328
519,814
288,769
77,332
1,579,089
273,042
88,952

$5,031,998
Great Britain___________________
Franco
Germany.............................. .............
$1 ,bob',656 s.bbb.osd
West Indies
100,000
_______________________
Mexico
30,000 6,291,576
South America__________________
1,964,592
25,000
All other countries........................ .. i

Total 1916...................................... $1,055,000 $19,085,116 $503,718 $17,569,797
230,700
1,901,000 1,004,377 4,951,889
Total 1915......................................
240,548 2,793,575
358,900 18,081,729
Total 1914 ..................................
Sliver.
Great Britain___________________ $1,274,400 $8,016,860
Frnncfl
Cnrmnnv
1
494,041
35,580
West Indies______________________
Mexico _ __________________ _ _
187,678
92,409
South America.... ............... .............
4,880
1,570
All other countries_______________ |

$7,963
2,376
$1,365
18,655
518,006 ; 2,204,233
138,207 j • 1,136,853
53,723
259,143

Total 1916...................................... $1,403,959 ' $8,703,459 j $711,301 ' $3,629,223
7,865,319
51,766
961,663
Total 1915............ ......................... j 481,841
Total 1914...................................... 1 810,774 1 7,892,153 1 281,588; 2,278,268
Of the above exports for the week in 1916, $55,000 were American gold coin.

T h e F e d e r a l R e s e r v e B a n k s . — F o l l o w i n g is t h e w e e k l y s t a t e m e n t i s s u e d b y t h e F e d e r a l R e s e r v e B o a r d o n M

arch

11:

T he statement Indicates a net increase in the banks’ com bined earning assets o f 5.3 millions, .and a gain o f 7.3 millions in total reservos. Reserve
deposits show an increase for tho week o f 7.6 millions, while Governm ent deposits show a reduction o f 5.4 millions.
For tho first tim e tho statement shows Federal Reserve bank notes in circulation, the Kansas C ity bank reporting $419,000 o f such notes put
in circulation during the week. Theso notes are secured b y United States bonds deposited with the Treasurer o f the United States, as distinct from
Federal Reserve notes which are issued to the banks upon delivery to the agents o f commercial paper. H eavy transfers o f credits from tho Now York
to the San Francisco, Chicago and St. Louis banks on the books o f the G old Settlement Fund were m ado at the last settlement, without appreciable
change, however, in tho com bined gold reserves o f the system . T h e aggregate cash reserve other than gold shows a gain o f about 7 millions, m ost or
which is reported b y tho New Y ork bank.
,
,, , ,
D iscounted com m ercial paper on hand shows a decrease o f about 0.2 millions. N early 7 0% o f the discounted paper is held b y tho three Southern
banks. T h e total commercial paper includes about 2 millions o f agricultural and live-stock paper maturing after 90 days, m ost o f which Is in the
hands o f the Dallas, Kansas C ity and Chicago banks. Bills bought in tho open market increased 2-2 millions, Philadelphia and Boston reporting the
largest gains in the holdings o f tills class o f paper. O f tho total am ount o f paper held b y tho banks, 3 6 .7 % matures within 30 days and 3 3.2% after
30 but within 60 days.
„
,
,
,
,
T ho holdings o f warrants increased about 2.2 millions, C hicago, Philadelphia and N ew Y ork reporting largo increases under this head, mainly as
th e result o f additional purchases o f N ew Y ork C ity short-term revonue bonds. A total o f over 1 million o f United States bonds was bought during
the week b y 6 banks. O f tho total earning assets, United States bonds constitute at present 2 8 .1 % , paper bought in open market, 2 7 .2 % . warrants,
v.
. --------.. o f earning
-----*----------------------*-*
*---------■*-•'----------J from M
'------- *•------------Considerable
net
The ratio
assets to
paid-in
capital increased
211% -shown
tho week before to 2 2
1 % . Consider!
2-----7 % , and. discounts,
1 7.7 %j . —
withdrawals o f Governm ent deposits are reported for the week by the N ow Y ork , B oston and San Francisco banks, whilo the N ow Y ork and Boston
banks show the largest gains in reserve deposits.
_
,
,
„
,,
.
Federal Reservo agents report a net total o f 191.7 millions o f Federal Reserve notes Issued, against which they hold 179.5 millions or gold and over
13 millions o f paper. Tho banks show a total reserve noto circulation o f 164.8 m illions, and aggregate net liabilities thereon o f about 10.2 million
dollars.
T h e f i g u r e s o f t h e c o n s o l i d a t e d s t a t e m e n t f o r t h e s y s t e m a s a w h o l e a r e g i v e n in t h e f o l l o w i n g t a b l o , a n d in a d d i t i o n
w e p r e s e n t th e r e s u lts f o r e a c h o f th e e ig h t p r e c e d in g w e e k s , th u s fu r n is h in g a u s e fu l c o m p a r is o n .
In t h o s e c o n d t a b l e w e
s h o w t h e r e s o u r c e s a n d l i a b i l it i e s s e p a r a t e l y f o r e a o h o f t h e t w e l v e F e d e r a l R e s e r v e b a n k s .
T h e sta te m e n t o f F ed era l R e se rv e
A g e n t s ’ A c c o u n t s ( t h e t h i r d t a b l e f o l l o w i n g ) g i v e s d e t a i l s r e g a r d i n g t h e t r a n s a c t i o n s in F e d e r a l R e s o r v e n o t e s b o t w e e u t h o
C o m p t r o lle r a n d th e R e s e r v e A g e n ts a n d b e tw e e n th e la tte r a n d th e F e d e ra l R e s o r v e b a n k s .
C

o m b in e d

R

esou rces and

L

ia b il it ie s o f t h e
M a r . 10

1916.

M a r.

F

ederal

R

eserve

3 1916.[p c b . 25 1916.

F eb .

B

18 1916.

F eb .

11 1916.|f <6. 4 1916.

Jan.

arch

10 1916.

28 1916.'Jan. 21 1916.

1

RESOURCES.

M

a n k s a t t h e c l o s e o f b u s in e s s

Jan.

14 1916.

'

Gold coin and certlticates In vault................ .. $257,875,000 $261,822,000 $262,491,000 $255,369,000 $255,284,000^5255,469,000 $263,885,000 $259,106,000 $260,855,000
Gold settlement fund........................................... 1 79,170,000 74,890.000 76,435,000 81.648.000 83,938.000 , 86,368,000 84,850,000 81,620,000 85,030,000
1.215,000
1,146,000
1.062,000
1,120,0001 1.167,000
1,300.000
1.638,000
1,512,000
Gold redemption fund with U. 8. Treasurer..
1,494,000
Total gold reserve______________________ $338,539,000 $338,250,000 5340,438,000 $338,317,000 $340,342,000 $342,004,000 $349,861,000 $341,788,000 $347,700,000
14,283,000
15.496.000 14,132.000
18.274.000
15,248,000] 14,637,000
12,994,000 17,678,000
Legal tender notes, silver. A c.............. ............ j 20,036,000
Total reserve.................... ........... ................. $358,575,000 5351,244,000 $358,116,000 $356,591,000 $355,590,000 $356,641,000 *365.357.000 $356,920,000 $361,983,000
Bills discounted and bought—
Maturities within 10 days____ _________
Maturities from 11 to 30 days...... ........... Maturities from 31 to 60 days....................
Maturities from 61 to 90 days___________
Maturities over 00 days___ ____________

$7,332,000
12.636.000
18.113.000
13.964.000
2,433,000

$6,786.00o'
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

$5,928,000
12.543.000
18.944.000
12.617.000
2,696,000

$6,002,000
11.353.000
20.740.000
10.391.000
2,837.000

$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

$7,399,000
13.291.000
10.961.000
14.195.000
3,910.000

Total...................................................... | 554,478,000 $52,498,000 $51,881,000 $52,814,000 $52,728,000 $51,323,000 $53,215,000 $55,868,000 $55,756,000
•Acceptances (Included In above)____________ 1 $32,949,000 $30,783,000 $29,054,000 $29,136,000 $28,074,000 $26,279,000 $26,314,000 $27,910,000 $28,258,000
Investments: U. 8. bonds_____ ____________
Municipal warrants____________

$34,141,000 $33,063,000 $29,632,000 $26,422,000 $25,304,000 $24,341,000 $21,372,000 $20,242,000 $17,613,000
19,484,000
32,755,000 30,639,000 25,403,000 24,964,000 25,577.000 20,856,000 20,602,000 20,624.000

Total earning assets_____________________ $121,374,000 $116,100,000 $106,916,000 $104,200,000 $103,609,000 $96,520,000 $95,189,000 $96,734,000 $92,863,000




Mar. 18 1916.]

THE CHRONICLE

1039

Afar.10 1016 Afar. 3 1916 Feb. 25 1916 Feb. 181916. Feb. 11 1916. Feb. 4 1916 Jan. 28 1916 Jan. 21 1916. Jan.141916.
RESOURCES (Concluded).
Brought forward (total reserve A earn’g assets) $479,949,000 $467,344,000 $465,032,000 $460,791,000 $459,199,000 $453,161,000 $460,546,000 8452,654,000 $456,716,000
Federal Reserve notes—Net_______________ $24,838,000 $25,567,000 $23,793,000 $28,576,000 $28,344,000 $33,710,000 $36,469,000 $34,895,000 $29,943,000
Due from Foderal Reserve banks—Net--------12,647,000 20,576,000 13.274.000 12,255,000 12.964.000 15.223.000 10,761,000 13.089.000 12.995.000
6,213,000
5,969,000 11.401.000
7.929,000 12.889.000 11.903.000
9.994,000 10.688.000
9,805.000
$522,647,000 $519,456,000 $513,500,000 $509,551,000 $513,396,000 $513,997,000 $517,770,000
LIABILITIES.
Government deposits------ -------------------------Reserve deposits—Net-----------------------------Federal Reserve notes In circulation...............

$54,944,000 $54,919,000 $54,897,000 $54,886,000 $54,890,000 $54,907,000 $54,892,000 $54,8S9,000 $54,S99,000
30.639.000 36,043,000 32,501,000 28,946,000 26,881,000 29,850,000 27.760.000 28,073,000 26.879.000
426,322,000 418,718,000 416,566,000 416,490,000 f421.907.000 419,137,000 424,664,000 416,656,000 413,719.000
9.3S0.000
10.178.000
9,635,000
9,906,000 10.313.000
9.089,000 f9.577.000
11.948.000
419,000
141,000
150,000
145,000
141,000
137,000
140,000
141,000
137.000
134,000

Total liabilities................................... $522,647,000 $519,456,000 $513,500,000 S509,551.000 $513,396,000 $513,997,000 $517,770,000 $511,326,000 $507,579,000
a old reservo ag'st net dep. 4 note liabilities (a)
Cash reserve ag'st net dep. A note liabilities (a)
Cash reserve against net deposit*liabilities after
setting aside 40% gold reserve against ug
gregate net liabilities on F. R. notes In
circulation (a ).._______ ____________

74.5%
78.9%

76.2%
79.1%

76.5%
80.4%

76.5%
80.1%

76.4%
79.8%

77.1%
80.4%

79.8%

80.0%

81.3%

81.5%

80.7%

81.3%

77.4%
80.8%

77.1%
80.3%

79.1 %
82.4%

81.8%

81.4%

83.6%

(a) Less Items In transit between Foderal Ro-

$12,647,000 $20,576,000 $13,274,000 $12,255,000 $12,954,000 $15,223,000 $10,761,000 $13,089,000 $12,995,000
Federal Reserve Notes—
Issued to the banks___________________ $191,678,000 $191,303,000 $196,992,000 $206,978,000 $211,661,000 $217,177,000 $218,945,000 $220,380,000 $219,030,000
26,864,000 27,501,000 25,624,000 30,760,000 30,459,000 36,409,000 39,721,000 37,675,000 32,866,000
$164,814,000 $163,802,000 S171.368.000 $176,218,000 $181,202,000 $181,368,000 $179,224,000 $182,705,000 $186,184,000
$179,474,000 $179,734,000 $185,775,000
$205,112,000 8205,380.000 $206,029,000 $204,159,000
Carried to net assets______________________
24.838.000 25,567,000 23,793,000 28!.576i000 28|344i000 33,710,000 36.469.000 34.895.000 29.943.000
10.178.000
9,635,000
9,557,000
9,386,000
9,089,000
9,966,000 10.313.000 11.571.000 11.948.000
Federal Reserve Notes (Agents' Accounts)—
3277,220,000 $275,420,000 $275,420,000 $275,420,000 $275,420,000 $275,120,000 $275,420,000 $275,420,000 $275,420,000
29,899,000 29,540,000 20,976,000 11,851,000
7,526,000
2,246,000
1,756,000
1,691,000
1,671,000
In hands of Agent____________________

$247,321,000 $245,880,000 $254,444,000
55,643,000 54,577,000 57,452,000

50,591 !000

66,233|000

$273,174,000 $273,664,000 $273,729,000 $273,749,000
65,397,000 64.719,000 53,349.000 54,719,000

Issued to Fedora! Reservo banks.... 3191,078,000 $191,303,000 $196,992,000 $206,978,000 $211,661,000 $217,777,000 $218,945,000 $220,380,000
Uoto Secured—
By gold coin and certificates___________ $120,122,000 $120,293,000 $121,628,000 $123,258,000 $127,700,000 $132,900,000 $144,040,000 $144,529,000
By lawful money_____________________
By commercial paper_________________
12.204.000 11.569.000 11.217.000 11.273.000 11.672.000 12.665.000 13.565.000 14.351.000
Credit balances In gold redemption fund..
10.612.000
9,871,000
9,847,000 17,097,060 16.919.000 16.532.000
2,840,000
650,000
Credit balances with Federal Reserve B’d 4.8,740,000 49.570.000 54.300.000 55.350.000 55.370.000 65.680.000 58.600.000 60.850.000
Total.................................................
$191,303,000 $196,992,000 $206,978,000 $211,661,000 $217,777,000 $218,945,000 $220,380,000
Commercial paper delivered to F. R. Agent.. $13,027,000 $13,039,000 $13,140,000 $14,005,000 $13,819,000 $14,897,000 $14,790,000 $15,144,000
•Including bankers' and trade acceptances bought In the open market.

$219,030,000
$145,029,000
14.871.000
650,000
58.450.000
5219.030.000
$15,672,000

tAmended figures.

WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR. 10 1916.
Boston. New York. Phlladd'a. Cleveland. Richmond Atlanta. Chicago St. Louis. Afinneap Kan. CUg Dallas. San Fran
Total.
RESOURCES.
$
5
$
S
$
$
$
S
$
s
$
$
$
Gold coin A ctfs. In vaul 12,938,00( 150,971,OOC 6.873.000 11.505.00C 4,700,000 5.591.000 36.574.00C 5,287,00' 3,410,00f 4.753.00C 4.059,000
5.214.00C1257,875,000
Gold settlement fund... 3,325,001), 5,790,00f 10,050,090 10,140,00(1 10.421.000 6.338.000 6.702.00C 3,749,00() 4.368.00C 3,424,C0C 10.013.000 4,850,00C>j 79,170,000
Gold redemption fund..
3,00()
250,00C
60,000
40.00C
280,000
325.000
200,000 :
5,00()
30,00(
88.00C
213.000
1,494,000
10.00C
Total gold reserve___ 16,266,00()' 10.3,011,001 16,973,000 21,685,000 15.401.000 12,254,000 43.476,000 9,041,00(>1 7,S0S,00C 8.265.00C 14.285.000 10,074,00f 33S,539,000
Legal-ten .notes ,sllv.. At
41.00C) 10.570.00C 4.084.000 1,250,000
163.000 1,446,000 ; 809,000
119,000
4 70.00C
153,00C
913.000
18.00C | 20,036,000
Total reserve_______ 16,307,000 173,581,00021,057,000 22,935,001 '15,520,00012,417,090 44,922,000 9,850,000! 8.278.00C 8,418,000 15.198,000 10,092,000 358,575,000
Bills:
Discounted—Members
150.000
291,000
235,000;
140,000 6,393,OOo' 4,118,000 1,682,000
653,000,
841.000 1,937,000 4,614,000
475,000 21.529.000
Bought In open mkt. 9.330,000 13,362,000 3,706,000 1,007,000
176,000
422,000 2,133,000
766,000
517,000
506,000
1,024,030 32.949.000
Total bills on hand... 9,480,000, 13,653,000, 3,911,000; 1,147,000 6,569,000 4,540,000' 3,815,000 1,419,000! 1.358,000 2,443.000
4,614,000 1,499,000 54,478,000

Investments: U. 8. bds.
986,000!
......... .._ ! 3,490,000 3,796,000 1,676,000
165,000 6,422,000 3,339,000;
Municipal warrants.. 2,977,000 13,223,000 3,304,000 3,965,000
91,000
--------- ! 3,604,000 1,256,000!
Total earning assets 13,443,000 26,876,00010,735,000! 8,908,000 8,336,000 4,705,00013,841,000 6,014,000
Fed. Res’ve notes—Net.
791,000j 14,501,000
118,000!
466,000!
______ i
............ | 1,846,000
760,000
Due from other Federal
Reserve Banks—Net. 3,850,000
1,270,000
944.000 2,067,000
216,000 4,008,000 1.458.000
AI1 other resources____
48,000
"377",666
124.000
342.000
86,000
869,000,
5S 1,000 1.827.000

1,983,000 7.954.000 1,295,000 3,035,000! 34,141,000
1.449,000 1.054.000
1,832,000; 32,755,000
4,790,000 11,451,000 5,909,000 6,366,000 121,374,000
1,019,000

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

3,871,000 1,570,000
135,000
305,000

______
158.000
276.000

5,337,000 24,838,000
610,000 312,647,000
243,000) 5,213,000

Total resources_____ 34,439,000 215,335,000 33,304,000 33,595,000 20,009,00018,207,000 05,198,00019,909.000
18,093,000 21,744.000 21,541,000 22,648,000 522,647,000
LIABILITIES.
Capital paid In............. 5,158,000 11.122,000 5,256,000 5,947,000 3.345.000 2.416.000 6,655,000 2.785.000 2,558,000 3.008.000
2.750.000 3,944,000 54.944.000
Government deposits__
288,000 7,623,000
259,000
681,000 0,581,000 6.390.000
157,000 1.322.000
705,000
602,000 5.249.000
782,000 30.639.000
Reserve deposits—Net.. 28,993,000 189,215,000 27,789,000 26,967,000 11,697,000 8.116.000 58,386,000 15,802,000
14,830,000 16,617,000 9.988.000 17,922,000 426.322,000
Fed Ites’vc notes—Net.
4.341.000 1,185,000
1.098.000 3.554.000
10.178.000
F. U. notes In circulation
419,000
419,000
Due to F.R.banks—Net
7,375,666
..........
All othor liabilities.......
45,000
100,000
..........
..........
............
______
"1V5",666
Total liabilities......... 34,439,000 215,335,000 33,304,000 33,595,000 26,009,00018,207,00005,198,000 19,909,000 18,093,000 21,744,000121,541,00022,648.000 522,647,000
Federal Reserve Notes—
Issued to banks_____ 9,304,000 75,707,000 7,483.00010,792,000 12,223,00015,402,000 4,186,000 7,702,000 13,200,000
10,167,00014,540,00010,912.000 191,678,000
791,000 14,501,000,
In hands of banks___
118,000
466,000
629,000, 1,110,000, 1,846,000.
760,000 1,019,000
107,000
180,000 5,337,000 26,864,000
F.R. notes In circulation 8,573,000 61,200,000 7,305,00010,326,000 11,594,000 14,292,000 2,340,000 6,942,000
12,181,000 10,060,000| 14,360,000 5,575,000 164,814,000

Gold and lawful money
I
with agent ........... ...... 9.364,000 75.707.000 7,4.83,00010,792.000 7,253,00013,107,000^ 4,186,000 7,702,000 13,200,000
8,962,000 10.800.00010.912.000 179,474,000
Carried to net assets . . .
791,000 14.501.000
118,000
466,000
........... 1
............ 1,846,000,
760,000 1,019,000
--------- 1 5,337,000 24.838.000
Carried to net liabilities.
4,341,000 1,185.000
............1
______
1.09S",66o' 3.554.000
10.178.000
a Items In transit, 1. o.t total amounts due from less total amounts duo to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS MAR. 10 1916.
Boston

New York. BhiladtVa Cleveland. Richmond Atlanta. Chicago.
$
t
Federal Reserve Notes—
$
$
$
$
$
Ree’d from Comptrol'r 19,380,000 109,240,000 15,480,000 13,000.000 17,000,000
20,403,000
Returned to Comptr’r 1,296,000 20.533,000 1,904,000 848,000 1,977,000 1,197,000 9,380,000
313,000
Chargeable to Agent 18,084,000 88,707,000 13,576,000 12,152,000 15,023,000 19,203,000 9,067,000
In hands of F.R.agent 8,729,000 13,000,000 6,093,000 1,360,000 2,800,000 3,801,000 4,881,000
Issued to F. R. bank.. 9,364,000 75,707,000 7,483,000 10,792,000 12,223,000 15,402,000 4,186,000
Held by F. R. agent—
Gold coin A eertfs___ 8,714,000 71,398,090 3.360.000 9.760.000
Credit balances:
In gold redemption f’d 650,000 4,309,000 523,000 1.032.000 453,000
657,000 426,000
With F R Board___
3.600.000
6,800,000 12,450,000 3,760,000
Notes secured by commerclal paper............
4,970,000 2,295,000
..........
.............

St. Louis. i f inneap. Kan.CUy.

Dallas.

8an Fran.

Total.

$
$
$
$
$
$
9,600,000 19,000,000 13,000,000 20,380,000 11,360,000 277,220,000
136,000
335,000 912,000 448.000 29,899.000
9,464,000 19,000,000 12,665,000 19,468,000 10,912,000 247.321,000
1,762,000 5,800,000 2,498,000 4,928,000

_____

55,643,000

7,702,000 13.200,000 10,167,000 14,540,000 10,912,000 191,678,000
2.850.000 10,200,000 4.300.000 9,540,000
412,000 650,000 562,000
4.440.000 2,350,000 4.100.000

120,122,000

646.000 292,000 10,612,000
620.000 10,620,000 48,740.000

1,205,000 3,734,000
12,204,000
T ota l..................
9,364,000 75,707,000 7,483,000 10,792,000 12,223,000 15.402,000 4,186,000 7,702,003 13,200,000 10,167,000 14,540,000 10,912,000 191,678,000
Amount commer'l paper
1
delivered to F.R.agent
5,315,000 2,295,000
1,208,000 4,209,000
..........
13,027.000




[Vol . 102

THE CHRONICLE

1040

S ta tem en t o f N ew Y o r k C ity C lea rin g -H ou se B anks a n d T ru s t C om p a n ies.— The following detailed statement
shows the condition of the New York City Clearing-House members for the week ending March 11. The figures for the
separate banks are the averages of the daily results. In the case of the totals, actual figures at the end of the weok aro also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates, for the three preceding weeks.

NEW YORK W EEKLY CLEARING-HOUSE RETURN.
N

CLEARING-HOUSE
MEMBERS.

Capital.

Loans,
Discounts,

Net
ProfUs.

Legal
Tenders.

Gold.

Silver,

f

fNat.B’ka Deo. 311
1State B’ks Deo.3IJ

March 11 1916

(001 omitted.)

Average.

Members o f Federal
Bank of N. Y..N .B.A.
Merchants' Nat. Bank.
Mech. * Metals N at...
National City Bank...
Chemical Nat. Bank__
Atlantic National Bank
Nat. Butchers' & Drov.
Amer. Exch. Nat. Bank
National Bank of Com.
Chatham A Phenlx Nat.
Hnnover National Bank
Citizens’ Central Nat..
Market A Fulton Nat..
Importers’ A Traders’...
National Park Bank...
East River Nat. Bank.
Second National Bank.
First National Bank...
Irving National Bank..
N. Y. County Nat. Bk.
Chase National Bank..
Lincoln National Bank.
Garfield National Bank
Fifth National Bank...
8eaboard Nat. Bank...
Liberty National Bank.
Coal A Iron Nat. Bank.
Union Exchange Nat..
Nassau Nat. Bank___
Broadway Trust C o ...

$
2,000,0
2,000,0
6,000,0
25,000,0
3,000,0
1,000,0
300,0
5,000,0
25.000.0
3,500,0
3,000,0
2,550,0
1,000.0
1,500,0
6,000.0
250,0
1.000,0
10,000,0
4,000.0]
500,0
5,000,0
1,000,0
1,000,0
250,0
1,000,0
1.000,0
1,000,0
1,000,0
1,000,0
1,500,0

t

4,729,1
2,197,0
S.952,5
37.427,6
7,911,3
774,0
81,7
5,104.9
17,574,8
2,063,2
15,459,5
2,450,3
1,964,0
7,562,0
15,258,0
72,4
3,234,7
23,759,0
3,837.0
1,180,4
9,821,6
1,864,0
1,243,7
399,4
2,810,8
3,085,8
706,1
1,018,7
1.101,4
002,5

i

Nat.Bank Federal
Reserve
Notes
bank
[Not
Notes
Countea
[Not
at
Reserve]. Reserve],

tartss.

S
t
$
914,0 1,043,0
2,235,0
528,0 1,049,0
1,195,0
10,211,0 2,047,0 3,355,0
09,880,0 14,503.0 12,606,0
1,491,0 1,506,0 1,215,0
614,0
249,0
531,0
106,0
82,0
24,0
4,110,0 1,593,0 2,590,0
19,943,0 5,103,0 3,302,0
623,0 2,832,0
2,717,0
20,373,0 1,469,0 2,559,0
771,0
1,541,0
456,0
886,0
402,0
1,721,0
734,0
1,409,0 1,054,0
8.718,0 2,239,9 4,625,0
203,0
27,0
117,0
231,0
458,0
1.235,0
13,588,0 4,379,0 3,287,0
4,693,0 1,414,0 2,549,0
294,0
410,0
453,0
14,485,0 0,163,0 5,172,0
295,0
88,0
1,942,0
611,0
675,0
402,0
228,0
109,0
165,0
3,585,0 1,544,0 2,354,0
572,0 2,588,0
1,699,0
128,0
690,0
125,0
763,0
307,0
222,0
600,0
97,0
299,0
494,0
220,0
1,531,0

’"T o

1,650,0

Totals, avge. for woek 115,350,0 184,554,0 1,996,228,0 237,542,0 49,473,0 57,741,0
1,980,051,o!238,143.0 44,716,0 60,447,0
Totals, actual condition Mar. 11
2,004,807,0.230,797,0 50,313,0 59,313,0
Totals, aotual condition Mar. 4
2,018,253,0| 248,615,0 50,481,9 56,750,0
Totals, actual condition Feb. 26
Totals, actual condition Feb. 19 ........... 1,993,179,0 257,443,0 51,950,0 59,099,0

Average. Average. Average.
S
J
i
705,0
31,499,0 1,552,0
1,829,0
29,075,0
139,445,0 2,284,0 4,971,0
499,158,0 1,517,0 1,709,0
33,281,0
450,0
125,0
384,0
13.016.0
48,0
1,650,0
78.934.0 3,245,0 4,605,0
145,0 1,955,0
240,849,0
56,164,0 6,177,0 1,776,0
130,0
141,497,0
26,961,0 1,145,0 1,621,0
_____
216,0
10,085,0
50,0
31,322,0
149,260,0 1,659,0 3,559,0
_____
50,0
2,340,0
699,0
15,156,0
162,130,0
125,0 4,986,0
673,0
116,0
75,294,0
_____
199,0
10,297,0
450,0
221,961,0 1,408,0
47,0
897,0
18,106,0
399,0
9,717,0
248,0
4,812,0
115,6
278,0
49,150,0
600,0
58,373,0 2,190,0
412,0
8,749,0
200,0

Average
%

*
24,0
801,0

_____
_____

—20.6

..........

48.0
10.0
57.0
87.0
45.0
5.0
27.0
4.0
4.0
14.0
6.0
30.0

______
i ______
i _____
_____
i _____
i _____
i ..........
i ..........
i _____
i ..........
» ..........
> ..........
) .........
> ..........
) ..........
) ..........
) .........
) ..........
) .........

Nations!
Bank
Circula­
tion.

Net
Time
Deposits

Net
Demand
Deposits.

Deposi­
taries.

Deposit

Average.

Average. Average. Average. A

%

34,900,0
29,900,0
129,548,0
392,530,0
37,834,0
12,621,0
2,120,0
80,313,0
236,648,0
57,683,0
124,588.0
29,553,0
9,103,0
34,889,0
147,702,0
2,373,0
17,751,0
104,878,0
69,323,0
10,100,0
195,821,0
18,036.0
9,771,0
4,901,0
39,9 41,0
54,579,0
8,881,0
11,389,0
9,031,0
18,845,0

Addit'al

Reserve Deposits
with
witk
Legal
Legal

11,179,0
9,118,0
20,209,0

6,0

390,0
267,0

03,0

..........

_____ 2,158,787,0 21,149,0 34,642,0
1,583,0 163,831,0) ..........
3 ..........
3 ..........
3 ..........
3 ..........

2,149,745,0
2,171,386,0
2,189,953,0
2,186.349,0

21,341,0
20,701,0
29,304,0
20,137,0

34.552,0
34,700,0
34,873,0
33,865,0

State Banks.

Not Members of
Federal Reserve Bank.

Bank of Manhattan Co.
Bank of America_____
Greenwich Bank_____
Pacific Bank.................
People’s Bank_______
Metropolitan Bank___
Corn Exchange Bank..
Gerraan-American Bank
Fifth Avenue Bank----German Exchange Bank
Germania Bank...........
Bank of Metropolis___
West Side Bank______
N. Y. Produce Exch.Bk
State Bank__________

43,880,0
34,544,0
10,857,0
5,775,0
2,392,0
13,400,0
80,398,0
3,922,0
6,985,0
16,920,0
4,538,0
6,280,0
14,583,0
4,027,0
12,206,0
22,086,0

2,050.0 4,882,3
1,500.0 6.152,5
600,0 1.190,4
996,8
600,0
436,3
200,0
2,000,0 1,919,1
3.500.0 6,977,1
791,8
250,0
746,4
750.0
100,0 2,226,8
800,4
200.0
200,0 1,033,3
1,000,0 2,100,1
701,1
200 ,C
997,0
1.000.C
657,5
1.500.0

0,153,0
3,875,0
873,0
213,0
154,0
914,0
8,583,0
315,0
728,0
1,400,0
515,0
565,0
1,017,0
279,0
1,835,(
1,514,0

2,388,0
1,840,0
233,0
502,0
54,0
917,0
2,322,0
50,0
127,0
1,551,0
44,0
131,0
258,0
220,0
280,0
456,0

3,100,03

826,0
1,390,0
466,0
100,0
90,0
664,0
4,152,0
64,0
39,0
1,017,0
112,0
168,0
466,0
103,0]
334,0
755,0|

787,0l

51,177,0
34,041,0
11.669.0
5.098.0
2.433.0
11.901.0
98.324.0
3,542,0
5,924,0i
18,246,0i
4,449,0i
6,283,0
14,067,0

144,0 10,374,0 13,983,0

310,057,0

941,0

_____
660,03 . . . . . .

Tie,6(3

2,0
23,0

"223", 6

0 8,053,6
0
99,0
0 _____
319',6i

6
0
o-rt,u0

_____

4,0

_____
25.0
100,0

_____
.........
_____
.........

_____
_____
_____
_____
......
. . . __

249,0
1,000,0 3,122,0
1,468,0| 439,0

Totals, avge. for week. 15,450,0 32,509,8

282,403,0 28,933,0 11,377,0 10,746,0

2,129,0

Totals, actual condition Mar. 11

282,429,0
283,378,1
286,895,1
285,054,0

29,216,0 11,732,0 12,210,0
26,360,( 11,971,1 12,082,0
29,511,0 10,783,0 11,380,0
27,624,0 8,351,0 9,652,0

2.098.0
1.998.0
2.207.0
2.013.0

139,0
182,0
148,0
22 ,C
370,0
1,245,0
50,0
322,0
197,0
93,0
1,179,0
66,0
82,1 '
537,0

554,0
363,0
182,0
178,0
126,0
2,124,0
86,0
78,0
511,0
233,0
37,0
187,0
475,0
98,0

232.0
20,0
167.0
54.0
136.0
561.0
33.0
20.0
242.0
209.0
22,0
43.0
49.0
305.0

16.0 1,363,0 1,918,0
26.0 11,381,0 1,317,0
3,0
1,920,0 8,673,0

4,632,0

5,232,0

2,093,0

272.0 46,845,0 42,704,0

5,683,0
5,730,0
6,800,0
4,800.0

9,757,0
5,220,0
4,986,0
5,961,0

Totals, actual condition Feb. 26
Totals, actual condition Feb. 19

1
1

_____

'"if, 6 .......

9,432,0
11.994.0
11.227.0
13.062.0

161,0
101,0
175.0
168.0
157,0

14,987,0
12,298,0
12,857,0
11,278,0

Trust Companies

Not Members of
Federal Reserve Bank.

1,888,0
35,720,1
236,930,0 22,215,0
56,915,0 3,401,0
2,125,0
28,562,1
1,708,0
37,677,1
383,806,1 33,396,0
484,0
8.359,1
24,389,1 i 1,312,0
82,982,1 i 5,469,0
19,497,1 i 1,325,0 '
67,747,1 i 3,930,0
21,922,1 i 1,497,' i
759,i i
13,552,1 i
67,145,1 4,462,0

3,730,';
1,500,(
Brooklyn Trust Co___
Bankers Trust C o ....... 10.000,( 14,694,1
4,241.1
C. 8. Mtg. A Trust Co. 2.000,1
1,641,1
Astor Trust Co....... .
1,250,(
Title Ouar. A Trust Co
6,000,1 11,965,1
Guaranty Trust Co___ 20,000,0 22,999,1
1,000,1
1,204.8
Fidelity Trust Co___
4,000,0 6.380,
Lawyers Title A Trust
2.000,0 7.659,7
Columbia Trust C o ...
1,000,0 1,603,8
People's Trust Co___
New York Trust C o..
3,000.0 11.247,
1,257,£
1,000.1
Franklin Trust Co___
503,1
1.000,1
Lincoln Trust Co........
2,000,1 6,0S7,r
Metropolitan Trust Co
Totals, avge. for weok

54,750.0 94,123.( 1,075,194,1

Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition

Mar. 11
Mar. < .........
Feb. 20 .........
Feb. It .........

83,971,0

1,072,235,1 81,195,0
1,073,934, 86,142, 1
1,084,015, 79,336,' 1
1,050,936,1 83.774.0

14.0

18,641,0
1.387.0
8.340.0
4.022.0
076.0
6.080.0

3,362,179, ) 349,299, 3 68,014, 3 76,615,0
2 3,388,983, 357,512, ) 68,073. ) 73,116,0
1 3,340,109, 9 368,841, 3 65,101, 3 74,712,0

038,102,0 132,905,0

261.0
235.0
225.0
290.0
154,215,0
+ 1,935,0

1,999,0 226,050,0 i
+ 172,0 —4,600,0

Grand Aggregate, avge 185,550.0 3Tl7l36,1 3,353,825,1 350,446, 65,482, 73,719,0
+ 468, ) —638, ) —1,958,0
Comparison prev. wool ........... ......... —22,693,
m
Grand Aggregate, actua 1condition Mar. T 3,343,715,1 348,554, 62,131, 82,414,0
— 745, —5,883, + 5.799,0
Comparison prev. wee ........... .......... — 18,461,
Grand Aggregate actua1eondltlor Mar.
Grand Aggregate actua 1coadltlor Feb.
Grand Aggregate aetua eondltlor Feb.

1,150;0

27,256,0 7,522,0
227,612,0 20,454,0
38,407,0 17,539,0
6.995.0
3,45310
22,999.0
731,0
--------- -- 40,168,0
860,0
884.0

3.865.0
4.522.0
4.153.0

1.884.0
1.838.0
1.947.0

l 228,685,0 71,377,0 I
I 225.233,0 68,739.0 I
I 227,182,0 07,944,0 I

a Includes capital set aside for Foreign Branches, 13,000,000.
STATEMENTS OP RESERVE POSITION.

C a sk R eserv e j R eserv e in
fa V a u lt. \ D ep osita rU s

T o ta l
R eser v e.

a R eserv e
R e q u ired .

S u rp lu s
R eser v e.

In c. or D e e .1
fr o m
C a s k R eserv e R eser v e in
P r e t io u s W e e k
in V a u lt. D e p o s it a r ie s

T o ta l
R e ie r v e .

b R eserv e
R eg-aired.

S u r p lu s
R eser v e.

I n c . or D e e .
fr o m
P r e o t o u s fV te k

S
t
8
t
i
t
s
8
1
1
J
1
*
I
S
Members Federal
160,620
Reserve Bank__ 344,756.000168,831,000513,587,000389,639,110 123,947.890 + 1,273,450 343,306,000168,734,000 512.040.000 388,021,1501124,018,850 — 150,460
State Banks*......... 53.185.000 10,374,000 63,559,000] 55,810,260 7,748,740 —607.360; 55.256,000 9.432,000 ! 64,688,000 55,908,720l! 8,779,280 —+1,289,400
Trust Companies*.. 95.928.000 46,845.000 142,773,000,140,728,800 2,044,200 —1,643,200 98,671,000 45,196.000 143.867.000 140,438,2501 3,428,750
—1,293,560
Total Mar. 11___ 493.869.000 226,050,000 719,919,000]586,178,170 133,740,830 —977,110 497,233,000223,362,000720,595,000 584.308,120136,220,880
+2,621,650
Total Mar. 4___ 496.005.000230.650.000 726,655,000,591,937,060 134,717,940 —8,114.470 497,793,000 228,685,000.720,478,000 588,957,560 137,520,440
134,998,790 —17,009,750
Total Feb. 26___ 508.618.000227.805.000734.423.000 591,590,590 142,832,410 — 13,014.030 503,223.000225,233,000 728,456,000 593,457,210
155.846 440'— 42.114.850 512.807.000227.182.000730.089.000 587,980.400 162.008.540'—16.814,410
227.933.000 743.183.0001587,336.560
Tor** Feb 19.. 6 15.250.000

•Not members of Federal iteeerve Bank.
_
__
,
.
, .
, ,,
.
. ..
r
a This Is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies,^biU In tht^case^of Memters of thenn -wJh to t l non s” n
..................
Includes also '
'
' 1 " 1 ’
'' '
b This I
Includes also i




Mae . 18 1916.1

THE CHRONICLE

The State Banking
showing the condition
In New Y ork C ity not
shown in the following

Department reports weekly figures
of State banks and trust companies
in the Clearing-House, and thoso are
table:

SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING-HOUSE STATEMENT.
(Figures Furnished by State Banking Department.) Differences from
T
. ,
.
March 11.
previous week.
Loans and Investments...............................................$687,018,500 Inc. $7,275,400
° o ld ......... .............................................................. 57,718,700 Inc.
01,000
Currency and bank notes...........................................
8,702,100 Inc.
114,700
Total deposits.....................- .............................. 861,577,400 Dec. 8,099,600
Deposits, eliminating amounts duo from reserve de­
positaries and from other banks and trust com­
panies In New York City, and exchanges............... 719,978,000 Inc. 4,731,300
Reserve on deposits.................................................... 203,960,200 Dec. 11,091,500
Percentage of reserve, 28.9%.
RESERVE.
_ . ,
------- State Banks---------- Trust Companies—
Cash In vaults.................................$11,521,700 10.87%
$54,899,100 9.10%
Deposits in banks and trust cos___ 13,930,000 17.89%
113,565,400 19.78%
Total.......................................... $30,501,700 28.76%

$173,464,500 28.94%

Tho averages o f the Now Y ork C ity Cloaring-House banks
and trust companies, combined with those for the State banks
and trust companies in Groator N ew Y ork C ity outside o f tho
Clearing-Houso, compare as follows for a serios o f weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES TM
GREATER NEW YORK.
We omit ciphers in all these figures.

Doo. 18____
Deo. 24____
Deo. 31____
Jan. 8____
Jan. 15____
Jan. 22____
Jan. 29____
Feb. 5.......
Fob. I I .......
Feb. 18........
Feb. 26........
Mar. 4____
Mar .11........

Loans and
Investments

Demand
Deposits.

Specie.

Other
Money.

3.799.286.4
3,834,525,9
3.885.457.0
3.894.605.2
3.919.527.2
3.923.550.8
3,933,590,6
3.950.998.9
3.974.792.2
3.997.810.9
4.044.174.4
4.056.861.1
4.041.443.5

3.887.606.2
3.922.901.2
3.965.801.4
3.983.842.6
4.027.009.7
4.044.949.6
4.059,083.1
4.076.781.0
4.092.492.4
4.110.734.8
4.149.123.3
4.155.597.7
4.127.014.0

500.809.0
485.603.5
467.747.8
470,414,4
487.114.0
500.667.9
501.605.1
502.332.6
504.583.7
501.067.7
493.006.1
483.314.7
481.883.7

5
67.010.8
75.404.5
81.615.6
84.860.4
90.946.4
85.6.88.3
87.113.3
84.379.3
83.599.2
79.682.2
79.693.4
78.935.4
78,406,1

Total
Entire
Money Reserve on
Holdings, Deposits.
S
567.819.8
561.068.0
549.363.4
555.274.8
578.061.0
586,356,2
588.718.4
586.711.9
588.182.9
680.749.9
572.699.5
562.250.1
560,289,8

955.474.5
952.051.3
954.094.4
957.516.1
973.780.8
981.669.6
980.825.8
983.463.3
978.220.4
907.571.4
949.725.4
941.712.7
923.885.2

1041

In addition to the returns o f “ State banks and trust com ­
panies in New Y ork C ity not in the Clearing House” furnished
b y the State Banking Departm ent, tho Department also
presents a statement covoring all the institutions o f this class
in the whole State. The figures are com piled so as to distin­
guish between the results for Now Y ork C ity (Greater New
Y ork) and those for tho rest o f the State, as per the follow ing:
h or definitions and rules under which the various items
are mado up, soe “ C hronicle,” V . 98, p . 1661.
1 ho provisions o f the law governing the reserve require­
ments o f State banking institutions wero published in the
“ Chronicle” M arch 28 1914 (V . 98, p. 968). The regula­
tions relating to calculating the am ount o f deposits and what
deductions are permitted in the com putation of the reserves
were given in the “ Chronicle” April 4 1914 (V . 98, p . 1045).
STATE BANKS AND TRUST COMPANIES.
Week ended March 11.

State Banks
Trtist Cos.
Stale Banks
Trust Cot.
in
in
outside of
outside oj
Greater N. Y. Oreater N. Y. Greater N. Y. Greater
N. Y.

Capital as of Dec. 31__

23,350,000

65,550,000

11.613.000

14.050.000

Surplus as of Doo. 31___

38,833,300:

163.S57.800

14,966,300

12.887.000

Loans and investments-Change from last week.

367,071,900 1,670,127,300
— 163,500 + 5,108,000

151,278,400
+ 337,500

218,058,800
+ 1,860,200

Gold...............................
Change from last week.

43,035,500^ 138,863.900'
+ 1,694,100 — 1,820,300

Curroncy and bank notes.
Chango from last week.

21,666,100'
— 12,9001

14.314.S00
—452,400

Deposits______________
Change from last week.

494,074,600 1,956,669,100
— 1,674,000 — 10,511,300,

Reserve on deposit_____
Chango from last week.

114,371,800' 380,516,900
+ 1,226,100 —28.562,200

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

28.0%
27.9%

•

163.065.S00 233,583.200
+ 307,300, + 1,079,300
30.572,900!
+211,400,

34,537,100
—39,100

21.7%
21.7% I

18.1%
18.3%

23.7%
25.2%

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

^ R E TU R N OF N O N -M E M B E R I N S T IT U T IO N S O F N E W Y O R K C L E A R IN G -H O U S E .
CLEARING
NON-MEMBERS
Week Ending
March 11 1916.
M e m b e rs o f
F c c l’l R e s e r v e B u n k

Battery Park Nat__
First Nat., Brooklyn
National City, Bklyn
First Nat., Jcrs. City
Hudson Co. N..J.C.
First Nat., Hoboken
Second Nat., Ilobok.
Total................... 1,795,000 4,319,700
State Banks.
Not Members of the
Federal Reserve Bank
Bank of Wash. Hgts
Colonial Bank.........
Columbia Bank___
Fidelity Bank___
Mutual Bank___
New Netherlands
Yorkvllle Bank__
Mechanics’ , Bklyn..
North Side, Bklyn..
Total...................
Trust Companies,
Not Members of the
Federal Reserve Dank.
namlltonTrust ,Bkln
Mechanics’,Bayonno
Total__________
Grand aggregate----Comparison, prev wk
Excess reserve.
Grand aggr to Mar 4
Grand aggr’te Feb 26
Grand aggr’to Feb 19
Grand nggr’te Feb 11
Grand aggr’to Feb 5

P h ila d e lp h ia B a n k s .-S u m m a r y o f weekly totals of
Clearing-House banks and trust companies o f Philadelphia:
We omit two ciphert (00) in all these figures.

Deo.31________
Jan. 8________
Jan. 15.... ........ .
Jan.22________
Jan. 29...............
Feb. 5...............
Fob.11...............
F eb.19...............
Fob.26...............
Mar. 4 . . ...........
Mar. U .... ........ .

Capital
and
Surplus.

Loans.

Reserve.

$
103,684,3
103.634,3
103,684.3
103,684,3
103,084,3
103,084,3
103,084,3
103,084,3
103,684,3
103,684,3
103,084,3

S
474.890,0
472,705,0
471,990,0
473,454,0
477.74,8,0
482,190,0
481,708,0
478,243,0
479,731,0
485,129,0
493,815,0

$
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
125.018.0

Deposits.

565.815.0
588.453.0
593.907.0
592.806.0
582.743.0
585.686.0
556.063.0
617.461.0
620.904.0
624.269.0
609.500.0

Circula­
tion.
S
10.517.0
10.589.0
11.043.0
10.975.0
10.960.0
10.966.0
10.575.0
10.508.0
10.519.0
10.455.0
10.443.0

March 11.
1916.

Clearings

219.124.2
319.992.0
232.667.7
222.977.1
207.825.7
239.873.4
195.426.3
290.161.8
200.789.1
254,334,0
211.721.5

..Sn i i ,
government deposits and tno item duo to other banks" (March 11,
$179,811,000); also "Exchanges for Clearing-Houso” (March 11 S19.359.000). Duo
from banks March 11, $75,490,000.




B o s to n C lea rin g -H ou se B a n k s.— W e give below a
summary showing the totals for all the items in the Boston
Cloaring-House weekly statement for a series o f weeks:

Circulation_______________
Loans, disc'ts & Investments.
Individual deposits, Incl.U. S.
Due to banks_____________
Time deposits............. ........
Exchanges for Clearlng-H’se.
Duo from other banks.........
Cash reserve........... ...........
Reserve In Fed. Res’ve Bank
Reservo with other banks__
Reserve excess In bank.........
Excess with reserve agent__
Excess with Fed. Res’ve B’k.

preceding.

Change from
previous week.

$8,155,000 Inc.
406.418.000 Inc.
334.251.000 Dec.
140.988.000 Dec.
18.549.000 Inc.
15.838.000 Dec.
36.138.000 Dec.
24.282.000 Dec.
16,931.000' Inc.
71.096.000 Dec.
1,409,000, Dec.
52.036.000 Dec.
1,683,000 Inc.

$43,000
3,182,000
6,906,000
3,098,000
679,000
2,531,000
4,668,000
21,000
984,000
5,746,000
223,000
5,916,000
848,000

March 4.
1916.

Feb. 26.
1916.

$8,112,000
403.236.000
341.157.000
144.086.000
17.870.000
18.369.000
40.806.000
24.303.000
15.947.000
76.842.000
1,632,000
57.952.000
835,000

$8,170,000
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

W eek .— See third page

[Vol. 102.

THE CHRONICLE

1043

Wall Street, Friday Night, Mar. 17 1916.
T h e M on ey M arket a n d F in a n c ia l S itu a tio n .— There
has been more activity this week at the Stock Exchange
than during any other week this year, or since the so-called
“ b oom ” last fall. It is doubtless also correct to say that
the advance in prices has not boen exceeded during the same
period. The changed condition of national and inter­
national affairs no doubt favor a more hopoful outlook for
the future than recently oxistod, but the advance in prices
o f some of the munitions manufacturing stocks makes it
clear that the speculative element has taken advantage of
theso conditions to force this upward m ovem ent unduly.
The usual result, theroforo, may be expected to follow .
A m ong tho ovents which havo brought about the ehango
referred to tho invasion of M exico by U. S. troops is con­
spicuous. Ordinarily, such a procedure would have caused
great disturbance, financial and otherwise, but as the chief,
or o n ly ,ob ject is the capture of Villa and the breaking up of
his murderous band, the matter lias an opposite effect.
Tho furious, desperate and prolonged attack of the Gor­
man army in tho Verdun district has resulted thus far in
an enormous consumption of munitions and the loss of hun­
dreds of thousands of men. A careful analysis of the reports
from both sides shows that little, if any, advantage has been
gained by either, but that tho Germans havo suffered tho
heaviest losses. Tho principal achiovcm ont, therefore,
is tho knowledge that thero is a limit to the possibilities
o f oven such an army and that the defensive in such a con­
flict has a distinct advantage. Evidently thero is nothing
at all decisive in this fierce and persistent strugglo.
I he
war m ay, and probably will, go on to a more bitter and
disastrous end. It now seems likely, however, that tnat
end will bo quite different from what has generally been

The amount sold under the s-20-f rules has dwindled to
$274,500, par value, suggesting that tho foreign holdings to
be thus disposed of are becoming exhausted.
U n ited S tates B o n d s.— Sales of Government bonds at
the Board include $2,000 coup. 4s at 112 kt, $ >,000 coup. 3s
at 102 to 102kt, and $2,000 Panama 3s, rog., at 1 0 3 4 For to-day’s prices of all the different issues and for the week s
range, see third page following.
R a ilro a d a n d M iscella n eou s S to c k s .— Tho stock mar­
ket has, as noted above, been unusually strong and active
throughout tho week. On Tuesday over 1,085,000 shares
were traded in and the average for the week is about 912,000
shares
The railway list has been relatively steady although
Canadian Pacific and Reading after dropping back from the
highest close with net gains of 2 points and a few others
nearly as m uch. Indeed no active issue in this group closes
without an advance from last week. T o-day s market was
far behind all others of the week in tho matter o f activity and
was highly irregular throughout tho day with widely varying
TU'T h oShiclustrial list has followed closely its m ovements o f
last Oct. and N ov . Bethlehem Steel now as then led the
wide fluctuations b y covering a rango of 64 points. It
closes with a net gain of 48. Crucible Steel has covered a
range o f 12 points, M exican Petroleum \4lA Goneral M o ­
tors 15, Studebaker 10, A m . Locom otive 9, U . S. Ind.
A lco. 7 Yi, Baldwin Locom otive 7 and others irom 3 to 6.
For daily volume of business see page lO ol.
Tho following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STO C K S.
W
eek ending M
arch

17.

Sales
for
W
eek

Range since Jan.

Range for W
eek.
Lowest.

Highest.

Lowest.

1.

Highest.

Par Shares S per share 1S per share
Adams Express......... 100 MOO 132 4* Mar 14 141}* M ar 17
M ar 17
American Express— 100
350 12444 M ar 14 128
M ar 16 694* M ar 13
Amer Teles A Cable. 100
270 65
M ar 13 1544 M ar 17
Am Writ Paper pref.100 3,000 11
Assets R ealization .. 100
500 444 M ar 17 54* M ar 16
M ar 15 7144 M ar 15
Associated O li........... 100 2.900 67
244 M ar 15 2 44 M ar 11
Batoptlas
— M in ins------20
«f\n\ 6,400
py 96
M ar 15 96
M ar 15
Brown Shoe prof------ 100
M ar 15 104* M ar 13
Brunswick Term inal. 100; 800| 10
M
ar
11
85
M ar 11
200
85
Case (J I) p r o f.......... 10O
M ar 17
M ar 11 74
d u e t t , Peabody A C o 100 2,500 70
475! 4544 M ar 13 4644 Mar 17
Com putlns-Tab-R ec 100
M ar 17
200 110
M ar 17 1to
Cons G .K LAP(B alt) .100
expected.
,
,
, .
M ar 14
100, 45
M ar 14 ,tr.
Carpet................100,
M ar 13
B oth German and French exchange havo dropped to now Crex
200 9444 M ar 16
Deere A C o pref------100
M ar 11
245
13244
Mar
16
133
E d is o n --------100
low levels this week and plans for support of tho latter Detroit
618 444 M ar 14 4 ,„ M ar 14
R ig h t s .......................... I
320 8744 Mar 16 8744 Mar 11
Detroit
United.........
100j
have been discussed. B ut tho problem is not an easy one
160,104
M ar 16 104
M ar 16
Diamond M atch------100
634* M ar 111 634* M ar 11
Tho Bank of France reports a small addition to its gold Elec Stor B a t t e r y . -.100; 100
100 180
M ar 17 ISO Mar 17
c (C. W) C o ------100
5013144 M ar 15 13144 M ar 15
holdings, showing that tho people continue to support the Ilelm
llom estake M in in ? .. 100
150 110
M ar 17110
M ar 17
Governm ent by exchanging gold for paper m oney.
1 ho Int Nickel pref v t c.100 1,200 71 M ar 13 73 M ar 11
Jewel T e a ---------------- 100
Mar 13,1094* M ar 10
Preferred________ 100 1,475 106
Bank of England, on the other hand, owing to shipments
300 61
M ar 1 6 '6 2
M ar 17
K C Ft S A Mem pf.100
to India, E gypt, tho Continent and South Am erica, shows Kayser (Julius) A C o 100; 260 844* M ar 17, 85 M ar 17
550 3
Alar 15 444 M ar 16
Keokuk A Des M ...1 0 0
290 12944 M ar 16130
Mar 17
an unimportant decrease in its gold supply.
Kings Co Elce L A P . 100;
120 1054* M ar 17
G as................ 100!
Foreign Exchange.— The market for sterling exchange Laclede
100 79
M ar 17
M ackay Companies. 100
120 724* M ar 15 724* M ar 15
ruled firm throughout tho week within a fraction of 4 76 Nat Cloak A S u it.-.1 0 0 145; 109 Mar 15 109 M ar 15
P referred_________ 100
100 344* Mur 15 34 4* M ar 15
for demand bills. Tho Continental exchanges were weak N Y Chic A St L ------100
100 5744 Mur 11 5744 Mar II
2d pref................... 100
so far as the belligeront countries wore concerned, though Old Dominion C o p .-.2 5 400x70 44 Mur 15 73 M ar 11
1,200 O’* Mar 15 7 M ar 11
Ontario
Sliver,--------100
there were sharp advances in rates on tho neutral countries.
200, 8 Mar 141 8 .M. ar
. . .14.
Peoria A Eastern------1001
400: 9444 Mur 13 90’* Mur 17,
To-day's (Friday’s) actual1 ratesi for
t-l^ fo r Pitts Steel pref.........100
300
9744
Mur
11
9844
Mar
16
4 724* for sixty days, 4. 16 ^ 1 6 @ 4 76?i
c
7 1 % and documents Sloss-Shcff S A I pref 100

TexasCo*lights*

r is a
were

T o -d a y ’s

n o m in a l.

*--| 2.700 174* Mar 17 184* Mur 17

a

Utah Securities v t c . i o o j
Virginia Iron C A C . l
Wells Farco E x p ress. 10
W c y m a n -B r u t o n ------ 1"

Sterling ActualH ig h for th o w e e k . . L o w fo r th o w e e k - - -

Sixty Days

4 724*
4 7*44
Paris Bankers’ Francs—
H ig h fo r th e w e e k ....................
L o w fo r th o w e e k - - .
---­
Germany Bunkers Marks •
H ig h fo r th o w e e k —
------L o w fo r th o w e e k —
---Amsterdam Eankers Guilders

•

H ig h fo r th o w e e k ....................
L °D o m e s tic
S t- L o u is , 1 5 c . p er 31 -000 d is co u n t b id

Cables.

Ch
he
ec
ck
ks
s.
.
C
4 7 i>3A

4 70

4 77 1-10
4 7044

5 0044
5 9044

5 00
5 9544

72 7-10
71 13-10

7244
„
71 15-10

4244
4244

4244
425
S S T ' ETri
S 3 P7 5 p e r $ 4 ,0 0 0 pre m iu m .

S tate a n d R a ilro a d B o n d s .— Sales of State bonds at
the Board aro limited to $3,000 Virginia Gs deferred trust
re<The market for railway and industrial bonds has been
more active and firmor in tone than of late, although the
ehango is not exceptional in either particular. Daily trans­
actions have averaged somewhat over $3,000,000, par value,
as against $2,805,000 last week and about the samo the week
previous. Of a list of 25 notably active issues, 13 have ad­
vanced 8 are fractionally lower and 4 unchanged. Of the
former ’ W estinghouse con v. 5s are conspicuous for an ad­
vance of 10 points, from 129 to 139 m sym pathy with the
shares for which they aro exchangeable. Long Island ref. 4s
are 2 % Lackawanna Steel 5s 2, and Chile Copper 7s 4
noints higher than last week. Issues winch close without
n e"ch an ge are Union Pacifies, Northern Pacifies, Atchisons
and Baltimore & Ohios.




.a t e
700; 174* M ar 17: IS

Mjjir 11

400*1244* M ar 16125
100225
M ar 17,225

M ar 14
M ar 17l

O u tsid e M ark et.— Tho “ curb” market was exceedingly
active and buoyant this week with tho m ajerdy of issues
showing gains and several now high records.
Darting was
well diversified. Cuba Cane Sugar and M ulvale Steel were
the most active specialties. An initial dividend of l / i %
on tho pref. stock of the former contributed to the strength
of tho com ., which on exceptionally heavy trading advanced
over 15 points to 71 % and closed to-day at 0 9 4 - M idvalo
Steel from 6 3 4 ran up to 71 % jvnd ends tho week at 6 9 4 R e e v e d interest in T obacco P r o to e ’ s ad™ neod f t e com ,
nftor a loss of almost 3 points to 45, to
tno tmai tiguro
to (lav being 49 M. Chevrolet M otor, conspicuous tor
notivUv and strength, sold up about 20 points to 167 and
down finally to 164% . Aetna Explosives, after a loss o f
over a point to 21 4 , m oved up irregularly, reaching 2 3 4
nml fimshed to-day at 2 3 4 - Driggs-Soabury Ordnance
declined at first from 142 to 138 but advanced to 155, the
final figuro to-day being 153. Kenefic Zinc
was
traded in for the first time between 1334 and 1 4 4 and at
14 u
finally. The first dividend of 10c. a was electarea
this week
Submarine Boat was irregular and after
fluctuating between 37 and 39 durmg the week Jumped tod -iv to 41 V? with tho close at 3 9 4 .
Standard o n issues
were very quiet. Illinois Pipe Lino declined from 185 to
T sT an cfrecovered to 187. Ohio Oil advanced from 233 to
241 Snd eased oft finally to 239. Stan.tarf On (Indjana)
after earlv loss from 535 to 532, m oved up- to o.w and was
traded m to-day down to 552. Other oil issues fractionally
higher. M ining issues active in spots and generally higher.
Bonds without material changed.
Outside Quotations will bo found on page 1051.

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO Pa U E j
Por record o f sales during the week of stock'* usually
/

1QHAND LOWSALEPRICES—PER SHARE, NOTPERCENT.

Saturday
Mar. 11

\ M
onday
Mar. 13

Tuesday
Mar. 11

W
ednesday
Mar. 15

Thursday
March 10

Friday
M
arch 17

t* »e , see p r e c e d in g p a g e .

'ST# U 'lTv
N E W Y O R K 8T O O K
EXCHANGE

/
O
il ,tAA
Range Since Jan. 1
On Satis of 100-share lots
Lowest

rnti stiAttlt
Range for Precious
Year 1915

Iflattest

R a ilro a d s
Par 5 per share
$ tier share j $ per share S per share $ per share 5 per share
S per share
Atcli Topeka A Santa F e ..lU 0 zl017g Jun 31 108*2 Jan
101 101i2 103>2 IOP4 103>2 101
1023.J 103 I 102 >2 101
Do
pref_____ _____ ___ 100
987* Jan 4 102 Feb 24
IOH4 101U *l00i4 IOU4 lOt'4 101'4 100<2 100'2 100*4 101
Atlantic Coast Line H it___ 100 109 M a rl3 115 Jan
*10!) I l l
110 110l2 l i t
109 110
11112 111 111
Baltimore A O h io_________ lo o
88'* 89'*
873j 88
89
893*
873« 88I4
85 M ar 1
90 Jau
89
89'4
Do
pref..... .......... .......... 100
703* 701* *70
7034
703* 703*
75*4 Feb 24
70'* 7G*4
701s 7012
80 Jan 15
Brooklyn Rapid T ra n sit..100
84-34 Feb 15
85
8512 85
85
85
85-3* 85*2
8512 853* 853*
88. Jan 17
Canadian Pacific__________100 zl02*2 M ar 1 18334 JaD
1051* 1057* 100 109
104% 105
168*4 10334 105*4 108*4
Central of New Jersey____ 100 290 Jan 3 290 Jan
*275 320 *2S0 320 *280 320 *230 320 *280 320
30.210 Chesapeake A O hio...............100
01
017*
007s 0 1
007* j an
Oil* 03
027* 03'2
60** Jan 31
023* 03*4
127* 13
1,500 Chicago Great W estern___ 1on
127* 13
♦12i2 13
13U 133* *13
14
153* Jan
12** Jan 20
3,000
35% 35%
Do
pref...........................100
37
37-3*
30
3012 30>4 37
30
3012
34 Jan 31
39-*4 Jan
12,700 Chicago M llw A St P a u l.. 100
93 <4 91
9312 913*
953| 90
95
903*
913* 9514
92*4 M ar 1 10212 Jan
990
Do
pref...........................loo
'
12934 1291* 120*2 *129*2 12934
129*2 129>j 129*2 129lj *129
128 Feb 10 130** Jan
1,950 Chicago A N orthw estern.. 100 *125% M ar 1 1347* Jan
♦120*2 127
1273* 127-3*
120*8 120L 126*4
120*2 127
*170 180 *170 180
Do
pref............................ 100 174 M ar 8 175 Jan 11
177* 18*2 14,250 Chicago Rock rsl A P a c .. . 100
17
173*
17
17*2 183*
17'4 18*2
17
1534 M ar 8
2 0>* Feb 7
10*2 17
*115 125 *115 125 *115 125 *115 123 *115 123 *115 123
Chic St Paul M inn A O rn .. 100 120 Jan 19 120 Jan 19
♦130 140 *130 140 *130 M0 *130 145 *130 145 *130 145
Do
pref.........................1 0 0 5135 Jan 14 130 Jan 27
100 Clov Clu Chlo A St X.ouls.. 100 39 Feb 10 477« Jan 11
*41
44
*41
45
44
44
*40
43
*40
40
*40
44
400
♦75
77
*72
77
♦72
77
75
707*
Do
pref............................ 100
75
75
75
70 Feb
767* M arl4
273* 275*
600 Colorado A Southern_____ 100
27*2 23
*20
20**
27'4 27U
27
*20
27
26 M ar 3
32*2 Jan
49** 491*
*48
53
100 D o 1st prof____________100 47*2 M ar 7 55 Jan 13
*47
52
52
*47
52
*47
*47
52
50
*40
100 D o 2d pref___________ 100 40 M ar 13 48 Jan 11
*40
43
*40
50
45
*40
45
40
40
*40
150-*4 15034 1507* 1513a 150*2 1501
151*2 153 *152 153*2 *150 153
1,900 Delaware A H udson............100 140*4 M ar 1 151*4 Jan 19
♦215 21!) *215 219 *215 219 *215 219 *215 219 5218 218
1 Delaware Lack A W estern ..50 218 M ar 4 225 Jan 0
10
10
10
*8
*8*2 10
10
♦8
*8
*8
*8
10
Denver A Rio G rande____ 100
9 Feb 19
14 Jan
*15
18
*15
10
10
*15
20
18
10
*15
19
10*4
‘ 300
Do
pref_______________ 100
15 M ar 8
2-1 Jan
30’4
377* 3S>2
37*4 38*4
30*2 37**
30*2 307*
377* 38*2 53,850 Erie...........................................100
35 Jan 31
435* Jan
53-3* 53-34
531* 537*
52
52
517* 52*2
52*i
533* 5 4
9.700
Do
1st pref....................100
50*4 Jan 31
59** Jan
4514 40
*40
417*
45
40
40
40
40
900
417* 447*
Do
2d prof___________ 100
43 M ar 3
54*2 Jan
122*4 122*4 122*4 122*2 4.000 Great Northern pref.............100 HO** Jan 21 127*2 Jan
121*4 121*4 1207* 1217* 122 123l2 122*2 123
4334 44
405* 475* 45,500
453* 403*
457* 47*4
44
45*8
45*2 401*
Iron Ore properties________ z 39*4 M ar 1
50J4.lan _
1,200 llllnola Central..................... 100 101 M ar 2 109*2 Jan 3
103 103
102
101*4 101*4 *103 104*4
102*2 103 1031.4 *102>2 105
3,200 fnterhoro Cons C orp, vte_.
17-1* 17-3*
171?
1034 17
17*4 17*2
17
17*4 17*2
*16*3 17
15*4 Feb 15
2H *Jan 3
727* 727*
1.000
73
73**
73
73*2
73
*72*4 72-14 73
7312 73
Do
pref.................... ......100
71 Feb 15
77*2 Jan 3
2534 2.514
9.700 Kansas City Southern____ 100
273*
20-3.4 27
20*4 20*4
25
27
26*2 27*2
27'2
24i2 Feb 28
32*4 Jan 4
013* 013*
00** 001* *00
300
02
*00
02
*G0
02
003*
02
Do
prof............................100
00 Feb 17
647* Jan 3
*11
*12
14*2
14
*12
14
*11
14
♦11
14
14
*11
Lake Erie A W estern_____ 100
12 Jan 20
16*2 Jan 3
200
30*2 30*2 *31
40
*34
38
*34
38
*31
37
30*2
Do
pref........................... 100
35 Feb 22
41 Jan 3
73*2 793* 12,300 Lehigh Valley_____________ 50
777* 77 V* 77
77%
79*4 803*
78*2 79*2
77*2
74*2 Jan 31
83 Jan 4
22
22
500 Long Island_______________ 50
*20*2 23*2
*20>2 22
21
20*2 20*2
21
21
21
20 Jan 31
22*2 Jan 17
125 125
1227* 123
600 Louisville A N ashville____100 121'* Mar 1 1305* Jan 13
124*2 124*2 125 125
121 124
•122*2 128
12931 12934 *129 131 *128 130 *127 131 ♦128 131
100 Manhattan Elevated......... 100 129*2 Feb 15 1313* Jan 28
•129 131
*434
5
434
4-34
{5
5
*1*4
5
500 Minneapolis A St L o u is ...100
4*4 *434 5
4*4
4 M ar 1
155* Jan 4
10
10 *13
*13
*13
*14
13*2 10
15
15
17
10
100 D o pref_______________ 100 15 M a rl7 33*2 Jan 0
119 123
*118 124 *118 123 ♦119 123
119 123
Minn St Paul A S 8 M ____100 119 M ar 4 125 Jan 3
*127 140 *127
140 *127 140 ♦127 140
*130 140
Do
pref........................... 100 135 Jan 13 137 Jan 15
47*
♦37*
*4*4
4*4
*4*2
134
5
*4*4
4-34
4*2
4*4
*4*4
1,900 Missouri Kansas A Texas . 100
3-** M ar S
7*4 Jan 13
10?* 11
*11
III4
10*2 10*2 10
11
11*2 11*2 *10*2
400
Do
p r e f.......................... 100
10*2 MarlO
16*2 Jan 4
47*
47*
5
5
5'4
5
*5
5*4
"514
*4l2
5
3,200 Missouri P a c ific ...................100
4 Jan 3
65* Jan 17
4?8
47*
514
*434
5**
*4'5*
5
11-34
434 0,908
5U
5
*4%
Trust co certlfs of d e p o s it..
4 Jan 3
0*2 Jan 15
♦
233*
23-3.1 *
233* *___
233*
Nat R y s o f M ex, 1st p r e f..100
23*2 Jan 21
24 Feb IS
*0-34
7*?
7*2
7*?
7*2
*0-3.1 734
900
7>2
Do
2d pref.................... 100
7*2 Jan 20
9*4 Jau 12
IO.5I2 107
103 104-3* 101 10534 105*4
105*4 100*4 105*4 100
33,500 N Y Central A n u d River. 100 101*4 Feb 28 IIH 2 Jan 19
05
00%
04*2 05*2
07
03
00*4
*00*2 07*4 003.1 07
7.800 N Y N H A H artford_____ 100
64*2 M ar 9
777* Jan 10
277*
*27*2 28**. *27*2 28
29
29*2
29
29
2S*2 29
5.800 N Y Ontario A Western___100
26*4 Jan 31
31 Jan 3
118*2 119
1193* 1207* 120 121-3* 121 1223.1 30,400 Norfolk A W estern________100 114 M ar 1 12234 M arl7
118-34 120*4 1193,t
*85
80
80
85-34 8534
80
85**
80*4 80*2 86*2 80*2
800
84** Feb 25
Do
adjustment p r e f.. 100
88*4
Jan
113 113
112*2 113*4 11334
114 1143* 114*4 114*2 114*4 114*2
7,000 Northern Pacific__________ 100 111-** Feb 28 1187* Jan
5678 57
507* 57*«
5734
57
571* 577*
573* 58
57*2 577* 16,490 Pennsylvania.................
50
555* Feb 4
59*4 Jan
*
80
*70
80
80
*75
80
*75
80
*75
80
Pitts Cln Chlo A St L o u is.. 100
78 Feb 17
82*2 Jan 13
♦88
90
90
*88
90
♦88
*88
90
90
90
200 D o pref.....................
*90
92
100
88 Jan 26
98*4 Jan 13
83
843*
833* 8 134 84% 877
87
893*
873* 89
873* 89 180,700 R eadin g...................
50
75'* Jan 31
895* M ar 15
45
45
45
45
45
*43
*44% 45U *43
45
1.050
45
45
1st preferred____________ 50
417* Feb 19
46 Feb 29
44*2 415*
457* 40lg 540*2 40*2 40*4 40*i
40
44*2 443*
46
1,530
2d preferred......................... 50
41*4 Feb 21
4S Feb 29
*x
z
3|
]2
*%
3-1
x
2
*2 *2
'2
*2
*2 2,100 Rock Island Com pany____100
% Jan 4
7* Feb 21
*1* 34
•
’4
*4
7*
*'*
3|
800
D o pref............... ............. 100
% Feb 1
7* Jan 18
•4
5
4
5
4
*4
4*8
♦41*
*4
2.050 8t Louis A San F ran cisco.. 100
4*1
4*4
37* Jan 31
6 Jan 7
*5**
534
8**
♦5**
81*
5*4
*5-34 8's
8'* *5*4 8
315
5 M ar 7
D o 1st preferred______ 100
10
Jan 7
*4-3*
434
434
47*
434
434
434
*4*2
4*1
*4%
*434 7*2 1,900 D o 2d preferred_______ 100
4 Mar 1
8 Jan 7
« ___
187* *
187* *
187*
187* *10
IS-’ *
18*4 *10
St Louis Southwestern____100
19 Jan 17
19 Jan 17
* ___
44 ♦
44
44 *
44
____
44
*43
44*4
D o p r e f .. ........................ 100
44 Jan 2.8 4.5 Jan 1 t
15^4
15-3* 153.1
10>2 10-34 *15*2 10*4 *10
1S34
700 Seaboard Air Line_____
100
187* Jan 13
15*2 Feb 28
30*2 37
30*2
3034 SO-**
30
36
1,100 D o
pref...........................100
35 Feb 20
42 Jan 13
977* 99-3* 98-3j
99'* 1001*
98** 99*2
99*4 997*
99*4 100
39,800 Southern Pacific C o ........... 100
96'*
M
ar
1
104**
Jan
21
2134
205* 20/*
21%
21
21*2
21*4 217*
21** 217*
7,500 Southern Railway_________ 100
195* M ar 1 241* Jan
597* 597*
507*
59
59
*59
00
00
59*2
900
59*4 59*4
Do
pref...........................100
57 Feb 28
65 Jan 13
734
734
81*
77*
77*
7*2
734 8
7*2
7*2
*0-*4
7*4
1,800 Texas A Paclfto_____ ______ 100
10 Jan 3
0*2 Feb 14
01
017* 021.1 •00
*01
01*2
*00
01
01*2 01*2
*59
00*2
600 Third Avenue (Neto York) 100
59*2 Jan 31
62*4 Jan 15
*4
7
7
*3
0
•4
*3
7
*4
7
*4
7
Toledo St I.ouls A W e s t .. . 100
0*2
Jan
7
6*2 Jan .
12
12
*8
12
*8
*8
12
*8
*8
12
*8
12
10 Feb 15
Do
pref..................
100
10-5* Jan 8
♦95
90
*93*2 90
90
*95
*95
90
♦93*2 96
*94
95*2
Twin City Rapid T ra n sit.. 100 95 Jan 27
9012 Jan 11
1315* 1323* 132 133*2 133**
134*4 131*4 1335* 134*4 133l2 1313* 29,180 Union Pacific________
100 *130*4 M ar 1 140*4 Jan 4
83
83
83*3 833j
83
83
83*2
82l2 83
8212 S3
1,800
Do
pref...........................100 *81% M ar 1 84 Jan 28
147* io i2
147*
14
•14*2 15
14*4 *14
15*2 17
*15
1574
3,200 United Railways Invest__ 100
125* Feb 24
21*4 Jan 4
29
2!)
29
31*2
♦28*2 30*2
*27*2
301* 32
30*4 31
2,000 D o
prof______________ 100
27*2 M ar 1
3934 Jan 3
MI4 14-3.1
14*8
14
14
14
14*4
14*2 14*2 914*2 14*2 3,510 W a b a s h __________________ 100
133* M ar 7
17 Jan 3
43*4 44*2
43
43*4
43*4
42*2 43*2
4312 44
43*2 443*
9,400
D
o
prof
A
______
_______
100
487*
Jan 5
41*2
M
ar
1
207*
20
207*
20*8
20
27U 281*
27*4 27*4
27*2 28*4
9,000
25** M ar 1
D o pref I) d o ..................... 100
321. Jan 15
293* 32-3*
207*
30-3.| 3134 30
20*2 20*2
27
27*8
31*4 21,720 Western M aryland________ 100 24*2 Feb 28
323* M arlS
44
40*4
*41
43
*40
43
43%
45*2 4512
45
45
3,800
40 M ar 7
46s4 M arl5
Do
pref..................... .. 1 0 0
33*
*2*4
3*4
*3
3*g
3
3
*3
3*2
3*4
27*
3*4
S00 Wheeling A Lake Erio____100
25* Jan 20
4*4 Jau 5
15
13 *11
*11
*10
14
15
*11
13
15
*11
100 D o
M
15 Jan 8
11 Jan 19
1st preferred_____ 1O0
•31*
4*2
•4
5
*3*2
4*2
*3*2
4*2
4'4
33*
3*2
4*4
300
3*4 Jan 18
Do
2d preferred______ 100
47*
ja n 17
*33
30
*33
30
30
*33
*33
*34
30
30
Wisconsin C e n tr a l...............100
35 M ar 2
38 Jan 15
In d u stria l A M iscellaneous
213* 22-5*
203* 2 1 *s 20*2 21
2D* 22*2
20-34
2034 2034 21,300 Alaska Oold M ines________ 10
26i2 Jan 7
17'* M ar 6
*9-’ 4 10
07* 10
9-34 9-34
9*4
97*
97*
*9%
*9*2 10
1,000 Alaska Juneau C old Mining
lOij Jan 7
834 M ar 3
30
307*
303* 32*2
32*8 33*8 32*4 33
32%
31*2 3212 43,050 Allls-Chnlincrs M fg v t C ..100
337* M ar 14
25
Jan
12
79
79
70
81
79
80*2 80*4
80*2 81
80
81
0,500
75*4 M ar 2
Do
preferred v t 0____100
Jan 3
07*2 08.
00*2 077#
077*
09
09-3* 68 60*2 69*2 6912 3,350 Amor Agricultural C hem _.100 65 Feb 28 83
72*4 Jan 3
*97** 98
♦97
98
97**
*97
98
*97
98
♦97*4 98
100 D o
907* Feb 7 99*2 Jan 5
p r e f.____ ________ 100
08*2 09*4
09*4 70*2
70%
72*2 73*4
73
74
71*4
73*4
43,700
American Beet Sugar......... 100
74 Mar 17
6D4 Feb 1
*95
90*2 *05
90*2
90
90*4
90*2
95*4 95*i *95
300
94 Jan 4
Do
prof................
100
96 i 2 Feb 8
*95 10fll4 *99 100*2 *100
100*4 * 16o5a 100*4 *100 IOC4 *1003.t 100*4
Amer Brake 8b A F ctfs d e p .. 100*4 M ar 8 103*2 Jan 28
175 175
180 180 *170 190 *175 190
*170
180
184*4
185
400
165 Feb 24 195*4 Jan 3
Do
pref ctfs deposit___
005* 01*8
00** 023*
02*4
0212 033* 02*4 65*8 635* 65*4 128,400 American C an......... ............. 100 57*4 M ar 2 65-3* MarlO
111*2 111*2 111*2 1 117* 1113*
112 112*4 z l l l 111
2,000 D o
111*2 112*2
pref........................ .100 109*2 Feb 15 1137* Jan 20
0934 74
*73%
727* 745* 73
69*4 70*4
74-3* 717* 73*2 59,350 American Car A Foundry. 100 6334 Jan 31 78 Jan 3
119*2 119*2 *117 120 ♦ n o
* 110*2 118
117 117
118 118
400
D
o
pref...........................100 117 Feb 1 119*2 M a r ll
102**
162*2
103%
104*2
161*4
*103 104*2 104 108
100 100*2 5,810 American Coal P rod u cts.. 100 1547* Jan 11 1757* Jan 19
*110
117 *1153* 119 *110
*110 118 '110 118 *110 118
Do
pref.......................... 100 115 Jan 20 116l2 Feb 15
54
54
*52*2 54
53*2
54*g 553* 55*2 50*2 50
56
6,500 American Cotton O il......... 100
51 <4 Jan 31
57l2Jnn 17
102
*100
102 *100 102 *101
102 102 '100 103
102 102
300
Do
pref...... ....................100
98 Jan 6 102 M ar 15
103*
10
97*
97*
97* 10
103* 103* 10*4 10*2 *10*8 10*2 2,100 American
93* M ar 1
12 Jan 3
Hide A Leather. 100
4934
49
50
60
49*4 493*
49*4
50
51
3.900
50*2 507*
Do
pref...........................100
45 M ar 1 57 Jan 18
303*
30
293i 303*
2912 29*2
29*2 20% 29*4 29-34 29
5,000 American Ice Securities__ I0O
29*2
31*2 Feb 19
25 Jan 20
2234 21*4 22
21*2 217*
22
2D* 22
22
23*4
22
223*
7.900 American Linseed_________ 100
20 M ar 1 25*8 Jan 20
397* 40
40-34
40*2 41*4 41*2 42
40
■10
HI* 41*s
2,700
Do
pref........ ..................100
43*2 Jan 15
38*4 M ar 1
7278 73*4
807* 8234 813* 8334 803*
79%
72*2 79*4
8212 241,100 American Locom otive____100
8334 M arl4
0034 Jan 11
*101*2 102*2 102*2 103*2 103*4
103*4 103*4 10334 104
1033* 1037*
3,350
99*4
M
ar
2
104
M arl4
D
o
pref______
________
100
*8
9
85* 85*
8**
8*2
8'4
8*4
8
8*4
800 American Malt C orp ......... 100
♦8
9
8 M arl6
8 M arl6
35
35*4
35*2 35*2
35*4 35*4 35 3 r
34*2
*33
30
800
Do
pref....... ....................100 x31% Jan 14
36*2 M ar 9
♦80*2 87*2
87
87
*80*2 87*2 87*4 87*4 *91*2 93
*80*2
200 Amer Smelters Sec pref B 100 855* Jan 10 87*4 Jan 25
93*4 1)3*4 93-3* 93*2 ♦93
94
93*2 9334 04
94
859
90*2
92 Jan 3
Do
pref Ser A stam ped..
94 M arl6
101-5* 1033*
987* 1013* 101 10234 1011* 103-3* 102-5* 103*2 *94*2
10ll2 102^4 128,800 Amer 8raclttng A Refining.100
95'* M ar 1 113% Jan 4
112*4 112*4 113 113
*11112 112*2 111*4 I 12
112** 112
112*2 112*2 1,100 D o pref___________ . .. 1 0 0 111*4 M ar 13 114% Feb 3
145 145 *145 149 *142 149 *145 149
145 149 *142 148
100
American 8nuff___________ 100 145 M a r ll 1487* Jan 10
*105
10812 *105
10,8*2 *101 103*2 *105 109
'105 109 *105 109
Do
pref........................... 100 108 Jan 17 110 Jan 27
513*
53
55
55** 50
53
55*2
53
50
50*2
56
5034
0,500 Amer Steel Foundry______ 100
481* M ar 8
61*4 Jan 4
1033* 110
*10812 110*2 108 109
108*4
109-34 U03* HO** M3** 15,000
Sugar R efin in g..100 107*4 M ar 8 116*2 Jan 8
110
III! ♦116
115*2 11512 115*2 115-34 115-34 1157* 1,250 American
117
115*2
11834 Jan 4
D
o
pref.........................1
0
0
115*2
M
ar
14
128*2 1285* 12,83* 12!)
129 129*4 129*4 1297* 129*4 1297* 129-3* 129*2 8,307
Amer Telephone A T e !e g -.1 0 0 120*4 Feb 1 1297* MarlO
*190
19.8 19,8
197 198*2 197*2 198
195** 197
195 108
1,350 American T o b a c c o ________100 188 Feb 16 20934 Feb 3
100*2 100*2 100*4 100*4 100 100*4 ♦100*2 107
100*2 100*2 100*2 107*2
1,000
Do
prof (new )...............100 105*2 Feb 28 108% Feb 8
533* 54*4
63% 543*
54
55*4 *53*4 53*4 53** 535*
523* 53-3* 18,850 Am Wooten certlfs o f deposit
42 Jan 11
65*4 M arl4
100*1 101
r99
997, 99
100 1007* 100*2
99*2
99
00U
T
iro* oorfffo r># rfftpnelt
M-.5,980
no inn m
• Bid ami asked prices; no sales 01
paid, x Ex-dlvIdcnd. s Full-paid.




1043

Lowest

f

per share

Highest

$

per shars

92*2 Feb 111*4 N ov
90
Jan 10218 N ov
98 Mar 110 N ov
0334 Feb
96
Deo
7934 N ov
07
Feb
83*4 Aug
93
Apr
138 July 194 Nov
Jan
5250
Sep 325
355* July
0434 N ov
10*4 Jan
17*2 Nov
25 *2 M ay
41i» Nov
77-*4 July lOU* Deo
1207* .Sop 135
Deo
118% July 135** N ov
103 July 5180 Nov
383* Apr
10*2 July5114
Apr 123 N ov
124
Sep 135 Deo
52
Oct
521
Jan
77
Oct
53** Feb
24 M ar
38*2 Nov
60 Nov
45
Jan
52 N ov
35
Sep
13312 Aug 154*8 N ov
1 9 9 % Jan 238 Nov
4
Jan
16*2 Nov
29-3* Nov
01* Jan
455a Nov
197* Feb
32i4 Feb
59*2 Nov
54*4 Deo
27
Feb
112S4 Jan 1283* Nov
54
Oct
25*4 Jan
Apr
99 July 113
187* July
251* Nov
82 Nov
70 July
351* Nov
205* Feb
547* Feb
6512 Nov
103* T>eo
5
Jan
41*2 Dec
19 M ay
83*4 Nov
045* Feb
275* Oct
15
Jan
104*2 July 130*2 Nov
Deo
125 June 132
19-3* Feb
Sep
3
49
Feb
24
Sep
100 Jan 126*2 Nov
Deo
123 June 130
15*4 Apr
4
Sep
40
Apr
10*8 Sep
18*4 Apr
1*4 July
7*2 N ov
3
Dec
28% Oct
141* Aug
934 Oct
4-34 July
81*2 Mar IIOI2 Deo
S9
Oct
43
Feb
35
Apr
21-34 Jan
99*» Jan 1225* Deo
90 June
80*2 Sep
99** Feb 1183* Deo
5 1 % Feb
61*2 N ov
86 Nov
05 M ay
98*2 June
90 June
855* N ov
09-3* M ay
45 June
40-3* Sep
44
Apr
40
Feb
1** Apr
*s July
2*2 Apr
*4 June
8 Nov
1*4 Mar
7 Aug
14*2 N ov
10-34 N ov
3
Jan
23 N ov
11
Sep
45*2 Deo
29
Sep
20*4 N ov
11*8 July
4334 Nov
30*4 July8114 Feb 1041* Dec
26 Nov
12*2 July
65 Nov
42 July
177* Apr
8i2 July
64i2 Oct
35
Jan
87* Nov
1
Jan
UI2 Nov
5*2 MayApr
90 July 100
U.534 Jan 14112 Nov
841* Nov
X79 M ar
27*2 Oct
8
Jan
21*4 M ar
47«4 Oct
125* Oct
17*2 N ov
437* Oct
49*4 N ov
32*2 N ov
25*2 Oct
9*4 Jan
3512 Oct
505* Oct
25
Jan
6*4 N ov
*2 July
1934 N ov
2 Aug
8** N ov
5* Aug
45 N ov
28 July
21*4 Dec
4012 Apr
934 Dec
1312 N ov
734 Jan
49i2 Oct
857* Dec
33
Feb
48
Jan
7412 N ov
90 M ar 101*8 Nov
727* Deo
33i4 Jan
83
Feb
95 Nov
87*4 Feb IO934 Aug
132i2 Mar 21934 Oct
25
Feb
68*2 Oct
91*2 Jan 113*2 N ov
40
Feb
98
Oct
111*2 M ay 118 Aug
82
Jan 17012 July
Sep
105
Jan 120
39
Jan
64
Oct
91 June 102*4 N ov
4-3* Feb
14*4 Oct
19»4 Jan
69*2 Oct
205* Jan
35
Apr
311* Oct
7*4 Jan
24
Jan
50*2 Oct
7434 Oct
19 M ar
75 M ar 105 N ov
37* Apr
13*8 Oct
21i2 M ay
37*2 Deo
88-3* M ay
78
Jan
Oct
80
92
Dec
JaD 1087* Deo
56
100 Jan 113 N ov
144
Jan 165
Apr
Jan 1103* Nov
103
24*g Mar
74*2 Oct
99*2 Feb 1197* Nov
109
Feb 119*2 N ov
116
Jan 130*4 Nov
195*2 Dec 2521| Apr
103*4 Jan 111 Nov
46 Nnv
50
Oct

otv V*'v

1044

N ew

Y ork S to ck

R e c o r d — C o n c lu d e d — P a g e

2

Por record of sales during the week of stocks usually Inactive, see second pago preceding.

PER SHARE.
Range SinceJan. 1
STOCKS
SalesfoT NEW YORK
Onbasis of 100-share lots
STOCK
the
EXCHANGE
eek
Thursday Friday SW
Tuesday Wednesday M
Saturday Monday M
Highest
Lowest
arch16 March17 hares.
ar. 14 Mar. 15
Mar. 11 Mar. 13
S pershare
5
p
er
sh
a
r
e
IndustrlaI&Mlsc.(Con).
P
a
r
per share S per share
{ per share $ per share $ per share S pershare
65*4 Jan 31 91% Marl7
89*i 91% 87,930 Amer Zlno Lead & S -------- 25
88% 91
84% 88*4 85% 89
86*4 88*4 84% 87
Jan 31 92% Feb 14
87% 88% 95)200 Anaconda Copper----------- 50 8212
88
88*4
88
88 % 87% 88*4
86% 87% 85*4 88
99% Mar 1 118% Jan 3
aiaa and low sale prices—per siiaRe, not per cent.

PER SHARE.
Rangefor Previous
Year 1915
Lowest Highest
$ pershare $ per share
07% Deo
Feb

c24*4

71*2 Deo
91% Nov

26% Mar 154% Cot
177,330 Baldwin Locomotive------ 100
Sep
92 Mar 114
106 107% 106*4 111% 111% 113% 1 1 0 % 1 1 2 % 11% 113*4 112% 114%
300 Do prel............. .........100 107% Jan 3 109% Feb 23
•108 1091a *108 109% 109 109% *108 109% 108% 109% 109% 109% 6.100 Bethlehem Steel------------- 100 415 Jan 11 550 Marl4
40% Jan 600 Oct
529 531
15 529
184
Oct
488 48812 488 524*4 549 550 1517% 520
91
Jan
145
Jan
6
130
Jan
24
400 Do pref____________ 100
135 135 *132 145
123 135
135 135
133 132 *130 134
79% Dec 94% Oct
800 Burns Brothers---------------100 80% Marl4 87 Jan 3
*82
86
81
83
80% 81
*81
87
*81
87
66% Aug 79% Juno
33,950 Butte A Superior Copper...10 71 Jan 3 105% Mar 9
94*4 93% 94% 93% 94
95*4 93
93% 95% 94
38% Deo
42%
Jan
3
95% 93
8 July
21
Mar
7
24% 25*8 24% 25*4 24*4 25% 15,500 California Petroleum, vto.100 48*4 Mar 8 80% Jan 3
25
24
25
24
25% 24
30 July 81 Deo
7.500
Do
pref........................100
z54
55
5612
54
55% 55
55
54*4 54
61% Nov
56%
Jan
18
32%
Feb
53% 51*8 54
51%Jan
31
13,800
Central
Leather............
..100
55
55% 55% 55%
54
54*8 53*4 54% 54% 54% 54% 55
1.100 Do pref........................100 108% Jan 3 111% Mar 7 100% Jan 110% Nov
1 1 0 % 110*4
110 % 1 1 1
* 110
111
11
111
110
110
110
110
95% MarlO
89%
Feb
28
8.100
Chandler
Motor
Car........100
95
95% 95
94
94*4 93% 93% 94
26% Nov
92
92
91*4 94
23% Dec
7.600 Chile Copper.......................25 22% Feb 1 25% Jan
2234 23
22% 23
22% 23
3234 Jan 57% Nov
2 2 % 2 2 % 22*4 2 2 % 2234 23%
Jan 31 60 F’eb 19
55% 23,750 Chino Copper...................... 5 51*4
53 Jan 4
21*4 Jan 60% Sep
55% 55% 55% 56% 55% 56% 55% 56% 55% 55% 55
39%
Mar
1
58,250
Colorado
l'’uel
A
Iron........100
50%
46% 49% 48
47
46% 40*4 47% 46
44
44% 44
14434 Jan S
Jan 150% Oct
130 137% 5,700 Consolidated Gas (N Y)..100 130% Mar 1 88 MarlO 113*4
134 136% 136% 136*4 136% 137
*132% 134 *132 134
40% Jan 127 Oct
75% Jan 31
85% 3,550 Continental Can............... 100
84*4 84% 85% 85
85
85% 84
86
83
85*4 84
88%
Jan 109% Deo
110%
Marl7
106
Feb
1
200 Do pref........................ 100
110 % 1 10 %
110
111
109 110% 1 1 0 1 1 0
*109 111% *109 110
8
Jan 21% Oct
17.600 Corn Products Reflnlng. —lOO 19% Jan 6 25% Jan 25
2234 23U 22*8 23% 22% 23% 22% 22*4 2 2 % 22 % 2 2 % 22 % 1.500 Do prof.......................100 93 Jan 5 101% Jan 14
65
Jan 96*4 Deo
98%
98%
98% 98% 98% 98%
99
99% 99% 99% 9812 99
109% Sep
18%
May
99%
MarlO
52*4
Jan
12
92% 96% 91% 94% 94*4 99% 94% 99 433,300 Crucible Steel of America. 100 108% Jan 11 119 MarlO
85
93
84% 86
84 May 112% Sep
115% 117% 5,820 . Do pref____________ 100
177 Deo
113*8 113*8 115 110*8 116*4 117% 117 118% 117% 119 *215
38
Jan
z235
Marl6
152
Jan
5
4.200
Cuban-Amerlcan
Sugar...100
240
225 230
208 209% 210 216 z221 235
205 205
93 Mar 110 Sop
445 Do pref____________ 100 104*4 Feb 1 109*4 Feb 4
103 107
104 107
105 105% 100 100 zlOO 106
•104 107
50% Oct
5% Mar
41%Jan 31 50% Feb 5
36.800
Distillers'
Securities
Corp.100
46*4
48
48
47
47
48%
48
49*8
47% 48% 47% 49
23 Feb 23 29% Feb 8 J10 Juno 30% Deo
1.800 Dome Mines, Ltd----------- 10
25
25
25% 25
25
25
25*8 25
25
24*4 24*4 24
60 Juno
8
Mar
35
Jan
7
28
Mar
7
100 Federal Mining A Smelt... 100
*20
31
31
*26
30% *20
29
29
32
•26
32
65 June
20 Mar
1.200 Do pref.......................100 50% Feb 29 57% Jan 7
54
53% *51
53% 53% 53% 53*4 *51
53% 53%
53
53
360
Oct
Jau
330
Marl7
165
5265
Jan
5
873
General
Chemical----------100
325 330
310 310 5315 319
*305 310 *305 310 *305 310
Mar
§116%
Nov
116
Jan
27
106
5113
Jan
5
200 Do pref____________ 100
1157g 115% 112% 115
114 116
110
•114 116 *114 117% 1 1 0
165 Mar 1 178% Jan 17 138 Mar 185% Oct
8.750
General
Elcctrlo...............100
169%
109%
169%
170%
zl69%
172
171*4 173%
169% 169% 168% 172
Jan 553 Deo
82
900 General Motors vot tr ctfs.100 415 Jan 7 495 Jan 3
485 485
480 480
475 475 *440 485
464 470
*465 469
90% Jan 136 Deo
900 Do pref vot tr ctfs—.100 110*4 Feb 4 116% Jan 3
113% 113% 113% 114
80% Oct
112*4 112*4 *111*4 113*4 113 113% 113 114
24 12 Jan
67*4 Jan 31 77% MarlO
88,950
Goodrich
Co
(B
F)...........
100
75%
76%
75%
77%
73%
70
72
74% 73*8 74*8
72% 73
Marl*
95
Jan 111% Oct
300 Do pref.......................100 110 Jan 24 11*»4
0
116%
*115*4 116% *116 116*8 116 116% 116 116% 116% 116*4 1 191%
79% Apr 91 Ju m
85 Jan 13 99 Feb 10
1.500
Granby
Cons
M
8
A
P—
100
91%
91%
92
*91
91*4
92%
92%
92
92
92
92
52% Deo
37
Oct
Mar 2 53% Mar 9
49% 48% 49% 15,000 Greene Cananea Copper.. 100 44
49% 50% 48
50*4 49% 51
51% 52*4 49
4,550 Guggenheim Exploration— 25 20% Mar 1 24% Jan 3 z22 Dec 83 Deo
20 % 20 % 20 % 2 1
2 1 % 20 % 2 1
2 1% *21
21
2 1% 21
10% Jan 47% Oct
43 Jan 31 49% MarlO
118,570
Inspiration
Cons
Copper.-.20
48
49
48%
49%
47
48%
29*4 Nov
5% Mar
46% 46*3 46% 47*8 46% 47*8
19 Marl3 29% Jan
20 % 20 % 1.800 [ntcrnat Agrlcul Corp-----100
19% 20
2 0 % 2 0 % 19*4 20%
19
*19% 21% 19
8 Mar 71*4 Deo
56% Jan 13 74 Jan
60
60% 60% 61% 60% 61% 4,760 Do pref........................100 108%
60% 62
58
59% 59% 60
90 May 114 June
Jan 7 112% Feb 1
200
intern
Harvester
of
N
J...100
1
1
0
%
1
1
0
%
*109*4
H
I
109*4 111
109*4 H I
109*4 109*4 109*4 H I
Jan
110 July 120 Nov
Do pref____________ -100 114 Feb 29 119%
•114 119% *115 119% *115 119% *115 119% *115 119% *115 119% ............
18 Dec 20% Deo
13% Feb 15 23%Jan 18
20.800 mt Merc Marine ctfs of dep.
18
16% 17% 16*t 17*8 16% 17% 16*4 17% 17
16% 17
77% Deo
85%Jan 17
55% Nov
61%
Mar
1
112.500
Do
pref
ctfs
of
dep-------—
71*4 74%
70% 72
69% 72*8 69% 72
71
69% 70% 69
5
0
%
Jan
17
179*4
Dec 223% Oct
42
Mar
1
49% 47% 48% 38,140 intern Nickel (The) v t o .. 25
48% 49% 48
127g Deo
46*4 47% 46*4 47% 46*4 49
8 Jan
9% Mar 1 12% Jan '
6.100
international
Paper-------100
11%
11*4
1
1
%
11*4
11
11*4
10*4 11
1 0 % 10*8
50*4 Deo
9% 10
33 Feb
Jan
48% 3.750 Do pref........................ 100 42% Feb 1 50*i
48% 48% 48% 48
47% 48*8 48
40
47
45
45
74%
MarlO
73% 18,275 Kelly-Springfield Tiro........25 69% MarlO
74% 73
73*4 72*4 74% 74
70*4 72% 72% 73% 73
100 Do pref_____________ 100 97% Mar 14 97% Marl4
97%
*9612 97% *95
98
97% 97% *96
*98
971;
*95% 97
52 Mar 1 57*4 Mar 8
56*4 57% 50% 57*4 161,350 Kennccott Copper.................
56
56*8 56% 57*8 56% 57% 56% 57
Jan 0
28 Jan 91*4 Sep
58.800
Lackawanna Steel----------- 100 72*4 Mar 1 80
81%
83%
80*4
83
79%
81%
79
81
%
77% 78% 77% 79%
48% Mar 1 53 Feb 19
6,700
Lee
Rubber
A
Tiro............
­
51% 51*4
51*4 51% 52
51
51*4 51
50% 50% 50% 51
200 Deo
205
Jan
249*4
Mar
3
460 Liggett A Myors Tobacco. 100
255*4 255*4 251 254
*252 257 *252 257 *250 257 *252 256
120 Deo
Mar 3
.......... Do pref................. ---100 119 Jan 12 122
12 2
* 12 1
12 0 % 12 0 % * 12 0
*119
*12 0
. . . *119
21
Jan
18
31
Jan
15
Mar
3
..........Loose-Wiles
Disc
tr
co
ctfs.
100
18*4
18*4 * 10
*15% 18*4 *15% 18*4 *15% 18*4 *15*4 18*4 * 10
91%
Jan
13
105% Jan
78
MarlO
800 Do 1st preferred------ 100
85
*78
78
78
___
85
82
80
90
* ___
90 * ___
67
Oct
50 Mar 3 50 Jan 25
_____
Do
2d
preferred---------100
59
*51
59
59
*51
*50
*50
59
59
* ___
59 * ___
189 Nov
610 Lorlllard Co (P)................100 179% Jan 19 198% Mar 1
189 193
197 197
198 198
197 197
*198 197% 197% 198
118 Jan
100 Do pref____________ 100 115% Jan 6 120 Marl5
12 0 *118% 121 *1 17 % ___
12 0
*117% . . . *117% . . .
*118%
92 Oot
37,300 Maxwell Motor Inc tr ctfs. 100 57% Mar 3 75*4 Jan
63% 0 1 % 66 % 64% 60
63*4 62% 64% 62
60
61% 60
103*4 Deo
1 93 Jan
85
86% 85% 85% 3.000 Do 1st pref stk tr ctfs. 100 S2 Mar
85
85
"
84% 85
*84% 84*4 84
08% Oct
Mar 2 57 Jan
46% 49% 47% 48% 4.400 Do 2d prof stk tr ctfs. 100 42%
47*4 46
45
47% 47
124% Deo
107% 114% 257,900 Mexican Petroleum.......... 100 93% Mar 1 129% Jan
108% 112
101*4 101*4 103% 110
103 105*4 99% 10 2 '
104%
Deo
105%
Jan
95
Mar
1
900 Do pref____________ 100
10 0 100
1 0 1 % 1 0 1 % 1 0 1 % 10 2 %
*99. 102
99
99
99
99
3618 Deo
33% Mar 1 39 Jan
37% 13.100 Miami Copper...................--5
37
37% 37
36*4 36*4 36% 36% 37
36% 38
30
79*4 Deo
77% Jan 17
68%
Mar
1
1.000
Montana
Power------------100
70
76
76%
70
76
z76% 76% 76
77
77
77
*73
120 Deo
Feb 23
_____
Do pref____________ 100 109 Jan ' 114% Jan
*109 115 *109 115
*119
■113%
*107
•109
132 Jan
T
1.100 National Biscuit................100 120% Feb 28 125
122 123 * 12 0 1 2 2 % * 12 0 1 2 2 % 122 123
*120 122% *120 123
127% Dec
129
Feb
125
Jan
100 Do pref____________ 100
125 12 0 1 *125 126%
*122% 120% * 12 2 12 12 0 % 125 125
36% Oct
29*4
Jan
22
%
Feb
1
8,210 Nat Enam’g & Stamp's..-100
25% 20*8 265j
25*8 20
97 Deo
92 Jan 19 97% Feb 18
_____
Do
pref____________
100
*95
*94
"
98
*95
98
73%Jan
19
70*4 May
64%
Feb
28
9.S00 National Lead................... 100
67
67*4
67% 08
115 Nov
112 Feb “ 115 Jan 22
*113
115
15
Do
pref.......................100
115
*113
*113
115
115
113
5113
*113 115
17 Nov
16*4 Feb 23
15 Jan 31
157S
6.000
Nevada
Consol
Copper........
5
15*4
15%
16
16
15*4 15%
15*4 10
15% 10
104*4 Sep
Jan 15
11.500 New York Air Brake........100 zl38% Mar 2 153%
148 149
149% 149% 149 152
150
•142 145% 144 147
81 Apr
68% Mar 7 75 Jau 3
70
400
North
American
Co-------100
*68
71
*68
71
*68
71
70% 70*4
69% 70
33 Aug
1134 Jan 3 29% Mar 2
28% *26% 27% 3.400 Pacific Mall...................... 5 34
27
27% *24% 27
26
"
25% 25% 25
49% Oct
Mar 2 44 Jan 15
*35
40
200 Pacific Telep & Teleg........100 100% Feb
36
36
40
*35
30
*30
30
30
*35
40
123% Apr
9 111% Jan 3
*103
1,528
People's
C
.
L
&
C
(Chic)..100
105
105*8
105%
104*4
101*8
104% 104% 105 106
*104 105
49 Sep
39*4
Mar
1
40
Jan
17
42% 42*i 44% 42*i 4334 42% 42*4 5.300 Philadelphia Co (Plttab)—.60 26% Mar 8
42% 42%
*4H2 42
42% Oct
29% 28*4 29% 28% 29% 28% 28% 7.900 Pittsburgh C oal................100 100 Mar 8
28% 28% 28% 29%
114 Oct
104%
105
2,450
Do
pref.......................100
104%
101%
104 101%
1 0 2 % 10 2 % 103 105
102 102
78% Oct
49%
Mar
2
12,508 Pressed Steel Car..............100
57% 57% 57% 57% oo>8 57
57
58
55
55% 54% 57
106 Oct
200 Do pref____________ 100 100 Fob 9
*101 102% * 1 0 1 % 10 2 % 1024 102% *101 102% 103 103 * 1 0 2 103
120 Deo
114
Jan
31
50
Public
Serv
Corp
of
N
J...100
*118
119
*117 119% *117 119% ♦117 119% 5118 118 *118 119
170% Oct
1.800 Pullman Company............ 100 162 Feb 28
163 163
163 163
162% 163
102% 162% 162% 103% 103 163
6*4 Nov
4 Jan 11
900 Quicksilver Mining............ 100
5
4% 4%
*4
4%
4%
4% 47S *4% 5
*4
5
07g Nov
5
Jan
4
900 Do pref.......................100
0
6%
7
6% 6% *6
6 % 6%
6 % 6%
*6% 7
54
Oct
37%
Jan
12
42% 44^8 14,150 Railway Steel Spring........100
42*8 43
44% 42% 43
39% 42
102 Nov
*38*4 41
95%
Mar
9
..........
Do
pref_____________
100
9
7
%
*96
97%
♦97
♦97% 98
*90
98
*90
98
27%
Nov
22*4
Jan
31
24% 24% 24% 24% 24*4 24% 24% 10,850 Ray Consolidated Copper.. 10 48% Jan 31
24% 24% 23% 24%
57% Deo
54% 53
54% 53*i 54% 53% 5434 41,350 Republlo Iron A Steel-----100
52
52% 51*4 53%
112% Deo
111% 111% ♦111 111% 111% 111% 1,020 Do pref.......................100 108 Jan 21
112
14*4 Deo
1 11 * 8 111* 8 11134 111*4
11
Jan
24
200 Rumely Co (M) ctfs of deposit
14
14
14
*12
*12% 14
* 12
14
*12% 14
*12% 14
29 Nov
.......... Do pref certlfs of deposit- 24 Jan 21
*22
28
28
*22
*22
30
*22
28
♦22
28
*22
28
209%
Feb
168%
Mar
1
177
300 Sears, Roebuck A Co------ 100
177
177 177 *173 178
176 176
*176 178 *173 178
126 Doo
8
100 Do pref........................ 100 125%Jan
*125 ___ *125 125% *125 125%
* 1 2 7 % ___ 127% 127%
33% Feb 9
37%
38%
17.200
Shattuck
Aria
Copper........10
37%
38*8
37*4
38%
‘
38’
38*4
37*8 37% 37% 38%
24
Jan 06% Deo
59% 5.800 Sloas-Shcffleld Steel A Ir..lOO 53% Mar 3
58% 00*8 59
58% 58% 59
*57
57% 57% 57% 58
40 F’eb 164 Deo
1,690 South Porto Rico Sugar... 100 140 Jan 29
191 193
188 188
183 185
179% 179% 183 183
*172 180
Oct
100 Feb 2
89% F’eb 110
*112
120
140
Do
pref-------------------100
113
113
5113
113
*
1
1
0
•109% ----- * 1 1 0
43% F’eb 96 Deo
......... Standard Milling................100 86 MarlO
*87
90
90
*85
*85
90
90
*85
90
*85
*85
90
66 Fob 85 Nov
*80% 87
100 Do pref_____________ 100 85% Mar 1
87
87
*8 6 12 87
*84
87
*84
87
*85
87
35*4 Jan 195 Oct
147% 149% 60.200 Studebaker Corp (The).—100 133 Mar 1
147 151
149*4 146% 148
139*4 141% 139 146%
Jan 119% Oct
01
445 Do pref_____________ 100 110 Jan 22
112*4 112*1 *111 114 ♦111 114
114
113% 113% * 1 1 0 114
Sep
70
53 Mar 1
25% F’cb
11.500
Tennessee
Copper-------------25
58%
59%
57%
57*4
57*i
58%
53
57%
56
56% 57
237 Deo
120
May
190
Jan
31
200
205
13.600
Texas
Company
(The)----100
199%
203%
197% 201%
198
191*4 192*4 191% 196%
Deo
Jan
9%
4%
6*4
Jan
31
8%
8
8% 8% 7.550 Union Bag A Paper..........100
8
8%
7*4 8%
7% 7*i
7% 7%
22% July 31% Deo
33
32% *30
1.900 Do pref........................ 100 28 Jan 27
31% 32% 32
32
30% 30%
*28
31
Jan 00*4 Oct
42
60
100 United Cigar Mfrs............ 100 59% Mar 2
*59
60
*59
*59
62
61
60
60
*59
62
Oct
June 110
100
108
Marl4
100 Do pref........................ 100
108 *105 110 *105 110 *105 110
•105 110 *105 1 1 0
10% Oct
9 Dee
9 F’eb 9
9%
9%
15.500
United
Cigar
Stores............
10
9%
9%
9%
9%
9%
9%
9% 9%
Nov
9*8 9%
Oct
12%
11%
11%
Feb
10
100 Do p ref........................10
11% 11% *11% 12
*11*8 12
12
* 1 1 % 12
* 1 1 % 12
139 Nov 103 Nov
Jan 31
145% 145 147% 147 148% 147% 14812 18.870 United Fruit.....................100 136%
143% 143% 143 144%
8 Jan 3 Us Oct
15% Jan 31
26% 10.000 U S Cast I Pipe A Fdy----- 100
25% 25
26% 24% 25*4 24
21% 23%
2 1 % 21*4
32% Mar 55% Nov
48%
Feb
5
53% 53% 54
4,000 Do pref.........................100
51% 52%' 53
52
50
*48
50
50
50
43% Dec 73% Mar
45 Feb 16
*45
48
100
U
S
Express..............
—
100
*45
48
*45
48
48
*45
45% 45%
*45
48
15 Jan 131*4 Deo
154% 157*4 155*4 157% 46.600 U S Industrial Alcohol-----100 126*4 Jan !•
150% 154% 153 158% 154 157*8 152% 150
70
Jan 107 Nov
200 Do pref.........................100 102 Mar 2
106 *105 106 *103 106 *103 106
*103 106
74*4 Apr
44 July
47*4
Mar
1
53%
54
21.400
United
States
Rubber___
100
54%
53*8
53
54%
53*4
51% 52
52
52
110 Apr
101%
Feb
106%
F
’ob
"
108% 108% 108% 108*4 108% 109 109% 1.550 Do 1st preferred______100 z79*i Mar 1
•107% 108% *107% 108%
89% Deo
38 Feb
86% S0% 87% 86% 87% 480.200 United States Steel............ 100
86*8 80
83% 84% 83% 85%
Oct
zt02
Feb 117
117
116*8 117% 117% 117*8 117% 117% 4,060 Do pref.........................100 xll5% Jan 31
116% 116% 116% 116%
48% Jan 81*4 Deo
83% 82*4 83% 31.200 Utah Copper...................... 10 77 Jan 31
83*8 83
83*4 83
83% 82% 837a
83
Oct
15 Jan 52
42 Mar 2
4,100
Vlrglnla-Carollna
Chem__
100
46%
47%
40%
47*4
46%
47%
47
44%
46
45
♦44
80 Jan 1137g Deo
.......... Do pref_____________ 100 109 Jan 29
111 *109 l i t *110 117 *109 111
*109 111 *109 III
00
Nov
Jan
57
87
Mar
1
91
91% 6,345 Western Union Telegraph. 100
90% 91
91% 90% 91
89% 90
89
89
32 F’eb 747S Oct
Mar 1
69*4 69*4 71% 69*4 71% 68% 69*2 290,470 Westlnghouse Elec A Mfg—50 60%
Oct
64*4 65% 04*1 66*4
5812 Mar 85
79
600 Do 1st preferred----------50 75 Jan 31
78% 78% *77
77
78*4 79
76% 76'i 77
77
*75
87 Feb 203 Nov
5,270 Wlllys-Overland (The)___ 100 199%Jan 31
236 239% 237 239
235 236
229 235% 234 236
230 230
102
Mar
2
2,400
Do
pref
Sub
recta
full
pd.
100
10538
IO
534
105%
105*4
105*4 105»» 105%
*103% 105% 105% 105%
90% Jan 120% Deo
122% 122% 1 2 2 % 1 2 2 % 2.300 Woolworth (F W ).............. 100 118 Jan
120*8 123
121
121% 121% *120 121
Jan 124 Aug
115
105 Do pref.................
100 123% Jan
124% 124% 5125 125 *124 125
*123*1 ___ ♦123*4 124*1
• Bid and asked prices; no sales on this day.
dividend. * Ex-dlvldcnd.




i Loss than 100 Bhares.

t Ex-rtghts.

a E x-dlv. and rights,

b Now Stock.

