Full text of Commercial and Financial Chronicle : May 6, 1916, Vol. 102, No. 2654

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ommettiH
V O L . 102

M A Y 6 1916

Tn?nUb s ^ w . - eTrryc ^ i da.y “ om ln g b y W IL L IA M B . D A N A C O M P A N Y j
h
vIc^rM W enta^ 'Jlm n^ o n r>
and ^,reaa-: George 8. Dana and Arnold Q . D ana!
Vlce-Pre8ldenta. Arnold Q . D ana. Bee. Addressee o f all. Office of the Com pany.

N O . 2654.

CLEARINGS—FOR APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING APRIL 29.
f F our

A p r il.

C le a r in g s a t —]

1916.

1915.

I n c . or
D ec.

1916.

M o n th s.

1915.

W e e k e n d in g A p r i l
I n c . or
D ec.

1916.

1915.

29.

I n c . or
D ec.

1914.
1913.
S
S
3
New York__________ 11,622,616,656 8,811,665,074 +31.9 47,604,030,661 30,146,297,856 + 57.9 2,755,837,739 2,021,910,415
+ 36.3 1,948,430,876 2,016,890,218
Philadelphia________ I,
001,534,669
675,181,066 +48.3
3,990,334,456 2,572,808,057 + 55.1
247,457,743 152,073,086 + 62.7 160,602,230 185,878,717
Pittsburgh__________
231,933,302 +24.7
289,194,298
1,060,886,038
818,712,218 + 30.3
83,346,562
52,306,602 + 59.3
63,596,278
05,523,335
Baltlmoro__________
177,751,088
143,146,167 + 24.2
727,113,407
595,188,871 +22.2
44,379,030
33,463,769 + 32.6
38,659,033
38,563,652
Buffalo......................
49,550,838 + 17.9
58,442,670
234,743,190
186,804,829 + 25.7
12,334,788
11,432,993
+ 7.9
11,270,001
10,785,511
Washington..............
37,795,812
35,314,103
+ 7.0
151,745,047
130,503,430 + 16.4
8,304,321
7.642,418
+ 8.7
7,738,397
Albany____________
8,083,218
23,531,644 — 12.5
20,589,156
84,754,904
91,803 673 — 7.7
4,505,403
6,206,420 — 27.4
6,300,862
5,865,080
21,155,851 + 21.6
Rochester________
25,724,294
96,357,444
77,971,436 + 23.6
4,885,555
4,417,386 + 10.6
5,718,154
5,789,430
Scranton________
13,523,117
+ 0.4
13,581,569
53,595,118
54,020,997 — 0.8
2,857,481
2,834,488
+ 0.8
3,276,542
2,924,075
13,201,326
Syracuse....................
+ 7.9
14,242,747
55,821,449
49,304,001 + 13.2
2,879,642
2,838,483 + 14.4
3,113,353
3,030,234
10,820,638
Reading____ _______
8,698,810 + 24.4
38,850,548
29,478,889 + 31.8
2,370,949
1,764,662 + 34.3
1,949,623
1,877,098
11,904,553
8,011,517 + 48.0
Wilmington................
45,201,803
28,312,050 +59.7
2,910,582
1,868,095 + 55.8
2,113,884
1,794,954
7,725,194
6,665,432 + 15.9
Wilkes-Barre________
29.223.625
27,043,102
+ 8.1
1,614,463
1,495,541
+ 8.0
1,480,698
1,684,205
11,441,557
Wheeling___________
8,263,713 + 34.8
44,097,353
31,161,073 +41.5
2,737,868
1,885,102 + 45.2
2,437,865
Harrisburg................
2,432,329
7.700.000
7,043,124
+ 9.3
30,450,910
26,953,276 + 13.0
York................ ...........
5,133,596
4,952,815
+ 3.7
16,695,091
15.605.003
+ 6.6
" 1,127,451
873,268 + 294
‘ "966',662
Trenton____________
9.593.901
928,215
7,357,339 + 30.4
38,582,2 13
29.542.003 + 30.6
2,568,966
1,573,242 + 63.2
1,867,726
12,731,962
Lancaster___
3,389,506
11,875,211
+ 7.2
36,611,143
30,510,874 + 20.0
1,710,254
1,409,047 + 21.4
1,578,005
1,579,782
5,796,482
E rie ..............
4,110,130 + 41.0
21,509,860
15,993,197 + 34.5
1,394,362
951,077 + 46.6
1,092,280
Binghamton .
1,077,689
2,918,500 + 23.6
3,607,500
13,730,501)
11,177,500 + 22.9
733,200
619,200 + 18.4
Grcensburg.._______
584,300
678,900
3.400.000
2,859,467 + 18.9
13,033,306
11,266,783 + 15.7
750.000
658,971 + 13.8
880,658
Chester____ _______
668,634
5,104,820
2,584,129 + 97.5
19,267,580
10,140,989 + 90.0
1,347,092
615,895 +118.8
685,406
663,600
A lx o n a .................. .
2,291,442
2,438,292
+ 6.4
9,340,483
8,764,857
+ 0.0
550.000
515,095
+ 6.8
535,735
502,551
2,301,993 + 15.4
Norristown................
2,656,718
9,854,030
7,908,708 + 24.6
2,252,094
2.475.902
iiaaver County, P a ..
+ 9.9
10,052,614
8,676,979 + 15.9
1,852,606 + 13.1
Frederick....................
2,094,729
6,897,131
0,187,585 + 11.5
Franklin.......... .........
1,013,743 + 58.9
1,610,998
6,051,952
3,760,883 + 60.9
M ontclair__________
1,687,356
1,095,198
+ 0.5
6,753,678
7,193,187 — 6.1
"4 1 0 .1 6 9
■” 395',068 '+ 3.8
” 407',974
' 455',828
Oranges...................... __ 3,174,910
3,632,073 — 12.6
12,937,476 . _ 14,055,175 _ - 8 J )
Total Middle
13,372,579,815 10,T08,574,282 HF52T3 "54,474,515,766 357)47,226,740 X B O 3,187,013,620 2^097750,523 + 38.0
2720573467542 27361,'1327761
Boston_____________
888,831,060
715,207,486 + 24.3 3,489,938,203 2,570,025,163 + 35.8
195.816,469 164,151,944 + 19.3 157,135,169 162,511,800
Provldenco_______
42,228,200
33,517,400 +26.0
104,545,300
120,084,400 + 29.9
9,448,600
7,169,400 + 31.8
7,897,600
8,336,300
H artford_____ _____
33,017,784]
29.824.800 + 10.7
110,871,411 + 17.2
129,942,520
7,501,028
6,532,560 + 14.9
5,380,067
5,158,071
New Haven..............
18,566,450]
15,853,294 + 17.1
70.765.625
60,970,427 + 10.1
4,757,824
3.250.000 + 46.4
3,032,168
2,902,890
Springfield________
18,045,020
73,700,544
40,237,154 + 59.2
12,443,091 +45.1
3,998,476
2,656,677 + 50.5
2,679,034
2,901,829
Portland .............. ..
9,842,356
31,360,341 + 24.5
8,150,739 + 20.8
39,032,507
2,125,853
1,804,011 + 17.8
2,175,572
2,426,105
Worcester..................
16,502,850
43,105,501 + 41.7
11,864,827 + 39.1
61,155,471
3,523,115
2,607,317 + 35.5
2,339,211
2,817,307
Fall River...... ...........
7,121,787
27,445,023
21,821,472 +25.8
6,273,135 + 11.9
1,439,691
+ 6.4
1,353,089
1,289,505
1,056,470
New B edford............
6,070,113
22,760,551
17,610,305 + 29.2
4,821,610 + 26.0
1,428,721
1,089,959 +31.1
1,126,430
943,710
Lowell_____________
• 4,213,314
16,424,848
12,996,696 + 20.4
3,503,492 + 20.3
954,949
762,735 + 25.2
840,444
509,589
Holyoke____ _______
4,314,242
15,636,944
3,229,831 + 33.6
12,443,108 + 25.7
1,010,871
753,085 + 34.1
743,261
770,442
Bangor........................
2.945.073
10,098,579
6,804,828 + 48.4
1,861,616 + 58.2
650,123
377,704 + 73.9
580,860
W aterbury_________
30,978,200
_ 8,305,200
5,065,900 + 64.0
18,725400 + 65.4
Total New England 1,060,009,455
4,152)424,915 3,079,710,200 + 3 0
851,6171221 ~ + 2 0
232,670^720
“190,435,677
Chicago___________
1,540,234,921 1,320,808,716 + 16.7 6,235,302,283
5,179,628,815 + 20.4
374,889,142 294,680,130 + 27.2 348,153,309 319,670,763
Cincinnati_______
547,700,050
110,612,300 + 21.7
134,562,550
429,838,900 + 27.4
30,585,850
23,787,850 + 28.6
25,078,850
24,477,950
Cleveland___
649,084,796
124,676,017 + 29.9
162,982,456
445,664.479 +45.7
35,668,664
24,338,379 + 46.5
25,508,710
24,747,421
Detroit.................... "
-47.3
627,716,001
112,658,265
166,002,024
404,788,090 + 55.1
37,295,273
25,051,290 +48.9
27,343,481
24,993,515
Mllwaukeo_______
64,970,381 + 16.1
317,756,219
75,400,271
284,573,383 + 11.7
17,149,798
13,780,285 + 24.4
15,646,189
15,411,518
- -30.5
33,183,471
Indianapolis____ I ”
179,702,372
43,292,817
134,974,763 + 25.7
9,288,784
7,677,494 + 21.0
7,718,138
8,600,313
29.182.800 -•42.3
Columbus______
41,514,500
142,107,200
107,376,100 + 32.3
8.678.000
6.550.000 +32.5
6.419.000
6,182,400
25.822.820 - -40.0
Toledo___________
30,131,594
141,792,170
99,982,920 + 41.8
8,000,654
5,055,264 + 58.2
5,504,654
4,304,222
12,912,234 - •16.3
P eoria ............ .......
15,014,053
63,982,799
53,190,512 + 20.3
3,430,997
3,003,169 + 14.2
3,543,438
3,628,412
14,236,622 + 2 3.9
17,644,695
Grand Rapids___ I
68,280,822
54,604,645 --25,0
3,984,922
3,126,672 + 27.4
3,423,145
3,196,870
9,229,413 + 44.5 ’
13,337,116
D a y ton __________
50,221,378
35,850,007 + 40.1
2,926,865
2,130,411 + 37.4
1,970,266
5,314,072 + 29.7
1,900,208
0,892,226
Evansville___ ____
30,693,572
20,045,553
53.1
1,407,694
1,116,924 + 26.1
1,181,778
1,249,793
0,086,296
5,368,867 + 13.0
Springfield, 111........
24,415,741
20,503,863 + 19.1
1,282,147
1,042,149 - -23.0
1,112,398
1,218,164
5,590,389
5,897,803
+ 5.5
Fort Wayno_______
23,378,885
22,238,773
+ 5.1
1,524,585
1,281,164 + 18.9
1,265,447
1,421,743
4,348,051
4,644,173
+ 6.8
Rockford__________
18,890,376
10,505,647 + 14.4
986,262 + 11.5
1,094,709
868,885
18,699,929
819,552
6,639,297 + 180.1
Youngstown..........
44,148,786
23,202,760 + 90.3
2,479,602
1,832,807 + 35.3
3,268,753
1.300.000
1,215,330
3,112,395
Lexington ................ .
+ 5.0
15,646,041
15,626,869
+ 0.1
738,184
520,523 +41.9
589,219
16,280,000
Akron.........................
756,629
8,110,000 + 100.7
55,548,000
28,735,000 + 93.0
3.872.000
1.705.000 + 127.1
10,738,628
1.799.000
Canton...................
1,785,000
9,181,925 + 16.6
40,741,230
32,060,139 +27.1
2,371,390
1.900.000 + 24.8
3,441,018
1,668,691
1,441,090
Bloomington_______
3,226,747
+ 6.7
15,082,933
13,792,<138
+ 9.4
825,155
652,583 + 26.5
689,423
3.729.640
Quincy.......................
803,773
3,717,110
+ 0.3
17,018,765
14,913,569 + 14.1
742,433
812,028 — 8.6
792,402
4,434,801
Springfield, Ohio___
740,859
3,273,745 + 35.5
17,235,296
13,975)006i +23.3
1,012,202
745,725 + 35.8
666,859
2.753.309
Decatur.................... .
737,304
1.977,239 + 39.2
11,102,302
7,838,804 + 41.5
582,910
471,598 + 23.5
454,165
2.933.074
521,545
Mansfield................
2,512,688 + 16.8
11,034,909
9,264,462 + 19.1
643,248 ■
526,463 + 22.2
632,713
3,406,910
457,219
Jackson.................... .
2,504,001 + 34.9
12,802,241
9,081,669 +41.0
767,093
+ 9.6
700,165
600,000
520,610
3,678,955
South Bend________
3,172,927 + 15.9
13,515,551
11,060,292 + 22.1
703,194 + 23.2
866,026
664,200
593,829
3,011,700
2,504,911 + 20.2
Danville.....................
10,657,172
9,002,084 + 18.4
638,464
413,380 --54.4
416,116
454,112
1,396,951
1,264,095 + 10.4
Jacksonville, 111____
6,595,399
5,258,580
+ 0.4
306,026
250,335 + 22.3
255,462
534,109
3,066,529
2,004,724 + 53.5
L im a .................. .
11,694,245
7,470,012 + 55.1
583,549
418,075 + 39.5
512,457
420,000
4,005,292
2,554,255 + 56.8
Lansing..................
15,177,738
9,091,930 + 66.9
885,333
507,889 + 74.3
369,759
273,137
2,370,187 + 107.5
4,918,099
F l i n t ....................
16,032,414
8.281.497 + 93.6
1,417,089
1,553,401
Owensboro____
+ 9.6
6,880,961
6.822.498
+ 0.9
323,389
360.881 — 10.3
380,713
460,529
Gary..................
1.254.620 + 65.5
2,075,552
7,572,239
4,387,519 + 72.6
Lorain................ _I~
445,647 + 26.7
564,260
1,904,118
1,833,374
+ 3.9
1,062,977 + 27.4
Ann Arbor_____
1.353.310
5,204,826
4,034,863 + 30.5
415,000
345,000 — 20.3
335,000
293,648
247,909 + 26.6
Adrian________H I "
313,316
1,262,794
949,736 + 33.0
75,491
63,344 +19.2
36,679
42,855
+ 3.4
566,316
New Albany___ H I
585,822
2,120,730
2,118,949
+ 0.4
Paducah ................ '
_ 3,097,805 + 45.4
4,504,551
15,751,688 ____13,247,060 + 18.7
Total Mlddlo West' 2,370,257,205 1,945; 159,027 + 21.8 9^64,7211042
7,661,855,797 “ +~25.2
555,303,578 420,536,535 + 30.2 486,800,552
Details of Pacific and Other Western on page 1685­
Total Pacific_____
612,600,655
508,352,341 + 20.5 2,334,919,556
1,982,230,160 + 17.8
141,622,248 110,588,142 +28.1 120,535,206 128,203,656
Total Other W est..
848,320.882
725,635,265 + 16.9 3,503,185,514 3,005,358,046 + 16.6
200,841.692 165,734,443 +21.2 145,138,007 148,500.726
St. Louis___________
392,681,889
346,126,825 + 13.4 1,586,918,320
1,334,559,998 + 18.9
88,039,872
75,964,275 + 15.9
74,120,548
79.236.72 8
New Orleans________
90,787,306
76,338,511 + 18.9
399,332,195
324,810,503 + 22.9
23,423,326
16,749,685 + 39.8
21,201,227
10.261.73
Louisville....................
77,913,575
47,901.401 + 62.7
323,045,007
213,423,553 + 50.9
17,155,499
11,305,267 + 51.7
12,824,896
12,748,37
38,225,714
Houston____ _______
31,563,375 +21.1
171,773,500
147,954,256 + 16.1
8,575,754
6,0.53,502 + 23.3
9.000. 000
12,471,99
10,748,919
Galveston........ .........
18,078,622 — 10.3
66,859,720
70,045,591 — 12.1
4,145,954
3,203,000 + 25.9
3,714,500
65,508,633
3.934.00
Richmond__________
40,384,980 + 62.2
206,211,395
155.105.676 + 71.0
14,000,000
8,717,258 + 60.6
7,997,210
8,013,04 1
31,228,362
Fort Worth_________
29,204,366
+ 6.9
138,099,931
136.955.676
+ 0.8
7,424,468
7,362,419
+ 8.0
6,971,052
67,906,653
9,087,90 6
55,499,587 + 22.5
Atlanta......................
282,930,508
227,985,015 +24.1
13,676,329
11,873,377 + 15.2
12,998,544
30,884,769
11,998,86 1
29,825,137
Memphis....................
+ 3.6
138,558,737
129,742,564
+ 0.8
7,372,062
5,982,830 + 23.2
6,371,775
17,886,536
6.406.6 7
20,084,167 — 10.9
Savannah __________
84,584,547
89,213,053 — 5.2
3,565,498
4.242,981 — 16.0
3.700,446
4.373.1 (
31,458,697
25,724,452 + 22.3
Nashville.......... .........
127,888,708
103,210,186 + 23.9
7,363,682
5,697,363 + 29.2
0,154,259
6.629.9 :
19,119,037
17,013,493 + 12.4
N orfolk......................
74,855,474
68,252,083
+ 9.7
4,580,427
3,686,081 + 24.3
3,855,825
3.724.9 :
10,997,083
9,970,939 + 10.2
Birmingham . .
49,550.965
44.185.117 + 12.2
2,266,564
1,973,354 + 14.9
2,875,057
3,558,25
16,001,292
13,071,446 + 22.4
Jacksonville________
01,439,514
48,282,983 + 27.3
3,452,384
2,020,896 + 70.9
3.000. 000
3.100.00
9,521,403 + 28.3
12,218,196
Chattanooga..
48,343,766
39.723.118 + 21.7
2,704,270
2,035,890 + 32.9
1,797,443
2,202,17
Knoxville..........
6,949,807 + 36.5
9.483.075
37,180,636
28,102,409 + 32.3
1,800,000
1,392,147 + 29.3
1,637,508
1.595.00
Little Rock______ ” "
8,876,957 + 11.2
9,860,113
41,859,899
36,404,780 + 15.0
1,962,638
1,670,397 + 17.3
2,050,067
1.992.7 6
4,812,990 — 8.5
Mobile.......................I
4,402,928
18,123,217
19,028,630 — 4.8
959,810
1,039,634 — 7.7
1,300,000
1.688.9 81
7,873,304 — 11.0
Augusta......................
7,005,415
28,584,536
29,530,497 — 3.2
1,547,203
1,765,341 — 12.4
1,905,429
2.405.10 8
8,691,882 + 37.2
II , 926,963
Charleston........ .........
40,345,390
36,099,345
+ 9.9
2,454,196
1,824,095 + 34.5
1,626,981
1,456,756
9,960,470 +34.5
Oklahoma..................
13,400,795
54,573,345
42,831,359 + 27.6
2,048,219 + 50.1
3,074,951
2.175,497
1,566,345
11,159,555 + 18.0
Macon.............. .........
13,172,678
57,865,962
51,139,483 + 13.2
2,846,893
2,182,940 + 13.5
3,204,261
2,432,559
3,981,723 + 12.7
Columbia..................
4,487,353
17,687,319
15,911,901 + 11.2
2,873,684 +24.4
Beaumont..
3,573,386
16,003,865
13,000,350 + 23.0
Austin__
"
12,906,422 + 11.1
14,341,171
85,770,321
68,435,021 + 25.3
2,000,000
2,315,037
Columbus, Ga’ I .........
1,840,290
+ 4.7
1,926,601
7,643,227
7,514,916
+ 1.7
Wilmington, N. C ’
+ 0.7
2,067,125
2,081,597
8,022,314
7,135,510 + 12.4
Vicksburg........
1,395,548 — 26.0
1.032.640
4,645,481
5,153,377 — 9.9
206,840
223,034 — 7.3
200,854
217,498
Muskogee.................. "
2,343,062 + 141.5
5,658,600
21,375,977
11,829,705 + 80.7
1,052,111
505,809 + 108.1
921,571
663,714
Tulsa................ .....
5,384,295 + 143.0
13,081,900
49,450,025
21,518,937 + 129.8
2,874,378
1,103,952 + 160.4
1,519,125
908,428
Jackson............ ..
1,646,260 +40.8
2,317,808
11,331,450
7,904,379 + 43.4
355,424
271,491 + 31.0
344,042
334,521
El P a so.....................I
8.900.620 + 24.1
11,049,892
42,728,423
34,153,329 + 25.1
Meridian....................
1,167,100 + 58.4 _
_ 1,848,100
6,715,000
4,947,607 + 35.7
Total Southern___ 1,650,283,742 8,737^L5,698 + 20.3 4,370,311,280 T680;83O,4O7 +22.1
228,520,533 183,728,369
Total all.................. 19,314,057^844 15,013,083,834 + 28.0 78,300,078,073 54,257,090,528 + 44.3
,545,972,391 3,388,846,493
Outside Now York. 7,091,441,188 0,201,418)760' +24;o 30,696,047,412 24,110,792,672 +27.3
,790,134,652 1,366,936,078
1

461,083
185,5777649

463,8817422

‘ ‘1,843,042 + 8 . 5

(c r g b T le ra ha dC n d nC a in s o p g 1 8 .
a in s y e g p n a a ia le r g n a e 6 5




1,800,000

+24.4
"2017221X7
+ 34.1 3,399,083,335 3,481,275,618
+ 3170 1,451,137X59 1,467,479. ■

1654

THE CHRONICLE

[Vol. 102.

plete suspension of transportation facilities. Get­
ting what they want in the way of wages or hours
or other conditions of service will accordingly be
It should not escape notice that the first stage of an easy matter, for refusal will carry with it this
the contest between the railroad trainmen and the possibility of the complete suspension of railroad
railroads has been passed and has resulted in a transportation from one end of the land to the other,
complete victory for the employees— a victory as and that would be a catastrophe of such frightful
signal as any ever achieved by labor organizations dimensions and such paralyzing effect that the
in any branch of human activity. The victory railroads could not afford to let it occur and
consists in the railroads having conceded what must the public would most decidedly not allow it to
be regarded as the vital point in the controversy occur.
Such a thing as a general strike would, as we have
between them and the men. By that we do not
mean that the roads have yielded on the question previously pointed out, be wholly beyond the realm
of wage increases. Far from it. They will fight of possibility if each road acted in its individual ca­
into the last ditch on that point because of the pacity in dealing with wage matters (fulfilling charter
magnitude of the amounts involved. But they have requirements in that respect) or even if wage ques­
yielded the point which is vital for effectively com­ tions and wage conditions were considered on the
bating the unjust demands of these classes of basis of the territorial grouping of the roads in ac­
railroad employees. They have agreed to the re­ cordance with the custom in more recent years up to
quest made of each one of the separate roads that it the present moment. There are several hundred
“join with other railway managements in the United distinct operating roads in the three territorial
States and enter into a collective movement for the groups and the committee of seventeen will speak for'
purpose of handling this proposition at one and the the whole number and its decision will be the decision
same time through a joint committee representing of the entire body of roads in the whole country, one
and all. It seems both monstrous and absurd that
all railroads concerned.”
The purpose of this request is and has been plain this should be so— absurd because there is an element
enough. These trainmen want to be in position to of the ridiculous in placing the bankrupt roads of
call a general strike and tie up the entire transporta­ the Southwest on a plane of equality with the pros­
tion system of the country in the event that the roads perous roads of the Northwest, and monstrous that
shall refuse to grant the wage demands and wage the several hundred individual roads should lose the
conditions which are now the subject of discussion. right to act each in its own way.
But the roads have now decreed that this should be
Given this weapon for tying up the transportation
facilities of the whole country and the trainmen’s so, and accordingly there is no means of escape. Yet
organizations possess such a powerful leverage that it passes comprehension why the managers should
deliberately have chosen that course. They have
the roads will have no alternative but to comply.
We say the railroads have surrendered on that for months been appealing to public sentiment against
point. Apparently, they have surrendered without the demands of the trainmen and have spoken in
protest or struggle. Of course the fact is not being unmeasured terms in denunciation of action on the
proclaimed from the housetops and there is a man­ part of the men looking to a general strike. Yet
ifest disposition to keep the matter quiet. But that they have now given consent to an arrangement
is precisely what has happened. As will be remem­ which will actually facilitate such a strike movement,
bered, the trainmen’s unions had fixed last Saturday whereas if they had insisted that the different roads
as the outside date by which a reply must be received should take up the wage proposition each in its
from the railroads. Up until almost the last minute own way in accordance with charter requirements,
everybody was anxiously waiting to see what reply a general strike would have been wholly out of the
would be made. No reply of any kind came. question.
The way these wage questions ought to be consid­
The Eastern roads made no announcement whatever,
but the daily papers on Friday morning of last week ered is indicated in the case of the demands of the
published a Chicago dispatch conveying the news that telegraphers on the New York Central system and
at a conference held in that city the day before the Nickel Plate. These telegraphers have for some
(Thursday, April 27) between the heads of the four time been carrying on negotiations with the Central
brotherhoods and representatives of the three terri­ officials respecting wages and hours of work, and now,
torial groups of railroads, it had been decided to having failed to obtain all of their demands, have
begin discussion in New York about June 1 on the been threatening to go on strike. But the matter
demands of the trainmen for new wage conditions, is one that concerns this system alone. Whatever
&c. This week further dispatches from Chicago happens in its case— whether its service shall be tem­
have announced how the General Conference Com­ porarily or partially crippled or not— other systems
mittee which will represent the railroads of the will not be affected. Was there any reason why, in
United States in negotiations with the four organ­ dealing with the locomotive engineers, the firemen,
izations of railway train service employees is to be the conductors and ordinary trainhands the same rule
constituted. It appears that the Committee is to should not have been observed? Instead of this,
consist of seventeen members, the Western railroads wage questions respecting these classes of employees
to have six representatives, the Eastern six, and the (who really occupy a more important position to­
wards the operation of the roads than any others)
Southeastern five.
Thus, the railroads have delivered themselves, have during the last decade been gradually extended
bound hand and foot, into the control of these until all the roads in any territorial group finally
labor organizations. The matter is of grave and became embraced in any consideration of wage mat­
momentous concern not only to the roads themselves, ters; and now it has been agreed to extend still further
. but to the people and the nation. A disagreement the scope of the field of action so as to take in the en­
now means inevitably a general strike and the com­ tire country. Never previously have even the four
THE SURRENDER OF THE RAILROADS TO
R A IL W A Y LABOR.




M ay 6 1916.]

THE CHRONICLE

1655

trainmen’s organizations acted together in any single mittee representing all the roads instead of each road
territorial group. Now the roads have become a acting separately and in its own way.
party to an agreement under which the four organi­
M any momentous events in the world’s history
zations acquire the right of simultaneous action for are now being recorded on the battlefields of Europe,
all the territorial groups combined.
Asia and Africa. In the United States it may easily
As already stated, why the roads should consent turn out that the step now taken by our railroads
to a course of action which will raise these train em­ will, as affecting the country’s future, prove fully as
ployees to a plane of power never previously occupied momentous as any of these— unfortunately, too, with
by any body of employees in the world’s history few persons taking cognizance of the fact. Obvi­
passes comprehension. The officials of United ously, now that the roads have decided on collective
States railroads rank very high among men of af­ action it is unlikely that they can ever get back to
fairs. They are keen-witted. M any of them have individual action. Labor knows its power and
risen from the ranks. They are nearly all individuals will never consciously give up an advantage once
of broad vision, public spirited, ever ready to render gained.
disinterested service for the public good. Yet in
And the roads, can they expect much sympathy
this instance, they have done what cannot but or consideration from the public hereafter? If the
prove in the long run detrimental to the roads them­ employees exact a higher toll than is their due under
selves, detrimental to the public welfare, besides the power that has been voluntarily placed in their
involving certain jeopardy to the nation.
hands, will not the public say— Serves the Roads
The leaders of these unions, given power by this Right?
action of the roads to tie up the transportation
agencies of the whole country, can, at any time, on
any question, dictate terms to the roads— nay, more,
THE F IN A N C IA L SITUATION.
they can dictate terms to the Government. They
llie first impression one gets from Germany’s
thus become an agency outside of the Government, reply to the ultimatum of our Government, delivered
more powerful than the Government itself. In under date of April 18, is distinctly unfavorable.
times of war they can determine whether armies I he document bears the same characteristics as
shall be moved, and can starve the country into sub­ previous communications from that source. There
mission if they choose. In the British House of is much circumlocution, much wandering about,
Commons last September, one railway representa­ and it is hard to find the parts that are meant
tive gave notice that if the Government should to be a response to American demands. The old
secure the enactment of a measure providing for arguments and the old professions are repeated, and
compulsory enlistment the men of every lodge there is a reiteration of the complaint that the United
in the railway union would stop work. In this States is less insistent with Great Britain than with
country at the present moment active steps are Germany respecting the violation of the country’s
being taken in every direction for securing military rights. Germany feels sore over this, and empha­
preparedness, naval preparedness, industrial pre­ sizes the point over and over again. There is
paredness, but instead of safeguarding the labor a certain basis of truth in the criticism, for it is
situation, which is the most insecure factor of all, undeniable that in the case of England we have
and without which all these other measures will be contented ourselves with mere protests, while in
useless, our railroad managers have taken a step Germany’s case we have from the first peremptorily
which must forever place everything else in subjec­ insisted that the offenses would not be tolerated— that
tion to the will of the railroad employees.
their continuance, indeed, would mean the breaking
Two years ago, immediately upon the outbreak of off of diplomatic relations between this country and
war in Europe, the engineers and firemen on Western Germany. But the two cases are not analogous.
roads threatened to go on strike because the roads 1 he one involves the sacrifice of human life, which,
had refused to accede to their demands. Immedi­ once taken, cannot be restored, while the other
ately the President made frantic appeals to both the concerns merely trading and property rights for the
employees and the officials of the road not to let such loss of which due reparation can be made even after
a disturbing event occur, in view of the extraordinary long delay. The German Government keeps refersituation brought about by the conflict in Europe. iing to the British attempt to starve her civilian
Arbitration was the result. That difficulty concern­ population, but the matter is not as serious as the
ed only one body of employees in one territorial Germans would have us believe, and as yet we can
group.
sec no evidence of starvation.
Suppose, now, under last week’s arrangement,
In one particular the present communication is to
there is a failure to agree in the present controversy be sharply distinguished from preceding ones. The
with the engineds, the firemen, the conductors and tone is entirely different. It is rasping and provok­
other trainmen, and suppose all these different ing and gives the impression of being actually de­
classes of employees on all the roads in the country fiant. This impression of defiance becomes intensi­
declare their intention simultaneously to quit work. fied as one gets deeper into the document, until one
Suppose the President again makes an appeal to begins to lose all patience and to think that the
avert a calamity so much more serious than that President would be fully justified if he gave the Ger­
which threatened two years ago. Suppose these man Ambassador his walking papers without further
different bodies of employees refuse to heed the adoo. Then, however, the thought occurs that
appeal. Suppose they hold selfish class interest possibly the trouble is with the translation. In the
above the welfare of the country. What, then, will original German the language may be as faultless as
be our condition? And in pondering on the answer some of our President’s English. As yet we have
to these questions, consider that such a deplorable only the newspaper translation. The official ver­
dilemma could never arise if the roads had not sion from Washington has not yet been given out.
deliberately chosen to treat jointly through a com­ This, when received, may serve to remove the harsh



1656

THE CHRONICLE

[Vo l . 102.

months of the fiscal year 1915-16 (March details
not being available) were more than double those
of 1913-14 and 364 millions greater than in 1914-15,
the aggregate for France at 347 millions showed
gains of 226 millions and 162 millions respectively,
Russia at 165 millions, increases of 145 millions and
147 millions, and Italy at 182 millions a gain of 129
millions and 66 millions. The four belligerents,
therefore, took from us in the 8 months of the cur­
rent fiscal year merchandise to the value of almost
1,600 million dollars, or 740 million dollars more than
in the same period of 1914-15 and 962 millions in
excess of 1913-14. And, of our gain in trade with
the countries named since the war broke out, auto­
mobiles and fittings and horses and mules and their
trappings have played a very important part.
The merchandise exports in March 1916 were
$410,000,000, that total comparing with $296,611,­
What is this but the complete acceptance of the
doctrine for which the United States has been con­ 852 last year and $187,499,234 in 1914. For the
tending. The rest of the note is of little consequence, nine months of the fiscal year 1915-16 the aggregate
except as indicating that Germany is taking its medi­ of exports at $2,996,000,000 (a new high record
cine with a wry face. Apparently she concedes our by a stupendous amount) contrasts with $1,931,­
point, but does it with ill grace and says a lot of un­ 087,869 a year ago and $1,883,221,915 in 1913-14.
pleasant things. The question for the future is The imports of commodities for March were also a
whether the German Government can get its sub­ high-water mark for any month, reaching $214,­
000,000, against $157,982,016 last year and $182,­
marine commanders to live up to its promise.
555,304 in 1914. For the nine months since July 1
The making of new high records continues to be 1915 the inflow of merchandise aggregates a value
the leading features in the foreign trade of the of $1,505,000,000, likewise a high record, and
United States, the official figures for March, made comparison is with $1,213,613,643 in 1914-15 and
public on Thursday, showing on both the export $1,398,352,578 in 1913-14. M ost of the leading
. and import sides of the account the heaviest monthly countries of the world, except Germany and Austria,
totals in the history of the country, and very large have had part in the gain recorded this fiscal year.
increases over the aggregates for the corresponding The net result of our foreign trade for March is an
period a year ago. These results following, in the export balance of $196,000,000, against only $138,­
case of the exports, those of like character in pre­ 629,836 in 1915 and but $4,943,930 in 1914, while
ceding months, it is not surprising that the aggre­ for the nine months ended with March the excess
gates for the 9 months of the fiscal year 1915-16 of exports reaches $1,491,000,000 and compares
and for the elapsed 3 months of the calendar year with $717,474,226 in 1914-15 the previous record,
1916 are of such magnitude as to almost tax credu­ and $484,869,337 in 1913-14.
Gold exports during March were of much larger
lity.
volume than in the month a year ago— $10,774,354,
Prior to 1914-15 the greatest annual total of
exports was in 1912-13, when the 2,500 million against $923,891— but these were largely offset by
dollar mark was closely approached. Two years imports ($9,776,839) leaving a net outflow of $997,­
later (in 1914-15) the 2,750 million mark was 515 and reducing to $279,315,302 the net inflow for
reached, but as it indicated an augmentation of the 9 months of 1915-16. This total, however,
not more than 10% in the two-year interval, the compares with a net export of $69,423,124 in 1914-15
growth could not in any sense be considered ab­ and a balance of imports of 10*^3 millions in 1913-14.
Canada’s foreign export trade in the fiscal year
normal. Now, however, we have a 9 months’ total
ended March 31 1916, fostered by the strife in Europe,
of approximately 3,000 millions and a promise of
well over 4,000 millions for the full year 1915-16. also showed a very marked increase. Large gains
This is a truly marvelous expansion— about 50% occurred in almost all lines, the outflow of manu­
in one year and 60% in two years— and were it factures rising from 85 million dollars in 1914-15
explainable as expansion along ordinary lines of to 242 millions, agricultural products from 134 mil­
trade would be cause for unwonted satisfaction and lions to 250 millions and animal products from 74
Including also lumber,
congratulation. But that, of course, is not the millions to 102 millions.
minerals and fishery products, the commodity
case. The war, it is true, has afforded oppor­
tunities to extend our trade in localities where, exports for the year reached the record total of
theretofore, the measure of growth has not been very $882,872,502, against $490,808,879 in 1914-15. Im­
encouraging, and they have been availed of to our ports, on the other hand, fell off, standing at $542,­
material benefit. This, however, will account for 043,503, against $587,364,363. The export bal­
only a very moderate addition to the value of our ance for the latest fiscal year is, therefore, $340,­
exports; so much the greater part of the expansion 828,999, against net imports of $96,555,484 in
revealed by the figures of recent months is to be 1914-15 and of $154,566,251 in 1913-14.
and objectionable features found in the newspaper
account. Then again there are some decidedly as­
suring statements in the document, indicating a de­
sire to make concessions to the United States, even
though not always expressed in the best of temper.
For instance, the following significant declaration is
made:
“ The German Government, guided by this idea,
hereby notifies the Government of the United States
that German naval forces have received the follow­
ing orders:
, _
“ Tn accordance with the general principles of
search and destruction of merchant vessels, as recog­
nized by international law, such vessels both within
and without the area declared a war zone (the waters
around the British Isles) shall not be sunk without
warning and without saving human lives unless ships
attempt to escape or offer resistance.’ ”

explained by the phenomenal demand from Europe
for war munitions and supplies of every conceivable
description, with increasing prices an element of
more or less importance.
Elaborating briefly our remarks above, we note
that our exports to the United Kingdom for eight



Bank clearings, railroad earnings, building opera­
tions and other statistics continue to furnish evidence
of an activity in our mercantile and industrial af­
fairs inseparable from a condition of marked pros­
perity in the country as a whole and discernible in a

may

6 1916.1

THE CHRONICLE

16 57

more or less marked degree in all sections. Specu­ the four months the comparison is between 4,478,802
lation on the Stock Exchange, too, although not as and 3,994,326. In bonds, however, more activity
active as recently, is yet of considerable volume and a was displayed in both periods.
high level of values is being maintained, especially in
The clearing house returns from Canada for April
the shares of those properties most directly benefited continue to show improvement over a year ago on the
by the war demand, the outflow of munitions and whole, but depression is still a factor holding down
supplies being of practically staggering magnitude. the results in some of the Western cities. We have
General business likewise, stimulated in many lines reports 1rom 23 cities for the month and in the aggre­
by orders from abroad, continues of very gratifying gate there is a gain of 26% over 1915, with the in­
if not unprecedented proportions. This is the situa­ crease for the four months 30.6%. Much greater
tion at the moment, concisely stated, and ample activity in stock speculation is to be noted in April,
confirmation is to be found in the latest returns of the transactions on the Montreal Stock Exchange
bank clearings— those for the month of April. In for the month in listed stocks having been 333,902
fact, of the 162 cities from which we have reports for shares, the heaviest monthly total since business was
the period, only a negligible number (9) fail to show resumed, thirteen months ago, and comparing with
gains over a year ago, and in those cases the losses are 127,665 shares in April 1915.
not worthy of note and, moreover, do not serve in the
slightest degree to minimize the general result. This
As a result of conferences between Major General
is especially true when it is to be noted that large Hugh L. Scott, Chief of Staff of the American Army
percentages of gain are common with such leading organization, and Gen. Alvaro Obregon, Carranza’s
centres of trade and industry as New York, Phila­ Minister of War, a tentative agreement has been
delphia, Pittsburgh, Cleveland, Detroit, Louisville,
drawn up that is expected to end the crisis that has
Denver, Richmond, Toledo, Columbus, Youngs­
arisen from the American pursuit of Villa, the bandit
town, Salt Lake City, Joplin, Springfield, Worcester,
leader. The exact terms have not yet been an­
Waterbury, Akron, Tulsa, Muskogee and Wilming­
nounced. It has been approved informally by Presi­
ton, Del., conspicuous in the list; and these, with 112
dent Wilson and is being submitted to the de facto
other municipalities, have set new records for April
Government. Its full text will be given out imme­
while 23 cities have established new high marks for
diately upon acceptance by both Governments. In
any month.
general it provides, according to a statement by
For April 1916, as already intimated, 153 of the President Wilson, “a basis for co-operation which
162 cities included in our compilation on the first
piomises to prevent misunderstandings and
page of this issue, exhibit increases in clearings over
strengthen the cordial relations of the two republics.”
a year ago, and the aggregate of all the municipali­ ihc American army, it is understood, while staying
ties (a record for the period), at 819,314,057,844 m Mexico for a time, will be withdrawn gradually as
registers an expansion of 28.6% over the month of
the Carranza troops clear Chihuahua of Villistas.
1915. Contrasted with April of 1914, moreover, 1 here is understood to be no time limit in the agree­
the augmentation reaches 29.7%. For the four
ment regarding the withdrawal. The use of Mexican
months of 1916 the total at 878,300,078,073 is not railroads is to be permitted for the dispatch of sup­
only unprecedented for the period covered, but is
plies to Gen. Pershing. In brief, the agreement is
44.3% more than a year ago and 34.5% ahead of
understood to provide for an active campaign by
1914. At New York the gain over 1915 for the
Carranza s troops against bandits in the region south
month is 31.9% and for the four months 57.9%.
of the present line of the American expedition. The
Outside of this city the April 1916 aggregate is 24.0%
expeditionary forces are pledged to exercise every
above last year and the four months’ total 27.3%
possible precaution to avoid clashes with the towns­
greater. Analyzed by groups, the totals for the
people in the regions in which they continue to act.
period since Jan. 1 are in all sections of much larger
magnitude than a year ago. The Middle division,
The Irish revolt broke down suddenly on Sunday
exclusive of Greater New York, shows a gain of
lasG an official statement issued on Sunday by the
40%; New England 34.5%, the Middle West 25.2%,
British Official Press Bureau stating that the rebels
the South 22.1%, the Pacific Slope 17.8% and the
were then surrendering freely and that the back of
“ Other Western” 16.6%.
the rebellion had been broken. Messengers were
Stock dealings at New York in April, although of
being sent from the Dublin leaders to other rebels
relatively satisfactory volume, were of smaller ag­
in Galway, Clare, Wexford, Louth and Dublin
gregate than in the preceding month or of the period
counties ordering them to surrender. On Monday
in 1915, were very much in excess of either 1914 or
announcement was made that the British troops
1913. Transactions totaled 12,523,507 shares against
and the Royal Irish Constabulary had brought about
21,022,930 shares a year ago and 7,145,284 shares in
the surrender of all the rebel forces in Dublin and
1914, and for the four months were 55,804,241 shares
that the people in the Irish capital for the first time
and 38,344,897 shares and 29,309,498 shares, re­
in a week were able to move freely about the city un­
spectively, with the record for the later period—made
endangered by bullets of rebel snipers. In the coun­
in 1901— 120,967,731 shares. Bond operations, too,
try districts the rebels were also reported to be lay­
were a little less active in April than recently, but
ing down their arms. Mr. Asquith announced in
for the four months reached 364 million dollars, par
Parliament on Wednesday the execution of three
value, against 284 millions last year. It is to be
leaders of the Irish revolt and the resignation of Au­
noted that of this year’s dealings almost one-quarter gustine Birrell, Chief Secretary for Ireland. The
"s made up of State, city and foreign securities, with Premier also stated that Sir Roger Casement would
Anglo-French the dominant feature and Domin- be tried with the utmost expedition. The men exe­
of Canada issues very prominent. Boston’s cuted were Patrick II. Pearse, whose title was “Pro­
■ sales for the month were also less than a year visional President of Ireland,” Thomas J. Clark and
e
having been 966,517 against 2,012,072, but for
Iliomas MacDonagh. Three others were sentenced



1658

THE CHRONICLE

to three years’ imprisonment. The men were found
guilty by court martial and the three leaders were
shot by a firing squad. On Friday four additional
rebel prisoners sentenced to death by court martial
were shot. Fifteen others were sentenced to death,
the official statement adds, but later their sentences
were commuted to ten years’ penal servitude. The
death sentence of another prisoner was commuted
to eight years’ penal servitude and two others were
sentenced to ten years. The military authorities
continue to destroy large quantities of arms and
ammunition.
One of the most severe blows received by the
Entente Allies was contained in the announcement
made by the British War Office on Saturday last that
the British Tigris army under the command of MajorGeneral Charles Townshend, which had been beseiged at Kut-el-Amara, had surrendered to the
Turks owing to the final exhaustion of supplies.
Before surrendering General Townshend destroyed
his guns and ammunition. The force under him
consisted of 2,970 British troops of all ranks and
services and some 6,000 Indian troops and their
followers. The forces which had attempted to re­
lieve Townshend met with almost continual misfor­
tunes. Several times when it was believed they were
on the point of success, rising waters made further
progress impossible. The Turkish commandei-inchief, Halil Pasha, permitted General Townshend
to retain his sword.
•
.
The French have apparently taken the offensive
in the Verdun region and have made progress of
moderate proportions. The big German guns,
however, have not ceased their activity and an ex­
ceptionally violent bombardment is reported in the
region of Hill 304, northwest of Verdun. On the
Eastern front the Germans still are throwing shells
in great numbers against the Ikskall bridgehead of
the Russians. There also has been a heavy artillery
duel between the Germans and Russians in the region
south of Krevo. Bombardment and isolated in­
fantry attacks are in progress on the Austro-Italian
front. The Turks late in the week started two offen­
sive movements against the Russians, one in the
region of Baiburt and the other near Erzingan.
Both were repulsed. The German General, Liman
von Sanders, is superintending the concentration
of Turkish troops in North Smyrna and also defense
measures for Turkey’s Asiatic coast. Petrograd
reports that since the fall of Trebizond, the three
Russian army groups in Asia Minor have been mak­
ing steady progress toward Baiburt, Erzingan and
Diarbekr, rendering it highly probable that these
three objectives of the Caucasus armies will be reached
in the near future. Additional Russian troops are
reported to have been landed in France.
The reply of the German Foreign Office to the
American note was delivered to our Ambassador at
Berlin on Thursday. It appears in full on a later
page in this issue of “The Chronicle,” the text being
the translation furnished to the press in Berlin and
transmitted by wireless to this country. The official
text is being transmitted in code, and the President
will, as usual, act with deliberation. The note is a
defense of the German submarine policy. It admits
that errors have occurred in carrying out orders,
but argues that allowances must be made in naval
warfare against a foe resorting to all kinds of ruses.



[V . 102.
ol

Naval warfare, like that on land, implies, the note
says, unavoidable dangers for neutral persons enter­
ing the fighting zone. Berlin cannot dispense with
the submarine in warfare against enemy trade. She
will make a further concession, however, adapting
methods to neutrals’ interest. The significant fea­
ture of the note, so far as complying with the Ameri­
can demands, are contained in the following para­
graph:
“As far as lies with the German Government, it
wishes to prevent things from taking such a course
[a severance of friendly relations]. The German
Government, moreover, is prepared to do its utmost
to confine operations of the war for the rest of its
duration to the fighting forces of the belligerents,
thereby also insuring the freedom of the seas, a
principle upon which the German Government be­
lieves, now as before, that it is^ in agreement with
the Government of the United States.
#
“The German Government, guided by this idea,
notifies the Government of the United States that
German naval forces have received the following
order:
'
“ ‘In accordance with the general principles of
visit and search and the destruction of merchant
vessels recognized by such international law as such
vessels, both within and without the area declared
a naval war zone, shall not be sunk without warning
and without saving human lives unless the ship
attempted to escape or offer resistance.’
“But neutrals cannot expect that Germany, forced
to fight for existence, shall for the sake of neutral
interests, restrict the use of an effective weapon if
the enemy is permitted to continue to apply at will
methods of warfare violating rules of international
law.”
It is understood that President Wilson is disposed
to accept the note as substantially meeting the de­
mands of our Government.
The British Premier, Mr. Asquith, announced in
the House of Commons on Tuesday that a bill would
be introduced providing general and immediate com­
pulsion for military service in England, the whole
recruiting problem to be dealt with in the bill. The
Premier told the House that the total naval and mili­
tary effort of the British Empire since the beginning
of the war exceeded five million men. He said the
British army, excluding India and including the do­
minions, comprised eighty-three divisions. Mr.
Asquith said that while in August 1914 the British
army at home and overseas consisted of twenty-six
divisions, there were now seventy-one divisions,
including the naval division. The announcement
was a complete surprise, as it had been understood
that it was the Government’s intention to give the
voluntary system of recruiting a few weeks more trial
before asking the enactment of the law calling to the
colors all married men eligible for service, as well as
single men included in the conscription measure
which recently passed Parliament. The new de­
cision may be regarded a victory for Lloyd George,
Minister of Munitions. The adoption of the new
policy will, it is estimated, add to the British armies
a force variously estimated at between 300,000 and
660,000 men.

May 6 1916.]

THE CHRONICLE

having minimized its importance and the full facts
not becoming known until the entire revolt had been
put down. The probable date of issue of the war loan
is being actively discussed. It seems to be agreed,
according to press correspondents, that the Govern­
ment will be wise if it delays promulgation of the issue
until war news of a character more favorable to the
Entente cause develops. Already there is a renewal
of the agitation to induce the Government to intro­
duce some form of lottery drawings as a means of
making the subscriptions overwhelmingly favorable.
Immediate action on this point, however, is not ex­
pected, as the Government already has declared its
decision after giving the entire matter full considera­
tion. The price of silver, which closed a week ago
at 34J/^d. per ounce, touched 373^d. on Wednesday
and closed last evening at 37.
There has been no official announcement of the
volume of American securities either purchased or
borrowed under the deposit plan of mobilization.
The regular monthly comparisons of the aggregate
value of 387 securities compiled by the London
“Bankers’ Magazine,” and reported by cable,
showed for the month ending April 20 a decrease of
£7,068,000, or 0.2%, following a decrease of £26,­
105,000, or 0.9%, during the preceding month.
Among the securities mentioned are 17 American
stocks which declined £6,430,000, or 1.8%; 15 South
African mining stocks which declined £640,000, or
1.6%; 19 British and India Funds which are £1,­
213,000 lower, or 0.2%; and 31 foreign government
stocks which are lower by £2,531,000, or 0.5%. The
aggregate value of the 387 securities on April 20
was £2,855,586,000, against £2,802,854,000 on
March 20.
The Baltic (Shipping) Exchange directors on
Wednesday adopted resolutions enforcing the policy
of refusing to accept the renewal of subscriptions
from German members either naturalized or un­
naturalized. This means the total exclusion of Ger­
mans from Exchange membership. Money in Lon­
don is abundant at 4%, and conditions, except
possibly from the military standpoint, are considered
to be very favorable for the issue of the war loan.
The investment of war profits is one source of
strength in the gilt-edged market. British trade is
declared by cable correspondents to be favorable
despite the war. Figures cabled by Consul-General
Skinner from London show that exports from that
port to the United States during the first four months
of 1916 increased 813,000,000 over the corresponding
period of last year. The increase is ascribed chiefly
to the diversion of trade caused by the British block­
ade. The London “Economist’s” cnd-of-April
Index Number to be issued to-day (cabled to “The
Journal of Commerce”) indicates a sensational in­
crease to 4190, an advance of 177 points for the
month. The advance is due mainly to the increased
cost of beef, steam coal and timber. The advance in
minerals was to 985 from 861, timber and similar
articles increased to 1019 from 913; cereals and
meat advanced from 949)^ to 970j^> and “other food
products” (tea, sugar, &c.) from 503 to 511. Textiles
were the only exception to the advances; they
showed a decline of 2 points to 794)^. The basic
number of the “ Economist” Index is 2200, representing
average quotations for a five-year period 1901-1905.
Thus the current number of 4190 represents an ad­
vance of 90.4% from the average noted. Last
month’s emissions of capital on the London market



1659

amounted to £28,289,000, of which £23,406,000 con­
sisted of Government loans. The London Stock
Exchange Committee is considering the advisability
of permitting the appointment of girls as unauthor­
ized clerks.
The London “Daily Mail” learns that the Cabinet
has been converted to the proposition of moving the
clock ahead in order to “save daylight.” The
adoption of this measure, the newspaper sa3r is
s,
considered practically certain and will probably be­
come a fact on May 13. The change necessarily will
affect the official hours of the London Stock Exchange
and will provide a difference of six hours instead of
five between the time in London and New York.
Germany and Holland already have adopted the
plan. In Berlin the change was made at midnight
on April 30 and was accomplished, it is stated, with­
out any disturbance to any branch of activity. Rail­
road schedules were so arranged that only a few hours’
inconvenience was caused. In Holland the change
also went into effect at midnight on April 30.
On the Paris Bourse there has been slight activity,
though prices remain firm, the success of the defense
movement on the Verdun frontier having increased
confidence materially. A favoring influence also
has been the announcement by the Minister of Fi­
nance, M. Ribot, of the Government’s plan for mo­
bilizing French holdings of securities of neutral coun­
tries for the purpose of sustaining French exchange
in the United States and presumably in other
neutral and Entente centres. The official call is
addressed to holders of securities issued in neutral
nations, payable to bearer and asks that such se­
curities be loaned to the Government for use in guar­
anteeing exchange operations. Advantageous terms
are offered. The loans are to be made for the period
of one year, the holders to reserve the right to nego­
tiate the securities as represented by the Govern­
ment’s receipts, the same as if in their own posses­
sion. The appeal of the Government is particularly
for bonds, &c., issued in Switzerland, Holland, Scan­
dinavia, Denmark, Argentina, Brazil and Uruguay.
Presumably the Dutch, Swiss, Scandinavian and
Danish securities will be utilized in sustaining the
exchanges in the countries indicated, while the South
American issues are, it is expected, likely to be util­
ized in New York as part of the collateral in connec­
tion with credits to be established by French banks
on behalf of their Government with American finan­
cial interests. Such American securities as are still
held in France will, we understand, be included in the
collateral to support the credit to be granted in Amer­
ica. The French Government, it is understood, is
not to be a party to these negotiations, as it would
not be considered desirable for the Government
itself to deposit collateral to support its own
credit.
The inter-parliamentary conference concluded its
sessions in Paris last Saturday. It did not, so far as
has been cabled, arrive at tangible results, all coun­
tries represented having taken pains to announce
that the deliberations were entirely unofficial.
Quoting the cable correspondent of the “Tribune,”
the keynote of the deliberations was sounded in a
speech which declared that if Germany were not
broken commercially she would soon be in a position
to resume the war after the termination of the pres­
ent struggles. This idea the correspondent says

1660

THE CHRONICLE

dominated the whole conference, which devoted
itself “ to finding means to break Germany com­
mercially without considering the effect such action
would have on the Allies. The net result was to
develop the untenable theory that to assure your
own success it is only necessary to force some one
else into bankruptcy.” The proposition for an
international bank to which we referred last week
met with only the vaguest of support, and finally
was put off with a general declaration which meant
only that the Allies had a kindly feeling for one
another.
One feature of the French banking situation that
has been developed by the war is the need of a greater
use of checks and similar financial instruments.
Press accounts from Paris state that a growing neces­
sity is evident for teaching the French people to use
other means of payment then banknotes or metallic
money. As a result, the Bank of France is ready
to supply without commission or charge of any kind
letters of credit payable in whole or in fractions at
any of its branches, either in Paris or throughout
the country. It will issue, likewise without charge,
circular checks payable over any of its counters.
The French moratorium gradually is working itself
out. In the middle of November 1914 the values
prorogued amounted to 8725,000,000, but by the
middle of last April they were more than half paid
and the sum left due amounted to only 8305,000,000.
The actual figures, however, are slightly higher, as
part of the debts appearing as paid are in reality
arrangements with banks and other establishments
for credit which made loans against securities, thus
merely transferring debts into other forms.
Financial news cabled from Berlin continues scarce
and is confined very largely to the progress of the
loan situation. An Associated Press dispatch from
Berlin of Thursday’s date stated that “The Bourse
had a fresh access of optimism upon the conclusion
of the period of waiting for Germany’s answer to the
American note, which it was learned would be handed
to Ambassador Gerard this evening. Some indus­
trials were especially strong.” The payments on
account of the fourth war loan, in cash up to April 29,
are reported by cable to have amounted to 8,428,­
000,000 marks, or 78.4% of the total subscriptions
Money borrowed by loan banks on collateral de­
creased 5,800,000 marks to 390,000,000 marks. The
report of the German loan banks, which has been
issued this week for 1915 and has been received by
cable, shows that while the maximum limits of
emissions have been fixed by law at the beginning
of the war at 3,000,000,000 marks, the sum of
2,000,000,000 marks was passed only during three
days. The highest level was touched on Dec. 31
with 2,348,000,000 marks, the lowest on Feb. 15
with 655,000,000 marks. The principal borrowers,
the report says, were the municipalities which re­
quired large sums owing to the necessities of the war.
The number of individual subscriptions to the fourth
war loan was 5,300,000 marks as compared with only
1,002,000 marks to the first war loan. This state­
ment was contained in a report read on May 1 by
Rudolph Havenstein, President of the Reichsbank,
to the Central Committee of that institution. Of
these, 5,000,000 subscriptions were for amounts less
than 2,000 marks. The children in 500 high schools
throughout Germany gave 47,000,000 marks and
680 elementary boys’ schools 17,000,000 marks.



[Vol. 102.

Pupils of the lower grades of 311 Berlin schools gave
1,000,000 marks.
Official Bank rates at the leading European centres
continue at 5% in London, Paris, Berlin, Vienna
and Copenhagen; 5)A% in Italy, Norway, Sweden
and Portugal; 6% in Russia and 43^% in Switzer­
land, Holland and Spain. In London the private
bank rate remains at 4^8% for sixty and 424% for
ninety-day bills. Cables from Berlin still report
4% % as the private bank rate at that centre. No
reports have been received by cable of open market
rates at other European centres, so far as we have
been able to learn. Money on call in London is still
quoted at 4@43^%.
The Bank of England recorded a decrease for the
week in its gold item of £1,455,235, as against sub­
stantial increases the two preceding weeks. Note
circulation again increased— £229,000. Thus the
total reserve was reduced £1,686,000. The propor­
tion of reserves to liabilities, however, advanced to
30.92%, because of the contraction of the latter,
against 29.40% last week and 18.15% at the same
time a year ago. Public deposits were decreased this
week £13,278,000, while other deposits showed a
small gain, namely £552,000. Loans (other securi­
ties) showed a large contraction— £11,019,000. The
Bank’s gold holdings total £57,468,945, compared
with £56,303,827 last year and £35,941,599 (prior to
the outbreak of war) in 1914. Reserves aggregate
£41,486,000, against £39,808,872 a year ago and
£25,583,214 in 1914. Loans now stand at £77,377,­
000, which compares with £146,152,679 one year ago
and £38,835,308 two years ago. The Bank reports
as of April 29 the amount of currency notes outstand­
ing at £107,704,152, against £106,551,805 a week
ago. The amount of gold held for the redemption
of such notes is still £28,500,000. Our special cor­
respondent furnishes the following details ot the gold
movement into and out of the Bank for the Bank
week: Inflow, £328,000 (of which £78,000 bar gold
bought in the open market, and £250,000 released
from miscellaneous account); outflow, £1,783,000
(of which £30,000 exported to the United States,
£140,000 to Spain, £10,000 to India, £350,000 ear­
marked miscellaneous, £208,000 bar gold sold and
£1,045,000 net sent to the interior of Great Britain).
We add a tabular statement comparing for the last
five years the different items in the Bank of England
return:
■
BANK OF ENGLAND’S COMPARATIV
11.
92
11.
93
11.
96
11.
95
11.
94
May 8
.
May 7
.
May 3
. May 5
.
May 0
2 ,8 5 9 2 ,9 6 3
Circulation
__ £ 4 3 .0 0 £ 4 4 ,9 5 £ 8 0 ,: £ 8 9 ,8 5 £ 8 2 ,1 0
3 ,3 0 0 3 ,9 4 5 2 ,8 8
1 ,1 9 8 1 ,3 0 7
4 8 ,2 2 7 0 ,7 7
Public deposits...- 4 .4 3 0 1 4 6 ,1 9 1 ,3 6
8 4 ,0 0 3 ,1 5 4 8 8 ,)
8 6 ,8 4 9 5 ,6 5
Other deposits..... 8 ,0 4 0 8 .1 8 9 3 ,4 2
6 2 ,0 0 5 2 ,9 9 9 0 ,: 3 ,7 2 3 3 ,7 4 8
1 ,8 9 7 1 ,1 5 1
2 7 ,0 5 4 5 ,0 3
G v securities...- 3 ,1 7 0 5 ,0 3 9 1 .0 0
o t,
3 8 ,0 0 1 4 ,4 1 1 4 .J
3 ,4 2 1 3 ,4 4 8
1 6 ,4 8 1 9 ,6 7
Other securities.... 7 ,3 7 0 1 0 5 ,6 9 3 ,8 5
7 7 ,0 0 4 ,1 2 7 8 3 ,.
2 ,4 9 4 2 ,2 2 3
6 2 ,7 7 9 1 ,0 5
Reserve notes* coin 4 ,4 6 0 3 ,8 8 7 2 ,5 3
1 8 ,0 0 9 0 ,8 2 5 8 ,:
,6
Coin a db llio ... 5 ,4 8 4 5 ,3 3 2 3 .9 1 9 3 ,8 5 4 3 ,6 8 6
n u n 7 6 ,9 8 6 0 ,8 7 5 4 ,5 9 6 7 .6 2 9 8 ,1 5
,0
Proportion of reserve
15
4 .8 % 6 .2 %
98
to liabilities.....
30 2
.9 % 1 .1 % 4 .2 %
83
45
3%
4H
%
^C
/0
Bank rate ..........
The Bank of France statement this week is more
favorable. In contrast witli the heavy loss of the
previous week, a gain in its gold holdings of 7,441,000
francs is reported. The silver item registered a
decline of 2,754,000 francs. Note circulation again
showed a large expansion— 145,123,000 francs.
General deposits decreased 51,788,000 francs; bills
discounted increased 42,541,000 francs/;while Treas­
ury deposits were reduced 10,364,000Jrancs. I he
Bank’s advances showed the small A increase of

THE CHRONICLE

With the completion of the May 1 payments the
local money market seems to have developed a
somewhat easier tone, notwithstanding that .the
diplomatic strain with Germany has further increased
rather than been modified. No specific demands of
importance for new capital have appeared but there
is reason to believe that quiet selling of American
securities on foreign account is proceeding. Until
the termination of this foreign selling may be re­
garded as reasonably in sight, it seems hardly prob­
able that our railroads, despite their urgent necessi­
ties for new capital, will come freely into the market.
The demand for commercial paper appears to be in
excess of the supply. While rates of discount arc
not lower, the general tendency of buyers is less in­
dependent.
The statement of the New York Clearing House,
which is given in more complete form on a subsequent
page, showed last Saturday the large reduction of
$18,271,000 in the loan item, contrasting with last
week’s expansion. Net demand deposits again regis­
tered a falling off of $21,630,000. Time deposits,
however, were increased $153,000. Reserves in “own
vaults” decreased $5,109,000, to $455,039,000, of
which $383,340,000 is specie. A year ago the total
in own vaults was $424,497,000, including $350,557,­
000 in specie. The surplus in Federal Reserve banks
also decreased $977,000, to $165,002,000, as against
$121,334,000 last year. Reserves in other deposi­
taries showed a contraction of $203,000, to $56,563,


FEDERAL RESERVE BANK DISCOUNT RATES.

CLASS
OF
REDISCOUNTS.

Commercial Paper—
1 to 10 days maturity____
11 to 30 ”
"
........
31 to CO ’’
"
------........
01 to 90 "
"
Agricultural ana
Live-Stock Paper—
91 days to 6 months maturity

3

2
>i
1
*

8

3
3H
4
4

3
4
4
4

3
4
4
4

5

5

4X 5

Trade Acceptances—
1 to 10 days maturity........ 3
------- 3
31 to 60 "
"
01 to 90 "
”
........

3

Commodity Paper—
1 to 30 days maturity........ 3H
31 to 60 "
"
........ 3H
61 to 90 ’’
•
’
........
91 days to 6 months maturity

3A

l

3M 3
3H 3
3X 3
3
3
3

©
6
-g
5

3H
4
4
4
4
4M 4
5

i
§

3
3
5

&
8
8

8

s

5
s

5

Dallas.

The Imperial Bank of Germany in its statement,
issued on May 2, indicating its condition as of
April 29, again recorded some striking changes.
The gold item showed a further small gain of 200,000
marks, while loans and discounts registered the
large expansion of 420,000,000 marks, against an
equally heavy decline the week previous. Note
circulation was also increased 217,000,000 marks,
and deposits increased 87,000,000 marks. The
Bank’s gold holdings now total 2,461,600,000
marks, compared with 2,368,526,000 a year ago and
1,324,031,000 marks in 1914. Combining loans,
discounts and Treasury bills, the total is 5,138,000,­
000 marks, against 3,807,598,000 marks in 1915
and 1,014,752,000 marks the year preceding. The
Bank’s note circulation amounts to 6,696,000,000
marks. Last year it aggregated 5,310,282,000
marks and in 1914 2,101,317,000 marks. The
gold reserve covering circulation and banking notes
decreased to 36.8%, from 38%. Money borrowed
by loan banks for all war loans decreased 51,000,­
000 marks to 2,158,000,000 marks.

000, compared with $30,238,000 the year preceding.
Note circulation aggregates $31,765,000, a decline
of $43,000. The aggregate reserve was reduced
$6,289,000, bringing the total to $676,604,000,
against $576,069,000 in 1915. Reserve require­
ments are $4,627,490 less; hence the surplus reserve
recorded a further reduction of only $1,661,510, to
$98,247,110, and compares with $170,180,370 at the
corresponding date a year ago.
Referring to money rates in detail, call loans again
covered a range of 2@23^%. On Monday the high­
est and renewal figure was 23^ % with the low­
est 234%; on Tuesday the minimum was 2%,
renewals at 234% and the maximum 234%. On
Wednesday the maximum was not changed from
2 3 4 % and 2 3 4 % the renewal basis, and the lowest
was 234%, while on Thursday and Friday the range
continued at 2 3 4 @ 2 3 4 % and 2 3 4 % for renewals.
Rates for fixed maturities have shown no appreciable
change, although the undertone has been easy with
the volume of transactions small. Sixty days
money is still quoted at 234@3%; ninety days at
2 % @ 3% , four months at 3@334%> with five and
six months funds at 3@334% j against 334% last
week. A year ago sixty days ruled at 234@2^4%,
ninety days at 2% % , four months at 3% and five
and six months at 3@334%- Commercial paper
rates remain at 3@334% for sixty and ninety days
endorsed bills receivable and six months names of
choice character. Names less well known still re­
quire 334%, with a fair amount of business trans­
acted. Banks’ and bankers’ acceptances are now
23 ^ % for sixty days, against 2 @ 2 3 4 % , and ninety
days 2 3 4 % , against 2 3 4 @ 2 3 4 %? the previous quo­
tation.
No changes have been reported in the discount
rates of the Federal Reserve Bank.

Chicago

431.000 francs. The gold item now stands at 4,­
810,967,000 francs, against 4,127,000,000 a year ago
and 3,660,825,000 francs the year preceding. Silver
on hand totals 356,176,000 francs, compared with
376.525.000 francs in 1915 and 634,600,000 francs in
1914.
Note circulation is 15,423,715,000 francs. A
year ago it was 11,715,225,000 francs and in 1914
5.895.277.000 francs. General deposits aggregate
2.285.715.000 francs, against 2,289,875,000 and
688.525.000 one and two years ago, respectively.
Bills discounted aggregate 3,187,787,000 francs,
which compares with 874,675,000 francs in 1915 and
2.156.750.000 francs the year previous. Treasury
deposits are 18,834,000 francs. A year ago they
totaled 72,750,000 francs and in 1914 126,825,000
francs.

1661

Boston.

Ma y 6 1916.]

1
8

4
4
4

3H
4
4
4X

3
4
4
4

4
4
4H 4
4
4M 4
4H 4A 4

6

5

5

5

...

3
3H 3H 3
3
3H 3
3H 3H 3H 4
3H

3
3K 3H
3
3H 3H
3K 3 A 3M
3K 3
3M 3
3H 3

...

5

3
3X
4
4a

iH 5M

3A

3
3
3

3
3
3

3
3
3

3
3
3

_

3H
4
4W
5

Authorized rate for discount of bankers’ acceptances. 2 to 4 % .
A rato of 3% to 4% on purchases of trade acceptances by the New Orleans braneb
of tho Atlanta Federal Reserve Bank In the open market, without the endorsement
of any bank, was approved Dec. 18 1915. A rate of 4% for 10 days and i'A % 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 tho 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,3)4 to 6 H %
Dallas, 3% to 6% .

In sterling exchange, rates have indicated a some­
what weaker tendency, which suggests that the Brit­
ish Treasury will be impelled either to dispose of
additional American securities accumulated under
its mobilization plan or to arrange credits in this
centre through London banks by means of the securi­
ties it has secured under the deposit or borrowing
plan. Demand bills have been quoted as low as
4 75J4* a shade below the basis of 4 76, which,
it will be recalled, the Chancellor of the British
Exchequer mentioned some weeks ago as the rate

1 6 62

about which it was designed to maintain demand
bills. The report of foreign commerce for March,
issued by the Department of Commerce this week
(virtually about two weeks late), attracted much
attention in foreign exchange circles on account of
the remarkable figures involed. The report appears
in greater detail on a following page of the “ Chroni­
cle” ; but it is of interest to note here that the
preliminary figures show exports of $410,000,000
during the month, exceeding the corrected total for
February by $7,000,000 and to quote the bulletin
of the Department “ is more goods than any nation
ever exported before in any one month.” It is
$113,000,000 more than in March 1915 and is nearly
double the March average for the preceding five
years. After making due allowance for the various
foreign loans that have been made by American
banks and other financial institutions as well as for
the numerous credits that have been established here
on foreign account and deducting, too, the net gold
movement to this side, some idea becomes available
of the volume of securities that must have been liqui­
dated in order to preserve the steady tone in sterling
exchange circles that has ruled for so protracted a
period. There does not appear any apprehension
among sterling exchange interests as a whole, how­
ever, that any severe decline in English exchange rates
is to take place.
Compared with Friday of last week, sterling ex­
change on Saturday was not changed from 4 76% for
demand, 4 76 15-16 for cable transfers and 4 73)4
for sixty days. On Monday an easier tendency de­
veloped and demand bills declined to 4 76 3-16, the
lowest figure touched in some time; the high was
4 76)4; cable transfers ranged at 4 76%@4 76%
and sixty days at 4 73@4 73%; the weakness was
attributed to an increase in the supply of commercial
offerings over the week-end. Despite a renewal of
selling by London financial concerns in this market
the continued liberal offerings of bills induced further
weakness on Tuesday, with a recession to 4 76@
4 76 3-16 for demand, 4 76 9-16@4 76% for cable
transfers and 4 72%@4 72% for sixty days. On
Wednesday a decline to 4 75% for demand was re­
corded, while cable transfers were also weak at
4 76%@4 76 9-16 and sixty days at 4 72%@4 72%;
large offerings, chiefly of grain bills, were held re­
sponsible for the downward trend. Extreme dulness
prevailed on Thursday; rates were practically un­
changed and showed no range, demand being quoted
all day at 4 75 15-16, cable transfers at 4 76% and
sixty days at 4 72%. On Friday the market ruled
slightly easier with demand at 4 75%@4 75 15-16,
cable transfers at 4 76 7-16@4 76% and sixty days at
4 72%@4 72%. Closing quotations were 4 72%
for sixty days, 4 75% for demand and 4 76 7-16 for
cable transfers. Commercial on banks (sixty days)
closed at 4 71% , documents for payment finished at
4 71% and seven-day grain bills at 4 74%. Cotton
and grain for payment at 4 75%@4 75%.
The Continental exchanges this week have ex­
hibited marked firmness, especially as regards
reichsmarks, which advanced to 76% for sight
bills on Monday, due largely, it was understood, to
continued selling of South American securities by
German interests, thus creating a demand for
reichsmarks for cable remittances; later in the week,
however, a more or less natural reaction developed,
though early on yesterday’s market 78 was touched



[Vol . 102.

THE CHRONICLE

during the period of weakness on the stock market
that followed the receipt of the first part of the Ger­
man reply.
Austrian exchange also opened
strong, but showed some weakness later
on in sympathy with the movements in German
exchange. Francs were firm in the opening days
of the week, but reacted and finished at fractional
declines. We refer in our remarks in a preceding
paragraph on the French financial situation to the
plan of the French Minister of Finance for borrowing
securities of neutral countries from French holders
for the purpose of steadying francs in this country.
Demand bills on Berlin finished at 76% and cables
at 76.77, compared with 74% and 75 last week.
Kronen closed at 13.30 for bankers’ sight, against
13.02 Friday last. The sterling check rate on Paris
closed at 28.29%, compared with 28.31% a week
ago. In New York sight bills on the French centre
closed at 5 94%, against 5 93, and cables at 5 93%,
compared with 5 92% on Friday of last week.
Italian lire advanced sharply, touching 6 22 on
Monday, and ruled strong during the greater part
of the week, though with the close at 6 28 for sight
and 6 27 for cables, against 6 36% and 6 36 the
previous week. The immediate occasion for the
early rise was attributed to a decline in sterling
rates in Italy.
In the neutral countries, the exchanges have
ruled quiet and somewhat easier for guilders, al­
though Scandinavian exchange has been well main­
tained and the sight rate on Stockholm moved up
to 30.40 on Tuesday. Bankers’ sight on Amster­
dam closed at 41% , against 42, cables at 4 7-16,
against 42 1-16, commercial sight at 41 5-16, against
41% and commercial sixty days at 41% , against
41 13-16. Swiss exchange finished at 5 19% for
bankers’ sight and 5 18% for cables, compared with
5 17% and 5 16% a week ago. Greek exchange is
still quoted at 5 17% . Copenhagen checks closed
at 30.20 against 30.10. Checks on Norway closed
at 30.35 against 30.25, and checks on Sweden were
quoted at 30.40 against 30.30. Russian rubles
finished at 31 against 30% a week ago. Spanish
pesetas closed at 19.80, comparing with 19.65 the
week preceding.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $970,000 net in cash as a result of the currency
movements for the week ending May 5. Their re­
ceipts from the interior have aggregated $9,784,000,
while the shipments have reached $8,814,000.
Adding the Sub-Treasury operations, which occa­
sioned a loss of $8,604,000, the combined result of
the flow of money into and out of the New York
banks for the week appears to have been a loss of
$7,634,000, as follows:
Week ending Mag 5.

Out of
Banks.

Into
Banks.

§8,814,000 Gain
21,623,000 Loss

§9,784,000
13,019,000
T o ta l.............. ...............................

S22,803,000

Net Change in
Bank Holdings.
$970,000
8,604,000

§30,437.000 Loss S7 ,034,000

The following table indicates the amount of bullion
in the principal European banks:
Mag 6 1915.

Mag 4 1916.
Banks of

Gold.

Silver.

£

£

England-. 67,468,948
France___ 192,440,880
Germany. 123,263,500
Russia* . . 162,613,000
Aus-Hunc 51.578.000
Spain___ 38.770.000
Italy........ 40,7/2,000
Ncthcrl’ds 44.158.000
Nat.Bclgh 15.380.000
Swltz’land 10,315,200
9.183.000
Sweden
Denmark. 7.367.000
5.244.000
Norway . .

|

Total.

Gold.

Stiver.

Total.

£

£

£

£
57,468,948 56,303,827
56,303,827
14,247,640 206,688.520 165,080,400 15.061.000 180,141,400
2.150.000 125,413,500 118,426,300 2,410,150 120,836,450
5 ,/45.000 168,358,000 156,927,000 5.248.000 162,175,000
12,140,000 63.718.000 51.578.000 12.140.000 63.718.000
30,4/1,000 69.241.000 25.119.000 29.487.000 54.606.000
4.036.000 44.808.000 50.964.000 2.700.000 53.664.000
170,900 24,413,900
156,100 44,314,100 24.243.000
600,000 15.980.000
600,000 15.980.000 15.380.000
9.636.000
10,315,200 9.630.000
0,299,000
9.163.000 6.299.000
324,000 6.277.000
223,000 7.590.000 5.953.000
5.244.000 3.297.000
3.297.000

Tot. week 758,533,528 69,768,740 828,302,268 689,200,527 68,141,050 757,347,577
Prev. week 758,814,623 71,631,800 830,446,423 690,203,289 68,272,440 758,492,729

• The gold holdings of the Dank of Russia for both years In the abovo statement
have been revised by eliminating the so-called gold balanco held abroad,
c July 30 1914 In both years, h Aug. 0 1914 In both years.

May 6 1916.J

THE CHRONICLE

1663

Regarded from either point of view, the Verdun
operation is at date an admitted failure—a fact
The two main events of the present week, bearing tacitly but none the less emphatically conceded by
on the European war, were the delivery of the the German leaders themselves in the retirement of
German Government’s reply to the United States, the chief military adviser to the Crown Prince in
and the apparent abandonment by the German army of the Verdun campaign. So far as actual results have
aggressive operations at Verdun. As to the first, it appeared through the cloud of contradictory bulle­
is too early at this writing to draw any confident de­ tins, the German army has suffered appalling losses,
duction as to the influence of the German answer variously estimated at from 150,000 to 250,000, and
on the controversy over the submarines. The Ger­ its effective fighting force must thereby have been
man Government offers undoubted concessions; yet seriously impaired. The same is doubtless true in
they are closely hedged about with qualifications a less degree of the French army; but here the policy
and conditions. Washington was reported as di­ of Joffre has been pretty clearly demonstrated, of
vided in opinion over the probable sequel to this defending with a minimum loss of effective forces,
latest move in the dispute; the Stock Exchange a policy which probably explains the early retreats,
seemed to take an extremely optimistic view.
the continued maintenance of a pure defensive, and
The distinct relaxation of the German activities the absence of any such vigorous and general counter­
around Verdun, and successful resumption of the attack as usually follows victory in the field.
offensive by the French at some stategic points,
The problems left by the Verdun episode are
may perhaps turn out to mark the ending of an ex­ numerous. The actual condition of the German
tremely important episode of the war. Yet it must army after its heavy losses is one. The state of its
be admitted that the course of the European military military supplies and ammunition is another. The
campaign during the past three months, and the later effect of these conditions, on operations along
strategic situation which is left by it, have obscurec the Russian front, is at least to some extent involved.
rather than cleared up the problem as to what will The situation of the German army cocupying Serbia
be the end of the war, and when it will come. In cannot be wholly ignored. But perhaps the largest
the main, it has brought the whole position, and with of all elements of uncertainty is the situation and
it all the larger inferences drawn from that position, purpose of the English army in France.
back where it stood in the early weeks of 1915—before
Mr. Asquith’s statement this week that 5,000,000
the Russians advanced into Hungary, before their English and Colonial troops are already under arms,
defeat and retreat into Russia, before the successful disposes of the theory sometimes advanced that the
invasion of Serbia by the Germans and Bulgarians, English forces have been numerically too small for
and before the collapse of the British expedition to effective operations. Trustworthy reports from the
the Dardanelles. In short, we arc once more con­ Continent give good ground for believing that almost
fronted with the baffling problem of the familiar the whole of Northeastern France beyond the line
military deadlock in the trench campaign on the of Amiens is now occupied by English troops. We
Western front. Yet, on the other hand, all of the know that a very large number of men is in training
past year’s operations seem to have demonstrated in England. That the English troops in France are
that the European War will not be settled by suc­ acquiring seasoned military capacity is also plainly
cessful or unsuccessful campaigns in Eastern and indicated by the fact that, whereas only thirty miles
Southeastern Europe. Somehow or other, it must of trenches on the Western front in the face of the
be settled in the West.
enemy were held by English troops before the battle
If the battle of Verdun is considered as a continu­ of Verdun, probably one hundred and twenty are
ous engagement, it will rank as the longest battle now. thus occupied, or at least one-fourth of the
in the history of the world. Nor is it wholly unfair whole line.
to class it thus. From the military point of view,
Yet this would still allow for extremely large
the episode undoubtedly resembles much more a English reserves behind the line of trenches. In
prolongation of such conflicts as Fredericksburg, addition, reserves of ammunition must be exception­
Gettysburg and Waterloo, than mere field operations ally large, since it appears to have been munitions
for the capture of a fortress. It is not yet clear what of French manufacture which were employed in
were the precise purposes and precise expectations defending Verdun. Cables, both this week and last,
of the German military authorities in planning their have reported Russian troops landed in France.
attack on Verdun. Military critics have very gen­ But when are we, then, to hear of a definite forward
erally agreed that the campaign would have been by movement? The question is more immediately im­
no means settled even by the capture of Verdun, minent, since the season of the year has now begun
since the road to Paris would even then present when operations on a large scale are usually under­
merely a long succession of similar entrenched posi­ taken .
tions. Whether the report is true or not that di­
Of late, reports of a transfer of activity from
vergence of opinion existed in the German General Verdun to the English part of the Western front,
Staff regarding the program of the Verdun assault, have been frequent, but with curious absence of con­
one of two purposes must have dominated. Either vincing information as to whether this activity was
the German General Staff believed it necessary to due to the shifting of Germany’s offensive to that
satisfy, by a spectacular success on the Western portion of the battle line, with the purpose of breaking
front, people at home who were discontented with through, or to a gradual forward movement of the
the absence of tangible results from the Eastern vic­ English themselves; or to a demonstration by the
tories, or else it was believed that the war could be Germans, in expectation of such English initiative.
ended, though at prodigious cost of life, by a series Granting such an initiative, we have no assurance
of advances, beginning with the capture of Verdun whatever that a concerted attack by the English or
and ending, after a long succession of similar engage­ French armies, however converged, would end
ments, with a second and successful advance on Paris. differently from the attack at Champagne last SepTHE N E X T CHAPTER IN THE EUROPEAN W AR .




1664

THE CHRONICLE

tember or from that at Verdun in the past three
months. Still, it would seem scarcely conceivable
that the open season would be allowed to pass with­
out some demonstration in force. It may be held
back until timed with a similar aggressive attack by
the Russians on the Eastern front or by the Allies
from Saloniki.
What could it accomplish? Gains of a few hun­
dred or thousand yards of trenches doubtless consti­
tute a moral success, with perhaps a large effect on
political sentiment in England and Germany; but
for a decisive military achievement, such as would
give a definite turn to the war, much more than this
is necessary. There can be no question that a
general advance by the English and French armies
on the Western front would be accompanied by
frightful loss of life. This would be contrary to the
general policy both of the English and the French
commanders; yet the question is valid whether, even
with the theory of “ attrition” still maintained, any­
thing can be accomplished by another policy except
indefinite prolongation of the war.
We shall presently see what actual plan of opera­
tions has been outlined. As matters stand, it can
only be said that the prospect of virtual military
deadlock, and of continuance of the war to an un­
known future date, has been strengthened rather
than weakened by the events around Verdun; for if
the German army, with admittedly better general­
ship and probably larger forces on the immediate
battle-line, was unable to accomplish anything of im­
portance in the supreme effort which it began on
February 21—this despite the extraordinary obstin­
acy with which it returned to the attack after
each successive assault was checked, and despite
the quite unparalleled sacrifice of men and munitions
—what is to be expected from the reverse operation ?
Meantime, the enormous~strain on the economic re­
sources of all belligerents continues, with increasing
evidence (as in the case of the concerted effort of the
English and French governments to acquire and sell
such foreign securities as arc owned in their coun­
tries) that the resources usually available for prose­
cuting war are being everywhere depleted.

[Vol . 102.

do the same, the number of ships that could be built
could be greatly increased.” This suggestion of
commandeering “ all” private producing plants is so
radical a strong-hand counsel that it is open to grave
question, in respect to the feasibility of carrying
out anything of the kind as well as of its legal com­
petency, in a time of peace and with no emergency
discoverable, outside the vague talk of alarmists,
some of whom may have business axes to grind.
The report makes another suggestion:

“ The time required to build ships could be short­
ened i f the lim ita tio n s of the eight-hour labor law s
were removed, and also if the Government were willing
to pay the additional cost of having the ships built
by labor working in shifts; this, again, would depend
on the amount of skilled labor available and the
capabilities of the manufacturers of armor, guns and
materials to make deliveries. The General Board
is-not able to estimate the cost of ships by men working
in shifts. A reliable shipbuilding firm has stated
that reducing the time of building a certain class of
ship by one-half increases the cost 40%, and it is
reasonable to assume that the increased cost for all
classes of ships would be approximately the same.”
Imagine that the head of a great private concern
is interrogated concerning an increase of work under
consideration and is unable to speak from any more
exact knowledge than a “ would depend,” and that
he is “ unable to estimate” the increased cost of in­
creased expedition and does not show more grasp
of the subject than is shown in this talk by Govern­
ment officials.
Considering the attitude of organized labor, as
exhibited in these difficult times and emphatically
in this opening week of May, also the ease with which
it terrorizes Congress into letting it have its own way
in Government work, how much possibility is there
of removing the eight-hour limitations? If the exi­
gency talked of exists, and if we really must have
more ships and have them speedily, the labor prob­
lem alone is enough to shut us up to reliance on the
private plants, and the more so when the official
heads are not even “ able to estimate” costs. That
deep-sea commerce needs more ships, as well as to
have its operating conditions regulated, is the theory
of the shipping bill which is still mentioned as on the
Administration program to be carried through before
T H E N A V Y B O A R D A N D P R E P A R A T IO N FOR
the session of Congress can close; yet an intimation
DEFENSE.
Washington dispatches now tell us that the General is given that preparedness could be hastened by
Board of the Navy has explained to Congress how halting all mercantile work in order to concentrate
that branch of preparation for defense might be upon material between mines and forests and the
brought to maximum efficiency in the minimum of completed war vessels. The program is expressly
time. Construction could be immediately begun based upon the private plants, armor plate being
upon 5 battleships, 5 battle cruisers, 0 scout cruisers, specifically mentioned; yet bills have already passed
22 destroyers, “ and an unlimited number of sub­ the Senate (and are reported to be likely to go through
marines,” this statement being said to be based on the House) for Government armor-plate plants and
replies from shipbuilding firms that have been inter­ for other munitions-making, thus not only passing
rogated as to capacity. An interesting explanation by but actually sacrificing the private plant which
is also given about certain measures upon which this has the needed capacity and will contract to accept
promised program is conditioned. The supply of the Government’s own price.
Once more, and to get the case into the utmost
material for hulls and machinery, the maximum
output of armor and gun plants, and the amount of compactness, we might amuse our city populations
skilled labor available, “ would all be important by spectacular parades about the subject of national
defense; but either there is need of more outlay than
factors,” it is explained.
They would be decisively important factors, be­ the 260 millions annually which have been expended
yond doubt, and the naivete of the whole explanation on the average in the last thirteen years, or there is
is almost humorous, although not so intended. The no emergency and therefore no such need. It is
Board’s report proceeds to carry this unconscious certainly one thing or the other. If we do not need
humor farther by saying that “ should Congress pass preparation and are not suffering from bad dreams,
a law requiring shipbuilding firms to disregard all then we should calm ourselves somewhat. If there
other contracts, and requiring all manufacturers to is a real occasion for more effort, then we should




THE CHRONICLE

M a y 6 19 1 6 .]

behave like persons rational and awake, and should
direct ourselves to the places of efficiency and along
the lines of efficiency, instead of talking of policies
which are in irreconcilable conflict.
THE

FEDERAL

TRADE

C O M M ISSIO N

M EETS

CONTUM ACY.

A pending case against the Shredded Wheat Co.
(which should not be confused with the Cream of
Wheat case) is not only about the first in which the
Federal Trade Commission has attempted positive
action, but is interesting in having elicited a chal­
lenge of the powers of that body. Some months
ago, the Shredded Wheat Co. filed a suit in a Federal
court in Connecticut against a competing concern,
charging it with imitating its well-known biscuit
and with trying to market the imitation by devices
which were claimed to be misleading and unfair. In
rejoinder, the competing concern appealed to the
Commission, alleging that the Shredded Wheat Co.
had prevented it from obtaining certain needed
machinery; had used spies to discover the names of
its customers, whom it had then tried to intimidate;
had published libelous matter about it; had sought
to close advertising columns against it; had brought
merely vexatious suits against it, and so on. In­
stead of attempting to counterfeit the older con­
cern’s biscuit, the rejoinder affirmed that all had
been done to acquaint the public with the differ­
ences.
The Commission did file a formal complaint,
charging the Shredded Wheat Co. with unfair prac­
tices and summoning it to answer under a hearing
as provided for in the law. To this the company has
made answer, “ out of respect for the Commission,”
but protesting against its action and questioning its
right to intervene in a matter already in the Federal
courts. It ways:
“ This respondent denies the right and authority of
this Commission to file this complaint or to attempt
to interfere with or prejudice the conduct of the
business of this respondent, and respectfully in­
sists on the right of this respondent to have this
complaint dismissed and expunged and that amends
be made this respondent for the acts of this Com­
mission, and herewith requests and demands that
all matters herein present be referred to the Con­
necticut Federal Court.”
Section 5 of the law declares that the Commission
“ is hereby empowered and directed to prevent”
every person or corporation (banks and common
carriers excepted) “ from using unfair methods of
competition in commerce.” The means provided
for executing this required prevention do not seem
very ample and are contained in the same section.
When the Commission suspects anybody of unfair­
ness and thinks an overhauling “ would be to the
interest of the public,” it “ shall” serve the offender
with a complaint and fix a time and place of hearing.
After the hearing, if the Commission is satisfied
that forbidden methods have been used, it “ shall”
report the matter in detail and formally order the
offender to desist from the objectionable method or
methods of competition. Its powers are then ex­
hausted, except that if the order is not obeyed the
Commission “ may apply” to the Federal Circuit
Court of Appeals “ for the enforcement of its order”
and “ shall certify and file” with its application a
transcript of the entire record, including all testi­



1665

mony taken. Then the Court “ shall” serve notice
upon the offender and “shall have jurisdiction of
the proceeding, with power to affirm, modify, or
set aside the Commission’s order. The Court may
direct additional evidence to be taken before the
Commission, but the judgment and decree of the
Court shall be final, except that it shall be subject
to certiorari review by the Supreme Court. Mean­
while, the Commission’s findings on the facts, if
supported by testimony, shall be conclusive; but
the defendant may have a review of the order to
desist in the Court, by filing a petition to set it
aside.
Within the rather narrow limits of its authority,
the Commission is thus left entirely unrestricted
as to the circumstances of its action; provided it has
reason to suspect anybody of playing the game of
business competition unfairly and thinks the public
interest will be furthered by acting, it may move as
sketched above, without reference to any pending
litigation or any other matter. The Commission
is thus made to resemble a referee, in that it is to
investigate and hear, and is then to report to a
particular court, whereupon its duty and powers
are ended and that court is to do the rest. So far,
therefore, the Shredded Wheat Company’s call for
expunging the complaint and making amends seems
groundless in law, since the Commission has kept
within its granted powers.
But the question of propriety is not disposed of
so readily. This is a case in which there are accusa­
tion and counter-accusation, and there is a case
already pending in the Federal courts, in which is
involved, inter alia, the allegation that certain
special machinery has been debarred by contract
from a rival, somewhat as in the matter of leasing
of machinery in the cases arising out of the making
of shoes. Propriety would seem to lie against inter­
vening in a contest already so well joined in issues.
But perhaps the Commission felt anxious to start
something whereby to make a show of reality, after
having done such a lot of talking in the line of
advising, encouraging and patronizing business.
The way of the reformer is sometimes rather hard.
COTTON

M A N U F A C T U R IN G
AN D

IN

JAPAN

IN D IA .

The Japanese cotton manufacturing industry,
according to recent advices, is now experiencing
a period of satisfactory activity in operations, and
it is expected that consumption of the raw material
the current season (which ends June 30 1916) will
considerably exceed that of 1914-15 and, conse­
quently, establish a new high record by a rather
material amount. In fact, Japan, in common with
the United States, is getting the benefit of a demand
for goods that prior to the breaking out of the war
in Europe was largely met by Continental spinners
and weavers. It will be recalled that at this time
a year ago curtailment of output was in force in
Japan, quite noticeably cutting down the annual
production of yarn per spindle, as compared with
1913-14 or 1912-13. But as equipment (spindles
and looms) had been increased the actual result
of the year’s operations was a consumption of
cotton and an output of yarn slightly greater than
in 1913-14. Specifically, during the year ended
June 30 1915, 195,640 additional spindles had been
installed in the mills, making the total at the close

1666

THE CHRONICLE

[Vol . 102.

of the season 2,772,982 spindles. Against this G E R M A N Y ’ S R E P L Y TO U. S. N T E O N S U B M A R I N E
augmentation of some 73^% in spindles, however,
ISSU E.
consumption increased only 5,095 bales of 500
The reply of the German Government to what was char­
pounds net each, or but one-third of one per cent, acterized as the final word of the United States to that G ov­
the year’s aggregate having been 1,526,677 bales. ernment on the submarine issue was delivered to Ambassador
4th inst.
afternoon
Still, under the conditions as they existed, the show­ Gerard at Berlin on the received byYesterdayat Sayvillo press
dispatches of the note,
wireless
from
ing is very satisfactory. It is worthy of note, more­ Berlin, were made public, but its official text was still being
over, that in the decade 1904-05 to 1914-15 both the awaited last night by the Administration at Washington.
equipment and consumption of the Japanese mills The note of the United States to which the present communi­
practically doubled. Furthermore, as indicating cation is an answer was dispatched by Secretary of Stato
Lansing under date of April 18. The unofficial copy of the
the forward strides made by that country, it may be reply was laid beforo the Cabinot yesterday and was carofully
mentioned that whereas in 1904-05 the consumption studied, ponding the receipt of the official toxt. According to
of East Indian mills was 719,000 bales of 500 pounds the press dispatches of the note, the German Government
each in excess of those of Japan, in 1914-15 it was “ cannot dispense with tho use of tho submarine weapon in
the conduct of warfaro against enemy trade,” but states that
less than 125,000 bales greater.
it “ has now decided to make a further concession, adapting
A feature of the consumption of cotton in Japan methods of submarine war to tho interests of neutrals.” Tho
is the comparatively phenomenal magnitude of following new order, according to tho note, has been issued
the amount per spindle annually turned into yarn to German naval forces:
In accordance with tho general principles of visit and
and tho de­
as compared with other countries. Under normal struction of merchant vossols recognized by international soarchsuch vosscls,
law,
conditions of operation, in fact, Japanese consump­ both within and without tho area declared a naval war zono, shall not be
tion averages very close to 300 pounds per spindle, sunk without warning and without saving human livos unless tho ship at­
tempt to escape or offer resistance.
against approximately 40 pounds in Great Britain,
In consequence of the now orders, tho note states:
70 pounds in Continental Europe, the same amount Tho Government of tho United Statas will also now consider <yll impedi­
ments removed which may havo beon in tho way of mutual co-oporation
at the North here, 115 pounds at the South and 125 toward restoration of tho freedom of tho seas during tho war, as suggested
in tho note of July 23
not doubt
pounds in India. The wide discrepancy, however, that tho Government 1915, and it [tho Gorman Government] does insist that
of tho United Statos will now demand and
is explainable in the first place by the much coarser tho British Government shall forthwith obsorvo tho rules of international law
tho war,
down in
yarns spun, secondly by the much longer run, universally recognized beforo tho Unitedas are laidtho Britishtho notes pre­
sented by tho Government of
States to
Government,
Dec. 28 1914 and Nov. 4 1915.
operations being almost continuous night and day,
Should stops taken by tho Govornmont of tho United Statos not attain
and finally by the fact that the mills of Japan are the object it desires— to havo tho laws of humanity followed by all bel­
ligerent nations— the German Government would then bo facing a new sit­
almost wholly equipped with ring spindles, the uation in which it must roservo to itself comploto liberty of decision.
output of which compares with mule spindles
The full text of tho noto as reported in the press dispatches
lj^ to l.
is as follows:
Tlio undersigned,
of tho Imperial German Government, has
As regards the current situation in the cotton tho honor to prosentontobohalfExcellency, tho Ambassador of tho United
his
manufacturing industry of Japan, we are informed States, Mr. Jamos W. Gorard, tho following reply to tho noto of April 20
warfaro:
that curtailment of production was definitely dis­ regarding tho conduct of Gorman submarine tho proper naval authorities
"Tiro German Govornmont handed ovor to
for early investigation tho ovidonce concerning tiro Sussex as communicated
continued at the close of 1915 and that, therefore,
by tho Government of tho United States. Judging by tho results that tho
spindles and looms are now being fully operated. investigation has hitherto yiohled, tho Gorman Government is alive to the
that tho ship mentioned in tho noto of April 10 as having beon
This, of course, presages a much larger consumption possibility by a Gorman submarino Is actually Identical with tho Sussex.
torpedood
than heretofore, but it does not necessarily indicate “ Tho Gorman Govornmont begs to rosorvo further communication on tho
matter until certain points aro ascertained which aro of decisive importance
an appreciably greater use of American cotton. On for establishing tho facts of thecaso. Should it turn out that tho com­
assuming tho vessel to bo a
the contrary, it is to be presumed, price being the mander was wrong infail to draw tho consoquonco man-of-war, tho German
Govornmont will not
resulting therefrom.
main consideration, that the increased takings will "In connection with tho case of tho Sussox tho Govornmont of tho United
Statos made a sorics of statements, tho gist of which is tho assertion that tho
be mainly of East Indian cotton, of which large incident is to bo considered but one instanco of a doliborato method of in­
nationalities
unsold stocks are held in Bombay. Here we would discriminate destruction of vossols of all sorts,Tho Gorman and destina­
tions by German submarino commanders.
Government
remark that although spinners used in 1914-15 must emphatically repudiate tho assertion.
“ Tho German Government, howovor, thinks it of littlo avail to enter
some 23^2 million pounds of raw cotton more than in into details in tho prosent stago of affairs, moro particulaily as tho Govern­
the preceding season, the increase in East Indian ment of tho United States omitted to substantiate tho assertion by refer­
ence to concrete facts.
varieties was nearly 46 million pounds, and the “ Tho German Government will only stato that it has imposed far-reach­
restraints upon tho use of
submarino weapon
decrease in American over 17 million pounds. In ingneutrals’ interests, in spitetho tho fact that those solely in consideration
of
of
restrictions aro neces­
sarily of advantage to Gormany’s enemies. No such consideration has
fact, consumption of American cotton was the
ovor boon shown neutrals by Groat Britain and her allies.
smallest in any season since 1910-11.
“ Tho German submarine forcos havo had, in fact, orders to conduct tho
of visit and
• Contrasting with the very satisfactory develop­ submarino warfare in accordance witli tho gonorai principles international
soarch, and tho destruction of merchant vossols recognized by
ment of the cotton-manufacturing industry in Japan law, tho solo excoprion boing tho conduct of warfaro against enemy trade
on enemy freight ships encountered in tho
in 1914-15, contraction along moderate lines was the carriedBritain. With regard to those, no assuranceswar zone surrounding
Groat
havo over boon given
to tho Government of tho Unltod Statos. No such assurances aro contained
result of the year’s operations in India, according to in tho declaration of Fob. 8 1916.
the complete and very comprehensive statistics of “ Tho Gorman Government cannot admit any doubt that tlioso orders
were given
executed
good faith. Errors actually occurred. They
the Bombay Mill Owners’ Association at hand this can in no or aroof warfaroinbo avoided altogether. Allowances must bo
kind
in tho conduct of naval warfare against
week. These show that during the year ended mado of ruses, whothcr permissible or illicit. an enemy resorting to all
kinds
Aug. 31 1915 there was an increase in spindles from “ But apart from the possibility of errors, naval warfaro, just liko warfare
dangers for neutral persons
6,778,895 to 6,848,744, and in looms from 104,179 on land, implios unavoidablecases whore tho naval action and goods entering
tho fighting zono. Even in
is confined to ordi­
nary forms of cruiser warfaro, neutral persons and goods ropoatcdly come
to 108,009, while the average daily force employed
to grief.
advanced from 260,276 to 265,346. But plants were “ Tho German Government has repeatedly and explicitly pointed out
mines that
not so fully operated as usual and, consequently, the the dangers from Governmenthavo led to the loss of numerous ships.
"T h e German
has made soveral proposals to tho Govern­
ment of tho United Statos in order to reduce to a minimum for American
year’s consumption of the raw material at 1,648,463
travelers and goods tho inherent dangers of naval warfaro. Unfortunately,
bales of 500 pounds net each fell below the 1913-14 tho Government of tho United Statos docidod not to accept tho proposals.
Had it accepted
tho United Statos
havo
aggregate and was only 6,176 bales in excess of been instrumentalthem, tho Government ofpart of tho accidentswouldAmer­
in preventing tho greater
that
1912-13. Furthermore, while in the ten-year period ican citizens havo mot with in tiro meantime.
“ Tho German
from 1904-05 to 1914-15, the addition to spindles ment along theseGovernment still stands by its offer to corao to an agree­
lines.
"A s tho German Government repeatedly declared, it cannot dispense
was over 32% and to the working force about 36%, with tho uso of tho submarine weapon in tho conduct of warfaro against
consumption increased only 12%.
enomy trade. The German Government, howover, has now decided to



may

6 1916.]

THE CHRONICLE

make a further concession adapting methods o f submarine war to the in­
terests o f neutrals.
“ In reaching its decision the German Government is actuatod by consid­
erations which are above the level o f the disputed question.
“ The German Government attaches no less importance to tlio sacred
principles of humanity than the Government o f tho United States. It
again fully takes into account that both Governments for many years co­
operated in developing international law in conformity with those prin­
ciples, tho ultimate object o f which has always boon to confine warfaro on
sea and land to armed forces of belligerents and safeguard as far as pos­
sible non-combatants against the horrors of war. But’ although those con­
siderations are of great weight, thoy alone would not under present circum­
stances have determined the attitude o f tho German Government. For,
in answer to tho appeal by the Government of the United States on behalf
of the sacred principles o f humanity and international law, tho German
Government must repeat once more, with all emphasis, that it was not tho
German but the British Government which ignored all accepted rules of
international law and oxtended this terrible war to thollives and prop­
erty of non-combatants, having no regard whatever for tho interests and
rights of neutrals and non-combatants that through this method of war­
fare have been severely injured.
"In self-defense against the illegal conduct of British warfare, while
fighting a bitter struggle for national existence, Gormany had to resort to
tho hard but effective weapon of submarine warfare.
“ As matters stand, the German Government cannot but reiterato re­
gret that tho sentiments o f humanity which the Government of tho United
States extends with such fervor to tho unhappy victims of submarine
warfaro are not extended with the samo warmth of fooling to many millions
of womon and children who, according to tho avowed intention of tho Brit­
ish Government, shall bo starved, and who, by sufferings, shall force tho
victorious armies o f the Central Powors into ignominious capitulation.
Tho German Government, in agreement with tho German pcoplo, fails
to understand this discrimination, all the more as it has ropeatedly and
explicitly declared itself ready to use the submarine weapon in strict con­
formity with tho rules o f international law as recognized before the out­
break of tho war, if Great Britain likewise was ready to adapt the conduct
of warfaro to these rules.
Several attempts made by tho Government o f tho United States to prevail
upon tho British Government to act accordingly failed because of flat
refusal on the part o f the British Government.
“ Moreover, Great Britain again and again has violated international law,
surpassing all bounds in outraging neutral rights. Tho latest measure
adopted by Great Britain, declaring German bunker coal contraband and
establishing conditions under which English bunker coal alone is supplied
to noutrals, is nothing but an unheard-of attempt by way o f exaction to
forco neutral tonnage into tho service o f British trado war.
"Tho German people knows that the Government of the United States has
the power to confino tho war to armed forces o f the belligerent countries,
in the interest o f humanity and maintenance o f international law.
Tho Government of the United States would have been certain of attain­
ing this end had it been determined to insist, against Great Britain, on
tho Incontrovertible rights to freedom o f the seas. But, as matters stand,
the German peoplo is under the impression that the Government o f the
United States, while demanding that Germany, struggling for existence,
shall restrain the use o f an effective weapon, and while making com­
pliance with these demands a condition for maintenance o f relations with
Germany, confines itself to protests against illegal methods adopted by
( term Cnj i neniies. M^oreoverT the German- pcoplo know to what con­
siderable extent Its enemies are supplied with all kinds o f war material
from the United States.
“ It will, therefore, be understood that tho appeal made by the Govern­
ment o f the United States to sentiments o f humanity and principles of
international law cannot, under tho circumstances, meet tho same hearty
responso from the German people which such an appeal otherwise always is
certain to find here.
,
“ If the German Government, nevertheless, is resolved to go to the
utmost limit o f concessions, it has been guided not alone by tho friendship
connecting tho two great nations for over one hundred years, but also by
the thought o f tho great doom which threatens the entire civilized world
should the cruel and sanguinary war be oxtended and prolonged.
Tho German Government, conscious o f Germany’s strength, twice
within the last few months announced before tho world its readiness to
make peace on a basis safeguarding Germany’s vital*interests, thus indicatlng that it is not Germany’s fault If peace is still withheld from the
nations o f Europe.
"The German Government feels all the more justified in declaring that
responsibility could not be borne before the forum o f mankind and in
history if after twenty-one months o f the war’s duration the submarine
question under discussion between tho German Government and the
Government o f the United States wore to take a turn seriously threatening
maintenance o f peace between the two natlc*
“ As far as lies with tho German Government, it wishes to prevent things
from taking such a course. The German Government, moreover, is pre­
pared to do its utmost to confino operations o f tho war for tho rest of its
duration to tho fighting forces of the belligerents, thereby also insuring
freedom o f the seas, a principle upon which tho German Government
boliovos, now as before, that it is in agreement with the Government of
the United States.
"The German Government, guided by this idea, notifies tho Govern­
ment o f the United States that German naval forces have received tho
following order: ‘In accordance with tho general principles of visit and
search and the destruction o f merchant vessels recognized by international
law, such vessels, both within and without tho area declared a naval war
zone, shall not be sunk without warning and without saving human lives,
unless the ship attempt to escape or offer resistance.’
But neutrals cannot expect that Germany, forced to fight for exist­
ence, shall for the sake of neutral interests, restrict tho use o f an effective
weapon if the enemy is permitted to continue to apply at will methods of
warfaro violating the rules o f international law. Such a demand would be
incompatible with the character o f neutrality and tho German Government
is convinced that the Government of tho United States does not think of
making such a demand, knowing that the Government o f tho United States
repeatedly declares that it is determined to restoro tho principle of freedom
of the seas, from whatever quarter It lias been violated.
“ Accordingly, the German Government is confident that in consequence
of tho new orders issued to the naval forces, the Government of the United
States will also now consider all impediments removed whicli may have
been in tho way o f mutual co-operation toward restoration o f tho freedom
of tho seas during tho war, as suggested in the note o f July 23 1915, and it
does not doubt that tho Government o f tho United States will now demand
and Insist that the British Government shall forthwith observe tho rules
of international law universally recognized before tho war, as aro laid down
in tho notes presented by the Government of the United States to tho
British Government Dec. 28 1911. and Nov. 4 1915.,




16 67

Should steps taken by the Government of the United Statesjnot attain
their object it desires, to have the laws o f humanity foliowedlbyfall bel­
ligerent nations, the German Government would then bolfacing a new
situation in which it must reserve to itself complete libertyjof decision.
“ The undersigned avails himself o f thisjopportunity toTrenew to the
American Ambassador assurances of highest consideration.”
JAGOW.
P R E S I D E N T W I L S O N O N N E W W O R L D 'S S T A N D A R D S
OF J U S T IC E A N D L IB E R T Y .

In a speech in which he reiterated a warning that the honor
and integrity of the United States cannot be tampered with,
President Wilson this week declared that if this war has done
nothing else, it has at least “ made America aware of the
dangers which most of us had deemed unreal and has made
us aware that the danger of our own time is nothing less than
the unsettlement of the foundations of civilization.” These
remarks were uttered on the 1st inst. at the opening in W a sh ­
ington of the National Service School Military Encampment
for Young W om en. His speech follows:
It is with unaffected pleasure that I come to greet you as you have
assembled for the interesting tilings you aro going to do. I have always
felt that there was very much more inspiration in things that were volun­
tarily done than in things that were done under official direction and by
official summons. You have volunteered to come together without official
suggestion in order to study some things which, while they are characteristic
of tho sort of comfort and assistance which women have been accustomed
to offer, are, nevertheless, in this instance associated with a very great
national conception and duty.
W e, of course, aro living in tho presence of conditions which we cannot
yet assess, because they aro unprecedented. Tho world never witnessed
such a war as is now convulsing almost every part of the world except this
part, which we particularly love and would seek to safeguard, and the very
foundations of the ordinary life of nations have been disturbed, so deeply
disturbed that no man can predict what tho final settlement will be.
And if this war has done nothing else, it has at least done this: It has
made America aware of dangers which most of us had deemed unreal, and
has made us aware that tho danger of our own time is nothing less than the
unsettlement o f the foundations of civilization.
Civilization does not rest upon war. It rests upon peace, it rests upon
those things which men achieve by co-operation and mutual interest in
one another. It does not flourish in tho soil of hostility and antagonism,
and a world war is a war in the presence of which civilization holds its
breath and wonders if it will itself survive.
As we see these great issues joined, wo on this side of the water aro done
this groat service: wo are reminded of our spiritual relations not only to this
great struggle, but particularly to the great nation of which wo constitute
parts, and our^spiritual relation to the rest of the world is determined by
our spiritual relation to America.
You have come together to be prepared for any unusual duty which
America may call upon you to perform, but what has moved you to do tills?
Your duty to your country. But what is tho foundation of that duty?
What do you conceive America to be? When you come to the last search­
ing analysis we do not owe any duty except to those things that we believe
in , and the glory of performing our duty toward America is that we believe
in America; and we believe In America because— I venture to say it with
entiro respect for otherjpeoples and other Governments— this Government
was established with aj special purpose such as no other Government ever
avowed.
This Government was’ established in order that justice and liberty might
belong to every maniwhomlouriinstitutions could touch, and not only that
justice and liberty should belong to America, but that, so far as America
was concerned and;her influence involved, they should be extended to man­
kind everywhere. So the inspiration of serving America is a veryj profound
inspiration.
Have you [not thought whaFmight be theroutcome of this great struggle,
so far as tho nations already engaged are concerned? Can'you not imagine
tho great awakening that has come to a country like France, for example;
how much more intensely every Frenchman and every German f eels the
national compulsion than herever felt it before?*: How much morerhefeeis
himself, not an individual, but a fraction in a great wholo? How much
more his blood springs tojthe challenge of patriotic suggestions? H e ls
not fighting for his own life.* He is sacrificing his own life,'or willing to
sacrifice it, in order thatja greater life than his!might persist,'the life_of
his nation.
_ _
So in America we are getting already tho indirect benefit of that sugges­
tio n . We are beginning to realize how a nation is a unit and that any
Individual of it who does not feel the impulse of the whole does not belong
{,0 it and does not belong in it.
We have heard a great deal about divided allegiance in this country, but
before we discuss divided allegiance in its political aspect we ought to let
our thoughts run back to what wero perhaps our divided allegiances in
respect to our relations to each other. America had been brought to such
a point of diversification of interest, of occupation, of objects sought, that
she was in danger of losing the consciousness of her singleness and solidarity.
There were men pulling at cross purposes in regard to their private inter­
ests and their public endeavors in this country long beforo tho war came to
remind us that we were a single nation, with a single duty and a single ideal.
And tho first thing that has happened to us is that wo have all been pulled
together by a great tug at the heart in respect of our individual interests.
We have all been reminded with an emphasis, for which I for one thank
God, that we aro first of all Americans, and only after that at liberty to seek
our individual interest. And then those of our fellow citizens who may for a
little while have been tempted to think rather of the lands of their origin
than of tho land of their present allegiance, have been reminded that there
is, politically speaking, only one allegiance conceivable and possible.
You have hoard a great deal about the hyphen. I, for one, havo never
been deceived. The number of porsons of really divided allegiance in this
country is very small, and if I had been born in some other country I would,
for one, resent the representations which have been made by those who were
not the spokesmen of those for whom they pretended to speak in suggesting
a divided allegiance.
I havo never had the slightest doubt of what would happen whon America
called upon thoso o f her citizens born in other countries to come to the sup"
port of the flag. Why, they will come with cheers, they will come with a
momentum which will make us realize that Amorica has once more been
cried awako out of every sort of distemper and dream and distraction, and
that any man who dares tamper with the spirit of Amorica will be cast out
of the confidence of a great nation upon the instant.

1668

THE CHRONICLE

I believe that a certain spiritual regeneration is going to como out of this
thing. Wo have been thinking too much about our individual selves and too
little about the country of which wc constitute a part, and ono of tho services
which you ladies are going to render is to show how, upon no summons at
all, upon the mere offering o f tho opportunity, women will como together to
render those inostimablo services which are necessary, if tho country should
get into any sort of trouble.
God forbid that we should bo drawn into war, but if we should bo,
America would seem once more to shake herself out of a dream to say, “ Did
any man deem that wo wero asleop? Did any man deem that we had for­
gotten tho traditions of America? Did any man deem that ho could tamper
with the honor or integrity o f tho Unitod States?” and in tho great voice
of national enthusiasm which would bo raised, all tho world would stand
once moro thrilled to hear tho voice o f tho New World asserting the stand­
ards of justico and liberty.

S E C R E T A R Y L A N S I N G O N R E A D J U S T M E N T OF OUR
ID E A S ON IN T E R N A T IO N A L L A W .

Speaking at the dinner of the American Society of Interna­
tional Law in Washington on April 29, Secretary of State
Lansing predicted a chango in our rules of international laws,
saying in part:

lV . 102.
ol

It is impossible to estimate the number of workers that will be on strike
M ay 1 for the reason that discontent cannot bo tabulated or placed in
statistical form.
A factor in developing present conditions is tho decreased number of
aliens who have come to our shores since tho European war. This has
weakened tho policy of many employers in trustified industries, who have
maintained unemployed armies at their factory gates to menace thoso em­
ployees who would better their conditions. A considerable percentage of
tho unemployed have secured employment as a result, although tho unem­
ployed question is still acute among those employers who are determined
to pay less than a living wage and who ignoro present-day living standards.
I have just returned from Pittsburgh, where tho manufacturers have
combined and published an advertisement in which they state that, "after
due consideration, they will not reduce working hours in their respective
shops.” This includes the Westinghouse company, whose employees are
on strike for an eight-hour day.
In Youngstown, O., the manufacturers have joined together, and in a
page advertisement stated that they would not concede improved conditions
and have agreed to close down then- establishments, with the understanding
that their employees must make application individually for re-employment.
It is worth noting that large numbers of strikes are now being waged by
unorganized workers, who later join tho trade union movement when they
realizo tho necessity for organization, discipline and intelligent action.

The announcement with reference to tho showing of the
American Federation of Labor relative to tho bonefits to
labor in wages, hours and legislation was made public on
April 30. According to it, wage advances were general the
country over in virtually every line of industry, and laws
benefiting labor were put on the statute books of overy State
in the Union except five. W age increases were greatest in
the metal trades, many of which wero stimulated by war
orders. Cotton manufacturing, it is stated, was the only
main industry which did not grant substantial increases.
Tho metal trades claimed the greatest number of strikes
during tho year, though many plants increased tho pay of
their men and cut working hours voluntarily. According to
the statement, one benefit brought by tho industrial revival,
which labor officials consider as important as increases in
wages, was tho effect on unemployment, which has dis­
appeared within the past year. Statistics just completed
by tho Department of Labor show that mon of all trades have
been called in to work. Iron and stool mills have on their
pay-rolls now 3 6 % more men than wero employed a year
ago and tho car-building and repairing industry has increased
its forces by about tho same percentage. Manufacturers of
boots and shoes are employing 2 0 % moro men than this time
last year. Wago increases during tho year liavo ranged from
5 to 1 5 % . N o statistics have been compiled by either tho
Department of Labor or tho American Federation of Labor,
F R A N C E I S S U E S C A L L FOR S E C U R I T Y H O L D I N G S .
but reports coming in to both tell of what is being accom­
A call to French holders of securities of neutral nations, plished in manufacturing plants in all parts of the country.
payable to bearer, to loan them to tho Government for use in The Department of Labor puts the country’s 1915 strikes at
guaranteeing exchange operations, was issued by the French 1,500, about 300 more than the year before. About twoMinister of Finance, M . Ribot, on the 4th inst. Tho loans thirds of thorn wero for wage increases or decreased working
are to be made for the period of one year, the holders reserv­ hours and most of them were successful. Munitions strikes,
ing the right to negotiate tho securities as if they wero in starting in the summer of 1915, attracted much attention.
their own possession. It is the belief among bankers that M ost of them were for shorter hours, without pay increases.
this movement is part of the plan for the establishment of a Shorter hours generally were obtained by tho munitions
new French credit in this country. M . Ribot made known workers, but where wage increases were asked tho workers
. on the 1st inst. his intention to appeal to holders of securities seldom got as much as they asked. Strikos in tho clothing
issued by neutral countries, particularly Switzerland, Holl­ industry in Eastern cities involved a number of unions, but
and, Norway, Sweden, Denmark, Argentina, Brazil and their duration was comparatively short. A Middle Western
Uruguay, asking them to deposit such securities with tho clothing strike, in Chicago, however, lastod for throe months
Treasury as a means of equalizing the exchange rate with the and involved from 6,000 to 25,000 workors. Other strikes
United States. It is understood to bo the purpose of tho of importance during the year included tho building trades
Government to negotiate these securities abroad instead of strike in Chicago, the oil and chemical strikes at Elizabeth,
shipping gold.
N . J ., and neighboring cities, and tho Chicago street car
strikes.
There is coming a time— a time which will begin with tho restoration
of peace to this suffering and war-sick world— when we will have to readjust
our ideas as to the rules o f international law. I do not mean the princi­
ples of that law, for they are Immutable, founded as thoy are on justice,
righteousness and humanity.
I mean that tho application of these principles to new conditions will give
us new rules which have never before been recognized or even conceived by
the nations of the world, and which cannot, therefore, be now Invoked by
belligerent or neutral.
If I wero asked what was the chief cause o f tho new conditions and
changed methods of land and naval warfare, I would unhesitatingly an­
swer tho invention of tho internal combustion engine. It has made practi­
cable the automobilo, the submarine, tho aeroplane and the dirigible. It
has mado surprise almost impossible on land and it has vastly increased tho
possibility of surprise at sea.
The change of conditions which this invention, aided by the telephone, the
wireless and the camera, has brought about is comparable only with that
which was wrought by the invention and use of gunpowder. These now
conditions offer to the student o f international law a field of speculation
which is at once attractive and difficult.
I mean by "difficult” that, however ardent tho student may bo, ho must
go very slowly or he will lose his bearings. lie must bo a philosopher rather
than a legalist. He must scrap-heap a lot or tho old ideas embalmed in
layers of precedent, and return for light and inspiration to those eternal
principles which must guide nations in their relations with ono another,
if liberty and justice are to bo exalted in tho earth.
It is tho unchangeable standard of these fundamental principles which is
the rock o f salvation to international law, and whatever code of rules as to
the conduct of war may in the futuro be formulated by tho nations of the
world must find a sure foundation on that rock, which is embedded deep in
the consciousness o f modern civilization.

L A B O R 'S

BEN EF ITS D U R IN G P A S T
IN C R E A S IN G UNREST.

YEAR

AND

Coincident with an announcement credited to officials of
the American Federation of Labor that organized labor in
the year ending M a y 1 received moro in increased wages,
shortening of hours and legislation than ever before in its
history, Frank It. Morrison, Secretary of the Federation,
declared that there is greater industrial unrest to-day than
has prevailed for several years, and that it would bo im­
possible to estimate the number of workers on strike on
M a y 1— most of them for a shorter day. M r. Morrison’s
comments were contained in a M a y D ay roview of tho labor
situation throughout tho country issued at Washington
under date of April 29. His statement follows:
There is a greater unrest on this M ay 1 than has been manifest in many
previous years. To some this condition is alarming. T o me it is encour­
aging, for I believo discontent is a sign of life— o f progress.
Workers aro demanding an eight-hour day and I venture the opinion
that most of tho large strikes to-day, either now or prospective, are becauso
of this shorter work-day demand.
Thinking men aro agreed that long hours are economical for no one.
Physicians aro agreed that long hours exhaust the body cells, making it
impossible for them to function, thereby destroying man’s vitality. Workers
will continue agitating, organizing and striking until the eight-hour day
is assured.




S E T T L E M E N T OF A N T H R A C I T E M I N E R S ' D E M A N D S .

The agreement reached on Saturday last (April 29) in tho
controversy between the anthracite coal minors and the op­
erators was ratified on the 1st inst. by tho Tri-District Com­
mittee, representing the United M ine Workers of America
in tho Pennsylvania anthracite fields, and on tho 4th inst.
was approved at tho United Mine Workers’ Convention at
Pottsville, Pa. Tho agreement perfected on tho 29th ult.
was formulated by the sub-committees which had been in
charge of tho negotiations sinco Fob. 21; as indicated last
week, the sub-committees decided on April 25 that they could
not come to an agreement, and so reported to the full com­
mittee, but on tho 27th tho latter roferred tho mattor back
to tho sub-committees with instructions to try to bring about
an agreement before M a y 2— tho date of the oponing of the
Pottsvillo convention. Under tho agreement tho miners,
whose principal demands were a 2 0 % increase in wages, an
eight-hour day and recognition of tho union, will roceive
increases ranging from 3 to 7 % and tho eight-hour day.
while it is understood that tho agreement does not actually
provido for the recognition of the union, there is received

May 6 1916.]

THE CHRONICLE

under it broader recognition of their rights than has ever
before been accorded the union. W ith the shorter-hour day
it is stated that the increase in wages Will virtually amount to
about 1 6 % .
The sub-committee issued tho following
statement on April 29 regarding the agreement reached:
Tho sub-commlttce o f anthracite operators and'’miners reached a ten­
tative agreement that is satisfactory to them. This contract will not be
officially executed until ratified. The increase for the workers, coupled
with tho eight-hour day, which means 12% increase for day workers,
makes a total increase for day workers o f 16%. The agreement will bo
submitted to tho Tri-District Board for approval to-morrow at noon, and
later to the Tri-District Convention at Pottsville, Pa., on Tuesday.

The agreement provides:
All company men working on the basis o f an eight-hour day prior to
April 1 1916 shall receive an increase o f 7% over and above the day or hourly
rates established for their respective occupations by the agreement o f M ay
20 1912, except that hoisting engineers, who were granted an eight-hour day
in March 1912, shall receivo an increase o f 3% above the rates established
by the agreement o f M ay 1912.
All company men working on a daily basis In excess o f nine hours per day,
or on a monthly basis prior to April 1 1916, shall continue to work on said
basis, and their wage, whether paid hourly, daily or monthly, shall be
increased 7% over and above the rate established by their occupations by
the agreement o f M ay 1912.

1669

method of coal mining. Concessions were gained in the
settlement of grievances as in the future no complaint can
be before the Board without a decision for more than sixty
days unless the representatives of the miners give their con­
sent. Neither party is permitted to encourage legislation
which will make invalid any of the provisions of the contract.
As a result of the concessions granted to the miners,
wholesale and retail prices of coal will be increased from 25 to
50 cents per ton, according to statements made by anthracite
operators at Wilkes-Barre on the 2d inst. The price of coal
will be considerably increased this summer over what it was
last summer. The customary reduction in the price of coal
was not made this spring. W ith the reduction refused and
a plan now on to advance prices from 25 cents to 50 cents a
ton, the summer prices for coal will be increased from 45 to
75 cents a ton over last year.
C O M M IT T E E N A M E D

B Y R A I L R O A D S TO C O N S I D E R

T R A IN M E N ’S D EM AN D S.
The agreement is for a period of four years from April 1
The personnel of the general conference committee which
1916 and will be retroactive, giving the miners the benefit
of tho increases from the first of April last. According to a will represent the railroads of the United States in negotia­
statement issued on the 1st inst. by John P . W hite, President tions with the four organizations representing the trainmen,
of tho United M ine Workers’ of America, tho money value of who have demanded an eight-hour day and rate-and-a
tho increase will amount to at least $10,000,000 a year. half for overtime, was made public on the 3d inst. The
W e quote the statement below:
committee will consist of seventeen members— six represent­
Tho agreoment entered into between the anthracite operators and miners ing the Western roads, six the Eastern and five the South­
marks tho greatest single advance won by organized labor in this year of
victories. Tho money value o f tho Increase is at least $10,000,000 a year. eastern roads; in the case of the Western roads only five have
More than 110,000 men havo their working hours reduced from nine to thus far been named; the full list as given out on the 3d is as
eight and tho shorter work day is established for all timo in tho anthracite follows:

field. Other important advantages, such as quicker settlement o f disputes
and grievances, havo been won for all o f the 176,000 miners.
The minors have given the country a striking demonstration that the just
demands of wage-earners for improved wages and conditions can bo won
without strifo when tho men act together through a strong and responsible
organization. Such an organization tho United Mine Workers of Amorica
is now recognized to bo by this group o f financial interests which only a
few yoars ago troated it with scant rospcct.
If it had not boon for tho existence o f tho union the anthraclto coal district
with its 2,000,000 inhabitants would havo been thrown into bitter turmoil,
anti the miners would havo endured suffering and hardship out of all pro­
portion to tho advantages won. Tho normal activities o f tho ontiro district
would havo been paralyzed and intense bitterness would havo been created,
all to no hotter purpose than a final settlement less favorable than that
which tho men havo won thropgh the union without stopping work for a
day.
This catastropho has been averted because the anthracite coal operators
knew and respected tho power of tho miners’ organization and the over­
whelming forco of public opinion that stood bohind it in urging Its demands.

As noted last week, the demand of tho miners for a check­
off system was waived at the conference in this city of the
joint committee. Whilo it is stated that a virtual recogni­
tion of the union is embodied in tho agreement, the demands
for an open shop are not mot, and this point is one Avhich
encountered considerable opposition at the miners’ conven­
tion in Pottsvillo; some of the delegates contend that the
union has not been recognized, and it was predicted that the
failure to gain a closed shop would result in the union losing
a largo portion of its membership. Officers of the union are
also said to have explained that they themselves were not
satisfied with the form of recognition obtained, but that it
was the best they could get. President W hite is credited
with stating that it was tho greatest step forward in the
matter of recognition tho mine workers had over taken in
tho hard-coal regions. There was also somo dissatisfaction
over tho four-yoar period of the agreement, somo of the dele­
gates fooling that a two-year contract was long enough.
District President John T . Dempsey explained that if an in­
dustrial depression should come within the life of the agree­
ment tho employers could not reduce wages.
Tho vote for ratification at the convention on tho 4th inst.
was 581 to 206. Tho vote was taken after a lengthy dis­
cussion on a motion to refer the proposed agreement
back to the locals for a referendum vote and after
President W hite had told the delegates that it was their
duty either to accept or reject tho new contract and
not refer it to the locals. lie told the convention that it
would bo useless to send tho committee back for a further
conference with the operators, as they had exhausted their
efforts and were convinced they had obtained the utmost the
operators would yield. It is stated that tho recognition
accordod of the union consists in a provision that the con­
tract shall be signed by the district presidents of tho United
Mino Workors and tho National President. Among the
other features embodied in the agreement is a now rate for
the paymont of machine-mine mining; tho minimum rate is
fized at $3 30 per day for the miner, $2 70 for the machine
runner, and $2 34 for the laborer; besides this, other agree­
ments aro entered into for the first time to regulato this new




W ost.— C . W . Kouns, General Manager Eastern lines of Atchison To­
peka & Santa Fo R y., Topeka, Kan.; G. II. Emerson, General Manager
Great Northern R y., St. Paul; A. S. Grieg, assistant to receivers, St. Louis
& San Francisco R R ., St. Louis: James Russell, General Manager Denver
& Rio Grando R R ., Denver; P. II. Morrissey, assistant to Vice-President
Chicago Burlington & Quincy R R ., Chicago; one to be appointed.
East.— Elisha Leo, Assistant General Manager, Pennsylvania R R .,
Now York; A. M . Schoyer, Vice-President Pennsylvania Lines, Chicago;
P. E. Crowley, Assistant Vice-President New York Central R R ., New
York; A. J. Stone, Vice-President Erie R R ., New York; II. W . McMaster,
General Manager Wheeling & Lake Erie R R ., Cleveland; C. L. Bardo,
General Manager New York Now Ilaven & Hartford R R ., New Haven,
Conn.
Southeast.— E. II. Coapman, Vice-President and General Manager
Southern R y., AVashington, D. C.; N. D. Maher, Vice-President Norfolk &
AVestern R y., Roanoke, A'a.; L. AV. Baldwin, General Manager Central of
Georgia R R ., Savannah, Ga.; Lyman Delano, Vice-President Atlantic Coast
Lino ItU., AVilmington, N. C.; W. L. Seddon, Vice-President Seaboard
Air Lino R R ., Norfolk ,A
ra.
The

r a ilr o a d r e p r e s e n ta tiv e s

t h o d e le g a te s

of

th e

Avill

b roth erh ood s

b e g in

d is c u s s io n s

w ith

i n t h is c i t y o n J u n e 1 .

I t is p l a n n e d t h a t t h e r e p r e s e n t a t i v e s o f t h e e m p l o y e e s f r o m
t h e d iffe r e n t d is t r ic t s w ill fir s t m e e t th e r a ilr o a d r e p r e s e n t a ­
t iv e fr o m

th ose

d is t r ic t s

and

ta k e u p w it h h im

th e r e p ly

o f th e r a ilr o a d s h e r e p re s e n ts t o th e d e m a n d s m a d e b y t h e
e m p lo y e e s .

T h e r e s u l t s o f t h e d i s t r i c t c o n f e r e n c e s t h e n Avill

b e t a k e n u p a t a m e e t i n g o f a ll t h e r e p r e s e n t a t i v e s .
e x p e cte d

th a t

e m p lo y e e s a n d

th e se c o n fe r e n c e s

w ill

d e v e lo p

I t is

A v h e th e r t h e

th e r a ilr o a d s w ill a r b it r a t e o r w h e t h e r th e

e m p l o y e e s w i l l s t r ik e .

An officer of the General Managers’ Association, Chicago,
quoted in the “ W all Street Journal” of April 28 as s a y ­
ing:

Avas

AVe do not expoct any further developments until June 1. We havo not
made any canvass of AVestern roads to see whether any of them will stand
out against joint conference and wo have not heard of any such case. Nor
do wo look for any further defections from tho ranks of tho brotherhood
employees. W e hear rumors to that effect but they are not well founded.
Tho only organizations which are not in this wage agreement aro engineers
of Union Pacific and Santa Fe, Phoenix & Prescott and engineers and fire­
men o f Soo Line.

A letter which has been addressed to the employees of the
Atchison Topeka & Santa Fe by President E . P . Ripley,
regarding the demands of the train service employees, says
in part:
I supposo every man in tho employ of the company realizes that he can
got justico whether ho belongs to one of tho unions or not. Our position is
I that if belongs to a union and chooses its officers as his representatives ho
loses no right, but neither does ho gain any, because it is the policy of tho
company to bo just to those inside as well as outsido the unions. But when
our men authorize a union to say to us— we demand certain changes in pay
and conditions, and propose to have them by force if not granted; when they
say that they will not arbitrate, but will have what they demand, whether
right or wrong— then we, as those charged with the interest of 40,000 stock­
holders, must necessarily demur.
Tho officers o f this company are charged with a threefold duty— to tho
public, to the owners, to the employees—and they are doing the best they
can to deal squarely with all three. They are hampered by various laws
supposed to bo in tho public interest; they have yielded (sometimes perhaps
unwisely) to the demands of organized labor. They have done their best
— they cannot consistently grant the present demands and retain their
self-respect or tho confidence o f their stockholders. Any advice I might
at this timo give to the employees making these demands might be miscon­
strued, and yet it seems to be my duty to say to our men that the course
they are pursuing is a mistake; that they cannot compel us by threats of a
s trike to consent to demands that we believe to be radically unjust; that real

1670

THE CHRONICLE

grievances will have the same consideration as in tiro past when presented
by any employee, either in or out of tho union.
A strike will cost the company a great deal of money— perhaps necessi­
tate the passing of one or two dividends, and working much hardship on
many innocent people. But it will not help the men, and after the loss of
wages and standing other men will take their places and tho work will go
on. Is the game worth the candlo?
STATE

S U P R E M E COURT U PH OLDS V A L I D I T Y
SOUTH C ARO LIN A I N S U R A N C E L A W .

OF

The constitutionality of the Laney-Odom firo insurance
Act of South Carolina is upheld in a decision handed down
by the State Supreme Court on April 27 which dismisses
the petition brought to test tho validity of the Act and
refuses the injunction sought to restrain the Insurance
Commissioner and the Attorney-General from enforcing the
provisions of the law. The A ct, which is designed to pre­
vent fire insurance companies or associations or partnerships
doing a fire insurance business in South Carolina “ to enter
into any compact or combination with any other fire insur­
ance companies, associations or partnerships” wont into
effect on March 22. It also gives the Insurance Commis­
sioner of the State power to review rates of insurance and
provides punishment for false affidavits therein required.
As a result of the enactment of the law more than sixty fire
insurance companies have withdrawn from the State. Tho
action attacking the validity of the law was instituted by
David B . Henderson, an insurance broker of Charleston,
representing the Liverpool & London & Globo Insurance
C o. of Liverpool; as indicated in our issue of April 15, a
temporary injunction against tho operation of the law was
granted on April 10 by Chief Justice Gary of the State
Supreme Court. A demurrer to the petition of M r. Hender­
son was filed with the Supreme Court by Attorney-Goneral
Thomas H . Peeples on April 18. The opinion of tho Supreme
Court dismissing the complaint and refusing to make the
injunction permanent, is taken in part as follows, from the
Charleston “ News and Courier:”
The statute is alleged to be unconstitutional: “ In that tho Stato Ware­
house Commissioner is authorized to tako any and all kinds of insurance
on all classes of property, at any rates he may see fit, while the petitioner
cannot accept any risk and, therefore, is doprived o f his property without
duo process of law, and is denied tho equal protection of the law.”
A demurrer admits facts, but not constructions o f statutes or conclu­
sions of law or fact. "N o such power is given to tho Stato Warehouse
Commissioner.” The rule, “ No citation is necessary" in tho construction
of a statute is that general words, and it makes no difference how goneral,
will bo confined to the subject treated of. So, horo tho languago, how­
ever genoral, would confine tho insurance procured by or through the
Warehouse Commissioner to insurance procured by or through him in his
business as Warehouse Commissioner.
It is also objected that the mill mutuals and factory insurance asso­
ciations are exempted and this is said to be an unjust discrimination. It is
not unlawful to classify business, and provide different rules for tho
different classes. That insurance in which ono party is insurer and tho
other the insured, is not in the same class with mutual insurance, in which
a person is both insurer and insured. If, however, theso two provisions
should bo held to be unconstitutional, it would not affect this case, bocauso
the provisions are separable and the rule is that tho unconstitutional excep­
tion to a general provision fails and tho body of tho Act stands. In other
words, if it is unconstitutional to oxompt the Stato Warehouse Commis­
sioner and the mill mutuals, then tho business by and through tho Ware­
house Commissioner and the mill mutuals is not oxompt from tho pro­
visions of tho Act.
It is next objected that tho Act is unconstitutional in that it confers
both legislative and judicial powors on tho Insurance Commissioner and tho
constitution provides that those powors shall be kept soparato. This Act
does not confer either power. Tho duties of tho Insurance Commissioner
are “ not legislative or judicial,” but merely ministerial. Carolina Glass
Company vs. tho State, 37 South Carolina, 270. The right of tho State to
review insurance rates is not in issue. Tho next objection is to the title of
the Act, and it is claimed that tho Act does not conform to tho titlo. “ Tho
constitution requires tho subject to be expressed in tho titlo," Articlo III,
Section IG.
There are three specifications hero, but thoy really ralso two
questions: (a) It is said that there is nothing in tho titlo to indi­
cate that the Commissioner is to bo given power to roviow rates; it is not
the function of tho title to sot out tho entiro Act, but to declare the “ sub­
ject.” The details are in tho Act. The prevention o f unlawful combina­
tions by requiring rates to be submitted to a commissioner or commis­
sioners for review is well recognized in both Federal and Stato legislation.
It is the well recognized method by which unjust and discriminatory rates
are prevented. No ono should claim that tho body of tho Act, which
provides the details, contains a surprise, when tho Legislature has adopted
the usual method.
(b) It is objected that the Act provides a ponalty in tho title. When
an Act forbids tho doing of a thing and provides no penalty for its viola­
tion tho Act is wholly ineffective. An Act to prevent and a ponalty go
hand in hand. It is said that the ponalty for false swearing under this
Act is made more severe than perjury in other cases, and this cannot bo
allowed. This objection is untenable. There is no reason why perjury
under some circumstances may not be more severoly punished than perjury
undor other circumstances. It is common to fix a maximum and a mini­
mum punishment, both as to fine or imprisonment or fine and imprison­
ment, and to allow tho trial court a discretion to fix tho amount of fine and
Imprisonment or tho fine or imprisonment.
The Insurance Commissioner and Attornoy-Genoral have raised tenta­
tively the question as to the right of the petitioner to raiso tho questions
mado in this case, but do not insist upon it. We will consider tho ques­
tion as far as it affects tho merits of tho case.
No citizen of this Stato can have a vested right “ as botween himself
and tho Stato” in a contract to carry on business as agent of a foroign cor­
poration within this Stato, because a foreign corporation can do business in




[Vol . 102.

this State only by permission of the Stato, and can continue to do busi­
ness within tho State only so long as tho State permits it. If a citizen
of this State had any such vested right then all that a foreign corpora­
tion would have to do would bo to make contracts for fifty years with
some citizen as its agent, and the power of tho State to rid itself of the
corporation within tho fifty years would bo destroyed. This position is
untenable. This principle does not apply to contracts of insurance already
made botween citizens of this State and foreign insurance companies, nor
to contracts of insurance hereafter made betwoen citizens of this Stato
and such foreign companies who are not doing business in this Stato.
It is said that by reason of this Act the Liverpool & London & Globo
Insurance Company has been compelled to withdraw from business in
this Stato. That is a statement of a conclusion of fact, and not admitted
by tho demurrer. Tho facts stated in the record do not bear out tho con­
clusion that this company was compelled to withdraw from business in
this Stato by reason of the Act of the Legislature. This company has al­
ready withdrawn from the State. Tho affidavit as to unlawful combina­
tions is not required to be filed now. It is to bo filed March 1st 1917.
“ Tho Act contemplated a yoar, and the necessary delay must bo added,”
and that affidavit is for a renewal of tho license to do business for anothor
year. That affidavit is that they havo not entered into an unlawful agree­
ment within the yoar. That feature, therefore, can havo had no legitimate
effect on its withdrawal in 1916.
The objection to tho other feature of tho Act, that rates shall bo sub­
mitted to tho Insurance Commissioner in order that ho may sco that they aro
not discriminatory or unjust, lead inovitably to one of three propositions:
“ 1. It is impracticable to get fair and just reviow of rates in this Stato, or,
2. Tho insurance company desires to makodiscriminatory and unjust ratos,
or, 3. A donial of the right of tho Stato to impose any conditions on its
right to do business hero. Thero is nothing in tho potition to sustain either
of tho three propositions. Tho constitution, Article 2, Section 1, requires
tho Legislature to enact laws to prevent agreements against tho public
wolfare. Tho Legislature must primarily determine what agroemonts
aro against tho public welfare. Tho petition is dismissed and tho injunction
refused.

The opinion was written by Associate Justice Thomas B .
Fraser and was signed by all the Justices of tho Supreme
Court.
A call for a meeting on M a y 3 of tho members of tho Stato
Warehouse Association was issued on April 25 by Senator
J. A . Banks, President of the Association. Tho call is said
to have been issued after a conference between Senator
Banks, Representative W . P . Odom, one of tho authors of
tho Laney-Odom A ct, and others; it read in part, as follows:
Tho Stato warehouso system has reached a crisis in Its lifo. Our onomios aro strongly organized and prepared for its destruction. Tho useful­
ness of this systom has been demonstrated wherever oporated; its possi­
bilities of development for stabilizing cotton values cannot bo over-ostimated. It can bo preserved and extended if its friends unite and work
in harmony to this end.
You aro, therefore, urged to attend a meeting of tho Association, to be
held in the offices of tho Stato Warehouse Commissioner, in tho city of
Columbia, on Wednesday afternoon, M ay 3, in order that in tho multi­
tude of counsel a plan of effort may bo .agreed on.

U.

S.

SUPREME

COURT UPHOLDS
D AVID LAM AR.

C ON VICTION

OF

The conviction of David Lamar, the so-called “ W olf of
W all Street,” on a charge of impersonating A . Mitcholl
Palmer, a member of Congress, was upheld by tho United
States Supreme Court on the 1st inst. As noted in our issue
of March 4, tho Court decided on Feb. 28 to roviow tho con­
viction on its merits. As a residt of tho Court’s findings
this week, Lamar will have to servo tho two years’ term in
the Federal prison at Atlanta, to which ho was sentenced
by Judge Sessions of the U . S. District Court in Now York.
Tho opinion of the Supreme Court was writton by Chief
Justice White; the Court decided that a moinbor of Congross
is an officer of the United States within tho meaning of tho
statute against the impersonation of an “ officer of tho United
States.” That was the main point on which Lamar rested
his case. Other points, principally thoso relating to juris­
diction and legal practice, were decidod against him. Tho
opinion said in part:
Tlio Indictment charged that at a stated time the petitioner “ unlawfully,
knowingly and feloniously did falsely assume and pretend to bo an officer
of the Government of the United States, to wit, a member of the House of
Representatives of the Congress of tho United States of America, that is to
say, A. Mitchell Palmer, a member of Congress, representing tho Twentyfifth District of the State of Pennsylvania, with tho intent then and tlioro
to defraud Lewis Cass Ledyard, and other persons.”
It is insisted that no offense under tho statute was stated in tho indict­
ment because a member of the House of Representatives is not an officer
acting under the authority of the United States within tho meaning of tho
provision of the penal code upon which the indictment was based.
But, as previously held in sustaining tho motion to dismiss tho direct writ
of error, tho issue here is not a constitutional ono, but who is an officer acting
under tho authority of the United States within tho provisions of tho section
of the penal code under consideration. And that question must bo solved
by tho text of the provision, not shutting out as an instrument of interpre­
tation proper light which may bo afforded by tho Constitution, and not
forgetting that a penal statute is not to bo enlarged by interpretation, but
also not unmindful of the fact that a statute becauso it is penal is not to
bo narrowed by construction so as to fail to givo full effect to Its plain terms
as mado manifest by its text and its context.
Guided by theso rules, when the relations of members of the House of
Representatives to the Government of tho United States arc borno in mind
and tho nature and character of their duties and responsibilities aro con­
sidered, wo aro clearly of the opinion that such members are embraced
by tho comprehensive terms o f tho statute.
But, it is urged, granted that a member of Congress is embraced by tho
word "officer," yet no offense.was stated, since it was not charged that In

THE CHRONICLE

May 6 1916.]

pretending to bo an officer the accused did an act which he would have been
authorized to do under the authority o f the United States had ho possessed
the official capacity which ho assumed to’ have.
While it is undoubtedly true that the construction asserted finds some
apparent support in ono or more decided cases in district courts of the United
States, wo are of opinion that it conserves tho statute and fails to givo it
proper effect because, when rightly construed, the operation of tho clause
is to prohibit and punish tho falsely assuming or pretending, with intent to
defraud tho United States or any person, to bo an officer or omployeo of
tho United States as defined in tho clause, and tho doing in tho falsely
assumed character any overt act, whether it would have been legally auth­
orized had tho assumed capacity existed or not, to carry out the fraudulent
intent.

Tho Court has thirty days in which to issue the mandate
directing that Lamar be imprisoned. United States Dis­
trict Attornoy Marshall appeared before Judge Mayor in the
United States District Court of New York on tho 2d and asked
that Lamar’s bail be increased or that conditions of the bond
bo mado such as to provent his disappearance before the
Supreme Court had a chance to hand down tho order. In­
stead of raising the bond, which is now $45,000, Judge Mayer
ordered that Lamar bo instructed to roport daily to U . S.
Marshal M cC arthy, and that in tho .event of his leaving the
jurisdiction of tho Court ho take a deputy marshal with
him. Before his conviction was sustained Lamar made
arrangements by which ho was allowed to visit his homo in
Pittsfield, M ass. Lamar is also under additional bonds of
$5,000 on a charge of conspiring with others in violation of
tho Sherman anti-trust Act to rostrain tho foroign commerce
of tho United States in munitions of war.
C O M P A R A T IV E

F IG U R E S OF C O N D I T I O N

C A N A D IA N

OF

BANKS.

In the following we compare tho condition of the Canadian
banks, under the last two monthly statements, with the
return for June 30 1914:
ASSETS.

31 1916. F e b . 29 1916. J u n e 30 1914.
$
$
$
45 ,4 3 4 ,7 8 3
46,279,064
28,948,841
2 0 ,9 3 8,119
2 1 ,898,278
17,160,111

M ar.

Gold and subsidiary coin—
In Canada.....................................
Elsowliere.......................................
T o ta l.......... .....................................
Dom inion notes_________________
Doposit with M inis’r of Finance
for security of note circulation
Doposit in contral gold roservos
Duo from banks..............................
Loans and discounts.......................
Bonds, securities, & c .
Call and short loans In Canada
Catl and short loans elsowhoro
than in Canada_______________
Other assets--------------------------------

6 6 ,372,902
151,203,493

68,177,342
153,431,005

4 6 ,108,952
9 2 ,114,482

(>.756,377
12,010,000
162,312 ,364
866,1 9 1 ,8 5 7
141,335,035
81 ,7 4 7 ,6 1 2

6 ,751,846
10,460,000
169,965,214
867,092,673
142,184,988
81,94 9 ,1 2 5

6,6 6 7 ,5 6 8
3 ,050,000
123,608,936
9 2 5 ,681 ,966
102,344,120
67,40 1 ,4 8 4

141,889,989
76,01 7 ,1 8 2

139,138,651
76,173,674

137,120,167
71,20 9 ,7 3 8

1 6 71

one year. The American Sugar Refining Co. attacked the
validity of the law in the Federal District Court in New
Orleans. That court held the law invalid and the State
appealed to the Supreme Court. The State claimed the
company was not entitled to have an equity court enjoin
the enforcement of the law because unconstitutional for the
reason that tho protesting company was a “ trust” and came
into court therefore with “ unclean hands.”
The validity of tho Act was attacked on three grounds.
First, the provision that sugar refineries should be com­
pelled, under penalty, to submit, to the Auditor of Public
Accounts of Louisiana, statements of its affairs, including
its operations and stocks on hand; second, the clause that
evidence that refineries were paying more for sugar else­
where than in Louisiana was an evidence of monoploy;
third, that the shutting down of a refinery for a year was
evidence that it was a monopoly.
In part the decision of tho Supreme Court, rendered by
Associate Justice Holmes, said :
Tho statute bristles with severities that touch the plaintiff alone and
raises many questions that would have to be answered before it could be
sustained. We deem it sufficient to refer to those that were mentioned
by the District Court; a classification which if it does not confine itself to
the American Sugar Refinery, at least is arbitrary beyond possible justice
— and a creation of presumptions and special powers against it that can
have no foundation except tho intent to destroy. As to tho classification,
if a powerful rival of the plaintiff should do no refining within the State
it might systematically pay a less price for sugar in Louisiana than it paid
elsewhere with none of the consequencas attached to doing so in the plain­
tiff's case. So of any ono who purchases, but does not refine.
As to the presumptions, of course, the Legislature may go a good way in
raising one or in changing tho burdens o f proof, but there are limits. " I t is
essential that there shall bo some rational connection between the fact
proved and the ultimate fact presumed and that the inference of ono fact
from proof of another shall not be so unreasonable as to be a purely arbi­
trary mandate.” The presumption created hero has no relation in experi­
ence to general facts. It has no foundation except with tacit reference
to tlio plaintiff. But it is not within the province of a Legislature to
declare an individual guilty or presumptively guilty of a crime. I f the
statute had said what it was argued that it means, that the plaintiff’s
business was affected with a public interest by reason of the plaintiff’s
monopolizing it and that therefore the plaintiff should be prima facie
presumed guilty upon proof that it was carrying on business as it does
we suppose that no one would contend that the plaintiff was given the
equal protection of tho laws. Wo agree with the court below that the Act
must fall as a whole, as it falls in the sections without which there is no
reason to suppose that it would have been passed.
S E N A T E PASSES COTTON FU T U R E S B ILL A N D
E R A L W A R E H O U S E B IL L A S R ID E R S.

FED­

The agricultural appropriation bill, carrying as riders the
cotton futures bill, the grain standardization bill and the
s
s
s
Federal warehouse bill, was passed by the House of Repre­
Capital authorized_____________
188,866,666
188,866,666
192,866,666
sentatives on the 2d inst. A special rule providing for the
113,242 ,066
114,660,466
115,434,666
Capital subscribed........ ................
Capital paid u p . ...........................
112,815,581
114,216,719
114,811,775
consideration of the three measures as amendments to the
Roservo fun d____________________
113,022,933
112,457,333
113,368,898
agricultural appropriation bill was adopted by the House on
Circulation........ ................................
114,804,604
113.528,237
9 9 ,138,029
Government doposits................
47 ,7 7 6 ,8 9 9
7 2 ,340,010
4 4 ,453,738
April 28 by a vote of 184 to 86. The proposal to add the
Demand doposits...........................
5 0 9.844 .347
506,500 ,695
458,067 ,832
cotton futures bill as a rider was agreed to in the House on
Tim o doposits.................................
738.1 6 9 ,2 1 2
728,242 ,609
663,650 ,230
Due to banks.....................................
32.42 4 ,8 6 9
3 3 ,795,462
32,426,404
the 2d inst. by a vote of 107 to 21, while the question of
Bills payablo.....................................
6 ,725,080
4,910,943
20,096,365
Othor liabilities................................
1 3 ,080,222
13,682,065
12,656,085
carrying tho warehouse bill as an amendment to the agri­
T o ta l, not including capital
cultural bill was carried by a vote of 289 to 42; there was no
or reserve fund------------------ 1.462,825,2 3 3 1 ,4 7 3 ,0 0 0 ,0 2 1 1,330,488,683
record vote on the grain-grading amendment, and the
N o t e .— Owing to tho omission of the cents In the official reports, tho
footings in tho above do not exactly agreo with tho totals givon.
agricultural bill with its amendments also passed without a
record vote. The cotton futures bill£is similar to the one
which became a law on Aug. 18 1914; the Act was declared
CLOCKS SET A H E A D .
A t midnight on April 30th all the clocks in both Germany unconstitutional by Judge Hough of the U . S. District
and Holland were sot ahoad ono hour in order to savo light Court in New York on Oct. 13 1915, on the ground that the
and heat. A “ Morning Post” dispatch to London from measure, in the form in which it was finally enacted, had
Budapest on April 30 stated that tho daylight saving order originated in the Senate; tho bill designed to re-enact the
law was introduced in the House in January last. New
had also gone into forco in Austria-Hungary on that day.
Tho plan was also inaugurated in St. John, N . B ., Canada, features in that bill were referred to in our issue of Jan. 22
when at 11 o’clock P. M . on the same day a similar measure and March 25. Tho warehouse bill provides for the Federal
wont into effect. Nono of tho other cities in this Provinco licensing and inspection of cotton warehouses, while the
have adopted tho plan advancing tho legal timo ono hour. grain grades Act authorizes the Secretary of Agriculture to
In France the Chamber of Deputios passed a law on April 18 investigate the handling, grading and transportation of grain.
advancing the legal timo ono hour. On the 2d inst. Sir Tho latter bill was beforo the last Congress, but failed
Henry Norman presented a motion in tho London IIouso of of enactment at that time; the warehouse bill, after passing
Commons for the adoption of the daylight-saving plan in the Senate in August 1914, and the House in amended form
n December 1914, likewise failed to become a law at the last
Great Britain.
lsession of Congress.
T otal................................................. 1,7 0 5 ,8 3 6 ,7 1 1 1 ,7 1 5 ,3 2 4 ,5 1 8 1,575,307,413
L IA B IL IT IE S .

SUGAR

R EFIN IN G

L A W OF L O U I S I A N A
C O N STITU TIO N A L.

HELD

UN­

Tho Louisiana Act of 1915 regulating tho refining of sugar
and prohibiting discriminations in prices and certain prac­
tices was annulled as unconstitutional by the Unitod Statos
Supromo Court on April 24. The law provides for a tax
on certain refineries, when for the public good. It mado it
presumptive, but not absolute proof that a refining com­
pany was engagod in an illegal monopoly if it bought sugar
for less in Louisiana than in other States, and if it allowed
a refinery which it had bought to stand idle for longer than




P H I L I P P I N E I S L A N D S S E L F -G O V E R N M E N T BILL
D E FE A T E D B Y HOUSE.

Tho Senate bill, referred to in these columns in our issue
of Fob. 26, conferring self-government upon the Philippines
and authorizing and directing the President of the United
States to grant absolute independence in not less than two
nor more than four years, was defeated in the House on M a y 1
by a vote of 213 to 165. Following this rejection, the House
by a vote of 251 to 17 passed as a substitute a bill introduced
by Congressman Jones providing for a new system of self-

THE CHRONICLE

1673

[Vo l . 102.

government and containing a preamble declaring the inten­ bodies o f revolutionists have surrendered. D ublin itself is quiet. T he
shops reopened there to-d ay .
tion of the United States to grant independence ultimately,
O f course there is still some sniping at one place or another, but tho whole
but without setting a date. It seoms to be the opinion of the situation throughout the cou ntry is well under tho control o f tho troops.
members of the Philippine Committee of the Senate that the T h e m ilitary operations, how ever, have not yet ended and martial law will
still be m aintained.
measure in its present form will bo agreed upon by the Senate
Because of the food shortage, which was becoming critical,
with few minor alterations. The preamble to Congressman a plan to feed the populace was put into operation by the
Jones’s substitute bill reads:
authorities.
W h e r e a s , It was never the intention o f the people o f the United States in
Reconstruction work in the centre of Dublin, a part of
the incipiency o f the war with Spain to make it a war o f conquest or for
territorial aggrandizement; and,
which is said to be a heap of ruins, was started immediately
W h e r e a s , It is, as it has always been, the purpose o f the people o f the
after the cessation of hostilities. The damage is conserva­
United States to withdraw their sovereignty over the Philippine Islands and
to recognize their independence as soon as a stable Governm ent can be tively estimated at $8,750,000.
established therein; and.
W h e r e a s , F or the speedy accom plishm ent o f such purpose it is desirablo to
place in the hands oi the people o f the Philippines as large a control o f their
dom estic affairs as can be given them , without in the meantime impairing
the exercise o f the rights o f sovereignty b y the people o f the United States,
in order that, b y the use and exercise o f popular franchise and govern­
mental powers, they m ay bo the better prepared to fully assume the re­
sponsibilities and enjoy all the privileges o f com plete independence; there­
fore, b e it.enacted, &c.

TH E S IT U A T IO N IN IR E L A N D .

After a week of desperate fighting, the rebellion in Ireland,
to which reference was made in these columns of Saturday
last, is practically at an end, announcement of the surrender
of P. H. Pearse, James Connolly and Countess Markievicz,
who were principals in the uprising, having been made on
April 29, at which time it was stated that 700 prisoners
had been taken. The number of prisoners is now said to
reach 3,000.
The execution by a firing squad of three leaders in the
revolt and the resignation of Augustine Birrell, Chief Secre­
tary for Ireland, was announced by Premier Asquith on tho
3d inst. The men executed were P. H. Pearse, Thomas T
.
Clark and Thomas MacDonagh. Three other leaders were
at the same time sentenced to three years’ imprisonment.
It was stated by the Premier that Sir Roger Casement
would be tried with the utmost expedition. Mr. Birrell, in
resigning, stated that, although he acknowledged his error
in underestimating the importance of the Sinn Fein move­
ment, it had not proceeded from any lack of thought, con­
sideration or anxiety on his part. In reply to a motion in
the House of Commons demanding the resignation of Augus­
tine Birrell, the Chief Secretary for Ireland, Premier Asquith
on the 2d inst. stated that the Government hoped to give
an early opportunity for discussion of the subject.
Reports from Dublin yesterday (the 5th inst.) stated that
four more leaders were found guilty of treason by a general
field court-martial, and shot. The victims are Joseph
Plunkett, Edmund Daly, Michael O’Hannahan and William
Pearse. Plunkett was one of the seven signers of the
proclamation declaring Ireland independent. The other
three men are said to have been actively engaged in pre­
paring for the uprising and to have taken part in the fighting.
The following fifteen men were sentenced to death by the
court-martial, but their sentences were later commuted to
ten years’ penal servitude: Thomas Bevan, Thomas Walsh,
Finian Lynch, Michael Mervyn, Donis O’Callaghan, P. E.
Sweeney, Patrick McNestry, Peter Clancy, William Cobin,
George Irvine, John Doherty, J. J. Walsh, James Melinn,
J. J. Reid and John Williams. Two prisoners were sentenced
to ten years in prison, while another prisoner, John McGarvey, who at first had been sentenced to death, had his sen­
tence commuted to an eight-year term in prison. James
Connolly, the so-called Commander-in-Chief of the Irish
rebel forces, has not been executed, it appears, as was first
reported. It is said that he is lying wounded in prison.
When it developed that the uprising was doomed to failure,
P.|H. Pearse, who was slated for the Presidency of the Repub­
lic, sent out messages to his adherents in tho south and west,
including the counties of Clare, Galway, Wexford and Louth,
ordering them to lay down their arms and surrender. A
proclamation to this effect, issued by him, said:
In order to prevent the further slaughter o f unarmed people, and in the
hope o f saving the lives o f our followers, who aro surrounded and hopelessly
outnum bered, the members o f the provisional governm ent at headquarters
have agreed to unconditional surrender, and the com m anders o f all the units
o f the republican forces will order their followers to lay dow n their arms.

In a statement in the House of Commons on April 28, John
Redmond, leader of the Irish Nationalist Party, condemned
the uprising, saying in part:
M y first feeling, o f course, on hearing o f this insane m ovem ent was one
o f horror, discouragement and almost despair. I asked m yself whether Ire­
land, as so often before in her tragic history, was to dash the cup o f liberty
from her lips— was the insanity o f a small section o f her people once again
to turn all her m arvelous victories o f the last few years into irreparable de­
feat and send her back, on the very eve o f her final recognition as a free na­
tion, into another long night o f slavery, incalculable suffering and weary
and uncertain struggling.
F or look at the Irish position to-d ay . In the short space o f forty years
Ireland has, b y a constitutional m ovem ent, m ade an almost unbroltenly tri­
umphant m arch from pauperism and slavery to prosperity and freedom . She
has won back the possession o f Irish land; she lias stayed emigration; she
has at last begun an era o f national prosperity. Finally, sho has succeeded
in placing on the statute books the greatest charter o f freedom ever o f­
fered her since the days o f Grattan. Is this all to be lost?
*
*
*
*
*
*
*
*
W hat has Ireland suffered in tho past which Poland, A lsaco, Belgium
and Serbia have not suffered at the hands o f G erm any? And I m ay add
also, that portion o f the soil o f France, her old friend and ally, which is in
the hands o f Germ any?
*
*
*
*
*
*
*
*
A nd the final aggravation is this: T h e m isguided, insane young men who
havo taken part in this m ovem ent in Ireland havo risked, and some o f them
lost, their lives. B ut what am I to say o f those men who havo sent them
into this Insane and anti-patriotic m ovem ent while they havo remained
in the safo remoteness o f American cities?
I might add that this m ovem ent has been set in m otion b y this same class
o f m en at the very m om ent when Am erica is dem anding reparation for the
blood o f innocent American m en, women and children shed b y Germ any,
and thus they are guilty o f double treason— treason to tho generous land
that received them , as well as to the land which gave them birth.
*
*
*
*
*
*
*
*
A s to the final result: I do not believe this wicked and insane m ove­
ment will achievo its ends. T he German p lot has failed. A m ajority o f
the people o f Ireland retain their calmness, fortitude and unity. T h ey
abhor this attack on their interests, their rights and their principles. H om e
Rule has not been destroyed. It remains indestructible.

The proclamation which was issued by the rebels at the
mtbreak of the revolt was made public in London on the
10th ult. It reads as follows:
V hc P i o v i s i o n a l G o v e r n m e n t o f t h e I r i s h R e p u b l i c t o t h e P e o p l e o f I r e l a n d :

Irishmen and Irishwom en, in the name o f G od and o f the dead genera;ions, from which you received the old traditions o f nationhood, Ireland,
;hrough us, summons her children to her flag and strikes for her freedom ,
laving organized and trained her m anhood through her secret revolutionary
irganlzation, the Irish Republican B rotherhood, and through her open m ili;ary organization, the Irish Volunteers, and the Irish citizen arm y.
H aving patiently perfected their discipline and resolutely waited for
;he right m om ent to reveal itself, she now seizes that m om ent, and, sup­
ported b y her exiled children in A m erica, and b y her gallant allies In
Surope, b y relying on her ow n strength, she strikes, in full ocnfidenco o f
victory.
W e declare the right o f the people o f Ireland to tho ownership o f Iroand and to the unfettered control o f Irish destinies to bo sovereign and inlefeasible. L ong usurpation o f that right b y a foreign peoplo and G o v jrnmont has not extinguished that right, nor can it over be extinguished
pxcept b y tho destruction o f the Irish people.
In evory generation the Irish people have asserted their right to national
freedom and sovereignty. Six times during tho past threo hundred years
ihey have asserted it in arms. Standing on that fundamental right, and
tgain asserting it in arms in the face o f the w orld, wo hereby proclaim tho
Irish R epublic as a sovereign, Independent State, and we pledgo our lives
»nd the lives o f our com rades in arms to the cause o f its freedom , its wel­
fare, and its exaltation among nations.
T h e Irish R epublic is entitled to , and hereby claim s, tho allegianco o f
every Irish m an and Irish wom an. T he R epublic guarantees religious and
civil liberty, equal rights and equal opportunities to all its citizens, and
declares its resolve to pursue the happiness and prosperity o f tho whole
nation, and o f all its parts, cherishing all tho children o f tho nation equally,
and oblivious o f tho differences, carefully fostered b y an alien G overnm ent,
which havo divided tho m inority from the m ajority in tho past.
U ntil our arms havo brought the opportune m om ent fo r tho establishment
of a permanent N ational G overnm ent, representative o f the wholo peoplo
of Ireland and elected b y the suffrage o f all her men and wom en, tho
Provisional Governm ent hereby constituted will administor tho civil and
military affairs o f the R epublic in trust fo r the peoplo.
W o placo the cause o f the Irish R epublic under the protection o f tho
M ost High G od , whose blessing we invoke upon our arms, and wo pray that
ao one who sorves that cause will dishonor it b y cow ardice, inhum anity, or
rapine
In this supreme hour tho Irish N ation m ust, b y its valor and dis­
cipline and b y the readiness o f its children to sacrifice thomselves for tho
com m on go o d , p rove itself w orthy o f tho august destiny to which it is called.
Signed, in behalf o f the Provisional Governm ent: Thom as J. C lark,
S. M acD iarm ad, Thom as M acD onagh, P . H . Pearse, E . C eannt, James
Tnennh Pllinkfltt.

In some of the counties the loaders refused to heed the or­
der and the rebellion in those places was still carried on for a
time. In an interview with the representative of the Asso­
ciated Press on the 2d inst., Augustine Birrell, the Chief
Advices from London of the 4th inst. state that James M .
Secretary for Ireland, had the following to say with regard Sullivan, former United States Minister to Santo Domingo,
to the situation:
was on April 30 arrested in Dublin on tho charge of com­
T h e revolution is entirely in hand and virtually over. AVo havo received plicity in the Sinn Fein revolt.
He was at onco taken to
word from our com m anders in various parts o f Ireland that all the main




May 6 1916.]

THE CHRONICLE

England, where he is now held. The Amorican Embassy in
London is making a complete investigation of tho arrost.
James Sullivan, white Minister to Santo Domingo, gained
considerable notoriety because o'"an unfavorable report
following an investigation by Senator Phelan of his conduct
during tho period of his Ministership. Sullivan resigned in
the spring of 1915 and left Santo Domingo for Ireland.
TO P R E V E N T O V E R T H R O W O F D O M I N I C A N
PR E SID E N T.

In order to prevent the overthrow of the Jiminez Govern­
ment of tho Dominican Republic, which adjoins Haiti, Rear
Admiral Caperton, it was reported on tho 2d inst., arrived
at Santo Domingo with the cruiser Prairie and a strong force
of marines; the marines are said to havo been landed at tho
Dominican capital from the cruiser on the 5th inst. to afford
protection for the American Legation. Tho President of tho
island republic has declared Santo Domingo, tho capital, to be
in a state of siege, and has removed tho seat of government
to a suburb. Tho Dominican Senate on May 2 voted to im­
peach President Jiminez on the charge of violation of tho
constitution in connection with the drafting of the budget.
It was roported from Washington on tho 2d inst. that Rear
Admiral Caperton has orders to inform those behind tho im­
peachment proceedings that tho Unitod Statos would not
tolorate such action. Tho State Department is said to have
diagnosed tho movement to dislodge tho President as a
dovico to oust the Government in tho interest of loadors
seeking personal aggrandizement. As tho United States is
bound by treaty to assumo responsibility for tho maintenance
of tho regularly constituted authorities in the Dominican
Republic, it was held necessary to deal promptly with tho
situation.
_____________
COURSES I N

FOREIGN T R A D E A N N O U N C E D .

Dr. Edward E. Pratt, Chief of tho Bureau of Foreign
and Domestic Commerce of the United States Department
of Commerce, is the director of an educational course in
fox*oign trade which has just been announced. Associated
with Dr. Pratt in the preparation of tho courso are men
prominent in American export activities, including O. P.
Austin of tho National City Bank of Now York; E. N. Vose,
Editor of Dun’s International Review; E. A. Do Lima,
President of the Battery Park National Bank of New York;
Professor Emory R. Johnson and Dr. G. G. Ifuebner of tho
Univorsity of Pennsylvania; and several others. Dr.
Pratt, in an introduction to tho course, says:
T o-d a y the country is about to enter upon a period o f vaster world
com m erce. Unprepared and even unwilling, wo havo been forced to play
an im portant role in international econondcs. Suddenly and without
warning, tho great European war has forced upon us tho privilege and the
obligation o f supplying the wants o f a largo part o f tho world. W o aro
required to go into unfamiliar markets, and to supply thcro tho goods
form erly provided b y tho great industrial and exporting nations o f Europe.
This is a placo in world econom y which I believe we will not relinquish!
T ho United States is about to becom e, if she has not already becom e, the
great exporting nation o f tho world— and an exporter not so m uch o f raw
materials and food supplies as o f manufactured and com plicated industrial
products which represent the highest stage in econom ic developm ent.

In Dr. Pratt’s opinion the problem of our foreign trado
expansion is largely one of meeting tho demand for men
trained to handle this business. Tho courso in foreign
trado is designed to aid manufacturers, banks, oxport houses
and other concerns in giving adequato training to tho men
in their organizations who are handling or may bo dovoloped
to handle thoir foroign business. Tho courso is supplied
to corporations and firms at moderate cost, for study by
their employees, and to others interested in foreign trade.
It is being issued through the Business Training Corporation,
with offices at 185 Madison Avenue, New York.
N E W S P R I N T M A N U F A C T U R E R S A P P R O V E PROPOSED
I N Q U I R Y I N T O PRICES.

Manufacturers of newsprint paper in tho United States
and Canada in a petition filed with the Federal Trade Com­
mission on tho 2d inst. declared that they had been “grossly
misrepresented,” and demanded an early investigation of tho
industry such as was called for by tho rocont Senato resolu­
tion . Tho resolution, as indicated in theso columns last weok,
asked an inquiry into increases in newsprint paper prices and
dircctod the Commission to ascertain if Unitod Statos nowspapors are boing subjected to unfair practices in its salo.
Tho petition of tho Nows Print Manufacturers’ Associa­
tion, roprosonting Amorican and Canadian producers, assorts
that 85% of tho nowsprint paper manufactured in tho United
Statos and Canada is sold on annual contracts and that con­
tract prices havo not increased more than 1 % within tho last



1673

12 months and that prices will not average more than the
prices at which newsprint paper has been contracted and sold
during the last ten years, although other paper prices have
risen sharply. The manufacturers offer to furnish any in
formation the Commission desires.
•
T H E R ISE I N P E T R O L E U M A N D G A S O L IN E -P R O F IT S
A N D PRO SP E R ITY.

From the April circular of H. P. Taylor & Co. of Pitts­
burgh we take the following interesting discussion of tho con­
ditions underlying the recent great advance in the prices of
oil, gasoline and other petroleum products, with the resulting
largo profits to the producers:
.
It is in oil and gas rather than in m unitions that m oney is being made in
this country in amounts whicli give an air o f com m onplacenoss to written
rom ance. M agic lamps “ havo nothing on d erricks,” as the idea would be
phrased b y tho man on the street. A bou t six m onths ago— in N ovem ber
last, to be exact— we wrote a bulletin on tho growth and prosperity o f tho
natural gas industry. In that bulletin wo showed the enormous increase
o f natural gas production, the handsome profits o f seven or eight o f the
largest and m ost representative natural gas com panies in various parts o f
tho cou ntry, and indicated the advantageous understanding and relation­
ship that has in recent years been form ed between natural gas interests
and the cou n try’s leading producers o f petroleum .
T he bond o f union between oil production and natural gas production is
in fact so close that it is not easy to discuss tho one industry without dis­
cussing tho other. T ho N ovem ber bulletin, indeed, forecasted a bulletin
on oil, and we know o f no better tim e to present it than now , when the high
prices o f crude oil, gasolino and virtually all petroleum products divide
tho public attention with tho high prices quoted for oil shares in the prin­
cipal stock markets. A s far as the stock markets are concerned, there is
little doubt that the fortunes that have been m ade in tho securities o f oil
and gas com panies far exceed b oth in number and extent thoso which have
been made in the munitions business itself or b y investment in the securities
o f m unitions concerns.
H ig h

P r ic e s

N ot

D ue

to

F a llin g

P ro d u c tio n .

T ho best thing about the high prices for oil (on which tho bull market for
oil and gas shares is o f course based) is that they are not in the least degree
tho result o f falling production or depleted supplies. T h ey are on the con ­
trary accom panied b y tho largest p roduction on record and b y entirely
adequate storage reserves, and aro due sim ply to an unusually largo and
active dem and from every source fo r the product o f the wells. In ex­
planation o f tho excited protests o f gasoline consumers against the advance
o f inoro than 100% during tho last year in the price o f gasoline it is som e­
times stated b y persons w holly ignorant o f the facts that there has been a
reduction o f petroleum supply. T hat claim is not m ado b y a nybody
authorized to speak for the petroleum trade, and the reports o f the G overn­
ment and o f the com panies themselves would contradict it if it were.
T he
production o f petroleum , which began to increase in a remarkable manner
eight or nine years a go, continued to increase in 1915. T he statistics
(taken directly from the United States G overnm ent reports) form a most
interesting and suggestive study.
In 1900 the petroleum production o f the United States was on ly 63,600.­
000 barrels. In 1905 it had increased to 131,700,000 barrels. In 1910 it
had increased to 209,400.000 barrels and the timid were encouraged to
believe that consum ption at profitable prices cou ld not be found for so
remarkable an output (well on to fou r tim es the product o f 1900). But
in 1915 tho output was 267,400,000, and the best p ro o f that it was not ov e r­
production is to be found in the fact that within the last m onth Pennsyl­
vania oil has been advanced to $2 50, the highest price in nearly thirty
years, equaled during all that period on ly for a short tim e in 1913 and 1914.
E ven Oklahoma oil has felt the powerful stimulus o f the b oom , and ad ­
vanced during 1915 from a low o f 40 cents to $1 20.
E ven m ore remarkable than the enormous growth o f output is tho rise
in average value per barrel o f petroleum production, in spite o f the discovery
o f enormous new fields. T he old or Appalachian field (em bracing Pennsyl­
vania, N ew Y ork’, W est Virginia, Southeastern O hio, K en tu cky and T en ­
nessee) still holds up in a m ost astonishing m anner. In the oldest portion
o f tho field operations have now been in progress for nearly sixty years,
and yet tho field produced in 1913 oil with an aggregate market value o f
S63.708.981. M ost o f the pools have o f courso long slnco passed their
prim o, and yet no pool has been entirely abandoned, and it is a remarkable
circum stance that wells are still being pum ped a few yards from the original
D rake well at Titusville, P a. It is hardly necessary to say that every
considerable advance in the market price o f oil results in tho cleaning out
o f old wells. A part o f the increased production in the Appalachian field
recently is attributable to this cause.
A d v a n c in g

P ric es

Ig n ore

In crea sed

R eserves.

