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IN C L U D IN G
Bank & Quotation Section
Railway & Industrial Section
Electric R ailw ay Section
Railway Earnings Section
Bankers’ Convention Section
State and C ity Section
VOL. 102
SATURDAY, M A Y 27 1916
1916.
PUBLISHED WEEKLY.
Term s of Subscription— Payable in A d v a n c e
For Ono Year ........... ............................................................................
For Six Months......... ............................................................................
6 00
European Subscription (including postage)......................................... Id 00
European Subscription six months (including postage)...................... 7 50
Annual Subscription in Loudon (including postage)..........................£ 2 14s.
S ix Months S u b s crip tion in L o n d o n (in c lu d in g p o s t a g e ) .................... * 1 118.
Canadian Subscription (including postage).........................................$11 50
S u b s c r ip t io n i n c lu d e s f o l l o w i n g S u p p le m e n t s —
B ank an d quotation (monthly) I R a il w a y a n d I nd ustrial (3 times yearly)
Electric R ailway (3 times yearly)
Hailway E arnings (monthly)
State and City (seini-auuualiy) B ankers’ convention (yearly)
T e rm s o f A d v e r tis in g — P e r I n c h S p a c e
Transient matter per inch space (14 agate lines)...................................
Two Months
(H times)........................
Months (13 times)........................
Standing Business Cards Three
Six Months
(26 times)........................
Twelve Months (52 times)..........................
Chicago Office—39 South La. Sallo Streot, Telephone Randolph7396.
L ondon Office—Edwards & Smith, 1 Drapers’ Gardens, E. C.
$4
22
29
50
87
20
00
00
00
00
W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
___________ Front, Pino and Dopoystor Sts., New Y o rk .
Published ovory Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Solbort Jr., President and Trcas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, Seo. Addresses of all, Office of the Company.
C LE A R IN G -H O U SE RETURN S.
The following tablo, mado up by telegraph, &c., indicates that tho total
bank clearings of all tho clearing houses of tho United States for tho week
ending to-day have been $4,603,994,955, against $4,770,138,231 last week
and $3,007,572,501 tho corresponding week last year.
C earlngs— Returns by T eeg ra ph .
Week ending M a g 27.
Per
Cent.
1910.
1915.
New York__
Boston..........
Philadelphia .
Baltimore___
Chicago........
St. Louis___
New Orleans.
52,400,677,855
158,285,908
192,705,325
32,027,138
305,908,375
80,530,105
21,239,595
SI,438,909.634
115,400,456
124,823,435
22,490,720
239,217,870
60,289,606
15,012,422
+ 71.0
+ 37.1
+ 54.4
+ 42.4
+ 27.9
+ 33.0
+ 36.0
Seven cities, 5 days.........................
Other cities, 5 days..............................
$3,251,434,421
710,407,293
$2,010,810,152
498,027,207
+ 60.1
+42.4
Total all cities, 5 days.
All cities, 1 day...............
S3,901,901,714
732,093,241
$2,514,737,419
942,835,082
+ 57.5
+48.5
54,093,994,955
$3,007,572,501
Total all cities for week.
+ 56.1
Tho full dotails for tho week covered by tho above will bo given next
Saturday. Wo cannot furnish them to-day, clearings being mado up by tho
clearing houses at noon on Saturday, and hence In tho abovo tho last day
of tho wook has to bo In all cases estimated, as wo go to press Friday night
Wo present bolow dotailod figures for tho wook ending with Saturday
noon, M ay 20, for four years:
Week ending M a y 20.
Clearings at—
1916.
New York.........
Philadelphia___
Pittsburgh.........
Baltimore_____
Buffalo________
Washington........
Albany..............
Rochester_____
Scranton...........
Syracuso...........
Reading.............
Wilmington____
Wilkes-Barre___
Wheeling.........
Trenton_______
York..................
Lancaster_____
Erie.................
Binghamton___
Greensburg____
Chester.............
Altoona.............
Montclair.........
1915.
$
$
2,925,880,041 1,SOS,539,590
239,731,554 155,284,809
59,035,075
49,340,951
42,070,225
30,270,003
17,440,474
11,802,049
9,409,529
8,342,889
5,485,408
0,200.420
5,832,731
4,801,741
3,223,328
3,438,159
3,372,087
3,090,669
2,343,428
1.800,407
2,790,206
1,801,531
1,884,702
1,771,047
1,881,307
2,447,149
1,890,394
2,193,101
874,320
930,785
1,781,804
1,395,583
1,035,453
1,513,403
715,100
984,000
770,579
850,000
051,573
1,179,790
090,681
679,740
399,352
026,337
In c . or
Dec.
%
+ 62.0
+ 54.4
+ 19.7
+33.9
+47.8
+ 10.4
— 11.6
+ 20.0
—6.3
+ 9.1
+ 30.5
+ 50.2
+ 6.4
+ 30.1
+ 15.7
+ 0.4
+27.7
+ 40.2
+ 37.0
+ 10.3
+ 81.0
+ 19.1
+ 50.9
1014.
1913.
5
$
1,711,560,497 1,755,582,125
154,028,193 153,701,827
64,328,000
00,097,074
35,727,391
34,785,100
11,572,401
11.83S,035
7,605,500
8,175,054
0,353,931
7,231,305
4,781,791
4,097,793
3.411,790
2,812,170
3,480,032
3,042,711
1,850,625
1,901,499
1,875,280
1,095,725
1,559,910
1,749,054
2,282,920
2,029,859
1,720,412
1,035,407
930,300
890,912
1,503,035
1,431,185
998,782
1,290,993
074,400
700,000
609,380
010,459
738,415
007,069
59(3,749
425,934
416,503
Total Middle. 3,331,780,524 2,093,810,347 + 59.1 2,009,328.024 2,058,288,827
Boston...............
Provldenco........
Hartford...........
New Haven____
Springfield_____
Portland...........
Worcester..........
Fall River_____
New Bedford__
Lowell________
Holyoko.............
Bangor...............
210,413.870
10,900,000
8,435,410
4,581,129
4,327,782
2,417,832
3,585,524
1,734,751
1,500,947
1,030,614
993,387
069,120
148 390,321 + 41.8
8,060,200 + 35.0
5,740,180 + 46.9
3,457,888 +32.5
2,755,937 + 00.3
1,884,731 + 28.3
2,786,821 + 28.7
1,220,974 + 42.1
1,172,472 + 28.5
886,373 + 10.9
728,142 +30.4
400,795 + 07.0
153.800,974
7,401,100
4,792,055
3,425,048
2,702,019
2,104,218
3,232,228
1,302,400
1,130,878
705,207
808,817
443,040
139,005,213
7.381 ’srin
4.195,1 ID
2,823,421
2,032|255
1,885,508
2,CG9,189
1,033,130
098,193
601,771
031,372
401,515
Tot. New Eng. 250,002,372 177,490,840 + 41.2 182,035,844 104,218,483
Note .—For Canadian clearings see ’ ‘Commercial and Miscellaneous News.”
Week ending M a y 20.
Clearings at—
C to tiM e .
NO. 2657
1915.
In c . or
Dec.
1914.
|
1913.
Chicago_________
Cincinnati______
<Ilevcland______
D etroit_________
M ilw a u k e e_____
Indianapolis____
C olu m bu s______
T o le d o__________
P e o r ia __________
Grand Rapids___
Evansville______
D a y t o n ________
Springfield, 111..
Fort W ayne____
Y ou ngstow n____
R ock ford_______
Akron___________
Lexington ...........
South Bend.........
Q u in c y ................
Canton............. ..
Bloom ington____
Springfield, Ohio.
Jackson ................
D ecatur________
M ansfield______
D a n v ille ......... ..
Jacksonville, 111.
L im a ___________
O w e n sb o ro _____
Ann A rbor______
Adrian__________
L ansing________
Tot.M Id.W est.
S
%
1
$
386,272.56C
308.201.115 +25.£
33,463,20(
24.946.85C + 34.1
40.825.95S
27,786,301 + 46.C
45,480,602
30,249,532 + 50.£
19,74G.32C
14,756.450 + 3 3 .8
10,878,857
8,124,10£ + 34.0
8,545,10C
7,011,20C + 21.9
9,560,602
5,890,121 + 62.£
2.950.00C
2,622,00C + 12.5
4,505,231
3,483,832 + 2 9 .3
1,826,533
1,134,095 + 61.C
3,175,149
2,032.75C + 5 6 .2
1,462,418
l,0S l,40e + 35.2
1.525,000
1,250,825 + 21.9
2,093,243
1,415,002 + 47.9
1,058,187
947,785 + 11.7
4,424,000
2,376,000 + 8 6 .2
685,390
612,332 + 11.9
971,199
707,091 + 3 7 .3
847,874
719,780 + 17.8
2,417,708
1,600,000 + 51.1
807,002
564,425 + 43.1
808,558
643,887 + 2 5 .6
945,647
500,000 + 8 9 .1
594,246
410,526 + 4 2 .5
C87.40C
580,564 + 18.4
462,306
444,412
+4.C
308,15C
225.25C + 36.<J
713,791
481,978 + 4 8 .2
327,365
360,418
— 9.2
260,00C
212,925 + 22.1
102,456
77,569 + 3 2 .1
1,273,477
606,272 + 110.1
59,004,993 452.002,836 + 3 0 .5
S
309.949,523
27,418,000
21,753,989
27,972,623
14,653,981
7,756,306
6,411,600
6,002,248
3,451,520
3,327,448
1,171,955
2,129,416
1,098,173
1,252,425
1,390,132
868,484
2,157,000
628,852
576,048
773,963
1,443,551
559,482
644,980
525,00C
456,87C
550,378
450,00C
203,498
426,398
352,663
206,314
58,703
486,675
447,108,198
$
296,125,099
24,350,750
23,770,641
26,286,256
13,812,199
7,915,708
5,725,000
5,245,728
3,318,874
3,425,504
1,303,013
2,230,828
1,049.347
1,235,002
1,444,811
1,193,881
2,342,000
652,534
679,160
726,666
1,319,943
631,844
658,871
543,577
432,099
472,449
423,903
294,925
506,103
349,052
181,983
76,614
504,488
429,228,858
San Francisco___
Los Angeles_____
Seattle__________
P o r tla n d _______
Salt Lake C it y ..
Spokane________
T a com a................
Oakland________
San D iego______
Sacram ento_____
Pasadena_______
F resno__________
San Jose...............
S to c k to n ..............
North Y a k im a ..
R e n o __________
Long B each.........
Total P a cific ..
69,837,140
25,434,972
14,250,643
10,697,090
8,471,823
4,679,882
2,347,370
4,422,073
2,001,351
2,051,723
963,469
1.137,472
650,000
1,171,242
456,654
360,868
006,858
150,140.630
51,533,591
19,600.082
11,943,231
11,031,030
6,033,556
3,644,680
1,779,630
3,547,247
1,910,010
1,727,054
817,706
799,300
524,233
818,431
300,948
286,840
436,727
116,794,974
+ 3 5 .5
+ 29.4
+ 19.3
— 3.0
+ 4 0 .4
+ 2 8 .4
+ 3 1 .9
+ 2 4 .7
+ 3 6 .2
+ 18.8
+ 17.8
+ 4 2 .3
+ 24.0
+ 43.1
+ 51.8
+ 2 5 .8
+ 3 8 .9
+ 28.5
47,149,019
.23,390,704
11,909,291
10,000,000
6,141,565
3,834,456
2,175,655
3,248,712
2,075,000
1,898,810
994,887
875,162
616,747
776,302
301,271
264,477
584,209
116,236,327
45,686,638
23,764,863
12,628,079
11,097,731
6,155,207
3,865,589
2,697,625
3,326,583
2,736,436
1,817,788
923,575
1,100,000
569,994
822,479
361,679
285,313
117,839,579
"Kansas C ity ____
M in n eapolis____
Omaha__________
St. Paul................
Denver__________
St. Joseph______
Dos M oines_____
D uluth__________
Sioux C ity ............
W ich ita ............. ..
Lincoln ................
D a v e n p o r t.........
T o p e k a ................
Cedar Rapids___
Fargo....................
Colorado Springs
P u eblo.............. ..
F r e m o n t_______
W aterloo..............
Helena................ ..
Aberdeen..............
H illings________
H astin gs..............
T ot.O th.W est-
83,961,020
23,143,405
22,506,S99
14,722,601
13,300,000
9,224.084
0,551,005
4,250,911
3,870,030
4,592,130
3,263,473
1,721,426
1,829,866
1,584,754
1,719,455
673,057
545,374
425,000
2,009,615
1,534.784
879,785
721,256
290,594
203,381,244
71,704,933 + 17.1
18,068,749 + 24.0
19,127,505 + 17.7
12,167,434 + 2 1 .0
9,005,328 + 47.7
6,840,777 + 3 4 .7
5,054,300 + 15.9
3,404,592 + 22.7
3,092,219 + 25.2
3,385,390 + 3 5 .7
2,254.377 + 44.8
1,331,166 + 29.3
1,568,810 + 16.6
1,772,910 — 10.6
1,145,206 + 50.1
739,978
— 8.9
349,854 + 56.0
308,741 + 15.2
1,720,187 + 2 0 .3
1,023,088 + 51.9
519,768 + 69.3
438,332 + 64.6
208,931 + 3 9 .1
166,558,041 + 2 2 .1
51,075,122
22,145,628
14,984,469
11,871,401
8,887,691
6,589,259
5,123,468
3,654,912
3,053,923
2,961,888
1,953,320
1,304,376
1,617,729
1,923,540
1,058,201
570,125
668,125
357,573
1,465,990
1,020,329
490,039
377,723
176.915
143,331,740
50,019,334
19.243,970
16,043.627
9,583.264
9,295,685
6.825,582
4,541,240
3,773,075
3,044,309
3,348,710
1,712,460
1,393,157
1,671,677
1,431,512
457,058
588,440
706,105
259,125
1,599,870
1,055,327
351,792
369,190
162,066
137,476,494
St. Louis........... ..
New Orleans____
Louisville_______
H ouston________
G alveston ______
R ichm ond______
A tla n ta ________
M em phis..............
Fort W orth_____
N ashvhle_______
Savannah ...........
N o rfo lk ________
Birm ingham ____
Jacksonville____
Chattanooga____
K noxville........... ..
A u g u s t a ............
Little R o ck .........
Charleston...........
100,350,509
21.804,298
17,631,072
9,304,935
3,554,560
17,524,116
10,192,384
6,809,130
8,047,920
7,623,029
5,100,661
4.917,101
2,151,503
3,523,245
3,099,708
2,379,535
1,651,204
2,163,420
2,614,432
1,145,159
3,788,644
3,557,108
1,800,000
195,593
374,787
4,221,942
1,042,350
77,804.838 + 2 9 .0
15,443,493 + 41.6
15,079.514 + 16.9
6,840,016 + 3 6 .0
4.064,475 — 12.5
9,212,459 + 90.2
12,131,698 + 33.5
5,356,740 + 27.1
8,563,200
+ 1.0
5,064,813 + 34.6
4,563,320 + 11.8
3,763,452 + 30.7
2,334,779
— 7.8
3,011,629 + 17.0
2,188.041 + 41.6
1,737.176 + 3 7 .0
1,461,169 + 13.0
2,012,488
+ 7.5
1,628,734 + 60.5
1,045,316
+ 9.6
2,302,600 + 64.5
2,380,933 + 49.4
1,593,600 + 12.9
196,118
— 0.3
284,412 + 3 1 .7
1,557,208 + 171.1
625,391 + 98.4
74,796,066
17,430,007
12,633,250
7,925,296
4,000,000
7,289,023
13,526,722
6,368,581
7,230,400
6,335,582
3,935,615
4,139,773
3,095,837
3,460,959
2,465,776
2,029,292
1,640,576
2,021,703
1,728,612
1,186,092
2,570,906
3,271,469
3,181,432
200,400
427,028
1,688,252
826,273
77,948,020
15,918,408
12,369,881
8,109.099
3,200,500
7,502,991
10,434,748
6,409.072
7,029,826
6,192.036
3,135,376
3,971,771
3,259,698
3,441,417
2,395,873
1,566,920
1,534,816
1,789,398
1,588,347
1,500,000
1,657,484
2,705,427
1.4S2.508
219,908
312,038
1,054,465
712,397
Mobile...............
O klahom a............
M acon ..................
A u s tin __________
V icksburg............
Jackson ................
T u ls a ....................
M uskogeo ...........
Total Southern
253,228,471
192,747,024
Total a l l _____ 4,779,138,234 3,199,471,201
Outside N . Y . 1,853,251,293 17)53,931.665
+ 31.4|
195,410,9281 187.472.680
+ 49.4 3.093,451.667, 3,094^947665
+ 32.9 1.381.885,170 1,338.912,540
[VeL. 102.
THE CHRONICLE
1926
a m e n d m e n ts n o w
STATE AND CITY SECTION.
W ith
m r
t o - d a y ’s is s u e o f t h e
s u b s c r ib e r s
S it y S e c t io n ”
a
new
r e v is e d
“ C h r o n ic le ”
num ber
to
of
e n in g
w e send to
our
“ S ta te
and
and
w a s th e m a x im u m
have
to
th a t
T h e P r e s id e n t o n T h u r s d a y o f la s t w e e k ( M a y 1 8 )
of
ta n t
th e A c t t o a m e n d th e P o s t a l S a v in g s B a n k
1910.
T he
ch an ges
w ill
fo r
in
som e
am endm ent
th e
t im e
m akes som e
la w , th e
p r e c is e
to
be
com e
e ffe c t
im p o r
o f w h ic h
in v o lv e d
in
d ou b t,
w ill
th e
S y ste m
m ay
d e p o s its
not
ea ch
p a id .
c o u ld
be
o n ly
p o in t
d e fin ite ly
e s ta b lis h e d
th e
reason
fo r
one
o f th e
a m e n d m e n ts
now
t io n ,
th e
s ix
w ith in
o r ig in a l
yea rs
ago,
m easu re
it
w as
w as
under
c o n fid e n tly
c o n s id e r a
c la im e d
th a t
a s h o r t w h ile a ft e r it s e n a c t m e n t t h e d e p o s it s
It
appears
of
even
at
and
th a t
by
of
$ 1 ,0 0 0 ,0 0 0 ,0 0 0
la r g e
r e a lm
of
h oards
fo r e ig n e r s
w as
c la im e d
p o s s ib ility .
It w as
of
of
m oney
th e
lo w e r
w ere
c la s s e s ,
to
be
not
co n te n d e d
h e ld
in
th e se
h id in g
b e in g
th e
under
th e
in
$500
is p r o v i d e d
a ccep t
no
$ 1 ,0 0 0
in te r e s t
o ld
la w
c a le n d a r
p o s t a l s a v in g s
S a v in g s
a d d it io n a l
a gg reg a te
th e
any
it
P o sta l
is
fo r
to
o n ly
be
$100
m on th .
e n tir e ly r e m o v e d .
to
q u e s tio n ,
T h is
A lt o g e th e r th e
banks
is
c o n s id e r a b ly
w h ile
in t e r e s t
th e
to
w ill n o t
be
as
in
th e
to ta l
w ill
is n o t h i n g
T h ere
has
show
how
b u t a G o v e r n m e n t in s titu tio n .
e m e r g e n c ie s .
th a t
th e
to
no
m ake
but
or
fr e e
ra te
re
in c r e a s e ,
th e
of
q u e s tio n .
id e a
th a t d e
s lo w .
d e m o n s tr a tio n
w ill w o r k
I t m ig h t r e a d ily
con
d e p o s its
th e
beyond
en cou ra ge
test
sy ste m
to
S om e
occu r,
any
o b ta in e d
g r e a t s in c e
b e fo r e .
a n y th in g
been
th e
expect
in d u c e m e n t
sam e
w ill b e
w h e th e r
o f d e p o s it s w ill b e
th e
v e lo p m e n t
h ow ever,
w ill n o t a g a in b e d is a p p o in t e d .
lo w
B u t th ere
un
c r e a tio n , th e re
a d d it io n
of
w h ic h
u n r e a s o n a b le
w illin g t o c o n s ig n th e ir s a v in g s t o th e k e e p in g o f a n y
T he
in
upon
a g g reg a te
in te r e s t,
cou rse,
th e
th e
in
d is c r e tio n
exceed
but
open
s id e r a b le
w o u ld r e a c h a h u g e a g g r e g a t e ; a t o t a l o f $ 5 0 0 ,0 0 0 ,0 0 0
even
to
is n o w
of
is
m a in s
w ith o u t
th e ir
fr ie n d s o f t h e s y s te m
It
m ade.
W hen
t ill n o w
ex ten d ed .
b y fa r t h e p r o p o r t io n s c o u n t e d u p o n b y its a d v o c a t e s
— h en ce
and
T ru stees
d e p o s ite d
la titu d e
th e
of
F u rth e rm o re ,
a tio n
w h ic h
U p
U n d e r th e a m e n d m e n ts h e m a y
p a id ,
in
d e p o s ito r
r e s t r ic t io n
a s y e t is t h a t p o s t a l s a v in g s d e p o s it s h a v e n o t r e a c h e d
be
B oard
ju s t a s h a s b e e n t h e o r ig in a l la w , c o n c e r n in g t h e o p e r
of
c o n s is t s in b r o a d
lim its .
a m o u n t w h ic h a n y d e p o s it o r c o u ld
h is c r e d it .
in te r e s t
Law
th e se
n o w h a v e a n a c c o u n t a m o u n t in g t o $ 1 ,0 0 0 u p o n w h ic h
d a te .
THE FINANCIAL SITUATION.
a p p roved
m a d e t o t h e la w
w id e n in g
in
t im e s
yet
of
to
c r it ic a l
h a p p en th a t on su ch o c
fo r e , o f th e p o s ta l s a v in g s b a n k s w a s e x p e c te d t o b e fo l
c a s io n s t h e G o v e r n m e n t w o u ld
lo w e d b y th e im m e d ia t e re le a s e o f th e s e h id d e n s to r e s .
o u t c o n s id e r a b le a m o u n t s o f t h e d e p o s it s , s in c e t h e y
M on ey
at
h e ld
on ce
be
in
o ld
tu rn ed
s to c k in g s , w e
over
to
w ere
t o ld ,
w o u ld
th ese G o v e r n m e n t b a n k s .
I t s e e m e d t o u s, h o w e v e r, th a t th e n o tio n th a t a n y
very
la r g e a g g r e g a t e o f m o n e y
w a s b e in g s e c r e te d
in
m ay
b e w ith d r a w n
of
a
d is tu r b e d
sudden
u n lik e ly t h a t a n y g r e a t a m o u n t o f d e p o s it s g e n e r a lly
tem p ora ry
w o u ld b e f o r t h c o m in g , s in c e t h e p o s t a l s a v in g s b a n k s
in te re s t
o n ly
2 %
in s titu tio n s
and
c o m p a n ie s
c h ie f fie ld
to
be
in
in te re s t
of
th e
a
w e
banks
new s
of
of
th a t
p osta l
th e
$ 8 0 ,0 0 0 ,0 0 0
to
in
on
w h o le
in
d e p o s its
T he
h is
June
th e sy ste m
lim its
th e
1
la s t
th e
annual
1915
of
la c k
yet
sum
as
th e
s a y in g
by
p osta l
g row th
s a v in g s
in
th e
s ix
upon
in d iv id u a l d e p o s its .
in
at
th e
ra te
su ch
of
t im e s .
e m b a r r a s s in g
to
w ill o f
cou rse
b e fa c ili
$500
th e
m oneys
r e c e iv e d
b e r e d e p o s ite d .
in
ea ch
It m ay
by
th e
p o sta l
be rem em bered
a t th e p o s t a l s a v in g s d e p o s i
c ity ,
to w n ,
v illa g e
and
oth er
l o c a l it y a r e r e q u ir e d t o b e d e p o s it e d in b a n k s lo c a t e d
p o s its
under
in te r e s t
be
th e
Y o r k S ta te
banks
re
w h ile
th e
C u r
s a v in g s
sy ste m
con
years
s in c e
o f th e
term s
th e
of
th e
sam e.
A ct
and
O r ig in a lly
pay
2 )4 %
d e p o s its
c o u ld
b e m a d e in e it h e r S t a t e o r n a t io n a l b a n k s w h ic h m e t
r e q u ir e m e n ts
of
G ov ern m en t.
a llo w
is t o
th e
upon
th e
One
p rove
in d iv id u a ls
w h ic h
o ffic e s
to
th e
m ig h t
t h a t th e fu n d s r e c e iv e d
tory
of
$ 1 ,8 1 9 ,2 0 6 ,9 3 7 ,
m ade
fu n d s ,
con sequ en ce
had
w a n ted
t h e a d v a n c e in t h e d e p o s it lim it fr o m
banks m ay
is
am ount
of
th e ir
and
w h ic h m a y b e d e p o s it e d in a n y g iv e n p e r io d .
v a st ex ten t
rep resen ts
C o m p tr o lle r
rep ort
fa c t
$ 6 ,3 7 1 ,4 7 9 ,0 5 6 .
th e
of
of
banks
w ith
w ho
A n o t h e r a m e n d m e n t t o th e la w re la te s t o th e in s ti
th e
s a v in g s
p erson s
t o $ 2 ,0 0 0 a n d t h e r e m o v a l o f a ll r e s t r ic t io n s a s t o t h e
th e
In N ew
fo r
o v e r w h e lm e d
t h e r e in (s u b s t a n t ia lly in p r o p o r t io n t o t h e c a p it a l a n d
has
It
o r d in a r y
no
c o n tin g e n c y
be
fro m
s u r p lu s o f e a c h s u c h b a n k ) w illin g t o r e c e iv e s u c h d e
w a s in a u g u r a t e d h a s b e e n d u e t o t h e r ig id
p la c e d
ta ted
over
th e
of
o f p a n ic -s tr ic k e n
$ 8 0 ,0 0 0 ,0 0 0
th e
of
s a fe k e e p in g
b e in g
E it h e r
w o u ld
d e p o s its
th a t
th e
and
t im e .
is s u e d
e n la r g e
cou n try .
m u tu a l
d e p o s its
to
a lr e a d y
cou rse
$ 8 0 ,0 0 0 ,0 0 0
th e
cou n try
a d v oca tes
th a t
th e
w eek
is t o
c o n s id e r in g
th is
th ese
except
th is
banks
O f
sum , and
of
In
s u p e r -a b u n d
a tte n tio n
end to en d .
J an u a ry
a g g reg a te
th e
ten d
s e ttle d
part at a n y
th e G o v e r n m e n t, a n d th e la tte r o p e r a tio n o n th e p a r t
fa c ilit ie s
correct.
t im e ,
sy ste m
c r e d it.
th a t
p orted
ren cy
T he
sta te th e a m o u n t
has
s a v in g s
d e p o s it s in
fo r
to
s a v in g s
its
m in d
m eans
p resen t
in s ig n ific a n t
s a v in g s
v ie w s
p osta l
e n tir e c o u n t r y fr o m
a lo n e
tru st
seem ed
s p a r s e ly
b a n k in g
am endm ent
in c o n s id e r a b le
r e la tiv e ly
born e
banks
b u s in e s s
no
c a llin g
th e
th e
by
O ffic e
b u lle tin
e ffe ct
th ese
u n a b le
th e
P ost
p r o v in c e
o f th e
of
of
th e
is
be
at
Y ork
th e
no
w a n ts
and
d e p o s its .
p osta l
d e v o id
upon
w o u ld
d e p o s its
little
is
th e
proved
b e a r in g
N ew
th a t
th e
h ig h e r
of
d is tr u s tfu l
t u t io n s
has
s a v in g s
and
th e
fo r
banks
s a v in g s
of
m u ch
k in d .
fo r m a tio n
p osta l
s o lic it
c o m p le te ly
E x p e r ie n c e
ant
and
t h e s t r ic t ly s a v in g s
c o m m e r c ia l
u s e fu ln e s s
p r o v id in g
any
d e p o s its
a lik e f r o m
th e
w h ic h
of
co m m u n itie s
of
on
b e o b ta in e d
c o n d itio n s
in flu x
becom e
pay
in w h o le o r in
pay
A g a in it m ig h t h a p p e n t h a t t h e p o s t a l b a n k s in p e r io d s
t h is m a n n e r w a s a m is t a k e n o n e a n d it a ls o a p p e a r e d
ra tes ca n
b e c a lle d u p o n t o
F ed era l
R eserve
v etoed
R eserve
d e p o s its
sy ste m .
m e th o d .
N ow
banks
a b le
fa il
or
am ended
now
la w
in
th e
r e g u la tio n s
en a ctm en t,
th is
w as
m em bers
P r e s id e n t in
p e r m is s io n
th e
is
g iv e n
to
banks
a re
q u a lify .
T hat
p art
of
so
as
F ederal
S ep tem b er
m em ber
of
h ow ever,
ch an ged
of
c o n te m p la te d a re tu rn
w h ere
to
and
th e
la w
o n ly
T he
a b ill w h ic h
m em ber
th e
W ith
1914
to th e o ld
use
not
th e
non
a v a il
la w
as
rea d s:
P rovided, how ever, if one or m ore m em bor banks of the
Federal Reservo S ystem established b y tho A c t approved
D ecem ber 23 1913 exists in tho c ity , tow n , village or locality
where the postal savings deposits aro m a d e , such deposits
shall be placed in such qualified moinbor banks substantially
in proportion to tho capital and surplus of oach such b an k ,
b u t if such m em ber banks fail to qualify to receive such do-
May 27 1916.]
THE CHRONICLE
posits, thou any other bank located therein m a y , as herein
before provided, qualify and recoive the sam e.
I f no such
m em ber bank and no other qualified bank exists in any
c ity , tow n, village or locality, or if nono where such deposits
are m ade will x-eceive such deposits on the term s prescribed,
then such funds shall bo deposited under the terms o f this
A c t in tho bank m ost convenient to such locality.
I f no
such ban k in any State or Territory is willing to receive such
deposits on the terms prescribed, then such funds shall be
deposited with the Treasurer of the Board o f Trustees and
shall be counted in m ak ing up tho reserve of 5 per cen tu m .
A
in
fe w
th is
w ords
p art
s ig n ific a n c e .
th e
been
la w
T h u s,
“ th e
B oard
su ch
s e c u r ity
a u th o r iz e d
have
of
of
b y
in
th e
T ru stees
in
A c t
in s e r te d
w h ic h
ta k e
bonds
C o n g r e s s
a n oth er
possess
se n ten ce
s h a ll
p u b lic
o f
at
a ls o
little
r e a d in g
fr o m
or
p o in t
no
th a t
su ch
oth er
banks
but
w h ic h
n ific a n c e o n
m ig h t
e sts
o f th e U n ite d S ta te s
n ecessary)
in g s
th e
S y ste m
th e
B oard
c o n s is tin g
S ecreta ry
of
th e
of
n ecessary
to
o f su ch
in s u r e
th e
d e p o s its o n
s a fe ty
d e m a n d ,”
b e fo r e
fu n d
fo r
th a t
new
bonds
Thus
ca n
bond
I he
oth er
“ in
S t a t e s .”
of
w o r d in g
is
very
of
th e
A ct
of
25
a fte r o n e y e a r a n d
en a ct
becom e
a c c e p ta b le
as
d e p o s it
w ith
ban k s.
th e
e v id e n t
th e
p u rp ose
a
ru ra l
a u th o r iz e d
s e c u r ity
fo r
T h is
b e in g
to
“ p u b lic
bonds
p osta l
is
m ake
v a n c e fo r th e s e fa r m e r s ’ b o n d s .
o n ly
c r e d it
la w
th ereu n d er
fu n d s
lo o k in g
a
th e
w o u ld
on
ahead,
m a r k e t in
ad
B e fo re th e ch a n g e ,
o r o t h e r s e c u r itie s s u p p o r t e d
by
t h e ta x in g p o w e r ” w e r e le g a l s e c u r it y f o r p o s t a l fu n d s .
T h ere
la w
is y e t
sto o d
a n oth er
w ith
b y
th e
broad
th e
ju d g m e n t,
at
“ fo r
any
of
th e se
“ fo r
t im e
gen eral
in
s a v in g s
bonds
S ta te s”
and
o n ly
w e lfa r e
and
fu n d s
of
bon ds or
r e n d e r h is
$20,
th e T rea su rer o f th e
th e n ew
95%
m e e tin g
th e
th a t
p o s its
in
in te r e s ts
p la c e d
95%
fo r
S ta te s,
of
fu n d s .
at
It
is
any
S ta te
now
t im e
or
if
d e p r iv in g
d e s ir e d ,
p osta l
T e r r it o r y
su ch
th e
fiv e
th e
term s
excess
in
th e
w e lfa r e
p art
serve
of
th is
of
in
of
th e
h o ld e r s
is s u e d
m ay
th ereof
th e
fo r
r e s u lts f o r
fir s t
w ar
seem
A ll
th is
su ch
in t e r e s ts
of
th e
U n ite d
T ru stees
m ay
s a v in g s fu n d s
p r o v id e d
its
bonds
d is c r e tio n
w h ic h
except
in
a ll o r
th e
re
bonds
or
T h e B oard
of
p u rch a se
have
th e
S ta te s
in v e s t
fo r ,
of
p r o v id e d
P r e s id e n t,
h e r e in
fo r,
s e c u r itie s
th e
p o sta l
in
p r o v id e d
been
fro m
or
m ay
th e
be
10 o f th e A c t
1 9 1 0 .”
c a lls
P o s ta l S a v in g s
sum s
of
and
th a t th e se
S y ste m
to
a n oth er
w h ic h h a s
“ a t t im e s
th a n
G overn m en t
in
th a t
d e s ir e s
U .
th a t
S.
th e
bonds
con
to
is s u e
th e
a u th o r ity
in c lu d e
b o n d s h e r e in
a u th or
p o s s ib le
im p o r ta n t
S u ch
th e
th a t th e p o sta l s a v
p a rt
p art
be
m ay at any
in
G overn m en t
w o u ld
d e p o s its
to
“ s h a ll
th e p o s t a l s a v in g s la w
fe a tu re
been
of
a lm o s t
th e
fo r
export
an
m a te r ia ls
and
of
cou rse
a u g m en ted
s m a ll
to
it.
day
and
c o n tin u e s
be
as
th e
th e la w .
th e
re fle c t
fro m
is
th e
abroad
m a k in g
th e
o f a ll f o r m e r y e a r s
c o m p a r is o n .
M a rch
fu r
th is r e g a r d , a n d A p r il c o m e s
In
le s s
th a t
p e r io d s
by
in
to
dem and
s u p p lie s
c o r r e s p o n d in g
c lo s e
one
tra d e
u n p reced en ted
a h ig h r e c o r d
fa c t,
m a k in g
a c t u a lly
fu r th e r
a llo w a n c e
covered
lo s s
of
by
one
th e
fo r
la te s t
b u s in e s s
day
(A p r il h a v in g h a d fiv e S u n d a y s a n d M a r c h b u t fo u r )
th e
fig u r e s
h ig h
now
m ark.
b e fo r e
In
oth er
us
r e a lly
w ords,
c o n s titu te
th e
average
a
new
e x p o rts
p e r b u s in e s s d a y in A p r i l w e r e n o le s s t h a n $ 1 6 ,1 7 2 ,
0 0 0 , a g a in s t $ 1 5 ,1 8 5 ,0 0 0 a m o n t h e a r lie r .
beyond
t im e ,
th is d o e s
as
a lr e a d y
n ot a p p ear to
it
w o u ld
be
has
been
s a id
S u ffic e
it t o
m on th s.
m e r e ly
in
be
a
c a lle d
C om m ent
fo r a t th is
re p e titio n
r e v ie w in g
of
recen t
w hat
p r e v io u
s a y , th e r e fo r e , th a t th e
b
to ta l
v a lu e o f t h e m e r c h a n d is e e x p o r t e d in A p r il th is y e a r
w as
$ 4 0 4 ,3 0 0 ,0 0 0 ,
m on th
e a r lie r ,
ago and 162%
of
th e
fis c a l
1 0 0 ,0 0 0
a tte n tio n
b e is s u e d
oth er
a m e n d m e n ts ju s t m a d e in
d e c id e d ly
very
and
of
fu ll
th e
A ct,
oth er
u n d e r th e p r o v is io n s o f S e c t io n
o f June 25
in
of $100
p r o v id e d
m ay
in v e s t in
an
fo r e ig n
s tim u lu s
exceed
of
of
p la y
r e s u lt o f th e
n is h e d
ju d g m e n t
and
5 %
or
to
s h o u ld
de
fu r th e r m o r e
o t h e r s e c u r itie s o f t h e U n it e d S ta t e s .
T ru stees
th e r e o f,
m u ltip le s
d e c la r e d
fu n d s
a ffa ir s .
i n v e s t a ll o r a n y p a r t o f
is
th e
e x p r e s s ly
in c r e a s e d
s a v in g s
s h a ll
h e r e in b e fo r e
bonds
It
B oard
o f th e
fu n d
in
S t a t e s .”
r e q u ir e , t h e
any
ce n tu m
am ount
“ W hen
gen eral
so
per
o f T ru stees m a y
U n ite d
th a t
is
p o sta l
fin a n c ia l
m on th
of
p art
and
o f la w
A lt o g e t h e r it is q u i t e
to
under
A ct,
th e
e x c e s s a m o u n t is n o t r e q u i r e d t o m a k e u p t h e r e s e r v e
fu n d
“ th a t
w ith d r a w in g
p r o v id e d
th e
th is
m om ent
has been com
h ow ever,
c o n tr o l,
a u th o r ity
in g s d e p o s it s a n d
th e
th e B o a rd
any
$100
p e r c e n t s , i t is a ls o
a u th o r ity
a m o u n t w h ic h t h e q u a lifie d b a n k s t h e r e in a re w illin g
r e c e iv e
or
$80,
in
o f T ru ste e s fo r th e
dem ands
u ltim a te
any
$60,
2 %
it
in v e s t
th e
U n ite d
B oard
th e
w ith o u t,
of
“ If
tw en ty yea rs, b u t n ot
W h i l e i t is p r o v i d e d
F o r in s ta n c e , t h e y
Our
a lte r e d ,
of
to
r e d e e m a b le
b o n d s fo r th e p u r p o s e o f r e p le n is h in g th e T r e a s u r y ,”
and
iz e d .”
co n tro l
T h e w o r d in g o f t h is p a r t o f t h e la w
p la c e
r e fe r r e d
bonds
$ 5 0 0 a n d r e c e iv e in lie u o f s u c h s u r r e n d e r e d d e p o s i t s ”
d e p o s ito r s .
p le te ly
d e p o s it,
$40,
by
in
G overn m en t
p a y a b le in
n o te s b y n a tio n a l b a n k s .
h is
in
b e in g r e q u ir e d t o b e k e p t a s a r e s e r v e fu n d
of
h ere
10 o f
o r ig in a l
a n y d e p o s it o r in a p o s t a l s a v in g s d e p o s i t o r y m a y s u r
“ b u t o n ly
th e
w ith in
o th er
v estm en t
p u rp ose
10
th e
or
t o b e a v a ila b le a s s e c u r it y f o r t h e is s u e o f c ir c u la t in g
w hen,
T h is
th e
or
m o r e m ig h t
oth er 5 %
w ith
o b lig a tio n s
w ith d r a w n
in v e s t m e n t in
S ta te s s o r e q u ir e .”
p osta l
be
and 6 5%
U n ite d
P r e s id e n t
th e
a m e n d m e n ts,
in v e s t m e n t
o f th e
th e
o f th e U n ite d
m e a n in g
2 % %
is
have been
p r o v is io n s o f S e c t io n
of
or
th ere
in
s e c u r itie s
of
“ bonds
but
ta in e d
tru stees
d ir e c tio n
says
under
s im ila r ly w it h d r a w n
oth er
lo d g m e n t
w hen,
s e c u r itie s o f t h e U n it e d S ta t e s ”
be
and
S t a t e s ,”
S e c t io n
th e
S ta te s.
“ b o n d s w h ic h
is s u a n c e
of
c o n s id e r a b le
p oses.
c o u ld
As
a
not
banks
la w .
here
U n ite d
1 9 1 0 ,”
A ct.
th e
is
o f th e a m o u n t o f th e fu n d s d e p o s ite d
p resen t
th e
A tto rn e y -
b o n d s m a y b e is s u e d in o t h e r w a y s a n d f o r o t h e r p u r
th e
in
th e
th e
b e fo r e
e x c e e d in g 3 0 %
ch an ge
S a v in g s
oth er
U n ite d
u n d er th e
June
th a t
bonds
and
u s e d t o p r o v id e
th e
s e c u r itie s
b e is s u e d
th e
or
th ere
a lw a y s b e
is s u e s
P o sta l
C on gress
P o s tm a s te r -G e n e r a l,
s e c u r itie s
as
U n ite d
a u th o r iz e s
la n d
e l s e is
P o sta l S a v
sam e
m e a n , a s e x p r e s s ly s t a t e d in t h e c o u r s e o f t h e d e b a t e ,
s h o u ld
th e
o f th e
o f th e fu n d s th e
t h e w o r d s w e h a v e p l a c e d in it a lic s a r e n e w , a n d t h e y
fa rm e rs ’
s ig
G e n e r a l, is a u t h o r i z e d t o i n v e s t 9 5 %
m ay
and
r e q u ir e ” (n o th in g
T reasu ry
deem
s u ffic ie n t
so
o f T ru stees
a ls o s p e c ific r e fe r e n c e t o
p rom pt paym en t
c o n s id e r a b le
o f w ar or oth er em erg en cy .
I t w ill b e o b s e r v e d t h a t a t a n y t im e w h e n in t h e ju d g
in g p o w e r , as th e B o a r d m a y p r e s c r ib e , a p p r o v e a n d
and
assu m e
th e o c c a s io n
m e n t o f th e P r e s id e n t “ th e g e n e r a l w e lfa r e a n d in t e r
s e c u r itie s
su p p orted b y th e ta x
o r
g otten
1937
w a ter
is
410
m illio n s
th e
export
m illio n
fo r
m illio n s in 1 9 1 4 .
year
by
m ark,
a g a in s t
294%
th e
a
a
year
F o r th e ten m o n th s
a g g reg a te
n e a r ly
1 ,2 0 0
m illio n
co n tra st
b e in g
w ith
y e a r a g o a n d 2 ,0 4 5 m illio n
d o lla r s
p e r io d
2 ,2 2 5
d o lla r s in
at
$ 3 ,4 0 1 ,
d o lla r s
a
h ig h
m illio n s
1 9 1 3 -1 4 .
a
M e r c h a n d is e
m illio n
d o lla r s
a
la r g e
very
of
1915.
im p o r ts
a
in
record
in c r e a s e
T hey
A p r il
fo r
over
w ere
w ere
by
som e
m on th s
4 0 0 ,0 0 0 ,
1 9 1 3 -1 4
A p r il
s in c e
c o r r e s p o n d in g
$ 2 1 7 ,8 0 0 ,0 0 0 ,
J u ly
exceeds
by
150
rea ch ed
in
s id e
fo r
th e
of
ten
of
by
th e
th e
348
a g a in s t
a
net
of
1 9 1 5 -1 6
a lm o s t
of
in
and
one
w ar
seem s
$ 1 ,7 2 2 ,
d o lla r s
and
b a la n c e
fo r
w ith
$ 1 1 ,2 0 9 ,5 4 4
1 9 1 3 -1 4 ,
e x p o rts
w h ile
ru n
in c o n c e iv a b le
T he
$ 1 6 0 ,
c o m p a r in g
accou n t
H om m e.
ahead
am ount
of
G e r m a n s la t e r in t h e w e e k
retook
ite d
o f th e b lo o d ie s t a n d
now
F ort
in
th e
reca p tu red
sou th ern
w h ic h
w ith
th e ir
G erm ans
o c c u p ie d
D o u a u m o n t,
but
o n th e w e st b a n k
in
1 9 1 3 -1 4 .
G o ld
v o lu m e
e x p o rts
d u r in g
th a n
th e
5 0 0 ,0 0 0 ,
of
in
A p r il
w ere
p r e c e d in g
of
little
m on th ,
c o m p a r a tiv e ly m o d e r a te
but
d o lla r s fr o m
San
at
am ount
T h e y w e r e m a d e u p in p a r t o f s h ip m e n t s
m illio n
g rea ter
F r a n c is c o
of
to
$ 1 1 ,
w it h a l.
n e a r ly 5
th e
O r ie n t,
c e s s a tio n
A v ocou rt.
le a v in g
a
t o th e W e s t In d ie s .
in
M arch ,
n e t o u tflo w
Im p o rts w ere o f
r e a c h in g
o f $ 5 ,4 0 0 ,0 0 0
$ 6 ,1 0 0 ,0 0 0 ,
and
d e c r e a s in g
T h is c o n t r a s t s w it h n e t e x p o r t s o f 5 4 m il
lio n s
fo r
th e
lik e
13%
m illio n s
tw o
p e r io d
yea rs
la s t
year
and
im p o r ts
of
fr o m
B r itis h
P r e m ie r ,
Ir e la n d ,
la s t T u e s d a y
M r.
a n n ou n ced
in
th a t D a v id
A s q u ith ,
th e
on
H ouse
L lo y d
h is
retu rn
of C om m ons
G eorge,
M in is te r o f
T he
M eu se
sou th ea st
of
w ill
d ev ote
h is
t im e
and
p o w e r s t o e ffe c t a s e tt le m e n t b e tw e e n th e c o n flic t in g
e le m e n ts .
M r.
th e
to
H ouse
A s q u ith
r e fr a in
t io n
w h ile L l o y d
tr ip
to
h im
w ith
th e
S ir
of
th e
s e c t io n s
Ir is h
s ta te d ,
b reak d ow n
H e
had
o f th e
w as
In
la w
C a sem en t’s
w ill
b e g in
c o m e fo r
e f
tr ia l
June
on
th e
v ie w
e v id e n t
reason
d is c o n t in u e d .
ch arge
of
h ig h
so
m any
b e lie v e
d is tin c t
th a t
th e
d ir e c tio n s ,
V erd u n
th ere
b a ttle
w ith
t a in ly
On
th e
has
w a r r in g
rea ch ed
M on day
and
E u rop ean
a
p o in t
T uesday
great
t id e
of
It
cer
in t e n s it y .
b a ttle
ap
p e a r e d t o m o v e in f a v o r o f t h e F r e n c h , w h o , a c c o r d
in g
to
d e n ie d
t h e ir
by
n o rth e a st
and
days
of
ca p tu red
a fte r
V erd u n , and
out had
ow n
W ar
B e r lin )
V erd u n ,
by
th e
O ffic e ,
p en etra ted
th e
w h ic h
G erm ans
com m en cem en t
fr o m
w h ic h
p r o v e d fu tile .
and
had
on
of
w h ic h
w as
D o u a u m o n t,
been
F eb.
th e
a ll a t t e m p t s t o
A
to o ,
T ren t
seem
and
r iv e r s a n d
back
th e
in
th e
oth er h a n d ,
sou th
of
H ill
287
and
of
th e
to
m a k in g
th e
r e g io n
bord er
re p orts
in
fro m
th e
Ita lia n s
V i
im p o r ta n t v ic
P e tr o g r a d r e p o rts a ju n c t io n o f
R u s s i a n t r o o p s w i t h t h e B r i t i s h f o r c e s in t h e r e g i o n o f
K u t-e l-A m a r a ,
T ow n sh en d
ca m e
w h ere
fro m
th e
in
th e
r e c e n tly
r e g io n
t in o p le
P e r s ia
B r itis h
fo rce s
su rren d ered .
of
K erm anshah
n o rth e a st
of
under
T he
G en.
R u s s ia n s
and
K a s r -i-
In
con n ec
B agdad.
re p o rts th a t th e T u r k s h a v e s to p p e d
van ce
o f th e
R u s s ia n s in t h e
r e g io n
th e
ad
o f K a s r -i-S h ir in
a n d a ls o h a v e d e fe a t e d R u s s ia n d e t a c h m e n t s a t S u la m a n is h , n o r th o f t h a t p o in t .
U n o ffic ia l a d v ic e s fr o m
A th e n s s a y th a t a h e a v y b o m b a r d m e n t a n d in fa n tr y
a c t io n s
have
ta k e n
p la c e
th e M a c e d o n ia n
dropped
h e ld
by
bom bs
T e u to n ic
fr o m
D o ir a n
to ^ G ie v g e li,
fr o n t , a n d t h a t E n t e n t e a v ia to r s
on
several
to w n s
in
S e r b ia
troop s.
K in g
s e r v ic e
G eorge
b ill,
of
E n g la n d
u n d e r w h ic h
has
s ig n e d
th e
m ilit a r y
a ll m a le s b e t w e e n
th e
ages
o f 1 8 a n d 4 1 a r e s u b je c t t o c a ll t o t h e c o l o r s e x c e p t in
I r e la n d .
T h ere
rep orted
in
C e c il,
th e
have
p rotest
B r itis h
been
at
M in is te r o f
A s s o c ia te d
P ress
re a ch e d b e tw e e n
no
th is
th a t
a d d it io n a l
a c t io n .
W ar
an
G r e a t B r ita in
u p r is in g s
L ord
T ra d e,
has
a greem en t
R obert
in fo rm e d
has
been
and S w eden and
th a t
25,
p in g q u e s t io n a n d t h e s e iz u r e o f m a ils h a s le s s e n e d .
fo u r
a s s a u lt
d r iv e
b e tw e e n th e t w o c o u n t r ie s o v e r th e s h ip
of
th e m
v illa g e
G erm an s
w est
across
is c l a i m i n g
of
A
reach
new
n ote
fro m
W a s h in g to n
G en.
on
lie v e d t o c o n ta in a n e w
L a
fro m
M ort
C arra n za
M on day
is
n e x t.
e x p e cte d
It
is
not
to
be
u ltim a tu m , b u t t o h a v e b e e n
fr a m e d w it h a v ie w t o its e f f e c t o n t h e n a t iv e p o p u la
C a r r a n z a is u n d e r p r e s s u r e
p o s itio n s
been
In
S u g a n a V a lle y
t io n
th e
th e
o n t h e ir m a in lin e s o f d e fe n s e .
T o th e n o rth w e st o f V e rd u n th e F re n ch
out
b o th
to
r e p u ls e d , b u t in t h e A s t ic o - P o s in a
to
fo r c e d
have
a c c o r d in g
a ls o
have
on
th e F re n ch
tro o p s.
even
D o u a u m o n t.
c la im e d
r a ilw a y , le a d in g
G erm ans
at V erd u n .
to
Ita lia n
a tta ck s,
been
th e
th e t e n s io n
p o s itio n s o n a fr o n t
a q u a rte r ea st o f th e
in
H ill
sto rm e d
v io le n t a t t a c k a ls o n e t t e d
th e F re n ch a n u m b e r o f G e rm a n
o f a b o u t a m ile
(b u t
F ort
is
seem s
con n ec
n a tio n s .
of
th e
is
f r o n t is t o
b e t h e fin a l t e s t o f th e m ilit a r y o p e r a t io n s in
t io n
h ere
and
an a tte m p t to sto rm
s it u a t io n
t o r ie s in t h is r e g io n .
on
26.
o f th e u n d e r c u r r e n t o f p e a c e t a lk w h ic h
in
to
a tta ck
no
304
R o m e a d m its , h o w e v e r , th a t b e tw e e n th e A s tic o a n d
B ren ta
have
In
a r t ille r y
H ill
t io n w it h th e fig h tin g n e a r th e P e r s ia n fr o n t C o n s ta n
gov
a fte r
th e
be
a rou n d
th e
been
Ir is h
c o m b in e d
soon
has
S h ir in ,
c o n c lu s io n , h e e x p re ss e d
w o u ld
by
H is
a tta ck s
im p r e s s e d
c o n v in c e d ,
p r o b le m
of
ques
c o n d u c t s n e g o tia t io n s .
Ir is h
s id e s .
m a r tia l
R oger
tre a so n
a ll
t h e le a d e r s , t h a t th e t im e h a d
s e ttle m e n t
th a t
to
d is c u s s in g th e
P r e m ie r
co m p le te
fo rts o f b o th
hope
th e
m a c h in e r y .
ta lk in g w ith
a
G eorge
I r e la n d ,
e rn m e n ta l
a p p e a le d
fro m
d e c la r e s
r e g io n t h e s it u a t io n h a s n o t r e a c h e d a d e c is iv e s ta g e .
L lo y d
G eorge
w est o f F ort
th ere
h a ve arou sed
th e
A u s tr ia n
C a b in e t.
th e
O n T h u rsd ay
th e
S t. M e n h o ld
o f th e
a g a in s t
enna, on
of
th e
A u s tr ia n s ,
p rogress
h a v in g
c h o ic e
a ls o
o f th e
m a d e g a in s o n
h ou rs
F u r t h e r g a in s b y
fu ll s e r io u s n e s s
s it u a t io n ,
u n a n im o u s
G erm an
c lo s e r t o
h a v e fa lle n
th e
and
c a n n o n a d in g
T he
M u n i t i o n s , h a d b e e n p la c e d in f u ll c h a r g e o f t h e I r is h
been
F ren ch
a tte m p ts
o f th e M e u s e n o r th w e s t ot V e r d u n ,
as t h e p r e lu d e t o
R om e, have
T he
to
on
C u m ie r e s ,
y e s t e r d a y ’s o ffic ia l r e p o r t
th e
V erd u n .
Ita ly ,
ago.
T he
th e v illa g e .
a s e c t io n
th ir ty -s ix
b a n k s o f th e
t o 2 7 4 m illio n s th e n e t in flu x fo r th e 10 m o n t h s e n d e d
A p r il 3 0 .
of
3 0 4 a n d c a p t u r e th e A v o c o u r t p o s it io n s , b r in g in g th e
fro m
th a n
tren ch es
v illa g e
several
F or
in
terp reted
G erm ans
to ta l
th ey
in s p ir
t r o o p s re p u ls e d v io le n t G e r m a n
bank.
to
N ew Y ork
o ffs e t,
G erm ans
o c c u p ie d .
T h u r s d a y ’s n ig h t fig h tin g
east
w h ile o f th e r e m a in d e r m u c h t h e g r e a t e r p o r t io n w e n t
s m a lle r
W edn esday
as an
th e
a r t ille r y
G e rm a n s to d e b o u ch fro m
th e
m illio n s
in
th e
of
th e G e rm a n s h a d
sto p p e d
f o r t h e lik e p e r io d a y e a r a g o a n d b u t 4 7 3 %
o n ly
fr o m
o u t s k ir ts
th a t F ren ch
w ith
On
co u n te r a tta c k s t o th e n o r th w e s t o f V e r d u n , th e
F ren ch
m illio n s
c o m p a r in g
d e a d lie s t p h a s e s o f th e
p rogress.
D o u a u m o n t , w h ile
851
$ 1 ,6 7 8 ,7 0 0 ,0 0 0 ,
r e p lie d t o
t h e t e r r ific F r e n c h o ffe n s iv e w it h a s s a u lt a fte r a s s a u lt,
p e r io d
F o r th e
at
export
th is
and
th e
to ta l
m illio n
T he
1 9 1 4 -1 5
m on th s
im p o r ts
by
$ 1 8 6 ,5 4 2 ,6 1 6 ,
$ 1 3 4 ,1 6 9 ,8 0 7
oth er
1915
m illio n s .
on
th e
1
1 9 1 4 -1 5
4
a n y m o n t h , a n d e x h ib it
th e
5 7 6 ,1 0 6 la s t y e a r a n d $ 1 7 3 ,7 6 2 ,1 1 4 in 1 9 1 4 .
ten
[Vol. 102.
THE CHRONICLE
1928
of
M e x ic o .
d e a lin g s lo o k in g
W a s h in g to n
to
o ffic ia ls
r e a liz e
o f p o p u la r o p in io n
th a t
in h is
th e w ith d r a w a ls o f th e A m e r ic a n
May 27 1916.]
e x p e d itio n .
t im e n t
H e
fa c e s
a g a in s t
a ls o
m u ch
A m e r ic a n s .
w ill b e in m in d
th e n o te .
THE CHRONICLE
w hen
o p e n ly
T hese
th e S ta te
h o s t ile s e n
c o n s id e r a t io n s
D e p a r t m e n t r e c e iv e s
L a t e s t r e p o r t s s u g g e s t t h a t V illa , t h e b a n
have
to
1939
w is h e d ;
e m p lo y
t o le n d
h en ce
fo r c e .
it
In
has
been
tu rn ,
th e
have
been
s o ld
o u tr ig h t
n o t s u ffic ie n t fo r th e p u r p o s e
1 2 5 m ile s f r o m
c ie s o f t h e e x c h a n g e s it u a t io n .
w ou n ds.
n ecessary
c o n d itio n s seem
c o lo r t o t h e b e lie f t h a t t h e v o lu m e
t ie s t h a t
d i t l e a d e r , is i n h i d i n g a t H a c i e n d a M i m b r e r a , a b o u t
J i m e n e z , w h e r e h e is r e c o v e r i n g f r o m
th ou g h t
new
to th e
o f s e c u r i
T r e a s u r y is
o f m e e tin g th e e x ig e n
I f th e sp u r o f ta x a
t io n d o e s n o t a u g m e n t t h e s u p p lie s o f t h e s e s e c u r it ie s
o n a s u b s t a n t ia l s c a le it o b v io u s ly b e c o m e s p r o b a b le
F or
th e
pu rp ose
A m e r ic a n
B r itis h
of
s e c u r itie s
T reasu ry
fo r c in g
fu r th e r
d e p o s its
u n d e r its m o b iliz a t io n
is
to
s h illin g s in th e p o u n d
im p o s e
upon
an
of
p la n , th e
added
ta x
of
2
a ll in c o m e s d e r iv e d fr o m
th a t
th e
In
th e
about
A
fro m
b ill
p r o v id in g
fo r
su ch
a c t io n
c e llo r
of
g iv e n
on
o n ly
a
th e
E xch equ er,
T h u rsd a y.
ones
th a t
w illin g n e s s
p u rposes
to
P a c ific
D o m in io n
s to ck s
as
has
and
S ta te
c o u n tr ie s .
th a n
have
and
have
term s
to
do
a c c u m u la t io n
p la n
under
th e
s e c u r itie s
fo r m a l
sta te d
th a t
and
it
has
s p e c ific a lly
not
a n tic ip a te
t ie s
d e p o s ite d
a r is e ,”
it
th a t
th a t
“ w ill
be
m ay
th e
w is h
new
to
oth er
T hese
p art
of
th e
to
A lt h o u g h
B r itis h
th e
r u le s
s e ll
in
th e
it
T reasu ry
s e ll
th e
th e
su ch
is
does
s e c u r i
T reasu ry
s h o u ld
w ill
a
con
fa c ilit ie s t o t h o s e d e p o s it o r s
w ere
p e r m it
to
in
th a t
t io n e d
Y ork
pay
th e
th e
S to ck
v a lu e
n o tific a tio n
E xch an ge
out
in
U nder
in
o f "th e
at
q u o ta tio n
m en
th e
of
N ew
th e
be
fo r
itie s
day
b rok erage
“ paym ent
of
th e
s a le
s u b je c t
is
not
e ffe c te d
be
in
to
th a t
d o lla r s
s e c u r itie s
of
m ay
d e s ir e
or
on
m a d e in
w ith
c o m m is s io n .
e ffe c t
th e
d ir e c t s a le .
sca r
T here
is
fo rce
d ig e s tio n
are
s o fte r to n e
a
fe w
a d d it io n a l
w eeks
s u p p lie s
U n d o u b t e d ly it w a s g o o d
m arket
s e llin g
th e
s e c u r itie s
a
of
b r e a th in g
th e
in d ic a tio n s
has
been
s p e ll
s e c u r itie s
th a t
to
a lr e a d y
w ith in
resu m ed
on
th e
B r itis h
th a t
has
th is
w eek
been
in d ic a te d
in
l o c a l m a r k e t f o r s e c u r i t i e s is b e i n g a t t r i b u t e d
th e
t o th is
ca u se.
W h ile
d u r in g
L ondon
S to ck
c a b le
to
dent
and
p la y e d
be
th e
e a r lie r
E xch an ge
c h e e r fu l,
som ew hat
la te r .
T h is
s e n t im e n t
of
a
w as
p e s s im is t ic
sta te m e n t
w h ic h
m ade
w as
th e
fo r
th e
sta te m e n ts
p eace
w ere
id e a s t h a t
th e
w as
c e r ta in ly
p ea ce
p resen t
by
an
not
and
s a id ,
to
d is
e n tir e ly
p rosp ects
C om m ons
in t e r v ie w
bu rden
on
b r ig h t.
ea ch
an
set
a s id e
of
e a r ly
a ll
a t a ll p o s s ib le
r e ite r a te d
c o n s id e r te rm s
th e
fu r
fo r
H e
w ere
to
had
of
p rosp ects
th a t
o f t h e A llie s w a s in n o w a y c h a n g e d .
s ib le , h e
by
c o n fi
w as
th e
p r e v io u s ly
T he
th a t
n e g o t ia t io n s
sta g e ,
to
of
th e
G r e y , th e F o r e ig n S e c r e
S ecreta ry
p u b lic a tio n .
th ese
le s s
peace
H ouse
e m p h a s iz e d
w eek
rep orted
ten d en cy
r e s p e c t in g
in
th e
b ecam e
h a lt in g
S ir E d w a r d
th a t
of
w ere
a ttr ib u te d
W edn esday b y
w as
days
m a rk ets
of
th e
at
p o s itio n
I t w a s im p o s
p ea ce
w ith o u t
a
p r e v io u s a g r e e m e n t b e tw e e n th e E n t e n t e P o w e r s , a n d
fu r th e rm o r e e x p re ss e d a d e c id e d o p in io n
t h a t h o s t ili
has
1 4 d a y s in w h ic h h e m a y r e le a s e h is s e c u r
on
v a lu e
a
th is lig h t ,
b e e n j t ie s h a v e n o t y e t r e a c h e d a s t a g e w h e r e i t is p o s s i b le
e x p r e s s e d a t t h e t im e o f d e p o s i t ( o r , in t h e c a s e o f
t o ta lk o f p e a c e , e s p e c ia lly a s th e G e r m a n p u b lic
s e c u r it ie s a lr e a d y d e p o s it e d , w ith in 31 d a y s o f th e
w a s c o n s t a n t ly b e in g “ fe d w it h lie s ” b y t h e ir M in is
d a te
o f th e n o tic e )
th e T re a su ry
w ill a llo w
th e
ters.
T h e o b v i o u s p u r p o s e o f t h e s t a t e m e n t in q u e s
d e p o s ito r
w h ic h
P a y m e n t is t o
of
w ill,
s e c u r itie s
c a lc u la te d
a t th e ex ch a n g e o f th e d a y
d e d u c tio n
cases
ad d ress
T reasu ry
is s e n t , w it h a n a d d it i o n o f 2 3 ^ %
s te r lin g
any
In
T he
c lo s in g
v a lu e s o c a lc u la t e d .
L ondon
r e g is te r e d
case,
in
th e n o tific a tio n
th e
th e
at
g o ld
T r e a s u r y a c c o u n t , a n d t o s o m e e x te n t th e r e a c tio n a r y
ten d en cy
n is h e d
to
fo r
to
th e
T h ere
fo r tn ig h t
n o tific a tio n
c e r t ific a t e .”
in c lin e d
g iv e
d is tr ib u te d .
la s t
and
th e
m arket
th orou g h
e ffe c t
of
in
upon
o ffic ia ls , r e c o g n iz in g
th e
not
ta ry ,
w r it in g
is
by
sam e
in
it
ago,
B r itis h
p r o v id e d ,
h o ld e r
T rea su ry,
of
o f c o u r s e s till a n o t h e r in fe r e n c e t o b e d r a w n , n a m e ly
m a y t a k e o v e r “ a ll o r a n y s u c h s e c u r it ie s o n s e n d in g
th e
th e
t h e ir s e c u r it ie s .”
e x is t
ra tes
th e
m o d ific a t io n s
to
de
v ie w e d
s e c u r itie s a v a ila b le fo r
u n d e r s u c h c ir c u m s ta n c e s .
m o d ific a t io n s
c h a n g e s in
w ith
of
ju d g m e n t
oth er
fu lle r
sch em e.
u n d e rta k e s
p u rch ase
c o n d itio n s
of
b r in g
d e p o s it
p rep a red
t in g e n c y o c c u r to a ffo r d
w ho
s e c u r itie s
n e c e s s it y
lo a n s
c ity
w ill
it
to
exch an ge
im p o r ta tio n s
G ov ern m en t,
lis t,
m ake
“ th e
th e
on
h ow ever,
T he
of
borrow ed .
c o n tin u e s
s te r lin g
fig u r e s .
B r itis h
th a t th e
oth er
of
its o p t io n
been
to rep resen t a m o v e m e n t b a sed
d is p la y e d
to
th e
seem
p r a c tic a l
tw o
e x e r c is e
have
O tta w a b y J . P . M o r g a n & C o ., fin a n c ia l a g e n ts
th e
c o u n t in g
or
w ill
th a t
s u ffic ie n t le a w a y s till
p resen t
fo r
su g g ested
b orrow ed .
of
expressed
th e
p r o v id e
an n ou n cem en t
th e
of
or
T reasu ry
a re
of
T reasu ry
s e c u r itie s
m a in te n a n c e
o n ly ,
It,
of
lo a n
n o tic e
e x te n s io n
m o b iliz a tio n
th e
has
one
a ccou n ts
c a b le d
th e C h a n
w ith
n o tic e
lis t.
been
th e
w ith
th e
c o r p o r a tio n
been
of
w h ic h
T reasu ry
any
M a il
in t r o d u c e c
s e c u r itie s
s e c u r itie s
th e
to
r e c e n t ly
in c lu d e
th e
th e
p o s s ib ly
in
n e u tra l
ta ils
d o lla r
our
a u to m a tic a lly
su ch
of
fa r
be
a ccordan ce
p u rch ase
a p p lie s
C a n a d ia n
a p p ly
As
th u s
to
in
is t o
M on day by
of
th is w a y
fo r
“ s e c u r it ie s t h a t t h e T r e a s u r y is w illin g t o p u r c h a s e .”
in t h e H o u s e o f C o m m o n s o n
B r itis h
p u rch a se
s o ld
to
th e
fix e d
co n d itio n
w ith in
and
as
in
th e
th a t
a ctu a l
N ew
by
Y ork
th e
th a t
p e r io d
of
th e
n o tific a tio n
if
th e
th e
p roceed s
of
r e le a s e
t io n
w as
q u ote
to
one
som ehow
ch eck
th e
g r o w in g
corre sp o n d e n t,
d e c id e d ly
c o n fid e n c e
th e
n e a r e r ,”
“ end
an
r e c e iv e d n o litt le s u p p o r t fr o m
of
th a t,
th e
im p r e s s io n
to
w a r is
th a t
th e c a b le s fr o m
had
B e r lin
s e c u r itie s
th a t P r in c e
th e
K a is e r t o v is it t h e U h it e d S ta t e s o n a p e a c e m is s io n .
s a le ,
von
B u e lo w
had
been
re q u ested
by
th e
p lu s 2 ) ^ % , p a id t o t h e d e p o s it o r , o n s u r r e n d e r o f th e
T reasu ry
c e r t ific a t e .”
The
I t w ill b e r e c a lle d t h a t la s t w e e k t h e B r itis h T r e a s
d a y lig h t-s a v in g
L ondon
and
u r y b y m e a n s o f a d v e r t is e m e n t s in t h e E n g lis h p r e s s
la s t M o n d a y .
u r g e d h o ld e r s o f s e c u r itie s w h o h a d n o t a lr e a d y d o n e
cou rse
so
e ffe c t
to
d e p o s it
a id in g
T he
in
th e
la te s t
con veys
d o lla r
th e
s e c u r itie s
su p p ort
n ew s,
th a t
d is tin c t
fo r
th e
pu rp ose
of
th e
of
d is c r im in a tiv e
im p r e s s io n
s te r lin g
th a t
of
exch an ges.
ta x a tio n ,
resp on ses
to
t h e s e a p p e a ls h a v e n o t b e e n a s lib e r a l a s t h e o ffic ia ls
in
on
a r b itr a g e
p r o h ib ite d
b u s in e s s
c o m p a n ie s
p la n
th rou gh ou t
It w as soon
b u s in e s s
S to ck
E xch an ge
B r itis h
o r g a n iz a t io n s
and
w ent
in to
U n ite d
as
a
our
in
ow n
r e g u la tio n s .
and
m e r c a n tile
banks
and
as a
w h o le .
b u s in e s s
w ith
o p e r a t io n
K in g d o m
a ccep ted
d e a lin g s
tr a n s a c tio n s
by
th e
m a tter o f
It
N ew
had
Y ork
E xch an ge
A ll
and
in
w ith
no
as
a re
E n g lis h
in s u r a n c e
fin a n c ia l in s titu tio n s
of
a ll
new
k in d s
p r o m p tly
sy ste m .
T he
a n n ou n cem en t
has
begun
th e
o ffe r
th e ir
T he
a ffa ir s
c o n tin u e s
p rop osed
new
th r e e -y e a r
bon ds.
as
fo rm e r,
to
w ar
w e ll
s e c u r itie s in
th e
The
It
on
fiv e -y e a r
w ill
be
o th e r w is e
c la r e d
th a t
th e
go
bonds
cou raged ,
T reasu ry
C h a n c e llo r
p resen t an d
E xch equ er
too,
p r o fits ,
w h ile
y ie ld in g
a
and
by
la r g e
T reasu ry
th e
fa c t
of
o n ly
w e e k ’s
s a le s
and
E xch equ er
T hen
b ills
bonds
w e ll
is
en
H e
th e
ta x
be
is
on
a g a in , 2 0 %
due
in
of
to ta le d
its
In
is s u e
w ith d r a w n
fiv e -y e a r
of
in
fiv e -y e a r
June
is s u e s
and
E xch equ er
r e p la c e d
a lr e a d y
bonds
b y
re fe r r e d
th e
th ree
“ A
to
of
w hen,
be
if
at
a ll,
th e
new
a n n o u n c e d , t h e B r itis h
has been
c lo t h e d w it h fu ll a u t h o r it y in t h e f o r m
n e w v o t e o f c r e d it t o is s u e o n e .
m o v in g
in
0 0 0 ,0 0 0 ,
th e
th e
H ouse
P r e m ie r ,
M r.
and
and
The
to ta l
th e
0 0 0 ,0 0 0 ,
T he
secon d
g ra n te d
m a k in g
P r e m ie r
som e
of
o p e r a tio n s ,
A p r il
1
gran d
th e
20,
th ese
th a t p e r io d
th a t
fo o d
£ 1 7 ,5 0 0 ,0 0 0 .
B ank
w h ic h
fo r
w ere
an
a ccou n t
fin a n c ia l
p e r io d s
b e tw e e n
th a t
th e
fo r m u n itio n s
£ 1 4 9 ,0 0 0 ,0 0 0 ,
had
o u tla y
m is c e lla n e o u s
th e
been
lo a n s t o
and
p a y m en ts
in r e s p e c t o f a d v a n c e s
a llo w a n c e s
a ctu a l
£ 2 4 1 ,0 0 0 ,0 0 0 .
and
£ 7 4 ,5 0 0 ,0 0 0 ,
E lim in a tin g
m ade
in
recen t
w as
and
year.
£ 6 0 0 ,
£ 2 ,3 8 2 ,0 0 0 ,0 0 0 .
th e
days
r a ilw a y s
o f E n g la n d
of
s ta t in g
fifty
a ccou n ted
s u p p lie s ,
up
and
fin a n c ia l
H ouse
arm y, n a v y
A llie s a n d D o m in io n s
fo r
to ta l
in
ite m s
to
th e
a b ro a d , fo r
th e
p r e v io u s
v o t e , t h e d a ily a v e r a g e e x p e n d it u r e h a s b e e n r e d u c e d
to
£ 4 ,6 0 0 ,0 0 0 .
T h ere
has
been
n o in c r e a s e , b u t
a
s lig h t d e c r e a s e , in e x p e n d it u r e s f o r t h e f ig h t in g f o r c e s .
T he
to ta l
o u tla y ,
m a in ly o n
a lr e a d y
h ow ever,
w as
som ew h at
la r g e r ,
a c c o u n t o f lo a n s t o A llie s a n d D o m in io n s ,
re fe r r e d
to.
T he
o f c r e d it, M r . A s q u ith
p roceed s
o f th e
s ta te d , w o u ld
be
la s t
used
v ote
up
by
J u n e 2 , a n d h e e s tim a te d t h a t th e n e w a m o u n t a sk e d
fo r
w o u ld
m eet
expen ses
u n til
th e
fir s t
w eek
of
I n P a r is s e n t im e n t o n t h e B o u r s e h a s fo llo w e d v e r y
T he
la r g e
e x e r c is e d
of
th e se
w eek
p rogress
in c r e a s e s
a
in c r e a s e d
to
p rop osed
d e te r r in g
have
sta n ce ,
o f e v e n ts
been
d o u b le
at
in
th e
ta x e s
to
th e
It
w ere
is
e x is tin g
It
a ls o is p r o p o s e d
ta x es
to
too,
d e ta ils
rep orted
p ro p o s e d , fo r
on
r ia g e s , a u t o m o b ile s , h o r s e s , re a l e s ta te
lic e n s e s .
fr o n t.
have,
A d d itio n a l
w hat
r e c e iv e d .
V erd u n
ta x a tio n
in flu e n c e .
co n tra cts
m ade
th e
dogs
T he
B e r lin
fo r
th e
m in e s ,
and
T hese
becom e
w as
m a ted
at
9 0 0 ,0 0 0 ,0 0 0
fr a n c s .
am ount
w ill
to
be
in te r
c a lls
to th e u rg e n t
to
and
th e
S te e g
s tu d y
th e
its e ffe c t o n
W ar
O ffic e .”
of
and
w ere
S e n a to rs
R ib ie r e .
of
A ll
h o s t ilit ie s
e x a m in e d
w ill
b r in g
th e
to ta l
in
lo a n s .
o r g a n iz a t io n
by
by
th e
of
th e
b*e d e r i v e d
is
new
a p p o in t m e n t
T o r tilo w itz
von
to
a ccep t.
E ast
H is
P r u s s ia
in
June.
as
T h is
m arks
a lr e a d y
p ressu re
seem s
P r e s id e n t
w ho
be
O ffic ia l
W edn esday
F ood
of
been
to
G erm an y.
on
B a to c k i,
h im
G erm an
p ress
e x c e s s iv e
fo r
w h ile
th ere
of
th e
D ep a rtm en t”
P le n ip o t e n t ia r y
tw ic e
d e c lin e d
is
w arn s
in
t io n s
and
lin e s ,
n o ta b ly
is
th e
in
th e
ren dered
d o u b tfu l
S ta te s,
be
and
H ow ever,
red u ced
som e
of
th a t
be
any
m a tter h ow
h arvest
im p o r ts , h a v e
to
fa c t
be
corrected
b ette r
th a t
cen su s
by
of
a
a ll
of
F ederal
th e
w ill
w ar
have
s u p p lie s ,
be
la s t.
w ith
s c a r c ity
a c u te ly
been
of
of
th ey
m ay
a fo o d
S ta te
c e n tr a liz a tio n
of
not
tog eth er
its e lf
r e g u la tio n s .
m eat
D ep a rtm en t,
r e g u la tio n s
1915,
in
near
G a ze tte ”
n o u r is h m e n t
and
lo n g
m akes
in d e p e n d e n t
ce r ta in
th e
u n s c r u p u lo u s
c o n d itio n s
ea ch
in
G erm an
b lo c k a d e
r e s u lte d
w h ic h
r e s tr ic
a lo n g
o f th e n e w
how
out
th a t
e v e r y b o d y ’s
ex p e cte d
assu red
sh ort
d ir e c tio n s
fo r
fu lly
in
im m e d ia te
s till fu r th e r
a d eq u a te
m a tter
in d u lg e
b e lie v e
co n s u m p tio n
m ust
by
no
no
th e
e ffo r ts
A
E m p ir e
in
The
p o in ts
to
“ T he
is
to
an
It
rea son
c r e a tio n
T uesday,
p o p u la tio n
and
th e
m ea t,
not
c o n d itio n s .
p o s s ib le
ravaged
K a is e r
D ic ta to r .
expect
T h e s e m i-o ffic ia l “ N o r t h
on
our
p u b lic
of
th e
F ood
to
every
lim ita tio n s
a n n o u n c in g
s a id
th e
or
fo o d
th ere
s u ffic ie n t
fu tu r e .
O v e r -P r e s id e n t
in flu e n c e d
G e r m a n y ’s
a c t u a l n e e d s , i t is
in
as
o p t im is m ,
im p r o v e m e n t
th a t
w ork
s tr o n g ly
c h o o s in g
ca r
G overn m en t
($ 2 ,5 0 0 ,0 0 0 ,0 0 0 )
have
“ W ar
th e
w ill
p r o ffe r e d p o s it io n a n d o n ly a t th e la s t m in u t e a g r e e d
m ake
e s ti
m arks
m ade
a
th a t
w h ic h
5 0 ,0 0 0 ,0 0 0 ,0 0 0
th rou gh ou t
w as
of
s ta te s
L oan
m arks
E c o n o m ic
in c r e a s in g
an n ou n cem en t
and
W ar
R e ic h s ta g
to
r a is e d
to
u n til
th e
3 6 ,0 0 0 ,0 0 0 ,0 0 0
in
a d d it io n a l
in
w h ic h
s te a d ily
Z e itu n g ”
1 0 ,0 0 0 ,0 0 0 ,0 0 0
th e
h a s is s u e d a d e c r e e p r o h ib it in g th e is s u a n c e o f fo r e ig n
b y
G erm an
in tr o d u c e d
by
b u s in e s s
o p e r a t iv e
T he
C o.
o p e n in g
“ V o s s is c h e
in
fe lt,
h in d e r e d
has
been
a b le
T h is
w ill
now
p o w e r .”
in c lu d in g
sm ok ed
a n d p ic k le d , a s w e ll a s fr e s h m e a t , w a s ta k e n t h r o u g h
k in d
th e
in
E m p ir e
d iffe r s
th a t
on
it
A
s o le ly
W edn esday.
fr o m
a ll
fo rm e r
p r o v id e s
n eed n o t be rep orted .
to
a r is in g
C o m m itte e
com posed
M in is tr ie s
T he
th u s
&
is
th e
d e s ig n e d
reven u e
abu ses
u n q u a lifie d
a p p o in te d
abroad
p a sse d b y th e C h a m b e r a n d a p p r o v e d b y th e S e n a te .
a d d it io n a l
th e
of
a u th o r itie s
P erch ot,
fifth
la s t
in c r e a s e t h e in c o m e
and tob a cco.
h ow ever,
d e c id e d
C o m m itte e .
w in e s ,
n ot,
of
p r a c tic e s .
s in c e
F ren ch
out
w ill
con
o f th e C o m
C on tra cts
The
P . M organ
L eb ert,
sta te d ,
s p ir it s ,
o f th e p u b lic
M oh eron ,
t a x in c e r t a in d ir e c t io n s a s w e ll a s t h e t a x e s o n s u g a r ,
im p o s t s
th e
rep ort
G o v e rn m e n t th ro u g h
co n tra cts.
p la c e d
m ay
th e
a c t io n
a g a in s t
s u b -c o m m itte e
enem y
A u g u st.
la r g e ly
w ar
co n tra cts
b ill
£ 3 0 0 ,
th e re fo re ,
G o v e r n m e n t ’s
E x p e n d itu r e s fo r th e
in
w as,
in
th e
in tr u s io n
th e
of a
e x p la in e d
cu rren t
th e
t a k in g
M ay
d u r in g
th e
year
b e fo r e
fir s t
and
o u tla y
a
la id
d e ta il
fo r
th is
C on tra cts
s e m i-o ffic ia l
A rm y
p rotest
r e g r e tta b le
S e n a te
t h is w a s t h e e le v e n t h v o t e s in c e t h e b e g in n in g o f t h e
w ar
A rm y
c o n c e r n in g
C h a n c e llo r
a v o te fo r
A s q u ith ,
a
s u b -c o m m itte e
T he
O n T u e s d a y la s t , in
of C om m ons
on
J.
be
lo n g -te r m
is t o
A
a d d ress to
c o n tr a c t w ith
a ll
R e g a r d le s s
m a te r ia l.
p e r s is te n t
a tte n tio n
fo u n d ly
to.
w a r lo a n
on
a c t io n
n e e d fo r e n e r g e tic m e a s u r e s to p u t a n e n d t o th e p r o
L ast
w ill
th e
th e
m a k e th e c o n tin u o u s lo a n p o lic y m o re a ttr a c tiv e , th e
p resen t
C o m m itte e
took
C o m m itte e
m e d ia r ie s
is
ord er
w ar
P r e s id e n t
fro m
£ 1 6 ,0 0 0 ,0 0 0 ,
£ 1 2 ,0 0 0 ,0 0 0 .
I n t e r n a l is s u e s
as fo llo w s :
“ T he
la s t
J u ly .
fo r
u n a n im o u s ly t o
w ar
c o lle c te d ,
la s t
m it t e e
s a tis fie d
n otes.
S e n a te
t h e S e n a te p r o c e e d in g s g iv e s t h e
de
th e
to
becom es
T rea su ry
is
It
F ren ch
S a tu rd a y
tra cts
on
re v e n u e s fro m
th a t
b e g in n in g
reven u e.
ta x
b ills .
M cK en n a
p r o s p e c t iv e
o n ly
y e a r ’s in c o m e
of
in to
F r a n c e d u r in g th e w a r .
a re t o b e p e r m itt e d o n ly w it h th e s a n c t io n o f t h e S ta t e .
d e la y
lo a n .
as
w h ic h
to
M o n d a y , a re e x p e c te d t o a ttra ct m o n e y th a t
w o u ld
w ith
a d ju s t e d
G overn m en t
of
to
E xch equ er
s a le o n
[Vo l . 102.
THE CHRONICLE
1930
fo r
th e
th a t
T h is
cen su s,
ta b u la tio n s
“ th ose
h o u s e h o ld
of
of
it
is
th e
q u a n titie s
th e
ow n er”
B e r lin c a b le o f M a y 2 4 d e c la r e d t h a t th e r u m o r s
o f m e d ia t io n
have
a ffe c te d
th e B e r lin
sto ck
m a rk et.
Ma y 27 1916.]
THE CHRONICLE
“ W ar babies,” which had been generally weak,
dropped lower still on reports that America and other
neutral countries were contemplating a tender of their
good offices as peace mediators. A t the same time
“ peace stocks,” such as shipping and colonial securi
ties, are said to be in strong demand.
Official bank rates at the leading European centres
remain at 5 % in London, Paris, Berlin, Vienna and
Copenhagen;
in Italy, Norway, Sweden and
Portugal; 6 % in Russia and 4 ^ % in Switzerland,
Holland and Spain. In London the private bank
rate continues to be quoted at 4 ^ % for sixty and
4 M % lor ninety-day bills. Cables from Berlin still
give 4 % % as the private bank rate at that centre.
No reports have been received by cable of openmarket rates at other European centres, as far as we
have been able to learn. Money on call in London
has remained unchanged at 4 @ 4 3 ^ % . The Bank
of Bom bay yesterday reduced its discount rate to
6 % from 7 % .
The Bank of England this week registered a small
loss in the gold item— £61,561— as against a sub
stantial gain in the previous week. Note circulation
showed the nominal increase of £72,000; hence, the
total reserve was decreased £134,000, although the
proportion of reserves to liabilities again advanced
and is now 3 2 .2 3 % , against 3 1 .5 0 % a week ago and
2 1 .5 0 % last year. Public deposits this week regis
tered the large reduction of £6,394,000, but deposits
of Government securities were not changed. Other
deposits, on the other hand, expanded £2,822,000.
Loans to Lombard Street (other securities) were de
creased £3,432,000. The Bank’s holdings of gold
now stand at £60,032,286, against £61,737,814 a
year ago and £35,947,360 in 1914, the latter a pre
war period. Reserves aggregate £43,738,000, com
pared with £47,240,524 in 1915 and £25,463,980 the
year previous. Loans total £76,448,000, as against
£139,290,022 and £41,461,280 one and two years
ago, respectively. The Bank reports as of M ay 20
the amount of currency notes outstanding as £108,
021,607, against £107,782,403 last week. 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 £903,000 (of which £798,000 bar gold
bought in the open market, and £105,000 released
from Egyptian account); outflow, £965,000 (of
which £246,000 exported to Spain, £100,000 to
South America, £5,000 to the United States, and
£614,000 net sent to the interior of Great Britain).
W e add a tabular statement comparing for the last
five years the different items in the Bank of England
return:
19 31
francs. Note circulation was reduced 10,585,000,
francs, while general deposits registered the enormous
increase of 113,608,000 francs. Bills discounted this
week decreased, net, 607,000 francs; Treasury de
posits are 329,000 francs lower, while the Bank’s
advances declined 6,712,000 francs. The Bank’s
holdings of gold aggregate 4,730,448,000 francs,
compared with 3,913,428,000 francs last year and
3.730.625.000 francs in 1914. Silver on hand
amounts to 352,421,000 francs, against 375,350,000
francs and 632,650,000 francs one and two years
ago, respectively. Note circulation is now 15,434,
935.000
francs. A t this date last year it was
11.827.875.000 francs and in 1914 5,811,875,000
francs. General deposits now total 2,354,720,000
francs, which compares with 2,201,050,000 francs in
1915 and 845,950,000 the year preceding. Bills dis
counted amount to 3,163,920,000 francs, as against
883.085.000
francs a year ago and 2,327,775,000
francs in 1914. Treasury deposits are 9,917,000
francs. Last year they aggregated 75,050,000 francs
and the year previous 183,700,000 francs.
Ihe Imperial Bank o‘ Germany in its statement,
cabled on M ay 23, showing its condition, presum
ably as of M a y 15, as there had been no statement of
that date yet received, registered another small gain
in its gold holdings of 284,000 marks. Loans and
discounts again decreased 4,000,000 marks. N ote
circulation showed the large reduction of 105,000,
000 marks, while deposits were reduced 131,000,000
marks. The statement as of M ay 23 was received
by cable yesterday. It indicated a further increase
of 600,000 marks in the gold, of 219,000,000 marks
in loans and discounts, and of 284,000,000 marks
in deposits.
Circulation decreased
92,000,000
marks. The Bank’s gold now stands at 2,4 6 3 ,0 0 0 ,
000 marks, compared with 2,378,365,000 marks in
1915 and 1,353,364,000 marks the year previous.
Combining loans, discounts and Treasury bills, the
amount is 5,266,009,009 marks, against 3,997,577,000
marks a year ago amd 848,967,000 marks in 1914.
The Bank’s note circulation aggregates 6,443,000,000
marks. Last year the total was 5,142,718,000
marks and in 1914 1,839,368,000 marks. The gold
reserve covering circulation and banking notes
increased to 3 8 .2 % from 3 7 .7 % . Money borrowed
by loan banks for all war loans decreased 176,000,
000 marks to 1,716,000,000 marks.
The local money situation is presenting the
anomaly of a constant reduction in the volume of
loanable funds coincidental with a continuance of
distinct case suggested not alone by interest rates
but in the attitude of lenders. A decrease of no less
than $11,830,970 in surplus reserve was indicated
in last Saturday’s bank statement, bringing the
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
total down below $77,000,000. This compares with
1010.
1915.
1914.
1013.
1912.
M a y 24.
M a y 20.
M a y 27.
M a y 28.
M a y 29.
$180,314,560 at this date a year ago and with $224,
£
£
£
£
£ '
122,990 on Sept. 11 1915, the highest point reached
Circulation................ 34,740,000 32,947,290 28,933,380 28,209,005 28,954,000
Public deposits........ 53,249,000 132,088,558 19,014,809 13,862,909 20,485*798 since, through the operation of the Federal Reserve
Other deposits.......... 81,400,000 87,742,135 41,248,904 39,714,758 41,209,314
Governm't securities.33,187,000 51,013,491 11,040,570 12,802,275 14,155,013
Act, the new form of clearing house statement went
Other securities........ 70,448,000 139,290,022 41,401,280 30,688,090 30,485,320
into operation. The ease that is the feature of the
Reserve notes & coin.43,738,000 47,240,524 25,403,980 27,890,502 28,850,131
Coin and bullion___ 00,032,280 01,737,814 35.947,300 37,715,027 39,300,’791
general situation is remarkable, too, when the
Proportion of reserve
general activity in trade and industry in all sections
to liabilities..........
32.23%
21.50%
42.25%
52%
40.75%
Bank rate..................
5%
5%
3%
i'A %
3%
of the country is taken into consideration, as well
as the high prices of commodities which are so
The Bank of France this week again reports a naturally making such an extra demand for funds.
gain, of 8,615,000 francs, in its gold holdings. The Applications on the capital market continue back
silver item, however, showed a loss of 1,833,000 ward. There appears to have been some degree
THE CHRONICLE
1933
[Vol . 102.
of revival of British Treasury selling of American easy, but quotations remain as quoted last week,
securities. This, of course, is equivalent to offer 2 % @ 3 % for sixty days, 2 % @ 3 % for ninety days
ings of new security issues on the local market. and 3 @ 3 % % for four, five and six months’ funds.
Reports of an undercurrent of peace negotiations Last year sixty-day money was 2 % @ 2 % % , ninety
continue to attract attention in banking circles, days 2 % @ 3 % , four months 3 % , five months 3 @
though there is somewhat less disposition than 3 3 4 % and six months 334% * For mercantile paper
existed a week ago to place substantial reliance in the situation presents no new feature; a tendency
these reports. The demand for commercial paper towards greater activity has been evident, restricted
seems fully equal to the supply, the same degree of lowever, in some degree, by a scarcity of offerings.
ease existing in this direction quite as freely as in Sixty and ninety days’ endorsed bills receivable and
six months’ names of choice character remain at
direct loans.
N o changes have been reported this week in their 3 @ 3 % , with 3 3 4 % Still asked for names not so well
known. Banks’ and bankers’ acceptances are still
discount rates by the Federal Reserve banks.
quoted
at 2 3 4 % for sixty days and 2 3 4 % for ninety
FEDERAL RESERVE BANK DISCOUNT RATES.
days.
8
3
£
I
1
•
Ch
1
i
1
3
10 days maturity------- 3
30 “
"
......... 3)4 4
4
......... 4
60 "
“
4
90 "
"
......... 4
3
4
4
4
3H
4
4
4
4
4)4 4
8
a
■3
5*
i!
£
|
e
§
I
53
§
£
4
4
4
3)4
4
4
4)4
3
4
4
4
4
4
4)4 4
4
4)4 4
4)4 4)4 4
5
5
6
5
a
i
<8
|
I
A tla n ta
CLASS
OP
R E D IS C O U N T S .
C o m m e r c ia l P a p e r —
1
11
31
61
to
to
to
to
3
3)4
4
4)4
A g r ic u ltu r a l a n a
L iv e -S to c k P a p e r —
0 1 days to 6 months maturity 6
T ra d e A c cep ta n ces—
1 to 10 days maturity------- 3
......... 3
31 to 60 “
"
61 to 90 “
'*
......... 3
6
4M 6
3)4 3
3H 3
3)4 3
C o m m o d ity P a p e r —
3
1 to 30 days maturity------- 3)4
3
3)4
61 to 90 **
**
......... 3)4 ___ 3
5
5
4)4 5)4
3
3
3)4 3)4 3
3)4 3)4
__ 3)4 3)4 3
3
3
3H 3)4
3)4
3)4 3)4 3)4 . . . 3)4 3)4 3)4 4
3
3)4 3)4
3 h 3)4 __ 3
__ 3)4 3)4 __ 3
3)4 3
3)4 3
3)4 3
3
3
3
3)4
4
4H
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 Deo. 18 1915. A rate of 4% for 10 days and 4)4% for
from 10 to 90 days on commercial paper for the New Orleans branch bank of the
Federal Reserve Bank at Atlanta was approved by the Federal Reserve Board Apr. 7.
In the case of the St. Louis Federal Reserve Bank, a rate of 2 to 4% for bills with
or without member-bank endorsement has been authorized.
Open market rates for purchases of bills of exchange: Atlanta.334 to 6)4%
Dallas. 3% to 6% .
Last week’s statement of New York Clearing
House members, which is given in detail later on in
this issue, was again an unfavorable one. Loans
were increased $9,646,000. N et demand deposits
also expanded $14,544,000, although net time de
posits registered a loss of $18,614,000. Reserves in
“ own vaults” were reduced $10,088,000 to $433,181,
000, of which $362,529,000 is specie. A t this date
last year the amount in own vaults was $430,183,000,
including $358,165,000 in specie. The surplus in
Federal Reserve banks was decreased $4,430,000 to
$160,623,000, compared with $118,691,000 a year
ago. Reserves in other depositaries this week showed
a gain of $4,894,000 to $60,848,000, against $ 3 3,895,
000 in 1915. Notes in circulation now total $31,646,
000, a decline of $84,000. The aggregate reserve
was reduced $9,624,000, which brought the total to
$654,652,000, comparing with $582,769,000 the year
previous. Reserves required again increased $ 2,
206,970. As a result, another heavy loss in surplus
reserve was recorded— $11,830,970; this carried the
amount of excess reserve down to $76,956,310,
against $180,314,500 at this time last year.
Referring to specific money rates, loans on call this
week have ranged at 1 % @ 3 % , compared with 1% @
2 % % a week ago. On M onday the high was 3 % ,
with 1% % low and renewals at 2 % . On Tuesday
the range was 1 % @ 2 % % and 2 % still the renewal
basis. Wednesday the minimum and renewal quota
tion was 2 % , while the high remained at 2 % % . On
Thursday the low continued at 2 % , with 2 3 4 % the
high and also for renewals. Friday 2 @ 2 % % was
the range and 2 % the low.
Time money has
been quiet but steady this week. The tone continues
Additional importations of gold from Ottawa of
$8,250,000 (bringing the total for the current move
ment up to $18,706,000) in addition to a renewal of
selling on British Treasury account in the local mar
ket of American securities have been responsible fora
fairly steady market in sterling exchange circles.
There have been quite free offerings of bills on
London. Buying by Messrs. J. P. Morgan & Co. of
cable transfers has been a recurrent feature. W e dis
cuss in our remarks on the London situation on a
preceding page the new conditions introduced into
the British Treasury’s plan for the mobilization of
American securities and suggest that these modifica
tions would mean the substantial increase in the
volume of the securities to become available for
keeping the sterling exchange situation under con
trol. The peace talk does not appear to be exerting
as great a stimulating influence as was the case last
week. There have been extensive offerings of grain,
cotton and other commercial bills. The London
financial correspondent of the “ Evening
Post”
cables the view of the British centre as to the
weakness in sterling rates which accompanied the
gold movement. It was partly connected, he says,
with the continuing increase of American exports,
but was more immediately due to the sharp
movement of the Scandinavian exchanges against
London, which indirectly affected the American rate.
“ Two important influences,” he continues, “ are
likely to correct these recent movements of French
and Scandinavian exchange. The first is the agree
ment to lower the price of coal and freights to France,
coupled with the movement in France towards mo
bilizing foreign securities available as collateral on
loans raised in neutral countries. The second is the
considerable fall in the price of timber, which has
already affected the Scandinavian exchanges, those
countries having shipped enormously. That decline
is partly due to the interesting fact that Canadian
backwoodsmen are being employed for the cutting
of timber in this country.”
Referring to the day-to-day changes in the sterling
exchange situation it may be said that, compared
with Friday of last week, the position was very dull
and practically unaltered on Saturday; there was no
range, quotations being 4 76 for demand, 4 76 7-16
for cable transfers and 4 73 for sixty days. On M on
day an increase in the supply of commercial offerings
caused some weakness, and rates declined fraction
ally; demand bills ranged at 4 75 1 3 -1 6 @ 4 76, cable
transfers at 4 7 6 % @ 4 7 6 % and sixty days at 4 7 2 %
@ 4 7 2 % . Despite the arrival of fresh importations
of gold, sterling rates indicated an easier tendency
on Tuesday and there was a slight recession, to
Ma y 27 1916.]
THE CHRONICLE
4 75 11-16 @ 4 75 13-16 for demand, 4 76 7 -1 6 @
4 76 9-16 for cable transfers and 4 7 2 % @ 4 7 2 % for
sixty days; liberal offerings of bills, coupled with the
absence of mail facilities until the end of the week,
were held responsible for the weakness. On Wednes
day a firmer tone became evident, induced princi
pally by additional gold imports and buying of cables
by an international banker; actual quotations, how
ever, showed very little change; demand advanced
to 4 75 1 1 -1 6 @ 4 7 5 % , but sixty days remained, at
4 7 2 % @ 4 7 2 % , while cable transfers ranged be
tween 4 76 7-16 and 4 7 6 % . Dulness prevailed for
the most part on Thursday, although the market
continued firm and rates were still quoted at
4 75 1 1 -1 6 @ 4 7 5 % for demand and 4 76 7 -1 6 @
4 7 6 % for cable transfers; sixty days was a trifle
easier at 4 72 9 -1 6 @ 4 7 2 % . On Friday the market
ruled quiet but steady with demand at 4 7 5 % @
4 75 13-16 cable transfers at 4 7 6 % and sixty
days at 4 72 9 -1 6 @ 4 7 2 % . Closing quotations were
4 7 2 % for sixty days, 4 7 5 % for demand and 4 7 6 %
for cable transfers. Commercial sight closed at
4 7 5 % ; sixty days at 4 7 1 % and ninety days at
4 6 9 % ; documents for payment (sixty days) finished
at 4 7 1 % and seven-day grain bills at 4 7 4 % . Cot
ton and grain for payment closed at 4 75.
The Continental exchanges this week have been
quiet and, so far as the belligerent countries are con
cerned, fairly steady, with the exception of reichs
marks, which displayed temporary weakness on
news of Great Britain’s decision not to permit the
exportation of the much-discussed $30,000,000 worth
of dyestuffs from Germany to the United States.
On Friday a partial recovery took place, however,
Austrian exchange, following the course of that
on Berlin, also ruled irregular. Francs were firm
in the initial transactions, but showed an easier ten
dency in the closing days, although without essen
tial change in quotations. Italian lire have exhibited
some weakness, which has been due largely to the
fact that the market has been extremely narrow and
transactions restricted in volume. Demand bills on
Berlin finished at 76 9-16 and cables at 7 6 % , against
7 7 % and 7 7 % a week ago. Austrian kronen closed
at 13.20, compared with 13.42 last Friday. The
sterling check rate on Paris finished at 2 8 .2 4 % ,
against 28.26, the previous close. In New York
sight bills on the French centre finished at 5 9 2 %
and cables at 5 9 2 % , comparing with 5 92 and 5 9 1 %
on Friday last.
Lire at the close were 6 37 for
sight and 6 36 for cables. Last week they were
6 32 and 6 3 1 % , respectively.
As to the exchanges of the neutral countries, the
week has proved dull and uneventful, few new features
of moment developing. Scandinavian exchange has
shown a reactionary tendency. Guilders were rela
tively steady. Bankers’ sight on Amsterdam finished
at 4 1 % , against 41 9-16; cables at 4 1 % , against
4 1 % ; commercial sight at 41 3-16, against 41 7-16
and commercial sixty days at 4 1 % @ 4 1 3-16, against
41 5-16 a week ago. Swiss exchange closed at 5 2 2 %
for bankers’ sight and 5 2 1 % for cables, as against
5 2 0 % and 5 1 9 % the preceding week. Greek ex
change remains at 5 1 7 % for bankers’ checks.
Copenhagen checks finished at 29.90, which compares
with 30.55. Checks on Norway closed at 30.05,
against 30.75, and checks on Sweden finished at
30.10, against 30.75 on Friday of last week. Rus
sian rubles closed at 30.65, compared with 30.85.
1933
Spanish pesetas finished at 20.00,
a week ago.
against
19.95
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,953,000 net in cash as a result of the cur
rency movements for the week ending M a y 26.
Their receipts from the interior have aggregated
$10,876,000, while the shipments have reached $ 5 ,
923,000. Adding the operations of the Sub-Treasury
and the Federal Reserve Bank and the gold imports,
which together occasioned a net loss of $1,840,000,
the combined result of the flow of money into and
out of the New York banks for the week appears to
have been a gain of $3,113,000, as follows:
W e e k e n d in g M a y
20.
Banks’ Interior movement__ _
Sub-Treas. opor’ns and gold Imports.
Total ............................
In to
B a n ks.
Out o f
B a n ks.
N e t C h a n g e In
B a n k H o ld in g s .
10.870.000
27.920.000
5,923,000 Gain *4,953,000
29,700,000 Loss 1,840,000
*38,790,000
*35,083,000 Gain *3,113,000
The following table indicates the amount of bullion
in the principal European banks:
M ay
25 1910.
M ay
B anks o f
England-France___
Germany.
Russia* . .
Aus-ltunc
Spain___
Italy____
Netherl’ds
Nat.Belgh
Swltz’land
Sweden . .
Denmark.
Norway. .
27 1915.
C o ld .
S ilv e r.
T o ta l.
G o ld .
S ilv er.
T o ta l.
£
£
£
£
£
£
GO,032,280
60,032,286 61,737,814
61,737,814
189,220,520 14,097,440 203,317,960 150,536,280 15,013,520 171.549.800
123,142,500 2.050.000 125,192,500 118.918.000 2.400.000 121.318.000
103,030,000 6.038.000 169,068,000 157.124.000 5.542.000 162.660.000
51.578.000 12.140.000 03.718.000 51.578.000 12.140.000 63.718.000
39.844.000 30.435.000 70.279.000 26.608.000 29.600.000 56.208.000
40.530.000 3.983.000 44.513.000 50.666.000 2.500.000 53.166.000
44.857.000
192.000 45.049.000 25.738.000
184,800 25.922.800
15.380.000
600.000 15.980.000 15.380.000
600,000 15.980.000
10,285,800
10,285,800 9,624,800
9,624,800
9.100.000
9.166.000 6.301.000
0,301,000
7.753.000
207,000 7.960.000 5.953.000
324,000 6.277.000
6.127.000
6.127.000 3.437.000
3.437.000
Tot. week 760,940,100 69,742,440 830,688.546 689,001,894 68,304,320 757,906,214
I’ rev .week 700,294,807 69,652,160 829,947,027 688,812,214 67,816,800 756,029,014
* The gold holdings of the Bank of Russia for both years In the above statement
have been revised by eliminating the so-called gold balance held abroad,
c July 30 1014 In both years, h Aug. 6 1914 In botb years.
T H E T A L K OF PEA CE A G A I N .
It has been characteristic of this European war,
as of most wars in the past, that rumors of peace .
negotiations should repeatedly circulate at the very
climax of the conflict— rumors apparently based on
attempts, to interpret various facts and public
utterances of the day. Sometimes such rumors
seemed merely to reflect the wishes of humane
people throughout the world; that is probably why,
in this, as in other wars, the intimations of coming
negotiations recur whenever the fighting has been
most destructive, most obstinate, and least charac
terized by positive results. But overtures for peace
may also be actually undertaken in a roundabout
way by one side in the conflict, either because of
decreasing confidence in its own eventual success,
or because of political trouble at home, or because of
the belief that an existing military situation indicates
the possibility of getting more favorable terms from
the other side than are likely to be secured later.
The rumors of peace which have lately circulated,
so far as they have been based on the attitude or
statements of responsible parties, appear to have
originated in turn from each of the above-named
causes. They naturally received a stimulus from
thp remark of the German Foreign Office itself in
its note of M ay 5 that the German Government has
“ twice within the last few months announced before
the world its readiness to make peace on a basis
safeguarding Germany’s vital interests,” and of its
further reference to “ the great doom which threatens
the entire civilized world, should the cruel and
sanguinary war be extended or prolonged.” These
statements of the case were emphasized by Chan
cellor von Bethmann-Hollweg in an interview of
1934
THE CHRONICLE
last M onday with the Berlin correspondent of the
“ W orld,” in which he said, “ I have twice publicly
stated that Germany has been, and is, prepared to
discuss the termination of the war upon a basis
that offers guarantee against further attack from
the coalition of her enemies and ensures peace to
Europe.” Both in this country and in Germany,
President W ilson’s remarks in his speech of last
Saturday at the Mecklenburg Centenary seem to
have been regarded as more or less significant.
The President had merely asked of the American
people, “ W hat are you going to do with your power?
Are you going to translate it into force, or are you
going to translate it into peace and the salvation
of society?” This query he supplemented by
observing that “ the spirit of this occasion could be
expressed if we imagine ourselves lifting some sacred
emblem of counsel and of peace, of accommodation
and righteous judgment, before the nations of the
world.”
It will.be seen, however, that the President’s utter
ance was vague and general— as in fact it was
bound to be, since mediation by a neutral power
would in any case be impossible without the consent
of both sides in the conflict. This fact was ex
plicitly recognized by M r. Wilson, in subsequent
conversation with Congressmen, reported in general
terms. Even as regards the German Chancellor’s
declaration of Germany’s attitude, it was noticeable
that he conditioned his remarks by saying that we
“ will be nearing peace” only when the statesmen
of the belligerent governments “ take the war situa
tion as every war map shows it to be.”
This ob
viously referred to the map of Continental Europe,
where the Central Allies hold Belgium, Serbia and
northeastern France, and previous statements by
official Berlin have shown that this position was
believed to warrant Germany in demanding some
thing more even than reversion to the territorial
status quo. But he had nothing to say about
Germany’s loss of her immense colonial domain,
or of her commercial highway.
In all probability, this week’s rumor that Prince
Buelow was to be sent to the United States, con
ceivably in connection with peace overtures, prob
ably originated from Germany’s declared attitude.
Y et a curious light is thrown on even the official
German point of view by the reported order of
General Hindenburg to the German army in the
W est, in which, after stating that a rumor was
spreading among the troops that peace negotiations
were about to begin, the General is said to have
announced in the name of the Emperor that “ there
cannot be any question of peace until we have
crossed the D vin a.” W e do not know if this cita
tion is genuine; but whether correctly reported or
not, its language certainly penetrates the real
situation. The response made by the French
President Poincare to the German Foreign Office’s
intimations regarding peace was definite and positive,
to the effect that the war could not possibly be
ended on any of the terms intimated by Germany.
Last Wednesday Sir Edward Grey, replying to a
Parliamentary speech, in which it had been said
that “ we ought not to allow diplomatic etiquette
to stand in the' way of taking the lead definitely,
openly and boldly to bring the nations back to sanity
and peace,” declared that “ it is the duty of diplo
macy to maintain the solidarity of the Allies and
give the utmost support to the naval and military
[Vol .. 102
measures which are being taken by the Allies in
common to bring the war to a stage it has not yet
reached, and in which the prospect of maintaining
an enduring peace will be with the Allies.”
Thus, the conclusion of the whole matter would
seem to be that the diplomatic situation is still as
completely deadlocked as is the military situation.
It is difficult to see just how the one deadlock can
be broken until the other has been. This is the
more especially true when the normal season of the
year for active military campaigning has just begun,
and when the large English army now in France
has not yet been put into action. To the mind of
the impartial observer, the desperate and immensely
costly repeated attacks of the German army on the
Verdun position have seemed to suggest to the
imagination Burnside or Napoleon coming back
again and again at Fredericksburg and Waterloo
to repeat the experience of enormous losses and
eventual failure. But the German tactics may also
signify either the determination of the General Staff
to block the proposed Allied initiative or else may
reflect the Government’s unwillingness to admit by
its action in the field the failure of the Verdun cam
paign, having in mind the inevitable effect of such
admission on public opinion in Germany itself and
on the diplomatic situation as regards possible
peace overtures.
All forecasts of the continuance and duration of
the war are now, as heretofore, influenced by the
recurrent question, how can the belligerent nations
endure the economic strain any longer. The new
war credit, voted by the English Parliament on
Tuesday, amounted to S I,500,000,000. Providing,
as it does, only for expenditure up to August, it raises
the total war requisitions for the year since April 1
to $3,000,000,000 and the aggregate since the war
began to nearly $12,000,000,000. The present year
ly war expenditure of England, including its loans
to the Allies and the colonies, is now something like
$8,500,000,000. Germany is estimated in Berlin
to be spending upwards of $6,000,000,000 per year.
Thus, English and German war expenditures are
more than six times as great as the largest amount of
home capital ever subscribed in a single year of
peace to new securities issued in England or Ger
many. The surface inferences from such compari
sons are obvious enough. Y et history has taught
prepeatedly the uselessness of arguing from the
limitations on the supply of capital, when a govern
ment is in the position to require for its own use in
war not only every dollar of its people’s accumulated
savings but all the productive energy and actual
property of every sort.
A t the same time, history also teaches that peace
rumors and indirect peace proposals have usually
preceded by no very long interval the actual ending
of a war, whether through mutual readiness for
peace or through the course of events in the military
campaign. Actual evidence of the desire of one
or more belligerents to bring war to a close, or even
of a similar strong desire by the people on one side
or the other, at least suggests in any case a situation
indicating either a change in the general spirit of the
campaign itself, or else an almost unconscious
realization that the military end is itself not far
away. When the very similar “ peace talk,” came
to a head in the Napoleonic wars and in our own
Civil W ar, it proved to be futile and fruitless in its
immediate results, and was followed by even more
May 27 1916.]
THE CHRONICLE
aggressive fighting. Yet as a matter of fact, it
preceded the actual ending of the war, on each
occasion, by less than a year. In the present case,
much will necessarily depend on the outcome of this
summer’s military campaign, on both the Western
and Eastern fronts of Europe.
LABOR A S PROPERTY.
A decision by the Massachusetts Supreme Court on
M ay 19 is of timely interest as reaffirming the in
alienable right to work. The action was brought by
the General Laborers’ Industrial Union N o. 324,
affiliated with the I. AY. AY. organization, against the
Hod Carriers, Building and Common Laborers’
Union N o. 209, affiliated with the American Federa
tion of Labor. The relief sought was protection
against the familiar offense of interference and
attempted boycotting.
The defendants pleaded Chapter 778 of the M assa
chusetts Statutes of 1914, enacted at about the same
time with the Clayton Law, and following in tenor,
though in not the same words, the exemption clause
of that law. The State law follows the tenor of the
Clayton by declaring that labor combinations and
their proper conduct for mutual benefit are not
unlawful, and that in labor disputes no restraining
order shall be issued “ unless such order or injunction
be necessary to prevent irreparable injury to property
or a property right of the party making the applica
tion, for which there is no adequate remedy at law .”
This was by Section I ., and the next section declared
that “ in construeing this Act the right to enter the
relation of employer and employee, to change that
relation, and to assume and create a new relation for
employer and employee, and to perform and carry
on business in such relation with any person in any
place, shall be held and construed to be a 'personal
and not a property right.”
The defendant unionists sought to hide themselves
from injunction behind this, contending that the
State law allowed injunctions ordy in protection of
property or a property right and that the right as
sailed by their conduct was “ personal,” not “ prop
erty.”
Speaking for the full bench, Chief Justice Rugg
held, first, that the words “ in construing this A ct”
have no value; that is, that they “ are not a limita
tion of the broad enactment that the right to labor
and to contract respecting labor shall not be prop
erty.” Thus he held the section to be a broad
declaration that the right to work is not property,
and no such declaration can stand. On the con
trary, said he: “ That the right to work is property
cannot be longer an open question. * * * It is
protected by the Fourteenth Amendment to the
Constitution of the United States and by numerous
guarantees of our Constitution; it is as much property
as the more obvious forms of goods and merchandise,
stocks and bonds.” Further, said the Court:
“ The right to work, if it cannot be protected as are
other rights of property, ceases to have the attributes
of other property in all their fullness, and ceases, to
that extent, to be property. N o discussion is re
quired to show that it is beyond the power of the
Legislature to declare that, without any process of
law, a well-recognized kind of property shall no
longer be property. Lawful property cannot be
confiscated under the guise of a statute.
“ A further effect of the present statute is to de
prive the plaintiffs of the usual protection of the
laws. The statute provides in substance that the
1935
property rights of labor of any individual or number
of individuals associated together shall not be recog
nized in equity as property when assailed by a labor
combination, unless irreparable damage is about to
be committed.”
In obedience to the behest of organized labor, the
Clayton Act solemnly declares that labor “ is not a
commodity or article of commerce,” the intent being
to thus place the unions beyond the reach of injunc
tions. None the less, labor is a commodity, and
not all the statutes or all the courts in the world
could make it otherwise. The right to sell and buy
it is affirmed by this decision in Massachusetts, and
is an obvious natural right. AVhatever any person
owns and can sell and transfer is surely capital, and
capital is surely property. Of the man who is said
to carry his possessions under his hat, or who owns
only his bodily members and himself, we say that
such possession is his “ capital,” and it is his only
property. He would be helpless if he could not
sell it, and he could not sell it unless he could have
protection in so doing. That he can and shall, and
that the courts must be open to all on equal terms
and the humblest laborer must have entry thither
for enforcing his rights, is the wholesome further
declaration of the highest court in Massachusetts.
The position is at once sound and necessary, and
it is not conceivable that the Supreme Court (as at
present constituted, at least) will declare otherwise,
after its position in the Danbury Hatters case. But
in this Massachusetts case we have union attacking
union, in the undertaking to compel membership.
It is the American Federation of Labor once more
asserting its right, through force, to control all
workers and all working. It undertakes to prescribe
the terms, and refusal to submit is to mean no work
for the employee and no worker for the emplo3rer.
ROOSEVELT A N D
W IL SO N A S
D IF F E R E N T
T YP E S OF T H E S A M E SPECIES.
B y his clever and carefully-prepared speech in
Detroit, M r. Roosevelt increased the intensity and
illustrated the spontaneity of the demand that he
offer himself as a sacrifice to the emergency of the
times, and M r. AVilson quickly perceived the necessi
ty of some responsive bid. In any matching for the
popular voices, the former has advantages which out
weigh that of position. He can flatter the un
thinking in terms as alluring as those in which he has
denounced the rich have been fierce. The saddle
and the head of the line are natural to him; all he
needs is to perceive a popular drift and he hurries to
its front, with waving of arm and the shrillest
uplift of voice. Evading the crucial and proper
question of what he would have done had he been
in the AVhite House or would do now if he were
there, he capitalizes the resentment we all share
at the outrages committed on the sea in the past
twelvemonth, and so hoodwinks even some good
business men into the vague notion that “ with
Roosevelt to lead us” something— nobody can tell
what, but something— would be done about it.
The preparedness and defense cry is exactly his
opportunity. The menace of our undesirable neigh
bor on the southwest is serious, and how far and at
what cost we shall inevitably be drawn in before a
lasting modus vivendi can be reached is unknowable;
beyond this, nobody can name the source of outside
danger, and the determination of the Allies to break
Germany’s “ heavy sword” and not merely push it
1936
THE CHRONICLE
back into the scabbard is our best safeguard, next
to the ocean. None the less, the alarm cry persists,
and the cleverest word-juggler of the day coins
“ American” as his political talisman for 1916.
That it is without substance does not count, in the
present circumstances. To be “ American,” in the
narrow, provincial, selfish and combative sense,
would be to repeat on this continent the terrible
mistake which drew that German sword which cuts
herself as well as all other Europe. Sixty years
ago, there was an “ American” party here, and such
factionalism ought not to be repeated; the problems
are too large, and the future to be desired is too
broad and deep, to permit that. Y et all this seems
forgotten now, when men are excited by a sense
of anger and a vague apprehension of danger and
when it is the cue of self-seekers to excite them
further.
Instead of trying to reason against this, however,
M r. Wilson tries to show sufficiency for it, and he
comes back to his habitual polished rhetoric. A
week ago, he said in North Carolina that “ the
problem” is to find “ what kind of pure passion are
you going to keep burning under the pot in order
that the mixture that comes out may be purged of
its dross and may be the fine gold of untainted
Americanism.” Here he is outdone in phrase
making, and he failed even worse in returning to
the vague talk of his first year of administration to
speak of “ the problem of the New D a y ,” which he
says some of the men in the Republican Party do
not understand. He is “ for the forward-looking
men, not for backward-looking m en,” and he and
those with him want “ to give ourselves the thrill
of being Americans and living in an age when it is
worth while being an American.”
Even more
futile at present is his peroration about the wind,
the earthquake, the fire, and the still small voice, in
the experience of the prophet Elijah in the wilder
ness. In raising “ thrill” by which to trail the crowd
of noses to the polls in such a year as this, he is
hopelessly outclassed.
M r. Wilson’s mistake from the first has been in
taking himself too seriously— this phraseology of
the street expresses it best. It was his constitu
tional duty to execute the laws, not to make them;
to suggest a public course, not to dictate it; to be
one co-ordinate part of the Government, not all
of it. On the contrary, from the day of inaugura
tion he has persistently tried to do all and to be the
whole Government. He began by seriously declaring
himself called, as a reformer and leader, to reawaken
the national conscience and to restore the standards
and practice of honesty; but, unhappily for the
country and for his own permanent honor, he did
not undertake to bring the Government back to
wards (if not to) the old constitutional basis and
methods. M r. Roosevelt insisted on having his
own way in everything, because his vanity is in
satiable and he enjoys ramping; M r. Wilson made the
sad mistake of taking up and even pushing on the
perversion he found, because he conceived himself
the bound servant and leader of what he calls
“ H um anity.”
If M r. AVilson is responsible for humanity, he
must pursue his own course by his own light, and
the judgment of others may be disregarded as
fallible. Such has largely been his course, though
with unquestionably good intentions. Y et he was
not elected president of mankind, although he might
(Vol . 102.
entertain, in his private capacity, any conceptions
and ideals of socialistic obligation he chose; his
strictly-prescribed official oath required him to
“ faithfully execute the office of President and [to
the best of his ability] preserve, protect and defend
the Constitution of the United States.” N o more
than M r. Roosevelt did has he ventured to cut across
any of its distinct restrictions; but he has equally
forgotten and disregarded its spirit. M r. Roose
velt appealed to the popular fancy as a man of action,
who did things and who kept corporations and rich
men on the jump, offering no excuse except that of
doing so because he chose; he appeals to those who
want a “ strong” government. M r. W ilson’s quite
equal assumption of powers has erred in not offering
attractive setting and reasons, and the beautifullyrounded rhetorical language which comes so natur
ally to him is far behind the drawing power of his
opponent’s fervid yet most adroitly-worded stimula
tion of a public feeling.
AM ER ICA
S E T T I N G E X A M P L E OF
W O R L D TO G E T H E R .
B R IN G IN G
THE
A speech, in which appeared the characteristic utterance
that “ hero in America we have tried to set the examplo of
bringing all the world together upon terms of liberty and co
operation and peace, and in that great experience that we
have been going through America has been a sort of prophetic
samplo of mankind,” was delivered by President Wilson at
Charlotte, N . C ., upon the occasion of the celebration of the
141st anniversary of the signing of the Mecklonburg Declara
tion of Independence. Involved, in the European struggle,
said the President, is the very thing that has been going on in
America— a competition of national standards, national tra
ditions and national politics. “ Europe,” ho said, “ has
grappled in war as we have grappled in peace to see what is
going to bo dono with theso things when thoy come into hot
contact with each other.” “ W hat you see taking place on
the other side of the water,” he added, “ is the tromondous— •
I about said final— process by which a contest of elements
may in G od’s process be turned into a co-ordination and co
operation of elements. For it is an interesting circumstance
that the processes of the war stand still. Theso hot things
that are in contact with each othor do not make much pro
gress against one another. When you cannot overcome you
must tako counsel.” The President brought his romarks to
a conclusion with the statement that—
I would like, thereforo, to think that the spirit of tills occasion could bo
expressed if wo imagined ourselves lifting some sacred emblem of counsel
and of poaco, of accommodation and righteous judgmont boforo the nations
of tho world and reminding them of that passage in Scripture, "After the
wind, after the earthquake, after tho fire, tho still small voice of humanity.’
W o give his address in full below:
I do not know, my fellow-citizens, whother I can interpret for you to-day
tho spirit of this occasion, but it is necessary when wo got togotlior in colo
brations liko this to take counsel togother with regard to just what It is
that wo wish to celobrato. You will say wo wish to colebrato tho memories
of that timo to which wo look back with such prido, when our fathers, with
singular wisdom of counsel and stoutness of heart, undertook to set up
an independent nation on this sido of tho water; but it is very much more
important that wo should remind ourselves of tho elements with which
our forefathers dealt.
Thoro wero only 3X00,000 citizens in that original Republic of tho
United States of Amorica. Now there are 100,000,000. It is a long cry
back to thoso modest beginnings. A great period of timo not only, but a
great period of profound chango, separates us from that timo, and yet I
would romind you that tho same elements wero prosont then that aro
present now.
What interests my thought more than anything olso about tho Unitod
States is that it has always been In procoss of being mado, ovor since that
littlo beginning, and that thero havo always boon the samo clomonts in tho
process. At tho outset thoro was at tho heart of tho men who led tho
movement for independence a very high and handsome passion for human
liberty and free institutions. And yot thoro lay boforo thorn a groat conti
nent, which it was necessary to subdue to tho uses of civilization if they
were going to build upon it a great Stato among tho family of nations.
I heard a preacher onco point out tho very interesting circumstances that
our Lord’s I’ rayer begins with tho potition for “ our daily bread," from
which ho drew tho inferenco that it is very difficult to worship Ood on an
empty stomach, and that tho inatorial foundations of our life aro tho first
foundations. What I want to call your attention to is that this country,
over since that timo, has devoted practically all of Its attention, perhaps
too much of its attention, to tho material foundation of its life; to subduing
this continent to tho uses of tho nation, and to tho building up of a great
body of wealth and material power.
I find some men who, when thoy think of America, do not think of any
thing elso but that. But, my friends, thero havo been other nations, just
as rich and just as powerful in comparison with tho othor nations of tho
world as tho United States is, and it Is a groat deal moro imoprtant that wo
should dotermino what wo aro going to do with our power than that wo
should possess it.
Ma y 27 1916.J
THE CHRONICLE
—
• -
1937
.....
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You must rcmombcr, thereforo, the elements with which wo are doaling.
I N D U S T R I A L P R O F IT S I N 1915.
Somotiinos thoso of us who wcro born in this part o f the country porsuado
ourselves that this is tho characteristic part o f America. Hero, more than
Tho economic aspects of modern life are at present receiv
anywhere else, lias been preserved a great part of tho original stock which
settled this country, particularly that portion o f tho stock which camo from ing more consideration than ever. The European war has,
tho British Islos. I am not meaning to excludo Ireland. And then I find no doubt, stimulated interest in the subject. N o t only is
a groat many o f my friends who live in Now England imagining that tho tho financing of that war attracting the closest attention
history of this country is moroly tho history of the expansion o f Now Eng
of an ever increasing number of students the world over,
land and that Plymouth Rock lies at tho foundation o f our institutions.
As a matter of fact, my fellow-citizens, however mortifying it may bo to but hero and there special bodies are being formed with the
them or to us, America did not como out o f tho South, and it did not come express aim of making as close an investigation as possible
out o f Now England. Tho characteristic part o f America originated in tho
Middlo States of Now York and Pennsylvania and Now Jersey, because of tho effects of the war on trade and financial conditions.
thero from tho first was that mixture o f populations, that inixturo of racial As a contribution to the studies that are in progress, M r .
stocks, that mixture of antecedents which is tho most singular and distin
Rudolph Diam ant, whose capacity for work of this kind is
guished mark of tho United States.
The most singular fact about this great nation which wo represent is that unequaled, has prepared for us the present article and has
it is made up out of all tho nations o f tho world. I dare say that tho men also compiled the elaborate and comprehensive table, giving
who camo to Amorica then and tho men who have como to America since
a general picture of the net profits obtained by a large num
camo with a singlo purposo, sharing somo part o f tho passion for human
liberty which characterized tho men who founded tho republic, but tlioy ber of our most important industrial companies (including
camo with all sorts of blood in their veins, all sorts of antecedents bohind mining concerns and telephone companies) for the last two
them, all sorts o f traditions in their family and national lifo; and America
has had to servo as a melting-pot for all those diversified and contrasted years, which accompanies the article.
It would be wrong to ascribe the striking changes which
elements. What kind of fire o f puro passion aro you going to keep burning
under tho pot in order that tho mixture that comes out may bo purged this table shows exclusively to industrial conditions growing
of its dross and may bo tho fino gold of untainted Americanism? That is
out of the European war. The coalescence of things indus
tho problom.
I want to call your attention to another picturo. America has always trial and economic has in recent decades grown to such extent
boon making and to bo inado, and while wo were in tho midst of this process, that it has become increasingly difficult to trace the effects
apparently at tho acme and crisis o f this process, while this travail of soul
and formontatlon of elomonts was at Its hoight, camo this great cataclysm of given causes, and to gauge minutely the interplay of fac
o f European war, and almost ovory other nation in tho world became In tors which aro propelling the industrial forces. However,
volved in a tromondous struggle, which was what, my fellow-citizens?
it is obvious that the European war has been a most potent
What aro tho elomonts in tho struggle?
Don’t you soo that in this European war is involved tho very thing that factor in drawing this country out of the slough of industrial
has boon going on in Amorica? It is a competition o f national standards, malaise from-which it was suffering in the fall of 1914.
of national traditions, and o f national politics— political systems. Europo
Tho tablo presented shows that for the period covered
has grappled in war, as wo liavo grappled In poaco, to sco what is going to
bo dono with tlieso things when thoy como into hot contact with one an 21G companies, having a total capitalization at the conclusion
other. For do you not remember that, whilo thoso processes wero going of their last fiscal period amounting in round figures to
on in Amorica, somo very interesting things wero happening?
It was a very big world into which this nation camo when it was born, $7,753,000,000, of which $5,903,000,000 consisted of stocks
but it is a very little world now. It used to tako as many days to go from and $1,850,000,000 of bonds and notes, reported a net profit
Washington to Charlotte in thoso days as it now takes hours. I hoard an applicable to dividends of $787,000,000.
This compares
Irishman say, if tho power o f steam continued to increaso In tho noxt fifty
years as it had in tho last, wo would get to Charlotte two hours before with a net profit of $432,200,000 in the year previous. The
wo loft Washington.
increase in net profits, therefore, amounted to not less than
And, as those processes o f intercommunication liavo been developed and $354,800,000, or 8 2 .0 7 % .
While these companies in the
quickened, mon of tho same nation not only havo grown closer neighbors,
but mon o f different nations havo grown closer neighbors with each other; year preceding earned 7 .4 9 % on their stock capitalization,
and now that wo havo theso invisible tongues that speak by tho wireless the amount so earned in the past year was equivalent to
through tho trackless air to tho ends o f tho world, ovory man can mako 13 .33% of their capitalization, a relative increase of 7 7 .9 % .
every othor man in tho world and his noighbor spoak to him upon tho
These figures tell the story of our industrial revival quite
moment.
Whilo thoso processes of formontatlon and travail wero going on, mon eloquently, and no elucidation seems necessary. However,
wero loarning about each other, nations wero becoming moro and moro
in going through the numerous reports from which the com
acquainted with each othor, nations were moro and moro becoming inter
related, and intercommunication was being quickened in ovory possible ponent data were taken, and in making the divers calcula
way. so that now tho molting-pot Is bigger than Amorica. It is as big as tions necessary to arrive at these totals, a number of sugges
tho world. And what you see taking placo on tho other sido o f tho water is
tho tromondous— I had about said final— procoss by which a contest of tions have occurred, some of which it may be well to give
elomonts may in God’s procoss bo turned into a co-ordination and co here, inasmuch as they deal moro particularly with certain
operation o f elomonts.
details of the calculations. That the compilation covers a
For it is an interesting circumstance that tho processes o f tho war stand
still. Thoso hot things that aro in contact with each othor do not mako vory largo field of industrial performance will clearly be seen,
vory much progress against each other. Wlion you cannot overcomo yon if it is taken into consideration that the total amount of capi
must tako counsel. See, then, ladles and gentlomon, what a now ago talization involved, of over $7,750,000,000, compares with
wo havo como into. I should think that it would quickon tho imagination
It is,
o f every man, and quickon tho patriotism o f overy man who cared for about $16,000,000,000 capitalization of our railroads.
America.
'o f course, true that the capitalization (and for that matter
Ilcro In America wo havo tried to set tho oxamplo o f bringing all tho tho financial results) of some of our industrial companies
world together upon terms of liberty, and co-operation, and peace, and in
that groat experience that wo havo been going through America has been a ombraced in this compilation, include that of the railroads in
sort of prophetic sample o f mankind. Now tho world outside of America which thoy are interested. Although in the case of the United
has felt tho forces of Amorica; felt tho forcos o f freedom, tho forces of
common aspiration, tho forces that bring ovory man and overy nation States Steel Corporation this item is quite considerable by
face to faco with this question: “ What aro you going to do with your
power? Are you going to translate it into force, or aro you going to itself, it is of rather small importance when compared with
translate it into poaco and the salvation o f society?”
Does it not interest you that America has run boforo tho rest of tho tho final totals of all the groups. Almost no industrial com
world in making trial o f this great human experiment, and is it not tho panies whoso fiscal year ends from June to August have been
sign and dawn o f a new ago that tho ono thing upon which tho world is
now about to fall back is tho moral judgment o f mankind?
included in this table, as it was felt that the comparison of
There is no finer sentence in the history of great nations than that scntenco
which occurs in tho Declaration of Independence (I am now referring to their results would not reflect the changes in actual condi
the minor declaration at Philadelphia, not to the Mecklonburg declaration) tions which tho figures covering a later period disclose. The
in which Mr. Jefferson said: “ A decent respect for the opinion of mankind
makes It necessary (I am not now quoting tho words exactly), that wo number of such companies which may bo placed in a repre
should stato tho grounds upon which wo havo takon tho important step
for assorting our independence."
sentative class is surprisingly small, the majority of our
"A decent respect for tho opinion o f mankind” — it is as if Jefferson know
that tills was the way in which mankind itself was to struggle to realize its large industrial companies having their fiscal year coincide
aspirations, and that, standing in tho presenco of mankind, this little group with the calendar year.
of throe million people should say, “ Friends and fellow-citizens of tho great
moral world, our reason for doing tills thing wo now intend to stato to
Thero are certain large companies about whose fiscal years
you in candid and complete terms, so that you will nover think that wo
wero morely throwing o ff a yoko out o f Impatienco, but know that wo wero tho public is absolutely in the dark, for the simple reason
throwing o ff this tiling in ordor that a great world of liberty should bo open
that they do not publish any income accounts whatsoever.
to man through our instrumentality.’ ’
I would like, therefore, to think that tho spirit of this occasion could bo Important companies like the Aluminum Company of Amer
expressed If we imaginod ourselves lifting somo sacred emblem of counsel
and of peace, of accommodation and righteous judgment boforo tho nations ica, tho Jones & Laughlin Steel C o., the Postal Telegraph
of tho world and reminding thorn o f that passage in Scripture, “ After tho
wind, aftor the earthquake, after tho firo, tho still small voice of Co. and some other concerns, whose securities are owned
humanity.”
T I I E F O R E IG N T R A D E OF F R A N C E .
Tho foreign trade figures of France for tho first three
months of 1910 in comparison with tho three months of 1915,
aro given in tho issue of “ Commerce Reports” for tho 22d
inst., as follows:
----------- Im p o r t s ----------- 1916.
1915.
$
$
Food p roducts________ 114,545,693 89,692,697
Industrial materials___ .175,282,021 116,440,760
Manufactures_________ .105,529,698 81,317,076
Postal packages_______
J a n . 1 to M a r c h 31—
Total
E x p o r ls -
1916.
$
19,880,351
34,040,761
89,317,505
10,301,182
1915.
S
24,912,826
27,564,067
64,496,933
8,852,524
.395.357,412 287,450.533 153,539,799 125,826,350
either directly or indirectly by the public, have never given
to tho public a reasonable income account and balance sheet.
It is a well-known fact that the three companies just named
havo been benefited in no small degree by the industrial
revival of 1915. Incidentally, it may be remarked that,
whilo it would have been desirable to include in the tabula
tion figures dealing with tho gross business of the companies,
tho task was out of the question, since the annual reports of
our industrial concerns aro by no means so uniform as to al
low for such comparative analyses. Furthermore, it is
sadly true that certain companies in the year past have gone
a step backward,in so far as publication of essential particu
1938
THE CHRONICLE
lars of their operations is concerned. In contradistinction
with previous years, one now looks in vain in the annual re
port of the Du Pont do Nemoui’s Company, the Bethlehem
Steel Corporation, tho American Coal Products Company
and of a few other companies, for tho amount of gross busi
ness done, a figure just now of tho greatest importance to
those who are not moved in the premises by mero curiosity.
The Standard Oil Company of Now York, moreover, fell
this year into the bad practice of lumping in its balance sheet
the items of cash and accounts receivable, which mode of re
porting also seems to be a habit with a good many of the pipe
line companies.
Aside from tho magnitude of the totals involved, the im
portance of the tabulation presented lies in its comparisons
with tho year previous. In a few cases we had to estimate
the results and capitalization of a year ago, owing to absence
of a report and to changes in capitalization.
In looking at some of the total results obtained during
the past year, it should bo borne in mind that comparisons
are made with financial results derived in a year of marked
industrial setback. For that matter, the industrial revival
to which these figures bear testimony did not set in until the
year 1915 was well advanced, but then the pace of progress
becamo very rapid, and soon tho industrial activity attained
in many instances a degree of intensity never before wit
nessed. Numerous instances coidd bo cited pointing to
the fact that at the end of tho year only a small part of the
business taken on by our industrial companies was actually
completed and delivered. It is, therefore, quito certain that
the results of tho twelve months ending Juno 80 1916 will
compare much more favorably with those of the 12 previous
months than those for tho calondar year 1915 comparo with
1914, while the increases for tho calendar year 1916 promise to
leave those for 1915 far behind. There is, of course, a proba
bility of a sudden decrease in activity now enjoyed in certain
lines, should peace be near. On tho other hand, one may take
it for granted that the momentum which war has given to a
good many things will not be speedily checked, while, lastly,
peaeo may result in a shifting of industrial activity toward
those branches which are now suffering from war conditions.
Although we would go slow to accept tho results for certain
classes of companies as given in this table, as a measure of
what, generally speaking, has been tho financial outcomo of
that industry, yet, in a number of cases, whero the results
of groups consist of those of more than one company, the final
profits of each and every company showed such a markedly
similar trend, in so far as comparisons with a year ago wero
concerned, that as a whole, tho table may be considered fairly
indicative of conditions which have existed in such industry.
One notable exception is probably that of the group given
as railway supply equipment companies. Those of that
group which profited from war orders, as tho New York Air
Brake Co. and the Baldwin Locomotive C o., or which
received large orders from foreign Governments like the
Pressed Steel Car C o ., disclose better results than the rest.
For tho companies making a specialty of selling railway
supplies exclusively, tho improvement in operations did not
como until very late in tho year. One of them states that
8 8 % of the entire year’s profits were earned in tho latter
part of tho twelvomonth.
That the steel companies would show a most startling in
crease in profits was a foregono conclusion.
In this industry
the change from depression to prosperity was nothing short
of dramatic. Especially was this the case with companies
well suited for the execution of so-called war orders. N ot
only wero a large number of these orders actually executed
during the year under review, but it is certain that a very
much larger quantity, involving a considerably higher figure,
at the close of the year, was either unexecuted or in the course
of manufacture. In this respect the year 1916 will certainly
show most rem.arkablo residts. That “ there exists an actual
shortago of steel-making capacity in this country” is the
significant statement, made in tho annual report of the Beth
lehem Steel Corporation. N o wonder that it led to a num
ber of amalgamations whereby production facilities wero
still more co-ordinated and that at tho end of the year un
filled orders in the industry had assumed proportions nover
before registered. It may be presumed that what was true
of tho Lackawanna Steel C o., viz.: that tho year closed
“ with the greatest volume of orders on hand and at the
highest prices in your company’s history,” was equally the
case with a number of other steel companies. But this
condition was not confined to tho steel trade. “ A t no time
in the history of your company has there been greater
[Vol . 102.
activity in its business,” says the United States Rubber C o .’s
report. Statements to similar effect are made in the annual
reports of the National Lead Co. and in those of a number
of other industrial concerns.
It is this shortago of capacity
to manufacture not alone of steel products, but also of a
great many other articles, some of them of a highly special
ized nature, that led to a great demand for all kinds of
machine tools. Tho effect on tho profits of some of tho
companies engaged in this line of business is plainly shown in
the accompanying table.
It should be stated, however, that
a concern like the Niles-Bement-Pond C o., aside from being
very actively ongaged in its regular lines of manufacture,
also undertook the execution of largo war orders.
Tho conditions above referred to have brought about an
expansion in tho building of industrial plants, of a most
feverish degree, hardly thought possiblo not so very long
ago. Tho United States Steel Corporation, with its author
ized expenditures on this account of closo to 8100,000,000,
leads the list. Contracts undertaken by the Du Pont de
Nemours Co. “ required tho designing and building of
immense plants,” increasing the number of workmen in a
marvelous degree. A similar story of the construction of
new plants, necessitated by the onrush of business, is told
by tho Bothlohem Steel C o., Lackawanna Steel C o., the
National Lead C o., the United States Rubber C o., American
Coal Products C o., Industrial Alcohol C o., Ac. An inter
esting phase of this situation is tho ever-increasing building
of facilities for the manufacture of by-products out of ele
ments generated as of necessity in the course of production,
but which previously had gone to utter waste. It is needless
to say that these by-product plants are hero to stay. The
samo cannot be said, however, of a number of new plants
that have been erected for the specific purpose of executing
certain orders which rushed in at a tremendous rato and tho
execution of which demanded quick dispatch. As the occa
sion which caused this phenomenon was unprecedented, and
— we pray— is likely not to occur again, it must bo plain
that the normal production to ensue after tho war is over
can only demand a part of the production facilities thus
created. In other words, a large percentage of tho capital
invested in those new plants must needs be amortized within
— let us hope for humanity’s sake— a very short time. Tho
general impression obtained from a careful perusal of tho
annual reports of our industrial companies, can lead to no
other impression than that our manufacturers will not allow
themselves to livo in a fool’s paradise. The management of
tho Du Pont de Nemours C o., for instance, has tho clearness
of vision to see that after the war it “ cannot oxpect to em
ploy all of tho large explosive plants recently built.” Conse
quently, it is “ amortizing this investment by heavy charges
against the profits of this temporary business.” A casual
study of tho numerous balance sheets and incomo accounts
tends to mako us believe that other companies aro following
a somowhat similar course, be it as a rule not such a liberal
one, as tho affluent Du Pont company is ablo to.
Tho fact that so enormous an amount of industrial busi
ness could havo been conducted with so little incroaso in
capitalization of existing companies, as tho table shows,
implies conclusively that in 1915 no fixed obligations to
speak of wero created to finance tho now facilities necessi
tated by what amounts in large degree to tho filling of tem
porary needs. As a matter of fact, under tho provisions
wheroby new companies wero incorporated in recent years,
in a good many cases tho preferred capital stock and funded
debt aro being gradually amortized. True, thoro havo
been a nuinbor of instances where cash resources havo been
diminished and bills payable have increased, but if a study
of balance sheets discloses anything, it is tho fact that tho
liquid assets of our industrial companies, and especially
their cash resources, have undergone a large expansion.
Even companies whose financial results aro less favorable
than a year ago wero enabled— very likely through tho pay
ment of accumulated accounts— to show increased cash
balances, while some of them coidd pay off short term obli
gations incurred in tho lean years from which thoy were just
omerging without the need of having to indulge in long-term
financing for this purpose. It is a fact, however, that much
of tho increased profits reported at tho end of last year,
had either not been fully cashed or was evidenced by in
vestments consisting of the legally incurred obligations of
the contracting parties. In one instance theso obligations
were distributed among stockholders in tho shape of an extra
dividend. Although the further development of this pliaso
of tho industrial situation will be watched with much in
May 27 1916.]
THE CHRONICLE
terest, there is no reason to supposo that any losses will bo
suffered on that account.
Another instanco of this preparedness for post-bellum con
ditions consists in tho sotting aside by many companies of
much higher sums for amortization. In tins respect, somo
very sano reasoning got into print in annual reports. The
directors of one company, which has been very sorely tried
in tho past and whose business, as a resxdt of tho war, has
experienced a vcritablo boom (tho American Zinc Lead &
Smelting C o .), declare that it is their intention to use this
windfall to build up for their concern “ a sufficient working
capital, so that tho company need not borrow any more
m oney.”
In tho annual report of tho American Graphophono Co. it is correctly stated that “ surplus earnings should
be devoted to placing tho company in an impregnable
financial position, rather than to pay extra dividends.”
A similar determination is seen in tho action of tho direc
tors of tho Standard Screw C o., who dovoted substantially
all of tho increased profits (they mounted from $277,000 in
1914-15 to $2,163,000 in 1915-10) to reservation in one way
or another. Tho American Woolon Co. set aside over ono
million dollars for depreciation, as against nil last year,
while a number of other companies, although not following
tho samo policy, did what amounted to practically tho
saino thing by hooping large unappropriated surplus profits
within their properties instead of dissipating them in divi
dends. It must hoi’o bo stated that tho net profits given in
tho tabulation aro after deducting amortization and depre
ciation in all cases whero such provisions wero made. Sig
nificance is added to the total figures of net pi’ofits given in
tho tabulation by tho fact that depreciation charges, & e.,
in 1915, were easily $50,000,000 in excess of thoso of tho
year previous.
Incidentally, it might hero bo remarked that in so far as
real “ preparedness” goes, in tho direction of which this
country seems drifting, tho steel industry will bo a bonoficiary. In June 1915 tho Pettibone-Mulliken C o ., for
instanco, decided “ to build a munition plant, as a perma
nent department of the business, not only to secure orders
during tho prosont war, but to supply tho United States
Government with munitions, which it will undoubtedly
rcquiro in ordor to proparo for tho national defense.”