« Par J25 per share.

« Ex-stock

N ew

Y ork

S to ck

E x c h a n g e --B o n d

R e c o r d , F r id a y ,

W e e k ly

an d

Y e a r ly

1 0 4 5

Jan. 1909 lb*Bccbangemethodof quotingbond*teat changed, andprice*are noteall—
‘"andinterest"—exceptforincomeanddefaultedbond*.
Price
Week's
Friday
Rangeor
March17. L
ast Sale
Bid AskLow High

BONDS
N. Y . STOCK EXCHANGE
Week Ending March 17.
U. S. O ota iom ea i.
O S Ss consol registered___<21930
U
consol coupon_____<11930
3 8e registered_________ *1918
y b 3s eoupon___________ *1918
0 6
registered__________ 1926
£? S 4s coupod____________ 1925
t? 8 I’an Canal 10-30-yr 2s.*1930
D S P nCanal 10-30-yr 2 s.. 1938
U 8 Pauama Canal 3s g___ 1901
O S Philippine Island 4s. 1914-34

99% ____
9 9 3 4 ____

99*8 Jan '10
97 14 Oct ’ 15
1 0 2 U 10 2 % 102 >4 Mar’ 10
10218 10234 102*8
102*4
U034 ____ 111*8 Mar'10
112U Salo 112*4
112*4
99 ____ 98*4 Oct '15

n3s
O
is

102*2
—

100

103% Mar’ 16
100 Fob T5

Range
Since
Ja n . 1.
Low High

99*8 99*8

102*4 10234
102*8 102*4
10934 111*8
110*4 112*4

101*8 103*4

Foreign Q irircR sin l
Anglo-French 5-yr 6s Exter loan. A -O
94*2 Salo 93*8
94*2 3654 9312 96
6 8934 953s
91%
Argentine— Internal 6s of 190w._ vi- ri t 91
91% 91%
7 09
Ohlnese (Hukuang Hy)—6s of '1 1 -D t 76% 77% 77*2
77*8
78*4
2 96*4 10034
100%
Ojba—External debt 5s ol 1904. m - e 100 100% 100*2
95% 96% 96*2 Mar’ 16
94*8 96*2
Exterdt
’ 14 sor A . . . 1949 F
81% 85%
External loan*Ha..............1949 F - A 85*2 86% 85% Mar’ 10
80
82% 8 6 %
Ja isntse Govt— £ loan 4 H« 1925 P - A t 85 Salo 85
t 85*8 Salo 85
85%
78*2 85%
Second series 4 Ha............. 1925 J 77%
t 77 Sale 70%
73 77%
Do do “ German stamp” .
Saloj 08%
70
03 70
Sterling loan is ___ _____ 1931 J-'j
00 Feb '16
60 60
Mexico—Exter loan £ 5a ol 1899 Q - J t------ 80
50 Feb '16
Gold debt 4s of 1904......... 1954 - O ____ 85
50 50
Prov of Alberta—deb 4153.. 1921 F - A ................. 95*2 Jan '15
7834
Tokyo City— 5s loan ol 1912___ M- 5 t 7834 Salo 78*2
74 80
I
15'of
Slai* and City 9 «cu rltl«i.
1 0 2 % 10214 10 2 U
1023s
a T City— 414 8 ................... 1680 «
10 2 %
10 1
10 2 >s 10 2 38 102*4
102*4
i l i s Corporate stock____ 1984 M
10 1
1 0 2 *2
*H a Corporate stock ____1965 J -D 107is Sale 107
107*8
106*8 108
107*4
4Ha Corporate otook____ 1983 M- S 107 Salo 107
105*8 107*8
99's
4% Corporate stock____1959 M-N’ 9913 9934 99's
97*a 99*4
99*4
98 99*4
4% Corporate stock....... 1963 M- fi 99l2 99% 99*4
99l2 99*8 99*8
99*2
4% Corporate stock____1957 M -N
97*8 99*2
98*4 99
97*4 Jan '1<
4% Corporate stock____i960 M -N
97*4 97*4
105*4 107*2
Wow *Ha........................... 1957 M- M 10034 107is 10634 Mar’ 10
Not/ 414s........................... 1917 M- N 10 0 102 lOl-’s Dec '15
107*s
108 107*2
a44% Corporate stock . . . 1 9 5 7 M-N 10034 1071s 10G34
N 100*8 1 0 1 % 100% Dec '15
314% Assessment bonds.. 1917
8 S12 88 % 88*2
883s 8834
88*2
3J4% Corporate s to ck ...1954 M -N
105 1053s 105 Mar’ 10
» Y State—4s..................... .1981
1 0 2 * 2 105*8
------ 105*8 102 Jan '10
10 2
10 2
Canal Improvement 4s___1861 J
105 . .
10 2*4 Jan ’ 10
Canal Improvement 4s...1982 J
102*4 102*4
10 2*2 Jan ’ 16
Canal Improvement 4 s...1980 J - J *105 . . .
1 0 2 *2 1 0 2 *2
Canal Improvement 4148.1984 J - J 11434 115 115 Feb ’ 16
113 115
Canal Improvement 4J*s.I965 J - J
107*4 Feb ' 1 0
108*2 107*4
Highway Improv’t «14s..l983 M- B 11458 114*8 115 Mar'10
1 1 2 * 2 115
108'2
..
107 Mar’ 10
' Highway Improv't 4% a .. 1965 M- S
107 107
SO 86i2 88*4 Jan ’ 10
Virginia funded debt 2 3 s ...1091
88*s 88*8
5034 51% 51
83 deferred Brown Bros ctfa...
51
50*2 50
Mallraati.
0234 04
Arbor 1st g 4s........... 6.1895 Q
63 Mar’ 10
03 65*4
94% Salo 94i2
.'steb Top A 8 Fe cen g 4s___1995
9434
94 95*8
93i2
Registered _______
19 0 5 A
93*8
9358
93 93*8
87is 88
Adjustment gold As_____ 51995 No?
87*8 Mar’ 10
8G3.t 8 8
Registered .................. A1995 Nov ------ 86*8 80i2 Juu ’ 10
84*2 8 6 * 2
87 Sale 87
Stamped .............
6 19 9 5 M-N
873S
87 8 8 * 4
Cony gold 4 a _ ..........
19 5 5
104
104
-D
103 107*8
Conv 4s Issue of 1909......... 1956 - -D
~ 103i2 104i2 99 *j May’ 13
194
Conv 4s Issue of 1910____ 1980 J - D 104 Sale 103*2
103 10734
10H2 Sale 101*2
1 0 -year 6 s .........
19 17 I -n
IOH2 10 1* 4
101*2
98 ____ 96*2 Fob TO
Fast Okla DIv 1st g 4a___ 19238M
96
96*2
8812 88
8 8 *s Feb TO
Rocky Mtn Dlv 1st 4 a ...1965 J
86
89
90
91
9034
9034
Trans Con Short 1st 4s 1953
89
91*8
9734 98
97*2
97*
Cal-Arls 1 s t * ref4 14 s " A ” 1982 IK- 8
97*2 99
3 Fe Pres A Pb 1st g 6 s ...1942 M- S 103 >8 105 10312 Sep T 6
9214 Salo 92
4*1 Coast L
___ SI952 ' "
92*2
91*4 943s
9134 92's 92*8
Gen unified 4%a........... ..1064 - ^
92*8
91*8 92*8
Ala Mid l8tgu gold 5s___ 1928 M N 1071S ____ 100*2 Feb TO
106*4 107%
94
____
9 4 -3s Mar’ 10
Bruns A W 1st gu gold 4s. 1038 J
93*4 95
13212 ____ 1297* Aug 16
Ohariss A Sav 1st gold 7s. 1936 J
coll gold 4s.............ol862 M- N 8038 87i8 86*2
86*2
80*4 87*2
Sav <5. W 1st gold 8s___ 1934 A -O 1 2 0 l2 ____ 120*2
120*2
120*2 »122
let gold 6s____________ 19 3 4 A -O IO8 I4 ____ 105 July’ !.'
09 ____ 09*8 Feb TO
811 8p Oca A G gu g is __ 1918 - 1
99*8 *99*8
93*8 Sale 92*8
8slt
Ohio prior 3Ha............ 1925J 93*8
92*4 9378
9 2U ____ 92*4 Feb T 6
Registered........................41925q 92*4 92*4
9134 Sale 91%
let 50 year gold 4s.........A194S A -O
913,|
91% 92%
Registered......................41648Q - J ------ 91i2 91 Mar’ 16
8912 91*4
EO-vr conv 4 He___________ 1 9 3 3 _
90*8 Sale 96*2
90*8
96*2 9S*s
Refund gen 5a Series a I I i 995 J „ lolls Sale 101
101*2
101 101*
105 ____ 112 Jan '12
t'ltts Juno 1 st golo o s ..
19 2 2 J 9134 9212 91*4 Feb T 6
P Juno A M Dlv 1st g 3 Ha 1925 M
91
91*4
Va Bys rel 4 s..1941 M -N
88*2 Sale 88*2 ' 89*s
88*4 90
Southw Dlv 1st gold 3HS. 1925
J 91 >2 Sale 9133
91*8
91*8 02%
Gent Ohio R 1st e g 4 M e.-1930 M
" - S lOOU
1*>0 Apr T3
Ol
W con 1st g 5 s.. 1933 A - O 1073s
107*4 Feb TO
107*4 107*8
Monon River 1st gu g 6S..1919 F - A 1013S ____ 101 Deo '16
ll)
0
l
2
____
Ohio River RR 1st g 6 ? ...1936 J -D
102*j Oct T5
General gold 6s.............. 1937 A - O 10434
105*4
105*4
105*4 105*4
Pitts Clev 4 Tol let g 8 8 ..1922 A - O 1 0 5 3 4 ____ 113*2 Feb T2
99l2 ____ 99*2 Feb TO
P itts* West 1st g 4s........ 1917 J
99*2 99i2
■’tat I el Ry lat gu g 4Hs— 1943 J -D
91 June’ 12
Bolivia Ry 1st 5s__________ 1927 J - J
Buffalo R 4 P gen g 6s......... 1937 M- S 1093s___ 109*8 Mar’ io
107*2 109*8
Consol 4 He......................... 19 5 7 M -N 1023s____ 103 Feb TO
102 103
All 4 Weot Ist-g 4s gu___ 1998 A - O 92*8__
92*8
92*8
92=8 92*8
104 ____ 103*8 Feb TO
Clear 4 Mah lat gu sg 19 4 3 i
103*8 103*8
Rooh * Pitts 1st gold 6 s ..1921
10734 ___ 1(’ 8*4 Fob TO
107*8 10S*4
Consol 1st g Os............... 19 2 2
- D 110*4 11034 10734 Feb TO
10734 110*8
t suada Sou eons gu A 6s
1982 A - Q 104*4 Sale 104
1015S
103 101*8
Registered_____
"
A - O
106*8 Apr '14
Car Clinch 4 Ohio 1st 30-yr 6s ’38 J -D
92
9434 93*2
93*2
93*2 9312
Central of Go let gold 6 s.. pl945 F - A 107-58 ___ 107*8 Mar’ 10
107*2 108
Consol gold 6s................... jogs M -N 10078 Salo 100*8
100*8
100*4 102
Chatt Dlv pur money g 4 * 19 5 1 J -D
8334 ____ 83*2 Jan TO
83*2 83%
Mao Nor Dlv 1st g 6 s ..1948
103*8___ IOH4 Nov'16
Mid Ga * Atl Dlv 6S_____ 19 4 7
- J 1013i___ 100*4 Mar’ !.’
Mobile Dlv 1st g 6s______1946 J - J 103*8___ 102*4 Jan Tfl
102*4 102*4
'a n UR * B of Ga col e 3s. .1937 M -N
95 96*4 95 Fob TO
95
97
C«r<t of N J gen’l gold ___ 1087
J H734 U 8 117 3 4
117 3 4
110 118*4
Registered................... 41987 Q - J 117*4 . . . 117*4 Mar’ 10
115*4 117*4
*m Dock 4 Imp gu 6s__ 1921
J 1035s 104
103*4 103%
103*8
103*8
Leh 4 Hud Rlv gen gu g 5sl920 - J 1 0 2 . .
10 0
June’ 13
N Y * Long Br gen g 4s. .1941 M- 5 98 100 IOi)*, Jan T3
Cent Vermont 1st gu g 4a._rl920 Q - F 80
82
80 Mar’ 10
80 83
f-t«so * O fund * Impt 6a.. 1929 J - J ------ 90*2 97 Feb TO
96 98
1st ocnsol gold 6s________ 1939 M -N 10534 106% 105*2
105*2
105*2 107*8
lteglstered .....................1939 M -N 103 . . . 105 Deo T5
General gold 4 H is............ 1992 M- S 92 Salo 013.i
9 2 *s
91 93*4
Registered___________ 1992 M- 8 8934 91
90*2 Feb TO
90*2 91
Convertible 4 He........... 1930 r - A 8884 Sale 87*4
f8%
88*4 89
Big Bandy 1st 4s............... 1944 -D
78*2 85
85 Feb TO
85 85
Coal River Ry 1st gu 4 s..1945 J -D ____ 83
84 Feb TO
84 84*4
Craig Valley 1st g 5s........ 1940 J - J "0034 98*8 90*4 Feb T 6
96*4 96*4
Potts (’ reek Br 1st -Is....1946 J - J
843., Jan ’ 1.3
4 A Dlv lat con g 4s__ 1989 J - J 8 6 5a 87
85*2 Mar’ 10
84i2
85*4
2d consol gold ia .......... 1989 J - J ------ 82*8 83*8 Fob TO
82
83*s
Greenbrier Ry 1st gu g 48.1940 M- N 81*2____ 90 Apr T4
Warm Springs V 1st g 5a.. 1941 IW- S 00*2 ___ 113*4 Feb T 6
Ohio Alton RR ref g 3 s ... 1949 A -O
68*4 59 *2 59
59
57 69*2
1st Hen 3H*......... 1950 J • J 44*2 Salo 4412
44*2
43 47
Ohio B 4 Q Denver Dlv 4S..1022 F - A 9 9 3 4 ___ 9934 Mar'10
99 10 0
Illinois DIvHHs................. 1949 J - J 85*2 855S 86*2
85*8
85 87
Illinois Dlv i s ________ ...1 94 9 J - J 94*2 9534 0434
9434
94*2 06
Registered____________ 1949 J - J
07*2 Deo T 6
Iowa Dlv sink land 6s___ 1919 A -O 10278
1027s Feb TO
102% 102*8
0934
Sinking fund 4s_______ 1919 A -O
9934
9934
1 99% 09*4

J

5sol

J
t 70
t

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Kl
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No prlco Friday; latest this week.




J
J -

4Due April,

J

« Due MayT

BONDS
N . Y. STOCK EXCHANGE.
Week Ending March 17.

S3
£9.

A (Con.)—
Set

Price
Week's
Range
Rangeor
Friday
Sine*
March17. Last Sale
Jan. 1.
Bid AskLow High No. Low High

Ohio Bari
Q
Joint bonds.
Great North
32 97% 99%
98
£
Nebraska Extenoloa «a__ 1927 B5-N
98
98
9 6 % ____ 96 Jan T6
Registered____________ 19 2 7 M -N
96
06
99% ..
Southwestern Dlv *a_____1 9 2 1 M- £
Juno’
lft
99*8
General 4s........................... 19 5 8 M - S 93% 93% 93
92% 94%
93%
9<>
Ohio * E 111 ref Imp ia g.„1955 J - J 94
24 Mar’ 10
24
25%
lit consol gold 6s............... 1934 A -O 104*8 105% 104
104
104 105
General conaol 1st 5*_____ 1937 M- fi ____ 78% 79 Mar'16
79
82%
71 Juue’ 15
Registered____________ 19 3 7 M-N ____ 79
I’ur money 1st coal 5s___ 1942
A
97% Feb ‘13
Chic A Ind O Ry 1st 5 a ... 1936 J - J " i s " ' 2 0 ' 24 Jan T0
24
24
73 Sale 72*8
Ohio Great West 1st 4a.........1959 M - S
73
71% 74
Ohio Ind A Louiav— Ref 68.1947 J - J 112 113 113% Feb T6
111% 113%
Refunding gold 6s_______ 1947 J - J 97% 101% 1*0 Feb T6
100 100
81
85
Refunding 4s Series O___ 1917 J - J
95% Apr 'l l
lad A Loulsv 1st gu 4 s . . . 1858 J - J 70 ____ 55 Dec '15
90% 91% 90
Ohio Ind
Sou 60-year ie.,1968 J 90
90
91%
9 7 % ____ 06% Deo T6
Chic f S East 1st 4H »____1939
D
Chicago Milwaukee A St Paul—
Oen'l gold 4s Series A___ el989 J - J
92% Sale 92%
92%
91% 94
Registered.....................eiasg Q - j
92% Feb T6
92*8 92%
Goa ref Ser A 4>$e____«2014 A - O 93% 94% 94*4
94%
93*2 94%
Gsn ref conv ser B os__ a2014 F - A 107% Sale 107*8
107%
106% 1 1 0
80
Gen’ ! gold 3Hs Ser B ___ el989 J - J
80*2 80%
80%
80% 81%
General 4 Hs Ser O______61939 J - J ____ 103*8 102*8
10 2 % 104
103*4
92% 92% 92%
•J5-ycar dehen 4a________ 19 3 4 j - j
92%
92 93*2
Convertible 4H s............... 1932 J -D 101U Sale 10 0 % 1 0 1 %
100*2 103%
Chic A L 8up Dlv g 6a___ 1921 J - J 103%
1037g Feb T8
103*8
103*8
105%
Ohio A Mo Rlv Dlv 6«____1926 J 105*2 Feb '16
105% 105%
Chic A P W 1st g 5s...........1921 J - J 104 Sale 103*8
104
103*4 104
C M A Puget Sd 1st gu 4a.1949 J - J 91% 91*8 91%
91*8
90% 91*8
Dubuaue Dlv 1st s f 8s. ...1920 J - J 106% 107% 107% Feb T6
107% 107%
Fargo A Sou assum g ea. .1924 J - J 1 1 1 %
110 June’ 13
102% Feb TO
La Crosse A D lat 5s.........1919 J - J* 1 0 2 %
10 2 % 1 0 2 %
103%
Wla A Minn Dlv g 6a____ 1921 J 103% Mar’ 16
103% 104
WIs Vail Dlv 1st 6s...........1920 J - J 107 107% 11*7% Feb TO
107% 107%
1
0
2
%
100% Nov'15
Mil A No 1st ext 4 He___ 1934
101 Feb T5
Cons extended 4H s___ 1934 J -D 1 0 1 %
101 101
Chic A Nor West Ext 4slS86-1920 F - A 97
90% Feb TO,
95% 97%
Registered............. 1888-1926 F - A 95
94*2 Nov'15]
General gold 3J4a............. -1987 M- N 81*8 Sale 81*8
82 I
81% 84
Registered__________ P1987 Q - F ____ 82*2 78% Jan T4
General 4s........................... 1 9 3 7 M- N ____ 94*? 94*4
94*2
94% 95%
Stamped 4e......................1 9 8 7 M-N 94 Sale 93%
94 |
93% 96
General 6s stamped______ 1987 M - N 116 Salo 116
116 I
114% 116%
Sinking fund 8s____ 1879-1929 A - O 1 1 2
U2*2 Jan '161
112 % 112 %
Registered............. 1879-1929 A - O 1 1 1
10d*s Deo T3
Sinking fund 5s......... 1879-1929 A - O 104% 105*2 104%
104%
104"% 104%
Registered............. 1879-1929 A - O 103%
104 Feb TO
104 104
Debenture ft3 ___________ 1 9 2 1 A - O 103 104 103 Feb TO
103 103
Registered....................... 1921 A - O
101 Dec T2
Sinking fund dab Ea.......... 1933 M - N 104*8 Sale 104*8
105
Registered....................... 1933 M -N
101% May’ 16
1 2 1 % . . . . 117 Aug ' 15
Frem Elk A Mo V 1st 8 s .. 1933 A
Man G B A N W 1st 3HS.1941 J - J
90% Sep '09
83
Mliw A 8 L l3t gu 3M*___1941 J - J
Mil L S A West 1st g 6 s ... 1921 M- 6 107% 108% 108
108
108 109
Ext A Imp s f gold 6 s ... 1929
A 107%
107*2 Feb T6
106% 107*2
Ashland Dlv 1st g 8 * .. .1925 1H- 8 1 1 2 %
lll*s Dee T5
112 %
Mich Dlv 1st gold 6 s...1924 J 112*2 Feb TO
112 % 112 %
91%
92%
91%
91%
Mil Spar A N W 1st gu 4«_1947 M- S
91% 94
Northw Union 1st 7s g.-.1917 M- H 1 0 :j*8
107% May’ 14
St L Peo A N W 1st gu 5S. 1848 J - J 10 0 % 108 107 Mar'16
106% 109
1
0
2
Winona A St P lat ext 7s. 1916 J - B
102% Deo '15
Chicago Rock Ial A Pao 6a..1917 J - J 1 0 2 % 1 0 2 % 10 2 % 1 0 2 %
1 0 1 % 102*8
Registered....................... J9J7 J - J 1 0 2 1 0 2 % 102 Mar'16
1 0 1 % 102
general gold i f ________ 1988 - J 85% Sale 85%
85*4
84% 87
Registered____________ 1 9 3 3 J - J 83% 85
84 Mar’ 16
83
84
Refunding gold is ............. 1934 A - O 66 % Sale 66
68 % 148 63*4 6912
44
85 41% 49
45
20-year debenture 5s........ 1932 i - J
44*2
45
79
Coll trust Series P 4s........ 1918 M -N
94% June'll
58
R l Ark A Louis lat 4H3—1634 M- B 52
68 Feb T6
55
65%
99% 100% 100 Feb T6
BurC R A N— lat g 6 s ...1934 A -O
99% 100
99 100** Mar'14
O R I F A N W 1st gu 5a... 1921 A - O —
M A St L 1st gu g 7s........ 1927 J - D
Choc Okla A O gen g 6s.ol919 J - J 99%
03% Jan T6
9S*s 98*8
91
Consol gold f t s ............19 5 2 M-N
97% July’ 15
Keok 4 Des Moines 1st
1923 .V - Q 55
58 Jan T6
58 " "58*
71
3t Paul A K C 8h L let 4Ha ’41 - A
66*2 Mar'16
65
71
Chic St P M A O con 6s___ 1930 - D 118%
118% Jan TO
118% 118*8
89%
Cons 6s reduced to 3HB..1930 J - D
87% Feb '17
87%
87%
Debenture 5 a . ............. ..1930 M- S ____ 10 2 *2 10 2 % 10 2 %
102% 103
Ch St P A Minn 1st 6a.. 1918 M-N 118
118% Mar'16
118% 113%
North Wisconsin 1st 6a__ 1930 J - J 118
129*8 May'09
8t P A 3 City 1st g Ga___ 1619 A - O 105% —
105 Feb TO
105 105%
Superior 8hort L lat 5a g_yl930 M- S
08
80
Ohio T H A 8 0 -east lat 6 s__ 1900 J - D
85 Jan T4
Ohio A West Ind gen g 6a..»1932 Q -M 106*2 107% 106% Feb TO - - - 106% 107*8
79% Sale 78%
Consol 50-year 4a________1952 J 79%
16 78*2 81%
85
Ola H A D 2d gold 4 Ha_____ 1937 J 86% Jan '18 —
86*2 8 6 %
80
A refunding 4s_______ 1959 J - J 74
75
lat guaranteed 4s________1959 J 87
86% june’ 12
30 —
Ciu D A I 1st gu g 6s____ 1041 M -N
25 Juiy'lE
C Find A Ft W lat gu 4s g . 1923 M- N
88 M a r'll
Cln I A W 1st gu g 4s___ 1953
65 J'ly '14
Day A Mich 1st cons 4H s. 1931 J - J
94% Deo '14
Ind Dec A W 1st g 5s.........1935 J J
65 J’ly '14
1st guar gold 5 s........... 1935 J - J
1071* Dee '02
78% 79
Oleve Cln C A St L gen 4s__ 1993 J -D
78*s
78*2
77% 81
20-yr deb 4H s.................... 1931 J - J 85*2 86*2 85% Feb T6
85*2 87
Cairo Dlv 1st gold 4s.......... 1939 J - J 84*8 84% 84% Mar'16
84% 87
Cln W A M Dlv 1st g 4 s.. 1991 J - J 75*2 77
77 Mar'16
77
77
St L Dlv 1st coll tr g 4 s...1990 M- N 80*8 80*4 80
80
79
84*2
Registered__________ 19 9 0 M- N
82% M ar’ l l
83
84
Spr A Col Dlv 1st g4a___ 1940 M85 Deo T5
76
W Val Dlv 1st g 4s___ 1940 J
84% Jan T8
84% 84%
C I St L A C consol 68 * _ 1920 M -N 105
10ft N ov'lft
91*8 __ 91% Feb T6
1st gold 4 s.................... *1936 Q-F
91*8
91%
90*4 ___
Registered_________ *1936 Q-F
88<» M sy'i
Cln S A Cl eon 1st g 5 s...1923 J - J 1 0 1 %
102% Mar'16
102% 102"%
C C C A I gen con g Os__ 1934 J - J 116 —
10ft»4 July’ 14
Registered____ __
1934 J - J
Iod B A W 1st pref. 4 s ... 1940 A - O 80 —
94 July’08
O lad A W 1st prel 5a...<11938 Q-J
67% 68 % 68
Peo A East 1st con 4s___ 1940 A - O
69%
66% 70
25
30
Income 4s____________ 1990 Apr
30 Feb '16
29
36
Cleve Short L 1st gu 4 H s ... 1961 A - O 101% Sale 1 0 1 % 10 1*2
100 % 1 0 1 %
8 % 10
Col Midland 1st g 4s_______ 1947
8*2
8%
8
10
8*4 Sale
9
Trust Co certfs of deposit____ _____
8*4
7
9
91% 92
Colorado A Sou 1st g Is___ 1929 - A
92 Mar’ 16
91*g 93%
84%
85
Refund A Ext 4H s...........1935 M -N
84%
85
84*2 87*8
Ft W A Den C 1st g 6 a ...1921 J - D 104% 105% 105% Mar’ 16
105% 105*4
87
95
Conn A Pas Rlvs 1st g 4s__ 1943 A - O
Cuba RR 1st 50 yr 5s g___ 1952 J - J
04 Feb '16
94
94
Del Lack A Western—
88
87i2
87%
Morris A Es 1st gu 3H9--2000 J - l£> 87
86% 87%
N Y Lack A W 1st 6s___ 1921 J - J 107*8 108% 109 Feb T6
lOS's 109
1C3% 103%
Construction 5s_______ 1923 F - A 103*8
103% 104%
98*2
Term A Improve 4s___ 1923 M -N
95*8 Sep T5
102% Feb '03
Warren 1st ref gu g 3 H a ..2000 F - A 84
Del A Hud 1st Pa Dlv 7 s...1917 M- S 104% 104*8
104% Feb T6
Registered___________ 1917 M- S
104*2 104%
10-yr conv deb 4a________ 1916 J - D 10 0 % 10 0 % 100%
100% 40 10 0 % 100 %
10 1%
4 100*2 1 0 1 %
101%
101%
lat lien equip g 4 Ha____ 1922 J 24 96*4 97%
lat A ref 4a......................... 1943 M- N 97 Sale 97
97
19 106 108
20-year Conv 5a_________ 1935 A - O 107 Sale 106%
107
87*2 Sale 87*2
5 85% 88
Alb A Sua conv 3H a____ 1948 A - O
88
113 Feb T6 —
Rena A Saratoga let 7a...1921 M-N 1 1 2 %
113 113

A

F-

A
A

i

i-

A

J

3
S-V

F■
J

Sg

J

Bs

F
J

3

let

i
i
J

J- J

V?

i

J- 1
V

l

9Duo June, hDue Julv. kDue Aug 0Due Oct v Due Nov.

f Due Dec.

t Option

sale.

£*ew

1 0 4 6
BONDS

N. Y. STOCK EXCHANGE

Price
Friday
March17

fcr

Week Ending March 17.

Y orK

B on a

Week's

Rangeor
Last Sale

I*

[Vo l .

R e c o r d — C o n tin u e d — P a g e
BONDS
N. Y. STOCK EXCHANGE.
Week Ending March 17.

51

as

Price
Friday
March17.
B id

Week's

Range or 3 1
Last Sale
ow High
Ax* L

102.
Range
Since
Ja n . 1.
Low

High

H igh
39 Dee ' 16
90% 92
Leh N Y lat guar g 4s----- 1945 M78>2
- J 78*2 Sale 77*2
Denv A U Or 1st con la__ 1930
Regiatered----- -----------------1945 M- S
83'8
83
ia
83%
831s
.1
Consol gold 4 >•■43__ ______ 193*!
t04% 100%
105%
Mar’ 10
106
____
Long
laid
lat
cona
gold
5s.
.61931
Q
J
80
80 Sale 79
Improvement gold 5s------1923 J -D
9 4 % ___ i9l OCt 15
lat couiol gold 4s__ ____61931 Q - J
67
l«t A refunding 5a_______1055 F - A 57 Sale 56%
90
36
86%
80%
87% 88
General
gold
4s__________193.3
J
D
Deo
12
85
00
Bio Or June 1st gu g 6a*.1939 J - 9
99% 99*4
95% 99% 9')% Mar'16
Ferry gold 4V$s_________1922 M- 8
35U OU2 Ypr G
Bio Or So tat gold 4a____ 1940 J - J 33
99%
Oct
06
Gold 4a...... ....................... 1932 J -D
. . . 35 N ov'15
Guaranteed__________ 1940 J - J 35
8*5'% '80**
'80 * *89 ' 85% Mar'16
Unified gold 4 s................. 191' M
74% 78%
75 14
97
97
Bio Or West 1st g la........ 1939 J - -J 7514 Sale
97 Jan TO
____ 90
Debenture gold Os______ 1931 J -D
65
62
Feb '16
02
61>a
Mtge A col trust 4a A..1919 A -O
90%
90% 60 37
90% Sale 89
Guar
refunding
gold
4
s
...
1949
M
8
apr
T4
Utah Cent lat gu g 4s.al'J17 A - O
95
Jan
'
11
*
V
|
S
Registered.------------------1949
M a rl
101%
103%
De« Mol Un By 1st g 5a___ 1917 \1- N ■99 % " "
103%
Mar’
16
Ioi%
103
N V it t M B 1st con g 6a. 193 - A - O
90
90
Jan TO
8312 89
102% 103
Det A Mao. lat lien g 4a__ 1995 J -D
N Y A R B lat gold 5 s ...1927 M- S 103 103% 103 Feb 'HI
85
85
Jan TO
80
81
102 102
Gold 4 a _________
1995 J -D
Nor dh B 1st con g gu 5s.ol932 Q - J 101%___ 102 Feb TO
93
94
Mar'16
Det Rlv Tun-Tar Tuu 4V$s.l96l M- N ____ 9314
83
97%
88
83
88
95
Louisiana
A
Ark
lat
g
5s___
1927
MS
104%
Den
101
106
J
J
Dul Mlesabe A Nor 3 en 5 s .. 1911
111% 112%
112% Mar’ 10
112%
112%
■oulsv
A
Nashv
gen
Os____
1930
J
D
102*%
1*03%
Dul A Iron Range 1st 5s----- 1937 A - O 10234 ____ 1)2*4 Feb TO
108%
103%
>
.S
'8
Jan
TO
109
%
___
Gold 53_____ __________ 1937 M -N
Ida vtar'03
Registered ________
1937 A O
91% 96
95
94% Bale 94%
Unified gold 4s................. 1940 J 93% *95%
93 *« Jan TO
Du 3o Shore A At g 5a____ 19 5 J - J "9 2 " 95
91 Juno 14
Registered_____ ______ 194 ) J - J
103 101
Elgin Jol A East lat g os___ 1911 VI-N 103% 10412 10) Feb TO
105
105%
105%
Mar'16
105%___
Collateral trust gol l 5a__ 1931 M- N
110% 111%
110% GO'S U07s Mar'16
Brie 1st consol gold _____ 1920 M
>7 s Dee T6
107% 112
a H A Nash 1st g Os____ 191 1 J
97>2 lune'14
N Y A Erie lot OXt 48__ 1917 IM-N 96%
too’% 102"
102
102
:
02
Salo
Cin
A
Lex
gold
4
1
$
3
___
19.31
MN
101% 10178
102ia 1 0 2 i2 101% Mar'16
2d ext gold 5a_________ 1919 M
115% 110
N O A M lat gold Os____ 193 . J - J 116%____ 11 5 % Fob TO
3d ext gold 4 14 3 . ______ 1923 VI 8 99 s ____ 9 312 Juue'15
109% 1 d gold 6 0 . ..................... 1930 J - J 109
102% 103%
O 102*8____ 102 >8 Feb TO
90 ‘ '90%
4th ext gold 5a________1920
90
Mar'10
89%
90%
Paducah
A
Mem
Dlv
4s
.1946
F
A
D 9 1 % ___ 91 Nov 1
5th ext gold 48___ ____ 1923
107 108%
107 Mar’ lG
St Loula Dlv lat gold Os.. 1921 VI 8 l S
ifo'% i i i ”
S 110 11012 1108) Fob TO
61
62%
S H E A W lat g rd 7a.. 1920
i2% Fob TO
61%
51
8
..........
193
1
2d
gold
3a..........
84%
80%
853
4
Sale
85
853
4
J
.37% 90
Erie lat con g 4s prior___ 1995
Atl Knox A Cln Dlv 4s__ 19>"> IV1 N 87% 88% 83% Mar'10
30
Ct 15
J
Registered____________1990
103%
.
.
.
111
1
T3
Atl Knox A Nor 1st g 5a . 1943 J D
74% 77
76
J 70 Sale 74%
let oonsol gen lien 4 s ... 1995
105 June'15
Honder Bdge lat s f g Os . 1931 M S 105%
76% 70%
70% Jan TO
Registered____________1905 J - J
87% 89%
89%
Kentucky Central gold 4a. 1937 J - J 88 '4 89% 89%
83% 90
891-1
Pena coll tr g 4s_________ 1951 F - A 89% Sale 89%
99% 100%
M- S 1007a . . 10 0 % Feb 10
L
*
N
A
M
A
M
1st
g
4
v$s
191
,
71
72%
71
Sale
71
71%
A
O
30
82
50-yr conv 4s A _________ 193-3
89%
81
80
<
4
Sale
J
.1
L
A
N
-.South
M
Joint
la
..195!
77%
84
78%
do
.Series B--------- 1953 A - O 78'2 8 a!e 78%
95 F '05
Regiatered___________ 61952 Q - J
-D 101 IOH2 102% June
100% 106%
Buff N Y A Erie 1st 7 s ... 1915
F - A 100%___ 106% Mar'10
N
Fla
A
8
la)
gu
g
5a----193?
105%
107
100%
100%
IO
6
I
2
108U
-V
I
N
Ohio A Erie 1st gold 5a__ 1932
97 "
U
N A G Bd go gen gu g l v$3.1945 J - J 97*2
J 10334 ____ 1)1
108% 108%
Clov A Mahon Val g 5 a ... 1933
Pens A Atl 1st gu g Os . . 1921 F - A 103%------ H)8% Mar'10
121% 122%
105% 108
Cong Dock conaol g 6a___ 1935 A O 123 . . . 122% Mar'10
107 % ___ 103 Jan 16
F
A
B
A
N
Ala
cons
gu
g
5a
—
1930
102
102
102
Sale
102
102
102% 103%
Coal A RR 1st cur gu 5a.. 1922 •VI-N
102%
102%
102%
102%
A
O
Gen cona gu 50-year 5s. 190.1
102% 105%
105%
106 ___ 105%
80% 82%
Dock A Itnp lat oxt 5s__ 1913 J 82%
Mar’
10
L A Jeff Bdgo Co gu g la ... 191' M 8 80% 81%
Y A Green 1. gu g 5s__ 1945 (Yl-N IOOI2 ____ t )3% Vug 12
N
Manila
R
R
—Sou
lined
4a
.
19.13
M
93% *98%
J 99 ____ 93% Feb TO
N Y Sus A VV 1st ref 5 a . . . 1937
7/
Mir'ID
S
Vlex Interuat 1st eons g 4s. .1977 M
100 1 D • 'On
2d gold 4!$d................... 193/ F - A
79 Nov'tO
Stamped guaranteed........ 1977 M s
80 * *8*0 '
80 Mar'16
General gold 5a._________ 1940 F - A *80 " *84
101 On '9
ildland Perm— 1st s f 5s g. 192 J D
Terminal lat gold 5s_____ 1943 (Vl-N 105 ____ 102 Jan 14
Minn A St L 1st gold 7s___ 192/ J D 112 ----- 195 Sop T5
1041*___
111%
Ma.vT2
A
O
Mid of N J lat oxt 5a..........1910
102% N o v ‘ 15
PaclUo Ext 1st gold 6a__ 1921 A - O
80% 90
89
89
89 _
-D
83% 90
Wllk A Ea 1st gu g 5a___ 1942
1st oonsol gold 5 s . . ___ .193! M N *89% I I I ! 39 Mar'10
100 May’ 12
Ev <* Ind lat con gu g 5a___ 1926 J - J
61% 33 52% 04%
1st A refunding gold la .. 194 ) M - 8 01% Salo 00
"90*
*90
90
Jan
TO
J
J
* T H lat cons 6a____1921
00 Fob ' 15 - - - ­
59
55
J
J
Dei
M
A
Ft
D
lat
gu
4
s
.1935
99% Deo 13
O
37** '90%
lat general gold 5s.......... .. 1942
90%
90 % Sale 88%
Iowa Central lat gold 5a.. 193s J -D
108 N ov'1 1
O
51% 00
Mt Vernon lat gold 6a____1923
68%
68% 53% 57
s
Refunding gold 4s____ 1951
95 Juno 12
93
93%
Bull Co Branch 1st g 5a___ 193' A - O
9.3%
93%
93%
93%
j
M
StPASSM
con
«
4s
Int
gu
1935
92
93%
93%
93 >2 Sale 93
Florida E Coast lat 414s___ 1939 J -D
97% June’ 12
lat Ohio Terra a f 4a—
.1911 M- N
92 Aug 10
97% 99
Fort St U D Co 1st 4148.1911 J *90% '97% 97% Mar'10
J
M
8
8
A
A
1st
g
is
Ini
gu.
1920
01%
00%
01%
61%
92%
90
Ft
A Rio Gr lat 4a........ 192 J - J 0 1*4 Sale
92%
- J 92% 9.3% 90
Mississippi Central 1st ...1 9 4 9
72% 73%
Great Northern—
73%
73% Salo 72%
Mo Kan A Tex lat gold 4s . . 1990 -D
97% 99
987S
9858 Sale 98%
60%
0 B A coll trust 4S_____ 1921
41
4.3%
- A 42% 4.3% 41
)
•
2
d
gold
4s........................>199
97%
9.3%
98%
9-8%
____
99U
■
Registered __________ 1921 Q - J
52%
51
51
51
53
1st oxt gold 5a_______ .1941 M- N 51
99 100%
99
99
99
53%
tat A refunding 4>fs aor A 1951 J - J 98
51
53
M- 5 52% sale 52%
1st
&
refund
4a___
____
.2091
94
June
13
4
Registered ___________1961
33% 42%
39
38% Salo 38)4
J
•
J
Gen
sinking
fund
4
/4a___
193
>
97%
97%
9
7
T
____
97%
Fob
TO
8t Paul M A Man 4a......... 1933 J
Deo
15
51
46
51
AAO
3t Louis Dlv la ref g 4s ..2091
121% 122
121*2___ 121% Feb TO
1st consol gold 6a______ 1933 99% Dee T3
Dal A Waco 1st gu g 5 a ... 1940 M- N
121% 121%
61
Registered_________ 1933 J - J 1____121*2 121% 121%
00
00
Kan C A Pao 1st g 4a____ 199') F - A *60** Sale 60
101% 103%
103%
103% Sale 103%
83% 89%
Reduced to gold 4>4s. 1933 J
83%
84%
83%
Sale
A
O
Mo K A E let gu g 5a----- 1912
1 '9% Apr T5
66
59
Registered _______ 1933 J - J
59
59
60
N 53
M K A Ok 1st guar 5a----- 1942
95% 96%
90%
60%
48
Mont ext lat gold 43___ 1937 J -D ■9 0 % *97% 90%
50%
Sale 43
M K A T of T 1st gu g 5a.. 1942 M- 5
90% 90%
90% Mar’ 16
96
May'13
—
Registered_________ 1937 .1 -D
*
____
55
Bher 8b A 3o 1st gu g 5s . 1942 j n
54" * 03 *
Pacific ext guar 4a £____ 1940 J - J *89 * I I I I 85% Nuv' 15
50
M- S 54 Salo 54
Texas
A
Okia
1st
gu
g
5s
.
19
43
vj
,
June'15
9
2
%
___
A
O
100 101
(3 Minn Nor Dlv 1st g 4 s .. 1943
100%
Mls wurl Pac 1st cons g Os__ 1920 M- N 100% l >1 190%
109%____ 109 N ov’ 15
89% 91%
91
91
M'.un Uulon 1st g 6a____ 1922
Trust gold 5sstam ped...nl917 M- 8 91___95
32 Oct T5
Mont C 1st gu g Ha_______ 1937 J - J 124%____ 124% Doe T5
____ 90
M8
Registered
.
.
_______U1917
133%
M
1
'00
83% 89
Registered__________ 1937 J - J
88%
88%
88%
Sale
A
lat collateral gold 5a____ 1920
110 % 1 10 %
lat guar gold 5«_____ 1937 J - J 1*1*0% 111*4 1 1 0 % 1 1 0 %
Registered ----------------- 1920 F - A
Registered________ 1937 J - J
40 42
39%
40%11 39% id%
M8
1945
10
year
gold
loan
4a_____
40%
Will A 3 Flat gold 5a ..1933 J -D 1 1 0 % . . . . 109% Dec T5
40 Mar’ 1 0 ------ 40
lat* ref conv 5 a ------------ 1959 M- S 39% 41
75
75 Jan '16
74
82
82
Gr B A W deb ctfs "A” (J100 par) Feb ____ 80
3d 7a extended at 4 % ----- 1933 M N 81% ____ 82 Jau T O -----14%
It Mar'lfl
11
11% 12
Dehen ctfa '*B” (S100 par)----- Feb
.................
100
Fen
13
F
A
Boouv
8l
L
A
3
1st
5s
gu.
1951
84% 85
81% Mar’ 10
84
SO
50
60
Gulf A 8 I lat ref A t g 5 a ..61952 4
____
57%
50
50
Cent Br Ry 1st gu g Is__ 1919 F - A
•
Registered............ ........... 61952 J
50 ____ 77% D) 13
Cent Br U P lat « 4 s____ 19 43 J -D
95
93% 20 93% 90
*95*" *96
Hocking Val lat cons 4!4a,1999 J
35
____
HO
M
ir’O
v
J
J
Leroy A C V A L 1st g 5a.. 1920
97% Jan 'U
903S
Registered_______________1999 J - J
90% Feb T O ------ 89
Pae R of Mo 'at ext g 4a . 1933 F - A 90% 92
84 Nov'15
100 100%
001 A £1 V lat ext g 4a__ 19 Pi A - O *85*% I I I
2d extended gold os . . . 1933 J - J 100% . . l n"% Mar’ 10
80
86
80 Feb TO
101
102%
Ool A Tol 1st ext 4s____ 1955 F - A 85 . . .
101%
102
101%
101%
8t L Ir M A 3 gen con g 5a 1931 A -O
94% Fen
Ho iston Belt A Term lat 5a. 1937 J . . . ____ l «2 J'ly 'l l
Gen cou stamp gu g 5a.. 19.31 V- O
90% 97%
90%
74% 81
Illinois Central lat gold 4 s .. 1951 J - J 90% 90% 90%
79% 79
79%
Unlf'cd A ref gold 4a__ 1929 J - J 79_______
92 Aug T5
80% Oct I :
Registered_______________19-51 - J
J
Regiatered ________ 1929
83
80%
* 8 5 * : : : : 85 Feb TO
70 * *74%
1st gold 3 44a...__________ 1951 J 71% 72% 71%
72%
at
N
Riv
A
O
Dlv
1st
g
4a..
.
1933
83
N
o
v
T
.i-----8 3 % ___
Registered.................... .1951 J
Verdi V 1 A VV 1st g 5s___ 1926 M- 8 77 ____ 17 Sop I > 10
84% Feb TO------ S*4% *84%
84% 90
111%
Extended 1st gold 3J4i__ 1951 A -O
114%____
1U%
1H%
Mob A Ohio new gold 6a____ 1927
109
Registered____ ________1951 A - O 83% ____
J 108 109% lo9 Fob 10
1st extension gold 08____61927
70
1st gold 3s sterling_______ 1951 ■VI- 8 80 ___ 80 J’ ly '09
75
75%
.
.
S
Gonoral gold 4s---------------- 193.3
102
Registered_____________1951 M- 8 ____ 80
02 Fob TO
Montgom Dlv 1st g 5a----- 194 F - A 98 102
83
91%
90% Mar’ 10
Coll trust gold 4s________ 1952 A - O 89% 90
89
Dec
15
90
92%
J
-D
St
Loula
Dlv
5a__________1927
95-« -Sop ' 12
88% 8834
Registered____ ________1952 A - O
J 88%----- 8 8 % Fob TO
8t L A Cairo guar g 4 s.. . 1931
89
91%
90%
103% 107%
1st refunding 4s_________ 1955 M- N *90% Sale 897g
Nashville Ch A 3t L lat 5 a .. 1928 A - O 107 107% 103% Feb TO
S3
83
____ 82% 83 Jan Tti
10% 110%
Purchased linos 354a_____ 1952 J 110%
Mar’
10
109%____
J
Jasper
Branch
lat
g
Os____1923
85% 87%
80'-i
85
85% 85%
101% 101%
N O A Tex gold 4a........ 1953 MMc.M M W A At 1st 6 a ... 1917 - J 101%____ 1 0 1 % Feb TO
Registered____________ 1953 M- N • ____ 80% 84 May 14
113 J'ly 04
101%
.
J
T
A
P
Branch
1st
Os______
1917
90
92%
92%
Mar’
16
90
92%
,>34 Deo '15
Cairo Bridge gold 4s____ 1950 J O
50
Nat Rya of Mex pr lien 4V$s. 1957 J - J 25
74 Fell T4
74
- J 71
Litchfield Dlv 1st g 3s___ 1951
Os Oct 115
Guaranteed general 4a------1977 A - O
81% 81%
- J 80% ____ 81% Feb TO
Loulsv DlvATerins354a.l953
90% Fob ' 13
J
J
Nat
of
Mex
prior
lien
4t$s..l926
83
Aug
’
12
30 Aug To
Registered_______
1953 J - J
1st conaol Is________ ...1951 A - O
123 May’99
Middle Dlv reg 5a_______ 1921 F A
40 May' 15
N O Mob A ChlcTst ret 5a.. 1960 - J
71
71
It t June’ lt
Omaha Dlv 1st gold 3s___1951 F - A *69% 72% 71 Jau TO
O
N
O
A
N
E
prior
Hen
g
6
s
..p
191
03%
Sep
T5
at Louis Dlv'A Term « 3a. 19-51 J - J 71% 70
72 Dec T5
____
72
J
8 t% 81% Now Orleans Term lat 4a.. 1953 M -N 114% 3ee 114
81% Jan TO
112% 117%
Gold 354a....................... 1951 J - J 81% . . .
114%
N YCen ItR conv deb 6a ..103 5
81 N ov’ 15
86% 80%
Registered__________ 19-51 J - J
8.3%
F
- A 86% Sale 8 6 %
Consol
4a
aeries
A
_______
1998
73%
73%
78%Jan
TO
91% 95%
Spring! Dlv lat g 354s____1951 J - J 78% ~83
94%
S
do
94%
95
%
l
A
O
Ref A Imp
“ A" _ .2013
89% 89%
82% 83%
Western llne3 lat g 4s___ 1951 F - A 8 5% ----- 89% Feb TO
83 j
J - J 83 Sale 82%
N
Y
Central
A
1
1
R
g
3
H
s
..
19.)/
81% 82
Regiatered_____________1951 F - A
82 Mar'10
81%
82%
J
J
Registered___
________1997
92% 93%
Beilev A Car 1st 6s_____ 1923 J -D 104% I I I 1 1 7'* May TO
92%
92-%
92%
Sale
fV
*
N
Debenture gold 4s_______193 4
94% f l y T2
Carb A Sha.v 1st gold 43.. 1932 ffl - 8 80 91% Doc 15
51 N
Registered____________19.34
103
109
103%
Feb
TO
____
109
70
79%
Chic 8t L A N O gold 5 s.. 1951 J -D
77
77%
77%
Salo
F
A
Lake
Shore
coll
g
3S$s----1993
1 4 Fuo 'l l
75
78
Registered____________ 1951 J -D
70
70
75% ___
Registered ___________ 199> F A
90 Oot ’0
84% 88
Gold 3 54s....................... 1951 J -D
80
80
80
88
J
P
M
A
Co
cifsof
d
e
p
.----77
80*4
Registered.......... ........ 1951 J -D
78%
Mar'10
78%
78%
F
Mich Cent coll gold 3 v$ s ..199,3
101% 103%
70
77%
Joint 1st ref 5s series A. 1963 - O 101% 102 102% Mar’ 10
7 7 % Jan TO
77
78
Regis ie re d _____ _____ 1993
Meraph Dlv lat g 4s__ 1951 J - O 88% 89% 86'8 Deo T5
Battle
Cr
A
3tur
lat
gu
3s.
193
83
96% 90%
Regiatered__________ 1951 J - O
90%
90% GO’ S 90%
Beech Creek 1st gu g 4s. . . 1930
95% '93* J’ lv 08
ilt Loula Sou lat gu g 4 s .. 1931 M- S 90
99 M i l ’ l l
Registered ___________ 1930
90
92%
Ind 111A Iowa 1st 4s_____ 1959 J - J 91% 93% 92%Jan TO
100
2d
guar
gold
5a________
1930
97
93
93% 97% Mar’ 10
Int A Groat Nor 1st g 6s___ 1910 M- N 97
Registered___ ______1930
92% 92%
92% 92 '2 Feb TO
91
J* ties Fran A Clear 1st 4a.. 1959 J -D
Beech Or Ext lat g 3 v$s..61951
70
71
70
70%
69
70
88% Nnv 15
Kansas City 8ou 1st gold 3s. 1950 A -O
89% 91
Oart A Ad Dtgu g 4s____ 1931
03 Oct ’ 00
Registered_______________1950 A - O
104%
Gouv A Oawe lat gu g 5a.. 1942
91% 94
93%
Ref A Irapt 5s_______Apr 1950 J - J 927a Sale 92
92 ■» Dec 15
94
03%
Moh
A
Mai
lat
gu
g
4s...199
85% 89%
89 %
89% 89%
89% Feb TO
Kansas City Terra 1st 4a__ I960 J - J 89 Salo 88%
90
N J June R guar lat 4s__ 1986
93 100
99%
90%
99% 100
Laxa Erie A West 1st 5 s.. 1937 J T5
8 1 % ------ 85
N
Y
A
Harlem
g
3
4
s
___
2000
83
83%
83
83
80
85
105% 105%
2d gold 5a...... ..........
1941 J 105%
Mar’
16
105%
N Y A Northern tat g ia . 192
S9'a 91%
North Ohio lat guar g 5a.. 1915 A - O . . . 100% 98 Mar 14
89% 00% 3658 Mar’ Ll)
N Y A Pu 1st con.s gu g 4s. 199
io'o‘% ids'
103
103 Sale 103
Leh Vail N Y lat gu g 455s.. 1940 J
09 . . .
Nor A Mont 1st gu g 5 a ... 1916
100% 100%
Registered...........................1910 J • J 101 ___ II 0% Feb TO
113
T
.v
111%
.
.
.
Pine Creek reg guar 6s___ 1932
90% 92%
90'n Fob TO
10334 104%
Lehigh Vail (Pa) con.s g 4n._2003 (VI-N 92% 94
104% . . . 104% Fob TO
R W A O con 1st ext 5s. .61922
101% 101%
General cons 4 54s ____ 2003 M -N 102%------ 101% Jan TO
>)t lunn’ 1
101 . . .
R W A O T R latgug 5a.. 1918
110 111
Mar’ 16
Leh V Term Ry lat gu 2 5 s.. 1941 A O 111%____ I I I
8
D
4
Deo
T5
8 1% -----Rutland 1st con g 4 4 s . ..1941
111
111% '
Registered...................
1941
75 Deo TO
____ 74
Og A L Cham 1st gu 4s gl943
105% 100%
105% 100 105% Mar'10
Leh Val Coal Co lot gu 2 5s. 1933
)2
Juna‘09
____ 09
Rut-Canada 1st gu g 4s 1949
105 Ucr ’ 13
Regiatered_______________1933
(V> On*
95 . . .
St Lawr A Adlr Is’ g *3
1996
1st Int reduced to 4a____ 1933
100 . . . 119% Mar’ 1‘2
28
a Due Jan. 6 Due Feb. 4 Due April.
Due May. # Due June. * Due July. Jt Due Aug.

Sc

g

‘V

7u
g

L

g

i

S

J

m-

a
g

V

Q

h

J J

So0

J

g

J

J
N

It

J

g

g

J

• No price Friday, latest oiu and asked this week,
p Due Nov. s Option sale.




*

M a r . 18 1916.]
BONDS
« . Y .S T O C K EXCHANGE
Week Ending March 17.
N Y cen

U UR

iCon.i

Interest
Period

N ew

J- J

J- J
J

J

J
-J
F

J

>

J

J-

1

4s

1
J

yjjl

i

N

J

Option sale.




B on d

Price
Week's
Vridag
Rangeor
March17. Last Sale
Bid AskLow High

J -D
J 1)
M- 9
51 - N
.VI - N

J - J
PHta A L Erie 2d g 5al_1*jl02 A -O
Pitta McK& Y 1st gu 6b. . 193: J - J
J J - J
.VI- s
Registered . .
Q-M
4a-------------J •J
1 J - J
M- S
M-N
A -O
A- O
’ A- O
M -N
IJ - 1
- J
M- N
J - J
; F -A
N Y N H * Hartford—
Non conv ilebcn 4a_____ 194. M - 8
Nou-conv deben 3H s___ 191 M- S
A-O
J - J
M- N
Conv debenture 3>4s___
JJ
•A
1 - J
J - J
A-O
J
Non-conv deben 4a..
M-N
F- A
v>cui xnow itug 1 st gu ■ta.. iuoi J - J
Hartford St lly lat 4a___ 1930 M
M- S
M-N
IV!-N
A -O
J - J
IV! - N
A -O
J - J
J - J
M -N
J - J
M- S
3- J
M- S
M- S
J -D
F-A
M -N
M- A
F A
A -O
A- O
A-O
DIv'l lat Hen A gen g 4a. 1911 J - J
10-25-year conv 4a____ 1932
-D
10-20-year conv 4a____ 1932 M- S
I0-25-yearconv 4 4 s .. 1938 M- S
Pocah C A C Joint 4s. . . 1911 j - »
C C A T lat guar gold 5 a .. 1922
j
Sclo V A N E lat gu g 4 s.. 1989 M- N
If or Pacific prior lion g 4a
1997 Q - -J
1997 Q - J
Registered___
General lien gold 3a ." ''g 2 0 !7 O - F
Registered................ a2047 Q - F
at Paul-Dulutti Div g 4a 1990 J - n
Dill Short Line lat gu 03 1910 M- 5
9t P A N P gen gold 03. .1923 F A
Registered certificates 1923 O - A
St Paul A Duluth let 5s '1931 F - F
2d 5a.......................... " 1917 A - O
lat consol gold 4a___ 1908 1 -D
Wash Cent 1st gold 4a
1918 Q -M
Nor Pao Term Co 1st g 0a 1933 J - J
Oregon-Wa3h lat A rol 4s . 1901
- jl
Paolflo Coast Co lat g 53
1910 J -D
Pennsylvania HR lat g 4a
1923 M-N
Conaol gold 5a___
1919 M- S
Conaol gold
.................11913 M-N
Conaol gold 4a_____
194s M ■N
Conaol 4 4 s ................
1900 F - A
General 4 4a when iasuod 1005 J - D
Alleg Val gen guar g 4 a . . . 1912 M - 8
D It RR AB 'go latgll 4ag 1930 F - A
Phlla Balt A W 1st g 4a. 1913 M-N
Sodua Bay A Sou lat g 5s 2921 .! Qunbury a Lewis lat g 4 a. 1930 J U N J UR a Can gen 43 1911 M- 8
Pennsylvania Co—
Guar lat gold 4 4 s . . .
1921 J - J
Registered_______
J - J
Guar 3 4 a coll trust reg*Al 1037 M- S
Guar 3 4 a cod trust aor B 1941 F - A
Trust C octfa g u g 3 4 a. *1910 M- N
Guar 3 4 a trust otfs C
1912 J - D
Guar34a trust ctfs D ._ ” 1944 - »
Guar 15-25-year gold 4 s " 1931 A - O
10 year guar l.a ctfa Ser E 1952 ni- n
Cln Lcb A Nor gu 4a g.,.1 9 1 2 M ri
Cl A Mar 1st gu g 4 4 s .. 1937 M -N
CIA Pgcn gu a 4 4 s aor A . 1942 J - .1
Series B.......... ............. 1 9 1 2 A - O
Int roduccd to 3 4 s . . 1912 A - O
Series C 3 4 s .....
1918 MSeries 1) 3 4 a ............... 2)950 F - A
tSrle A Pitta gu g 3 4 s B . 1940 J - J
Series C ...........................1940 J * J
Gr It A I ex lat gu g 44 s . . 1941 J - J
Ohio Connect lat gu 4a__ 1943 M- S
Pitta Y A Ash lat cona 5a 102/ M- N
Tol W V A O gu 4 4 a A 1931 J - .1
Series B 4 4 s........
1933 - .1
Series O 4a.. .
* 19 4 2 M- 5
P O C A 8t L gu 4 4 a a I I 19»0 A - O
Series B gu ar_______ 1942 A -O
M- N
M- N
F-A
J D
M N
A-O
Q- F
M-N
J - J
J - J
Ohio A West Mich 5s........192i J D

¥ or&

994 ____ 964 Nov'15
85
84*4 854 84 4
81-4 Oct 10
954 Sale 954
95*8
95
044 Salo 944
91*8 Feb TO
1024 ____
1004 ____ 1044 Deo T 6
____
10 0
1 1 5 4 ____ 1304 lau ’O'*
1127g____ 1234 Mar’ 12
___
10 1
105*8____ 044 Deo ’ i.r)
10478 ____ 104 Deo T5
904 ____ 98 Apt T2
________ 87 Fob ’ 1 i
90 Juno’OS
81*8 84
83*4 Feb TO
88*4
884 894 88*4
94% 1)4% 9 1*8
9 1*8
924 J’ly 14
9 3 * 4 ___
854 84
83i 3
834
924 Sale 924
924
89*g 89*4 894 Mar’ 16
1U 04____ 102 Mar’ 16
loo ____ 98
IV T4
93
994 994 Mar’ 16

t

804
734
704
80
80
72
115
79

____
75
71*4
80*2
80'2
72-4
Salo
____

804
73
72
804
80
72
1144

Mar’ 16
Feb 'l l
Jan TO
Mar TO
80
72
115

R e c o r d — C o n tin u e d Range
since
Ja n . 1
how

H igh

843i 83
944 9534
91
95U
94 94 >8

____ - - - .
994 Mar'12
70
75
56
Apr '15
________
»97g IJOO T4
. . . . ...
83*8 Fob ' 14
85 ____
82*8 84
83
83
____ ____ 924 Juue’ 12
. . . . 79*4 784 Mar'16
79
85
80
80
964 101
97 Jan ’ 10
119*4____ 119*4 Mar’ 16
121-4 122 1214 Feb TO
1194 1 2 0 4 120'8 Feb TO
934 Salo 1)34
93*8
924 - 934 Deo ' 15
904 904 90*8
91
121 122 1194
1204
121 122 111 Mar'10
122 Sale 1194
122
90
904 90
904
103 .
1034 Jan TO
924 934 93
93
93 >2 Sale 93*8
93*8
914 . .
924 Feb ' 16
064 Salo 66
2504
634 65*4 644 Deo '15
904 ____ 904 N ov’ 15
100’8 . .
1004 Jun ' 16
1104 1107g 1104
1104
---- 1094 Oot ' 15
1064 _ . 102 Feb To
101 102 102 Deo To
«0 . . . . 90*8
90*8
90
92
90(2 Fob TO
110*8 1114 1114 MdrTO
804 864 804
80*4
95*2 Salo 95
954
98*2____ 934 Fob TO
103(s __
103 Oct 15
08*4 09*8 99*8
99*8
99 Salo 99
99
105-4 Sale 1054
105*4
102 Salo 102
10 2 4
967g 97*8 987g
9078
95 ____ 96 Jan TO
------ -------- 994 N ov’ 15
------ -- ----- 102 Jan '03
9 2 -4 ___
994 ____ 994 Fob TO

l4

91
106
1-1

8334 85
884 9012
93
9512
83
833s
91U 93
89
90

102 102
9 734 100

804
73
72
801*
SO
7034
1144

8 U4

73
72

8 14

82
73
116

02

92

814 83

78

82

83

____

87 Mar’16
1 ...
Mar’ 10
Feb TO

114

15
83

Con.)

Pare Muruuetie t
Flint
P M gold 6a...1920 A - O
1st -.'on-io; gold 5a_____ 1839 M -N
Pt Huron Div 1st g 5a.. 1939 A - O
Sag r u s A H 1st gu g 4a.. 1931 F - A
Philippine tty lat 30-yr a f 4a 1937 J Pitts Sa A L E 1st 5s____ 1949 A - O
1st conaol gold 5a________ 1943 J J
Reading Co gen gold 4*____1997
Registered____________ 1997
Jersey Central coil g 4 3 __ 1951 A - O
Atianitc City guar 4a g__ 1951 J - J
St Jos A Or is! 1st g la......... 1917 1
St Louis A San Fran gen 0s. 1931 J - J
General gold 5a________ 193 i J St L A S F RR eons g 4 s.. 1996
General 15-20-year 5a.. 1927 M-N
Trust Co certlls of deposit.,
do
Stamped..
douthw Div lat g 5a__ 1947 A - O
Refunding gold 4s_____ 195! J - .1
Registered.................. 1951 J - J
Trust Co ctfa of deposit.,
do
Stamped..
K C Ft S A M coos g 6 3 . . 1928 M -N
K C Ft 8 A M Ry ref g la. 1930 A - O
S C t M U A B 1st gu 5a. 192 ’ A - O
St L 3 W i n g 4a bond ctfa.. 1989 M- N
2d g 4 3 Income bond ctfa .p i989
Conaol gold Is__________ 1932 -D
1st terml A unlf 5s______1952 J - J
Gray s Pt Ter 1st gu g o s .. 1947 J - D
S A A A Pass 1st gu g 4s___ 1943 J - J
3 F fc N P lat sk fd g 5a........1919 J - J
Seaboard Air Line g 4a_____ 1950 A -O
Gold 4s stamped________ 1950 A - O
Registered_______________ 1950 A - O
Adjustment 5 s_________ 0 1» 4 F - A
Refunding 4s____________1959 A O
Atl Ulrm 20 yr 1st g 4s..rl933 M- S
Car Cent lat con g 4s____ 1949 J J
Fla Cent A Pen 1st g 5 s.. 1918 J J
1st land gr ext g 5s____ 1939 J J
Consol gold 5s________ 1943 J J
Oa A Ala Ry 1st cou 5 s..01945 J - J
G* Gar A No 1st gu g 5 s.. 1929 J - J
Saab A Roa lat 5s_____ 1926 J - J
Southern Pacific Co—
Gold 4s (Cent Pao co ll).*1949 J - D
Registered___________ *1949 J -D
20 year conv 4s________ 01929 M
20 year conv 5s_________ 1934 -D
Cent Pac lat ref gu g 4 s. .1949 F - A
Registered_____________1949 F - A
Mort guar gold 3 44s..*1929 J - D
Through St L lat gu Is. 1954 A <J
G H A S A M A P lat 5a..1931 IY1 N
Gila V G A N 1st gu g 5 s.. 1924 M
Houa E A W T lat g 5 s ... 1933 51 N
lat guar 5a red________ 1933 M N
H A T C 1st g 5a lnt gu__ 1937 J Gen gold 4a lnt guar___ 1921 A - O
Waco A N W div lat g 6 s 1930 M-N
4 A N W lat gu g 5s_____ 1941 J - J
Louisiana West 1st 6 a____ 1921
Morgan’s La A T 1st 7s. .1918 A O
1st gold 6 a____________ 1920 J No of Cal guar g 5a______ 1938 A -O
Ore A Cal 1st guar g 5s__ 1927 J So Pac of Cal—Gu g 5s__ 1937 M - N
J
3o Pac Coast lat gu 4s g_.1937
San Fran Terml 1st 4a___ 1950 A - O
Tex A N O con gold 5a__ 1943
So Pac RR 1st ref 4s_____ 1955
Southern— 1st -ons g 5a____ 1994
Registered_____________1994 Develop A gen 4a Ser A .. 1956 - O
Mob A Ohio coll tr g 4 s ... 1938 M- S
Mom Div lat g 4 44 5a____ 1996 J - J
St Louis div 1st g 4a_____ 1951 J Ala Cen 1st g 6 a_________ 1918 - J
Ala Qt Sou 1st cona A 5a.. 1913 - D
Atl A Char A L tat A 4HS1944 J - J
Atl A Danv 1st g 4a______ 1948 J - J
2d la ............................. 1918 J - J
Atl A Yad lat g guar 4 3 __ 1919 A - O
CoIAGrconv 1st 6 a______ 1916 - J
E T Va A Ga Div g 5a___ 1930
Con 1st gold 5s________ 1950 M- N
E Ten reor lien g 5a______ 1938 M- 3
Ga Midland lat :ta_______ 1910 A - O
Ga Pac Ry lat g 8 a______ 1922
Knox A Ohio let g 6 s ____1925
Mob A Blr prior lien g 53.194.'
J
Mortgage go'd 4a______ 1945
Rich A Dan deb5asttnpd.l927 A - O
Rich & Meek 1st g 4s____1918 M N
So Car A Ga 1st g 5a_____ 1919 (VI-N
Virginia Mid ser Dl-5e ..1921 M- 3
Series E 5 .a ...________ 1928 M
Series F 5a____________1931 m - s
General 5a_____________1930 M -N
Va A So'w'n lat gu 5a...2003 J - J
lat cons 50-year 5 s.. 1958 A - O
W O A W lat oy gu 4a___ 1924 F - A
Spokauo Intornat 1st g 5a___1955 J - J
Ter A of St L lat g 4.4a____ 1939 A - O
1st con gold 5 s . ..1894 1944 F - A
Gen refund a f g 4s..............1953 J - J
St L M Bridge Ter gu g 5“ 1930 A -O
Tex A Pac lat gold 5a______ 2000
2d gold Inc 5 a ..________ {2000 M ar
La Div B L 1st g 5a............1931 J W Min W A N W lat gu 5a 1930 F - A
Tol A O C lat g 5s................. 1935 J - J
Western DIv 1st g 5s_____ 1937 A - O
D
General gold 5a__________ 1935
Kau A M lat gu g 4a_____ 1990 A - O
2d 20-year 5s..................1927 I Tol P A W 1st gold la............1917 - J
Tol St L A W pr lien g 3,4 k. 1925 J - J
30-year gold 4a__________ 1950 A - O
Coll tr 4s g Ser A_______ 1917 F - A
Tor Ham A Ruff lat g 4a..bl940 J - D
Ulster A Del 1st con g 5a.. 1928 J -I)
1st refund g 4a___________1952 A - O
Union Pacific 1st g 4s______ 1917
Registered__ . . . ______ 1947 J 20-year conv 4a_________ 1927
1st A ref 4s____________ j2098 M- S
Ore RR A Nav con g 4 a ... 1946 J -D
Ore Short Lino lat g 6 s___1922 F - A
lat conaol g 5a________ 1946 J - J
Guar refund 4a............... 1929 J -D
J
Utah A Nor gold 5s____ 1926
lat extended is......... 1933
Vandalla cona g 4a Ser A .. 1955 F Conaol 4s Series B .......... 1957 M
- J
Vera Crux A P 1st gu 4 4 a 1934
'inKn 1st 5« Be-les 4
196V IW N

A

Price
Week’s
Prldag
Rangeor
March 17. hast Sale
Bid Askhow High

i

s

J J
J

101
76

105
...

101
75
68

50 . .
107U - -

50
105
1134
94 7g Sale 944
------ 964 95
9544 905s 95

94

..

807s 84
76
80
97
1194
1204
120
934

784
80
97
120
122
120<4
94

8978 '9l”
1134
114
1154
894
1034
917g
9234
924
654

1214
1194
12 2 4

904
1034
94
944
934
67

10 0 4 10 0 4
110 1 1 0 4

90
904
90
904
1114 tills

853g 88

93
96
984 984
984
984
1054
100-3-1

99*8
100
1063s
1027,

90

96

924 987g

994 994
10 1

10 2 4

864 804
85
85
9934 1 0 0 4
85
854
944 954

104 4 1054

464 Sale
464 Sale
424 474

H U '70
------ 73
62 Sale

110 1107g
75*4 Sale

"784
624
62
64

’ 79"
63
Sale
67

100 ___

634 65
1 0 1 4 -----8 2 4 ____
824 Sale
664 Sale
704 Sale
83
874
877g . .
100*4 101*4

454
464
434
90
674
804
69
6 U4

110

754

Range
since
Jan. 1.
Low High

Dec 15
Feb ’ 16
Ju’ly 'l

Mar’ 16
Dec ’ 15
N ov’ l l
95
Mar’ 16
Mar’ 16

934 934
101-4 1024
1014 1024
954
92

87

87
15
83

«Due May. * Due June.

454
H-4
434

60
1104
1034
70
52
514
484

674 724

110 4

624
614
1094
754

70
664
1104
<7

784
62
614
66

80
64
654
70

627* 704
10 14 10 14

824 84
82
834
70
72

67
704

86

86

854 Ma ’ 15
994 Sep 16
Dec ’ 15
103 ____ 103 Mar’ 1 8 — - 103
____ 105
103 Mar’ 1 6 ------ 103
103 1034 103 Jan 1 6 ------ 103
1 0 1 4 ____ 994 Aug ’ 16

1014___ 101

87__Sale
____ 844
88 Sale

J

J- J
J
J

J- J
J- J
J- J
J J
A
J
J

J

i
J- J

J- J
J- J
J- J

J-D
J

J

i

J- J
J
J

J

ft Due July.

51

684

i-

954 9878

50

59
109
102

594
Mar’ 18
1024
684
47
474
434
N ov’ 15
684
M ar'll
Mar’ 16
62

757*
Dee ’ 15
784
79
63 Mar’ 16
614
62
664 Mar’ 16
984 Jan '14
627g
65
1014 Feb ’ 16
84
84
824
824

86

75

944 964
924 95
95
954

9 14

65
70

74

103
1034
103

88
864
874 29 86
90 Feb ’ 14
877g
884 217 864 894
10478 Sale 1044
1054 108 1 0 3 4 1077*
90% Sale 90*8
91
904 108 90
S6 4 Mar 1
894 ____ 91 Mar’ 16
894 91
____ 85
864 Jau To
864 864
102 103 104 Dec T5
1 0 0 4 ____ 11)04 Jau TO
1004 1004
1007g____ 1024
102 1 0 2 4
1024
1004 1024 1014 Mar 16
1014 1034
106 Sale 10 0
108
106 106
96 ____ 954 Feb T 6
944 »5 4
------ 110 T094 N ov’ 15
100 -------[ 103 N o v ’ 15
1034 ------ 109 June’ 14
105 1054 1044 Feb T6
1044 1044
1044 1054 105 Jan T6
105 105
1054 ------ 105 Oct T5
102 102% 102*8 1024
1014 1 0 2 4
1074 . .
1014 N o v ’ 13
02 ..
914 Sep T2
854 854 854
85
86
85*4
____ 97
96 Apr T4
904 Sale 904
90**
90
91
1024 Sale 1024
1 0 2 4 1034
102*4
loo 103
98 Juuc’ 15
72 Sale 72
724
704 "34
764 77
75
78
77 Feb T6
103 Sale 103
103
103 104
814 83
83
83
824 844
103 ____ 1024 Feb T6
1024 1024
974 98*. 99 Fob TO
99
99
954 964 96 Feb T6
954 98
85 ____ 84 Dec T5
81
82
81
81
794 814
76
79
75*4 Deo T4
1004 J’ G ’ l l
105
1034 1044
1044 Mar’ 16
1054 106 106
106
1054 106
1004 1014 1004
994 1014
1004
----- 597g 60 Feb TO
57
60
1 0 7 * 8 _____ 107*8 Mar’ 16
1074 1074
1094 1 1 0 109*4 Mar’ 16
108 1104
1004 ___ 10j 2 N ov’ 12
684 ____ 79 M »r’ 13
1034 ____ 1034
1034
1034 1034
68 _. _ 7a Sen T 2
10 0 4 102 102 Feb T6
102 I 0 2 ’
1 0 1 4 ___ 103*4 N »v’ (2
102 ____ 102 Mar’ 16
li)4 4 ___ 191 M a t.l
1044____ 1057s
1057g
1034 10578
1024 103 103 Feb T6
1024 103
87
804 89*4 Feb T6
894 904
90 ___ 93 Dec T5
90 ___ 93 Jan T6
93
93
100 10 2
984 997*
99*4 Jan '16
105 1054 105*4
1034 1064
105*4
864 87
87
87
86 88
1 0 0 1 * 1 0 1 4 99 N o v ’ 15
96
964 96
97
96
35
40
35 Feb T6
354
___ 88
90
90 Jan TO
____ 95 1064 Nov 01
1034 . .
103 1034
1034 Feb T6
1 0 2 4 1 0 2 4 1024
102 1 0 2 4
1024
93 100 1014 Apr 1 a
83
844 83 Mar’ 16
83
84
984 984 99 Feb T5
98‘g 99
55
60
56 Feb TO
56
61
784 81
7 8 4 83
784
784
56
574 57’g
577g 60
5778
1 8 4 ------ 43 June’ 14
____ 854 84
83
86
86
100*4 1 0 1
1004 1014 1014 Mar’ 16
80 ------ 74 Ma T5
974 Sale 97*s
974 984
974
____ 97
97 Feb T6
97
974
934 Sale 934
93*8
934 944
897g 914
904 90*4 904
90*4
91*4 Sale 91*8
914 921*
91*4
1084 109 108*4
107*4 109
108*4
107 ____ lu7 Mar’ 10
106 1074
934 Sale 934
92*4 94
93*8
102 103 102
102 102
102
90 100
95
95
95
95
91
91
9 1 4 ------ 91 Mar’ 16
9 1 4 ____ 86 Sep T5
83
424 Aug T5
*984 984 98*8
98*4 62 974 98*4
Due Dec.
Due Nov
£ Due Aug.

J

____ 92-4 Aug T5
____ 104 N ov’ 15
154

it
a?

1 0 1 7

i 59 594 594
1 1 0 4 1104 II 0 4
S 102 102*4
J- I 68*4 ____ 1024
68*4

100

102 1024 102
1024
101 ____ 1004 Deo 15
84*4____ 864 Jan '16
84
884 85 Jan TO
09*4____ 1004 Jan TO
*4 83 Fob '15
854 87
854 Mar’ 10
95
084 95 Feb TO
03(2____ 92 4 May’ 14
904 . .
90 D c o ’ 15
99
9 9 ** 97*4 Aug T5
1044 105(2 1054 Feb TO
1044 . .
1>4 Deo T5
85*4
914 Feb T2
85*4 _ ___ 904 Oct T2
8 5 ( 4 ____ 83-4 June'K.
87*8____ 804 May’ l l
87*g____ 904 J’ly T2
984 ____ 984 Feb TO
UJ
___ 93 May’ 14
10212____ 109 May‘ 10
*9 9
____ 984 Oct T5
---- - — - - 98 (4 Junc' 1 5
93
98
>34 Jan TO
1024 __ _ 1024
1024
1024 102-4 1024
102*8
101*8___ 9. .4 July 15
954 ____ 954 Jan TO
93 ____ 92 Feb TO

BONDS
N. Y. STOCK EXCHANGE.
Week Ending March 17.

3

i ■J
J ■.1

914 Jan T2
................. ......................
88 ____ 92 Mar’ lO
994 June .
814 81*4 814 Mar' 10
_________ . _ .
1064 ....... 1054 May ’ 1 5
91*4____ 87 J’ ly 'l l
____ _ . . , 83 Atie '13
784 Sale 73
784
100(2____ 107 Aug ’09

P age

J
A
N

V

g

BONDS

N. Y. STOCK EXCHANOE.
Week Ending March 17.

1 1

W&baah lat gold 6a________ 1839 M-N
.'0 bold
_____ _________1939 F - A
Debenture Series B ........... 1939
iai Hen equip a Id g 5a__.1921 M- S
lat Hen 50-yr g term 4 s.-.1964 1 - J
%t reland ext g 4 s . ..
..1966 J Cent Tr ctfa asst paid_____
Do asat part p a i d ..........
Cent Tr stpd ctfs asst paid .
Do asat part paid. ___
Eqult Tr ctfa asst paid___
Do asat part p a id ..........
Eqult Tr atpd ctfa asat paid
Do asst part paid______
Dot Ch Ext Istg 5a___ 1941 J Dcs Moln Dlv 1st g 4a____ 1939
Om Dlv i8t g 3V<j8„.......... 1941
Tol A Ch Dlv 1st g 4s___ 1911 M- S
-P
Web Pitta ! erni lat g la___ 1964
Cent and Old Col Tr Co certa..
Columbia Tr Co certfa______
Col Tr ctfa for Cent Tr ctfa . . _
2d gold 4a........................... 1954 J -D
Trust Coeortfa.................. .
-A
Wwb Terrnl 1st gu 3 Ha___ 1945
1st 40 yr guar 4a ______ 1945
Weat Maryland lat g 4a___ 1952 A - O
N Y A Pa lat
a........ 1937 J * J
Qon gold 4s.......... ............. 1943 A -O
Income 5s.......................<11913
Wheeling «V L 1st g 5a___ 1926 A - O
Wheel Dlv 1st gold 5a___ 1928 J - J
-A
Exten
rmpt gold 5a___ 1930
SIR lat conaol 4 s.. ............. 1949 M- S
20-year equip a 1 5a______1922
Wlnjton-Salem 8 13 1st 4a.. . 1960 J - J
W li Cent 50-yr Jji gen 48__ 1949 J - J
Hup A Du! dlv A term lat la '36 M-N
Street Hall way
Brooklyn Rapid Tran g 6a.. 1045 A - O
1st refund conv gold 4a... 2002 J - J
(3-year secured notes 6 a ... 1018 J - J
Bk City 1st con 6o.. 1916-1941 J - J
Bk Q Co A 8 con gu g 6a. .1941
B k lyn Q C oA S lat Ca___ 1941
Bklyn Un E! lat g 4-5a...l950 r - a
Stamped guar 4-6a......... 1950 F - A
Klnga County El lat g 4a. 1949 />
Stamped guar 4a.......... 1949
Naaeau Elec guar gold 4a. 1961 i - J
Chicago Rya lat 6a________ 1927 P - A
Conn Hy A L lat A ref g 4Ha 1061 J - J
Stamped guar 4Ha_____ 1951
Bet United 1st cons g 4
. .1932 J - J
V» Smith Lt A T r lat g 6 a ... 1936 W- 0
-.-fend Rapldc Ry let
b. . .1916 -r ;
Savona E!eo consol g fia___ 1952 F - A
a
fclud A Manhat 5a Ses* A ___ 1967
Adjust Income 6a________ 1957
K V A Jeraey 1st 5 s.......... 1832 F - A
laterboro-Metroy col! 4 H a.I960 A - C
Sstcrboro Rap Tran 1st 6
I960 J - J
Manhat Ry (N Y) cons g 4a. 1990 A - O
Stamped tax-exempt.........1880 A - O
Metropolitan Street lly —
Sway A 7th Av lat
6a. 1913 -D
Col A 9th Av let gu g 6a...l093 M - f.
Lex A v A P F 1st gu 58.1093 M S
Met W S El (Chic) lat g 4e.. 1038
Mllw Elec Ry A Lt cone g 6a 1920
Refunding A exten 4HS--1931
J
ftiljcr.eap 8t lat cone a ___ 1919
Montreal Tramwaye lat A ref
5C-year fiaSer A................. 1941 J - J
Sew Orl Ry A Lt gen 4 M e.. 1935 J - J
a Y Rya lat R E A ref 4a__lf;42 30-year adj Inc 6a_______ul94 A -O
?f Y State Rya 1st cona 4 Mb. 1902 M -N
Portland Ry 1st A ref 6h___ 1930 M- N
Portld Ry Lt A P lat re! 6b. 1942 F - A
Pcrtlacd Gen Elec lat 6a. 1935
oo Ry. L. H A P lat r 6s . 1937 M- N
Paul City Cab cona r 6a. .1937
Third Ave lat ref 4a............... 1960 i - J
A O
Third Avo Ry 1st 6a_____ 1937 J J
Xrl-CIty Ry A Lt 1at a f 6a.. 1923 A - O
Ucde.’ gr of Loudon 4Ha___ 1933 J - J
income 0a.......... j............... 1948
Union Elev (Chic) 1st g 5s. .1949
United Rys Inv 6a Pitta 163.1926 M-N
United Rys St L 1st
___ 1934 J - J
0t Louis Transit gu 5o___1924 A - 0
United RRa San Fr a f 4a__ 1027 A -O
A Pow lat A ref 5s. .1934 J Gaa and Electric Light
Atlanta Q L Co lat 6a___ 1947 J -D
Bfclyn Un Gao lat cona 6a. 1945 M-N
Buffalo City Giuj lat 6a___ 1947 A - 0
Coluinbua Gaa lat gold 5s___1932 J - J
Consol Gaa conv deb0a ...1 9 2 0 Q - F
Detroit City Gaa gold 5a____ 1923 J - J
Detroit Gas Co cona lat g 6a. 1918
Detroit Edlaon lat coll tr 5s. 1933 J - J
HSq O L N Y lat cona g 5 s ... 1932 M - S
Das A Elec Berg Co c g 6a.. 1949 J -D
ftudeon Co Gaa lat g 6s___ 1949 M-N
Son City (Mo) Gaa lat g 5a. 1922 A -O
*2oga Co El L A P g 5a......... 1937 A - 0
Purchase money Os______ 1997 A - O
Convertible deb 6a_______ 1922 M- 8
Convertible deb 6a_........... 1925 M- 8
Ed El 111 Bkn lat con g 43.1939 J - J
Lac Gaa L of St L l3t 5a..«19t9 Q - 4'
Ref and ex t; "6 a ........... 1934 A -O
Milwaukee Gaa L let 4o____ 1927 M -N
Newark Con Gaa
........... 1948 J - D
tV Y G E L H A P g5 a ........... 194.S J
A
Purcbaao money g 4a_____ 1949
Ed El 111 lat con3 g 6e___ 1995 J - J
YAQ El L A P lat con g 5e. 1930 F -A
D Y A Rich Gaa lat g ____ 1921 M -N
Pacific G A El Co Cal G A E
Corp unifying A ref oa____ 1937 M -N
Pac Pow A Lt lat A rof 20-yr
5a Internal Serlea________ 1930 F - A
Pat <fc Passaic O A 171 5a____ 1949 M- 8
Pa jp Gaa A C 1st cona g 63.. 1943 A - O
Refunding gold 5 a ........... 1947 M 5
Registered....................... 1947 M- S
Ch G-L A Ckc lat gu g Ca. 1937 J Con Q Co of Chi lat gu g 5al93C
lud Nat Gaa A Oil 30-yr 5al93<5 M- N
Mu Fuel Gaa lstgu g 5a.. 1947 M
fbU&delpbla Co conv 6a____ 1919 F
Conv deben gold fa........... 1922; M- N
D
Stand Ga3 A El conv s f (Ic. ,.1920
J -D
J - J

6a

J

3

f

g6

W&t

K

&

FA
P-

Ha
g6

j
r.

a

ao
g
5s

J

9i J
%i

g

g4a

i

g
g
g

g

g53

■4

5a

105 Sale
9834 99
70 110
993*____
70 ____
..................
__

-0
F-

R e o o r d — C o n c lu d e d — P a g e

1043*
105
1031* 105
98*4
98*4 2 1 93 10 0
90 June’ 12
90'* Jan '10 ___
90*s 00*8
65 Deo *15 . . . . ____ . . . .
—
—
22 Oet *16 —
102 Deo '16
102*2 N o v '16

107 Jan *10
46*2 Jan ’ 10 ___
104U Jan '10
45*2 Jan '16 ____
1031* Mar’ 10 —
70*2____ 80 \ug ’ 12
72
75
70*2 Dec 45
71*4 8 6 i2 87 Fob 40 ___
32
2
234 2
2
1*2 Mar’ 16 . . . .
l'a
l 'j
1
3
1*4 Mar’ 10 ___
1
13.1 1 Fob 4 0 „ .
1
■l
%
*4
*8
1
14 Sale
14
14
8 4 3 4 ____ 84
6
84
91H Aug 45
93U - 72*4 41
72
72«4 723i
3
10434 ____ 1 0 U2
104*2
8312------ 83*8 M ar'16 —
25 ____ 20 Deo 45
100 M ar'16
10 1
10 2
4
96*4
97
90i2 98
06*2____ 97 Mar’ 10 . . . .
5
6912 71
69l2
70
90 Apr 44
___
86*2
Jan
46
80M 8712
87
87l2 87
87** 2 1
89 Mar’ 10 —
8812 89
10212 103
____ 817*
10 1
Salo
10034 1 0 1 >2
____ 94

Mar’ IO . . . .
797* Feb 40 —
70
10 1
10 1*8
10 2 *4

10 0 *2

98

1017* 1021* 1017*

7 7 12

Sale

____
93i2 ____
73«2 Bale
30
30>2
10 1
-----737* Sale
99>2 Sale
9134 0 2 U
9 2 34 Salo
10 0

97
10 0
10 0

100

1

3
9
5
Mar46 . . . .
2
70
70
5
98*4
98*2
99*2 Jan 46 —
96*4 June44
77
77*2 2 0
84 Jan 44 . . . .
100 June'14 —
4
94
04
73*2
733* 47
30**
30*2 54
101 M ar'16 . . . .
89
73*2
74
993*
99*2 294
92*4 Mar’ IO . . . .
21
92*2
0 2 Ti

10 2
10 2 1 * 10 2
80*2
86*2 Sale
847*
86*2 87

761* 76*2
981* 983*
IOOI4 ____

10 0 *2

Apr 44

10 2
10 2
86*2

9312
____
76*4
6 U4

9 512

85
Salo
Bale
86
87l2
0 3 3 4 ____
____ 80
.................
82<4
837*
106
IOOI2
____
____

Salo
Salo
____
____
04
84

____ 731a
____ 62
____ 57
44 Sale
0 0 »a 9034

95 Mar'10 . . . .
80 Mar'10 ____
70*4
77*4 70
241
0 1*8
62
88*2 Mar’ IO . . . .
94
94
1
80 Sep 4 5 —
100 May* 15
98 N ov’08
100 Hep 45
82
82*4 40
22
83*2
84
107 Feb 4C
0
100
1003*
96l*J'ly *U . . . .
69 Jan 46 . . . .
84 Oct 'OS
74 Feb 46
4
02
02
57 Fob 46
103
42
45
90*4 Feb 4 6

10 1

100*4 100*4
95
95
80
80
73la 78*4
03'8
55
85*4 88*2
94*2
94
—
—
.... ....
81*4 835*
80
84*4
107*8
98*4 1005*

10 0

08

09

74
74
62
01
697*
67
42
46*4
90*4 92

12 0
10 1

126*2

103

104**
____

100*4____
114*4____
101*4 101*4

J 1 0 2 * 2 ____
J- D 101*3____
N 100*4-----A 9 8*2 ___
s 097*
92*2 Sale
i«o
J
10 0

84

____
____

98*4

993*

44

93 Fob 4 6
99*2 Oct 45
1
114*4
11434
1013* Mar’ IO
99 Sep 4 3
102*8 Fob 40
101*8 Feb 4 0 ___
93 Mar* 12 ___
100** Feb 4 0 . . . .
90*4 Jan 4 6
7
92
92*2
100 Mar’ IO
100** Jan 4 6

103**
91
105
1147*
____
126
88

1013*
1007*
91*4
1033*

10 2*2

103*8
91
105
1103*
____
128
8834
10 2

1023*
93
103*8
10 1* 2 105*2
87
85
108 108
101*4 101*4
973* 99*8
93

93*2

114*4 115
1013* 102**
1023* 1025*
10 1
1 0 1 **
____ ____
lOO** 100*8
496*4 490*4
92
93*2
98*2 101*2
99*4 100*8

•No price Friday; lateal Did and aaked. a Due Jan. <f Due April. « Due May.




102*4

12 2
122«2 1 2 2
1 0 1 1 * 10 1* 4 10 1* 4

Salo

Jr

5a

10 0

599*4

Trenton G A El lat g 6a___ 1949
Union Elec Lt A P 1st g 6 a.. 1932
Refunding extension 5e.l933
Utica Elec Lt A P 1st g 68..1050
Utica Gaa A Elec ref os___ 1957
Westchester Ltg gold 5 «...
Miscollanaou*

&

105

97
12 2 *3
Mar’ IO
98*2 N ov’ 15
0
103*4
10 3 14 Salo 103
100*2 May46 . . . .
100 Fob ’ 13
1 0 0 i2
103 105 103*8 Mar'10
91 Jan 4 0 __ _
103i2 1 0 I 3* 105 Feb 46
1107* 120*2 116*2 Feb 4 0
12 2 *2 Dee ' 1 2
127l2
127*2 130 120 Mar’ IO
2
88*2
88*4
8 8 *a Salo
5
1015*
1 0 1 ** sale 1013*
7
ION*____ 1017*
1017*
93 Mar’ 10 ____
92*2 93
10 1
____ 1033* Mar’ IO . . . .
6
105*4
105 105*2 105
68
86*4
87
80*4 Bale
1
108
108 Salo 108
09*2____ 1014 Feb 4 6 ___
92*2 July'09

Week Ending March 17.