T h o strength o f basic oil trade conditions— the certainty o f a market
at profitable prices for an output largely in excess even o f recent production
— is further emphasized b y tho indifference o f tho markets to tho fact o f
increased stocks held in storage. On this point we beg to quote the Secre­
tary o f tho Interior, who on Feb. 3 declared in a com m unication to the Sen­
ato at W ashington:
“ T hat a cause for the increased price o f gasoline and crude oil other than
any present shortage o f crude must be sought is shown b y the reports o f
pipe-line com pany storage in the Appalachian, Lim a-Indiana, Illinois and
M id-C ontinent fields. During the m onths o f A ugust, September and
October, while tho price o f gasoline was rising rapidly, the am ount o f oil
in pipe-line storage was also increasing.
‘ T he cost o f storage, including evaporation losses, m ust not be over­
looked in com puting gasoline costs, but this cost b y no means equaled the
increase in market value o f the crudo during tho period. T he accumulated
stocks were reduced somewhat during N ovem ber and D ecem ber, following
tho tendency indicated b y the record o f previous years. N otwithstanding
the reduction o f pipe-line stocks during N ovem ber and D ecem ber, at the
end o f tho year the total stocks for tho United States, both pipe lino and
field storage, are estimated at m ore than 200,000,000 barrels. Thus it is
believed that tho net increase in visible reserves o f crude oil for the year
was at least 45,000,000 barrels; that is to say, m ore than 15% o f the total
production fo r 1915 went into storage.”
P r o fits o f th e S ta n d a rd G r o u p a n d o f I n d e p e n d e n t O il C o m p a n i e s .

In a sort o f lumping o f the reports o f tho Standard group o f oil com ­
panies, “ Petroleum A ge” o f N ew Y ork in D ecem ber last found some very
impressive earnings totals, and was m oved to com m ent as follows:
‘C onvincing p roof o f the amazing recovery within the oil industry in the
last half o f 1915 is furnished b y the dividend declarations o f the Standard
Oil group for the last quarter, which reached the astonishing total o f S21,788,636, which is the record for any quarter slnco tho dissolution, with the
exception o f the first quarter o f 1913, when Standard Oil C o . o f New Jersey
m ado its famous 40% cash distribution. True it is that o f this sum $ 4 ,­
890,000, representing the 15% dividend o f Illinois Pipe Line, 5% b y Prairie
l ’ ipo Lino and 3 % o y Prairie Oil & Gas C o ., will not be payable until

1674

[Vol. 102.

THE CHRONICLE

Jan. 15, but all o f thorn are payable to D ecem ber shareholders and represent
distributions from 1915 profits.
“ Including these sums, the total o f regular and extra cash dividends since
the dissolution in Decem ber 1911 readies the impressive total o f $290,­
666,083, to which must ho added stock dividends at par totaling $169,­
100 000. Taking into account tho present market value o f the distributed
stock, tho cash valuo o f all distributions in tho last four years b y this group
Is in excess o f half a billion dollars.
“ T ho market effect o f this enormous earning capacity is strikingly re­
flected in tho steady appreciation in value o f tho old Standard Oil C o . or
N ew Jersey stock 'all o n ,’ which has risen from less than 650 at the time o f
tho dissolution in Decem ber 1911 to a now high record o f 1770 during the
current m on th .”
T hat the Standard Oil C o. up to tho date o f its dissolution in obedience
t o court decree, and the various com panies into which it was broken up,
have been enormous m oney makers is m ade clear in tho foregoing statistics.
W hat is not so generally known is that there is a largo number o f com panies
operating independently o f tho Standard group o f capitalists which have
earned alm ost, if not altogether, as big dividends in the oil industry.

P E N N S Y L V A N IA B AN KERS’ M O V E M E N T TOWARD
R E D U C T IO N OF IN T E R E S T O N D E PO S IT S.

Following a discussion of the question of interest paid on
deposits, members of Group VIII of tlio Pennsylvania
Bankers Association at a special meeting in Pittsburgh on
April 20 passed a resolution authorizing the chairman, It. J.
Davidson, to appoint a committee representing the geo­
graphical sections of the Group to tako up the matter and
submit recommendations for further action to the several
clearing house associations of the Group. The committee
named is as follows:
J. C . Chaplin, Vice-President o f the C olonial T rust C o ., Pittsburgh.
J. V . H itts, Vice-President o f tho Butler C ounty N ational B ank, Butler,
representing B utler, Lawrence, Beaver, Clarion and Jefferson countios.
H ervoy Schumacher, Cashier o f the Peoples N ational Bank, Pittsburgh.
A . C . W arno, Treasurer o f tho W ashington Trust C om pany, W ashing­
ton, P a ., representing W ashington, Greene and Fayetto countios.
B . W . Lewis, Cashier o f tho M ellon N ational Bank o f Pittsburgh.
D avid B arry, Cashier o f the First N ational Bank o f Johnstown, repre­
senting Cam bria, Somerset, Indiana and W estm oreland counties.
George C . W att, President o f tho Braddock Trust C o. o f B raddock, and
Vice-President o f tho First N ational Bank o f B raddock.

Mr. Davidson, as Chairman of tho Group, is ex-officio
a member of tho committee.
We learn from tho Pittsburgh “ Gazette Times” that it
developed at the meeting that tho country bankers are
absolutely unanimous in holding tho opinion that rates on
time deposits, especially savings deposits, should bo re­
adjusted to 3 % per annum. In some of the towns located
within the group territory this is the rate now paid, while
others are paying 3 ^ to 4% . There was also, it is stated,
virtual unanimity on the mattor of allowing 2j^% on coun­
try bank balances, as against tho 3 % quite generally paid.
O R G A N I Z A T I O N OF S T A T E B A N K SE C T ION^OF A . B . A .
“ ENDORSED B Y K A N S A S B A N K ERS. ;

The movement for a national organization of State banks
was approved by tho Kansas State Bankers’ Association
during its annual convention held at Topeka on April 19
and 20. The plan to form tho proposed organization, which
would be known as tho State Bank Section of tho American
Bankers’ Association, was reforred to in these columns
April 18. At the Kansas bankers’ meeting George T. Mc­
Dermott, an attorney of Topeka, argued in favor of tho
movement in an address entitled Should the State Bankers
Have a National Organization ?” In speaking on the subject
Mr. McDermott said:
I f this association is a good thing, if there is a need o f two organizations
in the State, then there is suroly need for a national organization o f State
banks. If such a thing is good for tho Stato, how m uch better m ust it bo
fo r tho nation. T h o exchange o f ideas and plans from such a wido terri­
to ry would bo o f great benefit to the bankers. It would widen their horizon.
It would bo tho State organization on a vastly larger scale.
A national organization will bo necessary if tho Stato banks aio to gain
recognition at W ashington. Y o u must have something liko that to get
before Congress with effect. F orty-flvo Stato organizations would find
it as hard to work there as forty-fiv o regiments without a general. An
organization o f State banks would be one o f tho m ost powerful o f organi­
zations.
.
.

Tho farm loan associations would be co-operativo, made of up
ten or more farmers, who would obtain a charter from their
district land bank. A farmer desiring to becomo a borrower
would be required to take stock in tho loan association equal
to 5% o his loan; the association, in t rn, would take an
equal amount of stock in the land bank, which would appraise
the security offered and make tho loan through the associa­
tion. On mortgages amounting to $50,000 a bank might
issuo a like amount of farm loan bonds, which would be
secured by all twelve land banks.
All profits would go to tho loan associations in dividends
and thus to the borrowers who are shareholders in them.
Loans might bo on as long terms as thirty-six yoars and on
the amortization pi n, so that with each interest payment the
farmer could pay a small amount of his principal. Loans
would be limited to first mortgages and could not exceed
50% of the appraised value of tho land. Tho bill passed the
Senate practically as reported by the Banking Committee.
An amendment by Senator Smoot reducing tho salaries of
the Farm Loan Board from $10,000 to $7,500, which was
adopted by a vote of 26 to 25 in the committee of tho whole,
was reconsidered when the bill reached tho Senate and was
defeated, 29 to 31. A similar bill has been reported by tho
House Banking Committee.
HOUSE

PASSES

BILL

IN C R E A S IN G
RESERVES.

GOLD

BU L LIO N

The bill authorizing the Secretary of tho Treasury to in­
crease tho bullion reserves against outstanding gold certifi­
cates to two-thirds instead of one-third as at present, was
passed by the House on the 4th inst. Tho bill was printed
in our issuo of April 8. Tho recommendation that a change
in the law be made so that the amount of gold bullion and
foroign gold held against gold certiifcates should not oxceed
one-half the total gold certificates outstanding was made by
Secretary of tho Treasury McAdoo as a result of tho piling
up of gold in this country incidont to the war and tho in­
creasing balance of trade. Ho pointed out that tho Treasury
was placed in tho position of having to coin upward of one
hundred millions in order to offset the bullion receipts,
tho cost of which would be approximately $125,000; there
was, he said, no actual demand for such additional coin,
and added that his proposal would permit tho increase in
the bullion reserve and eliminate the necessity for the
further coinage of gold. The bill grants more than was
asked for by Mr. McAdoo.
HOUSE

PASSES B ILL A M E N D I N G IN T E R L O C K IN G
P R O V IS IO N OF C L A Y T O N A C T .

The House on tho 4th inst. passed tho bill ainonding Sec­
tion 8 of the Clayton Anti-Trust Act so as to pormit officers
or directors of banks in the Fedoral Iloservo system, with the
approval of the Reservo Board, to bo officers or directors
of two other banks organized under Stato or national
laws, whore such other banks ai'O not in “substantial compe­
tition with such momber banks.” As notod in our issuo of
April 15 the bill passed tho Senato on April 11.
B ILL

P A S S E D A L L O W S N A T I O N A L B A N K S TO I N ­
VEST I N FO R EIG N CO R PO R ATIO N S A N D
OPERATE BRANCHES.

Tho House on tho 4th inst. passed tho bill giving permission
to national banks having a capital and surplus of ovor $1,­
000,000 to purchase and hold stock in foroign or domestic
corporations (other than national banks) authorized to do
a foreign banking business exclusively. Tho bill also author­
izes national banks, in cities of moro than 100,000 inhabitants
and having a capital and surplus of $1,000,000 or moro, to
establish branches in tho city in which it is located. Tho bill
was given in our issue of April 1.

In further pointing out the need of an organization repre­
senting the Stato banks of the country, Mr. McDermott
indicated how proposed and possible Federal legislation
might vitally affect their interests. According to tho Topeka
“ Daily Capital,” the Kansas Bankers’ Association voted to
distribute Mr. McDermott’s address among every one of the C A L L FOR T H I R D I N S T A L L M E N T O F R E S E R V E S B Y
FE D E R A L RESERVE B A N K S .
17,000 State banks in the United States.
A call has been issued for tho third installment of resorvos
from member banks of tho Fedoral Resorvo systom. Tho
S E N A T E PASS E S F A R M L O A N BILL.
Tho Hollis Farm Loan Bill passed the Senate on the 4th inst. by installment is duo May 16. It will sorvo to iucreaso tho re­
a vote of 58 to 5. The bill provides for a non-partisan farm serves which are maintained with tho Federal Roservo banks
by member banks located in reserve cities from 4-15ths to
loan board, to consist of the Secretary of tho Treasury and
our others, having general control of a farm loan system of 5-15ths of their total requirod roservo, and from 3-12ths to
twelve or more land banks and of farm loan associations 4-12ths in tho case of banks locatod outside of rosorvo or
through which loans actually would be made. Each land central reserve cities; the resorvos against demand doposits
bank would have a capital stock of at least 8500,000, to bo of banks outside central roservo and rosorvo citios will bo in­
subscribed by the Government if not taken by the public. creased from 3 % to 4 % , and of banks in roservo cities from




May G 1916.

4% to 5 % . Under the Federal Reserve Act, banks in cen­
tral reserve cities aro required to maintain reserves in 18%
of/their demand deposits, banks in ordinary resorvo cities
are called upon to keep 15% of demand deposits, and the
country banks 12%; on time deposits, 5% is tlie amount re­
quired for all banks. The banks in tho central reservo cities
are required to maintain G-18ths of their reserves in their
own vaults, and 7-lStlis in the Federal Reserve banks, the
balance to bo held in their own vaults or the Federal Reserve
bank at their own option. Since the 7-18ths was deposited
in tho Reserve banks at the time of tho inauguration of tho
system, tho calls for further reserves apply only to member
banks in resorvo cities and those outsido of reserve or central
resorvo cities. Tho following is the circular issued by the
Federal Reserve Bank of Richmond calling for tho third in­
stallment of reserves. Wo use this because it goes a little
further into details than the circular of tho Federal Reserve
Bank of New York.
M ay

I 1916.

T o M e m b e r s o f th e F e d e r a l R ese rv e D a n k o f R ic h m o n d :

Y ou aro respectfully advised that under Section 19 o f tho Federal R e­
serve A ct tho next installment o f reserves will bo payablo to tho Federal
Reserve Bank o f Richm ond on M a y 16 1916.
On that dato m ember banks will bo required b y law to establish, and for
six m onths thereafter to m aintain, reserves In this bank as follows:
Banks located in resorvo c ! • ■ -15tlis o f their total required resorvo,
•
instead o f 4-15ths as hcretof
Banks located outsido o f reserve or central reserve cities, 4-12ths o f tlioir
total required reservo, instead o f 3-12ths as heretofore.
As well understood, the total reservo required to bo maintained b y m em ­
ber banks under tho A ct is: In tho caso o f banks in reservo cities, 15% o f do­
main! deposits, 5 % o f time deposits. In tho caso o f country banks, 12%
o f demand deposits, 5% o f time deposits.
Tho m ethod o f calculating reserves must bo in conform ity with that pro­
scribed b y tho Comptroller o f tho Currency.
Remittances o f reserves m ay bo m ado in lawful m onoy, and in Federal
Reservo notes, and for tho convenience o f members, wo will rcccivo chocks
on m ember banks in any o f tho following Federal Resorvo cities: R ichm ond,
Philadelphia, N ow Y ork , B oston, Cleveland, Chicago and St. Louis.
A cceptable ellglblo paper, endorsed b y m ember banks, m ay bo received
under tho A ct to tho extent o f ono-half o f each installment o f reserves, and
rediscounts to any oxtont necessary m ay bo applied for.
Forms o f application for rediscount will bo sent upon request to members
not now supplied with them.
For safety and convenience in making remittances o f m onoy, pleaso use
th o form sont herewith.
Express charges or other oxpenso o f rom ittanco must bo borne b y m em ber
banks, and should bo prepaid.
R espectfully,
G E O R G E J. S E A Y , G o v e r n o r .

A D D I T I O N A L D A T A C A L L E D FOR I N N E W
OF N A T I O N A L B A N K REPORT.

FORM

Tho blank on which tho national banks will bo required
to roport under tho forthcoming call of tho Comptroller of tho
Curroncy will contain sovoral now features, ono of which will
seek light on tho question as to tho number of employees
who havo taken no vacation in fivo years. Another of tho
questions on which information will bo asked concerns tho
new Federal Resorvo clearance system, tho banks being re­
quired to roport tho number and amount of checks received
by each bank bearing a bank endorsement which had been
protested at the receiving bank sinco tho dato of tho last call.
A statement issued by tho Comptroller’ office this week indi­
cates the now features in the proposed form of roport as
follows.
May 2 1910
T ho new form s for reports o f condition which havo just boon sont to
national banks to bo used in tho next call, contain several schedules not
heretofore included.
„
,
. . . .
These em brace an inquiry as to tho number o f em ployees who havo taken
no vacations for fivo years past. Because m ost men aro physically and
mentally In shapo to perform their duties m ost efficiently when thoy havo
tho benefit o f a yearly vacation and because o f other obvious advantages,
including tho better opportunity afforded o f having an impartial check
mado o f books and accounts o f all em ployees while on vacation, besides tho
training given understudies and assistants, tho C om ptroller com m ends tho
granting o f a vacation period to all bank employees each year.
Another schcdulo which was not in tho last statement o f condition re­
quires banks to show tho amount o f m oney loaned to outsiders, or those
who aro not depositors in the bank.
T ho report also requires banks to show the am ount o f m onoy loaned b y
them to other national banks and to Stato banks and trust com panies
separately.
, ,
,
,
T h o form previously used requiring banks to stato the am ount o f bonds
o f foreign governm ents owned has been m odified on this call so as to show
loans to tho different European nations and also to South American govern­
ments.
In connection with tho clearance system abou t to bo adopted b y tho
Federal Reservo banks, the Com ptroller has requested banks to report the
number and am ount o f checks received b y each bank bearing a bank en­
dorsement which had been protested at the receiving bank sinco tho dato
o f tho last call.

Comptroller Williums in tlio ubovo statomont calls atten­
tion to tho requirement that tho banks show on tho now form
of roport tlioir loans— bonds, obligations or accoptancos—
to tho different European nations and also to South Ameri­
can Govorninonts; tho rovised blanks call for this informa­
tion under tho following sub-divisions:



1675

THE CHRONICLE
Anglo-French bonds (part o f $500,000,000Iissue).
Other English, French, Russian or Italian securities.
G erm an, Austrian or Turkish securities.
Securities o f South American Governm ents.
Securities o f other foreign Governm ents.
Other foreign bonds and securities.

This information, it is stated, never before has been
sought. It is to be asked for at the next bank call to pro­
vide accurato information on the subject and to dispose of
an assortment of guesses and reports that are believed to
havo placed the total sum lent on foreign securities far in
excess of the real amount. A resolution calling upon tne
Comptroller and the Treasury Department to furnish Con­
gress with data regarding the holdings by the banks of
Foreign Government bonds has boon introduced in the House
by Representative Tague of Massachusetts.
F E D E R A L RESERVE B O A R D ’ S C H E C K C L E A R IN G A N D
CO LLECTIO N P L A N .

Tho announcement of the Federal Reserve Board respect­
ing tho inauguration of its proposed country-wide system for
tho collection and clearance of checks was made public on
the 1st inst. The now system, it is expected, will be put
into operation on June 15; under the plans which have been
perfected each Federal Reserve bank will receive at par from
its member banks checks drawn on all member banks, whether
in its own or other districts. According to the Board’s
circular it is also proposed to accept at par all checks drawn
upon non-member banks when such checks can be collected
by tho Federal Reservo banks at par. It is furthermore
made known that it is the purposo of the Board to have the
collection system developed so as to embrace ultimately
tho collection of all checks on non-member banks and private
banks. Tho following is the circular issued by the Board
outlining tho features of the clearance plan:
FEDERAL RESERVE BOARD .

Circular N o . 1.
Series o f 1916.

W a s h in g to n , M a y

1 1916.

C h e ck C le a rin g a n d C o lle c tio n .
To

M em ber

B an ks:

T ho Federal Reserve Board is em powered, under Section 16 o f the
Federal Reserve A ct, to require each Federal Reservo bank to—
‘ ‘Exercise tho function o f a clearing house for Its member ban ks.”
A fter very thorough Investigation and m any conferences with the
Governors o f tho Federal Reservo banks on this subject, the Federal Reserve
Board has determined to exercise its authority and to offer to the m em ber
banks, and through them to tho public, the m achinery o f tho Federal
Reservo banks for the operation o f a check collection and clearing system
which it Is believed, w ith the co-operation o f member banks, will afford
a direct, expeditious, and economical system o f check collecting and
settlement o f balances.
T ho dato for the inauguration o f tills system Is expected to be June 15
1916, or as soon thereafter as the Federal Reserve banks can com plete
preparations for undertaking this work.
M em ber banks in each district will in due course receive from their
Federal Reserve bank full inform ation as to tho terms and all necessary
details o f tho arrangement, but for tho inforinationlof all concerned the
general terms m a y ib e stated to be as follows:
(1) In order that no inconvenience m ay bo experienced the plan will
follow as closely as practicable tho practice wliich long experience has
developed between country banks and their reservo city correspondents.
E ach Federal Reserve bank will receive at par from its member banks
chocks drawn o n fa ll m ember banks, whether in its! own d istiict cr othe
districts. It is also proposed to accept at par all checks drawn upon n on ­
m em ber banks when such checks can bo collected b y the Federal Reserve
banks at par.
Each Federal Reserve bank will receive at par from other Federal R e­
servo banks checks drawn upon all member banks;o f its'.district'and' upon
all non-m em ber banks whose checks can bo collected at par by"the*Federal
Reservo bank.
I t is tho purposo o f the Federal Reserve Board to havo the collection
system developed so as to em brace tho collection o f all checks on n on ­
m em ber banks and private b a n k s /and while th is !'cannot bo done im ­
m ediately, steps will be taken to afford these facilities as rapidly as p o s ­
sible. T ho F ederal;Reservo banks will prepare a par list o f all non-m em ber
banks, to bo revised from time to tim e, which will bo furnished to m em ber
banks.
Im m ediate credit entry upon receipt subject to final paym ent will b o
m ado for all such items upon the books o f tho Federal Reservo b ank at
full faco value, but tho proceeds will not be countedfas reserve nor*become
available to m eet ch ecksjdraw n until actually! co llected X in accordance
____ K?
w ith tho'jbcst practice now prevailing.1 ^ f S v . SES5
®
'4SB8S*3
(2) C hccks_receivcd_by a Federal R eserve bank o n lts~ m em ber"banks
will i)F*fonvar(lc'(l~direct~ to such m em ber!banks and wil f n o t be charged
to their accounts! until advice o f paym ent has been received or until~sufflcicnt tim o has elapsed within which to receive advice o f paym ent.
(3) In tho selection o f collecting agents for handling checks on n on­
member banks m em ber; banks will be given tho preference.
(4) Under this plan Federal Reserve banks w ill receive at par from their
m em ber banks checks on all m em ber banks, a n d fon non-m em ber"b anks
whoso checks can be colloctedfat par byjan y Federal!Reserve bank. _Membcr'ban ks w ilfb e required"b y jt he” F cd e ra f Rcservo Board to provide funds
to cover at par all checks received from , or fo r the a ccou nt o f, th eir Federa
Resorvo banks iJProeided," h o w e v e r ! Th a t_afm em ber bank m ay ship lawful
m onoy or Federal R eservo noteslfrom its ow n lvaultsja t the expense of"its
FederaT’ Roscrvo bank to cover any deficiency which m ay ariso because
o f and only in tho case o f inability to provide Items to offset checks re­
ceived from or for the account o f its Federal Reserve bank.
(5) Section 19 o f tho Federal Reserve A ct provides that—
"T h o rosorvo carried b y a m ember bank with a Federal Reserve bank
m ay, under the regulations, and subject to such penalties as m ay be pre­
scribed b y tho Federal Reserve Board, be checked against and withdrawn
b y such m ember bank for tho purpose o f meeting existing liabilities: P r o ­

THE CHRONICLE

1676

v i d e d , h o w e v e r . That no bank shall at any tim o make new loans or shall
pay any dividends unless and until the total reserve required b y law Is
fully restored.”
I t Is manifest that items In process o f collection cannot lawfully bo
counted as reserve either b y a m em ber bank or b y a Federal Reserve
bank. Therefore, should a m ember bank draw against such Items tho
draft would be charged against its reserves if such reserve were sufficient
1 n am ount to p a y it; b ut any resulting impairment o f reserves would be
subject to all the penalties provided b y the A ct.
Inasm uch as it is essential that tho law in respect to tho maintenance
o f required reserves b y m ember banks shall bo strictly com plied w ith,
the Federal Reserve B oard will fix a penalty to be imposed upon member
banks for encroaching upon their reserves.
M em ber banks can at all tim es arrange to keep their reserves intact
b y rediscounting with their Federal Reserve bank.
(6) E ach Federal Reserve bank will determine b y analysis the amounts
o f uncollected funds appearing on its books to tho credit o f each m ember
bank. Such analysis will show the true status o f th e reserve held b y the
Federal Reserve bank for each member bank and will enable it to apply
th e p enalty fo r impairm ent o f reserve.
A schedule o f the tim e required within which to collect checks will be
furnished to each m em ber bank to enable it to determine the tim o at
which any item sent t o its Federal Reserve bank will be counted as reserve
and becom e available to m eet any checks drawn.
(7) In handling items for member banks, a Federal Reserve bank will
act as agent only. It will require that each m em ber bank authorize it to
send checks for collection to banks on which checks are drawn, and, except
for negligenco, will assume no liability. A n y further requirements that
the Board m ay deem necessary will be set forth b y tho Federal Reserve
banks in their letters o f instruction to their m ember banks.
(8) T he cost o f collecting and clearing checks m ust necessarily be
borne b y tho banks receiving tho benefit and in proportion to tho service
rendered. An accurate account will be kept b y each reservo bank o f the
cost o f perform ing this service and the Federal Reservo Board will, b y
rule, fix the charge, at so m uch per item , which m ay be imposed for the
service o f clearing or collection rendered b y the reserve banks, as p ro­
vided in Section 16 o f the Federal Reserve A ct.
C H A R L E S S. H A M L IN ,
G overn or,

SHERM AN ALLEN,
A s s is ta n t

M IL TO N

S ecreta ry .

C. E L L I O T T O N 1 T H E B A N K E R
1
THE L A W .”

AND

During the past week Milton C. Elliott, Counsel for the
Federal Reserve Board, has delivered two addresses of
moment— one on “ The Banker and the Law” and tho other
on “The Banker and the Public.” Further reference to the
latter will be found in another column of to-day’s issue of
our paper. In his treatment of “ The Banker and the Law”
Mr. Elliott undertakes to answer certain criticisms which
have been directed at the law. One of the criticisms to
which he gives attention was the contention that the AldrichVreeland Act providing for emergency currency would have
accomplished all of the benefits that have been accomplished
by the Federal Reserve Act. Mr. Elliott replies to this
as follows:
W hen we consider that the Federal Reserve A ct deals with tho various
activities o f banking; that It provides for a m ore effective supervision; that
it adds to the pow er o f national banks the ability to lend its credit in tho
form o f acceptances; that It concentrates reserves so as to m ake them avail­
able when needed; that it provides a legitimate m ethod for the rediscount o f
com m ercial paper; that it adds to the national banking powers the power
to lend on real estate to a limited extent; that it permits national banks to
act In certain fiduciary capacities; and that it provides a medium b y which
the surplus funds o f one com m unity m ay b e utilized to supply a deficit in
another; and when wo recall that this Important constructive legislation
was not undertaken until Congress had collected and analyzed m ore infor­
m ation on the subject o f banking and currency than has over been collected
b y any com m ission in the history o f the w orld, it is difficult to understand
upon what theory it can b o argued that the Aldrich-Vreeland A ct, which
merely added an additional m ethod b y which banks m ight borrow m oney
to be used in an emergency can be said to afford the same advantages that
are afforded b y the Federal Reserve A ct.

In this address also Mr. Elliott reviewed some of tho oarly
regulatory measures affecting banking, and the opposition
which was encountered in their enactment; ho sets out that
unlike most of the previous legislation on banking and cur­
rency the Federal Reserve Act was not the outgrowth of a
demand for legislation to meet a pressing emergency. Its
provisions were adopted after mature deliberation and after
an exhaustive study of the future as well as the present needs
of tho country. The rapidity with which this system
develops, he'adds, must of course depend in the final analysis
upon the co-operation of the banker.
Mr. Elliott’s observations on “ The Banker and tho Law”
were madejatjthe annual meeting of the Alabama Bankers’
Association held at Pensacola, Fla., on April 29. We give
below in large part his address on the subject:
T h e Federal Reserve system has been In operation for a period o f about
eighteen m onths. T h e A ct which created this system has been In forco
since D ec. 23 1913. It is natural that legislation o f this im portance should
be tho subject o f both favorable and adverse criticism .
F rom these criticisms wo are enabled to determine to some extent the
attitude o f the banker as well as that o f the public.
From its operation during a period o f abnormal prosperity it is d ifficu lt,
if not impossible, to judge o f tho efficiency o f any banking system . I t Is
in times o f stress_rather than in times o f prosperity that tho real test m ust
com e.
An analysis o f the adverse criticisms o f the A ct, how ever, will at least
indicate what are supposed to be the defects in this legislation which m ust
be corrected, or which must be proven not to exist b y experience, or b y a
better understandinglof thojprlnciples involved.




[Vol 102

On tho one hand, it is claimed b y a very largo m ajority o f those who
have follow ed closely tho operation o f the 'system during its first year,
that it has inspired confidence; that it is developing sounder and m ore
scientific banking practices and that in principle it is tho m ost im portant
constructive legislation that has ever been enacted b y Congress.
On the other hand, thero aro those who say that it is a banker’s law
passed in the interest o f the banker; that it m ay m creaso tho lending power
and the earning capacity o f the banks, but that it does not m ake it easier
for the borrower to obtain loans; that interest rates aro still as high as
ever, and that tho farm er, tho m erchant and tho general public have not
been benefited.
There are officers o f member banks w ho claim that tho A ct imposes
unnecessary restrictions and hardships on tho ban king business; that the
transfer o f reserve balances to the Federal Reserve banks deprives them
o f earnings they have heretofore enjoyed; and that, while their lending
power m ay be increased, other features o f the A ct offset any advantage
that m ight be derived from this source.
Thero aro officers o f non-member banks w ho are inherently opposed to
the system on general principles and others who are pursuing a policy o f
watchful waiting and who desiro a practical dem onstration in dollars and
cents o f tho advantages to be derived from membership beforo becom ing
stockholders in any Federal Reserve bank.
There are still others w ho (while adm itting that confidence has been
inspired and possible panics have been avoided) claim that tho same
results m ight have been attained b y other less com plicated m ethods.
One o f tho prom inent N ew Y ork publications recently contained an
article claiming that the Aldrich-Vreeland A ct p rovid ing for emergency
currency would have accom plished all o f the benefits that have been
accomplished b y tho Federal Reserve A ct.
T he "W a ll Street Journal,” in a recent issue published an articlo in which
tho following statement appears;
"T h e head o f one o f tho largest banks in tho country privately declared
when tho Federal Reserve A ct was going through :
‘W e are not m uch concerned; we are gradually slipping our bonds; the
State laws aro being remodeled upon safe, conservative linos, and m y own
impression is that it is only a question o f tim e when tho national banking
system is a thing o f the past and the Federal Reservo system will bo on
the hands o f tho Governm ent and n ot on th o hands o f tho banks.
W o can got along without any national banking system in the United
States if we only have strong contral reserve banks under Stato law s.’ ”
I d o not mean to suggest that bankers generally have m ado objections
o f tills sort or that these criticisms represent tho views o f tho m ajority.
On tho contrary, the Federal Reserve Board and the officers o f the several
Federal Reserve banks have nad tho co-operation and assistance o f tho
bankers in placing tho system in operation, and one o f tho m ost significant
indications that tho principles o f tho A ct aro both sound and scientific is
tho absence o f any general com plaint on tho part o f those who are m ost
familiar with banking from a practical standpoint.
T he criticisms which have been m ado m ay b o said to represent four
viewpoints :
(1) T hat o f the borrower who assumes that to incroaso the bank’s lending
power correspondingly decreases the difficulty o f obtaining loans. This is,
o f courso, true in tho sense that an Increase o f lending power makes avail­
able additional funds for conservative Investment. It was not intended,
how ever, to m ake it easier to borrow m onoy w ithout tho same security
or financial responsibility that was required boforo tho A ct. T ho bank is
naturally as anxious to lend as the borrower is to obtain loans whero the
security or financial responsibility offered is adequate. Interest rates, as
a m atter o f fact, have been appreciably lowered in m ost sections during
tho past year. W hether this is due to the operations o f tho Federal R e­
serve system , or in part at least, to an unusual period o f prosperity, this
criticism does not appear to have been justified. In any event, a charge
o f this kind cannot be properly considered without tho facts upon which
it is based.
(2) Another view point to be considered is that o f tho officor o f a m ember
bank who feels that his bank is placed at a disadvantage in com petition
with non-mem ber banks because o f tho requirements o f tho A ct. T o
consider this and other like objections it Is necessary to analyze som e o f
the purposes and to consider som e o f tho effects o f tho A ct.
(3) T h o third view point m ay bo said to bo that o f thoso who aro in­
herently opposed to any Federal banking laws and who fool that tho States
should have exclusive jurisdiction over and con trol o f tho banking business.
This opposition has been manifested from tim o to tim e ever sinco tho
adoption o f the Federal C onstitution. A brief roviow o f Stato and Federal
legislation will best itlustrato the difficulties involved in establishing a
com pact banking system whero tho banks com posing tho system conduct
thoir operation under tho laws o f forty-eight States. These difficulties
aro manifest sinco a State has jurisdiction over transactions carried on
within its borders, while each bank is required, as an incident o f its busi­
ness, to engage in transactions outside o f tho borders o f tho Stato in which
it is dom iciled.
(4) T h e fourth view point m ay bo said to b o that o f tho banker who recog­
nizes tho fa ct that tho business o f tho country can b o conducted to a greater
advantage under a scientific banking system than it can bo by several
thousand unrelated banks, but who desires to b o assured b y a practical
demonstration that tho Federal Rosorvo system is scientific and will accom ­
plish its desired purposes beforo ho becom es a m em bor o f tho system.
B eforo undertaking to discuss the merits or demerits o f tho Federal
Reserve A ct, it seems appropriate to consider the attitudo o f tho banker
towards banking legislation generally.
In addition to tho Federal Reserve A ct which was enacted b y Congress,
tho various State legislatures in recent years have probably onacted m ore
general banking laws than at any tim o during tho previous history o f this
country. T h e trend o f nearly all o f this legislation has been to m ore clearly
define and to provide fo r the regulation and supervision o f tho banking
business.
Has this legislation been enacted at tho instance o f tho banker in order to
safeguard and prom ote the banking business or has it been passed as a result
o f a popular demand for greater protection to depositors and customers
o f tho banks?
W hen we consider the fact that there has been no popular outcry against
abuses o f banking powers; that thero has been no concerted effort on tho part
o f tho public to correct supposed banking ovils, is it not a significant fact
that tho trend o f State as well as Federal legislation has been to p rovide for
a m ore effective supervision and regulation o f tho banking business? M a y
wo not infer from this fact that tho banker feels that Ids Intorost as well as
that o f tho public will bo best served b y tho enforcement o f laws which will
require all banks to conduct thoir operations along consorvatlvo linos?
It was probably becauso o f tho political favoritism shown in granting
bank charters and o f tho bitterness that developed whonovor an attem pt
was m ado to procure such a charter that tho free banking system was
adopted b y m any o f the States. Under this system banks wero chartered
under general banking laws adopted b y tho States. A s a developm ent o f
this practice banks were chartered in m any Statos which had adopted no

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6 1916.]

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1677

banking laws, under the general law's applicable to corporations. T h e char­
M r. Brown, instructor in political econom y in Yalo University, in his
ters granted under gcneraljlaw s lacked uniform ity, were very broad in work on International Trade and Exchange, says that it is estimated
their scopo and in m ost instances were free from restrictions. It is only that m oro than nine-tenths o f tho total business o f tho United States is car­
in com paratively recent years that the m ajority o f the States have adopted ried on through the use o f bank credit. This being true, it is manifest that
laws regulating the business engaged in b y the banks, and it was not until tho sam e necessity for regulation o f tho banking business exists to-day
1863 that tho Federal Governm ent attem pted to creato a banking system that existed in 1864, and tliis necessity lias been materially increased since
b y the passage o f what is known as the N ational Hank A ct. "When wo con ­
tho banking business has reached such enormous proportions and the
sider the restrictions placed on the operations o f tho earlier banks and com ­ powors o f banks have been so consistently liberalized.
pare those with tho regulations now in force it is apparent that tho tendency
W hen we examino, how over, tho adverse criticism o f tho Federal Reservo
during tho last fifty years has been to liberalize tho banking business, and A ct, and analyze tho indictm ents mado against it, m any o f thorn seem
that only thoso restrictions which have been considered necessary to safe­
to bo based upon an objection to those provisions which aro designed to
guard the interests o f tho depositor and custom er o f tho bank have been scientifically rcgulato tlio banking business.
retained. This is illustrated b y tho fact that in tho fifty -od d .amendments
F or example, the officer o f a m ember bank who objects to the A ct
to tho N ational Bank A ct nearly all have been along lines which increase
because ho is required to m aintain a proper reservo against dom and liabili­
tho lending power o f national banks.
ties, and w ho ob jects to losing interest on reservo balances usually carried
F or example, these banks were originally prohibited from lending an
with other national banks, fails to take into consideration that this regula­
am ount greater than 10% o f their capital stock to any one person, firm or
tion is In tho final analysis a benefit rather than a burden, sinco it tends
corporation. B y an amendment to the A ct national banks aro now auth­
to strengthen the credit o f tho banks com posing tho System . H e fails to
orized to lend to any ono person, firm or corporation an amount equal to appreciate tho fact that tho purpose o f this provision is to provide for an
10% o f tho their capital and surplus, provided this dose not exceed 30%
actual reserve to take place o f a reservo in form only; and to make this
o f their capital.
reserve available at all tim es. l ie overlooks tho fa ct that experience has
T h ey were originally authorized to issue national bank notes to tho extent demonstrated that under tho old system it was difficult in times o f panic
o f 90% o f tho bonds deposited as collateral security. This amount has for a national bank to get tho benefit o f reservo balances carried with
been increased to 100% o f the bonds so deposited.
approved reservo agents. In estim ating his loss from this source ho fails
T hey were originally required to maintain reserve against circulation as to take into consideration that his lending power has been increased: (1)
well as against deposits. All reservo against circulation oxcopt tho 6%
b y a decrease in the am ount o f reserve to bo m aintained; (2) b y his ability
redem ption fund was abolished b y am endm ent, and, while tho A ldricli- to re-discount his commercial paper with tho Federal Resorvo bank; (3) by
Vrceland A ct was in force, national banks were not required to maintain the use o f his credit in tho form o f acceptances in certain transactions; and
any reservo against Governm ent doposits.
that tho potential earnings that m ay bo derived from this increased lending
Liberality was also shown in tho administration o f tho national banking power will m oro than offset any loss that results from interest on reserve
laws. F or oxample, in com puting the liabilities against which reserves balances.
should bo maintained banks were perm itted to deduct balances due from
T ho opposition o f an o ffice r o f a non-member bank who is inherently
banks from tho balances duo to banks, and to carry reserve only against
opposed to Federal supervision is likewise based to a very great extent
tho net balanco due to banks. This practice has boon confirm ed b y tho
upon tho assumption that Federal laws are too exacting and are enforced
Federal Kcsorvo A ct. In spito o f efforts to liberalize and broaden national
with too great severity. I f this is not tho basis o f his contention it is som e­
banking powers, both b y legislation and b y tho administration o f tho laws,
what d ifficu lt to understand why Federal regulation and supervision is
it was generally conceded that national banks were m ore restricted in their
less desirablo than that o f the States.
operations than their com petitors, tho Stato banks and trust com panies.
Tho suggestion that a com pact system will bo created b y remodeling the
A ccordingly, to place them m ore nearly on an equality with Stato banks
laws o f tho several States has been m oro or less frequently m ade. T he
and trust com panies, the Federal Reserve A ct provided for a further in­
difficulties in accom plishing this purposo aro, how over, at once m anifest.
crease in tho powers o f national banks. B y this A ct tho reservo to be main­ I f wo assume that all o f the States could bo induced to adopt one standard
tained against domand liabilities has been reduced. N ational banks which o f banking laws, thus providing for uniform regulation and supervision,
were heretofore prohibited from lending on real estate have been authorized this uniform ity might be destroyed at any time b y amendments to tho State
to lend a limited amount o f their resources on farm lands. W hilo thoy woro banking laws o f one or m ore States. T ho laws o f each State would apply
limited in tho am ount o f m oney that they might borrow from other banks, to transactions engaged in within the borders o f tho State, whereas, each
they have been given the power to rediscount with Federal Reserve banks
ban k, as an incident o f its business, has transactions with banks and in­
their com m ercial papor, and have in addition been authorized to increase
dividuals in other States. Legislation m ight be uniform but tho same laws
their liabilities b y accepting bills o f exchange or drafts which aro based
m ight bo administered with great liberality in ono and w ith soverity in an­
on tho exportation or importation o f goods; and with a viow o f co-ordinating
other Stato. It is not possible within tho limits o f this discussion to con­
their powers with thoso o f trust com panies m any o f which d o a com m ercial
sider tho m any difficulties involved in this proposal, but it must be obvious
banking business thoy have been authorized to exercise, with tho approval
that from a practical standpoint it would be exceedingly d ifficult to ac­
o f the Federal Reserve B oard, tho powers o f trustee, executor, adminis­
com plish .
trator and registrar o f stocks and bonds, when tho exercise o f these powers
C onceding that tho business o f this cou ntry can bo conducted to greater
does not contraveno tho laws o f tho Stato in which they aro located.
advantage under a com pact and scientific banldng system than is possible
It will bo observed, therefore, that tho banking powors o f both Stato and
where it is handled b y soveral thousand unrelated banks, it is manifest
national banks liavo been consistently enlarged and liberalized. It nocossarily follows that as thoso powers aro increased, tho necessity for proper that objections mado to tho creation o f such a system must bo based upon
supervision and regulation is correspondingly increased, and it is in this local considerations. T hoso who claim that tho same objects m ay bo a c­
view that tho recent legislation providing for m oro careful supervision and com plished b y less com plicated m ethods apparently assume that it is o n ly
necessary to continue to liberalize banking powers in order to meet new
regulation becom es significant. T he danger that follows tho failure to
rcgulato tho banking busiuoss is clearly illustrated b y a consideration o f tho conditions and that an extension o f banking powers does not necessitate
m oro effective supervision.
circumstances under which Stato bank notes were withdrawn from circula­
W hen wo consider that the Federal Reserve A ct deals with tho various
tion .
It will bo recalled that in their inception both Stato and national banks activities o f banking; that it provides for a m ore effective supervision;
perform ed tho functions o f banks o f issue as well as banks o f deposit and that it adds to tho power o f national banks the ability to lend its credit in
d iscount. Before tho Civil W ar State bank notes constituted ono o f tho tho form o f acceptances; that it concentrates reserves so as to m ake them
principal mediums o f exchange, and their circulation and tho power to issue available when needed; that it provides a legitimate m ethod for tho re­
tlieso notes was looked ui>on as ono o f tho m ost important functions o f discount o f com m ercial paper; that it adds to the national banking powers
banking. Under existing laws, whilo Stato banks still have tho legal right tho power to lend on real estate to a limited extent; that it permits national
to issuo bank notes, only national banks and tho recently created Federal banks to a ct in certain fiduciary capacities; and that it provides a medium
b y which tho surplus funds o f one com m unity m ay bo utilized to supply
Reserve banks exercise this right. Stato bank notes aro no longer in
a d eficit in another; and when we recall that this im portant constructive
circulation. Tho fact that Congress imposed a prohibitive tax on Stato
legislation was not undertaken until Congress had collected and analyzed
bank circulation was duo in part at least to tho lack o f uniform ity in
m oro Inform ation on the subject o f banking than has over been collected b y
Stato banking laws, and to tho lack o f supervision and regulation o f tho
any com m ission in the history o f tho world, it is difficult to understand
business o f Stato banks.
upon what theory it can bo argued that the Aldrich-Vreeland A ct, which
It m ay bo said to bo an elementary principle o f econom ics that any
m orely added an additional m ethod b y which banks m ight borrow m oney
substitute for spccio currency must have a stablo value if it is to bo used
to be used in an em ergency can bo said to afford tho same advantages that
successfully as a medium o f exchange. I f a credit instrument is to bo
aro afforded b y tho Federal Reservo A ct.
used to dischargo other obligations, its value must bo unquestioned.
I t is o f particular im portance at this time that a scientific and com pact
A ccordingly, if a bank note is to be accepted in tho dischargo o f an indi­
banking system should bo perfected. T ho use o f bank credit is constantly
vidual liability, tho individual accepting tho bank noto must bo assured
increasing in tho conduct o f tho business o f this cou ntry. In so far as a
that at Ids option it can bo converted into specio at its faco valuo.
ban k's business is local tho reputation o f thoso who have chargo o f its
Som o o f tho States realized this anti imposed tho necessary restrictions management m ay be a sufficient guarantee o f its credit, but when a bank
on tho issuo o f sucli notes. Banks were required to maintain a proper
ongagos in transactions with thoso who have no personal knowledge o f its
reservo o f cash against them to make provision for their prom pt redem ption
m anagem ent, relianco m ust bo placed upon its statement o f condition
and tlio amount o f issuo was limited b y tho laws o f tho Stato. Others
rather than upon the personnel o f Its board o f directors, and the reliability
imposed few, if any, safeguards. Little or no provision was mado for their
o f this statement must depend to a very great extent upon tho character
redem ption, and tho valuo o f tho noto as a medium o f oxchango depended
o f tho laws under which it operates and tho manner In which these laws
upon tho reputation o f tho issuing bank. Tho inovltablo result was that
aro adm inistered. It is not sufficient that this statem ent shows an excess
tho notes o f som e banks were accepted at par through a wido section o f tho
o f assets over liabilities due to creditors, but the investment o f its funds
cou ntry. Tho notes o f others were accepted at par In tho immediate
m ust havo been m ade under laws which provido for proper regulation and
neighborhood o f tho issuing bank, but were discounted when offered in
supervision o f its business.
settlement o f liabilities in other parts o f tho country. T he notes o f still
A s a rosult o f tho European war this country is called upon to assist m any
other Stato banks had little or no valuo as a medium o f oxchango. As tho
o f tho neutral nations in financing their commercial transactions. This
States had failed to standardize their banking laws, it became necessary for
necessarily involves tho use in other countries o f the credit o f banks in the
tho Federal Governm ent to pass an A ct designed, among other tilings, to
United States, and other nations havo an increasing interest in our banking
provid o for a m ore uniform currency, and to accom plish in this way what laws.
tho States had failed to accomplish b y not providing for proper supervision
T h o N ational Bank A ct has served to accomplish tho purpose its a d ­
and regulation o f tho banking business.
vocates claimed for it. Bank note circulation has been placed upon a
As originally passed, tho A ct o f 1863 authorized Stato as w ell as national substantial foun dation, and as agencies o f the Federal Governm ent national
banks to Issuo their notes on tho security o f Governm ent b ond s. In
banks have aided materially in tho conduct o f its fiscal affairs. M a n y o f
1864, how over, this provision was om itted when tho original A ct was tho disadvantages o f the old independent treasury system havo been over­
amended and re-enacted, and in 1865 a tax o f 10% was placed on Stato com e. W ith tho benefit o f m oro than fifty years' experience Congress has
bank notes which were placed in circulation. W hilo Congress w o u ld , no been able to determine the defects as well as tho advantages o f this legis­
d oubt, havo created tho national banking system in any ovont, sinco tlio lation and tho now Federal Reservo system Is a developm ent o f the system
Federal Governm ent neoded thoso agencies in tho conduct o f its fiscal established in 1863.
affairs, it is at least probablo that, except for tho failure o f tho States to
T lio present system provides for a co-ordination o f tho powors o f tho sev­
properly superviso and regulate tho banking business, no necessity would eral thousand banks which com pose it, but each bank is an independent
have arisen for tho tax which was Imposed upon Stato bank circulation; and corporation owned b y independent stockholders and m anaged b y directors
tlio fact that this necessity did arise demonstrates tho value to tho banking selected by tho stockholders. I t furnishes a legitimate m ethod o f c o ­
interests o f supervision and regulation.
operation which gives additional strength to each m em ber bank. I t p ro ­
Sinco 1865 this form o f bank credit has not been used b y Stato banks, vides for a standard o f regulation and supervision o f the banking business
but bank credit in tho form o f checks, drafts and bills o f oxchango is still which is m ore permanent than would bo possible if tho standard established
used for m any o f tho same purposes and constitutes a medium o f exchange in were subject to m odification b y amendments passed by tho forty-eight
com m ercial transactions in this country.
different States acting independently.




1678

THE CHRONICLE

T ho rapidity with which tho system develops m ust, o f course, depend
in tho final analysis upon tho co-operation o f the banker. T o tho laym an
the advantages derived from membership far outweigh any possible ob ­
jections which m ay bo based upon tho theory that membership o f Stato
banks in this system involves some curtailm ent o f banking powers,
ih o
restrictions imposed are only such as experience has dem onstrated to bo
necessary to properly safeguard the interests o f those who deal with banks,
and tho fact that member banks are subject to those restrictions and to
proper regulation will in tho end provo an asset in tho developm ent o f its
business and not an obstacle to that developm ent.

MILTON C. ELLIOTT ON A U N IF IE D
S YSTE M .

CLEARINGS

T h e adoption of a m ore scientific m ethod of clearances
as proposed under the Federal Reserve A c t , form ed in largo
part tho su bject discussed b y M ilto n C . E llio tt, Counsel for
tho Federal Reserve B oa rd , at the annual m eeting o f tho
T oxas B ankers’ Association a t H ou ston on the 2nd in st.,
under the title of “ T h e B anker and the P u b lic .”
In his
treatm ent o f the su b ject, M r . E llio tt stated th at it was not
his purpose to undertake to discuss in detail tho intricate
operations in volved in our present system of check collec­
tions and clearances, “ but as bearing upon tho question of
tho b an k ’s responsibility in those m atters and of its duty
to tho public there are certain elem entary principles in volved ,
a discussion of which m a y serve to illustrate tho necessity
fo r the perfection of a m ore scientific sy ste m .”
T h o experi­
ence o f nearly all nations, said M r . E llio tt, has dem onstrated
the fact th at real com m ercial developm ent is m ade possible
only through the scientific use and oxchango of credits.
M r . E lliott declared th at the objections th at are raised to
tho system proposed under tho Federal Reserve system are
founded prim arily on local interests.
In citing ono of tho
legal inconsistencies of tho present practices em ployed,
ho referred to the fact that “ a bank m a y prefer to send an
item for collection to its reserve correspondent, since it
shows im m ediately as a credit with its correspondent and
not on ly counts this as part of the reserve which it is required
b y law to m aintain, b u t in m an y instances, receives interest
on this d e p o sit.”
T h is practice of building up resorves by
conditional credits, says M r . E llio tt, presents an anom alous
situation, and if banks should be required to discontinue
this practice and should n ot be perm itted to count collec­
tion item s as reserve until th ey have been actually collected ,
they w ould m anifestly take into consideration tho d e m en t
o f tim o and w ould undertake to ’reduce this to a m inim um
b y tho adoption of a n y scientific m ethod of clearances.
W e quote m ore a t length from M r . E llio tt’s address on the
subject as follow s:

. . . .

W hen wo turn back the pages o f history we find that in their inception
th o incorporation o f banking institutions was looked upon with fear and
Riisoicion. T ho States were reluctant to grant charters and those that were
granted contained oxacting restrictions. T h e right o f the Federal Govern­
m ent to incorporate a bank was the subject o f litigation and b itter contro­
versy for a num ber o f years.
, ,
,
T h o great Stato o f Texas, as you will no doubt recall, cam e into tho Union
with a provision in its constitution:
,
-T h a t no corporate b od y shall hereafter be created, renewed or extended
with banking or discounting privileges * * * • T h o Legislature shall
prohibit b y law individuals from issuing bills, checks, prom issory notes or
other paper to circulate as m oney.
A s y ou k n o w . it was not until 1903 that tho Legislature o f Texas provided
fo r tho submission to popular voto o f an amendment to tho constitution
authorizing tho incorporation o f banks. This amendment was adopted in
N ovem ber 1904, and in 1905 a general banking law was enacted under which
banks m ight bo incorporated. It seems that as late as 18o2 there were no
banks in Florida, Texas, Arkansas, Illinois, W isconsin, Iow a, M innesota,
Oregon, California and the D istrict o f Colum bia.
One conception o f banking a dvocated in tho early days appears to havo
boon that it should bo conducted solely for tho benefit o f the public, that
tho profits from this business, like tho revenue derived from taxation or
from tho collection o f duties on im ports, should be paid into tho public
treasury for tho benefit o f tho people.
.. .
W hen wo contrast tho attitude o f the public in theso early days with that
o f tho present tim o, it is obvious that tho pendulum has swung to tho other
extrem e, and that tho private interest o f tho stockholder or owner often
overshadows the public responsibility that is involved in the management
° f W o not infrequently hear bankers say that tho administrative officers or
tho Governm ent should limit their inquiries to the financial condition o f
tho bank, and if it Is solvent and its capital is unim paired, it constitutes an
illegal assum ption o f authority for an administrative officer to inqu ro into
those operations which brought about tho im provem ent in its financial con­
dition
W hen wo analyze tho business o f banking, how ever, Is it not true
that tho public has a very vital interest in each and every operation ? And
is not tho assumption that banks are purely privato corporations organized
fo r tho individual p rofit o f the shareholder just as extreme a view as the
early conception that tho profits arising from this business should bo paid
in t^ th o public treasury 7 A nd is it not true that all administrative officers
must tako into consideration tho public responsibility o f banks and bankers
when they aro called upon to m ako rulings as to tho operations o f tho banks?
T ho com paratively few adverse criticism s o f tho Federal Reserve A ct appear
to bo based prim arily upon objections which indicato that thoso indulging
in criticism havo considered tho p rivato and not tho public character o f the
banking business. For exam ple, am ong tho im portant provisions o f tho
A ct aro thoso which relate to tho collection and clearance o f checks, and
which authorize Federal R oservo banks and tho F’ederal R escrvo Hoard to
porform tho functions o f clearing houses. There is perhaps no operation
o f the banking business which bettor illustrates tho public responsibilities
assumed than that which tho banker undertakes when he perform s tho




[Vol. 102.

service o f collecting checks and other items payablo elsewhere than at the
counters o f tho bank.
Viow ing tho m atter from the standpoint o f public service, it would seem
that if the efficiency o f this service can bo increased b y tho adoption o f a
m ore direct and scientific m ethod o f handling these items, such a m ethod
should be welcom ed b y the banker: and yet it appears that one o f the prin­
cipal objections urged against tho system provided b y the Federal Reserve
A ct is that the bankers are afraid the operations o f this systom will curtail
their earnings from collection and exchange charges. Assuming this to bo
true is not the objection based upon tho assumption that tho shareholders
aro entitled to receive theso charges fo r tho service perform ed, whether or
n ot this service can bo rendered b y m ore direct m ethods on a basis which
would benefit tho public? Is it not true that this objection is based upon
the fact that a clear conflict results between tho interest o f the shareholder
and the interest o f tho general public?
It is not m y purpose to undertake to discuss in detail tho intricate op cia tions that are involved in our present system o f check collections and clear­
ances, but as bearing upon the question o f tho bank’s responsibility in these
matters and o f its duty to the public, there are certain elementary principles
involved, a discussion o f which m ay serve to illustrate tho necessity for tho
perfection o f a m ore scientific system . Various experts aro at work on
plans designed to precipitate what they call the “ floa t” : that is to say, to
reduco tho number and volum o o f items that aro constantly in transit.
These experts m ay not be agreed as to tho details o f operation which will
best accom plish this purpose, but they apparently aro agreed as to the ne­
cessity for improving this service b y tho adoption o f m oro scientific m oth od s.
T h e y are also m oro or less agreed that any system must havo tho co-opera­
tion o f ttie banker in order to reach its greatest efficiency, and from tho lay­
m an’s standpoint it seems obvious that defects which aro know n to exist
should be corrected, and that tho correction o f such defects should bo
brought about b y the co-operation o f the bankers rather than b y corrective
"in discussing tho principles Involved, m y excuse for referring to certain
elementary factors beforo an audience o f this kind is that all banking
operations aro so closely Inter-related it is difficult to discuss any one
operation w ithout considering the fundamental though well-known prin­
ciples that aro involved in that particular operation.
Under tho A ct o f M arch 14 1900, which amended Section 5211, Revised
Statutes o f tho United States, tho gold dollar is established as the standard
unit o f value, and all forms o f m oney issued or coined b y tho United States
must be maintained at a parity o f valuo with this standard.
The silver
dollar, fractional and minor coins are made legal tender b y statute within .
certain limitations and certain notes o f the United States aro likowise
m ade legal tender. T he volum e o f this form o f currency or m oney, how over is o f course. Inadequate to carry on the enormous com m ercial business
o f the United States, and bank credit as a medium o f exchange takes tho
nlaco o f m oney in a very large proportion o f our com m ercial business.
1 W hile a great m any obligations aro discharged b y tho use o f checks and
b y an exchange o f credits, this is due to tho fact that tho public voluntarily
and not b y reason o f any legal requirement accepts theso checks, and
through an exchange o f credits m any obligations are canceled without
S e actual use o f m oney. T he public is willing to utilize bank credit in
this w ay because it furnishes a convenient m ethod o f handling com m er­
cial transactions and because it has confidence in tho ability o f tho banks
to pay these checks in legal tender whenever they aro called upon to d o so.
I t would seem to follow that any system o f check clearances and check
collections which strengthens tho ability o f the banks to respond to a arger
percentage o f dem ands for legal tender results in a benefit to tho bank
bv a d d in " to tho practical valuo o f this medium o f exchange.
Under our present system tho 25,000 or m ore banks in tho United States
act m ore or less independently; each bank selects its own correspondents
and makes its collections prim arily through theso correspondents. l«or
exam ple, a custom er in Dallas presents a check for $1,000 drawn on a
San Francisco bank. T he Dallas bank, not having a correspondent in San
Francisco, indorses and forwards this check to its con espondon t in N ew
Y ork
T ho N ew Y ork bank credits Dallas and forwards tho check to
C hicago. Tho Chicago bank. In turn, forwards it to Denver and the
Denver bank to San Francisco. Until this check is actually paid In an
Francisco tho Dallas bank remains liable upon it as Indorser. I t Is true
that it has obtained a credit in N ew Y o rk , but if tho check is returned this
credit will bo canceled. In tho m eantim e, it has paid out funds repre­
senting the face value o f tho check to tho payee, and if it te returned unpaid,
tho bank must look to tho payeo or drawer for indem nity.
W hen wo m ultiply this transaction b y tho number o f items received b y
the 25 000 or m oro banks in tho United States, and when we consider that
each bank receiving an item for collection Is likely to select ono o f Its
correspondents through which to send it, it Is manifest that bank collections
aro not m ade through defined channels and that tlio tim e consumed in
making a collection varies according to tho routo.by which tlio several Items
happen to be sent. As a consequence, a very largo number o f i ems repre­
senting a very large volum o o f m oney aro constantly In transit. In the
m eantim e tho bank which receives these items on deposit and forwards
them for collection Is under obligation to pay the amount they J^pr^entYu
legal tender If it is called upon to d o so. If, by a m oro scientific hand ing
o f these collections, tho am ount in transit can bo reduced and tho tim e
consum ed In collection can bo cut dow n, the banks to this extent aro givon
a greater ability to respond to the demands that aro m ade, and this in­
creased ability is a matter o f interest to tho public.
W hile tho check performs a vitally Important function in our com m ercial
developm ent, and while it is estimated b y som o authorities that approxi­
m ately 90% o f our commercial transactions aro carried on b y its use. we
must not overlook tho fact, that this use Is m ade possible b y the voluntary

act of tho public and not by statute.
„rlonco
I do not mean to question the soundness of tho practice. 1 ho experience
of nearly aH nations has demonstrated tho fact that real commercial
development is made possible only through tho scientific use and exchango
of credits.° Some economists go so far as to claim that if a proper systom
of credit exchango can bo worked out there is no need for a metallic cur­
rency Whether this view is extremo or not, every factor which con­
tributes to the ability of the bank which is used as a medium of exchange, to
respond immediately to demands made upon it. strengthens tho system
and makes more valuablo tho credit used.
nf
Bank clearances may be said to constitute tho most direct method of
exchange “
edTts ^ between banks. It is through this method that
reciprocal balances are offset or canceled. Heretofore clearing houso opera­
tions have been confined to tho larger cities. If tho banks in one city find
M i l t t i m e can be saved by meeting at ono place and exchanging reciprocal
^
toving each hank aeud ou. by run™, the cheek,
d r ^ n against every other bank in that city, is it not reasonable to assume
thatTtho same result may bo obtained as between banks in tho same general
ocality? And1s not the plan provided for in tho Federal Reserve Act
merely tho application of a plan which has been tried and used succ^fully
in tlio larger cities? There can be no doubt of tho fact that, as wo increase
tho number"^! banks that clear through any clearing house, we will decrease

tho number o f items that are in transit anil will red vice tho time consum ed in
making tho oxchango o f credits.
W hen Congressman Glass, Chairman o f the Banking and Currency
C om m ittee, inado ills report to tho House he voiced tho hopes o f tho framers
o f tho Federal Reserve A ct when he said, in speaking o f bank clearances
and collections:
“ The nrovision as it stands will result in an imm ense saving to tho trades
nennln o f the United States. It will eliminate tho amazing wastefulness
K e n t to the m any independent collection organizations b y substituting
one com pact collection systom .
It cannot be denied that tho A ct provides for a m oro scientific handling
o f this im portant function o f tho banking business. B y clearing tho various
item s received for collection through tho agency o f tho twelvo Federal
R csc rv o banks tho element o f tim e will bo materially reduced. For ex­
am p le, an item on San Francisco will not have to go through four or five
interm ediary banks, but m ay go direct from tho Federal Reservo Bank o f
Dallas to tho Federal Reserve Bank o f San Francisco, and tlirough an ad ­
justm ent o f accounts in W ashington tho transaction will bo com pleted in
a very m uch shorter tim o than is possible through tho m any independent
collection organizations now in uso.
Tho advantages o f one com pact system are obvious. T ho objections
th a t are raised aro founded prim arily on local interests. A bank m ay
prefer to send an item for collection to its reservo correspondent, sinco it
shows im m ediately a credit w ith its correspondent, and not only counts
this as part o f tho reserve which it is required by law to maintain but in
m any instances receives interest on this deposit. In counting as resorvo
an item which is drawn against some other bank than its reserve agont, it is
treating a conditional credit as funds actually deposited with its resorvo
agent.
•
In other w ords, let us suppose that a Dallas bank sends a check on San
F rancisco to its N ew Y ork correspondent, which is its reserve agent and
rccoivos credit on tho books o f its reserve agent. I f tho check is returned
unpaid, it is charged back to tho account o f the Dallas bank, and until
a ctually collected the Dallas bank remains liable on this ch ock. It does
not show this liability on its books, but takes credit for tho amount o f tho
ch ock . Tliis Is ono o f tho legal inconsistencies o f tills practice. W hen
tho Dallas bank receives this check and gives credit to tho depositor it has
a claim only against the drawer and indorsors o f tills check. Tho San
F rancisco bank, not having certified tho check, lias assumed no liability.
If, instead o f receiving a check from Its depositor, it accepted his promis­
so ry n oto and indorsed and rediscounted this note with its rasorvo agent,
while it might show tho credit thus established as part o f its reservo, it would
show on tho other side o f its ledger a liability to its rasorvo agent for nionoy
borrow ed in addition to tho liability shown on the individual ledger to tho
depositor.
T ho practice, therefore, o f building up reserves b y conditional credits
presents an anom alous situation, and if banks should bo required to dis­
continue this practice and should not bo perm itted to count collection items
as resorvo, until they liavo been actually collected, they w ould manifestly
take into consideration tho clement o f timo and would undertake to reduco
this to a minimum b y tho adoption o f any scientific m ethod o f cloarancos.
I t is, o f course, realized that a change o f this sort must bo brought about
gradually and tho Federal Reserve A ct provides a medium b y which this
can bo done without disturbance to existing conditions. It would seem to
bo to tho interest o f tho banks to adjust their operations so as to accom ­
_____________________________ ___
plish tills purpose. _

FAVORABLE B U S IN E S S CONDITIONS I N P H IL A D E L ­
PHIA FEDERAL RESERVE DISTRICT.
In his report on business conditions in tho Federal Reserve
D istrict of Philadelphia during A p ril, prepared for tho M a y
issue o f the “ Federal Reserve B u lle tin ,” Richard L . A u stin,
Chairm an of tho Board and Federal Reserve A g en t of the
Philadelphia Reserve B a n k , states th at the outstanding fea­
ture o f tho business situation in his district is tho rise in
prices which continues in m ost lines. M an u factu ring plants,
ho says, aro working to capacity and m an y have sufficient
ordors on hand to keep busy for considerable periods.
The
loaded froight car m ovom ent of tho largest railroad in tho
district shows an increase of 3 3 % during tho first fourteen
days of April over the same m on th of 1915.
.

NEW YORK FEDERAL RESERVE B A N K I N NEW
QUARTERS.
T h e N ew Y o rk Federal Reserve B an k which since its start
w as located in the quarters formerly occupied b y H arv ey Fisk
& Sons at 02 Cedar Street, opened in its new offices in tho
E qu itable Building on M o n d a y last.
T ho lease of tho now
offices was signed last D ecem ber; tho term of the lease
extends from tho dato of occupation to tho expiration of the
charter of tho bank.
W ith tho opening of the bank in its
now location a num ber o f bankers visited the offices for in­
spection and extended congratulations to tho officials, the
occasion also being m arked b y tho receipt of floral tokens.
A circular announcing tho b an k ’s rem oval was issued b y
Governor Strong as follows:
•
FEDERAL
T o th e C a s h ie r :
S i r . — The Federal

RESERVE

BANK

OF

NEW YO RK .
New Y o r k , M a y 1 1916.

Reserve Bank o f New Y ork announces its rem oval to
its new offices in the Equitable Building at tho corner of Nassau and Pino
Streets.
The officors’ room s and tho tellers and securities departments aro located
on tho ground floor; tho credit, auditing, filing and stenographic depart­
ments, on tho mezzanine; vaults and m oney counting-room s in tho base­
ment; and on tho fifth floor, connected with tho banking-room b y private
elevator and pneumatic tube services, aro tho accounting, governm ent
and transit departments. Options on contiguous spaco make provision for
expansion.
Adjoining tho officers’ spaco on the ground floor is a room which has been
set apart for tho uso of officers and directors o f m ember banks, which it is
hoped will be freely availed o f for conferences, letter-writing, and general
business purposes.




1679

THE CHRONICLE

May 6 1916.]

T he arrangement, construction and equipment o f tho offices have been
provided b y tho Equitable Building Corporation in accordance with
specifications prepared b y the architects o f the B ank, and it is believed
that they will satisfactorily m eet its present requirements and future develop­
m ent.
Officers and directors o f m em ber banks are cordially invited to inspect
the new offices, and our out-of-tow n members are especially invited to
m ake frequent use o f the room s and facilities provided for them .
T he mail address o f the Federal Reserve Bank o f N ew Y o rk is corner
o f Nassau and Pine Streets, and its telephone num ber, R ector 6200.
R espectfully,
B E N J . S T R O N G , J R ., G o v e r n o r .

B R A Z IL IA N DECREE PROVIDING FOR B A N K
' GUARANTY.
A d vices concerning a Brazilian decree providing a bank
guaranty were published in “ Com m erce R ep o rts,” issued
b y tho D epartm ent of Foreign and D om estic C om m erce, on
M a rch 2 4 .
This inform ation as received from C onsulGeneral Alfred M . G ottsch alk , a t Rio do Janeiro, under date
of February 9 , is reproduced in part as follow s:
A recent Brazilian decree provides that all savings banks in tho country
shall operate under tho guaranty o f the Federal G overnm ent, which itself
becom es responsible for tho restitution o f all sums deposited in them , in
conform ity w ith tho laws governing tho institutions. Provision is made for
tho establishment o f a Federal Savings Bank in each State o f tho U nion,
excepting tho State o f R io do Janeiro, and also for ono in the C ity o f R io de
Janeiro, which is not in tho State o f R io de Janeiro but in tho Federal
District. Those banking institutions aro subordinate to tho M inister o f
Finance and aro perm itted to maintain branch banks wherever their estab­
lishment is deemed appropriate.
S a v in g s I n s t i t u t i o n s P la c e d i n

T w o G rou p s.

T ho savings banks o f tho country aro in tw o groups— autonom ous banks
and those which operate in connection with branches o f the Treasury
D epartm ent. Banks whose developm ent and finances are o f a stable
character and which adm it o f the laying aside o f a funding loan are co n ­
sidered as belonging to tho first group. Those institutions which are not in
such condition belong to tho second group.
T ho autonom ous savings banks o f tho country aro further divided into
three classes: First class, those which havo a balance o f m ore than 40,000
contos ($10,000,000 in United States currency) over their deposits and a
resorvo fund guaranteed to be m ore than 10% o f this balance: second class,
those which have a balance o f m oro than 25,000 contos ($6,250,000 in
United States currency) and a reserve fund equal to 10% o f this balance:
third class, thoso which havo a balance o f m ore than 8,000 contos ($2,000,­
000 in U nitod States cu rrency).
•
Such banks as operate in conjunction with branches o f tho Federal Treas­
ury and winch have continued in operation for tw o years (tho minimum
tim o required for the autonom ous banks o f the third class) aro regarded as
autonom ous Institutions.
M u st R un M o re Than

T h i r t y D a y s to D r a w

In te rest.

N o interest is allowed on deposits not perm itted to run for a longer
period than thirty days, this stipulation applying equally to b oth large
and small deposits, even to those exceeding 10 contos (about $2,500 in
United States currency).
A c co u n ts

of

M a rr ied

W om en

and

M in o r s .

This decree permits a married wom an to open and draw upon an account
in her own nam e, except in the case o f the expressed opposition o f her
husband in writing; in that case the husband cannot withdraw the deposits
o f tho wife unless he has a right to d o so, as provided for in tho law. It is
also legal for minors to open a savings account, if m ore than sixteen years o f
ago, except in such cases as m ay be against parental wishes. A deposit
mado b y a minor must bo accom panied b y the name o f tho father or o f the
person or persons under whose charge he is placed.
Provision is m ade, In cases o f em ergency or stress, when the receipts o f a
bank d o not equal tho drafts on it for that da y, that tho savings bank m ay
call on tho N ational Treasury or on branches o f the N ational Tresaury for
tho am ount o f tho deficit. Such sums as belong to tho savings banks and
liavo boon deposited in the Federal Treasury m ay be em ployed in the
amortization o f the funded debt or in the ordinary expenses o f tho State, if
they aro not placed out in loans.
R ig h t

of

D e p o s ito r

to

W ith d r a w

B a la n c e .

T ho depositor has tho right to withdraw at any tim o the balance o f his
current accou nt, not exceeding 500 milreis, this stipulation applying to
savings banks o f the first and second classes; and the right to withdraw
at any tim o such balanco as his account m ay show, up to 200 milreis, in
banks o f the third class. In these withdrawals o f funds, when thay are
partial, tho depositor can lay no claim to any fraction o f a milreis, except in
case tho sum withdrawn exceeds 10 contos.

CHARACTERISTICS OF NEW YORK FEDERAL RESERVE
B A N K - A T T I T U D E OF MEMBER B A N K S .
Supplem enting the extracts which we have already printed
from tho annual report of the N e w Y o rk Federal Reserve
B a n k , we give below some further inform ation contained in
tho report bearing on the characteristics o f the N e w Y o rk
Reserve B ank and its relations w ith State and m em ber b an k s.
Our previous references to the report appeared in the “ Chron­
icle” of February 19 and 2 6 .
C H A R A C T E R IS T IC S

OF T H E F E D E R A L R E S E R V E B A N K OF
NEW YORK.
T ho special characteristics o f the Federal Reserve Bank o f N ew Y ork
m ay bo summarized as follows:
1. It is prim arily a city institution. On D ec. 31 1915. $7,288,650, or
6 5.8 8% , o f its paid-in capital is contributed by its 34 members located in
tho Central Reserve C ity o f N ew Y ork (Boroughs o f M anhattan and
B ronx); tho remaining $3,774,500, or 3 4.1 2% , o f its paid-in capital is
contributed b y tho 582 other members. O f its deposits $161,794,012, or
9 0 .1 8 % , is contributed b y these city members; the remaining $17,610,489,
or 9 .8 2 % , o f its deposits is contributed b y the 582 other m em bers.
2. It is located in tho settling centre o f the cou ntry; therefore, a very
largo volum o o f dom estic exchange is likely to flow through it.
3. It is located in tho city , upon tho banks o f w hich, in com m ercial or
financial crises, the principal strain has always fallen. It m ust, therefore,
always be prepared to grant credit prom p tly, in large volum o and in such
o rm as it m ay be required.

1680

THE CHRONICLE

4. It is located in the city in which tho principal gold exports and imports
norm ally are arranged, and must be prepared to facilitate its m em ber
banks in such transactions.
5. It is located in the investm ent and banking centre o f the cou ntry, and
therefore in tho m ost favorable field for tho exercise o f tho open-m arket
operations authorized under Section 14 o f tho A ct. D uring tho past year
tho bulk o f investments b y all Federal Reserve banks In m unicipal warrants
and bankers’ acceptances have been m ade through this bank, and it
seems likely that when conditions perm it tho inauguration o f transactions
I n foreign exchango and foroign bills b y the Reserve banks it will bo again
called upon to act for them .
6. T h o exerciso o f these investm ent functions for itself and other reserve
banks requires an organization o f a special nature, differing somewhat from
that o f other Reserve banks.
R E L A T IO N S W IT H M E M B E R B A N K S .
T h o aim o f this bank at all times has been to maintain frank and friendly
relations w ith its m em ber banks. A t every m eeting o f the N ow Y ork or
N ew Jersey bankors’ associations, or o f thoir groups, to which invitations
havo been received, one or m ore o f the directors or officers havo been
present and discussed tho developm ent o f the various functions o f the
system .
W hen tho establishment o f an intradistrict collection system was under
consideration, tho directors and officers invited representative m em bobankers from all parts o f tho district to confer with them at the office o f the
bank. T h e plan finally adopted was thoroughly discussed in all its aspects
and a consensus o f opinion seemed to prevail that it was a fair and reason
ablo plan.
W hon the conditions under which Stato banks should b e adm itted to the
Reservo system were under consideration three conferences wore hold b y
the directors and officers o f tho bank, ono with national bankers, one with
Stato bankers, and one with trust com pany officers, from various parts o f
tho d istrict, to ascertain their views upon tho question at Issue. In every
case the p olicy has been pursued o f dealing frankly w ith those present, in
order that thoy m ight understand fully how the action under consideration
w ould affect them .
T h o officors havo expressed themselves at all tim es as desirous o f estab
lishing personal relations with officers o f m ember banks and havo invited
them to call at the bank when in N ow Y ork C ity . Y e t a year has gone
b y and officers o f probably not over 15% o f tho m ember banks have dono
s o . M a n y o f them still havo the feeling that tho bank is a branch o f the
G overnm ent. T heir experience with the Governm ent consists principally
o f tho statutory and supervisory relationship which exists between them
and the C om ptroller’s office. T h e conception o f the relation o f this insti­
tution w ith them as co-operative makes headway slow ly. T he fa ct that tho
national banks wore practically com pelled to join tho system naturally
retards tho developm ent o f the co-operativo idea. T h o chango o f attitude,
upon w hich tho success o f tho system will ultim ately depend, will probably
com o slow ly, but thoro are already signs, as wo enter upon tho second year
o f tho system , that tho banks aro getting m ore accustom ed to it and
appreciate tho results it has already accom plished. It is hoped that during
the com ing year, with organization pressuro somewhat lessoned, m ore
tim e can bo devoted b y tho officers to developing personal relations with
tho officers o f m ember banks.
T h e present attitude o f the m em ber battles toward tho Reserve bank
m ay bo summarized as follow s:
T h e N ew Y ork C ity banks, upon which tho strain o f all crises first and
ch iefly falls, fully understand tho valuo and bonefits o f the system . W hile
regretting the loss o f bank deposits which will probably be drawn from
them (estim ated to bo as high as $250,000,000), they aro nevertheless
hearty supporters o f the system , at all times co-operative in their attitude.
M a n y o f the banks in other large cities aro unable to take full advantage
o f tho lowered reserve requirements, but in spite o f tho loss o f interest on
their reserve balance, m ost o f them understand what the system in Its
larger aspects means for American banking and generally give it their
support.
H A R D S H IP S OF T H E C O U N T R Y B A N K S .
W hile the same m ay bo said o f m any o f tho cou ntry banks, yet it is
am ong the cou ntry banks as a class that m ost o f the apathy and hostility
to the Federal Reserve system which still persists is found. Thoir oppor­
tunities and earnings are relatively small, and in order to live thoy must
figure closely. T h oy feel tho loss o f interest on reserve deposits: the
absenco, as y et, o f dividends on their capital contribution: and tho prospec­
tive loss o r decrease o f the exchango thoy generally charge on rem itting for
checks drawn upon them . M a n y banks in Industrial centres are precluded
b y the activ ity o f their business from taking advantage o f tho reduction in
the required reserve. T h oy believe that thoy will, in fa ct, bo required to
carry an oven larger reserve than heretofore in order to obtain collection
service for notes, drafts and non-m em ber bank checks and tho various
other services now rendered b y their reserve agents, but n ot yet undertaken
b y the Reserve banks. It is very natural that thoy should view with reluc­
tance the termination or dim inution o f long-standing business associations
w ith their Reserve agents. Few o f them , as y et, con ceive o f tho Reserve
bank as their a ctive Reserve agent, perform ing all tho services which go
w ith the relationship. The dorm ant accounts m ost o f tho banks maintain
with tho Reservo bank aro, perhaps, indicative o f their attitudo toward it.
R elatively few banks o f this district aro borrowers; in g ood times and bad
thoy have been ablo, when necessary, to borrow from their city correspond­
ents on bonds or on tho ondorsoment o f their directors, tw o avenues which
aro now to bo closed to them. T h e rediscounting privilege has been little
availed o f and the larger functions o f tho Federal Reserve system , such
as influencing dom estic rates and international gold m ovem ents through tho
developm ent o f a discount market and b y dealing in foreign bills, appear
rem ote from thoir spheres o f a ctivity. T h oy feel that the system has few
advantages to offer in return for the cost it entails upon them.
All o f these points will be felt with increasing acuteness b y tho country
banker as his reserve transfers approach com pletion and as reduced balances
result in reduced service from his city correspondent. H is point o f view is
outlined thus frankly in ordor that the difficulties ho sees m ay bo cloarly
recognized and steps taken gradually to rem ove them .
T h o developm ent
o f a m oro satisfied relationship requires progress on tho part o f tho Reserve
bank and a willingness to co-operate on tho part o f tho country banker.
T h e Reserve bank should organizo a com pleto collection system embracing
the handling o f notes, drafts and items on non-m em ber banks, which
evontually will bring all tho members into daily activo relations with tho
bank. I t must be ready to act for member banks in tho purchase, salo and
custody o f securities; to supply credit Information on names whoso paper is
offered b y brokers; to givo Its members inform ation concerning methods
o f developing tho now functions which the A ct authorizes thorn to exorcise;
to perform the services now rendered b y their Reserve agents; and generally
to assist thorn in overv reasonable way.
T h e m em ber banks should look upon tho reserve bank not as an alien
but as their own institution. T hey own all its capital and m ost o f its
resources, and they control its management through tho directors they
a o c t , subject always to tho supervision o f tho Reserve B oard. A t th e




[Vol. 102

Reserve bank thoy m ay borrow as a standing right and not as a favor which
m ay be cu t o ff. T h ey no longer have to buy or carry bonds to servo as
security for loans; tho paper o f their own custom ers, large or small, will now
serve as their security. W h ile panics in the past m ay not havo affected
them , thoy have been disastrous to tho business interests o f tho country
who are their customers; and their contributions to tho Reserve bank
should bo recognized as a form o f insurance not m erely for themselves b ut
for their customers as well. I f this insurance is expensive and makes some
changes in the nature o f thoir business, tho A ct should bo carofully studied
with a view to m aking the m ost o f tho new functions it provides. New
avenues o f activ ity should bo looker! for. T h e banks which will got the
m ost out o f membership aro those which are the first to soo and develop
the opportunities it provides and to educate their customers to tho protection
and facilities thoy will enjoy through the system . T h o occasion is a fa vor­
able one also for the correction o f abuses. Customers will do things in the
namo o f the Federal Reserve system which they have never done before.
T h e experience o f banks in using the form s provided b y tho Roservo banks
to got statements from their borrowers is ovidenco o f this. T h e occasion
should bo seized also to increase the balances o f depositors who carry
unprofitable accounts. T o assist m ember banks in studying thoir accounts
this bank has had under preparation b y chartered public accountants a
reasonably simple form for analyzing accounts which m ay bo obtained by
banks desiring to use it.
I t Is tho duty o f tho directors and officers to understand not on ly the
probloms o f tho Reserve bank but those o f the m ember banks as well; and it
has boon thoir ondoavor during tho past year to givo special study to those
o f the country bank. Several suggestions for tho rollof o f tho country bank
have com o to tho notice.
One o f theso, which the American Bankers Association at its 1915 Soattle
convention favorod, was to permit the 3 % o f resorve which tho member
bank m ay carry either in its vaults or in the Roservo bank, to bo deposited
with m ember banks not m ore than 300 milos distant and count as rosorve’
This scorns to bo contrary to the spirit and intent o f tho A ct, which is
prim arily to centralize reserves in Federal Resorvo banks.
A nother suggestion which seems m oro worthy o f consideration is that •
tho porcontago o f roservo required for country banks should bo somewhat
further roducod. W hen tho roservo transfers aro com pleted checks in
transit can no longor cou nt as reserves. It is clear, therefore, that the
roservo reduction contem plated b y tho A ct will not bo roalizod in practice.
A furtlior reduction in tho reservo requirements w ould, in tho caso o f m any
banks, result in a reserve less than tho am ount thoir business actually
required, and would enable them to carry tho amount thus freed wherover
It w ould best servo their particular business, and, if thoy so dosired, to
maintain som o relations with present city correspondents. It would load
away from the present rigidity o f bank reserves toward groator flexibility
and a better understanding o f their moaning and purpose.
T h o form ation o f a national bank section o f tho Amorican Bankers
Association and tho co-operativo relationship which its oxocutivo com m ittee
has established with thoso charged with tho duty o f operating tho Fodoral
Reserve systom , suggosts the desirability o f tho form ation o f similar
soctions o f Stato bankers’ associations. Owing to its diverso momborshlp,
consisting o f national banks, Stato banks, trust com panies, savings banks,
and private bankers, State bankors’ associations aro naturally somowhat
reluctant to deal a ctively with tho probloms and dovolopm ont o f the
Federal Rosorve systom . T o o large a proportion o f thoir membership is
interested only academ ically in tho system . A national bank section o f a
Stato bankers’ association cou ld act as an im portant medium o f com m uni­
cation botwoon tho reserve bank and its m ember banks, and would bo o f
constant value to both.
N A T IO N A L

BANK

S E C T IO N OF T H E A M E R IC A N B A N K E R S
A S S O C IA T IO N .
T h o Amorican Bankers Association at its m eeting in Soattlo on Sep­
tember 6 -10 1915, established a national bank soction. T ho officers and
executive com m itteo o f this soction had thoir first m ooting in Now Y ork
C ity N o v . 20, somo o f tho sessions o f which tho governor and chairman
o f this bank had tho privilege o f attending b y invitation. T ho co-operative
attitudo o f tho organization toward tho developm ent o f tho systom was
apparont throughout and great satifsaction was oxprossed that m ombor
banks now had an organization through which thoy could oxpress thoir
dosiros and views o fficia lly to tho Roservo Board and tho Roservo banks,
and through which tho Reservo Board and Reservo banks could com m uni­
cate officia lly with the member banks. T ho work o f this soction, if carried
forward on broad linos, is likely to play an im portant part In tho dovelopm ont o f tho Roservo system , and it seoms dosirablo that tho plan should be
fallow ed in tho Stato bankers’ association as woll.
R E L A T IO N S W IT H S T A T E B A N K S .
T h o attitudo o f the State Institutions in Now Y ork C ity and otlior large
citios to tho Rosorvo systom is ono o f friendly support and o f appreciation
o f its moaning and advantages to tho banking and business lntorosts o f tho
country. T hoy agreo that ultim ately, In order to givo tho systom the
strength and influence it should havo. State institutions should Join it.
but thoy soo no immediate noed o f doing so and nro inclinod to wait and
observe what advantages it will dovolop for thorn. Somo havo oxprossod
tho boliof that, without bearing tho burdons o f tho systom , thoy w ill, never­
theless, bo ablo to participate indirectly in its advantagas. T ho officers
o f som o o f tho loading institutions havo oxprossed a dosiro that bofore
considering joining tho system thoir status as members should bo m ore
fu lly dofinod b y law and left loss to tho regulation o f tho Itasorvo Board.
T h o attitudo o f State institutions in tho country districts appears to bo one
o f com plote indifferenco.

SALE OF PART OF A P P A M ’S CARGO.
On A p ril 12 approxim ately § 7 0 0 ,0 0 0 was roalizod from tho
salo a t N ew p ort N ew s of part of tho cargo of tho British
steamer A p p a m , which had been hold to bo porishablo and
ordored to be sold b y the U n ited States C ou rt, ponding the
settlem ent o f the libel proceedings against tho vessel. T he
proceeds o f the salo, which was conducted b y U nited States
m arshals, will be held b y the C ourt for dolivory to whoever
is declared to be the owner of tho A p p a m .
In tho libol pro­
ceedings against the A p p a m , which was captured on Jan. 15
b y tho M oew e and brought into H am p to n R oads on F o b. 1,
counsel for the British owners o f tho vessel, on April 7 , bofore
Judgo W a d d ill of the U n ited States D istrict C ourt at N o rfo lk ,
secured an order requiring C ap tain Borg to inform the C ourt
of the am ount o f supplies he had taken aboard tho A p pam

May 6 1916.]

THE CHRONICLE

1681

from the tim e o f her capture until she reached H am p to n | visit the U n ited States and foreign ports carrying arm s and
R o ad s.
T h o former owners are trying to prove th at tho i munitions of w ar, and did contrive m etal bom bs filled w ith
G orm an officer violated tho neutrality o f tho U n ited States chemicals and explosives which were intended to be secreted
and forfeited his right to possession o f tho ship b y remaining on board the vessels which sailed from N e w Y o rk , so that
in A m erican waters longer than was required to m ake his the vessels m ight be set on fire and destroyed .”
vessel seaworthy and to.,tako on necessary supplies, and by
T h e indictm ent further accuses D r . Scheelo o f purchasing
having failed to head for a neutral port im m ediately after lead for the bom bs a t five different tim es.
D r . Scheele is the
tho capturo.
T h e Court hopes to roveal tho course tho A p - only one who has not been arrested, his whereabouts being
pam took after her capture b y tho am ou n t o f supplies she unlaiow n. A ll o f the others, except C a p t. W o lp ert and
used.
C a p t. B o d e , w ho have been released under $ 2 5 ,0 0 0 bail, are
T ho complote log, ship registry, bills of lading and tho G er­ in the T o m b s.
m an prize code, and a survey of tho sh ip, was sought in two
m otions m ade b y counsel for tho steam ship com p an y; but
CLOSING OF W HITE SEA PORTS .
was n ot granted in full b y tho C ou rt.
T h o C ou rt declined
T h e follow ing notice officially announcing the closing by
to pass on tho question as to whother it w ould require C a p ­ Russia of the W h ite Sea ports has been issued b y C . J .
tain Berg and L . M . von Schilling to produco tho G erm an
M e d zik h o v sk y , Im perial Russian Com m ercial attache in
prize codo. Judge W a d d ill, how over, signod an order in­ the U nited States:
T h e Russian Governm ent having decided with a view to regularizing the
structing tho clerk to subpoena Captain Borg and M r . von
traffic to prohibit the entry o f cargoes into the ports o f the W hite Sea until
Schilling to produco the log o f tho ship, both engine and deck, further orders, the authorities responsible fo r the administration o f this
from tho tim e of tho arrival of tho ship within tho territorial ordinance hereby give notico that no pratique will be allowed to any private
waters o f tho U nited States until tho present tim e .
Ho fur­ vessel before the 15th June next, but they d o not com m it themselves to
that date or any subsequent date. T h ey will, how ever, give facilities if
ther ordered a survey of tho ship, as to its ongine, hull, and when they can do so, and in the meantim e with a view to minimizing
boilers and m achinery, to ascertain if tho ship bo seaw orthy. as far as possible loss and dislocation o f trade and to ascertaining]what ar­

EXPORT SUGGESTIONS FROM

THE GOVERNMENT.

T h e domand for information on foreign trade subjects
has led to tho publication of a book of practical suggestions
b y tho Bureau o f Foreign and D om estic C om m erce, D ep art­
m ent o f C om m erce.
T hese suggestions aro n ot concerned
w ith the salo o f any particular lines of goods in foreign m ar­
kets, b u t w ith tho problem s which, sooner or later, confront
exporters in overy line, such as questions of credit, agencies
and packing.
T ho m uch-discussed question of extending
credits to foreign buyers is gono into at considerable length
in tho bu lletin , as thero seems to bo a disposition on tho part
o f Am erican oxportors to regard as perm anent tho present
short-term and cash business w ith countries that previously
dem anded long credits.
A special warning on this subject is
directed a t m anufacturers who prefer to do thoir foreign busi­
ness direct:
Foreign buyers who aro willing to p ay you cash now— especially is tills
true or Kuropean buyers— will not do so after tho present extraordinary
conditions havo ceased to exist. Y ou must l'aco tho fact that if you intend
to do a direct export business you must bo prepared to financo you r ship­
ments at ninety days sight or longer. This statement docs not mean
that you cannot d o an export business on any other basis. It means
that if you want your m oney in advance or cash at seaboard you must do
business through a m iddle-m an. This cannot bo put too strongly, as
there is no other alternative.

T ho absu rdity, under present conditions, o f turning over
Latin-A m orican businoss to representatives o f European
concerns w ithout a guarantee of continued representation
when tho war is over is pointed o u t.
T ho title of tho new
bulletin is “ E xport Trado Su ggestion s,” M iscellaneous
Series N o . 3 5 , and it contains 141 pagos. Copies m a y bo
purchased a t the nom inal price o f 15 cents each from tho
Superintendent o f D ocu m en ts, W a sh in g ton , D . C ., or from
tho D istrict Offices o f tho B ureau.

IN D IC T M E N T RETURNED I N SHIP BOMB PLOT CASE.
A n indictm ent was returned b y tho Federal grand jury in
N ow Y o rk on A p ril 2 8 against D r . W a lte r F . Scheelo, Presi­
dent of tho N e w Jersoy Agricultural & Chem ical C o . o f
H oboken and oight others charging them w ith conspiracy
to destroy b y m eans o f incendiary b om b s, vessels laden
with supplies for the A llies. T ho indictm ent charges that
tho plotting oxtondod from Jan. 1 1915 to April 13 1916.
In
addition to D r . Scheelo, thoso nam ed in tho indictm ent aro
C ap tain O tto W o lp e r t, Superintendent of tho A tla s Lino, a
subsidiary o f tho H am burg-A m orican Lino; C ap tain Enno
B od e, A ssistan t Superintendent o f tho H am bu rg-A m orican
Lino docks in H oboken ; Captain E . W . A . Charles von
K lo ist, Superintendent o f tho N ew Jorsoy Agricultural &
Ch em ical W o r k s, H oboken ; E rn est B ecker, electrician on
tho N o rth G erm an L loyd liner K aiser Friedrich dor Grosso;
W ilh elm Parades, George Praedel and Friedrich Karbade,'
or G arbado, all fourth engineers on tho K aiser Friedrich der
G rosso, and C arl Sch m idt, chief engineer o f that vessel.
Arrests m ade in this case were referred to in our issuo of
Saturday la st.
T h o indictm ent charges that tho nine m en ,
“ from Jan. 1 1915, and continuing to April 13 1910, did un­
law fully and foloniously conspire to com m it offonso against
tho U n ited States under Section 2 9 8 o f tho U n ited States
Crim inal C ode in that thoy conspired to m aliciously a ttack
b y surprise and open forco vessels within tho wators of tho
U nited S ta te s ,” and that “ thoy know the said vessels would




rangements havo been m ade b y manufacturers, merchants andjshippers to
send cargoes to tho ports concerned, all persons desiring to export goods to
Archangel are invited to send to tho Imperial Russian Com m ercial A tta ch e ,
44 AVhitehall S t., N ew Y o rk , the fullest particulars o f such goods, stating
whether they are on Governm ent account or on private account. T he in­
form ation should include nature and quantity o f goods, approxim ate weight
and measurement, names o f consignors and consignees, approxim ate value,
m onth or m onths o f shipment. In the case o f goods sold c . i. f. Archangel
the arrangements m ade or contem plated fo r getting them there should be
disclosed and in the event of.such goods being proved to be fo r war purposes
tho rate o f freight payable or provided for in the c. i. f. price should be as­
certained and reported. W here shippers have tonnage at their com m and
particulars o f the vessel, nam ely, nam e, d raft, tonnage, date available for
loading, port o f loading, S e c ., should be furnished to the Com m ercial A t­
tache. N o vessel will bo recom m ended fo r pratique unless andjuntil the
cargo she will carry has been a pproved. T he sooner the inform ation now
asked fo r is supplied tho sooner the authorities will be able to arrive at a
decision on tho position generally, and the sooner therefore parties interested
will know how they stand.

I. T. T. LINCOLN TO BE E X T R A D IT E D TO ENGLAND
ON FORGERY CHARGES.
T h e U nited States Supreme Court on the 1st inst. decided
that Ignatius T . T . Lincoln, a former m em ber of the British
P arliam ent, and a self-confessed G erm an sp y , m ust be re­
turned to England to stand trial on a charge o f forgery.
L incoln, a t the request of the British G overn m en t, was ar­
rested in this city in A ugust 1915, on a forgery charge, and for
obtaining m oney under false pretenses. Before his arrest
he had written articles for the newspapers giving accounts
o f his activities as a G erm an sp y .
In January last he
escaped from cu stod y, but on F e b . 19 was re-arrested.
F ollow ing the refusal o f tho U . S . D istrict C ourt’o f/N e w Y o rk
to release Lincoln on habeas corpus proceedings brought in
his behalf an appeal was taken to the U . S . Supreme C ou rt,
and on F eb . 2 5 G reat B ritain, through counsel, asked that
an early decision on tho a p p e al.b e given.
John N eville B o y le , counsel for Lincoln, entered objections
to an early consideration o f tho appeal; ho contended that
several new questions had been raised, and that the demand
for extradition was w ith the purpose o f trying Lincoln as a
sp y , and that as this w as a political offense, his extradition
w ould be in violation of tho extradition treaty between the
U n ited States and G reat B ritain. T h e Supreme C ou rt, in
handing down its verdict, filed no form al opinion, but
affirm ed the order o f tho Federal D istrict C ourt of N e w Y o rk
denying the writ of habeas corpus sued for.

C A N A D IA N EMBARGO ON N IC K E L AN D ASBESTOS.
U nder an Order-in-Council passed b y tho Canadian
G overnm ent on M a rch 2 4 the export o f asbestos and of
m etals and ore-nickel, nickel ore and nickol m atte— is pro­
hibited to all except British countries.
It is understood,
however, that exports o f both nickel and asbestos to the
U nited States continue to be perm itted under special license.
T h a t the arrangements entered into w ith the D om inion
G overnm ent b y the International N ick el C o . will n ot be
disturbed as a result of the em bargo, was indicated in the
following statem ent m ade b y Premier Borden to the H ouse
on M a rch 2 8 .
T he reason for the passage o f the Order-in-Council is that a small quantity
o f nickel was being sent to the U nited States b y , I think, one com pany
with which tho Governm ent had not an arrangement. N either the C anaddian Governm ent nor the British Governm ent was able to trace the des­
tination o f that nickel.
Therefore, it is proposed not to prohibit tho export o f nickel but to co n ­
tinue it under license from tim e to tim e, thus making It necessary for any
person or corporation exporting nickel from Canada to the United States

to enter into arrangements as satisfactory as those which were consum ­
m ated in the early m onths o f the war with the International N ickel C o .
T h e order prohibits exportation except to British possessions. E xport
will b o carried on under license wherever the British and Canadian G overn­
m ents are satisfied as to the ultimate destination o f the article so exported.

IN Q U IR Y

(Vol. 102.

THE CHRONICLE

1682

INTO

C A N A D IA N

SHELL

CONTRACTS.

A s a result o f charges laid before the Canadian Parliam ent
on M a rch 2 8 , alleging losses to G reat Britain and Canada
through contracts for shells placed in the U n ited States b y
the Canadian Shell C om m ittee, Sir R obert B orden, the
Prim e M in iste r, announced on M a rch 3 0 in the H ouse of
C om m ons th at the G overnm ent would create a R o ya l C o m ­
m ission to investigate the charges. T h e inquiry was under­
taken on A p ril 2 6 .
T h e charges were laid before Parliam ent
b y George W . K y t e , Liberal M e m b e r for R ich m on d C o u n ty ,
N o v a Scotia.
In announcing th at a R o y a l C om m ission
w ould investigate the charges Premier Borden also stated
th at a t his request Sir Sam H u gh es, M in ister of M u n itio n s,
who is said to have been instrum ental in placing the con­
tracts, w ould return to Canada from E n glan d to tell the
Com m ission w h at he knew o f the fuse contracts. A cable­
gram received a t the tim e asking th at in his behalf a state­
m en t be m ade in the H ouse to the effect th at he had “ no
improper connections w ith the contracts referred to , or
a ny other contracts” was received b y Sir R obert from General
H u gh es, who added that “ if a n y suggestion to the contrary
is m ad e, I respectfully dem and full investigation b y a
judicial tribunal presided over b y Sir Charles D a v id so n .”
T h is proposal o f General H ughes was criticised b y Sir
W ilfred Laurier, the opposition leader, who contended that
if there was to be an inquiry it should be m ade in the H igh
C ourt o f Parliam ent. T h e dem and o f Sir W ilfred for a
Parliam entary investigation was rejected in the H ouse of
C om m on s on the 4th in s t., b y a v ote o f 8 2 to 4 4 .
The
inquiry is, therefore, being conducted b y a R o ya l Com m ission
consisting o f Sir W illiam M ered ith , C hief Justice of the
Supreme C ou rt of Ontario, and Judge L y m a n P . D u ff, o f the
Supreme C ou rt o f C an ada. M r . K y t o ’s allegations are
said to concern the Am erican A m m u n ition C o m p a n y , in­
corporated in Virginia, w ith an authorized capital of S L ­
O K ,0 0 0 , the subscribed am ount o f which is claim ed to be
C)
S I ,0 0 0 ; the International A rm s & Fuse C o ., incorporated in
N e w Y o r k , w ith an authorized capital o f S I ,5 0 0 ,0 0 0 , but
w ith a subscribed capital, it is reported, o f b u t S 3 ,0 0 0 .
A ccording to M r . K y te , on June 10 la st, certain persons
connected w ith the com panies m entioned, signed a form al
agreem ent b y which th ey apportioned am ong them selves
as com m ission $ 1 ,0 0 0 ,0 0 0 of m on ey they were to get from
the Canadian Shell C om m ittee for a contract for 2 ,5 0 0 ,0 0 0
fuses promised to them b y Sir Alexander B ertram , Chairm an
o f the Shell C om m ittee. N in e days later th ey g ot contracts
for $ 2 2 ,0 0 0 ,0 0 0 worth o f fuses. T h e d ay the contracts were
awarded the two companies the Shell C om m ittee advanced
them $ 2 ,1 6 6 ,0 0 0 .
W ith in four m onths th ey received an
additional advance o f $ 1 ,0 8 3 ,3 0 0 .
I t is stated that con­
tracts w ith the Edwards V a lv e C o . and the Providence
Chem ical C o . will also be in vestigated. General Sir Sam
H ughes returned from Europe the m iddle of last m onth to
be present during the inquiry.

GERM AN Y SA ID TO BE CONVINCED OF IT S RESPON­
S IB IL IT Y FOR S IN K IN G OF TUB A N T I A .
W ith regard to the sinking of the D u tch steamer T u b an tia
in M a rch , a dispatch from A m sterdam to London on the 2d
in st. quoted the “ H andelsblad” as saying: “ T h e evidence
presented b y the D u tch shipping council and the pieces o f
m etal found in the ship’s boat have convinced the Berlin
G overnm ent th at a G erm an torpedo sank the D u tch steamer
T u b a n tia .”
T h e dispatch adds: “ N egotiations regarding
the com pensation for the sinking of the vessel aro proceeding.
M e an tim e A lbert B allin , Director-Gonoral o f the H am b u rg Am erican Steam ship C o ., has offered to transfer to the
D u tch com pany a large H am bu rg-A m erican Line ship to
take the place o f the T u b a n tia .”
C able advices from Berlin on A pril 1 had credited G erm any
with an em phatic denial of a n y knowledge o f the sinking of
the T u b an tia. According to a cable dispatch to Copenhagen
via London on A p ril 2 2 , the G erm an G overnm ent signified
its willingness to participate in the investigation b y H olland
o f the sinking of the steamer. Pieces of the torpedo which
is alleged to have struck the T u ban tia were su bm itted to
the G erm an authorities a t Berlin b y the chief o f tho D u tch
royal dockyard for the purpose of determining whether or
n ot the torpedo was o f G erm an m anufacture.




T h e D u tch B oard o f N av ig a tion , aftor an investigation
into the sinking of the T u b an tia, declared th at the vessel
was torpedoed. T h e M inister o f M arin e on April 13 m ade
public tho following com m unication:
T ho favorable weather has enabled divers t o enter tho steamor T u b a n tia ,
whose damaged starboard side Is only ton meters below tho surface. N o
remains o f a torpedo or m ine have been discovered, but m ore pieces o f
m etal have been found in another Tubantia lifeboat picked up near T erschelling, one being part o f tho mechanism o f a torpodo, punched with a
number, which probably will definitely fix tho identity o f the torpedo
which hit tho Tubantia. T he Governm ent has asked tho co-operation
o f the German Governm ent to this end.

T h e D u tc h B oard o f N av ig a tion , which also investigated
the sinking of the D u tch steamship P alem bang in M a r ch ,
has concluded th at the disaster was likewise due to a torpedo;
the B oa rd ’s report says:
Three explosions took place. T h o first was caused b y tho explosion at
somo distanco o f a drifting mine, which was fired upon b y a British tor­
pedo b oat destroyer. T ho second oxplosion was caused b y a torpedo,
fired at short rango, which hit the Palembang. T his is established beyond
doubt b y tho unanimous statements o f tho witnesses who saw tho track o f
tho torpedo. It could not have been fired b y tho British torpedo boat
destroyer, because tho torpedo passed somo meters In front o f tho latter
vessel. I t is possible that the torpedo was m eant for tho destroyer, bu t.
missing it, hit the Palembang.
.
T h e third explosion was also a torpedo. T h o first mate o f tho steamship
clearly saw its track approaching six lengths away on tho starboard. This
torpedo was aimed at tho Palembang, bocauso the British torpedo boat
destroyer was then a great distanco away.
T h o definite statements o f tho crow are confirm ed b y tho fact that no
other drifting mines were observed and tho Palombang, at tho tim e o f the
second and third explosions, was m otionless and there was, therefore, no
possibility o f a collision with an anchored mine.

B A N K IN G ,

L E G IS L A T IV E

AND

F IN A N C IA L

NEW S.

T h e public sales of bank stocks this week aggregate 25
shares, of which 9 shares wore sold a t the Stock Exchange and
16 shares a t auction. Four shares of trust com pany stock
were sold a t auction.
E xtensive tables reporting bid and
asked quotations, deposits, surplus, & c ., of banks and trust
companies in all im portant cities in the U nited States are
published m onthly in tho “ B an k and Q uotation” Section the
M a y issue o f which accompanies to -d a y ’s “ Chronicle.”
B id
and asked quotations for all N e w Y o rk C ity bank and trust
com p any stocks are also published w eekly in another depart­
m ent o f this paper, and will be found to-d a y on pago 1706.
S h a res.

BANKS—

N ew

Y ork.

L ow .

*2 C ity B ank, N ational--------------- 449
*7 Commerce, National Bank of- 168
16 Metropolis, Bank of tho---------295
TRUST COMPANIES — N e w Y o r k .
3 Guaranty Trust C o................ 443
1 Title Guarantee & Trust C o -- 373

H ig h .

C lo se.

L a st p r e v io u s sa le .

449
169
295

449
169
295

Mar. 1916— 443 \l
Apr. 1 9 1 6 - 168 H
Dec. 1913— 300hi

443
373

443
373

Aug. 1915— 601
Aug. 1915— 390

* Sold at tho Stock Exchange.
A t the annual m eeting of the C ham ber o f Com m erce of
the State of N ew Y o rk on T h u rsd ay, Eugenius H . Outerbridge was elected President, succeeding Seth L ow , who
retired after serving two term s.
T h e centenary celebration of the Am erican Savings B ank s
will bo held under he auspices of tho Savings B ank s Associa­
tion o f the State of N e w Y o rk in this city at the H otel B iltm ore on the 17th inst
T h e T radesm en’s N ation a l B a n k of Philadelphia has issued
a brochure on “ Trado A ccep tan ces.”
T h e bank is actively
encouraging the use of this form of negotiable paper and offors
to firm s and individuals interested the services o f its organi­
zation , w ithout charge or fee, for such assistance as m a y be
required to explain or pu t into operation a system of trade
acceptances.
Jam es B row n, of tho firm of Brow n Brothers & C o ., lias
been elected a trustee o f tho U nion T rust C o . o f this city
to fill a vacancy.
W illiam S . K ies, a Vice-President of the N ational C ity
B an k o f this city , has been elected a Vice-President of the
Am erican International Corporation, tho foreign trade or­
ganization which was formed last year. M r . K ies will re­
tain his placo a t the bank but will be relieved o f all of his
work other than that having to do w ith tho foreign
branches and will m ake his headquarters w ith tho Am erican
International C orporation, at 120 B roa d w a y. W illard D .
Straight, a V ice-President o f the Am erican International
C orporation, who has been on a trip to London in connection
w ith the affairs o f the C orporation, will return to-day (the
6 th ).

May 6 1916.]

T h e U nion T ru st C o . of this c ity , in ordor to provide addi­
tional space for its trust com p an y departm ent, which has
outgrown its present Quarters in the com p an y s offices at
8 0 B roadw ay, has leased the banking floor o f the C entury
B uilding, 7 2 -7 4 B roadw ay. T h e Contury Building adjoins
the Union T ru st C o . Building and its m ain banking floor is
on approxim ately the same level as the m ain offices of the
trust com pany.

recently had a photographic reproduction m ade of an
engraving o f this hotel w ith a view of C hestnut Street in the
old d a ys. A cop y o f this historic engraving, said to have
been m ade in 18 48 , will be presented to a n y one interested.
T his institution has been publishing a series of very effective
bank advertisem ents recently which, we are inform ed, have
brought direct results. W illia m A . L a w , ex-President of the
Am erican Bankers A ssociation , is President o f the bank .

Tlio Corn Exchange B an k of this c ity , W a lte r E . brew ,
President, this week published an interesting statem ent of
facts regarding the in stitu tion . T h e Corn Exchange B an k
began business in 1853 and in 1899 inaugurated the system
of branch banking in this city which to-d a y numbers th irtysix branches in Greater N o w Y o r k .
T h e bank has as an
adjunct to its business seventeen safe deposit vaults owned
b y the Corn Exchange Safo D eposit C o . O f.its thirty-seven
locations, the bank owns sixteen banking houses in fee sim­
ple, including the large building in W illia m Street.
Ih e
institution owes to depositors, payablo on dem and, $ 1 1 2 ,­
1 3 6 ,0 4 8 . T o m eet this indebtedness it has $ 3 6 ,8 3 8 ,8 6 2
cash, $ 9 ,0 8 1 ,4 5 4 of checks in other banks payablo in one d a y ,
$ 1 2 ,7 9 1 ,9 4 0 loans to individuals and corporations payable
when asked for, secured b y collateral of greater valuo than
the loans, $ 1 7 ,9 9 1 ,1 6 9 o f railroad and other corporation
bonds readily salable in the open m ark et, $ 4 1 ,1 5 7 ,0 5 5 of
loans payablo in three m on th s, largely secured b y collateral.
Besides these item s, there are $ 1 ,2 4 7 ,2 2 1 o f m ortgages and
real estate and sixteen banking houses all located in N o w
Y o rk C ity , valued a t $ 3 ,1 5 9 ,4 9 5 .
Those assots alone total
$ 1 2 2 ,2 6 7 ,1 9 8 , leaving a surplus of $ 1 0 ,1 3 1 ,1 5 0 over the
deposit obligations. W illia m A . N a s h is Chairm an o f the

T h e directors of the C orn Exchange N a tio n a l B an k of
Philadelphia have added $ 2 5 0 ,0 0 0 to that institution s sur­
plus fu n d , bringing it up to $ 2 ,0 0 0 ,0 0 0 .
T h e y also declared
the usual sem i-annual dividend of 7 % on the com p any s
$ 1 ,0 0 0 ,0 0 0 cap ital, this being the 115th dividend to be paid

board.
Charles W . H arkness, a w ell-know n capitalist o f this c ity ,
who was prom inently identified w ith Standard Oil interests,
died on M a y 1; he was in his fifty -seven th year. M r . H ark ness’s holdings of Standard Oil C o . stock aro roported to have
been the third largest in the world; ho was a director of the
Baltim ore & O hio, the Chicago M ilw au k ee & S t. Paul and
the Southern Pacific C o .
Granville Clark has been appointed receiver o f tho A u d u ­
bon N ation al B an k o f this city , which was placed in volu n ­
tary liquidation in 1911.
T h e application for a receiver was
m ade b y M erle I . S t. John, attorney for Jam es W . B allard ,
receiver of the K oystono Guard of Philadelphia, which o b ­
tained a judgm ent some tim e ago against tho bank for
$ 5 0 ,0 0 0 .
Tho officers and directors of tho Central T ru st C o ., of
C am d en , N . J ., announce tho tw o n ty -fifth anniversary of
their institution. T ho Central T ru st C o . was founded M a y 8
1891; it now has $ 1 0 0 ,0 0 0 capital, surplus and profits o f over
$ 2 9 0 ,0 0 0 , and gross deposits of over $ 2 ,0 0 0 ,0 0 0 .
I I . II.
Grace is President and Alphous M cC ra ck en is Chairm an of
the B oard.
T h e H anover T ru st C o . of B oston opened for business on
M a y 1 a t H an over and U nion streets, in tho heart of the m ar­
ket district. A t tne close o f tho first d a y ’s business over
$ 2 5 0 ,0 0 0 in deposits had been received.
Gabriol Stabile is
President of the now institution;
W illiam S . M c N a r y ,
Chairm an of tho B oard; Allon P . Frederick, V ico-Prosidont,
Androw D i P ietro, Vice-Presidont; T h om as N u tilo , V icoPresident;
H en ry H . Chm iolinski, V ice-President and
Treasurer, and Carlo F . A rzillo, Secretary. T h e com p an y
was organized to m eet tne needs of business m en in tho
N orth E n d , and its officers and directors aro chiofly m en with
largo interests in that section of B oston .
Charles W . Jones, a former President of tho N ow England
N ation al B ank of B osto n , died on April 2 9 ; ho was sixty-six
years of
England
formerly
tee. A t

age. M r . Jones servod as President o f tho N e w
N ation al B an k from 1890 to 1909, and was also
Chairm an of tho B oston C learing-H ouse C o m m it­
the tiino of his death ho was a director of the

Com m onw ealth T ru st C o .
T h e First N ation a l B an k o f Philadelphia, the first bank
chartered under the N ation al B a n k A c t , has been doing
business a t 3 1 5 Chestnut Streot for the past iifty -tw o years.
On tho site stood the F ra n k lin Ilo u te , a t that tim e considered
ono of the finest hotels in tho country.




1683

THE CHRONICLE

T h e bank has

b y the com p an y .
H arry W . Loos has been elected Treasurer of the E a st
E n d Savings & T ru st C o . o f P ittsbu rgh , succeeding O . J .
V ik a ck , whose resignation was reported in these colum ns
last week.
A quarterly dividend a t tho rate of 1 0 % per annum h as
been declared b y the directors of the Central N a tio n a l B a n k
of C leveland , an increase of 2 % in the yearly d istrib u tio n .
T h e institution has $ 1 ,0 0 0 ,0 0 0 capital and a surplu
o
$ 5 0 0 ,0 0 0 , while undivided profits have ju st been increased
b y the addition of $ 4 8 ,0 0 0 , m aking th at fund $ 4 2 0 ,0 0 9 .
N egotiations whic

have been going on for

everal m o n th s

for tho consolidation of the W inters N ation a l B an k of D a y ­
ton , O hio, capital $ 5 0 0 ,0 0 0 , and the T h ird N ation a l B an k of
that c ity , capital $ 4 0 0 ,0 0 0 , h ave, it is stated , been p ra cti­
cally com pleted.
T ho officials of b oth institutions ha\e su b ­
scribed to an arrangem ent whereby the affairs of th e two
banks w ill be liquidated.
A new institution will be created
under the nam e o f the W in ters-T h ird N ation a l B a n k , w ith
$ 1 ,0 0 0 ,0 0 0 capital. T h e last statem ent of the W in ters N a ­
tional B an k showed surplus and profits of $ 3 0 2 ,9 0 1 and gross
deposits of $ 1 ,3 1 0 ,5 0 7 .
Fred A . Funkhouser is President.
T h e last statem ent of the T hird N ation a l B an k showed sur­
plus and profits of $ 3 0 0 ,0 2 4 , and gross deposits o f $ 1 ,6 7 0 ,4 6 5 .
T he presidency o f the Third N a tio n a l B a n k has been vacant
since the death of Charles Rench in M a rch la st.
R obert B . L ocke, President o f tho B oston C h ap ter,
Am erican Institute of B an k ing, has been engaged as M a n ager
o f the D etroit Clearing H ou se , succeeding H erbert V .
N o b le , of the investm ent banking firm of H . W . N o b le &
C o ., who has m anaged the affairs of the institution for
about seventeen years. M r . Locke for several years hai
been associated with the Old C olony T ru st C o . of B o sto n .
H e will take up his new duties about M a y 15.
T h e banka 1»
constituting the executive com m ittee of the D etroit Clearing
H ouse aro contem plating extending the scope o f the Associfc*
tion, and their plans include the establishm ent of a country
bank clearing departm ent.
Organization of tho D etroit G uaranty T ru st C o . o f D e tro it
was com pleted on M a y 1, when directors, executive com ­
m ittee and officers for tne new institution wore chosen.
The
com pany has $ 3 0 0 ,0 0 0 capital and $ 1 5 0 ,0 0 0 surplus, and will
open for business about M a y 15 at 8 4 Griswold Street.
It
will conduct a general trust com p any business, a specialty
being m ade of real estate loans of the m ortgage and bond
v a riety.
T h e follow ing officers have been elected: Frank H .
Bessenger, President; E dw ard E . H artw ick , First V ice­
President; H arold R . M a r tin , Second V ice-President and
Counsel; and H a rison G eer, Counsel.
Charles L . V iem an
was elected Treasurer and W . V . B utler, Secretary an l active
M a n ag er.

________

T h e recently organized C om m onw ealth Savings B a n k o f
D etroit opened for business on M a y 1 in the H am m on d
B uilding. T h e now bank starts w ith $ 5 0 0 ,0 0 0 capital a n d
$ 1 0 0 ,0 0 0 surplus, and will conduct a savings b an k business
exclusively. T h o organization o f the institution was com ­
pleted a t a m eeting on April 18, when a board of th irty-t’*7'*
directors w as chosen, and the follow ing officers wore elected:
President, Joseph W . M c C a u se y ; V ice-P residents, Frank
W o lf and C om fort A . T y le r ; and C ashier, Fred n . T a lb o t
T h e organization of this bank was referred to in o n ! to n e i t
F eb . 5 .
T ho M in n esota L oan & T rust C o . of M ir neapo 3 on M a y l
celebrated the thirty-third anniversary o f its organ ation.

1684

THE CHRONICLE

[Vol. 102.

E . W . M errill, Chairm an of tho B oa rd , w as one o f tho
francs applicable ■to 19 15 , these paym ents comparing with
organizers o f the com p an y in 1 8 '3 , and was its first Presi­
that of 235 francs in 1913.
den t, serving in th at capacity until 1910 when he declined
re-election and was elected Chairm an o f tho B oa rd .
I. W .
T h e M ichigan State B an k of D otro it, cap ital $ 2 5 0 ,0 0 0
C ham bers, A ssistan t Treasurer, has also been associated
started business on April 2 4 .
T h e now institution was or­
w ith the com p an y since its organization.
T h o institution
ganized b y Frank Schm idt, a w ell-known D otroit brower,
started w ith $ 2 0 0 ,0 0 0 capital and now has $ 1 ,0 0 0 ,0 0 0 capital
and is a reorganization of two privato banks of the late
and surplus and profits o f over $ 5 0 0 ,0 0 0 .
In 1909 a close
Joseph Kruszow ski; the two offices of tho privato banks at
affiliation between tho M in n eso ta L oan & T ru st C o . and tho
1101 Junction Avenue and a t 2421 W e s t Jefferson A v on u e
N orthw estern N ation al B an k was effected.
will be retained, tho latter being operated as a branch
office o f tho bank on Junction A v en u e. M r . Schm idt is
IT. P . TIilliai’d , o f S t. Louis, M o ., has been appointed President of the new bank ; Stanloy Kruszow ski, son of tho
receiver o f the closed A m erican N ation al B an k o f F ort former owner of the privato banks, is Vico-Prosident, and
S m ith , A r k ., succeeding J. M . L ogan , who returns to his Fred A . Sm ith is Cashier.
duties as bank examiner of tho E igh th D istrict of S t. Louis.
M r . Hilliard was form erly President o f tho C entral N ation al IMPORTS AN D EXPORTS OF GOLD AN D SILVER A T
B an k o f S t. L ouis, but resigned th at offico in M a rch 1915.
SAN FRANCISCO.
T ho A m erican N ation al B a n k closed its doors on M a rch 2 5 ,
T ho Collector of Custom s a t San Francisco has furnisliod
as noted in our issue o f April 1.
us w ith tho details o f tho im ports and exports of gold and
A dividend in liquidation o f 1 5 % has been declared to tho
stockholders o f the Southern N ation al B a n k o f L ouisville,
K v ., which in Ju ly 1915 was merged w ith tho A m erican
N ation al B an k o f th at city .
T h o distribution am ou n ts to
$ 7 5 ,0 0 0 and was payable M a y 1.
Including tho present
p aym on t, tho stockholders had received to date $ 3 7 5 ,0 0 0 , or
7 5 % of their holdings.
T h e G u aran ty State B an k o f San A n to n io , T e x ., capital
$ 1 5 0 ,0 0 0 , has been authorized to begin business b y the State
B an k ing B oa rd .
Lee Joseph has retired as President o f tho
hirst State B a n k & T ru st C o . o f C u ero, T e x ., to assume
tho Presidency o f the new b an k , and George D . C am p bell,
V ice-P resident of the State B an k & T ru st C o . o f San A n ton io ,
is tho new in stitu tion ’s Cashier.
T h o vacan cy in tho presi­
dency o f the h irst State B a n k & T ru st C o . o f C u ero, caused
b y M r . Joseph’s retirem ent, has been filled b y tho election
of F . W . Jaeggli, heretofore Cashier.

W illiam G . N e w b y , President o f tho A m erican N ational
B an k o f F ort W o r th , shot and killed him self on April 2 9 .
H e was fifty-eigh t years of age and had for some tim e been
in ill-health. M r . N e w b y was elected President o f the A m eri­
can N ation a l B an k in 1899; ho resigned th at office in 1914
becauso o f ill-health, b u t took up tho executive duties again
in 1 9 15 . Prior to his connection w ith tho A m erican N ation al
B a n k , he was Cashier o f the T rad ers’ N ation al B an k from
1890.

silver through that port for tho m on th o f M a rch , and wo
givo them below in conjunction w ith the figuros for pre­
ceding m onths, thus com pleting tho results for tho nine
m onths o f the fiscal year 19 15 -1 6.
IM P O R T S O F G O LD AN D S IL V E R A T SAN FR A N C ISC O .
G o ld .

S ilv er.

M o n th s.
C o in .

1915-10.
J u l y _________
A u g u s t . ____
September____
O cto b e r______
N ovem ber____
D e ce m b e r____
January...........
February_____
M a r c h _______

S
3,752,783
8,766.448
9,782,358
9,479,986
6.668,594
2,321,549

B u llio n .

T o ta l.

C o in .

S
$
231,615 3,984,398
361,655 9,128,103
1,359,503 11,141,861
2,496,173 11,976.159
2,401,258 9,069.762
1,532,091 3,853,040
1,188,290 1,188,290
284,347
284,347
1,177,930 0,044,430

S
313,420

Total 9 months 45,638,128 11,032,862 56,670,990

360,883

9 mos 1914-15.

4,866,500

9,839,825

5,298,986 15,133.811

etc

B u llio n

T o ta l.

S
204,084
216,402
205,160
126,270
380,561
102,036
224,680
106,179
235,684

S
517,504
216,402
260,123
172,770
380,561
102,036
224,086
166,179
235,684

1,987,062

2,347,945

7,5091 1,205,985

1,213.485

963
46,500

E X P O R T S OF G O LD A N D S IL V E R F R O M SAN FR A N C ISC O .
G o ld .

S ilv er.

M o n th s.
C o in .

B u llio n .

T o ta l.

C o in .

B u llio n

etc

T o ta l.

1915-16.
J u l y ..................
A ugust_______
Septem ber____
O cto b e r______
N ovem ber____
D e ce m b e r____
January______
February_____
M a r c h _______

257,566
72,000
2,612,250
4,046,381

300,199
557,699
601.261
673,261
200,110 2,812,360
2,050,650 6,097,031

6,600

Total 9 months

7,020,356

3,152,220 10,172,576

0,600

8,035,130

8,041,730

9 mos. 1914-15

11,245

11,245

18,488

4,125,467

4,143,955

?
16,250
12,225
1,000
2,750

$

$
16,250
12,225
1,000
2,750

S_

S
S
1,093,700 1,093,700
370,204
370,204
115,813
115,813
572,861
572,861
1,118,007 1,118,007
1,220,030 1,220,030
370,491
370,491
974,076
974,076
2,199,948 2,206,548

TIIE EN GLISH GOLD AN D SILVER M ARK ETS.
T h e report for tho year 1915 o f tho Societe Genoralo do
B elgiqu e, which is the oldest and m ost im portan t bank in B el­
giu m , and is represented in L ondon b y tho B anquo Bolgo pour
l ’Etranger, 2 B ish op sgato, in w hich it has a controlling in­
terest, has ju st been issued and is published in full on another
page of this issuo.
It will bo read w ith interest as reflecting,
so far as m a y bo possiblo under present conditions in th a t un­
fortunate cou n try, tho curront financial situation in B elgium .
I t is not surprising to find that tho business of tho ban k has
greatly fallen o ff.
T h e profits have undergone a correspond­
ing reduction, particularly becauso tho Socioto Genoralo do
Belgiquo norm ally draws a largo part o f its incomo from in­
vestm ents in tho securities o f industrial concerns.
It is to
bo noted, how ever, that tho largo advances m.ado to industrial
companies show that the bank is devoting itself to tho task
of m aintaining w hat little economic a ctivity still exists.
T he report states that the G erm an authorities havo fixed
at 5 5 ,0 0 0 ,0 0 0 francs the share of tho Societe Generalo do
Belgiquo in the Interprovincial loan issued to raise funds for
the paym ent of the second war contribution imposed on tho
Belgian people, am ounting to 4 8 0 ,0 0 0 ,0 0 0 francs.
T h is is
a transaction in tho naturo o f a com pulsory loan b y all tho
banks to the Belgian Provinces under tho m u tu al guarantee
of the la tter. T h e privilege of the issuo departm ent has boon
renewed for a year, this departm ent in reality constituting
an extension of the activities of tho N ation al B an k o f B el­
giu m , as the Societe Generalo intervenes only in a friendly
w ay and solely for tho account o f the N a tion a l B a n k .
It is
interesting to observe that tho valuo o f tho securities hold
on deposit exceeds 1 ,5 0 0 ,0 0 0 ,0 0 0 francs.
Profits am ounted
to a little over 2 ,0 0 0 ,0 0 0 francs on a com bined capital and
reserve exceeding 1 0 0 ,0 0 0 ,0 0 0 francs.
It has, how ever, been
possible, b y com bining tho 1915 profits with a special reserve
of 6 ,0 0 0 ,0 0 0 francs earned over in 19 1 4 , to p ay a dividend
o f 100 francs, of w h ich '50 francs is applicable to 1914 and 50




W o reprint tho follow ing from tho weokly circular of
Sam uel M o n ta gu & C o . of L ondon, written under date of
A p ril 13 1916:
GOLD.
Tho external movements havo been largely in favor o f tho Bank of Eng­
land. Tho following amounts wero received by tho Bank:
April 6 £300,000 in sovereigns released on miscellaneous account.
“ 11— 1,000,000 In bar gold.
“ 12— 931,000 in bar gold.
Withdrawals wero mado as under:
April 6—
£7,000 In bar gold.
“ 10— 196,000 in sovereigns for Spain.
"
“—
40,000 In sovereigns for U. S. A.
“ 11—
50,000 in sovereigns sot aside on account of Egypt.
“ 12— 202,000 In bar gold.
During tho week tho not increaso amounted to £1,736,000.
Tho Transvaal gold output for tho month o f March 1916 amounted to
£3,384,121, as compared with £3,202,514 in March 1915 and £3,201,063
in February 1916.
Tho net export of gold from India for the month o f March 1916 was about
£1,827,700.
Tho following tables are taken from tho report by tho Deputy Master of
tho Royal Mint for 1914:
I s s u e s o f C o l d C o i n i n 1914—
S o v e r e ig n s .
Ila lf-S o v s.
T o ta l.
Royal M int, London.............................. 11,501,170 3,625,000 15,126,170
S y d n e y ................................................. 1,774,000
161,000
1,935,000
Melbourno....................
2,012,029
2,012,029
P e rth ....................................................... 4,815,996
4,815,996
Ottawa.......................
9,077
9,077
20,112,272
3,786,000 23,898,272
Tho following table shows tho amount of Imperial gold coin hold by banks
(including tho Bank of England) in tho United Kingdom on tho last week­
day in Juno each year sinco 1907:
r.
D a g o f w eek.
A m o u n t.
Y e a r . „ D , , o• w e e k .
ag
f
A m o u n t.
1907. .S a tu rd a y.................£33,296,802 1911- . 1'riday..................... £54,009,977
1908.
-T u e s d a y ..... 50,369,167 1912. . Saturday................ 60.610.681
1909. - W ednesday______ 49,221,074 1913. .M o n d a y ................ 69,624,127
1910.
-T h u r s d a y ......44,214,173 1 91 4 .
-T u e s d a y ..... 82,794,963
S IL V E R .
T he strong tono o f tho market has again boon shown b y a substantial
advanco in rates. T ho prico was temporarily cheeked at 29 7-16d., but
resumed its forward m ovem ent on tho 10th inst., and roso successively, by
varying fractions, until to-day 30d. has been recorded, tho highest quotation
fixed sinco October 1907. Coinago demand has again boon active during
tho week and thero havo been som e ro-sales on tho part o f tho Indian ba­
zaars and elsewhero. T ho market is now practically swopt cloan o f such

THE CHRONICLE

May 6 1916.1

holdings. The defection o f other Chinese provinces from the Central Gov­
ernment will not render stocks In China more mobile, and renders assistance
from China doubtful, oven though higher rates bo reached. Appondcd will
bo found statistics of imports and exports for the first three months of 1914,
1915 and 1916:
Three Months ended March 31—
1914.
1915.
1916.
Imports (ounces T roy)_______________22,449,046 26,105,164 22,442,691
Exports (ounces T roy)_______________29,267,060 20,795,907 12,214,273
It will be observed how closely the weight o f silver received in the first
thrco months of tlio present year approximates that in the similar pro-war
months of 1914. On tho other hand, the successive falls in the respective
export totals are very noticeable. In tho case o f this year’s figures, the
reduction was owing to tho exports to India being 11,543,597 ounces less
than in tho same period o f last year. The last three Indian currency returns
received by cablo give details in lacs of rupees as follow:
March 22.
March 31.
April 7.
Notes in circulation_________________ 65,91
67,22
66,34
Reserve in silver coin_________________ 22,15
23,06
22,17
Gold coin and bullion_________________ 12,59
12,24
12,25
Gold in England_____________________
11,92
11,92
11,92
The stock in Bombay consists o f 3,400 bars as compared with 3,700 bars
last week. The stock in Shanghai on March 17 1916 consisted of 1,302
bars and about 41,000,000 ounces in sycee, as compared with 1,405 bars and
about 42,500,000 ounces in sycee on March 3 1916. A shipment o f 380,000
ounces was mado from San Francisco to Ilong Kong.
Quotations for bar silver per ounce standard:
Bank rate_________________
5%
No
cash
April 7— 29%
quotation Bar gold per oz. standard— 77s. 9d.
“
8— 29 7-16
French gold coin per oz------Nominal
fixed
“ 1 0 -2 9 11-16
U. S. A. gold coin per oz_ Nominal
_
for
“ 11— 29 13-16
forward
“ 12— 29%
delivery.
“ 13— 30
Av. for week 29.690 cash
Tho quotation to-day for cash Is 9-16d. above that fixed a week ago.

ENGLISH F IN A N C IA L M A R K ET S—P E R CABLE.
T h e daily closing quotations for securities, & c ., a t L o n d o n ,
as reported b y cable, have been as follow s the past week:
A p r i l 2 9 . M a y 1.
S a l.
M on.

London,
W e e k e n d in g M a y

M a y 2.
T u es.

M a y 3.
W ed .

M a y 4.
T h u rs.

M ay
F r l.

5.

5.
35
36
37%
36 15-16 37
Silver, per o z _____________ d.35%
Consols, 2% per cents.......... 57
M ay
57
57
57
57
British 4% per cents............ 96%
D ay.
c95%
95
95
95
French rentes (In P a ris )..fr .63.00 63.00
63.00
63.00
63.00
63.00
French war loan, 5 % ..........................................................................................
85 15-16

T h e price of silver in N e w Y o rk on tho sam e days have been:
Silver in N . Y . per o z .- . c t s . 73%
c

72%

74%

77%

Ex-dividend.

76%

70%

.

C le a r in g s at —

S

M ontreal_____
T o r o n to .........
W innipeg_____
Vancouver___
O t t a w a _____
Q uebec...........
H a lifa x ...........
H am ilton_____
St. John______
London ______
C a lga ry...........
V ictoria............
E dm onton____
R egina----------B r a n d o n ------Lethbridge . . .
Sask atoon____
B r a n tfo r d -----M oose J a w ...
Fort W illia m ..
New W ’m ’ ter.
M edicine H at.
P ctcrborou gli.
Sherbrooke . . .
B e r lin .............

,945 ,748
,270 ,201
,002 ,911
,859 .400
,816 ,907
,467 ,260
,015 ,268
,128 ,703
,698 ,503
,759 ,754
266 ,622
642 ,791
,997, ,896
,050, 435
,033, 936
,858, 604
384 ,976
,615, 687
,449 ,846
835 ,161
,029 ,602
,475 ,414
,918 ,514
,120 ,497

199,617,220
144,776,746
107,277,914
21,295,868
18,411,618
11,981,412
7,643,167
11,922,395
6,261,978
7,170,617
12,316,684
6,814,060
8,574,524
5,494,029
2,082,368
1,317,478
3,247,194
2,086,265
3,136,551
1,874,433
1,216,118
904,557
1,695,271
N ot lncl. in
N ot incl. in

1916.

I n c . or
D ec.

1915.

S
$
%
%
+ 35.2 ,034,316 ,551 750,002 ,996 + 37.9
+ 28.7 743,122 ,948 500,794 ,066 + 32.5
+ 22.1 543,442 ,303 399,442 ,794 + 36.1
+ 2.7
90,002 ,577
87,461 ,431
+ 2.9
+ 2.2
71,259 ,173
69,198 ,930
+ 3.0
+ 20.7
53,615 ,854
44,928 ,307 +.19.3
+ 17.9
38,599 ,032
30,109 ,591 + 28.2
+ 26.9
58,525 ,139
43,348 ,160 + 35.0
+ 7.0
20,331 ,404
24,478 ,907
+ 7.0
+ 8.2
30,998 ,874
28,448 ,996
+ 9.0
+32.1
61,942 ,929
49,174 ,927 +26.0
— 17.2
23,201 ,604
27,587 ,879 — 15.9
+ 4.9
34,783 ,204
34,794 ,149 — 0.03
+ 28.3
29,597 ,783
21,170 ,737 + 39.8
— 2.4
8,141 ,045
7,365 ,002 + 10.5
+ 41.1
7,260 ,497
5,037, ,729 + 44.1
+ 35.0
17,533 ,353
12,510 ,936 + 4 ).l
+ 25.4
10,449 ,830
8,108 ,131 + 28.9
+ 10.0
14,474 ,147
11,635 ,918 + 24.4
— 2.1
7,195 .243
7,159 ,380
+ 0.5
— 15.4
3,553 ,883
4,429 ,565 — 19.8
+ 63.1
5,479 ,664
3,587 ,203 + 52.7
+ 13.2
7,912 ,544
0,677 ,705 + 18.5
4,314 ,547 N ot incl. in total,
total,
total.
N ot lncl in total.

1916.

T otal Pacific,612,608,655,508.352,341

1916.

1915.

Total Canada.




152,344,051 1 135,790,892

I n c . or
D ec.

%
+ 0.2
+ 18.4
+ 38.2
— 18.2
— 13.5
+ 27.5
+ 28.4
+ 29.2
+ 12.2
+ 6.3
+ 27.2
— 40.5
— 1.4
+ 20.5
+ 4.8
+ 33.9
+ 9.6
+ 31.2
—0.7
— 6.8
— 33.6
+ 24.0
+ 20.0
total,
total.
+ 12.21

I n c .o r
D ec.

1915.

S
%
+ 20.5 1,002,291,848
+ 21.8 400,639,008
+ 22.5 220,669,4S0
+ 8.0 187,732,180
+ 33.2 145,226,799
+ 22.4
70,963,599
+ 17.8
34,623,160
+ 25.0
68,203,483
34,784,144
+ 23.3
37,788,474
+ 21.7
+ 6.8
16,566,905
+ 27.2
21,143,690
+ 8.1
17,166,136
14,846,680
+ 18.1
— 3.8
6,763,768
+ 15.4
11,397,887
+ 40.2
5,728,936
+ 40.1
16,942,958
—0.8
3,316,788
10,005,220
+25.0
+ 41.0
8,118,407

S
834,391,273
337,927,694
195,134,506
187,848,273
100,711,423
60,392,112
33,965,735
58,115,SO
S
29,544,789
32,736,794
15,213,188
15,226,355
15,445,928
12,479,475
6,589,846
10,293,647
4,570,892i
12,199,389
3,600,612
9,032,167
6,810,170

+ 20.52,334,919,5561,982,230,166
,382,010,5041
439,465,247
391,074,629
247,820,193!
185,416,294',
159,975,529!
112,939,118
72,596,567
77,470,125;
75,756,721
48,975,240!
34,464,45lj
28,203,707j
31.95S.009;
13,219,265!
8,045,055;
30,033,081
22,897,988
40,115,302)
20,762,970;
13,176,473!
26,402,978
7,787,280)
4,867,026)
9,847,565!
8,315,500
3,818,629'
5,770,058

,229,402 ,099
447,052 ,336
309,756 ,172
193,096 ,450
147,806 ,205
130,606 ,167
92.413 ,772
55,083 ,927
61,635 ,717
62,696 ,751
37,250 ,232
25.414 ,820
24,365
29.553 ,310
11,142 ,255
10,134 ,040
20,119 ,37S
17,129 ,605
29.553 ,576
17.895 ,336
8,517 ,707
11.896 ,628
7,227 ,876
3,605 ,897
7,900 ,752
5,853 ,700
3,307 ,980
4,939 ,595

D ec.

+20.1
+ 18.6
+ 13.1
— 0.1
+ 44.4
+ 17.5
+ 1.9
+ 17.4
+ 17.7
+ 15.4
+ 8.9
+ 38.9
+ 11.1
+ 18.9
+ 2.6
+ 10.7
+25.3
+ 38.9
— 7.9
+ 10.8
+ 19.2
+ 17.8
+ 1 2 .4
— 1.7
+ 26.2
.
+ 27.8
+ 25.4
+ 22.5

+ 22.2

+ 31.8
+ 25.7

+ 20.8
+ 31.5
+ 35.6
+ 15.8

+ 8.1

+ 18.6

— 20.6
+ 4 9 .3
+ 33.7
+ 35.7
+ 16.0
+ 54.7
+ 121.9
+ 7.7
+ 35.0
+ 24.6
+ 42.1
+ 15.4
+ 14.8

29.

1914.

1

1915.

I n c . or
D ec.

29.

1914.

1913.

San Francisco__
Los Angeles____
Seattle_________
Portland_______
Salt Lake C ity ..
Spokane..............
Tacoma________
Oakland________
Sacramento____
San Diego..........
Pasadena............
Stockton ............
Fresno................
North Yakima. .
San Jose________ i
R e n o ..................
Long Beach........

S
59,869,810
26,360,355
13,940,619
13,030,986
8,026,277
4,026,644
1,985,582
4,205,916
2,816,975
1,786,447
985,698
1,577,440
1,010,000
382,907
638,000
375,000
603,592

$
48,280,427
20,000,000
10,494,210
10,649,937
5,734,055
3,088,606
1,501,507
3,088,816
1,841,360
1,498,275
824,300
872,133
959,324
429,172
580,000
275,000
470,960

%
+ 24.0
+ 31.8
+ 32.8
+ 22.4
+ 40.0
+ 36.8
+ 32.2
+ 36.2
+ 52.9
+ 19.2
+ 19.5
+ 89.9
+5.3
— 11.0
+ 10.0
+36.4
+ 28.2

S
48,951,467
24,423,414
12,388,265
12,156,734
5,816,137
3,432,513
1,991,832
3,749,225
1,778,824
2,175,771
792,220
713,834
984,294
320,000
595,676
265,000
..................

S
53,847,014
26,432,463
12,082,178
11,572,568
5,378,505
3,870,263
2,334,883
4,030,267
1,952,130
2,708,762
949,589
857,324
1,006,877
334,849
585,984
260,000
..................

Total Pacific..

141,622,248

110,588,142

Kansas City----Minneapolis___
Omaha...............
St. Paul..............
Denver................
St. Joseph_____
Des Moines------Sioux C ity .........
Duluth.............. .
Wichita..............
L incoln..............
Davenport---------

82,338,237
24,729,735
24,204,667
14,365,197
11,033,237
8,028,318
6,039,876
3,983,509
5,081,850
4,499,984
3,309,321
2,117,090
1,524,446
1,510,973
600,000
527,425
1,547,065
2,162,277
1,192,396
792,603
348,019
313,755
591,712

T o t a l o th .W e s t

200,841,692

Waterloo............
Helena................
Aberdeen............

S
S
49,152,771
Montreal---------49,032,812
38,128,675
Toronto..............
32,209,708
33,999,516
Winnipeg............
24,602,479
4,339,777
Vancouver..........
5,306,124
3,793,885
O ttaw a ..............
4,383,808
3,149,911
2,469,212
Quebec...... .........
1,937,831
H alifax..............
1.509,867
3,548,784
2,747,492
Hamilton............
1,476,659
1,310,007
St. John..............
1,497,150
1,408,405
London ..............
3,109,645
2,444,203
Calgary..............
972,580
1,633,166
Victoria.........- - 1,789,247
1,814,388
Edmonton--------1,301,533
1,129,179
413,918
433,754
B randon______ 1
275,540
368,760
Lethbridge........
755,183
827,522
Saskatoon .......... 1
419,855
1
550,876
Brantford_____
654,350
649,544
Mooso Jaw____
425,561
396,812
Fort William___
292,204
194,438
New Westminster
219,063
Mcdlclno H a t...
271,715
327,218
Peterborough_
_
392,666
Sherbrooke........
470,944 Not incl. in
Berlin...... ...........
|Not incl. in

1916.

W e e k e n d in g A p r i l

Clearings at —

Tho cloarings for the week ending April 29 a t Canadian
c itie s , in comparison with tho same weok o f 1915, show an
increaso in the aggregate of 1 2 .2 % .

1916.

1915.

Kansas C it y .. 335,238,503309,772 ,495
+ 8.21
‘
Minneapolis __ " “ ,581,6641 83,678 ,765 + 22.6!
,440,914! 78,446 ,018 + 17.S|
Omaha______
043,349, 45,481 ,954 + 25.4
St. Paul_____
,138,172| 38,124 ,020 + 28.9
Denver........ .
111,433 30,768 ,811 + 17.4
St. Joseph___
Des Moines__ ___ 062,526 24,463 ,277 + 18.8
Sioux City___ 17 ,805,647 13,784 ,105 + 29.2
Duluth........... 19 ,667,419 15,738 .987 +25.0!
W ichita........ _ 18 ,147,889 14,731 ,360| +23.2!
L incoln_____ 12 ,600,610 9,692 ,337 + 30.0i
,519,420 7,082 ,376 + 20.3!
Davenport___
,788,853 5,648 ,934 + 20.2
T op ek a ..........
+ 9+
,093,8511 7,396 ,480
Cedar Bapids.
,362,586! 2,780 ,947 + 20.9!
Colorado Spgs.
Pueblo_______
,077,696; 1,557 ,879 + 33.4;
F argo.............
,164,874; 5,687 ,130 + 26.0,
Sioux Falla__
,527,160! 4,378 001 + 26.2,
Waterloo_____
,859,550 8,080 ,591 + 22.0
,104,744! 4,813 ,353 +26.8!
Helena. . . ___
,368,2491 2,280 ,713 + 47.71
Aberdeen____
,511,483; 3,121 ,328 + 140.7
Joplin..............
677,490
Frem ont____
1,636 ,569
+ 2.5
,249,506
1,097 ,236 + 13.9;
Hastings........
,803,361! 2,005 .093 + 39.8|
Billings..........
,160,500 1,393 ,000 +55.11
Grand Forks..
+ 24.7;
749
934,915;
Lawrence____
,278,518 1,244
+ 7.8
Iowa City___

T o p e k a .................
C edar R a p id s ...
C o lo ra d o Springs

W e e k e n d in g A p r i l

I n c . or
D ec.

S
$
San Francisco. 255,914,332 212,429,189
Los Angeles... 107,159,573 87,983,243
Seattle_______ 60,255,101 49,195,303
Portland____ 52,973,315 49,049,349
Salt Lake City. 35,924,209 26,959,418
Spokane_____ 18,458,879 15,075,338
Tacoma........... 9,476,837 8,042,629
Oakland_____ 18,316,884 14,650,561
9,677,229 7,850,777
Sacramento__
9,769,709 8,027,791
San Diego___
4,221,190 3,951,431
Pasadena____
5,707,549 4,487,231
Stockton ____
4,354,001 4,029,767
Fresno............
3,595,671 3,043,336
Boise ..............
North Yakima. 1,971,127 2,049,085
2,927,713 2,536,169
San Jose_____
Reno ............ . 1,684,748 1,201,332
4,303,407 3,071,838
O gden______
896,634
889,666
Santa R o sa ...
Long B each... 2,841,730 2,273,332
Bakersfield. . . 2,183,785 1,548,528

+ 3 0 ,6

T otal Canadal739,523,139587,118,467 +26.02,921,739,0412,237.459,259

C le a r i n g s at —

F ou r M o n th s.

A p r il.

F r e m o n t ________
H a s t i n g s ...............
B i ll in g s .................

F ou r M o n th s.
I n c . or
D ec.

P a c ific a n d O th e r W e s t e r n C le a rin g s brought forward:

T o t .ot h .Wes 848,320,882 725,635,265) + 1 6 .9 3,503,185,514 3,00 5 ,3 5 8 ,0 4 6 1 + 1 + 6

C a n a d ia n B a n k C le a r in g s .— Tho clearings of tho C ana­
dian banks for tho month of April 1910 show an increase over
tho samo m onth of 1915 of 2 6 .0 % and for tho four m onths
tho gain reaches 3 0 .6 % .
A p r il.

1686

1913.

Pueblo.............. ..
F a r g o ____________

+28.1

120,535,206

128.203,656

72,008,178 + 14.3
19,361,90.5 +27.7
19,993,597 + 21.1
10,262,987 + 40.0
8,397,202 + 31.4
6,895,178 + 16.4
5,211,666 + 15.9
3,300,582 + 20.7
3,699,882 + 37.4
3,287,832 + 36.9
2,564,470 + 29.1
1,472,130 + 43.8
1,199,516| +27.1
1,714,138 — 11.9
360,090 + 66.7
315,64L +67.2
1,162,270 +33.1
1,724,657 + 25.4
+ 0.3
1,189,305
478,806 + 65.6
438,359 — 20.2
314,748 — 0.3
383,334 +54.3

51,401,811
23,749,061
15,997,860
10,518,565
8,753,606
6,863,686
5,250,392
3,467,021
3,092,822
3,205,707
2,018,923
1,828,688
1,419,546
1,819,176
345,000
531,984
1,072,507
1,645,609
853,022
500,00C
317,393
164,259
321,369

58,217,768
22,010,858
16,714,545
8,752,239
9,618,674
7,491,795
5,505,465
3,552,320
3,120.525
3,313,895
1,724,086
2,203,525
1,307,108
1,696,921
317,091
565,844
396,617
1,885,704
878,104
382,624
278,096
210,000
386,822

+21.2

145,138,007

148,500,726

165,734,443

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

C le a r in g s b y T e le g r a p h — S a le s o f S to c k s , B o n d s , & c .
S
51,555,480 — Tho subjoined table, covering clearings for the current
43,805,526
31,667,314 w eek, usually appears on the first page of each issue, b u t on
11,881,885 account of tho length o f the other tables is crowded out
3,818,973
T h e figures are received b y telegraph from
2,418,524 once a m onth.
1,688,836 other leading cities.
4,119,303
1,285,665
P er
C lea rin g s — R e tu r n s b y T e le g r a p h .
1,572,645
C en t.
1915.
W e e k e n d in g M a y 6.
1916.
4,171,259
3,456,298
*2,726,043,689 *2,307,343,747
+ 18.2
3,760,380 New Y o r k _____________
215,551,940
+ 32.8
162,270,688
2,048 662 B o s to n ----------- -------------------------------—
224,047,784
+ 59.4
140,573,010
'563)814 P h iladelphia................................................
38,818,743
30,149,759
+ 28.7
537,930 Baltim ore-------------------------------------------+ 23.4
384,075,693
311,352,069
2,172,728 Chicago ....................- -------- ------------------+ 14.6
87,017,616
75,906,552
650,492 St. L o u ts ....... ............ ..................................
+38.9
25,529,768
18,378,051
1,165,677 New Orleans..................................... ..........
873,599
+21.5
*3,045,973,876
Seven cities, 5 d ays........... ................... *3,701,085,233
528,097
585,497,643
+ 18.0
590,920 Other cities, 5 d a y s ..................................
090,841,267
.
*3,631,471,519
+ 20.9
T otal all cities, 5 days.......................... *4,391,926,500
556,813,422
+ 30.0
723,974,287
All cities, 1 d a y ...........................................

166,303,573

173,334,013

S
57,961,048
44,553,702
25,610,130
8,288,012
3,662,133
2,829,242
1,938,205
3,242,033
1,407,233
1,551,724
3,450,414
2,361,139
3,171,748
1,667,029
383,849
427,054
1,120,317
•573,399
791,842
546,517
374,342
385,810

Total all cities for w eek........................

*5,115,900,787 1 34.188,284,941 1 +22.2

Our usual m on th ly detailed statem ent of transactions on
the N e w Y o rk Stock Exchange is appended. T h e results
for the four m onths of 1916 and 1915 are given below:
F o u r M o n th s
tio n .

[Vol. 102

THE CHRONICLE

1686

P a r V a lu e
o r Q u a n tity .

1916.

F ou r M o n th s

55,804,241
Stock/Sh.s
(Val. $4,903,441,195 $4,589,348,920
R R . bonds
256,519,056
277,520,000
Gov’t bds.
526,450
539,506
81,448,494
State b d s..
86,355,500
Bank stks.
93,000
161,140

A ver.
P r ic e .

A ctu a l
V a lu e .

A ver}
P a r V a lu e
P r ic e ! o r Q u a n t it y .

A c tu a l
V a lu e .

1915.

\
38,344,897
93.6 $3,296,475,335 $2,719,717,935 82.4
220,014,653 82.4
92.4
266,944,000
426,550 100.6
102.5
424,000
6,506,503 90.9
94.3
7,157,500
159,974 176.4
173.3;
90,700

Total___ S5,267,936,145 $4,928,017,116 93.5 $3,571,091,535 $2,946,825,615 82.5

T h e volum e of transactions in share properties on the N ew
Y o r k .Stock Exchange each m onth since Jan. 1 in 1916 and
1915 is indicated in the following:
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.

N a m e o f C om pany.

Railroads (Steam).
Atch. Top. & Santa Fe, com. (quar.)___
Atlantic Coast Line R R ., preferred
Cripple Creek Central, com. & pref. (qu.)
Georgia Sou. & Fla. 1st & 2d pref. (quar.)
Norfolk & Western, common (quar.)___
Common (extra)_ - ___________
_
Norfolk & Western, preferred (q u a r.)...
Pennsylvanla (quar.)_____________
Reading Company, common (quar.)___
First preferred (quar.).............. .
Street & Electric Railways.
American Railways, preferred (q u a r.)...
Boston Elevated R y. (quar.)..........
Brazilian T r., L. & Pow., Ltd . com (qu.)
C e n t. A r k . R y . A L . C o r p ., p r e f . ( q u a r . ) . .

Cities Service, common (monthly).
Common_____________________
Connecticut R y. & Ltg., com. & pref .(qu)
Detroit United Ry. (quar.)______
Havana Elec. R y., L. & P., com. & pref..
l l l i n o i s T r a c t io n , c o m m o n ( q u a r . ) . . .

Lehigh Valley Transit, preferred (quar.).
( q u a r .) _____
N ’port News&Hampton Ry.,G.&E.,com
P a c i f i c O a s & E . 1 st p r e f . (q u .) ( N o . 7 )..
O r ig in a l p r e fe r r e d (q u a r .) ( N o . 41)
T a m p a E le c tr ic C o . (q u a r .) ( N o . 46)W a s h in q to n ( D . C .) R y . tft E l e c ., c o m .(q u .)
L in c o ln T r a c t io n , p r e fe r r e d

1916.

1915.

M th .
N u m b er
of
S ha res.

V a lu e s .
P ar.

N u m b er
A c tu a l.

V a lu es.

S h a r es.

$
$
Jan . 15,956,944 1,427,403,335 1,301,244,816 5,076,210
F eb. 12,128,205 1,025,902,910 962,417,409 4,383,449
Mar. 15,197,585 1,331,870,900 1,264,214,208 7,862,308

P a r.

A c tu a l.

$
435,534,900
380,032,785
681,471,315

$
302,461,298
262,372,421
535,476,914

lstqr 43,280,734 3,785,177,145 3,527,876,433 17,321,967 1,497,039,000 1,100,310,633
Apr. 12,523,507 1,118,264,050 1,061,472,487 21,022,930 1,799,436,335 1,619,407,302

T he following compilation covers the clearings b y m onths
since Jan. 1 1 9 1 6 and 1915:
MONTHLY CLEARINGS.
C l e a r i n g s , T o ta l A l l .

C le a r in g s O u ts id e N e w

W a s h ln a t o n -V lr g in la R y ., p r e fe r r e d .

Banks.

Y ork .

1915.

%

$
S
S
$
Jan . . 20,070,094,925 13,483,433,873 +48.8 7,743,292,698 6,195,741,340 +25.0
Feb . . 18,236,249,765 11,912,182.657 + 53.1 7,129,512,488 5,430,346,110 + 31.3
M a r.. 20,679,675,539 13.848,400,164 + 49.3 8,131,801,038 6,283,286,462 + 29.4

T h e course of bank clearings a t leading cities o f the country
for the m on th o f A p ril and since Jan . 1 in each o f the last
four years is show n in the subjoined statem en t:
BANK CLEARINGS AT LEADING CITIES.
-------A p r i l ---------------- J a n . 1 to A p r i l 30­
1915.
1914.
1916. 1915. 1914. 1913. 1916.
1913.
o m i t t e d .)
S
S
$
$
$
s
$
$
New York............ .11,623 8,811 8,548 8,055 47,604 30,146 33,007 33,075
Chicago_________ . 1,540 1,321 1,389 1,329
5,569
5,366
6,235
5,180
Boston ................ .
889
702
715
717
3,490
2,570
2,781
2,928
675
3,990
2,573
2,798
2,823
Philadelphia........ . 1,002
720
706
St. Louis________ .
393
346
344
1,394
342
1,587
1,335
1,399
Pittsburgh_____ .
289
232
247
819
280
1,067
893
2,004
San Francisco___ .
256
212
216
1,002
834
218
833
882
Cincinnati_____ .
111
135
110
108
548
430
468
451
Baltimore............ .
178
143
166
618
160
727
595
693
Kansas City........ .
335
310
223
234
1,382
1,229
909
931
Cleveland............. .
163
125
118
108
649
446
435
417
New Orleans___ .
74
399
91
76
72
325
336
328
Minneapolis......... .
439
103
84
95
447
390
91
395
Louisville_______ .
323
213
259
78
48
61
55
251
D etroit.......... .. .
166
113
135
107
628
405
477
414
Milwaukee.......... .
318
65
66
63
285
287
75
256
Los Angeles........ .
338
412
107
88
104
401
429
110
Providence______ .
34
34
127
140
144
42
35
165
O m a h a _________ .
302
92
78
70
391
72
310
296
B uffalo_________ .
58
50
50
51
196
198
235
187
JPaul............ .. .
46
169
57
45
40
248
193
187
Indianapolis........ .
141
43
33
32
34
170
132
135
Denver .............. . .
41
49
149
158
38
38
185
143
Richmond............ .
66
40
34
266
141
35
155
140
M em phis_______ .
141
31
30
30
139
146
31
130
eattle.................. .
49
221
60
55
54
195
209
207
artford.............. .
111
33
30
23
22
130
92
88
alt Lake City___.
36
26
101
102
105
27
26
145
(000,000s

Total................ .17,990 13,930 13,764 13,187
Other cities.......... . 1,324 1,083 1,133 1,026

73,084
5,216

49,963
4,294

53,661
4,547

53,824
4,558

Total all.......... .19,314 15,013 14,897 14,313 78,300
Outside New York.. 7,691 6,201 6,349 6,258 30,696

54,257
24,111

58,208
25,201

58,382
25,307

T ota l.................................... 1,425,095 503,832 269,686

1913.
217,029
37,494
53,481
252,875
160,372
145,136

1 April 26

Miscellaneous.
A la s k a P a c k e r s ' A s s o c ia t io n ( q u a r . ) . . .

American Bank Note, common (quar.)..
A m e r i c a n C o tto n O il, c o m m o n (q u a r .) ___
P r e f e r r e d ________________________
Am. Graphophone, pref. (qu.) (No. 72).
A m e r . R a d ia to r , c o m . ( q u a r .) ________
P r e fe r r e d ( q u a r .) _________________

Buckeye Pipe Line (quar.)__________
Burns Bros., common (quar.)---------B u tte rlck C o . ( q u a r .) ________________
Canada Cement, Ltd., preferred (quar.).
Canada Fdys. & Forgings, Ltd., com.(qu)
Common (bonus)________________
Preferred (quar.)________________
C a m b ria S teel (q u a r .) _______________
C a n ey R iv er O a s (q u a r .) _____ _______
C en tra l A g u i r r e S u g a r C o s ., c o m m o n _
_
Consolidated Gas, New York (quar.)___
Continental Paper Bag, pf. (qu.) (No. 63)
C o p p e r R a n g e C o . (q u a r .) ( N o . 30) —
E x tr a _ . .............................................
Deere & Co., preferred (quar.)..........
D ia m o n d M a t c h ( q u a r .) .............. .........
D o m e M i n e s , L td . ( q u a r .) .............. —
Dominion Bridge, Ltd. (quar.)..........
B on u s...............................................
Eastern Steel, 1st preferred................
Eastern Steel, 1st preferred (quar.)..
General Chemical, common (quar.)..
G e n era l D e v e lo p m e n t ( q u a r .) _________
Goodrich (B. F.) Co., common (quar.)..
Goodrich (B. F.) Co., common (quar.)..
Greene Cananea Copper (quar.)........
H a r t , S ch a ffn e r A M a r x , I n c . , c o m . ( q u .) .
H o m e s la k e M i n i n g (m o n th ly ) ( N o . 500)..

111. & Power Secur., pref. (qu.) (No. 15).
Indlana Pipe Line (quar.)__________
Inland Steel (quar.)..............................
Int. Harvester of N. J., pf.(qu.) (No. 37)
Int. Harvester Corp. pf. (qu.) (No. 13).
I n le r n a tlo n a l N ic k e l, co m m o n ( q u a r .) ___
Kerr Lake Mining (quar.) (No. 43)____
K i n g s C o . E le c . L . A P o w . (q u .) ( N o . 65).
Lanston Monotype Machine (quar.)___
Lee Rubber < Tire (quar.) (No. 1 ) ...
fe
Extra__________ _____ ___________
Lehigh Coal & Navigation (quar.) —
Liggett & M y era Tobacco, com. (quar.).
L in d s a y L ig h t, c o m m o n ( q u a r .) _______
P r e fe r r e d ( q u a r .) ................................
Massachusetts Gas Companies, pref-------

Miami Copper Co. (quar.) (No. 15)----Middle West Utilities, pref. (quar.)..
M o b i l e E le c tr ic C o ., p r e f . ( q u a r .) ..........
Montreal Lt.. Ht. & Power (qu.) (No. 60)
National Carbon, preferred (quar.)____
National Refining, common (quar.)........
Common (extra).....................................
N e w E n g la n d C o m p a n y , 1st p r e fe r r e d ........
New Jersey Zinc (quar.)............................
Extra......... .............................. ...............
N ile s -B e m e n t -P o n d , c o m m o n ( q u a r .) ____
P r e fe r r e d ( q u a r . ) . .................................
North American Co. (quar.)___________
Ohio Cities Gas, common (quar.)............
Penmans, Limited, common (quar.)------Peoples Gas Light * Coke (quar.)..........
Pittsburgh Steel, preferred (quar.)..........
1912.
P ra tt A W h it n e y , p r e fe r r e d ( q u a r .) ---------80,530 Pressed Steel Car, pref. (quar.) (No. 69).
_____
Procter & Gamble, common (quar.)........
8,288 Pullman Co. (quar.) (No. 197)................
64,416 Pure OH, common.....................................
18,237
Common, e x tra .....................................
32,571 Quaker Oats, preferred (quar.)................
S t. J o s ep h L e a d ( q u a r .) ..............................
204,042 Sa voy O il ( m o n t h ly ) ......................................

866,387

*One d ock estimated.

H&om m zv ct a l a txcIIJXiscslXatXjetftts
D IV ID E N D S ^
T ho following shows all the dividends announced for the
future b y large or im portant corporations:

Dividends announced this week are printed in italics.



6a

May

M a y D e p a r tm e n t S to r es, c o m . ( q u a r . ) . .

1915.
1914.
49,307 110,729
4.438 ...............
43,949
40,838
87,175
62,338
174,989 ________
143,974 55,781

6a
6
29
15a
15a
15a
15
16a
18
1
29a
30
la
29a
29a
6a

6o

T rust Companies.
Kings County (Brooklyn) (quar.)

T R A D E A N D T R A F F IC M O V E M E N T S.
L A K E S U P E R I O R I R O N O R E S H I P M E N T S .— The
1916 season on the Lakes was opened the last week in A p ril,
and , although attended b y m uch difficulty owing to h ea vy ice
still being in the w a y , the m ovem en t in A p ril 1916 was next
to the largest for April on record, shipm ents having aggre­
gated 1 ,4 2 5 ,0 9 5 tons, or 9 5 ,2 1 0 tons less than in A p ril 1910
when 1 ,5 2 0 ,3 0 5 tons were shipped. T h e first receipts of
iron ore a t the G ary plant o f the Illinois Steel C o . arrived
April 2 9 .
In the following we give the m ovem en t from the
various ports for April 1916 and four previous years:
Port—
1910.
E s ca n a b a ......... ........ ton s. *164.898
M a rq u ette.............................
53,258
A s h la n d ............................... 147,852
S u p e r io r ............................. 211,340
538,281
D u lu th __________
T w o H a rb o rs.......... ........... 309,466

15 Holders of rec. May
15 Holders of rec. May
1 Holders of rec. Apr.
1 Holders of rec. May
1 Holders of rec. July
1 Holders of reo. June
15 Apr. 30 to May
1 Holders of reo. May
13 April 23 to May
15 Holders of rec. May
10 Holders of reo. Apr.
1 Apr. 21 to Apr.
1 Holders of reo. July
15 Holders of rec. Apr.
15 Holders of rec. Apr.
15 Holders of rec. May
May 16
1
1 Holders of rec. Apr.

o

B r itis h C o lu m b ia P a c k e r s ’ A s s n . , c o m m o n .
P r e f e r r e d ............................ .......... .

1916.

May
May
June
June
Aug.
July
May
June
i x
3
May
X May
l'A May
I X May
3
July
I X May
I X May
2X May
I X June
2X May
IX
X
1
IX
X
3*
1

1 Holders of rec.
10 Apr. 30 to
1 Holders of rec.
8 Holders of rec.
19 Holders of rec.
19 Holders of rec.
19 Uoldera of rec.
31 Holders of rec.
11 Holders of rec.
8 Holders of rec.

9 Holders of rec. May

1st qr. 58.986,020,229 39,244,016,694 +5J.3 23,004,606,224 17,909,373,912 + 28.4

%

28a
9
15
28a
31a
31a
29a
la
24a
23a

June
May
June
May
Jpne
Juno
May
May
May
June

May

April . 19,314,057,844 15,013,083,834 + 28.6 7,691,441,188 6,201,418,760 + 24.0

1915.

Apr.
May
May
Apr.
May
May
Apr.
May
Apr.
May

IX
2X
1
2X
1X
1
1
75c.
2
50c

3

American Soda Fountain (quar.)----A m e r ic a n T o b a c c o , co m m o n ( q u a r .) __
American Utilities, preferred (quar.)___
Amor. Zinc, Lead & Smelting, common..
Anaconda Copper Mining (quar.)___
B e a tr ic e C r e a m e r y , c o m m o n (q u a r .) _
_
P r e fe r r e d ( q u a r .) ..............................
Bellows Falls Power, preferred______
Bond & Mortgage Guarantee (quar.)___
British Columbia Fishing & Packing___

1916.

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

M e c h a n ic s A M e t a l s ( q u a r .) ............

A m e r . S m eltin g & R e fin in g , c o m . ( q u a r . ) . .
C o m m o n ( e x t r a ) __________________
P r e fe r r e d ( q u a r .) ................................

M o n th .

Per
When
Cent. Payable.

E xtra

S tu d eb a k er C o r p o r a tio n , co m m o n ( q u a r . ) . .
E x t r a .......................................................
P r e fe r r e d ( q u a r .) .....................................

April 30

I X May 10 Holders of rec Apr. 29a
1
May 15 Holders of rec May la
1
Juno 1 Holders of rec May 15a
3
Juno 1 Holders of rec May 15a
I X May 15 Holders of rec May la
4
Juno 30 Holders of rec Juno 21
I X May 15 Holders of roc May 8
Juno 15 May 27 to June 4
1
X Juno 15 May 27 to June 4
I X June 1 May 13 to May 21
May 16
I X May 15 Apr. 30 to
5
Juno 1 Holders of reo . May 15
I X May 10 Holders of reo . Apr. 30a
50n June 15 Holders of reo . May 15a
$1.50 May 29 Apr. 23 to May 17
2X M a y 10 May 3 to May 9
I X May 10 May 3 to May 9
2X May 15 Holders of rec , May 1
• of reo , May 8a
s
May 15
4
May 21
May 20a
4
to
2
May 20
O to May 20
4
0 to May 20
3X May 20 :
June 15
$1
May 31
Apr. 21
I X May 15 :
X June 1 Holders of rec . May 15
1
to May 10
I X May 16 1
4
, Apr. 30
May 15 :
, Apr. 30
3
May 15 :
. Apr. 30
I X May 15
I X May 15 Holders of rec , May 10a
0 to May 21
62Xo. May 20
• of reo . May 11
s
May 15
10
I X Juno 15 Holders of rec , May 11a
I X May 15 Holders of reo , May 8
$1.50 Juno 15 Holders of rec , May 29
June 15 Holders of rec . May 29
1
I X Juno 1 Holders of rec , May 15a
I X June 15 Holders of rec May 31a
60c. Juno 1 Holders of rec , May 18a
May 15 Holders of reo , Apr. 29
2
May 15 Holders of reo Apr. 29
3
May 15
. May 1
7h
Juno 1
I X Juno 15 '
May 22a
I X Juno 1 :
May 19a
I X June 1 :
May 4a
1
May 15
Aug. 4a
1
Aug. 15 1
May 12a
2
May 29 i
May 19
1
June 1 1
May 20a
65c. May 25 1
Apr. 29
I X May 15 1
Apr. 24
$2 May 16 1
June 1 1
May 10a
2
May 11
I X June 1 1
May 11
I X June 1 1
Juno 1 1
$2
May 16
25C. Juno 15 1
June la
2
June 1 1
May 19
May 22
I X May 31 1
50c. June 1 1
May 15a
25c. June 1 1
May 15a
Apr. 29a
$1
May 31 1
3
May 15a
Juno 1 1
3
May 15a
May 31 1
May 15a
I X May 31 1
May 31
$2
June 1 I
May 15
X Juno 1 1
May la
$1.50 May 15 1
May 15
I X Juno l 1
April 29
I X May 15 1
Apr. 29
2X May 15 1
6 to May 15
I X May 15 1
May la
I X May 15 1
May la
X May 15 1
May 15
2 X May 15 1
4
May 10 1
Apr. 28a
Apr. 28a
5
May 10 1
June 20
I X Juno 2 0 .
May 15
I X May 15 1
June 15
I X July 1 1
May 15
2
June 1 1
May 6a
1
May 15 1
May 2a
1M May 25 1
May 17a
I X Juno 1 1
May 15
I X May 15 1
May 3a
I X May 24 l
May 15 1
4
Apr. 29
May 15 1
2
Apr. 29
'30o. June 1 1
May 31
$1.50 June 1 1
May 31
May la
I X May 31 1
250. June 20 .
June 20
May 15
So. May 25 1
5c. May 25 1
May 15
April 29a
I X May 15 1
2
May 8a
May 15 1
May 8a
I X May 15 1
Apr. 30a
I X May 15 1
6
Juno 1 1
May 15
3m May 15 t
May 1
May 20
2X June 15 1
May 31 I
3
May 31
2
Juno 15 1
May 26
May 20
I X June 1 1
1
June 1 1
May 20
May 20
I X June 1 I

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

Sears, Roebuck < Co., common (quar.)..
fc
SHveremltbs Co., common........................
Preferred (quar.)....................................
Southern Cal. Edison, com. (qu.) (No.25)
Southern Pipe Lino (quar.).............. .......
Standard Motor Construction__________
S ta n d a rd O il ( C a lif.) ( q u a r .) ...... ...............
Standard OH (Indiana) (quar.).......... .
S ta n d a rd O il o f N . Y . ( q u a r .) ....................

to

28

1687

THE CHRONICLE

May 6 1916.]
P er
C e n t.

N a m e o f C om pany.

Miscellaneous (Concluded).
Union American Cigar, pref. (quar.)----United Cigar Stores of Am., com. (quar.)
United States Steel Corp., com. (quar.).
Preferred (quar.)...................................
Vacuum OH___________________________
Extra------- ----------- --------------------------Warwick Iron A Steel--------------------------Wayland Oil A Gas, preferred.- - - - - - - - West Penn Power, pref. (quar.) (No. 1)-Wlilte (J.G.) Eng.Corp.,pf.(qu.) (No. 13)
W h i t e ( J . ( ! ) A C o ., I n c . , p f . ( g u . ) ( N o . 52)
W h i t e ( J . G .) M a n a g e m e n t , p r e f . (q u a r .) . .
Wool worth (F.W.) Co.,com. (qu.) (N o.16)
Yale A Towno Mfg. (extra) (No. 81)------

W h en
P a y a b le .

May
May
June
May
IX
May
3
May
2
350 May
May
3
15* May
15* June
June
l'A
I X June
June
2
May
5

IX

1H

IX

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

15 Apr. 30 to
15 Holders of ree.
29 Juno 2 to
29 May 2 to
15 Holders of rec.
15 Holders of rec.
15 Apr. 30 to
15 Apr. 30 to
15 Holders of roc.
1 Holders of ree.
1 Holders of rec.
1 Holders of rec.
1 Apr. 27 to
8 Holders of reo.

May 15
Apr. 28a
June 11
May 11
May 1
May 1
May 15
May 15
May 1
May 18a
May 18
May 18a
May 17
May 1

a Transfer books not closed for this dividend,
b Less British Income tax. d Cor­
rection e Payable in stock. / Payable In common stock, a Payable In scrip.
On account of accumulated dividends. < Declared 6% payable in quarterly in­
stallments as follows: 1 X % Apr. 29 to holders of record Apr. 15; 15*% July 31 to
holders of record July 15: 15*% Oct. 31 to holders of record Oct. 14: 15*% Jan. 31
19 17 to holders of record Jan. 13 1917. * Payable In convertible 5% debentures.
m Declared 6% , payable 3% as above and 3% Nov. 15 to holders of record Oct. 20.
n Payable In new preferred stock, o Erroneously reported last week as 30%.

B y Messrs. Francis Henshaw & C o ., Boston:
S tock s.
$ p e r sh
50 Lanett Cotton MUls__________ 117
11 Lyman Mills___________ •
______125
20 York Manufacturing.......... ........ 110
10 Dartmouth Mfg. Corp., com___ 210
1 Lancaster M ills________________85
1 Chicopee Manufacturing______ 100
15 Peppered Manufacturing-140}*■

S h a r es.

S h a r es.