It shoidd not bo inferred from tho foregoing observations
that during 1915 all things havo been coulour do roso for
our industrial companies. Certain groups included in our
tabulation reported only small increases in profits, while
others saw their profits shrink quito considerably. In this
regard, tho results as published in tho tabulation speak for
thomselves. All companies, without any distinction what
soever, had to contend with difficulties growing out of higher
prices of labor and of raw materials. In both cases tho in
exorable law of demand and supply was at work, accentuated
in tho past year by shortages of certain imported necessary
ingredients to production and by high ocean freight rates.
All of this was a necessary accompanimont of war.
Let us, for instance, look at the sudden demand that
sprung up for labor. Tho following figures for men
em
ployed by somo of our most representative industrial com
panies aro interesting:
Glten Date.
Y ear Previous.
Increase.
Western Electric C o..............Jan. 1 1910 17,100 Jan. 1 1915 15.600
10 %
Ceneral Electric C o . . ..........l)ec. 31 1915 60.000 Dec. 31 1911 50,000
20%
Westlnifliou.so Companies.-Mar. 31 1916 31,600 Mar. 31 1915 18,300
70%
U. S. Steel Corporation___Dec.1915
227,000 Average 1911 180,000
25%
Bethlehem Steel Corp........ Averago 1915 22,000 Average 1914 15,600
40%
Ou Pont do Nemours C o ...D e c . 1915
62,200 Oct. 1914
5,300 1070%
Totals....................................................... 419,900
284,800
50%
Tho dislocation caused by the shifting of productive
forces and tho adjustments called for in order to fill tho gaps,
will also be understood. Increases in wages were, and still
aro, tho ordor of tho day. They wero granted either vol
untarily or exacted by strike or under threat thereof. In
somo cases they wero a necessary preventive against a
“ running away” of labor toward the places of higher re
muneration. So long as tho supply of labor is limited,
and tho demand for tho products of industry keeps up at
anything liko tho present rate and at tho presont prices,
wo aro in this respect in a vicious circle. Certain com
panies, in 1915, woro between tho upper and nother mill
stone, in so far as they could not obtain higher prices for
their products, although the cost of their raw materials
and of thoir labor went up. Tho steel companies, one may
bo suro, woro not in that class. Their customers simply
needed the products and willingly paid tho high prices
prevailing, and especially was this Irue of their foreign cus
tomers. It should not be lost sight of that this condition
was aggravated by the fact that owing to the hand-to-mouth
1939
policy of this country’s industries in tho past few years, duo
to politics, & c., production facilities had been very much
curtailed and stocks had been allowed to run very low. An
exception to this condition was probably made by the oil
industry. In that case there existed over-production, for
which the natural peculiarities of the industry wero mainly
responsible. However, later in the year the demands all
of a sudden became so enormous that the picture changed
as by magic.
It is no wonder that in a great many instances this rise
in war materials above referred to is very seriously com
plained of, especially by companies which could not recoup
themselves through higher prices for their finished products.
Notable instances arc the American Sugar Refining C o ., the
General Baking C o ., the National Enameling & Stamping Co.
As usual in matters economic, things are trying to find their
own corrective. One of them lies in tho enormous amount
of construction of sea-going vessels now going on. A striking
instanco of tho difficulties encountered in the way of short
age of bottoms is afforded by the Pennsylvania Steel C o .,
which— notwithstanding the large increaso in the prices of
tho finished products— found it uneconomical, owing to the
high ocean freights, to increase the quantity of ore brought
to this country from its own mines in Cuba.
It should not be forgotten that our industrial revival has
been stimulated in no small degree by the absence or reduced
activity of competitive forces, not only in foreign but also
in the homo markets. In a number of cases there was a
foroign demand for articles which under normal conditions
aro actually imported in this country, and then compete
with our homo products. “ Imports of wool manufactures
in tho year 1915 were reduced below the total imports for
1914 by causes growing out of tho great war, Germany,
France and Belgium being practically eliminated as com
petitors.” (American Woolen C o.) “ There has been a
steady recovery due to improved business conditions
throughout tho country and to the fact that our foreign
competitors havo been busily engaged furnishing goods for
military purposes. . . .” (U. S. Worsted C o.) “ This
movement (of declining prices in plate glass) was stopped by
tho war and when imports ceased and a foroign demand
appeared tho market stiffened.” (Pittsburgh Plato Glass C o.)
“ The war has eliminated the importation of steel more com
pletely than was over dreamed of under any protective tariff,
and also gives us export orders that are unnatural.” (Cam
bria Steel C o.) Tho foregoing quotations, from annual
reports of representative concerns, tell a story typically
illustrative of conditions in many lines of trade.
An interesting instanco of the absence of competition in
homo and’ foreign markets gives us the American Malting
C o., which reports a largo increase in business as a result
of tho shutting off of German beer from the world markets,
causing an increase in that company’s sales not only in the
domestic markets, but also to England, South Africa and
South and Central America. It is especially to new fields
that our industrial products have been shipped in large
quantities, owing to the absence of keen competition on the
part of tho producers in belligerent countries. Although farreaching changes may be expected in this respect, when the
European war will be a thing of the past, it seems neverthe
less that it will be impossible to permanently drive out
American-made products from the new debouches thus cre
ated. W ith American products better known we may ex
pect after tho European war a permanent market in fields
hitherto not served, bo it at a lower margin of profits which
must needs bo expected, especially in thoso sections of the
world that aro no parties to the present conflict, and can
only bo benefited by a free play of foreign competitive forces
in their own markets. That our manufacturers aro bent
upon meeting conditions squarely is shown by the incorpora
tion of late of a number of companies whoso task it is to
conduct and finance this foreign business. The Cambria
Steel C o., for instance, caused to be incorporated and acquired
tho control of tho American Steel Export Co. While the
founding of tho American International Corporation was an
event that has attracted world-wide attention, more so than
pcoplo in our country seem to be generally aware of.
W ith tho foregoing observations the subject treated is
by no means exhausted. It still offers a good deal of ma
terial for reflective thought which, it is hoped, will be devoted
to it by thoso who have an opportunity to do so. For it
must bo said that this country lags behind in keeping “ tab”
of tho development of its corporate industrial enterprises
when compared with what is done in many European countries.
THE CHRONICLE
1940
[Vol . 102.
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a Figures of International Harvester Co. were not available up to the date of writing (May 26 1916). b Although the result of some of the companies controlled by the Calumet & Hecla Mining Co. were Included, those of the Calumet & HeclaMining Co. proper
were not yet available, c The Bell system considered as one company.
C O M P A R IS O N OF IN D U S T R IA L P R O F IT S A V A IL A B L E F O R D IV ID E N D S .
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THE CHRONICLE
1941
P R E S ID E N T W IL S O N DESCRIBES R E P U B L IC A N
L E A D E R S A 8 LOOKING B A C K W A R D .
The other trust companies in this city which have paid the
tax under protest, and the amounts paid by them, are:
In addressing a gathering at the railroad station at Salis
bury, N . C ., while en route to Charlotte, President Wilson
declared that those in control of the Republican Party are
“ looking backward.” not forward, and asserted that “ they
do not know the problem of the new d a y.” The President’s
brief remarks follow:
Farm ers’ L oan & T ru st C o ____________________________________
S4 809
Contral T ru st C o _ _____ __________ ____________ _______________ " " " 1 3 654
G uaranty T ru st C o _____________ __________________ 22 069
' llO O l
T itle G uarantee & T rust C o ______ ________ _____ M i l l ” ..........
U nited States T rust C o .................. ............
10 729
Transatlantic T rust C o .......................
707
U nited States M ortgage & Trust C o
____________ - - - - - - -
Bankers T ru st C o ______ .................................................................................15 842
Law yers’ T itlo & Trust C o ______
....................................... r t i k
" ..........................
2 066
Em pire Trust C o .................................................. ’
Thoro aro very serious things to bo done nowadays .ladies and gentlemen,
and it Is a satisfaction to bo associated with men who know how serious they
are and with what spirit they must bo approached, because, whether wo
will or n ot, we are at the beginning o f a new ago for the w orld, and America
will have to play a very great part in that new ago. A nd wo will have to
bo very suro not to encourage or to give countenance to the men w ho aro
trying to bold us back.
There aro som e m en— I d o n ot believe they represent the great rank
and filo o f the Republican P a rty,— but the men who now control the R e
publican Party aro looking backward, n ot forw ard. T hey d o not know
the problem o f tho new day; and whenover I, for example, try to show
m y sympathies for the forw ard-looking men o f their own party b y nom inat
ing men o f that sort, they at once try to b lock the progress. T hey havo
no sym pathy with tho forw ard-looking men o f their own party.
N ow , I am for tho forw ard-looking m en, not for backward-looking m en.
W o have com e down here to celebrate an historical episode, but wo havo
n ot done it becauso w o are looking backward; we havo done it m erely in
order to givo ourselves the excuse to get together and feel tho thrill o f being
A m ericans and living In an age when it is worth while being Americans.
D E C I S I O N I N F A V O R OF T R U S T C O M P A N I E S I N S U I T
TO T E S T W A R R E V E N U E A C T .
A verdict in favor of the Farmers’ Loan & Trust Co. of
this city in tho proceedings brought to test the W ar Reve
nue Act of October 1914, in so far as it imposes a tax on bank
ing institutions, was rendered by Judgo Charles M . Hough
in the United States District Court in New York on the
23d inst. While the amount involved as far as the Farmers’
Loan & Trust is concerned is but $4,809, tho total amount
of Now York collections affected by the decision will reach
in the neighborhood of $100,000, a number of other trust
companies having brought similar actions for the recovery
of the taxes paid under protest. Tho section of the law under
which the tax was collected provides that: “ Bankers shall
pay $1 for each $1,000 of capital used or employed, and in
estimating capital, surplus and undivided profits shall bo
included. The amount of such annual tax shall, in all
cases, be computed on the basis of the capital, surplus and
undivided profits for the preceding fiscal year. Every
person, firm or company, and every incorporated or other
bank, having a placo of business where credits are opened
by the deposit or collection of money or currency, subject
to be paid or remitted upon draft check, or order, or where
money is advanced or loaned on stocks, bonds, bullion,
bills of exchange, or promissory notes, or where stocks,
bonds, bullion, bills of exchange, or promissory notes are
received for discount or salo, shall be a banker under this A c t.’ ’
The trust companies contend that the tax applies only to
capital employed in actual banking transactions and that
therefore tho greater part of their capital is exempt from
taxation, since it is invested in mortgages, title fund, real
estato and other forms of investment outside of tho pale of
banking. E . II. Blanc, of Geller, Rolston & Horan, repre
senting the Farmers’ Loan & Trust C o ., states that the
present proceedings are similar to actions brought in 1898
over tho tax imposed because of the Spanish-American W ar
by tho Farmers’ Loan & Trust and the Central Trust Co.
A t that time tho trust companies succeeded in securing a
verdict in their favor, in the District Court, the decision
being affirmed by the Circuit Court of Appeals. A n appeal
will be taken by tho Government in tho present case. Re
ferring to this week’s verdict M r . Blanc is quoted in tho
“ Journal of Commerce” as saying:
Judge Hough docided that tho present statuto means tho samo as tho A ct
o f 1898; that both statutes roqulro in order that tho tax bo duo that tho
capital, surplus and undivided profits shall bo used in banking as defined
in tho statuto; that when it appears that the trust companies maintained
during tho tax year a b od y o f Investments in real estato bonds and m ort
gages and other securities o f tho class o f m oro or less permanont character,
it cannot bo said under tho language o f tho statuto and under tho principles
established b y tho decisions o f tho Circuit C ourt o f Appeals hero In tho old
cases, that tho cap ital, surplus and undivided profits wero used in tho
banking business.
Another point involved in tho trial related to tho legal sufficiency o f tho
assessment, as It was shown that tho Commissioner o f Internal Revenue
and tho Internal Revenue Collectors had no evidence beforo them counter
acting tho sworn returns o f the trust com pany that its capital, surplus and
undivided profits wero n ot em ployed in tho banking business as specified
in tho A ct, and tho accom panying letters o f tho trust com pany, showing tho
exi8tonco during tho tax year o f such a b od y o f investments as above
referred to.
I t was accordingly ruled that this situation overcam e any prim a facio
presumption in favor o f tho assessment and cast tho burden o f p roo f in
support o f tho asscssmont upon tho collectors, which they wore powerlos
to moot under tho old decisions.
-MMMMMMMMMMMM”
MMIMM”
The People’s Trust Co. of Brooklyn Borough also brought
suit last September for the recovery of $1,695 paid under
the W ar Revenue A ct.
NEW
YO R K CURB M A R K E T .
In accordance with the plans of tho Board of Representa
tives of the N ew York Curb M arket Association, a vote was
taken yesterday on the reorganization plan as submitted to
tho members of that Association last Friday (M ay 19). The
result showed 216 votes for the plan, 20 against and 96 not
voting, with 2 defective ballots. E . R . M cCorm ick, Chair
man of the Association, and also Chairman of the special
committee appointed some time ago to formulate a plan
of reorganization, sent out a letter last night stating that in
view of the unsatisfactory vote, the signed opposition of 51
New York Stock Exchange firms and other misunderstand
ings, tho Board deems it unwise to declare the plan operative.
The letter follows:
T o the M em b ers o f the N ew Y ork Curb M a rk et A s s o c ia tio n :
V ^
1916,
G entlem en. — T h o open v o te on tho reorganization o f tho N ew Y ork
C urb M arket Association showed on F riday, M a y 26th 1916 at 5 p . m .
tho following result— 216 fo r, 20 against, with ono blank ballot and one
defective ballot, and 96 not voting.
° fM his unsatlsfact° r y vote, the signed opposition on the part
° M 5 1 , v Y ° rk Stock Exchange firm s and other m isunderstandings.
?v.th0Ji?h a ,m aJority o f tho members o f you r Association have voted in
the affirm ative, you r Board deems it unwise to declare the plan operative.
Y o u r Spocial C om m ittee on reorganization was appointed b y your
Board to draw up a plan o f reorganization which would eliminate certain
fundamentai ills that cannot be stopped In a free-for-all market; to accom
plish tins so that tho best interests o f our members and all concerned would
bo conserved to the end that the second largest security market in the
United States be placed on a m ore stable basis.
Y ou r Board have adopted tho recomm endation o f the Special C om m ittee
subm itted on M a y 23rd, that tho vote on reorganization shall bo extended.
B eforo any plan is declarod operative there will bo an opportunity given
to members o f tho Association to chango their ballots already cast.
Y ou r C om m ittco is taking steps to confer with a com m ittee representing
tho opposition.
In view o f tho im portance o f the whole m atter we urge that any o f our
members or others interested should express in detail their objections,
suggestions, or other recomm endations. Y o u r Special C om m ittee will be
ready to confer w ith any individual or b od y at any time.
Signed,
E . R . M c C O R M I C K , Chairm an.
1110 plan, as drawn up by tho Committee, and approved
by tho Board of Representatives, was embodied in a letter
sont out Friday, M a y 19. It was signed by E . R . M c
Cormick, Chairman of the Association, and also Chairman
of tho Special Committee, and stated as follows:
In view o f tho growth o f tho C urb and its probable continuation, it has
been deemed advisable b y you r B oard o f Representatives to devise some
plan to house tho A ssociation, to establish a ticker servico and to p rovide
better facilities fo r tho transaction o f business. It is the opinion o f the
B oard that b y tho use o f a ticker servico business would bo enlarged, and
a well equipped board room would m ake possible better control o f the
m arket, thus m aking Curb securities m oro acceptable as banking co l
lateral.
Other recommendations made in the letter provided for
two classes of membership, regular and associate. The
regular membership to bo limited to 400 and composed of
tho present members of the Association and such others
as may bo elected
A t present there aro 334 members of
the Association. Tho associate members to be individuals
who are engaged in the banking or brokerage business.
A n associate member not to have floor privileges or bo
entitled to vote. Tho following aro the fees and dues pro
posed in the new plan: transfer fee, regular member, $500;
annual dues, regular member, $100 (present dues aro $25);
initiation feo, associate member, $250; annual dues, associ
ate member, $50.
Tho plan also provided that the Board of Representatives
be increased from fifteen to twenty-one members. Ballots
wero enclosed with the plan and members were asked to
voto on tho proposition before M a y 27 1916.
R A I L R O A D S TO A D V A N C E I R O N A N D S T E E L E X P O R T
RATES.
Announcement of an advance by the railroads in the Cen
tral Freight Association and Trunk Line territories in export
rates on iron and steel articles, billets, pig iron and other
materials so as to make the export rate equal to the domestio
rate was made by C . C . M cC ain, of the Trunk Line Associ-
THE CHRONICLE
1943
ation, on the 25th inst. The new rates go into effect on
Oct. 1. M r. M cC ain’s statement in the matter is as follows:
Upon application o f tho iron and steel industry in 1903, tho carriers
operating from the principal iron and steel producing sections established
special export rates to tho various A tlantic ports on carload shipments o f
tho various iron and steel articles, billots, pig iron, &c. T ho special export
rates established at that tim e were lower than the rates charged on dom estic
shipments and wero m ade to m eet tho representations o f the industry, as
stated at that tim e, to the effect that a greater proportion o f their manu
facturing capacity would be em ployed if they wero in a position to meet tho
com petition o f foreign markets.
t was tho view o f the carriers at that
tim o that tho general conditions wero such that they felt thoy should d o ,
what thoy reasonably could to oncourago tho operation o f tho iron and steel
industry to tho greatest capacity.
For som e timo past it has beon felt b y tho railroads that tho general con
dition and operation o f the iron and steel industry has been such that no
injury to tho industry as a wholo, or impairm ent o f tho export business
w ould follow if tho special rates on export shipments wero eliminated and
such shipments were charged tho higher or dom estic rate from various
points o f m anufacture to tho seaboard.
T ho subject has been one which has been m ost thoroughly canvassed,
and it lias been decided b y tho interested roads to advance their rates on
export shipments to the same basis as charged on dom estic shipments; tho
now rates to becom o effective O ct. 1 191G.
T he railroads have appreciated that oxport shipments aro contracted for
extended periods o f future delivery, and they have accordingly allowed four
m onths beforo making tho rates effective, which is regarded as a liberal
tim e for tho com pletion o f arrangements for ocoan shipment o f business
now on hand.
ARRANGEMENTS IN
C H I C A G O FOR F R E N C H
C RED ITS.
figures, however, include tho London agency, which is now
in compulsory liquidation, and therefore, when tho compari
son is mado with those figures excluded, an increase of
$103,356,821 is shown. Liquid assets aro 7 1 .2 5 % of liabili
ties, against 6 4 .7 4 % in 1914. W o tako tho following ex
cerpts from tho remark of Rudolph von Koch, Chairman of
the Board of Supervisors:
PEACE
According to reports from Chicago tho bankers of that
city havo entered into arrangements with French commis
sioners to supply “ peace credits” covering the salo of Ameri
can manufactures. Tho arrangement, it is stated, becomes
effective with the end of the war. Ono of tho members
of tho group of bankers is quoted as saying:
Tho arrangements havo boon perfected in all details, not only for tho
placing o f largo orders with Chicago manufacturers for macliinery to bo
delivered to French business concerns, but for the paym ent for tho goods
through credits to bo extended b y tho local banks.
Tho commissioners, it is said, have no connection with
the French Government, but represent strong mercantile
interests. Machinery to bo purchased consists largely of
agricultural implements and factory equipment. .
'
Germ any’s foes reproach her with having prepared for this war. This is
truo only to tho extent that Germ any, having bccom o wiser and united
through tho experience o f centuries past, developed her m ilitary and
econom ic organization and maintained it on such a lovol that at no timo
aro even tho com bined forces o f her allied enemies ablo to break her. W hile
all o f her neighbors waged wars o f conquest, Germany has been busy at
tho consolidation o f her civil progross and wealth. * * *
If, in spite o f tho sound condition o f our credit systom . and in spito o f tho
gold cover for German bank notes having remained norm al, our curroncy
— liko that o f all our opponents— could not maintain itsolf on gold poin t, it is
only the natural consequenco o f our being cut o ff from tho rest o f tho w orld.
It is truo our enemies havo bestowed on us an unintonded blessing by
confining our imports to such narrow limits; but tho possibility o f keeping
our currency at gold parity through tho export o f merchandise or securities is
barred. M canwhilo, this depreciation in tho valuo o f marks has'.been con
ducive to thrift, which, m ore than anything else, is onabling G orm any to
hold out econom ically. W o have learned to oat less, to roqulro less, to
refrain from carrying our m onoy abroad, and havo dovelopcd a better
husbandry generally. W o m ay rest assured that G erm any’s solvency
will stand unshaken after tho war, and that tho valuo o f our cu rron cy,
will recover its accustom ed position in tho w orld. W ith out assistance
from abroad Germany has raised, so far, $8,.500,000,000 for war purposes
m oro than any ono o f hor opponents. T ho Deutsche Bank’s clients have
contributed a very considerable share to this largo sum.
For m any years past the press o f our enomies, envious o f German pro
gress, has not ceased to announce to tho world tho imminent breakdown
o f our credit system , o f our banks and stock markets, maintaining that
only through foreign assistance was Germ any ablo to keep on her feet.
And n ow ? There are in this country no unpaid moratorium bills, milliards
whereof aro included in tho assets o f tho Central Hanks in London and
Paris. In Germany alono havo all stock oxchango transactions been
settled. W e havo form ed a syndicate b y Berlin banks and bankers, ready
to assist where help would bo wanted, in tho settlement o f tlmo-bargains
held over in consequenco o f tho outbreak o f war, until tho end o f N ovem
ber last. T hat syndicate's assistance was not oven required.
Tho report contains a roll of honor— boing a list of tho
members of the staff of tho Doutscho Bank who, in addition
to those roported tho previous year, during 1915 “ gave
their lives in defense of their country.” The new list con
tains no less than 226 names! A t the end of tho list there is
printed the simplo inscription in Gorman “ Ehre Ihrem
Andenken” (honor their momory).
F O C A L O F F E R I N G OF G E R M A N N O T E S .
Chandler & C o. of N ew York and Philadelphia, yesterday
announced an offering of a limited amount of German
Treasury notes for the purpose of establishing commercial
credits in tho United States for that country. The announce
ment said:
In order to establish certain com m ercial credits for G erm any, Chandler
& C o ., In c., N ow Y ork and Philadelphia, aro offering a limited amount
o f German Treasury notes duo on April 1 1917. T he notes aro placed
according to tho actual requirements with tho banking institutions in tho
East and M iddle W est. Thero will bo no public offering.
Tho new notes, it is understood, aro in tho nature of
commercial discounts which will bo offered as and wlion
required; tho issue, it is roported, is limitod to $10,000,000.
Interest on tho notes will bo calculated from tho dato of
their purchase on a basis of 6 % , which will bo deducted at
timo of purchaso after tho manner of regular commercial
paper. Tho proceeds aro to bo devoted strictly to com
mercial purposes in this country only, and at maturity,
April 1 1917, tho notos will bo paid off, in gold, by tho
Central Trust C o. The notes, which aro already in this
country, bear tho signatures of tho Treasury officials at
Berlin. Thoy aro a direct obligation of tho German Govern
ment.
THE
[Vol. 102.
____
ANNUAL
REPORT OF T H E
DEUTSCHE B A N K .
Despite the unusual conditions with which it had to
contend because of tho war, tho Deutsche Bank (Berlin) in
its report for 1915 makes a most creditable showing. D e
posits reached a new high level at $605,144,231, having in
creased from $486,214,474 tho year beforo. Tho report, in
cidentally, notes that deposits in Gorman savings banks
show a larger increase than in any year preceding. Including
last year’s undivided net profits of $2,742,234, the profits
of tho bank for 1915 amounted to $11,819,901, after charging
off $496,267 for depreciation on premises and furniture and
setting asido $59,524 for coupons tax. Of tho not profits
of $11,819,901, which compares with $9,779,639 for 1914,
appropriations are as follows: $3,869,048 for 6 j ^ % dividend
to tho shareholders, $357,143 transferred to resorvo account,
$857,143 for the employees, $268,817 to tho Board of Super
visors and the local committees as participation in profits,
and $3,571,429 for an additional dividend of 6 % , thus leaving
$2,896,322 to bo carried forward to now account. The
turnover of the bank during 1915 amounted to $25,474,478,
877, which compares with $27,988,842,095 in 1914; the 1914
FAVOR L E G IS L A T IO N P E R M I T T I N G PRICE
M A IN TE N AN C E .
As shown by a preliminary count in a referendum submitod to its members by tne Chamber of Commerce of tho
Jnited States, the recommendation in favor of legislation to
icrmit tho maintenance of re-salo prices “ under proper retrictions” has beon carried by moro than two-thirds majority,
t largo proportion of those who endorsed this recommondaion also voted in favor of tho second recommendation, auhorizing tho Federal Trade Commission as tho agency to
>revent predatory price cutting.
On tho question as to whothor thero should bo Federal
egislation permitting the maintenance of re-sale prices, under
>ropor restrictions, on identified merchandise for voluntary
nirchase, mado and sold under compotitivo conditions, the
roto was 693 in favor and 237 opposed. Tho veto on tho
question as to whotlier Federal legislation should tako the
orm of an amendment to tho Trade Commission Act defili
ng tho conditions under which price cutting is an unfair
notliod of competition, and authorizing the Federal Trade
Commission to prevent such prico cutting in intor-Stato and
'oreign commerce, resulted in 549 recording thomsolves in
'avor and 289 oxpressing opposition thereto.
Tho conclusions of the majority woro that tho advantages
if prico maintenance aro partly economic and partly social.
1. A properly regulated systom o f prico maintenance on identified m er•handiso mado and sold under com potitivo conditions puts tho emphasis
A com petition upon quality and service, while at tho samo timo it provides
for tho public adequate protection against extortion.
2. Prico maintenance under these conditions preserves tho social advan
tage o f an adequate incentive to invent and doviso now products.
3. Price maintenance under theso conditions serves to provont m onopo
listic control o f production processes by powerful distributers.
4 Prico maintenance under theso conditions preserves tho social advan
tages o f such distribution conveniences as aro represented b y neighborhood
stores and b y small but skillful merchants. In somo trados, it is the solo
guaranty o f tho preservation o f tho accepted systom o f distribution. For
instance it assures tho preservation o f book stores as individual enterprises,
If the social valuo o f such factors as theso is loss than their econom ic cost,
thov are not w orth preserving. B ut who is ready at this timo to encourage
their annihilation? It is noteworthy that tho agitation in favor o f restor
in'" to producers tho control o f ro-salo prices originated with tho small,
independent retailors, and that m ost o f tho opposition to it com es from tho
largo and powerful retail concerns.
. .
5 T ho right o f tho producer to sot ro-salo pricos is an accepted principle
o f business law
It has beon restricted recently in this country by closo
decisions o f tho Supremo C ourt, nono o f which wins decided on tho basis o f
tho general principle alono. W o boliovo that in tho long run tho public in
May 27 1916.]
THE CHRONICLE
terest will bo best served b y legislation specifically perm itting this m ethod
o f doing business in Identified articles m ade and sold under com petitive
.conditions.
The supplementary report proposed to insert in Section 5
of the Federal Trade Commission Act, in statutory language,
provisions which will have the following effect:
In regard to products that are identified in their sale to the
public by name, brand or trade-mark, and that are made and
sold under competitive conditions: N o merchant, firm or
corporation shall offer such articles for sale at a price other
than that stipulated by the producer for the original sale of
the articles at retail (provided the producer has given duo
notice of such price to the retailer by mark upon the article
or otherwise); with the purpose or effect of (a) Making it
unprofitable for other retailers to handle said articles; (6) Pro
moting the sale of a substitute or imitation; (c) attracting
trade away from competitors, where the result is to injure
the reputations of said articles or the good-will of their pro
ducers or materially to impair the general distribution of said
articles.
E L B E R T II.
G A R Y ON
C O N D IT IO N S I N
TRADE.
T H E STEEL
The necessity of adequate and proper protection to Ameri
can industries was pointed out by Elbert II. Gary, Chairman
of the Board of the United States Steel Corporation, in ad
dressing the American Iron & Steel Institute at its annual
meeting at the Waldorf-Astoria yesterday. M r . Gary
referred to the depressed business conditions prevailing before
the war, and predicted a return of these conditions unless
our tariff laws are improved. He likewise had something to
say with regard to the need of an adequato merchant marine,
and expressed himself as follows with reference to business
conditions at the moment:
The steel Industry is good— better than ever before. There havo
recently been publications to the effect that thero is a falling o ff in new
orders, and this m ay be true to a slight extent, but the daily bookings
generally are larger in volune that the total producing capacity, and as
the unfinished orders on hand aro sufficient to keep the mills busy for the
remainder o f this calendar year and a largo portion o f 1917, thero is not
m uch, if any, cause for concern on the part o f manufacturers fo r the next
tw elve months at least. W e could hope that wo had been perm itted to
continue co-operation on a basis that would have influenced greator sta
bility in prices, higher in times o f depression and lower in times o f great
activ ity , for it would have been satisfactory and beneficial to both producer
and consum er and to their em ployees; but circumstances over which wo
had no con trol brought about a change in this particular. Public sentiment
m ay bring about a restoration o f the form er and bettor m ethods. W h o can
tell? W o know, at least, that conditions in our Industry aro infinitely
bettor than they were fifteen years ago o r m ore.
S E N A T E F A I L S TO C O N F I R M GEORGE R U B L E E A S
M E M B E R OF F E D E R A L T R A D E C O M M I S S I O N .
The motion to reconsidor the nomination of George Rublee,
of New Hampshire, as a momber of the Federal Trade Com
mission, was defeated by the Senate on the 23d inst. by a tie
vote of 38 to 38; the nomination itself had been rejected
by tho Senate on the 15th inst. by a vote of 42 to 36, as we
noted last week. An unusual feature of the situation was
the fact that Vice-President Marshall, who can only vote
under a tie, was paired with Senator Reed, one of the
opposing forces. In the absence of M r. Marshall, Senator
Reed did not cast his vote, because of tho pair; the presence
of tho Vice-President would not, howover, havo furthered
tho interests of M r. Rublee, since in that case M r . Reed
would have voted against tho motion, making a deciding
voto of 39 to 38. The Vice-President would then not bo
called upon to cast his vote as, undor the Constitution, he
votes only in tho case of a tie. The Senate’s action in
defeating tho motion for reconsideration disposes of the
nomination finally, and the President will have to name
another momber to the Trado Commission.
N O M I N A T I O N OF L O U I S D . B R A N D E I S F A V O R A B L Y
RE P O R T E D B Y S E N A T E C O M M I T T E E .
A favorable report on tho nomination of Louis D . Brandeis
as Associate Justice of the United States Supremo Court
was ordered by the Senate Judiciary Committee on the 24th
inst. Tho vote of tho Committee was 10 to 8, tho deciding
vote being that of Senator Shields, one of tho strong opposing
factions, who finally yielded his opposition. Tho vote was
along straight party lines. Tho Senators voting for confirm
ation wore Culberson, Overman, Chilton,
O’Gorman,
Fletcher, Reed, Ashurst, Shields, Walsh and Smith (of
Georgia). Tho Senators voting against confirmation wore
Clark (of W yom ing), Nelson, Dillingham, Sutherland, Brandegeo, Borah, Cummins and Works. A tentative agreement
to vote next Thursday on the nomination was reached
19 43
yesterday at a joint conference of Democratic and Republican
leaders of the Senate. The nomination was forwarded to
the Senate on Jan. 28. Extended reference thereto was
made in these columns M a y 13, page 1781, in which we set
out a letter of President W ilson’s urging confirmation.
IN C O M E T A X Y IE LD EXPECTED.
A yield of $110,000,000 in the present fiscal year from the
income tax, and of approximately $120,000,000 in the next
fiscal year, is counted upon by the Treasury officials. Sec
retary of the Treasury M cAdoo issued a statement on the
20th inst. pointing out that the present estimate for the
current fiscal year exceeds by $25,000,000 the estimate of
$85,000,000 figured in his report to Congress last December.
Attem pted frauds and evasions of the Income Tax Law ag
gregating $8,380,185 have been frustrated by the Treasury
Department, according to its announcement, during the first
nine months of the current fiscal year. B y alleged evasion,
omissions and direct attempts to defraud, corporations whose
returns have thus far been examined are said to have failed
to declare their correct taxes to the extent of $5,034,026,
while individuals failed by $3,346,159. W ith regard to the
expected increaso in the tax receipts, Secretary M cAdoo in
his statement said:
T he enormous increaso is duo to two causes— first, tho great prosperity
o f tho cou ntry, and second, the vigorous enforcement o f tho Incom e Tax
Law.
The Secretary also said:
Exclusive o f $ 8,000,000 collected in July 1915, tho Internal Revenue B u
reau has assessed during tho current fiscal year $113,175,929. This in
cludes $52,127,601 corporation incom e tax and $61,048,325 individual in
com e tax. I f 10% is carried over for paym ent during the first ten days o f
tho next fiscal year, the collection o f tho balance b y the Governm ent dur
ing tho year, together w ith tho $8,000,000 paid in July 1915, will am ount
to $ 1 1 0 ,0 0 0 ,0 0 0 , while only six months ago it was estimated that tho collec
tions would be only $85,000,000 for the year.
B y direction o f Secretary M cA d o o , Comm issioner o f Internal Revenue
Osborn has been enforcing th e Incom e T ax Law with all the vigor which the
present force will perm it, and as a result o f the Internal Revenue Bureau’s
activities in investigating incom e tax returns and utilizing every avenue
o f inform ation, $8,700,000 has already been paid into the Treasury during
tho present fiscal year.
S H IP P U R C H A S E B ILL P A S S E D B Y H OU SE.
The Administration Ship Purchase Bill passed the House
on the 20th inst. by a vote of 211 to 161. The bill, which
appropriates $50,000,000 for the purchase of merchant ships
by the Government, was introduced two weeks ago in revised
form by Chairman Alexander of the House Committee on
Merchant Marine and Fisheries, and the amended bill was
referred to in these columns M a y 13. Chairman Alexan
der’s earlier bill of the present year was introduced in Janu
ary. Only two Democrats voted against the bill when it
was taken up for final action by the House on the 21st.
Nine Republicans, three Progressives and one independent
voted with the majority and eleven members merely voted
“ present.” An agreement reached on tho 16th inst. called
for a vote on the bill on tho 18th, but a filibuster led by
Republican Leader M ann delayed the vote until the follow
ing day; on the 18th, when the measure was to have been
taken up for final disposition, Representative M ann insisted
that the formality of reading the engrossed bill be observed;
his demand for the reading of the engrossed bill was "with
drawn when the bill was called up in the House on the 20th.
While some minor changes were made in the House, the bill
as passed is in tho main substantially in tho form in which it
came from the committee. The few changes made were for
the most part intended to clarify certain of the provisions;
for instance, in the case of the section appropriating $50,000,
000 for the use of the proposed Shipping Board, it was ex
pressly stipulated that not more than the sum mentioned
could bo spent in carrying out the requirements of the A ct.
The bill was also amended so as to exempt ferry boats from
the provisions of the A ct and from the supervision of the
proposed Shipping Board. On the 19th inst., while the bill
was under debate in committee of the whole, the Republicans
succeeded, by a vote of 106 to 90, in striking out the section
authorizing the Shipping Board “ to have constructed and
equipped in American shipyards and navy yards [or else
where giving preference, other things being equal, to domes
tic yards], or to purchase, lease or charter vessels suitable
as far as the commercial requirements of the marine trade
of the United States may permit, for use as naval auxiliaries
or army transports, or for other naval or military purposes.”
Tho majority leaders, however, later in the day succeeded in
restoring the section by a vote of 205 to 152.
1944
THE CHRONICLE
Vessels purchased under the bill and not resold, leased or
chartered to private interests, would be operated b y a Ship
ping Board until five years after the close of the European
war. A t the end of that time the board would have to dis
pose of whatever ships it might have on hand. The board
itself would continue in existence and discharge its duties
of preventing discriminations against shippers, maintaining
fair rates and preventing combinations. Provision is also
made in the bill for the use of all vessels in the merchant
marine as auxiliaries to the navy in war time, regardless of
whether the Government has sold them outright, leased or
chartered them. The Shipping Board empowered to pre
vent rate discrimination and unfair practices by all ships
plying American waters, and to fix maximum rates is created
under the bill.
A statement characterizing the bill (next to the Federal
Reserve A ct) as “ one of the most important pieces of con
structive legislation for the commerce and prosperity of this
country that could possibly be enacted,” was issued on the
20th inst. b y Secretary of the Treasury M cA d oo. M r .
M cAdoo added:
Just as the Federal Reserve A ct was opposed b y the largest banking or
ganizations o f the cou ntry, so the Shipping Bill has been opposed b y the
organized shipowners o f the cou ntry, aided b y the organized shipping in
terests o f foreign countries; and just as it is now conceded b y the ablest
bankers and business men generally that the Federal Reserve A ct has been
o f inestim able benefit to the American people, so will it be conceded within
a few years after the new Shipping A ct has been in operation that it is one
o f the m ost beneficial measures ever enacted b y the Congress for the de
velopm ent o f our foreign trade and for the protection o f our cou ntry in case
o f war.
A n adequate m erchant marine is the m ost effective instrument in the
hands o f any nation for econom ic and m ilitary preparedness and for na
tional prestige and prosperity. T he passage o f the Shipping B ill will give
especial hope and encouragement to our great and friendly South and Cen
tral Am erican neighbors, w ho are looking forward with eagerness and con
fidence to the enlargement o f their com m ercial, financial and social rela
tions with the United States.
In our issue of tbe 13th inst. we referred to the majority
report filed by Chairman Alexander on the 9th inst., at the
time the revised bill was submitted to the House. The
minority report was filed on the 12th inst. In part this roport, signed by Representatives Greene, Hinds, Curry, Ed
monds, Rothenberg, Loud, Hadley and Rowe, said:
In the proposal to create a board to be know n as the United States Ship
ping B oard all concur; but the limitations upon its powers occasioned ir
reconcilable views. T he section is especially com m ended wherein provi
sion is m ade for investigation and report b y such board o f the relative cost
o f building m erchant vessels In the United States and in foreign maritime
countries, the relative cost and advantages and disadvantages o f operating
in the foreign trade, and for examination o f the navigation laws o f the
United States.
U nfortunately, how ever, these contem plated duties are m ade matters o f
secondary and incidental consideration in the bill, while its prim ary object
would invest the board with extraordinary functions and powers, experi
mental in their nature, to be exercised at the arbitrary behest o f the G ov
ernment in advance o f the beneficial Information contem plated b y such
Investigation. In the present case it is proposed to attem pt to cure at
once In a given w ay and to ascertain the nature o f the disease at leisure.
W o maintain that the gratifying revival o f the shipbuilding industry now
happily at hand should receive every possible encouragement at the hands
o f the Governm ent in a co-operative w ay, with a view to building up a
perm anent m erchant marine, but that the attem pt to accom plish that re
sult in the w ay proposed would p rove abortive and destructive. A nd this
is true under the m odified plan limiting operation to a definite period, bocause the G overnm ent, having once embarked upon the sea in a com peti
tive w ay, there can bo no reliable assurance that tho lim itation will not bo
rem oved and the enterprise continued indefinitely. W ith that contin
gency existing as an unknown quantity, the m odification is w ithout prac
tical effect.
T he question that ought to have been presented b y this bill Is how to
guarantee investors some prom ise o f permanent protection in tho merchant
marino business on equal terms with foreign com petitors. In other words,
it should seek to afford Governm ental co-operation rather than to provide
Governm ental com petition.
T he bill can afford no present relief to shippers. I t can, and we believe
if enacted in its present form it will work imm ediate and lasting injury.
I t is experimental in Its nature. N o other m aritime nation has hedged its
merchant marine with restrictions such as are proposed in this bill, nor has
any great foreign Power undertaken the construction or operation o f ships
with tho single exception o f Brazil, and tho line which she owns was takon
over for a debt.
A statement was presented to the Merchant Marine Com
mittee of the House by the National Foreign Trade Council
on the 17th inst., in which the latter has endeavored to bring
out certain of the basic requirements of the greater American
merchant marine which the country needs. In part the
statement says:
T he C ouncil favors the creation o f a non-partisan Shipping B oard com .
posed o f men experienced in shipping and foreign trade, but declares against
chaining such a board to a pro-determ ined p olicy o f Governm ent owner
ship and operation o f vessels, or to wholesale regulation o f ocean freight
rates, although it does not oppose the amendment to the Administration
Shipping Bill providing for tho regulation o f conferences, abolition o f de
ferred rebates, tho use o f fighting ships and other abuses. I t urges that the
Shipping B oard be free constructively to recom m end to Congress the meas
ures necessary to the maintenance o f American shipping upon an equitable
com petitive basis with other nations, "alw ays having due regard for the
[Vol. 102
maintenance o f American standards o f living and com pensation, and to keep
ing in view the needs o f national defense and tho necessities o f foreign
trade,” m odification o f tho speed requirements o f the Ocean M ail A ct o f
1891, investigation b y the Shipping B oard o f the measures necessary to
render investment in American shipping safe and attractive to private cap
ital and to increase tho present resources o f our system o f credit for this
purpose, and tho suspension b y the President, o f such provisions o f the
Seamen’s A ct as ho m ay consider detrimental to the Interests o f American
shipping until Congress, having before it the advice o f the Shipping B oard,
has revised and modernized the United States N avigation Laws.
The Council’s statement, which was prepared after ex
tended investigation,-also says that to increase the 1 4 .3 % of
American foreign commerce carried by American ships in
1915 to 6 0 % , ten or fifteen years hence, rendering the trade
reasonably independent of foreign shipping, will require
somewhere between 6,0 00,0 00 and 10,000,000 gross tons of
steamers worth from $520,000,000 to $1,040,000,000, ac
cording to values at time of purchase or construction. The
creation of this greater merchant fleet is declared by the Coun
cil to require the development of a sound national shipping
policy which will encourage the investment of private capital,
for it is pointed out that such a fleet to be a sound invest
ment should return an average of 6 % dividend, after depre
ciation, which would amount to from $31,000,000 to $62,000,
000 per annum. The statement was formulated under the
direction of the Council’s Merchant Marino Committee,
consisting of James A . Farrell, President of the United States
Steel Corporation; Robert Dollar, export merchant and ship
owner, of San Francisco, and P . A . S. Franklin, Vice-Presi
dent of the International Mercantile Marine Co. It was
then approved in referendum by the Council, which has an
authorized membership of fifty manufacturers, merchants,
farmers, railroad and steamship men and bankers in all parts
of the United States, and is devoted to the economic investi
gation of foreign trade problems. Asking whether the pend
ing Shipping Bill, represented b y its advocates as a first step
in marine development, will lead to or permit the further
steps necessary, the Council says:
W ith the $50,000,000 derived from the proposed bond Issue, not m ore
than 600,000 gross tons o f shipping can be provided at existing prices, or
less than one-tenth o f the m inimum am ount necessary to establish the
United States in the shipping position above described. N othing like
600,000 gross tons is available from tho few nations which, during tho war,
perm it alionation o f their merchant yessels. American shipyards will not
guarantee deliveries o f new construction within tw o years. Rear Admiral
Benson has testified that the utm ost tho navy yards can guarantee, if as
sured prom pt deliveries o f materials, is six 10,000-ton ships in two years.
The general trend o f the report is that unless privately-ow ned shipping
can bo enabled to com pete with that o f other nations, tho American marine
is unlikely to attain large proportions through any Governm ent ownership
p olicy.
In discussing the kind o f vessels o f which the greater American merchant
marine should consist, the Council declares that American foreign trade is
prim arily dependent upon the tramp steamer, because the tonnage o f ex
ports is about double that o f im ports, which "m eans that not all vessels
used in export trade can obtain return cargoes, but m any must load at
foreign ports for destinations other than the United States." Tho neces
sity o f manoeuvring cargo vessels all over tho m ap in ordor to obtain return
cargoes is vividly described. Emphasis Is laid on tho fact that the greater
part o f tho tonnago o f both exports and imports consists o f bulky and cheap
com m odities, “ dem anding, norm ally, tho low rates which can be provided
only b y thoso vessels— chiefly tram p steamers— which, b y taking cargoes
for whatover destination is offered, avoid tho deadening expenso o f long
return trips in ballast (e m p ty ).” It Is declared that an adequate American
m erchant marine "m ust obey this econom ic necessity as com pletely as tho
European and other shipping now carrying the greater part o f this trade,
for shippers custom arily give freight to tho lowest bidder, who is, b y and
large, the agent o f the vessel which keeps m ost constantly em ployed.”
A smaller portion o f export trade is found to consist o f m anufactured
goods, generally known as express freight, and carried on regularly estab
lished steamship lines, wherein E urope is declared, boforo tho war, to have
enjoyed an advantage duo to the greater diversification o f European ex
p ort trade, tho larger number o f traffic producing ports in tho early stages
o f outbound and tho final stages o f hom oward voyages, profitable passongor traffic, including em igration, and financial support o f governm ents to
Insuro com m unication with colonies o r distant strategic points.
“ In what situation,” asks the C ouncil, "d oes capital find itsolf when
urged gradually to finance, at a cost o f between ono-half billion and a billion
dollars, tho construction o f 6,000,000 to 10,000,000 tons o f steamships?
First o f a ll, it finds this country w ithout a deflnito shipping policy. W heroas in England all p olicy. Governm ental and com m ercial, has long loaned to
ward shipping, American policy has ignored i t ." T he Seamen's A ct is
declared to "Im pose certain restrictions on American vessols which d o not
apply to certain other nations," and tho pending Shipping Bill is held to
bo “ barren o f encouragement for privately owned shipping.” T he Council
adds; “ It Is not yet apparent whether the legislative m ind desires to con
sider shipping as an industry w hich, when properly developed, will rondor
economical service to American foreign trade, or as a service which should
be so regulated as barely to exist."
W ith reference to tho Seamen’s A ct and other restrictions, tho Council
says: “ It has been urged that tho application o f tho law aliko to Amorican
and foreign vessels precludes discrimination and subjects tho Amorican ship
to no disadvantage as com pared with tho foreign ship seeking cargoes
from the same American port. American vessels, how ever, must also
m eet in their circuitous voyages the com petition o f foreign ships which never
call at American ports, and therefore never will be subject to tho Soamen’s
A ct requirements as to manning and equipm ent. A ll American vessels
will bo obliged to m eet the m aximum requirements o f tho American laws,
but only that portion o f foreign shipping which calls at Amorican ports will
be similarly burdened. Tho struggle for survival will naturally occur to
trade wholly foreign to the United States, such as from tho United K ing
dom to South Am erica, or A frica or tho Far E ast, between Amorican ships
com plying with all our extreme navigation legislation and foreign ships
May 27 1916.]
THE CHRONICLE
perm itted b y their Governm ents to operate on a com petitive level with
rival m aritimo enterprise. T o live on our own export and im port trade,
tho American tramp steamships must bo able to live on the odd legs o f the
circuitous voyages necessary to avoid return in ballast. T ho fa ct that
American shipping is now highly profitable Is no criterion o f its ability to
com pete during a shipping depression, such as m ay follow a tew years alter
this war and such as did follow the Boer W ar.
F R E IG H T CONGESTION.
Tho Inter-State Commerce Commission was petitioned
on the 25th inst. by tho Baltimore Chamber of Commerce to
take full charge of the embargoes declared by railroads at
Baltimore, as a result of the congested freight conditions.
The petition charges that the railroads discriminate in fa v jr
of grain engaged in export trade and declares that terminal
elevator and storage facilities are insufficient. An investi
gation is asked, with special reference to modifications made
by the carriers concerning the embargo on all classes of
freight. The Chamber has also appealed to the Maryland
Public Service Commission for relief.
The Embargo Committee of the Eastern Freight Accumu
lation Conference announced.on the 20th inst. the lifting of
the embargo on carload freight consigned to Bridgeport,
Waterbury, Hartford and Torrington. It was stated at the
same timo that the embargo on anthracite coal had been
modified and the New Haven R R . would accept anthracite
coal to the extent of 5 0 % of tho average daily receipts from
each connecting rail lino during M a y 1915. The committee
added that the embargo would continue on bituminous coal
and on less than carload freight from connecting lines and
when destined to or to bo transferred at South Norwalk,
Bridgeport, Waterbury, Plainville, New Haven, New Lon
don, Providence and New York piers. The statement also
said:
Thoro has been no change m ade in the embargoes on export freigh t
and on freight consigned "ord er n o tify .” In making this announcem ent
the com m itteo emphasized the fact that upon tho m oderation with which
consignees order freight forward will depend tho continued release o f these
points from an em bargo on carload freight. I f the consignees do not order
freight forward beyond their ability to unload prom ptly tho com m itteo
will then fool free to release the em bargo on less than carload freight.
The committee this week reported that, effective at mid
night on M a y 24, the embargo on local less than carload
freight for piers and for transfer at Bridgeport, New Haven,
New London, Waterbury, Plain ville and Providence had been
lifted. This announcement of the committeo further said:
Em bargo has also been lifted on all coal through Bell B ock , N ew H aven,
and upon bituminous coal to tho extent o f 33% o f average daily receipts
from each connecting rail line during M a y 1915. Lum ber and cem ent
will bo accepted to the extent o f 5 0% o f the average daily receipts from each
connecting rail lino during M a y 1915, instead o f 3 3% as heretofore.
Em bargo has been placed upon carload freight for N ow Y ork piers.
T he em bargo upon export freight, less than carload freight from connect
ing linos, and upon freight consigned "order n otify ,” remains unchanged.
Cortain Individual consignees who have cleaned up their accum ulation
have been released from tho em bargo, while others have been added to tho
list owing to Inadequate facilities to handle freight at present awaiting un
loading.
The ombargo affecting all freight consigned to or from
New York C ity, by way of Pier 29, East River, over the Cen
tral Vonnont R y ., which wont into operation on the 13th
inst., was lifted on the 19th. The embargo, it was stated,
was caused by labor troubles among freight handlers on the
New York docks.
Tho Merchants’ Association in its bulletin of Saturday
last, in referring to the congestion of the city terminals,
pointed out that it is “ the carriers’ primary duty to trans
port property and not to act as warehouse men, excopt for
the reasonable time required for the receipt and delivery of
the goods.” It urgod upon the members and shippers gen
erally that each uso every effort for tho prompt removal of
inbound froight. The Association added: “ It is hardly con
sistent to chargo tho carriers with inadequate facilities when
we unnecessarily absorb these facilities.”
PH O TO E N G R A V E R S ’ A G R E E TO DROP P R I C E S C A L E .
It is understood that as a result of the announcement of
the intention of the Photo-Engravers’ Board of Trado of
New York to withdraw a standard scale of prices promul
gated on April 3 there will bo no Grand Jury investigation
into a complaint that the Board was guilty of violating tho
Stato (Donnelly) Anti-Trust Law. It was alleged that tho
Board was acting in violation of the law by the fixing of a
standard price scale, thus eliminating all competition.
The Board, in announcing that its prices would be raised
on April 3, stated that the new prices would be estimated
by a scale which had been adopted in 34 oities. Tho groat
increase in the cost of materials was given as tho reason for
1945
its action. The Powers Photo Engraving Co. and the
Powers Reproduction Company was the only concern which
refused to adopt the scale of prices. On condition that it
would not bo called upon to join any action in violation
of the Donnelly Anti-Trust Law, this company later joined
tho Board of Trade. Several publishing houses complained
of the Board’s action in raising the prices, declaring that
they had been arbitrarily raised for the benefit of tho mem
bers of tho organization. The Board on the 16th inst.
submitted to District Attorney Swann an agreement indi
cating its purpose to withdraw the standard scale, this
agreement reading as follows:
W o, tho undersigned officers and directors o f tho P hoto Engravers’ Board
o f Trado o f Now Y ork C ity , without in any w a y adm itting that wo or any
o f us have in any w ay violated any o f tho provisions o f tho D onnelly A n ti
Trust A ct or any other law, b u t, on tho contrary, denying that wo have
dono so, wish to say to you , without prejudice, from this tim o on there
will be open and free com petition between each and every m anufacturer
o f photo engraving products, and that each and every m em ber o f the
P hoto Engraving Board o f Trade (with the com plete sanction o f the P hoto
Engravers' Board o f Trade itself and so far as the B oard o f T rade can bind
its members) will neither in letter nor spirit violate tho D on nelly law or
any parts thereof.
W o will give notice to our customers that the recent paper entitled
“ Standard Scale o f Prices” will be Immediately withdrawn.
In accepting the above, District Attorney Swann sent a
letter to tho Board of Trade, in which he said:
I am in receipt o f your letter o f yesterday enclosing an agreement signed
b y tho officers and directors o f tho P hoto Engravers’ Board o f Trade for
tho B oard o f Trade and its m embers.
I accept the assurances o f yourselves and you r members that they will
agree in good faith In carrying out the provisions o f tho D onnelly A n ti
Trust A ct, which as you know , is the m ost com prehensive o f all State
anti-trust A cts.
I receivo in good faith you r agreement that there will be no attem pts to
evade the law. I am glad to give the m atter this disposition.
George Gordon Battle, special counsel for the Board,
was quoted on the 16th inst. as saying:
The photo engravers d o not believe they have violated the law. T h ey
believe that tho standard scale is m erely a basis for the estim ation o f costs
and that its adoption is not contrary to the anti-trust law
T ho com panies
wish to avoid con flict with the D istrict A ttorn ey, how ever, and are dis
posed to agree to his wishes.
MORE
U N IT E D STATES M A R IN E S
SAN T O DOMINGO.
GO
TO
Tho transfer of between four and five hundred marines
from Haiti to Santo Domingo and the ordering of 300 more
from Norfolk to reinforce the American force preserving order
in tne republic, was announced from Washington on the
19th inst. Thecruiser Tennessee,it was reported, would con
vey the Norfolk marines to tneir destination, and the cruiser
Salem at Boston, which was also ordered to Santo Domingo,
taking twenty-five marines from the Boston station. The
drawing of reinforcements from Haiti was ordered by Rear
Admiral Caperton, commanding the American forces in
Dominican waters. Advices from Washington on the 22d
inst. were to the effect that steps were being taken by Rear
Admiral Caperton to distribute his landing force of marines
to various points in the republic, where needed. It is said
that before they are withdrawn, an arrangement will be
effected whereby American officers will command the native
constabulary, a complete reorganization of which is con
templated under the plan. Congress, it is expected, will be
asked to authorize American naval and marine officers to
serve under the Dominican Government.
D r. Enrique Henriquez, former Minister of Foreign
Affairs, was reported on tho 20th inst. to have gone to
Washington to request that the American forces be with
drawn from the republic. It is said that he undertook the
mission at the behest of various political parties. Quiet is
reported to prevail in the city of Santo Domingo, but seven
of tho Dominican Provinces are stated to have refused to
recognize the authority of the Congress. General Arias, the
Minister of W ar, who leads the rebel forces, is said to be
lodged in the mountains near the city with his followers.
Advices from Washington on the 20th inst. stated that the
election of tho successor to former President Jimenez had
been indefinitely postponed because of the unsettled political
conditions; on the 25th inst. a report from Santo Domingo
announced that the Senate had on that day passed a bill for
the appointment of a Provisional President.
T W E N T I E T H C E N T U R Y COMPETITORS— N E C E S S IT Y
FOR O R G A N I Z A T I O N A N D C O -O P E R A T I O N .
In a discussion of “ Twentieth Century Competitors” be
fore the Portland Cement Association at Chicago on the
10th inst. George T . Buckingham of Defrees, Buckingham
& Eaton, attorneys of Chicago, declared that if we look
tlu-ough nearly all tho adjudicated cases we will find that the
real complaint which the public has against entities that
1946
tend to restrain trade is not so much directed at the com
petition itself as at the particular methods which are unfair,
immoral and unethical. “ I f ,” said M r. Buckingham,
“ every competitor can be forced to compete by fair, and
not unfair methods, a great advance has been made in the
solution of this subject m atter.” Some of M r . Buckingham’s
further observations were as follows:
Tho competitor o f the twentieth century differs greatly from his pre
decessor o f tho nineteenth century. When I was a boy a notable character
istic of the competitor was his isolation. Each man considered his com
petitor as his natural enemy and treated him accordingly. In tho small
communities it was not infrequent that competitors were not on speaking
terms. But in tho twentieth century, as hore exemplified, tho com
petitor has discovered that his competitor who servos tho public in the
same capacity as ho himself serves, is his natural ally and his host friend
and that tho things which they have in common are ten times as important
as tho trado rivalry botween them; so the twentieth century competitor is
a friend and not an enemy.
When the nineteenth century was young tho competitor regarded his
operations as secret. It was a calamity for one competitor to discover tho
facts concerning tho business o f another. Now all that has passed. Tho
intelligent competitor of the twentieth century turns tho sunlight of
publicity upon his affairs for the benefit o f all in the same business. Tho
first and fullest possible interchange of information, concerning the facts
of common interest, in any given line are of tho greatest possible bonefit,
not only to thoso engaged in the business, but to tho public as well. Tho
largost interchange o f information tends to stabilize ovory industry, and
to protect the public against unfair competitors, as woll as to protect the
competitors against the unfair action of tho public.
But thoro is another side to this competition question which appeals
to mo as not only important, but vital. We live hi a republic. Wo have
the individual form o f democratic government. We believe in tho free
dom of tho individual and wo deprecate the monarchical form of govern
ment which subordinates tho individual to the State. Tho woaknoss of
tho ropublic has always boon that in tho clash o f arms botween it and its
neighboring monarchy the superior cohesion and civilization o f tho latter
has usually resulted in its supremacy and in the destruction o f tho popular
form o f government.
Wo are now confronted as a nation with great intornatiouai probloms.
Thoy aro threatening us from the east and from tho west, and may at some
dato in the future— near or remote—involve us in tho clash o f arms with
some other groat power, with conflicting interests and ambitions.
If, under tho providence o f God, any such clash should occur, it must
then bo tested whothor or not tho individual form of society is strong
enough, and organized onough, and co-operative enough, to hold its own
against the moro organized and centralized forms o f monarchical or semlmonarchical government.
Now, in the modern warfaro o f the twentieth century, industrial organ
ization is all important. And it may woll bo that tho lifo o f this ropublic
may at some timo depond upon the degree or organization and co-operation
that can bo voluntarily brought about among those who are competitors
with oach other in our great industrial affairs.
Whon that day comes I sincerely hope that every competitor will feel
his duty to his follow competitor and to tho government under which wo
all live, so that tho unselfish and unified efforts of all may bo turned to
the common welfare and may perhaps become the deciding factor in the
perpetuity o f our institutions.
BILL
A M E N D I N G POSTAL SA V IN G S
SIGNED B Y PR ESID E N T .
BANK
LAW
President Wilson on the 18th inst. signed the hill amend
ing the postal savings bank law. The conference report
on tho bill was agreed to by the House on the 11th inst. and
by tho Senate on the 12th inst. W e gave last week the new
regulations embodied in the law just enacted with regard
to the depositary banks receiving postal savings funds. The
bill, as wo have also heretofore noted, increases the amount
of postal funds which any one person may deposit; hereto
fore 8500 had been the limit; the new law permits a deposit
by any one person of $1,000 upon which interest will be
paid, and an additional $1,000 upon which no interest will
be paid. It also removes the restriction under which not
more than $100 could be deposited in a calendar month.
The secion of the bill dealing with the accounts of depositors
reads as follows:
B e i t enacted, b y th e S e n a te a n d H o u s e o f R e p r e se n ta tiv e s o f the U n ite d S ta tes
That such part o f Section 6 o f tho Act
approved June 25 1910, authorizing a system o f postal savings depositories,
as reads “ but no one shall be permitted to doposit moro than $100 in any
ono calendar month,” is hereby amended to read as follows: “ but the bal
ance to the credit o f any person, upon which Interest is payable, shall not
exceed $1,000, exclusive o f accumulated interest” : and said Act Is further
amended so that the proviso in Section 7 thereof shall road as follows: " P r o
v i d e d , That the Board o f Trustees may, in their discretion, and under such
regulations as such Board may promulgate, accept additional deposits
not to exceed in the aggregate $1,000 for each depositor, but upon which
no interest shall bo paid.”
o f A m e r i c a i n C o n g r e ss a s s e m b le d .
Aside from tbe two sections indicated, the rest of the bill,
which numbers in all seventeen sections, deals with matters
which had heretofore been covered in the Post Office Appro
priation Bill. The following information bearing on the
bill was issued this week from the New York Post Office:
Larger postal savings deposits will now be accepted at tho Post Office.
This is mado possible by an important amendment to tho Postal Savings
Act just approved by President Wilson. A postal savings depositor may
now have an account amounting to $1,000 upon which interest will be paid.
Formerly $500 was the maximum amount ho could have to his credit.
This enlargement of postal savings facilities will bo very gratifying to
thousands o f depositors who have already reached tho old $500 limit and
are anxious to entrust more o f their savings to Unelo Sam. Another
feature o f the amendment that will avoid further embarrassment to the
public and to postal officials is the doing away with the limit on the amount
{VOL. 1 0 2 .
THE CHRONICLE
that could be accepted from a depositor monthly. Under the old law only
$100 could bo deposited In a calendar month. The amendment abolishes
this restriction. While the Postal Savings System has already proved a
signal success, as Is shown by the fact that more than half-a-million deposi
tors have over eighty million dollars standing to their credit, still it has
fallen short o f meeting the full demands of the public because of the re
strictions which have now been eliminated. Postmaster-General Burleson
and Third Assistant Postmaster-General Dockery have been tireless In their
efforts to secure a modification of the limitations and the new liberalizing
legislation is particularly gratifying to them.
I N C R E A S E I N OU R M U N I T I O N S E X P O R T S .
Interesting statistics relative to the increase in the expjrt
of munitions were supplied in an address delivered by
Edward E . Pratt, Chief of tho Bureau of Foreign and Domes
tic Commerce, Department of Commerce, Washington, before
the Southern Grocers’ Association at Memphis on the 25th
inst. “ Domestic Prosperity and Foreign Trade” was the
title of M r . Pratt’s discourse, and in his opening remarks
he said:
There is an increasing tendency these days to take stock of our indus
trial. commercial and financial situation. It is a most encouraging ten
dency, for In the not far distant future we are going to be put to a great
test— perhaps a greater tost than that which we passod so successfully
during the dark days that followod the declaration of war. Wo are now, or
should bo, thinking of the great readjustment. It is stock-taking time.
The prosperity of tho United States is almost unprecedented. All parts
o f the country aro sharing in tho advantages of a great production, of high
prices and continually increasing profits. Our products, evon at high
prices, aro in great demand, not only at home but abroad as woll. E
Enormous as has been the increase in our domestic trado, that increase is
scarcely to be compared with the increase in our foreign trado. Tho mere
statement that our foreign trade in tho calendar year 1915 amounted to
$5,333,000,000, as compared with our total foreign trado in 1913 of $4,
277,000,000, means little or nothing to tho layman. At the present rate
our foreign trade will amount to $6,300,000,000 for the fiscal year ending
July 1 1916. T o be told, however, that our exports have increased from
$2,484,000,000 in tho calendar year 1913, to $3,555,000,000 in 1915 may
bo a moro tangible idea. It certainly has a significance to every ono of us
when we consider these exports consist of cotton, wheat, corn, flour, iron
and steel, coal, lumber, agricultural implements, boots and shoes, cotton
goods, woolen goods, canned goods, and a host of others. It is also worth
while for us to keep in mind the fact that those goods which aro exported
are grown in the same fields with the products which remain in the United
States, aro mined from the same mines, aro cut from the same forests, are
smelted in tho same blast furnaces, aro manufactured in the same factories,
are hauled on the same railways, and it is only when thoy have reachod
the seaboard that thoy cease to be a part of our domestic trade and are
then sent to foreign countries.
Turning to tbe increase in tbe exports of munitions, M r .
Pratt stated that this increase “ has actually beon less than
the increase in the amount of secondary war supplies exported
or the items that have no direct relations whatever to the
war.” Nevertheless, a table which he presents shows that
in the six months ending December 1913 the exports of
ammunition and firearms from the United States to belliger
ent countries amounted to only $884,460, whereas, for tne
same period in 1915 the exports of these articles totaled
$151,171,700. The shipments of secondary war supplies for
tho last six months of 1915 at $222,919,766, compare with
$57,498,572 for the six months period to December 1913.
Tho following is tho table presented by M r. Pratt setting out
these figures:
EXPORTS OF M ERCHANDISE FROM THE UNITED STATES TO
THE BELLIGERENT COUNTRIES OF EUROPE AND TO OTHER
COUNTRIES DURING THE SIX MONTHS ENDING DEC. 31
1915 AND 1913.
------------------------- S ix M o n t h s
------- B e llig e re n t E u r o p e --------
D e c e m b e r ------------------------C ana da , J apa n and
R u ssia in A s i a .
A r tic le s—
1915.
1913.
1915.
$
$
$
Ammunition and fire
arms......................... 151.171,700
884,466 3,382,543
Articles mainly suit
able for war supplies
222,919,766 57,498,572 37,949,495
1913.
$
647,567
8,576,105
Total......................
374,091,466 58,383,038 41,332,038
9,223,672
All other articles, in
cluding foreign ex
ports........................ 752,731.608 678.467,393 209,416,205 211,207,696
Total exports...........1,126,823,074 736,850,431 250.778,243 220,431.368
------- O th er
A r tic le s—
-S ix M o n th s D ecem ber
T o ta lC o u n lr ie s-
1915.
$
Ammunition and fire
arms ___________ 4,953,875
Articles mainly suit
able for war sup
plies....................... 24.080,516
1913.
$
1915.
$
1913.
$
2,532,273
159,508,118
4,064,306
25,441,297
284,949,777
91.515,974
95,580,280
Total..................... 29.034.391 27,973,570 444,457,895
All other articles. In
cluding foreign ex
ports ....................446,226,953 332,480,564 1.408,404,766 1,222,155.653
Total exports___ 475,261,344 360,454.134 1.852.862,661 1.317,735,933
W e also annex two otlior tables which accompanied M r.
Pratt’s article, one showing the total value of exports during
the fiscal years 1915 and 1914, and tho other tho value of
exports for the nine months ending March 1916 and 1914:
May 27 1916.
THE CHRONICLE
TOTAL VALUE OF EXPORTS OF M ERCHANDISE FROM TIIE
UNITED STATES DURING TIIE FISCAL YEARS ENDING
JUNE 30 1914 AND 1915, TO THE BELLIGEREN T AN D NEUTRAL
COUNTRIES OF EUROPE AND TO ALL OTHER COUNTRIES.
1915.
1914.
Belligerent countries of Europe.
,$1,560,900,278
$994,585,400
Neutral countries o f Europe___
. 410,534,409
491,913,329
Canada_______________________
. 300.686,812
344.716.981
Other North America__________
176,388,915
183.927.981
South A m erica_______________
.
99,323,957
124,539,909
Japan and Russia in Asia-------64,870,931
52,420,026
Other Asia____________________
49,599,562
61,005,590
Australia and Oceania_________
.
77,764,725
83,568,417
Africa________________________
28,519,751
27,901,515
Total.
.$2,768,589,340 $2,364,579,148
TOTAL VALUE OF EXPORTS FROM THE U N ITED STATES
DURING THE NINE MONTHS EN DIN G M ARCH 1914 AND
1916, TO THE BELLIGERENT COUNTRIES OF EUROPE AND
TO NEUTRAL COUNTRIES.
— N i n e M o n th s e n d in g M a r c h — %1916
E x p o r ts to —
1916.
1914.
to 1914.
Belligerent countries of Europe____$1,820,507,640 $1,062,835,933 171.3
275,812,000
Neutral countries o f Europe______
145,704,086 189.3
Canada................
317,260,470
258,728,652 122.6
Other North America.......................
191,647,543
143,170,926 133.9
South America-.................................
128,907.419
97,775,246 131.8
Japan and Russia in Asia________
106,800,512
45,415,356 235.2
50,121,175
Other Asia.....................
45,473,599 110.2
Australia and other Oceania______
73,732,299
62,750,098 117.5
A fr ic a .................................................
32,383,314
21,368,019 151.5
Total...............................................$2,997,172,372 $1,883,221,915 159.2
M r. Pratt, commenting upon the increase in our exports,
says:
U.
1947
S. C H A M B E R OF C O M M E R C E E N D O R S E S F E D E R A L
A I D FOR T R A D E SCHOOLS.
According to Elliot H . Goodwin, the General Secretary of
tho Chamber of Commerce of the United States, all four
recommendations put forth by a special committee, of which
Frederick A . Geier, of Cincinnati, is Chairman, in favor of
Federal aid for vocational education, were carried by the twothirds majority necessary at a referendum just taken by the
National Chamber. On the first recommendation of the
Committee— that there should be Federal appropriations for
promotion of vocational education in the United States—
the vote was 831 in favor and 110 opposed, each organization
being entitled to from one to ten votes, according to its mem
bership. In order that the assistance of the Federal Govern
ment may be effective, it was said, a relation should be
established between Federal and State appropriations and
provision should be made for Federal administration for the
part the United States should take. To this end the Com
mittee’s second recommendation— that Federal appropria
tions should be allotted among the States upon a uniform
basis and should bear a uniform relation to appropriations
made by the States for like purposes— was carried by a vote
of 828 in favor as against 95 opposed.
In order that the Government m ay have administrative
means of giving effect to any Federal laws which may make
appropriations for vocational education, and may have an
instrumentality for consideration of the peculiar interest of
tho nation in vocational education in all its forms and
applications, a suitable Federal agency was advocated. For
this purpose the Committee’s third recommendation urged
the creation of a Federal Board to administer the national
functions in vocational education which are proposed, this
board to be representative in its personnel of tho interests
which are vitally concerned, and to be given compensation
sufficient to command in its membership the great ability
appropriate for the task which is to be performed. The
result of the balloting was 788 votes in favor and 144 op
posed.
The Increase in our oxports to countrios ontiroly outside tlio war zone is
the really significant lesson drawn by these statistics. Our trade to
Europo, caused by tho war perhaps, has increased. Wo can’ t got away
from that fact, but it is inoro important and has deeper moaning that our
trade with countries only indirectly affected by the war has increased and
that that increaso has beon a very considorablo one.
What part o f tho increaso in our oxports other than those which are
directly concerned with tho bolligcront activities o f tho belligoront nations is
duo to tho fact that tho energies o f those nations have beon with
drawn from thoir usual pursuits and are now unable to make for themselves
tho tilings which they formerly mado, it is, o f courso, impossible for us to
say. ifow~iargo~a'ipart ilof that ^activity Iwiiich hasjboen carried on by
thorn inliorm al'times has been" transfer rod to this country likowiso cannot
be estimated. ..IIow fair tho belligerent nations have actually cut dowiTthcir
consumptionJcannot bo gauged. How far wo are taking tho placo of tho
groat exporting nations o f European the neutral markets o f tho world can
only bo approximated.' qExact figures cannot bo obtained and figures of
almost any kind would bo almost wholly misleading. ;\Wo must, therefore,
There were 784 votes in favor and 137 opposed to the com
depend upon such moagro sources as wo have at our command, and upon
mittee’s fourth recommendation. It was that the Federal
tho best a priori conclusions which wo can draw,
Board, however constituted, should be required to appoint
advisory committees of five members each, representing in
dustry, commerce, labor, agriculture, home-making, and
general or vocational education. It was .stipulated that
IM PORTS IOF T HE P R IN C I P A L S AW ^MATERIALS AN D FOOD8T U'FFS SHOWING INOR'EASES DU RIN G T11 E~NIN E M O N T113 those advisory committees be appointed for only such periods
E n B IN G M ARCH *1916 AS COM PARED W ITH THE NINE of service as tho Federal Board m ay determine; that the
MONTHS ENDING M ARCH 1914.
members receive reimbursement for their traveling expenses
— N i n e M o n th s e n d in g M a r c h ----and compensation for the time they actually spend in the
•1916--------------------------------- 1914Q u a n titg .
V a lu e.
A r t ic le s —
Q u a n tity .
active discharge of their duties; and that the personnel of
V a lu e .
Egyptian cotton.Ibs. 174,860,043 $28,374,713
62,326,344 $10,734,564 the committees represent as many different parts of the coun
Hidos & skins other
than fur skins.Ibs, 508,290,423 104,494,935
395,594,375 86,226,933 try as the geographical distribution of the industry in ques
India rubber, crude.
tion will permit. In order to prevent undue expenditures for
lb s _____________
186,973,556 102,764,068
89,653,691 49,225,506 committees of this kind, the aggregate amount to be spent
Silk, raw_______ lbs.
25,763,977 86,091,955
21,994,109 73,584,990
W ool, raw______ lbs. 401,080,156 105,971,058
The
115,540,198 24,769,054 in any one year might be limited, perhaps to 850,000.
Fibers_________ tons
344,925 41.853,718
309,013 39,884.753 members of the committee whose report was thus endorsed
Furs and fur skins.. ................... 11,825,028
6,810,453 wore besides M r. Geier, its Chairman: A . B . C . Dohrmann,
Flaxseed_____ bush.
11,039,376 14,758,441
6,442,072
7.676,995
Copper in ore, matte
of San Francisco; Maurice Fels, of Philadelphia; A . Lincoln
and reguius__ lbs
105,147,752 14.993,022
82,200,726 10.176,315 Fileno, of Boston; Charles M cC arthy, of Madison, W is.;
Nickel ore and matte
lb s -------------------51,464,617
7,159,947
34,114,004
4 700 799 C . A . Prosser, of Minneapolis; G . L. Swiggett, of Washing
ton, D . C .; and Frank V . Thomson, of Boston.
Sugar cane.........lbs.3,625,904,406 122,425,238 3,052,803,288 61,460,’ ll8
Tho imports of tho principal raw materials and foodstuffs
is likewise interesting, and wo accordingly also print tho
following tablo prepared by M r. Pratt:
Cocoa, cru d e...lbs.
175,312,972
25,373,056
134,859,110
lo!244io68
In conclusion D r. Pratt mado tho following forecast of
what poaco will moan for the business of tho country:
Our oconomic future rests squarely on the success o f our foreign trades
The success of our foreign trade rests squaroly upon our ability to compoto in
tho neutral markets o f tho world with our past and future European com
petitors. I believe that tho logic o f tho situation and tho experience which
past conflicts has taught us points certainly and unmistakably In that
direction. American manufacturers and exporters who are closest to tho
firing lino aro those who are most confident that wo will retain and extend
our foroign trado. Thero seems to bo, therefore, that with tho proper
caro and with sufficient preparedness financially, industrially and com
mercially that wo will become the most important factor In world commorco.
It seems to mo that tho ovidonco also points to a period o f continued
prosperity in tho Unitod Statos. Ho would indeed bo an umviso prophet
who would attempt to predict tho exact offoct o f tho cessation o f hostilities
in Europe upon the Unitod Statos. Wo can face these consequences with
courago and optimism founded upon facts. Wo must not forget tiro in
creased cost or production in Europo. Wo must not forget tho immonso
advantage which wo will have in accumulated stores o f capital. Wo must
not forgot that wo have a scientific banking system which will probably
provent tho recurrence o f serious financial panics. Wo should not forget
that wo havo acquired prestige and good-will in tho markets o f tho world
markots which formerly knew us not and o f which wo know loss. Wo must
not forgot that wo havo acquired an international point of view in political
as well as in commercial affairs. These aro condiderations which should
givo us tho groatest courago In looking forward to the rosult of tho European
war. We faco the situation, whatever it may bo, with tho knowledge that
wo aro better prepared than over before. Tho facts seem to indicate that if
we are properly prepared, tho United States will experience a period
prosperity and expansion in trado at home and abroad.
GOVERNOR
W H I T M A N VE T O ES B I L L P R O H I B I T I N G
C I R C U L A T I O N OF S T O C K L I S T S .
Senator M ills’s bill, passed by the New York Legislature,
designed to provent the use by unauthorized persons of lists
of stockholders of corporations, was vetoed by Governor
Whitman on the 15th inst. In his veto message the Gover
nor said:
It is conceded that there are many ways in which a stock list can be le
gitimately used, and this bill would limit their use, oxcept for the protection
or furtherance or tho interest of a stockholder or judgment creditor.
It is evident that if the bill was approved, any one using a stock list in
a perfectly proper manner would be likely to be prosecuted if he could not
show that tho use was for tho protection or furtherance of the interest of
a stockholder or judgment creditor.
Tills is an unjustified interference with a legitimate business, and in my
Judgment one that was not contemplated by the Legislature when they
passed this measure.
The text of the bill was as follows:
Section 1. Section 553 of the Penal Law is hereby amended by adding
thereto a new paragraph, to be numbered 8, and to read as follows:
8. A n y p erso n w h o s h a ll s e ll o r o ffe r o r a d v ertise f o r s a le , o r f o r d is tr ib u t io n
i n a n y other m a n n e r , a n y lis t , c o m p ila tio n o r co llectio n o f n a m es o f stock
h o ld ers o f a n y c o rp o ra tio n o f the Sta te o f N e w Y o rk o r c o rp o ra tio n h a v in g a n
o ffic e f o r the tra n sa ctio n o f b u s in es s th e re in ,'w ith o u t the ex p ress co n sen t o f the
b o a rd o f d ire c to rs o f su ch c o rp o ra tio n , o r w h o s h a ll, except f o r the p ro tectio n
o r fu r th e r a n c e o f in terest o f a sto ckh o lder o r ju d g m e n t c re d ito r, m a k e use
o f su c h lis t , c o m p ila tio n o r co llectio n f o r h is o w n p r o fit , b en e fit o r a d v a n ta g e .
Sec. 2. This Act shall take effect immediately.
B R I T I S H T R E A S U R Y I N D I C A T E S M A N N E R OF RE
G A I N IN G A M E R I C A N SE C U R ITIE S DEPOSITED
ON L O A N .
Tho following notice regarding tho steps depositors of
American securities loaned to the British Government must
take in the event of tho sale of the securities, should the de
positors wish to purchase the saino, was reprinted on tho 9th
inst. by the London “ Financial News” from tho “ London
Gazette” :
The Lords Commissioners o f Ilis M ajesty’s Treasury have decided that
while it is not anticipated that tho necessity to sell tho securities deposited
on loan with tho Treasury will arise, they will be prepared, should such a
contingency occur, to afford facilities to those depositors who may wish to
purchase their securities. They have accordingly amended Clause 5 of tho
Memorandum o f March 22 1916, setting forth tho terms and conditions of
deposit as follows:
“ (6) In case tho Treasury should find it necessary to sell all or any of tho
securities deposited, the Treasury may take over all or any such securities
on sending notification in writing to tho registered address o f tho holder
of the certificate. Tho Treasury will in that caso pay tho valuo of tho se
curities mentioned in the notification, calculated at tho Now York Stock
Exchango closing quotation of tho day the notification is sent, with an ad
dition of 2 K % on tho value so calculated. Payment to bo made in Lon
don in sterling at tho exchange of tho day, without any deduction for brok
erage and commission, on tho day following tho dispatch of tho notification
against tho surrender of tho Treasury certificate.
“ Provided that in cases in which a desiro to that effect has been expressed
at tho timo o f deposit (or in tho caso o f securities already deposited within
thirty-one days o f tho dato o f this notice), tho Treasury will allow tho de
positor fourteen days in which ho may reloaso his securities, on payment in
dollars in Now York o f tho valuo o f tho securities as fixed by tho notifica
tion o f sale, subject to the condition that, if the release is not effected within
that period, tho securities may bo sold and tho actual proceeds o f tho sale,
plus 2 X
A % , paid to tho depositor, on surrender of tho Treasury certificate.
Payment in sterling will bo mado on tho day on which tho depositor decides
to exercise tho option, or, failing tho exerciso of such option, on tho day on
which notification of tho actual salo of tho securities is recoived, in either
caso against the surrender o f tho Treasury certificate.”
B R IT IS H
[Vol . 102.
THE CHRONICLE
1948
T R E A S U R Y ’ S OFFE R FOR C O N V E R S I O N
E X C H E Q U E R BONDS.
OF
The “ Monetary Tim es” of Canada printed tho following on
the 12th inst. with regard to the British Treasury’s offer to
bankers who have invested in Exchequer bonds:
In order to assist tho sale o f British exchequer bonds the Imperial Treas
ury has mado an important offer to bankers. Bankers subscribed for largo
amounts o f both of tho war loans, and as a consequence havo a great many
more investments than usual. Moreover, these investments aro relatively
long-term bonds. In order to givo bankers tho opportunity of converting
some of these bonds into short-term bonds, tho Treasury has offered to
convert their holdings of 4 H % war loan into 5% bonds on tho basis of
£20,227 of war loan for £20,000 o f Exchequer bonds: but this conversion is
conditional, and can only bo availed of if bankers induce their customers
to purchase Exchequer bonds, and the option to convert £20,227 of
%s
is dependent on their ability to sell £80,000 of Exchequer bonds. This
power to convert is alternative to tho commission o l % % given by the
Treasury to bankers in respect o f sales of Exchequer bonds to customers.
G R E A T B R I T A I N TO I M P O S E A D D I T I O N A L T A X
FORCE S A L E OF U . S. S E C U R I T I E S .
TO
Reginald M cK enna, Chancellor of tho Exchequer, gave
notico on tho 25th inst. that on M onday noxt ho will move
in tho House of Commons that an additional income tax
of two shillings tho pound bo charged on tho incomo from
securities which tho Treasury is willing to purchaso. The
object of this is to compel tho salo to tho Government of
American securities hitherto withheld by tho owners.
P H I L I P P I N E S I L V E R SOLD TO I N D I A .
W ith tho return from China to Manila on tho 23d inst. of
Jeromiah L . Manning, Insular Treasuror, it was announced
that he had concluded negotiations for tho sale to tho Indian
Government of 7,500,000 silver pesos at a profit to tho Insular
Government of 2 0 % .
ho bullion, it was stated, would bo
shipped immediately, British officials taking over tho coin
at M anila. M r. Manning went to China on M a y 13 with a
commission to sell 20,000,000 silver pesos, which tho Philip
pine Government had stored at Corregidor. There is said
to have been a great shortage of silver in China and India,
causing the metal to be held at a high premium. A t normal
rates of exchango a peso is worth about 97 cents.
D A Y L IG H T -S A V I N G P L A N STILL SPR EA D IN G .
The following report from Consul-General E . E . Young,
stating that tho daylight-saving plan was put into effect in
Halifax at tho first of tho month, was mado public by tho
Department of Commerce on the 15th inst.:
Tho daylight-saving scheme was instituted at Halifax on M ay 1, all
clocks being advanced one hour at midnight.
Tho daylight-saving
system has in recent yoars beon adopted by many municipalities and seems
to be meeting with popular approval. In Halifax tho movement was
started by tho Board of Trado, the Nova Scotia Board of Firo Underwriters,
the Retail Merchants’ Association, tho Wholesale Grocers’ Exchango, tho
Retail Hardware Merchants’ Association, tho retail druggists of Halifax
and Dartmouth, tho Rotary and Commercial clubs, and other organizations.
Advices from Christiania on tho 21st inst. stated that
all the clocks in Norway would bo sot ahead on the following
day, the daylight-saving bill having been passed by the
Storthing.
Following the receipt of advices to tho effect that there
had been some confusion in cables to London because of the
change in time, occasioned by the daylight law in the
British Isles, all offices of tho Western Union Telegraph Co.
have been notified that cables to England will have to be
filed one hour earlier to insure the same hour of delivory on
tho other side as before. Two o ’clock Sunday morning last
(M ay 21) was the hour choson for making the change of
time throughout Great Britain.
GREAT B RITAIN
PERM ITS
MONEY
RE M IT T AN C ES.
The American Express Co. is understood to havo received
notice on tho 25th inst. to the effect that a permit has
beon issued by the British Treasury authorizing tho company
to forward money remittances, addrossed to Berlin and
Vienna, for tho roliof of subjects of tho Russian or Allied
governments now residing in territory occupied by the
German and Austrian armies. Tho amount sent for any ono
month, howover, must not oxceed £ ^ 5 ($125), and tho
payment order must bo accompanied by assurances from tho
express company that no part of tho monoy is to bo paid to ,
or mado available for, any ouomy. It is reported that tho
American Express Co. has, at tho request of the Amorican
Embassy in Berlin, taken charge of the mail recoived thero
from Russian Poland. As the lotters thomsolves cannot oe
forwarded to the United States, a form stating tho facts is
used, and where it is possiblo those suffering privations
through tho war aro brought into intorcourso with thoir
connections in the United States.
R E S U M P T I O N OF S E C U R I T Y T R A D I N G I N H U N G A R Y .
Particulars regarding tho resumption of security trading in
Budapest in March of this year aro givon in advicos conveyed
to tho Bureau of Foreign and Domestic Commerce, Dopartment of Commerce, by William Coffin, Consul-Gonoral at
Budapest, under dato of March 24, as follows:
Immediately aftor tho declaration of war botwcon Austria-Hungary and
Sorvia, tho Stock Exchango in Budapost was closed. Sinco that timo thero
has boon no official trading in stocks, but instead ontlrely privato dealings
in tho city havo taken placo to enablo ownors who desired to disposo of thoir
holdings to do so. In most cases loans havo boon obtained through tho
banks or other sourcos. It is notoworthy that vory fow sales aro said to
havo been mado, while on tho contrary a certain domand for stocks scorned
to provail, probably as a result of tho riso in tho valuo of raw materials on
hand and pricos of tho goods turned out.
In ordor to remove tho oxisting uncertainty in tho actual values of securi
ties, authority was givon to arrango privato dealing at tho Stock Exchango.
Tho day fixed for tho opening, March 14 1916, was characterized by an
unusually largo participation of interested porsons. That section of tho
building wlioro tho trading formorly took placo is now given over to Red
Cross purposes, and business was transacted in tho quartors of tho Produco
Exchango, which Is now little used.
Tho Stock Exchango management doos not officially participate in tho
now arrangemont, but sovoral of tho officers of tho Exchango woro prosont
at tho opening. Representatives of all tho largo banks that woro formerly
attached to tho Exchango, as woll as privato bankers and othors who were
members of tho Exchango, woro in attondanco.
Electric street railway shares wero first quotod, and considorablo domand
caused a riso in this stock. Sales of other securities thon followed in rapid
succession. Tho advico of contracts closed was handed on memoranda by
tho participants to tho Socrotary in cliargo of noting tho quotations, who
mado tho entries in his book as in tho timo of ordinary trading. Thoro is
no official or privato quotation of pricos, nor is thoro any iniormation avail
able as to tho numbor of shares sold dally. Tho notation by tho Secrotary:
who acts moroly as a roprosontatlvo of tho Cloaring House, servos only for
the purpose of control.
Govornmont bonds wero dealt in, but only undor strict control by those
agents particularly empowered to ongago in this business. Tho quotations
on tho bond salos aro noted only by those agonts. Trading in mortgages is
not allowed.
Ono of tho noticoablo foaturos affecting tho businoss is tho absonco of tho
usual telophono connection with tho Vienna exchango, so that no doalings
can bo made botweon tho markots of tho two cities. Tho Iong-distanco
telophono linos aro now under tho control of tho Govornmont.
In general, an animated fooling and firm support has boon noticoablo
sinco tho opening. Margin transactions aro not permitted: all trading must
bo for cash.
TU R K IS H
RE G U LATIO N S REGARDING
O W N ED BY ALIEN S.
SECURITIES
Recent advices recoived at tho Department of Commerce,
Washington, from Hoffman Philips, Socrotary of Embassy,
at Constantinople, supplies information concerning a 1 w
passed by the Ottoman Parliament regarding tho interest
and amortization of securities hold by tho nationals of onomy
States and thoir allies, and also of noutral Statos. Tho law,
it is stated, provides:
Tho interest and amortization of loans and treasury notes issued by tho
Government or by municipalities aud which aro ownod oither by individu
als or corporations of tho nationality of tho onomy Statos and their allies,
will not bo paid from October 15-28 1914 until tho restoration of poaco
M ay 27 1916.]
THE CHRONICLE
19L9
In like manner, Ottoman joint-stock companies are forbidden to pay during
the said poriod and to the said national the Interest, amortization, and
Income o f shares, bonds and other obligations which they havo issued.
Nevertheless, the said companies, upon an order to be given by the Minister
o f Finance, will be obliged to deposit, In a bank designated by the Govern
ment, the amount o f the said interest, amortization and income. Com
panies which fail to observo this law will bo liable to punishment.
The Interest and amortization o f loans and treasury notes, which are in
tho possession o f the nationals o f neutral States, will bo paid at Constan
tinople at the Ministry o f Finance, except that the interest and amortiza
tion of loans which tho Imperial Government contracted In Germany and in
Austria-Hungary will in conformity with tho former obligations and agree
ments, continue to be paid in the established places, except in enemy
countries.
Tho manner in which the nationality o f the holders and the mode in
which they acquire possession o f theso securities is to bo established will
be determined by a special regulation.
culture are authorized in a clause contained in the decree to
make exceptions, and, under certain conditions, to allow the
importation of particular articles. A few of the importa
tions banned are: Automobile chassis, with or without motor
or body; automobile coach work and other automobile parts;
parts of photographic apparatus, fresh and preserved fruits,
perfumery and soap or other perfumed articles, porcelain,
glass, crystal ware, crockery, cotton hosiery, gloves, un
dressed skins, imitation jewelry and musical instruments.
American commercial houses doing business in France are
greatly concerned over the decree, which, although permit
ting imports on bona fide contracts before April 5, requires
proof of the purchases to be submitted within fifteen days
from the time of the promulgation of the measure, on M a y
GREAT B R I T A I N ’S B LO C KA D E A N D TRA D E
14. M an y automobile companies, having made the pur
RESTRICTIONS,
Lord Robert Cecil, Minister of W ar Trade, in reply to a chases in the United States, claim to be unable to present the
German suggestion that, since Germany has modified her proof of the contracts within the required time. As a result,
submarine compaign Groat Britain should relax her food the Ministry of Commerce has been petitioned to prolong the
blockade, declared on the 19th inst. that there was not the time allowed within which to produce the proof.
A cable from the American consulate in Paris, containing
remotest possibility that the economic prossuro on tho
information of important changes in tho French contraband
Central Powers would bo abandoned. He said:
Wo maintain that tho blockade is fully legal under international law. Its list, was on M a y 3 published by the Department of Commerce
reprisal character Is merely incidental, called forth by Gorman uso of sub at Washington.
The communication reads as follows:
marines, but tho rigid enforcement o f tho blockado is moroly an extension
of our rights which wo had not hitherto found it expedient to uso.
The following announcement, it was stated, from Washing
ton on the 23d inst., has been issued by the British A d
miralty, warning shippers against the dangers incurred in
navigating in tho southern waters of the N orth Sea:
All vossels aro strongly advised to obtain London Trinity House pilots
when navigating botwcon Groat Yarmouth and English Channel. Danger
ous for ships to cross area botwoon 51 degrees 15 minutes and 51 degrees
40 minutes north latitude, and meridians o f 1 degree 35 minutes and 3 de
grees 18 minutes, East longitude. Navigation in any part southern waters
of North Sea not necessarily safe.
A cable receivod by the Department of Commerce at
Washington on the 19th inst. from the American Consulate
at London states that Great Britain has revised her trade
restriction rules limiting the importation of tobacco into
England, as follows:
Tho following changes are made in the absolute contraband list: Article 3
now reads: "Lathes, machines and tools suitable for the manufacture of
war munitions” ; in article 8 the word “ ether” is replaced by “ aceticcther,
formic ether, sulphuric ether.”
Additions to the list aro as follows: Metallic chlorides except sodium
chloride; metalloid chlorides; halogen carbon compounds; starch, borax,
boracic acid and other boracic compositions; sabadilla seeds and prepara
tions thereof; gold, silver, paper money and all negotiable credit instruments
and salable bonds.
R O T T E R D A M COTTON E X C H A N G E .
^ The following facts regarding the new Rotterdam Cotton
Exchange, the organization of which was referred to in our
issue of April 15, page 1457, appear in “ Commerce Reports”
of the 1st inst.; they aro credited to Commercial Attache
Erwin W . Thompson, The Hague, Netherlands, April 8:
Tho Rotterdam Cotton Exchange has been finally organized under
tho auspices of the Chamber of Commerce, with the following officers
and directors: President, W. H. Croockewit; Secretary, A. Boden; direc
Tho Board o f Trade withdraws the proposal to grant licenses for tho Im tors, II. Visser, S. J. R. do Monchy Jr., and W. Suermondt. It begins
portation o f tobacco purchased before Feb. 15. but is prepared to grant business with a large membership of cotton importers, forwarding agents
licenses for importation between June 1 1916 and M ay 31 1917 o f tobacco and bankers. At tho organization meeting a guaranty fund of $20,000 was
for homo consumption not exceeding one-third o f tho quantity imported subscribed for the purpose of sustaining tho now organization until such
for homo consumption in the calendar year 1915. Tho quantity imported time as tho regular membership fees would be sufficient. The exchange
for homo consumption in 1915 was 124,458,173 lbs. Tho stock in bond has been supplied by the U. S. Agricultural Department with a full set of
its standard samples and it will operate in accordance with the standard
hero on April 30 was 251,829,000 lbs.
United States rules. One expert cotton classer will be brought from the
An Order-in-Council of Fob. 15 last, as given in our issue United States and one from Switzerland.
Heretofore the Dutch cotton spinners have obtained their supplies
o f March 4, prohibited tho importation 6f tobacco into the
United Kingdom after March 1 except undor a liconse issued' through tho exchanges at Bremen and Liverpool, but it is expected that
most of this business will now bo transacted through Rotterdam. Besides
by the Board of Trade. It was estimated at that time that this, it is thought that considerable business may be done with those cot
tho annual consumption of tobacco in the United Kingdom ton-spinning mills in Germany that are nearer to Rotterdam than to Bre
men. Transportation facilities are of tho very best from Rotterdam up
was 100,000,000 lbs., and as 279,000,000 lbs. were stored in tho
Rhine to the German spinning district.
the warehouses, a two-years’ supply was assured.
Not much cotton business of tho usual kind can now be transacted, but
tho plan is to have everything in readiness for regular cotton exchange trad
ing after the war.
______________________________
G R E A T B R I T A I N A L L O W S F OUR M O N T H S TO F I L E
C L A I M S A G A I N S T S E I Z E D C ARGO ES.
H O M E L I F E I N S U R A N C E C O M P A N Y TO M U T U A L I Z E .
The official toxt of an order issued by tho British Govern
ment on April 18, allowing four months’ time in which Brit
ish, Allied or neutral parties may present claims to tho
British Prize Claims Committee against cargoes or ships
which have been or may be condemned by tho British Prize
Courts, was received on the 11th inst. by Secretary Lansing
from the American Embassy at London. Following is tho
text of tho notice as made public by tho State Department:
A t a mooting of tho policyholders of the Home Life In
surance Co. on the 25th inst., the plan to mutualize the com
pany was approved. The plan now needs only the approval
of the Superintendent of Insurance before it can go into
effect, the stockholders having unanimously endorsed the
proposal on M a y 2. Under the mutualization plan, as
stated in our issue of April 22, it is proposed to pay $450
and accrued interest for each of the 1,200 shares of out
standing stock, par $100. The purpose of the change is “ to
give the policyholders a more direct interest in tho manage
ment of tho company and to safeguard tho company against
schemes for obtaining stock control.” The plan is expected
to go into operation about July 1.
Whcroas a committee lias been Instituted to recelvo and consider claims
made by tho British, Allied or noutral third parties against ships or cargoes
which havo boon condemned or dotainod by orders o f I’rizo Courts. and to
rocomrnond to what extent, in what manner and on what terms such
claims should bo met or provided for.
This is to give notlco to all British, Allied or noutral persons having any
such claims against cargoes which havo been or may bo condemned or or
dered to bo detained by a Prizo Court in any o f the self-governing Domin
ions that any such claims should bo sent with all necessary particulars to
U N I T E D ST A T E S W IL L N OT A I D A L LE G ED CONVICT
tho Secretary o f tho Prizo Claims Committee, Board o f Trade, Whitehall
Gardens, London, within four months o f this dato, if tho cargo has already
CON FIN ED I N E N G L A N D .
beon condemned or dotainod by an order of a Prize Court.
A statement was sent to Chairman Flood of the Foreign
If tho cargo has beon dealt with by a Prizo Court, such a claim must bo
mado within four months o f tho date o f the order o f condemnation or de Affairs Committee by Secretary Lansing on the 16th inst.
tention.
dealing with the career of Samuel Schwartz, a supposed
Dated 18th day o f April, 1916.
MANY
IMPORTS B A N N E D
BY
FRANCE.
It was announced from Paris on the 15th inst. that tho
French Government had issued a long list of articles which,
in accordance with a recent law, aro prohibited from impor
tation. Tho object of the decree, it is thought, is to enable
the reservation of more space on vessels arriving at French
ports for such supplies as are considered indispensable to the
Government’s needs. The Ministers of Commerce and Agri
American citizen confined in an English prison, in whose
bohalf Representative Bennet of New York introduced a
resolution in the House asking President Wilson for informa
tion as to whether or not any steps had been taken to secure
the release of the prisoner, who was alleged to have been
unjustly detained by the British Government. The resolu
tion was passed without opposition on the 13th inst. Secre
tary Lansing’s statement is said to allege that Schwartz is
wanted in Hungary for forgery; that ho is a bigamist, and
that ho is not entitled to the protection of the United States,
1950
[Vol . 102.
THE CHRONICLE
as his naturalization was fraudulent. Schwartz first came
to this country in 1894. He became naturalized in 1901 and
acted as a broker in New York C ity . Soon after, ho returned
to Hungary. In 1914, under the alias of Simon Stern, he
was sentenced to six months’ imprisonment in London for
failuro to comply with the Registry A ct.
SECRETARY L A N S IN G HOLDS T H A T A P P A M
E N T I T L E D TO P R O T E C T I O N .
IS NOT
W ith the opening on the 12th inst. of the hearing in the
libel proceedings brought by the British owners of the Appam
to recover the vessel, Judge Edmund W addill, of the United
States District Court at Norfolk, made public a communi
cation addressed on March 2 by Secretary of State Lansing
to Count von Bernstorff, the German Ambassador, in which
it is held that the Appam does not fall within the evident
meaning of Article X I X . of the Treaty of 1799 botween Prus
sia and the Unitod States. The provision of the treaty over
which the contest arises has to do with prizes accompanied
by vessels of war. Secretary Lansing’s communication
points out that the treaty grants temporary asylum to such
vessels of war but does not accord protection to spoils of war
deposited in the American port. M r. Lansing’s letter is in
answer to Count von Bernstorff’s communication to him of
Feb. 22, published in our issue of April 1. It will bo rocallod
that the Appam was brought into Hampton Roads by a
German prize crew on Fob. 1. Libel proceedings on behalf
of the British owners were filed at Norfolk on Feb. 16.
Later (on March 14) the cargo of the Appam was liboled by
Captain Harrison, as master, and a portion of it sold under
order of tho Court on account of its perishability. On the
23d inst. Judge Waddill ordered distributed among four
Norfolk and two Richmond banks for deposit at 2 % the
$590,000 received from the sale of tho cargo. Tho money
will be held pending final settlement of the controversy be
tween the former British owners and the German prize crow
over possession of the vessel. The British owners seek
to have the ship turned over to the British Consul
under the terms of the Hague Convention; Count
von Bernstorff takes the position that tho Appam was
brought into Hampton Roads under tho Prussian treaties
which guarantee her to hor captors. Arguments over the
admission of documentary evidence resulting in victories for
tho British owners, marked the first day’s hearing of the libol
proceedings. Three officers of the Appam ’s British crow,
the master, first officer and chief engineer, testified at tho
hearing as to the ship’s position when captured by tho raider
M oewe, the placing of bombs about the ship by tho prize
crew to prevent mutiny, and the removal of bullion from the
cargo.
Counsel for the libelants seemed admission in
evidence, over protest, of Sections 110 and 111 of tho German
Prize Code, which it is contended deny tho right of German
prizes to take refuge in neutral ports under such circum
stances as existed in the Appam case. Tne Appam ’s certifi
cate of British registry also was introduced in ovidenco and
accepted over an objection.
Following tho admission in
evidence of Secretary Lansing’s letter on M a y 12, tne State
Department on tne 16th inst. gave out the toxt of tho letter,
which had previously beon regarded as a confidential docu
ment. W o give the text of tho note below:
Article X I X . of tho Treaty of 1799, to which your Excellency refers, reads
as follows:
.
,
The vessels of war, public and privato, of both^partiesishall carry (conrluirel freelv wheresoever they please, the vessels and effects taken (prisi
from their enemies, without being obliged to pay any duties,
to officers of Admiralty; of the customs, or any others; nor shall such prizes
mdses) boA rrestedT orch ed, or put under legal process when they come
to and enter the ports of tbo other party, but may freely bo carried (conduites) out again at any time by their captors (lo valsseau prenour) to the
places expressed in their commissions, which tho commanding officer of such
?eLsel (fod it vaikseau) shall be obliged to show. But conformably to the
treaties existing between the United States and G r e a t Britain,
(vaisseau) that shall have made a prize (prise) upon ]
mbi r t ^or c ed
havo a right to shelter in the ports of tho United States but if (11i est)^forced
therein by tempests, or any other danger or accident of tho sea, they (il sera)
shall bo obliged to depart as soon as possible.
This translation is taken from tho published treaties of the United
States, and, whilo not conforming strictly to tho original I'rcnch toxt,
(copy of which is enclosed), is sufficiently accurato for tho purposes o f this
note. At tho outset it may be pointed out as tho object of this provision
was to modify tho existing practice o f nations as to asylum for prizes
brought into neutral ports by mon-of-war, it is subject to a strict Interpre
tation when its privileges are invoked in a given case in modification of the
established rulo. By a reasonable interpretation of Article X I X ., how
ever, it seems clear that It Is applicable only to prizes which aro brought into
American ports by vessels of war. Tho Appam, however, as your Ex
cellency is aware, was not accompanied by a ship of war, but came into the
port of Norfolk alone in charge of a prize master and crow. Moreover, the
Treaty Article allows to capturing vessels the privileges ofcarry 1ngout their
prizes'again “ to the places expressed'in'their commissions.” Tho commis
sions referred to aro manifestly those of tho captor vessels which accompany
prizes into port and not those of tho officers o f tho prizes arriving in port
without convoy, and it is clear that tho port of refuge was not to bo made
a port of ultimate destination of indefinite asylum.
In the case of the Appam tho commission of Lieutenant Berg, a copy of
which was given to the Collector of Customs at Norfolk, not only is a com
mission of a prize master, but directs him to bring the Appam to the nearest
American port and “ there to lay her up.
In tho opinion of tho Govern
ment of tho United States, therefore, tho case of tho Appam does not fall
within tho evident meaning of the treaty_proylsjonrwhich^contemplate^
tem porary*asyl unTfor Vessels of war accompanying prizes while en routoto
tho places named in the commander’s commission, but not the doposit of
the spoils of war in an American port. In this interpretation of tho treaty ,
which I believe is tiio only one warranted by the terms of tlm pro.vision and
by"the British treaties referred to In?Arttclp_ X J X ^ a n d by
norancous treaties. the Government of the United_States considers, itself
free*from any"oblfg^loTrtcTaccord tho Appam tho privileges stipulated^
Article X IX . of the Treaty of 1799.
Under this construction of tho troaty tho Appam can enjoy onlyjhose
privileges usually granted by maritimo nations, including Germany,—o
prizes of war, namely, to enter noutral ports only in caso of stress of weather,
want of fuel and provisions, or necessity of.repairs, but to leavo as soon as
tho cause of their entry has beon removed.
As to tho grounds upon which the application for tho libol of tho Appam
by tho United States Court was made, tiiis Department has no direct infor
mation; but it is understood that tho libelant contonds that tho Appam Is
not, assuming that it is a prize of tho German Government, the property
of that Government, but that, on tho contrary, the title to tho vessol is
now properly In the British owners. Whether in these circumstances the
United States Court has properly or improperly assumed jurisdiction ? f_the
case and taken custody or tho ship is a legal question, which, acconhngto
American practice, must now bo decided by tho municipal courts of this
country
With tho purpose, liowover, of having your Excellency s views
as to this matter brought to tho attention of tho court, I have transmitted
your note of Feb. 22 to the Attorney-Goneral, with a request that ho instruct
tho United States District Attorney to appaer in tho caso as amicus curiae
and present to the court a copy of your Excellency’s note.
As to the internment of tho military party which your Excellency states
was on board tho Appam, as well as tho officers and crow who offered
resistance to capturo by ids M ajesty’s ships, I havo tho honor to inform
you that tho Government has, after duo consideration, concluded that t y
should be released from detention on board tho Appam, together with tholr
PCAccept?fExceilency, tho ronewed assurance of my highest consideration.
ROBERT LANSING.
March 2 1916.
Arguments of counsel in tho proceedings were concluded
on tho 16th inst., when Judgo Waddill took tho matter
under advisement.
NEW
Y O R K I S G R E A T E S T W O R L D PORT.
New York now leads all otner ports of tho world in com
DE PA RTM E N T OP STATE.
merce. A table just published in tho “ Statistical Abstract
W a sh in g to n . M a r c h 2 1916.
of the United Statos, 1915,” compiled in tho Bureau of
E x c e lle n c y .— I have tho honor to acknowledge tho receipt of your Ex
cellency’s note of tho 2d o f February, Informing me that the British steamer Foreign and Domestic Commoreo, Department of Com
Appam, captured by tho German naval forces, had arrived at Norfolk merce, credits New York with an aggregato foreign trade
under tho command o f Lleutonant Berg o f the Imperial Gorman Navy,
who intends, in accordance, as ho belioves, with Article X I X . o f the of $2 ,125,000,000, which oxceeds by $200,000,000 tho com
In tho matter of
Prussian-American Treaty o f 1799. to remain in American waters until fur merce of London, now second in rank.
ther notice, and that tho Appam has not been converted into an auxiliary exports the pre-eminonco of New York ovor London is oven
cruiser, is not armed, and has taken no prizes under Lieutenant Bergs
command. In conclusion, your Excellency requests internment in the greater, export clearances from the Amorican metropolis
United States during the remainder of the war of a military party belonging, aggregating $1,194,000,000 in tho fiscal year 1915, against
your Excellency states, to the enemy of Germany, and also tho internment $696,000,000 from London, a difference of moro than 7 0 % .
of the crow of the Appam, inasmuch as they offered resistance to capture
The following table, condensed from a moro extended one
by his Majesty’s forces.
^
(
I have the honor also to acknowledge tho receipt o f your Excellency s appearing in tho Statistical Abstract, shows tho imports and
note o f Feb. 22, calling my attention to a libel which has been filed against exports of the 20 leading ports of the world in the latest
the Appam in tho United States District Court on Feb. 16 by tho British
and African Steam Navigation C o., Ltd., and to the fact that Lieutenant
Berg has been cited to appear before the Court on March 3 next to answer
this libel. Your Excellency points out that in view o f tho terms of Article
X IX . o f the Treaty o f 1799 and o f tho inoperation o f The Ilaguo Conven
tion relating to noutral rights and duties in naval warfare, you are at a loss
t o understand why such action has been taken in this country. \our
Excellency, moreover, asserts in effect that as the Appam flies the naval flag
of and belongs to the German Government, and as tho possession o f the
captors is tho possession o f their sovereign, “ tho neutral sovereign or its
court can take no cognizanco of tho question o f prize or no prize, and cannot
wrest from the possession of the captor a prize of war brought into its
ports.” Your Excellency, in conclusion, protests against tho action of tho
Court and requests that the Attorney-Goneral instruct the proper United
States District Attorney to take such steps as may be necessary and proper
to secure the prompt dismissal of the libel.
available year:
Im p o r ts .
E x p o rts .
P o rts—
(00,000 o m itte d ).
Now York___ . . . $931,0 $1,193,6
696.0'
London__________
817.3
Hamburg________ 1>084.3
588,2
Antwerp_________
623,2
836.0
Liverpool________
810,0
365.7
M arseilles----------389,6
258.8
Havre___________
357,9
211.4
Brem en_________
370,6
317,6
Calcutta_________
229,3
225.4
Bom bay_________
202,8
140.4
Buenos Aires_____
200,8
161.4
Trlesto__________
176,0
145.4
Singapore________
186,4
130.5
Hull .......................
199,7
151,4
Sydnoy__________
151.9
I m p o r ts .
E x p o r ts .
(00.000
P o rts —
,------ - om itted)
$103,1
Genoa___________ $199,8
209.4
Now Orloans_____
79,7
119.3
M ontreal________
141 >2
107.5
B oston__________
}*>2,7
98.0
Shanghai...............
159,2
93.2
Manchester______
164,3
230.4
G alvoston----------10,1
155.0
Glasgow-------------82,1
83.4
Kobo.......................
140,4
36.2
Dunkirk_________
187,5
134.2
Yokohama_______
89,0
116.1
Alexandria, Egypt
91,1
88.4
Melbourne_______
118,4
94,7
Southam pton____
91,1
69.1
Fetrograu________
110,9
May 27 1916.
THE CHRONICLE
T h e new Statistical A bstract contains 749 pages of sta
tistics concerning A m erica’s industries, agriculture, labor,
transportation, com m erce, finances, arm y and n a v y , & c .,
and foreign com m erce and finances. A ll figures are tho very
latest available.
T h e volum o m ay be purchased for the
purely nom inal sum of 50 cents from the Superintendent
of D ocu m en ts, W a sh in g ton , or from a n y of the D istrict
offices of the Bureau of Foreign and D om estic Com m erce.
REPORT OF N . Y. CHAMBER OF COMMERCE ARBITRA
TION COMMITTEE.
T h e C om m ittee on Arbitration of the Cham ber o f C o m
merce o f the State of N e w Y o rk in its report to the C ham ber
at the annual m eeting on tho 4th in st., stated th at the
classes o f probloms requiring its attention have v astly
m ultiplied, m aking it necessary to limit their scope, a t least
for the present. B road ly speaking, said the com m ittee,
they can be divided as follow s:
1. Formal Arbitration o f Commercial Disputes or Differences after they
havo arisen.
2. Informal Arbitration of Commercial Disputes or Differences after
thoy havo arisen.
3. Mediatory efforts toward tho settlement of Disputes and Differences
before tho points o f disagreement havo bccomo sot.
4. Adjustment o f Labor Disputes.
5. Educational Work.
6. Work With Government Departments.
7. Co-operation With tho Now York Stato Bar Association.
8. Correspondence and addrossos boforo varied bodios.
Concerning tho work of tho C om m ittee tho roport further
says in part:
(1) Formal Arbitration.— All tho cases which havo over boon hoard In
formal arbitration havo resulted in awards accepted and honored by both
sides to tho differences.
(2 and 3) Informal Arbitration and Mediatory Efforts aro becoming an
ever-increasing field o f activity and havo shown most gratifying rosults.
Tho kinds of cases, tho way in which thoy ariso, their varioty, and tho
niothods for disposing o f them to tho satisfaction o f all concorned form a
most interesting study.
For a great many cases, tho Chamber, through Its Committoo, furnishos
tho only machinery for satisfactory settlements. Tho only other available
method Is resort to tho courts with its heavy toll of time, inconvonionco
and oxponso, or possiblo submission grudgingly to what one party or
other regards as a piece of injustico.
(4) Adjustment of Labor Disputes.— Tho activities of tho Committoo in
this field havo been practically continuous sinco your Committoo’s report in
May 1915: and tho work in this connection is of an oxtromoly trying naturo.
It is rogardcd as a civic duty which your Committoo will bo glad to con
tinue unless tho Chamber wishes otherwiso. Tho Committoo is over
mindful of Its responsibility towards tho Chamber. Wo aro o f tho opinion
that no body of men is better fitted than this Chamber to bring to such
regrottablo disturbances a spirit and atmosphero essential to socuring a
wiso and lionorablo result.
(5) Educational Work.— Tills branch of tho work covors a wido field and
is in a sense tho “ big brother” movomont. Tho Chamber is instrumental
in establishing and developing throughout tho country, in mercantile
and civic associations, systems o f arbitration, mediation and conciliation
based upon our experience. Our Chamber stands for principles of media
tion, conciliation and arbitration in business disputes. This is known
whorovor tho name of tho Chamber is known. In consoquenco, appoals
for advico and information aro recoivod from all over this country, as
woll as from abroad. Tho Committee's efforts tend to prompt other
commercial and civic and professional bodios of men to instituto systems
of tlioir own, adapted, o f course, to their specific needs and in harmony
with their own laws, customs and opinions. Many systems havo boon
thus established, and your Committeo is in frequent conforonco and has
voluminous correspondence in this field o f its activities.
(6) Work with Government Departments.— No inconsiderable part of our
work has arisen from our endeavors to find a moans for validating tho
arbitration clause in American commercial contracts. Such a clause is
of binding legal value in all important foroign countries, but is not legally
binding in many American Statos. Tho prevailing law in Now York Stato
is that such an arbitration clauso "ousts tho courts of jurisdiction” and,
thoroforo, can bo revoked oither before tho arbitration or tho award. Your
Committeo has beforo it a request from tho London Chamber o f Commorco
urging our Chamber to do its utmost to havo this anomalous situation
corrected. This London letter reached tho Chamber after unsuccessful
efforts inado by your Committeo In this direction boforo tho committoos
of tho Now York State Constitutional Convention last year. While this
appeal from London serves to strengthen your Committee’ s position, there
nevor has been any intontlon to relax tho effort to correct this legal situa
tion— a condition which runs decidedly countor to dovolopinont of trado
and poacoful settlements of daily disputes occurring in trado. To an oven
groator oxtont this difficulty will affect tho foreign trado which wo aro
all eager to dovolop upon tho basis o f equity and square doaling betweon
business men. Your Committoo is deoply appreciative o f tho co-operation
givon to it by tho lion. Eliliu Hoot, Chairman o f tho Now York Stato
Constitutional Convention, tho Hon. Gcorgo W. Wickorshain, Ex-AttornoyGencral o f tho United Statos, tho Hon. Joseph II. Davies, Chairman of tho
Federal Trado Commission, and Julius Honry Cohen Esq., o f tho Now
York liar, in our efforts toward this desired ond. It is too oarly to predict
that a satisfactory solution of this matter will soon bo found.
THE IR ISH
SIT U A T IO N .
Inform ation to the effect that ho had boon officially
advised b y the British G overnm ent that Jeremiah C . L ynch
of N ow Y o rk , who as indicated in theso columns last week,
was convicted of com plicity in tho Irish uprising and sen
tenced to bo sh ot, had had his sentence cununutod to ten
years ponal servitude, was received a t tho Stato D ep art
m ent on tho 22nd inst. from Am bassador Pago a t L ondon.
It is belioved th at President W ilso n ’s intercession in L y n ch ’s
behalf saved tho latter’s life.
Tho State D epartm ent was
1951
advised b y the Am bassador on the 25 th inst. that he had , in
line w ith instructions from the State D ep a rtm en t, presented
to tho British Foreign Office a note requesting inform ation
regarding the specific charge and character o f the evidence in
L y n ch ’s case. According to unofficial inform ation supplied
to h im , ho said , the charge against L ynch is that he partici
pated openly in the uprising, and when captured was attired
in a uniform .
T ho British W a r D ep a rtm en t, a t the request of A m b assa
dor Pago, has, it is reported, ordered an inquiry into the case
o f John J . K ilgallon , of F ar R ock aw ay, N . Y . , who was
arrested in D u blin for alleged com plicity in the revolt.
He
was a student a t S t. E n d a ’s College.
T w o other prisoners
claim ing Am erican citizenship h ave, according to advices
from D u blin on the 24th in st., been deported to the W a k e
field detention cam p in E n g lan d , where they are being de
tained pending an investigation on suspicion of their having
been participants in the rebellion.
T h e nam es o f the
prisoners are Patrick H og an , arrested a t T ralee, and M o r ti
mer O ’ C onnor, arrested a t A b b e y d o m o y .
It was officially announced a t D ublin on the 22nd that
a sentence o f death was im posed on Peter G allighan, also
said to havo been im plicated in the rev olt, b u t was com
m uted to a term o f im prisonm ent.
A ccording to advices
from London on the 24 th in s t., John M a c N e ill, President o f
tho Sinn Fein Volunteers, and professor in the N ation a l
U nivorsity, has been found guilty o f com p licity in the Irish
uprising by a court-m artial before which he was tried.
M a n y reports as to M a c N e ill’s part in the revolt have been
circulated, one o f theso being th a t, a t the last m om ent, he
counseled against tho uprising, asserting that it was predestinod to failure.
In tho H ouse o f C om m ons on the 12th inst.
John D illo n, N ation a list, asserted th at it was M a c N e ill who
broke the back of tho rebellion.
Sir Itogor C asem ent and his alleged accom plice, D aniel J .
B ailey, were, on tho 25 th in st., indicted for high treason b y
the G rand Jury after a brief consideration o f the evidence
subm itted in the preliminary hearing.
T h ey were both held
w ithout bail.
Sir R oger’s trial was set b y the Judge for
June 2 6 .
Augustine Birrell, former Chief Secretary for Ireland, in
testifying before the R o ya l Com m ission investigating the
Irish uprising, on the 19th in st., stated th at as far back as
M a rch 20 and 27 he had conferences w ith General French
and tho W a r Secretary Lord K itchener, and urged them to
send m ore troops to Ireland because o f the serious aspect
of the Sinn Fein m ov em en t.
T h e witness testified that
although he endeavored to impress upon K itchener and
French that “ the people o f D ublin should havo evidence
that E ngland still had soldiers, and that if soldiers w ith
bayonets and bands could be got to parade the streets o f
D u b lin , it would have had a great effect on the Sinn F einers,’ ’
ho received a reply to the effect th at the W a r Office was
very busy training m en , and that the m en could n ot be
spared to bo transferred to Ireland.
A t a continuation o f the com m ission’s inquiry on the 22nd
inst. the chief witnesses were Viscount M id d le to n , form er
Chief Secretary for Ireland, Augustine Birrell and Lord
W im b orn o.
M a n y charges and counter charges were m ade
a t the hearing.
It was announced in tho H ouse of C om m ons on the 25th
inst. b y Premier A squith that D a v id L loyd G eorge, M inister
o f M u n itio n s, has, at the request of the C abin et, undertaken
to m ediate between the opposing Irish parties. M r . A squith
suggested that tho H ouse refrain from debating Irish affairs
ponding L loyd G eorge’s negotiations.
A favorable report was recom m ended b y the Senate C o m
m ittee on Foreign Relations a t W ashington on tho 24th
in st:, on Sonator K e rn ’s resolution directing the Secretary of
Stato to m ake inquiries through consular representatives “ as
to tho safety and well-being o f A m erican citizens in Irelan d .”
Tho State D epartm ent is directed to take the necessary
measuro to protect Am erican lives and property.
W A R N I N G TO F A R M M O R T G A G E B A N K E R S .
T h o Farm M o rtg ag e B ank ers’ Association o f Am erica in
its m on th ly bulletin for M a y warns farm m ortgage bankers
that “ unothical com petition is likely to spring up that will
ignore tho honorable practices o f reputable farm m ortgage
h ou ses.”
T ho Association in its warning says:
Farm mortgage bankers to-day are confronted with the proposition of
being unable to supply the demands of their Investors. An abundan
1953
THE CHRONICLE
supply of idlo capital is awaiting investment in farm mortgago securities
and the farm mortgago banker’s hands are tied because of his inability to
produce in sufficient quantity the high-grade mortgages that ho has been
accustomed to produce in normal times.
For various economic reasons investors are seeking farm mortgages moro
eagerly than thoy ordinarily have done, and at the samo time high-grade
farmers as a whole aro not borrowing as freely as thoy do normally. Wo are
experiencing a shortage in the supply of mortgages of standard quality.
In some respects the situation is similar to that prevailing prior to the
disastrous smashup in certain territory in the early nineties, with its re
sultant trail of foreclosures and bankruptcy. What aro some o f the possi
ble results o f a condition of affairs such as now confronts us ?
First— a tendency towards the organization o f concerns, inexperienced
in farm mortgago banking, which are likely to produce and offor for salo
mortgages that aro not only inferior but fundamentally unsafo and unsound.
Second— A tendency to encourage some of the existing farm mortgage
houses to become less conservative in their practices and likewise produce
and offer for salo an inferior grado o f mortgages, which in normal times
would not bo considered for a moment.
The effect of such a procedure in either case would bo the reaping of a
harvest of foreclosures, resulting in shattering the confidence o f a class of
Investors that has been educated to farm mortgago investments through
high-class farm mortgago bankers based on long yoars o f consciencious
square dealing.
Farm mortgago bankers necessarily aro engagod in tho business for profit,
and competition is keen, but unless profits can come legitimately, unless
thoy accruo through the producing and selling of mortgages at least of stand
ard quality, it is better temporarily to do less business and bo satisfied until
present conditions have been corrected.
Wo will further tho purpose o f our Association and tho best interests of
tho business if we co-oporato to tho utmost to discourage practices that tend
to undermino a S 3 ,500,000,000 farm mortgage business that has been built
up on observance of tho simple rulos o f conservative business practices,
and the strictest fidelity to the interest of investor and borrower.
[Vol . 102.
And, Whereas, tho Federal Reserve bank will only accept checks for
collection, giving credit when returns are received, thereby forcing banks
to take out-of-town checks for collection only, which will cause great
confusion and inconvenience to tho general public.
And Whereas, such action is arbitrary and revolutionary and tends to
deprive banks of their legitimate rights and privileges.
Therefore, Be it Resolved, That wo, both national and Stato banks of
Group 2 of the Washington Bankers’ Association, hereby protest against
this ruling of tho Federal Reserve Board and request said Board to cancel
the recent order and allow checks to bo handled by member banks as here
tofore.
Resolve*, That a copy of his resolution be forwardod to the Federal
Reserve Bank of San Francisco and to the Federal Reserve Board at
Washington, D. C.
Whereas a movement is on foot to amend the Federal Bank Act, to
cliango tho powers of Federal Reserve banks in respect to loaning money,
and
Whereas, tho present method of rediscounting paper for membor banks is
cumbersome and inconvenient and puts the credit facilities of the Federal
Reserve banks out of roach of tho majority of member banks,
Therefore, Be it Resolved, That wo favor so amending tho Act that each
Federal Reserve bank bo authorized to make loans to member banks
direct.
Resolved, That a copy of this resolution bo forwardod to tho Federal
Reserve Board and tho Federal Reserve Bank of San Francisco.
A prom inent banker of the Stato o f W a sh ing ton in com
m enting upon tho proposition for a unified clearings system ,
as outlined b y M ilto n C . E lliott, counsel for tho Federal
Reserve Board
a t tho recent convention of tho Texas
B ank ers’ A ssociation states th at the menace of tho proposal
in the estim ation o f bankers in W ash ington is that it would
be interpreted b y tho general public as an invitation to sond
RESERVE BOARD POSTPONES INAUGURATION OF checks broadcast rather than to buy exchange; that in tho
W e stern cou n try, and in a lesser degree in tho E a st, it will
CLEARING PLAN TO J U L Y 15.
T ho date of the inauguration of tho new clearing and col encourage “ k itin g ,” the party sending tho check out taking
lection plan of the Federal Reserve B oard has been deferred advantage of the fact that tho check will bo in tho m ail some
until July 15.
T h e B oard m ade known its decision in tho little tim e beforo getting back to tho bank on which it is
m atter in the following announcem ent issued on the 22d drawn. T his samo banker points o ut that tho fact that the
Federal Reservo bank will only take these checks for collec
in st.:
The Federal Reservo Board to-day voted unanimously to defer tho inau tion, giving credit when returns are received, will force
guration o f the now clearing and collection plan in tho twelve Federal banks to take out-of-tow n items from their depositors for
Reserve banks to Saturday, July 15.
After consultation by wire with the Governors o f banks it was found collection, thus tending to work a hardship on tho general
that this was tho earliest date at which it was possible to make tho plan public.
________________________
actually operative in all districts.
The Board also docided against the suggestion that tho development o f
tho now system be by two or three progressive steps. Tho plan will be M A R Y LA N D B A N K E R S WITHHOLD ACTION RELA
come generally effective on tho date named.
TIVE TO RESERVE CLEARANCE PLAN.
T h e now clearings system had been scheduled to go into
W h ile the Federal Reserve’s plan for check clearance was
effect about June 15.
.
discussed a t the m eeting of the M a ryla n d Bankers’ Associa
tion in convention at A tlan tic C ity this week, tho Association
NEW YORK B A N K S RECORD OPPOSITION TO RESERVE failed to record itsolf in the m attor, in view of tho opinion
BOARD’ S CLEARANCE PLAN.
advanced by some of tho bankers that judgm ent bo suspended
Opposition to tho par collection plan as outlined by the ponding the working out of tho plan.
C ol. I I . B . W ilc o x ,
Federal Reserve Board is expressed in a resolution adopted of B altim ore, is one o f those who urged the bankers to w ith
b y G roup V I of tho N o w Y o rk State B an k ers’ A ssociation, hold ju d gm en t; John B . R a m sa y , of B altim ore, who also
and an indication th at a similar resolution will be introduced discouraged adverse action w ith rogard to tho plan, pointed
at the annual convention o f the N ow Y o rk State B ank ers’ out tho d u ty of the bankers and business m en to stand b y the
association next m on th , is contained in tho protest of tho G overn m en t, which, ho added, could bo counted upon to
G rou p .
T h e latter’s resolution says:
bring order out o f chaos. H arv ey L . C ooper, in his address
Whereas, Since tho inception of tho Fedoral Reserve Act, it has been told as President of tho A ssociation, suggested that tho bankers
and reiterated by the officers o f tho Federal Reserve Bank and others in
authority that this law was framed with special reference to the country require borrowers to tako out an insurance policy, to the end
that when a debt is created provision be m ade a t tho samo
banks; and
Whereas, It is now proposed to put into force a plan for tho par collec
timo for its pa ym en t.
T h e Baltim ore “ Sun” quotes M r .
tion of checks o f all member banks, thereby entailing a direct and sovero
loss in oxchango to the country banks and benefitting only tho larger city Cooper as saying:
Tho point I seek to mako is that tho requirement of a policy of insurance,
banks; bo It
_
first, makes provision of tho ultimato liquidation of tho loan; second, when
Resolved, That wo, tho members of Group V I , Now York Stato Bankers
Association, in meeting assembled, do horeby go on record as being opposed assigned to tho bank as additional collateral, is practically certain to bo
to tho par collection plan as outlined by tho Federal Iteservo Board, as it continued by tho borrower; third, protects tho bank in caso of promaturo
Is unfair to tho country banks, and that tho Secretary of this Group be in death; and, fourth, successfully solves ono of the greatest of all banking
structed to send a copy of these resolutions to each bank in New York Stato, problems, namoly, tho groat difficulty of preventing the community which
advising them that these or similar resolutions will bo introduced at the an tho bank serves from losing its habits of frugality and thrift, and thereby
nual convention of tho New York Stato Bankers’ Association at Atlantic becoming so tied up with a volumo of fixed indebtedness as to mako it such
City, Juno 9 1910, and urge that they attend this convention and lend their an easy proy to the vicissitudes of thoso bad years and hard times which
are certain to recur.
support.
G roup V I comprises the counties o f U lster, Sullivan,
O range, D u tch ess, P u tn am , Rockland and W estchestor.
WASHINGTON B A N K E R S PROTEST A G A IN ST RESERVE
BOARD’ S CLEARING PLAN.
A protest against the proposed clearings plan of tho
Federal Reserve Board is registered in a resolution adopted
b y Group 2 of the W ash ington State B ankers’ Association
on M a y 12.
T h e resolution characterizes the B oa rd ’s action
as “ arbitrary and revolutionary” and requests that tho
B oard cancel its rulings and allow checks to bo handled by
m em ber banks as heretofore. T h e m em bers of tho Group
a t the same tim e went on record as approving tho m ovem ent
to am end the Reserve A c t so th at the Reservo banks would
be authorized to m ake loans to m em ber banks direct.
Wo
give both resolutions below:
Whereas, The Federal Reserve Board managing the twolvo Federal
Reserve banks of tho United States, has advised tho national banks of tho
country of a now clearing arrangement to be effective Juno 15 1916, whereby
each national bank is required to clear at par all checks on itself received
by the Federal Reserve bank of its district,
CHARLES .1. RHOADS ON WHY RESERVE B A N K S
CANNOT P A Y IN TE RE ST ON DEPOSITS.
Charles J. R hoads, G overnor of tho Federal Rosorvo B ank
of Philadelphia, discussed the various workings of tho Federal
Reserve System at tho a n n u a l. meeting of tho PennsylvaniaBankers’ Association in Philadelphia on tho 19th inst. W h ile
stating that “ in timo our discount rates should bo a con
trolling factor in tho wholo co u n try ,” M r . Rhoads pointed
out that “ so far tho total rediscounts have been so small as
to have little or no o ffe ct.”
“ Som e d a y ,” ho said, “ whon
tho war ends, tho European banks will use every effort to
attract gold to their v au lts, and our discount rates aro the
chief moans to protect this cou n try, against a largo oxport
m ovem ent o f g o ld .”
W ith regard to tho inability of tho
Reserve banks to pay interest on deposits, M r . Rhoads said:
Most bankers ask why wo cannot contlnuo on tho old linos, viz.: paying
interest on balances and absorbing tho float. Tho answer is this: If the
Federal Reserve Bank of Philadelphia paid 2% on our present deposits
of, say. 527,000,000. it would cost us 554,000 per annum *and we would
May 27 1916.]
THE CHRONICLE
have to loan all our deposits at once; because we can only realize about
2% at present on tho investments which wo are authorized to buy and
which must bo o f the most liquid naturo to enable us to take care o f our
members’ needs in case o f necessity. This would absorb practically all our
resources and leave us no reserve.
Now tho Reserve banks must operate with large reserves in easy times,
say 50 to 65% , so that is one reason wo cannot afford to pay interest. By
taking advantage o f tho reduced reserve requirements and using us if need
arises, most banks can afford to loan closer and thus make up the loss of
interest on your balanco with us.
I might also remind you that all bankers who have carefully considered
this matter are agreed that tho payment o f interest on resorvo balances is
bad banking becauso it artificially attracts funds to the reserve centres,
when tho banks, in order to earn the interest, are forced to loan the balances
in thoir hands with the result that the loans cannot be liquidated without
groat hardship when tho balances are withdrawn by tho country banks. As
you know, this condition has developed over and over again in our banking
history, so that we ought to know better than to continue to repeat mistakes
o f this kind.
As to our absorbing tho float, a study o f tho national bank reports for
the past five years reveals that country banks carried with their Reserve
agents on the average, in good times and bad, about 19% of their net
deposits, while they were only required to maintain 9% . This large
amount must have been used primarily to facilitate the collection o f checks.
The amount to bo carried with Federal Reserve banks is only 5% , if wo in
clude time deposits tho average is less than 5% , which could not possibly
sustain the float involved in the collection o f chocks.
As a result, therefore, o f our experience with a voluntary immediate
debit and credit system, and o f our study o f the question, we foci that the
only sound basis for us to adopt is a deferred debit and credit plan, and
this is tho one suggested by tho Federal Reserve Board.
O K L A H O M A B A N K E R S C R IT IC ISE U S U R Y L A W A N D
C O M P T R O L L E R OP T H E C U R R E N C Y .
T h o new Oklahom a usury law , which went into effect on
tho 22 d in st., was denounced b y the m em bers o f the O kla
hom a B an k ers’ A ssociation in convention a t O klahom a C ity
on the 16th in st. A d vo cates o f the law contend that it
will bring a bou t the curtailment of excessive interest charges,
while others assert that it will work a hardship to sm all
borrowers, and force m an y sm all banks to retire from the
field. T . H . D w y e r, President of the A ssociation and
President o f the Chickasha N ation al B a n k , of Chickasha,
in a criticism o f the law in his annual address, said:
Tho bitter fight that lia3 boon waged on interest rates in Oklahoma the
last yoar needs no commont. Everybody knows why tho special session
o f tho Legislature was called and that a majority o f the members o f tho
State’s law-making body were not in favor o f tho new usury law. And
yet, In order to gain some political advantage by tho now voting law,
enough mombers agreed to vote for tho vicious anti-usury bill to carry it
over the judgment o f a majority o f the Legislature. The law Is now on tho
statute books and is.being generally enforced by the banks. Already the
number o f banks in tho State has decreased and tho decrease is likely to
continue. With tho liquidation o f every bank whore there is only one In
the town, tho customer o f that bank finds it necessary to drive a fow
miles farther to do his banking business than he did beforo, and the small
amount o f excess interest ho paid for the accommodation o f having an in
stitution handy at which ho could do his banking businoss is multiplied
soveral times by tho expense o f traveling to a more distant point. Thus
thoso who should bo benefited are injured by ill-conceived laws hatched in
tlie brain o f unsuccessful and impractical men and foisted upon tho people
by political jugglery.
Located as I am in one o f tho larger towns o f the State, this legislation
makes little or no difference with my business personally. In fact, it
enables mo to weed out a little undesirable business that I had been carrying
to accommodate undesirable borrowers and charging a high rate to insure
against loss. No banker likes to take that kind o f business, but ho is fre
quently compelled to do so. Now that tho rato is not elastic, tho borrower
will havo to shift for himself. I behove that every banker in Oklahoma
should obey the new law to tho letter.
W o give below the text of the now law :
An Act relating to tho lending o f money; amending Section 1005 o f tho
Rovlsed Laws o f Oklahoma, 1910, providing penalties for tiro violation
o f tho interest laws o f tho State, and denying the jurisdiction o f the courts
to enforco usurious contracts in certain cases; providing for reports to tho
Bank Commissioner by State banks concerning rates o f interest; and fixing
tho procedure for tho cancellation of the charter o f such banks violating
tho intorest laws o f tho State:
lie it enacted by the people of the State of Oklahoma:
Soction 1. Section 1005 of the ltovised Laws o f Oklahoma, 1910, is
hereby amended to read as follows: "Tho taking, receiving, reserving or
charging a greater rato o f interest than is provided by tho preceding section
shall bo deemed a forfeiture o f twico tho amount o f intorest which tho
note, bill or other ovldenco o f debt carries with it, or which has been agreed
to bo paid thereon. In case a greater rato o f interest has boon paid, tho
porson by whom it has been paid, his legal representatives, may recover
from tho porson, firm or corporation taking or receiving tho same in an
action In the naturo o f an action o f debt twico tho amount o f tho entiro
Interest paid; provided, that such action shall be brought within two years
after tho maturity o f such usurious contract; provided further, that when
any suit is brought upon any noto, bill or other ovldenco o f indebtedness
or to foreclose any inortgago or lion given to secure such indebtedness
when a greater rato o f interest has been collected, reserved, charged or
received than is providod for in this Act, tho defendant, his legal represen
tative, may plead as a set-off or counterclaim in said action twico tho
amount o f the entiro interest collected, reserved, charged or received in
said transaction, or In all such transactions, between tho samo parties.
Sec. 2. Any contract for tho loan o f money, whero tho rato of interest
taken, received, reserved or charged is greater than tho rato as declared in
Section 1005 of the Rovlsed Laws o f Oklahoma, 1910, may bo liquidated in
tho following manner: On tho dato such contract falls duo, or at any time
beforo suit for the collection threeof is instituted, tho payor, his agent,
attorney, or legal representative may tender to tho holder thereof tho exact
amount o f money received from tho lender, less tho amount o f tho entire
intorest charged, received, reserved, or collected thereon, said tender to
bo in writing, and to such party only as service may bo had as in caso
o f actions at law, and the payee of said contract is hereby given twenty-four
hours thereafter to answer such tender, and such answer shall be in writing,
and tho acceptance or final rejection thereof shall constitute and bo a full
1953
and complete satisfaction of such indebtedness. If no such tender as
heretofore provided has been made, and suit is Instituted in a court o f
competent jurisdiction for the collection thereof, the payor, his agent,
attorney, or legal representative may, at or before the time he is required
to plead, deposit in the court the exact sum of money received on said
contract, less the exact amount o f the entire interest taken, received, re
served or charged and the cost incurred, and if the same be not accepted,
the court or jury shall make a finding thereon and judgment against said
plaintiff shall be rendered on said finding holding such contract and debt,
satisfied by reason o f such tender, if such is found to have been made, and
for cost, and on such finding the said deposit shall be returned to said
defendant. Provided, this section shall not be construed to prevent the
debtor from bringing his action on cross-petition, or in an original suit to
recover twice the amount of interest charged, or paid in said contract sued
upon. Provided further, the provisions of this Act shall not operate to
repeal or modify any of the provisions of the Negotiable Instrument Act.
Sec. 3. Any person, firm or corporation violating the provisions of this
Act and the laws o f this State relating to the loaning of money by taking,
reserving, charging or receiving any usurious interest on any note, bill or
other evidence of debt, and who shall transfer the samo to a bona fide pur
chaser before due, shall be liable to the maker o f said note, bill or other
evidence o f debt for double all such interest taken, reserved, charged or
received, and it shall bo competent to join in the same action, causes
of action for reserving and charging usurious Interest with causes of action
for taking and receiving usurious interest, and any number o f such causes
of such action may be joined in the same action, whether growing out of
the same transaction or different transactions, wherein such usurious in
terest is taken, reserved, charged or received; provided, that the purchaser
of any note or evidence of debt, with notice or knowledge that samo was
executed In violation of interest laws of the State, shall not be deemed
an innocent purchaser and such contract shall be held subject to all the
defenses and penalties provided In this Act. Provided further, that causes
of action for the recovery of penalties created in this Act shall not be
assignable.
Sec. 4. No suit upon any contract entered into after the passage and
approval of this Act, o f $300 or less, or an action in replevin or to foreclose
any mortgage or lien given as security therefor, shall be maintained in
courts of this State, and no petition or bill of particulars shall be filed or
any process issued where tho amount of such sum is $300 or less, unless at
tho time o f filing such suit, there shall be filed with such bill of particulars
or potition an affidavit setting forth that the contract sued on was not
made in violation of the interest laws of this State, and that a greater rate
of interest than 10% has not been charged, reserved or collected on such
contract or contracts sued upon; provided, that if upon the trial of any
such suit brought upon any note, bill or other evidence of indebtedness
of $300 or less, or in replevin or for the foreclosure of any lien given to
secure the samo, it shall be shown by the evidence that the contract sued
upon Is usurious and made in violation of tho interest laws of this State,
said suit shall be dismissed at the cost o f tho plaintiff.
Sec. 5. It shall be the duty of tho officers of all State banks, organized
and doing business under and by virtue of the laws of the State, to make a
sworn quarterly report to the Bank Commissioner, setting forth the rate
of interest charged, retained, reserved or collected upon the loans made in
excess of the legal or contract rate of interest during the quarter for which
said report Is made, and such other detailed information as the Bank
Commissioner may require concerning rates of intorest charged, and all
such reports as shown the rates of interest exceeding 10% per annum have
been charged, shall be published in the annual report o f the Bank Com
missioner; providod, that when the report of any bank shall disclose that
such bank is wilfully loaning money in violation of the interest laws of the
State, It shall be his duty to immediately report such violation to the Gov
ernor, who may direct the Bank Commissioner to bring suit, through the
Attorney-General, in a court of competent jurisdiction, in the county where
tho bank is located, to cancel the charter of such bank, and the judgment
o f the court on the trial of said issue shall find tho defendant bank guilty
or not guilty, and if the judgment is guilty It shall further provide for the
cancellation o f tho charter of said bank and the liquidation of the assets
o f said bank as tho law now provides in cases o f insolvent banks, from
which judgment either party shall have the right o f appeal to the Supreme
Court, as In civil cases. Upon such appeal being filed, the Supreme Court
shall hoar and determine same as an advanced case.
T h e A c t o f 1910, to which reference is m ade in the fore
going, fixes, b y Section 1, the legal rate o f interest, in the
absence of a ny contract, at 6 % , and the contract rate at
not to exceed 1 0 % , as follow s:
Section 1. That the legal rato of interest shall not exceed six percentum
in tho absence of any contract as to the rate of interest, and by contract,
parties may agree upon any rate not to exceed ten per centum per annum.
Said rates of six and ten per centum shall be, respectively, the legal rate
and the maximum contract rates of interest.
T h e bankers also took exception a t the m eeting to th e
Com ptroller of the C urrency’s strictures regarding interest
rates, and adopted a resolution in the form of a m em orial to
Congress protesting against the C om p troller’s report of loans
m ade b y national banks in Oklahom a and the interest
charged. According to the “ O klah om an,” the m em orial sets
out that:
These exhibits might be misleading to your honorable body, were you in
clined to give them any consideration at all, in that the report is particularly
silent as to the average interest charged by all banks on all loans in Okla
homa, as the high per cent appearing therein applies to relatively small
loans, many of them earning $1 or less, and a very small ratio of said loans
earning over $10.
Tho “ O klahom an” adds that Com ptroller W illia m s’ s
report is accused of being m isleading and deceptive and a
statem ent is m ade that the percentage o f net earnings to
capital and surplus is less in Oklahom a than in a ny other
State of tho W estern group, excepting only W y o m in g and
Colorado.
T h e other States are Iow a, N eb ra sk a , K an sas,
N e w M e x ic o , Arizona and M o n ta n a .
T h e bankers further
say:
This Association respectfully submits and suggests to your honorable
body, that any arraignment covering the abuse complained of, if presented
by a person dominated by the Idea to be fair, should include the foregoing
deductions.