Alaska Gold M deb 6a A ...
Armour A Co 1st real est 4H s '38
Bush Terminal lat 4a_____ 1952
Conaol 5a............................. 1956
Bldgs 5a guar tax ex_____ 1900
Chile Copper 10-year conv 7a 1923
Computing Tab-Rec a f Ca__1941
GranbyCon8 M SAP ccn 6s A '2s
Stam ped.............................1028
Great Falla Pow lat a f 6a.. 1910
87
87
iU Insplr Cona Cop lat conv 0a. 1922
l»a
1
3*4
6-year conv deb 8a............. 1919
1
3*2 Int Mercaa Marine 4 H i____ 1922
1
37a
Certificates of deposit............ .
7* Int Navigation 1st a f 6a___ 1929
*t
*4 Montana Power 1st 5s A . . . 1943
>8
Morris A Co lat s f 4 Ms___ 193'.)
83*2 84
Mtge Bond (N Y) 4a ser 2 . . . I960
71
10-20-yr 5a scries 3.......... 1932
72*4
103*4 105
N Y Dock 50-yr lat g 4s___ 1951
Nlag Falls Pow 1st 5s..........1932
81*2 84
Ref A gen 6a ................._r*1932
Nlag Lock A O Pow 1st 6 s.. 1954
98 10 2
9034 09*4 Ontario Power N F lat 5h . 1913
97
97
Ontario Transmission 5s___ 1945
72
09
Pub Serv Corp N J Ron 5a.. 1959
Ray Cona Cop 1st conv 0a. .1921
86*2 80*2 Sierra A B P Power lat 5 a ... 1949
80*2 87*4 Tennessee Cop 1 st conv 6a__1025
89
90*8 Wash Water Pow 1st 5s___ 1939
M anufacturing
Industrial
10 2 * 1 103*2 Am Ag Chem 1st c 5s.......... 1928
797* 81
Conv deben 5a. ................. 1924
100*2 1 0 1 ** Am Cot Oil debenture 6a__ 1931
100*2 1017* Am Hide A L iHt s f g Os___ 1919
Amcr Tee Scour deb g 63____ 1926
Am smelt Securities a f 0S..1926
10 2
10 0
Am Thread 1st coll tr 4s___ 1919
10 0 ** 10 2
Am Tobacco 40-year g 6s.. 1944
83*2 86*2
Registered_______
1944
83
85
Gold 4s...... ........................ 1951
75
70*4
Registered ___________ 1951
9834 Am Writ Paper 1st 3 f 6a___ 1919
97
99*2 99*2 Baldw Loco Works 1st 5a__ 1910
Beth Steel lat ext a f 5a.. . . . 1920
lat A ref 5a oar A______ 1841
74** 78
____ Cent Leath 20-year g 5a___ 1925
Consol Tobacco g 4a_______ 1951
94
87
Corn Prod Ref a f g fin..........1931
73
75*4
1st 25-year 8 f
_______ 1934
30*2 31*4 Cuban-Am Sugar coll tr 0a.. 1918
10 2
10 1
Distil Sec Cor conv Int g 6a.. 1927
73
70*2 10 I du Pont Powder 4 M i— -1930
99*4 99*4 General Baking let 25-yr 0 h. 1036
92*4 Gen Electric deb g 3 Mb........ 1942
91
92
93
Debenture 5s_________
III Steel deb 4 Ms____
98*4 100*4

103 .. .. 103 Hep 46
10534 107 10534 Mar’ 16
54 June’ 13
97 Feb 4 5
99*2

BONDS

N. Y. STOCK EXCHANGE.

107 107
401* 46*2
101*4 104*4
45*2 48
103 103**

097* Mar’ IO ____
M ar'10 —
10 0
10 0
M ar'10 ___ 99*i 101

10 0 12 100
100*4
10 1

1
102*4
F- A 10234 ____ 102*4
____ 03D 923* Feb 4 5
3- 100*4____ 100*4 Mar’ IO . . . .

J j

Valiy

B on d

Range
Week’s
Price
Since
Range or 1 ?
Friday
Jan. 1.
March17. Last Sale
o. Low High
Bid AskLow High N24

J

&
.

Y ork

Price
Week's
Friday
Rangeor
March17. Last Sale
Bid AskLoto High

M- S 101*2____
M..................
- J 102U____
J
J D 104*1 105*4

J

t

101% June’ 14
100 Soy ’ 16

J

102U Mar* 16
98 A u g'16
104*2 Mar’ 10

5S\

1

J

r A
J J
J- J
A
J
A
J

A- O
FM -N
M- 8
A- O
F -A
J - J
A-O
A-0
F-A
F- A
J M-N
1- J
M -N
A-O
A
M-N
fit - N
A O

A

J

V

J

3

J

D

J

gDue June. kDueJuly.

101*2 105

ll 84 85l«
84
83
84*2 84
20 102 117
108
104 Sale 104
9434
93% 05
j - b 9-4*1 Salo 94
89
89
89
90
2 80% 89
A -O
90
90
87% 92
- J 893* 91
8 87% 91
887*
88*s 88*2 88*2
A -O
131*2 167! 112912 135%
M - N 131*3 Sale 129*2
8 81 85
S2
J - J 8158 Sale 816*
3: 10412 109%
107
M- N 107 1077* 107
4 10334 109
107%
M -N 107 107*4 107%
13 99U 101»a
101%
M -N 101** Sale 101**
195*2 84| 174 1051*
M- H 5193 Salo 188
28, 174 106
190
190 Sale 188
J 977* 37| 05 102H
9734 Salo 9734
A -O
977* Salo 97*2
98*4 290 95% 102i2
91*4 0912
93
9712 93 Mar’ 10
"37 95>* 97
9034
97
9034 97
89 N ov’ 15
91** 93
83 Apr ’ 14
-O
94
95*2 94 Feb ’ 10
94
04%
J 75
72*2____ 75
74
75*2
F101%
10034 1015*
- J 101«* 104*2 101%
A -O 108 -----92% Feb ’ 16
926* 923*
M- N
9-1*4
95
91 95*2
F - A 94*2 95
89 Dec *15
80
87
M -N
89*4
DO**
893.1 90*2
A - O 00** 91
127 Deo ’ 15
J - J
92*4 Feb '14
F - A * ____ 92
118 125
M- N 119 120 120 Mar’ IO
103% Jan ’14
J J

)

&

Rang*
Since
Jan. 1.
Loto High

M- S

J -D
F-A
M- S
A -O
M- N
J - J
M -N
Int Paper Co 1st con Ca__ 1918 F - A
J
Consol conv a f g 5s______193.
1929 M- 5
Int Ht Pump lat a f 5s___
Certfs of deposit____________
Laokaw Steel lat g 5s........... 1923 A -O
1st con5s Series A .......... . 1950 M- H
Liggett A Myers Tobao 73..1941 A - 0
5 a .................
1951 F - A
Lori!lard Co (P) 7s................1041 A C
6a..................
1951 F - A
Mexican Petrol Ltd con 0a A 1921 A - 0
1st Hen A ref 6s series C _ .. 192 A - O
Nat F.nara A Stpg lat 5a___ 1929 J -D
Nat Starch 2 0 -yr deb 5a___ 1930
National Tubo 1st 5s...... .. . 1952 M- N
N Y Air Brake 1st conv flab 192s M -N
Railway Steel Spring—
Latrobe Plant Ist.a f 5 s...1921 J - J
Interocean P lat a f 6 s __ 1931 A - C
A -O
Repub 1 A S 10-30 yr 5a s f.
M-N
Standard Milling 1st 6a____
The Texas Co conv deb Oa.. 1931 J - J
J Union Bag A Paper lat 6a.
J - J
Stamped______________
U 8 RealtyA I conv deb g 5a 1924 J - J
U S Red A Refg let g 0a___ 1931 J
J -D
U S Rubber 10-yr coll tr 6s.
M-N
M-N
-D
Va-Car Chem lat 15-yr 6a__l923
Conv deb 6a.............
el924 A - O
West Electric lat 5s Dec___ 1922 J -J
WeatJngh'se E A M conv 5s. 1931 1 - J
10-year col! tr notes 5a___ 1917 A -O
Coal & Iron
Buff A 8usq Iron g f 53_____ 1932 J -D
Debenture 5s__________ al920 M- S
Col F A I Co gen a f « 5o...... 1943 F - A
Col Indus 1st A coll 5s gu__1931 F - A
Cons lad Coal Me lat 5y__.1935 J -D
Cons Ccal of Md IstAref oa. 1950 1 Continental Coal 1st g oa__ 1952 F - A
Gr Rlv Coal A C 1st g 63..A1919 A -O
Kan A H C A O let a f g Ca. 1951 J - J
Pooab Con Collier lat a f 5s. 1957 .1 - J
St L Rock Mt A P 5a atrapd. 1955 J - J
Tenn Coal gen 5s................... 1951 J - J
Blrm Dlv 1st conaol 0a . . . 1917 J - J
Tenn Dlv 1st g 6a...........«1917 A - 0
Cab C M Co lat gu 6a___ 1922 J - D
Victor Fuel lat a f 5s........ .1953 J Va Iron ConlACoko lat g oa. 1949 M- S
Telegraph
Tolophon
Am Telep A Tel coll tr la .. . 1829 J Convertible 4a.............
1936
20-yr convertible 4 Ma____ 1933 M- B
Cent Dlst Tel 1st 30-yr 6a.. 1943 J - D
Commercial Cable lat g 4a..2397 Q Registered__________ _ .. 2397 <*» * J
Cumb T A T lat A gen 5 s.. . 1937 J - J
Keystone Telephono 1st 5a .. 1935 J Motropol Tel A Tel lat a f 5s 1018 M - N
Mich State Telep lat 5s------ 1924 F - A
N Y A N J Tcleohono 5a g._1920 M -N
N Y Telep lat A gen a 4 Ha. 1939 M- N
Pac Tel A Tel lat 6a.............. 1937 J - J
South Bell Tel A T 1st a f Co. 1911 J - J
West Union coll tr cur 5 a ...1938 J - J
Fd and real eat g 4 Ha___ I960 M -N
Mut Un Tol gu ext 6a___ 1941 M-N
- J
Northwest Tel gu 4 M i R..1934

g

[V o l . 102.

4

Interest
Period

N ew

1 0 4 8

J
M- 3
J

J

1

3

102*2
10234
102 103
98%
991*
07% 091*
97*4
97%
96'4 9734
104 Mar’ 10,
1033* 1041*
87
87
85 88M
U034 111%! 40 110 118
98*2 Mar’ IO — I 077* 981*
119% Dec ’ 15
121% May’ l l
83*4 Sale 83*2
83%
2|j 83<2 851j
98 June’ 14
70%
70*8 Salo 60*8
05lj 71
105 P 6 195 Mar’ IO
105 105
1037* 38' 102% 104%
1037* Sale 1037*
35|
101%
101*2 103%
101*2 Sale 101%
80 100% 102%
102
1013i Sale 10134
------ 98l2 97% Jan ’ 15 ___
997*
6 99 100%
99*2 097* 997*
6] 90*4 00*2
98*i
98*4
98
99
102*2 36] 101*2 1023i
102*2 Salo 1023*
72% 131j 09% 73*2
7258 Sale 72
105
104 107 105
102*4 107%
87% July’ 14
------ 85
3 78
82*2
82*2____ 82%
82%
50 103% 105
105
105 Sale 104%
9 13i 917* 91*2
ON# 61 90% 92«4
193%
103* t 103% 103%
101% 103%
100 Oct ’ 13
14 777* 70
79
79
79*4 79
1021* 102*2 102% Mar’ IO . . . . 102 102%
11 81
83
84
.82*2
83
84
78% Jan *10 . . . . 75
73%
75
12 74
74*2 Sale 74%
79%
09*2
99%
35
99*2 Sale
97*2 100%
937*
90 1132 91*2 077*
9534 sale
5; 124% 127
127
l-’ OM 127 127
10212 Sale 102*4
102*2
IOU4 103%
5] 122% 1207*
120^ 127 12034 120%
1 1 100*2 1 0 2 %
101%
101*2 Sale 101*2
331
116*4
10 0 % 128
110 Salo 109
40 105 125%
110
11(1 Sain 108%
975* 189 06*2 98%
97% 977* 97*2
87 ____ 83 Juno’ 15
1015* 39 10 0 1 0 1 %
101*4 Sale 101%
104%
104 Salo 104
103% 105%
#
102*2 1023i
9834 Sale
073* Sale
104 10 45s
85
87
111 Salo
98*2 98^8
118 ____

100 100%
95*2 97
983i Salo
973i 98
105*2 Sale
80*2____
80*2____
71
72U
10
20
103 Sale
10-1-Tj Hale
104*4 Sale
98% Sale
102 102*4
1027* 103
139 Salo
1015* Salo

11
100
100
95% Mar’ IO . . . .
98%
99
60
16
0734
98
105*2
105% 42
80% Feb ’ 10 —
91*4 Jan ’ 13
5
71
71
23 Deo ’ 15
102%
103*4 2 0
104*2
1047* 410
3
104%
1047*
25i
08*2
09
2
102-% 102-%
ioa7s
11(3(8 2 1
132%
141*2 205
1
101%
101%

100*8

70

73

05%
09%
08
106
80%

102*4
103%
103%
98%

103*2
105
105%
09%
10 2
103%
1017* 103%
123*2 141%
10 1% 10 1%

893* 8978
87 Salo
103*4____
10134 102
10134____
105 100
____ 87**
80*2 Sale

July'14
Feb ’ 16 . . . .
Mar’ 10 ___
75
75*2 15
73 M a r l 4
3
93
93
99** Feb *14
94% Mar’ IO
90 July 15
2
89%
89%
87
87*2 13
103% Jan *10
1017* Mar’ 10 ___
1017* Mar’ IO
JOi Deo ’ 14 - - —
73 Apr '14
887*
89*2 14

92 Salo
100% Salo
107% Sale
10234 103*4
____ 77
70*2 84
100 100*4
98 -----101*8-----100 101
101*4-----09 Salo
1005s Sale
100>2 Salo
1015s Salo
01*2 05%
____101*2
92% 95

103 00*2 0 2 %
61 10 0 1 0 1 %
10 1
10 1%
1007*
108% 578 105% 108%
102% Feb '16
10 2
10 2 %
88*4 Juno’ 14 —
7!> Apr -H
100%
100% i i 09*4 100%
95 N ov’ 15 ___
101% N o v ’ 16 .J
1 10 0
10 1
101
101
101% Juno’ 15
987*
99% 234 08% 00*2
100%
1007* 80 10 0 1 0 1 **
71 90% 1 0 1 %
100*4
10 1
3 101 1017*
10 1%
10 1%
95
95*2 19 04% 06*2
104 JunoTl
90*2 Mar’ 15

05*4____
93 ____
93*j 95
75*2 Sale
18 -----____ 93*2
. . . . 60
____ 94«4

92
93

0934
94%
95*4
957*
105
80%

9334

9134

UO 03
92% 05
74*2 77
03

01

04% 04*4
"s o

oT

84
101%
10 1%
10 1%

88%
103%
10 2
10 2

88*4

00

02

ADueAug. uDueOot. y Due Nov. tf Due Deo. sOptlonaale

M

a b

. 18

1 9 1 6 .]

8 0 S T 0 N

S T O C K

E X C H A N G E —

S H A R 3 P R I C K S — N O T P E R C E N T U M P R ICES.
S a tu r d a y
M a r . 11

M onday
M a r . 13

\

I

T u esda y
M a r . 14

| W ed n esd a y
| M a r . 15

T h u rsd ay
M a r 10

Sales

F r id a y
M a r 17

o f the
W ee k
S h a res

S to ck

R e co rd

STOCKS
BOSTON STOCK
EXCHANGE

BONDS*
S * « N a xt P a s *

1049

Rano« Since Jan. 1.

Range for Previous
Year 1915.

Lowest.

Hiohest.

Lowest.

Highest,

_

_

Railroads
*103 103*2 *103*2 10t I 104*8 104*g *103i2 104 *103*4 104
10 Atch Topeka & Santa Fe.-lOO 102 Mar 2 103 Jan 3
92*4 Feb 109*8 N ov
•101 101*4 *101 101*t *101 101*4 *100 100*4 *100 100*4 100 100
2 Do pref.......................... 100 99 Jan
IOU4 Mar 9
97 Jan 10U2 Nov
287 Boston & Albany................ 100 190 Jan
195 195*4 195 195*4
198 Feb 16 170 Mar 198 Jan
*195 195*4 195U 195*4 194*2 195 I 195*4 196
79*2 80 I 79*4 80
79*s 79*4
79*8 79*8
520 Boston Elevated..................100 78*2 MarlO 88*2 Jan 19
79i2 80
79*3 80
73 June 96 Jan
138*2 138*2 *138*2 ----- ‘*138*2____ *138*2 145
15 Boston & Lowell________ 100 129 Jan
139 139
145 Feb 11 109 Feb 138*2 Oct
44*2 44*2 44
45*2 43*2 44*4
43*2 44
43*2 43*2
1,458 Boston * M aine..................100 35 Jan 28 52 Feb 14
45
45
37*2 Oct
20 Feb
235 235 i*230 235 i*230 235 *230 235
9 Boston & Providence____ 100 230 Jan 6 235 Mar 2 225 Jan 240 June
235 235
4*2 Feb 29
412 *-----4*2 *___
4l2 *___
412
___ Boston Suburban Elec Cos___
*
____________
5 Jan 8
L a st S a le 4i2 Mar’ 16
10 Mar
5 Dec
40 Jan 18 40*2 Feb 29
*
____________
40 40 *___
40
40 *----___
Do pref__________
L a s t S a le 40*2 Mar’ 16
60 Mar
40 Sep
*5
5*2 Jan 5
___ Boston & Wore Electric C o s..
*5
L a s t S a le 5^2
Jan’ IG
5*2 Jan 5
9 Sep
5 N ov
42
Feb
28
44
___
Do pref...... ......... ..
L a s t S a le 44
Mar’ 16
Jan 18
47 July
39 Jan
* ____ 167 *___ 157 * — - 157
___ Chic June Ry A U 8 Y ...1 0 0
L a s t S a le 100 Sept’ 15
157 Feb 160 Sep
•105 110 *106 110 *108 110 *10tl2 IOU2 104*2 105
104*2 Jan 31 106i2 Feb 23 101i2 July 110 Apr
35
Do pref______________
105 105
*159 161 *159 161 *159 161
3 Connecticut River_______100 150 Jan 5 182 Feg 19 140 Feb 165 Jan
160 160 *158 160
76 Jan 4 87 Feb 14
78
77*4 77*4 77
77*2 76*2 77
383 Fitchburg pref___________ 100
76-*t 76*4 77
77*2 78
76 N ov
51 Feb
126 126 *125*2 126
125*8 127
400 Georgia Ry & Elec stampdlOO 1 22 Jan 3 127 Marl 7 114 Apr 120 Feb
125*2 125i2 125*4 128
126 126
*87*2 90
80
Do pref_____________ 100 * 8 6 Jan 10
87
87*2 87*2 90
*87*2 90
88*2 Mar 7
*87*2 90
88 Mar
84 Aug
102 102 ♦102 102*4 *100
___
10 Maine Central___________ 100 100*2 Jan 4 1 0 2 Jan 17
----- ;*ioo
------ *100
92 Mar 103i2 N ov
*7
8
L a st Sale 7i2 Mar’ 16
6
Feb 3
*7
8 I *7
8
*7
8
8
Feb 14
----- Mass Electric Cos_________ 100
10 Sep
47g June
37
37
37 37
37
37
34 Jan 25 40 Feb 11
37
*37 ----308
Do pref stamped______ 100
37*4 3 7 *2 ' 37
56 Jan
33 July
_
67
67*2
67
67*2
64i2 65
995
N
Y
N
H
A
Hartford........
06
67*2
07
68
100
64*2
M
arll
77*4 Jan 3
05*2 06
87*4 Oct
43 Feb
L a st 5ale:103*2Mar’ 16
*103*2___ *103*2___ *103*2____ *103*2____
Northern New Hampshire. 100 97 Jan
105 •Feb 14
98 Apr
89 Oct
52 Old Colony_____________ 100 151 Jan 13 157 Feb 26 140 Aug 157 Apr
.................
*151*2___ *151*4___ *151*4___ ‘*151*4____ 151*4 155
L a st S ale 25
Feb’ 16 ---------Rutland, pref____________ 100
*24 20 I *25
26
*25 26
*24
26
24 Feb 18 30 Jan 3
30 N ov
15
Mar
*132 132*2 132*4 132*4 *134 134*4 *1341g 1347g 134 134*4 ..................
10 Union Pacific____________ 100 1315 g Mar 6 138*8 Jan 6 116*j Jan 141*8 Nov
82*2 82*2
2
Do pref_____________ 100 81*8 Mar 1 83*4 Jan 3
81*8 Oct
79*4 Ma
L a s t S ale 125 Mar’ 16 ---------Verm ont* Massachusetts. 100
*
125*8*120
118 Jan 10 125 Mar 1 105 Feb 125 Apr
125*8 *___ 125*8 *----- 125*8
657g
657s 6 6
66
65*2G8 I 65
65 Jan 26 67*2 Jan 19
65*2 65*4 6 6
05*8 6 6
287 West End Street_________ 50
72*2 Jan
61
May
83« . . 83
.
83
*
>___
83
83*2 83*2 83*2 83
83*8
165
Do pref______________ 50 80 Jan 11 80 Feb 25
93*2 Feb
80 July
Miscellaneous
*67
08
*67*2 6 8 I *67
68
63
09*4 69*4 69*2 *68*2 69*2
38 Amer Agrlcul Chem ical...100 6 6 Feb 29 71*8 Feb 11
73*4 Wov
48 Jan
97*4 97*4' 97*2 98
97
97*4 98
97*2 97*8 97*4 97*8 97*4
99 Jan 3
370
Do pref........................ 100 96*4 Feb 8
87*2 Mar 101*2 N ov
2*2
2*2
*2*4 2*2 *2*4 2*2 *2*4 2*2
2 *s
2*8
2 Jan 18
2*4
2U
2*2 Feb 28
360 Amer Pneumatic Service.. 50
4*2 Oct
1*4 Mar
14
14 I 14
14
14
14
14
14
13*4 13*4
185
Do pref______________ 50 13*2 Jan 5 14*2 Mar 4
19*2 Jan
13 Deo
109 109
108 109
103 108*4 108*4 109*2 109 110*2 IlOU 112**4 2,316 AmerSugar Refining..........100 108 Mar 8 116*2 Jan 8 100 Feb 119*2 N ov
115*4 1 1 0 *2 ' 115 116
115 11512 115 115*4 115*4 115*2 115 115*8
824
Do pref_____________ 100 114*2 Mar 1 118*2 Jan 13 109 Feb 119 Deo
128*2 129 I 128*4 129*8 129 1293s1 129*8 129*4 129*8 130
129*2 129*4 8,165 AmerTelep * Teleg_____ 100 126 >s Jan 31 130 MarlO 116 Jan
130*2 N ov
537S 54 *2! 54
54
43 Jan 11 55 Marl4
53*4
54*4 55 I 153*4 53*4 53*4 53*2 *53
595 American Woolen tr c t f s ___
57*4 Oct
16*2 Apr
92 Jan 11 lOlts Marl4
100*4 101*4! 100*4 101*4 1007g 101*8' 99
*99
99*4 1,990 Do preferred tr c t f s ____
99*4 99*2 100
99*2 Oct
77 Feb
*70 ___ *70 . . .
*70 ___ I *70
...
*70 . . .
6 6 Jan 3
70*4 70*4
10 Amoskeag Manufacturing___
70*2 Mar 8
67 Apr
59*8 Jan
100*4 100*4I 1 0 0 1 0 0 ♦ 10 0 101
*100
101
99i2 Jan 20 IOH4 Feb 10
101
101
241 Do pref________________
97*2 May 101 Feb
33*4 5,130 Atl Gulf * W I S S Lines. 100 27 Jan 14 33*4 Mar 17
31
31*2 30
3012 31*2' 31
31*2 31
31*4 *32
31
36 N ov
4 Feb
49*2 49*2 50*4 8,643 Do p r e f.._____ ______ 100 42 Jan 15 50*4 M arl7
48*4 49
48
48*4 48*2 4912! 48*4 49*4 49
9*8 Mar 49 N ov
10*4 10*4
10
10
10*4 10*2' *10
10*2 * 10*4 10*2
*10*4 ___
150 East Boston Land_______ 10 10 Jan 4
13*8 Jan 19
13*4 A p r
8*2 Dec
247*4 248*4' 248 248*2 248*4 248*2 248 248*2
248*2 248*4 247*2 248
162 Edison Electric Ilium____ 100 242 Jan 14 250 Mar 7 230 May 260 Jan
171 172*4 1171*4 172
*109 170
170 170*4 169*4 171
109 169
149 General Electric_________ 100 165*4 Mar 2 178 Jan 17 138*4 Feb 184*2 Oct
10 1
• 1 0 1 102 *10 1 102
101
1 0 2 1*101
101*4 10112 101*4 10 1
94 McElwaln (W H) 1st pref. 100 100 Jan 4 102 Feb 24
96*2 Aug 104 Mar
84
84
83*4 8512 1,496 Massachusetts Gas C o s ...100 83*4 Marl7
84
8 H4
8412' 83*2 84
84
84*2 84
8 6 I2 Jan 5
94 Aug
78 Apr
80*4 87
86*4 87
86*4 8 6 *4 ' 87
87
8012 87
86*2 87
367
Do pref_____ _____
100 85 Jan 3 89 Feb 14
92*2 Jan
84 N ov
168 168
*168
100
168
170 >166*2 167
166 100*2
34 Mergenthaler L inotype... 100 162 Feb 4 172 Jan 19 154 Feb 200 Jan
1
2
*1*4___
L a s t S ale. 1
*1
*1*2 2
Mar’ 16 ----- . . Mexican Telephone......... . 10
2*4 Jan 15
1 Mar 8
3 Sep
*4 Apr
*
------------------ 17 17 > ... . 17
L a s t Sale] 17
Fcb’ 16 ----- . . Mississippi River P ow er..100
15 Jan 18 18 Feb 3
16*8 Deo
10 June
*42 ___
L a s t S a le , 44
Feb’ 16 -------44 Feb 8
Do pref______________ 100 44 Feb 8
46*2 Jan
35 Feb
*
____________
30 30 >___
30
L a st S a le 30
30 ■___
Jan’ 16 ----- - New Eng Cotton Yarn___ 100
30 Jan
30 Jan 7
30 N ov
20 Apr
*50
55
*50
55
L a st Sale] 5 5
*50
55
*50
55
Mar’ 16 - - - - - Do pref...................
100 50 Jan 24 58 Jan 7
55 Dec
25 July
136 137*2 13712 137*2 137*4 139
130*4 130*4 138 137
140 140
395 New England Telephone.. 100 131*4 Jan 1 140 Marl7 rl27*4 June 143 Jan
138 142 I 142 146
135
*
____________
135 137
130 135
147 149
1,803 Nlpe Bay C om pany..___ 100 102*8 Jan 1 149 Marl7
*102
162*4 162*8 16312 162*4 163
102*2 162*4 102*4 103
102*4 163
385 Pullman Company_____ 100 161*2 Mar 7 171 Jan 17 150 Feb 170 Oct
16
*15*2 10*8 15*4 15*4 16
*15*2 16
*15*2 16*a
16
10
16*4 Jan 12
40 Reece Button-Hole_______ 10 15 Feb
18*4 Jan
15 Sep
131*4 131*2 131 131*4 131 131*4 131 131*2 130*2 131*4 130 13H2
134 Mar 6 104*4 Jan
817 S w ift* Co...........................100 125 Feb
128 N ov
45
*___
45
45 ►
----45
4412 44*2
45
41
44
35 Jan 14 49*8 Feb 14
101
Torrington_______________
25
28 Mar 36*2 Dec
32
*31*4 32
*31*4 31*2 31*4 31*4 ' ___
31*2 31*2 3 U4 31*4
28 Jan 14 32 Mar 2
111
Do
pref_______________
25
20 Mar 30*4 Sep
*1
1*2
L a s t S ale 1*2 Mar’ 16 - - - - - - Union Copper L & M ____ 25
*1*4 1*4
1 Jan 14
2 Feb 23
1*4 Apr
.95 Jan
144* 145*4 145 147*4 146*4 148*2 147*2 148*2 3,382 United F ru it____________ 10*1 136*2 Jan 31 150*8 Feb 11
143 143*2 143' 144“
110 Feb 163 Nov
54*4 55*4 54*8 55*4 254
54?s 54*2 547g 54*4 55
54*4 56*2 5,005 United Shoe Mach C orp .. 25 51 Jan
56*2
Jan
11
65 May
48 Aug
29 29*4
29
29*8 29
29*4 228*4 29
29
29*8 29
29*2 2,480
Do pref_______________ 25 28*2 Jan
29*4 Feb 11
30 Aug
28 Mar
83*8 84*8 83*8 85*2 85*4 8 G7g 86*4 867g 86*8 87
86*2 87
79*4 Mar 1
88*8 Jan 3
7,077 U S Steel Corporation___ 100
89*2 Deo
38 Feb
•110*8 110*4 1 1 0 110*2 116*2 116*8 116*4 117 I 117 117*8 117 117*8
118U Jan 25 102*4 Jan
105
Do pref______________ 100 115*4 Feb
117*4 Oct
9*8 10
9*2 97s
9*8 978;
9*8 10
9*2 9*4
9*2 9*8 5,240 Ventura Consol OH Fields. 6
8 Feb 16
13 Jan 3
14»a N ov
10*8 Dec
Mining
2*2
2*8
2*2! 21 2!
2*2
2*2
2*2
2*2
2*8
2*8
1*4 Feb 17
2 Hi 2*8
855 Adventure Con___________ 25
3 Feb 23
47g Apr
1
Jan
105 105
105 105*4 * 102*8 103
104*2i 1 00
101
101
1 01
101
514 Abmeek__________________ 25 95 Jan 15 106 MarlO
92*2 Dec 103 Aug
21
22
22
2238 217g 22*8
20
21*4
20*2 20*4 20*8 20*8 4,091 Alaska Gold........................ 10 17*8 Mar 6 20*2 Jan 7
40*4 Apr
21*2 Dec
*1*4
1*4
1
1*8
1%
1*2
1*8
1*2
*1*4
1*2
.90 Feb 8
1*2 3,370 Algomah Mining__________ 25
1*8
1*8 Jan 3
4*4 Apr
.45 Feb
72*2 73
72
73 1 72*4 73
*70
71
70 70*2
70*2 71
735 Alloucz.......................
25 64*8 Jan 14 74*2 Feb 21
66 Deo
35i2 Jan
80*4 88*4 85
87*4 85*4 86*4 85*8 8 8 7s 88*4 9078 897g 91*4 48,465 Amer Zinc, Lead * Smelt. 25 60 Jan 31 9134 Marl7
72*4 N ov
16*4 Jan
9
9
9
9
8*2
8*2
8*2
9*4
8*2
8 *s
8*4
8*8
8*4 Jan 31
10 Feb 14
954 Arizona Commercial_____
5
9*2 Apr
3*4 Jan
4
*41S 4*4
4
4*8 4*8
4*4
4*8
4 4
4
3 Jan 15
5i2 Feb 5
4 Hi 2,340 Butte-Balaklava Copper.. 10
2 Jan
4*4 Apr
93*2 96
90
98
91
95i2 93
94*4 93*2 9412 93*2 94*2 7,702 Butte 4 Sup Cop (L t d )... 10 71*2 Jan
105*4 Mar 9
80 June
35*4 Jan
73
73*2 72*2 73
72*4 73
72i2 74
73*4 74
73
74
67*2
Jan
31
75
Feb
10
4,625
Calumet*
Arizona_______
10
78*4
Apr
51*2
Feb
*560 505
560 560
560 560
560 560
559 560 *555 500
70 Calumet & Hecla.................25 550 Jan 20 588 Feb 14 350 Jan 630 Apr
17
17*4 16*2 17
16
16
10
10
16*8 16*8 17
18
19 Jan 6
480 Centennial_______________ 25 16 Feb
25
Apr
15
Jan
55*2 55*2 55*4 55*4 56
56
*55*4 55*4 55*4 55*4 55*4 55*4
5 51*4 Jan 31 60 Feb 19
130 Chino Copper...............
32*8 Jan
57 N ov
05*4 07*2 06
65*8 06*2 65
66*4
06*2 6412 65*2 64
65
10,980 Copper Range Cons C o ...100 61*2 Jau 31 67*2 Feb 19
65 Deo
30 Jan
*2*4 3“
3
2*4 2*4
3*4 *3*s 3 Hi
3*4 3*2
3*8 37g 3.000'Daly-West............................ 20
2*2 Mar 1
37g
Marl7
1*8
Jan
6*4 Apr
13
13*2 1234 13
12*2 1234
12*2 13
12*2 127s 12*4 13
16*4 Jan
2,202 East Butte Copper M in ... 10 12*4 Mar 3
16*2 Deo
8*2 Jan
10
*9*4 10*2 10
*9*4 10
9*4 9*4
9*4 9*2 *9*4 9*2
9 Feb
180 Franklin................................ 25
10*4 Jan
14*4
Apr
4i
2 Feb
92
92
91
92
91
9212 92
92
92
92
90*4 91
84*8 Jan 11 98*4 Feb 10
480 Granby Consolidated____ 100
94*2 Apr
58 Jan
52
52*4 50
50*4 49i2 50*2 50
50
*48*4 49
1,068 Greene Cananea_________ 100 44 Mar 6
62*2 Mar 9
52*8 Deo
23*4 Feb
10
16
16
16
15*2 17
16*4 16
"io *2 15*4 15*4
15 Mar 4 19*2 Jan
70S Hancock Consolidated___ 25
24*2 Apr
11 Jan
*22
21
♦ 22
24
24
24
24
24
100 Hedley G o ld .........................10 24 Mar 9 27*8 Jan 26
29*4 Jan
26*2 Oct
4
*4
‘ *4*
5
412
4
4
4
4
4
*4
4*2
4 Mar 9
355 Indiana Mining___________ 25
6 Jan
10*2 Apr
2*4 Jan
46*2 46*2 47*4 47*4 *46
*46
47
47*2 46
47*2 45*2 46*8
45*2 Feb 14
49*4 Jan
702
Island
Creek
Coal..............
1
52
Aug
41
Mar
00*8 *90*2 91
*90
90
91
*89*4 91
*90
91
90
90
48
Do pref_____________
1 8 8 Jan 29 91 Jan
85*2 Jan
91*8 Apr
28
30
29
29*4 30
29*2 29*4 *29
28*4 29*8 29
29*4 1,044 Isle Royale Copper________ 25 20*4 Jan 31 31*4 Jan
34 Apr
17*2
Jan
*3%
3*4
*3*8
3*4
3*4 3*4
3*4 3*4
3*4 *3*8
3*4 3*4
3*2 Mar 4
4*4 Jan
230 Kerr Lake.......................... 5
3 Aug
5*8 Apr
4
3*4
*37g 4
4
4
4
4
4*8
4
4
4
2*4 Feb 11
855 Keweenaw Copper________ 25
4*8 MarlO
4*2 Apr
1*2 Aug
18
18*2 17*4 18*2 17*4 17*4 16*2 17*4 167g 17
16*8 10*4 2,020 Lake Copper C o........ ..........25 10 Jan 31 19*2 Feb 10
19*8
Deo
5*2
Jan
5
4*2
4*4
4*4
4*2 4*8
4*4 4*4
4*8 4*8
4*2 4*2
4*8 Feb 16
411 La Salle Copper__________ 25
0*4 Jan 3
9 Apr
3*8 Jan
*3
3*8
3
3*8 3 Hz
3*4 3*4 *2*4
3*8
3*8 3*4
3*4 1,200 Mason Valley Mine______ 5
2*2 Feb 23
4*4
Jan
4
5 Deo
1 Mar
14*4 14*8 14
13*2 1378 13*8 13*2 13*2 135S 1,375 Mass Consol_____________ 25 11*4 Feb _ 15 Feb 23
14
14*4 14
3 Jan
17 Apr
*3*8 4*4 *3*2 4
4
4
*3
4*8 4*4
3*4 *3*4 4
115 Mayflower_______________ 25
3*2 Feb 18
5 Feb 10
8 Apr
3 Aug
*36
36*2 *36*4 36*4 *36*2 30*4 37
37
37*4 37*4 37
37*4
110 Miami Copper___________ 5 35 Jan 3 39 Jan 4
36*8 Deo
16*4
Jan
2*8 2*4 *2
2*8
*2
2*4 2*4
2
2
2*4
2*8
2*4
455
Michigan.............................
25
1*2 Jan 5
2*8
MarlO
3
Apr
.60
Mar
99 102
100 101*4 101 102
10012 102*2 100
100*2 99*8 100
2,888 Mohawk__________________25 89 Jan 31 103i2 Mario
98 Doo
46*4 Jan
*15*4 10
15*8 10*8
15*4 15*4 *15*4 16
*15*4 10
*1558 10
124 Nevada Consolidated_____ 5 15 Jan 28 16*4 Feb 24
11*8
Feb
17
Apr
*8*2 9
*8*2 9
8*2
8
8
8*2
8*2
8 78
8*2
8*8
510 New Arcadian Copper___ 25
8 Mar 17 10*4 Jan 4
4*2 Feb
14*4 June
19
19
19
19
17*4 18*2 17
17
IS
18
17*4 18
l.oOO New Idrta Quicksilver___
5 10*4 Jan 3 24*4 Jan 19
4 July
13*2 Aug
0*8 6*2
6*8 6*4
0*2
0*2
*6*2 G78
6*2
6*4
6*4
6*4
6 Mar 1
050 Nlplsslng Mines_________ 5
7*8 Jan 3
5*8 Aug
8*8 N ov
30
31
30
30*8 30*8 30*2 30 * 30*4 30
30*4 29*4 30*8 5,039 North Butte...................... 15 27*4 Feb 1 32 Jan 3
22*4 Jan
38*a Apr
*1*2
*1'* 2
1*2
178
1*2
1*2
1*2
1*2
Vs
1*2
1*2
395
North
Lake______________
25
1
Feb
4
4*2
Jan
3
1 Jan
4*8 Apr
♦1*4 2
1*4 1*4
D*
1*4 *1*4 2*4
1*8 1*4 *1*2 2
135 OJibway Mining_________2
1*4 Jan 15
2*4 Jan 18
.50 Mar
3*2 Apr
*234 3
♦2*4 3
3
3*2
3*8 312 *3
3*2 *3
3*2 1,280 Old C olony...........................25
2*2 Mar 9
4 Jan 3
2*4 N ov
7*8 Apr
73
72*2 73
73*4 71*4 73
*70
70
68% 69
70*2 69
1,555
Old
Dominion
C
o.................25
62
Jan
31
73*4
M
arll
38*2 Mar 64 Deo
99 101*2 1 00 101 “ 98*2 100
95 1 00
98
96
99*4
98*4
2,584 Osceola___________________25 82 Jan 20 10 1 * 2 Marl4
64
Jan
93*2
Apr
12*2 12*2 12*4 13*4 13*4 IH 4
14
15i4 15
15
15*2 14
5,177 Pond Creek Coal................ 10 11*2 Mar 7
15*8 Jan 3
195s Aug
12 Jan
95
95
94
94
05*2 94*2 95*2 >91*2 95
95
9412 95
1,318 Quincy____ ______________ 25 87 Jan 20 97*4 Feb 21
50 Jan
95 Apr
21*4 24*2 24*2 24*4 24b
24*4 24*2 24
___
___
24*2 24*2
1,010 Ray Consolidated Copper. 10 23i2 Jan 31 26 Feb 14
15*4 Jan
27*8 N ov
73
72
72*4 72
71
73*4 72
72
72
71
72
71
1,243 St Mary’s Mineral Land.. 25 61*2 Jan 31 73*4 M arll
28 Jan
65*2 Deo
3
2 78
3*4
2 78
3*4 *3>s 3*4
3
2*4 278
278 278 1.800 Santa Fo Gold * Copper.. 10
2*4 Marie
3*8 Jan 8
1
Mar
5 Oct
10
11
11
10*2
10*2 10*4 10
IOI4
10
10
10
10
2,090 Shannon________________ 10
8'g Jan 5 12 *2 Feb 14
4 Jan
11*4 Apr
*37*4 37*4 *37*4 38*8 38*8 38*4 *37*2 38
*3778 38*4 ♦37-r>8 38
150 Shattuck-Arlzona________ 10 31*8 Jan 31 40*8 Feb 14
38 N ov
18*4 Jan
*7*4 8
7*4 7*2 *7
7*4 8*8
7
7*2
7
7
7
301 South Lake______________ 25
65* Mar 6
8 i2 Jan 4
5*4 Nov
7*4 July
19
18
16
19
*17*2 18*2 18
17*2 15*2 17
16*2 17
897 Superior............................. 25 15*2 MarlO 28*2 Jan 3
22U Jan
41*2 Apr
3*4 3*4
3 Hi 3
3*4 3*2
3*4 3 Hi
3*4 3*4
3*4 3*4
685 Superior 4 Boston Copper. 10
4 Feb 11
1*2 Jan 13
1
Mar
4*2
Apr
52
53
51*2 51*4 51
52
53
*51*2 52
62*2 62
52
507 Tamarack.............................25 47 Feb 28 56*4 Jan 14
25 Jan
58*8 Aug
9*2 10
9*2 9*2
9*2 9*4
9*4 10
9
9*2
9*2 9*2
785 Trinity.................................. 25
8*4 Mar 1 12-tj Jan 3
2*8 Feb
15*2 Oct
.19 .19 *.17 .2 0 *.17 .2 0
.19 . 19
.19
.19
.50 9,950 Tuolumne Copper............ .. 1
.25
.15 Jan 26
.50 Marl 7
.20 Jan
.63 Apr
70*2 71*8 67*4 70
67*4 70*2 67*4 G8 78 66*4 68
67
68
65.9M u 8 Smelt. Rcfln & M in .. 60 54*8 Jan 3 715g M arll
54 Deo
20 Feb
60*4 51
60*4 51
50*4 51*4 50*4 51
607g 51
50*2 51
2.642 Do pref...........................60 49 Feb 1 51*4 Marl4
28 Jan
50*2 Deo
4*2 4*4
4*8
4*2 45g 8,072 Utah-Apcx Mining............ 5
4*2 4 %
3 Hi Feb 11
4*8 Mar 4
2 Jan
5*8 June
15
15
147g
14*2 15
14*4 14*4 1,508 Utah Consolidated_______ 5 12*2 Jan 15 15*4 Feb 11
9*4 Feb
16*8 June
83*4 83*4 82*2 837g 83*2 837g 83
83*g 83*4 83*2 *83
83*2
515 Utah Copper C o __________ 10 77 Jan 31 86*4 Feb 21
48*4
Jan
81*4
Dec
11
11
11*2
11
11*2
10*2 1 1
1
1
11*4
11*4
10*4 1 1
34,870 Utah Metal 4 Tunnel___
1
9*2 Mar 7 1 1 * 2 Marl3
3*4
*4
4*g
4*8
3*4
*4*8 4*4
3*4
3*4
4
4
270 Victoria__________________ 2 5
2*4 Jan 3
4*8 Feb 14
1 Feb
4*2 Apr
4*2 4*4
4*8 4*2
4*2 4*4
4*4
4*4 4*4
47g
4*2
965 W inona............................. 25
4 Jan 4
5 Jan 17
5*g May
1*4 Jan
61
62
60
00i2 61*2 60*2 01*2 60
01
60*2 60
60*2
927 W olverine________________25 2-59*4 Mar 8 67*2 Feb 10
32 Jan
70 Apr
*2
2*4
*2
2*4 *2
2
2*4 •2
2*4 *17S 2*4
2 sl
10 W yandott...... .................. 25
1*4 Jan 3
2*4 Feb 14
50 Mar
2*i Apr
•
and asked prloe. a Ex-dlvldend and rights. 6 Ex-stook dividend, c Assessment paid, h Ex-rights t Unstamped. * 2s paid, w HaU-pald.




Outside Exchanges— Record Transactions
B osto n B on d R ecord.— Transactions in bonds at Bos­
ton Stock Exchange M ar. 11 to M ar. 17, both inclusive:
F r id a y
W eek ’ s R ange
L ast
o f P r ic e s .
S a le .
H ig h .
P r ic e . L o w .

Bonds—

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

R an ge s in ce J a n .

1.

Jan 1 0 2 %
Jan 99
Jan 92 %
Mar 107%
Mar 0 5 %
Jan 70
Mar 8 3 %
Feb 8 6 %
Mar 01
Feb 0 6 %
Jan 99
103
Mar
62
Mar
Mar 83 %
Feb 70
Jan 99 %
Mar 81
Jan 8 0 %
Jan 103
Feb 94
Jan 100
Jan 0 8 %
Jan 0 7 %
Mar 1 0 4 %
Jan 1005*

Feb
Mar
Feb
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Feb
Mar
Mar
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Feb
Mar
Mar
Feb
Mar

P h ila d elp h ia Stock E x ch an ge.— The complete record
of transactions at the Philadelphia Stock Exchango from
March 11 to March 17, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars por share, not per cont. For bond3 the quotations
are per cent of par value.

Par

F rid a y
L ast
W e e k 's R a n g e
S a le.
o f P r ic e s .
P r ic e . L ow .
H ig h .

S a les
fo r

H’eeS.
S h a res.

American Gas of N J..100 120
120 121
7
American Milling______ 10
7
7
American Railways____50 29 %
20%
20%
100
Preferred................... 100 0 9 %
07
Baldwin Locomotive -.100
111%
107
109
Preferred__________ 100
109
Buff & Sus Corp v t C..100 41M
42
40
59
Preferred v t c .......... 100
59
59 M
Cambria I r o n .................50 45
45 M
*45
Cambria Steel_________ 50
81%
81
Consol Trac of N J___ 100
70 M 70 M
East Pennsylvania____ 50
66
66
Elec Storage Battery.. 100 64 M 63 M 65 M
38
General Asphalt______100
38
34
Preferred__________ 100
70 M
S 73 M
25%
Insurance Co of N A __ 10
25 M 2 5 %
43 %
J G Brill C o............. ...1 0 0
44
37
Keystone Telephone___ 50
13M 15
Preferred.......... ......... 50 "69
69
69
Lake Superior Corp__ 100
10 M 10M 1 1 %
75)
Lehigh Navigation____ 50
76
75
Lehigh Valley_________50
80
77%
Lehigh Valley Transit..50
22
23 M
44
Preferred___________ 50
43 M 44 M
Lit Brothers___________ 10
19
19M
Little Schuylkill.............50
54
54
Mlnehlll A S II________ 50
66 %
56
Northern Central...........50 88
88
88
North Pennsylvania____50
93
93
Penn Salt M fg_________ 50
100 % 1 0 1 %
Pen nsyl vanla__________ 50 57 M 5 6 % 58
70
Pennsylvania Steel____100
70
Preferred.................. 100
98K
98 % 98 %
Philadelphia Co (Pitts) .50
43%
41%
Pref (cumulative 6%).50 44
44
43%
Philadelphia Electric.22M
27 M 2 7 % 2 8
10%
Phlla Rap Tr vot tr rcc.50
10%
18
Philadelphia Traction..50 7 7 %
77%
77%
89 %
Reading........ ............
50 89
83%
Tono-Belmont Devel____ 1 4*/.
4%
z 4 'X t
Tonopah Mining________ 1
6%
6%
6 -M
Union Traction_______ ,50 43 M 43
43%
United Gas Improv’t __ 50
80% 90
89 %
U S Steel Corporation. 100 8 0 %
83% 87 %
Preferred........ .......... 100
116M 116M
Warwick Iron A Steel.. 10
10M 10M
Western N Y A Penn__ 50
10%
10
West Jersey A Sea Shore .50
51
51
68
Westmoreland Coal___ 50
68
\Vm Cramp A Sons___ 100
72 M 80
York Railways________ 50
11
10%
Preferred_____ : ____50
39
36%
Bonds.
Allegheny Vail gen 4s. 1942
97
07
Ainer Gas A Elec 5 s ..2007 93 M 93 % 9.3 M
do
small____ 2007 93 M 93 M 93 %
Baldwin Locom 1st 5s.1940 105M 105 M 105 M
Elec A Peop tr ctfs 4s. 1945
81M 8 1 %
do
small____ 1945 82 M 81 % 82 M
Eault 111 Gas Lt 5 s ... 1928
105 M 106
narwood Electric 6s. .1942 102 % 192 % 102 %
Inter-State Itys coll 4s 1943 5 7 %
57%
57%
do
small____ 1943
58 M 68 M
Keystone Telep Is t5s 1935
98 M 09
Lake Super Corp 5 s.. 1924
33
33
Leh C A N cons 45*8.1954 1 0 2 % 1025* 103
Registered 4Ms___ 1954
103 103
Leh Vail reg 4 Ms___ 1923
10 1
101
Consol 6s_________1923
UOM 110M
Gen consol 4s_____ 2003
93 M 93 M
Gen consol 45*s___ 2003
103
103
le h Val Coal 1st 5S..1933
105 105 %
Penn RR general 45*8.1965
10 2 M
102
Consol 4Ms______ 1960 1 0 5 % 105 % 1055*
00%
Consol 4s................ 1948
00%
00%
00%
P W A B ctfs 4s. . .1921
00%
Pa A Md Steel cons 53.1925 106
106 100
Phlla Co 1st 5s_____ 1949
101
101
Con3 A coll trust 5s. 1951 93
93 % 94
104
Phlla Elec tr ctfs 5 s.. 1948 10 1
104
104
do
small........ 1948 103
103
Trust certifs 4s___ 1950
83 % 84
84
84
do
small........ 1950
83
Pub Ser Corp N J 5 s.. 1959
90
90
05%
Reading general 4s__ 1997
04%
96
J-C collateral 4 s ... 1951 96
05%
Standard G A E 6S...192G ..........
0 0 % 100
72 %
United Rys Invest 5s.l926|____
72%
99
Wclsbach Co 5s small. 1930 ____
98
York Railways 1st 5s.19.37 95
94 % 95
z

Ex-dlvldend.




94
25
10
199
575
20
331
81
85
595
500
3
1,939
5,264
465
121
656
1,739
335
4,790
391
954
2,310
786
70
3
13
231
42
150
1,488
1
1,993
20:
465
4,992

P ittsb u rg h Stock E xch an ge.— The complete record of
transactions at the Pittsburgh Stock Exchange from M ar. 11
to M ar. 17, both inclusive, compilod from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations aro por cont
of par value.

H ig h .

Low .

1025* 1025* * 1,000 102
Am Agrtc Chem 5s— 1928
07%
1,000
99
99
5 s ...................... ...1 92 4
49.000 0 0 %
01%
01%
Am T A T coll tr 4s. .1929 91 %
1.000 1 0 5 %
Convertible 4 5*s__ 1933 107 % 107% 1075*
3,000 94
04%
04%
Anglo-French 5-year 5s —
129,000 74
79
77%
Atl G A W I SS L 5 s .. 1959 7 8 %
80
1.000
80
80
Central Vermont 48.-1920
84
8655 80 M 2,000
Ch June A U 8 Y 4 s.. 1940 865*
4,503 85
88
85
Copper Range 1st 5s. .1949
93 %
1,000
93 % 93 M
Dominion Coal 1st 5s. 1940 93%
08%
98 % 98 % 11,000
Gt Nor-C 1$ & Q 4 s.. 1921 0 8 %
103
500
103
103
Iowa Falls & S C 7s small.
62
5,0)0
02
02
K C Clin A Spring 581925
82
2,000
82
82
K C Mem & Blrm 4s. 1934
67 %
1,000
70
70
Income 5s_________ 1934
98 % 99 % 15,000 0 7 %
Mass Gas 45*8........... 1929
78%
78 % 78 M 2,000
Miss River Power 5s-.1951
75
SOM 80 M 2,000
New Eng Cot Yarn 5s.1929
15,000 10 1 %
103
102
New Eng Telep 5s— 1932
21,500 8 7
90
92
Pond Creek Coal Os.. 1923
37,000 985*
0 0 % 100
Swift A Co 1st 5s___ 1944
07%
2,000
98 % 98
United Fruit 4 Ms___ 1923
13,000 0 7
97 % 97
4 5 * s .........................1925
2,000
1045*
U S Steel 5s............. ..1903
26,000 99
Western Tel & Tel 5s. 1932 1 0 0 %

Stocks-

[Vol . 102.

THE CHRONICLE

1050

R ange s in ce j n n .

Mar
120
Mar
7
285* Jan
93 % Feb
Mar
100
Jan
108
Jan
38
Jan
54%
Jan
44
Jan
70%
Mar
70
Fob
66
60 % Jan
Fob
32%
Jan
70
Jan
25
Jan
35
Mur
13
Jan
68
Jan
8%
Mar
75
Jan
74%
Jan
18
Jan
38
Mar
19
Jan
54
Feb
56
Fob
.8.8
Jan
93
Jan
08%
55%
Feb
Jan
60
79) i Fob
Mar
40
Jan
43
27
Mat

1.

H ig h .

Low .

Fob
123
Jan
8
31
Jan
Mar
100
1155* Feb
1 0 0 % Mar
Jan
43
Jan
62%
Feb
47
8 1 % Mar
Jan
71
66
Feb
66 % Feb
38
Mar
73 % Mar
Jan
27
Jan
48%
Mnr
15
Feb
70
Fob
12%
70%
Jan
Jan
82%
2 3 % Mar
4 4 % Mar
Feb
20
54 %
Jan
Fob
56%
Jan
00
Jan
04%
102 % Feb
50%
Jan
90 % Fob
99 % Jan
Jan
45%
44 5* Fob
Jan
23%

Stocks-

American Sewer Pipe.. 100
Am Wind Glass Mach. 100
Preferred........ .......... 100
Am Window Glass pref.100
Columbia Gas A E lec.. 100
Consolidated Ice co m ..100
Crucible Steel com___ 100
Preferred__________ 100
Ilarbls-Walk Refract.. 100
Preferred........ .......... 100
Independent Brewing— 50
Preferred___________ 50
La Belle Iron W orks... 100
Preferred................... 100
Lone Star Gas...............100
Mfrs Light A Heat____ 50
Nat Fireproofing c o m ..50
Preferred___________ 50
Ohio Fuel Oil.................. SI
Ohio Fuel Supply.......... 25
Oklahoma Natural Gas. 100
Osage A Oklahoma Co. 100
Plttsb Brewing com----- 50
Preferred___________ 50
Pittsburgh Coal co m .. 100
Preferred................... 100
Pittsburgh Oil A G as.. 100
Pittsburgh Plate Glass. 100
Pure Oil common.............5
San Toy Mining.......... '
Union Switch A Signal. .50
U 8 Steel Corp com— 100
Wcst’house Air B rake..50
West’house Elec A M fg .50
Preferred___________ 60
West Penn Rys pref— 100
West Penn Tr A W P ..100
Preferred__________ 100
Bonds.
Cent Dlst Telep 5s— 1943
Duquesne Trac 5s__ ..1930
Indcp Brewing 6s___ 1955
Plttsb Brewing 6s----- 1949

77 M Mar
7,754 75 % Jan 89 % Mar
2,509
4 % Jan
4 '/, Afar
7,220
Jan
6 % Mar
7
271 41M Jon 4 5 % Jan
1,012 87 M Jan 92 % Jan
32,750 7 0 % Mar 8 8 % Jan
10 115M Feb 117% Jan
190
Feb
10 % Feb
10
540
Mar
10 % Mar
10
10
Jan
Jan
50
5 67 M Jan
Feb
310 70
Jan
Mar
1,165
Feb
SM Feb
575 34 M Jnn
Mar
52.000 96 M Jan
18.000 89 % Jan
1.300 89 M Jan
62,000 104 M Jan
3.000 80 % Jan
1,100 80
Feb
5.000 1 0 5 % Mar
1.000 101
Jan
9,000 57 M Jan
200 58
Mar
2,000 96
Jan
3,000 2 0 % Jan
11,000 10 1 % Jan
1,000 103
Mar
1 ,000 101
Mar
5,000 1 1 0 % Jnn
10,000
01 % Jan
1,000 1 0 1 % Jan
15,000 105
Mar
8,000 1 0 0 % Jan
7,000 1 0 5 % Jan
5,000 99
Jan
2,000 99
Jnn
3,000 104
Jan
5,000 1005* Mar
25,000 90
Jan
7,000 1035* Jan
500 103
Jan
57.000 82 M Jan
900; 82 M Jan
1 .000, 90
Mar
13.000 94 % Jan
9,000', 95
Jan
14.000 98 % Jnn
5.000 71M Feb
600 96 M Jan
9.000 0 2 % Jan

97
93 %
93 %
106
SIM
83
106M
103
68
59
100
35
1035*
103
101 %

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

Jan
Feb
Mar
Mar
. Feb
Jan
Jan
Jan
Jan
Mar
Fob
Fob
Fob
Mar
Jan
1 1 0 % Mar
Fob
94
103J* Fob
Jan
106
103
Feb
10651 Feb
109
Jan
99 % Feb
Feb
106
1015* Fob
Fob
94
Jan
105
Jan
104
84 % Feb
84 M Feb
90M Jan
96 M Jan
Mar
96
10 1 % Jan
73 M Jan
99
Feb
95 M Jan

16
165*
4,8
47
143
1435*
100M 100 % 1005*
15%
155*
15M
5
5
5
97
84%
1 1 6 % 117
84
84
102
102
3
25*
15 %
155* 165*
51
50
50%
130 % 13054
93
93
51 V*
51
51%
85*
9%
95*
20
195*
10 H
19
1.8
19
40
395* 40
72
71
100
100
100
5
5
5
18
18
28%
295*
104
104
75*
7%
7M
116 116
19
IS
19C. 20c.
119
Ill
845* 87
140
139
655* 715*
78 % 785*
74
74
18%
185*
51
46
103
100

103 103
100
100
495* 495*
64
64

Sa les
fo r
W eek.
S h a res.

R a n g e s in c e J a n .

1.

H ig h .

Low .

Jan
Jan
Jan
Feb
Mar
Jnn
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Feb
Mar
Mar,
Mar.
Feb
Jan
Mar,
Feb
Feb
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Jan
Feb
Mar
Feb
Feb
Jan
Jan

17%
Jan
49 % Jan
145
Mar
105
Jan
1 5 % Mar
5
Mar
Mar
97
Mar
117
Feb
84
Feb
102
3M Jan
Jan
19
Jan
54
130M Mar
Jan
93
51 % Jan
Jan
12
24 % Jan
Jan
19
Jan
40
Jan
74
Jan
100
65* Jan
2 1 M Jan
Jan
36%
Feb
108
Jan
0%
Jan
116
215* Mar
25o. Jan
126
Jan
88 % Jan
1405* Jan
7 1 % Mar
795* Jan
74
Mar
ISM Mar
51
Mar

*3,500 101M Jan
Mar
6,000 100
Mar
4.000 49
Mar
2.000 64

1035* Mar
100
Mar
60
Jan
67 % Feb

45
890
125
59
2,275
100
145
85
100
80
270
170
545
25
26
642
5,825
235
55
675
225
2 5
20
130
220
100
265
60
4,900
9,800
682
580
893
2,770
50
400
31
100

16
34 M
132
100
14 %
35*
56
109M
71%

100
2%

15M
50
123
90
50%

8M
20
17%

38
70
98
4%

165*
27
102M
GM
115
18
15c.
113M
SOM
134 5*
61 %
76
735*
17
44

Baltim ore Stock E xch an ge.— Complete record of the
transactions at the Baltimore Stock Exchango from M ar. 11
to M ar. 17, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks aro all dollars por
share, not por cont. For bonds the quotations are por cent
___________________________

of par value.

Stocks—

F rid a y
L a st W e e k 's R a n g e
S a le i o f P r ic e s .
H ig h .
P a r. P r i c e . L o w .

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

41M
41M 41M
Amer Type Foundry..
39
39 M
Arundel Sand A Gravel
45
45
Balt Dry Dock A S B .
100
95
Preferred__________
115 I 109 117
Baltimore Tubo............
92 M 99 M
965*
Preferred..................
43 M 43 M
Baltimore Elec, pref----- 50
7
7
Chalmers Oil A Gas
4
4
Preferred............
49
49
Commercial Credit----- 100
107
109 M
Consol Gas, E L A P..100 107
112
109
Preferred........ .......... 100 109
100
100
Consolidation Coal----- 100 100
225*
22 M 21
Cosden A Co--------9M
9M 10
Cosden Gas---------4M
4M
4M
Preferred_______
61,i* 635*
625*
Davison Chemical 185* 185*
Elkhorn Coal--------. .
19
19
Elkhorn Fuef......... — 100
18
18 5*
185*
Houston OH trtist ctfs..100
63
62
Preferred trust ctfs.. 100 02
66
58
Mer A Miners Trans new..
12
12
12
Mt Vernon Wood v t c ----52
52
52 5*
Preferred v t c ................
255* 255*
Norfolk Ry A Light. . . 100 255*
73
72
Pennsylv Water A Pow.100 72
1345*
Poole Engine A Mach----- 1345* 128
14 M 14 %
14M
Sapulpa Producing............
14 M 1 4 %
Preferred_____________
14%
14
14M
Sapulpa Refining-----------14 % 14%
Preferred_____________
50
50
Symington (T H )-----------100
100
Preferred-------------------27M 27M
United Ry A E lec......... 50
8%
8M
0M
Wayland OH A Gas.......... 5
Ronds.
98
98
Anacostla A Potom 5s. 1949 ..........
91
91
ACL(Conn)ctfs 5-204sl925'
100
100
Balt Elec stamped 5s. 1947
98 M 98 M
Balt Spar Pt A C 45*8.1953
98
98 M
cidcago Ry 1st 5s----- 1927
102 M 102M
City A Subur 1st 5 s.. 1922
92 % 92 %
Consol Gas gen 4 M s.. 1954
88M 88 M
Cons G, E L A P 45*s. 1935
92
92 %
Consol Coal ref 5 s...1950
104 104
Convertible 6s____ 1923 104
120 125
Cosden A Co 6s--------------101M 101M
Cumbcrl'd A Penn 5s. 1921
97 M 97 %
Elkhorn Corporation Os...
IOOM 10 0 M
Elkhorn Fuel 5s........ 1918
10 1
10 1
Fair A Clarks Trac os. 1938 10 1
103 103
Ga Sou A Florida 5 s.. 1945
80 % 8 0 %
Hous Oil dlv ctfs. .1923-25
92 % 93
Jandson C A C-G C 5sl930
93
93
Macon Dub A Sav 58.1947 93
98 M 99
Maryl’d Flee Ry 1st 5sl931
102
102
Mercli A Min Trans 6s----- 102
92 M 92 % 92 %
MllwEl Ry A Lt45*s.l931
98
98
98
Mt V-Wood notes
99M 0 0 %
N News A Old P 1st 5sl938
96 M 96 M
Norfolk Ry A Lt 5 s.. 1949 96M
100M 106M
Nor Balt Trac 5s----- 1942
103M 1035*
Seaboard A Roan 5s .. 1926
83 % 84
United Ry A Elec 4 s.. 1949
Income 4s_________ 1949 0 1 M 61 % 6 1 %
86%
80%
Funding 5s...............1936
86M 86 %
do
small.........1936
1936 .
99 % 0 0 M
.19161.
Notes 5s-----

200
155
20
60
7,697
1,859
105
10
25
20
135
194
180
9,313'
3,016
7,569
790
857
601
560
12
65
30
365
18
395
210
102
57
2,401
50
28
145
347
13,144

R a n g e s in c e J a n .
Low .

41M
36M
25
90
63
82 %
43
7
4
46
107
109
96
14M
8M

*4,000
1,000
7,IKK)
1,000
3.000
3.000
1.000
14.000
3.000
3.000
52.000
8.000
14.000
14,500
3.000
2.000
3.000
25.000
1.000
5.000
26.000
8.000
3.000
1.000
6,000
1,000
5 ,000:
9.000
6.000
4,100
700
13,000

Mar
Jan
Jan
Fob
Jan
Jan
Mar
Feb
Mar
Jan
Mar
Mar
Feb
Jan
Feb
4 % Mar
59
Mar
18% Mar
Jan
18
Mar
18
Mar
62
50 M Feb
12
Feb
52
Jan
Mar
25
72
Mar
106
Mar
3M Jan
Jan
5
Jan
9
9M Jan
Jnn
50
Jan
100
25 M Jan
4M Jnn

1.

High.
41M
42
45
100
117
99 %
44 %
8
4
50
115M
115M
103
26
10 %
6

Mar
Feb
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
71%
Mar
19
19% Mar
23%
Jan
Jan
68
Mar
66
Jnn
16%
Feb
54%
Jan
26
Feb
77%
Jan
148
Feb
18
Feb
17
Feb
16%
Feb
16%
Jan
50
110
Mar
29
I-'cb
Feb
0%
83
99
Jan
93
Jan
100
Feb
OSH Mar
00%
Feb
Feb
102%
Jan
04%
Jan
00%
Jan
93
Jan
105
1385* Feb
101 % Mar
98 % Jan
Feb
100%
Feb
101%
Jan
103
Jan
82%
Mar
93
Mar
93
Mar
99
Mar
102
0 2 % Mar
08%
Feb
99% Mar
9654 M m
100 % Mar

Jnn
96
Mar
91
99 M Jan
95 % Jan
Jnn
07%
102 M Jan
92 % Mar
88 % Mar
01%
Jan
103 % Jan
101 % Jan
101 % Mar
97 % Jan
Jnn
100
Jan
00%
102 % Feb
Mar
80
91
Jan
93
Mar
96 % Jnn
101
Jan
00%
Jan
98
Mar
99% Mar
95
Feb
106
Feb
103 % Mar 1035* Mar
Jan
83%
Jan 85
60%
Jan 6 2 % Feb
84 % Jan 8 7 % Feb
85
Jan 8 7 % Feb
99
Feb 0 0 % Feb

Mar . 18 1916.]

THE CHRONICLE

Chicago Stock Exchange.—Complete record of transac
tions at Chicago Stock Exchange from March 11 to March 17
both inclusive, compiled from the official salos lists, is as
follows:
S a les
fo r
W eek.
S h a res

V

Stocks

P ar.

American Can_______ 100
American Radiator___ 133
Amor Shipbuilding----- iao
Preferred................... 100
Booth Fisheries, co m .. 100
Preferred...................133
Chic City 4 C Uy pt sh pf
Chic Pneumatic T o o l.. 100
Chic Rys part ctf "4".
Chicago Title A Trust.100
Common w'th-Edlson. . 100
D eere* Co, pref.......... 100
Diamond Match...........ICO
General Roofing pref. .100
Hart,Shaft & Marx, pf.103
Illinois Brick...... .......... 100
Int Harvester of N J..100
Lindsay Light............... 10
Pruiencd......... .......... 10
National Carbon.......... 100
Preferred.................. 100
People’s Gas L t * C ...1 0 0
Pub Serv of N III, com. 100
I referred...... ........... 100
Quaker Oats Co_____ 100
Preferred.............. ..103
Scars-Roebuck c o m ... 103
Stew Warn Speed com. 100
Swift & C o_____ _____ 100
Union Carbide Co.........100
Ward, Montg & Co. pref..
Bonds.
Booth Fisheries s f As. 1926
Cal & So Ch Ry 1st 5s. 1927
Chicago City Ry 5 s .. 1927
Chicago Ry 5s_______1927
Chic Rys 4s.Ser"B” 1927
Chic Un Sta 1st 4 Ms. 1963
Commonw Edison 5s. 191.3
Commonw Elec 53.1943
Cudahy Packing 1st 5sl924
Met W Side El 1st 4s. 1938
Morris & Co 4Ms___ 1939
N W Elcv RR 1st 5s. .1941
Ogden Gas 5s............. 1945
Pub Serv Co 1st ref g5s!956
South Side Elev 4MS-1924
S w ift* Co 1st g 5 s ... 1944
x

W e e k 's R a n g e
o f P r ic e s .
Low .
H ig h

.
.
l

93

i

5
«
.
144 MS
i
i

80 H
"9H
105
104
330

176
115

64
395
47 H
90
33
7 4 M 75
17M 17M
79
67
1H
IM
230 230
142 H 144M
95M 95 H
104 105
101M 104 H
116M 117
79 H 81
110M 1 1 0 M
9M
9M
9M
*»M
172M 180
121M 122
104M 105M
113
HIM
103M 104
330 345
109M 109M
176 177 H
87
89 M
131
131M
172M 176
114M 115M
64
395
41
86
28

83
83 M
93 M 93 M
99M 99 H
98 M 93 M
70
71 H
100M 100 y .
102M 102M
102 M 102 M
102 M 102 M
72
72
92 M 92 H
88
88
88
97 «
96 M 97 H
94 M 94 M
99M 90 M
100 1 99M 100
99M

R a n g e s in c e J a n .

1

Low .

50 04
Mar
8( 385
Jan
5,297 33
Jan
085
75 M Jan
95 25
Jan
3 9 00
Jan
215
17M Jan
1,941
03 H Mar
5(
1 H Fob
222
Mar
521 142
Fob
14
95 H Mar
202 102
Mar
5 101M Jan
290 114M Jan
450 76 M Jan
100 110M Mar
325
CM Jan
100
9M Mat
210 170
Jan
165 Z120M Feb
413 100M Fob
228 107
Jan
154 101
Jan
42 309
Jan
30 107
Jan
234 169M Mar
3,179 83 X Mar
975 126M Jan
473 170
Feb
109 112M Jan
$7,000
3,000
9,000
29,000
8,000
4,000
37,000
5,000
4,000
1,000
3,000
3,000
10,000
19,000
3,000
08,0001

83
93 M
99 M
97M
COM
100 M
102M
102
101M
72
89 H
88
95 M
94
88 M
98M

H ig h .

64
400
47M
90
33
75
ISM
79
1M
232
140
98
108
104 M
117
83M
111
I0M
10M
185
122 M
112M
115K
104
363
110
188
90 H
134
179
116

Mar
Mar
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Jan

1.

86
93 M
100
98 M
75
100M
102M
102 M
102 M
73 M
93
88
97 M
94 M
90M
100

Mar
Mar

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
S to ck s.

1

S h a r es.

Saturday ...................
M onday.....................
Tuesday......................
Wednesday_________
Thursday...... ........... .
Friday........................

235,338
899,062
1,085,1151
900,190
985,635
703,428!

S a les at
N e w Y o r k S lock
E xch a n g e.

R a ilr o a d ,

4 c.,

P a r V a lu e.

$19,875,300
31,939,600
96,073,250
73,903,500
86,967,000
64.899,75;)

W e e k e n d in g M a r c h

1916.

17.

1915.

B o n d i.

81,184.500
1,941,500'
2,187,500'
2,249,000
2,932,500
2,340,500;

S ta te, S t u n .
<fc F o r e ig n
B on d e.

u. s.
B o n d t.

S161.500
534.500
535.500
987.500
936,503
797.000

Jan. 1 to

M a rch

1910.

82,000
500
2,500
2,000

17.
1915.

Stocks— No. shares.. .
4,808,768
980,094
$37,421,051
$12,650,821
Par value............ .. $423,058,400 577,257,125 $3,263,433,395 $1,079,231,235
Bank shares, par____
200
$1,500
$57,400
$84,300
B on d s.
Government bonds__
$7,000
$1,000
$359,000
$304,000
State, mun., Ac..bonds
3,952,500
4.83,500
45,102,000
4.959,000
R R. and mlsc. bonds..
12,815,500
10,795,000
200,532,600
132,769,500
Total bonds_______ $16,775,000 $11,279,500
$240,053,500
$138,092,500
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
P h ila d e lp h ia .
W e e k e n d in g
M a r c h 17 1916

Saturday...............
Monday_________
Tuesday................
Wednesday...........
Thursday........ .....
Friday..................

S h a r et.

56,585
63,799
63,092
51,362
47,124
51,889

T o ta l................ I 323,85l!

B on d Sales.

S h a r et.

7,527
18,142
27,014
19,940
10,914
9,145

816,500
52,500;
so.ooo;

108,000,
71,000
53,000!
$357,000

92,682

B on d S a let

830.600
47,600
34,900
49,500
78,400
74,300

B a ltim o r e
S h a r et.

[B on d S a les.

4,611
7,662
11,223
11,977
11,316
4,703

$315,2001 51,492

$22,500
20,800
71,800
82,100
44,100
27,000
$268,300

Inactive and Unlisted Securities

All bond price* are "and Interest’ except where marked “ f.*
Standard Oil -Stock*
Anglo-Amer Oil new.

t rShare
r BUt
A tk
. *15*4 15*4

) 6*0 070
) 295 305
) *10 1 103
1 740 750
1 160 180
1 320 325
45
1 *42
1 no
65
1 215 220
153 156
135 138
Illinois Pipe Line............. 100 184 186
Indiana Pipe Line Co____60 •106 108
Internat Petroleum______ £1 •12*4 13*4
21
National Transit C o.........25 •19
New York Transit C o___100 195 200
Northern Pipe Line C o . . 100 103 105
Ohio Oil C o........................ 26 •238 240
Venn-Mex Fuel C o . . ____26 •62
65




Pierce Oil Corp.............
05
Prairie Oil A tins
'i(K)
Prairie Pipe Line. . . ” * '10 0
Solar R efining...
jof)
Southern Pipe Line C o” 100
South Penn O il..
'10 0
Southwest Pa Pipe Lines] 100
Standard Oil (California) 100
Standard OH (Indiana) 100
Standard OH (Kansas) ..10 0
Standard Oil (Kentucky)'loo
1
1
1
1
’
*
1

O i l .. .----- ” ” l00
Bond*.

P er 1 h a r e .
B id
irk .

•15*4 16
425 430
234 216
285 295
210 215
300 365
110 115
254 250
548 652
461) 470
355 360
355 365
523 525
213 215
535 545
135 140
82
84
223 226
•42 48
82

84

P e r Sh a
Par

American Cigar commonlOO
Preferred....................... 100
Amer Machine * Fdry.,100
Brttlst-Amcr Tobac ord. . £1
Ordinary, bearer_____ £1
Conley Foil....................... 10O
Johnson Tin Foil A Met. 100
MacAndrews 4 Forbes..100
Preferred................. ...1 0 0
Porto Rlcan-Amer T o b .. 100
Reynolds (R J) Tobacco. 100
Preferred...................... 10'
Tobacco Products com ..100
United Cigar Stores bora. 100
Preferred.......................100
Young (J 8) C o...............100
Preferred................. ...1 0 0

B id

A ek

115 120
99 101
80 90
•15
17
•15
17
325 380
133 160
145 155
99 101
215 225
475 500
120 122
49>2 59
94 98
115 125
150 170
105 110

Fob
Mar
Feb
Ordnance Stocks — P er S h a n .
Jan
24
22
Feb Aetna Explosives new com
Preferred...................... 100
78 81
Feb
18 28
Jan Amer * British M fg___ 100
Preferred....................... jo o 50
80
Mar
Mar Atlas Powder common 100 240 250
Preferred..........
loo 102
Jan
Jan Babcock A Wilcox......... ino 120 1125
Feb Bliss (E W) Co common. 50 *385 4.0
.811
Feb I Preferred...................... 5n -75
Feb Canada Fdys 4 Forglngsino 180 195
67
Mar "anadlan Car & F dry.. . 100 02
Preferred..................... .10 0 83
88
Jan
Feb Canadian Expioslves eomlOO 300 330
Preferred____________ 100 102 110
Feb
76
72
Jan Carbon Steel common__ 100
1st preferred................100 79 85
Feb
65
2d preferred................. 100 62
Jan
Jan Colt's Patent Fire Arms
M f g ........ ............
100 845 865
Mar
Jan Crocker-WheelerCocom.100 102 105
Feb Drlggs-Seabury Ord CorplOO 150 155
duPont (E I) de Nemours
Powder com (n e w )... 100 *345 355
J.in
Preferred....................... 100 105 108
Mar
Feb Electric Boat________ 100 370 380
Preferred...................... 100 370 380
Feb
t383 393
Jan
Preferred.................... ” io o 118 122
Feb
55 63
Jan
99 95
Preferred.................... I lot
Mar
17 20
Mar International Arms........
•10
11
Jan
*69»g f)97g
Feb
178 ;188
Mar i Preferred...................... 100 100 I106
525 540
Feb !
•37 38
Feb
2200 2325
Feb

Ex-dividend.

W e e k en d in g
\ fn r r h 14
17 IGIA
MUTCH
UiU.

T obacco Stocks —

1051

Ims

Railroads—
'.Vest Pac 1st 5s 1 9 3 3 ...M-S

4**.
24*;8 26

B id
f

Street Railways—
Par
Com’w'lth Pow Ry * L ..I 0 0 61
Preferred____________ 100 85
Federal Light & Traction 100 12
Preferred....................... 100 46
Republic Ry * Light___ 100 27
Preferred____________ 100 71
Tennessee Ry L 4 P com 100 12
Preferred.......................100 51
United Lt * Rys com__ 100 51
1st preferred.......... ...1 0 0
76
Wash Ry 4 El Co...........100 •84
Preferred____________ 100 •81
4s 1951......................... j -d 807*
Elec. Gas 8c Power Co*—
Am Gas * Elec com______50
Preferred_____________ 5(
Am Lt A Trac com m on.. 1Of
Preferred.............. _..10<
Amer Power A Lt com..,10<
Preferred____________ 10<
Amer Public Utilities coralOf
Preferred....................... 100
Cities Service Co com __ 100
Preferred....................... 100
Consumers Power (Minn)
1st 4 ref 5s 1 9 2 9 ...MAN
Elec Bond 4 Share pref.. 100
Great West Pow 5s 1946 .JAJ
Indiana Lighting C o___ 100
4s 1958 optional___ F-A
North'n States Pow com . 100
Preferred....................... 100
Pacific Gas 4 Elec com-.lOO
1st preferred_________ 100
2d pref (old pref)___ 100
South Calif Edison co m .100
Preferred____________ 100
Southwest Pow A I, pref 100
Standard Gas * El (Del). 60
Preferred.................
60
United Gas 4 Elec Corp.100
1st preferred_________ 100
2d preferred................. 100
Western Power common. 100
Preferred................. ...1 0 0

■137
*50
387
112
64
86
45
74
135
80

62
86
14
48
28
73
13
52
63
77
88
82
81*4

140
51
300
115
66
87
47
76
138
81

102 104
100
85 *87"
85 - __
81
79
52U 53*4
93
94
62*4 63
91
93
92
94
90 92
103 106
97**100
*8*4! 9
•31** 32
15
18
70
73
19
16
16
17
68*4 60

Industrial
and Miscellaneous
Adams Exp col tr g 4s'47 J-D /83
85
Alliance Itealty________100 70 80
Amer Bank Note c o m ... 60 *42
44
Preferred____________ 50 *50
52
Short Term Notes. P er H en 1.
AmcrLocomSs July 1916 J-J 100*8 100*4 American Brass________ 100 265 208
6s, July 1917................. i-J 10034 10)** American Chicle c o m __ 100 67 I 69
Preferred................ ...1 0 0
84
87
Am T A T Sub Cos 5 s ..1916 100 I0()i4
4M8 1918.......................
lOO^s KXFs Am Craphophone co m ..100 119 123
Preferred.......... ........... 100 127 |l29
Anaconda Copper 5s '17 M-8 101*4 101'*
Balt A Ohio 4 Ms 1917 JAD 1003* 1007* American Hardware____100 123 ,125
4Ms, 1918___
j* ,,| lOl.glOia* American Surety_______ 60 100 jl 10
Amer Typefounders com.100 42 431*
Canadian Pac 6s 1924.MAR2
103
Preferred____________ 100 94 I 96
Ches A Ohio 6s 1919... J-D 100,4 I00<2
Bond A Mtge Guar........ 100 286 293
Chic Elev Ry 5s 1910
J.J 92 | 95
Chic A West Ind 5s' 1 7. M AS 100I« 10U*s Borden s Cond Milk com.100 110**1 111*
Preferred...................... 100 105**106**
Consum Pow 6s 1917 MAN 99*4 I00>*
*D2 is*
Erie R R 5s. April 1916 A *o! 100 100*4 Canada Copper............ . . . 6
6Ms April I ]9 )7 ___ a -O1 1011*101*4 Casualty Co 0/ Am erica..75
Ctllulold
Company____
ICO
175
185
General Rubber 5s 1918 JAD , 007s *01 *8
19 22
Hocking Valley 5s 1917.M-N 101*4 101s* City Investing C o .____ 100
Preferred.............. ..... 100 71
76
Int Harv 5s Feb 15 '18 F-A 1017* 1021*
Lackawanna Steel 6s'17 M-8 101 j *0 1 U Cramp Ship A E B ldg...100 75 80
Minn Gen E l6s 1917... JAD 101*4 101*4 Emerson-Brantlnghara ..100 18 20
100 55
Preferred.................
60
New Eng Nav 6s 1917 M-N' 997*1001*
N Y N H A H C s .M a v 1 1916' 1°0'» *00*s Coldfield Consol M in e s... 10 •88C. 90o.
1
3
Pub Ser Corp N J 5s T9 MAS 100*s 100*4 Havana Tobacco Co___ 100
Preferred.......................100
3
6
Schwarz 4 Sulxh 6s '16. .J-D *00*4 100*8
1st g 5s June 1 1922..J-D /60
64
Southern Ry 5s 1917 M-S2 1 ° 0*4 101
191*
SulzASonsCoCsJ'ne 1 'I 6M-S IOOI4 100*8 Houston Oil com _______ 100 18
15**
United FrultOsMay 1'17M-N IOII4 IOH* Intercontlnen Rub c o m ..100 15
Cold notes 6s 1918..M-N, ,0 1 (101 >4 Internat Banking C o___ 100 160 163
101*4 Internat Merc Marine...100 16** 17**
Utah Co as 1917............ A-O 101 l,ni1'
Preferred____ _______ 100 70
75
UtabSecurCorp 6s '22 M-S15 96** 97i*
International Salt______100 40 411*
New York City Notes—
1st g 5s 1951............A-O /76
77
101**1013*
6s Sept 1916........
96
103*2 1035* International Sliver pref.100 93
6s Sept 1 1917.............
1st 6s 1948...................J-D 107 110
Canadian G ovt. N otesDeb 6* 1933...................J-J 99 101
_
_ A 100*2'100*4
68 Aug 1 1916................FA
Monotype.........100 69** 701*
6s Aug 1 1917 . . . ” ” ” f a A 100,2 10,134 Lanstnn
•■"•*
*4
P e r C l B atin La Rose Consol Mines___ 5
Lawyers’
Mortgage C o .. 100 170 176
B
id
A
s
k
RR. Equipments—
4 25 4 10 Lehigh Valley Coal Sales.60 *82 1 84
Baltimore A Ohio 4 Ms____
Buff Roch A Pittsburgh 4 Ms 4.50 4.20 Marconi Wireless ol Amer.5 *3**
.60 •07 | 68
Equipment 4s.................... 4.50 4 20
100 114 119
Canadian Pacific 4 Ms.......... 4.50j 4.25
11 0 215 218
4.62 4.38
Caro Cllnehf A Ohio 5s____
.100 90 | 95
Central of Georgia 5 s . ......... 4 50; 4.20
100 43 1 48
Equipment 4H s................ 4 50! 4 .20
5
50;
4.50
Chicago A Alton 4 s . ...........
66
6 65 5.00 Otis Elevator com_____ 100
Chicago A Eastern III 6s___
Preferred...................... 10o|
94
Equipment 4 Ms................ 6.65 5 00
100
4 65' 4.30 Realty Assoc (Brooklyn).1
Cldc Ind A Loulsv 4 Ms__
4.38, 4.1S Remington Typew riterChic St L A N O 5 s..
Common__________. . 1
4 25[ 4.00
Chicago* N W 4 Ms..........
1st preferred_________1
Chicago R I A Pac 4 M«........ 6 15 4.75
2d preferred_________ 100
4.65, 4.25
Colorado A Southern 6a._
Erie 5s.................................... 4.45 4.25 RtkerA Hege’n (Corp for stk)
4 45 4.25 Royal Baking P ow dcom .l
Equipment 4 Ms........
Preferred.......................I00j
Equipment 4s___________ 4 45‘ 4.25
4.40
4.20 Safety Car Heat A Light. 100
Hocking Valley 4s.......... .....
•1.40 4.20; Sapiilpa R e fin in g ..______ 5
Equipment 5s_______
4.251 4.12 Singer Mfg C o.................100 219 223
Illinois Central 5s..........
4 M s.................................... 4.25! 4.12i Standard Coupler 00m .. 100
Preferred____________ 100 103
Kanawha A Michigan 4 M s.. 4 50 4.20
4 25 4 00
Louisville A Nasbvlile5e___
4.30 4.10
Minn St P A 8 S M 4 Ms___
Missouri Kansas A Texas 5«. 6.O015.00 Triangle Film____ _______ 5
6 r0 5.00 United Profit Sharing........ 1
Missouri Pacific 5s........
4.70 4.40 U 8 Casualty....................100
Mobile A Ohio 5s............
Equipment 4 Ms................ 4.70 4.40 * 8 Envelope com ........... 100
Preferred____________ 100
New York Central Lines 5s.. 4.45 4.15
4.45 4.15 * 8 Finishing...................100
Equipment 4M»........ .....
Preferred.............
100
N Y Ontario* W est4 M s ... 4.55 4.25!
1st g 6s 1919...............J-J
4.25 4.00
Norfolk A Western 4 Ms___
Cons g 6s 1929......... ..J -J
Equipment 4 s................... 4.25 4.00!
4.29! 4.00 U 8 Title Ou A In d em ...li
Pennsylvania RR 4Ms........
4.20 4 00 Westchester A Bronx Title
Equipment 4s..................
A Mortgage Ouar......... 100
5.251 4.75
St Louis Iron Mt A Sou 5s.
6.00
5 00; World F ilm .........................6
St Louis A San Francisco 6s
Seaboard Air Line 5s............ 4.69 4.35' Worthington (H R) Com­
pany pref.......................100
4.60 4.35
Equipment 4 Ms.......... .
Southern Pacific Co 4 M s... 4.25 4.12 Yukon Gold .......................6
4.50, 4.20
Southern Railway 4 Ms___
Toledo A Ohio Central 4 * ... 4.80; 4.30

• Per share. 8 Basis, d Purchaser also Days accrued dividend, e New stock.
/F la t once
h Ex special cash dlv. of 5% and 19% In Anglo-French bonds,
a Nominal x Ex-dlvldend
v Ex-rights.

[Vol . 102

THE CHRONICLE

1053

|uwjestm«wt ami f|ailrxratf
r a i l r o a d
g r o s s
e a r n i n g s .
The following table ehowe the gross earnings of every S T E A M railroad from which regular

period.

° r m o n th ^ r e t o n .

The returns of the electric railways are brought together separately on a subsequent page.
J u ly i

to L a te s t D a t e .

ROADS.

R O AD 3.

$

Ala N O & T ex P a c N O & N or E astAla & V icksburg.
Vicks Shrev & P Ann A rb or_________
A tch T op & San F e.
A tlanta Blrm & A tl
Atlanta Sc W est Pt_
A tlantic Coast Cine
Chariest & W Car
L ou Henil & St L
oBaltim ore & O h lo.
13 & O Ch T er It It
Bangor & Aroostook
Bessemer & L E rie.
Blrmingham SouthBoston & M aine- —
B u ff K och & PittsbB u ffa lo& Susq R R Canadian N or S yst.
Canadian Pacific __
Central o f Georgia
Cent o f New Jersey
Cent N ew EnglandCentral V erm ont. .
Ches Sc Ohio Lines.
Chicago & A lton —
C hic Burl Sc Quincy
b Chicago & East 111
c Chic Groat W estC hic Ind & L ou isv.
Chic M ilw & St P - l
Chic M il Sc PugS.i
dC hlc& N orth W est January—
C hic Peoria & St L . January . .
Chic R ock Isl & Pac J a n u a r y __
C hic R l & G u l f — January —
dChic St P M & Om January —
C hic Terro H & S E January —
Cin Ilam & Dayton J a n u a r y __
C olorado M idland . January___
e C olorado & S outh. 1st wk M ar
C o rn w a ll--------------- January —
Cornwall & Lebanon January —
C uba R a ilro a d ------ January —
Delaware & Hudson January —
D el Lack Sc Western Ja m ary___
D onv & R io Grande 2d wk Mar
Western Pacific— January . .
Denver & Salt Lake 1st wk M ar
D etroit T o l & Iront January . .
D etroit & M ackinac 1st wk M ar
D et & T o l Shore L - January - ­
Dul & Iron R ange— January . .
D id South Sh Sc Atl 1st wk M ar
D uluth Winn & Pac January —
Elgin Joliet & E ast- January—
El Paso & Sou W est January —
Erie............................. January—
Florida East C oast. January _ .
Fonda Johns & Glov January - Georgia R ailroad— January —
Grand Trunk P a c . - 3d wk Feb
Grand Trunk Sys__ 1st wk M ar
Grand Trunk R y 3d wk Fob
Grand T rk W est. 3d w k Feb
D et G r H & M ilw 3d wk Feb
Great N orth System February G ulf & Ship Island. January___
H ocking Valley------ January . .
Illinois C entral------ February .
Internat & Grt Nor January - ­
Kanawha & M ich — January - ­
Kansas C ity South- January —
Lehlgh V alley-------- January —
Lehigh & Hud R iv . January —
Lohigh & New E n g. January __
Louisiana & A rkan. January —
Louisiana R y & N av January —
/L ou isville & Nashv 1st wk M ar
M acon & Birm ’ham January —
M aine Central-------- .January___
M aryland Sc Penna. January___
M idland Valley------ January _
M ineral R ange------ 1st wk M ar
M inn & St Louis— 1st w k M ar
M inn St P & S S M - 1st wk M ar
Misslssippl C entral- J a n u a r y _
a M o Kan Sc T oxas. 1st w k M ar
h Missouri P a c ific .. January __
N ashv C hatt & St L January _
jN
n eew
w Y*ora
ork Central
eea ira i oJanuary___
a u u a i y ---Boston Sc Albany January—
n Lake Erie & W_ January___
M ichigan Central January___
C ieve C C & St L January___
Cincinnati N orth. January___
..... —
Pitts & Lake Erie January—
N Y Chic & St L .iJ a n u a r y ...
T ol & Ohio C ent.!Janu ary—
T o t all lines above January----

264,079
940,011
I , 060,381
37,817.094
5.574,024
2,240,659
2,252.737
„ „ „ 24,519,571
,355143,731,410
,902 2,250,273
3,856,826
109130081
812,068
1.732,730
8,095,239
608,025
2,197,790
II.
975,917
4,114,661
31,935.769
3,236.502
22,887,197
6,673,406

N ovada-C al-O rogon
New Or! Great Nor
N O M obile & C h ic.
N Y N H & H a rtf—
N Y Ont Sc Western
N Y Susq & W est—
N orfolk S ou th ern ..
N orfolk & W ostern.
N orthorn P a cific—
Northwestern P a c.
Pacific Coast C o —
p Pennsylvania R R B alt Ches & A t l ..
Cum berland Vail.
Long Island-------M a ry l'd Del & Va
N Y Phila Sc Norf
Phil Balt Sc Wash
W Jersey Sc Soash
Pennsylvania C o —
Grand Rap Sc Ind
PiUs C O & St L .
V a n d a lia ____
T otal linos—
East Pitts Sc Erie
W est Pitts Sc Erie
All East Sc W est.
Pere M arquette —
Reading C o —
Phila Sc Reading
Coal Sc Iron C o —
T otal both c o s —
Rich Fred & P otom
Rio Granrle June —
Itio Grande S outh—
R utland-----------------St Jos & Grand Isl_
St L Brownsv & M .
St L Iron M tn & So
St Louis & San Fran
St Louis Southwest.
San Pod L A & S L .
Seaboard Air L in e ..
Southern P acific—
Southern R a ilw a y ..
M obile & O hio—
Cin N O & T ex P .
Ala Great S outh.
Goorgia So & F la.
Virginia & So W .
Spok P ort & Seattle
Tonn Ala & Georgia
Tennessee Central .
Toxas & P acific-----T oled o Peor & West
T olod o St L & West
Trinity Sc Brazos V
Union P acific Syst
V irginian__________
W a b a s h --------------Western M arylan dWestern I4y o f A laW heel Sc Lake E rie.
Y a zoo Sc M iss V all.
V a r io u s F isc a l Y e a r s .

1 to
Buffalo Sc Susquehanna R R -----Canadian N orthern Systom ------ Oct l to
1 to
Delaware & H udson— -----------1 to
E r ie _____________ .. ..----------------N ow York C e n tra l-j----------------- Jan l to
Boston & A lbany------------------- Jan 1 to
Lake Erie & W estorn .n-------- Jan 1 to
M ichigan C e n t r a l - . - .- - — — Jan 1 to
Cieve Cine Chic Sc St L o u is .. Jan 1 to
Cincinnati N orthern-------------- J an 1 to
Pittsburgh & Lake Erie-------- Jan 1 to
New York Ch.cago Sc St Louis Jan 1 to
T oledo Sc Ohio Central______ Jan 1 to
T otal all lines_____________ Jan 1 to
N Y Susquehanna Sc W estern .. Jan 1 to
1 to
p Pennsylvania R a i l r o a d -----------1 to
Baltimore Chesap Sc Atlantic
1 to
Cumberland V alley--------------1 to
Long Island------------— — - —
M aryland Delaw & Virginia . Jan 1 to
N Y Philadelphia & N orfolk- Jan 1 to
Phlla Baltimore Sc Washing n Fan 1 to
West Jorsoy Sc Seashore------ Jail 1 to
l
Ponnsylvanl i C o m p a n y -----------Grand Rapids Sc Indiana------ Jan 1 to
Pitts Cine Chic Sc St Lo ds---- Jan 1 to
Jan 1 to
Vandal l a --------------------- Jan 1 to
T otal linos— East Pitts L
— West Pitts & Erie Jan 1 to
Jan 1 to
— All Lines E Sc
Dec 1 to
R io Grande J u n c tio n ---------Jan 1 to
R u t la n d --------------------------------

_
582,773 22,326,
4,9421530 4,496,739,37,461,
1.053.222 846.897 7.321.
14889 054 11918 983:106570 (
1,587,518 1,243.986 T 1 .163, '
523,3231 436.771: 3.996.
3.272,174 2,566,335 23.254,
3,482.893 2,802,568 24.801.
130,272, 108,271! 1.051.
1,745.351
892,738'12,903,
1,260,213 946.2341 8,114,
431.552 354,4471 3,081.
27322353 21270333 194942!

Jan
M ar
J an
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Dec
Jau

8112,417
8155,
31
10,064.700
7 15,365,
1,585,640
31 2,140,
4,575.291
31 5,711,
11,918,983
31 14,889,
1,243,986
31 1.537,
436,771
523,
31
2,560,335
31 3.272,
2,802,568
31 3,482,
108,271
130
31
892,738
31 1,745
946,234
1,260
31
354,447
431
31
21,270,333
31 27,322
334,630
394
31
13,617,879
31 17.708
63.166
59
31
214,139
31
830,157
31
51.115
31
247,581
31
1,437.280
31
358.393
31
3.499,060
31
387,286
31
2.914,778
31
857.519
31
o o , 17,056.221
31
.5531 7,764.396
31
,434 24,820,616
31
71.887
7 0,0101
,-.­
31
242,622
277,859
591
31

AGGREGATES OF GSO SS E A RNINGS— Weakly and Monthly.
• W e e k ly S u m m a r ie s .

C u rren t
Y ea r.

P re v io u s
Y ea r.

In crea se or
D ecrea se.

%

M o n th ly S u m m a r ie s .
M ilea g e.

4th
1st
2d
3d
4th
1st
2d
3d
4th
1st

week
week
week
week
week
week
week
week
week
week

D ec
Jan
Jan
Jan
Jan
Fob
Feb
Feb
Fob
M ar

(39
(38
(37
(36
(36
(37
(37
(37
(39
(37

road s)____
roads)____
roads)____
roads)____
roads)____
roads)____
roads)____
road s)____
roa d s)-----roads)____

21.419,603
11,492.211
11,484.225
11,600,209
17,439,353
11.093.160
11,724,704
12,559,605
16,473,038
11,561,299

16.177,341
9.197,838
9,653,327
9,890,313
14,037,388
9,790,336
10,369.744
10,412.518
11,856,792
9,678,190

+ 5,212,262
+ 2,294.373
+ 1.830.898
+ 1,709.896
+ 3,401,965
+ 1,302,824
+ 1.354,900
+ 2,147,089
+ 4,616,246
+ 1,883.109

32.41
24.94
18.97
17.28
24.23
13.31
13.05
20.59
38.93
19.32

Y r.

P reo. Y r.

M a y .............. 247.747
J u n e________240,219
J u ly ............. .213,012
A ugu st......... 247.809
Septem ber.-215.132
O c to b e r ____248,072
N ovora b or..2 4 0 .9 1 0
December ..2 4 8 ,4 3 7
January____247.620
February - - 90,557

C u r.

245,207
235.828
241.796
215.751
243.403
247.009
245.858
247,(573
246,838
88,314

C u rren t
Y ea r.

9

244,692,738
248.849.716
2 62 .94 8 .115
279,891,224
294,241.340
311,179.375
306.733.317
295,202.018
267,043.635
66.292,948

P r e v io u s
Y ea r.

9

243,367.953
247.535,879
200,624.000
274.618.381
276.458,199
274.091.434
240.422.695
232,763.070
220.203,595
55,293,481

In crea se or
D ecrease.

+1.3*24.785
+ 1.313,837
+2,324,115
+ 5.272.843
+ 17,783.141
+37.087.941
+68.310.622
+62.438,943
+ 46,840,040
+ 10,999,465

0.54
053
0.8G
1.93
6 .4 3

13.57
27.58
26.82
21.27
19.88

D od ge'a n d 'th e W isconsin ^ ^ h a s o t a ^ I ^ d f i c ^ 'd l^ nchi^s^o^onl'y o j^ w ^ ^ ^ ^ e v e ^ ^ .^ ^ ^ a h o ^ ^ o ^ h e ^ n ^ llit s r ^ ^ ^ ^ ^ f ^ e ' j ^ ' o o n t r a ? a n d ^ he

onger include tho M exican roads in any o f our totals.




Mar . 18 1916.]

THE CHRONICLE

Latest Gross Earnings by Weeks.— In the tablo which
follows we sum up separately the earnings for the first week
of March. The tablo covers 37 roads and shows 1 9 .3 2 %
increaso in the aggregate over the same week last year.
F ir s t

1916.

W eek o f M a rch .

1915.

In crea se.

$
$
Alabam a Great S ou th ern ...
93.60C
74,14?
46,261
A nn A rb or-------------------------41,251
Atlanta Birin Sc A tlantic__
60,015
47,036
Buffalo Rochester A Pittsburgh
224,677
174,452
Canadian N orthern________
540,200
428,70f
Canadian P a cific___________
2,198,000 1,667,000
Chesapealco A O h io________
841,537
641,111
Chicago Great W estern_______
248,690
291,849
C hicago Indianapolis A Louisv.
124,997
148,808
Cine N ow Orl A Texas P a c ific ..
215,236
163,616
C olorado A Southern__________
246,378
254,792
347,100
Denver & R io Grande_________
389,200
D enver A Salt Lake___________
18,164
25,200
19,957
D etroit & M a ckinac___________
22,607
49,621
Duluth South Shore A Atlantic
52.416
42,523
Georgia Southern A Florida___
48,879
Grand Trunk o f Canada_______'
992,026
852,151
Grand Trunk W estern_____
D etroit Grand Hav & M ilw .
Canada A tlantic___________
1,171,610
990,535
Louisvillo & Nashville_______
M ineral R ange_________________
18,645
16,921
M inneapolis & St Louis_______1
219,928
196.938
Iow a Central_______________ )
M inneapolis St Paul A S S M _ .
595,867
486,804
Missouri Kansas & T exas_____
584,568
582,773
M obile A O h io_________________
208,047
209,987
4,654
N ovada-California-Oregon_____
5,729
8,989
R io Grando Southern__________
9,142
192,000
236,000
St Louis Southwestern_________
Southern R ailw ay_____________
1,369,368 1,148,016
2,191
1,240
Tennessco Alabama & G eorgia.
Texas & Pacific________________
335,779
352,756
T oledo Peoria & W estern______
18,122
17,588
T oled o St Louis A W estern____
98,776
100,394
Virginia A Southwestern______
35,008
30,677
189,849
168,386
W estern M arylan d ____________

D ecrea se.

*
19,452
5,01C
12,970
50,224
1 1 l ,500
531,006
200,426
43,150
23,811
51,626
8,414
42,100
7,036
2,650
2,795
6,356

8

.

.

..

.

______

____________

139,875
181,075
1,724
22,990
109,063
1,795

1,940
1,075
153

44,000
221,352
951
16,977
534
1,618
4,331
21,463

1,561,299 9,678,190 1,886,277
................1
1.883.109

3,168

Not Earnings Monthly to Latest Dates.— I n our “ Rail­
way Earnings ” Section or Supplement, which accompanies
to-day’s issue of the “ C h r o n i c l e w e give the January figures of
earnings o f all steam railroads which snake it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Com m ission.
The reader is referred to that Supple­
ment fo r fu ll details regarding the January results for all the
separate companies.
In tho following wo givo all statomonts that havo como in
the prosont week covering a later or a different poriod from
that to which the issuo of tho “ Railway Earnings” Section is
dovotod. W o also add tho returns of tho industrial com
panios recoivod this week.
------- G r o s s

E a r n in g s —
P r e v io u s
Y ear.

C u rren t
Y ear.

R oa d s.

- 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.

$
$
Grand Trunk o f Canada—
Grand Trunk R y _____Jan 3,338.005
2,650,055
Grand Trunk W est
Jan
689,340
559,647
Detroit Gr Hav A M il. Jan
229,212
191,983
T oled o Peoria & W est. b .F e b
07,426
90,655
July 1 to Feb 29________
830.213 822,624
W heeling A Lako E r ie .b .F e b
6S2.833
337,229
July 1 to Fob 29............ 5,778,799 3,528,203

8
555,754
130,665
dof26,522
11,807
117,412
253,144
2,229,615

227,265
dof29,199
dof27,252
1,803
74,541
32.972
868,678

IN D U S T R IA L C O M P A N IE S .
------- G r o s s
„

,

C u rren t
Y ear.

C o m p a n ie s .

E a r n i n g s ---------------- N e t E a r n i n g s -----P r e v io u s
C u rren t
P re v io u s
~~
"Y e a r .
Y ea r.
Y ear.