22
8
10
11
10
12

not usually dealt in at the Stock Exchange, were rocontly sold

FOREIGN IMPORTS AT NEW YORK.
F o r tceek e n d . A p r i l

S lo c k s .

P ercen t.

S h a r es.

S tock s.

EXPORTS FROM NEW YORK.
Week e n d in g A p r . 21*.

For the week______________
Previously reported..............

1914.

1915.

1916.

1913.

$30,061,801 $24,763,189 S16,554,488; $17,254,672
788,600,731 422,740,493 322,766,726 313,204,288

Total 17 weeks--------------- $818,662,532 $447,503,682 $339,321,214 3330,458,910
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
W e e k e n d in g A p r i l

29.

E x p o rts.

Gold.

Im p o r ts.

S in c e
J a n . 1.

W eek.

S ha res.

B y Messrs. R . L. D ay & C o ., Boston:

1913.

Total 17 weeks--------------- $423,371,9088324,423,363 $353,267,912!$341,684,968

B y Mossrs. Barnos & Lofland, Philadelphia:
S p er sh .
S lo c k s .
S p e r s h . S h a r es. S to c k s .
3 Philadelphia Nat. Bank______493
25 Frank. A Sow’k Pas3 Ry 34051-341
10 Union Pass. R y.........................1865* 40 Falrmount Sav. Trust C o___ 100
500 Sonora Chief M g., $1 each----- S3 lot 10 Logan Trust C o......................... 140
7 Northern Trust C o.......... 550-551
29 Universal Road Repair. A S C. 80c.
10 Robt. Morris Trust C o.......... 65
10 Amer. Acad, of Music----- 266-2665*
20 Ilavcrford Ld. A Impt., $50 ea. 485* 20 People’s Nat. F. I. Co., $25 ea. 17
3 Phil.Ger.ANorrls.RR.,$50ea. 1415*
47 Girard It. E. A Impt., pref--$100 lot
1 Pa. Acad, of Fine Arts_______ 265*
30 United Gas A Elec., 1st pref.. 73
16 United Gas A Elec., com m on.. 17
24 Giant Port. Ccm ., com., $50 ea. 45*
20 Western States Gas A Electric. 90
P e r c e n t.
7 Amer. Cities Co., preferred-.- 535* B o n d s .
12 Int.SteamPump fullpd.ctf.dep. 225* S2.000 EmplrcGasAFuellst6s,’26-100
1.000 GirardvllloGasCo. IstCs, '43 73
12 Ninth Nat. Bank.......................330
4.000 Ft. Wayne A W . V. Trac.
49 Indus. T . T. A S. Co., $50 ea.176
665*
1st 5s, 1934..................
30 Third Nat. Bank............. 250-2505*
3 Girard Trust C o.......... ..............900
3.000 Athens Borough, Pa., 4s,
5 Girard Avo. Farmers' Mkt------ 255*
1924-25
98
5 Broad Street Bank, $50 each.. 60
5.000 Fonda Johns. A Glov. R R.
14 Girard National Bank...............360
cons. 45*s, 1952.......... . 77

1914.

1915.

1916.

*30,000,000 $23,762,956 $20,502,332 $19,114,366
393,371,908 300,660,407 332,765,580 322,570,592

•Estimated.

P ercen t.

49 EultonadaRealty Co.,Ino-$2,500lot
1 Title Guarantee & Trust Co----- 373
2 Bond A Mortgage Guar. Co— 2805*
B onds.
P e r c e n t.
2 Brooklyn Fire Brick Works— 100
516.000 K. C. Viaduct & Term. Ry.
16 Bank of Metropolis--------------- 295
Co. 45*s, ctfs. of deposit, 1934.. 26
3 Guaranty Trust Co. of N. Y ..4 4 3
52.000 Acker, Merrall & Condlt Co.
90 Individual Drinking Cup Co.)
6s, 1923.......... ............. .......... .
675*
common________________ )$20 lot
515.000 Southern Coal & Iron Co.
70 Individ. Drink. Cup Co., pf-J
1st M . 6s, 1921. April 1898
10 Universal Audit Co------------ $11 lot
coupons attached____________ S25 lot
235 Charles B. Byron C o., com .$ l,000 lot

29.

For the week______________
Previously reported------------

at auction in Now York, Boston and Philadelphia:
B y Messrs. Adrian H . Muller & Sons, Now York:
S h a res.

% p erch .

Imports and Exports for the Week.— The following are
the reported imports of merchandise at New York for the
week ending April 29 and since the first week of January:

h

Auction Sales.— Among other securities, the following,

S lo ck s.

Draper Co., common__________ 295
Heywood Bros. & Wakefield, p f. 99
O'Bannon Corp., com., ex-div.-114
Eqult.Accident Co. of B oston.. 31
Hood Rubber, pref................ -.1155*
Atlantic Maritime C o-------------- -.50

$5,774,998
West Indies______________________ $1,544,300 10,279,841
400,000
80,000 6,614,376
2,065,604

South America— ................ - .........

Total 1916........ ................. ........... SI,624,300 $25,134,819
Total 1 9 1 5 ..-................................
135,188 3,380,58S
10,000 18,413,104
Total 1914........ ......... ..................
Silver.
Great Britain.................................... $816,817 $13,476,639
36,658
South America............ ....................
All other countries........ — .............

S lo ck s.
$ p e r s h . S h a r es.
S lo ck s.
$ p er s h .
4 National Shawmut Bank......... 1975* 27 Cent. Wharf A Wet Dock C o ..175
2 Quincy Mkt. C. 8. A Ware­
10 Draper Co., common_________ 295
house, pref_______________ 101 flat 5 Saco Lowell Shops, pref_______ 105
10 Ludlow Mfg. Associates----------- 130
6 W. L. Douglas Shoo Co., p re f..103

S h a res.

Total 1916........ ....................... .
Total 1 9 1 5 -.-.................... - .........
Total 1 9 1 4 ..._____ ___________

100.000
220

S in c e
J a n . 1.

W eek.

663,683
15,000
462,440
7,500

$953,695 S14,625,262
764,485 13,679,393
815,162 13,890,312

$215,660 $8,863,240
808
19.575
1,763
86,945
73,145

9,444,966
1,045,881
3,175,436
850,510

$397,088 $23,380,841
309,058 9,754,640
76,495 3,682,077
$750

$13,483
2,376

3,820
46,715
64,755

45,870
3,164,851
1,779,985
483,272

$116,040 $5,489,837
101,491
1,875,314
15,888 3,762,619

Of the above exports for the week In 1916, $624,300 were American gold coin.

The Federal Reserve Banks.— Following is tho weekly statement issued by the Federal Reserve Board on

A

p r il

29:

T ho Federal Reserve B oard’s regular weekly bank statement indicates a decrease for the week o f abou t 2.5 millions in the total reserves and o f
about 5 millions in the com bined gold reserves o f tho banks. T he earning assets o f the banks show an increase o f about 4.4 millions, m ainly the result
o f largor investments in bankers’ acceptances and m unicipal warrants.
T ho largest not withdrawals o f gold, 7.4 millions, are shown for tho N ow Y ork bank, while gold withdrawals in excess o f 1 million dollars each are
reported b y tho R ichm ond, Dallas and San Francisco banks. Part o f this gold was transferred to other banks. Thus Philadelphia reports an increase
o f about 4.4 millions in its gold reserve, while smaller, though substantial, gains o f gold are shown for tho A tlanta, Chicago and Kansas C ity banks.
Discounted paper on hand declined in am ount b y over 0.6 m illion, R ichm ond and Atlanta reporting smaller figures than the week before. A ccep­
tances on hand show an increaso o f 3.3 millions, all tho banks except Kansas C ity reporting larger h old ings o f this typo o f paper. O f the total bills on
hand 3 5.4 % maturo within 30 days and over 4 0% after 30 butnvfthin 60 days. A total o f 2.4 millions o f agricultural and live-stock paper m aturing
a fter 90 days is shown, largely in the hands o f tho Dallas, Kansas C ity and Chicago banks.
Tho bond holdings o f the banks Increased during tho week b y over $600,000, six banks reporting transactions under this head. N o further con­
versions o f 2 % bonds are shown. Warrants on hand increased over 1 m illion, C hicago, N ew Y ork and Minneapolis reporting tho largest gains. O f
tho total earning assots, acceptances constitute now 3 0 .6 % ; United States bonds, 2 9 .4 % ; warrants, 2 3 .7 % ; discounts, 1 3.8 % . and United States Treas­
ury notes, 2 .5 % . The ratio o f earning assets to paid-in capital stands now at 2 84 % , com pared with 276% tho week before and 173% three m onths
before.
.
, .
Tho transfer o f member banks from tho cloventh to tho sixth district apparently accounts for a decrease o f about $65,000 in the paid-in capital o f
tho Dallas bank. Governm ent deposits are now in excess o f 40 millions, having increased b y about 5.4 millions, m ainly at the three Eastern and the
C hicago bank. N et bank deposits fell o ff over 4.3 m illions, N ew Y ork and Chicago b oth reporting considerable net withdrawals fo r the week.
Tho am ount o f Federal Reserve bank notes in circulation is given as $1,669,000, or about $300,000 loss than the week before. Federal Reserve
agents report a total o f $185,424,000 o f Federal Reserve notes outstanding, against which they hold $175,847,000 o f gold and $10,242,000 o f paper.
Since the beginning o f the year tho am ount o f otustanding roservo notes has declined about 28.7 millions, or 1 3.4 % . T he banks show a total
roservo note circulation o f about 163 millions and aggregate liabilities thereon o f $8,851,000.

Tho figures of tho consolidated statemont for tho system as a whole are given in the following table, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show tho resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve
Agents’ Accounts (tho third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
C o m b in e d R e s o u r c e s a n d L i a b i l i t i e s o p t h e F e d e r a l R e s e r v e B a n k s a t t h e c l o s e o p b u s i n e s s A p r i l 28 1 9 16.

A pr.

28 1916 Apr.20-21’ 16 A p r . 14 1916 A p r i l 7 1916. M a r . 311916 M a r . 24 1916 M a r . 171916. M a r . 10 1916. M a r . 3 1916.

RESOURCES.

Gold coin and certificates In vault......................... $234,304,000 $239,882,000 $245,714,000 $245,778,000 $258,052,000 $260,866,000 $253,880,000 $257,875,000 $261,822,000
75,421,000
79,680,000
80.011,000
75,640.000
78.970,000
74,785,000
75.690,000
79,170.000
74,890,000
Gold redemption fund with U . S. Treasurer..
1.457,000
1,549,000
1,578,000
1.623,000
1,548,000
1,495,000
1,473,000
1,494,000
1,538,000
$311,182,000 $316,140,000 $322,899,000 $327,338,000 $335,240,000 $342,124,000 $334,473,000 $338,539,000 $338,250.C00
12,011,000
11,600.000
12,223,000
9,938.000
11,304.000
11,504,000
20,036,000
9.505,000
12,994,000
$323,193,000 $325,645,000 $334,403,000 $338,938,000 $345,178,000 $354,347,000 3345.777,000 $358,575,000 $361,244,000
Bills discounted and bought—
M aturities within 10 days.............................
M aturities from 11 to 30 days----------------M aturities over 90 days---------------------------

$9,153,000
15.291.000
27.688.000
14.495.000
2,406,000

$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
1,861,000

$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

$6,773,000
12,128,000
20.511.000
16.272.000
2,016,000

$7,332,000
12,636 000
18.113.000
13.964.000
2,433,000

$6,786,000
13.365.000
18.115.000
11.911.000
2,321,000

$69,033,000

$66,304,000

$66,270,000

$64,384,000

$61,675,000

$60,550,000

$57,700,000

$54,478,000

$52,498,000

•Acceptances (Included in a b o v e ) - .------------- -

$47,585,000

$44,237,000

$44,108,000

$42,116,000

$40,408,000

$39,244,000

$36,092,000

$82,949,000

$$0,788,000

Investments: U . 8. bonds
.............................
One-year U . S. Treasury notes. -

$45,841,000
3,840,000
36,933,000

$45,204,000
3,840,000
35,892,000

$44,924,000
3,234,000
36,706,000

$45,226,000
1,932,000
35,256,000

$40,275,000 t$40,184,000

39,213,000

$34,141,000

$33,068,000

33,034,000

32,755.666

30,639,000

Total earning assets______




33,015,000

32.669,000

_______ $155,647,000 $151,240,000 $150.134.000 <146 798.000 si34.965.nnn ♦133 403 nnn si99.047.nnn 1121 x 7 a non t i l * lA A in t

1688

THE CHRONICLE
A pr.

RESOURCES

28 1916 Apr.20-21’16

A pr.

14 1916

A p r il

7 1916

[Vol . 102

M a r.

311916 Afar. 24 1916

M a r.

171916 Afar. 10 1916.

M a r.

3 1916.

(C o n c lu d ed . .
)
8478,840,000 $476,885,000 $484,537,000 $485,736,000 $480,143,000 $487,718,000 $475,724,000 $479,949,000 $467,344,000

Federal Reserve notes— Net__________
Due from Federal Reserve banks—Net...........

821,604,000 $21,731,000 $22,159,000 $21,761,000 $25,118,000 $24,849,000 $24,608,000 $24,838,000 $25,667,000
14,658,000
17,515,000
16,825,000
11,161,000
13,128,000
12,628,000 16,248,000 12,047,000 20,676,000
4,533,000
3,576,000
4,023,000
4,975,000
7,587,000
t4 771,000
5,028,000
5,213,000
6,909,000

Total resources________________ ____ 3519,635,000 $519,707,000 25.527,544,000 $.526,24.5,000
L IA B IL IT IE S .

Capital paid In_________ _________ ________ __ 554.793.000 $54,843,000 854.845.000 $54,843,000 $54,888,000 $54,910,000 $54,937,000 $54,944,000 $54,919,000
Government deposits..........................................
40,660,000 35,291,000 34,732,000 37,016,000 38,469,000 35,088,000 32.380.000 30.639.000 36,043,000
Reserve deposits—N e t ..____ _______________ 413.011.000 417,349,000 426.507.000 423,497,000 419,987,000 428,816,000 423.259,000 426,322,000 418,718,000
Federal Reserve notes— Net__________
8.851.000
9.617.000
9.511.000
9.500.000
8,903,000
9.977.000 10.203.000 10.178.000
9,635,000
Federal Reserve bank notes In circulation___
1.669.000
1.964.000
1.423.000
1.251.000
964.000
1.053.000
419.000
681,000
All other liabilities................ ..................
651,000
643,000
526,000
138,000
153.000
154,000
145.000
141,000
148,000
Total liabilities...................................... $519,635,000 $519,707,000 $527,544,000 $526,245,000 $523,364,000 $529,998,000 $521,608,000 $522,647,000 $519,456,000
Gold reserve ag’st net dep. & note liabilities (a)
Cash reserve ag’st net dep. & note liabilities (a)

serve banks, viz________________________

71.1%
73.2%

71.1%
73.7%

71.3%
73.9%

73.8%
76.0%

74.2%
76.8%

74.4%
76.9%

74.6%
78.9%

76.2%
79.1%

72.8%

circulation (a).

69.5%
72.2%

74.0%

74.4%

74.6%

76.7%

77.6%

77.8%

79.8%

80.0%

814,658,000

17,515,000

16,825,000 $11,161,000 $13,128,000 $12,628,000 $16,248,000 $12,647,000 $20,676,000

F e d e r a l R e se rv e N o te s —

Issued to the banks...................... .............. 8185,424,000 $186,643,000 $186,761,000 $199,536,000 $190,232,000 $190,903,000 $191,165,000 $191,678,000 $191,303,000
In hands of banks. - ...................................
22,330,000 22,324,000 22,520,000 22,219,000 27,166,000 27,069,000 26,298,000 26,864,000 27,601,000
In circulation_________ _______ _________ 5163,094,000 $164,319,000 $164,235,000 $168,317,000 $163,066,000 $163,834,000 $164,867,000 $164,814,000 $163,802,000
Gold and lawful money with Agent_________ 8175,847,000 $176,433,000 $176,883,000 $180,578,000 $179,281,000 $178,706,000 $179,272,000 $179,474,000 $179,734,000
Carried to net assets..........................................
21,604,000 21,731,000 22,159,000 27,161,000 25,118,000 24,849,000 24.608.000 24.838.000 25,567,000
Carried to net liabilities..____ _____________
8,851,000
9,617,000
9,511,000
9,500,000
8,903,000
9,977,000
10.203.000 10.178.000
9,035,000
(A g e n t s ’ A c c o u n t s )—
Received from the Comptroller................ 8286,140,000 $281,140,000 $278,980,000 $278,980,000 $277,980,000 $277,580,000 $277,580,000 $277,220,000 $275,420,000
Returned to the Comptroller......................
39,507,000 38,451,000 37,621,000 33,276,000 32,633,000 32,008,000 30,602,000 29,899,000 • 29,540,000

F ed era l R eserve N o te s

Amount chargeable to Agent............. $246,633,000 $242,689,000 $241,359,000 $245,704,000 $245,347,000 $245,572,000 $246,978,000 $247,321,000 $245,880,000
In hands of Agent.............................. .........
61,209,000 56,046,000 54,598,000 55,168,000 55,115,000 54,669,000 55,813,000 55,643,000 54,577,000
Issued to Federal Reserve banks........ 8185,424,000 $186,643,000 $186,761,000 $190,536,000 $190,232,000 $190,903,000 $101,165,000 $191,678,000 $191,303,000
H ow

S ec u red —

By gold coin and certificates...................... $117,487,000 $117,652,000 $117,823,000 $120,953,000 $120,883,000 $121,122,000 $120,473,000 $120,122,000 $120,293,000
By lawful money..........................................
By commercial p a p e r ..............................
9.577.000
10,210,000
9.878.000
9.958.000
10.951.000 12.197.000
11.893.000 12.204.000
11.609.000
9.210.000
Credit balances In gold redemption fund..
9,631,000
9.905.000
9.380.000
9,918,000
10.214.000
10.739.000
10.612.000
9,871,000
49,150,000 49,150,000 49,680,000 49,720,000 48.480.000 47.370.000 48.060.000 48,740,000 49.570.000
Crcdlt balances with Federal Reserve B’d .
T o ta l...................................................... 8185,424,000 $186,643,000 $186,761,000 $190,536,000 $190,232,000 $190,903,000 $191,165,000 $191,678,000 $191,303,000
Commercial paper delivered to F. R . Agent..

$10,242,000 $10,725,000 $10,743,000 $10,770,000 $11,180,000 $12,373,000 $13,023,000 $13,027,000 $13,039,000

•Including bankers’ and trade acceptances bought In the open market,

t Amended figures.

W E E K L Y S T A TE M E N T O F R E SO U R C E S AN D L IA B IL IT IE S O F E A CH O F T H E 12 F E D E R A L R E SE R V E B A N K S A T CLO SE O F BU SIN ESS A P R IL 28 1916
B o sto n .

N e w Y o r k . P M la 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 .

| in n ea p .
M

K a n . C ity

D a lla s .

San

F ra n

T o t a l.

$
$
8
$
s
s
1
s
$
$
$
$
$
Gold coin & ctfs. In vault 6.123.000 140,410,000 9.416.000 11,807,000 4,865,000! 6,081,00033,545,000 4.686,000 3.632.000 4.307.000 3.830.000 5.596.000 234,304,000
Gold settlement fund__ 9.774.000 9,689,000 5.652.000 7,716,000 8,721,000 3,079,000; 7,064,000 1 6,075,000 4.612.000 4.336.000 8.610.000 1.093.000 75,421,000
Gold redemption fund..
5,000
250,000
50,000
23,000
234,000| 337,000
200,000
11,000
236,000
10,000 1,457,000
30,000
71,000
RESOURCES.

Total gold reserve___ 15,902,000 150,349,000 15,118,000 19,546,000 13,820,000' 9,497,00040,809,000 0,772,000 8,274,000 8,714,000 '12,682,000 6,699,000 311,182,000
Legal-ten .notes ,sllv. ,&c.
56.000 4,509,000 1,802,000
959,000
126,000
211,000 1,921,000
870,000; 517,000
151,000
811,000
18,000 12,011,000
Total reserve________ 15,958,000 154,858,000 16,980,000^20,505,000 13,490,000 9,708,000[42,730,000 10,642,000; 8,791,000 8,865,000]l3,493,000 6,717,000 323,193,000
Bills:
331,000
411,000
Discounted—Members
581,000 1 262,000 6,309,000* 3,584,000^ 1,744,000
541,000
656,000 1,687,000 4,931,000
431,000 21.448.000
Bought In open mkt._ 10,904,000 17,747,000 7,057,000 1,924,000 | 480,000
752,000 3,153,000 1,327,000; 1,138,000
2,117,000 47.585.000
9S6.000
Total bills on h a n d ... 11,235,000 18,158,000 7,638,000 2,186,000 6,789,000 4,336,000 4,897,000 1,868,000 1,794,000 2,653,000 4,931,000 2,548,000 69,033,000
Investments: U. S. bds. 3.077.000 2.550.000 3.538.000 4,600,000 1,295,009 2,033,000; 8,423,000 2.959.000 2,273,000 8.738.000 2,841,000 3,510,000 45.841.000
_____
One-yr. U.S. Tr. notes
...........
250,000 1.532.000
j 456,000
..........
410,000
462,000
380,000
350,000
3,840,000
___ _
Municipal warrants.. 2.466.000 15,493,000 3.319.000 j 4,977,000
60,000
6,000 4,528,000 1.237.000 1,619,000 1.010.000
2,218*,666 36.933.000
Total earning assets.. 17,028,000 37,733,000 14,957,000 11,763,000 | 8,600,000 6,375,OO 17,848,000 6,444,000 6,030,000 12,809,000 7,772,000 8.282,000 155,647,000
oj
Fed. Res’ve notes—Net
934,000
Due from other Federal
Reserve Banks— Net. 1,877,000
62,000
All other resources____

9,630,000

153.000

426.000 |

299*000

191.000
103.000

835.000 2,892,0001 234,000 1,484,000 2,706.00o! 2,297,000 1,410,000
324.000
78,000
843,000
651,000
294,000
136,000
694,000

........... 1,186,000 1,635,000 1,001,000, 1,429,000 |

______

5.210.000 21,604,000
873*666

3.555.000 al4,058,000
276,000 4,533,000

Total resources______ 35,859,000 202,620,000 32,384,000 33,853,000|25,616,00018,346,000 64,248,00021,087,00018,689,000J23,778,000 22,138,000 24,040,000 519,035,000
L IA B IL IT IE S .

Capital paid In.............. 4.950.000 11,299,000 5.216.000 5,948,000
Government deposits__ 2.072.000 8,180,000 2.815.000
733,000
Reserve deposits— Net. . 28,823,000 180,448,000 24,353,000 27,172,000
Fed. Res’ve notes—Net.
F.R.bank notes In clrc’n
Duo to F.R.banks— Net
2,587,000
All other liabilities.........
14,000
........ ...........

3.346.000 2,408,000; 6,670,000 2.788.000 2,571,000 3.002.000
6.424.000 7,054,000 1,493,000 2.630.000
434,000 1.280.000
11,545,000; 8,773,00056,085,000 15,669,000 15,684,000 16,733,000
..........
.
4.156.000
1,088,000
1,669,000
45,000

111,000;

______

...........

...........

..........

2.669.000 3.926.000 54.793.000
5.709.000 1.764.000 40.660.000
9.857.000 17,809,000 413,011,000
8.851.000
3.007.000
1.669.000
236,000
481,000
651,000

Total liabilities........... 35,359,000 202,520,000 32,384.000 33,853,000 25,516,00018,346,000 64,248,000 ,21,08700018,689,000|23,778.000 22,138,000 24,040,000 519,635,000
F e d e r a l R e se rv e N o te s —

Issued to banks........... 10,788,000 70,791,000 6,806,000 10,542,000 10,828,00014,678,000^ 3,798,000 7.312.000 13,105,000 9,432,000 15,705,000 11,611,000 185,424,000
In hands of banks___
934,000 9,630,000
426,000
464,000 1,186,000 1,635,000 1.001.000 1,429,000
153,000
120,000 5,210,000 22,330,000
142,000

F .R . notes In circulation 9,854,000 61,161,000 6,653,000 10,116,000 10,364,00013,492,000 2,161,000 6,311,000 11,676,000 9,320,000 15,585,000 6,401,000 163,094,000
Gold and lawful money
with agent.................. 10,788,000 70,791,000 6,806.000 10,542,000 6,208,00014,678,000' 3,790,000 7.312.000 13,105,000 8,232,000 11,078,000 11,611,000 175,847,00
934,000 9,630,000
Carried to net assets___
_____ 1,186,000 1,635,000 1.001.000 1,429,000
153,000
426,000
5,210,000 21,604,00
Carried to net liabilities.
1,088*666 3,607*666
8,851,00
.......... i
--------4,156,000
a Items In transit, 1. e.t total amounts due from less total amounts due to other Federal Reserve banks.
ST A TE M E N T O F FE D E R A L RE SE R V E A G E N T S ’ A C C O U N T S A P R IL 2 81916.
B o s to n .

N e w Y o r k . P M la 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 in n e a p .

K a n . C ity

D a lla s .

San

F ra n .

T o ta l.

Federal Reserve Notes—
$
$
$
3
S
$
$
$
$
$
$
3
3
Rec’d from Comptrol’r 20,380,000 114,240,000 15,480,000 13,360,000 17,000,000 20,400.000 9,380,000 9,600,000 19,000,000 13,000,000 22,140,000 12,160,000 286,140,000
Returned to Comptro’r 2,112,000 25,449,000 2,581,000 1,118,000 2,772,000 1,626,000
703,000
626,000
645,000 1,341,000
185,000
649,000 39,607,000
_
Chargeable to Agent_ 18,268,000 88,791,000 12,899,000 12,242,000 14,228,000 18,774,000 8,677,000 9,074,000 18,815,000 12,455,000 20,799,000 11,611,000 246,633,000
In hands of F.R.Agent 7,480,000 18,000,000 6,093,000 1,700,000 3,400,000 4,096,000 4,881,000 1,762,000 6,710,000 2,993,000 5.094,000
Issued to F. R . bank. 10,788,000 70,791,000 6,806,000 10,542,000 10,828,000 14,678,000 3.796,000 7,312,000 13,105,000 9,462,000
Hplri Uj 1 X Afrpnfi—•
Uvlu hv F , R * AgCllU
V
Gold coin & certfs___ 10,200,000 67,917,000 3.360.000 9,700,000
2.850.000 10,140.000 3.780.000
Credit balances:
In gold redemption I’d
688,000 2,874,000
336,000
842,000
408,000 1,228,000
615,000
332,000
386,000
652,000
With F. R . Board___
3.110.000
5.800.000 13.450,000 3,410,000 4.130.000 2,350,009 3.900.000
Notes secured by com­
mercial paper_______
4.620.000
1.230.000

..........

61,209,000

15.705,000 11,611,000 185,424,000
9.540.000

117.487.000

241,000 9.210.000
808,000
1.030.000 11,370,000 49.150.000
3.727.000

9.577.000

T o t a l..................... 10,788,000 70,791,000 6,806,000 10,542,000 10,828,000 14,678,000 3,796,000 7,312,000 13,106,000 9,462,000 15,705,000 11,611,000 185,424,000
delivered to F.R*Ag’tl




4,885,0001

______ 1,235,000 4,122,000

10,242,000

May 6 1916.]

THE CHRONICLE

1689

Statement of New York City Clearing House Banks and Trust Companies.—The following detailed statement
shows the condition of the New York City Clearing House members for the week ending April 29. The figures for the
separate banks aro the averages of the daily results. In the case of the totals, actual figures at the end of the week are also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates,Ifor the three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
April 29 1916.
(00* o m itte d .)

C a p it a l.

N et
P r o fits .

L oans,
D is c o u n ts ,
I n v e s tin 'ts .
d ie .

fNat.B’ksMar. 7
tState BksMar. 17

Members o f Federal
Reserve Bank.
2,000,0
Bank of N. Y .( N.B.A
Merchants' Nat. Bank 2,000,0
Mech. & Metals N a t.. 6,000,0
National City B a n k ... 25.000.
Chemical Nat. B an k ... 3.000.
Atlantic National Bank 1.000.
Nat. Butchers’ & Drov
300.0
Amor. Exch. Nat. Bank 5.000.
National Bank of Com. 25.000.
Chetham & Phenlx Nat
3.500.0
Hanover National Bank 3.000.
Citizens' Central N a t.. 2.550.0
Market & Fulton N a t..
1.000. 0
1.500.0
Importers’ & Traders’ - .
5.000.
National Park Bank..
250.0
East River Nat. Bank..
Second National Bank. 1.000.0
First National B an k ... 10.000. 0
Irving National Bank.. 4.000.
500.0
N. Y . County Nat. Bk.
Chase National Bank.. 5.000.
Lincoln National Bank. 1.000.
Garfield National Bank 1,000,0
250.0
Fifth National B a n k ...
1,000,0
Seaboard Nat. Bank__
Liberty National Bank. 1,000,0
Coal & Iron Nat. Bank. 1,000,0
Union Exchange N a t.. 1,000,0
1,000,0
Nassau Nat. Bank___
1.500.0
Broadway Trust Co_
_

C o ld .

0
0
0
0
0
0

0

0
0
0

S ilv e r.

A vera ge.

A vera g e.

L eg a l
T en d ers.

A vera g e.

A vera g e.

$
$
s
35,358,0
2,031,0
1,070,0
30,767,(
1,077,0
863 ,C
124,916,( 18,813,1]
2.950.C
402,842,0 69,369,0 11,151,0
37,463,(
1,359,C
288 ,C
12,699,0
846 ,C
138.C
2,403,1
55,C
39 ,C
80,926,0
5,677,0
949,0
238,021,1 16.007.C
5,681,(
2,821,1]
02,676,0
1,597,0
125,891,1 20,185,C
2,420,0
20,799,1
1,150,0
157,0
1,670,0
623,0
I
9,707,1
1,424,0
32,702,0
1,286,0
145,889.0 8,467,0 2,480,0
123,0
2,103,0
30,0
17,969,0
1,480,0
253,0
102,229,0 9,367,0 2,384,0
67,328,0 4,825,0
1,650,0
9,986,0
386,0
121,0
195,252,0 15,545,0 6,061,0
19,791,0
1,369,0
665,0
9,441,0
780,0
176,0
5,124,0
155,0
118,0
38,517,0 2,654,0
1,508,0
54,i95,0
2,001,0
1,101,0
9,179,0
669,0
123,0
11,886,0
328,0
415,0
9,880,0
311,0
157,0
19,114,0
1,533,0
209,0

350,0
1,383,0
3,426,0
4,486,0
2,130,0
473,0
156,0
1,799,0
4,123,0
2,511,0
2,175.0
1,590,0
451,0
071,0
4,923,0
252,0
484,0
3,412,0
5,140,0
813,0
4,714,0
323,0
949,0
327,0
3,437,0
1,108,0
162,0
737,0
585,0
531,0

Totals, avge. for week 115,350,0 188,702,1 2,001,113,0 192,477,0 46,663,0 53,621,0
Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

condition
condition'
condition
condition

April 29
April 22
April 15
April 3

N a t .B ank N a t .B ank
N o tes
N o tes
[R eserv e
[N o t
f o r S ta te
C o u n ted
I n s tltu as
l io n s ].
R ese rv e ],
A verage.

*
______
_____

___

F ed era l
R ese rv e
Bank
N o te s
[N o t
R e s e r v e ].

R ese rv e
w ith
L eg a l
D e p o s it a r ie s .

A d d lt 'a
D e p o s it.
w ith
L ega l
D e p o sit a r ie s .

A vera ge.

A verage.

S

*

A verage.

A verage

8,(
33.(
94,(
81,(
45,1
31,(
5,(
96,0
6.C
365,(
17,(
49,C
126,(
52 ,C
102,C
8.C
52,0
41,0
16.0
92,0
44,0
37,0
26,0
4,0
31,0
16,0
26,0
22,0
37,0
55,0

%
S
2.419.C ..........
2,182,0 ..........
9,666,0 ...........
35,761,0 ...........
2,272,0 ...........
1,074,0 ...........
155,0 ..........
7,354,0 _
18,796,0 ___
4,989,0 ...........
10,646,0 ...........
2,302,0 ..........
1,005,0
2,289,0 ______
11,680,0 ...........
203,0
1,169.0 _ ,
12,092,0
5,782,0
751,0
17,442,0
1,475,0
778,0
372,0
4,538|0
4,572,0
811,0
820,0
654,0
1,451,0 ...........

1,<
37,(
27,(
587,(
20,(
37,0
9,(
234.(
22,(
8,(
76,(
65,0
87,0
19,0
17,0
116,0
57,0
9,0
67,0
3,0
6,0
3,0
31,0

N a tio n a l
N et
D em an d
D e p o s its .

N et
T im e
D e p o sits

A verage.

A vera g e.
$

$
31,738.0
30,291,0
137,409,0
451,587,0
32,025,0
13,464,0
2,022,0
78>86;o
240,965,0
62,971,0
142,703,0
25,101,0
10,436,0
29,221,0
148,091,0
2 265,0
15,798,0
152,092,0
76,287,0
10,236,0
218,740,0
20,147,0
9,630,0

1,587,0
_____
2,691,0
4,906^0
125,0
3,141,0
574,0
5,145,0
1.058,0
1,393,0
125,0
117.0
4,653,0
37,0
95,0

46,967,0
56,474,0
9,116,0
11,771,0
9,471,0
19,939,0

1,978,0
200,0
6,0
389,0

C ir c u la tlo n .

A vera ge.

$
796,0
1,831,0
4,955,0
1,799,0
450,0
50,0

4,921,0
155,0
1,773,0
130,0
1,026,0
201,0
50.0
3,556,0
695,0
4,910,0
640,0
198,0
450,0
893,0
399,0
24,0
500,0
414,0
395,0
139,0

...........

1,617,0

1,538,0 165,500.0

______ 2,101,013,0 28,220,0 31,696,0

1,537,0
1,673,0
1,758,0
1,617,0

1,386,0
1,287,0
1,117,0
1,418,0

2,091,796,0
2,133,135,0
2.144,773,0
.......... 2,175,158,0

1,988,044,0
2,030,195,0
2,017,641,0
2,045,386,0

193,265,0
192,459,0
199,489,0
198,882,0

46,330,0
46,083,0
51,468,0
52,866,0

56,375,0
57,967,0
59,528,0
62.437.0

.........

43,430,0
33,914,0
11,550,0
6,012,0
2,457,0
14,947,0
75,599,0
4,122,0
5,908,0
16,805,0
4,934,0
6,366,0
14,630,0
4,733,0
13,618,0
22,074,0

6,374,0
3,574,0
970,0
222,0
141,0
. 932,0
9,600,0
322,0
757,0
2,267,0
481.0
659,0
967,0
298,0
2,130,0
2,174,0

2,571,0
2,239,0
198,0
615,0
109.0
1,026,0
7,460,0
53,0
209,0
693,0
54,0
51,0
307,0
244,0
347,0
724,0

1,878,0
966,0
546,0
84,0
105,0
751,0
5,038,0
05,0
76,0
1,048,0
126,0
165,0
536,0
122,0
358,0
542,0

130,0
47,0
360,0
132,0
3.0
52,0
637,0
37,0
10,0
49,0
133,0
83,0
42,0
35,0
93,0
180,0

...........

281,105,0 31,868,0 16,900,0 12,406,0

2,023,0

...........

279,466.0
281,268,0
292,906,0
298,827,0

1,819,0
1,972,0
1,930,0
1,829,0

...........

165,002,0
165,979,0
170,522,0
168,866,0

27,978,0
28,489,0
24|82l|0
24,531,0

31,765,0
31 808,0
31,728,0
31^874,0

State Banks.
N o t A f e m b ers o f
F e d e r a l R ese rv e B a n k .

Bank of Manhattan C o.
Bank of America--------Greenwich Bank..........
Pacific Bank..................
People’s Bank-----------Metropolitan Bank___
Corn Exchange Bank..
Bowery Bank-------------Germnn-Amcrlcan Bank
Fifth Avenue Bank___
German Exchange Bank
Germania Bank_______
Bank of Metropolis___
West Side Bank..........
N. Y . Produce Ex. Bk.
State Bank.......... .........

2.350.0
1.500.0
600,0
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
2.154.1
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

condition
condition'
condition
condition

April 29
April 22
April 15
April 8

31,838,0
30,669,0
28,187,0
28,785,0

17,036,0 10,150,0
16,354,0 14,590,0
10,479,0 9.690,0
10,884,0 10,077.0

15,0

3,157,0 1,217,0

1,000,0

...........

339,0
221,0
851,0
765,0
283,0
94 !o
1,089,0 2,482,0
1,500,0 1,122,0

50,399,0
32,939,0
12,393,0
5,315,0
2,577,0
13,660,0
98,546,0
3,714,0
6,150,0
18,137,0
4,644,0
6,309,0
14,186,0
4,715,0
15,774,0
25,001,0

*31,6

...........

68,0

8,588,0 15,889,0

314,459,0

1,091,0

______

68,0 8,611,0 15,431.0
57,0 9,985,0 14,692,0
49,0 13,966,0 9,544,0
65,0 13,980,0 9,617.0

310,822,0
314,731,0
318,229,0
320,836,0

1,091,0
1,091,0
1,094,0
1.062;o

.........-

19,0
1,257,0 3,091,0
22,0 10,700,0 1,219,0
7,0
1,896,0 9,910,0
1,016,0 2,596,0
12,6
1.119,0 4,278,0
18,312,0 8,714,0
359,0
399,0
14,6
828,0
904,0
82,0 3,651,0 3,759,0
18,0
950,0 1,971,0
47,0 2,779,0 7,852,0
8,0
889,0
853,0
8,0
641,0
649,0
13,0 2,632,0 1,416,0

25,140,0
213,991,0
37,925,0
23,469,0
22,387,0
366,252,0
7,196,0
16,566,0
73,018,0
18,985,0
55,374,0
17,782,0
12,820,0
52,646,0

8,312,0
21,108,0
17,571,0
7,533,0
775,0
38,846,0
957,0
1,346,0
15.961,0
1,337,0
8,003,0
4,401,0
667,0
7,569,0

______

555,0
2,0
27,0

155,0

_____

223,0
215,0

22,0

185,0
10,000,0
24,0

35,0

25,0

Trust Companies.
N o t A T em bers o f
F e d e r a l R ese rv e B a n k .

1.500.0 3.817.4
Brooklyn Trust C o___
Bankers Trust C o____ 10,0>0,0 15.914.2
U .S .M tg e .A Trust Co. 2,000,0 4,627,9
Astor Trust C o . . ......... 1.250.0
1.632.2
Title Guar. & Trust C o. 5.000. 0 12.295.3
Guaranty Trust Co___ 20,000,0 30.638.6
1.030.0
1.230.3
Fidelity Trust C o____
Lawyers’ Title & Trust. 4.001.0 6.378.0
2.000.
0
7.779.1
Columbia Trust Co___
1.622.5
1.030.0
People’s Trust C o........
11.268.6
3.000.
0
New York Trust Co_
_
1.311.4
1.030.0
Franklin Trust C o____
514,8
Lincoln Trust C o......... 1.000.0
Metropolitan Trust C o. 2.000,0 6,410,7

34,801,0
1,919,0
226,054,0 21,123,0
56,568,0 3,292,0
30,219,0 2,240,0
37,365,0
1,573,0
391,803,0 32,320,0
9,272,0
590,0
24,498,0
1,319,0
87,846,0 5,807,0
20,153,0
1,407,0
68,229,0 4,584,0
21,651,0
1,296,0
13,090,0
855,0
59,891,0 4,588,0

126,0
163,0
49,0
21,0
370,0
925,0
52,0
238,0
135,0
118,0
1,471,0
347,0
94,0
216,0

418,0
90,0
333,0
203,0
120,0
3,158,0
92,0
125,0
1,111,0
281,0
627,0
195,0
283,0
772,0

213,0
21,0
162,0
40,0
.168,0
487,0
33,0
20,0
214,0
121,0
34,0
54,0
61,0
'311,0

Totals, avge. for week. 54,750,01104,447,0 1,081,440,0 82,913,0

4,325,0

7,808,0

1,939,0

Totals,
Totals,
Totals,
Totals,

4,639,0 . 9,226,0
6,115,0
4,729,0
4,365,0 4,065,0
3,470,0 3,482,0

actual
actual
actual
actual

condition
condition
condition
condition

April 29
April 22
April 15
April 8

1,099,909,0
1,074,227,0
1,067,559,0
1,055,709,0

Grand Aggregate, avge. 185,550,0 326,258,7 3,363,658,0
Comparison prov. week
— 18,079,0
Grand Aggregate,actual
April 29 3,367,419,0
Comparison prev. w C
ek
— 18,271,0
Grand Aggregate i u a condition
3,385,690,0
Grand Aggregate actua (condition
3,378,106,0
Grand Aggregate actual (condition April
3,399,922,0

_____

...........

250,0 47,029,0 47,611,0

943,551,0 134,386,0

____ _

1,875,0
1,831,0
1,870,0
1,920,0

...........

241,0
248,0
230,0
237,0

963,245.0
939,027,0
92!L74(L6
927,344,0

.........-

307,258,0 67,888,0 73,835,0
— 1,301,0 + 186,0 — 1,277,0

3,962,0
— 157,0

1,617,0
— 100,0

1,854,0 221,117.0 63,500,0 3,359,023,0 163,697,0 31,696,0
+ 116,0 -10,621,0 + 39120 — 32,817,0 + 4,725,0
— 13,0

307,589,0 68,005,0 75,751,0
—2,918,0 — 547,0 — 1,535,0

3,694,0
— 109,0

1,537,0
— 136,0

1,685,0 221,565,0 57,062,0 3,365,863,0 163,750,0 31,765,0
+ 93,0 — 1,180,0 -6,339,0 — 21,630,0 + 153,0
— 430

310,507,0 68,552,0 77,286,0
312,489,0 06,312,0 73,283,0
312,480,0 67,220,0 75,996,0

3,803,0
3,800,0
3,749,0

1,673,0
1,758,0
1,617,0

1,592,6 222,745,0 63,401,0 3,387,493,0 163,597,0 31,808,0
1,396,0 230,904,0 54,571,0 3,392,748,0 159,245,0 31,728,0
1,720,0 229 210,0 70,284,0 3,423,338,0 158,260,0 31,874,0

82,486,0
87,379,0
84,813,0
84,813,0

47,952,0
40,781,0
46,416,0
46,364,0

41,631,0
48,709,0
45,027,0
60,667,0

134,681,0
134,017 0
133j3§6!6
132,667,0

a Includes capital set aside for Foreign Branches. S3,000,000.
STATEMENTS OF RESERVE POSITION.
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 .

n

R eserv e
R eq u ire d .

Actual Figures.
S u r p lu s
R ese rv e .

I n c . o r D e c .,
fro m
S a sh R eserve R ese rv e in
C
P re v io u sly e ek \ i n V a u lt. D e p o s it a r ie s

T o ta l
R ese rv e .

b

R eserv e
R e q u ire d .

S u r p lu s
R ese rv e .

s

1n c . o r D e e .
I
fro m
-P rctlo u sX V e ek

S
5
Members Federal
$
*
S
S
5
*
S
S
*
Reserve Bank___ 292,761,000 165,500,000 458.261.000 379,593,340 78,667,660 — 6,667.720 295,970,000 165,002,000 460.972.000 377,922,180 83,049,820;! +5,950,570
State Banks*_______ 63.197.000 8,588,000 71,785,000 56,602,620 15,182,380
+ 101,520 60,843.000 8,611,000 69,454,000 55,947,960 13,506,040| — 3,412,380
Trust Companies*.. 96.985.000 47,029,000 144.014.000 141,532,650 2,481,350
— 893,700 98,226,000 47,952,000 146.178.000 144,486,750 1,691,250; —4,199,700
Total Apr. 29
452.043.000 221.117.000 674.060.000 577,728,610 06,331,390 — 7,459,900 455,039,000 221.565.000
Total April 22___ 455.852.000 231.738.000 687.590.000 583,798,710 103,791,290 — 1,106,540 460,148,000 '222,745.000 676,604,000;578,356,890 98,247,110 — 1,661,510
Total Apr. 15___ 462.180.000 228.526.000 690.712.000 585,814,170 104.897,830 — 2,503,640 455,884,000 230.904.000 682,893,000582,984,380 99,908,620 — 2,836,070
686,788,000 584,043.310 102,744,690! +3,696,760
Total Apr. 8 ___ 467.773.000 230.128.000 697.901.000 590.499,530 107,401,470 — 14,071.6401459.445,000
'229.210,000 6.38,655,000589,607.070 ! 99.047,930— 24,775.110
ineiiidelnlL the arn^nt of
1 ° “ Net Demand Deposits in tho case of 8tate Banks and Trust Companies, but In the case of Members of the Federal Reserve Banks
taeludes alsotheaiMimt o^esorve required on Net Time Deposits, which was as follows: April 29.*1,411,000; April 22. *1,296,900; April 15. *1,242,300: April 8, *1,226,450.
d o n N ?t ? cmii? d S ? po3i^8 nt.^eca ^ <.fStatoI5link3and Trust Coml>an!es, but In the case of Members of the Federal Reserve Banks
J
Includes also the amount of reserve required on Net Time Deposits, which was as follows: April 29, *1,398,900; April 22, *1,424,450; April 15, *1,241,050; April 8, *1,226,550.




The State Banking Department reports weekly figures,
showing the condition of State banks and trust companies
in N ew York City not in the Clearing H ouse, and these are
shown in the following table:
SUM MARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YO RK , NOT INCLUDED IN CLEARING HOUSE STATEM ENT.
( F ig u r e s F u r n is h e d b y S ta te B a n k in g D e p a r t m e n t .)

D iff e r e n c e s fr o m

A p r i l 29.
p r e c io u s w e e k .
Loans and Investments___________________________ 8711,916,800 Inc. S8,775,300
653,400
G o b i______________
59,408,800 Inc.
428,000
Currency and bank notes.......................
9,297,700 Inc.
8,151,500
Total deposits___________
886,804,300 Inc.
Deposits, eliminating amounts due from reserve de­
positaries and from other banks and trust com­
7,407,500
panies In New York City, and exchanges------------ 749,134,200 Inc.
2,314,100
Reserve on deposits_____________________________ 205,198,800 Inc.
Percentage of reserve, 28.3%.
RESERVE.
------- S la te B a n k s -------- -----T r u s t C o m p a n ie s ----Car In vaults.................................. 812,087,900 11.14%
856,618,600
9.20%
Deposits In banks and trust cos___ 19,000,700 17.51%
117,491,600 19.11%

T t a l...............................................831,631,700 28.65%

8174,110,200

M BINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YO RK .
We

k en d e d —

5........
11____
18........
26____
4 ........
11____
18.........
25........
1........
8........
15........
A p r 22.........
Apr 29........
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.

o m it c ip h e r s i n

a ll th ese fi g u r e s .

L oan s and
I n v e s tm e n t s

D em an d
D e p o s its .

S
3,950,998,9
3,974,792.2
3,997,810,9
4,044,174,4
4,056,861,1
4,941,443,5
4,056,746,2
4,050,652,3
4,055,781,1
4,096,708,3
4,084,794,2
4,084,878,5
4,075,574,8

S
4,070,781,0
4,092,492,4
4,110,734,8
4,149,123,3
4,155,597.7
4,127,014,0
4,134,035,6
4,123,524,8
4,117,806,7
4,157,969,5
4,135,880,7
4,133,566,7
4,108,157,2

O th er
M on ey.

S
502,332,6
504,583,7
501,067,7
493,006,1
483,314,7
4.81,883,7
474,291,6
463,977,4
456,681,0
453,312,5
448,433,5
442,480,4
440,501.8

E n t ir e
T o ta l
R e s e n e on
M on ey
H o ld in g s . D e p o s it.

S
84,379,3
83,599,2
79,682,2
79,693,4
78,935,4
78,400,1
76,973,4
80,017,5
80,320,4
81,514,9
80,951,8
80,990,7
81,147,7

S p e c ie .

In addition to the returns of “ State banks and trust com
panies in New York City not in the Clearing H o u se,” furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this class
in the whole State. Tho figures are compiled so as to distin­
guish between the results for New York City (Greater New
York) and those for the rest of the State, as per the following:
For definitions and rules under which the various items
are made up, see “ Chronicle,” V . 98, p. 1661.
The provisions of the law governing the reserve require­
ments of State banking institutions were published in the
“ Chronicle” March 28 1914 (V . 98, p. 968). Tho regula­
tions relating to calculating the amount of deposits and what
deductions are permitted in tho computation of the reserves
were given in tho “ Chronicle” April 4 1914 (V . 98, p. 1045).

28.31%

The averages of the New York City Clearing House banks
and trust companies, combined, with those for the Stato banks
an l trust companies in Greater New York City outside of the
C J w in g House, compare as follows for a series of weeks past:

W

[Vol . 102

THE CHRONICLE

1690

$
586,711,9
588.1S2.9
580,749,9
572,699,5
502,250,1
560,289,8
551,205,0
544,594,9
530,982,0
534,827,4
529,385,3
523,477,1
521,649,5

$
983.463.3
978.220.4
967.571.4
949.725.4
941.712.7
923.885.2
916.177.3
919,396,2
914,934,9
913.158.1
895.711.1
890.474.7
879.258.8

STATE BANKS AND TRUST COMPANIES.

W e e k en d ed A p r i l

T ru st C os.
T ru st C os.
S ta te B a n k s
S ta te B a n k s
o u t s id e o f
o u t s id e o f
in
in
G rea ter N . Y . G rea ter N . Y . G r ea ter N . Y . G r ea ter N . Y .

29.

s

$
65,550,000

38,833,300

163.857,800

14,966,309

12,887,000

365,738,800 1,698,963,800
— 4,725,100 + 20,329,600

154,337,200
+ 1,124,900

223,007,400
+ 426,100

Surplus as of Dec. 31-----Loans and Investments..
Change from last week.

3
14,050,000

3
11,613,000

23,350,000

Capital as of Dec. 31------

Change from last week.

46,474,500
+ 3,504,100

139,484,500
— 505,000

Currency and bank notes.
Change from last week.

28,809,100
+ 2,531,100

16,493,000
+ 1,402,000

Change from last week.

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

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

506,968,200 1,998,248,800
+ 6,778,200 + 15,355,600

165,878,800
— 575,100

2SS,$41,700
— 1.S1C.500

Reserve on deposits------Change from last week.

123,987,000
+ 5,901,100

385,225,700
— 1,008,300

30,182,900
— 888,000

38,m ”,son
— 1,«M\600

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

29.9%
28.5%

23.7%
23.9%

21.3%
1 9%

18.3%
18.9%

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

Non-Member Banks and Trust Companies.— Following is the report made to the Cloaring-Houso by clearing nonsamaber institutions which are not included in tho “ Clearing-House roturn” on the preceding page.
R E T U R N OF N O N -M E M B E R IN S T IT U T IO N S OF N E W Y O R K C L E A R IN G H O U SE .
CLEARING
N N-MEMBERS.

Nat. bks. Mar.
State bks. Mar.

eek Ending
, ipril 29 1916.
Members o f
Fed’l Reserve Bank
Battery Park N a t-.
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
Hudson C o.N ., J.C .
FlMt Nat., Hoboken
8er?»nd Nat., Hobok.

N a t .B a n k N a t .B a n k F e d e r a l
R eserv e
N o t e s [R e­ N o t e s [N o t
Bank
C o u n ted
s e rv e f o r
N o t e s [N o t
as
S ta te I n ­
R eserv e],
reserv e]
s t it u t io n ]

N et
P r o fit s .

C a p it a l.

L oans,
D is c o u n t s ,
I n v e s t­
7\
171 m e n t s , cfee.

L eg a l
T en d ers.

A verage.

A verage.

A verage.

A verage.

A verage.

3

A vera g e.

$
4.000
11,000
7.000
14.000
100,000
13.000
5.000

A vera g e.

3

R eserv e
w ith
L eg a l
D ep os­
i t 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
D ep os­
i t a r ie s .

N et
D em an d
D e p o s its .

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 ge

A verage.

A vera g e.

A verage

A vera g e.

$
$
S
S
224.000 4.182.000
147,000
502.000
149.000 4.759.000
588.000
98,000 5.403.000
660.000
470.000 3,842,000 3.923.000
812.000 3.359.000
404.000
460.000 2.482.000 2.832.000
392.000
719.000 2.356.000 1.997.000
283.000

3
42.000
29.000
60.000
285,090
11,000
24.000
27.000

3
48.000
126,000
112,000
93.000
71.000
74.000
104,000

1.795,000 4,426,000 33,824,000 1,263,000

otal

S
449.000
146.000
155.000
225.000
134.000
111.000
43,000

478,000

628,000

116,000
633.000
693.000
102.000
736.000
256.000
344.000
808.000
200,000

3,000
161,000
38.000
10.000
63.000
50.000
115.000
181.000
53.000

51.000
471.000
238.000
34.000
185.000
119.000
296.000
823.000
115.000

23.000
78.000
155.000
11.000
73.000
34.000
99.000
166.000
28.000

674,000 2,332,000

667,000

203,000

15.000
89.000

42.000
25.000

19,000

2,000
18,000

252,000 2.017.000 6.054.000 1.525.000
88,000 1.015.000 1.759.000 2.514.000

104,000

67,000

19,000

20,000

3,032,000 6,813,000 4,039,090

$

200,000
300.000
300.000
400.000
250.000
220.000
125,000

$
182,100
672.300
613.200
1,268,200
759,700
631.200
299.300

$
3.855.000
5.089.000
5.445.000
4.924.000
4.153.000
5.782.000
4.570.000

154,000

6,000
8,000
1,000
6,000
9.000
3.000

195.000
297.000
119.000
395.000
197.000
218.000
99,000

33,000 3,299,000 6,304,000 26,464,000 4,976,000 1,620,000

State Banks.
N o t M e m b e r s o f th e
F e d e r a l R es e r v e B a n k .

100,000
Bank of Wash. H’ts
400.000
Colonial Bank_____
300.000
Columbia Bank___
200.000
Fidelity Bank_____
200,000
Mutual Bank____
200,000
N e t Netherland___
100,000
Ye ikvllle Bank..
M «chanlcs’ , B klyn.. 1,600,000
200,000
N rth Side, Bklyn

401,500
861,200
680,900
186,600
462,700
250,200
681,000
825,800
196,400

2.050.000
8.427.000
7.671.000
1.346.000
6.225.000
3.953.000
5.768.000
17,712,000
3.259.000

3,300,000 4,446,300 56,411,000 3,788,000

o ta l.

,600,000
,020,000
,310,000
,243,000
,512,000
,936,000
,251,000
,089,000
,520,000

334.000
233.000

19.000 3,602,000 5,597,000 59,490,000

649,000

263,
96.000
399
541.000
498
499.000
65
75.000
939
447.000
3,000 212.000
547
375.000
1,145,000 2,368
212.000
518

16,000

203,000

Trust Companies.
N o t M e m b e r s o f th e
F e d e r a l R e se rv e B a n k .

Total .

425,000
72,000

15.000
42.000

700.000 1,387,600 11,868,000

HamlltonTrust.Bkln.
Mechanics’ .Bayonne

497,000

57,000

10,259,900 102103000
+589,000
Increase
10.259.000 101514000
10,259,900 101639000
10.051.000 101079000
9.944.700 101138000
9.944.700 99,877,000

5,548,000
+ 144000

3,064,000 734.000
+ 68,000 + 111000

5.404.000
5.408.000
5.332.000
5.217.000
5.220.000

3.006.000
3.050.000
2.920.000
3.042.000
2.991.000

500.000 1,093,500 7.452.000
294,100 4.416.000
200.000

Gr*nd aggregate------ 5,795,000
Comparison ,prev .wk
»• Excess reserve, 8194,330
Gr nd aggr’ tc Apr.22 5.795.000
Gi*nd aggr’ te Apr.15 5.795.000
Gland aggr’ teApr 8 5.795.000
Gijjnd aggr’ te Apr. 1 5.795.000
Gr nd aggr’teMar.25 5.795.000

. Philadelphia Banks.— Summary of weekly totals of
C w i n g House banks and trust companies of Philadelphia:
W e o m it tw o c ip h e r s

(00)

19..............
26..............
4..............
11..............
18..............
Mar. 25..............
April 1..............
April 8..............
ApriU 8 ..............
U r 52..............
Af
$9............ -

L oans.

R ese rv e .

D e p o sits.
a

$
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3

S
478.243.0
479.731.0
485.129.0
493.815.0
499.145.0
500.354.0
499.682.0
500.299.0
504.361.0
608.139.0
509.220.0

$
130.945.0
140.053.0
135.289.0
125.018.0
117.978.0
117.010.0
120.964.0
124.721.0
121.124.0
115.113.0
112.445.0

$
617.461.0
620.904.0
624.269.0
609.500.0
615.496.0
604.519.0
612.836.0
617.022.0
625.197.0
621.791.0
618.559.0

BOSTON CLEARING HOUSE MEMBERS.
29.
1916.

A p r il
C ir c u la ­
tio n .

$
10.508.0
10.519.0
10.455.0
10.443.0
9.797.0
9.716.0
9.694.0
9.648.0
9.634.0
9.626.0
9.608.0

C le a r in g s

$
290,161,8
200.789.1
254.334.0
211.721.5
227,728,7
214.195.5
215.900.5
254.664.0
233.477.5
221.135.2
247.458.6

q Hvdudcs Government deposits and the Item "due to other banks” (April 29,
• lMl,>28,000); also "Exchanges to Clearing House” (April 29, $21,825,000). Due
« B teaks April 29, $78,812,000.




Boston Clearing House Banks.— W o give below a
summary showing the totals for all tho items in tho Boston
Clearing House weekly statement for a series of weeks:

i n a ll th ese fi g u r e s .

C a p it a l
and
S u r p lu s .

Fe .
Fel*.
Mr*.
Mat.
Mar.

623.000
668.000
713.000
675.000
554.000

Circulation-----------------------Loans, disc’ ts & Investments.
Individual deposits, Incl.U.S.
Due to banks______________
Exchanges for Clear. House.
Due from other banks--------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.

$6,353,000
411.635.000
342.583.000
142.044.000
26.844.000
17.361.000
40.736.000
25.344.000
16.858.000
74.139.000
2.284.000
54.919.000
1.482.000

C h a n g e fr o m
p r e v io u s w e e k .

Inc.
Inc.
Inc.
Dec.
Inc.
Inc.
Dec.
Inc.
Inc.
Inc.
Inc.
Ino.
Inc.

$1,000
1,483,000
4,483,000
3,201,000
287,000
42,000
1,621,000
346,000
763,000
597,000
190,000
472,000
603,000

22
1910.

A p r il

$6,352,000
410.152.000
338.100.000
145.245.000
26.557.000
17.319.000
42.357.000
24.998.000
16.095.000
73.642.000
2,084,000
64.447.000
819,000

15
1916.

A p r il

$6,345,000
410.745.000
340.159.000
144.477.000
26.664.000
19.467.000
41.680.000
25.144.000
15.584.000
73.492.000
2,236,000
54.402.000
312,000

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

May 6 1916.]

THE CHRONICLE

1691

A B S T R A C T FR O M R E P O R T S OF TH E N A T IO N A L B A N K S M A D E TO T H E C O M P T R O L L E R M A R . 7 1916.

M a rch

7 1910.

N o.
of
Banks

I n th o u s a n d s o f d o lia r s .

C a p it a l.

$

S u r­
p lu s .

U n d i­
v id ed
P ro fits .

N a t.
Bank
N o tes
O u t.

S
28,095
1,295
11,708
19,880
8,152
2,525
10,260

S
S
34,533 6,206
19,900 5,211
19,833 4,652
140,425 19,060
252,984 8,897
28,071 4,624
83,937 14,044

129,552

553,568

81,915

579,683 62,694

New Eng. States.

428

97,747 60,747 40,061 59,049

New York..........
A lbany...........
Brooklyn____
N. Y. City__
New Jersey____
Pennsylvania. . .
Philadelphia..
Pittsburgh__
Delaware______
Maryland........ ..
Baltimore___
Dlst.ofCoIumbla
Washington . .

440
3
5
33
202
784
30
18
24
84
13
1
13

36,379
2,200
2,200
126,335
22,987
71,832
38,325
18,010
1,649
3,975
7,395
29S
4,931

15,573
650
526
62,239
10,072
19.44C
6,932
5,241
525
1,282
2,381
109
810

332,333 336,516 125,790 197,599 1,545,393 2,702,457

5

Southern States. 1.5S0

181,221 95,440 39,583 141,100

Birmingham..
Mississippi........
Louisiana..........
New Orleans..
Texas__________
Dallas .......... .
Fort W orth ...
Galveston___
Houston____
San Antonio..
W aco........ .....
Arkansas............
Kentucky______
Louisville___
Tennessee_____
Chattanooga .
Nashville___

Ohio___________

Chicago..........
M ichigan_____
D etroit..........
Wisconsin______
Milwaukee__
M innesota........
Minneapolis..
St. Paul........ .
Iowa .......... .......
Cedar Rapids.
Dcs M oines..

5

103
6
2
56

89
2
35

27
4
499
4
5
2
6
8
5
65
133
7
107
3

350
8
7
8
251
6
462
10
103
3
132
5
270
4
5
334
2
4
3
C

St. J osep h ....
St. L o u is .....
Mid .West. States 2,105
North D akota..
South Dakota..
Nebraska..........
Lincoln _____
Om aha______
Kansas________
Kansas C ity ..
Topeka_____
Wichita..........
Montana_______

153
121
185
4
9
2 11
2
3
3
68
34
113
5
2

37
Hfiinlr Western States.. 1,288
Washington-----Spokane ........
Tacoma______
Oregon ..............
Portland........
California_____
Los Angeles..
San Francisco.
Idaho.......... .......

69,

58

Utah........... .

17

Salt Lake City
Nevada..............
Arizona________
Alaska................

10
13
1

Pacific States__

35,479
13,900
10,000
3,000
21,635
6,700
33,440
43,006
10,745
7,000
11,875
6,300
12,496
10,300
6,300
19,130
800
2,350
500
1,250
0,585
8,050
1,10 0

6

528

20,274
6,650
5,250
1,840
10,380
3,000
19,565
26,590
5,894
3,250
5,099
3,300
6,771
6,260
3,850
8,369
550
750
130
600
2,998
3 1250
77)0
8,940

9,788
3,055
3,062
653
3,321
930
9,025
9,233
3,014
869
2,647
1,644
4,395
2,232
1,569
4,107
195
439
140
152
1,141
3,034
133
1,603

5,675
5,155
8,895
1,10 0
4,650
11,272
500
400
500
6,625
1,975
6,415
3,400
400
2,265
12,707
900
1,300

2,491
1,757
4,509
450
3 (025
5|623
314
220
605
2,786
1,215
3,006
2,950
520
1,111
3,928
288
496

73.134 35,194

885
1,070
1,666
206
2,100
2,450
155
28
210
1,180
394
1,396
740
251
183
1,723
61
190

5,325
54,870
16,784
21,828
3,818
42,046
6,478 . 30,930
2,009
15,537
1,565
4,550
2,578
21,213
4,477
23,632
1.342
2,000
8,947
30,795
1,959
28,195
1,861
7,747
2,370
13,910
4,035
13,971
11,489
19,688
16,784 129,204
9,859
23,384
8,614
12,932
1,163
2,353
15,138
23,192
11,321
3,993
1,432
4,588
20,113
5,744
39,286
1,520
13,652
19,247
6,365
36,367
2,966
5,090
6,862
12,803

98,033 310,922
4,276
24,233
5
15,321
22,136 1.647,018
51,451 155,005
224,00S 371,732
1.84J 281,45C
16,082 128,532
2.89C
8,045
24,117
31.87C
2,415 l 64,505
75C
6,380
27,685

22,357
8,823
23,453
9,026
8,818
3,534
6,554
4,737
60
14,195
6,195
4,428
4,394
2,948
945
13,400
1,031
1,202
2,430
5,749
1,211
737
1,717
8,849i
4,725
9,707
7,216
4,852

169,129

670,786

182,843

181,546
44,401
58,900
21,855
96,808
24,639
158,734
270,660
60,227
51,306
49,878
35,703
62,098
54,826
54,198
76,704
3,212
7,846
1,979
6,739
27,686
50,192
6,915
60,889

72,765
5,099
519
2,635
30,979
1,079
84,693
9,432
0|402
100
58,252
16,982
67,992
12,587
5,001
58,736
2,088
2,295
817
1,761
5,852
3.927
1,115
11,926

3,931
3,419
7,352
740
2,715
9,000
399
400
321
3,259
1,683
4,808
3,290
378
1,858
8,840
775
550

927,867 1,467,941
8,797
9,514
5,779
5,013
35,142
8,787
4,526
1,662
5,392
4,983
2,133
3,029
21,115
3,513
1,771
9,039
1,400
5,734

41,059
2,200
807
40,611
18.65S
60,516
11,326
17,194
1,411
4,225
7,574
251
6,502

453,631 3,067,074 212,335

29,428
13,369
7,785
36,518
4,162
56,451
2,509
6,505
19,545
11,840
6,472
16,747
27,275
20,765
4,562 340,852
8,713
7,529
2,060
25,270
9,211
6,269
4,101
22,646
9,171
13,329
2,165
57,813
1,090
33,305
15,449 • 21,393
525
12,320
785
14,957
347
1,754
861
11,134
5,711
3,623
4,325
84,598
936
11,721
15,533
97,159

292,135 154,310 66,381 182,721

80,253 12,914
41,944 3,875
57,979 9,552
45,132
7,066
30.226 5,121
8.550
1,153
36,025 7,676
26,178 4,242
4.286
905
38.925 6,336
35,307 7,854
10,844
1,753
15,907 3,502
15.379 2,611
22.281 2,740
148,116 25,621
22,630 3,722
1,661
14,863
3,281
473
28,341
4,445
13.184 3,282
6.107
1,540
22.036 3,444
49.107 12,302
25,945 5,428
44,909 8,571
12,326 2,098
16,971
2,560

O th er
S e c u r i­
t ie s .

Due
Due
fro m
fr o m
F ed era A p p ro cei
R eserv e
R eserv e
B a n k s.
A g en ts.

S
s
20,139
1,117
7,200
791
6,886
551
39,684 4,827
35,042 12,459
10,401
1,012
24,272 2,914

Due
fr o m
B anks,
& c ..
N et*

G old
and
G old
C e r tifl\ c a te s .

S ilver
and
S ilv e r
C e r ti f i ­
c a te s .

s
$
s
s
4351
396
5,623
1,291
3,534
550
378
856
382
265
2,734
628
17,908 2,588 i 2,639 4,009
2 608 10,307
51,968 15.159
558
354
1,017
2,455
14,496 2,164
1,453 3,192

s
400
502
259
3,195
5,453
596
2,083

143,624 23,671

98,718 21,836

125,925
15,027
6,394
276,495
78,449
186,998
62,124
57,797
3,526
12,580
9,118
532
10,892

50,455
7,200
2,641

12,109
2,863
1,196
169,605
7,047
13,021
18,243
7,926
28S
929
2,773
36
1,368

845,857 237,405
3,880
1,821
5,488
1,312
565
1,345
603
654
130
3,893
2,897
962
2,707
819
1,969
3,839
1,341
144
236
552
773
21
1,023
3,692
4,241
2,001
302
2,554

2,314
1,434
1,674
1,109
767
238
866
1,161
150
1,226
1,035
382
523
541
1,194
4,774
1,143
660
293
1,850
613
225
707
1,328
1,254
1,341
. 320
688

34,742
60,404
50.65S
41,065
1,268
3,287
6,001
268
3,322

L e g a lT en der
N o tes .

j
I

8,093 21,300 12,488

4,552 13,048 5,271
15,265
8,184
651
1,357
293
826
715
228
765
75,887 43,304 (273,266 27,227
8,341
3,634 6,317 3,993
8,267 5,428 t 17,882 6,775
30,597 3,057 j 22,064 6,629
17,137! 2.606 i 10.32S
2,897
201
8S
• 230
189
6941
352
1,004
559
381
6,331
1,915 2,477
61
10
8
17
4,163
460 1.870
822

261,315 175,901 64,751 350,058 57,914
7.9S4 2,578
2,243 6.781
8,751
3,058
4,077 4.858
2,029
1,907
702
1.065
2,982 2.780
3.501
5,559
166
555
7,760 6.661
4,917 2.259
1,087 2,023
3,325 1,722
1 810
4,768
3,349 4.190
28,812 14,116
6,642 6.214
3,570 5,013
1,319
512l
7,615 6.048
1,314 2,136
639
l,028j
5,194 3.589;
7,164
1.202
5.202!
4,879
7,865 4,013
1,674
1,497
1,854 3,362

883
240
652
888
220
154
278
172
19
616
188!
23
145
151
37
1,382;
63
20
75
263
213
67
264
387
382
456
562
105

2,070
1,654
2,139
1,104
497
155
824
1.047
122
1.284
1.317
494
605
441
1.287
4,958
1.321
675
287
1,546
1,076
209
852
1,748
1,514
1,781
146
810

1,238
410
766
650
448
202
716
537
92
824
43
178
283
457
529
2,835
263
319
230
739
456
272
412
553
383
794
140
210

877,032 152,447

49,764 29,810

136,005 101,915

198,190
56,842
79,959
18,337
110,276
28,544
198,157
423,800
76,947
46,589
78,317
52,745
110,188
90,170
58,587
131,514
10,850
15,165
2,380
11,441
31,530
76,591
10,761
109,697

30,873
8,756
4,848
2,769
21,144
6,877
29,972
7,481
9,413
2,374
9,659
4,455
9,651
2,371
1,675
16,102
590
1,042
392
972
6,009
4,724
1,084
15,839

50,887
6,665
17,853 2,825
11,105 3,867
5,593
955
19,701 3,649
5,710
1,293
37,399 7,022
32,827
24^852 2,664
12,141 2,420
21,711
2,360
9,067 2,274
10,049 2,883
5,788 3,395
10,784 2,768
5,443 3,278
622
462
544
707
1,008
121
1,297
814
2,456 1,031
3,598 3,735
318
419
10,693 10,538

37,353 8,609
12,313
9,976
15,414 12,149
3,389 3,287
17,758 3,933
5,867
5,810
39,945 10,519

3,079
455
376
555
1,524
340
2,723

8,222
3,263
5,270
1,154
5,180
2,249
8,536

15,599 4,221
6,898 11,884
16,251
3,998
8,002 6,402
21,665 8,183
15,880 17,228
12,140 9,247
24,777 7,062
2,812 2,856
4,904 4,678
728
491
2,488 3 - '9
7,061
.28
28,175 26,314
4.159 4.145
46,743

1,184
2,173
853
362
779
1,355
451
1,169
244
142
47
125
431
899
115
2,898

3,583
■ 60
1,178
551
3,331
913
1,847 l ,053
4,114 1 ,099
4,015
516
4,396
692
4,340
,304
462
58
735
35
181
46
620
76
1,146
384
2,911
1,648
445
129
5,935 2,276

507,034 2,027,577 199,072

301,446 103,715

27,133
23,715
36,490
5,859
33,013
56,497
3,149
4,192
5,059
32,331
10,553
38,175
32,278
5,286
13,282
77,299
4,705
9,701

21,572
18,666
20,514
107
6,641
15,466
156
85
1,304
13,513
6,508
12,249
11,929
2.285
4,764
9,411
1,495
1,702

39,280
37,601
56,054
7,700
48,256
65,763
4,195
2,783
6,400
32,351
14,435
33,325
32,350
3,572
16,629
67,454
5,344
9,542

4,119
3,763
7,521
833
3,138
9,574
402
628
373
4,045
1,881
5,165
4,040
460
2,122
9,331
925
821

2,269
2,574
1,587
142
1,475
3,884
508
355
402
3,307
854
6,538
10,163
2,939
568
5,106
491
1,636

8,405 31,963 15,579
2,818
1,270
1,115
539
1,617
497
2,823

303,578 325,727 37,283 101,562 37,783

1,250
1,116
1,520
417
2,097
2,109
182
145
290
1,274
455
1,380
1,806
232
515
2,608
222
621

12,341 4,819
8,596 4,241
1,764
10,384
1,111
1,732
11,013 11,425
15,818 3,566
575 2,850
472
1,953
1,456 3,311
11,912 4,069
3,210
1,524
12.326 3,714
8,348 8,625
1,277 2,698
2,249
1,621
20,211
7,356
560
1,081
1,488 3,993

414
279
409
141
591
566
44
30
48
356
92
409
510
85
154
624
64
190

1,349
1,547
1,792
265
2,005
2,765
157
207
277
2.313
784
2,340
4,013
509
747
2,916
198
506

524
447
503
155
819
829
75
85
144
479
145
437
274
61
177
1,172
127
180

14,888 53,718

137,329

418,717

148,367

483,034 59,141

44,798 18,239

123,347 70,342

5,006 24,690

6,633

636 2,431
658
1,533
344 2,178
62
490
627 3,531
456 2.528
5,005 17,339
4,168 4,743
6,458 17,945
360 3,004
2 41
1,050
248 2,143
71
1,254
452
941
—
—

1,039
10,897
5,468
1,065
803
8,889
13,389
25,551
75,364
2,724
2.049
7,517
1,130
950

22,508
24,442
7,582
5,023
22,377
22,404
107,520
37,208
99,732
20,886
6,548
11,089
5,533
10,812
50

11,742
9,043
9,803
1,978
7,291
11,149
28,160
12,498
12,440
6,289
3.210
3,980
1,424
1,910

24,531
2,828
25,342
1,816
13,723 2,463
4,349
700
24,037 3,772
24,305 3,251
111,450 18,261
52,269 5,397
117,873 19,399
19,665 3,302
7,623
1,169
13,902 2,462
1,334
5.599
8,626
1,206
44
—

4,146
8,442
1,340
1,447
3,169
8,305
22,863
4,695
17,589
2,084
912
1,504
815
1,390

866
1,231
471
224
835
1,147
3,947
2,072
5,362
786
257
576
205
372
4

6,678
1,316
4,837 5,348
2,652 4,078
669
1,011
4,397
1,058
3,421
4,829
20,850 5,216
6,891 10,595
32,732 34,596
6,329 2,243
830
2,563
2,450 4,341
1,616
413
1,167
2,161
9

73 1,537
100 2,965
75 1,179
611
43
1,794
37
24 4,341
213 8,671
325 5,954
92 12,616
113 1,365
7
501
101
1,050
401
21
41
606
—
31

303
318
148
73
284
276
1,254
338
794
258
77
141
56
101

89,984 42,098 19,786 61,110

156,835

403,714

120,917

453,338 67,360

78,701 18,355

98,246 77,050

1,265 43,622

4,428

4,235
2 ,250

245
9
9

S

39,208
25,786 335,541
1,989
30,923
20.48S
71S
5,102
20,603
35,025 1,150,425 1,297,084
17.46C
15,40£
194,29C
58,116
8,317 327,667
10,956 167,436 271,14]
15,912 102,287 131,742
1,334
532
7,451
3,99C
56C
18.38C
6,684
31,546
47,965
245
1,094
35
5,941
7,033
29,000

13,517 8,068 3,234 11,570
5,200 4,286
1,869 3,466
1,739 8,823
10,167 6,723
8,829 3,525 2,417
6,380
7,492 2,481 ' 1,328 4,880
691
1,600
798
1,033
9,053 4,909 2,068
7,440
4,700 3,900
1,572 3,759
900
700
198
800
7,260 3,523
1,754 5,677
8,817 4,566
1,516 7,502
1,750
1,550
109
1,470
1,823
3,875
796 3,216
2,860 2,252
584 2,427
4,200 2,530
715 2,587
30,287 19,648 8,623 24,486
4,150 2,550
1,123 3,560
2,250
1,350
1,053
1,583
500
300
140
405
5,500
1,750
1,00C 4,234
3,150
1,255
386 2,863
1,750
450
213
1,500
5,590 2,305
1,024 3,212
i 2 ,'253
5,561
1,541 11,423
4,995
2,715
1,037 4,580
9,620 3,618
1,880 8,057
2,050
925
366
1,950
2,900
1,486
440 2,217

130
8
118
78
68

T im e .

U n ite d
S ta tes
B onds.

22,417
21,457
10,311
139,103
240,081
29,715
90,484

7,465
5,285
4,985
28,893
25,600
5,570
19,949

Virginia..............
Richmond_____
West Virginia...
North CarolinaSouth Carolina..
Charleston__
Georgia..............
Atlanta_____
Savannah ___
Florida ..............

b D em an d

Loans
and
D is­
co u n ts.

S
2,371
3,130
1,600
12,477
100,737
2,086
7,151

69
56
48
155
11
17
72

Eastern States.. 1,650

D E P O S IT S .

S
S
S
3,787 2,782 5,829
3,485
1,462 4,913
2,103
1,957 4,373
17,517 10,499 1,8,266
18,550 14,640 8,128
4,061
2,439 4,305
11,244 6,282 13,235

M aine................
New Hampshire.
Vermont............
Massachusetts..
Boston............
Rhode Island—
Connecticut___

49,346
2,100
2,000
114,150
22,177
68,784
21,055
27,750
1,664
5,119
11,111
252
6,825

D u e to
B a n ks,
& c .,
N et*

2,435
1,390
500
130
2,454

0,317
7,100 2 ,() / 5
28,500 16,685
1,155
2,200
1,435
1,225
25

619
1,080
321
790
—

7

Alaskan__
H aw aii........

2
5

100
635

65
294

25
100

42
496

3
125

1,200
2,843

217
229

516
1,757

312
552

79
518

—

428
1,005

9
199

30

207
478

10
65

Non-member bks

7

735

359

125

538

128

4,043

446

2,273

864

597

—

1,433

208

30

685

76

Total U. S ... 7.686 1,067,289 724,664 306,614 695,835 3.066,233 6,221,226 1,495.153 7,490,011 753,913 1,464,787 431,195 1.022,642 772,979 124,833 573,880 134,900
• Banks and bankers other than Federal Reserve Bank and reserve agents, a One report for D ec. 31 1915. b Demand deposits are made up o f: Individual deposits
subject to check, 35.392,222.000; ctfs of deposit duo In less than 30 days. 3422.953.000; certified checks. 3102.420,000; cashier’s checks outst., 3101,828,000; U . 8. deposits
333,273,000; postal savings deposits, 363,425,000; State and municipal deposits, 359,773,000, and deposits with notice o f less than 30 days, 354,332,000.




[Vol . 102

THE CHRONICLE

1692

ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER DEC. 31 1915.
D ec.

31 1915.

N o.
of
B an ks.

C a p ita l.

S u r p lu s .

U n d i­
v id e d
P r o fits .

Loans
and
D isc o u n ts.

D E P O S IT S .

S .

S

D u e fro m
F e d . R eserv e
B an ks.

D u e fro m
A p p r . R es.
A g e n ts.

L e g a lT en d er
N o te s.

S liv e r a n d
C o ld a n d
S t iv e r
G o ld
C e r tific a te s . C e r tific a te s .

S

M aine........ .......
New Hampshlre.
Vermont........ ..
Massachusetts . .
Boston---------Rhode Island__
Connecticut------

70
56
48
156
11
18
73

7.865.000
5.285.000
4.985.000
28,992,500
25,600,000
6.070.000
20,056,279

3,976,500
3,485,050
2,107,100
17,603,625
18,550,000
4,561,300
11,215,152

2,683,991
1,370,511
1,840,059
9,795,243
13,820,549
2,572,214
6,204,644

24,210,035
21,910,739
12,027,396
137,970,661
230,647,813
31,937,942
92,897,094

30,621,114
1,166,405
11,448,343
18,436,554
6,613,185
2,424,720
9,438,522

38,586,750
20,416.670
20,309,507
140,148,234
245,028,570
30,508,169
83,041,833

S
1,111,126
793,632
579,044
4,771,903
12,499,938
1,039,958
2,863,779

5,693,980
3,914,607
3.807.864
17,663,319
32,483,715
3,111,702
15,803,521

460,969
396,205
344,065
2,374,752
3,000,503
415,724
1,415,102

1,412,718
868,925
539,566
3,907,876
10,962,447
1,074,067
2,927,033

600,165
493,613
293,603
2,907,908
6,620,126
564,114
1,958,103

61,498,727

38,292,211

551,601,680

80,148,843

578,039,733

23,659,380

82,538,708

8.413,920

21,692,632

13,337,692

S

New Eng. States.

432

98,853,779

New York______
A lbany--------Brooklyn........
N. Y . City—
New Jersey------Pennsylvania__
Philadelphia..
Pittsburgh_
_
Delaware..........
Maryland..........
Baltimore___
Dlst.of Columbia
Washington . .

439
3
5
33
202
783
32
18
24
84
13
1
12

49,301,374
2 , 100,000
2 ,000,000
114,150,000
22.172.000
68,454,390
22.055.000
27.750.000
1,663,975
5.119.000
11,110,710
252,000
6.725.000

Eastern States..

1,649

S

332,853,449 337,635,856 118,647,202 2,760,303,820

432,958,154 3,050,704,204 224 516,586 220,508,050
7,206,128
2,220,901
2,487,340
1,383,973
6,876,932
1,578,899
3,944,511
1,083,931
1,916,124
639,643
775,939
254,407
3,227,428
921,628
1.921.066
1,246,846
205.989
189,511
5,168,733
1,115,035
4,194,508
1,034,110
997,696
389,662
2,484,138
504,678
2,812,045
538,159
2,727,720
1,171,818
4,584.347 22,704,721
1,820,103
1,041,755
2.525.067
617,452
354,704
223,472
2,690,782
1,745,047
1,450,172
551,324
539 472
211,720
4,527,098
703,646
5,327,681
1,262,809
2,414,576
992,253
5,987,792
1,275,875
1,055,300
319,664
728,570
659,004

Virginia________
Richmond_____
West Virginia...
North Carolina.
South Carolina..
_
Charleston_
Georgia..............
Atlanta...........
Savannah ___
Florida..............
Alabama............
Birmingham. .
Mississippi____
Louisiana...........
New Orleans-.
Texas..................
Dallas............
Fort W orth-. .
Galveston-----Houston.........
San Antonio..
W aco________
Arkansas_______
Kentucky..........
Louisville___
Tennessee______
Chattanooga .
Nashville___

128
8
118
79
67
5
106
6
2
55
91
2
35
27
4
503
4
6
2
6
8
5
65
134
7
108
3
5

13.428.500
5.200.000
10,164,000
8,925,490
7.462.000
1.600.000
9.156.000
4.700.000
900.000
7.185.000
8,882,500
1.750.000
3.875.000
2,859,120
4.200.000
36.477.500
4.150.000
2.375.000
500.000
5.500.000
3.150.000
1.750.000
5,573,460
12,298,400
4.995.000
9.620.000
2.050.000
2.900.000

8.025.500
4.286.000
6,703,825
3,513,050
2,474,200
691.000
4,953,767
3.900.000
700.000
3,488,662
4.558.000
1.550.000
1,824,632
2.239.000
2.530.000
19,656,219
2.550.000
1.525.000
300.000
1.750.000
1.255.000
450.000
2,383,511
5,558,725
2.705.000
3,603,114
925.000
1.485.500

2,934,852
1,730,341
1,668,428
2,270,601
1.052.000
684,602
1,905,599
1,398,502
172,496
1,675,542
1,245,568
45,067
726,235
498,028
508,215
8.159.000
942,188
1,018,073
109,701
902,841
316,234
204,916
1,060,439
1,375,065
1,085,240
1,979,895
334,911
454,425

56,576,809
22.163.443
40,323,526
30,920,772
15,398,101
4,415,525
22.222.444
22,381,731
1,970,260
28,300,433
27,808,286
7,854,106
13,650,341
14,180,913
21,001,617
125,143,653
21,836,438
11,442,343
2,476,133
21,425,460
11,416,887
4,294,602
19,125,324
38,226,169
18,245,937
35,103,414
5,505,909
12,447,117

19,607,417
8,378,553
21,314,420
8,302,413
7,992,303
3,142,332
5,543,368
4,427,768
67,398
12,877,947
5,887,158
4,182,468
4,166,791
2,432,600
794,381
11,603,914
1,026,381
1,049,727
2,287,339
5,393,461
1,104,758
1,028,526
1,627,450
7,601,699
4,704,898
8,718,592
6,628,503
4,596,625

80,855,666
38,836,843
57,616,577
45,975,675
28,994,431
8,355,028
36,903,585
26,911,708
4,755,618
38,581,398
36,460,699
10,770,285
17,241,082
10,083,165
23,491,935
147,243,507
24,585,837
14,432,760
4,234,644
31,165,765
12,573,042
6,461,734
22,643,972
50,644,590
26,824,192
45,755,654
12,193,498
16,788,930
887,381,820

480,240,287 1,915,947,314

93,057,948 232,309,288

34,407,759 100,340,970

32,788,904

1,156,553 10,335,192
1,0S9,521
7,158,359
6,229,452
1,302,001
397,707
266,412
5,522,430
1,680,447
1,933,755 12,101,986
397,293
205,569
439,727
172,988
865,733
256,112
1,248,137 12,437,436
3,801,80S
488,373
1,307,526 10,764,004
7,272,229
1,722,272
1,242,043
254,082
2,110,802
539,608
2,380,540 14,402,402
430,819
231,735
1,055,940
367,187

414,577
287,088
369,621
119,853
497,794
565,721
59,560
20,520
43.740
377,225
106,146
464,780
533,135
60,315
149,726
643,030
06,355
150,100

1,299,595
1,438,713
1,765,249
239,161
1,918,460
2,698,270
123,420
215,647
302,990
2,362,425
730,664
2,426,898
3,822,095
401,330
725,870
2,617,408
195,458
481,128

655,857,693

166,489,190

9,565,919
2,730,896
2,830,607
586,311
3,644,529
981,708
8,854,434
8,984,296
3,014,718
687,242
2,586,152
1,687,956
5,470,995
2,131,452
1 468,050
3,766,089
38,419
401,051
151,568
100,747
1,115,938
3,082,549
125,667
1,310,773

171,439,401
45,777,122
60,660,396
22,204,619
98,618,702
27,575,467
142,151,816
268,446,193
55,618,054
50,642,191
44,978,382
34,193,480
58,734,541
61,457,258
65,170,083
60,104,431
3,253,389
6,932,342
2,120,607
6.558.890
26,617,289
40,758,153
6.470.891
67,357,113

68,062,962
4,731,710
680,295
2,445,305
29,535,520
937,919
82,791,646
9,869,800
48,162,010
100,000
56,229,128
16,948,985
64,231,660
12,281,385
4,384,754
56,558,836
2,194,551
2,266,652
822,600
1.714.869
5,540,808
4.386.869
1,013,508
10,347,915

T il
118
191

Western States..

291,215,100 153,468,039

65,318,066 1,429,840,815

99,073,001

37
335
5
6

2,437,050
1,668,700
4.479.200
450.000
3.025.000
5,502,169
314.000
220.000
605.000
2,762,900
1,184,750
3,007,660
2.950.000
520.000
1,011,250
3.902.201
288,550
485.000

1,480,321
1,341,986
1,847,857
172,790
2,027,078
2,602,875
146,532
16,267
198,618
1,176,806
501,108
1,492,422
664,520
197,776
243,644
919,627
13,359
134,204

25,944,680
22,761,506
31,645,837
5,387,552
31,376,451
54,879,559
3,390,822
3,704,662
4,949,258
33,262,748
11,118,248
37,081,523
32,271,556
4,680,088
12,912,467
70,086,141
4,649,595
9,167,420

19,228,532
17,516,778
20,190,429
152,071
5,828,699
14,905,968
121,581
74,555
1,244,662
12,347,228
6,056,239
11,278,646
11,255,621
2,153,042
4,684,820
7,788,852
1,211.899
1,550,337

38,045,680
36,604,029
55,802,014
6,936,063
45,106,502
66.597,282
5,051,988
2,859,358
6,794,784
32,379,306
13,366,113
33,417,091
33,245,233
3,982,065
15,711,936
63,531,205
5,423,499
9,817,454

1,294

73,171,341

34,813,430

15,177,790

399,270,113

137,589,959

474,671,602

16,582,818

90,972,022

4,930,486

23,764,781

0,527,917

834,233
1,136,518
463,901
225,668
850,235
1,119,487
3,972,566
1,9S9,111
4,908.689
772,289
259,490
585,458
209,100
376,667
3,500

6,388,379
5,490,903
2,180,197
310,222
4,202,302
3,440,341
20,282,503
9,428,872
36,717,055
6,033,669
2,063,966
2,176,995
1,906,498
1,944,271

77,239
405,905
48,520
35,175
40,011
23,745
226,748
318,291
87,459
117,360
12,063
72,135
21,800
65,605
15

1,610,173
3,195,910
1,161,171
573,545
1,829,659
4,204,703
7,529,054
5,217,373
10,018,357
1,327,151
625,075
1,074,894
379,327
723,393
37,468

312,370
338,996
134,187
72,140
303,929
238,372
1,212,542
413,412
974,653
237,942
75,614
115,195
66,292
172,170
5,913

17,706,912 101,572,833

1,542,737

39,408,153

4,673,727

30,550
95

207,451
741,000

12,716
88,304

948,451
1,418,000
30,645
470,532
2,236,265
4,283,962
125,430
552,749,102
294,266,745 6,223,842,105 1,417,417,446 7,357,731,088 403,985,213 834,391,902 118,117,267
7,607 1,068,049,440 725,554,190

137.013.21o

2 11

Washington1
___
Seattle______
Spokane ........
Tacoma_____
Oregon .............
Portland........
California_____
& Los Angeles..
San Franclsco.
Idaho_________
Utah........... .
Salt'Lake City
Nevada........
Arizona____
Alaska--------

69
5
3
1
80
4
247
9
9
58
17
6
10
13
1

4.235.000
4.000.
2.250.000
1 .000 .000
5.151.000
5,000,000
22,622,800
7.100.000
28,500,000
3.695.000
1.155.000
2 .200.000
1 435,000
1,225,000
25,000

2,458,250
000
1.390.000
500.000
130.000
2,480,126
2.300.000
9,355,649
2.675.000
16,685,000
1,514,562
518.300
1.080.000
317.650
790.000

688,039
555,087
358,156
65,219
867,859
451,899
5,411,446
4,037,388
6,506,004
417,011
203,890
169,262
106,666
409,116

21,389,791
25,346,874
7,510,851
4,737,722
22.590,229
23,580,467
107,530,796
42,787.314
109,844,272
22,053,207
6,481,505
12,157,842
5,529,573
11,086,290
57,289

11,185,840
8,621,586
9,411,269
1,919,422
6,858,739
10,952,785
26,009,954
11,476,179
12,048,686
5,541,961
2,945,966
3,604,492
1,245,574
1,698,028

Paclflo'States_
_

632

89,593,800

42,194,537

20,247,042

422,684,022

113,520,481

448,750,750

21,162
104,268

1,250,414
3,033,548

211,487
259,045

495,506
1,740,759

100,000
635,000

Alaska.
Hawaii

TotallU. S .—

28,461,569

5 575 000
5.050.000
9.095.000
1 . 100.000
4.650.000
11,271,342
500.000
400.000
500.000
6.575.000
1 900,000
6.415.000
3.400.000
400.000
2.265.000
12,875,000
900.000
1.300.000

25,529,693
24,199,835
13,143,075
4,522,220
24,594,347
24.367.828
110,531,562
49.300.829
118,181,778
19,319,133
7,544,071
13,477,221
5,307,330
8,694,052
37,776

Non-member bks

8,654,689

3,021,785
1,147,665
925,155
563,532
1,782,723
649.217
2,812,873
10,271,897
1,031,590
343,665
889,066
1,180,204
1,124,612
402,648
736,587
1,276,180
63,882
134,562
50,188
131,375
429,366
1,424,713
95,827
2,299,692

36,459,004

20,045,233
6.650.000
5.050.000
000
1.839.000
10,369,770
3.030.000
19,453,468
26,587,000
5,911,544
000
3.250.000
5,090,997
3.300.000
6,645,675
6.260.000
3.800.000
8,334,183
550.000
750.000
130.000
600.000
2,981,169
3.150.000
750,000
8,940 000

2,104

1,357,089
441,436
784,170
703,017
• 459,826
158,591
729,354
532,362
103,327
750,036
721,536
148,289
305,501
422,310
517,495
3,020,656
286,317
210,488
190.498
653,014
409,406
318,739
454,763
600,246
300,827
663,438
146,834
325,034
15,721,205

95,584,705

35,469,100
13.900.000
9.600.000
3.000.
21.735.000
6.700.000
33.385.000
42.980.000
10.645.000
7.000.
11.850.000
6.300.000
12.361.000
10.300.000
6.300.000
19.055.000
600,000
2.350.000
500,000
1.250.000
6.5S5 000
8.050.000
1 . 100.000
2 0 .200.000

Mld.West.States

1,947,392
1,075,262
2,008,990
1,054,950
484,589
181,739
803,931
962,908
111,413
1,153,178
1,288,134
444,057
629,858
404,894
1,091,475
4,853,560
1,385,683
653,691
513,752
1.621.585
1,044,539
203,697
823,603
1,649,015
1.405.585
1.669,600
145,725
661,217
30,774,022

181,626,970

351
8
7
8
252
6
461
10
103
3
132
5
269

North Dakota..
South Dakota..
Nebraska__
Lincoln __
Omaha__
Kansas-----Kansas City..
Topeka__
Wichita. . .
Montana___
Wyoming_____
Colorado...........
ia Denver..........
r Pueblo--------New Mexico----Oklahoma..........
Muskogeo----Oklahoma City

63,862,745

947,221
313,612
711,549
464,123
236,192
131,705
330,997
126,000
52,400
548,619
192,052
25,500
154,510
135,835
72,200
1,410,404
104,475
26,230
50,740
272,270
218,056
23,750
261,456
399,198
320,082
442,984
551,000
131,530

3,057,808
7,963,767
698,190
3,015,325
5,031,020
518,175
1,101,288
452,136
5,031,236
1,634,652
2,190,002
621,936
7.790,114
2,512,241
11,548,721 30,826,515
1,328,715
3,556,245
2,078,458
1,375,838
863,122
3,220,273
1,834.372
333,267
3,958,017
860,417
3,391,293
1,488,071
4,155,290
749,685
4,119,165
1,064,090
294,077
84,335
647,079
116,075
197,515
81,915
607,463
05,695
443,050
1,121,884
782,708
2,604,871
142,600
494,232
2,940,491
5,814,095

1,589

110
11

60,047,031 335,820,087

6,236,711 30,359,353
192,360,641
7,772,954
2,592,071
55,356,160
3,662,745 15,372,293
73,361,265
2.709,859
951,224
16,976,719
111,422,636
3,682,240 15,430,703
3,427,768
1,217,478
27,854,691
6,486,685 28,697,846
193,196,730
384,608,936 33,857,567
11,452,475
2,460,294
75,943,393
4,301,469
2,359,403
43,968,399
2,220,694 12,993,457
75,722,661
8,113,722
2,076,813
47,439,697
2,808,656 16,908,754
108,983,802
3,028,522 20,189,445
80,306,048
2,506,768 12,545,593
50,805,252
3,072,171 15,670,490
127,565,925
1,945,999
327,104
9,168,175
1,674,958
563,278
14,884,685
875,585
118,303
2,320,138
1,759,951
528,022
9,873,841
5,886,271
31,057,357
913,325
2,990,467 12,065,624
76,471,765
2,088,719
373,305
10,619,019
8,024,102
95,679,479

Southern States.
Ohlo________
Cincinnati___
Cleveland___
Columbus___
Indiana____
Indianapolis..
Illinois..........
Chicago-. .
M ichigan_
_
Detroit...........
Wisconsin_____
fcr Milwaukee_
_
Minnesota.........
Minneapolis..
St. Paul..........
Io w a ............
Cedar Rapids.
Des Moines..
Dubuque..
Sioux C it y ...
Missouri___
Kansas C ity ..
St. Joseph___
St. Louis..

333

4,387,195 11,837,565
1,360,245
662,612
848,960
173,775
39.341,233 265,618,404
2,862,914
5,964,971
5,259,108 17,308,403
3,166,284 18,290,518
9,043,703
2,703,790
247,601
120,173
1,002,923
435,284
2,568,106
492,522
40,925
9,340
1,687,763
432,801

309 ,814,531
23 ,296,619
14 ,710,471
1,648 ,439,612
153 ,641,813
373 ,539,218
268 ,222,778
130 ,024,333
7 ,896,839
31 ,807,006
61 ,214,929
800,662
27 ,295,393
5,844,455

735,000

65,000
293,895
358,896

10 1,0 2 0

. Demand deposits are made up of: Individual deposits subject to check, $5 380 631,325 21: certificates of W i t due In!
fled checks, $103,889,851 33; cashier’s checks outstanding, (5135,185,627 72; United States deposits, $35,901,041 77, postal savings deposits. $48,097,888 91, Stato and
municipal deposits, $54,037,479 04, and deposits with notice of less than 30 days, $62,568,651 70.




May 6 1916.]

THE CHRONICLE

1693

ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER NOV. 10 1915.
No.
of
Bank \

Nov. 10 1915.

70
56
48
15 8
11
18
74

M a in e ................
N ew Hampshire .
V erm ont............
Massachusetts .
Boston...........
Rhode Isla n d ..
Connecticut —
N ew Eng.States

43 3

New Y ork.........
Albany _____
Brooklyn____
N . Y . C i t y ..
New Jersey____
P en nsylvania..
Philadelphia.
Pittsburgh . .
D ela w a ro _____
M aryland..........
Baltim ore___
D lst. o f Colum'li
Washington .

44

Eastern State;
Virginia..............
R ichm ond___
W est V irgin ia ...
N orth Carolina.
South C arolina..
C h arleston_
_
G eorgia________
A tlanta..........
Savannah____
F lo r id a ................
Alabam a..............
B irm ingham ..
M ississippi_____
L ou isiana______
N ew O rleans..
T e x a s ..................
D a lla s..............
Fort W o r t h ...
G alveston____
H o u s to n .........
San Antonio .
W a co ................
Arkansas_______
K en tu ck y______
L ou lsvlllo____
Tennessee............
Chattanooga .
N a s h v ille ____

3
20
78
3
1
2
8
1
11
1,65

Capital.

Surplus.

Undi­
vided
Profits.

D E P OSITS.
*Demand.

Time.

S
S
s
7,765,00 9 3,911,50 9 2,813,72 4
1,453,49 6
6,285,00 9 3,479,80 9
4,985,00 9 2,038,60 9 2,043,22 7
29,092,50 9 17,481,42
10,021,98 9
25,600,00 9 18,550,00
14,025,83 9
6,070,00
4,561,30
2,648,02 2
11,212,71
20,106,27
6,497,71 7

8
24,714,42 5
22,457,75
11,518,33 9
147,908,60 7
237,636,27
31,982,64 2
88,242,07 9

98,903,77

564,460,10

61,235,39

49,450,20
35,759,36
2,100,00
2,200,00
2,000,00(
2,200,00
114,150,001 125,825,00
22.127.001 22,882,55
68,559,391 72,104,38
22.055.001 39,525,00<
27.750.001 18,010,001
1,663,971
1,642,801
5.169.001
4,000,80
11,110,711
7,395,011
252,001
298,001
6.725.001
4,845,001
333,112,271 336,687,90

39,504,00 5

17,195,17
332,540,80
654.52
18,240,95
590,40 8
19,285,45
61,894,04 8 1,295,594,53'
10,595,46
183,244,53
20,043,58
319,510,23
6,329,96
255,599,71,
4,998,53
120,403,561
538.53
7,107,29.
1,349,48
19,868,291
2,638,83
48,826,531
116,21
1,119,64:
704,61!
27,729,611
127,649,405 2,649,071,161

Loans
and
Discounts.

-

D u e from
D u e from
Fed. Revert e Appr. Res
Banks.
Agents.

S
30,544,10 7
1,534,23 3
11,149,71 4
18,863,50 3
5,777,66
2,302,57 4
7,541,34

S
39,143,677
20,704,678
20,379,346
143,305,353
243,071,152
31,388,173
79,018,348

77,713,15

577,010,727

LegalTender
Notes.

S
$
896,66 2
5,849,74 1
575,15 0 4,503,19 4
400,64 1 3,208,10 0
3,515,14 3 23,157,39 9
9,252,60 6 55,910,00
726,77 3 3,363,75 5
1,973,49 9 16,286,27 4
17,340,46

310,756,795
88,834,84
9,108,76
23,293,419
3,802,861
1,617,02
14,881,747
1,039,04
10,401
20,580,54 1,588,896.163 168,422,99!
155,827,265
5,008,76'
47,577,49'
374,028,625
9,248,385
206,756,61!
268,247,344 12,712,67(
1,734,54!
125,270,501
5,597,635
14,061,68!
8,001,562
197,41­
2,600,791
32,288,801
696,864
22,713,41"
61,154,497
2.140.30C
2.029.56C
................
807,431
27.50C
26,979,623
1,010,215
5,892,983

112,278,46 4

Gold and
Gold
Certificates

Silver and
Silver
Certificates.

$
S
492,82 1
1,477,29 5
404,48 4
913,21 5
305,33 8
591,04 4
2,844,73 5 4,350,85
2,444,14 4 12,359,44
429,78
1,154,25
1,422,43
3,062,72.
9,343,74

$
484,841
493,680
274,173
3,353,009
6,857,470
552,613
2,013,755

23,908,831

14,029,541

5,001.24C 12,382,531
50,624,76 3
8,574,71
643,14
1,407,51!
1,779,63
243.77C
485,49­
............
34,277,60! 299,275,301
30,897,061
3,205,01
6,081,88!
52,667,68
5,446,83
17,540,9H
56,040,051
3,350,06
10,975,95C
29,750,20"
2,734,35
9,291,19!
1,017,97!
142,38:
228,80!
3,562,031
355.47C
1,086,414
7.629.71C
407,27!
2,028.25C
256,61C
7.60C
51,270
2 ,584.43C
380.49C
2,021,283

5,453,264
330,463
1,088,393
39,600,762
4,080,014
6,612,223
6,594,122
3,046,188
245,115
665,380
2,297,236
15,305
573,522

416,595,743 2,990,433,773 216,827.59C 245,384,89:

56,195,23: 368,856,823

70,601,987

603
4
6
2
6
8
5
62
134
7
109
3
5

13,428,501
5,200,001
10.160.50C
9,192,900
7.592.000
1.600.000
9.121.000
4.700.000
900.000
7.185.000
8,870,710
1.750.000
3.875.000
2,855,210
4.200.000
36,510,000
4.150.000
2.375.000
500.000
5.500.000
3.150.000
1.750.000
5,490,920
12,245,900
4.995.000
9.670.000
2.050.000
2.900.000

7.998.00C
4,284,00C
0,620,05C
3,543,150
2,420,800
691.000
4,900,989
3.900.000
700.000
3,462,162
4,593,555
1.550.000
1,808,132
2.276.500
2.530.000
19,380,914
2.550.000
1.525.000
300.000
1.750.000
1.190.000
450.000
2,368,489
5.451,875
2.705.000
3,603,985
925.000
1.485.500

3,475,625
1,943,95£
1,962,325;
2,400,735=
1,410,163
835,865
2,186,063
1,679,405
195,899
1,818,050
1,543,771
308,243
946,365
669,172
603,301
10,144,723
1,103,781
1,158,535
111,058
1,041,808
480,278
331,810
1,072,660
1,744,767
1,189,724
2,035,974
373,360
515,462

55,679,001
22,958,157
39,353,217
31,283,839
14,153,900
4,252,379
21,426,440
22,829,711
2,132,707
26,537,708
26,348,155
7,160,478
12,645,650
11,907,335
19,114,802
123,157,432
21,950,991
11,709,161
2,599,858
19,408,054
11,198,626
4,733,101
18,530,942
36,352,989
18,281,656
33,991,891
5,279,922
12,731,133

18,826,613
8,429,399
20,732,310
8,139,902
7,706,567
3,054,611
5,614,000
5,142,141
73,405
11,900,386
6.300.880
4,059,039
4,258,065
2,461,862
946,101
11,821,985
1,038,940
1,030,527
2,325,841
5,668,044
1,084,035
789,466
1,602,062
0,928,135
4,637,700
8.418.880
6,098,460
4,556,097

78,872,193
37,393,999
57,458,062
46,673,280
28,533,414
8,550,729
35,933,821
27,860,642
4,670,521
37,304,303
36,900,646
10,356,620
16,158,175
16,154,455
20,941,777
147,664,296
24,417,348
14,927,768
3,088,853
29,823,407
12,100,889
6,373,194
23,116,221
50,041,731
25,611,755
44,912,460
11,941,910
16,529,760

Southern States.

1,589

181,917,640

94,970,101

43,282,903

637,709,230

163,705,453

874,312,229

O hio......................
Cincinnati____
Cleveland____
Colum bus____
Indiana_________
Indianap olis..
Illinois__________
Chicago______
M ic h ig a n ______
D e tr o it ............
W isconsin______
M ilw aukee___
M in n e s o ta ..........
M in n ea p olis..
St. Paul............
I o w a ......... ..........
Cedar Rapids.
D es M o ln e s ..
D ubuquo ___
Sioux C ity___
M issou ri_______
Kansas C it y ..
St. Joseph____
St. Louis_____

351
8
7
8
252
6
461
10
103
3
132
6
269
4
5
333
2
4
3
6
110
11
4
7

35,469,100 20,016,207
6.650.000
13.900.000
6.050.000
9.600.000
1.839.000
3,000,000
21.635.000 10,331,770
3.030.000
6.700.000
33.340.000 19,326,583
42.940.000 26,584,000
10.645.000
6,892,030
7,000,000
3.250.000
11.850.000
5,086,197
6.300.000
3.300.000
12.361.000
6,596,525
10.300.000
6.260.000
6.300.000
3.800.000
19.055.000
8,266,633
600,000
550.000
2.350.000
750.000
600,000
130.000
1.250.000
600.000
6.585.000
2,966,269
8.050.000
3.150.000
1.100.000
750,000
20.200.000
8.940.000

9,605,408
2,693,599
2,841,705
610,757
3,620,492
974,167
9,398,554
9,212,641
3,295,238
725,351
3,077,245
1,704,066
4,624,743
2,203,821
1,593,620
4,137,220
79,211
448,557
254,097
132,997
1.315,407
3,559,228
144,229
1,634,858

164,303,678
47,039,062
57,210,841
20,493,752
101,409,510
25,832,659
141,317,015
261,189,356
65,158,318
51,272,565

65,470,564
4,915,088
518,462
2.600,681
28,801,548
831,005
81,282,246

189,607,573
4,369,495 28,302,200
2,804,305
8,122,120
2,914,050
56,287,801
2,219,928
9,805,806
503,320
3,543.774
1,251,413
71,949.973
2,801,406 14,296,613
495,940
4,663,952
862,786
17,422,075|
729,801
1,865,762
514,305
1,141,776
459.581
111,831,028' 2,766,720 17,495,923
1,657,168
5,126,640
1,631,726
26,013,367!
973,492
5,899,966
633,870
2,397,307
721,770
192,764,762
5,226,064 28,671,810
2,661,200
8,176,106
2,843,973
375,451,2321 34,932,140
12,669,746 29,366,743 11,563,332
75,060,707
1,955,014 11,677,099
1,196,538
929,941
3,531,050
39,722,971
1,621,567
7,839,992
1,838,840
1,320,912
371,554
75,774,613
1,693,583 12,556,148
824,094
3,374,266
852,706
46,865,741
1,730,092
8,420,662
331,953
1,640,407
988,035
107,474,601
2,089,617 17,524,372
765,140
3,919,826
1,053,429
71,234,814
2,187,705 21,555,054
1,187,221
3,726,192
416,955
44,752,000
1,733,215 17,422,108
572,885
4,140,846
663,156
127,497,687
2,368,167 13,943,075
1,240,549
4,121,321
1,275,180
9,074,324
300,904
1,436,629
226,750
337,412
69,118
14,862,312
444,771
1,565,016
138,805
749,992
151,305
2,597,370
95,309
718,863
62,944
202,270
32,426
9,498,686
464,697
1,352,589
92,520
552,705
143,879
30,633,895
728,435
5,275,855
448,154
1,112,214
432,584
75,437,202
2,993,972 10,111,967
782,924
2,693,989
1,310,153
10,684,068
327,709
1,079,289
132,945
115,721
518,970
95,831,4551 8,420,552
2,345,572 4,982,780
2,138,129

121
111
8
6'
f
ioe
c
2
55
91
2
35
27

M id .W est .States

2,104

North D a k o ta ..
South D a k o ta ..
N eb ra sk a ______
Lincoln ...........
O m a h a ______
K a n s a s................
Kansas C it y ..
T o p e k a ______
W ich ita...........
M ontana_______
W y o m in g ...........
C olorado..............
D e n v e r ______
P u eblo____
Now M exico____
Oklahom a______
M uskogee____
O klahom aCity

151
117
194

291,130,100 153,115,214

45,091,816

32,103,650
60,222,772
58,490,964
57,326,851
64,741,500
3,379,814
7,507,706
1,978,148
6,469,633
24,832,228
47,788,812
6,279,431
61,450,870

67,896,210 1,402,890,951

8,903,240

47,054,081
54,073,603
16,585,384
62,741,840
11,804,645
4,449,462
56,081,130
1,882,809
2,235,780
853,875
1,762,995
5,461,215
4,323,719
980,136
10,296,735

112
5
2
37
339
5
6

2.375.700
1,631,657
4.476.800
450.000
3.025.000
5,476,176
313,500
220.000
605.000
2,732,400
1.115.700
2.968.800
2.925.000
470.000
991,600
3,894,813
287,800
414.000

791,934
1,097,005
1,983,364
196,768
2,041,733
2,956,225
172,944
51,855
222,183
1,695,098
633,653
1,587,816
743,713
233,526
365,823
2,077,299
82,820
273,959

26,583,960
23,488,220
31,139,983
5,451,815
30,714,472
50,871,217
2,990,472
3,706,714
5,038,900
31,796,191
11,260,700
35,711,879
31,032,030
5,464,446
13,565,011
65,212,449
4,544,046
8,518,265

17,569,899
16,955,499
20,957,043
100.836
5,216,632
14,699,438
117,170
68,207
1,163,184
12,113,151
5,826,928
11,159,091
12,212,450
2,143,240
4,655,437
7,977,892
1,102,162
1,555,515

Western S tates..

1,298

73,306,243

34.373,946

17,207,718

387,090,770

135,593,775

W ashington____
Seattle_______
Spokane _____
Tacom a............
O re g o n ................
Portland_____
California............
Los An geles..
San Francisco.
Idaho ____
U ta h ..................
Salt Lake City
N evadn................
Arizona................
Alaska..................

69
5
3
1
81

4.235.000
2,449,450
4.000.
000
1.390.000
2.250.000
500.000
1.000.
000
127,500
5.176.000
2,465,626
5,000,000
2.300.000
22,622,800
9,325,135
7.100.000
2.675.000
28,500,000 16,685,000
3.620.000
1,532,862
1.155.000
515,800
2.200.000
1.080.000
1.435.000
316,160
1.225.000
790.000
25,000

836,459
669,486
447,182
104,077
938,491
580.168
5,747.682
4,156.274
6,217.187
704,989
291,330
303,213
100.169
452,657

21,897,519
24,333,690
7,748,406
4,832,114
24,244,671
24,184,952
109,236,807
41,104,660
112,197,070
20,503,165
0,220,448
10,942,454
5,417,307
11,968,707
59,434

10,705,810
7,860,505
8,826,795
1,817,075
6,497,686
10,054,149
24,177,226
11,270,364
12,635,224
5,290,264
2,866,772
3,608,359
1,237,574
1,278,082

Pacific S t a t e s ...

211
2

3
3

65

33

4

247

9

9
58
17
6
10
13
1
633

89,543,800

42,152,523

21,549,364

424,897,530

108,125,885

Alaska......... ......
H a w a ii.........

2

66,000

5

100,000
635,000

286,439

28,926
117,323

1,287,931
2,811,319

190,363
121,618

Non-m em ber bks

7

735,000

342,439

146,249

4,099,250

311,981

T otal U . S ____

7.617

fled




21,901,951

98,192,635

473,910,243 1,878,330,317(‘ 83,174,455 238,816,798

5.575.000
5.010.000
0,245,000
1.100.000
4.650.000
11,231,243
500.000
400.000
500.000
5.550.000
1.900.000
6.405.000
3.400.000
400.000
2.265.000
12,975,000
900.000
1.300.000

4
9

1.845.38C
7.950.73C
1,027,49/
5,103,532
1,120,584
5,993,65S
845,064
3,846,654
554,302
1,885,120
225,483
451,320
680,680
3,036,002
1,083,845
1,320,203
110,802
139,319
785,166
4,358,021
730,960
4,009,978
338,851
995,578
370,007
2,185,961
379,996
1,874,759
732,232
2,155,094
3,488,111 24,209,494
806,009
1,115,567
891,288
1,366,668
162,011
998,851
1,014,999
2,961,859
440,494
1,419,657
166,999
436,533
555,806
3,518,645
931,598
4,376,361
845,492
3,015,438
967,991
6,194,440
827,704
241,645
558,656
1,364,483

38,810,151
36,037,508
56,110,920
6,743,203
43,230,078
64,898,2441
4,298,005'
2,889,348
6,668,247
31,379,246
13,576,212
34,365,117|
33,649,535!
3,818,679j
15,552,656
63,752,709j
5,338,243
8,593,413;
469,711,514

"

8,966,148

29,949,950

1,237.271
294.101
758,224
604,298
439,702
161,360
790,572
536,920
71,510
871,972
649,447
179,190
295,283
392,992
580,154
3,065,237
243,582
201,056
216,374
595,116
409,453
256,638
386,980
566,351
329,775
581,040
126,823
255,903
15,097,324

34,187,688

99,463,570

33,193,020

8,045,743
7,069,794
6,064,838
522,612
6,712,896
10,599,410
366,428
352,360
852,649
11,686,582
4,113,284
9,831,861
7,648,324
1,677,981
3,017,485
13,304,544
347,605
718,617

367,730
273,594
378,667
167,430
524,500
565,231
62,118
51,770
39,580
376,615
110,467
3S7.774
635,810
80,465
121,805
646,666
64,950
125,700

1.227.362
1,395,140
1.820.362
274,321
1.8S3.867
2,688,139
117,457
247,670
300,867
2,054,944
707,032
2,347,932
3,693,270
430,022
714,852
2,434,150
171,252
459,780

483,144
421,463
528,518
151,283
772,608
831,714
89,174
115,212
117,315
381,710
131,806
409,003
276,856
58,132
152,517
1,101,474
106,924
134,248

12,671,387

92,933,013

4,985,872

22,968,409

6,266.088

77,254
1,525,132
88,115
2,881,995
48,630
1,141,923
47,418
675,780
34,277
1,946,333
9,975
4,362,363
183,240
7,789,064
433,425
6,115,903
115,004 12,206,442
120,800
1,253,803
7,337
463,902
37,580
875,001
16,885
347,615
66,095
666,236
20
33,284

284,954
360,385
140,533
64,808
288,312
249,812
1,134,611
354,681
845,555
209,343
60,495
99,917
56,389
129,612
4,383

14,269,575

_____

06,848,793

1,286,055

42,284,776

4,283,790

443,266
931,756

497,383
1,653,146
2,150,529

1,964,603
1,619,597
2.105.744
951,708
520.899
119,884
784,126
943,372
132,599
1,103,297
1,348,212
470,555
634,045
383,064
766,495
4,631,695
1,333,720
523,265
447,131
1,603,235
976,428
218.900
845,703
1,589,964
1.279.745
1,801,918
151,858
698,185

869,974
756,935
1,047,504
263,008
357,347
1,429,249
127,504
145,714
228,675
877,904
372,720
974,615
1,265,998
176,944
381,875
1,838,949
180,939
375,533

26,506,399j
709,785
4,863,839
22,884,6541
911,428
6,886,356
12,680,680!
447,796
1,814,852
4,523,298!
169,455
337,876
25,165,732
712,946
5,004,157
24,985,910j 1,109,796
3,433,272
109,208,144| 2,926,512 22,947,737
48,388,238
1,788,818
7,581,012
114,849,652
3,827,135 40,289,785
19,117,359;
572,770
5,596,087
7,441,803
185,065
2,066,794
12,317,495
442.557
1,957,976
5,452,839
179,214
1,537,528
8,433,008)
283,798
2,531,522
24,673!
2,500
441,979,884

902,702
290,240
656.370
565,521
234.371
141,136
371,630
138,000
19.000
565,932
215,364
53,200
127,301
121,875
121.460
1,392,438
124.460
49,785
74,625
239,957
218,260
65.000
368,417
413,974
546,799
419,205
525,500
103,620

13,600
70

281,715
560,915

10,653
39,828

1,375,022

13,670

842,630
50,481
.068,648,841 722,877,523 3 17,235,857 6 ,070,219,008 1,375,956,231 7,233,928,973 366,185.323 895,829,618 114,978,409 588,274,9881
13,522,214
48: certificates o f deposit due In less than 30 days. S403.857.61

644 01; certl*
State and

THE CHRONICLE

1694

[Vol . 102.

REPORT OF THE DIRECTORS
Submitted to the General Meeting of the Shareholders held on the
29th o f February, 1916.

SOCIETE

GENERALE DE BELGIQUE

H E A D O F F IC E : 3, Montagne du Parc, Brussels.

Limited Company established at Brussels by Roya1
Decree on 28th August, 1822.
C A P I T A L ................. ............... ...........— ............... ............... F rs- 32,804,232.80
R E S E R V E F U N D - - - ..........................- - - ...................... ..
69,039,262.14
4,500,000.00
C O N T I N G E N C Y F U N D ....................... ........................ -.TOTAL

_____________________ - __ F r s .106,343,494.94

Directors.
G overnor'. M r. J. JA D O T .
V ic e -G o v e r n o r : M r. LE BARON JAN SSEN .
M a n a g e r a n d T r e a s u r e r : M r. A . SE R R U Y S.
M a n a g e r s : M M . LE C H E V A L IE R E . C A R TO N D E W IA R T .

E . FR AN C Q U I.
G.
C O O R E M AN .
E D . DE BRABAN DER.

Auditors.
M M .L E BARON A L F. D ’H U A R T ,
P.
C A PO U IL L E T .
LE C O M TE D E B A ILL E T LATOU R.
E D . VAN D E R L IN D E N .
LE C O M TE JOHN D ’ O U L T R E M O N T .
L.
H A M O IR .
LE BARON C . G O F F IN E T .
LE C O M TE T ’ K IN T D E R O O D E N B E K E .
LE C O M TE JEAN D E M E R O D E .
S e c re ta ry : M r. A U G . CALLEN S.

Banks controlled by the Societe Generale de Belgique
and acting as its Agents.
C a p it a l.

B an qu e C entrale de la D e n d r e .......... ............... ..........- F rs- 3,000,000
B r a n c h e s : Alost: Grammont, Lokeren, Ninove, SaintNlcolas, Termonde.
B an que d ’Anvers: at Anvers................................................

25,000,000

B an que de la Flandre O ccid en tale, at Bruges.............

4,000,000
5.000.

B an que C entrale de la Sam bre, at Charleroi............. -

5.000.

B an que de C o u rtra i............... - ----------------------- ------------B ra n c h e s : Courtrai, Audenarde, M enln, M ouscron,
Renalx, Poperinghe, Waereghem.
B anque C entrale de la Meuse................................... - - - ­
B r a n c h e s : Dlnant, Arlon, CIney, Bastogne, Bouillon.
.........
„
.
B an que de G a n d — ............................... - --------------------B r a n c h e s : Gand, Deynze, Eecloo.

1,800,00 0
15,000,000
’
1,500,000

B anque Centrale du L lm bourg......... - ............................
B r a n c h e s : Hasselt, M aeseyck.
B an qu e de H u ,.................— - ................ - - - - - - - — B r a n c h e s : Huy, Andenne, Jodolgne, Seralng, W aremme.
B an que G enerale du C en tre........... - - - - ..........v : : " , : - "
B r a n c h e s : Le Louviere, BInche, Chlm ay, Nlvelles,
Beaumont, Bralne l’Alleud, Couvln, Ranee,
Erquelinnes, M omignles.
B an qu e G enerale de Liege, at Liege................................
B an qu e C entrale de la D yle......................... ..........- - - - ­
B r a n c h e s : Louvain, Aerschot, Llerre, Malines, Tirlem ont, W avre.
B an que d u H a in au t................................... - - - - - - — " "
B r a n c h e s : M ons, Hal, St. Ghislain, Soignles, Enghlen, Lens s-Dendre, Lessines.

3 ’ 0 00 ’0 00

W e have the honour of submitting to you,In conform ity with Articl
37 of our Statutes, the Balance Sheet of our Ninety-second business
period, closed on 31st December, 1915.
The sad events the effects of which were indicated in our previous
Report, continue to hamper all the manifestations of our nationa
life; the longer the war continues, the worse the econom ic situation
of our unfortunate country becomes. In spite of all and notwithjtanding the trials through which we are passing, we retain our entire
confidence in the future.
, . .
.
W e shall not yet be able, as we were accustomed to do before the
war to report to you on the undertakings controlled by us abroad, but
we think we are justified in believing that most of them continue to
give satisfaction. As for the business in which we are interested in
Belgium, it suffers, of course, from the consequences of the events
which are paralyzing the national activity. W ork is suspended in
most of the factories, and the manufacturers feel very keenly the offects
of the charges which weigh on them. The coal mining companies
have been able, as regards certain qualities of output, to maintain
their works in a state o f partial activity; they have thus procured
work for their men and diminished the consequences of the crisis which
renders the position of the labouring classes so distressing.
As regards the banks, their transactions have been considerably
reduced by the almost complete stagnation of Industrial and commercial,
business; the latter no longer offering re-employment to capital, money
has flowed to the banks for deposit in abundance, and they have seen
♦he sums at their disposal expand to large proportions.
For the reasons given in our last Report, we are not publishing at
the end of our Balance Sheet the list of securities in our portfolio.
Owing to the circumstances, the data in our possession are insufficient
to enable us, in a statement intended for publication, to give an ap­
proximate estimate of our portfolio. W o can state, however, as the
result of thorough examination of our position, that, in spite of depre
elation to be expected in the case of most of the securities after the
war, the very moderate amount for which they figure in the Balance
Sheet affords us complete safety for the future.*
W e may add that the list of securities in portfolio attached to the
Report for 1913 has only undergone during 1914 and 1915 slight m odi^ W e have pleasure in stating that the number of our clients Is con­
tinually increasing, as the increase in the amount of our deposits tes­
tify
In spite of the crisis, which leaves large sums unproductive,
wo have thought ourselves justified in maintaining a remunerative
rate of interest on funds deposited with us.
As you know, since the month of July last, the Societe Generale de
Belgique has voluntarily renounced the benefit of the Moratorium
applied to banking deposits. Since this period our clients can dis­
pose** of credit balances as in normal times.
The small advances for the necessities of life, to which we have
agreed from the commencement of war. continue to be of the greatest
service. The number of operations of this kind since the beginning
of hostilities amounts to more than 9,000 for a capital o f about 11
million francs. The development of these operations justifies only
too well our apprehensions as to the condition of exhaustion of saving
000
in almost all classes of Society.
000T o the considerable activity due to the increase in the number of our
current accounts and loan operations against securities has been added
2
occasioned by the operations of the Comite National de Secours
et d ’Alimentation, to which we act as treasurer free of charge.
TrueTo the role which it has assigned to Itself, the Societe Generale
has continued, under difficulties, its aid to Industry, b y placing at its
disposalThe funds needed for the maintenance of the plant and for
the assistance to be distributed to the workmen.
In the same spirit of patriotic solidarity, we have taken a largo share
in the form ation of the capital of the Societe Cooperative d Avances
et do Prets of the Auxiliaire des Societes d ’Habitations Ouvrleres,
1
N » « o o .le de Frets A grlc.lcs, a,id ot the Societe Cooperative

6 ,0 0 0 ,0 0 0

" W ^ v e T t l T g , a n t e d large credit. to vuricus
X '
Httlons and many cooperative food societies in the country, in e
Societe Generale lias, moreover, whether alone -or In participation with
“
bank” made advances ot funds to the large towns in the country
m temporary financial embarrassment.
, , ..
, , ....
1 0 , 0 0 0 ,0 0 0
1 On the other hand, responding to the appeal of the munic pallties
2 ,0 0 0 ,0 0 0
of occupied territory in the North of France, we have come to their
a d b y opening very large credits for them which have onabled them
to sufmount their difficulties for the time being, and to J ^ S e r i y
5.000.
000
stock of food and fuel of their people, who have suffered so bitterly
% T naW CiT o S S C lih all the banks In the Country we have been
w
2 .0 0 0 . 0 0 0

B an qu e C entrale de N am ur, at Namur..........................
B an qu e G enerale d ’ O sten d e----------------------B r a n c h e s : Ostende, Fumes, Couckelaere.
B an que d e R o u le r s -T h ie lt -............ ..........- - - - - ­
B r a n c h e s : Roulers, Dixmude, Iseghem, Thlelt.
B an qu e C entrale T o u rn a lsle n n e.........................
B r a n c h e s : Toum ai, Ath, Peruwelz.
B an que de V erviers............................................................
B r a n c h e s : Verviers, Dison.

3 ,0 0 0 ,0 0 0

3.000.

000

2 .0 0 0 .

000

3,000,000

BAN KS A C T IN G AS ITS A G E N T S A B R O A D .

in Belgium not having, on account of the War, paiu a y
*T h e accounts ~ r r e n d ^ d a tth e

B an que Beige pour l ’ Etranger, Fillale de la Societe Generale de
Belgique, a Londrea (2, BIshopsgate), Rotterdam (100, W ynhaven), Pekin, Shanghai, Tientsin, Le Calre, Alexandrie.
B an que de 1 U nion Parlsienne; 7, Rue Chauchat, a Paris.
’




** In Belgium.

THE CHRONICLE

Ma y 6 1916.]

1914, and a largo part of the funds deposited having remained unpro­
ductive for many months.*
^
In spite of the marked diminution of our profits we considered that
the Societe Generale ought to support the charitable works instituted
since the beginning of the war, particularly the Comit© National de
Secours et d’Alimentation, the beneficent action of which has been so
happily felt throughout the Country.
The following sums have been contributed:
To the Comite National de Secours et d ’Alimentation............ Frs.235,000
“
Ambulance du Palais Royal................................................
15,000
“
Societies for giving aid to prisoners..........................—
18,000
“
Committee for assisting the junior employees of the
11,000
Bourse................... ............... ..................................................... ...........
Irrespective of the charitable contributions provided for by
our statutes and amounting annually to ..................................
15,500
Besides these cash contributions, we have placed at the disposal
of the Comite National de Secours et d ’Alimentation and the associa­
tions under its control, a large staff, both for its special work and for
its financial business, as well as a large part of our premises, for main­
tenance, heating, lighting and surveillance of which we have under­
taken the cost.
In short, since the beginning of the war, the sum total of our expen­
diture on behalf of the Comite National de Secours et d ’Alimentation
and for the various charitable institutions amounts to about frs. 750,000.
Moreover, the companies under our control have all contributed largely
on behalf of the Comite National.
W e do not doubt that, in view of their philanthropic character,
you will approve these expenses and undertakings, and that you will
agree to their being met at once.
As stated to you in our previous Report, the Balance Sheet for 1914
was a provisional one; you have approved our proposal to pass the
profits of that year, frs. 6,000,000, to a temporary Contingency Fund.
For 1915 the Profit and Loss Account shows a profit of Frs.2,257,959.18
which added to the sum reserved last year o f . . . ............ _
6,000,000.00
makes the profits for 1914 and 1915.................................... F rs.8,257,959,18
The present situation requires the utmost prudence; we thought it
would be wise to maintain at least in part the temporary Contingency
Fund.

16 9 5

W e therefore propose to you to keep in this account a
sum o f________ ____________________ __________ ______ Frs.4,500,000.00
which would leave to the Profit and Loss Account a dis­
posable profit for 1914 and 1915 o f ________ _________
3,757,959.18
which would allow a distribution for each of these two
periods of frs. 1,878,979 as follows:
15 per cent to the Reserve Fund_______________ _____ Frs. 281,846.94
15,500.00
T o the Annual Charity Fund_________________________
**To the shareholders annual fixed dividend of 5 per
cent, frs. 50......... ........................ ......................................
1,550,000.00
T o the Management_________ ____ ___________ ______ _ .
31,632.65
Amounting t o ........... ................ .......................... ........Frs. 1,878,979.59
If you approve this proposal, we will pay, from the 1 st March next:
Frs. 50, the coupon N o. 10 pertaining to the period 1914. l on the Parts
Frs. 50, the coupon N o. 11 pertaining to the period 1915./o f Reserve.*
**
W e reproduce after our report the Balance Sheet of our Issue Depart­
ment, which balances on the debit and credit sides with frs. 1,347,.
080,131.48.
The privilege granted to our Issue Department has been renewed
for another year. On this occasion we remind you that all the opera­
tions are effected for the exclusive profit of the National Bank, which
f rom the end of the wa r , and in conformity with our agreement with itl
will take over the whole situation, debit and credit, of our Issue D e­
partment
______ ____________ ___ _________
_
_ _
tt The ordinary general meeting of 30th"November, 1915, has re-elected
M r. Emile Francqui, Manager; it has renewed the mandates of Messrs.
Leon Hamoir, Count t’ Kint de Roodenbeke and Count Jean de Merode.
retiring Auditors. * SfefcSa® SSMI
Brussels, 21st January, 1916.
AU G. CALLENS,
JEAN JAD O T,
______
j* S e c re ta ry .
G o v e rn o r.
*" * In accordance with the traditions of the Societe Generale, the entries in
the Company’s books only take into account operations actually effected,
and dividends and arrears really cashed. On account o f the interruption
of communications, and the hindrances to the exchanges, it has not been
possible so far to collect large sums; hence, the Profit and Loss Account does
not represent an appreciable part of the profits realized.
** The Capital of the S. G. B. is represented by 31,000 shares o f 500
Dutch florins each (= F cs . 1058.20). These capital shares are non-partici­
pating; they aro entitled to a fixed annual interest o f 5% . There exist,
moreover, 31,000 Parts do Reserve, to which belongs the surplus o f the
profits, the sums attributed statutorily to the Reserve Fund, the Manage­
ment and the Charity Fund having been deducted.

B A LA N C E SH EE T TO 31st D ECEM BER .
ASSET S.
1915.
Cash in hand and accou nts current at the N a tion a l B an k and the Issue D ep a rtm en t____ F rs. 143,510,935 55
70,466,187 55
P ortfolio o f B ills...................................................... ...................... ............................................ ........................
D ep osits for a tim e w ith corresp on den ts___________________ ________ ____________________ ______
9,937,500 00
6,416,472 72
A ccou n ts current w ith con trolled B anks_____________________
“
C o m p a n ie s __________
59,655,787 54
“
a ffilia ted
“
8,886,075 30
“
correspondents fo r c o ll e c t i o n ____________________________________________
4,526,444 88
“
“ exchange--------------------------- --------------------------------------28,559,823 67
Sundry accounts cu rren t.................................................................................... ............................................... 142,012,260 24
Loans on p u b lic securities.............................................................................................................. .................
8,823,207 0 6
Secured cred its.......................................................................................................... ................................... ........
20,588,271 52
P u b lic fu n d s /N a t io n a l........................................... i ______________________ ___________________________
60,926,595 96
\F o r e ig n ........................................................... .............................................................................
5,662,757 10
B onds o f variou s com p a n ies.............................................................................................. ............................
14,393,790 28
Shares
"
“
................................................................................................. .......................... 186,453,668 50
Financial p a rticip a tion s...................................................................... ........................ ................... .................
26,770,638 20
4,583,333 33
Share in the In terp rov in cia l L oan fo r the war con trib u tion (paym ent o f first tw e lfth )______
Sundry liq u id a tion s_______________________________ _________________ _________
_________
160,951 92
R eal p rop erty at Brussels and at A n tw erp , and m ovea b le p ro p e rty ________
__________
2,000,000 00

1914.
16,258,991 06
57,665,618 32
2,950,000 00
9,875,387 66
35,107,110 16
8,248,346 07
4,562,758 55
32,059,866 74
153,853,031 96
7,124,144 45
14,785,857 74
56,272,210 96
5,662,757 10
15,678,350 00
185,809,842 50
31,214,151 91

1913.
11,924,029 3 5
63,095,509 50
3,950,000
00
4,813,955 03
22,641,518 86
10,850,785 40
2,594,353
44
4,121,334 58
67,384,190 43
4,757,414 00
10,657,886 24
52,534,660 00
5,433,500
00
15,604,950 00
186,231,662 50
22,062,615 45

Frs.3,926,163,768

80

379,705 83

2 ,000,000 00

1,563,998,841 00
Securities for d e liv e r y ............................ .......................... .............................................................. _________
136,941,547 00
Sundry deposits o f guarantees........................................... .........................................................................
56,528,800 00
Assets o f the Issue D ep a rtm en t....................................... ...................... ............................................. ..1 ,3 4 7 ,0 8 0 ,1 3 1 48
S tatutory guarantees (d ep osits)....................... ........................ I ” _________________________________* A s a rem inder.

18,743 16
2 ,0 0 0 ,0 0 0 0 0

1,404,963,846 00

172,931,256 00

74,841,624 00

As a reminder.

As a reminder.

2,376,077,265 34 J l ,970,843,540 61

L IA B IL IT IE S .
Shareholders for 3 1 ,0 0 0 shares of 500 florins................
Reserve Fund.......................................................................
Temporary Contingent Fund............................................
Bonds Issued..................... ............... ..........................................
Savings Bank..............................................................................
Savings Bank. Interest account.......................................
Accounts current with controlled Banks.........................
“
“
"
Com panies________
“
“
affiliated
“
................
“
“
Correspondents for collection
**
“
"
“ exchange.
Sundry accounts current.....................- ........................ ..
Deposit accounts current................................................—
Deposit of securities...................................... - ......................
Owners of securities for delivery--------------------------------Sundry depositors of guarantees......................... .............
Liabilities of the Issue Department— — — ---------Statutory guarantees (depositors).....................................
Profit and Loss...........................................................................
5 per cent Interest paid to Shareholders_____ . . . . . . .




1915.
................................ F r s .
32, 804,232 80
___________
68, 475,568 26
.................
4 , 500,000 00
______________________
59, 434,000 00
............. ...........................
35, 041,196 57
............. ....................
996,991 91
........................................
61, 816,206 40
______________________
12, 416,668 25
..........................
30, 109,442 12
.........................................
2 , 750,403 53
.........................- ............
8 , 083,327 50
...................
135, 964,339 19
........................................ 348, 184,365 61
......................................... 1, 581, 278,589 00
........ ...............................
136, 941,547 00
.....................- .................
56, 528,800 00
......................................... 1, 347, 080,131 48
______________________ A s a r e m in d e r .
F r s . 5 , 397,859 18
1, 639,900 00

1914.
32,804,232 80
68,475,568 26
6,000,000 00
58,626,500 00
32,820,398 54
1,010,909 70
21,158,186 07
21,208,406 03
22,577,191 79
1,592,165 10
2,128,512 96
157,367,115 00
213,377,982 09
1,563,998,841 00
172,931,256 00

As a reminder.

1913.
32,804,232 80
67,161,008 24
56,855,500
35,783,189
1,045,843
14,809,731
19,753,706
27,888,476
1,454,854
7,004,564
75,524,023
142,189,204
1,404,963,846
74,841,624

00
96
90
71
87
55
02
64
85
58
00
00

As a r eminder.

3 , 757,959 18

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

8 ,7 6 3 ,7 3 3 49

Frs.3,926,163,768 80

2,376,077,265 34

1,970,8 4 3 ,5 4 0 61

----------------------

[Vol . 102.

THE CHRONICLE

1696

United States Bonds.—Sales of Government bonds at
the Board are limited to $1,000 4s coup, at 112. For to-day s
5 191G.
The Money Market and Financial S itu ation —While
awaiting the German Government’s answer to President
Wilson’s note of April 18th and with only conjecture as to
the tenor of that answer, business at the Stock Exchange
has steadily dwindled throughout the week until to-day and
security values have drifted, practically without interrup­
tion, to a lower level. This was to be expected under the
circumstances. Meanwhile tlio general business of the
country has progressed without inteiTuption and from several
sources the news has been of a decidedly favorable character.
First of all, the announcement on Monday that an agree­
ment had been reached between the operators and miners in
the anthracite coal regions removed one of the obstacles
which has stood in the way of progressive development in
that industry for several months past.
Reports of railway earnings for the month of March,
issued by the Pennsylvania and New York Central systems,
are typical of those from other parts of the country. The
former shows not results of operations about 34% larger
than the previous highest record and New York Central’s
earnings were more than double those for the corresponding
period in 1915. Similar statomonts from railways in the
South, together with Clearings House returns show re­
markable industrial activity in that part of the country and
an increased demand for cotton caused an advance in the
price of that staple during the early part of the week. In­
formation from the iron and steel factories is to the offect
that production is limited only by capacity. A tardy
report on international trade for March shows that the
balance in our favor, amounting to $196,000,000, has never
been exceeded except in February of this year when imports
were smaller and the balance was $209,000,000.
Germany’s answer, referred to above, has been received
at Washington and given to the public to-day. A hasty
reading indicates that it is similar in tono to provious com­
munications from the same source, is therefore not as definite
and comprehensive as had been hoped for and is in some
degree disappointing to a largo portion of the American
people.
Foreign Exchange.—Sterling exchange during the week
was a little easier, demand bills closing at 4 75% @4 75 15-16,
which is a shade below the 4 76 basis which the Britisn Treas­
ury lias sought to maintain. The Continental Exchanges
were firm, especially marks.
W all Street, Friday Night, M a y

To-day's (Friday’s) actual rates for sterling exchange were 4 72 'A(n)
4 72% for sixty days, 4 75% @ 4 75 15-16 for checks and 4 70 7-16@
4 76% for cables. Commercial on banks (sixty days) 4 71%(<')4 1 1%
and documents for payment (sixty days) 4 71 % @ 4 71%. Cotton for
payment 4 75 % @ 4 75% and grain for payment 4 75 % @ 4 75%_.
Thero were no rates posted for sterling b y prominent bankers this week.
To-day’s (Friday’s) actual rates for Paris bankers’ francs were nominal
for long and 5 95% for short. Germany bankers’ marks (demand bills)
wero 76% for long and nominal for short. Amsterdam bankers’ guilders
___ _ . . . .
woro 41 15-16 for short.
Exchange at Paris on London, 28.29% fr.; weeks rango, 28.29 tr. high
ami 28.29% fr. low. Exchange at Berlin on London not quotable.
The rango for foreign exchange for tho week follows:
C a b les.
C h ecks.
S te rlin g , A c tu a l —
S ix ty D a y s .
4 76 15-16
4 76%
High for tho week----4 73%
4 76 7-16
Low for the week_ 4 72%
_
4 75%
P a r is B a n k e r s' P ra ties —
5 92%
5 93
High for tho week---- -----5 93%
5 91%
Low for tho week—
-----G e rm a n y B a n k e r s ’ M a r k s —
78
78%
High for the week---- -----76 3-16
76%
Low for the week---- -----A m s te rd a m B a n k e r s ’ G u ild e rs —
42 1-16
42
High for tho week_
_ ____
41 7-16
41%
Low for the week---- -----Domo 3 tic Exchange.— Chicag .par. Boston, par. St. Louis, 15c.
per 8 1 ,0 0 0 discount bid and 10c. discount asked.
,
$1,000 premium. Montreal, $3.4375 per $1,000 premium. Minneapolis.
10c. per -SI.000 premium. Cincinnati, par. New Orleans, sight, 50c.
per $1,000 discount and brokers, 50c. premium.

State and Railroad Bonds.—Sales of State bonds at
the Board include $1,000 N . Y. Canal 4%s at 114%,
$7,000 N. Y. Canal 4s, 1961, at 105 and $2,000 Now York
4s, 1962, at 104%.
The market for railway and industrial bonds has been
slightly more active than last week but is still relatively dull.
The movement of prices has not been unusual and fluctua­
tions are generally within a narrow range. Of a list of 25
active issues 11 have advanced, 10 are lower and 4 unchanged.
Of the exceptional features Rock Island refunding 4s aro
conspicuous for an advanco of 3% points. United Rys. of
San Francisco have advanced 2% points andM. Iv. & T.
1st 4s and Dist. Sec. Corp. 5s close between 1 and 2 points
higher than last week. On tho other hand, Inter.-Met.
4%s have declined nearly 2 points and a substantial list of
other bonds, as noted above, is fractionally lower.
Sales designated “s-20-f” aro again unimportant, amount­
ing for the entire weok to only $66,000 par value.




'prices of all the different issues and fo r week's range see third
page follow ing.

Railroad and Miscellaneous Stocks.—On a steadily
declining volume of business pricos in tho stock market
declined day by day throughout tho weok until to-day.
Thero has apparently been no outside intorost in tho trans­
actions recorded. Professional traders seom to have sold
everything that anyone ’Would buy and nobody has been
eager to buy.
To-day’s market was a good deal more active than any
sinco Monday and on the varying impressions convoyed by
tho German answer on submarino matters pricos woro de­
cidedly irregular. Opening quotations wero an avorago of
a point or more lower than last night’s closing and some
went lower during the early hours of business. Later in
the day the feeling gained ground that thero will be no
diplomatic break between this country and Gormany and
not only wero early losses wiped out, but overy active stock
advanced to a higher level than obtained last night. This
advance was, however, extremely irregular1 and not results
of tho day’s operations vary from a fraction of a point in
some railway issues to between l and 3 points in many of
tho manufacturing stocks. Tho course of the market
during the next few days will undoubtedly dopond on tho
action takon by our Government at Washington in rogard
to the important document received from Berlin this morn­
ing.
For daily volume of business see page 1705.
The following sales havo occiu’rod this weok of shares not
represented in our detailed list on tho pages which follow:
STOCKS.
Week ending M a y 5.

Sales
fo r
Week

Range fo r Week.
H ighest.

Range since Ja n . 1.
Lowest.

Highest

Par] Shares S per share S per share $ per share $ per
M ay 4 132 % Mar 154%
M ay 4 135
Adams Express_____ 100
200435
Apr 29 124% M ar 140%
American Express
100
200425% M a y 2 126
Jan 21%
M ay 4 19% M ay 1 1 1
Am W rit Paper pref. 100: 1,500 18%
Jan 77
Associated O il_______100;
700; 65% M a y 5 67% M ay 1 62
Feb 3%
2
Batopllas M ining------ 20 4,100, 2% M a y 2 2 % Apr 29
A pr 4 50% Jan 57
Brown Shoo_________ 100
200i 54% Apr 29 57
M ay 2 95% Jan 99%
M ay 2 97
Preferred_________ 100
230, 97
Apr 31
M ay 2 28
M ay t 28
B u tterick___________ 100
300t 28
Feb 58%
2! 58% M ay 3 58% M ay 3 57
Canada Southern — 100
Jan 140
M ay 2 135
M ay 2 139
15 133
Cent & So Am T eleg. 100
Apr 70
M ay 1 68
M ay 5 70
300! 68
d u e t t . Peal) & Co__10n
Jan 52%
M ay 3 44
M ay 3 44
103, 41
Com putlng-Tab-Rec 100
Mar 58
M ay 5 55
55
M ay
200 55
Continental Insur____25|
Feb 50
M ay 2 41
M ay 2 50
100; 50
Crex Carpet_________ 100
M ay 98%
M ay 2 93% M ay 2 93
215 93
Deere * C o, pref------- 1,30
M ar 141%
230131% M ay 5 131% M ay 5 131
D etroit Edison______100
Jari 100
M ay 4 70
1,500 99% M ay 5 100
D etroit U nited...........103
M ay 3 1 0 2 % M ar 1 10
380407% Apr 29 1 10
Diamond M a tch ____ 100
Apr 00
M ay 3 58
Apr 29 59
700! 58
Electric Stor Battery 100
M ay 74
M ay 1 71
M ay 4 74
100; 71
Gulf States Steel tr ctf 100
M ay 87
M ay 4 87
M ay 4 87
100, 87
1st pref tr ctfs____ 100
M ay 75
M ay 6 72
M ay 5 72
100 72
2d preferred tr ctfs 100
Jan 133%
M a y 5 120
M ay 5 130
100)130
Homestake M ining. .100
Apr 300
Apr 29 205
Apr 29 2 10
50 210
Ingersoll-R an d-------- 100,
Apr 29 08% M ar 78
M ay 4 73
500! 70
Int Harvest Corp — 100
M ay 111%
M ay 1 108% M ay 1 100
400,106
Int Nickel pref v t r.100
M ay 131
M ay 5 127% M ay 5 127
Kings Co Elec T. A P -1001 150 127
M ay 5 103% M ar 107%
105
M ay 5
Laclede G as_________ 10r| 100 105
'
Apr 29 07% M ay 4 05% Jan 08%
200 07
M ackay Cos pref-------100,
100 52% M ay 5 52% M ay 5 50% Jan 62
M ay Dept. Stores___ 100,
Apr 130
M ay 5 105
M ay 3 1 10
14 107
M ichigan C en tral...1 0 0
10.3; 73% M ay 2 73% M ay 2 72% Mar 81%
N at Cloak & S u it...1 0 0
M ay 2 10 0 % M ay 113
200 106% M ay 2 107
P referred________ 100
M ay 90%
M ay 1 79
M ay 1 79
100 79
N Y C * St L 1st pf-100
Jan 97
M ay 4 80
M ay 3 97
Underwood T ’wrlter.100, 1.150 94
Jan 17%
M ay 2 117% M ay 2 1 1 0
100417%
Preferred_________ 100
F e b 49%
ion! 49% Apr 29 49% Apr 29 45
41 S Express........... .. lo o
M ay 4 38% Feb 49
M ay 4 40
200; 40
U S Realty A Im pt-,100,
Jan 4
1
500' 1 % M ay 3 1 % M ay 4
U S Reduc A R ef pf.100
Apr 62%
M ay 2 48
Apr 29 53
900! 51
Virginia Iron, C A C .100
M ay 4 126% M ay 2 124% Mnr 135
707425
Wells, Fargo Express 100

share
Jan
Jan
M ar
Jan
Jan
M ar
Jan
Jan
Jan
Jan
Jan
Jan
M ar
M ay
Feb
Jan
Apr
M ay
Jan
Apr
M ay
Apr
M ar
Apr
Jan
Feb
Feb
Feb
M ar
Jan
Jan
Jan
Feb
Feb
M ay
M ay
Apr
Feb
Jan
Jan
Jan

Outside Market.—Awaiting tho outcomo of tho foreign
situation, “curb” mai’kot trading has proceeded in an un­
certain fashion. Tho week’s opening was activo and strong,
but a reactionary tone developed, prices generally moving to
lower lovels This culminated on the receipt of tho German
note, prices to-day breaking sharply, though later recovering.
Cuba Cane Sugar, after an early advanco of almost 2 points
to 64%, ran down to 58 and recovered finally to 61. 1ho
pref sold down from 96 to 04% and to 92% to-day for odd
lots and ended the week at 94%. Midvalo Steol & Ord.
gained some 2% points at first, sank to 60, and to-day to
59 with the close at 60%. Especially strong and active
were the Atl. Gulf & W. I. SS. Lines, tho com. advancing
from 32% to 38% and to 41% to-day, while the prot. im­
proved from 48 to 52 %. Aetna Explosivos advanced almost
2 points to 21, then reacted to 18 and closed to-day at 19%.
Chevrolet Motor was conspicuous for an advanco of 9 points
to 204, with tho final figuro to-day at 203. Dnggs-Seiibury
Ord. sold up 4 points to 141 and at 140 finally. Maxim Muni­
tions rose from 8 to 11% and closed to-day at .)%. Sub­
marine Boat, after a loss during tho week of about 2 points
to 36, broke to-day to 34%, but moved back finally to 3b.
Tobacco Products com. was traded in botween 42% and
39% and at 41 finally. Trading in Standard Oil issues was
small and price changes without feature oxcopt Standard Uu
(Ind.), which advanced at first from 550 to 565, then dropped
to 540. Low-priced oils maintained a firm tono. Among
mining shares the silver stocks, on a further advanco in the
price of the metal hold their prominence. Trading in bonds
was brisk, with prices well maintained.
A complete detailed record of “curb” transactions for the
week will be found on page 1705.

Nsw York Stock Exchange—Stock Record, Daily, Weekly and Yearly

16 97

______________Por record of ssle* during the w c ^ ^ V ^ o I l ^ ^ s u aMy Inactive. see preceding page.
H t O H A H D L O W S A L E P R IC E S — P E R S H A R E , H O T P E R C E N T .
Saturday
A p r i l 29.

M onday
A fa y 1 .

Tuesday
M a y 2.

Wednesday
M a y 3.

Th u rsd a y
M a y 4.

F rid a y
M a y 5.

8 per share $ per share $ per share $ per share S per share $ per share
101% 10214 101% 1023, 101*4 102% 10134 102
102 102
101% 102
IOOI4 100% *100 100% 100% 100% 100% 100% 100% 100% 101 101
*107 103 *106 108 *107 108 *107 108 *107% 109 "107% 109
85% 85% 8534 86-% 8534 86% 8534 86
85
85«4 84% 85%
75% 75% 75% 75% 75% 75% *75% 7534 75
75
*74
75%
8-1% 84% 85 85
85
85
85
85
*84% 86
84% 84%

Sales/or
the
Week
Shares.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SH A R E.
Range Since J a n . 1
O n basis o f 100-share lots
Lowest

Highest

PER SHARE.
Range f o r Previous
Y e a r 1916
Lowest

H ig kssl

Railroads
P ar $ per share
$ per share $ per share $ per short
8,769 Atoll Topeka * Santa Fe__100 100% Apr 22 108% Jan 4
92% Feb 111% Nov
1,700 Do pref.................. ....... ioo
98% Jan 4 102 Feb 24
96
Jan 102% Nov
_
Atlantic Coast Line R R _ 100 106% Apr 19 115 Jan 3
98 Mar 110 Nov
ioo
9,300 Baltimore O h io..
82% Apr 24 96 Jan 4
63*4 Feb
96 Dec
950 Do pref.......................IIlOO 75 May 4 80 Jan 15
67 Feb
79*4 Nov
700 Brooklyn Rapid Transit.. 100 83% Apr 22 88 Jan 17
83% Aug 93 Apr
168% 163% 167% 16734 *166% 16734 *165% 167% 165% 166% 164% 177
3,150 Canadian Pacific................. ioo xl62% Mar 1 183*4 Jan 3 138 July 194 Nov
*270 325 *270 325 *270 325 ♦270 325 *270 320 •270 320
Central of New Jersey... ioo 290 Jan 3 {300 Apr 27
{250
Sep 325 Jan
61% 62
61% 62% 62% 62% 61
61% 60
61
fc
59
60% 7,800 Chesapeake < Ohio............. ioo
58 Apr 24 66% Jan 5
35% July 64*4 Nov
12% 12% 1134 12*
2 12 12
113i 1134 *11*4 12% *1134 13
1,000 Chicago Great Western 111100 1134 Apr 24 15% Jan 3
10% Jan
*35
36% 35% 35% 3134 35
17% Nov
*34% 35% *34% 35% *34% 35
ioo
900 Do pref___________
33 Apr 24 39*4 Jan 4
25% May
94% 94% 94
95
93% 91
41% Nov
94
94
9234 94
921.4 93% 3,600 Chicago Mllw & St Pauli 1100 91 Apr 22
102% Jan 3
12834 129
129 129
77*4 July 101% Deo
128-34 129
129 129 *128*4 129 *12834 129
500 Do pref______________ ioo 127% Mar30 136% Jan
•125% 127
120% Sep 135 Deo
126% 127
127 127 *12634 127
125% 127% 1,000 Chicago <t Northwestern.IlOO 124% Mar30 134% Jan
*165 175
118% July 135% Nov
*165 175 *165 175 *165 175
Do pref.......................... ioo {165 Apr 13
1734 18
17% 1734 1634 1734 16% 1734 17% 17% 165 175
1634 19% 19,725 Chicago Rock Isl & Pac.._100 15% Apr 22 175 Jan 11 163 July {180 Nov
*115 125 *115 125 *115 125 *115 125
20% Feb 7
10% July
38% Apr
Chic St Paul Minn A Oin 100 120 Jan 19 120 Jan 19
*115 125 *115 125
*132 ____ *132 ___ *132
*132
*132 . . . *132
„ Do pref.......................... ioo 131*4 Apr 12 138 Jan 27 {114 Apr 123 Nov
39
39
*3334 42
124
Sep 135 Deo
40
*37
42
*37% 42
40% 40%
300 Clev CIn Chlo & St Louis.. 100 38 Apr 27 47% Jan 11 {21
♦70
77
*70
77
Jan 52
Oct
*70
*70
77
*70
77
Do pref.......................... ioo
*70
70 Feb 2 76% Marl4
77
*25% 27
53% Feb
25% 25% *25%
77
Oct
*25% 27% *25% 27% *25
24*4 Apr 24 32% Jan 8
Colorado & Southern____ 100
26
*45 . .
24 Mar 38% Nov
*49
50
*48%
*48% 50
*48
50
Do 1st pref.................... 100 46 Apr 1 55 Jan 13
*48
50
*41
50
*41
50
45 Jan 60 Nov
*41
*41
50
50
Do 2d p re f.................. 100 40 Marl3
50
48 Jan 11
*149% 151% 149% 151% 150% 150% 150 151% *41 150% *41
35 Sep 52 Nov
150%
*150 151%
280 Delaware A nudson______100 149% Apr 20 154% Jan 19 138% Aug 154% Nov
*221 225
225 225
225 225 *215 225 *215 226 *220 226
200 Delaware Lack A W estern..50 216 Marl8 225 Jan 6 199% Jan 238 Nov
*12
14
12
12
*11
14
*10
15
*10
15
*8
12
100 Denver A Rio Grande___ 100
8% Mar30
14 Jan
*22
24
4 Jan
16% Nov
22% 22% ♦21
23
*20 24 *20 24
*19
24
100 Do pref.......................... ioo
15 Mar 8 24 Jan
35% 36
6% Jan 293g Nov
35% 36% 35% 3634 35
35% 34% 35% 33% 35
57,500 Erie.....................................ioo
32 Apr 22 43% Jan
51% 52
19% Feb 45% Nov
513i 52% 51% 52% 51
51% 51
4934 51
5t%
5.400 Do 1st pref.................... ioo
48 Apr 22 59% Jan
44% 44% 44% 44% 44% 44% 42
32% Feb 59% Nov
45
*42
4!
*41
44
500 Do 2d pref___________ ioo 41 Apr 22 54% Jan
11934 11934 119% 120
27 Feb
54% Deo
119% 119% 11934 11934 *119% 119% 118 119% 4,725 Great Northern pref___
100 118 May 5 127% Jan
40% 40% 40% 40% 40
112*4 Jan 128% Nov
403
4 39
40
39
40
38% 40
7,700 Iron Ore properties...........
36*4 Apr 22 50*4 Jan
101% 10134 101% 101% 101 101
25% Jan 54
101% 101% 101 101
Oct
100% 100%
900 Illinois Central__________ ioo
99*4 Apr 17 109% Jan
1034 17
16% 16*4 1634 17
99 July 113 Apr
16% 16% 1634 1634 16
16% 3,200 Interboro Cons Corp, vtc"
1534 Feb 15
*74
74% 74
74
74% 73% 74% *73% 74% *73% 74
18% July 25% Nov
600 Do pref.......................1165 71 Feb 15 21% Jan
25% 25% 25
25
25
24% 2434 2334 24
70 July 82 Nov
23% 23% 1,600 Kansas City Southern____ 100 23% Apr 28 77% Jan
32% Jan
59% 59% *59%
*58% 60
20% Feb 35% Nov
*58% 60
*58% 60
*58% 61
200 Do pref.........................ioo
58% Apr 20 64% Jan
*10
13
*10
13
10
10
54% Feb 65% Nov
*9
13
*9
13
*8% 13
100 Lake Erie A Western........ 100
10 May 2 16% Jan
*27
36
*27
37
*29
36
5 Jan
*30
16% Deo
36
*30
32
36
32
ioo
100 Do rref_______
32 Apr 20
77% 771
795,
78
78
79% 76% 78
19 May 41% Deo
7534 7634 70% 76*4 5.400 Lehigh Valley____________ 50 74%Jan 31 41 Jan
28
28*
27% 28
27
64% Feb
28
2634 263i *26% 28
83% Nov
*20
28
' '50 20 Jan 31 83 Jan 29
4,000 Long Island_______
124 1241.1 *124% 126 *124% 126
28% Apr
15 Jan 27% Oct
124% 126 '124% 126 *124% 126
300 Louisville A NashvlIIelllllOO 121% Mar 1 130% Jan 13
*128 1291 *128 130 *128 130
104% July
129 129
128 130 *128 130
50 Manhattan Elevated.
100 128 Apr 28 131%Jan 28 125 June 130% Nov
634 63.,
*6
7
6% 6%
132 Deo
6% 6% *5% 6
*5% 7
350 Minneapolis A St L ou is...100
4 Mar 1 15% Jan
*17
19
*17
19
8 Sep 19% Feb
*17
19
*15
19
18% *----- 18%
Do pref________
100 15 Mar 17 33% Jan 4 24 Sep 49 Feb
1173, 118
118% 1181 *117% 118% 117% 118
117 117% *116% 1173i
875 Minn St Paul A S S M .IIIlOO 116% Apr 21 125 Jan 6
*130 136 *130 136 *130 135
132 136 *130 135
136
Do p r e f J W L ............... 135 Jan 13 137 Jan 15 106 Jan 126% Nov
.100
334 3*4 *3% 4
123 June 136 Deo
3% 3%
3% 3% *3%
3 .1
3
3% 3%
400 Missouri Kansas A Texas 100
3% Apr 25
*10
12
*10
7% Jan
4 Sep
12
*10
15% Apr
12
* 10% 12
10% 10% 10
10
200 Do pref......................... 100 10 Apr 3 16% Jan 13
*4% 4*4
4
10% Sep 40 Apr
4'
4
4% 4%
4
*4
4% *4
4% 1,100 Missouri Paciflo.........
100
3% Apr 22
4*4 *4
6% Jan 17
4
1*4 July 18% Apr
4^
4% *4
41
*4
4%
4
4
1,100 Trust co certlfs of deposit
3% Apr 22
*
23*g
6% Jan 15
23*4
3 Dec
23
7% Nov
. . . . 235a '----23% ' ------ 23%
Nat Rys of Mex. 1st p ref.. 100 23%Jan 21 24 Feb 18
*5% 7% *5%
14% Aug 2S% Oct
7% *5%
7% *5% 7% *5% 7%
*5%
7%
6% Mar28
D ° 2d pref------- -------- 100
1031. 104
9% Jan 12
103 104% 104% 105% 104% 105% 103% 105% 1023, 105
4*4 July
9*4 Oct
40,400 N Y Central A Hud River. 100 100% Apr 22 111% Jan 19
59
60
59
60*g 59% 59% 59
81% Mar 110% Deo
59% 57*4 59
57% 58
8,200 N Y N H A Hartford......... 100 57 Apr 26 77%Jan 10
♦27
28
26*4 27% 20*4 27% 26% 28% 26% 20U
43 Feb 89 Oct
26% 2,200 N Y Ontario A Western...10 0
20 May 5
123% 123% 123% 124-lg 123% 124% 123% 124% 122% 123% 26
21*4 Jan 35 Apr
121% 123% 10,700 Norfolk A Western_______ 100 114 Mar 1 31 Jan 3
*85% 90 *
90
87% 87% 87
124% Mar 18
99% Jan 122% Deo
87
*85% 83
*85
88
200 ■Do adjustment pref. 100 84% Feb 25 89 Mar31
111 111% 111% 111% 111*8 111% 111 11134 110*8 H I
Sep 90
10934 11034 5,200 Northern P aciflo...
100 109*4 Apr 24 118% Jan 4 80% Feb 118% Juno
5634 50% 255% 56% 55*4 56
55% 56
99%
55% 5534 55% 5534 29,080 Pennsylvania__________ * go
Deo
55% May 5 59*4 Jan 4 5 1% Feb 61% Nov
82
*78
*80
80
81
80
*78
81
*78
80
*78
100 Pitts CIn Chlo A St Louis.. 100
78 Feb 17 82% Jan
*92
95
*92
95
■92
95
65 May 86 Nov
*92
*88% 95
Do pref.......................... 100 88 Jan 26 98*4 Jan 13
86% 87% 86% 89% 86% 89% 80% 88% 86
13
90 June 98% Juno
85
87% 173,900 Reading_______________
50 75% Jan 31 89% M arls
*42
43
♦42
43
*42
43
*42
43
69% May 85% Nov
43
100 1 st preferred______I
50 41% Feb 19 46 Feb 29
45% *43% 40% 45
*43
45
*45
46
40% Sep 45 June
*45
"45'
200
2d preferred...... ............ go
41% Feb 21 48 Feb 29
2% 2% *2%
*1% ___
*2%
*1%
40 Feb 44 Apr
*2%
100 t Louis A San Francisco.. 100
3% 3% *3%
1% Apr 13
*3%
*4
6 Jan 7
*3%
1*4 Mar
*4%
8 Nov
300 Do 1st preferred.......... 100
2% 21o *234
2% Apr 14 10 Jan 7
2*4 3% *23.1
*234
7 Aug
14% Nov
*3%
1.500
Do 2d preferred______ 100
*16
17% *16
2 Apr 14
17% 16% 16% *16
17% 16
8 Jan 7
3 Jan 10*4 Nov
16
*16
*_ _
17
220 St Louis Southwestern____ 100
43
16 May 4 19 Jan 17
43
{43
43 *
43
11 Sep 23 Nov
40
43
10 Do pref.......................... ioo
41 Apr 12 45 Jan 14
'l5 % 15% 15% 10
15*8 15% ►
Is’
16
29
Sep 45% Deo
§15' 15
~14t2 15
1,725 Seaboard Air Line______ 100
14 Apr 22 18% Jan 13
36% 37
36% 36% *35
36% 36*4 36*4 *3534 363 *36
11% July 20% Nov
4
37
1,100 „ Do pref........................I 100 34% Apr 24
. 96% 97% 96*4 97% 96% 97% 90% 97
42 Jan
30%
96
43*4
96% 95% 96% 14,530 Southern Pacific Co___
100 94% Apr 22 104% Jan 13 81% July 104% Nov
21
21% 21% 21% 21
21% 20% 21% 20% 20% 20
Feb
Deo
20% 6.400 Southern Railway........... 100
18 Apr 24
60% 01
60% 61
60% 60% 603 60*4 60
4
12% July 23 Nov
60
59
00% 2,832 Do pref......................... 100 56 Apr 24 24% Jan
10% 10% 10
10%
10% 10
9% 10
65 Jan 13
42 July 65 Nov
9% 9%
9% 934 2,100 Texas A Pacific_________ 100
6% Feb 14
62
*61
*61
62
*61
62
60
10% Apr 27
61% 60% 60% 60 ’ 60%
8% July
17% Apr
1.900 Third Avenue (New York). 100 59%Jan 31 63 Mar21
*95
96
96
90% *95% 96%
96% ►
35 Jan 64% Oct
95% 96% *95% 96%
200 Twin City Rapid Transit.. 100 94 Mar24 96% Jan 11
132% 133% 133
i
.34% 133% 34%
133%
90 July 100 Apr
131% 133% 33,000 Union Paciflo_______
100 12934 Apr 22 140% Jau
82% 82*4 *82% 82*4 *82% 82*4 82% 82*4 131% 133
115*4 Jan 141% Nov
8234 8234 *82% 8234 1.400
Do p re f......................1100 *81% Mar 1
11
11
10% 11% 11% 11*8 *.
11% 1034 11
10
1034 2,100 United Railways Invest...100 10% Apr 27 84 Jau 28 *79 Mar 84% Nov
23% 24
22% 24
24% 24% 23%
8 Jan 27% Oct
24
23% 23% 1.900 Do pref......................... 100 22% May 1 21% Jan
14% 14% 14% 14% 14% 14% 14% 23% 24
Jan
21% Mar 47*4 Oct
100 13% Mar 7 39*4 Jan
45% 44% 45% 44% 44*4 44% 14% 14% 14% 1334 14% 3,200 W abash......................
45
17
12% Oct
17% Nov
26% 26% 26% 27% 26*4 27% 26% 44% 4334 44% 43% 43% 5.500 Do pref A ................... 100
41% Mar 1 48% Jan
43% Oct 49% Nov
27
26% 26% 26
26% 3,300
Do pref B d o.................. 100
31% 31% 30% 30% 30%' 31
25 Apr 22
30% 30% 29% 29% 29
25% Oct 32% Nov
30
4.500 Western Maryland............Ilo c 24% Feb 28 32% Jan 15
*45
48
*43
48
*43
48
34% Mar27
9% Jan 35% Oct
*43
48
*42
48
Do pref......................... 100 40 Mar
*3
4
*3% 4%
4
4
*3% "4%
49 Mar27
25 Jan 50% Oct
*3% 4%
334 334
200 Wheeling A Lake Erie____ 100
*10
2% Jan 20
14
*10
14
*10
15
♦
*10
4% Apr 10
13
% July
*10
6% Nov
14
*10
14
Do 1st preferred..........100 10% Apr 27 15 Jan
*3% 5
*4
5
♦4% 512 *4
5
2 Aug
19*4 Nov
4
*3% 4
200 Do 2d preferred______ 100
3% Jan 18
*33
37
*33
37 *33
36
36
5 Apr 10
36
% Aug
3 ? 4 35
8% Nov
*34
37
200 Wisconsin Central_______ 100 33 Apr 19 38 Jan 15
28 July 45 Nov
Industrial A Miscellaneous
20% 21% 20
21
20% 21
20
20*4
19
19
19
19% 5,500 Advance Rum ely.......... ..100
15 Apr 27 21% Apr 29
41% 42% 42
41% 41% 40
42
40% *38% 39
*37
40
1,200 Do
pref .................... 1100
39 Apr 28 43 Apr 28
20% 20% 20% 20%
19*4 20%
1934 19%
19% 1934 193g 20
5.200 Alaska Gold M ines.......... 10 17% Mar 6 20% Jan
9
9
9% 9%
9% 9% *9
9%
21% Dec
9
40% Apr
9
8% 8%
1,000 Alaska Juneau Gold Mining.
8*4 Mar 3 10% Jan
26
27% 27
28% 26% 27
25% 27
9*4 Dec
26
13% Nov
2434 26% 11,830 Allls-Chalmers Mfg v t C..100
26*4
76% 78
23% Apr 22 33% Mar 14
78
78% 773., 77*4 7734 78% 77% 78
7*4 Jan 49% Oct
75% 77
5.200 Do
preferred v t c ___ 100 72% Apr 22 83 Jan 3
6734 67% '66
68
*64
33 Feb 85% Deo
*64
68
*65
65
68
*64
68
200 Amer Agricultural Chem. 100 63 Apr 22 72% Jan 3
♦97
98
9734 98% *97% 98% *97%
48 Jan 74% Nov
98% *97
98
69
Do
pref.................... ..100
69% 69% 7034 69% 70% 6834 98% *97
96 Mar23 99% Jan 5
90 Mar 101% Nov
6934 67%
66
68
7,200 American Beet Sugar___ 100
9134 94
*94
61*4 Feb
9434 *93% 95 *93% 95 *93% 69 *93% 95
74 Marl7
33% Jan 72% Deo
95
Do
pref........................ 100 93 Apr 24 96% Feb 8
*----- 103% *----- 103% *----83 Feb 95 Nov
*150 187 *150 187 *150 103% *90 103% *93 103% *----- 103
Amer Brake 8h A F ctfs dep
100 Apr 11 103% Jan 28
187%
87% Feb 109*4 Aug
56% 57% 57
Do
pref ctfs deposit___
58% 56% 57 *150 187% 150 175 *150 187%
54% 56% 54% 5534 52 % 55% 30,050 American Can_________ 100 165 Feb 24 195% Jan 3 132% Mar 219*4 Oct
*110 111% *110 111% n o n o
52% Apr 22 65% Mar 16
25 Feb 68% Oct
109 109 *106% 110
109 109
600 Do
59% 60
pref....... ................ 100 109 Apr 22
60
63
59% 62% 59% 6034 59
91% Jan 113% Nov
.
60% 56
60*4 26,400 American Car A Foundry 100 55 Apr 22 113% Jan 26
116% 116% 116 116 *115% 120
78 Jan 3
115% 120 *115% 119
40 Feb 98 Oct
116 110
450
153 15334 *151% 155
Do
pref........................ 100 116 Mar20 119% M a
151% 153
149 153 5153 153
149 151
2,000 American Coal Products. 100 140 Apr 24 175% Jan rll 111% May 118 Aug
*115 116 *115 116 *115 116
115 116
19
82 Jan
115 116
115% 115%
200 Do
pref........................ 100 115 Jan 20 117 Apr 6 {105 Jan 170% July
53% 54
53
53
53
53
53
531
52% 52%
120 Sep
53%
1,300 American Cotton Oil___ 100
*101 103 *101 103 *101 103
50% Apr 22 57% Jan 17
100 102% 101 102% *52
39 Jan 64
Oct
101 103
Do
pref........................100 98 Jan
934 9*4 *9% 10
*9% 10
9% 9%
102 MarlS
9% 9 %
91 June 102% Nov
9%
600 American Hide A Leather 100
9%
50% 51
*50% 52
9% Mar
51% 52
*50
12 Jan 3
52
4% Feb
50% 51% 48% 50
14% Oct
3,050 Do
pref........................100 45 Mar 1 57 Jan 18
27% 28% *27*4 28
28% 28% 28% 29
2734 2734 28
19*4 Jan 69% Oct
29% 4,835 American Ice Securities... 100 25 Jan 20
24
24% 23% 24% 23% 23% 22% 23% 22% 23
31% Feb 19
20% Jan 35 Apr
22
22% 7.800 American Linseed__
100 20 Mar 1 25% Jan 26
50% 51% 51
52% 4934 52% 4934 51
483.i 50
7% Jan 31% Oct
48
49% 9,300 Do
pref................. IH io o
69% 73% 72
38% Mar 1 53% Apr 25
74% 68% 72% 67% 69% 66% 683g 6434 69
24 Jan 50% Oct
84,525 American Locomotive_ 100
_
101% 101% *101 102
60*4 Jan 11 83*4 Marl4
101% 101% *100 102
19 Mar 74*4 Oct
101% 101% *101 102
300 Do
pref..................... 1100 99*4 Mar 2 104*4 Apr
*7% 9
*7% 8% *7% 8% ♦7% 9
75 Mar 105 Nov
8
9% *7
9
1,500
*34
35
7% Apr 22
34
34
34
34
34
34
10 Apr
3% Apr
34% 36% 34% 34% 2,200 American Malt Corp___ 100
13% Oct
Do pref......................... 100 z31%Jan 14 36% Mar 9
*84
86
♦84
*85
*84
86
80
86
♦85
21% May
86
37% Deo
*84
86
Amer Smelters Sec pref B 100 85 Apr 20 87%Jan 25
93% 93% *93
94
93*4 93*4 93% ♦93
*93
78 Jan 88% May
94
*93% 94
500 Do pref Ser Astamped.
96% 9734 90% 9934 96% 98% 97% 99% 94% 98% 93
92 Jan 3
_
86 Oct 92 Deo
97% 99,800 Amer Smelting A Refining.IOO 88% Apr 22 94% Apr 11
•111 113
112% 112% 112 112 *112 113
113%Jan 4
56 Jan 108% Deo
112% 112% 112 112
500
Do pref......................... 100 109% Apr 22 114% Feb 3
*136 143 *133 143
133 145 *136 146
136 143
Jan
135 145
American Snuff_________ 100 130 Mar23 148%Jan 10 100 Jan 113 Nov
*103% lio
‘ 103 110
103 110 *103 110
144
103 110 *103 110
47% 47% 48
Do pref.....................IIlOO 106% Mar22 110 Jan 27 103 Jan 165 Apr
49% 48% 49*4 49% 52% 50% 51% 49% 52
110% Nov
8,360 Amer Steel Foundry.......... 100
109 10934 109% 111
44 Apr 24 61%Jan 4
109% 111% 110 n o
24% Mar 74% Oct
109 109% 107% 108% 6,300 American Sugar Refining. *100
*115 116
105% Apr 22 116% Jan 8
115% 115% 115 116
115 116
116 110
99% Feb
115% 115%
300 Do
127% 128
pref.........................100 115% May 5 118*4 Jan 4 109 Feb 119% Nov
127% 128% 127*4 128% 12734 128% 127% 128
119% Nov
127% 128
4,815 Amer Telephone A Teleg__100 126% Feb 1
198% 198% 200 200% *196 200
198
200 200
910 American Tobacoo............ 100 188 Feb 16 131 Mar27 116 Jan 130% Nov
♦105% 106% 105% 106% *105% 106% 105% 105% *105% 198
209*4 Feb 3 195% Dec
106% 105% 105%
400 Do
4534 40
pref (new)............. 100 105% Apr 24 108% Feb 8 103% Jan 252% Apr
45% 46
45% 45% 45
4334 44% 42% 44
45
111 Nov
4,400
100
98
98% ♦97% 99
98
98
40 Nov
97*4 98
97 97% 96*4 9634 1,110 Am Woolen of Mass_____ 100 42 Jan 11 55% Marl4
56 Oct
Do
pref-------------------91% 93% 92% 94% 91% 93
95 Dec 98% Nov
90% 92% 89% 913g 87% 91% 27,700 Amer Zlno Lead A 8 ______ 25 92 Jan 10 102 MarlO
85% 86
85% 86% 83% 857,
65*4 Jan 31 97% Apr 10
84
85% 83% 853.) 80% 84% 16,075 Anaconda Conner
67% Dec 71% Deo
..5 0
77 Apr 22 92% Feb 14 024*4 Feb 91% Nov
* Did and asked prices; no sales on this day.
*
« ' - t h a n 100 shares, a Ex-dlr. and righto.' 5 New e t o ^
paid. * Ex-divldend. * Full-paid.