1954
THE CHRONICLE
In alluding to th e ^attitude 'o f t ho 'C om p troller in his
annirnfaddress, President D w yer said:
)-».Wo"'are pleaded to noto that in his rocont calls'forlstatomcnts tho Comp
troller has omittcfi soveral p f tho most objectionable questions and require
ments J~_This~action~“ from_^U tho Information at hand, appears to have
followed as a natural result of thoJTlght courageously mado by some of the
country bankers of tho Unitod Statos'orTTKirO om ptrolter's policy, an*d the
good'rosults""achioved In this manner oarn for tho stalw artcontostants our
thanks and "appreciation^ We havcMio quarrol with Comptrolle r ‘Williams
personally; as’ far ;'as~we know ho m ayl)o a man of tho jiighest honor and
integrity anti ability ,Jbut thoro is sucli a vast difforonco between co nditions
where he""was* born and raised and jwhoro ho has boon accustomed to make
his observetionsTand .conditions in tho primitive Southwest, including
Oklahoma,jthat_we aro_ inclined to fthinl? tho 'mistakes which have boon
made were due to tho"lack o f jorrcct informatiorT'regarding our problems,
• nislTttack on’ tho interest rates "prevailing .inltheso^tiow_countri(^_could
doubtless^bo Justified by .specific instances—-ls'[thero one of us who lias not
know rTofJpuchi 1nsta,ncos? And yet, to our)mind. Itwas .very unwise and
unfair to array~deop-soatcd projudico*known to oxist against banlcsjln this
section, and~mako"it_appear"Tth a iT a s T a 1ass^thoy^aro_l^Jo^bptter_than
highwaymon. Wo" knowibanks" in’ Oklaliorn^that'havo^beon buying com
mercial paper during tlib last year at 4 % . while other banks less than 200
rnlles~away~\verb’ gotting*'a soveralltimesIhigher rate. sThis situation of
Hself proves that thero is a legitimate reason for tho higher rate, because
the bank that got only 4% on Its loans was fully aware that if it wanted
to do so it could loan its money at much highor rato by taking the other
class of business.
CHARLES S. CALWELL URGES CO-OPERATIVE SOCIE
TIES I N RURAL CREDIT PLANS.
A criticism of “ T ho M o ss-H o llis Rural Credits B ill-Federal
Land B a n k ,” was contained in an address delivered under
that title b y Charles S . Cahvell, President of the Corn E x
change N ation al B an k of Philadelphia, a t tho session on the
18th inst. of tho Pennsylvania Bankers’ Association. M r .
Cahvell is quoted in tho Philadelphia “ Pross” as declaring
that those with large incomes would bonofit b y the bill, as
thoy would soon find out that it was not only tax-free but a
safe in vestm en t, because of tho m an y ways in which tho bonds
will be secured and sinco in a short tim e they_will JbeJis^djon
all im portant exchanges, m an y commissions will bo earned by
brokers in tho sale of such securities. M r . Cahvell, accord
ing to the “ P ress,” added:
After tho surtax payers and tho bond brokers, this bill seoms to have
been passed for tho benefit of politicians who have a strenuous campaign
this fail and a sop in tho shape of lower rates to farmors will make very in
teresting speech material.
It seoms as if our lawmakers arc studying foreign legislation, not with
the idea o f learning by~tho mistakes ofjforeign countries or profiting by their
exporionces~but simply with tho idea o f selecting those points that will ap
peal to the selfishness of tho particular class benofltted and enacting laws
for political gain.
At the Rural Credit Conference held in this city last November thero was
unqualified condemnation of the doctrlncPof direct Governont_aid?or_ the
farmer^ It was’folt'tho growth o f co-operation, and not tli’o question of in
terest rates, was the most"important— co-operation in buying, in marketing
and in financing.
It was hoped by tho friends o fth o farm orj.hatjho rural credi tJMII, .when
passed, would'heljTthe establishment o f actualjco-opFtyIjyoj>sso(dapo'iis7]<i
“ "Under this new law thero will'bo some growth of co-operative societies,
butfwo aro~saiiing off on the wrong track. Paternalism isnotco-operation,
and what would' bo necessary for the lowest classes o f European peasants is
not needed here.
Indulgent Uncle Sam says to tho child of rural co-operation, “ Let mo do
t for you," instead o f teaching tho way for individuafgrowth and develop
ment.
Thero seems to prevail in our legislators’ minds tho thought that wliatw or'cx is'tslis^wrong and;whatever is now iiTbotter. No thought over was
given by th e m jo the upbuirding~of'rural credit through co-operative associations“ and present■financial” institutions. But woimust have experi
mental legislation o n a scale greater than has ever before been tried by any
country. Experimental legislation that will exempt ono class at“tho ex
pense o f another.
__________________________ ____________ _ _ ______
“ Real rurarco-dperation has been pushed back manyjyears by this neces
sity o f quick action before a Presidential election.
JOSEPH A. McCORD ON CONDITIONS WHICH M A D E
FEDERAL RESERVE B A N K S NECESSARY.
“ Tho Federal Reserve B anks— Conditions W h ich M a d e
T hem N ecessa ry ,” was tho titlo under which Joseph A . M c
C o r d ,'G o v e r n o r of tho Federal Reserve B an k of A tla n ta ,
addressed the A lab am a Bankers’ Association a t its annual
convention last m on th .
In his discourse, after treating of
the m ain them e o f his romarks, M r . M c C o rd had som ething
t o "s a y both w ith regard to tho benefits accruing to the
farmer" through tho R eserve banks and w ith reference to t he
check collections under th e Reservo system . U ltim a te ly ,
said M r T M c C o r d , “ tho whole systom w ill'be collecting checks
a F p a r, and tho m an who has been getting exchange will not
lose any m on ey, because ho will have the use of tho m oney
h e lia s had tied u p, and ho will got tho m on ey when ho needs
it on account of his increased reserve.”
A part of w hat
M r . M c C o rd had to say at the convention is qu oted below :
“ Tho Federal Rosorvo Bank was organized for just what its namo Implies
Federal Reserve— for tho mobilization of a certain portion o f tho rosorvo
tcTbo held by a bank located in tho immediate community for tho purpose
oftaking care of tho credit of that entire community. Allow mo to make
tails"illustration: Thoro is much talk about war and preparedness; suppose
wo wore to have war declared with a foreign nation; would you station a
usand men in Montgomery, a thousand men in Atlanta, a thou
tVol . 102
men in Jackson, Miss., a thousand men in Nashville. Tonn., a thousand
In Tallahassee, Fla., for the protection of our coast? That would be a
short-sighted policy. Now, that is just what was done beforo tho organi
zation of tho Fedoral Rosorvo banks. Whon tho warning was glvon, thore
was a panic on in Now York; overy bank’s officers bogan to look out for his
own chickens; to close up things around him, to protoct his depositors; and
that was right, becauso ho had no system to turn to, to aid him, and the
only thing in his place was clearing house certificates. That is comparable
to putting your_thousand men Jin oach_ono of tho capitals in tho various
States to"defend your coast; but when you have tho Federal Reserve bank
organized, as it is, you liavo a placo whore those rosorvos aro mobilized,
comparable with tho troops being mobilized on tho coast to protect us from
the invading enemy; and thoir money is your money; you havo a right to
draw it; it is put thoro for a special trust and must bo invested in a certain
way and cannot bo invested boyond that way; and this bocamo necessary,
M r. President, by reason of the fact that every civilized nation on earth
has established"a system o f banking oxcopt the United States, and wo were
at tho mercy of tho world, so far as unification of banking was concerned.
Theso recurring panics came from inflation of credit, and I wish to say it
advisedly and I have thought it over carofully, thore is no inflation of credit
in a Fedoral Reserve bank; thero cannot be if a member bank certifies to
tho truth, and I do not doubt that thoy will toll tho truth about those
matters; but under tho old systom of banking, national or State, there was
a great possibility, and a possibility abused, of a systom that made infla
tion possiblo. 0
s u n d e r the old system, before we co-ordinated, a man could go into a com^
munlty and buy a lot, got somcTbrick and put on it, build a houso, get some
machinery put in it and organizo a cotton factory, an oil mill or some other
enterprise, and borrow money on tho stock. Mr. Hugh Inman once said
to mo: “ Tho printing pressos aro running night and day printing these
red and green piecos of paper; bo careful.”
These industrial corporations boing organized in ono town or city, and
money to financo thorn partly furnished by tho banks of that city , stimu
lates anothor town to havo a cotton factory that wanted to havo one, and
their plans go a similar way— whonover tho man subscribed to the stock,
ho wanted to borrow some money and ho wantod to givo you this certifi
cate of stock. Now as a patriotic man of tho town, and dependent on the
community for your support, you havo to tako that stock whethor you want
to or not. That was inflation; it was inflation to the extent that you were
putting up monoy for a proposition that had not boon skilfully tried out;
noither had tho man who was going to run it been brought Up in the busi
ness. If it succeods, it is all right; but if it fails, your bank proves to be the
holding company, lidding credits based on tho success oi that institution;
that was inflation of credit boyond tho limit of what should oxist.
It was also possiblo to tako notos of various kind and character and put
them into Stato and national banks, and then rediscount them in Now York.
Tho New York banks did not roly on that noto so much as thoy relied on
tho fact of tho management of your institution, and they know that there
were agricultural and commercial conditions that would onalilo you to pay
it; and know thoy would never have to go to that pioco of paper to got their
monoy. So inflation was caused, and if you will take tho rocords of the
past and look it up, you will seo that just boforo each panic camo tho local
superstructure of credit, broadoned and broadened and broadened on the
baso of gold, and finally whon tho base of gold couldn’t stand tho entire
pressure on it, tho superstructure had to topple and fall, and in toppling
and falling, tho only thing left was tho cloaring houso certificate, until
mon could right themselves and seo where thoy stood.
That was what mado nocossary tho organization of a systom of banking
that would provont this thing, and that was what tho Fedoral Reserve bank
was intended for; it was intended for a hotter systom of banking, and is
going to provide that, whothor you think so or not. It is ono of tho meas
ures that tho Republican Party has not criticized; thoy woro just as anxious
for a sound system of banking as tho Doinocrats woro. Two Presidents
prior to Mr. Wilson had tho opportunity of roconimonding it to Congross,
but thoy woro afraid of losing to tho public thoir party; it roinainod for that
sterling charactor, Woodrow Wilson, who told tho pcoplo of America,
“ We must havo a bottor systom of banking,” to say to Congross, “ I told
tho people we would do so and so, and you havo got it to d o."
Boforo tho law was passed, I had a conforonco with Sonator Iloko Smith.
Ith en said to him: "Sonator, rfoei~that sometBng is going wrong beforo
this Federal Reserve Act can get into force, because tho rato of tax is too
high; it starts at five and gets to ton per cent, and nobody ovor had paid
moro than from throe to six, instead of five to ton per cent.” It is not
necessary for mo to say to you, gontlemen, what tiio rosult of that bill was.
But what did that bill do? Why, that bill inflated your currency; inflated
tho currency of this country; inflated it throo hundred million dollars, and
it stayed out for about throo or four months.
While talking on this to tho Chief Clerk in tho Dopartmont where those
taxes aro collected, ho told mo that tho amount of $2,987,000 was collected
under tho Aldrich-Vreoland Act— moro than all tho expense of tho Federal
Reserve bank during its existence up to tho prosont, and you will find men
who will say that tho Aldrlch-Vreoland Act is all right. It created an in
flation; tho bank doposits decreased while that curroncy was outstanding,
and tho curroncy inflated.
Whon tho Federal Reserve bank camo into oxistonco, Nov. 1G 1914, it
liberated in Now York City $176,000,000 of rosorvo monoy. Tho banks in
New York City at that time were charging 5 and 6% , and paid 2% interest
on balances. 1 am not going to condemn Now York for doing that; they
thoy couldn’ t help themselves, but thoy managed, as soon as this reserve
was liberated, to drop that rato to 4j^ % , and telegraphed to banks all ovor
tho country, offering tho money at 4 H % - 'Vo liberated $176,000,000
reserve (at that tlmo thoy woro $40,000,000 below their gold reserve),
and on Nov. 17 thoy had a surplus of $136,000,000—all made possiblo by
tho fact that thoy could tako thoir paper to tho Federal Hoservo bank and
discount it and get Federal Rosorvo notos which thoy could count as re
servo against their doposits.
That was the condition that existed at that time. Immediately upon tho
liberation of this reserve, not only in Now York, but throughout this great
country, pooplo bogan to liquidate thoir debts; monoy bogan to coino in from
tho coffers, tho stockings, the safoty deposit vaults. When tho AldrichVreeland Act was in effect, I know there was a great deal of it stored in
vaults. I don’t say that wo did it all; wo did not. Tho people had gotten
frantic; thoy had lost thoir heads; they didn’t know what thoy woro going
to do with thoir cotton; thoy woro offered 5 conts or 6 conts a pound, which
was below tho cost of production; but whon thoy found thoy had sorao stable
systom of credit, confidence was restored and pooplo got back to normal
and thoy havo boon at normal ovor since. It is quito truo that at that time
thero woro a number of banks which had so oxtondod thomselvos and had
taken out Aldrich-Vreoland curroncy that thoy could not pay that curroncy
when the tax got up to 6% without hurt to thoir customers and their banks.
It, therefore, became our pioasuro to discount for thorn notes and tako up
tho Aldrich-Vreoland curroncy, which was an inflation of $22,000,000 in
this district alone, and tho tax on that was in this district $275,000; and if
that had been turned into our coffers as an exponso account to start with.
May 27 1916.]
THE CHRONICLE
we would havo been delaring good dividends already. But lot that bo;
we took that paper, discounted it and thus relieved the situation.
In August 1915 your cotton was soiling at 813 conts por pound, the very
month in tho year when it ought to sell at the highest, brought about by
the fact that England wouldn’ t allow Austria and Germany to take any.
You were facing tho condition o f a now crop coming on and tho old one
not yot sold. Wo asked the Secretary o f tho Treasury to deposit fivo
million dollars with us, and we undertook to discount for tho momber
bank notes secured by non-porisliablo commodities; wo agreed to discount
these notes at tho rate o f 3% por annum, provided thoy would let their
customers have it at G%; if they did not want to lot the public havo it at
6% , wo would chargo tho banks 4 % . Wo accepted their warehouse re
ceipts, and thoy became rosponsiblo for tho payment of tho notes at ma
turity, and thoy got one-half o f tho amount for thoir services and wo fur
nish tho cash for them to do business with.
This was dono by a systoin inaugurated in tho Atlanta Federal Rescrvo
Bank, which took cotton drafts and sold thorn in New York for gold, and tho
gold was doposltod in tho Federal Rescrvo Bank of Now York for our credit.
Simultaneously therewith, on tho samo day, wo paid our Federal Reserve
notes, over our counter at tho bank in Atlanta, and tho banks in other citios,
who availod thomsolves o f that opportunity. I wroto lottors to all tho
banks in tho district, tolling them that wo could do this; I know it was use
less to writo tho smaller banks, because I know thoy could got tho samo
monoy, but tho wholo object o f that was to procuro gold on which wo could
issue notes. Wo issued in tho Atlanta district 818,900,000 in Federal
Rosorvo notes; wo never had at any ono time moro than 89,000,000 of dis
counted notes o f all kinds; our deposits woro $8,000,000 and Government
doposits $5,000,000.
Our purposo was that if wo could got together sufficient gold to bo taken
as a basis on which to issue our Federal Rosorvo notes, wo could handle
tho credit o f this ontiro Southland without over going outsido of this dis
trict, and 1 say that thoso Federal Roservo notes would pay for tho crops,
and as soon as thoy paid for tho crops tho man would not want to carry it
around in his purse, but ho would go and pay his debts as thoy camo duo
at tho bank, if ho owod a debt— if not, then he deposited tho monoy for
safety, and tho bank could utilizo that money without having to come to us
for it. When these commodities havo been marketed and got into tho hands
of tho exporters, it will bo found that in this district wo havo produced moro
monoy than any other district, with tho exception of Dallas, Texas. Wo
havo ono crop in this district that will produce moro gold than any district
in tho Unitod States— that of cotton, which will produco it any month in
tho year.
Tho issuing of thoso Federal Roservo notes cost us $25,000, but wo won’t
havo to pay that out again bccauso that exponso has been mot; all tho or
ganization expenses havo boon paid, but wo will havo to pay say $5,000 per
year to tako caro o f worn-out bills by issuing now bills. Tho Federal Resorvo Bank o f Atlanta up to Jan. 1 1916 showod a not profit of $84,000
to momber banks, and it takes 8129,000 to pay tho 6% dividend for tho samo
timo; but as wo had several largo crodits out, tho Executive Committee
thought it bost not to pay that dividend, and wo hold it up until our member
banks took up somo o f thoir outstanding credits. Wo had fivo "failed”
banks on our hands; and I am happy to say that wo won’t loso any monoy
except in ono caso, and that was a caso of forgery; no ono can protect them
selves against a forgery, and that loss will bo somowhero about $2,000.
M y good friond who preceded mo said that tlioro was no elasticity In tho
Federal Rescrvo bank; ho and I aro good friends, but I want to differ with
him. During tho administration o f tho Federal Roservo Bank o f Atlanta
in tho last year, thero was an elasticity o f something over four million,
bccauso wo put out Federal Reservo notes to tho extent of four and one-half
million, secured by 40 conts on tho dollar in gold and 100 cents on tho
dollar o f your customers’ notos— customers’ notes turned over to us.
Sinco that time conditions have como about that gold has conic into our
coffers and wo havo had no occasion to put up customers’ notos, but re
tired tho notes by deposits of gold. I think I havo clearly demonstrated
to you that there was an elasticity there. Federal Reservo notos wero
paid out to tho extent of four and ono-lialf million dollars, on farmers
notos secured by cotton, merchants’ notos secured by goods, and trado
acceptances, and that was an expansion at tho timo o f tho year when it
was needod. This fact is true of Federal Rosorvo notos— thoy expand when
thoy nood to bo expanded, and contract at tho tirno they need to bo con
tracted. And tho contrary is truo o f national bank notos— when tightness
o f monoy comes, national bank notos aro retired; when ease comes, nationa;
bank notes aro increased.
Now wo go a littlo further. Wo havo accomplished a groat work by taking
farmers’ notos from you at 3% , you to got 6% from tho farmer. You tell
the farmor, “ This is Government money, and when it comes due you must
pay.” You must impress upon tho farmers that promptness secures
additional favors, and that thoy must havo a dofinito time for paying thoir
dobts. Lot’s soo how they go about paying their dobts. In tho spring of
tho yoar wo discount for tho banks their farmers’ notes, where tho momber
banks aro helping them to market their crops. Tho member bank can loan
the farmer monoy in January, February or any timo o f the year ho wants
to borrow it, and if tho momber bank can certify that tho monoy went into
tho production o f a crop, that papor is eligible for discount in a Fedora1
Rosorvo bank. You can hold thoso notos until ninety days o f maturity,
and discount them with us, payalilo say Oct. 1, and you got identically
tho samo rato of discount on the farmers’ notes that you do on tho mer
chants’ notos; tlioro is no difference in tho class of papers. Tho farmers’
notes aro regarded good— that is, as loans; I havo found that thero is loss
loss on farmers’ notes than others. You must cortify to the fact that tho
monoy was used in commercial, industrial or agricultural transactions, and
wo hold you to bo an honorablo man and rely on your statement to that
effoct. Now, as stated, you can hold tho farmer’s note, if you want to,
until ninety days o f its maturity, and you got tho samo rato of discount
as you do on tho merchant’s papor; but if you want to discount it before
that timo, you must pay tho higher rate of discount for tho six months’
period.
Now, why that difference? I will tell you why. Wo aro permitted to
loan tho capital that you put in with us, for six months on farm loans,
bccauso that is not considered your roservo, and you will not call for your
capital, but you can and will call for your rescrvo; and sinco you tako the
atter out of your vault and your correspondents’ hands and put that ro
sorvo in our hands, it is right that wo could not accept papor on that ro
sorvo that maturos longer than ninoty days, and then only under certain
conditions. It must bo for merchants wo desire to lay in extra supplies of
merchandise, not their regular stock, and tho merchant's statoment must
show a liquid condition, that ho is justified in borrowing that monoy; it
must bo for monoy that Is obtained for tho crudo materials, that of your
cotton factory, your fertilizer factory, your wagon factory, or any other in
dustry in your community needs; but it must not bo intended for the pur
chase o f tho land on which that factory is located, or tho building, or tho
machinery that is in it.
Tho reason why that Roservo money is reserved for such purposes is to
stand as protection against any inflation of credit and to stand up for an
1955
expansion of currency whon it is needed to move the products of a country;
and when those products have been moved, and when tho manufacturing
plant has sold its product and gotten its monoy for it, tho credits liquidate
and contraction sets in without an effort on your part. If we tako the
money from your vaults by law, we are confined to certain limits in which we
can loan that money and cannot loan it in any other; wo aro prohibited
from loaning that money in any channels except in a commercial, agri
cultural or industrial transaction.
What do wo do for the farmer? The farmer comes in your bank and
borrows monoy with which to make his crop; ho doesn’t want to sell his
cotton at that time; he wants to hold it and get a better price. Promptness
secures favors; prompt payment of debts socuros credit. You say to him:
"N ow settlo this debt that wo loaned you in tho spring of tho year, by
putting your cotton in tho warehouse and insuring it, where wo can get the
Government monoy and let you have it at 6% ; but I want to tell you right
now, you must pay it back whon it falls duo, you can’t renew it, you can’t
carry it over, and you can’t speculate.” Last August, when cotton was
selling at 8H cents per pound, as I have already stated, we asked the Sec
retary of the Treasury for fivo million dollars. We then formulated and
sent all over this district a system of warehouse receipts and insurance poli
cies, and the conditions under which wo would make loans, and the loans
began to come in. Before this system was inaugurated, you had to collect
your monoy from the people in the country, because if you did not, next
year you wouldn’t have any money to oporato on. You then sent this
money to New York and got 2% on your balances.
Judge Merrill o f Eufaula went up on the train with me the other day,
and he made the complaint that we took the money out of his vaults and
did not pay him any interest on it. I said, "Judge, if wo paid you interest
wo would break the whole system, but if I do not show you that you have
made more money by putting your money with us than you have been
able to do before, I will give you 2% on all tho balances that you carried
the year previous in New York, if you will give the Government all the
profits you got out o f tho farmers on the year’s loans.” The Judge then ad
mitted that before this went into effect ho could not make these loans;
New York didn't want any loans on agricultural paper and during the fall
and winter ho didn’t make any loans but made his customers pay him his
money, and that he sent it to New York and got 2% ; but that since the
Federal Reserve bank put on a rate o f 6% , ho loaned it to the farmers and
got 6% on it. lie stated that ho asked but for very little, but that ho knew
ho had a house to go to when ho got ready, and could afford to do it. I
then said: “ Before wo came into existence you got 2% in New York in the
winter months, but last fall you loaned your money to the farmer and got
6% on it; it was reasonable; you had tho security where you could demand
payment if you got tied up; but now you get 6% where heretofore you only
got 2% ; you aro now enablod to help tide your farmer over that depression.
Tho greatest trouble we have is to make him sell when cotton goes up to
12 cents a pound. I am not advising you to gamblo or speculate; tho policy
of this system is to help you over depressions. There is another thing:
Now York has been loaning monoy at 4% and 4J^%; it is a fact that this
system has made it possible for New York to loan money at 3 and 3 H % •”
It is absolutely impossible for an inflation to come in a Federal Reserve
bank if you certify to the truth, and I don’t doubt that every man will do
that. But you ask me, "H ow do we know about tho paper?” To this I
reply, Suppose tho paper itself says on tho face of it that it is to secure a
mortgage given in 1915; if this is not yet paid I say: "H old on; this is not
eligible, as it is given to secure an old debt.” If that mortgage is given to
secure three notes, and you certify that this particular note secured by
that mortgage was furnished for this year's crops, that particular note is
eligible for discount, but the others that wero brought over from previous
years are not eligible for discount. If it is for new business, you can dis
count the new note and it does not affect it even if you take the security,
as we don’t object to your taking land security where the land security is
not the primary security. I hope you will understand that I am trying
to discharge my duty as I see It.
Now as to what the Federal Reserve bank stands for: It stands for a
better system of banking; it stands for what is trying to be done in this
country by State legislation. State legislation is giving a guarantee o f
deposits, and why is it giving this guarantee of bank deposits? Because
of tho great number of banks; because o f tho division of deposits, & c.,
and when they go to the wall they take some of the depositors with them I don’t say that every man is a thief; I believe that there arc many honest
men that fail honestly, and that can't help themselves; but tho man who has
a deposit in their bank goes to his Legislature and says: “ You must provide
somo way to protect our deposits in banks.” Then the Legislature takes
tho only way left to It; we will have a system of guaranteeing bank deposits.
The idea is that you are guaranteeing an inefficient man as a banker.
There aro four great “ C ’s" that are absolutely necessary for success in
banking, as in every other business: first is Character; second is Capacity,
third is Capital, and the last is Collateral. A man must have character
to do business; if he wants to have confidence he must havo the capacity
to do that business, or you can’t trust him with very much money, and
after he has the character and capacity, ho must have a reasonable amount
of capital; capital carries with it the confidence of the people; and the last
thing he wants is collateral.
Tho Federal Reserve system seeks to afford better banking from a dif
ferent standpoint and arriving at it in a different way. Tho Comptroller
of tho Currency has put a Chief Examiner in every city where a Federal
Reserve bank is located, and under that Chief Examiner tho othor examiners
operate; those other examiners have to report to the Chief Examiner, and
tho Chief Examiner examines tho reports o f those examiners instanter,
and you get quick action. Prior to that, all tho examinations went to
Washington, with no possibility of getting a hearing on them until it was
too late.
Now, I wish to say that the Aldrich-Vreoland Act did provide an infla
tion; gold itself provided an inflation, and it is this that is hurting this
country more than anything else to-day. W hy? Our imports are nomi
nal—small; our exports are abnormally large in volume and in value.
Wo are bringing the gold of the world to America, and not only are we
bringing it, but some of the bankers on the other side aro letting their gold
stay here. I know that in the Federal Reserve Bank of New York there
Is a certain amount of gold (I shall not name tho amount, because that is
private information) that is placed there by a foreign bank, and it could
not be placed In a private bank because tho Government on the other side
wants tho bank to certify that it is holding that gold in order that they (the
foreign bank) may issue notes against this gold. Therefore the certification
went out from the Government bank that we wero holding it, and this for
eign bank is paying storage charges on tho money. Inflation from gold
comas in this way. Boston, Philadelphia, New York and San Francisco
aro getting this gold in from the other side and the volume of these deposits
is increasing. These banks are industrious, and I don’t blame them; they
are coming down to Atlanta, Birmingham, Montgomery, New Orleans,
Savannah and other cities, and are loaning money to the first-class com
mercial houses at a less rato of interest than tho local banks can afford to
loan, because if the local bank meets the competition, it doesn’t know at
1956
THE CHRONICLE
what hour peace is going to be declared, and the result is going to be quite
different when peace is declared. When peace is declared, the banks in
New York, Boston, Chicago, Philadelphia, St. Louis and San Francisco
are going to become international in character, as well as national. They
are permitted to be so under the Federal Reserve Act, because we can ac
cept paper when drawn against tho importation o f goods and they will thus
uso thoir money; they will got out o f tho local market and give you a chanco
to loan your money. Our banks send their monoy to tho Eastern banks
for deposit at tho present time, get 2% for it, and these identical Eastern
banks are coming back into this territory and loaning monoy at 3% and
% ; and no other conditions can exist as long as our imports are small and
our exports are large.
A plethora o f gold inflates tho credits; gold makes stuff high; makes every
product high. With the Federal Reserve bank it is different. Wo cannot
expand unless our transactions aro in tho commercial, agricultural and
industrial field, taking place at the time, in the community which has justi
fied it; but we can expand, unlimited, as long as we can got gold as a base,
and we can no moro keep that money out than I can got a Gatling gun and
keep the United States army out o f that door, and that is the true situ
ation.
COLLECTING CHECKS AT PAR.
Now as to the question o f clearing o f checks. I went to Washington last
week and spont the whole week working over this subject of clearing checks.
Some o f tho banks in the small country towns, banks with a capital of say
$25,000, ought to bo permitted to charge exchange on their checks; I in
sisted upon this, but was confronted with the fact that tho law doos not
provklo for anything o f the kind. Tho membors o f tho Board havo in
terpreted tho law; the Attorney General has interpreted tho law; thoy
have taken their oath o f offico to enforce it, and thoy could do noth
ing else but put it into effect. But the men who thought thoy woro
going to be hurt aro going to bo taken care of; in placo o f that oxchango
thoy havo been charging, they will bo given something that will bo just as
much to their interest. Take a certain bank statement for instance:
Tho bank doposits $5,000 to havo its checks collected at par; $5,000 to col
lect a certain lot of checks that tho first one would not tako; $5,000 ovor hero
for another lot of checks— $15,000 at 2% for having its checks collected at
par. If tho bank would take that monoy and loan it in its own community,
at 6% , it would got moro profit out o f that money than if tho monoy is
tied up to collect those checks. Tho banker insists that tho point of pay
ment o f those checks is at his counter, and wo are going to do him no vio
lence; wo aro going to prosent tho checks at his countor, and wo will permit
him to ship lawful money to the Federal Reserve bank of his district for
any excoss of checks wo send him over what he sends us, with a charge of
1H conts on each item. This charge will bo mado on tho membor bank
that deposits tho check, and tho check will bo sent to the bank on which it
was drawn, giving it ample time to advise whether it was paid or not. and
then charge to tho bank’s account at par. Thon if tho bank has not onough
chocks coming in to tako care o f this, it can ship currency at tho oxpense of
tho Federal Rcservo bank to cover tho amount. That carries out tho re
quirements o f tho check being payablo at tho counter o f tho bank. After
wo got started, the first thing is to tako tho momber’ bank’s checks and the
Stato bank’s chocks, where tho Stato bank agrees to remit at par, or whero
tho momber bank says ‘ T will tako the Stato bank’s checks and remit
them at par.” We will publish a list o f them so as to lot you know what
checks can be taken at par; tho funds to bo available for withdrawal two
days after maturity on your own district, four days on nearby districts,
six days to Minnesota, eight days to California. You draw your exchange
against your Federal Reserve bank, and that must float at par throughout
the United States; not overy check must float at par, but every check on
tho Federal Reserve bank must float at par. When wo come to clear with
each other, whatever items we send to Cleveland we pay Cleveland 1A conts
per item except on Cleveland proper; Clovoland sends Atlanta all items on
its district, and wo charge Cleveland l A cents per item, except items on
Atlanta and New Orleans; and at the end o f the month wo have an adjust
ment, and tho clearing house expenses aro shared by the banks, clorical
hiro, space in tho Federal Reserve bank, portion o f tho salaries of tho offi
cers assigned to that business, postage, &c.— all expenses aro taken into
consideration.
Ultimately tho whole system will bo collecting checks at par, and the
man who has boon getting exchange will not Ioso any monoy, because ho
will havo tho use of tho money ho has had tied up, and he will get tlio monoy
whon ho needs it on account o f his increased rosorvo.
JAMES K .
L Y N C H A D V O C A T E S S L I D I N G S C A L E OF
IN TER EST PA Y M E N T S .
James K . L y n ch , President o f the Am erican B ank ers’
Association, and V ice-President o f the First N ation al B an k
o f San Francisco, addressed the Pennsylvania B ankers’ C on
vention last week on “ T n e Price W e P a y .”
M r . L y n ch ’s
remarks had reference in particular to tho high interest rates
paid on doposits,bu t he also had something to say regarding
the new check collection plan o f the Federal Reserve B oard;
concerning tho latter he said in part:
Tho Federal Reserve Board has just announced a plan for tho country
wide cloaranco o f checks at “ par,” but with certain reservations, such as
allowing member banks to ship curroncy through tho Reserve bank at its
expenso, in default o f oxchango and crediting proceeds of collections only
when they como in tho hands of tho Reservo banks in tho form of cash.
It is needless to say that such delay in credit is not at all tho troatmont
which banks havo grown to expect from thoir metropolitan correspondents,
although it is unquestionably sound banking practico.
The country banks, which havo been accustomed to derive a considerable
revonuo from exchanges on the collection o f checks, aro naturally alarmed
at the loss o f revonuo threatened, and, on the other hand, the governors
of the Reserve banks look with some dread on the heavy exponse that
will bo imposed on thorn through this plan.
The rules governing tho check collection plan havo not yot been formuatod and it is unfair to form opinions until it is actually working. Bankers
are very naturally averso to radical changes, and justly so, but wo have on
moro than ono occasion found that predicted evils did not come to pass,
and it may well be so in this instance.
If the plan reduces the expense o f check collection It must in the end
prevail and wo must admit that prosent methods are wasteful and involve
a great amount of duplication o f work. From what I havo heard of tho
disposition o f tho Federal Reserve Board, I am convinced that tho present
plan Is tentative, that it will bo amended or oven abandoned If found
wanting, and that there is no intention o f working hardship or Injustice
on any o f the banks.
On the subject o f interest paym ents M r . L ynch said:
Apparently this is an ideal timo to introduce the custom of paying Interest
n a sliding scale, varying with tho rise or fall of thejiverage rato obtainable
[Vol 102
for commercial paper, or possibly with the discount ratos of the Federal
Resorve banks, but for some reason no ono makes the move.
The section of the Federal Reserve Act which permits national banks to
tako on trust functions and to accept savings deposits is not broad enough
to enable the national banks to compete with the trust companies in their
special field, but It is not unlikely that in the near future Congress will so
amplify the legislation as to make real competition possiblo.
I havo not the intention of charging the trust companies with responsi
bility for the gonoral payment of interest on commercial or quasi-commercial
accounts, but I believe that they had much to do with hastening tho general
adoption of a custom that was already prevalent.
During a long period of active business, with a good domand for money,
bank earnings have been in tho main quite satisfactory, in spito of the
gradual increaso in the price that wo aro paying for doposits. Without
warning, a condition has arisen which is abnormal and without precedent.
The European war created an unusual demand for the products of our
fields, factories and shops, which have been sold at very profitable prices.
Tho usual balance betweon exports and imports having boon destroyed,
tho result has been an unusual increase in bank balances in this country.
There are, of course, other causes contributing to this result, among
which we may mention the stato of uncertainty produced by the war in tho
minds of our citizens. While they hesitate about new enterprises, their
capital remains in the form of bank deposits. Whatever difference of
opinion thero may bo as to the cause, thero can be none as to tho increaso,
and increased doposits with no corresponding increaso in tho demand for
loans, naturally lowers rates. This dropping of rates on loans has gono on
for nearly two years, with no marked tondoncy towards a rise, until the
bankers havo grown accustomed to rates of from 2'A to 3 A % por annum
for grades of paper that liitherto would havo sold at from 4% to 5% . The
natural result should bo a corresponding reduction in tho rates paid on
doposits, but such action has not taken place. In fact, at no timo has
there been more active solicitation for deposits, with all tho interest, free
oxchango and other premiums that have heretofore pertainod to such loaning
of credit.
It is only by considering the problem in all its bearings that wo can bo
suro wo aro not paying too great a prico for our doposits. Tho bank that
doos consider these questions most carefully is the bank that will be ahoad
in the long run and will give tho best service to its depositors and confer
the most lasting benefits on the community. .
T h e Association on tho 18th inst. adopted a resolution
offered b y John G . Reading, President o f the Susquehanna
T rust & Safe D eposit C o . o f W illiam sport, P a ., approving a
reduction in the interest rate on deposits; tho resolutiou
referred the question back to tne various groups for action.
C O M M E R C I A L A C C E P T A N C E S TO E X P A N D
IN T E R N A T IO N A L COMMERCE.
OUR
“ Preparedness for International Com m erce” w as discussed
b y John C lausen, M anager of tho Foreign D ep artm en t o f the
Crocker N ation al B an k of San Francisco, a t the annual con
vention of the California B ankers’ A ssociation a t Fresno on
the 19th inst.
In treating of the subject M r . Clausen ob
served that “ because E n glan d , G erm any and France neglect
and m ay lose some of their foreign trade, it does not neces
sarily follow that it will com e to u s .”
“ W h a tever gains m ay
be derived from their m isfortune,” he well said, “ will very
ju stly belong to tho nation which, progressively independent,
trades w ith the w orld .”
M r . Clausen added:
In order to tako our place in world trade, we need an officlont banking
system, a well-equipped merchant marine and moro scientific commercial
education, and considering these vital factors, thero is no doubt that, before
commerce can resume its normal course, such probloms must bo seriously
taken under advisement. As there are no mysteries concealed In foroign
trado, it is solely a matter o f mastering details and giving to such business
tho necessary time and attention along feasible and intelligent linos.
Wo are all aware that there is an undoubted tendency on tho part of our
commercial element In an endeavor to enlarge the scope of functions per
formed by banks. It Is possible that tho conservatism natural and propor
to bankers leads them to view such progressiveness too critically, but just
as the conception of a banker’s function has boon vastly wldoned since the
days of old, so tho process will continue In tho days that aro to como. De
velopments of this kind are healthy and wlso men will not be disposed to
obstruct them.
If the United States succeeds in establishing a system o f banking
thoroughly suited to modern conditions, a great forward stop will have
been taken in consolidating tho progress already achlovod through the
financial and industrial energies of our population.
It Is opined, therefore, that in order to enable tho wheels o f commerce
to run smoothly and rapidly, our foreign relations cannot successfully be
developed so long as it is necessary to operato through banking institutions
o f competing countries, and while tho Federal Reservo Act provides for
the establishment of branches by momber banks in foroign countries, it is
felt that few banks care to assume the risk separately. Jointly-owned banks
would appear to best servo the requirements o f the country as a wholo, in
that co-operation thrives best whero action through association is legally
possible and practically safo.
Tho now Bank Act is essentially Intended, as a commercial banking sys
tem, to assist in tho financing of our domestic and foreign trado and provide
a market for commercial acceptances based upon tho importation and ex
portation of goods. Such instruments aro thoreforo mado for specific
purchases of commodities which aro to be converted into cash during tho
lifo of the document, tending at tho same time to creato a basic condition
for automatic recording of such operations— an inhorent factor for prevent
ing over-extension o f credit. In the case of time bills of oxchango drawn on
and accopted by banks or bankers of high standing, thero is practical uni
formity of security, not readily claimed whon considering “ commercial
paper” with which tho financial markets hero aro supplied, In that the
strength of such obligations depends upon tho standing o f miscellaneous
commercial interests.
Whilo we cannot liopo to see tho New York or San Francisco bill of ox
chango tako tho placo o f the so woll and favorably known bills on London,
Paris or Hamburg, recent ovents and dislocation of tho financial structure
in Europe havo at least brought the possibility beforo the commercial world
and tended to bring within our reach tho power of competing on terms of
equality with our foreign contemporaries.
May 27 1916.]
THE CHRONICLE
Tho power o f a bank to accept a draft or bill o f exchange enables It to mako
use of and to sell Its credit, and so lend, for legitimate use in trade, vast
sums without depleting its roservo or impairing its capability for making
additional loans and advances to its clients.
Whereas the Federal Reserve Act permits member banks to accept bills
of exchange, they aro not at present authorized to extend such facilities to
clients for tho acceptance of drafts covering domestic transactions, although
tho New York Banking Law gives permission to Stato banks and trust
companies for extending these facilities to cover both foreign and domestic
transactions. This Is likewise tho case in Maryland, Utah, Vermont and
Texas— the latter restricted to foreign acceptances only— but tho laws of
other States carry no provision for banks extending to their customers the
uso of credit in tho development o f commercial relations for domestic trans
actions, and it would seem apparent that State bank legislation throughout
tho United States bo amended to harmoniously conform with tho new and
better system, and so complete tho chain o f banking facilities for tho un
limited expansion o f our commercial activities.
A merchant, for instanco, instead o f borrowing cash on a noto from his
banker, can arrango, for a stipulated commission chargo, to uso tho bank’s
credit for a certain length o f timo and a given amount. To mako uso of
such facilities a timo draft may be issued against tho bank, which in turn
affords tho required accoptanco. After this requisite has been secured, the
merchant is in position to either use tho bill o f exchango in tho settlement
o f his trade obligations or sell same through a bill broker in tho open market
and so obtain available cash. Tho small merchant’s paper, endorsed by
his bank, is as acceptable as that o f tho largest corporation, backed as it is
by tho security of tho bank and therefore readily discountable by vlrtuo of
its high intrinsic value as tho most liquid form o f investment.
Tho underlying factor for a greater foreign trade is obviously that of
proper ocean transportation to enable tho ready exchango o f commodities
between one country and another.
The peoplo o f this country have suddenly been brought faeo to face with
tho fact that, great .os wo aro in other departments o f human effort, the
American merchant is almost entirely dependent upon foreign-owned ships
for tho carrying of our products to market.
1'
Tho rates of freight were never so high, the profits of tho business never
so groat, tho demand for tonnage never so insistent and pressing as now
Statistics show that on Juno 30 1915 thcro wero 2 791 vessels of the
United States of 1,813,775 gross tons for foreign trado. Of this 60 steamers
of 308,584 gross tons were owned by privato companies and corporations
especially constructed to meet their requirements and not particularly to
facilitate tho sea-going trado o f commerce in general, leaving only 2 734
American-owned vessels o f 1,562,950 gross tons to struggle with tho huge
volume o f our foreign trade.
Wo aro paying to steamship lines owned in other countries about 300 mil
lion dollars annually for tho purposo o f transporting our merchandise to
foreign markets and bringing to our shores tho products wo need and not
only havo thoy derived enormous profits therefrom, but incidentally routed
tho trend o f tho trado to flow into the channels most beneficial to their own
interests.
Assuming that tho United States is now leading the rest o f tho world as a
centre of capital, why can not a fair portion o f our surplus go into tho build
ing of ships?
1’roper legislation should bo enacted so that advances made by banks and
bankers be an absolute lion on tho vessel with no possibility o f a prior obli
gation. In Lngland are found well-defined and settled laws, operating so
successfully that such loans aro considered most desirable forms o f invest-
P E N N S Y L V A N IA B A N K E R S ON T H IN G S N E C E SSA R Y
TO A T T R A C T S T A T E B A N K S TO F E D E R A L S Y S T E M .
A t tho final session o f tho annual convention of tho P enn
sylvan ia Bankers’ Association on the 19th in st., fivo m inute
talks wero had on tho subject o f “ W h a t ossential changes
should bo mado in tho Federal Reservo system to rondor m e m
bership in it attractive to banking institutions working under
State charters.”
T ho discussion was opened b y John G .
Reading, President of tho T ru st & Safe D eposit C o . o f W ill
iam sport, who declared that the State banking institutions
are not appealing to tho Reserve Board for adm ission.
IIo
added:
1 would rather bo controlled by a board or a commission than by ono man
asking wo do not know what. But that is a palliativo. Thcro must bo a
radical change, not in tho Federal Reserve Act or tho system, but in the
whole banking system. Until there is a unification, I don’t think that Stato
institutions can bo brought into tho Federal Reserve system. It is impos
sible to servo two masters. You in tho national system havo a master.
You know it; he makes you tired. We Stato bankers also havo masters,
but thoy know something about tho business and aro not interested in find
ing out how many buttons you wear on your shirt.
1<inanclal institutions can attain their full effectiveness only by putting
all of them under Federal control. Tho Supremo Court has not said of tho
banking business, as it has of tho insurance business, that it is not "com
merce.
I believe it would not bo difficult to get an amendment to extend
Federal control over all financial affairs. This road must bo taken if tho
State Institutions are to bo induced to enter tho Federal Rescrvo system
A lbert A . Jackson, Vico-President o f the Girard T ru st C o .
of Philadelphia, according to tho Philadelphia “ L ed g e r,”
assorted that “ tho Federal Reservo A c t is not broad enough
to cnablo us to seo advantages to go into tho system a t tho
presont tim e. There are a good m an y things against i t . ”
l i e continued:
Wo aro satisfied with tho way tho present Board is doing; wo know that
it is working for good business. Tho troublo is that the Board makes tho
rules and regulations; tho Act is not specific enough in this regard
While
wo might bo satisfied with tho present Board, wo do not know what a Board
which might follow it will do. It might mako rules and regulations which
would bo very onerous. We aro now fairly comfortable outsido tho system.
T h e “ Ledgor” credits M r . Jackson w ith oxprossing the
fear th at nationalization of financial institutions m igh t affect
tho present trust powers o f P ennsylvania trust com panies
but said that it m igh t a t tho sam e timo eliminate tho conflict
botweon tho laws o f ono Stato and those o f anothor Stato.
“ I agree with M r . R eadin g, h o w e v e r ,” ho said, “ that an
entire now system is needed. T h a t tho present ono is not
1957
attractive to State institutions is shown b y the fact that o u t
of 2 0 ,0 0 0 non-m em bers only 3 0 have asked to go into the
sy ste m .”
B ILL
A M E N D I N G R ESER V E R E Q U I R E M E N T S OF
COUNTRY BANKS.
A circular endorsing tho bill o f Representative M c F a d d e n ,
amending the Federal Reserve A c t relative to reserves, has
been issued by the F ifth -T h ird N ation al B an k o f Cincinnati.
T he purpose o f the bill as explained b y Representative M c
Fadden is to enable the country national bank a t the end of
the 36 -m o n th s’ period, when tho m obilization o f the reserves
under the system will havo been com p leted , to exercise an
option to keep 3 o f tho required 1 2 % o f its reserves in a na
tional bank w ithin the Federal Reserve district or within a
radius of 3 0 0 miles o f the country bank .
U nder the law as
it exists a t present, tho bank will have tho option to keep
such 3 /o in its own vaults or it m a y keep such am ount in
tho Federal Reserve bank of the district.
T h e F ifth-T hird
N ational B an k in its circular prints a cop y o f the bill and
urges th at, if it appeals to tho bank addressed, it n otify the
Congressm an from its district to that effect. A n identical
bill was introduced in the Senato on the 15th inst. by Sena
tor Pom erene.
Representative M c F a d d o n ’s bill was p u b
lished in our issue o f M a rch 18, page 1028.
C A L IF O R N IA B A N K E R ’S V IE W O N RESERVE S Y S T E M .
In his annual address as President o f the California
Bankers’ Association, Charles A . S m ith , Cashier of the
Security B an k o f O akland, a t the m eeting of tho Association
on the 18th in st., told o f a canvass m ade b y him to ascertain
tho views of national banks in various parts o f tho State with
regard to tho Federal Reservo S y stem .
W o quote from his
remarks on this point as follows:
In order to get an idea as to the benefits of tho Federal Reserve System,
1 wrote to ten national bankers located in various parts of tho State, asking
or their views. Most o f them expressed themselves in favor o f the sys
tem, but largely from a standpoint of protection, rather than profit. One
said: "W o buy fire apparatus and consider it a good investment, even
though wo never havo uso for it to put out a fire.” Another writes: "Tho
pressuro on tho Federal Reserve banks to make a showing could largely
bo relieved by returning to the banks their capital stock subscriptions,
which aro not needed. I believe that tho capital stock requirement was
wrong in principle and established a very bad precedent." One says it
has been a source o f loss, and adds; "The veiled threat of loss of our
exchango account, by requesting all exchango items to bo banked through
tho Federal Reserve bank would bo more disastrous if it becomes sufficiently
popular to absorb tho whole business.”
Another charges that "One o f the principal alms o f the system is to
destroy tho relationship existing between tho country banker and his city
correspondent." One says: “ I shall say nothing, therefore, o f the arbitrary
methods used in enacting tho law; nor of tho thuggery employod in forcing
these provisions down the throat o f an unwilling and helpless constituency;
nor shall I say anything about tho ridiculous arguments used by the advo
cates o f tho system in regard to tho reserve requirement, and the direct
advantage which accrues to banks from tho reduced reserve.”
IIo said ho wouldn’t say it, but he did.
Ono more opinion and then you can take your choice.
This ono says: "O f courso tho warm advocates o f that Institution are
claiming that all the prosperity in tho United States is due to tho workings
of this system. Times became so prosperous throughout the Atlantic
States immediately after tho Federal Reserve banks wero put Into operation
that there has been really no test of their merits. To mo, tho great danger
lies in unlimited inflation. There doesn’t seem to bo any brake, anywhere,
in favor o f contraction. Tho party now politically in power is, and always
has been, an inflationist crowd. If you will study the history o f tho
United States you will find that tho Democrats and their predecessors in
interest have always been for fiat money and direct expansion of indebted
ness irrespective of how it Is to bo paid for. There aro many admirable
features in tho Federal Reserve plan, and. to my mind, many objections
to It."
Personally, I believe the Federal Reserve Bank is a good thing, and
that its popularity in California is largely duo to a wide selection of gentle
men of marked ability to administer its affairs in this district. Like
all now laws, tho Act needs some fixing, but in tho main it has proven a
wiso piece of legislation.
D E C R E A SIN G B A N K E A R N IN G S .
Tho tendency of returns on bank capital to decrease was
shown b y Frank C . M o rtim er, Cashier o f tho First N ational
B ank o f B erkeley, C a l., a t the annual convention of the
California B ankers’ Association.
M r . M o rtim er used as
the subject of his rem arks, “ T he Law and tho P ro fits.”
Various m atters relative to the Reserve system were treated
b y him in so comprehensive a m anner as to warrant the
reproduction o f his address in large part herewith:
Changes in banking laws and tho Introduction of new customs in
dealing with clients during tho past few years havo reduced profits in the
banking business.
In addition to changes in laws and customs. In analyzing tho causes
o f tho falling ratio of profits, there is to be reckoned tho competition which
has como from within our ranks, together with what may bo said to bo
our lack of co-operation. These aro tho factors at work, inside and out
sido of tho banking field, which havo had an effect on earnings.
In discussing tho subject of bank profits, it is tho purposo here to deal
briefly:
With statistics, showing that, although tho funds placed at our disposal
aro greater, the percentage of profits Is declining;
1958
THE CHRONICLE
With tho probability of Federal Reserve bank competition and reduced
nterest rates;
With charges for tho transfer of funds from one part o f the country
to another;
And to venture suggestions which may lead to new avenues of profit.
First, let us review some figures, which will give a fair estimate of just
what profits our banks have been making.
Regarding national banks, wo find that, from 1870 to 1915, inclusive,
tho averago dividend for 40 years is only 6.52%.
The ratio of net earnings to capital and surplus during the same period
of 46 years is 8.51%.
Wo find, therefore, that so far as national banks aro concerned, they
appear to have conducted their business, collectively at least, on a fair
and reasonable basis, and tho figures relative to national banks aro indi
cative o f the wholo field of banking.
And now lot us make a few comparisons to show that earnings have
decreased, when measured by the volume o f business transacted.
A late report from the Comptroller o f tho Currency says that the re
sources of national banks during tho last twenty years havo increased
four-fold; to thirteen thousand two hundred thirty-six million, or nearly
ten billion dollars.
In 1870 tho invested capital of national banks amounted to 517 millions,
with individual deposits o f 516 millions, or about $1 of individual deposits
to each SI o f invested capital, and net earnings on invested capital wore
11.8%.
.
,
At present their invested capital is about two billions, while individual
deposits are about 7Ji billions, or about $3 70 of individual deposits to
each $1 o f invested capital
Notwithstanding this large ratio o f increase o f individual deposits over
invested capital, there is shown a considerable decrease of earnings. In
1915 there wero only 7.8% .
Thero aro many causes for this decrease, primarily among which are
falling interest rates, resulting from an increase in available funds for
lending purposes. We find that the averago rato o f interest for all kinds
of loans in New York in 1870 was 7.03% , as against 3.8% in 1911, and a
diminishing rate sinco that year.
A gentleman of many years’ experience in banking says that these com
parisons of earnings should be mado on tho basis of invested capital; that
Is, capital, surplus and undivided profits, for the reason that these funds
aro tho property o f the stockholders, as their designation clearly indicates.
“ Wo would not leave tho money in tho business,” ho says, “ if it wero not
supposed to earn something.”
It is misleading to publish statements of profits based on the amount
of paid-in capital, when as a matter o f fact tho bank’s capital for doing
business Includes not only the paid-in capital but also tho surplus and
profit account.
In directing your attention to figures for tho year 1915, I do so knowing
that the conditions obtaining during that year wero abnormal; but our
discussion would be incomplete if tho figures should bo omitted. We
ought to get a current view o f tho situation, bearing in mind that largely
to external conditions, and not to legislation, may bo attributed tho causo
of tho lean year in bank profits.
During 1915 tho Federal Reserve system automatically provided a
basis for Issuing a billion in Federal Reserve currency. Our net inflow
o f gold was approximately 420 millions, which increased our stock of tho
precious metal to $2,225,000,000, tho largest amount ever hold. Our
balanco of trade was about two and one-half times groater than shown
during any previous year.
Two years of bountiful crops, yielding tho highest averago prices in a
generation, with over two billions increaso in deposits for tho year, havo
all contributed to a situation unprecedented in our history. One does not
have to look farther to find the causes of the falling off in our bank earn
ings.
Here aro some figures, however, which show averago bank earnings on
invested capital last year in some o f tho principal cities:
.7.81% ISan Francisco______________ 5.43%
New York.
.5.76% Los Angeles_________________6.84%
Chicago
.4.40% I
B oston ___
Figures obtained from six o f tho nino national banks in San Francisco
disclose the very interesting information that on invested capital tho highest
earning bank shows 8.97% ; tho lowest 2.69%.
When viowed from tho stockholders’ sldo, you will see that on capital;
surplus and profit account— In other words, on their Invested capital—
they earned an averago of only 5.43%. Only ono of these banks whoso
figures havo been obtained earned enough on Invested capital to pay its
usual dividend.
An analysis of tho figures at our disposal shows that tho same situation
prevailed, with slight variation, in other Reserve cities.
And so, from reports obtained from many sources, wo sco that returns
upon tho capital invested in tho banking business aro moderate and tending
to decrease.
This is a matter of no small concern to tho banker, who finds himself
shouldering increased taxes, increased cost o f supervision, increased ex
pense for clerical hire to assist the Government In collecting its revenues,
increased cost of securing and handling business. Increased interest pay
ments to depositors, and many additional burdens in connection with tho
policy and tho routino work of his institution. Now ho must evolvo now
ways to offset conditions which are effecting his not profits.
A subject which has enlisted tho close interest o f every banker and
student of financo is whether Federal Reserve banks will enter into com
petition with other banks, and will their influence keep interest rates down
to a uniformly lower rate than heretofore has prevailed?
Many believe that an elastic currency could havo beon provided in a
moro simple and direct manner; but all interested seem to bo inclined to
give tho new banking and currency law a fair and reasonable trial.
While probably not the simplest method that could havo been devised
for providing liquidity to our currency, it is, nevertheless, a causo of
general congratulation that there has been accomplished what appears
to be a form of relief from hitherto unsatisfactory and threatening con
ditions.
With the exception o f a fowl State banks, tho Federal Resorvo system is
made up of tho national banks.
N o further authority for this statement is necessary than that provision
o f tho new law which required banks holding national charters to subscribe
tho capital to put tho new system into effect. Tho ponalty for not par
ticipating was forfeiture o f theirjeharters. This provision made possiblo
tho prompt opening o f the twelve Federal Reservo banks on tho 16th of
November 1914.
Thero aro approximately 27,000 banks in tho United States. About
one-fourth o f this number operate under national charters. Of tho total
banking resources o f tho country, the national banks represent something
moro than one-half.
It may havo been I on _tho mistaken assumption that national banks
enjoy unusual privileges, or it may havo beon on tho very reasonable
assumption that, as they were already under Federal control, they would
(V o l . 1 0 2 .
bo moro easily answerablo to tho new plan, that they alono wero selocted
to supply tho sinews of the new system. They havo not represented the
larger part of the banking power of tho country; nevertheless, they aro
carrying the financial responsibility of this new enactment.
Already it is indicated, almost to a certainty, that tho gold reserve
massed in tho several Reservo banks, with tlio additional reserves which
have just been paid in, will bo ample to take care of tho rediscounting
needs of business through member banks. If this provo to bo true, it is
clear that there will bo no necessity for continuing that part of tho law
which requires national banks to supply capitalization for tho Federal
Reserve banks. It is already foreshadowed that thero may bo no need
for employing such capital.
Many bankers fear that tho present law may place the Federal banks in
competition with member banks through tho right given thorn to operate in
the open market. They hold to tho opinion that tho resources at the
command of the Federal banks ought to be used to supply the basis of a
circulating medium to meet the fluctuating demands of business and to
effect a steadier and moro nearly uniform rato of interest.
Sinco tho organization of the Federal Reserve banks thero has been no
complaint regarding abnormally high interest rates. Up to tho present
time, therefore, these bankers believo that thero appears no valid reason
for operations in the open market.
But to a limited extent, in operating in tho open market, they hold
that the Reserve banks already havo been in moro or loss competition with
member banks. It is demonstrated, much to their discomfiture, that
Reserve banks may bo conducted in tho future not altogether as emer
gency banks, but as competitors, in a way, of other banks.
Tho question again has arisen; At times, when thero is no demand on
tho part of business for tho rediscounting privilege, are tho Federal banks
forced to go out in the open market to seek employment for their funds, in
order that they may earn expenses and pay tho cumulative dividend or
6 % ? If this is tho situation, there appears in tho minds of this school of
bankers, a very good reason for tho return of tho capital stock payments
to member banks and for an elimination of tho obligation on tho part of
tho Federal banks to earn tho dividend.
Tho return of tho capital stock of Federal Resorvo banks to member
banks has moro than incidental bearing on tho success of tho wholo system.
With tho removal of this feature, which never has sot well on tho national
banks, tho State banks, recognizing tho valuo of tho rediscount function,
may bo induced to apply for membership.
Tho oxtent that tho Resorvo banks aro to bo active in seeking to employ
their funds in channels open to banks in gonoral is a matter of concern
to those bankers who think they havo formidable competitors. And
thero is some reason for apprehension on tho part of those who believe
tho Federal banks should bo meroly reservoirs, to bo used in emergency,
and that other banking activity is foreign to tho purpose o f a truly Reserve
bank.
From the reports of tho Federal Reserve Board and tho public addresses
of tho officers of tho Reserve banks, tho impression may bo gained that
tho Federal banks will bo moro than moro emergency, rediscounting Insti
tutions.
Tho report of tho Board for 1915 says:
“ * * * as shown by analysis of a recent combined statement
of all Federal Reservo banks, moro than 75% of tho aggregate investments
held by them havo been obtained through open market operations in
Government bonds, warrants, acceptances and commercial paper. They
havo, therefore, open to them a wide field of operation, and there is to
day no reason why they should not employ their resources as largely as
prudence and the requirements of good banking dlctato.”
This statement, coming as it does from tho Federal Resorvo Board,
indicates clearly that tho Reserve banks are not going to bo limited to
storing reserves and issuing currency; but it is claimed that through tho
magnitude of their resources they provide a means of participating not
only in domestic operations, but in international financo, a field from
which America hitherto was oxcluded.
And now a word upon intorest rates. Thero aro indications that rates
will not bo as high as they havo beon, and, during normal conditions, we
may look forward to a moro nearly uniform rato throughout tho country
than heretofore has prevailed.
That tho uniform rato will bo lower than rates enjoyed in tho past is
also a foregone conclusion.
In all probability thero will bo an elimination of tho high intorest periods,
when banks are able to boost their earnings to cqualizo tho low intorest
periods.
If net profits havo averaged 8.51% for 46 years, during times when
generally higher averago rates obtained, it almost is certain that earnings
will bo reduced commensurate with declining rates, unless new ways are
discovered for making profit.
True, a larger field of activity is opened through tho rediscounting
privilege; but will thero bo tho demand for loans in sufficient quantity
and at rates high enough to offset tho loss through uniformly lower rates?
Many signs in tho horizon indicato an unsettled condition of tho profit
and loss account through a falling o ff of incomo usually gained from loans.
A movement has been gaining ground looking toward tho parring of
checks throughout tho country, and commendablo efforts have been
mado to solve what may bo said to bo ono of tho mostperlexingproblom«
in modern banking dotail.
*
Bankers in general would welcome an arrangement which would facili
tate the collection of tho thousand and ono items, largo and small, drawn
on out-of-town banks and handed in to them as cash deposits.
It is truo that tho present method Is cumbersome, oxponslvo and far
from satisfactory; but tho system, to bo improved, must not carry with it
any further cost to tho banks; that is, if thoy aro to go into a now arrange
ment voluntarily.
From statements mado by many Interior bankers, it is a fairly well
drawn conclusion that loss in considerable amount would fall upon tlio
interior banks, somo reporting that their not incomo would bo reduced
from 15 to 25% in tho ovont that thoy aro forced to throw off their ex
change charges.
But there aro two views to bo taken of ovory question, a broad and
a narrow one. Perhaps tho interior bankor, who sees his incomo being
reduced, may bo excused for taking what somo may term a viewpoint
with self-interest predominating, as sclf-presorvation is tho first law
of nature.
Perhaps his bank Is located whero it Is necessary to Import coin, at
frequent intervals, for tho very purpose of cashing out-of-town checks
over the countor, or cashing them, indirectly, for his own depositors
through cash credit in deposits.
On tho other hand, it may bo that ho Is required, at no less frequent
intervals, to replenish his Resorvo city account by purchasing exchange
at current rates or by coin shipment, against which ho draws drafts In
payment to city banks of items coming through tho mails. In somo
sections of tho country this oxpenso is a matter of no small concern.
I am familiar with tho interior workings of a bank which is required
to import coin from a neighboring Resorvo city, in no inconsequential
THE CHRONICLE
May 27 1916.]
amounts, once or twico a week. This bank, however, makes no chargo
for exchange, accepting items from its depositors without collecting oven
cost o f handling, where, in many instances, there is an actual cost to
absorb. Surely tills is a situation where tlio legitimacy o f an exchange
chargo cannot bo Justly disputed. It is a service which those engaged in
other business would not care to givo without charge.
Tho Federal Government charges 30 cents a hundred dollars for post
office money orders and tho public pay without complaint. This is
uniformly higher than many banks charge for transferring funds. In
cidentally, it is of intorest to note that tho Government collected, last
year, in tho neighborhood o f seven million dollars for fees on post office
money orders. No figures have been obtained from express companies.
This represents a chargo for exchange, collected from tho public.
What is considered highly respectable on tho part of the Government
and tho express companies surely should not bo classed as altogether
reprehensible on the part of tho banks.
•
Wo agreo in tho conclusion, I believe, that it is just and reasonable
that tho fees for service performed should bo borno by tho ono who re
ceives tho benefit of that service. Therefore, there is hopo for tho in
terior banker in tho suggestion that tho actual cost of collection may be
added to tho check of tho maker and charged to his account when his
check is sent to a distant city in payment of an obligation. It would bo
the same as selling him exchange.
This would bo a fair method. It could easily be put in operation and
tho annoying problem now confronting us solved to tho satisfaction of
all concerned.
This simple suggestion, worked out by means of a system of clearing
through Federal Reserve banks, on lines similar to tho Boston country
check clearing system, may accomplish much in doing away with tho
present indirect method.
Tho position here stated is sustained by tho Federal Reserve Law itself,
which, in Paragraph 107. provides:
‘ ‘ Nothing herein contained shall be construed as prohibiting a member
bank from charging its actual expense incurred in collecting and remitting
funds, or for exchange sold to its patrons.”
Tho custom o f inviting deposits upon tho basis of interest payments
has grown to such an extent as to include payments o f interest by com
mercial banks to certain so-called semi-active accounts and many othors.
It is not now an exception for commercial banks to do this and tho custom
has been- brought about through competition.
Superinduced, largely, through multiplication in the number of banks,
which have increased out o f proportion to our increase in population, wo
find that tho averago rato o f intorest paid by mutual savings banks is
approximately 4 % . Tho averago rato on savings accounts in all banks is
about 3 H%< while 3 \i% is about tho averago rato paid on deposits by
banks in general.
Tho present high prico and low income basis o f good bonds, coupled
with the unprecedented low rates on high-class commercial paper, show
conclusively that it is impossible for banks to continuo to pay tho pre
vailing rates o f interest on deposits. Wo may look fora goneralreduction
all down tho lino. Already word comes from several largo cities in the
Pacific Northwest that tho banks have roducod tlioir rato on savings
deposits to 3% . It is believed in many quarters that savings banks in
our largo cities will cut down tho rato to depositors and that banks in other
cities will follow their example.
Competition for deposits on a reasonable basis is healthful; but com
petition based on high interest payments is ruinous. It results in tho
making of loans o f a more or less hazardous nature and in time, unless
modified, may affect tho solvency o f some banks.
It is prophesied by somo of our deop thinkers on financial subjects that
larger opportunities and augmented profits await us in tho field o f the
acceptance business, which hitherto was not a part o f American finance.
Returns show that this business has passed tho hundred million dollar
mark.
Let us hopo that in theso expectations we will not bo disappointed, and
that dollar exchange, with its substantial advantages, will bo permanently
established by means o f legislation favorablo to tho American manu
facturer, tho American merchant, the American shipper and tho American
banker.
It is held, also, that bankers ought to seel* new avenues for tho employ
ment o f tho increased funds placed at their disposal by reason of tho re
discounting facilities afforded through Reserve bank legislation, and that
they should not expect to hold to interest rates and exchange charges which
have been looked on as high.
•
Tho proponents o f tho now banking and currency law toll us that tho
method of building up income to offset theso losses is tho free and activo
use of tho rediscounting privilege o f tho Federal Reserve system. Through
this moans, they claim, a broader basis o f business may bo laid, and co
incident to this it will bring profits enough to offset any losses that may bo
due to diminished rates of interest and exchange; but wo must remember
this fundamental principle o f financo: that a country safely can absorb
no moro circulating medium o f exchange than can profitably bo employed
in its businoss transactions.
History shows that other countries which have tried to ovado this plain
and indefoasiblo law o f economics invariably have como to grief from tho
attendant evils o f inflation.
E ST A B LIS H M E N T
OF P O S T A L
SP AIN .
SA V IN G S
BANKS
IN
Announcem ent concerning t h e " establishm ent o f p ost a
savings banks in Spain is contained in advices received by
tho D epartm en t of Com m erce from Consul-Goneral C arl
Bailoy H u rst, a t Barcelona, under date o f M a rch 14; M r .
H u rst’s report is printed in “ Com m erce R ep orts” o f the 1st
inst. as follows:
Tho Inauguration of tho Spanish postal savings banks took place on
March 12 1916, tho anniversary o f tho official organization o f tho Spanish
post office service on March 12 1889. Theso banks havo long been under
consideration and are welcomed as o f great national benefit. The moneyorder bureaus of all Spanish post offices aro authorized to accept deposits,
issuing numbered books to tho depositors in which tho deposits aro noted!
Minors and women may make deposits and hold books without tho inter
vention o f their legal representatives.
Deposits may bo mado from SO.18 upward, not to exceed on each prlvato
book S900, and interest will bo paid at tho rate o f 3 % . When deposits
aro mado by mutual benefit societies o f workmen, employers and others
tending to ameliorate the condition of children, women or workmen, tho
deposits may amount to $1,800.
Deposits o f moro than $900 for persons and $1,800 for societies will be
accepted, but no interest will bo paid on the excess capital. When deposits
aro made on special conditions and left in the positai savings bank for five
1959
years the interest will be 3j^ % instead of 3 % . Deposits of persons may
not exceed $18 per week and of organizations, $36. The amount withdrawn
by private depositors in one month may not exceed $90, plus 50% of the
total amount of the deposit, and for the societies, $180, plus 50% of their
total deposit.
The progress of the postal system is shown by the fact that the total cir
culation o f correspondence in Spain in 1889 was 164,000,000 pieces, and in
1914 it was 489,000,000. Registered correspondence in 1889 amounted to
1,667,417 pieces, and in 1914 to 10,044,317. The present postal service
of Spain is stated to bring in moro than double its disbursements. For every
6,373 inhabitants Spain has ono post office employee. The revenue from
the sale of postage stamps in 1902, when stamps for telegrams were sepa
rated from stamps for correspondence, was $4,014,000, and it increased to
$6,498,000 in 1914.
The Spanish postal service has been amplified during the past year by
extending its parcel post and money order relations with foreign countries,
and in March 1916 a service for collection on delivery was established.
B A N K IN G , L E G IS L A T IV E A N D F IN A N C IA L NEW S.
T h e public sales of bank stocks this week aggregate 69
shares, o f which 6 2 shares were sold a t the Stock Exchange
and 7 shares a t auction.
One lot o f 3 0 shares of trust com
pany stock was also sold a t auction.
Shares. BANKS— New York.
Low. High. Close. Last precious sale.
7 Atlantic Nat. Bank.. .......... 180
180
180
___________________
*62 Commerce, Nat. Bank o f . . . 169J4 170
170
M ay 1916— 169K
TRUST COMPANY— New York.
30 New York Trust C o----------- 600
600
600
April 1912— 638
* Sold at the Stock Exchange.
A N e w Y o rk Stock E xchange m em bership was posted f i r
transfer this w eek, the consideration being 8 6 5 ,0 0 0 , as
against S 6 1 ,0 0 0 the last preceding transaction.
T h e petition of m em bers o f the N e w Y o rk Stock Exchange
to increase the gratuity fund from 8 1 0 ,0 0 0 to 8 2 0 ,0 0 0 cam e
up before the G overning C om m ittee this w eek, b u t action in
tho m atter was postponed for six m onths.
George W . E berhardt, the N e w Y o rk Stock Exchange
m em ber o f tho P ittsburgh firm o f George W . E berhardt &
C o ., which in N ovom b er was suspended from the Stock
Exchange for one year, was reinstated to m em bership b y
the G overning C om m ittee on tho 24 th inst.
Investigation
is said to have disclosed that the offense for which M r . E ber
hardt had been suspended— his firm ’s violation of a resolu
tion prohibiting transactions between m em bers o f the E x
change and bucket shops— was com m itted without his
knowledge.
T h e m em bers o f Groups I and I I o f tho K en tu ck y Bankers’
Association a t a jo in t m eeting a t D aw son Springs, K y ., on
the 18th in st., unanim ously adop ted a resolution recom m end
ing the election of Charles H in sch , President o f the F ifth Third N ation a l B an k o f C incinnati, to the vice-presidency of
tho A m erican B ankers’ A ssociation.
In a resolution adopted
b y G roup V o f the W e s t Virginia B ankers’ A ssociation at a
m eeting on M a y 6 , the nom inating delegate from W e s t V ir
ginia is requested to vote for M r . H insch and to do all in his
power to prom ote his election. A s we noted last w eek, a
similar resolution was adopted b y G roup I V of the W e st
Virginia B ank ers’ Association on M a y 1.
O f tho 41 M orris Plan com panies now in operation, the
tho oldest was started in 1910 and only fourteen are more
than two years old. Altogether they have loaned over
8 1 5 ,5 0 0 ,0 0 0 to m ore than 1 2 5 ,0 0 0 borrowers in sum s averag
ing abou t S 1 2 5 .
A t present loans are being m ad e at the rate
of 8 1 0 ,0 0 0 ,0 0 0 a year, and the rate is steadily increasing.
A d d ition al com panies aro being organized in nine or ten
cities in N e w Y o r k , N e w England and the M id d le W e s t.
U nited States D istrict Judge Julius M . M a y e r has directed
State Superintendent o f B ank s Eugene L am b Richards,
receiver o f M a x K o b re ’s B a n k , o f this c ity , to p ay 8 6 1 ,5 0 0
to tho K o b re A ssets Corporation and to p a y 83 73 in fees.
Theso p aym ents will be m ade out o f the fund o f 8 1 0 0 ,0 0 0
recoived from tho M a ry la n d C asualty C o ., and the balance
rem aining will be distributed, tw o-thirds to the K obre
A ssets Corporation and one-third to the Brow nsville Assets
Corporation.
T h e K o b re Assets Corporation last year took
over tho assets of M a x K o b re’s B an k in this city under an
offer of com position.
Tho Brow nsville A ssets C orporation
had previously taken over the assets of M a x K o b fo ’s private
bank in the Brow nsville section of B rooklyn under a similar
com position offer.
Frank C . R hodes, a V ice-President o f tho M echan ics’
B an k of Brooklyn since 1914, died on the 24 th in st.
He
w as fo rty -fiv e years o f age. M r . Rhodes had been em ployed
1960
THE CHRONICLE
b y the B an k of A m erica for abou t eighteen years, a n d then
becam e an examiner in the State Banking D ep a rtm en t, but
left the latter position in 1914 to becom e identified w ith the
M echan ics’ B a n k .
H e was regarded as an expert on credits.
Clinton H . B la k e , President of the Citizens’ N ation a l
B a n k o f E n glew ood, N . J ., died on the 19th in st.; he was in
his seventy-third year.
T h e First N ation a l B an k o f L on g B ran ch , N . J ., has been
placed in v olu n tary liquidation and has been succeeded b y the
L ong Branch T ru st C o ., capital $ 5 0 ,0 0 0 .
W ellin gton R . Slocum , Cashier of the Travelers Insurance
C o . of H artford , w as elected a director o f the Travelers
B a n k & T ru st C o . on the 17th inst. to succeed the late
Stanley B . B osw orth .
H e was subsequently also elected a
m em ber of the finance com m ittee o f the trust com p an y.
T h e business of the Old B oston N ation a l B an k of B o sto n ,
capital $ 9 0 0 ,0 0 0 , has been taken over b y the M erch an ts
N ation a l B a n k o f th at c ity , capital $ 3 ,0 0 0 ,0 0 0 .
T h e Old
B o sto n N ation a l B an k will be placed in voluntary liquidation,
its good will and deposits being purchased a t $ 9 0 ,0 0 0 , equal
to $ 1 0 per share, which is in the form o f a prem ium for securing
the business; in the liquidation o f the assets it is expected
th at the shareholders of the Old B oston N ation a l will receive
about $1 4 5 per share. T h e Old B oston N ation a l B an k is
one of the oldest banking institutions in B o sto n , having
started in 18 03 .
Its statem ent under the last call showed
gross deposits of $ 3 ,1 9 3 ,9 1 8 , and surplus and undivided
profits of $ 3 6 6 ,3 6 6 ; the M erch an ts N ation a l on the same
date showed gross deposits o f $ 6 5 ,9 0 0 ,7 2 7 , and surplus and
undivided profits o f $ 3 ,3 2 4 ,2 8 9 .
I t w as announced b y the
M e rch a n ts N a tio n a l on the 25 th in st. th at the consolidation
becam e effective a t the close of business M a y 2 4 , m ore than
tw o thirds o f the stock of the Old B oston N a tio n a l having
assented to the m erger. A special m eeting of the share
holders o f the O ld B osto n N a tio n a l B a n k has been called
for June 19 , w hen th ey will form ally v o te on ratifying
the action o f the directors in accepting the offer o f the
M e rch an ts
N a tio n a l B a n k .
H . G . C u rtis, President
of the O ld B osto n N a tio n a l for abou t tw en ty -fiv e years,
will becom e a V ice-P resident of the M erch an ts
N a
tional B a n k .
Chester S . Stoddard, Cashier, and C . C . P a t
ten , A ssistant Cashier of the Old B oston N a tio n a l, will retiro
w ith the consum m ation of the m erger. M r . Stoddard has
served the Old B osto n N ation al for fifty -tw o years and M r .
P a tten has been associated with it for fifty years.
Charles C . M u r r a y , receiver of the Enterprise N a tio n a l
B a n k o f A lleg h an y , P a ., will sell at public auction on June 12
substantially all o f the assets of the defunct bank.
T h e in
stitution failed in 19 05 .
A . B . Crouch has been elected A ssistant Cashier of the
N ation a l B an k of B altim ore, M d ., and will take charge of
the b a n k ’ s Seaboard branch a t F a yette Street a n d Park
A v e n u e . M r . Crouch was form erly associated in various
capacities w ith the old T h ird N ation al B an k (which was
merged w ith the N ation a l B an k of Baltim ore in 1 9 10 ); he
was President o f the Third N ation al for abou t a year, resign
ing because o f ill-health in April 1909.
[Vol. 102
ington, Chairm an of the board o f the H untington N ation a l
B a n k , and who is considered the dean of Colum bus bankers,
had been associated with the Exchange B an k for about tw elve
years until 18 6 6 , when the N ation al B anking A c t becam e
effective and the State B a n k of Ohio w ent out o f existence.
M r . H u n tin gton and D a v id W . D eshler thereupon opened a
private bank in tne quarters theretofore occupied b y the E x
change B ranch; in 18 6 9 , upon the death o f M r . D eshler, M r .
H u n tin gton becam e the sole proprietor o f the b an k , contin
uing in th at capacity for about tw enty-five years, when his
sons were taken into partnership.
In 1905 the banking firm
of P . W . H u ntington & C o . was converted into the H unting
ton N ation al B a n k , w ith $ 4 0 0 ,0 0 0 capital.
T h e officers of
the bank are: P . W . H u n tin gton , Chairm an of the board;
F . R . H u n tin gto n , President; T . S . H un tin gton , Vice-Presi
dent; B . G . H u n tin gto n , Cashier. In addition to the fore
going, the only other m em ber o f the board is A . C . U . H u n t
ington.
George B . C o x , for m an y years a power in politics in C in
cinnati and in O hio, died on the 20th inst. in his sixty-third
year. M r . C o x was form erly President o f the old Cincinnati
T ru st C o . o f C incinnati, which w as taken over b y the Provi
dent Savings B a n k & T ru st C o . in N ov em b er 1911.
Frank M c K e e n , President o f the M c K e e n N ation a l B a n k
o f Terre H a u te , In d ., died on the 2 0 th in st.; he was in his
sixty-th ird year.
Throughout his entire banking career
M r . M c K e e n had been associated with the institution of
which he was the head, having started as an office boy in the
o ld M c K e e n & ,M inshall B an k .
In 1 9 0 5 , when the insti
tution cam e under the national banking sy stem , M r . M c K e e n
was elected Vice-P resident, assuming the presidency a few
years ago upon the death of W illiam R . M c K e e n .
T h e farm loan departm ent of the M e rch an ts’ L oan & Trust
C o . of Chicago has m oved to new quarters on the third floor
of the M e rch a n ts’ Loan & T rust B uilding, where increased
facilities for the transaction of its farm m ortgage business
and for the convenience o f its patrons have been provided.
T his departm ent was organized eleven years ago and its con
tinued grow th has necessitated this rem oval to quarters spe
cially adapted to its particular requirements. T h e depart
m ent now has loans in force and in the hands of investors in
excess o f $ 2 0 ,0 0 0 ,0 0 0 .
R alph L . L apliam and M aurice H . B en t have becom e
identified w ith the selling organization o f the bond depart
m ent o f the Illinois T rust & Savings B an k o f Chicago. M r .
L apham was form erly connected w ith the Chicago Savings
B a n k & T ru st C o . and M r . B en t was form erly associated with
the Harris T ru st & Savings B an k .
Ernest C arstens, President of the G orm an-Am erican M e r
cantile B an k o f Seattle, died on the 14th in st.; he was fo rty nine years o f age. M r . Carstens was formerly President
of the old G erm an-A m erican B an k and when that institu
tion merged w ith the M ercantile N ation a l B an k in 1914 he
became President o f the consolidated institution.
T h e profits shown in the statem ent of the Storling B an k o f
C anada (head office T oronto) for the year ending April 2 9
1916, according to the President, G . T . Som ers, are the
largest on record, being more than 2 5 % in excess of those
of last year.
T h e profits, after deducting charges o f m anage
B . F ran k B en n ett, Vice-President of the B . F . B ennett
m en t, rebate, & c ., am ounted to $ 1 4 5 ,2 9 1 , or 1 2 .0 4 % , on the
Building C o ., has been elected a director of the P ark B an k
$ 1 ,2 0 6 ,2 9 9 paid-up capital. T h e profit brought forward
o f Baltim ore to fill a vacan cy.
from the previous year was $ 5 2 ,1 8 4 .
T h e sum o f $ 5 0 ,0 0 0
was transferred to contingent account for depreciation; vari
E.
S . W h ite has been elected Assistant Secretary and Treas
ous taxes am ounted to $ 2 2 ,4 6 0 , and after the p aym ent o f
urer of the C om m ercial Savings B an k & T ru st C o . o f T oled o, dividends, $ 5 2 ,7 3 5 is left to be carried forward. Gross de
O hio. H e will take charge of the b an k ’s Overland division, posits register a substantial increase, aggregating $ 7 ,7 9 4 ,8 2 1 ,
a t 8 1 0 Central A v e n u e , when it opens abou t July 1.
as against $ 6 ,8 4 1 ,8 5 1 the year before. T h e statem ent shows
total assets o f $ 1 0 ,7 4 4 ,3 1 5 , which com pares w ith $ 9 ,5 0 8 ,3 4 3
A n increase of $ 1 0 0 ,0 0 0 was m ade in the capital of the the previous year.
H u n tin gton N ation a l B an k o f C olu m bu s, O hio, on the 20th
T h e h alf-yearly statem ent of tho B a n k of M o n trea l, C a n
in st., raising it to $ 5 0 0 ,0 0 0 , and a t the sam e time $ 1 0 0 ,0 0 0
was added to surplus and undivided profits, which now ag a d a, for the six m onths ending April 2 9 19 16 , shows a note
gregate $ 1 6 5 ,0 0 0 .
T h e bank opened for business in its new w orthy increase in total deposits, which aggregated $ 3 2 8 ,
banking room in the H u n tin gton B an k B uilding (formerly 6 0 7 ,6 5 3 , an increase since O ct. 3 0 1915 o f $ 9 2 ,5 8 4 ,8 4 1 and
Intorest-bearing deposits
the H arrison Building) on the 2 2 d in s t., the event having during tho year o f $ 9 7 ,7 1 5 ,8 8 8 .
special significance in view o f the fact th at the opening took at $ 1 9 4 ,0 0 6 ,5 5 1 contributed $ 3 3 ,7 2 9 ,4 6 8 to tho increase, and
the form of a celebration o f the institution’s fiftieth anniver non-interest-bearing deposits a t $ 1 3 4 ,6 0 1 ,1 0 2 contributed
sary.
T h e institution started in 18 66 , succeeding the old $ 5 8 ,8 5 5 ,3 7 3 .
T o ta l resources, which O ct. 3 0 1915 roached a
E xchange Bran ch o f the State B an k o f O hio. P . W . H u n t new high level a t $ 3 0 2 ,9 8 0 ,5 5 4 , have further oxpandod and
May 27 1916.1
THE CHRONICLE
now am ou n t to $ 3 9 0 ,4 2 1 ,7 0 1 ; a comparison w ith A p ril 3 0
1915 shows an increase in total resources of $ 1 0 0 ,8 5 9 ,0 2 3
Profits for the half-year were $ 1 ,0 0 7 ,2 4 0 , out of which $ 9 6 0 ,
0 0 0 was paid for dividends and $ 8 0 ,0 0 0 for war taxes.
TR EASU R Y CASH A N D CU RREN T L IA B IL IT IE S .
T h e cash holdings of the G overnm ent as the item s stood
April 29 aro set out in the follow ing.
T h e figures are taken
entirely from the daily statem ent of the U . S . Treasury for
April 29 .
CURRENT ASSETS AND LIABILITIES.
GOLD.
S
L ia b ilitie s —
$
Gold coin........................1,020,712,024 48 Gold ctfs. outstanding..1,462,841,319 00
Gold bullion.................. 604,695,891 65 Gold reserve.................. 152,979,023 21
Available gold In gen. fd. 69,587,573 92
A ssets—
T ota l.......................... 1,685,407,916 13
T o ta l...........................1,685,407,916 13
N o t e .— Reserved against $340,681,016 of U. S. notes and $2,146,621 of Treasury
notes of 1890 outstanding. Treasury notes aro also secured by silver dollars in
the Treasury.
SILVER DOLLARS.
Assets—
$
L ia b ilit ie s —
$
Silver dollars.................. 502,538,415 00 Silver ctfs. outstanding. 487,472,228 00
Treasury notes of 1890
2,122,328 00
outstanding................
Available silver dollars
In general fund--------12,943,859 00
Total .............. ...........
502,538,415 00
Total
502,538,415 00
GENERAL FUND.
A ssets—
S
L ia b ilitie s —
$
69,587,573 92 Treasurer’s checks out
Avail, gold (see above).
Available silver dollars
standing.................. .
2,383,965 32
(See above)............
,943,859 00 Deposits of Government
,208,593 00
United States notes___
officers:
Federal Reserve notes..
,140,545 00
Post Office Dept___
15,051,938 42
National bank notes__
,482,540 48
Board of trustees,
Cert, checks on banks..
15,554 54
Postal Savings Sys
Subsidiary silver coin ..
,214,873 90
tem (5% reserve)..
3,256,097 39
Fractional currency___
Comptroller of the
Minor coin....................
785,301 11
Currency, agent for
Sliver bullion (available
creditors of Insol
for subsidiary coinage)
5,627,049 91
vent banks.............
1,561,065 27
Unclassified (unsorted
Postmasters, clerks of
currency, <fcc.)--------536,028 13
courts. A c............ ..
17,008,029 96
Deposits In Federal
Deposits for:
Reserve banka_____
39,609,850 39
Redemption of Fed
Deposits In national
eral Reserve notes
banks:
(5% fund)________
10,505,962 36
To credit of Treasurer
Redemption of Fed
United States........
32,561,365 37
eral Reserve bank
To credit of other
notes (5% fu n d )...
361,500 00
Governm’t officers.
5,503,763 72
Redemption of na
Deposits In Philippine
tional bank notes
treasury:
(5% fund).......... .
25,727,705 14
To credit of Treas
Retirement of addi
urer, United States
3,480,658 99
tional
circulating
To credit of other
notes, Act May 30
Governm't officers.
2,345,670 52
1908........................
8,181,755 00
Exchanges of cur
rency, coin, &c___
10,776,959 90
...... ,
95,414,978 82
o Net balance. Including
$56,065,335 98 to cred
it of dlsburs'g officers 129,628,249 16
T ota l..........................
225,043,227 98
T otal..........................
225,043,227 98
All reports from Treasury offices received before 11 a. m . are proved on the same
day. All reports from depositary banks are proved on the day of receipt or the day
following.
b Tho balance stated Is the amount available to pay Treasury warrants dlsburslne
officers’ checks and matured public debt obligations. Included In such’obliimtinns
Is $39,933,755 of outstanding national bank notes that have been assumed*bv the
United States on deposit of lawful money for their retirement (seo Act of Juiv 14
1890), which by law Is part of the public debt of the United States and Is Included
In the publlo debt statement. Prior to July 1 1913 the amount of this fund was
included as a part of the public debt and not as a liability In the general fund On
July 1 1913 the form of the dally statement was changed and the retirement fund was
removed from the general fund balance and set up as a general fund liability The
Act of July 14 1890 provides, however, that this fund shall be Included
a part of
the public debt. The above statement restores It to the balance and^nakes it a
part of tho public debt as required by law.
e anu maKca K °
F I N A N C I A L S T A T E M E N T O F U . S. A P R I L 3 0 1910.
{F o rm erly I s s u e d as “ Statem ent o f the P u b lic D e b t.” )
T h e following statem ents of tho public debt and T reasury
cash holdings o f tho U nited States are as officially issued as
April 3 0 1910. F or ex p la n a tio n s o f the ch an ges in the state
m en ts, see is s u e o f N o v . 27 1915, pa ge 1781.
of
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Balnnco held by tho
Settlement warrants,
Treasurer of tho United
coupons and checks
Statos as per dally
outstanding:
Treasury statement for
Treasury warrants------ 81,809,896
April 30 1910------------ $129,628,249 16
545,984
Matured coupons-----Add— Net excess of re
Interest checks............
333,833
ceipts over payments
Disbursing o ffice rs '
In April reports sub
checks......................
8,731,659
sequently received___
188,996 71 Balance............................ 118,390,872
29
59
72
22
05
Revised balance.............. $129,812,245 87
$129,812,245 87
PUBLIC DEBT BEARING NO INTEREST.
(Payable on presentation.)
Obligations required to be reissued when redeemed’
United States notes........ ..........
'
c 3j r. r,s , nin ftf.
Less gold reserve...................... 2?
Excess of notes over reserve___
«too 7m ono 70
u
Obligations that will bo retired on presentation'.............................. '
Old demand notes_____________
'
53 1S2 so
National bank notes assumed by the United Stateson deposit of
lawful money for their retirement..
r.o -,<0 7 r,n Kn
Fractional currency....................................<L848;734 90
TotAl................................................................................................ $252,953,630 69
DEBT ON WHICH INTEREST HAS CEASED SINCE M ATU RITY.
(Payable on presentation.)
Funded loan of 18 9 1, continued at 2% , called for redemption May 18
1900; Interest ceased Aug. 18 1900— ..............................................
34,000 00
Funded loan of 1891, matured Sept. 2 1891.................... ............. ‘ _I
22,950100
Loan of 1904, matured Feb. 2 1904.............. ............. .................. ” 1
13,050100
Funded loan of 1907, matured July 2 1907........................................3
521,500.00
Refunding certificates, matured July 1 1907........................ .......... I
12,080100
Old debt matured at various dates prior to Jan. 1 1861 and other
Items of debt matured at various dates subsequent to Jan. 1 1861.
901,460 26
T o ta l............................................................... - ...............................
$1,475,040 26
1961
INTEREST-BEARING DEBT.
(Payable on or after specified future dates )
T itle o f L o a n —
I n te r e s t
P a y a b le A m t . I s s u e d .
O u tsta n d in g A p r i l 30
R e g is te r e d .
C oupon.
T o ta l.
’
S
$
$
$
2s, Consols of 1930...........Q.-J. 646,250,150 634,140,900 2 ,823,950 636,964,850
3s, Loan of 1908-18______ Q.-F. al9S,792,660 47,260,560 16 ,684,900 63,945,460
4s, Loan of 1925 ............... Q.-F. 6162,315,400 101,300,600 17 ,189,300 118,489,900
Panama Canal Loan:
2s, Series 1906 ...............Q.-F. 54,631,980 54,446,520
10,460 54,456,980
2s, Series 1908 ............... Q.-F.
39,000,000 29,636,520
238,480 29,875,000
3s. Series 1911...............Q.-M. 50.000,000 40,953,800 9 046,200 50,000,000
3s, Conversion Bonds........ Q.-J.
5,545,300
5 545,300
5,545,300
3s, One-yr. Treas. Notes.-Q.-J.
4,040,000
4 040,000
4,040,000
2Ms, Post.Sav.bds.’ 11-15.J.-J.
7.307,100
6,541,200
765,900
7,307,100
2Ks, Post. Sav. bds. 1916.J.-J.
938,000
857,480
80,520
938,000
Aggregate of int.-bearing debt 1,159,820,590 915,137,580 56,425,010 971,562,590
a Of this original amount Issued $132,449,900 have been refunded Into the 2%
consols of 1930, and $2,396,800 have been purchased for the sinking fund and cancclc-cl, and SoOO have otherwise been purchased and canceled.
6
Of this original amount Issued $43,825,500 have been purchased for the sinking
fund and canceled.
G ROSS DEBT.
NET DEBT.
Debt bearing no interest.$252,953,630 69 Gross debt (opposite).$l,225,991,260 95
Debt on which interest
Deduct— Balance avail
1 ,475,040 26
has ceased........ ..........
able to pay maturing
Interest-bearing d e b t... 971,562,590 00
oblig’ns (see above).
118,390,872 05
Aggregate................ $1,225,991,260 95
Net debt.................. $1,107,600,388 90
T H E E N G L IS H GOLD A N D S IL V E R M A R K E T S .
W e reprint tlie follow ing from the w eekly circular o f
Samuel M o n ta g u & C o . of L ondon, written under date of
M a y 4 1916:
GOLD.
For the first time for six weeks the external m ovem ents have been unfa
vorable to the Hank o f England. The following am ounts were received
b y the Bank:
April 28— £6,000 in bar gold.
M a y j 1— 7,000 in bar gold.
“
3— 65,000 in bar gold.
“
“ — 250,000 in sovereigns released on m iscellaneous account.
W ithdrawals were m ade as under:
April 27— £140,000 in sovereigns for Spain.
“
“ — 350,000 in sovereigns set aside on miscellaneous account.
29— 201,000 in bar gold.
M a y 1—
7,000 in bar gold.
' “ — 30,000 in sovereigns for the U . S. A .
“
3— 10,000 in sovereigns for India.
During tho week the net efflux amounted to £410,000. T h o W est A fri
can output for M arch 1916 amounted to £150,987, as com pared with £153 ,
770 in M arch 1915 and £137,739 in F ebruary 1916.
S IL V E R .
In the six working days from April 27 to M a y 3 the price rose no less than
5 l-16 d . T ho riso was continued each day w ith the exception o f M a y 1,
when the price shed A < i - . gained on the previous da y. Thrice during these
six days the quotation advanced 1 A d . in its stride. It is notew orthy that
since M arch 7, when tho quotation was 27d., the price has on ly fallen back
six times, and never m ore than 3-16d. on any occasion. N o t on ly the
position o f the market at the present tim e, considered as a whole, b u t also
its strength, is unique. 1 T he quotation fell quite as heavily when silver was
demonetized upon a large scale, but no advance in tho price has ever been
so sustained. N ow , an exactly reverse operation is taking place; silver is
being monetized upon a largo scale. There have been greater m ovem ents
in one day. Silver was 34d. on Juno 28 1893 and 31 A d . the next da y. I t
was 3 0 A d . on Saturday, June 30 1893, and rose to 3 3 A d . on the M on day
following, July 2.
T he exceedingly important relation that silver can occu p y with regard
to m oney needs to be borne in mind in order to gauge tho situation. Silver
as a luxurious adjunct o f civilization can bo gone without. P late can bo
melted into bullion, so as to take advantage o f tho high level o f prices at
tained, but an excess or deficiency o f currency is an urgont state o f affairs
which calls for drastic action. Such action has been at work o f late, and
apparently will continue, on behalf o f several Governm ents.
It will bo observed from the figures given in the usual table at the end o f
this circular that the total o f silver rupees held against tho Indian note is
sues has fallen a further 51 lacs. T ho fall has been practically continuous
from 4,007 lacs on A ug. 15 1915 to 1,950 lacs on April 30 1916. A stock o f
600 lacs used to be held in the gold standard reserve, ready for an em ergency,
but tho amount w’as exchanged some time ago for gold .
T he remarkable advance in the price makes a reference to the intrinsic
value o f silver coins a m atter o f interest, for, if tho intrinsic exceods tho
nominal value, there is always a strong possibility o f coins being m elted into
bullion, and the refined contents being placed upon the m arket.
T he M exican silver dollar is already worth m ore dead than alive. Le
gally, it is supposed to circulate as half a gold dollar, say 2 4M . Its in
trinsic valuo yesterday as unrefined bullion was abou t 27. H ad not M ex
ico been already denuded o f silver dollars, owing to internal strife, the G o v
ernment would have found it difficult to retain these silver dollars as cur
rency. Should tho price o f silver exceed 4 5d ., it w ould begin to be w orth
while to ship to Europe and there refine tho rupee, and at 46d. the Straits
dollar. T ho stock o f the former coin is given in tho U nited States M in t
report o f 1912 as 2,750,000,000 rupees, nom inally w orth over £183,000,000.
T ho amount o f Straits dollars affected is about 12,500,000. In M arch
1907 tho weight o f this dollar was reduced from 416 to 312 grains, owing
to tho rise in tho price o f silver. An advance in the price o f silver to 45d.
would create a serious problem for tho Imperial authorities. Consider
ing tho size o f the stock o f rupees, it would be impossible to recall and
remint the metal quickly into a coin with less silver contents.
T he last three Indian currency returns received b y cable give details in
lacs o f rupees as follows:
A p r i l 22.
A p r i l 15.
A p r i l 30.
64,93
N otes in circulation________________ 65,32
64,94
Reserve in silver coin _______________ 20,78
20.01
19,50
G old coin and bullion----------------------- 12,25
12,25
12,24
11,92
11.92
G old in E ngland___________________
11,92
The stock in B om bay consists o f 4,200 bars, as com pared w ith 2,900 bars
last week. N o shipment was m ade from San Francisco to H ongkong last
week. Particulars regarding the prices o f silver during the past m onth
aro set out below:
Highest price for cash______________________ 3 5 H d .
Lowest price for cash_______________________ 29d.
Average price for cash_______________________ 30.6619
Quotations for bar silver per ounce standard:
5%
No
Bank rate__________________
cash
April 28— 34 A
quotation Bar gold per oz. standard___77s. 9d.
29— 35 >£
”
French gold coin per o z ____ Nominal
fixed
M a y 1— 35
“
for
U . S. A . gold coin per o z ___N ominal
2— 36
“
forward
3— 37 A
“
4— 36 15-16 “ delivery.
A v . for week 35.718 cash
T ho quotation to-day for cash is 3 15-16d. a bove that fixed a week ago
o f G overnm ent receipts and disbursements for A p ril 1916
and 1915 and for the ten m onths of the fiscal years 19 15 -1 6
and 1 9 14 -1 5.
E N G L IS H F I N A N C I A L M A R K E T — PER C A B L E .
T h e daily closing quotations for securities, & c ., a t L on d on ,
as reported b y cable, have been as follow s the past week:
Receipts—
A p r i l 1916.
A p r i l 1915. l O M o s . ’ 15-’ 16.
O r d in a ry —
$
$
$
Custom s........................ 18,926,615 11 16,020,690 55 171,765,333 84
Ordinary internal r e v ..29,572,962 16 26,720,548 04 315,230,567 77
Income tax................... 2,714,406 44 1,641,673 75 23,292,863 81
Miscellaneous................ 4,087,255 25 3,145,412 46 37,813,648 15
L ondon,
M a y 20. M a y 22. M a y 23. M a y 24. M a y 25. M a y 26.
W e e k e n d in g M a y 26.
S a t.
M on.
T u es.
W ed .
T h u rs.
F ri.
Silver, per oz____________ d.36
34
3 4^
34 3-16 34 3-16 34 3-16
Consols, 2 X percents........ .57 X
5 7V »
58X
58
57%
57X
British, 4 X percents............ 95 X
95X
95X
95X
95 M
95>6
French Rentes (In Paris).fr.62.25 62.15
62.50
62.50
62.50
62.75
7 1^
71X
71X
71 X
71 X
P a n a m a C a n a l—
Tolls, &c......................
Commercial andlllis cellauemisJJrxxr#
f o r e
io ir ^ T R A D F
OP
N EW
S T A T E M E N T .— In addition to the other tables given in
this d epartm en t, m ade up from w eekly returns, we give the
following figures for the full m on th s, also issued b y our
N ew Y o r k C u sto m H ou se.
M o n th .
Im p o r ts .
1915-16. | 1914-15.
July.........
August__
September
O ctober..
November
December
January..
February.
M arch__
A p ril-----
1914-15.
.$
1
S
$
$
75,812,949 84,561,785 156,746,121 59,218,363
76,266,845 63,804,412 144,117,486 33,559,424
85,617,505 76,118,541 163,608,127 61,895,606
77,121,468 77,153,765 173,667,700 88,199,144
97,666,815! 73,767,970 192,992,355 86,762,617
94,197,777! 66,021,283 191,268,097 98,394,625
99.988.117 70,992,107 175,656,877 104,025,265
103,084.535 71.016,866 224.934,940 113,203,172
116,198,589 90,473,231 229,412,858 129,845,743
115,290,462: 92,252,029 186,671,441 139,410,642
$
15,914,374
12,803,086
12,143,093
11,622,465
12,426,479
10,977,254
12,028,863
10,888.461
13,782,945
10,784,887
S ilv er— N e w
C o ld M o v e m e n t a t N e w Y o r k .
1915-16.
July.........
August.. .
September
October. .
November
December
January..
February.
M arch__
A p r il___
$
5,301,292
2,281,541
8,992,572
28,000,374
49,836,918
36,371,277
13,025,093
4,258,059
2.368,344
4,329,050
1914-15.
E x p o rts.
1915-16.
1914-15.
$
$
S
732,964 2,064.67C 32,732,361
973,114 1,032,670
949,341
766,499
905,196 1,817,500
244,637
712,573 2,824,000
1,946,760 1,127,370
190,398
1,072,523 3,054,228
4,100
639,000
2,082,618 6,220,132
1,531,031 10,589,971
996,300
873,400
3,377,102 4,532.820
3,690,774 6,443,234
754,808
E x p o rts.
1915-16.
1915-16.
$
1,768,120
2,718,817
1.581.174
2,340,388
2,169,706
1,730,680
749,381
1,431,404
1.619,163
1,231,080
$
2,694,349
2,824,995
3,104,667
4,560,514
4,433,662
5,535,810
4,130,016
3,818,210
3,450,204
4,367,911
48,267,472 50
19,647,025 00
589,550 00
50,070,972 50
20,580,565 00
and warrants
(less bals. re
& o.)................ 51,783,368 91 54,638,454 70 577,018,737 40 589,809,134 48
public debt pd. 3,265,336 82 3,263,150 03 20,462,497 42 20,451,528 00
Checks paid (less bals.
repaid, & c.)________ 1,396,100 59
1,355,352 11
P u b lic D e b t B o n d s , int.-bear. notes
& certificates retired
1,350 00
33,725 00
43,653 00
788,468 50
15,408,067 50
15,600,532 00
T o ta l........................ 4,089,472 50
789,818 50
15,441,792 50
15,644,185 00
DIVIDENDS.
N a m e o f C om pany.
Railroads (Steam).
A la b a m a G rea t S o u th ern , o r d in a r y ---------C o m m o n ( P.xlT(i\
P r e f e r r e d .................................................
P r e fe r r e d ( e x t r a ) . . ........................... —
Albany & Susquehanna..............................
Atch. Top. & Santa Fe, com. (quar.)-----A t la n t ic C o a st L i n e C o . (q u a r .) ..................
Atlantic Coast Line R R ., common_____
Boston & Albany (quar.)........................ .
B o s to n A L o w e ll ------- --------------------------Boston Revere Beach & Lynn (quar.)----B u ffa lo A S u s q u eh a n n a , p r e fe r r e d ..............
Canadian Paciflo, common (qu.) (No. 80)
Chestnut Hill (quar.)................................
Chic. & N . W ., common (quar.)..............
Preferred (quar.)....................................
Cleve. & Pittsb., reg., guar, (quar.)----Special guaranteed (quar ) . . ................
Cripple Creek Central, com. & pref. (qu.)
Delaware & Hudson Co. (quar.)— .........
E r ie A P itts b u rg h ( q u a r . ) . . ............ ...........
G rea t N o r th e r n I r o n O r e ________________
Hocking Valley------- ----------------------------Maine Central, pref (quar.)....................
M o b i l e A B ir m in g h a m , p r e fe r r e d ..............
New York Philadelphia & Norfolk..........
Norfolk & Western, common (quar.)-----Common (extra)____________________
Pennsylvania (quar.)..................................
Phila. Germantown & Norris, (quar.)----Pittsb. Bessemer & Lake Erie, pref..........
Pittsb. Youngst. & Ashtabula, pref. (qu.)
Reading Company, first pref. (quar.) . .
Renssalaer & Saratoga........................ —
Southern Pacific Co. (quar.) (No. 39)----Union Pacific, common (q u a r .)..............
Street & Electric Railways.
American Railways, common (quar.)----B a to n R o u g e E l e c . C o ., c o m m o n ( N o . 2 ) ..
P r e fe r r e d ( N o . 10)---------------------------BrazilianTr., L. & Pow., Ltd .com (qu.)
B ro o k ly n R a p id T r a n s it ( q u a r .) .......... .......
Cent. Ark. R y. & L. Corp., pref. (quar.)
Central Miss. Val. El. Prop., pref. (qu.).
Cities Service, common (monthly)--------Common___________________________
Cities Service, preferred (monthly)--------Detroit United R y. (quar.)......................
598,931,700
987,447,729
65,238,522
479,712,421
158,274,798
2,277,907
332,573,594
53,749,860
814,832',339
T R E A S U R Y C U R R E N C Y H O L D I N G S .— T h e follow ing
com p ilation , also m ade up from the daily G overn m en t state
m en ts, shows the currency holdings of the Treasury a t the
beginning o f business on the first of F ebru ary, M a r ch ,
A p ril and M a y , 1916:
$
F r a n k fo r d A S ou th w a rk P a s s . ( P h ila .) iq u .)
:
N’port News&IIampton Ry.,O.AE.,com.
Northern Ohio Trac. & Light, com. (qu.)
Nor. Texas Elec. Co. com. (qu.) (No. 27)
Norfolk Railway & Light........ .................
P e n s a c o la E le c tr ic , p r e fe r r e d ( N o . 16)----Rochester Ry. & Light, preferred (quar.)
S eco n d A T h ir d S ts. P a s s . , P h ila . ( q u a r .).
T h ir d A v e n u e iiy (q u a r .)
_
____
33,711,759
37,791,550
32,414,774
5,312,747
32,606,194
5,601,590
T otal.......................................... 64,036,982
Cash In Philippine Islands______ 6,744,537
37,727,521
5,834,468
38,207,78*4
4,999,372
Deduct current liabilities............ 92,509,355
93,305,686
91,778,769
a Chiefly disbursing officers’ balances, x Includes March 1
silver bullion and $1,336,883 78 minor coin, &c., not Included Ins
of Money.” c Including $27,159,666 In Federal Reserve Banks.
28,513,531 63 111,220,356 25
T ho follow ing shows all the dividends announced for the
future b y large or im portant corporations:
D ivid en d s a n n ou n c ed th is w eek a re 'printed in ita lic s .
Total .................... ......... 4,368,038,490 287,557,008 3,910,280,802 3,493,038,876
Population of continental United States estimated at 102,146,000. Circulation
per capita, $38 28.
a This statement of money held In the Treasury as assets of the Government does
not Include deposits of public money In Federal Reserve banks, and in national
bank depositaries to the credit of the Treasurer of the United States, amounting
to $72,171,215 76.
b For redemption of outstanding certificates and Treasury notes of 1890 an exact
equivalent In amount of the appropriate kinds of money is held In the Treasury,
and Is not Included In the account of money held as assets of the Government.
N o t e . — On May 1 1916 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes $8,263,680 gold coin and bullion and $161,937,000
gold certificates—a total of $170,200,680, against $173,557,508 on April 1 and
$46,176,834 In May 1 1915.
In Federal Reserve banks.. ________
In national banks—
credit Treasurer of U. S..c58,749,524
credit disbursing officers.. 5,287,458
21,773,167 67
6,555 00
Nat.-bank notes retired
(Act of July 14 1890) 4,082,917 50
Excess of total receipts
over total disburse’ts 4,704,167 74
Excess of total disburse
ments over total recta_____ ______ 11,415,147 91
- S t o c k o f M o n e y M a y 1 '16-------M o n e y i n C ir c u la t io n —
In U . S.
H e ld i n T r e a s .a M a y 1 ’16.
M a y 1 ’ 15.
Cash
Cash
To
To
15,921,571 75
Grand total dlsburse’ts 60,534,278 82 60,046,775 34 628,844,599 07 647,678,015 15
S T O C K O F M O N E Y I N T H E C O U N T R Y .— T h e fo l
lowing table shows the general stock of m oney in the coun
try , as well as the holdings b y the Treasury and the am ount
in circulation on the dates given:
H o l d i n g s i n S u b -T r e a s u r ie s —
$
$
$
104,075,899 215,303,167
Net silver coin and bullion______ 25,223,849 24,055,028 19,420,586
Net United States Treas .n otes.. 7,865,973
5,932,762
6,039,430
Net national bank notes.............. 43,520,157 28,520,040 /22,817,467
Net Federal Reserve notes.........1
\ 2,504,770
Net subsidiary sliver....................... 21,415,959 21,754,343 21,330,907
2,366,591
Minor coin, &c.......................
1,736,436
1,373,508
589,550 00
T o ta l........................ 9,907,085 00
T o ta l........................ 55,048,705 73 57,901,604 73 597.481,234 82 610,260,662 48
T o ta l. . 154,764,520 16,924,655 39,706,5951 38,150,844 17,339,915; 38,920,338
S
$
Gold coin and bullion..........2,319,548,404 222,566,597 625,876,808
. . ______ 1,300,904,319
Gold certificates b ________ ________ ._
Standard silver dollars____ 568,270,900 12,943,859
65,732,485
Silver certificates b ............. .............................- .........
487,472,228
Subsidiary silver................ 187,569,944 20,214,874
167,355,070
Treasury notes of 1890....................................................
2,122,328
United States notes............. 346,681,016 6,208,593 340,472,423
Federal Reserve notes......... 185,313,350 3,140,545
182,172,805
Federal Reserve bank notes
6,899,970
.......... .
6,899,970
National bank notes........... 753,754,906 22,482,540 731,272,366
933,540 00
P a n a m a C a n a l—
Y ork.
Im p o r ts.
_
1,803,500 00
Disbursements—
Im ports and exports o f gold and silver for the 10 m on th s:
Im p o r ts.
2,693,582 30
O r d in a r y —
Total . . 941,245,062766,161,9891839076002914,514,60U 23,747,862123,371,907
M o n th .
2,157,681 37
Snip nf Pan Gann]
Sale of Postal Savs. bds......................
Deposits for retirement
of nat. bank notes
(Act of July 14 1890) 9,907,085 00
Checks
paid
paid,
lnt. on
1915-16. ; 1915-16.
S
11,112.048
10,873,044!
11,030,703!
12,035,880'
13,708,875'
11,924,418
11,668.270
14,019,504
14,970,425,
12,404,695;
513,752 63
Grand total recelpts.65,238,446 56 48,631,627 43 600,331,067 44 536,457,658 90
C u s to m s R e c e ip ts
at N ew Y ork .
E x p o rts.
1915-16.
30,122 60
P u b lic D e b t —
Y O ^ K — M O N T E fL Y
M e rch a n d ise M o v em en t a t N e w Y ork .
’ 14-T5
$
174,291,536 59
270,711,796 86
13,316,892 53
54,863,285 62
\O M os.
T o ta l..........................55,301,238 96 47,528,324 80 548,102,413 57 513,183,511 60
T h e price o f silver in N e w Y o rk on the sam e days has been:
Silver In N. Y ., per oz.-Cts.75‘4
"
[Vol. 102
THE CHRONICLE
1962
Washington(D.C) Ry.&EIeo., com. (qu.)
W a s h in g t o n R y . A E l e c . —
T>to fprrpfl (aiinr
___
West Penn Railways, pref. (quar.)--------West Penn Traction, pref. (quar.)--------Pref. (on acct. accumulated dividends)
Wisconsin Edison Co., Inc-------------------W i s c o n s i n - M i n n . L t . & P o w .t p r e f . (q u a r .)
'
W h en
P a y a b le.
B o o k s C lo s e d .
D a y s In c lu s iv e .
June 29 I
June 29 I
Aug. 28 I
Aug. 28 I
July 1 J
4X
June 1 I
IX
$1.50 June 10 J
July 10 1
2X
June 30 I
2X
July 3 I
4
July 1 1
IX
July 15 1
2
June 30 1
2X
75C. June 5 J
July 1 I
IX
2
July 1 I
8 7 X c . June 1 1
50c. June 11
June 1 I
1
June 20 1
2X
June 10
IX
50c. June 27.
June 30 1
2
June 1
IX
July 1
2
May 29
$3
June 19
IX
June 19
1
75c. May 31
$1.50 Juno 51
$1.50 June 11
June 1
IX
60o June 8
July 1
4
.
.
.
.
2X
2
3
1
2
J u ly
1
June 15 :
June 1
June 1 !
June 1
July 1
7 a
June 1
June 1
Aug. 1
July 1
June 1
June 1
July 1
July 1
June 15
June 1
June 1
June 1
June 1
July 1 Holders of rcc. Juno la
July 1 Holders of rec. June 15
June 1
May 16
3
3
1
IX
IX
IX
X
3k
X
IX
9 4 .5 0
3
IX
1
3
3
IX
$3
1
IX
July
1
1
1
1
15
15
30
1
23
2
2
________- - - - - - $66 2-3 July
Central
July
Lawyers’ Title & Trust (quar.) (No. 7 1 )..
IX
1
1
6
Trust Companies.
Adams Express (quar.)------------------------Ajax Rubber (quar.)..................................
A m e r ic a n B a n k N o t e , p r e f . ( q u a r .) ............
A m e r . B eet S u g a r, p r e f . (q u .) ( N o . 68)----American Cotton o il, common (quar.)..
•
preferred
_______________ - - - - - - 3 American Express (QU&r.)- - - - - - - - - - - - 3 American Gas (quar.)--------------------------
June 12a
Juno 12a
July 22a
July 22a
June 31
. Apr. 28a
June 9
. JunedlOa
. May 30a
. May 27a
. June 10
. June 30a
. June la
June 4
. Juno la
. June la
. May 10a
. May 10a
. May 16a
. May 27a
. May 31a
Juno 27
. June 17a
. May 15a
to Juno 30
. May 15a
. May 31a
. May 31a
. May la
June 4
. May 15
i. May 20a
i. May 23a
June 30
i. May 31a
i. June la
IX
2
June
Aug.
July
July
31.75 June
June
IX
Miscellaneous.
i
P er
C en t.
IX
IX
IX
2Xh
May 16
to
Aug. 1
to
July 16
to
July 16
to
, Juno
July
31.50 June 1 Holders of reo.
$1.25 June 15 Holders of reo.
July 1 Holders of reo.
IX
June 30 Holders of rec.
IX
June 1 Holders of reo.
1
June 1 Holders of reo.
3
July 1 Holders of reo.
IX
June 1 Holders of rcc.
2
May
May
June
Juno
May
May
May
May
1
2
15a
31
15a
14
15a
15a
31a
17a
M ay 27 1916.]
N am e o f C om pany.
Miscellaneous (Continued).
Amer. Laundry Machinery, common__
Amer. Radiator, com. (quar.).
Common (extra)-.
Preferred (qunr.).
Amerlcan Tobacco, common (quar.).
Amer. Zinc, Lead A Smelting, comm
Anaconda Copper Mining (quar.)__
Atlantic Refining (quar.).......... .......
Atlas Powder, common (quar.)........
Common (extra)_________ _______
B a ld w in L o c o m o tiv e W o r k s , p r e fe r r e d .
Preferred (No. 8).
Extra.................... .....................
Buckeye Pipe Line (quar.)_______
Butterlck Co. (quar.)............ .........
THE CHRONICLE
P er
C e n t.
1
1
4
1
X
IX
1)4
1)4
5
50 m
$1.50
1
5
2
3
3)4
2
3
1)4
7)4
IX
W h en
P a y a b le .
June
June
Juno
Juno
Juno
June
July
June
Juno
Juno
May
July
June
June
Juno
July
June
Juno
June
June
July
July
Juno
June
June
June
July
Juno
Juno
Juno
June
Juno
Juno
June
B o o k s C lo s e d .
D a y s I n c lu s iv e .
10 June I
to Juno 10
1 Holders of rec. May 22
30 June 22 to Juno 30
15 May 27 to June 4
15 May 27 to Juno 4
1 May 13 to May 21
3 Holders of rec. Juno la
1 Holders of rec. May 31a
1 Holders of rec. May 15a
15 Holders of rec. May 15a
29 Apr. 23 to May 17
1 Holders of rec. June 15
15 Holders of rec. May 20a
10 Juno 1 to Juno 10
10 Juno 1 to Juno 10
1 Holders of rec. June 10
1 Holders of rec. May 22a
1 Holders of rec. May 22a
15 June 2 to June 15
30
(See note “ » ” )
1 Holders of rec. June 15a
1 Holders of rec. June 15a
15 Holders of rec. May 31
1 Holders of rec. May 15a
19 Holders of rco. Juno 3
24 Holders of rec. June 3a
1 Holders of rec. Juno 10a
1 Holders of rec. May 20
10 May 23 to June 11
10 June 3 to June 10
10 June 3 to June 10
4 Juno 2 to June 4
1 Holders of rcc. May 24a
15 Holders of rec. May lla
1
$1
54
$2
C a lu m e t A A r i z o n a M i n i n g ( g u a r .) .
$15
C a lu m e t A I l e c l a M i n i n g ( g u a r . ) . . .
C en tr a l L e a th e r , p r e fe r r e d (g u a r .) __
1)4
SI
200e
1
C h ild s C o m p a n y , c o m m o n ( g u a r .) .
P r e fe r r e d ( g u a r .) ........................
154
2
C ity A S u b u r b a n H o m e s ................
1)4
154
3
Continental Oil (quar.).
$1.50 June 15 Holders of rec. May 29
Juno 15 Holders of rec. May 29
$1
Extra (No. 31)------ ------------------------Cosden Oil & Gas, common (No. 1)------ 12)4c. Juno 1 Holders of rec. May 18
854c. June 1 Holders of rec. May 18
Preferred (quar.) (No. 1)............ .......
Crescent Pipe Line (quar.)____________
75c. June 15 May 23 to Juno 15
Cuban-Amerlcan Sugar, com. (quar.)..
2)4 July 1 Holders of rec. June 15a
Prefcrrcd (quar.).... .............................
154 July 1 Holders of rec. Juno 15a
Davison Chemical Corp. (No. 1)_______
$1
Juno 1 Holders of rec. May 15
Deere & Co., preferred (quar.)________
154 Juno 1 Holders of rec. May 15a
Diamond Match (quar.)______________
1)4 June 15 Holders of rec. May 31a
Distillers’ Securities Corporation (quar.)
July 5 Holders of rcc. June 3a
IX
Distilling Co. of America, pref. (quar.)..
July 1 Holders of rec. Juno 12a
X
Dome Mines, Ltd. (quar.)........................
50c. Juno 1
D o m i n i o n C la s s , L td ., p r e f . (g u a r .) ______
1)4 July 1
D o m i n i o n P o w . A T r a n s m ., c o m . ( N o . l j .
2
June 15
Dominion Textiles, Ltd., common(quar.)
July 3
IX
Driggs-Scabury Ordnance, common........
5
Juno 15
First preferred (quar.)........................ .
Juno 15
i x
Second preferred (quar.)......................
runo 15
IX
E a s te r n S h ore G a s A E le c tr ic , p r e f . (g u a r .)
D4 Juno I
Eastern Steel, 1st preferred (quar.)____
154 Juno 15
Eastman Kodak, common (quar.)..........
2)4 July 1
Common (extra).................. ...................
7)4 July 1
July 1
Preferred (quar.)___________________
IX
1
Juno 1
Fairbanks, Morse & Co., preferred--------to Juno 1
June 15
1
Federal Mining & Smelting, pref. (quar.)
Juno 1
F r e e p o r t G a s , p r e fe r r e d ( g u a r .) ..................
IX
3
June 30
Galena-Signal Oil, common (quar.)........
2
June 30
Preferred (quar.)...................................
General Asphalt, pref. (quar.) (No. 3 6 )..
1)4 June 1
General Chemical, common (quar.)------1)4 Juno 1
Preferred (quar.).................. .................
1)4 July 1
Juno 1
General Development (quar.)--------------IX
July 15
2
General Electric (quar.).............. .............
Juno 15
1
June 15
G lo b e S o a p , co m m o n ( g u a r .) ................ —
Juno 15
June 15
IX
F i r s t, s e c o n d A s p e c ia l p r e f . ( g u a r .) ----Aug. 15
1
Aug. 4a
Goodrich (B. F.) Co., common (quar.)..
Juno 1
IX
G rea t N o r th e r n P a p e r ( g u a r .) .......... .........
May 29
2
Greene Cananea Copper (quar.)-----------154 July 1
Gulf States Steel, first preferred (quar.)..
75c. June
Hackensack Water, common & preferred
Holders of rec. May 20a
1) 4 Juno
Ilarblson-Walker Refractories, common.
Holders of rec. May 22
2
Juno 15 Holders of rcc. Juno 10
H a r r i s o n B r o s . A C o ., I n c . , c o m . ( g u a r . ) . .
1
May 31 Holders of rcc. May 19a
Hart, Schaffncr & Marx, Inc. com. (qu.)
June 25 Holders of rec. May 26
Illinois Plpo Lino---------- ----------------------- 12
May 31 May 21 to May 30
Independent Brewing, Plttsb., pref. (qu.)
I X
2
Inland Steel (quar.)-----------------------------June
Holders of rec. May 10a
Int. Harvester of N. J., pf.(qu.) (No. 37)
June
I X
May 4 to May II
Int. Harvester Corp. pf. (qu.) (No. 13)
June
I X
May 4 to May 11
. International Nickel, common (quar.)__ $2
Juno
Holders of reo. May 16a
In te r s ta te E le c . C o r p ., p r e f . ( g u a r .) .........
June
I X
Holders of rec. May 21a
Jewell Tea, preferred (quar.)--------------July
I X
Holders of rec. June 20a
25o. June 15 Holders of reo. Juno la
Kerr Lake Mining (quar.) (No. 43)___
Kings Co. Elec. L. & Pow. (qu.) (No. 65) 2
June
Holders of rec. May 19a
Laclede Gas Light, common (quar.)__
June 15
I X
Preferred................ ..............................
2) 4 Juno 15
2
Lake of the Woods Milling,Ltd..corn.(qu.)
June
Holders of rec. May 27
Juno
Preferred (quar.)..................................
I X
Holders of rec. May 27
May 31 Holders of reo. May 22
Lanston Monotype Machine (quar.)—
IX
50c.
June
Leo Rubber & Tire (quar.) (No. 1)........
Holders of rec. May 15a
25c. Juno
Extra-------------- ------------------------------Holders of rec. May 15a
May 31 Holders of reo. Apr. 29a
SI
Lehigh Coal & Navigation (quar.)------3
Juno
Liggett & Myers Tobacco, com. (quar.).
Holders of res. May 15a
July
I X
P r e fe r r e d ( g u a r .) ------------ ----------Holders of rcc. Juno 15
May 31 Holders of rec. May 15a
3
Lindsay Light, common (quar.)...
May 31 Holders of reo. May 15a
I X
Preferred (quar.).........................
Juno
L o u is v ille G a s A E le c tr ic , p r e f . ( g u a r .) ___
I X
Holders of rec. May 25
June
Manhattan Shirt, com. (quar.) (No. 5 )..
X
Holders of rec. May 20a
Juno
$2
Massachusetts Gas Companies, pref.
May 16 to
May 31
July
Maxwell Motor, Inc., 1st pref. (quar.)..
I X
Holders of rec. June 10a
June
May Department Stores, com. (q u a r.)...
X
Holders of rec. May 15a
Mergenthaler Llnotypo (quar.).......... .....
June 30 Holders of rcc. Juno 3a
2 X
Middle West Utilities, pref. (quar.)____
Juno 1 Holders of rcc. May 15
I X
Moline Plow, first preferred (quar.)____
Juno 1 Holders of rec. May 18a
I X
M o n t a n a P o w e r , c o m m o n (g u a r .) ( N o . 15)
1
July 1 Holders of rcc. Juno 15a
P r e fe r r e d (g u a r .) ( N o . 1 5 ) . ..................
July 1 Holders of rcc. Juno 15a
I X
Montreal Cottons, Ltd., common (quar.)
Juno 15 Holders of rcc. Juno 5
1
Preferred (quar.)-----------------------------June 15 Holders of reo. Juno 5
I X
Nat. Biscuit, common (quar.) (No. 7 2 )..
July 15 Holders of rec. Juno 28a
I X
Preferred (quar.) (No. 73)----------------May 31 Holdors of reo. May 17a
I X
N a t i o n a l C a r b o n , c o m m o n ( g u a r .) ..............
2
July 15 Holders of rec. July 5a
Nat. Cloak & Suit, preferred (quar.)___
Juno 1 Holders of rcc. May 20a
I X
National Lead, common (quar.)________
1
Juno 30 Holders of rec. Juno 9a
Preferred (quar.)...... ............... .............
June 15 Holders of rcc. May 26a
I X
N a tio n a l S u g a r R e fin in g ( g u a r .) ________
July 3 Holders of rec. June 7
I X
National Surety (quar.)_______________
3
July 1 Holders of rcc. Juno 20a
Nat. Zinc & Lead (monthly).......... .........
4
May 31 May 22 to May 31
Extra .................... .............................. .
1
May 31 May 22 to May 31
New Niquero Sugar, common & preferred 3 ) 4 Juno 1 Holders of rec. May 25a
Now York Air Brake (q u a r.)..................
2
June 23 Holders of rec. Juno 2a
1
N. Y. & Queens Elec. Lt. & P., pref. (qu.)
Juno 1 Holders of rec. May 26a
4
N e w Y o r k T r a n s it ( g u a r .) .............. .
July 15 Holders of rcc. June 24
Nlles-Bemcnt-Pond, common (q u a r.)...
Juno 20 Juno 7 to Juno 20
I X
North American Co. (quar.)..................
July 1 Holders of rec. Juno 15
I X
Ogilvlo Flour Mills, Ltd., pref. (quar.).
Juno 1 Holders of rcc. May 22
I X
2
Ohio Cities Gas. common (quar.)............
Juno 1 Holders of rec. May 15a
Ohio Oil (quar.)----------------------------------- $1.25 June 20 May 27 to
Juno 13
Extra______________ ________________ $4.75 Juno 20 May 27 to
Juno 13
June 15 Holders of reo. Juno 6a
Pabst Browing, preferred (quar.)---------I X
Philadelphia Electric (q u a r.).......... ....... 3954c. Juno 15 Holders of rec. May 20a
May 31 May 21 to
Pittsburgh Brewing, preferred (quar.) —
I X
May 31
X h May 31 May 21
Pref. (on acc’t of accum. dividends) —
to May 31
Juno 1 Holders of rec. May 17a
Pittsburgh Steel, preferred! quar.)--------I X
4
Porto Rican American Tobacco (quar.)..
Juno 1 May 16 to Juno 1
Pure Oil, common____________________
30o. June 1 May 10 to May 31
Common, extra .................... .............. .. $1.50 Juno 1 May 16 to May 31
1963
P er
C e n t.
N am e o f C om pany.
Miscellaneous (Concluded)
Quaker Oats, preferred (quar.)___
R a ilw a y S te e l-S p r in g , p r e f . ( g u a r .) . .
R ea lty A s s o c ia t e s ( N o . 2 7 ) . . .......... .
Republic Iron & Steel, preferred (quar.).
Pref. (on account of accumulated dlvs.)
S a fe ty C a r H e a t in g A L t g . ( g u a r . ) . . .
St. Joseph Lead (quar.)_________
Sapulpa Refg., com. (monthly) (No. 6 ) ..
Saxon Motor Car Corporation (No. 1)__
S cov lll M a n u fa c t u r in g (e x t r a ) _____
Solar Refining___________________
Southern Pipe Line (quar.)______
South Penn Oil (quar.)____ ______
Extra______________________________
Southwestern Power & Light, pref. (qu.jl
S la n d a rd G a s A E l e c ., p r e f . ( g u a r .) __
Standard Oil (Calif.) (quar.) (No. 30)-Standard Oil Cloth, Inc., common (quar.)
Preferred, Class A (quar.)_____
Preferred, Class B (quar.)______
Standard Oil (Indiana) (quar.)__
Standard Oil (Kansas) (quar.)____
Standard Oil (Kentucky) (quar.)..
Extra_________ ________________
Standard Oil (Nebraska)_________
Standard OH of New Jersey (quar.)
Standard Oil of N. Y . (quar.)___
Standard Oil (Ohio) (q u a r.)______
Extra__ ______ _____________________
Studebaker Corporation, common (quar.)
Extra........ ....................................
Preferred (quar.)____ _________
S w ift A C o . (g u a r .) ( N o . 119)_______ ____
T e n n e s s e e E a s te r n E le c tr ic , p r e f . ( g u a r . ) . .
T h o m p s o n -S la r r e t t C o ., c o m m o n ___
Tonopah Extension Mining (quar.)
Extra.................. ..... ......... ..........
Underwood Typewriter, common (quar.)
Preferred (quar.)_______________
U n io n S tock Y a r d s , O m a h a ( g u a r . ) . .
United Cigar Mrfs., preferred (quar.)
UnltedCigarStores of Am.,pf. (qu.) (No .15)
U n ite d D r u g , 1st p r e f . (g u a r .) ( N o . 2)___
United Drug, second preferred (No. 1 )..
U. S. Gypsum, preferred (quar.)________
U . S . I n d u s t r ia l A lc o h o l, p f . (g u .) ( N o . 39)
United States Steel Corp., com. (quar.).
Preferred (quar.)_____________ ______
W a lth a m W a tc h , p r e fe r r e d ______________
Western Light & Power, preferred_______
White (J.G.) Eng.Corp.,pf.(qu.) (No. 13)
Whlte(J.G.)<£Co.,Inc.,pf.(qu.) (No.52)._
White (J.G.) Management, pref. (quar.).
Women’s Hotel_______________ _____
Wool worth (F.W .) Co. .com. (qu.) (No .16)
Woolworth (F. W.) Co., pref. (quar.)__
W h en
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 .
May 31 Holders of rec. May la
June 2C Holders of rec. June 3
July 15 Holders of rcc. July 5
July 1 Holders of rec. June 17a
July 1 Holders of rec. June 17a
2
July 1 Holders of rec. June 15
25c. June 2C June 10 to June 20
7 X c . June 1 Holders of rcc. May 20
1)4 July 1 Holders of rec. June 20
10
June 1 May 20 to
May 31
5
June 2C June 1 to June 20
6
June 1 Holders of rec. May 15
5
June 3C June 16 to June 30
3
June 3C June 16 to June 30
D4 June 1 Holders of rec. May 19
1
June 15
2)4 June 15 Holders of rec. May 20
1
July 1 June 16 to June 19
154 July 1 June 16 to June 19
154 July 1 June 16 to June 19
3
May 31 May 3 to May 31
3
June 15 June 1 to June 15
4
July 1 June 16 to July 2
1
July 1 June 16 to July 2
10
June 20 Holders of rec. May 20a
5
June 15 Holders of rec. May 19a
2
June 15 Holders of rec. May 26a
3
July 1 June 3 to June 21
3
July 1 June 3 to June 21
AH June 1 Holders of rec. May 20a
1
June 1 Holders of rec. May 20a
1)4 June 1 Holders of rec. May 20
2
July 1 Holders of rec. June 10
1)4 June 1 Holders of rec. May 20a
4
July 1 Holders of rec. June 20
10c. July 1 June 11 to June 20
5c. July 1 June 11 to June 20
i
July 1 Holders of rec. June 20
July 1 Holders of rec. June 20
IX
AH May 31 May 22 to
May 31
June 1 Holders of rec. May 24a
IX
154 June 15 Holders of rec. May 31a
154 Aug. 1 Holders of rec. July 15
June 1 Holders of rec. May</23a
IX
154 June 30 June 20 to June 30
1)4 July 15 Holders of rec. June 30a
June 29 June 2 to June 11
IX
154 May 29 May 2 to May 11
2
June 1 Holders of rec. May 19a
i
June 1 May 19 to June 1
June 1 Holders of rec. May 18a
IX
1)4 June 1 Holders of rec. May 18
154 June 1 Holders of rec. May 18a
2)4 June 14 Holders of rec. June 7
2
June 1 Apr. 27 to May 17
154 July 1 Holders of rcc. June 9a
IX
154
3
154
2h
a Transfer books not closed for this dividend. 6 Less British Income tax. d C or
rection. e Payable In stock. / Payable In common stock, g Payable in scrip.
On account of accumulated dividends. 1 Declared 6% payable In quarterly In
stallments as follows: I X % Apr. 29 to holders of record Apr. 15; 1 X % July 31 to
holders of record July 15; I X % Oct. 31 to holders of record Oct. 14; I X % Jan 31
1917 to holders of record Jan. 13 1917. k Payable In convertible 5 % debentures
m Payable In new preferred stock, n All transfers received In order at London on
or before June 14 will bo In time to be passed for payment of dividend to transferees
h
Auction Sales.— A m o n g other securities, the follow ing,
not usually dealt in at the Stock Exchange,
were recently sold
at auction in N ew Y o r k , B oston and Philadelphia:
‘
B y M e ssrs. A drian H . M u ller & Sons, N e w Y o rk :
S h a r es.
S to ck s.
P e r c e n t.
30 New York Trust Co________600
64 Westchester F. Insur., $10
each............................$7 0 per sh
7 Atlantic Nat. Bank.............. 180
32 Hanover F. Insur., $50 each.168)4
225 Argonaut Mg., $5 each.$6)4 persh
100 Havana Tobacco, com__ $1 per sh
1,968 White Knob C opper* Devel.
Ltd., pref., $10 ea_.Sl.85 per sh
17 Southern Round Bale Press
(In liquidation)__________ $1 lot
300 Gen. Steel Treat. Corp.,
com m on______________ 34-3554
S h a r es.
S to c k s .
P er cen t.
20 Home Insurance.................... 432
B onds.
$20,000 Bklyn. Ferry Co. 1st cons.
5s, 1948, certfs. of d e p o sit...$136 lot
$5,000 Colum. Straw Paper 1st 6s,)
due 1901........................................|
$2,000 No. Car. special tax bondsl
(West No. Car. RR.) tr. ctfs__ )$24
$2,000 St. Paul Plot Synd., tem.ctf. | lot
$6,000 State of Arkan. 7s, due 19001
30 sh. Colum. Straw Paper, com__ |
3 sh. Grove Pk. Assoc, of So. Or’gej
B y M essrs. R . L . D a y & C o ., B oston:
S to ck s.
$ p e r s h . S h a r es. S tock s,
ew r"
$ p er sh .
10 Prov. & Worcester R R ...........205
4 Nat. Shawmut Bank___ 197-197)4
21 American Glue, pref________ 148
1 Merchants’ Nat. Bank____ 285)4
4 Waltham Watch, com_____ 1 7 X
5 Nat. Union Bank.................. 200
30 Lawrence G as....................... 172)4
X Nashua M fg______________370
2 Lowell Bleachery__________ 132
2 Wampanoag M fg........ ......... 7 7 X
6 N. E. Inv. & Secur., pref___ 61)4
1 Androscoggin Mills________ 301
2,000 General Exploration Co., $1
1 Hamilton Woolen C o_______ 90
e a ch ..................................... $75 lot
10 Peppered M fg_____________ 140
31 Merrimack Mfg., com______ 51
B onds.
P er ce n t.
$500 Border City Mfg. 5s, 1930.. 100)$
5 Arlington Mills_____ ______ 106
S h a r es.
B y M essrs. Francis H enshaw & C o ., B oston:
S to ck s.
$ p e r s h . S h a r es.
$ p er sh .
3 Lyman M ills...............................124
15 Arlington Mills__________________106X
29 Merrimack Mfg., com_________51
5 Pacific M ills ..............................141
10 Hamilton M fg........................
76)45 Union St. R y., New Bedford__ 166
5 Bates M fg............... .. ................. 277)4
1 Boston Library Society________ 6
1 Dartmouth Mfg., pref________100)4 10 Nantasket Beach Steamboat__ 140)4
10 Contoocook Mills, pref________ 68)4 5 Boston Stor. Warehouse........... .112
S h a r es.
B y M e ssrs. Barnes & L ofland, Philadelphia:
S tock s.
S p e r s h . S h a r es. S to ck s. *1
% p ersh .
45 2d & 3d Sts. Pass. Ry_.234J4-235)4 10 Corn Exch. Nat. Bank_______ 310)4
10 Nat. Bank of Topton, Pa____ 150
8 Fourth Street Nat.Bank_____ 280)4
868 X Southport Land Co___ $200 lot 25 Franklin Nat. Bank_________ 490
25 Central Nat. Bank___________ 415
9 Girard Nat. Bank___________ 360
4 Phlla. Nat. Bank____________ 497
5 Chelten Trust Co____________ 150
1 Bank of North America...........260)4
6 Fidelity Trust Co____________ 710
4 Elmira & Wmspt. R R ., pref.,
10 People’s Trust Co., $50 each.. 40
$50 each................................. 67 X
25 Home Life Ins., $10 each____ 15
1 East Pennsy. R R., $50e a ch ... 65X 79 Phil. & West. R y., pref., $50
13 Pennsy. Fire Insurance..4 10-411
each.......................................... 36)4
20 Mutual Trust Co., $50 each.30-30)4 50 Wash.-Va. R y., common______ 22)4
10 Pa. for Insurances, &c_______ 711
10 J. B. Stetson, common______ 370
3 Fire Assn, of Phlla., $50 each..337
10 Smith, Kline, French, com____100)4
12 Land Title & Trust__________ 503 X 86 Phil. Bourse, pref., $25 each.. 21
16 Phlla. Trust Co........ ...............750)4
20 Provident Life & Trust............ 851
B onds.
P er ce n t.
3 Ins. Co. of Stateof Pa________ 100)4 $5,000 Phlla., City, 4s, 1943........... 10254
9 Continental Pass. R y________ 118
1.000 Wash. Arl. & Falls Church
45 Frank & S'wark Pass. Ry.343-344)4
R y. 1st cons. 5s, 1958........... 80
80 Germantown Pass. R y_______ 103)4 1.000 No. Spring!. Wat. Co. 5s,
46 Green & Coates Sts. Pass. R y.,
1928 ....................................... 85)4
118-118)4 20.000 Mariey Mills 6s.................... 4
18 Phlla. City Pass. R y................. 146)4 3.000 No’western Lumber 1st 6s,
19 13th & 15th Sts. Pass. R y......... 235
1917........................................ 20
14 West Phlla. Pass. R y............... 195)4 11.000 Southport Land Co. gen. 6s,
31 Phil. Germ. & Norristown R R .,
$400 lot
$50 e a ch .................
143)4
200 Alburtis Silk Ribbon Mills
30 Farmers & Mech. Nat. Bank,
6s, 1920. Dec. 1913 coup,
135)4-135)4
on ................................... $2001-)t
S h a r es.
[Vol. 102.
THE CHRONICLE
1964
C a n a d ia n B a n k C le a r in g s .— T h e clearings for the week
ending M a y 20 a t Canadian cities, in comparison w ith the
same week in 1 9 15 , show an increase in the aggregate of
4 6 .3 % .
W e e k e n d in g M a y .
1916.
Canada —
M ontreal_______________
T oronto_________________
W in n ip eg ......... ...............V a n cou v er_____________
O tta w a _______ : -----------Victoria.............................Calgary-------------------------H a m ilto n ......... — ..........
E d m o n to n _____________
Q u e b e c _________________
St. John_______________
H a lifa x ......... ........ ............
L o n d on ----------- -------------Regina_________ ______
Saskatoon______________
M oose Jaw_____________
L ethbridge-------------------B ran tford---------------------B ra n d on ......... ............ —
Fort W illia m ..-.............
New W estminster______
M edicine H at___________
Sherbrooke--------- ----------
$
74,347,933
50,240,714
36,824,221
5,973,888
5,218,953
1,499,626
3,949,609
3,780,274
2,113,521
3,854,306
1,717,923
2,231,547
2,106,573
1,811,280
1,029,786
767,619
456,013
634,870
449,518
509,705
310,617
410,090
511,210
591,835
I n c . or
D ec.
1915.
20.
1914.
1913.
25,000
25,000
25,000
$337,500
T otal increase.
S
S
$
'%
48,906,035 + 52.0 56,460,723 62,064,216
35,969,354 + 39.7 43,384,433 35,713,253
20,276,604 + 81.6 27,351,830 33,112,238
8,650,352 13,527,869
5,305,667 + 12.6
3,792,928
4,161,016
3,926,462 + 32.9
3,751,598
— 0.6
2,733,846
1,508,213
4,837,239
4,809,655
2,699,314 + 46.3
3,081,761
3,126,582
2,764,033 + 36.8
4,682,171
3,598,286
1,822,981 + 16.0
3,055,401
2,383,645
+ 9.0
3,536,780
1,752,203
1,434,191
1,492,280 + 15.1
2,122,137
1,922,978
2,042,029
+ 9.3
1,702,731
1,765,702
1,864,162 + 13.0
2,148,254
1,149,412 + 57.6
1,848,751
1,120,224
2,101,487
686,761 + 50.0
1,358,791
976,145
577,861 + 32.9
577,328
451,989
324,536 + 40.7
640,602
557,774 + 10.2
607,805
641,795
500,695
449,610
— 0.0
1,055,225
955,971
459,290 + 10.9
672,751
281,209 + 10.3
40S.075
680,989
259,218 + 58.3
463,307
359,303 + 42.3
N ot Include d in tot al
Total Canada________ 200,749,805 137,218,954
T he M asontow n N ational Bank, M ason town, I’a. Capital in
creased from $25,000 to .$50,666. Increase-------------------------------T he First N ational Bank o f W oodbu ry, Tenn. Capital increased
from $25,600 to $50,000. Increase_____________________________
T ho Dennison National Bank, Dennison, Ohio. Capital increased
from $75,000 to $100,000. Increaso........................................ ..........
V O L U N T A R Y L IQ U ID A T IO N .
T ho Second N ational Bank o f U tica, N . Y . C a p i t a l- - .--------------- $300,000
(Succeeded b y the Oneida C ounty Trust C o ., U tica, N . Y .
Liquidating agents: C . B . Rogers and F . R . W inant, U tica,
N . Y .)_________ ________________________________________________________
I m p o r ts a n d E x p o rts fo r t h e W e e k .— T ho follow ing are
the reported im ports of merchandise a t N ew Y o rk for the
week ending M a y 20 and since tho first week o f January:
FOREIGN IMPORTS AT NEW YORK.
F o r iceek e n d . M a y
1916.
20
For the week______________
Previously reported------------
1
1913.
1914.
1915.
328,202,789 $16,772,215 $23,138,700' $16,409,218
484,504,118| 365,241,304 390,419,675| 377,080,235
Total 20 weeks--------------- $512,703,907 $382,013,519 $413,558,375' $393,489,453
EXPORTS FROM NEW YORK.
W eek
e n d in g M a y
1916.
20
For the week______________
Previously reported------------
1913.
1914.
1915.