Amer Pow A Lt (Subsidiary
601,989
operating c o s )............. Feb
Jan 1 to Fob 29______ 1,427,135
Cities Service C o ..............Fob
673,406
ja n 1
r to
io r
o u zu______
Jan
Fob
29______ 1,336,949
K oystono T e le p h o n e .a --F e b
117,725
Jan 1 to Feb 29---------234.834

$
620,957
1,316,459
388,164
814,064
108,719
218,606

$

8

327,018
693,132
655,049
1,300,377
59,183
117,894

L,urr#nt

8
20,814
210,804

8
3
3
26,433 zdef.3,007 zd efl8 ,3 0 8
207,978 *d of35,074zdefl 13,184
I N D U S T R IA L C O M P A N IE S .
— I n t . . R e n t a l s , A c . ------- H a l. o f N e t E a r n s .
C u rren t
Y ea r.

Citios Servlco C o _______ Fob
Jan 1 to Feb 29---------K oystono Tolophono____Fob
Jan 1 to Feb 29______
x

©
44,180
87,152
27,453
54,906

P r e v io u s
Y ear.

S
40,833
81,606
26,336
52,724

C u rren t
Y ear.

$
610,863
1,213,225
31,730
02,988

P r e v io u s
Y ea r.

8
334,284
706,423
28,125
56,076

A ftor allowing for other incom o roccivod.

L a tes t G r o ss E a r n in g s .

American R ys C c . .
A tlantic Shore I t y ..
cAur Elgin A Chic Ry
Bangor R y A Electric
Baton Rouge Elec Co
B eltL IlyC orp (N Y C )
Berkshire Street R y .
Brazllian T ra c, L A P
Brock A P lym St R y .
Bklyn Rap Tran Syst
Capo Breton Elec C o
Chattanooga R y A Lt




• Ia n .

Doceinber
January . .
January . .
January . .
January . .
Novem ber
January . .
January . .
January . .
N ovem ber
January . .
January . .

C u rren t
Y ea r

P re v io u s
Y ea r.

1

to la tes t d a te .
P r e v io u s
Y ea r.

C urren t
Y ear.

8
28,866
103,305
71,947
297.417
2,770,547
701.506
399,658
213,184
173.132
1,171,585
442,372
104,856
229.368
66.094
981.889
1,789,025
596,517
156,439
105,817
86,317
492,074
50,243
24.836
495,560
1,033,941
3.183,744
53,047
20,725
9.275
113.369
363,303
52.8S3
235,846
243.661
603,830
129,057
196.585
637,959
397,230
153.435
1,272,281
1,121.437
24,107
41,769
180,400
367,141
150,628
361.965
145.585
27,453
23,936
2,153,920
36.066
454,988
7,559.583
3,121,297
428,216
368,415
239,722
66,135
809,110
210,374
316,350
86.705
3,536,010
5.610.291
1,822.705
2.567.951
946,343
845,683
579.916
18,088
733,249
80,240
25.148
173,453

8
25,813
93,315
60,767
274,752
2,382,734
604.463
328,921
194,212
179.354
956,273
469,563
99,103
206.162
53.527
1.041.793
1,714,440
560,305
161,999
104.728
79,373
473,725
47,525
20,016
473,192
967,195
2,878,732
54,760
20,483
10,148
98,336
291,659
49.527
229.540
243,391
536,479
114.566
184,546
608,396
384.577
153,582
1,254,496
1,093,703
23.071
35.495
183.624
280.838
144,672
361.701
155,556
26.073
20.232
1,998.395
31,702
489.713
8,450,974
3,001,285
395.065
363,819
223.625
70.590
849,632
206,371
301,768
85,360
3,613,013
6.034.508
1,653,174
2.644.638
828,586
816,939
604,890
17,394
721,721
66,510
22,530
177,421

ft Represents Income from all sources, c These figures are for consoli­
dated com pany. / Earnings now given in miireis. g Includes constituent
com panies.

Electric Railway Net Earnings.— Tho following table
givos the returns of E L E C T R IC
earnings reported this week:
-------G r o s s
R oa d s.

C u rren t
Y ear.

railway gross and net

E a r n i n g s ------P re v io u s
Y ea r.

------- N

e t E a r n i n g s ------C u rren t
P re v io u s
Y ea r.
Y ear.

$
8
8
8
c6,430,000 c5,996,190 c3 ,778,000 c3 ,414,190
1,362,995 1,140,832
2,770,547 2,382,734
492.074
473,72.5
1.059,665 1,006,242
Jan 1 to D oc 31.
11.018,266 10,881,368
1.033.941
967,195
Lehigh Valloy T ransit.b.F eb
177,727
140,939
Jan 1 to Feb 29______
363.303
291,659
1.121,437 1,093,703
8,067,321 7.905,164
P orto R ico R y s _________Feb
68,149
62,896
Jan 1 to Feb 29______
135.884
126.915
St Jos R y L II & P o w .a .F e b
116,446
106.351
Jan 1 to Feb 29......... ..
239,722
223,625
Virginia R y & P o w e r .b .F e b
457,563
392,390
3,732,310 3.461,292

1

to

la t e s t

C u rren t
Y ear.

P re v io u s
Y ea r.

610,916
1,267,132
284,234
430,114
4,352,584
400,285
59,534
123,767
291,701
2,248.723
31,075
63,519
52,287
111,206
203,577
1.805,314

Interest Charges and Surplus.

d a te .

$
S
:
$
S
508.830' 480,710 5.436,895 5,559.534
23.288
21,900
23,238
21,900
148,860 144,145
148.860
144,145
66,284
65,330
68,284
65.330
17,827
15,633
17,827
15.633
66,940
62,627
709,229
681.158
72,072
70,363
72,072
70,363
/6430000 /5996190 / 6 ,430.000 /5 , 996,190
8,076
7,461
7.461
8,076
2238.674 2105,114 25.199,758 25,154.491
34.120
29.054
34,120
29,054
101.420
81,330
101,420
81.330

725,358
1,478,333
305.789
462.201
4,400,742
417.276
66,296
144.535
328,046
2.619,615
35,750
70,074
57,137
117,469
240,248
1,988,901

a N et earnings here given are after deducting taxes,
b N et earnings here given are before deducting taxes.
c Miireis. ’

R oad s.
W eek or
M o n th .

Jan.

P re v io u s
Y ear.

$
$
Cleve Painesv & East January .
25,813
28,866
Cleve Southw & C o l. January .
93,315
103,305
Columbus (Ga) El C o January .
60,767
71,947
Colum (O) R y , P A L January _
297.417 274,752
g C om ’w ’th P R y A L February.
1362,995 1140,832
Connecticut C o _____ January
701,506 604,463
Consum Pow (M ich ). January .
399,658 328,921
Cum b C o (M e) P & L January .
213,184 194.212
Dallas Electric o ___January . .
173,132 179,354
D etroit United Lines January ._ 1171.585 956,273
D D E B & Bat (Itec) N ovem ber
41,554
40,077
Duluth-Superior T rac January . . 104,856
99.103
East St Louis A S u b . January . . 229.368 206,162
Eastern Texas E 'e c .. January . _
53.527
66,094
El Paso Electric C o . . Decem ber
88.387
101,469
42d St M & St N A ve N ovem ber
164,776 158.058
g Georgia R y & P o w . January . .
596,517 560.305
G a lv-llou s Elec C o . . January . . 156,439 161,999
Grand Rapids R y C o January . . 105,817 104,728
Harrisburg Railways January . .
86,317
79,373
Havana El R y L & P January _ . 492,074 473,725
Honolulu R T & Land January . .
50.243
47.525
Houghton C o T r C o January . .
24,836
20,016
h Hudson & M an h at. January ._
495.560 473,192
Illinois T r a c t io n ____ January _
1033,941 967.195
Interhoro R ap T ra n . January . . 3183,744 2878,732
Jacksonville T rac C o January
53.047
54,760
Keokuk E lectric____January . .
20,725
20,483
K ey W est E lectric___January
9,278
10,148
Lake Shore Elec R y . January . . 113.369
98,336
Lehigh Valley Transit February
177,727 140,939
Lewist Aug A W aterv January _ .
52,883
49.527
Long Island E lectric. Novem ber
16,240
16,676
Louisville R a ilw a y .. J a n u a r y _ 243,661 243,391
M ilw El R y & Lt C o . January . . 603,830 536,479
M ilw Lt IIt & T r C o . January
129,057 114,566
Nashville R y A Light January . . 196.585 184,546
N Y C ity In te rb o ro .. N ovem ber
59,144
56,145
N Y & Long I sla n d .. Novem ber
32,247
33,313
N Y A N orth S h o re .. N ovem ber
13,285
13,265
N Y & Queens C o ___Novem ber
112,640 106,442
N ow Y ork R ailw ays. January . . 1121,437 1093,703
N Y & Stamford R y . January _
24,107
23,071
N Y Westches A B o s. January .
41,769
35,495
Northam pton T r a c .. Docomber
16,104
13,690
N or Ohio T rac A L t . January .
367,14’ 280,838
N orth Texas Electric January . . 150.628 144,672
N orthw Pennsyl R y.jD e ce m b e r.
33.181
30,962
Ocean Electric (L I ) . N ovem ber
5,642
5,515
Paducah T r & Lt C o.'J a n u ary . .
27.453
26,073
Pensacola Electric C o January . .
20,232
23,936
Phila Rapid T ransit. January . . 2153.920 1998,395
I’ hila A W estern____ January . .
36,066
31,702
P ort(O re)R y,L & P Co January _ . 454,988 489,713
Puget Sd T r, L & P__ December
699.702 717,550
^Republic R y A L t . . December
320.869 259,659
R hode Island______ January . . 428,216 395.065
Richm ond Lt & ItR Novem ber
28,301
27,116
St Jos R v L II A P Co February . 116,446 106,351
Savannah Electric C o January . .
66,135
70.590
Second Avenue (Rec) N ovem ber
68,420
68,773
Southern B oulevard. N ovem ber
18,828
17,686
Staten Isl M id la n d .. N ovem ber
22,391
20,781
T am pa Electric C o ._ January __
86.705
85.360
Third Avenue______ N ovem ber
320,226 310,511
T oron to Street R y . . December
501.958 497,424
Twin C ity Rap T ra n . 1st wk M ar 191,125 172.693
Union R y C o o fN Y C N ovem ber
226,079 216,444
Virginia Ity A P ow er. February . 457,563 392,390
Wash Balt & A nnap. December
65.047
62.434
W estchester E lectric. Decem ber
44,018
45,380
Westchester St R R_ _ January . .
18,088
17,394
Yonkers R ailroad___ December
59,601
60.434
Y ork R ailw ays______ January ..
80,240
66,510
Youngstown A O h io. J a n u a r y _
25.148
22,530
Youngstown A South December
14,732
13,262

ELECTRIC RAILWAY AND TRACTION COMPANIES.
N am e of
R o a d .'

C u rren t
Y ea r.

H avana El R y Lt & P ow Jan

R e n t a l s , A c . --------- D a l . o f N e t E a r n s
/b/im non
'
C u rren t
P r e v io u s
C u rren t
P re v io u s
Y ea r.
Y ea r.
Y ea r.
Y ea r.

C o m p a n ie s .

W eek or
M o n th .

C o m ’wealth P ow R y & Lt

Interest Charges and Surplus.

T oled o Peoria A W e s t ..F e b
July 1 to Feb 29------------

L a test G ro ss E a r n in g s .
N am e of
R oad.

283,410
626,105
375,117
788,089
54,461
109,400

a N et earnings hero given are after deducting taxos
b N ot earnings hero glvon are boforo deducting taxos.

R oad s.

1 0 53

— I n t . , R e n t a l s , A c .—
P re v io u s
C u rren t
Y ea r.
Y ea r.

S
C o m ’ wealth Pow R y A Lt
and constituent c o s .. Feb
480,103
Jan 1 to Feb 29______
963,394
H avana Elec R y L t& PowJan
115,391
Lehigh Valley T ra n s it..F e b
Jan 1 to Feb 29______
N ow York R y s_________Jan
286,403
July 1 to Jan 31______ 2,002,676
St Jos R y L II A P o w ..F e b
20.833
Jan 1 to Feb 29______
41,666
Virginia R y A P ow er___Feb
149,003
July 1 to Feb 29______ 1,153.658
x

8
426,788
852,449
108,489
286,901
2,004.550
20,833
41,666
139.263
1.087.546

After allowing for other incom e received.

— B 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 ea r.

8
245,255
514,939
*200,192
*18,160
*4.8,168
*87,048
*942,559
36.304
75.803
*97.911
*899,989

S
184.128
414,683
*180,834
*6,325
*18.021
*51,379
*537,806
31,454
69,540
*70,748
*771,133

American (Bell) Telephone & Telegraph Co.

AN NUAL REPORTS
Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the “ Chronicle” in which
it is published. The latest index will be found in the issue
of Feb. 26. The next will appear in that of March 25.
United States Steel Corporation.

(Report for Fiscal Year ending Dec. 31 1915.)
The annual report, signed by Elbert H . Gary, Chairman
of the Board, will bo found at length on subsequent pages
of to-day’s “ Chronicle,” together with many important
tables of operations, balance sheet, &c.
INCOME

ACCOUNT,

INCLUDING

SUBSIDIARY COMPANIES.

1915.
1914.
1913.
1912.
$
S
$
$
Gross sales and earnings 726,683,589 558,414,934 796.894,299 745.505,515
M fg . cost & oper. exp.a 544,352,757 460,485,849 610,383,512 609,420,250
A d m in ., selling & gen.
transportation cos __ 19,396,905
T a x e s . . . . ................ ........ 13,640,185
C °int«restda ^ Um S c e fl--

18,419,708
12,646,394

19,587,315
13,225,882

17,760,567
9,840,371

3,272,908

3.855.874

3,941,298

3.757,590

T otal expenses................581,147,437 494,824,859 647,052,583 640,962,486
Balance . . . . . ___I ______ 1145,536,152 63,590,075 149.841,716 104.543,029
d u r i n g , Ac*. g r i n s ' ^ 3,252.225
Rentals received . . . _____
252,001

25.903
208,268

517.626
196,401

2,780.284
564,281

T otal net in c o m e ____ 149,040,378
P roportion o f net profits
or properties owned
whoso gross rev ., & c.,
are not in c lu d e d -----406,141
Int. A divs. on invest’s
and on deposits, Ae__ 3,066,649

63,824,246 150,555,743 107,887,594

T otal Income.......... — 152,513,168

67,450,744 154,194,358 110,889,381

302,882

296,802

451,801

3,323,616

3,341,812

2.549,986

Sub. Co. Int. Charges, & c .—

Int. on bonds and mtges.
9,642.003
9,660,037
9,623,805
subsidiary cos................................... 9,675,596
In t. on purch. m oney
oblig. & special depos­
440.900 ____________
325,235 ____________
127,924
its or loans o f sub. cos.
178,459
T o t. underl'g int. chgs. 9,854,055 10,082,903
9,985,272
9,751,729
B a l a n c e . . . . . : ................:.14 2 ,6 5 9,1 13 57,367,841 144,209.086 101,137.652
^

c

o

s

i

[Vol . 102.

THE CHRONICLE

1054

f

.

. Jt>Z)rl2,263,102C rl4,295,774 D r7,027,741 Cr7,037,021

N et earnings_________ 130,396,012

C om m on dividend (1

TELEGRAPH

1915.
1914.
1913.
1912.
D i v i d e n d s .. ................... $25,662,616 $25,638,205 $26,122,573 $24,247,430
from associated c o s .. 13,407,977
Telephone traffic (n e t). 6,544,462
R eal estate, & c_________ 1,194,299

13,959,944
5,530,454
1,067,996

13,564,952
5,548,089
674,378

12,523,084
5.472,813
474,666

T o t a l ___________ ____ $46,809,354 $46,196,599 $45,909,992 $42,717,993
5;69i,887
:
.
.
E xpenses__________

5 638.622 5 333,246 4 810,349

N et earnings____ ____ $41,117,487 $40,557,977 $40,576,746 $37,907,644
8,223,163______________
7,656,656 _____________
5,844,699_
In te re s t___________ ____ 6,498,850
B a la n ce...........................$34,618,638 $32,334,814 $32,920,090 $32,062,945
D ividends ( 8 % ) ................ 29,100,591 27,572,675 27.454.037 2 6.0 15,588
S u rp lu s ............................. $5,518,047
B A L A N C E S H E E T OF A M E R I C A N
1915.
1914.

Assets—

$

$

$4,762,139

$5,466,053 $6,047,358

T E L E G . C O . D E C . 31.
1915.
1914.
L ia b il it ie s —
$
$
Capital sto ck ____380,477,100 344681,900
C o ll.tr . 4s, 1929.-78,000,000 78,000,000
C onv. 4s, 1 9 3 6 ... 4,129,000 4,505,000
C on v. 4 ^ s , 1933.28,063,700 67,000,000
N otes uncalled for
_______
5,000
W est.T ,& T .5 s ,’ 32 9,990,000 10,000,000
N otes to assoc.,
A c ., cos_______ 4,172,350 15,606,236
D ue W . U . T . C o .....................»2,000,000
D lvs. pay. Jan. 15 7,609,542 6,893,638
Int. A taxes accr’d 2,672,975 3,331,947
A cc'ts payablo___ 2,572,079
818,963
Em ploy, ben. fund 2,015,328 2,027,750
D eprec., A c ., re s.2 7 ,130,972 27,810,700
S u rplu s................a76 ,130,948 65,935,860
TELEP.

&

Stocks, A c ., o f as­
sociated cos.:
S t o c k s ..............439,376,367 435146,228
Bonds & notes 159,257,084/
581,000
Advances......... J
(52,302,180
T elep h on es...15,299,000
14,639,873
Real estate............
508,400
508,450
Long-distance tel­
ephone p l a n t . .. 50,113,061 49,819,065
Cash and deposits 29,870,555 36,266,757
Short-term notes,
matur’g in 1915
3,397,001
A c c ’ ts receivable.10,403,558 7,181,721
Special demand
28,774,659
n o t e s ____ 6,575,000
Em ployees' stock
purchase p la n .. 8,795,968
------------------M iscell. Invest_ 2,705,000
-

T o ta l.............. 622,963,994 628616,994

T o ta l............... 622,963,094 028616,994

23,972,376

22.734.366

0 1 2 4 ,9 7 8

15,000.000
787,698

17,698

(J. I.) Case Threshing Machine Co., Inc., Racine, Wis.

T otal d e d u c t io n s .... 86,135,638 88.635,599 121,599.161 104.569.426
U ndiv. p rof for y e a r .. S44,260,374 D 16,971,984 S15.582.184 S3,605,247
a T h e expenditures for ordinary repairs and maintenance were $45,000.­
000 (approxim ate) in 1912, $52,000,000 (approxim ate) in 1913, $40,000,000
(approximate) in 1914 and $40,000,000.(approximate) in 1915.
b Includes in 1915 not balance o f profits earned b y subsidiary companies
on sales m ade and service rendered account o f materials on hand in pur­
chasing com panies’ inventories, and which profits in 1914 havo not yet
been realized in cash from the standpoint o f a com bined statement or the
U. S. Steel Corp. and sub. co s ., $11,831,178, and interest charge o f sub­
sidiary com panies on their securities held as investments tor com bined
insurance funds o f all subsidiary com panies, this interest being takon up
as direct credits thereto, $431,924. In 1914 and 1912 profits had been
realized in cash and in 1913 they had not been realized.
G E N E R A L B A L A N C E S H E E T OF U N I T E D STATES STEEL CORPO­
R A T I O N A N D I T S S U B S I D I A R Y C O M P A N I E S D E C . 31.

1915.
$

1914.

1913.

$

*

PrX Crs e ^ i nTOm* anies!1. . . 1,443.300.765 1.457,853,930 1.465,498,632
17.266,8311
A dvanced mining royalties-----17,909,716
7,455,381
1,784,936/
D ef. chgs., future oper., & c . .
1,805,949
M ining r o y a lt ie s ............................
25,955,479 26,976,001
Cash held b y trustees on acct. o f
bond sinking funds (in 1915
$91.655,000 par value o f red.
bonds held b y trustees not
1,365,998
1,675,921
1,148,227
treated as an asset)-------------Investments outside real estate
3,060.460
3.477,257
3,407,183
and other property owned . .
Investments for depreciation A
15,614.792
9,412,438
13,562.854
exting. funds (at cos t)---------167,634,791
158.091,036
Inventories __________________
161,113,900
58,024,386
A ccounts receivable-------------------66,308,294 37,088.352
7.866,696
8,880,007
6,766,818
Bills receivable________________
1,039,574
1,034,764
934.020
Agents’ b a la n c e s --------------------2.241,276
2,012,133
7,748,059
Sundry m arketable securities..
66,951,010
61,963,287
Cash ........... ..................................
94.083,805
3.486,604
4,716,600
Contingent fund and miscell . .
4,843,515
T otal a s s e t s ..............................1,848.541.861 1,792,233.493 1.800,586.323
C om m on s t o c k ...........................- 5Q8.302.500
Preferred stock ....... ..................... 3b0,281,100
Bonds held b y p u b l i c ................ 616,432,706
Stock subsid. cos. not ow n ed . 587,742
N on-int .-bearing notes, su b . co s . 25,955,479
' ‘"
136,146
M ortgages o f* subsidiary
cos . .
Purch. m oney oblig. o f sub. cos.
176,610
M ining royalty notes ................
763,693
Current accounts A pay rolLs..
33,064,499
Em ployees’ deposits, A c _____ _
992,187
Accrued taxes not due_________
9,930,945
Acer. int. A unpres’d cou p ., A c.
8,187,999
Preferred stock dividend______
6,304,919
C om m on stock dividend---------6,353,781
Contingent and miscell. funds
17,223,399
A pprop. for a d d ’ns & construe
55,000,000
Insurance funds ______________
15,322,828
3,500,000
Pension fund__________________
Undivided surplus o f U. S. Steel
Corp. and subsidiary co s ------ .\180,025,329

508,302.500
508,302,500
360,281,100
360,281,100
627,097.377
627.045,112
589,542
589,042 ’
26,976.001
269,305
193,305
9,596,504
907,938
5,390,975
27,508,292
17,690,377
988,481
999,510
8,900,502
8,602,304
8,521,085
8,270,719
6,304,919
6,304,919
6,353,781
13,456,423
"l3,873',805
55,000.000
55,000,000
13,118,083
13,601,413
2.500,000
3,000,000
135,204,472

151,798,429

T otal liabilities.........................1,848,541.861 1,792,233,493 1,800,586.323
x After adding adjustments m ade b y reason o f accounting m ethods,
$1,060,482 and deducting $500,000 for permanent pension fund.
For details o f balance sheet, see a subsequent page.— V . 102, p. 9 8 1 .7 1 7




A C C O U N T OF A M E R I C A N T E L E P H O N E &
C O M P A N Y FOR C A L E N D A R YEARS.

17,044,183

71,663,615 137,181,345 108,174,673

22,239.087 22,532,691 22.817,471
6,430,379
6,721,396
7,018,182
1,934,710
1,950,198
1,990,373
25.219,677 25,219,677 25,219,677
% )6,353,781 (3)15249,075(5)25415,125(5)25415,125

Assets—

INCOME

* Indebtedness to Western Union Telegraph C o. for Now Y ork Telephone
C o . stock, payablo 1915. a Includes in 1915 premiums on capital stock.
iVofe.— $33,962,236 5 % coupon notes o f associated com panies ondorsed
but not owned by this com pany, are not Included abovo In either assets
o r liabilities.— V . 102, p. 346, 253.

Deduct Charges, & c .—

D eprec. A extraor. repl.
funds (reg. provision) 24,408,577
A d d 'l property A con­
-------------struction, A c ---------Charged o ff for adjust’s
0 7 6 5 ,8 1 4
Interost on U . S. Steel
Corp. b o n d s _________ 21,928.634
8k. fd . U. S. Steel Corp
7.329,984
Sk. fd. subsidiary c o s .. 1,660,798

(Report for Fiscal Year ending Dec. 31 1915.)
•
The report of the company, containing extended excorpts
from the remarks of President Theodore N . Vail, and the
income account and balance sheet, and many tables giving
valuable information, will be found on subsequent pages.
Below are the comparative income accounts of the parent
company for four years and comparative balance sheets.
In the report on a following page will be found the income
account and comparative balance sheets of the entire Bell
System in the United States.

(Report for Fiscal Year ending Dec. 31 1915.)
The report of the board of directors, the income account
and balanco sheet for the late fiscal year, and the certificate
of Price, Waterhouse & C o ., the chartered accountants, will
be found on subsequent pages.
INCOME ACCOUNT

FOR

YEARS

ENDING

1915.

DECEMBER

1914.

31.
1913.

Ac-

Reserve for contingent losses,
Preferred dividends ( 7 % ) ----------------- ------------------ T otal deductions----------------- ---------- $1,807,957 $1,908,680 $1,684,127
Balance, surplus____________________ $ l,0 81 ,3 2 o
$116,198
$418,151
T he p rofit from sale o f m anufacturing product as abovo. Is shown a fter
adding incom e from other sources and deducting all operating expenses,
ascertained losses and depreciation reservo.
a Includes proportion o f bond discount applicable to the year.
S H E E T D E C E M B E R 31.
1915.
1914.
1915.
1914.
Liabilities—
S
$
A s se ts—
$
5
Real est..plant,A c.10,439,421 10,120,995 Preferred s t o c k ...12,150,000 12,150,000
Pat’s, designs, A c . 1,036,027 1,033,013 Com m on s t o c k ... 8,300,000 8,300,000
I n v e n t o r ie s _______ 6 ,7 4 4 ,1 1 5 8,9 9 7,7 91 l s t M . 6 % bonds. 9,500,000 10,500,000
87,267
43,633
N ote3 re c e iv a b le . *1 5 ,7 3 7 ,1 4 1 *1 5 ,6 9 9 ,8 5 9 Real estato m tges.
2,050,000
A c c ’ ts r e c e iv a b le ..
3 38 ,05 3
330 ,81 0 Bills payablo......... 1,010,000
435,928
496,212
596 ,76 5 Audited vouchers.
Cash.................
1,522,422
257,373
390,165
192,369 A cc’ ts payable,Ac.
Prop, held for sale.
229,105
199,543
246,267
X260.852 Accrued taxo3, A c.
Investm ent______ >253,352
650,000
Ites’ vo for loss,A c. 1,200,000
Secur. from liq ’n
Dcpreo’n
reserve..
881,384
659,971
o f foreign ass'ts.
616,351
719,490 Profit and los3...y 3,55 4,4 98 2.973,173
Bond discount,A c.
616,292
311,311
Prepaid int., A c . .
234,881
BALANCE

T o t a l ..................37,772,160 38,263,255

T o ta l................ 3 7 ,7 7 2 ,1 6 0 3 8 ,2 6 3 ,2 5 5

* O f which notes o f a face value o f $12,000,000 aro pledged as collateral
security to the 1st M . 6 % serial gold bonds outstanding on D ec. 31 1915.
v Investment in and advances to Oompagnlo Caso do Franco, S. A ., P a ris.
y After deducting $500,000, amount appropriated as an additional reserve
for contingent lossos, A c .— V. 101, p . 1554.

(R. J.) Reynolds Tobacco Co.

(Report for Fiscal Year ending Dec. 31 1915.)
1915.
N e t earnings (son b e lo w ).$4,729,983

1914.
$2,916,564

1913.
$2,862,567

C om m ™ d ivid en d s.^ ^ m O O O (16) 1,600'.000 ( I 2 m 0 0 0

1912.
$2,899,957
(10)8'70',250

B a la n ce , surplus______ $2,354,988

$1,316,564 $1,662,567 $2,023,707
N et earnings are shown after all oxponsos, charges, taxes, deprec n, A c.
B A L A N C E S H E E T D E C E M B E R 31.
1915.
1914.
1915.
1914.
Liabilities—
8
$
R etdest..bldgs.,Ac 4,455,870 3,717,679 Com m on stock__ 10,000,000 10,000,000
Preferred
s
t
o
c
k
...
2,500,000
................
Leaf tob., m fg.stk.
.
51,273 2,101,716
and oper. s u p p .13,692,746 13,668,15o Bills payable.........
172,110
r-nsh
............
1,281,404 l,710,7o() Curr’ t acc’ ts pay’ lo *286,115
15,103
10,137
A ccts. A bills rec. 4,651,885 3,233,801 D oubtful accounts
Doubtful accounts
15,103 • 10,137 Provls’n for allow­
ances,depr’
n,A
c.
1,513,373
1,148,281
Stock In other co s .
295,381
2o8,291
---------- 1,500,000
Scrip dividend-----Patents, good-will,
trade-marks.Ac. 1,156,665 1,155,134 S u rp lu s...................11,178,691 8,823,704
T o t a l .................. 25,549,555 23,753,948

T o t a l .................. 25,549,555 23,753,948

Current bills In course o f audit for paym ent.— V . 102, p. 890.

MAit. 18 1916.]

THE CHRONICLE

Liggett & Myers Tobacco Co.,

New York.

(Report for Fiscal Year ending Dec. 31 1915.)
1914.
1913.
$7,231,161 ($7,860,985
l
447,681

1915.
t pi
,
Dividends from sub. cos.;

1912.
$8,575,192
452,500

T otal profits.................. 18,633,449 $7,231,161 $8,308,666 $9,027,692
♦Difference between pur.
$29,145
$29,022
$28,700
price A par, 7 % b on d s.
$30,537
1,829.360
Interest on bonds_______ 1,802,636
1,810,965
1,820.236
1,076,866
Preferred dividends (7 % ) 1,076,866
1,076,866
1,076,866
C om m on d iv id e n d s ...(16)3.439.424(10)3,439,424(16)3,439,424(10)2,149,640
T otal deductions......... $6,349,463
Balance, surplus................$2,283,986

$6,356,277
$874,884

$6,365,226
$1,943,440

$5,085,011
$3,942,681

♦ Difference between purchase price and par o f 7 % gold bonds (par
value, $119,450 in 1915, $121,300 in 1914, $121,500 in 1913 and $120,850 in
1912) purchased and canceled during year.
BALAN CE SH EET DECEMBER

31.

1915.
$
Liabilities —
A sse ts —
S
$
Preferred stock___15 ,383,800
Real estate, mach.
and fixtures___ 7,637,976 7,165,038 Cdmmon stock___21 ,496,400
7% bonds_______ 15 ,024,950
Brands,trade-mks.
good-will, Ac . . . 39,073.021 39,043,021 5% bonds_______ 15 ,059,600
Acer. Int. pay. Apr 262,937
Leaf tobacco, man­
Acer. int. pay.Feb. 313,742
ufactured stock,
A c____________ 27,119.306 25,749,423 Pref.dlv.pay.Jan.l 269,216
Stocks other co s .. 1,739,395 1,738,195 Accounts payable.
588,218
Cash...... ............
5,251,944 4,137,475 Res. for adv., A c. 3 ,461,998
Bills and accounts
Deprec’n reserve.. 2 ,408,893
receivable........ 4,353,473 4,681,649 Profit and loss____ 10 ,905,362
1915.

1914.

1914.

T o ta l............ ..85,175,115 82.514,801
— V . 100, p . 896.

S

15,383,800
21.496.400
15.144.400
15,059,600
265,027
313,742
269,216
505,000
3,434,861
2,021,379
8,021,376

T o ta l........ ....... 85,175,115 82,514,801

(P.) Lorillard Company.

(Report for Fiscal Year ending Dec. 31 1915.)
Treas. W m . B . Rhett, Jersey C ity, M ar. 14, says in subst.:
A s required b y the trust indenture, tho Guaranty Tru st C o ., trustee,
purchased and cancelled 7 % gold bonds o f this com pany o f tho par valuo
o f $81,200, the cost o f same being $99,885. Tho difference between par
valuo and cost o f tho bonds so purchased has been writton o f f as an oxponso.
Tho Federal Cigar C o ., one o f the subsidiaries o f this com pany, has
transferred to this comi>any its business as a going concern, including all
its assets, oxcept its real estate at Lancaster, P a ., and its branches have
been convertou into branches o f this com pany. Tho good-w ill, patents,
brands and property taken over from Federal Cigar C o. are accordingly
Included among tho assets o f this com pany. T ho economies resultingfrom this chango have alroady proved its wisdom.
R E S U L T S FOR F IS C A L
Y E A R S E N D I N G D E C . 31.
1915.
1914.
1913.
1912.
N et Incom e_____________ $4,820,913
$4,519,061 $5,377,864 $5,305,574
Premium on 7% bon d s.
18,685
17,471
17.266
18,940
Bond in terest...............
1,274,050
1,279,625
1,285,907
1,291,080
Preferred dividends (7 % )
791,532
791,532
791,532
791 532
Poraraon dividends___(13)1,970,228(15)2273,340 (10) 1,515,560 (10) 1,515 560

1055

B o n d Debt.— During the year $9,006,606 of bond and mortgage debt has
been paid off, including all of the remaining bonds issued under tho mortgage
of Jan. 1 1904, and also premiums for retirement of the same in the amount
of $841,357.
This retirement, which will reduce bond interest charges
hereafter approximately $450,000 per annum, was made possible by the
sale of property as advised in 1914 annual report.
The direct funded debt of the merged company on Jan. 1 1916 was $14,­
235,999, with an averago annual interest charge of $772,360. The funded
debt of the subsidiary companies was $5,877,000 with an annual interest
charge of $306,466, all of which Is secured by properties and earnings of
such companies. There is no present expectation or apparent need for any
further issue of bonds and the proposed reservation fund should effect as
rapid a retirement of those now outstanding as both the obligations and the
Interest of the company will demand.
Temporary Financing. — To mine and carry the product until sold and
the accounts receivable afterwards requires a larger capital than the com­
pany now has, or ought to have, for that use, and makes borrowing on cargo
bills of lading necessary at times and to a variable extent. Outside of these
1oans strictly confined to such use, there is no floating debt other than cur­
rent obligations for operation and maintenance. Our high credit obtains
lowest rates and the business to be done for 1916 will, through an expected
substantial addition to tho working capital, reduce such interest payments
Me r g e r of Sub. Cos.— A merger of the Pittsburgh Coal Co. of Pennsyl­
vania and of the Monongahela River Consolidated Coal & Coke Co. was
effected as of Dec. 24 1915. All of the stock of the former and practically
all of the stock of the latter was owned by this company (V. 102, p. 256).
Plan-of Readjustment. — An equitable adjustment of the preferred stock
dividend arrears amounting to 44.58 1 -3 % , as of Dec. 31 1915, has received
our earnest consideration. While the undivided earnings from the begin­
ning of operations have been sufficient in amount to pay them, a large
portion had to be diverted for purchase of property plant enlargement,
stock of the M . Ii. C. C. A C. Co. and other securities, all necessary for the
conservation or the interests of the company, and cash cannot now or soon
be withdrawn from the working capital without injury to tho company.
[Therefore the plan outlined in the “ Chronicle" of Feb. 26 1916 is strongly
recommended]; V. 102. p. 256, 804.
It is realized that the annual payment of 6 % upon the proposed issue of
new pref. stock is a large undertaking, but tho plan was not recommended
without the support of facts to warrant tho belief that the future earning
power of the company would be sufficient for its purposes.
Railroad Freight Rates.— The efforts to secure from the carriers fair freight
rates having failed of any result, protests have been made before the I.-S. C .
Commission, Ac.
x SWptoyees’ Association.— This association has so far purchased and dis­
tributed 4,024 shares of pref. stock and 1,776 shares of common stock
among tho employees and there are now subscribed and partially paid for
5,453 shares of pref. and 2,431 shares of common stock, or a total of 9,477
shares of pref. and 4,207 shares of common stocks.
Outlook.— The outlook is encouraging for both tonnage and prices. For
the past 8 years none have been good years throughout.
For 1916 there
aro good grounds for expecting a larger tonnage and materially better
prices than for 1915; also a good gain in net earnings.
RESULTS FOR C A L E N D A R YEARS.
(.Including M o n o n g a h e l a River Consol. Coal & Coke Co.)
*Production (Tons 2,000 16s.)—
1915.
1914.
1913.

Pittsburgh district coal......................... 17,590.095 17,348,551 23,451,623
Hocking district coal______ _________
840,421
554,312
1,072,873
484,218
279,549
______
Illinois district coal....... ...............
Kentucky district coal...........................
219,702
113,439
182,708
Gross receipts------------------------------------ $26,791,985 $25,454,301 $36,266,146
Oper. charges, maint., repairs, A c .. .$20,426,372 $19,187,127 $27,612,608
Taxes accrued______ ________________
798,299
801,760
751,561
xlnt. on bonds, Ac., of subsidiary cos.
921,521
802,719
957,326
Losses, insurance. A c . . _____ ________
425,956
461,624
522,949

T otal deductions____$4,054,495 $4,361,968 $3,610,265 $3,617 112
B alance, surplus-----------$766,418
$157,093 $1,767,599 $1,688,462
Tho net Income as abovo is shown after deducting oxpenscs and charges.
BALANCE

1915.

A ssets —

3

SHEET DEC.

31.

1914.

*

Liabilities —

1915.

S

Real estate, ma­
Preferred stock.. 11.307.600
chinery, A c___ 7,000,488 4,800,201 Common stock ... 15.155.600
Leaf tobacco, man­
7% gold bonds... 10,605,850
ufactured stock,
5% gold bonds... 10,617,450
oper. 3upp„ A c .16,713,583 16,907,795 Pref. dtvs. Jan. 3.
197,883
Stock other c o s ... 1,715.698 5,540,616 Com. dlvs. Jan. 3.
378,890
Tr.-mks. A brands21,132,777 19,669,557 Acer. Int. on bds.
406,799
Cash.......... ........... 5,696,584 4,066,145 Reserve funds___ 2,380,212
Accts. & bills rec.. 3,666,698 3,764,827 Accts. A bills pay.
449,512
Profit and loss___ 4,426,030
T o ta l.............. .55.925,827 54,749,141
T o ta l................ 55,925,827
-V . 102, p. 889.

1914.
3
11.307.600
15.155.600
10,687,050
10,617,450
197,883
378,890
408,220
1,328,349
1,008,486
3,659,613
64,749,141

Pittsburgh Coal Co. (of New Jersey).
(1 6 ^

Annual Report— Year ended Dec. 31 1915.)

M . H . Taylor, Chairman, Pittsburgh, March 14, wrote in

substance:

R e s u l t s .— T h o total tonnage produced and handled for tho yoar, exclusive
o f that purchased and handled b y the subsidiary c o m p a n i e s w a s 10 13 4 4 3 6
net tons, an increase over 1914 o f 838,585 net tons, or 4 .5 8 %
T he entire
gain shown was m ade in December.
T ho gross net earnings from all sources wero $4,219,837, an increase over
1914 o f $18,767. and tho net earnings, after all charges and usual deprecia­
tion , wore $1,653,524, an increase o f $282,465, or 20.6 0% ; tho not earnings
being 6.124% on tho preferred stock now outstanding. This increase was
m ainly duo to decrease in bond interest payments.
F i n a n c i a l .— As o f D oc. 31 1915, the undivided earnings account stood in
•credit tho sum o f $10,843,514, an Increase for tho year o f $299,934, and tho
net working capital was $6,596,178. or a decrease for tho yoar o f $680,031.
There was paid ou t during the yoar $13,120,219, as followsBonds (all com panies), car
Plants and equipments . . $508,742
trusts, and m tge. d e b t .$9,006,606 Bonds and stocks................
308,871
Prem ium s, bonds retired
841 358 Excess insurance lossos . .
822,255
Property .........................__
278,797 Preferred dividends............ 1,353,590
, Funds to meet the aforesaid cam e from sinking and reinvestment funds,
$8,798,959, exhaustion and depreciation reserves for tho year. $1,973,827;
working capital (lncl. not earns, for year), $2,347,433; total, $13,120,219.
1 lie working capital would have shown an increase except for $822,255 o f
sinkago losses in excess o f amounts reserved, chiefly due t o a sudden violent
weather disturbance which occurred at Now Orleans and N atchez on
Sopt. 29 1915. when four lives were lost, 336 boats, barges and other
craft were wrecked and 244,019 net tons o f coal were sunk with but light
recovery.
T r a d e C o n d it i o n s ^—The ad verso conditions o f 1914 continued beyond tho
first six m onths, the tonnage lor that period showing a decrease o f about
15% . Demand gradually increased through the last h alf o f tho year and
tho year ended with a short supply duo to im proved general dem and, stocking
o f coal against possible mine labor troublo after April 1 and to unsettled
rail and seaboard transportation conditions. In nearly every direction
both contracted and uncontracted coal during the first ton months o f tho
yoar was sold at lower prices than at any tim e since 1912
T he aggressive
com petition o f coals from other fields con tinu al to be tho chief factor In
reducing selling values.
Our product went to Sweden, Italy, Argentina and Brazil but shipments
were limited b y lack o f vessels and high cost o f transportation
It is bolieved, how over, that a permanent foreign market has been secured for it
on its quality. Canadian commercial conditions continued to show tho
disastrous effects o f tho war on all lines o f business but aro now im proving
Sales values are m uch too low in relation to investment cost and risk
and It is only through a material advance in prices that a proper roturn
upon the investment can bo had.
M i n i n g .— M ining operations wero carried on in P a .. O hio, Kentucky and
Illinois. T ho mining plants worked all or part o f year numbered 58, or
•68.24% ; there were abandoned 7, or 8 .2 3 % ; available, but idle, 15, or
1 7 .6 5 % , and leased, 5, or 5 .8 8 % ; total, 85, or 100% . T h o divisions o f full
plant capacity were: Production, 56.2 6% ; shortago o f trado, 37.26% balance, 6 .4 8 % , repairs, holidays, car shortage, &c.




.$22,572,148 $21,253,230 $29,844,443
. $4,219,837 $4,201,070 $6,421,703
841.318
810,076
1,555,089
. 1.132,509
1,284,206
1,204.240
Interest on bon d s.

- $2,246,010
.
592,486
.
1,353.590

$2,186,754
815,696
1.353,590

$3,582,408
856,140
1,353,590

.
$299,934
. 10,543,581

$17,469
10,526,112

$1,372,678
9,153,434

T otal surplus D ec. 31.................. ..$10,843,515 $10,543,581 $10,526,112
♦Production includes sundry purchases from other producers and coal
used In m anufacture o f coko. x Includes com m issions, discounts and int.
C O N S O L ID A T E D

BALAN CE

SHEET

DECEM BER

31.

( P itt s b . C o a l C o . a n d S u b . C o s . , i n c l . M o n o n g a h e l a R iv e r C o n s . C o a l & C o k e C o . )

1915.
A ssets —
S
Properties........ x82,063,104
Treasury stock—
Pref. s to c k ... 4,928,200
Investments in
stocks A bonds 2,544,803
Cash with trust’s
268,693
Pension fund In­
vestments __
110,206
Merchandise. . . 5,928,678
Accounts A bills
receivable . . . 6,511,543
Cash.................. 2,597,911

1914.
1915.
3
Liabilities—
$
82,343,076 Preferred stock. 32,000,000
Common stock. 32,000,000
4,928,200 1st M . bds. (see
Ry.A Ind.Sec.) 19,746,000
2,235,932 Mtges. payable.
166,999
9,067,652 Ctfs. of lndebt.
200,000
Car trust notes.
110,206 Pension fu n d ...
165,574
7,369,129 Bills payable__ 5,114,295
Accts. payable. 3,327,659
5,442,794 Stock purch. sur. 1,021,992
2,013,857 Insurance funds.
352,104
Sales contlng.fd.
25,000
Bond prem. resve
...........
Undivided earns. 10,843,515

1914.
$
32,000,000
32,000,000
28,423,000
144,430
400,000
52,000
141,695
4,739,292
2,810,279
1,021,992
354,795
25,000
854,782
10,543.581

T o ta l............ 104,953,138 113,510,8461 T o ta l............. 104,953,138 113,510,846
x Properties owned D oc. 31 1915, consisting o f coal and surface lands,
m ine plants and equipments, railways, railway cars, docks on Great Lakes,
A c ., wore : Coal lands and real estato, less allowance for depletion o f coal
lands. $62,348,482: nlants and equipm ents, less depreciation, $19,714,622.
— V . 102, p . 804. 527.

Cambria Steel Company.
(15 th

Annual Report— Year ending Dec. 31 1915.)

Pres. William H . Donner, Pliila., Feb. 21, wrote in subst.:
C h a n g e i n A c c o u n t i n g .— It was felt that a statement o f the com bined
incom e o f your com pany and its subsidiary com panies, together with a
consolidated balance sheet, w ould better reflect tbe result o f operations
and the status o f your finances, than the annual report as heretofore m ade.
[The incom e account, how ever, is shown in the report and also below in
com parison with the incom e account for form er years on the old basis.— E d.]
In form er reports the net value o f the leasehold from Cambria Iron C o. for
999 years, i. e., $33,090,305, was shown. In this report the amount o f the
capital stock o f the Cambria Iron C o ., 1. e ., $8,468,000, has been added to
this net value and a corresponding amount set up as a liability.
G e n e r a l R e s u lt s .— Profits for the year were larger than ever before, not­
withstanding tho fact that the depression which became pronounced toward
tho close o f 1913 and continued through 1914, was very m uch in evidence
during the first half o f tills year. A larger volum e o f business and better
rices wero secured in the last quarter on account o f the increased demand
rought about largely b y the war, although dom estic business also im ­
proved; 55% o f the year's earnings was m ade during the last quarter.
T he war lias eliminated the im portation o f steel m ore com pletely t ha
was ever dreamed o f under any proposed tariff and also gives us e x p o
orders that are unnatural, so that a phenomenal expansion in the industry
is taking place, but it should not be forgotten that foreign com petition will
bo a serious factor under the existing tariff whenever European m anufac­
turers are ready for business and need the American markets.
An im portant factor in your profits for the yoar has been the reduction in
costs effected by many alterations and improvem ents throughout the works
and the Increased efficiency o f your organization. Although wages have
increased since 1912, Cam bria’s costs on finished products are fully $3 per
ton below those o f any year prior to that tim e.

g

[Vol . 102

THE CHRONICLE

1056

COMPARATIVE TONNAGE OF PRODUCTION AND SHIPMENTS.

1915.
1914.
1913.
1912.
191 1.
P ig Iron ____________________1 ,1 3 9 ,1 0 0 858 ,5 8 0 1 ,0 0 8 ,1 7 2
9 7 2 ,7 5 8 7 0 7 ,4 9 9
I n g o t s ___________
1 .4 5 2 ,2 7 6 1,1 8 8 ,2 4 0 1 ,4 9 5 ,5 4 6 1 ,382,650 9 7 3 ,4 5 7
S h ip m en ts (fin ’ d
p r o d .> .1 ,0 2 1 ,4 6 2 7 83 ,922 1,0 6 2 ,7 3 7 1 ,038.034 6 5 0 .3 8 2
Improvements, A c . — T h o ex p e n d itu re s d u rin g th e y o a r ch a rg e d t o 1mp r o v e m e n ts w ere .$1,183,466, t o e q u ip m e n t $ 1 9 9 ,8 5 0 , t o e x tra o rd in a ry
rep la cem en ts a n d a ltera tion s .$529,037. a n d t o relin in g b la s t fu rn aces an d
r e b u ild in g c o k e o v e n s $33 ,1 5 3 (asid o fro m $ 2 7 5 ,8 0 5 In clu d ed In o rd in a ry
repairs o f $ 3 ,1 5 8 ,0 0 0 ), a to t a l o f $ 1 ,9 4 5 ,5 0 7 . T h e p rin cipa l item s fo llo w :
A t th o F ran klin M in e s N o s . 1 a n d 2 a now v e n tila tin g system w as in­
s ta lle d , m in o m o to rs w ere a d d e d a n d a h au lin g sy ste m in stalled . T w o n ew
m in os w ere op e n e d a n d are be in g d e v e lo p e d . T w o ba tte rie s o f b y -p r o d u c t
c o k o o v e n s w ere reb u ilt an d a new b a tte r y o f 50 o v e n s a d d e d . A B e n z o l
p la n t , w ith e q u ip m e n t fo r p r o d u c in g an ilin e o il, w as in sta lled . T w o c o n ­
tin u o u s h eatin g fu rn a ces w ere in stalled a t N o . 4 M ill R u n w a y a n d t w o
tra v elin g cranes w ere in stalled a t 40 in . B lo o m in g M ill, & c.
American Steel Export Co.—T h o c o n d itio n s b r o u g h t a b o u t b y t h e E u r o ­
p e a n w a r m ad e th o foreign m ark ets so a ttr a c tiv e t h a t It w as d e cid e d t o
en ter th is field th rou g h a sep a ra te c o m p a n y th a t w o u ld h an dle th o p r o d u c t s
o f o th e r m ills, as w ell as C a m b ria 's .
In Ju n e 1915 th e A m e rica n Steel
E x p o r t C o . w as or g a n iz e d , 5 8 % o f th o s t o c k be in g o w n e d b y th o C a m b ria
Steel C o . T h o E x p o r t C o . secu red desirable to n n a g e s in fo re ign m a rk e ts
b e fo r e th e ch a n g ed c o n d itio n s o f business in th is c o u n t r y . S in ce th o
gen eral im p ro v e m e n t in d o m e s tic d e m a n d , th o greater p e rce n ta ge o f to n ­
n a g e secu red b y th e E x p o r t C o . has been p la c e d w ith o u ts id e m ills.
Ih e
A m e rica n Steel E x p o r t C o . s h ip p e d d u rin g th o six m o n th s en din g D o c . 31
1 91 5, 117,314 gross to n s , o f w h ic h 4 4 % w a s s h ip p e d b y C a m b ria an d th o
rem a in d er b y o th e r m ills.
.
„ , .
,
.
. ,
Lake Vessels.— T o insuro th e p r o p e r h a n d lin g o f th o increased o u tp u t fro m
y o u r o r e p ro p e r tie s , seven m o d e rn b o a ts, w ith an average c a p a c ity ot 10,000
to n s ea c h , h a v o r e c e n tly been pu rch ased o n fa v o r a b le term s an d w ill bo
c o n tr o lle d b y y o u r c o m p a n y th ro u g h a m a jo r it y s t o c k ow n ersh ip.
Financial.—F o llo w in g ttio p o lic y p u rsu od in t h o c a se o f d iv id e n d s o f
N o v . 1914 and F e b . 1915. th o d iv id e n d o f M a y 15 1915 w as also p aid in
s c r ip . In O cto b e r th o $ 3 ,0 0 0 ,0 0 0 term n o te s w ero ta k en u p an d n o tice s
h a v o re ce n tly been issu ed fo r th o r e d e m p tio n o f th o three issues o f d iv id e n d
scrip (V . 102, p . 4 3 9 ).
,„
„ ^
„
Sale of Control.— T h o tran sfer o f large h o ld in g s o f th o s t o c k o f th o c o m ­
p a n y in th o la tter p a rt o f th o ye a r p r o m p te d th e ro tlro m o n t fro m th o b o a rd
o f d irectors o f E ffin g h a m B . M o r ris , T h e o d o r e N . E ly , C h ild s F rick an d
S am uol B od in o (V . 102, p . 61 0 , 888)
. .
.
Outlook.— T h o p ro s p e cts fo r th o c o m in g y o a r aro m o s t p ro m isin g an d
A m e r ic a ’ s steel p r o d u c tio n fo r 1916 w ill u n d o u b te d ly establish a now r e co r 1.
S h ip b u ild in g p la n ts are all ru n n in g t o fu ll c a p a c it y , an d this in d u stry
sh ou ld bo b u sy fo r a n u m b er o f years. S to c k s o f steel on h a n d , n o t o n ly in
th is c o u n tr y b u t th r o u g h o u t th e w o rld , n eed replen ish in g an d it w ill tak e
tim e fo r th e p r o d u c tio n t o c a tc h u p w ith th o d e m a n d .
Subsidiary Companies.— (1) F u ll s to c k ow n ersh ip:
P en n Ir o n M in in g
C o . o f M ic h . C a m b ria In clin e d P la n e C o . a n d M a n u fa ctu re rs W a te r C o .
(s to c k in each case o w n e d b y C a m b ria Ir o n C o . ) , an d Penn Iron M in in g
C o . o f W iscon sin (s to c k o w n e d b y P en n Ir o n M in in g C o . o f M ic h ig a n ).
(2) P a rtia l s to c k ow n ersh ip : M a h o n in g O ro & Steel C o . (5 0 % o f s to c k
o w n e d b y C a m b ria Iro n C o .) : C a m b ria SS . C o . (2 vessels o f 11,000 ton s
c a p a c it y e a c h ), a n d M a h o n in g S S . C o . (3 vessels o f 9 .5 0 0 ton s c a p a c ity
e a c h ), (5 0 % o f s to c k o f e a ch o w n e d b y C a m b ria Steel C o .) ; Joh n stow n
W a te r C o . (a b o u t 5 1 % o f s to c k o w n e d b y C a m b ria Iron C o .) ; J u n iata
L im e s to n o C o . , L t d . (6244 % o f s to c k o w n e d b y C a m b ria Iron C o .) ; A m e ri­
c a n Steel E x p o r t C o . (5 8 % o f s to c k o w n e d b y C a m b ria Stool C o .) .
OPERATIONS, EARNINGS, CHARGES,

&C.

1915.
1914.
P ig iro n (to n s )____________ 1 ,139,100
8 5 8 ,5 8 0
In g o t s ( t o n s ) . ....................... 1 .452,276
1.1 8 8 ,2 4 0
S h ip m en ts (fin .p r o d u c t s ). 1,0 2 1 ,4 6 2
7 8 3 ,9 2 2
z N e t earns, fro m o p e r . .l $ 8 ,5 4 6 ,0 8 4 f $ 2 ,9 9 1 ,7 8 8
R e n ts , in v estm en ts, & c . J
\
124,134

1913.
1 ,006.172
1 ,178,240
783 ,9 2 2
$ 7 ,5 7 9 ,8 1 4
2 08 ,156

1912.
1,972,758
1 ,382,650
1,038.634
$4,3 0 1 ,3 8 1
145,328

$ 3 ,1 1 5 ,9 3 2

$ 7 ,7 8 7 ,9 7 0

$ 4 ,4 4 6 ,7 0 9

5 00 ,000

9 0 0 ,0 0 0

137*837

199*446

T o t a l n et in c o m o _____ $ 8 ,5 4 6 ,0 8 4
I n t . o n b on d s o f su b . c o s . $ 2 1 9,41 2
E x tr a o r d . r e p la c e m e n ts . _
----------D o p r e c . & a ccru in g ren ew . 1,021,997
E x h a u s tio n o f m in e r a ls ..
229 ,527

,
I
;
!
j
!

B a la n c e .......................... .$ 7 ,0 7 5 ,1 4 8 $ 2 ,4 7 8 ,0 9 5 $ 6 ,6 8 8 ,5 3 0
F ixed ch g s . u n d er C a m ______
6 7 1 ,6 1 0
5 17 ,105
4 53 ,580
bria Iro n C o . lea se__

378 J *12
167*246
$3,9 0 1 ,3 5 1
4 9 0 ,2 6 8

B a la n ce
$ 6 ,4 0 3 ,5 3 8 $ 1 ,9 6 0 ,9 9 0 $ 6 ,2 3 4 ,9 5 0 $ 3 ,4 1 1 ,0 8 3
D i viden ds 111 :.*-*.*.*-'-*( 6 % ) 2 !7 0 0 !0 0 0 (5 )2 .2 5 0 ,0 0 0 (6 )2 .7 0 0 .0 0 0 (5 )2 ,2 5 0 ,0 0 0
B a la n ce , sur. o r d e f.s r .S 3 ,7 0 3 ,5 3 8 d e f$ 2 8 9 ,0 1 0 s r $ 3 ,5 3 4 ,9 5 0 s r $ l , 161.083
x In clu d es In 1915 to ta l net earnings a fte r d e d u ctin g all expenses, an d
o r d in a r y repairs an d m a in te n a n ce , a p p ro x im a te ly S 3 ,158 .000 in 1 J I5 ,
$ 3 ,0 8 4 ,0 0 0 in 1914. $ 3 ,3 4 9 ,0 0 0 in 1913 a n d $ 2 ,5 5 0 ,0 0 0 in 1912.
CONSOLIDATED

BALANCE

SHEET

DECEMBER

31

1915.

(Cambria Steel Co. and Subsidiary Companies.)

v o lu m o o f p r o d u c t io n , o u r a vora go m a n u fa ctu rin g co s ts fo r yoar w ore r o d u c e d .
Bond Payment.— T h o th ird series o f th o b o n d issu o, a m o u n tin g t o $ 1 2 5 ,­
000 , w as retired ; to ta l retired t o d a to , $ 3 7 5 ,0 0 0 .
....
Oil Properly.— -D uring 1915 o n o p ro d u c in g w e ll, N o . 5 , an d in l o b . 1916
an a d d itio n a l p r o d u cin g w e ll, N o . 6 , w ore d rille d o n th o p r o p o r ty a t l l a y d e n v ille , H o ck in g C o . , O h io .
W o n ow h a v o fo u r p r o d u c tiv e w olls. N o s . 1,
4 , 5 a n d 6 , an d it is p r o p o s e d t o d e v o lo p th o p r o p e r t y as m a y b o do o m od
c o n s iste n t b y y o u r boarcl o f d ire cto rs .
Litigation—Great Eastern Clay Products Co.— T h o litig a tio n b r o u g h t In
t h o U . S . D is tr ic t C o u r t a t C lo v o la n d w as s e ttle d a n d d is c o n tin u e d .
CONSOLIDATED RESULTS FOR CALENDAR YEARS.

1915.
N e t earn in g s,a ll so u rce s loss $ 9 8 ,9 0 7
P referred d iv s . ( 4 % ) ____________
D e p r e c ia t io n ____ . . . ____
100 ,000

1914.
1913.
1912.
$26 0 ,1 2 5
$ 5 1 1 ,5 6 3
$45 1 ,4 2 8
$ 3 1 6 ,0 2 0 $ 3 1 6 ,0 2 0 $ 3 1 6 ,0 2 0
100 ,000
100 ,000
_ 100,000

B a la n co , su r. o r d e f.d c f.$ 1 9 8 ,9 0 7 d e f.$ 1 5 5 ,8 9 5

s u r.$ 9 5 ,5 4 3 s u r.$ 3 5 ,4 0 8

31.
Assets—
1915.
1914.
1913.
1912.
C o s t o f p r o p ’ y & e q u i p . x $ 1 3 ,4 4 8 ,7 3 2 $ 1 2 ,5 0 8 ,5 5 5 $ 1 2 ,5 6 3 ,8 7 6 $ 1 3 ,2 3 1 ,8 5 6
S to ck s & b o n d s (at c o s t)
174,927
2 1 4 ,9 1 0
2 0 3 ,9 1 0
3 4 0 ,3 4 6
N o te s & a c c ts . r e c e iv a b le y 1,5 0 0 ,9 2 6
1 ,6 8 5 ,5 9 7
1 ,9 2 9 ,6 6 6
2 ,5 2 o ,o 5 9
I n v . & a d v . in o th e r c o s .
z6 2 3 ,1 0 1
5 7 6 ,7 5 0
o 6 0 ,7 o 0
.....
C a s h ......................................
3 4 5 ,3 3 6
3 9 5 ,7 1 8
3 3 2 ,1 2 2
3 2 8 ,2 8 3
I n v e n t o r ie s _____________
8 8 3 ,9 3 0
9 2 4 ,7 3 9
9 2 0 ,4 6 4
8 6 1 ,9 4 3
D o fc r r e d c h a r g e s _______
7 2 ,373
---------------------_
----------CONSOLIDATED BALANCE SHEET DEC.

T o t a l a sse ts....................$ 1 7 ,0 4 9 ,3 2 4 $ 1 6 ,3 0 6 ,2 6 9 $ 1 6 ,5 1 0 ,7 8 8 $ 1 7 ,2 8 7 ,9 8 8
Liabilities—
P re fe rre d s t o c k _________ $7,' ,900,500 S 7,9 0 0 ,5 0 0 $ 7 ,9 0 0 ,5 0 0 $ 7 ,9 0 0 ,5 0 0
4 ,4 6 1 ,3 0 0
4 ,4 6 1 ,3 0 0
4 .4 6 1 ,3 0 0
C o m m o n s t o c k _________
4,,461,300
2 ,3 7 5 ,0 0 0
2 ,5 0 0 ,0 0 0
2 ,2 5 0 ,0 0 0
,125,000
1st M . 5 % b o n d s _____
7 9 ,0 0 5
7 9 ,0 0 5
7 9 ,005
P r e f. d iv id e n d a c c r u e d .
4 1 ,6 6 7
3 9 ,5 8 3
3 7 ,5 0 0
3*5*417
B o n d in terest a c c r u e d ..
4 2 4 .0 0 0
3 7 8 ,3 4 0
300.0001
4 5 6 ,8 0 0
N o te s p a y a b lo ___________
30 4 .8 5 1 )
A c c o u n ts p a y a b lo _______
700 .0 0 0
,000,000
R o s e r v o fo r d e p re cia tio n
1 ,1 8 1 ,5 1 6
1 ,1 2 1 ,1 6 4
1,2 7 7 .0 5 9
9 22 ,257
S u r jil u s _________________
T o t a l lia b ilitie s.............$ 1 7 ,0 4 9 ,3 2 4 $ 1 6 ,3 0 6 ,2 6 9 $ 1 0 ,5 1 0 ,7 8 8 $ 1 7 ,2 3 7 ,9 8 8
x R op roson ts in 1915 p r o p o r ty an d o q u tp m o n t a t c o s t in p re fe rre d s to c k
p lu s ex p e n d itu re s fo r a d d itio n s , $ 3 ,9 8 7 ,4 3 2 , a n d g o o d -w ill roproson tod b y
c o m m o n s t o c k o u ts ta n d in g , $ 4 ,4 6 1 ,3 0 0 .
y In clu d e s in l9 1 o n o te s r e c e iv ­
a b le $37 7 ,8 1 5 ; a c c o u n ts re c e iv a b le (loss roservo fo r b a d an d d o u b tfu l
a c c o u n t s ), $ 1 ,0 6 8 ,2 7 5 , a n d a c c o u n ts re ce iv a b le fro m a sso cia te d c o s ., $ 5 4 ,­
83 6 . z In clu d e s in 1915 s to c k o f N a tio n a l F ir o p r o o fin g C o . o f C a n a d a ,
L t d ., $47 ,0 0 0 ; Ila v d e n v ilto O il C o ., $ 1 0 ,0 0 0 , an d S ta n d a rd B ld g s ., I n c .,
$ 6 ,0 0 0 ; b o n d s o f N a t . F ir e p r o o fin g C o . o f C a n ., $ 1 3 8 ,7 5 0 , an d n o te s o f
A m e rica n C la y P r o d u cts C o ., $40 0 ,0 0 0 ; Ily a d o n v illo O il C o . , S 1 5 ,3 o l, an d
S ta n d a rd B ld g s ., I n c ., $ 6 ,0 0 0 .— V . 100, p . 1514.

Willys-Overland Co., Toledo, Ohio.
(,Report for Fiscal Year ending Dec. 31 1915.)
CONSOLIDATED

INCOME ACCOUNT

(INCL.

Year end.
Dec. 31 ’ 15.

N e t earnings a n d in c o m o (see b o lo w ) - $ l 1.201,256
D e d u c t — In t. o n flo a tin g d e b t , & c_ _
$33 0 ,5 7 8
lio s o r v o fo r c o n t in g e n c ie s -1 ,0 0 0 ,0 0 0

SUBSIDIARY COS.)

6

Mos. end.
Year end.
Dec. 31 ’ 14. June 30 *14.

$ 3 ,3 2 7 ,4 9 9
$ 1 5 8 ,4 0 0
loO.OJO

$ 5 ,8 6 4 ,8 5 8
$ 3 3 3 ,5 8 3
3 0 0 ,0 0 0

N o t in c o m o fo r p e r io d .........................."$ 9 ,8 7 0 ,6 7 8 $ 3 ,0 1 9 ,0 9 9 $ 5 ,2 3 1 ,2 7 5
P referred d iv id e n d s - .........................( 7 % )$ 3 2 2 ,1 6 4 (3 ^ ) 1 6 5 ,2 3 5
(7 )3 5 0 ,0 0 0
C o m m o n d iv id e n d s f e a s h ) ............... - (6 )1 ,2 2 9 .8 9 5 (3 % )6 0 0 ,00 0 (1 1 )2 .2 0 0 .0 0 0
... .
.
. C o m m o n d iv id e n d s ( s t o c k ) -------. ( 5 % ) 1 ,000,000
P ro v is io n fo r re d e m p tio n o f p r o f------2 5 0 ,0 0 0
104 ,167
2 5 0 ,0 0 0
B a la n co , su rplu s fo r p e r io d s -----------$ 7 ,0 6 8 ,6 1 9
$ 2 ,1 4 9 ,6 9 7 $ 2 ,4 3 1 ,2 7 5
T h e n o t earnings an d in c o m o o f a ll co m p a n ie s , as a b o v o , aro sh o w n a ft e r
d e d u ctin g all oxponsos o f tho business, in clu d in g a llo w a n ce s fo r in c o m o ta x
an d all e x p en d itu res fo r repairs and m a in te n a n ce o f th o p r o p e r tie s , in clu d in g
an a d o q u a to allo w a n ce fo r a ccru in g renow als an d d e p r e c ia tio n an d losses
o n fin a l liq u id a tio n o f linos d isco n tin u e d In excess o r roservos p r e v io u s ly
establish ed .
CONSOLIDATED BALANCE SHEET DECEMBER 3 1 .
1915.
1914.
1914.
1915.
Liabilities—
S
8
S
Assets—
S
Preferred
stock
___
4,483,700
4,721,000
Real estate, bldgs.,
___
machinery, & c.* 16,945,453 9,127,188 Com m on s t o c k -..21,000 ,000 20,000,000
Good-W ill,p at. ,&C. 14,059,932 14,059,932 Real estate mtges.
448,269
131,500
assumed_______
Investments x____
680,2S0 2,251,767
Inventories______ 17,752,812 9,648,745 Notes payablo____10,200,000 7,599,296
Agents & C o s .y .. 1,081,770
901,942 A cc’ ts p a y a b le ... 4,942,179 1,669,274
451,944
291,761
N otes receiva ble.. 2,048,494 1,501,283 Customers’ depos.
160,612
A co’ ts receivable. 1,929,757 1,813,657 A ccr’d int., & c . . . a380,9S0
M lscell. invest’ ts.
70,475
49,925 R e se rv e s________ b 2 ,202,711 1,099,491
78,465
82,617
Cash........................ 4,023,342 3,928,099 Pref. stock div’d . .
Prepaid int., & c_ .
316,482
124,944 Profitan d loss____14,720,550 7,651,931

Liabilities (Total, $ 9 4 .5 3 9 ,3 7 2 )—
C a p ita l s t o c k ------------------- $ 4 5 ,0 0 0 ,0 0 0
C a m b ria Iro n C o . s to c k
T o t a l ..................58,903,803 43,407,482
(gu aran teed 4 % ) ______ 8 ,4 6 8 ,0 0 0
T o t a l ..................58,903,803 43,407,482
B o n d s ., __________________ *4 ,6 2 3 ,6 7 2
A c c o u n t s p a y a b lo ____________________ 4 ,7 9 9i,7
n 6c3l u d e s D e c . 31 1915, real e sta te , $ 1 ,6 8 9 ,8 5 1 ; b u ild in g s, $ 8 ,7 6 8 ,6 5 5 ;
B ills p a y a b l o ____________
1,7 5 0 ,0 0 0
m a ch in e ry an d e q u ip m e n t, $ 6 ,2 5 2 ,0 2 8 ; t o o ls , d ie s, p a tte rn s, &c\, as d e p r e ­
c ia te d , $ 6 8 8 ,6 5 3 ; fu rn itu re an d fix tu re s , $14 5 ,3 0 8 ; .co n str u c tio n w o rk in
1,6 8 7 ,5 0 0
D iv id e n d s c r ip ___________
R e s e r v e s ___________________ n 4 ,832,761
nrotrress an d a d v a n ce s fo r purch ase o f p r o p e r ty , $ 2 8 3 ,5 6 7 ; a u to m o b ile
S u rp lu s___________________ b 2 3 ,9 7 7 ,6 7 6
e q u ip m e n t in s e rv ico . $74 ,5 1 9 ; to ta l, $ 1 7 ,9 0 2 ,5 8 1 . , d e d u c t reserve fo r
d e p r e c ia tio n and a ccru in g ren ow als, $ 1 ,2 3 0 ,2 9 3 (In clu d in g $ 4 6 2,91 8 p r o ­
v id e d o u t o f earnings fo r th o y e a r, e x clu d in g $ 1 ,0 4 2 ,5 1 0 fo r d e p re cia tio n o f
* Inclu des $ 3 ,5 5 5 ,0 0 0 b o n d s o f th o M a n u fa c tu r e r s W a te r C o . $ 3 8 6,17 2
t o o ls , d ie s , p a tte rn s, & c ., d e d u cte d fro m th o a s s o t). and cre d itin g $27 3 ,1 0 5
J o h n sto w n W a te r C o ., $37 ,5 0 0 M a h o n in g SS . C o . , a n d $ 45 ,000 C a m b ria
losses o n d ism a n tle d p r o p e r ty an d re p la ce m e n t e x p en d itu res w ritten o f f ;
SS . C o .
a In clu d es reserve fo r d e p re cia tio n a n d exh a u stion o f m in era ls,
b a la n ce as a b o v e , $ 1 6 ,9 4 5 ,4 5 3 .
x In clu d e s in v e stm e n ts in and a d v a n ce s to
$4 2 0 0 .1 2 0 , a n d reservo fo r bla st fu rn a co relining a n d o th e r o p e ra tin g a c ­
a ffilia te d m a n u fa ctu rin g co m p a n ie s , y in clu d o s ba la n ce s d u o fr o m E u ro ­
c o u n t s , $63 2 ,6 4 2 .
b A ft e r d e d u ctin g $ 6 8 9 ,3 5 5 ch arge a p p lica b le t o prop e a n d istrib u tin g a gen t an d a ffilia te d d o m e s t ic gelling co m p a n ie s , a I n ­
v io u s yea rs (C o u r t aw ard against C a m b ria Iro n C o . in C a rn egie M ix e r
clu d e s in 1915 accru e d in terest a n d taxes, $ 1 6 4 ,4 2 6 , an d a ccru e d p a y -r o lls
s u it, p en d in g sin co 1895, an d a d d in g $ 7 3 2,32 7 C a m b ria Steel C o . s p r o p o r ­
tio n o f u n d iv id e d p r o fits in su bsid iary co m p a n ie s sin ce th eir a c q u is itio n .— • an d s a la r ie s !°$ 2 16L560. b R eserves in 1915 in clu d e $ 1 ,0 0 0 ,0 0 0 fo r c o n ­
tin gen cies $ 7 1 7,87 3 fo r re d e m p tio n o f p re f. s t o c k , In clu d in g a cc r e tio n s
V . 102, p . 888 , 610 .
arising fro m d is c o u n t on p re f. s to c k p u rch a se d ; $42 4 ,8 3 8 fo r reb a tes to
c u s to m e rs . $30 ,0 0 0 fo r c a r repairs under g u aran too and $ 3 0 ,0 0 0 fo r ro y a ltie s
National Firs Proofing Co., Pittsburgh.
p a y a b le .— V . 102, p . 52 8 . 4 4 3 .
*

Assets (Total. $ 9 4 ,5 3 9 ,3 7 2 )—
P r o p e r t y a c c o u n t, in cl.
leaseh old fro m C a m b ria
Ir o n C o ________________ $71 ►525,213
A d v . str ip p in g ,o r o m in es.
3 62 ,594
I n v e s t ’ ts (su n d ry s e c s . ) . .
141,103
I n v e n t o r ie s ........................... 1 4,626.490
C a s h _____________________
1,297,586
A c c o u n t s r e c e iv a b le ------6 ,474,211
B ills r e c e iv a b le ___________
112,175

{Report for Fiscal Year ending Dec. 31 1915.)
Pres. W . D . Henry, Pittsburgh, Feb. 24, wrote in subst.:

Building Conditions.—D u r in g

1915 th o b u ild in g busin ess w as co n d u c te d
u n d er unusual d ep ression . In C h ic a g o th o s trik es o f th o va rio u s b u ild in g
tra d es lasted m a n y m o n th s , w ith th o result th a t o u r C ilic a g o D e p a r tm e n t,
fr o m w h ich w o h a v o h e r e to fo r e d e r iv e d largo e arn in gs, ex p e rie n ce d h e a v y
losses; d u rin g t h o la tte r p a rt o f th e y e a r a r b itra tio n a greem en ts w ere
o n tcre d in to w h ich it is e x p e c te d w ill e lim in a te fr o m C h ic a g o fu rth e r la b o r
d iffic u lt ie s o f a sim ilar n atu ro.
,
,
,
,
Business.— D u rin g th o y e a r , b o t h th o f ir e -p r o o fin g a n d c o n d u it business
w ero 6 5 % n orm al an d 5 5 % c a p a c it y .
,
W h ile c o m p e t it iv e s ilo m a n u fa ctu re rs are re p o rte d t o h a v e su ffe re d losses
o f 5 0 % as c o m p a re d w ith 1913, o u r N a t c o s ilo c a m o w ith in a fe w sales o f
e q u a lin g its 1914 record ; an d in a d d itio n th e r o to th o agricu ltu ra l d e p a rt­
m en t in crea sed its sales o f N a t c o , o th e r th a n th o s ilo , b y 1 2 ,000 tonk. W ith
th o in stitu tion th is y ea r o f a free plan s e rv ico t o th o fa rm or c o v e r in g d iv e rs!
f ie d ty p o s o f fa rm b u ild in g s , th e d e p a rtm e n t s h o u ld o c c u p y a le a d in '
p o s itio n in th o N a t c o or g a n iz a tio n .
.
,
, .
O ur now N a t c o lo c k -jo in t sew er tile has b o o n in sta lle d In sow er w o rk in a
n u m b e r o f c itie s an d to w n s, w ith v e r y s a tisfa c to r y re su lts. A h e a v y in­
crease in this b ra n ch o f o u r business is a n tic ip a te d .
,
, , „
Results.— D u o t o th o c o n d itio n a ffe c tin g gen eral b u sin ess, as h erein b efore
m e n tio n e d , th o b o o k s sh ow a loss fo r th o y e a r in th o su m o f $ 9 8 ,9 0 7 .
D u r­
in g the clo s in g m on th s o f 1915 an d in J a n . 1910 a m a rk e d im p ro v e m e n t
in general b u ild in g c o n d itio n s b e ca m o a p p a re n t.
O u r sh ip p in g re co rd s
sh ow th o n u m b er o f cars s h ip p e d d u rin g J a n u a ry t o h a v e been in 1914
1,460 cars; in 1915, 990 ca rs, an d in 1916, 1,390 cars.
T h e su m o f $ 2 1 5 ,9 8 2 w as sp e n t fo r repairs a n d m a in te n a n ce d u rin g th o
y e a r a n d ch a rg ed t o o p e r a tin g exp en so. N o tw ith s ta n d in g tho h e a v y in­
crease in th o c o s t o f la b o r , fu e l, e x p lo s iv e s a n d o th e r m aterials en terin g
la r g e ly in to th o m a n u fa c tu r e o f o u r w ares an d th o m a rk e d d ecrease in th o




National Lead Co., New York.
{Report for Fiscal Year ending Dec. 81 1915.)
P r e s i d e n t William W . Lawrence says in substance:
Results.—

In c o m m o n w ith o tlio r m a n u fa ctu rin g c o r p o r a tio n s , o u r y oar
oD ened w ith business in d im in ish ed volu m o; in so m e d e p a rtm e n ts th c r o w ere
seriou s losses in th o v o lu m o tra n s a cte d .
L ater o n an increase in v o lu m e
b e g a n , w h ich has s te a d ily co n tin u e d t o th e en d o f th o y e a r , th o to ta l v o l­
u m o in m o s t d e p a rtm e n ts exceed in g th a t o f o th e r years.
T h o expenses o f c o n d u c tin g buslnoss c o n tin u e t o in croa so, an d co n s e ­
q u e n tly larger m argins aro requ ired to m eet th o s itu a tio n .
\\ e h a v o v ig o r ­
o u s c o m p e titio n in all fields, b u t gon erally s p e a k in g , an im p ro v e d to n o
n rovails th r o u g h o u t th o va rio u s trad es in w h ich w e h a v e a p la co .
O u r an n u al sta te m e n ts represent o n ly th o o p e ra tio n s o f tlio c o m p a n y
its e lf, w ith th o a d d itio n o f su ch d iv id e n d s as m a y b o p a id t o it b y th ose
o th e r c o m p a n ie s In w h ich it is in te re ste d . T h is a p p lies t o co m p a n ie s in
w h ich w o o w n all o f th o s to c k as w ell as t o th o s o in w h ich w o o w n o n ly
part o f th e s t o c k .
.
„
Subsidiary Companies. Entire Capital Stock Owned.—T h o c o m p a n y o w n s
all th o ca p ita l s to c k o f th o C a rte r W h ite L ea d C o . , H e a th & M illig a n M fg .
C o th o M a g n u s C o ., I n c ., M a th e s o n L e a d C o ., S t. L o u is S m eltin g & R e ­
fin in g C o ., U nited L e a d C o .
E a ch o f these co m p a n ie s has had a su ccessfu l
v e a r . T h e re h a v e been p a id t o th o N a tio n a l L e a d C o . fro m th eir earnings
d iv id e n d s a m o u n tin g t o $ 6 6 2 ,5 5 0 . T ills a m o u n t is r e fle cte d in tlio sta te ­
m en t o f n e t earnings, th o rem ain d er n o t show n in tlio sta te m e n t bein g r e ­
ta in e d as su rplu s an d w o rk in g c a p ita l in th o r e s p e c tiv e treasuries o f th e
a **T Im pkl111'<)fCth o P(Jar tor W h it e L e a d C o . a t W e s t P u llm a n , 111., has been
trradually r e b u ilt, o r , m o ro p r o p e r ly , r o p la ce d b y a p e w p la n t or stoel an d
c o n c r e te .
W h en fin ish e d , p r o b a b ly th is y e a r , it w ill b o th o largest an d

Mar . 18 1916.]

THE CHRONICLE

m ost com plote o f its kind in existence. W ith out serious interruption to
business this work has been carried on for several years, building one unit
a t a tim e, being paid for entirely out o f earnings o f the Carter C o.
T h o Heath & Milligan M fg . C o ., with the rovival o f business, has in­
creased its sales and made substantial not earnings.
T ho M agnus C o ., In c.,— T he improvem ent in conditions affecting rail­
roads has been prom ptly reflected both In the volum e o f business and tho
earnings o f this com pany. Tho prospects are bright.
Mathoson Lead C o. has mado satisfactory returns on our investment.
T he capacity o f tho St. Louis Smelting & Refining C o. has boon increased
and the profits have been satisfactory. A s long as tho present high prices
for pig lead prevail, a largo profit m ay bo confidently expected. It has
been thought wise not to declaro any dividends, but instead to apply all
tho earnings to a sinking fund until tho cost o f tho property is paid o ff.
T he United Lead C o. has closed the m ost successful year in its history,
b oth in volume and profits. T he various metal products manufactured
havo been in unusual demand and the plants havo, in m any casos, been
running both day and night. Prospects for com ing year are very good .
C o m p a n i e s i n w h ich o n ly a p a r i o f C a p ita l S to ck i s O w n e d .— Tho operations
o f the United States Cartridge C o. for 1915 wore so successful that a con ­
siderable deficit from preceding years has been entirely wiped out and a
satisfactory amount placed to surplus account. Ponding im portant im ­
provem ents and tho com pletion o f contracts it has not been thought wise
to declare any dividends up to the present tim e. T he prospects for the
current year are entirely satisfactory.
T ho Baker Castor Oil C o. has had a prosperous year and regular dividends
as usual are paid.
T he River Smelting & Refining C o. is a now corporation recently or­
ganized Jointly b y Stone A W ebster o f Boston and tho N ational Lead C o .
fo r the purpose o f manufacturing spelter b y electrolytic process from cer­
tain low-grade zinc-bearing ores. Its plants are com pleted and aro about
to bo put in operation. This investment should prove profitable.
M e t a l R e s e r v e .— The directors appropriated during the year $200,000 to
creato a metal reservo to guard against losses, particularly as to operations
in tin and antim ony. W o are probably tho second largest consumer o f
tin in the U. S ., if not in the world, and our consum ption o f antim ony is very
heavy. Beforo tho Europoan war antim ony was selling in N . Y . at from
6c. to 7c. per lb. T o-d a y tho prico ranges between 43c. and 45c. T in,
which sold In Juno 1914 at about 3 0c., is to-day worth abou t 40c. per lb.
Therefore It is clearly evident that a day will surely com e when values
will begin to decline and in all probability decline heavily.
P la n t D e p r e c ia t i o n R e s e r v e .— In the past ton years m ost o f our im portant
plants havo boon entirely rebuilt out o f earnings without charge to capital
accou nt, and those at present in existence aro for tho m ost part o f steel
and concroto construction and fully up to date. Thero rem ain, howover,
one or tw o very largo and Important plants which must ovontually bo re­
placed at very considerable cost. Your directors havo therefore thought it
wiso to Inaugurate a plant depreciation reserve to which has been appro­
priated $100,000 with the intention, as our circumstances perm it in tho
future, to add to it, so that when the tlmo com os ample funds will bo on
hand to carry out such replacement without interfering with dividends or
resorting to any extraordinary financing. In the moantimo those funds aro
used as part o f our working capital.
D i v i d e n d s .— In Fob. 1916 tho dividend rate on tho com m on stock was
increased from 3 % to 4 % (V . 102, p. 801).
S to ck h o ld e r s .— On D oc. 31 1915, 6,788; D ec. 31 1914, 6,859.
R E S U L T S FOR

CALENDAR

1915.
N et before maintenance $3,148,5981
M aintenance & repairs.
438,072]
B ala n ce...............
$2,710,520
D ed u c t—
Dividend on prof. (7 % ) $1,705,732
Dividend on com m on(3% ) 619,662

YEARS.

1914.
1913.
N ot stated.

1912.
/ $3,106,205
(
613,972

$2,476,292

$2,458,306

$2,492,233

$1,705,732
019,662

$1,705,732
___ 619,662

$1,705,732
619,662

$385,132
5,352,230

$150,898
5,201,332

$132,912
5,068,420

$166,839
4,901,581

Remaining surplus-. . $5,737,362

$5,352,230

$5,201,332
D E C . 31.

$5,068,420

S u rp lu s .........................
Previous surplus..............

GENERAL

DALANCE

SH EET

1016.
1014.
1915.
lo it
Liabilities—
$
s
S
S
Plant In vestm ent.|23,785,822 23,708,780 Common stock— 20,055,400 20,655 400
Other Invest’ t8__ul7,520,910 16,003,718 Preferred s t o c k .. . 24,367,600 24,367 000
Stock on hand____ 0,207,772 7,104,475 A cc’ ts payablo— 1,298,008
988,835
Cash In bank......... 1,035.324 1,3S7,755 Insurance fund— 1,100,000 1,000 000
Customers’ acc’ ts . 2,854,130 2,084,329 M etal reservo____
200,000
..
A d v. to sub. c o s ..
645,000
845,000 Plant reservo_____
100,000
..
Other notes rccelv. 850,000
150,000 S urplus.................. 5,737,302 5,352,230
Assets—

T o t a l .................. 53,458,070 52,304,065

T o t a l ..................53,458,070 52,364,005

a Other investments in 1915 ($17,250,916) include stocks and bonds o f
Insurance fund, $1,000,000: stocks o f companies not entirely owned b y
National Lead C o., $1,046,950. and stocks and bonds o f sub-companies,
$15,473,966.— V . 102. p . 804.

Computing-Tabulating Rocording Co.
Pres. Thos. J. Watson, M ar. 10 wrote in substance :

deducting for maintenance, depreciation, all
expensoi and “ ™ ln* ^ . a r a o i i n t to $090,694. as com pared with $489,862
Icr 1914— an increase or $200,832, and gratifying. In view o f tho fact that
the first half o f 1.11 o was considerably behind the same period for 1914.
startod ,ast Ju ly’ contlnuos' aud
The directors, on Feb. 24 1916. declared a dividend o f 4 % , payable

o n ^ n yio^917.AP * 10’ 1% ° ” July 10 1916, 1% 0,1 ° ct’ 10 1916 and 1%
IN C O M E

Balanco, surplus---------------------------C O N S O L ID A T E D

1915.
$

31.
1914.
» i 'Inr^lno
« .3 1 3 .0 6 3 $1,395,392

ACCOUN T DEC.

R e m a in d e r _____________________
si u c n i c
E xp. O .-T .-R . C o. (not) after deduct­
ing int. rec. on loans, treas. bds.,A c.
asa 4 « i
In t. on 6 % sink. fd. bonds--------------396’760
D ivs. on O .-T .-R . stock.........................
......
$690,694

BALAN CE

ci

349,276

296,498

$963,787

$1,098,194

$68,051
$46,871
405,874
417,329
---------- (3% )313,719
$489,862
31

$320,975

SHEET D EC

’
1915.
Assets—
Liabilities—
* V U'
1* “ *
Plants, good-will,
patents, A c ...n l0 ,2 7 3 ,2 1 2 16,227.102 n n n jw a,i° P .......... 10.457,200 10,457,200
Office supplies, preS
and
6 ’ 162’000 7’061’000
--------24,621
paid- Ins.,lot.,Ac.
22,797
taxes accrd., A c.’
B03 fl
412,821 Aoo,a. bona l „ t . :
Cash.........................
731,389
K K
N otes A accts. reo.
B S S S J S t ffi::
l M M
§ ! 1
(less r e s e r v e )... 1,640.497 1,487,324 Cap. stock A s u rp .
............
12,445
In v ’torles (at cost)
840,989
892,736
of sub. cos......... 1,104 704
bl67,489
Treas. bonds (par)
..........
747,000 Undivided surplus.c2,047|i27
1,407,533
T o t a l .................. 19,614.885 19,701,604
T o t a l .................. 19,514,885 19,791,604

1914.
5

a Includes plants, equipment, patents and goodw ill, after deducting
surplus o f subsidiary companies acquired at organization 1 1 7 m oto i „
1915, less $1,401,005 for reserves, balanco $16,273,212. b N ot owned hv
O .-T .-R . C o. c After deducting $51,100 sundry surplus atUustme^te
N o t e .— T ho roport for 1914 showed under assets, property and Invest
m oot account. less reserve ($1,117,859), $17,947,142; and on the iVwhtFra
— V S i(fr U8j °* subsidiary companies acquired at organization, $1,720,040.




M cC R O R Y STOR ES CORP. (A N D

IT S PREDECESSOR C O M P A N Y )

P R O F I T A N D L O S S A C C T . F O R 12 M O S . E N D . D E C . 31 1915.
Sales, $5,613,987; less cost o f sales, $3,801,235; gross trading
p r o f it s .......................
$1,812,752
D edu ct: Total expenses, salaries, rents, taxes, insurance, depre­
ciation, interest, & c ._ ________________________________________ 1,460,556

N ot incom e for calendar year 1915_____________________________
SALES A N D

P R O F IT S FO R C A L E N D A R

_ ,
1915.
Sal<*5............$5,613,987
P r o f i t s ------ $352,196

1914.
$4,929,184
$304,558

1913.
$5,395,059
$390,550

$352,196

YEARS.

1912.
$4,764,312
$319,236

1911.
$3,902,257
$217,868
M c C R O R Y S T O R E S C O R P . B A L . S H E E T D E C E M B E R 31 1915.
^ A s s e t s ( T o t a l. $7,096,510)—
L ia b ilit ie s ( T o ta l, $7,096,510)—
M cC rory R ealty Corp.
7% cum . pref. stock ______ $1,250,000
$351,692 Com m on stock .................. 5,000,000
C om . stock-----Im pts., furniture & f i x f s
1,060,652 Real estate mtge.payable
2,000
M dse, at or below c o s t ..
1,066,902 Bills payable ...................
295,300
A ccts receiv., lass reservo
8.528 A ccounts p a y a b le .........
363.571
J. G . M cC rory C o ____ __
51.792
Surnlns
lasTrca
185,639
Surrender value o f life inaurpius ................................
surance p o lic ie s ______
53,171
443,461
C a s h --------------- ---------------Prepaid rents, & c_________
60,312
G o o d -w ill______ _________ 4,000,000,
The profits from date o f organization June 1 1915 to D ec. 31 1915 were
$236,680. less preferred dividend, $51,041, leaving a balance, as slmwn
above, $185,639.
The net profits o f this com pany and Its predecessor, the J. G . M cC ro ry
C o ., for tho year 1915, were $352,196. T he proportion applicable to the
period prior to June 1. $115,516, has been written o ff the im provem ent
account and the reorganization expense account.— V . 102, p . 157.

Diamond Match Company.
(Report fo r Fiscal Year ending Dec. 31 1915.)
N et profits, all s o u rce s ..$2,284,564
291,188
Deprec’n, repairs, A c ____
Reserve against in v e n t ..
388.368
N et earnings__________ $1,605,009
A pprop. for gen. res’v e . . $260,000
Depreciation reserve____
150,000
Dividends ( 7 % )................ 1,130,599

1914.
$1,872,165
329.931

1913.
$2,187,830
412,015

1912.
$2,505,192
385.089

$1,542,234
$250,000
150.000
1,126,342

$1,775,815
$250,000
150.000
1,126,338

$2,120,103
$250,000
150,000
1.125,235

S u rp lu s ______________
Previous surplus_________

$74,410
880,320

$15,892
864,428

$249,477
614.951

$594,868
520,082

T o t a l ...........................
Patents, A c ., written o f f .

$954,730
500,000

$880,320

$864,428

$1,114,951
500,000

Surplus D ec. 31______

$454,730

$880,320

$ 864,428
31.

$614,951

BALANCE

1915.
A s se ts—
s
Plants, A c ......... .. 3,822,327
Pine lands, & c ____ 2,534,059
Patents, r’ ts, A c . . 2,000 000
Foreign A c. Invest. 1,092,785
D e f. chgs. to o p e r.
49,002
In v e n to r y ........... .. 4,768,613
N otes A a cc’ ts rec. 2,082,007
Cash for coupons.................. ..
Cash...............
1,843,973

SHEET DECEM BER

1914.

S

3.592,088
2,757,348
2 500.000
1,324,062
128,885
5,189.172
2,212,539
9,570
1,077,234

T o t a l ..................18,193,365 18,791,498

1915.
1914.
Liabilities—
$
S
Capital stock------16,965,100 10,090,600
6% conv. debs___
1,295.700
Interest coupons. .
_______
9,570
A cc’ts payable___
475,452
287.256
Pay-rolls, A c .........
70,517
54,888
Taxes accrued____
86,887
78,979
R e s e r v e s ........... ..
140,680
94,185
Surplus and profits
454,730
880,320
T o t a l ..................18,193,365 18.791,498

N o t e .— 'The amounts heretofore reserved from time to time for deprecia­
tion and reserves applicable to “ plants, real estate, & c .,“ and ‘ ‘ California
pine lands, stumpage, plants, A c ..” are shown in tho foregoing statement as
deductions from these accounts instead o f appearing as in previous years, in
reserves” under liabilities.— V. 102, p . 348.

Homestake Mining Co., San Francisco and New York.

Supt. Richard Blackstone, Lead, S. D ., Dec. 31 1915,
" wrote in substance:

The financial condition o f the com pany Is very satisfactory. Sinking
^ w « ? q<«i59 nf?nn8 *rv.° beon com plied with, and bonded debt thereby
j ^ v h ^ s statement
current as-suts show a substantial gain over any

C O N S O L ID A T E D

McCrory Stores Corporation, New York.
(,Re-port fo r Fiscal Year ending D ec. 31 1915.)
This company was incorporated in Delaware M a y 20 1915
(see preferred stock offering, V . 100, p. 1756). For the sale
of $700,000 1st M . serial 6 % bonds covering a chain of stores
and whose title was placed with trustee, see V . 101, p. 134.

(Report for Fiscal Year ending Dec. 31 1915.)

(Report fo r Fiscal Year ending Dec. 31 1915.)

1915.q 7 a
Proportion o f net profits o f sub. cos
M afntonanco, depreciation & reserv5 5 1 ’j 4 9 ’874
(doubtful accou nts)----------------------403,959

10 57

Operations at tho mine and mills o f the com pany for 1915 have been co n ­
tinuous.
The erection o f the new equipment has been about com pleted
at*d n .w. soon 1)0 in operation. T he Pocahontas mill has been com pletely
rebuilt during the year. One-half o f tho Amicus mill has been rebuilt and
rapid progress Is being made towards its com pletion. These repairs were
m ade with no material stoppage o f milling capacity. Tho Columbia ditch
has been rebuilt with permanent vitrified pipe.
T h o deadwork, or developm ent in the mine, has beon carried on without
Interruption, haying in view the outlining o f areas o f now ore bodies and
i n ^ nii.natJo n .
va ! ugs o f same.
During tho year there was excavated
At’9? / * ' o f ,ra.l'?cs aI!‘ * 17.114 ft. o f dri ting. Preparations have been com ­
pleted for sinking the Ellison shaft to tho 2,000 foot level.
I ho mine and the reduction plants aro in good condition and the measured
oro reserves are large and sufficient to supply the reduction plants for years
RESU LTS

FROM

O P E R A T IO N S .

m
J
1915.
1914.
1 ,5 8 7 . 7 7 4
T ons o f gold ore m illed........................... 1,573,822
Avorago proceeds per ton ......................
$4,085
$3,880
T otal proceeds o f bars-------------------------$6,428,787 $6,160,161
Incom e from foundry, supplies, A c . .
96,996
148,561
$6,525,783
T otal incom e................................
D e d u c t—
Operating and general expenses_____ $3,780,084
Ellison shaft..............................................
118,765
Property purchase__________________
14,709
Steam -electric power plant__________
32,290
Construction and surveys___________
1,123
T a x e s_____________________________
232 967
Dividends paid (8 .8 % )......................... 2,210.208

1913.
1.540,961
$4,015
$6,186,652
132,716

$6,308,722

$6,319,368

$4,059,050
87,867
30.896
81.263
111,128
258.962
2,210,208

$3,771,459
109,973
79,704

T otal deductions
......................... $6,390,446 $6,839,374
Balanco surplus or deficit...................... sur$135.337 def$530.652
Surplus brought forw ard_____________
897.596 1.428,248

$6,347,078
def27,710
1.455,958

T otal surplus........................................$1.032.933 _ $897,596
B A L A N C E S H E E T J A N U A R Y 1.

124.326
115.391
2,146.225

$1,428,248

1916.
1915.
4.
. . i l l 1916.
1915.
S
S
Liabilities—
t
$
.25,116,000 25.116.030 Capital stock------ 25,116,000 25,116,000
. 1,199,833 1,086,530 Outatand’g drafts.
486,640 483.336
.
22,979
18,661 Uncl’m ’d d ivs.,A c.
5,336
5,128
Bullion In transit..
302,097
280,869 Profit and 103S------ 1,032.933
897,596
.26,640,909 28,502,060

T o t a l .................. 26,640,909 26,502.060

♦Property account consists o f mines, hoisting works, stam p m ills, re­
grinding plant, cyanide plants com pressor plants, pum ping plants, eiectriclighting and power plants, timber lands, assay-office, buildings, refining
| plant, machine shop, foundry, water rights, franchises, A c .— V . l o L p 1977

[Vol . 102.

THE CHRONICLE

1058

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS. ~
Alabama Tennessee & Northern R R .— Committee for
Underlying Bonds.— Receivers having been appointed for
tho company and the interest being in default on its under­
lying 1st M . 5s, and also on the 1st M . 5s and Gen. Lien 6s
of Tombigbeo Valley R R ., and on the 1st M . 6s of tho Mobile
Terminal & R R ., the committee named below, has organ­
ized to represent all these underlying bonds, and is requesting
the deposit of the same with the Metropolitan Trust Co. of
49 W all S t., N . Y . , as depositary.
.
,

9 Volina Poiver—Debt to Lake Superior Corp.— T h o L a k e S u p orior C o r ­
p o r a tio n (a) sh all v e s t in th o b o n d h o ld e rs ’ c o m m itte o o r th e ir n om in e e s as
tru stees th o w h o le o f th o co m m o n s t o c k o f th e R a ilw a y G o . (o th e r than
shares t o q u a lify d ir e c to r s ), th o c o m m itto o t o exe rcise a ll v o t in g an d otlioi
p r iv ile g e s th e re o n s o lo n g as said c o m m itte e e xists, b u t s u b je c t th e r e to , tn o
s t o c k its e lf shall b o h e ld in tru s t o r t h o L a k o S u p e rio r C o r p o r a t io n ; (6)
sh all su rrender t o th e h old ers o f th o p ro fe ro n co shares in th e R a ilw a y C o .
th o w h o lo o f th o v o t in g righ ts in r o s p e c t o f su ch shares w h ic h aro n o w ve sted

*n (c)° S h a ll a °co p t ' in* f u i1 sa tisfa c tio n o f th o d e b t o f $318,744 an d interest
th e re o n n o w o w in g t o th em b y th e R a i 1w a y C o . a n d seen rod b y th e d e p o s it
o f $ 1 ,0 0 0 ,0 0 0 2d M . b o n d s o f th o R a ilw a y C o . $ 3 1 8 ,0 0 0 2d M . b o n d s o f th e
sam e issu e (b u t e n title d t o in te re s t o n ly i f earned a fte r s a tisfy in g th o v a i i o u s roq u irom en ts o f C lau ses 4 an d 5 a b o v e ); an d sh all d e liv e r u p th o re­
m a in d e r o f s u ch d e p o s ite d b o n d s for^ ca n c e lla tio n
10. 'T ho $ 1 0 0 ,0 0 0 c o m m o n s t o c k o f th o T erm in als C o ., o tlioi th a n d i­
r e c to r s ’ shares, sh all b e h e ld b y th o b o n d h o ld e rs c o m m itto o o r tlioir n o m i­
nees as tru stees w h ile th o c o m m itte o rem ain s in e x iste n ce .
...
11 & 12. Equipment Trusts, A c . — T ills sch e m e shall n o t a ffe c t th e righ ts
o f th o h olders o f e q u ip m e n t trust b o n d s. 'Tho u n secured cre d ito r s o f b o th

T ho com m ittee has arranged for tho necessary funds to enable it to advanco to any depositing holder so requesting the coupons pOTtalmng to c o m p a n ie s s h t h e ^ ’ arliam en t o f C a n a d a w ill b o re q u iro d t o c o n fir m this
tho above four issues o f bonds, which m atured on Sopt. 1 1 9 lo, O ct. 1 1915, s ch e m o . See fu rth er p a rticu la rs in V . 102, p . 885 .
O ct. 2 1915 and Jan. 1 1916, respectively, upon the security o f the bonds
A lgom a C en tral T erm inals, L td — Plan.-—
and coupons deposited b y such holders, and which paym ent will be noted
Seo A lg o m a C e n tra l & H u d so n B a y R y . a b o v e .— V . 102, p . 8 8 o .
on tho certificates o f deposit issued to or held b y them , respectively.
C om m ittee' George C . Van T u y l Jr., President M etropolitan Trust C o.
A tla n ta & C h arlo tte Air Line R y .— Sale of Bonds.— The
o f N Y . ' Louis V . f r i g h t , President Lawyers T itle & Trust C o ; George
C . K im ball; Herman D . K ountzo, V .-Pros. A tlantic N at. Bank; D avid Southern R y. Co. has sold to J. P. Morgan & Co. and Brown
T a ylor V .-P . Coal & Iron N at. Bank o f N . Y .; Georgo E . W arren, V .-1 res.
Bros. & Co. $7,000,000 of this company’s 1st M . 5 % bonds,
C olum bia Trust C o ., with I. II. Lohman and Rose & Paskus as counsel
and Chellis A . A ustin, Secretary (Colum bia T rust C o .), 60 B roadw ay, N . Y . part of an issue of §20,000,000, of which only §4,000,000

Noteholders’ Committee.— The committee of holders of
Secured Three-Year N otes, of which White & Case, N . Y . ,
are counsel (See V . 101, p. 1271, 1805), has for its depositary
the Bankers’ Trust C o ., N . Y .
.

T he noteholders’ com m ittee, acting under deposit agreement o f D ec. 15
1915 consists o f P. N . B. Close, Chairman; C . II. Alderfer, 1 hom as L.
Chad bourne, Henry L. Cohen and II. A . Smith, with Graham Adams as
Secretary 30 Broad S t., N . Y . C ity . This com m ittee was organized to
represent such notes as should bo deposited with tho Bankers Trust C o. o f
Series A , Series B and Series C . maturing M a y 1 1916, O ct. 1 1917 and A u g .l
1918 respectively, on which the railway has failed to pay the latest install­
ments o f interest due severally N ov . 1 1915. Oco. 1 1915 and Feb. 1 1916.
There are pledged with tho Guaranty T r. C o. to secure those notes First
tc R ef. M . 30-year sinking fund gold bonds o f the railway, dated M a y 1
1913.— V . 101, p- 1805, 1271.

Algom a

C en tral & H u d so n Bay R y .— Readjustment
Plan Dated Feb. 2 1 .— Tho plan on which the 1st M . bond­
holders will vote March 24 and tho shareholders on March
28 was outlined in “ Chronicle” of March 4 1916. The full
plan, now at hand, further says in substance:
P r e s e n t C a p it a liz a t io n .