1 fine
A

V

New York Stock Record—Concluded -Page 2
Por reC0rd of .ales during the week of stocks usually Inactive, see second page preceding

STOCKS
S lesfo NEW YORK STOCK
a r
th
e
EXCHANGE
eek
F a Sa
rid y Wres.
rsd
n
u u ed a ha y
esd
o d y Ta a Wa esd y T u a
Study Mn a
a ra
h
a
a
A ril 29. My 1 . My 2. My 3. My 4. My 5.
p
Industrlal& M lsc.(Con). Par
er
a p a
er a
Locomotive------er a
S p sh re 5 p sh re $ p sh re $ p sh re
er a 867g 903* 863s 88% 8 6er 88*4 $ 83%sh re 136.880 Baldwin pref_____________ 100
S p sh re
er a
87%
%
Do
100

a :a a a n d low sa le prices - p e r s h a r e , n o t p er c e n t .

PER SHARE.
Range Since Jan. 1
On basts of 1 0 0 -i/iar« lots
Lowest

Highest

PER SHARE.
Range for Previous
Year 1915
Lowest

Highest

p sh re
er a

$ per share $ per share
$ per share
26*8 Mar 154% Oot
83% May 5 118*8 Jan 3
Sep
92 Mar 114
107% Jan 3 109% Feb 23
88
9212
87% 89
500
Oct
46% Jan 600
10734 10734
550 Marl4
415 Jan 11
109 109 *10778 110% *107% 109
109 109
•108 109
825 Bethlehem Steel_________ 100 130 Jan 24 145 Jan 6
Oot
91
Jan 184
440 454%
456 45912 445 459 *420 455
Do pref______________100
460 460
•435 460
100
79% Dec 943s Oct
*130 140 >130 140
75 May 3 87 Jan 3
135 135
*130 150
Brothers__________
•132 145
200 Burns & Superior Copper— 100 71 Jan 3 105% Mar 9
66% Aug 79% June
*77
87%
80
75
75 *___
76
76
Butte
10
*___
81 “III I 8 3 '
22,000
8 July 38*8 Deo
90
917s 8734 92
2034 Apr 27 42*8 Jan 3
93
943g 9134 93>2 90% 92
92*4 93
1.900 California Petroleum, vto.100 45 Apr 22 80*8 Jan 3
21% 22
30 July 81 Deo
23
2234 *22
pref_____________ 100
21*4 213
4 22l4 22U 22lg 2212 22
300 Do
*45% 49
32*8 Feb 61% Nov
*46
50
48
48
48% 481
Central Leather-------------- 100 49 Apr 22 56*8 Mar20
49
49
•4512 48
5034 523g 19,400
4
5414 523 53% 51% 52% 11034 111
pref_____________ 100 108% Jan 3 111% Mar 7 100*8 Jan 110% Nov
53
53<4 531g 5412 53
1,435 Do
96*8 Apr 11
110% 110% 110 110%
§111 111
•110
110*4 11012 111
2,000 Chandler M o t o r c a r ------- 100 8 8 % Apr 24 25*8 Jan 5
89
23*8 Doc 26*8 Nov
90
90% 89
8
91'g 9234 90% 91
Chile Copper---------------------25 203 Apr 24
92
0211 92h 93
3.900
57*8 Nov
20% 21
32*4 Jan
51 Apr 22 60 Feb 19
22% *213g 22% 21% 22
2212 223
4 2214 223g 22
66% Sep
53% 8,500 Chino Copper--------------------- 5 38% Apr 22 53 Jan 4
52% 5234 52
21*4 Jan
53%
54
543g 5334 5414 53*g 5414 53
14,900 Colorado fuel A Iron-------- 100 130% Mar 1 1443i Jan 8 113*4 . Jan 150% Oct
40% 41% 39% 41%
41
42
Consolidated Gas (N Y )..1 0 0
41% 42% 4214 43% 41% 43
Oct
40% Jan 127
132% 132% 131*8 132% 1.325 Continental Can_________ 100 75%Jan 31 881.4 May 1
134 134
134% 134%
•13312 13412 •133l2 135
3.325
83% 85
88% Jan 109% Deo
86
87% 87% 8512 85% *84
pref_____________ 100 106 Feb 1 110% Mar 17
86I2 S8U
8 6 I2 8 6 '2
280 Do
8 Jan 21% Oct
10934 10934 §110% 110% 110% 110% *108% 111% *108% 111% 14,800 Corn Products Refining— 100 1734 Apr 22 25% Jan 25
♦108 lOO’ t
8
65
Jan 96*4 Deo
18% 19% 1S34 19% 18% 193
pref_____________ 100 91 Apr 24 101%Jan 14
20*s 19*g 20
20
20*g 20
800 Do
93% 93%
*9234 95
18% May 109% Sep
9434 *93% 95
Crucible Steel of America. 100 5 2 34 Jan 12 99% MarlO
94% 9412 49
*9312 95
80%|
"■
84 May 112% Sep
803g 83% 79% 81% 78% 82 % 73 113 185,850 Do pref______________100 108% Jan 11 119 MarlO
8 H2 85
8 OI2 82
400
38 Jan 177 Deo
112 112% *112
245 Mar28
115 115 *114 115% *113 114
•113 115
1,000 Cuban-Amerlcan Sugar— 100 152 Jan 5 109*4 Feb 4
93 Mar 110 Sep
239 23934 *220 240 *220 240 *222 240 *220 240
Do pref______________100 104*4 Feb 1
*222 240
50% Oct
105 108
512 Mar
41%Jan 31 54% Apr 29
105 109 *105 109 *105% 109
Distillers’ Securities Corp.100
•105 109 •105 109
48% 51% 47% 50% 155,200 Dome Mines, Ltd-------------- 10 23 Feb 23 29% Feb 8 {16 Juno 30% Deo
50% 527g 50% 52
49*2 54*2 5 1 * 2 5 4 1 2
60 June
25% 5,505
8 Mar
25% 2534 25
14% Apr 19 35 Jan 7
Federal Mining A S m elt...100
25% 2538 25% 2534 2534 2578 2534 26% *15
65 June
18%
20 Mar
19% *15
35% Apr 24 57% Jan 7
*15
20
*15
20
*15
20
•15
20
C O Do pref_____________ 100 §265 Jan " 350 Marl8 165 Jan 360
O
Oct
43
*37
*39
41
*39
42%
41
41
4212 41
42
•40
906 Goneral Chemical------------ 100 §113 Jan
116 Jan 27 106 Mar §116% Nov
335 339 §330 330 *330 340 §320 321
5335 340
Do pref_____________ 100
330 330
159 Apr 22 178% Jan 17 138 Mar 185% Oct
*114 117 *113 116 *113 116
•114 116 *11314 11412 *114 117
2,083 General Electric_________ 100 405 Apr 24 495 Jan 3
82 Jan 558 Deo
162% 163% *161% 164
164 164
1633* 164
163% 164
•183 164
800 General Motors.................. 100
416 425 *380 430
90*8 Jan 136 Deo
120% May 2
10*4 Feb
420 420
415 4?6 *415 425
*375 446
6,000 Do pref_____________ 100 167*4 Jan 31 80 Apr 10
24% Jan 80% Oot
117 118% 117% 117% 116% 118
117% 120%
•1I3U 114l2 11312 117
72% 74% 27.300 Goodrich Co (B F )............. 100 110 Jan 24 11634 MarlO
05
Jan 114% Oct
z74
76
77
76
77% 76
78%
Do pref_____________ 100
75*4 7612 76
100
79% Apr 91 June
84 Apr 22 99 Feb 10
114% 114% *114 115 ■114 114% 114 115%
ll4 lg 114*s '114tg 115%
1,300 Granby Cons M S A P — 100 41% Apr 22 53*8 Mar 9
86
37
Oct 52*8 Deo
87
87
89
*87
K
871* 87*« 8734 877g 88
49% 6,960 Greene Cananea C opper.. 100 42% Apr 22 49% MarlO
49% 51%
16*8 Jan 47% Oct
50
49
50
60% 49
4934 50U 00
29*4 Nov
44% 30,200 Inspiration Cons Copper— 20 15 Apr 25 29% Jan 5
5% Mar
44% 4534 44% 45% 44% 44%
4 5 12 46'8
4534 46
500 Interuat Agrlcul Corp------100
15%
71*4 Deo
8 Mar
17
1534 1534 *15
47
5 74 Jan 5
*16% 18
17
19
I 6 I2 1 6 '2
2,850 Do pref_____________ 100 108% May 7 114% Apr 27
50
90 May 114 June
49% 51
Jan
50
52% 48
52
527g 50
Intern Harvester o fN J— 100
*5212 54
600
110% 111 *110% 112
114 Fob 29 119% Jan 4 110 July 120 Nov
111% 111%
112 112
Do pref____________ .100
* 1 1 H4 11312
20% Deo
18 Dec
13*8 Feb 15 29% May 1
*115% 119 *113% 119 *113% 119 *113% 118 326,250 Int More Marine ctfs of dep.
*11514 119
77% Deo
25%
25% 21
55% Nov
61% Mar 1 98 May 1
26% 28% 24% 27% 23
pref ctfs of dep--------29h
24U 25'g 25
80
87% 605,000 Do
85% 89
5 0% Jan 17 179*4 Dec 223% Oct
93%
91
95% 87
25 42 Mar 1
91 >2 98
8512 91
12% Deo
4
8
Jan
48% 49% 47% 483 52,725 Intern Nickel (The) v t o . . 100
9% Mar 1 12*8 Mar20
4812 50*8 49% 50% 48% 4934 *10
International Paper--------49
50
300
1034 10% 10%
33 Feb 60*4 Deo
10% 10%
42% Fob 1 50*4 Jan 3
*10% 11
11
11
•10
11
1,300 Do pref_____________ 100
45% 45% 46% 46%
46
46
67
9 96 Apr 4
47
45h 4512 46'2 47*2 47
2,500 Jowel Tea, Inc___________ 100 106 Mar 13 113 Apr 4
86
87% 84
87% *85
Mar
87% 87% 87
8 8 I2
87>2 87l2 87
100 Do pref...................... -100
76% Mar20
6 8 % Apr 22
108 109 *107 108% 109 109 *105 108
*108 109 *107 109
71% 7,900 Kclly-Sprlngfleld T ire......... 25 95% Apr 24 97% Marl4
70% 70% 70
72%
71% 72% 71
7134 73
Do pref_____________ 100
7 H4 7H2
*96% 97% *96% 97% *95% 97% 99,850 Kennecott Copper
52 Mar 1 59 Apr 3
*963 971* *96% 97
4
*96*8 9712
28 Jan 94*4 Sep
56% 57% 56% 57% 55% 56% 54% 56% 6,100 Lackawanna Steel-------------100 64 May 5 86 Jan 6
57i2 58
56% 58
67%
68
69% 64
48%
5 54 Apr 13
7U 2 6884 70% 69% 70
70
7034 70
6,450 Leo Rubber A Tire.................. 240 May 14 265 Jan 4 207
Jan 260 Deo
50% 49% 4934 48% 49
Apr
50
5034 50
5034 52
5034 51%
200 Liggett A Myers Tobacco. 100 118 Mar30 122 Mar 3 113*4 Jan 120 Deo
240 240 *235 250
240 240
•240 248 *235 248 *240 245
250 Do pref_____________ 100 15 Mar 3 21 Jan 18
31
Jan
119 119
16 Feb
119 119 *119 121 *119 121
Loose-Wllcs BIso tr co ctfs.100
*119 121 §121 121
100
*19% 21
*19% 21
86 Feb 105% Jan
*19% 21
78 MarlO 01%Jan 13
*19
21
*19
21
Do
1st preferred------- 100
19
19
*82% 91
Oct
*82
91
55 Dec 67
50 Jan 25
*82
91
50 Mar 3
*81% 91
*8712 91
Do 2d preferred______100
*8212 90
*56 . . .
Mar 1 165% Jan 189 Nov
*56
------ *56 ------ *56
*56 . . .
*56
90
400 Lorlllard Co (P )-------------- 100 179% Jan 19 198*8 Apr 10 112
Jan
195
Sep 118
115% Jan 6 120%
*191 198% 198 198% *195 198% *115 195
*150 19012 190 19812
100 Do pref_____________ 100
Oot
121
*115 121%
15% Jan 92
Mar 3 79%May 2
♦115 11912 119l2 11912 *115 121% *115 121% 75
84,400 Maxwell Motor Inc tr ctfs.100 67% Apr 22 9 3 Jan 3
77
77% 73
43% Jan 103*4 Deo
76*4 79% 76% 7734
79U
Do
1st pref stk tr ctfs .100 78
73'g 78U 77
3,300
81% 83
83
83
18 Jan 68% Oct
42% Mar 2 59*4 May 1
84% 8434 83% 84
85
83% 85
14,200 Do 2d pref stk tr ctfs.100
54
56
51
Jan 124% Deo
89 Apr 22 129*8 Jan 3
5712 5934 5634 58% 5534 57% 55% 56% 95% 101 169,600 Mexican Petroleum---------100
55
57
67
Jan 104% Deo
98% 101%
105*8 Jan 3
93
9518 9734 9638 10034 95% 99% 97% 100
200 Do pref_____________ 100 33% Apr 26 39% Apr
*91
94
17% Jan 36% Deo
*91
97
94
94
Mar 1
97%
9612 9612 *94
*91
96
35% 14,310 Miami Copper--------------------6
42 Jan 79*4 Deo
36% 34
81% Apr
4 36% 36% 36
Montana Power-------------- 100 6 8 % Mar 1 115 Apr
3812 38*4 z 3634 37% 36% 363
500
77% 78
99 Jan 120 Deo
78
78
78
78
3
78
*7712 79>2 77l2 79l2 78
200 Do pref_____________ 10O 109 Jan 24 125% Mar20 116 Apr 132 Jan
112 112 *112 113% *112 113%
Apr
*110% 113% *111 113% 112 112
200 National Biscuit-------------- 100 118% Jan 3 129 Feb 8 119 May 127% Deo
119% 119%
120 120
125
*119 121% •119 122
*119 121%
100 Do pref_____________ 100 19*4 Apr 22 29*4 Jan
123 130 *121 130
9% Jan 36% Oot
125 125
*122 125
>121 128
22% 23% 2,610 Nat Enam’g A Stamp’g-.-lOO
97% Feb 18
79 Apr 07 Deo
23% 22% 22% 22*4 23
23
2234 22*4 23% 24
Do pref______________100 92 Jan 19 73% Jan 19
*90
94
*90
94
44
Jan 70*4 May
*90
94
60% Apr 22
94
*90
*90
94
*90
94
3,200 National Lead------------------100 112 Fob 9 115% May 5 104*4 Jan 115 Nov
653g 64% 65
66% 65% 66% 65% 66% 65
6534 6534 66
400 Do pref_____________ 100 15 Jan 31
17 Nov
115 115%
11*4 Feb
18% Apr 4
113% 113% 113% 113% *113 115 *113 115
•113 114
Nevada Consol Copper------- 6
16% 17% 6,900
56% Feb 164*4 Sep
153% Jan 15
17% 1734 17% 17% 17% 17% 125% 132
1734 1734 17% 177g
3,500 New York Air Brake......... 100 125 Apr 22 75 Jan 3
129 13034
64
Jan 81 Apr
130 132
130 133
133 134% 133 135
1,300 North American Co--------- 100 65% Apr 26
*66
70
12*8 Deo
2 Feb
*68
70
11*8 Jan 7
68% 69
6 *g Jan 31
68
66% 67 j 67% 68% 68
38 Aug
9
9% 19,650 Ontario Silver Mining------ 100 11*4
z8% Deo
9% 934
29*8 Mar 2
9% 10
9% 934
10% 11% 10
11%
25% 9,800 Pacific Mall........................ 6 32% Jan 25 44 Jan 15
26% Feb 49% Oot
23% 23% 23
25% 26%
Apr
257g 29% 26% 28
*25
26
Pacific Telep A Teleg......... 100
*32
36
*32
36
3 106% Dec 123% Apr
*32
36
*32
36
36
*32
36% *33
People’s G L A C (C hic)..100 100% May 5 111%Jan 17
Sep
35% Apr 49
101 101% 100% 101% 100% 101% 1,220 Philadelphia Co (P lttsb)...50
39% Apr 22 46 Jan
103% 10334 *103 104% 102 102
403 41% 4034 4034 1,200
4
15% Jan 42% Oct
2238 Apr 24 36*4 Jan 17
41% 41% 411
41% 41% 41% 41% 41
Pittsburgh C o a l--------------100
26
263
4 4,780
Oct
*27
28
81*8 Jan 114
100 Mar 8 111*4 Jan 13
27% 28% 26% 27
28
28%
2734 28
pref_____________ 100
400 Do
101 101
78% Oct
25 Mar
43 May 5 65%Jan 4
101 102 *101 103 ♦100 103
102 102 *101 104
43
45% 4,970 Pressed Steel C a r .- - - ----1 0 0 100 Feb 9 104% Jan 4
Oct
86 Mar 106
47
48% 46% 47% 453g 47
48%
Do
pref_____________ 100
47% 47
47
187
*98 101
*98% 101
114 Jan 31 126*4 May 3 100% Aug 120 Deo
•100 103 *100% 102% 100% 100% ♦98 101
125 125% 2,000 Public Serv Corp of N J ...1 0 0 160 Apr 22 171*4 Jim 17 150% Mar 170% Oot
125% 126
124 125 *123 124% 124 124% 125 12634 160 160
300 Pullman Company-----------100
158 161
5*4 Nov
% Mar
0*4 Jan 19
2*g Mar22
158 161
160 160
161 161 *160 163
33g 3*8 1,300 Quicksilver Mining.............100
6% Nov
3% 3%
*4 Mar
3% 3%
8*4 Jan 26
3% Apr 17
3% 334
3% 334
*3% 4
200 Do pref_____________ 100
*4
5
54
Oot
*4
5
19 Mar
44% Fob
4% 47g
25.700 Railway Steel Spring--------100 32 Apr 22 100 Jan 11
37% 43
87 Mar 102 Nov
‘
95% Mar 9
37% 373g 3734 38% 40% 38% 40% 95% 96%
363g 363g 37
pref_____________ 100
400 Do
15% Jan 27% NOV
*95% 97% *95% 97
20 Feb 21
97
97
*95% 97
Copper.. 10 2 1*4 May 5
*95% 97
19 Feb 57% Deo
22% 22'% 2134 22% 11.700 Ray ConsolidatedSteel------ 100 43% Apr 24 65% Jan
23% 22% 23% 22% 23
*23% 23% 23
9,000 Republlo Iron A
46
72
Jan 112*8 Deo
Mar
46% 46% 45% 46% 44
47% 48% 46*8 48
4634 47
1,200 Do pref_____________ 100 107% Apr 24 112 Jan 14 *131*4 Mar 209% Feb
107% 1073s
108 10S34 10734 108
188
*10734 108% 108% 10834 108% 108%
390 Sears, Roebuck A Co------- 100 168% Mar 1 127% Mar 3 121*8 Jan 126 Doo
178 179
176 179
177 180
178 178
*178 180 *177 180
Do pref_____________ 100 125*8 Jan 8
125 - - ­
125 125% 125% . . .
30*4 Apr 22 40% Fob 14
*125 ------ * 1 2 5 % ___ 125% . . .
32% 6.900 Shattuck Aria Copper........ 10
3234 31
24
Jan 66% Deo
47 Apr 24 03% Jan “
32% 33% 3234 3234 32
327g 3334 33% 34
5234 51% 3.900 Sloss-Sheffleld Steel A Ir.-lOO 146 Jan 29 219% Apr
40 Feb 164 Doo
51
53
54
53% 53% 53
52% 52% 52% 53
South Porto Rico S ugar... 100
670
205
89’ g Feb 110 Oct
100 Feb 2 110 Apr 12
*200 210 *200 210 §210 210 *116 210
211 211
*205 210
18 Do pref--------------------- 100 8 6 MarlO 102% May 2
120
43% Feb 98 Deo
116 120 *116 120 §117 117
*116% 120 *116 120
800 Standard M illing------------ 100
*95 105
100 103
66 Feb 85 Nov
89 Mar28
8512 Mar 1
95% 97 102% *100 105
94% 94% 95
820 Do pref______________jOO 121 May 5 167 Jan
*87
90
Oot
90
35*4 Jan 195
87% 87% *88
87%
86% 86% 87
*85
88
124% 128% 121 127% 88,300 Studebaker Corp (T h e).-.100 109 Apr 27 114 Marl4
91
Jan 119% Oct
126 128%
130 133% 12634 132
Do pref______________100
129 131
Sep
25% Feb 70
42 May 5 0 6 % Jan
*107% 111 *107% 111 *107% 111 *109 111
*107% 111
42
45% 13,750 Tennessee Copper------------ .25 180 Apr 22 235% Jan
120 May 237 Deo
48% 44*8 46
49% 49% 49% 50% 47% 49% 46
4,900 Texas Company (The)------ 100
180% 185
9% Deo
182% 185
4*8 Jan
184 184
8*g Marl7
5% Apr 24
18634 1873 184 187
4
18634 188
Union Bag A Paper...........100
800
5% 5%
31% Deo
35 MarlS
*5% 6% *5% 6%
2 2 % July
6
6
6
6%
6
6
800 Do pref_____________ 100 28 Jan 27 64 Mar20
*31
33
*31
33
42
Jan 66*4 Oot
*32
34
3234 33
69
34
31% 32% *30
600 United Cigar Mfrs............. 100 108 May 1 110 Jan
Oct
*58
62
60
60
100 June 110
61
*58
Marl4
61
59
59% *58
*59
61
Do pref_____________ 100
59 Dee 610% Oot
. . *108 . . .
69
9
108 110 *108 110 *108 111 *108 4 .92% 913s 92
*108 110
1,010 United Cigar Stores--------- 100 611% Feb 10 610 Feb 19 611% Oct 612% Nov
91% 903
*91
612 MarlO
Feb
91
*90% 92% *90% 92% 91
Do pref_____________ 100
110 117 *110 117
136%Jan 31 159% May 5 139 Nov 163 Nov
110 117 *110 117 *110 117
*110 117
147 159% 64,300 United Fruit------------------- 100 15% Jan 31 26% Marl4
8 Jan 31% Oot
146 147% 146*4 149% 147 H 834 ' 14634 148% 147% 151% 20
20% 1,800 U S Cast I Pipe A Fdy------ 100 48% Feb 5 54% Mar20
32% Mar 65% Nov
*18
20
18
21
21
1934 20% *20
21
*19
Do pref...............
J™
200
z50
50
15 Jan 131*4 Deo
50
50
*48% 51
*48
51
126*4 Jan 11 170% Apr 6
•48
51
51
*48
146 152 118,200 U S Industrial Alcohol------ 100 102 Mar 2 114 Jan 13
70 Jan 107 Nov
145 149% 145% 149% 146 150% 149 155 *104 106
144 147
Do pref---------------------JO
O
44 July 74*4 Apr
58% Jan “
103% 105 *103% 105 *104 106
47*4 Mar 1
102 105
*102 108
54% 51% 53% 32,018 United States Rubber----- 100 106% Feb 6 112 Apr
52
101*8 Feb 110 Apr
53% 55
53% 55
53
56
53
53
1st preferred_____ 100
400 Do
108 108
65 Apr 22 78 Apr 11
•107% 109% *103 109% 109 109 *108 109% 108% 108% 66% 73% 26,700 U S Smelting Ref A M ----- 50
72% 7334 72% 7334
51 Apr 24 53% Apr 11
73
75
75
7534 74% 76
Do pref
600
38 Fob 89% Deo
4
52
52
523g 52% *513 52% 5214 52% 5134 5134 ’ 80% 83 234,200 United States Steel........... 100 179*4 Mar 1 89 Jan ~
*102 Fob 117 Oet
83% 83
83% 84% 82% 83% 82% 8334 82% 83% 115% 115% 7,921
Do pref_____________ 100 115 May 3 118% Jan 25
48% Jan 81% D«*
77 Jan 31 80*4 Feb 19
115% 115% 115 115% 115% 115*8
116% 116% *115% 115%
78
79% 25,150 Utah Copper.......................-10
Fob 3
10% Apr
8034 82%; 81% 82% 80% 81% 80% 81% 79% 81%
1,200 Utah Securities v t c ------- 100 36 Apr 20 20*4 Jan 17
Oet
17
17
17%
15 Jan 53
24 51
17% 17% 17% 17% 17
•17% 1734 ! *17% 18
Vlrglnla-Carollna Chem— 100
Jan 118% DM
40
41% 39*4 40% 3.400
80
41% 43
*42% 44
4234 43% | 4234 43
100 Do pref------------------- -JOO 108 Apr 22 112 Jan 15
Jan 90 NOV
•107 110 •107 10934
67
109 109
92 Jan
•108 110 *108 110 *108 110
90
O ig 3.400 Western Union Telegraph.100 87 Mar 1 71*8 MarlS
O
32 Feb 74% Oet
91% 90*8 91
91% 91% 90
53*8 Apr 22
91
91% tl*4 92
Westlnghouse Elec A M fg..60
Oet
58% Mar 85
56% 58% 56% 57% 56% 57% 55*s 58% 48.650
563 58
4
58
59
Do
1st preferred--------- 60 70 Apr 19 7 9 Mar 15
300
73
70
70% *70
87 Feb 268 Nov
♦70% 73
*70
73
*70
73
*70
73
1.400 Wlllys-Overland (T h e)....1 0 0 199%Jan 31 243 Apr
225 226 *220 228
230 230 •225 230
228 230% *225 231
Do pref Sub recta full pd. 1001 102 Mar 2 100 Feb
•103 104
90% Jan 120% Deo
128*4 Apr 25
*103 104 *103 103% *103 104 *103 104 *103% 105 , 128 127
3,200 Woolworth (F W )............... 100 118 Jan K 124*4 Apr " 115 Jan 134 AW
125% 125%!
126% 126*4 126% 127% 126% 128% 125V 138% 184 124
500 Do---- d» 1........................ 1001 123% Jan
*1*4 1*0
--------- ------------------------------ --------------- ----------------------- ------- .
____ _ . .. ..._125 >1H 128
124 124 *124 125 '*124 '*124125
*124 125

'n l n , . , » e O p , . . . . : . o ^ . . . » . . W .
Ex-divldend.




^

$

««■<.. &New ..oefc.

■ » « ■ > * «

• ■ **»• «

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

1699

Week's
Range or
Last Sale

Range
Since
Jan. 1.

High No.
Bid
Art Lou)
9934 100% 99?8 Apr '10 —
9934____ 9934 Apr '10 —
101% 1025s 101*4 Apr '10 ___
10H*____ IOD4 Apr TO —
11034 ___ 111 Apr TO
1
112 Sale 112
112
99%___ 98*4 Oct T5
97 July'15
Q-M 102 ____ 103*8 Mar’ lG ___
100 ___ _ 100 Fob ‘15

Low High
997* 997*
99*4 99*4
101*4 102*4
10158 1027s
109*4 111*8
110*4 112*2

95 Sale 95
95*4 2937
A -O
13
92
M- S t 9D8 Sale 91*2
3
t 71
73
71
71*8
J -D
ra- s 99?8 100*4 100*8 Apr TO —
2
9534
r - a 95 90*2 9534
80*a Apr TO —
F - A 86^4 87
99*2 96
A -O 99*2 Sale 983S
99*8 394
A -O 98*4 Sale 98*4
Do
do
99*2 328
A -O 90 Sale 9838
Do
do
42
85
f - A 1 84*4 85 84*4
2
) - J t 83 84 8334
84*4
t 78*2 Sale 78*2
79*2 109
3
08
08
J - J t OS's 70
q - J t------ 70 00 Fob TO —
50 Fob TO —
J - D ------ 86
t_________
8
78*s 21
Vokyo City—5s loan of 1912— M- S 1s777 Salo 773;
IThete are pricet on lie basil o S5(o£
State and City Securities.
37
3 Y City—du e.................19H M - 6 10178 Sale 10134 102
*148 Corporate atock____199 m - e 102*4 10234 102*2 102*4 21
94
414 s Corpora to stock____190 , J -D 10058 Sale 100*2 107
4H b Corporate stock___ 190 M- S 100*8 106% 10034 Apr TO --- 63
4% Corporate stock____ 19E ) M- N 9934100 9934 100
7
8
a 100
M- N 997 100 997
2
8
997S
M-N 99*8 997 997S
M-N 97 9934 97*4 Jan TO —
O
M-M 106 IO I2 107 Apr TO —
New *Hs100 102 1013s Deo T5
Wew «Hs.
38
100*4 Sale 100*4 107
s
7 M-N 1007s 10H2 1007 Mar’ 16 —
4 M-N 90 90*2 90*8 Apr TO
S Y State—4s.
M- 8 ------ 105*2 105*2 Apr TO — 2
105
105
J - J ------105
2 I J ------105*2 102*4 Jan TO —
102*2 Jan TO - —
0J - J
11434 1143.1 —
J - J 115 .
1
107*4 Feb TO
1143i Mar’ 10 ___
3 M- S 11438 . .
107 Mar* 16
8578
51*4 50*4 51 Apr TO ___

93*| 96
89*4 95%
09 78*4
96*4 10034
94% 97
81% 87
98% 995s
97*a 087
8
96*4 99*2

U. S. Government.

Q- I
Q- J
q- F
Q- F
Q- F
Q- f
Q.F

Persian Government
Anglo-French 5-yr SsExter loan.
Argentine—Internal 5a of 190U..
Chinese (HukuaDg Ry)—5s of 'll
Cuba—External debt 6s of 1904

Rallread.

q- J
t ich Top ASFe gen g 4s__ 199! A -O
5A O
5 Nov
5 NV
O
5 M-N
5 J -D
0 J -D
7 J -D
8 U -6
5J -J
Traoa Con Short 1st 4s"
8J - J
Cal-Arls 1st 4 ref 4 H s “ A'
2 M- 8
• Fe Pres* Ph let g 6s...
2 M- 8
2 M- S
t J -D
R M-N
g3 - J

037s 00 635
1
8
0358
162
927 Salo 9234
8
93
92 _
1
92
92
84*2 87 85
85*4 17
- - - - 853S 86% Jan TO —
1
85 85*2 85*4
85*4
5
101*2 102% 102
102
51
10134 Sale 10134 103
9
101*4 Salo 101*4 101*4
90
90*4 Apr TO —
87% Apr TC —
------88
9058 91*4 90% Apr TO —
97*4 97*2 973S Apr TO —
6
104*2___ 104*2 104*2
92*2 21
91*4 92*2 917a
91*4 Apr TO —
------ 91
7a
1003.1 107*4 10Q Apr TO - - - 92*2 94*4 94% Mar’10 —
132
. . 12978 Aug T5
85*2 Sale 85*2
8684 10
119*4 120 120 Apr TO —
108*2
105 July'15
99 ___ 99*8 Feb TO —
9
92%
92% Sale 923.i
91*2 92*4 92 Apr TO —
91 Salo 91
91% 98
91 Mar'16 —
142
053s Sale 95%
90
100*4 Sale 100*8 100*4 150
112 Jan '12
5
9134
01 91% 9134
45
807 87*4 8684
8
87
3
905 Sale 90%
8
91
100*4
100 Apr T3 ___
1073 107*2 1077 Aur TO —
8
8
10158 102 101 Deo T5 . . . .
107 108*2 1021, Oct T5
10434 ___ 105% Mar’ 10 —
100*8
113*2 Fob ‘ 12
09*2____ 99*2 Apr TO ....

M-N
A-O
1A - O
sl-l
1 - J
Q- J
A -0
iQ.J
....
I-D
!J- J
M-N
M-N
I - i
) M- S
3 A -O
if -A
i -D
7 A -O
A- O
J- J
{ | - J)
J- J
7 M- 5 109*8 109<? 109*4 Apr
IW-N 10238 ___ 103 Apr
90*2 93
103*8 Feb
J - J 107*8
1075s Apr
i r - a 107*8
2 J - D 10934 1103.1 110*4 Apr
2 4 - 0 103*8 103*2 103 Apr

1017a 103*4

82*4 86*4
78%
73 "
63
60
50

86
81
72*2
60
50

74

80

101 103
101 103
100% 108
1057g 1075g
977g 100%
98 100
975g 100%
97*4 97*4
105*4 107*2
106 107%
1007g 1007g
88% 90%
102*2 1055g
102 105*4
102% 102*4
102*2 102*2
113 115
106*2 107*4
112*2 115
107 107

BONDS
N. Y. STOCK EXCHANGE.
Week Ending May 5.

Interest
Period

Price
Fridag
May 5.

Bonds
Sold

BONDS

H. Y. STOCK EXCHANGE
Week Ending May 6.

Interest
Period

Jan. XOO0 the Bxcianoa method of guoting bond! ttat changed, and mice* art now all—"and imereti"—except for income and defaulted hondt.
Week’s
Range or
Last Sale

Si

I*

Bid
Ask Low
High No.
Ohio Bnrl & Q (Cob.)—
iuwa Dlv sink fund 6*___ 1919 A -O 102*2___ 102% Apr T6 —
9934 ____ 99*8 Apr T6 —
Sinking fund 4s______ 1918 A -O
Joint bonds. See Great North
1
99%
Nebraska Extension 4s__ 1927 M-N 98*4 99% 99%
M-N
M- S 99%____ 99% June'15
13
____ 92*4 92*4
93
21
22
. . . 105*4 Apr T6 ___
1st consol gold 0s........_II 1934 A - 0 105
10
77 Sale 76
77
Registered.....................1937 M- N ------79
71 June’ 15 —
97*4 Feb T3 . . . .
Pur money 1st coal 5s___ 1942 F - A
Chlo < Ind C Ry 1st 6s...i936 J - J 16 ___ 24 Jan T6 - - - fc
2
Ohio Great West 1st 4s____ 1959 M- S 71% 72
71%
71%
Ohio Ind 4 Loulsv—Ref 6s 1947 J - 1 113 115 114% Apr T6 —
Refunding gold 6a____ 1947 J - J 100 ___ 100 Apr TG —
Refunding 4a Series C___ 1917 J - I 81 ___ 95*8 Apr ’ll ----Ind * Loulsv 1st gu 4s...1956 J - J 70 ____ 55 Dec T5 —
90% 90% Apr T6 —
Ohio Ind < Sou 50-yesr 4s.. 1956 J - J 90
fc
Chlo I S A East 1st 414s___ 1969 J -D ------ 96% 97% Apr T6 . . . .
Chicago Milwaukee A St Paul—
8
Gen'I gold 4s Series A___ *1089 J - J 91*4 92% 92
92%
Q- J
21
93% 93%
Gen A rel Ser A 4)*s___ a2014 A - 6 93
93*2 02
Gen ref conv ser B 5s__ a2014 F - A 106% 107*8 107
107%
Gen’I gold 3Hs Ser B___ el989 J - J 78 80
80 Apr T6 —
8
General 4>4s Ser O_____ *1989 J - J 1007 Sale 10078 10078 16
7
Convertible 4Ks__ __ 1932 J -D 100 Sale 100
100*4 85
Ohio A L Sup D1v g 6a___ 1921 J - J 103%____ 10378 Feb T6 —
Chlo A Mo Rlv Dlv 6a___ 1926 J - J 105 ____ 1057 Mar’ 16 —
8
Ohio A P W 1st g 5s..........1921 J - J 103% 103% 103*2 103*8 24
90% 16
O M A Puget Sd 1st gu 48.1949 J - J 90% Sale 89*2
107 Mar’ 16 —
Dubuque Dlv 1st s f 6s...1920 J - J 106% . .
I l l ___ 110 June’ 13
Fargo A Sou aesum g 6s.. 1924 J - J
La Crosse A D 1st 6s
1919 J - J 102%____ 102*4 Feb T6
WIs A Minn Dlv g 5s____ 1921 J - J 103% . . . . 103*8 Apr T6
Wla Vail Dlv 1st 63..........1920 J • J 106% 107 107 Mar’ 16
Mil A No 1st ext 4Hs___ 1934 J -D 102 ____ 100% Nov’15
Cons extended 4 54s___ 1934 J -D 101%------ 101 Feb T5
97*8
F A 96%____
80*4
General gold 3,%s............. 1987 M- N 80% 81% 80*4
6
Registered.................yl987 Q - F ____ 81*4 781? Jan T4
General 4s_______
3937 M- M 94*4 95% 95
95
Stamped 4s______
i987 M- N ------ 96
94*2
94%
General 5s stamped____ 1987 M- N 115% 115*4 115*2 Apr T6 —
Sinking fund 6s___ 1879-1929 A - O 111%___ 112% Jan TO —
Registered........... 1879-1929 A - O 110 ____ 109*2 Apr T6 —
105 ___
Registered ........... 1879-1929 A - O 103%____ 103*2 Apr T6 —
Debenture 6s__
1921 A - O 103% 103*4 103*2 Mar’ 16 __ _

Sinking fund deb 6s..........1933 M-N
ft! - N
Frem Elk A Mo V 1st 6s.. 1933 A -O
63 05*4
Man G B A N W 1st 3548.1941 J - J
92% 95%
Mllw A 8 L 1st gu 354S...1941 J - J
92 93%
85 88
M11LS A West 1st g 6 s... 1921 iw- e
84*2 86*2
Ext A Imp s 1gold 5 s... 1929 F - A
Ashland Dlv 1st g 6 s... 1925 M- 8
85*4 88%
Mich Dlv 1st gold 6s__ 1924 J - J
100*4 107%
101*4 107*4
Mil 8par A N W 1st gu 4s. 1947 M 8
Northw Union 1st 7s g.._1917 M- 8
101 101*4
96 96%
St L Peo A N W 1st gu 68-1948 J - J
86 89
Winona A 8t P 1st ext 78.1916 J - O
89 92
Chicago Rock Is! A Pao 6s..1917 J - J
97% 99
Registered.................... 1917 J - J
5y general gold 4s............. 1988 J - 1
1033.1 104*2
91*4 94%
Registered................... 1988 1 - J
91*4 92%
Refunding gold 4s........... 1934 A - O
100% 107*8
20-year debenture 5s____ 1032 J - J
Coll trust Series P 4s........1918 M-N
93*4 95
ftt- S
Bur C R A N—1st g 58.111934 A -O
85*2 87*2
OR I F A N W ist gu 5 s...1921 A O
120 *122
J -D
99% 99%
Chco Okla A G gen g 6s.el919 j - j
92*4 937
s
Consol gold 5s............. 1952 M-N
92 92%
Keok A Des Moines 1st 6s 1923 A - O
91 92%
St Paul 4 KC 8 b List 454s’4) e - a
89% 91*i Ohio St P M A O con 6s.. .1830 J -D
95% 98*8
Cons 6a reduced to 3MS..1930 I -D
Debenture 6s______
193c M- 8
100 101 %
50*4 50

Price
Friday
May 5.

Rang*
Since
Jan. 1.
Low High
102% 102%
99% 99*4
97*4 99s*
96 96
92*4 94%
104 105*4
24 24
70*4 74
111% 115

100 100

90 9112
97% 97*4
91% 94
92% 94%

100 n o

80 81%
1007g 104
100 103*4
1037s 1037s
105*4 1057
8
103*4 104*8
89*2 9178
107 107%
102% 102*4
103% 104
107 107%

101

io i

80

84

94% 95%
93*4 96
114% 116*4
112% 112%
109*2 109*2
103% 104 "
103 103%

2 103% 105

10358 105*2 104% 104*8
101% May* lft
122 U7 “ Aug T5 —
90% Sep ’09 —
80 . . . .
. ----- . . . .
108*8 108% 108% Apr T6 —
106*4 ____ 107% Feb T6
112 . . . . 1 1 1 ?, Dec T6 —
I l l '8 ___ 112% Feb TO ----90 923 91% Apr TG —
4
107% May’14 —
------108*4 107 Apr T6 —
102 . . . . 102% Dec T6 —
101% 102% 101*2 Apr T6 —
101% Sale 101*2 101%
84% 85 84%
85
83
84 83 Apr T6
s70*4 8ale 68
71
49 . Sale 47
49
92*4 987 94*4 June’ ll
8
52
60
93
99*4 100 Apr T6 —
------ 99 1007g Mar’ 14 ——
121

___
108 109
106% 107%
___
112% H2%
91% 94
106% 109"

161% io"2
"7,
101% 102
84% 87
83 84%
63*4 71
41% 49
99% 100

99*4____ 99*4 Apr T 6 —
98% 99*4
91%____ 97*s July’15 —
55*2 63
55 Apr T 6 —
55 68
--- - 65 71
------ 65 66*2 Mar’ 16
118 . . . . 118% Apr T 6 — 118% 118*8
90%____ 87*4 Feb T7 —
SO-yr conv 4M s_______
87*4 87*4
___ 102
Refund & gen 6s Series A.
102
102
101% 103
118 ___
118 ____ 129*8 May’09 —
North Wisconsin Ist6s.lll930 J -*j
91
92
St P A S City 1st g 6s___ 1919 A - O 105 105% 106% Apr T 6 --- - 105 105%
80*8 90
M- 8
85 Jau T4
ChloT H A 80-east 1st 5s__ 1960 J -D ____ 80
8
107*4 1077g Chic A West Ind gen g 6a..,1932 Q-M 1067 ____ 106% Mar’ 16
106*2 107*8
Consol 60-year 4s.......... 1952 J - J 76 78*4 76 Apr TO
76 81*8
Oln H A D 2d gold 4 54*. __ 1937 J - J 85 ____ 86*2 Jan T 6
1st A refunding 4s........... 1959 J - J 74 80
105% 105%
75*8____
J - 3
Cln D A I 1st gu g 5s....... 1941 M-N 30 ___ 25 * July’15
99% 99*2
Stat Isl Ry 1st gu g 4H>.
C Find A Ft W 1st gu 4s g. 1923
----- ------ -- “
TO
107% 110
buffalo R A P gen g 5s..
TO — 102 103
65 July’ 14 —
Consol 4 He.................
Ind Dec A W 1st g 5 s " .m 1935 J j
107*’>Dec ’02
All A West 1st g 4s gu.
TO — 103% 103% CleveCIn C A St L gen 4s
77% 81
1993 } -D 78% 78% 78I2 Apr T6 —
TO — 107% 108*4
1931 J - J 82 *2 86 831? Apr T 6 —
20-yr deb 4%s.........
83% 87
853
83%
TO — 107*4 110%
82 87
Cairo Dlv 1st gold 4a ... i939 J - J 82% Sale4 83
757
8
76%
TO —
103 104*4
Cln W A M Dlv 1st g 43 1991 J - J 75%
757 77
8
80*8 82 81 Apr T 6
79 84%
82% Mar’14
F - A 107*2
1077a Mar’ 10 ___ 107*2 108
Spr A Col Dlv 1st g4s.
1940 M- 8 82 84 85 ’ Deo T 6 —
M-N 100 sale 100
10078 22 100 102
W W Val Dlv 1st g 4s.
1940 J - I 70% 83 84*4 Jan T 6 —
84*4 84*4
1 -D 84*2
84% Apr TO —
C I St L A C consol 6s .. 1920 M-N 105 105*4 105 Mar’ 16 — 105 105
8312 84*s
91 ------ 91*8 Feb TO
S-J
10184 Nov'15
Q-F
91% 91%
90 ------ 88% May’ 15 —
J - I loo I
Registered...
nn3B Q-F
100*4 Mar’15 ___
J - J 101*8
102*1 Jan TO — 102*4 102%
Cln S A Cl con 1st g 5s
1923 J - J 102 ____ 102t2 Mar’16 — 102"% 102*2
M -N 94 o f ,2 94 Apr TO —
___
94 97
C C C A I gen con g 63. 1934 J - J 115*2----- 105*4 July’ 14 --- J - i ----- 117*4 117*2 117*2
2 110 118%
94 July’08 —
___
ir.d B A W 1st pref. 4s. 1940 A -O
-------- - - 1103.1 1103, 10 115% 117*4
Q - J *116 _
- --- —
O Ind A W 1st pref 5s.. <51938 Q-J
62 66 64
1 63' 70
J " J 1033 ____ 10384 Apr TO ___ 103% 103*4
4
64
Peo A East 1st coo 4s
1940 A -O
J *J
24 Apr T 6
10(i Juna’ 13
23 36
2 99*4 1011,
M- 8 98 100 100*2 Jan T3 ___
Clove Short L 1 st gu 414s.. 1961 A -O 99% 100% 9934 100%
7
8
Q - F 83 Sale 82%
11 80 83
83
7
7
7 10
Col Midland 1st g 4s.
1847 J - J
6 Sale
J * J ----- 907 9G7 Apr TO ___ 90 98
8
8
6
6% 23 6
9
Trust Co ccrtfs of deposit . ..
3i 90*2 93%
W•W 105 107 105*2 107
i
11 105*2 107*8 Colorado A Sou 1st g 4s
91
91
1929 F - A 90 91
4 82% 87%
W*N
105 Doc T5
82*4
M - N 82*4 Sale 82*4
907 Sale 90%
8
m- e
91
7 90 03*4
Ft W A Den C 1st g 63...1921 J -D 105% Sale 105% 105% 13 105 105*4
87 ----M- 8 ----- 91
r - a 85*2 Salo 85*2
94 Feb T6
80*s 55 85*2 8!)
9
4* 94
Cuba UR 1st 50 yr 5s g 1*1952 J - J
J -D ------ 83*4 85 Feb TO ___ 85 85
6 80*4 87%
1 -D ----- 84 83 Mar’ 10 ___ 83 84*4
87%
MorrlsA Ea 1st gu 3 54s..2000 J - D 87 87% 87%
J - J 9634 98's 00% Feb TO ___ 90*4 00*4
N Y Lack A W 1st 6s___ 1921 J - J 107% 108 109 Feb T6
108*8 109
J - J
84*4 Jan T3
103*4 104%
F - A 103%___ 103*4 Mar’ 16
J - 1 80*4 87*2 80*4 Apr TO ___ 84% 88
98 " 98
Term A Improve 4s___ 1923 M-N 97% 99% 98 Apr T6
3 - J ___ 827 83*8 Feb TO
8
86 ___ 1 P2U Feb ’03
M-N 88 90 90 Apr T4
104% 104%
M- S 104*8 10478 104-% Apr T6
104*2 Feb T6
104% 104%
M- 8 ____96*2 113*4 Feb ’ 15
M- S
A - 0 58 59 59 Apr TO __ _ 67 69%
10-yr conv deb 4s............. 1916 J -D 100 100*2 100 Apr T6 - - - - 100 100%
100% 102
47*2 00 43 47
J - J 4034 47*2 45
1st lien equip g 454s........1922 J - J 101*8 102 101*8 Apr T6
00*4
3 99 100
97*2 2i 96% 98
F - A 9934___ 9934
1st A ref 4a...................... 1043 M-N 97*8 Sale 97
0 106 108
’ 3Ks.
85*2 10 85 87
J - J 85 Salo 85
20-year Conv 5s________ 1935 A -O 106*4 107% 106*8 107%
957
8
2 94% 90
86*4 Apr T 6
85*4 88
J - J 95 95*4 9578
Alb A Sus conv 354s........194P A - O 86% 87
113 113
97*2 Deo T5 --- ................
M-N 112 ___ 113 Feb T6
J - J
Rens A Saratoga 1st 7s__ 1921
* No prlceFrlday; latest this week, d Due April, e Due May. g Duo June. A Due July. * Due Aug. o Due Oct. v Due Nov. g Due Dec. * Option sale.




tN
ew York Bond Record—Continued— Page 2

1700
BONDS
Y. STOCK EXCHANOE
Week Ending May 5.

II

Price
Friday
May 5.

Week's
Range or
La3t Sale

n\

Range
Since
Jan. 1.

TOE.

!i

[Vol. 102.
Price
Friday
May 5.

Week's
Range or
Last Sale

*
•
s?

Range
Since
Jan. 1.

Bid
Ask Low
High No. Low High
H
d
Ask Low
High No Low High
8 76
78 77
. 1945 M- S 90 90% 89 Doo T5
78
79%
Denv AR Or 1st con g 4a__ 1936 I - J 70
.1945 \t- S
Conaol gold 4Xa_______ 1936 I - J 83% 84 83% Apr ’ 16 ___ 83 85
Long laid 1st cona gold
80'g 84
S3 Apr ’ 10
A1031 Q - J 105%___ 105% Mar’Io ___ 104% 106%
78% 83
Improvement gold 5s___ 1928 J -D
80 5512 60
G
O
*1931 Q ■ J 94%___ 194 Oot T5 ___ ___ ___
1st & refunding 5s______ 1955 F - A 65% Sale 65
90
General gold 4a_________. 1938 J -D 85% 89
87 Apr TO ___ 80
Rio Or June 1st gu g 5a.. 1939 J -D 85 90 109 D ec’ 12 . . . . ................
99% 99% Apr TO ___ 99% 99%
. 1922 M S 99
Rio Qr So 1st gold 4s____ 1940 J - J 30 ____ 61% Apr ’ ll
1932 J l)
99% Oct ’06
35% Apr ’ 16 ___ 35% 35%
Guaranteed_________ 1940 J - J 34 ____
28 74 78%
85% Mar’16
85% 86
75
.1919 M • s ____ 83
J 74% 75'.i 74%
Rio Gr Weat lat g 4a____1939
97
62 70
65 Apr ’ 16 —
62 65
97
.1931 J -D 95% 96% 97 Jan TO
Mtge A col truat 4a A .. 1949 A -O
1
90%
.1919 5 - S 87% 89% 89% Apr TO ___ 87
Utah Cent 1st gu g 4a.al917 A - O 90%___ 90 Apr '14
95 Jan ’ ll
M- S
Dea Mol Un Ry 1st g 5a___ 1917 M - H 99%___
). 1935 A -O 101%____ 103% Mar’ 16 __ _ 101% 103%
D 83%------ 90 Jan ’16 __ _ 90 90
Det & Mao. lat lien g 4a__ 1995
___ 85 85
85 Jan ’ 16
N Y A R B 1st gold 5s....1927 M S 102% 103 103 Apr T6 ___ 102% 103
Gold 4 a ............................ 1995 J -D 80 84
101 102
93 94
Nor Sh B 1st con g gu l 01932 Q- J 100%____ 101 Apr TO
Det Rlv Tun-Ter Tuo 4X8.1961 M -N ____ 93% 93 Apr ’ 16
1 88
97%
J 104 ___ 104 Apr ’ 16 ___ 104 101
Loulstaua A Ark lat g 5a. .1927 M- S 90 91
90
90
Dul Mlaaabe A Nor gen 5a.. 1941
4 102% 103%
.1939 J - D 112%___ 112% Apr TO ___ 111% 113
Dul A Iron Range lat 5a___ 1937 A - O 102%___ 102*4 102*4
3 108% 110%
106 Mar’03
.1937 M-N 109%___ 109% 109%
Registered..............
1937 A - O
59 93% 96
93% Apr ’16
93% 95%
94
Du So Shore A At g 5a_____1937 J - J ___ 94
-1919 J - J 91 Salo 93%
5 103 104
J -J
Elgin Jol A Eaat lat g os___19 4 M -N 103 103% 103% 103%
1
105 105%
M- N 101% 10512 105% Apr TO
M- S 110 110% 110% Apr TO — 110% 111%
Erie lat conaol gold 7a______1920
.1931
N Y A Erie lat ext g 4a__ 1947 M -N 9612 . . 97*2 June'14
.1919 J - D 107%____ 107% Doo Tfl
100% 102
.1931 M- N 101%____ 102 Mar’ 16
id ext gold 5a_________1919 M S 102% 102% 102% Apr T6 . . . . 101% 102%
3d ext gold 444a.......... .1923 M S 99% 100% 9812 Juno'15
. 1930 3 - J 115% 115% 116% Apr T6 __ _ 115% 116%
___ ____
102% 102%
4th ext gold 5a_______ 1920 A O 101% 102% 102% Mar’ 16
. 1930 J - J 108 ___ 109% May’ 15
90%
D
5th ext gold 4a............. 1928
. 1916 F - A 89% 90 90 Mar’ 16 ___ 90
St Loula Dlv lat gold Ca. .1921 M- S 106% 108 108 Apr T6 ___ 107 108%
N Y L E A W lat g fd 7s.. 1910 M S ___ 110% 110% Feb '16 ___ no% i i i
15 84% 80%
6 61
64
86
64
Erie 1st eon g 4a prior___ 1990 J - J 85% Sale 35
-1930 M- S 61 Sale 6312
42 86 90
80 Oct '15
At) Knox A Cln Dlv 4a. .1955 M-N 86 Salo 80
87
Registered....................1996 J - J
74% 13 73% 77
109% . . 111 Jan T3
lat conaol gen lien g 4a__ 1996 J - J 74% Sale 74
. 1946
76% Jan '16
'76% 76%
.1931 M- S 105% 106% 107 Apr TO __ 107 107
Registered___________1996 J - J
89%
88% 90
. 1987 J - .1 88%____ 89 Apr ’ 16 - - - - 87% 89%
Penn coll tr g 4s_________1951 F - A 89 ___ 89%
9 100 101%
70 Sale 70
70% 12 70
72%
50-yr conv 4a A............. .1953 A -O
1.1965 A - O 99% 100% 100
100%
77% 65' 74% 84
do
Serlea B_____ 1953 A - O 77% Sale 77%
3 1915 M- S 100 100% 100% Apr TO ___ 99% 100%
2 78% 82
85 Sale 84%
36% 310 84% 86%
78%
Gen conv 4a serlea D ____1952 A -O
.1952 J - J 76% 78% 78%
95 Fob ’05
*1952 Q - J
100 100
duff N Y A Erie 1st 7a... 1916 J -D 100 102% 100 Mar'16
2 105% 107%
107
N Fla A S lat gu g 5a___. 1937 F - A 105% Sale 107% Apr TO ___ 106% 107%
Ohio A Erie lat gold 5a. ..1931 M -N 106% 108% 107
J. 1915 J - J 97% ___ 97 Dec T l
Clev A Mahon Val g 5a__ 1933 J - J 103 ____ 101 Feb '15
.1921 F - A 108% 100% 108% Apr TO ___ 103% 108%
Long Dock consol g 6a...1935 A - O 123 ____ 123 Apr TO ___ 121% 123%
1 105% 103%
.1936 F - A 108 ____ 108% 108%
Coal A RR lat cur gu 8s.. 1922 M -N 99 101 102 Mar’ 16 . . . . 102 102
2 102% 100
106
3.1963 A-O ------101% 102 Apr TO __ - 101% 103%
Oock A Imp 1st ext 5s___1943 - J 105%____ 106
80% 82%
.1915 M- S 80 86% 81% Apr TO —
103% Aug T2
N Y A Green L gu g 5a...1946 M -N
98% Mar’ 16 . . . . 9312 98%
. 1936 M-N
N Y Sua A W 1st ref 5a.. . 1937 J - J ____97
77 Mai’ io
100% Dec ’06
.1977 M- S
2d gold 4Xa.................1937 F - A
76% Apr TO ___ 76% 81
79 Noa TO
General gol d 5s. _........
1940 F - A ____ 77
M- S
5 105% 105% Midland Terra 101 ran. ’09
1. 1925 J - D
Terminal lat gold 6a_____1943 M -N *105%____ 105% 105%
.1927 J -D 110 ___ 115 Mar’ 16 ___ 115 115
Mid of N J lat ext 5a.........1910 A -O 104%___ 111% Mav’ ls
.1921 A -O 103 104 103 A p r’ 16 ___ ! 103 103%
Wllk A Ea lat gu g 5a___ 1942 J -D 85% 86% 87 Apr T6 ___ 80% 90
- 40 106 May’ 12
lat conaol gold 5a_____ .1931 M- N 89 95 89% Apr TO __ J 88% 90
Ev <t Ind 1st con gu g 6a___ 1926 J - J
0 52% 64%
1949 M- 8 60 Salo 00
01%
1st A refunding gold 4a
Evans A T H lat cons 8a___ 1921 J - J 92%____ 91 Mar’ 16 . . . . 90 91
61
70 60 Feb T5 ___ i
50 63 99% Deo ’ 13
.1935
lat general gold 5a______ 1942 A - O
8 87
90%
108 Nov’ U
. 1938 J -D 88 83% 87%
88%
Mt Vernon 1st gold 6a____1923 A -O
2 51% 60
95 June’ 12
58
Refunding gold la ... .1951 M- S 56 58% 53
Hull Co Branch lat g 5a___1930 A -O
9 92% 93%
. . . . 92 03%
93%
92% 93
J -D
J - J 92% 93% 92%
93 Apr T6
1 StPASSM con g 4a Int g 1938
Florida E Coast lat 4X8...1959
97% Juno’ 12 ...-I
92 Aug TO
lat Cb'c Terra s f 4a... .1941 M-N
Fort St U D Co lat g 4X3..1941 J - J
1 97% 99
97%
66 Apr T6 —
01% 07
1.1926 J - J 96% 97% 97%
Ft W A Rio Gr lat g 4j........1928 J - J 66% 70
90 92%
90% 92% 90 Apr TO
Great Northern—
.1949
61 70% 78%
75
73 Salo 72%
98% 150 97% 99
.1990 J -D
O B A Q coll truat 4s.........1921 J - J 98% Sale 08
28 40 50%
41
.(71990 F - A 40 Salo 40
97% 20 97% 98%
2d gold 4s___
Registered * ............
1921 Q - J 97% Sale 97%
52%
46% Apr T6 -----| 46
99 100%
.1914 M-N 45% 40
tat A refunding 4 44a aer A 1981 - J 99 99% 99 A p r'16 —
6313
51% 10 51
- J
.2001 M- S 51% 53% 51%
Registered_____ ____ 1961
42%
.1936 J - J 38 Salo 37%
38% 33 30
8t Paul M A Man 4a........ 1933 - J 97%____ 97% Feb TO . . . . 97 % 97%
1 120% 122
46
40
tat conaol gold 6a_____ 1933 - J 120% 122 12012 120%
.2001 AA O ------ 4978 40 Apr TO —
120% Apr TO
99% Deo T3
.1910 M- N *65
Registered................1933 - J
12012 121%
60
60
Kan C A Pac 1st« Is.
Reduced to gold 4Xa.l933 - J 103% 103% 103% Apr T6 . . . . 101% 103%
.1990 F - A 65% 67% 64% Apr T6
89%
109% Apr ’ 15
76% 11 74
76 Sale 76
. 1912 A -O
Registered ............ 1933 - J
1 95% 90%
3 50 66
95%
55
55
.1912 M-N 55 57
Mont ext lat gold 4 s... 1937 -D 95% 96% 95%
3 43
49%
96% Mar’ 10
66I2
90% 96%
Registered_________1937 -D
.1912 M- S 49% 50 49%
____ 54
96 May’ 13
Pacific ext guar 4a £____1940 - J 80 ___ 85% Nov’ 15
.1912
63
50% Apr TO
49
.1913 M- S 46 50
E Minn Nor Dlv 1st g 4a.. 1948 A - O 92%------ 89% June’ 15
109%------ 109% Apr TO . . . . 109% 109%
100% 101 li)0l.i 100% 11 100 101
Minn Union lat g 6a____ 1922 J - J
.1920 M- N
92 Apr TO . . . . 89% 92
,nl917 M- S 92% 95
MontC IstgugO s.........1937 J - J 124 ____ 120% Deo T5
130% May’00
82 Oct ’ IS
01917 M- S
Registered..................1937 J - J
1 83% 89
87%
87%
..1920 F - A 87% 89
lat guar gold 5a........1937 J - J 110% 110% 110% Mar'16 . . . . 110% 110%
F- A
Registered........... 1937 J - J
2 39% 46%
39%
..1915 M- 8 39% Salo 39%
Will A 8 Flat gold 5a ..1938 J -D 110 111% 110% Apr TO ___ 110 % ifo'%
1 40
46%
40
40
75 Jan TO . . . . 74 75
.1959 M- S 39% 41
Gr B A V deb ctfs •A” (*100 par) Feb ____ 78
V
82
40 11
82
12
12% 12 .
12
14%
..1938 M N
Deben ctfa ” B” ($100 par)___ Feb
100 Feb T3
1.1951 F - A
84% 85
aulf A 8 I lat ref A t g 6a.. * 1952 J - J 84% 88% 84% Mar’ 16 —
___ 50
50
..1919 F - A 50 ____ 50 Mar’ 16
Registered...................... 61952 J - J
62 ____ 77% Dec T3
Hooking Val lat cona g 4X8.1999 J - J 91% 94% 95 Apr TO . . . . 93% 90
110 Ma ’05
97% Jan T 4
Leroy A C V A L 1st g 5s.
..1926 J - J
Registered........................ 1999 J - J
91% 90% Apr TO ___ 89 90%
Pac K of Mo 1st ext g 4s.
_.193S F - A 91
Col A H V lat ext g 4s__ 1948 A - O 87%------ 87 Apr TO ___ 87 87%
100 100%
..1938 J - J 100%___ 100% Mar’ 16
Col A Tol 1st ext 4a____ 1955 F - A 84%___ 86 .Fob TO . . .. 80 80
99% 101 101 Apr TO . . . . 101 102%
3 1931 A -O
Houston Belt A Term lat 5a. 1937 J - J 88 94% 91% Feb T5 . . 102 J iy T4
97% 97
97% 11 96% 97%
Illinois Central 1st gold 4a.. 1951 J - J 97
..1931 A - O
7 74% 81
92 Aug' 15
79
79
Registered_______
1951 J - J
..1929 J - J 79 80
J- J
80% Oct T2
lat gold 3 X s..................... 1951 J - J 85% 90 85% Apr TO ___ 83' 85%
74%
4 68
..1933 M-N 68 Salo 68
69%
Registered................... .1951 J - J 83%____ 83 Nov’ 15
80 85% 84% Feb TO . . . . 84% 86%
..1926 M- S 77 ___ 87 Sop Tfl
Extended lat gold 3Xa...l951 A -O
..1927 J - D 113% 115 114% Apr TO ___ 112 114%
Registered..................... 1951 A -O
.*1927 Q - J 108 n o 109 Fob TO ___ 103 109
80 J’ly '09
lat gold 3s sterling______ 1951 M- 8
76
..193.8 M- S 75% ___ 75 Mar’ 16 ___ 75
Registered___________ 1951 M
5 88 91%
89% 90% 89%
89%
..1047 F - A 99 102 102 Fob TO __ _ 102 102
Coll truat gold 4s________1952 A -O
90 ____ 89 Deo Tfl
95% Sep T2
Registered.....................1952 A -O
0 89 91%
88% 88%
89%
St I. A Cairo guar g 4s__..1931 J - J 87 1____ 88% Apr TO . . .
1st refunding 4s................1955 M- N ____ 89% 89%
2 103% 107%
107
Purchased llnea 3Xa........1952 J - J ____ 81% 83 Jan TO . . . . 83 83
..1928 A -O 10612 108 107
85% 87%
t N O A Tex gold 4a........1953 M- N 85% 86 80% Apr TO —
..1923 J - J 103%___ 110% Mar’ 16 ___ 110% 110%
84 May’ 14
Registered.................... 1953 M- N
..1917 J - J 101 ___ 101% Feb TO ___ 101% 101%
___
Cairo Bridge gold'4a____ 1950 J •D 90%------ 92 Mar’ 16 ___ 90 92%
..1917 J - J 101 . . . 113 J’ly ’04
30
70 ------ 74 Feb T4 ....
Litchfield Dlv lat g 3a___ 1951 J
8.1957 J - J 30 50 30 Mar’ 10 . . . . 30
79% Apr TO —
Louiav Dlv A Term g 3XS.1953 J - J ____ 80
63 Oct TO
79% 81%
G uaranteed general 4s. . ...1977 A -O
83 Aug T2
..1920
90% Feb T3
Registered___________ 1953 J - J
____ 79
123 May’99
30 Aug T5
Middle Dlv reg 5a____ .1921 F - A
40 May’ 15
..I960
Omaha Dlv lat gold 3a...1951 F - A 68% 72% 71 Jan TO . . . . 71 71
..1953 j - j ----- 74
70 " Apr TO ___ 70 70
St Loula Dl v A Term g 3s. 1951 J - J 08*2 75 68% Sep T5
81% Jan TO
..1935 M-N 112% Salo 112%
113% 408 110% 117%
Gold 344a..................... 1951 J - J
81% 81%
6 84% 80%
8512
-.1998 F - A 85 Salo 85
Registered............
1951 J - J ___ 82 81 Nov’ 15
94% 49 94
95%
94% Salo 91%
Ref A Imp 4Xs "A ” . ..2013 A -O
Sprlngf Dlv lat g 3 44a____1951 J - J 78% 81% 78% Jan T8 . . . . 78% 78%
83%
82% 12 82
89% 89%
Western lines lat g 4a___ 1951 F - A 88 96 89% Feb TO —
-.1997 J - J 82% Salo 82%
82%
5 81% 82%
Registered.................. .1951 F - A
J - J 81% 82% 82%
03%
92% 27 92
117% May’ 10
Bellev A Car 1st 6s....... .1923 J -D
..1931 M- N 92 Salo 92
91% Deo Tfl
M- N
Carb A Shaw lat gold 4a..l932 M- 8 86 ___ 94% J’ly T2
3 107% 109
75% 22 75 70%
Ohio 8t L A N O gold 6a.. 1951 J -D 107 109 107% 107%
..1998 F - A 75 Salo 75
75 78
Registered___________ 1951 J -D 105 ____ 114 Feb ’ 1l
..1998 F - A ------ 74% 70 Mar’ 16
84% 88
84% 88
SO Mar’ 16
Gold 3 44a..................... 1951 J -D
90 Oot ’09
J P M A Co ctfs of dep.
2 70% 80%
. . 199.8 F - A ------ 80
78%
76%
Registered__________1951 J -D
3 100 103%
..1998 F - A ------ 77% 77 Apr TO ___ 76 77%
100%
Joint lat ref oa series A. 1963 J - D ____100% 100
3.19S9 J - 0
Memph Dlv lat g 4a__ 1951 J - D 87 89% 80% Deo ’ 1£
12 95% 90%
96
..1936 J - J 95% 96% 95%
Registered_________ 1951 J - D
99 May’ ll
J- J
0t Loula Sou lat gu g 4a..1931 M- S 90 93% 98 J’ly ’08
91% Apr TO
90 92%
Ind 1 1A Iowa lat g 4a_____ 1950 J - J 91%-----1
101% 103%
193ft J - J
Int A Great Nor 1st g 6s___ 1919 M- N 96% 90*2 90% Apr Tf
96 98
91 91% 92% Feb Tf
92% 92%
.G1951 A -O
James Fran A Clear lat 4a.. 195U J -D
4 69 71
89% 89% 88% Nov’ 16
69
Kansas City Sou lat gold 3a. 1950 A - O 68% 69% 69
63 Oot ’00 ___
Registered_____________ 1950 A -C
..1942 J -D 104%
94 94
92
92%
Ref A Irapt 6a______ Apr 1950 J - J 91 92
..1991 M- S 93%____ 94 Mar’ 16
6 00% 94
89% 89%
89% Feb TO
85% 89%
Kansas City Term lat 4a__ 1960 J - J 88 88% 88 Apr Tf
..1986 F - A
3 97 100
96% 97 97
97%
..2000 M-N 82%____ 85 Jmic’ 15
Lake Erie A Weat lat g 5a.. 1937 J
105% 105%
..1927 A - O 100%___ 105% Mar’ 16
2d gold 5s___________ 1941 J - J 75% 79% 75 Apr ’ 10
75 8312
89% 91%
98 Mar’ 14
89%___ 90% Mar’ 16
North Ohio lat guar g 5s.. 1945 A -O
S.1993 A -O
..1916 A - O
Leh Vail N Y lat gu g 4XS..1940 J - J 101 101% 102 Apr Tfl
100% 103
102
I 100% 102
118%____ 113 May’ 15
Pine Creek reg guar 6s. ..1932
Registered_____________ 1910 J - J *102 ------ 102
2 103'% 104’ %
90%
92
3 89% 92%
R W A O con 1st ext 5s .41932 A - 0 103 ___ 101 % 101%
Lehigh Vail (Pa) cona g 4a..2003 M-N ___ 93
General cons 4X*........ 2003 M-N 100 100% 100% Apr Tf
..1918 M-N 101 ___ 101 JunoTi ___
R W A OT R 1st gug 5S.
100% 101%
Leh V Term Ry 1st gu g 5a.. 1941 A - O 112 ------ 112% Apr TO
81 ___ 81% Deo ’ ll
110 112%
..1911
75 Dec Tfl
Registered____ _________ 1941 A - O 111 ____ 111% Dec’ 11
Sgl918
___ 69
2 105 100%
Leh Val Coal Co 1st gu g 6a. 1933 J - J 104% 105% 105
105
8.1919
100 Oct Tfl
105 Oct *i:
Registered____ _________ 1933 J ..1996
______ _
lit Int reduced to 4s____1933 J 92 -----..1906 a a _____ ___ 119% Mar’ 12
• No price Friday; latest bid and asked this week. a Due Jan. 6 Due Fob. d Duo April, a Due May. a Due Juno, * Due July, k Due Aug. o Due Oot.
Duo N ov.. * Option sale.




M ay 6 1916.1

New York Bond Record— Continued— Page 3
Price
Friday
May 5.

BONOS
y . STOCK EXCHANGE
Week Ending May 5.
N Y Ten < H RR (Con.)
fc
U tica* Blk Rlv gll g 43. . -1922 J
Lake Shore gold 3 Vis____ 1997 1
Reglaterod . _ ...........
1997 J
Debenture gold 4s____ 192S M
85-year gold I s . . ........ .1931 M
Registered ................. 1931 M
Ka A A a R 1st «U 0 5 s .-. 1938 J
Mahon C l K R la t5 s........ 1934 J
PI ts A L Erie 2d g 6s.-.al92S A
PlttS McK A Y 1st gu 0S.-1932 J
2 d guaranteed fis.......... 1934
MoKeea A b v 1st g fls.1913
Michigan Central 5a........ 1931
Registered .....................1931
4s .................................... 1940
Registered................. 1940
J L A S 1st gold 3 >4a__ 1951
1st gold 3Vi s...... ............ 1952
20-year debenture 4s. . . 1929
N Y Ohio A St L 1st g 4s . 1937
Registered..................... 1937
Debenture 4 s ........ .......1931
West 8hore 1st 4a guar...2301
Registered..................... 2301
N Y C Linos eq tr 3a.. 1910-22
Equip trust 4 Vis.. 1917-1925
NY Connect latgu 4 Vis A .. 1953
N Y N H A Hartford—
Non conv leban 4a_____ 1947
Non-eonv diben 3 Via___ 1947
Non-oonv deben 3Vis___ 1951
Non-cony deben 4s........ .1955
Non-oonv deben 4s______1950
Conv dobanture 3 Vis____ 1950
Conv debenture 6s_______ 1918
Cons Ry non-oonv 4s____ 1939
Non-oonv deben 4s____ 1951
Non c mv deben 4a____ 1955
Non-oonv deben 4s____1955
Non-conv deben 4a____1950
Harlem R-Pt Ches 1st 4 s.1954
8 A N Y Air Lino 1st I s .. 1955
Cent New Eng 1st gu 4a.. 1901
Hartford St Ry 1st 4s___ 1930
Houaatonlo R cons g 5a. . . 193 /
Naugatuck a n lac 43____1951
It Y Prov A Boston 4s__ 1942
N YW ’chesAB lstser I 4 Vis ’ 46
N H A Derby cons cy 5a. .1918
Boston Terminal 1st I s . .. 1939 ..
New England cons 5 s.. 1915 J
Consol 4s.........................1945 J
Providence Secur deb 4a 1957 M
Prov A Springfield 1st 5 s. 1922 3
Providence Torm 1st 4 s .. 1950 M
W A Con East 1st 4 (ia ...l9 4 3 i
N Y O A W rof 1st g 4s___ 01992 M
Registered $5,000 only..01992 M
General 4.s._......................1955 J
Norfolk Sou 1st A ref A 5 a.. 1901 F
Norf A Sou 1st gold 5s____ 1911 M
Norf A West gen gold 6s__ 1931 M
Improvement A ext g 0s . 1934 F
New River 1st gold 6s___ 1932 A
N A W Ry 1st cans g 4s.. 1990 A
Registered____ _______ 1990 A
Dlv'l 1st lion A gen g 4a. 1941 '
10-25-ynar conv 4s____ 1932
10-20-year conv 4 s ... .. 1932
10-25-year conv 4 Via. 1938
Pocah C A C Joint Is.. . 1941
O C A T 1st guar gold 5s. 1922
Solo V A N E 1st gu g 4s . 198V
Nor Pacific prior Hen g 4s . 1997
Registered............
1997
General lien gold 3a........ a -’ 0 1 7
Registered............ ........<j2047
St Paul-Duluth Dlv g 4s. _ 1990
Dul Short Line 1st gu 5 s.. 1910
St P A N P gen gold 0s . . 1923
Registered certificates.. 1923
St Paul A Duluth 1st 5 s .. 1931
2d 5 s . . . ......................... 1917
1st consol gold 4s_____ 1903
Wash Cent 1st gold4s ..1948
Nor Pao Torra Co 1st g0s 1933
Oregon-Wash 1st A ref 4s . 1901
Paolflo Coast Co let g 53
1910
Pennsylvania RR 1st g 4s
1923
Consol gold 5s................... 1919
Consol gold 4s................ 1943
Consol gold 4s.............. 1948
Consol 4V is .....................11900
General 4 Vis when Issued 1905
Alleg Val gen guar g 4 s.. .1942
D R RR AH 'ge 1st gu 4s g 1936
Phtla Balt A W 1st g 4s . 1943
Bodus Bay A Sou 1st g 5s 9921
Sunbury A Lewis 1st g 43.1930
U N J RR A Can gen 4s 1941
Pennsylvania Co—
Guar 1st gold 4 V is ...
1921
Registered........
'1 9 2 1
Guar 3 Vi s coll trust reg *A* 1937
Guar 3 V oo.l trust ser B 1941
$s
Trust Oo ctfagu g 3 V is ..’ l910
Guar 3Vis trust etfs C
1942
Guar3Vis trust ccfe D
1914
Guar 15-25-yoar gold 4 s " 1931
40 year guar 4s otfa Ser e " 1952
Cln Lob A Nor gu 4s g
1912
Cl A Mar 1st gu g 4 Vi s i l l 1935
Cl A Pgon gu g 4Vis ser A. 1912
Series B ......................... 1912
Int roduced to 3 Vis. 1942
Series O 3 Vis................19is
Series D 3 Vis................. 1950
Erie A Pitts gu g 3Vis B..1910
Series O.......... ...............1940
Or R A I ex 1st gu g 4V4S..1941
Ohio Connect 1st gu 4 s . . . 1943
Pitts Y A Ash 1st cons 5a 1927
Tol W V A O gu 4Vis A 1931
Series B 4 V is..
1933
Berles O 4 s ...
* "1 9 4 2
P C C A St L gu 4Vis A*19*0
Serlos B gu ar..........
1942
Berios C gu ar.......... "*19 4 2 ...
Series D Is guar.
** 1945 MSerles E 3 Vis guar gold' 1949 F
'erles F guar 4s gold
1953 J
Series u 4s guar.......... 1957 M­
G St L A P 1st cons g 5s 1932 A Peo°,r,a* P ,n Un 1st g 0S.. 1921 <*
p 2 a «O ld 4 Vis.....................61921
Pero Marquette—Ref 4s
1955 J Refunding guar 4s............. 1955 1 Chic A W estM Ich S j.._ 1 92
_

Range
since
Jan. 1.

High No. Low
Bid
Ask Low
97*2____ 96% N ov’ 15
84
85% 84 Apr TO . . . . 84
81*4 Oct To
94*2 85
0 4%
95
91%
93*2 94
94%
9-4%
94
94% Feb TO
94
106%____
____
115%____
113*2____
101
____
1 00
____
105%____
9 0 % ____

1 02

104*2 Deo T5
102 Mar’16 . . . .
130% Jan '09
123% Mar'12

104**
104
98
87
90
83
83
89
89%
93*4 9 4

82
86

------

83% 81%
90*8 Sale
87*4 89*2
1 0 0 * 2 ____
100
____
97*2 99*4

Deo '15
Doc T5
Apt '12
Fob '14
June’O
S
Mar’ 16
Mar'16
Apr TO
93*4 Apr TO
83*4
837*
90
90*2
83*2
89
102 Apr TO
98 J'ly T4
99*4
99*4

102

83
83%
93
93*4
10
83
29 90
8
83%
102

High
80
95*4
95*4
94%
1 02

85
90*2
95*2
93*4
84*4
93
90
102

• 97*4 100%
4

79
72
70
79*4
79
-----112
79

____ 80% Mar’ 16
80*2 81%
____ 73 Fob ’ 11
73
73
70*2 71 Apr TO
71
72
80*2 80 Apr TO . . . . 80
81%
79%
89*2 79*4
79*4 82
2
717* 70
70
70
73
113
113% 112*4
20 1117s 1 10
____
91%.Ian T2
79*2 Apr TO — 79*4 79%
I I I I _79"%
------ 80
867*____ 93 Mar’ 16 . . . . 92
93
99*3 Juna’ 12
2
81
82
81
81
81
83
106% ____ 105*2 May’ 15
♦91*4____ 87 J'ly '14
88
Aug'13
•74 Sale 74
’>
’
75
* 1 0 0 % ____ 107 Aug ’09

22

74

82

____

100

70

71

80 ____
80*4 dale

99% M ar’ 12
66
Apr '15
997 Dae T 4
*
83% Fob '14
5

80% 84

79% 79 Apr TO
82
79 Apr TO
101
97 Jan TO
120 119% Apr TO
____ 121% Mar’ 16
1 21
119*2 120% 120% Feb TO
92% 9 3 % 927*
9 3 % "4 2
93% Doc T 6
------ 897* 90*2 Apr TO
120 123 123% Apr TO
120 123 122*4 Apr '16 *14
120
122*4 122
123*2 19
89% Sale 89%
89%
102*4____ 103*2 Jan TO
92
94
92
92
92% Sale 92
927* 103
------ 92% 92 Apr TO
60
Sale 6 6
08% " ' 2 0
04*4 05*4 05%
2
05*4
9 1% ____ 90% Nov'15
100*j Jan ' 10
i i o * 1 I 3 " 109% Apr TO
109% Oct '15
1077* I I I I 107 Mar’ 16 I I ”
101 102 102 Dea '15
90% Mar'10
" s o " I I " 90% Fob TO
111
1 1 2 % 111
Mar’ 16
85 Salo 85
85 ” ’ 9
95
97
95*4 Apr TO
90% . . .
98*4 Feb TO
103 . . . 103 Apr '16
9 3% ____ 99% Mar'16
99% Salo 9p
99% ” l9
105% Salo 105*4
105% 38
101*2 Sale 1 0 1 %
101*2
52
96*2 97
90*2 Mar'lo
94*2 . .
96 Jan '10
0 8% ____ 99% N ov’ 15
102 Jan '03 . . . .
"9 3 " I I I I
09% ____ 99*4 Apr TO —

80%

80*4

70
79
79
80
97
97
119*2 120

-----79
98
119%

100% 1017*
100% 101%

8 5 % ____
85*2 88*4
09*4____
85*2____
8 4 % ___
05% 98*2
0 3 % ____
90*4 . .
99 . .
101%____
104%____
80*4____
80*4____
86%
87*2____
87** . .
98*4 . . . .
98*4____
1 0 4 * 4 ____
9, 1 ____
J2
99*2 - -

101*2
5
Mar'16
86*2 Jan TO
85 Jan TO
100% Jan TO
83 Fob T5
85% Mar'16
95%
95% ” 1.3
92% May’ 14
90 Deo '15
99*4 Apr TO
105 Apr TO 104 Dec '15

101*2

101

90*s Oct '12
83*4 Juoe’ 15
80*4 May'14
90% J'ly '12
98% Fob TO . . . .
93 May’ l l
109 May’ 10
93% Oct '15
98*4 June'15
94
93
94 Apr TO
100
1 0 2 % 102% Apr TO
100
1 0 2 % 102% Apr TO ___
100
____ 97% Julv'15
94*4 Sale 94*4
94*4
1
93% ____ 92 Feb TO
94 ____ 95% Jan '14
91 ____ 92% Aug '15
100%------ 104 Nov'15
101 ____ 102 Nov'15
86 ____ 87 Mar'10
10% 14
14 Apr TO —
72

• No prlco Friday: latest bid and asked,
Option sale.




Week's
Range or
Last Sale

____

83

a Duo Jan.

Fob TO - - -

120*2 122
1 20
120%

92*2 94

897 91
8
113*2 12.37s
114 123*4
115*2 124
89*4 90*4
103*2 103%
917* 9 4
917* 94%
92
93%
05*j 07
03*2 05*4
100*2 100*2
109% 110%
m "
90
90
t il
85
93
93%
103
93%
98%
105%
100*4
92*|
90

107”

90%
90*2
111*2

83
90
98%
103%
99%
100
100%
1027*
907*
90

.................
99% 09*4
101
101
80**
85
99*4

1021*
101%
80*2
85
100%

85
85**
94% 95%
99*4 99*4
101% 105%

95*2 987
8

93*2 04
101% 102*2
101% 102%
94*4 95%
92
92

87
14
14
83

87
14
15
83

b Due Feb. e\ Due May

BONDS
N . Y . STOCK EXCHANGE.
Week Ending May 5.

Price
F rid a y

May 5.

1701
Week's
Range or
Last Sale

Range
sine*
Jan. 1.

Pero Marquette (Con.)
B id
A ik Lore
H igh
Low m ol
Flint A P M gold 0 s ...1920 A - O 101 Sale 101
101
101 101
1st consol gold 5s___ .1939 m -s
74 ____ 75% Apr TO
74
70
Pt Huron Dlv 1st g 5 ) .. 1939 A - O ------ 63
68 July'lo
Sag Tus A II 1st gu g la .. 1931 F - A
Philippine Ry tst 39-yr 8 f 4s 1937 J - 1 ------ 55
50 Apr T6
50
51
Pitts Sh A L E 1st g 53_____1949 A - O 1 0 7 1 4 ___ 105 Dec T5
1st consol gold 5a________ 1913 J - J
113U N o V ll
Reading Co gen gold 4s___ 1997 J - J 9334 Sale 93U
93% 96%
94*4
Registered_____________ 199 7 1 .1 ------ 9014 95 Mar’ 16
92*4 95
Jersey Central coll g 4 s .. .1951 A •O 95
95U 95
955*
95 967*
Atlantic City guar 4s g ...l9 3 1 J - 1
94 . . .
St Jos A Gr Isl 1st g 43____ 1917
59>2 00
59
59
59
60
St Louis A San Frau gen 01.1931
110% .
llOU Apr '16
109 110%
General gold 5s_________ 1931
101 102 1007* 101
1007* 103%
76 . . .
St L A S F RR cons g 4 s.. 1991
70
70
68*2 76
50
547* 547* Apr TO
General 15-20-year 5J..1927
45*4 57%
54
.54% 54*2
Trust Co certlfa of deposit..
54l2
40
57
52% Sale 5212
do
Stamped.,
5212
43% 55
aouthw Dlv 1st « 5 s.. .1317 A - O 87i2 93
89 Mar’ 16
89
89
75
747*
75
Refuullng gold 4}_____ 1951 3 - 1 73
67% 75
Registered__________ 1951 J - J
89
80*4 Mar’ l l
89
■73 ' " *75' 74i2
Trust Co etla of deposit.,
62% 75
74*4
68 Sale 6 8
do
Stamped..
691*
61% 69*4
It O Ft S A M oons g Os.. 192s fld-N HOI4 1107* UOI2
110i2
109*2 1107*
K O Ft S A M Ry ref g 43.1935 A - O 76
76% 77
77
78
75
K O A M R A 8 1st gu 53.1921 A - O
91% Dec T5
St L S W 1st g Is bond etfs.. 1939 M-N
78 Sale 78
78
77*4 80
63
2d g 4s Income bond ctfs.ol939 J - J 62
63 Mar’ 16
62
64
Consol gold I s . . ____ .1932 J -D
6 U4 62
61*4
61*4
61
65*4
1st term! A unlf 5s_____ 1952 J - J 60U 64
60
60%
60
70
Gray’s Pt Ter 1st gu g 5 s.. 1947 J - O 100 ___ 98*4 Jan T4
S A A A Pass 1st gu g 4s___ 19IV J - J 05 Sale 04%
05
627* 7 0 * 4
S F A N P 1st sk ftl g 5s_____1919 J - J 101*4____ 10154 Apr T8
101% 101*4
Seaboard Air Line g 4s_____195) A -O
81
83i* 83% Apr ' 16
82% 84*2
81 82
Gold 4s stamped________ 1959 A - O
81
81
80 83%
Registered_______________ 1 9 5 ) A - O
Adjustment 5s_________ol9!9 F - A 65
66
65
657*
64
70
Refunding 43...........
1959 A -O
69% 70
69% Apr TO
69% 72
Atl Blrm 30 yr 1st g 4s..el933 M- 8 84% 86
85% Apr T6
85
86
Car Cant 1st con g 4s___ 191) J - J 83
92% 85% M ar’ 15
Fla Cent A Pen 1st g 53..1918 J - J 100% 101% 99% Sep T5
1st laud gr oxt g 5s___ 193 ) J - J 101%------ 101 Deo '15
Consol gold 5s............... 1943 J - J 103 ____ 103%
103%
103 103%
Ga A Ala Ry 1st cen 5s ..ol945 J - J 103%------ 103 Mar’ 10
.
103 103*4
Ga Car A No 1st gu g 5 s..1929 J - J 102%------ 1 0 2 S Apr TO
4
102*4 103
Saab A Roa 1st 5 s ... . 19 25 J - J 102 ------ 99% Aug T5
Southern Pacific Co­
857* ga| 85%
e
Gold 4s (Cent Pao coIl).*194.i J -O
86
85 8 8
Registered___________ tl9 4 ) J -D ------ 84
90 Feb '14
20 year conv 43.............. 0 IO2 ) M- S 8754 Sale 87%
90 8 6 * 4 89%
88
20 year oonv 5s................. 1931 J -D 104% Sale 103%
104% 174 103% 1077*
Cent Pac 1st ref gu g 4 s ._ l9 li F - A 89 Sale 8 8 )2
28 8 8 * 2 91
89
Registered........ ...............1919 F - A *------ 90
8 6 % Mar'15
89% 897* 89*4
Mort guar gold 3Vis..tl929 J -O
84% 91
89*4
Through St L 1st gu 43. 1951 A - O ------ 847* 84 Apr TO
84
86*4
G H A S A M A P 1st 53..1931 IYI-N 102 103 102 Apr '16
102 102
Gila V G A N 1st gu g 5 s..1924 M-N 100% 102% 100% Jan TO
1 0 0 % 106%
Hous E A W T 1st g 5 s ... 1933 M-N 101% 101% 101)2 Mar'16
101*2 102%
1st guar 5s red________ 1933 fW N 101 102% 101% Apr '16
101% 103%
_
H A T C 1st g 53 lot gu_ 1937 J - J 106%____ 106% Apr TO
106 106*2
9 5 % ____ 95%
Gea gold ts Int guar_ 1921 A - O
_
94*4 95%
95%
Waco A N W dlv lstg Os 193 I ai-N ----- 110
109% N ov'I
A A N V 1st gu g ">
V
s_____ 1941 J - j 100 ____ 103 Nov'15
Louisiana West 1st Os___ 1921 J - j 105%____ 109 Tune'll
Morgan’s La A T 1st 7 s.. 1918 A - O ------ 105*4 104*4 Feb TO
104*2 104*4
1st gold Os____________ 1920 J - J ------ 105)2 105 Jan T6
105 105
No of Cal guar g 5s_____ 1938 A - O
106
105
Oct T5
Ore A Cal 1st gu ir g 5s
1927 J
101% 102 101% 101%
101% 102*2
So Pac of Cal— Gu g 5s. ..1937 M - N 107i2 _____ 101% Nov *13
So Pac Coa3t l-t gu
g._1937 3 - 1
92
97
Apr T97 97
8
San Fran Term! 1st 4s. 1950 A - O
84
85
84*4
84%
84*4 8 6
T e i A N O con gold 5 s ... 1913 J - J
96 Apr '14
Ho Pac RR 1st ref Is___ 1955 1 - 3
90'* Sale 89%
90%
89% 91
Southern— 1st ons g 5 s ... 1991 J - J 101% Sale 100%
101%
100 103*2
Registered_____ ______ 1994 J - J
99 100% 93 June’ 15
70)2 Salo 70
Develop A gea is V a . . 1950 A - O
ar
69
73*4
71%
75
77
Mob A Ohio coll trg 4s__ 1938 M- S
76% Apr '16
75
78
Mam Dlv 1st ? 4 Vi 5s___ 1996 1 - J ------101% 102*4 Mar'16
102*4 104
80% 81
St Louis dlv 1st g Is........ 1951 J - J
80% Apr T6
80*2 84*2
Ala Gen 1st g 6 s .________ 1918 J - J 402% . . . 102% Fob TO
102% 102%
Ala Gt Sou 1st cons A 5s.. 1943 J - D 98*4 99% 99 Apr '16
98*4 99
Atl A Char A L 1st A 1 -j-.19 44 J - J ------ 94%
94*4 96
91*4 Apr TO
83% 84% 84% Apr '16
Atl A Danv 1st g 4s.......... 1943 J - J
84*2 85%
2d 4 s ............................. 1918 J - J ------ 82
79*2 81%
81% Mar'16
Atl A Ya i 1st g guar 4 s ...1949 A -O
70
78*4 75% Deo '14
Col A Greonv 1st 6s______1910 J - J
100% J'ly '14
104' % : : : : 104% Apr '16
E T Va A Ga Dlv g 5s___ 1930 3 - 1
103*2 104*2
Con let gold 5s............... 1958 M- N 105%____ 105)2
105% 106
105%'
E Ten roor Hen g 5 3 ..____ 1933 M- d ------ 1007* 100% Apr '16
99*2 101%
56
58
Ga Midland 1st 3s_______ 1910 A - O
57% Apr '16
57
60
Ga Pac Ry 1st g 03........... 1922 J - J 107% 107*4 107%
107)2
107% 107%
1097*___ 109*4 Mar’ 16
Knox A Ohio 1st g 6s___ 1925 J - J
108 110%
Mob A Blr prior lion g 53.1915 J - J ----- 104
105% N ov’ I2
Mortgage gold 4s_____ 1945 J - J
08)* 72
79 Mar’ 13
Rich A Dan deb 5sstmpd. 1927 A - O 103% ____ 103% Apr '16
103% 103%
Rich A Meek 1st g 4s___ 1943 M N
73 Sop '12
lO 'i* 1017* 101 Apr '16
O
So Car A Ga 1st g 5s____ 1919 M -N
101 102
Virginia Mid ser Dl-5s ..1921 M- 8 102 ____ 102 Apr TO
102 102
Series E 5s___________ 1923 M- 8 103%____ 102 Mar’ 16
102 102
Scries F 5s____________1931 M- S 104%____ 104 Mar* 13
General 5s____ ________1936 M -N 100 ____ 102*4 Apr TO
102*4 1057*
105 ____ 105 Apr '16
Va A So’ w’ n 1st gu 53..2003 J - J
102*2 105
90% 93% 9C%
1st cons 50-ycar 5 s.. 1953 A - O
90%
89*2 90**
W O A W 1st cy gu 4 s.. 1924 F - A 94
93 Deo '16
Spokane Internat lstg 5 s ...1955 J - J 90
03 Jan '10
93
93
99 101
Ter A of St L 1st g 4 V is.. .1939 A - O
99% Apr TO
98*2 100*2
1st con gold 5s_ 1391-1911 F - A 103% 105 106*2 Apr T0
_
103*2 106*2
Gen refund s f g 4s____
1953 J - J ------ 86
86% Mar'16
80 8 8
St L M Bridge Ter gu g 5s 1930 A - O 100 101% 100*4 Apr '16
100% 101%
96
Tax A Pao 1st gold 5s___ 2000 J -D
97
96
97
95 97*2
35
40
2d gold Inc 5s______ ' «2000 M ar
35 Apr TO
35 37
La Dlv B L 1st g 5s____ 1931 1 - J
88
00 90
90 Jan T6
W Min W A N W 1st gu 5s 1930 F - A ------ 95
106*2 N ov’04
Tol A O C 1st g 5a............
1935 J - 1 103*4____ 104*4 Apr TO
103 104%
Western Dlv 1st g 5s........ 1935 A - O
100 102 102% Mar'16
102 102%
General gold 5 s . ............... 1935 1 -D
95
93 93
93
93
83
Kan A M 1st gu g 4s__ __ 1990 A - O
84% 83 Apr '16
83 84*4
2d 20-year 5s.................. 1927 J - 1 97% 99% 97*4
97 99
97*4
Tol P A W 1st gold 43............ 1917 J - 1 50
65
60
01
50 Apr '16
Tol St L A W pr lien g 3 Vis. 1925 J - J 79*4 81
78)2 Mar'16
78*2 83
50-yoar gold 4s___________ 1950 A - O
55
56 56
56
60
50
Coll tr 4s g Ser A...... 1917
F- A
20
18% Mar'16
18% 18%
Tor Ham A Buff 1st g4 s..<11946 J - D ____ 86
83 8 8
83 Apr ' 16
Ulster A Del 1st 0 0 a g 5S..1923 J -D 100 Sale 100
100
100 101%
1st refund g Is___________ 1952 A - O
75
..
74 Mar'15
Union Paclflo 1st g 4s_______1947 3 - 1
96*4 Sale 95*4
95*4 98**
90%
Registered____________ 19 47 J - J
95% Sale 95*2
95 97%
95*2
92% 93% 92%
20-yoar conv 4s................ 1927 J - J
92*2 44%
93
897* 9 1 %
1st A ref 4s____________ 02003 M- 8
90 Sale 90
90%
917* 9 2
Oro RR A Nav con g 4s___ 1946 1 -D
91% 92%
92 Apr '16
Ore Short Line 1st g 6s___ 1922 F - A 108% 108% 108*4 Apr '16
107*4 109
1st consol g 5s_________ 1946 J - J 106 107 106
106 107*2
106
Guar refund 4s_________1929 J - D 91*4 92
94
92
92
92*2
Utah A Nor gold 5s___ 1920 J - J 101%____ 102 Mar'16
102 102
1st extended 4s.......... 1933 J - J 91 100
90 95
90 Apr '16
Vandalla cons g 4s 8er A .. 1955 F - A 91 ____ 91 Apr '16
91
91
Consol 4s Series B__........ 1957 M -N
91 ____ 80 Sep T5
Vera Cru* A P 1st gu 4 Vis.. 1934 1 - 1 ------ 87
42% Aug '15
Virginian 1st 6s Series A . ..1962 IW-N 977* Sale 97%
471 97*4 9S*4
98
0 Due June, ft Due July, k Due Aug. 0 Due Oct. p Due Nov. j Due Dec.

3

Price
F rid a y
M a y 5.

1
u

B id

Week's
Range or
Last Sale

Ask L 010

H ig h

Range

N o . Low

25 103
4 98

Wcbash lat gold 53........
1931)
Sd gold 5a.........................1939
Debenture Scries J3______1939
lat lien equip a Id g 5a__ 1921
lat lien 50-yr g term 4a__ 1954
1st rel and ext g 4s............ 1958
Cent Tr ctla asat paid____
Do asst part paid______
Cent Tr stpd ctls asst paid .
Do asst part paid______
Eqult Tr ctfa asat paid___
Do asst part paid...........
Eqult Tr stpd ctls asst paid
Do asst part paid______
Dot A Ch Ext lat g 5s___ 1941
Dea Moin Dlv 1st g 4.i___ 1939
Om Dlv 1st g 3Ha._........ 1941
Tol A Ch Dlv lat g 4s___ 1941
Wab Pitts term 1st g 4s___ 1954
Cent and Old Col Tr Co corts_ _
Columbia Tr Co certfs...........
Col Tr otfs lor Cent Tr otfs 2d gold 4a.........................1951
Trust Co certls............... .....
W»ah Terml 1st gu 3Ho____1945
1st 40-yr guar 4 s ............1915
West Maryland 1st g 4e___ 1952
West N Y A Pa 1st g 5a........ 1937
Gen gold 4s..................... .1943
Income 5a...................... <11913
Wheeling A L E let g 5a____1928
Wheel Dlv 1st gold 5s____192S
Exten A Impt gold 5fl____1930
RR lat consol 4s................1949
30-year equip s I 5a .......... 1922
Winston-Salem 8 B 1st 4e. _. 1960
Wls Cent 50-yr lat gen 4h . . 1949
_
aup A Dul dlv A term 1st 4a ’36

N 10338 104 103%
A 98
98% 98

Brooklyn Rapid Tran g 5*..1945
1st relund conv gold 4a...20 2
0
8-year secured cotes fia___1918
3k City 1st con 6s._1916-1941 J

U 102 103 10212 Apr TO
79 Apr Tfl
) ____ 81
J 1003S Sale 100l2 1003.! 123
J IOD2 102 101*2 Apr TO ___
____ 94
101 May’ 13
101 *4 19
A 1007a 101% 1007s
A IOOI2 IOH2 101 Apr TO ___
A 8U2 85*8 84*2 Apr Tfl ___
6
8-U2
A 82i2 84 82*2
4
70's
J 75% 7614 70-3
4
06*2
7
A 963s 96»2 9o-*
IOOI4 ____ 99*2 Jan Tfl ___
J
100 102 96*4 Juae’ 14
80*4 29
J 79«2 Sale 79i2
84 Jan T4
100 June’ 14
100 _
94 Mar'16
A 921] 95
72% 05
70 Sale 69-34
A
93
28
2638 Sale 26*8
101 Apr TC
A
7334 72
O 723.1 Sale 7234
3
99*2 301
J 987 Sale 9834
92*2 Apr TO
92
O 91
9234 12
o 91% 92*2 92*2

Street R iilw a y

Bklyn Q C o A 8 1st fis____1941
Bkiyn Un El 1st g 4 -5 e ...l9 5 0
Btamped guar 4-6a.......... 1950
Kings County El 1st g 4s. 1940
Stamped guar 4s______ 1949
Nassau Eleo guar gold 4s. 1951
Chicago Rys lat 5a................. 1027
Coon R y A L 1st A rel g 4 H » 1951
Stamped guar 4 H a............1951
Dat United 1st cona g 4 H 8..193 2
y« Smith Lt A T r lat g 6e._.1930
□rand Rapids R y lat?g a s . . . 1918
Havana Eleo consol a 6a____ 1952
Had A M anbat 5a Ser A ____ 1957
Adjust Income 6a_________ 1957
H Y A Jersey lat 63............ 1932
latorboro-M etrcp coll 4Hs_1958
laterboro Rap Tran lat 5 s ..1966
Manhat R y (N Y ) cons a 4s. 1090
Stamped tax-exempt_____ 1980
Metropolitan Street R y —
Bway A 7th A v 1st o g 58.1943
Col A 9th A v lat gu g 6s. .1093
Lex A v A P P 1st gu g 50.1993
M et W 8 El (Chic) 1st g 4 s .. 1933
Relundlug A exten 4HB--1931
MInneap St 1st cons g 6s____1919
Montreal Tramways 1st A rel
50-year 5s 8er A .................. 1941
S ew Orl R y A Lt gen 4 H s . -1935
O Y R ys 1st R E A rel 4a__1942
50-year adj Inc 6s..............a 1942
W Y State Rys 1st cons 4 H a . 1962
Portland R y 1st A ref 5a____1930
Portld R y L t A P 1st ref 6s. 1942
Portland Gen Eleo 1st 6s. 1935
St Jos R y , L, II A P 1st g 6J.1937
I t Paul C ity Cab cons g 6 s ..1937
Yhlrd Ave 1st ref 4a.................i960
Adj Inc 6s........................... ol960
Third Ave R y 1st g 5s............ 1937
Trl-C lty R y A Lt 1st s I 6 s .. 1923
Undergr of London 4 H a____1933
Incom e 6s........................... 1948
Union Elev (Cblc) 1st g 5S..1949
United Rys Inv 5s Pitts las. 1926
United Rys St L 1st g 4s____1934
8 t Louts Transit gu 5 s . . . 1924
United RRa San Fr s I 4s___1927
R y A Pow lat A ref 6 a .. . 1934
Qaa a n d E lectric LlohS
Atlanta G L C o lat g 5 i ____1947
Bkiyn Un Gas 1st cons g 5s. 1945
Buffalo City Gas 1st g 5s____1947
Columbus Gas 1st gold 5s.__1932
Consol Gas conv deb 6s
1920
D etroit City Gaa gold 6a____ 1923
D etroit Gas C o eons let g 5s_ 1918
D etroit Edison 1st coll tr 6s. 1933
Eq G L N Y 1st cons g 5s___1932
Gas A Eloo Berg C o c g os. _ 1949
Hudson Co Gas 1st g 6s____ 1919
Kan C ity (M o) Gas 1st g 5s. 1922
Kings C o El L A P g 5s......... 1937
Purchase m oney 6a.......... .1997
Convertible deb 6s...............1922

8

96*8 100
63

104
98*4

96*2 Mar'16 ___
22
102

J

D
A
O
J
O

o
J

A
S

S 83*4 83*? 83*4 Apr TO
103
15
10 2
Halo 102
933.1 105
D 93*2 935S 93*2
O 8534 87*4 8 8 Apr TO ___
88*4 8734 Apr TO ___
J 87
9
8734
8734 87
O
70
133*2
N 131 Sale 130
8
82*2
J
81*4 81
10434
3
N 104 106 104*4
N 104 106 104*4 Apr Tfl . . . .
3
997a 100*4 100*8
N
100*8
193 Apr TO ___
InspJr Cons Cop 1st conv 6s. 1922 M - S
190 Mar'16
J
1027s 107
99*4 101 1 0 1
Int M ercan M arine 4 H a ____1922! A - 0
10 0 *2 Sale
99*8
103 2858
Certificates o f deposit..... .......... I
1
97
98
98
Int Navigation 1st 8 f 5s____1929 F - A
59
97 Salo 9012
97
J
917a 92*4 9238 Apr TO . . . .
J

J

J
N

107
401*
101*4
43
104

72
73
84
87
1>, 4U
1
334
l
3*2
1
378
*4
7
8
831* 8434
71
75
10334 105
8U* 84l2
98
90
97
68

102
991
4
97
72

801* 87*2
8534 8734
85
90*8

102 103*2
79

81

100*2 101*8

100*3 10U8

100 162
100% 102*8
83** 86*2
82*2 86*2
75
7634
9534 983;
99*2 99*2
74*8 81
87
94
G 4 75*4
93
26*8 31*4

101

72*8
98*4
91
02

102

70*2
993;
93
03 U

9 98*4 100*4
8
£
> 997 100
99-s
100
99*2 Apr Tfl
S ____ 100
09>2 100
s ____ 10US 100*4 Apr Tfl
99*4 101
_
_
30 Mar T4
A
101 102*4
A 10U2 ____ 102U Mar'16
92*8 Feb '15
___931*
166*4160*4
J 101 ------ 100*4 Mar'16 —

J ____

94
J ____ 89
J 78'a Sale
O 5638 57
8/-2
N &i
N 93
9312
A ____ 79
N
J
O
J
O
o

N
J

o

o
i

00 ____

•1023a __
82 Sale
80 Sale
106i2 108
99
993s
____ 94
____ 84
____ 63
____ 7334
____ 68
____ 60
3512 Sale
____ 90

9378 Mar’ lfl
80
80
70ia
78U
56*2
50*2
80 Apr TO
93*4
93U
80 Apr Tfl

937a
5 80
33 73**
2 ! 55
85%
4 93*4
80

Pacific G A El C o Cal O A E
N
Corp unifying A ref 5s____ 1937
Pao Pow A Lt lat A ref 20-yr
6s Internal Series_________ 1930 F - A
S
Pat db Passaic G A El 5s____ 1949
o
FeoD Gas A C 1st cons g 6 s . . 1943
5
Refunding gold 5a...............1947
8
Registered......................... 1947
Ch G -L A Cke 1st gu g 5s. 1937
J
D
Con G C o of Chi 1st gu g 5al936
fnd Nat Gas A Oil 30-yr 5sl936 MN
Mu Fuel Gas 1st gu g 6 s .. 1947
A
Philadelphia C o conv 6a____ 1919
N
Conv deben gold 6s_______1922
D
Stand Gas A El conv s f 6h. . 192U
D
Syracuse Lighting is t g 5S-.1951
Syracuse Light A Power 6 s .. 1954
J

95

86

79
637
8

88*2
94*2
80

10-20-yr 5s series3 ..............1932jJ N Y D ock 50-yr 1st g 4s____1951 i F Nlag Fails Pow 1st 5s........... 1932! j R ef A gen 6 s .................... a 19321A Nlag Lock A O Pow lat 5s._1954|MOntarlo Power N F l8t 5a .1943 F O n ta rlo T ra n sm ission 5 s____ 1945
P u b S orv C o r p N J g en 5 s . _ . 1959
Sierra A 8 F P ow er 1st 5 s___ 1949
T en n esseo C o p 1st c o n v 6a__ 1925
W a sh W a fe r P ow 1st 5 s____ 1939
M a n u f a c t u r in g & I n d u s t r ia l
A m A « CUetn 1st c 5 s_______ 1928
C o n v deb en 5 s_____________1924
A m C o t OH d eb en tu re 5a___1931
A m H id e A L 1st s f g 6 s ____1919
A m er I c e Secu r d e b g 6 s____ 1925
A m S m elt Secu rities s f 6 s . .1 9 2 6
A m T h rea d 1st co ll tr 4 s ____ 1919
A m T o b a c c o 4 0 -yea r g 6 s . ..1 9 4 4
R e g is te re d ................................. 1944
G o ld 4 s . ................................ 1951
R e g i s t e r e d .......... ...............1951
A m W rit P a p er la t s f 5 s ____ 1919
B a ld w L o c o W ork s la t o s ___1940
B e th Steel 1st ex t i f 5 s.......... 1926
1st A re f 5s uar A .................1942
C e n t L eath 2 0 -y ea r g 5 s____ 1925
C on s ol T o b a c c o g 4 s............... 1951
C orn P ro d R e f at g 5a______ 1931
la t 2 5 -y ea r a f 5s .................193-1
C u b a n -A m Sugar co ll tr 6 a._ 1918
D istil S ee C o r c o n v 1st g 5 s . . 1927
E I d u P o n t P ow d er 4 H s ___ 1936
G eneral B aking 1st 2 5 -y r 6s_ 1930
G en E le ctric deb g 3 H a .......... 1942
D e b en tu re o s ..........................1952
111 Steel d eb 4 H s __. . .
1940
In d ian a Steel 1st o s ________ 1952
In g ersoll-R a n d 1st 5 s . .
.#1935
In t A g ricu l C orp I s t2 0 -y r 5 s _ 1 9 3 2
I n t P a p er C o Ist co n g 6 s . . . 1918
C on sol c o n v s f g 5 s........... 1935
I n t S t P u m p 1st s f 58____
1929
C e r tfs o f d e p o s i t ____
L a c k a w Steel 1st g 5 s ............ 1923
1st c o n o s Series A ............. 1950
L ig g ett A M yers T o b n c 7 o . 1944
5 s ................................................1951
L orillard C o (P ) 7 s . .
1944
6 s .................... ....................... I ’ 1951
M e x ica n P etrol L td co n 6s A 1921
1st lien A ref 8 » aeries C . .1 9 2 1
N a t E n a m A S tp g 1st 6a____ 1929
N a t Sta rch 2 0-yr d eb 5s
1930
N a tion a l T u b e 1st 5 s.................1952
N Y A ir B rake 1st co n v 6 s . _ 1028
R a ilw a y Steel S p rin g —
L a tr o b e Plant. 1st 8 f 5 s___ 1921
In terocea n P la t s f 5 a ___ 1931
R e p u b I A S 1 0-30-yr 5s s f . . 1940

94
95*2
74 Sale
J 1 0 2 104*2
107
H
93i2
A
N 80*4 90
O 013s s ai0
J
A

N 110

98'4 98*8 98*4

987
8

22

105

i07

120
101

120*2
102*2

103

104*8

103 103*2
91
91
104*2 105
114'a 117U
126 128
88
8834
10038 102
100?8 102*8
91*4 93
1035» 1035s
103 105*2
84
87
108 109
100*2 101*4
975s 100
93

93*|

1143a 115
100*2 102*8
1023a 102*4
101 101*8
100*8
a90*4
92
5 98**
1 99*4

1003;
~9812
93 *s
102*8
100*i

•No price Friday; latest bid and a9kod. aDueJan. dDueApr. eDueM ay.

q

H ig h

Feb Tfl ___
Apr '16 . . . .
Mar’ 16 ___
9138
0134 2 0
9238

94
86

112
Sale 1 1 0
103*2 Jan T4

J 75 Sale
N . . . . 106
8
J 1037 Halo
N 10 1* 4 Sale
O 10 1* 4 Sale
82*2
99
09*2
N
07*2
N 96
O 10 2 *2 Salo
O 76 Salo
-D 1025s 103
84*4
-D
A 82i2 83
R 10373 105*4
-O 90*^ 91*8
N 102*2 Salo
J
70
-N
A 101*4 102
J 89*8 Salo

E

O
S

O
A
0
A
O
0

D

J

U S Steel Corp— / c o u p ____ dlUflJ^Vl--N
S f 10-60-yr 5 s l r c g ......... <|1963 M- N
Va-Car Ohem lat 15-yr 5s._1923|J ■ O
Conv deb 6s____________ el924|A - -O
W est Electric 1st 5s D ec
'. 19221J • J
J
WestJngh’ ao E A M conv oa. 1931! J
10-year coll tr notea 5a____1917! A - O
Coal & Iron
Buff A Susq Iron s f 5s_____ 1932! J D
Debenture 6s___________al92fl!M S
Col F A I C o gen a f g 5a____ 1943 F - A
Col Indus 1st A coll 5a g u .. 193-1 F - A

D
Continental Coal 1st g 5 s .._ 1962 F G r R lv Coal A C 1st g 6 a ../>1919 A - O
Kan A H C A C lat 8 f g 5a. 1951 J Pocah Con Collier Ist a / 5a. 1957 J - J
St L Rock M t A P 5s stm p d . 1955 J ■ J
Tenn Coal gen 5s.................... 1951 J ■ J
B Irm Div 1st consol 6a__ 1917 J - J
Teun D lv lat g 6a______ al917 A - O
Cah C M C o lat gu 6s____1922,3 V ictor Fuel lat a f 5s----------- 1953 J Va Iron CoalACoke 1st g 6s. lO lyjm - S
T elogra p h & T e le p h o n e
Am Telep A T el coll tr 4s___ 1929 J
J
Convertible 4a------------------ 1936 M- s
20-yr convertible 4 H a _____1933 M - s
Ceat Diet Tel lat 30-yr 5 s .. 1943 J D
J
Commercial Cable 1st g 4s . .2397
R e g iste re d ........................... 2397
J
Cumb T A T 1st A gen 5s_ 1937
_
.1
Keystone Telephone 1st 5s. .1935
-N
M etropol Tel A Tel 1st s f 6a 1918
A
M ich State Telep 1st 5s____ 1924
N Y A N J Tele -hone 5s g ._ 1920
N
N Y Telep lat A gen s f 4 H « - 1939
Pac Tel A Tel 1st 5a................. 1937
J
South Bell Tel A T lat s t 6a. 1941
- J
J
West Union coll tr our 6a ...1 9 3 8
Fd and real eat g 4 H s ____1960
-N
-N
M ut Un 1el g u e s t 6a____1941
Northwest To! gu 4 H9 g . . 1934 J - J

83
8 6 *a
102 117
93% 95
86*2 89
87% 92
87
91
129% 136%
81
85
104% 109%
103*4 109
99% 101*a
174 196%
174 196
95 1027a
95% 103
91*4 99%
95*8 97
92% 93

94 Feb TO . . . . 94
04%
2 73
76*2
73i2
74
102*8 Apr TO —
1 0 0 % 102*8

9973 1 0 2 10 1* 4 Apr TO
0
97*2
A 9738 Sale 9738
97*8
N 97*4 9738 97*8
103*2
8 103*2 104 103*2
86 Apr Tfl
O 853| 86
A 10.S*4 110 109*2
Hl*4
98
08*8 98
J 98
118*2
118*4
O 118*8
1 2 1 * 1 May'14
83*4 Apr TO
A 83*4

95 Mar'16
95
95
-N
100 Sop '15
N
82
821
2 32 8184 83*8
80
8034 48 79*2 8-134
J
0
108 Apr Tfl
106 108
99*4
993s
3 9834 10078
O
95** J 'l y ‘ 14
N
69 Jan TO
08
69
J
84 Oot 'Of
J
7334 Apr TC
73 74
S tam ped...............................1930 J - J
OOla Apr TC
60*2 62
U 8 R caltyA I conv deb g 5a 1921 J - J
55 Apr TC
55
597 U S Red A Refg 1st g 6 s .. 1031 J J
s
321
2
37
217 32*2 4fl34 T 8 Rubber lO -yrcoll tr 6s H)18iJ - D
T
90*4
90*4 10 90*4 92
U S Smelt R y A M conv Os’ 1920 F - A

93
93*2 93 Feb TO
101*8____ 99*2 Oct T5
a
114*2 115*2 1143 Apr TO
100*4 101 100*8 Apr ’ ll
99 Hep '15
101*4____ 102*4 Apr TO
1003s IOU4 101*8 Feb TC
84
87
100-38------ 100*4 Mar'16
98*2____ 98*2 Apr TC
91*4 91*8 92*8 Apr TC
1017a Salo I017a
10178
100*8 101 100*4 100*4
81 ____ 85»* Junu'12

N o . Low

Sop T5

Adams Ex coll tr g 4 s . .......... 1948
Alaska G old M deb 6s A ____1925
Armour A Co lat real eat 4 Ha '39
Bush Terminal 1st 4s______ 1952
Consol 58..........
1955
Bldgs 5s guar tax ex______ 1960
Chile Copper 10-year conv 7s 1923
Com puting Tab-R eo a t 6a__1941
G ranbyC on sM SAP con 6s A ’ 28 iM-

1021* N ov’ 15

O
8
D

H igh

100

Range
Since
Jan . I.

Ji

D 104*2 105*4 104*4 Apr TO . . . . 104*4 105

miscellaneous

107
401*
104U
451*
103

W eek ’ s
Range or
Last Sale

A sk L o w

1 0 1 **

Trenton G A El 1st g 6s____ 1949
Union Eiac L t A P 1st g 5s. _ 1932
Refunding A extension 6a_1933
Utica Eleo Lt A P 1st g 5a__1950
Utica Gaa A Elec ref 5s____ 195
W estchester Ltg gold 5s____1950

90*8 961*

107" Jan T0
401* Jan TO
104U Jan TO
451* Jan Tfl
103 ____ 104 Apr T6 ____
76 ____
69
72
72 Apr TO ___
85 Apr TO ____
80
82
17 Apr T6 ____
8
2 's -----0
1
1% 1'4
1'4
1
2
1*4 Mar’ 10
l
1*4 1 Feb T0
> Mar'16
4
‘8
*8
U Mar'16
>
8
%
833 85% 84*2 Apr T6 ___
4
93% 84%
73
/4
73 Apr T6
101 ____ 10434 Apr -1(5
8312 8134 84i2 Apr TO ___
20 Deo T5
25
100 102 100 Apr Tfl
90% ____ 96 Apr Tfl ___
97 Mar’ 16
9578 97
1
68
08
68
70
90 Apr T4
87 ____ 87*2 Apr TO
81
8512 86*2 Apr TO ____
1
85
____ 88*4 85

Price
Frid a y
M a y 5.
Bid

H ig h

105
100

Oct '15
Deo *15

103
103 Sep '15
4
1065s
N 106-38 107 100**
54 June’ ia
0
07 Feb To
J
F 12014 122 121*2
122
1
*5
IOI33
2
J 1013s 102 1013a
98l2 •- - - 03% N ov’ 15
J 103 104 10334 Apr TO
£
100*2 May'16
100 Fob T3
lOOH
103
1
N 103 Salo 103
91 Jan TC
O
0 104 ____ 104*2 Apr TO
o 117*4 119*8 117*4 Apr TO ___
R
8 126 129l2 126 Mar'16
J *89 ____ 88 Apr Tfl
Ed El 111 Bkn lat con g 4 s . 1939 J
3
F 101*8 Sale lOO5
*
1011s
Lao G a a L o f S t L 1st g 5 s ..a i9 1 9
8
O 101 Sale 1007S 101
R ef and ext > - 6s______ 1934
93
1
■N 9278 93*2 93
Milwaukee Gas l 1st 4s____1927
D 10-1 ____ 103*8 Mar’ 1
C
Newark Con Gas g 5s............1948
U 104*8 105 104*8
104*2 16
H Y G E L H A P g o s ........... 1948
6
84l2
A 84*4 Sale 84U
Purchaso money g 4a.......... 1949
J * 10834 110 10834 Apr 'H
Ed El 111 1st eons g 6a____1995
101
5
A 100'a 101 101
N Y&Q El L A P 1st con g 5a_ 1930
-I>
N Y A Rich Gas 1st g 5s____ 1921




BO N D S
N . Y . ST O C K E X C H A N G E .
Week Ending M ay 5.

Since
J a n . 1.

|j

Period

DONDS
, Y . ST O C K E X C H A N G E .
Week Ending M ay 6.

[Vol. 102

New York Bond Reoord—Concluded— Page 4

17 0 2

6

92%
93»4
80
89*4
110

101%
97%
8 96*4
26 103%
85
76 108%
11 977a
2:118
33

92%
95%
86

92
125
103
99*8
07*4
104%
88%
118
98%
118*4

83*2 85%

1 05*2 76*4
75
75
104*2 Apr TO . . . . 104*2 105
50 102*2 104%
1033;
104
101*4
1013.; 183 100*2 103%
73 100*4 102*8
IOP4
102

99*2
96*4

09*2
96*4

10 2 *2

10 2*2

1

4
2

99 i00*8
1)0*4 99*2
101% 103
09% 7734
102 107%
85
85
78
83%
103*4 105
90% 92*4
101% 103%

75
7734 885
Apr Tfl
85 Mar-10
82 Apr TO
51
104»4
105
30
91
OH;
101*2
102’*i 09
100 Oct* 13 . . . .
6
76
76
102 Apr '16 — J
3
89*8
8934
76 Mar'16 ..._|
10
73
75
74*2 70
9 -'< 9934 00-2
Us
O -5 40,
U
203
9234 Sale 92*2
93
3
125*3
125's 125l2 125*8
10158 11
W ilt 1015# 101*4
17
128*2 127 126*a
126*2
8
101
8
100*2 10078 1007
112
111*2 Sale 111*2
1
112
111*2 115 112
98
987a 98U Apr -16 ___
85
92
87*2
87*2 10
23
100 Sale 100
101
102*4 Sale 102
102*4 22

76
79
102 102*4
81
90
75
78%
72% 79%
97*- 100%
90*4 977a
124*4 127
101»4 103%
122% 127
100*2 102%
100% 128
105 125*2
96*2 99
87
87*2
9978 101%
101 I05*i

100
100*8 Apr TO ___
1
96*4 965a 90%
96%
16
98%
98*2 Salo 98*4
16
99's
98*a 99*8 OS's
26
105
10478 Salo 104*2
83
83
82
1
85
82
82% Apr TO . . . .
70*8 72
73 Apr TO
10
20
11 Apr TO
32
102*2 Salo lOli'2
103
111 Sale no5
60
s ua
105 Salo 10'13
4
1051a 450
6
105 Sale 104*4
105
12
985 Salo 98*2
8
98*8
100*4 101 101
101*2 30
102 Salo 101%
102
w
116 Sale 115*8
HO
8
101*2
101U 101l2 101*2

99*4 100*a
94% 957a
95*4 99%
967* 09
104% 106
80% 83%
82% 82%
70
73
11
11
102 103*2
110*2 112
103% 106*8
103% 105%
98
99%
1007a 103%
101% 103%
112% 141%
10138 101%

10 2

3

96
93
94
75*2
18
90
35

95*4
90
7534
93*2
9334

92 July T4
93 Fob Tfl
95 Apr Tfl —
75*2
757
8 12
73 M a r'll
93 Apr TO
99% Feb 'l l
91»4 Mar’ lO

35
2
90*8 t9012 90's
90'a
2
85%
85%
87
3
101 10134 10l3
4
101*4
101 102 101*4 Apr Tfl ___
10158 ____ 101% Apr TO
105
"88

89

917a sale
100 102*2
10034 Salo
100 10258
75
84
9934 Salo
98
101*8 101*4
9!) 100*4

88

' 89

2

d"
o

93

91

93

92% 95**
74*8 77

94% 94%
89
84
101*2
101%
101%

90%
88*2
103%
102
102

88

90*i

917a
101
100*4

02*4 129 90% 02*2
101
4 100 101%
107*8 31 105% 108*4
102 102-8
10 2 *2 Mar’ lfl
88% Juno'l*! __ ___ _____

12
99%
100
98 Apr TC . . . .
1
101*8
101*8
100 Apr Tfl

09% ioo‘%

98
08
101*8 101%
10 0

101

98*4 190 98% 99*2
98*4 Sale 98*4
44 99% 101*8
99-% 100
9934 Salo
100*2 30 99% 101%
100*4 Sale 100
1013;
9 100 10U*
100*2 Salo 100%
95*4
3 91% 90*2
9-1*4 Sale 9134
101*4 Apr TO —
101% 101%

04*4 ,

Due June, h Due July, k Due Aug. o Due Oof

M a r T O i.......

95

95

Oim Mnv r Duo Dec. s Option sale.

M a y 6 1 9 1 6 .]

BOSTON STOCK EXCHANGE — Stock Record

SH A K O P R IC E S — N O T P E R C E N T U M P R IC E S .
Saturday
A p ril 29

Wednesday
M ay’S

Tuesday
M ay 2

i M onday
| M ay 1

Thursday
M ay 4

Frid ay
M ay 5

■
1
* 10 2
10 2 % *102 1 0234 *1 0 1 % 10 2 *1 0 1 % 10 2
O
•100 i4 1 0 1 *10 0 i4 1 0 1 *100*4 IO 84 * 10 0 10 0 %

Last Sale 104 Apr’ 16
Last Sale 100 Mar’ 16
184 185
186 186 185 186 185 185
187 187
’ 72" 72"
72% 73
73
73
7234 7234 72*2 73
72*4 73
*13012 137>2 *13612 137% 136% 137 *136 136% 136 136
45% 45% "45% 45%
44*2 46
44% 46
44
44
44
44
232*2 232% 232%
*23212 ___ *232%___ ♦232%----- *232%___ ___________ 4*2 4% 232%
Mar’16
* 412
___________ Last Sale
4*2
*
•
___________ ___________ * 4%
Last
* 40
______________________ 40 40 Mar’10
40 Sale
•
*
___________ ___________ * 40
Last Sale 4% Apr’ 16
*4
5
*4
5
*4
5
•4
5
43
43
Last Sale l o o 's e p ’ iB
•154 155 *154 155 *154 155" *154 156
104 105 *104 ___
*104 105 105 105
*103 ___
*148 157 150 150 *148 157 *148 157 ♦148 157
76*2 76*2 "76" 77*"
*76
77
75
75
*75*2----- *75 ----126% 127 *127 128
*126 12612 127 127 *126 127
Last Sale
___________ 89 90 Apr’ 16
*— - 90
*
*
___________ ___________ * 90
90
Last Sale 100%Apr’ 16
___ * 10 0 100*2
10 0 % * 10 0
* 10 0
10 0 i2 * 10 0
*0
7
6*2
6 % *6
6*4 6*4 *6
O g 6 ,1 *6 % 7
S
3
31
32%
31
31
31
32
3334 34
32
32
33% 31
57
58
59% 57% 59
60*4 59*4 59% 59
59
5934 60
Last Sale 103 Apr’16
*103 ___ ♦103 ___ *103 - . . 1 *103 ___
151 151
151 151
151 151
151 151
*151 ___ 151 151
*19% 20
*19% 20
*19
20
20
20
*20
22
Last Sale 130* "Apr’16
*133 13334 *133% 134 *133 133% *132% 133
Last Sale 82% Mar’16
___ *115 ----- *115 ___ 115 115
*115 ___ * 1 1 2
60* ***"
60
59% 60
*60
61
*60
61
61
60i2 60i2 *60
76
76
76
76
___________ 75
78 76
78
78 *
78
*66
67
*66*2 68
67
*66
67% 67
*66
67
*8612 68
97
97%
97*2 97% 97*2 98
97% 977* 977g 97% 97% 98
*2 % 2 % *2% 3
2% 3
*2% 3
2*2
2*2
*212
3
15% 16
15
15
•163s 1534 *15% 1534 15% 15% 15% 15% 109 109*4 109 109
109 109*2
*109 10934 109% 110% 1 1 0 % 1 1 1
115% 115% *115 115*2 116% 115%
115*4 116
116 116
116 1 1 0
127% 128
128 128% 127% 128 *127*2 127%
12734 128
12734 128
*43
44% *43*2 45
40
46
46*4 *44*4 40
•45U 46U *45
90% 97*2
98
98*4 98% 98% 97% 98*4 97*2 98*2 97% 98
70*4
70 *69
*69*2 70% 70
70
70
70l4 70
io i" ioi”
*10014 10034 *100*4 10034 *10 0 % 10 0 % * 10 0 1 0 1 * 10 0 1 0 1
41
37% 36
36*8 38% 37
36% 3734 36*2 38
33
36
50*4 51
49*2 53
50% 51% 50*2 52
51
52
4912 51
Last Sale 10 Apr’ 16
* 10
10 %
10 %
10 % * 1 0
•10
10 % * 1 0
234 234 236 238 236 236 *236 ___ *237 240 240 240
162i2 16212 *163% 164 *163 164 *163 164 *162% 163 *162% 163%
98% 98% 98*2 98*2 98% 98*2 98*2
*98
98% *98
81
81
81% 81% 81% ‘ in ' 81*4
81
81% 81
81
8 H4
*82
83
80
81
80
82
81
82
82
82
83
83
155 155
157 157
•155 160 *155 160 *150 160
*1
1%
11 % 1
*1
1%
*
___________
*— H2
Last Sale
___________ ___________ 19 20 Apr"’ 16
20
*
*___ 20
•
___________ * 20
Apr’16
Last Sale 43
•43 ___ *43 ___ *43 ___ *13 ___
25
25
25
*___ 27% 25
*___ 27i2 *___ 27%
Last Sale 50
Apr’ 16
*50
55
*50
55
•50 55
*50
55
133 133 *132 133
132% 133
133 133
132 13212 132 132
152 154
152 152
160 160
152 152
154 154 ♦153 154
159 159
161 161 *160 161
*160 ___ 160 160
10 %
16% *16
16*2 *16
16 *16
*10
16*2 16
129 129
128*4 128*4 128*4 128% 129 129*2 129 129% 128" 130 "
52
51
51*2 50% 51% 49% 50
47
48*2 48*2 52% 51
31
31
31
31
31*8 31%
30
•30
30*2 30
Last Sale 1*4 Apr’ 16
*1
1*4
*1
1%
1*2
*1*4 1*2 * 1
147 151% 147 159%
147 148
146*2 148
140 147*2 147 149
68*4 59%
58% 59*4 58% 69
57*8 67% 57% 59*g 58*2 59
29% 29% 29*2 29% 29% 29% 29*2 29% 29%
•29*4 29*2 29
83
83*4 82% 82% 81*2 82%
83*4 83% 83*2 84 . 82% 83
115 115 115% 115% *115 115%
115% 11634 *115% 116
"*
9*2 9% " 9 % T o 4
9% 9*2
9*2 9%
9% 9%
9*2 0*8

3% 3% *3
4%
*334 4%
*98 101
*99 101
99*2 100
19% 19% 19% 20%
19% 20
.83 .95
.85 .85
% 1
*67
68
67
67
68
68
93% 90% 92*2 89% 91% 86 % 91*2
91
92% 92*2 94% 91
9
9*4
9
9%
87g 9*4
9*4 9*4
8*2
9%
9*4 9*2
3
3
3
3
3%
3*8 3*g *3
3*g 3*8
3
3*s
90*4 91% 88*2 92
93*2 90*2 92
9234 93*4 93*4 94% 92
72% 73% 72% 72%
72
73*2 72% 73% 72*2 72% 72% 72% '652 559
555 558
550 550 551 557 555 557 *552 659
17
10
16
16% 16% *16% 16% 10 % 16% *16
*16% 17
63% *52% 52% *52% 53
*54
543s 54
54
*53*2 54 *53
04
04 % 62% 63%
65
6378 04*4 64
6434 63% 64*2 04
3*4 3% *3
3%
3*4 3*2
3*8 3*4
3*4 3*i *3*8 3%
1212 1234 1 2 % 1 2 % 12*2 1 2 % 1 2 % 1 2 % 1 2 % 1 2 % 1 2 % 1 2 %
*8 % 9
8*2
8%
*8*2 9
8
9
9
8 % 8 % ♦ % 9%
87% 87*2 87
87
*86
88
88
*87
88*2
87
87 *87
•4934 50*2 50% 50% 49*2 49*2 49% 49*4 *49% 49% 49% 49*2
*14i2 15*2 14% 14*2 14% 14*2 14*2 14% 14*2 14*2 14% 14%
Last Sale 24 Mar’ 16
*20
24
*20
24
*20
24
*20
24
4*2 4% *4
4*2
*4
4*2 *4
4% *4
4% *4
4*2
60
*48
50
49
4934 *48*2 49*2 49% 49% *48
49
49
89
*89
89%
♦89 89*4
•89*4 91
*89
89*4 89
28
29
29
27% 28
29
30
"28i2 28% 28% 28*2 28
5
5*4
5*8 5*4
47g 5*4
5% 5 M
i
5
5%
5
5*4
6% 6%
6*4 634
6*2
0%
0
6%
6*4
6%
6 % 7%
15% 15%
15
15
16*4 16*4 16*8 16% 16
*16
17
16
4% 4% *4% 4%
4% 4%
*4*4 4*2
4% 4% *4% 4%
3% 3*4 *3% 3%
3*4 3*4 *2 % 3%
3*s 3*2
3*4 3*4
13
12% 13
12% 13
*1 2 % 13
12«4 13*4 13
•12% 13
3%
*3*4 334
3*8 3*4 *3
3*4
3*4 3*4 *3*4 3% *3
38*2 38*2 *3634 37*4 36% 30% 36% 36% 36% 36% 35% 35%
3% 3%
3% 3*2
3% 4
4
4
3% 3%
3% 3%
98
97
97% 90% 97
98*4 98% 98
95
96
96
97
18
18
18
18
17% 18 *17% 17% *17
17%
17% *17
7% 8
7*2 7*2
7*2 7*2 *7*2 8
7*2 7%
7% 7%
15
15 *1484 15 *14*2 15
13% 14% 13% 13% 13*2 13%
7% 8 %
8*4
8*2
8
8
7% 8 %
7% 8*8
8
8M
i
20
26% 25% 26
26*8 26*2
25%
25% 26% 25
25% 25
1%
1 % *1*4
1%
1*2
*1*4 1*2
1*2
1*4 1%
1*4 1*4
2
2
2%
*2
2 % *2
2 % *2
*2
2*4 *2
2%
♦ % 2%
2
*2% 3
2% 3
3% 3% *2% 3
*2*2 3
70
70
70*2 70% 69*2 70
69
69
68*4 68 %
70*4 71
93
93
93
93
93% 93% 91
93*2 94
93
•9212 94
14% 14% 14% 14% 14% 14% 14*2 14*2
15*8 15*4 14% 15
91% 93*4 93*4 94
9434 94
94
93
94
•93*2 9434 94
*22% 23*4 2 2 % 23% 2 2 % 2 2 % *22
22*2
23*4 23*4 23*4 23*4
72*2 72*2 72
♦71
73
72
*72
73
71% 72
72
72
2% 2 %
2% 2%
2% 2%
*2% 234
2% 2 %
2*2
2 12
8% 9
9
9
8% 8%
8% 8%
9
9%
9*4 9*4
*32*2 33
34
*32% 32% 31% 31%
•33*4 34
*33*4 33*4 34
7*2 7%
7% 7% *7*2 7%
7*2 7*2
7*2 7*2 *7*2 734
17% ♦16% 17
16% 1 0 %
•17*4 17*2 17*2 17% 17% 17% 17
3% 4%
3% 4
3% 4
334
334
4% 5*2
334 3%
54% 54
65*2 63
64% 54
54
*55*8 55*2 6 H4 55*2 54
7
7%
7*4 7%
7
7%
7% 7%
734
734
7% 734
.35 .39
.35 .36
.30 .37
.38 .38
.33 .33
.34 .37
73%
7434 70
74*4 75*4 72*4 74% 72*2 73% 72*2 73% 69
51% 51% 51*4 52
51% 61%
62
62
61% 52
51% 52
4% 5
47g 5
4% 4%
4% 4%
4% 5
4% 5
13% 13% *13% 14
13% 14
14
14*g 14
14% 13% 14
80
81% 82
*81% 82
80% 80% 81% 81% *79*4 79% 80
9
9*8
9
9*4
8 % 9*4
9
9*s
9
9*4
9*4 9%
3% 3%
3% 3%
•3*4 334 •3% 3%
4% 4*2 *3% 4
4% 4%
4*2 47g
4*8 4*2
4% 4%
4% 4*2
4% 4%
52
52
56% 56%
58*2 58*2 67
*56% 57% * ._ .. 57
57
2
2
•2*8 2*4
•2 *
g 2 % *2
2
2%
2 % *2
2%
* Bid and asked price, a Ex-dlvIdend and rights. 6 Ex-atock dividend,
4*4

4*4

4

4

4*4

4%

10 0 100*2 10 0 10 0
20*2 20 % 19% 20%
1*8
1%
1*4 1%
•1*4 1*2
68
69
08
68*2
*68*4 69

10 0
100
20*2 2 1




Sales
o f the
Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Railroads
Atch Topeka & Santa F0 ..IOO
Do pref.....................100
146 Boston * Albany_______ 100
284 Boston Elevated............... 100
54 Boston A Lowell________ 100
927 Boston & Maine________ 100
5 Boston A Providence____ 100
Boston Suburban Elec Cos.—
Do prel_______________
Boston A Woro Electric C os..
Do pref..____ _________
20
Chic June Ry A U S Y __ 100
Do pref_______________
22
1 Connecticut River______ 100
2 1 Fitchburg pref...................100
31 Georgia Ry A Elec stampdlOO
Do pref...................... 100
Maine Central__________ 100
175 Mass Electric Cos_______ 100
329 Do pref stamped____ 100
856 N Y N H A Hartford........ 100
Northern New Hampshire. 100
89 Old Colony...................... 100
10 Rutland, pref__________ 100
Union Pacific.................... ’ 90
Do pref...................... 100
4 Vermont A Massachusetts. 100
60 West End Street________ 50
47 Do pref____________ 60
Miscellaneous
1 1 Amer Agrlcul Chemical__ 100
168 Do pref...... ............ ..100
262 Amer Pneumatlo Service.. 50
436 Do pref____________ 50
467 Amer Sugar Refining____ 100
115 Do pref____________ 100
1,797 Amer Telep A Teleg-------- 100
50 American Woolen tr c tfs ___
321 Do preferred tr c tfs ___
548 Amoskeag Manufacturing___
21
Do pref______________
20.332 Atl Gulf A W I S S Lines. 100
9,909 Do pref........... .......... 100
East Boston Land______ 10
92 Edison Electric Ilium........100
18 General Electric________ 100
28 McElwaln (W H) 1st pref. 100
355 Massachusetts Gas Cos...100
162 Do pref_____ ______ 100
27 Mergenthaler Linotype.-.100
22 Mexican Telephone_____ 10
Mississippi River Power.. 100
Do pref...................... 100
61 New Eng Cotton Yarn___ 100
Do pref..................... 100
179 New England Telephone.. 100
475 Nlpe Bay Company_____ 100
48 Pullman Company..........100
34 Reece Button-Hole______ 10
415 Swift A Co........................ 100
4.902 Torrington_____________ 25
77 Do pref______ _____ 25
Union Copper L A M ____ 25
9.306 United Fruit___________ 100
14.835 United 8hoe Mach Corp.. 25
983 Do pref____ ____ ___25
1,772 U 8 Steel Corporation___ 100
27 Do pref...................... 100
4.315 Ventura Consol Oil Fields. 6
Mining
160 Adventure Con_________ 25
178 Ahmeek_______________ 25
1,760 Alaska Gold...................... 10
2,625 Algomah Mining............... 25
191 Allouez________________ 25
14,530 Amer Zinc, Lead A Smelt. 25
5,860 Arizona Commercial_____ 6
745 Butte-Balaklava Copper.. 10
4,426 Butte A Sup Cop (L td )... 10
2,310 Calumet A Arizona........... 10
81 Calumet A Hecla............. 25
50 Centennial..____ _______25
10 Chino Copper................
5
4,617 Copper Range Cons C o.-.100
810 Daly-West.................... .. 20
1,005 East Butte Copper M in ... 10
390 Franklin_______________ 25
81 Granby Consolidated........100
95 Greene Cananea________ 100
158 Hancock Consolidated___ 25
Hedley Gold.................... 10
60 Indiana Mining_________ 25
250 Island Creek Coal............. 1
20
Do pref...................... 1
484 Isle Royale Copper______ 25
3,879 Kerr Lake_____________ 5
5,085 Keweenaw Copper______ 25
196 Lake Copper C o ..._____ 25
170 La Sallo Copper________ 25
1,330 Mason Valley Mine_____ 6
660 Mass Consol................. . 25
245 Mayflower_____________ 25
195 Miami Copper__________ 6
3,665 Michigan..........................25
710 Mohawk............... .......... 25
140 Nevada Consolidated____ 6
985 New Arcadian Copper___ 25
205 New Idrta Quicksilver___ 5
2,231 Nlplsslng Mines________ 5
3,707 North Butte.................... 15
285 North Lake...................... 25
35 OJlbway Mining________ 25
850 Old Colony...................... 25
1,050 Old Dominion C o ............25
190 Osceola............. ................25
755 Pond Creek Coal............... 10
195 Quincy________________ 25
115 Ray Consolidated Copper. 10
165 St Mary’s Mineral Land.. 25
875 Santa Fe Gold A Copper.. 10
845 Shannon______ _________10
15 Shattuck-Arizona............. 10
225 South Lake____________ 25
340 Superior............................25
18,112 Superior A Boston Copper. 10
765 Tamarack-------------------- 25
985 Trinity............................. 25
0,600 Tuolumne Copper_______ 1
41,785 U S Smelt, Refin A M in.. 60
1,479 Do pref............. .........60
8,087 Utah-Apex Mining______ 5
610 Utah Consolidated______ 6
272 Utah Copper Co........... . 10
4,082 Utah Metal A Tunnel___ 1
80 Victoria............................25
405 Winona......................... . 25
285 Wolverine........................ 25
250 Wyandott ........................25
e Assessment paid. & Ex-rights. «

1703

S«« Nest Pag*

Range Since Ja n . 1.
Lowest.

H ighest.

Range fo r Precious
Y ear 1915.
Lowest.

H ighest.

92% Feb
97 Jan
170 Mar
73 June
109 Feb
20 Feb
225 Jan
5 Dec
40 Sep
5 Nov
39 Jan
157 Feb
10 1*2 July
140 Feb
51 Feb
114 Apr
84 Aug
92 Mar
4% June
33 July
43 Feb
89 Oct
140 Aug
15 Mar
116% Jan
79% Mar
105 Feb
61 May
80 July

109% Nov
101% Nov
198 Jan
96 Jan
138*2 Oct
37% Oct
240 June
10 Mar
56 Mar
9 Sep
47 July
160 Sep
110 Apr
165 Jan
76 Nov
120 Feb
88 Mar
103% Nov
10 Sep
50 Jan
87% Oct
98 Apr
157 Apr
30 Nov
141% Nov
81% Oct
125 Apr
72*2 Jan
93*2 Feb

48 Jan
87% Mar
1% Mar
13 Deo
100 Feb
109 Feb
116 Jan
16% Apr
77 Feb
59% Jan
97*2 May
4 Feb
9% Mar
8 % Dec
230 May
138% Feb
90*2 Aug
78 Apr
84 Nov
154 Feb
*4 Apr
10 June
35 Feb
20 Apr
25 July
zl27% June

73% Nov
101% Nov
4*2 Oct
19% Jan
119% Nov
119 Deo
130*2 Nov
57*4 Oct
99% Oct
67 Apr
101 Feb
30 Nov
49 Nov
13% Apr
260 Jan
184% Oct
104 Mar
94 Aug
92% Jan
200 Jan
3 Sep
16% Deo
46% Jan
30 Nov
65 Dec
143 Jan

150 Feb
15 Sep
104% Jan
28 Mar
26 Mar
.95 Jan
110 Feb
48 Aug
28 Mar
38 Feb
102*4 Jan
10% Deo

170 Oct
18*4 Jan
128 Nov
36*2 Deo
30*4 Sep
1% Apr
163 Nov
65 May
30 Aug
89*2 Deo
117*4 Oct
14% Nov

102 Mar 2
99 Jan 5
184 May 4
65% Apr 24
129 Jan 4
35 Jan 28
227*2 Mar27
4*2 Feb 29
40 Jan 18
4 Marl8
42 Feb 28

108 Jan 3
101*4 Mar 9
198 Feb 16
88 % Jan 19
145 Feb 11
52 Feb 14
235 Mar 2
5 Jan 8
4012 Feb 29
5% Jan 5
44 Jan 18

102% Apr 26
150 Jan 5
75 May 2
122 Jan 3
*86 Jan 10
99% Apr 7
6 Feb 3
31 May 2
57 May 5
97 Jan 3
150*4 Mar21
20 May 1
130 Apr 26
81% Mar 1
115 Apr 25
58 Apr 24
75 May 4

fd7% Mar27
162 Feg 19
87 Feb 14
127 Marl7
89 Apr 10
102 Jan 17
8 Feb 14
40 Feb 11
77% Jan 3
105 Feb 14
157 Feb 26
30 Jan 3
138% Jan 6
83% Jan 3
125 Mar 1
67% Jan 19
80 Feb 25

64 Apr 24
95*2 Mar23
2 Jan 18
13% Jan 5
106 Apr 22
114% Mar 1
126% Jan 31
43 Jan 11
92 Jan 11
66 Jan 3
99% Jan 20
27 Jan 14
42 Jan 15
10 Jan 4
234 Apr 27
159% Apr 22
98% Apr 17
81 Apr 27
80 May 3
155 May 4
1 Mar 8
15 Jan 18
43 Apr 5
25 Apr 22
50 Jan 24
131*4 Jan 11
102% Jan 11
158*2 Apr 28
15 Feb 3
125 Feb 5
35 Jan 14
28 Jan 14
.90 Mar28
136% Jan 31
51 Jan 3
28% Jan 3
79% Mar 1
115*4 Feb 5
8 Feb 16

71% Feb 11
99 Jan 3
3% Apr 12
16 May 4
116% Jan 8
118% Jan 13
131 Mar29
55 Marl4
101% Marl4
70*2 Mar 8
101% Feb 10
41 May 5
53 May 5
13% Jan 19
250 Mar 7
178 Jan 17
102 Feb 24
86% Jan 5
89 Feb 14
172 Jan 19
2% Jan 15
19 Apr 10
44 Feb 8
30 Jan 7
58 Jan 7
140 Marl7
160 May 5
171 Jan 17
16% Jan 12
134 Mar 6
52% May 1
32 Mar 2
2 Feb 23
159% May 5
59% May 5
2934 Feb 11
88% Jan 3
118% Jan 25
13 Jan 3

1% Feb 17
95 Jan 15
17*8 Mar 6
%May 3
64% Jan 14
66 Jan 31
7% Mari! 7
2% Apr 27
71%Jan 3
67% Jan 31
641 Mar28
16 Feb 1
51%Jan 31
59% Apr 22
2% Mar 1
11% Apr 24
8 %May 5
84 Apr 26
42% Apr 22
14% Mar24
24 Mar 9
4 Mar 9
44% Mar30
88 Jan 29
26% Jan 31
3*2 Mar 4
2% Feb 11
14*2 Apr 22
4*g Feb 16
2*2 Feb 23
11*4 Feb 1
3 Mar31
35 Jan 3
l%Jan 5
89 Jan 31
15 Jan 28
7 Apr 24
10*4 Jan 3
0 Mar 1
24% Apr 24
.90 Mar22
1*4 Jan 15
2*2 Mar 9
62 Jan 31
82 Jan 20
11% Mar 7
87 Jan 20
22 Apr 24
61%Jan 31
2*2 Apr 20
8 *gJan 5
31%Jan 31
6% Mar 6
15 Mar 18
l%Jan 13
47 Feb 28
7 May 4
.15 Jan 26
64% Jan 3
49 Feb 1
8 l s Feb 11
/
12% Jan 15
77 Jan 31
8 % May 5
2% Jan 3
3% Mar27
55 Apr 22
1% Jan 3
Unstamped,

5% Apr 11
4% Apr
1 Jan
106 MarlO
92% Deo 103 Aug
26% Jan 7
40% Apr
21% Dec
2 Apr 7
4% Apr
.45 Feb
74% Feb 21
66 Deo
35*2 Jan
97% Apr 10
72% Nov
16% Jan
10 Feb 14
9% Apr
3% Jan
5% Feb 5
4% Apr
2 Jan
105*4 Mar 9
80 June
35% Jan
75% Apr 12
78% Apr
51% Feb
586 Feb 14 350 Jan 630 Apr
19 Jan 6
25 Apr
15 Jan
60 Feb 19
32% Jan
67 Nov
67*2 Feb 19
65 Deo
30 Jan
3% Marl7
5% Apr
17g Jan
16*4 Jan 3
16% Deo
8 % Jan
10%Jan 8
14% Apr
4% Feb
98% Feb 10
94% Apr
68 Jan
62% Dec
52*2 Mar 9
23*4 Feb
19% Jan 4
24*2 Apr
11 Jan
27% Jan 26
29% Jan
20*2 Oct
6 Jan 3
10% Apr
2% Jan
54% Apr 11
41 Mar 52 Aug
91 Jan 5
91% Apr
85*2 Jan
31*4 Jan 6
34 Apr
17% Jan
5% Apr 29
5% Apr
3 Aug
8 Apr 6
4% Apr
1% Aug
19*2 Feb 10
19% Deo
6*2 Jan
5% Jan 3
9 Apr
3% Jan
4*4 Jan 4
1 Mar
5 Dec
15 Feb 23
17 Apr
3 Jan
5 Feb 10
8 Apr
3 Aug
39%Apr 4
16% Jan
36% Dec
4 Apr 6
3 Apr
.60 Mar
103*2 MarlO
98 Deo
46*4 Jan
18 Apr 3
11% Feb
17 Apr
10*4 Jan 4
4% Feb
14% June
24%Jan 19
4 July 13% Aug
8% May 1
87g Nov
5*8 Aug
32 Jan 3
38% Apr
22% Jan
4% Jan 3
4% Apr
1 Jan
2% Apr 6
3% Apr
.50 Mar
4 Jan 3
7% Apr
2*4 Nov
73% Marll
38% Mar 64 Deo
101% Marl 4
93% Apr
64 Jan
16 Apr 11
12 Jan
19% Aug
97% Feb 21
95 Apr
60 Jan
20 Feb 14
27% Nov
15% Jan
75*4 Mar28
65% Dec
28 Jan
3% Jan 8
5 Oct
1 Mar
12% Feb 14
11* 4 Apr
4 Jan
40% Feb 14
38 Nov
18% Jan
7% July
8*2 Jan 4
5% Nov
41% Apr
22% Jan
28*2 Jan 3
5% May 5
4% Apr
1 Mar
56% Jan 14
25 Jan
58% Aug
12% Jan 3
15% Oct
2% Feb
.50 Mar 17
.20 Jan
.63 Apr
78*4 Apr 11
64 Dec
20 Feb
53% Apr 11
28 Jan
60*2 Dec
5*8 Apr 10
5% June
2 Jan
15% Feb 11
16% June
9% Feb
86 % Feb 21
48% Jan
81% Dec
11* 2 Marl3
4% Feb 14
4% Apr
1 Feb
5 Jan 17
1% Jan
6*8 May
67*2 Feb 10
82 Jan
70 Apr
2% Feb 14
.60 Mar
2% Apr
s 2a paid, to HaU-pald.

THE CHRONICLE

1704

(Vol . 102.
F rid ay
Sales
Last Week’s Range
fo r
Sale.
o f Prices.
Week.
P a r. P rice. Low .
H ig h . Shares.

____ Outside Stock Exchanges_________

—Transactions in bonds at Bos­
ton Stock Exchange Apr. 29 to May 5, both inclusive:
Boston Bond Record.

F rid a y
Sales
Last Week's Range
fo r
o f P rices.
Week.
Sale.
P rice. Low .
H igh. Shares.

Bonds—■

5s_______________ 1924
98
Am Tel & Tel coll tr 4sl929 9244
Convertible 444s__ 1933
Atl G & W I SS I. 5s.. 1959 8044
Chic June & U S Y 5s. 1940 10044
Gt Nor-C B & Q 4s. .1921
K C & M Ry & Bge 5s.1929

£
o
o

444s_____________ 1931
New England Telep 5sl932
Pond Creek Coal 6s.. 1923
Swift & Co 1st 5s___ 1944
5544
United Fruit 444s___ 1923
U S Smelt Ref & M conv 6s lit
Western Tel & Tel 5S.1932 10044

10044
98
9144
107
79
10044
98
93
9644
94
10244
95
9944
9844
111

10044 $5,000
3,000
98
9244 52,000
10,500
107
8044 13S.500
9,000
101
1,000
98
93
1,000
96 M 32,000
94
35,000
10244 8,000
5,000
95
19,000
100
98 4
4 5,000
1114.1 55,000
101
5,000

Range since J a n . 1.
Low .

10044
9744
9044
10544
74
10044
98
93
9644
93
10144
87
9844
9744
10944
99

H igh.

Feb
Jan 99
Mar
Jan 93
Apr
Mar 10844 Mar
Jan 8044 May
May 10144 Apr
Apr 99
Feb
May 93 May
9944
96
Jan 103
Mar
Feb 95 May
Jan 10044 Mar
Jan 99
Apr
Apr 11144 May
Jan 101 May
1 0 2 'A

Stocks (C o n c l -

Mfrs Light & H eat... ..50 49)4
Nat Fireproofing com ..50
744
Preferred________ ..50
1644
Ohio Fuel Oil_______ ...1
1744
Ohio Fuel Supply___
3944
Oklahoma Natural Gas 100
Osage & Oklahoma Co .100
_
Pittsb Brewing com.. ..50 ___
Preferred________ -.50
Pittsburgh Coal com. .100 26)4
Pittsburgh Oil & Gas. .100
100
Pure OH common___ ...5
1944
Itlver Side Western 011.25
Ross Mining & Milling.. 1
San Toy Mining____ ...1
Union Natural Gas__ .100
__
Union Switch & Signal..50
100
U S Steel Corp com__ .100
West’house Air Brake..50 136
West’housc E & Mfg ..50 58
H
West Penn Tract pref. .100
West Penn Tr & W P. .100
-100
Bonds—
Columbia C & E 5s.. 927
.
Fed St & PI Val 5s... 912
Pittsb Coal deb 5s__ 1931 ..........

49)4
744
16)4
17
3944
7044
100
444
1944
2644
8
116
19)4
14
19c
17c
143
109
2914
82J4
13444
55)4
8344
1744
5144

50
844
17
1744
40
7044
100
444
1944
2844
8
116££
20
14
19c
17c
143
110
29 %

84
13644
5834
8344

533
540
570
450
65
20
35
65
50
865
170
120
4,218
20
300
200
20
255
115
130
350
940
10
15
10

Range since Ja n . 1.
Low .

49)4
7
16)4
1644
38
70
98
444
1644
23)4
644
115
18
12
5C
15c
141)4
109
27 %
80)4
13344
54)4
8344
17
44

H ig h .

Apr 5144
Apr 12
Apr 2444
Apr 19
Feb 4044
Jan 74
Mar 106
Mar
644
E
’eb 2144
Apr 36)4
Mar
944

Jan
Jan
Jan
PJan
Mar
Jan
1Jan
Jan
Jan
(Jan
Apr

Mar
Mar
Apr

Mar
May
Apr

Apr
May
Jan
Apr
Apr
May

2144
14
30c
25c
145
126
34 %
8844
140)4
7144
8344

Jan
Jan
Jan
Jan
Mar
May

Jan 5144 May
5144
Baltimore Stock Exchange.—Complete record oi the
transactions at the Baltimore Stock Exchange from Apr. 29
81
81
$3,000 80
Feb 81
Apr
100 100
1,000 100 May 100 May
to May 5, both inclusive, compiled from the official sales
9544 9644 4,000 9644 May 98)4 Jan
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
Exchange.
of par value.____________________________________________ of Philadelphia atStock Philadelphia—The complete record
transactions the
Stock Exchange from
Frid ay
Sales
Apr. 29 to May 5, both inclusive, compiled from the
tor
Last Week’s Range
Range since Ja n . 1 .
official sales lists, is given below. Prices for stocks are all
Week.
Low .
Stocks—
P a r Pr ice. L o w . H ig h . Shares.
H ig h .
dollars por sharo, n ot per cent. For bonds the quotations
Apr 42
Arundel Sand & Gravel. 100 3644 3644 3644
270 36
Feb are por cent of par value.
Balt Electric pref......... 50

Preferred____ ____ 100
Consol Gas, E 1. & l’ow 100

95

Cosden & Co.... ..............5
Cosdcn Gas___________ 5
Preferied___________ 5
Davison Chemlcal_.no par

2244
844
444
59

Houston OH trust ctfs.100
Preferred trust ctfs.-lCO

19

MtV Woodb Mills v tr . 100

1144

Oklahoma Produc & Ref.5
Pennsylv Wat & Pow.. 100
Sapulpa Refining______ 5
Symington (T II) pref. 100
United Ry & Elec_____ 50
Way land Oil & Gas......... 5
Bonds.

12
2744
5J4

Balt Elec stamped 5s. 1917
Balt Spar Pt & C 444s.1953

9944
97

Central Ry cons 5s__ 1932 10444
Charles & W Car Ist5sl946
City & Suburb 1st 5s. 1922
Coal & Coke 1st 5 s _ 1919
Consolidated Gas 5s.. 1939 10644
Cons G, E L & P 444s. 1935
Consol Coal ref 5s___ 1950
Cosden & Co l3t conv 6s’26 121
Elkhorn Coal Corp 6s. 1925 9744
F.lkhorn Fuel 5s..........1918 100
Fair & Clarks Trac 5s. 1938
Fairmont Coal 5s___ 1931
Georgia & Ala cons 5s. 1945
Ga Caro & Nor 1st 5s. 1929
Ga Sou & Florida 5s_ _ 1945
Hous Oil dlv certfs. 1923-25
Knoxville Traction 5s. 1938
Lynch & Va Water 4s. 1938
Mary’d Elec Ry 1st 5s 1931
Merch & Miners Trans 6s.
MtV' Woodb notes 6s. 1918
New Orl Gt North 5s. 1955
N News* Old PtlstSs 1938
Norf & Ports Trac 5s. 1936
Norfolk Ry & Lt 5s.. 1949
Pennsylv W & P 5s__ 1940

9944
9944
8344
9644

Seattle Electric 1st 5s. 1930
Turner (J Spencer) deb 6s.
United Ry & Elec 4s. _1949
Income 4s___ ____ 1949
Funding 5s_______ 1936

6344
86

Notes 5 s ............... 1921
Wabash equip 5s........1921
Wash Balt & Annap 5s 1941

4344
115
95
10844
108
2144
844
444
5S
17
19
61
19
1144
53
8744
644
7344
12
90
2744
544

4344
116
9544
10844
10844
23 4
4
9)4
444
60
17
2044
6144
19
1144

7744
9944
97
9944
10444
103
9644
10244
8844
9144
9S44
89
10644
9244
S844
9144
103*4
121
9744
100
10044
10044
9944
104
10244
103
80
8044
10244
9514
9844
102
9944
5544
9944
8344
9644
9244
10244
10144
93
8344
6244
86
8644
9944
9744
86

78
99 4
4
97
9944
10144
103
96)4
103
8844
9144
9844
89
10644
93
8844
9144
10344
121
9744
10044
10044
10044
9944
101
103
103
82
82
10244
9544
9844
102
9944
5544
9944
83)4
9644
9244
10244
10144
93
8344
63 4
4
8644
8644
9944
9741
86

S8
744
74
13 4
4
90
27 4
4
644

5 4344
151 63
249 8244
95 107
33 108
9,868 1444
6
5,939
5,073
444
495 5644
500 17
1,425 15
125 59
7 19
90 10
181
59 87
6
2.S95
135 72
9
199
10 90
730 2544
444
1,870

$8,000
4,000
13,000
9.000
1.000
1,000
4.000
2.000
3,000
6,000
1,000
2,000
3,000
9.000
1.000
1,000
2,000
12,000
3,000
13,000
506
1,000
1,000
1,000
5,000
4,000
41,000
1,500
4,000
1,000
12,000
14,000
20,000
6,000
1,000
38,000
7,000
21,000
2,000
5,000
4,000
50,000
23,000
3,000
2,000
5.000
2.000
1,000

76)4
9944
95)4
9944
10144
103
9644
10244
85
9144
98)4
89
10644
9244
8744
9144
103
10144
9734
100
100
9944
9644
10344
10244
10244
79
8044
10244
9544
9044
101
98
5544
9944
8144
95
90
102
10144
93
83
0034
8144
85
99
9744
84

Jan

4444
120
Jan 9944
Mar 11544
11544
Jan 26
Apt 1044
Apr
0
Apr 7144
Apr 19
Apr 2344
Apr 68
Apr 19
Mar 1644

90
Mar
744
Mar 7744
Jan 1044
Mar 110
Jan 29
Jan
944
Jan
Jan
Apr
Mar
Apr
Jan
Jan
May
May
Apr
Feb
Apr
Jan
Apr
Jan
Mar
Jan
Jan
Jan
Mar
May
Feb
Apr
May
May
May
Jan
Jan
Mar
May
May
Jan
Feb
Jan
May
May
Apr
Jan
Jan
Feb
May
Jan

78
100
9844
9944
105
10344
9944
103
89
91 *4
99 %
89
107
9444
9034
93
105
13844
9844
10034
10044
10144
9934
101
10344
103
8244
8244
101
9544
99
102
9934
5944
9944
8344
9644
9244
10244
10144
93
85
6344
8744
8744
9944
97)4
87

Jan
Apr
Apr
Jan

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

Stocks—■

Frid ay
Sales
fo r
Last Week’s Range
Sale.
o f Prices.
Week.
P a r. P rice. Low .
H igh. Shares.

Amer Wind Glass MachlOO
Preferred......... .......100
Amer Wind Glass pref. 100
Caney River Gas..........25
Columbia Gas & Elec.. 100
Consolidated Gas pref..50
Consolidated Ice com__ 50
Harb-Walk Refract__ 100
Preferred .................100
Independent Brewing__ 50
Preferred__________ 50
La Belle Iron Works.. 100
Preferred_________ 100
Lone Star Gas............ 100

16
5544 53
138
136
10044
3744
16
1544
19
4)4
85
84
103
344
1744 1/44
51
51
12844
91




16
5944
HO
102
37 4
4
10
20
144
85 4
4
103
344
1744
5344
12844
9144

50

6,265
120
1,395
50
1,575
67
10
505
60
15
85
525
15
125

Frid ay
Sales
Last Week’s Range
fo r
Sale.
o f Prices.
Week.
P a r . Price. Low .
H igh. Shares.

7

Preferred v t c.

58)4

Harrison Bros warrants.
Insurance Co of N A__

Low .

3144
132
100
37
11)4
19
3)4
7144
100
2)4
1544
50
123
90

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

941
75
76

_____
43

..........
.........
Pennsylvania Steel...

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

5544

!..........
1

Philadelphia Etectrlc.2244

Tono-Belmont Devel..
Tonopah Mining.........

_

4244
27)4

...

1744
76
8644
5*4i
•6)4
43

..........

8744
83

Warwick Iron & S........
Western N Y & Pa........
York Railways..
Preferred____
Bonds—

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

1344

.........
..........
85

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

Receipts.

x Ex-dlvIdend.

18 %

Range sin
Low .

7
7
20
6)4 A p r
110 9344 Feb
9844 99
88
Apr
40 88
9144
Jan
109)4 10944
20 108
Jan
829 38
4744 54)4
59
60
187 54)4 Jan
45
56 44
Jan
15 4
4
10 70)4 Jan
8144 8144
71
222 70
M ar
71 44
58)4 59)4
920 5844 A p r
34
31
130 3244 Feb
71
Jan
71
15 70
1
44
44
44
25
166 25
Jan
25 44
31
34
250 34
Apr
13
57
M ar
1344 11
55 6744 M a y
6(44 68
1,935
9)4
944
844 Jan
896 7444 M a y
7444 75
76
78
21 74)4 Jan
22
22
Jan
18
300
243
Jan
13
165 38
57
Feb
57
1 56
351
98)4 Jan
10044 102
3,872 55)4 M a y
255)4 57
23 60
78
80
Jan
79 M E
98
652
’cb
99 44
40
179 40
M ar
11)4
30 3544 Feb
3844 3844
619 41)4 M a y
41)4 1234
M ar
2,077 27
2744 28
60
1744 1744
1744 A p r
920
1744 Jan
1744 17)4
Apr
76
53 76
77
2,717
75)4 Jan
85)4 8944
4
M ar
5 5 7-16 28,740
1,567
644
5)4 M a r
644
43
255 'll 44 Jan
43 44
226 22644
73 22444 M a r
500 8744 Jan
S744 88
81)4 8144 11,861
79)4 M a r
115)4 11544
200 115 44 M a y
E'cb
10
1044 1044
136
M ar
10
885
1144 1344
M ay
49
49
2 49
385 6544 A p r
66
66
M ar
3,130 70
81
85
101
844 Feb
1344 13)4
10 3444 Jan
35)4 35)4

97
97
93
9344
93
9344
_____ 105)4 10544
.........
99% 99 34
4
10244 102 4
so
7944 80
_____
SO
81
.......... 10544 10544
100 100
95
95
10244 102 44
.........
5744 57 44
98
98)4
98)4
____ ! 10244 10244
.......... 11044 11044
.......... 110 110
.......... 9244 9244
.......... 10034 100)4
10044 100)4 10044
.......... 105)4 105)4
.........
92
92 44
_____
97
97
69)4 6944
6944 70
10544 10544
101)4 101)4 101)4
10544 10544 105)4
.......... 99 34 99)4
_____
83
83
9944 9944
9944
......... 101 101
.......... 101 10144
.......... S144 8244
S2
81
83
9344
9344 93)4
85
85
10244 102 44
......... 101)4 102
.......... 100 100
73
71
71
.........
9844 9844
36
36
36
96
96
93

T»n

5944
155
105
1244
17
20
5
8544
103
3)4
19
5544
13044
93

25

..........
1344

H igh.
\7 %

-

_____

Range since Ja n . 1.

15%

..........
1

_ .

May
Jan

Pittsburgh Stock Exchange.—The complete record of
transactions at the Pittsburgh Stock Exchange from Apr. 29
to May 5, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, n ot per cent. For bonds the quotations are per cent
of par value.

17 %

$1,000
10,000
1,100
3,000
6,000
1,000
18,000
2,400
1,000
10,500
1,000
5,000
10.0(H)
34,000
10,000
2,000
2,000
2,000
3,000
26,000
7,000
0,000
8,000
1,000
1,000
1,000
15,000
45,000
4,000
1,000
1,000
2,000
1,200
11,000
1,600
32,000
19,000
1,000
23,000
1,000
29,000
5,000
4,000
3,000

H ig h .

8
Jan
100
Mar
11544 Peb
10!)44 Mar
54)4 May
6244 Jan
47
Feb
81 % Mar
71 44 May
6044 Feb
38
Mar
7344 Mar
144 Apr
27
Jan
4844 Jan
15
Mar
7044 Apr
1244 Fob
79 X Jan
8244 Jan
2344 Mar
44 44 Mar
5744 Apr
10244 Feb
5944 Jan
90J4 Feb
9944 Jan
4544 Jan
39
Apr
45
Apr
2844 Jan
21
Jan
2144 Jan
7944 Jan
8944 Mar
5 7-16 May
7
Jan
4544 Jan
22744 Jan
9244 Jan
8844 Jan
11744 Jan
1044 Feb
1344 May
51
Jan
69
Feb
87
Jan
1344 Apr
39
Mar

97
93J4
9344
100
9944
102 44
8144
83
10644
100
9644
103
58
100
10344
11044
110
94
10344
10144
106
93
9744
7044
7044
10544
Jan 103
A p r 10644
99
Jan 100
8344
83
Jan
9844 Feb 99 44
10344 Jan 105
Jan 10444
103
8444
8144 M a y
M ay
82
8444
9644
9344 M a y
85 M n y 85
Jan 10244
102
98)4 Jan 10244
100
M a y 100
71
M ar
74
99
9444 Jan
36 M a y 37
92)4 Jam 9644

9644
89)4
8944
10444
99)4
10144
7944
76
105)4
100
94
101
5744
96
10144
11044
110
9144
10044
100)4
105
9144
95
69)4
69)4
10544
100)4
10544

Jan
Jan
Jan
Jan
Apr
Jan
M ay
Apr
M ay
M ay
Jan
Jan
Jan
Jan
M ar
Jan
M ay
Jam
Apr
M ay
M ar
Jan
Jan
M ay
M ay
M ay

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

May 6 1916.]

THE CHRONICLE

C hicago Stock E xch an ge.— Complete record of transac­
tions at Chicago Stock Exchange from Apr. 29 to M a y 5 , both
inclusive, compiled from the official sales lists, is as follows:

Stocks-

Sales
fo r
Last Week's Range
o f Prices.
Week.
Sale.
H igh. Shares.
Price. Low .

P a r.

American Radiator___ 100
Amer Shipbuilding___ 100
Preferred_________ 100
Booth Fisheries, com.. 100
Preferred_________ 100
Chic C’y & C Ry pt sh com
Preferred____________
Chic Kiev Ry com.............
Preferred.....................Chic Pneumatic Tool.. 100
Chic Rys part ctf “ 1"-----Chic Rys part ctf "2” ____
Com’wealth-Edlson__ 100
Deere & Co, pref......... 100
Diamond Match......... 100
Illinois Urick................100
Kansas City Ry & Light—
Preferred ctfs................
Lindsay Light..................
Preferred____________
National Biscuit, pref. 100
National Carbon_____ 100
Preferred .................100
People’s Gas Lt & C__ 100
Pub Serv of No 1 , comlOO
11
Preferred................. 100
Rights______________
Quaker Oats C o...........100
Preferred................. 100
Scais-Roebuck, com__ 100
Preferred.................100
Stew War Speed, com. 100
Swift A Co................... 100
Union Carbide Co____ 100
Ward, Mont & Co, pfd___
Bonds—
Armour & Co 4%s_ 1939
_
Chicago City Ry 5s__ 1927;
Chicago Rys 6s..........1927
Chic Rys 4s, series ‘‘B” .l
Chicago Telephone 5s. 1923
Com’wealth Edison 5s 1943
Met W S Elev 1st 4s..1938
Ogden Gas 5s............ 1945
Refunding gold 6s.. 1947
Chic Gas L & C 1st 5s ’37
Pub Serv Co 1st ref g 5s ’56
Sulzberger & Sons 1st 6s w I
Swift & Co 1st g 5s__ 1944

Range since Ja n . 1.
Low .

H ig h .