339,894,685 $24,175,030 $14,455,362 $18,737,800
916,640,581 576,107,145 370,111,022 307,370,290
Total 20 weeks................. $956,535,266 $600,282,175 $384,566,384' $386,108,090
+ 46.3 169,116,201 183,072,967
* Revised.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
N a t io n a l B a n k s .— T h o following inform ation regarding
national banks is from tho office of tho Com ptroller of the
C urrency, Treasury D ep artm en t:
W e e k e n d in g M a y
A P P L IC A T IO N S FO R C H A R T E R .
For organization o f national banks:
T ho First N ational Bank o f Lynn H aven, Fla. C apital------------- $25,000
Tho Am erican N ational Bank o f Augusta, K an. C apital............ 25.000
T ho W inona N ational B ank, W inona, M inn. C apital-------------- 100,000
T ho First N ational Bank o f Browning, M on t. C apital-------------- 25.000
T ho First N ational Bank o f R ichey, M on t. C apital----------------- 25.000
First N ational Bank o f Thom pson, N . D ak. Capital--------------25.000
T h e First N ational Bank o f Sussex C ounty, at W avcrly, Va.
25.000
C a p it a l_______________________________________________________
20
S in c e
J a n . 1.
W eek.
West Indies_____________________
South America.................................
S in ce
J a n . 1.
W eek.
$5,774,998
Great Britain....................................
T otal capital_________________________________________________ $250,000
C H A R T E R S ISS U E D .
Original organizations:
T he First N ational Bank o f R ector, A rk. C apital---------------------$25,000
T he First N ational Bank o f H am let, N . C . C apital___________ 25,000
T ho First N ational Bank o f Otis, C olo. C apital_______________ 25,000
(Succeeds the Otis Stato Bank, Otis, C olo.)
Conversions o f Stato banks:
T he Leo C ounty N ational Bank o f M arianna, A rk. C apital____ 50,000
(Conversion o f the Leo C ounty Bank o f M arianna, A rk.)
Im p o r ts.
E x p o rts.
G old.
$145,995 $9,398,555
11,147
$850,COO 14,130,641
400,000
146,107 7,284,231
2,607,146
27,117
64,173
329,889
9,490,611
1,189,461
3,783,755
1,001,884
$996,107 S30.197.016 $567,174 $24,935,413
Total 1916.....................................
131,920 4,333,508 5,201,426 17,881,498
Total 1915.....................................
114,933 3,985,457
Total 1914..................................... 2,000,500 25,489,197
Silver.
$13,483
Great Britain.................................... $1,723,154 $17,348,115
2,600
3,930
Germany
$8,260
64,020
67,000
784,303
West indies--------------------------------300,516 3,820,571
15,000
12,795 2,082,963
376,634
839,074
South America..................................
2,445
572,187
10,300
All other countries..........................
T otal capital---------------------------------------------------------------------------- $125,000
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 N ational Bank o f U tica, N . Y . Capital increased from
$1,000,000 to $1,250,000. Increase.................................................. $250,000
T ho Otsolic Valley N ational Bank o f South Otselic, N . Y . C api
tal increased from $27,500 to $40,000. Increaso------------------------- 12,500
$324,022 $6,557,154
23,956 2,016,919
38,954 3,965,014
Total 1916...................................... $2,166,788 $18,999,392
Total 1915...................................... 1,163,514 16,906,394
718,025 16,226,027
Total 1914......................................
Of the above exports for the week in 1910, $100,000 were American gold coin.
T h e F e d e r a l R ese rve B a n k s .— Following is tho w eekly statem ent issued b y the Federal Reserve Board on M a y 20:
Transfers o f an additional installment o f reserves b y member banks outsido o f central reserve cities, due on
fr o r M p o ^ b le tor the consid
erable gains in bank deposits, also in gold and cash holdings o f tho Federal Reserve banks shown b y tho weekly statem ent a tclo so o t business on M a y l9
1916T h e not bank doposits o f tho Federal Rcservo banks show an increase for tho week o f 35.2 m iljions, all tho banks except N ow Y ork s p o rtin g ' sub
stantial gains under this head. Tho latter bank reports a decrcaso in not bank deposits and an increaso o f 7.9 million dollars in the i^ o u n t. due> to
other Federal Rcservo banks. As tho total am ount o f discounts on hand— 19.8 millions— is less than tho like amount shown at tho
o f tho previous
week, tho additional reserves wero paid apparently in cash or in form o f exchange, on N ew York m ainly. 1 ho total gain in cash was 24.2 m illions,
all the banks, except St. Louis and Dallas, reporting larger cash holdings than tho week before. T ho latter tw o banks show •h o y ^ e r ,
rhank«
balances duo from other Federal Reserve banks, which, when turned into cash, will increaso their reserve holdings. T he g o l d Q° f J J f V h o
increased about 14.4 millions, tho N ow Y ork bank showing a decroaso o f 2.9 millions in gold, transferred to other Federal
banks
G old Settlement Fund.
This decrease is m ore than offset b y an increaso o f 8 million dollars in other cash, representing in part transfers o f icserves
b y member banks o f tho district outside o f N ew Y ork C ity .
,
, ,,
..
. __.
KOf
Discounted bills on hand aro below 20 m illions, tho smallest figuro shown for tho past 14 m onths and o r fy 2 7.5 % or the total paper hold b y the
banks. T he decreases aro largest in tho caso o f tho Richm ond and Atlanta banks, whose holdings o f
nf
beginning o f tho year, while the total discounts held by tho Dallas bank increased slightly as tho result o f laiger h o*P *n ^ of bills
There has been an increaso for tho week o f about 3 millions In the am ount o f acceptances held, all thei banksi active in tho acceptance Hold, e x c e p t
C hicago, showing larger holdings than tho week before. United States bonds on hand increased $569,000 as tho result oH m sh purchases b y a>banks.
N o change is shown in the amounts o f 3 % Treasury notes on hand. Tho total earning assets o f tho banks Increased $ 7 ,o.j8,000 and constitute now
313 7 % o f tho total paid-in capital, com pared with 300% tho week botoro and about 1 9 0 % threo m onths previous. O f tho total earning assots accep
tances represent now 3 0 .3 % : United States bonds, 3 0 .1 % : warrants, 2 5 .9 % : discounts, 11.5 % , and Treasury notes, 2 .2 % .
Governm ent deposits increased during tho week .about 2.3 millions, tho Chicago bank reporting tho largest gain under tills head. _ r h o ^ reserve
T h o figures of the consolidated statem ent for the system as a whole are given in tho following tablo, and in addition
we present the results for each of tho eight preceding weeks, thus furnishing a useful com parison.
In the second table we
show tho resources and liabilities separately for each of the twelve Federal Reserve banks.
T h o statem ent of T ederal Reserve
A g en ts’ A ccou n ts (tho third table follow ing) gives details regarding the transactions in I( ederal Resorve notes between the
Com ptroller and the Reserve A gen ts and between the latter and the Federal Reserve banks.
C
o m b in e d
R
eso u rce s and
L
ia b il it ie s of t h e
M ay
19 1916
M ay
F
ederal
12 1916
M ay
R
eserve
5 1916.
A pr.
B
anks at the
C
lo se
of
B
u s in e s s
28 1916 Apr .20-21*16 Apr. 14 1916 April 7 1916.
M
M ar.
ay
19 1 9 1 6 .
31 1910
M a r.
24 1016
RESOURCES.
$260,866,000
S246,812,000 $238,485,000 $232,284,000 $234,304,000 $230,882,000 $245,714,000 $245,778,000 $258,052,000
79,680,000
77,971.000 71,911,000 72,621,000 75,421.000 74,785.000 75,690,000 80,011,000 75,640.000
1,548,000
1,578,000
1,549,000
1,495,000
1,473,000
1.457,000
1,692,000
1,778,000
1,825,000
$335,240,000
$327,338,000
$342,124,000
$322,899,000
$316,140,000
Total gold reserve........................................ $326,608,000 $312,174,000 $306,597,000 $311,182,000
9,938,000
11,600,000
12,223,000
11,504,000
12,011,000
9,505,000
10,259,000
17,697,000
7,927,000
Legal tender notes* silver, A c-----------------------$344,305,000 $320,101,000 $316,856,000 $323,193,000 $325,645,000 $334,403,000 $338,938,000 $345,178,000 $354,347,000
Gold settlement fund...... ........... - .....................
Gold redemption fund with U. S. Treasurer..
Bills discounted and bought—
Maturities from 11 to 30 days--------------Maturities over 90 days— ........................
55.849.000
17.286.000
35.346.000
17.108.000
3,406,000
$6,802,000
18.482.000
26.124.000
14.895.000
2,900,000
$9,623,000 $9,153,000
15,291,000
13.623.000
27.568.000 t27.598.000
14.487.000 t l4 ,585,000
2,406,000
2,646,000
$9,048,000
13.868.000
26.137.000
15.124.000
2,127,000
$7,232,000
15.905.000
23.574.000
17.605.000
1,954,000
$6,911,000
13.558.000
21.930.000
20.134.000
1,851,000
$7,126,000
11.721.000
21.409.000
19.453.000
1,966,000
$7,855,000
10.926.000
21.106.000
18,635,000
2,028,000
$71,995,000 $69,203,000 $67,947,000 $69,033,000 $66,304,000 $66,270,000 $64,384,000 $01,675,000 $60,550,000
$52,186,000 $49,196,000 $47,647,000 $47,585,000 $44,237,000 $44,108,000 $42,116,000 $40,408,000 $39,244,000
$40,275,000 t$40,184,000
Investments: U. S. bonds__________________ $51,837,000 $51,268,000 $50,137,000 $45,841,000 $45,204,000 $44,924,000 $45,226,000
1,932,000
3,234,000
3,840,000
3,840.000
3,840,000
3,840,000
3,840,000
One-year U. S. Treasury notes..
33,015,000 32.609,656
35,256,000
35,706,000
35,892.000
36,933,000
39,154,000
44,482,000 40,285,000
Municipal warrants___________
Total earning assets____________________ $172,154,000 $164,596,000 $161,078,000 $155,647,000 $151,240,000 $150,134,000 $146,798,000 $134,965,000 tl33.403,000
T o ta l.............. .......... - .........................
•Acceptances (Included in above)-------------------
May 27 1916.]
THE CHRONICLE
M ag
R E S O U R C E S ( C on clu d ed ) .
B r o u g h t f o r w a r d (total reserve & eam’g
19 1916
M ag
12 1916
M ag
5 1916.
A pr.
1965
28 1916 Apr.20-21’ 16
A pr.
14 1916
A p r il
7 1916.
M a r.
311916 A far.241918
assets) 3516,459,000 S484,697,000 $477,934,000 $478,840,000 $476,885,000 $484,537,000 $485,736,000 $480,143,000 $487,718,000
Federal Reserve notes—Net------------------------Due from Federal Reserve banks—Net--------All other resources----------------------------------------
326,472,000 $26,053,000 $26,309,000 $21,604,000 $21,731,000 $22,159,000 $21,761,000 $25,118,000 $24,849,000
19,448,000
15,752,000
17,328,000
14,658,000 17,515,000
16,825,000
11,161,000
13,128,000
12,628,000
5,992,000
4,691,000
4,123,000
4,533,000
3,576,000
4,023,000
7,587.000
4,975,000
t4 771,000
Total resources........ ............... ............. 3568,371,000 $531,193,000 $525,694,000 $519,635,000 $519,707,000 $527,544,000 $526,245,000 $523,364,000 $529,998,000
L IA B IL IT IE S .
Capital paid In--------------------------------------------Government deposits----------------------------------Reserve deposits—Net--------------------------------Federal Reserve notes—Net— ................ .......
Federal Reserve bank notes In circulation___
All other liabilities...... ........... - .....................—
$54,870,000 $54,850,000 $54,862,000 $54,793,000 $54,843,000 $54,845,000 $54,843,000 $54,888,000 $54,910,000
40,475,000 38,153,000 40,414,000 40,660,000 35,291,000 34,732,000 37,016,000 38,469,000 35,088,000
463,022,000 427,810,000 419,943,000 413,011,000 417,349,000 426,507,000 423,497,000 419,987,000 428,816,000
8,018,000
8.402.000
8.573.000
8.851.000
9.617.000
9.511.000
9.500.000
8,903,000
9.977.000
1,736,000
1.751.000
1.694.000
1.669.000
1.964.000
1.423.000
1.251.000
964.000
1.053.000
250,000
227,000
208,000
651,000
643,000
526,000
138,000
153.000
154,000
Total liabilities............................ ....... $568,371,000 $531,193,000 $525,694,000 $519,635,000 $519,707,000 $527,544,000 $526,245,000 $523,364,000 $529,998,000
66.4%
68.1%
67.9%
69.5%
71.1%
71.1%
71.3%
74.2%
73.8%
70.0%
69.8%
70.2%
72.2%
73.2%
73.7%
73.9%
76.8%
76.0%
Gold reserve ag’st net dcp. & note liabilities (a)
Cash reserve ag’st net dep. & note liabilities (a)
Cash reserve against net deposit liabilities after
setting a3ido 40% gold reserve against ag
gregate net liabilities on F. R . notes In
circulation (a).................. ........................
70.5%
70.4%
72.8%
74.0%
(a) Less Items In transit between Federal Re
serve banks, viz........................................... $19,448,000 $15,752,000 $17,328,000 $14,658,000
17,515,000
70.7%
74.4%
74.6%
76.7%
77.6%
16,825,000 $11,161,000 $13,128,000 $12,62S,000
F e d e r a l R es e r v e N o te s —
Issued to the banks____________________ 3186,000,000 $187,166,000 $187,452,000 $185,424,000 $186,643,000 $186,761,000 $199,536,000 $190,232,000 $190,903,000
In hands of banks_____________________
27,761,000 27,218,000 27,146,000 22,330,000 22,324,000 22,526,000 22,219,000 27,166,000 27,069,000
In circulation__________________________ $158,239,000 $159,948,000 $160,306,000 $163,094,000 $164,319,000 $164,235,000 $168,317,000 $163,066,000 $163,834,000
Gold and lawful money with Agent................ . $176,693,000 $177,599,000 $178,042,000 $175,847,000 $176,433,000 $176,883,000 $180,578,000 $179,281,000 $178,706,000
Carried to net assets.............. ...........................
26,472,000 26,033,000 26,309,000 21,604,000 21,731,000 22,159,000 27,161,000 25,118,000 24,849.000
Carried to net liabilities.............................. .....
8,018,000
8,573,000
8,402,000
8,851,000
9,617,000
9,511,000
9,500,000
8,903,000
9,977,000
(A g e n ts ' A c c o u n t s )—
Received from the Comptroller__________ $289,980,000 $289,980,000 $287,580,000 $286,140,000 $281,140,000 $278,980,000 $278,980,000 $277,980,000 $277,580,000
Returned to the Comptroller......................
42,226,000 41,320,000 40,386,000 39,507,000 38.451,000 37,621,000 33,276,000 32,633,000 32.008,000
F e d e r a l R e se rv e N o te s
Amount chargeable to Agent.............. $247,754,000 $248,660,000 $247,194,000 $246,633,000 $242,689,000 $241,359,000 $245,704,000 $245,347,000 $245,572,000
In hands of A gen t......................................
61,754,000 61,494,000 59,742,000 61,209,000 56,046,000 54,598,000 55,168,000 55,115,000 54.669,000
Issued to Federal Reserve banks____ $186,000,000 $187,166,000 $187,452,000 $185,424,000 $186,643,000 $186,761,000 $190,536,000 $190,232,000 $190,903,000
Hou> S ec u red —
By gold coin and certificates.............. ....... $119,907,000 SI 19,907,000 $120,317,000 $117,487,000 $117,652,000 $117,823,000 $120,953,000 $120,883,000 $121,122,000
By lawful m oney........................................
9.307.000
9,567,666
By commercial paper........ ........................
9.410.000
9,577,666
10,210,000
9.878.000
9.958.000
10.951.000
12.197.000
8.306.000
8,802,000
Credit balances In gold redemption fund..
8.995.000
9,210,000
9,631,000
9.380.000
9.905.000
9,918,000
10.214.000
48,480,000 48,890,000 48,730,000 49,150,000 49,150,000 49,680,000 49,720,000 48.480.000 47.370.000
Credit balances with Federal Reserve B’d .
T o t a _____________________________ $186,000,000 $187,160,000 $187,452,000 $185,424,000 $186,643,000 $186,761,000 $190,536,000 $190,232,000 $190,903,000
Commercial paper delivered to F. R . A gent.. $10,720,000 S10.212.000 $9,978,000 $10,242,000 $10,725,000 $10,743,000 $10,770,000 $11,180,000 $12,373,000
•Including bankers’ and trade acceptances bought In the open market,
t Amended figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 19 1916
N e w Y o r k . P h ila d e l’ a . C lev ela n d .
R ic h m o n d .
A t la n t a .
C h ic a g o .
S t. L o u i s .
M l n n e a p . K a n . C ity .
D a lla s .
San
F ra n .
T o ta l.
RESOURCES.
$
$
s
$
$
Gold coin & ctfs. In vault 6,670,000 145.142,000 9,718,000 12,247,000 5,054,0006,159,000 34,959,000
6,076,000 6,080,000 4,208,000 3,883.000 6,616,000
Gold settlement fund— 11,958,000 4,093,000 10,974,000 7.847,000 11,453,000 3,475,000 3,923,000 2,981,000 4,692,000 4,753,000 8,421,000 3,401,000 246,812,000
77,971,000
Gold redemption fund..
5,000
250,000
50,000
26,000
446,000
488,000 200,000'
67,000
30,000
64,000
189,000
10,000 1,825,000
— -------------j-— ----------- j---------------- !--------------- 1--------------- 1--------------- 1-------------------------------;__________j______ . 1
Total gold reserve.- - 18,633,000 l4M S 2'22220’742’00020>120'00016-953’00010-122’00039-082-000 9,124,00010,802,000 9,025,00012,493,00010,027.000 326,608,000
266,000 9,679,000
Legal-ten .notes ,sllv. ,& o .
857,000 1,085,000
175,000
375,000 2,578,000
982,000
660,000
172,000 858,000
10,00017,697,0
Total reserve------------ 18,899,000 159,164,00021,599.000 21,205.000 17,128,000 10,497,00041,660.000 10,106,000 11,462,000 9,197,000 13,351,000 10,037,000 344,305,000
Bills:
Discounted—Members
161,000 , , 2 ? ? ’000
728,000
304,000 5,267,000 3,054,000 1,799,000
549,000
653,000 1,751,000 4,774,000
429,000 19,809,000
Bought In open m kt.. 11,047,000 17,941,000 8,295,000. 2,508,000
961,000 1,269,000 2,851,000 2,017,000 1,232,000 1,169,000
______ 2,896,000 52,186,000
Total bills on h a n d ... 11,211,000 18,278.000 9,023,000 2,812,000 0,228,000 4,32.3,000 4,650,000 2,566,000 1,885,000 2,920,000 4,774,000 3,325,000' 71,995,000
Invcstments: U. S. bds. ‘ oKnnSni
3 >538,000 6,346,000 1,525,000 2,034,000 9,753,000 2,959,000 3,344,000 9,311,000 2,866,000 3,590,000: 51,837,000
One-yr. U.S. Tr. notes
2™ ’ aaX , i ’XX2’!$2 , 452 '999
—456,000
............................. I 380,000
350,000
410,000
...........
..........
3,840,000
Municipal warrants.. 4,145,000 17,074,000 4,068,000 5,684,666
GoioOO
5,796,000 1,749,000 2,078,000 1,308,000
.......... 2,520,000 44,482,000
Total earning assets.. 18,688,000 40,373,000 17,091,000'14,842,000 8,269,000 6,357,00020,199,000 7,654,000 7,657,00013,949,000 7,640,000 9,435,000172,154,000
Fed. Res’ve notes—Net 1,014,000 14,434,000
257,000 472,0001
1,293,000 1,607,000
920,000 1,637,000
.......... 4,838,000 26,472,000
Due from other Federal
Rcservo Banks— Net. 2,320,000
- - - - - - - 1.934,000 4,021,000 2,629,000 1,761,000 6,733,000 2,834,000
966.000 3,295,000 1.169.000 3,565,000al9,448.000
All other resources
195,000
323,000
77,000
314,000
240,000
798,000
708,000
863,000
144.000
870,000 1.338.000
122,000 5,992,000
Total resources____ _ 41,116,000 214,294,000 40,958,00040,854,000 28,266,000 20,700,000 70,907,000 22,377,00021.860,000 27,311,00023,498,000 27,997,000568,371,000
L IA B IL IT IE S .
Capital paid In........ . . . 4.943.000 11,283,000 5,216,000 5,965,000 3,348,000 2.469.000 6.673.000 2.792.000 2,574,000 3,006,000 2.675.000 3,926,000 54,870,000
Government deposits.. 1.727.000 6,608,000. 2,310,000 1,006,000 0,440,000 7.152.000 2.746.000 3.351.000
692,000
758,000 6.161.000 1,524,000 40,475,000
Reserve deposits— Net. . 34,394,000 184,624,000 33,432,000 33,883,000 14,187,000 10,969,000 61,488,000 16,234,000 18,600,00020,958,000 11,736,000 22.517,000 463.022,000
Fed. Res’vo notes— Net.
4,239,000
853,000 2,926,000
----8,018,000
F.R.bank notes In clrc'n
1,736,000
______
___
1,736,000
11,779,000
Due to F.R.banks— Net
All other liabilities
116,000
30,000
250,000
Total liabilities_____ 41,116,000214,294,00040,958,000 40,854,000 28,266,000 20,706,000 70,907,000 22,377,000^21,866,000 27,311,000 23,498,000 27,997,000'568,371,000
F e d e r a l R es e r v e N o te s —
Issued to banks_____ 10,014,000 72,645,000 6,560,000 10,455,000 10,525,000 14,472,000 3,678,000 7,252,00013,069,000 9,392,00015,413,000 11.918,000 186,000,000
In hands of banks___ 1,014,000 14,434,000
257,000
472,000
381,000 1,293,000 1,607,000
920,000| 1,637,000
232,000
676,000 4,838,000; 27,761,000
F.R . notes In circulation 9,600,000' 58,211,000 6,309,000 9,983,00010,145.00013,179,000 2,071,000 6,332,00011,432,000 9,160,00014,737,000 7,080,000158,239,000
Gold and lawfu /money
with agent__________ 10,614,000 72,645,000 6,566,000 .455,000 5,906,000 14,472,000 3,678,000 7,252,00013,069.000 8,307,00011,811,00011,918,000176,693,000
Carried to net assets___ 1,014,000 14,434,000
257,000
472,000
........... 1,293,000 1,607,000
920,000 1,637,000
..................... ....... 4,838,000 26,472,000
Carried to net liabilities.
4,239,000
853,000 2,926,000
8.018,000
a Items In transit, 1. e., total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS MAY 19 1916.
B o s to n .
N e w Y o r k . P h lla d e l'a
C lev ela n d .
R ich m o n d
A t la n t a .
C h ic a g o .
S t. L o u i s .
M ln n ea p .
K a n . C ity .
D a lla s .
San
F ra n
T o ta l.
Federal Reserve Notes—
s
$
$
S
$
$
$
$
$
$
$
$
s
Rec’d from Comptrol’ r 20,380.000 116,240,000 15,480,000 13,360,000 17,000,000 20,400.000 9,380,000 9,600,00019,000,000
13,000,000 23,580,000 12,560,000 289,980,000
Returned to Comptro’r 2,286,000 26,395,000 2,821,000 1,205,000 3,074,000 1,832,000
821,000
5S6,000| 221,000
690,000 1,653,000
642,000 42,226.000
Chargeablo to Agent__ 18,094,000 89,845,000 12,659,000 12,155,000 13,926,000 18,568,000 8,559,000 9,014,000 18,779,000 12,310.000 21,927,000
11,918,000 247,754,000
In hands of F.R.Agent 7,480,000 17,200,000 6,093,000 1,700,000 3,400,000 4,096,000 4,881,000 1,762,000 5,710,000 2,918,000 6,514,000
61,754,000
Issued to F. R. bank. 10.614,000 72.645,000 6,566,000 10,455,000 10,526,000 14,472,000 3.678,000 7.252.000 13,069,000 9,392,000 15,413,000 11,918,000 186,000,000
Gold coin & certfs___ 9,700,000 70,717,000 3,360,000 9,700,000
2,850,000^ 10,040,000 4,000,000 9.540.000
119,907,000
Credit balances:
In gold redemption I’d
914,000 1,928,000
436,000
368,000
407,000
755,000
372,000
679,000
276,000 1,022,000
791,000
358,000 8.306.000
With F. R. Board----2.770,000
5.630.000 13,450,000 3,310,000 4,030,000 2,350,000 3.900.000 1.480.000 11,560,000 48,480,000
Notes secured by com
mercial paper............
4.620.000
9.307.000
...........
........... 1.085.000 3.602.000
10,614,000 72,645,000 6,566,000 10.455,000 10,526,000 14,472,000 3.678,000 7,252,00013,069,000 9,392,000 15,413,000 11,918.000 186,000,000
dollvercd to F.R.Ag’t
..........
..............
5.287,000
...........1
........... 1
...........
1,097,000 4,336,000
10.720.000
[Vol. 102
THE CHRONICLE
1966
S t a t e m e n t o f N e w Y o r k C ity C le a r in g H o u s e B a n k s a n d T r u s t C o m p a n ie s .— T h e following detailed statem ent
Bhows the condition of the N ew Y o rk C ity Clearing H ou se m em bers for the week ending M a y 2 0 .
T h e figures for the
separate banks are the averages of the daily results.
In the case of the totals, actual figures a t the end of the week are also
given .
In order to furnish a com parison, 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
CLEARING HOUSE
MEMBERS.
C a p it a l.
Week Ending
May 20 1916.
(00s o m itte d .)
N et
P r o fits .
Nat.B’ksM ay I)
State BksMar. 17J
Members o f Federal
Reserve Bunk.
$
Bank of N . Y ., N.B.A
2,000
Merchants’ Nat. Bank 2,000
Mech. & Metals N a t-. 6,000
National City Bank__ 25.000
3.000
Chemical Nat. Bank
Atlantic National Bank 1.000
300
Nat. Butchers’ & Drov.
Amer. Exch. Nat. Bank 5.000
National Bank of Com. 25.000
3.500
Chetham & Phenlx Nat
Hanover National Bank 3.000
Citizens’ Central N a t.. 2,550
1.000
Market & Fulton N a t..
1,503
Importers' & Traders’ . .
5.000
National Park Bank__
250
East River Nat. Bank..
1.000
Second National Bank.
First National B ank.. 10.000
Irving National Bank.. 4.000
500
N. Y. County Nat. Bk.
5.000
Chase National Bank.
IJncoln National Bank. 1,003
Garfield National Bank 1.000
250
Fifth National B a n k ...
1,000
Seaboard Nat. Bank__
Liberty National Bank. 1,000
Coal & Iron Nat. Bank. 1,000
Union Exchange N a t.. 1.000
1,000
Nassau Nat. Bank.
1.500
Broadway Trust C o__
YORK
L oans,
D is c o u n t s ,
I n v e s tm 't s ,
d ie .
$
34.823.0
29.616.0
125.240.0
407.839.0
36.565.0
12.268.0
2.405.0
80.726.0
210.721.0
61.654.0
125.145.0
26.991.0
10.432.0
32.808.0
149.966.0
2.128.0
18.147.0
162.341.0
70.464.0
10.082.0
193.566.0
18.235.0
9.835.0
5.072.0
39.831.0
50.094.0
8.802.0
12.374.0
9,857,0
19.091.0
N a t .B a n k N a t .B a n k
N o tes
N o tes
[R eserv e
[N o t
C o u n ted
f o r S tate
as
I n s t it u
R eserv e ].
t io n s ].
L eg a l
T en d ers.
A verage.
A verage.
s
4.844.5
2.336.7
9.522.0
t39,103,1
8.079.7
787,9
83,4
4.987.6
18,259,8
1.970.6
15,640.3
2.481.2
1.981.1
7.704.9
15,625,1
73,7
3.358.6
23.337.5
3.922.9
1.296.4
10.468.6
1.950.7
1.273.3
416,1
2.860.5
3.376.1
728.8
1.096.1
1.134.4
920.9
W E E K L Y C L E A R IN G H O U SE R E T U R N .
A vera g e.
S
3
1.184.0
1.995.0
449.0
1.560.0
17.365.0 7.455.0
52.170.0 12,242,0
918.0
1.675.0
113.0
1.179.0
34.0
70,0
1.086.0
6.015.0
16.180.0 3.784.0
1.457.0
3.015.0
21.144.0 2.546.0
378.0
1.148.0
400.0
869.0
1.454.0
1.280.0
7.765.0 3.195.0
34.0
135.0
241.0
1.306.0
14.191.0 2.370.0
1.493.0
4.820.0
120.0
392.0
11.486.0 7.510.0
746.0
1.697.0
149.0
692.0
129.0
120.0
1.579.0
3.352.0
1.405.0
3.459.0
115.0
593.0
343.0
332.0
98.0
331.0
174.0
1.713.0
A verage.
$
644.0
1.152.0
5.480.0
8.248.0
1.173.0
323.0
192.0
2.104.0
5.445.0
2.570.0
3.453.0
1.185.0
705.0
757.0
6.602.0
265.0
410.0
1.833.0
3.531.0
712.0
4.569.0
523.0
717.0
385.0
1.604.0
1.419.0
154.0
656.0
588.0
512.0
A verage.
A vera ge.
A verage.
3
3
3
Totals, avge. for week 115,350,0 189,627,5 2,007,118,0 178,049,0 53,201,0 57,911,0
Totals,
Totals,
Totals,
Totals,
actual
actual
actual
actual
F ed era l
R eserv e
Bank
N o tes
[N o t
R ese rv e ].
condition May 20
condition' May 13
condition, May 6
condition April 20
3.0
20,0
77.0
95.0
54.0
30.0
6.0
119.0
8,0
319.0
22.0
47.0
96.0
5.0
59.0
10.0
48.0
46.0
24.0
90.0
48.0
181.0
31.0
2.0
42.0
15.0
42.0
20.0
24.0
57.0
” 17,6
25.0
680,0
18.0
20,0
"'37,6
6,0
170,0
13,0
8,0
36,0
41.0
16.0
1,321,0
163,0
56.0
6.0
48.0
4,0
32,0
_____________ _____
R eserv e
w ith
L eg a l
D e p o s i
t a r ie s .
A d d i t 'a l
D e p o s it s
w ith
L ega l
D e p o si
t a r ie s .
A vera g e.
$
A v era g e.
$
2.309.0
2.060.0
10.299.0
33.797.0
2.422.0
1.081.0
168,0
8.129.0
19.296.0
4.759.0
12.032.0
2.207.0
708.0
2.204.0
10.715.0
216.0
1.191.0
1 2 .200.0
6.077.0
727.0
15,239,0
1.383.0
772.0
375.0
4.603.0
4.445.0
787.0
906.0
663.0
1.523.0
N et
D em an d
D e p o s its .
N et
T im e
D e p o s it s .
N a t io n a l
Bank
C ir c u la
tio n .
A verage.
A vera g e.
Average,
S
$
1,694,0
31.289.0
28.821.0
143.284.0 2,710,0
436.181.0 12,019,0
31.387.0
167.0
13.207.0
2.314.0
80.637.0 2 ,979",6
680.0
243.900.0
61.585.0
5,252,0
145.657.0
24.719.0
1,308,0
10.048.0
29.281.0
1,503,0
152.709.0
2.433.0
15.722.0
125.0
155.704.0
126.0
77.940.0
10.199.0
208.624.0 9,130,0
30,0
19.329.0
9.694.0
10 1,0
5.274.0
47.263.0
2,763,0
53.461.0
200,0
8.636.0
21,0
12.185.0
32,0
9.430.0
20.224.0
305,0
$
795.0
1.830.0
4.951.0
1.799.0
450.0
50.0
40.0
4.927.0
155.0
1.773.0
130.0
1 .020.0
192.0
51.0
3.564.0
50.0
702.0
4.924.0
640.0
199.0
450.0
892.0
398.0
248.0
24.0
500.0
413.0
398.0
50.0
1,640,0
2,768,0 163,298,0
2,091,137,0 41,045,0 31,627,0
1.714.0
1.550.0
1.447.0
1.537.0
2.571.0
2.760.0
2.159.0
1.386.0
2.083.458.0
2.081.211.0
2.060.568.0
2.091.796.0
160.623.0
165.053.0
164.411.0
165.002.0
40.962.0
41.135.0
40.722.0
27.978.0
31.640.0
31.730.0
31.682.0
31.765.0
State Banks.
N o t M em b ers o f
F e d e r a l R es e r v e B a n k .
Bank of Manhattan C o.
Bank of America______
Greenwich Bank_____
Pacific B a n k ................
People’s Bank________
Metropolitan Bank___
Com Exchange Bank..
Bowery Bank_________
German-Amerlcan Bank
Fifth Avenue Bank___
German Exchange Bank
Germania Bank___
Bank of Metropolis___
West Side Bank______
N. Y . Produce Ex. Bk
State Bank........ .........
2.050.0
1.500.0
500.0
500.0
200.0
2 ,000,0
3.500.0
250.0
750.0
100.0
200,0
200,0
1 ,000,0
200,0
1 ,000,0
1.500.0
4.930.4
6.308.1
1,205,9
1.008.2
447,6
2,015,2
7.026.4
737.4
758,3
2,293,6
826,9
1,077,0
2,154,11
630,6’
1,048,4!
581.5
Totals, avge. for week. 15,450,0 33,109,6
Totals,
Totals,
Totals,
Totals,
actual
actual
actual
actual
6.982.0
3.821.0
1 .010.0
222,0
151.0
1 ,010,0
9.792.0
353.0
656.0
2.195.0
493.0
661.0
900.0
299.0
1.739.0
1.982.0
2.572.0
1.985.0
190.0
632.0
81,0
816.0
1.235.0
50.0
122,0
283.0
55.0
63.0
332.0
200.0
317.0
659.0
932.0
987.0
470.0
85.0
105.0
639.0
4.539.0
71.0
181.0
1.119.0
152.0
130.0
480.0
130.0
359.0
494.0
290,034,0 32,266,0
9,592,0
10,873,0
44.390.0
33.431.0
11.507.0
6.143.0
2.405.0
14.694.0
85.406.0
4.296.0
5.907.0
17.268.0
4.928.0
6.194.0
13.984.0
4.502.0
12.144.0
22.835.0
condition
condition
condition
condition
900,0
165,0]
” 282",6
63,0
303.0
810.0 1.613.0
136.0
276,0
1.151.0 5.243.0
806.0
1.525.0
51.351.0
32.529.0
12.301.0
5.402.0
2.537.0
13.157.0
102,064,0
3.901.0
6.071.0
18.249.0
4.928.0
6.238.0
13.490.0
4.601.0
13.945.0
25.421.0
2,028,0
52,0 10,989,0 17,367,0
316,785,0
999,0
1.739.0
1 .888.0
1.904.0
1.819.0
42.0 12,901,0 10,753,0
47.0 8,705,0' 18,159,0
46.0 8.424.0 15,882,0
58.0 8.611.0 15,431,0
315.610.0
316.723.0
313.604.0
310.822.0
1.032.0
1.092.0
1.092.0
1.091.0
26.586.0
209.950.0
41.437.0
24.344.0
26.046.0
366.167.0
7,565,0
17.482.0
73.788.0
19.551.0
55.972.0
17.667.0
12.488.0
56.988.0
7.559.0
21.466.0
13.502.0
7.291.0
798.0
32.052.0
861.0
1.320.0
16.378.0
1.422.0
7.466.0
4.295.0
660,0
7.602.0
3.226.0
85.0
103.0
336.0
122.0
2,0
50.0
707.0
26.0
9,0
36.0
114.0
100.0
42.0
30,0|
1,530,0
" 608",6
2,0
25,0
101,o!
’ 162.6
157,0
2 , 207",6
7,793,0
234.0
26,0
215.0
" 35",6
” 6,6
25,0
33,0
T rust Companies.
N o t M em b ers o f
F e d e r a l R e se rv e B a n k .
1.877.0
35.351.0
222.967.0 20.814.0
55.473.0 3.350.0
30.835.0 2.242.0
1.942.0
40.634.0
384.633.0 32.489.0
602,0
9,534,0
1.341.0
25.388.0
88.964.0 6.170.0
1.411.0
20.596.0
69.023.0 4.109.0
1.460.0
21.537.0
790,0
12.799.0
4.794.0
64.331.0
140.0
10,0
13.0
10.0
364.0
2 ,110 ,0
53.0
219.0
295.0
127.0
1,061,0
188.0
77.0
390,0
454.0
208.0
651.0
175.0
149.0
2,488,0
89.0
182.0
822,0
315.0
807.0
89.0
337.0
169.0
247.0
22,0
154.0
37.0
198.0
451.0
33.0
17.0
202.0
129.0
51.0
60.0
64,0
316.0
1.328.0 3.623.0
29.0
24.0 10.498.0 9.837.0
5,0 2.072.0 7.591.0
1.185.0 1.415.0
1.302.0 3.480.0
18.308.0 3.195.0
029.0
377.0
874.0 1.049.0
10,0
86,0 3,680,9 1.710.0
978.0 1.991.0
24.0
35.0 2.807.0 5.874.0
883.0 1 .102.0
6,0
8,0
624.0
810.0
8,0 2.849.0 2,820,0
Totals, avge. for week. 54,750.0 104,447,0 1,082,065,0 83,391,0
5,057,0
6,935,0
1,981,0
251,0 47,774,0 45,192,0
1.500.0
Brooklyn Trust Co___
Bankers Trust C o........ 10.090.0
2 ,000,0
U. 8 . Mtge. & Trust Co
1.250.0
Astor Trust Co............
5.000. 0
Title Guar. & Trust Co.
Guaranty Trust Co___ 20,000,0
1 .000.0
Fidelity Trust Co........
4.001.0
Lawyers’ Title & Trust.
2 ,000,0
Columbia Trust Co___
1 ,000,0
People’s Trust Co____
3.000.
New York Tmst C o ...
1 .000. 0
Franklin Trust Co____
1 ,000,0
Lincoln Tmst Co____
2 ,000,0
Metropolitan Trust Co
Totals,
Totals,
Totals,
Totals,
actual
actual
actual
actual
condition
condition
condition
condition
May 20
May 13
May 6
April 29
Grand Aggregate, avge. 185,550,0
Comparison prev. week
3.817.4
15.914.2
4,627,9
1.632.2
12.295.3
30.638.6
1.230.3
5.378.0
7.779.1
1.622.5
11.268.6
0
1.311.4
514.8
6,416,7
83.941.0
82.452.0
82.511.0
82.486.0
8.410.0
5.256.0
5.786.0
9.226.0
3,379,217,0 293,706,0
+ 22,639,0— 1,299.0
75,719,0
+ 1,113,0
1.078.762.0
1.084.594.0
1.079.066.0
1.099.909.0
4,009,0
— 38,0
1,640,0
+ 75,0
Grand Aggregate,actual condition May 20 3,380,005,0 289,891,0 66,926,0 72,638,0
+ 9,646,0 — 4,274,0 — 1,887,0 -3,818,0
Comparison prev. week
.
May 13 3.370.359.0 294.165.0 68.813.0 76,456,0
May 6 3.339.784.0 297.551.0 68.518.0 74,553,0
April 29 3.367.419.0 307.589.0 68.005.01 75,751,0
956,031.0 122,672,0
248.0
274.0
285.0
241.0
3.835.0
3.838.0
3.694.0
1.550.0
1.447.0
1.537.0
3,071,0 222.061,0
+ 218,0 + 1,278.0
31,627,0
+ 2 1,0
221,471,0
+ 404,0
161,195,0 31,640,0
— 84,*
-18,014,0
3.081.0 221.007.0
2.490.0 222.568.0
1.685.0 221.505.0
179.809.0 31.730.0
179.627.0 31.082.0
163.750.0 31.765.0
t Includes capital set aside for Foreign Branches, $3,000.000.
Actual Figures.
Averages.
C a sh R eserve R eserv e in
i n V a u lt. D e p o s ita r ie s
T o ta l
R ese rv e .
a R eserv e
R eq u ire d .
S u r p lu s
R ese rv e .
I n c . or D ec.
C a sh R eserve R eserv e in
fr o m
P r e v io u s ly eek in V a u lt. D e p o s it a r ie s
T o ta l
R eserve.
b R eserve
R eq u ire d .
%
$
S
S
S
$
5
$
S
S
Members Federal
Reserve Bank___ 289,161,000 163,298,000 452.459.000 378,456,910 74,002,090 + 2,014,120 281,282,000 160,623,000 441.905.000 377,070,540
State Banks*_______ 54.759.000 10.989.000 65,748,000 57,021,300 8,726,700 — 4,805,860 51,304,000 12.901.000 64,205,000 56,809,800
Trust Companies*.. 97.364.000 47.774.000 145.138.000 143,404,650 1,733,350 — 3,124,200 100,595,000 47.947.000 148.542.000 143,815,350
Total May 20___ 441.284.000 222,061,000 663.345.000 578,882,860 84,462,140 — 5,975,940 433.181.000 221.471.000 654,652,000577,695,690
Total May 13----- 442.363.000 220.783.000 663.146.000 572,707,920 90,438,080 — 2,598,570 443.269.000 221.007.000 604.276.000 575,488,720
Total May 6----- 445.327.000 223.334.000 668.661.000 575,624,350 93,030,650 —3,294,740 444.460.000 222.568.000 667,028,000571,125,810
Total Apr. 29------ 452.943.000 221.117.000 674.060,000 577,728,610 96,331.390 — 7,459,900 455.039.000 221.565.000 676.604.000 578,350.890
•
S u r p lu s
R ese rv e .
\ ln c. o r D u ,
fro m
\ P rev iou slV eek
*
i
*
64,834,400— 10,231,810
7,395,200, — 2,415.660
4,720,650
+810,500
76,956,310— 11,830,970
88,787,280 — 7,114,910
05,902,190 — 2,344,920
98,247,110 — 1,601,510
a This Is the reservo required on Net Demand Deposits In the case of State Banks and Tmst Companies, but In the case of Members of the Federal Reserve Banks
Includes also the amount of reserve required on Net Time Deposits, which was as follows: May 20, 52,052,250: May 13, $2,043,150; May 6 , $1,609,450, April
b This is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Banks
Includes also the amount of reserve required on Net Time Deposits, which was ns follows: May 20, $2,048,100; May 13, $2,056,750; May 6,12,036,100, April 2 ,$1,398,000.
May 27 1916.]
THE CHRONICLE
T h e State B anking D epartm en t reports weekly figures,
showing the condition of State banks and trust com panies
in N ow Y o rk C ity not in the Clearing House, and those are
shown in the following table:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
May 20.
Loans and Investments.................
§725,750,900
G o ld ............................................................................... 60,842,800
Currency and bank notes_________________________
9,155,900
Total deposits________
920,015,000
Deposits, eliminating amounts duo from reserve de
positaries and from other banks and trust com
panies In New York City, and exchanges________ 762,555,700
Reserve on deposits................ ......... ......... _............... 221,536,400
Percentage of reserve, 29.3%.
RESERVE.
------- -Slate Banks--------
Cash In vaults.............. .................... $11,933,100
Deposits in banks and trust cos___ 19,710,900
Total
§31,644,000
10.83%
17.89%
Differences from
previous week.
Inc.S10,189,700
Inc.
703,400
Dec.
92,700
Inc. 29,645,800
Inc. 12,760,000
Inc. 12,633,900
■
— Trust Com
panies—
28.72%
§58,065,600
131,826,800
9.02%
20.48%
§189,892,400
29.50%
T h e averages of the N ow Y o rk C ity Clearing H ouse banks
and trust com panies, combined w ith thoso for the State banks
and trust com panies in Greater N e w Y o rk C ity outside of the
Clearing H ou se, com pare as follows for a series of weeks p ast:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Feb.
Mar.
Mar.
Mar.
26___
4___
I I ___
18___
Mar. 25___
Apr.
Apr.
Apr.
Apr
Apr
May
May
May
1___
8___
15___
22___
29___
6___
13___
20___
Loans and
Investm
ents
4.044.174.4
4.056.861.1
4.041.443.5
4.056.740.2
4.050.652.3
4.055.781.1
4.090.708.3
4.084.794.2
4.084.878.5
4.075.574.8
4.075.645.9
4.072.139.2
4.104.967.9
Dem
and
Deposits.
Total
Entire
Money
Reserve on
Holdings.
Deposit.
Specie.
4,149,123,3
4.155.597.7
4,127,014,0
4.134.635.6
4.123.524.8
4.117.806.7
4,157,969,5
4.135.880.7
4.133.566.7
4.108.157.2
4.102.377.2
4.077.522.7
4.120.508.7
493.006.1
48.1.314.7
481.883.7
474,291,0
463.977.4
450,681,6
453.312.5
448.433.5
442.486.4
440.501.8
431.781.2
429.750.4
430.207.8
In addition to the returns o f “ State banks and trust c o m
panies in N e w Y o rk C ity not in the Clearing House," furnished
b y the State Banking D ep a rtm en t, the D epartm en t also
presents a statem ent covering all the institutions of this class
in the whole Sta te.
T h e figures are com piled so as to distin
guish between the results for N e w Y o rk C ity (Greater N ew
\ ork) and those for the rest of the S ta te , as per the follow ing:
I or definitions and rules under which the various item s
are m ade u p , see “ C h ron icle,” V . 9 8 , p . 1661.
T he provisions o f the law governing the reserve require
m ents o f State banking institutions were published in the
“ Chronicle” M arch 2 8 1914 (V . 9 8 , p . 9 6 8 ) .
T h e regula
tions relating to calculating the am ount o f deposits and w hat
deductions are perm itted in the com putation of the reserves
were given in the “ C hronicle” A p ril 4 1914 (V . 9 8 , p . 1 0 4 5 ).
STATE BANKS AND TRUST COMPANIES.
W
eek ended May
20.
Stale Banks
Trust Cos.
Stale Banks
Trust Cos.
in
in
outside of
outside of
Greater N. Y. G
reater N. Y. G
reater N. Y. Greater N. Y.
Capital as of March 17__
Surplus as of March 17..
We om
it ciphers in all these figures.
W
eek ended—
1 9 67
S
949.725.4
941.712.7
923.885.2
916.177.3
919,390,2
914,934,9
913.158.1
895.711.1
890.474.7
879.258.8
868.409.1
872.048.5
884.881.4
572,699,5
562,259,1
500.289.8
551.265.0
544.594.9
530.982.0
534.827.4
529,385,3
523.477.1
521.649.5
613.749.1
511,751,0
511,282,7
S
23,350,000
75.550,000
40,158,600
$
$
11.783,000
$
14,050,000
171,767,100
14,654.000
13,362,600
Loans and Investments..
Change from last week.
378,358,500 1,711,357,800
+ 7,346,500. +7,707,400
155,634,900
+ 847,100
226,605,900
+ 802,000
G old ................ ................
Change from last week.
45,813,400
— 1,845,600
Currency and bank notes.
Change from last week.
20,878,300
16,925,400
— 5,741,200j — 1,878,300
..................
..................
170,532,800'
+1,638,200!
243,467,200
+305,400
32,958,800
+ 547,700;
37,363,100
—912,900
22.7%!
22.4%
19.0%
19.5%
141,011,200
+ 617,000
Deposits_______________
525,720,600 2,021,204,300'
Change from last week. + 11,760,100, +24,384,800'
Reserve on deposits____
Change from last week.
123,125,500 401,483,90o!
— 4,359,800 + 11,804,900
P. c. of reserve to deposits
Percentage last week..
29.1%
30.3%
24.1%
23.9%
+ Increase over last week. — Decrease from last week.
N o n -M e m b e r B a n k s a n d T r u s t C o m p a n ie s .— Following is the report m ade to the C learing-H ouse b y clearing non'
mnmber institutions which are n ot included in the “ C learing-H ouse return” on the preceding page:
_____________ R E T U R N O F N O N -M E M B E R
CLEARING
NON-MEMBERS.
Week Ending
May 20 1916.
C a p it a l.
bks. Mar.
(State bks. Mar.
(N a t.
Members of
Fed’l Reserve Bank
Battery Park N a t..
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
Hudson Co. N ., J.C .
First Nat., Hoboken
Second Nat., Hobok.
IN S T IT U T IO N S OF N E W
N et
P r o fit s .
L oans,
D is c o u n t s ,
71 I n v e s t
171 m e n t s , ifcC.
A verage.
S
$
S
200,000
182,100 3,877,000
300,000
672,300 5,108,000
300,000
613,200 5,244,000
400.000 1,268,200 4.883.000
250.000
759,700 4.118.000
220.000
631,200 5.772.000
125,000
299,300 4.632.000
G o ld .
L eg a l
T en d ers.
S ilv e r.
A verage.
A verage.
A verage.
$
549,000
144.000
159,000
203.000
123.000
180.000
47,000
o t a l.................... 1.795,000 4,426,000 33,034,000 1,405,000
Y O R K C L E A R IN G H O U SE .
N a t .B a n k N a t .B a n k F ed era l
N o t e s (Re N o t e s (N o t R eserv e
serv e f o r
C o u n ted
S ta te I n
at
N o te s [N o t
s t it u tio n ]
reserv e]
R eserv e],
A vera g e.
A vera g e.
S
69,000
33,000
62,000
301,000
12,000
13.000
35.000
$
76,000
119,000
105,000
95.000
72.000
55.000
109,000
525,000
631,000
2,000
177,000
38.000
10.000
48,000
38,000
110,000
172,000
50,000
57,000
496,000
256.000
32,000
174.000
116,000
297.000
831.000
117,000
32,000
46,000
90.000
11.000
80,000
29.000
88.000
155,000
27,000
645,000 2,376,000
558,000
164,000
$
S
5,000
11,000
8,000
16,000
113,000
11,000
4,000
168,000
A verage.
$
6,000
9,000
1,000
5.000
6.000
R eserv e
w ith
L ega l
D ep os
it a r ie s .
A d d it io n a l
D e p o s it s
w ith L eg a l
N et
D ep os
D em an d
it a r ie s .
D e p o s its .
A vera g e.
A verage.
A verage.
N et
T im e
D e p o s its .
N a tio n a l
Bank
C ir c u
la tio n .
A vera g e.
A vera g e.
$
S
$
§
526.000
296.000 4.380.000
148,000
599.000
241.000 4.764.000
642,000
170.000 5.174.000
470.000 6,363,000 3.994.000
391.000
780.000 3.260.000
403.000
541.000 2.555.000 2 ,886,666
293.000
532.000 2.446.000 2,013,000
27,000 3,324,000 8,923,000 26,573,000
§
189.000
296.000
119.000
391.000
199.000
217.000
99,000
5,047,000 1,510,000
State Banks.
N a t M e m b e r s o f th e
F e e d r a l R ese rv e B a n k .
Bank of Wash. H'ts. 100,000
Colonial Bank_____
400,000
Columbia Bank___
300.000
Fidelity Bank..........
200.000
Mutual Bank..........
200,000
New Netherland___
200,000
Yorkvllle Bank____
100,000
Mechanics’ , Bklyn.. 1,600,000
North Side, Bklyn.. 200,000
401,500
861,200
680,900
186,600
462,700
250,200
581,000
825,800
196,400
2 ,120,000
8,638,000
7.544.000
1.352.000
6.261.000
3.935.000
6.004.000
17,871,000
3,766,000
111,0 0 0
512,000
672.000
94,000
705.000
273.000
351.000
814.000
206,000
T o ta l.................... 3,300,000 4,446,300 57,491,000 3,738,000
101,000
240.000 1.691.000
554.000
430.000 9.225.000
487.000
759.000 8.118.000
74,000 ' 60,000 1.233.000
439.000
863.000 6.468.000
3.000 244.000
116.000 4.056.000
390.000
398.000 6.505.000
1,145,000 2,072,000 19,082,000
245,000
624.000 4.077.000
—
16,000
.........-
164,000
...........
370',666
95,000
82,000
19,000 3,679,000 5,562,000 60,485,000
547,000
Trust Companies.
N o t M e m b e r s o f th e
F e d e r a l R ese rv e B a n k .
Hamll onTrust,Bkln.
Mechanics’ .Bayonne
600,000 1,093,500 7,530,000
200,000
294,100 4,527,000
445,000
77,000
20,000
41,000
16,000
85,000
54,000
33,000
16,000
3,000
20,000
264,000 1,864,000
1.430.000
94,000
852.000 i ^872 ibbo 2.539.000
__ ___
T o ta l....................
700.000 1,387,600 12,057,000
522,000
61,000
101,000
87,000
16,000
23,000
358,000 2,716,000 7,169,000 3,969,000
____ _
Grand aggregate___ 5.795,000 10,259,900 103182000 5,665,000
+ 303,000 — 73,000
Excess reserve. $265,060
Grandaggr’ teM ayl3 5,795,000 10,259.900 102879000 5,738,000
Grand aggr’ te May 6 5,795.000 10,259,900 102555000 5,550,000
5,795,000 10,259,000 102103000 5,548,000
6,795,000 10,259,000 101514000 5,404.000
5,795,000| 10,259,900 101639000 5,408,000
1,231.000 3,108,000 645,000 348.000
+ 11,000
+ 5,000 - 110,000 + 48,000
1 .220,000 3,103,000
1,281,000:2,896,000
1,209,000 3,064,000
1,291,000 3.006,000
1,415.001 3,050,000
P h ila d e lp h ia B a n k s .— Sum m ary of weekly totals of
Clearing H ouse banks and trust companies o f Philadelphia:
We om
it two ciphers
(00)
in all these figures.
755,000
852,000
734,000
623,000
66S.000|
300,000
30S.000
376,000
382,000
405,000
69,000 7,361,000 17,201,000 94,227,000
—3,000 + 1,000 + 1518000 + 568,000
72.000
71,000
72,000
70,000
78.000
7,360.000
7,290,000
7,241,000
7,180,000
7,272,000
15.683,000
14,824,000
14,933,000
16,347,000
14,689.000
+ 4,000
1,510,000
—2,000
93,659,000
1.512.000
93,334,000
1.516.000
92,767,000 9.664.000 1.520.000
92,179,000 9.692.000 1.515.000
92,792.000 9.641.000 1.521.000
B o s t o n C le a r in g H o u s e B a n k s .— W e give below a
sum m ary showing the totals for all the item s in the Boston
Clearing H ouse weekly statem ent for a series o f weeks:
BOSTON CLEARING HOUSE MEMBERS.
Capital
and
Surplus.
Mar.
Mar.
Mar.
April
April
April
April
April
May
May
May
11..............
18..............
25..............
1-----------8________
15..............
22________
29________
8. . ........ ..
13..............
20..............
S
103.684.3
103.684.3
10.3.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
Loans.
i
493.815.0
499.145.0
500.354.0
499.682.0
500.299.0
504.361.0
508.139.0
509.220.0
512.268.0
512.210.0
511.097.0
Reserves.
$
125.018.0
117.978.0
117.010.0
120.964.0
124.721.0
121.124.0
115.113.0
112.445.0
113.168.0
110.098.0
113.289.0
Deposits.
a
§
609.500.0
015.496.0
604.519.0
612.836.0
617.022.0
625.197.0
621.791.0
618.559.0
618.026.0
615.855.0
616.108.0
Circula
tion.
S
10,443,0
9.797.0
9.716.0
9.694.0
9.048.0
9.634.0
9.620.0
9.608.0
9.427.0
9.435.0
9.432.0
$
211.721.5
227,728,7
214.195.5
215.906.5
254.064.0
233.477.5
221,135,2
247.458.6
258.516.1
229,158,5
239.736.7
a Includes Government deposits and tho Rem "duo to other banks” (May 20
$173,093,000); also "Exchanges to Clearing House” (May 20, $18,558 000)
Due
from banks May 20, $77,789,000.
20
1916.
May
Clearings.
Circulation............... ............
Loans, dlsc’ts & Investments.
Individual deposits, lncl.U.S.
Due to banks_______
Time deposits_____________
Exchanges for Clear. House.
Due from other banks______
Cash reserve______________
Reserve In Fed. Res’ve Bank
Reserve with other banks__
Reserve excess In bank..........
Excess with Reserve Agent..
Excess with Fed. Res’ve B’k.
Change from
precious week.
$6,356,000 Inc.
416.934.000 Inc.
339.196.000 Inc.
139.631.000 n e e
26.173.000
16.581.000
40.281.000
25.597.000
20.046.000
61.252.000
2,016,000
45.532.000
396,000
Dec.
Dec.
Inc.
Inc.
Inc.
Dec.
Dec.
Inc.
Dec.
I m p o r ts a n d E x p o r ts fo r t h e
preceding.
13
1916.
May
May
1916.
6
§1,000 $6,355,000 §6,360,000
550,000 416.384.000 416.119.000
8,306,000 330.890.000 335.620.000
9ns nnn 139.836.000
835,000 27.008.000 26.995.000
16,000 16.597.000 21.668.000
1,197,000 39.084.000 40.260.000
140,000 25.457.000 25.100.000
3,963,000 16.083.000 16.715.000
305,000 61.557.000 62.664.000
303,000 2,319,000 1.791.000
3,255,000 42.277.000 43.239.000
263,000
659,000 1.175.000
W e e k .— See third page
1968
C ia a o e lte ,
Wall Street, Friday Night, May 2 6 1916. _
T h e M o n e y M a r k e t a n d F in a n c ia l S i t u a t i o n .— B usi
ness a t the Stock Exchange lias been less intenso than last
week bu t generally quite as satisfactory.
In the stock m ar
ket the volu m e o f business diminished day b y day and a few
railw ay issues havo lost a part of the advances noted last
week. Som e o f this group have established a further ad
vance, how ever, and nearly all the m anufacturing stocks are
higher. R ailw ay earnings continue, in m an y cases, to bo
a surprise, and doubtless m uch of the rather unusual advance
in railw ay shares noted last w eek, and in some cases added to
this w eek, will bo retained.
T h e G overnm ent crop report indicates that unseasonable
weather is hindering the growth o f spring w heat, but overy
one well informed in the m atter knows that a cool, wet April
and M a y alw ays results in a deeply-rooted, healthy plant,
which later on grows rapidly, w ithstands the heat and drought
of m idsum m er and generally insures an abundant harvest.
T h e foreign trade statem ent for A p ril ju st issued shows that
exports havo never been exceeded except in tho previous
m on th , that im ports wore b y far tho largest ever reported,
and that the balance in our favor for tho ten m onths then
com pleted o f the fiscal year is more than double that of the
previous highest record.
. .
.
.
Evidonco that funds are boing distributed in channels of
trade throughout tho country is seen in a further reduction
in tho surplus r servo hold b y N e w Y o rk C ity ban k s. T h is
anounted to $ 1 2 ,0 0 0 ,0 0 0 during tho week covered by tho
last report and leaves the total no\V held abou t $ 7 6 ,9 0 0 ,0 0 0 ,
only a little moro than one-third w hat it was last Soptom ber.
Shipm ents o f gold from C an ada have continued, am ounting
for the week to $ 8 ,2 5 0 ,0 0 0 .
F o r e ig n E x c h a n g e .— T h e m arket for sterling exchange
has ruled quiet bu t stead y. A d dition al gold im portations
am ounting to $ 8 ,2 5 0 ,0 0 0 , wero received, bringing tho total
of tho current m ovom ent up to $ 1 8 ,7 0 6 ,0 0 0 .
T h o C onti
nental exchanges wore also quiet bu t as a n d o with a good
undertone.
3-d a y ’s (Friday’s) actual rates for storling exchango were 4 72 9 -16 ®
To% for
sixty days, 4. 7. .554®
13-16 for checks
ami 4 7 6 .>2_ for cables.
4 72%
. . . . __________
. . . J 4l 75
_____________M
______.
Com m ercial on banks (sixty days) -l 71 % @ 4 719-3 and docum ents for
paym ent (sixty days) 4 7 1 % @ 4 7 1 % . C otton for paym ent 4 75 and
grain for paym ent 4 75.
. „
. ,
T o -d a y ’s (Friday’s) actual rates for Paris bankers francs wero nominal
for long and 5 93 % for short. Germany bankers’ marks wero 76 9-16 for
sight, nominal for long and nominal for short. Amsterdam bankers guild
ers were 41% for short.
. ,
____ __
, , ,
Exchange at Paris on London, 2 8 .2 4 % fr .: week s rango, 28.2 4 % fr. high
and 28.25fr. low . Exchange at Berlin on London not quotable.
T h e rango for foreign exchango for tho week follows:
C a b le s .
C h eck s.
S te r lin g , A c tu a l— S ix ty D a y s .
4 76 11-16
4 76
H igh for tho week___4 73
4 76 7-16
4 75 11-16
L ow for the week___4 72 9-16
P a r is B a n k ers’ F r a n c s —
5 91 %
5 92%
n ig h for tho week___ ____
5 92%
5 92%
L ow for tho w eek___ ____
G erm an y B a n k ers’ M a r k s —
77 3-16
77%
H igh for tho week___ ____
76%
76%
L ow for the w eek___ ____
A m s te r d a m B a n k e r s ’ G u ild e r s —
41 11-16
41%
H igh for the week___ ____
41%
41 9-16
Low for the week___ ____
Domestic Exchange.— C hicago, 10c. per $1,000 discount. Boston, par.
St. Louis, 10c. per $1,000 discount bid and par asked. San I rancisco,
20c. por $1,000 premium. M ontreal, $2.1875 per $1,000 prem ium . M in
neapolis, 15c. per $1,000 premium. Cincinnati, par. Now Orleans, sight,
50c. por $1,000 discount and brokers, 50c. premium.
S t a te a n d R a ilr o a d B o n d s .—-Sales of Stato bonds at
tho B oard this week include $ 2 ,0 0 0 N ow Y o rk State 4 )4s 1965
at 1 0 9 %■ , $ 6 ,0 0 0 N e w Y o rk C an al 4 ) ^ s a t 11 5, and $ 3 0 ,0 0 0
Virginia 6s deferred trust receipts at 56 to 5 7 .
A substantial increase in sales of railw ay and industrial
bonds was noted at the Stock Exchange this w eek, while largo
transactions took placo in certain G overnm ent issues, es
pecially in A n glo-F ren ch 5s and D om in ion of C an ada T e m p .
G o ld 5 s.
.
T h o bu yin g o f railroads bonds was largely contred in tho
various now S t. Louis & San Francisco securities (when
issued), several of which showed marked advances in valuo,
the m ost prom inent boing tho adju stm en t 6 s, incom e 6s and
general 5s trust com pany ett's., with gains of l y
/ i, 6.Mj and
6 ) 4 poin ts, respectively.
From a list o f 20 other activo
issues only 4 showed declines, in all cases fractional, while
upward m ovem en ts covered a rango of from 1 to 3 points.
Sales on a s -2 0 -f basis, indicating, p resu m ably, sales on
foreign accou n t, am ount to $ 4 4 ,0 0 0 , par valuo, as against
$ 1 0 2 ,0 0 0 a week ago.
U n it e d S ta te s B o n d s .— Sales of G overnm ent bonds at
the B oard are lim ited to $ 1 ,5 0 0 3s cou p , at 1 0 1 )4 aiid -$6,000
2s cou p , a t 9 9 ) 4 to 100.
For to-day’s prices of all the different
issues and for weekly range see third page following.
R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— T ho upward
m ovom ont in stocks noted last week continued through
M o n d a y and a part of T u esd ay .
D uring the latter day
liberal sales to secure accrued profits, to which wero added
aggressive operations on tho short sido of tho m arket, provod
to be tho beginning of a reaction which has continued up
to tho close to -d a y . T ho highest prices of tho rocont upward
m ovom ent were therefore recorded on M o n d a y or T u esd ay ,
when an average of from 2 to 4 points had been addod to last
w cok’s advance in the railway list.
Industrial stocks m oved quite independently of other issues
m an y of them continuing to advance until later in tho week.
Reading was again tho conspicuous featuro of tho m arket.
It sold at 1 1 0 )4 on T u esd ay , an advance of about 9 points
[Vol. 102.
THE CHRONICLE
fro m last w eek’s closing price and o f nearly 2 6 points since
M a y 5.
Canadian Pacific advanced 7 points over the week
end and was then 20 points higher than earlier in tho m o n th .
A ll tho trans-continental lines shares wore strong on the
splendid showing of April earnings reported b y somo of th e m .
On tho other hand, Lehigh Valloy has not responded to
the goneral trend of tho m arket as havo other anthracite
stock s, and the industrial list as a whole has m oved within a
narrower x-ango than usual. W illys-O verlan d is an exception
in this particular, how ever, having covered over 20 points
and closing near the highest. Underw ood Typew riter
ju m p ed 7 ) 4 points, but failed to hold all the advance.
Am erican Zinc shows a xxet loss of 2 ) 4 , B u tte & Superior is
fractionally low er, and Consolidated G a s, aftor covering a
range of 3 ) 4 points, closes w ithout net change.
For daily volume of business see page 1977.
T ho follow ing sales have occurred this week of shares not
represented in our detailed list on tho pagos which follow :
Range since Jan. 1.
Rangefor Week.
STOC KS.
Sales
for
WeekendingMay20. W
Lowest. | Highest.
Highest.
eek., Lowest.
are
per sh
areS per shJan
ParSharesi S per share S per share S132%
M a r 154%
A d a m s E x p r e ss_____ 109
4 0 0 1 3 8 M a y 25 110 M a y
A m erica n E x p ress___100,
1 0 0 4 2 5 M a y 21 125 M a y
A m T e l e B * C a b l e . -.1 0 0 ;
35 67 M a y 20 67 M a y
A m W rit P a p er p r e f.1 0 0 2,700; 1 8 % M a y 22 2 1 % M a y
20dl G 0 % M a y 25 0 7 % M a y
A ssocia ted O il.......... .1 0 0
B a top lla s M in in g ____ 20 2,225:
2 % M a y 251 2 % M a y
B k ly n U n ion G a s . . . 1 0 0
4 0 0 4 2 9 M a y 25 130 M a y
100; 58 M a y 241 58 M a y
B row n S h o e .......... .......100
8 M ay
100; 8 M a y 24
B runsw ick T e r m in a l. 100
100| 88 M a y 25 88 M a y
C a se (J I) p r e f.............100
M ay
1 1439 M a y 22 139
C en t A S o A m T e le g . 100
200; 1 0 % M a y 22 1 0 % M a y
C h ica g o A A lt o n ____ 100
4001 73 M a y 20 7 3 % M a y
C lu e tt P e a b o d y & ColOO
200 44
M a y 22, 44 M a y
C o m p u t ln g -T a b -R c c 100
200 89
M a y 23 89 M a y
D eere A C o p r e f------ 100
155 1 3 4 % M a y 24 1 3 1 % M a y
D e tro it E d is o n _____ 100
900 113 M a y 20 1 1 3 % M a y
D e tro it U n it e d _____ 100
5% M ay
100
5 % M a y 23
D u lu th S S & A t la n . 100,
100 1 2 % M a y 20 1 2% M a y
P r e fe r r e d ................. 100
110 64 M a y 23 64 M a y
E le ctric S to r B a tte ry 100
G u lf S t Steel t r e t f s . . 100 1,000 7 4 % M a y 20 7 5 % M a y
i s t pref tr c t f s ____ 1001
000 9 5 % M a y 209 7 % M a y
2d pref tr c t f s ____ 100, 1,425 7 6 % M a y 23 7 8 % M a y
In t H a rv est C o r p ___100 1,000 8 0 % M a y 25 8 2 % M a y
4% M ay
4 % M a y 25
Io w a C e n tr a l............... 100
300
K C F t S & M p r e f . . 100
200 70 M a y 24 70 M a y
172 1 2 0 % M a y 25 1 2 6 % M a y
K in g s C o E le c L A P . 100,
5 0 0 1 0 6 M a y 20 1 0 6 % M a y
L a cled e G a s _________ 100;
4 00 8 4 % M a y 23 8 5 % M a y
M a c k a y C o m p a n ie s. 100
300, 68 M a y 22 68 M a y
P r e fe r r e d _________ 100
800 66 M a y 20 6 7 % M a y
M a n h a tta n S h irt____ 100J
M a y D e p t S to re s___1 0 0 21 ,35 0 6 4 % M a y 20 6 8 % M a y
300 107% M a y 24 1 0 7 % M a y
P referred .................. 100
800 7 3 % M a y 23 75 M a y
N a t C loa k & S u i t . . . 100
2 1 0 1 0 0 M a y 20 1 0 7 % M a y
P r e fe r r e d .......... ........100
800 4 0 % M a y 26 4 1 % M a y
N Y C h ic A St L o u is . 100
100 0 1 % M a y 25 61 % M a y
2 d preferred _______100
100 2 0 % M a y 26 2 0 % M a y
N o r fo lk S ou th ern ___100
1 M ay
700
1 M a y 22
P a c M a ll SS rig h ts.......... i
15 97 M a y 24 97 M a y
P a c T e l A T e l p r e f. .1 0 0
900 1 0 % M a y 22 1 1% M a y
P eoria A E a stern ____ 100
600 97 M a y 23 9 8 % M a y
P itts Steel p r e f.......... 100
4 M ay
700
4 M a y 2i
St L A San F ran (old ) 100
6 M ay
600
6 M a y 20
2 d p referred _______100
100 95 M a y 20 95 M a y
S loss-S h eff S A I p r e f.1 0 0
5 0 1 1 9 % M a y 22 1 1 9 % M a y
S ou P a c ific tr r e c ____ __
1 0 0 19 0 M a y 25 190 M a y
T e x a s C o subs full pd —
12 115 M a y 24 115 M a y
T e x P a c L and T r u s t . 100
100103 M a y 25 103 M a y
T o b a c P ro d u cts p r e f.1 0 0
7 M ay
T o l S t L ou A W e s t . . 100 3,700: 5 M a y 22
5 M ay
100
5 M a y 22
T ru st re c e ip ts...............
300 11 M a y 22 l l % M a y
P r e fe r r e d ............. . . 1 0 0
200 11 M a y 23 11 M a y
P re f trust r e d s .............
U n d erw ood T ’ w ritcr. 100 2 ,7 0 0 99 M a y 22 106 M a y
3 0 0 1 1 7 M a y 25 1 1 7 % M a y
P r e fe r r e d ................ .1 0 0
100 32 M a y 23 32 M a y
U n ited Sta tes E x p r . .l 0 0
l% M a y
700; l % M a y 25
U S R educ A R o f g ..l0 0
V irg in ia Iro n C A C . . 100 1,500; 48 M a y 20 50 M a y
V u lca n D e tln p r e f . . . 100
100 25 M a y 25 25 M a y
W ells, F a rg o E x p r _ .1 0 O
4 0 0 1 2 4 % M a y 20 1 2 5 % M a y
23
21
23
20
22
22
22
24
24
25;
22
22
20
22
23
24
22
23
20
23
25
26
25
22
25
24
25
25
20
22
24
25
24
25
26
22
25
26
22
24
22
26
25
24
26
22
25
24
25
23
22
22
23
23
26
23
20
25
25
22
124%
63%
11
62
2
126
50%
8
85
135
8
68
44
89
131
70
4%
10
68
71
87
72
68%
2%
00
1 20 %
103%
78
05%
55
50%
1 02 %
71
100
33
50
20
1
93%
8
93%
1%
2
91%
115%
187
115
100
5
5
10
8
86
110
*31 %
1%
48
25
1 23 %
M a r 140%
Jan 6 9 %
Jan 2 1 %
Jan 77
F eb
3%
A p r 132
Jan 6 0 %
M a y 14
F eb 90
Jan 141
F eb 10%
A p r 76
Jan 5 2 %
M ay 98%
M a r 141%
Jan 120
M ar
6%
Jan 14
A p r 66
M ay 75%
M ay 97%
M a y 78%
M ar 84%
0
M ay
M a r 70
M a y 131
M a r 107%
A p r 91
Jan 6 8 %
F ob 6 7 %
Jan 0 8 %
Jan 109
M a y 81%
M a y 113
A p r 45
A p r 66
A p r 27
M ay
1%
Jan 9 7 %
M a r 13
F eb 100%
Apr
6
Apr
8
A pr 101
M a r 119%
M a y 190
M a y 122
Jan 100%
Apr
7
5
M ay
F eb 11%
F eb 11
Jan 106
Jan 117%
M ay 49%
Apr
3%
A pr 6 2 %
M a y 25
M a y 135
Jan
Apr
M ar
Jan
Jan
Jan
M ay
Jan
M ay
M ay
Jan
Jan
Jan
F eb
Jan
M ay
M ay
Jan
Jan
M ay
M ay
M ay
M ay
M ay
M ay
F eb
F eb
F eb
M ar
M ay
M ay
M ay
Jan
F eb
Jan
Jan
Jan
M ay
M ay
Jan
Jan
Jan
Jan
Jan
M ay
M ay
Apr
M ar
M ay
M ay
M ay
M ay
M ay
M ay
Apr
Jan
Jan
M ay
Jan
O u ts id e S e c u r it ie s .— T h o “ curb” m arket was active this
w eok, with substantial gains throughout tho list. Chovrolot
M o to r s, continuing the m ovom ont no tod a weok ago, ad
vanced steadily from 2 2 9 % to 2 4 9 , closing, howovor, a t 2 4 0 .
A tlan tic G u lf & W e st Indies SS . com . and pref .advanced
from 4 3 % and 53 to 4 4 % and 5 4 , tho last quotations to -d a y ,
how ever, boing 4 3 and 5 3 .
C uban Cano Sugar dropped off
from 5 9 % to 5 5 % , recovering a t tho closo to 5 6 % .
D n g g sSeabury was irregular, m oving up trom L32 to 135, falling
to 125, reacting to 132 and closing at 131.
M a x im M u n i
tions, M id v a le Steel and Subm arine B o a t also showed
marked gains, the high, low and last prices being 9 % - 7 - 8 % ,
6 4 % - 6 1 % - 6 3 % , and 3 9 % - 3 8 - 3 8 % , respectively.
Saxon
M o to r C o ., in sym p athy w ith tho last week’s m ovom ent,
advanced 12 points to 8 6 , tho closing prico to-night show ing
a slight reaction from that point.
Peerless M o to r T ruck
m oved up from 2 0 % to 2 7 , closing at 2 6 % ,w h ilo tho W h ite
C o . remained very stead y, with small sales. Perlman R im ,
conspicuous a weok ago for its sharp declino, was vory orratic.
From 130 it advanced to 135, fell to 133, then jum ped to
149 and closed at that figure.
U nited M o to r s, traded in for
tho first tim e last week, was very m uch in dem and and at
steadily increasing prices.
It covered a rango of 1 5 %
points, with a final and high quotation of 7 8 % .
Standard
Oil securities wero dull.
Illinois Pipo Lino fell from 186 to
179, and Ohio Oil from 243 to 2 3 1 .
Prairie Pipo Line ad
vanced from 213 to 2 1 8 , closing at 2 1 7 , whilo tho high, low
and last prices for Standard Oil of California, Standard Oil
of N e w Jersey and Standard Oil o f N ew Y o rk wero 2 5 1
2 4 8 -2 5 1 , 5 2 0 -5 1 3 -5 2 0 and 2 1 1 -2 0 8 -2 0 8 .
A m ong tho bonds
traded in wero $ 1 ,7 0 3 ,0 0 0 Ches. & Ohio 5s at 9 4 % to 9 5 % ;
$ 6 3 ,0 0 0 M id va le Steel cons. 5s at 9 6 % to 9 7 % , and $ 1 5 ,0 0 0
Chicago U nion Station 4 % s at 9 9 % to 9 9 % .
A completo record of “ curb” transactions for tho week
will bo found on page 1977.
New York Stock Exchange— Stock Record. Daily, Weekly and Yearly
1969
OCCUPYINQ TWO PAOES.
Por record of sales during the week of stocks usually Inactive, see preceding page.
man
a n d
p er sh are
$
20
19*2
43
42*i
17*2
17*2
40*4
39*2
100*4 100*4
23*2
24
67
67*2
12*4
12*4
62*2
62*8
*97
98
139*8 140
82*4
82*4
10*2
10*8
*21
22
15
15*8
48*4
48*2
28
28
3212
33
*45
48
4*2
4*2
14*4
15*2
8
6*8
40
39*2
18*4 18*4
39*4 39*8
22*4 22*2
9
9
27*8 27*4
82
82*8
69*8 69*8
*98
98*4
73*4 74
*90
90*4
*99*4 102
*150
188
50
57
•110
111*2
60*4 00*4
*117
120
157*8 157*8
*115*8 117
54
54
*100
101
*9
9*4
50
50*8
28
28
22*4 23
49
4978
70*8 7 H 2
•101*4 102
*7*2
8*2
*35
37
•85*2 87*2
•94
95
99*8 100
113*8 113*8
*143
153
•103
110
*52
53
113*2 113*8
*117*2 120
129
129
200
200
107
107
40
40*4
598
98
86*4 88*4
86
86*4
T u esd a y
M a y 23
—
p e r
s h a r e
W ed n esd a y
M a y 24
,
n o t t e r c e n t
T h u rsd a y
M a y 25
.
F r id a y
M a y 23
S p e r sh a re S p e r sh a r e $ p e r sh a re $ p e r sh a r e
105
106
105% 105*i
105*8 105*8 107*4 105*8 100
101
101
101
101
101
101
101
101
10 1
113
113
112*4 114
*112*2 114
*112*2 114
113
92*8 9412
92*8 93*8
91% 92
91*4 92%
93*s
70
76*2
76*2 76*4
76*2 70% *76
77
70
87
87
87
86*8 86*8
87
87*2
87*2
88*8
181*4 179% 181*2 179
179*2
183*4 180*4 182*4 180
*290
320
*290
330
*290
320
*290. 330
320
63*2 64%
63*2 63*8
62% 6278
62*4 63*2
64
14*8 14*8
14*4 14t4
13*2 13*8 *13
14*2
13*8
38
38*4
*37
37*4 38
38*4 38*2
38
38*4
99*8 101*.|
99
100*4
100
98
99
98*4 99*4
129*8 129*8 129*8 129*2 129*8 129*8 129*8 129*8 129*8
130
130
131
*130
130
130*8 130*2 131
130*4
................. *168 171
172
170
169*4 169*4 170
19
19*4
19*2 2134
19*4
20*4 20*4
20*2 21%
125
125
*118
125 *120
*120
125 *120
125
____ *133
____ *133
____ *133
*133
52
*51
52
52
*51*2 52*2
51*2 51*2 *50
82
82
82
82
82
81
81*4 81*4 *81
*29
30
30
30
30
*29*2 30
29*2 29*8
55
55
55
54
54*2 *53
53*8 53*8 *53
*45
50
55
*45
*25
52
51
45
45
155 *150
153
154
155
155*8 *152*4 159*4 155
___
*225
225 227
230*2 *225
225
230*2
14*8 15*s
14*2 14*2 *13
14*8 15
15
15
28
28%
28
26*i 27*4
28*8 29
28*4
29
38*8 39%
39
39
39*4 40*2
40*s
39*2
40*8
53*4 54*8
54
54*4
54*4 55*2
537g 54%
55»s
48
*45
48
*45
47*8 47*4 *45
48
48
122*4 121
122% 12134 12134
123*4 122*8 123*2 122
41*8 42*4
40*8 41*2
41
41*4
41%
41% 42
103*4 104
103*4 106
105
10312 104
104
104*2
18*s 19
18*8 18*8
19*4
18*2 18*8
18
18*.i
76
76
76
76*4
*76
77
77*?
75*2 76
26*8 27*2
26*8 26*2
27*2
26% 26*.
26% 26*4
61*4 61*2 *59*2 61*4 *00*2 61*4 *60*2 61*4
61*4
*13
14*2
14
14
14%
14*4 14*4 *14
14%
*30
40
*32
40
39
*30
*34
40
39
80*8 82*4
79% 80*s
82*4
79
80*2
79*4 80*s
29
29*2 30
*29
30
29*2 29*2
31
30
129*8 130*8 131*8 *130*4 131*4 *130
130
131*2 *128
130
129*8 129*8 129*2 129*4 *129
130
130 *129
*5*8
0*2
*5%
6*4
6 >2
6
*5%
5*8
*16
19
19
*16*2 18
*10
18
18*2 *16
124*4 124*4 124*4 122% 122*2 *122
124
124
*120
137
*132
137
*132
137 *132
*132
137
137
4*8
4*8
412
4*4
4*2
4%
4%
4%
4*4
12
12
12
11*2 11*2
12
12
*11*2 12*8
0*8
0*8
7
6*4
7*8
6%
6*1
6*4
6*3
6*8
6*8
7*8
6*2
6*4
*6%
0%
6*8
0*8
*
23*8 * . . . .
23*8 *
22*2 * . . . .
23
23*i
*5%
7*4
7*4
*5*8
7*4
*5%
*6%
7*4
7*4
107*2 106*8 108*8 106*2 107*2 106% 107
105*2 100*4
62*4 63*2
63*8
60*2 62*8
6U 61*2
61
61
28
28*2 *27*4 28*4
28*4
27*4 28*4
28*4 28*4
120% 126% 126%
120*2 125*4 120*2 125% 125*8 120
*86
89
89
89
89*8 *85*2 89
*87
*87
115*2 114*8 115*4 113*4 114*8 113*2 114*4 113*4 114
58
58*s
58
58*s
58
57% 57*4
57*8 58*8
*82
83
83
83
83
*82
83
82*4 82*4
*92
95
95
95
93
*94% 96
*92
90
109*4 107*2 110*4 103*8 108
1017s 105*2 102% 101*i
z4 4
44*4 *42*4 44*2 *42*,| 44*2 *42*4 44%
45
47.
48
48
48
47
47
*46*4 48
49*4
16
16
15*8 16*4
16
16*4 16%
10*4 16%
p er sh are
104*8 105*4 105*2
100*8
*100*8 101
*111*2 112*8 113
92*8
91*4 92*2
75*4
75*4 75*4
87
87*8 87*s
176*2 182*4 181*8
*290
•295
330
63*4
635s 64
1412
14*8 14*2
38*8 39
38*4
98
97*4 97*4
129*4
*129*4 130
129*4 129*4 129
*168
*169
172
19*4
19*4 19*8
122*2 122*2 *119
*133
____ *133
52
52
52
82
82
81
*2978 30
30
*54
55
*54
*45
51
*45
*153
153*4 154
*215
220
*215
15
1412 1412
26*4 27*4
27*8
40
40*2
39*8
55
55*8 55*8
47*8 47*8 *45*2
122*8 122*2 122*2
41*8
41*8 41*8
104*2
104
104
18*4
185S 19
*75
76*2 *76*2
27
207g 27*8
61*4
61*4 61*4
14
*12
14
*30
*34
39
80*4 81*4
81*8
29
*29
31
*128*4 130*4 129*8
*128
*128
130
*5*8
6*2
*5*8
*15
18*2 *15
121
123*2 124
*132
*132
137
4*4
*3*2
4*2
*11
*11
12
6*s
6*4
6*2
6*2
6
6*4
•____
23
* ....
7*4
7*4
*7
106*8 107*4 107
62*8 62*8
62*4
*27*2 28*4
28*2
125*8 126
120*4
*88
92
89*s
114*8 114*8 114*4
*57*4 67*8
57*8
*82
83
*82
93
*92
93*2
101*4 104
103
*43*8 44
*43*4
48*4 49*8
48*2
15*8
*15*4 15*8
20
♦42
17*2
40*2
99*8
23*2
67
12*8
•62
98
138*4
82*4
10
22
15*8
48*8
27*8
32*8
*45
*4
1412
*5
39
s a l e p r ic e s
M onday
M a y 22
S a tu r d a y
M a y 20
$
l o w
*18*2
*39
22*4
9
27*2
82
69
98*8
73
*96
*99*4
*156
50*8
111
01
*117
157*4
*110
*52*2
*100
9*8
49*2
*28*4
*22*2
49
71
101*4
*7*2
3 5 's
*80*2
91*4
99*8
*113*2
*145
*103*2
52*8
112*2
117*8
128*8
201
*106*2
45
98
87*2
86%
19*2 *18
42
43
17
17*2
39
39*4
100*8 100*2
23*4
24
67*2
67*2
12*2
12*1
62
03*4
98*8 *98
142*2 140*4
82*4
82*4
9*4
11
22
22
15*8
15*8
49*8
51*4
30
28*8
32*8
33*8
48
*45
5
5
15
15*2
5*2
6*8
39*2
40*2
20*2
41
22*8
9
28*8
82
69
98*8
74
90*4
102
180
57
111
01*4
120
158*2
117
54
101
9*8
49*2
2S*2
23*2
50
72*4
101*4
8*2
35*8
87*2
94*4
100*4
114
155
HO
52*4
113
117*8
129*4
202*2
107*2
46%
98
89*4
87*g
*18
20
20
42*2
42*2 *40
16*8 16*8
17*8
* ____
40
40
101*4 100*8 101*4
2234 23%
24
66
60
07*2
12*4 12*.|
1234
62*4 6212
62*4
99*2
99*2 *98
143*8 140*4 141*8
-----82*4 ----9
10
10*2
22
21
21
15
15*2
15*8
51*8
49% 50*4
29*8
28% 29%
33
31*8 32*4
48
*45
47*2
5*4
5
5
15
15*2 15*2
6*8
5
5
39*2
39*8 39*8
19
*17*2 19*4
*39
39?#
39
22*4 22*i
22*4
8*8
8*8
*8*8
27
27*4 *27
81*2 81*2
81*4
*68
69
68
♦98
98*4 *98
73*4 74
73
*96
96*4 §96*4
*99*4 102
101
*156
188
*160
56
56*2
50*4
111
111*2 110*2
61
61
61
*117
120
*116*2
155
157*8 153*4
*116
117
*11612
53*8 53*8 *53
*100
100i2 *100
9
9*8
9*8
*49
51
*49
28*2 28*2
28*8
22%
22*4 22%
49*2
49
49*8
71*2
70*4 72
101*8 101*8 101*4
7%
*7*2
8
*35
36
*35
*86*2 87*2 *86*2
94*2 94*2
94%
99*8 102*4 100*2
113*8 113*8 114
*145
155
*146
*103*2
*103*2 HO
52
52
52
1 1 2 *4 1 1 2 * 4 112*8
*117*2 119 ♦118
129
129*4 129
206%
203
200
*107
107*2 *106*2
45*2
*44*8 46
98*4
98*8 98*8
87
86*8 88%
85*s
85*8 86%
19*4
39*4
227s
9*4
28
82%
68*8
99
73*2
96*4
101
188
5G78
111*4
62*8
120
158*4
120
54
101
9*4
51
28*8
2278
49*2
73%
102
7%
36
87*2
94*4
102*4
114
155
110
52*8
112%
140
129*8
200*2
108
45*2
98%
88*2
86*8
• Bid and asked prices; no sales on thlt day.
paid, z Ex-dlvIdend. 1 Full-paid.
20
*18
42**40
17
17
40
*38
100*4 101
23
23*2
05*4 60
12*8 13*4
62*4 02*4
*98
100
139
141
82*4 82*4
10
10
20*2 20%
14*8 15%
49% 50%
28*4 29*8
32*2 32*2
*44
47
5*4
*14
16
6
5*4
*38
39*2
19*8 20*8
39*2 39*4
22% 23%
9IS
9*4
27*2 27%
82% 82*4
*07
69
98
98
73% 74* 1
*96
96*i
*99*4 101
184
*156
50*4 58*4
111**111
61*2 62%
*116*2 117*2
158*8 159
*116*2 117
*53
53*8
100
100
9
9
*4912 51
28*2 29%
22*2 22*8
49*8 50
73*4 75%
101% 102*.
7*2
7*4
*35
37
87*2 88
9434 91*4
101
101%
113*4 113*4
*145
155
*103*2 110
51*8 51*8
112% 112*4
119
119
129% 129%
205% 207
107
107
45*2 45*2
98
98*8
87*4 88*2
85% 86*2
t Ex-right*.
S a les f o r
ta t
W ee k
S h a r es.
On 0a m
H ig h e s t
L ow est
L ow est
H ig h e s t
$ p e r sh a r e $ p e r sh a r e $ p e r s h o r t
S p e r sh a re
92*2 F eb 111*4 N o v
10 0 14 A p r 22 108*2 J an 4
32,975
96
Jan 102*8 N o v
9378 J an 4 102 F e b 24
Do
p r e f.
3,7 5 0
106% A p r 19 115 J an 3
98 M a r 116 N o v
520
96
D ec
82*g A p r 24
63*4 F eb
96 J an 4
46,2 50
79*4 N o v
Do
p r e f.
80 J an 15
75 M a y 4
07
F eb
2,9 5 0
9
3
Apr
8
3
i2
A
p
r
22
88*8
M
a
y
2
2
83*4
A
u
g
4,4 0 0
z l6 2 % M a r 1 183*4 J an 3
138 J u ly 194 N o v
32,700 j
Jan
290 J an 3 §310 M a y l 8 5250
Sep 325
58 A p r 24
64*4 N o v
66*8 J an 5
35*8 J u ly
17,100
1134 A p r 24
17*2 N o v
15*8 J an 3
10*4 Jan
1,100
33 A p r 24
Do
p r e f.
39*4 J an 4
4U 2 N ov
25*2 M a y
3,300
91 A p r 22 10 2 * 2 Jan 3
77*4 J u ly 101*8 D e c
52,420 Ihicago M llv
Do
p r e f.
.100 127*2 M a r3 0 136*8 J an 6 120*8 Sep 135 D e c
1,895
124*8 M a r3 0 1347g J an 3
118*2 J u ly 135*8 N o v
2,1 0 0
5165 A p r 13 175 J an 11
Do
p r e f.
103 J u ly 5180 N o v
200
1 5i2 A p r 22
22*2 M a y 9
38*8 A p r
10 *2 J u ly
28,600j
120 J a n 19 123 M a y 15 5114
A p r 123 N o v
100
131*4 A p r 12 130 J a n 27
D ec
Do
p r e f.
124
Sep 135
54 M a y l 2
38 A p r 27
52
O ct
521
Jan
300 !lev C ln Chl<
77
O ct
Do
p r e f.
.100 70 F e b 2 82 M a y l 5
53*8 F eb
COO
24*4 A p r 24
32*2 J an 8
38*2 N o v
24
M ar
500
4
6
A
p
r
6
0
N
ov
55
J
a
n
13
Do
1st
pref___________
100
45
Jan
300
40 M a r l 3
52
N ov
48 J a n 11
Do 2d pref..................100
35
S ep
100
138*2 A u g 154lg N o v
600 Delaware & Hudson______100 149>8 A p r 20 155*8 M a y 2 3
M a r l 8 227 M a y 2 3 1 9 9 % Jan 238 N o v
300 Delaware Lack & Western..50 2 16
8*8 M a r3 0
15*8 M a y 2 4
16*2 N o v
4
Jan
2 ,2 0 0 Denver & Rio Grande____ 100
29 M a y 22
29*8 N o v
Do pref_____________ 100 15 M a r 8
6*2 Jan
7,500
32 A p r 22
43*8 J a n 3
455s N o v
19*8 F eb
122,450 Erie.......................................100
A
p
r
22
69*8 J an
59*2 N o v
Do 1st pref___________ 100 43
32*4 F eb
12,300
54*2 Jan
54*4 D e c
Do 2d pref___________100 41 A p r 22
27
F eb
600
11 2 * 4 Jan 128*8 N o v
9,100 Great Northern pref______100 118 M a y 5 127*2 Jan
36*4 A p r 22
50*4 J an
54
O ct
Iron Ore properties..N o p a r
25*4 Jan
14,700
99*4 A p r 17 109*2 Jan
Apr
9 9 J u ly 113
6,021 Illinois Central__________ 100
1534 F eb 15
25*2 N o v
21*8 Jan
18*8 J u ly
9,2 0 0 Interbor Con Corp, vtC-A*o p a r
82 N o v
70 J u ly
Do pref..........................100 71 F eb 15 77*2 Jan
1,300
23is A p r 28
35*8 N o v
32*4 Jah
20*8 F eb
6,800 Kansas City Southern____ 100
65*2 N o v
54*g F eb
Do pref..........................100 58U A p r 20 64*8 Jan
700
10 M a y 2
16*2 Jan
16*8 D eo
5
Jan
900 Lake Erie & Western____ 100
41 Jan
41*2 D e c
Do pref..........................100 32 A p r 20
19 M a y
7 4i2 Jan 31
83*4 N o v
83 Jan
64*8 F eb
66,8 00 Lehigh Valley_____________50
2 0 J an 31
275g O ct
31 M a y 26
15
Jan
2,0 0 0 Long Island______________ 50
1 04 i2 J u ly 130i2 N ov
1,900 Louisville & Nashville____ 100 121*8 M a r 1 1 3 l% M a y 2 3
D eo
125 J une 132
400 Manhattan Elevated____ 100 128 A p r 28 131*8 Jan 28
4 M ar 1
15*8 J an 4
19*8 F eb
8
Sep
100 Minneapolis A St Louis.-.100
49
F eb
3 3* 2 J a n 6
Do pref..........................100 15 M a r l 7
24
S ep
100
J an 126l2 N o v
1,700 Minn St Paul A S S M ___ 100 l l O h A p r 21 125 J an 3
Do pref..........................100 135 J an 13 137 J an 15 123 J une 136 D e o
3*4 A p r 25
7*4 J an 13
15*4 A p r
4
Sep
4,5 0 0 Missouri Kansas A Texas. 100
16*2 Jan 4
40
Apr
Do pref______________ 100 10 A p r 3
10*8 Sep
400
3*2 A p r 22
18*4 A p r
7*8 M a y lS
1*4 J u ly
7,500 Missouri Pacific................. 100
3*2 A p r 22
7*2 N o v
7*8 M a y 2 3
Trust co certlfs of deposit..
3
D ec
14,800
2 8 i2 O ct
2 4 F e b 18
Nat Rys of Mex, 1st p r e f..100 2 3 i2 Jan 21
1 4i2 A ug
6*2 M a r2 8
9*4 O ct
9*4 Jan 12
Do 2d pref___________100
. 4*4 J u ly
300
8 H 2 M a r 110*2 D e c
6 0,6 80 N Y Central A Hud River. 100 100*4 A p r 22 1 1 1 * 2 Jan 19
57 A p r 26
89
O ct
77*8 Jan 10
43
F eb
10,900 N Y N H A Hartford_____ 100
20 M a y 5
35
Apr
31 Jan 3
2 1* 4 Jan
1,500 N Y Ontario A Western___100
99*2 Jan 1225s D e o
9,9 2 0 Norfolk A Western............. 100 114 M a r 1 126*8 M a y 26
84*8 F eb 25
90 June
89*8 M a y 2 2
Do adjustmentp ref.. 100
80*2 Sep
100
99*8 F eb 118*8 D eo
17,920 Northern Pacific_________ 100 10934 A p r 24 118*8 J an 4
55*4
M
a
y
6
59*4
Jan
4
6 H2 N ov
..............60
Pennsylvania..........
5
1
%
F
eb
23,500
78 F e b 17
86
N ov
83 M a y 23
65 M a y
200 Pitts Cln Chic A St Louis.. 100
98*4 J an 13
98*2 June
Do pref.........................100 8 8 J an 26
90 June
200
75*8 Jan 31 110 * 4 M a y 2 3
85*8 N o v
69*8 M a y
743,500 Reading__________________50
45 June
1 st preferred___________ 50 41*a F eb 19 46 F eb 29
40*8 Sep
200
44
Apr
41*4 F eb 21
52 M a y 19
40
F eb
2d preferred.....................5 0
1,480
15*2 M a y 18
I 6I2 M a y 2 6
5,7 0 0 St Louis A San Fran new (w 1).
200
20
*18
42
500
*40
16
10*S 1,500
1,400
*37*2 39
100
100% 43,2 00
22*2 22*4 18,250
2,3 0 0
65*2 65%
13
13
9,400
63
5,310
63*4
100
*97
300
139% 140% 186,450
82% 82*4
1,050
9*4
9*4
1,800
20
20
700
14*8 15
25,1 00
87,3 50
49% 50
28*8 28% 45,9 00
*31*4 32% 12,900
*44
47
4 14,0 0 0
14
1,200
14
6
1,800
3,1 0 0
38
38*2
*!)
19%
39*8
22*2
*9
27
82
*68
*97*2
73%
*96
*100
*150
50*4
111*2
60*8
*116*2
158%
*116**52*4
*100
8*8
*49*2
28*4
22
*48*2
73*8
102
*7
*35%
*87
947*
z9 9%
*113*2
*145
*103*2
52*2
112%
118
129%
205
106*2
45
98%
85
85
PER SH ARE.
R a n g e f o r P r e v io u s
Y e a r 1916
TER SH AR K .
R a n g e S in c e J a n . 1
o f 100-*Aar« lots
ST O C K S
NEW YORK STOCK
EXCHANGE
2,100
20*s
1,200
39*8
22%
5,900
600
9*4
28
3,2 0 0
82
1,300
69
600
300
98*2
74% 15,100
96*4
50
102
147
184
57
14,100
111*2
600
61% 11,000
117
16078
3,0 0 0
117
54
200
101
100
1,500
8*8
600
50%
29%
3,300
22*4
2,7 0 0
49*2
3,6 0 0
74% 74,9 50
102
1,000
8
600
36
100
88
400
947»
800
100% 63,325
114
400
155
110
52%
800
2 ,0 0 0
112*8
300
118
129%
6,300
2,5 0 0
205
107
400
45
2,500
1,850
98*s
87*8 21,8 00
85*4 9 4 ,4 00
Do preferred(when lss)
20 M a y l9
St Louis Southwestern____ 100 16 M a y
40 M a y 9
45 J a n 14
Do pref........................100
18*8 J a n 13
Seaboard Air Line________ 100 14 A p r 22
Do pref.......................... 100 3418 A p r 24 42 J a n 13
Southern Pacific Co........... 100 91*4 A p r 22 104*8 Jan 4
Southern Railway________ 100 18 A p r 24 24*4 M a y l9
Do pref..........................100 56 A p r 24 68*4 M a y l 9
0*2 F e b 14
13*4 M a y 2 5
Texas A Pacific................... 100
63*4 M a y 2 2
Third Avenue (New York). 100 59*2Jan 31
98 M a y 2 0
Twin City Rapid Transit.. 100 94 M a r2 4
Union Pacific____________ 100 129*4 A p r 22 143*8 M a y 23
Do pref......................... 100 z81% M a r 1 84 Jan 28
21*4 J an 4
7*4 M a y 9
United Railways In vest... 100
18*4 M a y 9
39*4 J a n 3
Do pref.........................100
17 Jan 3
W abash...............................100 13*8 M a r 7
Do prof A.......................100 41*2 M a r 1 51*4 M a y 22
32*2 Jan 15
Do pref B do................... 100 25 A p r 22
3 4i2 M a r2 7
Western Maryland_______ 100 24*2 F eb 28
Do pref......................... 100 40 M a r 7 4 9 M a r2 7
25s J an 20
5*4 M a y 2 3
Wheeling A Lake Erie____ 100
10*4 A p r 27
16 M a y l 6
Do 1st preferred____ 100
3*4 J an 18
6*8 M a y 16
Do 2d preferred______100
Wisconsin Central_______ 100 33 A p r 19 40*2 M a y 22
Industrial & Miscellaneous
Advance Rum ely________ 100
Do p re f.........................100
Alaska Gold Mines............... in
Alaska Juneau Gold Mln’g.10
Allls-Cbalmers Mfg v t C..10O
Do preferred v t c ___ 100
Ainer Agricultural Chem._100
Do pref...................... ..100
American Beet Sugur......... 100
Do pref...... ...................100
Amer Brake Sh A F ctfs dep..
Do pref ctfs deposit.........
American Can..................... 100
Do pref..........................100
American Car A Foundry.100
Do pref..........................100
American Coal Products.. 100
Do pref..........................100
American Cotton Oil......... 100
Do pref..........................100
American Hide A Leather. 100
Do pref......................... 100
American Ice Securities... 100
American Linseed________ 100
Do pref.........................100
American Locomotive____ 100
Do pref.................
100
American Malt Corp......... 100
Do pref.........................100
Amer Smelters Sec pref B.100
Do pref Ser A stamped..
Amer Smelting A Refining.100
Do pref.........................100
American Snuff__________ 100
Do pref.......................10 0
Amer Steel Foundry........... 100
American Sugar Refining..100
Do pref____ _________100
Do
pref (n e w )________ in o
Do
p r e f.
| Less than 100 shares,
.100
.5 0
a
15 A p r 27
39 A p r 28
17*8 M a r 6
8*4 M a r 3
23*2 A p r 22
7 2 i2 A p r 22
63 A p r 22
96
M a r2 3
6 D 4 F eb 1
93 A p r 24
100 A p r 11
165 F eb 24
52*2 A p r 22
109 A p r 22
55 A p r 22
116
M a r2 0
140 A p r 24
115 Jan 20
50*2 A p r 22
98 J an 0
8*8 M a y 2 6
45
M ar 1
2 5 Jan 20
20
M ar 1
38*4 M a r 1
60*4 Jan 11
99*4 M a r 2
7*2 A p r 22
z 3 1 % J a n 14
85 A p r 20
92 Jan 3
88*2 A p r 22
109*4 A p r 22
130 M a r2 3
106*2 M a r2 2
44 A p r 24
105*2 A p r 22
115*8 M a y 6
120*4 F eb 1
188 F eb 16
105*4 A p r 24
42 Jan 11
92 Jan 10
65*4 Jan 31
77 A p r 22
Ex-dlv. and rights. 6 New s t o c k ,
11
29
11*8
30*4
8 H4
12 * 2
42
8*2
35
90
115*4
z7 9
8
21*4
12*8
43*8
25*2
9*4
25
*2
2
*8
28
Sep
Sep
J u ly
J u ly
F eb
J u ly
J u ly
J u ly
Jan
J u ly
Jan
M ar
Jan
M ar
O ct
O ct
O ct
Jan
Jan
J u ly
A ug
A ug
J u ly
2 1 * 2 A p r 29
43 A p r 28
26*2 Jan
7
2 1 De c
10*4 J an 7
9*4 D e c
33*8 M a r 14
7*4 Jan
84*2 M a y 16
33
Feb
72*« J an
3
48
Jan
90
M ar
99*s J an 5
33*4 Jan
74*8 M a y l 9
90*2 F e b 8
83
F eb
103*2 Jan 28
87*4 F eb
195*4 Jan 3
132*2 M a r
65*8 M a r l 6
25
F eb
113*8 J an 20
91*2 Jan
78 J an 3
40
F eb
119*2 M a r 11
111*2 M a y
175*8 J an 19
82
Jan
117 A p r 6 5105
Jan
5 7*2 J an 17
39
Jan
102 M a r 15
91 June
12 J an 3
4*8 F eb
19*4 Jan
57 Jan 18
31*2 F e b 19
20*8 Jan
25*8 Jan 26
7*4 Jan
24
Jan
53*4 A p r 25
19 M a r
83*4 M a r l4
104*4 A p r 3
75 M a r
10 A p r 7
3*8 A p r
37*8 M a y 13
2 li2 M ay
88 M a y 2 5
78
Jan
9478 M a y 2 6
80
O ct
113*8 Jan 4
Jan
56
100 Jan
114*8 F e b 3
148*8 Jan 10
144
Jan
110 J an 27
103
Jan
6 H4 Jan 4
24*8 M a r
116*2 J an 3
99*2 F eb
119 M a y 25
109
F eb
131 M a r2 7
116
Jan
209*4 F eb 3
195*2 D e c
108*2 F e b 8
103*4 Jan
40 N o v
55*4 M a r l 4
95
D ec
102 M a rlO
97*8 A p r 10
07*4 D e c
c24*4 Feb
92*8 F eb 14
c Par $25 per share,
e
23
45*2
20U
43*4
104*8
20
65
17*s
64*2
100
141*2
84*8
27*2
47*4
17*2
49*4
32*2
35*2
60*8
6*4
19*4
8*s
45
N ov
D ec
N ov
N ov
DOC
N ov
N ov
Apr
O ct
Apr
N ov
N ov
O ct
O ct
N ov
N ov
N ov
O ct
O ct
N ov
N ov
N ov
N ov
40*2 A pr
13*2 N o v
49*2 O ct
85*8 D e c
74*2 N o v
101*8 N o v
72*8 D e c
95 N o v
109*4 A ug
219*4 O ct
68*2 O ct
113*2 N o v
98
O ct
118
Aug
170*2 J u ly
120
Sep
64
O ct
IO2 I4 N o v
14U O ct
59*2 O ct
35
Apr
31*8 O ct
50*2 O ct
74*4 O ct
105 N o v
13*8 O ct
37*2 D eo
8 S*s M a y
92
D eo
108*8 D eo
113 N o v
165
Apr
110*8 N o v
7 4i2 O ct
119*8 N o v
119*2 N o v
130*4 N o v
2 5 2 lt A p r
111
N ov
56
O ct
98*4 N o v
71*2 D e c
91*8 N o v
First Installment
1970
New York Stock Record—Concluded—Page 2
Por record o f sale* d u r in g t h e w eek o f s to c k s u s u a lly In a ctiv e , see s e c o n d p a g e p r e c e d in g .
B IQ H AN 10 L O W
S a tu r d a y
M a y 20
SAL
M on day
M a y 22
3
P R IC E S -■PER
T u e sd a y
M a y 23
W ed n
M ay
SHARE, N O T
24
M ay
PE R C E N T .
25.
F r id a y
M a y 26.
S ales/ or
th e
W ee k
S h a r es.
STOCKS
NEW YORK STOCK
EXCHANGE
On
PER S H A R E
R a n g e S in c e J a n . 1
b a s is o f 1 0 0 -s h a r e lo ts
L ow est
H ig h e s t
IndustrIal&Mlsc.(Con). P a r f p e r sh a r e
t p e - sh are
5 p e r sh a r e S p e r sh a r e $ p e r sh a r e
86I4 87*4 87*s 90*2 87*4 89*4 88*s 91*4 90*4 92*8 88
90*4 95.800 Baldwin Locomotive___ IOC 83*2 May 5 118% Jan 3
pro!____________ 10C 107% Jan 3 110 May24
*108*4 HO *108*4 110 *108*4 HO
110 110
109*4 HO
110 140
600 Do
*420 422*2 *420 448
435 439*2 442 442
443*2 45912 *440 460
1,600 Bethlehem Steel________ .1 0 1 415 Jan 11 550 Marl4
pref____________ . 10 * 130 Jan 24 145 Jan 6
*135 145 *135 145 §135 135 *135 140 *135 140 *135 140
38 Do
Burns Brothers................ .101
74% May S 87 Jan 3
*72
78
*72
80
71 Jan 3 105% Mar 9
92*4 93*2 93U 96
94
93*2 95
9478 94
94*4 93
94
20,900 Butte * Superior Copper. ..1 0
*22*8 23*2 *22*8 23*2 22*4 22*4 22*8 23*4 23*8 23*2 22*2 23*8 4,000 California Petroleum, vto.100 20*4 Apr 27 42% Jan 3
pref............ ......... .101
45 Apr 22 80% Jan 3
*49
50*2 *49
50
51*4 50
51*2 53
53
53
*51
53
1,600 Do
49 Apr 22 56% Mar20
54
54*4 54*4 54*4 54*2 54*4 54*4 54*8 54*4 55*4 545* 55*i 13^200 Central Leather.............. -11H
*111*4 112 *111*2 112
111*4 111*4 *111*2 112
200 Do pref____________ .101. 108% Jan 3 111% M ayl6
111*8 111*8 *1111? 1113a
Chandler Motor C ar___ .10*.
88*2 Apr 24 105*4 May25
97
97
96*8 97
97 100U mn5o insio
*21*4 21*4 *21*2 21*4 21*8 2 1 1 2 2078 21*8 2 1
20% Apr 24 25% Jan 5
21*4 *21
2 1 % 1,800 Chile Copper___________ ..2 5
51 Apr 22 60 Feb 19
54
54*8 54*4 54*2 53*4 54*2 53*2 54*4 53*8 54
53*4 53*2 7,100 Chino Copper.................. . . . 5
38% Apr 22 53 Jan 4
43
43*2 43*2 44*4 43
45
43*8 44*2
431? 433i 14,100 Colorado Fuel * Iron___ .1 0 1
*137 138
137*2 141*2 139*4 141*8 139*4 140*4 139 13978 138 L 138*? 16,000 Consolidated Gas (N Y ). .100 130*2 Mar 1 144*4 Jan 8
75*4 Jan 31 104*2 May25
94
95*4 95
96*4 95*2 97% 96*4 98*8 99*2 104*2 103 104*2 19,100 Continental Can________ .100
*110*2 1 12 * n o 1 1 2 *109 112 *109 1 1 1 *109 111
111
111
200 Do pref____________ .106 106 Feb 1 112 May 11
19*2 19*2 19*2 19*8 19*8 19*4 *19
17% Apr 22 25% Jan 25
19*2 19*2 20
19*4 19*4 3,400 Corn Products Refining.. .100
94
94
95
91 Apr 24 101% Jan 14
94*4 94*4 §95
9478 94% 95
95*2 *93*2 95*2
850 Do pref____________ .100
83*2 84*2 84*4 80*4 83*2 85*8 84
52*4 Jan 12 99% MarlO
86*s 85
87*4 84*4
120,650 Crucible Steel of America .10 0
116*2 116*2 117*8 117*2 117 118 *117 l 17*8 117 117*4 *116 118
Do pref____________ .100 108*4 Jan 11 119 MarlO
1,360
*225
___ *220 235 *220 235 *220 235 *210 235
220 220
100 Cuban-Amerlcan Sugar.. .10 0 152 Jan 5 245 Mar‘28
*107 110
109 109 *107 110 *107 110 *107 110 *107 110
Do pref...... ............... .100 104*4 Feb 1 109*4 Feb 4
100
51*2 51% 51*4 52*4 50*8 51*2 51
54% Apr 29
51*8 51
51*2 51*4 51*4 18,500 Distillers’ Securities Corp .100 41*2 Jan 31
*27*2 28
27*4 27*4 25*4 27
23 Feb 23 29*2 Feb 8
25*2 26*4 257s 20*8 26
26*4 8,500 Dome Mines, Ltd_______ -.10
*17
20
Federal Mining * Smelt.. .10 0
*18*2 20
*18
20
*18*2 20
14%'Apr 19 35 Jan 7
*18*2 20
*17
19
*41
43
41
*37
38
38
35*8 Apr 24 57% Jan 7
*37*2 40
*37*2 40
37*? 37*2
300 Do pref.......... ........... .100
§325 325 *311 330 *313 330 §320 325 *320 330 §325 325
68 Genoral Chemical_______ 100 §265 Jan 5 350 M arl8
Do pref____________ .100 §113 Jan 5 116 Jan 27
*115 116*4 §115 115 *115 117 §117 117 *115 117
116 116
268
172*4 172*2 17212 173
172*8 172*2 172 173*4 171*8 172
171 171% 3,900 General Electric________ .100 159 Apr 22 178% Jan 17
*430 460
460 460
465 515
515 520
525 525 *450 525
3,020 General Motors.... ........... 100 405 Apr 24 525 May25
Do pref............ ......... .100 110*4 Fob 4 120% May 2
116*2 116*4 117 117
117*4 11878 118 118
117 117*2 *116*2 118*4 2,000
75*4 76*4 75*4 76*2 76
76*4 75*2 76*4
67*4 Jan 31
80 Apr 10
76U 77*s 23,600 Goodrich Co (B F )_____ .100
115*8 115*8 *115*8 115*4 115*8 115*8 *115*8 11512 115*8 115*8 115*s 115%
800 Do prof.. _________ .100 110 Jan 24 116*4 MarlO
*88
91*2 *89
91
*89
91
90
84 Apr 22 99 Fob 10
*88
§90
90
110 Granby Cons M S & P._ .10 0
88% 88%
47*8 48
48
47
41*8 Apr 22 53% Mar 0
48*4 47*1 48
47*4 46*2 47
47
47
2,700 Greene Cananea Copper. .10 0
42% Apr 22 49*4 M arl6
45% 46*2 45*4 46*8 45^2 46*4 45*8 45*4
*45*8 45*2 21,275 Inspiration Cons Copper. ..2 0
17
17
19
15 Apr 25 29% Jan 5
18
*17
19
18*4 *17
*17
19
*17
19
400 Intornat Agrlcul Corp__ .10 0
Do pref.............. ....... .100
54% 55*8 56
56
54
56*8 53*2 53*2 53*4 54*8 *53*2 56
47 May 5 74 Jan 5
2,700
*111*4 113*2 113*2 113*4 *111*4 113*4 *111*4 113
1 12 112 *111*4 1 1 2 %
500 Intern Harvester of N J .. .100 108*2 Jan 7 114*2 Apr 27
*116 120 *116 120 *116 120 *116 118 * 110 118
Do
nref___ _____ . 100 114 Fob 29 119*2 Jan 4
25
25*2 25
25*4 24
25*s 24
25*8 25
13% Feb 15 29*4 May 1
25*8 24% 25*4 30,600 Int Merc Marine ctfs of dep.
91*2 92*i
91
92*2 87*4 91*2 88
93's
61*4 Mar 1 98 May 1
46
46*s 40
45*8 46
46*4 45*4 46
45*4 46*2 45*4
14,150 Intern Nickel (The) v t o . 25 42 Mar 1 5 6% Jan 17
*10*2 1 1
9*2 Mar 1 12% Mar20
10*2 10*2 *10*2 11
10*2 10*2 *10*2 ll
11
1,200 International Paper____ 100
11*8
47*2 47
47
47
Do
pref..................... 100 42% Fob 1 50*4 Jan 3
46*8 46*8 *46
47
47
47
3,100
47*8 49
100 67 Mar 9
88*2 88
88*4 88*8 88
88
*88
89
<8712 80
ino 106 Mar 13
109*.i 109*4 *108 110 *10S 110 *108 n o
110 110
*74
75*2 73*2 73*4 72
73*4 71*2 72*4 7112 7212
.25
76% Mar20
100
*96
97*2 97*2 97*2 *95*4 98*8 *95*4 98*2 *053( 981?
97*2 Marl4
557g 56*2 55*4 56*8 55*2 56*8 55*8" 5578 5512 56
5514 5534 158,800 Kennecott CoDDer__ N o o a r .
52 Mar 1
*69
71
70*2 71
70
70*4 71
71*4 71
7278 70*4 72
8,300 Lackawanna Steel_______ 100 64 May 5 86 Jan 0
47
48
46*4 May 19
48
48*4 48*4 50*2 49'>3 5038 49t2 51
48*2 48
10,400 Leo Rubber <fe Tiro__ N o v a r .
*240 255 *245 255 *245 255 *245 250 *245 250 *245 250
Liggett * Myers Tobacco 100 240 Apr 14 265 Jan 4
*118 12 1 *116 12 1 *119 121 *119 12 1 *119 121
Do pref____________ 100 113 Mar30 122 Mar 3
12 1 12 1
100
*18*2 20*2 20*8 20*8 *18*2 20*2 *18*2 20*8 *18*2 20*8 *18*2 20%
15 Mar 3 21 Jan 18
100 Loose-Wiles Blso tr c0 ctfs 100
*83
91
*82*4 91
*83 S91
*86
91
*84
91
Do
1st preferred___ KM) 78 Marie
91% Jan 13
*84
91
*56
75
*56
60
*56 *00
*56
60
fiO
100 50 Mar 3 56 Jan 25
*56 ___ *52
___ 220 220 §220 220 * 2 11 250 * 2 11 220 *213*2 225%
* 2 11
110 Lorlllard Co (P )________ 100 179*4 Jan 19 220 May22
*___ 119
119 *113*4 119 §116*2 11878 *110*2 118*4 US'? 118*2
150 Do pref........ ............. 100 115% Jan 6 120*8 Apr 10
84*4 86
85*4 86*4 84*8 83
87
88*4
80*8 87*2 85*4 87*4 36,100 Maxwell Motor Inc tr ctfs 100 57*4 Mar 3 89*4 MaylO
*88
88*4 88*2 90*8 89
90*8 90*4 91
1st pref stk tr ctfs 100 78 Apr 22 93 Jan 3
90*4 90*2 90
90*4 5,950 Do
58*2
*5712 59
5S
58*2 59*8 59
59*4 58*2 59
58*4 58*4 3,600 Do 2d pref stk tr ctfs 100 42% Mar 2 69*4 MaylO
107*2 109*4 108 109*4 107*2 11078 109*2 112
109*8 111*4 109 1 10 % 125,700 Mexican Petroleum____ 100 89 Apr 22 129% Jan 3
97
97
*91
97
97*4 *96
§9678 967s *96*2 967s *96% 96%
150 Do pref.................... . 100 93 Apr 26 105% Jan 3
30*8 36*4 30*8 36**8 36*4 36*8 36*8 36*8 36
33% Mar 1 39% Apr 3
36*4 36% 36*4 6,650 Miami Copper.................. -.5
*78
79
79
79*2 79*2 79*8 80
80*4 79*4 30
79*2 79*? 3,100 Montana Power.......... .. 100 68*4 Mar 1 81*2 Apr 4
*113 113*2 113*2 113*2 *113*2 115
115 115 *115
___ *115
200 Do pref........ ........... . 100 109 Jan 3 115 Apr 3
*120*8 122
120*4 120*4 *120*4 121*2 * 120*8 121*2 *120*4 121*2 121 121*2
300 National Biscuit.............. 100 118% Apr 24 125*4 Mar20
*125 129*2 *125 129*2 *125 127*8 *125 128 *125 128*2 *125 129
100 125 Jan 3 129% M ayl2
*23
24
24
24
19*4 Apr 22 29*4 Jan 5
23*4 24*2 23*4 23*4 24
24 '
23% 23*2 1,000 Nat Enam’g A Stamp’s . . 100
*95
98
*95
*95
98
96
*93
98
100 92 Jan 19 97% Feb 18
*90
98
*93
97
67
*67*2 67*4 67
67*2 67
67*4 67*8 67*4 07*4 66*8 67% 2,600 National Lead__________ 100 60*2 Apr 22 73% Jan 19
*115*2 117 §115*2 115*2 §115*2 115*2 *115*2 117 *11512 117 *113*4 115*4
55 Do pref____________ 100 112 Fob 9 116 MaylO
15 Jan 31
18
18% May24
17*8 17*8 17*2 17*4 17*4 IS
18*8
29,800 Nevada Consol Copper.. ..5
18
18*4 17% IS
133 133
135 135 *131 135
135 136*2 136 138*2 139 139*2 5,600 Now York Air Brake........ too 125 Apr 22 15312
15
69
*68*2 69*2 *68*2 69
65*2 Apr 26 75 Jan 3
*08*2 69
69*8 *65*2 69
600 North American C o_____ 100
*65*2 79
9*8 9*2
9
9
9
9
9*8 9*2
6% Jan 31
11%Jan 7
878 9
8*4 8*4 2,500 Ontario Silver Mining___ 100
23*8 23% *215s 24*2 *21*2 23*2 *22
24
*22
23*4 22
24
5 11*4 Jan 3 29% Mar 2
706 Pacific Mall.......... ...........
35
34*4 34*i *33
*34
35
33*8 34
34
34
*33
35
400 Pacific Telep A Telcg........ 100 32*4 Apr 25 44 Jan 15
------ ------ 102*8 103% *102*2 104 *102*4 104
102*4 102*4 *102 103*4
700 People’s G L A C (Ohio).. 100 100% May 5 111%Jan 3
*40
42
41*s 41*8 41*s 41*8 40
40
40
41
*40*4 41*2 2,000 Philadelphia Co (Plttsb).. .50 39*2 Apr 22 46 Jan 17
28*s 28*2 28
28*4 28
28
28*2 28
*27
28
*27
1,300 Pittsburgh C o a l_________ 100 22% Apr 24 36*4 Jan 17
28
*103*4 104
103*2 103*8 *103 105 *102 103*2 *103 105
500 Do pref.... ................... 100 100 Mar 8 111*4 Jan 13
103*2 103*2
46*2 47
47
47
46*4 46*2 46*4 47
47
47
*46*2 47*2 2,300 Pressed Steel Car_______ 100 43 May 5 05*8 Jan 4
*100*4 101
100*4 100*4 *100 101
100*2 100*2 100 100
100 100
400 Do pref____ _____ _ 100 100 Feb 9 104%Jan 4
131 131
131*2 131*2 *130*4 132
131 131
131 131 *130 131
500 Publlo Serv Corp of N J .. 100 114 Jan 31 132 MaylO
*162 162% 162*4 163
163 163*2 165 166
165 165 *163 165
2,000 Pullman Company______ 100 159%MaylO 171*4 Jan 17
3
2% Mar22
*3
3*4
3
278 27s
6*4 Jan 19
3
3
400 Quicksilver Mining______ 100
2*4 2*4
*2*2 2*4
4
4
3*2 May25
3% 378 *3*4 4
*3*4 4
500 Do pref.............. ....... 100
8% Jan 20
312 3*4 *3% 3%
*40
41*2 40
40
40*8 40*8 4112 42*8 41
42*4 41
41*8 4,100 Railway Steel Spring___ KM) 32 Apr 22 4 4% May 0
97*2 97*2 *96*4 98
98
98
*96*4 98
Do pref..................... too 95*4 Mar 9 100 Jan 4
98
98
*97% 99%
450
23*4 23*s 23*4 23*4 23% 23*4 23*8 23*8 23*8 23*4 23
23
5,260 Ray Consolidated Copper .10
2 1*4 May 5 26 Feb 21
43*8 49*4 48*4 48*4 47*2 48
47*2 477s 47*4 49
48
48% 5,400 Republic Iron A Steel.. . 100 43% Apr 24 55*4 Jan 3
111* 2 111*8 *111*2 111*4 111*8 111*4 111*2 111*2 ♦ 1 1 1
111*4 111*2 111*4
1,040 Do pref...................... 100 107*4 Apr 24 112 Marl4
182*8 182*8 *182*2 185 *182 180 *182 185
186 186
500 Scars, Roebuck A C o____ 100 188*4 Mar 1 188 Jan 3
183% 183*8
*126 126*2 126*2 126*2 *125 126*2 *125 126*2 *125
___ *125 126*2
100
Do pref.............. ....... 100 125% Jan 8 127*4 Mar 3
32*4 33
32*2 32*4 32*4 32*8 32
32*8 31% 32*8 31% 32
3,700
30*4 Apr 22 40*4 Fob 14
.1 0
55
*5412 55
54*2 53*8 53*8 54
55*8 54
54
54
54
1,000 Sloss-Sheffleld Steol A Ir. 100 47 Apr 24 03% Jan 3
205 205 *205 215 *205 210 *205 210
208 208
210 215
425 South Porto Rico Sugar.. 100 146 Jan 29 225 May 9
*118
§119*2 119*2
119*2 *118 120 *119 120 *118 120 *118 120
30 Do pref........ ............. 100 106 Fob 2 118 May 8
*101*4 103*4 *101*2 104 *100 104 *100 104
88 MarlO 103*2 May25
103*2 103*2 103 103*4
300 Standard M illing_______ .100
*93*2 94
93
93
93
93
♦91
94
*92
94
200 Do pror.... ................. 100 85*2 Mar 1 94 M ayl7
*92*2 94
135*8 137*2 137*2 139
136*4 143*4 141*4 144*8 140*4 14234 138*4 141*4 56,150 Studebaker Corp (T he).. 100 121 May 5 167 Jan 3
*107*2 111 *108 111*2 § 111 1 1 1
111*2 111*2 *103 112 *103 111*2
120
Do pref...................... 100 109 Apr 27 114 Marl 1
*46*2 46% 46*2 46*2 46
46*8 45*4 46
42 May 5 66% Jan 5
45*8 45*2 43% 45*8 5,700 Tennessee Copper_______ .25
192 192
193 193*2 193 193
192*2 194
1923.1 194 *192 195
1,600 Texas Company (Tho)__ 100 180 Apr 22 235*2 Jan 3
*5*4 6
5*4 5*4 *5*2 6
1,100 Union Bag A Paper........ 100
4*4 May 9
5*8 5*4
5*8 5*8
8% Marl7
5*4 5*4
31
30*8 30*4 31
30*4 30*4 30*8 30*8 30*8 30*8 30*4 30*2
1,150
Do pref...................... 100 28 Jan 27 35 M arl8
*58
60
58*4 58*4 *58*4 00
*58*2 60
*58*2 60
100 United Cigar Mfrs.......... 100 58 Mayl9
*58*2 60
64 Mar20
*108 112
110*2 110*2 *108 112 *106 112 *107 112 *107 112
100
Do
prof...................... 100 108 Marl4 111 May 11
95
94*8 96
95% 96*4 9712 96*2 97*2 96*8 96*2 96% 96*8 4,775 United Cigar Stores........ 100 bO Fob 9 610 Feb 19
*___ 119
118*8 118*2 *118*2 119 ♦118*2 119 *118*2 118*4 *115 119
700
Do pref____________ 100 611*2 Feb 10 612 MarlO
157*4 159
156*2 158
157*2 159
15712 159
159*2 161*4" 159% 160
8,900 United Fruit.................... 100 130%Jan 31 164*4 May 8
22*2 21
22*8 22*s *20
22*2 *20
2 U2 21
23*8 22
22
26*2 Mar 14
3,750 U S Cast I Plpo A Fdy__ 100
15*8 Jan 31
*48
52
*48
52
*50
52
*45
62
*50
52
*48
52
100 48*2 Feb 5 54*4 Mar20
155*8 158*2 157*4 159*4 155*4 158
15612 159*4 158*2 101*2 158% 162
63,550 U S Industrial A lcoh ol... .100 120*4 Jan 11 170% Apr 6
*104*t 107 *104 108 *104*4 107 *104 107 *104 107 *104 107
100 102 Mar 2 114 Jan 13
54*4 55*8 54*4 55*8 54*8 5478 54*4 55*2 5478 56*8 56
47*4 Mar 1 58% Jan 3
57*2 29,900,Unlted 8tates R ubber... .100
♦109*2 109% *108*2 110 *109*2 HO
109*4 109*4 109*8 109% __ _
425 Do
1st preferred___ .10 0 106*8 Feb 5 112 Apr 4
75*4 76*2 76*2 76*4 75*2 77
75*2 70
73l2 75*2 73*4 74
65 Apr 22
78% May 9
..50
52
51*a 51*4 §52
*51*8 51*2 51*2 51*2 *51% 52
610
51 Apr 24 53% Apr 11
..50
51% 51%
85
85*8 85*4 86
84*4 8512 84*s 85*8 85*4 86*2 85% 86 252,500 United States Steel______ .10 0 179*4 Mar 1 89 Jan 3
1107s 117
116*4 116% 117 117
11678 117
117 117*4 117 117*4 3,50(1
Do
pref...................... .10 0 115 May 3 118% Jan 25
80*4 81*2 81*8 82
80*4 81*8 80*8 81*2 81
77 Jan 31
80*i Feb 19
81*3 80*4 81
10,300 Utah Copper___________ 10
17
17
17
17
*16*2 17
*17*8 17*2 *16*2 18
16*4 10*4
100
16*4 May26
20*4 Fob 3
43
42*8 42*8 43
43
43*4 *42
43*2 42*4 42*4 4234 42%
38 Apr 24 51 Jan 17
1,100 Vlrglnla-CarollnaChem.. .10 0
*108 110 ♦108 110 ♦108 110*4 *108 1 1 1
*108 1 1 1 *108 1 1 1
100 108 Apr 22 112 Jan 3
*94
95
94*2 95*2 94*4 95
9478 96*4 95*4 96*4 96
96% 10,650 Western Union Telograpb .10 0
87 Mar 1 96% May26
63
61*j 62*8 62*2 63*8 62
62*4 63*4 02*2 03% 62
62% 29,500 Westlnghouse Elec A Mfg ..50
53% Apr 22 71% Marl5
*70
75
*71
75
*71
75
*70
75
*71
75
*70
75
50 70 Apr 19 79 MarlS
264 274
259*2 260
270 276*2 272 276*2 270 273% 268 276% 10 ,120 Wlllys-Overland (T he). . . .10 0 199*4 Jan 31 276% May20
*106 107
107 107*4 107 107
106*4 107
109*1 109*1
1,818
106*4 107
.10 0 102 Mar 2 109*4 May20
134*2 134*8 134 135.
131*4 135 *134 135
134% 138*4 135 135
3,500 Woolworth (F W )____ .
100 118 Jan 5 139*2 May 12
125 125
124*2 124*2 *124*2 126 *124 120 *125 126 *12412 125*2
200
Do p r e f .. .________ .10 0 123% Jan 4 125 M ayl7
• Bid and a9ked prices: no aula* on this dav
5 Less than 100 sh ires, t Ex-right'. a Ex-dlv.and rights.
stock. e Par $25 par share
x Ex-dividend.
$
p e r sh a r e
$
p e r sh a r e
PER SH ARE.
R a n g e f o r P r e v io u s
Y e a r 1915
L o w e st
H ig h e s t
$ p e r sh a r e
$ p e r sh a r e
20%
92
46*4
91
79*2
56*2
8
30
32%
100%
Mar 154*2 Oot
Mar 114
Sep
Oct
Jan 600
Oct
Jan 184
94% Oot
Doc
Aug 79% June
July
38% Deo
July
81 Deo
Feb
61*4 Nov
Jan 110% Nov
23% Dec
32*4 Jan
21*4 Jan
113*4 Jan
40*4 Jan
881? Jan
8
Jan
65
Jan
18% May
84 May
38
Jan
93 Mar
5*2 Mar
116 June
8 Mar
20 Mar
105
Jan
106 Mar
138 Mar
82
Jan
90% Jan
24% Jan
95
Jan
79*4 Apr
37
Oct
16% Jan
5*2 Mar
8 Mar
90 May
110 July
18 Dec
26% Nov
57% Nov
68I2 Sep
150*2 Oct
127
Oct
109% Deo
21% Oot
96*4 Deo
109% Sep
112% Sep
177 Deo
110
Sop
50% Oct
30*4 Deo
60 June
65 June
360
Oct
§116% Nov
185% Oot
558 Dec
136 Deo
80*4 Oct
114*4 Oot
91 June
52% Deo
47*2 Oct
29*4 Nov
71*4 Deo
114 June
120 Nov
20*2 Deo
77*2 Deo
179*4 Doc 223*2 Oct
12% Deo
8
Jan
33 Feb 50*4 Deo
28
Jan
94*4 Sep
Jan 280 Deo
Jan 120 Deo
Jan
Feb 31
Feb 105% Jan
67
Oct
165*2 Jan 189 Nov
Jan
112
Sop 118
Oot
15*4 Jan 92
43*4 Jan 103*4 Deo
18 Jan 68*2 Oct
51
Jan 124*2 Deo
67
Jan 104*2 Deo
30*8 Deo
17*4 Jan
42
Jan 79*4 Deo
99
Jan 120 Deo
Jan
116 Apr 132
119 May 127% Deo
36% Oot
9*2 Jan
97 Deo
44
Jan 70*4 May
104*4 Jan 115 Nov
17 Nov
11*4 Feb
164*4 8ep
81
Apr
04
Jan
12% Deo
2 Feb
38 Aug
z8*4 Dec
49*2 Oct
26*8 Feb
106*2 Deo 123% Apr
Sep
35*2 Apr 49
15*4 Jan 42*2 Oct
Oot
81% Jan 114
25 Mar
78*4 Oct
Oct
86 Mar 106
100*2 Aug 120 Deo
150*8 Mar 170*4 Oot
5*4 Nov
*4 Mar
6% Nov
*4 Mar
54
Oct
19 Mar
87 Mar 102 Nov
15*4 Jan 27*2 Nov
19 Feb
57*4 Deo
72
Jan 112% Deo
*131*4 Mar 209*2 Fob
121% Jan 126 Deo
207
113*4
16
86
24
40
89%
43*2
66
Jan
Feb
Feb
Feb
Feb
120 May
22% July
42
Jan
100 June
69 Dec
6 IU2 Oct
139 Nov
8
Jan
32*2 Mar
15 Jan
44 July
101% Feb
66%
164
110
96
85
195
119*2
70
237
9*s
31*2
66*4
110
510%
612%
163
31%
55%
131*4
107
74*4
110
Deo
Deo
Oot
Deo
Nov
Oct
Oct
Sep
Doo
Deo
DOO
Oot
Oot
Oct
Nov
Nov
Oot
Nov
neo
Nov
Apr
Apr
89% Deo
38 Feb
Oct
zl02
Feb 117
48*2 Jan 81*4 Deo
15
57
32
58*2
87
Oct
Jan 52
113% Deo
Jan 90 N ov
Feb
74% Oct
Mar 85
Oct
Feb 268 N ov
90*4 Jan 120*2 Deo
115
Jan 124 Aug
s Ex-stock dividend.
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
1971
BONDS
N . Y. STOCK EXCHANGE.
Week Ending May 26.
High No.
Sid
-UA. Low
99% Apr '16 ___
J 9912 100
6
99*2
100
____
99i2
•J
F 101% 102 10134 Apr '10 ___
1
10134
- F 101% ____ 1013.,
1
110%
- F 110*4 Salo 110-3,
111 ____ 112 May’ 16
9 9 % ____; 98*4 Oct '15
97 July •1f»
Q -M 101% ____ 102*2 M a y'10 ____
Q V 100 ____ 100 Fob ‘ 15
Low High
997* 997*
99*2 100
10134 102*4
101*2 1027S
10934 111*8
110*4 112*2
Ohio Bnrl A Q (Con.)—
own Dlv sink fund tw._ . 1919
Sinking fund 4a............ 1919
Joint bonds. See Great North
Nebraska Extension 4 s...1927
Registered______ .
1927
1017S 103*4
U S Mgo & Tr Co ctfs of dep~:
955s
90 3305
14
92-3.,
93's
12
71
72*s
5
997g
100
a
96*2
90*2
86*2 Apr '16 ___
9934
100*8 189
993a
10()l2 514
100*8
101*8 239
8434
84-34
7
84*4 May'16 —
79*2
S0*s 47
1
69
09
00 Fob '16 —
50 Feb TO —
93*2 96
8934 95%
09
78*4
96*4 100»4
94*8 97
81*2 87
98% 100*8
97*8 100*2
96-34 101*8
82*4 86*4
78*2 86
73
81
03
7212
60
60
50
50
81
l«
Pr<e«
Friday
May 20
Week's
Range or
Last Sale
Q
Q
Q
Q
Q
u S P n C a n a l 10-30-yr 2 a ..
P a rd o n Q « f< rn n * n t
9534 Sale
A -O
M- S t 93'S 00
External debt 5a of 1904 M S
F-A
F- A
A -O
Do
do
Do
do
f A
Japanese G o v t — £ lo
)
}
Cuba—
100 Salo
9012 Sale
88
86%
100% Salo
lOOig Sale
100-54 Sale
t 8434’ Sale
1 81% 81%
i * J 1 08'4 70
Q J t ____ 60
; o ____ 84
Frov of Alberta— dob 4Ws.
Tekyo City— 5s loan o! 191___
t These are prices on ike basis of
■tata and City S*curltu<n Y City—4 !*e.................... 19
4%s Corporate stock____19
i % C o r p o r a te s t o c k . . .
N ew
N ew
AH e.
« H s.
® Y State—4s.
» rg ln la fu n d e d d e b t 2 - 3 S ...1 9 S
S i d eferred B ro w n B ro s e t f s . .
f t a llr e n d .
t a n A r b o r 1st g 4 s ______ * .1 99
4 Job T o p A S F e gen a 4 s . . . 199
T r a n s C o n S h o rt
M- 3 1 77?3 Salo
f 5*ot
O h io R iv e r R U 1st g 5 s . . .
A l l A W e st 1st g 4s e u ___
102*4
1025s 49
m s
5
1023a
10278
M •H
1073.,
108*8 106
J D
107-3S 107-34 30
M- B
100
100*8 31
M -N
2
100
100*8
M- ft
3
SS- N
9978
100's
97>4 Jan *10
M- N
107*8
10738 40
M- N
lOl-is Deo '15 ___
M -N
107's
107*4 20
1007a Mar’ id
7 W- N
93 May’ 16 ___
M -N
105*2 Apr TO . . . .
ns- e
105 May'16 . . . .
i •;
J J
102*4 Jan TO __
__
*____ lOo's
j • j 1141s 115 ' 115 May TO ___
i
j IOSI2 ____ 107*4 Feb TO . . . .
M- S 1143S 115 1143., Mar'10 . . . .
2
IO8I2 10'Jl2 109-34
109-3,
J ) ____ 857s 80 Apr TO . . . .
30
57 Salo 56
57
J 6618 Salo
933.1 Sale
A 0 *____ 92
85's 87i2
____ 853s
M* N
105*2 100
J -D 105*2 Salo
1 -D 10 U4 Salo
96U
88"
J - J 80
9114
J - J 91
q
104i8 ____
J - D ____ 90%
M- N 10634 Salo
Si
J 92*2____
132*4____
80*s 80*2
2 M -N
4 A - O 11914 121
108*2____
99's 100
81 - i
5 J - J 92% Salo
fi Q - J 921.1 .
A - O 91 Salo
8 Q J ------ 91*2
90 Sale
-J - D 100i2 Sale
?J - J
M-N
01*4 92
M- N 88is Salo
90-’4 91
J
1
M- S 100U
>a - a 1073s 108
F - A 101 102
1 J - D 1007s____
A - O 104*2____
A - O 106'4____
J - J 99*2____
i J -D
J - J
7 M- S 109*4____
7 M -N 102-38 ___
8 A - O 90*2 93
1 J • J 107*8 - 102
M a o A N o r D l v 1st a Ss.
A m D o c k A im p gu 6 s . .
Ibeaa A O fu n d A Im p t 6 s ”
B ig S a n d y 1st 4 s ____
Railway 1st lien S H s .
2 A- O
8 J -D
r> p - a
i M- M
J -D
J - J
' J j
J *J
M -N
J - 1
Q- J
J - J
J J
M- S
IQ-F
J J
M -N
J
J
(1
74
80
101 103
101 103
100*8 108*8
1057s 10734
977S 100*8
98 100*8
97% 100*8
105*4 107*2
100
1007$
88%
102*2
102
102*4
102*9
113 '
100*2
112*2
107
80
50*4
107*2
1007s
93
105%
105*4
102>4
102*?
115
107*4
115
109*4
88%
57*8
4 63
65*4
661s
00*s
927a
9334 291
1 91*2 93%
92%
9238
85's May'16
85
88
8534 56
6
506 10134 107*4
107
6 101 101*4
1013s
20
87*2 Apr TO
86
89
91*4 May’ 16 . . . . 89
923
97
97
103-34 104*2
104*2 May’ 10
io
917s
92
9 1 943s
91 " May’ 10 ___
91
92**
1 106*4 107*8
106-34
106-3,
1
94*.,
94*4
93’4 95
1297s Aug '15
7 85% 87*2
86*4
86*2
120 Apr '16 . . . . 120 1122
105 July'16
99*s Fob T6 . . . 99*8 99%
198 92*4 937g
92-14
93
92 May’ 16
09
91
91*.,
01 Mar’ 16 ___ ■69*2 91*4
96
96*2 946
100*4
100*8 247 100 101*2
112 Jan '12
9158 May’ 16 ___
91
92
50 86*s 90
8778
88*s
15 90
90*2
90%
92*2
100 Apr '13 - - - 107*2 May’ 10
107*4 10778
101 Deo '16 --V85*1
105
101*4
105*4
113*2
99*2
91
Mar’ 10
Feb T2
Apr TO ___
Juno'12
109*8
103
92*8
103*8
May’ 16
Apr TO
Mar’ 16 ___ 92% 92%
Feb T6
5 107% 108*4
10
104
1037s 103
91
93*2 923, May’ 16
10738 - -- 1077a May'16
100% 10078 100*2 May’ 16
84l2 ____ 84*2 M ay’ 16
103 ____ 10P4 May’ 10
101 ____ 100U M ar'l.ft
103 _
102U Jan ’ 10
96
94% 90*2 98
117 Sale 117
117
IIOI2 ------ 116
110*2
10358 104 103%
103*8
97*2 100
80
823.,
____ 967g
105*2 Salo
M -N
103 -----M- S
91*4 91-3,
iy* b ____ 91
ir-A
85*2 Salo
1 1 1 ) ____ 85
J - D ____ 84
J - i
9834 10)
J - J
J - J 80*2 87*2
J ■ J ------ 82-3s
M- N 88 -----M- 8
A O 58*2 59*2
J J 4978 Sale
0934
J - J 85*4 855s
95 *s 05*2
J i
* No price Friday; u tefl tills week
ii
7773
102U Salo
1023s 102%
IOS's Salo
10712 10734
100 Salo
997s 100*8
100's Sale
9934 100
1071.1 Salo
100 102
1071s 1073s
1007s loll-.
------ 913j
1013.1____
------ 105's
M- 8
10-yr c o n v 414s
77*2
105*4 105*4
99*2 99*2
___
02
. . . . 107*2
—
100
___ 831,
___ 101’ 4
2
1
2
1
94
110
115*4
103*4
83 Mnv' 1r.
967s Apr TO
90
105
105*? 21 104’ ,
105 Deo T6
05 90
91*4
92
90*2 Fob TO
90*2
85*4
8578 29
83*4 May’ 16
83*4
83 Mar’ 16
83
96*4 Feb '16 ___ 90*4
86*2
86%
81*2
81*2
90 Apr 14
113U Feb '15
59% May’ 10 _
49
497S
85*.|
85*4
95*8
95*2
97*2 Deo T5
93*2
108
102
84*2
101*4
97
118*4
117*4
103*4
98
107%
93*4
91
85
84*4
00»4
5
2
84lt 88
8H2 83%
3
57
43
5
29
59*2
497s
85
87
94*2 06
Duo April. iD uo May. yDueJuna.
h
General consol 1st 6s........ 1937
Registered. _____
1937
U S Mge & Tr Co ctfs of dep
Guar Tr Co ctfs of d e p ___
Ohio 4 Ind C Ry 1st 5 s .. . 1936
Ohio Great West 1st 4s____ 1959
Oblc Ind A Loulsv— Ref 8s. 1947
Refunding gold 5s_______1947
Refunding 4s Series C ___ 1917
Interest
Period
Range
Since
Jan. 1.