A l"o m a Central & H udson B ay R y . C o. (tho “ Railway C om pany” ):
1st M . 5 % 50-yr. gold bonds, dated 1910. guaranteed princi1 pal and intorast b y Lake Suporior C orporation-----.£2,014,060
2d M . 6 % 50-yr. gold bonds, all hold b y Lako Superior C or­
poration as collateral for (iobt o f $318,7 4 4 - - - - - - - - - — -.$ 1 ,0 0 0,00 0
Equipm ent trust bonds, payable b y half-yearly installments
over a period o f 7 y e a rs .------ ------------------------------------ $,>19,000
5 % non-cum ulativo preference stock, hold b y tho pu b lic......... -| 5 .900,000
C om m on stock, held by Lako Suporior C orporation..............
$5,000,000
A lgom a Central Term inals, L td . (tho “ Terminals C om pany ):
1st M . 5 % 50-yr. gold bonds, dated 1912, guaranteed princi­
pal and interest b y Lako Superior Corporat on -------- ---------£1,028,709
C om m on stock, all hold by tho “ Railway C o .” or its nom ineos. $100,000
B oth tho bond issues aro secured b y mortgages to tho U . S. M o rt. &
Trust C o. o f N . Y ., as trustee, and aro parts o f larger issues,
Tho bonds
o f tho Terminals C o. cover its terminal facilities, leased to tho Railway C o .,
and also $900,000 1st M . 5 % bonds and $99,300 capital stock o f tho Algom a
Eastorn Term inals, L td . The sum o f $ 98 3 ,/00 , tho property o f tho Ter­
m in a ls C o ., is held subject to tho order o f tho Court.
In D oc 1914 tho Railway C o. m ado default as to tho interest on tho
R ailw ay bonds and in F ob. 1915. tho Terminals C o. defaulted upon the
Interest on its bonds. N o rent has boon paid b y tho Railway since Aug 1
1914 under its 999-yr. leaso o f tho Term inal property, dated N ov . 1 1912.
T ho Lake Suporior C orporation is unablo to meet its guaranty o f tho inter­
est on either series o f bonds. In Feb. 1915 T . J . Kennedy and Vivian
H arcourt were appointed join t receivers o f the Railway, and in M a y 1915
D . M cClelland was m ado receiver o f tho Terminals.
1 & 2 B o n d h o ld e r s ' C o m m it te e — C a p it a l M o n e y s , Ac. — (Seo V .102, p . 885.)
3 Interest Payments, Ac.— As soon as practicable after this scliomo has
becom o effective thero shall bo paid by tho Railway to tho Terminals C o.
such sum on account o f rental as shall enable the latter to pay to the Term i­
nal bondholders interest at tho rate o f 3 % por annum for the period from
Aug l 1914 to A ug. 1 1915, on account o f tho interest duo for saidporiod.
4 Subject as aforesaid, tho interest on tho Railway bonds as from June 1
1914 and tho interest on tho 'Terminal bonds as from A ug. 1 1914, and tho
sinki’n " fund on tho Torminal bonds as from its com m encem ent, shall only
bo payable to the oxtont that the join t not earnings are sufficient to p ay tho
samo, provided always that after A ug. 1 1 9 2 1 , A % shall bo paid upon tho
Term inals bonds in each half-year, whether or not tho join t not earnings
aro sufficient to pay the samo, and provided also that any part o f the in­
terest on tho Railway bonds and tho Term inal bonds not paid in any year
shall bo cum ulative and shall bo paid out o f joint net earnings subsequent.
5 A s from Juno 1 1914, tho join t not earnings in each yoar, after deduct­
ing such expenses, depreciation, charges, & c., as tho bondholders' com m itteo
shall considor reasonable, shall bo applied in paying In tho following order
o f p rio rity — (a) Intorast at 3 % per annum on tho Torm inal bonds for that
year and for any preceding years so far as interest thoreon to that amount
shall not have been paid, and in recouping to capital account any amounts
oxoonded out o f capital after Aug. t 1921 for such interest. (6) Interest
u p to 2 % por annum to tho Railway bondholders and interest up to a fur­
ther 2 % per annum for said yoar to tho Terminal bondholders on their
rospectivo holdings, pari passu as if ono class o f bonds, (c) Interest up to
a further 3 % per annum for tho year on tho Railway bonds, (d) A ny ar­
rears o f interest up to 5 % per annum on the Railway and Term inals bonds,
pari passu in proportion to tho outstanding arrears on each, (c) 1 ho sink­
ing fund charge for tho year on tho Terminals bonds. (/) I' urther interest
on tho Railway bonds up to % Per annum and to tho holders o f tho Termi­
nal bonds further intorost up to 'A % per annum for tho yoar in question,
pari passu, as if they wero ono class o f bonds.
,
.
6 N o interest or sinking fund shall bo paid in respect o f any issues o f
bonds or other securities o f tho Railway C o. ranking after tho Railway
bonds and no dividonds on any shares o f tho Railway C o ., until all tho
paym ents provided for b y Clause 5 hereof are m ot.
7 G u a r a n t y .— Tho guaranty by the Lake Superior Corporation o f tho prin­
cipal and interest o f tho Railway bonds and Terminals bonds shall remain
in full force notwithstanding this schem e, but no bondholder shall, while
the bondholders’ com m itteo exists, enforce such guaranty without tho writ­
ten consent o f tho com m ittee or tho sanction or extraordinary resolutions
o f both tho Railway and Terminals bondholders.
„
8. Readjustment o f C a p ita l— N e w P r e fe r r e d S to c k .— Each $100 preference
share o f tho Railway C o : shall be reduced to $40 b y writing o ff 60% o f tho
face value thereof, and so reducing both tho nominal valuo o f and tho total
am ount paid up on tho existing shares o f proferonco stock from $5,000,000
to $2 000.000. 'Tho capital o f tho Railway C o. shall bo increased b y the
creation o f $3,000,000 o f now 5 % non-cum ulativo proferonco stock, divided
into shares o f $40, oach ranking pari passu in all rospocts with tho oxisting
preforonco stock as so reduced as aforesaid, but freed as regards voting rights
and in all other respects from the terms o f an agreement datod M a y 1 1910,
and mado between tho Lako Suporior Investm ent C o. o f tho first part and
J. Prater T a ylor and others o f the second part.
T ho said $3,000,000 o f new 5 % prof, stock shall forthwith be issued as
fully-paid and non-assessablo to tho com m ittee and bo distributed by
them as to the bondholders who assont, 7 5% thereof among tho Railway
and as to 25% among tho Term inals bondholders pari passu in oach case
in proportion to their respective holdings; or tho com m itteo m ay.
n its discretion, issue in lieu o f tho stock, voting trust certificates, tho stock
itself in this caso to bo vested in tho com m itteo or its nomineos as trustees

1

1

I




now remains in the treasury. An allotment of $3,500,000 5 %
bonds was sold last July, those issued prior to that wero 4/23T h o p r o c e e d s o f th e new issuo w ill b e u sed in c o n n e c tio n w ith th o im ­
p r o v e m e n t w o rk o n th e A tla n ta & C h a r lo tto A ir L in o, an im p o rta n t tr a ffic
link in th o S o u th e rn ’s system b etw een W a s h in g to n an d A tla n ta ,
i h o tra ck s
aro b e in g ro -lo c a te d in s o m e s e c tio n s a n d o th e r s e ctio n s w ill b o d o u b le tr a c k e d .— V . 101, p . 1271.

B altim ore

&

O hio

R R .— Reorganization Plan— Merger

— N ew B. <fc 0 . Bonds .—
See Cincinnati Hamilton & D ayton R y . below .— V . 102, p . 975, 250.

B lo om in gton & Norm al R y. & L ig h t C o.— Pref. Stock
Offered. — Bodell & C o., Providence, R . I ., and Richter & C o .,
Hartford, Conn., aro offering §432,500 6 % guaranteed cumu­
lative pref. stock at par and int., netting 6 % . The stock
is redeemable at option of the company at 105 and div.(Q .-l<.)
T h e Illin ois T r a c tio n C o . gu aran tees b y e n d o rse m e n t th e 6 % c u m . d iv i­
den d s o n th e p re f. s t o c k and also th o par v a lu e in o v o n t o f liq u id a tio n , dis
cnti.Hnn o r w in d in
solution1
g u p o f'oth
r wo in
c odminpga nUP"of
y . Athcircu
o com
laprash
n yow
. s:A Ccircu
o m mlaorn sh
s to
ow
c ls: C o m m o n s to c k
ou tstan din gW $ 1 ,2 0 0 jio O ; 6 % c u m . p r e f.. $15 0 ,0 0 0 ; b o n d s , $ 1 ,6 8 0 ,0 0 0 . o f
w h ich $13 7 ,0 0 0 aro h eld in sin k in g fu n d .
Earnings for Years ending Nov. 30.
..
1 9 1 4 -1 5 1913-14.1
1 9 1 4 -1 5 . 1 9 1 3 -1 4 .
G ross e a r n i n g s ...$ 5 0 4 ,1 6 2 § 4 9 3 .2 4 9 In te re st c h a r g e s .. $ 7 5 ,5 8 5 $73 ,2 5 5
N e t a fte r t a x e s . . . $24 9,36 2 $ 2 4 0 ,7 5 7 1P re f. d iv id e n d s .
2 7 ,0 0 0
2 7 ,000
B a la n ce o v e r presen t p re fe rre d d iv id e n d c h a r g e -----------$14 6,77 7 $14 0,50 4
— V . 9 8 , p . 154.
.

B o sto n Elevated R y . — N ew Extension.
O n M a r c h 18 this c o m p a n y w ill o p e n t h o exte n sio n or th o E a s t B o s to n
tunnel w h ich w ill allow an 1 8 -m in u te s c h cd u lo fro m C en tral S qu aro, C a m ­
bridge,' t o M a v^ rfok Squ are. B o s t o n . I t is u n d e rs to o d $ 2 ,4 0 0 ,0 0 0 has been
s p e n t sin ce N o v . 1912 o n th is p r o je c t .
V . 101, p . 1712.

B oston & Maine R R .— Circular to Pref. Stockholders.—
Tho preferred stock committeo namod bolow in circular of
March 13 says in substance:
>

A t th o requ est o f h o ld e rs o f p r e f. s t o c k in th o B . & M . U R ., th e u nd er­
sign ed h a v e o rg a n iz e d t o represen t th o p r o f, s to c k in tlio n e g o tia tio n s n ow
g o in g o n w ith a vie w t o p u ttin g th o ro a d o n a sou n d fin a n cia l ba sis. H ith ­
e rto th o p r e f. s to c k has n o t been s p e cia lly re p re se n te d ,
T h o general B . &
M . c o m m itte o represents p rim a rily th e c o m m o n s t o c k , an d n o o n o o n th a t
c o m m itte o p a rticu la rly represents th o p r e f. s to c k as s u ch .
T h is preferred c o m m itte e is frie n d ly t o th o p la n as o u tlin e d b y th e a lr e cto r s in their circu la r o f F o b . 11 1916 ( V . 102, p . 7 l i ) , th e m ain foaturos o f
w h ich h a v e its co rd ia l a p p ro v a l.
W o e x p e c t t o urge o n ly su ch exten sion s
n f th e n l in i s th e in terests o f th o p re fe rre d s to c k h o ld e r s re q u ire , b u t it is
S e r t a f n t h a t n o t h i n g o f th is kin d w ill b o a c c o m p lis h e d w ith o u t th o c o n ­
ce r te d a c tio n o f th e p re f. s to c k a c tin g in d e p e n d e n tly o f a n y o th e r g r o u p .
'The p r e f. s to c k be in g a r e la tiv e ly sm all issu e, w ith its d iv id e n d s sta n d ­
ing n ext t o th o fix e d ch arges o f th o ra ilro a d , a tta in e d and until re ce n tly
h e ld a high sta n d in g as a c o n s e r v a tiv e in v e s tm e n t, an d now sells in th o m ar­
k e t a t a m a teria lly h igh er p r ice th a n tlio c o m m o n s t o c k . B ecau se this
preferred issuo is sm all as c o m p a r e d w ith th o c o m m o n s to c k (a to ta l o f
$ 3 ,1 4 9 ,8 0 0 p r e f. again st a b o u t $ 4 0 ,0 0 0 ,0 0 0 c o m m o n ), th ere s a real d an ger
th a t in th o fu tu re th is issuo m a y b o o v e r lo o k e d a n d th a t it w ill w ait fo r
d iv id e n d s until d iv id e n d s aro resum ed o n th o c o m m o n s t o c k .
W o s t a ll
e n d e a v o r, th e r e fo r e , t o w o rk o u t , i f p o s s ib le , s o m o m o d ific a tio n o f t h e plan
w h ich w ill g u a r d a g ain st th is d a n g e r an d m a k o th o p re fe re n ce a real asset
t0 P refe rrix^ sfo ck h o ld e rs aro re q u e ste d t o sign th o e n closed fo rm o f a u th o r i­
z a tio n a n d return th o sam o at o n c e . N o e xp en se w ill
Incurred b y su ch
a u th o r iz a tio n until th o c o m m itte o shall h a v e a d o p te d o r assen ted t o a p la n ,
an d th en o n ly t o th o o x to n t p r o v id o d in th o p la n w h ich will b o s u b m itte d
t o s to c k h o ld e r s w h o m w o m a y represen t. P re fe rre d s to ck h o ld e rs w h o h a v e
a lre a d y sont a sim ilar a u th o r iz a tio n t o th o general co m m itte e a n d w lio a r o
hi s y m p a th y w ith us aro e sp e cia lly asked t o sign tlio en closed au th o riza tion
w h ich w ill a c t as a r e v o c a tio n o f th e o n e p r e v io u s ly sont t o th o ge n 1 c o m m .
C o m m itte e : J asp er W h itin g , L o u is A . F ro th in g h a m a n d W a lla ce B .
D o n h a m , w ith H arry C . B e n n e r as S e c r e ta r y , r o o m 2 4 , 89 S ta te S t ., B o s to n .

Lowell & Andover, Seo V . 102, p. 886.— V . 102, p. 885.

C arolin a Power & L igh t C o., R aleigh , & c.. N. C .—
Asheville Pow. & Lt. Co .)—

(Incl. Yadkin River Power Co. and

Calendar Years—
1915.
1914.
1913.
C aienaar rears
$ 1 ,3 6 3 ,6 9 3 $ 1 ,2 8 4 ,9 8 5 $ 1 ,1 2 1 ,8 4 9
G ro ss e a rn in g s -------------------------------------------- 5 " ’c i
548 ,2 7 0
N e t earn in gs, a fte r ta x e s.........................— § 8 9 ,9 6 2
6 1 1 ,3 9 b
3 7 1 ,9 6 8
I n t . o n b o n d s ($3 6 1 ,3 0 0 in 1915), & c ._
4 1 2 ,5 1 5
492 ,548
7 9 ,5 9 5
D iv id e n d s o n preferred s t o c k ..
91,.>J1
S6.3S1
96,707
B a la n ce , surplus fo r y o a r __
i o o .n o o
lo z .n o i
— V . 100, P- 1831.

C en tral R ailroad of New Jersey.— Litigation .—
See L e h ig h C o a l & N a v . C o . u n d e r "I n d u s t r ia ls ” b e lo w .— V . 102, p . 885 .

C hicago C ity R y .— Earnings for Jan. 31 Years .—
Results on All Chicago Surface Lines for Years ending Jan. 31.
1915-16.
1914-15. |
1915-16.
1914-15.
Gross earnings..$31,690.762 $31,966,0481Net earn in gs...$10,649,405 $12,076,773
Opert expenses! 21,041,356 19,889,2751Chip. R y s., 59% 6,283,140
7,125,296

N et earnings.$10,649,405 $12,076,773 1S. S. Lines, 41% $4,366,250 $4,951,477
Chicago City Ry. Income Account for Years ending Jan.. 3 1 .
1915-16.
1914-15.
i015-16.
1914-15.
Residue rects_____ $4,366,256 $4,951,470 Incomo from oper.$2,897,514 $3,919,278
81,582
279,547
Jt. acct. exp., & c.*3,500,467 *3,612,888 Other Income (net)
T o t a l .................. $2,979,096 $3,298,820
$865,789 $1,338,588
476,184 730,223 Interest on bom ls. 1,565,556 1,529,409
D ividends______ (8) 1,440,000(9) 1620,000
$002,365
C o .'s propor.(45% ) $389,605
B a lan co..............def$20,460sur$149,417
I n t. allowance------ 2,507,909 2,410,913

N et earnings___
C ity propor.(55% )

Inc. from o p e r .$2,897,514 $3,919,278
•Joint account, expense, & c.. Includes lntorest on capital investment; of Chicago
City R y. and Calumet & South Chicago R y . and net earnings of Southern Street
R y .— V . 102, p. 250.

Mar . 18 1916.]

THE CHRONICLE

Chicago & Eastern Illinois RR.— Sub. C o . R e c e i v e r .—

Judgo Carpenter at Chicago has appointed Thco. C. Keller receiver of
tho Chicago & Eastern 111, Coal Properties, but refused to appoint a sepa­
rate receiver for the Chicago & Indiana Coal R y.— V. 102, p. 608, 885. 1

Chicago & Indiana Coal Ry. —

N o S e p a r a te R e c e i v e r .—

See Chicago & Eastern Illinois R R . abovo.— V. 101, p. 845.

Chicago Junction Rys. & Union Stock Yards Co —

AH ($2,520 000) outstanding 1st M . 5% 20-year Real Estate Improve­
ment bonds have been called for payment at 105 and int on Apr 5 at
Guaranty Trust Co. successor trusteo. (Seo Central M fg. District V. 102
p ' VJ/ 8,^InirUclc!loorl^ ^ st Para« raPli •regarding funds to pay o ff above bonds.)
-—v . l u z , p. ooo, /yy.

Chicago Rock Island & Pacific Ry .— I n t e r e s t R e q u i r e ­
m e n ts , & c . — 'Tlio interest due Jan. 15 on the S20,000,000 5 %
debentures was not paid within tho GO days’ grace. Judge
Carpenter has postponed until Tuesday noxt tho question
what action shall be taken regarding tho same.
.7hc debenture interest due Jan. 15 not yet having been paid, the com­
mittee tor the issue, Seward Prosser, Chairman, has arranged to extend to
April 1.) 1916 tho timo within which any holder of a certificate of deposit
issued under deposit agreement o f July 19 1915 desiring such advance, may
obtain an advanco by way o f loan o f amount of interest payablo Jan. 15
1916 on the debentures represented by his certificate o f deposit. The
committee has also extended time within which deposits may be made
under deposit agreement to April 15 1916, after which date deposits will bo
acceptod only on such terms as committee may determine.

. Itoceiver Dickinson also has an application pending to
issue $1,494,000 receiver’s certificates to tako care of the
third from the last installment of Choctaw Oklahoma &
Gulf serial bonds. He has also contemplated issuing $500,­
000 receiver’s certificates to provide in part for paymonts
duo April 1 including the interest on tho First & Ref. M ort­
gage bonds, which interest it is possiblo will bo paid promptly.
Regarding tho objection of tho individual trustee to- acting
on behalf of tho First & Ref. bonds, as requested by tho
committeo for that issue, Charles A . Peabody, Chairman for
tho committeo, on March 10 wroto in part:
I *1 ,has been an(l Is the position o f this committee that it was primarily
tho duty of tho Court first to sot aside an amount sufficient to pay tho
April l interest on tho first and refunding bonds, and that no paymonts
for or on account o f debenture items should bo made which would have the
effect o f impairing tho ability of tho receiver to meet that interest without
tho issue of further receiver’s certificates taking priority over our bonds
Our counsel urged that if tho effect of paying the receiver’s certificates
Sorics B, and tho January interest on the dobontures, combined with the
performance of tho receiver’s duty to conservo and keep up tho pronortv
was such that if the Court was unable to pay tho April 1 interest on our
bonds and to meet tho other underlying maturing obligations of the com­
pany, it would bo hotter and fairer to all tho security holders that thov
should know tho exact conditions, instead of being lulled into a false sense
of security by making payments which tho financial condition of tlio re­
ceivership did not warrant, and that in the circumstances criticism would not
and could not bo justly made upon tho act of tho Court, even if thernhv it
was unable to pay tho April interest on our bonds.
y 1
In short, rathor than to have tho interest paid out o f receiver’s certifi
cates taking priority over tho bonds, it was preferable that the admitted
necessity o f promptly taking appropriate action, by way o f reorganization
or otherwise, bo Imprcssod upon tho security holders. All tho counsel ad
mltted that an inability o f the receiver to mako such payment would bo in
evitable within six months, and tho position of our counsol was that if In
ovitablo within six months, tho delay would serve no useful piirnoso and
was contrary to tho policy which was pursued by Judgo Sanborn in the case
of tho St. Louis & San Francisco RR. Co., and by Judges Adam, and DveS
in tho ponding receiverships of tho Missouri Pacific and Missouri Tc’ansa? £
Texas Ry. companies.
ivansas <x
Much of this was said in reply to tho principal argumont advanced hv
counsel asking tho presont payment o f receiver’s certificates Series B and
of tho January interest on tho debentures, that it was nr ™
Jit a“iJ
to provido itself with funds by defaulting1in tho
° 0Urt
bonds, and using tho funds necessary for the latter
° " ?,"r
junior items. Tho suggestion of such default came f t w m t w t0 pay tl10
you know, somo of the junior security holders have taken*
S Cm
the formulation o f a reorganization plan
takon tho Initiative in
It is the opinion of our committee that foredoom
,
,, ,
promptly instituted In order to protect and
should !}0
holders of tho first and refunding bonds T h m h S i ^ I n t e r e s t s of tho
on tho part of tho committeo to deprive the holdors^f jumor s^curitia^of
every reasonable opportunity to take such stops as they may deem noces
sary to protect their interests in tho property. I note that you decline To
become a party to any proceeding which has in view tho wishoAof tho com­
mittee, and wo shall proceed accordingly
ul
com
I may say to you in advanco that tho committeo holding more than
V
of tho outstanding issuo of theso bonds has resolved to roqu“ H h e trastees
to institute proceedings for tho foreclosure o f this mortgage
trustees
[David R. Francis, o f St. Louis, tho indivklual trustee contends that
the interest of the ’ ’ First & Ref. M . bonds is not only^ToUn jeopardy
but is being protected more securely from month to month ” The cor­
porate trustee is tho Central Trust Co.]— V. 102, p. 885, 800

Cincinnati Hamilton & Dayton Ry. —
z citio n

D a te d

bcb.

lo

l«)lt).

P la n o f R c o r g a n i-

JLIig fo llo w in g i*cor^<in,izcit/ion

plan, approved by tho Baltimore & Ohio R R . Co. and by
Kuhn, Loob & C o., tho Reorganization Managers, was made
public on March 15. All security holders aro urged to de­
posit thoir holdings at onco that tho plan may bo consum­
mated without delay. Tho timo for doposits will expire
March 31.
•
a t ^ <TvrOSirar^o s : i11,
& R ef. M . bonds, Bankers Trust C o 14 Wall
London V C % n g K nd°f
£ Sniiths Bank?” td T 2 F rin c^ S ? "
T rust*C o??’ 140’ Broadway, N . v T a n T I f l Lom bard I t°f 1 nndbn
England, (c) For 1st M . bonds o f tho C in c in n a t i D a y t o n & I ro n to n R R . C o

^ ru s tC o ^ 3 7 Wa?l St.!hN.P^.Wa * T ro y B ra n c h R R - C o - Tlio Equitable
Counsci’ to Reorganization Managers, Cravath & Henderson.
.Introductory Statem ent (Condensed hv «<-h

a

r

i- ssa- r

notes'and
other’obligations
l u 'c
u . & d . Ry
and other
obligations o f ttho
C.. ' II.
«95.143.,^ Tho^lattcr company also has outstandfiig”si7,629?500'‘General
M . bonds of 1909.
Owing to a sorics of unusual and unforeseen circumstances tho m im nnv
was unable to meet its obligations and on July 2 1914 was K l T r Z
celvers hands. Wince that timo certain branch lines havo been sold m dT
foreclosure and similar sale of other branch lines may bo oxnreted d
d
The important portion o f tho property is the main lino between Cincin­
nati and Toledo and certain main lino branches hereinafter described By
reason of its largo interest in tho property, tho B. & O. RR Co Is nrenarel
not only to co-opcrate in a plan of reorganization, but also to'sidiord nato
its largo investment to tho new securities to bo issuod to the publicVnd to
oporato tho lines embraced in tho reorganization as an integral portion of
its own system. In part consideration of tho cash to bo furnished and the,
securities to bo surrendered by it, tho B. & O. RR. Co. is to receive tho
capital stock and junior securities of the new company.
The plan provides for tho main lino between Cincinnati and Toledo the
main lino brandies from Tontogany to North Baltimore, Deshler to Fln’d lav
and Hamilton to East Middletown, and also for tho Piqua and Trov branch
lino and that portion o f tho Dayton and Wcllston branch lino between




1059

Dayton and Ironton Junction fwith such additional portion as the roor368 mil1®" managers may determine), constituting a total mileage of about
Owing to the guaranty by tho B. & O. R R . C o., there has been no dn
bonds^hnt. die
$7 *5 00,000 of guaranteed First & Ref. M .
bonds, but the value of the mortgage security for theso bonds has been
materially impaired through foreclosure proceedings under certain branch
lino mortgages and, as a result of the insolvency of tho C. H. & D ? the
market value of these bonds lias been seriously affected. Tho new bonds
offered in exchange therefor should rank as a far better investment security
as they are to be tho direct obligat ons of tho B. & O RR Co
The hniVwi
of all the First & Ref M . bonSs, not guaranteed by tho B.' & O R R °C o
have agreed to accept the terms of the plan
Provision is made for the General M . bonds of 1909 on an equitable basis
and upon tho recommendation of the committee, of which Charles H Sabin
is Chairman the holders of over 87% of theso bonds have already assented
thereto. The provision for the 1st M . bonds of the Cincinnati Davtnn t
Ironton RR. Co is also believed to bo decidedly aclvantageo^s to the
bondholders, and tho committee, of which Alvin W. Krech is Chairman
representing over two-thirds of this issue, has recommended its acceptance1
all depositors who do not withdraw will be bound by the plan.
I
C°,
Although the new bonds, as direct obligations of the B. & O. RR Co will
?,^. 0nreCOrrsOv.tOv.the 5 urP>us earnings of tho entire B. & O. system irre­
spective of whether the mileage embraced in the plan producos sufficient
earmngs to meet the charges or not, every effort has been made to keep
the issue well within tho earning power of tho property embraced in the pllrn
h s tim a t e b u rn is h e d by J . M . D a v is , G e n . M g r . f o r R eceivers o f C . H . & D R u
* 1 a<kEf<rPCrty ®u}braced in the plan should show a surplus avail­
able for rentals and interest, about______ _
®i eon nnn
Deducting interest charges on $16,250,450 o f new B & o ' RR * ’ U,UW
Co. bonds, proposed to be presently issued under the plan in
respect of such property, and the rentals and interest changes
Gn tho underlving securities which aro not to be disturb^
under the plan, would leave a surplus of over_________
500 000
M r. Davis bases his estimate upon the assumption that t h e B. & O RR
Co. will own the entire capital stock of the now company and, therefore"
have a direct interest in its operations, because, in his opinion, the property
can be much more profitably operated under a close alliance with a large
system, than if operated independently.
Digest o f Plan o f R eorganization.
_
.
.
,
S e c u r it ie s to R e m a in U n d is tu r b e d .
Dayton & Michigan Ry. Co.
Consol. M . 4H % . due Jan. 1 1931________________ _
$2 728 nnn
1 ref. stock, guaranteed 8 % p. a. under lease to C. H. & D. Ity". 1.211 250
irtOC^i’, guaranteed 3 44 % p . a. under aforesaid lease. _ 2 396 950
Cincinnati Hamilton & Dayton R R . 2d M . 4
50-year gold ^”,y o ’aop
„ bonds (now 1st M .), due Jan. 1 1937...........
h
2 nnn nno
C. II. & I). R R . Gen. M . 5% 50-year gold bonds, due Juno 1 '42. 3,000,000
C a sh R eq u ire m e n ts. — Tho Reorganization Managers havo agreed to nnr
chase $5,000,000 of the bonds, which aro to be issuedT ndt?the nlan to
E f ” f01;,nlaturin^ equipment obligations, purchase of new equipment
2 5 ° ® , betterments. &c., except as needed to pay receivers’ obligations
court charges, legal expenses and reorganization expenditures other than
for the purchase of General M . bonds of 1939.
m a e r tnan
N ew

S e c u r it ie s — B .

&

O.

RR.

Co.

T o le d o -C in c in n a ti

D iv is io n

Bonds

It is proposed that tho B. & O. R R . Co. shall acquire all the securities to
rt?nmU?d p y tbe new railroad company, which is to bo organizedTo acquire
tho main line between Cincinnati and Toledo, the main line branches above
^spnbed tho Piqua and Troy branch lino and the portion of theT)ay?on
and Wcllston branch line abovo described (subject to tho existing securities
which aro not to be disturbed as aforesaid), and shall issuo, as provided for
fonrd?Lth°
’ lts ow.n ,direct obligations. The bonds to be issued in exchange
for tho existing securities aro to mature in 1959. aro to boar 4 % interest-,
from Jan. 1 1916 (or if from a later date with an adjustment of interest for
tho intermediate period), and aro to bo redeemable on any semi-annual
interest date, in whole or in part, at 102X % and int. The total authorized
issuo is not to exceed $35,000,000.
nonzoa
Those now bonds will be secured by a mortgage executed by tho B. & O
R R . Co. They are intended ultimately to bo secured by a direct lion upon
Jb® ™aln } ia f> between Cincinnati and Dayton, upon the leasehold interest
IATin?ifron\ P a3^ on to Toledo under tho perpetual lease from the
Dayton & Michigan Ry. C o., upon tho brancli lines embraced in the plan
and upon the equipment of tho now company, and, in tho meantime bv
the pledge of all the Refunding M . bonds to bo issued by tho now company7
which latter bonds will either bo secured by a direct lion upon saTcPoart
of such main line and said perpetual leasehold interest in the remainder
and upon said branch lines and equipment (subject to tho existing securities
which aro to remain undisturbed or aro not exchanged undor tho plan) or
in tho ovent that the Reorganization Managers deem it impracticable to
effect such direct lien, by tho pledge of existing securities dealt with under
tho plan. Tho principal amount of such bonds o f tho new company pledged
undor tho mortgage securing said bonds of tho B. & O . R R . Co* shall"at
t‘ ™®s a‘
cT ,al tbe Principal amount of such latter bonds Outstand­
ing and the Refunding M . bonds of the now company shall bo issued only
for Pledge under said mortgage. Except as otherwise provided in the
plan said Toledo-Cincinnati Div. bonds aro to bear interest, such not ex­
ceeding 6 % per annum, and are to be redeemable at sucli prico and at such
timo as tho directors of B. & O. shall from time to timo determine.
D . & O . R R . T o le d o -C in c in n a ti D iv is io n B o n d s — T o ta l A u th o r iz e d $ 3 5 000 0 0 0
316,250,450 N o w I s s u a b le .
'
'
Presently issuable in exchange for existing securities
$ 1 1 o;n 4^ 0
To bo issuod for cash requirements of tho plan (othor than pur’
’
chase of General M . bonds of 1939)________
5 onn nnn
To bo reserved to retire at maturity, or earlier, the bonds'undis"’
’
turbed by tho plan, as above recited, or for acquisition of
underlying stocks, branch lines, branch line bonds, aid in re­
funding, or for capital expenditures for equipment, additions
and betterments, or to acquire First & Refunding M . bonds
of now company issued for any of such purposes___________ $18,749,550
P a r t ic ip a t io n

by the B a ltim o r e

&

O hio R a ilr o a d C o m p a n y

Tho B. & O. RR. C o., as the holder o f $22,695,143 Purchase Money
notes and other obligations o f tho old company, secured bv $19 994 nnn of
&,„1{cfulKling M - bonds and other collateral, has agreed as follows(a) l o surrender said Purchase Money notes and other obligations
aggregating $22,695,143, and the collateral securing tho samo excepting
certain collateral (not securities of the old company or its subsidiaries! o f
tho estimated value of $3,368,000. which is to bo retained(b) To provide the cash to pay $700 for each old General m ’. bond of 1939
which may bocome subject to tho plan, with interest at 4 % per annum
on said amount from Jan. 1 to Jan. 12 1916:
/0 1
u 1
(c) T o Issue its Toledo-Cincinnati Division bonds, as abovo recited and
to pledgo under its new mortgago all tho Refunding M . bonds of the now
company issued under tho plan;
(d) T o accept ( 1 ) tho entire capital stock and (2) Adjustment & Improve­
ment M . bonds of the new company to an amount approved by tho Re­
organization Managers.
D is t r ib u tio n to H o ld e rs o f E x is t in g S e c u r it ie s Other th an the B . & O R R Co
A m o u n t.
E x is t in g S e c u r itie s —
N e w B .& O . 4% B o n d s
C nsh ’

^ ’rv v ’ooS FlrsV r Rc f ’
? uar’ by B - & (>--100% $7,500,000 Cl%
.1,677,000
Do
do not so guaranteed.. 85% 1.425 4 5 0
17,529,000
Do
do Gen.M.bds. of 1939 „
a70%"-i:
3,500,000 Cincinnati Dayton & Ironton 1st 5s. 60% 2.100 0 00
~
225^000 I I I I I I I
225,000 Piqua & Troy Branch 1 st 4s_______ 1 0 0 %
a For each $1,000 Gen. M . bond surrendered tho depositor will receive
$700 as of Jan. 1 1916 and 86 cents for 4% interest to Jan. 12, total $700 86
an offer already accepted by holders of over 87% of these bonds. V 101 ’
p. 1885. 1972. 2144; V. 102, p. 65, 250.
I> SS
In view of the fact that a large amount of the First & Ref. M . 4% guar­
anteed bonds aro held in Europe, the reorganization managers as part of
the expenses of the reorganization, will pay all stamp taxes, now in fbree in
tho respective countries in which such guaranteed bonds are now held on
tho certificates of deposit Issued against the deposit of said guaranteed
bonds and on tho new bonds to be issued under the plan. In addition the
plan provides an allowance of $ 1 0 cash per $ 1 ,0 0 0 bond to cover o’ther
expenses to the depositors, incident to the deposit or exchange o f these
guaranteed bonds, and,of the plan is coasummated, this allowance will bo
paid to the depositors upon delivery of tho new securities. All deposited
bonds must bear such stamps as may be necessary in order to render them
negotiable and permit good delivery hereunder.
Tho old bonds, if in coupon form, must carry coupons of tho following
and all subsequent dates respectively: First & Refunding unguaranteed
bonds, July 1 1914, and guaranteed bonds, July 1 1916: General M . bonds

Ian 1 1015 for fixed interest and o f interest dependent upon Income
other than tho Bankors Trust Co. coupons (so-called); Cincinnati Dayton &
Ironton 1st M bondst N ov. 1 1914;l>iqua & Troy Branch 1st M . bonds,
M ln Addition to the foregoing. th e .
(a) SI 160 000 eauipment obligations and (b) $22,695,148 (not met. accruea
Interest) purchase money notes ^ ^ P ^ ^ . ^ n ^ ^ w ^ R e f h ^ ^ o n d s ^ n d
HR. Co., secured by tho pledgo of $19,994,000 I'irst & Ref. M . boncts anu
other collateral, making tho total securities provided for $o4,286,1 Id.
V . 102, p. 436. 250.

Cities Service Co., N. Y .— D iv id e n d s R e s u m e d — A n n u a l
E a r n i n g s . — The directors ou M ar. 15 declared a dividend ot

on tho $17,481,422 common stock, payable in convertible
debentures on July 1 to holders of record June 15
A cash
dividend of lA of 1 % was also declared, payable Aug. 1 to
holders of record July 15. This restores both classes of
stocks to the original 6 % cash dividend basis. Common
stock warrants already outstanding were made exchangeable
for bonds or stocks on M a y 1. The preferred stock war­
rants must be exchanged prior to M a y 1, or they will bo
called.
-M o n th o f-

structures; a new steel coaling station at Lansford with a capacity of 150
tons, which replaced an obsolete wooden structure, & c .,& c .
.
Practically all of the tonnage carried by the L e h ig h * Now England
originates or terminates on its lines, which cover a territory teeming with
great industries. Tho road also enjoys the advantages of direct connection
with practically every trunk line in tho eastern part of 1 ennsyivania and
vicinity and through a trackago agreement with tho N. Y. S. & VV. Hit.
operates its own trains for handling of anthracite coal to Now York tidowater. See earnings, V. 102, p. 976.
Lehiffh Valiev Harbor Terminal Ry.— N ew Com pany .—
TTds cSnpany'was incorporated in New Jersey on Mar. 10 with $100,000
capital S
K
‘subsidiary of the Lehigh Valley.HR ^ w i l b«>'d about
W ) miles of road from Chapel Avo., Jersey City, on the Lenign valley
R H.’s line to a point at the exterior line for piers as established by tho N. J.
Riparian Commission. Options on some 400 acres of waterfront and undorwat“ land aro said to have been obtained by tho Lehigh Valley company,
which foreshadows extensivo terminal developments at this point. I he
incorporators includo Edgar H. Boles, General Counsol of tho Lehigh Valley
R R . Seo Lehigh Valley R R . below.

-T w e lv e M o s . e n d in g —

E a r n in g s -

„ „ F|5 ,0 0 2 .6 8 6

P & 'i E & W S S S :

1.642.-2I7

Net to common stock. 82.681,480
Divs. common stock----(See above)

^ 3 ,9^ 2 ,5 0 6 ^$673,406 ^'loSB.Voh

« «

995

1 1
166,388

T 30.iB 3

i l . 7 M .M 6
ol4,Ul 1

$444,476
------------

$203,451
-

i A

Lehigh Valley RR.— Decision .—
Tho N. J. Court of Errors and Appeals at Trenton on Mar. 8 decided
that the State is entitled to tako over tho basin at tho mouth of the Morris
Canal in Jersey City, title to which the company secured in 1889 by tho
vrant of the Riparian Commissioners. This is now decided to have been
granted withmiTpro^er authority. See also Lehigh Valley Harbor Termi­
nal Co. above.— V. 102, p. 153, 609.
Mexico Tramways Co.— Present Status.

Not to surp. & reserve $2,681,480
$1,430,895
$444,476
$203,451
As of Dec 31 1915 tho contingent fund was $296,344; surplus reserve,
$661,104; surplus, $4,578,096. and tho total contingent fund, surplus and
re&Stock outstanding: Preferred, $32,437,997; common, $17,481,422.
G tom earnings of subsidiary properties for 12 months ending Jan. 31 1916
was $23,083,079. See V. 102, p. 34o, 250.

PVinrtnw Rv. & Ltg. Co., McAlester, Okla.— S a le .—

TmS
j Z E Campbell in the Federal Court at Muskogeo. Okla.. has
Judge Ralph •
l ronortjus
jake place within 30 days, at the disuosltion o f Allen Wright, master commissioner. The Court has authorized
§ 1 3 0 ,0 0 0 receiver's ctfs. for immediate improvements.— V ■ 101,1^,207L

Columbia Rv., Gas & Elec. Secur. Corp.— Com/emon.—-

Incom m ction with the notice o f redemption (see adv. in last week s
• • C h m S " d XV ) holders of the $1,000,000 Series B Convertible b%
Chroniclo, Ph
,ect to do so may convert their notes into an equal
Secured gold notes who elect to u o ^
y bon(Js of tho Parr shoals Power

Costa Rica Ry .—
AvUoi/d«

J holders of tho 1 st and 2 d dobontures woro to

oxtendod from July 1 1916 and Sept. 1 iJ lb ,

D u lu th -S u p erio r T raction Co. of G o n n .— Earnings.—
"S o®

n com e"::

S r K v d b o .

$ "o lo o
1Common divf!- M % W . 0 0 0 (4)140,000

’ S ’.518*
200,121

387,062 ifot^smpTuT-.!::

s s k fii

Vrrmirn U n ited R v s.. In c ., R o ch ester.— Foreclosure .—

U K S o r t e d thatthe'bont&olders’ protective committee has called upon
t h e C o f f i ^ T r u s f c o . . N . Y. as trustee to bring ‘^ ^ t i r e proceedings
tho first move for a receivership of tho properties.

—A pross report
from Mexico City dated Mar. 15 states that tho railways
proporty is to I1 0 returned to its shareholders on Gron Onrranza’s
instructions.
A recent circular from Thomas Porter Secretary to the bondliloders'

committee of tho Mexico Tramways, Mexican Lt. & 1 ower, Mexican LI.
i f .,,,,i Parhnra I.t. & Power Cos., says in substance.
The coupons falling due subsequent to Nov. 30 1914 have not been met.
In May 1915 tho directors issued a circular explaining the difficulties in
Mexico (V. 100, p. 2167). Since thon Carranza has been recognized by
the U7 S., but up to the present tho situation of the enterprises has not Im­
proved
The tramways are still operated by tho military authorities— it
Ps befleved at a heavy loss— and the physical condition of the property has
steadily deteriorated; the revenue of the light and power companies has
further decreased while expenses have risen, owing to the granting of higher
wages! under threats of strikes; tho Mexican dollar has now further depro­
Hated and exchange Is almost unobtainable.
, _
Receivers have been appointed by the Canadian and English courts for
( u S i r a n l toht &• Power Co., and. at tho request of tho committee and
he S e a s M ^K nox-L ittle, one o f the receivers, visited Canada and the
U S ^ n d discussed the situation with tho trustees and directors. Lately
(’ nSranza has signified his intension to restore the management of the
fram w a^ toth e^^ m pany
This will involve delicate negotiations, as the
cornSttee and the trustees and directors are endeavoring to secure such
m. ii- mtccs as will onsuro that the property when taken back can bo worked
under*1 ccmdltions T
C
it o M
t L bondholders^ interests.
For
committee and depositaries, seo V. 102, p. 976, v. 101, p. 188b.

Minneapolis & Central Minnesota Ry — Sale Postponed.
The adjourned sale of the company’s property is advertised to tako place
in Minneapolis, M inn., on April 29. V. 102, p. «’)— •
Minneapolis & St. Louis RR. Co.— Application to List.

R e d e m p tio n E x t e n s i o n .—

„Tifi 9(1 Debentures isto bo

Cross
i

[Vol. 102.

THE CHRONICLE

1060

V. 102, p. J7o.

F ort Sm ith (A rk.) L igh t & T raction Co .— Contract —
The voters of Fort Smith, Ark., on Feb. 8 ratified the contract between
the eomnanv and tho Free Bridge Commission whereby tho company agrees
jo eha?«rPe ay lu cen t cash fare from Fort Smith to Van Buren across the
to ch a rge a iu-cent .
f privileges at either end. The company will
Arkansas River. with Uansrer priv.rog
and 1 0 places ln Fort Smith
sell.tickets.in at lea.
P . r)0 cts ancl 25 cts., respectively. The com-

This company has applied to tho N. Y. Stock Exchange to
list Guaranty Trust Co., N. Y., and Merchants National
Bank of Boston certificates of doposit for $0,105,000 pre­
ferred and $15,344,000 common stock assenting to tho plan
out of a total outstanding of $0,214,810 prof, and $10,082,­
340 common.—V. 102, p. 800, 976.
Missouri K an sas & Texas Ry.— Sub. C o C o m m itte e —
See M . K. & T . Ry. of Texas below.— V. 102, p. 976, 8 8 6 .
Missouri K an sas & Texas R y. of T exas.— C o m m i t t e e ^
A protective committee for 1 st M . 5 % bonds (V. 06, p. 004)
has been formed, (seo adv. on anothor page) consisting of:
Chairman. Jules S. Bacho of J. S. Bache & Co.; Leroy W. Baldwin
President Empiro Trust Co.; George C. Van 1 uyl Jr., liosidont Metro,
P°n«annXrarSv ^Fmnlre'^rrust O o fo ? n ! Y . Secretary of committee, Edwa?d P Goetz 4 2 ilrom lw ay/N . Y ., with Wollman & Wollman as coun­
sel. Seo M . IC. & T . R y., V. 102. p. 8 8 6 .

Now Y o rk State R y s.— D iv id e n d I n c r e a s e d . —

AWo,^rt«rlv dividend of IM % has been declared on tho $19,952,400
c o ^ o T s t o c l dplaVyableVprll f ? holders of record March 23. This com­
pares with 1% in January.— V. 102, p. 603. o22.

N orth ern C entral R y . — S ta le M a y P le d g e a n d L a te r S ell
I t s $1,500,000 0 % Mortgage o f 1 8 5 5 .-

See Maryland in “ State & City
p. 609.
.02, P. 60.

Tntfirboroueh R apid T ran sit C o., N . Y .
Suit.
The city of New York on Mar. 14 Instituted a suit in equity to sot aside
The city oi iNtw i u
allowances under tho dual subway contracts

s?“

“

—

L eh igh & Now E n glan d R R .— Bonds, cfec.— Brown
Brothers & Co. in their circular offering at 103 and m t., to
viold 4 83 the unsold portion of a block of $2,000,000
Genoral Mortgage 5 % gold bonds of 1914 say in substance:
Tho co,„par,y - h o g «.tlj

ou subsequent page.— V. 102,
Dept, oi

N orth ern Ohio T ra c tio n & L igh t C o., A k ron , O .—
O p t i o n to S u b s c r ib e a t P a r f o r $1,518,400 P r c f . S to c k .—
4.

The common and preferred stockholders of record Feb. 25 had the right
1 I i X i n t mi- rvn nr hftforo Mar 15 for tho unissued portion (SI .518,-

the allotment to be pro rata in ease o^
Qn t )>'u ;j, 1 9 1 5 lhcro wero
mitetand?ng $3,481,600 preferred and $9,000,000 common. See report ln
V. 102, p. 881.
„
_
.
Om aha & C ou n cil B lu ffs Street R y . — E a r n i n g s .—
Cni
Cm ?-!
N e t (a fte r
Other
R en ta ls. P r c f .D iv . C o m m o n D a la n ce,
V r n r F a r n in a s
T a x e s ).
In c o m e . I n t . , & c .
(5% ). D iv id e n d s . S u r p .
1 0 1 5 '*2 996 §79 $1,098,777 $12,919 $631,350 $200.000a$212,500 $67,845
io 4 2 966 214 1 124:856
7.214 623,449 200,000b 250,000 58,621
a 4 H % : b 5% .— V. 100, p. 2168.

Pacific C oast R R .— N e w N a m e .—

Tim Columbia & Puget Sound RR. has changed Its name to tho abovo,
effective from Mar. I last. Tho entire $1,000,000 authorized and out­
standing capital stock, par $100. is owned by the Pacific Coast Co. Pres,
stanu l «
i
tcd as saying: “ This change has no significance so far as
‘ “ n ^ T y S S K d b“ y & ! » S l “ a . 1.0 pougfteepsle jSrtdip to tho management of tho railway lino is concerned, but it will give us a family
of
companies
of
tho
same name.”
CentratTnd Southern, Now England. [See map on page 75 of "Railway
P en nsylvan ia & New Jersey R R .— N ew Bonds.—
& mh^^hjfnrU^J^securcd by a direct mortgage on 191.13 miles of road
The N. J. P. U. Commission has approved the ^suance of $500,000 1st
Theseembtaring
bonds a 281-4(1 mues
miles of track,
subject
onlyamount
to $1,000,000
owned,
whjch
^ equa,
of Gcn.first
M . M gold bonds, and the execution of a rnortgago for *250,000 to the Federal
C o.. Newark, as crusteo, dated Jan. 1. I rocoeds will be used for
bondfar™?Lfrve^l? %The outstanding bonded debt, including these bonds, Trust
extensions and improvements. Tho company s lino extends 25
R at the restively low rate of about $26,000 per mile of road. As addi- repairs,
ls at tho reiativuy
nledaed tho entire bonded debt and nearly tho miles between Whitehouso and VVatnong, N. J. V. 101, p. 2115.
tlonal security , there are piec^eu tne' ™
remaining 96.34 miles
P en nsylvan ia RR .— S u b sid ia ry C om p a n y D e c is io n .—
ooerat«lPare 8operated^^nder^rackago agreements with the New York
See Pennsylvania Canal Co. abovo. V. 102, p. 8J2, 07b.
f T h e ec X a n y 's V|?osrinILRmea for ® » 1 5 ? S ' compared "with that for 1913.
P h iladelph ia & R eadin g R y — N e w P r e s id e n t —
Agnew T . Dice, V.-I’rcs. and Gon M gr., has been oloctod President to
succeed Theodoro Voorhees, decoasod. V. 67, p. 18o.
i i - S

S

S

r

x

s

i i f f i t s

a

b Tho property U in excellent condition, a program of Improvements, ex­

ten sion s and betterments having been energetically pursued dur ng the last

few years Among tho Important improvements lately completed or In
course o f w
r o
new
M w S and th e^ ep L em elt of bridges of light construction with heavier




P ittsb u rgh & Lake Erie R R .— S lo ck I n c r e a s e . — Tho
stockholders will vote April 28 ou increasing tho capital stock
from $30,000,000 to $50,000,000 in order to provide addi­
tional capital for “ corporate purposes, tho board to havo
authority to issue and sell the same, or any part thoroof, from
time to time at such timo and at such price not loss than

Ma r . 18 1916.]

THE CHRONICLE

par ($50)— as ifc may deem advisable, but whenover issued
tho stockholders are to have tho first privilege to subscribe.
— V . 100, p. 1163.
™,1ai5
y &
C0
. r e a?r —
_ v on ,
,
v . Jo, p . lo o .

1915.

Se1
CoVIiti8S^
1914.
C a(10;
l. Y e a(B
r —o s to n i).—
o i rr Earnings.
io ij
non n r0f’ $ VS’ (4H%)$90,000
188.699|Com.divs. (6 % ) - - 60,000
|Balance, surplus.. 22,694

172.694

$90,000
60.000
38,699

R eadin g C om p an y.— Subsidiary Company President.—
See Philadelphia & Reading R y. above.— V. 101, p. 1807.

1 0 61

W in n ip eg E le c tn c R y .— Earnings .— For calendar year:
1915ar
o u e fia 1914 ........... $4 ’ l01 302
— V . 102,'pT 155. ° 2

Charges. Dividends.

..
$ fia

no\ 7
I ' 6 8 5 >0 9 3

* ^ '« 3 5
690,482

(9 'A )$855,000
(12)1,080,000

Bal.. Def.
$388,898
85.389

W isco n sin C en tral R y .— Refunding .—

taking up equipment notes.

8 eeV .

102,

p . 887 balance lriu be used ln

R ep u blic R y . & L ig h t C o ., New Y o r k .— Earnings.—
°

Y ear

mm

F n r n in n .

T
0lher
In ™ ™ -

jr N f

1 0 1 4 ------q 0 0 1 4 6 1

— V.'lOT. p. 1807.1

$ ’? aI ’ o? o

81’? § i

1,14 4 ,8 19

17 5

In t p re s t & c . P r e fe r r e d
C h a rg e s. D iv id e n d s .

$679,238
679,987

S ain t J oh n (New B runsw ick) R y .— Earnings.—
P r a m

's 1

1 1915,

1914. I

C a l. Y e a r —

INDUSTRIAL AND MISCELLANEOUS.
Explosives Co.— N ew Director.—

B a la n c e ,
S u r p lu s .

$311,484 $248,245
311.484 153,523
1915.

Alabama Power Co., Birmingham, Ala.— N ew Plant—

1914.

v • lUo, p . 982.

;

St. Lou is & San Francisco R R .— Status o f Plan.—
Messrs. .1. & W . Seligman & Co. and Speyer & Co., reorganization mana­
gers, have explained that tho plan recently withdrawn from consideration
o f the Missouri P. S. Commission and roferred to in various newspaper
dispatches from Jefferson City, was tho plan originally submitted to the
Commission and not tho plan which was brought out on Feb 82 The
withdrawal o f tho original plan and tho refusal of the managers to accede
to the M o. Commission s present requirements do not in any wise affect
tho present plan anti it is tho intention to proceed with tho reorganization
under tho present plan for which deposits have been called.__V. 1 0 2 , p. 896
San Francisco O ak lan d Term inal R ys — Coupons Paid
This company has deposited funds to pay tho following matuVcd counons'
I h o payment on tho three issues first named is being made In N . Y at the
Nat. Park Bank as well as in San Francisco.
tU0
Oakland San Leandro & Hayward $250,000 1st M . 6 s 192‘>
mm
Alameda Oak Park & Piedmont Elec. $ 18,000 1st M7 6 s ,19 231Jam ’ 1 1916
Oakland Transit Co. $1 121,000 1st M . s. f. 6 s. 1918.. . . . . . Mail. 7 1916
Oakland 1 raction Co. Equipment 6 % notes
j atl l ioir
Soo Eloctrlc Railway Section," pago 90.— V. 102,"pT~2~5l\"’
b

S avan n ah N ashville & W estern R R .— N ew N a m e. __
This 5-miio road, HInosvillo, Ga., southeast to McIntosh, has amended
Its charter and changed its name from Flemington Hinesvillo & Western
ItK. It may now iucreaso Its capital stock from $25,000 to $450,000.
S o u th ern Iow a R y. & L igh t C o., A lbia , l a .— Sale.—
— 1^ I ^ O i e r t y \vi11 be sold on M ay 3 under foreclosure proceed in «
p ,17 )7alk°r o f Now York recently purchased tho property for $ 7 5 000'
but tho Court failed to approvo tho sale and ordered Alfred C Mueller
receiver, to sell tho property at tho later date. Tho salo anDlies to
entiro property at Albia, la.— V. 101, p. 1554.
1 0 appilca t0 tl10
S o u th e rn Pacific R R .— Compromise .— •

8igi?cd^-V.Ol0 2 fp 16^0? e4e3n8 CleCted a dlrector to succeed C. A. Belin. re-

TraftionSWT
£ ompany> controlled by the Alabama
fraction, Light & Power C o ., is arranging to add to its
output capacity by the installation of a new 20,000 h. n
; - L at. f M u f 10 ShuaIs a,nd also to safeguard its output in
k ®Xt«!me dr° uSht through the establishment of a
7 ) 000 k.w . steam plant. To finance these and other ad­
ditions and improvements as required a now bond issue is
proposed a block of which will probably be offered next
week by leading N . Y . bankers.

20 fW)

A nnouncem ent by President James M itchell, New York Ainr a -ioic
Ann nkkC07 pa,n y ,ls now providing for a bond issue to be limited tbVinn6"
000 000. of which S4.000.000 has been placed for immodLte needs$12nH
further amounts can bo Issued when and as required.
d ’ and
£,avo b9?,n Place,d for a new hydro-electric unit at tho Lock 12
plant on tho Coosa River. This unit will be about 20,000 h n or sli^htiv
larger than tho original units. Plans are no ™bcin« rrl£ cd 'o i)P fn r
‘ “ R a t i o n of a 2 0 .0 0 0 k.w. steam plant, wMch is nec“
ry to s a f^ u ir f
nr,? ^n7I any s Power supply in times of extreme drought. (Jontraetsbiave

j ,.1™

company plans extension of its transmission lines in a

A 'S r A

p, s r P c7°7r

S o u th ern R a ilw a y.— Sale o f Bonds.—
Heo Atlanta & Charlotte Air Line R y. above.— V. 102, p. 801, 610.
Texas & Pacific R y .— A p p ea l . —
Attorneys for tho Bankers Trust Co. N" Y trustee fer ti,,>
creditors of tho company, on Mar. 16 moved in’ttolunrnm
vanco tho appeal taken by the trust com p an ^ rom
o ^
of
federal Court for tho Northern District of Texas disiuK^lnl ps eetiM1
for a receiver of tho railroad.— V. 102, p. 887, 977. alsmlshlnk ,ts Petition

in T g ? 4 ^ S $12 w r 0 W W| ^ lB ??rO T hately *9'600.000.against S9K
0 OO
additions $981 i s d
Ther.° was spont for now property and

" ,s'.yp,r<>i§2tp r“

- v ! 102V p .'S 87?801 °

■

F ix e d
In teres t.

£126,752
*“ ■*»♦

In c o m e I n te re s t(6 % ).

£515,111

r r
n ,.
A s s ’d Stk

£26 931
37®

nLg,

‘

1138

U n io n P acific R R . — Incom e Statement.— Tho com m nv
recently reported to tho New York Stock Exchange :
Y
t], . „ In c o m e A c c o u n t f o r the 5 M o n th s en d ed N o v . 30 1915.
Oregon ^Short l l ' n n W e * accounts betweon tho Union Pacific RR Co
Oregon Snort Lino R R . Co. and Oregon-Washington R R . & Nav. Co l "
Net^after taxesU0S.........*45,109.9511Rents for use of Joint
°
Other Income
.............JH.bM.OM' tracks, yards and torTotai h i c o m e :::::::: ::$ 2 3 448 o ? 4 ! M}seniKneeilitlei - ...........
$5 2 4 ,3 5 3
Interest on fundod debt $5 ’ 7 5 i ']}|l ^4lsc°llanoous charges..
10,247
Hire of equipment b a l..
259.2921 Not before dividonds.$1^02,607

Tho other income above includcTs-d vlfremi “ . 7 ^ vlaon(lsi-*16.902,607
interest on bonds and notos owned' $ 2 R7 R1 '7 gn-ninter <Sf0 wniet1, *1-208,375;
accounts, $322,315: ronts from use o f r S ’toa
r loans and open
tracks, yards and terminal facilities $
?,wi)?’nrorit's from .U'S0J?/,k),*nt
miscellaneous lncomo, $54,324.__v ’ 8 q4 o,649, miscellaneous ronts, $34,286;

U n ited R ailroads o f Y ucatan __ »

Ladonburg, Thalmann & C o ., 25 Uro ul si
d ay that they would on and aftAr M arch

,
LOM poil I a y m e n t .
S ’ V
\m ! ou, tlce<1 011 Thurs-

property under foreclosure on April 24.US^Upset*price

* $ { 5 qqq1 1 0

raiIroad

W e ste rn

Pacific R y . - P l a n O p e r a L T . - T i m e f o r D e ­
Tho reorganization committee Alv n W
Krech, Chairman, on March 13 formalin ,i,>Ji
b u
Ap o sits

E x te n d e d .

p u b iis h e d in th °

u i X ^ T r ^ o "
tions for now bonds to and including Apr. 15 lo fn
on another page). An official statem en tlavs

(

nfiP"
d

year
incroaso uvm iu.au jfuui. xnu very largo lncreasn n t K * ----- .. . . . "
Grando earnings during tho same period is also o f hnporttann«Hnn«.e r ^&iJ tl°
o f tho W ostorn P acific bonds.— V. 102, p . 9 7 7 , s()2 l tanco t 0
holders

W h e elin g & Lake Erie R R .— Sale A p ril 7 __
T ho adjourned sale o f tho com p any’s property is now advnrHc„,i f,,- .. ,




™ *

»

i t t ai

1 ho net earnings for 1915 from all sources, after deducting S2f] 644 . fm*
in Im u - v \ 110LUr 2 1 4 6 and machInory' was *7L 5 2 o " » l t j m . / S

American Power & Light Co.— Over 85 % Taken __
T h e s u b s c r ip tio n b v s to c k h o ld e r s t o th e new issu e o f S6 984 300

C
,<
v

f n « l eloss
s . s than
th ^ %
‘S* for
A5Vt4le
totaI subscriptions
ounU^
to 887.
o85%
o /i, w
leaving
15%
the underwriters.
See Vam
. 102,
p. 610,

Anaconda Copper Mining Co.— Option.— 'T he “ Engi­
neering & Mining Journal” of March 11 says in substance"
G r ^ B ? i°K

« t h

Ba0l<SltaI ^

* ? ^ ^ ^ o o n S ^ ealKnit? 450 aSres
W
^ s

t ^ l a an^ ^ e riBollvla a
company. 5 lost o f tho Bolivian copper, amounting to 3 500 to
4,000 metric tons annually, is produced by these two companies
Bv the
introduction o f additional facilities, the output can bo greatly increased
l<or over 200 years the Corocoro mines have been worked fo r n a tW ^ o n
, J ,ic.cen.t y
suIPhatcs and sulphides have been mined Tnd
mills erected to treat these ores, though a considerable tnnnarro ia invu
enough in copper to ship without milling. Coro,S>ro^ is^U a£ altitude1f t
about 4,000 m. and is 3§9 km. from the port o f Axica Chile w th which
It Is connected by the new Arica-La Paz R R .— V. 102, p. 156’ ^23
hlc“
^ P pv“ h 7 i a n 1915.
,?,°,w e r 1914.
a ; < H -YA « * ! H ? « » M . w . y k ) - a m . .
C a l. Y e a r —
C a l. Y e a r —
1915.
19i 4 .
Gross e a r n in g s ...$624.865 $530,757 Interest c h a r g e s ..$428,034 $397,233
N et earnings......... 315,840 239,097 Balance, d e fic it .. 112.194 158,136
It Is estimated that the gross earn nssfot- calendar yoar 1916 would be

Atlantic Gulf & West Indies SS. Lines.— S ta tu s .—
commenting on the declaration of a dividend of $1 per share
on tho preferred stock (V . 102, p. 977), Pres. Galen L
btono said in substance:
Many Inquiries have been made as to whether this declaration ca n ho
an, indication of quarterly dividends of t l w S o a m o u n t
1 lio oiily financial factors producing the Income account o f the svstem as
a whole, which are not published in our regular monthly and annual state­
ments (see Earnings Dept., V. 102, p. 967). are the income and outiro o f
tho holding company. The miscellaneous income less outgo excluding
iU i Jltrcr.cst ? n thecohatera! trust bonds of tlio liolding company amounted
about
5$620,000.
$62oannn ' $IWith
P . Wthese
’p J ?factors
^ coUa]ter^
t.rust
bond
to
,
in their
possession,
stockholders are

to *«*<• “ •• ^

$44,000,000 o f Wostorn P acific 1st M . bonds out nr ,
,
, .
,,
issue o f $50,000,000 havo assonted to tho nlan n f r ^ l 0 4 outstanding
proxim ate y $3,000,000 o f tho undeposited b o n d s a r e h d f f i n Z Mlon,' A p "
tho control o f a Dutch com m ittee. M essrs. ATde B vll l i w n Holland under
Santilhano have recently arrived in N ow Y ork from 7 icb 9npls and J. D .
senting tho Dutch com m ittee, for the p u r p o s o o f S f i n lstor,<4anA r°P™ganization com m ittee.
1
OI conferring with tho rcor-

8 » 0 V V1 o 2 a r W ? ri'6 I o !“ 16'

An “ •

American MiHing Co. (Peoria, 111.).— E a r n i n g s .—

U n dergrou nd Electric R ys. o f L o n d o n .— Earninas —

C a le n d a r
T o ta l
i t\Yz ar—
R e c e ip ts.
16 6 ............... £707.370

s “ b- c ° -

American Manufacturing Co.,(Boston).— E a rn in a s __

f c t e d a« « v

?o*r“ l l S m S r,rS r ' '■? relinquish >11 claim, to tho 2 ° 3 § ™ < x R X ; J X S i

r>t

- » s , s

dhtl0n ani> additions. To-day there are no notes outstanding- tho
S tom ,bas. a substantial working capital, Including about $4,200 (K)0 in
cash. During the past two years nearly $1,000.000 has been spent in im“
provements to tiiree important ships, the greater part of which ha sbera
charged into operating expenses. The campaign of reconstruction and Ad­
dition has however only begun. Within the last 3 months 3 sfips have
been added to the Clyde steamship service and there are at present 1i shins
under construction, of which 9 should bo delivered in 1916. These 11 sli ns
will represent a cost of nearly $7,000,000. and there is everv reason to
oxpect that they will be paid for from the current resources of the business
without the sale of any additional securities. Of these 11 ships now under
construction, 8 will bo directly owned by tho Atl. Gulf & West Indies rep­
resenting a cost of approximately $5,000,000.— V. 102, p. 977?
’ °P

Baltimore Natural Gas Co.— Incorporation .—
I ills company on March 14 filed incorporation papers with the Seeretarv
of Stato for Maryland, with a nominal capital. It was formed as Hie d i7
tributing company for the Columbia Gas i Electric Co. under the pronosal

“ s6

S S W * ° ° * i a 5 ? ? f . ; TfSb??l°»re”*“ - a,”‘ Mr- c ^ s - ' s“

Baltim ore Tu be C o ., In c .— Initial Dividend .—
An initial dividend o f SI 42 per share has been declared on the pref.
stoek navablo April 1 to holders of record March 18. This declaration
covers the period1 from Jan. 18 to March 31 and places tho stock on a
7% basis.— V. 102. p. 524, 347.
B itu m in ou s C oal C om p an ies.— IFwe Settlement.- ^
See editorial columns of last weeks Chronicle, page 907. V. lUu,
p. 1754, 1675.
(E. W .) Bliss C o .— Extra Dividend on Common Stock.-

Computing-Tabulating-Recording Co., N. Y.- - D iv .Seo “ Annual Reports” on a preceding pago.— V. 101, p. 1630.

Connecticut Mills Co., Inc.— Pref.

The usual quarterly dividend o f 2% on tho pref. is payablo at tho same
time
Dividends on common stock since April 1809 have been 10 /a poi
annum (2 H Q -J-) to and including April 1911. July 1911 dividend was
riassfii anAnone Daid until April 1 1914, when U 4 % was distributed, this
amoSnt boinrpafd qua?terlyPsi„co
Extra dividends of 1 H % each were
also paid ln'A prd.J iii y and Oct. a n d 11H % *«» Dec. 1916. Tho preE stock
has received 8% per annum throughout.—
2146.

B ritish C olum bia Fish eries.— Sale.— •1 '
,7 ? '
James Keppel Ball, receiver, will receive tenders until Apnl 15 for tho
sale of tho properties and assets.
B u ffalo G eneral Electric C o .— Bonds Sold.— Loo, Iligtnnson & C o ., New York, Boston and Chicago, have sold at.
1 0 0 M and int. S I ,200,000 1st Refunding M . 5 % gold bonds
dated 1000, duo 1030. For details of issue, & c., seo V . 101,
p. 695; V . 102, p. 253, 524.
B u rn s Bros. Ice C orporation .—-Status.—.

Tho board of directors o f tho newly organized corporation will consist ot.
Chairman Michael P. Burns, President of Burns Bros.; James W . Scott,
who is tho President; 8. M . Schatzkln of Burns Bros.; J. D. Schoonmakor
and Robert A. Scott; R . M . Atwater Jr. o f Ladenburg, Thalmann & C o.,
and .Tames T . Woodward o f Spencer Trask cc Co.
. . Q
' It has been estimated by officers o f tho corporation that ^ * h ° basis of
tho business handled by the merged companies tho net incomo will be suffi­
cient not only to pay the dividends on the pref. stocks, but also to warrant
the declaration of a dividend on tho common stock beforo tho end of tho
year 1916. See V. 102, p. 977.
C alu m et & A rizon a M in in g Co — Combined Earnings,
Including Superior & Pittsburgh Copper C o .—
T o ta l

E xpen ses,

N et

Stock

Offered.—

Blake Bros. & C o ., N . Y . and Boston, aro offering by adv.
on another page the company’s 7 % cumulative prof, stock
at 105 and idvidend, to yield about 6 % % . Bonds aro taxexempt in M ass.— V . 99, p. 470.

A n extra dividend of 1 1 K % has been declared on tho com­
mon stock in addition to tho regular quarterly distribution ol
1 M % > both payablo April 1 to holders of record March 2^.

C a le n d a r
Y ea r—

[V o l . 1 0 2 .

THE CHRONICLE

1062

E x p . at O ut- B a la n c e ,

In c o m e .
in c l. T axes.
E a r n i n g s , s id e P r o p .
Surph/s.
inir™r
o, i r.s'i 791 86 225 595 85,458,128
$4,247 $5,453,881
...............$18 518 999
5:303:375
3:215 024 130,089. 3,085.535
The Calumet & Arizona Mining Co. paid dividends in 1915
about $2 ,0 0 6 ,5 8 9 , against $1,851,009 in 1914. All; thoassotsiof tho 19u orior
& Pittsburgh Copper Co. have been transferred to tho Calumet & Arizona
Copper Co as of Dec. 31 1915 and the company is now the owner in fee
simple of about 2,000 acres o f ground within tho mineralized zono in Co

Consolidated Ice Co., Pittsburgh .— Earns, for C a l .Y r .
Cnl Y ear
1915.
1914. I C a l. Y e a r —■
1915.
1914.
Gross earnings— $622,841 $663,297 Pref. dlvs. (6%)--S120,000 $120.000
Notearnings
. . 121,276 103,9591 Balance.................surl.276defl6.041
— V . 100, p. 645.
Consolidated Mining & Smelting Co. of Canada, Ltd.

Notice is given that, under tho Canadian "Companies Act, the 150,000
shares capital stock of tho company, n o w of the par value of $100 each,
havo been divided into 600,000 shares of $25 par value. V. 10*. , p. 611 ■

1915-? f “ 6I7 968 $ T o 0 4 * o l — $ M 6 9 fll8 —
''$1,500 000 $ h 0 ? 5 680
1914'S14:828:980 *3:392’,645 1,113,570 ’ 269.337 1,500,000
509.732
■V. 101. p. 2074.
Converse Rubber Shoe Co., Malden, Mass.— Veto Pref.
Slock Offered at Par.— Sales .—
The stockholders havo voted to increaso tho capital by issuing 2,o00
shares of 7% cum. prof, stock, which is offored to stockholders at par, $ 100.
Subscriptions must bo mado immediately to either the company or the
p“
t Sank, Boston. Dividends will accrue from date of payment
m v timn nrior to Mar. 25 1916. I’ rocoods from tho salo of now stock will
bemused to enlargo tho plant and increaso the capacity from 8,000 to 153)00
nairs daily
Sales increased $273,761 In 1015 over 1014 and $317,942 in
? 9 l7 o v e r i9 1 3
Not earnings for 1914 and 1915 wero four times tho pref.
dividend requirements. Directors: Pres. M . M . Converse. Treas. &
Supt. Hugh Bullock, Asst. Supt. H. C. Arnold, M . E. 1 aterson and R . M .
Saltonstall.— V. 94, p. 914.
Cuba Cano Sugar Corporation.— Initial Div. Etc.—
An initial quarterly dividend of l % % has boon declared on the pref.
stock, payable Apr. 1 to holders of record Mar. 20.— V. 102, p. 970. 611.
J. & W. Seligman & Co., tho syndicate managers, announce that thoy are
prepared to repay to the members of the underwriting syndicate, through
tin; Guaranty Trust Co. of N. Y ., tho remaining 50% of tho amount here­
tofore paid in on subscriptions. Tho s ^ ^ c a t e n / , i u S 5 { n S oxlstcnco
until tho accounts havo been mado up and tho profit distributed.
Eugene Meyer Jr. & Co. announce that thoy have sold all the stock
which they havo been offering.— V. 102, p. 979, 611.
C u b an P ortlan d C em ent C o .— Stock Offered.— Ilaydon,

Stono & C o ., Boston and New York, are offering at $15
per sharo 100,(X)0 shares, par $10, to bo paid for $5 on M arch,
M a y and July 1.
.
.
. .
.

Thn h-inkers are organizing tho company In Mass, to manufacture and
ChT?ioCc^mpany)subscribed for $3,100,000 o f tho Now CornoUa Copper C.°- sell PorUand cement in Cub.a. Authorized capital of 200,000 shares com ­
authorized issue of $4,000,000 6% 12-year sinklng'fund bonds datod SepC l mon stock. par $10, of which 100,000 shares are to be sold at $15 per sharo,
1915 (convertible into stock at $10 per share). I hojbalance, $900,J0il). v ■ and tho balance reserved In tho treasury. Sale of the above stock is to
subscribed for by individual stockholders.and directors o f that co. Ibis finance the purchaso of properties in Cuba, tho erection of a Plant with
property will becomo a producer in fall of 1917.— V . 1UJ, p. ooo.
capacity of 600,000 bids, per annum, and provide, approximately . $200,000
nf u'Arl’ in^ nnitTl
O'llPll Ij StOHO. of [IftydCH, StOIlO & C o., will DO Cllclir”
C an ada Steam ship Lin es, L td .— ZMiiidend— Jam in gs.—
man o f theCb ^ : Sheldon IIB a ssett, Pros, ’of tho Knickerbocker Port­
A quarterly dividend o f 1 H % has boon declared on tho pref. stock, land Cement C o., will bo Pres, and Gen. Mgr.
payablo M ay 1 on account o f deferred payments.
C um berland T elep h o n e & Telegraph Co., I n c .— Earns.
Gross' ^rnrC-$7,79755,034 $6^ g .S l o l B < S d 'l^ ? &c----- S662’ l511o$ss59 932

C n h m ln r

C ro ss

N et

O ilier

In t e r e s t.

D iv id e n d s IJu ia n c e.

Cav>nr— F a n iiia s
E a r n in g s .
In c o m e . R e n t s , & c .
(0% ).
S u r p lu s .
in Yre a r
S7 880 374 S 2 046 727 S i33,940 $1,300,089 $664,809 $215,769
.........*8,048’,552 l ’,800:735 153:697 1,269,230 064.809
20,393
total surplus Dec. 31 1915, $20,883.— V. 100. p. 1750.
■V. io o , p. 1912.
C a n to n Electric C o.— Stock Increase. —
D ay to n (O hio) Gas C o .— Acquired.—
SCO Ohio Cities Gas Co. below.— V. 100, p. 1513.
The stockholders o f this company, a subsidiary of tho
Electric C o., have authorized tho increaso in capital stock from $2 ,o0 0 ,0 0 U
Denver Gas & Electric L igh t C o.— Refunding.— Henry
to $ 1 2 ,5 0 0 ,0 0 0 — V. 93. p. 1604.
L Doherty & Co. liave issued a circular describing tho First
Cedars Rapids M fg. & Power Co. (M on treal).— Earns. & Refunding Mortgago 5 % Sinking Fund G o ld .b o n d s.o f
This company reports for its first year of operation ended Dec. 31 1915,
gross, aftcrPproviding for transmission charges to Montreal anclM assena, 1911, due M a y 1 1951, through the salo of about $4,000,000
N . Y.,was$685i593;net, *637,298, and surplus of $245,052.— V. 102. P--&J- of which provision is boing mado to retire tho $J,.)UU,UUU / 0

C ellu loid C om p an y.— Suit Settled
Tho two suits brought against tho Eastman Kodak Co. in Juno 1 9 1 o
claiming “ triplo damages” ($15,000,000) under the patent law for Pate i
infringement on a process and a machine for the'
TCodik*Co
graphic films havo been settled out of court. Seo Eastman Kodak c o .
below.
Extra Dividend.— An extra dividond of 1 0 % has been de­
clared on tho $5,925,000 stock, payable April 15 to holders ot
record April 10.
Extra dividends of 2 % have heretofore
been distributed in December for many years. Vol. 100,
p. 2169.
C en tral Aguirre Sugar C os.— Common Dividend
A dividend of 6% has been declared on tho common stock, payablo Anr. 1
to holders of record Mar. 27. Dividends on th e common stock have been
as follows: 10% Sept. 1 1915; 6% Sept. 25 1
9
1
W L th o
Julv 1 1910, and 7% In 1909. The usual q u a rte rly dividend o f 2% on tho
preferred stock is payablo at tho same time. Seo V. 101, P- bib.

collateral trust notes duo 1917.

Tho circular shows:

Interest payablo M . & N. in N. Y . City, without deduction for normal
Federal income tax. Dcnom. $1,000 c*. Callable on any Interest date
at 105 and int. Trustee, Bankers Trust C o., N. Y.
CaC *

SS

s

m k c S-

Wina Chan0CS thatA u t lhJrt%dPlaN o % ™ ? h

Denver Gas &’ Elec 1st M 5s 1949— $8,000,000 $6,710,300 $6,710,300
Tarnmhn f ! oc C o 1st M 5s 1921 — (Closed)
900,000
900,000
F i^ r & Refimding Mortgage 5 s . 195l-2fi.000.000
832.000 4,832,000
R'/ C o l Iateral Trust Notes 1917.............. 3,500,000 3,500,000 ..................
Common stock
*
I . . . .................10.000,000 10,000,000 10,000,000
Statem ent fo r C a l ' Y c a r s f S h o w in g E a r n s . F iv e T im e s I n t . o n U t *
6s.
Gross earns .$3,273,189 $3,140,965 Int.underl.bds. $381,590 $337,626
N et^ft. taxes $1:657.945 I I ,423,2181Balance „
*1.270.855 $1,085,692
L&ss interest on First & Refunding 5s, 1951. Including $4,000,000
of bonds to become outstanding............................ ' — 7" IT—
j
Su
‘
^ ~~
*
a lso ______

and sells numerous by-products from coal tar. Company and Its prede­
cessor have uninterruptedly paid dividends on their stock since 1907.
I k a u i t y f o r lio n d s .— A lion on tho entire property, subject only to $ 0 .7 0 qnn isV ks 1949 and $900,000 Eacombo Electric Co. 1st 5s, 1921, and is a
$195,948
$37,007
$55,122
$38,797
first ^lenon the property of tho steam-heating department and tho former
1915............... $658,248 $327,774
186,201 36,700
51,904
20,585 Denver Highlands Electric C o ., and on a valuable slto for a future gas works.
1914 ............... 620,019
295.391
Sufficient of theso bonds aro sot asido to rctiro the underlying issues anil
— V. 102, p. 524, 439.
further amounts can bo issued only up to 85% of the cost of additlous,
Chemung SS. C o — Stock O ffered — Boughton & C o.,
stations o f ..com bine.!
New York, recently offered at par ($100 a share) stock in canacftv of 223)00 h .p ., 40 miles of high tension primary
lines and 895 miles
tho following cos. under tho management of C . W . Morse of low tension distribution linos, (b) A modern gas works, with coal gas
2on prat1ne canacity of 3,640,000 cu. ft. per day, water gas generating caand associates. A circular shows:
nacitv of 3 300 000 cu. ft. per day, or a total of 6,940,000 cu. ft. each 24
Chemung SS. C o., Inc., capital stock $325,000 (all sold), and Huron SS. Sour? holder capacity of 1,570,000 cu. ft ., and 360 miles o f mains ofvarious
C o., Inc., VVm. Castle Rhodes SS. C o., Inc., Minneapolis SS. Co.. I n c .. s iz e s extending throughout tho city, (c) Btoam-heating property with boilers
St. Paul SS. Co., Inc., each capitalized at $140,000, tho greater portion of
3 400 h.D. and 4.7 miles of mains.
.
, . .
.
which stock is sold, feaeh company is capitalized for tho exact cost of its
respective ship, now under contract o f purchaso. Tho first steamer, the
Chemung, carries about 4,000 tons and cost $325,000. lho other four
SUp ? & t t^ o lo r a d o 7Power C o .. which has
named carry about 3,500 tons each and cost $140,000 apiece.a
a hydro-electric station at Glenwood Springs (V. 100, p. 17 18).
1915.
S ta tistics—
1910.
iflfS- r Gas sold, 1,000 1910.
Chevrolet Motor Co.— Stock Listed .—
meters. No.
31,359
41,055
Tho Now York Curb Association has listed tho company’s authorized Elec,
cubic feet____1,071,732 1,229,553
Gas
meters.
N
o.
34,260
41,682
capital stock, 800.000 shares of $100 par valuo, to be dealt in when, as andA t Output, k.w.h.46,252,554 54545,8.>9
._
issued. The amount outstanding Is stated to bo $23,663,800. with an
q'hn net earnings over tho past four years show an Increaso o f 22)4% .
additional $2,452,000 in the company s troasury, leaving $53,889,200 un­
F u m l ^Ac:— Each year a sum equal to 1% o f tho bonds outstand­
issued.— V. 102, p.972.
ing must7bo applied to the purchase of those bonds or bonds of unduOy nk
at not exceeding 105%: or a sum equal to 2% o f the total bonds out­
Colt’s Patent Fire Arms Mfg. C o — 10% Extra Dividend. i?su^
standing shall bo used for construction, additions or 'nprovenicnts.
This company has declared an extra dividend o f 10% In addition to tho
F r a n c h is e s . — Has numerous franchises, several o f which for elc^trle service
regular quarterly dividend of 2)4% on the $2,500,000 authorized and out­
no limitation In point of timo. In 1906 I'Tu^nvrn’mo^Ftlm'com "
standing stock, payable April 1 to stock of record March 13. Similar contain
tended to 1926. Approximately throo-quarters of tho rovenuo of the com
dividends were declared in Dec. 1915.— V. 102, p. loo.
pany is derived from tho salo of electricity,
. .. pnnint Xc.
*
[A
block
of tho new bonds Is offered at 93)4 nnd Int. by A . U. conant ic
Columbia Gas & Electric Co.— Sub. Co. Incorporation.— n.n nf ltoston.l—
V.
102.
I).
714.
Seo Baltimore Natural Gas Co. above.— V. 102, p. 979.

C en tral M aine Power C o ., A u g u s t a — Earnings

C a le n d a r
Y ea r—

G ross
E a r n in g s .

N et
E a r n in g s .




In t e r e s t
C h a rg e s .

D e p r e c i- D iv id e n d s B a la n c e ,
a tio n .
P a id .
S u r p lu s .

mar.

Dominion Canners, Ltd. (Hamilton, Ont.)— Earnings.

C al Year
1915.
1914.
C a l. Y e a r —
1915.
1914.
Profit . . .........loss$294,438 $330,852 Common dividend
. ( 1 M ) $32,229
Tntnrrwf;
113.297 115.729 Balance------------def44f>,620sur27,353
Prof “ lv.........( I H )38.885(7) 155!541 Total balance.— $180,813 $027,433
— V. 101, p. 211.

Dominion Iron & Steel Co.—

Pref. D iv. Resumed .—
This company has declared a dividend o f 3 'A % on the $5,000,000 cumu­
lative preferred stock, payablo April 1. Tho last previous dlvldond de­
S
on this stock was 3M % on April 1 1914.— V. 99, p. 973.

(E. I.) du Pont do Nemours

& C o . — N ew Directors.— At
tho annual meeting of stockholders on M ar. 13 H . M . Barks­
dale, William G . Ramsey and Frank
Tallman were elected
directors, succeeding Alfred I. du Pont, William du Pont
and Francis I. du Pont, who failed re-lection.— V . 102, p.
889, 881.

G.

Eastman Kodak Co.— A p p ea l.—

Counsel for the company on Mar. 8 filed an appeal to tho U. S. Supremo
Court from tho decree of Judgo John It. Ilazel In tho U. S. District Court
at Buffalo, adjudging tho corporation an illegal monopoly, and ordering
dissolution. It is announced that motion by tho Government asking for
an Injunction restraining tho company from continuing tho monopoly pend­
ing tho appeal of tho case has been settled out of court. Until the Supreme
Court gives its opinion, tho affairs of tho company will continue in statu quo.
A year may olapse before tho case will be called at Washington. Seo also
Oollulold Co. abovo.— V. 102, p. 440.

(O tto ) E isen loh r B ros., I n c . — Initial Pref. Dividend.
An initial dividend o f I H % has been declared on tho 83.000,000 pref.
stock, payable April I to holders o f record March 24.- -V . 102, p. 714, 525.
Electric Storage B attery C o ., P h ila .— Earnings .—

- n d-a r
C a le
Y ea r—

G"ross
S a le s .

1915....................81,770,188
1914................ .... 1,395.793
— V. 100. p. 1505.

N' r"‘
et
E a r n in g s .

$1,188,618
848,628

Other
rut.—
In c o m e .

D iv s .P a id

$172,130
254,610

(4 % ).
$049,964
649,964

B a la n c e ,
S u r p lu s .

$710,784
453,274

Fin an ce & T rad in g C orporation, N. Y . C ity .— N ew
Com pany.— This company, organized in Virginia to conduct
a general liquidating business, and proposing, through sub­
sidiary companies, to conduct the business of auditing and
making engineering and administrative reports, has (1)
acquired tho somewhat similar business of Potter, Duer &
Griswold— formerly G . M . P. Murphy & C o.— and (2) has
contracted to liquidate the remaining assets of tho Assets
Realization Co. (V. 102, p. 347).
Tho company will havo an authorized issue of 7% cum. preforred stock
of $2,000,000. par valuo $100, and common stock $2,500,000, par value $50,
o f which a public offering will shortly bo mado by William Morris Imbrie
& Co.
Tho shareholders of tho Assets Realization Co. havo been given a prior
option to subscribe for $1,000,000 o f the pref. and $500,000 common,con­
ditioned upon their depositing their present shares and agreeing to pay
$100 a sharo for the pref. (with 50% common as bonus), payablo In cash
in so far as not covered by moneys distributed prior to April 1 1919 on
tho deposited shares under tho liquidation agreement
fplin >1! nn/if n no

Inrwl rtffl/inrtl \ urn oa fnllniVK-

Id

A

IV

Hall 2d, V.-I’res. Liberty Nat. Bank: W . P. Jenks o f Jcnks, Gwyno & Co.;
Sidney II. March of Ladenburg, Thalmann & Co.; G. M . P. Murphy,
V.-Prcs. Guaranty Trust Co.: E. A. Potter, director Cont. & Comm. Nat.
Bank, Chicago; Evan Randolph, V .-I’res. Girard Nat. Rank, Phila.;
H. E. Ward. V.-Pres. Irving Nat. Bank.

General Motors Co .— Voting Trust.— Thirteen stock­
holders having no connection with tho management have sent
out a circular advocating the proposed voting trust, saying:
Tho undersigned stockholders havo followed tho history o f tho company
from tho timo tho present management took charge in 1910 and we feel
that It is for the best interests of the company that tho proposed new voting
trust bo established. Granting that tho present effort to vest tho control
of tho General Motors Co. In tho Chevrolet M otor Co. has not succeeded
it is quite possible that a renewed effort In this direction will bo made or that
an attempt may bo made to change tho control by somo other method.
Tho present management has caused all o f the $15,000,000 First Lien
6% note issuo to be repaid out of earnings sinco 1910, while over $12,000 000
has been written off during tho past five years to bring tho plants, ma­
chinery, merchandise and other assets down to a conservative figure all
also out o f current earnings during that preiod.
Largo dividends have been begun on tho common stock, a special divi­
dend of $50 per sharo being distributed on Oct. 15 1915, and recontly tho
stock has been placed on a 20% per annum basis with tho expectation that
If tho present prosperous conditions continue, extra dividends beyond that
amount may reasonably bo expected. On l«eb. 15 1916 President Nash
issued a comparative report for the six months ending Jan. 31 1916, showing
about doublo tho sales and profits o f the corresponding period ending Jan. 31
1915. Tho undivided profits applicable to common stock for tho six months
ending Jan. 31 1916 aro estimated at $13,000,000 or at tho rato o f about
155% per annum on tho common stock outstanding (V. 102, p. 714).
Wo do not believe that control by the Chevrolet Co. would result In any
Improvement in tho management. Wo urgo both preferred and common
stockholders immediately to sign In favor o f having a voting trust formed.
The following directors have consented to act as voting trustees if re­
quested: Charles W. Nash, President; Emory W. Clark, V.-Pres. (Pres.
First & Old Detroit Nat. Bank); C. S. M ott, President Wcston-Mott Axle
Co. and V.-Pres. Buick Motor Co.; Charles II. Sabin, Pres. Guaranty
'I’yusb Go.: James J. Storrow, o f Lee, Iligginson & Co., and Albert Strauss,
of J. & w. Seligman & Co.
The signors o f the report aro: S G. Bayno. James Bymo, G. B. Codings,
R. Fulton Cutting, New York: C. W . Blossom, Albert J. Hart, C. K . Sunshino, Cleveland; James H. Minn, A\ m. P. Harris, Arthur McGraw, M . J.
Murphy, Detroit; Henry R. Myers, Covington, K y ., and Win. G. Schcnnerliorn. V. 102, p. 714, 157.

Grant Motor Car Corp.— Stock Offered .— Androws & C o .,
Chicago, Cleveland and Detroit, having sold tho majority
of this issuo, are offering, on tho basis of 1 sharo preferred with
2 sharos common, par 810 (as a 2 0 % bonus), the balance of
81,000,000 conv. 7 % cumulative pref. stock.
Tlio pref. stock is convertible into an equal amount in par value of com­
mon (10 shares common, par $10 each, for one $100 sharo o f prof ) at the
option of holder at any timo prior to Jan. 1 1919. Authorized and outstand­
ing, $1,000,000; par, $100, full paid and non-assessablo. Red. all or part
on 3 months’ notice at 120% and dlvs. on any dividend date after Apr 1 ’ 19
Data from Letter o f Pres. David A. Shaw, F-indlay, O.. Dated Ala’rcli i.
Organized in Virginia, and has taken over tho business of tho Grant
Motor Co., a Mich, corporation, established at Findlay, O., in 1913.
C a p it a liz a tio n (no bonds, notes or floating debt)— A u th o r iz e d .
Is s u e d
7% cum. convertible pref. stock (par $100).............$1,000,000 $1,000,000
Common stock (par valuo $10)................................... 3.000,000
2,000,000
$1,000,000 common stock Is reserved for tho conversion o f tho preferred
stock.
E a r n in g s — P ro d u c tio n . — From Jan. 31 1915 to Jan. 31 1916 net earnings
approximated $200,000. In Jan. 1916 tho not profits were about $21 000;
n Fob. we shipped 777 cars with profits of $45,000. Present earnings aro
about seven timos tho dividends on the pref. stock. Estimated on a pro­




10 6 3

THE CHRONICLE

18 1916.]

duction of 12,000 cars, earnings oh the common, after allowing for dividends
on the preferred of $70,000, wlU be approximately $650,000. or 3 2 A %
on the par value.
For tho 12 months ended Feb. 1916 the company produced 5,260 cars,
as compared with 2,174 for the corresponding 12 months previous. It is
expected the company will produce 15,000 annually beginning July 1.
Wo havo contracts on hand for more than 8,000 cars.
P r e fe r r e d Stock R ig h ts, & c . — In event of dissolution has prior right to
120% cash and dlvs. No funded debt or stock ranking prior to or pari
passu with this stock may be issued except with the consent of M or all
stock outstanding. After 1918 10% of tho annual surplus or net profits
must be used for the redemption of the pref. stock, and no dividend may
be paid on tho common stock while such installment remains unpaid. If
dividends aro in arrears for longer than ono year the pref. stock has the
exclusive right to elect directors; till then it has no voting rights. [As to
conversion right and call feature, see above.— Ed.l
P la n t In v e s tm e n t. —We have a very small amount of our capital invested
in plants and expensive equipment. Our total equipment in plant, tools,
machinery, &c., is only $79,239. Our assets are, therefore, current and
liquid at all times.
„ „
„ „ „
___ „
D ire c to rs a n d O ffic e r s . — Hugh L. Adams, V.-Pres. E . G. Budd M fg. C o.,
Pldla.; P. W. Andrews, Andrews & Co., Chicago; Chas. Counselman,
Counselman & Co., Chicago; Murray W . Dodge, Bcrtron, Griscom & C o.,
N. Y.; Geo. D. Grant (V.-Pres.), D. A. Shaw (Pres.), P. A . Waller. V.-Pres.
Boss M fg. C o., Kewanee. 111.

Great Falls (Mont.) Power Co., N. Y . — Earnings.—
C a le n d a r
Y ear—

G ross

N et

In te r e s t,

B a la n c e ,

T o ta l

E a r n in g s .
In co m e.
D e p ’n , 8cc. S u r p lu s .
S u r p lu s .
1 9 1 5 ...............$1,649,358 $1,256,822 S286.474 $970,349 $1,374,781
1914--------------- 1,405,931
978,295 188.364
789,931 1.206,041
From the balance, surplus, as abovo, $790,349 in 1915, common dividends
(7 %) were paid amounting to $775,000 and pref. dividends (6 %) $20,700.
leaving $174,649.— V. 101, p. 1631.

Guggenheim Exploration Co.— Dissolved .—

This company has been dissolved.
101, p. 1810; V. 102. p. 612. 979.

For liquidation plan, &c., see V.

Gulf Oil Corp., Pittsburgh.— Report fo r Cal. Year 1915.
E A R N I N G S F O R Y E A R 1915.
Earnings received from sub. cos., $5,349,560; other earnings,
8940,038; total_________________________________ ________ _ $6,289,598
Add—Accrued oarnings sub. cos., being corporation’s share
accrued, but not received, o f the not earnings o f sub. cos.
after depreciation adjustments, interest on debts, &c___ 4,431,857
Total earnings for calendar year 1915.......................................$10,721,455
Charges and expenses________________ _____________________
776,322
Total profit, received and accrued from all sources...............$9,945,133
B a la n c e Sh eet D ecem b er 31.
1915.
1914.
1915.
1914.
A s s e t s ——
$
3
L ia b i li t i e s —
$
$
Stks. & bonds.32,852,208 30,864,567 Cap. stk. o u t.34,427,000 34,068,800
Bills recciv— 11,666,735 12,161.850 Accts.pay.,&c.
961.255
166,229
Cash&acct.rcc. 13,303.360 5,743,554 Surplus______22,434,048 14,534,942
Total...........57,822,303 48,769,971
— V. 102, p. 979.

Total---------57,822,303 48.769,971

H arrisbu rg (Pa.) L ig h t & Power C o .— Pref. Stock.—
Paine, Webber & Co. are offering at 4 6 )^ , to yield 6 j ^ % ,
6 % cumulative pref. stock, part of tho $1,250,000 issue
authorized and outstanding. Dividends payable Q .-M . 30.
A circular shows:
Serves without competition the cities of Harrisburg and Steelton, Pa.,
and adjacont territory, covering an area of 30 sq. miles. Total population
served about 125,000.
C a p it a liz a tio n —
A u th o r iz e d . O u tsta n d in g .
First & Refunding 5% gold bonds, due 1952______$10,000,000 $2,100,000
Ilarrlsb. L..H.&P. Co. lst(closed) M . 5s, due 1924.
1,000.000
Pref. stocks 6% cumulative (par value $50)........... 1,250,000 1,250,000
Common stock (par value $50)__________________ 1,750.000 1,750,000
The escrow bonds can be issued only for 85% of cost of extensions and
improvements when the annual net earnings aro 1H times the total interest
charge, including bonds (V. 95, p. 239) sought to bo issued.
E a r n i n g s f o r y e a rs e n d in g J a n . 31 1916 a n d 1915:
1915-16. 1914-15.
1915-16. 1914-15.
Gross earnings__ $655,500 $580,200 Fixed charges____$159,269 $152,817
Net, after taxes.. 357,626 292,529 Pref. dividends.. 75,000
75,000
Income, sec.owned 29,644
28,332 Balance.............
153,002
93,045
— V. 95, p. 239; V. 96, p. 64; V. 97. p. 179.

In d ia n R efin in g Co. of Me.— Earns., incl. Subsidiaries.
The net earnings for the year 1915 were $790,793 and tho balance deficit
after charges was $53.725.— V. 101, p. 1467.
In tercolo n ial Coal M in in g C o .— Earnings .—
C a l. Y e a r —
1915.
1914.
C a l. Y e a r —
'
1915.
1914.
Profits...................... $46,556 $54,176 Bond interest______ $17,860 $11,900
Sinking fund............ 5.250
3,000 Disc’t on debentures 1,546
128
— V. 99, p. 1913.
Balance, surplus__ 21,900 39,148

.—

Jewel Tea Co., Inc.— S a les
This company has Issued a statement showing total sales amounting to
$1,634,467 for the eight weeks ending Feb. 26, an increase of $565,710, or
52.9%, over the corresponding period In 1915.— V. 102, p. 441, 979.

—

Kenefick Zinc Corporation.— Stock D iv. — Raymond,
Pynchon & Co. have announced the sale (see adv. on p. X V I .
in last week’s “ Chronicle” ) of 5,000 shares of 7% preferred
stock, par $100, and 200,000 shares of common stock of no
par value. The issue was largely oversubscribed. Divi­
dend No 1, 10 cents per share is payable March 30. See
adv. page.— V . 102, p. 803.
Lake Torpedo Boat Co. (of Maine), Bridgeport, Conn.
It having been decided to sell from the treasury 10,000 shares of the 7%
cum. 1st pref. stock, the stockholders of record March 10 1916 will have tho
first chance to buy the same and at par, $10 a sharo, on or before Mar. 31,
to the extent of one share for every 39 shares held by them respectively.
— V. 101. p. 850.

.—

Lehigh Coal & Navigation Co.— D e c is io n
This company was convicted by a Federal Jury at Trenton, N. J ., on Mar.
16 of soliciting and receiving rebates from the Central R R . Co. of N. J.
The maximum fine possible under the verdict is $540,000, but the Jury
recommended clemency. The indictment was on 27 counts and the com­
pany was convicted on all of them.
Tho defense offered by the company was that it acted in good faith in
accepting payments, since they were made as a part of the consideration
under a contract by which the company in 1871 leased tho Lehigh & Sus­
quehanna R R ., extending from Mauch Chunk to Easton, to tho Central
company for 99 years.— V. 102, p. 796.

.—

Liggett & Myers Tobacco Co . — E xtra D iv id e n d
An extra dividend o f 4% has been declared on the $21,496,400 common
stock, payable Apr. 1 to holders o f record Mar. 24. Tho same amount has
been distributed In April of tho past three years.— V. 100, p. 896.
Loose-Wiles Biscuit Co.— N ew Directors .—
The board of directors has been Increased from 7 to 9 members by the
election of G. W. Willcocks and C. E. Gould.— V. 102, p. 889.
McCrory Stores Corporation.— February Sales.—
1916— F e b r u a r y — 1915.
I n c r e a s e . I 1916— T w o M o n t h s — 1915. I n c r e a s e
$397,037
$338,905
$58,1321$758,570
$667,232
$91,338
See annual report on a previous page.— V. 102, p. 157.

Mexican Petroleum Co., Ltd.— Dividends Resumed.— A
quarterly dividend of 2 % has been declared on the $12,000,­
000 pref. stock, payable April 1 to holders of record March 20.
This is the first payment since Oct. 20 1913, when a like
amount was paid.— V . 102, p. 715, 526.
Michigan State (Bell) Telephone Co.— Earnings.—
■

C a le n d a r
G ross
Y e a r — E a r n in g s .

N et
E a r n in g s .

Other
In c o m e .

In t e r e s t, D iv id e n d s
R e n ts, f t c . P a id .

B a la n c e ,
S u r p lu s .

1915...$6,429,688 $1,279,931 $53,046 $736,490 $240,000 $356,487
1 9 1 4 -.- 5,953,885
766,405
42,455 654,441 (Seo below) 154,419
There wero paid in 1915 $240,000 (6 %) on the preferred stock and in 1914
$270,000 (4>$ %) on the common stock as incroased Oct. 1 1913 and $240,­
0 0 0 (6 %) on the pref. stock, which were charged against profit and loss.
— V. 100, p. 1912.

Midvale Steel & Ordnance Co.— Stock, Bonds, & c. —

The shareholders on Mar. 11 unanimously approved the proposal to In­
crease the authorized capital stock from $100,000,000 to $150,000,000.
Part o f the new Issue will bo reserved to provide for conversion, from time
to timo, o f the new $50,000,000 collateral trust sinking fund gold bonds
and tho remainder will be used to meet future requirements of the company.
Lee, Iligginson & Co., New York, In a circular letter dated Mar. 2.
recommend the company’s bonds at a price below 1 0 0 and report:

Points in Favor of Midvale Steel 5s, $50,000,000 Authorized.

(1) Followed by $100,000,000 capital stock selling at 120.
(2) Tangible property alone is valued by co. at over 3 times bonded debt.
(3) Combined working capital o f present constit. cos. exceeds$34,000,000.
(4) Indenture will forbid mortgaging or pledging any of existing property.
(5) Raw material: (a) 225,000,000 tons o f coal, sufficient at present con­
sumption for 100 years, (b) Iron ore in the Mesabe Range sufficient for
more than 25 years, (c) Ore lands in Cuba estimated to contain 300,000­
000 tons, (d) Limestone for over 40 years.
(6 ) Net earnings estimated at over 9 times Interest and more than 7
times combined interest and sinking fund charge. Less than 12% of pres­
ent business is war materials.
(7) Sinking fund, $500,000 yearly, beginning 1917, should retire over
$14,500,000 bonds at or below 105 and interest before maturity.
Frank Vanderlip, A. Barton Hepburn and Charles H. Sabin, managers
of the syndicate that underwrote the offer to the stockholders of $25,000,000
stock at $60 per share, announced on March 18 that the entire amount had
been subscribed and tho syndicate closed.
, ,
„ _
A check for $43,538,131 11 drawn by Leo, Iligginson & C o., representing
tho purchaso of a block o f 5% bonds issued in connection with the acqui­
sition o f the Cambria Steel Co., was turned in at the N. Y . Clearing House
on Thursday, it being one of the largest checks ever drawn In the.U. S.
Report o f Cambria Steel Co.— See “ Annual Reports.”
Improvements to tho Johnstown plant, of the Cambria company (recently
acquired) will, it Is said, cost $2,250,000, consisting o f an additional blast
furnace and by-product coke ovens, as well as the development of coal
properties and mines.— V. 102, p. 715, 804.

Midwest Oil Co. (Denver).— E a r n in g s . —
Cal. Year —
1915.
1914. I Cal. Year —
1915.
1914.
Earns.(all sources)$820,464$l,148,459 Total income------$184,914 $449,553
Netearnings____- 178,770 449,553 Dividends p aid -. 40,000 260,000
Other income___
6,144
______[Balanco, surplus. 144,914 189,553
The total accumulated surplus Dec. 31 1915, aftor adding $96,634 cash
paid to sinking fund by Midwest Refining Co. and deducting $20,000 depreclatio i, was $451,835.— V. 101, p. 625.
..ifiafi
Midwest Refining Co.— Earnings.—
This company’s annual statement for 1915 was published in tho "ChronIclo" o f Fob. 19, page 710. The earnings given last week should have been
under caption of jVlTdwest Oil Co.— V . 102, p. 980, 710.
Milwaukee & Chicago Breweries, Ltd.— Report.— Tho
report for the years ending Sept. 30 shows the following
results for the American company:

1914-15. 1913-14.
1914-15. 1913-14.1
Net. aft. depr.,&c.$216,038 $443,254 Balance.............def$42,9628$ 138,254
Divs. to Engl. Co. 259,000 305,0001
Thesalesfor 1914-15 wore858,801 bbls. against 1,013,677bbls.in 1913-14.
The English co. paid
% in_divs._in_year_1914-15.—Y . 100, p . 905. __

“ Montana Power Co. Consolidated.— Earnings .—
C a l.
Y ea r—

G ross

[Vo l . 102.