393
42
SS
32
73
2%
19
5
30
71
75
16
17
142
141
92 % 92
110% 107%
80

393
44
88
33
73%
2%
19
5
32
78
75
17
142
94%
111
80%

2 385
160 33
25 75%
52 25
77 60
14
2%
43 17
25
5
240 25
3,882 63%
25 70
266 13
211 140
422 92
1,183 102
147 76%

Jan 400
Jan 48%
Jan 91%
Jan 33
Jan 75%
May
3%
Mar 19
May
5
Apr 72
Mar 79
Apr 80
Apr 18%
Apr 146%
May 98
Mar 111
Jan 83%

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

57
13%
10
125
171
121%
Z100
107%
100
1
318
zl09
178
126
83%
128%
178
113%

57
14%
10
125
171
121%
104
109
100
1%
320
110%
ISO
126%
86
129
190
113%

1
990
100
5
60
5
613
100
69
828
40
67
550
25
1,310
634
2,082
318

55
6%
9%
124
170
120%
100
107
100
1
309
107
169%
125
82%
126%
170
112%

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

60
13%
10%
127
185
122%
112%
115%
104
2%
363
110%
188
127
90%
134
190
116

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

93%
98%
96
70
70
101% 101%
102% 102%
71
96%
100%
102%
94%
99%
99%

93%
98%
96%
70%
101%
102%
71%
96%
100%
102%
94%
99%
100

$2,000
22,000
41,000
3,000
16,000
14,000
4,000
25,000
10,000
2,000
2,000
15,000
19,000

93%
98%
96
69%
101%
102%
71
95%
100%
102%
94
99%
98%

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

94%
100
98%
75
102%
102%
73%
97%
102%
102%
94%
99%
100

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

14%

101%
107%
100

no

179%
84
128%
181%
93%
08%

x Ex-dlvldcnd.

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
M a y 5 1916.

Saturday........... .......
Monday........... .......
Tuesday.____ _____
Wednesday...............
Thursday___ '............
Friday......................

St ocks.
Sharei.

Par Value.

411,345 $36,638,050
892,311 79,763,400
622,438 53,972,150
583,755 52.202.200
526,402 47.748.200
873,157 77,909,325

Railroad,
dec..
Bonds.

SI,565,500
2.077.000
2.910.000
1.942.500
2.377.000
2.459.500

State, A n .
tu
< Foreign
fc
Bonds.

3308.000
561.500
598,000
1.354.000
743.500
643.500

V . S.
B o n d i.

Stocks (.Concl.)— Par

1705
F rid a y
Sales
Last Week’s Range
fo r
Sale.
o f Prices
Week.
P rice. Low .
H ig h . Shares

Davison Chcm__ (no par)
58
58
IJrlggs-Scabury Ord__ 100 140
135 141
Electric Gun.r
____
1%
1%
1%
Emerson Phonograph___ 5 12% 12% 13
Gaston, Williams & Wigmore Inc.r___ (no par)
63
63
65%
General Ry Signal___ 100 96
96
96
Grant Motor Car Corp._10
9% 9%
Guantanamo Sugar___ 50 81
81
85%
Hartman Corporation. 100 71
71
71
Haskell&Bark.Car (no par) 37
36% 41
Holly Sugar Corp.r(no par) 47
45
47
Preferred.r................100
96% 96%
Intercontinental Rubb.100
13% 14
Xntcrnat Merc Marine___
22
30
Preferred
85
95
International Motor pf.100
27
30
Kapo Manufacturing__
4%
4% 4%
Kathodion Bronze, pref..5
22% 24
Keneflck Zinc Corp(no par) 14% 14% 14%
Krcsge (S.S.) Co.,com.r.l0
10% 10%
Lake Torpedo Boat.r_. 10
7% 9
7%
Lima Loco, new com r.100 39
39
39
New preferred.r
95
95
95
Lynn Phonograph.r___ 1
10
9% 11__
Manhattan Transit___20
1% 1%,
Marconi Wlrel Tel of Am.6
3%
3
3%
Marlin Arms pi v t C..100 70
70
74
Maxim Munitions.r___10
9%
8% 11%
Midvale Steel & O rd.r..50 60% 59
62%
Pacific Mall SS, wi
22% 22% 22%
Pre.'erred, w i.r.
92
92
92
R ights______________
1%
Peerless Truck & Motor_50
23
25
Perlman Rlm.r__ (no par)
114 119
Poole Eng & Mach.r__ 100
105 108
Riker & Heg (Corp lor)..5
4%
4% 5%
St Joseph Lead.r_____ 10
16% 16
17
St L R M & Pac v t C-. 100
36% 37
St Louis & San Fr Rll, w 1
14% 14%
Saxon Motor Car.r__ 100
65
67
Stand Motor Const.r.. 10
9
9%
Submarine Boat..(no par)
34% 38%
Tobacco Prod, com .r.. 100
39%
Triangle Film v t c_____ 5
4% 4%
United Profit Sharing__ 1
1
1
%
U S Light & Heat.r___ 10
3%
2% 3%
Preferred -r ________ 10
4% 4%
U S Steamship.............. 10
6
6%
Wabash Pitts Ter Ry w 1
18% 19
Preferred, w l.r ______
48% 48%
White Motor_________ 50 48% 48% 49%
World Film Corp v t c__ 5
1%
1% 1%
Zinc Concentrating.r...10
4%
4% 5%
Standard Oil Subsldiarle
Anglo American Oil___ £1
15% 1 J
5 -1
Cumberland Pipe Line. 100
80
90
Galena-Signal Oil com. 100 155
155 155
Illinois Pipe Line_____ 100 170
170 173
Ohio Oil........................25 231
229 237
Pierce Oil____________ 25
14
14
Prairie Oil & Gas..........100
400 417
Prairie Pipe Line..........100
211 216
Southern Pipe Line___ 100
197 197
Standard Oil (Calif). . . 100
243 268
Standard Oil (Indiana) 100
540 570
Standard Oil (Kansas). 100
345 345
Standard Oil of N J . . . 100 520
515 524
Standard Oil of N Y ...100
208 213
Union Tank Line____ 100
83
84
Vacuum Oil................. 100
238 241

Range since J a n . 1.
Low .

100 58
550 130
2,575
1
2,080 11
9,900 62
47 96
1.400
7
302 62
100 70
4,370 36%
303 41
25 95
950 12
2.700 14
3,500 66%
130 20
2.700
4%
625 16
3.100 12%
200 10%
2,800 8%
100 35
200 95
3.600
2%
1.600
1%
1,300
3
300 70
35,500
4
34,000 57
200 22%
300 92
7,000
%
500 21%
1,670 111
105 90
10,600
4%
8.100 14%
700 35%
200 *12
460 60%
1.400
7
5,200 33
29%
4,690
3
3,350
%
2,500
2%
400
3%
4
490
2,900 17%
300 46
550 46%
3,000
%
10,600
3%
700
138
10
110
553
50
33
172
25
604
155
15
128
213
385
76

15
60
151
170
189
12%
395
205
197
234
487
345
465
200
SO
210

H ig h .

Apr 75
Jan 155
Jan
1%
Mar 14%
Apr
Apr
Apr
Jan
Apr
May
Apr
Apr
Feb
Feb
Feb
Jan
May
Feb
Mar
Apr
Apr
Mar
Mar
Jan
Apr
Apr
May
Mar
Apr
May
May
May
Apr
Apr
Feb
Mar
Jan
Mar
Apr
Mar
Jan
Jan
Jan
Feb
Apr
Jan
Jan
Apr
F
’eb
Jan
Jan
Apr
Apr
Feb
Apr
Feb
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Jan
May
Apr
Mar
Mar
Feb

Apr
Jan
Mar
Jan

70%wApr
98
Apr
9% Apr
86
Apr
76% w Jan
54% Jan
50
Apr
98
Apr
16% Jan
30 May
95 May
45
Jan
4% May
33
Jan
15% Apr
12% Apr
13% Jan
39
Mar
95
Mar
11% Apr
2% Jan
4% Jan
82
Apr
13
Jan
77% Jan
22% May
92 May
1% May
32
Jan
130
Apr
150
Jan
6% Feb
17% Mar
40
Mar
14% Apr
72
Jan
10% Feb
43% Jan
51% Mar
6% Jan
2%. Jan
4% Jan
5% Feb
6% Apr
20% Jan
51
Jan
53
Mar
3
Jan
6% Apr
18
90
160
190
260
17%
439
236
226
384
570
470
548
228
86
247

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

Other Oil Stocks
Amer Oil & Gas Corp___ 1
1%
2,480
l%i 1
1
Feb
1% Mar
Barnett Oil & Gas.r........1
3
3%
SI,000
3% 4.100
2% Jan
3% Apr
California Oll.r (prospect) 16%c
16c
19c 47,900 16c Apr 19c May
Total.................... 3,909,411 S34S,233,325 S13,931,500 34,268,500
Preferred .r
78c
76c
79c 5.500 76c Apr 79c May
SI,000
Cosden & Co.r________ 5 21% 21% 23% 9.050 14% Jan 26% Feb
Cosden Oil & Gas.r____ 5
8
8%
Week ending M a y 5.
9% 4.700
Salei at
6% Apr 10% Feb
J a n . 1 to M a y 5.
Preferred.r_________ 5
4% 4% 1,600
N ew York Stock
4% Apr
6% Feb
Empire Petroleum_____ 5 ‘ " 7 %
6% 7% 8,277
1916.
Exchange.
1015.
5% Jan
9
Mar
1016.
1915.
Federal Oll.r____ ^____ 5
1
1%.
1% 27,775
% Feb
1% Mar
Houston OH com.r___ 100 19
*17% 20% 3.050 14% Apr 23
Stocks—No. shares__
3,909,4111 4,790,637
Jan
59,202,307
43,135,534
Par value......... ..... $348,233,325 $394,189,100 $5,215,036,470 $3,090,004,435 Internat Petroleum.r ..£ l
2.500
11% 10% 12
13% Jan
Metropolitan Petroleum.5 18% 18% 20% 34,200 10% Apr 20% May
Bank shares, par____
$900
..........
17
Feb
$93,900
S90.700 Midwest Oll.r_________ 1 47c
47c 62%o 44,000 40c Apr 85c Feb
Bonds.
Preferred.r_________ 1
79c
80c
Government bonds...
SI,000
500 75c Apr 1 1-16 Mar
S5,000
$527,450
$429,000 Midwest Refining.r___ 50 66
65
70
State, mutt., &c., bds.
4,268,500
2,675 53
Feb 70 May
400,000
90,256,000
7,557,500 Mountain States Oll.r___
36c 39c
38
RIl. and mlsc. bonds.
13,931,500 22,212,700
8.100 35c Apr 40o Apr
289,S86,000
289,150,700 Muskogee Refining.r___ 1
2%
2% 3
8.700
1% Feb
3% Apr
Oklahoma Oil com.r___ 1 12c
11c
15c 63,500
Total bonds........... 318,201,000 322,617,700
7c Mar 20c Apr
$380,669,450
$297,143,200
Preferred.r_________ 1 1
% ih i 6,370
% Mar
l'X t May
Oklahoma Prod & Refg._5
6% 7%
6%
7.500
5% Mar
7% May
Pan-Ain Petr & Trans._r.6
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
*48 *49%
460 47% Apr 49% Apr
Sapulpa Refining, r____ 5
BALTIMORE EXCHANGES.
12
13% 2,800
8% Jan 16% Feb
Savoy OH..............
5
10% 10%
100
9% Mar 11% Jan
Sinclair Oil & Refg (no par) 47% 47
50
8.300 47 May 50 May
Philadelphia.
Boston.
Baltim ore.
U S Consolidated Oil___
5% 5% 5.300
5%
4% Apr
Week ending
5% Apr
United Western Oil____
76c
83c
83c 44,050 54c Mar •83c Apr
M a y 5 1916.
Shares. ^BondSales. Shares. [Bond Sales. Shares. |
Bond Sales.
Vacuum Gas & Oil___ rf 1
50o
50c 1,600 50c Apr 55c Apr
Victoria Oll.r...... ........... 1 " 2 %
2
2% 19,850
Saturday...........
1 Mar
2% Jan
15,996
$33,050
31,656
$44,000
8,021
$56,000 Wayland Oil & Gas com.5
Monday.........
5%
5% 6% 4,100
4% Jan
9% Feb
49,268
14,028
25,000
41.500
6,383
103,000
Tuesday______
26,707
115,500
9,994
5,449
79.500
44,900
Mining—
Wednesday____
40,070
116,450
56.000
9,581
3,465
88,000 Adanac Silver Mines.r ..l
66c 70o 164,500 55c Apr 70c May
68c
Thursday____
34,457
58,300
2,355
99.000
8,940
47,600 Alaska-Brlt Col Metals 1 . 1
75c 82c 41,300 55c Apr 82c May
80c
Friday ........... .....
50,955
54.000
5,581
9,553
64,700
72,800 Atlanta Mines.r_______ l 12%c
12%cl3%c 24.000 12%c Apr 23 %c Jan
Bingham Mines_______ 10 13%
Total............... 233,113 $374,000
12% 13% 42,400 10% Mar 13% May
31,254 $412,300 Booth.r
68,092 $513,000
18%o
18c 19c
18,200 17c Mar 44c Jan
Boston & Montana_____ 5
I'X t
1%
1% 74,700 60c Mar
1% Apr
Bradford Mines, Ltd___ 1
1% 1% 3,850
---- IvvUlU Ul Buffalo Mines, Ltd_____ 1
,
.
.
.
1% Apr *1% Apr
7,500
i%
1% 1%
1% May
% Feb
tho transactions in the outsido security markot from April 29 Butte Copper & Zinc v t c.5 ” 7%
6,400
7% 8%
6% Jan 12% Mar
to M a y 5, both inclusive.
It covers all tho sales for tho Butte & N Y Copper___ 1
1.350
2% 3
2% Jan
4% Mar
Calaveras Copper.r____ 5 " 4 %
4%
4% 15.800
week ending Friday afternoon.
4% Jan
2% Jan
Caledonia______________
81c
83c
1% 28,900 81c May 1 5-32 Apr
Canada Copper, r______ 5 1%
1 11-16 1% 4.200 1 3-16 Mar 2 1-16 Jan
F rid ay
Sales
Cush Boy_____________ 1
8c
7%c 8%c 28,100
Last Week's Range
3%c Feb
Week ending
9o Apr
fo r
Range since Ja n . 1.
Cerro dePascoCop.(no par)
37
38
800 36
Sale.
Jan 42% Feb
M ag 5
o f Prices.
Week.
Comstock Tunnel.r........2
8c 8%c 3.200
Stocks—
Par P rice. Low .
7c Apr 17o Jan
H igh. Shares.
Low .
Consol Arizona Smelt___ 5
H igh .
15,500
1%
1% Mar
1% 1%
2
Jan
Consol Copper Mines___ 5
2%
2
2%
1.700
Aetna Explos.r__ (no par)
21
1% Feb
19% 18
2% Jan
27,200 17% Apr 25
Feb Consol Nevada-Utah___ 3 15-32
11-32 15-32 6,000
Ajax Rubber, Inc......... 60 67
% Jan
66
67% 1,400 65
% Mar
Apr 73% F
’cb Dupont Copper.r_______
2%
2% 3
5.350
14
1% Mar
Amer Druggist Synd.r.10
*13% 14% 5,666 12
3
Apr
Feb 14% Jan Eagle Blue Bell.r______ l
2% 2% 2.800
2%
American Navigation__ 10 _____
10
1%
11
13-16 Mar
90 10 May
12
Apr Emma Copper.r_______ l 48c 43 %C 50c 56.000 17%c Apr 2 70c Mar
Jan
Am Zinc L & S pf w l.r.100
75% 75%
100 73
Mar 76
Mar First National Copper__ 5
5
4% 5% 4.700
4% May
41% 26,150 26
Atl Gulf & W 1 SS LlneslOO 41% 33
8% Jan
Jan 41% May Fortuna Mines Corp.r___
1% 9,190
1%
1%
1% May
2
Apr
Preferred_________ 100 52% *49% 523^ 12,210 42
Jan 52% May Goldfield Cons Mines..10 89c
87c 94c 16,350 75c Apr 1 9-16 Jan
Atlantic Steel...........100
60
60
27 55
Jan 62
Apr Goldfield Merger.r......... l l.% c ll% c
13c 16,600 10%c Mar 21c Jan
114% 116
Baltimore Tube, com.. 100
400 62
Jan 120
Mar Granite Gold M ining.r...
60c 70c
4.100 60c May 84c Mar
Preferred................. 100
94
95
170 80
Jan 96% Mar Hecla Mining__________
5
4% 4%
3,175
3% Jan
ISrlt-Am Tob ord bear..£l
5
Mar
100 15% May 15% May ilolllnger Gold Mines___ 5
15% 15% 15%
29% 29
30
650 25% Feb 30 May
Butler Chemical.r
5
5% 6% 2,780
5%
2% Jan
7% Apr Howe Sound....................
5% 5%
100
5
Feb
Canadian Nat Gas._.IIIl
8
Jan
1% Apr
1% 1% 8,200
1%
2% Jan Intern & Inlercon M & R.
1% 1% 2.100
1%
Car Ltg & I’ower.r.
as
1% May
1% May
6
4% Mar
6%
7% 18,200
7% May International Mines.r___
14c
Chevrolet Motor......... ioo 203
28,000 115
194% 204
Jan 204 May Iron Blossom.r______ I0c 15c 2 1-16C 18c 30.000 10c Mar 31c Apr
2%c 7,025
Jan
lc
Consolidated Ordnanco.25 25% 25% 25%
2%c Apr
815 25
Apr *20
Apr Jerome Verde Copper.r__
1% 1% 14.000
Cuba Cano Sugar, com. ioo 01
1% Apr
1% May
Jan 71% Mar Jim Butler, r.................. l
53% 61% 46,000 43
1%.
1% 19,740 85c Mar 1 5-16 Jan
Preferred____ _____ 100 94 % *92% 96% 12,870 87
|
Jan 102
Mar Jumbo Extension______ l 1%.
76c
74c 77c
13,200 70c Mar
1% Jan




THE CHRONICLE

1706
Sales
Frid ay
fo r
Last Week’s Range
o f Prices.
Sale.
Mining (Concl.)— P a r. P rice. Low . H ig h . Shares.

Kerr Lake..................... 5
Kewanus.r-----------La Jara Gold.r.......
La Rose Consol Mines— 5
Magma Copper-------------5
Majestic Mines-------------5
Marsh Mining.r...............
McKlnley-Darragh-Sav r .l
Mines Co of America__ 10
Mojave Tungsten C o.r..2
Monitor Silver, r-------Montana Consolldatcd.r..
Mother Lode.r____
Nlplssing Mines----------- 5
North Butte Devel.r-----Oatman Big Jim_____ 10c
Oatman Gold Key.l------ 1
Oatman Lexington.!-----1
Oatman Nellie (prospect) 1

5
*5 4
12 Me 15c
50c 56c
1
%
*4
17 M 174

5 'A
14c
52c

16c
67c
3M
6
1M
%

33c
7M
1%
>C

44o
O ro.r___________
Peterson Lake_________ 1 31Mc
4M
Ray Hercules Mlnlng.r—
Rex Cons’d . r ------------- 1 33Mc
Rochester Mines Co........ 1 66c
69c
Ruby Sliver.r.
17Mc
San Toy-------Silver Plck.r.........
Standard Silver Lead
Stewart Mining-----Success Mining-----Superstition Min (prosp’t)
Temlskamlng.r-----"
Tonopah Belmont, r
Tonopah Extension
Tonopah Mining_
_
U S Continental Mlnlng.

Yuscaran Consol.r.
Bonds—

%

12c
1%
750
29c
74c
4M
6%
6a
%
4M
lie
25
1%
96c
14
1M

4 ,10 0

14,500
73,300
21,000
600
100
Vx
15Mc 19Mc 124,200
62c 72c 55,000
1,000
2M 3 4
5,750
5M 6 4
22,425
1 3-16 2
2,300
9-16 Yi
32c 35Mc 84,000
7M 8 H 12,800
7-16 3,000
'4
14 c 3,530
l ’4 »o
23c
25c 9,000
67c 67c 1,700
29c
30C 7,700
47c 12,000
43c
4c
6c 4,500
30c
35c 49,000
15,300
4M 5
16c
39c 104,100
64c
70c 41,200
68c
69c 1,400
200
56c
56c
16c
18c 26,200
6,700
%
%
12c
14c 29,900
1M 14 14,300
ylt 73c 18,000
76c 20,950
70c
29c 9,500
27c
81c 52,000
72c
3,975
54
4M
6 'As 7 % 34,000
950
74
64
% 15-16 3,800
4,340
3 M 44
13c 33,000
11c
24M 264 15,700
7,800
1M 2
1*n 20,250
91c
3,785
13M 15
2,700
1 7-16 1 %

97
1 100
J _____

97
99M
43
93 V.
Cuban Mtg Banks Cs.
3 _____ 10034
Mldvale St A Ord 5s. r ’3 6 97 M 97M
St Louis & San Fran RR69
0 .........
68 '4
) _____
5 69 K 69
99 %
1.........
* Odd lots. I A prospect, r Unlisted,
rights, z Ex-stock dividend.

Q u o t a t io n s fo r S u n d r y S e c u r itie s

Range since J a n . 1.
Low .

All bond prices are "and Interest" except where marked “ f.

H ig h .

Feb *54 May
4
12Me Mar 22c Jan
30c Apr 62c Apr
1 May
9-16 Mar
Jan 194 Mar
15
Apr 1 15-lf Jan
M
15c Apr 46c Feb
38c Jan 72c May
Jan
4
2 4 Mar
6 4 May
3 4 Mar
2 May
Vs Apr
14 Mar
% Feb
20c Jan 40c Apr
8 4 May
6 4 Feb
3-16 Mar
4 Feb
lMc Mar 2 3-16C Apr
23c Mar 25c Apr
68c Apr
63c Mar
29c Mar 32c Mar
30c Mar 50c Apr
6c Jan
4c Mar
23c Mar 39c Jan
5 4 Mar
2 4 Mar
13c Apr 39c May
Jan 76c Apr
55c
54c Feb 76c Mar
50c Feb 60c Apr
’eb 26c Jan
15c F
11-16 Apr
1 4 Mar
14c Apr
3c Feb
Jan
2
1 7-16 Mar
3-16 Feb 13-16 Mar
D
630 Mar 95C r C
29c Apr 42c Jan
51c Mar 81c May
5 May
4 4 Mar
May
3 15-16 Jan 7
6 Mar
7 4 May
Apr
1
4 Feb
4 4 Mar
3 4 Apr
Jan 18c Mar
80
Feb 274 Apr
10
2 May
14 Apr
68c Mar Du May
Apr
Feb 15
5
1 1-16 Feb
14 Apr

974 290,000 964
100M 61,000 994
9,000 25
45
954 42,000 92
100M 3,000 100^
974 285,000 96

Apr 984 Apr
Apr 1014 Feb
Mar
Mar 60
Apr 95M May
May 101^ Apr
Feb
Apr 100

694 43,000 68 Ji Apr 72 X Apr
17,000 G8H May 70 May
70
Apr 69% May
69 4 11,000 65
_
99 4 10,000 OOJi'May 100_ Mar
to When Issued, x Ex-dividend. V Ex-

C U R R ENT NOTICE.
— Mellor & Allen, formerly o f Philadelphia, have been appointed solo
general agents in the City of New York for tlio Provident Lifo & Trust Co.
of Philadelphia. The insurance firm has opened offices in the Singer
Building, 149 Broadway. Sigourney Mellor of Mellor & Allen, Is a brother
of Abraham Barker Mellor o f the Philadelphia Banking firm o f Mellor
Messrs. Baker, Ayling & Co. are offering, by advertisement on another
page, New England Power Co. 1st M tge. 5% Sinking Fund Gold Bonds at
98K and interest, to net 5.10%. The earnings, after bond 'nterest.^of'the
Now England Co. system totaled not less than $614,000 for tho year
en^ T h e % r
ock3Exchange firm of Davies, Thomas & Co. have removed
their offices from the Guaranty Trust Bldg, to the Hanover Bank Bldg.,
5 Nassau St., this city. The firm has just issued an interesting circular
on tho Wabash Railway.
.
,
. ,___ . __Weil, Roth & C o., Cincinnati, announce the appointment o f Herbert
M . Cammack as Manager o f their Chicago office. M r. Cammack was
formerly in tho bond department o f the Central Trust Co.___________ _

N ew

Y o r k C ity B a n k s a n d
Bid

525
204
Atlantic___ 175
Battery Park 145
Bowery * ... 390
Bronx Boro* 200
175
135
95
Butch A Dr.
600
Chat A Phen 2 10
Cheslsoa Ex*
395

Ask

535
207
180
165
145
105
615
215
125
402
183

178
fl49
190
180
450
325 335
fl68 fl69
317 322
Cosmopol’n* 100
East River.. 75
165
Fidelity*... 165
Fifth Ave*.. 4400 4800
Fifth........... 250 275
First........... 915
Garfield___ 185 200
140
Germ-Amer* 130
350 390
Germania *. 400 425
Gotham___ 200
280
265
620 630
Harriman .. 345 355
490 500
192
186
720 750
Liberty __
Lincoln ___ 310 330

CltlzensCent
City.........
Coal A Iron.
Colonial*—
Columbia*..
Commerce..

B id
Banks.
Manhattan * 295
Mark A Fult 235
Mech A Met 267
Merchants’ . 180
Metropolis*. t295
Metropol’n * 174
Mutual___ 325
New Noth*. 215
NewYorkCo 725
New York.. 380
Pacific •___ 275
Park......... 430
People’s*__ 220
Prod ISxch*. 200
Public •___ 160
Seaboard __ 415
Second------ 395
Sherman__ 125
State *------ 100
23d Ward*. 100
Union Exch. 138
Unit States* 600
Wash H’ts*. 225
Westch Av* - ___
West Side*. 400
Yorkvlllo*.. 475
Brooklyn

Coney Isl’d*
First..........
Flatbush__
Greenpolnt .
Hillside *-—
Homestead *
Mechanics*.
Montauk*..
Nassau____
Natlon’ICIty
North Side*.
People’s-----

T ru st
A sk

305
245
272
185

C o m p a n ie s

Trust Co’s
N e w York

B id

Ask

455
Astor_____ 445
Bankers Tr. 450 460
160
B’way Trust 148
CentralTrust 1175 1200
—
180 Columbia__ 545 552
. . . . Commercial. 110
225 Empire____ 290 300'
455
825 Equitable Tr 445
390 Farm L A Tr 1300 210
Fidelity___ 200 300
440 Fulton____ 280
235 Guaranty Tr t443
210 Hudson___ 145
135
190 Law Tit A Tr 130
125
430 LlncoInTrust 118
410 Metropolitan 420 430
135 Mut’l (West­
chester). . 125
115
135 N Y Life Ins
A Trust.. 980 1000
145
605
N Y Trust.. 595
—
TltleGuATr t373
—
155'
Sl<6 Transatlan 'c
450 Union Trust 365 375
550 USMtgATr 392 400
UnltedStates 1020 1040
140
Westchestor 130
____ 140
270
255
Brooklyn
142
134
130
116
115 BrooklynTr. 615
100
255 265
90 Franklln . .
---140 Hamilton__ 265 275
130
110 Kings C o ... 630 650
85
205 Manufaot'rs
195
150
Citizens . . 145
280
270
185 People’s----- 280 287
170
85
140 Queens C o..
130

•Banks marked with a (•) are State banks tSale at auotlon or at Stock Ex­
change this week, v Ex-rights__s Sale price.
__
_

N ew Y ork
B id

Alliance R’ty 70
Amer Surety 125
Bond A M Q 282
Casualty Co
8
City Invest’g *1 ”
Preferred.. 65

C ity R e a lt y a n d S u r e t y C o m p a n ie s
Ask

80
130
286
T T

75




B id

Lawyers Mtg 166
Mtg Bond— 114
Nat Surety. 248
NYMtgASeo 85
NY Title Ins 40

Ask

170
119
252
95
48

B id

Realty Assoc
(Brooklyn) 90
U S Casualty 190
USTltleGAI 60
Wes A Bronx
TltleAMC

[V o l . 10 2

Ask

100
210
60
175

Tobacco Stocks— Per Sha re.
Par B id. As*.
American Cigar common 100 120 128
snglo-Amer OH new ... £1 *154 10'4
Preferred___________ 100 98 101
ktlantio Refining.......... .100 680 690
Borne-Scrymser Co----- .100 315 330 Amer Machino A Fdry..100 80 88
Buckeye Pipe Line C o.. ..50 *94 96 Brltlsh-Amer Tobao ord..HI •1412 15ij
Ordinary, bearer_____ £1 *1412 15i2
Chesebrough Mfg Cons. .100 990 1010
Colonial O il................. .100 170 180 Conley Foil.....................100 325 350
Continental Oil______ 100 305 315 Johnson Tin Foil A Met. 100 140 160
165
Crescent Pipe Line C o.. ..50 *39 42 MacAndrews A Forbes.. 100 160 101
Preferred____________100 99
Cumberland Pipe Line. .100 80 85
225
Eureka Pipe Line Co__ .100 205 210 Porto Rlcan-Amer Tob--100 215 475
Galena-Signal Oil com.. .100 164 156 Reynolds (R J) Tobacco.100 455 122
Preferred___________ 100 120
Preferred............. ..... .100 143 148
Illinois Pipe Line-------- .100 170 172 Tobacco Products com..100 39 41
*95 98 United Cigar Stores com. 100 91 93
Indiana Pipe Line C o.. .6 0
Internat Petroleum___ £1 *11 1U2 Preferred___________ 100 115 130
National Transit Co... 12.50 *17 19 Young (J S) Co..............100 150 170
Preferred................... 100 105 110
New York Transit C o.. .100 170 180
Northern Pipe Lina Co. .100 98 101
..26 •230 232
Ohio Oil Co...................
..26 *56 58
Short Term Notes. P e rc e n t .
*134 14
Pierce Oil Corp_______
.100 400 405 AmerLocomSs July 1910 J-J 100is 1003S
6s. July 1917...............J-J 10012101U
Prairie Pipe Line_____ .100 211 213
lOOW
HHW
i
Solar Refining........... . .100 290 300 A m T A T 4)$s 1918
Southern Plpo Line Co. .100 197 200 Anaconda Copper 6s T7 M-8 10078il01i8
South Penn Oil............. .100 345 350 Balt A Ohio 4>$s 1917.JAD 10012 1003.1
4Hs. 1918.............. JAD 101 lOlU
Southwest Pa Pice Lines.100 103 106
10212
Standard Oil (California) 1 ' 245 248 Canadian Pao 6s 1924.MAS2 101 10234
0C
Standard OH (Indiana). .100 643 548 Ches A Ohio 5s 1919...J-D 93 10114
95
Standard OH (Kansas) . .100 440 450 Chlo Elev Ry 5s 1916....J-J 9934 100ig
Standard Oil (Kentucky) 100 375 380 Chic A West Ind 5 s ’ 17-MAS
10112
Standard Oil (Nebraska).100 350 360 Erie RR 5Hs 1917___ A-O IOU4 100V
8
Standard Oil of New Jer .100 518 522 General Rubber 6s 1918 JAD 10058
Standard Oil of New Y’rklOO 207 209 Hocking Valley 5s 1917.M-N 10U8 IOU2
10U8
Standard Oil (Ohio) — .100 610 620 Int Harv 6s Feb 15 ’18.F-A 1 0 U8 1021«
10138
Swan A Finch________ .100 105 115 Minn Gen El 6s 1917...JAD
Union Tank Lino Co__ .100 82 84 MorganA Wright 5s Dec.1,T8 lOO'i 100»3
O
.100 235 240 New Eng Nav 6s 1917.M-N 100 IO I4
100
Washington OH______ —10 *35 45 N Y N H A I 1 4 « s May 1917 IO I4 100's
O 100S8
Pub Ser Corp N J 5s T9 MAS
Rem AmsU.M.C. 5s'19 F&A 9838 9834
Plorce Oil Corp con 6s. 1924 82 84 Schwarz A Sulzb 6s ’ 16..J-D 10018 10038
Southern Ry 5s 1917..M-S2 10012 10034
8ulzASonsCo6sJ’no l ’ 16M-S 100l8 10038
hare.
United Fruit 5s 1918-- M-N 101 1013g
UtahSecurCorp 6s '22 M-S15 96 07
21 Winches RepArms5sT8M&S 9912 093.J
AetnaExploslves now(no par)
81
New York City Notes—
Preferred___________ 100
101 IOII4
25 6s Sept 1916___________
Amer A British Mfg____100
10318 103U
70 6a Sept 1 1917...................
Preferred___________ 100
Canadian Govt. Notes
Atlas Powder common—1001'195 205
15 20 5s Aug 1 1916...............FAA 10038 10058
Rights
O
Preferred___________ 100 99 101 5s Aug 1 1917...............FAA 10012 IO 84
Babcock A W ilcox ..__ 100 113 110
Bliss (E W) Co common..50 *400 415
Preferred___________ 60 *75 85
Public Utilities—
Canada Fdys A ForglngslOO-tldS 185
Canadian Car A Fdry__ 100 65 70 Am Gas A Eleo com_____ 60i*148 150
Preferred____________ 50 *51 62
Preferred___________ 100 75 80
Canadian Explosives com 100 275 300 Am Lt A Trac common..100 370 375
Preferred___________ 100 n o 112
Preferred______ , ____100 100 110
Carbon Steel common__ 100 72 75 Amer Power A Lt com— 100 64 66
Preferred................... 100 85 86
80 90
1st preferred________ 100
45
2d preferred________ 100 60 64 Amer Public Utilities comlOO 78 47
80
Preferred___________ 100
Colt’s Patent Fire Arms
775 795 Cities Service Co com__ 100 180 183
M fg............................100
Preferred___________ 100 82 84
Crocker-Wheeler Co com.100 100 103
Dixon (Jos) Crucible___ 100 240 280 Com’w’lth Pow Ry A L..100 04 06
Preferred___________ 100 84 86
Drlggs-Seabury Ord CorplOO 135 140
Elec Bond A Share pref--100 dlOO 102
duPont (E I) de Nemours
12 14
Powder com (new)— 100 A328 335 Federal Light A Traotlon 100 46 49
Preferred___________ 100
Preferred___________ 100 104 107
88
Electric Boat................. 100 340 350 Great West Pow 5s 1946.JAJ 85 90
Preferred___________ 100 340 350 Indiana Lighting Co----- 100 77 79
4s 1958 optional___ F-A
Hercules Powder com__ 100 380 390
60>2 61
Preferred___________ 100 115 117 North’n States Pow com.100 9612 9712
Preferred___________ 100
Hopkins A Allen Arms. .100 25 45
1st A ref 5s 1941___ AAO 96 96*2
Preferred___________ 100 60 75
U
International Arms_____ 25 *15 16 Pacific Gas A Eleo 00m .. 100 SO 60
1st preferred________ 100 89 91
Lako Torpedo Boat com.. 10 *8 10
2d pref (old pref)___ 100 91 93
Midvale Steel A Ordnance 50 ♦62 64
20
Nlles-Bement-Pond com. 100 155 165 Republic Ry A Light----- 100 72 28
Preferred.....................100 90 74
Preferred___________ 100 100 105
92
Scovlll M fg ................. 100 545 560 South Calif Edison com.100 102 106
Preferred_____ _____ -100 97*2
Submarine Boat__ (no par.) ♦34 35
Winchester ReDeat Arms 100 1875 1975 Southwest Pow A L pref 100 *10i2 100
IDs
Standard Gas A El (Del). 50
Preferred____________ 60 *37 38
12 1212
RR. Equipments— PerCt Basis Ask Tennesseo Ry L A P com 100 51 63
B id.
Preferred____ _______ 100
4.30 4.15 United Gas A Eleo Corp.100 18 21
Baltimore A Ohio 4Hs.
1st preferred________ 100 74 77
Buff Roch A Pittsburgh 4Hs 4.55 4.30
19
2d preferred________ 100 63 22
Equipment 4s.................. 4.55 4.30
Canadian Pacific 4H#_____ 4.55 4.30 United Lt A Rys com— 100 7612 65
4.70 4.35
1st preferred________ 100 10 78
Caro Cllnchf A Ohio 5s____
17
4.50 4.20 Western Power common. 100
Central of Georgia 5s___ . . .
Preferred___________ 100 6012 01t2
Equipment 4J^s________ 4.50 4.20
6.75 4.90
Chicago A Alton 4s_______
Chicago A Eastern 1 15s___ 6.00 5.15
1
Equipment 4Hs________ 5.60 5.15
Industrial
Chlo Ind A Loulsv 4 Ms____ 4.80 4.40
and Miscellaneous
Chic St LA NO 6s............... 4.45 4.20 Amer Bank Note com___ 5 *40 42
0|
Chicago A N W 4Ms--------- 4.30 4.12
Preferred____ ________6 | *60 51
0
Chicago R IA Pac 4M«------ 6.40 4.90 American Brass____________ 10 0 3267
270
Colorado A Southern 6s----- 4.75 4.30
Erie 5s_________ _ . . . . ----- 4.50' 4.20 American Chicle com __ 100 45 47l2
4.50; 4.20
Preferred___________ 100 74 76
Equipment 4Ms-----------Equipment 4s__________ 4.50 4.20 Am Graphophono com..100 119 122
Preferred___________ 100 130 133
Hocking Valley 4s________ 4.50 4.20
Equipment 5s__________ 4.50 4.20 American Hardware___ 100 121*2 123
41 44
Illinois Central 6s________ 4.30 4.15 Amer Typefounders com.100 93 96
4.30, 4.15
Preferred___________ 100 113
11412
Kanawha A Mlchfgan 4Ms— 4.65 4.40 Borden’s Cond Milk com.100 105 107
Preferred___________ 100
Louisville A Nashville 5s----- 4.30 4.10
4%' 4.10 Celluloid Company........100 170 176
Ml n n 8 t P A S S M4 Ms ----1
2
Missouri Kansas A Texas 6*. 5.85; 5.00 Havana Tobacco Co----- 100
2
3l2
Preferred----------------- 100
6.80 5.00
Missouri Paclflo 6s-----1st g 6s June 1 1922--J-D /48 63
4.70 4.35
Mobile A Ohio 6s------4.70 4.35 Intercontinen Rub com.. 100 13 14t2
Equipment 4Ms-----New York Central Lines 5s.. 4.60 4.15 Internnt Banking Co----- 100 160 163
4.50 4.15 International Salt-------- 100 38>2 40
Equipment 4Ms-----1st g 5s 1951----------A-O /74l2 76
N Y Ontario A West 4M s... 4.35 4.15
99
Norfolk A Western 4Ms___ 4.30; 4.12 International Silver pref. 100! •82 101
86
4.30 4.12 Lehigh Valley Coal Sales.60
Equipment 4 s..____
4.25 4.00 Otis Elevator com_____ 100 60 62
Pennsylvania RR 4Ms.
90 9212
4.25 4.00
Preferred___________ 100
Equipment 4s______
St Louis Iron Mt A Sou 5s.. 5.40 4.90 Remington Typewriter—
Common____________100 13 14
St Louts A San Francisco 5f. 5.65 5.00
1st preferred------------- 100 68 70
4.60 4.35
Seaboard Air Line 5s____
38 40
2 preferred-------------- 100 140 146
d
4.60 4.35
Equipment 4Hs______
Royal Baking Powd com. 100
4.30 4.05
Southern Paclflo Co 4Ms.
Preferred----------------- 100 10012 10Hi
4.65 4.25
Southern Railway 4Ms—
4.70 4.38
Toledo A Ohio Central 4s.
_ ’
I ___ _________________________
• Per share 6 Basis, d Purchaser also pays accrued dividend, e NewBtock.
/ Flat price. h Ex special cash dlv. of 6% and 19% In Anglo-French bonds,
z Nominal, r Ex-divtdend. v Ex-rlghts.
Standard Oil Stocks

Pt 'Share
Par B id. Ask

may

6 1916.]

THE CHRONICLE
% n m s tm z n t

am i

1707

^ la x lr a a x l % n t z l l x Q m t z .

R A I L R O A D
G R O S S
E A R N I N G S .
T h e following table shows the gross earnings of every S T E A M railroad from which regular w eekly or m onthly returns
can be obtained.
T h e first two columns of figures give the gross earnings for the latest week or m on th , and the last two
columns the earnings for tho period from July 1 to and including the latest week or m o n th .
W e add a supplem entary
statem ent to show the fiscal year totals of those roads whose fiscal year does not begin with J u ly , b u t covers some other
period.
The returns of the electric railways are brought together separately on a subsequent page.
L a test G ross E a r n in g s .
RO A D S.

W eek or
M o n th .

C u rr e n t
Y ear.

P re v io u s
Y ear.

July 1 to L a test D a le .
C u rr e n t
Y ear.

P re v io u s
Y ear.

Ala N O & Tex P a c$
N O & N or E a st. M a r c h _
_
341.471 310,344 2,890,906 2,684,507
Ala & Vicksburg . M a r c h _
_
142,797 122,639 1,282,755 1,152,175
Vicks Slirev & P M a r c h _
_
138,794 108,860 1,260,934 1,052,192
Ann A rbor_______ 3d wk Apr
48,253
44,059 2,124,838 1,870,017
A tch T op & S F e___ M arch____ 11532792 9,596,607 98,810,673 88,476,378
Atlanta Birm & Atl 3d wk Apr
59,006
53,305 2,509,501 2,191,708
Atlanta & VVast Pt March____
121,442 102,476! 1,027,175
895,940
Atlantic Coast Line March____ 3,576,092 3,302,789 25,407,450 23,635,100
Charlost & W Car M arch____
191,944 174,445 1,408,556 1,341,050
Lou Hond & St L March____
143,880 112,532 1,197,904 1,060,128
oBaltim oro & O liio. March____ 9,269,711 7,352,832 82,079,479 67,446,586
B & O C liT e r lilt M arch____
160,691 124,141 1,297,758 1,179,346
404,622 431,635 2,731,606 2,813,375
Bangor & A roostook March____
Bossomer & L E rio. M a r c h _
551,458 318,128 7,981,281 5,978,213
_
93,342
55,078
Birmingham South. M a r c h _
_
720,241
629.168
Boston & M a ln o .. M a r c h _ 4,297,377 3,760,314 38.160,663 34,946,536
_
B u ff Koclx & P ittsb. 4th wk Apr 298,866 226,099 9,897,130 7,863,766
137,227 108,859 1,305,042 1,107,040
B uffalo & Susq lilt March .
Canadian Nor S yst. 4tli wk Apr 844,100 585,900
Canadian P acific. 4th wk Apr 3,166,000 2,074,000 104803 802 83,799,821
Central o f Georgia M arch____ 1,128,515 1,110,235 9,638.977 9,410,874
Cent o f New Jersey M arch____ 3,060,128 2,423,456 27,153,443 23.600,479
Cent Now England- M arch____
314,718 344,945 3,513,758 2,859,996
Central V erm on t.. M a r c h _
_
372,285 327,163 3,146,675 2,859,352
Ches & Ohio Linos. 4th wk Apr 1,254,576 1,150,991 39,766.735 32,304,776
Chicago & A lton___ M a r c h _ 1,469,693 1,159,552 12,232,317 10,831,134
_
Chic Burl & Quincy M arch___ 8,946,622 6,856,419 77,418,806 70,218,084
_ 1,449,690 1,137,936 12,926,009 11,034,241
b Chicago & East 1 1 M a r c h _
1
c Chic Great W e s t.. 3d wk Apr 284,828 270,742 12.333.579 11,412,407
Chic Ind & Louisv. 4th wk Apr 194,435
168,781 6,315,519 5,434,023
Chic M ilw & St P - l March___ 8,876,705 7,544,390 78,623,717 69,503,270
Chic M il & Pug S .
I
M a r c h _____ 7.796.634 6,222,792 70,049,382 63,900,592
dOhic & North West
C hic Poor & S t L . . . M a r c h _____
152.075 130,015 1,319,703 1,249,897
Chic R ock Isl & Pac M a r c h _____ 6,216,410 5,288,860 54,465,602 52,513,860
Chic R I & G ulf. M a r c h ____
252,199 219,736 2,409,254 2.311.738
dChic St P M & Om M a r c h _____ 1,762,112 1,500,462 15,026,421 14,097,689
Chic Torro II & S E M a r c h _____
260,813 181,348 2,000,814 1,712,816
Cin Ham & D ayton M a r c h _____
721,910 701,586 7,961,202 7,195,880
C olorado M idland. M a r c h _____
106,710 110,133 1,174,802 1,382,016
e Colorado & South. 3 d w k A p r
261,769 238,391 12,853,729 11,842,411
Cornwall
M a r c h _____
24,898
11,293
142,111
98,163
Cornwall & Lebanon M a r c h _____
41,884
22,850
222,164
341,010
Cuba Railroad____ M a r c h _____
799,779 588,628 4,752,922 3,662,565
Delaware & Hudson M a r c h _____ 2.034.635 1,909,897 19,252,252 16,851,704
Dol Lack & Wostern M a r c h ____ 4,234,295 3,149,484 36,737,922 31,735,272
D onv & Rio Grande 4 t h w k A p r
538,400 496,400 20,761,520 18,206,527
Western P a c ific .. M a r c h ____
600,304 415,850 5,486.534 4,149,904
Denver & Salt Lako 2 d w k A p r
2 0 ,2 0 0
22,398 1,521,048 1,320,371
D otroit Tol & Iront M a r c h ____
189,935 117,519 1,633,648 1,396,658
D etroit & M ackinac 4 t h w k A p r
26,193
32,677
952,887
903,588
D ot & T ol Shore L F e b r u a r y . .
161,043 128,479 1,117,153 1,008,950
D u l& Iron R a n g o .. M a r c h ______
98,778 4,179,165 3,029,245
115,563
Dul So Shore & Atl 3 d w k A p r
67,666
54,739 2,752,661 2,332,819
Duluth W inn & Pac M a r c h _____
247,032 134,531 1,248,755 1,032,541
Elgin Joliet & E a st. M a r c h _____ 1,237,726 745,690 9,688,906 6.148.739
El Paso & Sou West M a r c h _____
967,084 685,757 7,648,008 5,681,798
Erio
____
M a r c h _____ 5,625,287 5,022,503 53,919,614 45,199,196
990,047 674,572 4,998,320 3,895,197
Florida East OoastI M a r c h _____
80,260
Fonda Johns & GIov M a r c h _____
69,656
697,401
648,494
283,083 240,418 2,367,242 2,182,562
Georgia R a ilroa d .. M a r c h _____
116,326
Grand Trunk P a c .. 2 d w k A p r
52,230 4,730,980 3,156,423
Grand Trunk S yst. 3 d w it A p r 1,059,661 869,772 43.404.580 40,004,911
Grand Trunk R y 2 d w k A p r
687,149 667,786 32,879,167 31,383,643
Grand Trk West 2 d w k A p r
196,996 147,995 6,735,085 5,641,442
D ot G r II & M ilw 2 d w k A p r
68,325
48,845 2,494,448 2,033,659
Great N orth System M a r c h _____ 6,377,978 4,747,969 60,716,951 52,688,891
G u lf & Ship Island. M a r c h _____
167,909 146,294 1,463,938 1,221,465
Hocking Valley____ M a r c h _____
539,571 403,868
Illinois Central____ M a r c h _____ 5,943,011 5,103,745 5.395.282 4,706,998
51,791,576
Internal & Grt N or M a r c h ____
780,887 704,097 7,095,145 47,736,098
7,107,819
Kansas C ity South. M a r c h ____
922.754 812,326 7,839,633 7,625,730
Lehigh Valley_____ M a r c h _____ 3,889,169 3,232,529 35.143,212 31,263,574
Lehigh & Hud Itlv . M a r c h _____
143.755 144,617 1,544,664 1,309,180
Lehigh & N ow E n g . M a r c h _____
283,792 183,842 2,606,115 1,844,008
Louisiana & A rkan. M a r c h _____
142,809 153,078 1,258,825 1,291,415
Louisiana R y & N av M a r c h _____
164,978 188,592 1,689,550 1,510,759
/L ou isv ille & Nashv 3 d w k A p r 1,197,195' 968,625 48,319,176 42,032,691
M alno C entral_____ M a r c h _____ 1,031,3431 974,216 8,878,834 8,576,633
M aryland & Ponna. M a r c h ____
40,0471
44,642
390,424
354,883
M idland Valloy____ F e b r u a r y . .
142,088 107,541 1,207,576
988,316
M ineral Rango____ 3 d w k A p r
23.075
17,862
862,061
654,201
Minnoap & St Louis 4 t h w k A p r
178,858 171,227 9,016,770 8,576,742
M inn St P & S S M . 3 d w k A p r
602,269 454,118 28,320,568 22,940.950
Mississippi Central. M a r c l i ____
67,626
73,569
607,829
586,258
0 M o K an & Texas. 4 t l i w k A p r
693,001 798,722 26,996,985 28,232.057
h Missouri Pacific
M arch . .
5,477.491 4,600,583 47,962,404 44,652,650
Nashv Chatt & St’£ M a r c h ____ 1,130,021 923,237 9.480.282 8,284,652
/ N ew Y ork Contral M a r c h _____ 16752552 12638873
138554616 113992609
Boston & A lb a n y M a r c h _____
n Lake Erie & W . M a r c h _____ 1,668,346 1,333,929 14,395,605 12,135,603
M ichigan Central M a r c l i _____ _ 577,892! 472,821 5,134,653 4,270,718
2,763,909
Clevo O O & St L M a r c l i _____ 3,705,548 2,916,739 30,310,399 24,904,218
32,272,210 27,098,476
Cincinnati North. M a r c h ____I 3,826,727
165,923 115,610
Pitts & Lake Erie M a r c l i ____I 2,029,244 1,103,627 1,356,276 1,167,089
Y Chic & St L . M a r c h _____ 1,262,633 953,559 16.754,562 10,533,797
10,667,645 8,481,600
T ol & Ohio C ent. M a r c h _____
486,236 297,115 4,017.189 3,849,304
Kauawha & M ich M a r c l i _____
310,607 200,429 2,716,541 2,187,534
T o t all lines abovo M a r c h _____ 30785559 22796 641 256079 696 208681551

N

Novada-Cal-0 regon 3d wkfApr

5,8001

6 ,439

291.222

303,271

L a te st C ro ss E a r n in g s .

R O A D S.

W eek o r
M o n th .

C u rre n t
Y ear.

July 1 to L a te s t D a te .

P re v io u s
Y ear.

C u rre n t
Y ear.

P re v io u s
Y ear.

$
S
$
$
New Orl Great Nor M arch____
172,760 130,206 1,349,734 1,188,948
N O Mobile & Chic. M arch____
181,624 152,913 1,487,815 1.347,371
N Y N II & Ila rtf.. M arch____ 6,098,626 5,351,512 55,726,965 47,759,573
N Y Ont & Western M arch___
638,681 629,020 6,793,423 6,748,898
_
N Y Susq & W est.. M arch_
444,347 334,007 3,337,559 2,876,796
Norfolk Southern.. M arch____ 435,205 358,712 3,386,136 2,910,030
Norfolk & Western. M arch____ 5,056,887 3,428,528 42,346,188 30,887,221
_
Northern Pacific_ 4th wk Apr 1,685,000 1,373,000 62,037,402 53,184,928
Northwestern Pac. March
291,601 232,714 3,151,261 2,660,842
Pacific Coast C o_ M arch____ 538,989 514,725 5,480,170 4.780,257
_
p Pennsylvania R R . M arch____ 18907092 14624857 162111 187 136442611
Balt Ches & A tl.. M arch____
73,764
78,448
855,872
950,500
Cumberland Vail. M arch____ 309,771 240,718 2,598,255 2,174,470
Long Island
M arch.
1,003,464 931,456 10,372.845 9,782.050
Maryl’d Del & Va M arch____
57,226
64,664
678,144
721,461
N Y Phila & Norf M arch____ 393,272 296,203 3.395,550 2,743,183
Phil Balt & Wash M arch____ 2,007,298 1,588,993 17,201,760 14.945,823
M arch___
W Jersey & Seasb
532.405 442,634 5,628,349' 4,919,598
Pennsylvania C o _ M arch____ 5,703,737 4,025,642 51,481,030 39,386,178
_
Grand Rap & Ind M arch____ 467,103 442,486 4,193,567 4,055,316
Pitts C O & St L . M arch____ 4,187,157 3,117,130 34,924.052 28,738,818
Vandalia . .
M arch____ 1,095,508. 914,836 9,450^812 8,394,303
Total lines—
East Pitts & Erie M arch____ 23594 050'18498 249 206833082 176410258
West Pitts & Erie M arch__ 11609411 8,630,478 101337664 81,708,769
All East & West. M arch____ 35203 462 27128727 308170748 258119 027
Pere Marquette_ March____ 1,855,564.1,489,783 15,732,982113.575^453
_
Reading Co—
Phila & Reading. M arch____ 5,354,008 4,016,206 43,356,550 35,0501492
Coal & Iron C o .. M arch___ 3,711,421; 1,952,876 28,600,479;22,219,939
Total both cos_ M arch____ 9,065,429 5,969,082 71.957,029 57.270.431
_
Rich Frod & Potom March
321,352 267,603 2,325,567| 2,065.366
Rio Grande June_ January_
_
_
58,189
58 935
610,728!
671,594­
Rio Grande South. 3d wk Apr
10,136
9,683
449,673!
446,729
Rutland__________ M arch____ 332,001 264,772 2,803,983 2.578.478
St Jos & Grand Isl. M arch____
153,179 102,842 1.344,312 1,151 125
St L Brownsv & M _ M arch____ 209.805 201,745 1,956,443 1,698,996
St L Iron Mtn & So February. . 2,409,889 2,321,844 21,636,782 20,540.208
St Louis & San Fran February 3,847,218 3,292,604 31,572,995 29,212,063
St Louis Southwest. 4th wk Apr 303,000 223,000 10,295,360 9,043,503
San Ped L A & S L . March____ 997,126 839,992 8,116,719 6,858,517
------------- ----------Soaboard Air Line. March
2,449,736 2,130,471 18,336.143 16,252,312
_
Southern Pacific_ M a r c h _ 12773558 10909808 113894942 97,145,743
_
Southern Railway. . 3d wk Apr 1,417,640 1,203,871 56,106,308 50,918,181
Mobile & Ohio. . 3d wk Apr 242,977 220,395 9,396,684 8,848,193
Cin N O & Tex P . 3d wk Apr 231,635 177,822 8,817,165 7,559,799
Ala Groat South. 3d wk Apr 104,694
86,644 4,414,232 3,809,933
Georgia So & Fla. 3d wk Apr
45,933
41,105 2,000,051 1,839.597
Virginia & So W_ 3d wk Apr
36,788
32,750 1,583,882 1.484,237
Spok Port & Seattle February.. 375,742 274,726 3,344,281 3.095,449
'Penn Ala & Georgia 3d wk Apr
2,490
1,062
82,141
56,747
Tonnesse Central M arch____ 129,227 125,863 1,183,775 1,111,431
Texas & Pacific.
4thjwk Apr 441,242 389,137 16,223,074 15.301,144
Toledo Peor & West 3d wk Apr
18,148
18,562
981,603!
971,361
Toledo St L & West 4th wk Apr
93.805
82,907! 4.590,089 3,847,718
Trinity & Brazos V March____
70,880
64,442
724,783
828,579
Union Pacific SystI M a r c h _ 8,717,166 6,259,937 78,153,591 66,752,825
_
Virginian_______
M arch____ 771,061 486,392 5,695,719! 4,491,478
Wabash____II
March____ 3,085,110 2,364,282 25,656,261 22,055,032
Western Maryland I 4th wk Apr 245,577 224,198 8,903,755 7,000,726
Western Ry of Ala. March . .
106,883 111,898!
986,4491
948,468
Wheel & Lake Erie. M arch____ 749,067 410,862 6,527.867! 3,929,065
Yazoo & Miss Vail March . . 1.058,521 998,059 10,224,445 9,022,097
P e r io d .

V a rio u s F i s c a l Y e a r s .

Buffalo & Susquehanna R R ___
Canadian Northern System___
Delawaro & Hudson__________
E rio_________________ _____
New York Central.)__________
Boston & Albany___________
Lake Erie & Western .n _____
Michigan Central__________
Oleve Cine Chic & St L ouis..
Cincinnati Northern________
Pittsburgh & Lake Erie_____
New York Chicago & St Louis
Toledo & Ohio C en tral..___
Kanawha & Michigan______
Total all lines____________
N Y Susquehanna & Western_
_
p Pennsylvania R a ilr o a d _______
Baltimore Chesap & Atlantic
Cumberland Valley_________
Long Island________________
Maryland Delaw & Virginia..
N Y Philadelphia & Norfolk.
Phila Baltimore & Washlng’n
_
West Jersey & Seashore_ __
Pennsylvania C o m p a n y ________
Grand Rapids & Indiana..
Pitts Cine Chic & St Lo ils_
_
Vanda.Ha,___________________
Total lines— East Pitts & Erie
— West Pitts & Erie
— All Lines E & W
Rio Grande Junction_________
R u tlan d ___________________

C u rre n t
Y ear.

! P re v io u s
Y ear.

Jan 1 to Mar 31 8446,706; $336,667
Oct
to April 30 20,256,600 13,483,400
Jan
Mar 31 6,300,184' 4.931,059
Jan
Mar 31 17,096,935 13,982,487
Jan
Mar 31 46,872,981 35,483.112
Jan
Mar 31 4,819,246 3,702,611
Jan
Mar 31 1,661,146 1,353,209
Jan
Mar 31 10,327,790 7,761,539
Jan
Mar 31 101950.385 8,316,631
Jan
Mar 31
435,116
333,817
Jan
Mar 31 5,596,437 2,932,009
Jan
Mar 31 3,712,970 2,749,533
Jan
Mar 31 1,366,901
974,629
Jan
Mar 31
601,938
903,255
Jan
Mar 31 86,646,227 64,209,030
Jan
Mar 31 1,235,554
970,767
Jan
Mar 31 53,642,022 40,930,410
Jan
Mar 31
188,207
201,597
Jan
Mar 31
899,028!
655,880
Jan
Mar 31 2,872,066! 2,516,968
Jan
Mar 31
152,6631
164,551
Jan
Mar 31 1,106,815
792,973
Jan
Mar 31 5,607,240 4,407,187
Jan
Mar 31 1,464,086 1,163,330
Jan
Mar 31 15,839,575 10,949,469
Jan
Mar 31 1,329,170 1,206,101
Jan
Mar 31 11,917,973; 8,766,399
Jan
Mar 31! 3,181,540 2,578,416
Jan
Mar 31 66,795,996 51,520,745
Jan
Mar 31 32,685,646 23,484,787
Jan
Mar 31 99,481,642 75,365,532
Dec
Jan 31
*
134,945!
130.076
Jan
Mar 31
887,7361
“ “
732,433

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
* W eekly S u m m a r ie s .
2d week Feb
3d week Feb

4th
1st
2d
3d
4th
1st
2d
3d

week Feb
woek Mar
week Mar
week Mar
week Mar
week April
woek April
week April

(37 roads)___
(37 roads)____
(39 roads)____
(37 roads)___
(36 roads)___
(35 roads)____
(38 roads)___
(.32 roads)___
(32 roads)___
(33 roads)___

C u rr e n t
Y ear.
$

11,724,704
12,559,605
16,473.038
11,561,299
11,941,678
11.936,229
20,311,792
12,146,779
13,369,400
13.403,730

P re v io u s
Y ear.

In c r e a s e o r
D e c re a s e .

%
$
$
10,369,744 + 1,354,960 13.05
10,412.516 + 2.147,089 20.59
11.856,792 +4.616,246 38.93
9,678,190 + 1,883,109 19.32
9.907.727 +2.033,951 20.53
9,851,118 +2,085,115 2 1 . 0 1
16,481,520 +3,830.272 23.24
9.994,742 +2,152,037 21.52
10,662,518 + 2,706,882 25.40
10,934,698 +2,469,032 22.58

M o n th ly S u m m a r ie s .
M ile a g e .

C u r . Y r . P re v . Y r .

June............. 240.219
July..............243,042
August_____247.809
September . .245,132
O ctober------248,072
Novem ber..246,910
December ..248,437
January____247,620
February_ 245,541
_
March........... 88,554

235.828
241.796
245.754
243,403
247.009
245.858
247.673
246.838
244,809
86,330

C u rr e n t
Y ear.

P re v io u s
Y ear.

$
S
248,849.716 247.535,879
262.948.115 260,624,000
279,891.224 274.618,381
294,241.340 276.458.199
311,179.375 274,091,434
300.733.317 240,422,695
295,202,018 232,763.070
267.043.635 220.203,595
267,579,814 209,573,963
73,344,766 60.576,669

In c r e a s e or
D e c re a s e .

s

+ 1.313.837
+2,324,115
+ 5.272,843
+ 17.783,141
+37.087.941
+66.310,622
+62.438,948
+46,840,040
+58,005.851
+ 12.768.097

%
0.53

0 .8 C

1.93
6.43
13.57
27.58
26.82
21.27
27.68
21.08

sVuthern^RIi.^nd* Dunkh^AUegli^mr'"^.Vlov & 0lhttshnrirh*TtSouthern".” " ) ^ I^ ^ M ^ th e L ake llhore^&'^k^igan^Sou^lmrn1Ry.'^^hl^ago' lndlana1 *
1
lenigor Include tho Mexican roa^^ln^^'of^our^totals1
^*1 1*1*" B Includea tho Northern Ohio R R . p Includes the Northern Central. * We no




THE CHRONICLE

1708

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N e t E a r n in g s M o n t h ly t o L a t e s t D a t e s .— T h e tablo
follow ing shows tho gross and net earnings w ith charges and
surplus of S T E A M railroads an d industrial com panies re­
ported this week:
------ G ross E a r n in g s -------------- N e t E a r n in g s ------R o a d s.

C u rr e n t
Y ear.

s

P r e v io u s
Y ear.

s

C u rr e n t
Y ear.

$

G ross
E a r n in g s .

N et
E a r n in g s .

G ross
E a r n in g s .
8

Chicago North Western—
March 1916..................... 7,796,634
March 1915___________ 6,222,792
9 months 19 16............... 70,049,382
9 months 1915................. 63,900,592
Chicago St Paul Minn & O—
March 1916--................. 1,762,112
March 1 9 1 5 ................... 1,500,462
9 months 1916................ .15,026,421
9 months 1915--........... .14,097,689
Missouri Kans & Texas—
8
March 1916..................... 2,736,090
March 1915................
2,784,387
9 months 1916.................24,555,611
9 months 1915................. 25,633,076
Louisiana & Arkansas—
March 1916......................
142,808
March 1 9 1 5 ...................
153.078
9 months 1916................ 1,258,825
9 months 1915................ 1,291,415




N e t a fte r
T axes.
8

F ix e d C h g s.
& T axes.
8

806,498
674,913
7,018,290
6,073.312

F ix e d
C h a rg e s .
8

41,994
49,740
377,468
390,566

25,853
29,072
237.308
2452,05

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$

B a la n c e ,
S u r p lu s .
8

340,984
170.983
4,204.603
3,476,922
B a la n c e ,
S u r p lu s .

S
869.645 1,416,559
847,543
687,362
7,816.564 13,206,756
8.424,003 8,953.640
,:w
548,773
248.655
300,118
442,815
262,358
180,457
4,492,843 2,261,834 2.231,009
3,994.762 2.177.651 1.817.111
$
8
8
79.908
580,410 def500,502
781,692
603,020
178,672
4,107,512 5,260,229def 1152,717
7,180,207 5,240.802 1.945.405

2,286,204
1,534,905
21,023,320
17,377,643

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P re v io u s
Y ear.

Atlantic Coast L in e .a .-M a r 3,576,092 3,302,789 1,338,625 1,220,375
July 1 to Mar 31______ 25,407,450 23,035,100 7,073,964 5,110,453
Canadian Northern___ Mar 2,607,000 1,898,500
366,400
500,800
Oct 1 to Mar 31______ 17,432,300 11,534.500 4.421,700 2,714,900
Canadian P acific.a___ MarlO.380,982 7.852,990 3,421,330 2,973,015
July 1 to Mar 31______ 94,235,802 76.635,821 37,430.268 25.765,839
Central o f Georgia_b_ Mar 1,128,515 1,110.235
_
345,592
375,043
July 1 to Mar 31______ 9,638,977 9,410.874 2,978,889 2.517,595
Cliic Burl & Q u in cy_b..M ar 8,946,622 6,856,419 3,753,806 1,967,810
July 1 to M ar 31______ 77,418,806 70,218,084 32,276,327 25,462,564
Chicago & East I l l .b __ Mar 1,449,690 1,137,936
364,794
277,071
July 1 to Mar 31........... 12,926.009 11,034,241 3,178,818 2,658,620
Chicago Ind& L oulsv. b-Mar
675,938
556.721
236,735
197,102
July 1 to Mar 31______ 5,672,484 4,874,333 1,883,531 1,345,081
O hlcM ilw & St P aul.b-M ar 8,876,705 7,544,390 3,278,907 2,866,374
July 1 to Mar 31........... 78,623,717 69,503,270 28,901,165 22,247,332
Chic Rock Isl & G u lf.b-M ar
252,199
219,736
61,081
57,741
July 1 to Mar 31______ 2,409,254 2,311,738
759,306
652,743
Chic Rock Isl & P ac.b-M ar 6,216,410 5,288,860 2,069,328 1,415,366
July 1 to Mar 31______ 54,465,602 52,513,860 14,363.496 13,158,640
Cine Ham & D ayton-b-M ar
721,910
701,586
130,318
21,884
July 1 to Mar 31______ 7,961,202 7,195.880 1,876,738
944,138
Colorado & Southern.b-M ar 1,261,789 1,095,311
444.404
280,341
July l to Mar 31______ 12,104,517 11.132,213 4,496,589 3,404,060
Delaware & H udson.b.M ar 2,034,635 1,909,897
527,100
727,990
Jan 1 to Mar 31______ 6,300,184 4,931,059 2,010,991 1,319,904
Denver & Rio Grande—
Western P a cific.b ---M a r
600,304 415,850
220,288
96,867
July 1 to Mar 31........... 5,486,534 4,149,904 1,930,573
829,514
El Paso & Southwest.b-M ar
967,084
085,757
438,455
266,820
July 1 to Mar 31______ 7,648.008 5,681,798 3.178,438 2,200,590
E r ie .a ________________ M ar 5,625,287 5,022,503 1,054.415 1,123,811
Jan 1 to Mar 31______ 17,026,935 13,982,487 3,578,478 2.735.451
Fairchild & Northeast.b.Mar
5,376
4,107
2,305
2,313
28,771
31,622
651
4.004
July 1 to Mar 31.........
Great N orthern.b_____ Mar 6,377,978 4,747,969 2,427,920 1,881.757
July 1 to Mar 31..........60,716,951 52,688,891 29,843,797 25,682,778
Internat & Gt N orth .b-M ar
780.887
701,097
144,528
def6,880
July 1 to Mar 31_______ 7,025,145 7,107,819 1,657,213 1,036,726
Louisville & N ash v-b.-M ar 5,404,961 4,319,740 1,913,721 1,011,888
July 1 to Mar 31........... 44,709.061 39,130,396 15.180,001 9,209,501
Maine Central.b______Mar 1,031,343
974,216 (7321,646 (7298,973
July 1 to Mar 31______ 8,878.834 8,576,633 {72,758,969 (7 2 ,4 0 6 .0 9 0
Minneap & St Louis, a --M a r
959,635
891,515
*285,373
*222,709
July 1 to Mar 31______ 8,238.082 7,825,868 *2,552,067 *2,083,662
Minn St P & S S M .a .-M a r 1,825,915 1,344,288
738,328
412,317
July 1 to Mar 31........... 17.657,313 14.089,399 7,346,098 4,796,971
Chicago Division.a-_M ar 1,127,318
908,665
499,486
277,393
July 1 to Mar 31______ 8,885,865 7,653,994 3,261,679 2,002,658
Missouri Pacific, incl St Louis
Iron Mtn & South.a-M ar 5,477,491 4,600,583 1,008,292
871,701
July 1 to Mar 31______ 47,962,404 44,652,650 10,860.883 10,297,183
Nashville Chatt & St L .M ar 1,130,021
923,237
230,912
136,537
July 1 to Mar 31______ 9,480.282 8,284,652 2,434,997 1,354,461
N Y Susq & W estern.a-M ar
444,347
334,007
110,872
94,394
Jan 1 to Mar 31........ . 1,235,554
970,767
351,698
269,796
Pero M arquette.a_____Mar 1,855,564 1,489,783
559,018
289,663
July 1 to Mar 31........... 15,732,982 13,575,453 4,766,080 3,261,303
Rutland . b .......................Mar
332,001
264,772
95,242
63,010
Jan 1 to Mar 31______
887,736
732,433
223,544
150,843
St L & San Fran R rt.b--M ar 4,051,278 3,393,720 1,225,947 1,211,032
July 1 to Mar 3 1 ..........34,277,100" 31,121,610 11,522,025 10,205,751
Seaboard Air Line— a
(C o n s o lco )_________ Mar 2.449,736 2,136,471
845,304
656,456
July 1 to M ar 3 1 ..........18,336,143 16,252,312 5,287,597 3,904,085
Southern Railway—
Mobile & O h io.a___ Mar 1,019,998
927,936
269,675
263,337
July 1 to Mar 31______ 8,700,056 8,217,522 1,999,724 1,882,079
Cine N Orl & Tex P.a.Mar 1,051,958
784,101
287.930
213,983
July 1 to Mar 31........... 8,119,978 7,048,360 2,202,664 1,545,265
Alabama Great S o.a-M a r
504,699
398,463
151,042
81,915
July 1 to Mar 3 1 ......... 4,101.499 3,557,836 1,178,669
665,021
Georgia Sou & F la.a-M ar
219,436
190,316
38,798
19,060
July 1 to Mar 31______ 1.864,564 1,716,284
393,413
183,708
Texas P acific.b______ Mar 1,630,775 1.451,465
416,159
268,536
July 1 to Mar 31........... 14,764,137 13,982,859 4,352,863 3,693,072
Tidewater & W ostn .b.-M a r
5,613
5,835
def928
dof825
July 1 to Mar 31______
61,396
59,462
6,380
3,646
Tol St L & W est.a____ M ar
460,032
404,507 6*145,704 S102.327
July 1 to Mar 31______ 4,163,555 3,480,272 sl.289,132 s i ,745,437
V irginian.a.....................Mar
771,061
486,392
393,716
190,415
July 1 to Mar 31........... 5,695,719 4,491,478 2,628,545 1,760,675
Western M aryla n d .b---M ar
905,289
756,209
297,282
222,095
July 1 to Mar 3 1 -......... 8,004.452 6,207.467 2,747,464 1,582,770
Central o f New Jersey—
8
$
March 1916..................... 3.060,128 1,147,482
March 1915--................. 2,423,456
815,896
9 months 1916................. 27,153.443 11,222,893
9 months 1915................. 23.600,479 9.550.234

[Vol. 102.

16.141
20.668
140,160
138,520

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at it

Gross
Earnings.

N et before
Taxes.

s
S
Bangor & Aroostook—
Mar 1916.. 404,622
174,792
Mar 1915.. 431,635
217,397
9 raos 1916. 2,731,606
970,500
9 mos 1915- 2,813,375 1,007,326
Duluth South Shore A Atl64,341
Mar 1916.. 267,476
54,764
Mar 1915.- 235,088
743,260
9 mos 1916. 2,552,036
402,912
9 mos 1915- 2,174,160
Hocking Valley—
113,563
Mar 1916.. 539,571
110,852
Mar 1915.. 403,868
9 mos 1910. 5,395,282 1,915,873
9 mos 1915. 4.706.998 1,473,254
Mineral Range—
6,280
M arl 916..
92,083
25,308
Mar 1915..
76,716
178,409
9 mos 1916. 794,646
167,517
9 mos 1915. 603.206
Gross
E arn in gs.
S

CubaRR—
Mar 1916.- 799,779
Mar 1915.- 588,628
9 mos 1916- 4,752,922
9 mos 1915. 3,662,565
Denver & Rio Grande—
Mar 1916.. 1,894,603
Mar 1915.. 1,579,046
9 mos 1916.18,805,720
9 mos 1915.10,599,627
New York Central—
Mar 1916.-16,752,552
Mar 1915-. 12,638,873
3 mos 1916.46,872,981
3 mos 1915.35,483,112
Boston A Albany—
Mar 1916.. 1,668,347
Mar 1915. _ 1,333,929
3 mos 1916. 4,819.246
3 mos 1915. 3,702,611

N et after
Taxes, & c.
S

456,804
346,440
2,390,661
1,818,614
692,967
454,802
0,765,086
4,757,442

Other
Incom e.

S

Gross
Incom e.

5

116,709
19,473
194,265
117,100
12,029
229,426
170,556 1,141,061 1,044,695
151,478 1,158,804 1,023,323
5,989
3,500
41,058
29,916

70,330
58,270
784,918
432,828

102,754
97,661
907,035
845,788

77,556
112,326
96,366
135,476
dof32,424
def39,391
dcfl22,117
dof412,960

79,831
193,394
52,191
141,203
—8,654
102,198
135,399 def33,701
303,850 2,219,723 1,247,441
972.282
184,633 1,062,887 1,240,178
422,709
157
128
4,262
3,854
Other
Incom e.
$

6,437
25,436
182,671
171,371
Gross
Incom e.
S

11

456,815

0,109 2,396,770
222,120
374,684
1,307,463
1,496,063

13,607 def!2,170
12,727
12,709
130,877
45,794
111,181
60,190
F ix ed
Charges.

$

87,554
72.308
715,665
030,931

Balance,
Su rp lu s.

S

369,201
274,132
1,681,105
1,181,683

915,087
587,688
327,399
829,386
683,708
246,680
8,072,549 5,324,078 2,747,871
6,253,505 5,270,870
082,635

4,947,638 1,420,256 6,367,894 3,393,294 2,974,600
780,382
2,660,179 1,353,124 4,013,303 3.226,921
13,577,107 4,367,380 17,044,403 10,161,219 7,783,274
77,155
6,093,802 3,909,027 10,002,829 0.925,674
467,179
307,917
1,294,180
091,177

40,160
507,339
412,516
04,823
28,374
336,291
374,955 dcf31,664
100,109 1,394,289 1,223,325
170,964
88,001
779,238 1,125,229 de!345,991

May 6 1916.]
Gross
E arn in gs.

S

THE CHRONICLE
N et a ft e r
Taxes.

$

Other
Income.

$

Gross
Incom e.

S

Fix ed
Charges.

3

Balance,
Su rp lu s.

Gross
E arn in gs.

N et, after
Taxes, & c.

Other
Incom e.

Gross
Incom e.

Fixed
Charges.

Balance,
Surplus.

Penna.RK.
$
S
s
s
s
s
Mar. 1916.18,907,092 4,213,472 1,729,823 5,943,295 2,184,831 3,758,464
Mar. 1915.14,624,857 2,161,232 1,786,424 3,947,650 2,014,307 1,933,349
3 mos. '16.53,642,022 11,251,651 5,210,870 16,462,521 6,742,690 9,719,831
3 mos. '15.40,930,410 4,341,650 5,188,331 9,529,981 5,712,673 3,817,308
Baltimore Chesapeake & Atlantic—
Mar. 1916.
73,764
8,796
2.149
10,945
21,947 defl 1,0 0 2
1,580
Mar. 1915.
78,448
3,156
4,736
22,457 defl7,721
5 ,969
3 mos. TO. 188,207
654
6,623
04,507 dcf57,884
3 mos. '15. 201,597 defl3,680
6,501 de!7,179
65,001 deI72,240
Cumberland Valley—
Mar. 1916. 309,771
151,900
16,738
108,638
27,778
140,860
Mar. 1915. 240,718
80,117
13,083
93,200
13,726
79,474
3 mos. TO. 899,028
430,711
53,137
483,848
81,177
402,671
3 mos. '15. 655,880
197,939
36,814
234,753
43,218
191,535
Long Island—
Mar. 1916. 1,003,464
114,674
57,618
172,292
371,078 dell 08,786
Mar. 1915. 931,450
97,751
51,444
149,195
362,102 def212,907
3 mos. '16. 2,872,066
297,185
174,181
471,366 1,087,487 dcf016,12l
3 mos. '15. 2,516,968
102,894
148,238
251,132 1,038,087 del786,955
Maryland Delaware & Virginia—
203
Mar. 1916.
57,226
5,028
5,231
14,016 del8,785
732
Mar. 1915.
04,604
5,961
6,693
14,312 def7,619
653
3 mos. T 6 - 152,663
1,273
1,926
40,497 dof38,571
2.150 dell ,344
3 mos. '15- 164,551 def3,494
42,491 dc!43,835
New York Philadelphia & Norfolk—
Mar. 1916. 393,272
122,314
13,917
136,231
47,599*
88,632
Mar. 1915. 296,203
44,088
14,116
58,204
36,174
22,030
3 mos. TO. 1,106,815
298,431
23,527
321,958
106,405
215,553
3 mos. '15. 792,973
67,169
25,660
92,829
80,607
12 ,2 2 2
Philadelphia Baltimore & Washington—
Mar. 1916. 2,007,298
483,145
129,151
612,296
292,424
319,872
Mar. 1915. 1,588,993
170,144
121,554
291,698
286,063
5,635
3 mos. TO. 5,607,240 1,135,466
385,615 1,521,081
865,830
655,251
3 mos. '15. 4,407,187
275,689
368,339
644,028
842,571 dcfl9S,643
Philadelphia & Camden Ferry—
Mar. 1916.
62,595
24,081
5,419
29,500
1,184
28,316
Mar. 1915.
58,216
15,123
4,831
19,954
1,219
18,735
17,539
3 mos. TO. 181,772
78,617
96,156
4,001
92,155
14,022
3 mos. T5. 176,816
70,437
85,059
4,103
80,953
West Jersey & Seashore—
14,238
Mar. 1916. 532,405
43,545
57,783
64,769 def6,986
15,097 def23,739
Mar. 1915. 442,634 dct38,836
61,322 def85,061
42,784
75,334
3 mos. TO. 1,464,086
32,550
193,138 dell 17,804
45,307 defl 17,845
3 mos. '15. 1,163,330 detl63,152
181,843 dcf299,08S
Pennsylvania Company—
Mar. 1916. 5,703.737 1,461,474 1,237,370 2,698,850 1,572,070 1,120,780
Mar. 1915. 4,025.642
658,792 1,180,324 1,839,110 1,430,553
408,563
3 mos. '16.15,839,575 3,525,348 3,780,655 7,306,093 4,575,297 2,730,706
3 mos. '15.10,949,469 1,002,269 2,770,352 3,772,621 4,144,534 dcf371,913
Grand Rapids & Indiana—
Mar. 1916. 467,103
64,078
5,656
69,734
72,517 def2,783
Mar. 1915. 442,486
07,659
4,203
71,862
62,032
9,230
3 mos. '16. 1,329,170
156,712
13,370
170,088
2 12 ,0 0 2 dcf41,914
3 mos. '15. 1,206,101
110,625
10,671
121,290
182,398 dc(61,102
Pittsburgh Cincinnati Chicago & St Louis—
Mar. 1916. 4,187,157
944,355
60,154 1.004,509
558,385
446,124
597,767
Mar. 1915. 3,117,130
76,475
071,242
492,359
181,883
3 mos. '16.11,917,973 2,026,996
150,509 2,783,505 1,603,250 1,180,249
159,691 1,434,630 1,436,960 def2,336
3 mos. '15. 8,766,399 1,274,939
Vandalla—
Mar. 1916. 1,095,508
165,143
3,479
168,622
140,014
28,608
Mar. 1916. 914,836
172,720
4,044
176,764
132,564
44,200
556,088
12,176
568,264
422,614
3 mos. '16. 3,181,540
145,650
340,984
12,734
353,718
393,292 dcI44,574
3 mos. '15. 2,578,416
—Total East P. & E-------Total West P. & E---------Total All Lines—
Gross
E a rn in g s.

Net after
Taxes, A c .

Gross
N et after
Gross
N et after
Earnings. Taxes, A c . E a rn in g s. Taxes A c

Mar. 1916.23.594,050 5,330,798 11,609,411 2,064,154 35,203,462 7,994 953
Mar. 1915.18,498,249 2,631,103
8,630,478 1,518,526 27,128,727 4,1491689
3 mos. TO.66,795,996 13,962,752 32,685,646 6,926,003 99,481,642 20,888 356
3 mos. '15.51,520,745 5,168,108 23.844,787 2,701,592 75,305,532 7,9291703
Tho return on property Investment for tho system East & West was 6.39% for
tho 12 months ended March 31 1910, against 4.20% for tho samo period In 1915.
Rio Grande Southern—
Mar. 1916.
49,970
125
18,039
15,914
17,362 defl,323
Mar. 1915.
44,136
15,110
31
15,079
10,876 defl ,760
9 mos. TO. 422,404
2,684
101,313
153,241 def51,928
08,629
9 mos. '15. 422,943
107,126
2,190
104,936
150.459 dcf43,333
St Louis Southwestern—
Mar. 1910. 1,080,067
375,921
122,689
253,232
263,137
112,784
Mar. 1915. 871,158
135,542
240,190
110.648
266,015 defl 9,825
9 mos. '16 . 9,275,360 2,592,482
868,803 3,461,285 2,427,771 1.033,514
9 mos. '15. 8,255,503 1.211,431
921,964 2,133,395 2,892,271




INDUSTRIAL COM PANIES.
------ G ross E a r n in g s ----------

3

N Y Central (Concluded )—
Lake Erie & Western—
9,110
189,396
198,506
76,151
Mar 1916-- 577,892
122,355
98,564
9,038
89,526
106,581
Mar 1915.. 472,821
de!8,017
30,608
492,807
523,415
239,950
3 mos 1916. 1,661,146
283,465
30,150
228,214
258,370
3 mos 1915. 1,353,209
314,832 dcf56,462
Michigan Central—
77,961 1,162,737
1,084,776
669,523
493,214
Mar 1916— 3,705,548
74,622
494,973
569,595
619,886 def50,291
Mar 1915-. 2,763,909
262,813 3,085,213 2,078,532 1,006,681
3 mo3 1916.10,327,790 2,822,400
259,679 1,258,873 1,831,624 dcf572i751
999,194
3 mos 1915. 7,761,539
Cleveland Cincinnati Chicago & St Louis—
Mar 1916- 3,826,727 1,143,834
109,528 1,253,362
568,405
684,957
540,910
103,094
644,004
Mar 1915.. 2,916,739
582,510
61,494
3 mos 1916.10,950,385 3,077,108
380,288 3,457,396 1,734,185 1,723,211
3 mos 1915. 8,316,631 1,171,506
281,160 1,453,726 1,857,786 del404,060
Cincinnati Northern—
Mar 1916— 165,923
49,802
968
50,770
17,131
33,639
Mar 1915..
115,640
14,549
1,268
14,797
1,0 20
15,817
3 mos 1916. 435,116
115,750
3,408
47,755
71,403
119.158
3 mos 1915. 333,817
29,750
4,437
44,642 deflO.455
34,187
Pittsburgh & Lake Erie—
Mar 1916._ 2,029,244 1,009,450
117,341 1,126,791
867,954
258,837
Mar 1915— 1,103,627
375,132
109,682
484,814
347,917
136,897
3 mos 1916. 5,590,437 2,707,148
297,966 3,005,114
704,715 2,300,399
3 mos 1915. 2,932,009
723,372
333,597 1,056,969
713,791
343,178
New York Chicago & St Louis—
Mar 1916.. 1,262,333 330,847
156,629
186,529
12,311
343.158
Mar 1915..
953,559 121,308
174,460 dcfl6,511
36,641
157,949
442,294
938,855
3 mos 1916. 3,712,970 874,576
496,561
64,279
3 mos 1915. 2,749,533
277,879
218,423
578.056 del300,177
59,456
Toledo & Ohio Central—
89,039
197,346
123.857
73,489
Mar 1916.. 486,236
108,307
10,875 dcfl5,678
127,268 defl42,940
Mar 1915.. 297,115 def26,553
260,983
603,078
242,095
363.057
140,021
3 mos 1916. 1,366,901
62,941
33,472
3 mos 1915. 974,629 def29,469
374,035 der.340,563
Kanawha & Michigan—
103,836
45,082
148,918
Mar 1916.. 310,607
92,022
119,896
20,524
12,604
Mar 1915.. 200,429
33,128
29,607
3,621
283,644
3 mos 1916. 903,255
132.0S5
415,729
88,308
327,421
3 mos 1915. 601,938
53,962
80,890
134,852
88,976
45,876
Total all lines—
Mar 1916.-30,785,559 9,435,066 1,921,756 11,356,922 5,705,365 5,651,457
Mar 1915-22,796,641 4,598,465 1,739,322 6,337,787 5,393,782
944,005
3 mos 1916.86,646,227 25;486’,815 5,899,925 31,386,740 17,083,340 14,303,399
3 mos 1915.64,209,030 10,206,918 5,082,476 15,289,394 16,483,032dcll 193,638
Per cent return on operating Investment for 12 months to March 31 1916 has been:
N. Y. Central, 7%; Mich. Cent., 6.49%; Cleve. Cine. Chic. & St. L „ 5.78%;
Cine. Northern, 7.15%: Toledo & Ohio Cent., 3.66%; Pitts. & Lake Erie, 17.04%;
Lako Erie & West., 3.74%; N. Y. Chic. & St. L., 4.63%, and Kanawha & Mich.,
7.30%.

1709
C u rr e n t
Y ear.

C o m p a n ie s .

$
113,252
329,910

Alabama Pow er.a_____Mar
Jan 1 to Mar 31______
Atl G & W I S3 Lines
Feb 1916________________
Feb 1915________________
2 months 1916_________
2 months 1915_________

O p era tin g &
Other I n c .

sub.cos.
2,386,107
1,437,100
4,394,277
2,965,184

G ross
E a r n in g s .

Abington & Rockl El L & P—
March 1916.....................
March 1915. ...................
3 months 1916________
3 months 1915..............
Blackstone Val Gas & Elec—
March 1 9 1 6 __________
March 1915....................
3 months 1916________
3 months 1915________
Connecticut Power—
March 1 9 1 6 -.............
Marcn 1915___________
12 months 1916_______
12 months 1915_______
Central Maine Power—
3 months 1916________
Edison Elec (Brockton)—
March 1916 —.............
March 1915.....................
3 months 1916...............
3 months 1915________
Fall River Gas Works—
March 1916....................
March 1915.. ________
3 months 1916________
3 months 1915________
Haverhill Gas Light—
March 1916.....................
March 1 9 1 5 __________
3 months 1916________
3 months 1915________
Houghto.i County Elec Light—
March 1916.....................
March 1915....................
3 months 1916...............
3 months 1915________
Huntington Devel & Gas—
March 1916.....................
March 1915.....................
3 months 1916________
3 months 1915________
Lowell Electric Light—
March 1916.................. ..
March 1 9 1 5 ...................
3 months 1916________
3 months 1915________
Mississippi River Power—
March 1916.....................
March 1915.....................
3 months 1916________
3 months 1915________
Pacific Light & Power—
March 1916___________
March 1915....................
3 months 1916..............
3 months 1915________

$
13,833
11,215
44,573
37,104

P re v io u s
Y ear.

$
75,775
216,347

70,877
213,835

T o ta l
In c o m e .

47,923
134.713

In t e r e s t,
R e n t a ls , A c

N et
In c o m e .

F ix e d
C h a rg e s .

S
653.794
266,895
1,143,618
602.975

B a la n c e ,
S u r p lu s .

$
180,727
165,579
343,380
328,536

N e t , a fte r
■ T a x e s.

$

1 ,8 8 8

- N e t E a r n in g s -----C u rre n t
P re v io u s
Y ear.
Y ear.
$
S

$

1.360
9,648
6,981

196
669
599
2.182

S
473,067
101,316
800,232
- 274.439
$
1,691
691
9,049
4.799

145,590
114,941
445,645
358,979

60,614
41,453
187,783
142,564

2 0 ,1 0 2

19,182
59,875
57.604

40,512
22,271
127,908
84,960

53,937
41,287
616,511
474,149

24,819
17,642
307,735
212,254

16,404
9,444
164,628
99.455

8,415
8,198
143,107
112,799

238,249

137,505

70,313

67,191

52,914
44,560
166,311
142,025

19,448
15,972
65.782
58.590

1,396
2,855
4,273
9.062

18,052
13,117
61,509
49.528

39,824
39,847
125,458
124,069

12,834
11,631
40.370
39.680

2,592
9
9.629

2

12,832
9.039
40,361
30,031

23,570
19,982
72,115
64,728

7,431
4,223
20.901
17,535

2

4
546
540

7,429
4,219
20,355
16.995

30,988
25,723
101,205
86,361

14,679
10,319
50,401
37,455

3,434
3,442
10,302
10,326

11,245
6,877
40,099
27,129

44,666
20,440
128,268
58,996

17,104
12,239
53,031
38.007

3,400
2,712

13,704
9,527
42,831
30.250

51,700
37,506
164,518
122,164

17,074
13,274
65,372
46,532

762
3

2

16.749
13,272
64,610
46,529

140,708
131,869
427,084
400.704

114,554
104.793
339,794
317,390

105,844
107,969
317,850
323,981

8,710
def3,176
21,944
def6.591

250,767
221,736
761,416
678,422

146,571
138,405
487.713
439.479

106.690
102,654
318,794
324,276

249,285
244.551
2196,752
2148.935

Pine Bluff C o March 1916.....................
March 1915.....................
3 months 1916________
3 months 1915________

21,826
20,141
65,914
61.964

10,331
8,145
33.190
26,788

12,014
11,648

21,176
15.140

St Louis Rocky M t & Pac—
March 1916—................
March 1915....................
3 months 1916............
3 months 1915________

201.679
224,314
646,471
702.479

48,768
58,523
169,359
203,256

22,425
31,496
67,075
94,488

26,343
27,027
102,284
108,768

Sierra Pac Elec, incl. sub. cos.March 1916.....................
March 1915.....................
3 months 1916...............
3 months 1915________

45,155
36,324
136,619
117,930

26,670
19,769
70,200
67.538

7,199
7,627
21,641
23,196

19,471
12,518
48,559
45,470

Tennessee Power—
March 1 9 1 6 -.................
3 months 1916...............

111,555
332.637

63,440
181.873

36,755
109,949

233,281
293,494

United States Public Service—
88,233
March 1916.....................
75,613
March 1 9 1 5 -.................
963,165
12 months 1916_______
12 months 1915_______
863,705

40,099
31,900
426,822
346,855

13,059
12,568
155,593
150,084

27,040
19,332
271,229
196,771

1 0 ,2 0 0

7.757
325

a Net earnings here given are after deducting taxes,
b Net earnings hero given aro before deducting taxes,
c After allowing for uncollectible revenue and taxes, operating income
for March 1916 was $291,924, against $323,615; and from July 1 to March 31
was $2,493,215 in 1916, against $2,090,031 last year.
k After allowing for additional income for the month o f March 1916, total
not earnings were S237.379, against $166,069 last year, and for the period
from July 1 to March 31 were $2,222,806 this year, against $1,784,048.
s After allowing for miscellaneous charges to income for tho month of
March 1916, total net earnings were $121,402, against $75,304 last year,
and for the period from July 1 to March 31 were $984,470 this year, against
$520,966.
g For the month of March 1916 railway operating income was $272,033.
against $245,893, and for the period from July 1 to Mar. 31 was $2,289,484
in 1916. against $1,940,171.
x After allowing for other incomo received.
J an u ary-

— J u l y 1 to J a n . 31—

1916.
$
Total from transportation
3,009,032
Express privileges— D r------- 1,481,560

2,347,856 23,811.058 20.081.460
1,196.717 11.736,786 10,326.949

Revenue from transporta. 1,527.471
43,582
Oper. other than transporta.

1,151,139 12,074,271
33,448
338,396

A d a m s E x p r e s s C o .—

Total operating revenues. 1,671,054
Operating expenses--------- 1.534.679

1915.

1915-16.

1914-15.

9,754,510
292,151

1,184,587 12,412,668 10,046,661
1.415.147 10.949,333 10,810.648

Net operating revenue-----Uncollcc. rev. from trans—
Express taxes--------------------

36,374 —230,560
413
528
18.957
17.210

1.463,334 — 763,986
3,460
3,267
127,763
119,454

Operating income...............

17,003 —248,299

1,332,111 — 886,708

THE CHRONICLE

1710

—J u l y 1 to J a n . 31—

-Ja n u a ry -

1915.

1915-16.

1914-15.

1916.
$
Total from transportation_ 3,991,917
_
Express privileges— Dr_____ 1,964,357

3,111,765 32,144,851 27,089,551
1,518,718 16,169,785 13,557,123

2,027.560
284,166

1,593,047 15,975,065 13,532,427
153,893 1,833,318 1,233,005

2,311,726
2,221,594

1,746.941 17,808,384 14,765,433
1,854,299 15,549,030 14,723,782

A m e r ic a n E x p r e s s C o .—

[VoL. 102.
L a test G ross E a r n in g s

N am e of
Road.

C u rre n t
Y ear.

Week o r
M o n th .

P re v io u s
Year

$
S
159,828 144,816
1113,844 892,459
37,840 35,720
114,028 98,491
231,887 198,612
62,339
52,189
86,491
78,329
146,979 142,402
580,465 526,483
158,394 160,200
107,618 93,284
93,333 77.106
489,543 444,404
59,007 49,836
27,191
21,699
510,203 478,806
985,925 891,331
3405,052 3055,709
54,731
53,498
19,390
17,599
9,236
9,370
106,507 89,200
192,104 152,072
55.204
53,132
14,655
14,180
250,571 240,294
591,997 506,958
128,514 109,671
194,038 175,946
56,543
51,255
26.205
27,694
10,570
10,361
100,393 91,226
1107,621 1111,940
24,051
24,955
39,835 36,135
359,403 260,451
166,936 128,701
5,164
4,800
25,725
23,307
19,182
24,056
2255,672 2027,910
37.248 34,673
1074.771 950.135
450,803 445,544
597,215 591,691
330,046 242.236
451,308 372,156
26,254
24,169
116,446 106,351
65,270 64,394
59,880 55,795
15,574
16,782
17,677
19,696
82,268
81,928
324,982 284,787
846,256 767,326
184,559 176.106
204,277 190,276
474,339 399,492
65,100
60,228
39,616
39,915
18.408
17,998
506.199 394,409
51,942
56,964
63,502
80,938
23,833
22.409
12,576
14.085

J a n . 1 to latest d a le .
C u rre n t
Y ear.

496,719
2,285,430
77,977
324,036
688,727
192,608
282,920
310,559
1,735,877
460,596
316,864
265,912
981.617
108,508
76,193
1,478,022
3,022,529
9,625,779
157.914
58,911
28,057
219,876
555,407
158,661
30.489
728,357
1,771,081
384,650
575,941
117,790
55,607
22,735
209,423
3,269,734
71,420
118,018
726,545
459.444
10,588
78,796
69,825
6,445,758
107,039
3,075,210
1,315,122
1,266,808
958,821
1,290,381
54.489
239,722
191,801
126,059
35,204
41,075
259,177
667,640
1,752,606
3,052,415
439,046
1,420,682
180,967
84,181
52,619
1,452,444
120,075
238,983
48,981
14,085

P re v io u s
Y ear.

473,567
1,848,768
75,915
288,186
592,566
154,124
249,971
306,965
1,605,300
471.139
292,901
227,667
918,128
96,556
60,480
1,396,419
2,733,932
8,642.132
156,779
56,332
28,724
187,537
443,731
148,619
29,909
706.452
1,530,044
330,438
529.942
108,427
57,739
22,147
191,521
3,188,124
68,251
103.836
541,289
394,673
10,029
73,366
59,403
5,860,083
96,573
2,735,448
1,373,011
1,262,576
724.837
1,125.977
50,638
223,625
199,979
121,225
32,806
37,016
250,518
609.942
1,610,677
2,807,709
401,906
1,228,078
167.675
82,550
51,882
1,167.990
107,934
191,889
44,939
12.576

3,855

6

212,399
163
27,303

141,521

3,891

Operating income________ — 10,062
S o u th ern E x p r e s s C o .—
Total from transportation.. 1,331,466
690.495
Express privileges— D r-------

— 31,566

184.932

113,037

1,037,130
554,384

9,088,264
4,624,531

8,018,982
4,110,405

Rovenuo from transport’n .
Operations other than trans.

640,971
28,220

482,745
21,213

4,463,732
200,260

3,908,577
179,620

_
Dallas Electric Co_ March_____
Dotroit United Linos February. _
D D E B Sc Batt(Rec) February..
Duluth-Superior Trac M a r c h _
_
East St Louis & Sub. March____
Eastern Texas E le c.. March____
pEl Paso Electric C o. March____
42d St M Sc St N Avo February. .
g Georgia Ry & Pow. M arch____
Galv-llous Elec C o .. March____
Grand Rapids Ry Co M arch____
Harrisburg Railways. M a r c h _
_
Havana El Ry L & P . February .
Honolulu R T & Land February .
Houghton Co Tr C o. M arch____
b Hudson & Manhat. M a r c h _
_
Illinois Traction_____March_____
Interboro Rap Tran. M a r c h _
_
Jacksonville Trac Co M arch____
Keokuk Electric___ March_____
Key West Electric_ March____
_
Lake Shoro Elec R y . Fobruary .
Lehigh Valley Transit M a r c h _
_
Lewist Aug & Waterv M arch____
Long Island Electric. February. .
Louisville Railw ay.. M a r c h _
_
Milw El Ry & Lt C o. M a r c h _
_
Mllw Lt Ht & Tr C o. M a r c h _
_
Nashville Ry Sc Light M arch____
N Y City Interboro.. Fobruary..
N Y & Long Island.. February..
N Y Sc North Shore.. February..
N Y Sc Queens C o__ February.New York Railways. March____
N Y & Stamford R y . M a r c h _
_
N Y Westches & Bos. M a r c h _
_
Nor Ohio Trac & L t. February. .
North Texas Electric M arch____
Ocean Electric (L I ). February..
Paducah Tr & Lt C o. March____
Pensacola Electric Co M arch____
Phila Rapid Transit- M arch___
Phila Sc Western R y . M arch_
_
Pittsburgh Railways. M a r c h _
_
Port(Oro)Ry,L&PCo. March____
(/Puget Sd T r, L Sc P_ Fobruary .
g Republic Ry & L t .. M arch___
Rhode Island_______ M a r c h ___
Richmond Lt Sc R R . February..
St Jos Ry L H & P Co February..
Savannah Electric Co M arch_
_
Second Avenue (Rec) Fobruary..
Southern Boulevard. Fobruary..
Staten Isl’d Midland. Fobruary.
Tampa Electric C o .. M arch____
Third A vonu o______Fobruary..
pTorontoRy(assocos) Fobruary..
Twin City Rap Tran 3d wk Apr
Union Ry Co of NYC February..
_
Virginia Ry& Power. M arch_
Wash Balt & Annap. M arch___
Westchester Electric. February._
Westchester St R R .. M a r c h _
_
g West Penn Trac Co M a r c h _
_
Yonkers Railroad_ Fobruary. .
_
York Railways______March —
Youngstown & Ohio. February .
Youngstown Sc South January . .

Total operating revenues.

669,192
546,098

503,959
498.489

4,663,993
3,772,580

4,088,197
3,708,906

6 Represents Income from all sources, c These figures are for consoli­
dated company. / Earnings now given In mllreis. g Includes constituent
companies.

Net operating revenue___
Uncollectible rev. from trans.
Express taxes________

123,093
124
14,072

5,469
34
14,667

891,412
485
96,053

379,290
264
102,922

— 9,232

794,873

276,103

Oper. other than transporta .

2,259.354
5,663
305,214

90,132 — 107,358
247
1,266
33,240
44,995

Net operating revenue___
Uncollec. rev. from transpor.
Express taxes_____________

41,650
1,191
246,351

43.869 — 140,846 1.948,476
----------Ja n u a r y ---------- — J u l y 1 to
1915-16.
1915.
1916.
C a n a d ia n E x p r e s s C o .—
S
$
S
187,176 2,286,131
257,706
Total from transportation—
150,703
92,816 1,196,108
Express privileges— Dr_____

— 205.892
J a n . 31—
1914-15.
S
1,897,338
962,871

Operating income.

Revenue from transporta.
Oper. other than transporta-

107,003
5,004

94,359
4,429

1,090,023
38.716

934,466
35,857

Total operating revenues.

112,007
121,176

98,788
115,638

1,128,739
953,698

970,324
928,272

— 9,168
37
4,200

— 16,849

175,041
199
29,400

28,000

— 13,406

— 20,849

Net operating revenues.
Uncollec. rev. from trans.
Express taxes___________
Operating income________

4,000

-Ja n u a ry

1916.
S

G lobe E x p r e s s C o . —
Total from transportation_
_
Express privileges— Dr-------

145,441

42,051
14,051

— J u l y 1 to J a n . 31—

1915-16.

1915.

1914-15.

43

39,720
20,667

1,188
447

438,599
220,594

Revenue from transporta.
Oper. other than transporta .

43
4

19.052
679

741
10

218,005
5.792

Total operating revenues.
Operating expenses------------

47
96

19,732
28,066

751
5,725

223,798
206,920

Net operating revenues___
Express taxes-----------:---------

— 48

— 8,333
800

— 4,973
4,200

16,878
7,400

— 9.133

— 48

Operating income________

— 9.173

9.478

— M o n th o f Ja n u a r u — ---- J u l y 1 to J a n . 31-----

1915-16.
S
2,052,567
1,247,360

1914-15.
■
S
1,923,689
1,171,786

12 1,2 12

1915.
$
191,371
120,531

Rovenuo from transport’n .
Operations other than trans.

76,864
3,395

70,840
3,316

805,206
35.930

751,902
31,657

Total operating revenues.
Operating expenses________

80,260
86,409

74,156
101,861

841,137
628,737

783,560
642,039

Net operating revenue-----Uncollectiblo rev. from trans
Express taxes_____________

— 6,149

— 27,704

G rea t N o rth e r n E x p . C o .—
Total from transportation—
Express privileges— Dr-------

1916.
$
198,076

21

108,896
W ells F a rg o & C o .—

11

28,472

3,080,635
1,606,519
1,474,116
79,259

1,244,937 12,557,887 10,820,377
421,633
48,222
653,059

1,553,375
1,523,661

Operations other than transp

2,596,555 25,952,113 22,177,418
1,351,618 13,394,225 11,357,041

1,293,159 13,210,947 11,242,010
1,362,882 11.350,526 10,571,523
— 69,722
775
32.891

1,860,420
7,445
237,889

670,487
6.084
254,033

— 3,297 — 103,389

1,615,084

410,369

90,219
45,505

77,578
40.485

840,033
395,132

693,863
371,047

Revenue from transport’n .
Operations other than transp .

44,713
3,303

37,093
2,756

444,901
26,169

322,215
21,824

Total operating revenues.
Operating expenses------------

48,017
50,335

39,849
47,109

471,071
382,423

344,040
372,325

Net operating revenue----Uncollectible rev. from trans
Express taxes--------------------

— 2,318

— 7,259

1,156

953

1

88,647
47
7.767

— 28,284
54
7,137

Operating income________

— 3,495

— 8,214

80,832

— 35,476

29,714
652
32,358

Not operating revenuo
Uncollectible rev. from trans.
Express taxes_____________
Operating income_______
W estern E x p r e s s C o .—
Total from transportation.
Expross privileges— D r------

20

E L E C T R IC R A IL W A Y AND T R A C T IO N COM PAN IES.
L a test G ross E a r n in g s .
N am e of
Road.

Week o r
M o n th .

C u rre n t
Y ear.

P re v io u s
Year

J a n . 1 to latest d a te.
C u rre n t
Y ear.

P re v io u s
Y ear.

$
$
$
l
67 ,842
67,641
_
23,473 24,780
Atlantic Shoro R y— M arch_
146,546 139,636
439 639
414,433
cAur Elgin & Chic Ry March___
63,222
192 ,484
188,932
63,794
Bangor Ry & Electric March___
14,854
51 ,177
44,393
16,200
Baton Rouge Elec Co March___
_
25,965
91 ,205
32,101
76,471
Beaver Valley T ra c.. March_
124 ,151
118,819
58,420 55,275
Belt LRyCorp(NYC) February.
2 1 2 ,396
201,277
72,293 68,847
Berkshire Street R y . March . .
_ /6711000 16294910 /19220 ,000 /18088.600
Brazilian Trac, L & P March_
7,006
2 2 454
20,693
7,097
Brock & Plym St Ry M a r c h ...
_ 2099,998 1916,898 4,357 ,557 4,004,119
Bklyn Rap Tran Syst M arch_
90 ,624
75,989
_
27,866 23,496
Cape Breton Elec Co M arch_
297 ,698
_
100,095 83,439
242,617
Chattanooga Ry Sc Lt M arch_
23,461
56 ,674
49,274
27,808
Clove Pahiosv & East February.
303 .029
274,865
_
104,120 95,759
Clovo Southw Sc C ol. M arch_
_
65,583
203 ,305
172,127
66,736
Columbus (Ga) El Co M arch_
_
288,094 25-1,656
778,004
866 , 2 1 1
Coluin (O) R y, P & L M arch_
_ 1353,712 1138,211 4,124 259 3,520,945
g Com'w’th P Ry Sc L M arch_
751,504 621,542 2,134 .382 1,782,158
Connecticut C o_____ March . .
374,835 302,218 1,161 ,227
941,950
Consum Pow (M ich). March .
565,241
209,374 188,728
620 ,956
Cumb Co (Me) P & L March___




E lectric R a ilw a y N et E a rn in g s. — T h e following table
gives the returns o f E L E C T R I C railw ay gross and net
earnings with chargos and surplus roportod this week:
R o a d s.

Iro ss E a m i n g s C u rre n t
P re v io u s
Y ear.
Y ear.
$
$

- N e t E a r n in g s —
C u rre n t
P re v io u s
Y ear.
Y ear.
$
$

Brazilian Trac. Lt& P -.M a r c6,711.000 c6.294,910 c3,717,000 c3,588,570
Jan 1 to Mar 31______cl9,220,000cl8,088,600cl0,957,000cl0.348.900
369,811
337,023
891,331
Illinois T raction.a_____Mar
985,925
Jan 1 to Mar 31______ 3,022,529 2,733,932 1,199,469 1,086,769
767,326
386,717
846,256
355.493
Toronto Ry (assoc cos).Feb
768,344
820,774
Jan 1 to Feb 29______ 1,752,606 1,610,677
a Net earnings hero given aro after deducting taxes,
b Net earnings here given are before deducting taxes,
c Milrois.
Aurora Elgin S Chicago—
c
March 1916....................
March 1915-..................
9 months 1916...............
9 months 1915...............
Kingston Consol—
3 months to Mar 31 1916
3 months to Mar 31 l9l6
9 months to Mar 31 1916
9 months to Mar 311915
Now York State Rys—
3 months toM ar31 1916
3 months toM a r3 l 1915
9 months to Mar 311916
9 months to Mar 311915
Bangor Ry S Electric—
c
March 1916----------------March 1915....................
3 months 1916-----------3 months 1915-----------Baton Rougo Electric—
March 1916----------------March 1915.....................
3 months 1916________
3 months 1916________
Brockton S Plymouth—
c
March 1916___________
March 1915___________
3 months 1916________
3 months 1915-----------Capp Breton Electric—
March 1916.....................
March 1915----------------3 months 1916-----------3 months 1915________
Cent Miss Vail El Prop—
March 1916___________
March 1 9 1 5 ---...............
3 months 1916________
3 months 1 9 1 5 ....-----

G ross
E a r n in g s .

$
146,540
139,636
1,463,961
1,511,809

N et
E a r n in g s ,

$
49,741
45,241
526.657
547,283

In terest
a n d T a x es.
8

B a la n c e ,
S u r p lu s .

42,102
40,451
365,718
368,771

7.369
4,790
160,939
188.512

11,148
11,051
45,718
39,961

def 1,270
defl29
def3,779
8.234

30,718
28,929
108,768
111,389

9,878
10,922
41,939
48,195

1,992,352
1,761,405
5,791,242
5,571,551

752,427
653,165
2,260,495
2,211,514

z3.37.529
462,526
Z222.128
479,817
1,367,498 z l ,024,075
z931,460
1,414,371

G ross
E a r n in g s .
3

N e t a fte r
T axes.
$

F ix e d
C h a rg e s.

B a la n c e ,
S u r p lu s .

27,898
34,295
87,755
99.698

$,6 53
17,695
53,149
52,846

$
10,245
16,600
34,608
46,852

16,200
14,854
51,177
44,393

7,200
5,825
24,452
16,398

3,461
2,088
10,395
6,351

3,739
3,737
14.057
10.047

7,097
7,006
22,454
20,693

dof 1,370
153
dof 1,278
def 853

1,137
3.301
3,410

1 ,1 0 1

def 2,471
dof 984
def4,579
def4,263

27,866
23,496
90,624
75,989

7,926
7,829
32,916
27,481

6,450
6,542
19,430
19.822

1,476
1,287
13,480
7,659

23,516
21,216
72,328
68.115

7,623
5,819
25,004
19.504

1,898
1,814
5,715
5,407

5,725
4,005
19,289
14.037

63,794
63,222
192,484
188.932

THE CHRONICLE

May 6 1916.]

1711

■
G ross
E a r n in g s .

8
Chattanooga Ry & Lt—
100,095
March 1916___________
83,4.39
Marcli 1915___________
297,698
3 months 1916...............
242,617
3 months 1915________
Cleveland Southw & Col—
104,120
March 1916___________
95,759
March 1915___________
30.3,029
3 months 1916________
274,865
3 months 1915________
Columbus (Ga) Electric—
66,736
March 1916----------------55,583
Marcli 1915___________
203,305
.3 months 1916-----------172,127
3 months 1915---------- Columbus (O) Ry, Pow & Lt—
288,094
March 1916....................
Mar 1915.........................
254,656
_
8 6 6 ,2 11
3 months 1916_ _____
3 months 1915________
778,004
Consumers Power (Mich)—
Marcli 1916___________
374,835
March 1 9 1 5 __________
302,218
3 months 1 9 1 6 ............. 1,161,227
3 months 1915________
941,950
Cumberland Co (Me) Pow & Lt—
March 1916.................... 2,093,374
March 1915___________
188,728
3 months 1916________
620,956
3 months 1915________
565,241
Dallas Electric—
159,828
March 1916___________
144,816
March 1915___________
496,71!)
.3 months 1916________
473.567
3 months 1915________
East St Louis & Sub—
231,887
March 1916....................
198,612
March 1915___________
688,727
.3 months 1916________
592,566
3 months 1915________
Eastern Texas Electric—
March 1916.....................
62,339
Marcli 1915.....................
52,189
3 months 1916________
192,608
3 months 1915________
154,124
El Paso Electric—
March 1916.....................
86,491
78,329
March 1 9 1 5 ..................
282,920
3 months 1916...............
249,971
3 months 1915________
Galveston-Ilouston Elect—
158,394
March 1916...................160,200
March 1915___________
460,596
3 months 1916_________
471,139
3 months 1915_________
Grand Rapids Ry—
107,618
March 1916....................
9,3,284
March 1915___________
316,864
3 months 1916_________
292,901
3 months 1915_________
Houghton Co Traction—
27,191
March 1916___________
21,699
March 19 1 5 ..................
76,193
3 months 1916................
.3 months 1915_________
60,480
Hudson & Manhattan—
March 1916___________
510,203
March 1915.
478,806
3 months 1916
1,478,022
3 months 1915
1,396,419
Jacksonville Traction—
March 1916..
54,731
March 1915.
53,498
.3 months 1916.
157,914
156,779
3 months 1915___
Keokuk Electric—
19,390
March 1916.....................
17,599
March 1915___________
58,91 L
.3 months 1916_________
56,332
o months 1916_________
ICoy West Electric—•
March 1010....................
9,236
March 1 9 1 5 ...................
9,370
3 months 1916_________
28,057
3 months 1915_________
28,724
Lewiston Augusta & Watervillo—
55,204
March 1916___________
March 1915....................
53,132
3 months 1916_________
158,661
3 months 1915_________
148,619
Nasville Ry & Light—
.
March 1916........
194,038
March 1915___________
175,946
3 months 1916.............. 575,941
3 months 1915_________
529,942
New York Railways—
March 1916..................... 1,107,621
March 1915.................... 1,111,940
9 months 1916............... 10,215,619
9 months 1915............... 9,999,586
Northern Texas Electric—
March 1916______
166.936
March 1915.................. 1
128 701
3 months 1916............_
4 5 9 44.1
3 months 1 9 1 5 -..............
394,673
Pacific Gas & Electric—
March 1916..............
1,515,159
March 1915----------------- 1,589,999
3 months 1916................ 4,877,908
3 months 1915-------------- 4,749,327
Paducah Tract & Light—
March 1916....................
25,725
March 1915----------------23,307
3 months 1916-------------3 months 1915-------------73,366
Pensacola Electric—
24,056
March 1916....................
19,182
March 1915___________
69,825
3 months 1910_________
59,403
3 months 19 1 5 ............ ..
Portland (Oro) Ry Lt & Power—
March 1916....................
450.803
445,544
March 1915...... .............
3 months 1916.......... ...... 1,315,122
3 months 1915_________ 1,373,011
Savannah Electric—
March 1916_______
65,270
March 1915.
04,394
3 months 1916
191,801
3 months 1915
199.979
Tampa Electric—
March 19 l(i__
SI,928
March 1915_
_
82,268
3 months 1916..
259,177
3 months 1915_____
250,518

N e t a fte r
Taxes.

S
39,527
24,212
114,055
68.752

9,734
def5,126
26.837
defl8,876

36,928
29,397
112,661
82,851

27.644
27,539
83,107
82,231

£9,369
1,859
£29,836
620

38,463
29,397
116,859
92,101

28,704
28,791
86,070
86,374

9,759
606
30,789
5,727

118,132
104,329
357,796
314,485

44,375
39,225
129,872
116,671

65,104
227,924
197,814

204.143
187,902
685,500
587,112

73,482
72,496
224,800
218,909

130,661
115,406
460,700
368,203

69,754
78,470
219,858
227,045

66,371
02,964
197,983
188.026

3,383
15,506
21,875
39,019

59,685
55,396
199,297
196,818

34,779
33,429
104,165
100,271

24.906
21,967
95,132
96,547

90,019
77,668
272,171
234,620

63,645
64,663
187,300
189,844

26,374
13,005
84,871
44,776

27,452
20,206
88,240
61,539

8,867
8,772
26,519
26,450

18,585
11,434
61,721
35,089

38,551
33,141
140,828
118.523

4,811
4,230
14,206
12,613

33,740
28,911
126,622
105,910

51,923
58,870
148,582
173,452

36,178
35,409
109,386
107,827

15,745
23,461
39,196
65,625

40,200
24,116
120,348
93,090

14,086
13,706
43,106
41,125

26,114
10,410
77,242
51,965

12,498
8,642
28,381
17,479

5,357
5,456
16,401
16,660

7,141
3,186
11,980
819

284,827
279,742
830,496
809,947

213,161
211,369
639,864
633,103

71,666
68,373
190,632
176,844

17,969
16,071
51,248
47,317

15,440
15,644
44,892
42,608

2,529
427
6,356
4,709

6,611
5,063
20,919
17,256

1,899
5,621
5,702

1 ,868

4,743
3,164
15,298
11,554

6,694

2,520
2,564
7,517
7,526

744
dof840
2,604
def832

10,132
17,529
33.947
39,303

16,155
15,663
48,203
46,819

def0,023
1,866
dof 14,256
dof7,516

72.263
67,549
228,164
212,843

42,807
41,964
128,787
125,694

29,456
25,585
99,377
87.149

'

3,264
1,724

10 ,12 1

310,342
297,220
3,207.289
2,794.223
65,276
43,374
174,661
146,799
592,782
702,897
2,086,222
2,113.606

$

73,757

283,605
£77.002
285,644
£63.338
2,571,096 £1,059,281
2,575.375
£610.345

28,725
27,254
86,536
81,723

New York Street Railways.

B a la n c e ,
S u r p lu s .

S
29,793
29,338
87,218
87,628

36,551
16.120
88,129
65,076

324,041
£.301,661
357,815
£.362,630
977,205 £1,259,477
1,067,273 £1,117,647

9,770
8,141
31,399
25,608

22,039
23,250

7,187
7,796

2,583
345
9,360
2,358

10.742
7,843
31,052
23,215

7,516
7,267
23,333
21,897

3.226
576
7,719
1,318

196,598
179,236
550.09.3
598,103

182,064
183,854
544,992
548,766

14,534
dof4,618
5,101
49,337

20,029
22,155
58,468
69,171

23,344
23,409
69,683
69.774

dof.3,315
dof 1,254
def 11.215
def603

36,705
40,261
125,658
128,018

4,395
4,376
13,086
13,228

35,885
112,572

£ After allowing for other Incomo received.




F ix e d
C h a rg es.

32,310

114,790

R o a d s.

Iro ss E a r n i n g s C u rr e n t
P re v io u s
Y ear.
Y ear.
S
S

N e t E a rn in g s C u rre n t
P re v io u s
Y ear.
Y ear.

S
S
Hudson & Manhattan. a.F eb 321,775
cl65,496
C155.021
294,932
Jan 1 to Feb 29._____
664,937
327,135
615,418
353,243
Interboro R T (Sub).n ...F eb 1,682,578 1,489,635 1,055,934
945,390
Jan 1 to Feb 29._____ 3,454,711 3,035,578 2,183,218 1,907,636
Interboro R T (Elev). a.F eb 1,354,405 1,218,055
548,386
590,427
Jan 1 to Feb 29._____ 2,766,015 2,550,843 1,225,478 1,137,436
Total Interboro R T. .a Feb 3,036,983 2,707,691 1,646,361 1,493,776
Jan 1 to Feb 29.-------- 9,620,727 5,586,423 3,408,696 3,045,072
Brooklyn Rap Trans.a ..F o b 2,099,998 1,916,898
553,906
616,299
Jan 1 to Feb 29. ------- 4,357,557 4,004,119 1,337,904 1,187.792
N Y Railways.a . . ..F e b 1,040,676
982,481
277,232
248,280
Jan 1 to Feb 29. - . . . 2,162,113 2,076,184
605,368
539,981
_
Belt L ine.a_ _______ ..F e b
58,420
8,261
55,275
2,867
Jan 1 to Feb 29. ------124,151
118,819
20,573
20,620
Second Avenue _ a ___ ..F e b
59,880
55,795
4,127
3,561
Jan 1 to Feb 29 ____
126,059
15,802
11,328
121,225
Third Avenue.a. . . ..F e b
324,982
284,787
87,443
122,422
Jan 1 to Feb 29.___ .
667,640
609,942
255,634
206,038
Dry Dock E B & Batt.,a.Feb
37,840
35,720
def 5,334
1,939
Jan 1 to Feb 29._____
77,977
75,915
2 ,2 0 2
7,961
42d St Man & St N Av a Feb
146,979
142,402
51,682
58,475
310,559
Jan 1 to Feb 29._____
306,965
128,294
119,923
N Y City Interboro a ..F e b
56,543
51,255
16,935
17,276
Jan 1 to Feb 29._____
108,427
117,790
40,726
33,296
Southern Boulevard.a ..F e b
16,782
15,574
5.106
5,246
Jan 1 to Feb 29._____
35,204
10,953
32,806
9.901
Union Ry of N Y City. a.Feb
43,686
204,277
190,276
33,850
Jan 1 to Feb 29. . . .
439,046
80,988
90,984
401,906
Westchester E lec.a . . . Feb
39,915
7,642
6,474
39,616
Jan 1 to Feb 29. ------84,181
18,282
7,835
82,550
Yonkers a __________ ..F e b
56,964
51,042
10,119
23,326
Jan 1 to Feb 29 ____
120,075
107,934
18,634
38,969
Long Island E lec.a. . ..F eb
14,655
14,180
def 3,992
def 3,249
Jan 1 to Feb 29. _____
30,489
29,909
def6,933
def 6,695
N Y & Long Island T r. a Feb
26,205
27,694
def 2,331
2,876
Jan 1 to Feb 29. .........
55,607
57,739
def697
5,850
N Y & North S h ore.a .. .F eb
.
10,570
1,938
10,361
1,064
Jan 1 to Feb 29. .........
22,735
22,147
4,135
7.201
N Y & Queens C o .a __..F ob
100,393
91,226 def14,116
def 9,420
Jan 1 to Feb 29. ------191,521 dof22,234 def23,869
209,423
_ ..F e b
Ocean Elec (L I) a _
5,164
def 830
4,800
def 1,253
Jan 1 to Feb 29. ------def 1,757
10,588
10,029
def 2,167
Richmond Lt & R R .a ..F eb
26,254
24,169
665
998
Jan 1 to Feb 29. ____
54,489
50,638
2,246
160
Staten Island M id .a ..
17,677
21
dof 2,245
Jan 1 to Feb 29. .........
41,075
37,016
def 2,944
1,340
a Not earnings hero given are after deducting taxos.
c Other income amounted to $82,409 in Feb. 1916, agst. $87,938 in 1915.

ANNUAL REPORTS
A n n u a l R e p o r t s .— A n index to annual reports of steam
railroads, street railways and miscellaneous com panies which
have been published during the preceding m onth will be
given on the last Saturday o f each m on th .
This index will
not include reports in the issue o f tho “ Chronicle” in which
it is published.
T h e latest index will be found in the issue
o f April 2 9 .
T h e next will appear in that of M a y 2 7 .
G r a n d T r u n k R a ilw a y o f C a n a d a .
31 19 1 5 .)
Chairm an Alfred W . Sm ithers, L ondon, April 7 , says in part:
G e n e ra l R e s u lts. — The working expenses, excluding taxes, amounted to
£6,306,162, or 76.05% of the gross receipts, as compared with £6,676,876,
or 77.67%, in 1914; a decrease of £370,714 and of 1.62% in the proportion
to the gross receipts.
C a p it a l E x p e n d it u r e s . — The total charges to capital account for tho year
amounted to £1,619,122. Of this sum £1,192,959 was for the acquisition
of securities of the Grand Trunk Pacific branch lines and terminal elevator
companies, and Lachino Jacques Cartier and Maisonncuvo R y., and M on­
treal & Southern Counties Ry. companies, and £126,810 for discount and
commission on 546 % secured notes, sold during tho year. The expenditure
on capital account in respect of new works, machinery and tools, new
rolling stock, and land purchased, was as follows: New works, £91,956;
machinery and tools, £1,412; new rolling stock, £42,270; land purchased,
£163,715; total, £299,353.
R o llin g S to ck. — Four engines and 2 first-class cars were purchased on
capital account during the year and added to the official stock. During
tho year 22 engines were scrapped; 9 box and 3 refrigerator cars were built
in tho company’s shops, and 3 freight engines, 1 dining car and 1 parlorbuffet car were purchased on revenue account.
G r a n d T r u n k P a c ific R y . — A regular through and local service has been
maintained between Prince Rupert, Edmonton, and Winnipeg, thence
connecting witli all points in Canada and the United States. The fish
traffic at Prince Rupert is developing in a satisfactory manner. It is in­
tended to extend the voyages of the Grand Trunk Pacific boats to Skagway
during the coming summer, which will enable the company to participate
in the development of Alaska and the Yukon.
O P E R A T I O N S A N D F I S C A L R E S U L T S F O R 12 M O S . E N D . D E C . 31.
O p era tio n s —
1914.
1915.
1913.
1912.
Miles worked by engines
s
4,015
4,015
4,012
3,545
. 12,082,238 12,781,000 13,852,551 12,631,234
. 20.696,509 21,473,864 23,894,960 21,347.565
do
one mile___ .3748315616 3886370,182 4343599,229 3830147.523
Averago por ton mile_ .
_
0.70 cts.
0 .6 8 cts.
0.69 cts.
E a r n in g s —
£
£
£
£
Passengers____________ . 2,109,240
2,386,332
2,701,134
2,356,889
Mail and express______.
423,198
396,247
397,761
376,154
Freight and live stock ... 5,382,701
5,436.808
6,136,903
5,406,804
Miscellaneous--------------.
377,549
377.381
384,378
307,240
Total earnings______ 8,292,688
8,596,768
9,620,176
8.447.087
E xpen ses—
Maintenance of way,.Sec.. 1,002,729
1,076,061
1,129,454
952,293
Maint. of equipment—
1,400,930
1,375,300
1,465,632
1,358,490
Traffic expenses_______.
237,621
280,895
293,992
249,123
Conducting transport'n. 3,337,983
3,679,522
3,945,424
3,217,162
General expenses______
320,899
265,098
255,022
218,492
Taxes_________________
205,095
165,043
172,286
132,407
6,511,257
6,841,919
7,261,810
6,127,968
1,781,431
1,754,849
2,358,366
2,319,119
Other income___
759,270
682,744
307,233
215,993
2,540,701
2,437,593
2,665,599
2,535,112
D e d u c t—
Rental of leased lines_
_
155,206
155,206
155,206
155,206
Int. on bonds & debs___ 1,506,442
1,492,034
1,420,488
1.193,048
Int. on secured n o te s ...
223,750
10 0 ,0 0 0
8,417
Dot. Gr. Ilav. & M ilw._
def 1,880 def 103,742
83,8701
Grand Trunk West. R y . d ef122,177 def 135,34,8
221,414
Tol. Sag. & Musk. Ry__ def20,563
def26.147
20,496)
Div. on guar, stock__ (■4 %) 500,000 (3 V t ) 437,500 (4)496,823 (4)483,112
do 1 st pref. stk.(5% )1 ___ ____
_______
170,841
170.841
do 2 d pref. stk. (5%)1 ,
126.420
126,420
do 3d pref. stock_
_
—
............. (2 H ) 179,116 (2H) 179,116
T o ta l_______________ 2.530,017
2,449,977
2,661,677
2.529,157
Balance, sur. or def____ sur. 10,684 def. 12,384
sur .3,922
sur.5,955
— V. 102, p. 1540, 975.

(Report for Fiscal Year ending Dec.

G r a n d R a p id s & I n d ia n a R a ilw a y .

(2 0th

Annual Report— Year ended Dec.

31 19 1 5 .)

Pres. J . H . P . H u gh a rt, M a rch 14, said in substance:
R e s u l t s .— T he total operating revenues were $5,330,928, a decrease o f
856,956, or 1 .0 6 % . There was an increase o f 8157,500, or 4 .9 8 % , in tho
freight rovenue. Passenger rovenuo, how ever, decreased $195,322, or
10-87% , duo principally to tho com pletion o f an electric lino between
K alam azoo and Grand Kapids, which has resulted in tho tem porary loss o f
abou t 80% o f tho local passonger tra ffic botwoen those cities, and to a
decreaso in tho summer tourist travel. T he total operating expenses were
83,985.930, a decreaso o f $221,181, or 5 .2 6 % , duo in part to restricting tho
expenditures for maintenance to those necessary for safo and efficient
operations, but principally to decreased transportation expenses secured
largely through tlio observance o f rigid econom y and a m ore careful super­
vision o f tho operations whereby a substantial incroaso in tho averago train­
load and a cfecroasod freight-train mileage were obtained, and partly
through tho efforts m ade to offset tho decreased passenger tra ffic by reduc­
tions in tho passenger train service. Tho railway tax accruals decreased
$32,777, or U .2 8 % . T ho efforts o f tho Stato T ax Commission and local
assessing officers to com ply with tho law, b y bringing all taxable proporty
within tho State to its cash valuo, resulted in a m oro equitablo distribution
o f tho taxes between railroads and general proporty, and caused tho de­
crease shown for tho year. Thero was an increase in 1915 in total valuation
o f about $204,000,000, but an increase o f nearly 2 0 % in tho taxes loviod in
the Stato has largely offset tho favorable effoct o f this work, and tho
am ount to bo paid by tho railroads in 1916 will show an increase over the
previous year, though less than for 1914.
Tho gross incom e for tho year was $1,14.3,444, an incroaso o f $203,403,
and tho charges against same for hire o f equipm ent, rents, interest upon the
funded d eb t, e tc., aggregated $848,599, so that tho net incom e was $294,­
845, an incroaso o f $171,257. From tho net incom e $255,000 was appro­
priated for investment in physical property, o f which $91,704 was to
provide for additions and botterm ents m ado during tho yoar, not otherwise
urovidod for, and $163,296 hold in reservo for additions and betterm ents to
bo m ado in tho near future, principally tho purchaso o f new freight cars for
replacem ents, and tho balance o f $39,845 was transferred to tho p rofit and
loss account. The total amount to tho credit o f tho profit and loss account
at tho close o f tho year was $437,596.
T r a f f i c .— Our ton mileage was 365,995,097, an incroaso o f 6,376,343, or
I . 7 7 % , and o f all lines operated 450,297,152, an increase o f 2,675,024, or
0 .6 % . The averago rovenuo per ton per m ile on all lines operated was
7.38 m ills, an increase o f 0.31 o f a m ill, or 4 .3 8 % .
T he number o f passengers transported upon the Grand Rapids & Indiana
R y . was 1,710,431, a decrease o f 390,614, or 1 8.8 2% , and upon all linos
operated was 2,260,157, a decreaso o f 440,474, or 1 6.3 1% . The passenger
mileage o f tho Grand Rapids & Indiana Ry. was 63,185,923, a decrease o f
10,132,991, or 1 3.82% , and o f all lines operated 80,196,788, a docroase o f
I I , 288,893, or 12.34% : averago rovenuo por passenger per mile upon all
lines operated was 1.966 cents, an incroaso o f 0.33 o f a null.
B o n d s .— Consists o f $4,455,000 1st M . 4 1 4 % bonds, $918,000 1st M .
3 A % bonds, and $5,000,000 o f 2d M . 4 % bonds, a total o f $10,373,000.
E q u i p m e n t T r u s t s .— Tho balanco o f principal o f car trust obligations,
$60,595, was paid during tho yoar.
A d d i t i o n s .— T he expenditures amounted to $166,704, o f which $91,704
was appropriated from the not incom e o f tho yoar, tho remainder having
been appropriated from tho net incom e o f 1914.

1915.
575.03

1914.
575.03

31.
1913.
575.86

$3,321,997
. 1,600,837
,.
235.239
..
107,261
..
65,594

$3,164,497
1,796,159
240,671
115,728
70,830

$3,296,186
1,869,904
242,926
112,519
76,506

..$5,330,928

$5,387,885

$5,598,041

General and m iscellaneous.

. $615,703
..
885,601
..
129,199
. . 2,169,267
..
186,160

$640,773
887,649
133,243
2,345,026
200,420

$825,451
952,431
147,752
2,419,864
210,374

$4,207,111
$1,180,774
290,668
2,277

$4,555,872
$1,042,169
285,762

U ncollectibles .

..$3,985,929
..$1,344,999
..
257,890
..
1,864

Operating incom e_____
Other incom e____________

..$1,085,244
..
58,200

$887,829
52,211

$756,407
51,834

..$1,143,444

$940,040

$808,241

..
..
..
.\
-/

$443,523
181,046
191,883
111,467/

$442,829
150,507
157,614
2,206
55,085

IN C O M E A C C O U N T OF S Y S T E M

FOR

..

M iloago operated___
O p e r a tin g R ev e n u e-

Incidental, A c .
O p e r a tin g E x p e n s e s -

T ra ffic

Gross incom e__________________

D e d u c t i o n s —•

B ond interest____________________
M iscella n eou s....... .................
P ortion o f equipment trust.
A dditions and Dottermeuts.

Y E A R S E N D IN G

$441,029
222,847
184,723
255,000

BALAN C E

SH EET

DEC.

i

..$1,103,599
..
$39,845
DECEM BER

$927,919
$ 12 ,12 1

$808,241
N ono

31.

1914.
A.isefs—
•
S
S
R o a d A c q u ip m ’ t -1 7 ,084,985 16,918,281
I n v . in a ffll. co s .—
5 5,8 20
S tock s _________
55,8 20
4 9 ,4 00
49,4 00
B o n d s ___________
87,5 83
N o t e s ....................
2 2 ,5 00
104,167
16,000
A d v a n c e s -...........
25,0 00
O th er in vestm en ts
2 5,0 00
222,292
2 31 ,82 0
M Isc . p h ys. p r o p .
5 63 ,50 3
524 ,84 8
C a s h . . ......................
116,813
117,000
S pecia l d e p o s i t s ..
157,243
194,573
A g en ts, A c ...............
305 ,38 0
354,851
M a teria l A s u p p . .
174,012
185,730
M ls c e ll. a c c o u n ts .
137,434
106,121
U n a d j. a c c t s ., A c .

1914.
1915.
S
—
S
C o m m o n s t o c k ____ 5 ,7 9 1 ,7 0 0 5 ,7 9 1 ,7 0 0
B on d 3 ..........................10 ,3 73 ,00 0 1 0 ,3 73 ,00 0
60,5 95
_______
E q u ip m e n t tru s ts .
150,000
N o t e s _____________
150,000
327,983
T r a ffic b a la n c e s ..
3 2 7 ,28 0
327 ,92 6
A c co u n ts & w ag es.
272 ,83 2
118,880
M a tu re d ln t., A c .
117,000
U n m a t’d in t., A c .
5 2 ,5 0 0
5 2,5 00
176,193
M lscell. a c c o u n ts .
171,169
2 0 7 ,6 2 3
D c p r e c ’ n (e q u lp t.)
3 43,578
28,2 87
D e f.c r c d . Item s, A c .
80,7 35
617,676
A d d ’ ns t o p rop erty
784 ,38 0
7 5,0 00
A p p r o p . s u r p lu s ..
163,296
a 4 6 3 ,1 4 7
P ro fit and lo s s___ a 48 7,5 96

T o ta l................ 19,115,066 18.770,511

T o ta l................. 19.115,066 18,770,511

1015.

Lb
ia ilities

(C u b a )

E le c tr ic

R a ilw a y ,

L ig h t

(4th Annual Report— Year ending Dec.

&

Pow er

E A R N IN O S

FOR

T IIE

R a ilw a y
D iv is io n .

YEAR

E N D IN G

DEC.

G as
D iv is io n .

E le c tr ic
D iv isio n .

31 1915.
-G r a n d

T o ta l-

1915.
1914.
1915.
$512,750 $5,541,303 $5,396,714
315,490 2,237,517 2,501,027

1915.
1915.
G ross ................ ..$3,172,415 $ 1,S56,131
Expenses_______ 1.506.3S5
415,642

$197,266 $3,303,785 $2,895,687
N e t ______ ...$ 1 ,6 6 6 ,0 3 0 $t,440,4S9
$643,883
$1,115,414 $1,094,140
Interest_____ . . . $471,531
43,629
56,359
99,988
94,295
Taxes, A c ___ . . .
B alance______ $1,150,870
$937,513
$2,088,383 $1,707,252
Interest on doposits, rents, A c ----------------------------------147,875
102,119
T otal before deducting dividends_________________ $2,236,258 $1,809,371
Dividends: In 1915, com m on ( 5 M % ). $822,166;
preferred (6 % ) , $899,997_____
1,722,163 1,647,431
Balance, surplus, for year ending D ec. 3 1 ________
BAL

4N CE

SH EET

D EC.

$514,095

$161,940

31.

1914.
1915.
S
P r o p e r t ie s ________ 53 ,192,191 5 1 ,9 34 ,10 0
7 41,169
6 33,050
In su lar R y . C o ___
174,425
157,295
S ta ge lin e s ..............
5 ,0 2 8
5 ,0 2 8
S ecurities ow n ed - .
527 ,45 6
384 ,93 9
C a sh ........ ...................
1,104,122
906,811
M a teria ls A s u p p .
7 1,675
P rep aid ite m s ____
19,262
9 ,5 2 4
3 ,3 1 7
Su n d ry d e b t o r s ___
M u n icip a lity
of
130,783
209,304
H a v a n a ________
39,939
17,937
G o v e r n m ’ t o fflc e s .
5 9 ,8 8 7
In su ran cc a c c t ___
D e p o s . w ith G o v t .
53,8 43
5 3,8 43
a u th orities..........
199,422
247 ,29 9
D u e fr o m co n s u m .
R eserv ed fo r c o n 88,323
107,628
v erston ofsh a res*
10,200
R ep . of C uba bd s.

1914.
1915.
S
—•
S
P referred s t o c k — 14 ,99 9 ,8 5 7 1 4 ,9 99 ,97 7
C o m m o n s t o c k ___ 14 ,948,496 1 4 ,9 4 8 ,6 4 6
F un ded d e b t ------ x22 ,59 5 ,2 3 8 2 1 ,9 2 7 ,1 6 3
432 ,32 2
4 42 ,55 0
A c c t . in t. A ta x e s .
2 0 ,9 10
2 4 ,0 1 5
U n p a ld d iv id e n d s .
244 ,11 2
2 2 8 ,46S
C on su m ers’ d e p o s.
177,984
S u n d ry c r e d it o r s ..
109,860
H a v . E l. R y . slis.
3 6 ,8 9 0
u n e x ch a n g cd ___
17,585
C o m p .d e G a s y E l .
(o f I la v .) shares
70,7 38
70,7 38
u n e x c h a n g c d ___
0,100
4 ,3 3 8
In su lar R y . p rofits
668 ,16 2
648 ,76 2
S pecia l re s e rv e ___
9 6,8 40
S in k , fu n d reserve
101,536
P ro fits t o red eem
8 7 ,0 0 0
H a v . E l. Ity s . 5s
178 ,00 0
1,29 1,5 57
P ro fit and lo s s____ 1 ,709,957

T o t a l ....................5 6 ,0 9 6 ,8 0 5 5 4 ,9 90 ,99 5

T o t a l .................... 5 6 ,0 9 6 ,8 0 5 5 4 ,9 9 0 ,9 9 5

Lb
ia ilities

A
ssets—

* Consists i
o f Havana
trie R y .' C on solT 5 % “bonds'.' $ 9 d 45358i (after deducting $146,430 held In
treasury): 6 % consolidated income obligations, $6 ,0 0 0 ,000: 6 % gold bonds,
$3,998,000: 5 % English bonds, $639,557: 6 % 2-yoar coupon notes o f Sept. 1
1914 secured by tho doposlt with tho trusteo o f $4,000,000 5 % 40-year
general m tgo. sinking fund gold bonds o f Sept. I 1914, $2,000,000, and
general M . 5% 40-year sinking fund bonds, $812,000 (after deducting
$4 ,000,000 deposited with trustee as collateral for $2 ,000,000 coupon notes
and $422,000 held in treasury).— V . 102, p. 608.
W in n ip e g

(2 3 rd

E le c tr ic

R a ilw a y .

Annual Report— Year ending Dec.

31 1 9 1 5 .)

President Sir W illiam M ack en zie wroto in substance:
R e s u l t s .— T ho not earnings from tho operations o f tho com bined proucr* were $1,331,737, against $1,769,115 in 1914. Fixed charges, including
taxes, city percentages, car licenses, interest on tho funded d obt and other
contingent charges, absorbed $835,635. T ho surplus earnings for tho year
wero $496,102, which .when added to tho surplus brought forward from tho
provious yoar, as adjusted, aggrogato $1,637,599. Quarterly dividends
wore declared and paid at an averago rate o f 9 A % por annum , am ount­
ing to $855,000.
, ,
Tho decrease in earnings was duo to tho general depression follow ing the
first winter o f tho war, coupled with tho advent o f tho jitneys in tho spring.
T ho duration o f tho depression from both causes was tem porary. T ho ex­
cellent crop prospects o f tho W est, followed b y an enormous yield , had a
stimulating effect and caused a gradual advanco toward normal conditions.
CO N SO L. IN C O M E A C C T . FOR Y E A R E N D . D E C .

31 1915

U n c i. S u b . C o s .]

O peratin g rev en u e.......... ............ $ 1 ,3 31 ,73 7 N e t In com o____________________ 849 6,1 02
P rev iou s s u r p l u s . . ....................... 1 ,1 4 1,4 97
In terest o n d e b . s t o c k , b on d s,
n otes, A c ____________________
637,263
T o t a l ............... ............................. $ 1 ,6 37 ,59 9
C it y p e rccn ta g o, A c ---------------9 9,303
8 5 5 ,0 0 0
99,069 D iv id e n d s ( 9 M % ) -----------------T a x e s __________________________
N e t in c o m e ................................

849 6,1 02

T o t a l su rplu s..............................

C O N S O L ID A T E D G E N . B A L A N C E S H E E T D E C .

A (Tta
ssets o l

$ 2 5 ,5 6 3 ,1 5 0 )—
P h ysica l p rop erties, a t b o o k
v a lu e s _______________________8 24,956,031
C a s h __________________________
52,8 24
C a sh lo r sp ecial a c c o u n t ____
129,624
3 ,4 7 6
N o t e s receiv a b le-------------------C on su m ers’ and o th er a c ­
cou n ts re c e iv a b le -------------179,671
M a teria ls and su p p lies.............
2 0 2 ,36 7
P rep aid a n d deferred charges
3 9,157
$ 2 5 ,5 6 3 ,1 5 0 )—
C o m m o n s t o c k ________________ $ 9,0 0 0 ,0 0 0

Lb
ia ilities (Tta
ol

31 1915

878 2,5 99

[I n c l. S u b . C o s .].

D eb en tu re s t o c k _____ ________ *8 4,3 80 ,00 0
F un ded d e b t ___________ u 7 ,6 3 0 ,7 0 0
N o te s p a y a b le _________
1 ,7 8 5 ,0 0 0
A c co u n ts p a y a b le .......... ............
69,042
C ity percen ta ge, A c ---99,3 03
M is c e lla n e o u s .............................
204 ,80 6
A ccru ed in t. ch a rges, A c ------111,011
B ond in t., p a y ’ lo J an . 11916
125,000
D iv id e n d , p a y ’ le J a n . 10 1016
180,000
R e s e rv e s________________ 1 ,2 4 5,6 90
Surplus — ........................
7 82,599

* Consists o f £900,000 4>£% perpotual consolidated (total issue £1,300,consolidate
000), o f which £ 100.000 is pledged with trusteos to socuro 6 % gold , notes
,
UP'
‘ ‘
in amount o f $1,500,000. a Includes funded dobt ot Winnipeg E 'lectric
C o ., $6,500,000: subsidiary com panies, $1,130,700.
H o l e ,— a liability exists in respect o f doferrod annual installments o f
pavem ent taxes, amounting to $1,089,587, payablo 1916-1934.— V .
102, p . 1250, 1061.

( Report for
C o.

31 19 1 5 .)

Pres. Frank Steinhart, H a v a n a , M a rcli 1 says in su b st.:
C o n s t r u c t i o n .— T he total expondituro for new construction during tho
year was $ t ,258,091 and consisted m ainly in tho continuation and com ple­
tion o f projects and work laid out in 1914. Tho Consolidated Power plant
has been in continuous operation sinco O ct. 3 1914. During 1914 74,797
tons o f coal were required for an output o f 39,668,427 k .w .h ., whereas
during 1915 but 47,104 tons wero used in an output o f 42,186,102: in other
words, 4.26 lbs. o f coal wero required per k .w .h . in 1914 and 2.04 lbs. in
D ec. 1915. The pneumatic a.sh-handling equipment was com pleted early
in 1915. T he reinforced concrete wharf along tho front o f tho power plant
lands was substantially com pleted early in Juno and isa valuable addition.
T ho developm ent o f tho olectric light and power service has been m ost
gratifying. T ho output increased over 12% as com pared with 1914.
Earnings Increased 1 5 j^ % ; operating expenses decreased 1 1.5 5% , and tho
net earnings from operation snow an incroaso o f 2 6 .8 % .
_
C o n s u m e r s .— During tho year thero has been an incroaso o f 3,394 private
consumers o f electricity and a decrease o f 817 meters during tho year in
tho gas departm ent. It is encouraging to bo able to show that net oarnings
in that department are 10.6% groator than in 1914.
.
M a i n s .— A little over tw o miles o f new stroet mains wero added, making
the total length o f street mains in use D ec. 1915, 169.89 miles.




R a i l w a y D e p a r t m e n t .— Statistics show a decreaso o f 2.8 4 % in passonger
earnings: the operating expenses, how ever, wero decreased 8 . 1 1 % and the
not earnings from operation increased 6 .7 2 % . Over six miles o f now track
have been laid during tho year; ten now standard passonger cars and tw o
double truck freight locom otives wero finished in your shops and turned
over to tho transportation departm ent.
,
S t a g e L i n e s .— T he oarnings have decreased 17% because o f tho depression
in toba cco m anufacture and exclusion o f Spanish m oney from circulation.
Trials o f electric storage-battery vehicles are now being m ado.

K e n n e c o t t C o p p e r C o r p o r a t io n .

a A fter deducting $15,396 sundry net debits.— V . 102, p. 1625.
H avana

[Vol. 102.

THE CHRONICLE

1712

Period May

27 1915

to Dec.

31 19 15 .)

President Stephen Birch, N . Y . , A p r. 3 , says in substance:
I n c o r p o r a t i o n .— T ho Kennecott C opper C orp. was incorporated in N . Y .
April 29 1915 with 100 sharos w ithout nominal or par value anil a stated
capital o f $500. On M a y 27 1915 there wero 720,000 shares ($6,000,000)
and on Dec. 14 1915 3,000.000 shares ($15,000,000).— (V 101, p. 1811).
A c q u i s i t i o n .— On M a y 27 1915 tho corporation acquired tho entlro prop­
erty, assets and liabilities o f tho Kennecott M ines C o ., issuing in paym ent
therefor 599,900 shares o f stock and $10,000 000 1st M . 6 % convertible
bonds and also acquired by tho issuanco o f 119,996 sharos o f stock and $25
in cash tho entiro property, assets and liabilities o f tho Beatson C opper C o.
P r o p e r t i e s .— T he properties so acquired from tho K ennecott M inos C o.
and tho Beatson C opper C o. have been producers for som e fivo years past,
w ith ore reserves steadily increasing in oxtent, but in order to confer an
increased measuro o f stability it was deemed wiso to m ake an investment
in sharos o f copper mining companies in other fields, whose properties have
been dem onstrated to contain ore reserves o f such largo tonnage as to give
assuranco o f long life. It was also advisablo to acquire ownership o f all
tho stock and bonds o f tho C opper River A Northwestern R y . and a sub­
stantial holding o f tho stock o f tho Alaska S3. C o ., thus not only securing
protection in essential transportation facilities but also acquiring properties
with earnings fully justifying tho investm ent. In pursuance o f this pro­
posal a plan was ratified and approved to Incroaso tho shares to 3 ,000,000
for tho following purposes: (a) T o purchase from tho Guggenheim Explora­
tion C o. 404,504 shares o f Utah Copper C o . stock for 606,756 sharos o f our

May 6 1916.j

THE CHRONICLE

corporation’s stock; ( b ) to purchaso from tho shareholders o f Bradon Coppor
M ines C o. all or part o f tho outstanding shares, bonds or dobonturos o f this
com pany, on tho basis of 1 sharo o f your corporation’s stock for 3 U shares
o f Bradon stock, and o f 30 769-1000 shares o f your corporation's stock
for each convertible bond or dobonturo o f tho Bradon C o. (c) to pur­
chaso from tile Alaska syndicate all tho outstanding stock and bonds o f tho

1713

& N o r t h w e s t e r n Ry.— T he Kennocott C oppor C orp. owns
; ° uHSandinS issue o f stock and bonds o f the C oppor R iv er &
Northwestern R y amounting to 48.174 shares o f stock o f a par value o f
fsl a0nreH,l.nn d ; 323,’02, ’000 lst M,’ 5 % .« ► * « » B o l d bonds. T he railway
0
th.f’r w ™ ? 3^an\
l‘liM-Kauge road running in a northeasterly direction in
the C opper River Valley to Chitiha, 132 miles from C ordova, thence in an

.T1 fA l t AI In w inrr tlin
F

shares o f a par valuo o f SI00 each o f tho Alaska SS. C o. for 200,000 shares
o f tho stock o f your corporation; (d) to acquire from tho bondholders o f
your corporation all or part o f tho outstanding 1st M . bonds on tho basis o f
40 shares o f stock for each S I,090 bond; (e) for com pensation to bo paid to
an underwriting syndicate for its agreement to malco purchases in cash o f
Bradon stock and bonds and Kennocott bonds and Utah C oppor C o. stock
alternative to above offers, 65,000 shares o f tho stock o f you r corporation,
and ( / ) shares remaining from 3,000,000 authorized to bo available for
general corporate purposes o f corporation.— (V . 101 p . 1811, 1889).
S t o c k .— On D ec. 31 1915 there were outstanding 2,751,625 11-13 shares
o f tho stock o f your corporation, which had been issued for (a) cash (original
incorporation), 100 shares; (b ) acquisition o f Kennocott M inos C o. property
assets and liabilities, 599,900 shares; (c) Bcatson C opper C o. pronortv
“ setsa n d liabilities, 119,996 shares; (d) 404,501 shares o f Utah C oppor C o .!
606.756 shares; (e) all C . R . & N . 4V. R y . C o. stock and bonds and 13,000
f r e ^ f ^ l a s k a SS. C o. stock, 200,000 shares; ( / ) 1,330,280 shares T f
^ oh
£?.i)IJ< A In!cs C o - ; UKl $5,887,000 bonds o f Braden C oppor
;r
hnmUi S o V o o o ’ K 1 1 - 1 3 shares; (?) $9,782,000 Kennocott C opper C orp.

ssss a g y r a i r s f f i n s r * " ,o

D ivid en d s , & c .-—
On Fob. 1 1916 a dividend o f $1 a sharo was declared
payable on M a r. 31 to stock o f record o f M a r. 10. This required a casli
disbursement o f $2,780,583. A fter paym ent tho corporation had on hand
in cash or cash assots and copper in excess o f $13,600,000, which docs not

m ato o f cash assets, copper to the extent already sold lias been carried at
tho net selling price which tho corporation will receive therefor; to tho extent
not sold, it is valued at a prico o f 22)4 cts. per lb. The average selling
price o f copper during tho first 7 months was 19.36 cts. per lb ., tho averago
selling prico during tho first 3 months o f tho-year 1916 was 25.284 cts.per lb
A l a s k a n P r o p e r t i e s .— Tho Kennocott Copper C orp. owns at Kennocott,
Alaska, tho Kennocott mines, consisting o f 22 patented lode-mining claims
and 14 patented placer mining claims, having an area o f 2,314 acres. T ho
corporation also owns at Latouehe, Alaska, 17 patented lodo-mining claims
having an area o f 268 acres. It also holds several unpatented lode-mining
claims at both Kennocott and Latoucho.
T ho K ennecott mines are about threo miles from K ennocott, Alaska, tho
terminus o f tho Copper R iver «fc Northwestern R v . Tho tw o principal
mines at Kennecott are tho Bonanza and Jum bo, which are about ono milo
apart. I h o altitudo at Kennecott. where tho mill is locatod, is 2,200 ft .,
tV i
i
hoth tho mines it is 6,000 ft. Each mino is connected with tho
mill by an independent aerial tramway. Tho Bcatson mino is on Latoucho
island, l rmco William Sound, Alaska, H milo from doop wator transporta'n.
E q u i p m e n t .— A t tho Kennecott mines tho total number o f foot o f drifts,
cross-cuts, raises, winzes and inclines in tho Bonanza mino is 10,504 and
in tho Jum bo mino 9,692. Tho concentrator has a capacity o f 700 tons per
d a y.
Iho recovery in tho mill depends somewhat on tho grade o f tho oro
treated, but averages about 8 5 % . Tho concentrates produced avorago
abou t 54% copper. An ammonia leaching plant is being built to treat tho
. ilnS? lrom the concentrator. It is expected that a profit o f $1 per ton
ot tailings treated will bo mado on 14-cent copper.
A t tho Bcatson mino there is a concentrator at tills mino having a daily
ca p a city o f about 700 tons and em ploying only tho oil-flotation process
and was put into operation in M a y 1915; before that tim o only crude ore
was shipped. Tho concentrates produced assay over 15% Conner and the
averago extraction under normal conditions is about 80% .
T r a n s p o r t a t i o n .— Tho Kennecott mines are served b y the Ooppor River
& Northwestern R y. Tho oro and concentrates are hauled 196 miles to
C ordova, tho ocean terminus o f tho railroad, thcnco b v tho Alaska
pn
to Tacom a Smolting C o ., Tacom a, W ash., for treatm ent.
M i n i n a O p e r a t i o n s .— A t tho Bonanza and Jum bo mines at K ennecott
tho mining is underground and operations are carried on unintcrruptedlv
throughout tho year. Tho ore is transported from tho mines to tiro mill
and railroad by independent aerial tramways, each about three miles long
At the Beatson mino at Latoucho both underground mining and open-cut
mining are carried on. T ho oro is trammed to tho mill and resultant con ­
centrates trammed to tho wharf for shipment to smelter.
M i l l i n g O p e r a t i o n s .— At tho Kennocott plant tho averago grade o f ore
milled was 10.20% copper. Tho averago recovery was 8 4.6 7% . C oncen­
tration ratio was 6.27 and tho averago grade o f concentrates produced
was 5 4 .1 % . A t tho Boatson plant tho averago grade o f ore milled was
2 .23% coppor. Tho averago recovery was 7 7.1 7% . Concentration ratio
was 9.21 and tho averago grade o f concentrate produced 15.87% .
P r o d u c t i o n a n d C o s t s o f C o p p e r .— Tho corporation’s mines in Alaska pro­
duced during tho 7 months o f its operations ended D ec. 31 1915 abnnf
63,000,000 lbs. o f coppor at loss than 5 cts. per lb ., o f which but 57 555 183
lbs. were rccoivod at smelter and takon into profit and loss
T he’ balance
was en route and is carried at actual cost o f mining and milling. T h o cost
o f mining and milling received at smelter was 1.19 cts. per lb • frniu-hV re
smelter, 2 18 cts.; smelting and refining, 1.37 cts . iselling ] l ) . 1 8 c l s ; g o r e r a
expenso, 0.06 ct.; marine insurance, 0.09 ct.; {proceeds s i lv e r ,.enreV,t<l
(credit), 0.52ct., and miscellaneous earnings (credit) 0 01 ct - total
YretQ
T he everaso Sollies price o f copper for tlioV m o S t s w l f 16 “ 6 c t s V o , b l'

o k v s x a

i

” r

‘

"w i m

bon, * . - s a

B r a d e n C o p p e r M i n e s Co.— On D ec. 31 191.5 tho Kennocott Conner C om
owned 9 6.45% o f tho outstanding stock and bonds o f the Braden "Conner
M ines C o. The Braden Copper M inos C o. owns the entire outstanding
stock and bonds o f tho Braden Copper C o ., a M aine corporation operatin''
in Chilo. T ho Braden Copper C o. owns at Sewell, Chilo, 174 claims equal
to 2,362 acres, and at Rancagua for railroad terminals tho com pany owns
about 16 acres. A t tho present tim o it also has a concentrator with capacity

ILincagua is about 48 inilos southeast o f Santiago.
Iho Braden C opper C o. acouired tho nronertv from tho Chileans in
acquired
property

Government,-owned railway which ru n s’to Valparaiso.
<>f J;, n 1 1015 was 113,694,880 tons o f oro,
i
with an assay valuo o f 2 .8 4 % , and after allowing for dilution in mining
the value was 2 .5 % . 1 he valuo o f tho copper contents was based on 14-cont
copper, allowing 80% mill extraction, although the mill extracted 82%
and tho indications are that it will exceed this, a 9 5 % smelter extraction
and 6 ) 4-cent cost o f producing copper delivered to European markets
(under normal conditions all the Bradon production is sold abroad! ns
$324,030,408, and tho life o f tho mino 32 yoars, based on above tonnage and
with a plant having a capacity o f 10 ,0 0 0 tons o f ore per day
”
Thore was milled during tho last quarter o f 191.5 382,553 tons o f 2 16%
oro and tho production was 11,236,470 lbs. o f copper at an average cost o f
<-9 cts. per lb ., and estimated earnings from the sale o f same amounted
to $1,033,000. It. is proposed to increase the posont capacity o f tho mill
which is about 4,400 ions of oro por day, to 10,000 tons o f oro por dav ’
A l a s k a S t e a m s h i p C o . — On D ec. 31 1915 the Kennecott Conner C o r n
owned 13,000 shares o f an outstanding issue o f 30,000 shares o f the AI-isle '
HS. C o ., par valuo $100 each. This com pany has a fleet o f 15 steamships
operating between Puget Sound ports and various ports in Alaska chief
o f which are C ordova, Juneau, Douglas, Skagway, Valdez, Latoucho
Howard, K od iac, Unalaska, Port Graham. Kotchikan, St. M ichael Wramrol
and N om e.
’
8C*

Juneau SS. d o . at Juneau, and in addition with tho W hite Pass & Yukon
i u , t ^‘<a«w a y , tho Alaska N orthern B y . at Seward, tho American Yukon
a
N avigation C o. at St. M ichael, and with local boats at other ports for vari2 m i7 tnre; t i ki|C? ,nI)any operates under a regular schedule, both summer
and winter, to all but m ost northerly ports, such a sN om e, St. M ichael &c
i ,J )ll,rll'> iy2xCo o n d a r yoa^ , n<1< <1 I )o c - -I* 101/> tiie Alaska SS. C o .’s oarnf
o
‘
ing- were S.»(i4,88.). It paid dividends during tho year amounting to 1 1 %
on its capital stock, and surplus at tho end o f the year was $658,894.




L, t .n » T 5
Y

tt ___ _ .

j

_, .

j

,i

„

Tf
0
~Y
i'*« y mu iu«iu is uum, on a water graae.
Iino -uni
,v?n^,wi?,M?lograp i a ? ' 1 t;elephono system traversing its entire
vvhat
.wharfageufacilities. mho raiiroaci traverses
T o railroad traverses
irnnw nT,
°
» udiict iiuub.
o f tho Borin'' R ile ? C
,?„P,?e r•n}l,nol'alJ ? wlt o f A,aska and within a few miles
C ordova is ag l a n d ? L k ^ r . ^ 1C3' 1
occan terminus o f the railroad,
with the Alaska^ '4 f re* Pprfc. open, the year round. T he road connects
k
7 n d V D e m 1^ 9 1 6 w < $ a ‘ i t ^ ° ln t- ° peratin” incom e
^
i 3
^ar
an o u t s S ^ n e C s ^ Tore
i
iC oppcr C orp . owns 404,504 shares o f
m atelv 741 aere<; o f
com Pany owns approxioro rcsRi-vii T m i q k «
m
claims in the Bingham district, Utah, and its
1 i i/o copper, Till! com pany owns ^ at 3d:2.500,000 tons o f ore averaging
i- 45% Conner
ih o m m m n ? CU a its own concentrators the M agna and
ham & Garfield rV ., ‘ m m ^M n^Vi ° fmine with thotons,ce n tra to rthe l'm n .
Bingnam
uarrieid R y connecting the a')0ut 5 8,-000 co n and also
c o m p a n y ''j

n

addition to lode-inininn claim s, am ounts to

rh j. Utah C opper C o. is the largest single producing copper m ine in the
world. Production for tho year 1915 was 148,397,006 ib^ 1 o f copper and
tho cost was less than 7 cts. per lb. T otal net p rofit 1915 was $171913,481.

K N E O TC P E C R. IN O EA C . F O M Y27 T D C 31
E N C T OP R O P C M C T R M A
O E.
Copper produced ----------------- S10,357 ,70 6 i Net operating profit............
S ilv er p r o d u c e d ........ ..................
2 99,142 ' M iscella n eou s in c o m e .
---------------- •

1915.

$1731 —
6 ,7 1 7

T o t a l r e v e n u e s .. . .............. $10 ,65 6,8 48
T o t a l............................................ S 7 ,738,611
M in in g and m illin g _________
C87 979 N e t in t. o n cu rren t a c c o u n ts .
~'
2 9,1 07
£’r®f m '6 40 sr? eIter— ...............
1,257[.-,62 In terest on b o n d s ____________
3 5 0 ,0 0 0
85,7 57 T a x e s ___________
« i i n an<1 , cf,ln ln s -----------r
185,707

.

I

so --------------------

3 2 ,1 79

169,339
430,661

|D e p le tio n o f m in in g p r o p e r ty

T o t a l ex p en ses............................$ 2,9 24 ,95 4

S I , 164,814

N e t op era tin g p r o fit ............. $ 7 ,7 31 ,89 4
C o p p e r p ro d u c tio n from M a y 27 to D e c . . .
and silver p r o d u c tio n 591 ,69 2 o z . a t 5 0.5 57 cts.

B A E C P E C . IN O EA C U TF RY A E D GD C 31
R D N O P R O C M C O N O E R N IN E .

1 915.

C o p p o r p r o d u c e d ........ .................$ 5 ,8 1 2 ,2 4 5 N e t op era tin g p r o fit .....................$ 2 ,4 1 5 ,2 3 9
D e d u c t op era tin g c o s t s _______2 ,7 4 o[9 4 4
61,0 55
M iscella n eou s in c o m e ..................
D e liv e r y and selling e x p e n s e ..
574,812
N e w Y o r k a d m in istration e x ­
T o t a l p r o fit s .............................. $ 2 ,4 7 6 ,2 9 4
pen se________ ______
8 1 ,2 5 0 B o n d , & c ., Interest......................
8 2 8 ,51 8
T o t a l ex pen ses............... ........... $3,3 97 ,00 8

B a la n ce, su rplu s.......................$1 ,6 4 7 ,7 7 6
P rev iou s d e fic it
.......................
$ 13 ,52 3

N e t op era tin g p r o fit ............... $ 2 ,4 15 ,23 9

„
,
Total surplus.................... SI.634 253
The company s copper production in 1915 was 36,397,398 lbs. at 15.968 cts.
31.

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

r>

.

1914.
$ 2,0 9 1 ,1 4 0

n Z ^ ^ C C U .................................. S2,498,887
V“ °
Operating costs.................................... $1,,893,9081
l a x o s .......................................................

1913.
$ 1 ,8 2 0 ,9 0 5

S2J)91,140
$1,728,452

1915.

Revenue from operation.................... S2.376 9971
Other revenue....................
12L890/

S I ,820,905
$ 1 ,5 6 2 ,7 4 8

40,090/

Dividends paid............................... (il%)330,003
Balance, surplus or deficit.............sur.S100,578

$ 2 5 8,1 57
S188.068

(8 % ) 2 4 o io o o

def.$31,658

C O PPE R R IV E R

,fc

(4%) 120,000
d ef.$ 4 9 ,9 1 1

N O R T H W E S T E R N R Y . IN C O M E A C C T . FOR

YEAR

1915

^n® e from operations..........Sl,75i,528 |Taxes ....................................
oa|
S22 oil
594,413 |
Operating income___________ 1,135,084
1c ting expenses-----------KENNECOTT

COPPER

C O R P O R A T IO N

BALANCE

SH EET

DEC.

31 1915.

M i ^ r ™ 8110’623’583^
I L ia b il it ie s (T o ta l $110,623,588) —
rv!nire Pr
,°Perty -...... ........ -$17,553,635 Capital stock_______ ____ _$J5 000 000
?n and e(iulpment
872,654 Capital surplus.... ................bS5;377 985
MetaiamxntS'A" V " ' j ........... *81,727,493 j First mortgage bonds.......... . c2is!oo0
n
i°n !ian<1........... 7,169,613 Accounts payable............
2 ,0 5 6,3 51
...............
225’950 Accrued interest and taxes..
1 97,736
Accounts collectible----------39,374 Deferred accounts_______
3 3 ,9 6 4
V ^ ? acC^U
nts..................
17.998 Treatment, refining, Ac.
Anglo-1'rench notes--------- -- al,925,000
(not yet due).
S20.854
C a sh
C ash d u o fo r c o p p e r s c ttlc m ’ ts

10,179 Development reserves.

1 ,103,692 U n d iv id ed p r o fits ____ d 6 , 5 7 3 7 9 7

3 44 ,90 2

U ta h C o p p e r s to c k , $30,337,803- 1 330 2,SO shares B rad en
f e
T
i S20.465.846. a n d $
5 . 3 8 7 . o d o ' ’
| m n ^ n Rh * , : , W 7 RJr
P
N
g
b o n d s - $11,510,000, and 48,174 shares
a ‘ ,,131
'000 ®hares A laska S3. C o . s to c k , 81,300,000. a P ar $2,000,000.
(le(b?^tm^3« o 7 s 9 oonT ^ , r0,m con v ersion o f b on d s and ex ch a n g e o f s to c k , c A fte r
f
d e d u ctin g $9,782,000 held in treasury, d A fte r d e d u ctio n o f d ep letion and d e p re c’ n .
*In clu d es

404,504 shares

$27?)20 K

s t he k2

B A E C P E M E C .— R D NC P E C . B L S . D C 31 1915.
R D N OP R IN S O B A E OP R O A . H E .
Assets (Tta $ 2L b ,0 7 6 )— o l $ 2 4 ,1 9 6 ,0 7 0 )—
o l 4ia9ilities (Tta
,1 6
---------,
f w Pert? ’ constiuction, <fcc..$16,205,942 Capital stock (B. C. M . Co.)xS7,024
D e fe rr e d elm rees. xt-n
• ,4 1 0 ,1 6 7 B on d s (B . n . n . C o .\
>
?
r ) .............y 5 ,9 7 6 ,0 0 0
1. .
Deferred charges, <tc______
2 -iir»
C M
ia

Def. paymeni.3 to 3ink’g fund
« » U
o
5 7 6 ,24 6 , » tnpaid expenses on ........... l s ..
m eta
Undistributed items in transit
246 ,48 8 ; Bills a n d a cco u n ts p a y a b le ..
Supplies and merchandise__ 1 ,2 1 6,7 30 ' U npaid sinking fu n d _________
Copper on hand, &c____
3 ,0 0 8 ,2 8 6 I Surplus from sale o f b o n d s ..
'Treasury stocK (B . C . M . C o .)
40,9 70 ; E arned surplus___
Accounts collectible________
160,083 !
Cash and casli items________
331 ,16 4 !

188 ,33 0
S .762 ,24 7
5 76 ,24 6
10,625
1 ,6 5 8 ,6 2 9

x A fte r d ed u ctin g $ 6 ,9 7 6 ,0 0 0 reserved fo r con v ersion o f b on d s, y D e n o te s b on d s
ou tsta n d ng (B C . M. C o .) less SI,0 0 0 .0 0 0 pa r v alu e ow n ed b y Braden C o p p e ?
c o . n o t Included In assets.
l y

A A K S E MH C. B L N E S E T D C
L S A T A S IP O A A C H E E .
(Tta
ol
Lb
ia ilities (Tta
ol

31 1915.
Assets
$ 4 ,9 4 0 ,1 7 0 )—
$ 4,9 40 170)__
.S team sh ip s.. ................................$3,571,351 C a p ital s t o c k _______ ______ 1 . % 3 0 00 000
tea l esta te, & c — -----------------5 00,720 ID e p r e cia tio n reserv e
■
’ 958*862
I n v e s t m e n t s . .. .............................
3 2,500 A u d ited vou ch ers
.....................
211861
N o te s and se c ts , r e c e iv a b le ..
197,070 A c co u n ts p a y a b le ...................
m ore
A g en ts and pu rsers......................
114,668 D eferred a c c o u n ts .........................
4 5 97
U n ited Sta tes G o v e r n m e n t ...
96,888 N o te s
........................
sn on n
U n derw riters’ claim s, & c ..........
59,733 A ccru ed
ta xes........................
45338
P rep aid Insurance, A c ...............
190,096 U n d iv id ed p r o f i t s '.......................
r.vs s o x
S upp lies (a t c o s t ) . . . ...............
18,346
o o o .o a *
C a s n o u h a n d .....................
15S.799

\

C P E R E cfe N IF. R . B L N E S E TD C 31 1915.
OP R IV R .
Y A A C HE E .
(Tta $ 3 2 ,3 9 5 ,6 3 5 )— n o , , , n ~ L b (Tta $ 3 2 ,3 9 5 ,6 9 5 )—
ol
ia ilities o l

Assets

Property account........ . . . S 2 7 , 904,740
Investments__________
_
5.0 0 0
Mater’lsAsuppiles (at co st)..
153,078
Agents and conductors______
12,185
A c co u n ts c o lle c tib le --------------

Insuratico in advance.......... ..

C a sh o n hand
P ro fit and lo s s .............................

$ 4 ,8 1 7 ,4 0 0
C a p ita l s t o c k __________
F irst m ortg a g e b o n d s ............. 2 3 ,0 2 0 ,0 0 0
Suspense I n v e s t m e n t s ______
5 ,0 0 0
A c co u n ts p a y a b le .....................
6 6,321
339 ,60 7 A ccru ed bon d in terest............. 8 4 ,4 8 6 975

1,7 14

'

57,999
/3 .2 2 L 3 7 2

h n l ^ ^ 0r ch a rg in g a ga in st p r o fit and loss $ 4 ,4 8 6 ,3 7 5 a ccru ed b on d in terest,

g A ll

— VdS102d p ° U
1630 ’ 979h accrUed ln tc re s t- are P rop erty o f K e n n e co tt C o p p e r C o r p .