BONDS
H . Y. STOCK EX C H A N G E
W e e k E n d in g M a y 2 8.
U. S. Government.
Bonds
Sold
Jan. 1909 Ik4 Bzchange method of tu o lln t bond* was changed, and prices art n o n all— “ and Interest" — except for income and defaulted bonds.
Price
Friday
May 26.
Week's
Range or
Last Sale
l l
Bid
Ask Low
High No. Low High
A - O 10234 ____ 102% Apr T 6 . . . . 102% 102%
A - O 9978 100% 99% May’ 16 . . . . 99% 90%
98% 20 97*4 100
9S*4 98*2 98%
M -N
90 Jan '10
M- N
96
90
993, . _ . 99*8 June’ 15
937g 65 02% 94%
93*2 Sale 93 ~
21
32
1 20 ' 22 ‘
22
25
21
21
2 104 107
107
107 Sale 106
84*2
M- N 84U Sale 83*4
84% 54 75
2 82
82
82
M N 79 ____ 82
1 74
84*4 84*2 84*s
84*s
84*s
*------ 79
81 M ay’ 16 . . . . 80
81
0734 Feb *13
22% M ay’ 16 . . . . 21
J - J 20 .
24
M - ft 70*4 Sale 7034
71% 75 70*4 74
J - J 113*2 - 115 M ay’ 16 . . . . 111% 115
100 Apr TO __ _ 100 100
J - J 100 .
J - J 80 ____ 95% Apr ’ l l
70 ___ 55 Dec '16
J - J
5 89
89 Sale 89
89
J - i
91%
I D ------- 96% 97% Apr T6 ___
97% 97*4
Ohio Ind 4 Sou 50-year 4S..1956
Ghlc * 8 4 East 1st4H s___ 1969
Chicago Milwaukee A St Paul—
Gen’l gold 4s Series A___ *1986 J - J 92*4 Sale 92%
92% 75
92% Feb '16 __ Registered.............. ..... *1989 y - j *------ 90
9434 45
Temporary 4 s __________1925 J - D 9434 Sale 9434
94*4 Sale 94*4
18
94%
Gen ref conv ser B 5s__ a2014 F - A 108*4 Sale 107*2
108% 172
3
78*8
78%
Gen’ l gold 3Hs Ser B ___ *1989 J - J 78*4 8l
102% 13
General 4>4a Ser O_____ *1989 J - J 102 102% 101%
18
92%
S5-year deben 4s.............. 1934 J - J 92 Sale 92
882
102*2
Convertible 4H s________1932 J -D 10134 sale 10034
Ohio 4 L Sup Dlv g 5s___ 1921 J - i 103*2____ 103% Feb T6 . . . .
Ohio 4 Mo Rlv Dlv 6s___ 1920 J i 104%____ 105% Mar’ 16 . . . .
103*2 19
Ohio A P W 1st g 5s.......... 1921 i - J 103*2 Sale 103%
90*2 90*8
90*2 13
C M 4 Puget 8d 1st gu 4s. 1949 J - J 90
DubUQue Dlv 1st s f 6 s ... 1920 J J 106*2 . ___ 107 Mar’ 16 . . . .
n o % ____
Da Crosse 4 D 1st 5s........ 1919 J J 102%____ 102’ 4 Feb T6 ___
2
Wls A Minn Dlv g 6s____ 1921 J J 103*2____ 103%
103%
Wls Vail Dlv 1st fls.......... 1920 J J 106*2____ 106% May’ 16 . . —
Mil 4 No 1st ext. 4 4 s
19.34 J -D 101--8____ 100% N ov’ 15
Cons extended 4% s___ 1934 i -D 101%____ 101 Feb T5 __ _
Chic 4 Nor West Ext 431886-1926 V - A 07 . . . . 96% Feb TO . . . .
Registered . .......... 1886-1926 P - A 96*8 . . . . 97 Apr T6 . . . .
81*2 15
Qeueral gold 3H «___ - 1987 M- N 81*4 S178 81*4
78*2 Jan '14
95*2 32
General 4 s......................... 1987 M- N 943, sale 9434
Stamped 4s_______
1987 M- N ------ 94*2 94% May’ 16 ___
6
114*2
General 6s stamped.......... 1987 M- N 114*2 114% 114%
Sinking fund 6s___ 1879-1929 A - O 111*4____ 112% Jan T0 . . . .
Registered............ 1879-1929 A - O 110 ____ 109% Apr T6 —
Sinking fund 6s____ 1879-1929 A - O 105 ____ 10434 Apr T6 . . . .
Registered_______1879-1929 A - 0 103^4 . . . . . 103% Apr T6 . . . .
2
103%
Debenture 5s___ __
1921 A - O 103*8 103»4 103%
101 Dec T2
Oinking fund deb 6s.......... 1933 M -N 101*8____ 104% May’ 16 __ _
101% May’ 15
Registered__
1933 M - N
Frem Elk 4 Mo V 1st Rs 1933 A - 0 120%____ 117 A ug’ 15
Man G B 4 N W let 314s 1941 J - J 80 ____ 90% Sep ’09
80 ____
2
108
Mil L 8 4 West 1st g 6 s ... 1921 M- S 108 Sale 108
1
107
Ext 4 Imp s f gold 6 s... 1929 F A 100*2____ 107
Ashland Dlv 1st g 6s
1926 M 8 111*4____ 111% Dec T5
Mich Dlv 1st gold 6 s .. . i924 j
j 11034 ____ 112% Feb TO ___
Mil Spar 4 N W 1st gu 4s_ 1947 M 8 91*4 92*4 91% May’ 16 . . . .
10738 May’ 14
M- 8
Bt L Peo 4 N W 1st gu 5s. 1948 j - J 100 106*2 107 Apr T6 ___
J O 101*8____ 102*2 Deo '15
1
Ohloago Rock Isl 4 Pao 8s 1917 j • J 101% ____ 10134 10134
Registered...................... 1917 j
j 101*2 102*2 101% May’ 16 . . . .
85*2 Sale 85%
14
85*2
Mg general gold 4s............. 1988 1 - j
1988 J J 83% 84*2 83 Apr '16
Registered.......... .
7434 Sale 74*2
179
75
Refunding gold 4s............1934 A - 0
153
58
20-year debenture 6s___ 1932 J - J 56*2 Sale 55**4
Coll trust Series P 4s
1918 M - U 95*8 95% 9434 June’ l 1
59
I
5412
54*2
B I Ark 4 Louis 1st 4 K s .. 1934 M- S 55
9934
sale
9934
9934
1
Bur C R 4 N— 1st g 6 s.. 1934 A -O
O R I F A N W 1st gu 6s
1921 A O ------ 99 100% Mar’ 14
J -D
9934 ____ 9934 Apr TO . . . .
Cboo Okia 4 O gen g 5s.ol919 j - j
95 ____ 97% July'16
Consol gold 6s
1952 M -N
65
57 May’ 16 ___
Keok 4 Des Moines 1st 5s 1923 A - O 60
F - A 68 ____ 6712 May’ 16
____
118
118 " May’ 16
Ohio St P M A O oon 6s . 1930 J D
90*4____ 87»4 Feb T7 ___
Cons 8s reduced to 3HS..1930 J D
101% 13
Debenture 6s________
1930 M- 8 101*2 Sale 101%
Ch St P 4 Minn 1st g 8 s.. 1918 M -N 117*2 - ___ 117*2 May’ 16 . . . .
J - J 117*2____
104% 10
Bt P A S City 1st g 6s___ 1919 A O 104 105% 104%
Buperlor Short L 1st 5s g ,1930 M- P 105*8 100*2
ChiO T H 4 Bo-east 1st. Kn" ' iQftn J - D ------ 80
Cblo 4 West Ind gen g 6* *1932 q - M 1 07 % ___ 106% Mar’ 16
76% 18
Consol 60-year 4 s............. 1962 J - J 70 Sale 76
Cln II 4 D 2d gold 4H*
1937 j - J 85 ____ 86*2 Jan T 6
80
1st 4 refunding 4s
1969 j - J 77
J J 75*8____
30 ____ 25 July’ 15
M -N
88 Mar’ l l __ _
CFInd A Ft W 1st gu 4ag 1923 M- N —
J - J
65 July'14
Cleve CIn C 4 St Lgen 4s
20-yr deb 4 H « . . '.
Con 5s scries B ..........
Cairo Dlv 1st gold 4 a ...
Cln W 4 M Dlv 1st g 4s
8t L Dlv 1st coll tr g 4s
1993
193*
1993
1939
1991
1990
J - J
J -D
J - *
J- D
i
J
J - J
M- N
M- N
M- S
j - j
M N
y-F
Q-F
J - J
J " J
A -O
q-J
A- 0
Apr
A-O
J - J
79*2 80%
8S34 Sale
99*2 101*2
83*4 81
76
77
80*4 Sale
65 ’ July’ 14
107% Dec '02
4
80
80*8
87
88*4 67
5
100
100
83*2 May’ 16 ___
76*4
7634
5
80
8034 20
82% Mar’ 14
81
84
76*2 83
84*4 Jan T6 ___
105J4 Sale 105*4
10534
1
92 ____ 91% Feb T6 . . . .
90 ____ 88% May’ 15
102% 103*4 102*2 Mar’16
Cln 8 A Cl con 1st g 5s
1923
115*2 . - - 105*4 July’ 14
85*2 91
--------- ..
_
O Ind A W 1st pref 5s__ 41938
77
80
98
70
77
Peo A East 1st con 4s__ 1940
30 Sale 30
32
9
100*4
100*2
15
100*2
100*2
Cleve Short. L 1st gu 4 W s.. 1961
15*2 Sale 11
16% 100
Col Midland 1st g 4s..........1947
14 Sale 11%
15*4 99
92
38
Colorado 4 Sou let g 4s__ 1929 F - A 9134 92% 91
8434 84%
117
85
Refund 4 Ext 4tj 8_._.
193f M N 84
1
10534
Ft W A Den C 1st g 6s . . . 1921 J - D IO534 106*2 105*4
A - O 87 ----------- 94 Feb '16 ___
j --Cuba RR 1st 50 yr 5s g___ 1952 j
Del Lack 4 Western—
87*2 87 M ay'If
J - D 87
N Y Lack A W 1st 6a___ 1921 J - J 108% 10834 108 May’ lf
Construction 5 s .......... 1923 F - A 103*2------ 103*4 Mar’ 16 ____
98
9834 98 Apr T6 . . . .
Term 4 Improve 4s___ 1923 M -N
F - A 86 ____ 102*8 Feb ’0.1
Del 4 Hud 1st Pa Dlv 7 s ... 1917 M- S 103% 104% 104% Apr T6 . . . .
104% Feb T6 . . . .
Registered .................... 1917 M- S ____
100
7
10-yr conv dPb 4s____ ___ 1916 J -D 100 Sale 100
W W Val Dlv 1st g 4s.
1940
O I St I. 4 C consol 6 s.. 1920
1st gold 4 s___
*1936
Duo July, t Due Aut.
a
Range
Since
Jan. 1.
Due Oit
p
91% 9*
92% 92%
94% 95%
106 HO
78
81%
100% 104
91% 931,
100 103*4
103% 103%
105% 105%
103% 104%
89*2 91%
107 107%
102% i02%
103% 104
100*2 107%
161
95%
97
80
10T
97%
97
84
94%
93*4
114%
112%
109%
104%
103*2
103
95%
96
116*4
H2%
109*2
104*4
104
1031,
103% 105’
108 109
106% 1071,
112% 1121,
91
94
100% 109’
ioi'%
101%
84%
83
63*4
41%
102%
102
87
84%
75%
59
54
65%
9/S4 100
98% 99*4
55
63
117*4
87*4
101%
117%
118%
87%
103
118%
104% 105%
idol, iof%
76
81%
86*2 88%
77%
8312
99%
82
75%
79
81
88*4
100%
87
77
84*2
84*4 84%
105 10534
91% 91%
102% 102%
63
23
99*4
7
6
90
82*8
105
____
77
36
101%
16%
15*4
93%
87%
106%
94
94
80%
108
103%
98
8712
109
10412
98
104*8 104%
104*2 104%
100 1 00%
Due Nov. , Due Dec. » Option sale.
New York Bond Record— Continued-Page 2
BONUS
N . Y. STOCK EXCHANGE
Week Ending May 26.
Del & Hud (C o m )
1st lien equip g 4H s___ .1922
lat A ref la........ ............. . 194:20-year Conv 5 s_______ .1935
Alp A Sus conv 3Ha...... . V J i t
Rena A Saratoga 1st 7s .. -10 2 1
Denv a 11 Or let con g -ia .. . 1930
Conaol gold 4 % s ........... . 193f
Improvement gold 6s__ . 1928
1st A refunding 5s.......... .1955
. J939
1940
Guaranteed................ .1940
Rio Or West lat g 4s___ . 193P
Mtge A col trust 4s A . .1949
. 1917
Det & Mao. 1st Hen g 4 s.. . 1995
Gold l a ........ .. . .
.1995
Det Rlv Tun-Ter Tun 4Hs . 1961
Dul Mlsaabe A Nor gen 5a. .1941
Dul A Iron Range 1st 5a__ . 1937
Registered___
_ 1937
Du So Shore A At g 5a___ . 1937
Elgin Jol A East lat g 5a__ . 1941
Erie lat cousol gold 7a........ . 192P
. 1947
2d ext gold 5a.............. 1919
3d ext gold 4 Ha___
1923
4th ext gold 5a_____ . 1920
N Y L E A W lat g fd 7s' . 1920
Erie lat eon ? 4a p rior... 1996
Registered . .
.1996
lat consol gen Hen g la... .1996
Registered ..............
1996
Penn coll tr g 4a.......... . 1951
50-yr conv 4a A _______
do
Serlea B ........ .105^
Gen conv 4s series D
. 1952
auff N Y A Erie 1st 7a
19K
Ohio A Erlo lat gold 5a . .1982
Long Dock consol g 6a . .1937
Coal A RR lat cur gu Os . 1922
Dock A Imp 1st ext 5a.. .1943
N Y Sus A W lat re"? 5a’
2d gold 4Hs
General gold 5 a ...
Terminal lat gold 6s
wiik A Ea lat gu g 5a
Evans A T I ! lat cons 6s
1 st genera) gold i s . . .
1937
1940
1943
1942
1920
.1921
1949
Florida E Coast lat 4 H a " 11959
Fort St l r 1> ( ' n 1st cr 4 u 1
Ft W A Rio Or lat g 4a
1928
Great Northern—
O B A Q coll trust 4a__ .1921
Registered h ___
1921
let A refunding 4Ha aer A 1961
Registered____
1961
St Paul M A Man 4s.
1933
let consol gold 6a ..
1933
1933
Reduced to geld 4Hs 1933
Mont ext lat gold 4a. .1937
Pacific ext guar 4a £
6s"
1940
194#
1922
lat guar gold 5a.
1937
Minn Union 1st
a
Will A S Fist gold 6b 1938
G p B A W deb ctfa “ A** ($100 par)
Deben ctfs ’’B’’ (J100 p ar)..
uuji & S I 1st ref A t g 5a. >1952
Registered
Hocking Val lat cona g 4Ha .1999
I n te r e s t
P e r io d
1972
P r ic e
F r id a y
M a y 26.
B id
W e e k 't
R ange or
L a s t S ale
A sk Low
H ig h
S i
N o . Low
J - J 10158------ 10158 Apr '16
7
1VJ ■N 96l4 Sale 96%
973s
1073.1 44
A -O 107)8 10734 107)4
5
A - O 86)3 87
86)3
86)3
Feb '16
HI N 1 1 2 ' s ____ 113
78*4 Sale 7S58
1 - J
7878 22
48
8518 Sale 81%
i - J
86
4
81% 86
85
85
J -D
138
73
P - A 7 U4 Salo 6934
85
90 109 Deo '12
J -0
J - J
61% Apr 'l l
34 ____ 3514 Apr '16
] - J
23
76
.1 - .1 75 Sale 75
62
70
65 Apr '16 —
A -O
A- C
M- N 99% ____ 100 Mar'15
76
85
90 Jan T 6 ___
J D
75
80
85 Jan '16 —
J -D
93 May’ 16 —
M -N ____ 93
J - J 104 ____ 10*1 Apr '16 —
A - O 10 2 l2 ____ 102)3 M ay'16 —
100 Mar’OS
A- 0
J - J ____ 93
93*8 Apr '16 ___
M -N 10 3 )3 ------ 103U M a y'10 •_ 1
M- S 10934110 12 10934
10934
VI - N 96*2____ 97)3 Juno'l l
M 5 1013.1 1017S 102H Apr '16 ___
47 S 100 ____
A O 1021s ____ 102)8 Mar’ 16
94 N ov’ 15
i d
M 3 109<2 n o U03g Feb '16 ___
3 - J
8578 Sale 85'2
8573 56
J - J
80 Oot To .... 86
J - J 7434 Sale 71*4
75
J - J * ____ 73i2 76)2 Jan '16 ___
4
F - A 89).i Salo 89)4
891.1
29
72
A - O 71'2 Sale 71
78
A O 77
77 >2
78*8 62
87>4 Sale 871.1
A- O
88*2 730
J D 100 10 2 H 100 Mar’ 10
Vl-N 10678 lOSU 106’8 May’ 10 —
) * J 10338____ j0 1 Fob ’ 15
A - 0 1223s------ 123 A p r '16 —
M N 100*4 104 102 Mar'16 —
J - J 108 ____ 106 May’ 10 —
m -n
99 M ay’ 16
j - j ____ OS's
F-A
IOOI4 Deo '06
7578 77
F - A
77 ' May’ 16
M-N 105%____ 105*2 M ay’ 10
A - O 104% -- - 111*2 May'12
8534 867S 86*4
5
J -D
86*4
J - J ____ 40
J - J 9214 —
91 Mar’ 16 ___
1
A - O 63 Salo 63
63
A-O
108 N ov’ ll
A- O
923.1 93
5
J -D
93
93
1 - J
92 Aug ’ 10
4
J - J 6734 69
67*2
07*2
J - J
Q- J
J - J
l - j
J - J
J - J
J - J
J - J
J - J
J -D
) - 1)
J - J
A- O
J - J
J - J
J - J
J - J
J - i
J -D
Feb
Fet
l - J
J - J
J - J
J - J
BONDS
N . Y . STOCK EXCHANGE.
Week Ending May 26.
Range
S in c e
J a n . 1.
H ig h
100i2 102
96*4 98
108 108
8534 88
113 113
76
79*2
83
85
78»4 85
55*2 /3
35*4 35*4
74
78*2
62
65
90
85
93
10 1
10218
90
85
94
104
103U
033S 95*2
103 104
10934 111*8
10178 10214
10 2*s 1021*
iid '->8
84*2
____
737a
76*2
88*4
70
74*4
84*3
100
10534
ill
8612
____
77
76*2
90
72*2
84
88*2
100
107*8
121*2 123*4
102 102
10238 100
98*2 99
____ 9434 9434 M ay’ 16 ___
9734 Jan T4
A - O 873s------ 87 Apr '16 ___
F - A
84i4 ------ 80 Feb TO . . . .
J - J 88U ------ 94*2 Feb '15 ___
J - J 97)4------ 97*2 May’ 16 —
J - J
85
80*4 8534 May’ 16 ___
J - J
J - J 8334 ------ 83 Nov'15
84
90
A 0
84*4 Feb T6 ___
A -0
(VI- 8
80 J'ly '09
!YI - 8
Ooll truat gold 4«.
1952 A - O 8878 89's 89*8 May'16 ___
A - <;
95% Sep ’ 12
1st refunding 4a
1955 M- N 89)2 Solo 89ia " 89*2 43
Purchased IIdcs 3Ha.
81 May’ 16 ___
1952 J - J ____ 81
36
L N O A T ex gold 4s__ .1953 M N sS5*4 Salo 853.1
861.1
M- N
Oilro Bridge gold 4a
1950 J D 90' ------ 92 Mar’ 10 ___
Litchfield Dlv lat g 3g
1951 J - J 69 ------ 74 Feu '14
6
79
7934 7S34
79
Loulsv Dlv A Term g 3 He .1953 J - J
Registered___
.1953 J J ____ _____ 83 A u g’ 12
Middle Dlv reg 6g
123 May '99
.1921 F - A
72)2 71 Jan TO
Omaha Dlv ist gold 3s
1951 F - A 67"
8t Louis Dlv A Term g 3a 1951 1 J 68*2 76
6S*j Sep '16
Gold 3 Ha__
1951 J - J *____ 81>s 81*8 Jan TO ___
80
Registered___
81 Nov'15
195! J - J
81 >8 78*4 Jan TO - - - Soring* ntv 1st g 3 H a .. 1951 J - J 70
5
Western lines let g 4a.
90'2
1951 F - A 88)2------ 90
Col A H V 1st ext g 4a .194 s
Ool A Tol lat ext 4a..
1955
Houston Belt A Term lat 5a .1937
IlUnols Central lat gold 4a 1951
Registered___
lat gold 3 Hr__
1951
Registered..
1951
Extended lat gold 3Ha .1951
F - A
B id
A-O
M- S
Q- J
M- S
1 -D
St Louis Dlv lat gold 6a... 1921
e
2d gold 3s____________ 1980 H i- S
Atl Knox A Cln Dlv 4s . . . 1955 M -N
J -D
Hender Bdire lat s f g 6s .. 1931 M- S
Kentucky Central gold 4s. 1987 J - J
Lex A East 1st 50-yr 5s gu. 1965 A -O
L A N A M A M 1st g 4%s 1945 M- S
L A N-South M Joint 4 s.. 1952 J - J
91
63
lat A refunding gold 4s _ 1949 rvi" fi
Ref & ext 50-yr 5s ser A .1962 Q - F
92
937g
ltelundlng gold 4s.........1951 M- S
61*4 67*2
M- N
j - j
j - j
J -D
F-A
8534
8l"»4 86%
88
91*2
8S78 91*2
83
81
8514 87%
90
02*2
78*4 8134
____ ____
71
M 3 S A A Ist g Is Int gu. 1926
Mississippi Central 1st 5 __ 194!)
Mo Kan A Tex 1st gold 4 s .. 1990
2d gold 4s_____________ 01990
1st A refund 4s.................. 2001 M- S
Gen sinking fund 4H s___ 1936 J - J
Dal A Waco 1st gu g 5s__ 1940 M -N
Mo K A E 1st gu g
5 a ___ 1942
A- O
M K A T of T 1st gu g 5s. . 1942 M- S
Texas A Okla 1st gu g 6 s.. 1943 M- 3
M- 8
F40 year gold loan 4a.......... 1945 M latA ref conv 5s.................1959 M3d 7a exteuded at 4 % ___ 1938 M
A
S
S
N
J -D
117*2 Maj'10
M- S 86
94*j J’ly T2
i - n 107 109 107*8 May'16
J -D 105 ------ 114 Feb ’ ll
J -D
90 Oct. '09
J -D
3
J - D 100 102 1003s
10078
J - D 8678 -----J -D
93% 98 J’ly '08
1931 M- S 90
Ind in A Iowa 1st g 4a
91 ------ 91*8 Apr TO
1950 J - J
Int A Great Nor lat g 6a.. 1919 M- N 96*8 9/34 96)4 May’ 16 __ _ _
90<2 913.1 92)2 Feb TO
James Fran A Clear lat 4s. 1959 i - n
21
Kacais City Sou 1st gold 3a 1950 A - O 693s 70)2 69
70
Rodstered____
A-O
63 Oct '00
Ref A lmpt 5a............ADr 1950 J - J 92 Sale 92
4
92
88ls 88
Kansas City Term lat 4a.. . 1960 J - J 86
13
88*4
L.xe Erie A West lat g 5a 1937 J - J 97 Sale 98*4
97
33
2d gold 5a.................... 194 i J - J
80 Sale 78*4
80
14
1945 A - O
98 Mar’ 14
Leb Vail N Y lat gu g 4 H a.. 1940 J - J 101% Sale 101*2
2
101*2
Reglatered........
1940 J - J IOOI4 10 1
100*2 May’ 16
Lehigh Vail (Pa) cona g 4s.. 2003 HI-S'
90% 93
91 May’ 16 ___
General cona 4 Hr.
2003 HI -N lOO's 100l2 1003s May’ 16 ___
71
81*3 81 's
78*4 7S"*4
89
90*2
Unified A ref gold 4 a ... 1929 J - J
J *J
Rlv A G Dlv lat g 4 s ... 1933 31- N
M- 8
General gold 4a................. 193s M- S
* No
latest bid and asked this week,
Nov.price9 Friday;
Option sale.
V Due
a
ill - N
103%
90
96
92>t
OS's
92*2
98
92',
71
90*2
85*4
96*4
75
94
89 %
100
83*2
100*8
1001,
89*2
1003g
103
102
92%
101*4
Due Jan. ft Due Feb.
110
103
89
597s
55
62U
84 "
55
93
114
101
95
Salo
60
68
87
57
93%
1
97%
91%
77
43
98%
93%
Sale
Sale
103 Apr TO
89 May’ 16
5978
60%
55
55
55%
73
d
Mich Cent coll gold 3%8. -1998 F - A
03*2 96
100*4 102
115 110%
107 108%
01
04
85*4 90
167
87*4
100
9978
78*2
107"
89%
101*4
100*8
82
l'o"o'% 107*4
108*8
105%
10 1 7s
80%
108*8
1081s
103%
82%
i 15
103
88%
2 52*4
4 50
1 15
103*4
90
o-l'a
50
5
97*4
97%
92 M ay’ 16
70%
77
42%
43
103*,
103
102
97*a
113
3 104*2 105%
3
14
57
85% 86
97
97
87
90%
101*2
102%
10 1
88
2 111*4
Mar’ 10
N ov’ 10
Oct '09
90
86
90
99% 99*4
10978 May’ 15
79
101
90
2 10478 106*3
108 Apr T 6
63% May’ 16
5
80*4
86*4
111 Jan ’ 13
107 Apr TO
4
8878
8878
25
100%
100),
100% May’ ll! ___
78*2 May’ ll] - - - 95 Feb ’05
____ 107% Apr TO
51% 60
92*2 937g
97%
90
70*2
40
4558
51
30
99
9278
787a
50*2
62%
55
42%
fin
74
50
48
67%
89*4
66
66*,
54
38*4
55
39%
86
13
7
10
6
78*4
61
60
'79
61
01*4
12
l
22
50
50
1 49
03
62
1 89% 94
89% ____
89*2
89%
47
48
47% Salo
82 ____
47 %
47*4 31 39*8 47*4
48
47%
47% 10 40
82
82 May’ 16 ___ 82
55 Sale
38*4 Salo
____ 45
*____ 75
68
70
79 Salo
58
01
61% Sale
____ 51
46
50%
1 0 1 % 102
91
05
81
69
1 83% 89%
50
i
Salo
80
81
807a Oct ’ 12
69% 69%
69%
7 5% ____
j - D *90 ____
87*s 89
St L A Cairo guar g 4a___ 1931 j - j
Naahvlllo Ch A St I. lat 5-3.. 1928 A - O 106*4 Sale
108% _ _ _
McM M W A A1 1st 6s.~J.1917 J - J 1 0 1 ' ____
J - J 1.01
50
Nat Ilya of Mex pr Hen 4H s. 1957 J - J 30
Guaranteed general 4s___ 1977 A - O ____
J - J
A- O
N O Mob A Chic 1st ref 5s 1966 J - J
New Orleans Terra 1st 4 a ... 1953 j - j ------ 74
114 Sale
Consol 4s aeries A ............ 1993 F - A 84*4 85%
Ref A Imp 4Ha ” A” ........2013 A - O 94% Salo
1071* 109
100
10
112*4
50 ____ 50 May’ 16
62 ____
leroy A C V A L 1st g 5a.. 1926 J - J
HO Mar’05
90%
90%
Pac R of Mo lat ext g 4 s..l9 3 « F - A 00*4 91
2d extended gold 5a___ 1938 J - J 100*4____ 100*8 May’ 16
St L lr M A S gen con g 5a 1931 A - O 101 Salo 100*4
101
B alley A Car 1st 6a
1923
1932
O He St L A N O gold 5a. 1951
1951
Gold 3 Ha........
1951
195!
Joint 1st ref 6a series A 1963
1951
102
112 %
2 104% 106%
103% Mar’ 16
103 Apr T 6
101 Apr TO
94%
94*4
94 June’ 14
104*2
104%
H ig h
) 1 10
Cent Br Ry 1st gu g 4a__ 1919 F - A
87*8
86
96*2 97%
83
N o . Low
100*2 107%
61% 64
86*4 Sale
1 0 9 ),____
105% 106%
83 <8 Sale
100% Sale
100% ____
70% 78*2
M- S
90
03
9314 90
H ig f
112*4
102 .
R ang*
S in ce
J a n . 1.
N Fla A S 1st gu g 5a___ 1937 F - A 107
98%
Pens A Atl 1st gu g fis___ 1921 F - A 108% 109*4 108% May’ 16
S A N Ala cons gu g 5 s.. . 1936 F - A 108 ____ 108% May’ 16
Gen eons gu 50-year 5s. 1963 A - 0 ____ 102
102 Apr TO
80% 81
(VI-N
Pacific Ext 1st gold 0 a ... 192) A - O
87
86
W e e k ’s
R ange or
L a s t S a le
A sk L ow
1 0 1 % ____
102% 103%
10 1 102
90
94
1 1 2 % 112*4
109%
Unified gold 4s__________ 1940 J - J 94% Sale
J - J
Collateral trust gold 5a__ 193) M- M 104), 105%
107%____
L Cln A Lex gold 4 %s___ 1931 M- N 10 1 ____
115% II0I2
J * J 107*2____
N Y B A M B lat con g 5a. 1935
N Y A It B lat gold 5s__ 1927
Nor Sh B 1st con g gu 5a.01932
Louisiana A Ark 1st g 5s___ 1927
Loulsv A Nashv gen 6a____ 1930
80*2 00
111 110*8 Apr 'lii
1107* 1107*
78
75 Jan TO ___ 74
75
12'2 12
12*2 130 1 1
14*4
2 8414 88*2
88% 88*2
88)3
P r ic e
F r id a y
M a y 26.
C,eh V Term Ry 1st gu g 5 s.. 1941 A -C 1 1 1 * 2 ____ 1 1 2
112'
A-O
___113
1 1 1 % Dec* 1]
veil Val Coal Co 1st gu g 58.1933 j - j 104% 10578 104%
10-1%
j - j
105 Oct '18
92 ____
j - j
Le’n A N Y lat guar g 4s___ 1945 M- S 89*4 90% 90
90
Registered______________ 1945 M- S
Long Isld 1st cona gold 5a..51931 Q - J 105*4 Salo 105*4
105*4
Q - J 91*4____ S9l Oct ’ IS
88
89
J -D
------ 99%
Gold 4a___
..
1932 J - D
Unified gold 4s__________ 194° M - S ------ 8478 8578 Mar’ 16
91
9678 97 Jan Tf
Debenture gold 5a........... 1931 J -D
87*2 89%
72
81
1051, 105),
98)3 Sale 98*8
9858 20U 9778 99
. . . - 98'% 98 May’ 10 —
9734 98*4
99'4 9978 99*2
99G 38 99 lOO's
90 Juno'Fi
9714------ 97*8 Feb TO ___ 97 )8 9 738
1 2 1 I2 D4 1203.1
3 120*2 122
1203.1
120*2 Apr TO
1201, 121*?
2 1013g 103*4
103 ------ 103*3
103*8
10210 1021,
102*2 May’ 16
957s 90*s 9534 May’ 16 ___
95*8 96*8
96% 96<2
86 ------ S5*j N ov’ 15 ___
92>4------ 89)4 Juno’ 15
109 U ------ 109*3 Apr TO ___ 100)8 109*3
123*8------ 120*4 Deo T5
136)4 May’06
110% 1105s 11034 Mar’ 16
lin u 110*4
lldls
____
12
84%
SI
IV o l .
113
M ay’ 16
75
Mar’ 16
89
92
100 100*8
99*4 102%
25
74% 81
38
08
30
Au* *16
70
Apr TO
84*4
94
30
2
751>
75% Salo 75%
74% 75*2 74 May’ 10
99
104
78
102
16 1 % 16 1 %
70
229 110'*
85*2 431 84%
94*4 177 93*8
141 S17g
826ft
9 81%
92%
77 91%
76*8 May’ 16
77% 78
____ 77*2 77 Apr T6
74%
88*2 88*4
1 103% 107*a
101% Feb T6
113 J’ lv ’04
30 Mar’ 16
68 Oct T5
81 >4 82% 82%
92)8 Sale 01%
’ 95% 90%
J - J
2d guar gold 5a..............1930 1 - J 1017s 101%
J " J
A -O
91
J - D 89
J -D 104%____
Moh A Mai 1at gu g 4s__ 1991 M- S 93% ____
N J June R guar lat 4a__ 1980 F - A
39
75
102
89 Deo T5
88)3 Apr TO
100*4
103*4
50
-- - -
M hv’ 11
104
74
74
30
70
117%
807s
95*8
835g
82*8
93%
7934
78
76*8 80*4
76
77*4
"95*8 *90%
2 101
10-1
88% N ov’ 15
94 Mar’ 16
89% Feb TO
91
94
89*4 89%
N Y A Pu lat cons gu g 4a. 1993 A - O 89% . r . J 90% Mar’ 10
113 May’ 15
R W A O con lat ext 5s._»1922 A - O 103%____ 10378 May’ 16
R W A O T R 1st RUR3 s.. 1918 M -N 101*8____ 104 Juuo’ 10
103*4 104%
Due April.
$
Due May.
9
Due June, ft Due July, ft Due Aug.
89*8 91%
0
Due Oct.
N Y Cen <&H RR (Con.)
im e r e ti
P e r io d
BONDS
If. Y . STOCK EXCHANGE
Week Ending May 26.
P r ic e
F rid a y
M a y 26.
B id
J - J
J - J
82
W e e k 's
R ange or
L a st S a le
A ek L ow
85l2
H ig h
B onds
S old
New York Bond Record— Continued-Page 3
M at 27 1916.]
R ange
s in c e
J a n . 1.
N o . L ow
Option sale.
11
3 Is
P r ic e
F r id a y
M a y 26.
B id
H ig h
J - J ____ 69
92 Juuo'09
J - J 97 ____ 100 Oet ’ 15
100 ____ 1 19*2 Mar’ 12
J - J 97l2 ____
6 84
835g 85>4 84%
J -D
85%
86
J -D
84 ____ 8134 Oet ’ 15
8 94% 95*4
95l2 95
95 U
M- S 95
947s Salo 94*2
M-N
94% 49 94
95U
94% Fob ’ 16 —
M-N
94
94*8
J - J
104*? Deo '15
1O0U
A -O 102 ____ 102 Mar’ 16 ___ 102 102
1151« ____ ISO's Jan '01
113i2 ____ 123*4 M ar'12
101 .
104*2 Deo '15
IY1- 8 106
105 . . . . 104 " Doo ’ 15
8934____ 98 Apt '12
87 Feb ’ 14
90 June’08
827g 83% 83 Mar’ 16 ___ 83
85
i M -N
SOU Mar’ 16 ___
89
88U 90*2
9 A - O 87
7 93
9312 Salo 93*2
94
95%
N Y Chlo A St L let g 4 s.. 193'’ A - O
9334 Apr ’ 16 ___
9334 93»4
7 A- O
84 May’ 16 . . . . 83
84
85
8434
1 M -N
5 90
917g
93
1 J - J 9134 9178 91U
7 8734 90
8Sl2
1 J - J 88l2 Salo 88
2 M- N 100i2 ____ 102 Apr ’ 16 ___ 102 102
5 J - J 100 ____ 100U May’ 16 ___ IOOI4 100*8
1 9734100ig
93*2
3 F - A 98*2 Sale 9S*2
N Y N H A Hartlord—
80i2 Mar’ 16 ____ 8012 8U4
M- 8
Non conv eben 4 s...
73 Fob ’ 11 ___
M- £
73
73
70 May’ 16 ___
1 A -O ____ 71
6978 72
1 80
80i2
J - J ____ 80i2 80i2
8 H2
78%
79*2 13 7834 82
M-N ____ 79
Non-couv debon 4s.
J - J ------ 69 >2 70i2 May’ ll ___
70
73
H234 40 liirs n o
J - J 112i2 Salo 112*2
) F - A 79 ____
9U2 Jan ’ 12
J - J ------ 82
79*2 Apr ’ 16 ___
J - J
79% 79*2
A- C
J - J ------ 80
9212 ____ 9 li2 May’ ll ___ 91*2 93
M -N
F-A
81
82
81 " May’ 16 ___ 8078 83
j - j
1 M- S
Hartford St Ry 1st 4s.
M -N 100% ____ 105*2 May’ 15
87 J’ly '14
M- N
83 Aug ’ 13
j A -O
1 73
75i2
75U 77i2 75i2
j - j
82
iVI- N
107 Aug ’0<J
A-O
J - J 100 ____
99*2 Mar’ 12
70
75
70 May’ 16 ___
M -N
70
70
J - J
9978 Deo '14
83*; Feb ’ 14
5 J - J 86 ____
80*8 8234 807s May’ 16 __ _ 80iS 81
M- 8
M- P
J -D ------ 79ig 79 Apr ’ 16 ___ 76
79
80 May’ ll ___ 79
1 F - A ------ 80
80
98 101
97 Jan ’ It! ___ 97
. M -N
97
M- A 119 120 119*2 Apr ’ 1C ___ 119*2 120
121*2 Mar’ ll! ___ 1201* 122
[ F - A 12 1 .
A -O 11912 12012 119*2 May'll] ___ 119*2 120U
933g Salo 93 U
I A -O
9.312 35 92 *2 94
A -O
15 893S 91
90
91U 90
90U
j - j
J -D 124 126 124 May’ 16 ___ 113*2 124
M- S 124 126 12234 Apr '16 ___ 114 123U
125
10 115*2 125
10-26-year conv 444a._
M- S 1 2 1 126 124*8
8934 Salo 89*4
8934
7 89% 90U
J -D
J - J 103lg . . . . 103l2 Jan ’ 16 ___ 103l2 103%
92 May’ 16
M- N 91*4 94
9178 94
927g 119 9178 94%
Q - J 9234 Sale 9212
92% 92
8 92
9218
Q- J
9312
66% 162 65l2 67
Q - F 66% Salo 66
Q - F 643g 6534 65*8 May’ 16
63i2 6534
913g____
J -D
90>g N ov’15
M- S
100% Jan '16
100% 100*2
F - A 110~% no*; 1103g
110*8
2 109*8 U0%
q- a
109*8 Oct ’ 15
F - F 107 ____ 107 Mar’ 16
107 107
A -O 101 lg 10134 101 May’ 16
10 1 lOlig
J -D
90*8 Mar’ 16
90
90*8
SOU 9212 90i2 Feb ’ 16
Q -M
90
9012
J - J 1 1 1 112*2 111 Mar’ 16
in
im 2
J - J 85ig Salo 85
85U
Oregon-Wash 1st A rel 4s. .
19 85
88 "
96
00*2 96 May’ ll]
J -D
93
96
98*4 - - - - 99*2 May’ 16
M -N
98% 99*2
M- S 102*2 103U 103U
IO.31.1
8 103 103*4
98U 99i2 99*2 May’ 16
M -N
981? 991;
99 Salo 99
99*2 23 981a 100 ~
M -N
F - A 105U Salo 105
105U 155 1047? H163ii
101*4 1 12 100*4 102%
J - D 1013g Salo 101*2
97
M- 8 97 Salo 96%
3 9212 97 ”
96 Jan ’ 16
F - A 94*2 ._
90 ~ 90
M- N 985g____ 99U N ov ’ 15
102 Jan '03
J - J
J - J 93 ____
M- S 9934 ____ 99*8 May’ 16 —
99ig 9934
Pennsylvania Co—
101*8
28 10 1 102*2
J - J 101*2 102 10 U2
J - J 100% 10134 101 May'16 ___ 10 1 1 0 1 %
M- S 85*4____ 80>2 Jan ’ 16 ___
80*2 80>j
F -A
85U 88U 85 Jan '16
85
85 '
9934 ____ 100% Jan ’ 16
M -N
9934 100%
J - D 85>2 ____ 83 Fob ’ 15
84*2 ____ 85U Mar’ IG
j -a
85
85>8
A - O 95
98l2 95*g May’ 16
941? 95*.?
M- N 91*2____ 92*g May’ 14
M- N 90*4 ____ 90 D e o '15
Cln Lob A Nor gu 4s g.
99 ____ 99*4 Apr '16
M -N
9934 99J4
J - J 1037g____ 105 Apr ’ 10
1041? 1051?
A - O 1037g 105 104 Deo '15
Int reduced to 3>4s._1942 A - O 87<g____ 91*4 Fob ’ 12
Series O 3j*e..........
1948 M- N 8 7 U ____ 90>8 Oct ’ 12
8erles D 34*9............. X950 F - A 87*2 90i2 8334 June'15
Erie A Pitts gu g 3 X s B_ 1940 J - J 875g ____ 86U May’ 14
Series O_______________1940 J - J 8758 _ ___ 90% J’ly '12
Gr R A I ex 1st gu g 4 > is ..l9 4 l J - J
99% ____ 08i2 Feb ’ 16
95l2 987a
Ohio Connect 1st gu 4 s.. . 1943 M- % 98*4____ 93 May’ 14
Pitts Y A Ash 1st cons 6s. 1927 M- N 104U ____ 109 May’ 10
Tol W V A O gu 4JSs A .. 1931 J - J 99l2 ____ 98i2 Oct ’ 15
Series B 4Jis................. 1933 J - J 99*2 ____ 98% Juno’ 15
98
Series C 4s___________ 1942 M- S 94
94 Apr ’ 16
93l2 94
P C C A St L gu 4 X s A . . 1940 A - O 10238 ____ 102i2 Apr ’ 16
lODg 102*2
Series B guar_________ 1942 A - O 10 2*8 ____ 102*8
1025g
3 1013g 102*8
Series C guar_________ 1942 M- N 100 ____ 97U July’ 15
Series D 4s guar_______ 1945 M- N 94*4____ 94*4 M ay’ 10
9434 9512
Series E 344s guar gold. 1949 F - A 93 . . . . 02 Feb ’ 10
92
92
"’ erles P guar 4s gold__ 1953 J -D *94 ____ 95*4 Jan ’ 14
Series G 4s guar_______ 1957 M- N *94 ____ 92*8 Aug ’15
Scries I cons gu 444 s . . 1963 F- A 100*2____ 102*2 Apr ’ 16
10138 102l2
O St L A P 1st cons g 6 s.. 1932 A -O l o o u ____ 104 N ov’ 15 —
$
BONDS
I f. Y . STOCK EXCHANGE.
Week Ending May 26.
Peoria A Pekin Un 1st g 8 s .. 1921 Q - F
2d gold 444s.....................01921 M -N
Pero Marquette—Rel 4s___ 1955 J - J
Refunding guar 4s_______195 J - J
Chic A West Mich 6s____ 192 J - □
Flint A P M gold 6 a ... 1920 A - O
1st consol gold 5s______1939 M -N
Pt Huron Dlv 1st g 5s.. 1939 A -O
Sag Tus A H 1st gu g 4a.. 1931 F - A
Philippine Ry 1st 30-yr s f 4s 1937 J - J
Pitts Sh A I. E 1st g 5s____ 1940 A - O
1st consol gold 5 s............ .1943 J - J
Reading Co gen gold 4s___ 1997 J - J
Registered_____________1997 J - J
Jersey Central coll g 4 s...1951 A -O
Atlantic Ctty guar 4s g__ 195.' J - J
St Jos A Or Tsl 1st g 4 s .. . . 1947 J - J
St Louis A San Fran (reorg Co)—
Prior lien ser A 4 s _______ 1950 J - J
Prior lien ser B 5 s ............. 1950 J - J
Cum adjust ser A Gs_____ 1955 J - J
Income series A 6 s ........... 1960 July
St Louis A Han Iran gen os. 1931 J - J
General gold 5s................. 1931 J - J
St L A S F RR cons g 4 s .. 199':. J - J
General 15-20-year 5 s.. 1927 M -N
Trust Co certlfs of deposit.,
do
Stamped..
Southw Dlv 1st g 5s___1947 A - O
Befundlng gold 4s......... 1951 J - J
Registered...... ............ 1951 J - J
Trust Co ctfs of deposit
do
Stamped
K C Ft S A M cons g 6 s.. 1928 M -N
K C Ft 8 A M Ry ref g 4s. 1930 A - O
K C A M R A B 1st gu 53.1929 A - O
St I. 8 W 1st g 4s bond ctls.. 1989 M -N
2d g 4s Income bond ctfs.p!989 J - J
Consol gold 4 s .................. 1932 J -D
1st terml A unlf 5s......... .1952 J - J
Gray’s Pt Ter 1st gu g 5s._ 1947 J - D
S A A A Pass 1st gu g 4s____ 1943 J - J
8 F A N P 1st sk fd g 5s_____ 1919 J - J
Seaboard Air Lino g 4s_____ 1950 A - O
Gold 4s stamped________ 1950 A - O
Adjustment 5s_________ 01949 F - A
Refunding 4 s.................... 1959 A - O
Atl Blrm 30 yr 1st g 4s..fl933 M- 8
Car Cent 1st con g 4 s . .. 1949 J - J
Fla Cent A Pen 1st g 5 s . .1918 J - J
1st land gr ext g 5s____ 1930 J - J
Consol gold 5s............... 1943 J - J
Ga A Ala Ry 1st con 5s..ol945 J - J
Ga Car A No 1st gu g 5 s.. 1929 J - J
Scab A Itoa 1st 5s__
1926 J - J
Southern Pacific Co—
Gold 4s (Cent Pac co ll).*1949 J - D
Registered___________ *1949 J -D
20 year conv 4s________ 01929 M - 8
20 year conv 5s................. 1934 J -D
Cent Pao 1st ref gu g 4 s.. 1949 F - A
Registered.......... .......... 1949 F - A
Mort guar gold 3 44s..*1929 J - D
Through St L 1st gu 4a. 1954 A - O
G H A 8 A M A P 1st 5 s.. 1931 M-N
Glia V G A N 1st gu g 5 s.. 1924 M-N
30US E A W T 1st g 5 a ... 19.3.3 M-N
1st guar 5s red________ 1933 M-N
H A T C 1st g 5s lnt g u ... 1937 J - J
Gen gold 4s lnt guar___ 1921 A - O
Waco A N W dlv 1st g 6s 1930 M -N
A A N W 1st gu g 5s_____ 1941 J - J
Louisiana West 1st 6s___ 1921 J - J
Morgan’s La A T 1st 7 s.. 1918 A - O
1st gold 6s....................... 1920 J - J
No of Cal guar g 5s______ 1938 A - O
Ore A Cal 1st guar g 5s__ 1927 J - J
So Pac of Cal— Gu g 5 s ... 1937 M -N
So Pac Coast 1st gu 4s g._1937 J - J
San Fran Terml 1st 4 s ... 1950 A - O
Tex A N O con gold 5s__ 1943 J - J
So Pac RR 1st ref 4s......... 1955 J - J
Southern— 1st cons g 5s____ 1994 J - J
Registered_____________1994 J - J
Develop A gen 4s Ser A .. 1956 A - O
Mob A Ohio coll tr g 4s__ 1938 M- 8
Mem IJIv 1st g 4% 5s___ 1996 J - J
St Louis dlv 1st g 4s_____ 1951 J - J
Ala Con 1st g 6s_________ 1918 J - J
Ala Gt Sou 1st cons A 5 s.. 1943 J - D
Atl A Char A L 1st A 4 %sl944 J - J
1st 30-yr 5s ser B ____ 1944 J - J
Atl A Danv 1st g 4s______1948 J - J
2d 4s...............................1948 J - J
A tlA Yad Istg g u a r4 s...l9 4 9 A - O
E T Va A Ga Dlv g 5s___ 1930 J - J
Con 1st gold 5s________ 1956 M -N
E Ton rcor lien g 5s______ 1938 M- S
Ga Midland 1st 3s............. 1946 A - O
Ga Pao Ry 1st g 6s........... 1922 J - J
Knox A Ohio 1st g 6a____ 1925 J - J
Mob A Blr prior lien g 5s. 1945 J - J
Mortgage gold 4s........... 1945 J - J
Rich A Dan deb5sstmpd-1927 A - O
Rich A Meek 1st g 4s____ 1948 M N
So Car A Ga 1st g 5s......... 1919 M -N
Virginia Mid ser D4-5s ..1921 M- S
Series E 5s____________1926 M- S
Series F 5s..................... 1931 M- 8
General 5 s ...........
1936 M -N
Va A So’w'n 1st gu 5 s ..2003 J - J
1st cons 60-year 5 s.. 1958 A -O
W O A W 1st cy gu 4s____ 1924 F - A
Spokane Internat 1st g 5 s ... 1955 J - J
Ter A of St L 1st g 444 s____ 1939 A - O
1st con gold 5 s ...1894-1944 F - A
Gen refund s f g 4 s _______ 1953 J - J
St L M Bridge Ter gu g 5s 1930 A - O
Tex A Pao 1st gold 5s______ 2000 J -D
2d gold lno 5s__________ y2000 M ar
I.a Dlv B L 1st g 5s........... 1931 J - J
W Min W A N W 1st gu 5s 1930 F - A
Tol A O C 1st g 5s................. 1935 J - J
Western Dlv 1st g 5s_____ 1935 A - O
General gold 5s__________ 1935 J - D
Kan A M 1st gu g 4s_____ 1990 A - O
2d 20-year 5s_________ 1927 J - J
Tol P A VV 1st gold 4s........... 1917 J - J
Tol St L A W pr Hen g 344s.1925 J - J
60-year gold 4s__________ 1950 A - d
Coll tr 4s g Ser A ............. 1917 F - A
Tor Ham A Buff 1st g 4s. .A 1946 J - D
Ulster A Del 1st con g 6 s .. 1928 J -D
1st refund g 4s_______
1952 A - O
Union Pacific 1st g 4s______ 1947 J - J
Registered_____________1947 J - J
20-year conv 4s_________ 1927 J - J
1st A ref 4s____________ 02008 M- S
Ore RR A Nav con g 4s__ 1946 J -D
0 Due June. U Due July, t Due Aug.
1973
101
A
...
W ee k ’s
R ange or
L a s t S a le
L ow
H ig k
102 N ov’ 15
87 Mar’16
10>4 14
14 Apr '16
15 Mar’ ll
85 M ay’ ll
101 Sale 10 1
10 1
74 ____ 75i2 Apr ’16
____ 68
68 July’ 16
Range
s in c e
J a n . 1.
N o . L ow
___
87
___
14
___
14
___ 83
-1 10 1
—
74
50 Apr *16 — 105 Dec *15
113*4 N o v ’ l l
95% Sale 943g
95*4 106
95 Mar’ ll ___
5
97
97
108
63
M ay’ 16 —
69% Sale 68*g
70 1276
1
87% 88
87*2
87i2
82 Sale 74*8
850
82
45% Sale 39*2
45*2 781
110%
110*4 Apr T 6
101 103' 10212
10 2l2 32
76U 80
35
78
78
GO
59i2 M ay’ 16 ___
66% Sale' 60
66*2 1330
6312 Sale 58
63*2 174
91
93
89 Mar’ ll ___
74
78
7538 May’ ll ___
8034 Mar’ l l ___
7978 99
7934 Sale 7734
7334 Sale 70*2
7334 456
HOig
9]
110
1 10
77
26
77
78
91*2 Deo ’ 15
'77%
6
7734
78
1
64% Sale 64*4
6414
6434 Sale 62*2
6478 99,
69 Sale 63*2
25
69
100
9S34 Jan ’ 14
67
65
68*2 46
1017g .
10134 Apr ’ 16 . . . .
81*2
81*2 10
37
"80%
8034
82
6734 I
67
6734 70
687g
8
69
69
86
86 M ay’ 16 —
'8 8 ’
85*4 Mar'15
10C% :
99% Sep '15
101%
101 Deo ’ 15 ___
103 .
103*8 M ay’ 16 . . . .
103ig .
103 Mar'16 . . . .
1023s :
102*4 Apr '16 —
102 .
99*4 A u g'15
12
85i2 87
86
86
____ 84
90 Feb ’ 14
238
87% Sale 8778
88%
104% Sale 10478
105% 471
90 Sale 89%
48
90
86*4 Mar'15
89*4 May’ l l . . . .
8
84%
84%
102 May’ 16 . . . .
1110*4 Jan '16 . . . .
1
102
102
101*2 Apr ’ 16 . . . .
100i2 ____ 106*2 Apr ’ 18 . . . .
9534 . . .
95*8 May’ 16 —
109% N ov’ 15
100 . . . 103 N o v ’ 15
105>g . . .
------ 10534 104*4 Feb ’ 16 . . . .
103i2 105i2 105 Jan *16 —
108 110 105 Oct '16
10U2 102ig 101% May’ 16 . . . .
108 ____ 10H2 N o v ’ 13
92
97 Apr ’ 16 ___
84%
15
85
85
93
96 Apr ’ 14
90i2 Sale 90%
90*2 82
1017g Sale 10 1 %
262
102
lOOU 102%
7134 Sale
75U 761
100 101
8H2 821
103ig___
98i2 99Sg
93
9434
50
H ig h
87
14
15
85
10 1
76
51
93*4 96%
9234 95
94*2 97
59
63
68*8
87*2
74
39
109
100%
68*2
45*4
46
43*4
89
67*4
89
62%
6D4
109*2
75
70
87%
82
45*2
110*4
103%
78
59*2
66%
63%
89
75%
89
79%
73*4
H0%
78
77*4
62
61
60
80
64*4
65*4
70
62%
101%
81*2
80
64
69
85
70*4
101*4
84%
83*4
70
72
80
103 io’3%
103 103*4
102*4 103
85
88
86*4 89%
103% 107%
88*2 91
84*4
84
102
100*4
101*2
101*4
106
94*4
91
86*4
102
100*4
102*4
103%
106%
95*8
104*2 104*4
105 105
101*4 102%
97
97
84*4 86
89% 91
100 103*2
73*4
71*4
71*4 137 69
75*4 May’ 10 . . . . 75
78
100 May’ 16 . . . . 100 104
1 1 80*2 84%
81%
82
1 102% 103
103
103
1 98*2 99
98*2
98*2
94*4 M ay’ 16 __ _ 94% 96
10234 1027g 10234 M ay’ 16 __ - 10234 103*4
82 8412 83*4
5 83% 85*8
83*4
____ 82
81*2 Mar’ 16 —
79% 81%
76
78U 75*4 Dec ’ 14
1043g____ 104% Apr ’ 16 . . . . 103*2 104%
1055g Sale 105%
5
10534
105% 106
100 1007g 100*2 Apr ’ 16 . . . . 99*2 101%
56
60
57*4 Apr *10 __ _ 57
60
1073g 10734 107*2 Apr ’ 16 __ _ 107% 107*8
1097g ____ 109*4 Mar’ 16 —
108 1 1 0 %
____ 104
105*2 N ov’ 12
70 . . .
71*4 May’ 10 __ _ 71*4 71*4
103i2 . . . 103% May’ 16 —
103% 103*8
73 Sep ’ 12
____1017g 101 Apr ’ 16
10 1 102
102 ____ 102 Apr ’ 16 ___ 102 102
103ig____ 102 Mar* 10 —
102 102
1041 4 ____ 104 Mar’ 13
106 ____ 102*4 Apr ’ 16 ___ 102*4 105%
105 10534 105 M ay’16 ___ 102*2 105
90l2 9234 90*4 M ay’ 16 —
89% 90%
9312 95l2 93 Deo ’ 15
90 ____ 93 Jan '16
93
93
99 101
99% Apr ’ 16 __ _ 98*2 100*2
10112 105 106*2 Apr ’ 16 ___ 103*2 106%
____ 86
84% May’ 16 ___ 84% 88
9934 101% 100*4 Apr ’ 16 ___ 100*4 101*4
98 Sale 98
98*8 29 95
98%
377a____ 40 M ay’ 16
35
37
____ 88
90 Jan '16 . . . . 90
90
_ 95 106*2 N o v ’04
103-3; Sale 103*4
2 ! 103 104*4
103*4
101l2 102l2 10 1
10 1
5 10 1 10 2%
. 95
93
94
94 May’ 16
~82*4 83i2 83 May’ 16
83
84*4
97i2 98*4 98
98
1 97
99
50
55
50 Apr ’ 16 __ 60
61
80
8212 81 May’ 16 ___
78% 83
55 Sale 55
60
55*2 30 54
20 ____ 18% Mar’ 16
18% 18%
____ 87i2 S3 Apr '16
83
80
99Sg Sale 99*2
99%
3; 99*2 101%
75 ____ 74 M ar’ 15
9714 Sale 9634
97% 18 95*4 98%
96i2 ____ 98 May’ 16
95
97%
93ig Sale 93
93*4 180, 92% 94%
90 Sale 89%
05, 89% 91%
90
92
92i2 92
92*4 51 91% 92%
0 Due Oct. v Due Nov. t Due Dec.
1974
BONDS
Y. BTOCK EXCHANQE.
Week Ending May 26.
Union Pacific (Con)—
Ore Short Line lac g6 a ..-1922
1st consol g 5s..............1946
Quar refund 4s.............. 1929
Utah & Nor gold 6a___ 1926
lat extended 4a.........1933
Vandalla cona g 4a Ser A__ 1955
Consol 4s Series B............ 1957
Vera Crus A P lat gu 4Hs. -1934
Virginian lat 5a Series A___ 1962
W*uaan 1st gold o s ............. 1939
*d gold 6a........................ 1939
Debenture Series B ..........1939
tat lien equip s fd g 6s ... 1921
at lien 50-yr g term 4a... 1954
Det A Ch Ext lat g 5a___ 1941
Des Moin Div lat g 4a___ 1939
Om Div at g 3Ha............ 1941
Tol A Ch Div lat g 4a___ 1941
Wob Pitta i erm lat g 4a___ 1054
Cent and Old Col Tr Co certs
Columbia Tr Co certfs______Col Tr ctfa for Cent Tr otfe _ .
id gold 4s_____________ 1954
Trust Co certfs...................
Weah Terml 1st gu 3Ha___ 1945
lat 40-yr guar 4a .......... 1945
W est
arylaud lat g 4s___ 1952
West N Y A Pa 1st g 5a........ 1937
Gen gold 4a....................... 1943
Income 5s.
41943
Wheeling A L E lat g 5a___ 1926
Wheel Div lat gold 5s.......1928
Exten A Impt gold 5a___ 1930
BR lat consol 4a_________1949
20-year equip a f 5a______1922
Wlnaton-Salem 8B lat 4a. . . 1960
Wla Cent 60-yr lat gen 4s__ 1949
Bap A Dul div A term lat 4a '36
9tr««t Railway
Brooklyn Rapid Tran g 6a.. 1946
lat refund conv gold 4a ... 2002
6-year aeoured notea 6 a . -.1918
Bk City lat con 5a._1916-1941
Bk QCo A 8con gu g 6a.. 1941
Bkiyn Q Co A B lat 6a___ 1941
Bklyn Un El lat g 4-5a...l960
Stamped guar A~6a........ 1950
Kings County El lat g 4s. 1949
Stamped guar 4a.......... 1949
Hawaii Elec guar gold 4a. 1951
Ofilcagq Rya lat 5a.............. 1927
Gann Ry A L lat A ref g 4Ha 1951
Stamped guar 4Ha.......... 1951
Dat United lat cona g 4H8--1932
VI Smith Lt A Tr lat g 6a.-.1936
Havana Eleo conaol g 6 b ___ 1962
Had A Manhat 6a Her A___ 1967
Adjust Income 5a..............1957
N Y A Jersey 1st 6a.......... 1932
iaterboro-Metrop col! 4Ha. 1956
laterboroRap Tran let 6a..1969
Manhat Ry <N Y) eons g 4a. 1990
Stamped tax-exempt.........1990
Metropolitan Street Ry—
Bway A 7th Av lat o g 5a. 1943
Col A Oth Av lat gu g 5a._1993
Lex Av A P F lat gu g 6a. 1993
Met W 8El (Ohio) lat g 4a.. 1938
Mllw Elec Ry A Lt cona g 6a 1926
Refunding A exten 4Hs—1931
Mlnneap St lat cona g 6a___ 1919
Montreal Tramwaye lat A ref
30-year 6a Ser A................1941
flaw Orl Ry A Lt gen 4 Ha.. 1935
H Y Rya lat R E A ref 4a. .1942
80-year adj ino 5a........... al942
H Y State Rys 1st cona 4 Ha-1902
Fortland Ry 1st A ref 6a___ 1930
Fortld Ry Lt A P 1st ref 5a. 1942
Portland Qen Eleo 1st 6a. 1935
flt Jos Ry. L. H A P lat g 5a. 1937
St Paul City Cab cona g 5a._1937
Third Ave lat ref 4a..............1900
Adj Ino 5 a .......................al960
Third Ave Ry lat g 6 a ..........1937
Tri-City Ry A Lt lat n f 6s..1923
Undergr of London 4 Ha____1933
Income 6a...............
1948
Union Elev (Chic) lat g 5a..1949
Ualted Rya inv 6o Pitta Isa. 1926
United Rya St L lat g 4h___ 1934
St Loula Transit gu 5a...1924
United RRa San Fr a f 4 a ... 1927
Ry A Pow lat A r e t 5 a . . . 1934
9a* and Electric Light
Atlanta Q L Co lat g 6a____1947
Bklyn Un Ga3 let cona g 6a. 1945
Buffalo City Gas lat g 5a___ 1947
Columbus Gas lat gold 6a. . . 1932
Consol Gaa conv deb9a ..1920
Detroit City Gaa gold 6a___ 1923
Detroit Gaa Co cr a 1st y 5a. 1918
Detroit Edison lit coll tr 5a. 1933
1st A ref 5s ser A .......... 61940
Eq G L N Y lat cona g 6a__ 1932
□as A Eleo Berg Co o g 6a. 1949
Hudson Co Gaa 1st g 5a___ 1949
Kan City (Mo) Gaa 1st g 6a. 1922
TInga Co El L A P g 6a........1937
Purchase money 6s........ 1997
Convertible deb 6s............ 1925
Ed El 111 Bkn lat con g 4a. 1939
Lao Gaa L of St L 1st g 6s..el919
Ref and ext i - 6a.......... 1934
Milwaukee Gaa l 1st 4a_..k1927
Newark Con Gaa g 6a.......... 1948
W Y G E L H A P g 6s..........1948
Purchase money g 4a.........1949
Ed El 111 1st cons g 6a___ 1995
WYAQ El L A P 1st con g 6a. 1930
2? Y A Rich Gaa 1st g 6a___ 1921
Faciflc a A El Co Cal G A E
Corn unifying A ref 5s___ 1937
Pao Pow A Lt lat A ref 20-yr
5a Internat Series.............. 1930
Pat * Paesalo O A El 5a____1949
Peop Gaa A C 1st cona g 6a.. 1943
Refunding gold 5a............ 1947
Registered..................... 1947
Ch G-L A Cke lat gu g 5a. 1937
Con QCo of Chi latgug 6sl936
ind Nat Gaa A Oil 30-yr 5al93G
Mu Fuel Gaa lat gu g 5a.. 1947
f hlladelpbla Co conv 5a____1919
Conv deben gold 6a..........1922
Stand Gas A El conv a f 6t .. 1926
Syracuse Lighting 1st g 6a.. 1951
Syracuse Light A Power 0 a . . 1954
Trenton O A El lat g 6a____1949
New York Bond Record-Concluded—-Page 4
<3
P r ic e
F rid a y
M a y 26.
I
a.
A
J
D
J
J
A
N
J
N
N
A
J
S
J
J
J
0
8
D
B id
D
A
A
G
J
O
O
J
A
s
J
J
J
N
A
O
J
O
O
»
S
S
A
A
J
J
J
J
J
O
N
N
A
J
N
J
J
O
J
O
J
O
N
J
O
O
i
D
N
O
J
F
J
A
J
a
a
D
N
O
G
O
a
j
F
O
N
D
D
A
J
A
-N
M
A
a
0
s
s
j
D
N
N
A
N
D
D
J
8
•No prlee Friday; la teat bid and asked,
A s k Lou:
H ig h
O00
R ange
S in ce
J a n . 1.
N o . L ow
H ig h
10S
108*4 15 107*4 109
5 100 107*2
106
106
37 915s 94
91*4
92
102 Mar’16 ___ 102 102
90 Apr T 6 ___ 90 95
91 Apr TO —
91
91
86 Sep T5
42*2 Aug T6
21
98
9834
97*4 9S34
103*4 104
10 103
105
9834
9834 20 98 100
90 Juuc’ Li
100 May’ 16 . . . . 96*8 100
65 Deo T6
104*8 May’ 16 . . . . 103 104*8
80 Aug T2
72 Apr T6
72 73
86 86*2 82 May’16 5 82 87
3*2
3*2
3*2Sale 2*2
1*2 4*4
119 1
3*4
2*2Sale 1*4 Mar’316 ___
1
3
1
3*2
2
2
1
1 378
1
3
*8 *8 38May’ 16 . . . . *4 78
*4Mar’ 16
-----*4
*8 *4
8378 84*4 81*2 Apr T 6—
83*2 84*4
93 ___ 91i8 Aug T5
9 71
73*2
75
72 73*4 73*8
10334 105
104*4 10434 104*4 Apr TO —
84 8434 84l2 Apr TO —
81*2 84*2
20 Deo ‘15
37*2
100*2102 100 100*2 ___2 98 102
95*2___ 98 Apr T0
90 99*4
96*8 97 97 Mar'10
97 97
34 68 72
71
71 Salo 70
90 Apr T4
___
85 87 87*2 Apr T 6
87*2
86 13! . 84*2
80 Salo 855s
84 87*4
86*2 88*2 87 May’ 16 — 85 90'g
108 ___
___ 100*2
9213___
101*2____
91 100
91 ____
91 ___
----- 87
97*8 98
104 Sale
98*2 98*4
80 110
100 ___
68 ___
104 ____
70 ____
69 72
BONDS
N. Y. STOCK EXCHANGE.
Week Ending May 26.
P r ic t
F rid a y
M a y 26.
W e e k 's
n a tiv e or
L a s t S a le
L ow
H ig h
Union Elec Lt A P lat g 5a__1932 M- S
100 Sep *16
89 Mar* 15
Refunding A extension 5s_1933 M - N
102*4 Mar* 15
Utica Elec Lt A P lat g 5a.. 1950 J • J
08 Aug '16
Utica Gaa A Elec ref 5a___ 1957 J J
Westchester Ltg gold 5a___ 1950 J - O 105*4 105*2 104*4 Apr TO
(tfiscoilaneouv
Adams Ex coll tr g 4a ____ 1948 3W
Alaska Gold M deb 6a V___1925 IYI -S
Conv deb Gs series B ___ 1926 M - S
Armour A Co 1st real est
'39 J 1.
Bush Terminal 1st 4s......... 1952 A - r
Con80l5s_............. .........1955 J - J
Bldgs 5s guar tax ex......... 1980 A -O
Chile Copper 10-year conv 7s 1923 M-N
Computing Tab-Rec s f 6a..1941 J - J
GranbyCons M HAP con 6a A '28 M- N
Stamped.......................... 1928 M-N
Great Falls Pow 1st a t 5s.. 1910 M-N
lot Moreau Marine 4 Ho.. . 1922 A Q
Certificates of deposit.............
Int Navigation 1st s f 5s___ 1929 F - A
Montana Power 1st 5s A . . .1943 J - J
Morris A Co lat s f 4Ha___ 1939 J - J
Mtge Bond (N Y) 4s ser 2 ... 1960 A - O
10-20-yr 5s series 3 ............ 1932 J - J
N Y Dock 50-yr 1st g 4s___ 1951 F - A
Nlag Falls Pow 1st 5s..........1932 J - J
Ref A gen 6s .................a 1932 A -O
Nlag Lock A O Pow 1st 5s.. 1954 M-N
Ontario Power N F 1st 5s . 1943 F - A
Ontario Transmission 5s___ 1945 M-N
Pub Serv Com N J gen 5 a ... 1959 A - G
Sierra A 3 F Power 1st 5s. 1949 F - A
Tennessee Cop 1st conv 6a..1925 M-N
Wash Water Pow 1st 5s___ 1939 J J
Range
S in es
Jan. 1.
N o . L oxo
H ig h
104*4 105
82 8278 82i2
82*2
82i2 85*s
102 104 104*2 104*2
101*2 117
101 105 102
103i2
9978105
9334
9334 Salo 935*
93*8 95
86*2 8778 8738 87*2
86*2 89
875S 88i2 87*2
87*2
87*2 92
91
86
86*2 87*4 87 May'16
128*4 Sale 128*a 130
128*8 135*4
85
83*s 8U4 83 May'16
81
104*a 109*4
104 10534 105*4 105*4
104 10534 105 May’ 16
103*4 109
4 99*4 101*8
100*4 100*2 100*2 100i2
1025s Sale 102*8 10234 K) 95 1027S
10234Salo 101*8 10278 663 05*8 103
1 91*4 100
100
94 102 100
48 95*8 98
98 Salo 9078 98
9178 ____ 92*8 Apr ’16
02*8 93
83 Apr ’ 14
94 04*|
94 95*2 94 Feb '16
71 May'16
73 76*i
72*2 74
____104*2 102*8 Apr '16
100*4 102*8
92*8 Feb *16
92
92
92 93
85 86I2 86 Mar'16
927a Salo 92*8
93*4
92 «4Feb ’14
111
111
103*2 Jan '14
925a 925a
92
95*i
86
86
89*4 93*4
110 125
Manufacturing & Industrial
102
1 101*4 103
Am As Chcm 1st c 5s......... 1928 A - O 102 102*8 102
99*8
97*2 26 97
Conv deben 5s................ 1924 F - A 97*2Sale 97*8
97*4
6
90*4 97*4
Am Cot Oil debenture 5s . . 1931 M-N 97*8 Sale 97
11! 1033a 104*4
Am Hide A L 1st s f g 6s___ 1919 M - S 103*2 10434 10334 104
85 8 8 * 2
101*2 101*2 102
Amer Ice Seour deb g 6s .. 1925 A - O 84 88 86 May’ 16
98 Apr T4
94
Am Smelt Securities a f 6a.. 1926 F - A 109 Sale 108*2 109 i uo, 107*4 118
98*8! 26 1 Q77g 985g
101 May’ 13
Am Thread 1st coll tr 4s... 1919 J - J 98*4 08*8 98*8
8 100 162 Am Tobacco 40-ycar g 6s .. . 1944 A -O 118*3____ 118*2 May’ 16 — 118 118*4
10158 Sale 101*2 1015s
121*4 May’ l l
101*2
102 101*2 101*2 81 1003a 102*8 Registered.............
1944 A - O
Apr T 6
8334 85 83
83
83*2 85*2
86*2 Gold 4s.......................... 1951 F - A 83*2___ 83*4
1 82*2
98 June'14
82*2 84
83*2
83*2
82*a 80*2
Registered............
1951 F - A
78
65*a 78
70*8 May’ 16 ___ 75 7034 Am Writ Paper 1st a f 6a___ 1919 J - J 78 Sale 77*4
74l2 76
104*2 Apr TO
104*2 105
9634 19 9534 9834 Baldw Loco Works 1st 5a... 1940 M-N ------ 106
96*8 9678 96*8
10H2
102*2 104*2
100*4____ 99*2Jan T0 —
99*2 99*2 Beth Steel 1st exti f 5s.........1920 J - J 104 104*8 104
100*2 103*8
100*4____ 96U June’ 14
1st A ref 5s oar A_______1942 M-N 102i2 Sale 10134 102l2
100*4 102*8
83*2 184 74*a 83*2 Cent Loath 20-year g 5 a .
83 Sale 81*2
1925 A -O 102'3 Salo 101*4 102*3
84 Jau T4
Consol Tobacco g 4s..
1951 F - A 82*3____ 97*4Jan T 6
99*2 99*2May’10
d o " Ioo"*8
933a 94 93*4May’ 16
^87 ~ ’ 94”
Corn Prod Ref s f g 5s_____ 1931 M-N 09
98
109 69*2 75*4
72
90*4 0 9 lj
72 Salo 703s
1st 25-year s f 5s _______1934 M-N 98 Sale 98
26 26*2 3 l »
29
29 Sale 28*4
101*2 103
4
Cuban-Am Sugar coll tr Os. 19IS A - O 102*2 102*4 102*4 102*4
76?a Salo 75*4
77*4
*8 77*4
------ 101*2 101 Apr T 6___ 101 102
Distil Sec Cor conv 1st g 6s .. 1927 A -O
101
101 107*i
74*4 99 7258 76*2 E I du Pont Powder 4Hs - - -1930 J -D 101 101*2 101
7358 Salo 7358
85
85
9S58 273 98 0934 General Baking 1st 25-yr 6s. 1936 J -D 84 ____ 85 Mar’ 16
98*8 Sale 98
2 91 93 Gen Electric deb g 3 H»- - . 1942 F - A 8212 ____ 82*4 82*2
78
83*2
91*8
91*8 Sale 91*2
9234 8 92 93*4
103*4 105*4
92 Sale 92
Debenture 6s........
1952 M- S 10478 Sale 104*2 105*4
91*8
90*2 92*4
111 Steel deb 4Ha_____
1940 A -C 91*8 Sale 91
1 98*4 100*4 Indiana Steel 1st 5a___
103*4
100 100*4100 100
101U 103*2
1952 M-N 103 Sale 103
100 Oct' 13
99*2May’ 16
99*2 100
99*2 100
Ingersoli-Rand 1st 63. . .*1935 J - J
77*2
79
76
9934101 Int
------100*2 100*4Apr T 6—
Agricul Corp 1st 20-yr 6s. 1932 M -N ~77 " '77*4 77*4
102
May’
16
101*4
102
102 102*4
30 Mar’ 14
Int Paper Co 1st con g 0a_. . 1918 F - A
90
90
81
101*4 - ... 102*a May’ 16 . . . . 101 102*2
Consol conv s f g 5s____ 1935 J J 90*8 91*8 90
76 Mar’ 16
75 78*8
Int St Pump 1st s f 5s___ 1929 M- S 73 . . .
93*2 92*8 Feb T5
73
74
73*8
73*8
72*2 70*2
1___
C0*4 ___ 100*4 Mar’10 — 100*4 100*4
Certfs of deposit....................
9978
97*2 100*8
Lackaw Steel 1st g 5s___ 1923 A O 99*2 99*4 99*2
93
8934 95*2 9378 Mar’ 16 ___ 937a 95
90*4 977*
1st cou5s Series A ______ 1950 M- S 9234 Sale 92*2
80 May'16 ___ 80 86
124*4 127
____ 90
Liggett A Myers Tobao 7a 1944 A O 126*4 Salo 125*4 125*2
102i2
78*2
73*2 79
78*4 Salo 78
6
a ................................. 1951 F - A 102 102*4 102
101*4 103*2
1225a 127
5778 Salo 67%
58% 103 55 0378 LorJllard Co (P) 7 a .
1944 A - O 125*2 126*4 126*2 126*2
100*2 102*4
6a........................ .......II" 1951 F - A 10034 1007a 10034 101
85*2 87*2 87*2 May’16 ___ 80*4 88*2
116
106*8 128
93*4 94*2 Mexican Petrol Ltd con 6s A 1921 A -O 114*2 117 116
92i2 93*2 93*2May’ 16
7 79*2 80
105 125*2
80
80 Sale 79*2
1st lien A ref 6s series C
1921 A - O 114 117*4 115 May’ 16
99 May’ 16
90*2 99
100 May’ 15
Nat finara A Stpg 1st 5a.. '" 1929 J -D 98*2 100
88*2May’ 10 42 87 88*2
90
95*4___ 90 May’16 —
95 90
Nat Starch 20-yr deb 6s. _ 1930 J - .1 87
10138
9978101*8
1023a____ 100 Sep T5
National Tube 1st 5s_____ 1952 M-N 101*8 Salo 101
8138 8787 "81*r~83^ N Y Air Brake 1st conv 6* 1928 M-N 104 Salo 103*8 104 43 101 105*2
81*4 Salo 81*8
79*2
80
7914 8434 Railway Steel Spring—
79*2Sale
1 99*4 100*8
10738 108 108 Apr TO ___ 106 108
Plant 1st a t 5 a ... 1921 J - J 1001.1____ 100*8 100*8
97
97
6 94H
97
100
10 98*4 100?8 Latrobe
99*2Sale 99*2
Interocean P 1st s f 5a
1931 A - O 96*.i 97
49! 95*4 9934
985a
95*2J’ly T4
----- 96
Repub IA S 10-30-yr 5s s f 1940 A - O 0838 98*2 98*2
100
14 957b 100
6334 86 60 Jan '16 . . . . 08 09
Standard Milling 1st 5s.. . 1930, M-N 99*2 9973 99 h
71 104*2 106
84 Oct '08
The Texas Co conv deb Os 193 lj J - J lOi*! Salo 104*8 105
73 74
80*8 83*a
Bag A Paper let 6s 1930 J - J 82*8 85 82*4 May TO
------ 80*4 7334Apr TO
82*4 " '3 82*8 82*4
00*8 1 5978 62 Union
Stamped........................ 1930 J - J 82 ____ 82*4
------ 60*8 5973
72
72
1 70 73
----- 00 55 Apr *16 ___ 55 6978 U S Realty* I conv deb g 5a 1924 J - J 70*8 72
11 Apr TO
15
11
11
36*8 Sale 3o78 36*4 33 32*2 4634 U S Red A Refg 1st g 63___ 1931 J J 10
"21 102
103*2
T7 S Rubber 10-yr coll tr 6s 1918 J - D 1027a 1 0 3 10278 103
8934 Sale 89*4
8934 10 89*4 92
112*8 3 1 110*2 112*2
U S Smelt RyA M conv 6j 1926 F - A 111 Salo 111
105*4 291 103*4 105*2
103 ___ 103 Bod '16
U S Steel Corp— f coup _ d 1963 M-N 105*8 Sale 105
1035a 10512
105 May'16
3 105 107
106*2 107 106*2 106*2
S f 10-60-yr Sslrcg....... dl963 M-N
987s " l 8 98 905s
54 June’ 13
Va-Car Chem 1st 15-yr 5s .. 1923 J -D 0834 Salo 98*4
6 10078103*4
___ 97 Feb T5
Conv dob 6s.................. f 1924 A -O 101 101*4 101*4 101*4
12478 102 120 126*2 West Electric 1st 6s Dec___ 1922 J - J 102*4 10234 102*3 10234 27 101*2 1033s
123*2 Sale 123
13 112*2 141*3
2 101 1021* Webtlngh’so E A M conv 5s. 1931 J - J 122 128 125*2 128
1013s 101*2 1013a 1013s
10188 10168
08*2 Nov’ 16
08*2 - 10-year coll tr notes 5s.......1917 A -O 100*2 101*4 101*8 May’ 16
9 103 1043s
104*8
104*4 Salo 104
Coal & Iron
100*4 10134 Buff A 8usq Iron s t 5s_____1932 J -D 06 ____ 92 July T4
100 ____ 101*4 Apr TO
90 93
100*2 May’ 16
Debenture 5s...... .......... a1920 M- 0 93 05*4 93 Fob TO
100 Feb T3
92*4 96*2
100*4
Col F A I Co gen s f g 5s. ..1943 F - A 94*8 98 95 May’ 16
7534
74*a 77
103 103*2 103 May’ 16 __ 103 103*2 Col Indus 1st A coll 5s gu..l934 F - A 75*4 75*4 75*4
91 Jan TO
Cons Ind Coal Me 1st 5s.. . 1935 J -D 18 ____ 73 Mur’14
91 91
91
1 104 105
104
Cons Coal of Md latAref 5a. 1950 J - D 91*2 92*8 90
104 105 104
1 11478 118*2 Continental Coal 1st g 5s . . . 1952 F - A 35 ____ 99*8 Feb T4
117*2 11734 11734 117*4
94*4 04*4
Gr Rlv Coal A C 1st g 6a..61919 A -O - - . 93*4 94*4 Mar’16
126 129*2 126 Mar’10 ___ 126 128
88 Apr TO ___6 88 8834 Kan A H C A C 1st a f g 5a. 1951 J - J 35 ___ 90 July 16
89 00*2
90*2
Salo 90*2
101*2 Sale 101% 101% 6 1005s 102 Pocah Con Collier let s f 5s. 1957 JJ -- JJ 90*2
87 May’ 16
84 88*2
86
87
101*2Salo I0Ul 10U2
10078 102-38 St L Rock Mt A P 5s atmpd. 1955
101*2 1033s
1951 J - J ____101*4 101*2 May’ 16
93 ___ 03% May’ 16
91*4 93*8 Tenn Coal gen 5s______
101*4 102
1035a Mar’ 16 ___ 10358 1035s
104
BIrm Div 1st consol 6a_II 1917 J - J 101*8 101*4 101*4 Apr T 6
101*8
101*8 102
Tenn Div 1st g 6s........a 1917 A -O 101*3____ 101*8
105*2 Sale 104*1 105*2 29 103 105*2
Cah C M Co 1st gu 6s___ 1922 J - D 106 ____ 101 Doo T4
8T66 20 84 87 VIotor
85*2 Sale 85%
73
Apr
T4
____
87*2
J
J
10
S
S
4
Apr
Fuel
1st
s
f
5s.
1953
108
109
108 110
87*2
87*2 90*2
10034 ___ 101 May’ 16 — 100*2 101*4 Va Iron CoalACoke 1st g 5a' 1940 M- S 88 89*4 87*2
Telegraph & Telephono
................ 92% July'00
92U
90*2 92l2
Am Tolep A Tel coll tr 4a... 1929 J - J 92*8 Sale 02*8
100 101*4
Convertible 4s................. 1936 m - e 100 102*2 101*4 May’ 16
987S Sale 98%
99% 66 975s 100
Salo 10758 108*8
106*8 108*4
20-yr convertible 4H«____1933 JM-- 98 108's
102*8 102io 101*2 May’ 16
101*2 102*8
93 Feb T 6 . . . . 03 93*2 Cent Dlst Tel 1st 30-yr 5a.. 1943
75 88*4Juno’14
Commercial Cable 1st g 4 s..2397 Q - J
101*8____ 99*2Oct T5
7 l" ’ 71*
71
71
84
Registered...............
2397
Q- J
1148s 116*2
115 ____ 115*2 May’ 16
99*4 1006a
10038
T A T 1st A gen 5s. _ . 1937 J - J 100 Salo 100
101*4 Sale 101*8 101*4 3 100*2 102*8 Cumb
98 08
08 Apr TO
Keystone Telephone 1st 6a .. 1935 J - J 98 100
09 Sep '13
101*8 101*2
101*2 May’16
10138 10234 Metropol Tel A Tel 1st a f 6s 1918 M-N 1015a
101*8___ 101*8 May’ 16
99*2 101
1 101 101*8 Mich State Telep 1st 5h____1924 F - A 997s 100*4 100 May’ 16
1003s___ 101*8 101*8
101*2
Juuo’16
M-N
100*2
93
Mar’
12
N
Y
A
N
J
Telenhone
6
a
g
..
1920
85 87
98*8 174 98 09*2
98*4 Sale 98*8
100*8___ 100% Mar'10 ___ 1003s 10034 N Y Telep 1st A gen s f 4 H a . 1939 JM-- NJ 1003
99*2 101*8
4Salo 100*4 100*4 79
•90*4 98*2 Pac Tel A Tel 1st 6s.............. 1937
08*2___ 98*2 Apr TO
100*4 23 90*8 1 0 1 * 8
4 90*8 93*1 South Bell Tel A T 1st a i 6 a . 1941 J - J 100 Salo 100
01*2 9238 90*8
91
101
101*2 10 100 1017a
J - J 101*2
101*2 Sale 101*2 102*2 17 98*2 10278 West Union coll tr cur 6a ... 1938 M-N
95
05*4 18 9458 96*2
95*4
Fd and real est g 4Ha___ I960
9934 100*4
100*8
------ 100*8 May’ 16 —
101*4 101*2
101*4 Apr T 6
Mut Un l ei gu ext 6a___ 1041 M-N
81 ___ 86*2June’12
95 95
101*2____ 101*1 June’ 14 — ...........
Northwest Tel gu 4 H» 9 1934 J - J 94*4____ 95 Mar’ 16
a Duo Jan. dDueApr. aDueM aj* j Due June, h Due July*! Doe Aug. #DoaOot, v Due N ot. f Due Deo. 1 Option sale.
O 103
J 78
101
i
J 101
N -----A
A
A
A
J
A
4
J
J
S
A
A
W e e k 's
R a n g e or
L a s t S a le
(Vol. 102.
103
Sale 103
80 78*2 May’ 16
Salo 1007s 101
1 102 10312
81
20 1078*2
0*2 101*8
8 100
*2 102
M
BOSTON STOCK EXCHANGE—Stock Record
2 7 1 9 1 0 .]
a t
iU A R B
P R IC E S — N O T PU R C E N T U M
M onday
M a y 22
S a tu r d a y
M a y 20
T u esd a y
M a y 23
1 W ed n esd a y
| M a y 24
P R IC E S .
\ T h u rsd a y
M a y 25.
I
F r id a y
M a y 20.
I
10534 *105*4 106
•105 105i2 105*4 10534 *100 106*4'
L a st S ale 100*4May'16
•1003^ 101i4 *10034 101*4 *100*4 101*4 10034 101*4
185 185
185 185
185 186
186 186
•184l2 189 *1S4
74
76
74
75*4 *74
75
74
74
73*2 74
73*4 74*4
135 135
136*8 *135 136*8
•13412 135 *134*2 135
50
50*2 48*2 50
48
48
50
’ 47*2 47**2
5012 49*2 50
*232*2 ___
L a s t S ale 232*2May’ lO
*232*2
*232l2
*232*2
4
4
L a s t S ale 4i2 May’ 16
” 4 *
4 * __
40 *
40
40
L a st Sale 39 May’ 10
40 *
*4
5
*4
5
*4
5
*4
L a st S ale 4*2
5
Apr’ 16
*42
42
42 *___
*42
•42
47
L a s t S ale 160” Sep"l5
•151 155 *154 155 *154 155 *154 155
100 107 *105*2 108
*105
•105
1
106 106
lOt 108
162 •162 ’ *155 160 *156 164 *156 162 *156 162
*7734 79
77*4 78
79
79
78*2 78*2 *78
7834 "78*2 78*2
126
126
*125*2 127
•125t4 126U *125*4 120U
120*4 126*4
:
89
89
*88
90
90
♦8Gl2 90
*88
90
90
•100 10012 *100 100*2 *100 10012 *100 100*2
L a s t Sale 100*2May'16
7
7
7
*6
*6*2 7
*6*4 7
*6*4
7*4
37
35
36*? 37
37
36
30
*35
36
*6214 62l2 6234 63
62l8 64
61
62*8 61*2 6178 61
61
105 105 *103
*103
103*2 103*2
:
103*2 102*2 103
*15112 152
151*2 151*2 *151 152 *151
*151 151*2
•23
25
*23
25
24*2 25
*24’ 24
25
24*2 24*2
141 *139 139*4
141*4 141*4 1427a 14278
*139l2 140
*115
59
*76
123
59
77
*114
*58
*76
123
59
77
116
59
76
116
69
77
L a s t S ale
*114 123 *115 123
5884 5834 58*2 58*2
76
76
76
76
82*2 Mar" i6
58*2 58*2
76
76
69*2 67*2 68
*68
69*2 *68
69*2 *68
*08
69*2 69*2 691
98
9812 9834 9834 98*4 98I« 9SBs 9834 97*2 98
98*2 98*2
*2S8 234
*2i2 3
234 2*4
2*2 2*2
*2*2 234 *2*2 27,8
*14
*14
15
14
143.i
14*2 *14
*14
l l i 2 14
*112*2
113 II334 *11212 113*4
113*2 *112*2 113
113 113 *112’ 113
118 118*2 118 118*8 1 1 778 118*2 118*2 118*4
117*2 118
117% 118
12834 129
129 1293s 129 12938 129*8 129*4 129*8 129*8 129*4 129*i
*45
46
*44*2 46
46
*45
46l2 46
*45
45*4 *44*2 44*8
983ji 98
9838 98
98
98i2 98
98*8 98*8 98*2 *98
98*4
70
70*4 *70
70
71
7012 70l2 70
*70
70*4
100*4 101 *100 101
IOOI4 lOOU 101 101
100 100
4231 4312 41*2 423j 41*2 42
42
44*2 44
4212 43
45
5284 5212 53
5234 533i 63
5212 6212 52
5378 52*2 5278
10*8 *10
1038 ♦10
*10
1038 *10
10*8 *10
10*4 10*4
10*8
235 235
235 236
235 235
236 236*2 *236*2
238 238
173l2 17334 1723.J 17278 172*4 172*4 173*4 173*4 172*i 172*4 171 171
99
99
*99
99
99
99
99
*99 ___
8312 83*8 83*2 82
83l2 *83
83
82
83*4 82
_8 i *4 ¥ 2“
82
83
85
84
.84
82
84
84
85
85
*83*2___
160 160 *160 161*2 160 160
*158 163
160 160
13s *1
*1
*1
1*2 *1
1*2
138
L a s t S ale l ‘ " “May’ 16
*16
*16 ___ *10
*16
L a s t S ale 16*2 May’ 16
*42
*42
*43 ___ *43
L a s t Sale 43
Apr’ 16
25
25 *__
27*2 25
27*2 +
25 *— - 27l2
*
65
50
50
50 *
50
55
50
60
133" 133
132*4 132*4 132*4 132*2 132 132
133 135
*152 155 *152 157 *153 154 *153 155
153 153
*16212 163*2 163 103*4 163*2 165*2 105 165
105 165
16*2 16*2 16*2 16*2 16*2 16*2 16*2 16*2 16*2
♦16
I6I4 *10
135 136
135 136*2 135 13534 I.3434 136
136 137
137*4 140
5212 52*2 53*8 53
53*2 52*4 53*2 53
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53
63*2 6412
31*2 *31
31*? 31
31*2 *31
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31*2 31
31
31t *31
1
1
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1^4 *Hj
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Ml ____ ___
160 161
158 159
158 159*2 157 158*4 157*2 159
158*4 160 ‘
60
61
60*8 60*2 60
60
6134 59
00*8 60*2 61
60*8
29*4 293« *29
29*2 29*2 29*2 29*2 29*2 29*2 29*2 29*4 29*2
85*2 84*4 85*4 85*8 86*2 8533 8578
85
853s 853s 8534 85
11634 11634 117 117*8 1163.1 117*4 117*4 117*4
117 117
9*8 9*2
938 9*8
9*8 9*2
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9*4 93s
*334 4
3*4 3*4
♦312 4
334 354 *334 4
3*4
102 102
1007« 103
101 102*? 100 101 •100 102
22*4 2212 22*4 22*2 22*2 2234 2284 22*4 22*i 23*8 22*i 23
*178 2
*178 2
*17a 2
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178 2
I7
17g
*69
69*2 69
69*2 69
70
69
69
69*2
6912
69
88*! 873s 8838 87*4 88*4, 85
8634 88 - 87*2 89*2 87
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9
9
9
9
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9
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278 *358 378
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234; * 2 %
27S *2%,
May’ 16!
95
9234 93*2 93
9334 94*2 93
95*2 9334 9434 94
94
75*4 74
75*4 75
75*4 73*i 74l2 73*2 74
743.J 75*4 75
574 575
575 575
573 574
573 573
555 575
559 502
16
16
___
17
16*2 16*2 *16
*16
17 ►
17
16
54
*54
54*2 *53*2 54
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07*2 68
6734 68*4 67*2 68*8 67*4 6778 6684 68
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3
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3*4 3*4 *3*8 3*8
3*8 3*8
314 3*8
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13
13
12*58 127a 12*4 13
•12*2 13
12*4 1278 ♦12*2 13
834 834
8*2 8*2
834 834
8*2 8*4
8*2 8*2
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8*4
89*1 89*4 89l2 90
*89
91
91
91
*89
8934
89
48
48*2 48*4 48*4 48*4 48*2 47
48
*48
49
47*4
47*4
14*2 1412 145s 14*4 14
*14*2 15
*14*2 15
14
14*2 14*2
1___
24 ►
___
24 •----24
*___
24
La
24 Mar’ 10
*3*2 4
3*2 3*2 *3*2 4
3*2 3*4 *3*2 4
3*2 36s
51
51
50*2 50*2 5034 5078 50*2 50*2 *50*4 51
49*i 50*4
91
92
*91
92
*90
91
•90
91
*91
92
*91
92
29
29*4 29
29
29
28
29*4 29*2 29
28*2 2778 28
434 434 *4*4 5
*47„
*47a 5
5
4*4 4*4
4% 4%
5*8 5*2
5 ^ , 5*2
5*2 6*2 *5*4 5*
5*8 5*2
5*4 5*4
•10**4 17
16*2 1634 16*2 1653 16*4 16*4 1634 1634 15*1 16*4
4
*4*4 4*2
*4*4 4*2
4*4 4*4
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♦3*8
3*2
3 W , 3%,
3*8 338
1234 1234 *12*4 13*4 123.1 13
*12*2 12*4 *1212 13
*1212 12*4
*3*8 3*4
3*4 3*4
3*8 3*8 *3*8 3*2 *3
3*4 *3
3*2
*36*2 367a 36*4 3634 *36*8 365s 36*8 36*2 36
36
*36
36*2
•3*8 3*4
35s 3*4
3*8 3*8 *3*2 3*4
3*8 3*4
3*8 3*8
90
90*2 97
98
96
95
96
90*4 97
96
97
9512
I738 17
*17*2 18
18
18
18
18
18*i
18*8 *17*4 18
*7*4 73.,
7
7*2 7*2
7
7
7
7
7
*7
7*2
*13
14
13*2 13*2 14
14*4 14*2 14*2 •13*2 14
*734
8
8
8*4
*7*8 7*4 " % " 7*4
*7*2 7*4
24*8 25*4 25
20
25
20
2278
25
25*2 25*i 25*8 25*2
*1*8
1*1 *1*8
1*4 J J K I K
*1*8
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1*8
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2
2
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2*4
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•2
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2
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2*2 2*2 •2*2 3
*2*2 258
2*2
2*8
70*2 70
70
70*4 7034 70
6934 6.334 6934 69
69*2
96
90
96
96*2 90*2 96*2
96
94
94
95
96
15*8 15*8 15*4 15*4 15*4 153a
15*4 *15
15*4 15
15*8
97
97
97
97*4 97*4 97*4
97
97*? 96
97
96
•23
23*2 23*2 23*2 23% 23*8
22*2 *23
23*2 *23
2312
77
77
77
77*2 77
77
77
77
75
76*4 76*4 75
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2*2
2*2 2*2
2*2 2-^
2*2 2*>8
2*2 2*2
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9
8*2 8*2
8*2 8*2
8«4 Hh
8*4 8*4
•32
32*4 32*4 *3234 33
32*2 *32
3212 ♦32
32*9 3214 32*4
734 734 ♦7*2 8
734 7*4
*7*8
T 'h
7‘ a 7>?
7*2 7*2
17
10*2 17
173g 17*2 17
*16*2 17
*16*4 171. *15*2 171.
47
434 5
5
5
a ft
5
6*4 *5
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5
5*8
♦52
*53
54
53
54
•53
52
51*4 53
52
52
52*2
7*2 7*2
7
7*2 7*2
7
6*4
7*2 77a
7
7
*6*2
.42 .45
.40 .44
.47 .49
.45 .45
.50 .52
.52 .59
77*8
76*4 73*i 7534 73
703| 75*4 76*4 76
76
74*4
52
51*4 513.1 51*2 6134
51*2 51*4 51*2 5184
51*2 52
434 4 %
4% 5
434 47a
4% 5
47,8 4%
47a 4 %
147s
14*8 14*4
1412 15*4 14*2 11*4
1378 1378 14
14*4
81
*31
81*2
81*2 81*2 81*2 81*2 81*4 81*4
9*2 978
958 10*8
978 10
10
9*2
9
9*2
3*2 *3U
•3*4
3'
*3*4 3*2
312
3*4 3*2 *3*4 3*2 *3*4
4*4
5
538 6
0
5
5*4 638
6*4
V'4
6*4
56
56
•57*8 58
58
•56*2 57
58
57*8 58
56
56
•1*4 2
2
M.
2
1*4
178
1*4 1*4
2
1*4
2u
3*4
100 101
8
68*4
8*4 8*1
234
10
66*2
6*4
88*2
'*4
7
8
• Bid and asked price, a Ex-dividend and rights, 0 Ex-stock dividend.
S a les
o f th e
W eek
S h a res.
STOCKS
BO8TON STOCK
EXCHANGE
Assessment paid,
R a n g e S in c e J a n .
1.
19 7 5
R a n g e f o r P r e v io u s
Y e a r 1915.
H ig h e s t,
Railroads
10 Atch Topeka A Santa Fe_.100
Do pref......................... 100
29 Boston A Albany________ 100
974 Boston Elevated................. 100
42 Boston A Lowell_________ 100
1 2 9 5 Boston A M aine................. 100
Boston A Providence_____100
Boston Suburban Elec C o s ...
Do pref________________
Boston A Wore Electric C o s..
8 Do pref________________
Chic June R y A U S Y ...1 0 0
81
Do pref..............................
20 Connecticut River............. 100
70 Fitchburg pref___________ 100
8.5 Georgia Ry A Elec stampdlOO
205 Do Pref......................... 100
Maine Central........ ............ 100
25 Mass Electric Cos________ 100
16 1
Do pref stamped_____ 100
699 N Y N H A Hartford____ 100
70 Northern New Hampshire. 100
2 1 Old Colony......................... 100
43 Rutland, pref___________ 100
go Union Pacific____ _______ 100
Do pref..........................100
5 Vermont A Massachusetts. 100
89 West End Street__________ 50
60
86 Do pref— ..........
Miscellaneous
26 Amer Agrlcul Chemical__ 100
408 Do pref______________ 100
150 Amer Pneumatic Service.. 60
30 Do pref_______________ 50
100 Amer Sugar Refining_____ 100
342 Do pref.......................... 100
1,835 Amer Telep A Teleg........... 100
25 American Woolen tr c t f s ____
326 Do preferred tr c t f s ___
145 Amoskeag Manufacturing___
552 Do pref________________
3,712 Atl Gulf A W I 8 S Lines.100
8,958 Do pref.......................... 100
25 East Boston Land_______ 10
110 Edison Electric Ilium......... 100
69 General Electric................. 100
8 McElwaln (W H) 1st pref. 100
209 Massachusetts Gas Cos___100
326 Do pref______________ 100
18 Mergenthaler Linotype___100
Mexican Telephone............. 10
Mississippi River Pow er.. 100
Do pref______________ 100
10 New Eng Cotton Yarn____ 100
102 Do pref.................
100
318 New England Telephone.. 100
40 Nlpe Bay Company______ 100
166 Pullman Company______ 100
120; Reece Button-Hole............ 10
835;Swift A C o...........................100
1,757 Torrlngton............................ 25
29; Do pref..................
25
100 Union Copper L A M ...........25
1,143 United F ruit.......................100
18,226 United Shoe Mach Corp_. 25
411 Do pref...........................25
6,025 U 8 Steel Corporation___ 100
194 Do pref.........................100
1,220 Ventura Consol OH Fields.
Mining
410 Adventure Con___________ 25
907 Ahmeek__________________25
1,620 Alaska Gold...........................10
360 Algomah Mining__________ 25
25
773 Allouea.............
8,925 Amer Zinc. Lead A Smelt. 25
1,150 Arizona Commercial........... 6
Butte-Balaklava Copper. _ 10
2,275|Butte A Sup Cop (L t d ) ... 10
2,704 Calumet A Arizona________ 10
303 Calumet A Hecla................. 25
50 Centennial________________26
165 Chino Copper.................... 6
7,357 Copper Range Cons C o ... 100
1,035 Daly-West.............................20
515 East Butte Copper M in ... 10
305 Franklin...............
25
161 Granby Consolidated........ 100
135 Greene Cananea............ ..100
118 Hancock Consolidated___ 25
..........Hedley G o ld ...........................10
165 Indiana Mining.....................25
6601Island Creek Coal.
SO Do pref_____________
497 Isle Royale Copper________ 25
205! Kerr L ake.......................... 5
9531Keweenaw Copper............ 25
235;Lake Copper C o...................25
24f»;La Salle Copper.......... ..
25
605;Mason Valley Mine______ 5
60 Mass Consol...................... 25
35 Mayflower______________ 25
58 Miami Copper___________ 6
389 Michigan...............................25
678 Mohawk__________________25
718 Nevada Consolidated_____ 6
110 New Arcadian Copper_____ 25
755 New Idrla Quicksilver___
6
425 Nlplsslng Mines_________ 5
5,555 North Butte__ . . . ____
15
260 North Lake...........................25
50 OJibway Mining__________ 25
300 Old C olony...........................25
531 Old Dominion C o_________ 25
279 Osceola___________________26
1,705 Pond Creek Coal................ 10
345 Quincy___________________26
55 Ray Consolidated Copper. 10
461 St Mary’s Mineral L and.. 25
1,295 Santa Fe Gold A Copper.. 10
1,309 Shannon________________ 10
20 Shattuck-Arizona________ 10
111 South Lake...............
25
18.^Superior___________ _____ 25
2,910 Superior A Boston Copper. 10
2931Tamarack.............................25
7051Trinity.................................. 25
23,300 Tuolumne Copper________ 1
9,266 U 8 Smelt, Refln A M in .. 50
1,320 Do pref_______________60
6,860 Utah-Apex Mining_______ 6
4,621 Utah Consolidated_______ 5
80 Utah Copper C o_________ 10
5,623 Utah Metal A Tunnsi___
1
135 Victoria________________ 25
19,376 W inona__________________ 25
109 Wolverine______________ 25,
1,010 W yandott......................... 25
0
s . . N ° « « u PSa „
h
Ex-rights.
102 Mar 2
99 Jan 5
182 May 8
65*2 Apr 24
129 Jan 4
35 Jan 28
227*2 Mar27
4*2 Feb 29
39 M ayl9
4 MarlS
42 Feb 28
108 Jan 3
IOU4 Mar 9
198 Feb 16
88*2 Jan 19;
145 Feb 11
52 Feb 141
235 Mar 2|j
5 Jan 8
40*2 Feb 29
5*2 Jan 5
44 Jan 18
102*2 Apr 26
150 Jan
75 May
122 Jan
z86 Jan 10
99*4 Apr
5*2MaylO
31 May 2
57 May ,
97 Jan 3
150*4 Mar21
20 May
130 Apr 26
8178 Mar 1
115 Apr 25
58 Apr 24
75 May 4
Mar
64 Apr 24
95*2 Mar23
2 Jan 18
13*2 Jan 5
100 Apr 22
114*2 Mar 1
126*8 Jan 31
43 Jan 11
92 Jan 11
60 Jan 3
99*2 Jan 20
27 Jan 14
42 Jan 15
10 Jan 4
234 Apr 27
159*4 Apr 22
98 May 6
80*2 May 17
SO May 3
155 May 4
1 Mar 8
15 Jan 18
43 Apr 5
25 Apr 22
50 Jan 24
131UJan 11
102*8 Jan 11
158*2 Apr 28
15 Feb 3
125 Feb 5
35 Jan 14
28 Jan 14
.90 Mar28
136*2 Jan 31
51 Jan
28*2 Jan ~
79*4 Mar 1
115*4 Feb 5
5 Feb 16
150 Feb 170 Oct
18*4 Jan
15 Sep
128 Nov
104*4 Jan
28 Mar 36*2 Dec
26 Mar
30*4 Sep
.95 Jan
1*4 Apr
110 Feb 163 N ov
65 May
48 Aug
28 Mar 30 Aug
89*2 Deo
38 Feb
102*4 Jan 117*4 Oct
lO^ Dec
14*s N o r
5*8 Apr 11
47a Apr
1 Jan
106 MarlO
92*2 Dec 103 Aug
26*2 Jan 7
40*4 Apr
21*2 Deo
2 Apr 7
.45 Feb
4*4 Apr
74*2 Feb 21
66 Deo
35*2 Jan
97*8 Apr 10
72U N ov
10*4 Jan
10 Feb 14
3*4 Jan
9*2 Apr
6*2 Feb 5
4*4 Apr
2 Jan
105*4 Mar 9
SO June
35*4 Jan
76*4 May20
51*2 Feb
78*4 Apr
586 Feb 14 350 Jan 630 Apr
19 Jan 6
25 Apr
15 Jan
60 Feb 19
327g Jan
57 N ov
68*4 Mayl9
30 Jan
65 Dec
378 Marl7
17g Jan
6*4 Apr
16*4 Jan 3
16*2 Dec
8*2 Jan
10*i Jan 8
14*4 Apr
4*2 Feb
98*4 Feb 10
58 Jan
94*2 Apr
62*2 Mar 9
62*8 Deo
23*4 Feb
19*2 Jan 4
11 Jan
2412 Apr
27*8 Jan 26
26*2 Oct
29*4 Jan
6 Jan 3
2*4 Jan
10*2 Apr
54*4 Apr 11
41 Mar
52 Aug
92 May23
91*8 Apr
85*2 Jan
31*4 Jan 6
34 Apr
17*2 Jan
538 May 3
3 Aug
5*8 Apr
8 Apr 6
4*2 Apr
1*2 Aug
19*2 Feb 10;
5*2 Jan
1978 Deo
5*4 Jan 3;
3*8 Jan
9 Apr
4*4 Jan 4
1 Mar
5 Dec
15 Feb 231
3 Jan
17 Apr
5 Feb 10
8 Apr
3 Aug
39*8 Apr 41 16*4 Jan
36*8 Doo
4 Apr 6
.60 Mar
3 Apr
103*2 MarlO
46*4 Jan
98 Dec
18*aMay25
ll&sFeb
17 Apr
10U Jan 4 :
14*4 June
4i2 Feb
24*4 Jan 19
4 July
13*2 Aug
8*2 May 1
87* N ov
5*8 Aug
32 Jan 3
2214 Jan
387a Apr
4*2 Jan 3
1 Jan
4*8 Apr
27S Apr 6
.50 Mar
312 Apr
4 Jan 3
2*4 N ov
7*8 Apr
73*4 Marl 1
64 Dec
38*2 Mar
101*2 Marl4
64 Jan 1 93*2 Apr
16 Apr 11
12 Jan
19*3 Aug
98*4 M a yl6
50 Jan
95 Apr
26 Feb 14
15*4 Jan
275g Nov
77*2 Mayl9
28 Jan
65*2 Dec
3~s Jan 8
1 Mar
5 Oct
12*2 Feb 14
4 Jan
11*4 Apr
40*8 Feb 14
18*4 Jan
38 Nov
8*2 Jan 4
5*4 Nov
7*4 July
28*2 Jan 3
22*2 Jan
41*2 Apr
5*8 Mayl5
1 Mar
4*2 Apr
56*4 Jan 14
25 Jan
58&S Aug
12*4 Jan 3
2*8 Feb
1512 Oct
.59 May20;
.20 Jan
.63 Apr
78*8 May 9
20 Feb
54 Doc
53*4 Apr 11
28 Jan
50*2 Dee
5*8 Apr 10
2 Jan
5*g June
15*4 Feb 11
16*8 June
9U Feb
86*4 Feb 21
81*4 Dec
48*4 Jan
11*2 Mar 13
478 Feb 14 " T ’ Feb"
7*4 May25
1*4 Jan
67*2 Feb 10
82 Jan
2*4 Feb 14
.50 Mar
Unstamped. *
2a
paid. « Half-paid.
__
Outside^Stock Exchanges^....... ...
B o s t o n B o n d R e c o r d .— Transactions in bonds at B o s
ton Stock Exchange M a y 2 0 to M a y 2 6 , both inclusive:
F r id a y
L a st
W eek ’s R ange
o/ P r i c e s .
S a le.
P r ic e . L ow .
H ig h .
Bonds—
Am Agric Chem 58__ 1928
5s
.................. -.1924
Am Tel A Tel coll tr 4a 1929
Convertible 4% s__ 1933
Anglo-French 5-year 5s__
At! G & W I S S L 5s. .1959
Cent Vermont 1st 48.1920
Chic June & U S Y 5s. 1940
Gt N or—C B A Q 43.1921
K C Mem A Blr 4 s .. 1934
4% s.......... I . . ......... 1931
N E Telephone 5s___ 1932
Pond Creek Coal 6s. .1923
Swift & Co 1st 5s___ 1944
United Fruit 4 % s ___ 1923
Western Tel & Tel 58.1932
101 'A
07 %
92%
92 %
107%
95%
83%
83 %
82
100%
98%
83
82
96%
94%
94%
103% 103
75
95
100% 100%
98%
111%
100%
S a les
fo r
W eek.
S h a r es.
102% 83,000
1,000
97%
92% 59,000
6,400
107%
3,000
95%
83% 18,000
1,000
82
1,000
100%
1,000
98%
2,000
83
4,000
82
2,000
96%
10,000
95
8,000
104
15,000
75
5,500
96
100% 10,500
1,000
98%
112% 21,500
100%
9,500
R ange s in ce J a n .
L ow .
100%
97%
90%
105%
94
74
80
100%
98
82
67%
96%
93
101%
75
87
98%
97%
109%
99
May
May
Jan
Mar
Mar
Jan
Mar
May
Apr
Mar
Feb
Mar
Mar
Jan
Jan
Feb
Jan
Jan
Apr
Jan
1.
F r id a y
W ee k ’s R ange
L a st
o f P r ic e s .
S a le.
H ig h .
P a r. P r ic e . L ow .
American Radiator----- 100
Amcr Shipbuilding___ 100
Booth Fisheries c o m ...100
32%
Cal & Chic Canal & D.100
Chic Pneumatic T o o l.. 100
71%
Chic Telephone rights___
Commonwealth-Edlaon 100
Deere A Co pret........ 100
Diamond Match_____ 100
Illinois Brick................ 100
Lindsay Light............ .......
National Biscuit........ .100
National Carbon_____ 100
Preferred__________ 100
People’s Gas Lt A Coke 100
Pub Serv of No 111 com. 100
5
H l%
89
111%
15%
120
170
122
103
110%
Quaker Oats C o_______100
343
Sears-Roebuck com__ 100
184
Stewart War Speed com 100 89%
Swift & Co___________ 100 139%
Union Carbide Co____ 100 183%
Ward, Montgom A Co, pf 115
Bonds—
Armour A Co 4% s__ 1939
Chicago City Ry 5 s.. . 1927
Chic City A Con Rys 5s ’27
Chic Elev Ry g notes. 1916
Chic Pneu Tool 1st 5s 1921 98
Commonw-Edlson 5s. 1943 102%
Cudahy Pack 1st M 5s 1924
Peoples Gas LA Coke—
Mutual Fuel G 1st5s’47 100%
Pub Serv Co 1st ref g 5s ’56
Sulzberger A Sons 1st 6s ’41
Swift A Co 1st g 5 s ... 1944 100%
z Ex-dlvldcnd.
12
395
136
44
89
32
75
45
35
71%
15
4%
141
89
111
80
14%
120
170
121
101%
110%
101%
322
110
182%
126%
88%
134%
183
114%
12
397
136
45
89
32%
75
45
35
73
15
5
141%
89%
112
80
15%
120
171%
122
104
111
102
343
110%
185%
126%
90
139%
183%
115
93% 93%
99% 99%
70
70
97% 98%
98
98
96% 96%
69% 69%
102%
102
101% 101%
100% 100%
94% 94%
99% 99%
100% 100%
S a les
fo r _
S h a r es.
102 %
99
93
108%
95%
84%
83%
101%
99
83%
82%
99%
96
104
75
96%
100%
99
112%
101
20
16
10
365
70
15
50
10
25
347
78
32
116
143
567
205
3,377
9
64
206
91
650
59
522
181
408
10
2,039
2,571
135
82
R a n g e s in c e J a n .
Low .
12
385
133%
33
75%
25
66
45
25
63%
13
4
140
89
102
76%
6%
120
170
120%
100
107
100
309
107
169%
125
82%
126%
170
112%
$21,000 93%
5,000 98%
10,000 70
26,000 95
1,000 94
22,000 96
1,000 09%
6,000 102
1,000 101%
May
Jan
Mar
Jan
Jan
Jan
Jan
May
Apr
Mar
Apr
May
Apr
May
Mar
Jan
Jan
Apr
Jan
Feb
May
Jan
Apr
Jan
Jan
Mar
Jan
Apr
Jan
Feb
Jan
Feb
Mar
Apr
Mar
Jan
May
Jan
Apr
Feb
Jan
May
Jan
Jan
May
Jan
May
May
Apr
May
May
H ig h .
12
400
136%
48%
91%
33
75%
50
72
79
18%
5
146%
98
112
83%
15%
126
185
122%
112%
115%
104
363
110%
188
127
91%
139%
190
116
May
Jan
Feb
Mar
Mar
Mar
Apr
Jan
Jan
Mar
Jan
May
Mar
Feb
May
Jan
May
Jan
Feb
Mar
Jan
Feb
Feb
Jan
Apr
Jan
Feb
May
May
May
Feb
Jan 94% Feb
Apr 100
Feb
May
71% Jan
Mar 98% May
Feb 99% Mar
May 98% Feb
Jan
Feb 75
May 102% Jan
May 102% Mar
P it t s b u r g h S t o c k E x c h a n g e .— T h e com plete record of
transactions at the P ittsburgh Stock Exchange from M a y 20
to M a y 2 6 , both inclusive, com piled from the official sales
lists, is given below . Prices for stocks aro all dollars per
sharo, not per cen t. For bonds the quotations are per cont
o f par value.
Stocks—
American Sewer P ipe.. 100
Amer Wind Glass MachlOO
60%
Amcr Wind Glass pref.100
Columbia Gas A Elec. .100
Consolidated Ice com— 50
15%
Crucible Steel com___ 100
llarb-Walker Refract- .100
Independent Brewing__ 50
Preferred___________ 50
La Belle Iran W ork s...100
17%
Mfrs Light A Heat____ 50
Nat Fireproofing c o m ..50
50%
8%
Ohio Fuel Oil
.......... -.1
Ohio Fuel Supply.......... 25
Plttsb Brewing com----- 50
42
4%
Pittsburgh Coal com . .100 27%
Preferred .................. 100 103%
Plt.tsh Oil A G a s ____ 100
Plttsb Plate Glass----- 100
Pittsburgh Silver Peak— 1 8c
Pure Oil com m on.......... 5
18
River Side West Oil pref 25
Ross Mining A Milling.. 1 17c
Union Natural Gas----- 100
Union Switch A Signal. .50
U S Glass
__ - ____100
U S Steel Corp com----- 100
145
110%
West’house Air Brake..50 136%
West’house El A M fg— 50 62%
Bonds—
Plttsb Coal deb 5s___ 1931
x Ex-dlvIdend.
16
59
140
102%
36%
15%
4%
34
84%
z93%
103
3
17%
52
128%
91%
50%
8%
18%
16%
40%
4%
18%
27%
103%
8
117%
8c
17%
18
150
180
144
110%
27
85
117
136%
62
80
16
6,520
64%
141
285
255
103
150
36%
675
15%
50
4%
105
34%
50
84%
150
97
10
103
225
3%
100
IV %
180
52%
50
128%
55
91%
50%
535
355
8%
125
18%
50
10%
1,152
43%
4%
20
15
18%
28%
915
100
103%
65
8%
28
120
500
8c
18
1,655
22
18
18c 22,900
1,350
18c
145
71
111
60
25
27
86%
339
10
117
665
137
63%
747
97%
97% $11,500
R an ge s in ce J a n .
L ow .
1.
H ig h .
Mar
Jan
Jan
Feb
May
Mar
Jan
May
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Apr
Apr
Apr
May
Feb
Mar
Feb
Apr
Apr
Mar
Jan
Apr
May
Apr
Apr
Mar
Apr
May
May
Jan
Fob
Apr
Apr
17%
64%
155
105
42%
17
5
35
97
98
103
3%
19
55%
130%
93
51%
12
24%
19
43%
6%
21%
36%
108
9%
120
9o
21%
22
30o
25o
145
126
34%
88%
117
140%
71%
Jan
May
Apr
Jan
Jan
Mar
Mar
Jan
Mar
May
Mar
Jan
Jan
Apr
Mar
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
Jan
Feb
Apr
May
Jan
Mar
Mar
Apr
Jan
Jan
Jan
Jan
Jan
May
Jan
Mar
96% May
98%
Jan
15%
34%
132
100
36%
14%
3%
34
56
71%
100
2%
15%
50
123
90
49%
7
16%
16%
38
4%
16%
23%
101%
6%
115
7o
zl7%
IS
5o
15c
141%
109
27
80%
116%
133%
54%
Stocks—
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 ow .
Baltl more Tube........ ..100
Preferred . . _______100
Chalmers Oil A Gas____ 5
Cons G,E I, A P pref.. 100
Consolidation Coal----- 100
Cosden A Co................ -.5
Cosden Gas...... ...............5
Preferred........ ............. 5
Davison Chemical ..n o par
Houston Oil trust ctfs. 100
Preferred trust ctfs.. 100
Mer A Min Trans new. 100
MtV-Wood M pf v t r . . 100
Oklahoma Produe A Ref .5
Penn Water A Power.. 100
Poole Engineering A M.100
Sapulpa Refining______ 5
United Ry A Electric.. 50
Wayland Oil A Gas........ 5
Bonds.
118
96
6
24%
9%
4%
54
61%
51%
6%
74%
12
5%
A C L RR conv deb 4s 1939
1.
2,000 100% May 1 01% Jan
Jan 94% Feb
5,000 94
5,000 99% Apr 99% May
21.500 98% Jan 100% May
S a les
F r id a y
fo r
W eek ’s R ange
L a st
o f P r ic e s .
S a le.
H i g h . S h a r es.
P a r. P ric e. L o w .
B a ltim o r e S to c k E x c h a n g e .— C om p lete record of the
transactions at the Baltim ore Stock E xchange from M a y 20
to M a y 2 6 , both inclusive, com piled from the official sales
lists, is given below. Prices for stocks aro all dollars per
share, not per cent.
For bonds the quotations are per cont
of par value.
H ig h .
C h ic a g o S t o c k E x c h a n g e .— C om p lete record of transac
tions at Chicago Stock E xchange from M a y 2 0 to M a y 2 6 , b oth
inclusive, com piled from the official sales lists, is as follow s:
Stocks—
[Vol. 102
THE CHRONICLE
1976
Balt Elec stamped 5s. 1947
Balt Spar Pt A C 4%s.l953
Balt Traction 1st 5s. .1929
Chicago Ry 1st 5s----- 1927
Consolidated Gas 5 s.. 1939
General 4% s_____ 1954
Cons G, E L A P 4 %s. 1935
Consol’n Coal ref 5s. .1950
56%
93
Cosden A Co 1st conv 6s’26 127%
Elkhorn Coal Corp 6s. 1925 97%
Elkhorn Fuel 5s........ 1918
Fair A Clarks Trac 5s. 1938 100%
Florida South 1st 4s. .1945
Macon Dub A Sav 5s. 1947
Maryl'd Elec Ry 1st 5sl931
Mer A Min Trans 6 s......... 102%
Minn St A St P C Jt 5S1928
Mt V-Wood notes 6s. 1918
N O Mob A Ch 1st 5s. 1960 49%
96%
Norfolk Ry A Lt 5s. .1949
Penn Wat A Pow 5 s.. 1910
Ital A Gaston 1st 5 s.. 1947
Scab A L 4s stamped. 1950
United Ry A Elec 4 s .. 1949
62%
Income 4s................ 1949
Virginia Ry A Pow 53.1934
S a les
fo r
W eek.
S h a r es.
R a n ge s in c e J a n .
L ow .
Jan
1,160 63
372 82% Jan
20
6
May
100
3% May
50 107% May
Feb
45 96
9,420
14% Jan
Apr
15,755
6
19,354
4% Apr
1,401 53% May
300
Apr
15
Apr
55 59
32 50% Fob
Mar
43 51
Mar
610
6
Mar
185 72
May
10 100
809
Jan
9
150 25% Jan
1,877
4% Jan
1.
H ig h .
120
99%
8
4
115%
103
26
10%
6
71%
23%
68
70
55
7%
77%
148
16%
29
9%
Apr
Apr
Jan
Mar
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Mar
May
May
Feb
Jan
Feb
Feb
Feb
115
95%
6
3%
108%
99%
23
8%
4%
53%
17
60
62
51%
6%
74
100
11%
27
5
118
90%
6
4
108%
100
24%
10%
4%
57
18
61%
62
53
7%
74%
100
12%
27
5%
80
95%
92%
92%
99%
97
104%
96%
106%
92%
88
92%
103%
123%
97
100%
100
100%
89%
93
98%
102
102%
99%
49%
96%
92
107%
81%
82%
62%
86
86
90%
$5,000 76% Jan 80
May
80
1,000 94% Jan 95% May
95%
34,000 92% May 93% Apr
93
500 92% Jan 92% May
92%
11,000 99% Jan 100
Feb
100
1,000 95% Jan 98% Mar
97
4,000 104% May 104% May
104%
May
99% Feb
96% 14,000 96
2,000 106% Feb 107
Fob
106%
94% Jan
13,000 92% May
93
l ,000 87% Apr 90% Jan
88
Jan
2,000 91% Jan 93
92%
Apr 105
Jan
103% 10,000 103
147,000 101% Jan 138% Feb
128
8,000 97
May 98% Jan
97%
5,000 100
Jan 100% Feb
100%
1,000 100
May 100
May
100
2,000 99% Jan 101% Feb
100%
90
Apr
1,000 89% May
89%
1,000 93
Mar 93
Mar
93
Mar
5,000 96% Jan 99
99
6,000 101
Jan 102% May
102 %
1,000 101% Jan 102% May
102%
Mar 99% Apr
99%
3,000 98
5,000 49
Apr 52% Jan
49%
5,000 95
96%
Feb 96% Mar
1,000 90
92
Jan 92% Apr
2,000 107% May 107% May
107%
81%
1,000 81% May1 83
Jan
Jan
82% 11,000 82% May1 85
May
11,000 60% Jan 04
63
87% Feb
86%
6,500 84%
1,200 83% May 87% Feb
86%
Jan
1,000 90% May 91
90%
P h ila d e lp h ia S t o c k E x c h a n g e .— T ho com ploto record
of transactions a t tho Philadelphia Stock Exchange from
M a y 2 0 to M a y 2 6 , both inclusive, com piled from tho
official sales lists, is given below . Prices for stocks aro all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Stocks—
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 w .
Alliance Insurance... ..1 0
.1 0
American Railways preflOO
Baldwin Locomotive. .100
90
100
Buff A Susq Corp v t C.100 61%
100
..5 0
..5 0
Elec Storage Battery. .100 63
General Asphalt pref. .100
Insurance Co of N A .. ..10
J G Brill Co................ .100
Kentucky See pref— .100
Keystone Telephone.. ..5 0
Lake Superior C orp.. .100
Lehigh Navigation__ ..50
77
..5 0
..5 0
Preferred...... ......... ..5 0
43%
Little Schuylkill........ __50
-.50
Minehlll & 8 H .
-.5 0
Pennsyl Salt M fg___ ..5 0 100%
57%
Pennsylvania________ ..50
Pennsylvania Steel pref 100 98%
Philadelphia Co (Pitts).50
Pref (cumulative 6%) 50 ______
27%
Philadelphia Electrlc.22%
Phlla Rapid Transit.. ..50
17%
Voting trust rects.. ..5(1
Philadelphia Traction ..50
..50 103
-.50
Tono-Bclmont Devel. . . . I
4%
0%
Tonopah Mining........ . . . 1
43%
..5 0
88
United Gas Impt___ ..5 0
U S Steel Corporation .100 85%
. 100
11
Warwick Iron A Steel ..10
100
Western N Y A Pa— ..5 0
13%
West Jersey A Sea Shoro 50
Wm Cramp A Sons.. . .100 83%
14%
York Railways........ . ..5 0
36
Preferred ................ ..5 0
17% 17%
7
7
98% 98%
88% 91%
109 109%
51% 52%
59
58
45
45
90
90
65
63
69% 70
25
25%
38
40
77
77
14% 14%
10
10%
76
77 H
80
82%
22
22
43% 43%
54
54
57% 57%
88% 88%
100% 100%
57% 58%
98% 98%
40
41%
42% 43
27% 27%
18
18
17% 18%
76%
76
101% 110%
43% 44
4%
4%
6% 0 11-16
43% 44
87% 88%
84% 86%
116% 116%
10% 11
43% 43%
12% 13%
49%
49
83%
81
14% 14%
36%
36
Amer Gas A Elec 5 s .. 2007 03
Baldwin Locom 1st 5s 1940 104%
Elec A Peoples tr ctfs 4s ’45
1945
Inter-State Rys coll 4s 1943
Kcystono Teleph 1st 5s '35
Lake Superior Corp 5s 1924
Lehieh CAN cons 4%s ’54
Leh Vail gen cons 4s. 2003
91%
Gen consol 4 % s ... 2003
Receipts________
100%
92%
104
79%
81%
57%
98%
31
102
91
100%
100%
S a les
fo r
W eek.
S h a r es.
R a n ge s in ce J a n .
L ow .
15 17%
100
6%
40 93%
450 85%
110 108
70 38
104
90 44
20 70%
1,099 58%
20 69%
899 25
102 34
15 70%
10 13
525
8%
214 74
1,502 74%
20
18
38 38
2 54
5 66
52 87
150 98%
4,885 55%
73 79%
140 40
127 41%
2,633 27
15 17
17
2,097
130 75
14,570 75%
130 42%
4
2,925
399
5%
598 41%
1,109 87%
79%
16,891
1 115%
2,269
10
10 42%
270
10
132 49
1,365 70
330
8%
509 34%
93 $14,600 89%
104% 25,000 104
80% 14,000 79%
400 76
82
1,000 57
57%
7,000 96
98%
1,000 20%
31
12,000 101%
103
6,000 91
92
5,000 100%
100%
100% 57,000 100%
1.
H ig h .
May 20
Jan
Apr
8
Jan
Feb 100
Mar
May 115% Feb
Jan 109% Mar
Jan 54% May
Jan 62% Jan
47
Feb
Jan 90
May
Apr 66% Feb
May
73% Mar
Jan
Jan 27
Apr 48% Jan
May
Fob 77
Mar
Mar
15
Jan
Feb
May
79% Jan
Jan 82% May
Jan 23% Mar
Jan 44% Mar
Jan 54% Mar
Feb 57% May
Apr 90
Jan
Jan 102% Feb
May
59% Jan
Feb 99% Jan
Mar 45% Jau
Apr
May 45
Mar 28% Jan
Jan
May 21
May 21% Jan
79% Jan
May
Jan 110% May
May
45% Feb
Mar 5 7-10Mny
Mar
7
Jan
Jan 45% Jan
May 92% Jan
Mar 88% Jan
May 117% Jan
Feb
11
May
Jan
Fer
45
Mar
13% May
Jab
May 51
Jay
Mar 87
14% May
Feb
Jan 39
Mar
Jan
May
May
Apr
May
Jan
Jan
Mar
May
May
May
93%
106
81%
83
58
100
35
103%
94
103%
101%
Apr
Mar
Feb
Jan
Jau
Feb
Feb
Feb
Feb
Feb
Apr
May 27 1916.J
Bonds
THE CHRONICLE
F rid a y
W e e k 's R a n g e
L a st
S a le.
H ig h .
P r ic e . L o w .
( C o n c l .)—
Leh Val Tran refAImp5s’60
Small
___ 1960
Nat Properties 4-0s small.
Penna R R gen 4 X 8 - - 1 9 6 5
Consol 4 X 8 ........ ..I960 105*4
P W A B ctfs 4s__ 1921
Penna Steel 1st 5s. .1917
Philadelphia Co 1st 5s 1949 Ioi
Cons A coll tr 5s__ 1951
91*4
Phlla Elec tr ctfs 5 s.. 1948 104
Trust certfs 4s-------1950
82X
Phlla A Read Term 5s 1941
Pub Serv Corp N J 5s 1959
Reading gen 4s-------- 1997
Scran Ry pf stk tr 5s reg._
Spanlsh-Am Iron 6 s.. 1927
Standard G A E 6s— 1926
United Rys gold tr ctf 4s’49
Wclsbach Co 5s---------1930
91X
92 X
99 X
100X
101
91X
101
91 X
82 X
1 04 X
82 X
112X
1 12 X
104
84
84
93
93
94 X
95 X
85
1 02 X
1 02 X
74 X
98X
85
1015^
1 02 X
74X
98*4
1.
R an ge s in ce J a n .
L ow .
Stocks
H ig h .
2,000 9 1 X J a n
500 9 0 X Jan
50 67
May
28,000 100*4 Jan
3,000 105
May
8,000 99
Jan
2,000 1 0 0 X May
1,000 1 0 0 X Mar
2,000 9 0
Jan
8,000 1 03 X Jan
2,000 S I X May
300 82
1,000 1 1 0 X Jan
1,000 90
Mar
32,000 9 3 X May
1,000 8 5
May
8,000 1 0 1 X May
1,000 9 S X Jan
2,000 74
Jan
1,000 9 4 X Jan
91X
92 X
70
102
1 05 X
99 X
100X
70
io i X
105
95
S a les
fo r
W eek.
S h a r es.
(C o n .)—
1977
F r id a y
W eek ’s R ange
L a st
o f P r ic e s .
S a le.
P a r. P r ic e . L ow .
H ig h .
Feb
93
93
Apr
103
Feb
106 X Feb
99 X Feb
1 0 0 X May
Feb
101X
94
Feb
105
Jan
Feb
84 X
Feb
S4X
1 1 2 X May
93
May
Jan
96X
85
May
Feb
1 02 X
102*4 May
■75*4 Jan
99
Apr
70X
149
100
126
100
SX
16X
84
62 X
106%
38 X
27%
SX
10X
73X
00%
104%
44
..........
78%
X
2%
United Profit Sharing.
5
7X
Wab-Pltts Ter Ry w l .r .
Preferred _ r __________
S h a re* .
P a r V a lu e .
$2,067,000
4.375.000
3.848.000
4.180.500
3.454.500
3.109.000
303,735 $25,426,200
901,285 73.470.750
860,513 73,760,800
764,175 03,105,500
697,554 60.528.750
384,640 32,728,250
Saturday...
Monday___
Tuesday___
Wednesday.
Thursday.. .
Friday____
Total .
S a le t at
N e w Y o r k S tock
E xch a n ge.
S ta te, M u n .
i t F o r e ig n
B o n d i.
R a ilr o a d ,
e t c .,
B on d t.
u. s.
$5,000
1,500
1,000
3,911,902 $329,020,250 $21,034,000! S4,817,500i
$9,000
1910.
|
26.
Jan.
1916.
1 to
M ay
1910.
1,500
20.
1915.
Stocks— No. shares__
3,911,902
2,017,681
71,316,613
50,793,151
Par value........ ....... $329,020,250 $170,704,750 $6,258,724,795 $4,324,758,845
Bank shares, par........
$6,200
$101,600
8190,700
B onds.
Government bonds__
Stato, Mun.,Ac..bonds
R R. and mlsc. bonds..
Total bonds............
$9,000
4,817,500
21,034,000
$20,500
410,000
10,077,500
$547,950
106,780,500
346,352,000
$475,500
8,583.500
328,754,200
$25,860,500| $10,508,000
$453,680,450
$337,813,200
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
B o s to n .
W e e k e n d in g
M a y 20 1916.
S ha res.
|B on d S a les.
P h ila d e lp h ia .
B a ltim o r e .
|B o n d S a les.
S h a r e i.
B o n d S a les ,
S h a r es.
Saturday...............
Monday.............. .
Tuesday ..............
Wednesday______
Thursday............
Friday................ .
18,367
31,292
36,345
34,800
34,236
25,455
$19,700
47.000
17.000
27.000
48,200
23,500
6,763
12,322
11,797
13,221
12,092
6,025
$47,500
20,000
46,500
67.000
34,350
31.000
2,613
6.974
3,572
8,860
8.975
16,864
$11,300
33.800
51,000
72.800
44,200
122,000
T o ta l................
180,495
$182,400
62,820!
$252,950
47,858
$335,100
*' v '' A **■
* KJ lUuii XV.vU*1 iJClU W VYu
VU di i t/CUI U U1
the transactions in the outside security m arket from M a y 20
to M a y 2 6 , both inclusive.
It covers all the sales for the
week ending Friday afternoon.
W e e k e n d in g M a g
Stocks—
S a les
F rid a y
W e e k 's R a n g e
fo r
L a st
o f P r ic e s .
S a le.
W eek.
H ig h . S h a r es.
P a r . P r ic e L o w .
26.
Acme T ea .r.w 1______ 100 58*4 4 8 X
Preferred.......... ........ 100 98
98
Aetna Explos.r__ (no par)
17*4
17X
Ajax Rubber, Inc.......... 50
67*4
66 X
14
Amcr Druggist Synd.r.10
13X
Amcr C.raphophono, pf 100
134
AmlntcrnCorp 20% pd 100
19X
Am Writ Paper, com ..100
2*4
2^
Am Zinc L A 8, pref.r.100
71X
41
Atl Gulf A W ISS LIneslOO 43
Preferred__________ 100 53
52 X
60
Atlantic Steel________ 100
19
Brlt-Amer Tob, ord’y ._£ l
Ordinary bearer........ £1
18X
Butler Chemical.r.......... 5
4*4
4X
60
Canadian Car A Fdy r.100 60
Preferred r________ 100 80
80
Canadian Natural Gas__ 1
IX
Car Ltg A Power.r____ 25
*6
s x
Chevrolet Motor______100 240
229
Consolidated Ordnance.25 25*4
25X
Cuba Cano Sugar r(no par)
56*4
55 X
Preferred r . . ............. 100 98
94 X
Curtis Aerop A M .(n o par)
48
Drlggs-Scabury Ord__ 100 131
125
Edmunds*Jones r (no par)
41
37
Preferred........ ..........100 97 *4 93
Electric G u n .r__________
IX
1M
Emerson Phonograph___ 5
12
12X
Flomlsh-Lynn Phonog r.5
6*4
SX
Preferred, r ...................5
4
3X
Gaston Williams & Wlg52
moro, In c.r___ (no par)
48X
Grant Motor Car Corp.10
10*4
10X
82
Guantanamo Sugar___ 50
35
Haskell & UarkCar(no par)
Hendeo Mfg, com .r__ 100
25
6
Hock Val P rod u cts.r..100
44 ^
44 X
Holly Bug Corp r.(no par)
Preferred r _ .............. 100 97
06 X
29
Hopk & Allen Arms r._100
14
Int Arms & Fuze S e c ...25
Kapo Manufacturing r ..5
4X
20
Kathodlon Bronze, prof..5
13*4
13 X
Kcncflck Zinc Corp(no par)
12
Krosgo (SS) Co, com r._10
67
Kress (3 II) * C o -r.,.1 0 0 " m i
Preferred r _________ 100 104*4 102 >4
30*4 3 6 X
Lima Loco, new com r.100
95
New preferred r........ 100
11
Lynn Phonograph r____ 1
11*4
3
Marconi Wlrel Tel of A m .5
25
Marlin Arms v t c.(n o par)
7
Maxim Munitions r___ 10
s x
Midvale Steel A Ord r..5 0
61X
63 X
Peerless Truck A M otor.50 26*4
20X
59 X
98 X
19
07 X
14
134
20
2X
7IX
44X
*54
60
19
19
SX
72
94
IX
*0X
249
2SX
59 X
*96
51
134
41X
97 X
IX
12 X
7X
4X
52
11^
Low .
10,900 4 8 X
3,000 98
26,100
16X
1,500 65
600
12
20 134
550 c l 2 X
1,500
2
100 71
6,450 26
3,680 42
37 55
300
10
3,300
15X
2,255
2X
180 55
400 74
2,400
IX
2,400
4X
48,265 115
650 25
27,700 43
1,650 87
295 42
1,275 125
11,000 37
405 03
1,470
1
2,298
11
88,000
5X
6,500
3X
21,400
3,150
120
37
2,075
27
470
6
100
826
45X
855
97 X
35
199
16
2,000
4 Jij
1,500
1,500
20 X
2,100
14X
12%
1,900
72
3,000
105
2,000
38
200
95
100
6,200
12 X
1,900
3H
25
100
8,000
o x
64%
21,500,
27
11,000
82 X
R a n ge s in c e J a n . 1.
48 X
7
62
35
25
5
41
05
29
13 X
4%
14X
12X
10X
07
102X
35
05
2X
3
25
4
57
20X
’
May
May
May
Apr
Fob
May
Jan
Mar
May
Jan
Jan
Jan
Jan
May
Mar
Jan
Feb
Apr
Mar
Jan
Apr
Jan
Jan
Apr
May
Apr
May
Jan
Mar
May
May
May
Apr
Jan
May
Jan
May
Apr
Apr
May
Apr
May
Feb
Mar
May
May
May
Mar
Mar
Mar
Apr
Apr
Mar
Apr
May
H ig h .
59 X May
98*4 May
25
Feb
Feb
73X
14X
134
U 23X
3X
May
Jan
70
Mar
47
54 X May
62
Apr
19
1 9 X May
Apr
7X
82
101
Jan
Jan
2X
Apr
7X
249
♦20
Apr
7 1 % Mar
♦102
60
Jan
155
Jan
43
Mar
97*4 May
1%
14X
7X
4X
w 70X
11*4
80
54 X
32
6X
so
98
75
20X
4%
33
15%
W 16X
72
105
39
95
12X
4%
37X
13
May
May
Apr
May
Jan
May
Jan
May
May
Jan
77%
32
Jan
78
79X
1
2%
5
7%
20%
52
51%
IX
4%
5
16
156
186
242%
408
218
376
251
520
211
231
z231
217
212
370
248
513
208
_____
251
520
208
Other Oil Stocks
28
44%
3X
15%
.......... 406
B o n d i.
39%
16
_____ 156
1178
—
$461,000
1,039,000
619.500
703.500
1,412,500
582,000
W e e k e n d in g M a y
%
2%
4X
o x
19X
86
62%
106X
51
50
1
1
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
W e e k e n d in g
M a y 26 1916.
77
63
SX
10%
sox.
51
1
Volume of Business at Stock Exchanges
38
26%
41%
3%
150
100
1 1-16 1 1-16 1 3-16
3%
Preferred.r (prospect). 1
24%
9%
4X
7%
Federal O ll.r___________ 5
1
Houston Oil com .r___ 100 _____
Internat Petroleum .r..£l
11%
Kenova Oil____________ 1
67c
39c
Lincoln Oil, Gas & Coal._l
22%
Metropolitan Petrol
48c
Midwest OH com .r______1
_____
Midwest Refining.r._
3
Muskogee Refining.r___ 1
Oklahoma Oil com .r___ 1
17c
Preferred _r ...................1
1
7
47%
12%
14%
S a les
fo r
W eek.
S h a res.
Low .
16,000 I l l
5 90
6,974
4X
3,50C
14%
14,400
60
65C 51
40C 101
5,900
33
2,900 2254
6,900 2 9 %
20C
3
195 77
349,800 62
6,566
%
3,100
2%
2,100
3%
8,200
4
2,230
500 46
8,800 4 6 X
7,100
%
5,300
3%
2,000
5
856
298
20
202
60
325
141
75
1,725
4
3%
7,800
13c
16c
10,500
76c 7 7 % c
2,000
25
6,600
22 X
8Y% 1 0 %
11,300
4%
5
1,900
7%
o x
1,790
15-16 1 1-16 13,100
17*4 1 7 %
100
lu %
11%
700
59c
68c
45,960
38c
42c
8,600
22%
23%
12,200
47c
50c 22,500
68
08%
250
2%
3
9,500
12c
18c 147,500
1
A
7,650
0%
8,400
tX
46
48%
1,100
11
12%
4,900
11
14%
6,300
49
40%
15,800
6
5%
2,800
1 1-16 1 %
30,500
4,400
IX
1%
4%
5%
3,500
Sinclair Oil & Refg(no par)
47
U S Consolidated Oil___ 5
SX
United Western O ll.r___ 1 1 3-16
Victoria Oll.r............... . . 1
IX
Way land OH & Gas______5
5%
Mining
61c
65c
Adanac Silver M ines.r__ 1
62c
91c 98c
96c
Alaska-Brlt Col Metals f . l
40c 41c
Alaska Westover Copper. 1 41c
Atlanta Mines.r________1 l l X c ll*4c 1 3 % c
14%
15X
15
Bingham Mines________10
B ooth.r________________ 1 2 0 % c 2 0 % c 22c
1 11-16 1 %
Boston & Montana Devel 5
IX
1%
Bradford Mines Ltd........ 1
IX
IX
o x
Butte Copper & Zinc v t c 5
7X
o x
Butte & N Y Copper___ 1
2X
2%
4X
4%
Calaveras Copper.r____ 5
4%
75c
85c
Caledonia Mining_______ 1
76c
Canada Copper.r_______5
Cash Boy____ _____
8c
9*4c
35
37
Cerro de Pasco Cop (no par)
19-161 11-16
Consol Arizona Smelt___ 5
Consol Copper M ines..