THE CHRONICLE

1064

N e t a fte r

In t e r e s t,

P r e f .D ie s .

C om m on

B a la n c e ,

E a r n in g s .
T axes.
D e p r .,& c .
(7 % ).
D iv id e n d s .
S u r p lu s .
1915
$4,359,408 $3,167,504 $1,489,162 $677,026 (2^)$604,283 $39f,033
1914 - - 3,778,285 2,639,239 1,063,614 677,026 (2%)536,636 361,963
— V. 102, p. 441.
Natomas of Cal. (San Fran.)— Earnings.— Cal. Y r. 1915.
Net earnings (all sources).$1,675,0761Depreciation, &c.................. $831,592
Interest on notes & bonds
833,767 |Balanco, su rp lu s----- 9.717
Tho company reduced the amount of underlying bonds outstanding from
$743 000 to $622,000, and the amount of land mortgages from $442,452
to $206,219. Sinco the last of the year the underlying bonds have been
reduced another $45,000 and land mortgages $96,219.— V. 100, p. 58.

Nipe Bay Company, Boston.— Dividend Increased.—
A quarterly dividend of $2 (2% ) per share has boon declared on the stock,
This compares with $1.25

p a y a b le Apr. 15 to holders of record Mar. 24.
( l k % ) In January.— V. 101. p. 927.

Northern States Power Co.— “ Back of the Investm ent.” —

Under this title H. M. Byllesby & Co., Chicago, havo issued
a pamphlet containing two maps and over thirty illustra­
tions which give an excellent idea of the substantial char­
acter of tho property. The pamphlet says in substance:

Tho company now supplies electric light and powor to more than 100
municipalities in Minnesota, North and South Dakota, Wisonsin and Illi­
nois- gas service In 11 communities, steam-heating servico in 4 communi­
ties, telephone servico at Minot and street railway service in Fargo and
Moorhead. The total population served Is estimated to bo about 800,000,
while tho number o f customers served advanced from 48,306 at the closo
of 1912 to 81,322 at tho end of 1915, an increase o f 6 8 % In three years.
Tho water power plants owned and operated are 10 in number, aggre­
gating 41,000 electrical h. p.; there aro 13 steam power plants with a total
capacity of 74,000 h.p., of which 63,000 h.p. is produced In steam turbines.
The five coal-gas plants owned and operated have a combined daily manu­
facturing capacity of 1,200.000 cu. ft. Long-distanco electrical transmission
lines cover 551 miles. Thero aro 1,153 miles of local olectrical distributing
1911.
C on n ected L o a d — K . IV.
M inneapolis-------------------- 46,751
St. Paul__________________ 6,726
Faribault_________________ 2,972
4,852
Sioux Falls______________
Galena, Fargo and Mankato 9,583
Stillwater, Grand Forks and
M in o t _________________ 5,310
T o ta ls _________________
— V. 102, p. 980, 804.

1912.
52,715
12,041
3,782
. 5,696
11,532

1913.
67,408
12,423
5,023
6,313
13,613

1914.
82,585
1 1,4 25
5,967
6,726
14,852

1915.
96,565
21.703
7,478
7,473
17.274

6,327

7,075

8,160

9,314

92,093

111,885

132,715

159,807

Nova Scotia Steel & Coal Co., Ltd.— Debenture Stock
Offered.— The Bankors’ Bond C o., L td ., Toronto, which is
offering at 95 and in t., to yield about Q3
A % , a block of the
$4,000,000 6 % mortgage debenture stock (interest J. & J.;
trustee, Eastern Trust C o ., L td ., Halifax), says in part:
In addition to its regular business, tho company this year is producing
for the British Government 18-pounder shrapnel shells, Is casting, forging
and machining 4.5 shells, and Its subsidiary, tho Eastern Car Co., has large
contracts from tho Russian and French Governments for cars. The com­
pany owns in addition to blast furnaces, open hearth and steel plant,




steel rolling mills, coke ovens, &c., &c., 83H sq. miles of iron ore areas at
Conception Bay. Newfoundland (containing, according to reports o f emi­
nent engineers, 2 0 0 ,0 0 0 ,0 0 0 tons of proven ore and over 1 ,2 0 0 ,0 0 0 ,0 0 0 tons
of ore reasonably supposed to exist), and coal areas at Cape Breton esti­
mated to contain over 2,500,000,000 tons. Illustrated pamphlets fully
describing the property will bo sent by the bankers on application. See
annual statement, V. 102, p. 882, 980.

Ohio Cities Gas Co.— Acquisition.—
This company on Mar. 9 acquired control of tho Dayton Gas C o., the
terms of purchaso being $70 per share for the common stock, and an ex­
change or 5M % preferred of the Ohio company for the 5% preferred of
the Dayton company.—V . 102, p. 526, 980.
Old Dominion Co. of Me.— Report.— This holding com­
pany reports for itself and its controlled properties as follows:
P r o fit

and

L oss

A ccoun t

of

P a rent

H o ld in g

C om pan y.

1915.
1914.
I
1915.
1914.
--------$582,574
D ivs.,& c.,rec.$l,405,296 $860,410 Inc. book valExp., tax.,&c_
15,899
27,975|Divs. paid(20)$l,466,765(16) 1173412
Balance for year__________________________________ def$77,368sur$241,597
Total surplus_____________________________________ $355,696 $433,065
— O ld D o m i n i o n C o . , N . J

.— ----- U n ite d

G lo b e -------------

1915.
1914.
1915.
1914.
G ross___________________$2,854,846 $2,674,206 $1,454,324 $1,095,561
_____________
1,337,086
978.510
812,251
432,538
Net
Dividends paid_______(20%)810.000 (11)445,500.(27)621,000(18^)425500
527,086
533,010
191,251
7,038
Balanco, surplus_______
— V. 102, p. 9S0, 441.
Onomea Sugar Co., Honolulu, Hawaii.— Earnings.—
C a le n d a r Y e a r —
1915.
1914.
1913.
1912.
Net profit...................
$813,870
$426,329
$167,716
$383,962
Dividends paid_______ (30%)450,000 (18)270,000 (12)180,000 (28)290,000
Balanco. sur. or dof____sur.$363,870 sur.$156,329 def.$12,284 sur.$93,962
— V. 101, p. 374.
Osceola Consolidated Mining Co.— Dividend Increased.
A quarterly dividend of $4 a share has boon declared on the stock, pay­
able April 29 to holders of record March 31. This compares with $3 per
share last quarter.— V. 100, p. 906.

Pacific Coast Co.— Subsidiary Co. N am e Changed.—
Seo Pacific Coast R R . under “ Railroads” above.— V. 101. p. 1269.
Pacific Light & Power Corp., Los Angeles.— Earnings.
This corporation, excluding interest on $2,338,000 6 % collateral trust
gold notes, duo July 1 1917 (which is reported as paid directly by the South­
ern California Gas C o.), and also exclusive of any revenue dorived from
that company, has furnlshod tho following earnings:
C a le n d a r
Y ea r—

G ross
E a r n in g s.

1915................... $2,925,653
------------1914__________ 2,659,012
— V. 102, p. 614, 349.

N et
E a r n in g s.

$1,942,098
1,631,415

O th er
In com e.

$124,092
166,241

B ond
I n l ..& c .

$1,296,080
1,258,264

B a la n c e ,
S u r p lu s .

$770,110
539,392

Pacific Mills Co. (Boston).— Earnings .—
The net sales for the year 1915 were $18,678,589 and not profits after
fixed charges including depreciation were $1,784,046 against $681,155 in
1914. The 1915 net profits were $1,103,000, or 162% greater than for the
previous year.— V. 102, p. 527.
Parr Shoals Pov/er Co.— Bond Conversion .—
See Columbia R y., Gas& Elec. Securities Corp. above.— V. 101, p. 1374.
Penmans, Ltd., Montreal.— Earnings, cfee.— Cal. years:
C a l. Y e a r —
1915.
1914.
C a l. Y e a r —
1915.
1914.
Net profits...........$779,933 $386,873 Pref. div. (6 % ) - - $64,500 $64,500
80.024 86,024
Bond interest, &c. 136.784 126,558 Com. div. (4 % )-.
3,500
1,500
Reserve account- 400,000 lOC.OOO Patriotic fu n d -..
Balanco, surplus.
89,129 8,291
Sales for 1915 were tho largest on rocord, amounting to $4,742,000, or
$ 1 ,2 0 1,0 0 0 in excess of those of the provious year.
On Feb. 5 1916 a bonus of 1% was declared on tho common stock, pay­
able Feb. 15 to holders of record Feb. 9.— V. 100, p. 1597.
Pennsylvania Canal Co.— Judgment.—
Judge Dickenson in the U. S. District Court at Phlla. on Mar. 13 awarded
$1,379,881 damages and Interest from July 1 1910 to tho complaining bond­
holders in a suit against tho Pennsylvania R R ., tho controlling company.
Tho opinion filed Fob. 8 In tho suit of an Individual bondholder was to the
effect that (a) the failure of tho railroad to maintain a sinking fund, as pro­
vided by the mortgage covoring tho bonds, to pay tho $1,948,000 gon. M .
6 % Canal Company bonds at maturity, duo July 1 1910 but widch remain
unpaid, and (b) that tho canceling of bonds purchased from sinking fund
money resulted in loss to the bondholders. Tho suit will now go to tho
Circuit Court of Appeals and it is supposod ovontually to tho U. S. Supromo Court.— V. 100, p. 1353.
Pittsburgh & Allegheny Telephone Co.— Earnings .—
C a l. Y e a r —
1915.
1914.
C a l. Y e a r —
1915.
1914.
$70,000
Gross earnings__ $508,579 $495,270 Bond lntorost____$70,000
72.953
Netearnings____ 216,783 160,976 Depreciation------ 128,893
42,154
Other income___ 22,652 24.132 Balanco, surplus. 40,542
— V. 99. p. 411.
Prairie Oil & Gas Co.— Extra Dividend.—
An extra dividend of $2 per sharo has boon declared on tho $18,000,000
stock, along with the rogular quarterly $3, both payablo April 29 to holders
of record March 31.— V . 101, p. 2077.
Prairie Pipe Line Co.— Extra Dividend.—
An oxtra dividend of 5% has beon declared on tho $27,000,000 stock,
along with tho regular 5 % , both payablo April 29 to holders o f rocord March
31. Tho initial dlvidond of 5% was paid Jan. 31.— V. 101, p. 2077.
Riordon Pulp & Paper Co., Ltd.— Earnings.—
C a l. Y e a r —
1915.
1914. I C a l. Y e a r —
1915.
1914.
Net, aftor dopr’n.$292.55S $247,078 Dividends ( 7 % ).. $70,000 $70,000
In terest............... 91.304
90,0001Balanco, surplus- 131.254
87.078
— V. 100, p. 1912.
(Wm. A.) Rogers, Ltd., Toronto.— Earnings.—
C a l. Y e a r —
1915.
1914. | C a l. Y e a r —
1915.
1914.
P rofits-.................$189,810*$260,468l R oso rv o .............. $25,000
$70,000
Pref. div. (7 % )-- 03,000 63,000 Balance, surplus,
11,810
7,468
Com. div........ (6%)90,000(8) 120,000ITotal surplus____ 188.499 *.v,.U
o„
176,689
♦Includes $175,000 returned to profit and loss from realty and plant
reserve.— V. 100, p. 1829.
Russel Falls Paper Co.— Sale Postponed.—
Salo of this property, sot for Mar. 8 at Springfield, Mass., has been post­
poned till Mar. 29 as a result of an Injunction issued by tho Superior Court
at Boston restraining tho Worcester Trust C o., as mortgagee, from selling
tho plant. See V. 101, p. 2149.
Sloss-Sheffield Steel & Iron Co.— Earnings.—
In connection with tho declaration of a quarterly dlvidond of U i % , pay­
ablo April 1, the following was issued:
Statem en t f o r the T h ree M o n t h s e n d in g F e b . 29 1916.
Not profits from oporations.$539,3371 Taxes (3 mos. proportion)., ,$17,400
Interest on loans (3 m o s .).. 52,5001Balance
...........469,437
.--------Prof. (1 % %) dividend...........114,120
♦At tho rate of 14.21% on common.)Surplus...................... ........... *355,317
Tho average delivery prico of iron during tho quarter was 12.09 per ton,
and Is Increasing each month.
Report.— For fiscal years ending N o v . 30:
N o v . 30.
G ro ss
N et
D e p r e c ia - B o n d
P r e f. D i v .
B a la n c e ,
Y ea r—
E a r n in g s . In c o m e .
lio n .
In te r e s t.
(7,%)- , S w r v lu s .
1914-15---$5,736,585 $805,430 $73,042 $210,000 (soo below) $170,638
1913-14-.. 4,708,521 761,193
61,054 210,000 $469,000
21,139
Tho preferred dlvidond was paid In Jan. and Oct. 1915 in 1-year 6% scrip;
no distribution April or July 1915, but in Jan. 1916 all tho dlvidond scrip
(314%) was redeemed and there was paid in cash 1H % and also an oxtra
1 y . % as deferred dividend for 1915. The total amount paid In 1914-16
was $351.750.— V. 101, p. 1978.

Mar . 18 1916.]

10(>5

THE CHRONICLE

Solar Refining Co.— Results for Calendar Y ea r .—
S
1915.
1914.
1913.
Profits or loss
...................
$353,907 loss$244,6U
8925.724
Cash dividends.................................(10%)200,000 (10)200,000
*800,000

$4,500,000 to $6,000,000. Stockholders of record Feb. 15 are entitled to
subscribe to the extent o f 3-7ths of their holdings.— Seo V . 102, p. 528.

Balanco, surplus or deficit------- „_sur.8153,907def.8 4 4 4 ,O llsu r.$125,/24
Previous surplus-----------------------------$1,193,292
$1,637,903 $3,012,179
300 % stock dividend....................................... ........
- - .........1,500,000

3 m o s. e n d in g
T o ta l
Other In v e n Dec. 31—
S a le s . In c o m e , to ries.
1915.....................$177,050 $434 +$14,309
1914
.......... 173,069 144
— 34,325
12 m onths —
1915....................$685,291 $2,126 +$14,953
1914...................... 775,691 913
+8,997
— V. 102, p. 528.

T o t a l s u r p l u s ......................................... $ 1 ,3 4 7 ,1 9 9

$ 1 ,1 9 3 ,2 9 2

$ 1 ,6 3 7 ,9 0 3

The cash dividends as above ($800,000) include 20% paid Juno 20
1913 on 8500,000 stock (8100,000) and 5% and 30% extra on $2,000,000
paid Dec. 20 1913 18700,000).
1914.
1915
1915.
1914.
L ia b ilit ie s —
$ __8
A ssets—
$
$
Real estate____
60,457
66,457 Capital stock__ 2,000,000 2,000:000
232,766 93,282
P la n t .................. a949,129
938,102 Accts. payable..
_
...
Inventories___ 840,055 1,053,889 Profit and loss,
surplus______1,347.199 1,193,292
Insur. reserve.. 241,319 241,319
Cash & invest.. 1,064.461
832,916
Accts. receivable 424,544
153,891
T o t a l ............3,579,965 3.286,574
T o t a l -----3.579,965 3,286,574
a After deducting $1,637,912 for depreciation.— V. 100, p. 1098.

Southern Bell Telephone & Telegraph G o .— Earnings.

Calendar Gross
Net Other Interest, Dividends Balance
Year Earninos, Earninos. Income. Rents, <xc.
('} % ) •

1015
S6 712 745 $1 753,070 $866,756 $1,042,342 $1,284,000 $293,484
1914
6:598:878 L S M JIS 893,304 1,104,617 1,284.000 358,805
— V. 166, p. 978.
Standard Motor Construction Co.— Dividend .—
A dividend of 6 % has been declared on tho stock, payable 3% semi­
annually May and Nov. 15 to holders o f record April and Oct. 20. re­
spectively. This is tho first payment sinco Dec. 1911, when 2% was paid
— V. 101. I). 374.
(T. H.) Symington Co.— Affiliated Co. N otes .—
Seo Symington Machine Corporation below.— V. 97, p. 1589.

Symington Machine Corp., Balto.— Notes Purchased .—
Tlio Fidelity Trust Co. of Baltimore has purchased an issue of $750,000
18-montns 6 % coupon notes of this now concern (recently incorporated in
N. Y .) , the proceeds of which will bo used for working capital, paying float­
ing debt and purchasing machinery. This company is understood to bo
closely affiliated with tho (T. II.) Symnigton Co.
Tank-Ship Building Corporation, Newburgh, N. Y .—
Bonds Offered.— A . II. Martens & C o., N . Y ., Chicago, Phila.

and Toronto, C an., as stated in onr adv. columns last week,
aro placing at par and int., carrying 2 5 % common stock as
bonus, $400,000 1st closed) mtgo. 6 % 15-year sinking fund
gold bonds, unconditionally guaranteed (p. & i.) by tho
Tampico Navigation Co. Tax-exempt in N . Y .
A circu­
lar says in substanco:
Dated Jan. 1 1916 and duo Jan. 1 1931. Intorost J. & J. at Guaranty
Trust C o., N. Y ., trustco. Denom. $100, $500 and $1,000. Red. at
105 on any lnt. dato on and after Jan. 1 1918 at 30 days’ notice. Sinking
fund not less than $33,000 annually, beginning Jan. 1 1919.
Tho company, incorporated in N. Y . State (its capital stock auth. and
issued being $800,000). has a shipbuilding plant in operation at Newburgh,
N. Y ., and lias contracted with tho Scottish-Moxican Oil Co. for sovcral
oil-tank ships o f approximately 10 ,0 0 0 tons d. w. capacity, and with tho
Tampico Navigation Co. for a largo number o f stool barges o f from 5,000
to 6,000 bbls. capacity. Tho management expects to delivor sovoral of
theso bargos by August. Tho plant w ill be devoted largely to tho construc­
tion o f tank-ships for tho Scottlsh-Moxican Oil Co. and tho Fuol Oil Dis­
tribution Corp. and barges for tho Tampico company, which business will
tax the capacity of tho yard for many years to como. I ho contracts liavo
boon drawn so as to assuro a fixed percentage of profit to too corporation,
from which it is cstimatod, after paying expenses, including bond interest,
and sinking fund reciuirements, a profit of over 1 0 % will be assured on tho
common. The aforementioned companies form the connecting links in a
chain of interests controlling tho production, transportation and sale to tho
consumer of immense quantities of fuol oli and petroleum, requiring a great
amount o f floating equipment.
Officers and Directors: Chas. F. De Ganahl, Pros., Pros. Tampico Navi­
gation C o ., Managing Director Scottish Mexican Oil Co.; Joseph G. Deane,
Sec. and Troas., attornoy-at-law; Benjamin B. Odell Jr., ex-Gov. of N. Y .,
Troas. and director Central Hudson Steamboat Co.; E. J. White, mechani­
cal engineer; VV. W . Baldwin, A. H. Martens & Co.
B a la n c e Sheet ( S u m m a riz e d ) o f the T a m p ic o N a v ig a tio n C o ., S . A .

L ia b ilit ie s
A s s ets — T o ta l each s id e $1,379,193.
Fleet, plant, equip.. &c__ $139,608 Capital, fully paid________ $996,800
Surplus ................................. 344,584
Roal estate at Tampico and
5,353
on Panlco River________ 1,170,135 Bank loans________________
Bills payable_____________
12,585
Shares o f Cia. do Trovias
5,029
do Guerroro___________
750 IJef. oblig.— bargo loans__
A cc’ ts & bills receivable—
55,560 A cc’ ts pay. and employees’
savings accounts________
14,842
Cash on hand and In bank.
13,140
The average annual not earnings o f tho Tampico Navigation Co. S. A.,
from 1906 to 1915 incl., at a fixed rate o f exchange has boon $63,392.

Temple Coal Co.— Bonds Called.—
Elghty-nino ($89,000) 1st & coll, trust mtgo. 5% bonds have beon called
for payment at 101 and interest on Apr. 1 at the Pennsylvania Co. for
Ins. on Lives & Granting Annuities.— V. 101, p. 928.
Tidewater Oil Co.— Capital Increased .—
The stockholders last week voted to increase the capital stock from
$25,000,000 to $30,000,000. which will bo offered, at tho discretion of tho
directors, pro rata at par to tho shareholders. Proceeds of tho sale of tho
new stock will. It is understood, be used for tho purchase and development
of Oklahoma oil properties.
This company was incorporated in New Jersoy in N ov. 1888 with $5,­
000,000 capital stock, par $100, which in Aug. 1907 was Increased to $20,­
0 0 0 ,0 0 0 , and in J u ly J 908 again to $25,000,000.— V. 85. i>. 226.
T ru m b u ll Steel C o.— Stock— Dividend — Officers .—
Of tho $6,000,000 new stock, par $100. authorized Feb. 23, $1,000,000
7 % pref. and $500,000 common will bo offered to shareholders as follows:
$1,000,000 preferred to tho preferred and common stockholders and $500,­
0 00 common to tho common stockholders, both in proportion to their pres­
ent respective holdings. Preferred stockholders may subscribe to tho pre­
ferred stock equal to 25% of present holdings. The common stockholders
may subscribe to tho preferred stock equal to 25% and to tho common
eaual to 23% of their present holdings. Subscriptions must bo mado on
or beforo Mar. 23. Payments will bo mado in 4 installments of 25% each,
payable Apr. 1, July 1, Oct. I 1916 and Jan. 1 1917. Tho preferred stock
will carry tho same terms and conditions as the present preferred stock,
and is redeemable at 110 on and after 1930. Tliero is now outstanding
$2,250,000 common stock and $1,750,000 pref. stock and the now Issue will
lncreaso this to $2,750,000 common and $2,750,000 pref.
Tho company has declared an initial quarterly dividend o f 1 H % on tho
common stock, payable Apr. 1. Officers are: Pres., Jonathan Warner;
Sec., Wm. M . McFate; Treas., Lloyd Booth. Offico, Warren, Ohio.
Sco V. 102, p. 891.
U n io n Oil C o., C al. — Voting Trust Plan .—
The Stockholders’ Protective Association, Chamber o f Commerce Bldg.,
Pasadena, is urging proxies for use at the annual meeting April 20, and also
for subscriptions ot 50 cents or more a share, in opposition to the plan of tho
Stewart interests for establishing a seven-year voting trust. Tho com­
mittee includes E. B. Blinn, Chairman; W. J. Hogan, John Garrigues,
R R Blacker and Arthur II. Fleming, with J. H. Pcarman, Secretary,
and tho First National Bank of Pasadena, depository. > . u tfric- fcNpspre
r Tiio'option”giveil to Mark liequ a early in January for the purchase of
thoiStowart and other shares at $95 each was voluntarily canceled by Mr.
liequa Ion# beforo its expiration dato.— \ . 102, p. 709. +. ->ar.iK /-j. H |
U ^ fte^ s7A tF s”(^'p3UtrTC o ., C h ica g o. — N ew Pref. Stock.
Tlio shareholders voted on Mar. 7 to increase tho preferred stock from




V u lca n D etin n in g C o., N. Y .— Annual

R e p o r t .—
E a r n in g s fo r T h ree a n d T w elve M o n t h s E n d i n g D e c . 31.
Costs a n d A d iu s l - B a la n c e ,
G e n . E x p . m en ts. S u r .o r D e f.

$164,522 --------sur.827,271
180,986 $6,779 def.48,877
______ _
$639,293 -------- sur.$63,077
859,541 $7,029 dof.80.969

Warren Bros. (Asphalt) Co., Boston.— Dividend .—
This company has declared an initial cash dividend of 50 cents on the
$2,000,000 authorized common stock and tho usual 75 cents on the $500,000
6 % cumulative 1st preferred and 87 'A cent.s on tho $2,000,000 7% cumu­
lative 2d preferred stocks, payable April 1 to holder’s o f record Mar. 20.
In Mar. 1913 a dividend of 20% was declared on the common, payable in
6 % 1st preferred stock.— V. 101, p. 2079.
Welsbach Co.— Earnings.— For calendar years:
Cal. Year—
1915.
1914. | Cal. Year—
1915.
1934.
Gross profits..................8779,371 8747,814|Pref. dividend ( 7 % ) - . 887,500 887,500
D epreciation...............
61,683
52,G20|Com. dividend ( 2 % ) . 70,000
70,000
Bond interest......... ...... 340,000 338,7381 Balance, surplus
116,578
95,346
Sinking fund________ 105,360 105,3601
The trustees under the mortgage have purchased since the last report for account
of tho sinking fund. Including purchase M arch 1 1916, 8284,900 of the collateral trust
5% bonds, making a total purchase of the bonds to date o f 83,676,000.— V.101.P.375

Western Electric Co. Chicago.— Earnings .—
C a l. Y r . —
1915.
1914.
I C a l. Y r . —
1915.
1914.
Tot. income-865,000,430S67,356,993 |Reserve fund
$650,000 $500,000
Net earn s-.. 4,266,777 4,033,4671 Dividends . . 1,609.500(10)1500000
Interest paid
789,661
862,5071Hal., surplus 1,217,613 1,170,960
— V. 101, p. 2079.
Western Power Corp. of N. Y .— Initial Pref. Dividend.
An initial quarterly dividend of 1% lias been declared on the $7,080,000
6 % cumulative pref. stock, payable April 15 to holders of record March 31.
— V. 100, p. 2091.
Westinghouse Air Brake Co.— Orders.— Decision .—
In connection with tho semi-annual statement of oamings cited last week
Pres. Wostinghou.se, after referring to tho ammunition contract, said :
“ monthly shipments of brake material have steadily increased since tho
beginning of tho fiscal year and unfilled orders on hand Feb. 1 practically
Insure tho continuance of our normal trado throughout tho current period.
‘ ‘ Recent newspaper statements to tho effect that as a result of patent liti­
gation, tho company is obligated to pay a largo sum on account of infringe­
ment, arc untrue. Our subsidiary company, tho National Brake & Elec­
tric Oo. of Milwaukoo. has been adjudged an infringer of a patent which
expires this month covering ono of several types of motor compressors
manufactured by it and will in duo course account for past profits accruing,
but it is not expected that tho final result of the litigation in question will
materially affect your interests.” — V. 102, p. 981.
Wisconsin Edison Co.— Earnings for Cal. Year .— •
1914.
1915.
1914.
I C a l. Y e a r —
C a l. Year1915.
Int.&dlvs. roc.$1,058.396 $1,119,205 Dividends............. $591,259 $658,847
Net incom e..
600.715
724,6111Balance, surplus.
9.465
65,764
— V . 102, p. 891, 523.—
Earns.
—
Slock
.—
Yale & Towne Manufacturing Co.
C a le n d a r
Y e a r —•

N et
E a r n in g s .

1915.........................$2,126,269
1914.....................
663,898
— V. 101, p. 1890.

B o n d . & c .. D e p r e In t e r e s t,
c ia tio n .

------ $192,481-----91,599
120.451

D iv id e n d s
P a id .

$559,705
314.998

B a la n c e ,
S u r p lu s .

$1,374,085
136,850

Zinc Concentrating Co.— Stocks Oversubscribed.—
Tlio offering of a block of the capital stock at $3 75 per share, recently
mado by C. R. Bergmann & C o., N. Y .. has been heavily oversubscribed
and tho subscription books closed. See also adv.
another page. For
details of offering see V. 102. p. 981.
CURRENT NOTICE.
— Daniel W. Mead and F. W . Scheidenhelm have opened offices in the
Equitable Building, 120 Broadway, New York, for the continuation of
their practice as consulting engineers. Mr. Mead has been in engineering
practice about thirty years, during part of which time ho was engaged in
construction contracting. During later years ho has been engaged in con­
sulting practice at Madison, Wis., in addition to fulfilling the duties of
professor of hydraulic and sanitary engineering at tho University of Wis­
consin. Mr. Scheidenhelm comes to New York from Pittsburgh, which
lias been his headquarters for a number of years and where he has been en­
gaged in private and consulting capacities in hydro-el octric and other hy­
draulic work. For several years he was Vice-President and Chief Engineer
of tho Hydro-Electric Co. of West Virginia.
__Poor’s Manual Co. is issuing a new Bond Card Service, covering about
4,000 active and inactive bonds. A unique feature of this service is that
each bond card shows the margin of safety earned over the interest re­
quirement of tho particular bond described. The company also issues a
Stock Card Service, covering all tho active railroad, public utility and
industrial stocks. Both services contain information, principally of a
market character, that is not given in the'Manuals. Each service is offered
at special terms to subscribers for Poor’s Manual.
— Redmond & Co. of this city are distributing a reprint of an article
which recently appeared in the “ Independent” entitled “ Buying Bonds as
Business Insurance," written by Luigi Criscuolo. Tho article emphasizes
tlio necessity for a reserve fund injali business organizations and gives a
detailed list of railroads, municipal, industrial and public utility bonds,
with approximate yields, which are suitable purchases][for business houses.
A copy of this article will he mailed free on request to all interested in­
quirers.
__Tlio now bond firm of Glidden.fLyon & Co., 5 Nassau St., this city,
and 252 Genesee St., Utica, are offering $100,000 Binghamton Railway Co.
first consolidated mortgage 5% bonds, duo Nov. 1 1931, price 97 'A , to net
about 5 X % . Exempt from N. Y . State, county and municipal personal
property taxes. Descriptive circular on request.
— William R. Compton Co., 14 Wall St., this city, have prepared a
municipal bond booklet describing the many different kinds of municipal
bonds and tho purposes for which they are issued.* The booklet states why
municipal bonds are considered the premier investment. Write for book­
let "D -3 .”
__j . n . Casade Jr. Co. o f Council Bluffs, la., who have dealt principally
in mortgago securities since 1853, announce tho opening of a bond depart­
ment, of which J. N. Casade Jr. is the general manager, having represented
several Eastern houses in the last 10 years in this capacity.
__q , j). Barker & C o., Inc., 78 Devonshire St., Boston, havo issued the
March edition of their monthly booklet entitled “ Facts and Figures,’
containing financial and operating statistics regarding various public service
corporations in which aro interested.
_
__Messrs. A. E. Ames & C o., Union Bank Bldg., Toronto, are offering
an attractive list of Canadian Government and municipal bonds for con­
servative investment. For detailed list seo this firm’s advertisement on
another page.

1066

THE CHRONICLE

[Vol . 102.

Lcpmds and Ipxrjcmimtts.
U N IT E D
FOURTEENTH

ANNUAL

STATES

REPORT— FOR

STEEL

THE

C O R P O R A T IO N

F IS C A L

YEAR

ENDED

DECEM BER

31

1915.

Office of United States Steel Corporation,
51 Neivark Street, Hoboken, Ncv> Jersey,
H e Stockholders:
March
14 1910'
T h o B o a r d o f D ir e c t o r s s u b m it s h e r e w ith a c o m b in e d r o p o r t o f th e o p e r a tio n s a n d a ffa ir s o f th e U n it e d S ta te s S teel
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 fo r th e fis c a l y e a r w h ic h e n d e d D e c e m b e r 31 1 9 15, t o g e t h e r w it h a s t a t e m e n t o f th e
c o n d it io n o f th e fin a n c e s a n d p r o p e r t y a t t h e c lo s e o f th a t y e a r .
To

I N C O M E A C C O U N T F O R T H E Y E A R 1915.
The total earnings o f all the propei^ias after deducting all expenses incident to operations, including those for ordinary repairs and maintenanco (approximately $40,000,000), employees compensation undor merit plan and allowance for Federal income tax payable in
.exc% v® o f char« e for f o r e s t on outstanding bonds, mortgages and purchaso money obligations of tho subsidiary companics, amounted to—_------------------------------ ---------_-------- __------ _--------_ _ _---------- _
pen on a o<>
Less Interest on outstanding bonds, mortgages and purchaso money obligations o f tho subsidiary' compan lesZZZZZZZZZZIZZZZIZIZ - 9 ’, 85 4054 69
Baianco o f Earnings in tho year 1915......................................................................
o n o Qon o n
Less, Charges and Allowances for Depreciation applied as follows, viz.:
i 04
To Depreciation and Extraordinary Koplacoment Funds______________________
®o. , na kta r.n
T o Sinking Funds on Bonds of Subsidiary Companies_________ ____
_
* ’ m ' w Ira
T o Sinking Funds on Bonds of U. S. Steol Corporation..............................ZZ.ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ *6,465,884 26
----- :— —--------- 32,428,048 So
Detluct NCt InC° me In the year 1915.............................................................................. - ..............- ....................................................................... S97.967.962 79
Interest on U. S. Steol Corporation Bonds outstanding, viz.:
•
Fifty-Year 5 per cent Gold Bonds______________________________ __
®i«> 7 ™ . . , 7 na
Ten-Sixty-Year 5 per cent Gold Bonds.......................... ...................................ZZZZZZZZZZZZZZZZZZZZZZZZZZZZIIZZ* 9+98,216 66
Premium paid on bonds redeemed by Sinking Funds, viz.:
On Subsidiary Companies’ Bonds redeemed________________________
_
On U. S. Steel Corporation Bonds redeemed____________________ _____ _______ I

,

Add:

.628,633 74
c in ? oin 98

864 100 00

—---- L- -----971,310 28
Not Baianco of sundry charges and credits, including adjustments of various accounts.................................................................'

^

Balance
§75,833,832 71
Dividends for tho year 1915 on U. S. Steel Corporation Stocks, viz.:
Preferred, 7 per cent__ _________ _____________________
_ _
« 9 <-. 9 1 0 <577 no
Common. I X per c e n t .......................................................................Z......... ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ* e S S l 25
31.573,458 25
Surplus Net Income for the year 1915_______________________________________________________________ ___________
$ 4 4 260 374 46
* These allowances for Depreciation applied to Bond Sinking Funds, together with the Premium paid on bonds redeemed as shown in the above
statement, constitute tho total contributions from Incomo for tho year to Bond Sinking Funds, viz.:
lown 1,1 1,10 a 40' 0
Account Subsidiary Companies Bonds__________________ _____
'
«t nnn 70 0 97
Account U. S. Steel Corporation Bonds______________________ ZZZZZZZZZ 7,329,984 26
38,990,782

53

U N D IV ID E D SU RPLU S OF U . S. S T E E L 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 .
(Since A p ril 1 1901.)
•

Surplus or Working Capital provided in organization
__ _____ __
Balance o f Surplus accumulated by all companies from April 1 1901 to Dccomber lU ~ 1 9 l+ oZxduslvG'of subsidiary"com-".................... - - 325,000,000 00
pames inter-company profits in inventories, per Annual Report for year 1914_________
8110 204 471 90
Add, Adjustment of Surplus at January 1 1915 (by reason of rovision of account big "methods)’ 'through" restoring
’
’
amount previously charged incomo for administrative and overhead expenses applicable to cost of ore on hand
at Lake ports on that date________________________
1 nnn s c 9 cc
Surplus Net Income for tho year 1915, as above..............................................Z..ZZZZZZZZZZZZZZZZZZZZZZZIIZIIZZZZ 44i26(h374 46
Less, Appropriated from tho foregoing balance in tho year 1915 for permanent Pension Fund.................................... j$ 155,525,328 74
155,025,328 74
Total Undivided Surplus, December 31 1915, exclusivo of Profits earned by subsidiary companies on inter-company sales of
products on hand in Inventories (seo noto below).................................................................... ................... ..................................3180,025,328 74
___ . N o b ^ - A n amol!n^
th 0 Surplus o f Subsidiary Companies to the extent of $20,109,723 39, representing Profits accrued on sales of materials and
products to other subsidiary companies which aro on hand in latter s Inventories, is deducted from tho amount of Inventories included undor Ourrrent
Assets in Consolidated General Baianco Sheet on a subsequent pago.
ul

C O M P A R A T IV E IN C O M E A C C O U N T FO R T H E F IS C A L Y E A R S E N D E D D E C E M B E R 31 1915 A N D 1914.
1915.
Earnings— Bcforo charging interest on Bonds and Mortgages of Subsidiary Companies:
First Quarter...................................... .....................................................................
8 ccond Quarter________________________ _______ ___
Third Quarter______________________ _____
.
Z
Fourth Quarter_________________________ ZZZZZZ

1

315,082,309
30,536,467
41,050.432
53,580,796

Less Interest on outstanding Bonds and Mortgages o f the "subsidiary Companies! IZZIZZZIZIIIIZZ
To Depreciation and Extraordinary Replacement Funds.
T o Sinking Funds on bonds of Subsidiary Companies__
To Sinking Funds on U. S. Steel Corporation Bonds_____
Not Incomo in tho year___________
Deduct:
Interest on U. S. Steol Corporation Bonds outstanding____
Premium paid on Bonds redeemed by Sinking Funds, viz.:
On Subsidiary Companies’ Bonds____________________
On U. S. Steel Corporation Bonds.................................. ..
Add:

Net Baianco of sundry charges and credits, including adjustments"o"f variotLs a"c"cou’n’tsZZZZZZ j

Dividends on U. S. Stool Corporation Stocks, viz.:
Preferred, 7 % __________
Common, 1915— I X % . 1914— 3 % .................Z

+ In c r e a s e
— D e c re a se .

1914.
36
71
47
79

320.450,988
22,956,414
24,792,603
13,546,511

60
32
80
14

— $5,368,619
-1-7,580,053
+ 16.257,828
+40.034,285

24
39
67
65

3140,250,066 33
9,864,054 69

$81,746,517 86
10,082,902 69

+358,503,548 47
— 228,848 00

$130,396,011 64

$71,663,615 17

+358,732,396 47

24.408,576 60
1,553,587 99
6.465,884 26

17,044,183 32
1,903,041 6 8
6,195,982 41

+7.364,393 28
— 349,453 69
+ 269.901 85

$97,967,962 79

$46,520,407 76

+351,447,555 03

21,928,633 74

22,239.080 53

— 310.452 79

107.210 28
864,100 00

87,331 46
822,200 0 0

+ 19.878 82
+41,900 00

$75,068,018 77
765,813 94

$23,371,789 77
124.978 40

+ 351.696,229 00
+ 640.835 54

$75,833,832 71

$23,490,768 17

+352.337,064 54

25,219,677 00
25,219,677 00
6.353,781 25
16,249,075 00
Surplus Not Incomo for tho year________________________________________________ 1 $44,260,374
344,260,374 46
46 *316,971.983 83
* Deficit.

— 8.895,293 75
+361,232,358 29

M A IN T E N A N C E , R E N E W A L S A N D E X T R A O R D IN A R Y R E P L A C E M E N T S .
Tho expenditures made by all companies during tho year 1915 for maintenance and renewals, including tho relining
ot blast furnaces, and for extraordinary replacements, in comparison with oxponditures for tho samo purposes during tho
preceding year, were as follows:
Ordinary Maintenance and Repairs__________________
Extraordinary Replacements. ...........................ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
T o t a l - — - - ................................................- ......................................................................

* 3 0 8 7 7 484 4 4
3.489,’ 159 0 1

84n m n m q«
5,027,575 4 7

$43,366,643 45

345,372,594 33

D e c re a s e .

3467,534 42
1,538,416 46
$2,005,950 8 8

P ercen t.

1.2
30.6
4.4

The entire amount of tho foregoing expenditures was charged to current operating expenses and to depreciation and re
placement funds reserved trom earnings. A summary showing the particulars of the principal expenditures in 1915 for re"
placement and betterment, comprehended in the above total outlay for extraordinary replacements, is given on subsequent
pages of this report.




Ma e . 18 1916.]

THE CHRONICLE

1067

1 Iio following tablo shows the amount/ of tlio exDcnditures mado Hurintr flm xmot.
groups of operating properties:
^
0 ~ ear

„

l
.
.
above purposes on the respective

E X P E N D I T U R E S D U R I N G T H E Y E A R 1915.
EXTEND ED

O r d in a r y M a i n ­
ten an ce a n d R e ­
p a i r s , in c lu d in g
B la s t F u r n a c e
R e lin in g s .

ON

Manufacturing Properties:
except Blast turnaco Reliniug and Rcnowals
Blast Purnaco Helining and Renewals
Coal and Coko Properties n
Iron Oro Properties
.
Transportation Properties:..................................................................
Railroads __
Stoainships and' D ocks................................................................
Miscellaneous Properties
..........................................................
Total expended in 1915
Total expended in 1 9 1 4

$25,193,387
1,243,832
3,045,897
719,621

T o ta l
E x p e n d it u r e s

E x t r a o r d in a r y
B e p la c e m e n ts .*

T o ta l.

03
10
15
40

$1,574,728 54

8,695,653 75
557,314 01
391,779 00

1.474,183 78
161,773 35
6,753 86

10,169,837 53
719,087 36
398,532 86

$39,877,484 44
40,345.018 86

$3,489,159 0 1
5,027,575 47

$43,366,643 45

$26,768,115
1,243,832
3,296,295
770,942

' 25'd,397'89
21,321 59

D e c re a se in

1915.

1914.
57
10
04
99

$27,177,946
2,055,165
2.881,682
875,218

26
$409,830
10
811.333
95 I mc.414,612
73
104.275

11,043.745 49
892,113 93
446,721 87

69
00
09
74

873.907 96
173,026 57
4S.189 01

$45,372,594 33
$1,538,416 40
$2,005,950 88
$2,005,950 88
* Theso expenditures wore paid from funds provided from earnings to cover rpmilrmncnt.
i.'
I---- ;— ;—:---------------,. , a ,ril° ordinary maintenance and repair expenditures account of the coal and
ithGi character included herein,
timbering and underground mine tracks.
1,10 co‘u ana COKO properteis include outlavs
fnr
m-vintonon,..
outlays for maintenance and renewal of mine
Docroaso.

$467,534 42

B O N D S IN K IN G , D E P R E C IA T IO N A N D E X T R A O R D I N A R Y R E P L A C E M E N T F U N D S
<« * » » » «
C
O
,.o,
,o uo,
,nM
^ reca u o n Am£ .
^froro,ran„.rr,c
aecoum of
X r ' Z r 5’' ° hT g^ t° e u m M op6rilting “ Penses.
therefrom and the charges made tlioreto durintr the voir too-otbor wf+i s°,urc,es: als0
Payments and expenditures made
1915, are shown in thfsubjoinedTable:
y0ar’ together Wlth the balances to credit of the funds at December 31
C R E D I T S TO F U N D S .
FU N D S.
B a la n c e s,
D e c . 31 1911.

Accrued Sinking Funds on U. S. Steel Corporation Bonds
Accrued Sinking 1 <unds on Bonds o f Subsidiary Companies
Total o f foregoing________________
IJepreciation and Extraordinary Replacement Funds
Blast I'urnaco Relming and Renewal Funds________IIIZZ
Grand Total__________

Set A s i d e d u r ­
in g 1915 fr o m
In c o m e a n d
by C h a rg es to
C u rre n t
E xpen ses.

Other I n ­
com e a n d
C r e d its,
in c lu d in g
S a lv a g e.

T o ta l.

P a y m e n ts fr o m
B a la n c e s to
a n a C h a rg e s to C r e d it o f F u n d s ,
F u n d s i n 1915. D e c . 31 1915.

$3,392,633 61 $7,329,984 26 ........
$10,722,617 87 a$7,247,140 52 $3,475,477 35
619,342 37
1.660,798 27 80.870 35
2.361,010 99 a l,755,833 51
605,177 48
$4,011,975 98 $8,990,782 53 $80,870 35 $13,083,628 86
$9,002,974 03 $4,080,654 83
95.745.077 82 24,408,576 60 521,000 17
120,674,654
59
b6,257,591 72 114.417,062 87
6,000,534 66
1,896,286 6 9 ;___
7,896,821 35 c l , 243,832 10
6.652,989 25
$105,757,588 46 $35,295,645 82 $601,870 52 $141,655,104 80 $16,504,397 85
$125,150,706 95

? S5?inPn4ts, m;ul° to Trustees o f Sinking Funds
b This^otal covers
charges made,
made,'viz.':
----- expenditures
;
“and
‘ iu unarges
viz.*

------------------------------------- -------------

c Expenditures made during 1915 for relinings and renewals at blast furnaces

$9,002,974 03

— ’-----— — - 6,257,591 72
.......................................................- ......................... .................... 1.243.832 10
$ 1 6 ,5 0 4 .3 9 7 8 5

S U M M A R Y OF D E P R E C IA T IO N P R O V ID E D F R O M GROSS E A R N IN G S F O R T IIE Y E A R 'm s
i t ■ 0 0/grgrregratG amount of charges to and allowances from gross earnines during tlm voor tr. nn
i
,■
,
.
,
deterioration arising from wear and tear of improvements, and f o r S K ^ X i a s a X l l o w s 7
exhaustlon of mmera(s *
A llo <b0ft>r0

E am lngsl'!-13.

! h^n_

and renewals) charged to current operating expenses and deducted

A llo w a n ce s m ^ ^ r o m ^ E a r n i n g s 11^
fn c o m ^ fn r ^ h ^ ^ ^ ^
and d e p r e c ia tio n allo w a n ce s u s e d t o r ]bSnd s h y i n g f ™ dS)

o p e r a tin g

M p e iK e s 'a n d 'd e d u c t o d 'b e fo r e V ta tin V E a i^ 'in "^ ----------------S3? ' S ' H ^
tle p re cla tio n a n d r e p la ce m e n t fu n d s ( S d ^ d e p l e T i S n
1 ,8 9 6 ,2 8 6 69

T o t a l fo r y e a r 1915..
32,428,048 85
T o t a l fo r p
r e c e d in g " year____I
...............................................................................................................................................................
.........
preceding
IIIIIIII]

----------------- ----------$72,957,987 88
.................- .............. 64.847.641 32

Increase_____________

.................................*8.110.346 56

Thn Trust

,

T R U S T E E S OF B O N D S I N K IN G F U N D S ,

sidiary Companies fom h ^ y e a r , . M

^

JI, 8 . Steel Corporation Bonds.........................
Subsidiary Companies’ Bonds.................................I
T o ta l_________________
T *“

„W o

C a sh
R eso u rc es in
H ands o f
T ru stees
D ec. 31 1914.

FU N D S.

A «o X t“ '

f t i t

JSKSSSS
December 31 1915, are shown in the following table:

A d d it io n a l
In s ta llm e n t s
B a s e d on
F ix e d
In terest
Annual
R ate o n B o n d s
Installments i n F u n d a n d
R ec e ive d .
Other
R ec e ip ts.

BO N D S R ED E EM ED
A N D OTH ER
PA YM EN TS.
T o ta l.
P a r V a lu e
o f B on ds.

C a sh
R eso u rces in
N et P re­
H ands of
m iu m P a id
T ru stees
o n B o n d s D ec. 31 1915.
R ed ee m e d .

$540,727 73 $4,050,000 00 $3,197,140 52
25 $6,399,000 00 $864,100 00
25
1,135,193 50 1,346,260 38 1,156,198 20 $7,787,868
3,637,652 08 2,891,000 00 123,193 071 $524,768
623.459 01
$1,675,921 23 $5,396,260 38 $4,353,338 72 $11,425,520 33
$9,290,000 00 $987,293 07 *1.148.227 26

t o th° Trustees Include a deposit of ,7 4 0 .6 2 5 07. . b i d . was not paid rrom funds provided by c h w w u , I—

R E D E E M E D B O N D S A N D C A S H R E SO U R C E S H E L D B Y T R U S T E E S OF B O N D S I N K IN G F U N D S
into tlio sinktag f f i f s in
issued.)

h° l" b y ,th°
•» below is currently paid
lW0 11X0(1 instaIlments provided by the respective indentures under which bonds are
U . S . Steel

Total Redeemed Bonds at par, held bv thn m
.... m
i
„, .
C o r p ’n B o n d s .
Redeemed in 1915 as abovo_________
rustees on December 31 1914----------------- ........................ S61.555.000 00
....................... 6,399,000 00

S u b s id ia r y
C o s .' B o n d s .

$21,304,000 00
2,891.000 00

T o ta l.

$82,859,000 00
9.290,000 00

L e s s . Canceled by the Trustees during the year and returned to the Companies
$67,954,000 00 $24,195,000 00 $92,149,000 00
------- ------------------404
OHO H
O
a m nnn nn
.
_
494,000
00
494,000
00
Leaving Redeemed Bonds held by the Trustees o f Sinking Funds. December 31 1915
$67,954,000
00
$23,701,000 00
00 $91,655.000 00
. .. „
.
. ...
m
...........................®ot,yo
4 ,uuu U
O $23,701,000
A d d , Cash resources held by Trustees_________
___ ___________ ___ __________
,

The ^ r ^ 1 i i g ^ t a l 0 ro p r^ it^ T h o foUowtng: h° 'd by Trustces of Bond Sinking Funds, December 31 1915...............................................
Cash deposi'teiU m d 'rT ent^
or set aside from Incomo Account

used in the retirement of bonds...........
docs not represent depreciation or other allowances charged to
...........................................................................................- ..................................
'

C A P IT A L S T O C K

$92 803 22" 26

$88,593 943 88
’
4,209,283 38
592.803,227 26

t ? closo
06,„ r °ofn the
0Bf preceding
n
o
sfiscal
' year,
l
lviz.:of th» U,lited « < * » Stool Corporation on December 31 1915 was the same as
at the
Common Stock_______
_
l ’reforred Stock--------------------------------




------- ------------------------------

............................ $508,302,500 00
............................ 360,281,100 00

[V o l . 1 0 2 .

THE CHRONICLE

1068

BO ND ED , DEBENTURE A N D M ORTGAGE DEBT.
T h0 total bonded, debenture and mortgage debt of the United States Steel Corporation and Subsidiary_Companto outsUnd^
nary 1 1915 was---------------------------------- ----------------------------------------------------------------------------I s s u e s w e re m a d e d u r in g the y e a r a s fo llo w s , v iz ..
“tf
" »
<l»u,xl la « c b „ n g „ for tho C r o e s le C . » » O d W « l T™*_'
U n i o K w , ? ' - S a - o S i f i ^ W 5 i - f i S 5 & - ( K . ' . d t o l i S ' * ' S h a r o n < *»»
retired) —
Subsidiary Companies’ Bonds sold to Trustee of Sinking Fund:
Youghgahola Water Co. First Mortgage Bonds-------------------

20
so ooo oo

1.000 00

7.000 00
25.000 00

$027,270,417 26
$6,000 00

B o n d s a n d M o rtg a g e s R etir e d D u r in g the y e a r < e iz .:

The Carnegio Company Collateral T.rust Bonds—
Clairton Steel Co. issues, viz.:
St. Clair Furnace Co. First Mortgage Bonds.
St. Clair Steel Co. First Mortgage Bonds----Clairton Land Co. First Mortgage Bonds.

99.000
102,000
100,000
1,000
100,000

American'Sheet am?Tin'Plate” C ^ - W . ' D 8wees Wood O3 7 First M orta g e BSndiZ
II. C. Frick Coke Co. issues, viz.:
ContiMntaf ^ o k e <Co SUurchaso”Money Mortgage "Bonds! 1111II111II11111111
Pittsburgh-Monongahela First Lien Purchase Monoy Mortgage Bonds--------Sharon Coke Co. First Mortgage B o n d s . . . . . - - - - - ..................................................."
Union R R . Co. Duquosne Equipment Trust Bonds.
Bessemer & Lake Erio R R . C o . National Knuipmcnt Trust Bonds
...........ZZ11Z ZIZ ZZZ‘ '$100,000'

00
00
00
00
00

100,000 00
87.000 00
589.000 00
1,000 00
115.000 00
40.000 00

...................
Illinois Steel Co. Debenture Scrip................... ..........................- - - ............................................................
Sundry Real Estate Mortgages o f various subsidiary companies---------------------------------------------Bonds redeemed by Trustees o f Sinking Funds, viz.:
..........$4,741,000 00
U. S. Steel Corporation 50-Year 5% _Bonds_....................................- .................................." "
. . . 1,658.000 00
U. S. Steel Corporation 10-60-Yoar 5% B o n d s.........................- ------------------ ---------------------------2.891.000 00
Sundry Bonds o f Subsidiary Companies------------ ----------- ..................................................- .................
— -- -------------•

52,179 00
227 72
57,159 27

9,290.000 00
$10,689,566 00
12,000 00

Potter Ore Co. First Mortgage Bonds retired by that company (T. C ., I. & R R . C o.’s proportion).

10,701,566 00

. $616,568,851 26
Bonded, Debenture and Mortgage Debt, December 31 1915-

. $10.669,566 00

NetlDecreaso during the year ending December 31 1915-.
T o tal
I n c lu d in g B o n d s
in
S in k in g F u n d s .

U. S. Steel Corporation 50-Year Five Per Cent Bonds .
U. S. Steel Corporation 10-60-Year Fivo Per Cent Bonds.
8 » b « d i S c A ! l f f i PB r ^
Subsidiary Companies’ Bonds— Not Guaranteed by U. S. Steel Corporation.
Debenture Scrip, Illinois Steel Company--------------------------------------------------Total Subsidiary Companies’ B onds...............- ...........................................
Total Bonded and Debenture D ebt...................................... - ...................
Sundry Real Estato M o rtg a g e s................................................. .......................
Grand Total Bonded, Debenture and Mortgage D ebt.

L e ss
R ed eem ed a n d H e ld
by T ru stees
o f S in k in g F u n d s .

B a la n c e
O u tsta n din g

$304,000,000 00
200.000,000 00

$51,435,000 00
16,519,000 00

$252,565,000 00
183,481,000 00

$504,000,000
122,210,000
81.864,544
13,161

00
00
50
24

$67,954,000 00
15.263,000 00
8,438.000 00

$436,046,000
106,947,000
*73,426,544
13,161

$204,087,705 74

$23,701,000 00

$180,386,705 74

$708,087,705 74
136.145 52

$91,655,000 00

$616,432,705 74
136.145 52

$708,223,851 26

$91,655,000 00

$616,568,851 26

00
00
50
24

of the majority interset in stock of that company ownod by
U. S. Steel Corporation.

From April 1 1901 to

December 31 1915 the amount of bonds and mortgages paid and retired by all companies was as

K i d T S d Mortgages paid and retired exclusive of bonds retired with sinking funds provided from e a r n i n g s . . - - - - - - - - - - - - - 537.400,148
bH
redeemed* with bond sinking funds provided from earnings...............................................................................
. __SloO»oliOiOu4
T o t a l ------------------------------------------------------------------------------- -------- --------- --------------------------------------*.....................
- ■ —' 1
t h o same period therowero issued, soM and
by sutahll ary —
■ bond, end m or.KM» . . prov.de rend, tor n „ „
p ?o p e ?ty K
maturing bonds, as follows:
$17,673,000 00
p?sU
ufor
r c hpTrt
a Mpiyme'nT
.- - - ^ - - - -o- -f -c8st
- -- - ^ ‘ ‘
V0^ -traatTo'n work
o n it
For IdttsDurgh-Monong^ela coal <
whichwas
g 16g ^
7g
By
to U.
provide
funds
for part
payment, oi
cost, of UomplVtlng co'nstm^tfo'n
.......... work 6n its properties
...................................
9,
7 Union
underSteel
way Co.
when
S. Steel
C o r p o r a t io n acquired t h a t c o m p a n y s s t o c k --------------------------------------------------------- 89, 347,752 49
under way -----,
By sundry subsidiary companies......................
.................................................................................. ................. $ n 6 .189.480

........................................... 30,000,000 00
For account construction and capital expenditures . .
.
.
For account purchase of stock of Tcnnesseo Coal, Iron & Railroad Company...................................
...................... —
TREASU RY BONDS SUBJECT TO SALE.

80
ul
—

28

980,000 ° °
50,000,000 00

Steel C o. First M o r t a l , and C o l l a t e .
Trust Bonds, to the amount of $362,000.
PU RCH ASE

M I N ^ ^ G ^ R O Y A L T Y ^ O B L I G A T n ^ ^ ^ ^ ^ N O TI'.S

The outstanding, liabilities of the subsidiary companies of the above classes at December 31 1015, m comparison with
amounts outstanding at the close of the preceding year, wore as follows.
O u tsta n din g
Oidslnndinflr
D e c 31 1915.
D e c . 31 1914.
Purchase M oney Obligations:
$i76,609 95
$907,93827
Issued for acciuirement of Fixed Property----- ------- ------- rr_-_-------------------------------------763.69287 5,390,97498
Issued In navniont o f M ining R oyalties (Interest-bearing notes) ..................................................
992.18714
999,51049
Special Deposits or L oan s------------------------------------------------------------------------------------------------ ------- —*
$7,298,423 74
. . . .
. . $1,932,489 96
Total Interest-Bearing Obligations and A c co u n ts......................... ................................. ..
royalty obligations. Notes are payable in varying sums
26,97G.00o 61
from 1916 to 1953 inclusive
.$27,887,968 72
$34,274,424 35
Total . . .

D ecrea se.

$731,328 32
4.627.282 11
7,323 35
$5,365,933 78
1,020.521 85
$6,386,455 63

During the year 1915 no now issues wore made of obligations of the above classes.
IN V E N T O R IE S

IN

F ACT U BIN G AN D
OF MANUF.

at the close of the preceding year.
vni„ n nntwithstandine tho properties at closo of 1915 were conThe comparatively small increase in total mventory value,
for by tho substantial decrease in
ducting a much larger volume of business than aL “ d
5 r^ * d December 31 1914, there was a decrease of 2,847,4 38 tons
both the quantity and value of iron ore on hand. ,
™ n fT l 2 342 14
Other raw materials, manufacturing stores and

f

■™luots t,loro
crease of $6,359,778.




was an in­

1069

THE CHRONICLE

Mak. 18 1910.)

PRODUCTION
O P R A W , S E M I-F IN IS 1IKD A N D

F IN IS H E D

PRODUCTS

B Y S U B S ID IA R Y C O M P A N IE S
T H E Y E A R 1914.

IN

THE

YEAR

1915 C O M P A R E D W IT H
1915.

PRODU CTS—
I r o n O re M in e d :

T on s.

In the Lake Superior Region—

.17,209,664
. 1,273,825
. 1,277,419
.
939,304
618,108

Missabo Range -------------------------------------------Vermilion R ange--------------------------------------------

G ogebic Range ----------------------------------------M enom inee R a n g e ------------------------------------M arquette R a n g e -------------------------- ---------In the Southern Region—
Tennessee C oal, Iron & R R . C o .’s Mines.
Total

1914.
T on s.

10,894,463
1,112,854
1,469,601
874,909
496,896

. 2,351,356

2,186.258

.23,669,676

17,034,981

. 5,795,925

4,676,479

For uso in the m anufacture o f cok e_____________ /.
For steam, gas and all other p u r p o s e s _________

.20,800,204
. 5,828.278

15,890,382
5,271,911

T o t a l....................................................... ..........

.26,628,482

21,162,293

In B ee-H ive O vens_______________________________
In B y-P rodu ct O vens____________________________

. 9,701,692
. 4,799,126

7,092,792
4,081,122

T o t a l____________________________________

.14,500,818

11,173,914

Pig Iron _________________________________________
S p ie g e l___________________________________________
Ferro-M anganeso and Silicon-------------------------------

.13,517,598
7,175
116,735

9,909,062
25,397
117,998

T o t a l___________ ________________________

L i m e s t o n e Q u a r r i e d ____________________________________
C oal M in ed :

C o k e M a n u fa c tu r e d :

B la st F u r n a c e P r o d u c tio n :

.13,641,508

10,052,457

Bessemer I n g o ts __________________ r --------------------Open Hearth Ingots----------------------------------------------

- 5,584.198
.10,792,294

4,151,510
7,674,966

T o t a l____________________________________

.16,376,492

11,826,476

S te el I n g o t P r o d u c tio n :

R o l l e d a n d O t h e r F i n i s h e d S t e e l P r o d u c t s f o r S a le :

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

Steel Rails (H eavy and Light Teo and G ir d e r )...
B loom s, Billets, Slabs, Sheet and Tinplate Bars.
Plates ____________________________________________
H eavy Structural Shapes_________________________
M erchant Steel, Bars, H oops, Bands, Skclp, &c.
T ubing and Pipe---------------------------------------------------W iro R o d s _______________________________________
W ire and Products o f W iro----------------------------------Sheets (Black and Galvanized) and T in p la te s ...
Finished Structural W ork------------------------------------Anglo Splico Bars and All Other Rail Joints------Spikes, Bolts, Nuts and R ivets-----------------------------A x le s _____________________________________________
Steel C ar W heels---------------------------------------------------Sundry Steel and Iron P roducts................................
T o t a l____________________________________

1,129,832
1,404,443
974,741
726,082
2,118.366
919,280
261,036
1,771,945
1,368,178
476,896
190.75S
74,289
95,476
77,569
173,748

978,907
921,826
689,241
613,739
1,423,740
818.435
164,153
1,380,376
1,075,419
521,225
129,849
62,133
64.662
53,638
117,169

.11.762,639

9,014,512

.
.

Spelter ..................— ............ — ..........................................
Sulphate o f I r o n -----------------------------------------------------------

32,031
35.377
llb ls .

. 7,648,658

Universal Portland C em ent__________________________

28,031
30,212
B b ls .

9,116,000

CAPITAL EXPENDITURES.
The expenditures made during the j'ear 1915 by all companies and chargeable to capital account, for the acquisition
of additional property and for additions and extensions to tho plants and properties, less credits for property sold and the
net credit from oro mines’ stripping and development operations, equaled tho net sum of §15,337,431 58. The following
is a classification of the expenditures by property groups, viz.:
M innesota Steel Plant, Duluth, M innesota, including developm ent o f site and construction o f dwellings for em ployees at M organ Park
(adjoining tiro steel plant) and construction o f railroad connecting tho steel plant with all trunk lines_________________________________
Other Properties, exclusive o f Tennessee C oal, Iron & R R . C o ., viz.:
M anufacturing Properties_______________________________________________________________________________________________ $12,700,708 87
C oal and Colco Properties_________________________________________________________
249,259 69
Iron Oro Properties__________________________________________________________________________________________ *.________
76,024 13
Transportation Properties____________________________________________
224,828 00
Miscellaneous ITopertics----------------------------------------------------------------------------------------------------308,632 37
------------------------- Tennessee Coal, Iron & R R . C o .’s Properties-----------------------------------------------------------------------------------------------------------------------------------------------T otal expenditures during tho year for stripping and developm ent work at mines and for additional logging and structural
erection equipm ent----------------------------------------------------------------------------------------------------------------------------------------------------------Less, Credit for expenditures o f this character absorbed during 1915 in operating expenses________________________________
N et Credit in the year 1915

$2,541,698 46

13,559,453 06
1.461,224 19

$956,287 30
3,181,231 43

2,224,944 13

N ot expenditures in the year 1915 on property a ccou nt.................... .............................................................................................. ...... ........................$15,337,431 58
T h o total amount expended since April 1 1901 (the date o f organization o f United States Steel Corporation) to January 1 1916, including
expenditures b y T . C , I. & R R . C o. from N ovem ber 1 1907 only, for additional property and construction, and for net unabsorbed
outlays for stripping and developm ent work at mines, & c., equaled.................... ........................................................................... ..................... $493,813,701 21

SUMMARY OF EXPENDITURES FOR ADDITIONAL PROPERTY AND CONSTRUCTION AND FOR PAY­
MENT OF CAPITAL OBLIGATIONS FROM APRIL 1 1901 TO DECEMBER 31 1915.
Tho following is a summary of the paymonts which have boon made by all companies since April 1 1901 (the date
of organization of U. S. Steel Corporation), for tho above-named purposes, viz.:
For Additional Property and Construction, including unabsorbed net expenditures for stripping and developm ent work. S e c ., at m ines____$493,813,701 21
For Bonds and M ortgages discharged, exclusive o f bonds redeemed with Bond Sinking Fund m oneys provided from earnlugs.................... ........ . . . 1 _____ ________________________________________ ____________________ _____________________ _______ $37,400,148 80
For Bonds redeomod with B ond Sinking Funds provided from depreciation allowances sot aside from earnings_________ 92,965,355 57
For Purchase M on ey Obligations paid o ff, originally issued for acquirem ent o f p roperty______________________________
39,438,095 50
L ess,

$169,803,599 87
Am ount o f securities included in this total o f paym ents which woro originally issued after April 1 1901, in
financing property and construction expenditures also m ado subsequent to that d a to___________ ______________
10,122,036 04
------------------------- 159,681,563 83

Total not paymonts on capital a ccou nt__________________________________________________________________________________________ $653,495,265 04
O f tho forogoing total expenditures and paym onts there have boon financed by tho issue and sale o f securities tho following amounts, viz.:
B y U. 8. Steel Corporation 10-60-Year 5 % B onds----------------------------- : _____________________________________________ _ $20,600,000 00
B y Bonds and M ortgages o f various subsidiary com panies___________________________________________________________ 116,189,480 28
B y Purchase M on ey Obligations Issued____________ _________________ ___________________________ ___________________6,339,174 77
L ess,

$142,528,655 05
10,122,036 04
------------------------- 132,406,619 01
Balanco o f expenditures and p a y m o n t s ...................................................................................................................................................................... $521,088,646 03
Am ount o f the foregoing securities which have boon retired to Decombor 31 1915_______________________

This balance o f capital expenditures has boon paid with funds dorived from the following sources, to wit:
Bonds paid from depreciation allowances set aside from earnings and applied to bond sinking fun ds______________ _________ ________ $92,965,355 57
Expenditures paid from depreciation and replacement funds, and from surplus net incom e, and form ally written o f f thereto by
authority o f tho Board o f D irectors, tho Property Investm ent A ccount being correspondingly reduced, viz.:
lix p e n d e d f o r —

P a id fr o m
D e p recia tio n a n d
R ep la ce m en t F u n d s .

P a id
f r o m S u r p lu s
M et In co m e.

A dditional Property and C on stru ction .......................................................... ...................................... $42,392,773 50
Paym ent o f Capital Obligations_______________________________ ________ ____________________
16,284,977 39

$147,847,237 12
15,847,186 43

$58,677,750 89

$163,694,423 55

222,372,174 44

Total o f paym ents m ade from Funds and Surplus N ot Incom e and charged o f f thereto_________________________________________ $315,337,530 01
And tho funds for the paym ent o f tho balanco o f tho outlays mado for capital expenditures since April 1 1901 have been advanced from
tho following sourcos, to wit:
From Surplus appropriated (since January 1 1908) and specifically sot aside to cover paym ent o f capital expenditures m ado____ 55,000,000 00
From unapplied balancos at Decom ber 31 1915 to credit o f Accrued B ond Sinking, Depreciation and Replacem ent Funds, and from
Undivided Surplus o f U. S. Steel C orporation and Subsidiary C om panies------------------- ---------------------------------------------------------------- 150.751,116 02
T otal...............................................................................................................................................................................................................................$521,088,646 03




1070

THE CHRONICLE

[Vol . 102.

EMPLOYEES AND PAY-ROLLS.
The average number of employees in the service of all companies during the year 1915, in comparison with the year
1914, was as follows:
1915.

E m p lo y e s s o f —
M anufacturing Properties____________________________________________________________________________________________________
C oal and C oko Properties____________________________________________________________________________________________________
Iron Oro Properties__________________________________________________________________________________________________________
T ransportation Properties____________________________________________________________________________________________________
M iscellaneous Properties_____________________________________________________________________________________________________

T o t a l_______________________________________________________________
T otal salaries and wagos p a id____________________________________
A v e r a g e S a la ry o r

1914.

N u m b er.

N u m b er.

140.875
19,485
9,668
18,240
2,858

131,616
16,155
11.170
17,857
2,555

.
191,126
$176,800,804

179,353
$162,379,907

$2 92
$3 01

$2 88
$2 97

W a g e p er E m p lo y ee p er D a y :

A ll em ployees, exclusive o f General Adm inistrative and Selling force.
T otal em ployees, including Goneral A dm inistrative and Selling force.

GENERAL.
The improvement in the demand for iron and steel products which became evident before the middle of 1915 continued
in increasing volume throughout the remainder of the year, both for the domestic and tho export trado. Until the latter
part of the year, however, the advances in the prices received for domestic business were moderato and tho average selling
prices received for tho year were only slightly in excess of those for the preceding year. In the closing months of tho year tho
demand for products for the domestic trade for future delivery exceeded tho producing capacity of the country and caused
price advances. The demand for products for export was the largest for any year in the history of the Corporation. At
December 31 1915 the unfilled orders of tho subsidiary companies for both the domestic and export trado totaled 7,806,220
tons of rolled products.
The total production for the year 1915 of all classes of rolled and other finished steel products for sale was equal to about
85 per cent of the annual capacity of the mills. During the last quarter of the year tho output equaled tho maximum
steel-producing capacity. The year’s production of cement was about 64 per cent of the capacity. Tho production by tho
subsidiary companies in 1915 of basic raw and semi-finished materials and of rolled and other finished products for sale to
customers, in comparison with the previous year’s results, was as follows:
1915.

1914.

-------------I n c r c a s e ------------

T on s.

T on s.

Iron Oro M in ed _________________________________________________________________________________
Coal M ined:
For use in m aking c o k o .. _________________________________________________________________ ____20,800,204
F or steam , gas and other purposes_________________________________________________________ ____ 5,828,278

17,034,981

6,634,695

38.95

15,890,382
5,271,911

4,909,822
556,367

30.90
10.55

26,628,482
Coko M anufactured_____________________________________________ . .
.
Lim estono Quarried________________________________________________________
____ 5,795,925
P ig Iron, Ferro and Spiegel_____________________________________________________________________
Steel Ingots (Bessemer and Open H earth)_______________________ ___________________________ ____ 16,376,492
R olled and Other Finished Steel Products for Salo_____________________________________________ ____11,762,639

21,162,293
11,173,914
4,676,479
10,052,457
11,826,476
9,014,512

5,466,189
3,326,904
1,119,446
3,589,051
4,550,016
4,748,127

25.83
29.77
23.94
35.70
38.47
30.49

lib ls .

lib ls .

T on s.

lib ls .

Universal Portland Cem ent_____________________________________________________________________ ____ 7,648,658

P e r C en t.

9,1 1 6 ,000D cc. 1,467,342

16.10

The shipments of all classes of products to customers during 1915, in comparison with tho shipments during 1914, were
as follows:
o r D e c . --------P e r C en t.

7.982,325
494,144
1,153,575
•
80.357

1,349,038
49,049
149,252
23,512

16.9 Inc.
9.9
“
12.9 D oc.
29.3 Inc.

T otal tons all kinds o f m aterials, except C om ont___________________________________ __________10,982,748
Universal Portland Cem ent (B b ls .)_____________________________________________________ .................. 8,176,583

9,710,401
9,117,752

1,272.347
941,169

13.1
"
10.3 D oc.

E x p o r t S h ip m e n ts —
R olled Steel and Other Finishod P rodu cts_________________________________________________ _________ 2,350,524
Pig Iron, Ingots and Scrap______ __________________________________ _____________________ .
Sundry M aterials and B y-P rodu cts__________________________________________
..................
971

1.096,234
47,790
190

1,254,290
30,454
781

114.4 In c.
63.7 “
411.1
“

1.144,214

1,285,525

112.4

“

9,078,559

2,603,328

28.7

"

T otal tons all kinds o f m aterials________________________________________________
.

..

Aggregate tonnago o f R olled Steef and Other Finishod Products shipped to both D om estic
and E xp ort T rad o_______________________________________________________________ .............. .11,681,887

1914.

--------- I n c .

1915.
D o m e s tic S h ip m en ts—
T on s.
R olled Stool and Other Finished P rod u cts__________________________________________
_________ 9,331,363
P ig Iron, Ingots, Spiogel, Ferro and Scrap........................................ .............................. .............. ..................
543,193
Iron Ore, Coal and C o k e .. __________________________________________________________
.................. 1,004,323
Sundry M aterials and B y-P rod u cts______________________________________________________ __________
103,869

T on s.

T on s.

1915.
T O T A L V A L U E O F B U SIN ESS (C ovoring all o f abovo tonnago):
D om estic _________________________________________________________________________________ ......... $391,188,661
E x p o r t ____________________________________________________________________________________ .......... 95,163,393

1914.
$337,444,052
42,784,091

$53,744,609
52,379,302

15.9
122.4

$486,352,054

$380,228,143

$106,123,911

27.9

In crea se.

P er C en t.

The prices received in 1915, based on tho total tonnage of rolled and other finished steel products shipped, showed, in
respect of domestic shipments, an increase of 26 cents per ton over the average price per ton received in 1914, but in respect
of export shipments the increase was 84 19 per ton, and for both domestic and oxport the avorage increase was 81 05 per ton.
The expenditures made during tho year for repairs, maintenance and gonoral upkeop of tho properties, in comparison
with similar disbursements in the preceding year, were as follows:
1915.
Ordinary repairs and m aintenance______________________________________________________________$39,877,484
Extraordinary replacomonts and general rehabilitation________________________________________
3,489,159
T o ta l ................................................................................................................................. _ ......................... $43,366,643

1914.
$40,345,019
5,027,575
$45,372,594

D ecrea se.

P er C en t •

$467,535
1,538,416

1.2
30.6

$2,005,951

4.4

The increased activity in business which devolopod in 1915 found tho mills and properties in satisfactory condition to
handle the large demand promptly and efficiently. Duo to this condition, a relatively lessor amount of oxponditures was re­
quired for ordinary and current maintenance during tho year, although operations woro about 33 per cont greater than in
1914. Tho appropriations for additions and improvements authorized for 1916 include outlays for gonoral rebuilding and
replacement work, and expenditures in 1916 for these purposes will undoubtedly be materially in excess of tho outlays in
1915. These expenditures are paid from funds set aside through allowances made from gross oarnings for deterioration and
obsolescence.
The sum total of all charges to and allowances from gross earnings for year 1915, to cover oxhaustion of minerals, de­
terioration arising from wear and tear of improvements and for obsolescence, amounted to 872,957,988, in comparison with
a total in 1914 of 864,847,641, an increase of 88,110,347.
The expenditures during the year on capital account for additions to tho properties, now construction and for stripping
and development work at mines equaled tho net sum of 815,337,432, viz.:
For the new M innesota Steel Plant at Duluth and tho now Comont Plant at samo place, including developm ent o f site and construction o f
dwellings for employees at M organ Park (adjoining tho stool plant) and construction o f railroad connecting tho steel plant with all trunk
lin e s .............. ............................................. __ ......................................................................................................................................................................................
F or Tonnosseo C oal, Iron & ltailroad C om pany extensions_____________________________________________________ _____ __________________________
For all other properties, viz.:
M anufacturing properties__________________________________________________________________________________________________________________
C oal and C oko Properties______________________________________________________________________ _____ _______________ ______________________
Iron Ore Properties____________________________________________________________ __________________________ _______________ ________ _________
Transportation Properties_____________________________________________________ I _________________
I ....................................
Sundry Properties.............................................................................................................
.................... ..........
'
....................................

$3,183,648
1,461,224
12,058,760
249,260
76,024
224,828
308,632

Less, net deduction account o f oxponditures for dovolopm ont and stripping work at m ines__________________________________________ ^ 2 !2 2 4 !9 4 4
N et oxponditures in year.................................................................... .......... ..................... ................... ................................................................... .. $15,337,432

The Duluth Plant of tho Minnesota Steel Company, which has been in course of construction for soveral years, was
partly placed in operation in December, 1915. Blast furnace No. 1 was blown in on Novombor 29 1915, and four of tho
O. II. steel furnaces went into operation in December, tho first steel having been made on Decombor 11th. Steel was rolled
on the 40-inch blooming mill on Decombor 13th and on tho 28-18-inch mill on Decomber 23d. It is oxpocted tho remaining
six O. H. furnaces and tho merchant mills will bo ready for operation in April, 1916. Tho Duluth Plant when fully com­
pleted will have an annual capacity of 360,000 tons of finished rolled steel products.



Mar . 18 1916.]

THE CHRONICLE

1071

Further expenditures were made during the year in improvement of the site and erection of dwelling houses for employees
at Morgan Park, a subdivision adjacent to the Duluth steel and cement plants. At present there have been completed
1G9 houses of various types and sizes. The development of the townsite in respect of grading, streets, sewers, lighting, water
supply, &c., is substantially completed, but it is probable a considerable number of additional houses will be constructed to
provide satisfactory housing accommodations for employees.
The now cement plant, adjoining the steel plant at Duluth, was substantially completed during the year, and it is ex­
pected to commence operations in the spring of 1916. The plant will have a capacity of 1,500,000 barrels per annum.
Other important additions and betterments completed during the year by the subsidiary companies were the following:
At Donora, Pa., there was constructed a large zinc smelting and sulphuric acid plant. This plant has 9,120 retorts
constructed in 10 units, and 3 double acid-producing units. The buildings cover about 26 acres. The annual capacity of
the plant will be about 40,000 tons of spelter and 180,000 tons of acid. The output will be used principally by the subsidiary
companies in the operations of their steel manufacturing and by-product coke plants.
Facilities for the recovery from coal gases of benzol, toluol and other by-products were constructed and placed in opera­
tion during the year at the by-product coke plants located at Gary, Indiana, Farrell, Pa., and Fairfield, Alabama.
At the Edgar Thomson Works of Carnegie Steel Company the work of enlargement and improvement of the No. 2
rail mill was completed; at Homestead Works of the same Company a new shop for the manufacture of steel railroad ties was
constructed, and at New Castle, Pa., Works there was installed a new hot metal mixer building with a 1,000-ton mixer.
At the Christy Park Plant of National Tube Company an extension was made to the hot and cold drawn tube buildings
and equipment installed for the production of large sixo tubular forgings and compressed air cylinders. There was also pur­
chased adjoining this plant an additional acreage of land for future extensions to the same.
At the Ensley Plant of T. C., I. & RR. Co. there was comlpeted and put into operation a slag crushing and pulverizing
plant for the manufacture of fertilizer.
A program of new construction and improvement involving the expenditure of a largo aggregate sum of money has
been authorized. These extensions and improvements are largely for the purpose of economizing in cost of operation
through installation of the latest and most modern type of facilities, including the conservation of by-products, and for
diversifying lines of finished products.
Among the more important appropriations authorized under the foregoing program are the following:
Now by-product coko plants at Clairton, Pa., 200 ovens; at Youngstown, Ohio, 210 ovens; at Central Furnaces,
Cleveland, 180 ovens; and at Lorain, Ohio, 225 ovens.
In the Pittsburgh District at Edgar Thomson Works there will bo installed a new central pumping station and water
distributing system; at Schoen Steel Wheel Works, Pittsburgh, an additional unit to the steel wheel plant, increasing the
capacity by 150,000 wheels per annum; at Clairton Works, 2 additional O. H. furnaces and a 1,200-ton metal mixer;
and at Donora Works, a new duplexing steel plant comprising 2 25-ton convertors and 1 1,300-ton mixer.
In tho Youngstown District, at Ohio Works, Youngstown, there will be constructed 3 additional O. H. furnaces; and
at McDonald (near Youngstown) a new merchant bar plant, to comprise 3 bar mills, 6 hoop mills and 1 band mill, with
auxiliary departments. At Ellwood City, Pa., the Shelby Steel Tube Company will construct a largo extension to its
Standard Works seamloss tubo plant.
In tho Cleveland District, at the Cuyahoga Works of American Steel & Wire Company, a now rod and flat wire mill
will be constructed, also additional wire drawing and galvanizing equipment; at Newburgh Works, one additional O. H.
furnace. At Lorain Works of The National Tubo Company, 4 additional O. H. furnaces and a 40-inch blooming mill
will be installed.
In the Chicago District there will be constructed at Gary Works of Indiana Steel Company, 4 additional blast fur­
naces, a duplexing steel plant comprising 2 25-ton convertors and 2 100-ton tilting O. II. furnaces, a 40-inch blooming
mill, a 160-inch sheared plate mill, 2-10 inch and 1-20 inch merchant bar mills, a forged steel wheel plant, 4 3,000-k.w.
electric gas engino units, additional waste heat boilers at O. H. plants and 2 7,500-k.w. steam turbo electric units; and
at tho works of American Sheet & Tin Plato Company at Gary, a new tin plate plant comprising 24 hot mills, with an
annual capacity of 2,250,000 base boxes. At the South Works of Illinois Steel Company there will bo installed a duplex­
ing steel plant comprising 2 25-ton convortors and 2 100-ton tilting O. H. furnaces and 6 gas-driven blowing engines to
roplaco 10 steam enginos. At Joliet Works, there will bo constructed a benzol recovery department as an extension to the
by-product coke plant.
Additions and improvements authorized by the subsidiary transportation companies include the rebuilding of ore
dock No. 2 with steel superstructure, at Two Harbors, Minn., the remodeling of ore dock No. 6 and a new car repair
shop at same place; at Proctor, Minn., the construction of a 30-stall engine house, now coaling station, etc.; and by
tho Bessemer & Lake Erie Railroad Company the replacing of the Allegheny River bridge with a now double-track structure.
There have also been ordered by the several subsidiary railroads 70 locomotives and 4,671 cars of various kinds. The
Pittsburgh Steamship Company has pm-chased 6 6,500-ton capacity ore carrying steamers and has contracted for the
construction of 6 12,700-ton steamers.
Tho estimated total cost of tho additions and improvements specifically mentioned above is about $70,000,000. The
total amount unexpended on all authorized appropriations for extensions, additions and improvements at March 1 1916
was $91,200,000. It is estimated that not moro than $75,000,000 of this total will be expended in the year 1916.
In addition to expenditures to be made in 1916 on capital account, as above outlined, there will mature during 1916,
or will havo to bo redeemed under sinking fund provisions, $10,470,000 of bonds of the subsidiary companies and ap­
proximately $6,825,000 of U. S. Steel Corporation bonds.
During the year 1915 a total of $11,420,894 of bonds, mortgages and purchase money obligations of the Corporation
and the subsidiary companies was paid off. Of this total, $9,290,000 were redeemed through tho sinking funds of the
mortgages securing the bonds. Thoro woro also paid off during the year $5,647,804 mining royalty notes of subsidiary
companies which had been issued and substituted for previously oxisting royalty obligations under mining contracts. No
new issues of bonds, mortgages or purchase money obligations woro sold to tho public during tho year.
The average numbor of employees in tho service of tho Corporation and tho subsidiary companies during the year and
tho total amount of pay-roll, in comparison with similar statistics for 1914, wero as follows:
Average number o f em ployees during the entiro year.
T otal am ount o f pay-rolls____________________________
Average Salary o r Wage per em ployee per d a y ---------

1915.
.
191,126
.$176,800,864
.
$3 01

1914.
179,353
$162,379,907
$2 97

In crea se.

P e r C t.

11,773
$14,420,957
$0 04

6.56
8.88
1.35

The lowest average numbor of employees in any single month in 1915 was 141,461 in January, and the highest average
number was 227,051 in December 1915. The total pay-roll in January was $10,677,017 and in December $17,801,289.
r .
February 1 1916 an advanco was made in tho wagos and salaries of tho employees of tho subsidiary companies.
This increase averaged approximately 10 per cent on the ratos previously paid tho employees affected. On basis of an
annual pay-roll equal in numbers to that for 1915, those advances in rates will call for an increased disbursement of
approximately $14,000,000 per annum, while on basis of an employment equal to the average during 1913, tho increased
amount will bo about $18,000,000 annually.
As of January 1 1916 there was offered to employees of tho United States Steel Corporation and of the subsidiary
companies, tho pnvilogo of subscribing for shares of Common Stock of the Corporation, at tho prico of $85 per share.
Subscriptions wero recoivred from 24,940 employees for an aggregate of 49,742 shares. The conditions attached to the
offer and subscription, aside Rom tho featuro of price, wore generally similar to those under which stock has been here­
tofore offered to employees. I ho usual distribution of special compensation to employees under plan adopted in 1903
was also made.
During the year the Trustees of tho United States Steel and Carnegie Pension Fund disbursed in pensions to retired
employees the sum of $659,389 42. In 1915 pensions wore granted to 697 retiring employees. At December 31 1915
there were 3,002 names on tho ponsion rolls. Tho average age at which pensions to tho foregoing wero granted was
62.84 years, and tho average term of sorvico rendered by pensioners was 28.34 years.
During tho past year, as in preceding years, careful thought and study have been given to conditions under which the
employees work and live. The principal work during the year, however, was in extending efforts on lines which had already
proven successful.
A ccid en t P reven tio n . Although additional expenditures are being made wherever necossary through installation of
devices, facilities, etc., to safeguard employees from injuries, special attention is now being directed toward enlisting
tho employees themselves in the prevention of accidents. At presont 4,249 employees are serving on Safety Committees
whoso efforts are being expended in this direction.
Tho amount expended in 1915 by all companies for safoty work was $608,644. Serious and fatal accidents in 1915,
based on tho number of accidents por 100 employees in service, wero 5 per cent less than in 1914 and 43.5 per cent less
than in 1906. Fatal accidents in 1915 were 15.38 per cent less than in 1914 and 59.27 per cent less than in 1906.



THE CHRONICLE

1072

[Vol . 102.

V olu n ta ry A c c id e n t R e lief P la n .— This plan has been superseded to a large extent by Workmen’s Compensation Laws
enacted by most of the States in which the subsidiary companies are operating. Such laws merely establish the principles
upon which this plan of relief, regardless of legal liability, was inaugurated by tho Corporation before any such laws were
in force. The subsidiary companies have promptly accepted tho Compensation Acts and assisted the State commissions in
administering them. The total amount paid out by all companies in 1915, in connection with work accidents, was
SI,998,751. Of this total, 84.76 per cent was paid directly to injured employees or their families or in taking caro of thorn.
S a n ita tio n .— The standards established for sanitation in and about the mills, mines, etc., are being extended. Com­
fort stations wore constructed during the year at many of the plants and mines, and there wore provided 175 showers and
3,103 lockers in addition to those previously installed. The total disbursements for sanitary work in 1915 wore 8953,056,
of which total 8215,512 were expended for protection of water supply and drinking water systems for use of the employees.
W e lfa r e W o r k .— Efforts have been continued looking towards improvement of the material welfare of employees and
their families, through discussing with them sanitary mothods of living, through establishing means of recreation and
wholesome amusement, through encouraging them in the free use of unused land surrounding tho plants for gardening,
and through the organization of educational classes for employees in which courses of instruction on special and practical
lines are given. The efforts in these directions have met with practical endorsement and co-operation on tho part of the
employees.
.
.
Grateful appreciation is expressed for tho loyal and efficient services during the year of the officers and employees
of the Corporation and the several subsidiary companies.

By order of tho Board of Directors,

ELBERT H. GARY, C h a irm a n .

PROPERTY INVESTMENT ACCOUNT
D E C E M B E R 31 1915.
Balance o f this account as o f D ecem ber 31 1914, per Annual R ep o rt-------------------------------------------------------- ---------------------------------------------$1,622,510,959 42
Sundry adjustments during 1915 in tho foregoing balance------------------------------------------------------------------------------------------------------------------------^ r - 32,000 00
Expended during 1915 for Additional Property and C onstruction -------------------------------------------------------------------------------------------------------------17,562,375 71
$1,640,041,335 13
Less, Charged o ff in year 1915 to the following accounts, viz.:
T o B ond Sinking F u n d s ________________________________________________________________________________________
T o Depreciation and Replacem ent F u n d s -------------------------------------------------------- -------------------------------------------------

$326,571 42
2,768,432 71

3,095,004 13
$1,636,946,331 00

Expenditures for Stripping and Developm ent at M ines and Investm ent in Structural Erection and Logging Plants, viz.:
Balance a t D ecem ber 31 1914__________________________________ ___________________________________ _________________ $22,324,029 61
Expended diming tho year 1915_______________________________________________________________________ $956,287 30
Less, Charged o ff in 1915 to Operating E x p e n s e s _______________________________________________ 3,181,231 43
N et Credit in tho year 1915______________________________________________________________________________

2,224,944 13

20,099,085 48

Balance o f Property Investm ent A ccou n t, Decem ber 31 1915, per Consolidated General Balance Shoot-------------------------------- $1,657,045,416 48

APPROPRIATED SURPLUS TO COVER CAPITAL EXPENDITURES
D E C E M B E R 31 1915.
A m ount o f appropriatons m ado from Surplus N et Incom e prior to January 1 1908, applied in paym ent o f capital expenditures, and in
^
_
the Consolidated General Balance Sheet form ally written o ff to credit o f tho P roporty Investm ent A cco u n t-------------------------------- $163,694,423 5**
A m ount o f appropriations m ade from Surplus N et Incom o sinco January 1 1908, applied in paym ent o f same class o f expenditures, but
in tho Consolidated General Balance Sheot carried in tho account “ Appropriated Surplus to cover Capital E xpenditures’ *— .—
55,000.000 00
T ota i ..................................................................................................................................................................................................................................... $218,694,423 55

UNITED STATES STEEL CORPORATION AND SUBSIDIARY COMPANIES’ CONDENSED GENERAL PROFIT
AND LOSS ACCOUNT FOR YEAR ENDED DECEMBER 31 1915.
G r o s s R e c e i p t s — Gross

Sales and Earnings (see a previous p a g e)--------------------------------------------------------------------------------------------------------------------- $726,683,589 33
Operating Charges, v iz.:
M anufacturing and Producing Cost and Operating Exponses, including ordinary maintenance and repairs and pro­
visional charges b y subsidiary companies for depreciation-------------------------------------------------------- -----------------------*$570,314,921 67
Adm inistrative, Selling and General Expenses, em ployees’ com pensation under m erit plan and Pension paym ents
(not including general expenses o f transportation com panies)---------------------------------------------------------------------------- - 19,396,905 42
Taxes (including allowance for Federal incom e tax, payable in 1916)---------------------------------- --------------------------------------13,640,184 56
Com m ercial Discounts and Interest___________________________________________________________________________________
3,757,590 15
$607,109,601 80
Less, A m ount included in tho abovo charges for provisional allowances for depreciation hero deducted for
purposo o f showing the samo in separate item o f charge, as see below ---------------------------------------------------- - _ 25,962,164 59 ^

^^

B a la n c e .......................................................................................................................................................................................................................................... $145 ,5 3 6 .1 52 7 2
Sundry N ot M anufacturing and Operating Gains and Losses, including idle plant expenses, R oyalties received, adjust­
ments in inventory valuations, ---------------------------------------------------------------------------------------------------------------------------------------- *3 ’2 co nni or
Rentals received ............................................................................................................................................................................................... ............ — -

3,504,226 04

T otal N et M anufacturing, Producing and Operating Incom o boforo deducting provisional charges for depreciation............................. $149,040,378 16

Other Income—
N ot Profits o f properties ow ned, but whoso operations (gross rovonuo, cost o f p roduct, oxpenses, & c.) are not classified
in this s ta t e m e n t ______________________________________________________________________________________________________
Incom o from sundry investments and interest on deposits,
-----------------------------------------------------------------------------------------------

$406,141 39
3,066,618 78

^

T ota l ............................................ .................................................._.................................................................................................................................... $152,513.168 33
Less, N ot Balance o f Profits earned b y subsidiary com panies on sales made and service rendered account o f materials on
hand at close o f yoar in purchasing com panies’ inventories, and which profits have not yet been realized in cash from
tho standpoint o f a com bined statement o f the business o f the U. S. Steel C orporation and subsidiary co m p a n ie s.. $11,831,178 12
Interest charges o f subsidiary com panies on their securities held as investments for com bined insurance funds
o f all subsidiary com panies, this interest boing taken up as direct credits thereto-------------------------------------------------431,923 88 ^ ^gg jq.> qq
T otal Earnings id tho yoar 1915 per Incom o A ccou n t, on a provious page.................... .......... ................................................................... $140,250,066 33
I n te r e s t C h a rg es o f S u b sid ia r y C o m p a n ie s —
_
On B onds and M ortgages--------------..------------------------------------------ ------------ - ---------------------------------------------------------- ------------------ $9,675,595 91
On Purchase M on ey Obligations and Special Deposits or Loans--------------------------------------------------------------------------------------- ---------178,458 78

^

^

^

Balance o f Earnings o f tho several com panies for tho yoar before deducting provisional charges for depreciation--------------------- $130,396,011 64
Less, Charges and Allowances for Depreciation, v iz.:
B y Subsidiary C om panies_____________________________________________________________________________________________ $25,962,164 59
B y U. S. Steel C orporation-------- -------------------------------------- ------------------ ------------------------------------------------------------------------6,465,884 26 3 2 ,4 2 8 ,048 85
N et Incom o in tho year 1915---------------------------------------------------------------------- ----------------------------------------------------------------------------------* Includes charges for ordinary maintenance and repairs, approxim ately $40,000,000.




$97,967.962 79

Mar . 18 1916.]

THE CHRONICLE

1073

CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31 1915.
ASSETS.

P ro p e rty A c c o u n t —
P r o p e r tie s O w n ed a n d O p e r a te d b y th e S ev era l C o m p a n ie s :

Balanco o f this account as o f D ecem ber 31 1915, per details on a previous p a ge__________________________________ ________________ S I,657,045,416 48
Less, Depreciation and Replacem ent Fund Balances at D ecem ber 31 1915, viz.:
Used to m eet Bond Sinking Fund requirements— being incom e appropriated for general depreciation and in­
vested in redeemed bonds held b y Trustees o f Sinking Funds, but n ot treatod as assets, and in cash as
below , per tablo on a previous p a g e ...................................................................................... ............................................. $8 8 ,59 3 ,9 4 3 88
Balances in various Funds, per table on a previous p a g e ............................................ ......... .............- ............ ...................125,150,706 95
2 1 3 ,7 4 4 ,6 5 0 83

A d v a n ce d A lin in g R o y a ltie s —
Paym ents for A dvanced M ining R oyalties_________________________ _____ ____________________________________________ $24,909,715 90
Less, Fund reserved from Surplus to cover possible failure to realize all o f the foregoin g.................... _ ................... 7,000,000 00

$ 1 ,4 4 3 ,3 0 0 ,7 6 5 65

1 7 ,9 0 9 ,7 1 5 90

A lin in g R o y a ltie s —;In respect o f which non-interest bearing notes o f the subsidiary com panies have been issued—
See C o n t r a ..------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------D eferred C h a rg es (A pplying to future operations o f the properties)—
M ine exploration expenses and other charges-------- --------------------------------------------------------------------------------------------------------D iscount on subsidiary com panies’ bonds sold (N e t)-----------------------------------------------------------------------------------------------------

2 5 ,9 5 5 ,4 7 8 76

$766,470 56
1,039,478 06
1 ,8 0 5 ,9 4 8 62

I n v e stm e n ts —■
Outside Real E state and Investm ents in sundry securities, including Real E state M ortgages and Land Sales C ontracts______

3 ,0 6 0 ,4 5 9

S in k in g a n d R eserv e F u n d A ssets—
Cash resources held b y Trustees account o f B ond Sinking Funds________________________________________ ____________$1,148 227 26
(In addition Trustees hold $91,655,000 o f ledeem ed bonds, which are not treated as an asset)
Contingent Fund and M iscellaneous Assets___________________________________________________________________________ 4,843, 515 20
Insurance and D epreciation Fund Assets, v iz.:
Securities at c o s t . . _____ ________________________ ________ ________ ______________________________..$ 2 2 ,1 0 1 ,0 4 2 49
C a s h ............................. - ................... - ..........................................................................- ......................................... 9,233.923 49
$31,334,965 98
Less, A m ount o f foregoing represented b y obligations o f Subsidiary Com panies issued for
capital expenditures m ade------------------------------------------------------------- ---------------- ------------------------- 17,772,112 00
13,562,853 98
1 9 ,5 5 4 ,5 9 6 44

C u r r e n t A ssets—■
Inventories, less credit for am ount o f Inventory values representing P rofits earned b y Subsidiary Companies on
Inter-C om pany sales o f products on hand In inventories D ecem ber 31 1915 (See note opposite and table on
a previous p a g o ) ....................................................................................................... ................................................. ................... .$161,113,
A ccounts R eceiva b .e___________________________________________________________________________________________________ 66,308,:
Bills R eceivable_______________________________________________________________________________________________________
6,766,
A gents’ B alances____________________________________________________________________________________ _______________ ____ 934
Sundry M arketable Securities_______________________________
7,748,
Cash (in hand and on deposit with Banks, Bankers and Trust Com panies, subject to ch equ e)_______________________ 94,083,
3 3 6 .9 5 4 ,8 9 5 83
$ 1 ,8 4 8 ,5 4 1 861 14
L IA B IL IT IE S .

C a p ita l S to c k o f U. S . S teel C o r p o r a t io n —
C om m on ________________________________________________________________ _________________ ______
Preferred____________________________________________________________ ____________________________

.$508,302,500 00
. 360,281.100 00

. C a p ita l S to c k s o f S u b sid ia r y C om p a n ies n o t h eld b y U . S . S teel C o r p o r a t io n (Par Value)

---------------------------•...................... .........

B o n d ed a n d D e b e n tu r e D e b t O u ts t a n d in g (For detailed statement see previous pages)__
United States Stool Corporation 50-Yoar 5 % B o n d s __________________________________
United States Stool Corporation 10-60-Year 5 % B onds________________________
Subsidiary C om panies’ B onds, guaranteed b y U . S. Steol C orporation____
Subsidiary Com panies’ B onds, not guaranteed b y U . S. Steel Corporation

$ 8 6 8 ,5 8 3 600 00
5 87 ,742 50

$252,565,000 00
. 183,481,000 00
$436,046,000 00
. 106,947,000 00
. 73,439,705 74
6 16 ,432 705 74

C a p ita l O b lig a t io n s o f S u b sid ia r y C o m p a n ie s A u t h o r iz e d o r C re a te d fo r C a p ita l E x p e n d itu re s Alade (H eld
in Treasury subject to sale, but not Included in assots or liabilities— seo a previous pago)— ................................. ..........

$7,565,000 00

S u b sid ia r y C o m p a n ie s ’ N o n -In te re s t B ea rin g N otes— M aturing ovor a period o f 38 years, substituted for previously existing
mining royalty obligations— Guaranteed b y U . S. Steel C orporation (See C o n tra )..........................................................................................
A lortgages a n d P u r ch a se A ioney O b lig a tio n s o f S u b sid ia r y C o m p a n ie s —
M o r tg a g e s ................................................................................ .......................................................... ...........
Purchase M on ey Obligations Issued in acquirement o f Fixed P rop erty................ ..................... ..
M ining R oy a lty N otes (Interest Bearing— Guaranteed b y U . S. Stool C orp oration )..............

2 5 ,9 5 5 ,4 7 8 76

$136,145 52
176,609 95
763,692 87
1 ,0 7 6 ,4 4 8 34

C u r r e n t L ia b ilitie s —
Current A ccoun ts Payablo and Pay R o lls ............................................................................... ................
Special Deposits or Loans duo em ployees and others......... ...................................... ......................... .
Accruod Taxes not yet due, including provision for 1915 Federal incom e ta x ............................... .
Accrued Interest, Unpresontod C oupons and U nclaimed D ividends________
Preferred Stock D ividond N o. 59, payable February 28 1916.................. ...... ...............
C om m on Stock Dividond N o. 45, payable M arch 30 1916

$33,064,498
992,187
9,930,944
8,187,998
6.304,919
6,353,781

84
14
85
84
25
25

-------------------------

T otal Capital and Current Liabilities_____
S u n d r y R eserve F u n d s—
Contingent and M iscellaneous Operating F u n d s ..
Ponsion F und___________________________________________
Insurance Funds-----------------------------------------------------------------*_________________

6 4 ,8 3 4 ,3 3 0 17

............................... $ 1 ,6 7 7 ,4 7 0 ,3 0 5 51

$17,223,398 95
3,500,000 00
15,322.827 94

------------------------- ■

A p p r o p ria te d S u rp lu s t o C over C a p ita l E sp e n d itu re s (See statement on a previous page)—
Invested in Property A ccount— A dditions and C onstruction........................................ ................... .
U n d iv id e d S u rp lu s o f U. S. S teel C o r p o r a t io n a n d S u b sid ia r y C o m p a n ie s —
Capital Surplus provided in organization______________________________________
Balanco o f Surplus accumulated b y all com panies from April 1 1901 to Decem ber 31 1 9 1 5 ...

3 6 ,0 4 6 ,2 2 6 89
6 5 ,0 0 0 ,0 0 0 00

$25,000,000 00
155,025,328 74

T otal Surplus exclusive o f Profits earnod b y Subsidiary Com panies on Inter-C om pany sales o f products on hand in Inventories
Docem bor 31 1915 (seo note b o l o w ) ............................................................... .................................................... ................

18 0 0 25 328 74

$ 1 ,8 4 8 ,5 4 1 ,8 6 1 14
N o te.
T hat part o f tho Surplus o f Subsidiary Companies roprosenting P rofits accrued on sales o f materials and products to other subsidiary com
panics and on hand in latter s Inventories Is, in this balance shoot, doducted from tho am ount o f Inventories Included under Current Assets.

We havo audited the above Balanco Sheet, and certify that in our opinion it is properly drawn up so as to show the true
financial position of the United States Steel Corporation and Subsidiary Companies on December 31 1915.
P R IC E , W A T E R H O U S E & C O .. Auditors.

N ew Y ork , M arch 8 1916.




[Vo l . 102.

THE CHRONICLE

1074
A M E R IC A N
ANNUAL

T E LE P H O N E

REPORT

FOR

New York, March

To the Stockholders:

THE

AN D

YEAR

13 19 16 .