THE CHRONICLE

1 7 1 4

(Vol . 102

not very largo In tonnage but o f higher grado than the average heretofore
mined b v this com pany. T he ore was treated In the m ill.
T h e N e e d l e s M i n i n g A S m e l t i n g C o . — A flotation jplant was added for the
(.Report for Fiscal Year ending Dec. 31 19 15.)
recovery o f zinc values in the tailings. N early all the 47.897 tons o f ore
treated at the m ill cam o from tho Tennessee m ine at Chloride, which Is
T h e report, including the remarks of President O tto I I .
operated b y this com pany under a lease and bond.
F alk and the profit and loss account and balance sheet, is
R e a l d e l M o n t e y P a c h u c a A l i n e s i n M e x i c o . — In spite o f numerous d iffi' cultios In M e x ic o f the work at these properties was carrhxl on a lm o s tu n given on subsequent pages.
interruptedly, tho main obstacle to overcom e being tho lack or trails
P R O F I T A N D L O S S A C C O U N T F O R Y E A R S I N D I N G D E C E M B E R 31.
E
portation facilities, which still continues. In spite o f tho serious handicaps
1914.
tlio developm ent o f tho mines was continued on a largo scale.
1915.
1914.
1915.
S
S
S
S
2,431,406 1,354,617 O P E R A T I O N S A N D E A R N I N G S O F A L L C O M P A N I E S F O R Y E A R .
11,666,413 10,323,150
(T r t r l C 'nctfvm
— ~1*• C. i t i V a l u e
■
0,582,264 9,221,174 Selling, publicity,
z O res/
1915
1914.
1913.
1915. 1914. 1913.
A c., expenses.. 1,353,054 1,379,685
475,485
Conner lbs
26 923?674 17,946,659 20,239,973 20.9 18.9 18.8
Factory profit.. 2,084,149 1,101,976 Prcf. divs. (3 % )..
Leac\ lbs ............87 102 179 64:443:260 58,116,504 17.6 18.9 15.3
252,641
347,257
Other Income___
Silver, o z ' . : : : . — 12.071,863 9,936,237 13,089,708 25.4 42.1 47.3
Balance, surplus
sr .602,867 del.25,068 G old , o z ..................
196,481
124,719
148,372 16.9 20.1 lS.b
2,431,406 1,354,617
Zinc, lbs--------------- 34,105,471
- ..........
..........f o i 3
” l9 1 2 ~ ""
B A L A N C E S H E E T D E C . 31.
[For details seeja subsequent page.)1
! CopperafflbPnCe~
80.18183
$ <U 3*)4
$0 15433
$0.16287
1916.
1915.
ce'u\, i b : : : : : : : : : : : : :
0.94546
0 .0 3827
0.04396
0 .0 15 2 9
1915.
1914,
S
S
L ia b ilitie s —
A ssets—
$
-, .
I’ lIII
0.49965
g
T.55564
0.60503
0.61291
Real est.,bldgs.,&c. 11,02i ,717 11,008,481 Preferred stock ... 16,500,000 16,500,000 Silver ‘ oz’
57,579,184 $2,932,519 $4,555,122 $5,407,965
Pat’s, good-wlll,&c.l9,615,805 19,615,805 Common stock... 26,000,000 26,000,000 N ot earns, afte'r repairs210,508 Deprec. & reserve funds.
986,860
666,878
J6 J ,*>•}(>
1 ,26 j ,000
Accounts payable , 429,537
Voting tnist certs.
406,135 Reserve forercctlc.n
held In trust__
406,135
!
P rofit for ye a r_______ $6,592,324
$2,265,641 $3,585,586 $4,232,965
and completioni
1st M . 6% bonds,
248,834 A dditional reserve-------[
S888.900
-------.7,-777
*235,000
of contr’ts billed 313,319
849,015
Bull.El.Mfg.C'O.
873,411
299,023 i>rpf dividends ( 7 % ) ___ 1,702,225
1,702,221
1,702,144
1,702,120
776,734 Accrued accounts.. 328,943
Cash...... ..........
1,123,095
j Com m on dividends___(14^)263,336
(3)526,671 (6)1,053,322 (5)877,763
Marketable securs.\3,580,105 3,607,301 Prcf. stk. dividend
)
pay. Jan. 15 ’ 16 475,485
274,550
Other securities../
$36,749
$830,120 $1,418,082
157,644
134,564
Balance, surplus-------- $3,737,863
Notes & accts. rec. 3,919,966 3,445,625 Reserves---------- .
730,056
Inventories_____ 4,902,277 4,149,244 Profit and loss— . 1,332,923
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 L U D I N G S U B S I D I ­
13,175
Unexp. lnsur., &c.
72,259
A R Y C O M P A N IE S .
1915.
1914.
.45,514,771 44,146,065
1915.
1914.
T o ta l................ 45.514,771 44,146,065
L ia b ilitie s —
S ’
S
s
s
A ssets—
- V . 102, p. 010, 523.
’,368,981 45,956,057 Common stock__ 17,553,838 17,553,838
Cost of propertles.47
Preferred stock__ 24,313,725 24,313,725
Shares held l o r ex­
U n i t e d S t a t e s S m e lt in g , R e f i n i n g & M i n i n g C o ., B o s t o n .
Stock of sub. cos.
____ _
_
change of stocks
not owned (par) 1,029,699 1,029,699
136,667
96,667
of other cos----(lCk/i Annual Report— Year ending Dec. 31 19 15 .)
notes, duo
...
623,272 5%
635,846
Improvements, & c
Juno 1 1918... 4,000,000 4,000,000
1,287,128 1,252,012
Pres. William G . Sharp, M a rch 14, wrote in substance:
1 Ores, matte. &C-- 1
Current accts. and
______
Supplies, fuel and
R e s u l t s . — T he past year has been one o f groat and increasing prosperity
accrued pay-roll 935,727
600,178
tim ber.............. 1,573,611 1,461,779
for your com pany. B oth tho gross and net earnings are the largest in its Metals in transit
Notes payable----1,600,000
history. The tremendous demand for metals caused by tho European
425,556
3,172,836 4,472,246 Dividends Jan. 15. 688,892
and in process.. 6
war forced tho prices o f copper, load and zinc to advance with great rapidity Notes receivable.. 3
3,867,148 4,360,151 Depreciation funds 6,327,798 5,279,547
and while there were numerous fluctuations, tho average value for the Accts. receivable. 1
1,162,956 M Iscclianeoui___ *2,341,598 * 1,362,946
.,959,685
year was high. The price o f silver towards tho end o f the year m aterially
2,482,831 1,255,940 Profit and loss__ 8,253,455 4,515,592
advanced. Owing to the extraordinary increase in the price o f spelter, Cash...................... 2
all the zinc smelters o f tho country were overloaded with ore, and the
Total ................ 65,444,733 60,681,080
T o ta l.................65,444,733 60,681,080
spread between tho price at which zinc oro could bo purchased and spelter
sold became very great. In order to take advantage o f this spread and
* Miscellaneous liabilities in 1915 include drafts in transit, #712,304.
also to have an outlet for zinc oro produced in our own mines, wo acquired reserve for freight, & c .. SI .283,225 and undivided s u it - applicable to stocks
three smelters, located respectively at A ltoona, Iola and La llarpo, Ivan.
sub. cos. not held by U.
I’) '
;
A leaso was also made o f the Kavenswood m ine, near Reeds, M o ., and o f N o t e — Tlio com pany has S. Sin. R ef. & HUtah C op p er / ’ o ' 4 10 000 000
guaranteed tho
C o. $iu,uuu,uuu
a m ill o f 750 tons daily capacity was erected thereon.
1 hese threo smelters, 6 % 5-year collateral trust gold notes, A pr. 1 1912. These notes and tho
together with additions and improvem ents thereto, and the Ravonswoou $4.000,000 o f United States Smelting Refining & Alining C o. notes will bo
m ino represent a total investment o f $953,598. These smelters have an called as o f Apr. 1 and June 1 1916 respectively, and will bo paid o ff with
estimated capacity o f 7,500 tons o f oro and concentrates per m onth. the proceeds o f an issue o f $12,000,000 6 % converlble notes o f the United
$600,000 was written o ff this investment out o f earnings, and tho balance Statos Smelting Refining & M ining C o . and with cash on hand.
1 he Utah
will be written o ff during 1916.
_
.
...
C om pany's assets and liabilities will then bo incorporated in tho consoli­
T ho output o f coal for the year was 707,5o9 tons, as com pared w ith dated balance sheet.— V . 102, p. 1635, 015.
703.936 tons in 1914. The larger increase anticipated was prevented by
tw o’ causes, (a) the decreased dem and for coal throughout the territories
P e n n s y lv a n ia S te e l C o m p a n y .
supplied by your com pany, and (5) tho increased com petition ot coal
producers. In order to prom ote econom y in tho administration o f your
( 1 5 th Annual Report— Year ended Dec. 3 1 1 9 1 5 . )
coal operations, steps have been taken to consolidate the coal companies
which you own into one com pany, called the United States Fuel C o. It is
Pres. Edgar C . F elton , Philadelphia, M a y 1, wrote in subst.
expected that this consolidation will bo com pleted during the com ing year
rn n itn
F m p n i t u r e s — Besides
ately $2,340,000
and it is hoped that tho anticipated economies will materially im prove ordinaryl repalre dandCupkeep ami approximcurrently into thooxpondod rfor
charged
cost o f p o tho earning powers o f your coal operations.
,.
. o , „ „„
Unrt'mti tlio sum o f $1,941,084 was oxpondod on im provem ents and ad­
N o t e s . — Since tho end o f tho fiscal year, the com pany has sold to bankers,
at slightly over par, an issue o f $12,000,000 10-year 6% convertible gold ditions to the plants o f tho subsidiary companies during 1915 and charged
notes dated Feb 1 1916, payable Feb. 1 1926, convertible at any tim e, at ho theircapita® accounts. O f this am ount, $721,407 cam e from tlio general
tho option o f the holders, into com m on stock o f tho com pany on the basis f n n d l o ^ h e subsidiary companies and $1,219,676 from tho spocial fund
o f $75 in notes for each sharo o f com m on stock o f the par value o f $.)0. nrovkled b y the sale o f collateral trust bonds authorized in 1913. in con­
T he notes are callable at 110 and int. on any hit. day,
jf so ra K S nection with the plan o f improvements to plants adopted in ^ a t year.
m ay be converted into com m on stock at any tuno prior to tho date fixed T ho imnrovoments authorized in connection with the sale o f $8,500,000
/o U a to a 7 tr S b o n ib raade in 1913 were practically com pleted during
for redem ption. Out o f the proceeds o f these notes and cash on hand it is
proposed to retire the $10,000,000 6 % 5-year co lateral trust gold notes
The bonded debt o f tho subsidiary companies; was decreased
o f tho Utah C o. maturing Apr. 1 1917, guaranteed by your com p a n y, and
tho $4 000,000 U. S. Smelt. R ef. & M ing. C o. 4-yoar 5% gold notes m atur­ during tho year by paym ent o f $142,000 Cornwall bonds, $125,000 Steel ton
Coke Oven'bonds, $275,000 Spanish-American Iron.O o. f^ ndA an£ ’^ e n t s
c
ing Juno 1 1918. The notes o f tho Utah C o. have boon ,ca, f l / n n n n n n
1
paym ent and redem ption at 101 and int. on A pr. 1 1916 and tho $4,000,000 Pflnn-M arv Coal C o. bonds. Tlio $125,000 com pleted tno paym ents
notes will be called for prior paym ent and redem ption on Juno 1 1916. required under the Steolton Coke Ovon m ortgago and those bonds have
T h is financing will result in an interest saving o f $80,0001 per anumu and
will release the unexpended balance o f tho proceeds o f tho Utah C om pany s b ^ o r n t t a « 0Orea^ n T s — T he iron mines at Cornwall, P a ., mado in 1915
notes, amounting to $1,337,502, now held In escrow under tho indenture Hin smallest output for m any years, 220,000 tons o f oro having boon m ined,
. . . . ,'orl with 270 000 tons in 1914. Tho extension to tlio oro concen­
o f trust securing the Utah C om pany’s notes.
. , .
trating plant o f the Pennsylvania Steel G o. at Lebanon which Is now boing
P r o d u c t i o n . — The metals produced in 1915, including motals from custom
ores and the production in M ex ico, also tho average prices at which motals m ado will largely increase your consum ption o f Cornwall oro.
j m nT h e s U n u T X m ^ i c a n D o n C o . - The war in Europe c r e a t ^ such an
were sold in 1915, were as follows :
excessive demand for freight vossols, and advanced ocean ti eight rates
----------- T o ta l P r o d u c tio n ----------- ----------—— A v e r a g e P r ic e
■
U
U
*
to such a „I,U1 u uui>»n the year Ad t o 'm aVU i1 UHUWl*w****"v ^ in c r e ^ e the
point during
as U llltWt e t u n b o r n cal>
1915.
1914.
%
1915.
1914
amount o f ore brought from Cuba. On tills account, b oth you r orop rojierC opper..26,923,674 lbs.
17,946,059 lb3. 20°9 $0.18183 per lb. SO-13404 per lb. tios in C uba wore operated on a restricted
t h r o w w u t 1915.
I no
Lead___ 87,102,179 lbs.
64,443,260 lbs. 17.6
,04o46 per lb.
.03827 per lb. mines at Daiquiri on tho south coast Producedini that.y e a r 230,000 tons
Zinc " 34 105 471 lbs
19.2
.14964 per lb.
o f oro and tlio mines at M ayari on tlio north c« a«t 4 7 1,()00 tons, im prove­
Silver III 12,071 :$63 ozs.
9,936,237 ozs. 25.4
.49965 per oz.
.55564 per oz. ments at the M ayari property woro made during 1915 at a cost o f $3.),007
Gold___
196,481 ozs.
124.719 ozs. 16.9
----------------T ho tonnage o f ores produced from Centennial-Eureka, M am m oth, a n stee/lo«'° ( m d ° L e b a n m i P la n t 's '— O f tho five old blast furnaces connected
G old R oad , Tennessee and Bingham mines, and in M exico, was 1,066 025 with the steolton plant but tw o woro operated continuously during the
tons o f which tho values o f tho metal contents wore in the proportion o f v /a r
Due to the W e a s e l dem and for steel products abou t the m iddle
3 0 % copper, 5% lead, 21% zinc, 25% silver and 19% gold.
o f the year other furnaces wore put In blast and at tho end o f tho year four
C a p i t a l E x p e n d i t u r e s 1915.— These aggregated 81,412,924, including
o f th t old furnaces were in operation. Tho largo now furnace, tho con ­
investment in stocks and bonds o f coal companies in Utah, $o0,00b. in­ struction o f which constituted an im portant part o f the Improvement
vestment in stocks o f other com panies, $515,366, additions to plant in program at tho Steolton plant tor 1915, was put In blast in Sept. At tho
tho United States and in M ex ico, $413,021; m ine proportiis ami o th .r Eetmnon plant, only ono o f tho tw o furnaces was kept in continuous oporcharges to capital account, $80,930; investment in zinc sm elters.andat
zinc mine in Kan. and M o ., $953,598: less depreciation, $600,000, $353,598. &tlS p a M W ™ P r i n t yp ? a n t .— A t tlio beginning o f tho year but ono o f the four
C u r r e n t A s s e t s . — On D ec. 31 1915 current assets aggregated 1 17,343,239.
blast furnaces was In operation. In Fob. tho second ono was put in blast,
Including cash, $2,482,831: notes receivable (including $3,418,612 loaned in Aug. tho third and in N ov. tho last o f tlio four furnaces was started.
to the Utah Co^ a n d 'its 'subsidiaries). $3,867,148; accounts receivable, T ho unprecedented demand for ships, caused b y t h e n w
was
$1,959,686; metals in transit, in process and on hand, $6,172,83b. ores, continued, and as a result tlio shipyard o f tho Sparrow s 1 oint plant
m atte and by-products, .$1,287,127; and supplies, fuel and tim ber, $1,573,
m oro fully occupied during 1915 than over before.
l o i g and
I m p r o v e m e n t s — T he special improvem ents recom m ended in 1913 ana
611. Deducting current liabilities, $3,620,148, the excess o f current assets
hemm^n^that vear were practically finished w ith tho close o f 1915. A t
over current liabilities is $13,723,091.
the steolton works tho remodelling and consolidation o f rolling mills'• f o r
T o t a l n u m b e r o f s h a r e h o l d e r s .— Preferred 8,768; com m on, 2,248.
tho production o f heavy stool products was com pleted and put into su' cossE xtracts from R e p o rt o f V ice-P res. in C h a rge o f O p e r a tio n .
Bil operatfon
T ho largo blast furnace, known as N o . 5, was also finished
M a m m o t h C o p p e r M i n i n g C o . — 'T ho mino produced 290,473 tons o f oro,
ati<l blown in in Sept. The total amount expended at tho Steolton plant
o f which 40,027 tons carried high percentages o f zinc, rh o latter was in 1915 on account o f tho special construction program, was $1,022,321.
taken to a sorting plant, constructed at the beginning o f the year at tho T ho principal now improvem ents were tho construction o f a now blast
sm elting works o f the M am m oth C opper M ining C o , whore the oro was
fhn same sizo as N o 5 w ith tlio necessary gas blowing engines
divided into zinc ore, shipped to tho zinc smelters in Kansas and tlm other M i e s a m e ’ a T o O O k w ‘^ a s UriVon electric generator; and a considerable
a copper oro, which was smelted on the spot.
1 he m ost Im portant result extension to ’ tho’ machlno shop with additional m achine tool equipm ent.
o f exploration work at tho mines was the discovery o f a now ore lenso out- W ork on all o f those had been begun prior to tho closo o f the year. E total
sklo o f tho ore zone heretofore followed, and at greater (lopth than any turos, amounting to $351,997, had *been m ade up to D ec. 31. T he total
oro yet found in the mino. T he copper contents o f tile ore In tho new lonso capitalized oxpondituros for tlio yoar, m ade on account
is m uch in excess o f the average in tho M am m oth mino.
improvement program and tlio improvem ents authorized in 1.H5, was
In Section 29, a small amount o f oro rich in copper, gold and silver was
extracted and shipped to tho smelter. Exploration in
outlying ^ U t i m Lebanon plant, additions to tho oro concentrating and sintoring
workings added to tlio reserves a moderato amount o f pro o f equally mgn plants were a u t M e d . These will Increase consldorab y your consum p­
grade. Tho ground looks very promising and satisfactory results are tion o f Cornwall oro and supplement the existing oro supplies o f the Steel ton
expected to follow further work.
.,
■
.
works
On these additions $17,784 had been expended and capitalized
S t o w e l l M i n e . — W ork was resumed in spring, after an interruption due
to the breaking out o f tho European war, resulting in a m oderate increase UPAtt° « m Sparrow’s P oint works, the ‘nip'ovemenfc
in tho ore reserves. It is the present intention to supply this mine with in
h*ul nrarticallv boon coninlotod at tlio oiul or 1914. in iinisiung
transportation facilities, whereupon extraction o f oro will bo inaugurated, up till) numerous Itoms o f construction In connection with this program,
and the ore shipped to the smelter o f tho M am m oth C opper Alining C o. an expenditure o f $197,356 was m ado, which was capitalized) Other
improvem ents were undertaken during 1915, m ainly In connection w
1UGoW flood M i n e s C o . — T ho production o f tho mino during tho year was tho marine department and on these $289,111 was oxpondod during tho
96,272 tons. Developm ent work resulted in tho opening up o f oro chutes
A llis -C h a lm e r s

M a n u fa c tu r in g




C o .,

M ilw a u k e e ,

W is .

:

year. Now shipbuilding berths, now machine and fabricating shops and
an extension to the fitting out piers havo boon undertaken.
The revaluation o f properties which was begun in 1014 had boon co m ­
pleted as far as tho m anufacturing plants were concerned when tlio annual
report for 1914 was issued. Tho revaluation o f tho remaining properties
was com pleted during tho year, and as a result tho book values o f tho
Penn-M ary Coal C o. iiavo boon roducod b y $1,171,845. It was not found
necessary to change tho valuations o f tho Pennsylvania Stool C o ’s, interests
in tho Cornwall ore banks nor tho book values o f tho Spanish-American
Iron C o. representing that com pany’s oro properties in C uba.
P r o d u c t i o n ( g r o s s t o n s ).
C o a l_____________
C oko_____________
.
Iron oro__________
Pig iron__________
Stool ingots---------E a r n in g s —
Incom e from operation*
Inc. from invest.,int.,&c..

1915.
692,000
657,000
933,000
615,000
712,000
$
4,616,694
175,228

1914.
574,000
413,000
910,000
482,000
471,000
$
1,276,208
63,842

1913.
672,000
652,000
1,507,000
734,000
863,000
•
$
2,764,141
69,521

31.
1912.
729,000
690,000
1,748,000
596,000
807,000
$
3,113,819
149,726

Earnings, all sources.
Interest on bonds______

4,791,922
1,361,455

1,340,050
1,116,456

2,833,662
1,017,341

3,263,545
1,053,924

O P E R A T IO N S

A N D

F IS C A L

Doprec. plant & eq u ip . 1
Sink. fd . sub. cos. bds.J
D iv id en d s_____________

RESULTS— YEARS

3,430,467
1,419,510

E N D IN G

DEC.

2,209,621
22 3,594
1,816,321
902,086)’
651,291
553,729
1
535,386
605,803
(2 ^ )5 1 4 ,0 2 0 (5)1,028,040

Balance, sur. or d o f..s u r 2 ,010,957 dof678,492
su rll5 ,6 2 4
sur22,049
* A fter paym ent o f all expenses o f operation, including ordinary and
extraordinary ropairs and upkeep, approxim ately .$2,340,000 in 1015,
against $2,200,000 in 1014, $3,500,000 in 1013 and $2,800,000 in 1912.
currently chargod during tho year to cost o f production.
B A L A N C E S H E E T D E C . 31 ( P e n n s y l v a n i a S t e e l C o . o f N e w J e r s e y ) . —
1915.
1914.
1015.
1914.
—
$
$
Assets—
S
S
Stocks of sub. cos.24,416,137124,607,765 Preferred s to c k ...20,560,800 20,530,800
Common stock__ 10,750,000 10,750,000
Other Investments. 1,418,158/
Accounts recelv’lo. 143,447
142,174 Collat. trust bonds 8,500,000 7,168,000
Adv. to sub. co’s. .17,783,539 16,159,625 Bills & accts. pay. 3,430,640 2,093,166
C a sh .......................
242,150
24,236 Insurance reserve.
24,948
______
Surplus................
742,048
421,834

Lb
ia ilities

T o ta l................ 44,008,430 40,993,800

T o ta l.................44,008,436 40,993,800

31

(S u b . C o s . o f P e n n . S te el C o . o f N . J .)

C O M B IN E D B A L . S H E E T D E C .

1915.
S

1715

THE CHRONICLE

May 6 19 ltt.]

1914.
S

A ssets—
Property, real est.,
plant, Ac........ x39,301,409 39,305,128
Funds for redemp­
tion of b on d s...
376,710
338,444
Inventories.......... 10,820,124 8,487,103
Accounts rccclv’lo. 4,137,554 2,102,910
mils receivable...
70,131 1,787,052
MtSCCl. Invests...
211,697
221,197
Cash____________
438,596
592,300
Deferred charges.
323,8/8
145,900

1914.
1915.
L ia b ilitie s —
$
S
Preferred stock___1 ,500,000 1.500.000
Common stock___8 ,550,000 8.550.000
Bonds....................17, 428.000 18,040,000
438,000
Bills payable____
348.000
Accounts payable. 1 ,407,942 1,023,822
279,685
Acer .taxes & lnt._
344,575
Adv.from hold.co.17 ,788,539 10,159,625
Res. for rcllnlng
turn., contlg.,Ac. 815,204
510,699
Surplus__________ 7 ,509,839 0,592,275

I N C O M E A C C O U N T Y E A R S E N D I N G D E C . 31.
S a les o f —
1915.
1914.
1913.
C opper, l b s . . ................ .143,397,006 115,690,445 113,942,834
Average p rice_______ 17.679 cts. 13.264 cts. 14.976 cts.
G old , oz. (at $ 20)........... 36,760.121
34,729
28,121
Silver, o z ...........................
371,712
325,352
285,589
Average price_______ 49.880 cts. 55.546 cts. 59.582 cts.
O p e r a tin g R ev e n u e—
Sales o f cop p er_________ $26,235,331 $15,345,269 $17,063,635
Sales o f gold at $20..........
735,202
694,587
562,425
Sales o f silver__________
185,410
180,717
170,158
M iscellaneous__________
______
1,883
1,346

1912.
91,366,337
15.839 cts.
34,256
311,391
60.657 cts.
$14,471,576
685,115
188,880
382

T otal incom e........... ..$ 2 7 ,1 5 5 ,9 4 3 $16,222,456 $17,797,564 $15,345,953
E x v e n s e s __
M ining and m illing------ $4,314,147
$3,986,197 $4,723,858 34,031,589
M ine developm ent..........
12,206
56,988
119,649
184,298
Ore stripping, & c---------905,869
485,262
563,954
398,649
Treatm ent and refining. 6,899,888
5,701,846
6,086,880
4.424,175
T otal expenses............$12,132,109 $10,230,293 $11,494,341
N et operating re v e n u e ..$15,023,834 $ 5,992,163 $6,303,223
O th er I n c o m e —
D iv . on investment------ 2,787,200
2,631,063
2,176,000
In t. & rentals, received .
109,469
107,196
94,200

$9,038,711
$6,307,242
2,176,000
46,562

T otal net p rofits.........$17,920,443 $8,730,422 $8,573,423 $8,529,804
$6,962
$51,931
$60,318
SS0.532
Interest p a i d . ...............
D iv id e n d s _________(42^ )6,904,082(30)4827,885(30)4747,710(30)4729,747
S u rp lu s .........................$11,009,399
BALAN CE

1915.
Property?............. 18,781,759
Prepaid exp., ore. 6,444,346
Ore in mill bins..
9,764
Investments___ *11,037,899
Accts. receivable251,734
Notes recelvaole..
17,800
Material & supp..
736,022
Equity In copper
In transit.......... 8,665,435
Cash----------5,723,156
Prepaid insurance.
9,418

$3,850,606

$3,765,395 $3,719,525
31.
1915.
1914.
L ia b ilitie s —
$
$
Stock outstanding.16,244,900 16,244,900
Treatment and re­
fining charges,
529,355
not yet due___ 1,183,240
Accounts payable.
839,661
341,643
Various reserves..
92,541
83,619
Deprec’n reserve.. 1,578,297 1,031,563
Surplus from sale
of stock.......... . 8,290,620 8,290,620
Surplus.............. a23,498.074 13,035,408

SH EET

1914.
18,18$
8,625
5,385,204
12,611
11,061,009
69,609
22,800
689,859
3,743,387
373,526
10,479

DEC.

T o t a l........... ..51,727,333 39,557,108
T o ta l_________ 51,727,333 39.557,108
* Investm ents include Garfield W ater C o. stock (at par), $409,300, and
advances to that c o ., $10,000; Garfield Im provem ent C o ., stock (at par),
$140,500; Bingham & Garfield R y . stock (at par), $6,000,000; N ovada
Consolidated Copper C o. stock, $4,453,007: Utah & Salt Lake Canal C o.
stock, $15,092: water rights, same c o ., book value, $45,000, and N oith
Jordan Canal stock, $15,000. a A fter deducting $546,734 reserved for
depreciation o f plant and equipm ent.— V . 102. p. 1442.981.
D e t r o i t (M ic h .) E d is o n C o .

(Report for Fiscal Year ending Dec.

31 19 1 5 .)

Pres. A lex D o w , N ew Y o r k , Jan. 17, says in substance:

R e s u l t s . — Gross earnings in 1915 wero $7,759,932, an increase o f 1 9.4 % ,
and tho net incom e, after renewals, replacement and contingency (depre­
ciation reserve) credit, was $2,948,713, an increase o f 2 8 .1 % . Interest
on funded and unfunded debt was $1,100,055, an increase o f 2 4 .6 % , and
tho balance, surplus, $1,848,658, an increase o f 3 0 .3 % . T ho $600,000
U ta h C o p p e r C o.
credit to depreciation reserve, included as an item o f expense, is in addi­
tion to ordinary maintenance expenditures, which amounted to $456,667.
(11/A Annual Report— Year ending Dec. 31 1915.)
Our sales in the Eastern M ichigan territory increased from $677,581 to
Pres. C . M . M a c N o ill, N . Y . , A p r. 10, Avroto in substance: $797,611, or 17.7% .
T ho number o f customers connected has been increased from 109,530 to
O u t p u t . — T ho gross production o f copper in concentrates for tho yoar
136,152.
1015 was 156,207,376 lbs. After making smelter deductions, tho not p ro­
Our earnings from sales o f current for lighting were affected in 1915 by:
duction amounted to 148,397,006 lbs. o f refined copper. In addition
(a) T ho use since M a y o f Eastern standard tim e in D etroit, which affects
thore wore produced 36,760 ozs. o f gold, for which wo received $20 per oz • both classes o f lighting service, dom estic and com m ercial, and accounts
also 371,712 ozs. o f silver, for which wo received 49.880 cts. per oz. This fo • some part o f the 1915 decrease in the averago residence bill, (b) B y
production o f coppor, gold and silver was tho result o f the handling during agreement with tho C ity o f Detroit, wo reduced on July 1 our maximum
the year, at both tho M agna and Arthur plants, o f 8,494,300 tons o f oro.
commercial lighting rate from 12c. to 10c. per k. w . hour.
Tho unsold coppor on hand D ec. 31 1915 was inventoried at 13.50 cts.
T ho output for 1915 was 393,129,850 k. w. hours, against 313,718,600
por li>. Tho net cost o f coppor producod for tho year, deducting miscel­ lc. w .h o u r s fo r 1914, an increase o f 2 5 .3 % . Tho maximum dem and D oc. 17
laneous incom o, was 7.48 cts. per lb ., as against 8.04 cts. for 1914.
1915 was 101,800 k. w ., against 83,300 k. w . as o f D ec. 15 1914 (half­
P r o f i t . — Tho not operating profit amounted to $15,023,834; miscellaneous
hourly readings), an increase o f 2 2 .2 % . The load factor in 1915 was
incom o received during tho year from outside investments, including divi­ 4 4 .1 % , against 43% in 1914.
dends received from tho Novada Consolidated Copper C o. and tho Bing­
D i v i d e n d s . — T ho five quarterly dividends in profit and loss account re­
ham & Garfield R y. and from interest, rentals, & c., amounted to $2 896 - sult from a rulo in tho standard system o f accounts for electric-light and
609: tho total incom o, therefore, amounted to $17,920,443; interest paid power utilities established b y tho M ich . R R . Commission as o f Jan. 1 1915
amounted to $6,962, leaving a not p rofit applicable to dividends or for other to tho effect that a dividend declared must bo forthwith set up as a liability.
capital purposos o f $17,913,481. Dividends paid amounted to $4 25 por In the accounts o f preceding years wo havo shown tho dividends paid as de­
sharo, v iz ., 75 cts. por share for tho 1st q u a r., .$1 per share for tho 2d quar
ductions from, tho year’s surplus, and noted the declared dividend. Dur­
ing 1915 four quarterly dividends were paid, at the rate o f 7 % per annum;
and a div. at the rate o f 8 % per annum was declared, payablo Jan. 15 1916.
,
V
1
asiuo m o usual am ount for de­
D e p r e c i a t i o n , & c . — Depreciation reserve (now ronowal, replacement and
preciation » t plants and oquipmont a sum equal to 5 % on the total cost, or contingency reserve), which in procoding; years was made from surplus, has
3546,734. I his leaves $10,462,665 passod to “ earned surplus” account
in 1915 been treated as an operating oxponso item , in accordance w ith an­
T ho total dividends up to and including tho dividends paid during the year
other rulo o f tho standard system.
under discussion aggregate $32,721,898.
C a p i t a l S t o c k . A c.— Tho increase in tho amount o f capital stock outstand­
B i n g h a m A G a r f i e l d R y . — Tho entire capital stock o f tho com pany is
ing from $13,487,100 to $13,515,200 is attributable to conversion o f Sl8,100
owned b y tho Utah C opper C o. Thoro are no bonds outstanding. T he o f tho 6% convertibles o f 1920 and 1921, and tho sale o f 100 shares o f treas­
entire not earnings o f tho railway com pany accruo to your com pany and ury stock.
1
properly apply in reducing tho cost o f producing coppor.
The convertibles o f the series o f 1924, $3,354,500, stand unchanged and
bocom e convertible Feb. 1 1916. Tho remainder o f tho $6,000,000 con­
D ata from R e p o rt o f M a n a gin g D ire c to r J n ck lin g , Alarcli 1.
vertibles authorized D ec. 17 1913 and Issued Jan. 15 1915 appears on tho
D e v e l o p m e n t a t t h e M i n e s . — During tho year ono churn-drill hole was
consolidated balance sheet as tho series o f 1925, $2,645,500.
dooponou and three .additional Iiolos were drilled, tho total am ount o f this
T ho $10,000,000 1st M . bonds due in 1933 and $4,000,000 Eastern M ichi­
work being 1,365 ft. Tho com bined measurement o f tho 87 Iiolos drilled gan Edison bonds duo in 1931, stand unchanged. There will bo no further
from the beginning o f tho developm ent o f tho property is 47,756 ft ., or 9.05 issuo o f Eastern M ichigan bonds.
m iles, corresponding to an averago dopth per liolo o f .549 feet.
A now Issue, known as 1st & Refunding M ortgago gold bonds, m aturing
With tho exception o f a com paratively small amount o f developm ent in 1940, was authorized Juno 8 1915. T ho limit o f this issuo is $75,000,000,
work in tho Boston m ine, no underground mining operations wore con­ out o f which $14,000,000 is reserved for the redemption o f tho D etroit E di­
ducted during 1910.
son bonds o f 1933 and the Eastern M ichigan bonds o f 1931. O f this new
„ J . " \ l , r v" n e n l tS ' A c , m
r .~
'
M i n e s . — During 1915 ten 12-yard all-steel dum p
issue $3,500,000 has been sold and $2,000,000 is in the treasury.
S f n r n ° wi iVV1 59 standard-gauge 30-yard all-stool air-dump cars
C o n s t r u c t i o n E x p e n d i t u r e s . — This item amounted to $3,581,912.
The
wore ordered and will bo delivered about A pril 30 1916. Some small im­ Connors Crock power plant has gone into service and is the largest item on
provements and extensions were m ade in connection with tho system o f wa­ the list, and tho total expenditure thereon, including the cost o f land, to
ter supply for locom otive and steam shovel boilers. A stool frame corru­ Dec. 31 has boon $3,224,593, o f which $1,116,113 was m ade in 1915. There
gated iron compressor building was erected.
are tw o 20,000 k. w. (25,000 kva) turbines in use, each com plete with its
M i l l i n g O p e r a t i o n s . — T h o r o w e r o milled at tho M agna plant 5,233,300
boilors and auxiliaries. T he third unit is to bo com pleted late in 1916.
C o n s o l i d a t i o n o f P r o p e r t y T i t l e s . — On July 1 1915 our com pany purchased
and took title to the real estate and plants theretofore used in carrying on
tho public service o f its subsidiary companies, tho Edison Illuminating
C o ., tho Peninsular Electric Light o ., tho
ichigan Edison C o.
average of 14,338 tons daily during tho yoar, and tho Arthur plant an aver­ and tho Central Heating C o.; andClikewise Eastern M coaling station and
the land,
ago o f 9,563 tons daily during the tune it was actually operatod.
steam distribution system o f the M urphy Power C o. Prior to July 1 each
P r o d u c t i o n . — Tho total gross production o f coppor contained in concontratos was 156,207,376 lbs. and tho averago grado o f tho concentrates was o f these companies did business in its own name, and ownership b y our
19.17% , as com pared with 121,779,401 lbs. and 18.10% copper, respec­ com pany was through its holding the securities o f tho respective companies.
Since that date the necessary rearrangements have been com pleted and the
tively, for tho previous year.
Detroit Edison C o. now is tho owner o f rocord and does business directly
C o n s t r u c t i o n . - A t tho M agna plant no construction work o f importance
with the public served b y it.
was done during tho yoar, except to increase and im prove tho pum ping fa­
C O N S O L . I N C O M E A C C O U N T ( I N C L . A L L C O N S T I T U E N T C O S .).
cilities for delivering mill water to both plants. Considerable expenditures
wero made at tho Arthur mill on gonoral plant construction, Including now
1915.
1914.
1913.
1912.
foundry equipment, improvements in connection with tho handling o f co n ­ N um ber o f cu stom ers..
136,152
109,530
90,522
70,763
centrates, and some extensive alterations partially experimental, intended Gen. connected loa d ,k .w .(n ot stated)
227,800
190,400
157,200
to hotter fine grinding and concentrating facilities.
Gross revenue----------------- $7,759,932
$6,495,815 $5,546,587 $4,385,615
B i n g h a m A G a r f i e l d R y . — Tho total mileage as o f Deo. 31 191,5 was 107.603
Opor. rev.,tax. & res’vb . 4,211,219
3,674,751
3,222,226
2,527,180
miles. Tho road handled a total o f 7,074,272 tons o f freight, or an averago Depreciation reserve—
600,000
520,000
510,000
460,000
o f 19,382 tons daily, com pared with 5,902,196 tons and 16,170 tons re­
spectively , for tho yoar 1914. O f this quantity 6,101,237 tons were oro
G ro ssin co m o .------------- $2,948,713 $2,301,064 $1,814,361 $1,398,435
5,812(723 tons having been shippod by tho Utah C oppor C o., and 288,514 Int. paid and a c c r u e d ... $1,100,055
$882,313
$695,702
$712,926
tons by other mining companies in Bingham. Tho remaining 973,035
Dividends ( 7 % ) ----------*944,214
941,564
774,642
524,349
tons conslgtod o f com m ercial freight, as com pared with 1,072,319 tons o f
such freight shippod during tho previous year. Tho total number o f pas­
Balance, surplus-------$904,444
$477,187
$344,018
$161,160
sengers handled was 97,304. This business was affected adversely by tho
* Additional ($270,304) dividends were declared, payable Jan. 15 1916
curtailment o f operations during tho oarly part o f tho yoar and by tho com ­ and set up as a liability in accordance with the uniform system o f accounting
petition o f auto-bus services.
prescribed b y the M ich . R R . Commission, effective Jan. 1 1915.

T o ta l................ 55.752.099 53,100.106
T o ta l.................55,752,099 53,100,100
x A fter deducting doprec’n reserves, $4,847,917.— V . 102, p . 1351, 1165.




BALAN C E
S H E E T D E C . 31.
1914.
1915.
1914.
1915.
L ia b ilitie s —
8
8
S
S
Property........ ..... 36 ,960,830 32,683,100 Capital 3 tock----- 135,515,200 13,487,100
19,500
Prepaid deb. subs.
Investment A spe­
3,001,600 17,464,200
811,454 1,274,251 Funded debt____ r23.
cial advances—
900,000
500,000
763,199 Notes payable___
415,512
Cash.................. . .
Notes & accts. ree.xt ,259,034 xl ,340,497 Bills payable........................... 2,430,596
735,572
Materials & supp. 1,255,630 1,121,117 Accts., &c., pay’le 1,019,252
55,875
Surety deposits.. .
276,594
Special deposits. .
385,222
603,859
Accrued accounts.
195,123
Suspense ............ ..
513,516 Reserves .............. yl1,528,577 1,224,079
794,074
Debt disct. A exp.
103,924 Surplus................ zl ,558,001 1,195,558
148,409
Prepaid accounts.
98,098
Insur. investments 203,821
C O N S O L ID A T E D

A —
ssets

T o ta l................ 42,326,438 37,897,702
T o ta l.................42,326,488 37.897,702
x Includes coal, y Includos in 1915 renew al, replacement and con tin ­
gency reserve, 31,285,915; casualty Insuranco roservo, 3203,821, and other
reserves, 833,086. z A fter deducting 390,000 carbon filament incandescont
lamps abandoned; 848,903 bonds purchased for insuranco, & c., funds,
341,435 extinguishment o f discount on securities (annual p rop ortion),
$26,240 miscellaneous .and $59,365 adjustm ents, r Includos in 1915
310,000,000 1st M . 5s, $3,500,000 1st & R ef. M . bonds and .$6,091,600 6 %
convertible debenture bonds o f the D etroit Edison C o.; $4,O0O,OOO Eastern
M ichigan Edison 1st M . 5s and miscellaneous, $10,000.— V. 102, p . 1165,
A m e r ic a n

G as

C o .,

P h ila d e lp h ia .

{Report for Fiscal Year ending Dec.

31 19 1 5 .)
Pres. M orris W . Stroud, F e b . 15, wrote in substance:
ovrly part o f 1915 b y tho 2 0% allotm ent (V .1 0 0 , p . 311) and also to tho
incroaso o f dividend paym ents - from 7 % to 8 % , for tho last four m onths.
(V . 101. p . 1191.) Tho dividend requirements for 1915 increased $84,338.
Still we earned a surplus o f $302,704, an incroaso o f $125,302, tho profit
for 1915 being over 11 M % on tho stock.
N o t e s .— In order to provide for tho needs o f tho com pany for 1916 tho
board decided to issue on Jan. 1 1916 $1,000,000 100-yoar 6 % gold bonds,
which wore sold on a satisfactory basis, and as shown in tho balanco sheet
below , anticipated paym ont was mado on account o f somo o f thorn during
D ecem ber.—-V. 100, p . 2146.
S a l e o f B o n d s .— Tiro com pany, duo to tho prosont condition o f tho bond
m arket, disposed o f tho R ockford Gas Light & C oko C o. bonds hold in its
treasury, using tho proceeds to retire 3945,000 o f American Gas C o. 5%
bonds duo in 1920.— (V . 102, p. 1978.)
,
.
.
P u r c h a s e .— In 1915 tho com pany purchased tho Cedar Valloy E lectric
C o ., located at Charles C ity , la ., and oxtonding to a numbor o f small towns
In tho neighboring country, and has boon connoctod with the Citizens Gas
and Electric C o. o f W aterloo, la . (owtted b y tho American Gas C o .) It is
proposed to imm ediately take steps to erect a largo m odern steam electric
station at W aterloo, which, in connection with its wator-powor d evelop­
m ents, will bo able to take caro o f this ontiro district.— V . 100, p. 1755.
I m p r o v e m e n t s .— During tho yoar 31,452,675 was oxponded for proportlos
im provem ents, part o f which woro paid for b y tho capital stock issued tho
first part o f tho yoar, and part b y tho issuance o f bonds o f tho affiliatod cos.
I N C O M E A C C O U N T Y E A R S E N D I N G D E C . 31.
1915.
1914.
1913.
1912.
Gross earns, o f a ffil. c o s . $3,979,614 S3,704,310 S3.410.976 $3,037,877
Operating expenses____ 2,024,195
1,967,704
1,789,407
1,536,175
Gross p ro fit__________ $1,955,420
M iscellaneous in c o m o ..
80,463

S I,736,606 $1,621,569 S I,501,702
60,528(incl. in gross o f affil. cos.)

T o t a l ................................ $2,035,883
B ond interest__________
1,060,392
D epreciation___________
193,316

$1,797,134
1,007,895
173,421

$1,621,569
901,071
149,005

$1,501,702
834,640
124,252

$782,175
322,096

$615,818
271,044

$571,492
248,286

$542,810
199,609

T otal p rofit____ $1,104,271
In t. on Am . Gas C o. bds.
$123,734
In t. on loans, expenses,
& c., A m . Gas C o ____
218,613
Dividends paid__(7K )459,220
______
E xtra div.W .U.G.& E.Co.

$886,862
$142,623

$819,778
$142,093

$742,419
8139,969

191,955
(7)374,882

172,175
(7)311,596
Cr.65,016

151,813
(7)307,737

$560,848
$258,930

.$599,519
$142,900

N etp rofits ___________
Sundry incom e(Am .Gas)

T otal deductions____
Balance, surplus. ______

$801,567
$302,704

BALAN CE

1915.
Assets—
•
S
♦Equity In cos.own.7,469,572
113,641
Insuranco fund—
38,400
Miscellaneous___
Deferred accounts 211,675
3,049
Sundry mdse.........
728,135
Acc’ts receivable.
46,270
Sundry lnvestm’ts
Trustee deposits..
Bond investments 1,847,155
270,860
Cash......................

SH EET

1914.
S
6,645,430
84,366
19,470
222,267
2,379
545,689
48,018
10,922
2,748,475
302,313

$709,460
S 177,402
D E C . 31.

1914.
8
5,355,200

1915.
L ia b ilitie s —
S
Capital stock----- 6,449,200
160,431
Bonds, 6 % .........Bonds. 5 % ______ 1,602,500
Secured notes___ 1,000,000
4,326
Miscellaneous___
Acc’ts A bills pay.
113,641
Insuranco reserve.
66,675
Accrued accounts.
Contingent reserve 430,067
901,916
Surplus................

2,536,500
700,000
4,165
789,824
93,773
52,176
373,509
724,212

T o ta l................ 10,728,757 10,629,359
T ota l................ 10,728,757 10,629,359
* E quity (over bonds) in gas and oloctric light plants, including original
cost and advances for betterm ents, roprosouted b y capital stock o f tho
various cos. owned (seo list V'. 98, p. 1069).— V . 102, p . 439.
The

S a fe ty

C ar

H e a tin g

&

L ig h tin g

(Report for the Year ending Dec.
FOR

1915.
N ot profits af ter d op r.,A c. $513,491
D ivs. paid during y e a r.(8 % )7 8 8 ,960

1914.
$856,889
(8)788,960

C o.

B Y

1913.
S I,043,195
(9)887,580

C IIA N Q E S

1912.
$1,131,3.35
(9)S87,5S0

Balance, surplus____ d e f $ 2/5 ,4 69 sur.S67,929sur.$155,015sur.$243,755
S H E E T D E C . 31 ( I N C L . P I N T S C I I C O M P R E S S I N G C O .)
1914.
1915.
1914.
1915.
L ia b ilit ie s —
S
3
A ssets—
S
3
Real est.,mach.,Ae.l2,293,235 12,215,550 Cap. stock (auth..
881,408 310,000,000) out. 9,862,000 9,862,000
929,723
Materials A supp.
346,883
320,565
7,563 Accounts payable.
563
Bills receivable...
864,124
986,244 Dcduc. from earns.
Acc’ts receivable.
for deprec., conInvestra'ts in martlngenclcs, A c .. 1,412,138 1,162,981
827,809
851,809
ketable secure..
527,938 Surplus...... ......... 3,823,179 4,098,648
502,428
Cash*....................

BALAN CE

T o ta l................ 15,417,832 15,470,512

T o ta l................. 15,417,882 15,470,512

♦After deducting paym ent o f d iv . o f 2 % D ec. 23 1915.— V . 101. p . 135.
The

S te e l C o m p a n y

of

C anada,

L t d .,

H a m ilto n ,

O n t.

{6th Annual Report— Year ended Dec.

31 19 1 5 .)
Pres. C . S . W ilco x, H am ilton , M a r . 2 4 says in substance:
T ho net profits for 1915, aftor providing for repairs, maintenance and
Improvements, were $3,230,452. After deducting interest on bonds, $531,­
000; pref. stock dividends (7 % ), $454,741; depreciation, renewals and im ­
provements to plant, $400,000; and bond sinking fund, $88,500, there was
credited to profit and loss account, $1,756,211.
T he results o f our business during tho first four months o f tho year were
not satisfactory, but towards tho end o f April a heavy demand sot in, due
to changed business conditions and tho requirements for war purposes, anti
for tho balanco o f tho year our plants havo been very fully om ployod at
better prices than havo been received for a numbor o f years past.
Tho bond sinking fund becomes operative this year, and tho first paym ont
has to bo made on July 1. T he am ount required each year is $177,000.




AC C O U N T

FOR

C ALEN D AR

YEARS.

B alanco, surplus or deficit____sur.$l ,756,211 de f.$313,172sur.$511,031
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.
1914.
1915.
1915.
1914.
S
L ia b ilitie s —
S
Asset?—
S
S
Cost of wks., &c.a24,528,083a24,433,649 Preferred stock__ 6,496,300 6,496,300
258,822
317,578 Common stock__ 11,503,000 11,500,000
Inv. In other cos.
1st M. A coll. tr. 6s 8,350,000 8.350.000
Raw mat'l,finished
500,000
products, A c__ 5,725,777 5,209,919 Mont. R. M.bonds 500,000
Accts. receivable. 3,324,681 1,043,174 Conv. prom, notes 1,200,000 1.200.000
655,337
127,270 Accounts payable. 1,849,446
Bills receivable_
_
63,050
720,290
135,000
99,407 Bills payable____
Cash____________
132,692
Dlv. pay. Feb. 1 ..
341,056
Stock held for em­
622,454
53,532 Reserve funds___ b l ,257,811
ployees________
34,433
11,831 Surplus____ ______ 3,014,642 1,258,431
Deferred charges.
17,177
6,452
Unexp. insur., A c.
9,535
T o t a l.................34,044,255 31,302,812

a C ost o f works owned and operated b y tho com pany,
b Reserves in 1915 include $128,895 for re-lining and re-building, $19,064
for accidents, $122,977 for contingencies, $898,375 for depreciation, renew­
als and improvem ents and bond sinking fund, $88,500.— V . 102, p . 1251.
C anada

C em ent

C o .,

L t d .,

M o n tr e a l.

{Report for Fiscal Year ending Dec.
C O N S O L ID A T E D

.
N et
C a l . Y e a r —■
P ro fits .
1915......................... $1,742,013
1914......................... 1,517,060
1913......................... 1,536,432
1912..........
1,394,677

RESULTS
B ond
In te rest.

$455,050
459,069
392,215
375,418

31 19 15 .)

FROM

O P E R A T IO N .
B a la n c e ,
P r e f. D io .
S u r p lu s .
(7 % ).

S735.000
735.000
735.000
735.000

$551,963
322,991
409,217
284,259

T o ta l
S u r p lu s :

$2,065,233
1,513,269
1,190,279
781,062

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 E M B E R 31
1915.
1914.
1915.
1914.
L ia b ilitie s —
S
S
Assets—
S
S
Property account.31,467,390 31,579,447 Preferred stock__ 10,500,000 10,500,900
35,234 Ordinary stock__ 13,500,000 13,500,000
35,234
Investments
1st M .20-yr. gold. 7,448,680 7,638,707
Inventories of ce­
482,028
737,192
ment, coal, A c. 2,400,844 3,310,395 Accounts payable.
825,016
389.618 Bank loans..........................
Accounts rccclv’le. 247,508
111,730
114,580
63,949 Interest accrued..
35,307
Bills receivable—
64,314
20,475 Pref. dlv. payablo
Depos. on tenders.
Feb. 16.......... 183,750
183,750
7,649
610,459
Cash......................
Reserve funds___ *610,000
435,000
Deferred chges. to
40,747 Surplus........ ....... 2,065,233 1,513,269
40,365
operations_____

T o ta l.................34,911,421 35.447,514

T o ta l.................34,901,421 35,447,514

* Reserve funds in 1915 include $250,000 for contingent reserve, $175,000
for extraordinary repairs and renewals, $150,000 for cotton sacks outstand­
ing, and $35,000 for industrial accidents.— V. 102, p. 524.

G e n e r a l R a ilw a y S ig n a l C o ., R o c h 8 3 te r , N . Y .
{Report for Fiscal Year ending Dec. 31 1 9 1 5 .)
T ho report, signed b y Pres. W . W . Salm on and V .-P r e s .
& T reas. George D . M o rg a n , Rochester, A p ril 4 , says in su bst.
F rom the earlier part o f 1914 until lato in 1915 railway equipment pur­
chases wero far below normal in volum e, and tho prlcos obtainable for sig­
naling products wero unsatisfactory. In tho past few inontlis there has
boon a noticeabio trend toward largely increased purchases at bettor prices.
The com pany is now starting upon manufacture o f tho materials covered
b y tho Governm ent order which was rocoivod in N ovonibor last. It is
oxpectod that this order will provo profitable.
Although your com pany experienced in 1915 one o f Its poorest rocont
years, it has unusually good prospects for 1916.
IN C O M E
ACCOU N T
YEARS
E N D IN G
DEC.
31.
1915.
1914.
1913.
1912.
Gross profit on sales, &c.1
$23,952
$514,182 ($1,767,831 $1,027,754
_
.
,------ /
'
“ m f l 1'’
460,405
380,017
Operating oxpenses.
$514,182 $1,307,426
$647,737
N et earnings_________
$23,952
$29,734
$26,340
$30,257
Int. paid and a ccr u e d ..
$28,200
129,878
74,992
«327,021
----.
D oprec. & extraor. ch gs.
99,264
— .. ...
„
P ref. d iv id e n d s.......... * (6 % ) 120,000(6% ) 120,000 (15)300.000 (12)240,000
C om m on d iv id o n d s ..* (6 % )18 0 ,0 0 0 (6 % )180,000 (1 ^ )4 5 ,0 0 0
............
T otal deductions____~ $427,464
$459,612
$702,278
$341,332
Balanco, sur. or deficit.def.3403.512 sur.351,570sur.$605,148sur.$306,405
*Tho com pany deducts dividends paid in 1915 from profit and loss ac­
count, but is shown as abovo for sim plicity, a Includes $36,887 account
materials and equipment and $290,134 account patents, &c.
B A L A N C E S H E E T D E C . 31.
1915.

31 19 15 .)

C A L E N D A R Y E A R S (A S I N D I C A T E D
I N P R O F I T A N D L O S S S U R P L U S .)

IN C O M E

1915.
1914.
1913.
T otal sales....... .........................................N ot stated. $10,526,900 $15,068,186
$539,811 $1,640,011
Profits (after m ain t., im pts., A c .) ___$3,230,452
$137,500
D e d u c t — D o p rcc’n, renewals, & c____
$400,000
Interest on bonds—
$450,000
$491,138
Steel C o . o f C anada____________
$501,000
30,000
30,000
M ontreal R olling M ills C o -------30,000
56,739
Sunnyside works plant written o f f .
---------104,475
U nderwriting bonds-------------------------------A ccru ed bond sinking fu n d _______
88,500
(7)454,741
Preferred dividends______________(7 % )4 5 4 ,741(3>6)227,370

T o t a l................ 34,644,255 31,302,812

R e s u l t s .— T he business o f the yoar has shown a m ost satisfactory increase.
S t o c k I n c r e a s e .— Owing to the incroaso in tho capital stock during the

P R O F IT S

[Vol. 102.

THE CHRONICLE

1716

Asse/s—
Cash..........................

S
132,291

1915.

1914.

1914.

L ia b ilitie s —
S
3
S
611,318 P referred s t o c k ______ 2 ,0 0 0 ,0 0 0 2 ,0 0 0 ,0 0 0

B ills A a ccts . r e c e lv . 4 6 6 ,7 5 0
596,703 C o m m o n s t o c k ______ 3 ,0 0 0 ,0 0 0 3 ,0 0 0 ,0 0 0
470 ,00 0
Securities o w n e d ____ 132,633
177,049 G e n . R y .S I g . b o n d s . 4 70 ,00 0
D lv . d ecla red p a y 'b lo
75,0 00
75,0 00
M a te ria l In s to c k , in
45,931
p rocess, A c _______1 ,3 2 5,1 49
934 ,90 7 B ills p a y a b lo ............... 275,0001
7 0 ,0 0 7 /
M a c h ., to o ls A flx t ’s . 1 ,0 5 9,8 85 11 ,8 52 ,74 4 A c co u n ts p a y a b lo ___
___ R e s e r v e ........................... 434 ,07 2 381 ,52 9
F a c to r y p la n t---------- 8 5 0 ,3 1 8 /
P a ten ts A g o o d -w ill.3 ,0 0 9 ,0 0 0 3 ,0 0 0 ,0 0 0 Surplus...................... X757.720 1,21 5,8 32
P rep aid Item s.............
17,456
15,571
S peed co n tr o l a c c t . .
9 7,3 77
-----------------

T o ta l.................... 7,031,860 7,188,292

T o ta l.................... 7,OS1,800 7,188,292

x A fter transferring $54,600— V . 101, p. 1631.

C o n s u m e r s C o m p a n y (Ice a n d C o a l), C h ic a g o .
(3 rd Anual Report— Year ending Dec. 31 1915.)
President F red . W . U p h am says in substance:
It lias been a year o f most unusual weather, tho warmest Feb. since
1882 and tho warmest April in tho history o f the Weather Bureau, and tho
coldest M a y, Juno, July anil A ug. since 1875.
,
T ho building trades striko caused a com plete tie-up In our building
material department for three m onths. These unusual conditions could
not help affecting our gross business for tho year, our ico business alone
showing a decrease o f 4 0 % .
Our net earnings are not as large as last
year, although wo havo successfully earned tho interest on our Knicker­
bocker Ico bonds, our debenture bonds, havo rotlrod $50,000 o f our deben­
tures and $74,000 o f our Knickerbocker bonds, and havo earned and paid
tho dividend on our $4,000,000 o f preferred stock. Wo havo also added
$87,000 to our reserves.
W e havo expended for new properties and erection o f artificial ico plants
$440,000. tho largest expenditure being for tho now plant at 50th A vo. and
Lake .Street, with an artificial ico capacity o f 40,000 tons per annum and
coal storago capacity o f 50,000 tons, togethor with a well equipped material
yard. T ho Hermitage A vo. plant and tho Lowo A vo. plant havo been re ­
built, thereby making a material incroaso in tho output o f our artificial
ico at these plants, and wo havo purchased tho M utual Ice C om pany's plant
with an output o f 24,000 tons per annum.

THE CHRONICLE

May 6 1916.1

Gross profit from
sales.................. 3,298.522
Teamlng,&c.,cost. 1,104,823
Oper .& aclm.exp. 1,027,330

D E C . 31.
1915.
1914.
(c o n .)
S
$
Int. K. I. bonds.. $203,750 5207,275
3,901,487
do serial debs.
84,500
87,500
1,340,224
do loa n s.........
31,526
59,735
1,097,580 Preferred dlvs___
276,416
277,161

Net profits......... 1,160,369
Repairs, clepr., &c. *491,200
Advertising..........
50,887

1,463,683
*588,508
Total dcduct’ns. 1,138,285
69,191 Balance, surplus..
28,084

IN C O M E

ACCO U N T

1915.
5

FOR

1914.
$

YEARS

E N D IN G

D e d u c t io n s

1,279,369
184,314

* Includes amounts expended for repairs and for depreciation o f horses
and m otor trucks and reserves for coal inventory adjusts, and ice shrinkage.
B A L A N C E S H E E T S D E C . 31.
1914.
1915.
1915.
1914.
L ia b ilit ie s —
S
5
A ssets—
S
»
Preferred stock_ 3,948,800 3,948,800
_
Land, buildings,
_
leaseholds, &c.xl2,776,860 12,336,580 Common stock_ 6,000,000 6,000,000
Goodwill.............. 2,500,000 2,500,000 Funded debt......... 5,900,000 5,950,000
K .I.lst M.ln treas. 200,000
200,000 Real estate purch.
47,500
def. notes.........
93,200
Sk.fd.(K .I.lstM .). 269,279
210,752
952,755
21,158
21,000 Notes payable___ 1,465,055
Investments____
Cash......................
388,031
381,811 Accounts payable- 1,274,043 1,492,904
Accrued Int. (K. I.
Notes & accounts
106,950
112,725
first mtge.)___
receivable........ 2,141,685 2,298,170
103,382
Inventories_____ 1,606,557 1,543,742 Other accr. Int., &o. 107,867
Pref. dlv. Aug. 20
Discount on deben­
99,817
to Dec 31.........
99,817
ture bond3........
121,667
131,667
45,309
Miscellaneous----97,804
92,026 Mdse, coupons_
_
38,466
630,664
Reserves________
717,316
337,667
Surplus_________
365,751
T o t a l................ 20,123,041 19,715,748

T o ta l-------------- 20,123,041 19,715,748

x Includes in 1915: land, 84,302,332: buildings, $4,274,870; leaseholds,
$432,000; water rights and ice-cutting privileges, 8988,000; m achinery,
equipment and tools, $1,573,588; railroad tracks and cars, $375,412; horses,
wagons, harness, auto trucks and automobiles, $830,658.— V . 102, p. 802.

Michigan State (Bell) Telephone Co.
(12th Annual Report— Year ended Dec. 31 1915.)
President B. E. Sunny, March 10, wrote in substance:
During 1915 the rovonue Increased $475,800, while the exponses remained
about stationary as com pared with 1914. Expenditures for current m ain­
tenance were about $200,000 loss than for 1914, duo to retrenchments, and
to the im proved condition o f the property, which lessened the demand for
m aintenance expenditures. For the curront year construction and ex­
penditures will bo substantially on a normal basis, and therefore will call
for a larger outlay than during 1915.
W hile the gain in telephones for the year was 18,950, the cost o f handling
the traffic was only slightly m oro than for tho provious year because o f the
marked falling o ff in tho number o f telephono calls for tho first six months,
during which period we operated for less than for the same m onths o f the
provious year, llow over, from July to December inclusive, as tho business
situation im proved, tho traffic increased until D ec. 31 it was abovo normal
w ith a corresponding Increase in expenses which absorbed tho savings o f
tho earlier m onths.
~
,
.
1915.
Owned stations....... ..........................
220,300
C onnecting, & c., stations.....................
85,357
Operating revenues..........................
$6,429,087
4,735,172
Operating expenses.................................

1914.
201,350
75,687
$5,953,885
4,821,184

31
1913.
193,297
69,981
$5,556,703
4,016,812

N et operating re v e n u o --......... ........... $1,694,515
Taxes and uncollectibles____________
414,584

$1,132,701
366,296

$1,539,891
413,584

$766,405
42,454

$1,126,307
35,922

IN C O M E

ACCO U N T

FOR

YEARS

Operating incom e________________
Other incom e_____ ___________

E N D IN G

$1,279 931
53,046

DECEM BER

T otal net incom e__________________$ 1 ,332.977
8808,859 $1,162,229
R e n t, interest, & c------------- ------------ . _
§071,490
$750,824
$652,758
M iscellaneous .............
.
65,000
1,083
............
*240,000
162,740
Preferred dividends (6 % ) - .............
240,000
Com m on dividends__________________
* (4 .Hi) 270,000(6% >245,632
Balance, surplus or d e fic it ________ sur$356,487 def$355,582

sur$3,033

♦Dividends in 1914 wero deducted b y the com pany from p rofit and loss
account, but shown as abovo for tho sake o f sim plicity. T ho balance sur­
plus in 1914 before deducting dividends as shown in the com pany’s report
ho
was $154,419.
B A L A N C E S H E E T D E C . 31.
1915.
1914.
1915.
1914.
Assets—
5
S
L ia b ilitie s —
S
$
Intangible capital...................
694,829 Preferred s to c k ... 4,000,000 4,000,000
Land & buildings. 1,404,546 1,339,360 Common s to c k ... 6,000,000 0,000,000
Telephone plan t..24,309,596 23,248,869 l unded debt........ 10,052,000 10,052,000
General equlpin't209,653
183,293 Adv. from system
Other perman't &
corporations . . . 1,320,000 1,475,000
300,427
340,940 Accounts payable.
long-term Inves.
505,793
316,384
401,345 Accr’d accts.notdue 598,481
Cash and deposits 547,039
548,705
7,333 Insur.,&c. .reserves
10,736
2,158
Marketable secure.
3,574
329,011 Empl. benefit fd .
324,186
215,000
Bills & accts. rcc.
150,000
390,139 M iscellaneous....
373,269
9,884
Materlals & supp.
2,498 Depreciation........ 4,636,132 4,367,823
Accr. int. not due.
6,167
224,227 Surplus................ X432.311
220,140
Deferred debits.. .
308,358
T o ta
_______l................ 27,771,760 27,221,844

T o ta l................ 27,771,700 27,221,844

x A fter deducting sundry adjustm ’ ts o f surplus, $232,534.— V . 102. p . 1064.

Nevada Consolidated Copper Co.

(Ninth Annual Report— Year ended Dec. 31 1915.)
Pres. S. W . Eccles, N. Y ., Apr. 20, wrote in subst.:
P r o d u c t i o n .— 'Thei not production o f eoppor for tho yoar was 62,726,651
lb s., as against 49,244,056 lbs. for 1914. Tho year’s production represents
m ore nearly the normal output, as it will bo recalled that during tho latter
h alf o f 1914 operations were curtailed to a basis a bt. 50% o f normal capacity
i E a r n i n g s .— Tho earnings tor the yoar aro com putod on tho basis o f 17 647
cts. per lb ., against 13.396 cts. for 1914.
' ‘
T ho not c o d o f producing electrolytic refined copper f. o . b. A tlantic

As o f Jan. 1 1915 there remained In reservo 41,020,296 tons o f rocovorabln
developed ore, averaging 1.68% eoppor. During tho yoar 3,081,520 tons
averaging 1.54% copper wero minod and nulled and thoro remains in reserve
as o f D ec. 31 1915 50.525,289 tons, averaging 1.652% copper, showing
that thoro was developed during the yoar 12,586,513 tons o f recoverable
ore, averaging 1.50% copper.
„
A d d i t i o n s .— During the year $456,400 was spent in additions to the
Htcptoo plant and $5,000 for property. The (loprociation charged out
plus a small amount o f fire insurance collected am ountod to $534,649
leaving a not docroaso in plant account o f only $39,597.
, During tho year $827,308 was expended in stripping ovorburdon at tho
pits, o f which $692,192 was charged to operations ; balanco, $135,117, is
carried as deferred charges, against future operations. A t tho R uth under­
ground operations, from which wo began to extract oro this yoar, $299 270
was oxpendod for ore developm ent, retimbering, & c., o f which $25,181
was chargod to operations, balance. $274,089, deforrod, making tho total
deferred chargo for tho entire property against futuro operations, D ec. 31
1915, 84,136,970.
R e s u l t s .— Tho net p rofit for the year available for dividends amountod
to $5,905,602, o f this $ 1 50 a share or $2,999,185 was paid in dividends.
$ 3l7 .4 8 i was used for ore extinguishment and depreciation, and $2,558,930




1717

was added to oarned surplus. Including the D ec. dividend paym ent, the
total disbursements are brought up to $17,976,436 and thoro romains iu
oarned surplus account $4,849,556. In addition to the dividends from
oarnlngs, $1,999,457 has boon returned to stockholders from surplus accou nt,
making total paym ont to stockholders to D ec. 31 1915, $19,975,893.
From tho beginning o f operations to D ec. 31 1915 thoro havo been sold
b y tho com pany 391,593.615 lbs. o f copper at an average price o f 14.128 cts.
per lb ., total realized value $55,324,811.
E A R N IN G S

A N D

EXPEN SES

FOR

CALEN D AR

YEARS.

1915.
1914.
C opper produced, lb s..........................
62,726,651 49,244,056
17.647 cts. 13.396 cts.
Avorage p rice........................... ..........
Copper produced___________
$11,069,671 $6,596,689
G old and silver p ro d u c e d ...............
615,606
455,810

1913.
64,972,829
14.879 cts.
$9,667,506
557,987

T otal rovonue........................................ $11,685,276 $7,052,499 $10,225,493
O p e r a t i n g E x p e n s e s —•
M ining, incl. portion o f stripping e x p . $1,308,211 $1,240,932 $1,651,998
Froight on ore__________
825 072
703,408
843,446
M il l in g .-------------------------------------------I 1,641,518
1,682,727
1,382,737
S m e lt in g ..............
1,237,256
1,341,782
1,829,939
R ent o f Steptoo plant (including pro­
portion o f depreciation )____________
493.043
881,670
1,162,476
Freight and refining---------------------------926,635
717,945
943,564
Selling com m ission-----------------------------112,858
67,048
97,900
T otal expenses---------------------------------- $6,544,593
N et operating p ro fit___________________$5,140,683
Dividends on investm ents___________
655,000
Interest, rentals, & c_________________
109,919

$6,335,522
$716,977
999,172
46,871

T otai Incom e-----------D iv id e n d s ..............................

$1,763,020 $3,483,886
*$2,249,389 *$2,999,185

$5,905,602
*$2,999,185

$8,212,050
$2,013,443
1,381,772
88,671

Balance, surplus or d e f___________sur$2,906,417 def.$486,369 sur$4S4,701
* 3 0% in 1915; 2 2 H % in 1914; 3 0% in 1913.
B A L A N C E S H E E T D E C . 31.
1915.
1914.
1915.
L ia b ilitie s —
5
S
S
Property...............a9,774,199 10,153,329 Capital s to ck ___ 9,997,285
Investments........ 2,284,000 2,284,000 Accts. payable,&c. 905,415
Deferred charges.b4,136,970 3,739,988 Unpaid treatment
Material & supp..
677,223
584,929
on metals..........
621,252
Accts. collectible. 1,141,023
302,607 Surplus—Premium
Metals on hand ,&c 4,998,829 3,114,863
and profit on se­
Cash......................
341,120
97,569
curities sold___ 7,071,850
Deferred accounts.
91,994
95,327 Undivided proflts.c4,849,556
A ssets—

T o ta l................ 23,445,359 20,372,613

1914.
5
9,997,285
443.788
569,064
7,071,850
2,290,626

T o ta l.................23,445,359 20,372,613

a ln d u d e s in 1915 cost o f mines, $6,187,285; equipm ent and d evelop ­
m ent, $791,947, and m illing and smelting plant, $8,924,704, tota l, $15,­
903,937; loss, $6,129,738 depreciation and oro extinguishment balance
as abovo, $9,774,199. b Represents cost o f opening up pits, shafts, strip­
ping, tracks, shovels, & c. c After deducting $307,889 for ore extinguish­
m ent and $39,597 for depreciation.-------V . 102, p. 1440.

American Hardware Corporation, New Britain, Conn.
(14th Annual Statement— Year ending Jan. 1 1916.)
R E S U L T S FOR C A L E N D A R

1911.
Net earnings............ $1,071,815
Sundry receipts...........................

1912.
$1,248,135
...........

YEARS.

1913.
$1,046,670
...........

1914.
$614,480
53,515

1915.
*$663,036
...........

Total net Income..................................................... .............. $867,995
$663,036
Dividends paid during calendar years..................................(6%)595,200(6%)595,200
Balance, surplus for years ending Dec. 3 1 ............ ...........

$72,795

572,836

erves.
BALAN CE SHEET JA N U A R Y
A ssets—

Real est.,mach.,&c.
Cash......................
B
1113 & accts. re c ..
Materials & merch.

1916.
s
5,692,393
6S9.622
1,912,946
3,759,999

1.
1916.
$
. 9,920,000
.
273,783
.
148,800
. 1,712,377

1915.
$
5,811.541
447,097
2,020,656
3,551,371

T o t a l................ 12,054,960 11,830,666
— V. 10 2 , p. 802.

1915.
$
9,920,000
122,325
148,800
1,639,541

T o ta l................ 12,054,960 11,830.666

.

Bell Telephone Co. of Canada.
(36f/i Annual Report— Year ending Dec. 31 1915.)
Tho roport, signed by Pres. L. B. McFarlane and VicePres. Hon Robert Mackay, Montreal, Feb. 24, says in subst.:
During the yoar 5,716 subscribers’ stations have been added, tho total
number o f ownod telephone stations now In use being 242,784. T ho com ­
pany now owns and operates 449 central offices. 624 miles o f wire were
added to tho long distance system in 1915; the long distance lines now ownod
and operated com prise 76,079 miles o f wire on 9,297 miles o f polos, and 3,829
miles o f wlro in underground and submarine cablos. Throe exchange build­
ings havo boon added to the com pany's real estate. T ho com pany now has
arrangements for exchange o f business with 624 local telephone organiza­
tions, serving ovor 81,512 subscribers and providing Intercom m unication
with our subscribers.
In consequence o f tho disturbed business and war conditions, wo can only
report an Increase o f 2 % in the number o f subscribers’ stations gained. The
number o f telephones ordered out was unusua'ly large, but im proved op er­
ating m ethods and increased efficiency have enabled us to slightly Increase
tho balanco for surplus.
T ho com pany felt it to bo a duty to purchase $200,000 o f the Canadian
war loan which was offered last Decem ber, and has undertaken to p a y to
tho Canadian P atriotic Fund during tho current year $2,000 a m onth for
ten m onths, a total o f $2 0 ,000.
1915.
Owned stations_________
242,784
Connecting. & c ., sta ’n s .
81,817
Gross oarnlngs..................$9,634,674
Operation expense-------- $3,370,208
Current m aintenance___ 1,587,058
D epreciation....................
2,170,000
Taxos ............................
285,424
In to ro st________________
558,136

1914.
237,068
73,072
$9,599,027
$3,456,045
1,702,157
2,010,000
218,207
561,780

1913.
223,666
65,562
$8,850,449
$3,214,565
1,549,978
1,6.80.000
190,648
421,735

31.
1912.
192,748
55,337
$7,638,304
$2,647,863
1,403,339
1,535.000
171,917
282,091

T otal deductions____ $7,970,825
N et revonuo................
$1,663,849
D iv.(incl.Jan 1914) (8 % ) 1,440,000

$7,948,189
$1,650,838
1,440.000

$7,056,926
$1,793,523
1,289.790

$6,040,210
$1,598,094
1,148,961

$503,733

$449,133

REVEN UE

Surplus for yea r.

AC C O U N T

FOR

$223,849
B ALAN C E

YEARS

E N D IN G

$210,838

SH EET DEC.

DEC.

31.

1915.
1914.
1915.
1914.
A ssets—
Liabilities—
$
S
$
S
Real estate.......... 3 ,569,341 3,387.942 Capital stock____18,000,00) 18,000,000
Telephone plan t..32 353,362 31,205,640 Funded debt......... 11,149,000 11,149,000
Furn.,tools & sup. 1 ,121,526 1,357,030 Acc'ts p ayable...
352,646
293,609
Cash...................... 2 160,732 1,512,539 Accrued liabilities. 503,692
500,878
Bills and accounts
Unearned revenue
25,894
34,144
receivable........
754,252
837,082 Replace.&c res'ves 11,424,418 9,874,469
Stocks and bonds. 2 745,577 2.551,867 Surplus................. 1,249,140 1,000,000
T o ta l................ 42,704.791 40,852,100
— V . 1 0 2 , p. 8 88.

T o ta l................ 42,704,791 40,852,100

1718

THE CHRONICLE
M a tu r ity .

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
American Cities Co.— Bonds Called.—•
T he directors on A pril 28 voted to take up the 82,500,000 o f 5-6% bonds
due July 1. The remaining $7,500,000 bonds, after July 1. will have the
same securities back o f them as the $ 1 0 ,000,000 form erly had, and becom e
6 % bonds on July 1 1917; continuing from July 1 1916 to July 1 1917 on a
5 % basis; but the com pany, having the right to take them up on any inter­
est date, expects to retire them before that tim e.— V. 102, p . 1158, 977.

Canadian Northern Ry.— Interest Defaulted.—
T he com pany announces that, referring to tho trust deed securing the
5 % Incom e Chargo Convertible debenture stock, tho earnings for tho half­
year ending D ec. 31 1915 are insufficient to enable them to declare any in­
terest payable on the above stock on M a y 2 .— V. 102, p. 711, 521.

Cape Breton Electric Co., Ltd., Sydney, N. S . — Earns.
C a len d a r
Y ear—

G ross

N e t a fte r

In i. &

P fd .D iv s .

C om . m on .

B a la n c e ,

E a rn s.
T a xes.
Sk. F d.
(6 % )
D iv id e n d s .
S u r .o r D e f.
1915 ......... $357,214 $150,786 $79,172 $14,040 (3% )$33,760 sur.$23,824
1914 --------- 349,894 138,774 77,579 14,040 (6 % ) 67,500 def. 20,345
— V . 100, p . 1436.

Central Vermont Ry.— Acquisition.— Transfer.—
Pres. E . C . Smith on M a y 2 filed a petition in tho M ass. Legislature at
Boston seeking permission for tho acquisition o f the Southern N ow England
R y . C orporation b y tho Central Verm ont com pany. In another petition,
filed b y M r . Sm ith, tho Legislature was askod to permit the Contra! Ver­
m ont to transfer b y m ortgago its interests as lessee In the franchise and other
property o f tho N ow London Northern ItR . C o.— V . 102, p. 65.

Chesapeake & Ohio Ry.— Notes Called.— The $33,000,­
000 5-year 5% gold notes due Juno 1 1919 have beon called
for payment a t 101 and int. on June 1 at Farmers’ Loan &
Trust Co. of N. Y ., trustee.— V. 102, p. 1625, 1162.
Chicago Indianapolis & Louisville Ry.— Bonds.—
T ho Illinois P . U . Comm ission has authorized the com pany to issuo
$4,530,000 bonds, o f which $1-650,000 is for refunding and $2,880,000 for
reimbursement purposes.
$1,650,000 Gonoral M tge. 5-year 5 % gold bonds dated Juno 20 1914
have been called for redem ption at 100 H and int. on July 1 at tho offices
o f J. P. M organ & C o — V f 102, p. 1675, 1219.

Chicago & Milwaukee Electric Ry.— Sold.— Plan.—
This property was sold on M a y 1 to tho reorganization com m ittee for
$4,550,000, o f which $2,500,000 was for tho Illinois division and $2,050,000
for tho Wisconsin cUvision. Only other bid m ado was one o f $4,100,000.
T he price now obtained for the property Is $1,300,000 larger than that In
1912 when the salo was set asido b y the court. It Is understood the com ­
m ittee will submit Its plans for reorganization for cou rt’s approval. The
property has beon in the hands o f receivers since Jan. 1908.— V .102,p .1539.

Chicago Milwaukee & St. Paul Ry.— Bonds.—

This com pany gives notice that tho outstanding tem porary 4 % gold
bonds o f 1925 can now bo exchanged for definitive bonds at the U. S. M o rt­
gage & Trust C o ., N ow Y ork.— V. 102, p . 1625.

Cincinnati Hamilton & Dayton Ry.— Deposits.—

In order to a fford holders
opportunity to participate in
clared operative, the timo for
o f business on M a y 15 1916.

o f bonds who liavo not so far deposited an
the plan dated Feb. 15, which has been de­
receiving deposits is extended until tho close
See adv. on another pago.

The Cincinnati, Dayton & I ronton RR.— Deposits.—

Holders o f 1st M . 5 % 50-yr. gold bonds who have not so far deposited
under the deposit agreement dated Jan. 28 1915, as amended, in order to
a fford an opportunity to participate in tho plan o f reorganization o f tho
C . II. & D . R y ., declared operative, are notified that the tim o for receiv­
ing doposits is extended until the close o f business on M a y 15 1916. Seo
plan V . 102, p . 1346, 1435.

Columbus Delaware & Marion Ry.— Receiver's Certifs.
Receiver Eli M . W est has been granted authority b y tho Ohio courts to
issuo $105,000 receiver’s certificates to pay paying charges in towns in
which the com pany operates. The issue o f tho certificates will enable tho
receiver to uso the incom e for tho road for paym ent o f bond Interest and thus
prevent a default and consequent foreclosure. Seo V . 102, p . 1625.

Commonwealth Power, Ry. & Light Co.— Earnings.—

M a r c h 31
Y ear—

T o ta l
In com e.

---------------1915-16..................$3,238,777

1914-15................ 3,072,503

O p er. E x p .
I n te rest
A T a xes. C h g s .,& c .

$145,687
140.668

$655,293
685,952

T re f. D ie s .

(6 % )
$960,000
............. ..
960,000

B a la n ce,
S u r p lu s .

$1,4?7,797
“ I
1,285,882

— V. 102, p. 714, 603.

D e n v e r & S a lt L a k e R R .—

Default.—

[Vol. 102.
P ric e.

Y ie ld .

M a tu r ity .

P r ic e .

Y ie ld .

$47,000 D e c. 1916, 100.8631.2.75% $47,000 D ec. 1921, 100.9703.4.30%
48.000 Juno 1917, 100.7294.3.75% 48.000 Juno 1922, 100.5223.4.40%
47.000 D ec. 1917, 100.7209.4.00% 47.000 D oc. 1922, 100.5600.4.40%
48.000 Juno 1918. 100.7606.4.10% 48.000 Juno 19211. 100.5968.4.40%
47.000 D ec. 1918, 100.8230.4.15% 47.000 D oc. 1923, 100.6329.4.40%
48.000 Juno 1919, 100.9777.4.15% 48.000 Juno 1924, 1 00.0000.4.50%
47.000 D ec. 1919, 100.9670.4.20% 47.000 D ec. 1924, 100.0000.4.50%
48.000 Juno 1920, 100.9107.4.25% 48.000 Juno 1925, 99.6 34 1 .4 .5 5 %
47.000 D ec. 1920, 101.0142.4.25% 47.000 D ec. 1925, 9 9.6178.4.55%
48.000 June 1921, 100.8912.4.30% 48.000 Juno 1926, 99.2 05 6 .4 .6 0 %
The notes are a direct obligation o f tho com pany and in addition are se­
cured b y a lien on equipment costing about $1,057,000, upon which the
railroad has paid in cash (about 11M % ) $121,250; equipment notes Issued
for the balance, $950,000. T ho equipment consists o f 1,030 tons steel
centro-sill ventilated box cars. T itle to tho equipment will remain with the
Central Trust C o. o f N . Y ., as trustee, until all tho notes have beon paid.
— V . 101, p . 1548.

Montgomery Light & Traction Co.— Suit.—
See M on tgom ery Light & W ater Power C o. under "Industrials” above.
— V . 100, p . 734.

New York Connecting RR.— Bonds Authorized.—
T he N ew Y ork P. S. Commission has granted this com pany authority
to issuo $8,000,000 4 H % 1st M . bonds under the m ortgago approved in
N o v . 1913, for $30,000,000, in addition to $16,000,000 now outstanding,
dated A ug. 1 1913, due A ug. 1 1963. Bonds will bo redeem able at 105 and
int. and aro to bo sold to net not less than 94. T h o proceeds aro to be used
for construction purposes. See V. 102, p. 1436.

Pennsylvania RR.— Bonds Called.— Lake Boats.—
Seventy Series " A ” bonds, aggregating $30,000, o f the Sunbury Hazle­
ton & W ilkes-Barre R y ., dated M a y 1 1878, for paym ont at par and int.
on June 1 at Fidelity Trust C o ., Phila.
This com pany announces that tho A nchor Lino, taking froight on the
Great Lakes and all places beyond, will be continued tills season, arrange­
ments for through billing having been m ado with tho GreAt Lakes Transit
C orp ., tho new com pany which has bought tho Lako vessols form erly run
b y the railroads.— V. 102, p. 1437, 1060.

Pittsburgh & Lake Erie RR.— Stock Increase.—Stock­
holders on April 28 authorized the increase in auth. capital
stock from $30,000,000 to $50,000,000, in order to provide
for “corporate purposes.” See V. 102, p. 1060, 1437, 1535.
Portland (Ore.) Ry., Lt. & Power Co.— Suit.— Earns.—
Justice Harris in tho Supremo Court at Salem, O re., in tho cases o f the
C ity o f Portland against this com pany and against tho Portland Gas &
C oke C o ., involving tho validity o f two ordinances requiring a tax o f 3 %
o f their gross earnings, has found that both ordinances are void.
C a l.
Y ea r—

G ross

N et

In te rest,

D iv id e n d s

B a la n ce,

T o ta l

E a rn s.
E a r n i n g s . T a x e s , A c.
P a id .
S u r p lu s . S u r p lu s .
.................... $229,361 $535,251
1915.-$5.511,345 $2,969,067 $2,739,706
1 9 1 4 .. 6,273,171 3,577,815 2,741,205 ($2)$500,000 336,610 643,863
— V . 100, p. 1833.

—For calendar years:

Rutland RR.- Report.
C a ltn d a r
Y ea r—

O p e ra tin g
R even u es.

1 9 1 5 ..........$3,549,591
1914 -------- 3,526,095
— V . 101, p . 1629.

N ± t (a f t e r
T a x e s ).
'

$874,189
592.446
.

O th er
In com e.

$182,614
165,703

In te rest,
R e n t s , A c.

$561.359
551,141

B a la n c e
S u r p lu s

$495,444
204,008

St. Louis & San Francisco R R . — Withdrawals.—
Holders o f certificates o f deposit o f tho Equitable Trust C o. o f N . Y .,
issued under the deposit agreement dared Juno 18 1913, for 2-yoar 6 %
Secured G old N otes, aro notified b y the com m ittee, Henry E . C ooper,
Chairman, that any holder o f a certificate o f deposit issued under tho de­
posit agreement m ay at any time within two weeks aftor April 24 1916,
upon surrender o f his certificate and upon paym ont o f his proportionate
share o f tho com m ittee’s com pensation and oxponso ($20 for each $ 1,0 0 0
face amount o f notes), withdraw from tho agreement and shall bo entitled
to receivo notes o f said issue. Holders o f certificates o f deposit who d o not
so withdraw within said period o f two weeks shall bo conclusively and
finally deemed for all purposes to have assontod.— V. 102, p. 1437, 1541.

St. Louis Southwestern Ry.— Bonds.—
This com pany has applied to the M issouri P . S. Commission for authority
to Issue $825,000 additional First Torminal & Unifying M tge. bonds o f
1912, making the amount outstanding $8,980,000. Tho proceeds aro
to be used to reimburse the treasury for betterments m ado during 1915 on
tno St. Louis South, o f Texas and Grays Point Term inal.— V . 101. p. 2072.

San Antonio Belt & Terminal Ry.—Notes Offered.—
S m ith , M ooro & C o ., S t. Louis, are offering a block of t h o $ l ,7 5 0 ,0 0 0 1st M . 6 % gold notes datod A p r. 1 1910, due A p r. 1
1919. A u th . and to be issued, $ 1 ,7 5 0 ,0 0 0 . A circular shows:

Int. A . & O. in St. Louis or N . Y . Trustee, M ercantile Trust C o ., S t.
This com pany announces that tho semi-annual interest which was due
M a y 1 on tho $9,746,000 1st M tg e. 5 % bonds o f 1913 will not be paid.—• Louis. Subject to call during tho first year at 102 and int.; during the sec­
ond year at 101 and in t., and third year at 100 and Int. D enom . $ 1 ,000 ( c ) .
V . 101, p . 2071.
Sum m ary o f L e tte r o f P re s id e n t C . E. S c h a ff, o n F ile W ith T ru s te e .
G a lv e s t o n -H o u s t o n (T e x .) E le c tr ic C o .— Earnings (In­
S e c u r i t y . — These notes are secured b y a 1st M . upon all o f tho property
eluding Sub. Cos.)—
and franchises o f tho com pany, consisting o f freight and passenger terminals,
C a l.
T o ta l
N e t a fter
In t. A
P f.D iv s .
C om m on
B a la n ce,
terminal yards and valuable real estate, some o f which is in tho heart o f the
Y r .:
E a rn s.
T a xes.
Sk. F d.
(6 % )
D iv id e n d s .
S u r .o r D e f.
C ity o f San A ntonio. The paym ont o f principal and interost has been
1915..
$1,936,228 $729,771 $483,309 $180,000 (3H )$139,680 def.$23,118
guaranteed b y tho receiver or Missouri Kansas & Toxas R y. under orders
1914.. 2.424,119 1,113,261 441,125 180,000 (7% ) 279,006 sur.213.130 o f U. S. D ist. Court for the Eastern Division o f tho Eastern District o f
— V . 102, p. 153.
M o . and b y the receivor o f tho M o. Kan. & T ex. R y. o f T ex. under orders
o f tho U. S. Dist. Court for the Northern Dist. o f Toxas. Thoso orders
K a n s a s C ity R a ilw a y & L ig h t C o .— Stock Trustees.— •
provide that the Courts will reservo jurisdiction o f tho properties for the
T h e shareholders on April 28 voted to place tho com m on and preferred purpose o f enforcing com pliance with these guarantees.
stocks with two groups o f trustees, who will issue participation certificates
Properly.— Tho real estate was purchased at a cost o f over $750,000.
against the trusteed stock. For oach share o f Kansas C ity Railway & Light Tho proceeds o f tho notes will bo used in part to reimburse the com pany for
preferred stock there will bo issued a preferred participation certificate rep­ the cost o f the land and the remainder for tho erection o f the torminal build­
resenting two-thirds o f a share o f Kansas C ity Railway C o. stock anti a ings and other facilities necessary. T h e lease o f tho terminal property to
participation certificate representing one-third o f a share o f Kansas City tire receiver o f tho M . K . & T . ity. o f Toxas and the M . K . & T . R y. C o. o f
Light & Power C o. stock. For each share o f Kansas C ity Railway & Light Texas provides, among other things, for tho paym ent o f the Interest on these
com m on stock, new com m on participation shares will be issued in tho samo notes, and is an operating expense o f said receiver and tho railway com pany,
ratio as the now preferred certificates as to equities in the traction and light which, in effect, places the Interest on this issue ahead o f any o f tho other
indebtedness o f tho com pany.
„
_
com panies.
The M . K. & T . R y. o f Texas has been using tho terminals o f tho Southern
R obert J. Dunham and Charlos W . Arm our wero selected as trustees o f
tho railways stock and John II. Lucas o f Kansas C ity and T . J. Connors P acific R R . in San A ntonio, .but the present facilities are inadequate to
as trustees o f the light stock. E ach sot o f trusteos will appoint a third take care o f the increased business o f both roads. It Is owing to this fact
that the com pany adopted the present plan, whereby they will have their
trustee for each o f the tw o companies.
Judgo H ook will bo petitioned to extend tho timo for tho deposit o f the own terminals, which will not only givo them ample facilities, but should
small amount o f stock still out to permit this stock to participate in tho re­ increase tho com pany’s traffic and earnings and also result in a very sub­
organization on the same basis as the balanco. See V . 102, p. 1540. 976.
stantial saving in operation.
,
.
,
Tho Issuance o f these notes and tho notes themselves have been ap­
proved b y tho R R . Commission o f Texas.— V .102, p. 1250.
M is s o u ri K a n s a s & O k la h o m a R R .— Interest Paid.—
Seo M issouri Kansas & Texas R y . below .— V. 102, p . 800.
Southern New England Ry .— Transfer.—

M is s o u ri K a n s a s & T e x a s R y .—

Interest Ordered Paid .—

Judge Elmer B . Adam s in tho U. S. D istrict Court at St. Louis has ordered
paid tho interest on the com pany’s outstanding $39,999,500 4 % 1st M .
bonds. This interest matured D ec. 1 1915, and tho receiver had been
authorized to pay it, but had not done so. Interest maturing N o v . 1 1915
was also ordered paid on the Missouri Kansas & Oklahoma outstanding
$5,468,000 5 % 1st M . bonds and on the Boonville Bridge outstanding
$958,000 4 % 1st M . bonds.
Seo San A ntonio Belt & Terminal R y . below .— V . 102, p . 1626, 1540.

M o b ile & O h io R R .— Equipment Notes.— A . Iselin & C o .,
N e w Y o r k , are offering at pricos shown below $ 9 5 0 ,0 0 0
4 A % E qu ipm en t N o te s, Series “ J .”
X
A circular shows:
Dated Juno 1 1916. D enom . $1,000 (c). Int. J . & D .
Central Trust C o ., N ew Y ork. M aturities and prices:




Trustee

See Central Vermont R y . above.— V. 96, p . 1841.

Southern Pacific Co.— Sub. Co. Designation.—
T ho Texas R R . Commission is Informed that the com pany lias changed
the name “ Sunset-Central L ines,” as tho official designation o f its group
o f railroads in Texas, to the “ Southern Pacific Lines.” Tho lines com posing
this group aro tho Houston & Toxas Central, the Galveston Harrisburg &
San A ntonio, the Texas & New Orleans, tho H ouston East & West Toxas
and the Houston & Shreveport. It is reported that the com pany is contem ­
plating a similar chango in the term “ Sunsot-Central Lines” as applied to
its lines In Louisiana, including M organ’s Louisiana & lo x a s , tho Louisiana
W est., the Iberia & Vermillion and the Lako Charles & N or.— V . 102 ,p. 1437.

Southern Traction Co., Inc., Bowling Green, Ky.—
Suit has been filet! at Bowling Green, K y ., asking that a receiver be ap­
pointed for the com pany.— V . 98, p . 1394.

m a y

6

1916.]

THE CHRONICLE

T e n n e s s e e R a ilw a y , L ig h t & P o w e r C o .—
C om b in ed E arn in g s—
C a le n d a r
Y ea r—

G ross
E a rn in g s.

Report.—

„

N e t (a f t e r
T a xes, & c .).

I n te rest,
D ie s , on
B a la n ce,
C h g e s ., & c . M i n . o r S t k . S u r . o r I ) e f .

1915________ $3,947,268 $1,679,874 $1,320,263 $108,472 sur.$251,139
1914 ......... 3.762,387
1,491,398
1,194,420
109,019 sur. 187,929
T e n n e ss e e P ow er C o.—
„ „
____ ____
1915 ............ $1,066,206
$504,636
$465,597
sur.
$39,038
1914________
672,170
238,429
376,756
d of.
138.326
Interest charges o f tho Tonn. Power C o. includo interest, $551,476, less
$85,879 portion properly cliargeablo to capital, being interest on invest­
ments in undeveloped hydro-electric p roperty.— V . 101, p. 1015.

T o le d o R y s . & L ig h t C o .—

Community Ownership Plan.

A com m ittee appointed in T oledo to solve tho problem o f term inating
tho street railway franchise difficulties has reported favoring a system o f
com m unity ownership. Tho plan contem plates tho transfer o f the street
railway property (exclusive o f tho power plant and electric distributing
system) to a new corporation to bo called the C om m unity Traction C o.
T he Toledo com pany will receive in exchange stock o f the now com pany in
tho amount o f the arbitrated value o f the property so transferred. T he
capital stock o f the new com pany will bo divided into $ 1 0 shares, purchased
at any time within 5 years b y tho citizens at par. Tho small denom ination
is to facilitate the investment b y wage earners.
A franchise is to be granted tho now com p any containing a provision for
a periodical adjustm ent o f faros as will enable tho paym ent o f 6 % dividends.
'1 lie city can exorcise tho right at any tim e to acquire such stock as m ay be
outstanding at 110 and any held b y the T oledo com pany at par. N o bonds
will lie issued b y the Com m unity com pany, and tho m oney necessary for
extensions and betterments to tho property is to bo advanced b y the T o le d o
com pany in exchange for an equal am ount o f stock, tho latter to lie subject
to tho same provisions as ap p ly to tho original stock.
The present operating com pany is to retain its power house and all o f its
light and power business, and the Com m unity Traction C o. will simply
becoino its custom er for energy at wholesale.— V . 102, p. 1347, 1437.

T o r o n to R y .—

Stock Increase.—

The stockholders will vote M a y 29 on increasing tho authorized capital
stock from 812,000,000 to $15,000,000. It is understood that all or part
o f the new stock will be offered to shareholders at par and the proceeds will
be used for corporate purposes.— V. 102, p. 796, 523.

1 7 1 9

A m e r ic a n L a F r a n c e F ire E n g in e C o .—

Stock Increase.

This com pany filed at A lbany on A pril 29 a certificate increasing its
authorized capital stock from $3,450,000 to $3,950,000.— V . 102, p. 523.

A m e r ic a n L ig h t & T r a c t io n C o ., N e w Y o r k .—
Y ea r en d .

E a r n s .fr o m
S ub. C os.

O th er
In co m e,

E xpen scs.

P r e f.D iv .

Earnings.

C om m on
D iv id en d .

B a la n c e ,

(6 % ).
S u r p lu s .
1 9 1 5 -1 6 ...$ 4 ,8 4 6 ,1 9 5 $595,430 $169,519 $854,172 $1,673,380 $2,744,554
19 A!~15- - - 3,813,381
742,783 158.221 854,172 1,515,580
2,028,191
. V 10™ ."'0™ a*so deducted stock dividends on the com m on stock amounting
S n ,? 1,’? 73,’38^ in the ye ar ending M ar. 31 1916, against $1,515.5S0 in
h a vin g a balance o f $1,071,174 in 1915-16, against $512,611 in
1914-15.— V . 102, p . 606.

A m e r ic a n L in s e e d C o .—

Merger.—

This com pany has taken over the property o f tho Great Eastern Elevator
C o ., which adjoins its present plant at B u ffa lo, N . Y . It is reported that
the price paid for the acquired property was upwards o f $315,000. T he
property, it is stated, is appraised at $463,160, o f which $280,000 repre­
sents tho value o f the elevator and $183,000 the land.— V . 101, p . 1626.

A m e r ic a n M a c h in e & F o u n d r y C o .—

Mortgage.—

1 lie stockholders on M a y 4 ratified the proposition to execute a m ortgage
not exceeding $250,000 on real estate in B rooklyn , as socurity— V .101 ,p .2073.

A m e r ic a n S a le s B o o k C o ., L t d ., T o r o n t o .—

Earnings.—

Period ending—
Profits. Bondlnl. D ep r.,& c P f.D ivs.
Balance
Year ending D ec. 31 1915-8180,816 $31,383 $50,000 _______ sur.$99,433
2 yrs. end. D ec. 31 1 9 1 4 .. 338,908 60,178 75,960 $220,262 d ef. 17,492
— V . 100, p . 2087.

A m e r ic a n S m e ltin g & R e f in in g C o .—

Extra Dividend.—

An extra dividend o f k o f 1% has been declared on tho $50,000,000
com m on stock along with the regular quarterly 1 % on the com m on, payable
June 15 to holders o f record M a y 26, and the regular quarterly 1 + % on
tho preferred, payable June 1 to holders o f record M a y 12.— V .1 0 2 .p .ll5 9 .

A m e r ic a n S te e l F o u n d r e s .—

Earnings.—

Is! Q u a r .—
1916.
1915.
1 st Q u a r . —
1916.
1915.
N et e a rn in g s...$783,707 loss$89,763 In t., s in k in g f’d,
Other in c o m o .. 23,835
13,278
deprec., & c__$311 ,932
$179 ,84 8
T otal incom e___8807,542 loss$76,485 B a la n c e ------ sur$495,610def$256,833
— V . 102, p. 1164, 1160.

U n io n P a c ific R R .— Bonds Offered.— Iiallgarton & C o .
and C olgate, Parker & C o ., N . Y . , having disposed o f the
greater portion are offering tho unsold balance (see a d v t.
American Water Works & Electric Co., N. Y . — Earns.
on {mother page) at prices yielding abou t 4 .4 4 % , of $ 4 ­
3 M o n t h s e n d i n g M a r . 31 1916.
G ross E a rn
—
1916.
1915.
In crea se.
5 0 0 ,0 0 0 1st Lien and Refunding M . 4 % bonds, due June 1 W ater-works i n grso p e r t y . ......................
p
$1,058,331 $1,014,163
$44,168
20 0 8 .
In t. M . & S. in N . Y . D en o m . $ 5 0 0 , $ l ,0 0 0 .c * A
W est Penn T raction properties............ 1,452,444
1,167,990
284,454
circular shows :

T otal gross earnings.........................- 82,510,775
$2,182,153
$328,622
E ^ h a n gra b h ' for fully registered bonds o f $500, $ 1 ,00 0 , $ 5,000 an
i
n
t
W
E ect c
o.
310,000, interchangeable; sterling bonds o f £10 0 and £200 m ay be ex­ I n c o m e a c c o u n t o f A mreormc a W e Wt aP e r n o rrkasc tAo n lp r o r ie r Ci e s ,. e x c l u s i v e o f e a r n i n g s
f
s
en
T
i
p
t
changed in N . Y . for dollar bonds at a fixed exchange, with adjustment
.
1916.
1915.
In crea se.
o f interest. R ed. as a whole at 107 H % and int. on or after Sept. 1 1918, . . et earnings.........................................
$310,103
$178,188
$131,915
on any interest day upon 3 m onths' notice. A uth. $200,000,000. Out­ N
197.523
92,017
105,506
standing in hands o f public $65,087,740. (Including dollar and sterling I n te r e s t..................................
bon d s). E quitable Trust C o. o f N . Y ., trustee.
N et incom e_______________________
$112,580
$86,171
826,409
S e c u r i t y .— These bonds are secured b y a 1st m ortgago on about 1,466
miles o f railroad and a m ortgage subject to $100,000,000 1st M . 4 % bonds, C om pany’s proportion o f West Penn
due 1947 on about 2,093 miles additional, making a total o f 3,559 miles,
(additional) a
$130,512
$31,820
$98,692
o f which about 836 miles is double tracked. The road m ortgaged com ­ — earnings p . 1164, 888. bou t..............
V . 102,
prises practically tho entire mileage directly owned by tho com pany, in­
cluding the main lines extending from Kansas C ity and Omaha to Denver
Associated Simmons Hardware Co.— Notes Called.—
and to Ogden, Utah, where connection is made with tho line o f tho Oregon
A ll $5,000,000 outstanding 5-year 5 % secured gold notes dated O ct. 2
Short Line lilt . C o ., entering Salt Lake C ity.
1911 have been called for paym ent at 101 and int. on July 1 at United
— Earnings o f the com pany have been reported as follows:
States M ortgage & Trust C o ., N ew Y o rk .— V . 98, p . 1462.
30—
1915.
1914.
1913.
C ross In com e....... ....................... .......... $43,483,267 $49,061,933 $54,149,937
Baltimore Natural Gas Co.— Franchise.—
Interest, rents, & c---------------------------- 15,078,908 15,956,010 17,372,832
See Colum bia Gas & Electric C o. below .— V . 102, p. 1061.

E in
arn gs.
Y r en edJ n
ea d u e

Surplus................................... ...............$28,404,359 $33,105,917 $36,777,105
N et, after taxes, reported for tho 7 months ended Jan. 31 1916 «imw«
an increase o f $3,744,020 over 1915.
° ’ Munvs
E q u i t y .— Securities junior to this Issue consist o f $26,835 225 convertible
4 % bonds, $99,543,500 pref. stock on which dividends are being paid at
the rate o f 4% per annum and $222,291,600 com m on stock on which divi­
dends are being paid at the rate o f 8 % per annum. Interest is being paid
without deduction for tho normal Federal incom e tax. D ollar b o n d s are
listed on the New York Stock Exchange.— V . 102, p. 1061.
'

Wabash Railway Co.— E a r n in g s .—
1 t o M a r c h 31—
1916.
Gross earnings-------------------------- $14,559,946
Operating expenses and ta x e s .. 10,326,643
N ov.

$1,555,553 In c <2 677 780
S
185,791 Dec.
4 ,7 2 9

N ot earnings.................. 84,233,303
Other incom e......................
181,062
Total incom e .........................$4,414,385
Interest, rents, & c------------------- 2,656.720
— BaJance, StUkOT d

o t .. . .

•

1915.
I n c nr D er
$11,380,676 Inc 83 163 970
9,831,123 I n c !* 485[520

$1,741,344 In c $2 673 021
3.371,235 D ec.
714,515

_ .s u r.$ l .757,645 d cf$ l ,629,891

Inc. $3.387,536

INDUSTRIAL AND MISCELLANEOUS.
Aetna Explosives Co.— N President o fen t .— pany, succeeding
ew P r esid
II. S. Kim ball has been elected
the com

A . J. M oxhan, who lias been made Chairman o f tho board. M r. Kimball
is President o f the American Zinc, Lead & Smelting C o ., in which position
ho will continue to serve.— V . 1 0 2 , p. 1061, 610.
1

Allis-Chalmers Mfg. Co.— D irecto rs — A n n u a l

R ep ort .—

A t the annual m eetingQ . M . 1’ . M urphy, Vice-President o f tho Guaranty
7,rh?t C o ., was elected a director, succeeding W illiam C . Potter, and Charles
£' • 1 fi; t!',r ',v:ts elected a director, succeeding C ol. Pabst. Seo “ Annual
s
R eports above and “ R eports and D ocum ents" on a subsequent page.

Sales.

For 3 m onths ending M arch 3 1 :

,

----- — — S a l e s
1916.
i^nm iry ...........................$1,366,203
XT
y ......................... i n S n o o ?
M a t c h ............................... 1,640.901
M o n th o f

B i l l e d ---------------- N e t

P ro fit

1915.
1916
$535,284 +$219,734
652,998
— 232.085
829,430
— 288,518

or L oss—
1915
— $44,716
— 14,666
+ 50,467

__ eg 9 16
Total three m o n th s .. $4,374,840 $2,017,712 + $ 7 4 0 337
U n filled orders on hand M ar. 31 1916, $12,032,286. against $3,279!631
U
in 1915.— V. JL J, p. uiu, O 6 o .

American Beet Sugar Co., New York.— Earninas

M rnr c h, 31
a r r l 91
Y ear—

101R
1915.
M a r r h 31
im n
J
1916.
1915.
M n r c h SI
1 9 16.
1915.
Y ea r—
$
$
$
$
Gross earn’gs.10,479,293 8,304,423 C om . divs. (6% )900,000
N et earnings. 2,959,677 1,426,778 A m t. to retire
Other incom e.
215,154
174,864 . bom ls . . . *810,042
T otal incom e. 3,174,831 1,601,643 Add 11s A d rp r. 729,641
1 /6 ,9 8 9
surplus435,147 1,124,654
300,000 Hal., m»
P ref. d iv s .(6 % ) 300,000
* Denotes amount deposited with trustees tor retirement o f Animas
Sugar C o. outstanding bonds.— V . 102, p . 1251

American Can Co.— Dissolution Suit.— Enjoined .—
“ Tho Departm ent o f Justico, through tho A ttornoy-Goneral, on M a v 1
entered a m otion In tho U. 8 . District Court ot Baltimore asking tho C ourt
to order the dissolution o f tho com pany on tho ground that it is a trust. Tho
m otion also asked that should tho com pany fail to submit a plan for dis­
solution tho Court tako steps to formulato such a plan, and that tho direc­
tors and ollicors bo forovor onjoinod from bringing tho subsidiary branches
togothcr again.— V. 10 2 , p . 802, 1348.

American Gas & Electric Co.— Purchase.—

Tills com pany has purchased tho Citizens’ Electric Illuminating C o . o f
Plttston, Pa. for $875,000, which represents $160 per sliaro o f stock and
$43,000 for loose assets. A ll stockholders have agreed.— V . 1 0 2 , p. 1626.




Beatrice Creamery Co.— Dividend Increased.—
payable the same d a y .— V . 102, p . 1252.

B in g h a m t o n L ig h t , H e a t & P o w e r C o .— Bonds Sold.
— N . W . H alsey & C o ., N e w Y o rk , have sold, see a d v . on
another page, a t 99 and in t. $ 5 0 0 ,0 0 0 1st R efunding M .
5 % gold bonds, dated F eb. 1 1916, duo F eb . 1 1946. int.
A . & O . in N . Y . D en om . $ l ,0 0 0 c * . A circular shows:
Interchangeable with fully registered bonds o f S1.000 and multiples.
Callable, all or in part, at 105 and int. upon 30 d ays’ published notice.
Trustee, Guaranty Trust C o. o f N . Y . Subject to approval o f the N . Y .
Public Service Com m ission, Second District.
D ata from L e tte r o f P res. VV. S. B a rsto w , N ew Y o rk , N. Y ., May 1916.
Incorporated in 1902 in N . Y . as successor to the Binghamton General
E lectric C o ., and furnishes electric light and power to Bingham ton, Lestersldro (now called Johnson C ity), Port Dickinson and Union, N . Y ., serving
a population estimated at 65,000C a p ita liz a tio n —

A m o u n t.

C om m on s t o c k .. .....................................................................
$500,000
6 % preferred stock .....................................................
1st M . 5 % gold bonds, due 1942, outstanding___________
. 293 000
1st R efunding M . 5 % gold bonds, duo 1946, this issue, outstand’g . 505,000
P u r p o s e o f I s s u e . — T h e proceeds o f the sale o f these bonds are to be used
fo r refunding 1 st M . bonds, funding the com pany’s capital expenditures
heretofore m ade and to provido funds for im provem ents, extensions and
additions to the property, including partial cost o f the power house presently
to be constructed, with an initial capacity o f 3,500 k.w .
S e c u r i t y . — A m ortgage on the entire property now owned or hereafter
acquired, subject to the outstanding 1st M . 5s, due 1942, for tho retirement
o f which bonds o f this Issuo are reserved. T he m ortgage provides that as
1 st M . bonds are acquired from tim e to tim e b y the com pany they shall
be deposited w ith the trustee as additional security. As the 1st M . bonds
acquired retain their priority and rights, the 1st R ef. M . bonds share in
tho first lien on the property to the extent that they aro collaterally secured
b y the 1 st M . bonds.
M o r t g a g e P r o v i s i o n s . — Additional bonds m ay be issued (excepting those
reserved for the retirement o f the 1st M . bonds) for 80% o f the reasonable
cash cost o f new construction, additions, & c., or for 80% o f the cash cost
o f additional electric, pas or other public utility properties but not to ex­
ceed 80% o f the physical replacement value o f tho properties so acquired.
E a r n i n g s . — Earnings for the year ended D oc. 31 1915 are as follows:
Gross earnings........................ $267,7731A n . Int .on $798,000 outs’g bds $39,900
N et, after taxes.................... 114,296(Balance __________ __________ 74,396
T ho not earnings aro approximately 3 times annual interest charges on
all bonds outstanding.
P r o p e r t y . — Tho com pany has in successful operation in Binghamton an
electric generating plant, with modern steam turbine units o f 3,500 k.w .
installed capacity. T ho distribution system is extensive, including 540
miles o f overhead wire and 5 miles o f underground cables, serving electrical
energy through 4,590 meters.
E q u i t y . — The replacement value o f tho property (exclusive o f franchises
and good-w ill) is in excess o f its outstanding bonded debt. T he outstanding
6 % pref. stock represents a large cash investment in tho property.
S in k in g and Im provem ent F un d. — T ho com pany is to deposit with the
trustee on Fob. 1 1920 and annually thereafter a sum in cash equivalent
to 1% o f tho outstanding 1st R ef. M . 5s. This fund is to purchaso bonds
outstanding (at not over 105 and int.) or for improvem ents or additions.
M a in ten a n c e and D epreciation F u n d . — Beginning M ar. 1 1917 and an­
nually thereafter the com pany Is to provide for maintenance and deprecia­
tion not less than 10% o f its gross operating revenues. A ny part o f this
fund not actually expended in any fiscal year must bo deposited in cash with
tho trustee as a special fund to be used subsequently for m aintenance, re­
pairs and renewals, or for betterments and improvem ents against wliich
no 1st R ef. M . 5s m ay be issued.
F ran chises. — The franchises aro perpetual and free from burdensom e
restrictions.— V . 102, p . 1438.

280,

THE CHRONICLE

1720

Blackstone Valley (R. I.) Gas & Elec. Co. (incl.sub.cos.)
T o ta l
E a r n in g s .

1915.........81,515.194
1914_____ 1,330,373
— V . 95, p. 1747.

Interest,

N et
E a rn in g s.

$616,213
511,581

C a len d a r
Y ea r—

S .F ..& C .

i

8230,833
220,287
,i4

P f.D iv s .

C o m .D iv s .

(6 % ).
876,620
75,588

(8 % ).
8178,968
177,936

Buffalo (N. Y.) Gas Co.— T o B e S old. — F o reclo su re.
A decree o f foreclosure in tho suit o f tho Pintsch Compressing C o. against
the com pany directing the sale o f the property o f tho defendant com pany
was filed in U. S. D istrict Court in B uffalo on April 12. Judge Hazel has
appointed Adolph Rebadow special master to con du ct the sale o f different
parcels o f land and other effects. T ho affairs o f the B uffalo Gas C o. have
been in litigation since Sept. 25 1914 when Alexander C . Hum phreys and
H arry T . Ramsdell were appointed receivers, following tho fding o f an
equity action b y tho Pintsch Compressing C o. Seo V . 100, p. 2013.

Butler Bros., Chicago.— Stock I n c r e a s e .—
T he stockholders on M a y 1 ratified the proposed increaso in the auth.
capital stock from 810,000,000 to 815,000,000. H alf o f tho new stock will
bo given as a stock dividend and the remaining ha lf will be offered to
stockholders. See V . 102, p. 1348, 435.

California Development Co.— S a le.—
T he Cal. R R . Comm ission on April 22 authorized this com pany to sell its
irrigation system , known as tho Imporial irrigation district, to tho Southorn
P acific C o. for 83,875,000, which com pany in turn was authorized to soli
to tho district for 83,000,000 tho property useful in tho maintenance and
operation o f tho irrigation system . T ho district has issued bonds amounting
to 83,500,000, o f which 83,000,000 will bo paid to tho Southern P acific as a
purchase price for tho irrigation system and tho 8500,000 remaining will bo
used for im proving tho system o f canals.— V . 102, p. 524.

Canada Copper Corp., Ltd. (N. Y . ) — E xch an ge o f Stock.
T he stockholders o f tho British Colum bia C opper C o ., L td ., liavo re­
ceived the follow ing in substance, under dato o f M a y 1 1916:
A number o f stockholders o f your com pany have asked that they bo
allowed to exchango their stock for the stock o f tho Canada Copper C or­
poration, L td ., and to subscribe for its debentures, but no debentures
being available for such purpose, these requests could not bo granted.
Applications wero then made to exchange their stock for tho stock o f tho
Canada C opper C orporation, L td ., on somo equitable basis. The directors
liavo concluded to authorize such exchange, but feel that the samo privilege
should bo accorded to all British Colum bia C opper C o. stockholders.
This com pany, therefore, offers to exchango on tho basis o f one share o f
Canada C opper C orp. stock for every tw o shares o f British Colum bia
Copper C o. stock, without any cash paym ent: or, instead o f exchanging,
this com pany will pay 81 cash per share for all British Columbia C opper C o.
stock that m ay bo deposited as hereinafter provided.
T ho Canada Copper C orp ., L td ., has acquired and now owns over 75%
o f tho capital stock o f your com pany and has loaned it to dato tho sum o f
8460,000 secured by a first m ortgage on all o f your com pany’s properties
now owned or hereafter acquired.
It is estimated there will bo needed
approxim ately 82,500,000 additional m oney to carry on developm ent
w ork. Tho prosent obligations o f tho com pany, together with thoso that
will o f necessity be incurred, will have to be m et beforo tho stock o f your
com pany can participate in any earnings o f tho businoss.
A ny British C olum bia C opper C o. stock to bo exchanged or sold to this
com pany on tho foregoing basis must be delivered to tho E quitable Trust
C o. on or beforo Juno 1 1916. T he trust com pany will either deliver this
com p a n y’s stock in exchango or pay cash for said British Colum bia stock, as
the depositor m ay elect.— V . 101, p . 1809. -=S'<s w.

Central Aguirre Sugar Cos.— D ivid en d — Stock . —

A dividond o f 10% has been declared on tho com m on stock, payablo
M a y 15 to holders o f record M a y 11. This com pares,with 6 % in A pr. last.
A ll, 81,000,000, outstanding preferred shares havo been called for re­
dem ption at par, 8100, plus a prem ium o f 825 per sharo and dividends on
O ct. 1 at the Old C olony Trust C o ., B oston.— V . 102, p . 1062-« - *
■

Central New York Gas & Electric’ Co.— L ea se, & c .—
Seo Seneca Powor Corporation below .— V . 100, p . 2013.

Charcoal Iron Co. of America.— E a r n in g s .—

T he profit from operations for the three m onths ending M ar. 31 1916,
after deducting all expenses, was 8220,739. The net profit carried to the
balance sheet for the quarter ending M ar. 31 1915, after deducting interest
on borrowed m oney, 817,723, and reservo for extinguishment o f acetone
plant, 824,000, was $179,015.— V . 102, p. 1165.__________________________

Chesebrough Mfg. Co.— Stock I n c r e a s e .—

Tho stockholders on M a y 4 ratified tho increase in tho authorized capital
stock from $500,000 to 81,500,000 to bo distributed as a 200% stock divi­
dend. Shareholders will roceivo 2 now shares for each 1 sharo now hold.
— V . 102, p- 1252.
___________________

Chino Copper Co. -F or 3 M o n th s en d in g M a r c h 31:

1915.
|
19161915
1916.
$890,638
Gross prod.lbs 16,267,450 11,732,508 T o t. net p rof.82,746,987
434,970
N et profits___$2,667,416
$835,193 D ivs. paid___ 1,087,475
455,668
R ents, & c____
79,571
55,445 N et surp lu s._ 1,659,512
T ho above earnings are based on 26.566c. for coppor in 1916 and 14.37c
in 1915.— V . 102, p . 1438, 978.
vawSfcn..Mk**N-*
- ^ t-

Columbia Gas & Electric Co., Baltimore.— P r o p o s a l .—
T he Baltimore Board o f Estimate has boon offered b y tho com pany
through its subsidiary, tho Baltimore Natural Gas C o ., a proposal to distrib­
ute natural gas to tho city on a scale ranging from 50c. to 35c. por 1,000
cu. ft. for dom estic uso and including in tho proposed franchise a franchise
tax o f 4 % on tho gross receipts from tho sale o f natural gas.
T ho com pany, under tho agreement, must be prepared to deliver natural
gas to dom estic consumers within 1 $ m onths. T ho com pauy must filo
bond o f $300,000 for perform ance o f duty and a second bond o f 850,000 to
cover any damage to streets. In caso o f an agreement by which tho natural
gas would bo distributed by tho Consolidated Gas, Electric Light & Power
C o ., a franchise tax o f 2% on gross receipts is to bo paid in placo o f tho 4 % .
Gas supplied must bo 1,000 B . t. u. quality. T ho Board also has agreed
to tho chargo o f 35 cents to 15 Cents por 1,000 cu. ft. for Industrial con­
sumers and to a minimum chargo o f 50 cents a m onth for dom estic con ­
sumers. A fter a hearing beforo tho B oard, tho plan will be transmitted
to the M aryland P. 8 . Commission for approval and tho official fixing o f
rates, after which it must go to tho C ity Council for final approval. T ho
franchise period is to lie fixed at 25 years. Soe also United Fuel Gas C o.
below .— V . 102, p. 1354, 1344.)

i <j']
j

l '!

p//An extra dividend o f $ 1 has boen declared on tho stock along with tho
regular quarterly 81 50, both payablo Juno 15 to holders o f record M a y 29.
— V . 102, p. 1630, 803.

Dayton Power & Light Co.— N eio B o n d s .—
Tills com pany has been authorized b y tho Ohio P . U. Com m ission to sell
at not less than 91 $1,250,000 5 % bonds, the proceeds to bo used in connec­
tion with tho construction o f a now steam-generating station .— V .102,p.979

Diamond Match Co.— D ivid en d I n c r e a s e d .—

*

A quarterly dividond o f 1M % has boen declared on tho 817,206,200 stock,
payable June 15 to holdors o f record M a y 31. This compares with 114%
quarterly and 1% extra in M arch sinco 1912.— V . 102, p . 1057, 348.

Dow Chemical Co.— N ew O ffic e r .—

; !i i ’

James T . Pardee, V ice-Pres., has also boon elected Secretary, succeeding
II . E . Hackenberg, who resigned as director and Secretary. N o ono has
as yet been chosen to succeed M r. Hackenberg as a director.— V . 102, p.
1252, 979.

Eagle White Lead Co., Cincinnati.— Stock— N e w N a m e .
T he stockholders will vote June 6 on (a) increasing tho com m on capital
stock from 81,000,000 to 89,000,000 (par 8100): (6) changing tho namo o f
this com pany to tho Eagle-Picher Load C o .; (c) acquiring tho assets o f the
Richer Load C o.; and (d) increasing the number o f directors from fivo to
nine.— V . 80, p. 715.




Development— Securities.—

See Seneca Power Corporation below .— V . 100, p. 2013.

8129,792
37,770

British Columbia Copper Co.— E xch an ge o f Stock .—

Copper Range Co.— E x tr a ]D iv id e n d .—

E m p ire C o k e C o .—

B a la n ce,
S u r p lu s .

Seo Canada Copper C orporation below .— V . 101, p . 1888.

[V o l . 102.

Officers

(E . & T .) F a ir b a n k s & C o ., S t . J o h n s b u r y , V t . —

See Fairbanks. M orse & C o ., C hicago, below .— V . 102, p. 1438.

F a ir b a n k s , M o rse & C o ., C h i c a g o .—

Officers— Directors.

T ho following havo been elected directors and officers subsequent to the
acquisition b y tho com pany o f E. & T . Fairbanks & C o. o f St. Johnsbury,
V t.: C . II. M orso J r., W . E . M iller, II. J. Fuller, Thom as M cM illa n and
W . S. H ovoy o f Chicago havo been elected directors, succeeding Henry C .
id o , Josoph Fairbanks, A . H . M cL e o d , Charles A . B . Pratt and C . L . Ilarp hani o f St. Johnsbucy. T ho directors liavo elected Frank II. B rooks,
St. Johnsbury, President; C . H . M orso, C hicago, Vice-Pres.; John C . Clark,
Sec.: Fred C . B eck, T rcas.— See V . 102, p . 1438.

Earnings.

F a ll R iv e r (M a ss.) G a s W o r k s C o .—
C a le n d a r
Y ear— .

G ro s s
E a r n in g s .

D iv id e n d s B a la n c e ,
P a id .
S u r p lu s .

N e t,a fte r
I n te r e s t
T a xes.
C h a rges.

1 9 1 5 - ................................ $531,445
1914.................................... 520,611
■V. 100, p . 904.

8187,109
144,452

$124,776
93,150

$11,360
21,350

$50,973
29,946

Sale.—

F lo r e n c e I r o n W o r k s , N e w J e r s e y .—

Receiver Harold B. Wells will sell this property at public auction on
M a y 1 3 — V . 102, p. 1349.

G e n e r a l A s p h a lt

C o .,

P h ila d e lp h ia .—

Earnings .—

1915-161914-15. I
1915-161914-15.
31 Y e a r .
8
8
I J a n . 31 Y e a r .
8
$
T otal in co m e .10,445,705 10,797,704 N ot in c o m e .. 1,721,425 1,146,364
N et p r o f i t s ... 1,644,729 1,089,243 I n t., depr.,& c.
786,954
835,664
Other in com e.
76,696
57,121 D ivs. p a id (5 % ) 652,705
052,705
N et in c o m o .. 1,721,425 1.146.3641Balance______ sur281,76bdcf342,005
— V . 101, p . 1095.
Jan.

G e n e r a l P e tr o le u m

C o .—

Sale .—

Press reports from San Francisco stato that the M ercantile Trust C o.
has advertised tho sale under foreclosure proceedings on June’ 28 o f tho
properties o f the com pany. It is assumed that tho property will bo bought
b y tho reorganization com m ittee for tho benefit o f depositing security­
holders. T ho holders o f tho 83,000,000 notes havo foreclosed on their col­
lateral and tho $6 ,000,000 bonds will bo deposited with the com m ittee.
O f tho pipe lino securities, all havo been deposited except 15 bonds and 37
shares o f Class A stock. This is part o f an estate, and doubtless will bo
deposited. Out o f 819,200,000 free and collateral bonds, or certificates
representing them , $18,000,000 has been deposited. See V. 102, p. 1252,

G r a n t M o to r C a r C o r p .—

Earnings— Shipments.—

Andrews & C o ., Chicago, agents o f tho syndicate managers for tho pre­
ferred stock, announce that the corporation shows net earnings for M arch
o f $46,181 and total number o f cars shipped 641. T he earnings for tho first
tw o m onths wero approxim ately $92,000. or about $22,000 m ore than the
first year’s dividend on tho preferred stock.
T otal shipments during Jan. and Feb. this yoar were 1,418 cars, com pared
with 805 cars shipped during tho samo period in 1915, or an increase o f
a bou t 7 2 H % . Seo offering V. 102, p. 1063, 1349.

G r e a t L a k e s T r a n s it C o .—

Lake Boats.—

Seo Pennsylvania R R . under “ R ailroads” a b ov e.— V . 102, p. 1439, 1253.

H e r c u le s P o w d e r C o .—
3

M o s . en d in g
M a r c h 31—

For Three Mos. ending March

G ross
R e c e ip ts .

N e t (a f te r
D e p r e c ., & c . ) .

Bd. In t. A
P r e f.D iv .

31.

B a la n c e ,
S u r p lu s .

$4,941,236
$93,625
$4,847,811
1916......... ................... $12,306,299
....... .....................
466,153
106,002
360,151
1915....... ............................. .............
1,963,917
T he percentage available for dividends on com m on stock was equivalent
to annual ratio on capital stock o f 271.20% in 1916, against 20.15% in 1915
(dividend paid in 1916 was 10% , against 2 % in 1915). T ho net earnings
from all sources aro equivalent to annual rato on total investment o f 45.64%
in 1916 against 10.23% in 1914.
.
T ho balanco sheet o f M ar. 31 1916 shows bills payablo, $545,921, against
$670,220 on M ar. 31 1915: profit and loss, surplus, $9,453,173, against
$2,109,964; cash, $7,106,730. against $2,226,042; accounts receivable,
$4,013,166, against $1,128,932; collateral loans, $1,200,000, against $650,­
000; investment securities, 87,010,944, against $107,703; and materials
and supplies and finished products, $6,653,924 and $1,480,421, respectively,
against $1,797,739 and $597,652.— V . 102, p. 979, 604.

H o u g h t o n C o u n t y (M ic h .) E l. L t . C o .—
C a le n d a r
Y ea r—

G ross
E a r n in g s .

1 9 1 5 ...................$338,913
1914 ................- 311,668
— V . 83, P. 972.

N e t , a fte r
In te r e s t P f.D iv s .
T a x e s .C h g e s .,& c .
(6 % ) .

8168,843
150,017

Earnings.—

C o m .D iv s .

(5 % ).
$41,393 $18,000. $50,001
41,460 18,000
50,001

H u n t i n g t o n L a n d & Im p r o v e m e n t C o .—Bonds

B a la n c e
S u r p lu s .

$59,450
40,557

Called. —

One thousand (81,000,000) 6 % coll, trust serial gold bonds have been
called for redem ption on Juno 1 at 101 and int. at the Security I rust &
Sav. Bank, Los Angeles, C al., trustee, or tho U. S. M tge. & Irust C o .,
N ew Y o rk .— V. 101, p. 451.

I n d ia n a p o lis T e le p h o n e C o .—

Merger.—

T he Indiana P . U. Commission has approved tho merger whereby this
com pany will becom e solo owner o f rights, properties, franchises, & c., o f
tho N ew Telephone C o. (V. 8 8 , p. 235) and tho N ow L ong Distance T ele­
phone C o. (V. 90, p. 450), both o f Ind. T h e plan (seo V. 102, p . 612) to
issuo $1,900,000 o f prof, stock and 81,150,000 com m on for refunding pur­
poses was also ratified by tho Comm ission.
. _
'Pho com pany will bo controlled by tho same interests as the Ohio State
Telephone C o. and it is understood tho preferred stock o f the now com pany
will b o offered for subscription to stockholders o f tho Ohio C om pany proata.— V . 1 0 2 , p. 612.

International Agricultural Corporation.— Bonds.-

_ .
T he Bankers Trust C o ., N . Y . , having on deposit $325, 015 98 for re­
purchase o f First M tge. & Collateral 5 % 20-year gold bonds dated M a y 1
1912 at not m ore than 103 and interest, will receive sealed proposals until
12 m . M a y 16 to sell samo. D elivery o f accepted bonds should bo m ade
beforo M a y 22.— V . 102, p . 255.

I n t e r n a t io n a l M e r c a n tile M a r in e C o .— Third Report of
Iteceivor Franklin on M a y 2 filed
in the U . S . D istrict Court for Southern D istrict of N . Y . ,
before Judge H ou g h , his third report, in substance, as follow s:

Receiver P. A. S. Franklin.—

T ho estimated total operating earnings for Jan., Fob. and M arch 1916 o f
tho steamships in custody o f tho receiver, after deducting voyage oxponses
and excluding tho earnings o f tho White Star, A tlantic Transport, Dom inion
and Loyland Linos; T ho estimated total general expenses for tho said
m onths, including overhauls, e tc., and tho estimated net results o f operation
for said m onths wero as follows:
,
,, ,
,,
,
E a m in o s

Jan-

Operating earnings.............................................. $710,962
68,036

G en eral expenses___________________________

‘ C,J •

$504-750
68,660

M arch .

$560,031
121,000

N et results o f operation__________________ $642,926 $436,090 $439,031
In the foregoing no deduction has boen m ade for bond interest or for de,preciation o f tho vessel property. T ho material increaso in tho M arch
general expenses is largely cluo to extraordinary repairs to steamers.
From inform ation received from tho subsidiary com panies tho receiver
has estim ated, and has advised tho com m ittees representing bondholders
and prof, and com m on stockholders, that tho com bined total earnings o f tho
receivership properties and thoso o f tho subsidiary com panies, and also o f
tho Loyland Lino, for Jan ., Feb. and M arch 1 9 16 woro as follows:
i.M .M .C o .
M o n t h s __
il: S u l). C o s .
1916— January................................................................. $ 2 ,5 10,636
F e b r u a r y ............
2,878,052
M a r c h .- I I Z I I Z Z I I I I .......................- ............. 2,861,494

F .L e y la n d A
C o .,I ,t d .

$2,014.836
1,128,920
2,330,827

T otal first quarter 1916________________ .. . . . $ 8 , 2 5 0 , 182
$5,474,583
From these earnings must bo deducted bond intorost o f International

THE CHRONICLE

May 6 1916.J

M ercantile M arino C o ., depreciation, British war tax, and a cortain
am ount for British incom o tax. Tho earnings for each m onth are based on
the voyages com pleted during that m onth, and a voyago is not considered
com pleted until tho steamer arrives at its hom e port. The num ber o f
voyages w ill, therefore, vary from m onth to m onth and the earnings will
fluctuate accordingly.— V . 102, p. 1630, 1439.

International Nickel Co.—-Dividend Increased.—
A quarterly dividend o f $2 (8 % ) has been declared on tho 841,834,600
com m on stock (par $25), payable Juno 1 to holders o f record M a y 16.
This com pares with $1 25 (5 % ) M arch 1 last.— V . 102, p . 1252, 714.

International Steam Pump Co.— Exchange of Securities.
Holders or certificates o f deposit o f Guaranty Trust C o. o f N . Y . for
1st lien 5% bonds; and certificates o f deposit o f Columbia Trust C o. for
pref. or com . stock o f International Steam Bump C o.; certificates o f deposit
o f Franklin Trust C o. for pref. stock o f Henry It. W orthington; and cer­
tificates o f doposit o f Bankers Trust C o. o f Now Y ork or Comm onwealth
Trust C o. o f Buffalo for 1st M . 5 % bonds o f tho H olly M fg . C o ., m ay re­
ceive tho new l,securities 11 f 1 W ,1.... ; I,., ..1.... Pum p & M achinery ll. orp. and
o ,, orthington
C
m . . ..L. 4
..
f . r . .» .n 11
.
,
_
_
!
1
1st Lien 5% bonds o f tho com pany will rccoivo for eacli $1,000 o f principal
o f tiio bonds represented b y such certificates: Class B 6 % prer. stock.
$1,104 17, and com m on stock, $386 46.
(2) Holders o f certificates o f deposit o f Columbia Trust C o. for preferred
stock will receive for each $1,000 par value o f stock represented: Class A
7 % preferred stock, $134 20, and com m on stock, $352 39. Interest at
6 % per annum on tho payments made on the old stock under the plan, cal­
culated from tlie date o f paym ent to April 1 1916.
(3) Holders o f certificates o f deposit o f Columbia Trust C o. for com m on
stock will receivo for each $1,000 par valuo o f stock roprosonted: Class A
7 % preferred stock, $125, and com m on stock, $170. Interest at 6 % per
annum on tho paym ents m ade on tho old stock under tho plan, calculated
from the dato o f paym ent to April 1 1916.
(4) Holders o f certificates o f deposit o f Franklin Trust C o. representing
preferred stock o f Henry R . W orthington will receivo for each $1,000 par
valuo stock represented: Class A 7% preferred stock, 81.000, and cash
(being the unpaid dividends accrued on the deposited stock from N o v . 1
1913 to April 1 1916), $169 17.
(5) Holders o f certificates o f doposit o f Bankers Trust C o. o f N . Y . or
Com m onwealth Trust C o. o f Buffalo for 1st M . 5 % bonds o f H olly M fg .
C o. will receive for each $1,000 o f
* ' ' " ’
'
- in casli and now 1st M
est from Jan. 1 1916, g
___ ________ __________ „ „
cry C orp. Interests o f less than $100 in bonds will bo paid in cash.
All stock o f W orthington Bump & M achinery Corp. above deliverable
will bo In tho form o f voting trust certificates issued under tho abovo men­
tioned agreement, except that for certificates o f deposit representing pre­
ferred stock o f Henry R . W orthington there will bo delivered certificates
o f interest o f Guaranty Trust C o. o f N . Y ., issued under tho agreement
provided for b y tho plan, whereby an option to purchase tho voting trust
certificates, which would otherwise bo deliverable, is granted to tho syndi­
cate managers at any tim e within six m onths from April 15 1916 at 105%
and dividends. I f this option is not exercised, these certificates m ay be
exchanged at tho end o f tho six m onths for the voting trust certificates rep­
resented.
H olders o f certificates o f deposit o f Columbia Trust C o. representing
preferred and com m on stock o f Steam Pum p C o. will n ot bo ontitled to re­
ceive either the cash or now stock unless they have paid all installments o f
tho paym ents roouired b y the plan in respect o f their old stock.
*
1 ractically all o f the $3,639,063 o f new cash provided b y tho plan has
been paid In. Dividends on tho now stock will accruo from April lt-1916,
up to which dato interest on tho bonds o f the old com pany has boon funded
and dividends upon tiro Henry It. W orthington preferred stock provided
for. Seo V. 102, p. 1630, 1350.

Kansas Natural Gas Co.— Litigation.—

Hearings in tho suit o f the com pany for a permanent Injunction restraining
the Kansas Utilities Commission from interfering with tho gas ratos, onded
April 29 before Judges Sanborn, B ooth and Adam s in tho Federal C ourt at
Kansas C ity. T h e commission o f Federal Judges lias taken tho caso under
advisom ont and will mako a decision after tho conclusion o f tho hearing o f
tho com pany’s suit for a permanent injunction against tho M issouri 1\ S
B oard in St. Paul on M a y 22.
I f the injunction Is granted, it is understood it will insure tho 37-cent
gas rate sought for instead o f tho 28-cent rate which lias been enforced b y
tho Utilities Comm ission. A ttorneys for tho com pany argued that tho
increaso in tho prlco o f gas is imperative if certain necessary improvem ents
aro m ado.— V . 102, p. 1440, 1252.

Laclede Gas Light Co., St. Louis.— E a r n in g s .—

f
lOW!
1Q1 . IQJi/fno trt S/zn* 91
1n 1n
Gross oarnings$l,166,809 $1,152,251 JIntorest p a id ____$290,625 $281 076
N ot incom e. .
706,948
608,572 (Pref. d iv s.(1 y % ) 31 250
31 250
— vPrei0 2 pC*797 526966
70,3311Bal., surplus-------- 289,107
225JH5

Lima Locomotive Corporation.— Readjustment.
T ho stockholders have boon notifiod b y tho roadiustm ent ra m m ie ™
• K^
J
under the plan o f readjustm ent dated Mar.’

Y ork , as depositary, might receivo tho shares o f preferred and com m on stock
o f the now com pany to which they aro entitled under tho plan, upon p a y­
m ent o f tho balance o f their subscriptions to tho depositary on or before
M a y 1 1916, and upon surrondor on or after said dato o f their certificates o f
deposit proporly endorsed.— V . 102, p . 1165,1543.

Lima Locomotive Works, Incorp.— Successor Co.—

1721

Massachusetts Lighting Companies.— New Officer.—

George F . H ow land, who has been Secretary o f the com pany since its
organization, and Asst. Treas. for six years past, has been elected Treasurer
succeeding A ddis M . W hitney.— V . 102, p . 71.

Michigan Limestone & Chemical Co.— Stock Offered.—
A llard , Kinnear & C o ., I n c ., N . Y . and B o sto n , are offering
the unsold portion o f $ 5 0 0 ,0 0 0 7 % cum ulative pref. stock
a t the par v a l. o f $ 2 5 per sh . D iv s. Q .-J . 15. A circular show s:
T he 7 % dividends are cum ulative and have been paid to the date o f the
last quarter. The pref. stock has voting power. P ref. as to assets and
dividends. A sinking fun d is provided for o f lc . per ton o f stone sold, out
o f which tho pref. stock will be retirod at 105% o f the par value, called by
lot each year, beforo any dividends are paid on the com m on stock.
C a p ita liz a tio n —

A u th o r iz ed .

N o w O u t. I n c l .P r e s 't I s s u e .

$818,050
$1,500,000
7 % pref. stock cum ulative------ S2.000.000
C om m on stock ------------------2,500,000
1,500,000
1,500,000
B onds, 6 % gold coupon serial. 1,000,000
552,000
552,000
L i m e s t o n e . — One-half ton o f limestone is required fo r every ton o f steel
produced. Portland cem ent is com posed o f an average o f 5 5% o f lime­
stone. Lim e is m ade from limestone and extensively used in building and
m the m anufacture o f sugar, glass, carbide, soda, soap, paper, tanning, & c.
Crushed limestone is used in con crete and road building. One o f the
greatest and m ost rapidly increasing uses is for fertilizer.
D a ta from L e tte r o f P res. W . F. W h ite , N ew Y ork M arch 2 19lfi
Incorporated in 1910 in M ichigan, owns abouT 12 TOO acres o f lln d ! at
Caiclte, Presquo Isle C ounty, M ich ., part o f which is reported to contain
600,000,000 tons o f htgh-calcium lim estone. It has a com plete plant
and. equipment for producing and shipping' a 'large \ on n a ge°of lim eston e!
Bookings I a largely increased tonnage for future years m ake it advisable
for

known deposits o f high-grade lim estone. Tho location gives cheap \vater
transportation to the great iron, cem ont, carbide, soda, lime, crushod stone
and chemical industries around tho Great Lakes. T he local conditions at
tho quarry are extrem ely favorable for choap prod u ction . T ho stone aver­
ages over 97% calcium carbonate and is very low and exceedingly uniform
in its impurities. In the trade it is recognized as probably the best.
P l a n t a n d E q u i p m e n t . — 'T he plant, including additions now being m ado,
H
‘
o f limestone per day, and consists o f
drills and steam shovels, with over one
. , .
, --------- ---------------------------- - -ace; (6) the transportation departm ent
includes locom otives, cars and tracks; (c) the m ill department includes
crushers, screens, washing and conveying plant; ( d ) the storage department
includes three storage plants fo r three different sizes o f stone; ( e ) the harbor
department includes a harbor protected b y breakwater, y , m ile long, with
slip docks, loading bins and also tugboat; ( / ) the power departm ent in­
cludes a m odern electric power house o f about 6,000 h .p .. with transmission
lmes and m otors, and ( g ) there are also a machino shop, general store house,
o ffico building, dynam ite storage and other buildings and equipment to
round out a com plete plant.
T ho self-unloading steamer C alcito is in the com pany’s service under a
long torm charter. T ho com pany owns 7 4% o f the com m on stock o f the
Lim estone Transportation C o ., which owns the 10,500 ton self-unloading
steamer W . F . W hite, which was put in com m ission Sept. 1 1915. T o
enable the com pany to fu lfill large contracts a sister ship to the W . F. W hite
is being built to bo delivered b y the opening o f Lake navigation in 1917.
A ll o f tho stock o f the com pany that will own the new b oat, both com m on
and preferred, will be owned b y the M ichigan Limestono & Chem ical C o.
A g r i c u l t u r a l L i m e .— During tho fall o f 1915 the com pany built a plant
on the water front at B u ffa lo, N . Y ., for grinding limestone for use as agri­
cultural fertilizer. T he plant has a capacity o f 500 tons o f agricultural
lime per da y. This department will use screenings or fines heretofore
PLe,r 50 % °.f th0 farm lands now under cultivation east o f the
Mississippi R iver are in need o f lime at the rate o f about one ton o f lime
o f 1Agriculture BufleUn N o ^ O O ^ Say’ ^
fiVB y6arS‘ (U ‘ S ’ D o p t*
M a r k e t .— A largo part o f tho com p a n y’s output is contracted fo r from
o to 10 years ahead. A m ong the customers o f the com pany, m any o f whom
havo contracted for their entire requirements for a term o f years are- Illi­
nois Steel C o ., M innesota Steel C o .. American Stoel & W ire C o ., National

Transport C o ., Diam ond A lkali C o ., Otis Steel C o . and the Union CarDiao u o .
E a r n i n g s . — Com parative statement o f incom e for the four years since
operations began:
„
,
,,
1912(5mos.) 1913.
1914.
1915.
Gross earnings, all s o u rce s .. $198,847 $580,217
$776,996 $1,133,719
N®* avail for s . f . . d ivs., & c .
31,338
48,357
155,761
305,451
in 1913 there was created a depreciation reserve fund to provide fo r future
replacem ent o f all equipment wearing out or becom ing obsolete. In 1913
$50,000 was set asido out o f not earnings into this depreciation reserve. In
1914 there was set asido for the same purpose $46,000 and in 1915 $70,219.
lo o s e roserve charges wero m ado after charging into operating expenses
a liberal maintenance fo r keeping the plant in excellent physical condition.
h i n a n c i a l C o n d i t i o n . — A fter paym ent o f interest charges and prof, d ivi­
dends, all net earnings from organization to date have been used to pay for
additional construction and equipm ent, providing for the growing business
and for tho retirement o f outstanding bonds. O f the $650,000 o f bonds
originally issued, $98,000 havo been retired, leaving $552,000 outstanding.
Cash lias been deposited with tho trusteo for retiring 852,500 additional
[’ onds on July 1 1916. There has also been deposited with the trustee
$25,000 for futuro bond retirem ent, leaving only about $475,000 yet to be
provided. The bonds m ature $65,000 each Jan. 1 with the final series
maturing on Jan. 1 1925. I t is estimated that the entire issue will be re­
tired not later than July 1 1919. N o now bond issue can be authorized

~~

-

-

stock.

^

Seo Lim a Locom otive C orporation above.

Lindsay Light Co.—Common Dividend Increased.—

A (Luarteriy dividend o f 3 % has been declared on tho com m on stock,
payable M a y 31 to holders or record M a y 15. This com pares with 2 % in
10 reklll.ar quarterly l % % on tho pref. was also declared,
payablo at the same tim e. Seo V . 102, p . 613.

Lowell (Mass.) Electric Light Corp.— Earnings .—

, J * ar-

O nS-

DiPaiTlS

Surplus’
.

in c r e a s e

$268,368

Massachusetts Gas Cos.— Earns, for Mar. & 9 Mos.
3 1 .—
^ “9r; 631-

S S 5 S g K « &

:::.- * 'W

N ew England Coal & C o k e ...
N ewton & W atertown Gas L t .
East Boston G a s .....................
ORizcns’ C o. o f Q uincy............
Federal Coal & C ok e................
B oston T ow b oa t.........................

“ M

47,153
58,905
9,237
3,962
5,774
4,839
1,864
2,445
4,717
11,12 6
9,474
5,898

T o t a l ........................................ $296,094 $258,187
„
.
„
, , . .
I n c r e a s e i n G a s O u tp u t.
B oston Consolidated Gas C o . .
5.45% *5.39%
East B oston Gas
..................... 12.01%
*1.45%
Citizens C o. o f Q uincy............15.36%
8 .34%
I , r & S ^ - T i o 2 : v . - « i . 12-6 8 ^




2J9%

*

C o ., bankers;'Carl b T Bradiey"(C>en .* ATgrjr'itogor.sJ t y T M i c h ° f ^ n c ^
''a
inm ostono & Chem ical C o .; A . C . Burnett. Boston, attorney and m anufac­
turer; E . Lewis Burnham, P hila.; W illiam S. Gray, N . Y ., Pres. W illiam S.
y j z y & C o .; W . 8. Kinnear, N . Y ., Pres. U. 8. R ealty & Im pt. C o .; J. G .
W hite, N . Y ., Pres. J. G . W hite & C o ., In c.; P . T . W hite, Cleveland.
Vicu-Prosidont tho Cleveland Trust C o .— V . 102, p . 1165.

Montgomery Lt. & Water Pow. Co.— Rehearing Denied.

T he U. 8. Circuit C ourt o f Appeals at N ew Orleans has denied the
application for a rehearing in the suit brought b y this com pany, operated
by H enry L. D oherty & C o ., against tho M on tgom ery Light & T raction
C o ., charging a breach o f contract. T he defendants aro considering an
appeal to the U . S. Supreme C ourt. See V . 99, p. 1677.

Mount Vernon-Woodberry Mills, Inc.— Earnings .—

McCrory Stores Corporation.— Sales.—

1916—- A p r i l — 1915In crea se. I
1916— 4 M o s . — 1915.
$573,774
$435,125
$138,649 | $1,803,722
$1,535,354
V • 10«i p» lo'iOt lUui •

to Mar.

W hite

' «

?

186,649
71,056
53,353
30.203
55,278
43,876

‘ 'l i f e

13 9 354
4 2 ’673
55 796
33 355
78’, 48 1
35!702

$2,055,570 $1,951,264
*0.51%
6 .1 3 %
11.91%

*1.49%
2.69%
10.00%

6 -78S1

627^

T h e net incom e fo r the quarter ending M ar. 31 1916 was $238,264; and
after allowing $87,500 fo r charges, the b a l.is $ 1 5 0 ,764.— V . 1 0 1 ,p . 1890.

Nevada-California Power Co.— Bond Call.—

T h e International T rust C o ., Denver, C o lo ., having on deposit $23.­
587 62 for repurchase o f bonds dated A pr. 1 1907, at not m ore than 105
and in t., will received sealed bids until 12 m . M a y 15 to sell same. Bonds
accepted must be delivered on that date.— V . 101, p . 524.

New England Power Co.— Bonds Offered.— B ak er, A y ling & C o ., B oston, b y a d v . on another page, are offering, a t
981^ and in t., to net 5 .1 0 % , $ 1 ,5 0 0 ,0 0 0 1st M . sinking fund
5% gold bonds, dated July 1 19 11 , due Ju ly 1 1951. A
circular shows:
In t. J. & J. R ed. 105 and int. on any int. date. D enom . $1,000 c* .
Trustee, the N ew England Trust C o ., B oston, approved b y the Gas &
E lectric Light Commissioners o f M ass.
C a p ita liz a tio n —

A u th o r iz e d .

O u tsta n d in g .

a 1st M . skg. fd . 5 % gold bonds, duo 1951........... .$14,000,000 $6,000,000
b Pref. stk. 6 % cu m .(div . o f 6 % paid 1912 to date)
................
3,414,000
C om m on stock ..................................................................
.................
3.500,000
a Includes all bonds to be presently issued. See below,
to assets and dividends, the latter being payablo Q .-J.

b Preferred as

1122

IVol . 102.

THE CHRONICLE

T he Follow ing Inform ation Has Been P ron oun ced Correct.
Boston interests, including Baker, Ayling& Co., as bankers, and Cliace&
Harriman as managers, who have been behind the New England Power Co.
system from its inception, have finally perfected the corporate simplification
of its affairs. This merges the Connecticut Kiver Transmission Co. and
the New England Power Co., and places the consolidated company in a
strong position. The affiliated companies’ bonds and stocks are being
assumed. Kissel, Kinnicutt & C o., o f N. Y ., are offering $1,000,000 of
the bonds o f the merged company. Baker, Ayling & Co. are offering the
other $1,500,000 o f new bonds (see adv. on another page). The proceeds
o f the bonds, together with that from 10,000 common shares and 9,140 pref.
shares, will provido the company with new permanent financing amply
sufficient to take care o f all 1916 construction requirements.

The following data from a letter of Chace & Harriman,
managers of the property, Boston, April 10, is addressed to
Kissel, Kinnicutt & Co. and William P. Bonbright & C o .,
Inc., N . Y . , who are offering a separate block of $1,000,000
of the bonds:

There is to be presently Issued and sold approximately $2,500,000 of the
company’s 1st M . sinking fund 5% gold bonds. This amount will make the
outstanding bonded debt $6,000,000 and divides (1) $1,000,000 to be sold
to the bankers and (2) $1,500,000 to be offered to holders o f bonds of com­
panies to be acquired in exchange for their present holdings. '1 lie balance
not so exchanged will bo sold to other Interests affiliated with tho company.
The proceeds are to be used (a) to acquire transmission lines and sub­
stations in Mass., and to connect the various hydro-electric plants on the
Deerfield Kiver with many of tho large cities and towns of Central Mass.,
and (6) to acquire an additional hydro-electric plant on tho Deerfield River,
having an estimated annual output o f approximately 12,000,000 k.w. hours.
S e c u r it y . — A 1st M . upon tho power plants of the company and all of its
transmission lines in Mass. Tho properties mortgager! represent a valu­
ation of $12,914,000. The total bond issue outstanding shall not exceed
8 0 % of the cash cost of the property.
„
,
,
,
P r o p e r ty . — The company owns and operates four largo generating plants
on tho Deerfield River and will soon acquire a fifth plant now nearing com­
pletion. It also owns a storage reservoir on said Deerfield River of a ca­
pacity of approximately 2,600,000,000 cu. ft., and a transmission system
of 246.72 miles in length serving important cities and towns of Central
Mass, serving a total population of about 1,000,000. Tho 5 operating
stations now have an installed capacity in water wheels o f 44,000 h.p., and
our engineers contemplate a total development of over 100,000 h.p.
The Connecticut River Power Co., owning a generating station on tho
Connecticut River, with an installed capacity o f about 27,000 h.p., and
owning some 50 miles of transmission lines for tho distribution o f electricity
in Now Hampsliire and Vermont, has entoro 1 Into a 50-year contract with

outstanding pref. stock shall .be accumulated from earnings beforo any
dividends aro declared on the common stock and no dividend shall be paid
on the common stock which will reduce such accumulation below such amt.
(4 ) To authorize the company to purchase its own stock of elthor class
out of surplus or from funds available for dividends on tho common stock.
(5) To authorize the issuo of 17,000 sharos of prof, stock at par, together
with 30,000 shares of common stock, at $ 1 0 per share, and tho offer thereof
together but not separately to the stockholders of record at the close of
business on May 19 1916, on substantially tho following terms, namely:
Each stockholder of the company may subscribe pro rata for both tho pref.
anti common stock to be Issued. Thus each share of the prosont common
stock will carry a right to subscribe for .085 of a sharo of the pref. stock
together with .15 of a share of the common stock, at $ 1 0 0 per share for tho
prof, and $10 per share for the common stock. Transferable warrants for
theso subscription rights will bo Issued. Tho right to subscribe to stock
must bo exercised for both classes together and no subscription to elthor
class of stock separately can bo mado.
. . .
,
In case tho foregoing basis for tho offer is not adoptod by the meeting,
the mooting shall fix the amount of stock to 1)0 issued, tho date on which
rights to subscribe therefor shall accrue and the terms on which the same
shall be Issued and offered to tho stockholders.
„
It is proposed that the subscription rights shall terminate Juno 9 1916, on
which date subscriptions shall be payablo. After this date the company
shall be freo to sell all of tho issue of pref. and common stock not taken by
tho stockholders as the directors may determine. W. R. Grace & Co. and
tho American International Corp.. tho largost stockholders in tho company,
havo already agreed to take up their proportionate part of tho now stock
and have further agreed to underwrite on the same terms and without any
commission such portion of the entire amount as shall not bo subscribed for
b y s to c k h o ld e r s.
,
(6 ) T o authorize and approvo amendments to tho by-laws providing that

(a) Tho transfer books may be closed for a poriod net exceeding 30 days
immediately preceding tho dates appointed for any mooting of tho stockhold­
ers or for the payment of dividends, but unloss tho directors shall order tho
books so closed tlioy shall remain open to record transfers, provided, howovor, that dividends shall be payable to stockholders of record of such date
as the directors may determine, not more than 30 days preceding tho date
sot for the payment of such dividends; and (b ) the annual meeting of the
stockholders shall bo held in New York on the last Tuesday of June 1916;
and thereafter, on the first Tuesday in March of oach yoar.

Referring to the above notice, the directors submit the folowing information:
•
The company will have a floating debt of $2,400,000 in addition to cur­
rent liabilities when final paymont shall have been made on account of pur­
chase of the threo now steamers, the SS. Venezuela and hor sister ships,
Columbia and Ecuador (V. 102. p. 890). In addition to theso now stoamers
the company has in service its Panama fleet of soven stoamors, namely, tho
Aztoc (of 7,800 tons displacement), City of Para (5,200), Newport (4,800),
Pennsylvania (6,300), Peru 15,900), San Joso (3,900), San Juan (3,900).

tricity
_
_
_
______ ___ ____ _^
_p
E s t im a t e d B a la n c e S h eet.
tion in M ass! ""The"transmission Tines o f the New England company also
A s s e t s — (T o ta l $5,880,311)—
L ia b ilit ie s — (T o ta l $5,880,311)—
connect with the Rhode Island Power Transmission Co., which company Stoamors, other floating
Capital stock----------------- $1,000,000
sells electricity to Providence, Pawtucket, Woonsocket and the entire
equip., prop. & invost__$4,769,872 Purch. notes for now ships 2,400,000
Industrial section of Northern Rhode Island.
221,470 Curiont liabilities_
286,360
C a sh ____________ ______
The company owns a steam station having a capacity of 7,500 k.w., and Other current assets
336,295 Matured int. & divs. un­
has contracts with existing steam stations which will furnish 30,000 k.w. Rents paid in adv., &c_ ___ 165,199
_
paid, &c--------------- - 25,810
additional capacity.
.......................
„
. . .
218,275Opon voyage revonue, &c.
244,482
Insurance, claims, &c___
S in k in a F u n d .— Tho company will pay to the trustee 1 % on all outstand­
Prepaid insurance, &c___
169,201J Profit and loss--— - 1,923,660
ing bonds for the years beginning July 1 1916, 1917, 1918, 1919, and for
E a r n in g s A E x p e n s e s P a c ific A l a i l S S . C o . ( P a n a m a L i n e O n ly ).
each year thereafter 1 % % , to bo used in the purchase o f bonds at not
T w elve A ton th s E n d e d —
F e b . 29 10. f c b . 28 15. F e b . 28 14.
over 105 and interest.
.
.
.
,
Total oarnings (all sources)...................$1 .064,935 $1 .MO.oM $1.945,124
F r a n c h is e s a n d R ig h t s .— The company is an electric company as under­ Total expenses______________________ 1,293,446
1,579,239 1,662,333
stood by tho Mass, law and has an Indeterminate right to do business which
is practically perpetual, subject to regulation by the State Commission.
P rofit.....................
$371,489
$271,265
$282,791
E a r n i n g s .— Tho earnings for all tho companies now consolidated and as­
Per cont expenses to gross earnings___
77.09%
85.34%
85.46%
suming tho power contract with the Connecticut River Power Co. in offect
Tho not revenue for tho first ten months of tho current fiscal year ending
were as follows:
Fob. 29 1916 was $319,832. against $139,906 for tho same poriod in 1915.
12 m os. e n d . D e c .31 T5. A l a r .31 T6 an incroaso of $179,926. The approximate not rovenuo for March 1916
12 m o s. e n d . D e c .31 T5. A/ar31T6.
Gross earns..$1,272,655 $1,408,711 Balance avail­
able, bd.int. $614,827
$701,230 iS The directors are of the opinion that this floating debt (with the excep­
Op. exp. & tax. 647,022
696,702
tion of approximately $ 1 0 0 ,0 0 0 , which it is anticipated will lie paid out of
Int.on$6,000,000 1st 5 s ..
300,000
300,000 surplus earnings) should bo retired and financed more permanently by the
Net earns.. $625,633 $712,009
issuo of stock, and accordingly has recommended that the shareholders
S.P. roMass.Co.5s 10,806
10,778
authorize tho increases referrod to.— V. 1 0 2 , p. 890, 1441.
Net earnings over double interest charges.
. . .
„
E a r n in g s o f N e w E n g la n d P o w er S y st e m . — Tho earnings o f the Now Eng­
Pacific Power & Light Co.— Merger Plans.—
land Power System (of which the Now England Power Co. is an important
Negotiations aro under way by this company for tho purchaso of the
part) were as follows:
Seasido Light & Power C o.’s property in Clatsop County. Tho transfer
12 m o s. e n d in g M a r . 31 1916.
12 m o s. e n d in g M a r . 31 1916.
Gross earnings
$1,628,605 Bond interest--------------------- $447,113 involves the cliango of ownership of tho Seaside C o.’s public utilities In
Net after taxes'.'.'.:____ l,061,365iNet balance after bond int. 614,252 Seasido, Ore., and surroundig territory.
The Pacific Co. owns and operates tho lighting and power systems in
On Mar. 12 connection was made for tho first timo to tho city of Provi­
dence This and other connections mado since N ov. 1 1915 add 50% to Astoria, Warrenton, Flavol and nearby districts in Ore.— V. 100, p. D58.
the population of tho territory directly or through allied companies served
Pennsylvania Salt Mfg. Co.— Notes Called.—
Ono hundred 3 -year 5% coupon notes of 1915, aggregating $500,000,
^ M a t k e t ^ f o ^ P o i c e r .— This company and its allied companies furnishes
electricity to numerous manufacturing and public utility companies in have been called for redemption at par and interest on June 1, at company s
Mass Conn., R. I., Vt. and N. H ., including tho important Industrial offices, Widener Bldg., Philadelphia.— V. 101, P- 1812, 1627.
centres o f Worcester, Fitchburg, North Adams, Mass., and Providence
Pennsylvania Steel Co.— Transfer— Restraint of Sale.—
and Pawtucket, R. I.
, ,
The stockholders on May 4 authorized the sale of tho concern to the
The following gives the output in k.w. hours o f tho New England sys­
Bethlehem Steel Corporation for $32,000,000. Out of 312,000 shares of
tem for the years 1910 to 1915 Inclusive:
stock outstanding only 474 voted against the salo. More than 272,000
Year
k .w .h .\ Y e a r .
k .w .h .\ Y e a r .
k .u i.h .
shares wero represented at tho meeting
1910' ______34,000,000 1913............. 98,000,000 19 15...........
1911............. 50,000.00011914............. 120,000,00011916 (est.>.205,000,000
19The power’ contracts cover a very wide variety o f industries and assures
a steady and continuous load and an Increasing income. For further
data see V. 98, p. 1997; V. 99, p. 1914: V. 102, p. 1160.

New Long Distance Telephone Co.— M erger .—
See Indianapolis Telephone^Co. above.— V . 102, p. 613.
New Telephone Co.— M erger .—
See Indianapolis Telephone Co. above.— V . 102, p. 613.
Ohio Cities Gas Co.— Earnings.— Stock— Directors.—■
A l a r . 31 Y e a r — 1915-16. 1914-16.
M a r . 31 Y e a r 1915-16.
1914-15.
Gross earns..$3,209,698 $2,645,740 Interest charges..$123,786 $101,910
Net after tax 1,266.422 t 982,868 Dividends p a id .. 762,665 630,124
Balance, surplus. 379,971 250,8.14
After adding the acquired surplus o f the Boone Royalty Co., $3,610 and
credit adjustments, $139,014. and deducting $359,856 charged for'capital
adjustments, the profit and loss surplus April 1 1916 was $1,60.1,693. in
the income account no earnings from tho Dayton Gas Co. recently acquired
are included with the exception of $12,376 received in dividends on preferred
stock holdings.
,
,
.
.
The stockholders on May 4 authorized a proposal to decrease the par value
of both common and pref. stocks from $100 to $25. Tho new stock will be
exchanged for the old stock at the ratio o f four new shares for each one
share now held.
,
„
.
. . . . . .
It. II. Cox of N. Y . and R. E. Danielson o f Chicago were elected to the
board o f directors.— V. 102, p- 1631, 1544.
Ohio State Telephone Co .— Control.—
See Indianapolis Telephone Co. abovo.— V. 101, p. 850.
Pacific Mail SS. Co.— Stock Increase— Balance Sheet.—
The stockholders will votoon M a y 1G 1916 on tho following:
See also “ Roports and Documents” on subsequent pages.
(1) T o Increase the capital stock from $1,000,000 to $4,000,000.
(2) T o divide tho capital stock o f the company into pref. and common
stock, tho pref. stock to consist of 20,000 shares of tho par valuo of $100
each, and the common stock to ccmsist o f 400,000 shares par $5 oach.
uiviuenus Ol I ~/c l,ul annum, vujauiu

..j , y, .....------------- ---

110 and divs.; (c) To havo no rights to subscribe to new common stock
but rights to subscribe to new prof, stock; (d) Preferred in liquidation or
dissolution at 110 and divs.; (e) T o have no interest in extra cash or stock
divs.; (?) No additional prof, stock to be Issued unless common stock equal
In aggregate par valuo is Issued at tho sanro time, provided that If additional
common stoclc shall have been theretofore issued then pref. stock may be
issued to an amount equal in par value to the par value of tho common stock
thon outstanding, (g) An amount equal to three years dividends on the




company would profit more than $ 1 ,0 0 0 ,0 0 0 personally if the transfer were
permitted. He held that tho net income of tho subsidiaries is figured at
$700,000 a month for tho first four months of this year, and assorted that
among tho assets proposod to bo transferred to tho Bothlohom company
was a profit account of $7,000,000 casti from which no djvidonds had been
paid. Seealso "R eports” abovo.— V. 102-, p. 1351,110.).
Pioneer (Sugar) Mill Co., Ltd., Hawaii.— Extra D iv.—
An extra dividend of 40 conts a sharo (2 %) was paid on tho $4,000,000
stock (par $20). along with tlio regular monthly 40 conts on April 30 last.
— V. 99, p. 1601.
#
#

Premier Motor Corporation,

Indianapolis,

Ind.—

& Co., Chicago, recently offerod
at par, with a bonus of 25% in common stock, $300,000 7 %
cumulative preferred stock. Authorized and outstanding,
$1,000,000. A circular shows:
Stock Offered.— F.

M . Zoiler

Par $100, full paid and non-assossable. Redeemable all or part on 60
days’ notice at 1 1 0 % and dividend.
Data from Letter of Pres. J. C. Flowers, Indianapolis, Mar. 27 1916.
O r g a n i z Z m . — Organized in Del. in Jan. 1916 to manufacture automobi os
and trucks. This corporation took over all of tho assets, &c., of tho 1 render
Motor M fg. Co. and tho Mals M otor Truck C o., both of Indianapolis, Ind.
Also purchased a modern anil woll-equippoil factory building and 40 acres
of land, which contains over 250,000 sq. ft. of floor space, located In In­
dianapolis, with a prosont capacity of 1 5 .0 0 0 cars annually.
.
The Premier automobilo has boon on the market for 14 years and has been
one of tho leaders In the development of the industry, lh o Mals motor
truck was first sold in 1909 and was the original Internal goar drive.truck
to be built in tho U. S. By consolidating tho business ol theso corporations
It is found that great savings in cost of production and largo increases In tho
number of machines can be mado.
rnnittilizntian

Authorized.

Issued.

p S S i s S 7 % cumulative (par $100)...............Sl.000.000 S I .000.000
Common stock (par $100)......................................... 1,500,000
1,310,000
Assets— The net assots of tho company upon completion of tho present
financing will be $1,872,476, or about 1 % times tho preferred stock out­
standing. Thoro Is no bondod or mortgage Indebtedness.
Preferred Stock Provisions.— Preferred as to dividends; In tlio event of
dissolution, It Is entitled, prior to tho common, to repayment In cash to the
eXtSinki°ngP u n T — On Ju lyT 1919. anil also each y ear thereafter, tho cor
F

poration shall sot aslilo from tho surplus and not profits remaining afto

may

6 1916.1

THE CHRONICLE

accumulated divdonds, if any, have been provided for, and before any
common dividends can bo paid, a special surplus fund of $50,000 per year
to retire prof, stock outstanding; also tho corporation shall set aside on the
same dates any amount by which 1 0 % of tho not earnings for tho fiscal year
then last ended shall exceed $50,000, to be used for rotiring additional
preferred stock.
,
„ ,
No common dividend shall bo paid after July 1 1919 unless tho special
surplus fund shall have boen credited with at least $ 1 0 0 ,0 0 0 , and no divi­
dends shall be declared in excess of at-the rate o f 6 % unless the fund shall
have beon credited with $250,000
'
Tho preferred shall have voting powor only in tho ovont of a default of
dividends for ono year. No mortgage can be placed upon tho property
and no loans can bo made maturing later than 2 years from date thereof,
except with tho consent of at least 2-3 o f preferred stock then outstanding.
V o lin a T r u s t .— All of the common stock oxcopt directors' shares is sub­
ject to a voting trust agreement dated Feb. 1 1916, to be held until Jan. 1
1926. This agreement, however, may bo terminated by a majority vote
of tho voting trust certificates on Jan. 1 1921. Voting trust certificates
aro issued representing share for sharo the common stock.
B u s in e s s .— Tho company’s schedule calls for over 3,000 cars during 1916.
Based upon this production, tho not earnings for 1916 aro estimated in
excess of $300,000. As preferred dividend roquiromonts amount to only
$70,000 per year, it will De seen that this should bo earned over 4 times,
and that there should bo a substantial surplus on the common. We ex­
pect to build over 10,000 cars during 1917, and based on such production
the company should oarn over $ 1 ,0 0 0 ,0 0 0 net.
O fficers a n d D ire c to rs .— J . C. Flowers, Pros.; E. W . Stoinhart and Frank
E. Snith. V.-Presidents; C. F. Jensen, Soc.; H. L. Thompson, Treas.;
Gcorgo Woodruff, Pros. First Nat. Bank, Joliet, 111.; T. R. Gerlach, V.-Pres.
and Gen. Mgr. Gorlach-Barklow Co., Joliet, 111.; F. W . Woodruff, V.-Pros.
Woodruff Trust Co., and First Nat. Bank, o f Joliet, 111.

1733

9.66,000 outstanding. The Mohawk Gas Co. (controlled by the Schenec­
tady company) has boen authorized to issue $870,000 o f its $1,500,000
authorized capital stock for the refunding of notes and other indebtedness
of the two companies, making outstanding $1,400,000. Both issues must
be sold at not less than par.
In tho case of the Schenectady Co. the Commission has approved a plan
of tho company for amortizing at $50,000 annually one-half of the sum of
$1,462,113 now carried as a balance in one of tho company’s capital ac­
counts. Of the proceeds of tho present issue o f stock, $270,000 will be ap­
plied to tho payment of tho balance of notes standing since 1912, $295,000
will be paid for the discharge of accounts and interest, and $320,000 will be
paid into the treasury of tho company. $507,000 of the Mohawk Gas
C o .’s proceeds of tho stock sale will be used for the payment of notes and
accounts and $362,000 to reimburse the treasury.— V. 98, p. 614.

Sears, Roebuck & Co.— Sales.—
1916-----A p r i l -----1915.
In c r e a s e . \ 1916-----4 M o s . — 1915.
In c r e a s e .
$11,742,805 $9,243,091 $2,499,804 $45,442,015 $36,950,980 $8,491,035
— V. 102. p. 1351. 890.
Semet Solvay Co.— Extra Dividend .—
This company, recently reincorporated, has declared a quarterly dividend
of $2 and an extra of $3 on the stock, both payable M ay 12 to holders of
record April 27.— V. 102, p. 716.

_ _ _ _ _ _

Seneca Power Corporation.— Status.—
The New York P. S. Commission has made an order providing for the
financing of the $2,000,000 hydro-electric development at Seneca Falls
through tho Seneca Power Corporation, the Central New York Gas & Elec­
tric Co. and tho Empire Coke Co., mado possible by the settlement in the
Court of Claims of the water power rights o f a large number of mill owners
in Seneca Falls, who pooled their interests and are now turning the new de­
Price Bros. & Co., Ltd.— Earnings .—
velopment made necessary by the barge canal over to the Seneca Power
P e r io d
P r o fit s
Bond
I n t . on B a n k S in k in g
B a la n c e ,
Corporation. 20.000,000 k. w. a year will be mado eventually available.
E n d in g —
fo r Y e a r .
In teres t. L o a n s , & c . F u n d .
S u r p lu s .
Tho corporation will increase its stock from $5,000 to $1,250,000. This
15 mos. to Feb.29’ 1 6 .$ l.032.185 $362,803 $119,172 $166,671 $393,539
latter amount it is now authorized to sell at not loss than par, the proceeds
12m os.toN ov.30T4.
692,830 290,231 98,819
70,000 233,780
to bo paid to a committee of the Seneca Falls powor owners, for all the avail­
Total surplus Feb. 29 1916 was $1,103,570.— V. 100, p. 554.
able rights from the water not necessary for the operation of the bargo canal,
Santa Barbara Gas & Electric Co .-—Bonds Offered .— and $53,000 of tho proceeds, plus $185,000 of the proceeds of an issuo of
$450,000 6 % bonds also authorized for tho corporation, will be paid to the
E . II. Rollins & Sons, New York, San Francisco, & c., are Seneca Falls Woolen Co. and the Ivory Button Co. for their sharo In these
offering at prices (int. to be added) ranging from par to water power rights.
Tho balance
96.61, according to maturities, $1,000,000 1st M : 5 % Serial must bo sold at of the proceeds of tho issue of Seneca Power bonds, which
not less than 94 to net in all $423,000, will bo used towards
and Sinking Fund gold bonds. A circular shows:
paying $290,000 for tho erection of the company’s plant and for the large
To bo dated July 1 1916. Duo $10,000 annually, July 1 1920 to 1940, expenses of the litigation in the Court of Claims and other organization
internal rovenue taxes.
and $790,000 July 1 1941. Callable on any int. dato at 103 and int. expensos, including mortgago andElectric Co. has also boen authorized to
The Central New York Gas &
Int. J. & J. at Los Angeles Trust & Savings Bank, trustee, or at tho officos
operate tho Seneca Power plant. The Central New
o f E. II. Rollins & Sons in San Francisco or N. Y. Denom. $100 and $500 in lease and acquire $150,000 o f the Seneca Power stock, which it isYork Com­
authorized
1941 maturity and $1,000 in all maturities (c*). Tho company has Indi­ pany will
to pass on
Coke Co., both transfers at par. The Empire
cated its intention to pay tho coupons without deduction for the normal Coke Co. isto the Empire issue $150,000 o f its 6 % collateral trust bonds at
authorized to
Federal income tax.
93, netting $139,500, to go towards the purchaso of this stock. The
Central New York company guarantees tho principal and interest of the
A m o u n ts , M a t u r it ie s a n d P r ic e s o f B o n d s to B e P re sen tly Is s u e d .
Seneca Power bonds and tho Empire Coke Co. in turn guarantees the pay­
A m t . M a t u r it y . * P r ic e . A m t . M a t u r it y . * P r ic e .\ A m t . M a t u r it y . * P r i c e .
$10,000 1920...100.00 $10,000 1927___ 97.93 [$10,000 1934------97.11 ment o f the Central New York’s rental to the Seneca Power Corporation.
.
97.02
1935
___________97.79
10 ,0 0 0
10,000 1921 ...1 0 0 .0 0 10,000 1928
Sinclair Oil Refining Co.— Directors and Officers .—
10 ,0 0 0
96.93
1936
___________97.67
10.000 1 9 2 2 ... 98.98 10,000 1929
___________97.541
1 0 ,0 0 0
1937
96.84 The following directors were elected April 28: II. F. Sinclair, Albert
10.000 1 9 2 3 ... 08.81 10.000 1930
___________97.431
10 ,0 0 0
1938
96.76 Strauss, G. AV. Davidson, Theodore Roosevelt Jr., all of New York City;
10.000 1 9 2 4 ... 98.70 10,000 1931
___________97.32
10 ,0 0 0
1939
96.68
10.000 1 9 2 5 ... 98.58 10,000 1932
___________97.21
10 ,0 0 0
1940
96.61
10.000 1 9 2 6 ... 98.46 10,000 1933
$790,000 duo July 1 1941. Prico 96.00 and interest.
an,I , l reas; W . H. Ison, 2d V.-Pres., and E. W. Sinclair, Secretary.
(
* Interost to be added.
bonds,
Data from Letter of V ice-President W. A. B rackenridgc. Santa of ihq Central Trust Co. of N. Y . has been appointed trustee of the will be
which $20,000,000 aro to be issued. One million shares of stock
Barbara, Cal., April 20.
issued with no par value.— V. 102, p. 1631.
O r g a n iz a tio n . — Organized in 1909 to supply gas and electricity to the
county of Santa Barbara, including tho city of Santa Barbara and tho ad­
Southern California Edison Co.— Sub. Co. Bonds .—
jacent towns of Montecito and Miramar. The population served is now
See Santa Barbara Gas & Electric Co. above.—V . 102, p. 614, 527.
estimated at about 25,000. Tho Southern California Edison Co. owns
92% of tho stock o f tho company.
Standard Oil Co. of New York.— Earnings, & c .—
C a p it a liz a tio n , A c . — Tho directors have decided to authorize a new issue
,
,
1915.
1914.
1913.
o f 1st M . Serial and Sinking Fund gold bonds sufficient to supply funds _
for future improvements and extensions .and to call for payment on July 1 Previous surplus............................. ..$16,701,591 $14,965,672 $59,652,687
1916, at 105 and int., tho present issuo o f 1st M . 6 s. When tho proposed Total earnings after expenses, de­
preciation and reserve.................... 15,761,663
7,735,919 16,212,985
financing is completed, tho capitalization will be as follows:
C a p it a liz a tio n —
A u th o r iz e d .
O u tsta n d'g.
Total - - - - - - ................................... $32,463,254 $22,701,591 $75,865,672
Preferred 6 % cumulative (par $100)--------------- —
$500,000
$400,000 Stock dividend-------------------------------------- — _(400% )60,000,000
-, - - — ,—
500,000
400,900
Common_______________________
First Mortgage Serial & Sinking Fund gold bonds.. 3,500,000 *1,000,000 Cash dividend.................................. x(8)6,000,000x(8)6uo0,000 y(6)900,000
* Tho $1,000,000 bonds to bo presently issued will boar 5% interest.
Total surplus Dec. 31...................... $26,463,254 $16,701,591 S14,965,672
Tho $2,500,000 escrow bonds, int. not to exceed 6 % , may only bo issued
x On $75,000,000 stock, y On $15,000,000 stock.
after being approved by tho Cal. HR. Commission up to not more than
B a la n c e S h eet D e c . 31.
80% of tho actual and reasonable cash cost of tho company of permanent
extensions and additions mado on and after July 1 1916, provided, liowover,
1915.
1914.
1915.
1914.
Assets —
that no bonds may bo issued unless the net earnings after taxes, &c., for
$
8
Liabilities—
S
$
the preceding 1 2 months shall have been at least twice the annual interost Real est., mach.
Capital stock___ 75,000,000 75,000,000
on all bonds outstanding and those proposed to bo issued.
and vessels___ 45,811,269 44,406,018 Accounts payable 113,246,000/ 8,968,189
Theso 1st M . Serial and Sinking Fund gold bonds will bq, secured by Inv’ory of mdse..41,513,292 44,460,404 Taxes accrued__ /
1
26,894
first mortgage on all proporty and franchises which the company now owns Accounts recelv-1
f 9,619,853 Res’ve for insur’ce
or may hereafter acquire.
Cash.................. [29,916,550( 1,294,959
& bad debts_ 2,575,079 1,327,869
N. Y. City bonds J
l 2,140,879 Surplus...............26,463,254 16.701,591
E a r n in g s f o r Y e a r s e n d in g M a r c h 31—
1915.
1916. Unexp. ins.,. & c..
43,221
102,430
Gross earnings.................................................................... $295,241 $340,633
Net, after taxes.......
.......................................... $133,185 $163,011
Total............. 117,284,333 102024,543
Total..............117,284,333 102024,643
Interest on $1,000,000 1st Mtgo. 5 s............................... .......... ..
50,000

— V. 101, p. 218.