2X
2X
X 15-32
Consol Nevada-Utah___ 3
1 15-16
Dundee Arizona ’Cop r.
IX
2X
Dupont Copper.r_____
2X
3X
2 *4
Eagle Blue BeU.r_______1 2 7-16 2 7-16 2 7-16
62c 70c
Emma Copper.r.............. 1
70c
5
First National Copper__ 6
5*4
Fortuna Mines C orp.r__ " T x
IX
IX
92c
97c
93c
Goldfield Consol Mlnes.10
10*4c 12c
Goldfield Merger.r______1
11c
48c
48c
Granite Gold Minlng.r__
5
Hecla Mining________25c.
4*4
4*4
Howe Sound................. ..1
5*4
5*4
5*4
Int A Intercon M A R ... 5
1*4
1*4
1X
16c
International M lncs.r__ 1 . . . .
17c
Iron BIo8som.r.......... 10c.
1*4 2
Jerome Verde C opper.r.. 1 2 3-16
2*4
2*4
93c
1
Jim Butler.r___________ 1 93c
90c
Jumbo Extension_______ 1 91c
1
Kewanus.r______________
12c
14c
12c
66c
76c
La Jara G old.r................. 1 74c
La Rose Consol Mines__ 5
%
%
%
12c
15c
Louisiana Consol____ 10c.
16
16
Magma Copper_________5
16*4
Marsh.r________________l
14c 18*4c
16c
Mason Valley........ ......... 5
3*4
3*4
McIntyre.................
1
1*4 2 1-16
IX
58c 65c
McKlnley-Darragh-Sav.r 1 60c
Mines Co of America__ 10
2X
2X
Mojave Tungsten.r____ 2 "'6*4
5*4
7X
Monitor SU LAZ M&M.r 1
IX
2X
2H
Mother L ode.r_________ 1 32c
31X o 33X c
Murdock Min A MU.4___1 42
38
42
Nlplsslng Mines________ 5
7X
7X
7X
Oatman Big Jim........ 10c.
IX
IX
Oatman Lazy Boy.4____ 1
50c 50c
Oatman Lexington.<____1 58c
50c 60c
36c 42c
42c
Oatman Southern.r 1.10c.
Oro.r________
1
4 X o 6c
6c
29c 32c
Peterson Lake__________ 1
4
Ray Hercules.r_________ 5
4*4
4*4
21c 2 5 X c
Rex Consolidated.r____ 1 2 4 % e
1
Rllla Copper.r........ .........
62c
1
69c 78c
72c
Rochester Mines Co____ 1
70c *76c
74c
Round Mountain.r____ 1
Ruby Silver.r............ .......
53c 54c
54c
San Toy Mining...............1 16*4c 1 5 X c 1 7 X c
Scratch Gravel Gold M ln.l 11-16 11-16 13-16
34c 36c
Seven Troughs Coalition. 1
Silver Pick Cons.r______1 ll*4c
8c ll*4c
Standard Silver-Lead___ 1
I X 19-16 1 11-16
Stewart Mining_________ 1
9-32 11-32
Success Minlng.r_______ 1
77c 79c
Temlskamlng.r_________ 1
67c
72c
Tonopah Extension____ 1
7
6X
Tonopah Mining________ 1
6*4
6*4
Trl-Bulllon S A D ...........5
9-16
X
T uolum ne.r____________
9-16
9-16
X
United Eastern_________ 1
4X
4*4
4X
U 8 Continental.r____ I.
11c
11c
13c
United Verde Exten.r.SOc 26*4
26*4 27 X
United West (prospect)..!
25c
26c
R an ge s in ce J a n .
15
151
170
189
395
205
325
z234
495
200
1
2%
13c
76c
14%
6X
4%
5%
%
14%
10%
51c
25c
17
40c
53
1%
7c
X
5%
46
8X
9X
46 X
4X
54o
1
4%
1.
H ig h .
Apr 150
May
Feb 150
Jan
Mar
OX
Feb
Jan 1 7 % Mar
Apr 86
May
Apr 6 3 X May
Apr 106% May
Jan 4 3 X Jan
May
28
May
Jan 5 1 X Mar
Feb
0%
Jan
May 78
May
May
79 X May
Apr 2 1-16 Jan
Jan
4%
Jan
Jan
5%
Feb
Apr
7 % May
Jan
Jan
Apr
Apr
52
53
3
Feb
Feb
18
Jan
190
Jan 260
Apr 439
Apr 236
Mar
Feb
Feb
Jan
Feb
OX
Mar 228
Feb
Jan
May
Apr
Jan
Apr
Apr
Jan
Feb
Apr
Apr
May
Mar
Feb
Apr
Feb
Feb
Mar
Mar
Mar
May
Jan
Mar
May
Apr
Mar
Mar
Jan
1%
4X
19c
79c
26 X
10*4
0%
9
1%
23
13*4
68o
43c
25
85c
70
3%
20c
1%
7%
49*4
16 X
14*4
50
6
IX
2%
9*4
May
Mar
Jan
Apr
Jan
Mar
May
May
May
Feb
Feb
Feb
Mar
Mar
Jan
Jan
May
May
May
Feb
May
Apr
Apr
May
May
Apr
Feb
May
May
May
May
Jan
Feb
48,300 55c
Apr 70o Apr
35,100 55c
Apr 98c May
5,100 40c May
41c May
37,700
ll*4cM ay
23*4c Jan
21,800 10*4 Mar
15*4 May
31,300 16*4cMay I 44c Jan
23,000 50c Mar
1*4 May
3,200
*1*4 Apr
1 X May
2,700
o x May1 12*4 Mar
900
Jan
4*4 Mar
2X
3,950
2%
Jan
4*4 Jan
20,800 75c May 1 5-32 Apr
16.500 1 3-16 Mar
2 X May
16,700
3 X o Feb
9*4cMay
900 35
May 4 2 X Feb
18.400
2
Jan
1 X Mar
200
IX
Feb
3 X May
6,800
X Mar
X
Jan
16,640
I X May
2 X May
9,150
IX
Mar
3 X M ay
3.700
IX
Apr 2 13-16Mar
71.500 1 7 X o Jan 70c Mar
4,050
4 X May
8X
Jan
14,350
2
Apr
I X May
24.300 75c Apr 1 3-16 Jan
33.100
10*4cMar 21c
Jan
5.000 48c May 84c Mar
4,905
5
Mar
3X
Jan
650
5
Feb
8
Jan
2,900
I X May
I X May
700 10c Mar 31c
Apr
3,070
1
Jan
2X
Apr
55.000
I X May
2 X May
13.000 85c Mar 1 3-16 Jan
32.300 70c Mar
I X May
21,200 1 2 X o Mar 22c
Jan
57,952 30c
Apr 80c
May
1.000
9-16 Mar
1 May
23.200 12c May
16c May
600 15
Jan
19*4 Mar
46.300 14c May 41c Mar
550
Feb
4
Jan
2X
31.400 8 7 X c Jan 2 1-16 May
8.300 38c Mar 72o May
200
Feb
4
Jan
2X
11,918
3 X Mar
8
May
35.400
Apr
2 X May
X
59.000 20c
Jan 43c Apr
9.000 38
May 42
May
3.300
6X
Feb
8 X May
6,800 I X
Mar 2 % ,
Apr
1.000 29c Mar 50
50c “May
5.000 50c May
68c Apr
12.500 30c Mar 50c
Apr
17.800
4c Mar
6c
Jan
8.700 93r» Mar 39o
Jan
4.400
2 X Mar
5 X Mar
57.500 13c Apr 39c May
25.500 62 c May
1
May
30.200 55c
Jan
78o May
1,413 54o Feb 78c May
200 50c
Feb
60o Apr
17,700 15c
Feb 26c
Jan
4.600 11-10 Apr
I X Mar
7.400 30c Apr 60c
Feb
18,950
3c
Feb
14c Apr
4,550 1 7-16 Mar
Jan
2
5.100
3-16 Feb
Jan
X
36.200 63c Mar 95c
Feb
9.000 51c Mar 81c May
14,100 3 15-16 Jan
7 X May
425
6
Mar
7 X May
5.000
1
Apr
Feb
X
20.000
Jan 9-16 May
X
3,357
Apr
4 X May
3X
56,000
Jan 18c [Mar
8c
16.800
6*4 Jan 27 X |Apr
3.600 24c Mar 34c FApr
M in in g
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 .
(Cone/.)— P a r . P r i c e . L o w .
Unity Gold Mining.......... 5
West End Consolidated..1
White Knob Cop, pref----White Oaks Mines Cons.r 5
Yukon-Alaska Tr.r(nopar)
Yukon Gold C o_________5
Yuscaran Consol.r........ .
B onds.
2%
9%
1M 1 3-321
2
*1%
15
*13%
40
2%
2%
1%
1%
2M
Cerro de Pasco Cop 6s 1925 114
Ches & Ohio conv 5s.r 1940 95
99%
Chic Un Sta 4 M s.r..l9 6 3
Cons Ariz Smelt 5 s .. . 1939 44
90%
Midvalo St & Ord 5s.rl936
2M
10 %
5-32
2
16
41%
2%
1%
S a les
fo r
W eek.
S h a res.
4,100
2,300
10,500
1,400
2,090
1,400
100
2,200
114 114 312,000
94% 95%
(a )
99% 99% 15,000
8,000
43M 44
96% 97M 75,000
1.
R a n ge s in ce J a n .
Quotations for Sundry Securities
H ig h .
L ow .
1M Apr
9% May
68c Mar
*1% May
Feb
5
Feb
39
2% Mar
1 1-16 Feb
2%
11
1 5-32
2
16M
45
2%
1%
May
Mar
May
Jail
May
Feb
Jan
May
Apr 123
Feb
114
98% Mar
93% May
99% May 101% Feb
Mar
Mar 50
25
Apr 100
Feb
90
* Odd lots, a SI, 100.000. i A prospect. I Listed on the Stock Exchange this
week, where additional transactions will be found, r Unlisted, u 2 0 % paid.
v 10% paid,
to When Issued, x Ex-dlvldend. y Ex-rights. 2 Ex-stock dividend.
C U R R E N T N O T IC E .
— B y advertisem ent in last week’s issueof the "C h ron icle” the “ Bureau
fo r the Dissemination o f Financial Literature to Investors,” 52 B roadw ay,
this city , requests the banking and brokerage houses in N ow Y ork and other
centres to forw ard any printed m atter which they havo issued and to keep
the Bureau on the mailing list. T he Bureau, which is con du cted b y Russel
Law , the financial advertising agency at 52 B roadw ay, states that it re
ceives numerous inquiries from investors for booklets, pam phlets, circu
lars and special letters published by financial houses. T he Bureau ad
vertises that it will list all publications issued b y banking firm s, & c ., in
their index and disseminate it am ong investors without charging for this
service in any w ay. Telephone Russel Law , Broad 6742-6743.
— C olgate, Parker & C o ., 2 Wall S t., this city, are offering to-d ay b y
advertisem ent on another page S I ,000,000 N ew Y ork Central & Hudson
River R R . C o. 1st M ortgage 343% bonds, due July 1 1997, at 82% and in
terest, yielding over 4.2 5 % . These bonds are freo from Pennsylvania State
tax and the bankers stato that they can bo m ado tax-exem pt in N ew Y ork
State b y paym ent o f the recording tax o f S5 per S I ,000 bond under the
M ortgago T ax Law o f 1906. T he bankers are advised that the bonds are a
legal investment for savings banks in N ew Y ork , Connecticut and M ass.
— T o yield 3.90 to 4 .7 5 % , W m . R . C om pton C om pany, 14 W all S t.,
this city , St. Louis, Cincinnati and C hicago, aro advertising a selected list
o f municipal bonds which m ay bo purchased b y the investor for imm ediate
or deferred delivery on or about Juno 15. T he firm offers an easy m ethod
o f purchasing any o f these bonds for tho convenience o f the small investor.
W rite for booklet, "B u yin g m unicipal bonds on partial p a ym en t.” A com
plete list o f m unicipal bonds will also bo mailed on request. See to -d a y ’s
advertisem ent.
— W m . P . Bonbright & C o ., In c., 14 W all S t., this city , aro advertising
and offering in to-d a y ’s “ C hronicle” a now issue o f .$989,100 T w in States
Gas & E lectric C o. 1st and Refunding M ortgage 5% bonds duo 1953, to
yield about 5 .5 0 % . Pennsylvania tax is refundable. Send for circular
" N o . C -2 2 ,” which gives detailed inform ation. General particulars o f this
investment are given in tho advertisem ent.
— P lym pton, Gardiner & C o. aro offering at the m arkot, paying 5 .3 3 % ,
Chesapeako & Ohio R y . convertible 5 % secured bonds which aro, until
April 1 1920, convertible into stock at 75. Tho bankers will purchaso
C . & O. 5 % notes which are called for paym ent Juno 1 1916 at 101 and int.
on a 2 % % discount basis for cash or accept them in jjaym ont for tho new
C . & O. convertible bonds.
New York City Banks and Trust Companies
Banks.
Bid
A
tit
N ew Y o 'l
A m e r ic a * ... 520
A m er E x c b . 207
A tla n tic ____ t l 8 0
B attery Park 145
390
B ow ery * . . .
B ronx B oro* 200
B ronx N a t . . 105
O ryan tP ark* 135
B u tch A D r . 100
C h a se ............. 010
220
C heslsca Ex*
C h em ica l . .
C ltlzen sC en t
C i t y ________
C oa l A Iron
C o lo n ia l* ___
C o lu m b ia * . .
C om m erce..
C orn E x ch *.
C o s m o p o l’ n*
E ast R iv e r .
F id e lit y * ..
filt h A v e * .
F ifth ________
F ir st.............
G a r fie ld ____
G erm -A m er*
G erm a n Ex*
G erm a nia * .
G o t h a m ____
G re e n w ich * .
H a n o v e r ___
H arrlm an . .
Im p A T r a d .
I r v i n g _____
L iberty___
Lincoln ___
395
178
427
182
450
330
535
212
__
105
145
115
020
225
125
402
183
435
187
325
tl6 9 b tl70
322
317
100
75
155
105
250
970
185
130
350
400
200
205
630
350
4 95
180
750
325
275
935
200
140
390
425
46)0
280
650
510
192
__
—
Banks.
M a n h a tta n •
M a rk A F u lt
M ech A M et
M e r ch a n ts’
M e tr o p o lis ” .
M etrop oT n *
M u t u a l ____
N ew N e t h * .
N ew Y o r k C o
N ew Y o r k .
P a cific ♦___
P eop le’s * . . .
P rod E x c h * .
P u b lic * ____
8 e a b o a rd . . .
S e c o n d _____
S h e r m a n ___
S ta te •_____
23(1 W a r d * .
U n ion E x c h .
U nit States*
W ash H ’ ts*.
W estch A v *
W est S id e * .
Y o r k v ll lo * ..
Bid
295
235
268
187
295
170
325
215
725
385
275
405
220
200
190
415
395
125
100
100
138
500
225
100
400
175
A sk
305
245
272
195
305
182
226
825
395
•2h6
120
115
100
130
85
195
270
170
130
Trust C o’s.
Bid Ask
NewY o r k
A s t o r ............
400
B ankers T r . 400
B ’ w a y T ru st 140
O entralT rust 1290
C o l u m b i a . . . 545
C o m m e rc ia l. 110
E m p ire _____
290
E q u ita b le T r 445
F arm L A T r 1325
F id e li t y ____
200
470
4(35
150
1310
555
_
300
455
__
210
280
235
210
210
430
420
135
115
136
145
175
415
550
B rook lyn
C o n e y Isl’d*
F ir s t ________
F latbu3h . . .
G re cn p o ln t .
H illside * - . .
H om estea d •
M ech a n ics •_
M o n t a u k * ..
N a ssau ..........
N a tlo n ’ lC lt y
N orth S id e * .
P e o p le ’ s ____
•Banks marked with a (*) are State banka.
change this week, v Ex-rlghts.
140
270
140
130
115
90
140
110
205
280
185
140
G u a r a n ty T r 430
H u d s o n ____
150
Law T it A T r 130
L lncolnT ruat 115
M etrop olita n 420
M u t ’ l (W e s tC h ester). .
125
N Y L ife Ins
A T r u s t . . 985
N Y T ru st.
tooo
T l t l e G u A T r 382
T ra n sa tla n ’ c
U nion T ru st 395
U S M t g A T r 392
U nltedStatee 1025
W estch ester
130
B ro o k ly n
B r o o k ly n T r
F ranklin . . .
H a m ilto n ___
K ings C o . .
M a n u fa c t’ rs
C it iz e n s .
P e o p le ’s . . .
Q ueens C o .
430
135
122
435
1000
3 S3
155
410
400
1045
140
•
520
255
265
630
535
205
145
280
150
287
—
276
050
85
tSale at anotlon or at Stock Ex
New York City Realty and Surety Companies
AlUanco R ’ty
Amer Surety
Bond A M G
Casualty Co
City Invest’g
Preferred. .
[Vol. 102
THE CHRONICLE
1978
B id
70
170
275
282
18
65
21
75
A sk
SO
1 77
B id
A sk
Lawyers Mtg 166
Mtg B ond.. 114
Nat Surety. 285
NYMtgAScc 85
NY Title Ins 45
172
no
290
05
55
B id
Realty Assoc
(Brooklyn)
90
U S Casualty 195
USTltleGAI
50
Wes A Bronx
TltlcAMG 107
A sk
100
210
60
175
A l l b o n d p r ic e s a r e “ a n d I n t e r e s t ” e x c e p t w h e r e m a r k e d “ f.
S ta n d a rd O H S to ck s
'S h a re
B id
Ark
•15b 16
090 700
350 300
99
Buckeye Pipe Line Co___ 60 *97
Chesebrough Mfg C ons.. 100 e335 340
Colonial Oil.......................100 70 80
Continental OH________10C 320 330
Orescent Pipe Line Co___ 60 *40 42
90
Cumberland Pipe Line.. 100 85
Eureka Pipe Lino C o___ 100 210 215
Galena-Signal Oil com__ 100 158 102
Preferred.............
100 143 148
dlinols Pipe Line........ ..100 100 100
Indiana Pipe Line Co___ 60 *90 93
internal Petroleum___
£1 *10% 11%
18
National Transit C o .. 12.50 *10
New York Transit Co__ iOt 190 195
Northern Pipe Line Co..ICO 98 103
Ndo OH Co.........................26 *231 233
59
P»nnMex Fuel C o______ 2f *56
Pierce Oil Corp__________ 26 •13% 14%
408 412
Prairie Pipe Line______ 100 215 218
285 295
195 200
365 370
110 115
Standard Oil (California) 100 250 252
Standard Oil (Indiana)_100 503 567
Standard OH (Kansas) ..100 440 450
Standard Oil (Kentucky) 100 415 420
350 360
519 521
Z20S 210
625 330
Standard OH (Ohio) ..
Swan A Finch.................. 100 100 110
82 84
250 253
•30 40
P ar
scglo-Amer Oil new ...
£1
T o b a c c o S t o c k s — P t r Sha r e .
P ar, B id .
American Cigar commonlOO
Preferred...............
100
Amer Machine A F d ry..l0 0
Brltlsh-Amer Tobao o rd ..£ l
Ordinary, bearer.......... £1
Conley Foil____________ 100
Johnson Tin Foil A M et. 100
MacAndrews A Forbcs-,100
Preferred_____________100
Porto Hlean-Amer Tob-.lOO
Reynolds (R J) Tobacco. 100
Preferred_____________100
Tobacco Products co m .. 100
Voung (J S) Co............... 100
Preferred____________ 100
Ark.
130 135
99 101
80 88
*1712 1S12
♦18
19
325 350
130 150
170 175
99 101
220 230
450 475
120 122
44
43
150 170
105 110
Short Term Notes. P er C e n t.
Amer Locom 5s July 1016 J-J 10018 1003s
6a, July 1917................ J-J 100b 101%
100i2 1003.1
A m T A T 4Ms 1918___
10U8 101%
Balt A Ohio 4 Ms 1917. JAI) 10012 1003.1
4Ms. 1918................ JAD 101 101%
Canadian Pac 6s 1924.MAS2 10214 102b
101 10114
0012 98
100 10014
Erie RR 5Ms 1917___ A-O 1013s 101 s8
100% 100 ■‘s
Hocking Valley 5s 1017.M-N 101 1101%
Int Harv 5s Feb 15 '18.F-A 1017* 102%
101 |]0114
Morgan A Wrlgh 15a Dec. 1,’ 18 100 Is 100%
New Eng Nav 6s 1917.M-N 100 10014
100 10014
Pub SerCorp N J 5s ’ 19 MAS 100% 1003s
Rem AmsU.M.C. 6a’ 19F&A 981.| 98'>8
100 lOOU
Southern Ry 5a 1017..M-S2 1003.1 101
100 ilOOlt
82
84
United Fruit 5s 1918.. M-N 101% 101%
ITtahSecurCorp 6s ’22 M-S15 06 | 07
Winches RepArms5s’ 18M&S 99% 997s
O r d n a n c e S t o c k s — P e r S h a rf et .
New York City Notes—
1003.110078
17% 17b Os Sept 1910____________
10338
75 80
6s Sept 1 1917....................
12
18
C a n a d ia n G o v t . N o te s
Amer A British M fg__
30
05
5s Aug 11916................FAA 10038 100 '-3
.
196 201
5s Aug 11017............... FAA 101 101%
*10
19b
Rlghts.
99 101
113 116
*425 430
Public Utilities —
*76
85 Am Gas A Elec com_____ go *147 149
170 190
Preferred_____________ 50 *60
50b
65
70 Am Lt A Trnc com m on.. 100 301 395
85 92
Preferred____________ 100j 110 113
300 350
Amer Power A L tc o m ___ 100’ 66 07
100 110
Preferred_____________ 100, 85 80b
76
77
Amer Publlo Utilities comlOOi 45
47
85 05
Preferred_____________ 100 76 78
04 70 Cities Servlco Co com__ 100 275 280
Preferred_____________100j 87 89
Colt’a Patent Fire Arms
825 835 Com’w’lth Pow Ry A L ..10 0 64
05
M f g ..............................
100 110
Preferred_____________ 100 84 85
130 134 Elec Bond A Share prof..100, 99b 101
Federal Light A Traction 100 H
13b
duPont (E I) do Nemours
325 330
Preferred_____________ 100 45 48
102 105 Great West Pow 6a 1946.JAJ 89 89b
400
380
Indiana Lighting Co___ 100 85
380 400
4s 1958 optional____ F-A 75 77
305 375
North’ n States Pow co m .100 70 70b
115 119
Preferred____________ 100 96 97b
30 35
1st A ref 5s 1941____ AAO 90 90b
05
75
Pacific Gas A Eloo c o m .. 100 57b 58
16
*15
1st preferred_________ 100 89
91
9
*8
2d pref (old prel)___ 100 91
93
20
31
*63% 63% Republic Ry A Light----- 100
Preferred____________ 100 77
70
168 175
100 105 South Call! Edlsou com. 100 87b 89b
Z550 502
Preferred....................... 100 1(4 106
•38b 39 Southwest Pow A L pro! 100 97b 100
Submarine Boat .
1800 1950 Standard Gas A El (Del). 50 *13
14
Preferred____________ 50 *36b 37b
Tennessee Ry L A P com 100 * 1 13
B
a
sis
Preferred____________ 100 62
64
R R . Equipments — P e r C t
A sk
B id .
United Gas A Elec Corp. 100 18 21
4.32 4.10
1st preferred_________ 100 74
77
Baltimore A Ohio 4% s.
4.55 4 20
2d preferred_________ 100 19
22
4.52 4.25 United Lt A Rys c o m ...100 52
54
Equipment 4a_______
4.6C 4.28
1st preferred................ 100 70b 78
Canadian Pacific 4% a ..
4.75 4.38 Western Power common. 10(
10 1 17
Caro Cllnchf A Ohio 6s.
4 5C 4.25
Preferred........................100 04b 05b
Central of Georgia 6s__
4 55 4.20
Equipment 4% s____
5.75 5 00
Chicago A Alton 4s___
5.6C 5.25
Industrial
5.01 5.25
Equipment 4%a________
4.8C 4.38
and Miscellaneous
Chic Ind A Loulev 4 % s . ... .
4 .45 4.25 Amer Bank Note rom__ 60 *38b 40
Chic S tL A N O S a ..............
4.30 4.10
Preferred___________ 60 •60 51
Chicago A N W 4% s..........
6.32 4.90 American Brass________100 292 294
Chicago R I A Fac 4% s___
4.75 4.38 American Chicle com __ 100 42
44
Colorado A Southern 6s___
4.55 4.20
Preferred___________ 100 09 72
Erie 6s__________ . . . . ____
4.55 4.20 Am Graphophone
m .. 100 120 123
Equipment 4%a________
128
134
4.51 4.20
Preferred.____ ______ 100
Equipment 4a__________
4.51 4.20 American Hardware___ 100 120 128
Hocking Valley 4a________
44
4.55 4.20 Amor 'Typefounders com. 100 41
Equipment 5s__________
94
90
4.32 4.10
Preferred___________ 100
Illinois Central 6a________
4.32 4.10 Borden's Cond Milk com 100 113b l l l b
4% S..................................
4.70 4.38
Preferred___________ 100 108
Kanawha A Michigan 4 %s.
4 30 4.12 Celluloid Company------ 100 170 175 "
Loulavllle A Nashville 6s__
1
2
4.45 4 12 Havana Tobacco Co-----100
Minn St P A 8 S M 4 % S ...
2
6.02 5.00
Prelorred___________ 100
3b
Missouri Kansas A Texas fir
5.55 5 00
1st g 5s Juno 1 1922.-J-D /48 53
Missouri Pacific 6s________
4.75’ 4.40 Intercontlnen Rub coiu--100 13
14
Mobile A Ohio 6s................
4.70 4.38 Internat Banking Co___ 100 100 103
Equipment 4 Ms________
4.50 4.20 International Salt_____ 100 38b 40
4.52 4.20
1st g 6s 1951______ A-O /7 4 b 76
Equipment 4 Ms.
4.35 4.12 International Silver pref.100 00 101
4.30 4.10 Lcblgh Valley Coal Sales.60 •80 90
02
00
4.2Sj 4.10 Otis Elevator com_____100
Equipment 4s.......... .
4.25 4.05
Preferred____ _____ ..100 89 91
Pennsylvania RR 4% s.
4.25
4.05
Remington
Typewriter—
Equlpment 4s_______
5.50 4.90
Common____________100 13b 14b
5.00 5.00
st preferred________ 100 09 71
St Louis A San Francisco 5s
4.65 4.30
d preferred________ 100 39 41
Seaboard Air Line 5s______
4.01 4.30 Royal Baking Powd com. 100 137 143
Equipment 4% s________
4.32 4.12
Preferred___________ 100 10034 10134
4.55 4.20
Southern Railway 4Ms----4.7C 4.38
Toledo A Ohio Central 4 s..
10313
00
1
2
1
1
r
• Per share. 6 Basis.
Flat price. * Nominal.
A
Purchaser also pays accrued dividend. 0 Now stock.
* Ex-dlvldend, y Ex-rlghts.
THE CHRONICLE
M a y 27 1916.]
\ n m s t m m t
R
A
I L
R
O
1979
amt i^ailrxraxt Intelligence.
A
D
G R O S S
E
A R N
I N
G
S
T h e following table shows the gross earnings of every S T E A M railroad from which regular weekly or m onthly returns
can bo obtained. T h e first tw a columns of figures give the gross earnings for the latest week or m on th , and the last two
columns the earnings for the period from July 1 to and including the latest week or m on th .
W e add a supplem entary
statem ent to show the fiscal year totals of those roads whose fiscal year does not begin with J u ly, but covers some other
period.
The returns of the electric railways are brought together separately on a subsequent page.
L a tes t G ro ss E a r n in g s .
J u ly 1
to L a test D a te .
ROADS.
L a tes t G r o s s E a r n in g s .
J u ly 1
to L a t e s t D a t e .
ROADS.
W eek or
M o n th .
C u rren t
Y ea r.
P re v io u s
Y ea r.
C u rren t
Y ea r.
P r e v io u s
Y ea r.
Ala N O & Tex P a c315,549 298,176 3,206,455 2,982,683
N O & N or E ast. A p r il_____
118,184 1,426,276 1,270,359
143,521
Ala & V icksburg. A p r il_____
114,760 1,397,870 1,174,952
136,936
Vicks Shrov & P . A p r il_____
44,512 2,311,740 2,018,426
54,913
A nn A rb or_________ 2d wk M a y
A tch T op & S F e___ A p r i l _____ 11049400 9,635,319 109860073 98,111,698
47,9381 2,678,590 2,345,058
51,025
Atlanta Birin & A tl 2d wk M ay
102,476! 1,027,175
121,442
895,940
Atlanta & West P t . M a rch ____
Atlantic Coast Line M a rch ____ 3,576,092 3.302,789 25,407,450 23,635,100
174,445 1,408,556 1,341,050
191,944
Chariest & W Car M a rch ____
112,532 1,197,904 1.060,128
143,880
Lou Ilend & St L M a rch ____
aBaltimore & O h io. M arch____ 9,269,711 7,352,832 82,079,479 67,446,586
124,141 1,297,758 1,179,346
160.691
B & O C h Ter KB M arch____
404,622 431,635 2,731,606 2,813,375
Bangor & A roostook M arch____
551,458 318,128 7,981,281 5,978,213
Bessemer & L E rie. M a r c h ___
50,597
90,222
810,463
679,765
Birmingham South A p r il_____
4,447.447 3,815,972 42,608,110 38,762,508
Boston & M a in e .. April
194,419 10,510,079 8,392,088
B uff Koch A Plttsb 3d wk M a y 247,509
120,762
113,665 1,425,804 1,220,705
B uffalo & Husq 1111. A p r il-------Canadian N or S yst. 2d wk M ay 748,300 364,800
Canadian P a c ific .. 3d wk M a y 2,610,000 1,575.000; 112768 802 88,572,821
Central o f Georgia M a rch ____ 1,128,515 1,110,235 9,638,977 9,410,874
Cent o f N ew Jersey M a rch ____ 3,060,128 2,423,456 27,153.443 23,600,479
314,718 344,945 3,513,758 2,859,996
Cent N ow E ngland. M a rch ____
372,285 327,163 3,146.675 2.859.352
Central V erm on t., M a r c h ___
d i e s & Ohio L incs. 3d wk M a y 940,951
808,189 42,453,428 34.643.377
Chlcago & A lton ___ M arch '__ 1.469,693 1.159,552 12,232,317 10.831,134
Chic Burl & Quincy M a rc h ____ 8.946,622 6,856,419 77,418,806 70,218,084
b Chicago & East 111 M a r c h ___ 1,449,690 1,137,936 12,926,009 11,034,241
c Chic Great W cst. 2d wk M ay 322,635 298,966 13,183,481 12,192,011
Chic Ind & L ou isv. 3d wk M a y
162,848
129,992 6,801,596 5,826,894
Chic M ilw & St P . \ M arch____ 8.876,705 7,544,390 78,623,717 69,503,270
Chic M il & Pug S)
dChic & N orth W est M a rch ____ 7.796.634 6,222,792 70,049,382 63,900,592
C hic Poor & St L . . M a rch ____
152,075
130,015! 1,319,703 1,249,897
C hic R ock Isl & Pac M a rch ____ 6,216,410 5,288,860 54,465,602 52,513,860
C hic It I & G u lf.. M a r c h ___
252,199 219,736 2,409,254 2.311.738
dChic St P M & Ora M arch____ 1,762,112 1,500,462 15,026,421 14,097,689
C hic Terro II & S E M a rch ____
260,813
181,348 2.000.
814
1,712,816
Cln Ilam & D ayton M a rch ____
721,910 701,586 7,961,202 7,195,880
C olorado M idland M a rch ____
106,710
110,133 1,174,802 1,382.016
e C olorado & South 2d wk M a y
257,602 243,597 13,708,936 12,630,287
C o rn w a ll____ ____ M a rch ____
24,898
11,293
98,163
142,111
Cornwall & Lebanon M a rch ____
41,884
222,164
22,850
341,010
Cuba R ailroad____ M a rch ____
799,779 588,628 4,752,922 3,662,565
Delawaro & Hudson M a rc h ____ 2.034.635 1,909,897 19,252,252 16,851,704
Del Lack & Western M a r c h ___ 4,234,295 3,149,484 36,737,922 31.735,272
D eny & Kio Grando 3d wk M a y 453,700 400,400 22,118,520 19,379,627
Western P a cific. M a r c h ___
600,304 . 415,850 5,486,534 4.149.904
Denver & Salt Lake 1st w kM ay
29,735
19,120 1,607,195 1,391,762
D etroit T ol & Iront M a r c h ___
117,519 1,633,648 1,396.658
189,935
D etroit & M ackinac 2d wk M a y
942,558
20,248 1.000. 982
23,668
D et & T ol Shore L_ M a r c h ___
117,172 1,303,950 1,126,122
186,797
98.778 4,179,165 3,029,245
Dul & Iron Ita n g o.. M a rch ____
115,563
57,036 2,984,574 2,514,286
D ul Sou Shore & Atl 2d wk M a y
68,703
Duluth Winn & Pac M a rc h ____
134,531 1,248,755 1,032,541
247,032
Elgin Joliot & E ast. M a rch ___ 1,237.721) 745,690 9.688.906 6.148.739
067,084 685,757 7,648.008 5,681,798
El Paso & Sou West M a rch ___
E r i e _______________ M a rch ___ 5.625.287 5,022.503 53,919,614 45,199,196
990,047 674,572 4,998,320 3,895,197
Florida East C oast. M a rch ____
82,664
73,041
780,065
Fonda Johns & G lov A p r il_____
721,535
283,088 240,418 2,367,242 2,182,562
Georgia R a ilro a d .. M a rch ____
101,208
46,465 5,067,897 3,300,243
Grand Trunk l ’ac__ 1st w kM ay
Grand Trunk Syst. 2d wk M ay 1,076,436 922,106 46,957,637 43,053,240
795,609 693,072 35,585,509 33,786,700
Grand Trunk R y 1st wkM ay
174,087
Grand Trk W est. 1st w kM ay
128,398 7.353.906 6,089,092
60,997
D ot Gr II & M ilw 1st wkM ay
41,565 2,705,402 2,178,706
Great N orth System A p r il____ 6,000,968 4,449,056 66,717,919 57,137,947
G u lf & Ship Islauu. M a rch ___
167,909
146,294 1,463,938 1,221,465
Hocking V alley____ M a rch ___
539,571
403,868 5.395,282 4,706,998
Illinois C entral____ A p r il____ 5,348,989 4,655,279 57,140,565 52.391.377
Intcrnat & Grt N or M a rch ___
780,887
704,097 7,095,145 7,107,819
Kansas C ity South. A p r il____
892,081
786,066 8,731,713 8,411,796
Lehigh & llu d ltiv . M a rch ___
143,755
144,617 1,544,664 1,309,180
Lehigh & N ow E n g . M a rch ___
283,792
183,842 2,606,115 1,844,008
Loliigh V alley_____ A p r il_____ 3,692,001 3,782,270 38,835,213 35,045,845
Louisiana & A rkan. M a rch ____
142.809
153,078' 1,258,825 1,291,415
Louisiana R y & N av M a rch ____
164,978
188,592 1,689,550 1.510,759
/L ou isvillo & Nashv 2d wk M a y 1,222,535 963,645 52,200,067 45,155,910
M aine C entral_____ M arch____ 1,031,343 974,210 8,878,834 8.576,633
40,047
M aryland & Pcnna. M a rch ____
44,642
354,883
390,424
160,413
M idfand Valley____ M a r c h ___
97,365 1,367.989 1,085,681
20,495
Mineral R an ge____ 2d wk M ay
21,788
928,619
720,146
M lnnoap & St Louis 2d wk M ay 207,599
174,036 9,413,060 8,925,889
M inn S t P & S S M . 2d wk M ay 593.810 470,042 30,315,980 24,556,365
Mississippi Central . M a r c h ___
73.569
67,626
607.829
586,258
g M o Kan & T e x ___ 3d wk M a y
600,197 524,545 28,728,759 29,800,635
h Missouri P a cific. . M a r c h ___ 5,477,491 4,600,583 47,962,404 44,652,650
Nashv C hatt & St L M a rch ____ 1.130,021 923.237 9.480.282 8,284,652
N ovada-Cal-O regon 2d wk M a y
6,169
5,584
308,266
323,904
i New York Central M a rch ____ 16752552 12638873 138554616 113992 609
Boston & Albany M a rch ____ 1,668,346 1,333,929 14,395,605 12,135,603
n Lake Erie & W . M a rch ____
577,892 472,821 5,134,653 4,270,718
M ichigan Central M a rch ____ 3,705,548 2,763,909 30,310,399 24,964,218
Clove O O & St L M a rch ____ 3,826,727 2,916,739 32,272,210 27,098,470
Cincinnati N orth. M a rch ____
115,640 1,356,276 1,167,689
165,923
Pitts & Lake Erie M a rch ____ 2,029,244 1,103,627 16,754,562 10,533,797
N Y C hic & St L . M arch____ 1,262,633 953,559 10,567,645 8,481,600
Tol & Ohio C en t. M arch____
486,236 297,115 4,017.189 3,849,304
Kanawha & M ich M a rch ____
310.607
200,429 2,716.541 2,187,534
T o t all lines above M a rch ____ 30785 559 22796641 25607!) 696 208681 551
W eek or
M o n th .
P r e v io u s
Y ea r.
C u rren
Y ea r.
C u rren t
Y ea r.
P r e v io u s
Y ea r.
S
$
S
New Orl Great N or M a rch ____
172,760 130,206 1,349,734 1,188,948
N O M ob ile & C h ic. M a rch ____
181,624 152,913 1,487,815 1,347,371
N Y N II & I l a r t f ._ M a rc h . . . . 6.098,626 5,351,512 55,726,965 47,759.573
N Y Ont & Western M a rch ____
638,681 629,020 6,793,423 6,748.898
N Y Susq & W e s t .. M a rch ____
444,347 334,007 3,337.559 2,876.796
N orfolk S o u th e rn .. M a rch ____
435.205 358,712 3,386,136 2,910,030
N orfolk & W estern. M a rch ____ 5.056,887 3,428,528 42,346.188 30,887.221
Northern P a cific___ 2d wk M a y 1.464.000 1,071.000 64.848,402 55,301,928
Northwestern P a c . . M a rch ____
291,601 232,714 3,151,261 2,660,842
P acific Coast C o ___ M a rch ____
538,989 514,725 5,480,176 4,780,257
p Pennsylvania R R . M a rch ____ 18907092 14624857 162111 187 136442611
Balt Ches & A tl. . M a rch ____
73.764
78,448
950,500
855,872
Cumberland Vail. M a rch ____
----------- 2,598,255 2.174.470
309,771! 240,718
Long Island
M a rch ____ 1,003,464 931,456 10,372,845 9,782.050
M a ry l’d Del & Va M a rch ____
57,226;
678,144
64,664
721,461
979
N Y Phila & N orf M a rch ____
296,203 3,395,550 2,743,183
Phil Balt & Wash M a rch ____ 2,0071298 1,588,993 17,201,760 14,945,823
532,405 442,634 5,628.349 4.919,598
W Jersey & Seasb M a rch ____
Pennsylvania C o ___ M a rch ____ 5,703,737 4,025,642 51,481,030 39.386,178
Grand Rap & Ind M a rch ____
467,103 442,486 4,193.567 4,055,316
P itis C C & St L . M a rch ____ 4,187,157 3,117,130 34.924.052 28,738.818
Vandalia _
M a rch ____ l,0 9 5,50 8 j 914,836 9,450.812 8,394,303
T otal lines—
East Pitts & Erie M a rch ____ 23594 050 18498249 206833082 176410258
W est Pitts & Erie M a rch ____ 11609411 8,630,478 101337664 81,708,769
All East & W est- M a rc h ..
35203462 27128727 308170748 258119027
Pore M a rquette___ M a rc h ..
1,855,564 1,489,783 15,732,982 13,575,453
Reading C o —
Phila & R eading- M a rch ____ 5,354.008 4,016.206 43.356.550 35,050.492
Coal & Iron C o . . M a r c h ..
3,711,421 1,952,876 28,600,479 22,219.939
T otal both co s .
M a r c h ..
9,065,429 5,969,082 71,957,029 57.270,431
Rich Fred & Potoin M a r c h ..
321,352 267,603 2,325,567 2,065.366
R io Grande June___ February .
64,455
56,498
"| “
728,092
675,183
R io Grande S o u t h .. 2d wk M ay
480,248
486,739
10,325
10,060
332,001
R u tla n d ___________ M a rch ____
264,772 2,803,983 2.578.478
St Jos & Grand Isl. M a rch ____
102,842 1,344,312 1.151,125
153,179
St L Brownsv & M . M a rc h ____
209,805 201.745 1,956,443 1,698.996
St L Iron M tn & So M arch
2,737,957 2,478,580 24,374,739 23,018.788
St Louis & San Fran M a r c h ___ 4,222,978 3.538,777 35,795,976 32,750.843
St Louis Southwest. 3d wk M a y 219,000
173,000 10,953,360 9,553,503
San Pod L A & S L . M arch____
839.992 8,116,719 6,858,517
997,126
Seaboard Air L in e. . M arch____ 2.449,736 2,136,471 18,336,143 16.252.312
Southern P acific___ A p ril_____ 12,351273 10164036 126246215 107309779
Southern R a ilw a y .. 3d wk M a y 1,339,234 1,086,725 62,113,383 55,905,434
M obile & O h io .. 3d wk M a y 244,232
229,723 10,448,348 9.804.471
Cin N O & T ex P . 3d wk M a y
219.010
185,178 9,679,244 8.399,370
Ala Great South. 3d wk M a y
120,974
84,944 4,902,132 4,232,695
Georgia So & F la . 3d wk M a y
38,830
36,996 2,173,672 2,000,522
Virginia & So W . 3d wk M a y
36,609
31,077 1,739,674 1,620,972
Spok P ort & Seattle M a r c h ___
374.664 327.607 3,718.945 3,423.056
Tenn Ala & Georgia 2d wk M a y
1,204
61,054
88,703
2,168
Tennesse C entral. M a rch .
129,227
125,863 1,183.775 1,111,431
Texas & P acific____ 3d wk M a y
305,938 296,556 17,163,302 16,187,616
T oledo Poor & West 2d wk M ay
21,614
18.38L 1,052,674 1,029,305
T oledo St L & W est 2d wk M ay
09,113; 4,815,980 4,031,791
120.010
Trinity & Brazos V . M a rch ____
828,579
64,4421
724,783
70.880
Union Pacific S yst. A p r il_____ 8,479,327 6,294,001186,632,918 73,046,826
V irginian__________ M a rch ___
486,392 5,695,719, 4.491.478
771,061
W i b a s h ___________ A p r il____
28,641,130 :
Western M aryland- 3d wk M a . : 216,122
186,692 9,542,994 7,560,800
Western R y o f A la . M a r c h ___
111,898
948,468
106.883
986.449
W heel & Lake E rie. A p r il_____
755,730 414,802 7,283,597 4,343.868
Y azoo & M iss V a il. April
997,900 951,117 11,222,345 9,973,214
P er io d .
V a r io u s F is c a l Y e a r s .
Buffalo & Susquehanna R R ____ Jan
Canadian Northern System ____ Oct
Delaware & H udson______
Jan
E r ie ______________________
Jan
New Y ork C e n tra l.)_____
Jan
Boston & A lb a n y______
Jan
Lake Erie & Western.?*
Jan
M ichigan Central___________ Jan
Oleve Cine Chic & St L o u is .. J an
Cincinnati N orthern___
J an
Pittsburgh & Lake Erie
Jan
N ew Y ork Chicago Sc St Louis J an
T oledo & Ohio Central______ J an
Kanawha & M ichigan______ Jan
T otal all lines_____________ Jan
N Y Susquehanna & W estern___ Jan
p Pennsylvania R a i l r o a d _______ Jan
Baltimore Chesap & Atlantic J a n
Cumberland V alley__________ Jan
Long Island_________________ Jan
Maryland Delaw & V irgin ia .. Jan
N Y Philadelphia & N orfolk . Jan
Phila Baltimore & Washing'n Jan
West Jersey & Seashore_____ J a n
Pennsylvania C o m p a n y _________ Jan
Grand Rapids & Indiana____ Jan
Pitts Cine Chic & St L o .d s___ Jan
V an dalia_____________________ Jan
T otal lines-—East Pitts & Erie Jan
— W est Pitts & Erie J an
— All Lines E & W Jan
R io Grando Junction___________ Dec
R u t la n d _______________________ Jan
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
C u rren t
Y ea r.
P r e v io u s
Y ea r.
April 30
567,468
450,332
M ay 14 21,682,300 14,267,800
M ar 31 6,300,184 4.931,059
M ar 31 17,096,935 13,982.487
M ar 31 46,872,981 35.483,112
M ar 31 4,819,246 3,702,611
M ar 31 1,661,146 1,353,209
M ar 31 10,327,790 7,761,539
M ar 31 10,950,385 8,316,631
M ar 31
435,116
333,817
M ar 31 5,596,437 2.932,009
M a r 31 3.712,970 2,749.533
M ar 31 1,366,901
974,629
M ar 31
903,255
601,938
M ar 31 86,646,227 64,209.030
M ar 31 1,235,554
970,767
M ar 31 53,642,022 40,930.410
M ar 31
201,597
188,207
M ar 31
899,028
655,880
M ar 31 2,872.066 2,516.968
M a r 31
164,551
152,663
M ar 31 1,106,815
792,973
M ar 31 5,607.240 4,407,187
M ar 31 1.464.0S6 1,163,330
M ar 31 15,839,575 10,949,469
M ar 31 1,329,170 1,206,101
M ar 31 11,917,973 8,766,399
M ar 31 3,181,540 2,578,416
M ar 31 66,795,996 51,520,745
M ar 31 32,685,646 23,844,787
M ar 31 99.481,642 75,365,532
Feb 29
199,400
186,574
M ar 31
887,736
732,433
AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
*
W e e k ly S u m m a r ie s .
C u rren t
Y ea r.
P r e v io u s
Y ea r.
In crea se or
D ecrea se.
M o n th ly S u m m a r ie s .
C u rren t
Y ea r.
P r e v io u s
Y ea r.
In crea se or
D ecrease.
%
$
M ilea g e.
C u r. Y r. P rev. Y r.
$
S
$
9,678,190 + 1.883.109 19.32
July............... 243,042 241,796 262,948,115 260,624,000 + 2,3 24 ,1 1 5 0.89
9,907,727 +2,033,951 20.53
A ugust_____ 247,809 245.754 279,891,224 274,618,381 + 5,2 72 ,8 4 3 1.93
9,851,118 + 2,085,115 21.01
September ..2 4 5 ,1 3 2 243,463 294,241,340 276.458,199 +17,783.141 0.43
16,481,520 +3,830.272 23.24
O c to b e r____ 248,072 247,009 311,179,375 274,091,434 +37,087,941 13.57
0,994,742 + 2,152,037 21.52
N ovem ber ..2 4 6 ,9 1 0 245.858 306,733.317 240,422,695 +66,310,622 27.58
10,662,518 + 2,706,882 25.40
Decem ber ..2 4 8 ,4 3 7 247,673 295.202,018 232,763.070 +62,438,948 26.82
10,934,698 +2,469,032 22.58
January____ 247.620 246,838 267,043,635 220,203,595 + 46,840,040 21.27
14,337,992 + 2,914,284 20.33
F obruary___245.541 244,809 267,579,814 209.573,963 +58,005,851 27.68
10,598,907 + 3.009,261 28.39
M a r c h ..........247.363 246,548 296,830,406 238,098,843 + 58,731,563 20.47
10,818,158 + 3,137,745 29.00
April -------- 89,588
87,566
58,481,044 + 13,130,023 22.45
, a Includes Cleveland Lorain & W heeling R y . b Includes E vansville & Terro H aute and E vansville & Indiana R R . c Includes M ason C ity & Fort
ar,u tl\,°
isconsin M innesota & l a clfic. d Includes not only operating revenue, but also all other receipts, e D oes not include earnings o f C olov.uPri?Kifi ^ {C ripple Creok D istrict R y . / Includes Louisvillo & A tlantic and the Frankfort & Cincinnati, g Includes the Texas Central and the
ta .
no?V . 1 f 1,1 i Ua mS i 0 " L r ? ) 8 l ro,,,',.M ;>unt:Un * Southern, j Includes the L ake Shore & M ichigan Southern R y ., C hicago Indiana &
Southern R R . and Dunkirk Allegheny Valley & Pittsburgh R R . ri Includes the N orthern Ohio R R . p Includes the N orthern Central. * W e no
longor lncludo the M oxlcan roads in any o f our totals.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
week
week
week
week
week
week
week
woek
wook
week
M ar
M ar
M ar
M ar
April
April
April
April
M ay
M ay
(37
(36
(35
(38
(32
(32
(33
(38
(37
(36
roads)____
road s)____
road s)____
roads)____
roads)____
roads)-----road s)-----roads)____
roads)-----roads)____
$
11.561.299
11,941,678
11.936,229
20.311,792
12,146,779
13,369,400
13.403.730
17,252,276
13,608,168
13,955,903
1980
THE CHRONICLE
L a t e s t G ro s s E a r n in g s b y W e e k s .— In the table which
follows we sum up separately the earnings for the second
week o f M a y .
T h e table covers 3 6 roads and shows 2 9 .0 0 %
increase in the aggregate over tho sam e week last year.
S econ d
1916.
W eek o f M a y .
1915.
S
Alabama Great Southern__
108,461
A nn A r b o r _________________
54,913
Atlanta Birmingham & Atlantic
51,025
B uffalo Rochester & Pittsburgh
235,847
Canadian N orthern____________
748,300
Canadian P a cific_______________ 2,592,000
Chesapeake & O hio____________
935,384
Chicago Great W estern_______
322,635
Chicago Indianap & Louisville.
159,654
Cine N ew Or! & Texas P a c ific ..
214,139
C olorado & Southern__________
257.602
D enver & R io Grande__________
458,800
D etroit & M ackinac___________
23,668
D uluth South Shore & A tla n tic.
68.703
Georgia Southern & Florida___
40,857
Grand T runk o f C anada______
Grand Trunk W estern_____
1,076,436
D etroit Grand Ila v & M ilw .
Canada A tlan tic___________
Louisvillo & N ashville_______
1,222,535
M ineral R an ge_________________
20,495
M inneapolis & St Louis______ 1
207,599
Iow a C entral_______________J
M inneapolis St Paul & S S M __
593,810
Missourl Kansas & Texas_____
581.201
M ob ile & O hio_________________
239,714
N evada-California-Oregon_____
5,584
N orthern P a cific_______________ 1,464,000
R io Grande Southern__________
10,325
St Louis Southwestern_________
222,000
Southern R ailw ay_____________
1,336,419
Tennessee Alabam a & Georgia.
2,168
308,158
Texas & P acific________________
T oledo Peoria & W estern______
21,614
T oled o St Louis & W estern____
120,010
Virginia & Southwestern______
35,308
W estern M arylan d____________
216,539
In crea se.
S
92,979
44,512
47,938
194,419
364,800
1,604,000
812,472
298,966
127,826
184,781
243,597
394,400
20,248
57,036
36,996
S
15,482
10,401
3.087
41,428
383,500
988,000
122,912
23,669
31,828
29,358
14,005
64,400
3,420
11,667
3,861
922,106
154,330
963,645
21,788
174,036
258,890
470,042
520,489
219,056
6,169
1,071,000
10,060
171,000
1,114.796
1,204
292,534
18,381
99,113
31,077
186,692
123,768
60,712
20,658
33,563
D ecrea se.
$
------- G r o s s
L a test G ro ss E a r n in g s
1,293
585
1,878
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 ea r.
Y ea r.
Y ear.
C u rren t
Y ea r.
$
$
$
$
A t c h T o p e k a & S F o .b .- A p r 11.049,400 9,635.319 j 3 , 938,049 73,293,059
July 1 to Apr 3 0 ______ 109,860,073 9 8 ,111,6 98j4 0 ,959,858^34,805,503
Kansas C ity Southern.b A p r
892,081
786,066
354,503
309,958
July 1 to A pr 3 1 ---------- 8,731,713 8,411,796 3,477,510 3,055,319
3,782,270 1,165,094 1,393,452
Lehigh V a lle y .b ________ A pr 3,692,001
July 1 to A pr 3 0 ----------38,835,213 35,045,845 11,537,790 10,101,072
Southern P a c ific .a ............A pr 12,351,273 10,164,036 3,692,022 2,388,315
July 1 to A pr 3 0 ............126,246,215 107309,779 39,274,326 29,438,220
U nion P a c ific .a ................ A pr 8,479,327
6,294,001 3,132,600 1,709,220
July 1 to A pr 3 0 ............86,632.918 73,046,826 33,657,869 25,526,636
W a b a s h .b ......................... A p r 2,984,869
2,343,794
976,966
398,937
July 1 to A pr 3 0 ............28,641,130 24,398,826 8,985,475 5,397,296
W heeling & Lako Erio b A pr
755,730
414,802
283,455
78,692
July 1 to A pr 3 0 ______ 7,283,597 4,343,868 2,789,023 1,022,185
G ross
E a r n in g s .
N e t a fte r
T axes, & c.
O th er
In com e.
G r o ss
In com e.
F ix e d
C h a rg es.
S
S
S
S
3
Boston & Maine—
Apr '16 4,447,447
. . . . .......................
Apr '15 3,815,972
..............................
10 m o s '16 42,608,110
..............................
10 mos '15 38,762,508
..............................
Buffalo Rochester & Pittsburgh—
101,591
Apr '16 897,675
230,788
Apr '15 698,729
149,970
54,934
835,874
10 mos '16 9,820,407 2,546,213
10 mos '15 7,808,832 1,833,953
597,747
Buffalo & Susquehanna—■
Apr '16
120,762
18,441
41,504
Apr '15
113,665
100,056
28,823
4 mos '16 567,468
137,178
170,192
4 m o s '15 450,332
34,074
122,911
O p e r a tin g
R even u e.
i orthem P acific___A pr 16
A pr '15
332,379
204,904
3,382,087
2,431,700
176,954
176,660
1,779,097
1,774,317
155,425
28,244
1,602,990
657,383
59,945
38,879
307,370
156,985
24,245
25,836
98,584
104,404
35,700
13,043
208,786
52,581
O p e ra tin g O p e r. I n c . N e t I n c o m e
E x p e n s e s . (a f t . T a x e s ). i a f t . I n t . & c )
3,551,000
2,875,000
2,334,000
1,429,000
1,904,000
G ross
E a rn in g s.
N et
F ix e d C h gs.
E a r n in g s .
& T a xes.
B a la n c e ,
S u r p lu s .
$
-G r o s s E a r n in g s C u rren t
P r e v io u s
Y ear.
Y ear.
C o m p a n ie s .
$
113,067
442,977
Alabam a Power C o .a ___A pr
G ross
E a rn in g s.
'16
'15
T6
T5
.$
261,232
235,023
2,517,099
1,974,446
G ross
E a r n in g s .
Cleveland E lec 111..Apr '16
A p r '15
4 m os '16
4 m os T 5
Great W est P ow Sys A p r '16
A p r '15
4 m os T 6
4 m os T 5
Penn Cent L t & P .. A p r T6
A pr '15
12 m os '16
12 m os '15
Pino B lu ff C o ______ A pr '16
A pr ’ l5
4 m os T 6
4 m os T5
3
370,113
def.38,696
2,770,393
de!741,210
P itts Shawmut & N o—
3 m os to M ar 31 '16
625,287
148,350
3 m os to M a r 31 ’ 15
448.313
115,569
R utland—
3 m os to M ar 31 *16
887,736
223,544
3 m os to M a r 31 T 5
732,433
150,844
IN D U S T R IA L C O M P A N IE S .
N ew Y ork D ock C o .A p r
A pr
10 m os
10 m os
B a la n c e ,
S u r p lu s .
6,450,000
4,683,000
$
$
414,080
373.810
1,762,097
1,578,815
293,519
237,392
1,217,683
929,524
90,539
66,575
954,562
807,922
21,546
19,152
87,459
81,117
$
86,487
302,834
N et
E a rn in g s.
$
132,712
114,741
1,225,860
967,788
N e t a fte r
T a xes.
$
200,694
191,082
878,903
832,107
192,040
173,011
791,429
662,145
35,635
31,123
414,663
356,961
9,764
7.124
42,954
33,912
s
3
g
*8,150
221,495
158,997 *d efl0,445
200,401
194,761
*97,714
*10,877
----- N
e t E a r n i n g s ------C u rren t
P r e v io u s
Y ear.
Y ear.
$
67,547
281,382
s
53,551
187,264
F ix ed C h gs.
& T a xes.
B a la n ce,
S u r p lu s .
S
80,668
84,097
802,781
809,593
S
52,044
30,644
423,079
158,159
F ix e d
C h arges.
S
36,637
35,434
146,241
141,720
139,942
106,521
640,245
417,524
22,745
21,359
263,313
254,342
3,921
3.895
15,935
15,543
N e t , a fte r
T a xes.
F ix e d
C h a rges.
B a la n ce,
S u r p lu s .
$
$
«*$
s
Southern Cal Edison A pr '16
401,286
209,929
84,216 *129,064
A p r '15
378,679
202,935
80,578 *125,331
4 m os '16 1,615,495
857,529
340,846 *579,985
4 m os '15 1,507,493
800,568
325,895 *502,767
a N et earnings hero given are after deducting taxes,
b N et earnings here given aro before deducting taxes.
j For April taxes and uncollectiblo railway revenue amounted to $530,528,
against $456,305 in 1915; after deducting which not for April 1916 was
$3,407,521, against $2,836,754 last year. From July 1 to A pril 30 taxes
& c ., were $5,199,314 in 1916, against $4,546,748 in 1915.
* A fter allowing for other incom e received.
N am e of
R oad.
N e t E a r n in g s M o n t h l y t o L a t e s t D a t e s .— T h o table
follow ing shows tho gross and net earnings w ith charges
and surplus of S T E A M railroads and industrial com panies
reported this week:
R oa d s.
G ross
E a r n in g s .
E L E C T R IC R A I L W A Y A N D T R A C T IO N C O M P A N IE S .
393,000
265
51,000
221,623
964
15.624
3,233
20,897
4,231
29,847
13,955,903 10,818,158 3,139,623
3,137,745
[Vol . 102,
B a la n c e ,
S u r p lu s .
$
164.057
155,648
732,662
690,387
*89,042
*87,330
*383,542
*310,624
12,889
9,764
151,349
102,618
5,843
3,229
27,019
18,369
W eek o r
M o n th .
C u rren t
Y ea r.
P re v io u s
Y ear.
Jan.
1
t o la t e s t d a t e .
C u rren t
Y ea r.
P r e v io u s
Y ea r.
$
$
$
$
A tlantic Shore R y ___ A p r il_____
23,576
23,855
91,496
91 ,418
cAur Elgin & C hic R y A p r il_____ 154.830 142,011
556,444
594 ,469
Bangor R y & Electric M a rch ____
63,794
63,222
192 ,484
188,932
Baton R ouge E lec Co M a rch ____
14,854
16,200
51 ,177
44,393
Beaver Valley T r a c .. M a rch ____
32,101
25,965
91 ,205
76,471
B elt L R y C o rp (N Y C ) F ebruary..
55,275
58,420
124 ,151
118,819
Berkshire Street R y . M a r c h ___
72,293
68,847
212 ,396
201,277
Brazilian T ra c, L & P M a rch ____ /6 7 11000 f6294910 /19220 ,000 /18088.600
B rock & P lym St R y . M a rch ____
7,097
7,006
22 ,454
20,693
Bklyn R ap Tran Syst F eb ru a ry .. 2099,998 1916,898 4,357 ,557 4,004,119
Cape Breton E lec Co M arch____
23,496
27,866
90 ,624
75.989
Chattanooga R y & Li M arch____ 100,095
83,439
297 ,698
242,617
Cleve Painesv & East M a r c h ___
32,533
29,914
93 ,356
82,886
C leve Southw & C o l. M a rch ____ 104,120
95,759
303 .029
274,865
Columbus (Ga) El C o M a rch ____
66,736
55,583
203 ,305
172,127
Colum (O) R y , P & L M a rch ____ 288,094 254,656
778,004
866 ,211
g C o m ’w 'th P R y & L A p r il_____ 1313,207 1093,746 5,437 ,467 4,614,691
C onnecticut C o ____ M a r c h ___ 751,504 621,542 2,134 ,382 1,782,155
Consum P ow (M ich) A p r il_____ 371,398 290,556 1 ,532 ,625 1,232,505
Cum b C o (M e) P & L A p r il_____ 211,944 186.786
832 ,900
752,027
Dallas E lectric C o .
M a rch ____ 159,828 144,816
496 ,719
473,567
D etroit United Lines M a r c h ___ 1237,688 1007,927 3,523 ,118 2,856,696
D D E B 4 B att(R ec) February_
35,720
37,840
77 ,977
75,915
Duluth-Superior Trac M a r c h ___ 114,028
98,491
324 ,036
288,186
East So Louis & S u b . M a rch ____ 231,887 198,612
688 ,727
592,566
Eastern Texas E le c .. M a rch ____
52,189
62,339
192 .608
154,124
pEl Paso E lectric C o . M a rch ____
86,491
78,329
282 ,920
249,971
42d St M & St N A ve F ebruary.. 146,979 142,402
306,965
310 ,559
A p r il_____ 586,137 527,388 2,322 ,014 2,132,689
g Georgia Ity & P o w . April
G alv-IIous Elec C o . . M a rch ____ 158,394 160,200
460 .596
471,139
Grand Rapids R y C o M a rch ____ 107,618
93,284
316 ,864
292,901
Harrisburg Railways. A p r il_____
89,702
75,354
355 ,614
303,021
Havana El R y L & P . M a r c h ___ 470,616 472,185 1.452 ,233 1,390,314
H onolulu R T & Land M a r c h ___
49,314
53,644
161 ,123
144,477
H oughton C o T r C o . M a rch ____
21,699
27,191
76 ,193
60,480
b Hudson & M a n h at. M a r c h ___
510.203 478,806 1,478 ,022 1,396.419
Illinois T ra ction _____ M a rch ____ 985,925 891,331 3,022 ,529 2,733,932
Interboro R ap T ra n . A p r il_____ 3243,930 2926,690 12,869 ,709 11,568,822
Jacksonville T rac C o M a rch ____
54,731
53,498
157 ,914
156,779
K eokuk E lectric____ M a rch ____
19,390
17,599
58 ,911
56,332
K e y W est E lectric___ M a rch ____
9,236
9,370
28 .057
28,724
Lake Shore Elec R y . M a r c h ___ 114,647 102,222
334 ,523
283,759
Lehigh Valloy Transit A p r il_____ 198,625 147,932
754 ,032
591,663
Lewist A ug & W aterv M a rch ____
55.204
53,132
158 ,661
148,619
Long Island E lectric. F eb ru a ry ..
14,655
14,180
29.909
30 ,489
Loufsvillo R a ilw a y .. M a r c h ___ 250,571 240.294
706,452
728 ,357
M ilw El R y & Lt C o . April
562.680 474,382 2,333 ,761 2,004,427
M ilw L t l i t & T r C o . A p r il_____ 133,194 108,652
517 ,845
439.090
675 ,941
N ashville R y & Light M a rch ____ 194,038 175,946
529.942
56,543
N Y C ity I n te rb o ro .. F eb ru a ry ..
51,255
117 ,790
108,427
27,694
N Y & Long I sla n d .. February_
26.205
55 607
57.739
N Y & N orth S h o re .. F eb ru a ry..
10,570
10.361
22 ,735
22,147
___
February.
.
100,393
91,226
N Y & Queens C o
209 ,423
191,521
N ow Y ork R ailw ays. M a rch ____ 1107,621 1111,940 3,269 ,734 3,188,124
24,051
N Y & Stamford Ity . M a r c h ___
24,955
71 ,420
68,251
N Y W estches & B o s. M a r c h ___
39.835
36.135
118 ,018
103,836
N ortham pton T r a c .. A p r il_____
17,282
13,013
64 ,517
51,156
N or Ohio T rac & L t . A p r il-------- 399.830 279,282 1,518 582 1,101,351
N orth Texas Electric M a rch ____ 166,936 128,701
459 .444
394,673
Ocean E lectric (L I ) . February. .
5,164
4,800
10,029
10 588
Paducah T r & L t C o . M a rch ____
25,725
73,366
23,307
78 796
Pensacola Electric Co M a rch ____
59,403
24,056
19,182
69 825
Phila R apid T ransit. A p r il_____ 2272,272 1971,599 8,718 ,030 7,831,682
Phila & Western R y . A p r il_____
149 844
132,076
42,803
35,502
Pittsburgh R ailw ays. M a r c h ___ 1074,771 950,135 3,075 210 2,735,448
P ort(O re) R y,L& PC o. M a rch ____ 450,803 445,544 1,315 122 1,373,011
1,922 ,170 1,877,786
g Puget Sd T r, L & P. M a r c h ___ 655,362 615,210
g R epublic R y & L t . . A p r il_____
327,672 237,747 1,286 ,494
962,584
R hode Island_______ M a r c h ___ 451.308 372,156 1,290 .381 1,125,977
26,254
24,169
R ichm ond Lt & R R . F eb ru a ry..
54 ,489
50,638
St Jos R y L H & P Co F ebruary. . 116,446 106,351
239 .722
223,625
Santiago E le cL t & Tr M a r c h ___
42,974
36.259
135 ,550
112,513
Savannah Electric Co M a rch ____
65,270
64,394
191 ,801
199,979
Second Avenue (R ec) F eb ru a ry..
59,880
55,795
121,225
126 ,059
Southern B oulevard. F eb ru a ry..
16,782
15,574
32,806
35 ,204
Staten Isl'd M idlan d. February_
37,016
19,696
17,677
41 ,075
Tam pa Electric C o . M a r c h ...
250,518
82,268
259 ,177
81,928
T hird A v e n u o _____ February.
609.942
667 640
324,982 284.787
cT oron toR y (asso cos) February.
8*16,256 767,326 1 .752 ,606 1,610,677
Twin C ity R ap T ran. 2d wk M a y 178,954 174,737 3,677 ,333 3,388,879
439 .046
Union R y C o o f N Y C F ebruary.. 204,277 190,270
401,906
Virginia R y & Power A p r il_____ 475,700 410.944 1 ,896 ,382 1,639,022
65.100
60,228
180 ,967
W ash Balt & A nnap. M a rch ____
167,675
39,616
84 ,181
39,915
W estchester E lectric. F ebruary..
82,550
17,998
18,408
52 ,619
W estchester St R R . . M a r c h __
51,882
506.199 394,409 1.452 ,444 1,167.990
g W est Penn T rac Co M a r c h ___
56,964
51,942
120 .075
Yonkers R ailroad___ February_
107.934
60,326
78,675
Y ork Railways______ A
April
p r il_____
317 .658
252,215
25.025
24,426
Youngstown & O hio. M arch ___
74 ,006
69.365
14.941
12,770
Youngstow n & South M a r c h ___
42 .428
36.787
b Represents incom e from all sources,
c Those figures aro for con soli
dated com pany. / Earnings now given In mllrels. g Includes constituent
com panies.
E le c tr ic R a ilw a y N e t E a r n in g s .— T ho follow ing table
gives the returns of E L E C T R I C railw ay gross and net
earnings w ith chargos and surplus roportod this week:
R oa d s.
P orto R ico Railways—
Jan 1 to A pr 30______
W innipeg E lectric_____ M ar
Jan 1 to M a r 31______
Aur Elgin & C h ic___A pr '16
A p r '15
10 m os *16
10 m os '15
Chatauqua Traction—
3 mos to M ar 31 ’ 16
3 m os to M ar 31 '15
9 m os to M ar 31 '16
9 mos to M ar 31 '15
P h ila * W estern____ A pr ’ 16
A pr '15
4 m os '16
4 m os '15
-G r o s s E a r n in g s C u rren l
P r e v io u s
Y ea r.
Y ea r.
$
28*1,890
296,500
G ross
E a r n in g s .
$
$
255,689
303,209
N et
E a r n in g s .
154,830
142,011
1,618,791
1,653,820
S
54,145
45,174
580,803
592,457
28,634
26,595
118,515
145,102
42,803
35,502
149,844
132,076
d of 1,064
1,439
27,369
53,562
22,647
16,948
76,053
63,985
-N e t E a r n in g s C u rren t
P r e v io u s
Y ea r.
Y ea r.
$
147,691
111,900
328,625
F ix e d C h a s.
c& T a x e s .
•$
42,112
40,038
407,831
398,809
124,859
106,159
362,728
B a la n c e ,
S u r p lu s .
$
12,033
5,136
172,972
193,643
16,844 *d ofl7,164
19,695 def 18,256
50,221 * d o f2 2 ,108
61,915
dof8,353
12,526
10,121
11,717
5,231
50,176
25,877
49,173
14,812
May 27 1916.]
Tw in C ity R ap T r.A p r
Apr
mos
4 mos
Y ork Railw ays_____ Apr
Apr
5 mos
5 mos
THE CHRONICLE
Gross
Net
ixedChgs. Balance.
Earnings. Earnings. F&
Taxes. Surplus,
$
4
816,182
764,428
3,307,167
3,042,346
78,675
60,326
400,272
322,515
s
309,479
274,279
1,191,290
997,072
43,664
27,457
221,949
150,231
140,299
139,420
568,181
557,917
25,118
22,320
129,244
110,356
Gross
Net
Fixed
Earnings. after Taxes. Charges.
S
$
$
Citizens Trac C o ___Apr
Apr
12 mos
12 mos
-A p r
N Y Stato R y s .
Apr
4 mos
4 mos
N or Ohio T rac
L t.A p r
A pr
4 m os
4 mos
Pacific Gas & El C o.A p r
Apr
4 mos
4 mos
Third A vonuo S yst.A p r
Apr
10 mos
10 mos
&
32,187
11,530
25,046
8,965
145,996
390.830
130,921
364,965
223,064
671,959
163,453
557,308
904,186
2,711,939
745,612
2,367,493
161,346
399.830
95,744
279,282
610,211
1,518,582
391,900
1,101,351
598,413
1,486,528
652,125
1,512,103
6,364,436 2,684,635
6,261,430 2.765,731
310,583
920,584
214,078
874.450
9.141,664 2,786,588
8,979,255 2,593,508
169,180
134,859
623,109
439,155
18,546
5,137
92,705
39,875
Balance,
Surplus.
$
5,972
5,558
5,613
3,352
69,733
76,262
65,327
65,594
115,155
107,909
115,916
47,537
458,748
445,438
475,947
269,665
49,696
111,650
51,423
44,321
207,333
402,878
204,437
187,463
321,736
*305,745
344,014
*336,960
1,298,941 *1,565,223
1,411,287 *1,454,608
222,045
*102,094
212,060
*8,646
2,185,951
*716,844
2,130.247
*530,977
* A fter allowing for other incom o received.
ANNUAL REPORTS
A n n u a l R ep o rts.— Index to appear next wook.
C an adian N orth ern R ailw ay System .
{F in a n c ia l S tatem ents as o f A p r i l 15 1916.)
The official statement recently filed with the House of
Commons at Ottawa in connection with the granting to the
company by the Canadian Government of a $15,000,000 6 %
call loan, secured by mortgage (see V . 102, p. 1810, 1895),
furnishes for tho first timo a clear and comprehensive com
pilation of tho funded and other obligations of the entire
Canadian Northern Railway System, which as now consti
tuted embraces 9,993 miles of track, including 394 miles of
leased. This compilation wo give bolow in abbreviated form.
In presenting this statement wo have interpolated along
side tho company’s item “ issued” tho amount of each loan
pledged to secure note issues and temporary obligations, the
balance being with tho few exceptions noted precisely tho
amounts outstanding (either in $ or £ at $4 86 2-3, as tho
case m ay bo) as reported to tho “ Chroniclo” for its February
1916 issuo of tho “ Railway & Industrial Section.” The elab
orate tables published in V . 98, p. 1600, 1607; V . 99, p. 537,
may also bo consulted to advantage for further information.
Securities A uthorized, Issued and O u tstan din g on April 15 1916.
Security.
Date of
Guaranteed by DoMaturity.
minion G
overnm
’t—
Can. Northern Hy—
3% IstM . deb stk_July
3h%
do d o ...J u l y
4%
do do ..S e p t.
Can. North. Alb. H y.—
3 H % lstM .deb .stk April
3M %
do do . .M a y
Can. N orth. Ont. R y .—
3 h i% lstM .d cb .8tkM ay
Authorized
or Guaran.
$
Total
Issued.
S
Amount Balance
Pledged. Outstanding.
$or £
$
10 19.53
9,359,997
9,359,997
None
20 1958
7,890,590
7.896.588
None
1 1934 45,000,000 44,866,667 27,833,333
£1,923,287
£1.622,586
£3.500,000
1 1962
4 1960
3,570,000
3,150,000
3,569,997
3,149,999
3,509,997
None
None
£647,260
19 1961
Guaranteed by Prov. of Ont.—
Can. N orth. Ont. Hy.—
3Ji% lstM .d cb.stkJun c .30 1938
3H %
do do ..J u ly 10 1936
Guaranteed by M
anitoba G
ov't—
Can. N orth. R y .—
4% consol, d e b ...J u n e 30 1930
4% Ont. dlv. bds.June 30 1930
4M% do
do ..J u n o 30 1930
4% Winn. Ter.bds July 11939
4% 1st M . s tock ..Ju n o 30 1930
4 )$ % C . N . M an . ....................
4% sk. branch bds Feb. 11929
4% G lib. 1>1.bds..N ov. 11930
M .& S .E .R y. 4 % . Feb. 1 1929
Guar, by SaskatchewanG
ov’t—
Can. N orth. H y.—
4% 1st M . sto ck ..J a n . 23 1939
C .N . Sask. H y.—
4>3% 1st M . stockD cc. 19 1943
Guar, by Alberta G
ov’t—
Can. N o rth .H y .—
4 % .Is tM .d e b . stk Feb. 25 1939
Can. N . W . H y.—
4H% lstM .d ebA tk F eb. 16 1942
4>*% do do . .O c t . 22 1943
Guar, by B r . Col. G
ov’t—
Can. N or. P a c .R y .—
4% 1st M . deb .stk April 2 1950
4)* % Ter. deb.stk.A prll 2 1950
414 % br. line stk.A pril 2 1950
414 % 2d chg. stk.A pril 2 1950
35,770,000
35,770,000
1,540,003
£7,033,561
7,S60,000
..............
6,724,015
12,437,253
5,745,587
10,784,047
5,580,607
164,980
3,000,000
4,319,999
Nono
Nono
None
Nono
1,460,000
£2,215,900
£1,146,700
b£33,900
£616,438
£587 671
1,137', 340
2,433
• 512,460
Nono
Nono
None
d£233,700
d£500
d£105,300
3,000,000
4,320,000
162,500
1,135^982
None
None
£1,381,647
a£233,421
14,775,000
13,587,733
3.825,000
1,174,813
1,174,813
None
11,022,000
9.726,364
4,139,699
£1,147,945
7,870,500
2,851,750
6,424,000
2,799,998
Nono
None
£1,320,000
$2,799,998
21,000,000 20,999,998
10,000,000
8,014,000
11,865,000 5,339,128
5,110,000
4,999,999
4,587,997
Nono
5,339,127
4,999,999
£3,372,329
£1,770,000
None
Nono
5,557,733 *£1.650,000
U
nguaranteed Securities-
Can. North. Ry.—
4% perp. cons,
deb. stock........ Perpetual
61,679,622 61,679,622
4% 1st M. Pas
Mission bds___ April 12 1939
880,000
880,000
4 <4 % 1st M . Gunflint bonds........ June 30 1930
669,000
669,000
4 J4 % Prince Albert
branch bonds..June 30 1930
693,900
693,900
Can. Nor. Ont. Ry.—
4 % perp. cons,
14,814,429 814,577,253
deb. stock........ Perpetual
Central Ont. Ry.—
965,547
5% 1st M. bonds.Jan. 1 1934
965,547
Bay of Quinte Ry.—
830,000
5% 1st M. bonds.Jan. 2 1927
830,000
Irondale B, & O. Ry.—
450,000
5% 1st M. bonds.Jan. 1 1953
C .N . Quebec Ry.—
5,435,127
5,435,127
4% per. deb stk. .Perpetual
Great Nor. Ry. of
Can. 4% bonds.Oct. 1 1934 5,462,000
3,505,750
16,760,930*
880,000
None
24,100
£132,514
343,900
£71,918
6,651,428
None
h£199,000
Nono
I$830,000
In treasury
184,758
None
1981
Daleof Authorized
Unguaranteed Maturity. orGuaran.
Securities (Conc’d)—
$
Quo. & L. St. J. Ry.—
4% 1st M. deb. stk Perpetual
IstM . bonds____ __________
Income bonds.............................
Dul. Winn. & Pac. Ry.
4% 1st M . stock..June 1 1939
D .R .L .& W . Ry.
5% bds. exten’d Jan. 1 1921
Halifax & S.W. Ry.—
1st M . bds.Sept. 30 1943
Niagara St. Catha
rines & Tor.Ry.—
5% 1st M. bonds.Nov. 1 1929
5% 2d M. bonds..N ov. 1 1929
Qu'App. L. L. &
Sask .Ry .&SS .Co.—
4% 1st M . stock..July 1 1936
Mt. Royal Tunnel
Terminal Co., Ltd.—
5% 1st M. bonds.Aprll 15 1970
—
Can. North. Ry.—
4% land grant
bonds (1909)...July 1 1938
4% land grant
bonds (1899)...F e b . 1 1919
5% land M. debs.
(V. 97, p. 1424) .June 1 1923
3'4%
&
LandSecurities
Total
Issued.
Amount Balance
Pledged. Outsta
nding
$or£
i
$
4,486,814
31,268
102,818
4,486,814
127,799
10,500,000
8,221,907
1,210,583
$7,011,324
2 ,0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
None
$2 ,0 0 0 ,0 0 0
7,600,000
5,663,667
1,216,666
$4,447,000
1,504,000
536,500
1,504,000
536,500
381,000
536,500
$1,123,000
None
5,110,000
5,051,463
None
11,680,000
9,012,565
2,383,207
£1,037,972
/ £1,061,897
Not
(
3,844,667] pledged
2,383,207
2 ,0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
17,033,333
17,033,333
£895,688
In treasury
In treasury
None p£489,700
None
$2 ,0 0 0 ,0 0 0
16,478,395 *£1.500.008
583,438.742 358,770,799
i by Ed.]— See below—
Secured 5% 5-yr. notes:
See V.97,p.520__ Aug. 12 1918 £2 ,0 0 0 ,0 0 0 £2 ,0 0 0 ,0 0 0
None £ 2 ,0 0 0 ,0 0 0
See V.98,p. 1609..June 12 1919
450,000
450,000
None
450,000
N. Y . 5% loans secured:
See V. 101,p.527..Sept. 1 1917$11,500,000 $11,500,000
None $11,500,000
See V. 102,p.521 ..Jan.
1917 2,500,000
2,500,000
None
2,500,000
In addition to the above, the following are authorized and Issued:
Canadian Northern Ry. 5% Income charge convertible debenture stock.$25,000,000
Imperial Rolling Stock Co., Ltd., equipment trusts__________________ 17,302,500
a Exchangeable for 1938 stock, b E xchangeable for 4 % Ontario division
bonds, d Exchangeable for 4 % consolidated debenture bonds, g A uthor
ized by board exclusive o f $2,590,001 (£532,192) deposited as collateral
to O. N . O. 3 H % Dom inion guaranteed stock, h Authorized and Issued,
$973,333 o f which $7,787 redeemed b y sinking fund, i Authorized and
issued. $930,000, o f which $1,000 redeemed by sinking fun d, k A m ount
authorized b y board, $5,435,127, issued. $5,224,750, o f which $1,719,000
exchanged for C . N . Q. stock, p Authorized and issued $5,000,013, o f
which $2,616,807 redeemed b y sinking fund.
In addition to the above stocks and bonds there were pledged $647,266
Cam panello Steamships, L td ., 1st M . bonds.
_ * T he five items marked with an asterisk are given as reported to the
‘ 'C hronicle" b y ail officer o f the com pany in February last and take no
account o f the relation o f the amounts "issued” to the amounts “ p ledged"
tho latter being so m uch beyond what could reasonably be expected that
one is forced to the conclusion that some special circum stance is to bo taken
into account— such possibly as a duplication or borrowing o f collateral or
som e other explanation not patent to an outsider.— Ed.
15 1916
$17,302,500.
Equipment Securities Outstanding April
Series. Amount. Series. Amount. Series
“ L” . . .
“ M ” ___
“ N ” ___
“ O” ___
" P " ___
$2 0 0 ,0 0 0 " R " ___ $340,000
58,000 "S "........
300,000
10 0 ,0 0 0 " T ” ____
600,000
300,000 “ U” ___
2 0 0 ,0 0 0
300,000 "V ” ___ 1,240,000
Aggregating
Amount. Series
"V ” . ...$1,500,000
“ A -l’ . . . 1,844,000
"B -r . . .
825.500
“ C -l” . . . 1,300,000
” D-1’ . . 1,950,000
AmountsExpected-tobeRealizedfromS
ecuritiesAvailable,
D
ec.
I')PC 1Q1R
D
101^
pp
Guaranteed securities_____________ $41,905,117
Other securities......... ..................... .. 51.906.782
Amount.
“ E -l” ...$1,365,000
“ F -l" . . . 2,950,000
” G-1’ . .
750,000
“ H -l’ . .
630,000
“ K - r . . 1,790,000
T3 &
T5.
$36,466,07i
46,920,126
Dec.
Tiprrpn^p
$5,439,046
4,986,656
T o ta l...................................................$93,811,899 $83,386,197 $10,425,702
.— T he “ other securities" were to a large extent disposed o f and the
proceeds actually on hand on D ec. 31 1913. T he depreciation o f "oth er
securities" is therefore less than on “ guaranteed securities" which have all
been dealt with subsequent to tho declaration o f war.
15 1916.
IThe collateral for these are included in "securities pledged” above.]
x 14 London (short-term) loans (largest loan £1,460,000)_____ $29,411,964
x Dom inion Governm ent loan on Canadian N orthern R y . 4 %
debenture stock (D om . g u a r.)_______________________________ 10,000.000
x Sundry loans in Canada on securities (largest loan, $1,505,154) 6,214,066
x N .Y .f C . N . R y . 4 % (D om . guar.) 2-year notes
loans (duo Sept. 1 1917 (V . 101, p. 5 27).................. $11,500,000
[C . N . R y. 5 % 1-year notes due Jan. 10 T 7 y 2 ,500,000 14,000,000
Bills payable— Advances on construe, o f main and branch lines 7,300,000
x T em porary loans covering interest, construction,
betterments and equip., $14,928,251: and pro
ceeds o f securities in trust accts., & c., $5,000,000,819,925,345
Less receivable from proceeds o f securities, & c., ap
plicable in reduction o f tho a bov e________________ 3,529,929 16,395,416
Contractors’ , sub-contractors’ estimates, m ater'1 a ccts., & c_ . 5,912,497
Sundry accts., pay-rolls, audited vouchers, & c____ $4,902,432
C ap. a cct., deterred p a ym ’ts on term ’ls, land, & c. 4,493,567
C oupon warrants, accrued interest. & c____________
4,601,398
Note
Net Current Liabilities, Short Date Loans, Bills Payable, &c., April
$13,997,338
Cash on band, accts. receiv., m at’ls, supplies, & c . . 10J80I398
3,216,940
T o t a l........................... ....................... ................................................... $92,450,883
x T ho collateral pledge for the items marked “ x” in this table is shown
under tho heading "p led g ed ” In the aforesaid tabic o f funded debt in con
nection with the collateral for tho tw o 5 % secured note issues o f 1913.
These last-named issues aggregating £2,000,000 and £450,000 aro not in
cluded b y tho com pany in its list o f short-term obligations as reported to
Parliament, presumably for the reason that they d o not fall due until 1918
and 1919. T he collateral, how ever, appears in the com pany's statement
o f its “ issued funded d e b t,” so that there is no understating o f the total debt.
y T ho collateral for this loan never before published includes $1,270,200
C an. N or. R y . 4 % debenture stock guaranteed b y Saskatchewan, $1,174,
813 Can. N or. Sask. R y . 414% debenture stock guaranteed b y Saskatche
wan, $1,253,166 Can. N o. Pec. R y. 414% branch lines guar, b y Brit. C ol.
Owing to financial conditions during tho past tw o years, it has boon im
possible to market long-dated securities, and the com pany has therefore
found it necessary to make short date note issues and call loans to accom m o
date existing market conditions. W ith the return o f m ore normal condi
tions, the securities will bo sold and tho loans liquidated.
T ho collateral security held against above loans is included in statement
o f funded debt.
It is expected that tho com pany will be largely able to extend its loans
till ono year after tho war.
“ Other obligations” are shown as o f June 30 1915, but tho aggregate
amount is approxim ately the same as o f April 15 1916, with tho exception
o f loans which are brought up to date.
15 1916
[Included under heading "pledged” in table o f funded debt above.]
.—
—
Guaranteed—Dominion . . $32,913,334 London loans...............
$39,549,965
do
Provincial . . 16,588,035 Canada loans.......................... 21,429,631
Unguaranteed securities........ 45,407,990 z New York loans.................. 19,031,512
Proceeds of securities______
5,000,000 Other securities...............
14,928.251
Securities PledgedApril
PledgedSecurities, Ac
to Secure SaidShort Date Obligations,&c.
Pledgedfor
$99,939,359 To be earned, about________aa5.000,000
aa There will be earned in respect o f contractors’ accounts and capital
paym ents, securities and proceeds o f securities from trust accounts approxi
m ately tho sum o f $5,000,000.
B y "N e w York loans” aro meant tho 5 % secured note issuo o f 1915
and 1916 for $11,500,000 and $2,500,000 due Sept. 1 1917 and Jan. 1 1917,
respectively; see above and V. 101, p. 527; V . 102, p. 521.— Ed.
7
1982
Funded D ebt A p r i l 15 1916, In c lu d in g S e c u r it ie s P le d g e d a s C o lla t. to L o a n s .
A u th o r iz e d .
''I s s u e d ."
Dominion guaranteed securities______________ $101,746,587 $104,613,248
Provincial guaranteed securities______________ 121,844,590 107,027,896
Unguar, securs., incl. terminals and sub. c o s .. 135,431,025 125,713,115
Land grant securities_________________________
$362,022,202 $337,354,259
21,416,540
21,416,540
Income charge 5 % convertible debenture stock.
$383,438,742 $358,770,799
25,000,000
25,000,000
j raperial Rolling Stock Co. bonds____________
F ix e d C h a rg es.
[Vol . 102
THE CHRONICLE
$408,438,742 $383,770,799
$17,302,500
Total securities issued as abovo_________________ $383,770,798
Imperial Rolling Ctock Co. bonds--------------------- 17,302,500
$401,073,298
Less issued outside of mileage and equipment:
issued on terminals, elovators, express, telograph and subsidiary companies__________ $40,338,225
Issued on land grant, &c___________________ 21,416,540
5% income convertible debenture stock______ 25,000,000
$86,754,764
Total issue! on miloigo and equipment_____________________ $314,318,534
Mileage (including 391 railos leasoil)_______________________ 9,993 miles
Total issue per mile oxelusivo loused linos----------------------------$32,744
Total issue per mile including 5% income stock--------------------35,348
Total fixed charges exclusive of sub. cos. and land securities.. $12,989,059
Fixed charges per mile-------------------------------------------------l ,299
Tho Dominion and British Columbia Governments hive un
taken to pay interost on securities for 2 ansi 3 years after
lines are in operation to oxtonc of $4,514,507, which tempo
rarily reducas total fixed charges to $848 per mile, o r--------- $8.474.5o2
C o n tra c to rs' E s tim a te s a n d C o n stru ctio n A c c o u n ts $3,221,655. A p r i l 15 1916British Col. (1) estimates and material accts., $311,451; (2)
__
drawbacks, $993,436---------------------------------------------------- — -SI ,304,887
Western lines—list, and drawbacks, ($241,999); pay-roll and
materials, $141,010________________________________________
383,009
Eastern lines— Drawbacks, $1,248,188; estimates and ma
terial accounts, $162,391----------------------------------------------------Equipment—general________________________________________ 123,180
Cash in trust account or securities issuablo will provide for the above.
S e c u r it ie s G u a ra n teed by the D o m in io n a n d P r o v in c ia l G o vern m en ts, Interest
on w h ic h is P a y a b le by R esp ective G o vern m en ts u n d e r C o n d itio n sP re s en te d — B a s e d on S e c u r it ie s O u tsta n din g at th is D a te.
B a sed on
A nnual
D ominion guaranty—
O u tsta n d in g .
In terest.
disastrous war conditions. We are now "at tho end of our tothor" with
regard to Grand Trunk Pacific financing. Tho first Grand Trunk Pacific
payments for interest after Jan. 1 1916 will become duo on March 1 and
amount to just under $1,000,000, and thero is no prospect of our boing able
to meet that payment.
If tho Government accept the proposition of tho board, I fool confident
that whatever tho liability the Government may assume will bo amply
repaid in a few years by tho increased traffic arising from tho development
of tho Northwest and tho bringing o f new land under cultivation. What
that development may mean is foreshadowed in tho amount of tho record
crop just gathered in the Northwest, tho production of wheat alono being
320,000,000 bushels, as against only 140,000,000 bushols in 1914; with
other crops showing considerable increase in yiolds.
I beg you to remember that tho Grand Trunk Pacific Ry. has boon built
through a most difficult country, at a cost which is moderate considering
the high character of tho work, and tho satisfactory low grade maintained
in crossing tho mountains, and it must also bo remoinbered that all tho work
has been done under tho supervision of tho Government Engineer, and all
expenditure has boon audited by the Government Auditors.
[Tho remainder o f tho lotter was given in V. 102, p. 1811. Tho Canadian
Parliament has voted 150,000 for an investigation as to what policy it should
pursue in relation to the Grand Trunk Pac. and Canadian Northern.
BO NDS OF G R A N D T R U N K P A C IF IC R Y . A N D G R A N D T R U N K P A C IF IC
B R A N C H L I N E S . F E B . 29 1916.
Also int. payable thereon in 1916 and 1917, the first payment being due M ar. 1 1910.
---------- Amount ---------- Net
— In t . Payable in —
1. Grand Trunk
Pacific R y .—
Authorized. Outstanding. Proceeds.
1910.
1917.
1st M . 3s
................
Scries A 4s.......................
Series B 4 s ......................
Lake Superior 4s.............
4 % deb. stock, perpetual
4 % deb. due 1923______
4% bonds due 1919____
Sterling 4s, duo 1 9 6 2 ...
Loan from Dorn. G o v t.
5% secured notes d u e ’21
68,040,000 68,040,000 68,040,000 1,020,600 2,041,200
10,206,000
10,200,000
9,601,926
408,240
408,240
9,963,000
9,963,000
9,010,297 398,520 398,520
7,533,000
7,533,000
7,116,602
301,320 301,320
50.000,000 34,879,253 31,411,986 1,395,170 1,395,170
15,000,000
15,000,000 15,000,000
300,000 600,000
10,000,000
10,000,000 10,000,000
400,000 400,000
15,910,800 8,440,848
6,727,250
168,817 337.633
6,000,000 6,000,000
6,000,000
300,000 300,000
9,720,000 9,720,000
9,095,512 486,000 486,000
Total ............................. 202,402,800
2. Gr. T r. Pac. Branch Lines —
Alberta branches, d u e '39 3,022,500
Alberta Coal B ch .,d u e’42 1,159,596
Sask. branches, due 1939 10,980,600
Saskatchewan terminals. 2,150,000
Saskatchewan brid ges.. 1,300,000
T ota l........................ 18,612,696
179,782,101 172,009,664 5,178,667 6,668,083
_
__
2,430,000]
f 97,200
1,159,596) 12,688,8441
46,384
9,879,408J
[ 395,176
............. ..
— .............................
----------------------------------
97,200
46,384
395,176
............
----------
13,409,004 12,688,844
538,760
538,760
Tot. Main Line br'chs 221,015,496 193,251,105 184,698,508 5,717,427 7,206,844
C. N. R. 4% Dominion guaranteed debenture
stock, first six half-yearly p aym en t________ $44,866,666 $1,794,666 S C H E D U L E O F O U T S T A N D IN G B O N D S, D E B E N T U R E S , L O A N S A N D N O T E S ,
C. N. Ontario Ry. 3M % debenture stock, first
___
J A N . 1 1916.
four half-yearly payments after open’g for traffic 35,770,000 l,2ol,9o0
------- Date o f ------- Issu ed— A ll
Guaranteed by Province of British Columbia—
__
Railw
ay
Company
—
Issu
e.
M aturity. Outstanding. Guaranteed by—
$840,000
C .N . l’ ae. Ry.
4% guar, debenture stock-$20,999,998
■ 4%.
•“ 1905
----- April 1 1955 x$7,533,000 Grand Trunk Ry.
C .N . l’ac. Ry.
4 H % terminal debenture sto ck .. 8,614,000387,630Lake Superior Br.— 1st “M.
C . N . P a c . Ry.
4 H % branch lines stock -- 5,339,127
240,261 Prairie Dlv.— 1st M. 3% ---------1905 Jan. 1 1962 yl2,889,280 Dominion Govt.
“ A” bonds, 4% ..................... 1905 April 1 1955 x 10,206,000 Grand Trunk Ry.
.....................
Dom. Govt. loan. 4% ---------1909 April 1 1919 y 10,000,000
First two and three years of operation after completion— $4,514,507
.....................
Debs. (515,000,000loan). 4% 1913 July 1 1923 5,692,437
N o te .— This refers not to tho guaranty enjoyed by tho security holders,
1 1962 y55,170,720 Dominion Govt.
which is understood to be absolute and continuing, but to tho right of the Mountain Dlv.— 1st M. 3% — 1905 Jan.
"B" bonds, 4% ------------------1905 April 1 1955 x9,963,000 Grand Trunk Ry.
company to call upon the Government for tho payments named, and to
Debs. ($15,000,000 loan), 4% 1913 July 1 1923 9,307,563
add tile amounts to tho mortgage indebtedness. Beginning, it is said,on
Sterling bonds, 4% — .......... 1914 Jan. 1 1962 y5,254,632 Dominion Govt.
July 1"next this will temporarily reduced tho interst charges of tho system
"
“
Dominion Govt, loan, 5% — 1914 May 1 1915 y6,000,000
to about $11,000,000.
Secured notes, 5 % .............
1914 Mar. 2 1921 7,9,720,000 Grand q’runk Ry.
S ta tu s o f $45,000,000 D eb en tu re Stock Is s u e o f 1914, G u a r, by C a n . G ovt.
.....................
34,879.253
Debenture stock, 4%_______1907 Perpetual
D e b . Stock. C a sh R eceiv.
Branch Lines Co.—
__
._ , , ,
Pledged with Dominion Govt, against advance of
Saskatchewan, 4% ______ 1909-12 Jan.22 1939 y9,879,408 Prov. of Saskatch.
Dominion notes between Sept, and Dec. 1914..$12,500,000 810,000,000
Alberta 4%
_____ , 1909 Feb.25 1939 x2,430,000 Prov. of Alberta
Sold in London July 1914 at 91J4, £3,000,000___ 14,600,000 13,468,361
[1912 Feb.15 1942 xl, 159,596 “
"
Sold in London Fob. 1915 at 91, £500,000________ 2,433,333 2,206,054
x Trustee, National Trust C o ., M ontreal, y Trustee, Royal Trust C o ., M ontreal,
Pledged with Columbia Trust Co., N. Y ., as secur
z Trustee, Union o f London & Sm ith’s Bank, London, England.
ity for repayment of company’s 2-year 6% notes
[Interest on all the foregoing loans Is payablo semi-annually (after Feb. 29 1916
for $11,500,000, sold at par, less underwriting
on the months lndica ted by their respective maturity dates, with the exception o
charges Sept. 1915___________________________ 15,333,333 11,084,850 the three issues of Branch Lines bonds, which have their Int. payable M . & N . —Ed.
Total issued_______________________________ $44,866,667 $36,759,265
Securities issued estimated to produce on basis of prices before the war
at 914*%, $41,052,999, have thus yielded $36,759,265, or a deficit of
___________
$4,293,734 — V. 102, p. 1895, 1810.
G rand T ru n k Pacific R ailw ay Co.
(iOff icial Statements— Financial Data of Jan. 1 and Feb. 29 1910.)
Tho Canadian Parliament recently voted to make this
company an $8,000,000 6 % loan, payable on demand and
secured by mortgage on account of expenditures made or to
be made for payment of interest, the meeting of deficit in
operation and the purchase of rolling stock. Official docu
ments made public in this connection are cited below:
Extracts from Letter o f Alfred W. Smithers, Climn. Grand Trunk Ry
D a te d at L o n d o n , D e c . 10 '15, a n d a d d res s ed to P re m ie r R . L . B o r d e n , O ttawa.
1 have told my colleagues that at tho interview I had with you on Nov. 25
I disclosed to you very frankly tho situation with which tile Grand Trunk
and Grand Trunk Pacific companies would bo confronted in tho immediate
future. I also told thorn that after full consideration, and with tho deepest
regret 1 had proposed to you, as tho only safo solution of our difficulties,
that tho Government should take over tho Grand Trunk Pacific Ry. as
from Jan. 1 next, with all its branch lines, together with its Development
Company and other subsidiary companies, with all tho assets, the Grand
Trunk Ity. Co. to surrender to tho Govt, tho wholo of the common stock of
the Grand Trunk Pacific Ry. Co. on condition of tho Govt, relieving tho
Grand Trunk Ry. Co. of all liabilities in respect of tho Grand Trunk
Pacific Ry. Co., Its branch linos, its Development Co. and othor sub. cos.,
and repaying to tho Grand Trunk Ry. Co. any inonoy advanced by tho
Grand Trunk Ry. Co. to tho Grand Trunk Pacific Ity. C o., or its branch
linos and Development Co. and other sub. cos.
In the course of conversation, as an alternative, you suggested that the
Government might advance by way of loan sufficient money to supply
any deficiency in the amount required to meet tho tixod charges of the Grand
Trunk Pacific Ry. for a period of, say, five years, anticipating that at the
expiration of that period tho net earnings would bo sufficient for that
purpose. I replied that under present circumstances I did not think the
Grand Trunk Ry. Co. would be justified in entering into any arrangement
which would involvo the accumulation of further liabilities against that
company’s revenue. I considered that any such arrangement involving
such increased liabilities would so handicap tho company’s necessary power
of financing as to render it unable to fulfil tho ovor-incroasing demands of
tho public and public bodies—demands which could not possibly bo met
unless the credit of the Grand Trunk Ry. Co. was so maintained as to
render possiblo tho raising of fresh capital as required.
M y colleagues agree with the views Lexpressed to you, and with tho offer I
mado to youasdescribed abovo, and which 1now repeat with their concurrence.
The liabilities of tho Grand Trunk Pacific Ry. Co. will begin to accumu
late as from Jan. I next against not revenue, and any deficiencies will have
to bo met by tho Govt, and the Grand Trunk Ry. Co. Under presont cir
cumstances it is quito impossible for tho Grand q’runk Ry. Co. to meet
tho extra liabilities arising from tho Grand Trunk Pacific Ry.
Tho amount of interest guaranteed by tho Grand Trunk Co. is about
$2,750,000 annually, to which must bo added tho interost on tho amount
spent on branch lines, over and abovo the amount for which bonds have
been, or will bo, guaranteed by tho Provincial Governments. It is expected
that tho Provincial Governments will Issue additional bonds to cover some
of this amount, leaving probably about $8,000,000 duo to tho Grand Trunk
Ry. Co. The amount of interest guaranteed by tho Government, including
that on tho Govt, loan of $25,000,000, amounts to about $4,000,000 per
annum. In any caso the Govt, would have to find Interest charges to tho
amount of $4,000,000, which amount, however, includes $1,700,000 which
the Government has to pay on tho Mountain section bonds.
Wo have done our utmost to meet tho heavy financing which has been nec
essary, and the difficulty of which has been immensely increased by tho
INTEREST CHARGES AND
ESTIMATED RESULTS FROM OPERATION.
Total amount due for full year's Interest on said loans................................ $7,206,844
Add—Estimated loss In operation M ountain division for one year--------1,200,000
Exceptional expenditures on M ountain division for maintenance and
720,000
providing necessary facilities for operation o f line for one year.........
Loss In operation, Branch Lines, one year..................................................
300,000
Miscellaneous current expenditure...................................................................
50 refrigerator cars at $4,000 each...............................................................!
$10,576,844
Rental— Lake Superior Branch......... ......................................
N et earnings on Prairie division, one year...................................- 600,000 ^ ^qq
Less—
Balance, deficit--------- -------- - ...........................................- ............................... $9,376,844
Xote.—
zThe Interest payments Include Interest on $55,170,720 M ountain division
3% bonds to be assumed by the Dominion Government, viz., 51,655,122 per an.
COMBINED FINANCIAL STATEMENT FEB.
29 1916.
Grand Trunk Pac. Ry., Grand Trunk Pac. Br. Lines, Grand Trunk Pac.-Saskatch. Ry.
Construction—
Expenditure.
p r a ir ie ................................................................... $31,506,387
M o u n ta in ..........................................................
84,925,052
Lake Superior____________________________
9,093,800
North Bay Branch________________________
183,874
E q u ip m e n t ..:.
19,913,107
Express equipment..........................................
50,745
Grand Trunk Pacific Saskatchewan R y ..
Grand Trunk Pacific Branch Lines Co—
Interest.
Total.
$9,533,056
9,905,871
2,600,750
------------2,502.345
................
$41,039,442
94,830,923
11,694,551
183,874
22,475,452
50,745
$145,678,965 $24,602,022 $170,280,987
313,575
----------313,575
24,198,712
2,336,118 26,534,830
S170,191,252 S20,938,139 S197,129,392
Total proceeds of bonds set out in preceding statement.................... 5184,098,508
Balance "over expenditures” ........................- ................. .......
Deduct —Deferred net credits to be closed Into capital account...
.. 512,430,884
..
813,798
Balance--------------------------- -------------------------------------------------- $11,017,086
A d d —Sundry assets (1) Grand Trunk Pacific Ry. (sco below), S7.860,-
296; (2) Branch Lines, $1,257,579; (3) Saskatchewan Ry., $2,171..
9,120,046
Total................................................................................................ $20,743,132
Offsets—Sundry liabilities: (a) Grand Tiunk Pacific, $4,522,038; (b)
Branch Lines, SI.734,027; (c) Saskatchewan Ry., $101,246-.--... $0,35/,311
Due to Grand Trunk Ry. for advances: Grand Trunk Pacific Ry.,
5801,783; Branch Lines, 513,369,538; Saskatchewan Ry., $214,500; $14,385,821
(Sir Thomas White, Minister of Finance In tho House of Commons, Ottawa, on
May 8 stated that the Grand Trunk Ry. and Grand Trunk Pacific aro In arrears
as to Interest payments to the Dominion Govt, upon tho latter’s loan of 525,000,000
made to the Gr. Tr. Pac. Ity., the arrears on Apr. 1 1916 amounting to $1,350,000.]
G R A N D T R U N K P A C . R Y .— S U N D R Y A S S E T S A L I A B I L I T I E S F E B . 29 1916.
Sundry Assets—
5
I Sundry Liabilities —
S
Cash
................................... 1,048,206 Dominion Government...........
28,225
London and Winnipeg office j. 715,990 Sundry shareholders................. 203,800
Fuel and material stocks____ 1.070,840 Interest accrued unpaid............
92,280
Advances to engineers__■------- 201,842 London Income tax unpaid------- 17,577
Advances N. T. R. contracts.- 873,224 Aecounts payable.................... 3,264,064
Accounts collectible................. 1,561,631 Unclaimed wages............. 49,165
1,217
Union Stock Yards 1-3 cap. stk. 265,000 Apprentice fund.................
Pacific <fc Nor. Omlneea Ry— 243,605 Unpaid wages.................... 559,698
Gr. Tr. Pacific Branch Lines. 906,285 Machinery, tools, «tc............... 63,535
Gr. Tr. Pac. Saskatch. Ry___
73,243 Military shells suspense...... 27,856
1,296
Gr. Tr. Pacific Develop. C o.. 813,408 Elevator suspense...............
213,324
Miscellaneous......... ................ 93,020 Per diem, <fcc-------------Total .................................. 7,860,296
T ota l................................... 4,522,038
May 27 1916.]
THE CHRONICLE
The Grand Trunk Railway Co. holds notes of the above companies covering the
advances, as follows: Grand Trunk Pacific Branch Lines, $13,045,556; Grand Trunk
Pacific Saskatchewan Ry. Co., §214,500: Grand Trunk Pacific Development Co.,
Ltd., §11,073,900; total, $24,334,016, and Is also entitled to receive $3,868,100
Branch Lines Co. bonds guaranteed by the Provinces of Saskatchewan and Alberta,
representing expenditures made on Branch Lines and terminals, when amount
has been finally agreed upon.
G R A N D T R U N K P A C I F I C G U A R A N T E E A C T , 1914.
Mortgage Issue £3,280,000, or §15,962,667—Proceeds o f Sale and Pledges.
Issu ed .
Proceeds.
Pledged with Dominion Govt, against advance of Dominion
notes between September and December 1914....... .
£1,543,200 §6,000,000
Sold at various times, Nov. 1914 to Aug. 1915, at 92}$..
655,600 2,951,292
Pledged to Grand Trunk Ry., Dec. 1915, as security for
loan made through Blair A Co., New York_________ 1,081,200 3,780,000
Total ............. - .......................... ........ ............ ..............£3,280,000 §12,731,292
Issue estimated to produce on the basis of prices before the war 91}$%; actually
produced 79.6%, which makes a difference between estimated proceeds and actual
proceeds of §1,874,734.—V. 102, p. 1896, 1811.
P h iladelph ia C om pany o f P ittsb u r g h .
(32 d, Annual Report— Year ending M arch 31 1916.)
On subsequent pages will be found the remarks of President
J. II. Reed, the consolidated income account for the year
ending March 31 1916, the consolidated balance sheet as of
March 31 1916, including all proprietary natural gas com
panies, and the incomo accounts and balance sheets of other
proprietary operating companies, namely, Pittsburgh Rys.
C o ., Duquosne Light C o., Philadelphia Oil C o., Pennsylvania
Light & Power C o., tho Beaver Valley Traction Co. and tho
Pittsburgh & Beaver Street R y.
C O N S O L I D A T E D I N C O M E A C C O U N T F O R Y E A R S E N D I N G M A R . 31,
[Includes tho Equitable Gas Co. and Pittsburgh & Wost Virginia Gas Co.*
Philadelphia C o . of West Va., in 1915 tho Monongahela Natural Gas Co!
and Philadelphia Oil Co., and in 1916 oxcludos tho Philadelphia Oil Co )
(T ra n sa c tio n s between c o m p a n ies e lim in a t e d .)
R ec e ip ts —
1915-16.
1914-15.
1913-14.
Prom gas.............
37,990,132 *7,037,719
Prom oil.............. ............................
217,747
Miscellaneous__________
38,387
33,287
Gross earnings.......... $8,028,519 37,2887753
Operations, taxas, A c .. 3,405,047
Net earnings.................$4,623,473
Divs. and int. received- 2,192,968
Rents...................
60S
Interest, discount, Ac . _ ___ 464,471
Total incomo..........._. $7,281,520
D e d u c t—
*
Paid leased companies,.
Interest on bonds, A c ..
impts., extensions, A c ..
Depreciation of property
Discount, taxes, &c., on
securities sold, A c___
Miscellaneous int., & c ..
T o ta l........................... 33,3467561
Surplus for yoar_______ 33,934,959
Add previous surplus— a8,508,813
Additions to profit A loss
- - ----- b !5 ,774,053
T o ta l______________ 312.443,772 $26,910,956
Div. on pref. stocks----- sJ5471.966 _ $4 /1,941 *8.760,787 $18,391,217
Div! on com. stock ..( 6 %)2",363,364(5K )2049507(7)2*732,758 (7)2*729 967
Securities & accounts ro’
’
ccivablo written down
9,508,247
Book valuo of securities
& loan written down.
15,774,053
Discount, taxes, Ac., on
936.333
sale of common stock.
Decreaso in book valuo
Monong. Nat. Gas Co
phys .prop.reappraised 1,466,863
r. cllv. on Con. Gas
77,576
78,194
Co. prof, stock--------78,766
78,716
Miscellaneous_________
16,920
--------86
320
T o t a l...........................$5,333,022 $18,373,695
|3-210.732 $12,623,616
T ot. sur. at closo of year $7,110,750 $8,537,261 $5,550,055 $5,767,601
a Excludes surplus of the Philadelphia Oil Co., $28,448. b Includes in
1914-15 increaso In book valuo of securities re-appraised, $3,217 612 and
Increase in book valuo o f physical property appraised, $12,55e>’ l4 l’
Tho gross earnings of tho Philadelphia Oil Co. for the vear ending
March 31 1916 were $277,273, and not incomo, $198,873. After deducting
interest and charges, 56,936, and dividends on preferred stock Vqqz'i8
$100,050, tho balance, surplus, was $41,887. The total accumulated sur
plus March 31 1916 was $70,334.
nuiai
sur
C O N S O L I D A T E D B A L A N C E S H E E T M A R C H 31
[Includingin 1916 tho Philadelphia Co., Equitable Gas C o.. Monomrabela
Natural Gas Co., Pittsburgh & West Virginia Gas C o., Tho Philadelphia
Co. of Wost Virginia.!
miaucipma
( A l l I n t e r -C o m p a n y Ite m s e lim in a te d .)
1 9 8 3
N o t e .—-The Philadelphia Co. guarantees both principal and interest of the
M t. Washington St. R y. 30-year 1st 5s of April 1 1903, $1,500,000; 17th
Street Incline Plano Co. 30-year 1st M . 5s of March 1 1905, $125,000;
£!& s£ony Bellevue & Perrysvlllo Ry. 30-ycar 1st M . 5s of April" 1 1905,
3500,000; The Momingslde Electric St. Ry. 30-yoar 1st M . 5s of Oct. 2
1905, $200,000; Ben Avon & Emsworth St. Ry. 30-year 1st M . 5s of April 1
1906, $300,000; Pittsburgh & Beaver St. Ry. 50-year 1st M . 5s of July 1
1908, $750,000; and Pittsburgh & West Virginia Gas Co. collateral trust
6% serial gold bonds of Oct. 1 1913, $1,200,000.
Tho Philadelphia Co. has a contingent liability, as endorser, on short
term notes issuod from time to time by its affiliated cos.— V. 102. p. 1897.
G a lv e sto n -H o u sto n (Tex.) Electric Co.
(Report fo r Fiscal Year ending Dec. 3 1 1 9 1 5 . )
The Stone & Webster M g t. Assn, reports as follows:
R e s u lt s . —The year 1915 was tho first year in which the company has not
shown a consistent growth. Gross earning decreased 20% as compared
with 1914, and it was necessary to pass tho dividend payable on the com
mon stock in September. This decrease in earnings was due partly to un
satisfactory business conditions, which continued throughout the greater
Part of 1915 (these conditions having been aggravated by the adverse ef
fect of tho war on the movement of the 1914 cotton crop ), but largely to
competition from jitneys and to the tropical hurricane o f Aug. 16 and 17.
J i t n e y C o m p etitio n .— Jitneys first appeared in Houston in Nov. 1914 and
Increased rapidly until in July 1915 800 were in operation, the largest num
ber in any city in Texas. Although a regulatory ordinance was passexi in
June, it was not enforced until Sept. 1. Since then the number o f jitneys
has steadily decreased, with 300 machines operating in December. Only
30 of the cars operating a year ago are still in business, while over
600 of the cars in service in September have been withdrawn. In Gal
veston, under the enforcement of a regulatory ordinance, there has been
practically no competition from jitneys.
H u r r ic a n e . — The hurricane that swept the Gulf Coast in August did con
siderable damage to our property, tho interurban line suffering the most
severely. Both ends of the causeway connecting Galveston with the main
land were destroyed, about 3,500 ft. of track on each end being washed out.
For 16 days no interurban cars entered Galveston, and for a considerable
time it was possible to maintain only a two-hour schedule over temporary
trestles. Our property has been fully restored and plans for the restoration
of tho causeway aro being considered by tho various interests that contrib
uted to its original construction. The storm also indirectly affected the
company’s earnings, as many of the regular troops were moved from Texas
City and Galveston to other points In the State.
P ro s p e c ts . — The Galveston-Houston district did not begin to recover from
the business depression until the latter part of the year. General condi
tions aro now improving rapidly. The new cotton crop, though only threequarters the sizo of the remarkable crop of 1914, is of exceptional quality,
and is commanding prices above the average both for the staple and cotton
seed products. Other crops aro excellent and oil production in the Galveston-Houston district has been unusually heavy. An ample market at fa
vorable prices exists for all products of tho State.
A d d it io n s . — Expenditures for new construction were reduced as far as
possible. Rehabilitation necessitated by the storm on the interurban line,
exclusive of the causeway, represents an expenditure of about $175,000.
. C a p it a l C h a n g e s . —The floating debt was Increased $200,000 to provide
funds for construction purposes. During the year $30,000 1st M . 5%
bonds of Galveston-Houston Electric R y., $23,000 1st M. 5% bonds of
Galveston Electric Co. and $62,000 1st M . 5% bonds of Houston Electric
Co. were purchased for tho sinking funds.
C O M B I N E D R E S U L T S F O R C A L E N D A R Y E A R S (I n c l . S u b . C o s .) .
1915.
1914.
1915.
1914.
Railway earnings.§1,819,290 §2,301,723 Net earnings........ $729,771 $1,113,260
Light A pow. dept. 114,987
116,954 Interest charges.. 331,036
353,789
Mlsc. earnings...
1,952
5.442 Bond sinking funds 102,273
87,336
Pref. divs. (6% )..
180,000
180,000
Total earnings.$1,936,228 §2,424,119 Com. divs........(3)4)139,580 (7)279,006
Expenses of oper..
§874,744 §954,122
Maintenance........ 200,431
228,761
Taxes..................
131,282
127,976
Total deduct’ns. S752.889 §900,130
Net earnings... §729,771 §1,113.260 Balance------------ df.$23,118 sr.$213,130
C O N S O L I D A T E D B A L A N C E S H E E T D E C . 31 ( I n c lu d in g S u b . C o s .) .
1915.
1914.
1914.
1915.
Assets —
§
s
Liabilities—
S
S
Prop'y, plant, Ac. 14,430,686 14,346,795 Com. stock (O.-II.
Materials A supp.
58,174
80,755
Elec. Co.)____ 3,988,000 3.988.000
Advance payments
23,755
37,524 Pref. stock (do). 3,000,000 3.000.
Notes receivable..
32,500
57,500 Capital stock (Gal
Accounts recelv’Ie.
30,476
28,112
veston El. Co.). 150,000
150,000
Sink, fund Invest. x528,907
467,210 G.-Il. El. Ry.bds. 2,970,000 3.000.
Treasury bonds . .
26,000
26,000 Galv. El. Co. bds. 1,367,000 1.390.000
Treasury stock...
150,000
150,000 Hous. El. Co. bds. 2,500,000 2.500.000
Suspense......... .
269,477
232,500
61,207 Notes payable___
32,500
Funds In escrow..
2,315
Accounts payable.
98,856
87,265
Cash............
344,661
512,340 Accts. not yet due. 206,764
242,150
Suspense_______
60,501
97,055
Bond sink, funds. 665,907
551,210
Rcplac., Ac., fund
18,978
34,699
Reserves A surplus 638,446
694,564
Total..............15,896,952 15,707,442
Total...............15,896,952 15,767,442
x Includes In 1915 $537,000 bonds o f Houston Electric Co. held in sink,
ing fund uncanceled, against $475,000 In 1914.— V. 102, p. 718, 153.
Pabst Brewing Co., Milwaukee.
(Report fo r Fiscal Year ending Dec. 31 1915.)
1915.
1916.
1910.
ioi
Tho incomo account for the year ending Dec. 31 1915,
Liabilities—
$
, •
Assets —
§
$
1 Common stock ...42,943,000 39,043 000 together with the balance sheet of Dec. 31, is given at length
Charters A frnn..
72
522,831 Cumulative pref.. 6,171,600 6 171 000
Gas rights A leases 1,344,654
708,351 N o n - c u 2’033>40° 2,033!400 on a subsequent page.
Gas * oil wells-.. 3,275,357
Philadelphia Co.:
Compressing, Ac.,
I N C O M E A C C O U N T D E C . 31.
stations...........
922,807
l8tM.Acoll.tr.5s 6,500,000 6,489 000
287,890
1915.
1914.
1913.
Cons. M. A coll.
Transp'n, Ac..pipe
Net profit, after deprec’n, expenses
lines------ ------- 26,256,116 18,941,426
trust 5 s ------ 15,148,000 15,148,000
and all other lasses_______________
$374,457
$564,946
$900,605
Real cst., bldgs.,
Conv. 5% debs. 11,752,000 11,752,000 Divs. and Int. on loans and invetmeters, Ac....... 4,361,358 3,941,816
Coll. 6% notes. 1,250,000 1,750,000
monts and miscellaneous profits__
79,547
89,174
96,858
Stocks A bonds of
Conv. 5% notes
..........
700,000
Grass Incomo________
$454,004
$651,120
$997,463
Phil.Co.In t cas.
67,704
247,928 P.AW.Va.GasCo.:
Interest on bonds, &c...................... ..
$83,441
($93,126
$108,415
Stocks A bonds of
Coll. tr. 6% bds. 1,200,000
.
\ 5,805
8,150
other cos. owned:
Com. stk.dlv.scrip
......... 1,352,933 Federal corporation tax____________
Balance, surplus......................
$370,563
Natural gas cos. 1,801,426 10,293,304 Affiliated cos.:
$555,189
$880,898
Previous surplus____ ______________ *1,651,554 *1,666,204
Oil companies.. 1,241,500 1,210,600
Subscrip, to stk.
2.165,849
Artificial gas cos 101,157
67,218
Duq. Lt. Co. 3,500,000 3,500,000
T o t a l ...........................................
$2,022,117 $2,213,393 $2,046,747
El. It. A pow.cos21.571,900 21,562,000
AcctJ. A notes
Preferred dividend (7 % )----------------$137,235
$140,000
$140,000
Street ry. cos.—
payable-----11,835
504,780 Common dividends------------ -------- - - (4 %)390,560 (4 % )389,958 (4 H ) 439,380
Stocks.........17,398,996129,936,996
Accrued accts. 824
Bonds--------- 12,200,000/
Notes payable___ 3,250,000 1,810,619
Total surplus____________________ $1,494,322 $1,691,435 $1,467,367
Miscelt’s co s...
150,000
3,400 Accounts payable. 613,518
221,102
* After allowing for adjustments in 1915 after deducting $39,861
Affiliated cos.:
Unpaid div. scrip,
transferred to reserve for contingencies.
Notes rcc. dep.
called Feb.2 T6
13,976
with trustees. 2,400,000 2,400,000 Acer. Uab., not due:
B A L A N C E S H E E T D E C . 31.
Duquesne Light
1915.
1914.
1915.
1914.
Accrued taxes.. 175,217
134,605
Co. contract
Assets —
S
$
Liabilities—
S
S
Acer, bond Int.. 340,875
340,200
purch. of BruReal, estate, build
Preferred stock__ 1,956,000 1,965,600
Accrued Int. on
not 1st. prop. 3,500,000 3,500,000
ings, Ac_____ al0,841,461 11,472.356 Common stock__ 9,764,000 9.764.000
debs. A notes. 232,871
252,454 Invest,
in
Bohan-1
|
Tcmp’y loans.. 437,001
953,506
Funded
debt........
1,782,000
1.937.000
Other accr. llab.
76,767
51,049
non Dredg. Co. 1 989,804'! 253.872 , Bills payable......................... 25,00080,000
Accts. recelv'Ie. 786,230
539,079
Cons.GasCo.gu.
13,192
13,798 Mlsc.
lnvest’ts-.J
[ 694,288 ! Acc'ts pay. A accr.
Cash..............
2,624,293 1,147,097
Rcs’ved f jr divs.
Inventories_____
1,386,546
Special deposits . 14,026
1,308,0891 wages.taxes.Int. 306,633
423,922
on pref. stocks 162,763
162,763
253,011 Contingent reserve 660,203
Accts., Ac., recclv. 574,896
IReserves.............
107,545
100,000
765,254 Bills A acc’ts rec.
2,652 Invested surplus
(less reserves).. 1,750,970 2,139,216 j Com. div. pay'le
Materials A supp. 458,735
Cash In banks, Ac. 409,052
8,773
150,865 j Jan. 2 1915.................
Miscellaneous___
7,543
97,640
(Ph.Co.ofW.Va) 3,257,343
57,666
40,911 Surplus............... b l,494,322 1,691,435
Unamortized debt
Profit and loss... 7,110,750 5,324,535 Miscellaneous___
985,455
discount, Ac___ 816,634
7,855
Total............... 15,435,499 16,059,597 | Total................. 15,435,499 16,059,597
Other def'd accts.
55,724
Excess book value
a Real estate, bldgs., Ac., in 1915 include real estato, bldgs., plant and
over par value of
machinery, $4,156,101; city and outside real estate, $6,391,364, and Im
com.stks. cllm'd 4,050,003
provements and fixtures in leased properties, $293,995.
b After deducting $39,881 transferred to reserve for contingencies pre
fV* I viously
Total.............108,418,132 97,521,092
Total...........106,418,132 97,521,092
credited.— V. 101, p. 2076.
000
000
[Vol. 102
THE CHRONICLE
1984
W e stin g h o u se Elec.
& M fg.
C o ., P ittsb u rg h .
(Report fo r Fiscal Year ending M arch 31 1916.)
In our advertising columns on a previous page will bo
found the remarks of Chairman Guy E . Tripp, the com
parative balance sheet for two years and the profit and
loss account for the late fiscal year.
Y E A R S E N D I N G M A R C H 31.
1915-16.
1914-15.
1913-14.
1912-13.
Sales b illed .................... $50,269,240 833.671,485 $43,733,646 $39,977,565
a Cost of sales________ 40,839,344 31,109,074 39,016,424 36,012,422
RESU LTS
FO R
Net earnings...............$9,429,896
Other In c o m e —•
Interest and discount__
400,066
Int. and div. received-669,243
37,420
Misc., royalties, &c___
$2,562,412
$4,717,222
$3,965,143
447,178
686,239
25,110
454,999
718,282
107,575
294,887
647,908
53,768
$5,998,078
$4,961,707
Int. on bonds and debs.
$718,477 $1,023,801
Int. on collateral notes.
135,999
200,866
Miscellaneous interest..
15,361
44,251
Prop.exp.bd.¬e issue! Included inf
85,208
Misc. & extraord. e x p ../C o st of sale\
357,069
$1,042,191
591,260
72,554
133,750
99,514
$1,103,424
409,672
99,319
90,000
95,260
$1,711,195
$2,009,744
$1,939,269
$4,058,809
,797,675
,164,032
7,659,130
7,348,522
6,648.964
3,010
1,747
27,221
Total i n c o m o - ......... $10,536,626
$3,720,939
D e d u c tio n s fr o m In c o m e
Total deductions___
$869,837
Balance, surplus________ $9,666,789
Other P r o fit <&L o s s C r e d it s —•
Prof. & loss sur. beg. yr_ 7,473,412
Profit on bonds purch. &
retired through s. f —
--------Ad. prop. & plant acct_.
--------Profit on sales of sundry
investments (net)-------------Miscellaneous_________
26,296
Gross surplus_______ $17,166,497
P r o fit & L o ss C h a rg e —
Various P. & L. charges.b$5,112,930
82,553
591.964
),751,428 $12,002,305
90,239
$9,932,203
$570,757 $2,657,277 $1,250,107
279,909
279,909
279,909
Div". ^n^com^stoclJ- CSH )2,526,9*51 (4) 1,427,350 (4)1,405,989 (3)1,053,666
Total surplus Mar. 31. $9,246,707
$7,473,412
$7,659,130
$7,348,522
a Includes factory costs, embracing all expenditures for patterns, dies,
now small tools and other betterments and extensions, inventory adjust
ments and all selling, administration, general and development expenses
and depreciation of property and plant.
,
b “ Various profit and loss charges includo in 1915-16 premium on
bonds redeemed less premium on bonds sold, $37,542; oxponso in re-issuo
of bonds of 1906 and 1915 $1,080,267; reduction o f book value of patents,
$1,894,057, and on capital stock of tho Perkins Electric Switch M fg. C o.,
$1,875,000, and miscellaneous items aggregating $226,063.— V. 102, p.
1816.
U n ited S tates R ea lty & Im provem ent C o., New Y o rk .
(12 th Annual Report— Year ended A p ril 29 1916.)
Pres. Wilson S. Kinnear M a y 21 wrote in substance:
R es u lts. — Tho decreaso in earnings is duo principally to tho reduced
amount of rentals received from real estate. For tho coming year this
source of incomo will bo materially improved, as leases already effected
aro over $200,000 in excess of what they were a year ago. Tho not earnings
or the year, however, wore moro than twico tho interest on tho company's
dobonturo bonds. Exponsos were reduced in proportion to decreased earn
ings. Tho amount added to surplus, after setting aside customary reserves,
and in addition thoroto a special reserve of $400,000, was $200,849, making
tho present surplus $1,217,626. Tho accumulated reserve now amounts
to $2,683,939.
,
, . .
R e a l E sta te M o rtg a g e s . — Tho mortgages on the company s roal ostato were
reduced by payments amounting to $567,600. Tho aggregate of tho mort
gages on all its real estate is now 41.52% of tho book value.
C o n s tru c tio n . — Tho goneral construction contracts which previously in
dicated a considerable profit aro now rapidly noaring completion. Duo to
tho unfortunate accidents which occurred on tho subway work and to tho
labor situation, the contemplated profits have been seriously affected.
Should a loss bo incurred on thcso contracts, proper provision for this result
has been made in tho company’s reserves. All claims for damages result
ing from the accidents have boon settled.
. „
G eo . A . F u lle r C o . — During the year tho Georgo A. Fuller Co. took on 48
new contracts, amounting to $20,266,122, and executed work to tho amount
of $15,147,172, leaving unfinished business on tho company's books at this
date of $16,316,962. This is an increase of $5,118,950 over Apr. 30 1915.
I N C O M E A C C O U N T Y E A R E N D I N G A P R I L 30.
1914-15.
1913-14.
$201,334
1912-13
$210,411
1,463,721
320,011
33,910
1,384,178
1,591,383
316,479
75,529
1,357,159
1915-16.
Interest receivable_____
______
Incomo from investments—
Roal estato________ 1
Security of realty cos) $1,614,670
Other stocks & bontlsj
Construe., &c., contr’ts.
986,168
Profit on realization of
real estato & securiti&s
______
$1,744,566
22,344
16,455
8,342
$2,600,838
$2,904,504
$3,419,609
$3,559,303
$812,769
($774,335
$754,239
$842,777
59,852
500,861
58,094
629,005
Total incomo_______
D e d u c tio n s —
Int. paid and accrued..
Expenses of unproduc
tive roal estato____
Deprec’n of bldgs., &c_
General & corp. oxp__
1,137,594'
31,419
54,924
639,893
34,533
52,028
640,441
Total deductions___ $1,403,490 $1,499,868 $1,500,571 $1,481,241
Net incomo___________ $1,197,349 $1,404,636 $1,919,038 $2,078,062
596,500
$596,500
$596,500
$596,500
Interest on dob. bon ds..
______(2 >4)363,663 (5%) 808.140 (5%) 808,140
D ividonds____________
Surplus...................
$600,849
$444,473
$514,398
$673,422
U n ited Shoe M achinery C orporation , B o sto n .
(Report for Fiscal Year ending Feb. 29 1916.)
Pres. Sidney W . Winslow, M a y 20, wrote in substance:
In c r e a s e i n B u s in e s s . — Tho volumo of business lias been greater than for
any similar period since tho company was organized, thus contrasting with
tho slight decreaso in volume which was reported a year ago for tho first
time in its history. This increaso has boon due to tho rovival of tho do
mestic demand for shoes. Conditions abroad which havo kept European
shoo factories fully occupied with pressing military and civil orders have
kept foreign manufacturers from taking advantage of tho opportunities
afforded by tho removal of tho tariff to invado tho American market.
Tho number of employees at tho Beverly factory now is 4,450, against
2,887 a year ago. The number would bo still larger woro it not for tho
Government litigation which made it advisable threo years ago for tho
company to discontinue its policy of leasing certain machines in the goneral
department, theretofore offered on optional terms of conditional lease or
outright salo. Tho number of machines on leaso in tho United States on
March 1 1916 was 101,048, an increaso of 2,188 machines from tho pre
ceding year.
.
. . . . . .
.
.
Tho foreign companies in which tho company is interested havo in most
instances recovered from the temporary setbacks at tho beginning of the
European war, and in sotno instances havo done a larger business than
before tho war.
„
, .
. ..
,
, ___ .
L itig a tio n s A g a in s t the C o m p a n y . — In order to compel tho abandonment
of our system of leasing machinery in groups or teams, a concerted effort
has been made to havo tho company’s approved methods of leasing dodared unlawful by the Federal courts. Tlie officers of tho Department
of Justice, without fully realizing that this is the only known method under
which tho company can afford to servo tho smallest manufacturer on terms
just as favorable as those enjoyed by the largest manufacturer, have for
five yoars kept the company constantly before tho Federal courts defending
suits instituted by tho Department.
In May 1911 tho Department of Justico began an investigation of tho
organization of the company. On Sopt. 19 in tho midst ot this investiga
tion, two criminal indictments were reported against members or our
Executive Oommitteo, for alleged violation of tho Shorman Act. All the
counts in both indictments with one exception wore dismissed by tho
District Court on Mar. 2 1912, and this decision was lator sustained by a
unanimous opinion of tho Supremo Court. Tho remaining count of the
indictment is still pending, despite our requests for a speedy trial, and in
spite, too, of a unanimous decision of tho Federal Court in Boston that
there has boon no violation of the Sherman Act.
Tho Department of Justice on Dec. 12 1911 filed a petition in equity
for dissolution of tho company charging violation of tho Sherman Act.
On Mar. 18 1915 tho three judges constituting tho special I'odoral Court
In Massachusetts handed down a unanimous opinion dismissing tho
potition of tho Government for dissolution and sustaining tho legality of
tho business methods employed by tho company. While this suit was
still untried the Department of Justico instituted a suit at 1 ronton, N . J.,
to abrogate a contract entered into in Aug. 1912 by your company with the
Keighley Co., Inc., of Vinoland, N. J., charging that this contract was in
violation of the Sherman Act.
On Oct. 18 1915 without notico to tho company, tlio United States
brought a new suit in tho Eastern District of Missouri under the Clayton
Act and ex parto obtained a temporary restraining orclor against tho cntorcoment of certain clauses of the leases.
On Nov. 12 191*> a preliminary
injunction was granted against the company s enforcing these leaso clauses.
On Dec. 20 1915 tho Court of Appeals ordered tho injunction suspended,
pending appeal, but required tho company to file a bond for $100,000,
which was (Tone. Finally, at tho end of six months’ litigation, tlio Unitod
States was forced to abandon tho injunction which it had obtained ox parto
and without notico. Meantimo, on Apr. 19 1916, a motion to dismiss tho
suit was argued at St. Louis. This matter tho court has now under con-
sideratkm^assachusetts caso tho company has threo times, at tho solicita
tion of tho United States, assented to extensions of tho time within which
tho United States might docket its appeal in the Supremo Court. It is
hoped this caso may bo brought on for argument in tho autumn.
Tho foregoing history discloses somo of tho dilficultios of conducting
litigation with tho United States.
. „
S to c k h o ld e rs . — There aro 4,484 holders of common stock only; and 3.071
holders of preferred stock only; while 1,609 are holders of both preferred
and common stock.
R E S U L T S F O R Y E A R S E N D I N G F E B . 29 1916 A N D F E B . 28 1915.
1915-16.
1914-15.
Combined earns, of United Shoo Mach. Corp. and
tho United Shoo Machinery Co., after deducting
proportion applicable to outstanding stock of Uni
ted Shoe Machinery Co. not held by tho C o rp .. $6,138,433 $4,861,092
2,867,443
Cash dividends paid------------------------------------------ 5,853,0o8
$1,993,649
Corporation, as show in previous reports, as follows:
1913-14.
1912-13.
1914-15.
1915-16.
"
99,448
98,514
98,860
101,048
Machines on lease M ar.l
Net earnings__________ $6,138,433 $4,861,092 $6,177,116 *$6,160,167
2,863,359
2,861,111
2,867,443
Cash dividends------------ 5.853,658
Bal., surp., for year._ x$284,775
1916.
1915.
1915.
Liabilities—
$
$
S
Real est.& bldgs.*19,.615,699 19,126,201 Stock__________ 16 ,162,800 16,162,800
Debenturebonds. 11 ,930,000 11,930,000
Loans on mtges.,
Bills payable........ z2 ,100,000 1,212,000
secur. of realty
686,912
cos., &c........... x9 498,622 9,492,657 Int. & taxes accr'd 711,440
205,610 Rents received in
251,213
Plant, &c.............
7,643
advance______
45,991
Bills* accts.rcc. &
263,659
accr. int. & dlvs.y‘2 ,724,076 1,651,521 General accounts. 401,376
190,525
511,351
Reserves.............
61,098
98,822
Unexp’d ins., &c.
930,226 Surplus................rl ,217,626 1,016,777
889,121
Cash....................
1918.
S
T o t a l ..................33,080,587 31,470,316
Total...............33,080,587 31,470,316
* After deducting in 1916 $15,073,000 for mortgages thereon as against
$15,646,000 in 1915, and also in 1910 $1,613,539 appropriations from earn
ings for depreciation of real estato and buildings, x Includes in 1916 loans
on mortgago, $1,640,309; securities o f realty cos., $6,965,084; and other
securities, $1,282,951; total, $9,888,344; less $389,721 reserve for depre
elation in value, y After deducting $169,327 resorvo for doubtful accounts
z Partly secured by collateral, r After deducting $400,000 reservo set
aside for depreciation and contingencies.— V. 101, p. 375.
$3,313,756
B A L A N C E S H E E T M A R C H 1.
1915.
1916.
$3,299,056
1915.
1916.
$
Liabilities—
S
„
$
S
Assets—
Real estate......... 2 ,282,355 2,290,355 Preferred stock — 9,774,07.) 9 ,743,900
Machinery..............1,443,517 1,794,016 Com m on stock— 31,500,981 28 ,639,734
690,691
400,000 Accounts payable. 1,451,159
400,000
Patent rights____
R e se rv e s________ 1,901,911 1,879,412
a Secure, other cos
& leased mach’y30 ,077,805 29,588,450 United Shoe M ach.
C o. stock not
Cash & recetvableslO ,494,914 18,951,324
258,852
held b y corp’n . .
220,517
Inventories_____ 6 050,035 5,656,901
25,038
Miscellaneous____
29,259 Surplus________ bl4,919,050 17 ,497,773
T o t a l ..................59,773,694 58,710,365
T o t a l ..................59,773,094 58,710,305
a Tlio figure at which stocks and bonds aro carried on tho books is, in
tho opinion of tho board, less than their actual valuo.
b After deducting $2,863,498 stock dividond paid during tho yoar I01o-16.
— V. 102. p. 1902.
B run sw ick-B alk e-C ollon der Co.
(Report for Fiscal Year ending Dec. 31 1915.)
C O N S O L I D A T E D B A L A N C E S H E E T A P R I L 30.
A9Q
Pt.*—
■-
$1,993,649
♦Includes in years 1912-13 increases in value of stock of othor corporations,
x In 1915-16 dividends amounting to $2,863,498 woro paid in stock.
R E S U L T S FO R C A L E N D A R
1915.
Net profits and incomo.
$793,022
Sundry digs., reserves, &c. 223,343
Balanco for dividends.
Preferred dividends (7%)
Common dividends (3%)
Balance, surplus____
Assets—•
Real cst.,plant.A c.
M isc. loans & Inv.
Inventories...........
Accts. & bills r e c ..
Cash........................
Unexp. lnsur., & c.
1914.
253,983
YEAR.
1913.
$1,370,682
---------
1912.
$1,786,608
a205,991
$569,679
$376,83:;
180,0J0
$587,692
$405,652
180,000
$1,370,682
$411,540
$1,580,617
$415,427
$12,844
$2,040
$959,142
$1,165,190
B A L A N C E S H E E T D E C E M B E R 31.
1915.
1915.
1914.
Liabilities—
S
•?
5
Preferred
sto
ck
_
_
5,096,400
4,952,087 5,181,335
194,027
220,653 Com m on sto ck __ 6,000,000
582,266
4,191,297 4,635,829 Accts. * bills p a y .
132,010
5,005,356 5,034,609 Sundry reserves..
89,187
694,529
559,778 D iv. pay’lo Jan. 1.
123,440
112,390 Profit and loss____ 3,260,843
T o t a l ..................15,160,736 15,744,594
— V. 102, p. 1438.
1914.
*
5,750,000
6,000,000
505,970
140,000
100,625
3,247,999
T o t a l ..................15,100,736 15,744,594
May 27 1916.]
THE CHRONICLE
(The ) B u tterick C om pany.
(Report for Fiscal Year ending Dec. 31 1915.)
IN C O M E A C C O U N T .
1915.
1914.
1913.
1912.
1911.
P rofits__________________$458,139 $499,104 $516,593 $461,748 $695,296
Dlv. on Ridgway stock—
--------------------------------44,120
Not Incomo___________ $458,139 $499,104 $516,593 $461,748 $739,416
Dividends paid__________ 439,416 439,416 439,416 439,416 439,416
Balance, surplus. ........ $18,723
$59,688
$77,177
$22,332 $300,000
B A L A N C E S H E E T D E C . 31.
1915.
S
Assets —
Real est. & impts. 1,760,086
Machinery & plant 1,758,663
Pat.,good-will,&c. 9 ,786,065
169,651
Cash.------ -------142,800
Bonds owned___
125,519
Stocks owned----Ridg.Co.stk.purch.2 ,647,200
Acc’ts receivable. 2 ,024,274
Paper In stock___
343,442
Mdse, manufact’d
and In process.. 696,720
1914.
$
1,762,422
1,724,181
9,786,065
160,896
140,800
127,209
2,647,200
1,880,394
287,449
1915.
1914.
L iabilities —■
S
$
Capital stock___ 14 ,647,200 14,647,200
Mtges. payable.. 578.000
578.000
Bills payable____
375,795
400.000
Acc’ts payable... 332,113
215,139
Federal Co. bonds 480.000
480.000
Reserves and de
preciation ........ 1 ,279,899 1,167,439
Surplus................. 1,767,413 1,748,690
1985
The results for the last half of 1915 show an Improvement over the first
six months, due chiefly to increased volume of sales. The outlook for
1916 is favorable. Efforts to market a greater portion of the products
through our own stations have produced favorable results 7 9 % o f our
sales (exclusive o f road and fuel oils) being so marketed in 1915, as against
72% in 1914. The sales of Havoline Oil increased about 44% over 1914.
The general offices will be removed on April 1 to 44 Whitehall St., N. Y .
F I N A N C I A L S T A T E M E N T FO R C A L E N D A R
1,453,790 1,544,219
______
S1? ’000 V*
719,852
Total................19,460,420 19,236,468
Total...............19,460,420 19,236,468
Tho Ridgway C o., the greater part of whoso stock is owned, had out
standing Doc. 31 1915 $1,000,000 stock and $500,000 bonds. The loss for
tho year 1915 was $149,511, against $39,548 in 1914.— V. 102, p. 1438.
Th e Sta n d ard Oil Com pany (C aliforn ia).
{Statement fo r Fiscal Year ending Dec. 31 1915.)
President D . G . Scofield says in substance:
R e s u lt s . — The earnings for the year wore $12,974,655, from which wo
have writton off for depreciation in all departments $3,444,709, loaving the
net profits of tho business, after depreciation, $9,529,940. Dividends
wore paid to stockholders during tho year at tho rato of 10% per annum
amounting on the issued stock to $4,968,666, loaving $4,561,280 carried to
surplus account.
P ro d u c tio n . — During 1915 our crude oil production from our own w ells
was 11,554,371 bbls. or a daily average of 31,656 bids., against a produc
tion of 12,727,391 bbls., or a daily average of 34,869 bbls., for 1914. Owing
to tho goneral conditions of field production and tho business situation con
fronting us at the commencement of the year, as a consequence of the Buropean war, no effort was made to increaso our own production until there
was a reduction of our own and tho goneral crude oil stocks, as during tho
year 1914, as you are aware, wo had to erect about 8,000,000 bbls. in tankago to take care o f surplus oil stocks, and this experience wo did not desire
to repoat in 1915.
Our net plpo line runs from wells for 1915 showed a daily average of
90,715 bbls., as against a daily average of 109,949 bbls. for 1914. Our own
stocks of crudo oil and its equivalent in storage Dec. 31 1915 wore 26,682 064 bbls., an incroaso of 623.987 bbls. over Dec. 31 1914.