H erew ith is respectfully subm itted a goneral statem ent
covering the business of the B ell S ystem as a w hole, follow ed
b y tho report o f the Am erican Telephone & Telegraph C o m ­
p a n y, for the year 19 15 .

TELE G P APH
E N D IN G

C O M P A N Y

DECEM BER

31

19 15 .

M A INTE N A N C E , DEPRECIATION A N D RECONSTRUCTION.
D uring the year $ 7 6 ,0 6 0 ,0 0 0 was applied out o f revenue
to current m aintenance and depreciation, an inorease of
$ 2 ,9 6 8 ,0 0 0 , as com pared w ith 19 14 .
Current m aintenance
decreased $ 4 2 4 ,0 0 0 , practically all of which was saved in
the item of subscriber station rem ovals. T h e num ber of
stations disconnected was 3 0 ,0 0 0 less than in 1914.
T h e provision for depreciation of plant during tho year
was $ 4 4 ,8 8 8 ,7 0 0 , an average of 5 .2 per cent of the cost of
p lan t, and an increaso over 1914 o f $ 3 ,3 9 2 ,5 0 0 .
Of this $ 4 4 ,8 8 8 ,7 0 0 , approxim ately $ 1 9 ,0 0 0 ,0 0 0 was
unused during the year for replacement of wornout plant
and tho reserves for future replacement have increased
accordingly.
#
I t is the continuing policy of the B ell System to provide
out o f earnings each year such am ounts as represent the
estim ated wear and tear, obsolescence and inadequacy
of plant accruing during th at year, so that when any plant
comes to be retired sufficient reserve has been gradually
acquired to m eet the loss o f capital due to such retirem ent.
N o t only is this a sound and conservative policy for the
protection of the investor in B ell securities, but it is tho
only w ay b y which present telephone users pay for tho wear
of the plant they are using instead of passing it on to the
next generation. L ack o f recognition of this principle
has caused m an y a failure in other industries as well as the
telephone business, but the principle is now generally ac­
cepted and the practice is firm ly established b y the account­
ing rules of the In ter-S tate C om m erce C om m ission and the
various State com m issions.
GROW TH AND PROSPECTS.
In tho latter part of the year the im provem ent in general
business conditions throughout the country was reflected
in the B ell Telephone S ystem b y a substantial inorease in
the num ber of subscriber stations and b y an im provem ent in
toll earnings.
In som e sections the long-distance toll business showed
an abnorm al increase and for a tim e taxed our facilities to
the u tm ost lim its.
T h e gross telephone earnings for the entire year 1915
increased 6 .4 per cent over 19 14 , which is no moro than the
present norm al growth from year to year.
Com paring
the two years b y half-year periods, the first half of 1915
increased less than 5 per cent over the first half o f 1914,
while the second half of 1915 increased nearly 8 per cent
over tho same period of 19 14 .
T h e increase in subscriber stations b y half years is even
m ore notable :
1914.
1915.
158.700
First half year..
.206,100
.125,900
225.300
Second half year.




. . . . .

. . . . .

. . _ . . .

B E L L T E L E P H O N E S Y S T E M IN U N IT E D ST A T E S.
SUBSCRIBER STATIONS.
A t the end of the year the num ber of stations which
constituted our system in the U nited States was 9 ,1 5 1 ,2 2 1 ,
an increase of 5 0 2 ,2 2 8 , including 1 0 9 ,3 3 6 connecting sta­
tions. 2 ,9 9 5 ,3 2 1 of these were operated b y local, co­
operative and rural independent companies or associations
having sub-license or connection contracts, so-called con­
necting com panies.
PLACES REACH ED.
T h e B ell System b y its toll lines connects, w ith few
exceptions, every village or rural com m u n ity in the U nited
S tates, and its exchange lines aro within the reach of sub­
stantially all the residents o f rural districts.
T h e service has been so im proved th at a m ajority of
all stations can have dependable conversation with each
other regardless of distance; and to all connected w ith the
system the telegraph system s o f tho country are available.
THE W IR E SYSTEM .
T h e total m ileage of wire in use for exchange and toll
service w as 1 8 ,5 0 5 ,5 4 5 m iles, of which 1 ,0 2 9 ,9 5 1 wore
added during the year.
O f the total m ileage over 1 6 ,­
0 5 0 ,0 0 0 miles were exchange wires, and over 2 ,4 5 0 ,0 0 0
toll wires. Th ese figures do n ot include the mileage of
wire operated b y connecting com panies.
O f this total
wire mileage 93 per cent is copper wire.
1 0 ,5 3 6 ,8 3 7 miles
are underground, including 6 0 7 ,8 7 2 miles o f toll wires in
underground cables. T h o underground conduits represent
a cost of 8 9 4 ,5 0 0 ,0 0 0 and the cables in the conduits $ 1 1 1 ,2 0 0 ,0 0 0 — a total in underground plant o f $ 2 0 5 ,7 0 0 ,0 0 0 .
T here are 1 9 6,84 1 miles o f phantom circuits in the B ell
S y stem , an increase during the year o f 7 ,2 7 9 m iles. Par­
ticular attention is called to the m ileage of “ ph an tom cir­
cu its,” reported this year for the first tim e.
T h e ordinary telephone connection consists o f tw o wires
technically called a telephone circuit, each wire consti­
tuting one “ side” of the circuit.
A phantom circuit is a circuit superimposed on two
ordinary circuits b y so connecting the two wires or “ sides”
of each ordinary circuit th at they can be used as one side
of the ph an tom circuit.
In this w ay three practical talking
circuits can be obtained from four wires.
B y using each side of the ph an tom circuit in the same
w a y , an additional phantom circuit can be obtained and
384,000
Total ............................................................................ 332,000
in this w a y seven circuits can be obtained from eight wires.
In the first half of 1915 the ourrent additions to plant
T h is “ ph an tom on a p h a n to m ,” sometim os called a
“ g h o st,” is n ot used com m ercially, as the gain does not were $ 1 5 ,1 7 0 ,0 0 0 and in tho last half they were $ 1 7 ,6 9 4 ,0 0 0 ,
a total of $ 3 2 ,8 6 4 ,0 0 0 for the year, as compared with the
ju stify the added com plications.
estim ate of $ 3 5 ,0 0 0 ,0 0 0 m entioned in last year’s roport.
TR AFFIC .
Including the traffic over the long-distance linos, but N o new financing was necessary for these expenditures.
T ho Bell Telephone System was able to respond quickly
n ot including connecting com panies, the daily average
o f toll connections was abou t 8 1 9 ,0 0 0 , and o f exchange and efficiently to the dem ands m ade on it because of tho
connections abou t 2 5 ,1 8 4 ,0 0 0 , as against corresponding policy consistently followed for years of providing plant
figures in 1914 of 7 9 9 ,0 0 0 and 2 7 ,0 4 9 ,0 0 0 ; the total daily in advance of the requirements. W e do n ot know to what
average for 1915 reaching 2 6 ,0 0 3 ,0 0 0 , or a t the rate of extent the present revival of industry will go or how long
it will last. B u t we do know that a responsibility rests
about 8 ,6 5 2 ,4 0 0 ,0 0 0 per year.
W h ile there was an apparent decrease in exchange traffic, on us to be ready for further expansion when it com es.
as com pared w ith tho previous year, on the sam e basis D uring 1916 we are carrying on the work of now construction
as last year there was the norm al increase. A ll the de­ on about the same scale as experience had shown was ad ­
crease shown b y the figures this year was due to a rigid visable before the outbreak of the European war.
It is estim ated that tho current additions to plant during
exclusion of all uncom pleted connections. A s n ow estab­
lished in our reports, exchange connections consist only the year will aggregate about $ 5 7 ,0 0 0 ,0 0 0 and construction
of the local calls on which the subscriber received the desired work is now proceeding on th at basis. T ho financing for
connection. Calls are oxcluded which aro “ b u s y ,” “ don’ t this and to m eet all indebtedness m aturing during tho year
answer” or “ aban doned;” which are to disconnected lines was completed and announced in January and is stated olse.
or lines in trouble; which are from a subscriber reporting where in this report.
OPERATING RESULTS.
that his bell rang, and which are to toll points or are in­
T ho following tables show the business for tho year of
cidental to calls to toll points.
th e Bell Telephone System including the Am erican Tele­
PLANT ADDITION S.
phone & Telegraph C om p an y and its associated holding
T h e net am ount added to plant and real estate b y all the
and operating companies in the U nited S tates, bu t not
com panies, excluding connecting com panies, constituting
including connecting independent or sub-licensee com panies,
our system in the U n ited States during the year 1915 was
or tho W estern Electric C om p an y except as investments
$ 3 2 ,8 6 3 ,7 1 7 , distributed as follows :
in and dividends from those companies are included respec­
Real Estate.................................- ............................... $4,825,851
tively in assets and revenue. A ll inter-com pany duplica­
E qu ipm en t.......................
12,874,765
Exchange Lines_________________________________ 17,557,569
tions are eliminated in m aking up these tables so that the
Toll Linos...............................................
3,010,764
---------------- $38,268,949 figures represent the business of the system as a whole in
Less Decrease In Construction Work In Progress, &c_________ 5,405,232 its relations to the public.
T h e gross revenue in 1915 of the Boll System — not includ­
Net Additions.................................................................................$32,863,717
ing the connected independent companies— was $ 2 3 9 ,9 0 0 ,0 0 0 ;
PLAN T ADDITION S OF PREVIOUS YEARS.
an increase of over $ 1 3 ,9 0 0 ,0 0 0 over last year. O f this,
T h e n et am ounts added in sixteen years h ave been as
operation consumed $ 8 4 ,5 0 0 ,0 0 0 ; taxes, $ 1 3 ,1 0 0 ,0 0 0 , or
follows :
1 .6 4 per cent on the outstanding capital obligations; current
$79,366,900 1911
$55,660,700
$31,619,100 1906
1900
52.921,400 1912
75.626,900 m aintenance, $ 3 1 ,2 0 0 ,0 0 0 ; and provision for depreciation,
1901
31,005,400 1907
54,871,900 $ 4 4 ,9 0 0 ,0 0 0 .
26.637,200 1913
1902
37.336,500 1908
28,700,100 1914
50,045,300
1903
35,368,700 1909
T h o surplus available for charges, & c ., was $ 6 6 ,2 0 0 ,0 0 0 ,
53,582,800 1915
32,863,700
1904
33,436,700 1910
1905
50.780,900
of which $ 1 8 ,1 0 0 ,0 0 0 was paid in interest and $ 3 2 ,9 0 0 ,0 0 0
m aking a total for the sixteen years of $ 7 2 9 ,8 2 4 ,2 0 0 .
was paid in dividends.

Mar. 18 1010.]

THE CHRONICLE

T h e total capitalization, including in ter-com p any items
and duplications but excluding reacquired securities of
the companies o f the Boll S y stem , is $ 1 ,3 6 7 ,5 3 7 ,8 4 0 .
Of
this, $ 5 7 1 ,1 8 5 ,2 5 6 is owned and in the treasury o f the
companies of the Boll S ystem .
T h e capital stock, bonds and notes payable outstanding
in the hands of the public at the close of the year were $ 7 9 6 3 5 2 ,5 8 4 .
’
BELL TELEPHONE SYSTEM IN UNITED STATES.

1075

COM BINED BALANCE SHEETS, 1907 AND 1915.
(Duplications Excluded.)
C o ^ S T a n d Licenses...............%
Receivables .................................

, »

4 ^ 0 0 0

g lg & M O

l ^ ^ l . '^ l

stock sY n d T S on d si:::: : : : : : : : ^29i448i3oo
r ° tal.................

.o'lo

43;lo4.346

$613,133,500 $1,057,907,703 $444,774,203

L ia b ilitie s —

TELEGRAPH COM PAN Y BY ASSOCIATED HOLDING
AND OPERATIN G COM PANIES, EXC LU D E D .)
Gross Revenue.................................S225.95SU23 $239.90^649 $13*95A 526
Expenses— Operation____
- $81,396,219 $84,550,665 $3,154,446
Current Maintenance..
. 31,595,388
31,171,272
*424,116
- 41,496,240
44,888,702
3,392,462
- 12,216,997
13,117,253
900,25b
.$166,704,844 $173,727,892

$7,023,048

- $59,247,279
- 18,940,641

$66,181,757
18,095,643

$6,934,478
*844,998

- $40,306,638
- 30,304,186

$48,086,114
32,897,065

$7,779,476
2,592,879

- $10,002,452

$15,189,049

$5,186,597

Capital Stock............................... $291,095,400
Funded D ebts............................ 196,113.700
Bills Payable-------------45,175,700
19,436,600
Accounts Payable____________

$440,711,200 $149,615,800
353,236,464 157,122,764
2,404,920 *42,770,780
29,039,127
9,602,527

Total Outstanding Obliga^
tio n s ..................................... $551,821,400
______
Employees’ Benefit Fund______
Surplus and Reserves_________ 61,312",166

$825,391,711 $273,570,311
9,114,329
9,114,329
223,401,663 162,089,563

Total .......................- ...............$613.133,500 $1,057,907,703 S444, 774.203
•Decrease.

D uring this eight-year period the assets o f the com panies
have increased nearly $ 4 4 5 ,0 0 0 ,0 0 0 , while the capital
ftnnf?nn0DS™ nd Payables outstanding have increased $ 2 7 3 ,oUUjOOO.
1 lie surplus and reserves have increased from

fsilln SO°i M q°902f23’1 ?°’ r00’ ? vor 3162,000,000 after setting
aside $9,114,329 for the Employees Benefit Fund.
AVERAGE

O P E R A T IN G

U N I T S ^ O ^ A S S O C IA T E D

O P E R A T IN G

C O M B IN E D B A L A N C E S H E E T S, 1914 A N D 1915.
(D uplications E xcluded.)

The table below shows average operating revenue and
Dec. 31 1915.
Increase
expenses per station, operating ratios, unit plant cost
$880,068,520 $32,863,717 &c., of the associated operating companies (not including
15,951,582
249 981
43 518 625 6,243 039 tho American Telephone & Telegraph Company’s long-

Assets—
Dec. 311914.
TelejJhonoJ’ la n t....................... $847,204,803
Supplies, Tools, &c
------15,701,601
Rocelvables_____
.........
37,275,586
Cash___________
.........
£0.701.276
8 tocks and Bonds
.........
69,800,814

45,716,330 *4:074,946
72,652,646 2,851,832

.$1,019,774,080 $1,057,907,703 $38,133,623
L ia b ilitie s —

Bills Payablo______
A ccounts Payablo.

Total Outstanding Ol
tions________________
Employees’ Benefit Fund.

.
.
-

$393,731,750
385,352,367
15,630,790
26,214.274

$440,711,200 $46,979,450
353,236,464 *32,115,903
2,404,920 *13,225,870
29.039.127
2.824,853

- $820,929,181
8.889,750
189,955.149

$825,391,711
9,114,329
223,401.063

$4,462,530
224,579
33,446,514

-$1,019,774,080 $1,057,907,703 $38,133,623
♦Decrease.

1915UCe lmeS)> f° r thG yearS 1895, 19° ° ’ 1910, 1914 and
Although there aro objections to the use of the subscriber’s
station as a unit or standard, especially in comparisons of
one part of the country with another, yet it is the best
unit available and for general comparisons of the whole
system from one year to another it gives some idea of the
trend of the business.
It will be observed that both earnings and expenses
per station now vary slightly from year to year but are very
much less than m earlier years. The expenses per station
have in spite of improved wages and increased taxes been
anPalongWtliobfinimPrOVe(i m ethods

and 2 reater efficiency

t]l\s b ? ? d,dGd tho carroufc accounts p a ya b le, $ 2 9 ,- . The decrease— from $69 75 in 1895 to $29 80 in 1915—
UoJ’ i z / , the total outstanding obligations o f every kind in the average rate or earnings per station made possible
wore $8_,o,3 9 1 ,7 1 1 , as against which thoro woro liquid assets
by the improvements in apparatus and methods, is largely
cash and current accounts receivable, of $ 8 9 ,2 3 4 ,9 5 5 , leaving the resuit of “measured service,” which places the use
$ 7 3 6 ,1 5 6 ,7 5 6 as the net permanent capital obligation o f tho ot tho system within the reach of the many who can afford
wholo system outstanding in tho hands of tho public.
to pay, and would bo warranted in paying, for actual use
A s stated in previous reports, wo believe from appraisals or value of the service to them, but can not afford to con­
m ado b y our engineers that tho cost of reproduction o f tho tribute toward the service of others and would not be war­
physical plants o f tho Bell Systom would exceed their book ranted in so doing.
cost b y some $ 6 1 ,0 0 0 ,0 0 0 , asido from all intangible values
A V E R A G E O P E R A p N G ^ U N I T S O R A S S O C IA T E D O P E R A T IN G
These telephone plants stand on tho books of tho com ­
panies at $ 8 8 0 ,0 6 8 ,5 2 0 as of D ecem ber 31 19 15 , an increaso
during the year of $ 3 2 ,8 6 3 ,7 1 7 .
Stocks and bonds owned
American Telephone & Telegraph C o .)
J
increased $ 2 ,8 5 1 ,8 3 2 .
Supplies, tools and receivables in- Average per Exchange Station.
r n in g s —
1895.
1900.
1910.
^ M 9 3 ,0 2 0 , and cash balances wore decreased $ 4 ,- E aExchange
1914.
1915.
Service______________ $69.75 $44.68 $31.28
$29.81 $29.80
T o ll Service.......................................n .3 5
i 99 r o 9
i • ? 1Iiahes a total increaso in assets of $ 3 8 ,­
12.60
9.47
8.60
8.65
T o t a l ...............................................$81.10 $57.28 $40.75
13 3 ,6 2 3
which is represented b y $ 4 ,4 6 2 ,5 3 0 increase in Expenses—
$38.41 $38.45
outstanding obligations of the wholo systom and an increase
Operation.................
$29.15 $21.63 $15.14
$15.88 $15.61
T a x e s .................
2.23
in surplus and reserves o f $ 3 3 ,6 7 1 ,0 9 3 .
2.37
2.00
2.00
2.02
T o t a l ...................................... ..$ 3 1 .3 8 $24.00 $17.14 $17.88
In accordance with our previous practico in m aking up
Balance.................................$49.72 $33.28 $23.61 $20.53 $17.63
$20.82
the combined figures for tho Boll S y stem , all intor-com panv
Maintenance and Depreciation.S26.20 $17.68 $13.46 $12.62
$12.38
Net Earnings________________$23.52 $15.60 $10.15
itoms havo been elim inated, and all intangible assets have l or
$7.91
$8.44
Cent Operation Expense to
Telephone Earnings___________ 35.9
been excluded, so that the com bined surplus and reserves
37.8
37.2
41.4
40.6
Per
Cent
Telephone
Expense
to
as shown on tho preceding page aro considerably loss than
Telephone Earnings____________71.0
72.8
75.1
79.4
78.1
tho sum of surplus and reserves shown on the books of the Per Cent Maintenance and De­
preciation to Average Plant,
separato companies.
Supplies, &c_________________ 9.1
8.4
9.5
8.9
8.8
nnn° . pr,osont. surplus and resorves, aggregating Per Cent Increaso Exchango ’
Stations*_____________________ 15.7
26.5
$ 2 2 3 ,4 0 0 ,0 0 0 , is invested in tangible and productive prop- Per
11.8
6.4
6.9
Cent Increase Milas Exchange
orty tho revenue from which enables tho companies to
W ire*_______________________ 15,9
33.2
12.0
9.2
6.8
m aintain their efficiency without paying capital charges Per Cent Increase Miles Toll
Wire* (excluding Long-Distance
on this am ount.
&
L in e s )________________________21.3
25.2
11.5
5.5
a.9
» T i°Urn anteo ti(?n is called to a com parative statem ent Average Plant Cost Per Exchange
Station (Exchange and Toll
o f the Bell Systom for tho years 1907 and 1915.
D uring
Construction, excluding Long­
Distance Lines)_______
$260
that P?riod the gross earnings have increased $ 1 1 1 ,3 0 0 ,0 0 0 ,
$199
$142
$141
$138
Cost Per Mile of Toll
o f which $ 8 6 ,3 0 0 ,0 0 0 has been absorbed b y increase in Average
Wire (including Poles and Con­
expenses, leaving an increase of $ 2 5 ,0 0 0 ,0 0 0 in not earnings,
duits, excluding Long-Distance
L in e s )______________________ j g j
$71
$66
$69
$70
2 i!.V n n C™ v f ™ mtoros,t was $ 7 ,6 0 0 ,0 0 0 and in dividends Per Cent Gross Telephone Earn$ 1 4 ,7 0 0 ,0 0 0 .
I ho surplus for 1915 was over $ 1 5 ,0 0 0 ,0 0 0 .
29.7
28.4
28.8
27.6
27.7
Per Cent Total Net Earnings to
BELL TELEPHONE SYSTEM IN UNITED STATES
Average Capital Obligations__ 9.76
8.85
7.52
6.66
7.20
Per Cent Total Net Earnings to
1907 AND 1915.
Plant and Other Assets_______ 9.36
7.96
6.65
5.51
“ DIVIDENDS
5.84
Per Cent Paid Out on Average
a 0 QA-rT.--.--L. - -^ E P H O N E &
Capital Obligations__________
5.13
6.10
6.01
5.88
5.88
Per Cent Paid Out on Plant and
AND OPERATING C O M P A M E S, E X C L UD E DO *N°
5.09
5.57
5.31
4.87
4.76

n JfJS .

Expmisos— °nU°.......................... $128,579^00

$239,9099549 $111*329*849

Operation....................................... 45,894,900
Current Maintonanco................... 36,626,700/
Depreciation____
\
T axes..............................................
4,873,400

84,550,665
31.171,2721
44,888,702/
13,117.253

lotal Expcnsos------------------- $87,395,000 $173,727,892

38,655,765
39,433,274

8,243,853
$86,332,892

Not Rovonuo
...............................$41,184,800
Deduct Interest...............
10,508,500

$66,181,757
18,095!643

$24,996,957
7.587,143

Balance, Not Income....................... $30,676,300
Doduct Dividends Paid................. 18,151,700

$48,086 114
32,897,065

$17,409,814
14,745,365

Balanco for Surplus..................... $12,524,600

$15,189,049

$2,664,449




rataesSmaU increaso mainly duo t0 C rea se in radius covered by exchange
F lat rates, that is, a uniform rate for each class o f service
regardless of use, are based on the average cost or the
average use of all.
In places where the use varies greatlv
w ith widely separated extrem es, flat rates are objectionable
m that the large user, to w hom the service is a business
necessity and directly a p rofit, gets the service a t less than
cost, while the small user, to w hom the service is a t m ost
a convenience and very often a luxury, pays the deficit
In such places the average use is also largely augm ented
by the large use of the service b y a relatively sm all num ber-

{Vol. 162.

THE CHRONICLE

1076

consequently any uniform rate presents both objectionable
and inequitable discrimination as between the large users
and small users.
In rural or com m u n ity service, or in resi­
dential sorvice generally, where there is sm all variation
in use, and the servico conditions are less onerous, exacting,
or costly, whatevor variations there are in servico can be
covered b y single or party line service.
T hrough these adjustm ents in rates the use ot the system
has been placed within the reach of all who have any use
for the service. A very large m ajority of all the users ot
the telephone get their service at a price m uch loss than
the average revenue as shown above, which m akes it the
cheapest telephone service in the world.
Particular attention is called to the per cent ot not earn­
ings and of dividend and interest disbursements to total
plant and other assets :

gated 8 3 ,7 7 9 ,8 9 6 . A t D ecem ber 31 19 15 , tho rosorvos for
these Benefit Funds aggregated 8 9 ,1 1 4 ,3 2 9 .
REPORT

&

E A R N IN G S .

T h e net earnings of the Am erican Telephone & Telegraph
C om p an y for tho year Avero 8 4 1 ,1 1 7 ,4 8 7 2 8 , which is 8 5 5 9 ,­
509 99 more than in the previous year. T h o interest charges
were 8 6 ,4 9 8 ,8 4 9 7 2 and tho dividends at tho regular rate
of 8 per cent per annum were 8 2 9 ,1 0 0 ,5 9 1 0 3 .
O f tho
resulting balance there was carried to Reserves 8 2 ,b 0 0 ,0 0 0
and to Surplus 8 3 ,0 1 8 ,0 4 6 53 .

Net earnings to plant and other assets.......... ..................................... 5 ' ®
Dividends and interest to plant and other assets............ .................... t. to/ o
In this statem ent tho book valuation is used, which is
considerably less than replacement value and far below
any appriasement which the C om p an y would bo obliged
to accept, either as a basis for fixing rates or for any other
purpose, and is well within all official valuations so far as
such have been m ad e.
_
,
,
T h e low percentage of earnings on the value ot tho plan t,
and of average distribution to capital represented b y secur­
ities issued against this p lan t, should convince the m ost
skeptical that under no possible different conditions could
the public get cheaper servico. W h eth er they could get
better service m ust be left to tho decision of those who have
had the opportunity of comparing the service of the Bell
System w ith that of other system s either of this country
or of the world.

WESTERN ELECTRIC.

T h e relations between tho W estern Electric C om p any
and this and the associated companies have been very
fully discussed and set forth in previous reports, particularly
that for tho year 1914.
T h o functions which it performs
for tho Bell System continue unchanged.
, .
T h o manufacturing and business of the W e s torn Electric
were operated under an Illinois corporation.
Its nominal
headquarters and principal factory were in or near Chicago.
T h e actual official headquarters and principal la boratory,
warehouse and experimental departm ents wore in N ow
Y o r k C ity .
,
. ..
„ ,
T o straighten out the anom alous position of the com ­
p a n y , and to bring its operations within the actual conditions,
the property was transferred, w ith the consent of every
shareholder, to the W e stern Electric C o m p an y , Incorporated,
organized under the laws of N e w Y o r k .
.
T h e principal factory will remain in Illinois, and the
legal as well as the actual headquarters will be in N e w Y ork.
T h e com p an y’ s business for 1915 has been on tlio whole
better than was expected. T h e sales am ounted to 8 6 3 ,­
8 5 2 0 0 0 of which 8 3 8 ,3 9 4 ,0 0 0 represents sales to tho com ­
panies of the Bell S ystem , and 8 2 5 ,4 5 8 ,0 0 0 represents sales
to other customers.
N o prediction can be m ade with any degree of confidence
a t the present tim e as to tho effect of the war upon the
com p an y’s foreign investm ents.

B ALA N CE SH EET.

T h e balance sheet of tho Am erican Tolophono & T ele­
graph C om p an y is given as usual at tho ond of this roport.
It will bo noticed b y comparison with the previous year s
balanco sheet that the inbedtedne3S of the C om p an y was
reduced during the year b y 8 5 0 ,9 6 3 ,5 6 0 .
Of this decrease
8 3 9 ,3 1 2 ,3 0 0 was due to tho conversion of bonds into stock,
as explained below , and tho balance 8 1 1 ,6 5 1 ,2 6 0 , was a
reduction in the C o m p a n y ’s payables of all kinds.
F or tho 8 3 9 ,3 1 2 ,3 0 0 convertible bonds surrendered and
for Cctsli paym ents in connection therewith, stock having a
par value o f 8 3 5 ,7 9 5 ,2 0 0 was issued, a reduction in capital
obligations of 8 3 ,5 1 7 ,1 0 0 .
T h o C om p an y ’s direct obliga­
tions of every description were thus roducod by a total ot
8 1 5 ,1 6 8 ,3 6 0 .
,
.
.
.
On the other side, under assets, thoro is an increase in
investm ents in associated companies of $ 1 0 ,0 0 4 ,0 4 2 , and
in telephones and long-distance telephono plant ot $ J o o ,0 7 4 , while cash on hand decreased 8 6 ,3 9 6 ,2 0 2 and miscel­
laneous receivables decreased 8 1 9 ,6 0 9 ,8 8 2 .
T h o new item “ Trustees— E m ployees Stock 1 urchase
P lan” 8 8 ,7 9 5 ,9 6 7 , represents the balanco not yet due from
employees who are purchasing stock ami paying toi it by
installments of 82 per share per m onth under tho plan
announced in last year’s report. T his balanco is being
reduced b y about 8 2 5 0 ,0 0 0 per m onth
T h o net decrease in assets was thus 8 5 ,0 5 3 ,0 0 0 , as com ­
pared with the decrease in obligations ot S lo ,lb 8 ,3 0 U ,
showing a net im provem ent in tho C om p an y s financial
position of 8 9 ,5 1 5 ,3 6 0 , which is represented b y tho increase
in surplus and reserves.

EMPLOYEES’ BENEFIT FUNDS.
T h e Plan for E m p loyees’ Pensions, D isability Benefits
and D ea th Benefits announced in tho report for 1912 has
been in com plete and successful operation throughout tho
Bell System for tliree years. U n der this Plan tho com ­
panies bear all tho cost of pensions on account ot 9 M ago,
of benefit paym ents in sickness, of com pensation in cases
of accident, and of benefits to dependents in cases of death.
E v e ry em ployee can calculate for himself beforehand exactly
w hat he is entitled to under any of these contingencies.
Com pensation in cases of industrial accidents is now
covered, more or less com p letely, b y the laws of m ost
S tates. T h e statutes of the various States naturally difler
as to the rates and periods of such com pensation and in
other details. Our Plan is uniform for all parts ot the
country and is usually som ewhat m ore liberal than the
statutory provisions, so th at while in no caso does tho in­
jured employeo receive less than fixed b y la w , in m an y cases
he receives slightly m ore.
T ho other benefits under our Plan are not required by
law bu t we believe it is no more than simplo justice that
tho m en and women who devote their working lives to tho
telephone servico should be assured of some incomo when
they are sick or com e to old age, and that som e im m ediate
provision should be m ade for tlioso dependent on such
workers when they die in tho service.
If justice dem ands
this, its cost is a fiar charge against the business, and w e so
re*Besides the m atter of justice a suitable provision for
these exigencies of life which the wage-earner is frequently
unable to m eet single-handed relieves him of anxiety and
dread and enables him when sick to secure the caro and
treatm ent which I10 needs. T h e paym en t of tho benefits
thus brings a very real return through the em ployee s in­
creased efficiency and interest in the servico.
Evidences
o f this and of its beneficial effect on the telephone servico
appear continually. T h e telephone-using public is bene­
fited as well as tho telephone em ployees.
In tho three years 1 9 1 3 -1 9 1 5 , inclusive, the expenditures
from the Benefit Funds o f the B ell companies have aggre­




OF T H E A M E R IC A N T E L E P H O N E
TELEGRAPH CO M PAN Y.

C A P IT A L S T O C K A N D B O N D S .

T h e 4 > 2 % convertible bonds issued M a rch 1 1913 aro
under their terms convertible into stock beginning M arch 2
1915, at the ratio of 81 20 in bonds (or 81 00 m bonds and
820 in cash) for one share of stock.
O f the 8 6 7 ,0 0 0 ,0 0 0
issued 8 3 8 ,9 3 6 ,3 0 0 have been converted, leaving outstanding
8 2 8 ,0 6 3 ,7 0 0 .
,
. ,
O f the 4 % convertible bonds 8 3 7 6 ,0 0 0 have been converted
during tho year, leaving outstanding 8 4 ,1 2 9 ,0 0 0 .
Of the 8 1 0 ,0 0 0 ,0 0 0 W estern Tolophono & Telegraph
C om p an y bonds assumed b y this C om p an y 8 1 0 ,0 0 0 have
been reacquired during tho year.
T h e only capital stock issued during tho year was 8 3 o ,7 9 5 ,2 0 0 par value, issued in oxchango for convertible bonds.
T h e total outstanding capital stock and bonds ot tho
Am erican Telephone & Telegraph C om p an y a t D ocem ber 31
1915, wore as follows :

«
.f ’ , qfri„,r
..........................................................$380,477,100
4 % Collateral Trust B onds, 1929........ ............................................. 7 8 , 000,000
4 % C onvertible B onds, 1 9 3 6 --.........................................................
28 0 0 3 7 0 0
4 ( 2 % C onvertible Bonds, 1933— -------------------a 0 00 0 0 0
5 % W estern Telephone & Telegraph C om pany Bonds, 193 2 -9,990,000
T otal

$500,659,800

For the 8 3 8 0 ,4 7 7 ,1 0 0 capital stock, 8 4 i 2 , 1 9 0 ,8 0 2 has
been paid into tho troasury of tho C o m p an y ; the 8 3 1 ,7 1 3 ,­
7 0 2 in excess of par value roprosonting prem ium s on stock
which are carried as part of tho C om p an y s surplus.
Ih o
am ount added to surplus during 1915 on this account duo
to the conversion of bonds having a par value greater than
the stock issued in oxchango therefor was 8 7 ,1 7 6 ,2 4 4 .
A ll discounts on the bond issues havo been charged o ff.
T h e num ber of shareholders, not including
em ployee
shareholders, 6 5 ,5 1 2 on D ecom ber 31 1915, shows an increase
of 6 ,0 9 7 during the year.
T h a t tho distribution is gonoral
appears from tho following :
5 7 ,5 8 0 held less than 100 shares each;
7 536 held from 100 to 1 ,0 0 0 shares each;
3 6 8 held from 1 ,0 0 0 to 5 ,0 0 0 shares oach;
13 held 5 ,0 0 0 shares or moro each (om itting brokers
and holders in investm ent trusts, & c .)
O f the holders of less than 100 shares each,
1 3 ,8 9 0 held 5 shares or less each;
4 3 ,3 6 2 held 25 shares or less each.
^
T h e average num ber of shares hold was 5 8 , or deducting
the stock held by Trustees under the Em ployees Stock
Purchase Plan the average was 5 6 shares.
A m ajority ot
the C om p an y ’s shareholders aro w om en. A b ou t 6 per cent
of the stock was at D ecem ber 31st m the names of brokers,
and less than 3 per cent of tho stock is held in Europe.
T o the 6 5 ,5 1 2 stockholders of record shown above thoro
should be addod some 3 2 ,0 0 0 em ployees of the Boll System
in all parts of tho country who aro paying for stock o ut ot
their wages at the rate of 82 per share per m onth.
C ount­
ing these and also those persons whose stock is held tor
them in investm ent trusts and tho like, there aro coitainly
more than 10 0 ,0 0 0 actual owners of stock in this C om p an y .

Mar . 18 1916.)

THE CHRONICLE

1077

In response to m an y requests, the plan to aid employees •this service include m atters pertaining to rights of w ay and
to purchase stock on easy terms o f paym en t has boen ex­ franchises, the adjustm ent of claim s, and the negotiations
tended as of M arch 1 1916 to those n ot buying stock under of contracts, especially those intended to m inim ize inter­
the original plan.
ference due to high tension currents of other com panies.
FINANCING FOR 1916.
T h e second and broader and m uch more im portant class
A s nearly as can be determined from the experience of of service rendered b y the Legal D epartm ent is in connec­
several years past the normal or average am ou n t of new tion with the general functions of this C om p an y and the
m oney required for the developm ent of the B ell System work o f the associated com panies. I t is not practicable
is abou t $ 2 5 ,0 0 0 ,0 0 0 per annum .
to give a Concise definition o f the nature and extent of this
For the year 1916 provision has been m ade to m eet these general service.
I t is the purpose of the Legal D epartm ent
normal or average requirements of abou t $ 2 5 ,0 0 0 ,0 0 0 , to act as counsel for each o f the associated com panies, and
and also to p ay off the 5 % coupon notes of associated com ­ beyond this, to do w hatever m a y be necessary in order to
panies which m ature in April and M a y of this year b y the supplem ent and facilitate the work of their legal depart­
sale in January of $ 5 0 ,0 0 0 ,0 0 0 4 h 6 % coupon notes m aturing m ents. T o better qualify it to act as advisor to the asso­
February 1 1918. Part of these notes are issued b y asso­ ciated com panies, the Legal D epartm ent endeavors a t all
ciated companies and endorsed b y Am erican Telephone & tim es to keep closely in touch with all questions o f a legal,
Telegraph C om p an y and the balance are direct obligations or quasi legal, or economic nature which m ay in any w ay
o f this C om p an y .
becom e pertinent to the business o f the B ell System or to
ENGINEERING.
a ny one o f its associated com panies.
T h e work o f the Engineering D epartm en t for the year
Commission regulation continues to present m an y o f the
1915 has been of unusual im portance.
T h e transcontinental m ost im portant questions w ith which the Legal D epart­
telephone project, which had been in process o f develop­ m ent has to deal.
In addition to the In ter-S tate C om m erce
m en t for so m an y years, was brought to a successful con­ C om m ission, there are now commissions in all but four o f
clusion when, in the early part of the year, the transconti­ the States, which have jurisdiction, m ore or less com plete,
nental telephone lino joining the principal centers on the over telephone com panies, including rates, service, account­
A tla n tic seaboard to the Pacific coast was thrown open to ing, financing and capitalization.
C om m ission regulation
public use. <
has not progressed beyond the developm ent stage.
The
T h e service rendered over this line was so satisfactory C om p an y has consistently m aintained w hat has heretofore
to the public that engineering studies were at once begun been its policy in endeavoring to co-operate with tho various
fo r < the extension o f the im proved form of construction. commissions in establishing their regulation upon the
T h is w ork, which will require m uch tim e for its com pletion sound basis which is necessary if it is to be justified either
and which depends upon traffic and m an y other practical in the view o f the public or o f the public utilities.
In en­
considerations aside from the purely engineering questions deavoring to accomplish this purpose, the Legal D epartm ent
involved, has now progressed so far that it is possible to is constantly working, first, to accurately define and clearly
talk from a n y State in the Union to a t least som e point in establish the fundam ental propositions, both legal and
a ny other.
econom ic, which m ust be the basis of proper rate regulation,
B y m eans of radio or wireless telephony the Engineering and secondly, to see that these propositions are well and
D ep artm en t has during the year greatly extended the area clearly presented to the various com m issions.
upon the earth’s surface over which the tones of the hum an
Since the last report was issued, M r . George V . L everett
voice m a y be transm itted. A s a result of the advances in has compelled the C om p an y to yield to his persistent request
the art m ade b y the D ep artm en t, speech has been trans­ that he be relieved of his active duties in the Legal D ep art­
m itted b y wire from N e w Y o rk to A rlington, Virginia, and m en t.
H is advice and counsel will continue to be available
thenco b y wireless to the radio station a t M a r e Island, to the C om p an y . M r . Leverett was the C o m p an y ’s general
California. B y these new wireless im provem ents speech counsel while the vitally im portant patent litigation which
has also been transmitted b y radio telephony from A rling­ determined the validity o f the Bell patents was in progress,
ton, Virginia, to the Eiffel T ow er in Paris, and sim ultaneous­ and also during the transactions which culm inated in the
ly to the Haw aiian Islands in the Pacific.
acquisition by tho present C om p any o f the assets o f T h e
. A serious shortage was threatened in the su pp ly of m ate­ Am erican Bell Telephone C om p an y , in which he had a
rials needed in the m anufacture of the paper used to insulate m ost im portant part.
H is wise counsel and painstaking
the wires in our telephone cables. Cables valued a t from attention to its affairs have been essential elem ents in the
$ 1 0 ,0 0 0 ,0 0 0 to $ 1 2 ,0 0 0 ,0 0 0 aro added to our plant each C o m p a n y ’s success, and his unfailing kindness and courtesy,
year.
T h e wires of these cables aro insulated w ith strips and consideration for others, with his lovable personality,
of paper manufactured from special m aterial.
Great h ave endeared him to all of his associates.
lengths o f these strips of paper are em ployed, the am ount
used in one year being sometimes as much as 2 ,0 0 0 ,0 0 0
GENERAL.
miles in length. Theso cables contain, some o f th em , as
T h e formal opening o f the transcontinental telephone
high as 1,2 0 0 pairs o f wiros.
It is of the utm ost im portance
to have this paper of the necessary qualities, for upon it line extending from B oston and N ew Y o rk on the A tlantic
depends the life of our cable plant of such great value.
In seaboard to San Francisco on the Pacific, on January 2 5 ,
the papor which we have heretofore em ployed, all of these 19 15 , has been followed b y the extension of “ extreme dis­
qualities were assured b y long-continued investigations tance” transmission into all o f the States o f the U nion , b y
and abundant practical experience.
T h e sudden adoption applying these new im provem ents to the plant of the B ell
I t is now possible to talk from points in a ny one
of a substitute material m ight be fraught with great danget S y stem .
o f serious failures in the cable plant.
A solution of this State to some points in every other State of the U nion,
difficulty was found b y the D ep artm en t, whereby the while over a very large part o f the territory covered b y the
situation caused b y the shortage has been m et w ithout in Bell System it is possible for any subscriber to talk to any
any w ay impairing the efficiency of the cable plan t or in­ other subscriber regardless o f distance.
T h e necessary changes in plant and equipm ent will be
creasing its cost.
In the matter of dyestuffs used in insulating materials continued, wherever there is found to be potential commercial
chemicals for batteries, and contact materials, similar traffic, until telephone intercom munication is established
over the whole system , in all of the States of tho U nion.
shortages were encountered and satisfactorily overcome.
In the developm ent of the radio transmission of speech,
In the manufacture of loading coils which aro used in
our long toll wires overhead and underground, great quanti­ after its possibility had been dem onstrated a t our own
ties o f fino hair-like insulated iron wire of special com ­ experimental stations, relations with the N a v y and W a r
position and .004 inch in diameter are em ployed
Som e D epartm ents were established. T h e use of the wireless
years as m uch as 9 0 0 ,0 0 0 miles of this wire are used.
On towers of those departm ents was placed at our service, and
account of the congestion of business, and other reasons every possible courtesy, convenience and assistance in the
growing out o f the conditions abroad, our supply of this conduct o f the experiments was given to our staff b y all
wire has been threatened. T his difficulty has been m et connected w ith these departm ents. Besides theso radio
b y the successful developm ent o f certain new m ethods of experim ents, tho departm ents were given dem onstrations
construction upon which the Engineering D ep artm en t has as to the availability of the Bell System and its wonderful
potentiality in case of any emergency which would require
been engaged for a num ber of years.
D uring the year the D epartm en t has done im portant quick and satisfactory intercom munication between the
and confidential work with representatives of both the different departm ents o f tho G overnm ent and its scattered
A rm y and the N a v y m the m atter of now m ethods of wire­ stations and officers throughout the whole country.
T h e announcem ent that wireless or radio telephony was
less and wire com m unications, with special reforenco to
naval and m ilitary uses.
In addition to this, and for the an accomplished fact aroused much interest not only am ong
benofit of the A rm y and N a v y authorities,’ studies and those who had possible uses for it but those who desired
investigations have been m ade into the wire com m unica­ to profit b y it personally and financially, and m any of our
tions and connections of our plant throughout the U nited shareholders were apprehensive as to the possibility of its
T o answer queries and allay
States.
This work, which is still going o n , has m ade it supplanting the wire sy stem .
apprehensions, a circular letter was given o ut explaining
clear th at the comprehensive wire network of the Bell plant
b y a simple plan of co-operation, will supply to the scheme the scope and uses of the radio telephone and also stating
ot N ation al Dofonso a working system of com m unications that whatever m ight be its future, that futuro would be as
a part of the Boll S y stem .
T h e circular was full and ex­
unequaled b y that of any other nation.
plicit, and recent developm ents do n ot in any degree change
LEGAL.
it.
.
Tho work of the Legal Department naturally divides
In answer to the query, will the wireless ever take the
itself into two classes. There is first tho service which is place of wire system s in the transmission o f speech? So
incidental to tho operation of the Long Distance Lines far as a ny present knowledge or any present indications
Department of the Company. The routine features of govern, the answer m a y be an em phatic “ N o .”




1078

THE CHRONICLE

In the discussion of wireless telegraphy and tolophony
there m ay bo assumed to be a universal, invisible, im­
ponderable ether or w ave conductor, enveloping the earth
and extending indefinitely into space, through which tho
electrical signaling w aves of the telephone or telegraph
pass in all directions.
In this ether there prevail “ static”
disturbances which are active at all times to a greater or
less degree, but ordinarily perceptible to us only through
lightning storm s.
T h ese static phenom ena, so far as can
be jud ged , are of tho same nature as tho radio vibrations,
but of greater intensity, am plitude and volum e a t tim es,
and when in action seem to be universal so far as they affect
the earth; they produce noises in the wireless receiving
instrum ents, and for m onths a t a tim e m ake conversation,
and even transmission of signals, impossible except for very
short distances.
There have been several m ethods proposed
b y scientists, the m ost promising of which m ay eliminate
or nullify some of the interference, bu t will in no w ay extend
the possibilities of the wireless.
In wireless or radio transmission there can bo no secrecy,
for although the w ave lengths of the vibrations vary and
a certain num ber of “ selective” transmissions can be had,
a ny receiver can be adjusted to any “ selective.”
The
num ber of sim ultaneous conversations which m a y take place
b y the wireless telephone is so lim ited that its utility is
practically restricted to use between points or objects A vhich
cannot be com m unicated w ith in any other w a y , and thon
for dependable connection only over short distances. E ven
with these lim itations, m uch difficult engineering work
y et remains to be done before the wireless telephono can
practically fulfill the lim ited functions we m ay reasonably
expect of it.
CONTROL AN D

R E G U L A T IO N .

T ho relations of this and the associated com panies with
■ the various boards of control and regulation and tho na­
tional, State and m unicipal officials, have continued to be
m ost satisfactory, and generally are on a basis of m utual
confidence and co-operation. M a n y , if n ot m o st, of tho
questions which are sent to these bodies aro settled b y
inform al discussion and a dju stm en t.
O f tho questions
which have com e to form al hearing and determ ination the
decisions have been, w ith fow exceptions, such as tho com ­
pany concerned could accept.
Control and regulation have dono m uch to clear aw ay
the dangers of arbitrary action and unreasonable dem ands
both on tho side of tho public and of “ public servicos.”
T h e experience of the past, how ever, reveals dangors that
menace its success.
There is danger in the possibility of “ control and regu­
lation” usurping tho functions of m an agem en t, and that
the m ultitudinous questions of detail, trivial and negligible,
for tho m ost part sim ple questions of operation, will crowd
o u t, and m ake it im possible to give full consideration to other
and more im portant questions.
D eliberate consideration
is impossible in an overworked b o d y .
Even the unsatisfactory practice of allotting questions
to individual m em bers for consideration, opinion and
report, to be adopted as the opinion of the whole b o d y ,
will not properly take care of the w ork.
T h e inevitable
tendency is that opinions and decisions aro strongly in­
fluenced b y , if n ot m ado b y , minor officials and the clerical
force.
M a n y questions that com e before these bodies aro of
such notoriety and are surrounded b y so m uch sensa­
tional and m istakon assertion, misleading inform ation
and erroneous belief, th at it is difficult for one n ot to be
influenced in the form ation of his opinion b y a partial and
often distorted presentation of the fa cts.
In the settlem ent
of such cases it is m ost im portan t, therefore, th at there
should be abundant opportunity to got at the real facts,
and am ple tim e for deliberate consideration.
Other menaces are: the division o f jurisdiction— too
m an y independent boards having jurisdiction over the
same questions— and the re-assum ption of delegated juris­
diction by legislative bodies.
These dangers not only monace “ control and regula­
tio n ,” bu t they also m enace tho work of the “ public utili­
tie s.”
These m iltitudinous questions and m ultiplied bodies
aro the cause not only of great expense to tho “ utilities”
which sooner or later the public p a y , but they occupy the
tim o of the operating officials, to tho detrim ent of the real
work of m anagem ent. M a n y detailed reports aro called for,
and prepared at great expense, th at cannot possibly be
examined and digested, even if the whole force of tho com ­
missions gave all their tim e to them alone.
Com m issions of control and regulation act under dele­
gated authority from legislative bodies and were formed
to protect tho individual m em bers of the public against
corporate aggression or extortion and tho “ corporate m em ­
bers” of the public against public extortion and aggression.
T h a t public is an interested party in tho controversy
and ju st as susceptible of wrong notions or wrong impulses
as a n y individual.
T hese bodies have neither the power of tho legislature
nor the jurisdiction of tho court, but aro interposed between
the two to give these questions of public relations the time
and sem i-judicial consideration which legislative bodies
cannot give and to lesson the num ber o f cases in which
appeal to the courts m igh t bo necessary. T h e sole cause
o f their existence was to control and regulate, under tho




[Vol. 102.

legislative power delegated to them . T heir operations
should be strictly confined to control and regulation and
never invade tho province of m anagem ent.
Management

is inherent in the ownership and is inseparable from the re­
sponsibility of ownership. T ho boundary lino between

m anagem ent and regulation in m any cases m ay bo hard to
define, but in a large m ajority of cases it can bo determ ined
w ith definiteness and precision.
This C om p an y and its associated companies have been
foromost to establish and propose to continue their efforts
to m aintain good wages, good working conditions and re­
lations of the m ost cordial kind for and with their em ployees
— a fact which has been of the utm ost im portance to tho
efficiency o f their service to tho public. It is believed that
discussion and suggestions looking to a fair and reasonable
regulation o f such relations between “ public utilities”
generally and their em ployees m ay fittingly com e from a
com pany which has had so satisfactory an experience with
those engaged in its own service.
•
One of the m ost im portant of tho functions of control
and regulation is fixing the charge for service and prescribing
the character of that service. T h e rovenuo of “ public
utilities” depends upon these chargos. T h a t revenue m ust
be sufficient for all costs o f operation.
Costs include w ages,
m aintenance,
depreciation,
reconstruction,
and capital
charges. W a ge s are a bou t, and for purposes of discussion
can bo considered to be, 5 0 per cent of costs of operation.
W h i l e e a c h f a c t o r o f c o s t is in f a c t a s i m p o r t a n t a s t h e
o t h e r a n d u p o n t h e w h o le e x p e n d it u r e d e p e n d s th e a b ilit y
o f t h e “ p u b l i c u t i l i t i e s ” t o p o r f o r m t h e ir f u n c t i o n s , w a g e s
a re d ir e c t ly p e r s o n a l a n d t o th e m a tt a c h e s a s u p e r io r im ­
p o r ta n c e o v e r th e o th e rs .
W a g e s a n d c o n d itio n s o f e m p lo y ­
m e n t s h o u l d b e s u c h a s Avill c o m m a n d t h e v o r y b e s t s e r v i c e
a t a ll t im e s a n d s h o u l d b e s o a d j u s t o d t h a t t h e r e c o u l d b e
n o d i s p u t e in r e s p e c t t o t h e m t h a t c o u l d n o t b e s e t t l e d A v ith o u t
d is t u r b a n c e o f t h e s e r v ic e .
W a g e s in e a c h c la s s o f e m p l o y m e n t s h o u l d b e a r p r o p e r
r e l a t i o n t o t h e A vhole a n d t h e r e s h o u l d b o n o t o m p t a t i o n ,
n o o p p o r t u n i t y o r n o p oA ver o n t h e p a r t o f a n y c l a s s o f
e m p lo y e e s t o o b ta in a n u n d u e s h a r e .
•
T h e o n l y e x c u s e , A vhich a t o n e t i m e Avas a g o o d e x c u s e ,
f o r u s i n g t h o poA ver a n d f o r c e o f c o m b i n a t i o n t o o b t a i n
in c r e a s e o f p a y , r e c o g n it io n o f r ig h ts o r b e t t e r in g o f c o n ­
d i t i o n s , w a s A vhen i n c r e a s e d n o t p r o f i t s , d u o t o l o w A vages,
a ll w e n t t o t h o e m p l o y e r s .
T h e r e is n o l o n g e r s u c h e x c u s e .
I t has lo n g b e e n r o c o g n i z o d t h a t g o o d Avork c a n o n l y b o o b t a i n e d f r o m , a n d Avaste
a n d e x tra v a g a n ce a v o id e d
b y , in t e r e s te d a n d
s a tis fie d
e m p lo y e e s .
S a fe g u a r d s o f m a n y k in d s h a v e b y s ta t u t e
b e e n th roA vn a r o u n d t h e e m p l o y e e ; h e is p r o t e c t e d a g a i n s t
d a n g e r a n d co m p e n s a te d fo r d a m a g e .
W h e r e e a r n i n g s a r e c o n t r o l l e d , A vhore s u r p l u s o p e r a t i n g
r o v o n u e a fte r a re a s o n a b le r e tu r n o n c a p ita l g o e s b a c k to
t h e p u b l i c , in r e d u c t i o n o f c h a r g e s , in c o n s t r u c t i o n o f p l a n t
f o r w h i c h n o c a p i t a l s e c u r i t i e s a r e i s s u e d , in i m p r o v e m e n t s
in q u a l i t y o r q u a n t i t y o f s e r v i c e , Avagos a l s o s h o u l d b e c o n ­
tr o lle d .
Under existing practice, the question of A vages is a m atter

of internal arrangem ent, or in oxtrome cases a m atter of
arbitrary power or of reference to tho arbitration of tem ­
porary bodies.
. W h e n b o d ie s o f c o n t r o l a n d r e g u la tio n c o n s id e r c o s t s
a n d s o u r c e s o f r e v e n u e , t h e y c o n s id e r w a g e s n o t p r im a r ily
a s t o t h e i r s u f f i c i e n c y o r e q u i t y , b u t in a n i n c l u s i v e Avay
w it h o t h e r e x p e n s e s t o a ss u re t h e m s e lv e s t h a t 6 o sts a re
n o t e x c e s s iv e .
If t h e s e b o d i e s Avoro a u t h o r i z e d t o i n t e r ­
v e n e in d i s p u t e s Avhore Avages a n d A v o rk in g c o n d i t i o n s w e r e
c o n c e r n e d , t h e y A vou ld c o n s i d e r t h e m
co n c r e te ly , b o th
a s t o s u f f i c i e n c y a n d e q u i t y a n d a s a d o m i n a n t f a c t o r in
a d ju s t in g r e v e n u e .
T o g a in o b je c t s , o r to o n fo r c e d e m a n d s b y c o m b in a t io n
a n d a r b i t r a r y a c t i o n c a u s i n g s u s p e n s i o n p a r t i a l l y o r A v h o lly
o f s e r v ic e , t o th e g r e a t in c o n v o n io n c e o f t h o p u b lic , s h o u ld
n o t b e p o s s ib le .
S u c h a c t io n o n th o p a r t o f th o o m p lo y o e s
o f a “ p u b l i c u t i l i t y ” is a s u n ju s t i f i a b l e a n d u n p a r d o n a b l e
a s A vou ld b e a n a r b i t r a r y s u s p e n s i o n o f s e r v i c e b y t h e u t i l i t y .
I t is a n e x e r c i s e o f a r b i t r a r y p o w e r , a d i s r e g a r d o f t h e i n t e r ­
e s ts o f th e p u b lic , w h ic h s h o u ld n o t b o a llo w o d in th e s e
days.
.
R e s t r a i n t h a s b e e n p u t u p o n t h o c o r p o r a t i o n s i d o , A vhich
is e f f e c t u a l s o f a r a s p u b l i c s e r v i c o e n t e r p r i s e s a r o c o n ­
cern ed .
T h o c a u s e s A vhich h a v e m a d o i m p r o v o d A vages a n d l a b o r
c o n d i t i o n s p o s s i b l e Avill b o f o u n d in t h o a p p l i c a t i o n o f t h o
r e s u l t s o f i n v e s t i g a t i o n , r e s e a r c h a n d g e n e r a l s t u d y o f a ll
q u e s t i o n s c o n c e r n i n g m a n a g e m e n t a n d o p e r a t i o n ; in t h o
a c t i v i t y o f i n v e n t i o n a n d in t h e i n t r o d u c t i o n o f l a b o r - s a v i n g
m a c h i n e s , a l l o f A vhich h a v e c o m b i n e d f o r g r e a t l y i n c r e a s e d
e ffic ie n c y a n d im p r o v e m e n t o f m e th o d s a n d g r e a t ly in ­
cr e a s e d p r o d u c t io n p e r u n it o f la b o r o r o f fo r t .
T hese
c a u s e s h a v e m a d e it p o s s ib lo t o g r e a t ly itn p r o v o a n d c h e a p e n
p r o d u c t io n a n d s e r v ic e a n d a t th e s a m e t im o d e c r e a s e th e
h o u rs o f la b o r , im p r o v e c o n d itio n s a n d m e e t th e c o n tin u a lly
r e c u r r i n g n e c e s s i t y a n d d o m a n d s f o r b e t t o r A vagos.
“ S o c i o t y h a s n e v e r alloA V od t h a t A vhich is n o c e s s a r y t o
it s e x i s t e n c e t o b e e n t i r e l y c o n t r o l l e d b y p r i v a t o i n t e r e s t s . ”
I n th e p r e s e n t s ta te o f p u b lic o p in io n , w h ic h h a s a lm o s t
i f n o t q u i t e t h e f o r c e o f c o m m o n laAV, t h o r o is n o r e a s o n a b l e
d is p u t e t h a t s h o u ld n o t b e s o tt lo d b y c o m m o n a g r o o m e n t ,
a n d Avhen t h a t f a ils t h e s id o A vh ich is d i s a p p o i n t e d a n d
b e l ie v e s t h a t i t h a s a g o o d c a s e , s h o u l d b e A villin g t o l e a v e

Mar . 18 1916.]

THE CHRONICLE

1079

its case to a body having power of control and regulation employers should have towards those who serve them, and
and possessed of a knowledge of and jurisdiction over all towards those who are, at least for the moment, in a sub­
the essential elements necessary for reaching an equitable ordinate position. Too often the attitude of those demand­
decision.
ing service towards the employees giving them service, is in
The duty and obligation of an employee, to the employer, unreasonable and undignified contrast to that which they
to the employment and to the dependent public; the atti­ should give and which they do give to the employees of their
tude of the employee towards these duties and obligations; immediate personal establishments.
the effect that attitude may have upon the employment,
C O N C L U S IO N .
on the service or on the public served, are vital public
questions.
It is perfectly within bounds of conservatism to say
Whatever may be the facts with ordinary industrials, that the American Telephone & Telegraph Company and
the position of the employees of public service enterprises, associated companies were never, as a whole, in a more
particularly those of transportation and intercommunica­ satisfactory, if as satisfactory, a position financially, physic­
tion, is as distinct and separate from that of the employees ally and particularly from the point of mutual relationship
of an ordinary industrial, as the position of any public with their employees and 'with the public.
service enterprise is distinct and separate from that of an
The underlying policy of the Bell System was formulated
ordinary industrial enterprise.
at tho beginning of the business, by those who had the
Public service employees, nominally the employees or perception and imagination to realize the potentialities,
servers of the corporation, are the employees or servers of and more important, bad faith in the possibilities and courage
the public, It is the “ service,” not of any particular em­ to undertake their development.
ployee but of every employee, that the public pays for.
That policy was in effect, “ one system” under common
Service is rendered by the employee directly to the indi­ control, interdependent, intercommunicating, by which
vidual. The quality of the service rendered depends upon every one at every place could converse with every other
the interest of the employee in the service and the attitude one at every other place.
toward the public. Employees who come in direct contact
This policy has been consistently and persistently pur­
with the public can, in whole or in part, nullify or make sued. So far as the whole country is concerned, such a
objectionably inferior the efforts or service of the best system m ay now be considered an accomplished fact. It
organized and most comprehensive system or of the most has been tried and tested by experience. It has been
efficient methods. N o system can give good service, unless proved good and has been accepted by the telephone-using
there bo a direct recognition on the part of the employee public as the only one under which they can have satis­
that he has a duty and obligation to the public served; and factory service. N o matter what the technical objections
following that duty and obligation, there must be some or negligible differences of opinion or theory, it has been,
accountability of some kind to someone, if that obligation if not formally approved, substantially accepted by all
is evaded and the service is not rendered in the way it could national, State and municipal authorities and boards of
and should be.
control and regulation and has been adjudicated upon by
Good service requires expertness, which can only come courts of high jurisdiction, throughout the country, as the
from experience acquired through continuity in position; only policy or plan by which can be given a sorvice such as
it requires efficient system and method, enforced and carried the commercial and social requirements now demand.
out; it requires not the servile, but the respectful and im­
There have been many and grave dangers confronting
plicit subordination of the employee to tho system, the tho American Telephone & Telegraph Company and asso­
method, and necessarily to the officials of the organization; ciated companies. The most difficult to control was that
it depends upon co-operation and the co-ordination of the arising from the intimate, exacting and delicate relations
efforts of all, employer and employee.
with the public, inherent in any “ public necessity,” but
Continuity of service requires at all times a sufficient peculiar to the telephone service because of the confidential
number of trained employees to take care of the domands personal relations with its users. The menace of this danger
of the service and it should be beyond the power of any is happily averted in a great degree. The employees of the
part of the organization to lightly cast aside even an implied service who come in close relation with the public recognize
obligation.
that courtesy and patience make their task pleasanter and
There are two “ parties” in all public service— the organ­ their relations more agreeable and the public are fast respond­
ization with its plant and facilities for giving service, and ing to this silent appeal.
the employees who give tho service. The employee is by
The greatest danger now safely past and never again
tradition regarded as a part of the organization and subjecl; possible, was in the promoting speculative boom, winch
to its discipline and control. To a certain degree in some existed in the abundant years which closed the last cen­
cases this has been nullified by combination. If this tury.
•
combination or the possibility of it is to be admitted, then
It was only the policy of one universal interdependent
so far as is necessary to preserve the right of tho public to system, persistently followed and the advantage of the
a continuous and dependable service, it should be under service due to it, that enabled the Bell to maintain itself.
the same control and regulation by the same bodies that
The desire for cheaper and greater service, the fear of
the corporation itself is under.
monopoly, allegations of enormous profit were used by
If tho fundamental laws would permit it and public promoters, some wilfully and intentionally misleading,
sentiment could be created to enforce it, it would bo very some mistaken, who appealed to the selfishness, covetous­
desirable to work out some practical plan, to accomplish ness and prejudices of the investor and the public. There
this result.
was a wild investment in inflated securities sold to the
“ Public services” are of such a nature as to create a unthinking public on the promise of big profits and divi­
dependency upon some one system. It is impossible to dends. Failure in performance brought a sad experience
suspend or interrupt these services even temporarily with­ to these mistaken promoters and investors. The fallacy
out putting tho public to great inconvenience and to much of cheaper service than that given by the Bell System, and
suffering. To cripple or destroy such services or the means of superior service from any different apparatus or operating
or facilities for"rendering such service would be a calamity, methods, was demonstrated beyond question.
something that nothing could justify. The obligation on
Tho necessity of the existing opposition companies, now
the system to give a continuity of service is so strong that growing old, to care for depreciation and obsolescence and
no excuse except force majeure can bo recognized. No to maintain a local service at least equal to the Bell service,
argument or accumulation of causes could possibly justify even to hold their existing position, makes existing dupli­
thoso, who in any way controlled the situation, in doing cating enterprises negligible so far as they affect the present
anything either wilfully or through negligence which would or may affect the future of our business. Under reasonable
result in suspension or interference with service.
restrictions, necessary to avoid discrimination against the
Conversely, if employees aro to be controlled they should Bell subscribers, these duplicating companies aro now given
also be protected. W h at, then, is the method of protec­ the use of tho toll and long-distance lines of the'Bell System
tion ? In the past, boards of arbitration have been a resort to connect their subscribers with the subscribers of all Bell
when matters have come to an impasse. Special and exchanges beyond local and circumadjacent ones.
(See
independent arbitration bodies are temporary, do not correspondence with the Department of Justice, in this
possess and cannot appreciate all tho factors, and what is Company’s annual report for 1913.)
most important, have no responsibility for tho effects of
Our policy toward them is and will be unchanged. If in
their decision on other interests.
any case it becomes the desire of the telephone public that
To adjust properly any question involving expenditure we should, and the public and all authorities acquiesce
for any part, overy factor in connection with tho whole and it can legally be done, wo stand ready to make anv
business should bo considered— the revenue, costs or charges, reasonable arrangement which will protect the service ancl
and everything that affects these. This can only properly the public, and which will not discriminate against the
bo'done by ono and the same body, which must liavo juris­ subscribers of the Bell System.
diction over all factors involved— and therefore tho only
The financial experience from past efforts; the general
logical body to regulate and protect public servico employees sentiment of the public that one interdependent universal
is that which regulates tho “ public utility” itsolf and has system under control and regulation is sufficient, and more
tho responsibility to tho public for this regulation.
than one a nuisance; the ability of the Bell to furnish any
On tho other hand, it is both unreasonable and impossible type or style of apparatus, establishes the absoluto futility,
to expect tho employee to admit or appreciate this unless even if it were physically or financially possible, of any
at the same time tho individuals of the public recognize attempt to duplicate the Bell System. Less than a com­
and observe their obligation or duty towards those em­ plete duplication would bo useless; a complete duplication
ployees. Courtesy on the part of tho public is too often would be a nuisance.
overlooked or forgotten, and too often tho public fail to
There have been serious apprehensions that rate-adjusting
rocognizo in their bearing and action towards thoso.omployocs bodies might bear hard on rates and reduce them to an
any direct relation or any of those obligations which all unprofitable point. There have been disputes over what




THE CHRONICLE

1080

were reasonable rates, but not a singlo instance where there
was a tendency or inclination to make any but fair ones.
In rate making, whether legislative or competitive, there
is a general tendency towards uniform rates for all like
public services. Uniform rates are necessarily based on
average costs over the territory to which the rates apply.
These costs may be either determined, accepted or as­
sumed.
N o two systems or independent enterprises of any nature,
and particularly of “ public service,” are like conditioned
as to construction, operating, density of traffic and other
factors which control cost of operating; consequently there
are in large territories, great variations in the causes which
affect the numerous costs from which the average costs are
deduced.
Extensive combinations or systems favorably situated
or well balanced combinations of units even of wide vari­
ation, prosper under uniform rates and will even show
good results at “ unit” rates no greater than the unit cost
of operating on other combinations or systems unfavorably
situated or badly balanced.
Extensive systems badly balanced or independent enter­
prises unfavorably situated, may be fairly prosperous under
uniform rates during periods of great commercial activity,
but will be barely self-sustaining in normal times and aro in
the hands of a receiver in sub-normal times.
This is most forcibly demonstrated in transportation,
where there are such extremes in the unit cost of operation
on differently situated or conditioned systems and independ­
ent enterprises.
The Bell System is a well balanced comprehensive system
of intercommunication, in which each exchange district is
a center of an intradependent system, each of which is
superimposed in part over the other, and each of which must
be considered in rate making as a whole.
It is recognized that the value of the telephone service
is dependent upon the available service of the entire intra­
dependent system to be reached from any exchange center;
that there is and must be great variation in the revonueproducing ability of each separate exchange district and
connecting line making up the system; that in rate making
all these elements creating this value of service must be
recognized and taken into consideration.
To the extent that these conditions aro within the juris­
diction of any rate-making body, they aro now generally
taken into consideration, and may be considered to be well
established principles.
There is no public service which is in a better position
as to its future revenue than the Beil System, and its strength
lies in the fact that it is a well balancod, intradopendent,
aggregated system made up of many units, interdependent
as to service and policy and operation, but intradependent
as to common interest and support.
The underlying basis of rate making is the “ value of the
plant.” On this the Bell System has nothing to fear.
The actual value of its plant— the only value that can be
used for rate making— is many millions in excess of the
book value. The book value is many millions in excess of
the par of all outstanding capital obligations.
Its capital obligations are conservative. All discounts
on bond issues have been charged off. There has been
paid in on account of capital stock of the Company over
§31,000,000 in excess of the par of that stock, or for every
share of outstanding stock, par $100, $108 in cash has been
paid into the treasury.
Our situation is due entirely to the conservatism of the
past; and to the making of ample charges against current
earnings for depreciation and obsolescence as should be and
must be done with any regard for the futuro. This is now
authorized and directed to bo done by all bodies of “ control
and regulation.”
The recognition of these principles and factors as con­
trolling in rate making, guarantees and protects the Amer­
ican Telephone & Telegraph Company and associated
companies in reasonable rates, which will enablo them to
maintain good service by having a satisfied, well paid and
interested operating staff; will enablo them to maintain

[Vol . 102.

and extend thoir system, increase its universality to the
greatest possibility and to place its service within reach of
the greatest possible number, although in so doing there
will bo lines and exchange systems constructed and main­
tained in advance of the development or oven the poten­
tiality of a business that would support these sections
independently.
“ Those advocating government ownership say ‘ that
private claims or rights of owners (i . e. shareholders) of the
existing systems will not be allowed to stand in the w a y.’
It is neither contention nor resistance for the thousands of
owners to claim ‘just compensation’ based upon a fair
valuation; the guaranteed rights of all give them that pro­
tection. Just compensation means that it must be ‘just’
and represent full value of the property; this contention
is very clearly upheld in . . .
a United States Supreme
Court decision in a case where it was claimed that just
value meant full value of the property, including franchises.”
(Amorican Telephone & Telegraph Company annual report
1913.)
So long as the policies which now control the companies
aro followed, so long as there aro fair rates and good service,
thero is little danger of public ownership.
The public are recognizing the fact that in the rates
charged for telephone service in the United States there
is no exaction, and are beginning to bolievo that those
charges aro the cheapest in the world and tho service the
best and the total cost to the public less than it would bo
under government ownership.
The amount now paid in dividends and charges on the
outstanding capital obligations is no greater than tho govern­
ment would have to pay for tho purchase monoy. In
addition to its dividends the Company is paying over $13,­
000,000 in taxes which would be lost to the community
under government ownership.
Tho report of 1911 contained the paragraphs :
“ W o believe that we are working this problem out on tho
broad linos of the greatest benefit to tho public, and that
this is evidenced by the fact that our standards and lines
of organization and operation aro the standards the world
over.
“ As a corollary to this— we recognize a ‘responsibility’
and ‘accountability’ to tho public on our part, which is
something different from and something more than the
obligation of other public service companies not so closely
interwoven with the daily life of tho wholo community.”
In this policy, in this belief, in all our acts thero has been
a consistency of purpose, an absolute franknoss of state­
ment, and so far as confidence can be had by any corpora­
tion wliich is dealing with a vital necessity to tho public,
wo believe we have public confidence.
W ith a reasonably satisfied public; with a reasonably
liberal public; with a reasonably inclined Federal, State
and municipal control and regulation; without any onerous
or unreasonable demands in sight or probable; with a normal
business requiring only normal amounts of futur capital;
with a system sufficiently in advance of existing conditions
to meet all possible demands or emergencies; with a business
of such a nature that it makes the most economical “ ser­
vant” for social or commercial intercourse, the first to bo
employed, the last to bo discharged; with an operating
staff from office boy to senior executive, from tho newest
to tho oldest, who look upon the system as their system,
who aro jealous of its reputation and zealous in support of
it; who have a keen interest in its improvement and develop­
ment; who believe that their success and tho Company’s
success are inseparable, who aro never satisfied except with
something better and who recognize their obligations to the
public— with all these, wo should look forward with confi­
dence to the future.
For the Directors,
T H E O D O R E N . V A IL ,
President.

BELL TELEPHONE SYSTEM IN THE UNITED STATES.
A L L D U P L IC A T IO N S B E T W E E N C O M P A N IE S E X C L U D E D .
C O M B IN E D B A L A N C E S H E E T S A T F I V E -Y E A B IN T E R V A L S . 18 85-19 15.
D ec.

3 1 1885.

D ec.

3 1 1890.

D ec.

31 1895.

D ec.

3 1 1900.

D ec.

31 1905.

D ec.

3 1 1910

D ec.

3 1 19 15.

18.925.700
58.512.400
1.021.800
1.761.600
1,183.300
2,697.400

$
20,005,300
87.858.500
1,810.000
3.746.600
2,484.100
4,480,500

$
14.794.300
180.699.800
6.464.400
13.644.000
3.223.000
11.400.400

$
13.313.400
368.065.300
11.069.500
26.220.800
11.005.900
23.041,200

S
2.943.381
610.999.964
20.987.551
26.077.802
27,548,933
64.766.089

880,068,520
15,951.582
43.518.625
45.716.330
72.652,646

60,081,500

84,102,200

120,385.000

230.225.900

452.716.100

753,323,720

1.057,907,703

Capital Stock____________________
38,229,200
367,400
Funded Debt____________________
Bills Payable_____________________
Accounts Payable________________ } 2,618,900

43.792.800
6.473.100
(1.323.000
\3.30 1.10 0

67.462.700
10,074.100
2.000.000
6.138.000

130.006.900
44.137.900
7.000.000
13.583.300

238 .531.10 0
93.079.500
35.000.000
22.407.500

344.645.430
224.791.696
42.566.943
2 1 .7 2 1 .12 5

440.711.200
353.236.464
2.404.920
29.039.127

41,215,500

64,890.000

75,674.800

194.728.100

389.018.100

633.725.194

18,866.000

29.212.200

44.710.200

35.497.800

63.698.000

119.598,526

8 2 5.3 9 1.711
9.114.329
223.401.663

60,081,500

84,102.200

120.385.000

230.225.900

452.716.100

753.323.720

1.057.907.703

A ssets—

Contracts and Licenses___________
Telephone Plant_________________
Supplies, Tools. & c_______________
Receivables______________________
Cash-----------------------------------------Stocks and Bonds________________

$
16.732,100
38,618.000
348.500
1,450.900
1.792,600
1,138.800

T o ta l________________________
L i a b i l it i e s —

Total OutstandlngObllgatlons.
Surplus and Reserves____________
T o ta l________________________




$

$

Mar . 18 1916.]

THE CHRONICLE

10 81

B E L L T E L E P H O N E S Y S T E M IN T H E U N ITED S T A T E S .
C O N D E N SE D S T A T IS T IC S .
D ec.

Total Milos of Polo Lines.......................... .

3 1 1895.

D ec.

3 1 1900.

D ec.

3 1 1905.

D ec.

3 1 1910.

Total Miles of Wire_________________

3 1 19 14.

3 1 19 15.

D ec.

In crea se.

13 1,6 38

2 13 .2 3 3

282,877
30,165

42,761

44,510

1.749

18 4 ,515
2,028
488,872

705,269
4.203
1,252,329

2,345,742
9.373
3.424,803

5.992,303
24,636
5,625,273

9.760,165
35.809
7.679,620

10.536.837
36,314
7.932.394

776,672
505
252,774

Milos of Underground Conduit (length of
single duct)_________________________
Miles o f Underground Wire.......... .........
Miles of Submarine Wire_________
Miles of Aerial Wire................

D ec.

78,203

326,168

330,602

4.434

675,415

1.961,801

5,779.918

11.6 4 2 .2 12

Comprising Toll Wire__
Comprising Exchange Wire___

17,475,594

18,505,545

1.029.951

215,687
459,728

607.599
1,354.202

1.265.236
4,514.682

1.963.994
9.678.218

T o ta l_______________

2,437,697
15.037.897

2,453,483
16,052,062

15,786
1.0 14,16 5

675,415

1,961,801

5,779,918

11.6 4 2 ,2 12

17.475,594

18.505,545

1,029,951

115.506

189,562

196,841

7.279

Miles of Phantom Circuit__________
Total Exchange C irc u its.............................
Number of Central Offices____________

237,837
1.6 13

508,262
2 ,775

1.135,4 4 9
4,532

2.082,960
4.933

Number of Bell Stations______________
Number of Bell Connected Stations*______

2.972,901
5,289

3,17 4 ,2 7 1
5,300

281,695
27,807

201.370
11

800,880
55.0 31

2.241.36 7
287.348

4.030,668
1.852,051

5,763,008
2,885.985

6,155,900
2,995,321

309,502

392.892
109,336

8 55.9 11

2,528 ,715

5,882.719

8.648,993

9 .15 1,2 2 1

14 ,517

502.228

37,067

89.661

12 0 .311

142,527

156.294

13,767

Total Stations_________________ _
Number of Employees______
Number of Connecting Companies, Lines
and Systems_______________
Exchange Connections Daily_____________

27,210

28,306

1.096

2,351,420

5.668.986

13,543.468

21.6 8 1.4 7 1

27.049,225

25,183,799

x l,865,426

5 1,1 2 3

148.528

368,083

602.539

798,949

819.030

20.081

Toll Connections Daily______________
* Includes Private Line Stations,

17.845

x Decrease— Seo explanation under Traffic.

B E L L T E L E P H O N E S Y S T E M IN T H E U N ITED S T A T E S .
A L L D U P L IC A T IO N S B E T W E E N C O M P A N IE S E X C L U D E D .
C O M P A R A T IV E R E V E N U E A T F I V E -Y E A R IN T E R V A L S . 18 85-19 15.
Y ear

1885.

1890.

Y ear

1895.

1900.

Gross Rovonue___________________
Expenses_________________________

Year 1905.

$10,033,600
5,124,300

$16 ,2 12 ,10 0
9.067,600

$24,197,200
15.488.400

Net Revenue___________________
Interest__________________________

$46,385,600
30.632.400

$97,500,100
66,189.400

$4,909,300
27,700

$16 5 ,6 12,8 8 1
114 ,6 18 ,4 73

239.909,649
173,727,892

$7,144,500
278.700

$8,708,800
655,500

Not Income__________ _____
Dividends_______________________

$15,753,200
2,389.600

$31,310 ,70 0
5.836,300

$50,994,408
11.556,864

$4,881,600
3,107,200

66 ,18 1.757
18.095.643

$6,865,800
4,101.300

$8,053,300
5,066.900

Balance for Surplus............ .........

$13,363,600
7.893,500

$25,474,400
15,817.500

$1,774,400

$39,437,544
25.160.786

48,086,114
32,897.065

$2,764,500

$2,986,400

$5,470,100

$9,656,900

$14,276,758

15.189.049

AM ER IC A N

Y ear

TELEPH O NE

BALANCE

SHEET.

& T E LE O R A P H
DECEM BER

A ssets—
Stocks of Associated Companies__________ $439,376 366 67
Bonds and Notes of Associated Comxjanies. 59,257|084 00
'
’
-$498,633,450 67
RoaeiPE°stato.................... - ............. - ............. $15,299,000 10 '

L ong D istance'felV ph one Plant III1111111

S O .I lfio e i 36

65,920,461 88
8.795,967 59

Trustees— Employees’ stock Purchase Plan
Miscellaneous Investments_____________
$2 705 000 00
Special Demand Notes__________
“
6 575*000 00
Current Accounts Receivable__ - 1 1 1 1 1 1 1 1 10,463,*558 38
Cash and Deposits................................................................

Y ear

29,870,555 18

31

Y ear

1910.

Y ear

19 15 .

COM PANY.
1915.

L i a b i l it i e s —

i 0 ? Collateral^Trust Bonds.'192911111111I "*781000.000OO*380,477 •100 00

4%j
Convertible Bonds, 1 9 3 3....................
IIIIIII""
^ Western T & T . Co. Bonds. 1932 . . . .
Notes to Associated Companies__________

28!063i700
9.990:000
4 ,172,350

00
00
00
00

$7,609,542 00 124.355.050
2,672,974 80
2 ,572,079 06
Employees’ Benefit Fund................ ........... ..........
' H ’ m r ,595
328
Reserves for Depreciation and Contingencies___ I I "
27A 30 971
Surplus (including Premiums on Capital Stock)________ "
76,130 948
Dividend Payable January 15 19 16 _______
Interest and Taxes Accrued, but not due_
Current Accounts Payable________________

$622,963,993 70

00
86
38
44
02

$622,963,993 70

Assets°or L i l w f f i ? 36 5% C ° UP° n N ° t0S ° f Assoclated Companies endorsed but not owned by Cu-s
this Company
Com
are not included above in either
C H A R L E S G. DuBOIS, C o m p tr o lle r .
A M ER ICA N T EL EP H O N E & T E L E O R A P H CO M PAN Y.
C O M P A R A T IV ^ ^ IA T JJM E N T ^ O F ^ EA R N IN G S^ A N D E X P E N S E S
E arnings —
1914.
D ividen ds_______ ______ ____
Interest and other Revenue from Assodated Companies________________ ........... 13 ,9 5 9 ,9 4 3 61
Telephone Traffic (not)
Other Sources_____

Total...........
E xpen ses ~

__ _ _ _ _
___

1915.
$ 2 5 ,6 6 2 ,6 1 6 00
1 3 ,4 0 7 ,9 7 6 73
6 ,5 4 4 ,4 6 2 41
1L, 1\rt
Q/l 9QQ oo
$ 4 6 ,8 0 9 ,3 5 4 47
5 ,6 9 1 ,8 6 7 19

______

N et E a rn in g s

$ 4 1 ,1 1 7 ,4 8 7 28
6 ,4 9 8 ,8 4 9 72

Deduct Interest______
B alance_________
Deduct Dividends_________

$ 3 4 ,6 1 8 ,6 3 7 56
2 9 ,1 0 0 ,5 9 1 03

B alan ce_________________

$ 5 ,5 1 8 ,0 4 6 53

Carrlod to R eserves-*..___________
Carried to Surplus...............................

$ 2 ,5 0 0 ,0 0 0 00
3 ,0 1 8 ,0 4 6 53

Total................................................

$ 5 ,5 1 8 ,0 4 6 53

C H A R L E S G. DuBOIS,

C o m p tr o lle r .

A N N U A L E A R N IN G S A N D D IV ID E N D S .
Y ear

N et
R ev e n u e.

1900— _ .................$5,486,058
1901......... ................. 7,398.286
1901
................. 7,835,272
1903
....................
.................
10,564,665
1904
....................
.............
--11.2 7 5 ,7 0 2
1905
....................
.................
13,034,038
1906
....................
.................
12,970,937
1907
16,269,388
1908
................. 18 ,121,70 7
1909
....................
.................23,095,389
1910
....................
.................26,855,893
1911
....................
.................27,733,265
1912
....................
.................32,062.945
1913
....................
.................32,920,090
1914
....................
.................32,334,814
1915
....................
.................34,618,638




D iv id e n d s
P a id .

$4,078,601
5,050,024
6,584,404
8 ,6 19 ,151
9,799,118
9,866,355
10 ,195,233
10.943,644
12,459,156
17,036,276
20,776,822
22,169,450
26,015,588
27,454,037
27,572,675
29,100,591
C H A R L E S G.

A d d e d to
R es e r v e s .

A d d ed
S u r p lt

$937,258
$470,1
1.377 ,6 5 1
970, f
522,247
728 ,f
728,140
1.217.3
586,149
890,4
1.743,295
1.424.3
1.773,737
1,001,9
3.500.000
1.825.7
3.000.
0002.662,5
3.000.
0003,059,1
3.000.
0003.079.0
2.800.000
2.763.8
2,800,000
3.247.3
2.500.000
2.966.0
2.500.000
2.262.1
2.500.000
3,018,0
DuBOIS, C om p troller

P A T T E R SO N , T E E L E & D E N N IS .
Accountants and Auditors
New York and Boston.

30 Broad, Street, N e w Y o rk , F ebru a ry 2 5 1916.
M r . William J. Ladd,
M r . Charles C . Jackson,
M r. Louis Curtis,
S tockholders’ C om m ittee,
A m e r ic a n T elep h on e & T elegra ph C om p a n y.
S irs. — A s auditors appointed by you, we beg to report

as follows :
W o have audited the accounts of the American Telephone
& Telegraph Company and of tho thirty-two Subsidiary
State Companies owning Long Distance Toll Lines of the
liell System, for the year 1915. These accounts are con­
solidated in the Balance Sheet herein referred to and pub­
lished herewith.
W o have not audited the books of the Associated Com ­
panies whose capital stock is carried in the accompanying
Balance Sheet at $439,376 366 67.
e
. W e have, however, examined the reports of these Asso­
ciated Companies for the year and have carefully considered
the value at which the securities are carried on the books
of the American Telephone & Telegraph Company.
W o certify that tho accompanying Balance Sheet is in
accordance with the books, and fairly sets forth the financial
condition of the American Telephone & Telegraph Company
at December 31 1915; and that the result of the year’s busi­
ness is fairly stated by the amount carried to Surplus as
shown by the accompanying Statement of Earnings and
Expenses and the amount of Premiums on Capital Stock
carried directly to Surplus.
P A T T E R SO N , T E E L E

&

D E N N IS .

A c c o u n ta n ts a n d A u d ito r s .

[Vol . 102.

THE CHRONICLE

1 0 82
J . I. C A S E

TH RESH ING

M A CH IN E

COMPANY

(INCORPORATED.)
1915 A N N U A L R E P O R T .
SA LES.

Racine, W isconsin , M arch 15 1910.
To the Stockholders of the J. I . Case Threshing M achine Co .—

The Board of Directors submits the following report of
the Company’s business for the fiscal year ending Decem­
ber 31 1915, together with a statement of its financial con­
dition at that date.
IN C O M E A C C O U N T F O R 1915.

The volume of sales for tho year has been satisfactorily
maintained. The Directors deemed it advisablo to refrain
from any attempt to increase tho foreign business as the
crop outlook and the general conditions of prosperity in this
country promised adequate employment for tho Company’s
capital. The Gross Sales for 1915 were tho second largest
of any year sinco tho commencement of the business in 1842,
being exceeded only by those of 1914 :

Profit from salo of manufactured product and Incomo from
Gross Sales 1912____________________ $14,026,633 93
other sources, after deducting all operating expenses, as­
certained losses and depreciation reservo, but before de­
Gross Sales 1913.............- ........................n?
Gross Sales 1914-------------------------------- 14.395,384 01
ducting Interest Charges, Bond Discount applicable to tho
Gross Sales 1915_____________________ 14,058,631 89
year, and additional Reserve for Contingent Lossos and
Collection Expenses________________________________________ §2,889,28160
Tho Management has been able to effect important econo­
Deduct—
Interest on Bonds and Notes, and proportion
mies in manufacturing and selling expenses while, at the
of Bond Discount applicable to tho year----- §907,456 77
samo time, continuing its standards of quality and good
Reserve for Contingent Losses and Collection
Exponses_________________________________
50,000 00
---------------957,456 77 selling practice.
Net Profits and Incomo for tho year available
for Dividends and carried to Surplus Ac­
count as shown on tho Balanco Sheet_____________________ $1,931,92483

BALAN CE SH EE T.

The Company’s Balance Sheet as of December 31 1915,
follows :
L IA B IL IT IE S .

ASSETS.
P ro p e r tie s —

Real Estate, Buildings, Plant and Equipment:
Balanco at January 1 1915.-810,120,995 30
Net Additions during y e a r ..
318,425 39
--------------------- $10,43.',420 69
Patents, Designs, Devices, &c.:
Balance at January 1 1915. ,§1,033,013 28
Net Additions during year.
3,013 62
-------------------- 1,036,026 90
--------------------- $11,475,447 59
C u rre n t A s s ets —
Inventories of Raw and Worked
Materials, Supplies and
Finished Stocks of Agricul­
tural Machinery, Auto­
mobiles, &c., on hand:
At Factories___________________ $3,208,29026
At Branches, Sub-Agencies,
& c .......................
3,535,825 01
--------------------- $6,744,115 27
.
Customers’ Installment Notes
Receivable, for Agricultural
Machinery, Automobiles, &c.,
including Interest Accrued
thereon .....................
*$17,297,691 70
Les— Commission Certificates
Outstanding.......................
1,560,550 30
"
15«7u7»14i 4U
Miscellaneous Accounts Receivable duo by
Dealers, &c_____________________________
338,053 01
Investment in and Advance to Compagnio
Case do France, 8. A. Paris______________
258,352 26
Real Estato and Properties acquired under
,
Foreclosure and held for salo-----------------229,105 18
Securities acquired from Liquidation of
616,350 58
Foroign A ssets.............................................
Cash on hand and in banks------------1,522,421 98
--------------------- 25,445,o39 68
D e fe r re d C h a rg e s to F u tu r e O p era tio n s —
Bond Discount and Exponses, less proportion
____
writton off______________________________
$616,292 38
Selling and Publicity Expenses on account of
1916 Season, Unmatured Advertising, Pre­
paid Interest and Insurance Premiums and
Experimental and other preliminary Oper­
234,880 54
851 172 92
ating Expenses...................... .......................

C a p it a l S tock —
Authorized :
7% Cumulative Preferred Stock; 200,000
Shares of $100 each ..........................
$20,000,000 00
Common Stock— 200,000 Sharos of $100
e a c h .................................
20.000,000 00

$40,000,000 00
Issued and Fully Paid 7% Cumulative
Preferred Stock— 121,500 Shares of $100
e a c h __________________________________ $12,150,000 00
Common Stock— 83,000 Shares of $100
f'.nuh
_________ _____ o ,olKJ ,UUU Uu
0
........................................
......................... -$20,450,000 00
F ir s t M o rtg a g e S e r ia l G o ld B o n d s , dated Feb­
ruary 1 19 1*1;
Authorized and Issued___________________ $12,000,000 00
Less—-Redeemed and Canceled---------------- 2,500,000 00
■
■ " 9,500,000 00
R e a l E s ta te M o rtg a g e on B ra n c h P ro p erty i n
B u en o s A i r e s , S o u th A m e r ic a ___________
C u rre n t L ia b ilit ie s —

43,633 43

__________
Bills Payable_______________________________ $1,010,000 00
X

w

t

t

. _______

849(5.212 20

Dc“ ' “ * - * c ......
886.377
Interest, Taxes, Royalties and Wages
Accrued ..........................................................

00
_„
246,267 05 2 ^

^

R eserves __

For Contingent Losses and future Collection
Expenses—
Balance at January 11915__ $650,000 00
Additional Appro­
priations during
tho year from
Earnings______ $50,000 00
From Surplus Ac__
coun t___________ 500,00000
---------------550,000 00
-------------------- $1,200,000 00
For Depreciation and Accruing
. Renewals—
Balance at Janu­
ary 1 1915_______ $659,97108
Add—-Further Pro­
vision out of
Earnings for tho
y ea r____________ 264,31217
---------------- $924,283 25
Less—Abandoned Property
Written off During Y ea r. {net) 42,898 89
— --------------881,384 30
--------------------- 2.081,384 3®
S u r p lu s —
, __ . .
Balanco at January 1 1915___________________ $2,973,17- 80
AddSurplus Not Profits for the
_S.
at: $ 1.931.824 83
Less— Preferred Stock Dividends
Paid
_____________
850,500 00
-------------------Deduct— Amount appropriated
as an additional Reserve for
Contingent Losses, &c-----------------------------

1,081,324 83
$4,054,497 69

500,000 00
---------------------

3,554,497 69

$37,772,160 19

$37,772,160 19

*Of which Notes of a face value o f $12,000,000 are pledged as Collateral Security to the First Mortgage 6% Serial Gold Bonds outstanding on
December 31 1915.

IN V E N T O R IE S .

PROPERTY ACCO UN T.
Tho expenditures on Capital Additions during the year
may bo summarized under the following main headings ;

Stocks have beon liquidated considerably in the course
of the past year :

Real Estato, Buildings and Equipment_____________________ $318,425 39
Patents, Designs, Devices, &e--------------------------------------------3,013 62

Inventory at December 31 1914----------------------------------------- $8,997,791 05
Inventory at December 31 1915----------------------------------------- 0,744,llo 27

T o ta l.......................................................................................... $321,439 01

Decrease in Inventories__________________________________ $2,253,675 78

In conformity with tho Company’s established policy,
properties havo been maintained in first-class working
order and in readiness for an increased output whenever
the same may bo warranted by conditions. In addition
to the provision for Depreciation and Accruing Renewals
amounting to $204,312 17, expenditures for Maintenance
and Repair of Properties amounting to $160,846 33 wero
charged against the operations for tho year.




C A P IT A L S T O C K .
N o change occurred during tho year in tho amount of
outstanding Capital Stock.
F IR S T M O R T G A G E

6%

S E R IA L G O LD B O N D S.

On December 1 1915 $1,000,000 of tho Bonds matured
and were paid. Of tho entire issuo of $12,000,000 Bonds

Mar . 18 1916.]

THE CHRONICLE

1083

thcro has been redeomed to date a total of $2 500 000
leaving $9,500,000 outstanding at this dato, $500 000 of
which will mature December 1 1910, $500,000 December 1
1917, $500,000 December 1 1918 and the remainder in an­
nual installments of $ 1 ,000,000 each December 1 1919 to
COMMERCIAL EPITOME
1926, inclusive.
m„0 j •
x.
,
.F riday Night, M arch 17 1916.
Borrowings were lighter during 1915 than in the previous
i raae is still active despite recent advances in prices of
yefir.
J ho nigh and low points of indebtedness on bonds almost everything. Wage disputes are being settled.
and notos, respectively, were as follows :
Storms have restricted retail business here in the East,
but elsewhere throughout the country it has been brisk.
B onds.
N o te s .
T o ta l.
High Point (.June)___________
-$10,500,000 $5,035,000 $15,535,000
ie demand for commodities of all kinds is voracious. A
Low Point (December)______
- 9,500,000
1,010,000 10,510,000
sober weekly compendium of business conditions sounds
Fluctuation_________
-- $1,000,000 $4,025,000 $5,025,000 like exaggeration. Manufacturers in some lines cannot
handle all business offered them. That is particularly the
,
RESERVES.
case in steel and textile fabrics, though it is not limited to
FOR CONTINGENT LOSSES AND COLLECTION EXPENSES.
these. And prices have been forced upward not by specu­
In view of the unusual conditions prevailing in the world lation, but by hysterical demand on so vast a scale as to
at large and in line with the conservative policies maintained outrun the productive capacity of more than one big inby the Company, thcro has been added to Reserve for
r e ls, very ? eneral complaint, too, of delays in
Contingent Losses and Collection Expenses from tho year’s
J n n leS+?f g0° ds > owing to railroad blockades and em­
profits, tho sum of $50,090, and a further sum of $500,000 w
bargoes, themselves an extraordinary sign of the times,
lias lieon provided out of Surplus, thereby bringing the total lh o consumption of cotton is abnorm al^ large. Some
onn nnnr
Losses and Collection’ Expenses cotton mills are sold ahead for the most of 1916. " The wool
to $1,200,000.
I he actual ascertained lossos on receivables trade is unusually prosperous. New enterprises are being
tor tho year were also charged against profits.
launched with greater confidence. Ocean freights in the
FOR DEPRECIATION AND ACCRUING RENEWALS.
inn°nl tra(*e have declined at New Orleans to $2 50 per
Diplomatic relations with Europe
Adequato provision has been mado out of tho year’s earn- 100 lbs. to Liverpool
The American punitive expedi­
mgs for Depreciation and Accruing Renewals, bringing seem to have improved.
tion which has entered Mexico in pursuit of Villa has ap­
tho total of this Reserve to $881,384 36.
parently not been attacked. The recent seizure of some
1 UU interned German steamers by Portugal, Brazil and
SU R PLU S.
• SurPlus was increased by N et Profits for the year amount­ Italy m ay, perhaps, cause easier ocean freight rates in this
ing to $1,931,824 83. After deduction of Preferred Stock country and stimulate exports of cotton which are abnormal­
Dividends amounting to $850,500 and of tho provision ly small. On the other hand, the runaway market in steel
added to Reserve for Contingent Losses and future Collec­ and iron is to be deprecated. The cost of living is high.
tion Expenses of $500,000, the balance standing in Surolus Railroads may have to greatly increase their annual expendi­
Ihere is no outward sign of a near ending
at December 31 1915 is $3,554,497 69.
‘ tures for wages.
of the European war. Still, the business outlook in the
main, is generally regarded as promising.
GENERAL.
bri,sk demand and again higher; prime Western
Ip reports of previous years we have roferred to the im­ 1 i o n ' D
practicability of estimating profits for tho year or for any 11.30c., refined for the Continent 12.10c., South America
part of the year in advanco, as well as to tho difficulty of l^ .2o c ., Brazil 13.2oe. hutures have declined. There has
been heavy selling of pork and other provisions. On a single
T h H p f ! i g 10 fl; rT h monthIy statements of earnings, day lard dropped 40 to 45 points on general liquidation.
lh o active manufacturing season occurs during tho winter
and spi ing months, while tho active delivery season for our Hogs in general have shown a downward tendency, with large
and this has affected all provisions. To-day prices
principal product comes in the summer and early fall. As receipts,
declined.
the company does not consider goods sold until they havo
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
actually been delivered and settled for in cash or by note
the manufacturing and selling expenso accounts increase
. - r u i * i f f - iiw * m
i l l
a
during tho first half of tho year entirely out of proportion
to the growth in tho volume of sales for tho samo period.
1 10 annual audit of tho Company’s books and records raM8*I$?6<50@1U7S5of^Mto'a*
was mado by Messrs. Price, Watcrhouso & Company
Lut meats in active demand and again higher; pickled hams,
Certified I ublic Accountants, whose Certificate is attached 10 to 20 lbs., 1 5 % @ 1 7 ^ c .; pickled bellies, 1 5 U @ 1 5 } 4 c
to this report.
Butter creamery 2 9 @ 3 8 H c . Cheese, State, 1 6 @ 1 8 ) lc .
Eggs, fresh, 1 8 @ 2 4 ^ e .
w
/..•
Respectfully submitted,
C O FFEE firm; N o . 7 Rio, 9>£c.; N o . 4 Santos, 10@ 10b £c.;
B O A R D OF D IR E C T O R S .
ail to good Cucuta, ll % @ 1 2 J 4 c . Futures have advanced
o\ving to purchases by the trade and firmer Brazilian markets,
m
n. ,
, , F „
C h ic a g o , F e b r u a r y 28*1916.
ilie spot trade, it is true, has been light and receipts liberal,
but, on the other hand, actual shipments to this country
0 16 f t a c i n ^ w f s ^
^ ^ aSe ^ ^ res^ ny M achine C o.,
have been small and cost and freight prices have risen.
W e have examined tho books and accounts of tho J 1
Latterly, it is true, there has been h e a w hedge selling here
Caso I hresiling Machine Company for tho year ending by trade interests, but the market has taken the coffee well.
December 31 1915 and certify that tho attached Balance
I here is a steady decrease in the visible supply in this coun­
Sheet is correctly prepared therefrom.
t y - J °-d a y Ibices closed 15 to 17 points lower with sales
W e havo satisfied ourselves that during tho year only ot o8,000 bags. Closing quotations follow:
outlays for actual additions and extensions to tho Properties
March _ _ .cts.7.88 <37.90 July------ct9_8.06(fi)8.08 Novembercts8 .2 0 0 8 2 2
l lant and Equipment havo been added to tho Capital April............. 7.9308.95 A ugust_____8.1008.12 December__ 8.2308.25
M a y ............. 7.98@8.00 September __8.1108.15 January_______ @ -----Accounts, and that tho expenditures carried forward as June..............8.02@8.04
8.17@8.19 February____ ___ @ -----#
_ October.........
----------------Deferred Charges to Future Operations are reasonably and
SU G A R in active demand and again higher; centrifugal

D r o n A r l v p n n w r n o K lA

4 1. ~ ty__ p p <

J

Bars.

Supplies
. tho
•irn noH if.-nrV l\\”
H10 com pany's staff and
to contain no n L n lff resPQOsible officials to bo correct and
bv us as 1
OIi Unsalabl° stock’ have been checked
w +l t0- t l e clerical accuracy and we have ascertained
tln.t tho prices used wero not in excess of Cost or Market
P lm£3’ ^bm bever wore lower on December 31 1915
lho Bills Receivable on hand or out for collection have
been substantially verified by us and, in accordance with
tho Company s policy of gradually building ut> a Deserve
sufficient to provide for uncollectible Installment Notes and
future Collection Expenses, tho sum of $50 000 Ins been
added to tho Reserve out of the Profits for tho year and in
addition there has boon appropriated from Surplus Account
$°500 ()()0 PwMObOl andl f° t other. contingencies the siim of
$500,000, which has also boen added to tho Reserve
lh o Cash and Bank Balances havo boen confirmed bv
actual count or by certificates obtained from tho depositariesand wo havo satisfied ourselvos that full provision has hwn
made for all ascertained liabilities.
,ls
on
And W E C E R T IF Y that in our opinion tho Balanco
Sheet is properly drawn up and shows tho true financial
position of tho Company at December 31 1915 and that tho
relative Profit and Loss Account is a fair and correct state­
ment, of the N et Earnings and Incomo for tho year ending
on that dato.
(Signed) P R IC E , W A T E R H O U S E & C O .




^-d egrees test, 5 .6 4 @ 5 .8 9 c .; molasses, 89-degrees test’
4 .8 7 @ 5 .12c.; granulated, 6.90c. Futures have advanced in
response to a rise in raw sugar on the spot. There are re­
ports, too, of drought in Cuba. Cane fires have caused
considerable damage. Also export demand for granulated
lias revived. The British Commission is said to have been
buying freely from local interests. Receipts at Atlantic
ports for the week wero 72,526 tons against 73,319 in the
previous week and 57,623 last year; meltings 70,000 tons
? ? r Ur
b8>00° fo-r l h° sa™ week Jast year; estimated stocks
116,549 tons against 122,659 a year ago and 163,694 in 1914.
l o-day futures closed 2 to 15 points lower with sales of 1 1 050
tons. Following are closing quotations:
A1nr1?h - - - Cts! - 2 ^ H 5 ' I *uly------c ts-4.86(^4.88 Novembercts4.73( 4.76
.............I
.........4.89@4.91 December___4.62( 4 65
T1a? ---------- 4 82(r*4 .83 September ..4.92($4.94 January
Juno — . — 4.83@4.86 October.........4.92@4.91 February

O IL S.— Linseed in moderate demand; city raw, American
seed, 7 8 @ 8 0 c .; city boiled, American seed, 7 9 @ 8 1 c .; Cal­
cutta 90c. Lard, prime 0 5 @ 9 7 c . Cocoanut, Cochin 1 7 ®
l.)c ., Ceylon 1 6 @ 1 7c . Corn 10c. Palm, Lagos 18c. Cod
domestic 6 3 @ 6 4 c . Cottonseed, winter 1 0 .7 5 ® 11.50c. sum­
mer white 1 0 .7 5 @ ll .5 0 c . Spirits of turpentine 5 3 Y2q .
Strained rosin, common to good, 5 .45c
P E T R O L E U M in good demand and firm- refined in bar
rels $8 9 0 @ $ 9 90; bulk $5 2 5 @ $ 0 25; cases $11 2 5 @ $ 1 2 25*
Naphtha, 73 to 76 degrees test, in 100-gallon cases and over,
4 1 72C. Gasoline, gas machine steel, 37c.; 73 to 76 degrees
steel and wood, 3 2 @ 3 5 c .; 68 to 60 degrees, 2 9 @ 3 2 c . Clos­
ing prices have been:

P e n n s y lv a n ia d a rk $2
C a b e ll - ......................... 2
M e r ce r b la c k ______2
N e w C a s tle _______ 2
C o r n i n g ____________ 2
W o o s t e r ____________ 1

[Vol . 102.