Balance, applicable to depreciation, dividends, &c................... $113,011
Not earnings for year ending March 31 1916 were over 3 ! 4 times tho
annual interest on tho $1,000,000 bonds to bo presently issued. Ap­
proximately 60% of the gross earnings Is obtained from the sale of oloctricity and about 40% from gas. Tho growth o f this company Is clearly
shown by tho following comparative statements:
Y r s . e n d . D e c . 31 1910.
1911.
1912.
1913.
1914.
1915.
Gross earnings..$183,812 $216,272 $237,529 $255,306 $282,098 $327,905
Net e a rn in g !... $63 008 $84,709 $77,893 $108,744 $118,663 $158,074
Bond in terest... $25,000 $30,576 $39,263 $39,686 $41,981
$47,799
No. o f customers:
Electric...........
3,125
3,392
3,725
4,086
4,663
5,276
Gas............... ..
2,485
2,651
3,030
3.190
3,354
3,739
1910.
1915.
Gas sales (cubic foot).............................................. 51,949,800 116,502,800
Electric sales (kilowatt hours)___________ ______ 2,500,606
3,455,602
S i n k i n g a n d Im p ro ve m e n t F u n d s . — $10,000 o f tho bonds are to mature
annually July 1 1920 to July 1 194Q, incl., a total of $210,000, and the re­
maining $3,290,000 bonds on July 1 1941. An improvement fund, be­
ginning July 1 1917, will require the company to deposit with tho trustee
cash equal to 1 % of.tlio par value of bonds outstanding, which may boused
by the company to retire outstanding bonds or to remburso it for expendi­
tures for pemanent extensions and additions, which expenditures may not
bo used as tho basis against which bonds may bo issued. In addition is
provided an annual sinking fund, beginning July 1 1917, amounting to 1%
o f tho par value o f tho bonds outstanding, issued in excess of tho first
$1,000,000 o f bonds. This fund is to purchaso or call by lot at 103 and
int. bonds maturing in 1941.
. . .
Tho margin between tho amount o f tho bonded debt and the value of the
physical property will bo annually increased by the sinking fund and serial
payments of tho bonds and by tho action or tho improvement fund.
P ro p e r ty .— Owns in fee land in Santa Barbara on which tho gas plant and
tho olectric generating plant are located. Tho gas plant has a manufac­
turing capacity of 1,000,000 cu. ft. daily Tho distributing systom consists
o f holders with a storage capacity o f 410,000 cu. ft. and 6 8 miles of mains
serving 3,739 customers.
.
. ._.
..
,
.
Tho generating capacity o f the electric generating plant is 2,826 h. p.,
of which 1,333 h. p. Is a steam turbine unit installed In 1914. Tho trans­
mission and distributing system consists of 115 miles of lines covering the
entiro city and adjoining territory. Power is furnished to tho local street
railway company and current for lighting and power to 5,276 consumers.
F r a n c h is e s .— The franchises in the city of Santa Barbara are perpetual;
the county franchises extend to 1950. See V. 92* p. 1570

Schenectady (N. Y.) Illuminating Co. —

N e w S lo c k .—

This company has been authorized by the Now York P. S. Commission
to issuo $886,000 o f its $3,000,000 authorized common stock, making $2,-




Sulzberger & Sons Co.—-Arrangements .—

A r r a n g e m e n t s for the refinancing a n d c h a n g e of control of the c o m p a n y
are understood to h a v e b e e n completed. Interim certificates for $15,000,­
0 0 0 of n o w 1st A I .b o n d s h a v e beon delivered to the syndicate represented
b y the G u a r a n t y Trust C o. of Y .f Hallgarten & Co., W i lliam S a l o m o n &
N.
Co., of N. Y . , n d tho IllinoisT r ust & Savings B a n k a n d tho Continental &
a
C o m m e r c i a l Trust & Savings B a n k , of Chicago. F r o m the proceeds of the
b o n d s provision has been m a d e for the retirement of tho c o m p a n y s d e b e n ­
’
tures, aggregating $8,099,000, w h i c h m a t u r e J u n e 1, a n d tho balance will
bo used for w o r k i n g capital a n d to reduce the c o m p a n y ’ bills payable.
s
Simultaneously with the delivery of the bonds, the ownership of a substan­
tial majority of the stock w a s taken over b y a syndicate h e a d e d b y T h o m a s
E . President o recently retired as
the Wilson, w hof the Sulzberger Co . President of tho M o r r i s Co., to b e c o m e
T h o entire c o m m o n stock of the c o m p a n y Is subject to a voting trust, of
w h i c h tho voting trustees are A . B a r t o n H o p b u r n , C h a i r m a n of tho C h a s e
National B a n k ; Charles II. Sabin, Pres, oftho G u a r a n t y Trust C o . ofN . Y . ;
H a r r y Bronner, of Hallgarten & Co.; Elisha Wa l k e r , of Wi l l i a m S a l o m o n &
Co., a n d tho n o w President, T h o m a s E . Wilson.
T h e directors h a v e inaugurated proceedings for changing the c o m p a n y ' s
n a m e , which, It is said, will contain the n a m e Wilson.
T h e administrative headquarters of the c o m p a n y aro being transferred
f r o m N e w Y o r k to Chicago.
Sulzberger h a v e retired f r o m the b o ard of directors a n d f r o m
all official connection with the c o m p a n y . See V . 102, p. 1167, 1255.
Swan & Finch Co.— Stock Increa e .—

T h e stockholders o n M a y 1 authorized the increase in capital stock f r o m
$500,000 to $1,000,000. Holders of record M a y 15 will be offered the right
to subscribe at par, pro rata, u p to A u g . 1. See V. 102, p. 1442.
Swift & Co .— Litigation .—

This c o m p a n y o n M a y 3 at C h i c a g o w a f o u n d guilty of violation of the
Inter-State C o m m e r c e L a w . T h e firm is liable to a m a x i m u m fine of
$525,000. T h e G o v e r n m e n t charged that the firm shipped less t h a n car­
load lots to points in M i c h , at carload rates. It isunderstood m o t i o n for a
n e w trial w a s h e ard o n M a y 5th.— V. 102, p. 614, 717.
Thomas Aeroplane Co.—

T his c o m p a n y , n o w being organized, will take over the entire business
a n d property of the T h o m a s Bros. A ero p l a n e C o . a n d tho T h o m a s Aerom o t o r C o . A public offering of stock will shortly b e m a d e . T h e n e w
C o m p a n y itis stated will h a v e facilities for building 20 0 compl e t e aero­
planes a n din4 theengines every year, a n d will b e m a n a g e d b y m e n widely ex­
perienced 0 0 industry.
For other Investment News see page 1726.

1724

THE CHRONICLE
R e p o rts
ALLIS-CHALMERS

and

[Vol . 102

^ o tn m m ts,

MANUFACTURING

COMPANY

T H IR D A N N U A L R E P O R T — FO R T H E F IS C A L Y E A R E N D E D D E C E M B E R 31 1115.
M ilwaukee, IFis., A p ril 6 191G.
To the Stockholders and Holders of Voting Trust Certificates of
Allis-Chalmers Manufacturing Company:

The Board of Directors submits herewith the Profit and
Loss Account of Allis-Chalmers Manufacturing Company
for the fiscal year ending December 31 1915 and Balance
Sheet as of December 31 1915.
P R O F IT A N D LOSS A C C O U N T .
FOR THE FISCAL YEAR EN DIN G DECEM BER 31 1915.
Sales Billed..................................................................................§11,666,412 73
Cost, including Depreciation and Development Expenditures 9,582,264 06
Factory Profit_________________________________________ S2.084.148 67
Selling, Publicity, Administrative and General E x p e n s e s .__ 1,353,053 98
Net Manufacturing Profit______________________________
$731,094 69
Other Income—
Interest, Discounts, Royalties, Commissions, E tc_______
347,257 52
Net Profit for tho Y ear______________________________ S I.078,352 21

A L L IS -C H A L M E R S

M A N U F A C T U R IN G

COM PANY.

BALANCE SHEET DECEM BER 31 1915.
ASSETS.

P ro p e r ty A c c o u n t —
Real Estate, Buildings, Plant, Machinery,
Tools and Furniture and Fixtures (less
Depreciation)___________________________ $9,817,899 55
Real Estate, Buildings, Plant,
Machinery, Tools and Furni­
ture and Fixtures of Tho Bul­
lock Electric M fg. Company
(less Depreciation)_________ $1,449,175 03
D e d u c t — First Mortgage 6 %
Gold Bonds o f that Company
936,000 00— 513,175 03
Real Estato and Property not required for
Operation, as valued by tho Company___
690,642 65
Patents, Patterns, Drawings, Franchises,
Development and Good-W ill____________ 19,615,804 58
T r e a s u r y S e c u r itie s (At Cost)—
Allis-Chalmers Manufacturing Co.:
Voting Trust Certificates—
Representing 6,505 Shares Preferred and
2,292 l Shares Common Stock former­
A
ly held In escrow under option agree­
ment for sale and acquired by the Com­
pany upon surrender of option on
September 30 1915.................................
The Bullock Electric (Manufacturing Co:
First Mortgage 6 % Gold Bonds—
$919,400 00 par valuo o f tho $936,000 00
authorized issue o f these bonds pur­
chased by Allis-Chalmers M fg. C o_
_

30,637,521 81

406,135 50

873,411 00

1,279,546 50

C u rr e n t A ssets —

Inventories of Work in Process, Manufactured
Stock, Raw Materials and Supplies, also
Consigned Stocks (less advance payments
on contracts inprocess)___________________
Notes and Accounts Receivable (less Reserve)
Sundry Marketable and other Securities at
c o s t .___________________________________
Cash__________ .'.....................................

$4,902,277 35
3,919,965 69
3,580,104 60
1,123,095 40

13,525,443 04

D e fe r re d C h a rg e s —
Prepaid Insurance and other Expenses.

72.259 33
$45,514,770 68

L IA B IL IT IE S .

C a p it a l Stock Is s u e d —
Preferred Stock____________________________ $16,500,000 00
Common Stock____________________________ 20,000,000 00
--------------------- $42,500,000
C u rr e n t L ia b ilit ie s —
Accounts I’ ayablo__________________________
$429,537 15
Reserve for Erection and Completion o f Con­
tracts Billed_______________
313,318 59
Pay-Roll Accrued__________________________
199,484 89
Taxes Accrued_____________________________
129,457 75
Preferred Stock Dividend No. 1, payable
January 15 1916...............................
475,485 00
--------------------- 1,547,283
R eserves —•
For Possiblo Losses on Contracts assumed on
purchase of Allis-Chalmers Co. properties.
$5,409 88
For Liquidation Account and Los'sos on R e­
ceivables assumed Anril 16 1913__________
69,447 49
For Liability under Employees’ Compensa­
tion A c t ._______________
59,706 39
--------------------134,563
P r o fit a n d L o s s A c c o u n t —
Balanco at January 1 1915_________________
$730,056 33
A d d — Net Profit for tho year ending De­
cember 31 1915............................................... 1,078,352 21
D ed u ct — Preferred Stock Dividend as shown

a b o v e _______________________________ . . .

00

38

•
76

$1,808,408 54
475,485 00
---------------------

1,332,923 54
$45,514,770 68

The contraction in business which oxisted at tho closo of
1914 continued until the early summer of 1915. A t that
time a marked improvomont took place and continued in­
creasingly until tho closo of 1915. The improvement affected
all lines of tho Com pany’s business and enabled it to run the
plants to greater advantage, as is shown by the following
table of results by quarters:
Net
Net
Net
Net

results
results
results
results

for
for
for
for

first quarter_______________________
second quarter_______________________
third quarter_______________________
fourth quarter_______________________

$8,914 99 deficit
194,813 14 profit
333,008 46 profit
559,445 60 profit

Total.................................................................................$1,078,352 21 profit

In accordance with tho policy of tho Company, liberal
chargos for reserves, maintenance and depreciation are in­
cluded in operating expenses. Tho total amount for general
depreciation of tho proporty during tho year was §364,830 61,




and §528,127 64 was expended for maintenance, repairs and
upkeep of plants and equipment which are now in better
condition than ever before for economical production.
To keep up and enlarge the present lines of manufacture
and to provide for now lines, tho amount of §231,452 10 was
expended for standard development and charged to cost of
manufacture.
During the year tho Company purchased §25,700 of tho
bonds of tho Bullock Electric Manufacturing Company,
giving it §919,400 out of a total issue of §936,000.
Tho investment in marketable securities on December 31st
1915 was §3,311,524 60. The market value of these securi­
ties at that time was more than §25,000 in excess of tho cost
prico at which they are carried on tho books of the Company.
Tho Board of Directors adopted and put into effect a pro­
vision for additional compensation to the members of the
Executive Committee of tho Company, constituting Class A ,
and to the officers, heads of departments, members of tho
operating and co mercial departments of tho Company,
constituting Class B . Tho additional compensation was
limited to an amount equal to 7 % of tho aggregate dividend
payment on tho preferred stock, and 1 0 % of tho aggregate
dividend payment on tho common stock, and is payable as
payments of dividends upon the preferred and common stock
aro made. Of the additional compensation so provided, tho
members composing Class A aro to receive 3 0 % thereof, and
the persons composing Class B ai-e to receive 7 0 % thorcof.
A t tho December meeting of the Board of Directors an
initial'dividend of 3 % on the Preferred Stock of tire Company
was declared, payable January 15th 1916. Of this dividend
l l % was for tho fourth quarter of 1915 and l l % to apply
A
A
on tho accumulated dividends on tho Preferred Stock which,
after payment of above dividend, amounted to 13 % .
On Docembor 31 1914 tho unfilled orders amounted to
§2,503,936 59 and on Docembor 31 1915 to §11,040,683 12.
The unfilled orders on hand March 31 1916 were §12,063,000.
Of this amount over 8 0 % , or approximately 810,000,000,
consisted of orders for machinery and manufactures of tho
regular and standard lines of business of tl is Company.
Tho Annual Meeting of tho Allis-Chalmers Manufacturing
Company will bo hold at its principal office in Wilmington,
Delawaro, on M a y 4th 191(5.
Tho books and accounts of the Com pare have been audited
by Messrs. Price, Waterhouse & Company, Chartered Ac­
countants, and then- certificate is appended.
It is with great pleasure that I ox press my appreciation
of tho hearty co-operation of tho Board of Directors, Officers
and all Employees of the company throughout tho year.
This co-operation has meant considerable sacrifice at times,
and without it the results could not havo been achieved.
B y order of the Board of Directors,
O TTO H . F A L K , President.
Cablo Address “ Prlcewater,” Milwaukee
P R IC E , WATERHOUSE & CO.
First National Bank Building.
Milwaukee.
New York, Chicago, Philadelphia, Boston, St. LouL, Pittsburgh, M il­
waukee, Detroit, Sail Francisco, Los Angeles, Seattle,
Montreal, Toronto, Winnipeg, Vancouver.
London, Mexico, D. F., Buonos Aires, Rio do Janeiro, Valparaiso.
JMarch 31 1916.
To the Directors o f the Allis-Chalmers Manufacturing Company:

Wo havo audited the books and accounts of tho AllisChalmers Manufacturing Company for the year ending D e­
cember 31 1915 and cortify that tho Balance Shoot as at that
date and tho rclativo Profit and Loss Account are correctly
prepared therefrom.
W e have satisfied oursolves that during tho year only
oxpondituros for actual additions and extensions to tho proportios havo boon charged to Property Account and that suf­
ficient provision has been made for depreciation and accruing
renewals. All expenditures incurred on experimental and
dovelopmont work have beon charged off as Operating E x­
ponses and tho item of deferred charges represents expendi­
tures reasonably and properly carried forward.
Tho stocks of raw and worked materials, supplies and fin­
ished products on hand, as shown by book inventories (which
have been certified by the responsible officials to bo correct
and to contain no obsolete or unsaleable stock oxcopt at
appropriate values), have been properly valued at or below
cost prices, and wo havo satisfied ourselves that adequate
provision has been made for bad and doubtful notes and ac­
counts receivable and for all ascertained liabilities.
W o havo verified tho cash and securities by actual inspec­
tion or by certificates from the depositaries or other satis­
factory evidence of ownership, and
W o certify that, in our opinion, tho Balance Sheot is drawn
up so as to show tho true financial position of tho Company
at December 31 1915, and that tho rolative Profit and Loss
Account is a fair and correct statement of the results of tho
operations for tho year ending on that date.
PR ICE , WATERHOUSE & CO.

THE CHRONICLE

JVU 6 1916.]
y
PACIFIC

MAIL

STEAMSHIP

NOTICE OP SPECIAL M EETIN G OP THE STOCKHOLDERS
OP THE PACIFIC M AIL STEAMSHIP COM PAN Y
M A Y 16 1916.

A special meeting of the Stockholders of the Pacific Mail
Steamship Company will bo held on the Sixteenth day of
M a y 1910 at the office of the corporation, N o . 120 Broad­
way (37th Floor), in the City of Now York, at eleven o’clock
A . M ., for the following purposes:
1. To increase tho Capital Stock of the corporation from
One Million Dollars (SI,00 0,000) to Four Million Dollars
($4,000,000).
2. To divide the Capital Stock of the Company into
Preferred and Common Stock, tho Preferred Stock to consist
of 20,000 shares of the par value of One Hundred Dollars
($100) each, and the Common Stock to consist of 400,000
shares of tho par value of Five Dollars ($5) each.
3. To establish tho preferences and restrictions of the
Preferred Stock, which it is proposed shall bo substantially
as follows:
(A) Entitled to cumulative dividends of 7 % per annum,
payable quarterly.
(B) Callable as a whole at 110 and accrued dividends.
(C) To have no rights to subscribe to new common stock
but rights to subscribe to new preferred stock.
(D) Preferred in liquidation or dissolution at 110 and
accrued dividends.
(E) To have no interest in extra cash or stock dividends.
(F) N o additional preferred stock to bo issued unless
common stock equal in aggregate par valuo is issued
at the same time, provided that if additional common
stock shall have been theretofore issued then pre­
ferred stock may bo issued to an amount equal in par
valuo to tho par value of tho common stock then out­
standing.
(G) An amount equal to three years’ dividends on the
outstanding preferred stock shall be accumulated
from earnings before any dividends are declared on
tho common stock and no dividend shall bo paid on
tho common stock which will reduce such accumula­
tion below such amount.

1125

COMPANY

nual meeting of the stockholders on the last Wednesday in
M a y , and substituting in place thereof the following:
“ The annual meeting of the stockholders of this Corpora­
tion shall be held in the office of the Corporation in the City
of New York, at 11 o ’clock A . M ., on tho last Tuesday of
June, 1916; and thereafter, on the first Tuesday in March of
each year, for the election of Directors and the transaction of
such other business as may properly come before such meet­
ing.”
7.
To take any other or such other action as may prop­
erly be brought before the meeting.
B y order of the Board of Directors,
A M E S H IG G IN S ,
Secretary.

In order to conform with the present By-Laws of the Com ­
pany, the Transfer Books will be closed from the close of
business on Thursday, M a y 11, 1916, until the opening of
business on Wednesday, M a y 17, 1916.
It will not be necessary to close the books to determine the
stockholders to whom subscription rights accrue, but the
list of stockholders entitled to such rights will be determined
as of the close of business on M a y 19, 1916, unless some other
date is fixed by the stockholders.
If you are unable to bo present at the meeting, please sign
and return tho enclosed proxy, which will, unless it is other­
wise directed,bo voted in favor of the action above outlined.
120 Broadway,
N ew York, A p ril 2 Gth 1916.
To the Stockholders of The Pacific M a il Steamship Company:
Referring to tho accompanying notice calling a special
meeting of tho Stockholders of your Company, to be held on
M a y 16th 1916, for the purpose of authorizing an increase in
the capital stock of your Company and tho immediate issuo
of 17,000 shares of 7 % preferred stock, of the par value of
S100 00 each, and 30,000 shares of common stock, of the
par value of $5 00 each, your Directors submit the following
information:
Your Company will have a floating debt of S2,400,000 in
addition to current liabilities when final payment shall have
been made on account of purchase of the three new steamers,
tho S. S. “ Venezuela” and her sister ships, “ Colombia” and
“ Ecuador.”
The three steamers were built for the Royal Dutch W est
India Mail Line for operation to tho Caribbean Sea and com­
pleted in Holland in 1915.
They are of identical construc­
tion and equipment, displacement 10,000 tons, speed 14
knots, length 396 feet, breadth of beam moulded 48 feet
6 inches, number of water-tight bulkheads 6. They are
well equipped for first-class passonger service in temperate
and tropical climates, have accommodations for 111 first
class passengers, and will be operated for the present from
San Francisco to Japan, China and the Philippines.
In addition to these new steamers, your Company has in
sorvico its Panama fleot of soven steamers, namely:

To establish such other preferences or restrictions for tho
preferred stock as may be decided upon at said meeting
oither as alternative for or in addition to tho foregoing pro­
visions, or any of thorn.
4. To authorize tho Company to purchase its own stock
of cither class out of surplus or from funds available for
dividends on tho common stock.
5. To authorize tho issue of 17,000 shares of Preferred
Stock at par together with 30,000 shares of Common Stock,
at Ten Dollars ($10) per share and tho offer thereof together
but not separately to the stockholders of record at tho close
of business on M a y 19 1910, on substantially tho following
terms, namely: Each stockholder of tho Company may
subscribe pro rata for both tho Preferred and Common Stock
to bo issued. Thus, each sharo of tho present common
stock will carry a right to subscribe for eighty-five-thous­
AZTEC ______________________________ 7,800 tons displacement
andths (.085) of a share of tho Preferred Stock together with
C IT Y OP P A R A ............................
5,200“ “
fifteen-hundredths (.15) of a sharo of the Common Stock,
NEW PORT .................................................4,800 “
“
PE N N SY L V A N IA ______ ______________ 6,300 “
“
at Ono Hundred Dollars ($100) per sharo for tho Preferred
PERU ...................................................
5,900“
“
Stock and Ten Dollars ($10) per share for the Common
SAN JO SE .......................................
3,900“ “
SAN J U A N ___________________________ 3,900 “
“
Stock. Transferable warrants for these Subscription Rights
will bo issued. The right to subscribe to stock must be
The following estimated balance sheet will show the ap­
exorcised for both classes togethor and no subscription to proximate condition of tho Company:
oither class of stock separately can bo mado.
ASSETS.
In caso tho foregoing basis for the offer of shares to tho
Steamers, other floating equipment, property and investmcntsSl .769,871 52
stockholders is not adopted by the mooting, the meeting Cash................................................ ................................................ 221,469 65
336,295 59
shall fix tho amount of stock to bo issued, the date on which Other current assets_______________________________________
Rents paid in advance, &c_________________________________
165,198 97
rights to subscribe therefor shall accrue and tho terms on Insurance claims, &c______________________________________
218,275 01
169,200 74
which tho same shall bo issued and offered to tho stock­ Insurance paid in advance, open voyage axpense, &c________
holders.
$5,880,311 48
It is proposed that the subscription rights shall terminate
LIA ILITIE
B
S.
Juno 9 1910 on which dato subscriptions shall be payablo. Capital stock______________________________
SI,000,CO 00
O
After this dato tho Company shall be free to sell all of tho Purchase notes for new steamers___________
. 2 , 10 0 ,0 0 0 00
.
286,35956
issuo of Preferred and Common Stock not taken by tho Current liabilities____________________ _____
Matured interest and dividends unpaid, & c ..
.
25,81000
stockholders as tho Directors may doterinino. W . It. draco Open voyage revenue, &c__________________
.
244,48237
1,923,659 55
& C o. and tho American International Corporation, the Profit and ioss_____________________________
largest stockholders in tho Company, have already agreed
85,880.311 48
to take up their proportionate part of tho now stock and
have further agreed to underwrite on the same terms and CONDENSED COM PARATIVE STATEM ENT OP EARNINGS AND
EXPENSES PACIFIC M AIL STEAMSHIP C O M P A N Y without any commission such portion of the ontiro amount
PANAM A LINE ONLY.
as shall not be subscribed for by stockholders.
• F o r T w elve M o n th s e n d ed F e b ru a ry --------- ■
—
1916.
1915.
1914.
0.
To authorize and approve amendments to the By-Laws
Total Earnings—All Sources.SI,664,935 31 SI,850,503 83 SI,945,123 74
of tho Company as follows:
Total Expenses____________ 1,293,446 38 1,579,238 94
1,662,332 76
B y striking out tho seventh section of Articlo 1 of tho pres­
P rofit................................... $371,488 95
S271.264 89
$282,790 98
ent By-Laws and substituting in place thereof tho following:
“ Section 7. Tho transfer books may bo closed for a period Per Cent Expenses to Gross
85.46%
E arnings________________
77.69%
85.34%
not excooding thirty (30) days immediately preceding tho
dates appointed for any mooting of tho stockholders or for
The not revenue for tho first ten months of the current
the payment of dividends, but unless tho Directors shall or- fiscal year ending February 29th 1916 shows an increase
dor the books so closed thoy shall remain open to record ovor tho net revenue of the same period last year, of 81 79,­
transfers provided, however, that dividends shall bo payablo 926 08; tho not revenue for the first ten months of tho cur­
to stockholders of record of such dato as tho Directors may rent fiscal year being $319,832 41, as compared with $139,­
determine, not moro than thirty (30) days precoding tho dato 906 33 of tho previous year. The approximate net revenue
sot for tho payment of such dividends.”
for March 1916 is $100,000. N o revenue from the new
By striking out tho first paragraph of Soction 1 of Articlo 1 steamers is included in any of the figures or statements
of tho presont By-Law s, providing for tho holding of tho an­ shown.




1726

THE CHRONICLE

Your officers believe that the gross and net revenues from
the Panama Line during the ensuing twelve months will
exceed the revenues of the past year, and that the net
revenue from the three new steamers should exceed the
total net revenue received from the balance of the fleet
during the fiscal year ending April 30th 1916.
Your Board of Directors is of the opinion that this float­
ing debt (with the exception of approximately $400,000,
which it is anticipated will be paid out of surplus earnings)
should be retired and financed more permanently b y the
issue of stock, and, accordingly has recommended that you
authorize the increases refeiTed to in the notice to the
Stockholders.
This new stock, if authorized, will be offered on the terms
referred to in the notice herewith enclosed pro rata to the
Stockholders for subscription at $100 per share for preferred
stock, and $10 per share for common stock. Subscription
rights shall be exercised for both classes of stock together
and not separately for either class.
A further notice containing full infonnation with refer­
ence to the subscription and payment for the new stock
will be mailed to each Stockholder, should the increase of
the capital stock be authorized by the meeting called by
the enclosed notice.
If you approve this proceeding and are unable to be present
at the meeting, I am instructed to ask you to forward your
proxy in the accompanying envelope.
By Order of the Board of Directors,
G E O R G E J. B A L D W I N ,
President.

Tri-State Tel. & Tel. Co., Minneapolis & St. Paul.—
C a le n d a r
Y ea r—

T o ta l
In c o m e .

1915.........S I,741,100
1914 ......... 1,648,966
— V. 1 0 1 , p. 2 1 1 .

O p e ra tio n ,
M a in t ., A c .

5931,313
901,908

In t e r e s t,
T axes, A c .

5151,655
156,431

P r e f. & C o m .
D iv id e n d s .

5373,397
367,963

B a la n c e ,
S u r p lu s .

5284,704
222,664

Union Oil Co. of California.— Bonds Called.—
Tho Equitable Trust C o., N. Y ., having on deposit 5674,000 for re­
purchase o f 1st Lien 5% 20-year bonds, dated Jan. 2 1911, will receivo
until 12 noon M ay 16, sealed proposals to sell same.— V. 102, p. 1544, 1065.
United Cigar Stores.— N ew Stores.—
This company is planning, in connection with its expansion program,
to open 150 new storos this yoar. The additions to the chain of stores will
bring tho total number owned to over 1,000.— V. 102, p. 1352, 1344.
United Fuel Gas Co.— Purchase.—
This company, controlled by tho Columbia Gas & Electric C o., has pur­
chased for 5230,000 tho holdings o f the Davenport Oil & Gas Co. in Union
District Clay County, W. Va. Tho acquired property has a daily produc­
tion of 100 bbls.— V. 100, p. 2173, 2090.
Utah Copper

C o — Earnings .— For 3 mos.end M ar. 31

1916.
1915.
1916.
1915.
Bing. & Garf.
Gross produc­
5209,053
R y ____ net 5325,000
tion___ lbs.36,564,533 26,415,995
Net p ro fits...56,186,414 51,691,728 Total not prof. 7,079,830 2,167,416
Rents, &c___
68,166
16,510 Divs. p a id -.. 4,061,225 1,218,368
Nevada Cons.
_______
______
___
_
Net surplus.53,018,605 5949,048
dividends. .
500,250
250,125
Tho above earnings are computed upon the basis of 26.13lc. for copper in
1916 and 14.93c. in 1915.— V. 102, p. 1442, 981.

Worthington Pump & Machinery Corp.— Securities .—
See International Steam Rump Co. above.— V. 102, p. 1635.
CURRENT NOTICE.

The

[Vol . 102

c n m n c r c u il

T i n n 's .

COMMERCIAL EPITOME
Friday N ight, M a y 5 1916.
Trade continues remarkably active in vory many lines of
business, although it is true that buying of steel is less active
at the present prices. Wages have been advanced in various
industries. In the anthracite coal trade they have been
fixed for the next four years. The enormous pressure on the
productive capacity of the country keeps the supply of skilled
labor down to a minimum. Largo sales of sugar have been
made to Europe. Copper is active. The weather has been
more favorable in the Southwest for the winter wheat crop.
On the other hand, the weather over much of the country
has been too cold and wet, and this fact has caused some
advance in cotton. The seeding of spring wheat is late and
there may be some decrease in the acreage. Winter killing
will undoubtedly cause a considerable decrease in the winter
wheat crop. The labor situation is more or less unfavorable.
Heavy rains in some parts of the country have interfered
with retail trade. Scarcity of raw materials here and there
is a drawback. So is the continued railroad congestion at
terminal points, not excepting N ew York. It remains to be
seen how the new Mexican program will turn out. Finally
there is the dispute with Germany, which has had a notice­
ably disturbing effect on the big Exchanges. Aside from
international politics, however, the business situation in the
United States is regarded as in the main satisfactory , always
with the proviso that a tendency towards undue inflation
shall be properly curbed.
STOCKS OF M ERCH ANDISE AT NEW YO R K .
M a y 1 ’ 16. A p r . 1 ’ 16. M
Coffo, Brazil...................................... bags -1,384,515
284,374
Coffee, Java______________________ mats. 40,956
45,080
Coffeo, other______________________ bags. 695,944
517,584
4,127
Sugar'..................................... ..hogsheads.
18,147
N o.
32,330
51,560
H id e s ..........................
Cotton ...............................................bales. 245,978
282,701
Manila hemp___ •________________ bales.
_
1,900
960
F lo u r __________________________ barrels. 46,100
60,600

a \y 1 T5.
y l j

256,514
61,700
422,984
89,438
220,665
186,376
310
58,200

L A R D active and again higher; prime Western 13.60c.
nominal; refined to the Continent 14.25c.; South America
14.50c.; Brazil 15.50c. Futures advanced early in the week,
and then reacted on larger receipts of hogs, and lower prices
at Chicago stock yards. To-day prices declined, but rallied
a little on buying by packers. *
DAILY CLOSING PRICES OF LAUD FUTURES IN CHICAGO.
S a t.

M on.

T u es.

W ed .

T h u rs.

M ay delivery.........cts.12.75t* 13.10
12.95
12.92J* 13.071*
July delivery............... 12.771* 13.121* 12.90
12.90
13.021*
13.171* 12.971* 13.00
13.10
September delivery___ 12.90

F r i.

13.02
13.00
13.07

P O R K in moderate demand; mess 126; clear $23 @ $ 2 6 .
Beef, mess, $17 5 0 @ $ 1 8 ; extra India mess, $ 2 9 @ $ 3 0 . Cut
meats in good demand; pickled hams, 10 to 20 lbs., 1 6 @
17J4< ;
l
pickled bellies, 1 5 @ 1 6 H o . Butter, creamery,
3 0 @ 3 4 c . Cheese, State, 15© 19J^c. Eggs, fresh, 1 7 @ 2 4 c .
C O FFE E quiet; N o . 7 Rio, 9 % c .; N o . 4 Santos, 1 0 H @
1 0 % c .; fair to good Cucuta, l l % @ 1 2 H c - . Futures de­
clined and then became firmer, though trading was light,
sugar futures monopolizing attention at times. Y et the
Santos coffee market has advanced. On the other hand,
however, not only speculation, but spot trade, has been slug­
gish, and the crop movement at Rio and Santos thus far is
14,000,000 bags, against 11,912,000 bags during the same
time last season, and 12,884,000 two years ago. To-day
prices closed 6 to 10 points lower, with sales of 16,750 bags.
Closing quotations were as follows:

— In order to meet the requirements o f a constantly growing business, the
firm of A. E. Butler & C o., o f Chicago, announces the extension o f its
present quarters, taking over the additional space just north o f their old
offices, so that the firm will now occupy the entire quarter o f a block on the
ground floor, extending from 108 to 116 South La Salle St., with a frontage
on La Salle Street o f about 100 feet. Three street-entrances will give access
to the offices— one at 108— one at 112, and one at 116 South La Salle St. M ay___ cts.8.20@8.22 Sept____ cts.8.38@8.40 January. cts.8.55@8.57
February ...8 .6 1 @8.63
Years ago, when, with M r. John Burnham, the old firm o f Burnham, Butler J u n o ............. 8.25@8.27 October_____8.42@8.44 M arch.......... 8.68@8.70
J u l y . ...........8.30@8.31 November . . 8.46@8.47
& Co. was organized, the requirements for specialization were unnecessary. A ugu st.........8.34@8-36 December— 8.49@8.50 A pril............ 8.72@8.74
Now, however, with Chicago rapidly becoming the great investment dis­
S U G A R in strong demand and again higher; centrifugal,
tributing center, the business has required the division o f operations into
departments, with each individual department specializing in its own 96-degrees tost, 6 .3 9 @ 6 .5 2 c .; molasses, 89-degrees test,
particular lino o f industry. T o properly take care o f the financial require­ 5 .6 2 @ 5 .7 5 c .; granulated 7 .5 0 @ 7 .7 5 c . Futures havo< ad­
ments o f those companies that have the greatest future possibilities, and to vanced amid great activity. The transactions on a single
segregate this particular branch of its business, a now organization has day amounted to 33,650 tons. W all Street and leading
been formed by tho firm to finance industrial companies whoso require­ trade operators were large buyers. W all Street bought
ments range from 550,000 to 5300,000. Such a department has been December and local operators July and September. The
maintained in its organization for many years past, and during the past three firmness of raw sugar, with liberal buying by rofinors, stimu­
years has been under tho leadership o f Ralph D . Small. This particular
department will hereafter be known as “ Butler, Small & C o .,’ ’ Industrial lated futures. Tho British Commission has bought in Cuba,
Financing, with the direct management under Mr. Small, as heretofore; the it is estimated, 100,000 tons. Receipts at Atlantic ports
new firm to occupy the same quarters and retain the financial backing for tho week, however, were up to 90,416 tons against
65,349 in the previous weok and 77,471 in 1915; meltings
o f A. E. Butler & Co.
— The attention o f financial institutions and Investors is called to the 69,000 tons against 72,000 in the previous week and 58,000
offering o f M ay investments by Messrs. Redmond & C o., 33 Pine St., in 1915; stocks 135,170 tons against 113,754 in the previous
New York, on the advertising page facing our Clearing-House returns. week. Stocks in Cuba 930,085 tons against 904,128 in the
The list includes high-grade municipal, railroad and public utility bonds previous week and 623,105 in 1915; centrals grinding 147
yielding from 3.82% to 5.50% , many o f which are legal investments for against 162 in the previous week and 172 in 1915. To-day
savings banks in New York, Connecticut and Massachusetts.
prices closed 1 to 6 points higher, with sales of 13,650 tons.
— On request Estabrook & C o., 24 Broad St., this city, will send to
Prices were as follows:
investors a copy o f the recently enacted New York State law which grants
January. cts_4.77@4.79
M
the privilege of exempting securities from State and municipal taxes for Juay____cts.5.55@5.58 Sept____cts-5.71@5.72 February
4.57 @ 4.59
n e_______ 5.62@5.64 October_____ 5.66@5.67
a period o f five years by payment o f a special tax. This law will remain July.............. 5.65<§5.67 November . . 5.45@5.47 M arch..........4.58@4.01
5.16 @ 5. l7 A pril............4.59@4.62
in effect for only a limited period and the booklet should be o f particular A ugust_____5.6 8 ® 5.70 Decomber
interest and importance to bondholders within New York State.
O IL S.— Linseed in fair demand; city, raw, American
— Colgate, Parker & C o., 2 Wall St., and Hallgarten & C o., 5 Nassau seed, 7 6 @ 8 0 c .;
city, boiled, American seed, 7 7 @ 8 1 o .;
St. of this city are jointly advertising In this issue $4,500,000 Union Pacific Calcutta, 90c.
Lard, prime, 1 .0 3 @ 1 .0 5 o . Cocoanut, Co­
Railroad Co. first lien and refunding mortgage 4% bonds, due June 1 chin, 1 7 @ 1 8 c .; Ceylon, 10J^@ 17c.
Corn 9 % c . Palm ,
2008. The bankers state that these bonds are a legal investment for
Cod, domestic, 6 2 @ 6 3 c . Cottonseed,
savings banks in New York, Massachusetts and Connecticut. Having Lagos, 1 5 @ 1 6 c .
winter, 11.5 0 @ 1 2 c .; summer white, 11.5 0 @ 1 2 c . Spirits of
sold the greater portion, the balance is offered to yield about 4.44%.
Strained rosin, common to good, $4 25.
"Industrial Opportunities in Sandusky, Ohio,” Is the title o f a pamphlet turpentine, 4 3 H e.
P E T R O L E U M active and firm; refined in barrels, $8 95
Just issued by W. S. Barstow & C o., Inc., 50 Pine Street, N . Y . The
pamphlet contains information concerning Sandusky which is considered @ $ 9 95; bulk, $5 2 5 ® $ 6 25; cases, $11 2 5 @ $ 1 2 25. Naph­
of value to Investors seeking locations for new industries.
tha, 73 to 76 degrees, in 100-gallon cases and over, 41 H e.




may

6 1916.]

THE CHRONICLE

17 27

Gasoline, gas machine, steel, 37c.; 73 to 76 degrees, steel
In order that comparison may be made' with other years,
and wood, 32@35c.; 68 to 70 degrees, 29@32c.
we give below the totals at leading ports for six seasons:
TOBACCO has been quiet but prices are steady or even
firm, with a big consumption of cigars and supplies of the R e c e i p t s a t —
1916.
1914.
1915.
1913.
1912. | 1911.
better grades of binder and filler none too plentiful. It is G a lv e sto n ___
20,624
20,026
13,762
30,170
19,661
17,110
significant that Sumatra tobacco is being received from Texas CIty,&c
278
3,422
5,777
1,097
590
99
Orleans.
24,752
23,02.5
13,133
8,714
26,972
16,963
Holland with a certain eagerness, as it is needed regardless of N ew ile _____
M ob
1,519
914
3,637
1,671
4,110
1.109
the dearness of prices for that description. For Havana leaf S a v a n n a h ___
10,856
9,707
11,693
13,733
12,298
9,831
7,000
650
5,000
7,000
there isafair demand at firm prices. Closing quotations foil Brunswick___
Charleston,&c
Pennsylvania dark $2 60
isy
_
C abell....... .................2 12
M ercer black_____ 2 10
N ew Castle______ 2 10
Corning ..............
2 10
W ooster............... . 1 90

N orth Lim a_______SI 73 Illinois, above 30
South Lim a________ 1 73
degrees________ $1 80
In d ia n a _______________158
Kansas and Okla­
Princeton______________180 hom a _________ 1 55
Somerset, 32 d e g .. 1 9 5 C addo L a, light___1 5 5
R ag lan d __________ 90c.

W ilm in g to n ..
N o r fo lk _____
N ’port N .,& c.
A ll others____

7,637
8,873
10,180
596
5,268

3,115
7,513
11.373
3,692
6.100

685
679
3,477
2,998
7,052

T otal this wk.

97,583

102,560

77,063

2,119
1,032
4,530 .

615
1,071
5,062

590
1,611
2.979

” 2*275

* 2*902

" 2 ,455

59,793

56,517

60,325

COPPER in brisk demand and firm. Lake here on the Since A ug. 1.
6,306,446 9,797,415 10049937 9,340,340' 11499701'8,326,302
spot 29H@30c.; electrolytic 29J^@30c.; for future delivery
The exports for the week ending this evening reach a total
28 ^ @ 2 9 c. London has been advancing. There are
rumors of very large purchases of copper in this country by of 120,805 bales, of which 70,272 were to Great Britain,
France, possibly to the extent of 200,000,000 lbs., the 18,963 to France and 31,570 to other destinations. Exports
for the week and since Aug. 1 1915 are as follows:
tons, against 18,782 tons April 1st. Straits shipments
during April were 4,685 tons. American consumption thus
far this year is 7,215 tons larger than during the same time
last year. Spelter dull and lower on the spot at 17J^c.
but the tone is now considered steadier, it being claimed
that liquidation by small holders is about over. Lead
firmer and unchanged on the spot at 7 ^ c . It is claimed
that China and Japan are trying to buy here. London
advanced but later became easier. Pig iron in good demand
and firm. No. 2 Philadelphia $20 50@$21; No. 2 Southern
$15@$16, Birmingham. The Ford Motor Co. has just
bought 45,000 tons of No. 1 pig iron for shipment in the
first half of 1917 from Detroit and Buffalo. Steel has been
in good demand, though strikes accompanied by riots at
Pittsburgh, have cut down consumption somewhat. Still
the mills aro hard pressed to keep up with their orders,
though it is true that new buying is on a smaller scale.
Orders are not so frequently given regardless of prices.
Options on renewals on contracts for munition contracts
in some cases have not been exercised. Foreign bids aro
under mill prices. Yet further advances took place of $2
in barb wire; $4 for plain and galvanized wire; and it is
pointed out that wire quoted at $2 45 is only $1 a ton under
the price of nails, whereas in normal times it is $3. Mills,
it is said, have orders for 1,600,000 tons of rails and 400,000
tons of steel plates and shapes for 1917.

C OT TO N
F r id a y N i g h t , M a y 5 1916.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
97,583 bales, against 99,812 bales last week and 113,603
bales the previous week, making the total receipts since
Aug. 1 1915 6,306,446 bales, against 9,797,415 bales for the
same period of 1914-15, showing a decrease since Aug. 1 1915
of 3,490,969 bales.
.
S a t.

Galveston ...........
Texas C ity _____
P ort A rthur____
Aransas Pass, &c
N ew Orleans____
G u lfp o r t_______
M ob ile__________
P en sa cola ______
Jacksonville, & c.
Savannah .
B ru n sw ick _____
Charleston . .
G eorg etow n ____
W ilm in g to n ____
N o rfo lk _________
N ’port N ows, &c
N ew Y o r k ______
B oston________
B altim ore_____
Philadelphia____

2,612

M on.

3,252

T u es.

6,993

W ed .

1.477

T h u rs.

F r i.

3,772

2,518
—

““ ““
4*044

*278
5,280

Total.

20,624
....

W
eek ending M 5 1916.
ay
E
xported —
to
E
xports
from
—

From Aug. 1915 to M
1
a
E
xported —
to

G
reat
G
reat
1
ther.
O
B
ritain. France. ther. Total. Britain. France. O

G alveston..
Texas C ity.
Port Arthur
Ar. Pass,&c.
NewOrleans ,
M o b ile ____
P en sacola..
Savannah..
Brunswick .
Charleston.
W ilm ington
N orfolk____
N ’ portNews
New Y o rk .
B o s to n ____
B altim ore..
Philadel’a . .
P ortl'd, Me.
San Fran’co
S e a ttle____
T a com a _
_
Los Angeles
Pem bina_
_
T otal . . .

13,682
4,599
____
9,122
____
____
10,905
11,1/8
____
2,700
_
5,843
6,903
5,340
____
____
____
____
____
____
—

11.63S 25,320
____ 11,390
6",791
____
____
____
____
8,436
17,558
____
____
____
____
____
____
____ 10,905
____
____ 11,178
____
____
____
____
____
. _
____
____
2,700
_ __
.
3,736 9,423 19,002 !
____
600
7,503
____
____
5,340
____
____
____ j
_ _
____
____
____
4,160 4,160
____
5,749 5,749
____
____
____
____
____
—
—
—

855,286 \
179,523
43,142
!
45*0,4831
37,545
39,710
165,778
72,535
54,055
2*2,041
742
76,706
59,523
96,116
11,560,
3,296
______
______
______
______
-- -------

70,272 18,963 31,570 120,805 2,168,041

152,747
79,540

|
*13*,873I
,
186,089ij
I
7.000i
65,556ij
10,806
1
*6*3,236
5,389
i
117,584
26 109
............
______
...........
______
______
______
...........

1916.

|

Total.

411,948 1,419,981
18,102 277,165
______
43,142
*9*722
23,595
259,216 895,788
______ 1 37,545
1,338]
48,048
150,780 382,114
83,341
*2*0*325!
74,380
67,912; 131,148
27,430
----------1
742
320,215 514,505
7,925!
67,448
soo! 122 725
3,155;
14,715
______
3,296
140,386! 140,386
168,005 168,005
93,079
93,079
450
450
5,759
5,759

72/.929 1,678,817! 4,574,787
|

Total ’ 14-15 125.5321 12,441 85,192223,1653.367.437 564,317 3,487,2117,418,965
Total ’ 13-14 39,417 7,928 1 50,405 ' 97,750:3,195,3651,026,311 |4,069,613!8,291.289
N o t e .— New York exports since Aug. 1 include 2,076 bales Peruvian and 309
West Indian to Liverpool and 1,010 bales Peruvian to Genoa.

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
O n S h ip b o a r d , N o t C lea red f o r —

M ay

5

a t—

G rea t
B r ita in . F ra n ce.

N ew O rlea n s.. 11,601
G al v e s t o n ____ 17,919
S a v a n n a h ____ ______
C h a rle sto n _________
M o b ile ____
. 14,588
N o r fo lk ______ ______
New Y o rk ____
1,000
O ther p orts. . .
1,500
Total 1 9 1 6 ..
T otal 1 9 1 5 ..
T otal 1 9 1 4 ..

46,608
09,571
27,504

G er­
m any.

9.933

27,815
28,411

100
1,000
1,300 ............
12,233
34,848
10.549

O th er
C o n t't.

[
j

C o a s tw is e

125 49,474
7,892 54,222
2.100
2,100
2,600
964

1,500

1 L e a v in g
T o ta l.

17.288
1,964
3,800
1,500

S to c k .

245,724
200,509
132,411
71,022
10,420
86.771
231,947
89,345

100 57,726 ' 13,681 130,348 1,068,149
100 34,476 32,485 171,480 1,062,579
69,143 27,461 1 23.112 157.769! 477.211

Speculation in cotton for future delivery has been more
active and for a time prices advanced sharply, owing to cold,
1~ 51Q wet weather at the South, vague peace rumors from Europe,
’ *43
” 28
1*076
*116
*171
” 85
l .u l o
and heavy buying by spot interests and Liverpool houses.
3
*523
*520
934
1,654 10,856 To-day, however, came a decline when the German note was
1*726
1*932
1*627
2,983
6,000
1,000
7,000 received, wnich it was feared would be regarded as unsatis­
*914
*656
1~,584
3,944
*261
278
7.637
factory by the United States Government and cause a rupture
l",232
1*628
751
*833
1,144
3*285
8*873 of diplomatic relations between the United States and Ger­
3,591
2,598
1,245
1,209
SOO
737 10,180
Such an ovent, it is feared, mignt lead eventually to
____
596
596 many.
200
” 30
'* 1 4
244 war. War or any thing threatening war is usually regarded as
"4 1
*514
*301
1.435
208
413
2,912 a depressing factor in the cotton trade of this country, and
1,176
413
1,589
to-day there was an early break of some 12 to 15 points,
T otals this w ook. 17,724 13,909 23,893 10,741 12,964 18,352 97.583 with heavy selling by Wall Street, the South and the West.
Liverpool was a seller of October. Some of the Southern
the week’s total receipts, the total spot houses sold May and July. Local traders also sold.
since Aug. 1 1915 and the stocks to-night, compared with During the rest of the week, however, for one cause or an­
last year:
other, as already intimated, the tone was strong. Heavy
rains fell in Texas and temperatures were plainly below the
1915-16.
1914-15.
S to ck .
normal for this time of the year. Some of them were under
R e c e i p t s to
T h is
S in c e A u g
40, while the maximum temperatures were often in the 60s
T h is
M a y 5.
S in c e A u g
W eek.
1 1915.
W eek
1 1914.
1916.
1915.
and 70s. In fact the temperature throughout the belt have
Large
G alveston_______ 20.624 2,197,446 30,170 3,798,356 254,731 314,518 been considered too low for this time of the year.
____
Texas C ity
293,805
1,248 494,769
59,337 spot interests, though they sold more or less October and Jan­
1,279
53.793
P ort A rthur.
228
48,727
uary, have been good buyers of May and July. Liverpool,
83,890
Aransas Pass, & c.
*278
1,946
57,654
66
851
New Orleans____ 24,752 1,198,333 16,963 1,694,250 295,198 322,855 too, though it sold more or less of the distant deliveries,
G u lfp ort_________
5,322
bought May and July. The Government weekly weather
M o b i l e __________
*914 161,782
f.5'19 1*15*423
*27*768
2*4',452
47,372
P ensacola_______
report said that cold nights had retarded germination and
65,194
39,‘2i>4
*914
Jacksonville, & c.
*523
32,240
’ l",930
***307 growth over much of the belt, and that replanting will
Savannah
10,856 941,351 12,298 1,685,053
91,223
134,511
It may
Brunswick
7,000 215,808
112,700
7,000
2,000
13,000 be necessary in Alabama and Mississippi.
C harleston.
3,115 396,216
7,637 244,647
71,022
65,560 have to be done elsewhere.
Also, the spot mar­
Georgetown . _ .
728
1,652
\» ilm ington___
have been presistently firm, with just as
7*5*13 266,655
8*873 191,347
*7*0*747
48*338 kets
N o r fo lk ..
10,180 562,885 11.373 556.348
88,735
57,819 persistent reports of an excellent demand, largely from
N ’port N ows, &c
596
3,692
81,689
145,757
Now Y o r k ____
Shorts have covered on a big scale. It is '
244
19,543 2*35*747 2*14*514 home mills.
2 6 ,6 /9
B o s t o n ___
2,912
68.721
4*744
74,068
8,203
13,256 estimated that Wall Street houses in two days covered
B altim ore_____
1,589
43,881
397
75,875
3,769
2,794 something like 100,000 bales on the cold rains in the South­
P h ila d elp h ia ____
2,562
2,146
45
2,851
4,835
west and the insistent trade demand. Much stress is laid
T o t a l s .............. 97,583 6,3067446 102,560 9,797,415 1.198,497 1.234.059
too on the activity in cotton goods and reports that many of
7*958




1*953

2*863

2*654

*278
24,752

1738

THE CHRONICLE

[Vol . 102

the yam mills have not for twenty-five years been sold
so far ahead as they are now. Manchester has also reported
a better demand for cloths, and firm prices both for cloths
and yarns. And much has been said of the smallness of
European stocks. Moreover, supplies at the South are
steadily decreasing and stress is laid on the fact that tho
supply at Now York is composed very largely of very good
cotton. Certainly it struck a good many as significant that
on the first May notice day, tho notices should have reached
not more than a couple of thousand bales. That was taken
as striking proof that big interests were loath to part with
their cotton here. Besides it is said that a good deal of
the New York stock has been sold; also that much of the
cotton at the big Southern ports is owned by European
people. Moreover the constant rise in silver which is said
to bo 50% higher than a year ago and which naturally
increases the buying power of the ,Far East very [materi­
ally, has como in for a good deal of comment. And an­
other factor is that the estimated increase in the Southern
acreage, according to recent reports by business firms and
newspapers has not been so great as was confidently predicted
a while back. Roughly speaking, these estimates have ranged
from 6 to 9 % , whereas recently everybody seemed to
take it for granted that the increase would be at
least 10 to 15%. On the whole, the ovents of the week made
friends for tho bull sido. On the other hand, however,
speculation, after all, has not been very heavy, although it
has been more active than it was recently. Tho outside
public does not seem to bo attracted to the bull sido of cotton.
American stocks are large, tho price is not cheap and what­
ever may now be said to tho contrary a good many peoplo
believe that the acreage will turn out to bo considerably
larger than tho bulls are hoping it will. Tho National Ginners’ Association puts it as 10% larger than that of last year.
Exports are still small with ocean freights continuing scarce
and dear. If peace does not como this year, many believe
that prices aro destined oventually to reach a very much lower
level. To-day prices declined 10 to 22 points, but regained
most of tho loss. Spot cotton closed at 12.60c. for middling
uplands, showing an advance for the week of 40 points.
Tho official quotation for middling upland cotton in the
New York market each day for the past week has been:

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as tho afloat, are this week’s returns, and consequently
all foroign figures are brought down to Thursday evening.
But to make the total tho complete figuros for to-night
(Friday), we add the item of exports from the United States,
including in it tho exports of Friday only.

A p r i l 29 t o M a y 5 —
S a t. M on . T u c s . W ed . T h u r s .
M iddling uplands........................ 12.20 12.30 12.00 12.50 12.65

T otal visiblo supply..................... 4.978.568 7,067,826 5,134,807 4,532,133
M iddling Upland, L iverpool..........
8.12d.
5.19d.
7.32d.
6.68d.
M iddling Upland, N ow Y o r k ____
12.65c.
9.85c.
13.00c.
12.00c.
E gypt, G ood Brown, L iv e r p o o l.. 11.80(1.
8.10(1.
9.70(1. 10.45d.
Peruvian, R ough G ood, Liverpool 13.25d.
9.75d.
8.75(1.
9.65d.
B roach, Eino, L iverpool_________
7.90d.
5.05d.
61Sd. 6 7-10d.
Tinnovolly, G ood , L iverpool____
8.02d.
5.17d. 6 3 -lb d . 6 7-16d.

Fri.
12.00

NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at Now York on
May 5 for each of tho past 32 years have been as follows:
1 91 6 -C ..
1915____
1914____
1913____
1912____
1911____
1910____
1909____

..1 2 .6 0
.-1 0 .0 5
...1 2 .9 0
...1 1 .8 5
-.1 1 .5 0
-.1 5 .4 5
-.1 5 .2 5
-.1 0 .9 0

1 9 0 8 .C ..
1907____
1906____
1905____
1904____
1903____
1902____
1901------

..1 0 .4 0
-.1 1 .5 0
..1 1 .8 0
. . . 7.95
..1 3 .8 0
-.1 0 .8 5
. . . 9.50
. . . 8.19

1 90 0 .c . . . . .
1899......... . .
1898_____ . .
1897.......... . .
1896......... . .
1895......... . .
1894.......... - .
1893.......... . .

1892-C -. . . 7.31
1891____ . . 8.88
1890____ -.1 2 .0 0
1889____ ..1 1 .1 9
1888____ ..1 0 .0 6
1887____ -.1 0 .9 4
1886____ . . . 9.31
1885......... ..1 0 .8 1

9.75
6.19
6.38
7.62
8.38
6.81
7.25
7.81

FUTURES.— The highest, lowest and closing prices at
Now York for tho past week have been as follows:
S a tu r d a y , M o n d a y ,
A p r i l 29. M a y 1.

T u esd a y,
M a y 2.

IV e d 'd a y ,
M a y 3.

T h u rsd ’y,
M a y 4.

F r id a y ,
M a y 5.

W eek.

M ay—

Range........ 11.92-.99 11.9S-.15 12.1S-.43 12.28-.42 12.29-.52 12.32-.45 11.92-.52
Closing___ 11.98-.99 12.14-.15 12.40-.41 12.28-.30 12.48-.50 12.42-.43 —

J u n e—

Range........
Closing___
J u ly —
Range........
Closing___
A u g u st—
Range........
Closing___
S ep te m b er —
Range____
Closing__ 1
O ctob er —
Range........
Closing___
N ovem b er—

— --- — —
—
12.30-.3S --- ---. --- —
12.30-.38
12.04 — 12.21 — 12.42 — 12.30-.32 12.51 — 12.47 — --- --- ---

12.20 — 12.24-.27 12.43-.53 12.49-.54 12.47-.70 12.56-.63 12.20-.70
12.20-.22 12.36-.38 12.52-.54 12.44-.46 12.66-.68 12.62-.63 --- , -- ----- --- --- --- --- --- 12.50 — 12.47- 51 --- — --- 12.52-.60 12.47-.69
12.20-.22 12.34-.36 12.50-.52 12.43-.45 12.64-.66 12.62-.64 —
12.25-.27 12.27-.40 12.48-.60 12.46-.53 12.49-.74 12.47-.69 12.25-.74
12.25-.26 12.39-.40 12.55-.56 12.48-.49 12.69-.70 12.67-.68 —

Range____
Closing___
J a n u a ry—
Range........
Closing___
February—
Range____
Closing___
M a rch —
Range........
Closing___

12.40-.43 12.44-.57 12.64-.74 12.60-.71 12.64-.87 12.65-.S4 12.40-.87
12.41-.42 12.56-.57 12.68-.09 12.81-.62 12.84-.85 12.82-.83 --- --- --12.45-.49 12.48-.63 12.70-.81 12.68-.78 12.73-.96 12.72-.91 12.45-.96
12.47 — 12.62 .63 12.75-.76 12.69-.70 12.91-.92 12.87-.88 —
--- --- — --- — --- --- — —- --- --- --- --- _

--- 12.90-.97 12.90-.97
12.56-.57 12.70-.71 12.S3 — 12.78 — 13.00 — 12.96-.97 —

12.59-.6l 12.63-.77 12.35-.97 12.83-.93 12.86-.09 12.87-.03 12.59-.09
12.63-.64 12.77-.78 12.90-.91 12.83-.84 13.05-.06 13.00-.01 —

QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.— Below aro tho closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of tho week.
C lo s in g Q u o ta tio n s f o r M id d lin g C o lto n o n —
M ay

5.

Galveston _____
N ow Orleans___
M o b ile ________
Savannah _____
Charleston_____
W ilm ington____
N o r fo lk _______
B a ltim o re _____
P h ilad elp h ia___
A ugusta_______
M em p h is______
St. Louis______
H ouston_______
L ittle R o c k ____

S a tu r d 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 .

12.35
11.88
11.81

12.50
12.13
12.00

n v s
n %
n 'A

11.88
12
12.45
11.75
12.00
12
12.25
12.31




12.40
12.00
11.81
12
11H

115-6
11.94
12
12.55
11.88
12.12
12
12.35
12.31

V 2 'A

12
11M
12.13
12 M
12.85
12.13
12.25
12
12.60
12.31

12.50
12.13
12.00
12 >6
12
iiH

12.13
125-6
12.75
12.13
12.25
12 'A
12.55
12.50

12.70
12.25
12.13
12M
12
1156
12.13
1256
12.90
12.13
12.37
12 M
12.65
12.50

F r id a y .

12.70
12.25
12.25
12 H
12
1156
12.19
1256
12.85
12.13
12.37
12 5
-6
12.70
12.63

892,000 1,729,000 1,187,000 1,221,000
*1,000
*21.000
23,000
13,000
504,000
*1.000 *432,000
471,000
365,000
327,000
304,000
302,000
4,000
3,000
14,000
15,000
36,000
44,000
25,000
49,000
134,000
38,000
40,000
457,000
*1,000
*44,000
25,000
47,000

T otal Groat Britain stock.
Stock at H am burg_________
Stock at B re m e n __________
Stock at H avre_____________
Stock at M arseilles________
Stock at B a rce lo n a ________
Stock at G e n o a ____________
Stock at T rieste____________
T otal Continental stocks............

503,000 1.299,000 1,017,000

881,000

T otal Europoan stocks............... 1,395,000 3,028,000 2,204,000 2,102,000
India cotton afloat for E uropo___
44,000
162,000
241,000
81,000
A m or, cotton afloat for E u ro p e .- 392,698
717,260
285,791 293,599
Egypt.Brazil,& c.,afloat for E ur’pe
16,000
40,000
60,000
36,000
85,000
200,000
226,000 180,000
Stock in Alexandria, E g y p t_____
Stock in B om bay, India_________ 1,046,000
936,000 1,066,000 915,000
Stock in U . S. p orts______ _______ 1,198,497 1,234,059
634,980 488,398
718,549
409,332 411,598
Stock in U. S. Interior towns____ 787,101
U. S. exports to -d a y ____________
14,272
31,358
7,704
24,538
T otal visiblo supply......................4.978,568 7,067,826 5,134,807 4,532,133
O f tho abovo, totals o f American and othor descriptions aro as follow s:

j.T6XC l~‘
\H CL~^
T T

Liverpool stock.................... bales. 599,000 1,286,000
870.000
962,000
Manchester stock.....................
62,000
115,000
52,000
44,000
Continental s t o c k ............................*397,000*1,123,000
909,000
846,000
American afloat for E uropo_____ 392,698
717,260
285,791 293,599
U. S. ports stocks........................... 1,198,497 1,234,059
634,980 488,398
U. 8 . interior s to c k s...................... 787.101
718,549
409,332 411,598
14,272
31,958
7,704
24,538
U .S . exports to-d ay.........................
T otal Am orican....... ................... 3,450,568 5,225,826 3,168,807 3,070.133
E a s t I n d i a n , B r a z i l , & c .—
Liverpool stock .................................. 167,000
280,000
232,000 189,000
L ondon stock ........... .......................
50,000
22,000
5,000
5,000
M anchester stock ________________
14,000
20,000
28,000
21,000
Continental stock ............................. *106,000 *176,000
108,000
35,000
India afloat for Europo...................
44,000
162,000
241,000
81,000
E gypt, Brazil, & c., afloat...............
16,000
40,000
60,000
36,000
85,000
200,000
226,000 180,000
Stock in Alexandria, E gypt..........
Stock in B om bay, I n d i a ............... 1.046,000
936,000 1,066,000 915,000
T otal East India, & c....................1,528,000 1,842,000 1,960,000 1,462,000
T otal A m e rica n ....... ................... 3,450,568 5,225,826 3,168,807 3,070,133

♦Estimated.

Continental imports for past week have boon 64,0 0 bales.
The above figures for 1916 show a deeroaso from last week
of 212,548 bales, a loss of 2,089,258 bales from 1915, a de­
crease of 156,239 bales from 1914 and a gain of 446,435
bales over 1913.
AT THE INTERIOR TOWNS the movemont— that is,
the recoipts for tho week and since Aug. 1, tho shipments for
tho week and the stocks to-night, and the same items for tho
corresponding period of the previous year— is set out in de­
tail below.
M o v e m e n t to M a y

5 1916.

A la., E u fau la..
M ontgom ery.
S elm a .............
A rk., H elen a ..
Little R o c k ..
G a., A lbany_
_
A th e n s______
A tlanta______
A u gu sta-------Colum bus____
M a c o n ______
La., Shreveport
Miss.,Columbus
G re e n ville _
_
Greenwood_
_
M e rid ia n ____
N atch e z _____
Vicksburg-----M o ., St. Louis.
N .C ., Raleigh.
O ., Cincinnati.
S .C ., Greenw'd
Tenn.,M emphis
T ex., .Hrenham
Clarksville . . .
D allas_______
H oney.G rovc.
H ouston_____
P a ris...............

R e c e ip ts .

S h ip -

S tocks
M ay

W eek . \ S ea son .

T o te n s.

12.07-.13 12.12-.30 12.35-.54 12.37-.50 12.3D-.52 12.3 7-.56 12.07-.62
12.12-.13 12.29-.30 12.47-.48 12.33-.39 12.58-.59 12.52-.53 —

12.67 —12.67 —
Closing----- 12.32-.34 12.46 — 12.60-.62 12.52 — 12.74 —■12.72 —

D ecem b er—

M a y 5—
1916.
1915.
1914.
1913.
Stock at L iv e r p o o l..............balos. 766,000 1.566,000 1,102,000 1,151,000
Stock at L o n d o n ________________
50,000
22,000
5,000
5,000
Stock at M anchester____________
76,000
141,000
80,000
65,000

W eek.

5.

17,475
36;
1,814 117,162
57,665
325
51,979
217
1,652, 163,144
20,974
95
3,100 115,649
4,278 140,901
2,357 309,131
453
62,927
112
43,641
480
61,666
439 117,269
10,679
155
62,192
50.
946 103,492
47,762
1,002
114
23,973
26,496
99
......... I
.S .094
O
13.817 640,215
322
12,287
10,594 232,225
12,615
19,097
218:
6,980 911,040
........... |
6,684
27
20,118
27,901
80
1,059
93,307
100
29,151
15.336 1.989,017
400
93,930

11,078
3,759 54,547
1,228 22,252
529 8,285
3,756 28,149
1,624 3,615
5,300 21,621
5,876 65,360
11,453 110,486
3,253 40,238
1,235 7,201
1,691 10,130
1,011 24,310
471
4,096
293 5,400
1,703 12.585
978 13,894
368 8,279
4
340
511
8,100
14,236 19,403
302
350
9,492 14,223
22
704 7,724
27,867 168,219
______
1.800
39 3,112
256 2,500
640 10,761
1,400
167
17,442 93.16C
507 4,500

M o v e m e n t to M a y
R e c e ip ts .
W eek.

S ea son .

7

S h ip ­
m en ts.
W eek.

1915.
S lo ck s
M ay

7.

45 8,901
24,927
200,321
1,428 58,192
1,166 21,646
134,397
61,885 3,210 4,907
203,353 4,227 22,473
64 9,933
32,025
118,669 2,000 17,674
183,987 2,026 16,730
440,455 8,232 112,291
97,901
800 29,141
321 6,215
37,171
603 S,008
65,407
155,026 2,912 37,807
32.874
488 4,699
73,254
1,646 7,003
134,114
1,329 10,415
1,753 14,889
49,228
21,907
73 4,500
38,086
263 6,629
341 6,000
39,505
13,351 633,429 15,126 30,030
321
-too
343
13,289
12,891 280,061 5,714 21,074
10,354
280 6,827
25.344
123
12,523 1,027,454 23,205 135,652
376
921
110
7.425
138 1,194
19,116
119
191
40,476
251
42
624
1,653
345 120,828
24,624
30
55
50
22,606 3,313,565 34,248 111,000
800
50 116,189
550
114
1,285
970
140
825
31
1,700
1,811
5,667
237
57
713
1,033
698
149
593
589
73
228

Total, 33 towns 66,657 5,737,858110,743 787,101 79,140 7,782,610 113,824718,549

The abovo totals show that tho intorior stocks have d e ­
during the weok 50,086 balos and aro to-night 68,552
balos moro than at the same time last year. Tho recoipts at
all towns havo been 12,789 bales less than tho same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.— We give bolow a statement showing the
overland movement for tho weok and since Aug. 1, as made
up from telegraphic reports Friday night. Tno rosults for the
week and since Aug. 1 in the last two yoars aro as follows:
crea sed

May 6 1916.]

THE CHRONICLE
-------1915-16-------

M a u 5—
S h ip p ed —

Via
Via
Via
Via
Via
Via
Via

S in c e
A u g . 1.

W eek.

St. L o u is .. ______________ ..1 4 ,2 3 6
M ounds, & c______________ . . 4,105
R ock Island______ — - L ou isv ille_________________ . . 8,473
2,452
Cincinnati_________________
Virginia points------------------- - - 2,142
other routes, & c----------------- . . 9,896

651,196
303,205
0,900
123,375
113,900
116,346
510,171

15,126
7,721
113
2,705
7,645
2,036
21,048

36,304 1,825,099

Total gross overland-----------

D e d u c t sh ip m e n ts —

. . 4,745

Between interior tow ns-----------Inland, & c., from Sotuh---------- . . 8,489

610,077
299,069
4,340
144,622
103,261
102,920
422.992

56,394 1,747,287

141,843
157,546
254,452

T otal to bo deducted------------ -.1 7 ,2 2 2

S in c e
A u g . 1.

W eek.

5,186
5,046
5,589

553,841

15,821

Leaving total not overland * ------ -.1 9 ,0 8 2 1,271,258
* Including m ovom ont b y rail to Canada

171,632
201,045
136,609
590,286

40,573 1,238,001

The foregoing shows the week’s not overland movomont
has boon 19,082 bales, against 40,573 balos for tho week last
year, and that for the season to date tho aggregate not over­
land exhibits an increase ovor a year ago of 33,257 bales.
-1915-16I n S ig h t a n d S p in n ers’

T llin *
a n

-1914-15-

S in c e
A u g . 1.

W le
p
t>

S in c e
A u g . 1.
9,797,415
1,238,001
2,378,000

W eek.

R eceipts at ports to M a y 5 ______ 97,583 6,306,446
N et overland to M a y 5 ___________ 19,082 1,271,258
Southern consum ption to M a y 5 . - 88,000 2,970,000

102,560
40,573
62,000

204,665 10,547,704
341,139
*50,086

205,133 13,413,416
*34,378
598.410

154,579

170,755

63,836

10,888,843
2,742,164

14,011,826

54,573

2,683,415

* Dccroaso during week.

Movomont into sight in provious years:
B a le s . I
S i n c e A u g . 1—
B a les.
1914— M a y 8 ...........................112,450 1913-14— M ay
8 ------------ 13,938,694
.
1913— M a y 9 ________ .......... 100,674 1912-13­ -M a y
.
9 .............. 13,114,172
1912— M a y 10______________ 100,15011911-12- M a y 10............. 15,006,240

NEW ORLEANS CONTRACT MARKET.— The high­
est, lowest and closing quotations for leading contracts in tho
Now Orleans cotton market for tho past week have boon as
follows:
S a tu r d a y , M o n d a y ,
A p r i l 29. M a y 1.

T u e s d a y , W e d ’ d a y , T h u r s d 'y ,
M ay 2.
M a y 3.
M a y 4.

F r id a y ,
M a y 5.

M a g —•

R ange_______ 11.74 — 11.78-.95 11.97-.17 12.00-.1S 12.12—33 12.17—22
C l o s i n g .------ 1 1.74-.76 11.95-.90 11.16—17 12.07-.0U 12.29-.30 12.22-.24

J u l g —•

R ange_______ 11.95-.98 11.98-.17 12.20—40 12.29-.39
C losing---------- 11.97-.98 12.16-.17 12.37-.38 12.26-.27
--- —. _ — --- _ 12.36-43
R ange......... ..
—
C losing---------- 12.01—03 12.18-.22 12.39-.40 12.29-.31
S ep te m b e r —
R ange_______ __ __ __ _____
<dosing-------- 12.06-.08 12.23-.25 12.45-.48 12.35-.37
O c t o b e r —•
R ango_______ 12.04-.07 12.07-.23 12.27-.41 12.29-.39
C losing______ 12.50-.06 12.22-.23 12.39— 12.28-.29
40
D e c e m b e r —•
R ange______ 12.17-.20 12.2 2-3 5 12.38-.52 12.40—50
C losing___
12.18-.19 12.34—35 12.50—51 12.39-.40
J a n u a r y —•
R ango_______ 12.26-.27 12.30— 12.48-.00 12.47-.57
41
48
Closing______ 12.26-.27 12.43-44 12.57-.58 12.40—
M a r c h —•
. __ __ 12.43—54 12.63-.72 12.63-.70
C losing______ 12.42-.43 12.50—59 12.72-.73 12.62—64
T o n e —■
Steady
Steady
Steady
Steady
S p o t ________
Stoady
Stoady
O p tio n s _____ Stoady 1 Steady
A u g u s t—

12.29-.52 12.28-.45
12.48-.49 12.42-.43
12.35-.53 --- --- --12.52-.53 12.46-.47
12.57-. 58 12.51—52
12.30-.52 12.30-.4S
12.49-.50 12.44—
45
12.42—04 12.43-.00
12.01—02 12.57-.58
12.52-.70 12.53—
09
12.09—71 12.05-.00
12.80—83 12.72-.S0
12.84-.86 12.80-.82
Firm
Stoady

Steady
Steady

MARKET AND SALES AT NEW YORK.
S pot M a rket
C lo sed .

Saturday.
M on day .
Tuesday .
W odnesda
Thursday
F rid a y___

Stoady, 10 pts. a d v —
Stoady, 30 pts. a d v ___
Quiet, 10 pts. d e c-------Steady, 15 pts. a d v —
Steady, 5 pts. d o c------

T otal .

F u tu res
M arket
C lo sed .

F i r m __________
Steady_________
Steady_________
Steady_________
Steady-------------

SALES.
S p o t.

| o n lr ’ct
C

200

T o ta l.

200
1,900
300

"lOO

1,900
200

1,188
500

“300

l“,488
500

1,988'

2,400

4,388

WEATHER REPORTS BY TELEGRAPH.— Our ad­
vices by telegraph from tho South this evening indicate that
rain has boon gonoral in Texas during tho wook, giving ample
moisture for tho i rosont in practically all sections. In Okla­
homa and Arkansas and along tho Gulf as woll there have
boon good rains. Low temperatures tho fore part of tho
week was complained of in Texas and in a number of dis­
tricts olsowhoro.
G a lv es to n , l e x . -temperatures during tho fore part of tho
week continued too low for proper germination and growth
of plant. Precipitation lias been quite general throughout
Texas, moisture being sufficient for immediate needs except
in a few southwestern counties. It has rained on two days
of tho wook, tho precipitation being fifteon hundredths of an
inch. Minimum thermometer 02, maximum 70, mean 09.
A b i l e n e , T e x .— Thero has been rain on threo days during
tho wook, tho precipitation reaching oighty-threo hundredths
of an inch. Tho thermometer has averaged 07, tho highest
being 80 and tho lowest 48.
B r e n h a m , T e x .— Wo havo had rain on threo days of tho
wook, tho rainfall reaching two inches and fifty-six hun­
dredths. Tho thermometer has averaged 00, tho highest
boing 84 and tho lowest 48.
C u e r o , T e x .— Wo havo had rain on two days of tho past
wook, tho rainfall being forty-ono hundredths of an inch.
Tho thermometer has averaged 70, tho highest being 80 and
tho lowest 54.
F o rt W o r t h , T e x .-—We havo had rain on threo days during
tho week, tho rainfall being three inches and fifty-oight hun­
o



1729

dredths. The thermometer has ranged from 48 to 80, aver­
aging 04.
H e n r i e t t a , T e x . — It has rained on two days of the week,
the rainfall reaching eighty hundredths of an inch. Mini­
mum thermometer 44, highest 80, average 62.
H u n t s v i l l e , T e x . — There has been heavy rain on two days
during tho week, tho precipitation reaching five inches and
forty hundredths. The thermometer has averaged 62, the
highest being 80 and the lowest 44.
K e r r v i l l e , T e x .— It has rained on three days of the week,
the rainfall reaching one inch and fifty-six hundredths. The
thermometer has averaged 61, ranging from 44 to 78.
L a m p a s a s , T e x . — Thero has been rain on three days during
tho week, to the extent of one inch and ninety-two hun­
dredths. The thermometer has ranged from 38 to 82,
averaging 60.
L o n g v i e w , T e x . — It has rained on two days of the week, the
precipitation being two inches and sixty-six hundredths.
Average thermometer 61, highest 76, lowest 46.
L u l i n g , T e x . — We have had rain on tliree days of the week,
the rainfall reaching three inches and twenty-two hundredths.
The thermometer has averaged 68, the highest being 86 and
the lowest 50.
N a c o g d o c h e s , T e x . — The week’s rainfall has been four inches
and ninety-four hundredths, on two days. The thermometer
has averaged 00, ranging from 42 to 78.
P a l e s t i n e , T e x .— ' here has been rain on three days during
T
the week, tho rainfall being three inches and thirty hun­
dredths. The thermometer has ranged from 50 to 80, aver­
aging 05.
P a r i s , T e x . — Tho week’s rainfall has been one inch and
eleven hundredths, on three days. Average thermometer 61,
highest 78 and lowest 43.
S a n A n t o n i o , T e x . — We have had rain on three days the
past weok, the rainfall being eighty-seven hundredths of an
inch. Tho thermometer has averaged 67, the highest being
82 and the lowest 52.
A r d m o r e , O k la . — It has rained on three days of the week,
tho rainfall reaching one inch and sixty-two hundredths.
Tho thermometer has averaged 62, tho highest being 80 and
tho lowest 45.
M a r l o w , O k la . — Tho week’s rainfall has beon one inch and
twenty-three hundredths, on three days. Tho thermometer
has averaged 65, ranging from 41 to 81.
M u s k o g e e , O k la . — Rain has fallen on three days during the
week, tho precipitation reaching one inch and eighty-five
hundredths. The thermometer has ranged from 46 to 80,
averaging 63.
E ld o r a d o , A r k . — We havo had rain on two days during the
weok, to tho extent of two inches and eighty-four hundredths.
Avorago thermometer 62, highest 82, lowest 43.
F o r t S m ith , A r k . — There has been rain on three days of the
week, to tho extent of one inch and seven hundredths. -The
thermometer has averaged 63, the highest boing 80 and the
lowest 46.
L ittle R o c k , A r k . — There has been rain on two days of the
week, to tho extent of one inch and five hundredths. The
thermometer has averaged 64, ranging from 49 to 78.
A l e x a n d r i a , L a . — Thero has been rain on two days during
tho weok, to the extent of four i ches and twenty hundredths.
Tho thermometer has ranged from 44 to 82, averaging 63.
N e w .O r le a n s , L a . — We havo had rain on two days during
tho week, tho rainfall reaching fifteon hundredths of an inch.
Lowest thormomoter 58, highest 80, average 69.
S h r e v e p o r t, L a . — There has been rain on two days during
tho week, to tho ex 'ont of two inches and eighty-two hun­
dredths. The thermometer has averaged 62, the highest
boing 80 and the lowest 47.
C o lu m b u s , M i s s . — Rain has fallen on two days during tho
week, tho precipitation reaching one inch and sixty-five
hundredths. The thermometer has averaged 63, ranging
from 44 to 81.
G r e e n w o o d , M i s s . — Wo havo had rain on threo days during
tho weok, tho rainfall being threo inches and fifty-six hun­
dredths. Tho thermometer has ranged from 43 to 83,
averaging 63.
V ic k s b u r g , M i s s . — Wo have had a rainfall of throe inches
and ninoty hundredths during tho weok, on two days.
Moan thermometer 65, highest 80, lowest 51.
M o b i l e , A l a . — Cool weather retards growth of cotton,
otherwise conditions are favorable. Wo have had rain on
two days tho past week, tho rainfall being fifty-one hun­
dredths of an inch. The thermoinetor has averaged 65,
tho highest boing 79 and the lowest 51.
M o n t g o m e r y , A l a . — Wo have had rain on one day of the
past week, the rainfall being thirty-four hundredths of an
inch Thermometer has averaged 66, ranging from 50 to 82.
S e ’m a , A l a . — Thero has been rain on one day during the
weok, tho rainfall being eighty hundredths of an inch. The
thermometer has ranged from 48 to 81, averaging 64.
M a d i s o n , F la . — The week’s rainfall has been four hun­
dredths of an inch on one day. Average thermometer 71,
highest 83 and lowest 52.
A l b a n y , G a . — We have had no rain the past weok.
The
thormomoter has averaged 67, the highest being 85 and the
lowost 49.
A u g u s t a , G a . — It has rained on one day of the week, the
rainfall reaching sixty-eight hundredths of an inch. The
thormomoter has averaged 65, ranging from 47 to 84.
S a v a n n a h , G a .— W e have had rain on tliree days during
tho weok, tho rainfall being eighty-two hundredths of an

1730

THE CHRONICLE

[Vol . 102

inch. The thermometer has ranged from 50 to 83, aver­
SHIPPING NEWS.— As shown on a previous page, the
aging 07.
exports of cotton from tho United States the pats week have
C h a r le sto n , S . C .— It has rained on one day of the week, reached 120,805 bales.
The shipments in detail, as made
the rainfall reaching one hundredth of an inch. Minimum up from mail and telegraphic returns, are as follows:
T o ta l b a les.
thermometer 51, highest 80, average 65.
N E W
Y O R K — T o L i v e r p o o l — A p r i l 2 8 — C y m r i c , 1 ,5 7 2 u p l a n d ,
S p a r ta n b u r g , S. C .— There has been rain on one day during
1 ,0 2 8
P e r u v ia n
M a y 1— C u t h b e r t . 1 , 2 0 0 u p l a n d : O r d u n a ,
1 ,0 3 8
u p la n d
M a y 4 — C e l t i c , 1 , 0 0 5 _____________________________
5 ,8 4 3
the week, to the extent of eight hundredths of an inch.
T o H a v r e — M a y 2 — D o r i n g t o n C o u r t , 6 2 ____________________________
62
The thermometer has ranged from 45 to 84, averaging 65.
1 ,6 0 0
T o S t . N a z a r r o — A p r i l 2 9 — K u s b e i a n . 1 . 6 0 0 ________________________
T o La
P a llic e — A p r i l 2 8 — C l i f t o n i a n , 5 2 0
M a y 2 — A th e rC h a r lo tte , N . C .— Rain has fallen on one day during the
s t o n o , 1 , 5 5 4 ______________________________________________
2 ,0 7 4
week, to the extent of four hundredths of an inch. Minimum
T o G e n o a — -A p r i l 2 8 — I t a l i a , COO____M a y 1— V r o n a , 1 , 1 5 9 ____
M a y 3 — R e d ’ l t a l i a , 2 , 5 5 0 _________________________ _____________________
4 ,3 0 9
thermometer 47, maximum 80, mean 64.
T o V l a d i v o s t o k — - M a y 1— C i t y o f N a p l e s , 2 , 1 8 9 : P a c i f i c , 2 , 2 2 5
4 ,4 1 4
W e ld o n , N . C .— We have had rain on one day of the past
T o R i o d o J a n e ir o — A p r i l 2 8 -— H i g h l a n d P r i n c e , 5 0 0
A p r il 2 9
week, the rainfall being twenty-five hundredths of an inch.
— R i o P a r d o , 2 0 0 ____________________________
700
G A L V E S T O N — T o L i v e r p o o l — A p r i l 2 8 — A l d a n , 1 2 , 1 8 3 ____M a y 4
The thermometer has averaged 65, ranging from 42 to 88.
— S y l v a n i a n , 1 , 4 9 9 ________________________________________________________ 1 3 ,6 8 2
_ D y e r s b u r g , T e n n .— There has been rain on three days dur­
T o G e n o a — A p r i l 2 8 - — S i c a n i a , 8 , 3 1 3 ________ ___________________________
8 ,3 1 3
— A p i 28— S a i ,
3 325
ing the week, to the extent of one inch and fifteen hun­ T E X T oS NCaIpTl eYs — T o rLli v e r p o oi c—nMa a 3 , 3 2 5 ____________________________________ 4 ,, 5 9 9
A
l
y 4 — S y l v a n i a n , 4 , 5 9 9 . ..................
dredths. The thermometer has ranged from 45 to 78,
T o H a v r e — A p r i l 2 9 — M e l v i l l e . 6 , 7 9 1 __________________________________
6 ,7 9 1
N E W O R L E A N S— T o L i v e r p o o l — A p r i l 2 8 — O x o n i a n , 9 , 1 2 2 ________
9 ,1 2 2
averaging 66.
T o H a v r e — A p r i l 2 8 — T e x a s , 8 , 4 3 6 _____________________________________
8 ,4 3 6
M e m p h i s , T e n n .— It has rained on three days of the week,
SAVAN N AH — To
L iv e r p o o l— A p r il
2 9 — E a v esto n e,
4 ,7 4 0 -.M a y 4 — P o l s t a d , 6 , 1 5 9 ________________________________________ ___________ 1 0 ,9 0 5
the rainfall reaching one inch and thirty-four hundredths.
B R U N S W I C K — T o L i v e r p o o l — - M a y 1— N a p i e r i a n , 1 1 , 1 7 8 ________ 1 1 ,1 7 8
Minimum thermometer 49, highest 80, average 65.
N O R F O L K - — T o L i v e r p o o l — M a y 4-— M a x t o n , 2 , 7 0 0 _____________ ____
2 ,7 0 0
B O S T O N — T o L i v e r p o o l — A p r i l 2 8 — ________________ 1 , 1 4 8 . . . A p r i l 2 9
WORLD’S SUPPLY AND TAKINGS OP COTTON.
— T a n s a n M a r u , 1 ,0 4 7
M a y 1-— C a n a d i a n , 4 , 4 0 8 ____________
6 ,9 0 3
1915-16.

C o tt o n TakinKS.
W eek a n d S ea son .

|

Season.

W eek.

|

5.191,116

Visible supply Aug. 1__________
American in sight to M a y 5 ____
B om bay receipts to M a y 4 _____
Other India shipm ’ts to M a y 4 Alexandria receipts to M a y 3 ._
Other supply to M a y 3 *______

1914-15.

4,633,210
154,579 10,888,843
670.000 2,844,000
618.000
251.000
62,000
610.000
68,000
183,000

S ea son .

W eek.

7,190,779

3,176,816
170,755 14,011,826
118,000 2,172,000
7.000
280,000
818,000
8.000
4,000
151,000

T o G e n o a — M a y 3 — S t . D u n s t a n , 6 0 0 ________________________________
B A L T I M O R E — T o L i v e r p o o l— A p r i l 2 9 — R o w a n m o r o , 5 , 3 4 0 _____
S A N F R A N C I S C O — T o J a p a n — A p r i l 2 9 — O a r ie n M a r u , 4 , 1 6 0 - S E A T T L E — T o V l a d i v o s t o k — M a y 1— T i m i y a M a r u , 7 9 6 ............ ..
T o J a p a n — A p r i l 2 8 — Y o k o h a m a M a r u , 4 , 9 5 3 .................. ......................

600
5 ,3 4 0
4 ,1 6 0
796
4 ,9 5 3

T o t a l ............................. ......................... .. ................................................................................... 1 2 0 , 8 0 5

LIVERPOOL.— By cable from Liverpool wo have the
following statement of tho week’s sales, stocks, &c., at
that port:

14. A p r . 19. A p r . 28.
M a y 5.
34,000
44,000
26,000
1,000
3,000
2,400
Visible supply M a y 5 __________ 4,978,568 4.978,568 7,067,826 7,067,826
6,000
2,000
1,700
34,000
19,000
29,000
T otal takings to M a y 5 . a _____
465.127 14.431.485 430.708 13.541.816
15,000
8,000
5,000
2,000
O f which American . _______
69,000
249.127 10.661.485 313.708 10.465.816
43,000
87,000
82,000
O f which other_______________
830,000
216,000 3,770,000
766,000
117,000 3,076,000
816,000
813,000
614,000
599,000
610,000
598,000
♦Em braces receipts in Europe from Brazil, Smyrna,W est Indies, &c.
91,000
65,000
46,000
41 ,000
a This total includes tho estimated consum ption b y Southern mills,
75,000
52,000
O f which A m erican41,000
27,000
2,970,000 bales In 1915-16 and 2,378,000 bales in 1914-15— takings not
151,000
184,000
198,000
being available— and tho aggregate amounts taken by N orthern and
125,000
150,000
156,000
foreign spinners, 11.461,485 bales in 1915-16 and 11,163,816 bales In
LIVERPOOL STOCK TAKING—OTHER GROWTHS EXCEPT AMERICAN .
1914-15, of which 7,691,485 bales and 8,087,816 bales American.
Brazilian decrease, 22 bales; Egyptian decrease, 31,028: Peruvian decrease, 3,977;
b Estimated.
West Indian decrease, 2,091; East Indian decrease, 395; total decrease, 37,513 bales.
INDIA COTTON MOVEMENT FROM ALL PORTS.
African Increase, 138 bales. Net decrease, 37,375 bales.
A pr.

T otal supply_________________ 5,443,695 19,410,053 7,498,534 20,609,642

D e d u ct—

1915-10.
13
R
eceipts a
—
t

1913-14.

1914-15.

A p r il

W
eek.

Bombay................................

S
ince
Aug. 1.

W
eek.

8,000 30,000 38,000
4,000 34,000 43,000 81,000
3,000 41,000 57,000 101,000

25,000
43,000
35,000

C
onti­
Japan
nent. & C
hina. Total.

183,000 1,146,000 1,354,000
259,000 845,000 1,147,000
739,000 820,000 1,594,000
20,000
53,000
114,000

39,000
03,000
133,000

5,000

3,000
3,000

11.000
5,000
31,000

3,000

13,000
5,000
39,000

Total all—
1915 10..
1914 15..
1913 14..

2,000
—

6,000
5,000
25,000

26,000
58,000
30,000

81,000
108,00(1
302,000

47,000
12,000
28.000

154,000
178,000
300,000

3,000 9,000 35,000 47,000
G O 37.00C 46.000 89,001
.O C
3,000 60,000 57.000 120,000

2,000
1,000
2,000

11,000
9,000
17,000

2,000

3,000 1,000
2,000 3,000
—
25,000

3,000
3,000

The tone of tho Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
onday.
S
aturday. M

S
pot.

55,000 286,000 1,219.000 1.500,000
102,000 381,001 910,0001,393,000
72,0001,089,000 965,0002,126,000

1914-15.

1913-14.

11,876
4,498,992

49,000
5,949,457

40,000
7,482,574

T h is
S in c e
W e e k . A u g . 1.

S in c e
T h is
W e e k . A u g . 1.

T h is
S in c e
W e o k . A u g . 1.

Liverpool____________
M anchester. . ._ _.
Continent and Ind ia.
Am erica_____________

187,276 j 4,750 173,307
3,518 122,321
130,220
2,788 153,683 6',900 239,661
2,000 184.583 6,500 129,411

1,750 185,396
190,347
4',000 364,143
2,250 63,880

T otal exports_________

8,306 647,863 18,150 672,599

8,000 803,766

(cantars)—
This weok_______________
Sinco Aug. 1____________

R e c e ip ts

E x p o rts

To
To
To
To

(bales)—

MANCHESTER MARKET.— Our report recoived by
cable to-night from Manchester states that the market shows
an improving tone. A free inquiry from India is to be
noted with moderate bookings on a low basis. We give
prices for to-day below and leavethoso for previous weeks
of this and last year for comparison:
.
1910.
32»

lb s . S h ir tta g s, com m on
to f i n e s t .

C op
T w is t.

Mch
17
24
31
Apr.
7
14
21
28
May
5

1915.

SV*

C o t'n
M id .
U pVs

fl
fl
8. (1. d
IV* @9 3
7.87 8V<
IV* @9 3
7.73 8 V
I
0 @9 2
7.77 8V<

d.
12V*
124$
12V*

©
©
©

d. fl.
13V* 7
13 V 7
*
13 7

12 Vi
12
12
12K

©
©
©
©

13 7
12 V 7
*
12 V 7
*
13 7

0
0
0
0

@9
@9
@9
@9

2
2
2
2

12 V @
*

13V* 7

1V*@9

3




8V
*

lb s . S h ir tin g s , c o m m o n
to f i n e s t .

32s

C op
T w is t .

C o t'n
M id .
U p l't

©
@
@

d.
8V
*
9
9V*

8 d
6 0
0 3
0 3

©7
©7
©7

8 fl
6
9
9

d
5.27
5.48
5.02

7.62 8 V
*
7.78 85*
7.82 8V*
7.91,8V*

©
©
©
©

9V
*
9V
*
9V
*
9V*

6
6
6
0

3
3
3
3

©7
©7
©7
@7

9
9
9
9

5.52
5.75
5.78
5.06

8.12 8V*

@

9

0

3

@7

3

5.19

Fair
business
doing.

Fair
business
doing.

Good
demand.

Friday.

Moderate
demand.

Mld.Upl’ds

7.95

7.95

8.09

8.17

8.17

8.12

3,000
500

8,000
1,000

8,000
1,000

10,000
2,000

8,000
. 1,000

7,000
500

Market
opened

Quiet at Quiet,unch. Steady at
2 points
j V*@l pt. to 1 pt.
advance.
| decline.
decline.

Quiet at
V*@1V*
pts. adv.

Quiet at
V @ 1'A
*
pts. adv.

Steady at
5 © 7 pts.
advance.

Market,
4
P. M.

f Quiet at Very st’dy, Strong at
10V*@10
1@2 pts.
7@7V*
pts. adv. pts. adv.
decline.

Easy at
4 H @ 0 Yi
pts. dec.

Steady at
3V @ 5
*
pts. adv.

Quiet at
2V*@3V*
pts. dec.

Futures.

The prices of futures at Liverpool for each day are given
below. Prices are on tho basis of upland, good ordinary
clause, unless otherwise stated.
T h e p r ic e s a r e g iv en in p e n c e a n d

A p r . 29
to

M ay 5.

M on day.

S a tu r d a y .

12K

12K
p .m

M ay-Juno
July-A ug- : : : :
O ct.-N o v
Jan .-Fob .
M a r.-A p r

.

d.

d.

1915-16.

Thursday.
Tuesday. W
ednesday.

Sales........
Spec.&exp

p .m .

ALEXANDRIA RECEIPTS AND SHIPMENTS.
A le x a n d r ia , E g y p t.
A p r i l 12.

Fair
business
doing.

Market, |
12:15 1 Neglected.
P. M.

S
ince August
1.

G
reat C
onti­ Japan
G
reat
hlnaTotal. Britain.
B
ritain. nent. AC

Bombay—
1915 1G-1914 15..
1913 14..
Calcutta—
1915 10..
1914 15
1913 14..
Madras—
1915 10..
1914 15..
1913 14..
All others—
1915 10..
1914 15..
1913 14..

S
ince
Aug. I.

W
eek.

80,000 2,530,000 144,000 1,774,000 127,000 2.740,000

For the W
eek.

E x p o r ts
p ro m —

S
ince
Aug. 1.

S a lo s o f t h e w e e k _______________
O f w h ic h s p e c u la t o r s t o o k O f w h ic h e x p o rte rs t o o k . .
S a le s , A m e r i c a n ________________
A c t u a l e x p o r t ____________________
F o r w a r d e d ________________________

7
7
7
7
7
7

71V*
70
66
49
40
40 V*

lOOfhs.
T u esd ay.

T h u s:

7 71

m ea n s

7 71-lOOd.

W e d 'd a y . T h u r s d a y .

F r id a y .

\2Vx\ 4
12K 4 12 'A 4 |l2V* 1 4 12 H 4
p .m . p .m . p .m . p .m . p .m . p . m . p . m . ' p . m . p a n . p .m .

1 d. i d.
7tV* 79
70
77V*
66 V 73 V
*
*
49
56
40
47
40 V* 47 V*

d.

d.

d.

d.

85
83 V
*
79
60
51
51

95
92 V
*
87)-*
68
58
58

93 V*
91
86 V*
68
58 V
*
58 V
*

88 V*
86
81
63
53 V*
53 V
*

| d. | d.
93 V 92
*
9 IV* 90 V
*
86 V* 85 V
*
69- |68
59
58 V
*
59
58 V
*

d.

96 V*
95
90
73
65 V
*
63 V* 55

B R EA DS TU FF S
F r i d a y N i g h t , M a y 5 1916.
Flour has been quiet, but early in the woek prices seemed
stronger in response to firmer prices for wheat. Tho trouble
was, however, that buyers would not follow an advance,
except to a very moderate extent. Railroad congestion
continues and the flour trade is still in a disorganized state.
Mill agents find it difficult to make deliveries promptly,
owing to the embargoes imposed by the great trunk lines and
the difficulty in getting flour lightered after it reaches ter­
minal points. Tho new regulation requires a lighterago fee
of $2 per car on flour reconsigned, and it is felt to bo no small
burden on the flour trade in tho existing conditions. Export
business is hampered, not only by tho railroad and lighterago
drawbacks, but also by the dearness of ocean freights, and
the fear that steamers may bo commandeored by foreign
Governments, and flour left on tho hands of the exporter.
The total output last weolc at Minneapolis, Duluth and Mil­
waukee was 392,515 barrels against 414,880 in tho previous
weok and 345,480 last year. Total sinco Sept. 1, 15,236,000
barrels against 12,738,000 barrels during tho same period
of 1914-15.
Wheat has been higher, owing to bad weather, bullish
statistics, reports of damage to tho winter-wheat crop by
insects, and a delay in spring-wheat seeding at tho North-

May 6 1916.)

THE CHRONICLE

west, owing to cold, stormy weather. The season in the
Northwest is one to two weeks late. Green bugs are reported
in Southern Kansas and Oklahoma. The world’s available
stock decreased, moreover, 12,816,000 bushels, against a
decreaso in the same week last year of 7,262,000 bushels.
Foreign nows was bullish, pointing to a reduced acreage.
Private reports state that the abandoned acreage in the win­
ter-wheat belt in this country is 5,128,000 acres, or 13.8%
of the area planted. The condition in such reports is said
to bo 80.4%, pointing to a crop of something like 480,000,000
bushels, against 655,045,000 in 1915 a d 684,990,000 in
1914. Iii Austria-Hungary supplies are moderate and mills
are working on half time. The acreage there will be short.
In India prices have been firm. At Australian ports the
receipts are light, stocks are decreasing, and holders are very
firm. The Continent is bidding freely in Australia. Liver­
pool reports that foreign arrivals are lighter and that it is
becoming more difficult to ship to English markets, owing
to the scarcity of tonnage in India, Argentina and Australia.
This is a point on which a good deal of emphasis is laid here.
Liverpool says that Canadian offerings have been at very
firm prices. In France the acreage has undoubtedly been
reduced, reserves there are light, and the quantity
afloat for French markets is considered inadequate,
owing
to
the
difficulty
of getting
supplies
from
Argentina
and
Australia.
In
Italy,
too,
crop prospects are bad and prices in the interior are very
high. Private reports from Russia are that crop prospects
are far from favorable. There was a large decrease in the
Russian acreage as a result of a lack of horses, and the in­
ability to market the previous crop. In South Australia
tko rainfall lias been deficient and the seeding is late. On
the other hand, Liverpool and Chicago, within a day or two,
have been less active and rather weak on peace talk. In
Argentina prices are easing up a little, owing to the difficulty
of getting the wheat out of the country in the present scarcity
and dearness of ocean freights. The outlook for winter
wheat in France is described as satisfactory and in Ger­
many the weather has been favorable. In Rumania
crop prospects' are good. After all, too, the world’s supply
of wheat is 219,747,000 bushels. That is largely in excess
of that of 1914, when it was 154,464,000 bushels. Com­
parisons cannot be made with 1915 so far as Continental
stocks are concerned. Of late, too, the weather has some­
what improved at the West. In Kansas and Nebraska
the outlook is good. Still, there is no denying the fact that
seeding in the Northwest is still late and that crop reports
from the soft-wheat States are still unfavorable. To-day
prices declined on the German note, and besides the weather
at the Northwest was better. Indications point to fair and
warmer conditions. But toward the close thero was a rally
on covering of shorts as the German note seemed less sug­
gestive of trouble.
D A ILY CLOSING PRICES OP W HEAT FUTURES TN N EW Y O R K .
S a t.

N o. 2 rod ____________________ cts.1 28

M an.

T u es.

131

131

120V

W ed . T h u rs.

M on.

T u es.

W ed . T h u rs.

127

F ri

1 ?6 V

May delivery in elevator_________ 122
124 V 122V 123 V 121V 120 V '
D A ILY CLOSING PRICES OP W HEAT FUTURES IN CHICAGO
S a t.

M ay delivery in elevator______cts.113V 110 y,
July delivery in elevator--------------11511 117V
September delivery in elevator----- 115V 117V

114V 1 1 5 A
116 1 110-11
-5
115V 116V

F r i.'

113 y 1 1 o y ,
1 1 4 1 4 113 V
113% 113V

1731

p o r t s o f d a m a g e b y g r e e n b u g s a t O k la h o m a h a v e h a d s o m e
e ffe c t a t C h ic a g o .
I n t h e m a in , h o w e v e r , it w a s th e p e ­
c u lia r s tr e n g t h o f t h e M a y s it u a t io n , w h ic h h a s h a d t h e
l a r g e s t s h a r e in s h a p i n g t h e m a r k e t .
O n th e o th e r h a n d ,
h o w e v e r , th e c o u n t r y o ffe r in g s h a v e in c r e a s e d , C a n a d ia n
p r ic e s h a v e w e a k e n e d s o m e w h a t a n d la t t e r ly th e e x p o r t d e ­
m a n d h a s f a ll e n o f f .
S t i l l t h e f a c t is u n d e n i a b l e t h a t t h e
A m e r i c a n v i s i b l e s u p p l y is o n l y 1 2 , 0 9 6 ,0 0 0 b u s h e l s , a g a i n s t
2 3 , 0 2 2 ,0 0 0 a y e a r a g o , a n d t h a t t h e p r i c e n o t w i t h s t a n d i n g
t h i s d i s p a r i t y in s u p p li e s is 1 2 c e n t s l o w e r o n N o . 3 w h i t e
th a n it w a s a y e a r a g o .
T o - d a y p r ic e s r a llie d a ft e r a n e a r ly
d e c lin e .
E le v a t o r in te r e s ts w e r e g o o d
buyers o f M a y .
R e p o r t s o f d a m a g e b y g r e e n b u g s a r e c o m i n g f r o m O k la ­
h o m a , b u t o n t h e w h o l e t h e c r o p is d o i n g v e r y w e l l .
D A I L Y C L O S IN G P R IC E S OF O A T S IN N EW Y O R K .
„
, ,
S a t.
M on.
T u es.
W ed .
T h u rs
F ri
5 1 V -5 2 V 5 1 V -5 2 V 5 1 V -5 2 V
52-53
5 1 V -5 2 V
N o .2 white N om
N om .
N om .
N om .
N om
Nom
D A IL Y C L O S IN G P R IC E S O F O ATS F U T U R E S IN C H IC A G O
..
...
.
.
4
S a t.
M on.
T u es.
W ed . T h u rs. F r i.
M a y delivery in elevator..........c t s . 4 4 V
45V 46V
46V 46V
47
July delivery in elevator.................... 43 V
43 V 43 V
43 V 43
43
40 V 39 V
39 V 39 V
September delivery in elevator------ 39 V
39 V
T h e f o llo w in g a r e c lo s in g q u o t a t io n s :
m
G R A IN
w h eat, per bushel— f. o . b.
» orn, per bushel—
N . Spring, N o . 1. new____ SI 32 V
N o. 2 mixed_______ t . o . b. nom.
N . Spring, N o . 2 .................. . . .
No. 2 yellow.............c. I. f.
90V
R ed winter. N o . 2 . new___1 26 V
No. 2 yellow kiln dried . . .
87
Hard winter. N o . 2 ________1 23 V
Argentina in b a g s ..............
........
Oats, per bushel, new—
cts.
Rye, per bushel—
Standard
........
51V @ 52V
New York.................c. 1. f . $1 04
N o . 2, w hite__________
Nom
W e ste rn ..............c.
I. f. $1 04
N o. 3. w hite.................50 V ® 51 V
M a lt............................. ............ 9 0 @ 9 2 c.
N o. 4. white_________ 49 V ® 5 0 V
__
FLOU R
W inter, low grades____ $4 5 0 @ $ 4 80 Kansas straights, sa ck s.$5 5 0 @ $ 5 80
Winter patents_________ 0 0 0 ® 0 25 Kansas clears, sacks___ 5 0 0 ® 5 40
Winter straights______ 5 6 0 ® 5 85 City patents___________
7 30
Winter clears.................. 5 3 0 ® 5 50 Rye Hour.........................5 10® 5 45
Spring p a te n ts................6 1 5®
6 40 Buckwheat flou r______ .
.
Spring straights.............. 5 8 0 ® 6 05 Graham flour.................. 4 3 0 ® 5 35
Spring clears.................... 5 3 5 ® 5 70
T h e s ta te m e n t o f th e m o v e m e n t o f b r e a d s tu ffs t o m a r k e t
in d ic a t e d b e lo w a r e p r e p a r e d b y u s f r o m fig u r e s c o lle c t e d b y
th e N e w Y o r k P ro d u ce E x ch a n g e .
T h e r e c e ip t s a t W e s t e r n
la k e a n d r iv e r p o r t s f o r t h e w e e k e n d in g la s t S a t u r d a y a n d
s in c e A u g . 1 f o r e a c h o f t h e l a s t t h r e e y e a r s h a v e b e e n :
R e c e ip ts at —

1

Chicago.........
Minneapolis .
Duluth_____
Milwaukee . .
Toledo______
Detroit........ .
Cleveland__
St. Louis___
P eoria_____
Kansas Clty.
Omaha_____

F lo u r .

W h ea t.

C orn .

O a ts .

B a r le y .

R ye.

60 lb s. b u sh . 56 lb s. b u sh . 32 lb s.'b u sh A 8 lb s . b u sh 5616*
1.631.000 1,299,000 3,455
3,455,000 356,000
63,000
1.362.000
750 ,000!
40,000,
750,0001 270,000
42.000
120,000
3 ,0001
20,000
28.000
80,000
106,000
740 ,000, 244,000
68,000
26,000
27.000
47 ,000
1
1,000
45,000;
37.000
110',000
...........
1,000
21.000
48 .000
:
615,000'
644.000
277 ,o o
o ! 11 ,000! 13.000
643.000 2,552,000
792 ,000, 251,000!
52.000
1.024.000
643.000
31 •99°i
............
467.000
465,000,
130 ,000-

bbls.l9 & lb s. b u sh .

Total wk.1916
Same wk.1915'
Same wk.1914

154,000

23.000
" Y.666
3,000
84.000
191,000

402,000
390,000
343,000

6.014.000
4.842.000
2.567.000

5,834,000,
4,057,000'
1,645,000

6,388 ,000| 1,152,000'
3,066 ,000' 761,000
2,428 ,000j 828,000'

267,000
86,000
135,000

Since Aug.l—
j
|
.
1915-16... 16,221,000442,064,000185,616,000160,822 ,000 07,887,00020,269,000
1914-15... 15,699,000343,596,000203,385,000232,366,,000(76,863,00018,322,000
1913-14... 16.106.000246,292,000 130,669,000 177,362,,00076,556,00020,809,000

Total receipts of flour and grain at the seaboard ports for
the week ended ^April 29 1916 follow:

C orn ,
j O a ts .
[ B a r le y . 1 R y e .
Corn advanced on good buying of May by large elevator R e c e ip ts at — i F lo u r . \ W h e t
B a r r e ls . \ B u sh els.
interests at Chicago, wet and cold weather, the sharp reduc­
B u s h e ls . \ B u s h e ls , i B u s h e ls . I B u s h e ls .
New York__
114,000
918,000| 276,000!
4,000
tion in the Chicago stocks and, in fact, a decrease in the visi­ Boston_____ !! ■ 161,000 1.324.000
49,090|
271.000
2,000!
454,000
2,000|
ble supply in this country of 2,210,000 bushels
Country Portland, Me.
22,000
986.000
_____ ;
_____ ■
57,0001
35,000;
44,000
396,000;
2,000'
offerings have been moderate, a fact which has emphasized Philadelphia ., 111,0001 1.434.000
Baltimore__ 1
476.000
440,000
694,000,
45,000!
182,000
the offect of rapidly decreasing visible stocks. May which N’port News.
21,000|
_____
1,269,000,
N orfolk........
11,000
.
---------was recently at a discount under July, has latterly been at a Mobile..........
10,000
66.6561
iff,556
premium of a quarter of a cent or more. The Government New Orleans*; 45,000
304.000
198,000
44,000
Galveston___
70.000
3,000
weekly weather report says that cool weather in the South­ Montreal___
24.000
772.000
4,000
241,000
10,666
ern States has prevented proper germination and retarded St. John........'
20.000
93.000
..........
.......... 1
...........
the growth of corn; also that damage by cut worms is general.
wk.1916
509,000 5.730,000
871,000! 4,037,000; 392,000
186,000
Plowing and preparation of the ground, it is true, are pro­ Total Jan. F 16; 8,903,000118,946,000 19,258,000 48,433,00010,738,000; 4,947,000
Since
gressing well in the central districts of the corn belt, but plant­
Week 1915...
434,000 5,210,000
878,000 5,357,000!
64,000| 167,000
ing has been delayed by cool, showery weather. Predic- SinceJan.1'15 9,286,000 99,724,000 29,840,000 52,319,0001 4,959,OOP1 5,499.000
tmns of frost havo at times affected Chicago quotations, but
* Receipts do not Include grain passing through New Orleans for foreign ports on
latterly the indications have pointed to fair and warmer through bills of lading.
The exports from the several seaboard ports for the week
weather. Liverpool has been dull, with reported larger of­
ferings from America and River Plate. At the same time ending April 29 are shown in the annexed statement:
W h e a t.
C orn ,
F lo u r ,
O a ts,
R y e, B a r le y ,
P ea s,
the consumption in the United Kingdom has been small.
E x p o r ts fr o m —
b u sh els.
b u sh els. b a r r e ls .
b u s h e ls . b u s h e ls . b u sh els. b u s h e ls .
In Argentina the arrivals of now crop aro increasing. It may New Y o r k ........... 1.409,222 148,831 102,590 253,095
202,133
2,595
22,000
57.000
be added, however, that the quality of the Argentine crop Portland, M e----- 986.000 35,751 25,060 348*,066
Boston-------------- 138,450
25.000
is said to bo rather doubtful. Some export demand has pre­ Philadelphia------ 1,377.000 69,000 7,000 331,000
____
vailed hero and a rise in ocean freights in Argentine ports Baltimore............ 257,159 ______ 891,000 _____
Norfolk............................ .
_____
____
___ '
11,000
creates the impression here that sooner or later Europe will Newport News................
____
21,000 1,269,000
66,000 10,000
21,000
havo to buy more freely in American markets. To-day M obile...................... .........
New Orleans------ 405,000
2,000
—
.1111
------1
prices declined and then recovered on good buying of May Galveston........ .. 524,000 445.000 41,000
197.000
Montreal---------93,000
:::::
____
by elovator interests.
20,666
::::::

St. John, N. B ._

D A IL Y CLOSING PRICES OP NO. 2 M IX E D CORN IN NEW Y O R K
S a t.

M on.

T u es.

S a t.

M on.

T u es.

W ed . T h u rs.

F ri

No. 2 yellow________________ cts. 91
92V 90V 90V
90M 90V
DAILY CLOSING PRICES OF CORN FUTURES IN C H IC A G O
May delivery in elevator_____ cts. 76V

July clollvory in elevator__________ 77

September delivery In elevator___ 76V

77 V
77
76V

761;;
76 V
76V

W ed . T h u rs.

77 V
77
76 V

76V
76 V
75V

'

F ri

7fi»4
7 IM 4
75V

Oats advanced with a sharp demand for May from cash
interests which were soiling July. The seaboard seemed
to be buying at Chicago. May has been at a premium of
2 n over July. There has been some export business. Last
Tuesday the sales were something like 150,000 bushels. At
the same time there has been a better cash demand for do­
mestic consumption and at times the weather has not been
good. May shorts have shown some nervousness. Re­



363,000

Total week----- 5,552,831
Week 1 915......5,462,694

—
..........
........
...........
........
961,582 348,750 2,224,161
____ 284,133
675,914 301,040 4,572,714 127,418 22,023

.........
2 595
3,565

The destination of these exports for the week and since
July 1 1915 is as below:
----------F lo u r -----------------------W h e a t - --------------------- C o r n ----------E x p o r t s f o r w eek
a n d s in ce
J u ly 1 to —

W eek.
A p r . 29

S in c e
J u ly 1

1916.

1915.

b b ls.

United K ingdom ... 124,274Continent_________ 164,112
Sou. & Cent. Amer. 20,509
West Indies............ 39,751
Brit. No.Am.ColS-.
100
Other Countries . . .
4

b bls.

W eek
A p r . 29

1916.
b u sh .

S in c e
W eek
J u ly 1 A p r . 29

1915.
b u sh .

1916.
b u sh .

S in c e
J u ly 1

1915.
b u sh .

4,673,340 3,555,354 121,301,178 359,751 4,517,411
4,525,199 1,997,442 156,068,110 344,614 12,379,292
1,871,540
2,727,140 151,146 2,379,084
1,589,524
35
110,643 106.071 2,540,237
38,964
170
9,546
240,099
921,961
23,921

Total................... 348,759 12,938,666 5,552,831 281,129,202 961,582 21,849,491
Total 1914-15........301,040 12,590,098 5,462,694 272,713,878 675,914 33,810,535

1732

THE CHRONICLE

T h e w orld’s shipm ents of wheat and con i for the w eek j
ending A p ril 2 9 1916 and sineo July 1 1915 and 1914 are
shown in the following:

[V o

l

. 102.

THE DRY GOODS TRADE

New York, Friday Night, May 5 1916.
D em and for dry goods continues active and higher values
have been established on m an y lines during the past w eek.
C orn .
W h e a t.
Deliveries are com ing forward from mills too slow ly to m eot
E x p o rts.
1915-16
1914-15.
1915-16.
| 1914-15.
tho requirements of jobbers and retailors, w ith tho result that
S in c e
W eek.
S in c e
S in c e
W eek
S in c e
A p r i l 29.
J u ly 1.
J u ly 1.
A p r i l 29.
J u ly 1.
J u ly 1.
thoro is m uch com plaint regarding the scarcity of supplies.
M anufacturers adm it their inability to m eot
contracts
B u s h e ls .
B u s h e ls .
B u s h e ls .
B u s h e ls .
B u sh els. 1 B u s h e ls .
NorthAmer* 7,861,000 403,118,000 384,640,000 866,030 22,880,000 34,289,000 prom p tly, but attribute it to the uncertain labor situation
4.811.000
Russia.........
4,386,000 12.074.000
9.431.000 which has interfered w ith operations during tho past few
Danube____
2.347.000
Argentina . . 1.832.000 43.636.000 61.571.000 476,000 134,708,000 123,735,000
m o n th s. Recent advices from F all R iver and other m an u fac­
Australia___ 1.944.000 22,160,003 8.996.000
11.756.000 18.632.000
turing centres are more encouraging in this respect, and it is
Oth. countr’s 175,000 13.354.000 5.833.000 349,000 8,346,000
believed that the advances in wages will insure a continua­
T o ta l___ 11813030 495,410,000 494,093,000 1,691,000 165,934,000 172,266,000
tion of operations under satisfactory conditions. M ills aro
* North America.—The Canadian Government has officially prohibited the
Issuance of both manifests and exports until after ten days. This Is effective em ploying all the labor th ey can secure and aro working to
during the continuance of the war.
capacity night and d a y , b u t despite the large volum e of pro­
Tlio qu an tity of w heat and corn afloat for Europe on dates
duction, have been unable to keep ahead of deliveries.
m entioned was as follow s:
Thero havo been no cancellations or m odifications of contracts
W h e a l.
C orn .
which would have enabled m anufacturers to moro readily
m eet thoir obligations, while the steady advance in prices,
U n ite d
U n ite d
T o ta l.
T o ta l.
K in g d o m . C o n tin e n t.
K i n g d o m . C o n tin e n t.
instead of checking dem and, has stim ulated buyers to cover
B u sh els.
B u s h e ls .
B u s h e ls .
B u s h e ls .
B u sh els.
B u s h e ls .
then- requirements well into tho future. Jobbing trado is
9.215.000
April 29 1916..
57.720.000
showing no signs of
63.832.000
9.784.000 active, with dem and from retailers
April 22 1916..
62.696.000
11.356.000
May 1 1915..
Tho m arket is full o f o u t-of-tow n buyers seek­
May 2 1914.. 20,24s’,666 19,632',666 39.880.000 4,556,000 87619,666 13.175.000 abatem ent.
ing b oth staples and specialties for quick delivery, as well as
T h e visible supply of grain, comprising the stocks in
granary at principal points o f accum ulation at lake and covering their fall and early winter requirements. T he
warmer weather of tho past week has greatly increased retail
seaboard ports A p ril 2 9 1916 was as follow s:
sales of spring and sum m er goods and a continuance of m ild
GRAIN STOCKS.
weather is expected to bring an influx of new orders from all
W h ea t,
C orn ,
O a ts ,
R ye,
B a r le y ,
sections of the country.
E xport trado w ith South Am erica
U n ite d S tates —■
bush .
bush .
bush .
b u sh .
bu sh .
New Y o r k ................................ 2,120,000
254,000
791,000
93,000 705,000
continues to expand, but in other directions it is backw ard.
B o s t o n .................
64,000
23,000
129,000
14,000
31,000
M a n y South A m erican representatives are in this m arket
Philadelphia
_____
478,000
345,000
261,000
102,000
10,000
Baltim ore................................... 1,601,000
870,000
499,000 801,000 355,000
seeking supplies of all classes of cotton , woolen, worsted and
N ewport N ew s.....................
95,003
5,000
466,090
5,000
..........
other fabrics, b u t, owing to the neavy domestic dem and and
N ew Orleans............................ 2,284,000
283,000
106,090
...............
G alveston ................................ 1,890,000
286,000
....................................................
poor shipping facilities, they havo difficulty in closing con­
B u ffalo......... ...........................
742,000
1,410,000
687,000
87,000
10,000
tracts.
Current prices aro tho highest that tno South
T o l e d o _____________________
685,000
325,000
70,000
3,000
..........
D etroit.....................
334,000
222,000
332,000
65,000
_____ erican trade have ever had to p a y , b u t no hesitancy is
Am
C h ic a g o ______ _______
4,319,000 8,340,003 3,001,000
66,000 417,000
shown in placing business where deliveries can bo guaranteed.
M ilw aukee___________
71,000
573,000
826,000
40,000 114,000
D u lu th _____________________ 13,071,000
555,000
35,000
604,000 E S T I C C O T T O N G O O D S .— Staple cotton goods
DOM
M inneapolis...............................10,097,000
90,000
2,221,003
271,003 ISO,000
continuo to advance w ith no falling off in tho dem and.
St. L o u is .................................. 1,622,000
238,003
420,000
9,000
33,000
Kansas C ity ......... .............
5,423,000 5,442,000
592,000
73,000
........................
Scarcity of spot supplies and late deliveries aro causing b u y ­
P eoria____________
12,000
138,000
241,000
...............
ers to tako moro interest in their ability to sccuro goods
Indianapolis_____ ______
274,000
631,090
274,000
...........
than in values, and whero lines that they need are avail­
O m a h a_____________________ 1,032,000
951,000
625,000
18,000
41,000
On Lakes_____ _____ _______ 2,650,000
572,003
......................... ..
............
able tho prices asked are willingly paid. Standard bleached
Total April 291916.........48,864,000 21,004,030 12,096,030 1,687,000 2,530,000 goods have been advanced on an average of a quarter cent
Total Aptll 221916.........50,889,000 23,214,000 12,975,000 1,892,000 2,620,000 per yard and in some instances a half cont advanco has been
Total May
11915_____26,439,000 20,203,000 23,022,000 956,000 2,394,000
W id e sheetings havo also been m arked up a half
Total May
21914.........43,388,000 9,380,000 13,262,030 1,147,000 2,486.000 asked.
cent with the dem and active. Forw ard inquiry for print
N o t e . — Bonded grain not Included above: Wheat, 277,000 bushels at New York,
94.000 Baltimore, 78,000 Philadelphia, 717,000 Boston. 3,108,000 Duluth, 2,912,000 cloths has im proved during tho week and soveral contracts
Buffalo: total, 7,186,000 bushels, against 1,340,000 bushels In 1915. Oats: 675,000
New York, 267,000 Boston, 8,000 Philadelphia. 601,000 Duluth: total, 1,551,000 have been closed for delivery late in tho current year. M ills
bushels, against 311,039 In 1915; and barley, 30,090 Boston, 139,000 New York, aro very firm in their ideas and are accepting forward busi­
125.000 Duluth: total, 294,000, against 41,000 In 1915.
ness either upon an “ at valu e” basis or at prices considerably
C a n a d ia n —
Colored
M on treal............................. 1,872,000
18,000 2,105,000
41,000
89,000 higher than those ruling on nearby contracts.
Ft. William & Pt. A rthur..17,321,000
........... 7,854,000
.............................
cottons have all been placed at new high levels w ith some
Other Canadian.................. 7,798,000
--------- 1,959,000
.............................
lines reported withdraw n from the market-. B uyers aro
Total April 291916......... 26,991,003
18,000 11,918,000
41,000
89,000 very cautious in taking up colored goods owing to tho un­
Total April 221916......... 30,121,000
8,000 12,809,000
39,000
98,000
T ho high cost of goods with
Total May
1
1915_____ 10,652,000
95,000 5,849,000
15,000 130,000 certainty of their quality.
Total May
21914_____ 17,431,000
7,000 10,643,000
12,000 772,000 guaranteed colors is a restraining factor as buyers do not wish
S u m m a ry—
to com m it them selves too far ahead at such high prices
American.............................. 48,864,000 21,004,000 12,096,000 1,687,030 2,530,000
Canadian.......................... ..26,991,000
18,000 11,918,000
41,000
89,000 when a sudden chango in tho international situation would
alter the whole aspect of tho dye problem .
G ray goods,
Total April 29 1916....... 75,855,000 21,022,000 24,014,000 1,728,000 2,619,000
Total April 22 1916____ 81,010,000 23,222,000 25,784,000 1,931,000 2,718,000 38-inch standard, are quoted a t 5 % c .
Total May
1 1915____ 37,091,000 20,298,000 28,871,000
971,000 2,524,000
W O O L E N G O O D S .— A lthough somo unsottlem ent has
Total May
'2 1914....... 60,819,000 9,387,000 23,905,000 1,159,000 3,258,000
resulted from tho strike of garm ent workers in N e w Y o r k ,
business in woolens and worsteds is very satisfactory.
W E A T H E R B U L L E T IN FO R T H E W E E K E N D IN G
M A Y 2 .— T h e general sum m ary o f tho weather bulletin M anufacturers are not being influenced b y tho strike and
issued b y tho D epartm en t of Agriculture, indicating tho do not expect that it will last very long or that its offect will
influence of the weather for the week ending M a y 2 , is as bo far-reaching. Som e requests to hold back shipm ents of
piece goods pending a settlem ent of the trouble havo been
follows:
T h ey
Tlio cold weather in tho central and eastern districts has rotarded tho received, but aro being ignored b y m anufacturers.
developm ent o f vogetation, and farm work has been delayed in tlio N orth­ take tho stand that in view of their heavily sold-up condition
eastern States. Better growing woathor has prevailed on tho P acific
coast, except whero there lias been a lack o f rainfall in California. Frost any such request is virtually a cancellation and will bo
has been very widespread throughout tho N orthwest, and temperatures treated as such.
Greater interest is being shown in spring
bolow freezing havo been general in tho R ock y M ountain region and
1917 offerings, and several contracts for m en ’s wear are re­
uppor Plains States.
C O R N .— Tho cool weather in tho Southern States has prevented proper ported to have been closed.
W h ile tho business for spring
germination and rotarded the growth o f co n i. Dam ago b y cutworm s is
also general. Plow ing and preparation o f tho ground is progressing well in 1917 cannot be confirm ed, it is conceded to be a fact in reputa­
the central districts, but tho planting has been delayed becauso o f cool ble quarters.
T h e prices are understood to bo considerably
and showery weather. This delay makos tho tim e o f putting in tho crop
later than usual, but inasmuch as the balance o f the week promises to be higher than those obtained during tho current light-w eight
unseasonably cool in m ost o f the corn States, it seems wise for this work season, and it is understood that the goods were selected
to bo still further delayed until tho passing o f tho presont cool spoil.
W IN T E R W H E A T .— T ho weather has boon favorable for tho develop­ from the styles of the previous season.
m ent o f winter wheat and there is a general improvem ent in tlio crop in
F O R E I G N D R Y G O O D S .— T h e situation in linens con­
m ost sections, although some damage is reported by tho green bug and by
tinues unchanged. Business in substitutes is expanding
hessian fly in the Southwest.
S P R IN G W H E A T .— -Tho preparation o f tho ground and tho seeding and now lines of dom estic production aro finding favor.
o f spring wheat has boon delayed in the oxtremo N orthern States b y cold
and storm y weather, until this work is from ono to two weeks later than Southern m anufacturers havo succeeded in turning out quite
tho average. There is some com plaint also that tho ground is being poorly an attractive grade o f cotton dam ask which is being purchased
prepared. Tho seed is germinating well in the southern part o f tho spring- on a large scalo b y the class of trade which cannot afford to
wheat region, and tho plants are making good progross.
Large retailers aro
O A T S .—-Tho ground is too wot for plowing and seeding o f oats in tho pay the prices asked for tho genuine.
oxtremo Northeastern States, and tho crop has been unfavorably affected anxious to replenish their stocks of linens but aro finding
by drouth in the Southern States, but in the contral parts o f tho country
offerings lim ited.
There is still a good dem and for gonuino
oats are starting well and m aking fair growth.
R Y E A N D B A R L E Y .— R yo is im proving and is generally prom ising.
linens regardless of the high cost.
Dress goods are so scarce
R eports o f the condition o f barloy in tho upper P acific coast region are
favorable. In California, howovor, dry woathor has seriously affectod that cuttors-up and garm ent m akers aro turning thoir a tte n ­
tho growth o f all grains. Flax seeding is progressing well.
tion to other fabrics, knowing that they cannot expect to do
C O T T O N .-—W hile tho woathor has beon generally favorablo for work
Burlaps
in the cotton fields in tho Southeastern States, it has beon m uch too cool m uch in linen dress goods except in white colors.
fo r the proper germination and growth o f tho plants. In somo sections tho continue generally quiet with the undertone easy.
Light
soil is too dry also. Cutworm s are doing somo damage in tho lower
weights aro quoted at 7 .2 5 c . and heavy weights at 9 .2 5 c
Mississippi V alloy.




Mat 6 1916.]

THE CHRONICLE

is said, have actually been taken up, but the bonds of the
other five districts, it is claim ed, have been placed and the
m oney spent.
T ho other districts concerned will sim ply
have to be reorganized to com p ly w ith the construction placed
on the law b y the C ourt.

IT/VTE ATJ33 CITY JjEfjtltTNrENT,
■ J p ie © fe a n ic le .

C a m p b e ll C o u n t y (P . O . N e w p o r t ), K y .— Road Bonds
See item below under

PUBLISHED WEEKLY.

Upheld.— Turnpike Bonds Illegal.—
State of Kentucky.

T e r m s o f S u b s c r ip tio n — P a y a b le in A d v a n c e
F o r Ono Y e a r ..........
.............................................................................. $10 00
F or Six Mont ha................................................................................................
0 00

C a n b y , C la c k a m a s C o u n t y , O r e .— Charter Election.—
Reports state that an election will be held M a y 19 to vote
on the question o f establishing a now city charter.

E u rop ea n S u b scrip tion (in clu d in g p o s ta g e ).................................................. 13 0 0
E u rop ea n S u b s crip tion o s m onths (in c lu d in g p o s t a g e )..........................
7 60
A n n u a l S u b scrip tion in London (in c lu d in g p o s t a g e )............................... £ 2 1 4 s .
S ix M on th s S u b s cr ip tio n in Lou don (in c lu d in g p o s t a g e )........................ £ 1 l i s .

Canadian Subscription (including postage)

D a w s o n C o u n t y (P. O . G le n d iv e ), M o n t .— Bonds Re­
T h e Lum berm en’s T ru st C o . of P ortland and San
Francisco has refused to accept the $ 3 9 ,0 0 0 1 0 -2 0 -y r . (o p t.)
coupon funding bonds awarded to it on M a r ch 6 a t 1 0 2.51 for
4 /^ s (V . 102, p . 9 9 6 ), owing to a case which is pending in
the Supreme Court relative to the issuance of the bonds.

........................................... $ 1 1 50

S u b sc rip tio n in c lu d e s fo llo w in g

1733

fused .—

S u p p le m e n ts —

B INK AND q u o t a t io n (m o n th ly ) I R a il w a y a n d I n d u s t r ia l (3 times y e a r ly )
R a il w a y E a rn in g s (m o n th ly )
E l e c t r ic R a il w a y (3 tim es yearly)
S tate a n d C it y (sem i-an n u a lly) |B a n k e r s ’ C o n v e n t io n (y e a r ly )

T e r m s o f A d v e r t is in g — P e r I n c h S p a c e
Transient matter per inch space (14 agate lin es)................................
( Tw o Months
(8 times’) ............. 22 00
Standing Business Cards <
Months (13 tim es)............................
) S ix M on th s
(20 tim es)............................
n T w elve Months (52 tim es)............................
C h ic a g o O f f ic e — 30 South La Salle Street, Tolophono Randolph 7390.
B o n d o n O f f ic e —Edwards ifc Smith, 1 Drapers’ Gardens, E. C.

$4 20
29 00
50 00
87 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 Dcpcyster Sts., New Y ork.

M U N IC IP A L BOND SA LES IN APRIL.
Sales of m unicipal bonds during tho m on th o f April
aggregated $ 7 9 ,0 9 0 ,1 9 4 , including $ 5 5 ,0 0 0 ,0 0 0 4J4s issued
b y N ow Y o rk C ity .
T h o noxt largest total for tho m onth
o f April was in 1914 when tho bond disposals am ounted to
$ 1 0 3 ,2 2 4 ,0 7 4 , but this included $ 7 0 ,0 0 0 ,0 0 0 N ow Y o rk C ity
43^s.
In addition to tho $ 7 9 ,0 9 0 ,1 9 4 perm anent loans
$ 2 7 ,7 0 5 ,3 6 5 tem porary loans wore negotiated [in April this
yoar, including $ 2 3 ,5 0 0 ,0 0 0 rovenuo bonds and corporate
stock notes issued b y N o w Y o rk C ity .
T ho A p ril total is
also exclusive o f $ 1 ,7 5 0 ,0 0 0 Territory of Haw aii bonds and
$ 5 ,3 6 5 ,3 1 9 Canadian securities.

K e a r n e y , B u ff a l o C o u n t y , N e b .— Commission Form of
T he election held A p ril 25 resulted in
favor, it is stated , of the question of establishing the com m is­
sion form of governm ent.
K e n t u c k y (S ta te o f ).— Decision Concerning Road Bond
Issues .— A ll counties of this State contem plating a second
issue o f road bonds will be prevented from carrying out
their plans, according to the Louisville “ Courier-Journal,”
b y a recent decision of the C ourt of Appeals holding that
while Section 157a o f the constitution provides for the levy ­
ing of a tax o f 2 0 cents on each $ 1 0 0 of assessed valuation
o f the county for a sinking fund that this is the lim it and
that no further levy is possible until the d e bt, for which the
first levy is m ade to m eet, is extinguished in whole or in
part.
Concerning the Section referred to , the C ourt took
occasion to sa y :
•

Government Adopted.—

Section 157a o f the constitution, restricts the cou nty tax levy for public
road purposes to 20 cents on each $100 o f assessed valuation o f the cou nty
and when a tax o f that amount lias onco been levied, tho power o f the
cou n ty to levy a tax under Section 157a is exhausted, and it cannot levy
an additional tax o f any amount to pay tho debt and interest o f a second or
subsequently voted bond indebtedness.

On M a rch 2 4 the Court of Appeals rendered a decision
declaring valid road bonds voted b y C arter, D aviess and
K en ton counties. See item under Kenton County in “ Chron­
In the follow ing wo furnish a comparison of all tho various icle” of April 1, page 1281.
Suits were brought a t th at tim e
to test the valid ity o f the bond issues voted b y these counties
form s of obligations put out in April in the last fivo years:
on tho ground that as they did not receive a tw o-th ird ’s
1916.
1915.
1914.
1913.
1912.
s
S
S
S
m ajority a t the elections hold in 1914 and 1915 th ey were
$
defeated. On this point tho Court said , th at according to
Section 157 of the constitution, a 2 to 1 vote was necessary
Bonds of U. S. Posscss'ns 1,750,000
180,000
to carry, tw o-thirds of those voting being required, but that
Total..........................113,970,878 61,451,412 140,878.662 101,588,375 60,629,837
an am endm ent to the constitution (Section 157a) was
» Includes temporary securities Issued by New York City, $23.500 000 In Anrll adopted and this sim ply requires that all cou n ty road bond
1916; 810,027,525 In 1915, S12.707.415 In 1914, S00.485,235 In 1913 and $26,190,350 issues which m ust not exceed 5 % o f the value o f taxable
property, be subm itted to the voters for their ratification
T ho num ber of municipalities em itting permanent bonds or rejection. T h e C ourt, accordingly ruled that all that
and tho num ber of soparato issues m ado during April 1916 was necessary to carry a bond election was a m ajority v o te.
were 2 8 4 and 4 3 3 , respectively. T h is contrasts with 3 0 5 and A suit similar to the ones just referred to was brought
against C am pbell C ou n ty early in M a rch to prevent the
5 5 4 for M a rch 1916 and with 3 3 2 and 6 0 0 for April 1915.
issuanco of road bonds and also of turnpike bond s. See
F or com parative purposes we add tho following table, “ Chronicle” of M a r . 18, page 1091.
T h e C ourt of Appeals
showing tho aggregates of long-term issues for April and the holds that the road bonds are legal b u t the turnpike pur­
four m onths for a serios of years:
•
chase bonds are n ot, as tho election was held under Section
M o n th o f
F o r th e
4 7 4 8 b , K en tu cky Statutes, which requires a tw o-thirds
M o n th o f
F o r th e
A p r il
F o u r M o n th s
m ajority to carry.
A p r il
F o u r M o n th s
1916____

1915........
1914........
1913____
1912........
1911........
1910____
1909........
1908........
1907........
1 900...
1905........
1904___

..$79,090,194
. . 26,402,049
-.103,224,074
. . 23,644,915
. . 22,317,243
. . 38,562,086
. . 20,091,260
. . 37,402,552
. . 21,426,859
. . 19,909,004

S198,968,417
171,261,251
208,986,820
96,258,461
97,951,422
102,026,305
124,708,581
117,402,998
112,196,084
78,235,067
65,755,686
76,137,234
58,333,230

1903___
1902..
1901...
1900___
1899___
1898___
1897___
1890___
1895___
1894___
1893___
1892___

9,298,268
3,570,903

$48,803,588
38,254,819
33,192,622
48,650,275
26,098,992
27,336,096
48,031,385
19,072,118
29,490,400
35,718,205
20,680,211
28,987,431

Owing to tho crowded condition of our colum ns, we are
obliged to om it this week tho custom ary table showing tho
m onth s bonds in detail.
It will bo given later.

News Items.
A T ^ a i ^ Srlpreme Courl Upholds Road-Building Law
T}
J
u
P lur i L r n 1 H L islatu re . - T h e State Supreme Court re­
^

M a s s a c h u s e t t s (S ta te o f ).— Legal Investments for Savings
publish in full below the list issued b y the State
B an k Com m issioner on Jan. 2 0 showing tho bonds and notes
of railroad, street railw ay and telephone companies which
in tho opinion o f the Banking D epartm ent are now legal
investm ents for savings banks in M assachusetts under the
provisions of clauses third, fourth, fifth and sixth of Section 6 8 ,
Chapter 5 9 0 , A cts o f 1908.
Clause fourth, it is explained,
provides that bonds which com plied w ith the law prior to its
being am ended in 1908 shall continue, under certain condi­
tions, to bo legal investm ents. T h e bonds which do not
com p ly w ith clause third o f the A c t , b u t continue to be legal
through clause fourth, are printed in italics, the reason being
in all instances givon in tho fo o t-n otes.
T h e issues added to
tho latest list for 1915 are designated below b y means of tlie
word “ new ” in black-faced typ e.

Banks.— W o

p

cently rendered a decision upholding tho road-building law
passed by the Legislature in 1915 and now known as A c t 3 3 8 ,
which provKies ior the creation and establishm ent of road
districts for the purpose o f building, constructing and m ain­
taining the lug iways throughout tho State. T ho C o u rt’s
im portant rulings on tho construction o f tho law woro that
in all districts organized under tho 1915 law , preliminary sur­
v ey s, plans, specifications, estim ates, & c ., m ust bo m ado b y
engineers of the State H igh w ay D epartm en t and filed b y
them m the Cou ty
o u it where tho im provem ent is being
m ad e, before petitions to organize the districts are circulated.
It is said th at this decision will cause the invalidation of over
tw enty road districts.
O f this num ber abou t six are said

D is t. N o . 6 , $ 3 0 ,0 0 0 ; Searcy C o .’ R oad D is t. N o 1 $1 4 ono
and W ln tq C o . R o ad D is t. N o . 1, $ 9 ,0 0 0 .
In tho case of
M ississippi C o u n ty, only $ 1 5 ,0 0 0 of tho $ 3 0 0 ,0 0 0 bonds, it




R A IL R O A D B O N D S.
BAN G O R & A RO O ST O O K S Y S T E M , a e
V.
& A . I I R . , a , e , 1st 5s. 1943.
IA r o o s . N o r . R R . , a , e , 1st 5s. 1947.
F i s c a l . D i v . , a , e , 1st 5s, 1943.
N o rth M a i n e S e a p o r t R R ., a , e .
V a n I i u r e n E x . , a , e . 1st 5s, 1943.!
R R . and term. 1st 0s. 1935.
M e d f o r d E x . , a , e , 1st 5s. 1037.
j
BOSTON & M A IN E SYSTEM .
Boston & Lowell R R .—
Concord & Montreal R R . cons. m tg.
Plain, 4s, 1916.
4s. 1920.
Plain, 4s. 1917.
Fitchburg R R .—
Plain, 4s. 1918.
Plain, 4s, 1916.
Plain, 3 Ms. 1919.
Plain, 3 H s, 1920.
Plain, 3 « s , 1921.
Plain, 4s, 1920.
Plain, 3 Ms. 1923.
Plain, 3 H s, 1921.
Plain, 3 Ms, 1925.
Plain, 4s, 1925.
Plain, 4s. 1926.
Plain, 4s, 1927.
Plain, 4s. 1927.
Plain, 4s, 1928.
Plain, 4s, 1929.
Plain, 4 Ms, 1928.
Plain, 4s, 1932.
Plain 4 Ms, 1932.
Plain. 4 M s, 1933.
Plain. 4 Ms, 1933.
Connecticut & Passumpslc Rivers
Plain, 5s, 1934.
R R . 1st 4s, 1943.
Plain, 4s, 1937.
Connecticut R iver R R .—
T roy & Bos. R R . 1st 7s. 1924.
Plain, 3 Ms, 1921.
V t. & Mass. R R . plain 3 Ms. 1923.
Plain, 3 Ms, 1923.
Sullivan Co. R R . 1st 4s, 1924.
Plain, 4s, 1943.
Verm ont Valley R R . 1st 4 Ms. 194C.

N EW Y O R K N E W H A V E N & H A R T F O R D S Y S TE M .
Boston & Providence R R . plain,4s. Old Colony R R .—
Plain, 4s, 1924.
1918.
Plain, 4s, 1925.
H olyoke & W estfield R R . 1st 4 ^ s ,
Plain, 4s, 1938.
1951.
Plain, 3 Ms, 1932.
Norwich & W orcester R R . debenture
P rov. & W ore. R R . 1st 4s, 1947.
4s, 1927.
M A IN E C E N T R A L SYSTEM .
European & North American R y .
Maine Central R R .—
1st 4s, 1933.
Collateral trust 5s, 1923.
Penobscot Shore Line R R . 1st 4s, Upper Coos R R .—
Mortgage 4s, 1930.
1920.
Extension mtge. 4 H s, 1930.
Maine Shore L ln e R R . 1st 6s, 1923.
Belfast & Moosehead Lake R R . W ash. Co. R y . 1st 3M s, 1954.
Portland & Rum ford Falls R y . con ,
1st 4s, 1920.
solldated 4s, 1920.
Dexter & Newport R R . 1st 4s, 1917.
Dexter & Piscataquis R R . 1st 4s, Port. & Ogd. R R . 1st 4 Ms. 1928.
Somerset R y .—
1929.
First 5s. 1917.
First and refunding 4s, 1955.
A T C H IS O N T O P E K A & S A N T A FE R A IL W A Y S Y S T E M .
Chicago Santa Fe & C al. R y . 1st 5s.
Atchison Topeka & Santa Fe R y .—
1937.
General m ortgage 4s, 1995.
Hutchinson & So. R y . 1st 5s, 1928.
Trans. Short Line 1st 4s, 1958.
San Francisco & San Joaquin Valley
East Oklahoma 1st 4s, 1928.
R y . 1st 5s, 1940.
B A L T IM O R E & OHIO SYSTEM .
Cleveland Terminal & Valley R R .
Baltim ore & Ohio R R .—
1st 4s, 1995 (n e w ).
R efund. & gen. M . 5s, 1995 ( n e w ).
Huntington & Big Sandy R R . 1st
C on vertib le4 Ms, 1933 (n e w ).
6s, 1922 (n ew ).
Prior lien 3 Ms, 1925.
M onongahela River R R . 1st 5s,
First m ortgage 4s, 1948.
1919 (n e w ).
Pitts. Jc. & M id . D iv . 3 Ms, 1925
Ohio River IIR. 1st 5s, 1936.
(n e w ).
General 5s, 1937 (n ew ).
Pitts. Lake Erio & W est V a . re­
Pittsburgh Cleveland & T oledo R R .
funding 4s, 1941 (n e w ).
1st 6s, 1922 (n ew ).
S. W . Div. 3 Ms. 1925.
C en t.of Ohio R R . lst4 M s,1 9 3 0 (n ew ) Ravenswood Spencer & Glenvillo R y.
1st 6s, 1920 (n ew ).
Cleveland Lorain & Wheeling R y .—
Schuylkill River East Side R R .
Consolidated 5s, 1933 (n ew ).
1st 4s, 1925 (n ew ).
General 5s, 1936 (n ew ).
W . Va. & Pittsb. first 4s 1990.
Refunding 4 M s, 1930 (n e w ).
C E N T R A L OF N E W J E R S E Y SYSTEM .
Central R R . of N . J. general 5s, 1987.
CHICAGO & N O R TH W E S T E R N SYSTEM .
W inona & S t. Peter R R . 1st 7(4.
Chicago A North Western R y .—
1916.
General 3 Ms, 1987.
B o y e r V a l l e y H R . * 1st 3 Ms. 193J.
General 4s, 1987.
Minn. A la . R y . 1st 3 Ms, 1924.
General 5s, 1987 (n e w ).
Princeton A N. VV. R y . lst3M s,19S8.
Extension 4s, 1926.
P e o r i a A N o r l h w . R y . * lst 3 M s.1928.
Sinking fund m tge. 5s, 1929.
M a n k a t o A N e w U lm R y . ‘ 1st 3MB.
Sinking fund m tge. 6s, 1929.
1929.
Cedar Rapids & Missouri River R R .
Frem ont, Elkhorn A Missouri Valley
m ortgage 7s, 1910.
R R . cons. 6s, 1933.
N orthwest. Union R y . 1st 7s, 1917.
M i n n e s o t a A S o u t h D a k o t a R y . Met
Mllw. Lake Shore A Western R y .—
3 Ms, 1935.
Consolidated 6s, 1921.
Iowa M. A N. W . R y . 1st 3 Ms, 1935.
Marshfield E xt. 1st 5S, 1922.
Sioux City A Pac. R R . 1st 3 M s.1936.
Michigan Div. 1st Cs, 1924.
Manitowoc Green Bay & N . W . R y .
Ashland Div. 1st 6s, 1925.
1st 3 Ms, 1941.
E xt. A lm pt. m tge. 5s, 1929.
Wise. Nor. R y . 1st 4s. 1931.
CHICAGO B U R LIN G TO N & QU IN CY SYSTEM .
Chicago Burlington & Quincy R R .— Burlington & Mo. R iver R R . In Ne­
braska consol. 6s, 1918.
General 4s, 1958.
Illinois Div. mortgage 3 Ms. 1949. Republican Valley R R . mortgage
6s. 1919.
Mortgage 4s, 1949.
Tarklo Valley R R . 1st 7s, 1920.
Iow a D iv. m ortgage 4s, 1919.
Nodaway Valley R R . 1st 7s, 1920.
Mortgage 5s, 1919.
Denver Extension 4s, 1922.
Nebraska E xt. m tge. 4s, 1927.
CHICAGO M IL W A U K E E & ST. PA U L SYSTEM .
Chic. Mllw. A St. Paul R y .—
Chic. Mllw. & St. Paul R y .—
Chicago A Pacific, Western Div.
General & ref. 4 Ms 2014.
1st 5s, 1921.
Gen. & ref. con v. 5s, 2014 (n e w ).
W is. & Minn. Div. 1st 5s, 192i.
European loan 4s, 1925.
Chicago & Lake Superior Div.
Convertible 4 M S> 1932.
1st 5s, 1921.
Debenture 4s, 1934.
Chic. & Mo. Hlv. Div. 1st 5s. 1926.
General 3 Ms, 1989.
Dak. & Gt. So. R y . 1st 5s, 1916.
General 4s, 1989.
Fargo A So. R y . 1st 6s, 1924.
General 4 Ms, 1989.
La Crosse & Davenport Div. 1st M ilw . & N or. R R . ext. 4M s, 1934.
Cons, extended 4M s, 1934.
5s. 1919.
Chic. M il. & Puget Sound R y . 1st
Dubuque D iv. 1st 6s, 1920.
4s, 1949.
Wise. Valley Div. 1st 6s, 1920.
CHICAGO ST. PA U L M IN N E A PO LIS & OM AHA S Y S TE M .
Chic. St. Paul Minn. A Omaha R y . I Chic. St. P. & M. R y . 1st 6s, 1918.
Consol. 3 Ms. 1930.
Nor. W ise. R y . 1st 6s. 1930.
Consol. 6s. 1930.
I St. Paul A Sioux C. R R . 1st 6s, 1919.
DELAW ARE
D. A H . Co. 1st ref. 4s, 1943.
D. & H . Canal Co. 1st 7s, 1917.
Adirondack R y. 1st 4 Ms. 1942.

&

H U DSON SYSTEM .
j Schenectady A Duanesburg R R . 1st
6s, 1924.
. I A lb. & Susq. R R . conv. 3 Ms, 1946.

D E LAW ARE LACKAW AN NA
N ew

Y ork L a ck a w a n n a &

&

W es tern R y ., c .,

W E S T E R N SYSTE M .
1st 6s, 1921.

G R E A T N O R T H E R N SYSTEM .
Eastern R y . of Minn.—
Gt. N or. R y . 1st & ref.4 M s,1961.
Northern Division 4s, 1948.
Minneapolis Union R y .—
Montana Central R y .—
First 5s, 1922.
First 5s, 1937.
First 6s, 1922.
First 6s, 1937.
St. Paul Min. & Man. R y .—
W illmar A Sioux Falls R y .—
Consolidated 4s, 1933.
First 5s. 1938.
Consolidated 4 Ms, 1933.
Spokane Falls & Northern R y .
Consolidated 6s, 1933.
First 6s, 1939.
Montana ext. 4s. 1937.
Pacific ext. 4s, 1940.
IL L IN O IS C E N T R A L SYSTEM .
Illinois Central R R .—
Illinois Central R R .—
Cairo Bridge 1st 4s, 1950.
Refunding 4s, 1955.
St. Louis Div. 1st 3s, 1951.
Sterling extended 4s, 1951.
do
do 1st 3 Ms, 1951.
Gold extended 3 Ms, 1950.
Purchased lines 1st 3 Ms, 1952.
Sterling 3s, 1951.
Collateral trust 1st 3 Ms, 1950.
Gold 4s. 1951.
W e s t e r n L i n e s b ; 1st 4s, 1951.
Gold 3 Ms, 1951.
L o u i s v i l l e D i v . . b . 1st 3 Ms. 1953
Gold extended 3 Ms, 1951.
O m a h a D i v . , b , 1st 3s, 1951.
Springfield Div. 1st 3 Ms. 1951.
L i t c h f i e l d D i v . , ‘ 1st 3s. 1951.
Kankakee & South W estern R R .
C o l l a t e r a l t r u s t , d . 4s, 1952.
1st 5s. 1921.
L E H IG H V A L L E Y S Y S T E M ,
Lehigh Valley R R . 1st 4s, 1948.
L O U IS V IL L E & N A S H V IL L E SYSTEM
Mobile & M ontgomery 4 Ms, 1945.
Louisville & Nashville R R .—
N. O. & Mobile D iv. 55,000,000
Unified 4s, 1940.
1st 6s, 1930.
General 6s, 1930.
Nashville Florence & Sheffield R y .
First 5s, 1937.
1st 5s, 1937.
Trust 5s, 1931.
Evansville H .& N . Div. s. f. 6s, 1019. Pensacola & A tlantic R R . 1st 6s.
1921.
„
L oulsv. Cln. & Lex. R y . general
So. & N o. Ala. R It. 1st cons. 5s,
4 Ms, 1031.
1936.
Southeast & St. Louis D iv. 6s, 1921




[Vol . 102

THE CHRONICLE

1734

N E W Y O R K C E N T R A L SYSTEM .
Little Falls & Dolgovillo R R . 1st 3s,
N . Y . C . & II. R . R R .—
1932 (n e w ).
Debenture 4s, 1934 (n e w ).
Kalam azoo & W hite Pigeon R R . 1st
Debenture 4s, 1942 (n e w ).
5s, 1940 (n e w ).
Consolidation 4s, 1998 (n e w ).
Pine Creek R y . 1st 6s, 1932 (n e w ).
Itef. & im pt. 4 Ms, 2013 (n e w ).
Chicago Indiana & Southern R R . 4s,
M ortgage 3 Ms, 1997
,,
S. D . & P t. M . R R . 1st 3M s, 1959 1956 (n e w ).
Jamestown Franklin & Clearfield
(n e w ).
R R . 1st 4s, 1959 (n e w ).
Lake Shore coll. 3 Ms, 1998 (n e w ).
M ich . C ent. coll. 3 Ms, 1998 (n ew ) Im l. 111. & la. R R . 1st 4s, '50 (n e w ).
Lake Shore & M ich . South. R y .— Cleveland Short Lino R y . 1st 4M s.
1961 (n e w ).
First general 3M s, 1997
Sturgis Goshen & St. Louis R y . 1st
Debenture 4s, 1928 (n e w ).
3s, 1989 (n e w ).
Debenture 4s, 1931 (n e w ).
K a la m a z o o A lle g a n A G ra n d R a p id s
Beech Creek R R . 1st 4s, 1936.
R R . * lst 5s, 1938
„
Mohawk & Malone R y . 1st 4s, 1991.
M a h o n i n g C o a l R R . * lst 5s, 1934.
Consol. 3 Ms, 2002 (n e w ).
Y o u g h io N . Y . A H a r l e m R R . , c , mortgage P i t t s b u r g h M c K e e s p o r t A
g h e n y R R . *6s, 1932.
3 Ms, 2000.
fc
R om e W atertown & Ogdensburg R R . S y r a c u s e P h o e n i x < O s w e g o R R . , c ,
1st 6s, 1915.
_
Consol. 5s, 1922.
Carthago W atertown & Sackett s
C onsol. 3 Ms; 1922.
Harbor R R . cons. 5s, 1931.
C onsol. 4s, 1922.
R om o W atertown & Ogdensburg Utica & Black It. ItR . 1st 4s, 1922.
Boston & A lbany R R .—
Terminal R li . 1st 5s, 1918.
Plain. 3 Ms, 1952.
N orw ood & M on t. R R . 1st 5s, 1916.
Plain, 3 Ms. 1951.
Carthago & Adirondack R y . 1st 4s,
Plain, 4s, 1933.
1981 (n e w ).
Plain, 4s, 1934.
Gouverneur & Oswegatchie R R . 1st
Plain, 4s, 1935.
5s, 1942 (n e w ).
Plain, 4 M s. 1937
N . Y . & N or. R y. 1st 5s, 1927 (n e w ).
Plain, 5s, 1938.
N . Y . & Putnam R R . 1st consol. 4s,
Plain, 5s, 1963.
1993 (n e w ). <
N O R F O L K & W E S T E R N S Y S T E M (N E W ).
Scioto Valley & N ow England R R .
N orf. & W . R y . consol. 4s, 1996.
1st 4s, 1989.
. ,
N orfolk & Western R R .—
Colum bus C onnecting & Terminal
General 6s, 1931.
R R . 1st 5s, 1922.
N ow River 6s, 1932.
Im prove. & extension 6s, 1934.
N O R T H E R N P A CIFIC SYSTEM .
St. Paul & Dul. R R .1st 5s, 1931.
Duluth Short Lino R y . 1st 5s, 1916
St. P. & Dul R R . 2d 5s, 1917.
Consolidated 4s, 1968.
W ash. & Col. R . R y . 1st 4s, 1935

N orthern Pacific R y .—
Itef. & im pt. 4 M s, 2047.
General lien 3s, 2047.
St. P. A Dul. D iv. 4s, 1996.
Prior lien 4s, 1997.
St. Paul A N. P . R y . 6s, 1923.

M IC H IG A N C E N T R A L S Y S T E M .
M. C.-Jackson Lansing & Saginaw
Mich. Cent. R R . 1st 3 Ms. 1952.
R R . 1st 3 Ms. 1951.
M. C.-M lch. A ir Line R R . 1st 4s.
AX. C . - J o l i e t A N o r t h e r n I n d i a n a
1940.
R R . * 1st 4s, 1957.
M. C .-D etroit & Bay City R R . 1st
AX. C . - K a l a m a z o o A S o u t h H a v e n
5s, 1931.
R R . ’ 1st 5s. 1939.
M IN N E A P O L IS ST. P A U L & S A U L T S T E . M A R IE S Y S T E M .
M inn. St. P . & S. S. M arie R y .—
IM inn. & Pac. R y . 1st 4s, 1936.
1st cons. 4s, 1938
(M inn. S. S. M . & A tl. R y . 1 st4 s,1926
1st cons. 5s, 1938 (n e w ).
I
M O B IL E & OH IO S Y S T E M (N O W ).
M obile & Ohio ltlt . 1st m ortgage 6s, 1927.
N A S H V IL L E C H A T T A N O O G A & S T . L O U IS S Y S T E M .
Nash. C hatt. & St. L. R y . ( c o n . ) —
Nashvillo C hatt. & St. Louis R y .—
Lebanon B ra n ch 'lst 6s, 1917.
1st consol. 4s, 1928 (n e w ).
Jasper Branch oxt. 1st 6s, 1923.
1st consol. 5s, 1928
Centroville Branch 1st 6s, 1923.
T racy C ity Branch 1st 6s, 1917.
F a ye tto & M c.M . B r. 1st 6s, 1917.
P E N N S Y L V A N IA SYSTEM .
United N. J. R R . & Canal Co.—
Pennsylvania R R .—
General 4s, 1923.
Consolidated 5s, 1919.
General 4s, 1929.
Consolidated 4s, 1943.
General 4s, 1944.
General 4 Ms, 1965 (n e w ).
General 4s, 1948.
Consolidated 3 Ms, 1945.
General 3 Ms, 1951.
Consolidated 4s, 1948.
Cleveland & Pittsburgh R R .—
Consolidated 4 Ms, 1960 (n ew ) .
General 4 Ms, 1942.
Sunbury & Lewist. R y . 1st 4s, 1936.
General 3 Ms, 1942.
Sunbury H azleton & W ilkes-Barre
General 3 Ms, 1948.
R y. 1st 5s, 1928.
General 3 Ms, 1950.
2d 6s, 1938 (n e w ).
Allegheny Val. R y .
4s, 1942._
W est Chester R R . 1st 5s, 1919.
Cam bria A Clearfield R R . 1st 5s,
W . Penn. R It. cons. 4s, 1928.
1941.
Pittsburgh Virginia & Charleston R y .
Cambria & Clearfield R y . general
1st 4s, 1943.
4s, 1955 (n e w ).
South West Penna. R R . 1st <s, 1917 .
Clearfield A Jefferson R y . 1st 6s,
Junction R R . gen. 3M s, 1930.
1927 (n e w ).
D e l . R i v . R R . A B r . C o . ‘ 1st 4s, 1936.
Penn. A Northwestern R R . general
E r i e A P i t t s . R R . * gen. 3 Ms, 1940.
5s, 1930 (n e w ).
,
Philadelphia & Erie R R .—
Ilollidaysburg Bedford & Cum ber­
General 6s, 1920.
land R R . 1st 4s, 1951 (n e w ).
General 5s, 1920.
General 4s, 1920.
R E A D IN G S Y S T E M (N E W ).
Philadelphia & Reading R R . 1st 5s, 1933.
U N IO N P A C IF IC S Y S T E M .
Union Pacific R y . 1st M tg .4 s , 1947. |Union Pac. R y . 1st lion&ref. 4s. 2008
M ISCELLAN EO U S
B rid g e to n & Saco River R R . cons.
New L ondon Northern R R .—
43, 1928.
First 4s. 1940.
Narragansett Pier R R . 1st 4s, 1916.
B o s t o n T e r m . C o . , i , 1st 3 Ms, 1947.
Boston R evere Beach & Lynn ItR- Portland Terminal C o. 1st 4s, 1961.
N ew
Y ork A
N ew
E n g la n d R R 1st 4 M s. 1927.
___
B o s t o n T e r m i n a l i . 1st 4s, '39 (new)
• Secured on less than 100 miles ol railroad.
a Dividends paid for Insufficient numbqr of years.
b Bonds do not cover 75% of the railroad owned In fee at the date or tne
mtge. by the railroad corporation on the railroad of which the tntgo. is a
d

liallroaf^covered^by°one of the issues pledged as collateral Is not op-

^^funount'pahi^n^dlvldends less than one-third of amount paid In Interest.
i Legalized by special A ct of General Court.

ST R E E T R A IL W A Y BO ND S.
B O ST O N ELEVATED R A I L W A Y COM PAN Y

(NEW).

B oston Elevated R y. C o .—
(B oston E levated R y . C o .—
Debenture 4s, 1935.
Debenture 4M s, 1941Debenture 4 M s, 1937.
I Debenture 5s, 1942.
B O STO N & R E V E R E E L E C T R IC S T R E E T R A IL W A Y C O .
Boston & Revere Electric Street Iiy. j
C o. ref. 1st 5s, 1928.
I
E A S T M ID D L E S E X S T R E E T R A IL W A Y C O .
East M iddlesex Street R y . C o .—
I East M iddlesex Street R y . C o . Plain. 5s. 1918.
I Plain. 4s, 1922.
F IT C H B U R G & L E O M IN S T E R S T R E E T R A IL W A Y C O .
F i t c h b u r g & Leominster St. R y. C o . I Leominster Shirley & A yer Street
1st 5s, 1917.
. . R Y;
C onsol. 4 M s. 1921.
I 1st os, 1921.

m ay

6 1916.]

THE CHRONICLE

H O L Y O K E S T R E E T R A IL W A Y C O M P A N Y .
I H olyoke Street R y . C o .—
H olyoke Street U y. C o .—
1st m ortgage 5s, 1935 (n e w ).
Debenture 5s, 1920.
Debenture 5s, 1923.
S P R IN G F IE L D S T R E E T R A IL W A Y C O M P A N Y .
Springfield St. R v . C o. 1st 4s, 1923.1 W est. M ass. St. R y . C o . 1st 5s, 1926
S p r & E a s t St. R y .C o . 1st 5s. 1922. |W oronoco St. R y . C o . 1st 5s. 1920U N IO N S T R E E T R A IL W A Y C O .

U n i o n Street R y . Co. m o r t g a g e 4J*s, 1934.
W E S T E N D S T R E E T R A IL W A Y C O M P A N Y .
W est End Street R y . C o .—
W est E nd Street Ity. C o .—
Debenture 5s, 1932.
Debenture 4s, 1916.
Debenture 5s, 1916 (n e w ).
Debenture 4s, 1917.
Debenture 5s, 1917 (n e w ).
Debenture 4 A s , 1923.
Debenture 5s, 1918 (n e w ).
Debenture 4 A s , 1930.
Debenture 5s, 1944.
Debenture 4s, 1932.
W O R C E S T E R C O N S O L ID A T E D S T R E E T R A IL W A Y C O .
M arlborough & W estborough Street W orcester & Blackstone Valley Street
R y . C o . gold 5s, 1921.
R y . C o. 1st 4 A s , 1926.
Uxbridge & Blackstono Street R y . W orcester & C linton Street R y . C o.
1st 5s, 1919.
C o. 1st 5s, 1923.
U xbridge & Blackstone Street R y . W orcester & H olden Street R y . C o .
C o. debenture 5s, 1927.
1st 5s, 1923.
W orcester Consolidated St. R y . C o .- W orcester & M arlborough Street
R y . C o. 1st 5s, 1917.
Dobenturo 4M s, 1920.
W orcester & Southbridge St. R y . C o .
Debenture 5s, 1927.
1st 4 H s , 1922.
Refunding 1st 4 A * . 1930.
1st 4 A s . 1925.

TE LE P H O N E COM PANY BONDS.
American Telephone & Telegraph Co. collateral trust 4s, 1929.

Com paring the above list with the one for 19 1 4 , we find
that in addition to bonds which have m atured the following
issues havo also been elim inated:
C H IC A G O & N O R T H W E S T E R N S Y S T E M .
Southern Iow a R y . 1st 3 A s , 1925.

ST R E E T R A IL W A Y B O N D S.
B A Y S T A T E S T R E E T R A IL W A Y C O M P A N Y .
Boston M ilton & B rockton Street Lynn & Boston R R . C o. 1st 5s, 1924.
M y stic Vail. St. R y . C o. 1st 5s, 1919.
R y . C o . 1st 5s, 1919.
„
„
Boston & N orthern Street R y . C o. N ew B edford M iddloboro & B rock­
ton St. R y . C o. 1st 5s, 1920.
ref. 1st 4s, 1954.
Braintree & W eym outh Street R y . N orfolk Central Streot R y . C o . 1st
5s, 1918.
C o . 1st 5s, 1917.
, _
,,
,
Bridgewater W hitman & Rockland Old C olon y Street R y . C o . ref. 1st
4s, 1954.
St. R y . C o. 1st 5s, 1917.
B r o c k t o n B r i d g e w a t e r & l a u n t o n St. People's Stroot R y . C o. 1st 5s, 1928.
R y . C o. 1st 5s, 1917.
Providence & T aunton Streot R y .
B rockton St. R y . C o. 1st 5s, 1924.
C o . 1st 5s, 1918.
B rockton & East Bridgewater Street Rockland & A bington Street R y . C o.
R y. C o. 1st 5s, 1918.
1st 6s. 1915.
Dighton Somerset & Swansea Street South Shore & B oston Street R y . C o .
R y . C o. 1st 5s, 1915.
1st 5s, 1919.
G rorg otow n
R o w l e y & Ipsw ich St. Taunton Street R y . C o. debenture
R y. C o . 1st 5s, 1920.
5s, 1914.
Gloucester Essex & B overly Street Taunton & B rockton Street R y . C o .
R y. C o. 1st 5s, 1916.
1st 5s. 1917.
H av erh ill Georgetown & Danvers St. W akefield & Stoneham Streot R y .
R y. C o. 1st 5s, 1919.
C o. 1st 5s, 1915.
Lowell Lawrence & Haverhill Street W est Iloxbury & Roslindalo Street
R y . C o . 1st 5s, 1923.
R y . C o. 1st 5s, 1916.
M IL F O R D & U X B R ID G E S T R E E T R A IL W A Y CO.
M ilford Holliston & Framingham St. R y . C o. m ortgage 5s, 1918.
M ilford & Uxbridge Streot R y . C o. m ortgage 5s, 1918.
N A H A N T & L Y N N S T R E E T R A IL W A Y C O M P A N Y .
N ahant & Lynn Streot R y . C o .—
I N ahant & Lynn Stroot R y . C o .—
1st 5s, 1925.
I lst 5s* 1929 •

P h ilip p in e I s la n d s .—Senate Self-Government Bill Defeated
by House.— T h e H ouse on M a y 1, b y a voto o f 2 1 3 to 165,
defeated the Senate bill authorizing the President of the
U n ited States to grant absolute independence to the P hilip­
pines in n ot less than two nor more than four years.
On tho
sam e d a y the H ouse passed a substitute bill providing for a
new system of self-governm ent b u t fixing no definite date
when tho Philippines would finally be released from the
U n ited States.
See reference in our editorial colum ns on a
preceding page.
R o s e b u r g , D o u g la s C o u n t y , O r q.—Charter Election.—
Reports state that an election will be held M a y 2 2 to amond
the city charter so th at the proposed Rosoburg & Eastern
R R . m a y bo built b y the city w ith the bond issue of $ 3 0 0 ,0 0 0
authorized Juno 3 1915. See “ Chronicle” of A p ril 15, p . 14 64 .
S t. P a u l, M in n .— Charter Amendment Adopted Providing
for the Continuance of the Issuance of Certificates in Participa­
tion of City Bonds.— A t tho city election on M a y 2 an am end­
m ent to tho C ity Charter was adopted, according to local
papers, perm itting tho Sinking Fund C om m ittee, composed
of the M a y o r , Com ptroller and Com m issioner of Finance, to
continue issuing or selling w hat are called certificates of par­
ticipation in city bonds. Alth ough tho exact number of
votes has not y et been determ ined, tho unofficial returns
givo the am endm ent 1 9 ,292 “ for” to 6 ,7 4 2 “ a ga in st,” seven
precincts m issing.
It is stated that in all probability the
constitutionality of the provision would be fought out in the
courts.
In the “ Chronicle” of April 8 , page 1368, we published tho
full text of tho report m ade b y the R am sey C o u n ty G rand
Jury on M a rch 3 0 to D istrict Judge Jackson, criticizing the
sale of some $ 2 ,0 0 0 ,000 of these [certificates “ over the cou n ter.’
S a s k a tc h e w a n , P ro v in c e o f .— Debenture Sale.— N ow spaper roports state th at on April 2 0 an issue of $ 1 ,0 0 0 ,0 0 0
5 % 5 and 10-yoar debentures was awarded to the Provident
Savs. B an k & T rust C o . o f Cincinnati, O hio.
It is under­
stood th at the basis of the sale was 5 % % .
D u p a g e C o u n t y , 111.—Commission Govern­
T h o voters of this city recently voted in
favor of the question o f establishing the com m ission form of
governm ent, it is stated .
W h e a to n ,

ment Adopted.—




1735

Bond Proposals and Negotiations this week
have been as follows:
ADAMS CO U N T Y (P. O. Decatur), I n d . — B O N D S A L E .— On A pr. 21
tho $7,360 4 A % highw ay-im pt. bonds— V . 102, p. 1464— were awarded
to the Old Adam s C ounty Bank o f D ecatur for $7,490 40, equal to 101.826.
AIK EN C O U N T Y (P. O. Aik en ), So. Caro.— B O N D S A L E .— On M a y 1
the $40,000 5 % 10-year cou pon refunding bonds, dated April 1 1916 (V .
102, p . 1554) were awarded to R obinson-H um phrey-W ardlaw C o . o f A t­
lanta for $41,543 (103.857) and int.
ALBION (Village), Orleans C ounty, N. Y . — B O N D S V O T E D .— At a
special election held M a y 3 the voters decided in fa vor of the issuance o f
889,600 M ain Street and $10,400 Bank Street im pt. bonds at not exceed­
ing 5 % in t., it is stated.
ALCESTER, Union County, So. D ak. — B O N D S A L E .— This city has
sold an issue o f $10,000 clectric-light-plant bonds to Chas. S. K idder & C o.
o f Chicago.
ALLEN SCHOOL TO W N SH IP (P. O. Macy), Miami County, In d .—
B O N D S A L E .— On April 25 the $12,000 4 A %
7-year average coupon
school-building bonds (V . 102, p. 1464) wero awarded, reports state, to the
Fletcher-Am erican National Bank o f Indianapolis fo r $12,352, equal to
102.933, a basis o f about 4 .0 2 5 % .
AMERICUS, Sumpter County, G a. — B O N D O F F E R I N G .— Proposals
will be received until 6 p. m . M a y 9 b y N . M . D u dley, Chairman Finance
C om m ittee, for $30,000 4 A % _ 30-yr. coupon street-im pt. bonds voted
M arch 15 (V . 102, p . 1179). D enom . $1,000. Int. J. & J. Cert, check
for 5 % required.
ANN ARBOR, Washtenaw County, M ich .— B O N D S D E F E A T E D .
T he question o f issuing $235,000 school bonds was defeated b y the voters
at the April 20 election, it is reported. T he vote was 80 " f o r " to 1,286
against.
ANTIGO, Langlade County, Wis.— B O N D S A U T H O R I Z E D . — Local
papers state that the C ity Council has passed an ordinance providing for
the issuance o f $26,000 high-school-building bonds.
ARCADIA, Los Angeles County, Cal.— B O N D S A L E . — G . G . B ly m yer & C o . o f Los Angeles were awarded on F eb. 18 $131.250 5 A % waterworks-system bonds at par. D enom . $250 and $500. D ate D ec. 1 1914.
In t. J. & D . D ue $3,750 yrly. from 1919 to 1954 incl.
ASHLAND, J a c k s o n County, Ore.— B O N D S D E F E A T E D . — Reports
state that the election held A pr. 11 resulted in the defeat o f-th e question
o f amending the city charter providing for rebonding the city to tho extent
o f $43,500. The voto was 34 “ fo r” and 378 “ against.”