N e w C o n s t r u c t io n — D u r in g tho year our plant account was increased in
all departments by necessary now construction at an oxpendituro of $4 126 310. ,P ur sales department has boon strengthened by tho construction of
23 additional sub-stations and 47 automobilo service stations at points where
more economical distribution could bo effected.
M e et.— T h o stoamer "La Primera,” for tho transportation of package
goods to foreign ports, was added to our fleot during tho year and an order
placed for a tank steamer of highest class with about 80,000 bbls. capacity.
This latter stoamer will bo launched in August next, and is expected to bo
in commission shortly thereafter.
O b lig a tio n s .— Of tho accounts payable, tho balanco due tho Murphy Oil
Co. on tho purchase of its property was reduced to $2,000,000
The
remaining payments now run over a period o f two years and $125,000 duo
o>> the purchase o f tho Monte Cristo Oil C o .’s properties Is payablo during
1916. Thoso contract obligations carry no interest.
C u rre n t A c c o u n t s , A c . — 'The company had no other indebtedness of any
nature, except the current accounts for Dec. 1915, which wore paid in Jan .
1916. Tho cash balanco Dec. 31 1915 was $1,986,663.
B u s in e s s , e t c . — Whilo during the year tho company has at times been
somewhat hampered in its export business by lack o f expected transporta
tion, our business as a wholo has been very satisfactory, and with the im
proved conditions and increased prices for petroleum products we are an
ticipating a very prosperous yoar for 1916.
P r ic e s .— Owing to changed conditions by tho falling o ff o f production,
crudo oil prices at tho wells have materially advanced, but our own Inven
tories o f crudo oil and products in storage on Dec. 31 last have boon taken
at their costs and the increased values will bo shown as profits from time to
time as they are disposed of.
P ro p erties.- —During the year wo added to our producing properties 4 260
acres, of which 1,460 acres are in feo and 2,800 acres in leasehold.
[Tho comparative incomo account and balanco sheet was nublished in
V. 102, p. 746.]— V . 102, p. 716, 527.
puonsnea in
YEARS.
1915.
1914.
1915.
1914.
Bonds, Ac., retired:
3
S
S
S
1 st mtge. bonds... 589,000 8507,000
Total------- -------- 1,453,790 1,544,219
2 d mtge. notes__. 317,000 439,000 Dec.ln net cur.assets ..........
487,598
Car tr.notes.Ser.Ai 130,000] 165,000 Incr. in bank loans..
637,502
________
do Series B__. 30,000/
Deer, in Investments
3,000 2,000
Purch. money mtg!
Miscellaneous.......... 22,495
17,822
Newark Mead
ows property__ . 11,471
Net earnings........ 790,793 1 036,799
Bond issuance, & c.. cl01,467 145,102
1,077.471 1 , 1 1 1 ,0 0 0 Depr. & loss on pbys.
. bl48,705 406,714
properties............ 195,954 715,612
Miscellaneous_____
__
26,505 General reserve........ 547,097
61,237
l 227,614
Net balance..........df.53,725 sr.114,848
bT
onc}s issued,
b After deducting
tozedandcharged^off^e^°Wn ^ an^* c d eludes financing expense amorC O N S O L . B A L A N C E S H E E T ( I N C L . S U B . C O S .) D E C . 31.
1915.
1914.
1915.
S
S
Liabilities —
$
Oil prod. prop.,&c. 2,357,594 2,261,688 Cum. pref. stock. 3,000,000
Refineries______ 1,402,239 1,444,901 Common stock__ 3,000,000
Tank cars...........
770,712
817,982 1 st M. serial 6 s ...: 11,549,000
Selling stations__
800,255
843,504 2d M. 7% notes.. 1,167,600
Metal containers.
73,023
82,997 Equip, notes, serA
50,000
Invest, in oth. cos.
48,000
51,000 Car equip, notes
Sinking, <fec..funds
80,356
105,027
Series B...........
20,000
Cash___________
350,340
188,958 Pur. money mtge.
4,000
Notes & accts. rec. 960,393
670,065 Accounts payable. 553,365
Advances to sta
Loan payable___
797,503
tion agents, &c.
105,535
60,506 Notes payable___
172,798
Inventories (cost). 935,790 1,035,864 Accrued interest..
48,333
Susp.org.exp.,&c . 476,421
539,828 Unpaid int., cou
R. Levering notes. 432,178
432,178
pons, & c _____
5,050
Deferred chgs.,&c.
19,475
104,286 Reserves............. 1,130,984
Deficit................. 2,686,322 2,632,597
1914.
$
3,000,000
3,000,000
2,138,000
1,484,600
180,000
Assets —
Total...............11,498,634 11,271,381
______
50,000
15,471
345,319
160,000
142,263
56,359
8,839
690,531
Total............... 11,498,634 11,271,381
xAfter deducting $262,000 1st M . serial 6% bonds held in treasury.
— V. l\ jZ , p . IUdo.
C en tral F ou nd ry C o., New Y o rk .
{Report fo r Fiscal Year ending Dec. 31 1915.)
Pres. Waddill Catchings, N . Y . , Apr. 15, wrote in subst.:
...Tho year 1915 marked the beginning o f much improvement in our affairsWhile tho total shipments were the smallest in many years, tho improve
ment in general conditions during the latter part of the year brought about
price conditions which enabled us to show a substantial profit on tho year’s
operation. There was reserved for maintenance and depreciation $95 7 1 1
and there was charged to operation tho remaining $35,000 of the original
Holt starting expenses. After making these and other deductions the net
profit for tho year was $40,410 [contrasting with a deficit of $164,974 in
1914.— E d.].
The Central Iron & Coal Co. had a manufacturing profit for the year of
$209,280. Tho interost charges amounted to $169,094, and thero was set
apart a reserve for depletion of mineral resources of $19,407. After all
charges and expenses the company showed a loss of $20,025. Pig iron prices
are now considerably advanced and the company has shown during Dec.
Jan. and Feb. handsome profits above all expenses.
I ho outlook for 1916 is most encouraging for both the Central Foundry
Co. an tho Central Iron & Coal Co. Tho Central Foundry Co. has a large
volume of orders on its books at profitable prices, and its production is at
a greater rate than at any time in the past. The Holt plant is producing
a large tonnage at a substantial profit. Our profits in Jan. and Feb. 1916
were very satisfactory.
E A R N I N G S F O R Y E A R S E N D I N G D E C . 31.
Gross profits Central Foundry C o------ $51L585
Expenses and ch a r g e s........................ $340,464
130,711
Maintenance and depreciation.............
$228065
$227,5261
165,613/
S38CL271
$314,458
Balanco, surplus or deficit C. F. Co. sur.$40,410 def.$164,974 sur.$65,813
Losses subsidiary companies.................
21,319
69,012
24,888
{Report fo r Fiscal Year ending Dec. 31 1915.)
Combined surplus or deficit.............sur.$19,091 def.$233.986 sur.$40,925
BA LA N CE SH EETS.
_
- Central Foundry Co.---- C en t.Ir.& C o a l Co. ---- Cent. R ad ia to rs
Assets—
•Dee.31’15 *Dec.26’14 Dec.31’15 Dec.31T4a.Dec. 31 D ec.2
Real estate, buildings,
S
$
$
$
1915
1 9 14 i
machinery, Ac........ 1.695,313 1,666,752\2,370,115 2,253,643/350,530 351,44
Patents & good-will.. 5,623,095 5,623,095/
Investments............. b l,461,125 b l,461,125
......
Treasury bonds (par).. 361,000
384,000 175',656 210*665 ..........
Advanced to sub. cos.. 725,748
.
701.607
Cash in sinking fund. . .
721
548
197
' *1,509
Cash on hand, &c___ .
66,805
26,550
31,905
9,471
5,046
1,349
Notes & accts. receiv.. 386,550
254,995 139,702 107,603 41,341 44,488
. 414,648
442,818 342,254 333,296 11,006 16,439
Discount, &c., on bds..
_____
_____
162,956 170,171
Prepaid Insurance, &c..
11,629
39,770
31,257
33,946 " ’ 250 *” 250
Profit and loss...........
717,870 697,845 91,989 88,449
Total...................... 10,746,634 10,601,260 3,971,257 3,817,484 200,163 202,418
L iabilities —
Common stock.......... 3,600,000 3,600,000 1,000,000 1,000.000 200.000 200,000
Preferred stock_____ . 4,600.000 4,600,000
1st M. 6 % sink, fund. 1,446,000 1.469,000 1,248',666 1,283,000
_____
Adv. (Cent. Fdy. Co.)
_____
718,205 694,028
Accounts payable, <fcc. 201,008
69,602 209,495 141,322
13 ’ 2I268
Cent. Iron & Coal Co.
597
_____
_____
47,347
Central Foundry C o..
5,040
CentralRadiatoi C o..
35,500
37,604
Adv. from pig iron__
169',200 1 *41*666 . ..I I I ........ I
..........
Notes payable and ac
crued accounts___
459,682
436,557 342,910 313,542
150
150
Depreciation reserve.. 148,423
111,659
..........
Reserve for exhaustion
of minerals.............
235,233 211,739
Other reserves______
15,339
864
43,174
32,853
Profit and loss...........
254,561
214.152
..........
- - - - - - - H i ll
Pres. Theodoro L . Pomeroy, M ar. 15, says in substance:
T ota l.................... 10,746,634 10,601,260 3,971,257 3,817,484 200,163 202,418
G riffin W h eel C o., C hicago.
{Report fo r Fiscal Year ending Dec. 31 1915.
I N C O M E A C C O U N T F O R Y E A R S E N D E D D E C . 31.
1914.
1915.
1915.
S
3
$
.1,159,693 1,035,892 Net profit............... 1,096,431
82,513 Pref. dlv. (6 % )----- 351,603
. 87,539
Com. div. (6 % )___ 525,792
.1,247,232 1,118,405
!. 150,801 106,192
Other deductions..................
130,835
Balance, surplus or
.1,096,431 881,378
deficit........... sur .219,036
B A L A N C E S H E E T D E C . 31.
1915.
1914.
1915.
Assets —
S
Liabilities—
S
$
Plants & prop., &c. 4,868,407 4,937,148 Preferred stock... 5,857,400
Good-will,pats.,&c. 6,950,000 6,950,000 Common stock___ 8 ,725,000
Inventories......... 2,648,371 2,651,518 Accounts payable. 301,998
725,940
Cash..................
469.038 Accrued taxes___
53,230
Marketable secure. 511,257
511,914 Miscellaneous___
653,854 Reserves.............
Notes & accts. rcc. 825,791
371*337
82,490
Notes seed by stk.
92,949 Surplus................[ 1 372,712
22,260
Prepaid insurance.
5,248 Profit and loss___ /
Stock in treasury.
652,100
Employees' tr. stk.
47,100
116,900
Total...............16,681,677 17,040,667
1914.
$
881,378
356,049
526,578
def.1,249
1914.
S
6,000,000
9,282,000
161,896
53,659
21,970
307,406
[448,347
[705,329
Total...............16.681,677 17,040,667
— V. 102, p. 803, 525.
In d ia n R efin in g C o., In c.
Tho capital liabilities have been reducod by $1,077,471 and there lias
boon further capital expenditures amounting to $148,705, principally for
further plpo lino facilities to reach additional supplies o f crude oil and to
increaso refinery capacity. There has been an increase o f $227 614 in
not current assets over current liabilities (exclusive o f bank loans.) The
bank loans show an increase o f $037,503, occasioned by tho financing
of tho maturing first and second mortgage bonds and car trust notes.
From tho trading profit of $790,793 there has been deducted tho amor
tized portion o f bond issuance and financing expense applicable to tho year
depreciation and the yearly payment to tho 1st M . sinking fund, which
latter amount has been added to tho goneral reserve. Tho loss on final
liquidation o f foreign accounts has now been writton o ff to tho general
reservo as well as the loss on the closing o f the Georgetown plant.
N o t e .— Tho balanco sheet of Dec. 26 1915 of tho Central Foundry Co
of N. J. shows as follows: Assets— buildings, &c., $3,391, and current as
sets, $16,377: offset by liabilities— Capital stock, S10,000; advances to
Central Foundry Co., $7,543: Central Foundry Co. current account. $466and profit and loss surplus, $1,760.— V . 102, p. 1438.
THE CHRONICLE
1986
N a t io n a l
C andy
C o .,
S t.
L o u is , M o._
31 19 1 5 .)
(.Report for Fiscal Year ending Dec.
B
— Dividends ( 7 % ) ~C o m m o n
” a la n c e ,
Calendar
Net
S u r. nr D e f.
Dividend.
1si Pref.
2d Pref_.
Year—
Earninos
.
....................... sur.$28,252
1 9 1 5 .......................$217,203 $70,000 $118,951
____________
sur 27,082
118.951
1 9 1 4 ...................... 216,033 70,000
118.951
....... ............... sur.272,341
1913 ..................... 461,292
70,000
118.951
- - _________ def. 20,690
1 9 1 2 ______
168,255
70,000
118.951 (1 % )$52,946 def. 5 i,4 81
1911 .................... 190,416
70,000
118.951 (2 % ) 105,894 def. 27,000
1 9 1 0 ...................... 267,845
70.000
B A L A N C E SHEET DECEM BER 31.
1914.
1915.
1914.
191£
S
L ia b ilit ie s —
5
S
A ssets—
S
172,689 First pref. stock.. 1,000,000 1,000,000
Cash____________
115,534
432,948 Second pref. stock. 1,699,300 1,699,300
Raw materials—
537,391
6,000,000
592,702 Common stock__ 6,0i.0,000
Mfd.mdse.A supp. 551,728
79,783
140,025
910,377 Accounts payable.
Accts. & notes rec.
980,575
941,865
Bills
payable........
971,300
Clinton Sugar Ref.
Co. stock_____ 1,373,042 1,323,274 Surplus................ 1,032,973 1,004,721
2d pref.stk.puren.
33,900
33,900
Mach.,crade-mks.,
pat. rights, A c. 7,251,428 7,259,779
Total
. . . 10,843.598 10,725,669
T o ta l................ 10,843,598 10,725,669
There is in addition to tho abovo assets $705,400 o f com m on stock, full
paid and non-assessablo, owned b y the com pany and standing m the
name o f F. D . Seward, trustee.— V . 100, p. 1346.
S o u t h e r n B e ll T e le p h o n e & T e le g r a p h C o.
(Report for Fiscal Year ending Dec. 31 19 1 5 .)
Pres. W . T . G en try , A tla n ta , F o b. 8 , 1910, wrote in s u b st.:
A dditions to plant during the year am ounted to $474,996. The not
sum o f $853,803 was expended in tho replacem ent o f plant which had
roached the lim it o f its serviceable life. T ho plant is o f modern typo and
has been properly m aintained. During tho year our rescrvo tor accrued
depreciation was increased b y $479,727. In spite o f tho adverse business
conditions which continued for tho larger part o f 1915, wo had a net in
crease for tho year o f 6,211 owned stations and 333 connecting and mis
cellaneous stations. Owing to the restricted business conditions, our reve
nues for the year increased over 1914 only 1 .71% .
E A R N I N G S F O R F I S C A L Y E A R S E N D I N G D E C E M B E R 31.
1915.
1914.
1913.
Stations owned
175,367
169,156
163,888
C onnecting &c " stations" ..............
163,542
172.802
143,216
Gross earnings_ 1 . ! . . . . I I ...................$6,712,745
$6,598,878 $6,122,648
Operating expenses__________________
4,493,105
4,332,409
4,156,390
N et earnings______________________ $2,219,640 $2,266,469 $1,966,258
363.000
Taxes and u n coil_____________________
466,570
412,351
Operating incom e.................................. $1,753,070 $1,854,118 $1,603,258
905,551
Other Incom e________________________
866,756
893,304
Gross incom e_______________
82,619,826 $2,747,422 $2,508,809
$844,890
Interest, rents. & c____________________$1,042,342 $}3Q 4 .6 17
1,284,000
D ividends (6 % ) ........
1,284,000
1,284,000
T otal d eductions____________________$2,326,342 $2,388,617 $2,128,890
$379,919
$358,805
Balance, surplus_____________________
$293,484
B A LA N C E SH EET D E C . 31.
1914.
1915.
1915.
1914.
$
L ia b ilit ie s —
S
Assets—
S
$
Lands A buildings 1,930,296 1,891,133 Capital stock____ 21,400,000 21,400,000
Telephone p lan t..24,295,293 23,859,460 Funded debt_____ 17,307,000 17,459,000
517,945
517,945
General equlpm’t .
304,233
306,446 Adv. from sub.cos.
149,172
294,921
Materials A suppl.
178,952
266,390 Accounts payable.
Intangible capital.
9,358
104 Accrued liabilities,
13,538
18,165
not due----------Investment securs.14,294,920 14,248,512
Other investments 149,065
149,052 Insurance & casu
103,926
83,998
alty reserves__
Marketable secur.
13,097
2,359
Bills & acc’ts rec.. 2,251,401 2,136,722 Deprec’ n reservo. 3,037,780 2,558,054
61
5,012 Employees’ bene
Miscellaneous___
150,000
150,000
fit fund..............
Cash and deposits 462,209
306,834
Acer. int. not due.
19,360
14,395 Surplus_________ 2,186,267 1,909,628
Sink, fund, A c . . . 1,087,832 1,074,844
T o ta l................ 44,996,077 44,261,263
— V. 102, p. 1065.
T o ta l................ 44,996,077 44,261,263
GENERAL INVESTMENT NEWS
R A IL R O A D S ,
IN C L U D IN G
E L E C T R IC
A la b a m a G r e a t S o u th e r n R R .—
RO AD S.
Extra Dividends.—
The com pany has declared extra dividends o f 1% on tho pref. an d 2%
on the ordinary shares, in addition to tho semi-annual payments o f 3% and
2 V i % on the pief. and ordinary shares, respectively.
Dividends on the
ordinary stock are payablo June 29 to holders o f record Juno 12, and on
pref. Aug. 28 to holders o f record July 22.— V. 102, p. 1539.
A t la n t a B ir m in g h a m & A t la n t i c R R .—
Receiver's Ctfs.—
R eceiver’s certificates o f tho old com pany and its allied companies,
$4,476,000 outstanding, are called for paym ent on or before Juno 22 and
must be presented to tho receiver, K. T . Lam b, or M aster Commissioner
Victor Lamar Smith at A tlanta, after which dato interest will cease.— V.
102, p. 1346, 885.
B esse m e r & L a k e R rie R R .—
Equipment Trust Bonds.—
'i’ llis com pany has applied to tho Ohio P . U . Commission for permission
to Issue $3,600,000 equipment trust gold bonds to yield 5 % . T he bonds
are to be turned over to tho Pittsburgh Trust C o ., trustee.— V .9 4 , p. 1694.
B o s t o n & L o w e ll R R .—
Bonds Approved.—
The M ass. P. S. Commission on M ay 19 granted the com pany permission
to issue $135,000 20-year 5% bonds dated M ar. 1 1916, tho proceeds to bo
used to fund a like amount o f 1-year 5 H % bonds due Juno 1, which were
issued to pay for additions and improvements made by the Boston &. Maine
R R in accordance with its lease o f tho Boston & Lowell properties. Soe
V . 102, p. 711, 521.
B o s t o n & M a in e R R .— Further Extension of Notes to
July 17 1 9 1 0 — Holders of outstanding notes, including about
$ 1 3 ,3 0 0 ,0 0 0 due June 2 1916, are asked to extend their notes
to July 17 1916, with interest discounted at tho rate of 6 %
per annum .
Pres. J . H . H ustis (see a d v . on another page)
says in brief:
[Vol. 102.
Plan Presented to Board.—A now plan of reorganization
was presented to tbe board of directors on T u e sd a y . B riofly,
it is proposed to form a new corporation, with a capital stock
of $ 1 0 1 ,5 9 5 ,0 9 0 in First P re f., 2d prof, and co m . stock, to
take over tho old B oston & M a in e and all the leased or sub
sidiary lines that will consent. T h e leased lino stocks would
bo exchanged, for first pref. shares carrying substantially
the samo rate of dividends they now e n jo y . T h e B . & M .
com m on shares would be exchanged, it appears, on the same
basis as in the plan issued last February.
It is proposed
that $ 1 7 ,0 6 2 ,0 0 0 of now capital be socured through the sale
of first pref. stock for cash, and that $ 1 5 ,0 0 0 ,0 0 0 be raised
b y the sale of 5 % bonds.
.
Form er C hief Justice M arcu s P . K now lton has issuod a
circular dissenting from the recom m endations of tho m ajority
of the com m ittee, contending that tho plan proposed would
necessitate a receivership for its consum m ation, and would
sacrifice the interests of the com m on stockholders of the
B . & M . for the benefit o f tho leased line securities etc.
A n exchange journal reports in substanco:
The plan is to form a new corporation under tho name “ B oston & M aine
Railroad C o .” to acquiro tho property o f tho old com pany and that ot tho
subsidiary iines, including the Hampden R R .
.. , .
T ho corporation will first issuo $17,062,000 o f 6 % First I ref. stock,
$3,149,800 of^ 6 % non-cum ulatlvo 2d pref. stock, and $39 505,100 o f com .
stock. T ho 2d pref. and com . stock will bo issued as fully paid upon
transfer o f property o f old corporation. Tho First Pref. shall bo issued for
cash at par, tho plan being conditioned upon $17,062,000 o f now cash being
paid in
Preference will bo given stockholders in tho old corporation,
rights being assignable. Arrangements are m ade by which stockholders
m ay secure loans with which to make tho purchase.
, . __
T he stockholders o f the Boston & M aine K K . must m ake contribution,
cither b y a direct paym ent o f m oney in tho form o f a subscription o f 40%
o f thoir holdings to tho now first pref. stock, or by a paym ent in cash o f
$5 per share, or b y giving up one-fifth o f their stock.
.
’ I ? the Fitchburg R R . assents, tho Boston & M aine will acquire It, paying
for it by tho issue o f $18,860,000 o f first pref. Boston & M aine Stock, but
with 5% interest. Similarly, paym ent tor the Boston & L o w e l1w ould be
made with $7,117,500 for first pref. Boston & M aine, but at 8 % , for the
C oncord & M ontreal, with $7,917,100 B < »ton & M aine First P ref., Paying
7 % ; for tho Connecticut River HIt. with $3,233,300 Boston & M aine p ref..
paying 10% ; for tho Lowell & A ndover with $625,000 o f B. & M . pref.,
$531,3o0 o f which shall pay 8 % and $9 3,70 0 1 0 % : for the M a n c h ^ te r &
Lawrence with $1,000,000 B . & M . p r e f., paying 10% for tho Konnebuidt
& Kennebunkport K K . with $05,000 o f prof., paying 4 H % — all these
rates being determined b y present rates o f leases and rentals.
As for the Hampden K K . purchase is provided for by the issuo o f $1,660,000 for first pref. 5 % stock and $1,400,000 for pref. 5 % stock.
T o fund tho floating debt o f tho subsidiary companies and for making
im provem ents, the Boston & M aine will issue $15,000,000 o f 5 % bonds
I f all tho purchases abovo enumerated are m ade, tho original capitalization
o f tho now com pany will bo as follows:
F ir s t P r e fe r r e d —
- .„
nnft
T o F'itchburg, 5 % ------------ -------------------------------- --------------------$18,860,000
T o Boston & Lowell, 8 % -----------------------------------------------------? 0 17 ion
T o Concord A M ontreal, 7 % ----------------------------------------------T o Connecticut Hiver, 1 0 % ------------------------------------------------n o ’« n
T o Lowell & Andover, 1 0 % ------------------------------------------------531,250
T o M anchester & Lawrence, 1 0 % - - - ---------------------------------Ivennebunk & Kennebunkport, 4 H % ---------------------------------.
Hampden R R ., 5 % .......................................... - .............................. i 7 nn9 ’non
T o t a l ................................................................................................ $57,539,900
.
,
,
1 ,io son
6 % for Boston & M aine, preferred..............................................
i InnWvn
5% for H a m p d e n .............................................................................
1
C o m m o n S l o c k ________________________________________________ - S39.50 j .390
S eco n d P r e fe r r e d —
.. ......................................................................................................... $101,595,090
Tho funded debt would be $99,202,000.
. n
K idder, l’ oabody & C o .. Lee, Higg nson & C o ., and J. P. .M organ & C o.
have agreed to form a purchase syndicate, to underwrite tho S Li ,uo~,uuu
o f new first pref. stock and to purchase the $15,000,000 o f N ew H aven.
T he syndicate will assume tho purchase o f any stock h old erJ ”
com pany or will advance m oney for tho purchase. 1 ho total compensation
WiTho^frst pref0 'stock shall not bo cumulative u n t i l after three'years
■
rrim nlm is h iscd on the consent o f tho stockholders o f the B oston oc
M aine, Fitchburg, and B oston & Lowell, bu t will include all other subsidiarics whoso stockholders consent. In tho caso o f non-assenting subsidiaries,
the new corporation will not assume Boston & M aine leases,
subsidiaries
being allowed to tako back their properties and to enforce what rights they
iiave against tho Boston & M aine.— V. 102, p. lo 3 9 , 1038.
C e n tr a l P a rk N o r th & E a s t R iver R R ., N ew Y o r k .—
The U. S. C ircuit Court o f Appeals at Philadelphia on M ay 22 affirmed a
decree o f Judge Dickenson in tho U. 9. District Court at, l h ila ., made
D ec. 1 1915. in which a claim o f upwards o f $2,000,000 against tiui osU to
o f Thom as Dolan and Peter A. II. Widener, and individually
George
W . Elkins, for alleged negligent acts as directors o f a u
mns ^C n m n aro
tion in New York C ity, was barred by tho statute o f limitations. Compare
V . 101, p . 1884.
.
C h e sa p e a k e & O h io R y .— Bonds Offered.
Tho N ational
C ity B ank of N ow Y ork is offering at 9 5 hg anti in t. a block
of tho 5 % Convertible 30-year soctirocl gold bonds (a u th .a n d
outstanding, $-10,180,000), dated April 1 1916, duo April l
1946
Int A . & O .
Seo description of issue, V . 102, p .
1162!— V . 102, p . 1810.
C h ic a g o & N o r th W e s t e r n R y .— Bonds Sold.— K u h n ,
Loel) & C o. have purchased and are offoring privately an
additional block of $ 3 ,0 0 0 ,0 0 0 G en . M t g e . 5 % gold bonds.
T h is makes approxim ately $ 1 8 ,0 0 0 ,0 0 0 of these bonds o u t
standing.— V . 102, p . 1811, 60 8.
C h ic a g o R o c k I s la n d & P a c ific R y .— Reorg. Data.—
Regarding the now tentative plan briotly referred to in last
w eek’s issue and now under advisement-, tho B oston
News
B ureau” has compiled in substance the following data:
On Feb. 11 1916 the date o f the circular requesting an extension o f tho
notes held by you to June 2 1916, a Joint Reorganization Comm ittee was
appointed under authority o f votes o f tho directors o f the Boston & M aine,
Tho plan contemplates issuance o f pref. stock, probably o f two classes,
B oston & Lowell and F'itchburg railroads, to formulate tho details o f the
plan o f consolidation then proposed. Sinco that tim e the com m ittee has one 7 % and the other 6 % , but cumulative in each instanco only u p ,to tho
been working upon the details o f the plan, and has m ade much progress, extent o f 5% per annum,
but they have been unable to com ploto their task and desire further tim e. par for par, for the $2 0 ,00(
*ow,uyu,yvu
'_ . hn
Y ou are therefore requested to extend your notes from Juno 2 1916 to July 17 to remain undisturbed. Tneru is u, ment o f $40. It is planned to give now 7 % pref. stock, Par ,fPr
1916. Your security will not bo in any way diminished by this extension, if m
assessment.
This
will
lie
underwritten.
Tho
property
will
probably
be
granted, as no mortgage can bo placed upon tho property without securing sold under creditors' lieu or foreclosure forcing the com m on stockh^der
your notes, and it will enable us to continuo our efforts toward a sound to protect himself by subscription to now pref. stock or by salo or his prostnt
reorganization under favorable conditions.
.
,
if ho does not wish to join in tho new plan.
. . sllmln_
Acceptance o f this offer must be construed as conditional upon action by stock
T h e total amount o f pref. stock to bo issued on this basis, assuming an
tho directors, not later than June 1 1916. declaring tho plan o f extension assessment
o f $40 per share, w ou ld bo $50,000,000. on which maxlmum
effective.
Noteholders are requested to advise tho Old C olon y Trust C o ., 17 Court dividends would bo $3,300,000. Tho now cash is to bo used to pay oft
approxim ately $16,700,000 o f floating debt and
S t., Boston, before 2 p. m . M a y 31 1916, o f their acceptance o f the plan ' also
provide for the com p an y’s treasury. Ih^erwt chargos would be rofor extension, stating tho numbers, including prefixes, denominations and
dates o f issue o f tho notes they hold. Noteholders will subsequently be I duced nearly $1,900,000 per annum by tlui paying o ff o f Boating debt and
receivers'
certificates and cancellation o f tho o A< dobontures.
asked to present their notes for extension.
THE CHRONICLE
May 27 1916.]
A p p r o x im a te
C o m p a ris o n
of
At Present.
Tentative.
P resen t
General, 43___ SGI,581,000 $61,581,000
First M . Os____ 12,500,000 12,500,000
First A R e f.-Is . 94,941,000 94,941,000
Debenture 5 s .. 20 ,000,000
------------Sub. cos. Issues. 53,800,000 53,800,000
Equlpm ’ t notes. 16,740,000 16,740,000
Total capitalization and IndebtednessInterest charges------------------------- ------------
C a p ita liz a tio n
w ith
th a t
S u g g e s te d .
At Present.
Tentative.
Floating d e b t . . $11,500,000
Receivers’ ctfs. 4,494,000
________
_____
New 6% pf. stk.......................S20,000,666
New 7% pf. stk.
------------Com m on stock. 75,000,000
30,000,000
75,000,000
$350,550 .OOOS3G4,562,000
- 12,136,425 10,230,425
T he total capitalization, assuming a $40 assessment, will thus bo In
creased about $14,000,000.
The reduced interest charges and full pref. dividends would take about
$13,530,425 against $12,130,425 o f interest charges in tho fiscal year ended
June 30 last, an increase o f $1,400,000. On the basis o f present earnings,
the com pany could pay all interest charges and full pref. dividends and
leave a balance for tno com m on stock.
Iloth gross and net are showing substantial gains over last year. In tho
nine months ended M arch 31 gross was $2,000,000 ahead o f tho correspond
ing period of 1915 and net showed a gain o f $1,000,000, or over 9 % . Tho
last quarter o f tho 1915 year added about $2,700,000 to net. This year
it m ay bo assumed that tho last three m onths will add nearer $4,700,000,
based on tho present rate o f gain.
A theoretical incom e account, with earnings for tho last three months
o f tho year estim ated, other incom e and rentals taken on tho basis o f last
year, and interest charges taken on the now basis, shows:
Nino m os.’ not earnings.$12,36(3,365 Rentals and m isccll------ $4,006,060
A pr., May&Juno not (est) 4,700,000 Interest charges-------------- 10,236,425
4,223,880
12 m os.’ not (e s t.)______ 17,066,365 Ilalanco avail, for d iv —
Other incomo (est.)____
1,400,000 Full prof, dividend-------- 3,300,000
Hal. (1.23% on com .stk.) $923,880
Total incom o________ $18,466,3651
Assuming only 5 % requirements on tho new preferred, there would bo
left a balanco for tho com m on o f between 2 % and 3 % , and this without
making allowance for any savings in operating cost, which tho new funds
are presumed to m ako possible. Compare V . 102, p. 1895, 1811.
C la r k s b u r g & N o r th e r n R R . —Receivers
Appointed .—
J.
F. Bartlett o f N ew M artinsville, .1. 15. Finley o f Farkorsburg and F.
Hickm an o f M iddlebourne, all West V a., have been appointed receivers for
this property operating between New M artinsville and M iddlebourne,
W . V a., 13 m iles.— V . 96, p. 359.
D e n v e r & S a lt L a k e R R .— Bondholders' Committee.— In
view of tho announcem ent (V . 102, p . 1811) that it is neces
sary for tho future prosperity of the com pany that a perm a
nent financial plan be form u lated, the follow ing named
com m itteo has consented, at the request of a large am ount of
the 1st M . bonds, to act as a com m ittee to represent these
bonds in formulating such a plan.
B o n d h o l d e r s ' C o m m i t t e e .— Charles If. Sabin, Chairman: C . IC. B oettcher,
F. N . B . Close, W . C . Forbes, L. C . Phipps, E . V . R . T hayer, E . R.
'1' inker and Herman W ald cck, with it. II. C ox as Secretary, Guaranty
Trust C o ., 140 B roadw ay, N ew Y ork C ity.
Expert's Report.— T h e report presented b y E . W . M c K e n n a
on M a y 10 states that the proposed tunnel through the
Continental D ivid e is, in his opinion, essential for tho proper
developm ent of tho property.
T h is would roquiro the build
ing of a new cu t-o ff 1 7 .2 miles long, including the tunnel,
4 .1 miles, at a cost of $ 2 ,9 5 2 ,8 2 1 .
Other expenditures
necessary to place the property in condition for economical
operation, now rolling stock, & c ., would raiso tho now capital
required to $ 5 ,2 6 6 ,8 2 1 .
T h e new construction would take
two years and for the first year following its com pletion
M r . M cK e n n a estim ates the gross earnings, with a coal
traffic of 1 ,0 2 6 ,0 0 0 ton s, should reach $ 2 ,2 2 5 ,6 9 7 and tl o
total net incomo available for interest should bo $ 8 2 4 ,8 3 7 .
For the second and third years the total not incom e, ho be
lieves, should reach $95*7,836 and $ 1 ,1 0 4 ,6 8 7 .— V . 102,
p . 1811, 1718.
D ry
D ock
E ast B roadw ay &
B a t t e r y R R .,
N.
Y .—
Tho N ow Y ork Ik S. Commission has denied tho com pany’s application
fo r permission to issue $2,800,000 in bonds. This action was without preju
d ice to tho renewal o f tho application for an issue o f $1,828,385. T he
Com m ission had previously denied the application and tho com pany took
tho matter to tho Appellato D iv. o f Supremo Court.
Seo V. 100, p. 1672.
G a lv e s t o n H o u s t o n & H e n d e r s o n R R .—
Listing .—
Tho N . Y . Stock Exchange has listed $2,122,000 1st M . 5 % bonds, duo
1933, sold in M ar. 1914 (see V . 98, p . 839).
Earns .— F or
9 m os. to M a r . 31 ’ 16
P e r io d
E n d in g —
G ross
h a rm n g s.
Net
9 mos. to M ar. 31 T 6 . .$259,661
Y ear end. June 3 0 ’ 1 5 -- 344,945
— V. 1 0 2 , p. 1811.
$42,182
89,708
G r a n d T r u n k R y . —Financial
&
For 9 m os. to M a r . 31 ’ 16 & y r. end. June 3 0 ’ 15:
G ross
E a rn in g s.
T o ta l
In te rest,
I n c o m e . R e n t s ,& c .
P r e fe r r e d
D iv id e n d s .
C om m on
D iv id en d s.
B a l.,
S urp.
$
$
$
S
$
$
9 m o s . . . 35,143,212 9,442,596 4,819.521 (734)7,972 (734)4,537,628 77,475
Y r .’ l 4-15 42,525.962 12,816,895 6,494,450 (10)10,630 (10)6,050.170261645
— V . 102, p . 1896, 1626.
M is s o u r i K a n s a s & T e x a s R y .— Time to Expire .— T h e
com m ittee o f holders of G en . M . 4 ^ % bonds of 19 06 ,
O tto T . B annard , C hairm an, gives notice by advertisem ent
on another page that the tim e within which deposits of these
bonds will be received by N . Y . T ru st C o ., depositary, will
expire on June 1.— V . 102, p . 17 18 , 1626.
M o u n t R o y a l T u n n e l & T e r m i n a lC o .—
Rental,Bonds.—
A bill passed recently in the House o f Com m ons fo r Canada provides that,
as intended b y tho original A ct o f 1914, rentals paid the com pany b y the
Canadian N orthern l i y ., the Canadian N orthern Ontario R y . and the
Canadian N orthern Quebec R y . shall bo included in their operating expenses
and thus rank ahead o f their other fixed charges.
T ho com pany is a constituent com pany o f the Canadian N orthern R y .
system . It was constituted for the purposo o f building the tunnel through
M ou nt R oyal and for constructing the terminals at M ontreal. C onstruc
tion is said to be approaching com pletion. T he com pany has made a pres
ent authorized issue o f $11,680,000 1st M . 5 % bonds, duo April 15 1970,
o f which $9,012,565 has been certified, including $3,844,667 pledged to se
cure a £599,800 short-term loan o f theC anadian N orthern.—-V. 98, p. 304.
N e w O r le a n s R y . & L ig h t C o .— Notes Sold—Bonds Of
Griseom & C o ., N . Y . and P liila ., R eilly ,
B rock & C o ., P h ila ., and the Hibernia B a n k & T ru st C o .
o f N e w Orleans have (a) sold recently at par and in t
erest [see also a d v . on another page] 8 3 ,2 5 0 ,0 0 0 2-year 6 %
It.
dob. gold notes, and (6) aro offering at 9 2 and in t. $ 3 ,2 5 0 ,0 0 0
R efunding & G en . Lien 5 % gold notes dated N o v . 1 1909, due
N o v . 1 1949.
For description of bonds offered see V . 9 2 ,
p . 10 33 .
T h e notes are dated June 1 1916 and due June 1
1918.
A circular shows:
fered.— Bertron,
T ho notes are callable in whole, but not in part, on any int. date upon
60 days’ notice at 101 and int. Int. J. & D . at Central Trust C o. o f N . Y .,
trustee. D enom . $ l,0 0 0 c* . N orm al Federal incom o tax paid b y co.
Data from a Letter of President D. D. Curran. Dated J u n e 1 1916.
B u s i n e s s . — C ontrols and operates in N ew Orleans (1) the entire street
railway business, 217.41 miles o f track, (2) tho entire gas business, (3) the
entiro electric-light and power business, except that furnished by Consumers
Electric L t. & Power C o. Population served about 375,000. T ho com
pany’s franchises for gas and electricity are perpetual, tho gas franchise
being exclusive till 1925. T ho street railway franchises are for long periods
except tw o unim portant ones that expire in 19L7 and 1918 (See below .)
C a p i t a l i z a t i o n (As o f June 1 1916)—
A u th o r iz e d .
Issu ed .
U nderlying bonds held b y public_________________
_________$29,157,500
..............
180,000
E quipm ent trust certificates.................. .....................
R efunding & General Lien 5s, due 1949__________$50,000,000
5,831,000
3,250,000
T w o-year 6 % debenture n o te s .................................. 4,000,000
S tock ($10,000,000 is preferred)................................. 30,000,000 30,000,000
E a r n i n g s f o r t h e Y e a r e n d e d M a r c h 31 1916.
Gross earnings___________ $7,018,3261 Int. on Ref.& G en. Lien 5s.$291,550
N et a ft. taxes, extr. res.,& c.2,794,8231 Int. on 2-year 6 % d e b ------- 195,000
D e d u c t — Prior charges___ 1,390,0511B a la n c e ____ _______________ 918,222
B u sin e ss R ecord —
1915.
1914.
1913.
1912.
1911.
lto v . passengers.83,184,9.38 87,249,918 87,038,951 84.855,983 82,524,955
K .w .h . sold _____ 43,781,319 37,127,125 33,647,929 26,117,523 23,524,244
M .cu .ft. sold, gas 1,259,155 1.155,262 1,080,972 1,010,623
867,293
T he com p any is controlled through stock ownership b y the American
Cities C o ., which in turn is controlled b y the United Gas & E lectric C or
poration, one o f the leading public utility corporations in the cou ntry.
[ N o t e .— W hile under tho now contract between tho city and tho com pany
fixing rates, & c., entered into in 1915, the city will have tho right to estab
lish a m unicipal electric light plant after D ec. 1925, this contingency is
pronounced highly im probable, owing to the im possibility o f operating such
a plant on anything like as econom ical a basis as has been reached b y the co .
with its varied and extensive market for electric light and power. Should
tho city, how ever, elect to operate its own plant it must take over all street
installations m ade b y the co. in the last five years (in com pliance with city
ordinance), less 5 % per annum for depreciation.]— V. 102, p. 1536, 1436.
N . Y . T r a n s p o r t a t io n C o .—
Reduction in Capital and Par.
T ho shareholders will vote on June 14 on decreasing the capital stock from
$5,000,000, 250,000 shares, par $20, to $2,500,000, consisting o f 250,000
shares o f $10 par value. Owing to losses sustained b y tho com pany in its
earlier days, the books show a d eficit, and technical difficulties remain in
the way o f declaring dividends so long as tho nominal capital stock remains
as it is. T herefore, a reduction in the par value is deem ed advisable.—
V. 101, p. 843.
y r. en d . Juno 3 0 T 5 :
O th er
In com e.
E a r n in g s .
Earns .—
P e r io d
E n d in g —
1987
In te rest,
T a xes. & c.
N e w Y o r k C e n tr a l R R .— Bonds Offered.— Colgate, Parker
& C o ., N ow Y o r k , are offering, b y a d v . on another page, a t
$13,459 8 2 and in t., yielding over 4 .2 5 % , $ 1 ,0 0 0 ,0 0 0 N e w Y o rk
50,310
C entral & H udson R iver R R . First M tg o . 3 K % gold bond s.
B a la n c e ,
S u r p lu s
$120,441 $149,164
163,194 202,592
Data.—
Seo Grand Trunk Pacific R y . under “ Annual R ep orts." above.— V . 102,
p. 1806, 1811.
G r a n d T r u n k P a c ific B r a n c h L in e s C o .—
Status.—
Seo Grand Trunk Pacific R y . under “ Annual Reports” a bove.— V . 99, p.
H u d s o n B a y R y . — Expenditures to Feb. 2 9 .— T ho expendi
tures on tho construction o f the railw ay and Port N elson
terminals to Feb. 29 1916 had aggregated $ 1 5 ,2 6 5 ,9 6 1 , viz:
(1) Railway location, $508,157: engineering (other than location)
$720,192; rails and fastenings, $2,045,890: bridges, trestles and culverts
$707,423: track, $1,154,959: grading, $4,738,010, and other expenses,
$529,551; total, $10,404,182. (2) Port Nelson terminals: Land, plant,
materials and supplies, $892,916; floating plant, $859,459: Port Nelson pay
rolls. $1,550,382: steamships, $1,148,020; miscellaneous, $411,002; total
$4,801,779. The estimated cost o f tho line com pleted is $16,000,000, and
tho estimated cost o f the terminals $ 1 0 ,0 0 0 ,0 0 0 , making $2 6 ,000,000 as the
estimated total cost o f tho road right through to Port Nelson and includimr
tho terminals at Port Nelson. See V . 102, p. 712, 212.
K a n s a s C ity V ia d u c t & T e r m in a l R y .—
Sale.—
Steps havo been taken b y the municipal authorities o f Kansas C ity M o
toward tho acquisition o f this property, an intercity viaduct between Kansas
C ity , K a n ., and Kansas C ity, M o.,con seq u en t to a desire o f tho people o f
both cities for tho operation o f tho transit facilities across tho bridge Tito
street railway tracks on tho viaduct havo not been used for several years
T h e owners o f tho p roperty aro said to be willing to dispose o f tho property
for a price amounting to $2,000,000 or $2,500,000, as against an original
cast o f about $3,750,000. A meeting o f the civ ic authorities is to be held
in tho near futuro, at which tim e a report will be m ade.— V . 101, p. 527.
T hese bonds are secured b y a first lien on the original main lino between
N ow Y ork and B uffalo, and on certain branches, aggregating approximately
835 miles, and they are also secured by a lien, subject to prior m ortgages, on
approxim ately 920 miles o f railroad form erly owned by companies which
were consolidated with or merged into the New York Central & Hudson
River R R . in 1913. See V . 96, p . 1424.— V . 102, p . 1626, 1541.
N e w Y o r k C o n n e c t in g R R .— Bonds Sold.— J. P . M o r
gan & C o . and K u h n , Loeb & C o . havo sold at 9 8 ) ^ and in t.
$ 8 ,0 0 0 ,0 0 0 1st M . 4 A
x c/o gold bonds recently purchased
from tho com p any.
T h ey are part of an authorized issue
of $ 3 0 ,0 0 0 ,0 0 0 , of which $ 1 6 ,0 0 0 ,0 0 0 had previously been
sold.
Tho bonds are a first m ortgage on the property of
the com p any and are guaranteed join tly and severally b y
the Pennsylvania R R . and the N . Y . N ew H aven & H artford
R R .— V . 102, p . 1718, 1436.
O k la h o m a R a ilw a y C o .— Further Data.— In connection
w ith tho recent offering at par and int. o f $ 5 0 0 ,0 0 0 Junior
M t g e . 6 % gold bonds b y R . J. Edw ards o f O klahom a C ity ,
O k la ., noted in V . 102, p . 1812, a circular says in substance:
This issue will refund a temporary note issue o f an equal am ount prcvlsously issued for construction and cover part paym ent o f m odern terminal
la tio n at Oklahoma C ity , and p u rch a sed ' tho bonds o f tho Guthrie St. R y .
D a ta from L e tte r o f V .-P res. J o h n W . S h a rte l, O k la h o m a C ity , A pr.25.
Those bonds are a m ortgage upon the entire property, including Okla
hom a C ity local lines and terminals, as well as interurban lines to N orm an,
Guthrie and El R eno and terminals, valued, including franchises and pri
vate right-of-w ay, at $7,000,000, subject to tho underlying $4,000,000 5 %
bonds. T h e new issue will also cover the Guthrie C ity R y . and the inter
urban extension from Edm ond to Guthrie, when com pleted, subject to the
L e h ig h V a lle y R R .— Listed.—
provision o f the construction lien o f $450,000.
T ho N . Y . Stock Exchango has listed $10,697,000 General Consol. M .
S lo c k —
A u th o r iz e d . O u ts ta n d ’g . I
B on d s—
A u t h o r i z e d . O u ts ta n d 'g .
4 'A % bonds, “ Four and One-half Per Cent Series,” duo 2003, on official Pref. 5 % cu m .$5,000,000 $1,795,4001 lst& ref.5sg. $12,000,000 $4,000,000
notice o f issuance o f definitive bonds, in exchango for outstanding tem po C o m m o n ____12,000,000 3.800.000 Junior M . 6s .
500,000
500,000
rary printod bonds, making the total amount authorized to bo listed $4 7 ,
P r o p e r t g . — T ho property to bo operated as one com p any consists of:
336.000, being $20,697,000 4 M % series and $20,039,000 4 % series. T ho (a) Street railway system in C ity o f Oklahom a, 60 miles o f single-track
bonds woro sold in April 1916 (see \ . 102, p. 1436, 1346), and the proceeds equivalent, 34 on private right-of-w ay and Vi under perpetual franchise.
have eon applied to reimburse tho com p any for acquisitions, bcttorm ’ ts.&e.
( b ) A line southward to N orm an, 1534 miles, (c) A lino northward to
Guthrio, constructed to E dm ond and under construction from Guthrie to
E dm ond, 15 miles; total, 27 miles, (d) A lino westward to El R ono, 27
miles, (e) A street railway system in Guthrie, 6.7 miles. (/) N orth Cana
dian Valley R y ., form erly a com peting lino, 3.9 miles. T ho tw o properties
last m entioned aro actually owned but not yet conveyed to the com pany.
Includes (1) 110 passenger and interurban cars; 3 electric and 1 steam
locom otive; 2 steam shovels; 2 freight cars with electric m otors, and 30
freight, ballast and dump cars. (2) Power station, generating capacity
8,000 k. w ., and 70-acro artificial lake. (3) Threo sub-stations. (4) Four
teen acres with shops, yards, stores and sub-station. (5) Terminal station
for both interurban and city passengers in business district o f tho city , with
buildings and tram sheds, acquired at a cost o f about $400,000. (6) Tow n
franchises, with ono unim portant exception, liberal and perpetual. Its
interurban lines, oxcept for short distances, all on private right-of-w ay.
Cash outlay on tho property, exclusive o f franchises, over $6,000,000.
R e s u l t s f o r t h e 12 M o n t h s e n d i n g M a r c h 1 1916.
Gross earnings_____________ $818,2831 Int. on I s t M . bonds ($200,N o t, after taxes...................... $365,251
000) & Junior M . ($30,000)230,000
N on-operating revenue____
16,165|Net in com e-------------------------$151,417
T ho earnings for tho fiscal years ending June 30 1916 and Juno 30 1917
aro being anti will bo expended in making new im provem ents. Tho growth
now in prograss, amounting to 2 0 % , together with tho addition o f tho Guth
rio lino and tho absorption o f tho Guthrio Street R y . and tho N orth Cana
dian Valley R y . and tho inclusion o f their earnings, will m ore than doublo
the net resources o f tho com pany.— V . 102, p . 1812, 713.
P a d u c a h & I llin o is R R .—
Listed.—
The N . Y . Stock Exchange has listed $3,500,000 1st M . 4 H % 40-year
sinking fund bonds duo 1955, sold in Jan. (seo V. 102, p . 67). Tho bonds
aro endorsed as follows: ‘ ‘The N ashviilo Chattanooga & St. Louis R y . and
C hicago Burlington & Quincy R R ., for value received, d o hereby jointly
and severally, unconditionally guarantee to tho holder o f tho within bond
the paym ent o f tho principal thereof and o f tho indebtedness represented
thereby, and o f the interest on tho said bond and indebtedness and o f all
sums payable to tho sinking fund provided for in said First M ortgago, as
such principal and tho installments o f tho said interest and sinking fund
paym ents shall respectively becom e duo, and in case o f tho failuro o f tho
bridgo com pany punctually to make paym ent o f either tho principal or tho
interest ami sinking fund payments as tho samo shall bccom o duo, d o hereby
join tly and severally agree punctually to malco such paym ents.” — V . 102,
p . 251, 67.
P it t s b u r g h R a ilw a y s C o .—
Report.—
See Philadelphia C o. under ‘ ‘Annual R eports.” — V , 100, p.1541.
P it t s b u r g h Y o u n g s t o w n & A s h t a b u la R y .—
Bonds.—
This com pany has applied to the Ohio P . U . Commission for permission
to sell $465,000 First Gen. M . 4 % bonds. T ho application will be heard
Juno 1.— V . 102, p. 1812.
A ir L in e R y .— New Five-Year Extension of
Voting Trust.— T h e 5-year voting trust created in 1912 to
hold a large block of the com p an y ’s stock has been suc
ceeded b y a new 5-year voting trust under which the C onti
nental T ru st C o . o f Baltim ore is tho depositary, the “ Sea
board R ailw ay U nincorporated” going out of existence.
Seaboard
O fficia l A n n o u n c e m e n t as t o th e N ew V o tin g T ru st.
W hen in 1912 tho large block o f stock o f tho com pany, then controlled
b y tho Ryan-B lair interests through tho Cumberland C orporation, was
purchased b y S. Davies W arfield and associates, thero followed important
changes in tho management o f tho property, tho South taking a directing
influenco in shaping the policy o f tho railroad, a number o f ropresontativo
business and financial men o f tho South going on tho board o f directors.
T o insuro this policy tho stock so purchased has been held b y tho S e a b o a r d
R a i l w a y s U n i n c o r p o r a t e d under a trust agreoment, tho trustees boing
S. Davies W arfield, Chairman; John B . Dennis, Samuel L. Fuller, Frank A .
Vanderlip and A . II. W iggin.
T ho period for which this stock was trusteed expires next year, and with
the desiro on tho part o f largo holders o f tho shares o f tho Railways Unin
corporated and also o f largo security holders o f Seaboard A ir Lino R y . C o.
to continuo tho prosont policy, thero will now bo a voting trust which will
run for fivo years longer. This will insuro tho continuation o f tho policy
and management introduced b y M r. W arfield and his associates through
which tho Seaboard has been financed and its railways and properties im
proved and developed in accordance with well-considered plans.
•
T ho voting trustees selected aro as follows: S. Davies W arfield, Chairman,
Baltim ore, M d .; Samuel L. Fuller, N ow York; R obert F. M a d d ox, Atlanta,
G a .; Charles II. Sabin, N ow York; C . Sidney Shopard, N ow Haven,
Oswego C o ., N . Y .; Frank A . Vanderlip, N ow Y ork; Clarenco W . W atson,
Fairm ont, W . V a.; George W . W atts, Durham , N . C .; and Albert II.
W iggin, N ow Y ork .— V . 102, p . 346.
S e a t t le R e n t o n & S o u t h e r n R y .—
Foreclosure Sale.—
Judge A . W . Frater in tho King C ounty Superior Court at Seattlo, W ash.,
on M a y 22 sot M a y 25 as tho date for confirm ing tho sale o f tho property.
T ho Court was to docido whether tho bid o f $1,200,000 (tho upset price)
m ado b y ciionts o f A ttorney F. J. Carver, or an equal amount bid by clients
o f John C . Higgins, counsel for Augustus S. P eabody, trustee for tho bond
holders, will bo accepted. Receivers Calhoun and Parkin, it is said, were
to recomm end that tho bid o f A ttorney Carver’s clients bo accepted.— V .
102, p. 1437, 713.
T e x a s & P a c ific R y .— Dismissal of Suit Affirmed.— T ho
Supreme Court on M a y 22 affirm ed tho action of tho Federal
D istrict C ourt for N orthern Texas in dismissing for w ant of
jurisdiction tho suit of tho Bankers T ru st C o . for a receiver
for tho com p an y and for the foreclosure of the second m tg e.
Justico Van Devanter for tho unanimous C ourt hold that tho District
C ourt had been deprived o f jurisdiction in tho caso because o f tho Federal
law o f 1915, which provided that tho Federal Courts should not have juris
diction over certain causes in which a Federal corporation was a party b y
reason m erely o f tho corporation boing incorporated under a law or tho
United States. Ho also held it had not been shown tho com pany was a
citizen o f Toxas, but merely o f tho United States. V . 102, p . 1061, 977
T u s c a lo o s a (A la .) R a ilw a y & U tilit ie s C o .—
Bonds.—
T he bankers offering a block o f 25-year First M tge. 6 % gold bonds,
m entioned in V. 102, p. 1898, advise us that tho price at which the bonds
aro being sold is 98 and interest, and not 97 'A and interest, as previously
noted .— V. 102, p. 1898.
T w in S t a te G a s & E le c tr ic C o .— Bonds Offered.— W ill
iam P . B onbright & C o ., N ew Y o rk , aro offering b y a d v . on
another page, at 9 2 and in t., yielding 5 h £ % , a block of First
& Refunding M . 5 % gold bonds dated O ct. 1 1913, due O ct. 1
1 9 53 , part of an outstanding $ 9 9 8 ,1 0 0 .
R edeem able on O ct. 1 1923 or on any interost date thereafter at 105 and
int. upon 60 d ays’ notice. Interest A . & O . in New Y ork . Denoin. $100,
$500 and $1,000. c*. Trustee, Guaranty Trust C o. o f N . Y .
D ata from P re s id e n t Sam uel In s u ll, C h ic a g o , M arch 25 191G.
O r g a n i z a t i o n . — Incorporated in 1906 in C onnecticut and furnishos gas,
electric light and pow er to D over, N . II., Bonnington and Brattloboro,
V t., and operates tho B rattleboro Street R y. also furnishos electric light
ami power to Rochester, Salmon Falls. Rollinsford, Hinsdale, Somersworth,
Berlin, M ilan and Gorham, N . I I ., St. Johnsbury, St. Johnsbury Center,
Passumpsic, Danville, West D anville, N orth Bennington and Bennington
Center, West Brattleboro, N ewfano, V t., Iloosick Falls, N . Y ., Berwick,
N orth Berwick, South Berwick and Lebanon, M o. T otal population
served (1910) over 90,000. Central stations aro located in D over, Brattlo
boro, B onnington, Iloosick Falls, St. Johnsbury and Gorham .
C a p ita liz a tio n —
A u t h o r iz e d .O u t s t a n d in g .
C om m on stock ______________________________________ $2,500,000 $1,250,000
5% cum ulative preferrixl stock _____________________ 2,500,000
1.500,000
1st & R ef. M . 5s ($916,100 aro pledged as collateral
to $763,200 bond secured notes duo O ct. 1 1916) .10,000,000
x998,100
5 % 5-year debentutes_______________________________
325,000
300,500
x O f balance, $ 1 ,949,000 are reserved torotire underlying (closed) issues.
[Vol. 102.
THE CHRONICLE
1988
T h e s e B o n d s . — Principal and interest aro payable without deduction o f
any tax or governm ental charge, except Federal incom e tax, but tho com
pany is paying and will continue to pay the normal Federal incom e tax.
T h e issuo covers all fixed property now owned or hereafter acquired and
s a first lien on important parts o f tho property, including that form erly
belonging to Bennington (V t.) Gas Light C o ., tho Berlin (N . II.) E ectric
C o ., the Berwick & Salmon Falls Electric C o . through pledge o f all its stock
and bonds, the St. Johnsbury (V t.) E lectric C o . (excepting $80,000 bonds
underlying, which will bo speedily taken up) and (upon retirement o f $71,
000 bonds which aro callable) tho Cascade Light & Power C o. T h o report
o f engineers shows a replacement cost, exclusive o f franchise and going-con
cern valuos, o f $4,223,700.
For futuro improvements and additions 1st & R ef. M . bonds can be issued
to only 8 0% o f tho cost thereof, and then only if not earnings aro 1 f t times
the intorest charges on all bonds outstanding, including tlioso to be certi
fied .
E a r n i n g s . — Since the organization o f tho com pany, noarly ten years ago,
tho earnings have steadily increased; tho com pany has met its bond interest
and sinco 1908 has paid quarterly dividends on $1,500,000 stock. T ho net
earnings for the 8 m onths ending M ar. 1 wore $187,010. against tho interest
for this period, on all bonds, including tho $998,100 1st & R ef. 5s, o f $93,976.
M a n a g e m e n t . — This is under the direction o f tho M iddle W est Utilities Co.
S ta te m e n t
of
E a r n in g s
S in c e
O r g a n iz a tio n .
S u r p lu s .
O p e r a tin g .
N et.
B ond In t.
Year—
G ross.
$32,658
$47,303
$124,678
$79,961
1907________ ...$ 2 0 4 ,6 3 9
61,941
165,106
137,626
75,686
1909________ . . . 302,732
74,817
81,012
170,125
155,829
191 1 _______ . . . 325,954
110,247
209,210
98,963
1913.
312,845
. . . 522,055
112,395
136.269
248,664
1 9 1 5 ............. ..-♦ 5 4 3 ,8 21
295,157
* Includes not profit from merchandise.
Annual dividends o f 5% have been paid regularly on prof, stock sinco 1907.
[Tho follow ing aro also associated in tho offering: A . It. Bickm ore & C o .,
New York; M cC o y & C o ., Chicago: Russell, Brewster & C o ., C hicago, and
II. P . T a ylor & C o ., Pittsburgh, Pa.) C om paro V . 98, p . 156.
U n it e d L ig h t & R a ilw a y s C o .—
Bonds.—
T ho bankers offering tho $1,000,000 First and Refunding M tgo. 5 % gold
bonds havo advanced tho prico to 8 9 and int. T he prico mentioned
M a y 20 was a week old. See V . 102, p. 1898, 1536.
W e s t P e n n T r a c t io n C o .—
Dividend.—
T ho dividend recently declared is payable on $1,624,900 pref. stock.
Thero is $6,500,000 com . stock outstanding.— V . 102, p. 1898, 977.
W e s t e r n P a c ific R y . — Time Extended.— T h e reorganiza
tion com m ittee, A lvin W . K rech , C hairm an, gives notice that
tho timo for deposits of the 1st M . 5 % 30 -y ea r gold bonds has
been extonded to and including Juno 1.
Deposits should bo mado and subscription agreomonts filed with the de
positary, tho Equitable Trust C o. o f N . Y . (or at its London branch, 95
Gresham S t., E. C . ) , or with any o f its agents, viz.: First Federal Trust C o .,
San Francisco, C al.; Old C olon y Trust C o ., B oston, M ass., and Illinois
Trust & Savings Bank, C hicago.— V . 102, p. 1542, 1347.
Y o u n g s t o w n (O h io )
&
S o u t h e r n R y . — Sale
Ordered.—
Judgo C . M . W ilkins in the Com m on Ploas C ourt at Youngstow n, O ., on
M a y i3 orderod tho sale o f tho property, which has boon in tho hands o f
D avid T od as receiver since Jan. 21 1915. T ho action was taken on petition
o f the New York Trust C o. in foreclosure proceedings.— V . 101, p. 1190.
IN D U S T R IA L A N D M IS C E L L A N E O U S .
A c m e T e a C o ., I n c .-------- First Pref. Stock Offered.—
Chandler & C o ., In c ., P h ila .; C assatt & C o ., P h ila .; and
M orrill, L ynch & C o ., N . Y . , are offering a t 9 8 and d iv .,
$ 2 ,7 5 0 ,0 0 0 C u m . 7 % First Pref. stock, par $1 00 (taxexem pt in Ponn.)
Preferred as to assets and divs. A sinking fund o f at least 2 % o f the
par value o f this issue, or $55,000 per annum, shall bo provided for the
purchase and cancellation o f the outstanding first pref. stock at not
over $110 and divs. R ed ., all or part, at $110 and divs. D ivs. Q .-M .
D a ta from L e t te r o f Pres. J o h n G le n n , P h ila d e lp h ia , May
O r g a n i z a t i o n . — T he new com pany, presently to bo incorporated in Pa.
to succeed tho present A cm e T ea C o. (V . 94, p. 561) as a going concern.
T ho business, established in 1885, has shown a steady growth, through tlie
re-investm ent o f surplus p rofits, from tho first singlo storo to tho present
chain o f 423 stores located in tho eastern part o f Penn, and N . J ., in 80
cities and towns, notably Philadelphia, T renton, Reading, Cam den, Harris
burg, A llentow n, Lancaster, Y o rk , Chester, Bethlehem, E aston, Long
B ranch, A sbury Park, Capo M a y and A tlantic C ity . All toas, coffees,
spices and grocery products aro purchased direct from either tho importers
or m anufacturers and a large modern bakery has been built in Philadelphia
to supply tho com pany with its entire output o f bread and cako.
12 1916.
C a p ita liz a tio n o f N e w
C o m p a n y , to b e A u th o r iz e d a n d O u ts ta n d in g .
First preferred, 7 % cum ulative (par $100)----------------------------------$2,750,000
Second preferred, 7 % cum ulative (par $100)-----------------------------500,000
C om m on stock (par $100)_______________________________________ 3,500,000
T ho new corporation will havo no m ortgago or funded debt o f any kind,
and no bonds m ay bo issued or m ortgages placed on tho property nor tho
pref. stocks increased without written consent o f at least % o f outstanding
pref. issues.
R e s u lts S h o w n f o r
Y e a r s e n d e d J u l y 3.
S to r es.
S a le s .
N e t P r o f. I
S to r es.
S a les.
N et P ro f.
1910- 11 243 $8,098,761 $210,51511913-14 299 $10,740,219 $541,373
1911- 12 258
8,729.797
336,48411914-15 416
13,321,366
438,006
1912- 13 273
9,853,628
524,63911915-16 423 ♦16,000.000 ♦650,000
* T his estim ate o f sales is based on aetual results in hand for ten m onths,
v iz .: (6 m os.) July 3 1915-Dec. 31 1915, $7,876,208; Jan. 1916, $1,662,100;
Feb. 1916, $1,384,381; M arch 1916, $1,424,223; A pril 1916, $1,317,118.
T otal sales for 10 m os., $13,664,030.
T ho increaso o f sales for the first four m onths o f tho 1916 calendar year
over thoso for tho corresponding period o f 1915 was 2 7 % . T h e estim ate o f
net profits o f $650,000 for the 1916 fiscal year is based upon net profits o f
$330,604 for tho six months ended D ec. 31 1915, and operating results in
hand for Jan ., Feb. and M arch 1916, and estim ated result o f business
actually dono in April 1916.
During tho years above indicated, stores havo increased 7 4 % ; sales will
havo increased 9 7 % : while net profits applicable to dividends on tho first
pref. issuo will havo increased 2 0 8 % , or from tho equivalent o f 7 .6 % on the
$2,750,000 first pref. in 1911 to tho equivalent or 23% on this amount o f
stock for 1916. T ho temporary falling o ff in net profits for tho year 1915
was duo to tho abolition o f delivery servico in all localities outside o f Phila
delphia and tho opening o f 117 now stores necessitated by this change.
A s s e t s . — T ho assets o f tho present Acino T ea C o. to bo taken over by tho
now com pany, will include tho form er’s property— roal, personal and m ixed
— 1 . e., tho warehouse, bakery and other real estato and buildings; tho
leaseholds on all storo sites; autom obiles, horses, wagons, storo fixtures,
and other equipm ent, merchandise, trado-marks, good-w ill, &c. N et
tanglblo assets, exclusive o f good-w ill, trade-marks, leaseholds, & c., will
bo in excess o f tho par valuo o f tills issuo o f pref. stock including net current
assets which will exceed $1,000,000. T otal current liabilities for delivered
merchandise will bo represented almost entirely by accounts payable for
m erchandise delivered within less than tw o weeks, as tho com pany’s policy
is to always discount its bills within ten days.
F i r s t P r e f . S t o c k P r o v i s i o n s . — In caso o f dissolution this stock shall be
paid $ 1 0 0 and dividends beforo any amount is paid to tho holdors o f either
the second pref. o r com m on stocks. T h e first pref. stock shall havo voting
pow er in case o f an aggregate o f 1 0 M % (tho equivalent o f
years
deferred dividends at 7 % per annum) o f unpaid dividends on tho first pref.
stock, to continuo until all arrearages aro paid. N ono o f tho second pref.
stock shall bo retirablo until all o f tho first pref. has been called for redem p
tion. T ho first pref. stock shall also havo voting power If at any tim e net
tanglblo assets fall below $2,750,000 as determined b y the half-yearly
(J. & J.) audit, and such voting power shall continuo until tho default is
corrected.
,
„
,
, ,
M a n a g e m e n t a n d E m p l o y e e s . — T ho averago number o f employees is about
3,000. T ho control and management o f tho now com pany will bo vested
in tho officers o f the old co .
,
, _ ,
T ho corporation will apply to the N ew Y ork Stock Lxchango to list this
issue. See A cm e T ea C o ., V . 94, p. 561.
(T h e ) A e o lia n -W e b e r P ia n o & P ia n o la C o . (o f N . J .) ,
30,
1915.
$
C o n s o l. D a l. S h eet J u n e
A s s e t s —•
Land,bldgs.,mach.,
I n c l. S u b . C o s. in A m e r ic a a n d F o r e ig n C o u n tr ie s .
1914
$
equip., patents
and goodwill__ 13,658,109 13,639,564
12,409
Invcst’ts In Engl’d
9,977
Mater.,supp.,work
In process & fin
ished products- 4,932,167 4,624,958
970,156
617,523
Bills receivable__
Accts.rec.(less res) 5,092,131 5,336,512
Cash...................... 1,483,287 1,513,552
Prepaid Interest,
70,385
Insurance, & c..
104,408
1915.
L ia b ilit ie s —
S
Preferred stock__ 3,500,000
Common stock__ 6,478,200
Prcf. non-vot. stk.
of sub. cos____ *3,093,704
Real estate mtges. 2,290,669
Real estate loans. 1,000,000
Bills payable........ 2,186,986
Accounts payable453,435
Payments on acct.
merchandise__
35,785
Statutory reserve.
9,027
Reserve for possi
ble losses on as
sets In Germany
50,000
Surplus................ 6,799,795
T o ta l................ 25,897,603 26,167,536
3,500,000
6,478,200
2,841,236
2,290,633
1,000,000
2,628,683
430,088
86,735
9,028
6,902,934
T o ta l.................25,897,603 26,167,536
♦This Item includes: “ Preferred non -voting capital stock o f sub. cos.
guaranteed as to dividends, 7 % , $2,155,000, and 6 % , $938,704, but not
owned b y the A eolian-W eber Piano & Pianola C o .”
N o t e . — Prico, Waterhouse & C o. cortify that they have audited tho books
and accounts o f tho com pany and its subsidiaries in A m erica, England and
Franco, and have been furnished with a cop y o f tho audited accounts o f the
Pianola C o. o f Australia for tho year onding Juno 30 1915,and unaudited
and incom ploto statements for tho same period o f tho accounts o f tho com
panies in Gormany (whoso assets consolidated abovo aggregato $1,201,458),
and find that tho a bovo consolidated balanco sheet has boon properly pre
pared therefrom .— V . 100, p . 1669.
A e t n a E x p lo siv e s C o . (N e w Y o r k ) .—
K im ba ll is quoted, in substance:
Status.— P res.
H . S.
Thero has been no impairment o f tho working capital o f tho com pany.
As business increases tho raw matorials and finished products awaiting pay
ment increase; and when tho com pany is working to full capacity, tho
am ount o f raw materials to bo carried will much exceed tho amount re
quired when tho com pany is working at only a small percontago o f capacity;
but tho continued increaso from rocoipts will m oro than offset any necessary
need for further working capital. Tho- directors arc prepared to furnish
now m oney, if any bo found necessary.
Our not working capital (excess o f current assets over current liabilities)
Is constantly increasing and is now approxim ately $5,000,000. N o con
tracts havo been canceled on account o f delayed deliveries.
W o intend to convert explosive plants into chemical plants for tho pro
duction o f chemicals, dyo materials, & c., when thero is no longer sufficient
demand for war matorials to keep our plants fully occupied. Our ordinary
commercial business (black powder, dynam ito, & c.) is proceeding with
regularity.— V . 102, p . 1719, 1061.
New Director.—
A m e r ic a n B e e t S u g a r C o .—
F. A . Schoonmakor has beon choson a director, succeeding F rederick II.
E aton, docoased.— V . 102, p. 1809, 1719.
A m e r ic a n L o c o m o tiv e C o .—
Orders.—
Tho “ R ailw ay Age G azetto” on M a y 26 says: “ Tho com pany has received
an order for 2,200,000 three-inch fuses having a total value o f $9,000,000.
T ho W estingliouso Air Brake C o. will manufacture one-half tho order and
tho Nathan M fg . C o ., N . Y ., will mako somo o f tho parts for tho American
L ocom otlvo C o .’s part o f tho order.— V . 102, p. 346.
A m e r ic a n R e a l E s t a t e C o .—
Deposits.—
T h o reorganization com m ittee, Lawrence M cG uire, Chairm an, and
George II. YVarron, 60 B roadw ay, N . Y ., Secretary, announces that it has
received deposits o f bonds, certificates and claims amounting to ui>wards
o f $12,560,000.— V . 102, p . 1899, 1627.
A m e r ic a n S m e ltin g & R e f in in g C o .— Operations.— T he
“ Engineering & M in in g Journal” of M a y 20 had tho following:
T h o copper-refining capacity o f tho com pany's plants is approaching
1.000. 000.000 lbs. per annum. A ll threo refineries havo oxtended their
capacities, but at B altim ore m oro com prehensive enlargements are in
progress, which should bo com pleted b y tho end o f summer. T ho m axi
mum capacity for theso plants will then bo as follows: B altim ore Copper
Smelting & Rolling C o ., 588,000,000 lbs. per annum; Am erican Smelting &
R efining C o .’s Berth A m b oy plant, 312,000,000 lbs.; Tacom a Smelting
C o 180,000,000 lbs. T ho capacities given are. o f course, for maximum
output under liigh-prlce conditions, and it is hardly expected that tho
normal output will reach theso figures. T h o nominal ca p a city o f these
plants at tho beginning o f 1916 was: B altim ore, 354,000,000; Perth A m b oy ,
240.000.
000; T acom a, 120,000,000 lbs.— V . 102, p. 1719, 1159.
A m e r ic a n S tr a w b o a r d C o .—
Plan Ratified.—
The shareholders on M a y 23 approved a plan to issue $600,000 6 % First
M . bonds to bo used to retire floating indebtedness and provido additional
w orking capital. T ho new bonds aro to maturo $50,000 J. & I>. beginning
Juno 1 1917. Tho com pany’s indebtedness is reported to bo upwards o f
$1,000,000, practically all floating debt, and $59,000 bonds duo February
last which wero not taken up. Seo V . 102, p. 1899.
A m e r ic a n W in d o w G la s s M a c h in e C o ., P i t t s b u r g h .—
In com e A cco u n t fo r
Y e a r e n d i n g A p r i l 30 1916.
Earnings— R o y a lty ........... $2,144,456 N ot earnings..........................$2,106,534
Othor incom e......................
2,391 D ividends p a id ..........(30% )2,098,896
Balanco, surplus.
T o t a l__________________ $2,146,847
Exponsos_________________
40,313 Provious surplus___
C o n t r a c t f o r M u n i t i o n s .— C om pany has munitions contracts with the
British Governm ent, executed b y J. P . M organ & C o ., agents, aggregating
over $14,000,000, and is negotiating for further m unitions w ork. Has
m anufactured from 1 0 % to 25% o f tho various com ponent parts o f the
articles produced. T ho contracts provido for equitable adjustm ent should
any portion be uncom pleted at tho termination o f the war. It is estimated
that these contracts, after am ortization o f the com p any’s extraordinary
capital expenditures for plant and equipment for the m anufacture o f m uni
tions, will show a satisfactory percentage o f m anufacturing profit.
C o n s o lid a te d D a la n c e S h e et o f th e T w o C o m p a n ie s D a s ed u p o n F i n a n c i a l C o n
d i t i o n o f t h e D a r t l e t t H a y w a r d C o . o n A p r i l 25 1916, i n t r o d u c i n g
ca sh p r o v id e d b y n e w fin a n c in g .
A s sets—
P roperty and plant a c
counts ......
$3,499,414
Cash, accounts and bills
receivable. & c __ 1,276,902
Inventories_________ 2,697,122
Cash— Collateral dep osit.
600,000
Patents, form ulae, good
will, & c................... 3,239,316
7 % cu m . first pref. s to c k .$1,000,000
6 % non-cum . con v. 2d p f . 1,500,000
C om m on capital stock ___ 3,000,000
1st M . 5 % notes, due 1917 1,850,000
297,569
Current liabilities_______
Deferred credits__________
147,773
Reserves— F or d ep ’n, & c .
580,716
F or advance paym ent
on con tracts_________ 2,874,375
62,321
T otal each side________$11,312,754 S u rp lu s__________________
T h e foregoing does not include either as a liability o f the Bartlett Hayward
C o . or as an asset o f tho Bartlett H ayward C orporation $1,250,000 o f Gen.
M tg e . bonds o f the form er com pany, held b y the latter.
E n g i n e e r ' s R e p o r t .— (a) T h e buildings and equipment are adequate for
the present contract o f 750,000 three-inch shrapnel shells and 150,0C0 fiveinch shells, and the com pany has a surplus time fuse capacity o f from
6,000 to 8,000 tim e fuses per day.
M a n a g e m e n t . - —-E. B . H ayward, Pres. & Sec.; Alten S. M iller, V .-P res.;
H oward Bruce, 1st V .-P res. & G en. M g r.; John E . Semmes Sr., V .-P res. &
gonoral counsel; Howell Fisher, V .-P res.; George E . Probest Jr., Treas.
Seo V . 102, p. 1899.
[ S y n d i c a t e C l o s e d .— It is reported that the Citizens C o ., In c., B alt., has
term inated tho syndicate form ed to purchase the com p a n y’s “ voting trust
certificates” for S1,000,000 1st pref. cu m . 7 % stock and $750,000 com m on
stock. It is the understanding that this stock will n ot be offered for public
subscription at present.]— V . 102, p . 1899.
B e t h le h e m S te e l C o r p o r a t io n .— Reasons for Opposing a
In a statem ent addressed to tue
m em bers of Congress (see a d v . on another p a ge ), the B eth
lehem Steel C o . says:
Government Armor Plant.—
Some peoplo say that the very fa ct that this com pany is so aggrassiveiy
fighting the proposal to build a G overnm ent armor plant is conclusive p roof
that the com pany is seeking to assure for itsolf tho “ vast p rofits” derived
from private m anufacture. T ho fact is that arm or m aking is tho least
p rofitable feature o f steel m anufacture.
Tho reason wo oppose a G overnm ent plant is this: E ven though the m ak
ing o f arm or is unprofitable, wo have invested over $7,000,000 in our
arm or plant. T hat plant is useless for any other purpose. It would be
good business for us to m ake arm or for tho Governm ent at any price over
and above tho actual shop cost, rathor than sacrifice our entiro investment.
W e d o not sock to save big profits; our purpose is very frankly to save our
armor plant— itself built solely for tho use o f tho Governm ent— from going
to tho scrap heap.
T o d o that we are prepared to agree for any period to any terms o f manu
facture which tho Federal T rado Commission shall say absolutely protects
tho G overnm ent o f tho United States.— V . 102, p . 1348. 1158.
B in g h a m t o n (N . Y .) L ig h t , H e a t & P o w e r C o .— Pref.
& C a b o t, o f B o sto n , are offering the
unsold portion o f S 2 8 0 .3 0 0 6 % cu m . pref. stock recently pur
chased b y them (V . 102, p . 18 9 9 ).
A circular show s:
Stock Offered.— M o ors
Preferred as to dividends and assets. D ividend period Q .-J.
1910.
1911.
1912.
1913.
1914. 1915.
$
$
S
S
$
$
G r o s s ___________ _____ 160,200 173,600 199,600 233,500 252,000 267,000
A pplicable to pref. d iv . 31,600 37,995 49,100
72,800 76,000 79,000
C om pare V . 102, p . 1899, 1719.
E a r n in g s f o r C a le n d a r
Y ea rs—
C a n a d ia n C a r & F o u n d r y C o .—
T otal surplus.
$8,312
D a l a n c e S h e e t A p r i l 30 1916
L
i a b i l i t i e s (T otal, $19,995,006)—
A s s e t s (T otal, $19,995,006)Patont rights In U. S_____ $6,999,000 Preferred s t o c k .................$6,993,844
Com m on stock -------- ----------12,992,844
129,876 7-8 shares com m on
Dividends unpaid_______
7
stock o f Am or. W indow
8,312
12,987,687 P rofit and loss___________
Glass C o . . . ............
C a s h _____________________
8,319
Under tho llconso agreement botwoon this com pany and tho American
W indow Glass C o., dated M a y 7 1903, thero has accrued, up to A pril 7
1916, royalty for tho uso o f tho patent rights granted b y this com pany,
$8,115,411, against which tho American W indow Glass C o. during tho last
yoar has paid $2,144,456, leaving a balanco duo o f $5,970,955, which is not
included in abovo statem ent.— V . 101, p . 1715.
B a r t le t t H a y w a r d C o .— Supplementary Data.— In con
nection w ith tho offering o f First M t g o . 5 % gold notes
($ 1 ,8 5 0 ,0 0 0 issued) m entioned last w eok, tho follow ing addi
tional inform ation is obtained from a circular issued by the
Fidolity T ru st C o ., B altim ore, which offered the issue.
T h e s e N o t e s .— A first m ortgage upon tho entiro physical property plant
and equipment o f tho com pany, including nroporty hereafter acquired
N o prior lion can bo placed on tho property during tho life o f theso notes.
T h o com pany must maintain cash and quick assets equivalent to at least
50% o f tho notes outstanding. T ho proceeds o f theso notes will b o used for
tho purchase o f raw material and for additional working capital in connec
tion with tho normal business, as well as tho m anufacture or m unitions and
othor corporate purposes. Funds for their retirement will bo provided
from tho proceeds or contracts now in process.
P l a n t a n d E q u i p m e n t .— Operates threo m anufacturing plants in or near
Baltim ore. (1) M ain plant, in Baltim ore, occupies 7 < 4 acres and is used
In tho com pany’s normal lino o f businass and for tho manufacture o f shrapnol
shells and cartridge cases. (2) Plant occupying 35.000 sq. ft. in tho In
dustrial B ld g ., for manufacture o f fusos and other small metal parts. (3)
Plant located upon 55 acres o f water front land (1,100 ft. on Patapsco
R ivor) with railroad siding. Sinco taking on m unitions contracts tho com
pany has constructed on this property about 10 0 ,0 0 0 sq. ft . o f buildings
for tho assembling, loading, storing and shipping o f com pleted amm unition.
W o now em ploy about 3,000 men and will increaso this with work on hand
to som o 4,000 men.
Earnings .—
C a l. Y e a r —
1915.
1914.
C a l. Y e a r —
1915.
1914.
C om bined profits.S321.839 $673,035 Pref. dividends_______ (5J£)$367,500
Depreciation, &c_$325,000 $278,076 C om . dividends____ ______ (4)159000
B ond interest____ 555,311 460,767 Balance, d e f i c i t ..$558,472 S592.308
— V . 102, p. 524, 253.
C h a r c o a l I r o n C o . o f A m e r ic a , D e t r o i t .— Status.—
E . E . M a cC ro n e & C o . o f D etroit in circulars o f M a y 3
and 4 say in substance:
The com pany was incorporated M a y 13 1915 (following foreclosure sale,
per plan in V. 100, p. 905) to tako over the Lake Suporior Iron & Chem i
cal C o ., which had a capital o f $18,000,000, made up o f $9,000,000 o f
bonds and notes and $9,000,000 o f pref. and com m on stock.
C a p i t a l S to c k ( p a r $ 10).—
A u t h o r i z e d . O u ts ta n d 'g .
Preferred 6 % cum ulative...............................................$5,217,250 35,217,250
Com m on (book value $10 95 a share)_____________ 2,839,350
2,839,350
T ho com pany produces pig iron, acetate, acotono and alcohol. It has
received largo war orders, but tho bulk o f its profits aro now accruing from
tho dom estic sale o f pig iron and alcohol. A cetate and acetone aro largely
used in tho manufacture o f smokeless pow der.
This stock was recently listed on tho Detroit Stock Exchange and the
first sale was at $6 a share. T ho shares have sinco been listed on the N ew
Y ork Curb M arket.
$7,638
674
N ot oarnlngs___________ $2,106,534
1989
THE CHRONICLE
May 27 1916.]
A u th o r ita tiv e
S ta te m e n t
o f E a r n in g s .
A n n u a l D a s i s ---------------------P re f. D iv .
D a l. f o r
E qual
On
(N ew )
C om .
o n C o m . P r ic e
....................................... ..
o f $7
---------------------- O n
N et
N et
E a r n in g s . E a r n in g s .
Y ea r—
1915— J u l y - D o c ...$ 9 1 ,6 5 7 $183,314
1916—
J a n .- M a r . ..179,015 716,060
$313,035
$403,025 1 4%
1916— April o n ly .. 100.000 1,200,000 313,035
886,965 31% 4 4%
Tho earnings o f tho old com pany averaged $600,000, or at the rate o f
10% on the present stock after deduction o f perferred dividends. This
earning was realized with pig iron selling at $14 a ton, whereas the present
price is about $19, with a corresponding advance in price o f other prod u cts.
— V . 102. p . 1165, 1720.
C h ic a g o J e t. R y s . & U n io n S t o c k Y a r d s .—
1915.
Gross earnings................. $6,566,836
N et incom e........................$1,623,512
— V . 102, p. 1435, 1059.
C h ild s C o ., N e w Y o r k .—
1914.
$5,982,367
$1,597,469
Earns., &c.
1913.
$6,329,056
$1,674,298
1912.
$5,980,675
$1,651,602
Dividends Increased.—
A quarterly dividend o f 1 % has been declared on the com m on stock , p a y
able Juno 10 to holders o f record June 2. This com pares with H o f 1%
in M arch last. T he regular quarterly 1 H % was also declared on the
p ref., payable tho same date.— V. 102, p. 8 8 8 , 342.
C o n s o lid a te d G a s C o . ( P i t t s b u r g h ) .— Committees Con
T he two com m ittees heretofore form ed for the
protection of tho bondholders announce b y a d v . on another
page that they have effected a consolidation into one com
m ittee, nam ed below.
solidate.—
This com m ittee will act under tho deposit agreement o f the Philadelphia
com m ittee dated F eb. 17 1916, with such amendment as is incidental to
consolidation. T he com m ittee has now on deposit about $3,900,000 bonds
(about 80% o f the issue), and will receive further deposits up to and in
cluding June 15 1916.
Com m ittee: Charles S. W . P ackard, Chairman (Pres. Pennsylvania C o .
for Ins. on Lives & Granting Annuities), Phila.; A . C . R obinson, V ice
Chairman (Pres. Safe D eposit & Trust C o .), Pittsburgh; Thom as S. Gates
(Pres. Philadelphia Trust C o .), Phila; E . S. Page (V ice-Pres. Girard Trust
C o .), Phila.; B . H owell Griswold Jr. (Alex. Brown & Sons), B alt.; D . Her
bert H ostetter (Pres. H ostetter C o .), Pittsburgh; T heodore G . D aub
(John D aub's Sons). Pittsburgh. Depositaries: Pennsylvania C o . for
2 0%
THE CHRONICLE
1990
Insurances on Lives & Granting Annuities, Phila.; Safe Deposit & Trust
C o ., Pittsburgh. Counsel, George W harton Pepper, Phila.; W atson &
Freeman, Pittsburgh. E . L . Brautigam , Secretary, 517 Chestnut S t.,
Phila.— V . 86, p . 605.
D a y t o n P o w e r & L ig h t C o .—Bond Sale.— D rexel & C o .,
P h ila ., ancl C h as. D . B arney & C o ., N . Y . & P h ila ., h ave sold
the $ 1 ,2 5 0 ,0 0 0 First & R e f. M t g e . 5 % gold bonds dated
June 1 1911, due June 1 1941, referred to in last w eek’s
“ Chronicle” and fu lly described in V . 9 4 , p . 2 8 2 .
A n ad
vertisem ent for purposes o f record only appears on another
page.
C om pare V . 10 2, p . 1899, 1813.
D e t r o it E d is o n C o .— Bonds Offered.— Coffin & B urr, In c .,
B o sto n , are offering jo in tly w ith H arris, Forbes & C o .,
I n c ., and Spencer T rask & C o ., a t 101 and in t., yielding
about 4 . 9 3 % , $ 2 ,0 0 0 ,0 0 0 5 % First & R ef. M . gold bonds,
dated July 1 1915, due July 1 1940, m aking the am ou n t now
outstanding $ 5 ,5 0 0 ,0 0 0 .
In t. M . & S.
Y e a r s e n d . A p r . 30—
1913.
1914.
1915.
1916.
Gross earnings .................. $4,762,609 $5,891,947 $6,891,848 $8,520,145
N et earnings-..................... -$1,563,074 $1,944,871 $2,515,877 $3,296,105
The annual interest charge on tho $19,500,000 total now outstanding
o f m ortgago bonds is increased to $975,000. There are at present also
outstanding $2,779,200 6 % convertible debentures and $19,352,700 capital
stock paying 8 % dividends. For detailed description o f issue, & c., see
V . 100, p. 2169; V . 102, p. 1715, 1165.
[Vo l . 102
imm ediately adjoining having mined last year about 2,250,000 tons.
Under about 40,000 acres o f the land there aro estimated to bo 180,000,000
tons o f high-grado coal in workable seams above water level and a much
larger tonnage below that level. The C . & O. R y. bisects and tho N . & W .
R y . skirts tho property.
N a t u r a l G a s F r a n c h i s e s . — These mature as follows: H untington, 1962;
Ashland, 1933; K enova, 1963; Catlettsburg, 1933; Cerodo, 1963.
E a r n i n g s f o r t h e 12 M o n t h s e n d e d M a r c h 31 1916.
Gross earnings....... .................$435,615112 m os.’ int. on $3,000,000
N et, after taxes____________ 282,2561
1st 6s------------------------------ $180,000
|Balance, surplus___________ 102,256
Out o f the proceeds o f the above $3,000,000 o f bonds, $600,000 cash will
bo placed in the treasury for the additional developm ent. It is estimated
that for the current year the net earnings will bo m oro than double the
interest on the entiro $3,000,000 o f bonds.
[M anagem ent o f the consolidated co. will bo with E . W . Clark & C o. o f
Phila. Officers: P res., J. T . M cC lin tock; S ec., W illiam Lilley, I’hila.,
and T reas., G . A . N orth cott, Huntington.]
H u n t i n g t o n D e v e lo p m e n t & G a s C o . (o f W . V a .) .—
T h e plan, dated April 5 1916, in accordance
w ith which the H untington D evelop m en t & G as C o . of
Delaw are, m entioned above, has been organized, was pre
pared b y E . W . Clark & C o ., Philadelphia, depositaiy.
Merger Plan .—
T erm s o f E x ch a n g e f o r S ec u ritie s o f C o m p a n ie s M e r g e d .
C a sh .
P r e fe r r e d .
C om m on.
O u ts ta n d in g .
H untington D evelopm ent &
Gas C o. bonds___________ $500,000
$525,000
225.000
i ’referred stock ___________
200,000
300.000
$300,000
$600,000
C om m on s to ck ___________
600,000
150.000
D e b t ..........................................................
D o m in io n P o w e r & T r a n s m is s io n C o .— Initial Div .— •
330.000
330,000
A n initial semi-annual dividend o f 2 % has been declared on tho $7,714,500 G uyandot Land Assn, bonds
825.000
618,750
206,250
S h a re s___________________
825,000
com m on stock, payable June 15 to holders o f record M a y 31.— V .102,p .800.
338.000
338,000
Lincoln C o. Land Assn, shares
338,000
169.000
120.000
42.000
M ingo Coal C o. bds. & stock
240.000
D u q u e s n e L ig h t C o ., P i t t s b u r g h .— Re-port.—
25.000
25.000
50.000
D uval Oil C o. s to ck _________
25,000
See Philadelphia C o. under ‘ ‘Annual R eports.” — V . 101, p. 1094.
42.000
84.000
Interval Gas & Oil C o. s to ck .
56,000
17,500
17", 500
Virginia Investm ent A ssn___
______
E d is o n E le c tr ic I ll u m i n a t i n g C o . o f B r o c k t o n , M a s s .—
14,000
Irvine Coal C o _____________
______
C a le n d a r
G ross
N e t a fte r
I n te r e s t S in k in g D iv id e n d s B a la n ce
1,500",000
Bonus with salo o f bonds____
______
Y ea r—
E a rn in g s.
T a x e s . C h a r g e s .F u n d s .
P a id .
S u r p lu s .
532,500
46,750
158,750
______
1 9 1 5 ................... $552,235
$204,321 $23,823 $5,430 $100,252
$74,816 Commissions and exp en ses..
1914 ................... 476,366
164,166
31,607 5,860
75,904
50,795
T otal now cash and s to ck .
______ $2,100,000 $1,500,000 $4,000,000
— V . 102, p. 157.
T he new stock, both preferred and com m on, will bo deposited under an
agreement in the hands o f voting trustees for five years from M a y 1 1916,
E le c tr ic L ig h t & P o w e r C o . o f A b i n g t o n & R o c k la n d ,
and
will contain appropriate provisions for tho salo o f tho deposited stock
C a len d a r
G ross
N e t a fte r
In te rest
D iv id e n d s
B a la n c e ,
as a wholo at a prico that m ay bo fixed at any tiino b y a m ajority in am ount
Y ea r—
E a rn in g s
T a xes.
C h a rges.
P a id .
S u r p lu s .
o f tho holders o f tho trustees cert cates.
$35,619
$3,936
$22,564
$9,118
1915 ....................... $160,242
1 9 1 4 - - ...................... 144,191
31,764
7,793
15,120
9,852
H u n t i n g t o n L a n d & I m p r o v e m e n t C o ., L o s A n g e le s .
— V . 100, p . 904.
F a ir b a n k s , M o rse & C o ., I n c .— New
Officers.—
T h o follow ing officers have been elected for tho current year; Chairman
o f board, C . H . M orso Sr.; Pres., C . II. M orse Jr.; 1st V .-P ros., W . E .
M iller; V .-P rcs., II. C . M cC lary; V .-P res., II. J. Fuller; Sec. & Treas.,
F . M . B oughoy.— V . 102, p . 1814, 1720.
F le m is h -L y n n
P h on ograp h
C o .—Basis
of Exchange. —
In connection with the merger o f this com pany and the Lynn Phonograph
C o ., stockholders o f tho latter concern will receive 2 shares o f pref. stock
(par $5) and 4-5 o f a sharo o f com m on stock (par $5) for each share o f stock
held.— V. 102, p. 1900.
G e n e r a l G a s & E le c tr ic C o .— Tenders
Asked.—
T he G uaranty Trust C o ., N . Y ., having on deposit $313,047 for the re
purchase o f 5 % 10-year gold bonds, duo Jan. 1 1925, will receive sealed
proposals until 10 a. m . M on da y , M a y 29, for tho sale o f same at not m ore
than par and interest.— V. 102, p . 1439.
H a r r is B r o th e r s C o ., C h ic a g o . (M ail O rd e r H o u s e .) —
B am berger, Loeb & C o ., N e w Y o rk ,
who are offering the com m on stock a t $ 2 5 per sharo (par
$ 1 0 0 ), report:
Stock.— Earnings.—
T he com pany handles practically every line o f merchandise, from a
needle to a locom otive. Its catalogue last year contained 1,000 pages.
S ta te m e n t o f S a le s a n d N e t I n c o m e d u r i n g th e p a s t 5 Y e a r s .
1911.
1912.
1913.
1914.
1915.
S a le s .................... $3,417,858 $3,534,436 $3,637.838$3,759,174 $3,841,596
N et Incom e____ 122,817
161,211
185,322
208,704
220,570
For the first 4 months o f 1916 the com p any’s business shows an increase
over last; year o f 2 1 % , with no increase in expense account. Its building
contain 500,000 sq. ft. o f floor space.
T he outstanding capital stock is $550,000 7 % preferred, o f which $50,000
is held in the treasury, and $5,000,000 com m on. T ho authorized capital
stock is $2,000,000 o f preferred and $8,000,000 o f com m on.
[An initial quarterly dividend o f 2% has been declared on the com m on
stock, payable Juno 15.]— V . 102, p . 1439.
— Bonds.— E . H . Rollins & Sons havo recently placed a
further block of the C oll. T r . 6 % bonds dated D oc. 1 1913.
A t present there are outstanding o f this issue $11,220,000 o f tho $14,
000,000 authorized, tho issue having been increased from $10,439,000 on
Jan. 1 last. O f tho $4,000,000 authorized Collateral Trust notes, there
are now outstanding $2,000,000. this am ount having been reduced from
$2,981,000 Jan. 1.
T
V a lu e o f C o lla te r a l S e c u r ity —
J a n . 1 1915. F e b . 14 1914.
Par value o f bond co lla te ra l____________________ $16,751,000 $21,800,000
Par vaiuo o f stock colla tera l____________________ 25,000,000
25,000,000
Seo further particulars in V'. 98, p . 527.— V . 102, p . 1720.
I n t e r n a t i o n a l C o t t o n M ills .—
Par Value Reduced.—
T he shareholders voted on A pr. 18 last to reduce the par vaiuo o f the capi
tal stock from $100 to $50 and to issue $500,000 additional preferred stock
to p ay tho accum ulated preferred dividends, which havo been in default
since D ec. 1913. N o circular has as yet been issued regarding tho m atter.
— V . 102, p. 1439-
I n t e r n a t io n a l
H a r v e s te r
C o r p .—
New Treasurer.—
Georgo A . R anney, heretofore Secretary, has boon elected Treasurer,
succeeding Harold F. M cC orm ick, who resigns this office but continues as
Vice-President and director.— V . 101, p. 1467.
K e n e fic k Z in c C o r p o r a t io n .—
Exchange of Shares.—
See United Zinc Smelting C o . below .— V . 102, p. 1630, 1543.
K e y s t o n e W a t c h C ase C o .—
New President.—
Franklin A . T aylor lias been elected President o f tho com pany, succeed
ing E. T . Stotesbury, resigned.— V. 102, p. 441.
(S . H .) K r e s s & C o .— New Project.— H eidelbach, Ickelheimer & C o ., jointly with G old m an , Sachs & C o . and
Lehm an B ro s., all of N ew Y o rk , will recoivo subscriptions
to $ 4 ,0 0 0 ,0 0 0 7 % cum ulative preferred stock of a successor
corporation soon to be incorporated w ith $ 5 ,0 0 0 ,0 0 0 author
H u n t i n g t o n D e v e lo p m e n t & G a s C o .—Bonds Offered. —
ized pref. stock and $ 1 2 ,0 0 0 ,0 0 0 com m on.
Tho com pany
E . W . Clark & C o ., P h ila ., are offering $ 3 ,0 0 0 ,0 0 0 First will take over as of Jan. 1 1910 tho 5 , 10 and 25-cont store
M . 20-y ea r 6 % sinking fund gold bon d s, dated Juno 1 ,1 9 1 0 , business of S . I I . Kress & C o . o f N . Y . , and S . I I . Kress
due June 1 1936.
In t. J . & D .
A circular show s:
& C o . of T exas.
Gross sales in 1915 am ounted to $ 1 2 ,
D enom . $1,000 and $500c*. R ed. at 102 A and int. on any int. dato on
429 5 9 0 , w ith the net profits am ounting to $ 1 ,0 0 5 ,9 2 0 .
60 days' notico. Sinking fund to purchase bonds in tho open m arket at
not exceeding 102 A and in t., and if bonds cannot be purchased at that
L a cle d e S te e l C o ., 111.—Bonds Offered.— S m ith , M o o re &
prico tho m oney to bo used to redeem them . Trusteo, F idelity Trust C o .,
Phila. Pennsylvania Stato tax refunded.
C o ., S t. Louis, recently offered $ 6 0 0 ,0 0 0 (closed) 1st M .
D a ta fro m L etter o f P res. J. T . M c C lin to ck , H u n tin g t o n , W . V a., serial gold 6 % bonds.
A circular shows:
A pril 24 1916.
„
Incorporated in M a y in Delaware to mine and sell coal, produco and sell
natural gas and petroleum oils and transport gas and oil b y pipe lines.
[For this purposo it has acquired tho several properties named under caption
o Huntington Developm ent & Gas C o. o f W . V a. below..—Ed.]
» C a p ita liz a tio n —
A u th o r iz ed .
N o w Is s ti.
1st M . 20-yr. 6 % sk. fd. gold bonds, duo 1936--------$20,000,000 $3,000,000
6 % pref. stock, cum . after Jan. 1 1917 (par $100);
1,500.000 1,500,000
red. at 105 v. t. c ..............- .................................. ..
C om m on stock (par $100) v . t. c __________________
4,000,000 4,000,000
A dditional bonds aro issuablo for 80% o f tho cash cost o f additional lands
and im provem ents and extensions when net earnings are 1 % times tho
interest on all 1st M . bonds outstanding, and those sought to bo issued.
A liberal sinking fund is provided based on tho output and sales o f gas, oil
and coal and on stumpago and royalties received, and this should retire
5 0% o f the bonds before m aturity.
P r o p e r t y .— Tho property pledged to secure theso bonds consists o f coal,
oil and natural gas and tim ber lands in Lincoln, W ay no. Cabell, Putnam ,
Logan and M ingo counties, W . V a ., aggregating about 330,000 acres, chiefly
without franchise restrictions, and a com plete system for producing and
conveying natural gas and distributing it in Huntington and Kenova,
W . V a., and Ashland, K y ., and intervening territory. The lands aro
owned about 'A in feo sim ple and 'A in mineral fee, with full mining rights.
W o also own oil and gas leases on abou t 6,000 acres.
On tho 336,000 acres there are now 291 wells producing oil and natural
gas; 189,500 acres have been leased for oil and gas purposes to other com
panies on a royalty basis, and 185 wells havo been drilled by the lessees, o f
which 144 produce gas and 41 oil. T he coal and other minerals and timber
aro not included in those leases. Tho com pany owns tho remaining 106
wells, o f which 84 produco gas, 20 produco oil and 2 produco both oil and
gas. A dditional wells aro being drdlcd by both lessees and tho com pany.
T he com pany’s gas distribution system in Huntington, Kenova and
Ashland, a broad and growing field for tho salo o f natural gas, has over
3,000 industrial and dom estic consumers. It includes tho necessary field
lines, a pum ping and compressor station with a capacity o f 30,000,000 cu.
ft. per day, a 12-inch trunk lino 35 milos long. Total population
tributary is estimated at 75,000.
Practically tho entiro property is underlaid with coal. There has been
no real developm ent o f tills coal to dato, but coal operations aro being car
ried on on three sides o f the property, tho Island Creek Coal C o. on lands
B o n d s . — D ated D ec. 1 1915; duo $50,000 annually Juno 1917 to 1926,
in ch , and $100,000 D ec. 1927. D enom . $1,000 c*. Int. J. & D . at
M ercantile Trust C o ., St. Louis, trustee. Redeemable, all or any part, at
102 and int. on any int. dato upon 60 days’ notico up to D ec. 1 1921; there
after at 103 and int.
D ata fro m P r e s id e n t T h o m a s R . A k in o n M arch 15 1916.
O r g a n i z a t i o n . — 'The com pany was organized In’ 1911 and built and equip
ped a rolling mill at M adison, 111., which has been in successful operation
sinco 1912. T ho paid-up capital was $400,000, with tho issue o f tho
$600,000 o f new stock, sold to stockholders, and a stock dividend of
owners wero unsuccessful on account o f a business depression, insufficient
working capital, and having physical equipment. This lias now been
eliminated by tho installation o f modern equipm ent, and tho steel-producing
department, having been in operation sinco tho latter part o f February,
lias already shown greater efficiency. T ho tw o mills now produco openhearth steel, ingots, billets, bars, bands, hoops and strip steel at A lton ;
and rail steel bars, angles, shapes and reinforcing bars at M adison.
Alton
m ortgago on (1) rolling mill at M adison, 111.; (2) 2 40-ton open-hearth
furnaces, soaking pits, blooming mill, billot mill, and 2 finishing mills at
A lton, 111. T otal valuation, considerably over $1,200,000.
E a r n i n g s . — Tho not earnings from tho M adison plant, m aking duo allow ance for depreciation, & c., for tho last 3 years, aro $286,441, w hich is alono
sufficient to take earo o f tho interest and serial maturities ot the bonus
without making any allowances for earnings from tho A lton worKs. l
estimate that tho net earnings from two plants in an average year snouiu
be not lass than $200,000 and that for tho com ing year tho earnings should
be very much greater if presont conditions continuo.
C o n d e n s e d B a l a n c e S h e e t a s o f F e b . 29 1916 ( T o t a l E a c h S i d e , $2,420,223).
Capital assets......................$1,611,46' ICapital s to ck .......................$1,400,000
747,811 Bonded d e b t........................
600,000
Current
assots.
36,806 Current liabilities...............
260,254
W orking assets__
24,145 Provision for rolls...............
3,007
Deferred charges.
"
S u rp lu s........................
156,962
L a k e S u p e r io r I r o n & C h e m ic a l C o . — Successor Company.
See Charcoal Iron C o. o f America a bov e.— V . 100, p. 905.
L in c o ln (N e b .) G a s & E le c tr ic L i g h t C o .— Bonds
B . Leach & C o . aro offering, a t 9 5 and in t.,
$7 5 0 0 0 0 First C ons. M t g e . 5 % gold bonds (now first and
closed m ortgage), dated D e c. 1 1901, m aturing D e c. 1 1941.
Offered.— A .
Int J & I) in N . Y . C ity . D enom . S I,000 and $100c*. R ed. on or
hpfnrn h o e 1 1921 at 105 and in t., and thereafter at 110 and int., upon six
weeks’ published notice. A uth. and outstanding, $1,500,000. Int, pay
able w ithout deduction o f the normal Federal incom e tax. Trustee,
E quitablo Trust C o. o f New Y ork.
n a t a f r o m l e t t e r o f P r e s . F r a n k W . F r u e a u f f , N. Y . , M a y 8 1916.
O r a a n i z a t i o n . — Incorp. in N eb. in D ec. 1901, successor to the Lincoln
Gas & Electric C o. The com pany does, without com petition, tho entire
gas business in Lincoln, N eb ., and the towns o f Havelock and University
Place adjacent thereto. Also supplies electricity for lighting and power
in Lincoln Havelock and W averly. Franchises contain no unfavorable
restrictions, and aro without time limit as to both gas and electric service.
P u r p o s e o f I s s u e .— T o retire $500,000 Lincoln Gas & E lectric Light 6 %
notes and to reimburse tho com pany for expenditures already m ade for
improvem ents and extensions. Coincident with the issuance o f these
bonds, the com pany will cancel $333,000 First M tge. 6 % bonds o f the
Lincoln Gas C o ., one o f its predecessors, which bonds aro now deposited as
collateral security to the above-m entioned notes. T he First Consol. M tge.
bonds, am ounting to only $1,500,000, will, therefore, constitute the only
funded indebtedness.
E a r n i n g s f o r t h e T w e l v e M o n t h s e n d e d F e b . 29 1916.
-------N et, 2 A tim sin t. charge — $194,255
G r o s s _____________ - _______$437,136
N et, after taxes____________ $164,074 Annual int. on $1,500,000
First Consol. M t g e ---------- 75,000
Other i n c o m e .. ..................... 30,181
N e t 2>4 times int. ch arge.$194,255
B a la n c e ......... - - .............$119,255
T o td i S a le s—
1907.
1910.
1913.
1915.
E lectricity k. w. hou rs. 2,484.222
2,639,694
4.294,588
4,945,889
Gas cubic f e k --.---1 7 9 .3 6 6 ,3 0 0 210,169,010 226,978,700 239,763,500
S e c u r i t y . — An absolute first m tge. on all the proporty and franchises now
owned or hereafter acquired.
T e r r i t o r y . — There aro 15 banks In tho city (State capital) and its suburbs,
having aggregate deposits o f about $12,500,000. Population served, over
53,000 — V. 102, p . 1814.
M o n t a n a P o w e r C o .—
Dividend Increased.—
A quarterly dividend o f 1% has been declared on tho $49,633,000 com
m on stock, payable July 1 to holders o f record June 15. Tills com pares
with H o f 1% in Jan. and April last and 'A o f 1% from April 1913 to Oct.
1915. Tho regular quarterly 1 % % on the $9,700,000 prof, will be paid
on tho same d a y.— V. 102, p . 1630, 1538.
P a c ific M ills, B o s t o n .—
1915.
S
P l a n t .............. 8,221,300
Stock & suppl. 11,562,326
A ssets—
C ash an d d eb ts
receiv a ble.. 6,500,067
1991
THE CHRONICLE
May 27 1916.1
Balance Sheet Dec.
3 1 .— •
1914.
1915.
1914.
L ia b ilitie s —
$
$
$
8,021,300 Capital stock . 12,000,000 12,000,000
9.391,703 N otes payablo 7,120,000 4,053,000
D opr.,& c.,res. 1,067,433
439,713
4,073,374 Surplus............ 6,096,260 4,993,664
T o t a l ......... 26.283,693 21,486,377
— V . 102, p. 1064. 527.
T o ta l........ 26,283,693 21,486,377
P a ig e -D e t r o it M o to r C a r C o .—
Stock.—
The stockholders on M a y 24 ratified tho action o f the directors in declar
ing fa) a stock dividend o f 8 0 % , (b) increasing tho stock from $1,000,000
to $2,000,000, (c) reducing the par value from $100 to $10 per share.
A cash dividend o f 3 % was declared, payable Juno 10 to holders o f record
Juno 8.— See V. 102, p. 1901.
P e n n s y lv a n ia S te e l C o .—
Injunction Dismissed.—
Judgo John Uellstab in the U . S. District Court at N ew ark, N . J ., on
M a y 23 dissolved the tem porary injunction, granted in Trenton recently,
to C . II. Venner, a m inority stockholder, restraining the salo o f tho com
pa n y’s assets, & c., to the Bethlehem Steel C o. for about $32,000,000
(V . 102, p. 1722). T ho Pennsylvania Steel C o. was directed to filo a bond
for $10,000 to indem nify M r. Venner, owner o f 24 shares, which stock, ac
cording to tho defendant’s counsel, was acquired subsequent to the notice
o f dissolution.— V . 102, p . 1722, 1714.
P h ila d e lp h ia & R e a d in g C o a l & I r o n C o .—
See Western Union Telegraph C o. below.— V . 99, p . 826.
Decision.—
P e o p le s W a t e r C o ., O a k la n d , C a l.— Plan Modified.—
D epositors under tho reorganization plan, dated D e c . 17
19 14 , as m odified N o v . 1 1915, aro notified, under date of
April 2 8 , th at tho reorganization com m ittee, John S . D ru m ,
C h airm an , has modified tho plan as follows:
m achinery and yards, pum ping and electric plant, narrow-gauge railway
with rolling stock, &c.
Officers and Directors.— M . II. Lewis, Pres.; C . II. Buswell, V .-P res.;
R obert L. Dean, Sec. & T reas.; R . II. C aplan, A sst. Sec.; B enj. L . A llen,
A lfred A . C ook , J. M . G ilbert, F . C . W alcott. See annual report, V .
101, p . 1804.
S c o v ill M a n u fa c t u r in g C o .—
Extra Dividend.—
A n extra dividend o f 10% has been declared on the $5,000,000 stock,
payable June 1 to holders o f record M a y 25. T h o same amount was paid
in M a y and com pares with 8 % extra and the regular quarterly 2% paid
A p r. 1. See V . 102, p . 1631. 1167.
P o w e r C o r p . (S e n e c a F a lls , N . Y . ) . — Bonds
F . B achm an & C o ., N . Y . and P h ila ., are offer
ing, a t par and in t., $ 4 5 0 ,0 9 0 First M t g . 6 % gold bonds.
G u a r ., p . & i ., b y endorsem ent b y T h e Central N e w Y o rk
G as & Electric Co. A circular shows:
Bonds.— D ated M arch 1 1916, due M arch 1 1946, b ut subject to call at
Seneca
Offered.— H .
107 Vi and int. on or before M arch 1 1926; from M arch 1926 to 1936 at 105
and int.; thereafter at 102M and int. D enom . $100, $500 and $1,000.
In t. M . & S. M etropolitan Trust C o ., N . Y ., trustee.
Equity.— A first m tge. on all the property now owned or hereafter ac
quired. T ho present value o f the property is estimated at $1,350,000.
Capitalization.— Capital stock , $1,250,000; bonds, authorized and o u t
standing, $450,000.
Plant, A c .— This corporation owns all water rights on the Seneca R iv er,
at Seneca Falls, N . Y . , about 10 miles below Seneca Lake, a catchm ent area
o f about 708 sq. miles, and a m odern hydro-electric developm ent o f 10,400
h. p. capacity, situated opposite the locks o f the State Barge Canal. A ver
age working head o f the dam is about 48 ft. T he State has the right to
take water from the river for the operation o f the aforesaid locks.
T he Central New Y ork Gas & Electric C o. has executed a lease running
50 years from M arch 1 1916, to operato the plant to its full capacity
making all repairs and paying a minimum rental o f $50,000 per annum for
tho first 5 years and $75,000 per annum for the remaining 45 years with
a maximum o f 7 A mills per k. w . h. for all power that can be generated.
T h o Empire C oke C o. o f Geneva, N . Y ., controls the Central N ew Y ork
Gas & Electric C o ., owning its entire capital stock, and has guaranteed
the minimum rental under this lease. [As to the Central N ew Y ork Gas &
Electric C o ., see V. 100, p. 477, and V . 102, p. 1720; for Empire Gas &
E lectric C o ., see V. 100, p. 1081; Em pire C oke C o ., V. 100, p. 2013.
T ho com bined surplus earnings o f the Central N ew Y ork Gas & E lectric
C o ., the Empire Gas & E lectric C o . and tho Empire C oke C o ., after all taxes
and fixed charges for the calendar year 1915, were $209,420. Compare
V . 102, p . 1723.
S p litd o r f E le c tr ic a l C o .—
Stock Distribution.—
See Torrington C om pany b elow .— V . 101, p . 777.
S t a n d a r d O il C o . (O h i o ) .—
Stock Dividend.— -
T he stockholders on M a y 26 authorized tho increase in capital stock from
$3,500,000 t o $7,000,000. T h e new stock is to be distributed as a 100%
stock dividend. Seo V . 102, p . 1544.
S t a n d a r d R o lle r B e a r in g C o .—
Deposits Committee.—
A stockholders’ protective com m ittee, Frederick T . Aldridge, Chairm an,
requests deposits o f stock before Juno 1 with tho B rooklyn Trust C o ., or
with tho W est End Trust C o. o f Philadelphia. T he com m ittee objects to
the proposed five-year voting trust and five-year option on $1,000,000 com
m on stock at par features o f tho reorganization p lan .— V . 102, p. 1544.
S u b m a r in e S ig n a l C o ., B o s t o n .— Bal. Sheet, etc.—
-----Rented---- ------ Sold------- Lent or ontr'l.
1915. 1914. 1915. 1914.
243
161
49
42
63
30
--
Balance Sheet Dec. 31.
1914.
1915.
1915.
1914.
A s s e t s (Con.)—
A s s e t s —■
$
$
$
$
73,644
Patents_________ 1,263.394 1.383.651 I n v e n t o r y _____
59,994
Leased apparatus 55,899
54,969
F actory equip’t .
40,578
24,259
T o t a l _______ 1,715,988 1,709.138
L i a b ilit ie s —
Cash and notes
receivable____ 259,729
86,248 Capital s t o c k --.1 ,6 7 9 ,7 5 0 1,679,750
A ccounts receiv
A ccts. p a y a b le ..
36.238
29,388
a b le..................
22,744
100,017
T otal ..............1,715,988 1,709,138
President Frederic Parker, April 22, says: “ A fter charging o f f a conserva
tive amount f
tion,
A d iv l
July 1 tc _________________
Decem ber 3 % .— V . 100, p. 1923.
Apparatus Shipped—
Ships equipped....... .....................
Ships ordered to be eq u ip p ed --
1915.
964
90
1914.
945
65
T h o m a s A e r o p la n e C o r p .— Preferred Stock Offered.—
Clarence C . Perpall & C o ., N e w Y o r k , aro offering a t $100
per share, with 2 shares o f com m on as a bonus, $ 3 0 0 ,0 0 0
7 % cum ulative participating pref. stock , preferred as to as
sets and dividends. A circular show s:
1. Instead o f an authorized issue o f $3,700,000 Class A 6 % cum . pref.
s tock , and an authorized issue o f $3,700,000 Class B 6 % n on -aim . pref.
stock, w ith tho ownership and transfer o f pref. stock Class A carrying with
it tho ownership and transfer o f an equal am ount o f pref. stock Class B,
T h o com pany will be incorporated in N . Y . to take over (either directly
and instead o f tho issue o f com m on stock as set forth in tho m odified plan or through ownership o f all their issued and outstanding capital stock) tho
dated N ov . 1 1915, the East Bay W ater C o. shall authorize tho creation o f entire assets and business o f the Thom as B ros. A eroplane C o ., I n c ., and tho
$6,000,000 6 % cum . pref. stock , o f ono class only, consisting o f 60,000 Thom as A erom otor C o ., In c., m anufacturing aeroplanes and aeroplane
shares, par $100, to bo Issued as follow s:
m otors.
(a)
A part, equivalent to 60% o f about $7,400,000 (about tho par valuo
o f Peoples Water C o. bonds held in ownership) to tho holders o f Peoples Data from Letter of Pres.W m . T . Thomas, Ithaca, N. Y ., May 1 1916.
C a p i t a l i z a t i o n ( n o b o n d s o r n o t e s )—
A u th o r iz ed .
Issu ed .
W ater C o. bonds; and (6) The balance to bo kept in tho treasury o f East
$500,000
B ay W ater C o. as treasury stock, and to bo hereafter issued to raiso funds 7 % cum . participating pref. (par $100)................. $1,000,000
C om m on, w ithout par value____________________ 30,000 shs.
30,000 shs.
for its necessary developm ent.
T he preferred stock will participate, share fo r share, with the com m on
2. In addition, East Bay W ater C o. shall authorize o f com m on stock:
(a) An Issue equal to 4 0% o f about $7,400,000 (about 4 0% o f tho par stock in any dividends paid in any one year after $10 per share shall have
valuo o f Peoples Water C o. bonds held in ownership), to bo issued to tho been paid upon the com m on stock in such year, and will have equal voting
holders o f Peoples W ater C o. bonds; such com m on stock to have a par valuo power with tho com m on so long as there shall be accrued pref. dividends
o f $100; and (b ) A n issuo o f $500,000 (par $100) to bo issued to the prosont due and unpaid; 20% o f the net earnings after paym ent o f pref. dividends
pref. and com . stockholders o f Peoples Water C o. as provided in the m odi will bo set asido annually as a sinking fund fo r the retirement o f the pref.
stock at $110 a share.
fied plan dated N ov. 1 1915. See plan, V. 101. p. 2076.— V . 102, p . 72.
P l a n t s . — L ocated at Ithaca, N . Y ., adjacent to C ayuga Lake, and have
S a lm o n R iv e r P o w e r C o .— New Securities.—
a capacity o f 150 aeroplanes and about 200 m otors yearly. T he m otors
Tho New York P. S. Commission has authorized issues o f securities aro suitable for use in fire engines, m otor boats, submarine destroyer skim
aggregating $1,097,275 by tho com pany for tho purchaso and im provem ent m ers, &c.
o f tho Lyons power plant o f tho Niagara Lockport & Ontario Power C o .,
T ho product com prises all types o f aeroplanes, including battle biplanes,
pursuant to an agreement between tho Niagara Lockport & Ontario and
triplanes, fiying boats, sea planes, reconnoissance biplanes and monoplanes.
tho Rochester Syracuso & Eastern R R . Tho Niagara L ock p ort & Ontario T h e com panies are now com pleting a d oublo m otor, double fuselage ma
C o. is authorized to acquire 1,956 shares o f tho Salmon R iver stock at par chine o f 78 feet span. Their standard typ o at tho present tim e is known as
for $195,600 and tho Commission approves tho guarantee b y tho form er tho Thom as D-2 m ilitary tractor, equipped with a Thom as 135 h . p. m otor.
com pany o f tho punctual paym ent, lntorost and principal, o f all o f tho bonds This can carry 1,200 lbs. useful load and has attained a speed o f very nearly
o f the Salmon R iver C o. and Its predecessors, involving issues totalling 100 miles an hour in tests, having surpassed several w orld’s records for both
$3,345,000. Tho price to bo paid for tho Lyons plant, loss depreciation,
speed and clim bing ability. T h o m otors are now selling at $4,600 less 15%
is $612,907. T o tho plant will bo added a 10,000-k.w. turbo-generator, and 20% discount. T ho Thom as com panies have sold machines to the
including buildings, boilers and accessories o f modern typ e, to cost $484,360.
U. S. Governm ent for use b y the navy and machines and m otors to the N a
Tlio securities authorized to bo issuod aro $195,600 com m on stock at par, tional Guard o f various States, as well as a largo number to a foreign g o v
$62,300 2-yoar 6 % unsecured notes at par and $987,500 o f 5 % 1st M .
ernment, and are now filling an order from the U . S. authorities and aro ne
bonds at 85 to not $839,375.— V . 102, p . 1142.
gotiating for further orders from foreign governm ents.
E a r n i n g s . —-J estimate that on the basis o f an annual production o f 100
S a n t a C e c ilia S u g a r C o .—Preferred Stock Offered — aeroplanes @ $2,726 net each (average typ e D -2) and 200 m otors @
Ernest Sm ith , N e w Y o rk , is offering a t tho m arket a limited $1,208 net each (100 to be used fo r the above aeroplanes), there will bo an
nual net earnings o f $514,225, available as follows: Pref. d iv. requirements,
am ount of the $ 7 2 1 ,3 0 0 outstanding 8 % cum ulative par $35,000; sinking fund requirements, $95,845; balance (equal to over $12 a
ticipating preferred stock issued in 1911. P ar $ 1 0 0 .
A share on com m on ), applicable to divs. on com m on, with participation as
stated fo r pref. stock ), $383,380.
circular shows:
Directors and officers are: W . T . Thom as (P res.), O. R . Thom as, E . B .
N o dividends on this stock have yet been paid and b y Juno there will bo Cresswcll, J. B . T aylor.— V . 102, p . 1723.
owing $40 per share in dividends, which must be paid before com m on
stockholders receivo any return. After paym ent o f $4 a share per annum
T o r r in g t o n C o m p a n y . — Distribution of Stock— Bonds.— •
on the $1,500,000 com m on stock both classes rank equally as regards
Tho directors on M a y 2 3 voted to distribute on July 1 to
further distributions.
T ho current year’s crop is estimated to yield 21.000,000 lb s., and If sold holders of the $ 3 ,2 2 9 ,0 0 0 com m on stock o f record as of
at an avorago o f 4 H e . this year s operations would yield a profit o f about Juno 15 the $ 9 8 0 ,0 0 0 pref. and $ 1 ,4 0 0 ,0 0 0 com m on stock
$352,000 (4 9% on preferred) aRer making tho same provision for repairs,
replacements, depreciation, additions and betterments as in 1915.
of the Splitdorf Electrical C o . now in the T orrington treasT h e properties, located in District o f Guantanam o. C uba, consist o f
For other Investment News see page 1998.
10.614 acres o f cane land and 1,395 o f pasture land, also fa ctory buildings,
1993
THE CHRONICLE
[Vol. 102.
PHILADELPHIA COMPANY
T H IR T Y -S E C O N D
ANNUAL
R EPO RT— FOR
Office of the Philadelphia Company,
Pittsburgh, Pa., April ls< 1916.
T h e B oard of D irectors herewith subm it their report for
the fiscal year ended M a rch 31st 1916.
T h e gross operating revenues o f the Philadelphia C o m
pany and its proprietary natural gas companies for the year
am ounted to $ 8 ,0 2 8 ,5 1 9 3 4 , an increase of 8 8 6 0 ,1 1 2 35 over
the preceding year. A fte r the paym en t o f operating ex
penses, taxes, fixed charges, dividends on the preferred
stocks and the cost (exclusive of m aterial) of drilling now
wells and o f laying field lines, the balance of incom e was
8 3 ,6 1 4 ,1 5 2 18. T h e incomo of the companies from their
holdings of Incom e Debentures o f the Pittsburgh R ailw ays
C om p an y increased from 8 3 3 0 ,7 3 8 93 to 8 6 0 0 ,0 0 0 .
The
dividends from the holdings o f stock o f tne D uquesno Light
C om p an y increased from 8 1 ,2 3 6 ,7 2 9 66 to 8 1 ,2 6 4 ,7 0 6 32 .
T hese receipts are included in the balance of incom e referred
to a bo ve.
T h e olectric light and power com panies, tho
streot railw ay companies and the oil companies have u n
distributed earnings for the year which are not taken into
account in the earnings of tho natural gas com panies.
D uring the year the C om p an y sold 7 8 ,0 0 0 shares of com
m on stock, tho proceeds of which were applied to the retire
m ent of funded debt o f the natural gas companies am ounting
to 8 2 ,6 8 8 ,9 5 7 8 1 , and the balance to general corporate
purposes. T h e net incom e o f the natural gas companies
after the paym en t o f all dividends was sufficient to finance
the entire capital requirements o f the year for extensions,
im provem ents and developm ents.
T h e com panies comprising the natural gas departm ent
drilled 194 wells and purchased 2 3 w'ells during the year.
O f the new wells 171 wero productive o f gas and 2 3 non
productive. There wero abandoned 113 wells which had
ceased to be productive; also, there wero sold 8 wells, and
5 wells wero reinstated. T h o total num ber of gas wells
owned or controlled b y the C om p an y a t this date is 1 ,5 7 4 .
There was an increase during the year of 2 1 .9 5 miles of
transportation and well connecting lines, and 4 7 .1 0 miles of
distribution lines. T h e total am ount of pipe lines controlled
b y tho C om p an y now is 3 ,2 4 4 .2 2 m iles, of which 1 ,2 4 7 .4 3
miles com prise distribution lines and 1 ,9 9 6 .7 9 miles com
prise transportation and well connecting lines. T h is does
n ot include tho 1 9 0.5 miles of distribution lines of tho A lle
gheny H eatin g C o m p an y .
_
D uring the year the companies sold 4 5 ,0 0 6 ,9 1 9 ,7 0 0 cubic
feet of natural gas, being an increase of 6 ,2 8 6 ,7 1 8 ,3 0 0 ciibic
feet, w ith increased receipts from that source of 8 9 5 2 ,
412 9 6 .
.
There has been an inorease during tho year of 6 ,0 21
dom estic consumers of tho natural gas supplied by the
com panies controlled b y this C om p an y, m aking tho total
num ber of dom estic natural gas consumers 1 3 2 ,9 2 1 .
These
companies also supply natural gas to 6 4 5 industrial con
sumers.
D uring tho year tho oil departm ent drilled 14 wells, all of
which wero productive.
There were 6 wells abandoned and
ono well sold, m aking the num ber of oil wells owned or con
trolled b y the C om p an y at this date 128, from which there
was produced 1 2 5 ,9 1 0 .5 4 barrels of oil, being a decrease of
5 ,7 2 0 .8 7 barrels, as com pared with tho preceding year, w ith
an increased rovenue of 8 5 9 ,0 3 2 5 6 .
_
.
In order th at the financial condition of tho Philadelphia
C om p an y and its proprietary natural gas com panies, con
sidered as a sy ste m , m ay bo determined more readily, there
is subm itted herewith a Consolidated Balance Sheet of the
several companies instead of separate balance sheets as was
done in tho reports o f the last two years. T h e financial
statem ents covering the operations o f tho im portant oil,
electric light and power and street railw ay com panies, in
which the natural gas companies are interested as stock
holders, also are subm itted herew ith.
#
In the present report the Philadelphia C om p an y and its
natural gas subsidiaries have followed the practice o f charging
against incom e the cost (exclusive of material) of drilling
now wells and of laying field lines, and as an operating
expense, the rentals paid on undeveloped territory. E x
ception to this m ethod has been taken b y investors, on the
ground that in effect capital charges are written off more
rapidly than the property and plant has depreciated, which
has led to tho C om p an y em ploying M e ssrs. H askins & Sells,
together w ith M e ssrs. F o rd , B acon & D a v is, tho considting
engineers of tho C o m p an y , to prepare an Incom e Account
and Balance Sheet covering the operations of the past fiscal
year, setting up therein w hat am ounts in their ju d gm ent
should be charged to C apital and w hat am ount should bo
set up for D epreciation.
Should tho Balance Sheet and
Incom e A ccou n t so prepared be approved by the B oard, all
stockholders will be furnished w ith a copy thereof for their
inform ation.
THE
YEAR ENDED MARCH
31 1916.
D uring the year T h e Consolidated G as C om p an y of the
C ity of Pittsburgh defaulted tho paym ont of interest on its
bonds.
T h e C om m on Stock of that C om p an y is owned b y
tho Philadelphia C om p a n y .
For the past ten years T h e
Consolidated G as C om p an y of the C ity of Pittsburgh has
failed to earn its interest, a nd , in consequence, tho invest
m ent o f the Philadelphia C om p an y in its C om m o n Stock
was written dow n, over a year a go , to tne nom inal value
of 8 1 .
T h e default, therefore, has no effect upon the
financial accounts of your C o m p an y .
U n til a R eceiver is
appointed for T h e Consolidated G as C om p an y o f tho C ity
o f Pittsburgh, its operations are being continued b y the
officers of tho Philadelphia C om p an y as in tho past.
T ho natural gas companies recently have been allowed an
advance in their rates for gas sold to industrial consum ers.
T o m eet the growing industrial dem and, how over, the com
panies will be compelled to extend their facilities m aterially,
during the com ing sum m er.
T ho necessary increase in
property, togother w ith the abnorm ally high pricos for
m aterials, will tend to reduce the offect upon incomo of the
increase in rates.
A ccom panying this report are the statom onts showing tho
earning power and financial condition of the natural gas
com panies.
For the B oard ,
J. II. R E E D ,
President.
P H IL A D E L P H IA C O M P A N Y .
Equitable Gas Company, Monongahela Natural Gas Company,
Pittsburgh & West Virginia Gas Company, The Phila
delphia Company of West Virginia.
S U M M A R Y OP C O N S O L ID A T E D IN C O M E F O R Y E A R E N D E D
M A R C H 31ST 1916.
(W ith Transactions between Companies E lim inated.)
Gross Earnings:
G a s ............................................................................. $7,990,132 45
38,386 89
M iscellaneou s_______________________________
T otal Gross Earnings____________________________________ $8,028,519 34
Operating Expenses:
Prospecting and Leaso_______________________ $559,069 44
242,003 36
Gas Purchased______________________________
P r o d u c tio n .,_________________________________
765,355 85
T ra n sp ortation ______________________________
487,056 42
D istribution__________________________________
533,871 34
C om — ercial__________________________________
141,318 92
498,844 55
Gen 'a laud M iscellaneous__________________
T otal Operating Expenses-------------$3,227,519 88
T a x e s ........... _ .......... ....................................................
177,526 84
T otal Operating Expenses and T axes---------------------
3,405,046 72
N ot Earnings__________________________________________________ $4,623,472 62
Other Incom e:
Dividends and Interest on Stocks and B onds
Owned:
Natural Gas Com panies---------------------------Oil Companies___________________________
E lectric Light C om panies_________________ 1,264,708 54
Street Railway Com panies------------------------719,574 92
M iscellaneou s_____________________________
1,899 34
T o ta l................................................................ .$2,192,967
Rental o f Real Rstato and Buildings______
608
Interest and D iscount_____________________
462,496
M iscellaneou s_____________________________
1,974
80
46
81
48
T otal Other Incom o___________________________________
T otal Incom e___________________________________________
Deductions from Incom o:
R ent o f Leased Properties---------------------------$22,566
Guaranteed Dividend on Consolidated Gas
Com pany Preferred S tock ------------------------77,576
Interest and D iscoun t-----------------------------------376,155
M iscellaneou s_______________________________
10,112
2,658,047 55
$7,281,520 17
38
00
08
54
T otal Deductions from Incom o__________________________
486,410 00
N et Incom o Before D educting Fixed Charges------------------------- $6,795,110 17
Fixed Charges:
...
Interest on Bonds____________________________ s i
Interest on C onvertible G old D ebentures—
587,bOO 00
Interest on Convertible G old N o te s-------------2,275 00
Interest on Serial G old N otes----------------- -—
02,500 00
Interest on C om m on Stock D ividend S c r ip ..
69,827 71
T otal Fixed Charges--------------------------------------------------------
1,906,824 92
N et Incom e A fter D educting Fixod Charges............................ .$4,888,285 25
Other Deductions:
„
,
N ew Producing Gas Wolls— Other than
M aterial___________________________________ $666,291 81
Now Producing Oil Wells— Other than
M aterial__________________________________106 25
N ow Field Lines— Other than M aterial-------135,769 01
T o ta l......................................................................
Depreciation o f Property-------------------------------D iscount, Taxes and Expenses in Connection
with the Sale or Securities.............................
Loss on Securities S old-----------------------------------
$802,167 07
$163,770 15
57,500
7,464 80
T otal Other D eductions___________________________- — - 1,030,902 02
N ot Incom o for the Y ea r---- ------------------------------------ -— -.$ 3 ,8 5 7,38 3 23
May 27 1916.)
THE CHRONICLE
C O N S O L ID A T E D S U M M A R Y OF P R O F IT A N D LOSS F O R T H E
Y E A R E N D E D M A R C H 31ST 1916.
Balance, April 1st 1915...................... - ..............................- ............ $8,508,813 34
N et Incom e for tho Y ear_____________________________________ 3,857,383 23
Gross Surplus................................................................................. --$ 12 ,3 0 6 ,1 9 6 57
D eductions:
Dividends on Preferred S tocks----------------------- $471,966 00
Dividends on C om m on Stock— 6 % declared
and p a id ________________________
2,363,364 00
D iscount, Taxes and Expenses in connection
with tho Sale o f Com m on Capital S tock —
936,333 34
Decrease in B ook Vaiuo o f Monongakola
Natural Gas C om pany’s Physical Prop
erty ro-appraiscd--------------------------------------- 1,466,863 37
Loss on Obsolete M aterial---------------------------16,419 65
M iscellaneou s----------------------500 00
Total D eductions.................................................................... 5,255,446 36
Balance M arch 31st 1916— Per Balance S h e e t --.........................$7,110,750 21
C O N S O L ID A T E D G E N E R A L B A L A N C E S H E E T , M A R C H 31ST 1916
(W ith all Inter-Com pany Items Elim inated.)
ASSETS.
Property and P la n t :
Charters and Franchises_____ __
$71
Gas Rights and Leases_________________ ______ 1,344,654
Gas and Oil W ells................
.
3.275 357
Rights o f W a y --------------- ---------_ ------------ 159,043 88
Compressing and Measuring Stations______
763,763
Pipe Lines— Transportation and D istribu„ t io n .............................................. ......................... 26,256,115
Service C onnections_________________________ 1,347,297
M eters and Regulators_______________________ 2,427,815
T ools_____ ___________________________________
50,236
Horses and Vehicles..............................................
7,485
Telephone Lines_____________________________
104,096
Real Estate__________________________________
267,891
B u ild in gs____________________________________
141,468
15,067
O ffice Furniture and Fixtures________________
75
03
38
14
83
44
65
29
02
56
35
94
20
Total Property and P lant-------------------------------------------$36,160,364 46
Stocks and Bonds o f Philadelphia C om pany in Treasury____
$67,704 36
Stocks and Bonds o f Other Companies Owned:
Natural Gas Com panies________________________ $1,801,426 00
Oil Com panies..............................
1,241,500 00
A rtificial Gas Companies________________________
101,157 02
Electric Light and Power Com panies___________ 21,571,900 00
Strcot Railway Com panies— Stocks____________ 17,398,996 00
Street Railway Companies— B onds____________ 12,200,000 00
Miscellaneous Com panies....... ..........................
150,000 00
T ota l______________________________________________
A ffiliated Companies:
Notes Receivable Deposited with T ru stoos..$2,4 0 0,00 0
Duquesno Light C om pany Contract for Pur
chase o f Brunot Island P r o p e r t y .-- ............ 3,500,000
437,001
T em porary Loans....... .................................
A ccounts R eceivable..................................
786,230
54 464 979 02
’
’
00
00
00
00
T otal Current and W orking Assets______________________ 3,679,492 81
Deferred A ccounts:
U nam ortized D ebt Discount and Expense___ $816,633 75
W ell Drilling in Progress------------------------------------55,723 54
T otal Deferred A ccoun ts--------------------------872,357 29
Excess o f B ook Value over Par Value o f C om m on Capital
Stocks Eliminated Herein......... .................................. ............ .. 4,050,003 00
T ota l............................................................. - ............................$106,418,131 94
L IA B IL IT IE S .
Capital Stock:
C om m on, 858,860 shares------------------------------$42,943,000 00
Preferred 6 % Cum ulative, 123,432 sh a res.. 6,171,600 00
Preferred 5 % N on-cum ulativo, 40,668 shares 2,033,400 00
T otal Capital S tock...................... .......................................... $51,148,000 00
Funded D ebt:
Philadelphia Com pany:
First M ortgago and Collateral Trust 5 % ,
50-year G old Bonds, dated M arch 1 st
1899 .................................................................. 86,500,000 00
Consolidated M ortgago and Collateral Trust
5 % , 50-year G old Bonds, dated N ovem
ber 1st 1901.......................
-15,148,000 00
T on-Y ear C onvertible 5% Gold Debentures
dated August 2d 1909_____________________ 1,957,000 00
Ten-Y ear C onvertible 5% Gold Debentures,
dated M a y 1st 1912_____ ______ ________ 9,795,000 00
Serial Collateral 6 % G old N otes, dated
^ Uf?ll,st„ !? £ !9 1 3 ...........................- ............... 1,250,000 00
I lttsburgh & West Virginia Gas Com pany:
Co lateral Trust 6 % Serial Gold Bonds,
dated October 1st 1913........................ ..
1,200,000 00
A ffiliated C o m p a n ^ :D e b t................................. ............ — — 35.850.000 00
Subscription to Capital Stock o f Duquesno
Light C om pany------------------m n nnn no
A ccounts Payable............
.................... *
11 834 53
A ccrued Interest on Bonds, N ot Duo
458 34
Accrued R ental, N ot D u e___________" " "
3(35 25
T otal A ffiliated Com panies________________________ 3 5 1 2 658 12
Current Liabilities:
’
13,975 56
T otal Current L ia b ilitie s .-..................................
Accrued Liabilities, N ot Due:
N o t e .— Tho Philadelphia Com pany has a contingent liability for the
following Bonds, guaranteed b oth as to principal and interest:
M t. W ashington Street Railway C om pany, First M ortgage
30-year 5 % G old Bonds, dated April 1st 1903_____________ $1,500,000 00
Seventeenth Street Incline Plano C om pany, First M ortgago
30-yoar 5 % Bonds, dated M arch 1st 1905______ ________
125,000 00
Allegheny Bellevue & Perrysville Railway Com pany, First
M ortgage 30-year 5 % G old Bonds, dated April 1st 1905-500,000 00
T ho Morningside E lectric Street Railway Com pany First
M ortgage 30-year 5% G old Bonds, dated October 2d 1905.
200,000 00
Ben A von & Em sworth Street Railway Com pany First M o rt
gage 30-year 5% G old Bonds, dated April 1st 1906________
300,000 00
Pittsburgh & Beaver Street Railway Com pany First M ortgage
50-year 5 % G old Bonds dated July 1st 1908________________
750,000 00
1 lttsburgh & W est Virginia Gas Com pany Collateral Trust
6 % Serial G old Bonds, dated October 1st 1913_____ ______ 1,200,000 00
T ho Philadelphia C om pany has a contingent liability, as endorser, on
short term notes issued from tim e to tim e b y its Affiliated Companies.
SC H E D U L E O F C A P IT A L S T O C K S H A R E S OF O T H E R C O R P O R A
T IO N S O W N E D A T M A R C H 31ST 1916.
S h a res
N a tu r a l G a s C o m p a n ie s —
O w n ed .
Pittsburgh & W est Virginia Gas C om pany..... ........... 37,500 C om .
Pittsburgh & W est Virginia Gas C om pany__________ 7,500 Pref.
T ho Chartiers Valley Gas C om pany________________ 29,850
“
“
The Philadelphia Com pany o f West Virginia_______ 20,000
Pennsylvania Natural Gas C om pany________________ 19,«30
“
T ho Union Gas C om pany o f M cK eesp ort.................... 16,000
“
E quitable Gas C om pany......... ...................................
13,927
“
Equitable Gas C om pany.....................
5,975
“
T he Allegheny H eating C om pany__________________
2,664 C om .
M ansfield & Chartiers Gas C om pany_______________
500
“
O il C o m p a n ie s —
Philadelphia Oil C om pany--------------------------------------- 40,020
“
T ho Cosm os Oil C om pany_________________________
2,410
“
A r t i f i c i a l G a s C o m p a n ie s —
T he Consolidated Gas C o. o f the C ity o f Pittsburgh. 80,000
“
T he Consolidated Gas C o . o f the C ity o f Pittsburgh. 2,962 Pref.
South Side Gas C o m p a n y - .............- ........................... 15,212 C om .
I he Braddock Gas & Light C om pany_______________ 5,000
“
E le c tr ic L ig h t A P o w e r C o m p a n ie s —
Duquesne Light C o m p a n y ......... ................................... 215,709
“
Pittsburgh Electric Power C om pany________________
200
“
S tr e e t R a ilw a y C o m p a n ie s —
♦Consolidated Traction C om pany___________________ 286,864
“
♦Consolidated T raction C o m p a n y .i....... ................... .233,117 Pref.
Pittsburgh Railways C om pany...................
50,000
“
Pittsburgh Railways C om pany----------------- ------------ - 50,000 C om .
1 he Beaver Valley T raction C om pany______________ 21,500
“
♦Seventeenth Street Inclino Plane C om pany_________ 5,000
“
Pittsburgh & Beaver Street Railway C om pany_____ 4,700
“
480
“
♦The Morningside Electric Street Railway C o _______
♦Brereton Avenue Street Railway C o ________________
240
“
Frankstown Avenue Extension Street Railway C o ._
240
“
♦Bates Street Railway C om pany_____________________
180
“
♦Pittsburgh Southern Street Railway C om p any_____
162
“
Grant & Liberty Street Railway C om pany__________
150
“
♦Carrick & Baldwin Street Railway C om p any_______
120
“
M is c e lla n e o u s —
Allegheny C ounty Indem nity C om pany_____________
1,000
“
T o ta l
S h a res.
37,500
7,500
29,850
20,000
20,000
16,000
13,927
5,975
4,754
500
40 020
2 410
80 000
4 0 ’000
20i000
5 000
215,709
200
286 980
240 000
50,000
50,000
21,500
5,000
4|700
480
240
240
180
162
15 0
120
1,000
B O N D S OF O T H E R C O R P O R A T IO N S O W N E D A T M A R C H 31ST 1916
T otal A ffiliated Com panies...................
7,123,231 00
Current and W orking Assets:
’
’
Cash at Bank and on H and....................................... $2,624,293 33
Special D eposits......................................
14,025 56
M ortages R eceivable_______________
825 00
A ccounts R eceivable...........................................
574,071 31
458,734 59
M aterials and Supplies_________________________
Unoxpired Insurance___________________________
2,890 78
4,652 24
Prepaid Interest and T axes---------------------------------
A c c o u n W & o : : : : : : : : ................................. ? ?
Unpaid Dividend Scrip, Called F ebruary'ijd
1J1° ......................................................................
19 93
Issu ed and
A m o u n t ow n ed by
P h ila d e lp h ia C o .
T,... ,
,
_
O u ts ta n d in g .
Pittsburgh Railways C om pany, Incom e
$10,000,000 00
Debentures _ _ — --------Pittsburgh Railways C om pany, General
M ortgage B o n d s . . - ..........