THE CHRONICLE

1084:
60
12
10
10
10
90

N o r t h L im a ________ $1 73 I llin o is, a b o v e 30
d e g r e e s _________ $1 80
S o u th L im a _________ 1 73
I n d i a n a _____________ 1 58 K a n sa s an d O k la ­
h o m a ___________1 55
P r in c e t o n ____________ 1 80
S o m e rse t. 32 d e g - . 1 9 5 C a d d o L a . lig h t___ 1 4 5
R a g la n d ___________ 9 0 c.

Receipts at—

G a lv e s t o n ___
T e x a s C ity ,& c
N e w O rlean sS a v an n ah ___

1916.
34,8 0 2
11,895
16,694
2 ,0 8 6
8 ,4 2 6
1,000
1,573
2 ,0 0 4
7,681
2 ,9 1 5
2 ,2 0 6

1915.
59,181
11,592
57,300
3,199
31.9 0 7
6,000
16,424
13,699
2 2 ,6 9 8

1912.

1913.

1914.
4 4 ,4 6 4
4,8 4 4
27.1 4 0
4,0 9 4
17,375
2,1 5 0
2,4 1 9
2,912
7,3 7 8
4 ,1 2 4
1,624

3 8 ,553
3 ,5 1 5
16,866
1,862
7,6 9 2
1,150
882
2 ,2 0 5
5 ,3 5 9
600
1,121

4 6 ,0 0 4
15,334
2 3 ,7 5 8
2,466
2 5 ,0 0 2
17,500
5 ,6 8 0
13.463
11,066
1,246
13,696

1911.
2 2 ,0 5 7
327
13,532
692
5 ,8 6 0
317
544
1 ,2 3 7
2 ,2 3 0
76
1,898

T O B A C C O .— Binder and filler have both been strong with B r u n s w ic k ___
h arleston ,& c
a good demand and supplies light. A pinch of scarcity may C
W i lm in g t o n ..
be felt, it is predicted, before the end of the season. M ean­
’p o r t N .,& c .
while, there is a largo consumption of cigars.
Stress is laid N
5,1 2 7
A ll o th e r s ____
upon the fact, too, that the 1915 crop was of disappointing
4 8 ,7 7 0
175,215
7 9 ,8 0 5
118 ,524
91,2 5 2
227 ,227
quality. About 7 5 % of it was below fair grade. In other T o t a l th is w k .
words, much of it was inferior. A s to the weight, some in­ S in ce A u g . 1 - 5,5 8 7 ,6 7 4 8 ,5 3 6 .5 8 8 9,3 8 7 ,2 3 8 8 ,7 4 7 ,2 9 6 1 0 7 22849 7 .9 6 4 ,8 9 9
sist that it was not more than 6 0 % of the normal yield. Su­
The exports for the week ending this evening reach a total
matra trade is in abeyance pending the results of the A m ­
sterdam inscriptions, which begin to-day.
Tho Sumatra of 97,888 bales, of which 48,236 wore to Great Britain,
tobacco now hero is not, as a rule, of desirable quality. 16,126 to France and 33,426 to the rest of tho Continent.
Exports for tho week and since Aug. 1 1915 aro as follows:
Cuban leaf is steady but slow of sa[e.
C O PPER in good demand and higher. Lake here on tho
From Aug. 1 1915 to M
arch 17 1916.
W
eek ending M
arch 17 1916.
Exported to—
Exported to—
spot 283^c., electrolytic 2 8 H e ., for future delivery 27 H cE
x
p
o
r
ts
London has advanced. Tho total visible supply on March 15
Conti­
G
reat
Conti­
G
reat
from—
Total.
Britain.
France. nent Ac.
was 14,488 tons, or 2,123 tons less than on March 1. The
Britain. France. nentAc. Total.
stock of standard copper in the United Kingdom is 7,988
1,214,312
338,038
116,796
759,478
31,747
31,747
G alveston..
7,502 238,735
tons, or 1,823 tons less than on March 1. The supply afloat Texas C ity170,252
60,981
43,142
43,142
4",995
is 6,500 tons, or 300 tons less than on M arch 1. Tin in Port Arthur 4',995
23,595
"
9,722
V3',873
active demand and again higher on the spot at 55c.; later 52c. Ar.Pass,&c.
13,688 3",676 17_,364 364",722 119,262 216,468 700,452
NewOrleans
28,001
28,001
London has been irregular, advancing for spot delivery, M o b ile ____
43,845
” l",338
” 7',666
35,507
Pensacola . .
while futures have declined. Arrivals in London, Liver­ Savannah.
57,106 128,665 335,980
4',606 7',385 150,209
3',385
.
56,716
4,800
51,916
pool and Java this month 993 tons; afloat 6,585 tons, from Brunswick .
74,380
20,325
54,055
the Straits, Singapore, London and Java. Spelter active Charleston.
67,912 120,138
52,226
W ilm ington
12,543
"12",543
and higher on the spot at 17H e ., after being 1 6 H o. early in N orfolk —
742
742
the week. London advanced. Lead in strong demand and N ’ p’t News 2',574 2,438 12_,019 17_,031 59,272
82", 575 267", 226 409,073
New Y ork .
32,031
5,048
26,983
1,516
137
again higher on the spot at 7 H C> Pig iron has been in active B o s to n ____ 1,379
500 108,789
26,109
82,180
4,123
demand. N o . 2 Philadelphia 8 2 0 @ 8 2 0 50; N o . 2 Southern Baltim ore-- 4,123
13,536
3,300
10,236
2',s5o 2,533
33
P h iladera..
925
8 1 5 @ 8 1 6 , Birmingham. Steel continues in good demand at Portl’d, M o.
925
108,755 108,755
4',321 4',321
rising prices. Tin plate advanced 85 per ton, making tho San F ra n ..
125,259 125,259
6,773 6,773
S e a ttlo____
75,944
75,944
price 84 25 per base box for domestic delivery. Other ad­ Tacom a —
250
250
vances aro 85 per ton for billots, 84 for sheet bars, 50 cents Los Angeles
1,761
1,761
on Bessemer pig iron at Pittsburgh, 81 on iron bars there, Pem bina__
48,236 10,126 33.426 97,788 1,850,163 540,728 1,378,013 3,788,904
85 on steel beams and hoops there, 85 on steel bars there and
Total
25c. to 81 on steel scrap and iron rails there. Tho Standard T o t. 1914-15 109,356 31,304|113,390 254,0502,699,778 457,339 2,985,7596,142,876
Oil Co. is said to have bought 320,000 boxes of tin plate for
3,674,86617,546,478
re-oxport in November and December at 84 35 per box. T o t. 1913-14 24,356 15,4381 93,916 133,7102,897,204 974,408
Note.— New York exports since Aug. 1 Include 1,048 bales Peruvian and 285
Some 105,000 tons of barb wire are wanted for export to
West Indian to Liverpool and 1,010 bales Peruvian to Genoa.
England and France.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at tho ports named. W o add similar figures for
COTTON
New York.
_______
Friday N ight, M a r . 17 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 tho South to-night, is given below. For the
week ending this evening tho total receipts have reached
91,252 balos, against 94,383 bales last week and 107,849
bales the previous week, making the total receipts since
Aug. 1 1915 5,587,674 bales, against 8,536,588 bales for the
same period of 1914-15, showing a decrease since Aug. 1 1915
of 2,948,914 bales.
Sat.

G a v e s to n
____
T e x a s C i t y ------P o r t A r th u r ____
A ran sas P ass, & c

Mon.

6,6 4 6
2,247

4 ,1 6 6

2",993
554

4", 120
210

Tues.

10,715

Wed.

5 ,0 5 8

Thurs.

4,7 9 2

Fri.

Total.

3 ,4 2 5

34,8 0 2
2,247
4 ,9 9 5
4,623
16,694
2,0 8 6

On Shipboard, Not Cleared for—

March

17

at—■

N e w O r le a n s ..
G a lv e s t o n ____
Savan n ah ____
C h a rle sto n ____

Great
Britain. France.

12,829
28,252

Other
Cont't.

19,102
3 4 ,585
2 ,0 0 0

6 ,3 0 9
15,464
*106

6*503
N o r f o l k _______
N e w Y o r k ------O th e r p o r t s ___

Ger­
many.

*506
4 ,0 0 0

1*500
—

T o t a l 1 9 1 6 -­ 5 2 ,084
T o t a l 1 9 1 5 -­ 111,843
T o t a l 1 9 1 4 -- 75,0 5 3

23,273
20,690
2 1 .013

2*000
1,000

Coastwise

Total.

84
12,850
2 ,4 0 0

38,3 2 4
91,151
4 .4 0 0

1,889
1,182

8",492
1.182
4 .0 0 0
5 .0 0 0

Leaving
Stock.

3 35 ,532
199,489
159,404
6 9 ,2 1 2
13,470
104,738
2 9 7 .2 1 2
97,3 8 5

100 58,687 18,405 152,549 1,2 7 6 ,4 4 2
857 109 ,916 31,761 275 .067 1,211,223
6 22 ,257
7 1 ,2 0 6 40,609, 3 2 ,7 0 0 240,581

Speculation in cotton for futuro delivery has been mod­
erately active at irregular prices. They advanced for a time,
then reacted, and then rallied. A paramount factor has
P e n s a c o la _______
beon tho strength and activity of tho spot markets. E x ­
*317
*317
J a ck s o n v ille , & c
porters, to all appearance, have not yet filled their March
8,4 2 6
689
*813
1*611
1*720
l",665
l",928
1 ,000
1,000
engagements. Thoy were caught short and this has had much
B r u n s w i c k ____
1,573
433
*334
'*
5
9
*293
*210
"2 4 4
C h a r le s t o n ------to do with tho recent advance, amounting to somotlung like
G e o r g e t o w n ____
2,004
*250
*425
$4 a balo. Tho Census Bureau’s figures showed a largo
*394
*229
*394
"3 1 2
W i lm i n g t o n ------932
7.681
1,241
989
1,468
2 ,1 3 0
921
American consumption in February, oven though it m ay not
2,9 1 5
2,9 1 5
—
—
N ’p o r t N e w s , & c
83
have been quite so large as somo had expected. Also dry
**19
**64
1,339
240
247
218
25
191
418
weather has continued in the Southwest, especially in Texas.
208
208
B a ltim o re
..
259
The rainfall in Texas for tho fivo months ending Fob. 29 was
25
'* 1 4
*181
**22
**17
P h ila d e lp h ia ____
only 7.33 inches, tho smallest for ten years past with tho ex­
9,122 10,921 18.6051 91.252
16.280 18,081 18,243
T o t a ls this w eek
ception of 1908-09, when it was G.17 inches. In 1914-15 it
Tho following shows tho week’s total receipts, tho total was 14.84 inches and in 1913-14 15.25 inches. A good deal
since Aug. 1 1915 and tho stocks to-night, compared with of stress has been laid on this deficiency in rainfall for tho
reason that it has often happened in tho past that a scarcity
last year:
of rain in tho fall and winter months has beon tho proludoof a
small or moderate crop in Texas. Although it is also true
Stock.
1914-15.
1915-16.
that small fall and winter rainfalls have in somo yoars not
Receipts to
This
SinceAug
This
Since Aug
March 17.
prevented Texas from raising a protty good sized crop, tho
1915.
1916.
Week
1 1914.
Week.
1 1915'.
fact remains that the Southwestern drought is beginning
290 ,6 4 0
3 94 ,968
G a l v e s t o n _______ 3 4 ,802 ,960,054 59,281 ,394.788
to attract a good deal of attention. If it continues much
17,959
6 3 ,600
4 5 9 ,5 1 9
272,031 11,290
2,247
T e x a s C i t y ---------longer it may become an important factor in tho market.
3 9 ,7 2 0
5 3 ,584
4,9 9 5
P o r t A r t h u r _____
2.994
1,671
48,2
9
5
302
7
2
,6
2
8
4.623
A ra n . Pass, & C -Spot houses and Liverpool interests havo bought hero, some­
373 ,856
380,881
16,694 ,051,723 57,300 ,432,018
N o w O rlea n s-----times on quite a liberal scale. Local traders have covered.
21,962
37,697
139,865
3,1 9 9
8 9 ,1 2 0
2,0 8 6
M o b i l e __________
51,879
43,1 6 9
W all Street and the W est havo bought to a cortam oxtont.
P e n sa co la ________
2,862
508
28,930
104
3 7 ,6 5 4
"3 1 7
J a ck son v ille, & c.
Latterly too tho spot sales in Liverpool have increased. On
163,804
191,274
869 ,1 3 8 3 1 ,907 ,527,053
8,4 2 6
S a v a n n a h ________
3 0 ,0 0 0
7,5 0 0
6,000 166,808
86,7 0 0
some days for the first time in many weeks thoy havo been
1,000
B r u n s w ic k _______
69,212
93,373
349,381
217 ,240 16,423
1,573
C h a rle s to n ---------10,000 bales. In this country Russia and Japan aro roported
1,250
1
728
G e o rg e to w n _____
56,715
52,945
209 ,584
to have been buying freely. Spain and Italy as woll as France
156,711 13,699
2,0 0 4
W ilm in g t o n _____
105,920
81,5 1 8
452,661
4 79 ,063 2 2 ,6 9 8
7,681
N o r f o l k _________
and Great Britain have also bought moro or loss. Also, with
108 ,525
7 3 ,5 1 4
2,9 1 5
N ’ p o r t N e w s , & c.
127 ,610
or without reason— probably, as many boliovo, without
301 ,212
15,558
25,8 4 0 ” '8 7 0
83
N o w Y o r k ---------12,902
12,937
43,001
3,4
7
7
56,6
3
2
1,339
B o s t o n __________
reason— there havo been persistent rumors of coming peace
3,6 9 6
3,9 7 4
65,822
37.603
676
208
B a ltim o re -----------growing out of recent developments on tho Wostern trout in
8,8 5 4
2,537
1,931
4 ,5 4 2
259
P h ila d e lp h ia -----Europe. Latterly too tho Mexican nows, which was at ono
9 1 ,252 5 ,5 8 7 ,6 7 4 227 ,2 2 7 8 ,5 3 6 ,5 8 8 1,428,991 1,4 8 6 ,2 9 0
T o ta ls .
time moro or less tliroatcning, has become rather tuoro
In order that comparison may bo mado with othor years, favorable. It is hoped that tho American punitive expedition
which has entered Mexico in pursuit of Villa and lus maraudwo give below tho totals at leading ports for six seasons:




4*995

3*291
480

1*396
117

1*607
639

4*623
3,287
86

Ma r . 18 1916.1

THE CHRONICLE

ers will succeed in its object without bringing on war between
this country and Mexico. A strong arid active stock market
has had a tendency to help the cotton market.
Freights to
^ X e,1ip001 from New 0rleans are reported down to 82 50 per
100 lbs., against 82 85 recently. On tho other hand, specu­
lation has been far from active and a good many believe that
the recent advance was due more than anything else to a tern
porary squeeze of March exporters rather than to anything
m the fundamental situation of cotton favoring a permanent
rise of prices. As a matter of fact stocks are liberal and tho
price is so high that the speculative public shows littlo dis­
position to take hold of tho bull side. Also exports continue
small, with ocean freights on the basis of 83 per 100 lbs.
from New York to Liverpool and far from plentiful oven at
that abnormal rate. It is very generally believed too that
the cotton acreago will be materially increased, especially if
prices remain at anything like their present level. To-day
prices declined on local and Wall Street liquidation and a
lessened demand for spot cotton at tho South. Spot houses
and Liverpool bought less freely. Spot cotton declined at
Savannah. Hero spot cotton closed at 11.95c., a rise for
the week of 5 points.
The following averages of tho differences between grades
as figured from tho March 16 quotations of tho nine markets
designated by the Secretary of Agriculture, are tho differ­
ences established for deliveries in the New York market on
March 23.
Middling fair...................................0.98 on
Strict good middling....................... 0.70 on
G ood middling.........................
o.48 on
Strict m id d lin g .......................
0.24 on
Strict low middling.........................o.31 off
Low middling....... .......... ............ ..0 .7 0 off
Strict good ordinary.......................1.20 off
G ood ordinary__________
1.77 off
_ _

Strict good m id.“ yellow” tlnged.0.25 on
Good middling "yellow ” tlngod.0.05 off
Strict middling "yellow ” tinged.0.25 off
M iddling "yellow ” tinged...........0.48 off
Strict low mid. "yellow ” tin ged.0.87 off
Low middling “ yellow” tin ged .. 1.28 off
M iddling "yellow ” stained........... 1.08 off
M iddling "bluo” stained................1.08 off

1085

l II L V IS IB L E >>UP P L Y OF C O T T O N to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and consequently
all foreign figures are brought down to Thursday evening,
/n •
nma^ ° the total the complete figures for to-night
(Friday), wo add the item of exports from the United States,
including in it tho exports of Friday only.
March 17— ■
S to c k a t L iv o r p ° o1 ...............b a le s .
S to c k a t L o n d o n -----------------------S to c k a t M a n c h e s t e r .........................

1916
1915
1014
]q ,o
9 3 2 ,0 0 0 1 ,4 2 6 ,0 0 0 1 ,1 9 4 ,0 0 0 1 .3 5 2 ,0 0 0
5 0 ,0 0 0 2 3 ,0 0 0
5 ,0 0 0
4 000
7 5 ,0 0 0
121 ,000
108,000
95 000

T o t a l G roa t U ritain s t o c k .......... 1,0 5 7 ,0 0 0 1,5 7 0 ,0 0 0 1 ,3 0 7 ,0 0 0 1,451 000
* 1 ,0 0 0
*28
000 - ­
S to c k a t H a m b u r g _______ -------------9 .0 0 0
11,000
S to c k a t B r e m o n _________________
*1,0 0 0 __ *402 ,000
558 .000
5 2 0 .0 0 0
S t o c k a t H a v r e --------------------------- 3 3 2 ,0 0 0
2 42 ,000
3 8 3 .0 0 0
4 0 3 .0 0 0
S t o c k a t M a rseilles . . . ___________
8 ,0 0 0
9 000
3 .0 0 0
2,000
S to c k a t B a r c e l o n a ----------------------4 5 ,0 0 0
3 9 ,0 0 0
31.0 0 0
3 8 .0 0 0
S to c k a t G e n o a ..............................
106 ,000
4 69 ,000
3 0 .0 0 0
2 5 .0 0 0
S to c k a t T r io s t o ___________________
*1,0 0 0
*4,000
3 5 .0 0 0
3 1 .0 0 0

Total Continental stocks-----------

4 9 4 .0 0 0 1 ,1 9 3 ,0 0 0 1 ,0 4 9 ,0 0 0 1,0 3 0 ,0 0 0

T n T £t£ ^ ro ?P aI! ? t0(S s ------------- 1 ,551,000 2 ,7 6 3 ,0 0 0 2 ,3 5 6 .0 0 0 2 ,4 8 1 ,0 0 0
In d ia c o t to n a flo a t fo r E u r o p e . . .
7 8 ,0 0 0 120,000
169 000
94 000
A m e r . c o t to n a flo a t fo r E u r o p e ..
3 8 8 ,5 6 4 1 151 119
•Y)3 773
- ,331
’
247
H gytk,B razil,& c. a flo a t fo r E u r'p o
5 1 ,0 0 0 ’ 5 7 ,0 0 0
5 4 ,000
4 2 ,0 0 0
S to c k In A le xa n d ria , E g y p t
l ie ooo
271 nr)') 3 i ‘i non
2 5 3 .0 0 0
S to c k in B o m b a y , I n d i a . . . ! : : : : 9 7 8 ,0 0 0
671 000 1 o V o o n o
8 8 2 .0 0 0
S to c k in U . 3 . p o r t s ..................N R , 428,991
1 486 290 862 838
7 4 1 ,7 8 0
1,008,044 681 001
S to c k in I L S . in terior t o w n s ------ 1.019,109
6 2 3 ,3 3 8
U . S. ox p o rts t o -d a y _______
6 ,4 9 2
3 5 ,7 7 5
2 4 ,6 5 6
300
T p ta l visible s u p p ly -------------------5 .6 2 1 ,1 5 6 7 .5 6 3 .2 2 8 6 ,0 1 4 ,2 6 8 5 ,3 7 3 749
Amer?can~

e ’ t0tals ° f A m erlca n a n d o o th e r d e scrip tio n s are as fo llo w s :

L iv e rp o o l s t o c k . .................... b a le s .
M a n ch e ste r s t o c k -------------------------!

6 9 2 ,0 0 0 1,1 1 3 ,0 0 0
5 17 )00
89 000

Continental stock-----------------------*419 000*1 073 000
American afloat for Europe---------- 3 8 8 ,5 6 1 1 ,151.119
U . S . p o r t s to ck s -------1,428,991 1.4S 6.290
U s ' n v n n i ? « ? ^ i k S ---------------------1.0 1 8 ,1 0 9 1 .008,044
U. S . ox p o rts t o - d a y -------------------6 ,4 9 2
3 5 ,775

Tho official quotation for middling upland cotton in the
New York market each day for tho past week has been:
1 M ° March 17—
S a t. M o n . T u bs. W e d . T lu ir s .
M id d liu g u p la n d s ........ .................. 11.80
11.90
12.00
11.95
12.00
**M2.r
.ch

NEW

F ri
1 1 .9 5

Y O R K Q U O T A T IO N S FO R 32 Y E A R S .

1 9 1 6 -c ........... 11.95
1915.................. 8.9 5
191 4................ 13.20
191 3................ 12.00
19 1 2 ................ 10.05
191 1................ 14.65
191 0........... - .1 6 .1 5
1 9 0 9 . ............. 9 .6 5

190 8- c ........... 11.05
1907_________11.25
1906_________11.25
1905............... 8 .2 0
1904................ 15.65
1903_________10.00
1902............... 9.1 2
1901 — ............. 8.7 5

1 9 0 0 .C ...........
1899------------1898...............
1897------------1896...............
189 5------------18 9 4 ................
1893................

9 .8 8 1 1 8 9 2 .C .............. 6.81
6 .3 8 1891__________ 9 .0 6
6 .1 2 ( 1 8 9 0 _______ 11.44
7 .2 5 1 1 8 8 9 _________ 10.19
7 .8 8 1888.................10.12
6 .2 5 1887................ 10.00
7 .5 0 1886__________ 9 .1 2
8 .9 4 1885--------------11.31

F U T U R E S . Tho highest, lowest and closing prices at
Now York for tho past week liavo been as follows
Saturday, Monday Tuesday, IVcd'day
Thursd'y, Friday,
Mar. l i Mar. 13. Mar. 14. Mar. 15.
Mar. 16. Mar. 17
March—

9 5 7 ,0 0 0 1 ,1 8 5 ,0 0 0
7 7 ,0 0 0
68,000
98.3,000
99.3,000
523 ,773
247 ,331
8 6 2 ,8 3 8
7 4 1 ,7 8 0
681,001
6 3 2 ,3 3 8
2 4 ,6 5 6
300

5 -9 5 0 '228 4 .1 0 9 .2 6 8 3 .8 6 7 ,7 1 9
M a n ch e s te r s t o c k _______________
C o n tin e n ta l s t o c k _________________
In d ia a flo a t fo r E u r o p e _________ ”
E g y p t , B razil, & c ., a f lo a t ____ ! ”
S to c k in A le x a n d ria , E g y p t _____
S to c k in B o m b a y , I n d i a ________ .

24 '000
*7.5
70 'o o o
51,’000
119 000
978 ,000

3 1 3 .0 0 0
23.0 0 0
32.0 0 0
'nno
*120,000

120.000

2 3 7 .0 0 0
5,0 0 0
3 1 .0 0 0

66.000

169 .000
57.0 0 0
5 4 ,0 0 0
2 7 1 .0 0 0
3 1 3 .0 0 0
6 7 1 .0 0 0 1,0 3 0 ,0 0 0

167 ,000
4 ,0 0 0
2 7 .0 0 0
3 7 .0 0 0
9 4 .0 0 0
4 2 .0 0 0
2 5 3 .0 0 0
8 8 2 .0 0 0

T e f a l w J i n , ! ? ' &C* ..................1,6 1 6 ,0 0 0 1 ,6 0 7 ,0 0 0 1 .9 0 5 ,0 0 0 1 ,506.000
l o t a l A m e r ic a n ------------------------ 4 ,0 0 5 ,1 5 6 5 ,9 5 6 ,2 2 8 4 ,1 0 9 ,2 6 8 3 ,8 6 7 ,7 4 9
Tvrm?m,l,VlrTIbil0 S .U? P 'y - - - - , - ---------5 .6 2 1 .1 5 6 7 .5 6 3 .2 2 8 6 ,0 1 4 ,2 6 8 5 ,3 7 3 ,7 4 9
M id d lin g U p la n d ,L iv e rp o o l_____
7 .8 7 d
5 27d
7 ns/i
« d ip
M id d lin g U p la n d ! N e w Y o r k . . . .
1 1 .9 5 c.
8 .9 5 c .
1 3 .4 5 c.
12 .6 0 c.
mrowwnn, L
J jiv
E g y p t , vjrooa
G ood B
i v ee r p o o i..
l ..
11.95d.
8
.0
5
d
.
9
.5
0
d
.
1
0 .4 5 d .
" e.....
’ n , "R o u g .h G
- o o d. , -L iv
- e r p o o l- 12 5 0 d
P
ru v ia
9 .0 0 d .
9 .0 0 d .
lO.OOd.
B r o a c h , F in e, L iv e r p o o l_________
7 .6 5 d .
4 .9 5 d .
6 '4 d.
6^d.
T in n e v e lly , G o o d , L iv e r p o o l____
7 .7 7 d .
4 .9 9 d .
6 5 -1 6 d .
♦ E stim ated.

R ange_____ 11.62 — 11.58-.65 11.71-.83 11.80-.90 11.86-.89 11.76-.88
11.5S-.90
Continental imports for past week have been 86,000 bales.
Closing____ ll.0 2 -.0 4 11.7U-.81 11.82-.S5 11.73-.75 11.84-.87 11.78-.80
April—
„ 7o f no.?Te , gur(? f ° r LOG show a decrease from last week
Rango_____
°I
bales, a loss of 1,942,072 bales from 1915, a doeline
Closing____
11.85 —
May—
1913 ’ 112 baleS from 1914 and a gain of 247,407 bales over
Rango_____ 11.75-.90 11.07-.95 11.88-.04 11.89.08
11.92-.01 ll.8 9 -.0 0 11.67-.08
Closing____ 11.77-.78 11.94-.95 12.00-.01 11.89.90
11.99-.09
11.92-.93
June—
AL THE IN T E R IO R T O W N S the movement— that is,
Rango_____
C lo s in g ..
11.85 — 12.04 —
the receipts for tho week and since Aug. 1, the shipments
12.00 —
July—
tho week and tho stocks to-night, and the same items for
Rango___
11.94.09 11.86-.
16
12.0S-.23
12.07-.20 12.10-.24 12.07-.18 11.8G-.26
Closing. .
11.95.97 12.14
.15 .19 12.09-.10 12.18-.19 12.09-.10
12.18
tho corresponding period of the provious year— is set out in
August—
detail belhw.
R ango___
12.19-.33
12.19-.31
C losin g ..
12.04-.00
12.26-.28
12.27 — 12.17-.19
Septem
ber—
M
ovem
ent to Mar. 17 1916.
j Motemenl to Mar. 18 1915.
Rango___
12.09 — 12.23 — 12.25
12.90-.25
Closing____
12.22 .24 12.28 .30 12.16 .18
12.15-.16
Receipts.
ShipStocks
Receipts.
1 Ship- Stocks
O
ctober—
Mar
12.0/ .26 12.00 .29 12.21 .38 12.19-.37 12.22-.35 12.18-.30
R a n g e ..
Week.
Season.
Week.
Week. ] Season. ! Week.
18.
Closing____ 12.0S-.09 12.27-.2S 12.33-.34 12.21 — 12.30-.31 12.20-.21 12.00-.38
Novem
ber—
A la., E u fau la..
4
16,351
75
12,081
53
23,541
347 9,688
Rango_____
M on tgom ery.
1,098 106,583 2,408 67,840 2,114 189,121 4,282 69,516
Closing____
12.40 —
S elm a _______
12.26 —
354
54,828
759 27,711! 1,550 123,980 4,266 29,302
Decem
ber—
Ark., H ele n a ..
286
50,572
788 15,878
627
60,110 1,064 14,399
.42
R ango_____ 12.2012.19-.45
12.38-.54 12.35-.52 12.38-.50 12.35Little R o c k ..
.4.
3,277 143,278 3,526 36,497 5,320 190.116 4,137 46,493
12.19-.54
Closing____ 12.20.27
12.44-.45
12.50-.51 12.37-.38 12.46-.47 12.35G a., Albany___
3
.3C
20,533
276
6,845
196
31,519 1,035 13,087
January—
A th en a......... ..
515 104,970 3,250 30,542
1,758 110,298 2,300 22,303
R ange_____ 12.44-.49 12.28-.51 12.45-.60 12.4S-.59 12.44-.55 12.40A tlanta............
.80
1,408 104,801 2,738 15,238 3,181 168,184 2,754 17.204
12.28-.00
Closing____ 12.34-.36 12.50-.51 12.57-.59 12.44-.46 12.52-.5.3 12.40A u gu sta .........
.41
4,774 347,926 7.64014S,755 5,647 409,403 8,564135,685
February—■
Colum bus____
238
60,078 1,078 52,900
323
93,810 1,530 44.612
R ange......... 12.51 — 12.40 —
12.55 —
M a c o n ...........
290
12.40-.55
41,954
750 9,731
73
36,773
502 11,741
Closing____ 12.30 — 12.54 — 12.02 — 12.49 —
R o m o _______
12.45 —
480
56,500
500 18,319
1,153
59.756 1,287 8,635
La., Shreveport
1,358 113,001
1,863 34,869 2,223 142,436 5,920 49,933
199
15,601
. 758 5,595
229
N E W O R L E A N S C O N T R A C T M A R K E T .— Tho high­ MGlsa.,Co’umbua
29,287
630 6,279
rc c n v lllo __
250
61,247 1,080 16,000
481
71,061 2,946 12,792
est, lowest and closing quotations for leading contracts in tho
G reenw ood-.
500
97,821
1,505 20.500 1,208 125,711 3,382 17,402
M e rid ia n ___
2,155
Now Orleans cotton market for the past weok liavo been as
40,478
915 17,954
940
41,912 1,820 18,273
N atchez,_____
49
23,274
756, 9,607
125
follows:
20,599
225 7,800
Vicksburg____
32 lj
25,390
200
239
168
36,427 1,386 10,073
Yazoo C it y ..
51
30,205
404 10,730
215
39,315
451, 11,264
M o .„ S t . Louis. 22,242 540,360 22,309 19,640 20,665 515,015 20,372 37,328
Saturday Monday Tuesday
Wed’day Thursd'y
Friday,
N . G\, Raleigh.
210 10,546
Mar. 11 Mar. 13 Mar. 14
225
311
824
9,779
750
489
Mar. 15 Mar. 10 Mar. 17.
O.
, Cincinnati.
5,464 185,0,85
4,502 19.076 3,816 219,533 6,305 19,565
Okla., H ugo__
March—
12,610
48
597
2
10,354
2
S .C ., Grcenw’d
R ango_______ 11.50-.5 2 11.50-.68 l l . 0 l - . 7 2 11.04-.70
------ 10,010 1,253
18,810
21,564
1,478 8,992
11.04 — 11.68-. 75
Closing______ 11.45-.47 11.67-.09 l l.7 2 - .7 4
Tenn., Memphis 10,630 824,149 22,586 249,411
21,636 915,904 26,069 212,959
1 1 0 2 -.6 3 11 -69-.71 11.65-.0 7
N ashville____
'fay—
79
6,355
j 1,508
198
4,844
42: 1,070
T ex., .Brenham
100 18,522
R ango_______ l l.5 0 - .7 0 11.49-.80 11.71-.89 l l.7 1 - .8 8
162 3,550
303
16,915
321!
1,121
ClarksvIIlo. . .
Closing______ 11.57-.5 8 11.78-.8 0 1 1.84-.8 5 H .7 2 -.7 3 11.72-.8 8 11.71-.83
225
26,764
545 5,484
461
44,819;
658
1,939
11-80-.81
11.7
4
-.7
5
D
allas_______
July—
2,046
83,085;
1,039 8,939
829 111.684) 1,242 3,436
H oney,G rove.
323
R ango_______ 11.7 7 11.71-.00
.9.3
27,989
246 1,943
197
11.91-.1 0 11.90-.0 9 l l . 9 3 - . l l
24,174
152
897
11.92-.0
4
Closing............ 1 1 .7 8 H
ouston.........
11.98-.99
.80
11.05-.0 0 l l . 9 4 - .9 5 1 2.02-.0 3 11.95 —
28,1881,824,606 34,077 135,407 50,776 3,025,974 61,931160 801
Paris................
August—
2,109,
87,015
788 5,402
1.260 112!394 L108 2,966
R ango_______

01

Closing______ 11.82-.84 12.05-.07 1 2 .0 9 - .i l
1 1.98-.0 0 I2 .0 6 -.0 7 12.00-.01

September— ■

R a n g e ________

Closing______ 11.82-.8 4 12.02-.04 12.0S-.10
11.9G-.97 1 2.05-.0 6 11 .9 8 -.0 0
October—
R ango_______ 11.8 7 .03
11.80-.08
11.99-. 17 1 1 .9 9 . 17
12.01-.1
6 1 1.97-.1 0
Closing______ 11.8 8 .89
12.07-.0
8 12.13-.1 4 11.9 9 .00
12.09-.1 0 12.00-.0 1

December— •

R ango_______ 11.99-. 13 1 1.93-.21 1 2 . l t - . 2 9 11 2 .1 1 Closing______ 12.00-.01 12.19-.20 12.26-.2 7
1 2 .1 1 -

January—

.29 1 2 .1 1-.20
12.10-.21
.12 12.2 112.12-.1
-.2 2
3

12.20 -.2 4 I 2 .I0 -.3 0 12.27 — 12.32 — 12.34 —
1 2.19-.2 0
C lo s in g _______ 12.11-.1 2 12.30-.31 12.37-.3 9 1 2.22-.2 3
12 .3 2 -.3 3 1 2 .2 2 -.2 4

Tone—

S p o t _________
O p tio n s _____

Steady
S toady
Steady 1 S toady




Steady
F irm
F irm
Steady ' Steady 1 S toady

Steady
Steady

Total. 33 towns 89,2735,181,287417,7961019109134,804 7.036.312169,2581008044

The above totals show that tho interior stocks have de­
creased during the week 28,523 bales and are to-night 11,065
bales more than at the same time last year. The receipts at
all towns have boon 45,531 bales less than tho same week
last year.
O V E R L A N D M O V E M E N T FO R T H E W E E K A N D
S IN C E A U G . 1.— W o give below a statement showing the
overland movement for tho week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
weok and since Aug. 1 in the last two years aro as follows-

[Vol . 102.

THE CHRONICLE

1086
--------1915—16-------M a r c h 17—
.
, Since
Shipped—
Week.
A u g . 1.
V ia S t. L o u is ______________________ 2 2 ,3 0 9
5 5 1 ,1 0 4
V ia C a ir o . - - ___________ _________- 2 .7 8 5
2 8 8 ,556
V ia R o c k I s la n d ___________________
115
6,551
V ia L o u is v i li o ______________________ 2 ,6 8 5
9 9 ,o 6 o
V ia C i n c i n n a t i ______________________2 ,7 9 8
V ia V irgin ia p o in t s __________________ 3 ,4 9 7
103,292
V ia o th e r ro u te s . & c _______________ 19,596
3 6 9 ,8 1 5
5 3 ,7 8 5 1,5 1 5 ,4 3 2
T o t a l g ro s s o v e r la n d
___
124,617
O v erla n d t o N . Y . , B o s t o n , & c ___ 1,889
122,746
B e tw e e n in torior to w n s ___________ 3 ,0 4 2
193,619
I n la n d , & c ., fro m S o u t h ___________ 13,586

Deduct Shipments— •

1 9 1 4 -1 5 -------Since
A u g . 1.
4 7 3 ,4 1 4
239 ,4 4 6
3 ,1 4 0
113,507
81,431
151,221
276 ,5 8 9

Week.
2 0 ,3 7 2
7 .5 7 6
577
3,911
3 ,2 6 9
1,374
4 ,2 1 8

4 1 ,2 9 7 1 ,3 3 8 ,7 4 8
5,023
1,762
1,877

126,312
136,978
9 6 ,1 5 5

440 ,9 8 2

8 ,6 6 2

3 5 9 ,4 4 5

L e a v in g to t a l n et ov e r la n d * _____ 3 5 ,2 6 8 1,0 7 4 ,4 5 0

3 2 ,6 3 5

979 ,3 0 3

T o t a l t o b o d e d u c t e d ___________18,517

Charleston, S. C .— 'Thero has been rain on ono day during
the woek, to the oxtont of ten hundredths of an inch.
1 he
thermometer has ranged from 32 to 78, averaging 55.
Charlotte, N . C .— Rainfall for the week four hundredths of
an inch, on one day. Average thermometer 48, highest 7o,

^ M e m p /u s, Tenn.— W eek’s rainfall thirty hundredths of an
inch, on three days. The thermometer has ranged from -J
to 78, averaging 49.
W O R L D ’S SU P P L Y A N D T A K IN G S OF C O T T O N —
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the iveek and
sinco Aug. 1 for the last two seasons, from all sources rrom
which statistics aro obtainable; also the takings, or amounts

* I n c lu d in g m o v e m e n t b y rail t o C a n a d a .

The foregoing shows the week’s net overland movement
has been 35,268 bales, against 32,635 bales for the week last
year, and that for the season to date the aggregate not over­
land exhibits an increase over a year ago of 95,147 bales.

1914-15.

1915-16.

C o t t o n T a k in g s .
W eek a n d S eason .

Season.

Week.

S eason .

Week.

7 ,5 9 9 ,3 2 9

V is ib le s u p p ly M a r c h 10------------- 5 ,7 5 6 ,0 8 9
V is ib le s u p p ly A u g . 1 ---------- - - 182,997
A m o r ic a n in sigh t t o M a r c h 1 7 - B o m b a y r e c e ip ts t o M a r c h 1 6 . . 6100,000
615.000
O th er In d ia s h ip ’ ts t o M a r . 1 6 - 618.000
A le x a n d r ia r e c o ip ts to M a r c h 15
63,000
O th er s u p p ly t o M a r c h 15 * -------

3 ,1 7 6 ,8 1 6
285 ,4 0 8 12,3 5 3 ,7 9 6
112 ,000 1,3 3 3 ,0 0 0
2 0 0 ,0 0 0
12,000
7 5 1 ,0 0 0
17.000
9 7 ,0 0 0
10.000

4 .6 3 3 ,2 1 0
9 ,592,271
2 ,1 2 6 ,0 0 0
176.000
598 .000
98,0 0 0

1 9 1 5 -1 6 Since
I n Sight a n d Spinners’
A u g . 1.
Takings.
Week.
5
,5
8
7 ,6 7 4
R e c e ip ts at p o r ts t o M a r c h 1 7 ____ 9 1 ,2 5 2
N e t ov e r la n d t o M a r c h 17_________ 3 5 ,2 6 8 1 ,0 7 4 ,4 5 0
S o u t h ’n c o n s u m p tio n t o M a r c h 17 8 5 ,0 0 0 2 ,3 5 7 ,0 0 0

1 9 1 4 -1 5 --------- Since
A u g . 1.
Week.
2 27 ,227 8 ,5 3 6 ,5 8 8
979 ,3 0 3
3 2 ,6 3 5
1,9 5 0 ,0 0 0
6 0 ,0 0 0

9 ,0 1 9 ,1 2 4
573 ,147

319 ,8 6 2 11,465,891
* 3 4 ,4 5 4
8 87 ,905

T o t a l s u p p ly ___________
Deduct— •
V f j bio s u p p ly M a r c h 17-

C a m e in to sigh t d u rin g w o e k . . . 182,997
T o t a l in sigh t M a r c h 17________
____

------9 ,5 9 2 ,2 7 1

2 8 5 ,4 0 8
-----­
----------- 12,3u3,< 96

N o r t h 'n s p in 's ’ ta k in gs t o M a r . 17 9 9 ,8 3 5

2 ,3 0 2 ,4 7 9

472 .509 1 0 ,348,384
453 .930 1 1 ,602,325
T o t a l ta k in g s t o M a r c h 17 a ------354 .5 0 9 8 ,0 7 7 ,3 8 4
300 .930 8 ,8 1 0 ,3 2 5
O f w h ich A m o r ic a n -----118,000 2 ,2 7 1 ,0 0 0
! 153,000 2 ,7 9 2 ,0 0 0
O f w h ich o th e r . - _________________________________________
* E m b ra ce s ro ccin ts in E u ro p o fro m B ra z il, S m y rn a , W o st In d ies, & c.
a T h is to ta l In clu d es th o estim a ted co n su m p tio n b y S ou th ern m ills,
2 357 000 b a le s ' i n ' 1915 -16 an d 1,950,000 bales in 1914-15— ta k in g s n ot
b e in g ’ a v a ila b le— an d th e a g g re g a te a m ou n ts ta k on b y N orth ern an d
fo re ig n sp in n ers. 9 2 4 5 .3 2 5 ba les in 1915-16 and 8 .3 9 8 ,3 8 4 balos in 1 9 1 4 -t o ,
o f w h ich 6 ,4 5 3 ,3 2 5 ba les an d 6 ,1 2 7 ,3 8 4 b a les A m e rica n .
b E stim a te d .

T o t a l m a r k e te d _________________ 2 1 1 ,5 2 0
In te r io r s to c k s in o x coss__________ *28 ,5 2 3

69,8 5 2

2 ,1 8 2 ,7 1 9

* D e cr e a s e d u rin g w eek .

Movem ent into sight in previous years
Bales.
Since Aug. 1—
Week—
Bales.
1 9 1 4 — M a r c h 2 0 ....................... -1 5 8 ,2 2 4 1913-14— M a r c h 2 0 _______ 13,028,681
1913— M a r c h 2 1 ______________ 123,345 1912-13— M a r c h 2 1 .............. 12,154,355
1911-12— M a r c h 2 2 _______ 1 3,905,063
1912— M a r c h 2 2 ....................
233 .872

Q U O T A T IO N S FO R M ID D L I N G C O T T O N A T O T H E R
M A R K E T S .— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.

6 ,0 7 5 ,0 8 6 17.223,481 8 .0 3 5 ,7 3 7 17.911,612
5 ,6 2 1 ,1 5 6

5 ,6 2 1 ,1 5 6 7 .5 6 3 .2 2 8

7 ,5 6 3 ,2 2 8

F A L L R IV E R M IL L D IV I D E N D S .— Twenty-nino of the
thirty-oight cotton-manufacturing corporations m I'all Rivor
havo declared dividends during
tho first quarter ot the
vear and tho total amount paid out is 883,642 moro than
for the corresponding poriod of 1915, and 811,250 smallor
than in 1914. Tho aggregate of the amount distributed lias
been 8342,417, or an average of 1 .1 3 % on tho capital. In

Closing Quotations for Middling Cotton o n—
W e e k ending
M a r c h 17.
G a lv e s t o n ______
N e w O rlean s___
M o b i l o .................
S av an n ah _____
C h a rleston ______
W ilm in g to n ____
N o r fo lk _______
B a lt i m o r e _____
P h ila d e lp h ia ___
A u g u s t a ________
M e m p h is _______
S t. L o u is _____
H o u s t o n _______
L ittlo R o c k ____

Saturday. M o n d a y . Tuesday. Wed'day. Thursd’y. Friday .
12.10
11.69
11.44
12
M X
M X
11.63
UK
12.05
11.69
11.75
M H
12.00
11.75

12.15
11.69
11.50
12
M X
M X
11.56
M X
12.15
11.69
11.75
M X
12.20
11.75

12.25
11.82
11.50
12X
M X
M X
11.69
11M
12.25
11.75
11.88
M X
12.25
11.75

12.25
11.88
11.63
12X
M X
M X
11.81
M X
12.20
11.75
11.88
m x

12.25
11.75

12.35
11.94
11.63
12X
M X
11X
11.81
M X
12.25
11.75
11.88
12
12.25
12 .0 0

12.35
11.94
11.69
12
M X
M X
11.81
M X
12.20
11.75
11.88
12
12.25
12.00

W E A T H E R R E P O R T S B Y T E L E G R A P H .— Telegraphic
reports to us this evoning from tho South indicate a continu­
ation of dry weather in tho Southwest and but little rain
elsewhero. Crop preparations are under way in tho earlier
districts and Mobile reports expectations of increased cotton

III 1 'JIA w a s U.OO

11 " ,

•

Au
AWm

,

in 1909 was 2 .7 1 % ; m 1908 was 2 .2 7 % ; in 1907
,

in 1899 it
s 1 .0 1 % ,
1 .9 9 % .
First Q
uarter
1916 arid 1915.

Dividends 1910.
Capital.

Dividends

%

1915.

S

S

No dl vldend.
800,000 N o di vldend.
1,500
alX
300,000 N o dl vldend.
4,500 No dl vldend.
1
450,000
No di vldend.
500,000 N o dl vldend.
No di vldend.
N o dl vldend.
10,0.10
1
10,000
1
1,000,000
15,000
15.000
IX
1
1,000,000
vldend.
No
dl
8,000
1
809’999
18,000
18.000
IX
1X
2,517 No dl vidend.
1
^51,670
8,000
2
8,000
2
400,000
18,750
IX
1,250,000
7,500
IX
500,000
17,400
IX
1360,000
No dl vidend.
1
1,000,000
No di vidend.
800,000 N o dl vldend.
22,500
IX
IX
L500.000
No di vldend.
1
vldend.
No
di
IX
1,250>999
7,875
IX
2
9?9’999
7,500
1
1
750,000
12,000
1
1
1,200,000
No dl vldend.
1
400,000
7,500
l
IX
750,000
No dl vidend.
Parker M ills....... ................. . 800,000 N o di vldend.
No dl vldend.
Pilgrim Mills____________ 1,050,999 53
No dl vldend.
1
Pocasset Mfg. C o------------ 1'999'999
30,000
3
nichard Borden Mfg. C o. 1,000,000
24,000
2
2
Sagamore Mfg. Co----------- 1’999’999
vldend.
No
dl
vldend.
N
o
dl
Seaconnet Mills-------------999’999
5,500
1
5,50
Shovo M ills---.................. , nn9’non N o1di vldend.
No (II vldend.
Stafford M ills--................ 1’999’999
10,500
IX
IX
Stevens Mfg. Co.........—
I99'999
11,250
IX
IX
Tccumsch M ills................
750.000
0,000
2
2
Troy Cot. & Wool.Mfg.Co
300,000
18,00(1
IX
IX
Union Cotton Mfg. Co—
1,200,000
No dl vldend.
Wampanoag Mills............
750,000 N o dl vldend.
) No dl vldend.
IX
Weetamoe Mills--------------1 500,000

American Linen C o--------Ancona Mills----------------Arkwright Mills-------------Barnard Mfg. C o-----------Barnaby Mfg. C o-----------Border City Mfg. Co------Bourne Mills------------------Charlton Mills..................
Chaco M ills---..................
Conantcut Mills-------------Cornell Mills____________
Davis M ills......................
Davol M ills-......................
Flint M ills........................
Granite Mills----------------Hargraves Mills_________
King Philip Mills..............
Laurel Lake Mills-----------Lincoln Mfg. Co-------------Luther Mfg. Co................
Mechanics’ Mills-----------Merchants’ Mfg. Co------Narragansett Mills--------Osborn Mills......................

14

Inc.

Amount. Dec.

(+ )

(—)

$

— 1,500
+ 4,500

+ 8,000

+ 2,517
area in that vicinity.
Galveston, Tex. — W o have had only a trace of rain on ono
IX
day of tho week. The thormomoter has averaged 62, rang­
IX
IX
ing from 50 to 74.
+ 10,000
Abilene, Tex .— Dry all tho week. Average thermometer
64, highest 94, lowest 34.
+ 0,000
+ 18,750
Dallas, Tex .— It has been dry all tho week. Average ther­
+ 2,025
mometer 64, highest 90 and lowest 38.
Fort W orth, Tex.— W o have had no rain tho past week
+ 4,000
Average thermometer 65, highest 92, lowest 38.
+ 3,750
Palestine, Tex.— W o havo had no rain during tho week.
+ 10,500
The thermometer has ranged from 38 to 84, averaging 61.
+ 12,000
San A n to n io , Tex.— W o have had no rain tho psat week
—5,000
2X
Minimum thermometer 44, highest 88, avorago 66.
Taylor, Tex .— Dry all the week. Minimum temperature
38
N ew Orleans, L a. — There has been rain tho past week to
the extent of thirty hundredths of an inch, on ono day. Th<
thermometer has averaged 60.
+ 7,500
Shreveport, L a. — Thore has been no rain during the week
The thermomoter has ranged from 40 to 84.
.--130.336,670
1.13' 342,4177 0.88 258,775 + 83,042
-----T
o
t
a
l
Vicksburg, M is s .— Rain has fallen on ono day of tho week
a On $100,000 preferred stock,
b On $350,000 preferred stock.
to the extent of twenty-five hundredths of an inch. Mini
M A R K E T A N D SALES A T N E W Y O R K .
mum thermomoter 32, highest 74, avorage 55.
Tho total sales of cotton on the spot each clay during the
M obile, A la .— Farming operations are well under way with
an increase indicated in cotton area. It has rained on two weok at N oav York aro indicated in the following statement.
For tho convenience of tho reader we also add columns winch
days of tho week, the precipitation reaching forty-eight hun
show at a glance how the market for spot and futures closed
dredths of an inch. Tho thermometor has averaged 56
ranging from 33 to 73.
,
. .
„
Selma, A la .— W e have had rain on two days during the
SALKS.
Futures
week, tho precipitation reaching forty-seven hundredths
Market
Spot Market
Contr’ct Total.
Spot.
of an inch. The thermomoter has ranged from 26 to 7^
Closed.
Closed.
averaging 47.
S a tu rd a y - ­ Q u ie t, 10 p ts . d e c ._ S t e a d y --------------o',660
6 .6 0 3
M ad ison , Fla.— Rain has fallon on ono day ot the weok
M o n d a y - ­ S te a d y , 10 p ts . a d v F irm _________
to the extent of forty hundredths ot^ an inch. Minimum T u e s d a y - - S te a d y , 10 p ts . a d v S te a d y _________
27100
2 ,0 0 0
'
l
o
o
W e d n e s d a y S te a d y , 5 p ts . d e c . .
2.0 0 0
2,0 0 0
thermometer 35, highest 73, avorago 55.
T h u r s d a y - ­ S to a d y , 5 p ts . a d v _ . S t e a d y --------------^ Savannah, C a.— W e have had rain on two days of the weok, F r i d a y ------- S te a d y , 5 p ts . d e c . . S te a d y --------------the rainfall reaching twenty-six hundredths of an inch.
Lhe
100 10,600 10,700
thermometer has averaged 53, ranging from 31 to 79.




Mar . 18 1916.]

THE CHRONICLE

C O T T O N L IN T E R 8 F R O M T H E 1915-16 C R O P .—
Ino report of the Census Bureau, issued to-day, shows
lmters (in 530-lb. bales) obtained from the growth of 1915 by
States as follows. The total for this year includes 121,606
bales, estimated to bo obtained after March 1.
.. .
1915-16.
A l a b a m a ______________________ _
71 354
A r k a n s a s ............... ....................... ............. I I I I I Z 5 4 .0 6 0
G e o r g i a .......................
171 ,239
qo t
L o u is ia n a ____ ___________________
M ississip p i.................................
$$$ %
M is s o u r i,...................... .........................
4 704
N o r t h C a r o lin a ................................................... I I 5 2 ’,531
O k la h o m a ......................................... ...................
48 416
S ou th C a r o lin a _____________
<:7 'jx 7
A ll o t h e r s . . . ..........................
U n itod
S t S S
17JC79Q?
JZ5J ? 9 '

14,506

S ta tes ________ ________
f i V

1914-15.
71.182
48,1 6 5
139 ,885
25,851
8 3 .7 3 0
4 .4 0 1
4 4 ,7 8 4
74,781
57,243
43,9 0 4
2 4 8 ,0 2 7
11,698

1913-14
53,960
4 2 ,0 4 9
108,799
22,3 6 8
64,6 5 8
3 ,5 3 8
33,321
4 0 ,8 6 7
45,0 1 6
3 5 ,7 3 9
179,527
6,632
aai

or,a non

000 700

/ 11111^ 1!1® b a l »1
iln te rs ’ o b ta ln e d f o r '1915 in th e U nited
!
A la b a m a , 74,025: A rk a n sas, 5 5 ,431; G e o rg ia ,
3 2 ,3 3 3 ; M ississip p i, 8 3,154; M is s o u ri, 4,875; N o rth

CaroIina> 07’338; Ton,ies-sco’
1 ho q u a n tity o f cotton se e d crushed fro m th e c r o p o f 1915 w as 4 132 400
ton s, c o m p a re d w ith 5 ,7 7 9 ,6 6 5 tons in th o p r e c e d in g y ear an d 4 767 802
ton s tw o years a go.

J N D I A C O T T O N M O V E M E N T F R O M A L L P O R TS.
1915.10.

Feb. 24.
Receipts at—•

Week.

Bom bay.

1914-15.

Since
Aug. 1.

1913-14.

Since
Aug. 1.

W
eek.

Week.

Since
Aug. 1.

103,000 1,809,000 118,000 1,004,0001129,000 1,870,000
For the Week.

Exports
from—

Since August

G
reat 1 Contl- Japan
Britaln.l nent. &China Total.

Bom bay—
1915-10..
19141913- 1 4 ..
Calcutta—
191519141913- 1 4 ..
Madras—
191519141913- 1 4 ..
Ail others—
19151914- 1 5 ..
1913-14..
Total all—
1015-10..
1914-15..
1913-14..

G
reat
Britain.

-----120,000 21.000 41,000
1 5 .. 10,000 20.000 40,000
4.000

2.000 ------- 01.000100.000
1 0 ..
1,000 ------ 1,000
1 5 ..

2,000

5,090 5,000
25,000 27,000

1 0 ..
1 5 ..

Continem.

15.000
33,000!
18.000

143.000
150.000
515.000

2,000
1,000

15.000
7.000
14.000

1,000
4.000

4,000

5,000

9.000
3.000
29.000

4.000
4,000 4.000
13,000

1.000 9,000
5.000 18,000

8,000

13.000
41.000
23.000

58.000
08.000
134.000

2.000 25,000 23.000 50,000
8.000 20,000 20.000 54,000
2,000 50,000 91.000149.000

-31,000
75.000
48.000

225.000
234.000
092.000

2,000
1 0 ..

A lexa n d ria , E gypt.
Feb. 23.
R eceipts (ca n ta rs )—
T h is w e e k ........... ..
S ln co A u g . 1_____

1914-15.

82,643
4,1 3 0 .7 7 1

5 ,1 7 6 ,7 4 4

2,29iar..MardCgN -k r a 2th-

B o s T O N arc^ °T n ? ~ M ar,- i 6 - A d o i f o . 4 . 0 0 0 . . .
B O S I O N — I o L iv e r p o o l— M a r . 15— t r u t h , 1.379

824.000 982,000
532.000 721,000
597.0001.130.000
3,000
35.000
45.000

20,000
43.000

01.000
10,000

2,000
47.000
9,000;

21.000

3,000
30,000

118,000
118,000
178,000

T otal -

.9 7 .7 8 8

Ib o particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French
B ritain. Ports.
N e w Y o r k . . . 2,5 7 4 2,4 3 8
G a lv e s t o n ___ 31,747
P ore A r t h u r .. 4 ,9 9 5
N e w O rle a n s . ._
13.688
S a v a n n a h ___3,3 8 5
B o s t o n ----------- 1,379
B a lt i m o r e ___ 4,123
P h ila d e lp h ia .
33
San F ra n cis co . . .
S e a t t le _______ ___

-

—

H oi
Olh. E u ro p e
land. N orth . South.
4 ,4 0 0
902 4 ,2 7 2
2",l i e

T o t a l ...........4 8 ,2 3 6 16,126

137
2 ,5 0 0

163,791
A IH 5 104,719
2,587 116,894
7,660 145,693

10,500 135 ,495
7,000 112,391
10,250 165,992
5,2 5 0 93,4 0 8

161,724
7',250 165,723
5,0 0 0 298 ,587
3 6 ,0 0 3

T o t a l e x p o r ts .................. 19.362 531.097 33,0 0 0 507 ,286

12,250 662 ,0 3 7

M A N C H E S T E R M A R K E T .— Our report received by
cable to-night from Manchester states that yarns aro easy
except the finer counts. The demand for gray goods for
(Anna is poor owing to tho shortage of dyes there. W o
givo Prices for to-day below and leave those for previous
veoks of 1ms and last year for comparison:

6 ,5 1 6

2 ,1 0 2 10,772

8!*

lbs. Shirt
lugs, com
m
on
to finest.

Jan
28
Feb.
4
11
18
25
M ar
3
JO
17

4
125*
125*
125*
125*
125*
12 5*
12 5*
125*

@

R 4
135* 7 0

@9

3. (1
9

Corn
Afid,}
Uprs

&
H

7
7
7
7

4)* @ 9
3 @9
15* (49
15* <39

75* 7.89,
6 5* 8,00
3
7.82
3
7.72

F
A
(•
’)

135* 7
135* 7
135* 7

15* ^ 9
15* @ 9
15* <3 9

3
3
3

F
t)

M

7.84'
7.81
7.87 85*

lbs. Shirt­
ings, com
m
on
to finest.

Twist.

4
4.
7.03

135*
13 H
13!*
135*

8K

32 s Cop

(I.

quo
quo
quo
quo

N o quo tatlons
N o quo tatlons
85* 0 0 @ 7

Arid

5.09
5 07
5.01
4.97

0

4.99
5.17
5.27

S H IP P IN G N E W S .— Shipments in detail:
Total bales.
N E W Y O R K ^ T o L l v e r ^ o o l - M a r . 1 1 - C y m r i c . 1 .6 6 1 .. . M a r . 15
T o H a v r e — M a r . 1 1— K r oil’s ta d ) 1 ,4 5 4 ................................................... 2,5 7 4
T o B ord ea u x— M a r . 11— C a ro lin e , 9 8 4 .......... ZZZZZ....................... 1,454
984
T o R o t t e r d a m — M a r . 11 A lg e n ib . 2 ,0 0 0 . . . M arZ ' 1 5— c d m m o w y n o , 2 ,4 0 0 _____
T o C h ristia n ia— A lar, ll"— K rist]ania"fjord,’ 2 4 0 ...................................4 ,4 9,(!
T o G o th o n b c r g — M a r . 15— S to c k h o lm , 6 6 2 ............. H I
5,!'I
662
T o B a rcelon a— M a r . 9— A n to n io L o p e z , 8 ____
8
T o G e n o a — M a r . 13— A m e r ic a , 499; San G u glfelm o.* 2’ flOO
M a r . 14— A salil M a rti, 865
4 ,2 6 4
T o V la d iv o s t o c k ,— M a r . 13 -St. Bedc\ 2 .3 9 5 .....................................o 'm i
To V en ezu ela— M a r . 15— Z u lla , 6 0 ..........................I I ........................... ’ 50




9 ,7 3 0

4 ,3 0 6

97,7 8 8

2 7T5 c CrPG c n o a ° ° 8 b
3
3. 50c . — 5 %; R o t t e r d a m ,
0 -n
o .z 5 @ iJ .5 0 c .; L e g h o rn , 3 .2 5 c . n o m .:
L is b o n
9 r.nn •
M a r s e d lcs , 2 .5 0 c .; J a p a n , 2 .5 0 (« 3 .0 0 c . n o m .; S hanghai 2.50(3>.‘i OOc’
3 .0 0 c . n o m .; V la d iv o s to k , 3 .0 0 c . n o m .
'
aa

. L IV E R P O O L .— B y cable from Liverpool we have the
following statement of the week’s sales, stocks, &c
at
that port:
’

,

M a r. 3.
4 2 .0 0 0
5 .0 0 0
6 .0 0 0
3 1 .0 0 0
12.000
9 2 ,0 0 0
8 6 0 .0 0 0
6 2 2 .0 0 0
107 .000
8 7 .0 0 0
4 1 8 .0 0 0
3 4 6 .0 0 0

M a r . 10.
3 3 ,0 0 0
2 ,0 0 0
4 ,0 0 0
2 4 ,0 0 0
6 ,0 0 0
9 1 ,0 0 0
9 2 6 ,0 0 0
6 8 0 ,0 0 0
163 ,0 0 0
128 ,0 0 0
3 2 8 ,0 0 0
2 6 1 ,0 0 0

M a r . 17.
..
____
____
.............
18,000
8 8 ,000
932 ,0 0 0
6 9 2 ,0 0 0
112 ,000
91,0 0 0
__
......

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday.

Monday.

Tuesday.

D ull.

Quiet.

Good
demand.

W
ednesday.

Thursday.

Friday.

G ood
demand.

Fair
business
doing.

Quiet.

M arket,
(

M id. upl'ds

7.80

7.77

7.80

7.86

7.82

7.87

S a le s.........
Spec.&exp.

3.000
800

7,000
2,500

10,000
3,500

10,000
1,000

8,000
1,000

6,000
500

Futures.

M arket
opened
M arket,
4
J>. M .

Steady, un­
Quiet,
\ changed to 2 @ 3 pts.
/ 1 pt. dec.
decline.

Steady,
7 @ 8 pts.
advance.

f Quiet but
Steady,
{ steady, 25* 6 @ 3 pts.
( pts. dec. to decline.
3 pts. ndv.

Quiet,
55*@ 75*
pts. adv.

Quiet,
3 points
advance.

Quiet,
2 @ 3 pts.
decline.

Quiet,
Very st’dy,
2 @ 5 5* pts. 4 5 * @ 7 pts.
advance.
advance.

Quiet,
unch’g to
1 pt. dec.
Steady,
45* %75*
pts. dec. '

1 lie prices of futures nt Liverpool for cnch dny nro given
below. Prices aro on the basis of upland, good ordinary
clause, unless otherwise stated.

Mar. 11
to
Mar. 17.

Saturday.

12 H

12 V2
p .m .

p .m .

U p l'i

5.02

tatlons
tatlons
tatlons
tatlons

@

Corn

d

N o quo tattoos
No
No
No
No

4 ,3 0 6

C O T T O N F R E IG H T S .— Current rates for cotton from
Now York are as follows, quotations being in cents per pound:

The p rices are given in pen ce and 100ths.

Cop
Twist.

15
6,773

The exports to Japan since Aug. 1 have been 259,303 bales
om 1 acific ports, and 12,848 bales from Galveston,

12:15
1‘ . M .

This
S ince
W eek. A u g . 1.

Total.
17,031
31,7 4 7
4 ,9 9 5
17,364
7,3 8 5
1.516
4,1 2 3
2,5 3 3
4,321
6 .7 7 3

360

4 ,0 0 0

123.000
or 000
424 000
3 6 3 ,0 0 0

This
Since
W eek. A u g . l .

323

V la d .,
& c. Ja p a n .
2,4 4 5

1Z200

1 o.V) 1 C o h o rts o f th e w e e k ------------O f w h ich A m e r ic a n ____
A m o u n t a f lo a t ________________ _ '
O f w h ich A m e r ic a n ____________

100,000

,ouu
4 ,3 0 6

F eb. 25.
3 7 ,0 0 0
3 ,0 0 0
6 ,0 0 0
23 000
2 000
9 3 ,0 0 0
8
5 8 ,0000
00
607

1913-14.

4m

\ Iar?~
mr
1 1—7p
f i. ' N, o .” ' 15
V
S A N ^ - ^ N G I S C O — T o Jlaa n
pa
an
n—
—M
14
— V anon V
M m

Sales o f th o w o e k ...................
O f w h ich s p e cu la to rs t o o k ____
874.0001.130.000
O f w h ich ex p o rte rs t o o k _______
570.000
885,000
Sales, A m e r ic a n ________________
005.0001.405.000
A c tu a l e x p o r t ____
"
to show a de- F o r w a r d e d ------------------------ ZZZZZ;
r n
3 efr ic------------------------Orf lJ
w h?ichh ?A m
a n ____

220,000

-------------------M
------------------- ? ’ ™ o
’ 137

q . d'" GI'dna<ly :T ^ ar7 14—Governor,’ IsIIIIZIIIIIZIIZII----------4 q
i ji 1 I L E
l o V la d iv o s to c k — A la r, io— A s a m a M a r u , 6.773ZZZZZ 6,773

Japan I
China.\ Total.

This
S ince
W eek. A u g . 1.

L i v e r p o o l ____________
M a n c h e s t e r .......... .......
C o n tin e n t & I n d i a ___
A m e r i c a ____________ _

Jar1'

„ * t -nTA A^T,1,? Y a r m o u
r . 15—
P rin ce GGeeo orgr g
. . ----------e ,o l1i 3 7 ............. . . "
M O R 11
E — T o . .th — ,M a-------„B A L T IMar.
Mar.
n —- eC ; . „ S ? hS 7 : ^ “ ' 9- Dr“ “ °' 9- ™ - ~
P H I L A D E L P H I A T o M a n c h e s te r — F e b . 28

Spot.

E xports (b a le s )—
To
To
To
To

^ d M1018913“ Annfinn

T ° K o tte r d a m —X lX r V lT — A m V tG d ijk ' 2* 1 1 6 .......................................
N om S ^ oo”
13 M e x ic a n o ,
1 ,0 0 0 l 1 1 M ar Z I 6— ^ ’ J J

d-

S H IP M E N T S .

1915-16.

T otal bales.
GALVESTON
a r .- 15
„ MM
1 0 ’2 2 2 17 I1U
~ ° M anchester— M a r . 15— J o s e o n L a rrin a g a , 1 4 ,5 9 3 ._ _ _ _ Z I I I 1 4 j
N E W o i R L EAN S- ' T n ^ ' erp0° 1— M a r - ,10— O ranian .”4 ,9 9 5 111Z ZI 4 ,9 9 5
iNJjVV c i t L i t A N S — l o H a v re — M a r . 11— B a rk Htldeean.rH 1 o n «

1.

According to the foregoing, Bombay appears
.eomt)arofl with last year, in the week’s receipts of
10.000 bales. Exports from all India ports record a loss of
4.000 bales during tho week and since Aug. 1 show an in ­
crease of 245,000 bales.
A L E X A N D R I A R E C E IP T S A N D

10 87

M arch
M a r .-A p r .
M a y Ju n e
J u ly -A u g
O ct .-N o v.
J a n .-F o b

d.
7
7
7
7
7
7

d.
63 5*
625*
615*
59
365*
28

M onday.

Tuesday.

T h us. 7 63 m eans 7 63 -1 0 0 4 .

| W ed ’day.

Thursday.

F rid ay.

4
12H 4 125* 4 \ 2H 4
p .m . p .m . p .m . p .m . p .m . p .m . p .m p .m . p125*
.m .

12H

d.
595*
59
58
555*
33
25

.

d.
58
575*
555*
525*
28
20

d.
68
675*
655*
625*
36
28

d.
65
645*
63
60
335*
25 5*

d.
675*
67
655*
62 5*
385*
305*

d.
67
665*
65
62
39
31

d.
64
635*
62
59
375*
295*

d.
715*
71
695*
665*
46
38

d.
68 5*

68
66 U
63 5*
435*
36

BREADSTUFFS
Friday Night, M arch 17 1910.
I lour has been quiet and more or less depressed, in sym­
pathy ivith some decline in wheat. Export business does
not increase as ocean tonnage is still scarce. Besides, rail­
road embargoes continue, and the accumulations show little
decrease. Plainly the railroads centering at N c a v York aro
overtaxed with traffic. Various methods of relief for the
congestion have been suggested, but nothing effectual has
yet been done. The railroads are not taking new shipments

Tlioy are simply doing their best to deliver flour already on
their tracks. Local buyers are purchasing only from hand
to mouth. In this way they get sufficient to supply the
current needs. The total output last week at Minneapolis,
Duluth and Milwaukee was 427,055 barrels against 401,910
barrels in the previous week and 267,870 barrels last year.
Total since Sept. 1, 13,291,000 barrels, against 10,755,000
during the samo period of 1914-15.
W heat declined sharply for a time and then rallied. Lower
foreign quotations and more favorable crop news counted for
a good deal in the depression in this country. Railroad
embargoes havo also been a depressing factor. New export
business has been moderate. Liverpool quotations have been
noticeably depressed. London arrivals have been liberal
and London has been reselling in Liverpool. Manitoba
wheat has been freely offered in English markets.
1 he sta­
tistical news was bearish. The world’s stocks increased for
the week 2,253,000 bushels, as against a decrease for the same
time last year of 3,192,000 bushels. The total world’s stock
now amounts to 234,514,000 bushels, as against 154,000,000
a year ago, and 193,525,000 at this timo in 1914. This in­
cludes 159,314,000 bushels of American or about double the
stock of a year ago, and nearly 50,000,000 bushels more
than at this time in 1914. A t times support to prices has
been wholly lacking. Crop reports from Kansas, Oklahoma
and Nebraska have been favorable. In Rumania the crop
outlook is good and the acreage is larger. In Australia
good rains have favored farm work. In India the crop out­
look is described as good. Beneficial rains have fallen in
North Africa. In Argentina it is expected that the crop
movement will soon increase. In Italy the weather has been
favorable for the crop. On the other hand, there has letterly
been some good buying on declines. Some of the nows has
been bullish. A t times indications of the lifting of somo of
the railroad embargoes in the W est on grain shipments to the
East have strengthened Chicago prices. It is said that three
of the principal Eastern railroads have made definite progress
towards restoring normal conditions whero car blockades
have been in force. A certain amount of export business
has been done. Omaha has reported an export demand.
Spain will need a good deal of wheat. Consul-General Carl
Hurst, at Barcelona, roports: “ Barcelona flour merchants
have urged upon the Spanish Government the advisability
of securing for the country within as short a timo as may bo
expedient 200,000 tons of wheat. This amount necessitates
the payment of sums which the wheat merchants cannot
themselves advance at present, and accordingly they peti­
tion that it may bo advanced from the public fisc, to bo
reimbursed as soon as possible. Millers in this neighbor­
hood require, it is stated, 119,000 tons for their customers.
The mills of Barcelona grind somo 1,000 tons of wheat daily.
Also there is a delay in shipments from Australia and
Argentina, owing partly to bad weather. In Argentina it
has been very rainy, a fact which has hindered the movement
of the crop. In Australia the offerings havo been compara­
tively small, and shipments from that quarter havo boon
disappointingly light, with ocean tonnage scarce and holders
generally firm. The Australian farmer is evidently looking
for higher prices. Although the Australian crop is admit­
tedly large, the storing of wheat continues on a large scale.
In Franco reserve supplies aro moderate, arrivals being light,
owing to the scarcity of ocean tonnage in Australia and^Argen­
tine ports. Franco has latterly bought wheat both in Aus­
tralia and Argentina, but, it will bo seen, is not receiving it
promptly. In Italy reservo supplies are moderate and impor­
tations will continue. In India scarcity of ocean tonnago
restricts oxport business. The voyago from American ports
is much shorter than from those of the big competing export­
ing countries, and not a few, therefore, look for a ready
market in Europe for American wheat this season. ^More­
over, there are still complaints of winter killing m this
country. Somo reports havo been bad from Illinois and
Missouri and oven from parts of Nebraska. Of lato country
offerings at Chicago have been small. Stocks at tho South­
west aro decreasing. Farmers of lato havo shown less dis­
position to sell, and tho crop movement at the W est is gradu­
ally diminishing. Tho crops of Argentina, Australia and
India are considered good, but the grand difficulty is to lay
the wheat down in European markets, with the scarcity of
ocean tonnago worldwide and persistent. To-day prices
broke. Latterly, the possibility of the Dardanelles being
opened and of Russia’s wheat being released, have had a
depressing effect. Turkey is said to be suing for peaco.
Liverpool prices fell sharply.
D A I L Y C L O S IN G P R IC E S O F

[Vol . 102.

THE CHRONICLE

1088

K

M

' '

the advance here leading Chicago bull operators have boon
selling, partly owing to beneficial rains in Argentina and the
lack of any insistent export demand anywhere, either in this
country or in other exporting countries. The American
farmer, however, shows no anxiety to sell, and tho tone as
a rule has been firm. Tho available stock in America is
only 28,860,000 bushels, or 14,000,000 bushels less than a
year ago. To-day prices fell. Liverpool was \Vz to 2d.
lower on tho spot and 6d. lower on passage. Corn sympa­
thized with wheat.
DAILY CLOSING PRICES OP NO. 2 M IXED CORN IN NEW YORK
Sat.

n i x i S S 1S»B

D A I L Y C L O S IN G P R IC E S O P W H E A T F U T U R E S IN C H IC A G O .
Sat. M o n . l ues. W e d . Thurs. Fri.
M a y d e liv e r y in e le v a to r ......... c t s . 1 0 9 ^ 108% 108% UQK 111% 108%
J u ly d e liv e ry in e le v a to r ___________ 1 0 8 % 1 0 7 % 1 0 7 % 1 0 8 % 1 0 9 % 1 06 %

Indian corn has been firm with receipts light at Chicago.
This has been ono of tho largest factors. Another important
thing was tho partial lifting of railroad embargoes. On tho
other hand, prices at Liverpool at times have been weak,
owing to a reduced consumption. Also. Argentina has been
offering at lower prices at Liverpool. Tho trouble at Liver­
pool is that prices have reached a point that checks tho de­
mand in mild weather such as has latterly prevailed. Freights
at Argentina have been secured at 137 shillings, with a guar­
antee that the steamer would not bo commandeered. On




Tues.

Wed.

Thurs.

Sat. M o n . Tues. W e d .
May delivery in elevator......... Cts- 75 % 76 % 1 0 % 77
J u ly d e liv e ry in e le v a t o r --------------70%
77% *7 ^ 7</s

Thurs. Fri.
]0 %
75%
ii/ \
76%

Oats havo been advancing with corn, especially as everybody
looks for a reduction before long in the stock at Chicago.
Also a good many think that oats are too cheap as compared
with other grain. Chicago reports state that as soon as the
railroads can furnish the cars a very largo percentage of the
Chicago stock will be shipped to Eastern points. The partial
lifting of embargoes on railroads running east from Chicago
has encouraged holders. Reports from South Dakota state
that farmers in somo cases are rebuying oats from country
elevators. Whereas corn is 7 cents a bushel higher than a
year ago, oats are 15 cents cheaper. A year ago N o . 3
white oats wero 20 cents lower than N o . 2 yellow corn; now
N o . 3 white oats are about 40 cents under N o . 2 yellow corn.
This accounts for some of tho investment buying ot oats.
The American available supply is 39,345,000 bushels against
37,872,000 a year ago and 39,385,000 at this time in 1914.
It will be seen that, although actual available stocks aro not
much larger than those of a year ago, prices aro much lower
than then. To-day prices declined, though they resisted tho
influence of other grain. Receipts wero small.
DAILY CLOSING PRICES OP OATS IN NEW YORK.
Sat.

Mon.

Tues.

Wed.

Thurs.

SffctS

Fri.

S8S f e

DAILY CLOSING PRICES O F U T U R E S
May delivery in elevator------- cts. 43 %

44

July d e liv e ry in e le v a t o r -----------------42%

42%

44%

43 11

r a CHICAOO.
45%
44%

nurs.
45%
45%
44%

rii.
44%
43%

The following aro closing quotations:
G R A IN .
Corn, per bushel—
W h e a t, p e r bushel— f . o . b .
No. 2 mixed______f. o. b. n o m .
N . S p rin g , N o . 1, n e w -------S I 32
00%
No. 2 yellow______ c. i. f.
N . S p rin g , N o . 2 -----------------------------84%
No. 2 yellow Kiln dried..
R e d w in te r. N o . 2 . n e w . . . 1 22
A rg e n tin a in bags---------------H a rd w in te r. N o . 2 ------------- 1 2 1
Rye,
per
bushel—
O a ts, p er b u sh e l, now —
cts.
Now Y ork., c. 1. f.Sl 01
S t a n d a r d ----------------------------- N o m .
Western____c. i. f. SI 01
N o. 2,
w h it e ................ - - - N o m
N o. 3,
w h ite _________50
(oj50% Malt.......................................90©92c
N o. 4,
w h ite _________ 48%@40
FLOUR.
W in te r, lo w g ra d e s -------S4 6 0 @ S 5 00 K an sas stra ig h ts , s a c k s .35 3 5 @ $ 5 50
W in ter p a te n ts ---------------6 1 0 ®
6 3 0 K an sas cle a rs, s a c k s ___ 5 0 0 © 5 40
W in te r s tr a ig h ts----------- 5 5 0 ® o 80 C it y p a te n ts ____________ — - - - - - - ­
W in te r cle a rs----------------- 5 3 0 ® 5 60 R y e flo u r _______________ 5 00 © 5 50
Spring p a t e n t s ----------------- § 8 0 ® 6 00 B u ck w h e a t flo u r ...........- - - - - - - - - - ­
Spring s tr a ig h ts............... 5 6 5 ® 5 75 G ra h a m flo u r ..................... 4 5 0 ® 4 7 o
Spring cle a rs ____________ 5 3 0 ® 5 oO

Tho statement of the movement of breadstuffs to market
indicated below aro prepared by us from figuros collected by
tho New York Produce Excliango. The receipts at A estern
lake and river ports for tho week ending last Saturday and
sinco Aug. 1 for each of tho last three years havo been.
Barley.

W
heat.

Receipts al-

60
1.975.000
1.847.000
609.000
61,000
80,000
31.000
7,000

bbls.W
G
lbs. bush.

247,000

99.000
43.000

688.000

Total wk. ’ 16
Samo wk. ’ 15
Same wk. ’ 14

421.000
303.000
407.000

6.521.000
3.306.000
3.701.000

23.000
” 7",666

2,000

Rye.

50 lbs. bush. 32 lbs bush.48lbs. bushMlbs.
44.000
018,000
1,821,'000
2,336,
62.000
496.000
785.1000
216,
6,000
27,000
26.1000
28,000
246.000
292.1
291
30.1000
167
46.1000
118
5.000
68.1,000
157
17,000
18,000
262.1000
526
7.000
38,000
99.1000
670
52.1000
819
100,1000
584

lbs. bush.

C h lcago. .
M inneapolis D uluth—
M ilwaukee . .
T o le d o ______
D etroit . .
Cleveland —
St. Louis.
P e o r ia ___
Kansas C lty.
Omaha___

67.000
759.000
397.000

000

5.884.000
2.498.000
5.778.000

3.581.000 1.443.000
912,000
3.731.000
4.744.000 1.592.000

169.000
130.000
182.000

Since A u g .l
18.413.000
1915-10------ 13.436.000 395,176,000 154.280.000 130.893.000 85.759.000
69.157.000 17.560.000
1914-15------ 13.427.000 319,485,000 183.151.000 203.371.000 69.543.000 19.588.000
154.973.000
1913-14------ 13,494,000 225,701,000 160.022.000

otal receipts of flour and grain at tho seaboard ports for
r y-vTVr\Arl 1\/TGY* 1 1 1011% f a !1AW
Receipts at—1

Flour.
Barrels.

a V d f c - K v i ;;5 K r V W .'f ! ::1 5 1 M ! ? L

Mon.

No. 2 y e llo w . - cts. .8 4 M -85 85-85% 85-85% 85%-86 % 8 5 ^ -8 6 %
84%
DAILY CLOSING PRICES OP CORN FUTURES IN CHICAGO..

New Y o rk —
B oston---------Portland. M e.
Philadelphia .
Baltimore —
NcwportNcws
N o r fo lk -------M o b ile---------New Orleans a
Galveston . .
M ontreal-----St. J o h n ..

145,000
57.000
33.000
63.000
55.000

2,000

W
heat.

Corn.

Oats.

Barley.

Rye.

Bushels.

Bushels.

Bushels.

Bushels.

Bushels.

1.377.000
245.000
1.109.000
871.000
846.000

13.000

2,000

46.000

15,000
4.000

546.000
628.000
255.000
353.000

353,000
32,000
83,000
717.000
102.000
33.000
220,000
14.000
1,000

336.000
158.000
19.000
94.000
667.000
1,111,000

4,000

158.000
3,000
250.000
02,000
396.000

9,000
147,000

14,000

3,000

3,666
24,000
98.000
13.000

163,000
883,000
2,523,000
l,555.00C
435,000 6,230,000
rotal wk. ’ 16
0,802,000 2,943,000
Since Jan. 1’ 16 5,910,000 71,991,000 11,978,000 24,986,000
294,000
274,000
1,983,000
1,583,000
425,000 5,140,000
W eek 1915.19,710,000 22,521,000 3,924,000 3,853,000
a Receipts do not includo grain passing through Now Orloans for foreign ports on
through bills o f lading.

18 1916.]

Mar .

THE CHRONICLE

T h e exports from tho several soaboard ports for the week
ending M a r . 11 aro shown in tho annexed statem ent:
Corn,
Flour,
bushels, barrels.

Oats,
bushels,

204,052

280,118
10,000

44,070
33,000
280 31,022

New York.......... 2,843,400
Portland, M e___ 1,100,000
B o s t o n .............. 222,240
Philadelphia___ 000,000
Baltimore............. 008,454
N orfolk ............................ .
Newport News...................
Pensacola_______ ______
Mobile .......................... .
New Orleans___ 850,000
Galveston_____ 005,000
St. John, N. B . . . 353,000

473,101
102,000
33",000
37,000
120,000

THE DRY GOODS TRADE

Rye, Earley,
Peas,
bushels, bushels, bushels.

17,780 100,150
250,000
_

Exports from—

W
heat.
bushels.

3,000
10,000

4,000

13,000

Total week-----7,287,103 909,433 240,970 1,831,353 252,303 947,754
Week 1915..........4,404,788 1,180,200 431,325 1,080,088 470,118 383,020

3,04S
1,501

Tho destination of theso exports for tho week and since
July 1 1915 is as below:
Exports for iceek
and since
July 1 to—

-FlourW
eek
Since
W
eek
Mar. 11.
July 1 Mar. 11.

1910.

1915.

bbls.

bbls.

1910.
bush.

Since
W
eek
July 1 Mar. 11.

Since
July 1

1910.

1915.

1915.

bush.

bush.

United Kingdom.. 144,517 3,854,580 2,878,027 98,407,052
C ontinent............ 48,9023,238,498 4,405,130 132,234,221
So. A Cent. Amer. 19,821 1,073,133
4,000 2,000,852
West Indies_____ 31,120 1,277,448
51,008
Brit. No. Am.Cols.
300
30,807
170
Other C ountries...
304 203,802
921,901

291,749
000,175
17,000
54,229
280

bush.

3,004,507
8,402,519
1,802,570
1,984,020
9,040
19,903

Total..................240,970 10284,334 7,287,103 234,270,404 909,433 15 342 037
Total 1914-15........431,325 10384,042 4,404,588 234,342,878 1,1S0,2G0 20,781,939

T h e w orld’s shipm ents of wheat and corn for tho week
ending M a r . 11 1916 and since July 1 1915 and 1914 aro
shown in tho follow ing:
W
heat.

Corn.

1914-15.

1915-10.

Exports.

W
eek
Mar. 11.

Since
July 1.

Bushels.

Bushels.

North Amer* 9,727,000 338,074,000
4,380,000
Danube___
Argentina . . 2,944,000 24.070.000
Australia___ 632,000 10.304.000
11.668.000
India..........
Oth.countr’s 144",666 9,184,000

1915-10.

1914-15.

Since
July 1.

W
eek.
Mar. 11.

Since
July 1.

Since
July 1.

Bushels.

Bushels.

Bushels.

Bushels.

324,116,000
12.074.000
2.347.000
24.703.000
8.996.000
18.080.000
5.505.000

850,000

16,775,000 21,788,000
4.811.000
9.431.000
909,000 129,081,666 110,103,000
408",666

6,028,666

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

Total......... 13447000 398,352,000 395,821,OOol 2,233,000 152,482,000 152,193,000
• North America.—Tho Canadian Government has officially prohibited tho
Issuance of both manifests and exports until after ten days. This Is effectlvo
during tho continuance of tho war.

T h o qu an tity of w heat and corn afloat for Europo on dates
montionod was as follows:
W
heat.
United
Kingdom.

Continent.

Bushels.

Bushels.

New York, Friday Night, March

17 1916.

W h ile dry goods m arkets have been active and firm w ith
3,048
_____
a very satisfactory volum e of new business during the past

--------- --------- 102,000
50,078 380,235 234,574 405,004
13,000
2,000 1 ,111,0 0 0
2,000
57,000

1089

Corn.

Total.

United
Kingdom.

Continent.

Total.

Bushels.

Bushels.

Bushels.

Bushels.

week, there is increasing inconvenience arising from tho back­
wardness of deliveries. T h e m atter- of obtaining supplies
which should have com e forward several weeks ago is con­
cerning buyers m ore than the placing of new orders.
A l­
though m ills in m aking heavy bookings counted upon subse­
quent revisions resulting in the loss of m uch business, they
have so far been held strictly to their contracts.
There
have been no m odifications o f original contracts; on the con­
trary, buyers have tried to enlarge upon their earlier pur­
chases, owing to the advance in prices which has since taken
place. So far as new business is concerned, few m ills are in
a position to accept orders except for quite distant deliveries.
In such cases tho prices asked are so high that only small con­
tracts are closed. Jobbers report an active dem and from all
sections of the country, but chiefly inquiry conerning the
shipm ent of goods some tim e under order.
T h e y are rush­
ing m erchandise forward as soon as received from the m ills,
b u t aro unable to fully m eet the dem ands m ad e upon th em .
T h o call for spring and sum m er m aterials from retailers is
out of all proportion to the preparations which jobbers had
m ado.
Consequently there is a parceling out of tho business
in order to satisfy all custom ers, while m ills aro being urged
to m ake prom pter shipm ents. Jobbers had expected that
advancing prices would restrict retail consum ption, but there
has been no falling o ff in dem and on this account.
Instead
retailers are willing to operate considerable distance ahead
if deliveries aro guaranteed.
E xport dem and for A m erican
goods is constantly increasing, but lack of shipping facilities
keeps business down to a m in im u m .
T rade w ith South
A m erica is steadily grow ing, owing to the inability o f m er­
chants there to secure supplies from Europe. W h ile d iffi­
culty is experienced in m aking shipm ents and arranging
crodits, theso troubles are gradually being overcom e.
R e­
ports from tho Far E ast state that stocks of A m erican goods
are greatly reduced, and it is believed that a large business
would bo^ closed w ith Eastern m arkets if it was possible to
m ako deliveries. Present freight and insurance rates m ake
tho price of goods prohibitive in those m arkets, although
m uch business could be done now for delivery after the war.

D O M E S T I C C O T T O N G O O D S .— A lthough m ost lines
of cotton goods are held at high levels, dem and is m uch
14.093.000 better than usual at this season of the year.
Bleached cot­
15.377.000
19.432.000 tons aro in active request with supplies for near-by delivery
5,968,000 lim ited.
M o s t bleacheries and finishing works are working
to their fullest cap acity and will continue to do so for some
T h o visiblo supply o f grain, comprising tho stocks in
tim e to com e.
Unbranded coarse goods are in better supply
granary a t principal points of accum ulation at lako and
than tho finer sheetings, but these are not obtainable in
seaboard ports M a r . l l 1916 was as follow s:
large quantity except for distant delivery. A ll fine yarn
GRAIN STOCKS.
cottons aro working into a stronger position and m uch higher
W
heat,
Corn,
O
ats,
R ye,
prices are expected unless dem and abates. M ills have a
Earley,
bush.
United States—
bush.
bush.
bush.
bush.
New York_______________ 3,036,000
177.000 1 ,110,000
48,000 541,000 largo business offered, but in m ost cases the deliveries asked
“
afloat__________
- .........
41,000
are too near.
Fine prints, cam brics, percales and gingham s
B oston____ _____________
72,000
iTo',666
124.000
" s ',666
74.000 aro all in h eavy dem and w ith advances nam ed during the
Philadelphia........................
918,000
271.000
430.000
102,000
16.000
Baltimore________________ 1,053,000 1.902.000
352.000 648,000 317,000 week ranging from an eighth cent on prints and gingham s to
Newport News___ _______
01,000
3,000
5,000
3,000
a half cent on percales. A better dem and is also reported
2,712,000
Now Orleuns_______
328.000
132.000
472.000
Galveston_______________ 1,450,000
for gray goods and print cloths as a result of the increased
1.677.000
1.301.000
Buffalo ................................ 3,040,000
43.000
100,000 sales of colored goods, although converters are still short of
277.000 229.000
"
afloat__________ 0,475,000
49,000
dyes.
G ra y goods, 38-in ch standard, are quoted at 5 J^c.
471.000
135.000
T o le d o...... ........................... 1,163,000
4.000
Mar.
Mar.
Mar.
Mar.

11 1910..
4 1916..
13 1915..
14 1914.. 29",072,666 18,640,656

53.208.000
51.976.000
51.880.000
47.712.000 2,032,666 3,930,000

570.000
401.000
Detroit ................................
351,000
Chicago.......... ..................... 4,573,000 9,340,000 7.020.000
“
afloat__________
______
025.000
Milwaukee.......... .................
04,000
818,000
841.000
Duluth.....................
14,205,000
591.000
“
afloat..................
758,000
Minneapolis...........................12,910,000
94,000 3.287*666
St. Louis.............................. 1,988,000
588.000
369.000
Kansas City........................ 7,544,000 5.905.000
754.000
Peoria....................................
12,000
519.000
229.000
Indianapolis_____________
274,000
031.000
380.000
Omaha.................................. 1,170,000 1.117.000
887.000
4

137.000
152.000

376,000

1 1 2 ",666

94,000
863,000

573,666
15.000
76.000
5.000

283,000
39,000

40,000

30,000

29.000

101ft......... aa’^ r ’nnn o M ^ !* 000 18.862,000 2,221,000 2,782,000

K
m J I ' i i i o s ..........as'aoa’nnn on,S25,00° 20.205,000 2,377,000 2,810,000
Total Mar. 13 1915..---- 45,320,000 39,390,006 28,588 000 1 247 000 3 001 000
Total Mar. 14 1914..........50,304,000 20.268:000 20:il5;000 M ^ O O O S i o O O
Note.— Bonded grain not included above: Wheat, 709.000 bushels at New York
188.000 Baltimore, 179,000 Philadelphia, 754,000 Boston 3 1 7 3 6 onD u lu th’
513.000 Buffalo, 1,170,000 Buffalo afloat: total. 0,770,000 bushels aeainst 2 233 000
bushels In 1915. Oats: 250,000 New York, 128.000 B oston?o’ooo ^Philadelohla
1.510.000 Duluth; total, 1,903,000 bushels, against 167,000 i n ’l915- and b irlev’
•SO.OOiMioston, 8,000 New York, 127,000 Duluth; total, 224,000, agalMt 111,000
Canadian—

Montreal.............................. 1,077,000
Ft. William A Pt. A rthur..24,025,000
“
afloat.................. 2,425,000
Other Canadian.................. 3,800,000
Total Mar.
Total Mar.
Total Mar.
Total Mar.

11
4
13
14

1910.........31,387,000
1910.........30,508,000
1915......... 10,302,000
1914.........21,118,000

11,000

1.480.000
8.693.000
974,000
4.798.000

24,000

197,000

11,000 15,945 000
12,000 15,693 000
127,000 5,004 000
14,00013,770,000

24.000
23.000
15.000
21.000

197.000
198.000
237.000
451.000

Sum
m
ary—

American.............................. ^,895,000 25.428,000 18,862,000 2,221,000 2,782,000
Canadian.........- - .................31,387,000
11,000 15,945,000
24,000
197,000
Total
..... Mar.
Total Mar.
Total Mar.
Total Mar.

111916..
-95,282,000
4 1916............94.123,000
13 1815............55,028,000
14 1914............77,482,000




25,439,000
24.017,000
39,517.000
20,282,000

34,807,000
35,958,000
33.592 000
34,685.000

2 245
2 400
1 262
1,504

000
000
000
000

2 079
3 008
3 838
4 877

non
000
000
00

W O O L E N G O O D S .— Business in woolen and worsted
dress goods have been so heavily sold that they have been
tem porarily withdrawn from the m arket.
There is a m arked
shortage o f dyed yarns and m anufacturers aro afraid that
thoy will be unable to live up to delivery promises on m a n y
of tho orders they have already booked.
Considerable busi­
ness is roported as having been placed for 1917 delivery in
both dress goods and m en ’s wear. These reports cannot be
confirm ed, howover, and m anufacturers are willing to quote
prices for 1917 delivery.
T h e offering of dark shades in dress
goods have been m uch more liberal than had been expected
in view of the shortage of dyes, but buyers are very conserva­
tiv e in taking up goods unless they carry color guarantees.
F O R E I G N D R Y G O O D S .— D em an d for linens is a ctive ,
though fow houses are in a position to offer im ported lines.
A s tho scarcity of linens develops, sales of union goods and
cotton substitutes increase. A large business is being trans­
acted in dom estic tow elling and crashes, as well as in mercer­
ized dam asks, and m an y contracts have been closed for de­
livery through tho remainder of tho year.
T h is shows that
noither distributors or buyers look for any im provem ent in
im portation, or at least during the remainder of the current
year. Advices from B elfast hold forth no encouragem ent.
I t is stated that m an y Irish manufacturers form erly produc­
ing fine linens exclusively are now devoting the greater part
of their machinery to cotton goods, owing to their inability
to secure flax yarns.
Burlaps have ruled quiet, w ith prices
steady.
L ight weights are quoted a t 8c . and h eavy weights
at 11.50o.

THE CHRONICLE

1090

P age.

M U N IC IP A L BOND SA L E S I N FEBRU ARY.
W o present herewith our detailed list of the m unicipal
bond issues put out during the m on th of February,w hich
the crowded condition of our columns prevented our pub­
lishing a t the usual tim e.
T h e review of the m on th ’s sales was given on page 994
of the “ Chroniclo” of M a rch 11.
Since then several belated
February returns have been received, changing the total for
the m on th to $ 3 5 ,5 0 0 ,0 0 9 .
T h e num ber o f municipalities
issuing bonds was 3 0 5 and the num ber of separate issues 4G7.
F E B R U A R Y B O N D SALE S.
P age.

N am e.

R a le.

M a tu r ity .

A m o u n t.

P ric e.

861,480 101.807
ol9 2 2
8 1 7 --A d am s C ou n ty, Ind. (11 is s .). 4 A
30,000 101
1936
7 2 5 --A d el, Iow a ------------------------------ 4 A
100,000 102.75
a l928
7 2 5 --A k ron C ity S. D ., O hio---------- 4 lA
150,000 101.04
6 3 0 ,-A lb a n y C ou n ty, N . Y -------------- 4 A
1918
90,000 101.555
5 4 1 --A lta Consol. Ind. S. D ., Io w a . 4 'A
50,000 100
9 9 5 .-A m arillo, T ex. (2 issues)-------- 4 A
5,200 100
1926
725 --A m sterd a m , O hio------------------- 5
725 . - A nderson-C ottonw ood Irriga­
1936-1956
480,000
95.63
tion District, C alif--------------6
a 1930
10,000 103.37
9 0 6 --A n tw erp , N . Y ------------------------- 4 A
25,000 100.40
8 17 --A rm stron g School D ist., Ill---- 4 A
61,000 106.14
817-A th ens, O h io----------------5
22,000 105.95
ol9 27
9 0 6 --A uburn , Calif. (3issues)----------5
45,000
1946
208 7 --A u gu sta , G a ---------------------------- 4 A
16,000 102.65
1941
7 25 --A u g u sta , M e ----------------------------4
500,000
1 0 9 3 --A v oca Drainage D ist., L a ------- 5
75,000 105.323
1936
7 2 5 -.B a ker, O r e . - - ......................... .. 5
1921-1930
75,000 105.477
8 1 8 .-Bakersfield S. D ., C alif---------- 5
300,000 101.28
818-Ballard C ounty, K y -----4 A
a 1931
20,000 100
9 95 . - Ballville Tow nship, O h io-------- 5
01919
3,000
1 09 3 --Barnesville Spec. S. D ., O h io. 5
al922
21,600
1 9 0 6 --B artholom ew C o ., Ind. (3 iss.) 4 A
50,000 103
8 1 8 --B astrop C ounty, T e x --------------5
560,000 100.77
1946
8 1 8 --B a th Water D istrict, M o -------- 4
150,000 103.625
8 1 8 .-B ay ou D o View D r .D .l, A r k -- 6
7,925 102.161
8 1 8 .. Bollvuo, Ohio (3 issues)............5
65,000 101.721
1917-1936
630— Belm ond Ind. Sell. D ist.,Iow a. 4 A
1,500,000
8 1 8 --B eltram i C ounty, M in n -------- 25,700 102.128
541-.B e n to n C ounty, Ind. (2 Issues) 4 A
5,500
a 1922
9 95_-B erea, O h io --------------------- - - - - 4 A
19,000 104.383
01924
7 2 5 --Bergenfield School D ist., N . J 5
01928
15,000 103
6 3 0 .-Birm ingham School D ist.,O h io 5 •
1921-1935
8 1 8 --B lu e Earth C ounty, M in n ------ - i k
9,000 108.20
1921-1929
906-.B ly t h e School District, C alif- 6
<11926-1936
85,000 103.503
5
a 1922
10,000 102.245
4 A
1960
43,0001 *100
4
1961
15,000 j
4
9 95..B o s t o n , M ass--------------- - - - ­
25,000 100
al927
5
631 --B ra cevillo T w p . Rural S .D .,
8,709
1917-1919
6
7 2 6 .-B razoria C ou n ty, T e x -------30,000 100
5
30,000 103.74
1945
8 1 8 .-B urlington, N o. C aro------------1936
51,000 104.637
9 0 7 .-B urlington C ounty, N . J - - - - - 4 A
<11926-1950
50,000 (<101.28
5
50,000
4H
30,000 100
1917-1922
5'
64,000
107
6
9 9 5 --C a lcxico,
800,000 100
4
75,000 108.106
4 A
1956
631— C anton, O hio24,700 104.205
1922
5
20,400 103.532
4 A
1926
7,000 100
1936
5
11,000 101.136
1921-1936
818--C arth ago Ind. S .D . So. D a k - 5
5,790 101.901
«1017
9 9 5 --C ham paign C ounty, O h io------ n A
18,918 104.321
1917-1920
9 0 7 --C hattanooga, Tenn. (4 issues) 6
33,000 101
907-.C h o c o ta h , O kla---------------------56,000 104.427
1925-1928
9 0 7 --Chem ung C ounty, N . Y -------- 4 A
26,925 100.
6
29,000 104.27
a 1935
1093. -C hillicothe Sell. D ist., O h io -.. 4 A
300,000 102.78
907. .C incinnati School D ist., O h io. 4 A <11936-1956
5,800 101.915
4 A
13,400 102.073
4 A
15,500
1094--C lin to n , 111.
500,000 107.05
1916-1965
4 A
12,000 100.061
al919
4.35
*20,000
1921
1 7 3 .-C offeyville, K a n .- - - - - - - - - - 5
6,000 104.50
1936
7 2 6 .-C olb ert School D istrict, O kla. 6
31,000 100
<11926-1946
4
25,000
9 9 6 --C olum bus, O h io.
20,000 100.025
5
64,000 104.097
4A
500,000 104.355
9 0 7 --C uyahoga C ounty, Ohio.
4 A
24,400 102.655
8 1 9 -.C u y a h og a Falls, Ohio (6 is s .)_ . 5
275,000 100.33
01933
9 0 7 --D a d o C ounty, Fla.......................5 5
304,000 106.268
907— D ayton , Ohio (4 issues)........... 4' A
330,000 105.79
01941
631 -D a y ton C ity Sch. D ist., Ohio 4 A
21,200 102.252
01922
4A
25,000 102.354
5
01919
5
40,000
20,000
4A
1946
705,000 101.54
4
01921
82,500 100
4 A
35,000 106.56
1934
727— Dow ney School D istrict, C al— 5
20,500 101.463
1918-1924
4 A
60,000 104.393
01932
727 East Youngstown S. D ., O h io. 5
19,000
908— Edgom ont School D ist., S. D . 5
23,945 102.559
<11917-1926
9 0 8 --Enterprise, Oro----------------------- 6
15,000 101
1926
4A
13,000 100
6
1926
249,400
4A
16,000 103.437
al933
5'
.542- -Farm orsville,
150,000 103.519
1916-1945
4
89,500
1917-1925
4
90,000
01931
908— Flint Union School D ist.,M ich . 4 A
6,700 101.817
4 A
14,200 102.056
4 A
5
2,000
1095. - F rankfort, III - - - - - - - - 19,000 100.578
1917-1928
4 A
9 0 8 --Frankfort (T .), N . Y —
13,140 102.252
a 1922
4 A
350,000 106.502
5
1956
908— Franklin C ounty,
55