ASHTABULA COUNTY (P. O. Jefferson), Ohio.— B O N D

OFFER­

I N G .—

Proposals will be received until 1 p. m . M a y 22 b y B . E . Brainard,
Clerk o f B d. o f C o. C om m rs., for the following 4 A % road bonds:
$49,000 Jefferson-Eagleville road N o. 1 im pt. bonds. D uo $5,000 yrly.
on O ct. 1 from 1917 to 1924 incl. and $9,000 Oct. 1 1925.
47,500 M organ road N o. 4 bonds. D ue $5,000 yrly. on Oct. 1 from 1917
to 1924 incl. and S7.500 O ct. 1 1925.
D enom . $500. Date April 1 1916. Int. A . & O. Cert, check for $500,
payable to tho C o. Treas., required with each issue. Bonds to be delivered
and paid for within 10 days from tim e o f award. Purchaser to pay ac­
crued interest.
B O N D S A L E . — On A pril 24 tho $76,000 4 A % 3-year average road bonds
(V. 102, p. 1464) were awarded to Cum mings, Prudden & C o. o f Toledo
for $76,163 (100.124) and interest, a basis o f about 4 .4 5 6% . Other bidders
wero:
Ohio N at. B k ., Colum bus.$76,110 561 Davies-Bertram C o ., Cin_$76,077 77
Bolger, M osser & W illaW . L . Slayton & C o .,T o l. 76,022 80
m an, C hicago__________ 76,098 801 Breed, E lliott & H arrison. 76,015 20
ASHTABULA COUNTY (P. O. J e ffe r s o n ), O h io .— B O N D S A L E . —
On M a y 1 the $122,500 4 A % 3-year aver, highway bonds— V . 102. p . 1464
— were awarded to Davies-Bertram C o . o f Cincinnati fo r $123,139, equal
to 100.521, a basis o f about 4 .3 1 % , it is reported.
ATTLEBO RO , Bristo County, Mass.— N O T E S A L E .— On April 28
$6,000 4 % 1-yr. rifle-range notes were awarded to the T rem ont T r. C o . at
100.87— a basis o f about 3.11 % . Other bids were:
E . H . Rollins & Sons, B o s _ 100.2771 Curtis & Sanger, B o sto n ____ 100.011
_
C rop ley,M cG aragle& C o.,B osl00.172!
Duo $3,000 on N o v . 1 1916 and 1919.
T E M P O R A R Y L O A N .— A loan o f $50,000 m aturing N o v . 1 1916 was
negotiated with Lee, Iligginson & C o . o f B oston on A pril 27 at 2.82% dis­
cou nt. Other bidders were:
D is co u n t.

Trem ont Trust C o __________ *2.75%
Loring, T olm an & T upper,
B o s t o n __________
a2.85%
Curtis & Sanger, B oston_____ 2.88%

D is co u n t.

B ond & G oodw in, B oston ____2 .89%
Blake Bros. & C o ., B oston
2.99%
Old C olon y T r. C o ., B o sto n __ b3%
H . C . G rafton Jr., B oston ___a3.03%.
C ropley,M cG aragle& C o.,B os_3.14%
*This bid, being conditional, was rejected, a Plus 25 cents prem ium .
b Plus $1 premium.
AURORA, Kane C ounty, 111.— B O N D S V O T E D .— T ho question o f
issuing tho $75,000 water-works and electric-light bonds carried at the
election held A pril 18.
AURORA (Town) UNION FREE SCHOOL D ISTR ICT NO. 1 (P. O.
East Aurora), Erie County, N. Y . — B O N D S A L E .— On M a y 1 the $125,­
000 4 A % 161^-year average reg. school bonds wero awarded to a . B .
Leach & C o. o f N . Y . at 103.893 and in t., a basis o f about 4 .1 8 % .—
V . 102, p. 1644. •
AVA H IG H SCHOOL D IST R IC T (P. O. Ava), Douglas County, Mo.
— B O N D O F F E R I N G .— Proposals will be received at any tim e b y H orace
M . Curnutt, Clerk B d . o f E d ., for the $15,000 coupon high-school-bldg,
bonds authorized b y vote o f 208 to 22 at the election held A pr. 18. D e ­
nom . $1,000. Date M a y 1 1916. Separate bids to be subm itted on the
following propositions: 5 % 20-yr. (no option) bonds and 5 % 10-20-yr.
(op t.) bonds. N o deposit required. B onded debt, incl. this issue, $21,000.
N o floating debt. Sinking fund $6,000. Assess, val. 1915, $513,000.
T otal tax rate (per $1,000). $12 50. J. A . G . R eynolds is member o f Board
o f Education.
BANCROFT, Cuming County, N eb. — B O N D S V O T E D .— R eportd
state that the question or issuing electric-light-plant bonds was authorizes
at a recent election.
B AR STO W UNION H IG H SCHOOL D IST R ICT , San Bernardino
County, Calif. — B O N D S D E F E A T E D .— T he question o f issuing $30,000
building bonds failed to carry, it is stated, at an election held April 22.
BARTHOLOM EW C O U N T Y (P. O. Columbus), In d . — B O N D S A L E .
— W e learn that on April 25 tho three issues o f 4 A % 6-year average
road bonds, aggregating $24,000 (V . 102, p. 1554) were awarded to the
Irwin’s Bank o f Columbus for $24,386, about equal to 101.608, a basis o f
4 .1 9 % .
Other bidders were:
Fletcher A m . N at. B k ., I n d .$24 ,38 5 1M iller & C o ., Ind ia n a p olis..$24,288
.T. F . W ild & C o ., In d ----------24,314 Salem Bank, Goshen_________ 24,244
B reed, E lliott & H arr’n, I n d . 24.306]
BARTLESVILLE, W ashington County, O kla. — B O N D S D E F E A T E D
— N E W E L E C T I O N .— The question o f issuing $100,000 site-purchase and
high-school-building bonds failed to carry at the election held April 4. A
new election will be held in the near future. C . A . Lamm is M ayor.
B A Y VILLAGE SCHOOL D ISTR ICT (P. O. Bay Village), Cuya­
hoga County, Ohio.— B O N D S D E F E A T E D .— The question o f issuing
tho $40,000 site-purchase and constr. bonds defeated at the April 25 elec­
tion b y a vote o f 24 “ fo r " to 64 “ against” — V . 102, p . 1554.
B A Y C IT Y , T illa m o o k C ounty, Ore.— B O N D S A L E .— On A pril 20
five issues o f 6% street-im pt. bonds, aggregating $19,188 12, were awarded
to the Lum berm en’s Trust C o . o f Portland for $19,200 62 and int. There
were no other bidders. D enom . $500, $166 39, $225 98, $226 56, $231 39
and $337 80. D ate M a y 1 1916. Int. semi-annual at the office o f the
C ity Recorder o r at the Oregon fiscal agency in N ew Y o rk C ity.
BAYO U PAUL D R AIN AG E D IST R IC T , Iberville Parish, La.—
B O N D S P R O P O S E D .— R eports state that this district is contem plating the
issuance o f $200,000 im provem ent bonds.
BEARDSTOW N, Cass County, Ills. — B O N D S D E F E A T E D .— 'T he
question o f issuing $45,000 sewerage-system bonds was defeated at the

1736

THE CHRONICLE

election held A p r. 18 b y a vote o f 734 “ for” to 1,310 "aga in st,” reports
state.
B E A U F O R T C O U N T Y (P. O . B e a u fo r t ), S o. C a r o — B O N D S A L E —
On M a y 1 the $30,000 5 % coupon (with priv. o f registration as to principal)
tax-free refunding and road and bridge im pt. bonds (V . 102, p. 1045)
were awarded to Sidney Spitzer & C o. o f T oled o at 102.42 and int. Other
bids were:
C . W . M cN ea r & C o ., C h ie f*$31,308J. II. Flilsman & C o ., Atlan_$30,387
\
30,696 Cum m ings, Prudden & C o.,
T o l e d o .......................- .......... 30,267
Sidney Spitzer & C o ., Tol__*31,303
First N a t. Bank, C harleston. 30,152
B olger, M osser & W illam an,
C h ic a g o __________________ 30,543 \V. M . D avis & C o ., M a co n . 30,150
Spitzer, R orick & C o ., T o l . . 30,475 Jno. N uveon & C o ., C h ica go. 30,090
* F or straight 20-year bonds.
B E A V E R T O W N S H IP S C H O O L D I S T R I C T N O . 1, M a h o n in g
C o u n t y , O h io . — B O N D S D E F E A T E D .— A t the election M ar. 28 tho
issuance o f $5,500 school bonds was defeated b y a vote o f 90 to 14, it is
stated.
B E LLE V A L L E Y , N o b le C o u n t y , O h io .— B O N D S A L E .— On April 15
the $7,915 49 6 % 5 )4 -year average street assessment bonds were awarded
to W . L . Slayton & C o. o f T oled o for $8,238 44 and interest (V . 102, p.
1282). Other bids were:
F . C . noeh ler, T o le d o ____ $8,238 42|First N at. B ank, B arnesv.$8,076 49
Seasongood & M ayer, C in . 8,177 49 N ew First N . B k ., C olu m . 7,966 49
Spitzor. R orick & C o ., T o l . 8,161 49|NobIe C o. N . B k ., Caldwell 7,915 49
B E LLE V U E, E a to n C o u n t y , M ic h .— B O N D S A L E .— On M a y 1 the
$13,000 5% 5 14-year aver, paving bonds— V . 102, p. 1282— were awarded
to the D etroit Trust C o. o f D etroit for $13,300— 102.307— and in t., a
basis o f about 4 .5 1 9 % . Other bids were:
Spitzer, Rorick & C o ., T o l .$13,152 0 0 1
Joh n F .M cL ea n & C o.,D et.$ 13 ,0 6 6 00
B olger, M osser & W illa[C . II. C offin , C h ica go— 13,013 00
m an, C hicago__________ 13,119 00 Bellevue State B k ., BelleH anchett Bond C o .. C h ic. 13,067 5 0 1 v u o ____________________ 13,000 00
B E LM O N T, M id d lesex C o u n t y , M ass.— B I D S .— T he following were
tho other bids received for the three issues o f 4 % cou p, tax-free bonds aggre­
gating $166,000 awarded to Chandler, W ilbor & C o. o f B oston at 101.85
and int. on April 27— V . 102, p . 1645:
Blako B ros. & C o ., B o s t o n ..101.62 Arthur Perry & C o .................. 100.57
B lodget & C o ., B oston ______ 101.416 M errill, Oldham & C o ., B o s .100.569
Curtis & Sanger, B oston ____ 101.33 Estabrook & C o ., B oston — 100.42
H arris,Forbes& C o.,Inc.,Bost-100.894|C ropley,M cG aragle& C o.,B os.l00.183
B E L O IT , R o c k C o u n t y , W ise .— B O N D O F F E R I N G .— Proposals will
be received until 2 p. m . M a y 10 b y B . E . W ood , C ity Clerk, for $42,000
5 % cou pon street-paving (city ’s portion) bonds. A uth. Secs. 925-133 and
943, R ev . Stat. o f W ise., 1913. D enom . $500. Dato Juno 15 1916.
Prin. and semi-ann. int. payable at place to bo hereafter designated. Due
$3,000 yearly for tho first 9 years and $2,500 yearly for tho following 6 yrs.
Cert, check for $100 required. Purchaser to pay accrued int. and will be
expected to furnish a printed form o f bonds. Bonded debt, including this
issue, $138,500. Assess, val. 1915, $14,114,302: actual valuo o f real estate
and personal property (approx, est.), 1916. $16,000,000. T ax rate (per
$1,000) 1915, $17. O fficial circular states that tho principal and interest
o f all previously issued bonds has always been prom ptly paid at m aturity
and no previous issue o f bonds has been contested.
B E N T O N C O U N T Y (P. O. V in t o n ), I o w a . — B O N D S A L E . — G eo. M .
Bechtel & C o. o f D avenport wero recently awarded, it is stated, $30,000
4 >4 % funding bonds. D u o $6,000 yrly. from 1927 to 1931 incl.
B E N TO N T O W N S H IP (P. O . P o r t C lin to n ), O tta w a C o u n ty ,
O h io . — B O N D S D E F E A T E D .— R eports state that tho question o f issuing
$15,000 road bonds was defeated b y tho voters on April 25.
B E R L IN T O W N S H IP R U R A L S C H O O L D I S T R I C T (P. O. D e la ­
w a re ), D ela w a re C o u n ty , O h io .— B O N D S A L E .— On A p r. 17 the $4,000
5 % 6-year average cou p, school bonds— V . 102, p. 1464— wero awarded
to Otis & C o. o f Cleveland at 102.625 and in t., a basis o f about 4 .5 0 % .
Other bids were:
F . C . Hoehler, T oled o ____$4,093 6 0 1H ayden, M iller & C o ., Clev.$4,049 50
W . L . Slayton & C o ., T o l . . 4,062 80 Tilfotson & W olcott C o .,
Seasongood & M ayer, Cln_ 4,060 001 C incinnati----------------------- 4,040 80
B E V E R L Y , Essex C o u n t y , M ass .— T E M P O R A R Y L O A N .— On M a y 1
tho loan o f $200,000 maturing N o v . 3 1916 was awarded to Loring, T olm an
& T up p er o f B oston at 2.6 7 % discount plus $1 25 prem ium .— V . 102, p .
1645. Other bidders were:
B ond & G oodw in, B o s t o n ......................2.7 6 % discount
B lako B ros. & C o .. B oston _____ ______2.79% discount plus $3 premium
F . S. M oseley & C o ., B oston ...........
2.7 9 % discount plus $1 65 premium
L ee, Iligginson & C o ., B oston ________ 2.7 9 % discount plus $1 50 premium
Curtis & Sanger, B oston .................... . . .2 .7 9 % discount plus 50 cts. prern’m
Salom on Bros. & H utzlcr, N ow Y o r k . . 3 .09% discount
B ID D E F O R D , Y o r k C o u n t y , M e . — B O N D O F F E R I N G .— B ids will bo
received until 12 m . M a y 9 for $25,000 4 % street and sidewalk bonds, re­
ports state. D ate M a y 15 1916. D uo $5,000 yrly. from 1930 to 1934 incl
B IR D ISL A N D S C H O O L D I S T R IC T (P . O. B ird I s la n d ), R e n v ille
C o u n t y , M in n .— B O N D S V O T E D .— T he question o f issuing to tho State
o f M innesota $58,000 4 % 20-year building bonds carried at an election
held April 12. T h o v ote was 308 to 59.
B IS M A R C K S P E C IA L S C H O O L D IS T R IC T N O . 1 (P. O. B ism a rck ),
B u r le ig h C o u n t y , N o . D a k . — B O N D S D E F E A T E D .— T ho question o f
issuing tho $50,000 4 % 20-yr. building bonds (V . 102, p . 1368) failed to
carry at tho election held Apr.12. T ho voto was 60 " fo r ” and 293 "against.
B L A C K F O O T , B in g h a m C o u n ty , I d a h o .— B O N D O F F E R I N G . — Pro­
posals will bo received until M a y 12 by R o y S. D ekay, C ity Clerk, for ap­
proxim ately $100,000 special im provem ent bonds.
B L A C K W E L L , K a y C o u n t y , O k la .— P U R C H A S E R O F B O N D S .—•
T h o purchaser o f tho $32,000 w ater-works-ext., $10,000 electric-llght-ext.
and $18,000 sewer-ext. 6 % 25-year (op t.) bonds awarded on Apr. 20 at
par (V . 102, p. 1645) was Geo. I. Gilbert o f Oklahom a C ity . D enom .
$1,000. D ate A pr. 20 1916. In t. A . & O.
B L A IN E , W h a tc o m C o u n t y , W a s h .— B O N D S A L E .— On April 19
$23,600 1-20-yr. (op t.) funding bonds were awarded to the State o f W ash­
ington at par for 5 H s . Other bids were:
N orthern B ond & M tgo. C o .,
Keeler B ros., D en ver..............
514s
Seattle
-- .................. __5H s| W m . D . Perkins & C o ., Seattle.6s
D en om . $1,000. D ato probably M a y 1 1916. In t. semi-annually.
B LU E E A R T H , F a r ib a u lt C o u n ty , M in n . — B O N D S A L E .— Tho
$15,000 m unicipal electric-light plant ext. bonds voted April 4 (V . 102, p.
1464) have been awarded at private sale to W ells & D ickoy C o. o f M in­
neapolis.
B O O N E C O U N T Y (P. O. L e b a n o n ), I n d .— B O N D O F F E R I N G .—
Proposals will be received until 10 a. m . M a y 8 b y Nelson J. Parr, C ounty
Treasurer, for $1,250 Candolus Shaw road and $1,700 Victor A . Foreman
road 414% 514-year aver, road bonds. D enom . $62 50 and $85, respec­
tively. D ate April 1 1916. Int. M . & N . D uo one bond o f each issue
each six months from M a y 15 1917 to N o v . 15 1926 incl.
B O Y D C O U N T Y (P. O. C a tlo tt3 b u r g ),
y .— B O N D O F F E R I N G .—
Sealed or verbal bids will be received until I p. m. M a y 22 for $100,000 4 %
road and bridge bonds. J. II. W ade, T . L . Ford Sr. and Chas. Russell aro
C ounty Commissioners.
B R A C K E N C O U N T Y (P. O. B ro o k s v ille ), K y .— B O N D E L E C T I O N .
__T h e proposition to issue $200,000 road-constr. bonds will be submitted
to a v oto, it is stated, on Juno 17. W . II. Gibson is C ounty Judgo.
B R IG H T O N , P o lk C o u n t y , M o .— B O N D S V O T E D .— B y a vote o f
168 to 91 the question o f issuing $5,000 city-hall-erection bonds carried,
it is stated, at the election held April 18.
B R O O K -P A R K V IL L A G E S C H O O L D I S T R I C T (P. O. B erea ),
C u y a h o g a C o u n ty , O h io . — B O N D O F F E R I N G .— Proposals will be re­
ceived until 7 p. m . M a y 15 b y A . II. Pincom bo, Clerk o f Ikl. o f E d ., for
$35 000 5 % 18 1-3-year aver, coupon site-purchaso and constr. bonds.
A uth. Secs. 7625, 7626 and 7627, G en. C ode. D enom . $500. D ato day
o f sale. Prin. and semi-ann. int. (A . & O .) payablo at tho D ist. D epository.
D uo $500 each six months from A pr. 1 1917 to O ct. 1 1951 incl. Cert,
check on a bank other than the ono making the bid, for 10% o f bonds bid
for payablo to tho D ist. Treas., required. Bonds to bo delivered and paid
for within 10 days from tim e o f award. Purchaser to pay accrued Intertst.
A similar Issue o f bonds was reported sold during M arch. See V. 102,
p . 1368.
,




[Vol. 1 2
0

B R O W N T O N S C H O O L D I S T R I C T (P. O. B r o w n to n ), M c L e o d
C o u n t y , M in n .— B O N D S D E F E A T E D . — Tho question o f issuing $25,000
building bonds was defeated, it is stated, at an election held A p r ilil2 .
T ho vote was 115 " fo r ” and 127 "aga in st.”
B R U S H S C H O O L D IS T R IC T , S o n o m a C o u n ty , C a lif.— B O N D S
V O T E D . — T he election held A pr. 7 resulted, it is stated, in favor o f the
question o f issuing $2,000 building bonds.
B U R L E SO N C O U N T Y (P. O. C a ld w e ll), T e x . — B O N D S D E F E A T E D .
— T h o proposition to issue the $100,000 road bonds (V . 102, p . 1555)
was defeated at tho election held A pril 28.
C A D D O P A R IS H S C H O O L D I S T R IC T N O . 1 (P. O. S h r e v e p o r t),
L a .— B O N D O F F E R I N G . — C . E . B yrd , Supt. Bd. o f Sch. D irectors, will
sell at public auction at 1:30 p. m . M a y 23 the $150,000 5% building bonds
authorized by vote o f 251 to 23 at the election hold A pril 25 (V . 102, p . 1283)
D enom . $1,000. D ate July 1 1916. Int. J. & J. at tho Seaboard N at. B k .,
N . Y . Due yrly. on July 1 as follows: $2,000 1917, $3,000 1918 and 1919,
$4,000 1920 and 1921. $13,000 from 1922 to 1927 incl., $14,000 from 1928
to 1931 incl. C ert, check for 2 % o f the bonds offered required. Bonded
d eb t, including this issue, $245,000. N o floating debt. Assess, val. 1915,
$28,000,000: actual valuo, est., $60,000,000. Official circular states that
the district has never defaulted in any o f its obligations and that no liti­
gation nor contest whatsoever, so far, regarding tho issue or sale o f bonds,
boundaries o f district or authority o f the governing b od y.
C A M B R ID G E , G u e rn s e y C o u n ty , O h io .— B O N D S A L E . — On A pr. 27
tho tlireo issues o f 5 % bonds aggregating $34,250 (V . 102, p. 1555) were
awarded to W . L . Slayton & C o. o f T oledo for $35,307, equal to 103.086,
it is reported.
CAM DEN C O U N T Y (P. O. C a m d en ), N. J . — B O N D O F F E R I N G —
Proposals will bo received until 10:30 a. m . M a y 10 b y G eo. II. Gomersall,
Chairman o f Finance C om m ittee, for $14,000 30-year power-house and
hospital-land-purchase and $14,500 20-year N ewton L ake Bridgo 414 %
cou p, or rcg. (purchaser’s option) bonds. D enom . 1 for $500, 28 for $1,000.
D ate M a y 1 1916. Int. M . & N . at tho U . S. M tgo. & T r. C o ., N . Y .
Certified check on a national bank for at least 5 % o f bonds bid for. payablo
to the C ounty C ollector, required. Bids must bo m ado on forms furnished
b y tho Board o f Chosen Freeholders. T ho above trust com pany will
certify as to tho genuineness o f the signatures o f the cou nty officials sign­
ing tho bonds and tho seal impressed thereon. B onded d ebt $1,387,900;
sinking funds, $262,655: total assessed valuation 1915, $102,858,017.
C A M PBE LL C O U N T Y (P. O. L y n c h b u r g ), V a .— B O N D E L E C T I O N .
— ’R eports state that an election will be held in Seneca Magisterial D ist. on
M a y 8 to vote on the proposition to issue $40,000 road-im provem ent bonds.
C A N T O N , M a d iso n C o u n t y , M iss.— B O N D O F F E R I N C .— Proposals
will bo received until 10 a. in. M a y 15 b y W . I,. Dinkins, M a yor, for tho
$40,000 street and $16,000 school-im pt. 20-yr. 5% coupon bonds voted
A pril 3 (V . 102, p . 1645). D enom . $500 to $1,000. Date M a y 15 1916.
Int. semi-annual at C anton. C ert, check fo r $1,000, payablo to tho
M a yor, required. B onded debt, including these bonds, $137,000. Float­
ing d eb t, $6,000. Sinking fund, $1,800. Assess, val. 1915, $1,750,000.
T ax rato (per $1,000) $10. Bidders must satisfy themselves as to tho
legality o f tho bonds. Official circular states that thero is no pending or
threatened litigation against this or any other issue o f tho m unicipality on
tho title o f any official to offico.
C A N T O N , S ta rk C o u n t y , O h io .— B O N D O F F E R I N G . —'Proposals will
bo received until 12 m . M a y 15 b y Sam E . Barr, C ity A uditor, for tho
following cou p, bonds:
S13,000 414% fire apparatus purchase bonds. D enom . $1,000. D ato
M arch 1 1916. D uo M arch 1 1926.
700 5% sanitary sewer bond . D ato M arch 1 1916. D u o M arch 1
1921.
19,700 5% street assessment bonds. Denom . 1 for $700, 19 for $1,000.
D ato Sept. 1 1915- Due $3,700 Sept. 1 1917 and $4,000
yearly on Sept. 1 from 1918 to 1921, inclusive,
31,700 5% street assessment bonds. Denom . 1 for $700, 31 for
$1,000. Dato M arch 1 1910. Duo $7,700 M arch 1 1918
and $6,000 yearly on M arch 1 from 1919 to 1921, inclusive,
8.600 5% street assessment bonds. Denom . 1 for $600, 8 fo r $1,000.
D ate Sept. 1 1915. D uo $2,600 Sept. 1 1917 and $2,000
on Sept. 1 1918, 1919 and 1920.
19,000 5% street assessment bonds. D onom . $1,000. D a to M arch 1
1916. D u e $4,000 yearly on M arch 1 from 1918 to 1921,
inclusive, and $3,000 M arch 1 1922.
Int. semi-ann. at C ity Treas. office . Cert, check on a C anton bank for
5% o f bonds bid for, payable to tho C ity Treasurer, required. Bonds to
bo delivered and paid for within ten days from tim e o f award. Purchaser
to pay accrued interest. A certified cop y o f tho abstract showing tho
legality o f the issue will bo furnished purchaser. Successful bidder to
print, at own expense, tho necessary blank bonds, on special bond borders
and coupon sheets, to bo furnished b y the city .
CAPE F E A R T O W N S H IP , C h a th a m C o u n ty , N o. C a ro .— B O N D
O F F E R I N G . — Proposals will bo received until 1 p. m . M a y 15 b y J. \V.
Johnson, Clerk B d . o f C o. Comm rs. (P. O. PIttsboro), for $50,000 5% road
bonds. D enom . $1,000. D ato M a y 1 1916. Prin. and semi-ann. Int.
(M . & N .) payable at the H anover N at. B ank, N . Y . D uo $2,000 M a y 1
from 1918 to 1942 incl. Bonds to bo delivered and paid for at tho H anover
N at. Bank at 12 m . M a y 19 unless some other place and dato shall bo
agreed upon. C ert, check upon any national bank, or upon a bank or
trust com pany doing business in N o . C aro., for 2% o f bonds bid for, paya­
ble to tho above-m entioned Clerk, required. Purchaser to pay accrued
Int. A ll proposals must bo on blank form s, which together with other in­
form ation, will bo furnished b y the Chairman or Clerk, B d. o f C o. Comm rs.
Prelim inary resolutions and form s havo been prepared b y J. L. M oreliead,
Durham , N . C . L egality will bo approved b y Caldwell & Masslich, Now
Y ork C ity , whoso approving opinion will bo furnished to tho purchasers
at tho H anover N at. Bank, N ow Y ork, M ay 19 1916, and must thon bo
paid for. Bonded debt, this issue, $50,000. N o floating dobt. Assess,
val. 1915, $1,008,154: actual va l., $1,500,000. Using nowspaper reports,
wo stated In last week’s “ Chroniclo” (pago 1645) that these bonds would
be sold M a y 1.
C A R N E IR O S C H O O L D I S T R I C T (P . O. C a r n e iro ), E lls w o rth
C o u n ty , K a n .— B O N D S V O T E D . — T h e question o f issuing $8,000 liighschool-bldg. bonds carried, it is stated, at a recent election.
C A R R O L L C O U N T Y (P. O. D e lp h i), I n d .— B O N D S A L E . — On
April 25 tho $7,000 414% 6-year averago road-improvem ent bonds (V . 102,
p. 1555) wero awarded to the Citizens N at. Bank o f Delphi for $7,113 10
(101.615) and Interest, a basis o f about 4 .1 9 % .
C A R R O L L T O N , G reen e C o u n ty , 111.— B O N D S V O T E D — A t tho
election A pr. 18 tho voters decided in favor o f tho issuanco o f power-plant
bonds, it is stated.
C E N T E R S C H O O L T O W N S H IP (P. O. C row n P o in t ), L a k e C o u n t y ,
I n d .— B O N D S A L E . — Bids received for tho $7,000 5% 7 M -yr. average
school bonds offered on A pr. 22— V . 102, p. 1283— wore as follows:
Indiana T r . C o ., Indpls___$7,360 001 First N at. B k ., Crown Pd— $7,295
1’ eo. Stato B k ., Crown F t. 7,345 5 0 1Comm ercial B k ., C row n F t - . 7,025
C E R R O G O R D O C O U N T Y D R A IN A G E D IS T R IC T N O . 25, I o w a .—
B O N D S A L E — On April 17 $12,072 60 514 % drainage bonds wero awarded
to Schanke & C o . o f M ason C ity . Douom . (11) $1,000, (1) $1,072 60.
D a te April 1 1916. Int. A . & O. Duo $1,000 yrly. April 1 from 1917 to
1925 incl. and $3,072 60 April 1 1926.
C H A M P A IG N C O U N T Y (P. O. U rb a n a ),' O h io .— B O N D O F F E R I N G .
.— W . S. C offey, C o. A u d ., will receive sealed or verbal bids until 12 m .
M a y 11 for $3,240 5% coupon ditch bonds. D enom . $540. D ato M a y 11
1916. Int. payable at C o. Treas. offico.
D uo part each six months.
A certified check for 10% o f bonds bid for, payablo to C o. T reas., Is roquired
if a 10-day op tion is given purchaser in which to pay for bonds. Successful
bidder to satisfy himself at own expense as to tho legality o f theso bonds.
B O N D S A L E — On A pr. 10 tho $1,800 5% cou p, ditch bonds— V. 102,
p. 1369— wero awarded to tho National Bank o f Urbana at par. D onom .
$300. D ate A pr. 10 1916. Int. A . & O. Duo part each six months.
C H A T S W O R T H T O W N S H IP (P . O. C h a t3 W orth ). L iv in g s to n
C o u n ty , 111.— B O N D S D E F E A T E D — A t tho election April 4 tho voters
defeated tho question o f issuing $7,000 road bonds, it Is said.
C H EM U N G C O U N T Y (P. O. E lm ira ), N. Y — B O N D O F F E R I N G —
Proposals will b o received until 11 a. in. M a y 15 b y John C . O ’ Brien, C o.
T reas., for $17,000 414% cou p, tubereulosis-hospltal-orection bonds.
D onom . 1 for $7,000, 10 for $1,000. Dato M a y 1 1916. Int. F . & A . at
C o . Treas. office in N . Y . funds, if desired. D uo $7,000 Fob. 1 1917 and

Ma y 6 1916.]

THE CHRONICLE

$1,000 yrly. on Feb. 1 from 1918 to 1927 incl. Cert, check or N . Y . draft
for 1% of amount of bid, payable to the Co. Treas., required. Tho U. S.
Mtge. & Tr. Co. will certify as to the genuineness o f tho signature of the
Co. Treas. signing tho bonds and tho seal impressed thereon and tho pro­
ceedings leading up to the Issue of said bonds will bo approved by Reed &
M cCook of N . Y. Bonded debt May 3 1916 (not incl. this issue), $175,240;
no floating debt or sinking fund. Assess, val. 1915, $37,399,428.
CIMARRON, Colfax County, New M e x . — B O N D S D E F E A T E D . —

The proposition to Issue $50,000 municipal water-works bonds failed to
carry, reports state, at an election held April 4. The vote was 18 “ for”
and 21 “ against.”
CLAR K INDEPENDENT SCHOOL D IST R IC T NO. 15 (P. O. Clark),

Clark C ounty, So. Dak.— B O N D S A L E . — On M ay 1 the $30,000 5% 5-20yr. (opt.) coupon high-school-bldg, bonds dated M ay 1 1916 (V. 102, p.
1646) were awarded to the Minnesota Loan & Trust Co. o f Minneapolis
at 100.70 and int.
CL AY C O U N T Y (P. O. Brazil), In d .— B O N D S A L E . — On Apr. 29
tho $37,000 6% 7-year average coup, drainage bonds wero awarded to the
Brazil Trust Co. o f Brazil, it is statixi.— V. 102, p. 1646.
CLIF t ?,N SPRINGS

(Village), Ontario County, N.

Y — BO ND

ProSosai s WI" bo received until 8 p. m. M ay 9 by Chas. D.
,
HU1,> Vill. Clerk, \or $45,000 5% reg. refunding bonds. Denom. 10 for
$1,000, $1,500 and $2,000. Date Juno 1 1916. Int. J. & D. at Ontario
Nat. Hank, Clifton Springs, in N. Y . exchange. Due yrly. on June 1 as
follows: $1,000 1917 to 1926 incl., $1,500 1927 to 1936 and $2,000 1937 to
1946. Cert, check for $1,000, payable to C. L. Baily, Vil. Brest., required.
Total bonded debt, incl. this issue, $70,500: sinking fund, $5,000. Assess,
val., $914,911; village tax (per SI,000), $10 88.
„ CLINTON

SCHOOL

TO W N SH IP

(P.

O.

W anatah),

La Porto

Clinton),

Vermilion

County, In d .— W A R R A N T S A L E — On April 8 the $2,000 4 ^ % warrants
wero awarded to Chas. Sctz of Union Mills at par (V. 102, p. 1180).
Denom. $500. Date April 8 1916. Duo $500 yearly.
CLINTON SCHOOL TO W N SH IP (P. O.
County, In d . — B O N D O F F E R I N G . — P r o p o s a ls

w ill b o r e c e iv e d u n t i l
1 0 a . m . M a y 1 5 b y A l f r e d D u n k l o y , T o w n s h i p T r u s t e e , f o r $ 1 1 , 0 0 0 4 'A %
3 K -y e a r a vorago school b o n d s.
D e n o m . $ 1 ,0 0 0 .
D a to M a y 15 19 1 6 .
In t. M . & N .
D u o $ 1 , 0 0 0 e a c h she m o n t h s f r o m M a y 1 5 1 9 1 7 t o M a y 1 5
1 9 2 2 in c l.

COLUMBIA TOW NSH IP RURAL SCHOOL D IST R IC T (P. O. Co­

lumbia Station), Lorain County, Ohio.— B O N D O F F E R I N G . ___P r o ­
p o s a l s w ill b o r e c e iv e d u n t il 1 2 m . M a y 1 2 b y C . T . G o o d w i n , C l e r k o f B d
o f E d . , f o r $ 3 0 , 0 0 0 5 % s it e -p u r c h a s e , c o n s t r . a n d e q u i p , b o n d s .
D pnom '
$500.
D a to A p r. 1 1916.
In t. A . & O .
D u e $ 5 0 0 e a c h s ix m o n t h s A n r l"
1 9 1 7 t o O c t . 1 1 9 2 5 i n c l ., $ 5 0 0 A p r . 1 a n d $ 1 , 0 0 0 O c t . 1 f r o m A p r 1 1 9 2 6 t o
O c t . 1 1 9 3 6 in c l. a n d $ 5 0 0 y e a r ly o n A p r . 1 f r o m 1 9 3 7 t o 1 9 4 5 P c l
in
C ert
c h e c k fo r $ 1 ,5 0 0 , p a y a b le t o a b o v e C ld r k , r e q u ir e d .
C
•
COLUMBIANA CO U N TY

(P.

O. Lisbon),

O h io __ B O N D

E IE C -

T I O N .— Reports state that an election will be held M av 6 to vote on tho
proposition to issue $125,000 road-impt. bonds.
V

COOK C O U N T Y (P. O. Chicago), I l l s __ B O N D E L E C T I O N __ n u
patches state that tho County Board has approved tho nlaci^V of t l^ $ 2
6 0 0 ,0 0 0 jail bond issue on the'ballot!L tt L f u d f f i
*2,

17 37

DAYTON, O hio . — B O N D S A L E .— On M ay 1 the four issues of 414%
!?2?(&,,aggregatins *440,000, and the two issues of 4% bonds, aggregating
S75.000, were awarded to Cummings, Prudden & Co. of Toledo for $537,167
(104.304) and int.; see V. 102, p. 1369. The following were the other bids
received for the aggregate amount:
_
$ 5 3 5 1 R no
3
Tillotson & Wolcott Co., Cleveland_ i . ...................
Estabrook & C o., New Y ork__________
______
______ 534 673 O
O
II. M . Grant & Co., New Y o r k .. .
................
5 3 4 199 20
E. II. Rollins & Sons, New York____ZIZZIZ
534 095 70
Harris, Forbes & C o., New Y o r k ..
............................... .. 5 3 3 9 6 7 45
Seasongood & Mayer and Weil, Roth & C o., C in cin n ati-.III! 5331649 00
_
mo nin nn
Otis & C o., Cleveland_ _________
H. A. Kahler & Co. Hornblower & W wks, B reed ,"E m ott*
Harrison and Provident Savings Bank & Trust C o............... 528,463 00
Bids for tho separate issues were:
$190,000 $175,000
$15,000
*
„ ... , .. _
In t e r s e c tio n .
S ew er.
W ater
TiUotson & W olcott Co
............$198,512 $183,015 00 $15,114
Seasongood & Mayer and Weil, Roth & Co. 198,327
182,677 0 0
15 195
ie i 687 50 1 0 , 1 3 0
Spitzer, Rorick & Co., Toledo_______
Remick, Ilodges & Co., New York
Z
--------381 472 4 5 r -------Dayton Savings & Trust Co., Dayton____ ..ZZZZ
’ . *
"l5 ’ i 5 0
$60,656 $25,665" ‘ $50,000
Tillotson & Wolcott C o.................................$63,f22
^$50 0 S0
* 5 0 ,0 0 0
Seasongood & Mayer and Weil, Roth & Co.-— — — -----$137 450
Spitzer, Rorick & C o__________________
63 526
'
Dayton Savings & Trust C o., Dayton____ 60,600
25,000 00
501666
DELMAR CONSOLIDATED SCHOOL D ISTR IC T (P. O. Delmar)
C linton C ounty, Iow a .— B O N D S V O T E D — The election held April 24
resulted in a vote of 192 to 75 in favor of the question o f issuing $ 1 5 000
building bonds and the diversion of $5,000 previously voted to the use of
vu0 district.
, DERBY, New Haven C ounty, C on n .— B O N D S V O T E D — The follow­
ing bonds wero authorized by the voters at the April 1 election:

A m o u n t.

P u rp o se.

For.

A a a in s t

$25,000 B ridge.?_______ ___________________________ 3 0 9
0 4* ’
10,000 Mansion House Comer_____
234
115
10,500 Water Street_______
17 s
03
5,000 S e w er...__________ ______ Z_ZZZZZZZZZZZZZ2 1 0
86
Is ^City^jferk* t0 exceed
% • Due within 30 years. James S. Donahue

DETROIT, Becker C ounty, M inn .— B O N D O F F E R I N G — Further de­
tails are at hand relative to the offering on May 8 of the $7,500 6 % coupon
fire-apparatus-purchase bonds (V. 102. p. 1646). Proposals for these bonds
will be received until 8 p. m. on that day by E. J. Bestick, City Clerk
De­
nom. $100. Date July 1 1916. Int. ann. (July 1 ) at Detroit. Due Jan 1
1921. Cert, check for 10% of bid, payable to the City Treas., required
Bonded debt, including this issue, $41,500. No floating debt or sinking
fund. Assess, val. $936,483. Total tax rate (per $1,000), $50.
DIVIDE COUNTY (P. O. Crosby), No. D ak .— B O N D O F F E R I N G .—
Proposals will be received until 2 p. m. M ay 10 by W . E. Vadnais, County
Auditor, for the $50,000 site-purchase and court-house-erection and $10 600
jail-errction 20-year coupon bonds voted Mar. 21 (V. 102, p. 1369). De­
noin. $1,000. Date about July 1 1916. Int. rate not to exceed 6 % .
These bonds are tax-exempt. Cert, check for $1,000, payable to the Co.
Treas., required. Bonded debt, excluding this issue, $96,191 25. N o
floating debt. Sinking fund $15,244 25. Assess, val. 1915, $4,728,170.

DOUGLAS COUNTY SCHOOL D ISTR IC T NO. 4 (P. O. R osebu rg),
° i 0 - T P ° £ P ^ E . - O n April 24 the $75,000 5% 3-17-yr. (opt.) highschool-build ing bonds (V. 1 0 2 , p. 1555) were awarded to tho .Lumbermen’s
D]3Proposals will be received until 7:30 p. m. May
* ortland at 102.03 and int. Purch. to furnish blank bonds.
12 by W . II. Hatch, Sec. Bd. of Ed., for $70,000 4 A % bldg, bonds auth. Other ?Pi* were:
bids
by a vote o f 162 to 1 at the election held Mar. 18. Denom. $1,000. Date Carstcnsfc Earles, Inc. Seatt.$76.5071 Morris Bros., Portland___ *$75,432
Juno 1 1916. Prin. and semi-ann. int. (J. & D .) payable at tho Illinois Smith & Paschall, S eattle... 76,225 Umpqua Valley Bank, RoseJ,rr cfno
c
Chicago. Due on Juno 1 as follows: $10,000 1928,
burg, also submitted a bid
Toledo--------- 75,772
$15,000 1929, $30,000 1930 and $15,000 1931. Cert, check fo r $1,000 1 P - Hoehler bonds.
*And blank
required. Official circular states that tliero has never been any contro­
Denom. $500. Date M ay 1 1916. Int. M . & N.
versy or litigation in reference to bonds, interest or membership on the
Board or Education, and that thero has never been any default in interest
DOVER C IT Y SCHOOL D IST R IC T (P. O. Dover), C uyahoga
or principal. Total bonded debt, incl. this issue, after Juno 1 1916, $408,- County, O h io . — B O N D S A L E .— On May 1 the $20,000 4 A % 22 2-3-year
O
OOi no other indebtedness. Equalized valuation 1915, based on 1-3 valuo, average coupon school bonds, series “ K ,” (V. 102, p. 1646). were awarded
$8,179,071.
to W . Li. Slayton & Co. of Toledo.
CORTLAND, Cortland County, N. Y . — B O N D S A L E .— On M ay 2
DUBOIS COUNTY (P .O Jasper), In d . — B O N D S A L E — On Apr. 29
tho $109,400 4% 20-yr. bonds were awarded to the Cortland County Savs. t>
™ So.920 4 A % highway bonds were awarded, reports state, to
Bank at par and int.— V. 102, p. 1555.
Breed, Elliott & Harrison of Indianapolis for $10,730, equal to 101.996.
The offering of the $5,920 issue was reported in V. 102, p. 1646.
COSMOPOLIS SCHOOL D IST R IC T (P. O. Cosmopolis), Grays
Harbor County, W ash. — B O N D S V O T E D .— Reports state that the ques­ , J & & ERY*LLE, (P’- ° , C arlinville), M acoupin C oun ty, 1 1 1 .— B O N D S
tion o f issuing $ 1 0 , 0 0 0 bldg, bonds received a favorable vote at tho elec­ VO T E D .— At an election held April 18 this village voted in favor of the issu­
ance of $15,000 general improvement bonds, it is stated.
tion April 22.
EARL TOWNSHIP (P. O. R in glin g), Jefferson C ou n ty O k la __
COUER d ’ALENE INDEPENDENT SCHOOL D IST R IC T NO 1
B O N D E L E C T I O N — T h e question “of i ^ i n | $25 000 road-colistruction
(P. O. Couer d ’Alene), K ootenai County, Idaho. — B O N D S D F
bonds will be submitted to a vote, it is stated, on M ay 11.
F E A T E D .— Reports state that the election held March 31 resulted in tho
defeat o f tho question o f issuing $35,000 high-school-building and $20 000
EAST PROVIDENCE, Providence C oun ty, R. I .— B O N D S A L E .—
grade-school bonds.
°
On M ay 2 the $75,000 4 A % 25-year funding bonds— V. 102, p. 1646—
7 £re awarded to Frederick 3. Peck of Providence at 103.87, a basis of about
CRAW FORD l„. U N T Y (P. O. 11 „
CO
Bucyrus), Ohio.— 'JWVe/ O F F F R T N C
BO ND
Drnnncnlc will
,,„l il
4.247%, it is stated.
YOUNGSTOWN, M ahoning C ounty, O h io .— B O N D O F F E R ­
* Proposals will be received until 12 m. M ay 15 by Chas. It. Anderson,
Village Clerk, for tho following 6 % bonds:
Oct. i 1921 incl
Cert, check for $500 on a Crawford County bank paya­ $5,100 street-improvement bonds. Denom. $1,020. Due Oct. 1 1921
ble to the County Aud., required. Bonds to bo delivered and n aid for
O.OOO
ap|
?a?atj| ig 0t“ ^jg 2 ^
>600. Due $1,000 yearly on
within 10 days from time of award. Purchaser to pay accrued interest.
Dato May 1 1916. Int. M . & N . Certified
of bonds bid
CRITTENDEN COUNTY (P. O. Marion), K y.— B O N D E L E C T I O N __ for, payable to the Village Treasurer, required. check for 2% delivered and
Bonds to
An election will be held May 27, it is stated, to voto on tho proposition’ to paid lor within ten days from time o f award. Purchaserbe pay accrued
to
issue $185,000 road bonds.
interest.
CUMBERLAND C O U N T Y (P. O. Burkesville), K y . — B O N D E L E C ­
T,.?LK. ^ f R T COUNTY (P. O. G oshen), In d .— BOND O F F E R I N G .—
T I O N P R O P O S E D .— Reports stato that an election will probably be called
Bids wiil be received until 10 a. in. M ay 15 by W. H. Winship, Co. Treas.,
shortly to vote on tho proposition to issuo $75,000 road ponds.
for $43,500 4 % % o A - y r . aver. Joseph Yoder et al. road bonds in Elkhart
CU YAH O G A C O U N T Y (P. O. Cleveland), Ohio.— B O N D O F F E R ­ Twp. Denom. 80 for $500, 20 for $175. Dato April 15 1916. Int. M .& N .
Duo $2,175 each six months from M ay 15 1917 to Nov. 15 1926 incl.
I N G — Proposals will bo received until 10 a. m. May 13 by E. G. Krauso
Clerk o f Board o f County Commissioners, for $98,343 34 4 l % coupon
A
ELLIS, Ellis C ounty, K an s .— B O N D S A L E — Reports state that this
Euclid Ave. Improvement (county’s share) bonds. Auth., Sec. 6929, Gen. city has disposed of an issue of $31,000 sewerage-system-construction bonds.
Code. Denom. 1 for $343 34, 98 for $1,000. Dato April 1 1916. PrinciELMIRA, Chem ung C ounty, N. Y .— B O N D O F F E R I N G __Reports
stato that bids will be received until May 8 for an issuo of $200,000 4% pave­
ment bonds. Duo $10,000 yearly from 1917 to 1936 incl.
m ERf E ^ OU,NT,Y < - P - B u ffalo), N. Y — B O N D S A L E — Reports state
p
that the County Supervisors on M ay 2 authorized the sale o f $280,000 road
bonds to Geo. B. Gibbons & Co. of New York as 3.95%s.
dcitvered and paid for within ten days from time oif award. These bonds
ERIE COUNTY (P. O. Sandusky), O h io .— B O N D O F F E R I N G — .
wero offered on April 22 and two bids wero received, but reports state that
no award was made.— V. 102, p. 1465.
Proposals will be received until 12 m. M ay 10 by Fred Herbel, Clerk Bd.
o f Co. Commrs., for an issue of $8,000 5% 6 K-yr. average road-impt.
D ANBUR Y TOW NSH IP (P. O. Port Clinton), Ottaw a Countv
bonds. Auth. Sec. 1223 Gen. Code. Denom. $500. D ateM ay 10 1916.
Ohio. — B O N D S V O T E D — At the election April 25 the proposition to issdo Prin. and semi-ann. int., M . & N ., payable at office of C o. Treas. Due
$6,000 school-impt. bonds carried, it is stated, by a vote of 65 to 50
$500 yearly on May 10 from 1917 to 1920. incl., and $1,000 yearly on M ay 10
from 1921 to 1926. incl. An unconditional cert, check for 5% of bonds
bid for, payable to the Bd. o f Co. Commrs., required. Bonds to be de­
livered and paid for within 10 days from time of award. Purchaser to
pay accrued interest.
V. 102, p. 907.
9 £ lcl- ? ircular sJates that there is no litigation affecting this issue
aL
DAVIESS C O U N T Y (P. O. W ashington), In d .— B O N D S A L E — On and that this county has never defaulted in the prompt payment of principal
Apr. 27 the seven issues o f 4 A % 6-year aver, road bonds aggregating or interest on its indebtedness. Bonded debt. incl. this issue, $290,100.
$22,340 (V. 102, p. 1555) were awarded, reports stato, to Breed? Elliott & $ 6 8 366*860 debt‘ S uking fund *19.642. Assess, val. equahzed 1916
Harrison o f Indianapolis for $22,641, equal to 101.347.
FAIRPO R T VILLAGE SCHOOL D IST R IC T (P. O. Fairport H ar­
DAVIESS C O U N T Y (P. O. Owensboro), K y.— B O N D S N O T S O L D —
bor), Lake County, O h io .— B O N D O F F E R I N G — Proposals will be re­
N E W O F F E R I N G .— No sale was made, it is stated, o f tho $600,000 4
ceded until 12 m. May 15 by Wm. A. Cramer. Clerk o f Bd. of Ed., for
serial gold coupon road and bridge bonds offered on April 21 (V. 102 n
fEW )0 5% 13-year average coup, refunding bonds. Auth. Secs. 5656 and
1465). Tho bonds wero readvertised to be sold M ay 1.
6658, Gen Code. Denom. S500. Dato M ay 15 1916. Int. F. & A. at
---- *----T.~;„ \ wWc*J A I J . W. Jjiiwiuubouuif;,; AUU*--- n(JA\ J J o A L
.1
T
pa’ " cf vi[!°,N at; Dank- Painesville. Due $500 each six months from Aug. 1
JSKSM&SSPSIT.h
— On April 17 the $7,440 4H % 6-year average road bonds— V. 102, p. 1465 1927 to lo b . 1 1931. incl. Cert, check on a Lake County bank for 5% of
— were awarded to « . F. Wild & e v , o if uiuiauayous ioi $7,551 11 (101.493) bid, payable to the Treas. of the Bd. of Ed., required. Bonds to be de­
cd « , J. x-. ivnu oc Co.
Indianapolis for
and int., a basis of about 4.215%. Other bids were:
livered and paid for within 15 days from notice of acceptance of bid.
Fletcher American National Bank, Indianapolis.......................... $7,544 50
FALL CREEK SCHOOL TOWNSHIP (P. O. M iddletow n), Henry
Breed, Elliott & Harrison, Indianapolis_____________________
7,543 00
C ounty, I n d .— B O N D O F F E R I N G . — J. C. Cummins, Twp. Trustee, wiu




DISTR ICT NO. 97 (P. O. Oak Park),

9

-

aup.

[Vol . 102

THE CHRONICLE

1738

HARPURSVILLE SCHOOL D ISTRICT (P. O. H arpursville),
receive bids until 9 a. ra. May 15 lor 310,000 4% school bonds. Denom.
31,000. Date M ay 15 1910. Int. F. & A . Due $1,000 yrly. on Aug. 1 Broome C ounty, N. Y . — B O N D S V O T E D .— This district recently voted in
from 1920 to 1929, incl. Cert, check for 31,000, payablo to the Twp. i favor of the issuance of $8,000 school bonds. E. W. Neff is Clerk of the
Board of Education.
Trustee, required.
HAVERHILL, Essex C ounty, Mass.— B O N D S A L E .— On M ay 3 an
FILLMORE TOW NSHIP (P. O. H olland), A llegan C ounty, M ich.—
issue of $190,000 4% 1-28-year various municipal bonds was awarded to
B O N D E L E C T I O N . — An election will bo held M ay 11, reports state, to vote
E. H . Hollins & Sons of Boston at 101.809. Other bids were:
on the proposition to issue $11,000 road bonds.
Blako Bros. & Co., Boston. .101.05 Estabrook & Co., Boston— 100.64
FORT W ORTH, Tarrant County, T e x .— B O N D E L E C T I O N . —
Blodget & C o., Boston_____ 100.56
Adams & Co., Boston_____ 101.04
According to local papers the election to vote on the proposition to issue Harris,Forbes&Co.,Inc.,Bos. 100.97 Curtis & Sanger, Boston-----100.46
the $85,000 levee-completion bonds (V .102, p. 1373) will be held in Im­ Arthur Perry & C o _________100.82
Cropley, McGaragle & C o— 100.231
provement Dist. No. 1, on May 6. R .G . Johnson is Chairman of Levee B . L. Day & Co., Boston__ 100.689 |
Merrill, Oldham & C o., Bos_100.179
Commission.
SCHOOL TOWNSHIP (P. O. Dana), Vermilion
ounty,
FRAN K FORT, Herkimer C ounty, N. Y .— B O N D S A L E . — As a matter InHELTO N D S A L E . —-The following bids wero received for tho C$30,000
.— B
of record, we are reporting that II. A. Kahler & Co. of N . Y . purchased at 4 ) 4d% school bonds offered on April 28 (V. 102, p. 1466):
.
par for 4.55s on June 22 1915 an issue of 35,500 sewer-constr. bonds. Miller & Co., Indianapolis..330,8161Fletcher-Amer. N. Bk., Ind..$30,802
Denom. 31,000. Date June 22 1916. Int. ann. on Sept. 1. Due $1,000 J. F. Wild & Co., Indianap..*30,8051 .M .Campbell’sSonsCo.,Ind. 30,785
E
1948, 33,000 1949 and 31,500 in 1950.
* And printing of bonds.
FRANKLIN, W arren County, O h io.— B O N D S A L E — On M ay 1 the
HENDERSON COUNTY (P. O. Athens), Tex.— B O N D E L E C T I O N . —
$5,200 5% 5^-year average coup, refunding bonds— V. 102, p. 1647— were It
election will be held in Precinct No. 5 on May 16 to vote
awarded to Breed, Elliott & Harrison of Cincinnati for $5,273 32— 101.402 on is stated that an to issuo $60,000 road bonds.
the proposition
— and int., a basis of about 4.70%. Other bidders were:
J. C. Mayer & Co., Cin..$5,266 OllTillotson & Wolcott Co.,
HENRY COUNTY (P. O. New Castle), K y . — B O N D E L E C T I O N . —
Seasongood & Mayer, Cin. 5,257 501 Cleveland--------------------$5,206 76
An election will bo hold to-day (May 6), it is stated, to vote on the propo­
Provident Sav. Bank &
|
Stacy & Braun, Toledo------- 5,205 25
sition to issue $280,000 road bonds.
_
Trust Co., Cincinnati_ 5,242 921NewFirstNatBk.,Colum. *5,200 00
HIDALGO COUNTY (P. O. E dinburg), T ex.— B O N D S V O T E D .—
* And furnishing of bonds.
By a voto of 1,192 to 43 tho proposition to issue the $250,000 road-construc­
FRANKLIN COUNTY (P. O. Colum bus), O hio.— B O N D S A L E .- —-On tion bonds— V. 102, p. 1284— carried, it is stated, at election held April 20.
M ay 1 the $35,000 4 ) 4 % 3-year average road-improvement bonds— V . 102,
HIGHLAND IR R IG A TIO N D ISTRICT (P. O. Sequin), Clallam
p. M66— were awarded to the Citizens’ Trust & Savs. Bank o f Columbus at
C ounty, W ash.— B O N D S A L E . — On April 7 tho $25,000 6% 20-yoar
100.91 and int., a basis of about 4.15% . Other bidders were:
New First Nat. Bk., Col.$35,315 00|J. C. Mayer & Co., C in ..$35,094 50 irrigation bonds wero awarded to tho Spokane & Eastern Trust C o., of
Spokane, at 97. Thero were three other bidders. Denom. $100 to $500.
Ohio Nat. Bk., Columbus 35,276 56 Breed, Elliott & Harrison.
C in cin n ati___________ 35,080 50 Date Jan. 1 1916. Int. J. & J.
W . L. Slayton & Co., T ol. 35,273 00
Stacy & Braun, Toledo__ 35,206 90 Weil, Both & Co., C i n ... 35,059 50
IMPERIAL IR R IG A TIO N DISTR IC T (P. O. El C entro), C alif.—
Farson, Son & Co., N. Y . 35,172 00 Spitzer, Rorick& Co., Tol. 35,039 00 B O N D O F F E R I N G . — Proposals will be received until 10 a. m. May 11 by
E. II. Rollins & Sons, Chi. 35,103 951Sidney Spitzer & Co., T o l. 35,037 00 C. M . Berry, Sec. Bd. of Directors, it is stated, for $500,000 5% 38 1-6-yr.
Cummings, Prudden &
| E. Aub & C o., Cin------ 35,015 00 (aver.) river-protection bonds. Date Jan. 1 1915. Int. semi-ann. at
A.
Co., Tolodo__________ 35,103 0 0 1Provident Sav. Bank &
151 Centro.
*
’
Hayden,Miller&Co.,Clov. 35,098 00 I Trust Co., Cin............... 35,003 50
INDIANAPOLIS, In d .— BONDS A U T I I O R I Z E D . — Reports stato that
the City Council recently passed an ordinance providing for tho issuance
FROHN TO W N SH IP (P. O. Bemidji), Beltrami County, M inn.—
B O N D S V O T E D .— B ya v o t o o f l l to 27 the question of issuing $6,000 bridge of $68,000 flood-prevention bonds.
construction bonds carried, it is stated, at an election held April 18.
INDIANAPOLIS SCHOOL C ITY (P. O. Indianapolis), In d .— BOND
FULTON CO U N TY (P. O. W auseon), Ohio.— B O N D S A L E .— The O F F E R I N G . — Proposals will be received until 8 p. m. May 30 by John E.
following bids were received for the two issues of 5% highway bonds aggro- Cleland, Business Director, for $75,000 3 ) 4 % 30H-year average coupon
school real estato and improvement bonds. Denom. $1,000. Date July 1
$9,000
1916. Principal and semi-annual interest—J. & J.— payable at the
$8,000 •
T o ta l
R oad
R oad
Indiana Trust Co. of Indianapolis. Due $25,000 July 1 1946 and $50,000
P r e m iu m .
P re m iu m
July 1 1947. Certified check on a responsible bank or trust company of
P r e m iu m .
$222 00 Indianapolis for at least 3% of bonds bid for, payablo to tho Board of
$126 00
$06 00
People’s State Bank, Wauseon........ — $96 00
87 00 School Commissioners, required. Bonds to bo delivered and paid for on
57 00
..
Hayden, Miller & C o., Cleveland......... 30 00
31 90 July 1. Bonds aro tax-exempt. Bids must bo made on forms and enclosed
20 70
..
Tillotson & Wolcott C o., Cleveland— 11 20
192 55 in special envelopes which will be furnished by tho Board.
103 26
..
Ohio National Bank, Columbus---------- 90 29
202 00
107 50
..
Spitzer, Itorick & C o., Toledo------------ 94 50
IT TA BENA, Leflore C ounty, Miss.— B O N D O F F E R I N G . — Proposals
164 90
W. T . Slayton & C o., Toledo-------------- _ -- -129 00 will bo received until 11 a. m. M ay 15 by Riley Ely, Town Clerk, for the
76 00
Cummings, Prudden & Co., T o le d o .." 53 00
194 80 $20,000 6% coupon municipal light-plant-erection bonds voted Dec. 7
111 60
Breed. Elliott & Harrison, Cincinnati... S3 20
137 70 (V. 102, p. 85). Denom. $500. Date Dec. 7 1915. Int. J. & D. at tho
Weil, Both & C o., Cincinnati-----------228 00 Town Treasurer’s office. Due Dec. 7 1935. These bonds aro tax130 00
Davies, Bertram C o., Cincinnati------- 98 00
Certified check for $500, payable
the Town Clerk, required.
108 80 exempt. debt, including this issue, $59,000. toSinking fund, $3,250. As­
57 60
Security Sav. Bk. & Tr. Co., Toledo— 51 20
Bonded
172 20 sessed value, $700,000. Tax rate per $1,000, $11. II. T . Townsend is
88 20
..
J. C. Mayer & C o., Cincinnati________ 84 00
103 70
54 90
i
Provident Sav. Bk. & Tr. C o., Cincinn. 48 80
214 54 Town Treasurer.
123 10
.. 91 44
Stacy Sc Braun, Toledo---------------------- 91 44
JACKSON, Jackson C ou n ty, M ich.— B O N D O F F E R I N G . — Proposals
45 00
Sidney Spitzer & C o., Toledo-------------- 40 00
. . .85 00
After consideration of the above bids, the People s State Bank bid was will bo received until 8 p. m. M ay 15 by Clifton 11. Vedder, City Clerk, for
considered the best and lowest because there would be no expense for the tho following 4 ) 4 % bonds:
$72,000 city-hospital bonds. Due $4,000 yearly on M ay 1 from 1918 to
delivery of the bonds and they waived a transcript.
1935 incl.
GAINESVILLE, Alachua County, Fla. — B O N D S A L E .— On Apr. 29
75.000 water-works-impt. bonds. Due $4,000 yearly on M ay 1 from 1918
the $21,000 5% 15-year coupon gold paving and sewer bonds (V. 102, p.
to 1935 incl., except that in 1923, 1929 and 1935 $5,000 is due.
1370) were awarded ot the Atlantic Nat. Bank of Jacksonville for $21,­
Denom. $1,000. Date May 1 1916. Prin. and semi-ann. int.— M . & N.
235 03 (101.119) and int. Other bids were:
— payablo at tho Central State Bank. Jackson, or tho Nat. Bank of Com­
F . L F u lle r & Co., C •...... ...$21,2141 Powell, Qniianti V Co., T aI
Garard &
Chic..$21,101 merce, N. Y. Cert, check for 2% of amount of bid, payablo to tho City
. le v e
<i
-»
if
r
nnn
Clerk, required. Bonds may be registered as to principal and interest.
Official circular states that there is no controversy or litigation pending or
CUltAUl , IVUULh ot
l O l ---, ’
• '
N 1C in e.. cf Ae threatening concerning tho validity of these bonds, the corporate existence
r
t\ nt
Florida Nat. Bk., Jacksonv.. 21,127|Davles-Bertram C o.,
20,422 or the boundaries of tho municipality or the title of its present officials to
their offices or tho validity of these bonds, and that the city has never de­
GARRETSON, Minnehaha County, So. Dak. — B O N D S V O T E D .—
By a vote of 112 to 78 the question o f issuing sewer-system-construction faulted in tho pavment of any of its obligations. Total bonded debt, incl.
these issues, $785,604: water bonds, incl., $55,875: floating debt or other
bonds carried, it is stated, at a recent election.
debt in addition to bonded debt, for storm sewers, $15,200; sinking fund,
GIBBON INDEPENDENT SCHOOL D IST R ICT NO. G4 (P. O. G ib­ $90,404. Assessed valuation 1915, $36,553,815.
bon) , Sibley County, M inn. — B O N D E L E C T I O N . — A n election will be
JEFFERSON, M adison County, O h io.— B O N D S A L E . — On April 24
held M ay 11, it is stated, to vote on the question of issuing $30,000 build­
tho $14,600 5% street assessment bonds (V. 102, p. 1285) wero awarded to
ing bonds.
tho Now First Nat. Bank of Columbus for $14,820, equal to 101.506, it is
GILLESPIE, Macoupin County, 111.— B O N D S V O T E D .— A t the elec­
tion April 18 the voters decided in favor o f the issuanco of $6,000 refunding reported.
JEFFERSON COUNTY (P. O. M adi3on), In d .— B O N D S A L E . — On
bonds it is stated. A similar issue of bonds was voted Dec. 14 last.
April 24 tho $8,740 4 ) 4 % 6-year average road bonds (V. 102, p. 1556)
— V. 102, p. 268.
wero awarded to
GOR DON, Sheridan C ounty, Neb.— B O N D S V O T E D .— The question stated, for $8,884tho Madison Safo Deposit & Trust Co. of Madison, it is
20 (101.649) and interest, a basis of about 4.19%.
of issuing $7,500 city-hall bonds carried at a recent election, reports state.
JENNINGS COUNTY (P. O. V ernon), In d .— B O N D O F F E R I N G . —
GRAND RAPIDS TOW NSH IP RURAL SCHOOL D IS T R IC T
Bids will bo received until 11 a. m. M ay 8 by Janies P. Tolen, County
(?• ,P . Grand Rapids), W ood County, Ohio .-B O N D S A L E . - On Treasurer, for $6,300 4 ) 4 % 54$-year average John Butler ot al. road bonds
in Center Twp. Denom. $315. Dato May 15 1916. Int. M . & N.
Due $315 each six months from May 15 1917 to Nov. 15 1926 incl.
B O N D S A L E . — On Apr. 6 tho $8,000 4 ) 4 % 6-yr. avorago road bonds—
D a v ie s -B e r t r a m C o ., C i n —
4 6 , 1 0 5 T i l l o t s o n & W o l c o t t ] D o ., C l o v . 4 5 , 5 0 8
V. 102, p. 1285— wero awarded to tho First Nat. Bank of Vernon lor
S id n e y S p itz e r & C o ., T o le d o 4 6 ,0 2 6 W e ll, B o t h & C o ., C in c in n a t i 4 5 ,2 9 7
$8,174 15, equal to 102.176, a basis of about 4.09%. Otlior bids wero :
C u m m i n g s , P r u d d e n & C o . , T o l 4 5 , 9 6 3 H a y d e n , M i l l e r & C o . , C l o v . 4 o ,2 7 2
Gavin L.Payne&Co.,lndpls.$8,17.3 251 J.F.Wild & C o., In d p ls...$ 8 ,130 00
GRANVILLE SCHOOL DISTR ICT (P. O. Granville), Licking Amer.Mtgo.Guar.Co.,Indpls. 8,165 00JFletcher-Amerieaii Nat.
County, Ohio.— B O N D S D E F E A T E D . — The proposition to issuo $30,000
R . L. DoflingsCo., Indpls- 8,140 00
Bank, Indianapolis.
8,12100
building bonds failed to carry April 25, it is stated.
Brood,Elliott & Har.,Indpls. 8,136 001 Meyer-Kiser Bk., Indpls.. 8,085 75
GREENVILLE, Greenville County, So. Car.— B O N D E L E C T I O N .—
KEATS SCHOOL DISTR IC T (P. O. Keats), Reily County, K an .—
B O N D E L E C T I O N . — Reports stato that an election will bo held M ay 9
L o c a l p a p e r s s t a t o t h a t a n e l e c t io n w ill b o h e ld M a y 9 t o d e c i d o w h e t h e r
o r n o t t h i s c i t y s h a ll is s u e $ 5 0 , 0 0 0 2 0 - y e a r s c h o o l b u i l d i n g b o n d s a t n o t e x ­
to voto on tho question of issuing $15,000 high-scliool-building bonds.
c e e d in g 5 % in t .
D e n o m . $ 1 ,0 0 0 .
I n t . s e m i -a n n u a l .
KINGMAN COUNTY SCHOOL DISTRICT NO. 1 (P. O. Kingm an),
GREENVILLE C IT Y SCHOOL D IST R IC T (P. O. Greenville), K an.— B O N D O F F E R I N G . — Proposals will bo recoived until 8 p. m. Slay 10
Darke County, O hio.— B O N D S A L E . — O n A p r . 2 1 t h e $ 5 , 5 0 0 5 % c o u p , by Beulah Russell, Clerk Board of Education, for tho $30,000 4 l % 20-year
A
building bonds authorized by voto of 406 to 386 at tho election held April 4.
s c h o o l r e f u n d i n g b o n d s — V . 1 0 2 , p . 1 4 6 6 — w e r o a w a r d e d t o t h o 1 -a r m e r s
Auth., Sec. 26, Art. 11, Chap. 122, Laws of 1876. Denom. $1,000. Dato
N a t . B a n k o f G r e e n v ille fo r $ 5 ,5 5 1 7 5 ( 1 0 0 .9 4 0 ) a n d in t.
fiscal agoncy, Topeka.
G R EENW ICH (T o w n ) , F a i r f i e l d County, Conn .— B O N D OFFER­ M ay 1 1916. Interest semi-annually at tho Kansasof Education, required.
Certified check for $300, payable to tho Clerk Board
I N G . — P r o p o s a l s w ill b o r e c e iv e d u n t i l 1 2 m . M a y 1 7 b y t h e T o w n B o n d i n g
Bonded debt, including this issuo, $58,000. No floating dobt. Sinking
C o m m i t t e e : W ilb u r S . W r i g h t , m e m b e r , fo r $ 1 0 0 ,0 0 0 4 % g o ld c o u p , h ig h ­
fund, $929. Assessed value, $3,298,168.
w a y im p t. b o n d s.
B i d s w ill b e c o n s id e r e d a t 4 H % i n t . i f n o v a l i d b id s a r o
KINGSTON, Ulster C ounty, N. Y .— B O N D S A L E — The Rondout
r e c e iv e d f o r 4 % b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te M a y 1 1916.
I n n . and
Savs. Bank, Kingston Savs. Bank and the Ulster County Savs. Institution,
s e m i-a n n . in t . ( M . & N . ) p a y a b le a t t h e U . 3 . M t g e . & I r u s t C o . , N . Y .
all of Kingston, wero awarded on April 1 the following 4 ) 4 % refunding
D u o o n M a y 1 a s f o llo w s : $ 1 0 , 0 0 0 1 9 2 0 , $ 3 5 , 0 0 0 1 9 2 1 , $ 3 5 , 0 0 0 1 9 2 2 a n d
$ 2 0 ,0 0 0 1 9 2 3 .
C e r t i f i e d c h e c k f o r 1 % o f b o n d s b id f o r p a y a b l e t o T o w n
T r e a s u r e r , r e q u ir e d .
B o n d s t o b o d e liv e r e d a n d p a i d to r a t o ft ic e o f lo \ v n
S e le c tm e n o n J u n e 1 a t 1 2 m .
B i d s m u s t b e m a d o o n f o r m s fu r n is h e d b y
th e to w n .
P u r c h a s e r t o p a y a c cru ed in t.
T h e a b o v e t r u s t c o m p a n y w ill
c e r t i f y a s t o t h e g e n u in e n e s s o f t h o s i g n a t u r e s a n d t h o s a le im p r e s s e d u p o n
t h e b o n d s a n d t h e o p i n i o n o f D i l l o n , T h o m p s o n & C l a y o f N . Y . w ill b o d e ­
livered t o t h o p u r c h a s e r . B o n d e d d e b t A p r . 1 1 9 1 6 , $ 1 , 3 0 5 , 0 0 0 . A s s e s s e d
v a l u a t i o n , r e a l a n d p e r s o n a l p r o p e r t y , g r a n d li s t 1 9 1 5 , $ 4 0 , 8 1 7 , 6 0 4 .

G R U N D Y C O U N TY SCHOOL D IST R IC T NO. 98 (P. O. Coal City),
Ills — B O N D S V O T E D . — T h o q u e s t i o n o f is s u i n g $ 2 0 , 0 0 0 b l d g , b o n d s c a r ­
r i e d , i t is s t a t e d , at t h o e l e c t i o n A p r . 2 2 b y a v o t o o f 4 0 6 t o 3 4 7 .
GUADALUPE COUNTY (P. O. S e q u in ), Tex.— B O N D E L E C T I O N . —
R e p o r t s s t a t e t h a t a n e l e c t i o n w ill b o h e ld M a y
o f is s u in g $ 7 5 , 0 0 0 r o a d b o n d s .

11 t o v o t o o n t h o q u e s tio n

HAM ILTON C O U N T Y (P. O. Noblesville), Ind .

BO N D S A L E —

O n A p r il 2 9 t h e th re o is s u e s o f 4 ) 4 % r o a d b o n d s , a g g r e g a tin g $ 1 7 ,9 8 0
(V
1 0 2 p . 14 6 6 ) , w e r o a w a r d e d t o trio C i t i z e n s N a t i o n a l B a n k o f N o b l e s v ilio f o r $ 1 8 , 1 9 3 . e q u a l t o 1 0 1 . 1 8 4 , i t is r e p o r t e d .

HAM PTON, Franklin County, I o w a . — B O N D S A L E . — T h e $ 2 5 , 0 0 0
w a t e r -w o r k s -im p r o v e m e n t b o n d s , v o t e d A p r il 2 4 ( V . 1 0 2 , p . 1 6 4 7 ) , h a v e
b e e n a w a r d e d to G e o . M . B e c h t e l & C o . , o f D a v e n p o r t .




§15*500 bonds maturing in 1932.

Denom. 5 for $100, 10 for $500 and 10

25.000 bonds.’0°Denom. $1,000. Due from 1929 to 1934.
Date April 1 1916. Interest payablo A .l & O .l.
KIRTLAND TOWNSHIP, Lake C ounty, O hio.— B O N D S A L E . — On
May 1 tho S24.000 5% 5 4$-year average coupon road bonds (V. 102, p.
1648) wero awarded to Otis & Co. of Cleveland at 101.50 and interest, a
basis of about 4.685%. Other bidders wore:
Davies-Bertram Co., 6in__.$24,348 Sidney Spitzer & C o., T o l . . .$24,165
Seasongood & Mayer, Cin— 24,307 Hayden, Miller & C o ., Clov_ 24,147
First Nat. Bank, Columbus. 24,240 Tillotson & Wolcott Co.,Clov. 24,127
F. C. Hoehler, Toledo______ 24,230
LAKE COUNTY (P. O. Painesvillo), O hio.— B O N D O F F E R I N G .—
Bids will be received until 12 m. May 10 by W. Albert Davis, Secrotary of
County Commissioners, for $54,000 4 ) 4 % 5 H-year averagei coup roadimprovement bonds. Denom. $500. Dato Mar. 1 1916. Int. M . & S.
at County Treasury. Due $2.,500 on Mar. 1 and $3,000 Sept. 1 from Mar. 1

for within 15 days after notice of acceptauce of bid

1739

THE CHRONICLE

May 6 1916.]

Auditor, for $100,000 4% 10J^-year average bridge bonds. Denom.
$1,000. Date July 1 1916. Int. semi-ann. Due $5,000 yearly on July 1
from 1917 to 1926 incl. Certified check on a Marion County bank for 3%
of bonds bid for, payable to tho Board of Commissioners, required. Sale
must be consummated on or before July 1.
M ARLIN, Tex.— B O N D S A L E . — On April 24 the three issues of 4 H %
10-40-year (optional) bonds, aggregating $120,000, and described in V. 102,
p. 1467, were awarded to J. R. Sutherlin & Co. o f Kansas City, M o., at
101.05.
LAPORTE COUNTY (P. O. Laporte), In d . — B O N D O F F E R I N G .—
Wo have received a letter
C o.,
of April 28,
Bids will bo received by Carl Pusch, County Treasurer, until 10 a. m. M ay 8 concerning their bid, which from Sutherlin &made under date Their letter
they claim was
in error.
for tho following 4 'A % 5M-year averago road-improvement bonds:
in part reads:
$8,800 Isaac W . McGuigan et al. road bonds in Scipio Twp. Dcnom. $440.
* * * * We decided that we were not interested in bidding for
8,400 Chas. Ortman et al. road bonds in Now Durham Twp. Denom. $420. 4 la % bonds, but decided to send a bid for 5% bonds. We gave the notice
Dato April 15 1916. Int. M . & N . Duo one bond o f each issue each six of sale to the stenographer, instructing her to bid for 5% bonds, but inad­
months from May 15 1917 to Nov. 15 1926 incl.
vertently she took the details of the bonds from their printed notice, and
LAUREL, Yellowstono County, M ont. — B O N D O F F E R I N G . — O. H. through error wo bid $1,260 premium for * * * 4 f t % bonds.
“ We have written the M ayor * * * that our bid for 4 A % bonds
Bundy, City Clerk, will sell at public auction at 12 m. May 15 $13,500 6%
15-20-year opt. gold coupon warrant funding bonds. Denom. $500. Date was in error, and we positively will not take 4 A % bonds at our bid, having
M ay 1 1916. Prin. and semi-annual int.— M . & N .— payable at tho City notified them of tho error before receiving acceptance of our bid.”
Treasurer's offico or at tho Montana fiscal agency in N. Y . City, at tho
MARTINS FER RY SCHOOL D IST R IC T (P. O. Martins Ferry),
option of tho holder. A duly certified check on some bank In Laurel for Belmont County, Ohio.— B O N D S D E F E A T E D . — The proposition to
$13,500, payable to tho C ity Clerk, required. The purchaser at such sale issue the $125,000 building bonds was defeated at the election April 25.
will bo required to accept delivery of and make payment for said — V. 102, p. 1556.
bonds in said city simultaneously with tho cancellation and payment of said
MASON C IT Y , Cerro Gordo County, Iowa.— B O N D S A L E . — On
warrants on or beforo M ay 18 1916.
April 14 $35,000 4 A % funding bonds were awarded to C. H. McNider of
LEE C O U N TY (P. O. Fort Myers), F la . — B O N D S V O T E D . — Reports Mason City for $35,907, equal to 102.591. Due on or before April 1 1936.
state that tho election held in Special Road & Bridge Dist. No. 2 on April 20
MASON C IT Y INDEPENDENT SCHOOL D IS T R IC T (P. O. Mason
rcsultod in favor o f tho proposition to issuo $164,000 road-constr. bonds.
City), Cerro Gordo County, Iow a.— B O N D S D E F E A T E D . — The ques­
LE GRAND SCHOOL D IST R IC T (P. O. Le Grand), Marshall tion of issuing tho $39,000 high-school site-purchase bonds (V. 102, p. 1286)
C ounty, Iowa . — B O N D O F F E R I N G . — Proposals will be received until was defeated at the election held Apr. 21. Tho vote was 1,013 “ for” and
M ay 10 for tho $28,000 4 K % building and equipment bonds authorized by I , 049 “ against.”
vote of 204 to 55 at an election held April 29. Due $1,000 yearly from
M ATAG O R D A C O U N T Y (P. O. Bay City), T e x .— B O N D S A L E . —
1922 to 1935, inclusive, and $14,000 1936.
On April 27 $100,000 513% Road District No. 2 bonds were awarded to
LEWIS CONSOLIDATED INDEPENDENT SCHOOL D ISTR ICT E. L. Twing & Co. of San Antonio for $103,003 35. Other bids were:
(P. o " Lewis), Cass County, Iowa . — B O N D S A L E . — Tho $70,000 5%
J. R . Sutherlin & C o., Kansas City, M o____________ __________ $102,860
building and equipment bonds authorized by voto o f 344 to 64 at the H. C. Evans, Houston________________________________________ 102,775
election hold April 22 (V. 102, p. 1285), have been awarded to Wells & Hanchett Bond C o., Chicago___________________________________ 102,695
Dickey Co. o f Minneapolis, at 103.43. Duo $2,000 yearly M ay 1 from Burnam II. Branch, Wichita. Kan_____________________________ 102,250
1921 to 1930 inclusive: *3,000 yearly M ay 1 from 1930 to 1935, inclusive, Kauffman, Smith & Emert, St. Louis__________________________ 102,175
and $35,000 M ay 1 1936.
James N. Wright & C o., Denver_______________________________ 102.050
Blanton-Wise C o., Houston, for Powell, Garard & C o., C hicago.. 100,850
LILLIN GTON , H arn ett C ounty, No. Caro.— B O N D S V O T E D . — B y
a voto of 77 to 4 tlio question of issuing water-works-systom bonds carried, Kclemeter C o., Boston________________________________________ 100,250
it is stated, at an election held April 18.
METCALFE CO U N TY (P. O. Edm onton), K y .— B O N D S A W A R D E D
I N P A R T . — Of the $30,000 5% coupon road and bridge construction bonds
LINCOLN C O U N T Y (P. O. Shoshone), Idaho . — B O N D O F F E R I N G
— Proposals will bo received until 10 a. m. M ay 23 by J. W. Lundin, Clerk offered on April 24 (V. 102, p. 1556), S20.000 was awarded to J. W. KinBd. of Co. Supers., for $10,000 coupon refunding bonds at not exceeding naird, Cashier o f the Farmers & Merchants’ Bank, Edmonton, at 100.78
6% int. Autn. Art. 6 Chap. 2, Title 2, Idaho Rev. Codes, as amended. and interest.
Denom. $1,000. Date July 1 1916. Prin. and semi-annual nt., payable
M IDDLETOW N, Butler County,
BO ND
RI G
at tho Co. Treas. offico, or at some bank in New York City. Duo $1,000 ditional information is at hand relative O hio.—offering O F F E ayN18. — Ad­
of the
yearly July 1 from 1926 to 1935 incl.; optional after 10 years. Cert, check following 4 A % street-impt. bonds.— V. to the 1649: on M
102, p.
for 5% of bid, payable to tho county required. Bonded debt, including $9,000 bonds. Due $1,000 yrly. on M ay 1 from 1917 to 1925 incl.
this issuo, $102,657 71. Floating debt $6,979 60. Assess, val. 1915 14,000 bonds. Due $1,000 yrly. on May 1 from 1917 to 1923, incl.
$7,622,219. Est. val. $21,000,000. Official circular states that all prin­
Proposals for these bonds will bo received until 12 m. on said day (May 18)
cipal and int. on outstanding bonds have been promptly paid when duo.
by Louis T . Nein, City Aud. Auth. Secs. 3939 Gen. Code. Denom.
LOW ELL, Mass.— B O N D S A L E . — Reports state that on M ay 5 $184 - $500. Date May 1 1916. Int. M . & N. at the Nat. Park Bank, N . Y .
000 4% bonds were awarded to E. H . Rollins & Sons o f Boston at 100.889. Cert, check for $100 required with each issue. Bonds to be delivered and
paid for within 10 days from time of award. Purchaser to pay accrued int.
LUMBERPORT, Harrison County, W . V a . — B O N D O F F E R I N G __
MILLER CO U N T Y (P. O. Tuscum bia), Mo.— B O N D S V O T E D .— The
Proposals will bo received until M ay 25 by L. C. Oyster Mayor it is
stated, for tho $20,000 6% 25-year street-paving bonds authorized by voto proposition to issue $30,000 highway bonds carried, it is reported, at an
o f 129 to 9 at an election held April 17. Denom. $800. Dato Juno 1 1916. election held April 27.
LA K E TO W N TO W N SH IP, Allegan County, M ich . —

B O N D

O F FE R -

I N O .— Proposals will bo received until 2 p. m. M ay 11 by Albert Alferink,
Township Clerk (P. O. Holland. K. F. 1). No. 1), for $36,000 4 A % road
bonds. Duo $2,000 yearly from 1917 to 1934 incl. Certified check for
1 % o f amount of bid required.
LAKE V IEW , Sac County, Iow a. — B O N D E L E C T I O N . — An election
will bo held M ay 8, it is stated, to vote on the question of Issuing $5,000
water-works-systcm-construction bonds.

W ayne County, N. Y . —

B O N D

E L E C T IO N

PO ST ­

Tho election to voto on tho question of issuing $9,500 Park Hotel
Indefinitely’
wh ch was t0 havo boen hel<i APril 25 >,las bcen postponed
P O N E D .— 1

McALESTER SCHOOL D IST R IC T NO. 80 (P. O. McAlester), Pitts­
burgh County, Okla.— B O N D S D E F E A T E D . — Tho question of issuing
tho $75,000 building bonds— V. 102, p. 1370— failed to carry, it is stated,
at the election held April 21. Tho voto was 482 to 347, a tliroe-fiftlis
majority being necessary to carry.
McCOMB, Pike C ounty, Miss . — B O N D O F F E R I N G . — L. IT. Marsalis,
City Clerk, will receive sealed bids until 7:30 p. m. M ay 16, it is stated,
for $30,000 5% 1-20-yr. school bonds.
M ADISON, Boone County, W . V a. — B O N D S A L E . — On M ay 2 tho
$9,000 6% 10-34-year (opt.) coupon watcr-works-installation bonds (V.
---- p. ------- wero award . to R. L. Rudd ell, o f Charleston,. for $9,Old
arded
102,
1648)
(100.111) and Interest. Purchaser to pay cost of preparing bonds, Other
bids wore:
Spitzer, Rorick & C o., Toledo-----------Par
Duko M . Farson & C o., Chicago_____Par, less $500 attorney’s fees,
M ADISON COU N TY (P. O. Anderson), In d .— B O N D S A W A R D E D
I N P A R T . — Of tho seven issues o f 4 A % road bonds, aggrogating $105 200
offered on May 1— V. 102, p. 1648— $101,000 was awarded to J P Wild
& Co. and Brood, Elliott & Harrison o f Indianapolis for $102 528 25
equal to 101.513.
M AHONING C O U N T Y (P. O. Youngstow n), O hio.— B O N D O F F E R ­
I N G . - ” --------' — *" 1
--------- ' — !-.-*«•••*'—
-~ - — - —
Clerk
$23

$1 ’000 required
3.000 Canfield Tw p.’s portion bonds. Denom. $500. Duo $500 vrlv
on Sopt. 1 from 1917 to 1920 incl. and $l,o0o Sept. 1 1921. Cert
chock for $300 required.
5.000 Ellsworth Tw p.’s portion bonds. Denom. $500. Duo $1 000
yrly. on Sopt. 1 from 1917 to 1921 incl. Cert, check for $300
required.
3.000 Coltsville T w p.’s portion bonds. Denom. $500. Duo $500 vrlv
on Sept. 1 from 1917 to 1920 incl. and $1,000 Sept. 1 1921. Cert,
check for $300 required.
_ Date AI;iy 20 1916. Prin. and semi-ann. int.—M . & S.— payable at
Co. Treasury. Cert, check must bo made payable to tho Co. Treasurer.
Bidders will bo required to satisfy themselves as to the legality of these
bonds. Purchaser to pay accrued Interest. AH bids must bo unconditional.

building bonds voted Dec. 28 last (V. 101, p. 2090). Denom. $500" or
$1,000, to suit purchaser. Dato July 1 ion ). Principal and semi-annual
interest—A. & O — payable at office o f Citv Treasurer, or at National City
Bank, Now York. Duo on April 1 as follows:
$1,500 10171*4.500
1920|$7,500 19231$7,500 1926l$13,000
1929
2,500 1918 b,000
1921 8,000 1924 11,000 1927 14 000
1030
SJIOO 19191 7,000
19221 9.000 19251123)00 19281 183)00
1931
Certified check for $.3)0 required. Official circular states that previous
issues of bonds havo never been contested, and that principal and interest
havo always been paid at maturity; also that there is no controversy or
litigation pending or threatened affecting tho corporate existence or the
boundaries of said district, title of its present officials to their officos or
tho validity of these bonds. District has no debt. Assessed value 1914
$2,577,372; truo valuo, $5,000,000.
'
MARION, Marion C ounty, O h io.— B O N D O F F E R I N G .— Proposals
will bo received until 12 m. May 19 by Trank J. Weber, City Aud., for
tho following bonds:
,
, ,
$6,500 4 % auto street-sweeper and truck bonds. Dato Sept. 1 1916.
Duo $500 each six months from Sept. 1 1919 to Sept. 1 1925
.
incl. Cert, check for $325 required.
4,000 4
refunding bonds. Dato Mar. 1 1916. Due $1,000 on
Mar. 1 and Sept. 1 1921 and 1922. Cert, check for $200

MILLER SPECIAL ROAD D IST R IC T (P. O. Miller), Lawrence

County, Mo.— B O N D S V O T E D . — The proposition to issuo $30,000 roadconstruction bonds carried, it is stated, at an election held April 23. R.
Gass Is Chairman District Commissioners. These bonds were voted on
March 14, but, owing to an error In the election, the bonds were declared
illegal.
.
MILLER SCHOOL D IS T R IC T (P. O. Miller), Lawrence County,

Mo.— B O N D S D E F E A T E D . — By a vote of 47 “ for” to 67 “ against,” the
question of issuing $3,000 school bldg, bonds was defeated, it is stated, at
an election held recently.
M ILW AUKEE SCHOOL D IST R ICT (P. O. Milwaukee), Clackamas

County, Ore.— B O N D S V O T E D . — By a vote of 121 to 75 tho question of
issuing the $20,000 5% 8-year serial building bonds carried at the election
held April 19 (V. 102, p. 1467).
M INNEAPOLIS, M inn. — B O N D O F F E R I N G . — Proposals will be re­
ceived until 2:45 p. m. M ay 17 by Dan C. Brown. City Comptroller, for
$100,000 coupon (with privilege of registration) bridge bonds at not exceed­
ing 5% int. Denom. $50, $100, $500 and $1,000, as the purchasers may
desire. Date M ay 1 1916. Prin. and semi-ann. int. payablo at the fiscal
agency of Minneapolis in N. Y . City or at tho City Treas. offico, at option
of holder.
Duo at a time not less than 5 yrs. nor more than 30 years
from the date thereof, as desired by purchaser. No proposal will be
entertained for said bonds for a sum less than par value and accrued interest
on sarno to date of delivery. Certified check for 2% o f bonds bid for.
payable to C. A. Bloomquist, City Treasurer, required.
T h e o ff i c i a l n o tice o f th is b o n d o ffe r in g w i l l be fo u n d a m o n g the a d v ertise ­
m en ts elsew h ere in th is D e p a rtm en t.

MINNEAPOLIS,

M inn.— B O N D

OR

C E R T IF IC A T E

O F F E R IN G .—

Sealed proposals will be received until 2 p. m. M ay 17 by J. A. Ridgway
Secy. Bd. of Park Comrars., for $4,500 park-impt. certificates of indebted­
ness or bonds at not exceeding 5% int. Denom. $50 or multiples thereof,
as the purchaser may desire. Date May 1 1916. Prin. and semi-ann. int.
— M . & N.— payable at the fiscal agency of the City of Minneapolis in
Now York, or at tho City Treas. office. Due one-twentieth yearly May 1
from 1917 to 1936 incl. No proposal will be entertained for any of the cer­
tificates or bonds for a sum less than par value thereof and accrued interest
on same to date of delivery. Certified check for 2% of certificates or bonds
bid for, payable to the City Treasurer, required.
M ISSISSIPPI, State o t .— B O N D O F F E R I N G .— Proposals will be re­
ceived until May 31 by Theo. G. Bilbo, Governor, at Jackson for $500,000
refunding and $315,000 Capitol and permanent impt. 4% 20-year serial
bonds. Cert, check or cash for one-tenth of bonds bid for required.
M ISSOULA CO U N T Y (P. O. Missoula), M ont. — B O N D O F F E R I N G . —
Further details are at hand relative to the offering on May 18 of the $40,000
10-20-yr. (opt.) refunding bonds at not exceeding 4 'A V o int. (V. 102,
p. 1467.) Proposals for these bonds will be received until 10 a. m. on that
day by W. J. Babington, Co. Clerk. Denom. $1,000. Dato not earlier
than July 1 1916. Int. J. & J. at the Co. Treas. office. A certified check
for $1,000, payablo to tho county, must accompany each bid, except bids
of tho State Board of Land Commissioners or Montana.
M ISSOULA CO U N T Y SCHOOL D IST R ICT NO. 1 (P. O. Missoula),

M ont.— B O N D O F F E R I N G . — Proposals will bo received until 6 p. m.
M ay 19 by M . R. Hardenburgh, Clerk Bd. of Sch. Trustees, for S40.000
4 A 7 o 6-20-yr. (opt.) school bonds. Cert, check for $750 required. The
Board of Trustees reserves the right to reject any or all bids and to sell
said bonds at private sale if they deem it for the best interests of the district.
MISSOULA C O U N TY SCHOOL D IST R ICT N O . 28 (P. O. St. Ig­

natius), M ont.— B O N D O F F E R I N G . — Proposals will be received until
6 p. m. M ay 27 by S. R. Logan, Clerk Bd. of School Trustees, for $28,000
4 'A % 10-20-yr. (opt.) school bonds. Int. semi-ann. Cert, check for $500
required. The Board of Trustees reserves the right to reject any or all
bids and to sell said bonds at private sale if they deem it for the best inter­
ests of tho district.
MODESTO C IT Y SCHOOL D IST R IC T , Stanislaus County, Calif.

■ B O N D O F F E R I N G . — Further details are at hand relative to the offering
—
on May 9 of tho following two issues of 5% gold coupon bonds (V. 102. D.
17,500 4 H % refunding bonds. Dato Mar. 1 1916. Duo $1,000 each 1649):
six months from Mar. 1 1921 to Sept. 1 1928 incl., $1,000 $160,000 hlgh-school-site. building and equipment bonds. Due $5,000
yearly M ay 9 from 1922 to 1940 incl., $10,000 May 9 1942.
Mar. 1 1929 and $500 Sept. 1 1929. Cert, check for $875
$5,000 yearly M ay 9 from 1943 to 1951, inch, $2,000 yearly May 9
required.
from 1952 to 1956 incl.
Denom. $500. Int. payablo M . & S.
40,000 grammar school site, building and equipment bonds. Due $1.500
MARION COUNTY (P. O. Indianapolis), In d . — B O N D O F F E R I N G .
yearly M ay 9 from 1926 to 1946 incl., $1,000 yearly M ay 9 from
— Proposals will bo received until 10 a. m. Juno 14 by Loo IC. Foslcr, County
1947 to 1954 incl., $500 May 9 1955.




1740

THE CHRONICLE

Proposals for these bonds will be received until 10 a. m. on that day by
II. Benson, Clerk Bd. o f Co. Supers. (P. O. M odesto). Denom. §500.
Dato M ay 9 1916. Int. ann. (May 9) at tho Co. Treas. offico. Cert,
check on some solvent bank o f California for 10% o f amount of bid, payable
to the Chairman Board o f Supers., required. Bonded debt, Including these
bonds, §289,000. Assess, val. 1915, §4,222,035. Theso bonds were au­
thorized at an election held Mar. 11. The successful bidder must prepare
an abstract o f the proceedings o f said bond election, which are on filo in the
office of the County Clerk, at his own expense, If he deisres such abstract.
MONETT SPECIAL ROAD DISTRICT (P. O. M onett), Barry
C ounty, M o .— B O N D O F F E R I N G .— Proposals will be received until
M ay 10 by Jno. Walsh, Clerk Bd. o f Commrs., for the §50,000 5% roadconstruction bonds voted April 18. Due in fifteen annual installments,
beginning two years after date o f issue. Cert, check for §1,000 required.
P5MONROE, M onroe C ounty, M ich .— B O N D S A L E .— On April 25 the
§90.000 9-year average municipal-light bonds were awarded to John F.
McLean & Co. o f Detroit for §90,766— 100.851— for 4>£s, it is stated.
These bonds were advertised to be sold as 5s.— V. 102, p. 1556.
MONROE COUNTY (P. O. M onroe), M ich .— B O N D S A L E N O T
C O N S U M M A T E D . — W e are advised that tho sale o f tho §150,000 4%
road bonds to Cummings, Prudden & Co. o f Toledo on Jan. 25— Y. 102,
. 633— was not consummated owing to the attorney’s for the above firm
eclining to approve the issue.
MONROE COUNTY (P. O. M adisonville), T e n n .— B O N D O F F E R ­
I N G .— Proposals will be received until M ay 10 by Jno. B. Pennington,
Clerk County Court, for the following 5% bonds (V. 102, p. 1556):
§325,000 coupon road-improvement bonds voted March 1 (V. 102, p. 999).
Denom. not less than §100 nor more than §1,000. Due one-third
M ay 1 1941, 1946 and 1951. Bonded debt, including this issuo,
$625,000. Assessed value 1915, §4,700,000. Certified check for
1% o f bonds bid for, required.
40,000 school bonds. Duo M ay 10 1941. Certified check for $250
required.
•
Date M ay 10 1916. Int. M . & N. at place to suit purchaser. Sealed
bids will be received and opened on that day, and if not satisfactory to
the Chairman of County Court authorizing the sale of said bonds, the right
is reserved to reject any and all sealed bids. Tho bonds will then be
offered for sale at public outcry to the highest and best bidder for cash,
and if neither of tho bids at public sale is satisfactory, the officer reserves
the right to reject any and all bids and rc-advertise said bonds for sale.
It was originally proposed to sell only §150,000 o f the road bonds on
M ay 10. See V . 102, p. 1556.
MONROE SCHOOL TOWNSHIP, K osciusko C ounty, I n d .— B O N D
S A L E .— On Apr. 28 the §13,500 4 k % 6H -yr. average building bonds
—Y . 102, p. 1556— were awarded to J. P. Wild & Co. o f Indianapolis for
§13,798 75, equal to 102.212, a basis o f about 4.05% . Other bidders were:
Fletcher American Nat. Bank, Indianapolis------------------------- §13,701 60
Miller & Co., Indianapolis.....................- ................................... - - 13,199 00
Breed, Elliott & Harrison, Indianapolis------------------------------------ 13,165 00
E. M . Campbell’s Sons & C o., Indianapolis----------------------------- 13,035 00
MONTGOMERY COUNTY (P. O. D ayton), O hio .— B O N D S A L E . —
On Apr. 27 the three issues o f 4j^ % inter-county highway bonds, aggre­
gating $24,000— V. 102, p. 1407— wero awarded to the Dayton Savs. &
Tr. Co. of Dayton for $24,115 (104.791) and Int. Other bids wero :
Breed, Elliott & Harrison, Cincinnati-------------------------------- $24,055 21
Stacy & Braun, Toledo-------------------------------------------------------- 24,036 64
Provident Sav. Bank & Trust C o., Cincinnati.......................... 24,016 80
MORELAND TOWNSHIP SCHOOL DISTRICT (P. O. W illow
Grove), Montgomery C ounty, P a .— D E S C R I P T I O N O F B O N D S .— Wo
aro advised that tho §28,000 4 H % school bonds awarded to Geo. S. Pox
& Sons of Phila. at 104.06 on Apr. 24 are dated May 1 1916 and are in the
denom. of $500— V. 102, p. 1649. Int. M . & N. Duo $4,000 M ay 1921.
$6,000 M ay 1925, $8,000 1931 and $10,000 1936.
MORGAN COUNTY (P. O. M artinsville), I n d .— B O N D S A L E .—
On Apr. 28 tho two issues of 4 A % 6-yr. average highway-impt. bonds,
aggregating §24,100, were awarded, it is stated, as follows— V. 102, p. 1557:
$18,600 Smith road bonds to Breed, Elliott & Harrison of Indianapolis
for $18,885, equal to 101.932, a basis of about 4.13%.
5,500 Milner road bonds to the Citizens Nat. Bank of Martinsville for
$5,609 90, equal to §101.998.
MORGAN COUNTY (P. O. W artburg), T e n n .— B O N D E L E C T I O N .
— The proposition to issue $100,000 road bonds will be submitted to a vote,
it is stated, on M ay 10.
MORROW COUNTY (P. O. Mt. Gilead), O h io .— B O N D S A L E . —
On Apr. 28 the two Issues o f 5% coup, road bonds, aggregating §76,500—
V 102 p. 1557— were awarded to the M t. Gilead Nat. Bank o f M t. Gilead
for $77,780 (101.673) and int,. Other bidders wero :
Weil Both & C o., T o i - ..§77,318 55|Provident Savs. Bank &
Tlllotson & Wolc.Co.,Clev. 77,218 2 0 1 Tr. Co., Cincinnati----- $77,079 60
MOUNT KISCO (Village), W estchester C ounty, N. Y .— B O N D
S A L E .— On M ay 2 tho following two issues o f 4Ji% reg. bonds, aggre­
gating $16,500, were awarded to Isaac W. Sherrill Co. of Poughkeepsie
— V. 102, p. 1657:
.
,
. ...
§13,500 14-yr. average sower bonds at 105-37.
3 000 3 H-yr. average street-impt. bonds at 101.03.
The other bidders were:
* 13>500
$3.000
Sewer.
S t. lm p t .
II A Kahler & C o., N. Y . . . .................................... 104.601
100.081
100.55
Hornblower & Weeks, N Y ...................................... 103.50
Geo. B. Gibbons & C o., N. Y ...................................... 103.42
100.01
H arris/Forbes & C o., N. Y .........- ............. - ................ 02.602
100.102
Parson, Son & C o.. N. Y ...................... ......................... 101.897 for allom one*
MUSCATINE INDEPENDENT SCHOOL DISTRICT (P. O. M usca­
tine), M uscatine County, Iow a .— B O N D E L E C T I O N P R O P O S E D .—
Local papers state that an election will bo called shortly to vote on tho
question of issuing $75,000 high-school-building bonds.
MUSKEGON HEIGHTS SCHOOL D ISTR IC T (P. O. M uskegon
H eights), M uskegon C ounty, M ich .— P R I C E P A I D F O R B O N D S .—
The price paid for tho $21,000 4H % school bonds awarded to John Nuvoen
& Co. of Chicago on Apr. 10 was par—-V 102, p. 1649. Denom. $1,000.
Dato M ay 1 1916. Int. M . & N. Duo from 1917 to 1928.
NAMPA INDEPENDENT SCHOOL DISTRICT NO. 37 (P. O.
Nampa), C anyon County, Id a h o .— B O N D S A L E .— On Apr. 25 tho
« eq ooo 5% high-school-bldg, bonds voted Peb. 17 wero awarded, it Is
stated, to Kalman, Matteson & Wood of St. Paul for §59.851, equal to
103.191.
N ARBERTH, M ontgomery C oun ty. P a .— B O N D S A L E . — Wurts,
Dulles & Co. of Phila. have been awarded on a 4% basis, it is stated, the
§30,000 highway-impt. bonds mentioned in V. 102, p. 1468.

§

N
will
the
— - , - ...
p 1493. Denom. $250. .......
, .
_
^
,
,, ,
-----vrlv from 1 to 8 yrs. inch; town has option to redeem all bonds out­
standing July 1 1921. Purch. to pay accrued int.
NATCHITOCHES PARISH (P. O. N atchitoch es), L a .— B O N D S
V O T E D .— The proposition to issue $20,000 road-constr. bonds carried, it is
stated, at an election held in Koad Dist. No. 18 on April 13.
NAVARRO COUNTY (P. O. Corsicana), T e x . — B O N D E L E C T I O N . —
An election will bo held in Eureka Road Dist. on M ay 20 to vote on tho
proposition to issue $40,000 road bonds.
NELSON SCHOOL DISTRICT (P. O. N elson), B utte C ounty, Calif.
__ B O N D E L E C T I O N .— Reports state that an election will bo hold
M ay 16 to vote on the question of issuing $10,000 building bonds.
NESHOBA COUNTY (P. O. P hiladelphia), Miss.— B O N D S D E -

Other bidders were :




[Vol . 102.

Outwater & Wells, Jer.C.§284,037 50
II. L. Crawford & Co.,N Y 283,827 50
Gco.B.Gibbons & Co.,N.Y.283,250 00
Harris,Forbes & Co., N.Y. 282,403 00
The Hackensack Trust Co. bid par

R.M.Grant & Co., N .Y ..$281,552
A B.Leach & C o., N . Y__ 280,440
J. D. Evoritt & Co., N . Y. 280,252
J.S.Rippel, Newark_____ 278,822
and int. for 4>£ % bonds.

50
50
50
50

NEW BOSTON (P. O. Portsmouth), Scioto County, O hio.— B O N D
S A L E .— On Apr. 15 the §6,500 5% 17-yr. street-impt. bonds— V. 102, p.

1371—were awarded to Stacy & Braun of Toledo for $6,341 45 (105.253)
and int., a basis of about 4.55% . Other bidders were:
W .L . Slayton & Co., T ol..§6,786 65JTillotson & Wolcott C o..$6,663 15
Central Nat. Bank, P orts.. 6,690 00|Ports. Bkg. C o., Ports____ 6,662 60
N EW PO R T, R . I.— T E M P O R A R Y L O A N .— On Apr. 27 a loan of $60,­
000 maturing Sept. 1 1916 was awarded to Lawrence Turnure & Co. of
Boston at 2.50% discount. Other bidders were:
D is c o u n t.

D is c o u n t.

Bond & Goodwin, Boston----- 2.84%
Curtis & Sanger, Boston-------2.88%
Farmers L. & Tr. Co., N. Y ..3 %
Farson Son & C o., N . Y ------- 3.59%
NEY7TON, Middlesex C ounty, Mass. B O N D S A L E .— On M ay 3 an
Issue of $7,000 4% bridge bonds was awarded to Chase & Co. at 101.64
it is reported. Duo $1,000 yearly from 1917 to 1923, incl.
NILES, Trum bull County, Ohio.— B O N D S D E F E A T E D . — Reports
state that the proposition to issuo the §60,000 park and playgrounds bonds
— V. 102, p. 1286— was defeated by the voters on Apr. 25.
C. D . Parker & C o., Bost----- 2.69%
Newport Tr. C o., N ew port..2.78%
Salomon Bros. & Hutzler,N.Y.2.83%
Aquidneck National Bank------2.84%

N IN E T Y -S IX , Greenwood County, So. Car.— B O N D O F F E R I N G .—

Proposals will bo received until 11 a. m. M ay 15 by W . B. Jeter, Town
Clerk & Treas., for §15,000 20-40-yr. (opt.) coupon electric-light bonds
authorized by vote of 81 to 4 at an election held March 31. Denom. to
suit purchaser. Date to be hereafter fixed. Prln. and semi-annual int.
payable in New York, Chicago or Baltimore, at tho option of the purchaser.
Bids are requested at 5, SPA and 6% int. Purchaser to furnish bonds
printed or lithographed, and to pay their attorneys fees. Bonded debt,
this Issue, §15,000. Assess, val. 1915, §212,932; actual value (est.) $1,­
000,000.
NIO BRARA SCHOOL D IST R IC T (P. O. Niobrara), Knox County,

Neb.— B O N D O F F E R I N G .— This district is offoring for sale $17,300 5%
building bonds authorized by vote of 197 to 39 at the election held Apr. 24.
Due M ay 1 1936, opt. after 5 years.
NORMAL, Me Lean County, Ills.— B O N D E L E C T I O N P R O P O S E D .—
This city is contemplating calling an election to vote on the question of
issuing $22,000 water bonds, it is stated.
N O R TH ANDOVER, Essex County, Mass .— B O N D S A U T H O R I Z E D .

— An issue of $70,000 4% coup, high-school-impt. bonds has been authorized.
Denom. $1,000. Date Aug. 1 1916. Int. P. & A. at Winthrop Nat.
Bank, Boston. Due §4,000 yearly from 1917 to 1933 and $2,000 in 1934.
These bonds are tax-exempt in Mass. Geo. II. Perkins is Town Treasurer.
N ORTH FIELD SCHOOL D ISTR ICT (P. O. Northfield),

Summit

County, Ohio.— B O N D S A L E . — On Apr. 29 the §3,000 5% 2-yr. average
school coup, bonds— V. 102, p. 1557— were awarded to P. II. Rose of
Cleveland for §3,005 (100.166) and int., a basis of about 4.91% . Other
bids were:
,
Otis & Co. o f Cleveland and The Dime Savs. Bank of Akron oach bid
par and int.
The Security Savs. Bank & Tr. Co. of Toledo bid $3,005, less $70 com­
mission.
N O R W O O D , Ham ilton County, Ohio.— B O N D O F F E R I N G . — Pro­
posals will be received until 12 m. May 22 by G. P. Evans, City Aud., for
tho following 4J4% coup, taxable street-impt. city’s portion bonds:
$20,000 series “ A ” bonds. Due H
“
§1,000 yearly on Apr. - -from JAM to 1936
1 - - - 1917 •
incl.
12,000 series “ B ” bonds, Due §1,000 yearly on Apr. 1 from 1917 to 1928
incl.
Denom. §500. Date Apr. 1 1916. Prin. and semi-ann. int.— A. & O .—
payable at the Norwood Nat. Bank, Norwood. Cert, check for 5% o f
bonds bid for, payable to the City Treas., remiired. Purchaser to pay ac­
crued interest. Bonded debt May 1 1916, §1,839,168; assessment debt,
included, $290,214; sinking fund, $203,778. Assess, val. 1916, §37,487,­
350; total tax rate per $1,000, §15 08.
O AK W O O D (P. O. Detroit), Wayne County, M ich.— B O N D E L E C ­

T I O N P R O P O S E D . —An election will bo held in the near futuro, it is stated,
to vote on the question of issuing $200,000 sewer bonds.

OBION CO U N TY (P. O. Union City), T enn.— B O N D E L E C T I O N . —

An election will be held May 9, it is stated, to decide whether or not this
county shall Issuo §500,000 5% coupon highway-improvement bonds.
Interest semi-annual. Duo $12,500 yearly July 1 from 1917 to 1956, incl.
OKLAHOM A C ITY , Okla.— B O N D E L E C T I O N . — Local papers state
that an election will bo held M ay 20 to submit to tho voters the questions
of issuing §1,500,000 water-works-extension, §200,000 sower-oxtenslon
and §15,000 Provident Association home-erection bonds.
OLEAN UNION FREE SCHOOL D ISTR ICT NO. 1 (P. O. Olean),

Cattaraugus County, N. Y .— B O N D S D E F E A T E D . — A t tho election
Apr. 26 tho question of issuing tho $70,000 school bonds—Y . 102, p. 1557—•
was defeated by a vote of 429 "for” to 884 “ against.”
OLDHAM D RAINAGE D ISTR ICT (P. O. Clarksdale), Coahoma

County, Miss.— B O N D S A L E . — On Apr. 27 tho $74,000 6% 20-yr. ser.
coupon drainago bonds (V. 102, p. 1557) wero awarded to Little & Hays
Invest. Co. of St. Louis for $77,350 (104.527) and int.
O R ISK A N Y , Onoida C ount 7 , N. Y .— B O N D E L E C T I O N . — An elec­
tion will be held M ay 8, it is stated, to vote on tho question of issuing 4%
sewer system bonds at not exceeding §40,000. Denom. §1,000. Int.
J. & J. Due §2,000 yearly.
OSAGE SCHOOL D ISTR ICT

(P. O. Osage), Mitchell C ounty,

Iowa.— BOND E L E C T I O N P R O P O S E D .— I t is reported that an election
will be called soon to submit to a vote tho quostion of Issuing §70,000 build­
ing bonds.
OSKALOOSA SCHOOL D ISTR ICT (P. O. Oskaloosa),

Mahaska

County, Iowa.— B O N D S D E F E A T E D .—-The question o f issuing tho
$175,000 building bonds (V. 102, p. 1287) failed to carry at tho election
held Apr. 25. The vote was 1,126 “ for” and 1,472 “ against.”
O SSIN ING (Village), W estchester County, N. Y . — B O N D S A U ­
T H O R I Z E D .— Tho State Legislature lias passed a law authorizing this vil­
lage to issuo §27,631 24 funding bonds at not exceeding 6% int. Duo
§2,000 yearly from 6 to 17 years incl., §1,631 24 in 18 years and $1,000
in 1§ and 19 years.
O TTER TAIL

INDEPENDENT

COUNTY

SCHOOL

D IST R IC T

NO. 44 (P. O. Perham), M i n n . — B O N D S A L E . — On May 1 §60.000 2-20year serial high-school-bldg, bonds were awarded to M . H. Gutter & Co.
of Chicago for $60,100 (100.166), as 4J^s. Denom. §1,000. Date M ay 1
1916. Int. M . & N.
O X N AR D SCHOOL D IST R IC T , Ventura County, Calif.— B O N D
S A L E . — On Apr. 20 the §51,000 5% building bonds were awarded to N. W.

Halsey & Co. of San Francisco for §53,676,90 equal to 105.248. Other
bids wore :
Tor. Marshall & C o., San Fr.$53,657 Lumberm.Tr.Co.,San Fr.$53,130 00
C. E. Woodside & C o______ 53,580 Wm.R.Staats C o., Las Ang.53,083 00
_
Bond & Goodwin, San Fr— 53,577 Stato Board of Control_ 53,000 00
Byrne & McDonnell, San Fr. 53,244 Albert J. Bower & C o___ 52,072 00
E. 11. Rollins & Sons, San Fr. 53.132 First Nat. Bk., O xnard-.. 51,428 54
Denom. SI,000. Date Jan. 1 1916. Int. semi-annual. Duo part
yearly Jan. 1 from 1917 to 1936.
PACIFIC CO U N TY SCHOOL DISTR ICT NO. 14, W ash.— B O N D
S A L E .— On April 25 an Issuo of §15,000 building bonds was disposed of as

4Ms-

Irving Whitehouse Co. of Spokano bid 100.50 for 6s.

PAINESVILLE, Lake County, Ohio.— B O N D S A L E .—On May 1 the

two issues of 5% Jackson Street impt. bonds, aggregating §33,000— V. 102,
p. 1468— were awarded to Otis & Co. of Cleveland for $33,960 (102.909)
and int. Other bids were:
Ohio Nat. Bank, C olum ..$33,820 24 SUlnoy Spitzer & Co., Tol.$33,541 00
Hayden, Miller & Co.,Clev.33,458 00
Tlllotson & Wolcott Co.,
Cleveland ..................... 33,387 30
Well, Roth & Co., C in ... 33,343 20
Breed, Elliott & Harrison,
C incinnati___________ 33,750 91 Prov. S. B. & T. Co., Cin. 33,276 00

May 6 1916.]

THE CHRONICLE

1741

PADUCAH, M cCracken County, K y.— B O N D S P R O P O S E D .—
Reports state that this city is contemplating the Issuance o f school building i PREBLE C O U N TY (P. O. Eaton), O hio.— B O N D S A L E .— On May 1
toe *250.000 4 X % court-house and jail-construction bonds— V. 102, p.
A
bonds.
1469—
-were awarded equally to tho Eaton Nat. Bank and the Preble County
PARADISE IRR IG A TIO N DISTRICT, B utte C ounty, C alif.— Nat. Bank at 100.40. Six other bids wero rejected on account of being
condit onaL Total bonded debt, incl. this issue, $290,000. Assessed
B O N D E L E C T I O N P R O P O S E D .- - According to reports an election will be
called during the summer to vote on the question of issuing reservoir and valuation, 1915, $42,000,000.
dam-construction bonds. Richard White o f Chico is attorney for tko dist.
C ou n ty« Mass.— B O N D S A L E .— On M ay 5 an
PARKE COUNTY (P. O. Rockville), In d .— B O N D S A L E . — O n Apr. 17 issue or voo.uUU 4% o-yr. average coup, tax-free sewer bonds was awarded
E. M .
Co. of
about 4.625%,
the $7,745 444 % 6-yr. average road bonds— V. 102, p. 1372—were awarded to is said. Farnsworth & 1 1916. Boston at 101.03— a basis of A. & O.— payDate April
Prin. and semi-ann. int.—
to It. L. Dollings Co. o f Indianapolis for $7,859 30 (101.475) and int., a it
5“ «
Bank, Boston. Due $7,000 yrly. on April 1
basis of about 4.22%. Other bids were:
Breed, Elliott & Harrison, Indianapolis----------------------------------- $7,857 00 from 1917 to 1921 mxlusive.
F le tc lic r -A m e r ic a n N a tio n a l B a n k , In d ia n a p o lis ________________ 7,856 00
RALSTON, Carroll County, Iowa.— B O N D S D E F E A T E D .— The
J. P. W ild & C o . , In d ia n a p o lis ----------------------------------------------- 7,852 75 question of issuing $6,500 water-works bonds failed to carry at the election
Miller & Co.. Indianapolis--------------------------------------------------7,835 00 held March 27. The vote was 43 “ for" and 49 “ against.”
RAMAPO SCHOOL D IS T R IC T (P. O. Rarnapo), Rockland County,
PASSAIC, Passaic C ounty, N. J.— B O N D O F F E R I N G . — Proposals
will bo received until 4:30 p. m. May 22 for the following 444% coupon ?y Y h 7 B0, ^ R ' 0 t t h l R I N k -— Proposals will bo received until 7:30 p. m.
(with priv. of reg.) bonds mentioned in V. 102, p. 1649:
nnriy f i / ^ G ’i¥.VBrewcr’ 1 rcs’ of H, arc,i of Education, it is stated, for $35,o
$144,000 funding and refunding bonds. Duo $6,000 yearly on M ay 1
«fio2 /0u 1 1 y\'
i
averi}ge school bonds. Int. payable semi-ann.
from 1920 to 1928, incl., and $5,000 yrly. on M ay 1 from 1929 Certified check lor 5% required.
to 1946, incl.
£
Madison County, O hio.—
45.000 funding and refunding school bonds. Duo $2,000 yrly. on M ay 1 B O N D S A L E .0 ^>N SP IPi 1 the $3,500 6% 244-yr. average coupon joint
On April
from 1920 to 1937 incl., and $1,000 yrly. on M ay 1 from 1938
^
h^ ^ o tr3 , ^ ndV . V; 102>P- 1185— were awarded to J. M . Campsey
to 1946, incl.
for S3,581 (102.314) and int.~—a basis o f about 5% . Other bids were*
97.000 park bonds. Duo $5,000 yrly. on M ay 1 from 1920 to 1928. W . L. Slayton & C o., Toledo____________________
_
__ S3 570 70
incl. and $4,000 yrly. on M ay 1 from 1929 to 1941, incl.
Cummings, Prudden & Co., Toledo_________ _______ 3,545 00
Dcnom. $1,000. Date Slay 1 1916. Prin. and semi-ami. int.— M .& N .
payablo at the Passaic Nat. Bank, Passaic, or Chase Nat. Bank, N. Y.
READ IN G , Pa.— B O N D O F F E R I N G .— Proposals will bo received until
Bonds are tax-free in N. J. Cort. check for 2% or each issuo bid upon, 10 a. m. May 17 by Charles Marks, City Clerk, for $150,000 4% tax-free
required. Official circular states that thero is no controversy or litigation development bonds. Denom. 300 for SI00 and 240 for $500. Date July 1
pending or threatened concerning the validity of these bonds, the corjiorato 1916. Due SoO.OOO on July 1 in each of the years 1921, 1926 and 1931.
existence or boundaries of tho municipality, or tiio titlo o f the present Cert, check for 5% of amount of bid, not including premium, payable to
officers to their respective offices, and that there has never been any Edward Yeager, City Treasurer, required.
default in tho payment of any o f the municipality’s obligations. Totai
REDFIELD, Spink County, So. Dak.— B O N D S V O T E D . — The Ques­
bonded debt Apr. 1 1916 incl. these issues, $3,011,750; other debt, $324,023. tion
municipal
sinking fund, $372,557; assess, val. 1915 $47,906,952; tax rate 1915, $2 03. ' by a of issuing $60,000 it is stated,electric-light-plant bonds was authorized
vote of 472 to 21,
at a recent election.
PAYNE, Paulding C ounty, O hio.— B O N D S A L E . — Tho State Indus­
REED C ITY , Osceola County, M ich.— B O N D O F F E R I N G — Thirtv
trial Commission has purchased the following 5% street-impt. bonds, ag­ days from the date of April 25— M ay 25—Stuart C. Hammond, Village
gregating $34,650:
p'erk, will receive bids tor $5,000 5% 1-4-year sewer bonds. Denom
$4,800 village’s portion bonds. Denom. 1 for $300, 9 for $500. Due 31,000. Int. semi-annual.
yearly on Apr. 1 from 1917 to 1926 incl.
REIDSVILLE, Rockingham County, No. Caro .— B O N D S A L E —
18,100 bonds. Dcnom. 1 for $600, 35 for $500. Due $3,100 Apr. 1 1917,
$2,000 Apr. 1 1918, 1919 and 1920 and $1,500 yearly on Apr. 1 from On April 15 the $20,000 5% 20-year school-building bonds— V. 1 0 2 p 1372
1921 to 1926 incl.
— were awarded to the Wachovia Bank & Trust Co. of Winston-Salem.
950 village’s portion bonds. Denom. 2 for $300, 1 for $350. Duo $300
REVERE, Suffolk County, Mass.— B O N D S A L E .— As a matter=of
Apr. 1 1917 and 1918 and $350 Apr. 1 1919.
we
funding bonds
10,800 bonds. Denom. 1 for $800 and 20 for $500. Due $1,800 Apr 1 r e c o r d ,were are reporting herewith, the sale of $75,000 4% Bank at 100.75
which
purchased by the Charlestown Five Cent Savs.
1917 and $1,000 yrly. on Apr. 1 from 1918 to 1926 incl.
on Mar. 20. Denom. S500 and $1,000. Int. M . & S. Due $7,500 yrly.
Date May 1 1916. Int. payablo semi-annually.
on Mar. 20 from 1916 to 1925 inch
J y
PEABODY, Essex C oun ty, Mass.— B O N D S A L E . — On M ay 3 an issue
R IN G L
Jefferson County, Okla.— B O N D S P
of $30,000 4% street and sewer bonds was awarded to Geo. A. Fernald ports statoIN G , this city is contemplating the issuance of R O P O S E D . — R e­
that
sewer bonds.
& Co. of Boston at 101.041. Other bidders were:
Adams & Co., Boston...........100.94 Curtis & Sanger. Boston____ 100.56
RIO GRANDE D R AINAGE DISTR ICT (P. O. M onts Vista), Rio
1 larris,Forbes & Co.,lnc.,Bost.l00.68
R. E. Day & C o., Boston___ 100.51
Grande and Saguache Counties, Colo.— B I D S R E J E C T E D .— Ail bids
E. II. Rollins & Sons, H ost..100.648 E. C. Pottor & C o., Boston. 100.491 received for tho $45,000 6% bonds offered on April 8 (V. 102 o 1185)
Merrill, Oldham & Co., Bost. 100.589 Blodget & C o., Boston_____ 100.43
wero rejected.
’ "
Estabrook & Co., Boston__ 100.57 Arthur Perry & C o_________ 100.31
R ITCHIE CO U N TY (P. O. Harrisville), W . Va.— B O N D E L E C T I O N
Cropley, McGar.& Co., Bost..100.563 Blake Bros. & C o., B oston.. 100.30
— An election will be held in Clay District M ay 13, it is stated, to vote
Denom. $1,000. Dato M ay 1 1916. Int. M . & n ’. Duo 1926.
on the proposition to issue $240,000 road-construction bonds.
PERRYSBURG SCHOOL D IST R IC T (P. O. Perrysburg), W ood
ROCHESTER, N. Y .— N O T E O F F E R I N G . — Sealed bids will be received
’ Ohio.— B O N D S V O T E D .—-At tho Apr. 25 election a vote of 298 by E. S. Osborne, City Comptroller, until 2 p. m. M ay 10 for $25 000
to 86 was cast in favor of tho issuance of $41,000 bldg, bonds, it is stated.
Genesee River deepening notes, payablo 8 mouths from -May 15 1916 at
*ke Union Trust Co. of Now York. Notes will be drawn with interest and
PITTSFORD (Town) UNION FREE SCHOOL DISTR ICT NO. 6
will be deliverable at
(P- ,9 - Pittsford), Monroe County, N. Y .— B O N D E L E C T I O N .— An N. Y. City, M ay 15. the Union Trust Co. of New York, 80 Broadway
election will bo held May 8 to dccido whether or not this district shall issue whom (not bearer) notesBids must stato rate of interest and designate to
shall bo made payable and denominations desired.
$69,000 building bonds, it is stated.
N O IL S A L E .
On M ay 3 tho $20,000 over-due tax notes maturing 8
PLAINFIELD, Union County, N. J .— B O N D O F F E R I N G .— Bids will montlw from May 8 1916 (V. 102, p. 1650) were awarded to Salomon Bros.
be received until 8 p. m. M ay 22 by J. T . McMurray, City Clerk, for wereUtZ Cr
y ' at 3-45% int. plus 50 cents premium. Other bidders
$30,000 4% coupon with priv. o f regis. school bonds. Date May 1 1916.
Int. M . & N. Due $2,000 yearly on M ay 1 from 1955 to 1961 incl. and Farson, Son & Co., New York.......................
P r e ln $4,000 yearly on M ay 1 from 1962 to 1905 incl. Certified check for 2% George II. Burr & Co., Now York_____________
4'oo%
sYnn
*
of bonds bid for, payablo to City Treasurer, required. Tho U. S. Mtge. & Hibbard, Kalbfleisch & Palmer, Rochester___________ '-Y 4.00%
Trust Co. will certify as to tho genuineness of these bonds, and their legality
R O CK ISLAND C O U N TY SCHOOL D IST R ICT NO. 40 (P. O
will bo approved by Hawkins, Delafieid & Longfellow of N. Y . City, whoso M oline), HI. B O N D S A L E .— On M ay 2 tho $50,000 444% 944-yr. aver,
bldg, bonds were awarded to Spitzer, ltorick
opinion will bo furnished purchaser. Purchaser to pay accrued interest. a basis of about 4.21 % . Other bidders were:& Co. of Toledo at 102 "423—
Bonds will be delivered at tho office of tho City Treasurer on M ay 29, Win. R. Staats Co., Chic_ $51,056 It. M . Grant & C o., C h ic ..-$50,671
_
unless a subsequent dato shall be mutually agreed upon. Bids must bo E. H. Rollins & Sons, C h ic.. 51,015 Harris Tr. & Sav. Bk., Chic. 50,575
Kissel, Kinnicutt & Co., Chi. 50,975 A. B. Leach & Co., Chicago. 50,540
made on forms furnished by tho City Clerk or tho abovo trust company.
Geo. M . Bechtel & Co., D av. 50,800
T h e o ffic ia l no tice o f th is b o nd o ffe r in g w i ll a p p e a r n e x t w eek a m o n g the
For details of these bonds see item under Moline Sch. Dist. No 40
a dvertisem en ts elsew h ere in th is D e p a rtm e n t.
111., page 1649.
*
PLEAS ANT VILLE, Marion C ounty, Iow a. — B O N D S V O T E D — The r ,a 0 G * ISLAND SCHOOL DISTR IC T (P. O. R ock Island), R ock
question of issuing $25,000 water-works-system bonds was authorized it is Island County, 111.— B O N D S A L E . — Geo. M . Bechtel & Co. of Daven­
stated, at a recent election.
port were awarded on a 4 44 % basis on Jan. 18 an issuo of $100,000 444 %
PLEASANTVILLE SCHOOL D IST R IC T (P. O. Pleasantville), 5-yr. building bonds. Denom. $1,000. Date Jan. 1 1916) I n t .J . & J .
Marion County, Iowa.— B O N D E L E C T I O N . — An election will bo held Uuo Jan. j. 1921.
May 12, it is stated, to vote on tlio question of issuing $5,000 bldg, bonds.
r,„R ° C K
Lyon C ounty, Iow a .— D E S C R I P T I O N O F B O N D S —
1 he $15,000 4)4% mumcipal-hea ting-plant, electric-light and water-works
POLK COU N TY (P. O. Des Moines), Iowa.— B O N D E L E C T I O N __
Local papers stato that an election will bo held Juno 5 to voto on the ques­ extension bonds recently reported sold at par to the First Nat. Bank of
tions of issuing $150,000 insane-asylum-building-erection and $15 000 «in on KaPi i ^ y . o 10. ’i.Ii,Vlb5ftY ar&cSupon. in form and ln the denom. of
2
31.000. Date M ay 1 1910. Prin. and semi-ann. int.— M . & N .— navable
county-farm-land-purchaso bonds.
1 1020. J. K . Medberry
PORT ARANSAS, Nueces County, Tex.— B O N D S V O T E D .— Tho is* C i t y ^ o f e r k * Bank of ChicaS°- Due
election held Apr. 21 resulted in a voto of 36 to 6 in favor o f tho issuanco
of $10,000 highway bonds.
s a l e — On
PORTLAND, Ore.— B O N D S A L E .— The following bids wero received
for tho $224,204.52 6% 10-yr. street-impt. bonds offered on Apr. 25.
'
. v * *1
v>v/.t ww. i a u i, Qtu,UOO 1UI Go•
(V . 102, p. 1558.)
Cummings, Prudden & Co., Toledo, $43,142 for 5s.
Minnesota Loan & Trust Co., Minneapolis, $43,025 for 544s.
P r ic e
Commercial Investment C o., Duluth, par for 544s.
B id d e r —
A m o u n t.
B id .
B id d e r —A m o u n t.
B id .
John H olm .............. $1,000 103
Denom. $1,000. Date July 1 1916. Int. J. & J.
Lumbermen’s
S. II. Stroliecker_
_
*,<j00 106.75
Trust C o___ $224,204 52 105.24
TOWNSHIP, C uyahoga C ounty, O h io.— B O N D S
„
(10,000 105.85
*6,000 00 107.03 N O l S O L D . — No sale was made on April 29 of the $11,968 444% 8-vr
L. E. Wing............... 10,000 105.75
*75.000 00 106.71 aver. coup, road-impt. bonds offered on that day.— V. 102, p. 1558.
10,000 105.50 Henry Teal__
*a50,000 00 106.56
Columbia Nat. Life
ST. VINCENT SCHOOL D ISTRICT (P. O. St. V incent), K ittson
50,000 00 106.47
Ins. C o., Boston. 25,000 102.77
D E F E A T E D .— The question of issuing $25,000
49,204 52 106.38
500 106.00 Win. Adams, City
building bonds failed to carry at the election held March 25. The voto
500 106.10 Treas., Public
Frances M . Rclf----was 65 for” and 128 “ against.”
500 106.20 r,Uks. Sink F d .
*1,500 00 100
500 106.30 Pub.Dks.Sk.Fd.
sA v
>°’ rSan; Bernardino County, C alif.— B O N D
* 5 0 0 00 10 0
E L E C 1 IO I I M P O S E D . — Local papers state that an election will bo held
N
Morris Bros_______1*25,000 100.78 Sinking F und-. */i33,000 00 100
shortly to vote on the questions of issuing $12,000 Third St. bridge, $6,000
1*25,000 106.57 Firemen s Relief
levee, $7,000 Arrowhead Ave. Bridge, $2,000 levee, $25,000 M t? VerFirst Nat. Bank,/ *5,000 107.18 & Pension F d. *12,000 00 100
.A «^oU
orinrl^ge’ $3,500 Base Line and G. Street protection, $8,000
St.Johns.............. 1 *5,000 106.78
dike, $40,000 storm-sewer ditch, $20,000 general street repair, $5,000
♦Successful bids, a Only $38,500 allotted, h Only $30,204 52 allotted. Cable Creek water, $28,500 fire-department, $75,000 auditorium, $ 7 5 000
city-hall-erection, $25,000 city-hall-ground-purchase bonds.
’
’
PORT OF UMPQUA, Douglas County, Ore.— B O N D O F F E R I N G . __
SAN FRANCISCO, Calif.— B O N D R E S O L U T I O N R E S C I N D E D —
Proposals will be received until 8 p. m. M ay 15 (postponed from M ay 1) by
\ e are advised that the resolution authorizing the Clerk Bd. of Supers
\
the Board o f Gommrs., J. P. Christie, Sec., at Gardiner for $200,000 5%
to advertise for bids for the $450,000 444% semi-annual hospital-jaii20-29-year (ser.) Umpqua River jetty-building bonds, Series l,A ’’ (V. 102
p.1558). Denom. $1,000. Date July 1 1916. Int. semi-ann. at the O r e ­ erection bonds to be sold Apr. 24 (V. 102, p. 1469) was rescinded at a
g o n fiscal agency in New York City. Duo $20,000 yearly from 20 to 29 meeting of the Board on Apr. 20.
years incl. Cert, check for $5,000 required. Tho port has no indebted­
SCOTT COUNTY (P. O. Gate C ity), V a — B O N D O F F E R I N G —
ness. Assess, val. 1915, $4,330,985; actual value o f property, $16,000,000. Proposals will bo received until 10 a. m. Juno 5 for tho $43,800 Floyd Dist
Purchaser shall prepare and furnish bonds at his own expense.
road-constr. bonds authorized by vote of 170 to 82 at the election, held
POSEY COUNTY (P. O. Mt. Vernon), In d . — B O N D S A L E .— On Apr. . o (\ . 10.. p. /31). Int. not to exceed 6% . Due in not more than
April 6 the $8,100 4 44 % 6-year average road-improvement bonds (V. 102. o4 years.
V- i^§7) were awarded to tho M t. Vernon Nat. Bank of M t. Vernon for
SCOTTSBORQ, Jackson County, Ala.— B O N D O F F E R I N G . — Pro$8,300 (102.469) and interest, a basis of about 4.033%. Other bids were: Posal®"A b e ,r e iv e d until 11 a. m. M ay 10 by W .C. Maples, Town C lerk,
People s Bank & Trust Co.,
lAmer. Mtge. Gu. Co., In d .$8,265 00 for $5,000 o% 30-yr. gold coupon water-works-ext. bonds. Denom. $500.
M t. Vernon
.............$8,280 25 Breed. Elliott & Harrison,
r >at«innt- 1
,
aC the Town Treas. office. Cert,
Gavin L. la y n e & C o ., Ind. 8,275 45
Indianapolis___________ 8,228 00 for $100, payable toI“ ,V 4,™& ° - of Scottsboro,” required. Bonded check
the rown
debt
First Nat. Ilk.. M t. Vernon 8.268 25[R . L. Dollings C o., Ind’l’s . 8,217 45 including this issue, $23,500. Floating debt $2,025. Sinking fund $750.




1743

THE CHRONICLE

Assess, val. 1915, $395,597. State and county tax rato (per $1,000) 1915
$1 40. Total tax rato (per $1,000) 1915, $1 90.

SCOTTSBLUFF SCHOOL DISTRICT (P. O. Scottsbluff), Scotts
Bluff County, Neb.—B O N D S A L E . — The First Trust Co. o f Lincoln

has purchased, it is stated, $5,000 5% 5 - 2 0 -year opt. school bonds at
100.30 and int.

SEBRING SCHOOL DISTRICT (P. O. Sebring), Mahoning County,

Ohio.—B O N D S A L E . — On April 17 the $7,500 5% building bonds voted
Mar. 1— V. 102, p. 911— were awarded to W . L. Slayton & Co. of Toledo
at 103.55 Donom. $500. Date April 17 1916. Int. A. & O. Due from
April 17 1917 to April 17 1927.
SEVILLE VILLAGE SCHOOL DISTRICT (P. O. Seville), Medina

County, Ohio.—B O N D S A L E . — On M ay 1 the $32,000 5% 17M-year
average coup, school bonds— V. 102, p. 1469— were awarded to W . L.
Slayton Sc Co. of Toledo at 103.21 and int., a basis o f about 4.73%.
SHELBY COUNTY (P. O. Shelbyville), Ind.—B O N D

S A L E .— On

April 20 the $8,760 4H % 6 year average road bonds— V. 102, p. 1469—
wero awarded to Miller & Co. o f Indianapolis for $8,882— 101.508— and
int., a basis o f about 4 .2 1 % , it is reported.
SHINER, Lavaca County, Tex.— B O N D S V O T E D . — The election held
April 18 resulted, it is stated, in a vote of 175 to 20 in favor o f tho question
or Issuing $ 1 2 ,0 0 0 electric-light-plant purchaso bonds.
SOMERVILLE, Middlesex County, Mass.— B O N D SALE.-Estabrook
& Co. o f Boston wero awarded at 100.45 on Feb. 29 tho following “ h & %
S
$18,000 sewer-constr. bonds. Duo $2,000 yrly. from 1917 to 1925.
125 000 highway bonds. Duo $19,000 in 1917, $18,000 1918, $17,000
1919 and 1920, $16,000 1921, $8,000 yrly. 1922 to 1925 incl. and
$6,000 in 1926.
,
Denom. $1,000. Date Jan. 1 1916. Int. J. & J.
SOUTHINGTON, Hartford County, Conn.— B O N D S A L E . — On
Apr. 27 an issue o f $118,000 i ' A % 30-yr. refunding bonds was awarded to
Harris, Forbes & Co. of N. Y. at 105.333; a basis of about 4.18% . Merrill,
Oldham & Co. of Boston bid 101.089. Date Apr. 1 1916. Int. A . & O.
Duo Apr. 1 1946.

SPENCERVILLE SCHOOL DISTRICT (P. O. Spencerville), Allen

County, Ohio.— B O N D S A L E — On M ay 1 an issuo of $10,000 6 % re­
funding bonds was awarded to Sidnoy Spitzer & Co. o f Toledo at 108.24,
a basis Uf about 3.97% ; Other bidders werecl U iO o t nuuuw u>t/i /O * v
ltO
Seasongood & Mayer, Cin— 108.10 Spitzer, Rorick & Co., Tol_.106.135
Tillotson & Wolcott C o ., Clev. 106.13
Cummings, Prudden & Co.,
T o le d o __________________ 107.27 F. C. Iloehler, Toledo--------- 106.13
Hayden, Miller & C o., CIev. 106.62 F. L. Fuller & Co., Clev------ 106.06
Weil, Roth & Co., Cin.........106.61 First Nat. Bank..................... 104.00
Stacy & Braun, Toledo------- 106.554
Denom. $500. Date May 1 1916. Int. M . & N. Duo $1,000 yearly
on M ay 1 from 1922 to 1931 incl.
SPOKANE COUNTY SCHOOL DISTRICT NO. 52, Wash.— B O N D
S A L E — On April 8 the $2,000 building bonds wero awarded to the Exchange
Nat. Bank o f Spokane as 4% s. Other bids were :
Spokane & Eastern Trust C o., Spokane, $2,001 for 5s.
State of Washington par for 5j£s.
E . J. Voss $2,001 for 5H _s.
STERLING TOWNSHIP (P. O. Sterling), Whiteside County, Ills.
__ B O N D S A L E . — Dispatches state that II. C. Speer & Sons Co. of Chicago
havo been awarded tho $60,000 4 A % 9 M-year aver, road bonds which were
voted Mar 7— V. 102, p. 1099. Denom. $1,000. Date Apr. 15^.1916.
Int. ann. Due $6,000 yearly on Apr. 15 from 1921 to 1930 incl.
STRUTHERS, Mahoning County, Ohio.— B O N D S V O T E D . — The
proposition to issuo the S2 0 .0 0 0 town-hall-construction bonds carried at
tho election April 25 by a vote of 164 to 28, it is said.— V. 102, p. 1186.
TALLAPOOSA, Haralson County, Ga.— B O N D O F F E R I N G . — Pro­
posals will bo received until M ay 15 by C. E. Pierce, Mayor, it is stated,
for tho $5,000 sewerage, $25,000 public-school-bldg, and $35,000 municipal
water-works bonds (V. 101, P- 1999).
TECUMSEH SCHOOL DISTRICT (P. O. Tecum seh), Lenawee
C oun tv M ich.— B O N D S V O T E D . — Reports stato that a vote of 303 to
158 was cast at the election April 20 in favor o f tho issuance of $75,000
building bonds.
TEEL IRRIGATION DISTRICT (P. O. Echo), Ore. — B O N D S A L E . —
On Anr 25 $1,100,000 6 % irrigation bonds wero awarded to Ilenry J.
Kaiser. Donoras. $100 to $1,000. Int. J. & J. Duo in 20 years, subject
to call at any interest-paying date.
TIRO CONSOLIDATED SCHOOL DISTRICT (P. O. Tiro), Craw­
ford County, Ohio.— B O N D A W A R D D E F E R R E D . — Newspaper reports
stato that Sidney Spitzer & Co. o f Toledo wero high bidders for tho $38,000
5 % coup, school bonds offered on Apr. 26 (V. 102, p. 1373).
Iho award­
ing o f the bonds was deferred, owing to injunction proceedings and a law
suTt filed in Carwford County Court by taxpayers or the district to test tho
iegality of the erection o f the proposed building and tho sale of tho bonds.
TROUPE, Smith County, T e x — B O N D S V O T E D — By a vote of 114
to 23 tho question of issuing $17,000 water-works bonds carried, it is stated,
at an election held April 18.
TROY N Y .__ B O N D S A L E S . — On Apr. 28 the $100,000 5% tax-free
certificates of indebtedness or revenue bonds—-V. 102, p. 1559— wero
awarded to Bond & Goodwin o f N. Y . at 100.641. Other bidders were:
Farson Son & C o.. New York .............................. - ............... inn’ w o nn
Manufacturers’ National Bank, T roy.......................................... 100,529 00
AlOn” iVIay ^Y'cranclelL Shepperd & Co ."of N .*Y.'wore awarded' the following
reg. tax-freo bonds— V. 102, p. 1651:
$60 000 4% water-works bonds at 100.13.
38,000 \ 'A % public-impt. bonds for $39,551, equal to 104.078.
The other blddc
*
‘ r bidders were .
Jfi() O O
Q
$38,000
H. A. ICahler Sc C o., New York.............................Scn’m 2 nn
Farson Son & C o.. New York
...........................60,01o 00
Manufacturers Nat. Bank, r r o y -_ _ -.................rn’nnn nn
Hornblower & Weeks, Now Y ork.....................- 60,000 00
Estabrook & C o.. Now Y o r k - - - - ........................................... Harris, Forbes & C o., Now York
TUCKAHOE, W estchester C ounty, N. Y . — BOND

$39,273
39 ,4 9 0
3 9,330
38 ,6 3 9
39,451
39 ,4 9 4

00
00
00
00
60
38

SALE.— On
« *.| on m issue of $15,000 11-year average street-improvement bonds was
awarded to W m R Com pton C o . o f New York for $15,068 (100.453) for
4.2 0 s. Other bids were:
.
P ric e.
R ate.
G eo. B . Gibbons & C o ., N ow Y o rk ......................................... -1 0 0 .2 7
Isaac W . S h e r r ill C o P o u g h k e e p s ie - ....................................... 100-20
Crandell, Shepperd & C o ., New Y ork ....................................... }n n 'i ^ 7
I I . A. Kahler & Co., New Y o rk -......... ..................................... {00.157
Hornblower & AVeeks, New Y o r k ............... - .............................. io o ‘ l5 9

4.20s
4.20s
4.20s
4.25s
4.25s
4.45s

^ aD e n o m °$ 1^000° ’ D ate M a y T 1 9 1 6 '.'" I n t .' m T& N . ' Due $ 1 ,0 0 0 yearly
on M a y 1 from 1920 to 1934. inclusive, subject to call any tlm o.
TTPSHUR COUNTY (P. O. Gilmor), Tex.— B O N D S O F F E R E D B Y
B A N K E R S . — Littlo Sc H ays Investment C o . of St. Louis is offering to in­
vestors $18,000 o f an issue of $75,000 5 > 3% Road District N o . 7 roadconst raction bonds. Denom . $ 1 ,0 0 0 . D ate Jan. 1 1 9 1 6 . Principal and
comi annual interest (J. Sc J.) payablo at tho Hanover N ational Bank, N . Y .,
National B ank, Chicago. Due. Jan. 1 1956. opt. part
v L r l y on Jan L
Bonded debt, this issue, $75,0 0 0 . Assessed value 1915.
L is td c t $904,068; estimated actual value, $1 500,000. Legality approved
by Attorney-General and Chas. B . W ood of Chicago.
UNION COUNTY (P. O. U n io n ), So. Caro.— B O N D S D E F E A T E D .—
Tho proposition to Issue the $250,000 road bonds V. 102, p. 732— was
defeated, it is stated, at the election held April 11.
TTTF M onona C ounty, Iow a.— B O N D O F F E R I N G .— Proposals will bo
rproivod until 1 i) m M a y 16 by W . C . Hitchens, Tow n Clerk, for $15,000
f ,i J lt bond”
D ra om . $500. D ate M a y 1 1 9 1 6 .
Int. M . & N .
in%Now ■ orkexchange.
Y
Due on M a y 1 as follows: $ 1,500 1921, $2,000
192 ^
$2 500 1931 and $ 9,000 1936. Certified check or draft for $500.
payable to the Tow n Clerk, required. T he town guarantees that all proceedinn-s relating to the issuance of said bonds aro legal and valid and will
furnish a certified copy of all such proceedings to tho purchaser for examina­
tion.




[Vol. 102.

VEVAY (Township) AND MASON (City) SCHOOL DISTRICT,
NO. 1 (P. O. Mason), Mich.— B O N D O F F E R I N G . — Proposals will bo re­

ceived until 5 p. m. to-day (May 6 ) by G. L. Peck, Secretary, for $18,000
4 A % 6 -year average school bonds. Denom. to suit purchaser, int. M . &
N . Duo $2,000 yearly on May 1 from 1918 to 1926 incl. District has no
indebtedness. Assessed valuation, $1,486,405.
WABENO, Forest County, Wis.— B O N D O F F E R I N G . — Proposals will
be received until M ay 6 by M . O. Boehm, Town Clerk, for tho $6,000
coupon town-hall-building bonds voted April 4 (V. 102, p. 1559). Denom.
$1,000. Interest (rato not to exceed 5% ) payable annually (February) at
tho Town Treasurer’s offico. Due $1,000 yearly Feb. 1 from 1018 to 1923,
inclusive. The town has no indebtedness. Assessed value, $1,36U.0UU.
Stato and county tax rate (por $1,000), $34 10.

WARREN SCHOOL TOWNSHIP, Huntington County, Ind.—
-

B O N D O F F E R I N G . — Proposals will bo received until 2 p. m. M ay 22 by

John H. Sell, Township Trusteo (care of Eberhart & Kenner, in Hunting­
ton), for $24,900 4% school bonds. Denom. $830. Dato May 15 1916.
Duo not over 15 years. Certified check for $1,000, payablo to above
Trustee, required.
W ARSAW SCHOOL DISTR IC T (P.O. Warsaw), Coshocton County,
Ohio.— B O N D S D E F E A T E D . — At an election held April 18 this district
defeated the proposition to issuo $2 0 ,0 0 0 building bonds, it is stated. Iho
vote was 57 "for” to 114 “ against.”

WASHINGTON COUNTY (P. O. Washington), Pa.— B I D S . — 'Tho

other bids received for tho $120,000 4% tax-freo road bonds awarded to tho
Mellon Nat. Bank of Pittsburgh for $121,325 23 (101.104) and interest on
April 27 (V. 102, p. 1651) were as follows:
Graham & C o., Pliila_____ $120,492 Lyon, Singor Sc C o., P ittsb.$120,416
Colonial Trust Co., Pittsb-- 120,473 Holmes, Bulkley & AVardrop, Pittsburgh------------ 120,375
Newburger, Henderson &
Loeb, Philadelphia_____ 120,425 Real Estato Tr. C o., Wash’n 120,000
WATERLOO (Village), Seneca County, N. Y .— B O N D O F F E R I N G .—•
Proposals will be received until 8 p. m. M ay 15 by Fred. G. Stewart, yil.
Pres., for $36,000 K A - y r - aver, pavement bonds at not exceeding 5 % int.
Denom. $1,000. Dato Mar. 1 1916. Prin. and semi-ann. int.— M . & S.—
payable in gold. Duo $3,000 yrly. on Sept. 1 from 1917 to 1928 incl.
Cert, check on an incorporated bank or trust company for 3% of bonds bid
for, payablo to the Vil. Treas., required. Purchaser to pay accrued int.
WAVELAND, Hancock County, Miss.— B O N D S P R O P O S E D .— Re­
ports stato that District No. 2 is contemplating tho issuance of seawallimprovement bonds. J. H. Rood is President Board o f Seawall Commrs.
WELLESLEY, Norfolk County, Mass.— T E M P O R A R Y L O A N .— This
town recently awarded a loan of $40,000 dated May 2 1916 and maturing
N ov. 2 1916 to tho Wellesley Nat. Bank at 2.75% discount, it is stated.
WESTFIELD, Hampden County, Mas3.— B O N D S A L E S . — Tho Foster
Machine Co. was awarded at par an issuo of $4,000 4% school bonds on
Aug. 16 last. Denom. $1,000. Dato Aug. 15 1915. Int. 1<. & A. Duo
$1,000 yearly from 1917 to 1920 Inclusive.
The following bids woro received for tho $20,000 4% gas and elec­
tric-light bonds offered on April 29:
Geo. A. Fernald & C o., Bos-.101.03 Blodget Sc C o., Boston______ 100.403
Adams & Co.„ Boston---------101.02 Arthur Perry & C o_________ 100.39
E . II. Rollins & Sons, Boston. 100.938 E. C. Potter & Co., B oston..100.261
Merrill, Oldham & C o., Bos. 100.579 Cropley, McGaraglo & Co.,
B oston _______: ..............-.100.175
Curtis & Sanger, Boston----- 100.521
Denom. $l7000. Date M ay 1 1916. Int. M . Sc N . Duo $2,000 yearly
from 1917 to 1926.
WEST PARK, Cuyahoga County, Ohio.— B O N D S A L E . — On May 2
the six issues of 6 % assess, bonds aggregating $14,554 and tho eight issues
of 5% assess, bonds aggregating $130,240— V. 102, p. 1470— wero awarded
to Otis Sc Co. of Cleveland for $146,574 (101.229) and int. Other bu s were:
J. C. Mayer & C o., C in ..$146,3461 Tillotson Sc Wolcott Co .--$145,573
Hayden, Miller Sc C o., Cle. 145,9821Sidnoy Spitzor Sc Co., T o l-- 145,185

WHEELERSBURG RURAL SCHOOL DISTRICT (P. O. Wheelersburg), Scioto County, Ohio.— B O N D S A L E .— On April 21 tho $35,000
4 A % coupon school bonds (V. 102, p. 1470) woro awarded to tho Security
Bank of Portsmouth for $35,156 (100.445) and intorest. The Portsmouth
Banking Co. bid $35,071.

WHITESTOWN AND NEW HARTFORD (TOWNS) UNION FREE
SCHOOL DISTRICT NO. 4 (P. O. New York Mills), Oneida County,
N. Y.— P R O P O S IT I O N V O T E D .— At a special meeting held Apr. 26 the

voters decided 126 to 2 1 in favor of purchasing land and erecting a now
school thereon at a cost of $80,000, It is stated.

WHITMAN COUNTY SCHOOL DISTRICT

NO. 119, Wash.—

B O N D S A L E .— On April 25 the $2,500 1-5-year (opt.) building and equip­
ment bonds (V. 102, p. 1470) wero awarded to tho Farmers National Bank
of Colfax at par for 5s. Other bids wero:
German-American Trust Co., Denver------------------------$2,503 for 5s
Colfax National Bank, Colfax........................................ Par for 5s
St. John State Bank, St. John.......................................S2.503 t o r B A a
Stato Board of Finance, Olympia-----------------------------Par for 5,'iS

WHITMAN COUNTY SCHOOL DISTRICT NO. 170, Wash.— B O N D

S A L E .— On Apr. 29 the $5,000 10-20-year (opt.) funding bonds (V. 102,
p. 1471) were awarded to the Farmers’ Nat. Bank of Coltax at par for
4%s. Other bids were:
^
„
John E. Price & Co., Seattlo.................................................. $5,012 75 5s
BAa
Carstens Sc Earles, Inc., Seattle............................................ 5,111 o0
II. P. Pratt Sc Co., Seattlo...................................................... 5,101 00 B A a
Wm. D. Perkins, Seattle........................................................ B.005 50
5Hs
Stato Board of Finance, Olympia------- ---------------------------- 5,000 00 5 >2 S

WHITMAN COUNTY SCHOOL DISTRICT NO. 181, Wash.— B O N D
S A L E .— On April 10 tho $15,000 1-10-year (opt.) building and equipment

bonds (V. 102, p. 1187) were awarded, it is stated, to tho Stato of Wash­
ington at par for 4Ms.
WINTERSET, Madison County, Iowa.— B O N D S A L E .— On April 27
the $16,000 5 % water-works-extension bonds (V. 1 0 2 , p. 1560) wore
awarded to Geo. M . Bechtel & Co. of Davenport for $16,390, equal to
102.437. Purchaser to pay all legal expenses. Powell. Garard & Co., of
Chicago, bid $16,387 and pay legal expenses. Denom. $1,000. Date
May 1 1916. Int. M . Sc N. Due $2,000 May 1 1931 and 1932 and
$3,000 M ay 1 1933. 1934. 1935 and 1936.

WOOD COUNTY (P. O. Parkersburg), W. Va.—

BO N D S D E F E A T E D .

— Tho proposition to issuo $42,000 road-impt. bonds failed to carry, it Is
reported, at the election held in Union District on Apr. 18. Tho veto was
91 “ for” and 152 "against.”

WYANDOT COUNTY (P. O. Upper Sandusky), Ohio.—B O N D O F ­
F E R I N G .— Proposals will be received until 11:30 a. m. May 10 by Jay Marguerat, Co. Aud., for $3,720 5% 5)4-yoar avor. coup, road No. 68 impt.

bonds. Denom. $186. Date Apr. 1 1916. Int. A. & O. at the Oo. Treas.
Duo $186 each six months from Oct. 1 1916 to Apr. 1 1926 incl. Cert,
check for 5% of bonds bid for, payable to the Co. Aud., required. Pur­
chaser to pay accrued Intorest.

YELLOW SPRINGS SCHOOL DISTRICT (P. O. Yollow Springs),

Greene County, Ohio.— B O N D S D E F E A T E D .— Dispatches stato that
tho proposition to issuo $30,000 school bonds was defeated on April 25.
YOUNGSTOWN, Ohio.— B O N D O F F E R I N G .—Bids will bo received
until 12 m. May 24 by J. R. Edwards, City Aud., for tho following 5%
coupon (with privilege of registration) bonds:
$5,500 Ridge Avo. wall bonds. Duo $1,100 yearly on Oct. 1 from 1918 to
' ’
1922 inclusive.
,
.
7,790 Lincoln Park drive-paving bonds. Duel$l,554 yearly on Oct. 1
from 1917 to 1921 incl.
„„„
,
_ . , .
315 Oak Hill Avo. sewer bonds No. 3. Duo $63 yearly on Oct. 1 from
5,290

South Ave. soever bonds. Duo $1,058 yearly on Oct. 1 from 1917
to 1921 incl
5 540 Warren Ave. and Garrick St. sower bonds. Due $1,108 yoarly on
Oct. 1 from 1917 to 1921 incl.
^
7,480 street and sidewalk bonds. Duo $1,496 yealry on Oct. 1 from 1917
Date'juno 1 1916. Prin. and sonii-ann. int. (J. Sc D.) payablo at office
of Sinking Fund Trustees. Cert, check for 2% of each block of bonds bid
for payablo to City Aud., required. Separate bids must bo made for each
issue. Purchaser must bo propared to tako bonds not later than Juno 1.

The city reserves the right to issue a less amount of bonds if above amounts
are not needed.
ZANESVILLE, O hio. — RESULT OF BOND E LECTION .— The election
held April 25 resulted as follows (V. 102, p. 1375):
B o n d s Voted.

A m o u n t.

$350,000
44.000

Fo r.

P u rp o s e .

Water supply— ------------------------------------------- -2,331
2,331
Street i m p r o v e m e n t - ---- --- ------------------------ 1,980

A g a in s t .

687
929

B o n d s D e fea te d .

*2,041
1,084
$165,000 Market house.............................. - ..................... -*2,041
-1,404
1,508
6,000 Auto street sprinkler.........- ..................................-1,404
1,403
10.000 Slago sewer--------------------------- - — - - - - t- - - - - *1,447
1.447
* A two-thirds majority was necessary to authorize these issues.

Canada, its Provinces and Municipalities.
AURORA, Ont.— D E B E N T U R E S A U T H O R I Z E D .— The Council on
Apr. 24 decided to issue $9,500 local-impt. debentures, it is stated.
BASSWOOD SCHOOL DISTRICT (P. O. Basswood), Man.— D E ­
B E N T U R E S A L E . — W . L. McKinnon & Co. of Toronto recently purchased
an issue o f $18,000 6 % 15-installment school debentures, it is stated.
CAMERON SCHOOL DISTRICT (P. O. Minnedosa), Man.— D E ­
B E N T U R E S A L E .— An issue o f $4,000 7% 10-installment debentures has
been awarded to W . L. McKinnon & Co. of Toronto at 102.371, it is stated.
— V. 102, p. 1652.
COBOURG, Ont.— D E B E N T U R E S A L E — On Apr. 25 the $16,000
5 'A % 10-installment coupon debentures— V. 102, p. 1561— were awarded
to tho Imperial Bank at 100.08, it is stated.
ELLICE, Man.— D E B E N T U R E S N O T S O L D .— Tho Secretary-Treasurer
advises us that no bid was accepted for tho two issues o f 6 % 30-installment
coupon road debentures, aggregating $31,400, which were offered on
April 22.— V. 102, p. 1561.
HAMILTON, Ont.— D E B E N T U R E S A L E .— A local newspaper states
that an issuo o f $61,125 5 % patriotic-fund debentures has been disposed of
at OnFM ay 1 tho $287,845 66 4 H % 1-15-yr. installment local impt. deben­
tures__v . i()2, ]). 1652— were awarded to A. II. Martens & Co. of Toronto
for $278,807 and int. Other bids were:
A. li. Ames & Co. T or------- $278,261 Mulholland, Bold & Gra­
ham____________________ $277,086
W. A. McKenzie & C o.,T or. 278,116
Geo. A. Stimson & C o ., Tor. 278,006 Royal Securities Corp_____ 276,426
Murray, Mather & Co., Tor. 277,742 Brent, Noxon & Co., T or._ 276,077
W ood, Gundy & C o., T o r .- 277,388 R . C. Matthews & C o., Tor. 275,117
C. Meredith & C o., M o n t.. 272,445
Tho following rato bids were also received:
A. Jarvis & C o., Toronto----- 96.539IC. II. Burgess & Co., Toronto.95.87
Dominion Sccur. Corp______ 95.95 IHarris, Forbes & Co.,Inc.,Mont95.52

HOCHELAGA SCHOOL COMMISSION (P. O. Hocholaga), Que.—

D E B E N T U R E S A L E .— According to reports, an issue o f $100,000 5 1 4 %
1 0 -year school debentures was recently purchased by St. Cyr Gonthier,

& Frigon o f Montreal at 95.55.

LINDSAY, Ont.— L O A N A U T H O R I Z E D .— It is stated that tho Council
has passed a by-law providing for tho granting of an $85,000 bonus to tho
Victoria Railway.

PEEL COUNTY (P. O. Brampton), Ont.— D E B E N T U R E

R IC H M O N D ,

V A

,

4% IMPROVEMENT BONDS
By authority o f an ordinance of tho City Coun­
cil, approved April 19, 1916, tho Committee on
Finance o f tho City of Richmond is instructed
to advortiso and recoivo bids for tho purchase of
all or any portion of Two million Dollars ($2.­
000,000 CO) Registered or Coupon Convertible
Four Per Cent Bonds having thirty-four years to
run, dated January 1st, 1916, and bearing interest
from that date. Tho procoeds of said issue to bo
used for making public improvements.
Tho Coupon Convertible Bonds will bo issuod
in denominations o f $ 1 ,0 0 0 00 and may bo
exchanged for tho rogular rogistored form of bond
of tho City of Richmond in any multiple of
$100 00. Bids for all or any part o f said issuo
will bo received at tho offico o f tho City Auditor
till noon of A\AY 9T H , 1916. A certified chock
for an amount equal to 2 per cent on bids o f
$ 1 0 0 ,0 0 0 00 or less, or
per cont on all bids
in excoss o f that amount, payable to order o f tho
Auditor of the City o f Richmond, must accom­
pany each bid.
Tho right to reject any and all bids is expressly
reserved by tho Committee. For further infor­
mation apply to Geo. 8 . Crenshaw,City Auditor.
BARTON H. G R U N D Y ,*
Chairman Committoo on Finance.

WILSON RIVER SCHOOL DISTRICT NO. 688,

A U C T IO N E E R S
Office, No. 55 WILLIAM STREET
Corner Pine Street
W e e k ly

S a le s

FINANCIAL

C ITY OF MINNEAPOLIS
______________ BONDS____ ______

STOCKS and BONDS

W o keep ourselves and our
supplied

with

BOND DEPARTM ENT

M
ississip i V Trust C .
p alley
o

LAWYER

Specializing in Examination

of

Municipal and Corporation Bonds
517-520 HARRIS TRUST BUILDINQ
111 WEST MONROE STREET




BUY AND SELL securities.
DESIGN steam power stations, hydro­
electric developments, transmission
lines, city and interurban railways,
gas plants, industrial plants and
buildings.
CONSTRUCT either from our own de­
signs or from designs of other engi­
neers or architects.
REPORT on public utility properties,
proposed extensions or new projects.
MANAGE railway, light, power and gas
companies.

BOSTON

CHICAGO

C a p ita l, S u r p lu s a n d P ro fits
over $8,000,000
S T . L O U IS

H. M. Byllesby & Co.
Incorporated

city ,

school, drainage, levee district

V alley.

F. WM. KRAFT

FINANCE public utility developments.

Tax Secured Bonds

Missouri and the Mississippi

At the Exchange Sales Rooms
14-16 Vesey Street

STO N E &W EBSTER

NEW YORK

and other m unicipal bonds of

EVERY WEDNESDAY

_

Scaled bids will bo received by the Committee
on Ways and Means of tho City Council of tho
City of Minneapolis, Minnesota, at the office of
tho undersigned, WEDNESDAY, MAY 17TH,
1916, AT 2:45 O ’CLOCK P. M.. for S100.000 00
Bridge Bonds.
Tho above bonds will bo dated M ay 1st, 1916,
to bocomo due and payable at a time not less than
fivo years nor more than thirty years from the
dato thereof, as desired by the purchaser thereof
and a rato of interest not exceeding Five Per Cent
per annum and dato of maturity of bonds not
exceeding thirty years from May 1, 1916, must
bo'bid by tho purchaser thereof, and no bid will
bo entertained for said bonds for a sum less than
tho par value o f samo and accrued interest to dato
of delivery.
Intorost will bo paid semi-annually.
A certified check for Two per cent of tho par
valuo of tho bonds bid for, made to C. A. Bioomquist, City Treasurer, must accompany each bid.
Circular containing full particulars will bo
mailed upon application.
DAN C. BROWN,
City Comptroller,
Minneapolis, Minn.

clients

OF

CHICAG O ,ILL.

U la n — D E B E N ­

T U R E S A L E . — II. O’Hara & Co. of Toronto recently purchased an issuo of
$4 ,0 0 0 7 % 2 0 -installment debentures, it is stated . M
_____
WINDSOR, Ont.— D E B E N T U R E E L E C T I O N . — An election will be
held M ay 13, it is stated, to vote on tho questions of issuing $90,000 col­
legiate-institute-improvement and $8 ,0 0 0 land-purchase debentures.

Adrian H. Muller & Son

R e g u la r

O F F E R IN G .

— David Kirkwood, Co. Clerk, will receive bids until June 1 for the $52,000
road debentures authorized by the County Council on April 6 .— V . 102, p.
1561.
RUSSELL, Man.— D E B E N T U R E O F F E R I N G . — Reports state that bids
are being called for until M ay 22 for $4,000 electric-light and $3,000 localimpt. 6 % 2 0 -installment debentures.
SALTCOATS, Sask.— D E B E N T U R E S A L E . — On April 20 an issue of
S17.000 5% 30-installment electric-light debentures was awarded to W . L.
McKinnon & Co. of Regina at 82.10. Other bids were:
H. O’llara & C o., Toronto
*82.901 A. H. Martens & C o., Toronto.80.30
Nay & James, Regina________ 80.751 Kerr, Bell & Fleming, Regina--78.00
* This bid appears to bo higher than the purchaser’s, but is so furnished
us by tho Secretary-Treasurer.
SARNIA, Ont.— D E B E N T U R E S A L E . — Tho two issues of 6 % 20-in­
stallment debentures, aggregating $132,000, which were offered on Apr. 17
— V 102, p. 1375— have been awarded to Brent, Noxon & Co. of Toronto
for $137,911 (104.477) and int.
SASKATCHEWAN, PROVINCE OF.— D E B E N T U R E S A L E . — See
“ News Item” on a preceding page.
SASKATOON, S a s k . — D E B E N T U R E S A L E — On Apr. 21 the S160.000
5 % 30-year installment debentures were awarded, it is stated, to W ood,
Gundy & Co. o f Toronto.— V. 102, p. 1375.
SAULT-AU-RECOLLECT, Q u e .— D E B E N T U R E S A L E . — During the
month of April J. M . Robinson & Sons o f Montreal purchased $81,000, the
balance of an issue of $300,000 6 % goneral debentures. Denom. $1,000.
Date M ay 1 1915. Prin. and semi-ann. int.— M . & N.— payable in M on­
treal, N. Y . or London. Duo M ay 1 1955. General debenture debt, $910,­
000, less $150,282 water debt. Assess, val., $3,284,062.
« SAULT STE. MARIE, Ont.— D E B E N T U R E S A L E . — It is stated that
Spitzer, Rorick & Co. of T oledo, Ohio, recently purchased $83,506 5%
5 J % and 6 % debentures for $81,832, equal to 97.995. Due in 15, 20 and
3
30 years.
*4 m M * d si d-d A
s i ra ti
THOROLD, Ont.— D E B E N T U R E O F F E R I N G . — Proposals willTbe re­
ceived until 8 p. m. M ay 12 by D. J. C. Munro, Town Treas., for $8,000
5% water-works debentures. Due in 30 equal annual installments of prin­
cipal and interest.

$ 1 0 0 ,0 0 0

$ 2 ,0 0 0 ,0 0 0
OF

MONCTON, N. B.— D E B E N T U R E O F F E R I N G .— It is stated that the
Finance Committee has decided to call for bids for $147,000 5% debentures.
NEW WESTMINSTER, B. C.— D E B E N T U R E S A L E . — According to
newspaper reports, tho four issues of 5% debentures, aggregating $152,­
150 11, offered on Apr. 25— V. 102, p. 1561— were awarded on that day
to Wood, Gundy & Co. of Toronto.
NORTH VANCOUVER, B. C.— L O A N A U T H O R I Z E D . — Reports
state that a by-law has been passed authorizing the negotiation of a loan of
$150,000 from the Royal Bank of Canada.

NEW LOANS.

NEW LOANS.

C IT Y

1743

THE CHRONICLE

M ay 6 1916.]

NEW Y O R K
C H IC A d O
TA C O M A
T r in ity B ld g . C o n t. & C om m . W a s h in g to n
B a n k B ldg.

Purchase, Finance, Construct and
Operate Electric Light, Gas, Street
Railway and Water Power Prop­
erties.
Examinations and Reports
Utility Securities Bought and Sold

B W. Strassburger
.
SOUTHERN INVESTMENT SECURITIES
M

O

N

T

G

O

M

E

R

Y

,

A

L L .

1744

THE CHRONICLE

[Vol. 102.

Ilfm
anual

(E n g in e e r s !

THE

J-G-W
HITE COM IES
PAN

W o r ld s M ig h tie st
L o c o m o tiv e s

•
t
Financiers s ^ P Purchasers
Contractors
Engineers
Manager?
Operators

o ilr o

of Public Utility and Industrial
Properties

REPORTS—VALUATIONS—ESTIMATES

43 EXCH ANGE PLACE, NEW YOR K
LONDON

S iiliM

SAN FRANCISCO

W IL L IA M

l

CHICAGO

E . W IL L IA M S

CONSULTING ENGINEER
EXPERT IN PATENT CAUSES

M

a u l

t h e “O l y m

Special work in originating and
developing new machinery, methods
of manufacture and inventions.
Reports on the commercial value of
inventions and patents.

p ia n " a n d

V o lu m h i& r i’o v e r t h e R o c k i e s
M i g h t y as a r c t h e steam l o c o m o t i v e s In m o u n ta in
s e r v ic e — y e t fa r m ig h tie r are th e n e w tr a n s p o r ta tio n
g i a n t s — T H E ELECTRIC L O C O M O T IV E S .
W o r ld s u p r e m a c y In lo c o m o t iv e s is n o w h e ld b y the
p o w e r f u l e le c tr ic s th a t haul the s u p e r b all-steel tra in s
— " T h e O l y m p i a n " a n d " T h e C o l u m b i a n ” o v e r th e
c o m p le te d u n it o f th e e le c tr ifie d m a in lin e o f ’ ’ T h e
S t . P a u l R o a d ” a c r o s s th e G reat C o n tin e n ta l D iv id e .

28 East Jackson Boulevard
Phone Harrison 5717
CHICAGO

W
ILLARD CA & CO PA Y
SE
M N
C O N SU LTIN G

CONSTRUCTION
OF INDUSTRIAL PLANTS
REPORTS
ON OPERATING CONDITIONS
VALUATIONS
OF MANUFACTURING PROPERTIES

T h is s u p r e m a c y r e s ts o n t h e ir a b ilit y to h a n d le h e a v ­
i e r lo a d s w it h g re a te r d isp a tc h o v e r th e m o u n ta in s —
t o m aster s n o w a n d c o l d —to effect v a s t e c o n o m ie s in
o p e r a t io n —a n d t o t r a v e l fa r t h e r w i t h o u t o v e r h a u l­
in g th an an y o t h e r lo c o m o t iv e ,e it h e r ste a m o r e le c tr ic .
E le ctric o p e r a tio n a d d s m u c h t o th e c o m f o r t s and
d e lig h ts o f tra v e l — it m ean s s m o o t h e r r id in g a n d
fr e e d o m f r o m sm o k e , c in d e r s , gases a n d o t h e r u n ­
d e s ir a b le in c id e n t s u n a v o id a b le w i t h stea m tra v e l.
O n y o u r n e x t t r ip N o r t h w e s t take " T h e S t . P a u l ” a n d
e n jo y t h e c o m b in a t io n o f l u x u r i o u s s e r v ic e , e le c tr ic
t r a v e l o v e r th e m o u n ta in s a n d m a g n ificen t s c e n e r y .

IT B A TT E R Y PLACE
Geo. W. Martin

NEW Y O R K
Jay Grant DeUo mo

Martin and DeRemer
E n g in e e r s

and

M an a gers

Public Utilities, Industrial
Plants and District Heating
Properties
Financed
and
Managed.

Descriptive literature on request.
G. L. COBB, General A gent Passenger

ENGINEERS

Department

1200 Broidwty. New York

San F rancisco O ffic
Geo. J. Henry
R ialto B uilding

New York
City
100 Broadway

'

,

9 > T 6 r o H '-

T-JO

B lI iio is lV u s t & S a Y m g s B a n K
CH ICAG O

INCORPORATED

^

I

C O N S U L T IN G an d
•
C O N S T R U C T IO N E N G IN E E R S s
P U B L IC S E R V IC E P R O P E R T I E S
F IN A N C E D a n d M A N A G E D
f

P ays Interest on T im e

ohange.

• $15,700,000

N ew Y ork

Alton 8. MlUe

H as on hand a t all times a variety of ex

D eposits, Current and Reserve
A ccounts.

-

SO P in e S tr e e t

Alex. O. Humphreys

Capital, Surp an U d ed P fits
lus d n ivid ro

oellent securities.

D eals in Foreign E x Transaots a General T ru st Business.

B u ys and sells

H U M P H R E Y S & M I L L E R , Inc.

ENGINEERS

G overnm ent, M unicipal and
Corporation B on d s.

P ow er— L ig h t— G a s
188 B R O A D W A Y

T h e U nion T ru st C om pany o f New Y ork has two well-equipped
Branches for its uptown business— the 38th Street Branch in the
heart of the busy Fifth Avenue shopping district, and the Plaza
Branch at Fifth Avenue and 60th Street, just opposite the en­
trance to Central Park.
T h e fa cilities o f all th e o ffice s o f th e C om pany are offered to
depositors of either Branch or of the Main Office at 80 Broadway.
T h e U nion T rust Safe D eposit C om pany, entirely owned by the
Union Trust Company, conducts modern safe deposit vaults at
both Branches.
UNION TR U ST CO., 80 Broadway
C A PITA L AND SURPLUS - $8,162,000



NEW YOR

Alfred E . Fora tall

Charles D . R obiso

F O R S T A L L A N D R O B IS O N
ENGINEERS
Investigation* and Appraisals of Gaa and
Electric Properties for Owner* or Financial
Institution*.
84 William St.,
NEW YORK C1TT

DAN W M D ? Co
IEL . EA
nsulting
F.W
.SCHEIDENHELM\ E gin e
n e rs
INVESTIGATIONS. REPORTS, DESIGNS
AND CONSTRUCTION.
H ydraulic and electric developm ents, water
supply, flood con trol and rec’ am ation
works.
120 BROADW AY
NE
YORK