1,605.000 00
Pittsburgh & Beaver Street Railway C o .,
First M ortgage B onds..................................
750,000 00
T otal....... ....................
-$12,355,000 00
♦Operated by Pittsburgh Railways Com pany.
$10,000,000 00
1.450.000 00
750,000 00
$12,200,000 00
D IV ID E N D R E C O R D .
1886____
1887____
1888-----1889____
1890____
1891____
1892-----1893
1894
1895____
1896____
1898-----1899____
1900____
1901____
1902-----1903-----1904-----1905-----1906____
1907____
1908____
1909____
1910____
1911____
1912-----1913____
1914____
1915____
1916____
D e c la r e d o n
C om m on
S to c k
5%
12
12
12
7
6
1
____________
4X
____________
6
4
1
2
4X
4*
6
7X
6
6
6
6
6
6
6
6
7
7
7
7
5K
6
P a id o n 5 %
P r e ferre d
S to c k
P a id o n 6 %
C u m u la tiv e
P r e fe r r e d
S to c k
--
--
5%
5
5
5
5
5
5
5
5 .
5
5
5
5
5
5
5
5
--
6%
6
6
P H I L A D E L P H I A O IL C O M P A N Y .
S U M M A R Y OF IN C O M E A N D P R O F IT A N D LOSS F O R T H E Y E A R
E N D E D M A R C H 31ST 1916.
Gross Earnings:
O i l - - . - ................................................................. ..
$276,779 17
493 81
M iscellaneou s_______________________________
T otal Gross Earnings_______________________________
$277,272 98
Opeiating Expenses:
Prospecting and Lease............... .......... ...............
$2,096 96
P roduction__________________________________
71
71,090 18
General and M iscellaneous.
1,093 64
T otal Operating Expenses_________________
a x e s ............................................................................
3,877 493T73
T otal Operating Expenses and T axes.
$74,280 78
5,243 83
79,524 61
N et Earnings__________________________
$197,748 37
Other Incom e— Interest and D iscoun t.
1,124 61
T otal Incom e__________________________
$198,872 98
Deductions From Incom e:
Interest and D iscount_______________
$2,375 0 1
N ew Producing Oil W ells____________
52,696 50
Depreciation o f Property____________
1,864 96
T otal A ccrued Liabilities________________________________ 1,001 68391
C ontingent R eserv e._____ ______________________________
660 902 50
T otal D eduction from Incom e___________________________
56,936 47
Invested Surplus (Tho Philadelphia C om pany o f W est
’
$141,936 51
V irginia)-------------------------------------------------------------- _
q 0 K7 q^q aj N et Incom e for the Y ea r______________________________
Surplus, April 1 st 1915_________________________ I I I I I I I I I I I
28,447 60
P rofit and Loss— Surplus____________________________I I I I I I I 7|ll0l750 2 1
Gross Surplus____________________________________________
$170,384 11
T o ta l.....................................................................................................-$106,418,131 94 D eduction from Surplus— D ividend on C om m on Stock,’ 5 % ” _100,050 00
Suiplus M arch 31st 1916— Per Balance Sheet____________
$70,334 11
R ental----------------------------------------------------------Interest on B ond s------------------------------------Interest on G old Debentures and N otes. I
Interest on Current Liabilities---------------------3
C onsolidated Gas C om pany Guarantee_____
Reserved for Dividends on Preferred S tocks.
r non 00
34(),875 00
w ' K i n s.i
7 1 7 6 6 66
13’ 192 00
162,762 50
[Vol. 102.
THE CHRONICLE
1994
G E N E R A L B A L A N C E S H E E T , M A R C H 31ST 1916
ASSETS.
P roperty and Plant:
O rganization_____
Oil R ig h t s ............
Oil W e l l s . . . ..........
*1,744 57
1,415,095 94
632,498 34
T otal Property and P lant_______________
A ffiliated Companies— A ccounts Receivable.
Current and W orking Assets:
Cash at Bank and on H and_________________
A ccounts R eceivable_______________________
Unexpired Insurance______________________
U nsold O i l . . . .......................................... ............
Prepaid T axes______________________________
.$2,049,338 85
.
223 79
$24,385
1,060
9
4,032
143
80
12
15
65
72
T otal Current and W orking Assets______________________
Deferred A ccount— W ell Drilling In Progress________________
T otal Operating E x p e n s e s........................... $2,512,863 07
T a x e s .........................
160,010 72
29,631 44
1,738 31
T o ta l.............................................. ................................ .................$2,080,932 39
L IA B IL IT IE S .
Capital Stock— 40,020 S h a re s ....................................................... *2,001,000
A ffiliated Companies— A ccounts Payablo__________________
926
Current Liability— A ccounts Payable_______________________
5,884
A ccrued Liability, N o t Duo— T axes_________________________
2,787
P rofit and Loss— Surplus................ ............ .................................. ..
70,334
00
33
64
31
11
T o ta l....... .........................................................................................$2,080,932 39
D U Q U ESN E L IG H T
COM PANY
Office of the Duquesne Light Company,
Pittsburgh, Pa., April ls<
1916.
The B oard of Directors herewith subm it their annual
report for the year ended M a rch 31 st 1916.
Owing to the depression in general business conditions in
the Pittsburgh D istrict which had existed since the inception
of the war in E urop e, no material increase in the C om p an y ’s
business was shown until early in July.
From that tim e
until the end of the year, the dem and for electric current
for ligh t, and especially for power, increased rapidly. This
is shown b y the increase of 6 ,1 4 7 contracts during the year,
representing a lighting load o f 7 ,5 6 6 kilowatts and a power
load of 3 3 ,2 0 0 horsepower. M unicipal lighting shows an
increase of 601 tungsten and 25 4 arc lam ps.
T h e installation of the four 1 8 ,0 0 0 K . V . A . turbo-gener
ators a t B runot Island, and the extension to the cable
transmission system (made during the previous y e a r ),
provided additional capacity to take care of the increased
load due to the above m entioned im provem ent in business,
although the entire system was taxed to its lim it to do so.
On account of these conditions it was im possible to close
down a ny of the smaller power stations, as the capacity
o f these plants was required to assist in carrying the load.
In order to m eet the rapidly increasing dem and for current,
the C om p an y has found it necessary to increase the capacity
o f the Brunot Island Power Station b y the installation of a
4 0 .0 0 0 K . W . cross-com pound turbine unit and an additional
1 8 .0 0 0 K . Y . A . turbine unit.
These turbines, and the
necessary auxiliary equipm ent, are now under order, w ith
delivery promised for Septem ber of this year.
It is fully
expected to have this installation in operation in D ecem ber
19 16 .
There is also under contract a submerged storage pit,
the use o f which will more safely provide for the storage of
coal, large quantities of which are purcnased during the
sum m er at which tim e it can be m ost advantageously ob
tained.
A m aterial reduction in the cost of generating electrical
energy has been effected at B runot Island Station , duo to the
new large units installed there.
Owing to the reduction in generating costs and the con
centration of the customers of our distribution sy stem , the
C om p an y has m ade a reduction of ten per cent in the rate
to dom estic consumers.
D uring the year construction of the high-voltage steel
tower line to the Beaver V a lley was started.
I t is expected
that this lino will bo in service within the next year and that
power will be supplied from B runot Island over it to the
B eaver C ou n ty Light C om p an y , T h e Beaver V a lley T rac
tion C om p an y and the entire Beaver V a lle y . This is a
very rapidly-growing district from which it is expected that
a very largo power load will bo secured.
D uring the year tno employees of the C om p any were
afforded an opportunity to subscribe for a lim ited am ount
o f tho Seven Per Cent C um ulative Preferred Stock o f the
C om p an y , a large num ber o f w hom availed themselves of the
offer.
D uring the year $ 2 ,5 0 0 ,0 0 0 of T h ree-Y ear Convertible
N o te s were sold to m eet the paym ent of the $ 2 ,5 0 0 ,0 0 0 OneY e a r N o te s which were due January 31st 19 16 ; this issue of
T h ree-Y e ar Convertible N o te s, together w ith $ 2 ,5 0 0 ,0 0 0
of such notes theretofore outstanding, created a total of
$ 5 ,0 0 0 ,0 0 0 T h ree-Y ear Convertible N o te s , of which $ 4 ,
3 7 9 ,0 0 0 have been converted into Seven Per C ent C u m u
lative Preferred Stock of the C om p any a t par.
T ho Pennsylvania Light & Power C om p an y is being
operated separately from the D uquesne Light C om p any
and its General Balance Sheet and Statem ent of Incom e
and P rofit and Loss will be found herewith.
A ccom p anying this report are statem ents showing the
financial condition o f the C om p an y .
F o r the B oard ,
J A M E S D . C A L L E R Y , President.
S U M M A R Y OF IN C O M E A N D P R O F IT A N D LOSS F O R T H E Y E A R
E N D E D M A R C H 31ST 1916.
Gross Earnings__________________________________________________ $5,368,025 17
Operating Expenses:
_
P rod u ction___________________________________ $1,300,423 64
Transmission and D istribution_______________
456,712 22
Custom ers’___________________________________
67,413 48
M unicipal Street L ighting-----------------------------84,886 82
L a b o r a to r y __________________________________
21,803 22
187,321 58
C om m ercial...................
General and M iscellaneous.................................
389,481 68
Steam H eating.......................................................
4,820 43
T otal Operating Expenses and T axes___________________ 2,672,873 79
N et Earnings_________
$2,695,151 38
Other Incom e:
Dividends and Interest on Stocks and Bonds
O w n e d _____________
$54,214 78
Interest and D iscoun t_______________________
170,171 60
T otal Other In com e________________________________________
224,38638
T otal I n c o m e .......................................— .................................... — $2,919,537 76
D eductions From Incom e:
Rent o f Leased Properties___________________ $173,036 40
Rent o f Power S tations---------------------------------291,236 42
Interest and D iscoun t_______________________
163,314 08
M iscellaneou s_______________________________
23,535 32
T otal Deductions from In com e_____________________________
651,122 22
N et Incom e Before D educting Fixed Charge------------------------------$2,268,415 54
Fixed Charge—-Interest on Funded D o b t----------------------------------76,681 40
N et Incom e After D educting Fixed Charge______________________ $2,191,734 14
Other Deductions:
Discount, Taxes and Exponses in connection
with the sale o f Securities_________________ $306,242 69
Im provem ents and Betterments written o f f . .
24,436 77
246,567 95
Provision for D epreciation__________________
T otal Other D eductions____________________________________
577,247 4 1
N et Incom o for the Y e a r________________________________________ $1,614,486 73
Surplus, April 1st 1915___________________________________________
571,11671
Grass Surplus___________________________________________________ $2,185,603 44
Deductions from Surplus:
Dividends on Preferred S tock------------------------- $205,701 69
Dividends on C om m on S tock________________ 1,264,706 32
Deferred A ccoun t, Im provem ents and Better
ments, written o f f _________________________
95,774 17
T otal D eductions from Surplus__________________________ 1,566,182 18
Surplus, M arch 31st 1916— Per Balanco Sheet................................. $619,421 26
G E N E R A L B A L A N C E S H E E T M A R C H 31ST 1916.
ASSETS.
Property and Franchises-------------------------------------------------------------$12,428,938 38
Stocks and Bonds o f Other Companies (including thoso duo
from Philadelphia C om p any)__________________________________11,794,867 56
A ffiliated Companies:
N otes Receivable (including those duo from
Philadelphia C om p a n y )___________________ $1,511,185 00
A ccounts R eceivable___________ _________ —
293,707 37
T em porary Loans____________________________
45,000 00
___ ___
Capital Stock Subscription o f Philadelphia
C o m p a n y__________________________________ 3,500,000 00
T otal Affiliated Com panies....................................... .............. 5,349.892 37
Current and W orking Assets:
_
Cash at Bank and on H and---------------------------- $2,212,748 25
A ccounts R eceivable-----------296,578 33
M aterials and Supplies---------------------------------747,095 52
Unexpired Insurance________________________
17,412 95
Prepaid A ccou n ts____________________________
13,511 38
T otal Current and W orking Assets___________________ 3,287,346 43
______ ____
Deferred A ccoun t:
_
Unam ortized D eb t D iscount and Expense___________________
25,047 00
T otal..........................................................................................$32,886,091 74
L IA B IL IT IE S
Capital Stock:
C om m on— 215,709 Shares__________________ $21,570,900 00
Preferred 7 % Cum ulative— 53,790 Shares— 5,379,000 00
$26,949,900 00
T otal Capital S tock _____________________
Three Yoar 5 % Convertible Gold N otes, dated
__
February 1st 1 9 1 5 .........................................................- ...............
621,000 00
A ffiliated Companies:
A ccounts Payablo____________________________ $110,599 03
C ontract for Purchase o f Brunot Island
Property___________________________________ 3,500,000 00
52,500 00
Interest on Brunot Island Purchase________
T otal A ffiliated Com panies....... ........................................... 3,663,099 03
Current Liabilities:
_
Accounts Payablo------------------------------------------- $249,254 93
Consum ers’ A dvancos---------------------------------31,841 4 1
T otal Current Liabilities_________________________________
281,096 34
Accrued Liabilities, N o t Due:
T a x e s .................. ’ . . ................................................ $214.905 10
R entals______________________________________
50,541 5£
Interest on Funded D e b t -------------------------------5,175 00
Interest on Em ployees’ Stock S ubscrip tions..
6,228 25
Reserved for D ividend on Preferred S tock—
62,755 00
T otal Accrued L iabilities_________________________________
339,605 02
Depreciation Reservo-------------------------------------------------------------------411,970 09
P rofit and Loss— Surplus--------------------------------------------------------------619,421 26
T o ta l..................................
$32,886,091 74
S T A T E M E N T OF F U N D E D D E B T OF L E A S E D A N D S U B S ID IA R Y
C O M P A N IE S M A R C H 3 IS T 1916.
Issu ed
■
and
O u ts ta n d in g .
M onongahela Light & P ow . C o .$ l
T ho Allegheny C o. Light C o ___
East End E lectric Light C o -----T he Southern H eat Light &
Power C om p any---------------------T he Pennsylvania L igh t, Heat
& Power C o ___________________
Beaver C ounty Light C o ______
Valley E lectric C o ....... ....................
A m ount
O w n e d bu
D u qu esn e
L ig h t C o .
A m ount
i n th e
H ands
o f P u b lic .
$1,700,000 00
,700,000 00
500,000 00
500,000 00
$566,000 66
500.000 00
300,000
247.000 00
00
53,000 00
150,000
00
*16,500 00
525,060 60
300,000 00 *53,000 00
150.000 00
608,500 oo
247.000 00
T o ta l............................................ $3,975,000 00 $1,316.500 00 $2,658,500 00
S C H E D U L E O F C A P IT A L S T O C K S H A R E S OF O T H E R C O R P O R A
T IO N S O W N E D A T M A R C H 31ST 1910.
, ,
Shares
Total
O w n ed .
Pennsylvania Light & Powor C o ------------------------------ 16,994 C o m .
T he Allegheny C ounty Light C o ..................................- 15.000
Beaver C ounty Light C o ...................
7,000
Southern Heat, Light & Power C o __________________
6,000
Diam ond Light & Power C o ............................................
1.881
M idland E lectric Light & Power C o — ............
100
Brunot Island Brldgo C o ____________________________
50
143 Miscellaneous Electric Light & Power Companies 9,000
Virginia & Ohio Securities C orporation--------------------- 3,000 Prof.
* Owned b y Beaver C ounty Light C om pany.
S h a res.
17,000
15,000
7,000
0,000
1*881
100
50
2*599
3,000
may
27 1916.]
THE CHRONICLE
Y ear ended M arch 31st 1916.
C O M M E R C IA L D E P A R T M E N T .
A t the closo o f the year the Com pany had In fo rce ----------51,633 contracts
An Increase during the year o f ----------------------------------------- 6,147 contracts
Representing an increased power load o f -------------------------33,200 horse power
A nd an increased lighting load o f .................... - ................. - 7,566 kilowatts
C ontracts were m ade fo r _______________________________
146 now signs
Using the equivalent o f -------------------------------------------------- 24,571 4 - c .p .lamps
Our municipal lighting
increases during the year:
A rc
600
400
2 50
100
80
business
shows
the
Lam ps____
c. p. series Nitrogen Tungsten Lamps.
c. p . series
c. p. series
c. p. series
c. p. series
follow ing
.254
. 4
. 51
243
291
. 12
19 95
L IA B IL IT IE S .
Capital Stock— 17,000 Shares........... ............................................. $850,000 00
T he Pennsylvania Light, Heat & Power C om pany, First
M ortgage 6 % , 15-Year B onds, D uo April 1st 1916_________
150,000 00
A ffiliated Com panies— A ccounts Payable__________ _________
7,955 71
Current Liabilities:
Accounts Payable____ ________ ______ ________
$2,923 33
2,322 10
Consumers’ A dvances_______________________
M atured Funded D ebt U npaid_____________
20,000 00
T otal Current L iabilities.......................................................
Accrued Liabilities, N o t Due:
T a x e s -------- ----------------------- ----------------------------$18.062 20
Interest on Current Liabilities...........................
22 09
$25,245 43
T otal Accrued L iabilities.
P rofit and Loss— Surplus_______
18,084 29
220,959 07
Total.
$1,272,244 50
D E P A R T M E N T OF D IS T R IB U T IO N .
During tne year 121 high tension transformers having a
total capacity o f 2 9 ,1 7 0 K . V . A . were installed in new sub
stations for large power and lighting installations and to
increase the capacity o f existing su b-station s.
T hirty-four
similar transformers of 7 ,7 5 0 K . V . A . total capacity were
rom oved, leaving a net increase o f 2 1 ,4 2 0 K . V . A . , which
was required to tako care of the growth in business.
F o rty-fiv e switchboard panels carrying 8 6 oil switches
wore installed a t new sub-stations and to replace equipm ent
in present stations which had becom e inadequate to handle
the greatly increased loads, and 23 arc regulators Avero also
installed in the various sub-stations.
There was added during tne year 9,9 0 1 feet of subw ay,
consisting o f 1 1 5 ,3 7 5 duct feet of conduit in various parts
of the system .
During the year there were constructed:
P IT T S B U R G H R A IL W A Y S
COM PANY.
Office of the Pittsburgh Railways Company,
Pittsburgh, Pa., April ls< 1916.
T h e Board of Directors herewith subm it their annual report
for the year ended M a rch 31st 1916.
In the early part of the year, business conditions in the
territory served b y the lines o f the railways system were
m uch depressed, but during the latter part of the year,
owing to the m aterial im provem ent in business conditions,
the gross earnings of your C om p an y for the year 1916 show
an increase o f $ 4 5 5 ,1 2 9 9 8 over the preceding year.
D uring the year, b y the use of im proved m achinery and
the com pany doing the work which was form erly done by
contract, a m aterial saving has been effected in the m ain
tenance o f w ay work of the com p any, and the tracks and
other property of the com pany are in as good, or better,
High tension aerial lines__________________________________________ 17.5 miles
condition than at the same tim e last year.
.3 and 4 wire 2,200 volt power lines____________________
19operating
miles
2.200 volt lighting lines__________________________________________ 32
miles
There has been expended during the year $ 7 4 2 ,2 0 2 09 for
A rc lines_________________________________________________________80.8 miles
L ow tension distributing lines_____________________________________ 2
miles im provem ents, betterm ents and extensions on the properties
High tension underground cable__________________________________ 12
miles operated b y the C om p an y , of which $ 3 2 4 ,2 1 5 3 5 has been
High tension aerial ca b le__________________________
2.2 miles
2.200 volt single-phase cablo_______________________________________2.7 miles charged to Capital A ccounts o f this and subsidiary com
2.200 v olt polyphase power ca b le......................................
4.4 miles and $ 4 1 7 ,9 8 6 74 has been charged against the Incom e
panies,
A rc cable__________________________________________________________4.7 miles A ccount for the year on account o f extraordinary expendi
L ow tension distributing cable..............................................................
4.2 miles
tures for im provem ents, replacements and re-alignm ents;
T h e number of additional now poles set during the year there has also been charged to the Incom e A ccount $ 9 1 ,
was 4 ,0 5 4 .
2 7 7 69 as am ortization o f the deferred account for the same
class of w ork.
E L E C T R IC L IG H T IN G A N D P O W E R S T A T IS T IC S .
There has been expended in the M aintenance of W a y
Y e a r E n d e d M a r c h 31sl—
1914.
1915.
1916.
.
64,300
84,900
107,500 D epartm ent during the year $ 1 ,0 2 6 ,6 7 1 6 8 for ordinary
.
3,284
3,347
3,497 m aintenance work; some large reconstruction jobs were
N um ber o f miles o f transmission lines____.
216
231
250
N um ber o f miles underground con du it___.
55.8
62.3
64.3 com pleted a t an expense considerably under the estim ates
N um bor o f custom ers___________________
43,097
48,486
54,633 owing to the economical handling of m aterial and the use
N um ber o f incandescent lamps supplied
(50 W a t t ) _____ ___________ _____________
1,187,206 1,338,348 of electric shovels and other labor-saving m achinery.
T ota l capacity o f m otor supplied, H . P ___.
57,466
70,224
103,241
During tho year contracts were entered into w ith the S t.
N um ber o f arc lamps supplied______
5,838
6,092
5,660
Louis Car C om p any for the construction of fifty double-end,
double-truck, low-floor type of m otor cars, and seventy-five
double-end, double-truck trail cars; w ith the Cincinnati Car
C om p any for one hundred double-truck, single-end, low -floor
P E N N S Y L V A N IA L IG H T & P O W E R C O M P A N Y .
typ e o f m otor cars, and with the J. G . Brill C om p any for
S U M M A R Y OF IN C O M E A N D P R O F IT A N D LOSS F O R T H E Y E A R
fifteen double-truck, double-end, low-floor type interurban
E N D E D M A R C H 31ST 1916.
cars. These 24 0 cars will be delivered some time during the
Gross Earnings................................... - ..............................- ............... $190,060 65 com ing year and will replace at least an equal num ber of
Gperatlng Expenses:
single truck cars and adm it of a better distribution of the
Power Purchased____________________________
$63,922 68
Production............................... ......................... ..
6,891 35
cars at present in use.
T h e new cars will afford better
Distribution........................................- ...................
15,303 39
service to the public and will also effect furtner economies
Customers’___________________________________
2,335 67
C om m ercial---------------------------------------------------6,404 55
in operation and m aintenance costs.
General and M iscellaneous______ _____ _____
9,032 10
N ew property for the erection o f car houses has been
Total Operating Expenses_____________
$103,889 74
secured in Ingram and Carrick. A tem porary car house has
T a x e s .............................................................................
15,623 31
been erected on the Ingram property, and the old W e st End
T otal Operating Expenses and Taxes....... .......................
119,513 05 car house has been practically abandoned for operating
purposes.
Owing to tho rapid change from the single-truck
N et Earnings...........................- ............................................................
*70,547 60
to the double-truck cars, m an y changes will be necessary in
O ther Incom e:
the operation o f the car houses.
Rental o f Real Estate and Buildings................
$2,265 61
Interest and D iscoun t_______ _____ ___ _____
5,373 36
N e w loops for turning single-end cars and a rearrangement
M iscellaneous_______________________________
5 12 .
o f the service wero constructed a t W o o d and T ioga Streets,
T otal Other In com e............................................................. ..
7,644 09 Sixty-Second and Butler Streets and at N eeld A ven u e.
A ll
three o f these loops enable the com pany to save mileage and
T o ta l I n c o m o - ...............................................................................$ 78,19169
D eductions From Incom e:
to increase the service between the dow n-tow n section of the
Interest and D iscoun t_______________________
$1,077 81
city and the city line, where the servico is m ost needed.
M iscellaneou s.....................
1,014 74
T h e reduction in mileage and tho consequent saving there
T otal D eductions from In com e
...................... ............
2,092 55 from , effected through the operation of these loops, has fully
justified the recommendations of the operating departm ent.
N et Incom o Boforo D educting Fixed Charge........................ $76,099 14
Fixed Charge— Interest on Funded D e b t......................................
8,772 40
Shortly after the first o f the fiscal year the conferences with
N et Incom o After D educting Fixed Charge.................................
$67,326 74 the city adm inistration, referred to in last year’s report,
Other Deductions:
resulted in an adjustm ent of street cleaning charges and car
Depreciation o f Property— ...........................
$30,000 00
and polo taxes in a manner satisfactory to both parties; but
Im provem ents and Bettorments, written o f f .
3,325 63
the city administration declined to grant additional rights
T otal Other D eductions______________________________
33,325 63 for curves and new tracks which in our opinion w ould have
Surplus for tho Y ea r.............................................................................
*34,001 11 been beneficial to our patrons and also have facilitated the
Surplus, April 1st 1915................ __ .........................................
186,957 96 operation o f cars through the congested portion of the c ity .
T h e power supplied by tne D uquesne Light C om p an y has
Surplus, M arch 31st 1916— Per Balance Sheet___________________ $220,959 07
been reliable and satisfactory.
In Alleglieny a new sub
station has been built on T aggart Street, which is now ready
G E N E R A L B A L A N C E S H E E T , M A R C H 31ST 1916.
for operation.
ASSETS.
Owing to the advance paid b y mills and factories for labor
Property and Franchises.................. ...................................... .......... «682 507 qo
Stocks o f Other Companies Owned__________________________
297 000 00 in this vicin ity, as well as new contracts m ade in other parts
A ffiliated Companies—-Accounts R eceivable____________________
'626 18
of the country, the indications are that your com pany will
Current and W orking Assets:
Cash at Bank and on H and________
$279,794 90
be obliged to advance tne wages o f its m otorm en and con
Accounts R eceivable....... ....................................
6,634 57
ductors. T h e present scale o f wages for this class of labor
Materials and Supplies..........................................
4,030 16
Unoxpired Insurance.........................— ............
832 72
expires M a y 1st 1916.
Prepaid A ccoun ts____________________________
758 07
W ith this report will be found the General Balance Sheet
Total Current and W orking Assets________
292,050 42 and Incom e and Profit and Loss Statem ent.
For the B oard,
T otal.................................................................................................. $1,272,244 60
J A M E S D . C A L L E R Y , President.
THE CHRONICLE
19 96
N ote .— On M a y 2d 1916 after a strike of less than two
days duration, the scale of wages of motormen and con
ductors was adjusted through tho aid of the M ayor of the
City of Pittsburgh and at the urgent solicitation of tlie M er
chants’ Association and tno Newspaper Publishers’ Associa
tion, on the following basis:
Old
S c a le .
_23>£c. per hour
.25c.
“
“
_26Mc. “
“
.28c.
“
“
.29c.
“
"
,30c.
“
“
N e w S c a le ,
E ffe c t iv e
M a y 1 1916
27c. per hour
29c. “
“
31c. “
“
33c. “
“
34c. “
“
35c. “
“
GENERAL BALANCE SHEET M ARCH 31ST 1916.
[Vol . 102.
Deductions From Income:
Rent of Leased Properties__________________$2,850,726 51
123,804 46
Interest on Current Liabilities_____________
Total Deductions from Income_______________________
Net Income After Deducting Fixed Charge------------------------- $1,224,186 72
Other Deductions:
Interest on Income Debentures____________ $600,000 00
Depreciation of Materials and Supplies--------3,314 19
91,277 69
Deferred Account, portion written off---------Extraordinary Expenditure for Improvements,
Replacements and Realignments during
the year________________________________
417,986 74
Total Other Deductions______________________________ 1,112,578 62
Net Incomo For the Year_________________________________
Surplus, April 1st 1915____________________________________
ASSETS.
2,974,530 97
Net Income Before Deducting Fixed Charge------------------------$1,613,292 55
Fixed Charge— Interest on Funded Debt___________________
389,105 83
$111,608 10
627,273 57
Property and Franchises_____________________________________$14,816,89697 Gross Surplus____________________________________________ $738,881 67
Bonds of Pittsburgh Railways Company in Treasury----------------- 4,395,00000 Deductions From Surplus:
89,664 64
Stocks and Bonds o f Other Companies Owned----------------------------- 9.620,73132 Loss on North Side Bridge Company S tock..
7 50
Miscellaneous_____________________________
Affiliated Companies:
_
_
Notes Receivable__________________________ $1,259,330 23
_________________
89,672 14
Total Deductions from Surplus.
Accounts Receivable_______________________
18,916 86
Temporary Loans__________________________
109,500 00
Surplus March 31st 1916— Per Balanco Sheet---------------------- $649,209 53
Advances for Construction--------------------------356,182 02
SCHEDULE OF CAPITAL STOCK SHARES OF OTHER CORPORA
Total Affiliated Companies__________________________ 1,743,929 11
TIONS OWNED AT M ARCH 31ST 1916.
S h a re s
T o ta l
Current and Working Assets:
_
O w n ed .
S h a res.
Cash at Bank and on Hand_________________
$78,708 85
United Traction Company of Pittsburgh----------------340,000 Com. 340,000
Accounts Receivable_______________________
166,090 65
AVest End Traction Company_____________________ 50,000 I’ ref. 50,000
Mortgage Receivable----------------------------------12,500 00
West End Traction Company_____________________ 50,000 Com. 50,000
489,883 48
Materials and Supplies______________________
Pittsburgh & Charleroi Street Railway C o -------------- 50,000
“
50,000
Unoxpired Insurance_______________________
47,037 13
M t. Washington Street Railway Company________ 30,000
“
30,000
Prepaid Accounts__________________________
41,999 37
Washington & Canonsburg Railway C o----------------- 20,000
“
20,000
McKeesport Street Railway C o---------------------- 5,000
“
5,000
Total Current and Working Assets__________ _______
836,219 48 East
‘
5,000
Allegheny BoIIovuo & Perrysvillo Railway C o--------- 5,000
lien Avon & Emsworth Streot Railway C o-------------- 2,000
“
2,000
Deferred Account:
Extraordinary Expenditures for Improvements, Replace
Pittsburgh Canonsburg & YVashington Railway C o .. 1,590 “
1,590
ments and Realignments_________________________________
772,98224 Pittsburgh Express Company-------------------------------- 1,400
“
1,400
Clairton Street Railway C o----------------------------------600
‘
600
500
“
500
T otal.......................................................... 1....................- ........... $32,185,759 12 AVest Shoro Electric Street Railway C o____________
AVashington & Claysvillo Street Railway C o-----------480
“
480
Pittsburgh Banksvillo & M t. Lebanon Street Ity. Co.
400
“
400
McKees Rocks & Ingram Street Railway Co----------400
“
400
L IA B IL IT IE S .
300
300
Allenport & Roscoo Electric Street Railway C o.........
Capital Stock
„
McKees
Rocks
&
Neville
Island
Street
R
y.
C
o------300
300
Common, 50,000 shares___________________ $2,500,000 00
200
200
Rosslyn Street Railway C o----------------------------------Preferred, 50,000 shares.................................. 2,500,000 00
Bon Air Street Railway C o----------------------------------174
174
Pine Run Street Railway C o--------------------168
lb8
Total Capital Stock.............................................................. $5,000,000 00 McKees
Rocks & Allegheny Street Railway C o.........
160
160
Ambridge Dixmont & Emsworth Street Ry. C o-----120
120
Funded Debt:
General Mortgago 5% 40-yoar Gold Bonds,
Crafton & Charticrs Valley Traction C o.....................
120
120
dated March 31st 1913___________________ $6,000,000 00
120
120
Clairton & Blair Street Railway C o............................
Income Debentures 6 % , dated March 31st
Virginia Avenue Street Railway C o---------------------120
120
1913, Maturing April 1st 1953___________ 10,000,000 00
AVest Liberty & Suburban Street Railway Co--------120
120
Equipment Trust Bonds___________________
520,000 00
100 Pref. 240,000
Consolidated Traction C o. ........................................ Southern Traction Company First Mortgago
Carnegio Bridge C o______________________________
100 Com.
100
and Collateral Trust 5% 50-year Gold
Cedar Avonuo Street Railway C o_________________
80
80
Bonds, dated October 1st 1900__________ 4,000,000 00
Superior Avenue & Shady Avenue Street Ry. C o—
80
3
80
West End Traction Company, General Mort
Tustin Street Railway Co________________________
24
‘
24
gago 5% 40-year Bonds, dated January 1st
BONDS OF OTHER CORPORATIONS OAVNED AT M ARCH 31 1916
981,000 00
1898 .......................................... ......................
O w n ed by
Is s u e d
Pittsburgh & West End Passenger Railway
P ittsb u rg h
and
Company First Mortgago 5% 30-year
R a ilw a y s C o.
O u tsta n d in g .
Bonds, dated July 1st 1892-------------------- 343,000 00
Allenport & Roscoe Electric St.
Pittsburgh Crafton & Mansfield Street Rail
$127,000 00
Railway C o______________ First
Mtge. $127,000 00
way Company First Mortgago 5% 30-year
__
45.000 00
45.000 00
Bon Air Street Ry. C o-------------- “
Bonds, dated July 1st 1894---------------------176,000 00
39.000 00
39.000 00
Cedar Avenuo St. Ry. C o--------- “
Coraopolis & Neville Island Bridge Company
______
Superior Ave. & Shady Ave.
6 % 30-year Bonds, dated Sept. 2d 1895—
4,000 00
65.000 00
65.000 00
Street Railway C o-----------“
85.000 00
85.000 00
Total Funded D ebt.........................................- ................... 22,024,000 00 AVest Shoro Elec. St. Ry. C o----Real Estate Mortgages_______________________________________
36,00000 Ben Avon & Emsworth Street
79,000 00
79,000 00
Railway C o.............................. Second Mtge.
522,000 00
Affiliated Companies:
522,000 00
Pittsburgh & Charleroi St. Ry.Co.
“
“
Notes Payablo_____________________________ ^§££’999 99
Pittsburgh Canonsburgh & AVash
Accounts Payable--------------------------------------209,124 04
89,000 00
89,000 00
ington Railway C o-----------*
Interest Accrued on Funded Debt, Not Due. .
602,312 50
AVashington & Canonsburg Railn
i(
185,000 00
185,000 00
way
C
o___________________
‘
_______________
Total Affiliated Companies_______________________________ 1,686,43654
Total.................................................................. $1,236,000 00 $1,236,000 00
Current Liabilities:
$1,165,000 00
Notes Payable---------------------------Accounts Payablo__________________________
321,554 70
T H E B E A V E R V A L L E Y T R A C T IO N C O M P A N Y .
Total Current Liabilities_________________________________
Accrued Liabilities, Not Duo:
Taxes
...............- ................................ $586,570 71
R e n t a l s !::::............................ - ..................... 651,182 90
Interest on Funded Debt----------------------------20,922 50
Interest on Current Liabilities--------------------438 51
1,486,55470 SUM M ARY OF INCOME AND PROFIT AND LOSS FOR THE YEAR
ENDED M A RCH 31ST 1916.
Gross Earnings From Street Railway Operations---------------- $348,698 56
Operating Expenses:
Maintenance of AVay and Structures-----------$20,661 90
Maintenance of Equipment..............................
27,165 19
Traffic
2,178 48
Total Accrued Liabilities---------------------------------------------- 1,259,114 62
pow er.
.........................................
38 .ooe 3 5
Contingent Reserve. .......................- ............. - ..........................
c ln ’onn co
Transportation.............................
§v’nn9 7 p
Profit and Loss— Surplus--------------------------------------------------------649,20953 General and Miscellaneous_________________
3 7 <t>
Total.............
$32,185,759 12
N o te .— T h o P i t t s b u r g h R a i l w a y s C o m p a n y h a s a c o n t i n g e n t l i a b i l i t y
f o r t h o f o llo w in g B o n d s , g u a r a n t e e d b o t h a s t o p r in c ip a l a n d i n t e r e s t :
P itts b u r g h C a n o n sb u r g & W a s h in g to n R a ilw a y C o m p a n y ,
F irst M o r t g a g o 3 0 - y e a r 5 % G o l d B o n d s , d a t e d J u l y 1 1 9 0 7 . $ 7 5 0 ,0 0 0 0 0
W e s t L ib e r t y & S u b u rb a n S tr e e t R a ilw a y C o m p a n y F ir s t
M o r t g a g o 3 0 - y e a r 5 % G o l d B o n d s , d a t e d J a n . 1 s t 1 9 0 8 -------2 5 0 ,0 0 0 0 0
S U M M A R Y O F IN C O M E A N D P R O F IT A N D LO SS F O R T H E Y E A R
E N D E D M A R C H 3 1 S T 1916.
G r o s s E a r n in g s f r o m S t r e e t R a i l w a y O p e r a t i o n s ..............................$ 1 2 , 1 2 3 , 2 7 5 6 0
O p e r a t in g E x p e n s e s :
M a i n t e n a n c e o f W a y a n d S t r u c t u r e s ....................... $ 1 , 0 2 6 , 6 7 1 6 8
M a i n t e n a n c e o f E q u i p m e n t .............................................
6 1 9 ,8 8 b 3 3
Traffic
27,920 14
Power — : : : : : ............................................ 1 , 1 5 9 , 6 3 0 5 0
T r a n s p o r t a t io n ---------------------------------------------------? ’9 9 o ’o n o n c
G e n e r a l a n d M i s c e l l a n e o u s ---------------------------------------
T o t a l O p e r a t i n g E x p e n s e s ------------- ------------T a x e s ...................
T o t a l O p e r a tin g E x p e n s e s
221,379 66
Net Earnings From Street Railway Operations......................... $127,318 90
Auxiliary Operations:
Gross Earnings---------- . . . -------------------------811,926 50
Operating Expenses and laxes------------------15,213 09
3,288 13
Net Deficit.
Total Net Earnings_______________________________________
Other Income:
9“
Interest and Discount-------------------------------Miscellaneous-------------------------------------------- __-------- ^
$124,030 77
Total Other Income-----------------------------------------------------
2^4 82
Total Income------- -------------------------------------------------------------- $124,265 59
Deductions From Income:
$6,291 24
Rent of Leased Properties.
14,187 61
Interest and Discount----75 04
Miscellaneous-----------------
1 ,3 4 3 ,8 9 0 9 5
$ 7 ,2 4 3 ,3 8 7 8 9
4 4 7 ,5 1 5 7 4
7 ,6 9 0 ,9 0 3 6 3
Total Deductions from Incomo------------------------------------
20,553 79
N e t E a r n i n g s F r o m S t r e e t R a i l w a y O p e r a t i o n s ......................................$ 4 , 4 3 2 , 3 7 1 9 7
A u x ilia r y O p e r a tio n s:
G r o s s E a r n i n g s ............................................... .......................$ 1 4 5 ,4 7 8 2 1
O p e r a t i n g E x p e n s e s a n d T a x e s ----------------------------9 7 ,4 6 1 51
Net Incomo Before Deducting Fixed Chargo---------------------Fixed Charge— Interest on I<unded Debt-----------------------------
8103,711 80
76,301) DU
Net Income After Deducting Fixed Charge...............................
Other Deductions:
„
Extraordinary Expenditures for Improvomonts and Replacements, written off--------$19,157 l i
Discount on Securities Sold-------------------------0,5
$27,411 80
N ot
a n d T a x e s ............... ............................
Total Operating Expenses------------------------ ^2 9 ?’S9t>
__ _______________________
11,010 Tt
Taxes
Total Operating Expenses and T a x e s ................................
E a r n i n g s ___________________________________________________________
4 8 ,0 1 6 7 0
T o t a l N o t E a r n i n g s __________________________________________________________$ 4 , 4 8 0 , 3 8 8 6 7
O th e r In c o m e:
•
______________
R e n t a l o f R e a l E s t a t o a n d B u i l d i n g s ......................
$ 8 7 ,3 0 7 9 3
I n t e r e s t a n d D i s c o u n t _______________________________
1 9 ,8 2 2 2 0
M is c e l l a n e o u s I n c o m e _______________________________
304 72
Total Other Deductions______________________________
19,373.74
1 0 7 ,4 3 4 8 5
Surplus for tho Year----------------------------------------------------------Surplus, April 1st 1915--------------------------------------------------------
no’qqc 9 k
J2,33o 68
T o t a l I n c o m e ___________________________________________________________________ $ 4 , 5 8 7 , 8 2 3 5 2
* Surplus March 31st 1916— Per Balance S h e e t ........................
$100,373 74
T o t a l O t h e r I n c o m e ___________________________________________________
May 27 1916.1
THE CHRONICLE
GENERAL BALANCE SIIEET M ARCH 31ST 1016.
ASSETS.
Property and Franchises__________________________________ $2,535,010 20
Bonds o f tho Beaver Valley Traction Company in T roasury..
100,000 00
Stocks of Other Companies Ownod___________________________ 245,748 04
Affiliated Companies— Accounts Receivable________________
1 ,7 3 2 48
Current and Working Assets:
Cash at Bank and on Hand_________________
$21,569 66
Accounts Receivable______________________
132,641 63
Materials and Supplies_____________________
35,606 76
1,504 61
Unoxpired Insurance.......................................
1997
Fixed Charge— Interest on Funded Debt...................................
37,500 00
f? r the Year.......................................................................
Deficit. April 1st 1915............................ ......................................
$35.037 93
201,432 84
Deficit March 31st 1916— Per Baianco Sheet.............................
$236,470 77
GENERAL BALANCE SIIEET M ARCH 31ST 1916.
„
ASSETS.
Iroperty and Franchises......... ............................... ................. $1,075,221 38
Stocks °? Other Companies Owned.______ ________ ________
450 00
Affiliated Companies:
Total Current and Working Assets____________________
191,322 66
Account Receivable________________________
$151 20
Deferred Account:
35000
Temporary Loan____________________ 1111111
Unamortizod Discount on Securities Sold____________________
16,28337 Advance for Construction____ I .I I I I I I I I I I I
6 ,4 4 7 56
Total Affiliated Companies_________ ____
6 948 76
Current and Working Assets:
'
Cash at Bank and on Hand__________
8958 4 4
Capital Stock— 21,500 Shares-------------------------------------------------- $1,075,00000 Accounts Receivable___________________ 3 09
Funded Debt:
Materials and Supplies____________________ I
9 3 8 62
First Consolidated 5% 50-year Gold Bonds,
dated October 1st 1900_______________
$675,000 00
Total Current and Working A ssets..
1 600 15
General Mortgago 5% 50-year Gold Bonds,
Profit and Loss— Deficit__________ ________________ I I I I I I I
236U70 7 7
dated November 1st 1903 .............................
957,000 00
Total...................................... - ................- ................................. $1,320,691 06
. f, „ £ ? i ¥ Companies:
Z unded, Dobt.................................................................... 1.632,00000
Affiliated
_ , .
L IA B IL IT IE S .
Temporary Loan................................................. $232,000 00
Capital Stock— 4,700 Shares____________________________
$235 000 00
Accounts Payable____________
1 ,4 4 5 60
? 1i?.t, MoTtgage
50-Year Gold Bonds, dated July" 1st 19081
75(L000 00
Interest Accrued on Bonds,Not Duo................
2,750 00
Affiliated Companies:
Temporary Loan...............................................
$115,000 00
Accounts Payable__________________________
9,543 20
Total Affiliated Companies_______ ____________________
236,195 60
Current Liabilities— Accounts Payable_____________________
16.339 53
Interest Accrued on Bonds, Not Due________
9,375 00
Accrued Liabilities, Not Due:
$12,385 91
T axes...................................... ...........................
Total Affiliated Companies___________________
1 3 3 9 1 8 20
Rentals.........................
2,697 81
Current Liabilities:
Interest on Bonds__________________________
15,104 16
Notes P ay able.......................
$200,000 00
Accounts Payable_______________
1,331 87
T ° ta! Accrued Liabilities............................................................
30,18788
100,37374
Profit and Loss— Surplus_____________________________________
Total Current Liabilities________________;•______ __
.
201,331 87
Accrued Liability, Not Due— Taxes_______________________
440 99
Total.................................................................................................. $3,090,09675
T o ta l...................................................................................... $1,320,691 06
Total.............................................................................
$3,090,096 75
L IA B IL IT IE S
P IT T S B U R G H
& BEAVER
STREET
R A IL W A Y
CO.
HASKINS & SELLS
SU M M ARY OF ^ C O M E A N B 'P R O F IT AN D LOSS FOR THE YEAR
~
„
.
ENDED M ARCH 31ST 1916.
C e r t ifie d P u b lic A c c o u n ta n ts .
Gross Earnings..................................
c t0 o 1ft KQ
Operating Expenses:
84J.816 o3
CERTIFICATE
Maintenance of Way and Structures...........
.34 4 4 2 26
Wo have audited for tho year endod March 31 1916 tho books and
Maintenance o f Equipment
’
95
accounts of the Philadelphia Company and the following proprietary
26 oo
T r a m c .......................................... : : : : : : : : : : :
natural gas companies and other proprietary operating companies:
Power-------------------------------------------------9 771 79
Propriotary Natural Gas Companies:
Transportation____________________________
jq 9 5 0 4 7
Equitable Gas Company,
General and Miscellaneous________________I
2!i)60 39
Monongahela Natural Gas Company,
1 ittsburgh & West Virginia Gas Company,
Total Operating Expenses.............................
$29,151 16
Ih o Philadelphia Company o f West Virginia.
T ax es.................................................
652 14
Other Proprietary Operating Companies:
Philadelphia Oil Company,
Total Operating Exponsos and Taxes...................................
29,803 30
Duquosno Light Company,
Pennsylvania Light & Power Company,
Net Earnings..................................................................................
$20,013 23
Pittsburgh Railways Company,
Other Income:
The Beaver Valley Traction Company,
Interest and Discount_____________________
S20 34
1 ittsburgh & Beaver Street Railway Company.
Miscellaneous_____________________________
8 75
And Wo Hereby Certify that, in our opinion, the accompanying Sum
Total Other Income________
29 09 maries of Incomo and Profit and Loss and General Baianco Sheets are
correct; and wo further certify that they are in harmony with tho books
Total Income_____________________________________________
$20,042 32 of the Companies.
Deduction From Incomo— Interest and Discount_____I H I I
17,580 25
HASKINS & SELLS,
C e r t ifie d P u b lic A c c o u n ln ts .
Not Incomo Beforo Deducting Fixed Charge________________
$2,462 07
Pittsburgh, Pa., May 18 1916.
PABST BREWING COMPANY
AND
SUBSIDIARY COMPANIES
C E R T IF IE D B A L A N C E S H E E T A N D R E L A T IV E IN C O M E A C C O U N T D E C E M B E R 31 1915.
INCOME ACCOUNT YEA R ENDING DECEM BER
Not Profit from Operation, after providing for Denreciatinn anH oil
_ 1
Dividends and Intorest on Loans and Investments and MIsccHanSouf P rofuL * ^
Together_______________________
D ed u ct — Intorest on Bonds, &c________ I I I I I I I I I I I
31
1915.
....................................."$379 546 84
Add
-------$454,003 89
------- 83,440 82
Net Profit for tho year, carried to Baianco Slieot....................
____________________________
ASSETS.
Properties (at Net Book Values)—
Real Estate, Buildings, Plant and Machin, cry.................................
...$4,156,101 81
City and Outside Properties_______
6,391,364 20
Improvements and Fixtures on Leased
293,994 66
Properties.........................
$10,841,460
Cash in Hands o f Trustees under M ortgage------3,025
I n vestments—•
Sundry Marketable Socuritios and other Investments__
989,803
Sundry W orking Assets—
Moating Cooperage........ ............................... $234,497 61
Bottles, Boxes and Cases...............................
348,866 72
Stores and Miscellaneous Supplies...............
204,894 86
788,259
Current Assets—
Inventories o f Beer and Browing Materials. $598,286 73
Bills and Accounts Recoivablo (Including
Advances for Licenses)—
Bills (secured and unse
cu red)........................... $914,046 47
Accounts
.......................
992,191 29
L e s s — Reserves
for Bad
Debts, Allowances, &c.
67
45
82
155,267 54
Cash in banks and on hand...........................
31
1915.
„
.
L IA B IL IT IE S .
Capital S tock—
7% Cumulative Preferred—
20.000 shares of $100 each ..$2,000,000 00
L e s s — In Treasury...........
44,000 00
$1,956,000 00
Common Stock—
100,000 shares of $100 each$10,000,000 00
L e s s — In Treasury_____
236,000 00
9,764,000 00
First Mortgage 4% Gold B onds.....................$3,000,000 00
L e s s — Redeemed and Canceled..................... 1,218.000 00
19
$1,906,237 76
Deferred Charges—
Insurance and Licenses Unexpired, &c_
.$370,563 07
CONSOLIDATED BALANCE SHEET DECEM BER
1,750,970 22
'409 052 1 3
2,758,309 08
C urrent Liabilities—
Bills Payable— Balance duo on purchase of
Real Estate ---------------------------Accounts Payablo (including Wages, Taxes
and Interest Accrued)..................................
1.782.000 00
S25.00000
306,63263
331,632 63
Reserve for C ontingencies_____________________________
107,544 58
Surplus and Undivided Profits—
Balance at January 1 1915___________ ____ $1,691,435 04
L e s s — Sundry items heretofore credited to
Surplus and now transferred to Reserve
for Contingencies_____________________
39.88107
„
„
$1,651.553 97
Profit for year ending December 31 1915, as
per Income Account attached.................
370,563 07
54,641 04
D e d u c t — Dividends—
Preferred, 7 % .......................
Common, 4 "c ------- -----------
$2,022,117 04
$137,235 00
390,560 00
527,795 00
$15,435,499 25
Wo havo
i*dVRranches t o r t h ° e ° 'y e ^ r " 'e n d ^ D e ^ b o r ^ l^ u s ™ 1^
panics and
i(l Branches tor toe year enaing ucccmber 31 1915, and
and showss tho true financial position of tho combined companies as
Milwaukee, May 23 1916.
$11,720,000 00
1,494,322 04
$15,435,499 25
Company and examined the Statements and Returns from the Subsidiary Comwo certify that tho above Baianco Sheet is, In our opinion properly drawn un
at that dato and that tho rolntivn
Tnonmo Account
Aiwiunt. is correct.
w
‘
1
relative Income
PR ICE , WATERHOUSE & CO.,
C e r t ifie d P u b lic A c c o u n t a n ts .
[Vol. 102
THE CHRONICLE
10 9 8
ury, the par value of which is $100 a share. Each common
stockholder will therefore receive $7 of pref. and $10 of
common stock of the Splitdorf Co. as to each of his $25
shares of Torrington common.
An official announcement says in part:
Whereas your company has retired and canceled $500,000 of Its issue of
C cou m crcuvl
^Tiracs.
COMMERCIAL EPITOME
Friday N ight, M a y 26 191G.
Sales of commodities are in very many cases above nor
mal, but signs of abatement in the demand aro noticed here
and there, the herald, perhaps, of an approaching slowing
down along pretty much the whole line, as usual on the ap
proach of summer. Wholesale business is less active, but
jobbing sales are large. The big industries aro active.
They have big orders on their books. Tho recent cool
weather undoubtedly hurt retail trade, though it is now
improving. The outlook for the crops is not satisfactory as
regards either wheat or cottori. This, moreover, is the year
United Drug Co . — C o r r e c ti o n .—The dividend declared last week is payable June 1 to holders of record of a Presidential election. The European war drags on with
M ay 23 (not M ay 15 as reported in tho original announcement). See the fighting fiercer than ever. The Mexican question m ay
V. 102. p. 1902, 1544.
yet give trouble. Sales of steel to domestic buyers have
fallen off noticeably and the drift of prices is belioved to be
United Fuel Gas Co.— E a r n i n g s .—
4 M o s . to A p r .3 0 — 1916.
1915.1 4 M o s .t o A p r .30— 1916.
1915.
downward, not only for steel, but also for copper, tin, lead
Gross earns. _S1,660,401 $1,287,099] Int. charges-- $143,045 $145,997 and spelter.
Lumber prices have in some cases eased.
Net, aft. taxos. 1.104,418
727,5771Surplus______
961,373
581,580
Grain and cotton are also lower. Meanwhile, however,
— V. 102, p. 1816, 1726.
meats are unusually high. Labor is scarce and constantly
United Motors Corporation.— Subscriptions.— Slock.
It is announced by syndicate managers that subscribers to the stock will demanding higher wages, so that what with dear labor and
be allotted about 55% o f their subscription. Of the total amount o f $390. high-priced materials manufacturers have problems to solve.
000 shares which tho syndicate had for sale about 114,000 shares were with
Drought and cold weather have reduced the crops of grain
drawn by syndicate participants, the balanco going to the public.
This company on May 22 filed a certificate in Albany increasing its cap and fruits on the Pacific Coast. Drought prevails in Kansas
ital stock from 1,200 shares to 1,200,000 shares. The corporation is to
carry on business with $6,000,000 capital. Compare V. 102, p. 1902, 1816. and Oklahoma. B u t, on the other hand, the goneral feeling
United Shoe Machinery Corp.— R e p o r t — D iv . O u tlo o k .— in this country is confident. Mining is very active and the
shipyards are doing an enormous business. Tho shoe
Seo “ Annual Reports” on a preceding page.
An official of the company is quoted as saying: "There will bo an extra factories are having a remarkable trade and sales of furniture
dividend declared on the common stock at the June meeting of the direc
tors. Tho amount o f this extra has not as yet been determined. The aro also unusually large. Exports of wheat are noteworthy.
business o f the company continues o f record proportions.” — V . 102, p. 1902. The weather for the crops in some sections is better. Tho
country hopes for peace this year. Discussion of peace
United States Brewing Co.— B o n d s C a lle d .—
115 1st M . 20-year 6% gold debenture bonds, dated Aug. 1 1908, have prospects is now within certain limits unrestrained in Ger
been drawn for redemption at 105 and int. on July 1 at Bankers Trust Co., many by the censorship. On the whole, tho business situa
N. Y ., trustee, or at the United States Debenture Corp., Ltd., London,
tion is better because it is on a moro conservative basis.
Eng., at tho rato of $4 85 to the pound.— V. 102, p. 1544.
L A R D quiet; primo Western 13.20c. nominal; refined to the
United Zinc Smelting Corp. — E x c h a n g e o f S to c k .—
It is announced that the time for exehango o f Keneficlc Zinc Corp. shares Continent 14.80c.; South America 14.50c.; Brazil 15.50c.
Into shares of the United Corporation will expire on M ay 27. See V. 102, Futures declined with some prominent interests selling.
p. 1635, 1544.
Packers havo also sold with hog quotations lower.Dolivories
U. S. Light & Heat Corp.— Voting Trust.—
Guy M . Walker, Albert N. Parlin and J. Allen Smith, voting trustees’ of 1,500,000 lbs. on M a y contracts depressed prices a little.
holding all the preferred stock of the company, have, by unanimous action, To-day prices declined.
$1,000,000 bonds and has in the treasury about $200,000 moro of its
bonds, it was voted to purchase such further bonds as could be obtained at
desirable figures up to and including Aug. 31 1916, and to have such bonds
canceled and destroyed and that on or about Sept. 1 a deposit of principal
and interest to date o f their maturity be made In some bank or trust com
pany of a special fund to meet any bonds still outstanding and thereafter
no more bonds will bo purchased.
It was the sense o f the meeting that the directors should, before the an
nual meeting (Sept. 12) ask for a change in the by-laws to permit of the
payment o f quarterly dividends on the common stock instead o f semi
annually as at present.
(As to the Splitdorf Co., incorp. in N. J. in Oct. 1913, see V. 95, p. 678:
V. 94. p. 1124, 1190; V. 101, p. 777)— V. 101, p. 1011.
dissolved the voting trust and instructed tho Guaranty Trust C o., agent
for the trustees, to distribute certificates for tho preferred stock in exchange
for voting trust certificates.— V. 102, p. 1255, 257.
Utah Power & Light Co.— Listing.—
The N. Y . Stock Exehango has listed $17,500,000 30-yoar 1st M . 5%
bonds (American series) due 1944, with authority to add on or before July 1
1917, $5,000,000 o f said bonds on official notice that thoy have been sold
and passed beyond tho control of the company, making the total amount
authorized to be listed $22,500,000.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
S a t.
M on.
T u es.
W ed .
T h u rs.
M ay delivery_____cts.12.95
12.8244 12.75
12.75
12.02MJ
July delivery------------- 12.9244 12.7744 12.7244 12-75
12.6244
12.8744 12.80
12.8744 12.75
September delivery___ 13.05
F r i.
12.47
12-47
12.62
P O R K quiet but steady; mess, $25 5 0 @.$26; clear, $ 2 3 ©
$26. Beef, moss, $17 5 0 @ $ 1 8 ; extra India mess, $ 3 0 @ $ 3 1 .
Cut meats, quiet; pickled hams, 10 to 20 lbs., 1 5 K @ 1 7 c .;
E a r n in g s .
pickled bellies, 1 5 @ 1 6 ^ c . Butter, reamery, 2 7 K @ 3 1 )^c.
G ross
Other
E x p e n s e s , I n t . , & c ., B a la n c e , !
@ 1 9 He- Eggs, fresh, 171{,@2G«.
P e r io d E n d i n g —
E a r n in g s . In c o m e . T a x e s , & c .
C h a rg e s.
S u r p lu s , j Cheese. State, 15
12mos.toM ar.31T6 $3,772,852
$16,871 $1,895,342 $1,029,502 $864,880 ;
C O FFEE quiet but firm; N o . 7 Rio, 9 % o . ‘, N o . 4 Santos,
12mos.toM ar.31T5 2,392,619
49,694 1,208,713
835,192 398,408 ! 1 0 ^ @ l l c . ; fair to good Cucuta, l l % @ 1 2 c .
Futures de
Utah Light & T raction Co.
12m os.toM ar.31T6 $1,420,887 $369,297 $985,163 $779,646 $25,376. clined on selling by Cotton Exchange interests and then rallied
6m os.toM ar.31T5 1,048.106
88,271
641,380
379,301 115,696 to some extent on bull support.
But spot business has been
— V. 101, p. 1979.
slow and peace talk has practically ceased. The Rio and
Vulcan Detinning C o. — Earnings for 3 Mos. to M a r. 31. Santos crop movement for the season is 14,207,000 bags,
3 M o s . e n d in g
T o ta l
Other I n c .
In ccn C osts a n d
B a la n c e ,
against 12,295,000 during the same timo last year and 13,
M a r . 31—
S a le s .
(N et).
lo r ie s .
G en. E x p .
S u r p lu s .
1916-------------------$213,400
$481
— $9,778
$183,074
$21,029
150,000
tho year before last. It is foared that higli ocean
1915____________ 195,009
250
— 23,191
145.410
26,658
Pres. W. J. Buttfioid wrote In substance: “ The results for tho quarter freights will retard the movement of the crop when the now
covered are not as satisfactory as might reasonably have been anticipated season opens. To-day futures closed 1 point higher to 1
at the beginning o f this year. While the prices realized for tin have been
fairly high and for detinned steel at average levels, the advantages from point lower with sales of 39,500 bags.
these prices havo been offset by increasing cost o f operations due to the
Closing quotations were as follows:
—Years end. Mar. 31 (incl. West. Col. Pow. Co.).
advance o f wages and the decreaso in labor efficiency, and by the very
M a y ___ C ts -8 .3 9 @ 8 .4 1 S ep t___ cts_8.64@8.85 January . cts.8.82@8.84
markod increase in the cost of supplies and materials.
February ...8 -87 (48.89
“ The market values for the products o f your company have not been in J u n e ............. 8.44 @8.46 October_____8.69(48.71
__8.73@8.75 March---------8.9'(48.94
line with the extreme advances for tho many commodities so urgently in July............... 8.49(48.51 November
demand on account o f the war, while labor and manufacturing materials A ugust_____ 8.55@8.57 December.__8.77@8.79 A pril............. 8.96(49.98
used by this company, due to the same demand, havo been very materially '
S U G A R dull; contrifugal, 96-dogrees tost, G .02@ 6.2 7c.;
enhanced in cost. Furthermore, tho oxcossive competition by other de
tinning interests have forced prices for tin plate scrap to higher levels than molasses, 89-degrees test, 5 .2 5 @ 5 .5 0 c .; granulated, 7.65c.
are Justified under prosont conditions.” —-V. 102, p. 1065 , 528.
Futures declined on W all Street selling. Bosides, tho British
Western Union Telegraph Co.—
F a v o r a b le
D e c i s i o n .—• Commission has not been buying granulatod very freoly and
The Supreme Court on M ay 22 annulled as unconstitutional the Wiscon
sin statute making it the duty of State officials to revoko the license of any
foreign corporation which shall removo into any Federal court any action
against it by any citizen of tho State upon any claim or causo o f action
arising within the State. Tho decision was on an appeal o f Wisconsin
in suits begun by the Philadelphia & Reading Coat & Iron Co. and the
Western Union company, and ft removes the cases presented in those two
suits from the State to Federal courts.— V. 102, p. 1453, 1273.
has succeeded in getting it at 6.40c. London advices say
that the British Commission has provided against tho future
by securing all tho now-crop Java it can get, and it is sup
posed to have bought 400,000 to 500,000 tons already, and
will, it is asserted, be doing the same with the Mauritius
crop, which begins to arrivo in August. Rccoipts at all
Cuban ports for tho week, 73,136 tons, against 105,229 in the
CURRENT NOTICE.
previous week and 92,814 in 1915. Exports fell off from 9 7 ,
— Having sold all tho bonds, Messrs. Brood, Elliott & Harrison, Cincin 842 tons in the previous weok to 69,549 tons; last year,
nati, Chicago and Indianapolis, are publishing in our advertising pages, as a 53,248 tons. Stocks, 945,920 tons, against 942,333 in tho
matter o f information and record, an offering of $1,000,000 Province of previous week and 752,100 in 1915. Number of centrals
Saskatchewan. Canada (Regina capital) 5% gold bonds. Dated May 1 grinding, 53. To-day futures closed 6 to 21 points higher,
1916, $500,000 due M ay 1 1921 and $500,000 due M ay 1 1926.
with sales of 16,750 tons, and roports that refiners and
— All the notes having been sold, Reilly, Brock & C o., Philadelphia, speculators have resumed buying. Prices were as follows:
Bertron, Griscom & C o., New York and Philadelphia, and Hibernia Bank
& Trust Co. of New Orleans are advertising as a matter of record their joint
offering o f $3,250,000 Now Orleans Ry. & Light Co. 2-year 6% debenture
notes, duo June 1 1918. Price 100 and interest.
— “ American Business as Affected by Peace and Preparedness” is the
title of a booklet which has been prepared by Harris, Winthrop & Co. of
this city and Chicago for free distribution. The composite opinion of 1,700
business men is featured for quick perusal and will be sent to inquirers, on
application.
— At prices to yield 5 to 6% , Liggett, Hichborn & C o., Inc., 61 Broad
way, this city, and 105 Devonshire St., Boston, aro featuring an attractive
list o f first mortgago public utility bonds in our advertising columns to-day.
Prices and circular on request.
— The Stone & Webster Engineering Corporation, Boston, are sending
out copies o f their recently published book “ Gas Plant Construction.”
— R. M . Grant & Co. have moved to a larger suite o f offices in the Na
tional Bank of Commerce Building, 31 Nassau St.
ts
M a y ___ c ts .5.41 @5.43 ~Sept____c
‘
“ .5.49
' " @5.50
J u n e ............5.44 @5.46 October_____5.41 @5.43
J u ly ............5.46(45.47 November _.5.2S@5.30
5.08 @5 -09
A ugust____ 5.47 @ 5 .49 December
January . cts.4.69 @ 4 .71
February__ 4.47@4.49
March..........4.50(44.52
A p ril............4.53@4.55
O ILS.— Linseed dull and unsettled; City, raw, American
seed, 7 0 @ 7 3 c .; C ity, boiled, American seed, 7 1 @ 7 5 c .; Cal
cutta 90c. @ $ 1 . Lard, prime, 10c. Cocoanut, Cochin,
1 6 M @ 1 7 c .; Coylon 1 5 Hj@ 1 6 c . Corn 9 3 ^ @ 9 ^ fc . Palm,
Lagos, 123^ @ 13c. Cod, domestic, 6 2 @ 6 3 c . Cottonseed,
winter, l l @ l l . 7 5 c . ; summer white l l @ l l . 7 5 c . Spirits of
turpentine 4 3 H @ 4 4 m Strained rosin, common to good,$490.
P E T R O L E U M in good demand and firm; refined, in
barrels, $8 9 5 © $ 9 95; bulk $5 2 5 @ $ 6 25; casos $11 2 5 @
$12 25. Naphtha, 73 to 76 degrees, in 100-gallon cases
and over, 41 He* Gasoline, gas machine, steel, 37c.; 73 to
76 degrees, steel and wood, 3 2 @ 3 5 c .; 68 to 70 degrees 2 9 ©
May 27 1910.]
THE CHRONICLE
32c. Recent cold, wet weather has retarded oil operations
in the Central W est. Closing quotations follow:
Pennsylvania dark $ 2 60
2 12
Cabell...................
Mercer black_____2 10
New Castle______2 10
Corning__________ 2 10
W ooster__________ 2 00
North Lima............§1 73 Illinois, above 30
South Lima______ i 73 degroes.............. s i 82
Indiana__________ 158 Kansas and Okla
Princeton_________ i 80 homa -------------- 1 5 5
Somerset. 32 deg__ 195 Caddo La, lig h t.. 1 5 5
Ragland_________ 90c.
T O B A C C O .— Sumatra has boon moro active and strong,
especially as the later sales at Amsterdam have been at higher
prices than the first sales. Cigars are meeting with a good
demand. For that reason manufacturers are forced to re
enter the market for supplies. Low-grade domestic leaf is in
steady demand for export to Holland. Planting in this
country is three weeks lato, owing to recent cold, wet and
unseasonable weather.. British imports of American tobacco
for tho month ending M a y 1 were 6,625,323 lbs., against
11,615,967 lbs. during the same month last year. The
British deliveries for homo consumption in April wero
7,511,583 lbs., or some 6,000,000 lbs. less than in the same
month in 1915, when the total, in fact, was 13,716,254 lbs.
C O PPER less activo and lower; Lake here on the spot
2 8 H @ 2 9 c .; electrolytic 2 8 h 6@ 29c .; for future delivery 2 8 @
2 8 % c . London has declined. There is a fair foreign de
mand here for future delivery, but not much business has
been done. Tin dull and lower on tho spot at 47c. Lon
don and Singapore lower. The receipts thus far this month
have been large, reaching 3,500 tons pointing, it is believed,
to a considerable increase in stocks on June 1. Banca is
freely offered. Total of tin afloat 3,677 tons. Spelter dull
and again lower on the spot at 1 4 % c . London declined.
Lead dull and easy on the spot at 7.25c. London prices
lower. Pig iron as a rule in less demand; N o . 2 Philadelphia
$20 5 0 @ $ 2 1; N o. 2 Southern $ 1 5 @ $ 1 6 , Birmingham.
Buyers are holding o ff. Steel making pig iron rather weaker;
foundry grades steady. Steel is in smaller demand from
American consumers, but war steel sells freely. Sales to tho
British Government have been made, it is said, of 200 000
tons of shell forgings; total within a fortnight, 400,000 tons.
Russia and other foreign buyers are said to want 1,000 loco
motives. They cost $45,000 against $27,000 a year ago.
The larger companies, it is stated, are not reducing prices
on billets and sheet bars, and on some products they are sold
into tho first quarter of 1917, but prompter deliveries of
billets and sheets can bo had from some companies than
thirty days ago, with $42 quoted in some cases at Pittsburgh.
In somo directions specifications are decreaing with tho
sober second thought. Implement concerns want bars on
a liberal scale for the first half of 1917 with somo sales at
2.35c. Pittsburgh. Rivets have been advanced $5 a ton
and bolts and nuts 5 % .
1999
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
R ec eip ts at —
1916.
Galveston__
Texas City,&c
New Orleans.
| S a t.
M on.
T u c s.
W ed.
T h u rs .
F r i.
Galveston______
Texas C ity .. __
Port Arthur___
Aran. Pass, &<■_.
Now Orleans___
G u lfp oit_______
M o b ile ________
Pensacola______
Jacksonville, &c.
Savannah ______
Brunswick_____
Charleston_____
Georgetown . . .
W ilm ington____
Norfolk________
N ’port News. &c
Now Y o rk ..
B o sto n ___
Baltimore____
Philadelphia___
5.210
1,753
5,274
1,759
1,897
6,812
3,904
1,843
1,772
243
1.268
347
1,373
Totals this week
4,532
3,873
3,533
4,494 26,916
—
1,753
—
• -----3.986 20,201
'315
5,318
“ 194
1,657 10,060
5,000
244
1,956
1,988
2,159
2,062
1,705
141
404
720
369
78
269
1,234
267
1,671
11
2,036
205
866
339
970
40
50
80
37
17
2,268
1,511
267
330
773
504
14,214
11,995
17,495
11,599
491
T o ta l.
37359
8,288
267
77
1,754
------
9,400 20,637 85,340
The following shows week’s total receipts, total since
Aug. 1 1915 and stocks to-night, compared witldast year;
„
. , ,
R ccci p is t o
M a y 26.
1915-16.
-------------------------This \ S in c e A u g
W eek. | 1 1915.
1914-15.
T h is
W eek
S in c e A u g
1 1914.
G alveston______ 26,916 2,274,185 26,592 3.902.675
Texas City______
1,753 295,744
705 499,435
Port Arthur_____
____
53,793
5,292
54,039
Aran. Pass, & c._
___
84,800
60,393
Now Orleans____ 20,201 1,258,959 12.520 1.736.676
Gulfport......................... ..
5,322
M ob ile ................
5,318 132,047
493 163,466
Pensacola--------------54.870 7,428
72,622
Jacksonville, & c.
194
39,917
55
32,318
Savannah---------- 10,060 974,667
6,327 1,724,918
Brunswick______
5,000 124,200
500 221,308
Charleston______
1,956 253,629
1.064 400.490
728
1,857
1,411 277,229
3,359 206,683
Wilmington_____
N o r fo lk ............... 8,288 619,236 3,221 584,505
82,428
N ’port News, & c.
267
4,714 153,515
Now York______
77
26,881
191
20,650
Boston ................
1,754
75,371
1,141
83,701
Baltimore___
197
987
44,537
78,076
Philadelphia____
___
2,562
604
2,750
j
S tock.
1916.
1915.
203,919
2,940
292,749
25,284
66
290,729
" ‘ "966
221,324
25,958
18,521
' 1*425
139,919
12,000
61,348
157
97.455
9,500
62,228
68.961
82,713
42,046
61,941
222,450
8,106
2,908
2,680
233,250
13,938
2,445
5,261
Totals............... 85,340 6,605,237 73,245 10071915 1,126,122 1,087,065
1913.
15,649
189
16,767
6,509
12,806
2 ,2 2 2
85,340j
73,245
61,037
2 0 .2 0 1
5.318
10,060
5,000
1.956
3,359
8.288
267
1,822
119
2,423
1,003
3,750
11,920
1,391
17,466
2,464
11,374
1,550
934
1.270
2.271
1912.
10,191
...
10,616
553
6,751
______
502
349
1,985
1911.
4,401
11,160
314
2,991
442
23
2,016
2,938
3.954
6,379
53,578
34,901
27.726
Since Aug. 1. 6,605,237! 10071 945 10235810 9,510,842 11621 114 8,467,108
Tho exports for the week ending this evening reach a total
of 126,870 bales, of which 51,077 were to Great Britain,
9,999 to France and 65,794 to other destinations. Ex
ports for the week and since Aug. 1 1915 are as follows:
Exports
from —
Week ending M a y 26 1910.
Exported to—
Great
Britain. France. Other.
Total.
Galveston.. 31,437 .......... 27,582 59,019
Texas City.
Port Arthur
Ar.Pass.&c.
New Orl’ns. 3,980 1,286 11,333 10,599
M obile___
Savannah..
Brunswick .
Vharleston.
Norfolk___
N 'p’t News
New York.
B oston___
Baltimore..
Philadel ’la.
Portl’d,M e.
San Fran. .
2,802
3,044
7,177
5,439
5,911
Los Angeles
Total___
350
3,152
9,487 18,442
48 7,225
5,439
3,833
5,856
7,305
'3,833
5,856
7,305
From A u g . 1 1915 to M a y 26 1916.
Exported to—
Great
B ritain .
905,825
179,523
43,142
473,526
50,540
47,208
171,098
72,535
54,055
24,899
884
82,409
69,853
106,593
11,815
3,296
France.
152,747
79,540
13,873
203,429
7,000
65,550
10,806
63.32G
20,760
129,172
26,109
1,605
51,077
Tot. ’ 14-’ 15 119,101
Tot. ’ 13-'14 35,592
9,999 65,794 126,870 2,298,806
Other
Total.
439,530 1,498,102
18,102 277,165
43,142
9,722
23,595
278,654 955,609
50,540
55,546
1,338
152,540 389,194
83,341
74,380
20,325
82,949 146,275
350
46,015
884
352,513 564,094
78,784
8,931
500 133,202
14,970
3,155
3,296
151,859 151,859
190,559 190,559
118,957 118,957
450
2,055
5,759
5,759
772,324 1,836,193 4,907,323
2.658 37,554 159,313 3,614,737 599,052 3,574,1007,788,489
4,209 52,921 92,722 3,292,763 1,046,264 4,223,86718,562,894
Note. — New York exports since Aug. 1 Include 2,335 bales Peruvian and 309
West Indian to Liverpool and 1,100 bales Peruvian to Genoa.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
New York.
COTTON
Friday N ight , M a y 26 1916
T H E M O V E M E N T OF T H E C R O P , as indicated by our
telegrams from the South to-night, is given below. For the
w?'ek: o ik ling this evening the total receipts have reached
85,340 bales, against 101,3GG bales last week and 83,081
bales tho previous week, mailing the total receipts since
Aug. 1 1915 6,605,237 bales, against 10,071,945 bales for the
samo period of 1914-15, showing a decrease since Aug. 1 1915
of 3,466,708 bales.
1914.
26,592
5,997
12,520
493
6,327
500
1,064
1,411
3,221
4,714
10,406
Savannah ___
Brunswick__
Charleston,&c
W ilm ington..
N orfolk _____
N ’port N..&C.
All others___
Total this wk.
1915.
26,916
1,753
On S h ip b o a r d , N o t C lea re d f o r —
M a y 26 at —
Now Orleans..
Galveston___
Savannah ___
Charleston__
M o b ile ____
N orfolk___ __
New York___
Other p o rts ...
G reat
G erB r it a in . F r a n e e , m a n y.
25,734
16,190
5,618 ______
Other
C o n t't.
32.686
14,131
Coast
w is e
T o ta l.
500 64,538
8,250 38,571
L e a v in g
S to ck .
1,577 17,651
1,196
1,196
6,300
2,800
226,191
165,348
127,919
61.348
8,307
81,517
216,150
96,286
Total 1916.. 72,498, 7,618
100 49,3l7i 13,523 143,056
Total 1915. . 47,410 34,295
100 29,016! 40.227 151,048
Total 1914.. 29,196 3.680 26,507 25,329> 18,375 103,147
983,066
936.017
411,133
1 0 ,0 0 0
15,974
1,800
2,800
2 .0 0 0
...
2 ,0 0 0
ioo
______
2,500
1 2 .0 0 0
Speculation in cotton for future delivery has been rather
more active, but it has been at the expense of prices. The
depression was due partly to better weather and partly to tho
fact that there was less belief in peace, England and France
discouraging it and operations in the theatre of war being
more active. Liverpool prices showed a reactionary ten
dency. Silver declined sharply. Besides, even on the re
cent great advance in silver, Lancashire’s trade was less fa
vorably affected than was expected, for the reason that ocean
freights to silver-using countries were very scarce and high,
and there has been less activity in the cotton goods business,
of this country after a prolonged period of excellent trade.
The National Ginners’ Association, moreover, is said erron
eously to have estimated the average increase in the acreage
at something over 1 4 % . It appears, too, that the acreage
is larger than last year in India, Egypt and Asiatic Russia.
Speculation, though somewhat larger, has, as already inti
mated, for the most part taken the form of liquidation.
Certainly the general public has shown no groat inclination
to buy cotton for a rise at 13 cents and above. They are
not used to speculation on the long side at any such prices.
Of lato, too, the tendency has been towards more favorable
weather at the South, following, it must be confessed, a
rather prolonged period of cool, wot conditions. Stocks in
this country, furthermore, are large and some contend that
even the effects of a move towards peace would be. apt to
bo neutralized by a prompt ending of the demand for war
munitions into which cotton enters. Tho idea, too, that as
peaco looked certain Germany would at once enter the mar
ket for large quantities of cotton, is scouted by some, who
think that Germany in particular has already pretty well pro
vided for its wants for a period immediately after the war.
The German spinners are usually far-sighted; they are not
likely to be caught napping. As for the crop outlook in
this country, the acreage, in tho opinion of some, will equal
tho largest ever known. W ith average weather this, it is
urged, would result in a very large crop. And if the war
should be prolonged for another year, the effects of a bounti
ful crop on prices could hardly fail to be depressing. On
the other hand, there can be no gainsaying the fact that large
spot interests have at times been good buyers and that mills
have been calling freely in Liverpool. The spot sales in
Liverpool have been large, i. e ., at times 10,000 to 12,000
bales a day. Latterly Lancashire’s trade has increased.
As for Liverpool’s stock of American cotton, it is down to so
low a stage as to excite general comment. It is less than half
as largo as it was a year ago. High ocean freights, &c.,
make it difficult to replenish Liverpool’s stock. A t the
same time, peace talk is not silenced. In London insurance
against peace this year has been advanced from 30 % to
50 % . Some consider this a rather significan t straw pointing
to peace some time in 1916. Others think it is likely to
come in any case during the crop year beginning August 1st.
The consumption in the United States is abnormally largo
and it is contended that a good deal of cotton now at Southern
ports has already been sold. Even at Liverpool, with the
stock of American cotton under 600,000 bales, some 6 0 % ,
it is said, has already been sold to spinnors. The first
United States Government crop report of the season will ap
pear next Thursday, June 1, and the belief is quite general
that it will state the condition of the crop on M a y 25 at some
thing under 8 0 % , which was the condition on M a y 25 1915,
while the ten-year average is 7 9 .8 0 % . In 1914 it was 74.3
and in 1907 7 0 .5 % . Tho notion of very many is that the
crop has not had a very good start, that, in fact, it is late,
and that it will take a period of very good weather to enablo
it to catch up. Bulls believe that peace i s n t very far off
and that even the beginning of parleys looking to peace will
be the signal for a great outburst of activity in cotton the
world over, with a corresponding advance in prices. To-day
prices advanced and then lost most of the rise on liquidation.
The weather over most of the belt is now considered more
favorable, though probably further rains in the Carolinas
and Georgia would bo beneficial. Liverpool’s spot sales
dropped to 5,000 bales, and there is less snap to tho specula
tion here, awaiting the Government crop report next Thurs
day.
The official quotation for middling upland cotton m the
New York market each day for the past week nas been:
M a y 20 to M a y 26—
Sat. Mon. T ues. W ed. T hurs.
Middling uplands____________ 13.20 13.10 13.00 i3.05 12.90
Fri.
12.90
N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
Tho quotations for middling upland at New York on
M a y 26 for each of the past 32 years have been as follows:
1916-C...........12.90 1908.C_____ 11.50 1900.C...........
1915.............. 9.50 1907-............12.35 1899.............
1914.............. 14.20 1906-............11.90 1898-----------1913.............. 12.00 1905.............. 8.50 1897...............
1912________11.60 1904..............13.05 1896 ...............
1911.............. 15.80 1903..............11.70 1895...............
1910_______ 15.25 1902............. 9.56 1894.............
1909.............11.65 1901............. 8.25 1893.............
Sp o t M a rk e t
C lo sed .
F u tu r e s
M a rk et
C lo sed .
Quiet 10 pts dec__ ISteady_______
Quiet 10 pts dec— Stoady.............
Quiet 10 pts dec__ Barely steady .
Steady 5 pts adv_. Very steady—
Quiet 15 pts dec__ Barely steadyQuillet...................... steady_______
C o n tr’ct
T o ta l.
500
100
100
4,245
300 ...........
600
100
4,245
300
500
5,245
F U T U R E S .— The highest, lowest and closing prices at
New York for tno past week have been as follows:
Saturday, M onday, Tuesday, Wed’day, Thursd’y, F rid a y ,
M ay 20. M ay 22. M a y 23. M a y 24. M a y 25. M a y 26.
Week.
M ay—
Range........ 12.95 .08 12.85 .02 12.80 .92 12.77 .84 ________—. — __ 12.77-.08
Closing___ 12.96 .98 12.94 .96112.80 .81
Ju n e —
Range.......
Closing___ 13.00 — 12.99 — Il2.79 .81 12.90 .95 12.74 .76 12.73 — —
Ju ly —
12.70-.2l
Range........ 13.05 .21 12.91 .10 12.85 .07 12.76 .98 12.73 .88 12.70-.85 ---------Closing___ 13.06 .09 13.05 .06! 12.87 .88 12.95 .96 12.76 .77 12.76-.77
Range........ 13.12 .29 13.04 .17 12.93 .15 12.87 .05 12.82 .90 12.77-.84 12.77-.29
Closing___ 13.15 .17 13.14 .15 12.94 .95 13.03 .04 12.82 .84 12.83-.85 ------- —
September—
12.82-.30
Range....... 13.26 .30 --- —. --- 13.12 — — ------- ------------12.82 — —
•
——
Closing----- 13.14 .16 13.10 .12 12.88 .90 12.99 .00 12.83 .85 12.83-.85
October—
Range........ 13.08 .26 12.97 .09 12.82 .06 12.76 .99 12.76 .89 12.78-.95 12.76-.26
Closing___ 13.10 .11 13.07 .08 12.85 .86 12.96 .97 12.83 .84 12.84-.85 — — —
November —
1__ __ __ —
------------12.92 — 12.92-.15
Range........ ________ 13.15 —
Closing----- 13.15 — 13.13 .14 12.90 .92 13.02 .03 12.90 — 12.91-.93 — — —
December—
Range........ 13.22 .39 13.10 .24 12.97 .18 12.92 .14 12.91 .04 12.93-.10 12.91-.39
Closing___ 13.25 .27 13.21 .22 12.97 .99 13.17 .12 12.98 .99 13.00-.01 — —- —
A vgust —
Ja n u ary —
Range....... 13.26 .41 13.16 .28 13.02 .22 12.97 .18 12.97 .09 12.99-.16 12.97-.41
Closing___ 13.30 .31 13.25 .26 13.03 .04 13.11 .18 13.02 .03 13.06-.07 — — —
1
13.26 —
Range____
Closing___ 13.35 — 13.31 .32 13.10 .11 13.24 .26 13.09 — 13.14 — —
1
1
M arch —
Range........ 13.38 .54 13.28 .39 13.17 .36 13.13 .32 13.11 .20 13.16-.26 13.11-.54
Closing___ 13.43 .45 13.39 .40 13.17 .18 13.31 .32 13.16 .17 13.20-.22 — —- —
A p ril —
1_______
13.23--------------- 13.23 —
Range —. —
1__ ‘
'
13.21 .23 13.25 _
Closing- . - -
February —
M a y 26—
Stock at Manchester___________
1913.
1914.
1916.
1915.
701,o00 1,708,000 1.027,000 1,119,000
5,000
5,000
43,000
40,000
82,000
82,000
175,000
64.000
805,000 1,926,000 1,114,000 1,206,000
12,000
23,000
*12,000
*1,000
439,000
469,000
*1,000 *322,000
267,000
333,000
318,000
290,000
3,000
3,000
16,000
12,000
21,000
31,000
46,000
49,000
30,000
35,000
118,000 490,000
23,000
51,000
3.000
*1,000
476,000 1,203,000
945,000
795,000
Total European stocks_______ 1,281,000 3,129,000 2,059 ,000 2 ,001,000
121,000
333 ,000
India cotton afloat for Europe—
54,000
114,000
224,661
254 .174
Amer. cotton afloat for E urope.. 328,356 552,073
18,000
33 .000
Egypt,Brazil,&c.,afloat for Eur’pe 24,000
36,000
106,000
198 ,000
Stock in Alexandria, Egypt------69,000 186,000
982 ,000 959,000
Stock in Bombay, India------------ 993,000 980,000
370,229
514 ,280
Stock in U. S. ports....................... 1,126,122 l,087,06o
324.644
294 ,792
Stock In U. S. Intorior towns____ 636,021 635,595
20,668
18 ,854
U. S. exports to-day------------------13,780
34,934
Total visible supply...................4,525.279 6,754,667 4,687.100 4 205,202
Of tho above, totals of American and other descriptions are as follows:
Liverpool stock__________ bales. 558,000 1,419,000
Manchester stock.................. .......
Continental stock---------------------- *370,000*1,034,000
American afloat for Europe.......... 328,356 052,073
U. S. ports stocks........................... 1,126,122 1-087.065
U. S. Interior stocks........................ 636,021 k.15,59.)
13,780
34,934
U. S. oxports to-day_____________
E a s t I n d ia n . B r a z il, & c .—•
812,000
59,000
837,000
254,174
514,280
294,792
18.804
928.000
62,000
750.000
224,661
370,229
324.644
20,668
.3.084,279 5,915,667 2,790,100 2,680,202
191,000
215,000
289,000
143,000
5,000
5,000
43,000
40,000
20,000
23,000
22,000
.
12,000
45,000
108,000
. *106,000 *169,000
121,000
114,000 333,000
54,000
18,000
33,000
36,000
24,000
166,000
198,000
186,000
69,000
959,000
982,000
. 993,000 980,000
.1,441,000 1,839,000 1,897,000 1,525,000
.3,084,279 4,915,667 2,790.100 2,680,202
Total visible s u p p l y - - - - ------- 4.525.279 6.754.667 4.687.100 4,205.202
0.16d.
7.70d.
5. lid .
Middling Upland, Liverpool.........
8.47d.
ll.8 0 c.
13.75c.
9.60c.
Middling Upland. New York12.90c.
10.35d.
9.95d.
8.10d.
Egypt. Good Brown, Liverpool— 11.89U.
9.50d.
8.85d.
10.50d.
Peruvian, Rough Good, Liverpool 13.50d.
5.00d. 6 3-16d. 6 7-16d.
Broach, Fino, Liverpool-----------8.20d.
6 ^ d . 6 7-16d.
5.12d.
Tinnovelly, Good, Liverpool-----S.22d.
1913.
A T T H E IN T E R IO R T O W N S the movomont— that is,
tho recoipts for tho week andsince Aug. 1, tho shipments for
tho week and the stocks to-night, and the same items for the
corresponding poriod of the previous year— is set out m de
tail bolow.
Movement to M a y 26 1916.
SALES.
S p o t.
4,7451
Total.
T H E V IS IB L E SU P P L Y OF C O T T O N to-night, as made
up by cablo 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.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
9.311892.C.............7.38
6.25
1891. 8.94 ♦Estimated.
6.50 1890----------- 12.44
Continental imports for past week have been 62,000 bales.
7.75 1889............. 11.12
Tho above figures for 1916 show a decrease from last week
8.06 1888............. 10.00
7.38 1887............. 11.12 of 122,468 bales, a loss of 2,229,388 bales from 1915, a decrease
7.25 1886...........- 9.25
7.69 1885--.........11.00 of 161,821 bales from 1914 and a gain of 320,077 bales over
M A R K E T A N D SA LES A T N E W Y O R K .
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Saturday__
M on d a y __
T uesday__
Wednesday.
Thursday . .
F rid ay...
[Vol . 102.
THE CHRONICLE
3000
Ship
ments.
Week. i Season. ! Week.
Receipts.
17,7271
41.
A la., Eufnula—
1.704 121,648
M on tgom ery.
58,744
337
S elm a-----6l| 52.2971
A rk., Helena. .
167,469
Little R o c k —
G a., Albany. — 1,64l| 21,266
950 119,171
Athens . - 0,887, 161.832
Atlanta...........
2,449' 379,355'
Augusta . .
63,622
234
Columbus____
44,204
1091
M a c o n ___
63,503
409
R o m e ..............
652 119,119
I,a., Shreveport
17,017;
40
Mlss.,Columbus
62,568!
72,
G re e n ville __
356 105,632
Greenwood___
50,2431
930
M e rid ia n ____
24.237
174
Natchez —
12 26,556'
Vicksburg-----30,094
Y azoo C ityM o ., St. Louls. 11.857, 679,457
811 13,244
N.
C .. Raleigh.
2,963 245,162
O . , Clncinnatl.
12,615
Okla., Hugo
19,131
IS
S .C ., Greenw’d
Tenn,.M emphis 4,949 933,694;
6,684!
Nashville .
20,338
105
T e x ., .Brenham
27,976!
Clarksville
26,397
'425
D allas____
29,261;
H oney,G rove.
H ouston......... 12,1462 ,031,760
95,380
50
Paris--------
Slocks
May
26.
384] 10,121
2,473i 48,795
501 18,977
730 0,750
4,681 23,304
1,450
258
1,700, 18,943
12,268 00,017
6,865 04,821
1,350 30,804
454 5,389
061 9,429
1,589 17,285
111 3,975
191 4,570
1,315 8,578
1,125 12,932
356 j 6.922
324
16
357 I 0,378
14,278 ! 14,931
209
150
8,530 9,441
Movement to M a y 28 1915.
Receipts.
Ship-
Week. | Season.
Week'.
25
450
200
01
204
29
500
048
1,274
25,048
202,523
130,106
02,207
204,622
32,122
119,094
180,347
445,964
98,106
37,497
50
05,817
83
131 150,355
39 ! 33,065
0
73,393
205 134,529
874
51,577
21,947
20
32,225
37
39,574
09
7,249 672,472
13,013
105
9,103 302,430
10,354
20,228
728
379 5.268
16.051 124.105 5,004 1,040,807
7,584
! 1,775 1
19,293
9121 " " 5 7
99
40,470
1.500 ............
500
! {1,633
691' 9,594 ...........
■>l A >t
onn
XOO
19,895 74,250! 13,491 3,361,824
1,050 3 ,4 0 0 ,........... j 116,254:
38
1,408
389
974
1,480
74
800
2,217
4,498
608
127
473
417
345
120
577
632
155
229
7,677
200
7,423
Stocks
May
28.
8,946
57,083
21,519
3,074
17,869
9,840
15,217
12,208
102,435
20,503
0,241
0,901
35,029
4,152
0,102
8.156
14,741
4.520
4,790
5,387
28,024
248
24,499
' V.078 * 5,024
9,077 110,010
______
896
55 1,200
100
50
545
______
18,885 85,660
350
150
Total, 33 towns1 49.6615,917,403 99,808036,021 40,708 7,934,436 60,276635,595
~ T h e above totals show that tho intorior stocks have de
creased during tno week 50,147 bales and aro to-night 426
bales more than at tho samo time last year. The recoipts at
all towns have been 8,893 bales more than tho samo week
last year.
O VER LA N D M O V E M E N T FOR T H E W E E K A N D
S IN C E A U G . 1.— W e give bolow a statomont showing the
overland movomont for tho week and sinco Aug. 1, as made
up from telegraphic reports Friday night. Tho rosults for tho
week and sinco Aug. 1 in tho last two years aro as follows:
Ma y 27 1916.]
THE CHRONICLE
2001
Fort W orth , T ex. —There has been a trace of rain on two
days the past week. The thermometer has averaged 75,
ranging from 60 to 90.
H en rietta , T ex. —It lias rained on one day of the week, the
rainfall reaching one inch and fifty hundredths. The ther
mometer has ranged from 54 to 92, averaging 73.
H u n tsv ille, T e x . —W e have had rain on two days during the
.42,865 1,961,314
30,365 1,869.140 week, tho rainfall being two inches and eighty-four hun
D e d u c t s h ip rn e n ls dredths. Minimum thermometer 74, highest 90, average 58.
. 2,028
149,351
2,923
185,177
K e r r v ille , T ex. —There has been heavy rain on one day
. 3,189
166,178
5,107
212,867
. 9,097 283,797
2,261
145,141 during the week, the precipitation reaching four inches and
Total to bo deducted_________ .14,314
14,314
599,326
10,291
543,185 sixty hundredths. The thermometer has averaged 71, tne
highest being 92 and the lowest 50.
.28,551 1,361,988
20,071 1,325,955
L a m p a sa s, Tex.
There has been rain on two days of the
* Including movement by rail to Canada.
•
week to the extent of sixty-six hundredths of an inch. The
has ranged from 58 to 92, averaging 75.
The foregoing shows the week’s net overland movement thermometer
tin g , T ex. —^ e have had rain here on one day during
has been 28,551 bales, against 20,074 bales for tho week last thoL uweek,
tho precipitation reaching two inches. Average
year, and that for the season to date the aggregate not over
77, highest 94, lowest 60.
land exhibits an increase over a year ago of 36,033 bales. thermometer
N a cog d och es, T ex . —There has been rain on two days of the
-1915-16-1914-15week, the rainfall being two inches and twenty-four hun
I n S ig h t a n d S p in n e r s '
S in c e
S in c e
T a k in g s .
W eek.
A u g . 1.
W eek.
A u g . 1 . dredths.
The thermometer has averaged 73, the highest
Receipts at ports to May 26......... 85,340 6.605,237
73,245 10,071,945 being 86 and the lowest 60.
.Net overland to May 26________ 28,551 1,361,988
20,074 1,326,955
Southern consumption to May 26- 88,009 3,234,000
P a r ts, T ex. —We have had rain on one day during the week,
64,000 2,570,000
The ther
.201,891 11,201,225 157,319 13,967,900 the rainfall being two hundredths of an inch.
.*50,147
190,069 *19,508
515,456 mometer has ranged from 56 to 94, averaging 75.
San A n to n io , T ex . —Rain has fallen on two days during the
.151,744
137,311
Total in sight May 26__
11,391,284
14,483,356 "week, the rainfall being one inch and sixty hundredths.
Average thermometer 79, highest 96, lowest 62.
Nor. spinners’ takings to May 26-. 39,069 2.923,306
61,946 2,861,408
W ea th erford , T ex. —We have had light rain on one day
* Docreaso during week.
during the week, the rainfall reaching six hundredths of an
Movement into sight in previous years:
inch. The thermometer has averaged 73, ranging from 54 to
W eek —
B a le s .
S in c e A u g . 1 ^
B a le s .
1914—M ay 29.........
96,272 1913-14— M ay 29.............14,219,876
^Ardm ore, O kla. —It has rained on one day of the week, the
1913— May 30........................... 93,491 } o 1
y g o :: : : : : : i3 ,4 1 3 ,236 rainfall reaching one inch and twenty-eight hundredths.
1912— May 31....................... 86,954 1911-12—
M ay 31.............15,287,053
has ranged from 60 to 91, averaging 76.
QUOTATIONS FOR MIDDLING COTTON AT OTHER The uthermometer
sk o g ee, O kla. —There has been rain on one day during
MARKETS.—Below are tho closing quotations of middling theMweek,
the rainfall being fifty-one hundredths of an inch.
cotton at Southern and other principal cotton markets for The thermometer
has averaged 73, tho highest being 89
each day of tho week.
and tho lowest 57.
E ldora do, A r k . —We have had rain on two days during
C lo sin g Q uotation s fo r
tho week, the rainfall reaching one inch and six hundredths.
M a y 26.
S a tu rd a y . M o n d a y . T u e s d a y .|W e d 'd a y . T h u r s d 'y . F r id a y .
The thermometer has averaged 73, ranging from 56 to 91.
Little R ock, A r k . —We liavo had rain on two days during the
Galveston_____ 13.30
13.20
13.10
13.10
13.00
13.00
Now Orleans__ 13.00
week,
the rainfall being twelve hundredths of an inch.
12.94
12.94
12.81
12.69
12.63
M obile________ 12.75
12.75
12.75
12.75
12.63
Minimum
thermometer 58, highest 90, average 74.
12.63
Savannah ____ 1 2 %
12 %
1251
12 %
12 %
12 %
Charleston_____ 1 2 %
A lex a n d ria , L a . —-There has been rain on one day of the
12 %
12 %
12 %
1
2
%
1
2
%
Wilmington___ 1 2 %
12 %
12 %
12 %
week, the rainfall being three inches and seventy-five hun
12 %
12 %
N orfolk __
13.00
13.00
1 2 .8 8
12.75
12.63
12.63
dredths.
The thermometer has averaged 73, the highest
Baltimore _
13
13%
13%
13
13
1
2
%
Philadelphia__ 13.45
being
90
and
the lowest 57.
13.35
13.25
13.30
13.15
13.15
Augusta_______ 12.75
12.75
12.75
12.63
12.63
12.63
N ew O rlean s, L a . —There has been rain on two dajrs during
Memphis______ 13.00
13.00
13.00
13.00
13.00
13.00
St. Louis__
13%
the week, to the extent of six inches and sixty-nine hun
13%
13%
13%
13%
13
Houston__
13.20
13.20
13.10
13.10
12.95
12.95
dredths of an inch. The thermometer has averaged 78,
Little Hock___ 1 2 .8 8
1 2 .8 8
1 2 .8 8
1 2 .8 8
1 2 .8 8
1 2 .8 8
ranging from 65 to 91.
Shreveport, L a . —It has rained on two days of the week, the
NEW ORLEANS CONTRACT MARKET.—Tho high rainfall
reaching ninety-five hundredths of an inch. The
est, lowest and closing quotations for leading contracts in tho thermometer
has ranged from 55 to 88, averaging 72.
New Orleans cotton market for tho past week havo been as
follows:
C olum bus, M i s s . —There has been rain on one day of the
week, the rainfall being two inches and fifty-seven hun
dredths. The thermometer has averaged 72," the highest
S a tu rd a y , M o n d a y T u e sd a y , W ed 'd a y , T h u r s d 'y . F r id a y ,
M a y 20. M a y 22. M a y 23. M a y 24. M a y 25. M a y 26.
being 93 and the lowest 51.
V icksburg, M i s s . —We have had rain on two days during
M ay—
R a n g e ______ 12.94 — 12.70-.81 12.75 —
the week, the rainfall being two inches and ninety-five
C losin g _____ 12.81 — 12.76-.78 12.57-.64
12.73-.75
hundredths. Tho thermometer has ranged from 56 to 89,
Ju ly —
Rango ______ 12.96-.1 1 12.84-.98 12.74-. 00 12.65- 90
12.62-.80 12.58-.74 averaging 74.
C lo sin g _____ 12.99-.0 0 12.9.3-.94 12.74-.75
12.89-.90 12.68-.69^ 12.64-.65
M o b ile , A la . —Rain early in the week improved tho crops.
A u g u st—
Range ______ 13.00-.15 12.92-.03 12.76-.06
There has been rain on two days
12.75-.87 12.67-.77 Cotton condition is good.
C losin g _____ 13.02-.05 13.00 — 12.80-.83
12.97-.99 12.72-.74 12.70-.71 during the week, the precipitation being three inches and
Sep tem b er —
-------------------- ---- 12.75 —
Range ______
eight hundredths. The thermometer has averaged 75, the
C lo sin g ____ 12.95-.98 12.90-.91 12.71-.74 12.82-.83
12.69-.70' 12.67-.69 highest being 92 and the lowest 59.
October—
Range ______ 12.93-.09 12.80-.95
S elm a, A la . —We have had rain on two days during the
12.60-.81 12.57-.71 12.60.75
C losin g _____ 12.95-.96 12.90-.9l 12.65-.92
12.68-.69 12.79-.80 12.64-.65i 12.61weok,
the rainfall reaching soventy-five hundredths of an
.65
D ecem b er—
inch. Thermometer has ranged from 58 to 90, averaging 73.
Range ______ 13.01-.18 12.91-.03 12.76-.99 12.71-.93 12.68-.82
12.72-.87
C losin g _____ 13.03-.04 12.99-.00 12.78-.79
M a d is o n , F la . —There has been rain on two days during
12.90-.91 12.75-.76 12.77-.78
Ja n u a ry —
tho week, the precipitation reaching sixty-five hundredths
Range ______ 13.ll-.24 12.9.8-.10 12.84-.07 12.80-.01 12.78-.89
12.83-.96 of an inch. The thermometer has averaged 78, the highest
C losin g _____ 13.12-. 1.3 13.10-.il 12.85-.86
12.99-.0 0
12.87-.88
M a rch ■
—•
being 95 and the lowest 61.
Range ______ 13.2S-.34 1.3.12- . 2 1 13.05-.15 12.96- 12
12.96-.06
C losin g _____ 13.24-. 26 13.23-.26 12.99-.01 13.11-. 13
T allaha ssee, F la . —There has been rain on two days during
13.01-.02
Tone—
tho week, to the extent of sixty-five hundredths of an inch.
Spot............... Firm. 1 Stoady. I Quiet.
Quiet.
Steady.
Steady.
1
Tho thermometer has averaged 77, ranging from 62 to 93.
O ptions____
Steady. 1 Steady. Very sty. Steady. Steady.
A lb a n y , Ga — It has rained on one day of tho weok, the rain
fall
reaching ninety-six hundredths of an inch. The ther
WEATHER REPORTS BY TELEGRAPH.—Reports to mometer
ranged from 61 to 94, averaging 78.
us by telegraph from tho South this evening are on tho whole A u g u s tahas
, G a. —There has been rain on two days of the week,
of a favorable tenor. Rain has been quite genoral during tho rainfall being one inch and six hundredths. Tho ther
tho week and beneficial as a rule. In fact, tlioro are no mometer
has averaged 74, the highest being 90 and the low
complaints now of lack of moisture except from a limited est 58.
area in southwestern Texas. Lower temperature, howovor, Savannah, G a.—Wo havo had rain on four days during tho
the rainfall reaching one inch and forty-seven hun
has at times interfered somowhat with tho dovelopmont week,
dredths. The thermometer has averaged 73, ranging from
of tho crop.
61 to 84.
G alveston, Ter.—Weather conditions during tho past week
S. C . —-There has been rain on two days dur
were unfavorable for crop growth combined low tomporatures ingC harleston,
the
week,
rainfall reaching fifty-nine hundredths of
and wot, cloudy weather prevailing. With tho oxcoption of an inch. The the
thermometer
has ranged from 67 to 82, aver
g few southwestern counties moisturo has been abundant. aging 75.
Wo have had excessive rain on one day during tho week, the
ville, S. C . —There has been rain on three days during
rainfall reaching six inches and twelvo hundredths. Tho thoG reen
week,
the precipitation being four inches and twentythemromoter has averaged 76, ranging from 68 to 84.
four
hundredths.
The thermometer has averaged 73, the
B ren h a m , T e x .—Wo havo had rain on two days during tho highest being 94 and tho lowest 52.
wcok, the precipitation reaching one inch and seventy-four S p a rta n b u rg , S. C . —There has been rain on three days the
hundredths. Averago thermometer 71, highest 90, lowest 52. past week, the rainfall reaching tliree inches and sixty hunM a y 26—
S h ip p e d —
Via
Via
Via
Via
Via
Via
Via
W eek.
St. Louis................................... 14,278
Mounds, &c________________ 1,868
Hock Island________________ ____
Louisville___________________ 3,575
Cincinnati__________________ 2,215
Virginia points_____________ 2,917
other routes, &c_____________17,982
—
dredths. The thermometer has averaged 73, ranging from
53 to 92.
,
, , .
C harlotte, N . C .—We have had ram on three days during
the week, the rainfall being three inches and forty hundredths.
The thermometer has ranged from 59 to 88, averaging 74.
G oldsboro, N . C.—There has been rain on two days during
the week, the rainfall being four inches and forty-six hun
dredths. The thermometer has averaged 70, the highest
being 84 and the lowest 52.
,
W e ld o n , N . C — We have had rain on two days during the
week, the rainfall reaching one inch and three hundredths.
The thermometer has averaged 69, ranging from 52 to 85D y ersb u rg , T erm .—It has rained on two days of the week,
the rainfall reaching two inches and thirty hundredths. The
thermometer has ranged from 48 to 92, averaging 70.
M e m p h is , T e n n .—There has been rain on two days during
the week, to the extent of one inch and seventy-three hun
dredths. The thermometer has averaged 73, ranging from
59 to 88.
WORLD’S SUPPLY AND TAKINGS OF COTTON.
Week and Season.
W eek.
Season.
Season.
W eek.
6,804,343
Visiblo supply M ay 19------------ 4,647,747
3,176,816
4,633,210
Visiblo supply Aug. 1-------------151,744 11,391,284 137,811 14,483,356
American in sight to M ay 26—
41.000 2,366,000
635.000 2,901,000
Bombay receipts to M ay 25----336.000
2 1 .0 0 0
319.000
Other India ship’ts to May 25— 619.000
2 ,0 0 0
829.000
611.000
61,000
Alexandria receipts to M ay 2 4 176.000
13,000
232,000
6 8 ,0 0 0
Other supply to M ay 24*--------21,367,172
7,019,154
20,087,494
4,862,491
Total su pp ly--.........................
D ed u ct —
Visiblo supply M ay 26------------ 4,525,279 4,529 279 6,754,667 6,754,667
337.212 14.562.215 264.487 14.612.505
Total takings to M ay 26-fl------283.212 11.530.215 191.487 11.247.505
Of which American_________
73,000 3,365,000
54,000 4,032,000
Of which other_______ ______
♦Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the estimated consumption by Southern mills,
3,234,000 bales in 1915-16 and 2,570,000 bales in 1914-15—takings not
being avaUablo—and the aggregate amounts taken by Northern and foreign
spinners, 12,328,215 bales in 1915-16 and 12,042,505 bales in 1914-15, of
which 8,296,215 bales and 8,677,505 bales American.
6 Estimated.
Week.
Bombay.... ................... —
Since
A u g . 1.
Since
A u g . 1.
Week.
Since August 1.
Great Conti- Ja p a n
B ritain . ,nent. & C hina Total.
Bombay—
1,000 97.000 98,000
1915 16.1914 15.. 10,000 13.000 64.000 87,000
1913 14.. 5,000 45.000 39.000 89,000
Calcutta—
8,000 8,000
1915 16..
2,000 2,000
1914 15—
1,000 5,000 6,000
1913 14—
1915 10—
1914 15—
1913 14-.
All others—
1915 16—
1914 15
1913 1 4 -
Week.
Since
A u g . 1.
58,000 2,715,000 112 ,0 0 0 2,178,000 95,000 3,085,000
F o r the Week.
M ad ras—
1913-14.
1914-15.
Conti
nent.
Great
B ritain .
Total.
2,000
1,000
2,000
12,000
12,000
24.000
61,000
63,000
130,000
65.000
76.000
156,000
13.000
6,000
34.000
4,000
15,000
6,000
43,000
1,000
2,000
2’,566
2',666
” 5",666
3.000 5.000
2.000 4.000
1,000 16,000
1,000 9.000
2,000 8.000
5,000 22,000
30.000 88.000
67.000 118,000
41.000 366,000
Saturday.
M onday.
Tuesday.
Quiet.
Fair
business
doing.
Fair
business
doing.
Thursday. | F rid a y .
Good
demand.
53.000 171,000
16.000 20 1,0 00
35,000 442,000
66,000 301.000 1.389.0001.756.000
121,000 402.000 1.083.0001.606.000
93,000 1,282,000 1.109.0002.484.000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Fair
business'
doing.
Quiet.
MId.Upl'ds
8.74
8.67
8.64
8.50
8.53
8.47
Sales____
Spec.&exp.
5,000
500
8,000
1,0 0 0
10,0 00
2,000
12,0 0 0
8,000
1,000
5,000
500
1,500
Quiet.unch. Quiet at St’dy.unch. Quiet at
4K@G
Market j to 1 pt. 3@4 ts. to 1 pt.
advance. pts. dec.
decline.
opened
l advance.
Market, J Very st’dy, Barely st’y, Easy at Steady at
11 @14
2 @ 8 pts.
M @ 1 Pt.
1K@3M
decline.
decllno.
P. M. j pta. adv. pts. dec.
Futures.
32.000 188,000 1,285.0001,505.000
53.000 266,000 ,004,000:i,323,000
45.000 858,000 940,0001,843,000
1,000
Total all—
1915 16-.I 3,000 7,000 106,000 116,000
914 15--I 12,000, 17,000 68,000 97,000
1913 14..1 6,000i 64,000 49,000 119,000
Ja p a n
ctr C hina.
Spot.
Market, [
12:15 \
P. M. 1
I
1915.16.
M a y 4.
Receipts at—
S H I P P I N G N E W S .— S h ip m e n ts in d e ta il:
T o ta l b a les.
NEW YORK— To Liverpool— M ay 20— Denis, 194..-M a y 22—
Carpathia, 633; Queen Margaret, 1.027----------------------------- 1.864
T o Manchester— M ay 24— Bovic, 1,190-----------------------1-190
To Havre— May 18— Nigretia, 49 1...M a y 22— Clifton, 1,562 2,053
T o St. Nazaire— M ay 24—-Begonia, 1,883----------------------------- 1»°83
1,975
To La Pallico— M ay 25—Strathdeno, 1,975--------T o Genoa— May 19— Duca d’Aosta, 1,800.--M ay 22— Regina
d’ ltalia, 2,999; San Guglielmo, 420.............................. - ......... 5,219
T o Naples—May 22— San Guglielmo, 1 ,6 9 9 - - - - - - - - - ----- 1,699
To Vladivostok— M ay 2 -1 — Toyohashi Maru, 1,782; Euryades,
787
_____________________________________ 2,569
GALVESTON— To Liverpool— M ay 22— Merchant, 7 ,4 8 0 .-May 23—'Engineer, 9,186......................- — - ..........- - - - - — 16,666
T o Manchester— M ay 20— Esperanza de Larrinaga, 8,3 78--M ay 25— Jose de Larrinaga, 6,393............- - .......... l 4 *77!
To Barcelona— M ay 20— Conde Wilfredo, 4,750— May 24—
Pio IX ., 6,100.................................. - ..................- ........... ..........10.850
---------lb .732
T o Genoa— May 19— Bra Kar, 16,732---------- —
NEW ORLEANS— To Liverpool— May 19— Nicosian, 3.980--------- 3,980
To Havre— May 22— Brei, 1,286---------------------------- ------------- 1.286
T o Genoa— May 20— Whindiko, 10,533------- ------------------------- 10,533
T o Mexico—-May 23— Jalisco, 800----------------------------- - - —
§00
NORFOLK— T o St. Nazaire— May 23— Cambrian King, 2,802.- - 2,802
To Rotterdam— M ay 18— Noorderdyk, 350-------------------350
BOSTON— T o Liverpool— May 16— Etonian, 567. - M a y 1 7 Bay State, 4.508
May 20— Lord Cromer, 621 — M ay 23—
Sachem, 737_________________________
6,433
T o Manchester— May 18— Novian, 744------------------------------744
To Yarmouth— M ay 20—-Prince George. 48-------------------------48
BALTIM ORE— To Liverpool— May 12— Quernmoro, 3,358- —
May 19— Vedamoro, 2,081------- ------------------------ -------------- 5.439
3,833
SAN FRANCISCO— T o Japan— May 18— Koan Maru, 3.833 — —
TACOMA— To Japan— May 18— M oho Maru. 1,434---M ay 21—
Hawaii Maru, 5,671------------------------------ -------------------------T o Vladivostok— May 18— Moho Maru, 2 0 0 ---------- -—
200
SEATTLE— T o Vladivostok— May 22— Yosan Maru, 1,384.-May 25— Unkai Maru, 4,472.................- ......... - ...................... 5,856
T ota l____________________________________________________ 126,870
L I V E R P O O L .— S a le s, s t o c k s , & c ., fo r p a s t w e e k :
M a y 5.
M a y 12. M a y 19. M a y 26.
' Sales of the week---------------------47,000
5§,000
49,000
; Of which speculators took------3,000
3,000
5,000
| Of which exporters took--------3,000
4.000
8.000
......... | Sales, American...........................40,000
41,000
37,000
15,000
2,000
3,000 5,000
1 Actual export__________________
F orw arded-...................
76.000
64,000
90,000 65.000
Total stock.................................... 766.000
732,000
728,000701.000
Of which American__________ 599,000
572,000
573,000558.000
; Total imports of the week----------65,000
32,o0O
§9,000 43.000
52,000
25,000
82,000 40.000
Of which American------- -------. Amount afloat_________________ 163,000
179,000
132,000
| Of which American__________ 143,000
153,000
106,000
I
T h o t o n e o f th e L iv e r p o o l m a r k e t f o r s p o t s a n d fu tu re s
| e a c h d a y o f th e p a s t w e e k a n d th e d a ily c lo s in g p r ic e s o f
s p o t c o t t o n h a v e b e e n a s fo llo w s :
1
INDIA COTTON MOVEMENT FROM ALL PORTS.
Exports
rom —
[Vol . 102.
THE CHRONICLE
2003
Quiet at
1 M@2 K
pts. adv.
Steady,
1 @ 2 pts.
decline.
Easy at Steady, M
6K@7 pt. dec. to
pts. dec. 2 pts. adv.
Tne prices ol iutures at .L iv erp ool xor u a cu <,y
below. Prices are on tho basis of upland, good ordinary
_______________
clause, unless otherwise stated.
uj
T h u rsd a y .
S a tu rd a y . 1 M o n d a y . T u e s d a y . W ed
May 20
to
4 1 2 K 4 12 X
May 26. 1 2 X 1 2 H 1 2 H
p .m . p .m . p .m . p .m . p .m . p .m . p .m .
d.
M ay_____
May-June
July-Aug.
Oct.-Nov
Jan.-FebMar.-Apr I I I I
d.
49
41
33
04
7 92M
7 90
8
8
8
8
\ d-
d.
d.
d.
d.
40 M 35 42 33 28 M
32 M 27 M 34 25 2 0 m
24 Vs 2 0 126 17 1 2 M
96 M 93 197 M 87 M 84
84 m 81 85 75 71M
81 78 182 72 ■67M
F r id a y .
d.
32
24)
16)
87
74)4
71
B R E A D S T U F F S
F r i d a y N i g h t , M a y 26 1916.
Flour has furnishod no really now featuros. At times
business has increased a little, but aftor all trade on the whole
R ec e ip ts (can tars)—
has been quiet. Mills in some cases, it is mtimatod, are dis
22,000
65,000
9.251
This week___________
7,558,960
posed to meet buyers fully half way. In fact, some mills
6,137,063
4,529,024
Since Aug. 1................
show, it is said, a certain anxiety to get new business. Thov
S in c e
find buyers as a rule disinclined to buy for moro than a month
S in c e
S in c e
A
u
g
.
1.
W
eek.
W
eek.
|
A
u
g
.
1.
W
eek.
A
u
g
.
1.
E x p o rts (bales)—
or two ahead, especially as railroad congestion does not enStocks here are not supposed to bo
631 191,672 3.800 184,716 3,250 194,158 courago big purchases.
T o L iverp ool--------------203,324
7,750
3,250
138,383
124,158
T o Manchester_________
large, but on tho othor hand tho demand is far from largo,
T o Continent and India. l',0 i5 158,064 7.800 261.198 14,000 390,528 so that the markot is not in a very satisfactory condition for
T o America____________ 1,500 ,186,654 6,400|141,523 3,500 70,776
holders of flour. The total output last week at Minneapolis,
3 ,146660,548 21.25ol725.820 28,500 858,786 Duluth and Milwaukee was 310,400 barrols, against 35b,.>30
Total exports.
the previous week and 364,070 last year, total since
MANCHESTER MARKET.—Our report received by in
Sept.
17,280,000 barrols, against 13,762,000 barrels dur
cable to-night from Manchester states that there has been ing the1,same
period of 1914-15.
... . , A
a modorato turnover of yarns and cloths. Tho demand Wheat declined
early in the week but rallied later on,
from India is steady but China is quiet. Wo give prices owing to an unfavorable weekly weather report by the
or to-day below and leave those for previous weeks of this Government. Reports of drought have also counted.
______ _______________ They have been received from Oklahoma. It is saul that
and last year for comparison:
the crop in that State doos not look to bo larger than 26,000,
1915.
000 bushels, against 36,540,000 last year and 47,975,000 m
cot'%
8 K lbs. Shirt
1914. Reports of damage by Hessian flies continuo to be
HH lbs. S
hirt Col'n
in g s, common M id
3 2s Cop
ings, common M id
32* Cop
received from Kansas. Bulls assert that it will not raise moro
03
to finest
U ol’ t
T w ist.
tofinest. U pi's
Twist.
than 75,000,000 bushels, against nearly 10b,000,000 last
1• ft
a
d a. d.
d !„
1). d
u. a. d.
year.
In central districts of the belt it is said that the
Apr. d.
9
6.52
6
3
@7
9M
7.62
8
K
@
@9
2
0
13 7
7 12 M
Drought in tho
5.75 damage by Hessian flies has increased.
7.78 S H
OH 6 3 @7 9
@
14 12
@ 1 2 H 7 0 @9 2
5.78 Southeast and Southwestern parts of the belt has been
,8 M
OH 0 3 @7 9
@
12H7 0 @9 22 7.82
2 1 12
I
5.60
9
3
@7
6
7.9i
OH
I8 J*
@
28 1 2 * @ 13 7 0 @9
I enlarged upon on the theory that it must have caused con
T
May
5.19 siderable damage.
9 0 3 @7 3
8 .1 2 8 M
®
It is said, too, that tho planted area
5 1 2 X @ 13 )< 7 1K@9 3
4
5.30
4
(a
7
9 6
@
1 2 12H @ 13 H 7 3 0 '.) 4M 8.44 8 M
5.30 of the American Northwest is about 12% smaller than that
9 0 4 @7 4
@
8.74,8M
19 12 H @ 13M 7- 4 H @9 6
5.14 of last year.
9 0 4 @7 4
Liverpool has latterly been firm, and somo
8.47 8 H
@
26 1 2 H @ 13M 7 4K@9 6
A le x a n d r ia , E g y p t .
M a y 3.
K,Xnnr
1915-16.
1914-15.
1913-14.
-------------------------------
---------------------
Ma y 27 1916.]
THE CHRONICLE
export trade has been done. Tko Canadian acreage is esti
mated at 20% less than that of last year. The tendency
of late has been to strengthen the technical position of the
market through overselling. Besides, the recent bad break,
in the view of some traders, called for a rally, oven if only
temporary. In France there is a shortage of nativo wheat
and the general opinion is that the new crop will bo of dis
appointing size. In Gormany food scarcity is reported acuto.
In Russia tho winter seeding is 10% less than that of last
year, and winter killing was large. Some private reports
from Austria-Hungary state that the crop has been damaged.
Argentine offerings to the United Kingdom have beon
small, even at high prices. In Australia holders are still
firm, though rains have improved the prospects for a big
crop. In East India offerings are small and prices are strong.
In Italy the shortage of labor is complained of. In this
country export sales have ranged from 200,000 to 1,500,000
bushels a day, Greece being a good buyer of macaroni. On
the other hand, there has latterly beeen some renewal of
peace talk, owing to a report that Princo Yon Buelow is on
tho way to Washington on a special mission, supposedly in
the cause of peace, and possibly to supersede the present
Ambassador, though this report, it may be added, was not
confirmed. In Argentina prices have latterly been rather
easier, with fine weather and arrivals increasing, even if
offerings have not been pressing. Berlin reports say that
Germany’s crops have been favored by fino weather. Official
reports from Russia are also favorable as regards weather
and crops, and some reports state that seeding in tho springwheat section incrc.asod. In the Balkan States tho crop
outlook is considered favorablo aftor general and beneficial
rains. In Australia crop prospects have been improved by
further moderate rains. In Italy the crop is estimated at
193,000,000 bushels. In Spain the crop outlook is excellent,
and some reports stato that that country will have something
for export. In North Africa crops are said to be larger than
thoso of last year. Last week the available American stock
decreased only 800,000 bushels, against a decrease nearly
eight times as largo in the same timo last year. World’s
stocks, omitting Continental, are put at 212,378,000 bushels,
against 113,100,000 a year ago. To-day prices advancod
on bad crop reports, with drought in Oklahoma and Kansas.
The
spring-wheat acreage, it is said, will be reduced 15 to
20% . D A ILY CLOSING PRICES OP W HEAT FUTURES IN NEW YORK.
-.r „
.
S a t.
M a n . T ties. W ed. T h u r s .
F r i.
No. 2 re d ----- . . . ------------------cts.N om . 120% 121% 122% 122% 123%
116% 117%
M a y delivery in elevator................ 119% 115% 115% 116
D A IL Y CLOSING PRICES OP W HEAT FUTURES IN C H I C A G O .
„
S a t.
M a n . T u e s. W ed. T h u r s .
F r i.
M ay delivery in elovator.......... cts.111% 107% 107% 108% 108% 109%
a t ^ ° L Ive,7 , i.n elevator. - ............ 112
108% 109% 109% 110% 111%
September delivery in elevator ----- 112% 109% 109% 110% 111% 112%
Indian corn declined on long liquidation with the weather
m the main favorable for planting. Tho cash demand has
been rather small. Liverpool was at one time weaker, with
the weather in England warm and the consumption smaller,
with other foodstuffs cheaper than corn. The first arrivals
of new corn at Liverpool from the River Plate are of excel
lent quality though the berry is smaller than normal. The
decrease in the available American supply last week was
1.600.000 bushels, against a decrease in tho samo week last
year of 2,600,000 bushels, and the total supply now is 19 675.000 bushels, against 17,272,000 a Aveek ago and 5,932*000 at this timo in 1914. In Argentina arrivals of both old
and now are liberal, stocks are increasing and prices de
clining, especially as ocean freights are at 183s. 6d., as
quoted unofficially, against a recent official quotation of
165s. On the other hand, in this country the movement is
small and planting has recently been delayed. Growth is
slow in IoAva and late planted is not germinating well. Kan
sas City sold 100,000 bushels to go to Texas. But the
weather at tho West is noAV hot and this causes soiling.
To-day prices advanced and then reacted. Tho hot, dry
weather now prevailing is considered favorablo in most
parts of the belt.
D A ILY CLOSING PRICES OF NO. 2 M IX E D CORN IN NEYV YORK.
■NTn 9 vniinnr
S a tM o n - T u e s. We(L T h u r s . F r i .
No. 2 yellow............................. cts. 80% 83% 84% 82% 80% 83
D A ILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Tvf*,,. .inii........ t i
.
S a l.
M o n . T u e s. W ed. T h u r s . F r i .
May do,livery in elevator-------- cts. 74% 72% 73
73% 70% 70%
July delivery in elovator________ T.YlX
71% 7 l% 72
70% 7 n%
September delivery in elovator_.il 72% 69% 70^* 70%
69% 6 9 %
2003
Cash oats are nearly 40 cents under corn now as against only
25 cents under corn a year ago. Some export dusiness has
been dono, and the clearances have reached 774,000 bushels
in a single day. To-day prices advanced and then fell back,
though Oklahoma crop reports were bad, as also were those
from Kansas. But the big Central States send good crop
advices.
D A IL Y CLOSING PRICES OF OATS IN NEW YORK.
, ,
S a t.
M o n . T u es.
W ed. T h u r s . F r i .
Standards
.............................cts. 51
50
50
48% 48
48
No. 2 white-------------------------------- Nom. Nom. Nom. Nom. Nom. Nom.
D A ILY CLOSING PRICES OF OATS FUTURES IN C H IC A G O .
, ,
S a t.
M o n . T u es.
W ed. T h u r s . F r i .
M ay delivery in elevator..........cts. 44% 43% 43
42% 42% 41%
July delivery in elevator................ 42
40% 40%
40% 40%
41
September delivery in elevator------39% 38%
38%
38% 38%
39%
The following are closing quotations:
GRAIN .
Wheat, per bushel— f. o. b.—
Corn, per bushel—
N. Spring, No. 1, new____$1 29%
No. 2 mixed_______ f. o. b. Nom.
N . Spring, No. 2__________ . . . . .
N o. 2 yellow______ c. i. f.
83
Red winter. No. 2, new__ 1 23%
No. 2 yellow kiln dried__
81
Hard winter. No. 2...........1 22%
Argentina in bags________
Oats, per bushel, new—
cts.
Rye, per bushel—
Standard_________________
48
New York...........__c. i. f. $1 07%
No. 2, white_____________
Nom. AVestern----------------c. i. f. $1 07%
No. 3, white.................... 46% @47 M a lt .....................................92 @94
No. 4, white.................... 45% @ 46
FLOUR.
Winter, low grades,____ $4 25 $4 55 : Kansas straights, sacks.$5 45@$5 65
Winter patents___________570 5 901 Kansas clears, sacks__ 4 85@ 5 15
Winter straights_______ 5 40
7 20
5 65 City patents__________
Winter clears____________ 510 5 30 Rye flour .......................5 10@ 5 45
Spring patents................. 6 00
6 25 i Buckwheat flour______ _________
Spring straights__________575 5 90, Graham flour_________ 4 35 @ 5 25
Spring clears_____________ 525 5 5 0 ’
WEATHER BULLETIN FOR WEEK ENDING MAY
23.—The influences of Aveather on the crops, as summarized
in tho Aveather bulletin issued by the Department of Agri
culture
for the week ending May 23, Avere as folloAvs:
The cool weather that has prevailed in central and eastern districts dur
ing tho week has an unfavorable effect on many of tho staple crops and the
advances of vegetation. Farm work has been delayed in northeastern
States by the wet condition of the soil and seeding has been checked by low
temperatures. The cultivation of cotton and corn has been delayed in
somo southern sections by heavy rains. The development of crops and
farm work iias been unfavorably affected in the Rocky Mountain region
also. Frosts have been general in nearly all the northern half of tho coun
try and throughout most of the central Rocky Mountain districts.
C o r n . — The planting of corn is going on in the western Lake region and
in the upper Rocky Mountain States, but tho work has been retarded in
tho Northeast by the unfavorable condition of the soil and growth has been
slow In all sections because of unseasonably low temperatures. Heavy
rains in somo parts of the South have delayed cultivation. There has been
some damago by cut-worms and considerable replanting is nocessary.
W in ter W h ea t. — The condition o f winter wheat has improved in the
Northeastern sections, but the damage by fly in the central districts has
increased. The crop is being harvested in tho Southeastern States and
is heading as far north as Southern Missouri and Kansas. There has been
considerable damage by dry weather in the southeastern and southwestern
part of the winter wheat area. Ail grains have been benefitted by cool
weather on the lower Pacific Coast.
_ S p r in g W h ea t. — There has been somo damage to wheat by frost In the
North Pacific Coast States during the week. Seeding of spring wheat is
nearing completion. That which is up is looking well, although it is back
ward.
S u e .— Rye is in good condition.
Oafs.— Seeding of oats is nearing completion In the upper Mississippi and
Missouri Valley region and is practically completed on the North Pacific
Coast, but the work Is going on slowly in the Northeastern States because
o f wet weather. There has been quite serious damage by dry weather in
parts of tho Southwest and Southeast, but tho crop is doing well in the
central portion. The harvesting of oats is going on in tho Southeastern
States.
C otton. — The temperature has been too low for the best development of
cotton, and its growth has been considerably retarded. Heavy rains in
parts of the South have delayed replanting and tho cultivation of the crop.
P o ta to es. — Planting of potatoes in tho Northeastern States Is going on
slowly, but they aro looking well In the central district.
Tko statement of the movement of breadstuffs to market
indicated beloAv are prepared by us from figures collected by
the NeAv York Produce Exchange. The receipts at Western
lake and river ports for the Aveek ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at—
Chicago____
Minneapolis .
Duluth.........
Milwaukee ..
Toledo.........
Detroit.........
Cleveland ...
St. Louis___
Peoria_____
Kansas City.
Omaha.........
Flo ur.
Corn.
Oats.
Barley.
Rue.
bbls.l'JtMbs. bush. 60 lbs.bush. 56 lbs.bush. 32 lb s.b u sh .4816s. bush.56lbs.
Tot. week ’ 16
Same wk. ’ 15
Samo wk. '14
128,000
733,000
1,790,000
1,390,000!
69,000!
27,000;
499,000)
489.000
75,000
308.000
30.000
36.000
9,000
40.000
7,000
11,000
297,000
370,000
319,000
Since Aug. 1— |
5,294,000
3,730,000]
3.506,000
2,933,000)
2,346,000
2,179,000;
6,542,000' 1,416,000]
2,521,000;
584,000
3,968,000)
739,000)
133,000
92,000
153,000
17,178.000457,883,000197,715,000179,852,000101850000 20,770.000
Oats have declined in response partly to lower prices at 1915-18.-.
1914-15. . . 16,769.000 356,366,000212,028,000 240,633,000 79,027,00018,577.000
tunes tor other grains. In addition, however, tho crop re 1913-14... 17,096.000255.779.000186,111.000186.820,000 73.967.00021.178.000
ports from the Central States have been very good, though Total receipts of flour and grain at the seaboard ports for
it is true that in Kansas the condition is given as only 75.7% the week ended May 20 1916 follow:
against 88% a mouth ago and 80% at this time last year. Receipts at— Flo ur. Wheat.
Oats.
Barley.
Rye.
A™5Chicago stock increased largely last week, or somo 1,327,
Bushels.
Bushels.
000 bushels. The available stock in North America then New York__ Barrels.
Bushels.
Bushels.
Bushels.
169,000 3,364,000;
211,000
906.000 675,000
increased 2,2o0,000 bushols, in sharp contrast Avith a de
37.000,
683,000)
547.000
crease in the same Aveok last year of 2,880,000 bushols, a Boston........
Portland,Me
13,000^ 2,306,000
857.000
Philadelphia .
36,000
765,000
89,000
278.000
1,000
6,000
difference of 5,130,000 bushels. Tho total, moreover is Baltimore__
42.000 1,514,000'
731,000 1,474,000
43,000 384,000
now 31,105,000 bushols, or 9,400,000 bushols moro than a Norfolk
N’port News.
8,000)
696.000
.
.
26’,656]
year ago and 9,200,000 more than at this timo in 1914. And
101,000
40,000 *’ 12,000
cash houses have been selling May in Chicago. Stop orders MNewobile...
Orlcansa
52.000
154.000
109,000
20,000
78,000
2,000
havo beon caught in tho distant months. 'Prado has boen Galveston__
Montreal___
32’,660 1,327,000
3,000
*
365.000
rathor quiot. The generally favorablo crop reports offset St. John*___ 22,000) 513.000
17,000
tho damago by green bugs in Kansas, and of a light yield Tot. week ’ 16| 530,000! 10,712,000' 1,182,000 5.172.000
722,000 390,000
in Oklahoma, traceablo to drouth in that State. It is as SinceJan.l ’16 10,285,000148,747,000 23,478,000 63.266.000 12,609,000
5.682.000
sorted that tho Oklahoma crop is not likoly to oxceed 25 - SinceJan.l
AVeek 1915...
520,000; 4,822,000 1,223,000 3.679.000
72,000
17,000
16,105,000 32,874,000 58.235.0001 5,202,000 5.854.000
000,000 bushels, against 37,500,000 in 1914. At tho same a Receipts’ 15ll0,953,000
do
not
include
grain
passing
through
New
Orleans
for
foreign
ports
time some consider oats too cheap as compared with corn. on through bills of lading. *Two weeks.
i
[Vol . 102.
THE CHRONICLE
3004
The exports from the several seaboard ports for the week
ending May 20 are shown in the annexed statement:
TH E
D R Y
G O O D S
TR AD E
26 1916.
Nothing of importance has taken place in the drygoods
10,20254,215 1,813,559
22,743 86,737 16,330 trade during the past week. Cotton goods values continue
New York......... 3,476,536
_____
13,000 857,000
................................ to show a strong upward trend despite the fact that trade
Portland, Me.*..2,306,000
_____ 14,269 564,426 -------- - .....................
Boston________ 584,223
51.000 5,000 421,000 -------1,000 .......... is less active and selling agents more conservative regarding
Philadelphia___ 810,000
Baltimore______ 1,801,617 835,661 53,803 1,049,341 106,662 62,011 .......... forward contracts. Greater interest is shown in obtaining
.......... 26,000
...... ............................................
Norfolk........................... . .
deliveries than in the placing of new orders. There is an
_____ _____
696,000 .....................................
Newport News-8,000
40.000 101,000
12,000
................................ urgent demand in all quarters for the prompt shipment of
Mobile..............................
1,000
................................
New Orleans___ 687,000 152.000 36,000
Galveston______ 181,000 212.000 ................... ....... ..................................... goods under order and while mills are gradually catching
_____
22,000 17,000 ______
................................
St. John, N. B.*. 513,000
______ ______ up with deliveries many consumers are compelled to wait
Total week...10,367,376 1,300,863 325,287 5,431,326 129,405 149,748 16,330 for goods which they need immediately. Advices from
Week 1915_____ 4,398,490 1,036,991 374,506 2,578,182 493,279 90,566
1,346 manufacturing centres indicate that operations are being
conducted upon a broad scale and that the labor situation
♦Two weeks.
greatly improved during the past few weeks. The
The destination of these exports for the week and since has
majority of mills are not concerned over obtaining new
July 1 1915 is as below:
contracts,
owing to the uncertain conditions which provail
-Flourin the raw material and dye markets, and the fact that they
Since
Week
Since
Week
Since
Week
Ju ly 1
have sufficient business booked to carry them through the
M a y 20
Ju ly 1
M a y 20
Ju ly 1
Exports fo r week M a y 20
1915.
1916.
1915.
1916.
1915.
1916.
and since
remainder of the year. Jobbing trade is active for this time
bush.
bush.
bush.
bush.
bbls.
bbls.
Ju ly 1 to—
85,593 4,981,693 5,423,988 133,835,574 121,857 4,840,303 of the year, but distribution is handicapped by the lack
Retailers are inquiring for prompt and nearby
162,194 5,109,816 4,933,388 167,123,974 1,038,804 15,460,491 of supplies.
83,724 2,503,681 shipments of both staples and seasonable goods, many of
8,000 2,741,740
31,427 1,962,289
50,478 2,662,980
110,707
44,448 1,709,427
10,666 them finding that their original purchases aro insufficient
170
39,469
3 .-----26,043 to take care of the increased consumption.
921,963
2,000
271,806
1,625
.........
The approach
Total............ 325,287 14,074,500 10,367,376 304,736,126 1,300,863 25,510,164 ing holiday is causing some slowing up in jobbing circles
Total 1914-15...374,500 13,577,305 4,398,490 286,954,371 1,036,991 36,109,450 as many of tho houses are planning to close from Saturday
Tne world’s shipments of wheat and corn for the week afternoon until Wednesday morning, and many buyers will
leave the market. Local weather conditions have been
ending May 20 1916 and since July 1 1915 and 1914 are more
favorable to retail distribution and a continuance of
shown in the following:
mild weather is expected to bring greater activity. Export
inquiry from war markets continues to increase and consider
Corn.
Wheat.
able
business is being done. American manufacturers
1914-15.
1915-16.
1915-16.
1
1914-15.
Exports.
aro becoming more familiar with the character of goods
Since
Week, i
Since
desired, as well as the necessary credit and shipping arrange
Since
1 Since
Week
Ju ly 1.
M a y 20. | Ju ly 1.
Ju ly 1. | Ju ly 1.
M a y 20.
ments. According to Washington advices of an unofficial
Bushels.
character there appear to be numerous obstacles in the way
Bushels. 1 Bushels.
Bushels. 1 Bushels.
Bushels.
North Amer* 8,364,000 430,830,000 406,944,000 1,214,000 27,083,000 36,784,000 of trade development with South America. Mombers of
4.811.000
4,386,000, 12,074,000
Russia........
9.431.000 the International Commission which recently toured the
_______ 1 2,347,000
Danube___
Argentina . . 3,0*8*8*666 51.356.000 74,899,000 1,292*666 138*,835*,666 126,935,000 principal countries of South America, aro said to liavo re
Australia__ 952.000 26.736.000 8,996,000
ported that there is little opportunity for trado dovolopmont
16,000 11.772.000 20,768,000
India.........
to be found. It is understood that tho American visitors
Oth. countr’s 128.000 10.742.000 5,945,000 357",66oi 9*,*375*666
Trade with
Total___ 12548000 535,822,000 531,973,000 2,863,000 175.293,000 177,961,000 found the economic situation to be uninviting.
tho Far East continues at a standstill, owing to lack of
•North America.—The Canadian Government has officially prohibited the Issu shipping facilities and tho high prices which American
ance of both manifests and exports until after ten days. This Is effective during
the continuance of the war.
manufacturers are compelled to quote.
The quantity of wheat and corn afloat for Europe on dates DOMESTIC COTTON GOODS.—Staple cotton goods
mentioned was as follows:
are quiet and firm. Eight-ounce tickings have beon marked
up a half cent to 15^c. and moderato advances have taken
Corn.
place on some widths of sheetings. New business for for
Wheat.
ward account is slow as buyers aro more concerned at present
United
United
Total.
in securing delivery of goods under order. The backward
K in gdom . Continent.
Total.
K in g d om . Continent.
ness of summer weather is having a tendency to check trade
Bushels.
Bushels.
Bushels .
Bushels.
Bushels.
Bushels.
Retailers liavo not yet
_______ 58,968,000 _______ _______ 13,167,000 in wash goods and sheer cottons.
May 20 1916..
12,385,000
_______
_______
_______
_______
59,744,000
May 13 1916..
begun to dispose of these goods in sufficient quantity to
_______ *54,960,000 _______ _______ 7,532,000
May 22 1915..
May 23 1914.. 2 6 ,"3*1 *2',666 24,744,000 45,056,000 3,391,000 8,143,000 11,534,000 require further supplies from primary quartors. There is
a good domand for coarse sheetings, both for domestic
The visible supply of grain, comprising the stocks in consumption and export. The shortage of burlaps has
granary at principal points of accumulation at lake and been a big factor for manufacturers of coarse cottons suit
seaboard ports May 20 1916 was as follows:
able for bagging purposes. Domestic and export demand
for cotton duck and canvas of all descriptions shows no signs
GRAIN STOCKS.
of falling off and mills are having difficulty in turning out
Barley,
Rye,
Oats,
Corn,
Wheat,
bush.
bush.
bush.
bush.
bush.
United States—
goods in sufficient quantity to fill the demand. Gray goods
458,000 117,000 792,000
287,000
New York____________ . . 2,006,000
26,000 and print cloths aro quiet and firm, with sales confined to
18,000
170,000
64,000
90,000
Boston_______________ . .
29,000
110,000
377,000
417,000
630,000
small lots for spot delivery. Gray goods, 38-inch standard,
Philadelphia...... ............ . .
853,000 643,000 355,000
750,000
895,000
Baltimore______ ______ . .
are quoted at 6c.
4,000
5,000
688,000
88,000
Newport News............. . .
7,000
82,000
300,000
New Orleans.................. . . 2,259,000
WOOLEN GOODS—Labor troubles in tho cloak and
1,332,000
78,000
Galvraton
51,000 suit department continue to cause considerable unsettle3,000
884,000
985,000
Buffalo_______________ . . 2,268,000
1,000
135,000
185,000
828,000
Toledo _ _____________ . .
mont in the dress goods trado. Soiling agonts are com
42,000
373,000
157,000
211,000
Detroit............. - ............ . .
68,000 289,000 pelled to accept cancellations from many quartors, but m
Chicago......................... . . 5,186,000 8,068,000 4,965,000
60,000 104,000
552,000
66,000
337,000
Milwaukee____________
50,000 233,000 most cases liavo found ready purchasers for the goods
333,000
10,568,000
Duluth
62,000 1,977,000 204,000 105,000 among the jobbing trade.
Most manufacturers aro making
Minneapolis___________ . . 9,316,000
23,000
7,000
237,000
119,000
St. Louis_____________ . . 1,515,000
liberal allowances for conditions which their customers aro
59,000
385,000
Kansas City___________ . . 5,842.000 4,351,000
223,000
1,000
14,000
..
15,000
compelled to meot, especially if they have lived up to their
Peoria
_____
_____
346,000
529,000
248,000
Indianapolis___________ . .
22,000 contracts in the past. Despito these conditions, prices on
442,000
5,000
505,000
Omaha_______________ . . 1,414,000
161,000
all lines continue firm, although thore aro reports of resales
272,000
On lakes.................. ....... . . 561,000
of goods at slight concessions on tho part of euttors-up, who
1,382,000
2,197,000
13,753,000
17,112,000
..45,338,000
Total May 20 1916----Total May 13 1916----- ..45,708,000 18,609,000 11,490,000 1,498,000 2,277,000 were affected by the strikes. Business in men’s linos is
Total May 22 1915___ ..20,927,000 14,876,000 14,250,000 308,000 1,526,000 slow, but values continue firm. A fair duplicate business
Total May 23 1914----- -.31,663,000 4,086,000 8,240,000 589,000 1,932,000 is being done in fall lines although buyers aro taking no more
N ote .—Bonded grain not Included above: Wheat, 1,810,000 bushels at New York,
than necessary at the high prices ruling. Selling agonts are
169 000 Baltimore, 185,000 Philadelphia, 49,000 Boston, 1,336,000 Duluth, 5,949,
000 Buffalo; total, 9,498,000 bushels, against 2,290,000 bushels In 1915. Oats, delaying as long as possible tho opening of tho new spring
572.000 New York, 733,000 Boston, 48,000 Philadelphia, 361,000 Duluth, 2,964,000 season.
.
Buffalo: total, 4,678,000 bushels, against 343,000 In 1915; and barley, 161,000 New
York, 27,000 Boston, 61,000 Duluth, 113,000 Buffalo; total, 362,000, against
FOREIGN DRY GOODS.—The urgent domand for pure
61.000 In 1915.
linens both for dress goods and household wear is increas
68,000
67,000 ing w th little prospect of any increase in supplies. Much
Montreal........................... 3,265,000
21,000 3,636,000
.......... 3,500,000
Ft. William & Port Arthur.ll,602,000
disappointment is expressed over recent arrivals from
Other Canadian*............... 12,886,000
.......... 5,962,000
@FedFRASER